賓士域 (BC) 2023 Q2 法說會逐字稿

Good morning, and welcome to Brunswick Corporation's Second Quarter 2023 Earnings Conference Call. (Operator Instructions). Today's meeting will be recorded. If you have any objections, you may disconnect at this time. I would now like to introduce Neha Clark, Senior Vice President, Enterprise Finance Brunswick Corporation. Please proceed.

早上好，歡迎參加 Brunswick Corporation 2023 年第二季度收益電話會議。 （操作員說明）。今天的會議將被記錄。如果您有任何異議，您可以此時斷開連接。現在我想介紹一下 Neha Clark，Brunswick Corporation 企業融資高級副總裁。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. 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.

早上好，感謝您加入我們。今天早上和我一起參加電話會議的是 Brunswick 首席執行官戴夫·福克斯 (Dave Foulkes)。和首席財務官 Ryan Gwillim。在我們開始準備好的發言之前，我想提醒大家，在這次電話會議中，我們的評論將包括某些有關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。有關需要考慮的這些因素的詳細信息，請參閱我們最近向 SEC 提交的文件和今天的新聞稿。所有這些文件均可在我們的網站 Brunswick.com 上獲取。

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.

在我們的演示中，我們將提及某些非公認會計準則財務信息。本演示文稿的附錄以及今天業績所附未經審計的合併財務報表的調節部分提供了公認會計準則與非公認會計準則財務指標的調節表。

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. Our businesses executed a strong second quarter, benefiting from market share gains, well received new products, solid operational performance and diligent cost control. We delivered $1.7 billion in net sales and adjusted earnings per share of $2.35, including the financial impact of the IT Security Incident, which I'll discuss more in a moment.

謝謝，尼哈，大家早上好。我們的業務在第二季度表現強勁，受益於市場份額的增長、廣受好評的新產品、穩健的運營業績和嚴格的成本控制。我們實現了 17 億美元的淨銷售額和 2.35 美元的調整後每股收益，其中包括 IT 安全事件的財務影響，我稍後將對此進行詳細討論。

Mercury Marine continues to gain market share with the U.S. outboard retail market share up 140 basis points year-to-date versus prior year. While the new boat market continues to face headwinds, there's been relative improvement in recent months, with preliminary June U.S. SSI main powerboat retail turning positive and Brunswick outperforming the market in June and year-to-date.

水星海事繼續擴大市場份額，今年迄今為止，美國舷外機零售市場份額比上年增長了 140 個基點。儘管新船市場繼續面臨阻力，但近幾個月來相對有所改善，美國 SSI 主要動力船零售 6 月初步數據轉為正值，Brunswick 6 月和今年迄今的表現優於市場。

As we move through the core season, Oakfield inventory remains at an appropriate level in most categories. And we closed the second quarter with around 19,000 units in our global pipeline. We are focused on ensuring the pipelines remain healthy, exiting 2023 and going into 2024. Balancing the need for our dealers and other channel partners to carry a good representation of our portfolio at their locations while ensuring that we maintain inventory freshness.

隨著核心季節的到來，奧克菲爾德的大多數類別的庫存仍保持在適當的水平。截至第二季度末，我們的全球管道數量約為 19,000 台。我們的重點是確保管道保持健康，從 2023 年退出到 2024 年。平衡我們的經銷商和其他渠道合作夥伴在其所在地展示我們的產品組合的需求，同時確保我們保持庫存新鮮度。

We generated strong free cash flow of $193 million in the second quarter, resulting in 2023 first half free cash flow coming in $144 million higher than prior year. In addition, we continue to be aggressive with share repurchases, executing $132 million of repurchases year-to-date. We are relentlessly executing our strategic priorities, including advancing our ACES initiatives, investing in new products, progressing our operational excellence goals and implementing structural cost reduction actions across the enterprise.

我們第二季度產生了 1.93 億美元的強勁自由現金流，導致 2023 年上半年自由現金流比上年增加 1.44 億美元。此外，我們繼續積極進行股票回購，今年迄今已執行了 1.32 億美元的回購。我們正在不懈地執行我們的戰略重點，包括推進我們的 ACES 計劃、投資新產品、推進我們的卓越運營目標以及在整個企業內實施結構性成本削減行動。

On June 13, we announced that we've been impacted by an IT Security Incident, which ultimately resulted in second quarter financial results that were lower than initial expectations. The disruption associated with the IT security incident was the most significant in our Propulsion and Engine Parts & Accessories segments. And because of the proximity to the end of the quarter, there was limited opportunity to recover fully within the same period. Within 9 days, the company announced that all primary global manufacturing and distribution facilities were fully operational with no significant residual impacts. We have the opportunity to recover some lost production and distribution across our businesses, which will partially offset lost days in the second quarter.

6 月 13 日，我們宣布受到 IT 安全事件的影響，最終導致第二季度財務業績低於最初預期。與 IT 安全事件相關的中斷在我們的推進系統和發動機零部件領域最為嚴重。而且由於臨近季度末，同期內完全恢復的機會有限。 9 天內，該公司宣布全球所有主要製造和分銷設施均已全面運營，沒有產生重大殘留影響。我們有機會恢復整個業務的一些生產和分銷損失，這將部分抵消第二季度的損失。

However, lost production days on high-horsepower outboard engines will be challenging to recover because the production schedule was already full for the balance of the year. We estimate the financial impact to be approximately $80 million to $85 million of revenue in the quarter and $60 million to $70 million for the full year.

然而，大馬力舷外發動機損失的生產天數將難以恢復，因為今年剩餘時間的生產計劃已經排滿。我們估計，本季度的財務影響約為 8000 萬至 8500 萬美元，全年的財務影響約為 6000 萬至 7000 萬美元。

I'll turn now to some of the segment highlights that facilitated a solid second quarter. Prior to the disruption from the IT Security Incident, our high-horsepower outboard engine production ramp-up was progressing and has since resumed, allowing us to increase shipments to repower customers and OEM partners. Mercury Marine continues to expand outboard Propulsion and retail market share around the globe. Demonstrating the strength of our comprehensive Propulsion product portfolio.

現在我將討論一些促成第二季度業績強勁的細分市場亮點。在 IT 安全事件造成中斷之前，我們的大馬力舷外發動機生產正在穩步推進，並已恢復生產，使我們能夠增加出貨量，為客戶和 OEM 合作夥伴提供動力。水星海事繼續擴大全球舷外推進和零售市場份額。展示我們全面的推進產品組合的實力。

During the quarter, we launched the Mercury Racing 500R outboard, shift the first model in our Avator Electric outboard lineup to global customers and announced that we've begun serial production of the next 2 models. Our Engine Parts & Accessories businesses performed as expected, reflecting anticipated sales and earnings declines versus a record second quarter of 2022, although sales were up 12% versus the second quarter of 2019. Second quarter sales in the U.S. products portion of the business were near flat to Q2 2022, reflecting strong sales growth exiting the quarter. We continue to progress the transition to the new Brunswick, Indiana distribution center. However, sales in the distribution portion of the business were down versus 2022, as dealers and retailers continue to hold lower levels of inventory, although turns have improved into the season.

本季度，我們推出了 Mercury Racing 500R 舷外機，將 Avator Electric 舷外機系列中的第一個型號轉移給全球客戶，並宣布我們已開始批量生產接下來的 2 個型號。我們的發動機零部件和配件業務表現符合預期，反映出與 2022 年第二季度創紀錄水平相比，預期銷售額和收益有所下降，儘管銷售額較 2019 年第二季度增長了 12%。該業務的美國產品部分第二季度銷售額接近與 2022 年第二季度持平，反映出本季度銷售強勁增長。我們繼續推進向印第安納州新布倫瑞克配送中心的過渡。然而，儘管本季度的周轉率有所改善，但由於經銷商和零售商繼續持有較低水平的庫存，該業務分銷部分的銷售額較 2022 年有所下降。

As foreseen, Navico Group posted lower second quarter sales versus 2022, as stocking pressure by some retail channel partners continued, but with improving trends in many retailers in the latter part of the period. Our recently launched products, including the Lowrance HDS Pro fishfinder and Simrad Halo radar are performing very well in the market. Additionally, restructuring actions were accelerated, generating lower operating expenses versus prior year.

正如預期的那樣，Navico Group 公佈的第二季度銷售額較 2022 年有所下降，原因是一些零售渠道合作夥伴的庫存壓力持續存在，但許多零售商的趨勢在該時期後期有所改善。我們最近推出的產品，包括 Lowrance HDS Pro 探魚器和 Simrad Halo 雷達，在市場上表現非常出色。此外，重組行動加快，運營費用較上年有所下降。

Finally, our Boat business delivered double-digit adjusted operating margins for the fifth consecutive quarter despite increased promotions and discounting on select product lines and June retail continued the strengthening upward trend. Freedom Boat Club continues to experience strong same-store membership sales growth on a sequential basis and now has 400 locations and nearly 57,000 membership agreements covering 90,000 members network-wide, all while generating exceptionally strong synergy sales across our Marine portfolio.

最後，儘管特定產品線的促銷和折扣有所增加，而且 6 月份零售業繼續強勁的上升趨勢，但我們的船舶業務連續第五個季度實現了兩位數的調整後營業利潤率。 Freedom Boat Club 的同店會員銷售持續強勁增長，目前擁有 400 個地點和近 57,000 份會員協議，涵蓋整個網絡的 90,000 名會員，同時在我們的海洋產品組合中產生了異常強勁的協同銷售。

Shifting to external factors. Higher interest rates and prices continue to be a headwind for buyers, particularly of smaller product with boat loan rates recently exceeding 9%. Wildfires have also impacted an already softer Canadian retail market. From a dealer perspective, sentiment remains cautious. And while inventory levels for Brunswick's channel partners are healthy, dealers are proceeding with some caution and carefully monitoring sales as they plan replenishment. Discounting and promotional activity is close to or at 2019 levels and is being successful in supporting retail in the height of the selling season. Our internal Boat sentiment surveys suggests boating participation remains above prior year, with Google search trends on terms related to boating also improving in June.

轉向外部因素。較高的利率和價格仍然對買家構成阻力，特別是對於最近船貸款利率超過 9% 的小型產品。野火還影響了本已疲軟的加拿大零售市場。從經銷商角度來看，情緒依然謹慎。儘管 Brunswick 渠道合作夥伴的庫存水平保持健康，但經銷商在計劃補貨時仍謹慎行事，並仔細監控銷售情況。折扣和促銷活動接近或等於 2019 年的水平，並成功地支持了銷售旺季的零售業。我們的內部船舶情緒調查顯示，划船參與度仍高於去年，谷歌搜索與划船相關術語的趨勢在 6 月份也有所改善。

In addition, Brunswick's Ripl boating online community has now grown to more than 10,000 members. The positive retail numbers and peak season are very welcome. However, we do not see the fundamental pressures on consumers, driven by elevated interest rates and higher prices easing in the short term. So we are taking a very balanced approach to production planning while maintaining flexibility.

此外，Brunswick 的 Ripl 划船在線社區現已發展到擁有 10,000 多名成員。積極的零售數據和旺季非常受歡迎。然而，我們認為短期內利率上升和物價上漲對消費者造成的基本壓力不會緩解。因此，我們在保持靈活性的同時，對生產計劃採取了非常平衡的方法。

Shifting to a global view of revenue. Overall, we saw a 7% sales decline on a constant currency basis, excluding acquisitions, including the impact of the IT Security Incident. Year-to-date, the U.S. market is showing relative strength versus international markets, with sales flat to 2022. From an industry view, U.S. SSI main powerboat second quarter retail unit sales improved sequentially from the first quarter. The main powerboat segment was down 6% versus the second quarter of 2022. However, preliminary June U.S. SSI was 2% above prior year. Brunswick performed better than industry relative to both periods, picking up share through strong performance by our premium fiberglass and aluminum brands, supported by planned promotions and marketing of select product lines.

轉向全球收入視角。總體而言，按固定匯率計算，銷售額下降了 7%，不包括收購，包括 IT 安全事件的影響。今年迄今為止，美國市場相對於國際市場表現出相對強勢，到2022年銷量持平。從行業角度來看，美國SSI主要動力艇第二季度零售單位銷量較第一季度環比有所改善。與 2022 年第二季度相比，主要動力船細分市場下降了 6%。不過，6 月份美國 SSI 初步數據比去年同期增長了 2%。相對於這兩個時期，Brunswick 的表現均優於行業，在精選產品線的計劃促銷和營銷支持下，我們的優質玻璃纖維和鋁品牌的強勁表現提高了市場份額。

Outboard engine industry data was down 6% in the second quarter versus prior year. Mercury continues to outperform the industry with second quarter share now above 50%, reflecting retail share gains of 530 basis points in the 115 above horsepower outboard engine categories. We continue to manage inventory levels closely through the season. As we look at end of quarter pipelines, we see unit inventory levels recovered versus recent years, but still below the pre-COVID level in 2019, particularly for premium product lines. As we look at the number of units in the pipeline on a Boat per dealer basis, we see approximately 75% of our dealers with inventory levels less than or equal to 2019.

第二季度舷外發動機行業數據較去年同期下降 6%。 Mercury 的表現繼續優於行業，第二季度的份額目前超過 50%，反映出 115 馬力以上舷外發動機類別的零售份額增長了 530 個基點。我們在整個季節繼續密切管理庫存水平。當我們觀察季度末的管道時，我們發現單位庫存水平較近年來有所回升，但仍低於 2019 年新冠疫情前的水平，特別是對於高端產品線。當我們以每個經銷商的船隻為基礎查看管道中的單位數量時，我們發現大約 75% 的經銷商的庫存水平低於或等於 2019 年。

Moving on to recent new products and innovation. As I mentioned earlier, we recently launched the Mercury Racing 500R, which delivers high performance for fast luxury sport boats and is incredibly light, weighing only 720 pounds. The 500R replaces the 450R and joins the Mercury Racing high horsepower lineup, but already includes the 300R and in new 400R. Earlier this year, we launched the award-winning 7.5e Mercury Avator Electric outboard. We've now produced around 2,000 units, and we have strong orders from around the globe.

繼續討論最近的新產品和創新。正如我之前提到的，我們最近推出了 Mercury Racing 500R，它為快速豪華運動船提供高性能，而且重量極輕，僅重 720 磅。 500R 取代 450R 並加入 Mercury Racing 高馬力陣容，但已包括 300R 和新的 400R。今年早些時候，我們推出了屢獲殊榮的 7.5e Mercury Avator Electric 舷外機。我們現在已經生產了大約 2,000 台，並且有來自全球各地的大量訂單。

We recently announced the beginning of serial production for the next 2 models in the Avator lineup, the 20e and 35e, which we expect to begin shipping to customers at the end of the summer. The launch of the 500R and the production of the new Avator models reinforce our intention to be the industry leader in both internal combustion and electric propulsion.

我們最近宣布開始批量生產 Avator 系列中的下兩個型號：20e 和 35e，我們預計將在夏末開始向客戶發貨。 500R 的推出和新 Avator 車型的生產強化了我們成為內燃機和電力推進行業領導者的決心。

Navico Group continues to release exciting new products, but also software upgrades, facilitated by the flexible Android-based software architecture deployed on its newest products and reinforcing the increasing importance of software and content upgrades as new sources of revenue and value creation for our business. Freedom Boat Club continues to expand rapidly, recently announcing its 400th location globally, which is located in Jupiter, Florida. We've added an average of around one Freedom location per week since the acquisition in 2019, including 40 international locations. We're also continuing to build out the Freedom ecosystem. Including successfully expanding our Boat (inaudible) pre on Boat business with takes Boats from Freedom, refurbishes them and resell them into the preowned market.

Navico Group 繼續發布令人興奮的新產品以及軟件升級，這得益於其最新產品上部署的靈活的基於 Android 的軟件架構，並強化了軟件和內容升級作為我們業務新的收入和價值創造來源的日益重要性。自由船俱樂部繼續快速擴張，最近宣布其全球第 400 個地點位於佛羅里達州朱庇特。自 2019 年收購以來，我們平均每週增加約 1 個 Freedom 網點，其中包括 40 個國際網點。我們還在繼續構建 Freedom 生態系統。包括成功擴大我們的船（聽不清）預船業務，從 Freedom 獲取船隻，翻新它們並將其轉售到二手市場。

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

我現在將把電話轉給瑞安，就我們的財務業績和前景提供更多評論。

Thanks, Dave, and good morning, everyone. As previewed last week, Brunswick delivered a solid quarter despite the impact of the June IT Security Incident. When compared to prior year, second quarter net sales were down 7% and adjusted EPS of $2.35 decreased 17%. Net sales benefited from pricing implemented in previous quarters and new product performance, offset by lower production and shipments resulting from the IT Security Incident primarily in the Propulsion and Engine P&A segments and softer market conditions in value Boat and lower horsepower engine markets.

謝謝戴夫，大家早上好。正如上週預覽的那樣，儘管受到 6 月 IT 安全事件的影響，Brunswick 仍實現了穩健的季度業績。與去年同期相比，第二季度淨銷售額下降 7%，調整後每股收益 2.35 美元，下降 17%。淨銷售額受益於前幾個季度實施的定價和新產品性能，但被主要在推進和發動機 P&A 領域的 IT 安全事件導致的產量和出貨量下降以及價值船和低馬力發動機市場的疲軟市場狀況所抵消。

Adjusted operating earnings and margins were impacted by lower sales and slightly higher input costs versus the second quarter of 2022, but were partially offset by benefits from prudent cost containment efforts across the organization.

與 2022 年第二季度相比，銷售額下降和投入成本略有上升，調整後的營業收入和利潤率受到影響，但部分被整個組織審慎的成本控制工作帶來的收益所抵消。

Lastly, we had strong free cash flow generation in the quarter of $193 million primarily due to stronger working capital generation, resulting in free cash flow conversion of 116% in the quarter. Year-to-date results also remained solid despite a slightly softer marine retail market and the impacts of the IT Security Incident. Sales are down slightly from the record first half 2022 with the resilience in adjusted operating margin and EPS resulting from prudent operating expense control across the company, steady gross margin performance and in the case of adjusted EPS continued aggressive share repurchase activity. You'll also note that each measure is greatly improved versus 2019, a testament to our continued successful portfolio management, operational excellence and capital strategy execution.

最後，我們在本季度實現了 1.93 億美元的強勁自由現金流，這主要是由於營運資金生成能力增強，導致本季度自由現金流轉換率為 116%。儘管海運零售市場略有疲軟以及受到 IT 安全事件的影響，但年初至今的業績仍保持穩健。由於整個公司審慎的運營費用控制、穩定的毛利率表現以及調整後的每股收益持續積極的股票回購活動，調整後的營業利潤率和每股收益具有彈性，銷售額較 2022 年上半年創紀錄的水平略有下降。您還會注意到，每項指標均較 2019 年有了很大改進，這證明了我們持續成功的投資組合管理、卓越運營和資本戰略執行。

Now we'll look at each reporting segment, starting with our Propulsion business, which delivered resolute sales and earnings despite being the segment most impacted by the IT Security Incident in the quarter. Revenue decreased 4% versus the second quarter of 2022 as benefits from pricing, favorable product mix related to continued strong high horsepower outboard engine demand and higher sales to repower customers were offset by the impact of production stoppages and planned reductions in lower horsepower outboard engine and stern drive engine sales and production.

現在，我們將研究每個報告部門，從我們的推進業務開始，儘管該部門是本季度受 IT 安全事件影響最嚴重的部門，但仍實現了穩定的銷售和收益。與 2022 年第二季度相比，收入下降了 4%，原因是定價帶來的好處、與持續強勁的高馬力舷外發動機需求相關的有利產品組合以及為客戶提供動力的更高銷售額，被停產和計劃減少低馬力舷外發動機和發動機的影響所抵消。艉驅動發動機的銷售和生產。

Adjusted operating margins in the quarter were down 300 basis points as lower sales, higher input costs and the timing related to capitalized inventory variances, which you'll remember was an equal benefit in the first quarter, offset very aggressive cost control. Production output of high horsepower engines continues to improve, which should enable second half sales growth.

本季度調整後的營業利潤率下降了 300 個基點，原因是銷售額下降、投入成本上升以及與資本化庫存差異相關的時間安排（您會記得，第一季度的收益同樣如此）抵消了非常積極的成本控制。大馬力發動機產量持續提高，預計下半年銷量將實現增長。

The Engine Parts & Accessories business delivered a steady quarter, with sales down 13% versus 2022, but up 12% over the second quarter of 2019. Sales in our U.S. products business decreased by 8.5%, but would have been essentially flat versus the second quarter of 2022, absent the IT Security Incident. Sales in our distribution businesses and international markets remained below prior year. Adjusted operating earnings and margins decreased due to the same factors, together with slight increases in input costs and the carryover of start-up costs related to the newly opened BROWNSBURG distribution center, which collectively offset benefits from cost control measures. Note that July orders in the products business continued to trend positive as boat usage remains strong.

發動機零部件業務季度業績穩定，銷售額較 2022 年下降 13%，但較 2019 年第二季度增長 12%。美國產品業務銷售額下降 8.5%，但與第二季度基本持平2022 年第四季度，沒有發生 IT 安全事件。我們的分銷業務和國際市場的銷售額仍低於去年同期。由於同樣的因素，調整後的營業利潤和利潤率有所下降，加上投入成本略有增加，以及與新開設的布朗斯堡配送中心相關的啟動成本結轉，這些都抵消了成本控制措施帶來的好處。請注意，由於船舶使用量依然強勁，7 月份產品業務訂單繼續呈現積極趨勢。

Navico Group reported a sales decrease of 20%, driven by lower orders versus a very strong second quarter of 2022, together with slow recovery of RV OEM production, partially offset by strong new product performance. Segment operating earnings declined as a result of the lower sales and slightly elevated input costs, partially offset by accelerated cost reduction actions and reorganization efforts. Note that adjusted operating margins improved sequentially by 40 basis points versus the first quarter with second half operating margins anticipated to exceed first half performance.

Navico Group 報告稱，銷售額下降了 20%，原因是訂單減少（與 2022 年第二季度的強勁表現相比），以及房車 OEM 生產緩慢復甦，但強勁的新產品表現部分抵消了這一影響。由於銷售額下降和投入成本略有上升，部門營業利潤下降，但部分被加速的成本削減行動和重組努力所抵消。請注意，調整後的營業利潤率比第一季度連續提高了 40 個基點，下半年的營業利潤率預計將超過上半年的表現。

As we look to the remainder of the year, orders for the aftermarket channel, which represents 2/3 of Navico Group sales are showing strength versus the back half of 2022, as retailer inventories are more normalized versus this time last year and sell-through demand continues to be solid. We believe this tailwind will help offset potential lag in Marine OEM and RV orders as wholesale production in these areas are slower as manufacturers and dealers monitor inventory levels late in the season.

展望今年剩餘時間，佔 Navico Group 銷售額 2/3 的售後渠道訂單與 2022 年下半年相比表現強勁，因為零售商庫存與去年同期相比更加正常化，而且銷售量也更加正常化需求持續強勁。我們相信，這一順風將有助於抵消船舶原始設備製造商和房車訂單的潛在滯後，因為製造商和經銷商在本季末監控庫存水平，這些地區的批發生產放緩。

Our Boat segment had another strong quarter, delivering steady top line and slight earnings growth together with double-digit adjusted operating margins for the fifth straight quarter. The $62.5 million of adjusted operating earnings in the second quarter is the highest earnings achieved in any quarter in Boat Group history. The Boat segment reported a 1% decrease in sales due to the favorable impact of prior year pricing actions and favorable mix towards premium products being offset by lower shipments of value products and higher discount levels, which are still within expectations. Adjusted operating earnings growth was enabled by the above factors coupled with share gains and sustained operational productivity gains.

我們的船舶部門又一個強勁的季度，實現了穩定的營收和輕微的盈利增長，以及連續第五個季度實現兩位數的調整後營業利潤率。第二季度調整後營業利潤為 6250 萬美元，是 Boat Group 歷史上任何季度實現的最高盈利。船舶部門的銷售額下降了 1%，這是由於去年定價行動和優質產品的有利組合所產生的有利影響被有價值產品出貨量的減少和折扣水平的提高所抵消，而這些仍然在預期之內。調整後營業利潤的增長得益於上述因素，加上股票收益和持續的運營生產力提高。

Freedom Boat Club, which is included in business acceleration, contributed approximately 7% of the Boat segment's revenue during the quarter. Our updated 2023 outlook matches our preliminary outlook shared last week. We are reiterating our full year adjusted EPS guide of approximately $9.50 with revenue of between $6.7 billion and $6.8 billion and adjusted operating margins of approximately 14.5%. We continue to see positive free cash flow conversion and working capital trends and still anticipate generating more than $375 million of free cash flow for the year. Finally, we anticipate a solid third quarter where revenue should be flat to slightly below Q3 of 2022 and adjusted EPS of between $2.35 and $2.45.

包含在業務加速中的自由船俱樂部在本季度貢獻了船舶部門收入的約 7%。我們更新後的 2023 年展望與上週分享的初步展望相符。我們重申全年調整後每股收益約為 9.50 美元，收入在 67 億至 68 億美元之間，調整後營業利潤率約為 14.5%。我們繼續看到積極的自由現金流轉換和營運資金趨勢，並仍然預計今年將產生超過 3.75 億美元的自由現金流。最後，我們預計第三季度將表現穩健，收入將持平至略低於 2022 年第三季度，調整後每股收益將在 2.35 美元至 2.45 美元之間。

This slide provides additional clarity on the components of our updated EPS guidance. The midpoint of our prior EPS guidance range was $10.25. The components to get to our updated guidance of approximately 950 are with each of the following being estimates, $0.35 of loss in nonrecoverable earnings related to the IT Security Incident primarily related to the downtime of high horsepower outboard engine production and missed Engine P&A sales in the middle of the Marine retail season, $0.65 related to channel and market dynamics, where despite the U.S. retail market being only slightly worse than our initial expectations. Channel partners across our businesses are being cautious regarding pipeline refill given the uncertain macroeconomic environment and continued pressure on consumers domestically and in many international markets.

這張幻燈片進一步明確了我們更新的 EPS 指南的組成部分。我們之前每股收益指導範圍的中點為 10.25 美元。達到我們約 950 個更新指導的組成部分均經過估計，與 IT 安全事件相關的不可恢復收益損失為 0.35 美元，主要與高馬力舷外發動機生產的停機以及錯過的發動機 P&A 銷售有關。海洋零售季中期，0.65 美元與渠道和市場動態相關，儘管美國零售市場僅比我們最初的預期稍差一些。鑑於宏觀經濟環境的不確定性以及國內和許多國際市場消費者的持續壓力，我們各業務部門的渠道合作夥伴對管道補給持謹慎態度。

As we're working toward the end of the prime retail season in Northern climates we anticipate slower channel fill in the back half of 2023 in the face of these pressures and in uncertain 2024.

隨著我們努力爭取北方氣候的主要零售季節結束，我們預計，面對這些壓力和不確定的 2024 年，2023 年下半年渠道填充速度將放緩。

Specific examples may include Boat dealers taking fewer value boats at the end of the season, Boat OEMs being satisfied with their ability to get 150-horsepower and under engine product and having sufficient supply to satisfy late-season boat orders and the marine dealers and retailers restocking Parts and Accessories at a more reserved pace. And lastly, a $0.25 benefit from strong OpEx control, including acceleration of planned Navico Group integration and restructuring activities, benefits from new products and lower share count resulting from aggressive repurchases. Note that in an adjusted EPS of $9.50 would still be 15% higher than any result in Brunswick history aside from 2022.

具體示例可能包括船舶經銷商在季末購買的價值船舶較少、船舶 OEM 對其獲得 150 馬力和發動機不足的產品的能力感到滿意，並有足夠的供應來滿足季末船舶訂單，以及船舶經銷商和零售商以更加保留的速度補充零件和配件。最後，強大的運營支出控制帶來了 0.25 美元的收益，包括加速計劃中的 Navico Group 整合和重組活動、新產品帶來的收益以及積極回購帶來的股份數量減少。請注意，調整後的每股收益為 9.50 美元，仍比不倫瑞克歷史上除 2022 年以外的任何結果高出 15%。

Lastly, we have a small handful of full year assumptions that we have updated. First, given our strong cash performance and continued Brunswick share price dislocation we are increasing our repurchase target to exceed $250 million of repurchases for the full year. Accordingly, our average diluted shares outstanding should be slightly lower for the year at 70.5 million shares. We're also seeing a slightly better foreign currency environment as it relates to our global businesses and now anticipate a full year headwind of approximately $30 million. Please see the appendices of this presentation for additional information on other P&L and balance sheet assumptions for the year, which have not materially changed.

最後，我們更新了一些全年假設。首先，鑑於我們強勁的現金表現和 Brunswick 股價的持續混亂，我們將全年回購目標提高到超過 2.5 億美元。因此，我們今年攤薄後的平均已發行股數應略低至 7,050 萬股。我們還看到外匯環境略有好轉，因為它與我們的全球業務相關，目前預計全年逆風約為 3000 萬美元。有關本年度其他損益表和資產負債表假設的更多信息，請參閱本演示文稿的附錄，這些假設並未發生重大變化。

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

我現在將把電話轉回給戴夫進行總結髮言。

Thanks, Ryan. Before we close out, I want to share an update on some recent awards and recognition for our company, brands, products and people. We recently issued our sustainability report, and we're delighted to be named by USA today to the inaugural list of America's Climate Leaders for 2023. We were among the 400 companies that made the final list out of the 2,000 considered. Brunswick was also named to the U.S. News & World Reports list of Best Companies to Work for, for 2023, '24. We finished in the top 10 of all companies in the categories of best companies for work-life balance and quality of pay.

謝謝，瑞安。在結束之前，我想分享一下最近獲得的一些獎項以及對我們公司、品牌、產品和人員的認可的最新情況。我們最近發布了可持續發展報告，我們很高興被《今日美國》提名為 2023 年美國首份氣候領導者名單。我們是從 2,000 家公司中脫穎而出的 400 家公司之一，進入最終名單。 Brunswick 還被《美國新聞與世界報導》評為 2023 年“24 年最佳工作公司”名單。我們在工作與生活平衡和薪酬質量最佳公司類別中名列前十。

Mercury recently won four iF design awards for its new products including 2 awards for the Avator 7.5e and one each for our V10 and V12 outboard engines. The iF Design Awards are one of the most prestigious international design awards crossing all business sectors. In May, Brunswick received a record 11 2023 top product awards from Boating Industry magazine recognizing innovative industry-leading new products from Mercury Marine, Brunswick Boat Group and Navico Group; and four Brunswick female leaders were named by Boating Industry Magazine to its 2023 list of Women Making Waves, marking the second consecutive year that four of our outstanding women leaders have featured on the list.

Mercury 最近因其新產品贏得了四項 iF 設計獎，其中 Avator 7.5e 榮獲 2 項大獎，V10 和 V12 舷外發動機各榮獲一項。 iF 設計獎是跨所有商業領域最負盛名的國際設計獎項之一。 5 月，Brunswick 榮獲《船舶工業》雜誌頒發的創紀錄的 11 項 2023 年頂級產品獎，表彰來自 Mercury Marine、Brunswick Boat Group 和 Navico Group 的創新型行業領先新產品；不倫瑞克省的四位女性領導人被《划船工業雜誌》提名為 2023 年“掀起波瀾的女性”名單，這標誌著我們的四位傑出女性領導人連續第二年上榜。

Before I close, I'd like to remind you about our Investor and Analyst Day event on September 18, 2023, at the New York Stock Exchange which will be followed by an opportunity to experience exciting new products and technologies from across our businesses on the water as well as meet with members of our management team.

在結束之前，我想提醒您有關 2023 年 9 月 18 日在紐約證券交易所舉行的投資者和分析師日活動，隨後您將有機會體驗我們各業務部門令人興奮的新產品和技術水以及與我們的管理團隊成員會面。

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

感謝您加入通話。我們準備好的發言到此結束。我們現在將開通提問熱線。

(Operator Instructions) Our first question comes from James Hardiman with Citi.

（操作員說明）我們的第一個問題來自花旗銀行的 James Hardiman。

Obviously, what -- it sounds like you're trying to take us down the path of, and I think a lot of people are trying to do the math of how much of the revised guidance is the IT incident and how much is sort of what's going on in the channel, and you've got some good slides in the deck that help us with that.

顯然，聽起來您正試圖讓我們走上這條道路，我認為很多人都在嘗試計算修訂後的指南中有多少是 IT 事件，有多少是 IT 事件。頻道中正在發生什麼，並且您在甲板上有一些很好的幻燈片可以幫助我們。

I guess maybe if we think about the outlook on a segment-by-segment basis, right? You guys have got the slide where we sort of go through what you're assuming for sales and operating margins for each of those segments, each of them looks to be down versus the previous guide. I guess maybe walk us through what's IT and what's not IT in those segments. I feel like I can comfortably say that the Propulsion piece on one end of the spectrum is almost all IT, whereas the Boat piece on the other end of the spectrum, it seems like it's more demand and market dynamics. But maybe walk us through how to think about those various items.

我想也許如果我們逐個部門地考慮前景，對嗎？你們已經看到了幻燈片，我們在其中對每個細分市場的銷售和營業利潤率進行了假設，每個細分市場看起來都比之前的指南有所下降。我想也許可以引導我們了解這些細分市場中什麼是 IT，什麼不是 IT。我覺得我可以輕鬆地說，推進部分幾乎都是 IT，而船舶部分則更多是需求和市場動態。但也許可以引導我們了解如何思考這些不同的項目。

Thanks, James. Thanks for the question. Yes, I think the -- as you mentioned, certainly, Mercury was impacted by the IT incident most. And the issue there, as we mentioned, is recovery -- our ability to recover high horsepower. I think you -- I think there was some kind of questions earlier in the year about whether Mercury could continue to gain market share, but you saw even on a rolling 3 basis, we're above 50% market share now. So demand, particularly for high horsepower remains high. So our ability to recover that may be limited. Obviously, we'll be doing what we can. We're not counting on it.

謝謝，詹姆斯。謝謝你的提問。是的，我認為——正如您所提到的，水星當然受到 IT 事件的影響最大。正如我們提到的，那裡的問題是恢復——我們恢復高馬力的能力。我認為今年早些時候存在一些關於 Mercury 能否繼續獲得市場份額的問題，但您看到，即使在滾動 3 的基礎上，我們現在的市場份額也超過 50%。因此，需求，特別是對大馬力的需求仍然很高。因此，我們恢復的能力可能有限。顯然，我們會盡力而為。我們不指望它。

Broadly on P&A, we continue to see, I think, more modest spending. We didn't really talk about this much on a regional basis, but I would say it's probably overall better in the U.S. and slightly weaker in some of the international markets. In Navico in particular, though, although we said that Navico was not one of the most impacted areas in -- by the security instant, we noted about $15 million of revenue impact on other segments. The majority of that was Navico. So Navico was about $12 million, $13 million of revenue and associated earnings in the quarter. Navico continues also to be impacted by the slow recovery of RV, that's probably about another $15 million of top line there for Navico.

我認為，總體而言，在 P&A 方面，我們繼續看到支出更加溫和。我們並沒有真正在區域基礎上討論這麼多，但我想說，美國的整體情況可能更好，而一些國際市場的情況則稍弱。不過，特別是在 Navico，雖然我們說 Navico 並不是安全時刻受影響最嚴重的地區之一，但我們注意到對其他細分市場的收入影響約為 1500 萬美元。其中大部分是 Navico。因此，Navico 本季度的收入和相關收益約為 1200 萬美元、1300 萬美元。 Navico 還繼續受到 RV 緩慢復甦的影響，這可能會給 Navico 帶來大約 1500 萬美元的收入。

Our Boat Group is really about inventory restocking patterns. As you mentioned earlier, we're going to be extremely disciplined. We have been extremely disciplined. I think the first half of Boat Group has been extraordinarily strong. Margins have held up really well. As we -- if you look at Q3 last year though, for Boat Group, it was pretty strong. Margins held up reasonably well. Q3 is generally a weaker quarter for boats overall because of shutdowns, but we'll be reducing production in Q3 to try and make sure that we don't build inventory as we go into the back half. So yes, both group is certainly a response to normalization of inventory levels.

我們的船舶集團實際上是關於庫存補貨模式的。正如您之前提到的，我們將非常遵守紀律。我們一直非常遵守紀律。我認為船隊上半年表現異常強勁。利潤率一直保持得很好。對於我們來說，如果你看看去年第三季度，對於 Boat Group 來說，它相當強勁。利潤率保持得相當不錯。由於停工，第三季度總體上是船舶整體疲軟的季度，但我們將減少第三季度的產量，以確保我們不會在進入後半段時建立庫存。所以，是的，這兩個群體肯定是對庫存水平正常化的反應。

Got it. And then just as a follow-up, maybe to that last point and what's happening in the Boat Group? I mean, it's interesting. It's kind of it's interesting because it feels like we've seen better industry numbers in the place than we've seen in some time. But maybe tease out how much of the Boat Group guide down is actual demand, right? I mean it seems like maybe the industry is now a little bit worse than you thought versus how you think about weeks on hand to finish the year.

知道了。然後作為後續行動，也許到最後一點，船組發生了什麼？我的意思是，這很有趣。這很有趣，因為感覺我們在這個地方看到的行業數據比我們一段時間以來看到的要好。但也許可以弄清楚船組指南中有多少是實際需求，對吧？我的意思是，與您對今年結束時間的預期相比，這個行業現在的情況可能比您想像的要糟糕一些。

I guess I should read into this that you think the channel is going to be leaner than you initially thought or is maybe there is some of this that we're not seeing maybe other brands are higher and so dealers are scaling back on everybody despite the fact that these guys seem to be in an okay inventory position.

我想我應該讀到這一點，你認為這個渠道會比你最初想像的更精簡，或者可能有一些我們沒有看到的，也許其他品牌更高，所以經銷商正在縮減每個人的規模，儘管事實上，這些傢伙的庫存狀況似乎還不錯。

Yes, it's a good question. I understand how our -- how those are slightly contrarian kind of indicators. I think this is kind of not just about the year 2023 and 2024. It's a bit about the shape of the year, kind of 2023 and 2024. The overall year-to-date retail is trending a bit more towards where we thought it would be earlier in the year and what we indicated it would be. But kind of at the lower end of that, I would say.

是的，這是一個好問題。我理解我們的指標是如何稍微逆向的。我認為這不僅僅是關於 2023 年和 2024 年。這與 2023 年和 2024 年的形狀有關。今年迄今為止的整體零售業趨勢更接近我們認為的方向是在今年早些時候，正如我們所指出的那樣。但我想說的是，這還處於低端。

That said then, I think some other people thought the market might be. But because of high interest rates and because of dealer inventory levels and carrying costs, I think what we're expecting is that there is not a high incentive to carry a lot of inventory through the back half of the year. I think customers probably in towards the end of the season are going to be less willing to buy a boat and pay the interest fees through several months in the northern market, where they might not be using the boat, especially if they believe that boat availability is going to be better in the early part of 2024.

也就是說，我認為其他一些人認為市場可能是這樣。但由於高利率以及經銷商庫存水平和持有成本，我認為我們預計下半年不會有很高的動機持有大量庫存。我認為，在季節末期，客戶可能不太願意在北方市場購買船隻並支付幾個月的利息費用，因為他們可能不會使用船隻，特別是如果他們認為船隻可用的話2024年初會更好。

In terms of inventory levels, I think there are quite a number of things for us to think about. One is the unit level on an aggregate basis, another is the unit level by dealer. What we tried to show in that kind of histogram was our dealers are not over-inventoried at all by historical standards. In fact, 75% are below at our 2019 levels. And we do need them to keep a representation of -- a good representation of our portfolio. But I think they are feeling the higher dollar value of the inventory. That's certainly a consideration for them. And they are cautious on the customer, I think. So I think we're going to hit a reasonable spot where we get good portfolio representation, but don't have dealers carrying what they believe are excess amounts of inventory.

從庫存水平來看，我認為有很多事情值得我們思考。一種是總體單位水平，另一種是按經銷商單位水平。我們試圖在這種直方圖中顯示的是，按照歷史標準來看，我們的經銷商的庫存根本沒有過剩。事實上，75% 的水平低於 2019 年的水平。我們確實需要他們保留我們投資組合的良好代表。但我認為他們感受到了庫存的更高美元價值。這當然是他們的考慮因素。我認為他們對客戶很謹慎。因此，我認為我們將達到一個合理的水平，即我們獲得良好的投資組合代表性，但經銷商不會持有他們認為過多的庫存。

In terms of weeks on hand, that's probably going to be in the U.S., 35 to 40, maybe 35 plus, which should be roughly at a historical level on a kind of weeks-on-hand basis, but lower on a unit basis than kind of pre-COVID. So not sure if I exactly answered your question, but those are some of the considerations as we think about the back half of the year. We're very pleased with the performance of the Boat Group. I think the benefit of new models, the cost control, expense control restructuring that we've done in the Boat Group is really paying dividends. But we just want to set ourselves up for a successful 2024.

就現有周數而言，美國可能會是 35 到 40 週，甚至可能超過 35 週，按現有周數計算，這應該大致處於歷史水平，但按單位計算要低於有點像新冠疫情之前。所以不確定我是否準確回答了你的問題，但這些是我們考慮今年下半年的一些考慮因素。我們對船隊的表現非常滿意。我認為新模式的好處、我們在船舶集團所做的成本控制、費用控制重組確實帶來了紅利。但我們只想為 2024 年的成功做好準備。

And Dave, the one thing I'd add is we are outperforming the market as a whole and taking share in fiberglass outboard [Fathom] fish. So in terms of James' question on vis-a-vis the other manufacturers, we feel like we're more than holding our own.

戴夫，我要補充的一件事是，我們的表現優於整個市場，並在玻璃纖維舷外 [Fathom] 魚方面佔據份額。因此，就詹姆斯關於其他製造商的問題而言，我們覺得我們不僅僅是堅持自己的立場。

That makes a ton of sense. And maybe just to clarify, I apologize, I'm going to sneak in one more here. But just to clarify, Dave's point on carrying costs and consumers maybe being hesitant in the off-season. That kind of sounds like a cautious or a bearish outlook as we think about retail into the fourth quarter. Is that the way I should read that?

這很有道理。也許只是為了澄清，我道歉，我將在這裡再偷偷地講一講。但需要澄清的是，戴夫關於承擔成本和消費者在淡季可能會猶豫不決的觀點。當我們考慮第四季度的零售業時，這聽起來像是一種謹慎或悲觀的前景。我應該這樣讀嗎？

I wouldn't say it's particularly bearish, I'll be honest with you, James, because by the time we get to the fourth quarter, we're looking at 10% of total retail. We're already at 70% of retail for the season. So I think these relatively small number issues from the consumer perspective, obviously, consumer drug retail, more of a consideration from a wholesale perspective with, I think, dealers being cautious.

我不會說這是特別悲觀的，詹姆斯，我對你說實話，因為到第四季度時，我們的目標是零售總額的 10%。本季零售額已達 70%。所以我認為這些相對較小的數字問題是從消費者的角度來看的，顯然，消費藥品零售，更多的是從批發的角度考慮，我認為經銷商是謹慎的。

Thank you. Our next question comes from Mike Swartz with Truist Securities.

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

Maybe just a broader question on affordability and how you think about that, particularly on the Boat side of the business going forward. Obviously, there's a lot of concerns near term with interest rates and affordability. But in terms of your pricing strategy for model year '24 and I guess, longer term, how do you think about turning that or moving that more in favor of the consumer, I guess, if you do it all.

也許只是一個關於負擔能力以及您如何看待這個問題的更廣泛的問題，特別是在未來業務的船舶方面。顯然，近期人們對利率和承受能力存在很多擔憂。但就你的 24 年車型的定價策略而言，我想，從長遠來看，你如何考慮改變這一策略，或者讓其更有利於消費者，我想，如果你做到了這一切。

Yes, we had pretty modest price increases in 2024, like in the 3% to 4% range was typical across. But that doesn't, of course, represent transaction prices. Transaction prices are impacted by discounts and promotional activity. And obviously, we've been upping that level. So we have a lot of tools to try and present an attractive overall proposition to the consumer. And I think you've seen the impact of that. We've been kind of trying different mixes of those things. And I think we've settled on what works pretty well currently. And you saw the rebound, particularly in aluminum fish, which was down significantly earlier in the year and rebounded.

是的，我們在 2024 年的價格上漲幅度相當小，典型的漲幅為 3% 到 4%。但這當然並不代表交易價格。交易價格受到折扣和促銷活動的影響。顯然，我們一直在提高這個水平。因此，我們有很多工具可以嘗試向消費者提出有吸引力的整體主張。我想你已經看到了它的影響。我們一直在嘗試這些東西的不同組合。我認為我們已經確定了目前效果很好的方法。你看到了反彈，特別是鋁魚，今年早些時候大幅下降，然後又反彈。

I think based on the kind of raw demand, but also on the fact that we were offering, I think, attractive proposition to consumers. So I think we're back to kind of -- good news is back to once a year and back to very normal levels of price increase, especially when you look at overall inflation. I think the -- we do have a real advantage with the breadth of our portfolio. We have a lot of entry points for any consumer into the marketplace. So I'm happy with the brands that we have that represent a different segments and kind of geographic orientations.

我認為基於原始需求的類型，而且基於我們為消費者提供有吸引力的主張這一事實。所以我認為我們又回到了——好消息是回到了每年一次，價格上漲回到了非常正常的水平，特別是當你考慮整體通脹時。我認為——我們的投資組合的廣度確實具有真正的優勢。我們為任何消費者進入市場提供了很多切入點。因此，我對我們擁有的代表不同細分市場和地理定位的品牌感到滿意。

If you look at how the market is down this year, Boats above 30 feet are really not that much [top]. Boats in kind of 16 to 24 feet of the bulk of the -- bulk of the reductions. And so that's why we've been targeting a lot of our promotions and discounts. This is really not about a kind of a uniform approach, it's about targeting the approach to the segment. And I think based on recent retail, we seem to have found a good balance.

如果你看看今年市場的下滑情況，30 英尺以上的船確實不多了[上]。船型16至24英尺的散裝——散裝的減少。這就是為什麼我們一直有針對性地開展大量促銷和折扣。這實際上不是一種統一的方法，而是針對細分市場的方法。我認為根據最近的零售情況，我們似乎找到了很好的平衡。

Okay. And then just a follow-up. As I'm looking at the numbers correctly, I would assume that Boat production in the second quarter was down year-over-year, just given the pricing benefit you have running through the line there, but EBIT margins were up, I think, 40 basis points or so. Typically, I guess we don't see that kind of dislocation when volume is down, margins are up. But maybe help us understand why that was. Was that just positive price net pricing? Or is there something else to that in the quarter?

好的。然後只是後續行動。當我正確地看待這些數字時，我認為第二季度的船舶產量同比下降，只是考慮到您在那裡運行的定價優勢，但我認為息稅前利潤率上升了， 40個基點左右。通常情況下，我想當銷量下降、利潤率上升時，我們不會看到這種錯位。但也許可以幫助我們理解為什麼會這樣。這只是正價格淨定價嗎？或者本季度還有其他事情嗎？

Ryan might be able to be more specific here, but I think certainly the benefits of historic pricing that occurred last year flowing through to this year, then we do have pretty good mix, I think, towards some of our premium product that's probably helping. I don't know if there's anything else.

瑞安可能可以在這裡說得更具體，但我認為去年發生的歷史定價的好處肯定會延續到今年，然後我們確實有很好的組合，我認為，對我們的一些優質產品可能會有所幫助。我不知道還有沒有別的事。

Yes. No, those are the main 2 components.

是的。不，這些是主要的兩個組成部分。

Our next question comes from Joe Altobello with Raymond James.

我們的下一個問題來自喬·阿爾托貝洛和雷蒙德·詹姆斯。

The first question, quick housekeeping item. You mentioned earlier that the industry is trending a little bit worse than you thought, and I think your prior outlook for the U.S. industry, in particular, was down -- was units down mid- to high single. So just to be clear, it sounds like you're thinking industry down high singles for this year.

第一個問題，快速整理項目。您之前提到，該行業的趨勢比您想像的要糟糕一些，我認為您之前對美國行業的展望尤其是下降——單位數量下降到中高位。需要明確的是，聽起來您正在考慮今年的高單曲行業。

The U.S. industry, yes, I think that's high singles, maybe low double, maybe 10, something like that. I'd say that's probably where we are. Yeah.

美國行業，是的，我認為這是高單打，也許是低雙打，也許是 10 ，類似的東西。我想說這可能就是我們現在的處境。是的。

Okay. And then in terms of inventory, I think Ryan, you mentioned that you expect us to get back to 35 weeks plus, that's pretty close to where we were pre-COVID despite the fact a lot of dealers want to hold less. So is that overly optimistic or overly aggressive?

好的。然後就庫存而言，我想 Ryan，您提到您希望我們能夠恢復到 35 週以上，這與我們在新冠疫情之前的水平非常接近，儘管事實上很多經銷商都希望減少庫存。那麼這是過於樂觀還是過於激進呢？

Well, I think we -- I think overall, we have more dealers for one thing. Obviously, we continue to expand our dealer base. But in terms of on-hand I think as you get lower in terms of absolute unit sales. There are some other kind of floors that come into place, and they're really around dealers really holding a representation -- a good representation of our portfolio.

嗯，我認為我們——我認為總的來說，我們有更多的經銷商。顯然，我們繼續擴大我們的經銷商基礎。但就現有量而言，我認為隨著絕對單位銷量的下降。還有一些其他類型的樓層已經到位，它們實際上是在真正擁有代表權的經銷商周圍 - 很好地代表了我們的投資組合。

And that's what we tried to indicate with that histogram that I referred to earlier. We do need dealers to hold good representation of our portfolio. And so even weeks on hand could be in the 35-plus area, units will be down versus pre-COVID levels but based on overall market at the moment.

這就是我們試圖用我之前提到的直方圖來表明的內容。我們確實需要經銷商對我們的投資組合擁有良好的代表性。因此，即使現有周數可能在 35 以上，單位數量也將低於新冠疫情前的水平，但基於目前的整體市場。

Okay. And when do you think we get there?

好的。你認為我們什麼時候能到達那裡？

I'm sorry, Joe, get to?

對不起，喬，到了嗎？

35 weeks.

35 週。

So that's the year-end number.

這就是年終數字。

Our next question comes from Craig Kennison with Baird.

我們的下一個問題來自 Craig Kennison 和 Baird。

You've had some questions on the Boat side with respect to the channel. My question is on P&A. That business has been facing a destocking cycle for some time now. How far along in that cycle are we? And might we get to the point where dealers are kind of replenishing, not dealers, but your retail partners are replenishing at a 1:1 level?

您對船方提出了一些有關頻道的問題。我的問題是關於 P&A 的。一段時間以來，該業務一直面臨去庫存週期。我們在這個週期中已經走了多遠？我們是否會達到經銷商補貨的地步，而不是經銷商，而是您的零售合作夥伴以 1:1 的水平補貨？

It might depend a bit on the parts of the business, to be honest, Craig. But I think what we are clearly seeing Navico aftermarket and retail stabilizing and even possibly increasing. One of the reasons as we go into the season where we have Black Friday and the holiday season, dealers will begin to stock up again. So that's a typical pattern.

老實說，克雷格，這可能有點取決於業務的各個部分。但我認為我們清楚地看到 Navico 售後市場和零售業穩定甚至可能增長。原因之一是，當我們進入黑色星期五和假日季節時，經銷商將再次開始備貨。這是一個典型的模式。

So I would say for Navico the destocking has stabilized. And if anything, I would say we're going to answer a bit more restocking as we go forward. What we have seen is a really strong response to new product. So if we launch new product as we did with the Lowrance HDS Pro, that's ahead of the competition significantly, we see no hesitation by dealers to hold that inventory. If you look at Navico overall, we -- the 2 things are essential really for us to do with Navico. One was to get a lot of fresh products in the pipeline to support revenues and accelerate this restocking and we're beginning to do that, I think, quite nicely. The other was to get operating margins stabilize. And I think we're doing that nicely too.

所以我想說 Navico 的去庫存已經穩定下來。如果有的話，我想說的是，隨著我們的進展，我們將增加一些補貨。我們看到的是對新產品的強烈反應。因此，如果我們像 Lowrance HDS Pro 那樣推出新產品，那麼這將顯著領先於競爭對手，我們看到經銷商會毫不猶豫地持有該庫存。如果你從整體上看 Navico，我們——對於我們與 Navico 一起做的事情來說，這兩件事確實至關重要。一是在管道中獲得大量新鮮產品以支持收入並加速補貨，我認為我們已經開始做得很好。另一個是穩定營業利潤率。我認為我們在這方面也做得很好。

On the Engine P&A and distribution side, I think we're coming into some easier comps in the back half of the year. So I think you'll see kind of lower kind of lower reductions there in the back half. I don't know, Ryan, if you have any comments.

在引擎 P&A 和分銷方面，我認為我們將在今年下半年進行一些更簡單的比較。所以我認為你會在後半部分看到較低的減少。瑞安，我不知道你有什麼意見嗎？

Yes. The only other item would be the BROWNSBURG transition, which was a pretty -- it's a big task that we undertook in the first half of the year just primarily complete and running at more full speed. So that's probably hampered us a little bit in the first half more than we anticipated, but should be good moving forward.

是的。唯一的其他項目是布朗斯堡的過渡，這是一個相當好的 - 這是我們在今年上半年承擔的一項艱鉅的任務，剛剛基本完成並以更快的速度運行。因此，這在上半場對我們的阻礙可能比我們預期的要大一些，但應該對未來有好處。

Got it.

知道了。

Our next question is from Matthew Boss with JPMorgan.

我們的下一個問題來自摩根大通的 Matthew Boss。

Great. So first, on your revised full year operating margin guidance, could you just help break down the factors driving 3Q margins to attract more than 100 basis points. And then separately, just the confidence in 4Q's implied margin expansion. And as we look ahead, just help us to think about maybe early puts and takes to consider on 2024 operating margins just given your level of visibility today?

偉大的。首先，在修訂後的全年營業利潤率指導中，您能否幫助分解推動第三季度利潤率吸引超過 100 個基點的因素。然後分別是對第四季度隱含利潤率擴張的信心。當我們展望未來時，考慮到您今天的知名度，請幫助我們考慮一下 2024 年營業利潤率的早期看跌期權和看跌期權？

Matt, I'll start on Q3. So Q3 is off of a really strong comp last year really from all of our businesses, maybe aside from Navico Group, which actually has a bit of an easier comp. If I take it by segment, Propulsion, we anticipate to have stronger high horsepower manufacturing, which obviously comes at a good margin structure. So that would be the biggest driver there. As Dave just said, Engine P&A is coming off of really challenging first half comps, a little bit easier in the second half. So that gives us some operating margin kind of stability.

馬特，我將從第三季度開始。因此，去年第三季度我們所有業務的競爭都非常強勁，也許除了 Navico Group 之外，後者實際上有一個更容易的競爭。如果我按推進部分來看，我們預計會有更強大的高馬力製造，這顯然具有良好的利潤結構。所以這將是最大的驅動力。正如 Dave 剛才所說，Engine P&A 經歷了上半場極具挑戰性的比賽，下半場則輕鬆一些。因此，這給我們帶來了一定的營業利潤率穩定性。

The Boat Group is always a third quarter is a bit challenged, as Dave mentioned, with the model year switch over and also shutdowns in most of our facilities that just have fewer production days that also kind of gets better in the fourth quarter. So you get to a number that's slightly below last year, which again was kind of a [bad] quarter. And that leads into the fourth quarter where I think the comps get a little bit easier from prior year. Propulsion, high horsepower production continues to be strong. You have a little bit more restocking in Navico Group and Engine P&A and the Boat Group continuing to operate well.

正如戴夫提到的那樣，船舶集團第三季​​度總是面臨一些挑戰，隨著型號年份的切換以及我們大多數工廠的關閉，這些工廠的生產天數減少了，但在第四季度也有所好轉。所以你得到的數字略低於去年，這又是一個[糟糕的]季度。這導致了第四季度的情況，我認為與去年相比，比較變得更加容易了。推進、高馬力生產繼續強勁。 Navico 集團和 Engine P&A 以及船舶集團的庫存有所增加，並且船舶集團繼續運營良好。

The other item I'll mention is, and we don't really talk specific brands very often, but Boston Whaler continues to have a really nice run this year. Remember, last year, we were opening up and really getting underway our brand-new facility, a second facility for the larger product. That is now behind us, and then we're starting to see the benefits there. So despite lower production in terms of units, the production at Whaler and some of the premium continues to be strong, and that gives you margin benefits both in Q3 and Q4.

我要提到的另一件事是，我們並不經常談論特定品牌，但波士頓捕鯨船今年繼續表現出色。請記住，去年，我們剛剛開放並真正啟動了我們的全新工廠，這是生產更大產品的第二個工廠。現在這已經成為過去，我們將開始看到其中的好處。因此，儘管單位產量較低，但 Whaler 的產量和部分溢價仍然強勁，這為您在第三季度和第四季度帶來了利潤率收益。

Our next question is from Xian Siew with BNP Paribas.

我們的下一個問題來自法國巴黎銀行的 Xian Siew。

Maybe first, can you just share how many units you shipped in the quarter? I think you sounded like it was down, but just if you have the number.

首先，您能否分享一下您在本季度發貨了多少件？我覺得你聽起來好像已經關機了，但前提是你有電話號碼。

Yes, just below 10,000 -- 97-ish.

是的，略低於 10,000——97 左右。

Okay. Got it. And then the minus 6% retail you sounds like you were better than that internally. But is it the magnitude like half -- like I think in the first quarter, you were down 10% versus industry down 20%, something of that -- is the spread still the same? Or how do we think about the outperformance in retail?

好的。知道了。然後負 6% 的零售聽起來你比內部的要好。但它的幅度是否像一半一樣——就像我認為在第一季度，你們下降了 10%，而行業下降了 20%，諸如此類——價差仍然相同嗎？或者我們如何看待零售業的優異表現？

Yes, I would say we were quite a bit better than, I would say, than the market in the quarter and in June. So I think we had strong performance across a number of brands. I think a lot of new products supported by some, I think, very appropriate and targeted promotion side, yes, we had a good Q2 and a good June.

是的，我想說我們比本季度和六月份的市場要好得多。所以我認為我們在許多品牌上都有強勁的表現。我認為很多新產品得到了一些我認為非常合適和有針對性的促銷方面的支持，是的，我們有一個很好的第二季度和一個很好的六月。

Our next question comes from Scott Stember with ROTH MKM.

我們的下一個問題來自 ROTH MKM 的 Scott Stember。

We talk about, I guess, Engine Parts & Accessories, you said that if you were to back out the impact from the security breach that you would have been flat. Can you maybe talk about RV versus Boat and what the Marine side would have looked like if you didn't have to contend with RV?

我想，我們談論的是發動機零部件，您說過，如果您要排除安全漏洞的影響，那麼您就會持平。您能否談談房車與船的比較，以及如果您不必與房車抗衡的話，海軍陸戰隊會是什麼樣子？

Yes, I'll take that. The U.S. products piece is primarily Marine, almost all Marine. So if you look at our comment there, that was really Scott, a fully Marine number because that is kind of captive Engine Parts & Accessories, if you would, where RV comes into play is really distribution in the Engine P&A segment as well as Navico. So products being flat in the U.S. absent the IT is really just Marine.

是的，我會接受的。美國的產品主要是海洋產品，幾乎都是海洋產品。因此，如果你看看我們的評論，那確實是斯科特，一個完全海軍陸戰隊的號碼，因為那是一種專屬發動機零件和配件，如果你願意的話，RV 發揮作用的地方實際上是發動機 P&A 領域以及 Navico 的分銷。因此，如果沒有 IT，美國的產品表現平平，實際上只是海洋產品。

Okay. Got you. And then on the repower side. Maybe talk about what you're seeing there? Your expectations if we go into a tighter Boat market, do you expect or are you starting to see people deciding that they want to repower what they have with your products instead of buying something there?

好的。明白你了。然後是重新供電方面。也許談談你在那裡看到了什麼？如果我們進入一個更加緊張的船舶市場，您的期望是，您是否期望或者您是否開始看到人們決定他們想要用您的產品重新提供動力，而不是在那裡購買東西？

I think -- I mean, there may be some of that. I think the bigger factor is just availability of high horsepower product for repower, which is something that we've not been able to supply, more unable to supply really prior to the capacity increases that we introduced at the end of last year. So I think the repower is being -- improvements being driven more by the supply side than the demand side. There may be some demand inspiration, as you mentioned, because of people repowering versus buying new, but I'm not sure if we would be able to kind of deconflate that. I would say it's almost certainly driven by supply availability.

我想——我的意思是，可能有一些。我認為更大的因素是用於重新供電的高馬力產品的可用性，這是我們無法提供的，在我們去年年底推出產能增加之前更無法提供。所以我認為，改革更多地是由供應方而不是需求方推動的。正如您提到的，由於人們重新供電而不是購買新的，可能會產生一些需求靈感，但我不確定我們是否能夠解決這一問題。我想說，這幾乎肯定是由供應情況驅動的。

Our next question comes from Fred Wightman with Wolfe Research.

我們的下一個問題來自沃爾夫研究中心的弗雷德·懷特曼。

I just wanted to come back to the Boat margin performance. Having 10% operating margins is something that you guys have really hang your hat on for a while. Obviously, the guide for this year calls for that to be a little bit lower. I'm just wondering, in sort of the out years, if you still think 10% is sort of the right margin profile of that business or if the floor is maybe a little bit lower than you had anticipated?

我只是想回到船保證金表現。 10% 的營業利潤率是你們一直以來都翹首以待的事情。顯然，今年的指南要求這一數字要低一些。我只是想知道，在過去的幾年裡，您是否仍然認為 10% 是該業務的正確利潤率，或者下限是否可能比您預期的要低一點？

No, I think the -- in a more normalized market condition above 10% is very achievable. And certainly, our goal as we go out strategically, we were planning for margins significantly above 10%. It's obviously a very dynamic situation at the moment as we move from a supply constraint to demand constraint, if you look at us matching production to anticipated retail.

不，我認為在更加正常化的市場條件下，超過 10% 是可以實現的。當然，我們的戰略目標是讓利潤率遠高於 10%。如果你看看我們將生產與預期零售相匹配，那麼當我們從供應限制轉向需求限制時，這顯然是一個非常動態的情況。

Obviously, we're going to have to underproduce retail at some point. So I think this is a short-term dynamic that will return to a very constructive trend longer term.

顯然，在某個時候我們將不得不抑制零售業的生產。所以我認為這是一種短期動態，從長遠來看將恢復到非常建設性的趨勢。

And if you look at the chart that you provided talking about the dealer breakdown in terms of inventories relative to 2019. Is there any commonality among those 25% of dealers, where inventories are above 2019 levels? Do they skew towards bond product category? Are they concentrated in one geography, anything that sort of stands out?

如果您查看您提供的圖表，其中討論了相對於 2019 年的經銷商庫存細分情況。庫存高於 2019 年水平的 25% 經銷商之間是否有任何共同點？他們是否偏向債券產品類別？他們是否集中在一個地區，有什麼突出的地方嗎？

I don't think so. I think it's more statistical than category based. I don't know if anybody else's...

我不這麼認為。我認為這更多的是統計性的而不是基於類別的。不知道還有沒有其他人...

No, that's right. Just a lot of numbers there I would say, again, premium -- certainly, premium fiberglass inventories continue to be extremely low in the field. And so most of that you would see as value-based product. But again, there's no concentration of brand or geography in there.

不，沒錯。我要再次強調的是，大量的數字是優質的——當然，該領域的優質玻璃纖維庫存仍然非常低。因此，您會將其中大部分視為基於價值的產品。但同樣，那裡沒有品牌或地理位置的集中。

Our next question comes from Tristan Thomas-Martin with BMO Capital Markets.

我們的下一個問題來自 BMO 資本市場的特里斯坦·托馬斯·馬丁 (Tristan Thomas-Martin)。

I have 2 questions tied to '24 or effectively trying to look out '24. If dealers are very cautious about carrying excess inventory through the winter, how do you think they approach '24 ordering? And then also, there's a lot of moving pieces this year with the Boat kind of channel refill in the P&A destocking. Could you maybe quantify those just to give us a little bit of a better sense of what your normalized run rate is?

我有兩個與“24”相關的問題，或者有效地試圖留意“24”。如果經銷商對於在冬季攜帶過剩庫存非常謹慎，您認為他們如何處理“24 小時訂購”？此外，今年 P&A 去庫存中出現了很多變動，包括船類渠道的補充。您能否量化這些只是為了讓我們更好地了解您的標準化運行率是多少？

Yes. So on the first question. So we go through a pretty structured process several times a year with our dealers to align on restocking. And that process is going exactly to plan at the moment. There are no canceled -- major canceled orders or anything like that. We're just kind of working through a normal process of aligning inventory levels. We don't -- I think the -- one of the considerations for us is we don't want dealers to have inventory that is not fresh. We want tough products they're going to be able to sell as they go into the season. So it is in all of our interests to balance them carrying a good representation of our product portfolio with us all making sure that they have fresh product, and we don't get into the RV situation right now, where we have dealers loaded up with 2 year old product.

是的。那麼關於第一個問題。因此，我們每年都會與經銷商進行幾次非常結構化的流程，以協調補貨事宜。目前這個過程正在完全按照計劃進行。沒有取消的訂單——主要取消的訂單或類似的訂單。我們只是在進行調整庫存水平的正常流程。我認為，我們的考慮因素之一是我們不希望經銷商擁有不新鮮的庫存。我們希望他們能夠在進入季節時提供堅韌的產品。因此，平衡他們與我們所有人的產品組合的良好代表性，確保他們擁有新鮮的產品，符合我們所有人的利益，而且我們現在不會陷入房車的情況，我們的經銷商已經滿載了2年前的產品。

So the process is proceeding exactly as it normally does every year. We're aligning on inventory levels as we go into the off-season. It's just a very normal process. We've all been through this before. This is not the first time.

因此，該過程與每年正常進行的過程完全一樣。隨著淡季的到來，我們正在調整庫存水平。這只是一個非常正常的過程。我們以前都經歷過這樣的事情。這已經不是第一次了。

What was the second question.

第二個問題是什麼。

Yes. Tristan, I mean, if you want to dimensionalize, I mean, our P&A business is still on a kind of year-to-year CAGR since 2019 are still up 10-plus 2%, I think it's closer to 12% actually. So I mean, if you want to look at a normalized situation, that is some pretty strong growth there. I would tell you that Navico group and a normalized situation probably outpaces Engine P&A, which is a bit more annuity and more constant. So you could kind of go back and look at the trend lines there.

是的。特里斯坦，我的意思是，如果你想維度化，我的意思是，自 2019 年以來，我們的 P&A 業務仍然處於某種年復合增長率，仍然增長 10% 以上 2%，我認為實際上更接近 12%。所以我的意思是，如果你想看看正常化的情況，那就是那裡的增長相當強勁。我想告訴你，Navico 集團和正常化的情況可能會超過 Engine P&A，後者的年金更多，也更穩定。所以你可以回去看看那裡的趨勢線。

And then the vote is really just what we've been talking about wholesale versus retail restocking story. When you if you are retailing 30,000, then ideally, once pipelines are filled, you want to wholesale those 30,000, so that wholesale and retail match each other. That's probably the land we're living in starting next year. And so that we're probably in a spot where, especially in value product, one in, one out retail wholesale we still catch up to do and probably a bias on growth towards the premium products. So dollars will look better than units.

然後投票實際上就是我們一直在談論的批發與零售補貨故事。當您零售 30,000 個時，理想情況下，一旦管道填滿，您希望批發這 30,000 個，以便批發和零售相互匹配。這可能就是我們明年開始居住的土地。因此，我們可能處於這樣的境地，特別是在價值產品方面，一進一出的零售批發我們仍然在追趕，並且可能偏向於高端產品的增長。所以美元看起來比單位更好。

Our next question comes from Noah Zatzkin with KeyBanc Capital Markets.

我們的下一個問題來自 KeyBanc Capital Markets 的 Noah Zatzkin。

Just a quick one for me. In terms of high horsepower backlog for new customers, kind of how much is left in the back half there? And how much of the remaining, I guess, Propulsion guide is satisfying existing dealers and OEMs?

對我來說只是一個快速的。就新客戶的高馬力積壓而言，後半部分還剩下多少？我猜，剩下的《推進指南》有多少能夠滿足現有經銷商和原始設備製造商的需求？

Yes, there's quite a bit of backlog in high horsepower still. So we are still running flat out in mercury on high horsepower, obviously, in terms of satisfying existing OEMs and dealers, that continues to be a priority, but we're gradually transitioning other customers as well. And you've seen our retail market share continue to rise as we begin to do that.

是的，高馬力方面仍然有相當多的積壓。因此，我們仍然在高馬力下全力以赴，顯然，在滿足現有原始設備製造商和經銷商方面，這仍然是一個優先事項，但我們也在逐漸過渡其他客戶。當我們開始這樣做時，您已經看到我們的零售市場份額持續上升。

So yes, we have good backlog still and continue to introduce new products to stimulate things like the 500R is a great new product that will also stimulate additional demand. So yes, the backlogs are strong.

所以，是的，我們仍然有很好的積壓，並繼續推出新產品來刺激諸如 500R 是一款很棒的新產品，也將刺激額外的需求。所以，是的，積壓情況很嚴重。

Thank you. I would now like to turn the call back over to Dave for some concluding remarks.

謝謝。現在我想將電話轉回給戴夫，讓他做一些總結性發言。

Thank you. Thank you all for joining us. Thank you for your questions. As you've seen, despite some unique challenges in the quarter, we delivered another very solid quarter. We have very strong brands. We've continued to invest in products and technology and capacity, particularly in things like high horsepower upward and premium Boats, and those are obviously strong parts of the market right now.

謝謝。感謝大家加入我們。謝謝您的提問。正如您所看到的，儘管本季度遇到了一些獨特的挑戰，但我們仍然交付了另一個非常穩定的季度。我們擁有非常強大的品牌。我們繼續在產品、技術和產能方面進行投資，特別是在高馬力向上和優質船舶等方面，這些顯然是目前市場上的強勢部分。

We're also continuing with our restructuring and cost control efforts. You've seen that particularly in the Navico Group, but of course, it's occurring across the enterprise to prepare us for some of the uncertainties going forward. It is notable, we didn't really talk about Freedom Boat Club, hitting 400 clubs is very notable, we see as a market on a journey to a much higher number than that. So that's very exciting. Continues to be a market where it's difficult exactly to predict, but we seem to be getting some relative stability.

我們還將繼續進行重組和成本控制工作。您已經看到了這一點，特別是在 Navico 集團，但當然，整個企業都在發生這種情況，讓我們為未來的一些不確定性做好準備。值得注意的是，我們並沒有真正談論自由船俱樂部，達到 400 個俱樂部是非常值得注意的，我們認為市場正在走向比這個數字高得多的數字。所以這非常令人興奮。仍然是一個很難準確預測的市場，但我們似乎獲得了一些相對的穩定性。

And I think that hopefully allows investors to see a bit through the short term and more to some of the really constructive longer-term trends that we see in some of the secular benefits that we have in our business, which we will talk about, and we're very excited to have you join us at our Investor Day in September in New York, but we'll provide an update on the strategy, talk about some of those secular long-term growth drivers and also have an opportunity to get you out in the water on some of the exciting new products. So we look forward very much to you joining us then. Thank you very much. Bye now.

我認為這希望能讓投資者看到一些短期的情況，更多地看到一些真正有建設性的長期趨勢，我們在我們的業務中看到的一些長期利益，我們將討論這些，以及我們很高興您能參加九月份在紐約舉行的投資者日，但我們將提供戰略的最新信息，討論其中一些長期的長期增長驅動因素，並且還有機會讓您了解在水中探索一些令人興奮的新產品。因此，我們非常期待您屆時加入我們。非常感謝。再見了。

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

謝謝。今天的電話會議到此結束。此時您可以斷開線路。感謝您的參與。