賓士域 (BC) 2023 Q1 法說會逐字稿

Good morning, and welcome to Brunswick Corporation's First Quarter 2023 Earnings Conference Call. (Operator Instructions) Today's meeting will be recorded. If you have any objections, you may disconnect at this time.

早上好，歡迎來到 Brunswick Corporation 2023 年第一季度收益電話會議。 （操作員說明）今天的會議將被記錄下來。如果您有異議，此時您可以斷開連接。

I would now like to introduce Neha Clark, Senior Vice President, Enterprise Finance of Brunswick Corporation. Please go ahead.

我現在想介紹 Brunswick Corporation 企業財務高級副總裁 Neha Clark。請繼續。

Good morning, and thank you for joining us. With me on the call this morning are Dave Foulkes, Brunswick's CEO; and Ryan Gwillim, CFO.

早上好，感謝您加入我們。今天早上和我一起打電話的是 Brunswick 的首席執行官 Dave Foulkes；和首席財務官 Ryan Gwillim。

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 details on these 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.

在我們開始準備好的評論之前，我想提醒大家，在本次電話會議期間，我們的評論將包括某些關於未來結果的前瞻性陳述。請記住，我們的實際結果可能與這些預期存在重大差異。有關這些要考慮的因素的詳細信息，請參閱我們最近向美國證券交易委員會提交的文件和今天的新聞稿。所有這些文件都可以在我們的網站 brunswick.com 上找到。

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 this presentation and the reconciliation sections of the unaudited consolidated financial statements accompanying today's results.

在我們的介紹中，我們將參考某些非 GAAP 財務信息。 GAAP 與非 GAAP 財務措施的對賬在本演示文稿的附錄和隨今天的結果附送的未經審計的合併財務報表的對賬部分中提供。

I will now turn the call over to Dave.

我現在將把電話轉給戴夫。

Thanks, Neha, and good morning, everyone.

謝謝，Neha，大家早上好。

We started the year strongly, delivering record first quarter net sales of more than $1.7 billion and adjusted operating earnings of $262 million. Our business continued to leverage our investments in new products, technology and innovation across the enterprise, high horsepower outboard manufacturing capacity and premium boat manufacturing capacity, while taking significant actions to reduce structural costs in a macroeconomic environment that continues to be challenging.

我們今年開局強勁，第一季度淨銷售額超過 17 億美元，調整後營業收入達到創紀錄的 2.62 億美元。我們的業務繼續利用我們對整個企業的新產品、技術和創新的投資、大馬力舷外機製造能力和優質船艇製造能力，同時採取重大行動在持續充滿挑戰的宏觀經濟環境中降低結構性成本。

Our first quarter adjusted earnings per share of $2.57 highlights the robustness of our business and the strength of our portfolio. There were notable divisional highlights, including our Propulsion business, delivering outstanding net sales, adjusted operating earnings and operating margin. And our Boat business, delivering double-digit adjusted operating margins for the fourth consecutive quarter despite increased promotion and discounting on certain product lines.

我們第一季度調整後的每股收益為 2.57 美元，凸顯了我們業務的穩健性和投資組合的實力。有顯著的部門亮點，包括我們的推進業務，實現出色的淨銷售額、調整後的營業收入和營業利潤率。還有我們的船舶業務，儘管某些產品線的促銷和折扣有所增加，但連續第四個季度實現兩位數的調整後營業利潤率。

Boat field inventory is at an appropriate level in most categories going into the core retail season. And we exited the first quarter with 21,500 global pipeline units. Our boat and engine production levels finished above prior year, despite some supply chain challenges.

在進入核心零售季的大多數類別中，船場庫存處於適當水平。我們在第一季度退出了 21,500 個全球管道單位。儘管存在一些供應鏈挑戰，但我們的船舶和發動機生產水平仍高於上一年。

We made significant gains in free cash flow, improving 55% versus first quarter 2022, largely driven by working capital improvements across the business. In addition, as the overall market and the leisure and recreation sector continued to see valuation pressures, we continue to be aggressive with share repurchases, executing $60 million of repurchases in the quarter.

我們在自由現金流方面取得了顯著進展，與 2022 年第一季度相比增長了 55%，這主要是由於整個企業營運資本的改善。此外，由於整體市場和休閒娛樂行業繼續面臨估值壓力，我們繼續積極回購股票，本季度執行了 6000 萬美元的回購。

Before I move into the segment overview, let me provide a reminder regarding our recently updated segment reporting. We updated our reportable segments from three segments to four: Propulsion, Engine Parts & Accessories, Navico Group and Boat. The previous Parts & Accessories reportable segment is now split into the Engine Parts & Accessories segment and the Navico Group segment.

在我進入細分概述之前，讓我提醒一下我們最近更新的細分報告。我們將可報告的細分市場從三個部分更新為四個：推進、發動機零部件、Navico 集團和船舶。以前的零件和附件報告分部現在分為發動機零件和附件分部和 Navico 集團分部。

The Engine Parts & Accessories segment is inclusive of products comprised of parts and consumables, primarily related to our propulsion systems, such as oils and lubricants, electrical products and boat parts and systems, together with our third-party distribution businesses.

發動機零件和附件部分包括由零件和消耗品組成的產品，主要與我們的推進系統相關，例如油和潤滑油、電氣產品以及船舶零件和系統，以及我們的第三方分銷業務。

The Navico Group segment now represents the organizational integration between the legacy Advanced Systems Group business, with two key acquisitions that were completed in late 2021, Navico and ReLiON. We determined this was the right time to change our reportable segments given the continued integration of the Navico business and the significant restructuring actions completed in early 2023. We feel the change will provide better visibility into our company and more closely align with our internal operating structure.

Navico Group 部門現在代表了傳統 Advanced Systems Group 業務之間的組織整合，並於 2021 年底完成了兩項關鍵收購，即 Navico 和 ReLiON。鑑於 Navico 業務的持續整合以及 2023 年初完成的重大重組行動，我們認為現在是改變我們的報告分部的合適時機。我們認為這一改變將提高我們公司的知名度，並與我們的內部運營結構更緊密地保持一致.

With that background, let me now turn to some of the segment highlights that facilitated a very strong first quarter, despite the record prior year comparison. Our Propulsion business continues to deliver outstanding results, with 7% top line growth versus the first quarter of 2022, driven by increased shipments of high-horsepower outboard product to many international customers and OEM partners, enabled by the recent manufacturing capacity expansion.

有了這樣的背景，現在讓我談談一些細分市場的亮點，這些亮點促進了第一季度的強勁表現，儘管與去年同期相比是創紀錄的。我們的推進業務繼續取得出色的業績，與 2022 年第一季度相比，收入增長了 7%，這是由於最近製造能力的擴張推動了對許多國際客戶和 OEM 合作夥伴的大馬力舷外機產品出貨量的增加。

The increased shipments of high-horsepower products, combined with reduced production of lower horsepower products, drove strong product mix, which, when coupled with operational efficiencies, resulted in record first quarter operating earnings and an operating margin of 20%.

大馬力產品出貨量的增加，加上低馬力產品產量的減少，推動了強大的產品組合，再加上運營效率，導致第一季度營業收入創歷史新高，營業利潤率為 20%。

Our Engine Parts & Accessories business had a solid quarter, but as anticipated, experienced sales and earnings declines versus the record first quarter of 2022, although up 35% versus the first quarter of 2019. U.S. product sales were ahead of first quarter 2022, while our third-party distribution businesses were down versus 2022 as dealers and retailers rightsized inventories.

我們的發動機零部件業務季度表現穩健，但正如預期的那樣，儘管與 2019 年第一季度相比增長了 35%，但與創紀錄的 2022 年第一季度相比，銷售額和收益有所下降。美國產品銷售額領先於 2022 年第一季度，而我們的第三方分銷業務與 2022 年相比有所下降，因為經銷商和零售商調整了庫存。

As foreseen, Navico Group had a challenging start to the quarter, with lower sales into the retail channel and to RV OEMs and unfavorable currency, leading to top line declines early in the quarter, with notable improvements in March. Operating earnings declined versus prior year as lower sales, coupled with higher material inflation and temporary margin pressures related to a new product launch, were partially offset by the positive impact of major integration and restructuring actions and cost reduction measures. Navico Group announced the closure of nine locations and completed headcount reduction actions begun in Q3 2022, which impacted approximately 10% of the Navico Group workforce.

正如所預見的那樣，Navico Group 本季度開局充滿挑戰，零售渠道和房車原始設備製造商的銷售額下降以及不利的貨幣，導致本季度初收入下降，3 月份出現顯著改善。由於銷售額下降、材料通脹上升以及與新產品發布相關的臨時利潤壓力，營業收入較上年有所下降，但部分被主要整合和重組行動以及成本削減措施的積極影響所抵消。 Navico Group 宣布關閉 9 個地點，並完成了從 2022 年第三季度開始的裁員行動，這影響了 Navico Group 約 10% 的員工隊伍。

Finally, our Boat business posted robust top line growth, enabled by broad-based gains across categories. Boat segment delivered strong earnings growth with double-digit adjusted operating margins for the fourth consecutive quarter despite higher discounts.

最後，我們的船舶業務實現了強勁的收入增長，這得益於跨類別的廣泛收益。儘管折扣較高，但船艇業務連續第四個季度實現強勁的盈利增長和兩位數的調整後營業利潤率。

Finally, Freedom Boat Club had strong same-store membership sales in the quarter and also benefited from acquisitions completed in Q2 2022. Freedom's growth trajectory continues with more than 380 locations and nearly 55,000 membership agreements covering 87,000 members network-wide, all while generating exceptionally strong synergy sales across our marine portfolio.

最後，Freedom Boat Club 在本季度實現了強勁的同店會員銷售，並且還受益於 2022 年第二季度完成的收購。Freedom 的增長軌跡仍在繼續，擁有 380 多個地點和近 55,000 份會員協議，涵蓋全網絡 87,000 名會員，同時產生了異常高的收益我們海運產品組合的強大協同銷售。

Looking at external factors, cost inflation and interest rate increases have moderated or will remain a challenge for buyers of value products, with both loan rates recently stabilizing between 8% and 9% versus 5% to 6% immediately pre-COVID.

從外部因素來看，成本通脹和利率上漲已經緩和，或者對價值產品的買家來說仍然是一個挑戰，貸款利率最近穩定在 8% 到 9% 之間，而在 COVID 之前立即為 5% 到 6%。

Our supply chain environment has broadly significantly improved. However, an industry-wide supplier part recall impacted a large number of our sterndrive fiberglass units in production and in dealer inventory in the quarter. It was partially remedied in the quarter, and we expect it to be fully remedied in the early part of the second quarter, but it may impact SSI through Q2.

我們的供應鏈環境已普遍顯著改善。然而，全行業的供應商零件召回影響了我們本季度生產和經銷商庫存中的大量船尾驅動玻璃纖維裝置。它在本季度得到了部分補救，我們預計它會在第二季度初期得到全面補救，但它可能會影響到第二季度的 SSI。

As we wrap the bulk of our boat shows, results were better than expected, with Sea Ray and Boston Whaler, in particular, reporting strong sales and lead generation. Mercury continued to have record share of edges displayed on boats at the shows and in many cases, such as the recent Palm Beach International Boat Show, had more than 60% share. We believe these shows are a good signal of consumer interest, particularly in premium products.

當我們結束大部分船展時，結果好於預期，尤其是 Sea Ray 和 Boston Whaler，報告了強勁的銷售和潛在客戶。 Mercury 在展會上的船隻上展示的邊緣份額繼續創下歷史新高，在許多情況下，例如最近的棕櫚灘國際遊艇展，份額超過 60%。我們相信這些展會是消費者興趣的良好信號，尤其是對優質產品。

Our internal boater sentiment survey suggests boat participation and purchase consideration are above prior year, with Google search trends slightly down. Additionally, Freedom Boat Club is experiencing higher trips per member versus prior year.

我們的內部划船者情緒調查表明，划船參與和購買考慮高於去年，谷歌搜索趨勢略有下降。此外，與上一年相比，Freedom Boat Club 每位會員的旅行次數有所增加。

Discounting is present primarily on value models, but still below pre-COVID levels in most cases, while the percentage of boats being financed at point of sale versus all-cash transactions is lower than in 2022 and has returned to levels similar to 2019.

折扣主要出現在價值模型上，但在大多數情況下仍低於 COVID 之前的水平，而在銷售點融資的船隻與全現金交易相比的百分比低於 2022 年，並已恢復到與 2019 年相似的水平。

From a dealer standpoint, inventory levels are healthy and very current ahead of the season. Dealers are considering the higher dollar value of inventory in addition to the number of units in many cases. However, orders remain on track with no signs of material wholesale cancellations. Dealer sentiment reflects macro concerns, but remains cautiously optimistic as we move into the peak season.

從經銷商的角度來看，庫存水平是健康的，並且在本季之前非常當前。在許多情況下，除了單位數量外，經銷商還考慮庫存的更高美元價值。然而，訂單仍在進行中，沒有任何材料批發取消的跡象。經銷商情緒反映出對宏觀的擔憂，但在我們進入旺季之際仍保持謹慎樂觀。

Shifting to a global view of revenue. Overall, we delivered 3% sales growth on a constant currency basis, excluding acquisitions, led by gains in our Propulsion and Boat segments. Our two largest regions, the U.S. and Europe, grew sales in the first quarter versus the prior year quarter by 5% and 2%, respectively. And Rest of World experienced significant growth, driven primarily by increased sales of high-horsepower outboard engines in those markets.

轉向全球收入視角。總體而言，我們在固定匯率基礎上實現了 3% 的銷售額增長（不包括收購），這主要得益於推進和船舶部門的收益。我們最大的兩個地區，美國和歐洲，第一季度的銷售額與去年同期相比分別增長了 5% 和 2%。世界其他地區經歷了顯著增長，這主要是由於這些市場中大馬力舷外發動機銷量的增長。

Moving now to U.S. retail performance. Our internal new boat unit retail data reflected sequential improvement throughout the quarter, with declines in January and February shifting to growth of 4% versus prior year in the month of March. For the quarter, our internal new boat retail unit sales finished slightly better than expectations, declining 10% versus the first quarter of 2022.

現在轉向美國零售業表現。我們的內部新船單位零售數據反映了整個季度的環比改善，1 月和 2 月的下降轉為 3 月同比增長 4%。本季度，我們的內部新船零售單位銷售額略好於預期，與 2022 年第一季度相比下降了 10%。

Overall, premium segments continue to perform well, while value fiberglass models experienced some pressure. Our aluminum brands had particularly strong internal retail performance as our planned promotions and marketing helped drive early season retail activity.

總體而言，高端細分市場繼續表現良好，而超值玻璃纖維車型則面臨一些壓力。我們的鋁品牌擁有特別強勁的內部零售業績，因為我們計劃的促銷和營銷有助於推動早季零售活動。

Note that the preliminary first quarter SSI main powerboat data released earlier this week reflected a roughly 20% decline from 2022, a gap versus our internal data, which may close as industry reporting becomes more complete in the coming months.

請注意，本週早些時候發布的第一季度 SSI 主動力艇初步數據反映出與 2022 年相比下降了約 20%，與我們的內部數據存在差距，隨著未來幾個月行業報告變得更加完整，這一差距可能會縮小。

Outboard engine industry data was favorable, with U.S. industry registrations finishing up 12% for the month of March versus prior year and down just 2% for the first quarter versus first quarter 2022. Mercury performance continues to reflect gains in high-horsepower, with over 600 points of retail share gain in the 150-horsepower engines and above categories during the last 5 years.

舷外發動機行業數據良好，美國 3 月份行業註冊量較上年同期增長 12%，第一季度較 2022 年第一季度僅下降 2%。Mercury 的表現繼續反映出大馬力的增長，超過在過去 5 年中，150 馬力發動機及以上類別的零售份額增加了 600 個百分點。

Turning to pipelines. U.S. unit inventory is generally well balanced as we enter the core retail selling season, and remains thousands of units below pre-COVID level. As expected, the pipeline of aluminum product has replenished to a normalized level. Value fiberglass inventory is also restocked, while premium fiberglass inventory remains more lean for some product lines.

轉向管道。隨著我們進入核心零售銷售季節，美國的單位庫存總體上很平衡，並且仍然比 COVID 之前的水平低數千單位。正如預期的那樣，鋁產品的補充已達到正常水平。價值玻璃纖維庫存也得到補充，而優質玻璃纖維庫存對於某些產品線而言仍然更加精簡。

Our brands have done an excellent job getting our many exciting new products to our dealers ahead of the prime 2023 selling season, generating very positive momentum coming out of the early season boat shows. We also have appropriate programs, events and discounts in place going into the primary selling season, and we'll continue to monitor and respond as needed through the coming months.

我們的品牌在 2023 年黃金銷售季之前將許多令人興奮的新產品交付給我們的經銷商做得非常出色，從早期的遊艇展中產生了非常積極的勢頭。在進入主要銷售季節之前，我們還制定了適當的計劃、活動和折扣，並且我們將在未來幾個月繼續監控並根據需要做出響應。

I'll now turn the call over to Ryan to provide additional comments on our financial performance and outlook.

我現在將電話轉給瑞安，就我們的財務業績和前景提供更多評論。

Thanks, Dave, and good morning, everyone.

謝謝，戴夫，大家早上好。

Brunswick delivered an excellent start to 2023, with record sales and EPS for any first quarter in our history. When compared to prior year, first quarter net sales were up 3% and adjusted EPS of $2.57 increased by 2%. As anticipated, adjusted operating earnings and margins were down slightly year-over-year, but both results exceeded our expectations for the quarter.

Brunswick 在 2023 年開局良好，銷售額和每股收益創歷史新高。與去年同期相比，第一季度淨銷售額增長 3%，調整後每股收益 2.57 美元，增長 2%。正如預期的那樣，調整後的營業收入和利潤率同比略有下降，但這兩項結果都超出了我們對該季度的預期。

Sales growth resulted from steady demand, new product performance and pricing implemented in previous quarters, partially offset by unfavorable changes in foreign currency exchange rates. The steady earnings and margin performance benefited from the net sales growth and prudent cost containment efforts, offset by elevated input costs versus Q1 of 2022 and spending on growth initiatives.

銷售增長源於穩定的需求、新產品性能和前幾個季度實施的定價，部分被外幣匯率的不利變化所抵消。穩定的收益和利潤率表現得益於淨銷售額增長和審慎的成本控制措施，但被與 2022 年第一季度相比更高的投入成本和增長計劃支出所抵消。

Lastly, although we are always in a net cash usage position coming out of the first quarter as we prepare for the primary selling season, our free cash flow improved by $135 million from Q1 2022, primarily due to less working capital usage.

最後，儘管我們在為主要銷售季做準備時始終處於第一季度的淨現金使用狀況，但我們的自由現金流比 2022 年第一季度增加了 1.35 億美元，這主要是由於營運資金使用減少。

Now we'll look at each reporting segment, starting with our Propulsion business, which delivered yet another quarter of outstanding top line earnings and operating margin performance.

現在我們來看看每個報告部分，從我們的推進業務開始，該業務又提供了四分之一的傑出收入和營業利潤率表現。

Revenue increased 7% versus the first quarter of 2022, as higher sales were driven by continued increased sales of high-horsepower outboard product, which more than offset planned reductions in smaller horsepower and sterndrive value. Operating margins were up 230 basis points and operating earnings up 21%, each enabled by the increased sales and manufacturing efficiencies. Note that segment margins and earnings also included the benefit associated with the timing of capitalized inventory variances. This benefit will reverse in the second quarter and have no net impact on the expected full year results.

與 2022 年第一季度相比，收入增長了 7%，這是由於大馬力舷外機產品銷量的持續增長推動了銷售額的增長，這大大抵消了小馬力和尾機驅動價值的計劃減少。營業利潤率上升了 230 個基點，營業利潤上升了 21%，這兩者都得益於銷售和製造效率的提高。請注意，分部利潤和收益還包括與資本化庫存差異的時間相關的收益。這一收益將在第二季度逆轉，對預期的全年業績沒有淨影響。

Our Engine Parts & Accessories business delivered a steady quarter, with sales down 13% versus 2022, but up 35% over the first quarter of 2019. Sales in our U.S. products business increased by 1%, but were offset by softness in international markets and in our third-party distribution business. Dealer and retail inventory levels are appropriate to start the season. And contrary to early season 2021 and 2022, where dealers were scrambling to take all the inventory they could get due to supply chain concerns, normal restocking patterns have returned and we anticipate normal seasonality in this business.

我們的發動機零部件業務實現了一個穩定的季度，銷售額與 2022 年相比下降了 13%，但比 2019 年第一季度增長了 35%。我們美國產品業務的銷售額增長了 1%，但被國際市場疲軟和在我們的第三方分銷業務中。經銷商和零售庫存水平適合本季開始。與 2021 年和 2022 年初的季節相反，由於供應鏈問題，經銷商爭先恐後地獲取他們可以獲得的所有庫存，正常的補貨模式已經恢復，我們預計該業務將出現正常的季節性。

Earnings and margins were down in the quarter as anticipated, with two additional drivers in addition to the sales declines. First, year-over-year material inflation created a challenging comparison to Q1 2022, as this business saw most of its input cost increases in the second quarter of 2022, leaving the first quarter of 2022 in a much better cost position.

正如預期的那樣，本季度的收益和利潤率有所下降，除了銷售額下降之外還有兩個額外的驅動因素。首先，與 2022 年第一季度相比，同比材料通脹帶來了挑戰，因為該業務的大部分投入成本在 2022 年第二季度增加，使 2022 年第一季度的成本狀況要好得多。

Second, we continue to transition our primary distribution hub from Fond du Lac, Wisconsin to our new state-of-the-art facility in Brownsburg, Indiana, resulting in elevated costs in the first 2 quarters of the year due to running both facilities to ensure sufficient product supply to our customers in the start of the boating season.

其次，我們繼續將我們的主要配送中心從威斯康星州豐迪拉克轉移到我們位於印第安納州布朗斯堡的最先進的新設施，導致今年前兩個季度的成本增加，因為這兩個設施都運行到確保在划船季節開始時為我們的客戶提供充足的產品。

Our Navico Group performance was similar to Engine P&A, with sales down 11% in the quarter. Sales to marine OEM customers were flat off a historic first quarter 2022, with aftermarket channels down low-teens percent due to the same restocking dynamics I mentioned on the last slide.

我們的 Navico Group 業績與 Engine P&A 相似，本季度銷售額下降 11%。與歷史性的 2022 年第一季度相比，船舶 OEM 客戶的銷售額持平，由於我在上一張幻燈片中提到的相同補貨動態，售後市場渠道下降了百分之十幾。

Unfavorable FX impacts and a sharp reduction in sales to RV manufacturers, due to the first quarter production shutdowns, also contributed to the lower sales in the quarter. Note that point-of-sale retail remains solid across the retailer channel with strength driven by new products, including the HDS Pro, which was launched in February and has already proven to be extremely well received in the market.

由於第一季度停產，不利的外匯影響和對房車製造商的銷售額急劇下降，也導致本季度銷售額下降。請注意，在新產品的推動下，銷售點零售在整個零售商渠道中保持穩固，其中包括 2 月份推出的 HDS Pro，該產品已被證明在市場上非常受歡迎。

Navico Group earnings and margins were also negatively impacted by material inflation versus Q1 of 2022, temporary margin pressures related to a new product launch and unfavorable FX impacts, but were helped by reductions in operating expenses as planned restructuring actions take hold, as Dave discussed earlier.

Navico Group 的收益和利潤率也受到與 2022 年第一季度相比的實質性通貨膨脹、與新產品發布相關的臨時利潤率壓力以及不利的外匯影響的負面影響，但正如 Dave 之前討論的那樣，隨著計劃的重組行動的實施，運營費用的減少有所幫助.

We thought it would be helpful to provide some additional information on the various factors impacting our Engine P&A and Navico Group businesses. As anticipated, the first quarter was challenging due to historically strong comparisons to 2022, but we believe the remainder of the year remains materially on track as initially planned in January.

我們認為提供一些關於影響我們的 Engine P&A 和 Navico Group 業務的各種因素的額外信息會很有幫助。正如預期的那樣，由於與 2022 年相比歷來表現強勁，因此第一季度充滿挑戰，但我們認為今年剩餘時間仍將按照 1 月份的最初計劃在實質上步入正軌。

This chart shows the first quarter earnings factors I discussed on the two previous slides, and also shows our thoughts on how we believe these factors will impact segment earnings for the remainder of the year.

這張圖表顯示了我在前兩張幻燈片中討論的第一季度收益因素，還顯示了我們認為這些因素將如何影響今年剩餘時間的部門收益的想法。

We believe retail and dealer stocking patterns will continue to be the most significant factor impacting earnings, but also believe that stocking patterns should improve through the boating season and into the off-season and holiday season.

我們認為零售和經銷商庫存模式將繼續是影響收益的最重要因素，但我們也認為庫存模式應該會在整個划船季節和淡季和假日季節有所改善。

Inflation and currency impact should moderate throughout the remainder of the year as the first quarter had the toughest year-over-year comparison. The impact of the distribution center transition is only an Engine P&A factor, and should only impact one more quarter. While the impact of the RV manufacturing, which is only a high single-digit percent of sales for these businesses, is expected to improve during the remainder of the year as RV production has already restarted.

由於第一季度與去年同期相比最為艱難，因此在今年剩餘時間裡，通貨膨脹和貨幣的影響應該會有所緩和。配送中心轉型的影響只是一個引擎 P&A 因素，應該只會再影響四分之一。雖然 RV 製造的影響僅佔這些業務銷售額的高個位數百分比，但隨著 RV 生產已經重新開始，預計在今年剩餘時間內將有所改善。

There are many moving pieces in these segments. But as boating participation continues to be healthy, we believe these transient earnings factors will ultimately be resolved showing the resiliency of the earnings power of these segments.

這些片段中有許多動人的片段。但隨著划船參與繼續保持健康，我們相信這些短暫的盈利因素最終將得到解決，顯示出這些細分市場盈利能力的彈性。

Our Boat segment had another fantastic quarter, delivering strong top line and earnings growth, together with double-digit adjusted operating margins for the fourth straight quarter. The Boat segment reported a 17% increase in net sales and a 27% increase in adjusted operating earnings in the quarter. Segment operating earnings and margin growth were enabled by the increased sales, together with positive product mix, and from the substantial completion of production ramp-up activities in our new Boston Whaler facility, partially offset by continued cost inflation and higher discounting levels versus the first quarter of 2022, although discounting levels do remain lower than historical norms.

我們的船舶部門又迎來了一個精彩的季度，實現了強勁的營收和盈利增長，以及連續第四個季度實現兩位數的調整後營業利潤率。船舶部門報告本季度淨銷售額增長 17%，調整後營業收入增長 27%。營業收入和利潤率的增長得益於銷售額的增加、積極的產品組合，以及我們新波士頓捕鯨工廠的增產活動的實質性完成，部分被持續的成本通脹和與第一家相比更高的折扣水平所抵消2022 年季度，儘管貼現水平仍低於歷史標準。

Freedom Boat Club, which is included in business acceleration, contributed approximately 6% of the Boat segment's revenue during the quarter as it benefited from acquisitions completed in the first half of 2022, which will be substantially lapped beginning next quarter.

包括在業務加速中的 Freedom Boat Club 在本季度貢獻了船舶部門約 6% 的收入，這得益於 2022 年上半年完成的收購，這些收購將從下個季度開始大幅重疊。

Our 2023 outlook remains materially unchanged. While our first quarter performance provides a healthy start to the year, we are going to continue to be prudent with spending and cost actions in future quarters without sacrificing investments needed to drive our strategic plan. And we remain optimistic on our ability to continue delivering historically strong financial results for our shareholders despite a turbulent macroeconomic climate.

我們對 2023 年的展望基本保持不變。雖然我們第一季度的業績為今年提供了一個健康的開端，但我們將在未來幾個季度繼續謹慎對待支出和成本行動，而不會犧牲推動我們戰略計劃所需的投資。儘管宏觀經濟環境動盪，我們仍然對我們繼續為股東提供歷史上強勁的財務業績的能力持樂觀態度。

As a result, we are reiterating our anticipated full year revenue and adjusted EPS guide as well as holding our operating margin and OpEx guidance. We're off to a good start with free cash flow generation. And while we have not changed the full year guidance, we expect to see continued positive movement due to the primary retail season.

因此，我們重申了我們預期的全年收入和調整後的每股收益指南，並維持我們的營業利潤率和運營支出指南不變。我們在產生自由現金流方面有了一個良好的開端。雖然我們沒有改變全年指引，但我們預計由於主要零售季節，我們會看到持續的積極走勢。

Finally, we anticipate a solid second quarter with revenue flat to slightly above Q2 of 2022 and adjusted EPS between $2.60 and $2.70.

最後，我們預計第二季度業績穩健，收入持平或略高於 2022 年第二季度，調整後的每股收益在 2.60 美元至 2.70 美元之間。

Our full year segment outlook remains mostly unchanged as well, with small adjustments to reflect first quarter performance and market conditions, along with providing updated guidance for our new Engine P&A and Navico Group segments.

我們的全年細分市場前景也基本保持不變，並進行了小幅調整以反映第一季度的業績和市場狀況，同時為我們新的 Engine P&A 和 Navico Group 細分市場提供了更新的指導。

For Propulsion, we have raised the bottom end of the guided margin range, reflecting continuing operating strength at Mercury. We have also raised the bottom of the Boat segment's revenue guidance as relatively steady retail performance thus far in 2023 should support continued wholesale balance throughout the remainder of the year.

對於 Propulsion，我們提高了指導利潤率範圍的下限，反映出 Mercury 的持續經營實力。我們還提高了船舶部門收入指引的底部，因為 2023 年迄今為止相對穩定的零售業績應該會支持今年剩餘時間持續的批發平衡。

The new guidance for our Engine P&A and Navico Group segments look similar to the former aggregated P&A segment guidance to start the year. In Engine P&A, we anticipate flat to slightly down revenue versus prior year, primarily anticipating softness in our third-party distribution business, with operating margins plus or minus 30 basis points for the prior year.

我們的發動機 P&A 和 Navico 集團部門的新指南看起來類似於今年年初的前匯總 P&A 部門指南。在發動機 P&A 方面，我們預計收入與上一年持平或略有下降，主要是預計我們的第三方分銷業務疲軟，營業利潤率與上一年相比正負 30 個基點。

In Navico Group, we anticipate flat to slightly increased sales versus 2022. And despite a challenging start in the first quarter, believe full year operating margins will also be similar to prior year.

在 Navico Group，我們預計銷售額與 2022 年相比持平或略有增長。儘管第一季度開局充滿挑戰，但相信全年營業利潤率也將與上年持平。

Lastly, we have a small handful of full year assumptions that we have updated. First, given our strong cash performance and continued market and Brunswick share price dislocation, we are increasing our repurchase target to exceed $200 million of repurchases for the full year. Accordingly, our average diluted shares outstanding should be slightly lower for the year at 71 million shares.

最後，我們更新了一小部分全年假設。首先，鑑於我們強勁的現金表現以及持續的市場和 Brunswick 股價錯位，我們將我們的回購目標提高到全年超過 2 億美元的回購。因此，我們今年的平均稀釋流通股應略低於 7100 萬股。

Finally, you would have seen that we increased our annual dividend in February to $1.60 per share, the 11th year of dividend increases, reflecting the stability of our operations, portfolio makeup and overall financial performance. Please see the appendices of this presentation for additional information on other P&L and balance sheet assumptions for the year.

最後，您會看到我們在 2 月將年度股息提高至每股 1.60 美元，這是股息增加的第 11 年，反映了我們運營、投資組合構成和整體財務業績的穩定性。請參閱本演示文稿的附錄，了解有關當年其他損益表和資產負債表假設的更多信息。

I will now pass the call back over to Dave for concluding remarks.

我現在將把電話轉回給 Dave 以作總結髮言。

Thanks, Ryan. Before we close out, I wanted to share an update on some recent awards and recognition for our company, brands, products and people. We were delighted to be named by Newsweek through its 2023 list of America's Most Trustworthy Companies, where we ranked in the top 20 companies within the Manufacturing and Industrial Equipment category.

謝謝，瑞安。在我們結束之前，我想分享一下最近對我們公司、品牌、產品和人員的一些獎項和認可的最新情況。我們很高興被《新聞周刊》評為 2023 年美國最值得信賴的公司名單，我們在製造和工業設備類別中名列前 20 名。

We were also, again, named by Forbes as one of America's Best Large Employers, ranking second in the Engineering and Manufacturing category. In addition, we've won a record number of product and innovation awards in the first quarter, and look forward to winning many more during the balance of the year.

我們還再次被福布斯評為美國最佳大型雇主之一，在工程和製造類別中排名第二。此外，我們在第一季度贏得了創紀錄數量的產品和創新獎項，並期待在今年餘下時間贏得更多獎項。

On the subject of sustainability, 12 of our facilities have now earned zero-waste-to-landfill designation with more planned this year. And combined, they diverted 9 million pounds of waste from landfills in 2022.

在可持續性方面，我們的 12 個設施現已獲得零廢物填埋場稱號，併計劃在今年增加更多設施。並且，他們在 2022 年從垃圾填埋場轉移了 900 萬磅垃圾。

Our MSCI ESG rating was improved from BBB to A, a reflection of our dedication to conducting our business sustainably. And we were recognized by Sustainalytics as a top-rated company for ESG, both in the region and industry. These and many more developments in sustainability will be documented in our 2022 sustainability report, which is scheduled to be released shortly.

我們的 MSCI ESG 評級從 BBB 提高到 A，這反映了我們致力於以可持續的方式開展業務。我們被 Sustainalytics 評為地區和行業 ESG 評級最高的公司。我們的 2022 年可持續發展報告將記錄這些以及更多可持續發展方面的進展，該報告計劃於近期發布。

Turning now to innovation, a key to our future and one of my favorite topics to highlight. We had an outstanding start to the year across our businesses. Earlier this year, we launched the Mercury Avator electric outboard family. And recently, the first group of Avator 7.5e electric outboards shipped to global customers.

現在轉向創新，這是我們未來的關鍵，也是我最喜歡強調的主題之一。我們的各項業務今年開局出色。今年早些時候，我們推出了 Mercury Avator 電動舷外機系列。近日，首批Avator 7.5e電動外機發往全球客戶。

This award-winning product, the first of a large family of electric products, has been met with an outstanding reception from customers, and supports our commitment to being the industry leader in both internal combustion products and electric propulsion.

這款屢獲殊榮的產品是大型電動產品系列中的第一款，受到了客戶的熱烈歡迎，並支持我們致力於成為內燃機產品和電力推進領域的行業領導者。

The recently launched Mercury V10 outboard engines had a strong presence in the key boat shows during the quarter and have seen very strong demand. We also launched the exciting new Mercury Racing version of the engine, the 400R, at the Miami International Boat Show. Expect more exciting product news from Mercury in Q2.

最近推出的 Mercury V10 舷外發動機在本季度的主要船展上表現出色，需求非常強勁。我們還在邁阿密國際遊艇展上推出了令人興奮的全新 Mercury Racing 發動機版本 400R。期待 Mercury 在第二季度發布更多激動人心的產品消息。

In addition to the Fathom II ePower system, our Navico Group launched its new state-of-the-art fish finder, the Lowrance HDS PRO, and demand in the initial weeks since launch has been very strong.

除了 Fathom II ePower 系統外，我們的 Navico Group 還推出了其最先進的新型探魚器 Lowrance HDS PRO，自推出後的最初幾週內需求非常強勁。

We also debuted the next-generation Sea Ray SLX 280, with new Sea Ray design DNA. Powered by Mercury engines and with Navico Group Electronics, it's another great example of cross-divisional synergies and technology, benefiting Brunswick and our customers and consumers.

我們還推出了具有全新 Sea Ray 設計 DNA 的下一代 Sea Ray SLX 280。由 Mercury 發動機和 Navico Group Electronics 提供動力，這是跨部門協同效應和技術的另一個很好的例子，使 Brunswick 以及我們的客戶和消費者受益。

Building on the success of its award-winning M-Series boats, Bayliner unveiled the all-new Element M19 at the Miami International Boat Show. The M19 is an outstanding boat, which delivers on the versatility this series is known for, with a focus on expanding boater participation through its intuitive design, ease of maintenance and affordable price point.

基於其屢獲殊榮的 M 系列船隻的成功，Bayliner 在邁阿密國際遊艇展上推出了全新的 Element M19。 M19 是一艘出色的船，它提供了該系列眾所周知的多功能性，重點是通過其直觀的設計、易於維護和實惠的價格來擴大船員的參與度。

Freedom Boat Club continues to advance its presence globally, with the recent expansion into Australia. Three additional locations were recently announced, providing direct access to waterways north of Sydney, as we begin the process of expansion in the Asia Pacific region, replicating the successful model in North America and Europe.

Freedom Boat Club 繼續擴大其在全球的影響力，最近擴展到澳大利亞。隨著我們開始在亞太地區擴張，複製北美和歐洲的成功模式，我們最近宣布了另外三個地點，可直接通往悉尼北部的水道。

Thank you for joining the call. That concludes our prepared remarks. We'll now open the line for questions.

感謝您加入電話會議。我們準備好的發言到此結束。我們現在打開問題熱線。

(Operator Instructions) Our first question comes from the line of Xian Siew with BNP Paribas.

（操作員說明）我們的第一個問題來自法國巴黎銀行的 Xian Siew。

Maybe to start, can you talk about the strength in the engine retail and why it's outperforming maybe Powerboat retail that so much? Is it really the repower business that's starting to take off? Or -- what's going on there? And how are inventory levels from an engine perspective?

也許首先，你能談談發動機零售的實力，以及為什麼它的表現優於摩托艇零售那麼多嗎？ repower 業務真的開始起飛了嗎？或者——那裡發生了什麼？從引擎的角度來看，庫存水平如何？

Thank you for the question. Yes, there are a couple of things that impact kind of the difference, if you like, between outboard retail and boat retail. Certainly, you mentioned some of them there. We have been able to service some of the aftermarket channel, certainly, the dealer channel.

感謝你的提問。是的，如果您願意，有幾件事會影響舷外零售和船零售之間的差異。當然，你在那裡提到了其中一些。我們已經能夠為一些售後渠道提供服務，當然還有經銷商渠道。

So more -- we have very strong demand for high horsepower in particular. And that has been lean in the aftermarket channel. International, as you saw, also was strong. We're getting more boats with multi engines. So that is part of the difference as well. And you also saw that sterndrive product is down for the quarter.

所以更多——我們對大馬力的需求特別強烈。這在售後市場渠道中一直很精簡。如您所見，國際也很強大。我們越來越多的多引擎船。所以這也是區別的一部分。而且您還看到尾機驅動器產品在本季度有所下降。

So we're getting some mix away from sterndrive product and towards outboard products. There is also some latency in that, that we don't typically resolved in a quarter or a month, but those are some of the major factors.

因此，我們正在從船尾驅動產品轉向舷外機產品。還有一些延遲，我們通常不會在一個季度或一個月內解決，但這些是一些主要因素。

Okay. Helpful. And then maybe just on the Engine P&A. You talked about the retail stocking levels. I guess can you remind us how it usually works? So as usage starts to pick up maybe in the season, the retailers start to sell through and then they reorder. When should we start to see that? And are you seeing any kind of pickup in sell-through maybe in March, April?

好的。有幫助。然後可能只是在引擎 P&A 上。你談到了零售庫存水平。我想你能提醒我們它通常是如何工作的嗎？因此，隨著使用量可能在這個季節開始回升，零售商開始銷售，然後他們重新訂購。我們什麼時候應該開始看到這一點？您是否在 3 月、4 月看到任何形式的銷售回升？

Yes. So we are seeing some pickup in sell-through in March, April. Normally, the stocking follows a bit more of a seasonal pattern than it did last year and to some extent, even the year before. That's typically an inventory build ahead of the main season.

是的。因此，我們看到 3 月、4 月的銷售量有所回升。通常情況下，庫存比去年更符合季節性模式，在某種程度上什至前一年也是如此。這通常是在主要季節之前建立的庫存。

But what happened last year was with the supply chain disruptions, retailers were just stocking everything they could. So there was more of a phase advanced really with -- between the wholesale restocking and the -- now we have more product availability and the supply chain is less disrupted. We expect it to follow more of a seasonal pattern.

但去年發生的事情是供應鏈中斷，零售商只是盡可能地囤貨。因此，在批發補貨和 - 現在我們有更多的產品可用性並且供應鏈中斷較少。我們預計它會遵循更多的季節性模式。

I think the exciting thing for us is that new products are still being demanded at wholesale and selling through strongly at retail. So we saw, for example, Navico's new HDS Pro product from its Lowrance brand, which is its most important brand, begins to be demanded very strongly at retail and sell through very -- that wholesale and sell through very quickly at retail.

我認為對我們來說令人興奮的是，新產品的批發需求和零售銷售仍然強勁。因此，我們看到，例如，Navico 的 Lowrance 品牌的新 HDS Pro 產品，這是其最重要的品牌，開始在零售方面非常強烈的需求和銷售 - 批發和零售銷售非常快。

So this is not just -- it's not a completely uniform phenomena. If you can get the right product in there, you can get good wholesale orders and good sell-through. And overall, I would say that the kind of destocking or rightsizing of inventories is occurring. So we're optimistic ahead of the season.

所以這不僅僅是 - 這不是一個完全統一的現象。如果你能在那裡買到合適的產品，你就能得到好的批發訂單和好的銷售率。總的來說，我會說這種去庫存或庫存合理化正在發生。所以我們對賽季前持樂觀態度。

Yes. And the only thing I would add to that, Dave, is that our U.S. products business was actually up in the quarter. And so kind of your reliable, annuity-based P&A sales that we talked about pretty regularly, showed that here in the quarter even in the off-season.

是的。戴夫，我唯一要補充的是，我們的美國產品業務實際上在本季度有所增長。我們經常談論的可靠的、基於年金的 P&A 銷售，在本季度甚至在淡季也顯示了這一點。

Our next question comes from the line of Joe Altobello with Raymond James.

我們的下一個問題來自 Joe Altobello 和 Raymond James 的台詞。

I guess first question on boat trends. You mentioned that improved significantly as the quarter progressed, particularly in March. We did not see that, obviously, in the industry trends. So what's driving that dichotomy, if you will?

我想第一個問題是關於船的趨勢。你提到隨著季度的進展，尤其是在 3 月份，情況有了顯著改善。顯然，我們在行業趨勢中沒有看到這一點。那麼，是什麼推動了這種二分法，如果你願意的話？

Joe, yes, it's always a little bit difficult to pinpoint these things, particularly at this point in the season. But I would tell you that registry -- as boats -- as dealers are preparing for the season, they're very busy. They're doing a lot of things. So we tend to get registrations coming through in a bit of a hockey stick through the month.

喬，是的，確定這些事情總是有點困難，尤其是在賽季的這個時候。但我會告訴你登記處——作為船隻——經銷商正在為這個季節做準備，他們非常忙。他們正在做很多事情。因此，我們傾向於在一個月內通過一些曲棍球棒進行註冊。

And then also, of course, SSI doesn't have a full complement of states reporting yet. So we assume that these are industry reporting delays. We're obviously sure about our registrations. There may be also some renewed strength, I would say, in aluminum versus some of the earlier parts of the year and the end of last year. I think where our marketing and promotions came through pretty strongly for us. There may be an impact there with some of the states that are reporting. But normally, over a period, these things converge confidence in our numbers and excited about the trend.

然後，當然，SSI 還沒有完整的狀態報告。所以我們假設這些是行業報告延遲。我們顯然對我們的註冊有把握。我想說，與今年早些時候和去年底的某些時期相比，鋁價可能還會出現一些新的強勢。我認為我們的營銷和促銷活動對我們來說非常有力。一些正在報告的州可能會對那裡產生影響。但通常情況下，在一段時間內，這些事情會匯集我們對數字的信心和對趨勢的興奮。

Got it. That's helpful. And maybe a second question on the second quarter guide. It looks a little bit below what we were expecting. Any puts and takes or pull forwards that we have to think about that move into 1Q? And maybe how much is -- how much did the timing of capitalized inventory variances impact propulsion profit?

知道了。這很有幫助。也許是關於第二季度指南的第二個問題。它看起來有點低於我們的預期。我們必須考慮進入 1Q 的任何投入和投入或推進？也許有多少 - 資本化庫存差異的時間對推進利潤有多大影響？

John, I'll take this one. Yes, that's a good place to start. It's about a dime, so about $0.10 on the capitalized variance issue. So a good guide in Q1 that will reverse in Q2. So that's part of it.

約翰，我要這個。是的，這是一個很好的起點。它大約是一毛錢，所以在資本化差異問題上大約是 0.10 美元。因此，第一季度的一個很好的指導將在第二季度逆轉。這就是其中的一部分。

The rest of it, I think, is just a normal seasonality. I think comparatively to last year, you're just going to see more normal sell in and sell out, whereas last year, we saw, like Dave said earlier, just a real rush of restocking in our P&A business. But otherwise, there's no real factors. Still looking for growth on the top line, right, flat to slightly up, with strong pull-through on the EPS line.

我認為，其餘部分只是正常的季節性。我認為與去年相比，你只會看到更多正常的銷售和銷售，而去年，我們看到，就像 Dave 早些時候所說的那樣，我們的 P&A 業務確實出現了重新進貨的熱潮。但除此之外，沒有真正的因素。仍在尋找收入增長，對，持平至小幅上漲，每股收益線上有強勁的拉動。

Our next question comes from the line of Mike Swartz with Truist Securities.

我們的下一個問題來自 Truist Securities 的 Mike Swartz。

Just a quick question following up on retail. I think in prior calls, you had mentioned your kind of outlook for the year was for industry retail to be down high single digits. Obviously, it was down more than that in the first quarter, particularly for the industry. Have you changed that view for the full year?

只是一個關於零售的快速問題。我想在之前的電話中，你曾提到你對今年的展望是行業零售業將下降高個位數。顯然，它比第一季度下降更多，特別是對於該行業。你改變了全年的觀點嗎？

No, we haven't really changed the view for the full year. Obviously, we're super early in the season still. March is beginning to be more important, but -- as we go into second quarter, we'll understand a lot more how things are going.

不，我們並沒有真正改變全年的觀點。顯然，我們仍然處於賽季初期。 3 月開始變得更加重要，但是——隨著我們進入第二季度，我們將更加了解事情的進展情況。

I would say just across the industry, we're actually pretty pleased about the resilience of the consumer so far. They're clearly looking for promotions. So they're shopping around a bit more. But there isn't a sense in which there's -- they're really backing away in large numbers. The behavior is just more normal.

我想說，就整個行業而言，到目前為止，我們實際上對消費者的彈性感到非常滿意。他們顯然在尋找升職機會。所以他們會更多地貨比三家。但從某種意義上說，他們真的在大量撤退。這種行為更正常。

So there's nothing really that would suggest that we should modify our expectations for the balance of the year at the moment. We think we have the right products. We're very excited about the new products that we've launched, which is always generating excitement. We have the right promotions in place. We have the right events in place. So early in the season, but no real reason to change our perspective.

因此，目前沒有任何跡象表明我們應該修改對今年餘下時間的預期。我們認為我們擁有合適的產品。我們對我們推出的新產品感到非常興奮，這總是讓人興奮。我們有適當的促銷活動。我們有合適的活動。賽季如此之初，但沒有真正的理由改變我們的觀點。

And Mike, as you probably know, the first quarter comps were the toughest. So as we go throughout the remainder of the year, I mean we're kind of right in line, maybe a little bit better than where we thought we'd be here 3 quarters -- 3 months in.

邁克，你可能知道，第一季度的比賽是最艱難的。因此，在今年餘下的時間裡，我的意思是我們在某種程度上是正確的，可能比我們認為我們會在這裡 3 個季度 - 3 個月的情況好一點。

Okay. Helpful. And then just a question on the propulsion margins. I think this is the second time in history, you guys have done over 20% in a quarter. I'm just trying to understand, is that sustainable given some of the puts and takes that are going on?

好的。有幫助。然後只是關於推進裕度的問題。我認為這是歷史上第二次，你們在一個季度內完成了超過 20%。我只是想了解，考慮到正在進行的一些看跌期權，這種做法是否可持續？

Obviously, high horsepower is doing well, lower horsepower production probably coming down a bit, and then you have the capitalized inventory benefit in the first quarter. So I'm just wondering maybe how much temporary benefits that you get from that in the first quarter? And then how do we think about that going forward?

顯然，高馬力表現良好，低馬力產量可能會有所下降，然後您在第一季度獲得了資本化庫存收益。所以我只是想知道你在第一季度從中獲得了多少臨時收益？然後我們如何看待未來的發展？

It was a very strong quarter. But although there were some kind of timing benefits associated with those variances, I would say, overall, we have a long history now of expanding propulsion margins on a pretty secular basis.

這是一個非常強勁的季度。但是，儘管這些差異有一些時間上的好處，但我要說的是，總的來說，我們現在在長期擴大推進利潤率方面有著悠久的歷史。

And as you would have seen and many people on the line had an opportunity to see, our newly installed capacity is extremely efficient and automated. And that is a continued march for us.

正如您所看到的，而且線上的許多人都有機會看到，我們新安裝的產能非常高效和自動化。這對我們來說是一個持續的征程。

So yes, we have a lot of, I think, very strong secular trends that are supporting increased propulsion margins, although they were assisted a little bit in the quarter. But no, I think that this is a good trend that can be sustained.

所以是的，我認為我們有很多非常強勁的長期趨勢支持推進利潤率的增加，儘管它們在本季度得到了一些幫助。但不，我認為這是一個可以持續的好趨勢。

Our next question comes from the line of James Hardiman with Citi.

我們的下一個問題來自花旗銀行的 James Hardiman。

So just a point of clarification. The difference between the SSI being down, call it, 21% for the first quarter and your internal number is suggesting down 10%, do you think that's more in tune of the industry number is wrong rather than you're just gaining that much share in the first quarter?

所以只是澄清一點。第一季度 SSI 下降 21% 與您的內部數據表明下降 10% 之間的差異，您認為這更符合行業數字是錯誤的，而不是您只是獲得那麼多份額在第一季度？

And the reason I asked that, as we thought about sort of your industry or your benchmarks for retail, I don't think you were assuming a ton of market share increases this year. And so I don't know if I should think about sort of your flat to down whatever, low double digit sort of range in the context of your guidance and any differently based on what we saw in the first quarter?

我問這個的原因，當我們考慮你的行業或你的零售基準時，我認為你沒有假設今年的市場份額會增加很多。因此，我不知道我是否應該在您的指導範圍內考慮您的持平到低位兩位數的範圍，以及根據我們在第一季度看到的情況有何不同？

James, I would say we were assuming some market share increases in select segments this year. So it is possible that some of that differences associated with market share increases if it is. I mean we know that Sea Ray and Whaler had a strong start to the year. We saw that clearly in boat show results.

詹姆斯，我想說我們假設今年特定細分市場的市場份額有所增加。因此，如果確實如此，與市場份額相關的一些差異可能會增加。我的意思是我們知道 Sea Ray 和 Whaler 在今年開局良好。我們在船展結果中清楚地看到了這一點。

We had some good strength in aluminum product in March, in particular, which is very nice to see. Market share is very unlikely to be the full reason for that substantial difference there. I think more likely to be the major component is the fact that we're in a period of acceleration early in the season.

尤其是在 3 月份，我們在鋁產品方面表現良好，這非常令人高興。市場份額不太可能是造成這種巨大差異的全部原因。我認為更可能是主要因素是我們在賽季初處於加速期。

And it's probably more about the amount of retail registrations that have been captured in the industry data and which states are reporting. So I don't think -- I mean it's just a short period of time between the end of the month, until we get the SSI data. And clearly, they identify that there are -- there's partial reporting.

它可能更多地與行業數據中捕獲的零售註冊量以及哪些州正在報告有關。所以我不認為 - 我的意思是從月底到我們獲得 SSI 數據之間的一小段時間。很明顯，他們確定存在 - 存在部分報告。

Got it. That makes sense. And then I guess along the same vein, you talked about how your dealers are cautiously optimistic. Obviously, your biggest dealer just lowered guidance this morning. They're looking for a double-digit decrease in retail this year.

知道了。這就說得通了。然後我想按照同樣的思路，你談到了你的經銷商是如何謹慎樂觀的。顯然，你最大的經銷商今天早上剛剛降低了指導。他們預計今年的零售額會出現兩位數的下降。

Maybe connect the dots if there are dots to connect. I know that their fiscal year is different than the calendar year we're talking about, and I would assume that the fourth quarter is probably going to be the best quarter from a retail perspective just based on the comps. But how do we connect what on the face of things, right, the headline seems to be two pretty disparate outlooks here?

如果有要連接的點，也許可以連接點。我知道他們的財政年度與我們談論的日曆年不同，我認為從零售角度來看，第四季度可能是最好的季度。但是我們如何將事物表面上的東西聯繫起來，對吧，這裡的標題似乎是兩種截然不同的觀點？

Yes. I think the -- a couple of things to think about is I don't -- MarineMax does not say specifically which brands are selling well and which ones are not selling well. But we know we had good sales through MarineMax of the brands for which they are our channel partner.

是的。我認為——有幾件事我沒有考慮——MarineMax 沒有具體說明哪些品牌賣得好，哪些品牌賣得不好。但我們知道，我們通過 MarineMax 銷售了他們作為我們渠道合作夥伴的品牌。

Whaler and Sea Ray both had a strong start to the year. And then MarineMax overlaps a portion of our portfolio, but not all of our portfolio. And so there's a potential source of difference there. It's really -- we overlap just on a couple of our brands. So it's difficult to exactly compare their view of the world with our view of the world. But I would say that our premium back brands are probably performing ahead of the market at the moment.

Whaler 和 Sea Ray 都在今年開局良好。然後 MarineMax 與我們的部分產品組合重疊，但不是我們所有的產品組合。所以那裡有一個潛在的差異來源。真的——我們只在幾個品牌上重疊。所以很難將他們的世界觀與我們的世界觀進行精確比較。但我要說的是，我們的優質後背品牌目前的表現可能領先於市場。

Our next question comes from the line of Fred Wightman with Wolfe Research.

我們的下一個問題來自 Fred Wightman 與 Wolfe Research 的合作。

I just wanted to follow up on that disconnect between the internal registration data and what we're seeing from SSI. I get it for 1Q, but if we look at the March numbers specifically, I mean, down 20% versus up low to mid-single digits is kind of a different story.

我只是想跟進內部註冊數據與我們從 SSI 看到的數據之間的脫節。我得到了第一季度的數據，但如果我們具體看一下 3 月份的數字，我的意思是，下降 20% 與上升中低個位數是一個不同的故事。

So is that -- was there anything specific in March? Like did things get better in March per year data and into April? It just seems like we're kind of getting some mixed signals on the retail side.

那就是——三月份有什麼具體的嗎？比如每年 3 月和 4 月的數據是否有所好轉？似乎我們在零售方面收到了一些混合信號。

Yes. I agree with the fact that we're getting some mixed signals on the retail side. And we can report obviously only our retail. And obviously, there is partial reporting of the industry. Our retail has sequentially improved through the first quarter.

是的。我同意這樣一個事實，即我們在零售方面收到了一些混合信號。而且我們顯然只能報告我們的零售。顯然，該行業存在部分報告。我們的零售業在第一季度連續改善。

So not entirely sure what the source of the disconnect is. But I would say that, once again, retail registrations tend to come in somewhat late in the month and later in the quarter. So if there is a delay in reporting or partial reporting of end of quarter retail, we would likely capture it and they may not.

所以不完全確定斷開連接的來源是什麼。但我要說的是，零售登記往往會在本月晚些時候和本季度晚些時候出現。因此，如果季度末零售報告延遲或部分報告，我們可能會捕獲它，而他們可能不會。

That's about the best I can say at the moment. Things will become clearer as we go more into the second quarter when things stabilize. We're just in a period of extremely rapid sales acceleration at the moment. This is the inflection point in the quarter as you go through March and into April.

這是我目前能說的最好的。隨著我們進入第二季度，當事情穩定下來時，事情會變得更加清晰。目前，我們正處於銷售極速加速的時期。從三月到四月，這是本季度的拐點。

And Fred, just a reminder, I mean, percentages here, we're talking a couple of hundred units, give or take, on a various brand, right, because of where we are in the early part of the season. So it doesn't take a lot to move the numbers, especially when SSI is only reporting 52% or so a little bit over half of the saves.

弗雷德，只是提醒一下，我的意思是，這裡的百分比，我們正在談論不同品牌的幾百個單位，給予或接受，對，因為我們在賽季初期的位置。因此，移動數字並不需要太多，尤其是當 SSI 僅報告 52% 左右的節省時。

Yes. Okay. That's fair. But I guess to summarize, Dave, what you were just saying, the inflection that you saw throughout the quarter, that trend has sort of continued into April?

是的。好的。這還算公平。但我想總結一下，Dave，你剛才說的，你在整個季度看到的拐點，這種趨勢一直持續到 4 月？

I think we're seeing a good solid trend. Once again, we'll get a better view of April after we get out through the full month. But I would say that we're -- we continue to be encouraged.

我認為我們看到了一個良好的穩固趨勢。再一次，在我們度過整個月之後，我們將更好地了解四月。但我會說我們 - 我們繼續受到鼓舞。

Okay. That's fair. And then you guys also made some comments about Navico improving in March. Was that just a comment about some of the inventories getting worked down? Was it a comment on consumer takeaway? What exactly did you mean there?

好的。這還算公平。然後你們也對 Navico 在 3 月份的改進發表了一些評論。這只是對一些庫存減少的評論嗎？是對消費者外賣的評論嗎？你到底是什麼意思？

Yes. Well, Navico's op margin for the month was about 11%. As we went -- the March was in the kind of mid-teens, I would say -- low to mid-teens, which is more consistent with the full year trends from last year.

是的。那麼，Navico 本月的營業利潤率約為 11%。隨著我們的進行——我想說，三月處於十幾歲中期——低至十幾歲中期，這與去年的全年趨勢更一致。

We actually -- a couple of things that are coming through from Navico at the moment. Obviously, we took a lot of restructuring actions which affected mainly March versus the early part of the quarter. And actually, the full effect will only be felt in subsequent months and quarters.

我們實際上 - 目前來自 Navico 的一些事情。顯然，我們採取了很多重組行動，主要影響 3 月份而不是本季度初期。實際上，只有在隨後的幾個月和幾個季度才能感受到全面的影響。

And then we had a -- when we launched the HDS Pro, which is a big product for us, it's -- the ramp-up was slower than we had expected. And we ended up in a situation where we're replacing a lower margin product that we were discounting out with a higher-margin product with no discounts, but it just happened slower than we anticipated.

然後我們有一個 - 當我們推出 HDS Pro 時，這對我們來說是一個重要的產品，它 - 上升速度比我們預期的要慢。我們最終遇到的情況是，我們正在用沒有折扣的高利潤產品替換我們正在打折的低利潤產品，但它發生的速度比我們預期的要慢。

So essentially, we're in the market with a lower margin product that should have been replaced by a higher-margin product. And now that launch is complete, we'd expect that full impact to flow through in Q2.

因此，從本質上講，我們在市場上的利潤率較低的產品本應被利潤率較高的產品所取代。現在發布已經完成，我們預計第二季度將產生全面影響。

Our next question comes from the line of Eric Wold, a Private Investor.

我們的下一個問題來自私人投資者 Eric Wold。

Still would be Riley Securities. So two follow-up questions. I guess one on the propulsion capacity expansion now being complete. Can you just kind of update us on where you are with manufacturing lead times on the higher-end products versus where you ultimately want to be maybe kind of towards the end of the year?

仍然是萊利證券。所以有兩個後續問題。我想關於推進能力擴展的一個現在已經完成。您能否向我們介紹一下您在高端產品上的製造交貨時間與您最終希望在年底前達到的位置？

Yes. I think as we've gone into the quarter, we've really now kind of shaken off the few remaining the kind of supplier constraints that we would continuing to have to deal with. We feel in good shape both internally in terms of operations and also are well supported by the supply base now with a really good flow of product.

是的。我認為，隨著我們進入本季度，我們現在確實已經擺脫了少數剩餘的供應商限制，我們將繼續處理這些限制。我們在內部運營方面感覺良好，現在也得到了供應基地的良好支持，產品流量非常好。

So we feel good. We're working through making sure that we fully supply our existing OEM customers, and we're beginning to prepare to take on new OEMs, and that transition is already occurring and will begin to be seen more clearly as we go into the model year.

所以我們感覺很好。我們正在努力確保我們完全供應現有的 OEM 客戶，並且我們開始準備接受新的 OEM，並且這種轉變已經發生並且在我們進入車型年時將開始更加清晰地看到.

So yes, good progress with improving delivery, particularly of the high horsepower engines. And I think we'll be in really good shape as we get into Q2 to take on those additional OEM customers and continue to supply aftermarket channels.

所以是的，在改進交付方面取得了良好進展，尤其是在大馬力發動機方面。而且我認為，當我們進入第二季度時，我們將處於非常好的狀態，以吸引那些額外的 OEM 客戶並繼續提供售後市場渠道。

Perfect. And then a follow-up on the Engine P&A segment. I guess aside from the retailer returning to kind of more inventory restocking patterns and you talked about seeing retail sell through kind of improving in March and April, anything that you drill down -- I'm not sure much data kind of tell you on a more real-time basis, but maybe if you drill down into what is selling through?

完美的。然後是引擎 P&A 部分的跟進。我想除了零售商恢復更多庫存補貨模式之外，你談到看到零售銷售在 3 月和 4 月有所改善，你深入研究的任何事情——我不確定有多少數據能告訴你更實時的基礎，但也許如果你深入了解銷售的是什麼？

Is this like you talked about kind of upgrade maybe nice to have products that people are adding on the boats? Or are you seeing any kind of shift in purchases of kind of deep maintenance and replacement products that indicate people are kind of holding on to boats a little bit longer, maybe kind of waiting on replacements?

這是否就像您談論的那種升級可能很好，因為人們在船上添加了產品？或者你是否看到購買深度維護和更換產品的任何一種轉變表明人們對船隻的持有時間稍長一些，也許是在等待更換？

Yes. Well, as Ryan mentioned earlier, on the Engine P&A side, we were actually up slightly on our product sales in Q1 of this year versus Q1 of last year. And those are the kind of products that you mentioned that are the more essential maintenance or brake fix type products.

是的。好吧，正如 Ryan 之前提到的，在引擎 P&A 方面，我們今年第一季度的產品銷售額實際上比去年第一季度略有上升。這些是您提到的更基本的維護或製動修復類產品。

So clearly, given the fact that last year and the first quarter of last year, in particular, was a banner quarter in that area, it's great that we comped really well in that area. We definitely say that the kind of willingness to restock depends, to some extent, on the product category. But technology-related products continue to be extremely strong.

很明顯，鑑於去年和去年第一季度是該領域的一個標誌性季度，我們在該領域取得了很好的成績真是太好了。我們肯定地說，這種進貨意願在某種程度上取決於產品類別。但與技術相關的產品仍然非常強勁。

We've said before that people are willing to hold a boat a bit longer, but they don't really want last year's electronics on it. So when we launched the HDS Pro from Lowrance, we were extremely pleased. The pull-through was really strong. If you have a superior product, it's going to get pulled through right now, especially as we go into the season. We talk about saltwater shows a lot because it correlates really well with high horsepower.

我們之前說過，人們願意將船停得更久一些，但他們並不真的想要去年的電子產品。因此，當我們從 Lowrance 推出 HDS Pro 時，我們感到非常高興。拉力真的很強。如果你有一個優質的產品，它現在就會被推出，尤其是在我們進入這個季節的時候。我們經常談論海水錶演，因為它與高馬力非常相關。

But one of our Pro anglers, Jeff Gustafson, who's a Lund Pro and Mercury Pro, won Bassmaster this year, with a Lund boats and with a Mercury engine on the back, why is that relevant? But the top -- of the top 10 finishers, nine were powered by Mercury and seven had Lowrance electronics.

但是我們的職業垂釣者之一，傑夫古斯塔夫森，他是 Lund Pro 和 Mercury Pro，今年贏得了 Bassmaster，使用 Lund 船和背面的 Mercury 引擎，為什麼相關？但在前 10 名完成者中，有 9 名由 Mercury 提供動力，7 名擁有 Lowrance 電子產品。

So those kind of events that are like the Super Bowl events of freshwater fishing. They attract a lot of attention, but there are tens of thousands of people attending those events, looking at the Mercury engines and looking at the Lowrance electronics on those boats, and they will get a lot of traction and pull-through.

所以那些活動就像淡水捕魚的超級碗活動。它們吸引了很多關注，但有數以萬計的人參加這些活動，觀看 Mercury 發動機並觀看那些船上的 Lowrance 電子設備，他們將獲得很多牽引力和牽引力。

So we're very excited about the kind of technology that we're bringing to market, and it really is getting a strong pull-through. So we're seeing, I think, technology is being pulled through. And of course, as you mentioned earlier, consumables and kind of break fix parts will continue to get pull through.

因此，我們對我們推向市場的技術感到非常興奮，而且它確實正在獲得強大的推動力。所以我們看到，我認為，技術正在被拉動。當然，正如您之前提到的，消耗品和故障修復部件將繼續供應。

Our next question comes from the line of Scott Stember with MKM Partners.

我們的下一個問題來自 MKM Partners 的 Scott Stember。

Going back to Engine P&A, could you talk about the POS? I know you said it was improving in March and April, but was it up in the first quarter?

回到引擎 P&A，你能談談 POS 嗎？我知道你說 3 月和 4 月有所改善，但第一季度是否有所改善？

Yes, Scott, we don't have the accuracy necessary for that kind of answer, to be honest. We get bits and pieces of information from certain of our channel partners, but not enough to know whether we were technically up or flat or slightly down wherever you'd be.

是的，斯科特，老實說，我們沒有那種答案所需的準確性。我們從我們的某些渠道合作夥伴那裡獲得了零碎的信息，但不足以知道我們在技術上是上升還是持平或略微下降，無論您身在何處。

But we can tell from wholesale ordering patterns that the wholesale orders are picking up. So we can infer that -- and we know that retail has been solid. It's been steady. So we can infer that the channel is clearing up and wholesale and retail will, once again, kind of be hand-in-hand.

但我們可以從批發訂單模式中看出，批發訂單正在回升。所以我們可以推斷 - 我們知道零售業一直很穩定。一直很穩因此我們可以推斷，渠道正在清理，批發和零售將再次攜手並進。

We can -- one thing we can say is that one of our biggest partners holds a lot of events at this point in the year. And they have been extremely well attended and generated a lot of pull-through, but we only have partial data.

我們可以——我們可以說的是，我們最大的合作夥伴之一在一年中的這個時候舉辦了很多活動。他們的出席人數非常多，產生了很多成功，但我們只有部分數據。

Got it. And then looking at Freedom, I know you've had this for 3-plus years, maybe a little bit longer. And we've gone through a very nice growth cycle coming out of the pandemic. But what are you seeing as far as retention rates of people that either are just renting a boat or deciding to trade up and actually buy a boat? Can you talk about how Freedom is helping that narrative?

知道了。然後看看 Freedom，我知道你已經有 3 年多的時間了，也許更長一點。我們經歷了一個從大流行中走出來的非常好的增長周期。但是，就那些只是租船或決定升級並實際購買船的人的保留率而言，你看到了什麼？你能談談自由如何幫助這種敘述嗎？

Yes, that's a good question. There's no change in retention rates. They continue to be extremely strong and -- very, very strong, particularly for kind of a franchise -- subscription business like this.

是的，這是個好問題。保留率沒有變化。他們繼續非常強大，而且 - 非常非常強大，特別是對於某種特許經營 - 像這樣的訂閱業務。

Freedom -- interestingly, when there's a lot of inflation around, when interest rates are higher, Freedom members or prospective members are not looking at the same level of increased pricing. They're not looking at interest rates as a potential inhibitor. So Freedom becomes a comparatively even more attractive option.

自由——有趣的是，當周圍存在大量通貨膨脹時，當利率更高時，自由成員或潛在成員不會考慮相同水平的價格上漲。他們沒有將利率視為潛在的抑制因素。因此，Freedom 成為一個相對更具吸引力的選擇。

And we have grown, I think, quarter-over-quarter, 13%. Remember the quarter is 23% versus 22%, up 13%, I think about 6,000 net members. So yes, growth continues to be strong. And I think potentially not only benefiting from the proposition that Freedom presents, but also the relative lack of impact of pricing and interest rates on Freedom membership.

我認為，我們環比增長了 13%。請記住本季度是 23% 對 22%，增長 13%，我認為大約有 6,000 個淨成員。所以是的，增長繼續強勁。而且我認為可能不僅受益於 Freedom 提出的提議，而且定價和利率對 Freedom 會員資格的影響相對缺乏。

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

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

Great. So you're increasing -- Ryan, you're increasing the low end of Boat revenue guidance, the low end of Propulsion margin guidance, upsizing your share repurchase. So how can the bottom end of your consolidated guidance does not come up?

偉大的。所以你在增加——瑞安，你在增加船收入指導的低端，推進利潤率指導的低端，擴大你的股票回購。那麼你綜合指導的底端怎麼會不上來呢？

That's a good question, Gerrick. And I'm not surprised you -- coming from you. Listen, we are -- and you know us very well. It's early in the year. We still have 90% or so of the retail season left. We have an uncertain marketplace where macroeconomic environment that we're dealing with.

這是個好問題，格里克。我並不讓你感到驚訝——來自你。聽著，我們是——你非常了解我們。現在是年初。我們還有 90% 左右的零售季。我們有一個不確定的市場，我們正在處理宏觀經濟環境。

So we simply believe that we can hit the scenarios where both ends of the range are in play. I think we're probably a little bit more optimistic given the good first quarter, but not -- it didn't make a whole lot of sense to change the guidance when we have so much of the year left to come.

所以我們只是相信我們可以達到範圍兩端都在發揮作用的場景。考慮到第一季度的良好表現，我認為我們可能會更加樂觀一些，但並非如此——在今年還有那麼多時間的情況下，改變指導方針並沒有多大意義。

Okay. I didn't think that question would come. I figured James would ask it first. Dave -- how about a softball for you, Dave. When I was at the last addition of the Palm Beach show, looked at the Chris-Craft Calypso 32.

好的。我沒想到這個問題會來。我想詹姆斯會先問。戴夫——給你一個壘球怎麼樣，戴夫。當我在最後一次參加棕櫚灘秀時，看了 Chris-Craft Calypso 32。

And I was impressed that had dual Mercury engines, Navico touch screen, Fathom e-Power. Can you start talking about like your content per boat from a supplier side? And any metrics you can share there?

給我留下深刻印象的是它有雙 Mercury 引擎、Navico 觸摸屏和 Fathom e-Power。你能從供應商方面開始談論每艘船的內容嗎？您可以在那里分享任何指標嗎？

Yes, that's a good question, Gerrick. Thank you for asking it. I think we've already said that in Brunswick boats, about 50% of the bill of material now is from our own products and brands supplied inside the company. And we have some of the leading brands. So they set market expectations in a lot of ways.

是的，這是個好問題，格里克。謝謝你問。我想我們已經說過，在 Brunswick 船上，現在大約 50% 的材料清單來自我們自己的產品和公司內部供應的品牌。我們擁有一些領先品牌。因此，他們以多種方式設定市場預期。

And we're developing relationships and building our muscles really with how to replicate that in third parties. Mercury, because of its penetration, is a fantastic foundation for that. But our ability to deliver the system solutions is really important to builders, especially as they're very conscious of costs.

我們正在通過如何在第三方中復制它來發展關係並真正鍛煉我們的力量。水星，因為它的滲透力，是一個很好的基礎。但我們提供系統解決方案的能力對建築商來說非常重要，尤其是因為他們非常在意成本。

We can do a lot of things for them that other providers cannot do in terms of integrated solutions, doing portions of their engineering for them. So yes, I think you -- what's great to see is those independent customers of ours who are trusting us to do so much now. And the more growing customers like Chris-Craft that do it, the more others do it.

我們可以為他們做很多其他供應商在集成解決方案方面無法做的事情，為他們做部分工程。所以是的，我認為你 - 很高興看到我們的那些獨立客戶現在信任我們做這麼多。像 Chris-Craft 這樣的成長中的客戶越多，其他人就越多。

So we're doing similar things for other customer than expect to do it more and more because we're a great partner in that respect. Nobody else has anything like the Fathom e-Power system, fully integrated. So we have some unique propositions, I think, that are going to continue to make that attractive.

所以我們正在為其他客戶做類似的事情，而不是期望做的越來越多，因為我們在這方面是一個很好的合作夥伴。沒有其他人擁有像 Fathom e-Power 系統這樣的完全集成的系統。因此，我認為我們有一些獨特的主張，這些主張將繼續使其具有吸引力。

I would say you saw it in Chris-Craft, but you will see it and can see it more and more in the RV industry as well. And as that recovers, you'll see us doing a lot more of those kind of engineering solutions outside Marine, too.

我會說你在 Chris-Craft 中看到了它，但你會看到它，並且在 RV 行業中也會越來越多地看到它。隨著這種情況的恢復，您會看到我們也在 Marine 之外做更多此類工程解決方案。

Our next question comes from the line Craig Kennison with Baird.

我們的下一個問題來自 Craig Kennison 和 Baird 的台詞。

This hopefully is not a tough one. But it goes back to your 2022 Analyst Day. And one of your P&A slides, you had the goal in 2025. For your P&A business to achieve, I think, $3.25 billion in revenue, excluding acquisitions, I know you don't have the deck, but it was Slide 143.

希望這不是一個艱難的過程。但這可以追溯到您的 2022 年分析師日。還有一張 P&A 幻燈片，你的目標是在 2025 年。我認為，為了你的 P&A 業務實現 32.5 億美元的收入（不包括收購），我知道你沒有幻燈片，但它是幻燈片 143。

Just with the restatement and whatnot, I'm just wondering if you can give us a split between Navico and your Engine P&A business as you try to achieve that $3.25 billion goal? And maybe what are the key drivers if you still think that goal is attainable? We've had that question a few times.

只是重述等等，我只是想知道在你試圖實現 32.5 億美元的目標時，你是否可以讓我們在 Navico 和你的發動機 P&A 業務之間進行拆分？如果您仍然認為該目標可以實現，那麼關鍵驅動因素是什麼？我們有過幾次這樣的問題。

Yes. Thank you, Craig. It's a good question. Obviously, we have in the third quarter another Investor Day. And we'll be trying to answer more of those questions in detail at that point in time.

是的。謝謝你，克雷格。這是個好問題。顯然，我們在第三季度迎來了另一個投資者日。屆時我們將嘗試詳細回答更多此類問題。

But if you look across our P&A portfolio, obviously, there's a real kind of confluence of a lot of factors at the moment. There is the -- I think really strong increase versus 2019. There's restocking phenomena that we're experience -- experiencing this early in the season. We've still got weather-related factors. So there is a lot of time between now and 2025 to get to those kind of targets.

但如果你看看我們的 P&A 投資組合，顯然，目前有很多因素真正融合在一起。有 - 我認為與 2019 年相比增長非常強勁。我們正在經歷補貨現象 - 在賽季初經歷這種情況。我們仍然有與天氣有關的因素。因此，從現在到 2025 年，有很多時間可以實現這些目標。

Ryan, I don't know if you have any more specifics?

Ryan，我不知道你有沒有更多的細節？

I mean in terms of the two now new segments, I mean, they are basically the same size, give or take a couple of hundred million in top line. I think you would anticipate Navico to be a bit of a faster grower. That's just the kind of business that is, more technology, like they said more channels, including RV.

我的意思是就兩個現在新的細分市場而言，我的意思是，它們的規模基本相同，在頂線上下浮動幾億美元。我想你會期望 Navico 成為一個更快的種植者。這只是一種業務，即更多技術，就像他們所說的更多渠道，包括 RV。

Engine P&A has always been the steady business that continues to drive margin growth and be very recurring and annuity based. But the kind of CAGR there, the long-term target CAGR, is more low to mid-single digits of revenue growth. So you can envision Navico growing a little faster, Engine P&A continue to be very steady, but I don't think anyone is taking those targets off the table.

發動機 P&A 一直是穩定的業務，繼續推動利潤增長，並且非常經常性和年金。但那裡的複合年增長率，即長期目標複合年增長率，收入增長要低到中個位數。所以你可以設想 Navico 增長得更快一點，引擎 P&A 繼續非常穩定，但我認為沒有人會把這些目標從桌面上拿下來。

This concludes the question-and-answer session. Dave, back to you.

問答環節到此結束。戴夫，回到你身邊。

Thank you very much, indeed. Thank you for joining us. Thank you for your questions.

非常感謝，真的。感謝您加入我們。謝謝你的問題。

As you have seen, despite the extremely dynamic environment, we delivered another very strong quarter, record revenue and EPS for any first quarter. I think having the strongest brands in the market matters, particularly at the moment. And also our recent investments in products and capacity have been right on target in the most resilient parts of the market, high-horsepower engines, premium boats, technology and Freedom Boat Club.

正如您所看到的，儘管環境充滿活力，但我們仍然交付了另一個非常強勁的季度，創紀錄的第一季度收入和每股收益。我認為擁有市場上最強大的品牌很重要，尤其是在目前。此外，我們最近在產品和產能方面的投資也恰好瞄準了市場中最具彈性的部分、大馬力發動機、高級船隻、技術和 Freedom Boat Club。

And all of those represent the strengths of the market at the moment. We're also maintaining strict cost control, and you have seen the restructuring actions that are completed already in Q1 of 2023 in the Navico Group, which will flow through to the rest of the year.

所有這些都代表了目前市場的優勢。我們還保持嚴格的成本控制，您已經看到 Navico 集團在 2023 年第一季度完成的重組行動，這些重組行動將持續到今年剩餘時間。

As Ryan said earlier and relative to the question, we maintained our unusually large guidance window entirely because of the external environment, which just is very dynamic, but we have a clear path build to the upper end of that guidance range.

正如 Ryan 之前所說，相對於這個問題，我們維持我們異常大的指導窗口完全是因為外部環境非常動態，但我們有一條通往該指導範圍上限的清晰路徑。

And as we go through the year, clearly, the upper half becomes more likely and the lower half becomes less likely. We just didn't think it was appropriate so early in the year to adjust the guidance, but we continue to be excited for the prospects of the company. And really, nothing has changed about our understanding of what's possible for the company in the year.

隨著我們度過這一年，很明顯，上半部分變得更有可能，而下半部分變得更不可能。我們只是認為今年年初調整指引不合適，但我們繼續對公司的前景感到興奮。事實上，我們對公司在這一年的可能性的理解沒有任何改變。

We are, in the end, to a large extent, a product-based company, and you can expect some very exciting new products from us in Q2. So please look forward to that.

最後，在很大程度上，我們是一家以產品為基礎的公司，您可以期待我們在第二季度推出一些非常令人興奮的新產品。所以請期待。

Thank you again for joining us. I appreciate it very much. Bye for now.

再次感謝您加入我們。我非常感激。暫時再見。

This concludes today's conference. You may disconnect your lines at this time. Thank you for your participation.

今天的會議到此結束。此時您可以斷開線路。感謝您的參與。