賓士域 (BC) 2023 Q3 法說會逐字稿

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

早安。歡迎參加 Brunswick Corporation 2023 年第三季財報電話會議。（接線員指示）今天的會議將會錄音。如您有任何異議，請於此時中斷連線。

I would like to introduce Neha Clark, Senior Vice President Enterprise Finance Brunswick Corporation. You may begin.

我想介紹 Brunswick Corporation 企業財務資深副總裁 Neha Clark。您可以開始了。

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.

早安，感謝各位加入。今天早上的電話會議上，與我一同出席的有 Brunswick 執行長 Dave Foulkes，以及財務長 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. 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.

在開始我們的準備發言之前，我想提醒各位，本次電話會議中的評論將包含若干關於未來結果的前瞻性陳述。請注意，我們的實際結果可能與這些預期存在重大差異。關於需考量的相關因素詳情，請參閱我們近期向 SEC 提交的文件以及今日的新聞稿。上述文件皆可於我們的網站 brunswick.com 取得。在簡報過程中，我們將引用若干非 GAAP 財務資訊。GAAP 與非 GAAP 財務衡量指標之調節表，已載於本簡報附錄，以及隨今日結果一併提供之未經審計合併財務報表的調節章節中。

I will now turn the call over to Dave.

我現在把電話交給 Dave。

Thanks, Neha, and good morning, everyone. Our businesses delivered a solid third quarter as continued market share gains, strengthen new products, efficient operations at our facilities, comprehensive cost control measures and the resilient composition of our portfolio drove strong earnings and free cash flow despite the ongoing challenging macroeconomic backdrop. We delivered $1.6 billion in net sales and slightly stronger-than-expected adjusted earnings per share of $2.42 in the quarter in the upper half of our guidance range. We also generated strong free cash flow of $143 million in the third quarter, resulting in free cash flow conversion of 84% and delivering year-to-date free cash flow $233 million higher than prior year.

謝謝你，Neha，各位早安。儘管宏觀經濟背景仍具挑戰，我們的各項業務在第三季仍交出穩健表現；持續的市占率提升、強化的新產品、廠區高效率營運、全面的成本控管措施，以及我們投資組合具韌性的組成，共同推動了強勁的獲利與自由現金流。本季我們實現淨銷售額 16 億美元，調整後每股盈餘為 2.42 美元，略優於預期，位於我們指引區間的上半部。我們在第三季亦產生 1.43 億美元的強勁自由現金流，使自由現金流轉換率達 84%，並使年初至今的自由現金流較去年同期高出 2.33 億美元。

In addition, we continue to be aggressive with share repurchases, executing $220 million of repurchases year-to-date. Mercury Marine has continued to capture solid market share gains this year with U.S. outboard retail market share up 90 basis points year-to-date versus prior year. The new bulk market is on pace to finish generally in line with our estimates of down high single digits, and Brunswick brands continue to outperform the market.

此外，我們持續積極進行庫藏股回購，年初至今已執行 2.20 億美元的回購。Mercury Marine 今年持續取得穩健的市占率提升，美國舷外機零售市占率年初至今較去年提升 90 個基點。新船市場預計將大致符合我們「下滑高個位數」的估計，而 Brunswick 各品牌持續優於整體市場表現。

As we move out of the core season, we continue to actively manage our global boat field inventory levels, and we closed the third quarter with 32.8 weeks on hand. We're working closely with our marine dealers and channel partners to maintain balanced inventory levels exiting 2023, targeting being generally in line with historical norms which allows each location to carry a good representation of our model portfolio while avoiding overstocking.

隨著我們走出核心銷售旺季，我們持續主動管理全球船艇通路庫存水位，並在第三季末的在手週數為 32.8 週。我們正與海事經銷商及通路夥伴密切合作，以在 2023 年結束時維持均衡的庫存水位，目標是大致與歷史常態一致，使各據點能保有我們產品型號組合的良好展示，同時避免庫存過量。

In addition, we're providing strong but targeted promotional support for retail, investing in new products and technology, progressing our operational excellence goals and implementing structural cost reduction actions across the enterprise.

此外，我們為零售端提供強而有力但具針對性的促銷支援，投資於新產品與技術，推進營運卓越目標，並在全企業推動結構性降本行動。

I'll now turn to some of the segment highlights for the quarter. Our Propulsion business delivered top line growth with slightly lower earnings versus a record third quarter 2022. Driven by growth in outboard engines, especially in high horsepower categories and controls and rigging, offset by relatively weaker sterndrive sales. Mercury gained 130 basis points of market share in high-horsepower outboard engines over 150-horsepower versus 2022 as additional production capacity came online.

接下來我將說明本季各事業部門的重點。我們的推進系統（Propulsion）業務實現營收成長，但獲利較 2022 年創紀錄的第三季略低。成長主要由舷外機帶動，尤其是高馬力級距，以及控制系統與裝配（controls and rigging）；但相對疲弱的艉內外機（sterndrive）銷售形成抵銷。隨著新增產能上線，Mercury 在 150 匹馬力以上高馬力舷外機的市占率較 2022 年提升 130 個基點。

During the quarter, the business also successfully ratified a new 5-year collective bargaining agreements with the union representing workers that its engine production facility in [indiscernible] Wisconsin. And in addition, continued strong production of Avatar electric outboards with 4,000 units manufactured to date. As we move into the off-season, Mercury is seeing some slowing of OEM orders as the OEMs scale back production to control field inventory going into 2024. We expect OEMs to remain cautious as they assess customer sentiment at late 2023 and early 2024 boat shows. While this is a short-term headwind, it is allowing Mercury to gain share in the repower market, especially in high horsepower engines.

本季，該業務亦成功批准一份新的 5 年期團體協約，與代表其位於威斯康辛州 [indiscernible] 引擎生產工廠員工的工會達成協議。此外，Avatar 電動舷外機持續維持強勁產出，迄今已製造 4,000 台。進入淡季後，Mercury 觀察到 OEM 訂單有所放緩，因 OEM 為了在 2024 年前控管通路庫存而縮減產量。我們預期 OEM 將維持審慎，並在評估 2023 年末與 2024 年初船展的客戶情緒後再做決策。雖然這是短期逆風，但也讓 Mercury 得以在換裝（repower）市場取得市占，尤其是在高馬力引擎方面。

Our Engine Parts and Accessories Business demonstrated steady performance in the quarter. Reflecting an improving sequential trend. Sales for the products portion of the business were up 4% versus prior year as consumers use their boats in the primary season. Distribution business sales were down year-over-year, which showed relative improvement from earlier in the year as dealer and retailer inventory destocking patterns moderated.

我們的引擎零件與配件（Engine Parts and Accessories）業務本季表現穩健，並反映出逐季改善的趨勢。該業務中產品部分的銷售額較去年成長 4%，因消費者在主要使用季節更頻繁使用船艇。配銷業務銷售額則年減，但相較今年稍早已有所改善，因經銷商與零售商去化庫存的趨勢趨於緩和。

Overall, segment sales were up 24% versus the third quarter of 2019. As anticipated, Navico Group posted higher gross and operating margins versus third quarter 2022, despite lower sales. A slower marine and RV OEM orders offset improving trends in aftermarket channels. Retailer stocking is recovering as we move into the fourth quarter, with well-received new product offerings, driving strong retail pull-through as we enter the holiday season. Additionally, acceleration of planned restructuring efforts continues to result in reduced operating expenses versus prior year.

整體而言，該事業部門銷售額較 2019 年第三季成長 24%。如預期，Navico Group 儘管銷售額較 2022 年第三季下降，毛利率與營業利益率仍高於去年同期。較慢的海事與 RV OEM 訂單，被售後市場通路改善的趨勢所部分抵銷。隨著我們進入第四季，零售商補庫正在回升；市場對新產品供給反應良好，帶動強勁的零售端拉貨（pull-through），迎接假期旺季。此外，既定重整計畫的加速推進，持續使營業費用較去年同期下降。

Finally, our boat business performs a plan, continuing to introduce new models and white space brands and gaining share while adjusting production to manage pipelines. The recently launched Navan Premium adventure brand is nearly sold out for model year 2024, and the refreshed Bayliner brand has also been well received. Freedom Boat Club continues to grow memberships and now has 400 locations and nearly 60,000 membership agreements covering more than 91,000 members network-wide. All while generating exceptionally strong synergy sales across our marine portfolio.

最後，我們的船艇業務依計畫推進，持續推出新船型與白地市場（white space）品牌，在調整產量以管理通路的同時持續提升市占。近期推出的 Navan 高端探險品牌，2024 年式幾乎已售罄；重新改款的 Bayliner 品牌也獲得良好回響。Freedom Boat Club 持續成長會員數，目前已有 400 個據點，近 60,000 份會員合約，涵蓋全網超過 91,000 名會員。同時也在我們的海事產品組合中創造了極為強勁的協同銷售（synergy sales）。

Shifting to external factors, stabilizing factors include strong employment, moderating inflation and a reduced pace of interest rate increases. However, despite the promotional environment and stable book purchase consideration, higher prices, high interest rates and credit availability remains strong headwinds for consumers. On a positive note, boating participation remains strong. Despite the fairly strong main selling season in 2023, buoyed to some extent by promotions. Going into the office season, dealers are healthy, but anxious to avoid holding excess inventory ahead of an uncertain 2024, and we'll also be closely monitoring customer behavior at upcoming and early 2024 boat shows.

轉向外部因素，穩定因素包括就業強勁、通膨趨緩，以及升息步調放慢。然而，儘管促銷環境存在且購船考量相對穩定，較高的價格、高利率與信貸可得性仍是消費者面臨的主要逆風。正面來看，划船/遊艇活動參與度仍然強勁。儘管 2023 年主要銷售季表現相當不錯，某種程度上也受促銷帶動。進入淡季後，經銷商整體狀況健康，但也擔心在不確定的 2024 年前持有過多庫存；我們也將密切觀察即將到來的 2023 年末與 2024 年初船展上的客戶行為。

With field pipelines replenished, both OEMs are reducing production rates by taking out weeks of production or shifts in Q4 to align with anticipated retail in 2024. Resulting in lower order rates for Mercury engines and Navico Group OEM products. The order softness continues to be greater for smaller value boats and lower horsepower engines with larger premium products, not immune, but continuing to display relative strength. Given these factors, we are maintaining production discipline which may add pressure in the short term, but will set up for a more predictable first half of 2024.

隨著通路水位已補足，OEM 正在第四季透過減少生產週數或減班，以使產量與 2024 年預期零售需求一致。因此，Mercury 引擎與 Navico Group OEM 產品的訂單率下降。訂單走弱在較小價位船艇與較低馬力引擎上更為明顯；較大型的高端產品雖非完全不受影響，但仍展現相對韌性。基於上述因素，我們將維持生產紀律，短期可能增加壓力，但將為 2024 年上半年更可預測的表現奠定基礎。

Shifting now to a global view of revenue in the quarter. Overall, we saw a 7% sales decline on a constant currency basis. Year-to-date, the U.S. market is showing relative strength versus international markets with sales relatively flat to 2022. U.S. new boat industry retail was flat in the quarter versus 2022 with year-to-date retail generally in line with expectations of down 7.5% versus 2022 and Brunswick growing share in both periods. Overall, year-to-date, Brunswick has performed better than the industry, picking up share, particularly through strong performance by our indiscernible , premium fiberglass and tow brands, supported by planned promotions and marketing on select product lines.

接著從全球角度看本季營收。整體而言，以固定匯率計算，我們的銷售額下降 7%。年初至今，美國市場相較國際市場展現相對強勢，銷售額相對 2022 年大致持平。美國新船產業零售量本季較 2022 年持平；年初至今零售量大致符合預期，較 2022 年下降 7.5%，而 Brunswick 在兩個期間皆提升市占。整體而言，年初至今 Brunswick 表現優於產業，持續取得市占，尤其受惠於我們 [indiscernible]、高端玻璃纖維與拖曳（tow）品牌的強勁表現，並由特定產品線的既定促銷與行銷活動所支撐。

Outboard Engine Industry retail units were up 3% in the third quarter versus prior year, bringing year-to-date unit retail to down 2%. Mercury continues to outperform the industry with third quarter share gains of 160 basis points in greater than 30-horsepower categories. We are actively managing both pipelines to achieve year-end levels within historical norms and exiting quarter 3 with global weeks on hand at a healthy level of 32.8 weeks. We anticipate ending the year with U.S. pipeline levels in line with expectations at approximately 36 weeks and approximately 14,000 units versus approximately 35 weeks and 16,000 units on hand at the end of 2019. As this normally the case, international boat pipelines will be higher.

舷外機產業零售台數在第三季較去年成長 3%，使年初至今零售台數為年減 2%。Mercury 持續優於產業表現，在 30 匹馬力以上級距第三季市占率提升 160 個基點。我們正積極管理兩端通路水位，以在年底達到歷史常態範圍內的水準，並在第三季末以健康的 32.8 週全球在手週數結束本季。我們預期年底美國通路水位將符合預期，約為 36 週、約 14,000 台；相較之下，2019 年底約為 35 週、在手約 16,000 台。通常情況下，國際船艇通路水位會較高。

Let me shift now to discuss some exciting new growth opportunities across our businesses. We are thrilled to add flights to our portfolio plans and product categories. indiscernible is an emerging and disruptive activity that allows for an extended hours long surfing experience on inshore or coastal waters without the need for a wake boat or sale assistance and flight is the premium brand in the space with high market share. The flight team has already extended its product line to an easy to rise scooter and as many further developments in the pipeline. Through Mercury Marine and Brunswick, flight will have access to manufacturing and product technology and the world's largest marine distribution network.

接下來我想談談我們各項業務中一些令人振奮的新成長機會。我們很高興將 flight 納入我們的投資組合規劃與產品類別中。[indiscernible] 是一項新興且具顛覆性的活動，讓使用者在內海或沿岸水域能享受長時間的衝浪體驗，而無需尾波船或帆船協助；而 flight 是該領域的高端品牌，並擁有較高的市占率。flight 團隊已將產品線延伸至更容易上手的起身滑行踏板車（scooter），且仍有更多開發項目在規劃中。透過 Mercury Marine 與 Brunswick，flight 將可取得製造與產品技術資源，以及全球最大的海事配銷網路。

As I mentioned earlier, we recently launched our new premium adventure brand and product line Navan at the Cannes International Boat Show. This class of boat is very popular in Europe and gaining popularity in the U.S. and the 2 initial products, which have begun serial production are nearly sold out for the 2024 model year. The media reception has been very strong and the new models have been nominated for best of both and European Power Boat of the Year 2024 awards. You may also have seen that just a few days ago, we announced Brunswick Finance, an online retail finance solution that can be integrated into Brunswick and dealer partner websites to provide rapid customer finance approvals in addition to supporting promotional financing. We're beginning to roll out this solution in Q4.

如我先前提到的，我們最近在坎城國際遊艇展推出了全新的高端探險品牌與產品線 Navan。這一級別的船艇在歐洲非常受歡迎，並且在美國也日益受到青睞。兩款已開始量產的首發產品，2024 年式幾乎已售罄。媒體反響非常強勁，新款機型也已入圍「best of both」以及「European Power Boat of the Year 2024」獎項。您可能也看到，就在幾天前，我們宣布推出 Brunswick Finance，這是一套可整合至 Brunswick 與經銷商合作夥伴網站的線上零售融資解決方案，除支援促銷融資外，亦可提供快速的客戶融資核准。我們將於第四季開始逐步推行此解決方案。

And finally, Freedom Boat Club continues to expand rapidly in the Australian market, recently announcing its 7th location. We see the A&CP region as a substantial new opportunity for Freedom growth.

最後，Freedom Boat Club 持續在澳洲市場快速擴張，近期宣布其第 7 個據點。我們將 A&CP 地區視為 Freedom 成長的一項重大新機會。

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

接下來我將把電話會議交給 Ryan，請他就我們的財務表現與展望提供一些補充說明。

Thanks, Dave, and good morning, everyone. As previewed at Investor Day last month, Brunswick delivered a solid third quarter despite softening market conditions throughout our businesses. When compared to the record prior year, third quarter net sales were down 6% and adjusted EPS of $2.42 decreased 9%. Net sales in each segment benefited from annualized price increases, market share gains and benefits from well-received new products, offset by lower wholesale orders resulting from field inventory reaching normal levels and softer retail market conditions.

謝謝你，Dave，各位早安。正如上個月投資人日所預告，儘管我們各項業務的市場環境趨於疲軟，Brunswick 仍在第三季交出穩健表現。與創紀錄的去年同期相比，第三季淨銷售額下降 6%，調整後每股盈餘（EPS）為 2.42 美元，下降 9%。各事業部的淨銷售額受惠於年度化的價格上調、市占率提升以及廣受好評的新產品帶動，但因通路庫存回到正常水位、零售市場環境轉弱而導致批發訂單減少，抵銷了上述利多。

Operating earnings and margins were down versus prior year as the impact of the lower sales, slightly higher input costs, higher absorption and the unfavorable impact of foreign currency exchange rates more than offset benefits from aggressive cost control measures throughout the enterprise.

營業利益與利潤率較去年同期下滑，原因在於銷售下滑的影響、投入成本略升、吸收成本較高，以及外匯匯率變動的不利影響，這些因素的負面影響超過了我們在全公司推動積極成本控管措施所帶來的效益。

Lastly, we had a strong free cash flow generation in the quarter of $143 million primarily due to stronger working capital generation, resulting in a free cash flow conversion of 84%. Year-to-date results also remained solid despite the uncertain macroeconomic environment. Sales are down slightly from the record 2022 with stable adjusted operating margins 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. Our strong free cash flow performance is significantly outpacing prior year reflecting our continued focus on driving cash in this challenging market.

最後，本季我們的自由現金流表現強勁，達 1.43 億美元，主要來自更佳的營運資金貢獻，使自由現金流轉換率達 84%。年初至今的結果在不確定的總體經濟環境下仍維持穩健。銷售額較 2022 年的歷史高點略為下滑，但在全公司審慎控管營業費用、毛利率表現穩定，以及（就調整後 EPS 而言）持續積極的庫藏股回購活動帶動下，調整後營業利潤率與 EPS 仍保持穩定。我們強勁的自由現金流表現明顯優於去年，反映出我們在此具挑戰性的市場中持續聚焦於提升現金創造能力。

Now we'll look at each reporting segment, starting with our Propulsion Business. Revenue was slightly up versus the third quarter of 2022 as benefits from a favorable product mix related to continued strong high horsepower outboard engine demand and higher sales to repower customers together with annual pricing were partially offset by order declines in the low and mid-range horsepower outboard engines and Stern Drive product. Operating earnings decreased versus prior year due to the lower sales, higher input costs, including expenses related to the successful ratification of the Mercury (inaudible) labor agreement and the unfavorable impact of foreign currency exchange rates, which more than offset the benefit from cost control measures.

接下來我們將檢視各個報導事業部，先從推進系統（Propulsion）業務開始。由於高馬力舷外機需求持續強勁所帶來的有利產品組合、對換裝（repower）客戶的銷售增加，以及年度定價等因素帶動，營收較 2022 年第三季略有成長；但低、中馬力舷外機與艉驅（Stern Drive）產品的訂單下滑，部分抵銷了上述利多。由於銷售較低、投入成本上升（包括與 Mercury（聽不清）勞動協議成功批准相關的費用）以及外匯匯率變動的不利影響，營業利益較去年同期下降，且其負面影響超過成本控管措施所帶來的效益。

As Dave mentioned earlier, as we exit 2023 and enter 2024, we anticipate that we will continue to maintain our progressive market share gains but that our Propulsion Business will be impacted by additional boat OEM production reductions that may not abate until the start of the primary retail selling season in 2024. This will enable us to sell more engines into the dealer channel, but the overall impact will still be a decrease in market demand for engines. The Engine Parts and Accessories business continues to improve sequentially throughout the year with Q3 sales down 4% versus 2022, but up 24% over the third quarter of 2019. The high-margin products business grew sales by 4% versus the prior year and by more than 10% in the United States.

如 Dave 先前提到，當我們走出 2023 年並進入 2024 年時，我們預期將持續維持逐步提升的市占率，但推進系統業務將受到船艇 OEM 進一步減產的影響，而這種情況可能要到 2024 年主要零售銷售旺季開始時才會緩解。這將使我們能向經銷商通路銷售更多引擎，但整體影響仍將是引擎市場需求下降。引擎零件與配件業務全年持續呈現逐季改善，第三季銷售較 2022 年下降 4%，但較 2019 年第三季成長 24%。高毛利產品業務銷售較去年同期成長 4%，在美國更成長逾 10%。

Distribution sales were down 10%, but trends continued to improve from earlier in 2023. Segment operating earnings were down versus prior year due to the slight sales decline and transition costs related to the newly opened distribution center. Note that October orders in both the products and distribution businesses continue to trend positive as boat usage remains strong and customers in Northern climates begin to winterize their product. As anticipated, Navico Group had an improved third quarter as aftermarket channel steadiness helped offset expected softness in Marine and RV OEM customers. Segment sales were down 9% due to these sales dynamics, but adjusted operating margins were up 110 basis points and adjusted operating earnings were up 3% as benefits from accelerated cost reduction actions and reorganization efforts together with strong new product performance more than offset the impact of lower sales.

分銷（Distribution）銷售下降 10%，但趨勢較 2023 年上半年持續改善。由於銷售小幅下滑以及新啟用配送中心的轉換成本，事業部營業利益較去年同期下降。請注意，10 月份在產品與分銷兩項業務的訂單仍呈正向趨勢，因為船艇使用情況依然強勁，且北方氣候地區的客戶開始為其產品進行冬季保養（winterize）。如預期，Navico Group 第三季表現改善，售後市場通路的穩定性有助於抵銷海事與 RV OEM 客戶的預期疲軟。在此銷售動態下，事業部銷售下降 9%，但調整後營業利潤率上升 110 個基點，調整後營業利益成長 3%，因加速成本削減行動與重組措施的效益，加上新產品表現強勁，均超過銷售下滑的影響。

The fourth quarter is an important time for the Navico business as the holiday season drives aftermarket retail sales and we will continue to watch not only consumer health and desire to spend for the holidays, but retailers wholesale reordering patterns at a time where inventory levels are normalized.

第四季對 Navico 業務而言是重要時點，因為假期季節將帶動售後市場零售銷售。我們將持續關注的不僅是消費者的健康狀況與假期支出意願，也包括在庫存水位已正常化之際，零售商的批發補貨（reordering）模式。

Finally, our Boat business performed to plan, continuing to introduce new models and white space brands and gaining share while adjusting production to manage pipelines. Sales were down 16% versus third quarter of 2022, given the production reductions, together with continued elevated discounting to drive end-of-season retail. Adjusted operating earnings margins and earnings were down primarily due to the lower sales, partially offset by focused cost reduction activities. Freedom Boat Club, which is included in business acceleration, had another solid quarter, contributing approximately 9% of the Boat segment's revenue during the quarter while seeing very steady membership levels despite the macroeconomic uncertainty. Although we're entering the off-season in most of our primary selling regions, we are focused on demonstrating resilient EPS and cash flow in a challenging market while constraining our pipelines to appropriate historical norms and delivering against our strategic initiatives.

最後，我們的船艇（Boat）業務表現符合計畫，持續推出新船型與白地（white space）品牌，在調整產量以管理供應管線的同時提升市占率。由於減產，以及為推動季末零售而持續加大折扣，銷售較 2022 年第三季下降 16%。調整後營業利益率與營業利益主要因銷售下滑而下降，但部分被聚焦的成本削減活動所抵銷。納入業務加速（business acceleration）項下的 Freedom Boat Club 本季再度交出穩健表現，約貢獻船艇事業部本季營收的 9%，且儘管總體經濟不確定性存在，會員水準仍相當穩定。雖然我們在多數主要銷售區域即將進入淡季，但我們將專注於在具挑戰性的市場中展現具韌性的 EPS 與現金流，同時將供應管線控制在適當的歷史常態水準，並落實我們的策略性計畫。

The ongoing uncertain market conditions are resulting in measured ordering patterns by our retail channel partners and reduced production schedules with our Marine and RV customers but we continue to target marketing and promotional activities on select products to support retail sales while remaining steadfast in balancing inventory and pipeline levels. As a result, and as previewed at Investor Day, we anticipate revenue of $6.45 billion to $6.5 billion, adjusted operating margins of approximately 14% and adjusted EPS of approximately $9. 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.

持續不確定的市場狀況，正使我們的零售通路合作夥伴採取更審慎的下單模式，海事與 RV 客戶也降低生產排程；但我們仍持續針對特定產品投放行銷與促銷活動以支援零售銷售，同時堅持在庫存與供應管線水位之間維持平衡。因此，且如投資人日所預告，我們預期營收為 64.5 億至 65 億美元，調整後營業利潤率約 14%，調整後 EPS 約 9 美元。我們仍看到自由現金流轉換率與營運資金趨勢正向，並仍預期全年可產生超過 3.75 億美元的自由現金流。

Lastly, we also have 2 full year P&L assumptions that we have updated. First, given our continued strong cash flow performance and recent further Brunswick share price dislocation, we are increasing our repurchase target to exceed $275 million of repurchases for the full year. As a result, we anticipate slightly lower average diluted shares outstanding of approximately 70.25 million. Second, with the strengthening U.S. dollar, we now anticipate a slightly larger full year of foreign exchange headwind of approximately $35 million.

最後，我們也更新了兩項全年損益表（P&L）假設。第一，鑑於我們持續強勁的現金流表現，以及近期 Brunswick 股價進一步偏離（dislocation），我們將全年回購目標上調至超過 2.75 億美元。因此，我們預期平均稀釋流通股數將略降至約 7,025 萬股。第二，隨著美元走強，我們目前預期全年外匯逆風將略為擴大至約 3,500 萬美元。

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

我現在把電話會議交回給 Dave，請他做結語。

Thanks, Ryan. Before we close, I wanted to share some examples of recent recognition Brunswick has received for our people, business, culture and products. We're on pace for over 100 major awards this year, an all-time record. For the fourth consecutive year, Brunswick was named to Forbes list of the world's best employers ranking in the top 30% of the 700 companies that made the final list. This award is a testament to our enduring commitment to being an employer of choice and creating a world-class environment for our global employees. Brunswick has also been named in Newsweek's inaugural list of the world's most trustworthy companies, reflecting our commitment to integrity, safety and quality in our business and was named one of America's greenest companies, reflecting our numerous sustainability initiatives and commitment to further improvement.

謝謝你，Ryan。在結束之前，我想分享一些 Brunswick 近期在人才、業務、文化與產品方面所獲得的肯定。我們今年有望獲得超過 100 項重要獎項，創下歷史新高。Brunswick 連續第四年入選《富比士》（Forbes）全球最佳雇主榜單，在入選最終名單的 700 家公司中排名位居前 30%。此獎項證明我們長期致力於成為首選雇主，並為全球員工打造世界級的工作環境。Brunswick 亦入選《新聞週刊》（Newsweek）首屆「全球最值得信賴公司」榜單，反映我們在業務中對誠信、安全與品質的承諾；同時也被評為美國最綠色公司之一，展現我們多項永續發展倡議以及持續精進的承諾。

Finally, our products continue to be recognized for excellence on the global stage. I already mentioned our success with Navan, but Boat Group's new Sea Ray SPX 210 also won the Motor Magazine award for Best Boat below 7 meters at the [can] Boat Show, further evidence of our commitment to leading the way in new products and technology across our businesses. Thank you again for joining the call. We'll now begin the Q&A.

最後，我們的產品持續在全球舞台上因卓越表現而獲得肯定。我先前已提到 Navan 的成功，而 Boat Group 的新款 Sea Ray SPX 210 也在 [can] Boat Show 上獲得《Motor Magazine》頒發的「7 公尺以下最佳船艇」獎項，進一步證明我們致力於在各項業務中以新產品與新技術引領市場。再次感謝各位參與本次電話會議。接下來我們將開始問答環節。

(Operator Instructions) Our first question is from Megan Alexander with Morgan Stanley.

（接線員指示）我們的第一個問題來自 Morgan Stanley 的 Megan Alexander。

I guess maybe you did give some commentary on '24. Could you maybe just update us on your base case expectation for a flat retail boat market next year?

我想你們可能已對 2024 年做了一些評論。能否請你們更新一下，對於明年零售船艇市場持平的基本情境（base case）預期？

Megan, yes, I think, yes, that's still our base case assumption. I think but obviously, as you've seen, we're trying to match and I think achieving a good match between wholesale and retail as we go into next year. I think basically, the assumption really is obviously, we're at -- for a start, we're at overall retail levels that are more like 2014. So we've been pulled down about 30% since the peak.

Megan，是的，我想，是的，那仍然是我們的基本情境假設。不過我想，顯然如你所見，我們正努力在進入明年時讓批發與零售更好地匹配，並且我認為正在達成良好的匹配。基本上，這個假設的核心顯然是——首先，我們目前整體零售水準更接近2014年。因此自高峰以來，我們已被拉低約30%。

I think the other thing that leads us to that conclusion really is that the prevailing consumer conditions for most of the selling season this year, we would expect to be pretty similar next year. Price -- the price increases that happened have really already incurred. So pricing is now very similar to historical levels, interest rates, we don't see rising too much more, if at all, on balance during next year. So also next year, we were -- Q1, we were not as heavy on promotions as we were later in the year. They seem to be pretty effective. So I think a combination of consumer conditions that are pretty similar to this year, probably some increased promotional activity from us in the first quarter to kind of recognize where the market is, leads us to believe that that's a reasonable baseline assumption. Of course, it could be different for various reasons.

我想，另一個讓我們得出該結論的原因是，今年大部分銷售季的消費者環境，我們預期明年會相當類似。價格——已發生的漲價其實已經反映完畢。因此目前定價已非常接近歷史水準；利率方面，我們認為明年整體而言不會再上升太多，甚至可能不升。再者，今年我們在第一季的促銷力度沒有像年內後期那麼大，而後期的促銷看起來相當有效。所以我認為，消費者環境與今年相近，再加上我們可能在第一季增加一些促銷活動以反映市場現況，這些因素使我們相信這是合理的基準假設。當然，基於各種原因，結果也可能不同。

I would say on top of that, the market obviously is not behaving in a homogenous way. We still are seeing more resilience in the premium end of the market. And actually, more interestingly, just feedback from the first day in the Fort Lauderdale boat show, sales are strong in the first day. That's obviously a premium show. So that was encouraging. So those are essentially some of the components that go into our assumptions.

此外我會說，市場顯然並非以同質化方式運作。我們仍看到高端市場更具韌性。而且更有意思的是，從勞德岱堡遊艇展第一天的回饋來看，首日銷售強勁。那顯然是一個高端展會，所以這令人鼓舞。以上基本上就是構成我們假設的一些要素。

Okay. That's helpful. And maybe a follow-up, if that's still the case. Can you maybe talk through some of the puts and takes just on the margin line and then maybe getting to the bottom line. You talked about maybe having some destocking in Boats and Propulsion, but you are lapping some significant headwinds in Navico and P&A, which also seemed to be improving. I know you also talked about some interest expense headwinds, but you're driving strong free cash flow. So is the $9 that we're looking at for '23? Is that the right floor to think about as a base case for next year?

好的，這很有幫助。也許再追問一下，如果情況仍是如此。你能否談談在毛利率這一行的一些利多與利空，然後再到淨利？你提到船艇與推進（Boats and Propulsion）可能會有一些去庫存，但你們在Navico和P&A上正在跨越一些顯著的逆風基期，而那兩塊看起來也在改善。我也知道你提到一些利息費用的逆風，但你們又在推動強勁的自由現金流。所以我們對2023年看到的每股9美元——這是否是明年作為基本情境時可以思考的正確底線？

Megan it's Ryan. I'll go ahead and take this one. And taking in reverse, I'm not sure we know enough today in October to say that $9 a share would be a floor, but it's certainly above in the set of possibilities or a set of outcomes for next year. So we'll just have to wait and see what the next handful of months bring us before we give more definitive '24 guidance, but definitely $9 is in the competition set.

Megan，我是Ryan。我來回答這題。倒過來說，我不確定我們在10月的今天是否已掌握足夠資訊，能說每股9美元會是底線，但它當然是在明年各種可能性或結果的範圍之內。因此在我們給出更明確的2024年指引之前，還得看看接下來幾個月的情況，但每股9美元確實在可競爭的結果集合之中。

The puts and takes, I think you had several of them. I think on the plus side, parts and accessories is really performing kind of as we thought it would. Historically, I think there was some year-over-year comps that spooked people on Engine P&A and now that we're back to kind of normalized comps, you're seeing that business grow at a low to mid-single-digit percentage kind of quarter in, quarter out both sequentially and year-over-year. So as we get into next year, I think you're going to see goodness on the margins due to Engine P&A business. I think you'll also see growth on margin on Navico. I think we've been pretty clear that Navico is probably near or coming off of its trough position on margins and all of the reorganization and good work that they've done, you're going to get a full year benefit of that as you move forward.

至於利多與利空，我想你提到了其中幾項。先看利多面，零件與配件（parts and accessories）的表現基本符合我們的預期。歷史上，我想引擎P&A的年對年比較曾讓市場有些擔憂，而現在回到較正常化的比較基期後，你會看到該業務以低到中個位數百分比的速度成長，無論是逐季或年對年都差不多。因此進入明年後，我認為你會看到引擎P&A業務帶來的毛利率改善。我也認為你會看到Navico的毛利率成長。我們一直很清楚地表示，Navico可能已接近或正在走出其毛利率谷底，而他們所做的重組與各項改善工作，隨著時間推進，你將能在明年看到一整年的效益。

I would say that the interest piece is obviously real. We're going to have to refinance our notes that are at 0.85% sadly, but we'll be smart and try to minimize the impact there. But to combat that will also continue to be very aggressive on share repurchases given where we're trading today, I think that's something that, obviously, on the EPS line, it will help on the margins, but that will be a good benefit there.

我會說，利息這一塊顯然是真實存在的。我們將不得不為票面利率0.85%的票據再融資，坦白說很可惜，但我們會聰明應對並盡量把影響降到最低。為了抵銷這點，我們也會在股票回購上持續非常積極，考量到我們目前的交易價位，我認為這是——顯然在每股盈餘（EPS）上會有幫助，對利潤率也會有助益，這會帶來不錯的好處。

So across the line, I think we see retail matching wholesale, which have been pretty clear about some really strong movement in the P&A businesses in Navico and probably offset a little bit of difference in wholesale, retail and Boat and Propulsion. And that's how you get on margin. It's pretty sustainable even at 2014, 2015 retail levels.

因此整體來看，我們認為零售會與批發相匹配；我們也一直很清楚，P&A業務與Navico會有非常強勁的動能，而船艇與推進在批發與零售之間可能會有些差異、形成些許抵銷。這些因素共同構成毛利率的走勢。即使零售回到2014、2015年的水準，這樣的毛利率也是相當可持續的。

Our next question is from James Hardiman with Citi.

下一個問題來自花旗（Citi）的James Hardiman。

Ryan, that was really good color. I want to, as you can imagine, dig even further on some of that. As I think about your Boat Business, where do we think the delta between wholesale and retail will finish this year? I mean, obviously, there was some replenishment earlier in the year. I'm just trying to trying to figure out what sort of a headwind that represents as we look to 2024. I get to about a 3,500 unit headwind, about 10%, is that in the neighborhood to high, to low?

Ryan，你剛才的說明很有幫助。我想如你所料，再更深入追問一些細節。就你們的船艇業務而言，我們認為今年批發與零售之間的差距最後會是多少？我的意思是，顯然年初有一些補庫存。我只是想釐清，展望2024年，這會帶來多大的逆風。我算下來大約是3,500台的逆風、約10%，這個估計大致合理嗎？偏高還是偏低？

I think Ryan and I will kind of tag team. I think in the U.S., we produced 2,000 or so units more wholesale than we did at retail. So but I would say they are probably almost entirely value units, so a different mix in terms of dollars. So that obviously represents a headwind as we go into next year, but not a huge headwind. I would say particularly the cost takeouts that we've done across the enterprise, including the bulk group, were progressive through this year and so there were a higher impact in Q3 and Q4. So on a kind of run rate basis going into 2024, we should have some cost benefits there, Ryan?

我想Ryan和我可以接力回答。在美國，我們的批發出貨量大約比零售多了2,000台左右。但我會說這幾乎全都是價值型（value）機種，因此在金額上是不同的組合。這顯然在進入明年時會形成一些逆風，但不是很大的逆風。我也會說，特別是我們今年在全公司（包括bulk group）推動的成本削減，是逐步在今年內發酵，因此在第三季與第四季的影響更大。所以以進入2024年的「運行率」角度來看，我們應該會有一些成本效益，Ryan？

Yes. No, that's correct. Nothing to add.

是的，沒錯。沒有補充。

That's helpful. So suffice it to say, again, we're going to learn a lot more 3 months from now, presumably, it's going to be real hard for the Boat segment to grow the top line. I guess in previous conversations, and you talked a lot about P&A, Engine P&A and Navico. I guess what's your level of confidence that propulsion can grow next year. That's the one where it seemed like at least previously, you had the highest degree of confidence that through hell or high water that, that segment would be up on both the top and bottom line. Where do you stand here today? And what will allow you to sort of outgrow an unpredictable market next year?

這很有幫助。所以可以這麼說——同樣地，我們大概三個月後會知道更多——推測船艇部門要讓營收成長會非常困難。我想在先前的對話中，你談了很多P&A、引擎P&A以及Navico。我想問的是，你對推進（propulsion）明年能成長的信心程度如何？這一塊看起來至少在之前，你們最有信心無論如何都能讓該部門在營收與獲利（top line與bottom line）都成長。你們現在的看法是什麼？明年要如何在一個不可預測的市場中跑贏？

I think the market share gains continued -- so we clearly have a secular trend on top of some cyclicality here. I would tell you that at the Fort Lauderdale show, Mercury had 57%, I think, share overall, but close to 70% share of engines on the water, which is by far our best showing. And as you know, that is a nice kind of proxy for new boats coming out and where Mercury share might be headed. So I think the secular trends supporting Mercury high horsepower continue to be extremely strong.

我認為市占率的提升仍在持續——所以在一些景氣循環因素之上，我們顯然還有一個長期結構性趨勢。我可以告訴你，在勞德岱堡展會上，Mercury整體市占是57%，而水上引擎的市占接近70%，這是我們迄今最好的表現。如你所知，這是新船推出以及Mercury市占可能走向的一個不錯的替代指標。因此我認為，支撐Mercury大馬力（high horsepower）的長期趨勢仍然非常強勁。

Of course, in the end, it depends exactly on how the market performs next year. But I would say premium boats generally have higher horsepower engines continues to be strong, not just domestically. We're also seeing the same thing in Europe, where our higher horsepower customers with more premium boats are also the strongest. Very difficult to see exactly how this is all going to net out. But generally, we remain very constructive on that. And we have continued to gain share in repower as we buy capacity available, continue to convert OEMs, both new OEMs, but also greater share on existing OEMs.

當然，最終仍取決於明年市場的實際表現。但我會說，高端船艇通常配備更高馬力引擎的趨勢仍然強勁，不僅在美國國內。我們在歐洲也看到同樣情況：擁有更高馬力、較高端船艇的客戶同樣最為強勁。很難精確判斷這一切最後會如何相互抵銷、得出淨結果。但整體而言，我們仍對此保持相當正面的看法。而且只要產能允許，我們在換裝（repower）市場的市占仍持續提升，同時也持續轉換OEM客戶——不僅是新增OEM，也包括在既有OEM中取得更高的份額。

So I think in the end, it's going to depend on how all of these things net out, but I think we have a lot of positives as well as some potential negatives.

所以我認為，最終將取決於這些因素如何加總後的淨結果，但我們既有許多正面因素，也存在一些潛在負面因素。

Okay. And so just to clarify, it seemed like previously you were real confident that Propulsion would grow next year. Now it sort of sounds like depends sort of uptake as we sit here. Obviously, with a lot more data to come in. Is that accurate?

好的。那我只是想確認一下：之前你們看起來非常有信心推進部門明年會成長；但現在聽起來更像是取決於目前所處位置的需求吸收情況——當然，後續還會有更多數據進來。這樣理解正確嗎？

I think I would say that the -- on a I think that the -- all of the things that are constructive trends on a secular basis for Propulsion are still in place. This is really a is the market going to be slightly better than we assumed or slightly worse than we assume? But I would say that we're very confident that the investment in high horsepower and our overall performance in high-horsepower will yield share gains. I don't exactly know, how that's all gonna net out next year. but Mercury will end up stronger by the end of next year than the end of this year, I think.

我想我會說，關於——我認為——所有那些對推進（Propulsion）在長期結構性層面而言屬於建設性趨勢的因素，仍然都在。這其實就是市場會比我們假設的稍微好一些，或稍微差一些？但我會說，我們非常有信心，對高馬力產品的投資，以及我們在高馬力領域的整體表現，將帶來市占率提升。我不太確定明年最終會如何反映出來，但我認為，到明年年底，Mercury 會比今年年底更強。

And probably the other good news is we have done our investment. We've done the investment on the capacity. We've done our investment on new products. There'll still be other things, but we're now at a time where we can harvest those investments and really use them to gain share here moving forward.

而且可能另一個好消息是，我們已經完成了投資。我們已經在產能上完成投資，也在新產品上完成投資。之後還會有其他事情，但我們現在正處於可以收割這些投資成果的階段，並真正利用它們在未來持續提升市占。

Our next question is from Xian Siew with BNB Paribas.

我們的下一個問題來自 BNB Paribas 的 Xian Siew。

On inventories, you mentioned weeks on hand, you expect to exit the year at about 36 weeks, which is pretty much in line with 2019 and 35. But I guess given higher floor plan financing, higher ASPs and maybe kind of an uncertain retail market. Do you think like that weeks on hand should be actually lower than 2019? Or how do you think about -- how do you think about that?

關於庫存，你提到以「手上週數」（weeks on hand）來看，你預期年底大約是 36 週，這基本上與 2019 年的 35 週相當一致。但我想，考量到更高的 floor plan 融資成本、更高的 ASP（平均售價），以及可能較不確定的零售市場。你是否認為手上週數其實應該要低於 2019 年？或者你是怎麼看——你是怎麼思考這件事的？

Yes. I think we've -- I think we've had this kind of back and forwards for a while. What we have always been saying that in the 30s is probably where weeks on hand needs to be, especially at a lower market level. So dealers have a representative selection of our portfolio. On a unit basis, it is lower than 2019, 14,000 units versus 16,000 units. And that is a reflection, obviously, of the overall retail level, but could be, to some extent, the floor plan financing availability and credit limits and that kind of stuff. I don't see that as a significant issue for us at the moment.

是的。我想我們——我想我們對這件事來回討論了一段時間。我們一直在說，30 多週大概是手上週數需要維持的區間，尤其是在市場規模較低的情況下，這樣經銷商才能有具代表性的產品組合可供選擇。以台數來看，確實低於 2019 年：14,000 台對比 16,000 台。這當然反映了整體零售水準，但在某種程度上也可能與 floor plan 融資的可得性、信用額度等因素有關。不過目前我不認為這對我們是個重大問題。

I think overall, the predominant desire and alignment between us and our channel partners is to just get the inventory level right and I don't think that there is a specific issue with credit limits or kind of dollar value of inventory that's really prevailing at the moment. I think if you think about it, if retail is flat, obviously, that is 36 weeks on a trailing basis on a forward-looking basis, which seems to us to be extremely appropriate. And the ability to kind of land the plane after a year like this with $9 of EPS and inventory in line. It's not a bad trick, to be honest. So I think that -- I think we feel very comfortable about it.

我認為整體而言，我們與通路夥伴最主要的共同目標與一致性，就是把庫存水位調整到正確的水平；我不認為目前有任何關於信用額度或庫存美元價值的特定問題正在主導局面。你想想看，如果零售持平，那在回溯基礎上就是 36 週；以前瞻角度來看，對我們而言也非常合適。而且在像今年這樣的一年之後，能把飛機「平穩降落」，同時做到 EPS 9 美元、庫存也維持在合理水平，老實說這並不容易。所以我認為——我們對此感到非常安心。

Okay great. That makes sense. And then maybe on Propulsion guidance, a bit lower on revenues, but margins were maintained. Maybe can you walk through some of the bridge to hold the margin?

好的，這很合理。那接著可能想問推進（Propulsion）的指引：營收稍微低一些，但毛利率/利潤率維持住了。你能否帶我們走一下，靠什麼來支撐利潤率？

Yes, I can take that one. The Propulsion Business is larger today as it is has several levers to be able to pull certainly in terms of OpEx, but it starts with the gross margin line frankly. And there, they continue to hold gross margin steady, if not a little bit up even despite volume. And Xian, that's mainly because of the strength in the high horsepower. So there's also a bit of mix in there. Obviously, dealer orders were really strong in the quarter, and that comes with a little bit of premium on the earnings front as well. We had a little headwind in currency in the quarter, and we're hoping that, that abates a bit as we kind of run out the year. But really, that's a -- those are the biggest pieces.

可以，我來回答。推進事業（Propulsion Business）如今規模更大，因此有好幾個槓桿可以拉動，當然包括營業費用（OpEx），但坦白說首先是從毛利率這一行開始。在這方面，即使在出貨量的情況下，他們仍能把毛利率維持穩定，甚至還略有上升。Xian，這主要是因為高馬力產品的強勁表現。因此其中也有一些產品組合（mix）的因素。顯然，本季經銷商訂單非常強勁，這也會在獲利端帶來一些溢價。我們本季在匯率上有一點逆風，我們希望隨著今年剩餘時間推進，這個影響能稍微緩和。但基本上——這些就是最大的幾個因素。

Yes, I just noted we obviously had the one-off issue with a security incident this year, which obviously was an absorption issue for a period.

是的，我只是補充一下：我們今年顯然有一次性的資安事件問題，這在一段期間內顯然造成了吸收（absorption）方面的影響。

That's right.

沒錯。

Our next question is from Craig Kennison with Baird.

我們的下一個問題來自 Baird 的 Craig Kennison。

I wanted to revisit I guess, your base case for retail next year. I know it's early. But certainly, in my mind, retail being flat next year would be fantastic and well above what I think the market may expect. I would note that Patrick, which is a supplier to this industry, just set on its call, they have an expectation for a 15% decline next year, and I know they cater to a lower end, but still a pretty wide gap there. So I guess my question is, what does the recession playbook at Brunswick? And how quickly can you pivot to that to kind of protect the floor and earnings power, whatever you think that might be?

我想回到你們對明年零售的基本情境（base case）。我知道現在還早。但至少在我看來，明年零售持平會非常棒，也會遠高於我認為市場可能預期的水準。我注意到，Patrick（這個產業的供應商）剛在他們的電話會議上說，他們預期明年會下滑 15%；我知道他們偏向較低端市場，但這之間仍有很大的落差。所以我的問題是，Brunswick 的「衰退劇本」（recession playbook）是什麼？你們能多快切換到那個模式，以保護底線與獲利能力（earnings power），不管你認為那會是什麼水準？

Yes, craig, I went through the assumptions really that drive us to a kind of a flattish retail assumption next year. I think I'd stand by those at the moment. The call we gave earlier this year about modestly down. Obviously, the market a bit to vary quite a lot, but it kind of came back to where we thought it was. That doesn't mean that we're always right. But I think we have a decent feel for this. But I think what you've seen this year is we have all kinds of levers to fall, and we're very effective at doing it. We began to work on operating expense very quickly this year as market conditions unfolded and pulled out significant operating expense.

是的，Craig，我已經說明了那些讓我們推導出明年零售大致持平假設的前提。我目前仍會支持那些假設。我們今年稍早給出的說法是小幅下滑。顯然，市場在一段時間內波動很大，但最後又回到我們原先認為的水準。這不代表我們永遠是對的，但我認為我們對此有不錯的掌握。不過我想你今年看到的是，我們有各式各樣的槓桿可以運用，而且我們在執行上非常有效率。隨著今年市場狀況的演變，我們很快就開始著手調整營業費用，並削減了相當可觀的營業費用。

So as we -- and that was obviously progressive during the year. So on a run rate basis was higher as we go into 2024. But we still have some things that are pretty favorable for us. Obviously, as we see the market softer and generally, market softer across recreation and beyond, the customer supply dynamics change. We're able to influence pricing somewhat more. We pivot people from whatever they were doing this year to work more on getting COGS reductions design cost reductions, negotiate cost reductions, all those kind of things, including working on our operating expense lines as well. So I think we still have plenty of levers to pull and we've consistently demonstrated how effective we doing that.

因此，當我們——而且這在一年當中是逐步推進的。所以以 run rate 來看，進入 2024 年時的基礎會更高。但我們仍有一些對我們相當有利的因素。顯然，當我們看到市場走弱，而且整體上休閒產業乃至更廣泛領域都走弱時，供需動態會改變。我們在定價上能有更大的影響力。我們也會把人力從今年原本在做的事情，轉去更專注於降低 COGS（銷貨成本）、設計降本、談判降本，以及各種成本降低措施，同時也會持續檢視我們的營業費用線。所以我認為我們仍有很多槓桿可以拉動，而且我們也一再證明我們在這方面的執行成效。

And I would just add Craig, I think you know this, but I'd caution 15% down from this year would be below the level of sales after the GSE. So obviously, everyone is doing their best to forecast the market, but that would seem to be an extremely down scenario given what we've seen in the environment even this year.

我再補充一句，Craig，我想你也知道，但我會提醒：若明年較今年下滑 15%，那會低於 GSE 之後的銷售水準。顯然，每個人都在盡力預測市場，但以我們今年所看到的環境來說，那看起來會是非常悲觀的情境。

I wouldn't -- Craig, I wouldn't also neglect what we can do on the go-to-market side. The new Brunswick Finance solution that we're just rolling out, I think, is gives us some unique flexibility to offer customers promotional financing of various kinds, kind of bridge them through this period of higher rates. So this is a multitude of levers that we have to pull on the go-to-market side, on the COGS side and on the expense side that I think we could -- we've shown our effectiveness in doing.

Craig，我也不會忽略我們在 go-to-market（市場推進/商業化）端能做的事。我們剛開始推行的全新 Brunswick Finance 解決方案，我認為能給我們一些獨特的彈性，去向客戶提供各種促銷性融資方案，某種程度上協助他們度過這段高利率期間。所以我們在 go-to-market 端、COGS 端以及費用端都有多重槓桿可以運用，我認為——我們已經展現了我們在這方面的有效性。

And then I guess, lastly, on the capital strategy side. I mean if we needed to Craig, we could take CapEx down to maintenance levels, which is 30%, 35%, which that starts at $100 million to $125 million. I'm not saying we would want to but that's something we could do. Obviously, our cash generation and our ability to convert working capital has been proven to be pretty strong this year, and I would anticipate next year. So in your scenario, we would go into even more cash generation, buckle down mode, and we've proven our ability to do that just because we don't have a whole lot of other fixed obligations to service at this time of our cost of capital, cost of debt being relatively low.

最後我想談資本策略（capital strategy）方面。我的意思是，如果有需要的話，Craig，我們可以把資本支出（CapEx）降到維持性水準（maintenance levels），也就是 30% 到 35%——大概從 1 億到 1.25 億美元起跳。我不是說我們會想這麼做，但這是我們可以做的事。顯然，我們今年的現金創造能力，以及營運資金轉換（convert working capital）的能力，已經被證明相當強，我也預期明年亦然。所以在你的情境下，我們會進入更偏向現金創造、勒緊褲帶的模式；而我們也已經證明我們做得到，因為目前我們沒有太多其他需要償付的固定義務，而且我們的資本成本、債務成本相對較低。

[indiscernible] labor in this, Craig. It was great, but it was an interesting question, I think. We will finish this year if we hit our $9 EPS will be 10% on EPS below last year, but we've been about 10% up on 2021. This will be our second best year ever in market conditions that are less than ideal. So I think we will continue to perform.

[indiscernible] 勞動在這裡，Craig。這很棒，但我覺得這是個很有意思的問題。如果我們達成 EPS 9 美元的目標，今年的 EPS 會比去年低 10%，但會比 2021 年高約 10%。在市場狀況不算理想的情況下，這將是我們史上第二好的年度表現。所以我認為我們會持續有良好表現。

Our next question is from Jaime Katz with Morningstar.

我們的下一個問題來自 Morningstar 的 Jaime Katz。

Could you just talk a little bit about the impetus for the new retail financing partnership? I know you just mentioned that it was to help consumers through this period of time. But I'm wondering if it also implies that maybe other retail financing partners are getting a little bit more cautious and are maybe changing their tune in lending currently?

你能否多談一點推出新的零售融資合作夥伴關係的動機？我知道你剛提到是為了幫助消費者度過這段期間。但我想知道，這是否也意味著其他零售融資夥伴正變得更謹慎，並且可能正在改變他們目前的放貸態度？

No, it doesn't imply that at all. I think we have been in the retail financing, we have a business called Blue Water Finance. So we've been in the retail financing kind of arena for a while. This is really an integrated digital finance solution that is just much easier and quicker for consumers to access. So it's embedded in a website. You configure a boat, you can immediately get not only the boat cost but also approval for -- or at least provisional approval for financing that would move through to the dealer.

不，完全不代表那個意思。我認為我們一直都在零售融資領域，我們有一個叫做 Blue Water Finance 的業務。所以我們在零售融資這個領域已經耕耘了一段時間。這其實是一個整合式的數位金融解決方案，讓消費者更容易、更快速地取得。它是嵌入在網站裡的。你配置一艘船，你可以立刻不只看到船的成本，還能獲得融資的核准——或至少是臨時核准——接著就能一路推進到經銷商端。

So and it allows us to have more flexibility with promotional finance offerings, obviously, at the moment in the current environment, we're offering discounts on purchase price and other things, option allowances, those kinds of things. But this is a new lever for us to pull if we see that a consumer is most cautious because of interest rates versus the potential criteria then this gives us another option. So yes, nothing to do with lender availability, everything to do with giving ourselves a better toolkit and giving our consumers a better experience through the process of acquiring boat.

而且它也讓我們在促銷融資方案上有更大的彈性。顯然，在目前這個環境下，我們提供的是購買價格折扣以及其他項目、選配補貼之類的。但如果我們看到某位消費者因為利率而特別謹慎（相對於其他可能的條件），那這就給了我們另一個選項。所以是的，這跟放款機構的可得性無關，完全是為了讓我們有更好的工具組合，也讓消費者在購船流程中有更好的體驗。

Excellent. And then can you just speak to new boaters in the market and your ability to continue to track them in this sort of environment has the mix of purchasers or participants then changing at all in the last 6 months or so? And sort of what are you expecting going forward?

很好。接著你能不能談談市場上的新船主（new boaters），以及在這種環境下你們持續追蹤他們的能力？過去大概 6 個月左右，購買者或參與者的組合有沒有任何改變？以及你們對未來的預期是什麼？

Actually, I'll be honest with you, I don't have an updated kind of data set on new boaters, but we can go find that. I would tell you, though, that Brunswick brands overindex towards attracting new boaters. And interestingly, not only in our value brands like Bayliner even in our premium brands. And I think the reason -- part of the reason for that, at least is brand recognition. If you own 3 of the 4 best boat brands in the U.S. and you're a new boater, it's kind of we're an obvious choice with the top of very list of potential boats in whatever category you want to buy a boat. So I think brand strength, new products are always going to mean that new boat is less value with the marketplace and [gravitate] to our brands.

老實說，我手上沒有最新的新船主資料集，但我們可以去找。我會告訴你的是，Brunswick 的品牌在吸引新船主方面的占比（overindex）更高。有趣的是，不只是在我們的入門價值品牌（像 Bayliner），甚至在我們的高端品牌也是如此。我認為原因之一——至少部分原因——是品牌辨識度。如果你擁有美國 4 個最佳船艇品牌中的 3 個，而你又是新船主，那我們自然會是很明顯的選擇，會在你想買的任何類別船艇的候選清單最前面。所以我認為品牌力與新產品，永遠都會讓新船主在市場上更不會只看價格，而是會[傾向]選擇我們的品牌。

And in addition Freedom. Freedom is such a good gateway for new boaters, new and returning boaters, boaters that have maybe been out for a decade or more Jaime. And so that we continue to see really steady membership at Freedom despite what is obviously a bit of a turbulent time in the market and the overall economy. So all of those things really led itself to continuing to find ways to bring new boaters in.

另外還有 Freedom。Freedom 對新船主、回流船主，以及可能已經離開這個市場十年或更久的船主來說，都是非常好的入門途徑，Jaime。因此，儘管市場與整體經濟顯然有些動盪，我們仍持續看到 Freedom 的會員數相當穩定。所有這些因素都讓我們能持續找到方法把新船主帶進來。

Our next question is from Joe Altobello with Raymond James.

下一題來自 Raymond James 的 Joe Altobello。

I guess first question for you, Ryan. Obviously, you were hesitant to call $9 EPS lower for next year, understandably, given all the uncertainty. But you said in the past that you felt like $8 is a reasonable recession floor. Is that still your thinking?

我想先問你一個問題，Ryan。顯然，你不太願意把明年的 EPS 低於 9 美元講死，這可以理解，畢竟不確定性很多。但你過去曾說過，你覺得 8 美元是合理的衰退底部（recession floor）。你現在還是這麼想嗎？

Joe, yes, we still stand very much behind those $6 and $8 cases. I think those give a really nice background into what -- how we perform in a market situation that obviously, we're kind of seeing ourselves in. The market is almost down 30%, 35%. So yes, I don't think there'll be a whole lot of changes to our thinking on the $8 case. I would say, again, engine P&A some good lights there and back to kind of steady growth, Navico continued to be improved, a strong capital strategy and then kind of steady boat and propulsion as they work through market dynamics. All of those things were embedded into those plans. And I think we would be very comfortable with those still.

Joe，是的，我們仍然非常支持那兩個情境：6 美元與 8 美元。我認為它們很好地提供了一個背景，說明我們在目前這種市場情境下——也就是我們正在經歷的情境——會如何表現。市場幾乎下跌了 30%、35%。所以是的，我不認為我們對 8 美元情境的看法會有太大改變。我再說一次，引擎 P&A 那邊有一些不錯的亮點並回到相對穩健的成長；Navico 持續改善；強勁的資本策略；以及船艇與推進系統在消化市場動態時維持相對穩定。這些都已經包含在那些計畫裡。我們對此仍會非常有信心。

Okay. Helpful. And maybe in terms of dealers and how they're thinking about ordering and demand for next year, when do you think they'll get the information to start impacting orders. Is it Miami? Is it Palm Beach?

好的，很有幫助。那也許就經銷商而言，他們對明年的下單與需求是怎麼想的？你覺得他們什麼時候會拿到足以開始影響訂單的資訊？是在 Miami？還是 Palm Beach？

It's a range, Joe, beyond. It depends on what brands and dealers you're talking about. Obviously, Fort Lauderdale is going on right now for the next few days, which is premium brand -- premium kind of saltwater, fiberglass focus. But towards the end of the year, early shows like Toronto, Chicago, Minneapolis, all in January would be important for the aluminum market, Dusseldorf also at the end of January for the European market, which is mainly a fiberglass market, not so much a alluminum market.

這是一個範圍，Joe，取決於你談的是哪些品牌與哪些經銷商。顯然，Fort Lauderdale 現在正在進行，接下來幾天也是，這是以高端品牌——高端的鹽水、玻璃纖維（fiberglass）為主的展。但到年底、年初，像 Toronto、Chicago、Minneapolis 這些在一月的早季展會，對鋁船（aluminum）市場會很重要；一月底的 Dusseldorf 對歐洲市場也很重要，而歐洲主要是玻璃纖維市場，不太是鋁船市場。

And then in mid February, of course, we have Miami, which is the next big show. So it's really progressive. And this year, we're going through [indiscernible] Paris can, all those kind of things. It's a pretty steady stream of late season shows and early season shows fun.

然後當然在二月中旬，我們有 Miami，這是下一個大型展會。所以它其實是逐步推進的。而今年我們也會跑[聽不清]、Paris 等等這些活動。整體來說，季末展與季初展會是一個相當穩定的串流。

Okay. So it should be pretty early in calendar '24 when we know.

好的。所以我們應該會在 2024 年曆年很早的時候就知道了。

Yes, depending on the brand. I mean, I think fort Lauderdale will be a good point for premium. So first day was are encouraging for us. We'll see how the rest of the show unfolds. And then as you get into the balance of the year, obviously, not much going on in December, but really early January, you get into quite a lot of aluminum shows. So that will be a good indication of what buyers are feeling at that point in time. And then late January to early February, we'll see more fiberglass, particularly on the premium end.

是的，取決於品牌。我認為 Fort Lauderdale 會是高端市場的一個不錯觀察點。第一天對我們來說是令人鼓舞的。我們會看看接下來展會如何發展。然後進入今年剩餘時間，顯然 12 月沒什麼活動，但到 1 月初就會有相當多的鋁船展會。那會是觀察當時買家感受的一個好指標。接著 1 月下旬到 2 月上旬，我們會看到更多玻璃纖維，尤其是在高端市場。

Our next question is from Scott Stember with ROTH MKM.

下一題來自 ROTH MKM 的 Scott Stember。

On the parts and Accessories side, can you talk about what retail POS is looking like and maybe parse that out RV versus Boat?

在零件與配件（parts and Accessories）這一塊，你能談談零售端 POS（銷售點）看起來如何嗎？也許可以拆分一下 RV 與船艇的差異？

Yes, I can take that. We still have limited POS side information from various retails. I'd say on the Marine Side, kind of on the traditional marine side, Scott, we're seeing kind of retail and wholesale matching, we're seeing dealers take the inventory they need at the end of the year to winterize product and obviously in the southern hemisphere, to keep folks on the water. So again, U.S. products was 10% in the quarter and only a bit of that is price. So a lot of that is really nice strong demand and filling channels in ahead of kind of the end of the season in those places where there is an end of the season for kind of more retailers, and that is primarily we see that in the Navico Group.

可以，我來回答。我們從各家零售商取得的 POS 資訊仍然有限。我會說在海事端（Marine Side），也就是傳統海事端，Scott，我們看到零售與批發大致匹配；我們看到經銷商在年底拿到他們需要的庫存，用於產品的冬季保養（winterize），而在南半球則是讓大家能持續下水使用。所以再說一次，美國產品本季成長 10%，其中只有一小部分是價格因素。很大一部分其實是相當不錯的強勁需求，以及在那些有季節結束的地區，在季末前先把通路補齊；而這主要是我們在 Navico Group 看到的。

We believe that their inventories are rightsized as we enter the holiday, so we're seeing pretty strong point of sale there, certainly on the new products that Navico come out with. I mean, to really drive retail ahead out of the holiday, new products is key, and we continue to see good performance there. Obviously, we said it in the release, but the holiday season is a big time for Navico. They're preparing and getting the right inventory in the dealer and retailer hands, and we would anticipate a pretty strong performance.

我們認為他們在進入假期時的庫存規模是合適的，因此我們看到那邊的 POS 相當強勁，尤其是在 Navico 推出的新產品上。要在假期前把零售往前拉動，新產品是關鍵，而我們持續看到那邊表現良好。顯然我們在新聞稿裡也提到，假期季對 Navico 來說是很重要的時段。他們正在準備，並把正確的庫存放到經銷商與零售商手上，我們預期會有相當強的表現。

Just last question. One of your competitors in the recreation and leisure space for vehicles data mentioned earlier this week that they're seeing or at least they're hearing from the lenders that there is a slight tightening going on with lenders looking more heavily at things like debt-to-income ratios. Are you seeing that tightening in your markets at all?

最後一個問題。本週稍早，你們在休閒與娛樂載具領域的一位競爭對手提到，他們看到——或至少從放款機構那邊聽到——放款端正在略為收緊，放款機構更仔細看像是負債收入比（debt-to-income ratios）這類指標。你們在你們的市場也有看到這種收緊嗎？

We're talking about retail financing, right? Credit flows and yes. I think the spreads are higher. So I think getting to the kind of 9% [pro] pretty good FICO score. So I think we're probably are seeing a bit of increase in the spreads. I wouldn't say it's particularly noticeable at the moment. We can get some more detail on that. But yes, I think that's probably true.

你指的是零售融資，對吧？信用供給（credit flows），是的。我認為利差（spreads）變高了。所以我想要做到大概 9% 的[聽不清]，需要相當不錯的 FICO 分數。我們可能確實看到利差有些上升。我不會說目前特別明顯。我們可以再提供更細的資料。但是的，我想這大概是真的。

And we are just continuing to see an influx of people bringing cash up and down the whole spectrum, including premium. So that is one that we continue to see.

而且我們仍持續看到有更多人以現金進場，涵蓋整個光譜，包括高端市場。這一點我們仍然看得到。

Our next question is from Mike Swartz with Truist Securities.

下一題來自 Truist Securities 的 Mike Swartz。

Maybe just following up on Joe's question around order books for 2024, model year '24. I know there's -- we're very early in the show season. But maybe is there any sense or any range you can give us of what those maybe early commitments have looked like versus at the same time last year?

我想延續 Joe 關於 2024 年訂單簿、也就是 24 年款（model year '24）那題。我知道現在還——展會季才剛開始。但你們是否已經有任何感覺，或能否給我們一個區間，說明這些早期承諾（early commitments）相較於去年同一時間大概是什麼樣子？

They're strong. We have very solid order banks across all of our brands at this point in time. And I would say, very similar across most brands to last year or at least if not last year, at least in line with our expectations of what's appropriate for this year. So we go through looking at percentage of fulfillment. And you probably know we go on a Trimester basis here. So right now, we're looking at the kind of first trimester orders, but also the point of full year. But I would say that I don't have the latest numbers, but I think we are aligned pretty well now and have very solid orders from all of our dealers.

它們很強勁。目前我們所有品牌的訂單庫存都非常穩健。而且我會說，多數品牌與去年非常相近；或者即便不完全等同於去年，至少也符合我們對今年合理水準的預期。因此我們會檢視履約比例。你可能也知道，我們這裡是以四個月期（Trimester）為基礎來看。所以現在我們在看第一個四個月期的訂單情況，同時也看全年整體的狀況。不過我會說，我手上沒有最新數字，但我認為目前我們的對齊做得相當好，而且來自所有經銷商的訂單都非常扎實。

Okay. And then with the -- could be the new labor agreement up in [indiscernible], it's just a broader question for 2024. I mean I guess how should we think about the cost environment? Is it still going to be fairly inflationary? Or are you seeing any -- the cost curve flatten out or maybe even seeing any benefits as we go into '24?

好的。那接著關於——可能是在[聽不清]那邊的新勞動協議——這是一個更廣泛的 2024 年問題。我是說，我想我們應該如何看待成本環境？它仍會相當通膨嗎？還是你們看到任何——成本曲線趨於平坦，甚至在進入 2024 年時看到一些好處？

Yes. I would say that overall, I think the environment is turning much more favorable for us in terms of supplier pricing. Supply is willing to take willing to offer discounts willing to offer lower prices to us, commodities obviously have come more in line with historical norms. I think our labor cost increases will be very novel. So nothing kind of out of the ordinary for next year.

是的。我會說整體而言，我認為在供應商定價方面，環境正轉向對我們更有利。供應端願意、也願意提供折扣、願意給我們更低的價格；大宗商品顯然也更回到歷史常態。我認為我們的勞動成本增幅會是非常正常的水準，所以明年不會有什麼異常。

So I would say, overall, the cost environment is going to be constructive for us, and we're putting a lot of resources in that area right now, I would say making sure we're very actively working with the supply base to get the best cost, evaluating alternative suppliers. So yes, we will work very actively in that area. And I would expect overall for that to be constructive for the year.

所以我會說，整體而言，成本環境將對我們是建設性的（有利的），而我們現在也在這個領域投入大量資源；我會說，確保我們非常積極地與供應基礎合作以取得最佳成本、評估替代供應商。所以是的，我們會非常積極地在這方面運作。我也預期整體而言，這對今年會是建設性的。

Yes. And every division has cost takeout programs and plans target for the year, not just at the OpEx level, but ways to bring cogs down as well. So back to the earlier question on what strings you pull in a tough economic time, looking at programs at the gross margin line can be equally as important to just raw cost takeout at OpEx.

是的。而且每個事業部都有成本削減（cost takeout）專案與年度目標計畫，不僅是在營業費用（OpEx）層面，也包括降低銷貨成本（COGS）的方法。所以回到先前那個關於在艱困經濟時期你會拉哪些槓桿的問題，著眼於毛利率那一行的專案，可能同樣重要，並不亞於在 OpEx 上做純粹的成本削減。

Our next question is from Matthew Boss with JPMorgan.

我們的下一個問題來自摩根大通（JPMorgan）的 Matthew Boss。

Great. Dave, so maybe higher level, could you just elaborate on the consumer and dealer sentiment today maybe relative to 3 months ago? Or just how -- or what evolved exactly in the forecast. And then specifically with the higher interest rate backdrop, are there any changes you've seen so far in the promotional landscape? Or just what levers would you or could you pull to entice customers to convert, if needed?

很好。Dave，從更高層次來看，你能否談談目前消費者與經銷商的情緒，相較於 3 個月前如何？或者說——預測中究竟有哪些演變？另外，特別是在利率較高的背景下，你們是否看到促銷環境迄今有任何變化？或者如果需要的話，你們會或可以拉動哪些槓桿來促使客戶成交？

I think -- I don't think it's really a change in the sentiment really. I think it's just the part of the season that we're in right now. Obviously, 3 months ago, we're in the height of the selling season. People are spending their time doing a whole bunch of other stuff, selling as much as they possibly can, focusing on getting product out the door. Now they're pivoting to much consideration of stocking levels to what is mainly the office season. So I don't think sentiment has really changed a lot. I think they're just now going through normal seasonal changes in the way that the focusing.

我認為——我不覺得情緒真的有變化。我覺得只是我們現在所處的季節階段不同。顯然，3 個月前我們正處於銷售旺季高峰，人們把時間花在一大堆其他事情上，盡可能多賣，專注於把產品出貨。現在他們轉而更多考量庫存水位，進入主要是內勤（office）季節。所以我不認為情緒有很大改變；我認為只是他們在正常的季節性變化中，關注重點有所轉移。

I think you can tell from our field inventory levels that we have been very careful to make sure that we align well with our dealers that everybody feels good about stocking levels going into 2024. So I would say they're encouraged by that. I think the -- so I don't think that there is a huge change in sentiment. Also feedback I'm getting -- I'm going to add to Fort Lauderdale later this afternoon. I'll get some direct feedback. But broadly, OEM customers seem to be pretty positive. Obviously, that show is a premium show and that is the most resilient part of the marketplace.

我想你可以從我們的通路庫存水位看出來，我們一直非常謹慎，確保與經銷商良好對齊，讓大家在進入 2024 年時對庫存水位都感到安心。所以我會說他們因此受到鼓舞。我認為——所以我不覺得情緒有很大的變化。另外我收到的回饋——我今天下午晚些時候要去 Fort Lauderdale，我會得到一些第一手回饋。但整體而言，OEM 客戶似乎相當正面。當然，那個展會是高端展會，而那也是市場中最具韌性的部分。

So I just -- I don't think that there is a marked change. I think there's just general caution. Broadly, some of the earlier questions we're talking about some of the more downside scenarios for next year. But broadly, things are generally stabilizing on a price basis on an interest rate basis, the environment is somewhat more stable. I think that there is caution some about what might happen next year. But I wouldn't say there's a notable change in sentiment either from OEMs or end consumers. Sorry what was the second part of that question? Can you repeat that part of the question.

所以我只是——我不認為有明顯的變化。我認為只是普遍更謹慎。整體來說，先前有些問題談到明年一些更偏下行情境。但總體而言，價格面、利率面都在趨於穩定，環境相對更穩一些。我認為對明年可能發生什麼仍有一些謹慎，但我不會說 OEM 或終端消費者的情緒有顯著變化。抱歉，問題的第二部分是什麼？你可以再重複那部分問題嗎？

Any changes in the promotional landscape? Or are there levers that you would pull just given the higher interest rate environment to entice a customer to convert?

促銷環境有任何變化嗎？或者在較高利率環境下，你會拉動哪些槓桿來促使客戶成交？

Yes. Well, promotions through the kind of back end of the selling season were kind of up at kind of 2019 levels, I would say. To be honest, at the moment, from now through the end of the year, we'll be less than 10% of the top line, you'll see much less than 10%. So the influence of promotions is diminishing, except in the southern markets where -- and those are mostly fiberglass premium markets where we haven't had such a promotional environment. So we might be kind of working to get the last few units that we can, but I would say the promotion at this time of the year is just not super effective and not super meaningful in the northern markets.

是的。嗯，在銷售季後段，促銷大致回到 2019 年的水準，我會這麼說。坦白講，就目前從現在到年底，促銷占營收（top line）的比重會低於 10%，你會看到遠低於 10%。所以促銷的影響力正在下降，除了南部市場——而那些多半是玻璃纖維的高端市場——我們並沒有那麼強的促銷環境。所以我們可能會努力把最後幾台能賣的單位出清，但我會說在一年中的這個時點，促銷在北部市場並不是特別有效，也不是特別重要。

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

我們的下一個問題來自 BMO Capital Markets 的 Tristan Thomas-Martin。

Two quick ones. One, you mentioned Fort Lauderdale a couple of times. How were some of the other all kind of fall season boat shows. And then with [indiscernible], what's the state of the fleet there? And then what could a potential kind of refresh upgrade cycle look like?

兩個簡短問題。第一，你提到 Fort Lauderdale 幾次了。其他秋季船展的表現如何？第二，關於[聽不清]，那邊的船隊（fleet）狀況如何？以及潛在的更新／升級週期可能會是什麼樣子？

Yes, good question. So really, Fort Lauderdale, Miami is the kind of start of season premium show in the U.S. and Lauderdale a lot of the more than end of season U.S. show, we've been really focusing quite a while on European shows recently. We had a really strong showing at cap. Our brands are extremely well received. We're able to get some large Boston wheelers and large Sea Rays over to Europe for a change because in the past 3 years, everything has been sold in the U.S. So it was very encouraging to get those bigger product files over to Europe and they sold very well. The ban was really well received, and I think represents a significant opportunity for us. And Mercury's market share through all of those shows was -- I can't remember the exact numbers, but we were in the high 50s to 60s pretty much every show.

是的，好問題。其實 Fort Lauderdale、Miami 算是美國季初的高端展會，而 Lauderdale 更像是美國季末的展會；我們最近一段時間其實更專注在歐洲的展會。我們在 cap 的表現非常強勁。我們的品牌非常受歡迎。因為過去 3 年所有產品幾乎都在美國賣掉了，所以這次我們終於能把一些大型 Boston Whalers 和大型 Sea Rays 帶到歐洲，這令人非常振奮；而且它們賣得非常好。那個 ban 也獲得非常好的反響，我認為這代表我們一個重大的機會。Mercury 在所有這些展會中的市占——我記不得確切數字，但幾乎每一場都在 50% 高段到 60% 左右。

So all of the constructive factors that we continue to see we're prevailing through the latest season European shows. And then obviously, we just have 1 day of Fort Lauderdale behind us, but hoping for the best for the balance of that show.

所以，我們持續看到的所有正向因素，在最近一季的歐洲展會中都仍然成立並發揮作用。然後當然，Fort Lauderdale 我們目前才過了 1 天，但希望接下來展期能有好的表現。

Thank you. This will conclude our question-and-answer session. I would like to turn the call back over to Dave for some concluding remarks.

謝謝。問答環節到此結束。我想把電話交回給 Dave 做一些結語。

Okay. Thank you all for joining us very much and for the great questions. As you saw despite the challenges, we again delivered a very solid quarter. For the rest of the year, our focus is on balancing continuing to deliver those solid earnings and free cash flow with the imperative of making sure that end of year -- inventory pipelines are in the right place as we head into 2024. I think the fact that we're able to do all this still deliver our second best ever year with EPS within 10% of 2022, 10% higher than 2021 is pretty remarkable but still moving forward all of our strategic priorities. We didn't really talk much about electrification, like Avatar and Flight, but those continue to be positive growth opportunities for us.

好的。非常感謝各位加入我們，也謝謝大家提出很棒的問題。如各位所見，儘管面臨挑戰，我們再次交出非常穩健的一季。對於今年剩餘時間，我們的重點是在持續交付穩健獲利與自由現金流的同時，也必須確保在邁入 2024 年時，年末的——庫存管道（inventory pipelines）處於正確的位置。我認為我們能做到這些，同時仍可交出史上第二好的年度表現，EPS 距離 2022 年僅差 10% 以內、且比 2021 年高 10%，這相當了不起；同時我們也在推進所有策略優先事項。我們沒有太多談到電動化，例如 Avatar 和 Flight，但那些仍是我們正向的成長機會。

And just again, it is nice to see when there's a lot of uncertainty around Mercury comes through again with 57% share of Waterdale and close to 70% on the water. So that is an incredible trend that just continues forward, and we're very encouraged by it.

另外再說一次，很高興看到在 Mercury 周遭存在許多不確定性時，它又再次展現實力，在 Waterdale 的市占達到 57%，而在水上（on the water）接近 70%。所以這是一個持續向前的驚人趨勢，我們對此非常受到鼓舞。

All right. Thank you all very much for joining us.

好。非常感謝各位加入我們。

Thank you. This will conclude today's conference. You may disconnect your lines at this time, and thank you for your participation.

謝謝。今天的會議到此結束。您現在可以掛斷電話線，並感謝您的參與。