賓士域 (BC) 2018 Q2 法說會逐字稿

Good morning, and welcome to Brunswick Corporation's 2018 Second Quarter Earnings Conference Call. (Operator Instructions) Today's meeting will be recorded. If you have any objections, you may disconnect at this time.

早安，歡迎參加Brunswick Corporation 2018年第二季財報電話會議。(接線員指示) 今天的會議將會錄音。若您有任何異議，請於此時中斷連線。

I would like to know introduce Ryan Gwillim, Vice President, Investor Relations.

我想先介紹投資人關係副總裁Ryan Gwillim。

Good morning. Thank you for joining us. On the call this morning are Mark Schwabero, Brunswick's Chairman and CEO; and Bill Metzger, CFO. Before we begin with our prepared remarks, I would like to remind everyone that during this call, our comments will include certain forward-looking statements about future results. Please keep in mind that our actual results could differ materially from these expectations. For the details on the factors to consider, please refer to our recent SEC filings and today's press release. All of these documents are available on our website at brunswick.com.

早安。感謝各位加入我們。今天早上的電話會議出席者包括Brunswick董事長兼執行長Mark Schwabero，以及財務長Bill Metzger。在開始我們預先準備的發言之前，我想提醒各位，本次電話會議中的評論將包含若干關於未來結果的前瞻性陳述。請注意，我們的實際結果可能與這些預期存在重大差異。關於需考量之因素詳情，請參閱我們近期向SEC提交的文件以及今日的新聞稿。上述文件皆可於我們的網站brunswick.com取得。

During our presentation, we will be referring to certain non-GAAP financial information. Reconciliations of GAAP to non-GAAP financial measures are provided in the appendix to the presentation and the reconciliation sections of the consolidated financial statements accompanying today's results.

在簡報過程中，我們將引用若干非GAAP財務資訊。GAAP與非GAAP財務衡量指標之調節表，已提供於簡報附錄，以及隨今日結果一併提供之合併財務報表中的調節章節。

As a reminder, as a result of the June announcement regarding Sea Ray, starting in the second quarter of 2018, the results of the entire Sea Ray business are reported in continuing operations for GAAP purposes. However, as adjusted, non-GAAP results exclude the Sea Ray sport yacht and yacht operations that are being wound down. Therefore, all figures and outlook statements included in this release incorporate these changes unless otherwise noted. For more information, please see the Form 8-K dated July 19, 2018, which includes metrics on a GAAP and as-adjusted basis reflecting these changes.

提醒各位，由於6月關於Sea Ray的公告，自2018年第二季起，就GAAP目的而言，整個Sea Ray業務的結果均列示於持續營運中。然而，在調整後的非GAAP結果中，將排除正在逐步結束營運的Sea Ray運動遊艇與遊艇業務。因此，除非另有說明，本新聞稿所包含的所有數據與展望陳述均已納入上述變更。更多資訊請參閱2018年7月19日的Form 8-K，其中包含以GAAP及調整後基礎呈列、反映上述變更的相關指標。

I would now like to turn the call over to Mark.

現在我想把電話會議交給Mark。

Thank you, Ryan, and good morning, everyone. During the first half of 2018, we launched or completed a number of substantial strategic and operational enhancements that we believe will strengthen our Marine portfolio and continue to increase long-term shareholder value. We will discuss aspects of these actions throughout the call this morning.

謝謝你，Ryan，各位早安。在2018年上半年，我們推出或完成了多項重大的策略與營運強化措施；我們相信這些措施將強化我們的海事（Marine）產品組合，並持續提升股東的長期價值。今天早上的電話會議中，我們將在各個環節討論這些行動的相關面向。

We continue to have a favorable outlook on the Marine business, which will benefit from unprecedented demand for outboard engines, exciting new products, the successful execution of our strategy to grow the parts and accessories businesses and a global Marine market that remains healthy.

我們對海事業務仍維持正向展望；其將受惠於舷外引擎前所未有的需求、令人振奮的新產品、我們推動零件與配件業務成長策略的成功執行，以及依然健康的全球海事市場。

Our product leadership strategy was significantly advanced in the quarter, as Mercury Marine completed its largest launch of outboard engines in the company's history. Comprised of 19 total models of V6 and V8 engines from 175 to 200 horsepower. Shipments of these products began in the quarter as expected, however, production will reach full run rates by the middle of the third quarter.

本季我們的產品領導策略大幅推進，因為Mercury Marine完成了公司史上最大規模的舷外引擎上市發表。該系列共包含19款V6與V8引擎機型，馬力範圍為175至200匹。這些產品如預期於本季開始出貨，但產能將於第三季中期達到滿載運轉水準。

There is substantial demand for these products that is far exceeding our expectations. Consistent with our prior plans, we are planning for significant production increases in the second half of 2018, enabled by recent investments in capacity expansions. However, we expect that the demand will outpace production into 2019, and we are aggressively working on plans to further increase capacity.

這些產品的需求相當強勁，遠遠超出我們的預期。依照我們先前的規劃，我們計畫在2018年下半年大幅提升產量，並由近期產能擴充投資所帶動。然而，我們預期需求將一路超過產量延續至2019年，因此我們正積極推動進一步提升產能的計畫。

In our Fitness segment, we continue to focus on stabilizing our operating performance and executing against our digital initiatives. With growing acceptance, evidenced by recently announced technology enhanced partnerships with retro Fitness, Apple and Orangetheory Fitness. Steady market conditions resulted in a slight top line growth and sequential quarterly gross margin performance is beginning to stabilize, which is consistent with the plan we discussed on the first quarter call.

在健身（Fitness）事業部方面，我們持續聚焦於穩定營運表現並推進數位化計畫。市場接受度正在提升，近期宣布與retro Fitness、Apple以及Orangetheory Fitness等科技強化合作夥伴關係即為佐證。穩定的市場環境帶來營收小幅成長，且季度間的毛利率表現開始趨於穩定，這與我們在第一季電話會議中討論的計畫一致。

Turning to the second quarter financial metrics on an as-adjusted basis. Revenue increased by 6.3% year-over-year with growth in all 3 segments. Our combined Marine business had revenue growth of 7.7% in the quarter. Operating earnings were down 3%, but up slightly in our combined Marine business. Year-to-date operating earnings for the Marine business are up 5% versus the first half of 2017.

接著看第二季以調整後基礎呈列的財務指標。營收年增6.3%，三大事業部皆呈現成長。我們合併海事業務本季營收成長7.7%。營業利益下滑3%，但在合併海事業務中略有成長。海事業務年初至今的營業利益較2017年上半年成長5%。

Diluted earnings per share of $1.50 were up 9% year-over-year, including the impact of a lower effective federal tax rate. And Bill will provide more color on some of these items later in the call.

稀釋後每股盈餘為1.50美元，年增9%，其中包含較低的聯邦有效稅率所帶來的影響。Bill將在稍後的電話會議中就其中部分項目提供更多說明。

Now I will provide you on the perspective of the U.S. Marine market. Based upon preliminary SSI data for the second quarter, which, on average, comprises about 45% of the year at retail when fully reported, the main powerboat segments grew approximately 2%, leading to a year-to-date growth rate of 1%. Outboard engine growth exceeded these levels with increases of 8% for the quarter and 3% year-to-date.

接下來我將提供對美國海事市場的觀點。根據第二季初步SSI數據（在完整回報後，平均約涵蓋全年零售的45%），主要動力船（powerboat）細分市場約成長2%，使年初至今成長率達1%。舷外引擎的成長高於上述水準，本季成長8%，年初至今成長3%。

Saltwater fishing products over 23 feet is again seeing solid growth with Boston Whaler's new products well positioned to capitalize on the continued momentum in the segment.

23英尺以上的鹹水釣魚產品再次呈現穩健成長，Boston Whaler的新產品已具備良好定位，可把握該細分市場持續的動能。

Aluminum fish and pontoon segments exhibited steady improvement, although reported growth rates are based on incomplete SSI data, which excludes recent months for several key states. Weaknesses in fiberglass sterndrive categories persisted as products 40 feet and below continue to transition to outboard propulsion. Sea Ray's sport boat and cruiser products have been leading this transition in premium categories.

鋁製釣魚船與浮筒船（pontoon）細分市場呈現穩步改善，惟所報告的成長率係基於不完整的SSI數據，該數據未包含若干關鍵州最近數月的資料。玻璃纖維艉內外機（sterndrive）類別的疲弱仍在延續，因為40英尺及以下的產品持續轉向舷外推進系統。Sea Ray的運動船與巡航船產品一直在高端類別中引領此一轉型。

Finally, as I noted earlier, the SSI industry data is incomplete at this stage in the Marine season. As recent months, for several key states, including Florida, Minnesota and Wisconsin, have not been captured in June results. In addition, as expected, the initial May results were revised favorably in the updated June results, reflecting comparable reporting dynamics. Similar to past years, we expect that once the reporting catches up in future months at the first half industry results will be upwardly revised.

最後，如我先前所提，現階段海事旺季的SSI產業數據仍不完整。因為若干關鍵州（包括佛羅里達、明尼蘇達與威斯康辛）最近數月的資料尚未納入6月結果。此外，如預期所示，初步的5月結果在更新後的6月結果中獲得有利修正，反映出相近的回報動態。與過往年度類似，我們預期一旦未來數月的回報進度追上，產業上半年結果將被向上修正。

Next, I would like to share some perspective on retail data for boats based upon our pipeline inventory activity. Our internal U.S. retail boat registrations for the second quarter were up 1% and are up 2% year-to-date. Global retail unit sales increased 3% over the second quarter of 2017 and are also up 2% for the first half of 2018. Similar to the first quarter, these unit results were influenced by Bass Pro's acquisition of Cabela's, which was a meaningful channel for our Lowe Boat brand. If you exclude the impact of Lowe from these results, the year-to-date growth would be 5% in the U.S. and 4% globally. We have been actively rebuilding and strengthening our dealer network for the Lowe product and look for improving trends in the upcoming periods.

接下來，我想根據我們通路庫存（pipeline inventory）活動，分享一些關於船舶零售數據的觀點。我們內部統計的美國第二季船舶零售註冊量年增1%，年初至今成長2%。全球零售銷售量較2017年第二季成長3%，2018年上半年亦成長2%。與第一季相同，這些銷量結果受到Bass Pro收購Cabela's的影響；Cabela's曾是我們Lowe Boat品牌的重要通路。若排除Lowe的影響，美國年初至今成長將為5%，全球則為4%。我們一直積極重建並強化Lowe產品的經銷商網絡，並期待未來期間的趨勢改善。

Next, I would like to review with you our current perspective on regional Marine markets. On a constant currency basis and excluding acquisitions, Marine revenue for the first half of the year was flat in Europe against a very strong 10% increase in 2017, reflecting the poor weather conditions in many areas resulting in a much shorter retail selling season. We now anticipate flat sales in Europe for the full year, which also includes a small impact of the retaliatory tariffs on boats that are imported from the U.S., that I will discuss in more detail during my outlook comments toward the end of the call. As a reminder, a large majority of our boats sold in Europe are manufactured in Europe.

接下來，我想與各位回顧我們目前對各區域海事市場的看法。以固定匯率基礎並排除併購影響，歐洲地區上半年海事營收與去年持平；相較之下，2017年曾大幅成長10%，本次反映多地惡劣天候導致零售銷售季大幅縮短。我們目前預期歐洲全年銷售將持平；其中亦包含對自美國進口船舶所課徵報復性關稅帶來的小幅影響，我將在本次電話會議接近尾聲、談及展望時更詳細說明。提醒各位，我們在歐洲銷售的船舶絕大多數是在歐洲製造。

In Canada, our retail and wholesale demand improved versus the prior year, reflecting a strong market environment. Our 2018 outlook assumes that the demand environment in Canada will be up for the year, but expect that the second half wholesale boat demand will slow substantially as dealers reduce restocking orders of boats imported from the U.S. due to the tariffs. Currently, a little more than half of the boats we sell in Canada are imported from the U.S. with the Marine -- remainder sold by our Québec-based Princecraft brand, which is well positioned to serve this market.

在加拿大，我們的零售與批發需求較去年同期改善，反映出強勁的市場環境。我們對2018年的展望假設加拿大的需求環境全年將呈上升，但預期下半年批發船艇需求將大幅放緩，因經銷商因關稅而減少對自美國進口船艇的補庫訂單。目前，我們在加拿大銷售的船艇中，略多於一半是自美國進口的Marine品牌——其餘則由我們位於魁北克的Princecraft品牌銷售，該品牌在服務此市場方面具備良好定位。

On balance, the remaining international markets continue to post revenue consistent with a very strong first half of 2017, as we continue to benefit from engine share gains in commercial markets.

整體而言，其餘國際市場的營收仍與2017年上半年非常強勁的表現一致，因我們持續受惠於商用市場的引擎市占率提升。

In summary, we expect the full year 2018 global unit market growth to be at or slightly below the lower end of our 3% to 5% initial guidance range with domestic performance still within that range. Our revenue growth will continue to outperform as a result of the increased average sales prices, market share gains and the favorable changes in product mix, each positively affected by continued new product launches throughout the year.

總結來說，我們預期2018年全年全球單位市場成長將落在或略低於我們最初3%至5%指引區間的下緣，而國內表現仍在該區間內。由於平均銷售價格提高、市占率提升以及產品組合的有利變化，我們的營收成長將持續優於市場；而上述各項因素皆受到全年持續推出新產品的正面帶動。

Moving on to our Fitness segment, the revenue increased by 2% in the first half of 2018 with 1% growth on a constant currency basis. Fitness segment sales in the U.S. were down 2% in the first 6 months, primarily the result of lower Cybex cardio sales in advance of new product introductions, which are now available. As we indicated on the previous call, these new products will start having a positive impact in the second half of the year. European sales experienced strong growth in the quarter with revenue up 8% year-to-date. Asia Pacific is flat against the very strong high-teens growth rate in the first half of 2017. Our plan anticipates that both of these trends will normalize for the remainder of 2018, resulting in overall international sales for the year, growing slightly from the 2017 levels.

接著談到我們的健身（Fitness）事業部，2018年上半年營收成長2%，以固定匯率計算成長1%。健身事業部在美國的銷售於前6個月下滑2%，主要是因新產品推出前Cybex有氧器材（cardio）銷售較低，而這些新產品目前已上市。如同我們在上次電話會議所提到的，這些新產品將在下半年開始帶來正面影響。歐洲銷售在本季呈現強勁成長，年初至今營收成長8%。亞太地區相較於2017年上半年非常強勁的高十幾％成長率，目前持平。我們的計畫預期這兩項趨勢在2018年剩餘期間將回歸常態，使得全年整體國際銷售較2017年水準小幅成長。

Now I'll turn the call over to Bill for some additional comments on our financial performance.

現在我把電話交給Bill，請他就我們的財務表現補充一些評論。

Thanks, Mark. For the second quarter, adjusted sales in our combined Marine segments increased by 8%, while the Fitness segment grew 1%. On a consolidated basis, as adjusted U.S. sales grew 6%, while international regions increased 7%. On a constant currency basis, international sales grew 4%.

謝謝，Mark。第二季，我們合併的Marine事業群經調整後銷售成長8%，而健身事業部成長1%。以合併基礎來看，經調整後美國銷售成長6%，國際地區成長7%。以固定匯率計算，國際銷售成長4%。

For the year, adjusted sales in our combined Marine segments also grew by 8% with 2% growth for the Fitness segment. On a consolidated basis, as adjusted U.S. sales grew 5%, while international regions increased 9%. On a constant currency basis, international sales grew 5%.

就全年而言，我們合併的Marine事業群經調整後銷售同樣成長8%，健身事業部成長2%。以合併基礎來看，經調整後美國銷售成長5%，國際地區成長9%。以固定匯率計算，國際銷售成長5%。

Turning to our Marine Engine segment. Sales in the second quarter for both propulsion and P&A grew by 9%. Propulsion performance continues to be led by double-digit sales gains in outboard engines where we are gaining market share, especially in higher horsepower products. Our internal outboard engine registration data is consistent with the strong growth with an 8% increase in registrations in the quarter and a 6% increase year-to-date, which is especially notable given the slow start in the first quarter resulting primarily from unfavorable weather conditions.

接著談我們的Marine Engine事業部。第二季推進系統（propulsion）與零配件及配件（P&A）的銷售皆成長9%。推進系統的表現持續由舷外機（outboard engines）銷售的雙位數成長所帶動，我們正在提升市占率，尤其是在較高馬力產品。我們內部的舷外機登記資料與此強勁成長一致，本季登記量成長8%，年初至今成長6%；考量第一季主要因不利天候導致開局較慢，這一點尤其值得注意。

P&A sales, again, demonstrated solid consistent growth in both product and distribution businesses. We look forward to closing our announced acquisition of Power Products next month, which will bolster the already-strong financial profile of our global P&A business.

P&A銷售再次在產品與通路業務兩方面展現穩健且一致的成長。我們期待於下月完成先前公告的Power Products收購案，這將強化我們全球P&A業務原本就相當強勁的財務體質。

Mercury's operating earnings in the quarter grew by 2% and operating margins were 18.2%. This 120 basis point reduction in operating margin was more than expected due to a number of factors. In addition to higher sales in the quarter, earnings were favorably affected by changes in sales mix and foreign currency exchange rates. However, the favorable impacts of these 2 items were smaller than anticipated in the quarter. Operating earnings comparison also reflected unfavorable plant efficiencies associated with production ramp-up for new outboard products and warehouse management systems integration.

Mercury本季營業利益成長2%，營業利益率為18.2%。營業利益率下降120個基點，且降幅高於預期，原因來自多項因素。除本季銷售增加外，獲利亦受到銷售組合變化與外匯匯率的有利影響。然而，這兩項因素在本季帶來的正面影響小於預期。營業利益的比較也反映出不利的廠區效率，與新款舷外機產品的產能爬坡以及倉儲管理系統整合相關。

Earlier 2018, we launched new warehouse management systems in our P&A distribution facilities in the U.S. and Europe, which substantially modernizes our capabilities moving forward. However, during the initial start-up phase, we incurred additional unexpected cost to satisfy strong seasonal demand. Finally, we had planned spending increases for production -- product promotion and development in the quarter, which negatively affected margin comparisons.

在2018年稍早，我們於美國與歐洲的P&A配送設施導入新的倉儲管理系統，這將在未來大幅提升我們的能力。然而，在初期啟動階段，為滿足強勁的季節性需求，我們產生了額外的非預期成本。最後，我們在本季亦依計畫增加了生產——產品推廣與研發方面的支出，對利益率比較造成負面影響。

In our Boat segment, second quarter adjusted revenues increased by 4%. The aluminum freshwater business grew by 7% in the quarter, including strong pontoon sales, which reflected successful efforts to increase production. Aluminum fishing performance also included the impact of Bass Pro's acquisition of Cabela's, which was a large distribution channel for Lowe Boats as Mark discussed earlier.

在我們的船艇（Boat）事業部，第二季經調整後營收成長4%。鋁製淡水船業務本季成長7%，其中包含強勁的浮筒船（pontoon）銷售，反映我們成功提升產能的努力。鋁製釣魚船的表現亦包含Bass Pro收購Cabela's的影響；如同Mark先前所述，Cabela's曾是Lowe Boats的重要通路。

The recreational fiberglass boat businesses had revenue growth of 4% in the quarter, led by Sea Ray. Saltwater fishing revenues included solid gains -- gains and growth at Boston Whaler, evidencing the ongoing trend of consumers favoring outboard powerboats, while smaller brands reported in the category posted declines.

休閒用玻璃纖維船業務本季營收成長4%，由Sea Ray領軍。海水釣魚船營收包含穩健的成長——Boston Whaler的成長與提升，顯示消費者偏好舷外機動力船的趨勢仍在延續；而該類別中較小品牌則出現下滑。

Global wholesale shipments for the second quarter decreased 2% and were down 5% in the U.S. Year-to-date wholesale shipments were down a similar amount against a strong first half of 2017.

第二季全球批發出貨量下滑2%，在美國下滑5%。年初至今的批發出貨量相較2017年上半年強勁表現，下滑幅度相近。

Changes in average selling prices increased by 6% on a constant currency basis in both the quarter and year-to-date periods. These increases resulted from changes in mix across the portfolio as customers continue to migrate to boats with more content and higher horsepower engines, which is adding top line benefits. In addition, we have raised prices in response to inflation, particularly in pontoons. Our 2018 plan anticipates continued growth in average selling prices for the full year, similar to the first half.

以固定匯率計算，平均銷售價格在本季與年初至今期間皆上升6%。這些上升來自產品組合在整體產品線中的變化，因客戶持續轉向配備更多內容（content）與更高馬力引擎的船艇，帶來營收端的助益。此外，我們也因應通膨而調漲價格，尤其是在浮筒船。我們的2018年計畫預期全年平均銷售價格將持續成長，幅度與上半年相近。

Dealer pipeline inventories ended the quarter at 30 weeks of boats-on-hand measured on a trailing 12-month retail basis, consistent with prior year levels. We believe that our pipeline inventory levels are appropriate at this point in the Marine season.

以過去12個月零售為基礎衡量，經銷商通路庫存於季末為30週的現有船艇量（boats-on-hand），與去年同期水準一致。我們認為在Marine旺季的此時點，我們的通路庫存水位是適當的。

For the full year, we are planning for weeks of inventory on hand to be at approximately 1 week lower than year-end 2017 levels, primarily related to lower stocking of U.S. imported boats by Canadian dealers due to tariffs. Consistent with this assumption, we are also assuming retail unit growth rates will outpace wholesale performance.

就全年而言，我們規劃期末現有庫存週數將較2017年年底水準低約1週，主要與加拿大經銷商因關稅而降低美國進口船艇備貨有關。與此假設一致，我們也假設零售單位成長率將快於批發表現。

The Boat segment's adjusted operating earnings for the quarter were slightly below Q2 2017 levels with inefficiencies at certain of our boat facilities due in part to new boat product introductions being the factor that contributed to this. For the second quarter, adjusted operating margins were 7.7%, which is 50 basis points lower than Q2 of 2017. Year-to-date, our adjusted operating margins of 7.3% are up slightly. In the second half, we anticipate stronger year-over-year performance with mid-teens leverage -- leverage targeted for the year.

船艇事業部本季經調整後營業利益略低於2017年第二季水準，部分原因是某些船艇廠因新船型產品導入而出現效率不彰。第二季經調整後營業利益率為7.7%，較2017年第二季低50個基點。年初至今，我們經調整後營業利益率為7.3%，略有上升。在下半年，我們預期年對年表現將更強，並以全年達成約中十幾％的槓桿——槓桿效益為目標。

Shifting to our Fitness segment. Sales for the second quarter increased by 1%. Global commercial strength sales continued to grow as demand for these products increased mostly due to our well-positioned product offering and changing exerciser preferences. Sales of commercial cardio decreased slightly in the quarter resulting from declines in sales of Cybex product. Sales growth was also negatively influenced in the quarter by shipping challenges at certain domestic warehouses, resulting in sales moving into the third quarter.

接著談我們的健身（Fitness）事業部。第二季銷售成長1%。全球商用肌力器材（commercial strength）銷售持續成長，因這些產品的需求增加，主要來自我們具競爭力的產品組合定位以及運動者偏好的改變。商用有氧器材（commercial cardio）銷售本季小幅下滑，原因是Cybex產品銷售下降。本季銷售成長亦受到部分國內倉庫出貨挑戰的負面影響，導致部分銷售遞延至第三季。

Adjusted operating margins for the quarter were at 6.5%, which was 270 basis points lower than a year ago. This reduction was caused by several factors, including higher freight costs, cost inflation and inefficiencies and an unfavorable impact from changes in sales mix. These factors were partially offset by benefits from higher sales. The Fitness business continues to address challenges related to the launches of new cardio equipment, which have contributed to higher freight costs and cost inefficiencies and can be partly attributed to initial complexities around the manufacture, shipment and installation of the new products. We expect these factors to improve over the second half of 2018.

本季調整後營業利益率為6.5%，較去年同期下降270個基點。此降幅由多項因素造成，包括較高的運費成本、成本通膨與效率不彰，以及銷售組合變動帶來的不利影響。上述因素部分被較高銷售所帶來的效益所抵銷。健身事業持續因新款有氧器材上市而面臨挑戰，該等上市導致運費成本上升與成本效率不彰，部分可歸因於新產品在製造、運輸與安裝方面的初期複雜性。我們預期這些因素在2018年下半年將有所改善。

Our GAAP results include the impact of several items, which we've excluded from our as-adjusted results. We recorded restructuring, exit and integration charges in the quarter totaling $35 million, mostly related to the wind down of the Sea Ray sport yacht and yacht operations. We also incurred losses of $27 million related to these -- to this business in excess of restructuring charges, including accruals for additional sale discounts offered to dealers to assist with pipeline inventories.

我們的GAAP結果包含若干項目的影響，而我們已將其自調整後結果中排除。本季我們認列重組、退出與整合費用合計3,500萬美元，主要與逐步結束Sea Ray運動遊艇與遊艇業務營運相關。我們亦就該等—就該業務認列2,700萬美元的損失，超出重組費用之外，包括為協助經銷商處理通路庫存而提供額外銷售折扣的應計費用。

Finally, we incurred costs related to the Fitness business, including separation costs and a charge related to an additional product field campaign. And Mercury incurred costs related to the announced acquisition of Power Products.

最後，我們亦發生與健身事業相關的成本，包括分拆成本以及與額外產品現場活動（field campaign）相關的費用。此外，Mercury亦因已宣布收購Power Products而發生相關成本。

Next, I will discuss the impact foreign currency is having on our performance. In the second quarter, sales comparisons were positively affected by approximately 1% and operating earnings comparisons were positively affected by approximately $5 million, which was slightly below our plan. Our estimates for the full year are less favorable than our previous expectations. We are now expecting favorable full year impact on sales of less than 1% and on operating earnings of less than $5 million. This implies a negative effect on both sales and operating earnings in the second half of 2018. These estimates for 2018 assume that foreign exchange rates remain consistent with current rates.

接下來，我將說明外幣對我們績效的影響。第二季，銷售比較約受1%的正面影響，營業利益比較約受500萬美元的正面影響，略低於我們的計畫。我們對全年之估計較先前預期不利。我們目前預期全年對銷售的有利影響低於1%，對營業利益的有利影響低於500萬美元。這意味著2018年下半年對銷售與營業利益皆將產生負面影響。上述2018年估計係假設外匯匯率維持與目前水準一致。

Our second quarter book tax rate, as adjusted, was 21%, which is consistent with the year-to-date rate. This includes net tax benefits resulting from share-based compensation activity of $1.5 million in the second quarter and $2.9 million year-to-date. Our tax rate continues to be lower than the previous year due mostly to the impact of tax reform. Our updated estimated effective book tax rate for the full year, as adjusted, is between 21% and 22%, which is based on tax guidance to date and is also subject to change as additional interpretation of new tax law becomes known. Our estimated cash tax rate for 2018 is now expected to be in the low single-digit percent range, reflecting the favorable impact of a tax refund, along with deductions from planned capital expenditures and increased pension contributions.

我們第二季調整後帳面稅率為21%，與年初至今的稅率一致。其中包含因股份基礎給付活動所產生的淨稅務利益：第二季為150萬美元，年初至今為290萬美元。由於稅改影響，我們的稅率持續低於去年。我們更新後的全年調整後有效帳面稅率估計為21%至22%，係基於目前的稅務指引，且隨著對新稅法有更多解釋出爐，仍可能變動。我們對2018年現金稅率的估計目前預期為低個位數百分比區間，反映退稅的有利影響，以及計畫性資本支出與提高退休金提撥所帶來的扣除額。

Turning to review of our cash flow statement. For the first 6 months of 2018, cash provided by operating activities was $201 million, which was $29 million greater than last year. This improvement includes the previously mentioned tax refund received in the first quarter and lower working capital usage. Capital spending was $90 million for the year-to-date period, which includes investments in new products as well as capacity expansion initiatives, mostly in our Marine segments.

接著回顧我們的現金流量表。2018年前6個月，營業活動提供的現金為2.01億美元，較去年增加2,900萬美元。此改善包含先前提及於第一季收到的退稅，以及較低的營運資金使用。年初至今資本支出為9,000萬美元，包含新產品投資以及產能擴充計畫，主要在我們的海事（Marine）事業群。

Free cash flow for the first half of 2018 was $122 million, up $38 million versus 2017. The cost associated with the Fitness separation and Sea Ray's sport yacht and yacht operations and wind down have not been included in free cash flow as we will be treating those costs consistent with our as-adjusted earnings metrics.

2018年上半年自由現金流為1.22億美元，較2017年增加3,800萬美元。與健身事業分拆以及Sea Ray運動遊艇與遊艇業務營運與逐步結束相關的成本，未納入自由現金流，因我們將以與調整後盈餘指標一致的方式處理這些成本。

I would like to conclude with comments on certain items that will impact our P&L and cash flow for 2018, focusing on the estimates that have changed since the last quarter. We have revised our estimates for depreciation and amortization to include the impacts of Sea Ray and Power Products depreciation as well as refined projections for our other businesses. We have excluded any impact to purchase accounting related amortization for Power Products as we plan to exclude these noncash expenditures from our X items reporting. Estimated net interest expense is now between $40 million and $50 million with the increase almost entirely related to the planned $800 million of financing for the Power Products acquisitions, as we discussed in detail last month.

最後，我想就若干將影響我們2018年損益表與現金流的項目作結語，並聚焦於自上季以來已變更的估計。我們已修訂折舊與攤銷的估計，以納入Sea Ray與Power Products的折舊影響，並對其他事業的預測進一步精緻化。我們已排除與Power Products收購會計相關的攤銷影響，因我們計畫在X項目（X items）報告中排除這些非現金支出。預估淨利息費用目前為4,000萬至5,000萬美元，增加幾乎完全與為Power Products收購所規劃的8億美元融資相關，正如我們上月已詳細討論。

Our guidance for free cash flow has been revised to $200 million to $220 million versus the prior guide of exceeding $275 million. This estimate now includes pension contributions between $150 million and $160 million for '18, which is a $75 million to $90 million increase and is consistent with our accelerated de-risking plan and actions announced at the end of last month.

我們對自由現金流的指引已修訂為2.00億至2.20億美元，低於先前指引的超過2.75億美元。此估計現已包含2018年退休金提撥1.50億至1.60億美元，增加7,500萬至9,000萬美元，並與我們加速去風險化計畫及上月底宣布的行動一致。

Excluding the after-tax impact of pension contributions, free cash flow would be between $300 million and $320 million. As a reminder, accelerating contributions into 2018 is lowering our after-tax funding cost of exiting the plans by over $20 million.

若排除退休金提撥的稅後影響，自由現金流將介於3.00億至3.20億美元。提醒一下，將提撥加速至2018年可使我們退出該等計畫的稅後資金成本降低逾2,000萬美元。

Moving forward, there is a residual requirement of up to $30 million pretax funding to fully exit the plans. Our business units remained focused on generating strong free cash flow, which will allow us to continue to fund future investments in growth and successfully implement our capital strategy. We plan to have slightly higher levels of capital expenditures than previously anticipated with capacity expansion activities at Mercury and Boston Whaler driving the increase versus last year.

展望未來，為完全退出該等計畫，仍有最高達3,000萬美元的稅前資金需求。我們各事業單位仍專注於創造強勁的自由現金流，使我們得以持續投入未來成長投資並成功執行資本策略。我們計畫資本支出水準將略高於先前預期，其中Mercury與Boston Whaler的產能擴充活動將推動相較去年之增幅。

We conclude -- we continue to execute against our share repurchase program in the second quarter with $70 million completed in the first half of the year. Aside from a small amount of repurchases already completed earlier in the third quarter, we will pause our repurchase program until later in 2019 as we complete the previously discussed financing activities associated with Power Products acquisition and the Fitness separation actions.

我們—我們在第二季持續執行庫藏股回購計畫，上半年已完成7,000萬美元。除第三季初已完成的一小部分回購外，隨著我們完成先前討論之與Power Products收購及健身事業分拆行動相關的融資活動，我們將暫停回購計畫至2019年稍晚。

I will now turn the call back to Mark to continue our outlook comments.

我現在把電話交回給Mark，繼續說明我們的展望評論。

Thanks, Bill. Our outlook for 2018 remains generally consistent with our recently updated 3-year strategic plan targets and reflects another year of outstanding revenue and earnings growth with excellent cash flow generation.

謝謝，Bill。我們對2018年的展望大致與近期更新的三年策略計畫目標一致，並反映又一個營收與獲利強勁成長、且現金流創造優異的一年。

We expect that our Marine business' top line performance will benefit from a steady global Marine market, new products and the successful execution of our M&A strategy as evidenced by our announced acquisition of Power Products.

我們預期海事（Marine）事業的營收表現將受惠於穩健的全球海事市場、新產品，以及我們併購策略的成功執行，這從我們已宣布收購Power Products可見一斑。

In the Fitness segment, we plan to benefit from recently introduced new product, including console and technology enhancements that we believe will stimulate demand. We now anticipate consolidated revenue growth of 8% to 9% for the full year, including the impact of announced acquisitions, the tariffs and changes in foreign exchange -- foreign currency exchange rates.

在健身事業部門，我們計畫受惠於近期推出的新產品，包括控制台與技術強化，我們相信將刺激需求。我們目前預期全年合併營收成長8%至9%，包含已宣布收購案、關稅以及外匯—外幣匯率變動的影響。

For the full year, we continue to anticipate improvement in both gross and operating margins in our combined Marine business as we plan for ongoing benefit from the new products and volume leverage. These factors, along with certain pricing actions, should more than offset the impacts related to cost inflation as well as the enacted tariffs and other known trade policy changes.

就全年而言，我們仍預期合併海事事業的毛利率與營業利益率皆將改善，因我們規劃持續受惠於新產品與規模效益（volume leverage）。這些因素加上若干定價措施，應足以抵銷成本通膨以及已實施的關稅與其他已知貿易政策變動所帶來的影響。

In the Fitness business, we continue to project a decline in margins. However, our year-over-year comparisons are expected to stabilize in the fourth quarter consistent with our discussions on our last earnings call. As a reminder, these targets, along with EPS guidance and the Q3 targets on the subsequent slides, assume a mid-August close of the Power Products acquisition and exclude the impacts of purchase accounting related to the transaction. And all comparisons are against the adjusted figures provided in the Form 8-K dated July 19 of this year, which removes the sport yacht and yacht results from prior periods.

在健身事業方面，我們仍預測利潤率將下滑。然而，依照我們在上次法說會的討論，預期年對年比較將在第四季趨於穩定。提醒一下，這些目標連同EPS指引以及後續投影片中的第三季目標，均假設Power Products收購於8月中旬完成交割，並排除與該交易相關的收購會計影響。且所有比較皆以本年7月19日提交之Form 8-K所提供的調整後數字為基準，該數字已將運動遊艇與遊艇業務的結果自前期期間中移除。

Bill and I have referenced tariffs in a number of places on this call. Two different tariffs, which went into effect in the beginning of July will negatively impact the second half results in our Marine businesses. First, the U.S. has implemented Section 301 tariffs, which place 25% tariff on over 1,300 products imported from China. Mercury manufacturers 40- to 60-horsepower engines at our wholly owned facility in China, and the tariffs will apply to those engines, along with a small amount of P&A imported into the U.S. for sale to our domestic OEM partners and our dealer base. Note that competitive products imported from Japan is not subject to this tariff even though part of their supply base is sourced from China, making it difficult to raise prices to offset these tariff effects. We will request an exemption from the U.S. government, but absent a successful exemption, we'll pay the tariffs on these imports.

Bill 和我在本次電話會議中多處提到關稅。兩項不同的關稅於 7 月初生效，將對我們海事（Marine）業務下半年的業績造成負面影響。首先，美國已實施《301 條款》（Section 301）關稅，對自中國進口的 1,300 多項產品加徵 25% 關稅。Mercury 在我們於中國的全資工廠生產 40 至 60 馬力引擎，該等引擎將適用此關稅；此外，還包括少量進口至美國、用於銷售給我們國內 OEM 合作夥伴及經銷商體系的零配件（P&A）。請注意，從日本進口的競爭產品不受此關稅影響，即使其供應鏈的一部分來自中國，這使得我們難以透過提價來抵銷關稅影響。我們將向美國政府申請豁免，但若未能成功豁免，我們將為這些進口品支付關稅。

On the Boat side, Canada and the EU have implemented Section 232 retaliatory tariffs on boats, not including the engines, that are imported from the U.S. into their regions. Sales of boats manufactured and sold within the region are not subject to the tariffs, meaning less than half of the Canadian sales and a large percentage of the EU sales will not be subject to tariffs. The impacts to the company is most significant for products sold in Canada with a 10% tariff on these imports paid by the importing dealer. Sales into the EU where the tariff is 25% comprises the remaining impact. The result is a negative impact on second half earnings as a result of lower projected demand for boats being imported into these locations. Overall, we anticipate a $10 million to $15 million negative impact on second half earnings resulting from these tariffs with the engine tariff accounting for approximately 2/3 of the impact.

在船艇（Boat）方面，加拿大與歐盟已對自美國進口至其區域的船艇（不含引擎）實施《232 條款》（Section 232）報復性關稅。在當地區域內製造並銷售的船艇不受關稅影響，這意味著加拿大銷售中不到一半，以及歐盟銷售中很大一部分將不受關稅影響。對公司影響最顯著的是在加拿大銷售的產品，該等進口品適用 10% 關稅，並由進口經銷商支付。銷往歐盟的部分（關稅為 25%）構成其餘影響。其結果是，由於預期進口至這些地區的船艇需求下降，下半年獲利將受到負面影響。整體而言，我們預期這些關稅將使下半年獲利減少 1,000 萬至 1,500 萬美元，其中引擎關稅約占影響的 2/3。

We are narrowing the range of our full year expectations of diluted EPS as-adjusted to $4.55 to $4.65. This guidance now incorporates the projected earning benefits from Power Products as well as the additional interest expense incurred in connection with the financing of this transaction. It also includes the Sea Ray sport boat and cruiser business. The tariffs implemented thus far in 2018 that I just discussed will affect the 2018 earnings by $0.10 to $0.15. This guidance also takes into account the recent unfavorable changes in foreign exchange rate and other balanced risk and opportunities that we've gone through on this call. Overall, we still expect 2018 to be another record-breaking EPS performance.

我們將全年調整後稀釋每股盈餘（diluted EPS as-adjusted）的預期區間收斂至 4.55 至 4.65 美元。此指引現已納入 Power Products 帶來的預期獲利貢獻，以及為該交易融資所產生的額外利息費用。同時也包含 Sea Ray 運動船與巡航船業務。我剛才提到的 2018 年迄今已實施的關稅，將使 2018 年獲利減少 0.10 至 0.15 美元。此指引亦考量近期外匯匯率的不利變動，以及我們在本次電話會議中提到的其他風險與機會的平衡。整體而言，我們仍預期 2018 年將再創 EPS 的新高表現。

Looking at third quarter, we anticipate revenue growth to accelerate and to be in the low to mid-teen percent range over the third quarter of 2017, and in the low double-digit percent range if you exclude the benefits from Power Products. We expect solid operating margin growth for our combined Marine business and adjusted EPS to grow approximately 20% each as compared to our Q3 2017 figure.

就第三季而言，我們預期營收成長將加速，相較 2017 年第三季將達到低至中十位數百分比的成長；若排除 Power Products 的貢獻，則為低雙位數百分比成長。我們預期合併後的 Marine 業務將有穩健的營業利益率成長，且調整後 EPS 相較 2017 年第三季約成長 20%。

Turning to our segments. Our 2018 forecast includes ongoing revenue and operating earnings growth in our Marine Engine segment. Fortified by the revenue expected from the Power Products acquisition and unprecedented levels of demand for outboard engines, we're increasing our revenue growth target, again, for the year to the low teens percent range. Due to the enacted tariffs, we are lowering our margin expectations, but still anticipate slight improvements for the year with the second half gains benefiting from the Power Products acquisition and our new outboard engines. Absent both the tariff effects and the impact of Power Products, we would still be experiencing margin accretion for the segment. We also anticipate that the start-up costs related to the product and system launches that were discussed on this call will abate in the second half.

接著看各事業部門。我們對 2018 年的預測包含 Marine Engine（船用引擎）部門持續的營收與營業獲利成長。在 Power Products 併購預期帶來的營收挹注，以及舷外機前所未有的需求水準支撐下，我們再次上調全年營收成長目標至低十位數百分比區間。由於已生效的關稅，我們下調了毛利率/利潤率預期，但仍預期全年將小幅改善；下半年的改善將受惠於 Power Products 併購以及我們的新款舷外機。若排除關稅影響與 Power Products 的影響，該部門仍將呈現利潤率提升（margin accretion）。我們也預期，本次電話會議中提到的產品與系統上市相關的啟動成本，將在下半年趨緩。

In response to the substantial demand for outboard engines, we're going to continue investing to enhance and expand our manufacturing capabilities to capture this future growth while investing in research and development to support the achievement of our growth aspirations. In summary, 2018 will be another year of outstanding success and financial performance from the Marine Engine segment.

為回應舷外機的強勁需求，我們將持續投資以強化並擴充製造能力，以掌握未來成長，同時投資研發以支持我們達成成長目標。總結而言，2018 年將是 Marine Engine 部門再度展現卓越成功與財務表現的一年。

Moving to the Boat segment. We're now targeting our annual revenue growth for 2018 to be 5% to 6% with growth in all categories. This revised target incorporates our latest outlook on the global retail demand that I discussed earlier as well as continued growth in the average selling prices, market share gains and our pipeline assumptions. We're also anticipating improvement in our operating margins, which Bill addressed earlier and the low to mid-teens earnings growth for the full year. We remain confident in the global Marine market. We believe our Boat business will continue to succeed behind the strength of many of the industry's most recognizable brands, our product leadership and the improved operating performance.

接著談 Boat（船艇）部門。我們目前將 2018 年全年營收成長目標訂為 5% 至 6%，且各類別皆有成長。此修正後目標納入我先前提到的全球零售需求最新展望，以及平均售價持續提升、市占率提升與我們對訂單/銷售管線（pipeline）的假設。我們也預期營業利益率將改善（Bill 先前已說明），且全年獲利成長為低至中十位數百分比。我們對全球 Marine 市場仍具信心。我們相信，憑藉業界多個最具辨識度的品牌實力、產品領導地位以及營運表現的改善，我們的 Boat 業務將持續成功。

Our view of the Fitness segment outlook have not materially changed since our last call. Our plan projects revenue growth in the low single-digit percent range over 2017 levels with third quarter growth exceeding our fourth quarter performance due to changes in our relationship with Planet Fitness, which I'll address shortly. We expect our operating margins comparisons to remain under pressure in the third quarter, which was the strongest gross margin quarter last year, while stabilizing in the fourth quarter as we have discussed. With the recent new cardio product launches, we expect demand from club refresh activity to help grow revenue and earnings as operators look at the improved console options as a benefit to attract and retain members and capitalize on new revenue sources. The uptake of premium connectable consoles continues to increase, enabling the business to execute on its digital strategy.

自上次電話會議以來，我們對 Fitness（健身）部門的展望並無重大改變。我們的計畫預估營收相較 2017 年將呈低個位數百分比成長，其中第三季成長將高於第四季表現，原因是我們與 Planet Fitness 的合作關係有所變化，我稍後會說明。我們預期第三季的營業利益率比較仍將承壓，因為去年第三季是毛利率最高的一季；而第四季將如我們先前所述趨於穩定。隨著近期新的有氧產品上市，我們預期健身房設備汰換/更新（club refresh）帶來的需求將有助於推升營收與獲利，因為營運商將改良的控制台選項視為吸引與留住會員、並開拓新營收來源的優勢。高階可連網控制台的採用率持續提升，使該業務得以推進其數位策略。

We continue to have a strong relationship with Planet Fitness and despite the decision to offer broader equipment choices to its franchisees, starting in the second half of this year, we remain confident that we are well positioned to be the leading partner to support their goals for growth, technology development and improve club operator and user experiences. Our plan assumptions related to Planet Fitness have not materially changed versus our first quarter guidance. Finally, we continue to execute against our plan to accomplish the spin transaction by the end of the first quarter of 2019.

我們與 Planet Fitness 仍維持良好合作關係；儘管其決定自今年下半年起為加盟主提供更廣泛的設備選擇，我們仍有信心我們具備良好定位，能成為其支持成長目標、技術開發並改善健身房營運商與使用者體驗的首要合作夥伴。我們對 Planet Fitness 相關的計畫假設，相較第一季指引並無重大變動。最後，我們將持續依計畫推進，目標在 2019 年第一季末前完成分拆交易（spin transaction）。

In closing, I'd like to reiterate what I've already said when I opened this call. This has been a truly eventful last 6 months with more to come as we still have work to do to complete several of our strategic and operational enhancements. However, we have not lost sight of the need for continued operating excellence, and we believe that 2018 will result in another strong -- a year of strong revenue and earnings performance, along with excellent cash flow generation.

最後，我想重申我在本次電話會議開場時已說過的內容。過去 6 個月確實是非常多事之秋，且未來還會有更多進展，因為我們仍需完成多項策略與營運面的強化工作。然而，我們並未忽視持續追求卓越營運的必要性；我們相信 2018 年將再度呈現強勁——也就是營收與獲利表現強勁的一年，同時帶來優異的現金流創造。

Our second quarter results include the impact of considerable new product introductions and other initiatives, which have had some unfavorable short-term implications but are expected to yield significant benefits moving forward. I want to assure everyone listening to this call that we remain highly confident in the success of the momentous engine launch at Mercury and the unparalleled levels of demand for these products that are paving the way for increased sales, market share gains and strong margin improvements for the foreseeable future.

我們第二季的結果包含大量新產品導入及其他措施的影響，這些在短期內帶來一些不利影響，但預期未來將產生顯著效益。我想向所有收聽本次電話會議的人保證，我們對 Mercury 這次具里程碑意義的引擎上市成功，以及對這些產品前所未有的需求水準仍高度有信心；這些因素正為未來可預見期間的銷售成長、市占率提升與強勁的利潤率改善鋪路。

I'm excited about our business moving forward. I'm confident our management team and our 15,000 dedicated Brunswick colleagues are committed to delivering and executing our growth strategy in 2018 and beyond as we continue our efforts to deliver value to our shareholders.

我對公司未來的發展感到振奮。我相信我們的管理團隊以及 15,000 名敬業的 Brunswick 同仁，將致力於在 2018 年及未來持續推動並落實我們的成長策略，同時持續努力為股東創造價值。

And with that, I'll take question -- we will all take questions. Thank you.

接下來，我將開始提問——我們將一起回答提問。謝謝。

(Operator Instructions) And our first question comes from David MacGregor from Longbow Research.

(接線員指示) 我們的第一個問題來自 Longbow Research 的 David MacGregor。

A lot of concern here -- I guess, I want to talk around capacity. Clearly, within the outboard engine business, your new products the V6, in particular, doing extremely well in the market, but you are in backlog and -- creating plant inefficiencies, I just wonder if you could talk a little bit about how you remedy that situation. How fast you can increase the velocities through those plants and the incremental expense burden into the second half P&L?

這裡有很多擔憂——我想我想圍繞產能來談一談。很明顯，在舷外機業務中，你們的新產品，尤其是 V6，在市場上表現非常好，但你們目前有積壓訂單，而且——造成工廠效率不彰；我想請你們談談你們如何補救這種情況。你們能多快提高這些工廠的產出速度，以及下半年損益表（P&L）中將承擔的增量費用負擔？

Well, we've got a number of -- obviously, as we're ramping up those -- the new product launches as we've talked before, we've added incremental assembly capacity as part of doing that, and we're actually in the process right now of also adding a partial third shift, which wasn't part of our initial plan. So some of this is just a matter, David, of adding more people and resources and ramping up. Some of it is physical, capital and capacity, in either our facilities or into our supplier -- from our suppliers. But clearly, the things that within our control and capability, we're ramping up and working on, David.

嗯，我們有若干——顯然，隨著我們如先前所談在拉升那些——新產品上市的產量，我們已在其中增加了額外的組裝產能，而且我們目前也正在增加部分第三班，這原本不在我們最初的計畫中。所以其中一部分，David，只是增加更多人力與資源並逐步拉升產能的問題。另一部分則是實體面的資本與產能，不論是在我們的廠房內，或是在供應商端——來自我們供應商的產能。但很明確地，在我們可控且有能力的事項上，我們正在加速推進並努力處理，David。

And David, the only thing I point -- David, I point out too that the industry growth above 75 horsepower has been trending in the low teens for the last several years. Our capacity increases that we had planned for the second half outpaced that by quite a bit. So we didn't go into the second half of the year with what I would call -- we went in with fairly aggressive capacity expansions and demand has just outpaced what we expected.

另外 David，我也要指出，過去幾年，75 馬力以上的產業成長一直維持在十位數低段（low teens）。我們原本規劃在下半年進行的產能提升，幅度其實遠高於這個成長率。所以我們進入下半年時——我會說——我們是以相當積極的產能擴張來因應，但需求的成長仍然超出我們的預期。

Is there a large incremental cost associated with putting that extra day or putting that extra shift on, can you fill that incremental capacity?

增加那額外一天或加開那個額外班次，是否會帶來很大的增量成本？你們能把那部分新增產能填滿嗎？

No, it's not an incremental. It's a start-up expense as you train the workforce, but beyond that, the volume and the production pays it.

不，這不是增量成本。這是啟動費用，因為你需要訓練人力；但除此之外，產量與生產本身會把它攤回來。

So do we see some alleviation on this in the third quarter?

所以我們會在第三季看到這方面有所緩解嗎？

Yes, yes, absolutely.

會的，會的，絕對會。

And the next question comes from Scott Stember from CL King.

下一個問題來自 CL King 的 Scott Stember。

Can you maybe talk about, you put there some price increases for commodities inflation and, I guess, can you maybe just talk about how the sensitivity is there as far as the acceptance at the consumer level?

你們提到為了大宗商品通膨而做了一些漲價；我想請你們談談，在消費者端對於接受度的敏感性大概如何？

Yes. The place we put the most in, I would comment on, have been in the pontoon segment, which have had some material inflation has hit us the most in that area. And the demand is very strong in that category. Many of the suppliers are sold out, running at capacities. So I think on first gulp, people don't like price increase, but it really hasn't affected the demand or the market.

好的。我想我們加價幅度最大、我會特別評論的，是在浮筒船（pontoon）這個區隔；該領域的材料通膨對我們的衝擊最大。而且該類別的需求非常強勁。許多供應商都已售罄，產能滿載運轉。所以我認為第一時間大家都不喜歡漲價，但它確實沒有影響需求或市場。

And maybe just talk about the retaliatory impacts in Canada. You talked about -- and again, you flushed out very nicely in the deck about -- in this back half of the year, some dealers might start to cut back on what they're taking in. Are you concerned that, that could accelerate beyond what you already have or what you already factoring with your guidance? Or do you think this covers that pretty good? What's in your guidance?

另外談談加拿大的報復性影響。你們提到——而且你們在簡報中也講得很清楚——在今年下半年，一些經銷商可能會開始減少進貨。你們是否擔心這種情況會比你們目前已經預期、或已在財測指引中納入的程度更快惡化？還是你們認為你們的指引已經相當充分地涵蓋了？你們的指引裡包含了什麼？

I think we've covered it fairly well. We had product that was able to get out before the tariff went into effect, and I think we've weighed that in. You'll see that we -- as we mentioned, we've taken the pipeline down by a week for the year ending. And again, I think we've dialed in what we think is going to happen there.

我認為我們已經涵蓋得相當充分。我們有一些產品在關稅生效前就已能出貨，我想我們已把這點納入考量。你會看到我們——如同我們提到的——把年度結束時的通路庫存（pipeline）降低了一週。再一次，我認為我們已把我們認為會發生的情況調整到位。

And our next question comes from James Hardiman from Wedbush.

下一個問題來自 Wedbush 的 James Hardiman。

I thought the bridge on Page 31 was extremely helpful. Should we ultimately be taking from that the notion that on a core basis, your guidance is unchanged with maybe a little bit better engines offsetting, a little bit worse Boat? That was sort of my takeaway, just wanted to see how you guys are thinking about that.

我覺得第 31 頁的橋接表非常有幫助。我們最終是否應該從中得出這樣的結論：以核心基礎來看，你們的指引沒有改變，只是引擎稍微好一些、船艇稍微差一些來互相抵銷？這是我的理解，只是想確認你們是怎麼看這件事的。

Yes, I'd say that's an appropriate conclusion, James. Then maybe...

是的，我會說這是個恰當的結論，James。然後也許……

And then...

然後……

When you start to factor out FX maybe a bit more from the core business, so a bit more of a positive, but that's an appropriate conclusion.

當你開始把匯率（FX）因素從核心業務中再多剔除一些時，核心面會更偏正向一些，但你的結論是恰當的。

Okay. And just to dig into that a little bit, so the Marine Engine guidance going from high single to low double, obviously, you've got Power Products in there, but it sounds like what you're telling me is on a core basis, that would still be going up a little bit. And then on the Boat segment, we are going from high single -- this is obviously all revenue guidance, but we're going from high single to 5% to 6%. I don't know how, if at all, Sea Ray -- the Sea Ray re-inclusion affects that? Obviously, we've got some tariff stuff in there, but is it safe to say that, that guidance on a core basis is coming down a little bit?

了解。再深入一點，海事引擎（Marine Engine）的指引從高個位數到低雙位數；顯然其中包含 Power Products，但聽起來你們是在告訴我：以核心基礎來看，仍會再上修一點。而在船艇（Boat）部門，我們從高個位數——這些顯然都是營收指引——調整到 5% 到 6%。我不確定 Sea Ray——把 Sea Ray 重新納入（re-inclusion）對此有沒有影響？顯然其中也有一些關稅因素，但是否可以說，以核心基礎來看，船艇部門的指引是下修了一點？

Yes. To your first part about the engines, you're spot on, James. On the Boat side, boy, the Sea Ray piece is a small -- small piece of that. So you shouldn't be concerned there at all. Part of what happens in some of the revenue there is, as we talk, changed the view on what Europe is going to be for the year and parts of those things factor into some of those numbers, James.

是的。關於引擎那一段，你說得完全正確，James。在船艇端，嗯，Sea Ray 那部分只是——很小、很小的一部分。所以你完全不需要擔心那一點。營收上的一些變化，部分是因為如我們所談，我們改變了對歐洲今年表現的看法，而其中一些因素會反映在那些數字裡，James。

Europe and the Canadian stocking orders in the second half of the year are really the 2 big headline changes in the Boat number. Very, very little as a result of Sea Ray.

歐洲以及加拿大在下半年經銷商的補庫存訂單（stocking orders），是船艇數字中兩個最大的標題式變動。因 Sea Ray 所致的影響非常、非常小。

Got it. And then seems like you're now saying the industry is going to come in sort of at or below that 3% to 5% number. I guess, first, why shouldn't I be concerned with that and assume that the industry is slowing and will continue to slow? And second, maybe I thought the discrepancy between the 8% outboard growth and the, call it, 1% or 2% growth for you and the industry in the second quarter, was interesting. Maybe any explanation of sort of what's going on there, typically those numbers don't see that wide of a gap, but how should we think about that?

了解。另外看起來你們現在是說，產業整體可能會落在大約等於或低於 3% 到 5% 的區間。我想先問，為什麼我不該因此擔心並認為產業正在放緩且會持續放緩？第二點，我覺得第二季舷外機 8% 的成長，與你們以及產業（其他指標）大約 1% 或 2% 的成長之間的落差很有意思。能否解釋一下那裡發生了什麼？通常這些數字不會出現這麼大的差距，我們應該如何看待？

Yes, James, we spent a little bit of time looking in that, trying to understand really on a state-by-state basis, what some of the discrepancies might be. And I would say that some of the states that have been excluded from SSI are the ones where we're seeing a bit more outboard momentum, that's ultimately what we think is going to get reflected in the SSI data when it's fully reported. So I think the outboard data for -- so I think the outboard data for the second quarter is more reflective of demand than perhaps what the SSI data is because of incomplete reporting.

是的，James，我們花了一些時間去看這件事，試著理解在各州層級上，差異可能來自哪裡。我會說，有些被 SSI 排除的州，正是我們看到舷外機動能更強的地方；我們最終認為，當 SSI 資料完整回報時，這些會反映在 SSI 數據中。所以我認為——所以我認為第二季的舷外機數據，可能比 SSI 數據更能反映需求，因為 SSI 的回報不完整。

But...

但是……

I'll just add the other little piece there. James, the Bass Pro's acquisition of Cabela's helps us on the (inaudible) as we mentioned, there's a little Lowe impact -- Boat impact but -- from a channel, but there's actually a little positive lift coming on the engine side even with that acquisition. So that's there as well, James.

我再補充另一個小點。James，Bass Pro 收購 Cabela's 對我們在（聽不清）方面有幫助；如我們提到的，從通路角度看，船艇端有一點點負面影響——但即便有這筆收購，在引擎端其實也有一點正向拉抬。所以這點也存在，James。

Okay. But I'm assuming you feel comfortable with your own internal data, which also seems to be underperforming that 8% number? Now some of that you talked about being the Bass Pro acquisition, but is that -- seems like you're still underperforming the outboard number, why would that be the case?

好的。但我假設你對你們自己的內部數據感到放心，而那些數據看起來也低於那個 8% 的數字？我知道你提到其中一部分是 Bass Pro 併購的影響，但這——看起來你們仍然低於舷外機那個數字，為什麼會這樣？

Well, first, let me go to the first part of. We do feel very comfortable about our numbers. I'm not sure that -- I'm not sure I'm at the same conclusion you are. Could you explain that a little more, James?

嗯，首先，讓我先回到第一部分。我們確實對我們的數字非常有信心。我不確定——我不確定我是否得出了和你一樣的結論。James，你能再多解釋一下嗎？

Well, I just -- the outboard number for the industry seems really strong at 8%. I get that the SSI is behind, but even your own internal numbers have you at, call it, low single digits on absolute basis and maybe more like mid-single digit, excluding those low impact...

嗯，我只是——整個產業的舷外機數字看起來在 8% 真的很強。我理解 SSI 落後，但即便是你們自己的內部數字，按絕對值來看也只有、可以說是、低個位數成長；若排除那些影響較小的……可能也更像是中個位數……

James, I would look at it this way. At this point in time in the season, we're a lot more focused on the first 6-month number than we are on the quarterly numbers just given some of the historical disconnects we see when you're kind of going through month-to-month, quarter-to-quarter data. That 3% outboard data for the first half of the year is probably a bit more indicative of kind of where we'd see the industry. And when you think about what outboard data is, excluding the impact of Lowe Boats, we are trending a bit north of that number. So we think we are holding up very well from a share perspective.

James，我會這樣看。在這個季節的這個時間點，我們更關注前 6 個月的數字，而不是單季數字，因為從歷史上看，當你在看逐月、逐季的數據時，我們會看到一些脫節。上半年舷外機數據的 3% 可能更能反映我們對產業大致走勢的判斷。而當你思考舷外機數據的構成時，若排除 Lowe Boats 的影響，我們的趨勢略高於那個數字。所以從市占角度來看，我們認為我們的表現維持得非常好。

Okay. And then to the question about sort of maybe lower industry guidance for the year at or below that 3% to 5%, I don't know if all of the trade war activity has maybe on a global basis hurt growth to a degree, but why shouldn't I be concerned with that or should I be?

好的。那再問一下，關於今年產業指引可能偏低、落在或低於那個 3% 到 5% 的區間——我不確定是否所有貿易戰活動在全球範圍內在某種程度上傷害了成長，但我為什麼不該擔心這件事，或者我應該擔心嗎？

Well, go back. First of all, when we said they could be below, that was global, and we said the domestic is probably still within that range. So I want to make sure that's clear. The other part is that given the fact, say, with the examples on the trade on the Boat side, particularly and the industry, our production is over -- largely all over in Europe already and it's not going to be subject to some of that, as well as our Princecraft brand up in Québec has a lot of domestic production and content in Canada as well. So we think we've dialed in what the impact is going to be. I don't think any of us know exactly everything that's going on, it changes daily up to including yesterday. So we -- I think we've got it dialed as good as we can based upon everything we know today.

嗯，回到前面。首先，當我們說可能會低於時，那指的是全球，我們也說過美國國內大概仍在那個區間內。所以我想先把這點講清楚。另外一部分是，考量到例如船艇業務這邊、特別是產業在貿易方面的例子，我們的生產已經——大多數都在歐洲，因此不會受到其中一些影響；同時，我們在魁北克的 Princecraft 品牌也有大量加拿大本地生產與本地內容。所以我們認為我們已經把影響校準到位。我想我們任何人都不可能完全知道所有正在發生的事，它每天都在變，甚至到昨天都還在變。所以——我認為基於我們今天所知道的一切，我們已經把它校準到我們所能做到的最好程度。

And James, remember that the boats that are sold in Canada are the same boats that are sold in the U.S. So there is opportunities there to shift production and demand for periods of time and still be in a very good position, so.

而且 James，請記得，在加拿大賣的船和在美國賣的是同樣的船。

Our next question comes from Craig Kennison from Baird.

我們的下一個問題來自 Baird 的 Craig Kennison。

Obviously, it has been a busy year so far. Bill, maybe you can just remind me of the earnings contribution from Power Products for the rest of 2018?

顯然，今年到目前為止非常忙碌。Bill，你能不能提醒我一下，2018 年剩餘期間 Power Products 的獲利貢獻大概是多少？

I'd say, what we've got modeled into the -- what we have modeled into the bridge that we provided, it's about 2/3 of the earnings contribution with Sea Ray comprising the remainder, is the way to look at it.

我會說，我們在——我們在所提供的那份橋接分析（bridge）中所建模的，是大約 2/3 的獲利貢獻來自 Power Products，而 Sea Ray 構成其餘部分，可以這樣看。

That's helps a lot. And then Mark, with the Sea Ray dynamic this year, how disruptive has that been for either your people internally or with your dealer community and is that something that could see a resurgence next year?

這很有幫助。那接著，Mark，就今年 Sea Ray 的動態而言，這對你們內部員工或經銷商社群造成了多大的干擾？以及這是否可能在明年出現復甦？

Well, I think our employees, by and large, would fall in those who have, obviously, being displaced because of the elimination of some of the models, but we're working with them, trying to find other employment, job fairs -- we're -- and I think, in general, people are pretty appreciative of how we're handling that. Those -- the portion of the business stayed with us, they're very excited to remain part of the Brunswick Corporation. I think if you look at the dealer side of it, we have a great partnership with MarineMax and that continues going forward. And I think there's a lot of Sea Ray dealers that get excited about as we talk about the reinvention and reinvigorate all the things we want to do with what's staying. So I think, in general, if people took -- take a little longer-term view, they're pretty positive. There's a little short-term disruption and we're -- again, we're -- as we mentioned on the call, we are being aggressive in helping dealers move their inventory through the system. I think we're doing the right things.

嗯，我想我們的員工大致上會分成幾類：有些人顯然因為我們取消部分型號而受到影響、需要調整，但我們正在與他們合作，嘗試協助找到其他工作、舉辦就業博覽會——我們——而且我認為整體而言，大家都相當感謝我們處理這件事的方式。至於仍留在我們這邊的那部分業務，他們非常興奮能繼續成為 Brunswick Corporation 的一員。如果你看經銷商端，我們與 MarineMax 有很好的合作夥伴關係，而且未來也會持續。我認為很多 Sea Ray 經銷商在我們談到重塑與重新振興、以及我們希望對保留下來的業務所做的一切時，都感到很興奮。所以我想整體而言，如果大家用更長期的角度來看，態度是相當正面的。短期確實有一些干擾，而我們——再次強調——如同我們在電話會議中提到的，我們正積極協助經銷商把庫存透過通路消化掉。我認為我們做的是正確的事。

Have you lost any Sea Ray dealers as a result of this?

因此你們有因為這件事而失去任何 Sea Ray 經銷商嗎？

We have not lost a Sea Ray dealer going through this process.

在這個過程中，我們沒有失去任何 Sea Ray 經銷商。

The only thing I'd comment on, Craig, is we're very excited about the product lineup of the sport boat, sport cruiser business. There's a lot of new product there that is going to have, we think, a good impact over the second half and into 2019. And if you think about dealers trying to replace lost volume on models that we're taking out of the system, there is certainly opportunity for them to focus more of the resources around selling products that we still have in the lineup and that should bode very well for demand moving into the second half as well as into 2019.

Craig，我唯一想補充的是，我們對運動艇、運動巡航艇業務的產品線非常興奮。那裡有很多新產品，我們認為在下半年以及進入 2019 年會帶來不錯的影響。而如果你從經銷商的角度思考，他們需要替代我們將從體系中移除的那些型號所流失的銷量，那他們當然有機會把更多資源聚焦在仍在產品線中的產品銷售上；這也應該會讓下半年以及進入 2019 年的需求前景相當不錯。

I'll just amplify -- Craig, I'll just amplify the one piece. I think we're going to be more focused, obviously, and I think the dealers can be more focused and I think both of those have positive results.

我再補充——Craig，我再補充那一點。我認為我們顯然會更聚焦，而我認為經銷商也能更聚焦，我覺得這兩者都會帶來正面的結果。

The next question comes from Michael Swartz from SunTrust.

下一個問題來自 SunTrust 的 Michael Swartz。

Just a quick clarification on Sea Ray. Did you break out what the sport cruiser business, the piece that's sticking around, did in the second quarter, sorry, from a revenue perspective and from an earnings perspective? And the reason I ask is because most of us had not built that back into our models, so I'm just wondering what -- how incremental that was to the quarter?

關於 Sea Ray 我想快速釐清一下。你們是否有把運動巡航艇業務——也就是會保留下來的那一部分——在第二季的表現拆分出來？抱歉，我指的是營收面與獲利面。我之所以這樣問，是因為我們大多數人並沒有把那部分加回模型裡，所以我想知道——那對本季到底增加了多少？

Yes, Michael, it wasn't in our prior guidance, so you're correct there. It's only a couple pennies in the quarter. So not a big impact there, and so you're correct in your assumption there.

是的，Michael，它不在我們先前的指引中，所以你說得沒錯。本季大概只貢獻了幾分錢（每股盈餘）。所以影響不大，你的假設是正確的。

Okay. And then, Bill, operating leverage this year going to high single digits from your prior outlook of mid- to low double digit, I believe, it was -- sorry, low to mid-double digits. I guess, try to help us bridge that gap. How much of that reduction is from Power Products or Sea Ray versus the tariffs, currency and just core operations? I'm just trying to understand the moving pieces there.

好的。接著，Bill，今年的營運槓桿從你們先前展望的中到低雙位數，我記得是——抱歉，是低到中雙位數——下修到高個位數。我想請你幫我們把這個差距做個橋接。這個下修有多少是來自 Power Products 或 Sea Ray，相較於關稅、匯率以及核心營運本身？我只是想了解其中各個變動因素。

Well, tariff is, obviously, the big negative in the equation, but positive is Power Products is actually accretive or in line with what we'd expect leverage to be given their strong margin profile. And if you think about first half versus back half, the second half performance we're projecting is significantly improved from the first half. A lot of that has to do with the new products that we're coming out with at Mercury. A lot of that has to do with improved operating performance in our manufacturing operations really across the board as well as I'd say, a bit more reasonable and a bit more muted year-over-year investment spending between the 2. So I'd say, our second half performance really starts to show the benefits of some of the things we've talked about getting done in the first half of the year from a product perspective, really starts to affect the second half, and then sets us up very well going into 2019.

嗯，關稅顯然是這個等式中的一大負面因素，但正面的是，Power Products 實際上是增厚的，或與我們在其強勁毛利結構下對槓桿水準的預期一致。而如果你把上半年和下半年做比較，我們所預測的下半年表現相較上半年將顯著改善。其中很大一部分與我們在 Mercury 推出的新產品有關。其中很大一部分也與我們製造營運在各方面的營運表現改善有關；另外我也會說，兩者之間的年對年投資支出變得更合理、也更為收斂。因此我會說，我們下半年的表現確實開始展現我們在上半年從產品面所談到、並完成的一些事項所帶來的效益，開始在下半年發酵，並且讓我們在邁入 2019 年時處於非常有利的位置。

And the next question comes from Gerrick Johnson from BMO Capital.

下一個問題來自 BMO Capital 的 Gerrick Johnson。

So if I'm reading your reconciliation properly, it looks like the yacht business dropped about 62%, 63%. Is that -- am I right? One. And two, is that because you're going to sell it and stop really supporting it? Or is that a result of just weak demand?

所以如果我正確解讀你們的調節表，看起來遊艇業務下滑了大約 62%、63%。我這樣理解對嗎？第一個問題。第二個問題，這是因為你們要把它賣掉、並且基本上停止支持它嗎？還是只是需求疲弱的結果？

I would say, Gerrick, it's more of a function of the sale process and dealers dropping the ordering activity in advance of the sale process.

我會說，Gerrick，這更多是出售流程所致，經銷商在出售流程啟動前就先行降低了下單活動。

Okay, that makes sense.

好的，這就說得通了。

So it was a little bit due to demand, it was a little bit due to dealer stocking activity.

所以有一部分是因為需求，有一部分是因為經銷商補庫存的活動。

Okay. And then on engines, of the products released between Miami and the products released -- announced in May, what have been the most popular? Which ones are you chasing right now? And which ones you're seeing the most traction with?

好的。那再談引擎，在邁阿密發布的產品以及 5 月發布—宣布的產品之中，哪些最受歡迎？你們現在最在追哪些？以及你們看到哪些的拉動（traction）最大？

Well, it's the range, Gerrick. From 175 to 300, I would tell you, we're literally seeing demand across of that range both at the V6 and the V8 level and CMS and AMS versions. So we've had success across that entire spectrum. I wouldn't single out any...

嗯，是整個區間，Gerrick。從 175 到 300，我可以告訴你，我們幾乎在這個區間內都看到需求，涵蓋 V6 與 V8 等級，以及 CMS 與 AMS 版本。所以我們在整個光譜上都取得成功。我不會特別點名任何一款……

Okay. So the answer would be all the above, I guess.

好的。所以答案應該是以上皆是，我想。

All the above, yes.

以上皆是，沒錯。

And then what's still very strong demand in the rest of the product line-up as well?

而且產品線其他部分的需求也仍然非常強勁？

I was going to say, the 350, the Verado's and the horsepowers above, have been going extremely well. I don't want anyone to forget our 150 demand has just been going up extremely strongly as well. So we've got the new products we're very proud of, but we're seeing Verado on the top end and 150s on, both products that have been there getting very nice lifts to them as well.

我正想說，350、Verado 以及更高馬力的產品表現一直非常好。我也不希望大家忘了，我們的 150 馬力需求也一直在非常強勁地上升。所以我們有引以為傲的新產品，但我們也看到高端的 Verado 與 150 馬力這兩個既有產品同樣獲得非常不錯的拉升。

Okay. Okay. Great. And then in the Boat segment, what was the new product that caused the plant inefficiency you're talking about?

好的。好的。很好。那在船艇（Boat）部門，你提到的那個造成工廠效率下降的新產品是什麼？

Well, we've had things around the 400 and the 320 cruisers and stuff on the Sea Ray side. And then just the other part is typically in the second quarter, we'd be doing all the new model launches for 2019. And so that's just a series of products that can be going on at Lund, Lowe, Harris, Princecraft, et cetera. So collectively, on second quarter, we always have a -- and we're -- there's not any specific item on the aluminum boat side. It's more a case of just lots of things that happened in the quarter, getting ready for the dealer meeting. We'll start the Lowe dealer meetings next week and Lund a week after. So all that stuff had to happen in Q2.

嗯，我們在 Sea Ray 這邊有一些像是 400 與 320 巡航艇（cruisers）之類的項目。另外一部分是，通常在第二季，我們會進行 2019 年所有新車型的上市發表。因此那是一系列產品同時在進行，可能發生在 Lund、Lowe、Harris、Princecraft 等等。所以整體而言，第二季我們總是會有一個—而我們—在鋁船那邊沒有任何特定單一項目。比較像是這一季發生了很多事情，為經銷商大會做準備。我們下週會開始 Lowe 的經銷商會議，Lund 則在一週後。所以這些事情都必須在第二季完成。

And the next question comes from George Kelly from Imperial Capital.

下一個問題來自 Imperial Capital 的 George Kelly。

So first, just on the new engines. Clearly, very positive trend that you're seeing. Wondering if that gives you confidence or how you view pricing with the engines, as you look to 2019, do you think there's an opportunity to be more aggressive?

首先，關於新引擎。顯然你們看到非常正面的趨勢。想請教這是否讓你們更有信心，或你們如何看待引擎定價；展望 2019 年，你們認為是否有機會更積極一些？

Yes, I mean, what are the -- we took some pricing actions in the second quarter on our outboard engines for the U.S. And I think we'll continue to look at where and how we're positioned against competition as we move through the balance of '18 into '19. Clearly, I think there's any number of things that could say there's probably some opportunity there, but when you're just launching a new product, it's probably not the most opportune time. But we'll continue looking at the opportunities there, George.

是的，我是說—我們在第二季對美國市場的舷外機做了一些調價動作。我想在 2018 年剩餘時間到 2019 年的過程中，我們會持續檢視我們相對競爭對手的定位以及如何定位。顯然，我認為有很多因素可能顯示那裡大概存在一些機會，但當你剛推出新產品時，可能不是最合適的時點。不過我們會持續尋找那方面的機會，George。

Okay. And then second question, I may have missed this in your prepared remarks, but what's -- after your pension payment this year, what will be left? And do you anticipate paying that in 2019?

好的。第二個問題，我可能在你們事先準備的講稿中漏聽了，但—今年做完退休金提撥後，還會剩下多少？你們預期會在 2019 年支付嗎？

Yes, it's up to $30 million, George. And that would be a '19 payment.

是的，最高到 3,000 萬美元，George。那會是 2019 年的付款。

(inaudible)

(聽不清楚)

And we are done.

我們結束了。

And this concludes our question-and-answer session. I'd now turn the call over to Mark for final comments.

以上結束我們的問答環節。現在我把電話交給 Mark 作最後的評論。

Yes. I just want to thank everybody for participating today. As you all know, there's been lots of puts and takes in this particular quarter, but that speaks to all the things we really have had going on. I truly believe that, at a later point, when people really look back at the first half of 2018, that people are just going to marvel about what's all been accomplished from a strategic standpoint and a transformation of this company and the long-term benefits that's going to provide to our shareholders. First half of 2018 has been a really, really exciting time, and we fully intend to execute against the actions we've taken in the quarter. Thank you.

是的。我只想感謝大家今天的參與。如各位所知，本季有很多利多與利空因素交錯，但這也反映了我們確實同時在推進許多事情。我真心相信，在未來某個時點，當人們回頭看 2018 年上半年時，會對我們在策略層面所完成的一切、對公司所做的轉型，以及這將為股東帶來的長期效益感到驚嘆。2018 年上半年是一段非常、非常令人振奮的時期，而我們完全打算落實並執行本季所採取的各項行動。謝謝。

Thank you, ladies and gentlemen, this concludes today's conference call. Thank you for your participation, you may now disconnect.

謝謝各位女士先生，今天的電話會議到此結束。感謝各位的參與，您現在可以掛線。