賓士域 (BC) 2019 Q2 法說會逐字稿

Good morning and welcome to Brunswick Corporation's Second Quarter 2019 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 2019 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 now like to introduce Ryan Gwillim, Vice President, Finance and Treasurer.

現在我想介紹財務副總裁兼財務長 Ryan Gwillim。

Good morning. Thank you for joining us. On the call this morning are Dave Foulkes, Brunswick's CEO; and Bill Metzger, CFO.

早安。感謝各位加入。今天早上的電話會議出席者包括 Brunswick 執行長 Dave Foulkes，以及財務長 Bill Metzger。

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.

在我們開始事先準備的發言之前，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有重大差異。關於需考量之因素的詳細資訊，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'll be referring to certain non-GAAP financial information. Reconciliations of GAAP to non-GAAP financial measures are provided in the appendix to this presentation and the reconciliation schedule -- 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，已提供於本簡報附錄，以及隨今日結果一併提供之合併財務報表中的調節表—各節。

As a reminder, on June 27 2019, Brunswick completed the sale of its Fitness business. Starting with the second quarter of 2019, the historical and future results of this business are now reported as discontinued operations. Therefore, for all periods presented in this release, all figures and outlook statements incorporate this change and reflects continuing operations only, unless otherwise noted.

提醒各位，Brunswick 已於 2019 年 6 月 27 日完成出售其 Fitness 事業。自 2019 年第二季起，該事業之歷史與未來結果將以停業單位列報。因此，本新聞稿所呈列之所有期間，除非另有註明，所有數字與展望陳述均已納入此變更，並僅反映持續營業單位。

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

現在我想把電話交給 Dave。

Thank you, Ryan, and good morning, everyone. The second quarter represents a pivotal point in Brunswick's transition to a pure-play marine company, and we have tremendous confidence in the future of our business. Completing the Fitness transaction allows us to center our strategy and message on our unparalleled marine platform. In addition, the combination of deploying sales proceeds, reinforced by today's announcement of more aggressive share repurchases, and the decisive actions recently announced regarding the structural reduction of approximately $50 million in annual run rate costs across the enterprise, enables us to substantially enhance our long-term earnings power under a range of potential market scenarios.

謝謝你，Ryan，各位早安。第二季是 Brunswick 轉型為純海事公司的關鍵轉折點，我們對公司業務的未來充滿信心。完成 Fitness 交易使我們得以將策略與訊息聚焦於我們無可匹敵的海事平台。此外，透過運用出售所得，加上今日宣布更積極的庫藏股回購，以及近期宣布在全企業範圍內將年度經常性成本結構性降低約 5,000 萬美元的果斷行動，使我們能在各種潛在市場情境下，大幅提升長期獲利能力。

The demand environment in the first half of 2019 was challenging in certain of our businesses, due in significant part to unfavorable weather across many regions of the U.S. and Canada. Muted market demand affected both of our segments, mostly through reduced demand for value boats and lower horsepower engines. However, we were able to post strong earnings growth in the quarter due to Power Products contributions, the overall strength of our premium brands, cost management actions and stable P&A business performance. We also completed the sale of the Fitness business in the quarter and plan to aggressively deploy proceeds in a manner that enhances shareholder value, which I will discuss in a few minutes.

2019 年上半年在部分業務的需求環境具挑戰性，主要原因之一是美國與加拿大多個地區出現不利天候。市場需求疲弱影響了我們兩個事業部門，主要表現在平價船艇需求下降以及較低馬力引擎需求減少。然而，由於 Power Products 的貢獻、我們高端品牌的整體強勁表現、成本管理措施，以及 P&A 業務表現穩健，我們仍在本季繳出強勁的獲利成長。我們也在本季完成出售 Fitness 事業，並計畫以能提升股東價值的方式積極運用出售所得，我將在幾分鐘後進一步說明。

I'll now provide some commentary on our segments and the overall marine market. For the Marine Engine segment, revenue growth was 4.5% in the quarter with outstanding operating leverage of 56%, leading to a 160 basis point improvement in operating margin.

接下來我將就各事業部門與整體海事市場提供一些評論。在海事引擎事業部門方面，本季營收成長 4.5%，營運槓桿表現出色達 56%，帶動營業利益率提升 160 個基點。

Demand for higher horsepower outboard engines remains particularly strong, especially in the 175- to 300-horsepower V6 and V8 categories introduced in 2018. Sales of higher horsepower engines to the dealer channel are up significantly over first half 2018, resulting in more robust repower activity. Capacity investments to further our production capabilities in this horsepower family remain on target for completion in the fourth quarter, with the new state-of-the-art diecast facility opening in this quarter as part of these investments.

高馬力舷外機的需求仍特別強勁，尤其是 2018 年推出的 175 至 300 馬力 V6 與 V8 類別。對經銷通路的高馬力引擎銷售較 2018 年上半年大幅成長，帶動更強勁的換裝（repower）活動。為提升此馬力系列之產能而進行的投資，仍按計畫於第四季完成；其中作為投資一部分的新一代壓鑄（diecast）設施已於本季啟用。

We also launched a 450-horsepower racing outboard in the quarter following closely from the mainline 400-horsepower engine launched in February. These platforms are the most recent evidence of the success of our strategic investments in industry-leading technology and product development capability, which has driven both market share gains and margin accretion.

本季我們也推出 450 馬力競速舷外機，緊接著 2 月推出的主力 400 馬力引擎。這些平台是我們在業界領先技術與產品開發能力上的策略性投資成功的最新證明，並推動市占提升與毛利率擴張。

The parts and accessories business continued its steady performance, led by Power Products, with the substantial aftermarket portion of the business, which comprises 75% of total P&A sales, outperforming sales to OEMs.

零件與配件（P&A）業務延續穩健表現，由 Power Products 帶動；其中占 P&A 總銷售 75% 的龐大售後市場業務，表現優於對 OEM 的銷售。

The Boat business continues to focus on growing its premium boat brands which significantly contribute to the sales and earnings performance for the segment. Boston Whaler and Harris, in particular, are planning major product launches during the balance of this year and early next year as we maintain investment levels needed to drive future growth.

船艇業務持續聚焦於成長其高端船艇品牌，這些品牌對該事業部門的銷售與獲利表現有顯著貢獻。尤其是 Boston Whaler 與 Harris，計畫在今年剩餘期間及明年初推出多項重大新產品；同時我們維持推動未來成長所需的投資水準。

For the second quarter, the Boat segment's revenue and earnings were modestly down but operating margins remained relatively stable as the business countered softer market conditions and elevated discount levels with focused cost containment.

第二季船艇事業部門的營收與獲利小幅下滑，但營業利益率仍相對穩定；該業務透過聚焦成本控管，以因應較疲弱的市場狀況與較高的折扣水準。

Finally, as most of you already know, we completed the purchase of Freedom Boat Club in May, making us the leader in shared access boating. The business is performing to plan and we look forward to working with the Freedom team, capitalizing on the many synergies with our other businesses and continuing to grow this fantastic business.

最後，如各位多數已知，我們於 5 月完成收購 Freedom Boat Club，使我們成為共享式船艇使用（shared access boating）的領導者。該業務表現符合計畫，我們期待與 Freedom 團隊合作，發揮與其他業務之間的多項綜效，並持續擴大這項出色的事業。

Next, I would like to review the year-to-date sales performance of our segments by region on a constant currency basis, excluding acquisitions. In the U.S., total revenues were up 1%, while international sales in total were up 5%. International sales for the engine segment were up 10% with gains in all regions, reflecting the performance of the outboard and parts and accessories business lines.

接下來，我想以固定匯率基礎（constant currency），並排除併購影響，回顧我們各事業部門截至目前的區域別銷售表現。在美國，總營收成長 1%；而國際銷售合計成長 5%。引擎事業部門的國際銷售成長 10%，各區域皆有成長，反映舷外機以及零件與配件業務線的表現。

Boat segment international sales were down 6%. As expected, demand in Europe was lower due to slower market conditions and the supply constraint caused by the transition from a contract manufacturing relationship that we noted in January.

船艇事業部門的國際銷售下滑 6%。如預期，歐洲因市場狀況放緩而需求較低，且我們在 1 月提及由合約製造關係轉換所造成的供應限制，也帶來影響。

Canadian boat revenue was also lower in the first half, reflecting the impact of both import tariffs and unseasonable weather on dealer purchasing behavior. As a reminder, the import tariffs, which were put in place in Q3 last year, were removed in Q2 this year, which should benefit comparisons in the second half of 2019.

加拿大船艇營收在上半年也較低，反映進口關稅與反常天候對經銷商採購行為的影響。提醒各位，該進口關稅於去年第三季實施，並於今年第二季取消，這應有助於 2019 年下半年的比較基期。

This table provides some color on the performance of the U.S. marine market. NMMA outboard engine unit registrations were up modestly year-to-date, with outboards below 150-horsepower, down 7%; and outboards 150 and above, up double digits.

此表提供美國海事市場表現的一些補充說明。NMMA 舷外機登記台數截至目前小幅成長，其中 150 馬力以下舷外機下滑 7%；150 馬力以上則呈雙位數成長。

First half SSI data for the U.S. boat market is down 7%. And on a trailing 12-month basis, it's down 2%. As I mentioned earlier, this is due mostly to weakness in the value end of the aluminum, fish and pontoon categories.

美國船艇市場上半年 SSI 數據下滑 7%。以過去 12 個月（trailing 12-month）基礎來看，下滑 2%。如我先前提到，這主要是因鋁製、釣魚與浮筒（pontoon）等類別的平價端（value end）疲弱所致。

The market on a dollar basis continues to outperform unit comparisons due to strength in premium categories and continued transition to higher horsepower engines.

以金額計算的市場表現持續優於以台數比較，原因在於高端類別的強勁表現，以及持續轉向更高馬力引擎。

Overall, despite the slower market conditions, consumer health and general economic indicators remain fairly positive, giving us confidence that the retail market trends will likely stabilize as we get into the back half of 2019 and into 2020.

整體而言，儘管市場狀況較為放緩，消費者健康狀況與一般經濟指標仍相當正面，使我們有信心零售市場趨勢在 2019 年下半年並延續至 2020 年時，可能會趨於穩定。

Finally, as long anticipated, we closed on the sale of the Fitness business at the end of the second quarter with net proceeds of approximately $470 million from the sale. We have an aggressive plan in place to deploy the proceeds and have already taken certain steps to accelerate our planned actions.

最後，如先前長期預期，我們於第二季末完成出售 Fitness 事業，出售淨所得約 4.70 億美元。我們已制定積極的計畫來運用該筆所得，並已採取若干步驟以加速原先規劃的行動。

Our Board has increased our share repurchase authorization to $600 million, and we plan to repurchase $330 million of shares during the second half of the year. The increased authorization also gives us flexibility to continue on an aggressive repurchase schedule beyond this year as market conditions allow. Note that we have already repurchased $70 million of shares since the first quarter earnings call, bringing the total planned repurchases for the year to $400 million or approximately 10% of our outstanding shares. When combined with the recently completed acquisition of Freedom Boat Club, these actions fully invest the Fitness sale proceeds.

本公司董事會已將股份回購授權提高至6億美元，並計畫在下半年回購3.3億美元的股份。提高後的授權亦使我們在市場狀況允許時，能在今年之後持續以積極的節奏進行回購，具備更大彈性。請注意，自第一季財報電話會議以來，我們已回購7,000萬美元的股份，使本年度計畫回購總額達4億美元，約占我們流通在外股份的10%。結合近期完成的Freedom Boat Club收購案，這些行動已將Fitness出售所得全數投入運用。

In July, we completed 2 actions to strengthen our balance sheet that were included as part of our normal capital strategy plans for the year. First, we called our $150 million of outstanding senior notes, which will be redeemed on August 2. Additionally, we completed the annuity placement for our legacy pension plans, finalizing the exit from our remaining defined benefit plans.

7月，我們完成了2項強化資產負債表的行動，這些行動原本即包含在本年度正常資本策略規劃之中。首先，我們提前贖回尚未償還的1.5億美元優先票據，將於8月2日完成贖回。

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

接下來我將把電話會議交給Bill，請他就我們的財務表現補充說明。

Thanks, Dave. On an as-adjusted basis, diluted EPS for the quarter was $1.45, a 9% increase versus the second quarter of 2018. Sales were up 3%, but down 3% without the benefit of Power Products. Operating earnings improved by 15%, which translated into an operating margin improvement of 160 basis points, an impressive leverage of 65%.

謝謝你，Dave。以調整後口徑計算，本季稀釋後每股盈餘（EPS）為1.45美元，較2018年第二季成長9%。銷售額成長3%，但若不含Power Products的貢獻則下降3%。營業利益提升15%，帶動營業利益率改善160個基點，營運槓桿達65%，表現亮眼。

On a year-to-date basis, net sales are up 6% versus 2018, and flat without the benefit of acquisitions. Operating earnings have increased by 16% with strong margin growth of 120 basis points.

以年初至今來看，淨銷售額較2018年成長6%，若不含併購效益則持平。營業利益成長16%，並伴隨120個基點的強勁毛利率成長。

In the Marine Engine segment, revenue grew 4% led by Power Products and continued robust demand for higher horsepower outboard engines. On an organic basis, sales were down 4%, primarily resulting from decreased sales of outboard engines 150-horsepower and below and sterndrive engines. These declines are due to unanticipated OEM production cuts with weather impacting demand, especially in the freshwater markets in the Northern U.S. and Canada, where Mercury has an overindexed share position.

在船用引擎（Marine Engine）事業部，營收成長4%，主要由Power Products帶動，且高馬力舷外機需求持續強勁。以有機口徑計算，銷售額下降4%，主要因150馬力及以下舷外機與艉驅引擎（sterndrive engines）銷售下滑所致。這些下滑源於未預期的OEM減產，加上天候影響需求，尤其是在美國北部與加拿大的淡水市場；在這些市場中，Mercury的市占率相對更高。

The performance of the Power Products -- or the parts and accessories business continues to be enhanced by the addition of Power Products. Note that the aftermarket portions of the Mercury business, including associated P&A products and distribution businesses, remained relatively flat despite the challenging first half market.

Power Products（亦即零件與配件業務）的表現，持續因納入Power Products而獲得強化。請注意，Mercury業務中的售後市場部分（aftermarket），包括相關零件與配件（P&A）產品及通路配送業務，儘管上半年市場具挑戰性，仍大致持平。

Sales to OEMs were softer but still outpaced industry performance. Mercury's adjusted operating earnings increased 14% in the quarter due mostly to Power Products. In addition, favorable impacts from changes in the sales mix and cost control measures more than offset the impact of tariffs and unfavorable changes in foreign exchange rates. This performance resulted in a 160 basis point increase in adjusted operating margins and operating leverage of 56%.

對OEM的銷售較為疲弱，但仍優於產業表現。Mercury本季調整後營業利益成長14%，主要來自Power Products。此外，銷售組合變化與成本控管措施帶來的正面影響，已足以抵銷關稅與不利匯率變動的影響。此表現使調整後營業利益率提升160個基點，營運槓桿為56%。

In the Boat segment, adjusted revenue decreased by 2%, which excludes the impact of the sport yacht and yacht business exited last year. By category, aluminum freshwater sales were down as declines in value, fish and pontoon sales offset increased sales at Lund.

在船艇（Boat）事業部，調整後營收下降2%，此數據已排除去年退出的運動遊艇與遊艇業務之影響。按品類來看，鋁製淡水船銷售下滑，因價值型（value）、釣魚（fish）與浮筒船（pontoon）銷售下降，抵銷了Lund銷售成長。

Recreational fiberglass was flat for the quarter with improved mix towards larger product leading to gains at Sea Ray. Saltwater fishing sales were slightly down as the overall industry category has leveled off after several years of strong growth. Overall, average selling prices increased, reflecting expanded content on boats, along with inflationary price increases.

休閒用玻璃纖維船本季持平，產品組合改善、偏向較大型產品，帶動Sea Ray成長。鹹水釣魚船銷售小幅下滑，因整體產業類別在連續數年強勁成長後已趨於持平。整體而言，平均售價上升，反映船艇配置內容擴充，以及通膨帶動的價格調整。

Adjusted operating margins were relatively stable as benefits from cost control measures offset the impact of lower volume and higher retail discounts required to lower pipelines in the second half of the year.

調整後營業利益率相對穩定，成本控管措施的效益抵銷了出貨量下降，以及為在下半年降低通路庫存（pipelines）而需提供較高零售折扣的影響。

Dealer pipelines ended the quarter with 35 weeks of boats on hand, measured on a trailing 12-month basis, which is up 5 weeks from last year. However, on a unit basis, field inventory is up only 6% versus the end of the first half of 2018. It's important to note that a substantial portion of the increase is comprised of aluminum, fish and pontoons, where market demand has most trailed expectations.

經銷商通路庫存於季末為35週的現有船艇量，以過去12個月為基礎衡量，較去年增加5週。然而，以台數計算，外部庫存僅較2018年上半年末增加6%。需要強調的是，增加的相當一部分來自鋁製船、釣魚船與浮筒船，這些品類的市場需求最落後於原先預期。

As we discuss every quarter, we pay very close attention to pipelines, attempting to match our wholesale shipments to expected retail performance. The weeks-on-hand metric is influenced by the past 12 months of activity and is reflecting the slower retail trends over that period.

如同我們每季所討論的，我們非常密切關注通路庫存（pipelines），並嘗試使批發出貨量與預期零售表現相匹配。「現有週數」（weeks-on-hand）指標會受到過去12個月活動的影響，目前反映的是該期間較為疲弱的零售趨勢。

Wholesale units sold in the second quarter were down 9% versus Q2 of 2018 with a 7% decrease year-to-date. In spite of our attempts in recent quarters to respond to market demand, greater wholesale reductions are necessary in the second half to normalize pipelines. As a result, we are planning to significantly lower wholesale shipments in the second half, which is necessary to realign pipelines with demand, resulting in overall levels at year-end that are meaningfully down in overall units versus 2018 and consistent on a weeks-on-hand basis, providing a solid base entering 2020.

第二季批發銷售台數較2018年第二季下降9%，年初至今下降7%。儘管我們在近幾季嘗試因應市場需求，為使通路庫存回歸正常，下半年仍需要更大幅度的批發減量。因此，我們計畫在下半年大幅降低批發出貨量，以使通路庫存與需求重新對齊；預期年底整體台數將較2018年明顯下降，而以現有週數衡量則維持一致，為2020年奠定穩健基礎。

Our second quarter continuing operations GAAP results also reflect the impact of certain items which have been excluded from our as-adjusted results. We recorded restructuring, exit impairment and other charges in the quarter totaling $5.9 million, primarily related to cost actions taken across the enterprise. In addition, we incurred $7.3 million of purchase accounting amortization in connection with the Power Products and Freedom Boat Club acquisitions, and $2.9 million of charges related to product warranty and discounts related to legacy, sport yacht and yacht products.

我們第二季持續營運的GAAP結果亦反映若干項目之影響，這些項目已自我們的調整後結果中排除。本季我們認列重整、退出減損及其他費用合計590萬美元，主要與全公司範圍內採取的成本措施相關。此外，因Power Products與Freedom Boat Club收購案，我們發生購買會計攤銷費用730萬美元，另有290萬美元費用與產品保固及與既有運動遊艇與遊艇產品相關的折扣有關。

We are revising our guidance for the full year adjusted diluted EPS, which is now in the range of $4.20 to $4.30 per share. This incorporates lower sales volumes in the back half of the year, including pipeline rebalancing efforts, which are offsetting benefits from cost-reduction activities and share repurchases. We anticipate revenue to be up slightly versus 2018 and operating earnings growth of low to mid-single-digit percent due to solid improvement in gross and operating margins.

我們正在修訂全年調整後稀釋EPS指引，目前預估區間為每股4.20至4.30美元。此指引納入下半年較低的銷售量（包括通路庫存再平衡的努力），其影響將由降本活動與股份回購帶來的效益所抵銷。我們預期營收將較2018年小幅成長，營業利益成長為低至中個位數百分比，主要受惠於毛利率與營業利益率的穩健改善。

For the third quarter, we anticipate revenue and operating earnings to be down mid- to high single-digit percent, and EPS in the range of $0.95 to $1.02 per share.

就第三季而言，我們預期營收與營業利益將下滑中至高個位數百分比，EPS預估區間為每股0.95至1.02美元。

Moving to tariffs. We anticipate a net impact to 2019 pretax earnings of $17 million to $22 million, which is an increase from the levels discussed on the first quarter call, solely related to the Wave 3 of China tariffs increasing from 10% to 25% in early May. We continue to work with our supply base to minimize the impact of these tariffs, with our ability to reduce supply costs or increase affected end-product pricing in line with our overall tariff impact assumptions.

接著談關稅。我們預期2019年稅前盈餘的淨影響為1,700萬至2,200萬美元，較第一季電話會議所討論的水準增加；此增加完全是因中國關稅第3波（Wave 3）於5月初由10%提高至25%。我們持續與供應鏈合作以將關稅影響降至最低，並在整體關稅影響假設下，透過降低供應成本或提高受影響終端產品價格來因應。

On the boat side, the retaliatory tariffs on boat exports to Canada were lifted in the quarter. As Dave mentioned earlier, this should have a favorable impact on comparisons in the second half of the year. The impact of retaliatory tariffs on boat exports to the EU remains unchanged and incorporated into our plan.

在船艇方面，對加拿大出口船艇的報復性關稅已於本季解除。如Dave先前所提，這應會對下半年的比較帶來正面影響。對歐盟出口船艇的報復性關稅影響則維持不變，並已納入我們的計畫之中。

I will conclude with an update on certain items that will impact our P&L and cash flow for 2019. We anticipate free cash flow in 2019 in excess of $260 million, down from the initial projections, due primarily to lower anticipated earnings for the year and slightly higher working capital usage. Our cash flow generation still allows ample capacity to continue funding future investments in growth, including acquisitions and successfully implementing our capital strategy. We estimate that the effective book tax rate for 2019 will approximate 22%, which is slightly lower than our initial assumption for the year.

最後，我將就2019年將影響我們損益表（P&L）與現金流的若干事項提供更新。我們預期2019年自由現金流將超過2.6億美元，較初始預測下修，主要因全年預期獲利較低，以及營運資金使用略高。我們的現金流創造能力仍提供充足空間，可持續資助未來成長投資（包括併購），並成功執行我們的資本策略。我們估計2019年有效帳面稅率約為22%，略低於年初對本年度的初始假設。

And finally, as a result of planned share repurchase activity, we anticipate average diluted shares outstanding to be approximately 85.5 million, a 3% reduction versus our previous estimate of 88 million.

最後，由於規劃中的股票回購活動，我們預期平均稀釋流通股數約為8,550萬股，較先前估計的8,800萬股減少3%。

As Dave described earlier, we continue to execute against our revised capital strategy plan for the year, which was augmented by the Fitness sale proceeds. This slide shows the updated assumptions taking into account the actions discussed. Our capital expenditure plan remains focused on investments related to product development in our premium brands and capacity for higher horsepower outboard engines. I'd also like to note that the final cash requirements associated with the pension exit were more favorable than anticipated.

如同Dave先前所述，我們持續依照今年修訂後的資本策略計畫執行，而該計畫已因出售Fitness的所得而進一步強化。本投影片顯示在納入所討論行動後的最新假設。我們的資本支出計畫仍聚焦於高端品牌的產品開發投資，以及提升更高馬力舷外引擎的產能。我也想指出，與退出退休金計畫相關的最終現金需求比預期更為有利。

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

我現在把電話交回給Dave，請他繼續說明我們的展望評論。

Thanks, Bill. As I mentioned in the opening of this call, we continue to execute against our plans for the year and our overall marine strategy with several key factors driving our future performance.

謝謝，Bill。如我在本次電話會議開場時提到的，我們持續依照今年的計畫以及整體海事策略執行，並有數項關鍵因素將驅動我們未來的表現。

For our Marine Engine business, we anticipate net sales growth in 2019 for the segment in the low- to mid-single-digit percent range with a solid improvement in operating margin. Our priorities for this segment include growing market share in outboard engines, especially in the greater than 175-horsepower categories and completing additional capacity initiatives necessary to meet the strong market demand for these products. The impact of additional capacity will also drive meaningful revenue and earnings growth heading into next year.

就我們的海事引擎業務而言，我們預期2019年該部門淨銷售額成長將落在低至中個位數百分比區間，且營業利益率將有明顯改善。本部門的優先事項包括提升舷外引擎的市占率，特別是在175馬力以上的類別，並完成額外的產能措施，以滿足市場對這些產品的強勁需求。新增產能的效益也將在邁入明年時，帶動具意義的營收與獲利成長。

Even with the substantial product launches earlier this year, our new product pipeline remains solid as we invest in additional P&A and propulsion products to further future growth. The integration of the Power Products business remains on track with overall performance in line with expectations.

即使今年稍早已推出多項重要新產品，我們的新產品管線仍然穩健，因為我們持續投資更多P&A與推進系統產品，以進一步推動未來成長。Power Products業務的整合仍按計畫進行，整體表現符合預期。

Similarly, the Boat Group is executing against its operating and strategic priorities. We anticipate modest top line and margin declines in 2019 with an enhanced focus on improved operating performance at several of the boat facilities, combined with increased attention on cost-reduction activities, helping offset the slow marine market conditions and lower sales from certain Boston Whaler product lines in advance of impending new product launches. More importantly, these actions will help drive margin improvement in 2020 as the full year benefits flow through the cost structure of the business.

同樣地，Boat Group也正依其營運與策略優先事項執行。我們預期2019年營收與利潤率將小幅下滑；我們將更聚焦於改善多個船艇廠的營運表現，並加強成本降低活動，以協助抵消海事市場放緩的狀況，以及在即將推出新產品之前，部分Boston Whaler產品線銷售較低的影響。更重要的是，這些行動將在2020年推動利潤率改善，因為全年效益將逐步反映在業務的成本結構中。

New products will continue to take center stage, including major Boston Whaler product launches starting at the Fort Lauderdale Boat Show that will refresh many mature product lines over the next year. Harris also has upcoming new product launches, with an exciting and updated premium pontoon platform being shown in upcoming dealer meetings.

新產品仍將是焦點，包括自Fort Lauderdale Boat Show起的多項Boston Whaler重大產品發表，將在未來一年更新多條成熟產品線。Harris也將推出新產品，並會在即將舉行的經銷商會議中展示令人振奮且更新的高端浮筒船平台。

Finally, Freedom Boat Club continues to provide us with a platform to grow our leadership position in shared access boating. And we expect Freedom to open its 200th location, most likely by the end of the third quarter, and have just under 2,500 boats throughout this global fleet.

最後，Freedom Boat Club持續為我們提供一個平台，以擴大我們在共享式船艇使用領域的領導地位。我們預期Freedom將在第三季末前後開設第200個據點，並在這支全球船隊中擁有略低於2,500艘船。

Before I close, I wanted to provide some thoughts on our anticipated performance for the remainder of 2019 and 2020. While our performance this year has been affected by a softer-than-expected market, our core businesses are performing well, and we continue to outperform the market in several areas, including higher horsepower outboard engines, premium boat categories and P&A. In addition and as discussed on this call, we have taken or are executing against several significant actions to enhance the earnings profile of the company moving forward.

在我結束之前，我想分享一些我們對2019年剩餘期間及2020年的預期表現看法。雖然今年的表現受到市場疲弱且不如預期的影響，但我們的核心業務表現良好，且在多個領域持續優於市場，包括高馬力舷外引擎、高端船艇類別以及P&A。此外，如本次電話會議所討論，我們已採取或正在執行數項重大行動，以提升公司未來的獲利結構。

We have completed 2 major portfolio enhancements, selling Life Fitness and acquiring Freedom Boat Club, and are working through a successful integration of the Power Products business. We are deploying the Fitness proceeds in an aggressive manner to increase shareholder returns.

我們已完成兩項重大的投資組合強化措施：出售Life Fitness並收購Freedom Boat Club，同時也正推進Power Products業務的成功整合。我們正以積極方式運用Fitness出售所得，以提高股東報酬。

Finally, we are actively managing enterprise-wide costs, while still investing in new products and technology, which will enable future growth and exhibiting prudent pipeline management. In short, a very positive year despite challenging market conditions.

最後，我們正積極管理全企業成本，同時仍投資於新產品與技術，以支持未來成長，並展現審慎的產品管線管理。總之，儘管市場環境具挑戰性，今年仍是非常正面的一年。

In looking to 2020, I would like to reaffirm our commitment to delivering on the 2020 EPS targets that we established in Miami earlier this year, assuming a market flat to 2019. Our results will benefit from full year impacts of several of the items I've discussed at length on this call. Even in a flat market, additional growth is achievable from our formidable parts and accessories business and the absence of 2019 pipeline reductions.

展望2020年，我想重申我們對於達成今年稍早在邁阿密所訂定之2020年每股盈餘（EPS）目標的承諾，前提是假設市場與2019年持平。我們的結果將受惠於我在本次電話會議中已詳細說明的多項事項之全年影響。即使市場持平，我們強大的零件與配件業務仍可帶來額外成長，且2019年的管線縮減不再發生也將帶來助益。

Overall, we continue to proactively position the business to operate and maintain healthy levels of profitability in various market conditions, which we believe is not yet fully reflected in our valuation.

整體而言，我們持續主動調整業務定位，以便在各種市場情境下運作並維持健康的獲利水準；我們認為這點尚未在我們的估值中充分反映。

In closing, we continue to be confident in our ability to deliver against our long-term strategic plan. Despite a softer-than-anticipated Marine market in 2019, we will leverage our strength in premium product categories in both our segments, our increased commitment to cost containment and our aggressive capital strategy plan to deliver what would be the 10th consecutive year of adjusted EPS growth. We will prepare for a successful 2020 by continuing to invest in new products, some of which you will see very shortly, ensuring healthy pipeline inventory levels and exiting this year with a healthy balance sheet.

最後，我們仍對於依照長期策略計畫交付成果的能力充滿信心。儘管2019年海事市場較預期疲弱，我們將運用兩大部門在高端產品類別的優勢、對成本控管更高的承諾，以及積極的資本策略計畫，力求達成調整後EPS連續第10年成長。我們將持續投資新產品（其中部分您很快就會看到）、確保健康的管線庫存水準，並以健全的資產負債表結束今年，以為2020年的成功做好準備。

After a pause in August, the team will be hitting the road again in September, and we look forward to seeing many of you.

在8月短暫停歇後，團隊將於9月再次上路，我們期待與各位中的許多人見面。

I will now open the line for questions.

我現在開放提問。

(Operator Instructions) Our first question comes from Michael Swartz from SunTrust.

(接線員指示) 我們的第一個問題來自SunTrust的Michael Swartz。

Just wanted -- just I think a broader question on some of the engine investments you're making in new capacity. It sounds like, based on your commentary, that, that will give you a tailwind going into 2020. I guess, I'm just trying to understand and maybe you can help flesh it out for everyone, just given the softer market backdrop, how maybe those 2 items foot?

我想—我想提出一個比較宏觀的問題，關於你們在引擎新增產能方面所做的一些投資。聽起來依照你們的評論，這將在邁入2020年時帶來順風。我想我只是想了解，在市場背景較疲弱的情況下，這兩件事如何相互對應？也許你可以幫大家更具體地說明一下。

Yes. Michael, so the majority of the softness that we've been seeing is in value boats and outboard engines below 150-horsepower, which tend to be associated with those -- more associated anyway with those aluminum boat categories. For our new engine platform, 175 through 300 and on our existing platforms in the high horsepower range, we are continuing to see more demand than we can satisfy and accelerated market share gains. Obviously, we want to fully take advantage of that.

是的。Michael，我們目前看到的疲弱主要出現在平價船型以及150馬力以下的舷外引擎，這些通常—至少更常—與鋁製船類別相關。至於我們新的引擎平台（175到300馬力）以及既有的高馬力平台，我們仍持續看到需求高於我們可供應的水準，且市占率提升正在加速。顯然，我們希望能充分把握這個機會。

If you remember on our earlier calls, we referred to a couple of kind of multiplying factors that allows us to take advantage of. One is that while we are behind supplying full demand, some of our more profitable customers are still without product. And then the other thing is, it leaves us -- we're in a great position once we get that capacity to even more aggressively go after market share gains. We have been a little bit limited. We've been gaining market share but still a little bit held back by the fact that we need more product to be able to supply conquest OEMs and other potential customers. So yes, that capacity is really important to us, and we do expect a significant tailwind from that into 2020.

如果你還記得我們先前的電話會議，我們提到過幾個讓我們能夠加以利用的倍增因素。其中之一是，雖然我們在供應上仍落後於整體需求，但我們一些獲利能力更高的客戶仍然拿不到產品。另一點是，一旦我們取得那樣的產能，我們將處於極佳位置，能更積極地爭取市占率提升。我們目前有點受限。我們一直在提升市占率，但仍稍微受到限制，因為我們需要更多產品，才能供應征服型OEM（conquest OEMs）以及其他潛在客戶。所以是的，那些產能對我們非常重要，我們也確實預期它將在邁入2020年時帶來顯著順風。

And Michael, if I could just maybe add to that. If you look at the international performance of Mercury in the year-to-date period, as we've gotten more products positioned internationally, we've really seen a real nice pull-through and sales gains. So I think that kind of demonstrates that as we get more capacity to satisfy demand, there's not only opportunities to sell stuff with a higher horsepower engine but really across the full product family.

Michael，如果我可以再補充一下。如果你看Mercury在今年迄今的國際市場表現，隨著我們將更多產品布局到國際市場，我們確實看到相當不錯的帶動效應與銷售成長。所以我認為這某種程度上證明，當我們有更多產能來滿足需求時，不僅有機會銷售搭載更高馬力引擎的產品，實際上也能帶動整個產品家族的銷售機會。

Yes. Absolutely.

是的。完全同意。

That's great. And then just a second question, I mean, given the state of the industry and your efforts to bring down pipeline levels, I guess, to year-ago levels on a weeks-on-hand basis. I mean, is this something that you think is kind of cleared up by calendar year-end, where we can kind of hit the ground running in 2020 and maybe have little to no hangover from the inventory clearance?

太好了。接著再問一個問題，我是說，考量到產業現況以及你們為了降低通路庫存水位所做的努力，我想是要把以「可供銷售週數（weeks-on-hand）」衡量的水位降到與去年同期相當。我的意思是，這件事你們是否認為到曆年年底就能大致清理完成，讓我們在 2020 年可以迅速起跑，並且可能幾乎不會因為清庫存而留下後遺症？

Yes. Absolutely. That is exactly what we're planning to do. We want to go into 2020 completely clean. We will have -- when we go into 2020 based on our current plan, we will be down a significant number of units versus where we were at the end of 2018 and about equal weeks on hand. So we expect to be in extremely strong position going into 2020 from a [product] perspective.

是的。絕對是。這正是我們計畫要做的。我們希望在進入 2020 年時是完全乾淨的狀態。依照我們目前的計畫，當我們進入 2020 年時，單位數量將會比 2018 年底顯著降低，而可供銷售週數大致相當。因此，我們預期從[產品]角度來看，在進入 2020 年時會處於極為強勁的位置。

And I guess, what's your expectation for retail in the back half of the year to really get there? I mean, obviously, that would assume some sort of stabilization, I would assume?

那我想問，你們對下半年零售端的預期是什麼，才能真正達到那個目標？我的意思是，顯然那會假設某種程度的穩定，我想是這樣吧？

It's more stable. It's slightly improved from the trends in the first half of the year. And I would say that it is going to be heavily influenced by the performance of retail over the next 90 days. So as we look at what happens in July, August and September, that will be kind of the period of time where a lot of the retail activity needs to happen, and we will be curtailing production along the way as well. So we should start to make some pretty meaningful headway on this by the end of Q3, and then have a little bit to take care of in Q4.

會更穩定。相較於上半年的趨勢會略有改善。而我會說，這將在很大程度上受到未來 90 天零售表現的影響。所以當我們觀察 7 月、8 月與 9 月的情況時，那段期間將是許多零售活動需要發生的時間點，而我們也會在過程中同步縮減產量。因此到第三季末，我們應該就能在這方面取得相當有意義的進展，然後第四季再處理剩下的一點。

Yes. I think, although there's a bit of stabilization, we're not expecting the market to change significantly in the second half of the year. So we're planning for that.

是的。我認為，雖然有一些穩定跡象，但我們不預期市場在下半年會出現顯著變化。所以我們是以此來做規劃的。

Out next question comes from Tim Conder with Wells Fargo.

下一個問題來自 Wells Fargo 的 Tim Conder。

Gentlemen, I just wanted to -- and along the pipeline reduction commentary there, the type of dealer assistance that you've already done or programs that you put in place to clear that out here over the balance of the year, any color that you can give there? And it sounds like ahead of the new product introductions with Whaler and in conjunction with what you've commented on the saltwater slowing, you're just going to kind of maybe dial that back a little bit collectively? Is that maybe another area, too, not quite as bad as the aluminum, fish and pontoons, but is that another area where you're doing a little bit of pipeline adjustments?

兩位先生，我想問一下——延續你們剛才談到的通路庫存降低，你們已經做過哪些類型的經銷商協助，或是你們為了在今年剩餘時間把庫存清掉而推出了哪些方案？能否提供一些說明？另外，聽起來在 Whaler 的新產品導入之前，再加上你們提到鹽水市場放緩，你們可能會整體上稍微把節奏調慢一點？這是否也是另一個領域——雖然可能不像鋁船、釣魚船與浮筒船（pontoons）那麼嚴重——但也是你們正在做一些通路調整的地方？

I would say on Whaler, I think you know in our recent product launches, that we launched products in whitespace areas, the Realm families, the 350 and 380, which have been very successful. But we are now focused and deep into the process of rejuvenating some of the more mature product lines. And I cannot tell you how excited I am about that, and you'll begin to see that very soon. The boats look fantastic. But of course, we want to make sure that as we launch those products, we launch them into as clean as possible wholesale pipeline as we can. And so we're deliberately making sure that, that is the case. So that's really the story around Whaler. Whaler is doing extremely well and we want to make sure that those new products get into the field as quickly as we can.

我會說，就 Whaler 而言，我想你也知道我們近期的產品上市，我們是在市場空白區（whitespace areas）推出產品，也就是 Realm 系列、350 與 380，這些都非常成功。但我們現在的重點，是深入推動一些較成熟產品線的再活化。我無法形容我對此有多興奮，你們很快就會開始看到成果。這些船看起來非常棒。但當然，我們也希望在推出這些產品時，能在盡可能乾淨的批發通路庫存狀態下導入。因此我們刻意確保這一點會成立。所以這就是 Whaler 這邊的重點。Whaler 表現非常好，我們希望確保那些新產品能盡快進入市場端。

Okay. And then on the programs with the pipeline reduction, any programs there, I think you alluded to that in the press release a little bit?

好的。那關於通路庫存降低的方案，有沒有什麼具體作法？我記得你們在新聞稿裡稍微提到過？

Yes. So we've been working with our dealer partners, MarineMax, to make sure that we are competitive in the marketplace. And that has certainly led to some higher discounts than we've had to start in recent years. I would say, though, that you are seeing some of the effects of that on a financial basis already in Q2, because of financial rules mean that if we anticipate retail discounts needed to progress the pipeline, we book them as soon as we anticipate them. And so that is not going to be -- the full weight of that isn't going to be in the back half of the year. We've already taken some of that in the first half of the year.

有的。所以我們一直與我們的經銷夥伴 MarineMax 合作，確保我們在市場上具備競爭力。而這確實導致折扣水準比我們近年一開始時更高。不過我會說，你們在第二季的財務表現上已經看到一些影響，因為會計規則要求，如果我們預期為了推動通路去化需要提供零售折扣，我們會在預期發生時就先行認列。因此，這件事的全部影響不會都落在下半年。我們在上半年已經先承擔了一部分。

Yes. I think, Tim, and if you think about the implications of that in the second quarter margins for boats, embedded in that relatively stable margins, we did take a fair amount of discounts through the P&L, which we were able to mitigate through some cost-reduction efforts as well as probably maybe a little bit more favorable mix. But in general, I wouldn't take and read through that because we had stable margins, it didn't mean we didn't take care of it in the quarter. We actually did have some meaningful discounts that we recorded in the quarter.

是的。Tim，我想如果你思考一下這對第二季船艇毛利率的意涵，在那個相對穩定的毛利率之中，我們確實透過損益表認列了相當多的折扣，而我們也透過一些成本降低措施，以及可能稍微更有利的產品組合來加以抵銷。但整體而言，你不應該因為毛利率穩定就推論我們在該季沒有處理這件事。我們其實在該季確實認列了相當有意義的折扣。

Okay. Okay. That's all very helpful, gentlemen. Lastly, shifting to Freedom Boat Group. You've commented that the franchise fleet generally has about a 2- to 3-year sort of replenishment cycle, maybe a little bit to the higher end of that range. Is there any reason to believe that something other than a straight line type of replenishment will go on here, I mean, either shortened or elongated, as you see things now and as you're getting that integrated?

好的。好的。這些都非常有幫助，兩位先生。最後，把焦點轉到 Freedom Boat Group。你們提到加盟船隊一般大約有 2 到 3 年的補充（汰換/更新）週期，可能偏向區間的高端一些。就你們目前所見、以及你們正在整合的過程中，有沒有任何理由相信接下來不會是那種直線式的補充節奏——也就是可能縮短或拉長？

Well, I think a couple of really encouraging trends for Freedom. We expect to be in 200 locations by the end of the third quarter. And the number of boats in the fleet is now close to 2,500 boats. So that is a really meaningful quantity. No particular change in our anticipation around the kind of replenishment cycle, we think 2 to 3 years. It's -- I think -- we can offer our -- firstly, I guess that if you think about this, that we have around 20-or-so company-operated locations. Obviously, we'll be refreshing those with Brunswick product as quickly as we possibly can. For the balance of the franchise locations, we believe that Brunswick can offer our franchisees extremely attractive boats, engines and services, including financing, extended warranties and many other things, that will cause our franchisees, just by themselves, to want to accelerate transition to Mercury products and to Brunswick boats. I would tell you that the first boats with Mercurys on the back have already arrived in the franchises, so that's extremely exciting. And that was actually some of the existing boat OEMs transitioning their transoms from competitors to Mercury to Mercury. So that is a nice, very quick impact. So I don't know if I can give you, Tim, a straight line versus different relationship to that. I would tell you that I believe that we're doing all the right things to make that transition occur, and we're very excited about how quickly this business is growing.

嗯，我認為 Freedom 有幾個非常令人鼓舞的趨勢。我們預期在第三季末會達到 200 個據點。而船隊中的船隻數量現在接近 2,500 艘。所以那是非常可觀的規模。我們對補充週期的預期沒有特別改變，我們仍認為是 2 到 3 年。我想——我們可以提供我們的——首先，我想如果你這樣看，我們大約有 20 個左右由公司營運的據點。很明顯地，我們會盡可能快速地用 Brunswick 的產品來更新那些據點。至於其餘的加盟據點，我們相信 Brunswick 能為加盟主提供極具吸引力的船艇、引擎與服務，包括融資、延長保固以及許多其他項目，這將使加盟主即使不靠外力，也會想要加速轉向 Mercury 產品與 Brunswick 船艇。我可以告訴你，第一批尾端搭載 Mercury 的船已經進入加盟體系了，這非常令人振奮。而那其實是一些既有的船艇 OEM 把船尾艉板（transom）的配置從競爭對手轉到 Mercury、轉到 Mercury。所以這帶來了很不錯、而且非常快速的影響。所以 Tim，我不確定我是否能給你一個「直線」或「不同曲線」的明確說法。但我會說，我相信我們正在做所有正確的事情來促成這個轉換，而且我們對這項業務成長的速度感到非常興奮。

Okay. And then that should be supportive of, obviously, the overall product business and then add on then to the margin that you're really getting on the core Freedom side.

好的。那這應該會支持——很明顯地——整體產品業務，並且也會進一步支撐你們在 Freedom 核心業務端真正取得的利潤率。

That is correct, exactly right. I mean, the margin stack-up in that business is really, really attractive, and we're very anxious to take full advantage of it.

沒錯，完全正確。我的意思是，那項業務的毛利疊加效應真的、真的很有吸引力，我們也非常希望能充分加以利用。

Our next question comes from Dave MacGregor with Longbow Research.

下一個問題來自 Longbow Research 的 Dave MacGregor。

Just looking at the international business, awfully big difference in the experience with growth in engines versus boats: engines up 9; boats down 17. I'm guessing some of that is success with the new engine product platform. But can you just talk about the disparity there between the engine experience and the boat experience?

就國際業務來看，引擎與船艇的成長表現差異非常大：引擎成長 9；船艇下滑 17。我猜其中一部分是新引擎產品平台的成功。但你能否談談引擎表現與船艇表現之間的落差？

Yes. I think the most discrete difference is really that the issue that we mentioned earlier in the year, we had a disruption to supply in our contract manufacturing arrangements for boats, which we're working our way through right now, but which had a disproportionate effect on the difference between our boat and engine sales. We have extremely competitive boats that are designed for the European market. We also have boats that are produced locally in Europe, like Sea Rays and Bayliners. They're also very competitive. So we are working hard right now to address that issue with European boat manufacturing. One difference between the way that boats and engines are sold in Europe versus the U.S. is that boats tend to be shipped with no engines on them, and then the engine gets married up at the dealership. What that means is if our engine -- if our boat supply is disrupted, there is no disruption to engine supply. So that's just a difference between the way that it works. I would tell you that all of this is an extremely small impact on our earnings, but something that we are working to address.

是的。我認為最明確的差異，主要在於我們今年稍早提到的問題：我們在船艇的委外代工安排上出現供應中斷，我們目前正在處理並逐步解決，但這對船艇與引擎銷售差異造成了不成比例的影響。我們有為歐洲市場設計、競爭力極強的船艇。我們也有在歐洲當地生產的船艇，例如 Sea Rays 和 Bayliners。它們同樣非常有競爭力。因此，我們目前正努力解決歐洲船艇製造方面的這個問題。歐洲與美國在船艇與引擎銷售方式上的一個差異是：在歐洲，船艇通常以不含引擎的方式出貨，之後在經銷商端再把引擎裝配上去。這表示如果我們的船艇供應中斷，引擎供應並不會因此中斷。所以這只是運作方式上的差異。我會告訴你，這對我們獲利的影響非常小，但我們仍在努力加以改善。

Okay. And just a follow-up. Can you just talk about the MerCruiser. I guess, given the weakness in sterndrive, it continues to be a drag. Can you quantify the extent to which it was a drag?

好的。再追問一下。你能談談 MerCruiser 嗎？我想，考量到艉內外機（sterndrive）的疲弱，它仍然持續拖累表現。你能量化它拖累的程度嗎？

I think if you -- a couple of very positive things about our sterndrive business. We took the decision, as you know, several years ago, to rationalize our sterndrive product lineup and essentially take control of the design and manufacture of those engines. And so we are not incurring any costs right now to upgrade those engines or change the engines or drives that are due to reasons outside our control. So we were able to modulate that business extremely effectively and minimize any costs. I would say that the primary beneficiary of that transition from sterndrive is us. We have put in place an incredible outboard lineup, and it's been very effective, both in conquesting OEMs and general market share, but it's also a very effective lineup in the same horsepower categories as sterndrive. So we do see this rebalancing. And there are some categories of sterndrive boats that are holding up pretty well, particularly larger day boats in the lakes, but that transition continues to occur and we are in a great position to be able to kind of modulate that.

我想如果你——關於我們的艉內外機業務，有幾件非常正面的事。如你所知，我們在幾年前做出決定，精簡艉內外機產品線，並且基本上掌握這些引擎的設計與製造。因此，目前我們不需要因為非我們可控的原因而去承擔升級這些引擎、或更改引擎或傳動系統的成本。所以我們能非常有效地調整這項業務並將成本降到最低。我會說，從艉內外機轉換的主要受益者其實是我們。我們已建立一個非常強大的舷外機產品陣容，無論是在爭取 OEM 客戶或整體市占方面都非常有效，而且在與艉內外機相同的馬力級距中也同樣具備競爭力。因此我們確實看到這種再平衡正在發生。而某些艉內外機船艇的類別仍維持得相當不錯，特別是湖區較大型的日用船，但這個轉換仍在持續進行，而我們也處於非常有利的位置，能夠在某種程度上有效地調節這個變化。

Our next question comes from Craig Kennison with Robert W. Baird.

下一個問題來自 Robert W. Baird 的 Craig Kennison。

I wanted to start with the consumer and really get your read of the U.S. consumer. Clearly, weather was a factor this quarter, no doubt about it, but is there something else going on with that consumer that gives you pause?

我想先從消費者談起，想請你分享對美國消費者的觀察。很明顯，天氣是本季的因素之一，這點毫無疑問，但消費者端是否還有其他情況讓你感到需要留意？

I mean, if I think if you -- we look at -- we go to dealers, we look at dealer surveys and sentiment. I think weather remains the predominant factor that our dealer partners call out as being something that's affected boat sales in this year. So I think if there are other trends, it's not something that comes through strongly in our interactions with the consumer.

我的意思是，如果我想——我們會去看——我們會拜訪經銷商、查看經銷商調查與情緒。我認為天氣仍是我們經銷夥伴最常點出的主因，認為它影響了今年的船艇銷售。所以如果還有其他趨勢，從我們與消費者的互動中並沒有很明顯地反映出來。

And in your experience, when it's a weather issue, does that demand return later in the season? Or at this point, you think it's just deferred into next year?

以你的經驗來看，如果是天氣因素，需求會在季節後段回補嗎？還是你認為到這個時間點，需求只是延後到明年？

I think we'll get some of it back. I don't think we'll get all of it back. So that is in our plans now for the balance of the year. We expect to see some modest declines. So yes, I think we'll get some of it back, but probably not all of it.

我想我們會拿回一部分。我不認為能全部拿回來。所以我們目前在今年剩餘期間的規劃中已把這點納入考量。我們預期會看到一些溫和的下滑。所以是的，我想會回補一部分，但可能不會全部回補。

Okay. And then, Bill, for you. On the margin front, the portfolio has changed a lot given all that you've done to get focused on marine. Could you give us an update on what you think of as your incremental or decremental margin in each of your marine segments?

好的。接著，Bill，想請教你。在毛利率方面，鑑於你們為聚焦海事業務所做的一切，產品組合已經改變很多。你能否更新一下，你認為各海事事業部的增量或減量毛利率大概是多少？

Craig, I'd say we continue to target at least -- if you look at the core performance decline in sales, we actually saw decrementals that underindexed against kind of what we would consider our target as 20%, right? So if you think about the benefits of the portfolio changes that we've made, we've seen margins hold up considerably better than I think people would have expected to in a softening market environment, partially due to the portfolio, partially due to the fact that I think we've been extremely proactive on the cost side of the equation.

Craig，我會說我們仍持續以至少——如果你看核心業績的銷售下滑，我們實際看到的減量毛利率（decrementals）低於我們目標值的水準，也就是 20%，對吧？所以如果你思考我們所做的產品組合調整帶來的效益，我們看到毛利率的支撐力明顯更好，優於我想大家在市場走弱環境下原本可能預期的表現；部分原因來自產品組合，部分原因也在於我認為我們在成本端一直非常積極主動。

On the upside, I still think 20% is our general target. I would say boats tend to be a little bit lower than that and engines tend to be a little bit higher. And I don't think there's a big difference between the outboard engine business and the P&A business on the upside, but boats, given the portfolio structure, would tend to be a little bit lower than that.

在上行方面，我仍認為 20% 是我們的一般目標。我會說船艇通常會略低於這個水準，而引擎通常會略高一些。而在上行方面，我不認為舷外機業務與零配件與配件（P&A）業務之間有很大的差異；但船艇因為產品組合結構的關係，通常會略低一些。

Our next question comes from Steve Zaccone with JPMorgan.

下一個問題來自 JPMorgan 的 Steve Zaccone。

I wanted to dig a little bit more on the segment top line performance. So looking at propulsion sales, can you just elaborate a little bit more on your growth expectations for the second half of the year? My math implies propulsion will be down about mid-single digits on a full year basis. So what's the breakdown of performance above 150-horsepower versus below? I know you're expecting the overall propulsion category to return to growth in 2020.

我想更深入了解一下各事業部營收表現。就推進系統（propulsion）銷售而言，你能否更詳細說明你們對下半年成長的預期？按我的計算，推進系統全年大約會下滑中個位數百分比。那麼 150 匹馬力以上與 150 匹馬力以下的表現拆分是如何？我知道你們預期整體推進系統類別在 2020 年會回到成長。

I'd say your kind of thoughts on the propulsion side of this are directionally correct on a mid-single. I think we're going to see probably more concentrated impacts in Q3 than we are in Q4, only because we would expect some of the production cuts on the part of OEMs and even our own to be more -- to more weighted towards Q3 than they will be Q4. I'd say on the split between 150 and above and 150 and below, I think most of the decrease -- in fact, all of the decrease is going to be in the categories 150 and below. And as we get into the fourth quarter, we should start to see the 175 to 300 category pick up as the new capacity is brought online. So that's one of the reasons why Q4 starts to look better for propulsion than Q3 does, and it's more favorable.

我會說你對推進系統這一塊的看法，在方向上是正確的，確實是中個位數。我認為我們在第三季看到的影響可能會比第四季更集中，原因只是我們預期 OEM 端以及我們自身的部分減產，權重會更偏向第三季，而不是第四季。至於 150 以上與 150 以下的拆分，我認為大部分的下滑——事實上，全部的下滑——都會發生在 150 以下的類別。而進入第四季後，隨著新產能上線，我們應該會開始看到 175 到 300 這個級距回升。所以這也是為什麼第四季在推進系統方面看起來會比第三季更好、也更有利。

And I think the second part of your question, we have -- we still have significant backlogs on 175 through 300. So just being able to address the backlogs is going to be a great start to us. But yes, we think that getting that capacity in place is a significant tailwind to us into 2020 for the reasons that I described earlier. We're undersupplying right now even to our existing customer base and we have been gaining market share, which we expect to fully exploit when we get that additional capacity.

而且我認為你問題的第二部分，我們——我們在 175 到 300 這個區間仍然有相當可觀的積壓訂單。所以，光是能夠處理這些積壓，就會是我們很好的起點。不過是的，我們認為把那個產能建置到位，基於我先前描述的原因，將會在 2020 年成為推動我們的重要順風。我們目前即使對既有客戶群也供應不足，而我們一直在提升市占率；一旦取得額外產能，我們預期會充分加以運用。

Great. And then just a higher-level question on the broader industry, like where we sit today, are you concerned that there could be some areas of weakness that may persist into 2020? I mean, are there any particular areas where you're, well, watching in terms of bloated inventory levels in the channel?

很好。接著是一個更高層次、關於整體產業的問題：以我們目前所處的位置來看，你們是否擔心某些疲弱領域可能會延續到 2020 年？我的意思是，在通路端庫存水位偏高方面，有沒有任何特定領域是你們正在關注的？

I think we are very prudently addressing inventory levels and making sure that by the end of this year, we are appropriately placed for 2020, even if the market is flat. We'll be down significantly in units in the field by the -- by 2020. I think that what you've seen us do, I think, is position our business to be extremely robust in a wide variety of market conditions. I think our best planning for 2020 is to make sure that even in the case where we have flat market demand, we meet our 2020 financial performance expectations. So I don't know if I have a great way of predicting particular segment trends, but I would say that there's nothing new that is happening that we haven't already seen in 2019.

我認為我們正以非常審慎的方式處理庫存水位，並確保在今年底之前，我們能為 2020 年做好適當配置，即使市場持平也是如此。到——到 2020 年，我們在外部市場上的在役台數將會大幅下降。我認為你們看到我們所做的，是讓我們的業務在各種不同的市場情境下都能非常強健。我認為我們對 2020 年最好的規劃，是確保即便市場需求持平，我們也能達成 2020 年的財務表現預期。所以我不確定我是否能很好地預測特定細分市場的趨勢，但我會說，沒有任何新的事情正在發生，是我們在 2019 年尚未見過的。

Our next question comes from Scott Stember with CL King.

我們的下一個問題來自 CL King 的 Scott Stember。

You guys stopped last quarter giving, I guess, your individual retail sales numbers. But can you just give us a flavor of how you guys are performing versus the market? And maybe talk about a couple of categories that are key to you guys?

你們上季停止提供，我想是各個零售銷售的個別數字。但你們能否大致說明一下，你們相對於整體市場的表現如何？也許談談幾個對你們很關鍵的品類？

Well, I think we'll say that our premium boat brands are performing extremely well, very, very strongly, solidly. I would say that on a unit basis, we, obviously, are in the aluminum value boat space, and that has been affected more than others, but I think that we are still performing okay. I think in -- on the pontoon side, new products that we're already beginning to launch will improve our market share in that area. But I think the thing to focus on here is in terms of impact to our financial performance, we're heavily overindexed on the premium categories where we're performing extremely well.

嗯，我想我們會說，我們的高端船艇品牌表現非常好，非常、非常強勁且穩健。我會說，以出貨台數來看，我們顯然也在鋁製平價船艇的市場區隔，而那一塊受到的影響比其他區隔更大，但我認為我們的表現仍然還可以。我認為在——在浮筒船（pontoon）方面，我們已經開始推出的新產品將提升我們在該領域的市占率。但我認為這裡要聚焦的是，就對我們財務表現的影響而言，我們在高端品類的比重明顯偏高，而我們在那裡的表現非常出色。

Got it. And reports that, obviously, the weather has cleared up in the latter part of July, what are you seeing -- just are you seeing some sort of stabilization at retail so far in the last, I don't know, last few weeks?

了解。另外，報導指出 7 月下旬天氣明顯轉好，你們看到的是——也就是說，在過去幾週，你們是否看到零售端出現某種程度的穩定？

Yes. I think July looks somewhat better. And it's nice to see -- certainly, I'm sitting in Chicago here, it's awfully nice to look outside at some consistent good weather. We see more people boating, and that's very constructive for us. So July looks constructive, I would say.

是的。我認為 7 月看起來稍微好一些。而且很高興看到——當然，我現在人在芝加哥，往外看能有一段持續的好天氣真的很不錯。我們看到更多人出航划船，這對我們非常正面。所以我會說，7 月看起來是正向的。

Okay. And just lastly, going over to 2020, you guys maintained your guidance, even on the low end. I guess, it looks for pretty healthy growth. I know part of it is the stabilization of the business and not having to deal with the inventory issues that you're dealing with right now, but how prominent does share repurchases play into your guidance? I know you talked about it a little bit, but for 2020?

好的。最後一個問題，回到 2020 年，你們維持了指引，甚至在低端也是如此。我想看起來是相當健康的成長。我知道其中一部分是業務趨於穩定，以及不必再處理你們目前正在面對的庫存問題，但股票回購在你們的指引中扮演多重要的角色？我知道你們稍微提到過，但就 2020 年而言呢？

Well, I think, Scott, if you do the math, it's obviously fairly significant. It's kind of in total benefit, $0.50 to $0.60 a share, capital strategy-wise. So that's a fairly significant benefit. I think when you cut through it all against the $5 to $5.50 target that we had at the beginning of the year, we've had market down this year when we expected it to be up 3 to 5. We're also planning next year to be flat. So that kind of gets us in a position where we're behind on those 2 factors. Between capital strategy/share repurchases, deploying the Fitness proceeds. And then two, the cost-reduction efforts, those factors pretty much balance themselves out against where we expect it to be for 2020.

嗯，我認為，Scott，如果你算一下，這顯然相當顯著。以資本策略的角度來看，整體效益大約是每股 0.50 到 0.60 美元，主要來自資本策略／股票回購。所以那是相當可觀的效益。我認為把所有因素攤開來看，對照我們年初提出的每股 5 到 5.50 美元目標，今年市場下滑，而我們原本預期會成長 3% 到 5%；我們也規劃明年持平。因此在這兩個因素上，我們相對落後。在資本策略／股票回購、運用 Fitness 出售所得之間，以及第二，降本措施，這些因素大致上會彼此抵銷，讓我們回到我們對 2020 年的預期水準。

Our next question comes from Joe Altobello with Raymond James.

我們的下一個問題來自 Raymond James 的 Joe Altobello。

The first question, back to 2020, I think this year, you guys still looking for about $10 million to $15 million of incremental tariffs. What does that look like for next year, assuming you keep the exclusions on the 45- to 65-horsepower engines?

第一個問題，回到 2020 年，我想今年你們仍預期大約 1,000 萬到 1,500 萬美元的新增關稅成本。那明年會是什麼情況，假設你們仍能保有 45 到 65 馬力引擎的排除（exclusions）？

So it's effectively, Joe, that we're assuming the same for next year.

Joe，實際上我們對明年的假設也是一樣。

So no incremental effects.

所以沒有新增影響。

Yes. No incremental effects.

是的。沒有新增影響。

Okay. And if you move that exclusion, what happens?

好的。那如果取消那項排除，會發生什麼事？

It would be probably, Joe -- this is Ryan -- it would be probably in the $20-ish million number of expense. But again, if you've been following the news, there's actually been a push in the Senate to put a bill through that would actually extend the extensions -- extend the exclusions -- exemptions. So that's something we're not -- we would consider that a small risk at this point.

Joe，這可能——我是 Ryan——大概會是約 2,000 萬美元左右的費用。但同樣地，如果你有在關注新聞，參議院其實正推動一項法案，可能會讓延長——延長排除——豁免。所以就目前而言，我們認為那是一個小風險。

Okay. Good to know. And then just secondly, in terms of the cost savings that you guys have announced over the last month or so. Is it fair to say that the first announcement was really rightsizing overheads given the Fitness sale? And the second was more of a sort of a response to the market decline that we've seen of late? And then the second part of that question is, is there more to come? Or do you have more flexibility if, for example, next year is not flat but we're down 5 again next year?

好的。了解。第二個問題，關於你們在過去一個月左右宣布的成本節省措施。是否可以說，第一項宣布主要是在 Fitness 出售後，將管理費用／間接費用（overheads）調整到合適規模？而第二項則更像是對近期我們看到的市場下滑所做的回應？另外，這個問題的第二部分是，後續還會有更多嗎？或者說，如果例如明年不是持平，而是明年又下滑 5%，你們是否還有更多彈性？

Yes. So I think, first of all, as you can imagine, that the scale of restructuring takes quite a long time to plan, and so none of it was reactive. I would say that, as you said, the corporate enterprise kind of functional reductions were a result of us rightsizing after the Fitness sale. But I would say that when you're in a business that has seen growth for 8 consecutive years, you're focusing typically on how to grow the business, and not necessarily how to fully optimize the structure. And as I became the CEO, I wanted to make sure that we, in light of the fact that you never know what the markets are going to do, that we took a look at our enterprise cost structure on a very systematic basis, this was certainly not a reactionary basis, and make sure that we were as lean and fit as we could possibly be as soon as possible, entering the back half of 2019 and certainly 2020 and beyond. So I think that this was a -- us taking a pause to look back at the cost structure that we accumulated over 8 years and making sure that we restructured it to be as efficient as we possibly could be. Obviously, that gives us a much more robust position, given the fact that the market conditions are somewhat lesser.

是的。所以我想，首先，如你所想，重整的規模需要相當長的時間來規劃，因此沒有任何一項是反應式的。我會說，正如你所提到的，企業總部層級的職能縮減，是我們在 Fitness 出售後進行規模調整的結果。但我也會說，當你處在一個連續 8 年成長的業務中，你通常會把重點放在如何成長，而不一定會把重點放在如何徹底優化組織結構。而當我成為 CEO 後，我希望確保我們——鑑於你永遠無法確定市場會怎麼走——能以非常系統化的方式檢視我們的企業成本結構；這絕對不是反應式的檢視，並確保我們在 2019 年下半年、當然也包括 2020 年及之後，能盡快以最精實、最健全的狀態進入。所以我認為，這是——我們暫停一下，回頭檢視 8 年來累積的成本結構，並確保我們把它重整到盡可能高效率。顯然，考量到市場狀況相對較弱，這也讓我們處於更強健的位置。

And Joe, if you're trying to gauge of the $17 million of cost reductions that was attached with the first announcement, that was G&A functions across the enterprise, about half of which was corporate, half of which is going to show up in the operating segments.

Joe，如果你想評估首度公告所附帶的1,700萬美元成本削減，那主要是全企業範圍內的G&A職能，其中約一半在公司層級，另一半將反映在各營運事業部門。

Our next question comes from Gerrick Johnson with BMO Capital Markets.

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

So David, on a scale of 1 to 10, with 10 being most confident, how confident are you about achieving this $5 to $5.50 next year?

David，如果用1到10來衡量、10代表最有信心，你對於明年達成每股盈餘5到5.50美元的目標有多有信心？

Is there an 11 or 12 in the scale there?

那個量表有11或12嗎？

Sure.

當然。

I'm very confident.

我非常有信心。

Okay. Great. And then how much of the cost-cutting actions are realized in your 2019 guidance?

好的。很好。那麼在你們2019年的指引中，已實現了多少成本削減行動？

Well, the effects, obviously, are phased into the back half. I don't know if I've got an exact number in here. Bill can probably pull it up.

嗯，影響顯然會在下半年逐步反映。我不確定我這裡是否有精確數字。Bill大概可以把它調出來。

So I'm going to frame it this way, Gerrick. So we've got, for the year, through the cost-reduction actions we've taken and decisions we've made relative to timing of when we're going to incur spending as well as kind of the temporary implications of the impact of performance on our variable compensation, we have reduced our spending plans for the year for '19, well in excess of the $50 million of cost reduction. What we've done is we've effectively put action plans in place to make those all structural going into 2020. And of the $50 million, we've already acted on a very healthy portion of the $50 million. So it's not like we've got to execute and plan on it, we've already taken considerable action that makes that $50 million permanent.

我用這樣的方式來說明，Gerrick。就今年而言，透過我們採取的降本行動與所做的決策（包括我們何時發生支出的時點安排），以及績效對我們變動薪酬的影響所帶來的一些暫時性效應，我們已將2019年的年度支出計畫下調，幅度遠超過5,000萬美元的成本削減。我們所做的是，已有效建立行動計畫，讓這些在2020年都成為結構性（永久性）的改善。在這5,000萬美元中，我們已對其中相當可觀的一部分採取了行動。所以不是說我們還得去執行、去規劃；我們已採取了相當多的行動，使這5,000萬美元成為永久性的。

Okay. And then on propulsion, can you remind us what the ratio of repower sales are versus OEM sales in your propulsion business?

好的。另外在推進系統（propulsion）方面，你能提醒我們在你們推進業務中，換裝（repower）銷售相對於OEM銷售的比例是多少嗎？

It's about 15%. We have been slightly under that in the new platform because we've been -- I'm sorry, the new engine platform, the 175 to 300, because of -- we've been [able] to completely satisfy all the demand. But once we do, that will be back to 15% or above, I think. The new platform was designed to be much easier to use for repower purchases, much less intrusive in the boats than the prior engine platform in that horsepower range. So we're probably a little bit trailing right now in the new platform, but we expect to get ahead of that when we get capacity.

大約是15%。在新平台上我們略低於這個比例，因為我們一直——抱歉，是新的引擎平台，175到300馬力那段，因為——我們一直[能夠]完全滿足所有需求。但一旦我們做到（產能到位），我認為就會回到15%或更高。新平台的設計讓換裝購買更容易使用，對船體的侵入性也比先前同馬力區間的引擎平台小得多。所以目前在新平台上我們可能稍微落後一些，但當我們取得產能後，預期會超前。

Your next question comes from Greg Badishkanian with Citi.

下一個問題來自Citi的Greg Badishkanian。

I'm just wondering in terms of inventory levels, how do you think your competitors, at retail, their inventory levels are stocked? Are they -- do you think there's too much inventory for them as well?

我想請教就庫存水位而言，你認為你們競爭對手在零售端的庫存備貨狀況如何？你覺得他們也有庫存過多的問題嗎？

Yes. Greg, I'll take that one. We believe and we understand from intelligence that we have, that we're probably a little bit better situated overall than the overall industry would be. I think embedded in that comments going to be, you're probably going to hear some folks who might be in a little bit better position, but there's going to be folks who are a little worse. And I'd say most of our challenges rely, again, I'll reiterate, are in the lower-end value end of the aluminum, fish and pontoon categories, which we can get taken care of here in the second half of the year.

是的。Greg，我來回答。根據我們掌握的情報，我們相信也理解到，整體而言我們的處境可能比整個產業稍微好一些。我想這番話的含意是，你可能會聽到有些業者狀況稍微更好，但也會有一些更差。而我會說，我們的大多數挑戰——我再重申一次——集中在鋁製、釣魚與浮筒船（pontoon）等類別的低端價值區間；我們會在今年下半年把這些問題處理好。

So to sort of follow on, if their, let's say, inventories they may not be as well-positioned as you, your competitors at retail, are they being more aggressive in terms of discounting and promoting to have that sell through? Or is it in line with you in terms of your added discounts and promotions to the retailers?

那接著問，如果他們——假設——庫存狀況可能不如你們有利，你們的零售端競爭對手是否在折扣與促銷上更積極，以加速銷售出清？還是說在你們對零售商增加折扣與促銷的幅度上，基本一致？

I think we have seen some more aggressive discounting. I think that -- but at this point in the year, we'll probably be similar, I would think.

我認為我們確實看到一些更積極的折扣。我想——但在一年中的這個時間點，我認為我們大概會差不多。

We're similar.

我們差不多。

Our next question comes from Eric Wold with B. Riley.

下一個問題來自B. Riley的Eric Wold。

Two questions kind of follow up on one that have been asked. I guess, one, going back to Freedom Boats and thinking about the opportunity to boost Brunswick and Mercury penetration within the fleet, corporate and franchise, what could be the -- given the mix in boats in the fleet, what do you think the penetration can ultimately be kind of over the long run for the boats and engines?

有兩個問題算是延伸先前有人問過的。第一個，我想回到Freedom Boats，思考在其船隊（自營與加盟）中提升Brunswick與Mercury滲透率的機會；考量船隊中的船型組合，從長期來看，你認為船與引擎的滲透率最終可以達到什麼程度？

I think we have boats brands and types that are able to satisfy the very large majority of the needs of the Freedom business. We, since the acquisition -- a little before and since the acquisition, we've been doing deep dives into segmentation of boats across the franchise locations. Obviously, we knew what was in the company-owned locations. But I think that there are no significant gaps that we can't fill, certainly over time. So we will be -- and I think the other thing that we can offer here, as I mentioned earlier, that's really important to a franchisee, we've got fantastic Mercury engines. We've got wonderful Brunswick boats, but we already -- we also have this range of technologies and financial services that can be extremely attractive to a franchisee. And in those businesses, where they are certainly looking closely at their margins, we -- I think we can provide every incentive for our franchisees to want to work with not just our physical products, but also our services, which obviously expands the margins.

我認為我們的船舶品牌與類型，能滿足Freedom業務絕大多數的需求。自收購前不久以及收購後，我們一直在對各加盟據點的船舶分眾做深入分析。當然，我們知道自營據點有哪些配置。但我認為沒有任何我們無法填補的重大缺口，當然是隨著時間推進。因此我們將會——而且我認為我們在這裡還能提供另一項我先前提到、對加盟主非常重要的東西：我們有非常出色的Mercury引擎。我們有很棒的Brunswick船艇，但我們也有一系列技術與金融服務，對加盟主而言可能極具吸引力。在那些業務中，他們確實會非常關注自身毛利；我們——我認為我們可以提供各種誘因，讓加盟主不僅願意使用我們的實體產品，也願意採用我們的服務，而這顯然能擴大毛利。

And I would point out that the financing side of this is not something that needs to be developed. We've been developing this capability over the last 3 to 4 years as we've been piloting boat clubs, we've been developing this with our floor plan lending partner and are extremely confident that, that's something that can deliver benefit to the franchisees.

我也要指出，這裡的融資面向並不是需要從零開發的東西。過去3到4年，隨著我們試點船艇俱樂部（boat clubs），我們一直在建立這項能力；我們也與我們的庫存融資（floor plan）放款合作夥伴共同推進，並且非常有信心，這能為加盟主帶來效益。

And there are no further questions at this time. I'd like to turn the call back over to Dave for some closing remarks.

目前沒有其他問題。我想把電話交回Dave做結語。

Thank you very much. Well, thank you all for joining us. As we've mentioned at the start of this call, this is a pivotal time for Brunswick. We are delighted with the performance of our businesses despite the market being a bit softer than we'd anticipated. I think every portion of our business is on track with the strategic objectives that we had planned. And we are doing -- I think we're satisfying our shareholders with the aggressive share repurchases we've put in place, fully deploying the Fitness sale proceeds and we're extremely excited about business performance. We'll get through the back half of the year, get our pipelines in line and we're incredibly excited about the future and 2020. And we look forward to seeing many of you on the road in the next few months. Thank you.

非常感謝。也謝謝各位參與。如同我們在本次電話會議一開始提到的，這是Brunswick的關鍵時刻。儘管市場比我們預期稍微疲軟，我們仍對各項業務的表現感到非常滿意。我認為我們業務的每個部分都正按我們規劃的策略目標推進。而且我們正在——我認為我們透過已推動的積極庫藏股回購，充分運用Fitness出售所得，讓股東感到滿意；我們也對業務表現感到非常振奮。我們會度過今年下半年，把供應管線調整到位，並且對未來與2020年感到非常興奮。也期待在接下來幾個月的行程中與各位中的許多人見面。謝謝。

Ladies and gentlemen, that concludes today's presentation. You may now disconnect, and have a wonderful day.

各位女士先生，今天的簡報到此結束。您現在可以掛線，祝您有美好的一天。