賓士域 (BC) 2023 Q4 法說會逐字稿

Good morning. Welcome to Brunswick Corporation's Fourth Quarter and Full Year 2023 Earnings Conference Call. (Operator Instructions). Today's meeting will be recorded. (Operator Instructions)

早安。歡迎參加 Brunswick Corporation 2023 年第四季暨全年財報電話會議。（接線員指示）今天的會議將會錄音。（接線員指示）

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

現在我想介紹 Brunswick Corporation 企業財務資深副總裁 Neha Clark。謝謝。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.

在開始我們事先準備的發言之前，我想提醒各位，本次電話會議中的評論將包含若干關於未來結果的前瞻性陳述。請注意，我們的實際結果可能與這些預期存在重大差異。關於需考量的相關因素詳情，請參閱我們近期的 SEC 申報文件以及今日的新聞稿。上述文件皆可於我們的網站 brunswick.com 取得。

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

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

I will now turn the call over to Dave.

接下來我將把電話會議交給 Dave。

Thanks, Neha, and good morning, everyone.

謝謝你，Neha，各位早安。

Brunswick delivered another successful year in which we achieved the second highest sales and adjusted earnings per share in company history despite market headwinds. We also continued to gain market share, increase our operational efficiency, launch exceptional new products, actively controlled costs and progress our strategic initiatives, including our ACES strategy.

Brunswick 再度交出成功的一年。儘管面臨市場逆風，我們仍達成公司歷史上第二高的銷售額與調整後每股盈餘。我們也持續提升市占率、提高營運效率、推出卓越的新產品、積極控管成本，並推進包括 ACES 策略在內的策略性計畫。

Our full year net sales of $6.4 billion and adjusted earnings per share of $8.80 was slightly below our guidance range as wholesale customer ordering patterns softened late in the year. However, our diligent focus on cash generation resulted in outstanding free cash flow of $473 million and full year free cash flow conversion of 76%.

全年淨銷售額為 64 億美元，調整後每股盈餘為 8.80 美元，因年末批發客戶下單模式轉弱而略低於我們的財測區間。然而，我們對現金創造的嚴謹聚焦帶來了 4.73 億美元的亮眼自由現金流，全年自由現金流轉換率達 76%。

In addition, we executed $275 million of share repurchases. Mercury Marine has continued to capture solid market share with full year U.S. outboard retail share up 50 basis points versus prior year. 2023 U.S. new boat market unit retail sales are anticipated to finish in line with our estimates of down mid- to high single digits, with Brunswick brands outperforming the market in many segments.

此外，我們執行了 2.75 億美元的庫藏股回購。Mercury Marine 持續取得穩健的市占表現，全年美國舷外機零售市占率較前一年提升 50 個基點。預期 2023 年美國新船市場零售銷量（台數）將與我們的估計一致，約為中到高個位數百分比下滑，而 Brunswick 品牌在多個細分市場的表現優於整體市場。

As we moved out of the core 2023 retail selling season, we work closely with our marine channel partners to actively manage boat field inventory levels, and we closed the year with 36.7 weeks on hand in the U.S., which is in line with our target and with historical norms.

隨著我們走出 2023 年核心零售銷售季，我們與海事通路夥伴密切合作，積極管理船艇在外部通路的庫存水位；年底時美國庫存週轉（weeks on hand）為 36.7 週，符合我們的目標並與歷史常態一致。

I'll now turn to some of the segment highlights for the quarter and full year. Our Propulsion business finished its second best year on record, leveraging more exciting new products, market share gains and operational efficiencies to deliver consistent year-over-year operating margins despite slightly lower sales and earnings versus the historical highs in 2022. For the full year, Mercury gained 150 basis points of overall U.S. retail share for outboard engines over 30 horsepower, which account for the majority of Mercury's investment in recent years.

接下來我將說明本季與全年各事業部門的重點。我們的推進（Propulsion）業務創下史上第二佳年度表現，憑藉更令人振奮的新產品、市占提升與營運效率，即使銷售與獲利較 2022 年的歷史高點略低，仍實現穩定的年對年營業利益率。就全年而言，Mercury 在美國 30 匹馬力以上舷外機（為 Mercury 近年投資重點、亦占其大部分投資）的整體零售市占率提升 150 個基點。

In addition, over 5,000 Avator electric outboards were produced following the launch of the first model in early 2023. Mercury saw a slowing of OEM off-season orders as the OEMs scale back boat production to control field inventory going into the new year. We expect OEMs to remain cautious entering the first quarter of 2024, as they assess consumer sentiment at early season boat shows and monitor the macro environment.

此外，在 2023 年初推出首款機型後，Avator 電動舷外機已生產超過 5,000 台。由於 OEM 為了在新年度來臨前控制通路庫存而縮減船艇產量，Mercury 觀察到 OEM 在淡季的下單放緩。我們預期 OEM 在 2024 年第一季仍將保持審慎，因其將在季初船展評估消費者情緒並監測總體環境。

Our Engine Parts and Accessories business demonstrated steady performance in the quarter, reflecting a continued improving sequential trend. Sales in the products portion of the business were up versus prior year for the second consecutive quarter, and our Distribution business was only down slightly with sequential improvement from the previous quarter.

我們的引擎零件與配件（Engine Parts and Accessories）業務在本季展現穩健表現，反映出持續改善的逐季趨勢。該業務中產品（products）部分的銷售額連續第二季較前一年成長，而我們的配銷（Distribution）業務僅小幅下滑，且較上一季呈現逐季改善。

Overall segment sales were up 22% on a full year basis versus 2019. Navico Group had a solid finish to the year as an increased flow of new products and continued focus on cost control, business integration. And complexity reduction helped offset a softer Marine OEM market in the quarter and the considerably slower RV manufacturing environment.

整體而言，該事業部門全年銷售額較 2019 年成長 22%。Navico Group 年末表現穩健，新增產品推出節奏加快，並持續聚焦成本控管、業務整合與降低複雜度，協助抵銷本季較疲弱的海事 OEM 市場以及顯著放緩的 RV 製造環境。

Finally, our Boat business delivered sales and earnings in the quarter, consistent with expectations, while continuing to ensure healthy pipeline inventory levels entering 2024. Strong demand for premium products, together with market share gains in many categories, is helping to provide a stable baseline for 2024. Freedom Boat Club continues to grow and now has more than 410 locations. Members completed approximately 600,000 trips in 2023, demonstrating the productivity of the model.

最後，我們的船艇（Boat）業務本季的銷售與獲利符合預期，同時持續確保在 2024 年前維持健康的管道庫存水位。高端產品的強勁需求，加上多個品類的市占提升，正協助為 2024 年提供穩定的基礎。Freedom Boat Club 持續成長，目前已超過 410 個據點。會員於 2023 年完成約 60 萬次出航，展現該商業模式的生產力。

Shifting to external factors now. U.S. employment remains at healthy levels, with inflation continuing to stabilize. The cadence of Fed and global central bank interest rate reductions will continue to be an important factor in the coming months. Overall, boat retail sales are trending slightly above 2023, but unit sales in the month of January are always a small contribution to the year. Global early-season boat shows are generally encouraging with good traffic, interested buyers and healthy lead generation. Normalized inventory levels are allowing consumers to shop for the models of their choice and incentives continue to be important in stimulating interest and assisting dealers in closing sales.

接著談外部因素。美國就業仍維持在健康水準，通膨也持續趨於穩定。未來幾個月，聯準會與全球央行降息的節奏仍將是重要因素。整體而言，船艇零售銷售趨勢略高於 2023 年，但 1 月的台數一向僅對全年貢獻有限。全球季初船展整體令人鼓舞，來客量佳、買方興趣高，且潛在客戶（leads）開發健康。庫存水位回歸常態，使消費者能選購偏好的機型；同時，促銷激勵仍是刺激興趣並協助經銷商成交的重要手段。

Our boat engine and technology brands continue to perform well, with Mercury recording outboard share gains at the important Dusseldorf Boat Show, achieving overall share of 48%. Dealers entered 2024 with healthy inventory and are cautious in their ordering entering the new year as they closely monitor boat shows in retail at the start of the season as well as the economic trajectory.

我們的船艇引擎與科技品牌持續表現良好；Mercury 在重要的杜塞道夫船展（Dusseldorf Boat Show）錄得舷外機市占提升，整體市占達 48%。經銷商在 2024 年以健康庫存水位開局，並在新年度初期下單上保持審慎，密切觀察季初船展的零售表現以及經濟走勢。

We are pleased with interest in the recently launched Brunswick retail finance program with more than 25% of Brunswick boat dealers having already enrolled. The program provides an additional way to stimulate demand and convert leads with an efficient online consumer finance approval process and the ability to introduce promotional financing. In addition, our investments in digital platforms continue to drive benefits across our brands with more than 1/3 of Boat Group's sales digitally assisted in 2023.

我們對近期推出的 Brunswick 零售融資計畫所獲得的市場興趣感到滿意，已有超過 25% 的 Brunswick 船艇經銷商完成加入。該計畫透過高效率的線上消費者融資核准流程，以及導入促銷性融資的能力，提供另一種刺激需求並將潛在客戶轉化為成交的方式。此外，我們在數位平台的投資持續為各品牌帶來效益，2023 年 Boat Group 超過三分之一的銷售由數位方式協助完成。

As expected, both OEMs are carefully controlling boat production rates to align with anticipated retail in 2024, resulting in lower order rates for Mercury engines and Navico Group OEM products. The softness continues to be more prevalent in value products and low- to mid-horsepower outboard engines with premium product production and demand remaining more solid.

如預期所示，OEM 皆正審慎控制船艇產量，以與 2024 年預期零售需求對齊，導致 Mercury 引擎與 Navico Group OEM 產品的訂單率下降。疲弱情況在平價產品與低至中馬力舷外機上更為明顯，而高端產品的生產與需求仍相對穩健。

Shifting now to a global view of revenue in the quarter. Overall, we saw a 15% sales decline on a constant currency basis, excluding acquisitions. On a full year basis, the U.S. market declined mid-single digits versus 2022, roughly in line with Europe and Asia Pacific.

接著從全球角度看本季營收。整體而言，在固定匯率基礎下（排除併購），我們的銷售額下滑 15%。就全年而言，美國市場較 2022 年下滑中個位數百分比，與歐洲及亞太地區大致一致。

U.S. new boat industry retail was slightly down in the fourth quarter versus 2022 with preliminary full year retail in line with expectations of down approximately 6% versus 2022.

美國新船產業零售在第四季較 2022 年小幅下滑；初步全年零售結果符合預期，較 2022 年約下滑 6%。

Overall, for the full year, Brunswick performed slightly better than the industry. Picking up share, particularly through strong performance by our pontoon, premium fiberglass and tow brands, supported by planned promotions and marketing on select product lines. Outboard engine industry retail units turned positive this period with the fourth quarter up 1% versus prior year, bringing full year unit retail to down 2%.

整體而言，Brunswick 全年表現略優於產業，市占有所提升，特別受惠於我們的浮筒船（pontoon）、高端玻璃纖維（premium fiberglass）以及拖曳（tow）品牌的強勁表現，並由特定產品線的規劃性促銷與行銷活動所支撐。本期舷外機產業零售台數轉為正成長，第四季較前一年成長 1%，使全年零售台數降幅收斂至 2%。

Mercury continues to outperform the industry with fourth quarter share gains of 50 basis points in greater than 30-horsepower categories. As we actively manage boat pipelines, we ended with inventory in line with expectations and historical norms with U.S. weeks on hand at 36.7 weeks and 14,000 units versus 16,000 units in 2019. International boat pipelines were slightly higher, which is normally the case.

Mercury 持續優於產業，在 30 匹馬力以上品類第四季市占提升 50 個基點。隨著我們積極管理船艇通路供應鏈，我們期末庫存符合預期並與歷史常態一致：美國 weeks on hand 為 36.7 週，庫存量為 14,000 台，相較 2019 年的 16,000 台。國際市場的船艇通路庫存略高，這通常屬正常情況。

I'll now turn the call over to Ryan to provide 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更多評論。

Thanks, Dave, and good morning, everyone.

謝謝你，Dave，各位早安。

Brunswick delivered a solid fourth quarter despite softer wholesale demand across our businesses. When compared to an extremely strong fourth quarter of 2022, net sales in the quarter were down 14% and adjusted EPS of $1.45 decreased 27%. However, we delivered a record Q4 free cash flow of $242 million, a 25% increase over prior year, as we continue to focus the enterprise on generating cash and minimizing working capital usage.

儘管各業務的批發需求轉弱，Brunswick 仍交出穩健的第四季表現。相較於 2022 年極為強勁的第四季，本季淨銷售額下滑 14%，調整後每股盈餘 1.45 美元下滑 27%。然而，我們創下第四季自由現金流 2.42 億美元的紀錄，較前一年成長 25%，因我們持續推動全企業聚焦現金創造並將營運資金使用降至最低。

Sales were below prior year as the impact of cautious wholesale ordering patterns by dealers, OEMs and retailers, coupled with higher discounts and select segments was only partially offset by successful new product momentum, positive mix and pricing implemented in previous quarters.

由於經銷商、OEM 與零售商採取審慎的批發下單模式所帶來的影響，加上部分細分市場折扣提高，銷售額較前一年下降；上述不利因素僅部分被成功的新產品動能、正向的產品組合，以及前幾季已實施的定價所抵銷。

Operating earnings and margin declined versus a record fourth quarter 2022, resulting from the impact of lower net sales and prudent spending on growth initiatives, partially offset by ongoing cost containment efforts.

營業利益與利潤率較2022年創紀錄的第四季下滑，主要受淨銷售下降及對成長計畫採取審慎支出之影響，部分被持續的成本控管努力所抵銷。

For the full year, we delivered the second highest sales and adjusted EPS in Brunswick's history, just behind our 2022 performance. Our strong free cash flow of $473 million resulted in second half free cash flow conversion of 143%, again, reflecting our continued focus on driving cash in this challenging market.

就全年而言，我們交出Brunswick歷史上第二高的銷售額與調整後EPS，僅略低於2022年的表現。我們強勁的自由現金流達4.73億美元，使下半年自由現金流轉換率達143%，再次反映我們在此具挑戰性的市場中，持續專注於推動現金流入。

Now we'll look at each reporting segment, starting with our Propulsion business. Revenue was down 12% versus the fourth quarter of 2022, primarily due to cautious OEM ordering patterns, partially offset by continued market share gains in outboard engines and the acquisition of Fliteboard completed earlier in the year. Operating margins increased by 110 basis points versus Q4 2022, as the impact of the sales declines and higher labor inflation costs were more than offset by cost control and reduced material inflation.

接下來我們將檢視各個報告部門，先從推進（Propulsion）業務開始。營收較2022年第四季下滑12%，主要因OEM下單模式趨於保守，部分被舷外機市占率持續提升以及年初完成的Fliteboard收購所抵銷。營業利潤率較2022年第四季提升110個基點，因銷售下滑與勞動成本通膨上升的影響，已被成本控管與材料通膨下降所帶來的效益充分抵銷且有餘。

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 reductions in both OEM production levels 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 overall market demand for engines.

如Dave先前提到，當我們結束2023並進入2024年時，我們預期將持續維持逐步提升的市占率表現，但推進業務將受到OEM產量進一步下調的影響，且此情況可能要到2024年主要零售銷售季開始時才會緩解。這將使我們能向經銷通路銷售更多引擎，但整體影響仍將是引擎整體市場需求下降。

The engine parts and accessories business continue to improve sequentially throughout the year with Q4 sales essentially flat versus 2022. The high-margin products business grew sales by 3% versus prior year, while distribution sales were down 4%, as trends have continued to improve in both businesses from early 2023.

引擎零件與配件業務在全年持續逐季改善，第四季銷售與2022年基本持平。高毛利產品業務銷售較去年成長3%，而配銷（distribution）銷售下滑4%；自2023年初以來，兩項業務的趨勢皆持續改善。

Segment operating earnings and margins decreased in the quarter with a slight net sales decline and higher manufacturing costs more than offsetting the impact of pricing and lower operating expenses versus prior year.

本季部門營業利益與利潤率下滑，因淨銷售小幅下降與製造成本上升的影響，超過了相較去年價格調整與營運費用下降所帶來的效益。

Navico Group reported a 17% decrease in sales as the business experienced softer marine OEM orders and the continued weak RV manufacturing environment in the quarter. Segment operating margins decreased in the quarter, primarily as a result of the net sales decline, which more than offset the benefit of lower operating expenses.

Navico Group銷售下滑17%，因本季海事OEM訂單轉弱，以及RV製造環境持續疲弱。部門營業利潤率於本季下降，主要因淨銷售下滑的影響，超過了營運費用降低所帶來的效益。

Despite an overall challenging 2023, Navico continues to make strides against its strategic priorities, including removing almost $20 million of structural cost, while improving its product development process and continuing to invest in market-leading technologies and expand its customer base for integrated and connected solutions.

儘管2023年整體充滿挑戰，Navico仍在其策略優先事項上持續取得進展，包括移除近2,000萬美元的結構性成本，同時改善產品開發流程，並持續投資於市場領先技術，以及擴大其整合與連網解決方案的客戶基礎。

Finally, our Boat business delivered sales and earnings in the quarter consistent with expectations, while continuing to ensure healthy pipeline inventory levels as we enter 2024. Sales were down 22% versus Q4 of 2022, but sales in our more premium saltwater fish segment, which includes Boston Whaler, grew 5% year-over-year.

最後，我們的船艇（Boat）業務本季的銷售與獲利符合預期，同時在進入2024年之際持續確保健康的管線庫存水位。銷售較2022年第四季下滑22%，但我們較高端的鹹水釣魚船分部（包含Boston Whaler）銷售年增5%。

Adjusted operating 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 8% of the Boat segment's revenue during the quarter, while seeing very steady membership levels despite the macroeconomic uncertainty.

調整後營業利潤率與獲利主要因銷售下降而下滑，部分被聚焦的成本降低活動所抵銷。納入業務加速（business acceleration）的Freedom Boat Club本季表現依然穩健，約貢獻船艇部門本季營收的8%，且儘管總體經濟不確定性存在，會員數仍相當穩定。

We successfully executed our capital strategy in 2023, ending the year with $480 million of cash, while funding strategic growth in our businesses and returning capital to shareholders. We deployed $289 million for capital expenditures on exciting new products and growth projects across our businesses, which we believe will drive future revenue and earnings growth.

我們在2023年成功執行資本策略，年末現金達4.80億美元，同時為各項業務的策略性成長提供資金並回饋股東。我們投入2.89億美元資本支出，用於各業務令人振奮的新產品與成長專案，我們相信這將帶動未來營收與獲利成長。

In addition, as Dave mentioned, we took advantage of market and Brunswick's share value dislocation, repurchasing $275 million of our shares, representing approximately 3.5 million shares or 5% of the company. We also increased our dividend for the 11th consecutive year.

此外，如Dave所提，我們把握市場與Brunswick股價偏離的機會，回購2.75億美元自家股票，約相當於350萬股或公司5%。我們也連續第11年提高股利。

Finally, our investment-grade credit rating remains strong, reflecting a healthy balance sheet and net leverage of 1.8x. We will refinance our 2024 notes during the first half of this year, with our strong liquidity and cash flow generation capabilities, continuing to provide investment and spending flexibility across the enterprise.

最後，我們的投資級信用評等仍然穩健，反映健康的資產負債表與1.8倍的淨槓桿。我們將於今年上半年再融資2024年到期票據；憑藉強勁的流動性與現金流創造能力，將持續為全企業提供投資與支出彈性。

2024 has the potential to be a year of steadily easing financial conditions. And while we entered the year with a cautious outlook, particularly on the first quarter, we remain extremely focused on driving earnings while delivering steady free cash flow and resilient EPS, which, we believe, will result in continued strong shareholder returns.

2024年有望成為金融環境逐步寬鬆的一年。儘管我們以審慎展望進入今年，特別是對第一季而言，我們仍高度專注於推動獲利，同時提供穩定的自由現金流與具韌性的EPS；我們相信這將帶來持續強勁的股東報酬。

Our disciplined pipeline management, strong operational performance and continued investment in new product and growth, coupled with prudent cost containment actions and a thoughtful capital strategy, provide the necessary controllable levers in this uncertain consumer and business environment.

我們嚴謹的管線管理、強勁的營運表現，以及對新產品與成長的持續投資，再加上審慎的成本控管措施與周延的資本策略，為這個不確定的消費者與企業環境提供了必要且可控的槓桿。

For fiscal 2024, we anticipate revenue of between $6 billion and $6.2 billion, adjusted operating margins of between 12% and 13%, and adjusted EPS in the range of $7 to $8.

就2024會計年度而言，我們預期營收介於60億至62億美元，調整後營業利潤率介於12%至13%，調整後EPS介於7至8美元。

We continue to see positive free cash flow conversion and working capital trends and anticipate generating more than $350 million of free cash flow for the year. Please see the appendix for additional guidance regarding anticipated segment metrics.

我們持續看到正向的自由現金流轉換與營運資金趨勢，並預期全年將產生超過3.50億美元的自由現金流。關於預期部門指標的更多指引，請參閱附錄。

We thought it would also be useful to provide a short walk from our 2023 adjusted EPS to our 2024 guidance, along with providing more insight on our planned 2024 OpEx. The main driver of the 2024 EPS reduction is the absence of pipeline fill across our business units. As our channel inventory levels are fresh and at appropriate levels to start the season. A little more than half of the impact relates to our propulsion business, as they continue to fill OEM and dealer pipelines well into 2023 with the remainder split evenly between our Boat Group and Navico. If retail demand exceeds our expectations, we anticipate that dealers and retailers will reorder product more consistent with historical patterns, which will provide a potential benefit later in 2024 or into 2025. We then have approximately $0.50 of impact from increased tariffs, interest expense and a slightly higher tax rate. Although these 3 items are primarily uncontrollable, we will do our best to mitigate and minimize these expenses as we move throughout the year.

我們也認為，提供從2023年調整後EPS到2024年指引的簡要橋接（walk）將很有幫助，同時也能更深入說明我們規劃的2024年營運費用（OpEx）。2024年EPS下調的主要驅動因素，是我們各業務單位缺少管線補庫（pipeline fill）。由於我們的通路庫存水位已更新且在開季時處於適當水準。其中略多於一半的影響來自推進業務，因其在2023年期間持續為OEM與經銷商通路補庫；其餘影響則平均分布於Boat Group與Navico。若零售需求高於我們預期，我們預期經銷商與零售商將更符合歷史模式地重新下單，這可能在2024年稍晚或延伸至2025年帶來潛在利多。接著，關稅、利息費用與略高的稅率合計約帶來每股0.50美元的影響。雖然這三項多屬不可控因素，我們仍將在全年推進過程中盡最大努力緩解並將相關費用降至最低。

Lastly, we will continue to take actions to rightsize our enterprise cost structure. Although OpEx will increase slightly year-over-year, the increase is primarily related to the Fliteboard and Freedom Boat Club acquisitions from 2023, together with normal cost inflation and resetting variable compensation back to target levels. We are countering these items by planning to remove no less than $40 million of structural cost across the enterprise.

最後，我們將持續採取行動，使全企業成本結構更符合適當規模。雖然OpEx將較去年略為增加，但增幅主要與2023年Fliteboard與Freedom Boat Club的收購案有關，加上正常的成本通膨，以及將變動薪酬重設回目標水準。我們將以規劃在全企業移除不少於4,000萬美元的結構性成本來抵銷上述因素。

Countering these headwinds are several tailwinds, mostly within our control. We anticipate continuing to take market share in outboard engines, especially in high horsepower categories, while also taking share in premium boat categories and certain marine electronic categories, where new products will drive growth. We also plan to be aggressive with share repurchases, especially early in the year.

用以抵銷這些逆風的，是數項順風因素，多數在我們可控範圍內。我們預期將持續在舷外機領域提升市占率，尤其是在高馬力級距；同時也將在高端船艇品類與特定海事電子品類提升市占，新產品將帶動成長。我們也計畫在股票回購上採取更積極的作法，尤其是在年初。

I will wrap up the financial update by sharing some P&L, cash flow and other capital strategy assumptions for the year. First, we expect a modest working capital usage for the year, reflecting our continued enterprise goal of lowering inventory levels to match anticipated sales while generating cash. Our slightly higher depreciation versus prior year reflects the additional capital invested in our businesses in recent years with acquisition, amortization, which we exclude from our adjusted results being similar to prior year.

我將以分享本年度若干損益表（P&L）、現金流與其他資本策略假設來總結財務更新。首先，我們預期全年營運資金將小幅使用，反映我們持續以全企業目標降低庫存水位以符合預期銷售，同時創造現金。折舊較去年略高，反映近年我們透過投資與收購投入更多資本；而攤銷（我們在調整後結果中予以排除）則與去年相近。

It's been a few years since we've had to discuss tariffs, but despite a favorable exemption extension into the spring, we anticipate paying $15 million more tariffs versus 2023. These tariffs are primarily related to components sourced from China, using our primary outboard manufacturing facility in Fond du Lac, Wisconsin, along with the importation of 40- to 60-horsepower engines produced at our Suzhou, China assembly plant.

我們已有幾年未需討論關稅，但儘管豁免延長至春季帶來有利因素，我們仍預期相較2023年將多支付1,500萬美元關稅。這些關稅主要與自中國採購的零組件有關，供應至我們位於威斯康辛州Fond du Lac的主要舷外機製造廠使用，並包含自中國蘇州組裝廠進口的40至60馬力引擎。

Lastly, our tax department does an outstanding job of prudently and appropriately minimizing our tax footprint, and we anticipate a 23% effective tax rate on adjusted earnings for 2024, which is slightly higher than 2023.

最後，我們的稅務團隊在審慎且適當地將稅負降至最低方面表現出色；我們預期2024年調整後盈餘的有效稅率為23%，略高於2023年。

And finally, this page shows several capital strategy and other financial assumptions as we begin the year. On capital strategy, we anticipate being very active with share repurchases, as I just mentioned. And to support this effort earlier this week, our Board of Directors approved a fresh share repurchase authorization of $500 million, which we plan to put to good use. We will have a higher net interest expense in 2024, resulting from the eventual refinancing of the 2024 notes, but are also planning $100 million of debt reduction to minimize the impact.

最後，本頁顯示我們在年初所採用的若干資本策略與其他財務假設。在資本策略方面，如我剛才提到，我們預期將非常積極地進行股票回購。為支持此一努力，本週稍早董事會核准新增5.00億美元的股票回購授權，我們計畫善加運用。2024年我們的淨利息費用將較高，係因最終將再融資2024年到期票據所致，但我們也規劃減債1.00億美元以降低影響。

We also anticipate increasing our dividend in February for the 12th straight year. On FX, we currently think that rates will have a neutral-to-slightly negative impact on full year earnings, but this can obviously swing either way, predominantly on the strength of the U.S. dollar versus the euro and a few other currencies used by our global businesses.

我們也預期將於二月連續第 12 年提高股利。就外匯（FX）而言，我們目前認為匯率對全年獲利的影響將介於中性至略為負面，但這顯然可能往任一方向擺動，主要取決於美元相對歐元以及我們全球業務所使用的其他幾種貨幣的強弱。

Finally, you'll notice a reduction in planned CapEx for the year. Although we plan to continue funding many projects and investments in products and technology for future growth, we are in harvest phase of many of our larger products from recent years and plan to be able to scale back spending slightly without sacrificing any future growth plans.

最後，您會注意到今年規劃的資本支出（CapEx）有所下降。雖然我們計畫持續為多項專案以及產品與技術投資提供資金，以支持未來成長，但我們近年推出的多項大型產品已進入收成期，因此我們預期可在不犧牲任何未來成長規劃的情況下，略為縮減支出。

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

我現在把電話交回給 Dave，請他做結語。

Thanks, Ryan.

謝謝你，Ryan。

With field inventory at normalized levels and consumers having their choice of products, it is vital that Brunswick continues to differentiate through a rapid flow of exciting new products and technology. And in just the first few weeks of 2024, Brunswick launched over 15 new products across its brands and businesses.

在通路庫存回到正常水位、消費者可自由選擇產品的情況下，Brunswick 必須持續透過快速推出令人振奮的新產品與新技術來建立差異化，這一點至關重要。而僅在 2024 年的前幾週，Brunswick 就已在旗下各品牌與業務推出超過 15 項新產品。

In January, we again participated in the Consumer Electronics Show, where we launched 2 higher horsepower models in the Mercury Avator electric outboard liner, which now contains 5 models in total. Demand for Avator remains solid, with nearly 60% of shipments in 2023 going to Europe.

一月，我們再次參加消費性電子展（CES），並在 Mercury Avator 電動舷外機產品線中推出 2 款更高馬力的機型，使該產品線目前合計達 5 款機型。Avator 的需求仍然穩健，2023 年出貨量中近 60% 送往歐洲。

Sea Ray introduced the new SDX 270 and 270 Surf model with next-generation features, styling and comfort. The SDX Surf is the first model in the SDX line to feature the Mercury Bravo Four S forward-facing drive and an intuitive wake surfing control system, designed jointly by Mercury Marine and Navico Group.

Sea Ray 推出了全新的 SDX 270 與 270 Surf 機型，具備新一代功能、造型與舒適性。SDX Surf 是 SDX 產品線中首款搭載 Mercury Bravo Four S 前向驅動系統與直覺式尾波衝浪控制系統的機型，該系統由 Mercury Marine 與 Navico Group 共同設計。

Brunswick's Princecraft, Harris, and Lowe brands also introduced multiple new products at early season shows, featuring Mercury Marine and Navico Group technology. We are also very excited about the new segment-leading Simrad NSX Ultrawide, the industry's first full functionality, high-definition, multifunction display, which features a 16:9 screen aspect ratio and showcases the seamless interface of the latest Simrad Android operating system.

Brunswick 旗下 Princecraft、Harris 與 Lowe 品牌也在季初展會上推出多款新產品，搭載 Mercury Marine 與 Navico Group 的技術。我們也對全新、在細分市場領先的 Simrad NSX Ultrawide 感到非常興奮；這是業界首款具備完整功能的高解析度多功能顯示器，採用 16:9 螢幕比例，並展現最新 Simrad Android 作業系統的無縫介面。

And finally, Freedom Boat Club continues to grow organically and through acquisition, including through the acquisitions of its Savannah and Hilton Head franchise territory in late 2023, and 2 new franchise locations in Spain, already announced in 2024.

最後，Freedom Boat Club 持續透過有機成長與併購擴張，包括於 2023 年底收購其 Savannah 與 Hilton Head 的加盟區域，以及在 2024 年已宣布於西班牙新增 2 個加盟據點。

Before we conclude, I'm thrilled to highlight the exceptional accomplishments of our teams from across the enterprise that were recognized with a record high number of awards in 2023 and continue to be recognized in early 2024. We wrapped 2023 with 115 major awards for our products, technology, people and culture. And just in early 2024, the new Harris 250 Crowne won the NMMA Innovation Award of the Minneapolis Boat Show, the new Sea Ray 260 SLX won European Powerboat of the Year, and the Veer V13 won Boating Magazine's Boat of the Year in its category.

在結束之前，我很高興強調我們全企業各團隊的卓越成就：他們在 2023 年獲得創紀錄數量的獎項肯定，並在 2024 年初持續獲獎。我們在 2023 年共獲得 115 項主要獎項，涵蓋產品、技術、人才與文化。而就在 2024 年初，新款 Harris 250 Crowne 榮獲明尼阿波利斯船展的 NMMA 創新獎，新款 Sea Ray 260 SLX 獲選為「年度歐洲動力艇」，Veer V13 則在其類別中獲得《Boating Magazine》年度船艇獎。

In addition, Brunswick's products and teams are nominated for multiple awards at the upcoming Miami Boat Show. Thank you again to all our talented Brunswick employees, who make these prestigious awards possible, which leads me to remind you to join us at our investor and analyst event on Feb 15, 2024, at the Miami International Boat Show, where we look forward to hosting you to see the latest products and technologies from across our brands and businesses as well as meet with members of our management team.

此外，Brunswick 的產品與團隊也入圍即將到來的邁阿密船展多項獎項。再次感謝所有才華洋溢的 Brunswick 員工，正是你們讓這些崇高獎項成為可能；也藉此提醒您，歡迎於 2024 年 2 月 15 日在邁阿密國際船展參加我們的投資人與分析師活動。我們期待接待各位，展示旗下各品牌與業務的最新產品與技術，並與我們的管理團隊成員交流。

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

感謝您加入本次電話會議。以上為我們事先準備的發言。接下來我們將開放提問。

(Operator Instructions) Our first question is from Matthew Boss with JPMorgan.

（接線員指示）我們的第一個問題來自 JPMorgan 的 Matthew Boss。

So Dave, maybe could you help rank the top line drivers by segment and just visibility today to improvement as the year progresses, if we could just bridge the delta between the more than 20% decline expected in the first quarter to the full year guide of down mid-single digits. I think that would be really helpful.

Dave，或許你能否協助按事業部門排序一下營收端（top line）的主要驅動因素，以及目前對於隨著年度推進而改善的能見度？也就是說，能否把第一季預期超過 20% 的下滑，與全年指引「下滑中個位數」之間的差距做個橋接說明？我想這會非常有幫助。

Yes, Hi, Matthew. Yes, I think the fact is really similar across all of our business to some extent. And it's really the fact that we saw in, particularly, the December of the fourth quarter, reduced demand from marine OEMs and more production shutdowns, which had an impact on our Mercury wholesale orders and Navico Group wholesale orders. As well as, of course, we reduced production to meet our year-end targets for boat inventory and get to that 370-ish weeks on hand.

好的，嗨，Matthew。是的，我認為在某種程度上，我們所有業務的情況都非常相似。主要原因是我們在第四季、尤其是 12 月，看到海事 OEM 的需求下降，以及更多的停產，這影響了我們 Mercury 的批發訂單與 Navico Group 的批發訂單。當然，我們也降低了產量，以達成我們的年末船艇庫存目標，並把庫存週數降到約 370 週左右。

So the first quarter, we anticipate continued cautious ordering across wholesale by Mercury's OEM customers, which is about kind of 80% of their sales and Navico Group's OEM customer -- marine customers, which is about 30% of their sales. And we obviously will be continuing to be -- to meter our own boat production during that period. But we anticipate based on early season retail, confirmed I think by early season retail now is that orders will begin to pick up to more normalized levels as we enter the main selling season.

因此在第一季，我們預期 Mercury 的 OEM 客戶（約占其銷售的 80%）在批發端仍會維持謹慎下單；Navico Group 的 OEM 客戶——海事客戶（約占其銷售的 30%）也是如此。而在此期間，我們也將持續——持續控制我們自身的船艇產量。不過，基於季初零售的表現，我們預期當進入主要銷售旺季時，訂單將開始回升至較正常的水準；我認為目前季初零售也已印證了這點。

In Q1, as we get to the end of Q1, we're seeing new boat retail going to bump about 10% versus last year, which is an encouraging sign. So I would say that the factors really affect all of our divisions somewhat similarly. And it is the production and wholesale order and getting back to more normalized levels for the Q2 forward.

在第一季，隨著接近第一季末，我們看到新船零售將較去年增加約 10%，這是令人鼓舞的訊號。因此我會說，這些因素對我們各事業部的影響大致相近；關鍵在於產量與批發訂單，並在第二季起回到更正常的水準。

Matthew, it's Ryan. Just a reminder, Q1 of 2023, we were very much still filling pipelines and just about all engine categories and even boats, if you remember. So it is a more challenging comparison. And I would -- if you're modeling it out, the first quarter of 2024 should look relatively similar to the fourth quarter of '23, as Dave mentioned.

Matthew，我是 Ryan。提醒一下，2023 年第一季我們仍在填補通路管線，幾乎涵蓋所有引擎類別，甚至包括船艇——如果你還記得的話。因此這是一個更具挑戰性的比較基期。而且——如果你在做模型推估，2024 年第一季應該會與 2023 年第四季相對類似，正如 Dave 所提到的。

Great. And then maybe just a follow-up, Ryan. As we consider the -- I think it's roughly 12% operating margin at the lower end of this year's guide is maybe a potential floor. Could you just elaborate on the $40 million structural cost savings that you cited in your remarks? Where in the organization that you found efficiencies? And are there further opportunities that you see for potentially additional savings?

很好。接著可能再追問一下，Ryan。當我們看今年指引下緣時，我想大約 12% 的營業利益率可能是一個潛在底部。你能否進一步說明你在發言中提到的 4,000 萬美元結構性成本節省？你們是在組織的哪些地方找到效率？以及你是否看到還有進一步、可能額外節省的機會？

Yes, Matthew, I mean, this is a cross enterprise project that we're undertaking. And frankly, it's just to rightsize the overall cost structure of the enterprise. If you think about where our strategic plan and our targets are, we're still very confident in those. But getting there to 2027 is going to take a little bit. The shape of that is kind of unfolding as we'd expect, which is '24 being a little bit more muted and then picking back up in the out years. We just need to make sure that our cost structure matches that same shape.

是的，Matthew。我的意思是，這是一個我們正在推動的跨全企業專案。坦白說，就是要把整體成本結構調整到合適規模。若你思考我們的策略計畫與目標，我們對那些仍非常有信心。但要走到 2027 年還需要一些時間。其走勢大致如我們預期：2024 年會相對溫和一些，之後幾年再回升。我們只需要確保成本結構也能匹配同樣的走勢。

Those actions are in-flight actions. If we need to find more, we always find a way.

這些行動都正在進行中。如果我們需要再找更多，我們總會找到辦法。

That's right.

沒錯。

Our next question is from James Hardiman with Citi.

下一個問題來自 Citi 的 James Hardiman。

So I want to talk about inventory. You guys have said that you feel pretty good about where you sit today. Seems like a lot of other players in the industry are speaking to inventories being too high. I guess, what you think the difference is there? Do you think you've controlled your own inventories better than maybe some other OEMs? And does it matter if that's the case that you're ultimately competing with those that haven't? And I guess how do we think about inventory to finish 2024, whether in terms of units or weeks on hand?

我想談談庫存。你們表示對目前的庫存水位感覺相當不錯；但看起來產業內許多其他業者都在談庫存過高。我想問，你們認為差異在哪裡？你們是否比其他一些 OEM 更好地控制了自身庫存？如果是這樣，當你們最終仍要與那些沒有控制好的競爭時，這件事是否重要？另外，我們該如何看待 2024 年底的庫存，不論是以台數或以庫存週數（weeks on hand）來衡量？

James, thank you for the question. Yes, we did see a lot of commentary about other OEMs noting higher than desired inventory levels. We are very comfortable with our inventory levels. I think we explained that we had put a lot of effort into managing inventory in the back half of the year. We did see some relatively abrupt changes in production patterns in December from some of Mercury's OEM customers.

James，謝謝你的問題。是的，我們確實看到許多評論提到其他 OEM 的庫存水位高於理想值。我們對自身庫存水位非常放心。我想我們也解釋過，在下半年我們投入了大量心力來管理庫存。我們確實在 12 月看到 Mercury 的部分 OEM 客戶生產模式出現相對突然的變化。

Our production did not change as abruptly because we began to, I think, metered down somewhat earlier. And yes, honestly, despite the commentary, yes, we feel extremely good about our inventory levels. Does it matter what the industry does? Well, it makes it difficult -- more difficult for us to predict Mercury and Navico Group wholesale sales because we tend to experience more kind of choppy ordering patterns in the back half of Q4, may be the same in the first half of Q1.

我們的生產並沒有那麼突然地改變，因為我們更早就開始逐步降低節奏。是的，老實說，儘管有那些評論，我們對自身庫存水位感到非常好。產業其他人怎麼做重要嗎？嗯，這會讓我們更難——更難去預測 Mercury 與 Navico Group 的批發銷售，因為我們往往會在第四季後半段經歷更為顛簸的下單模式，而第一季前半段可能也是如此。

But I feel like based on our retail performance in January, which you know is a very small month, but still somewhat encouraging, I don't think we're suffering. I think we have the right level of retail incentives, dealer incentives to stimulate demand, and I think we have the right inventory level. So I'm very comfortable where we are.

但我覺得，根據我們1月的零售表現——你也知道那是一個非常小的月份，但仍算是有些令人鼓舞——我不認為我們正在承受壓力。我認為我們的零售激勵、經銷商激勵水準恰到好處，足以刺激需求，而且我認為我們的庫存水位也合適。所以我對我們目前的狀況非常放心。

And then the last part of your question was, how do you think you'll end '24? The plan is to have inventory levels below in 2023, end of year levels by the end of this year. Not dramatically, but down a handful of weeks on hand. If retail continues to be a little bit outpacing maybe our expectations, then we can maneuver that a little bit. But right now, the plan would be a few weeks of -- weeks on hand lower at the end of '24 than '23.

然後你問題的最後一部分是，你認為你們在24年年底會是什麼狀況？計畫是在今年年底把庫存水位降到低於2023年年底的水準。不會大幅下降，但會把現有庫存週數（weeks on hand）降低幾週。如果零售持續略微超出我們的預期，那我們可以稍微調整。但就目前而言，計畫是在24年年底的現有庫存週數比23年年底低幾週。

Got it. Really helpful. And then as we sort of contemplate this 2024 guidance, it sits somewhere between when you gave us the recession scenarios, sort of the modest and the severe recession. Despite not being in a recession, and I don't point that out to sort of knock your projections 2 years ago.

了解。非常有幫助。接著，當我們思考這份2024年指引時，它大概落在你們之前給我們的衰退情境之間，也就是溫和衰退與嚴重衰退之間。儘管目前並沒有處於衰退，我提出這點並不是要否定你們兩年前的預測。

But I guess maybe speak to what the divergence is, I guess, as it occurs to me back then, we weren't necessarily thinking that the macro weakness would be as interest rate-driven as it appears to have been, maybe speak to that. And I guess what I'm really trying to figure out is, if rates, in fact, do come down starting this year, is there an opportunity for a snapback maybe more quickly than we would otherwise see in previous sort of post-recession scenario?

但我想請你談談這個差異的原因。因為在我看來，當時我們未必認為宏觀疲弱會像現在看起來這樣主要由利率所驅動，能否談談這點？而我真正想弄清楚的是：如果利率確實從今年開始下行，是否有機會出現反彈（snapback），而且可能比我們在以往那種衰退後情境中看到的更快？

Yes, James, maybe I'll start with that and then Dave can fill in. Yes, the -- it's always interesting when you come out with a downside scenario, you've got to live with it, kind of, in perpetuity. But we knew that we would get this question, obviously, on the call this morning. The difference really is kind of the 2 things. One is the starting point. If you remember, this was a 1-year scenario that we came out within 2022. At a time where we were coming off a kind of a $10 EPS number or had a $10 budget, excuse me, for 2022 EPS. And we are anticipating what would happen if the world dropped off in 1 year? That year also had some pipeline fill in it, where Boat group, although the retail sales had dropped off, I think we said 30% to 35% at retail that the wholesale would actually hold in a little better. This -- as we sit today, the real difference is two; one, that there is no pipeline refill remaining really in boats or engines. But two, really, the P&A businesses as a whole, they haven't performed any different than we anticipated, but they have performed a little different from a starting point.

是的，James，我先回答，然後Dave可以補充。是的——當你提出一個下行情境時，總是很有意思，因為你得在某種程度上永遠背著它。但我們也知道，今天早上的電話會被問到這個問題。差異主要有兩點。第一是起點。如果你還記得，那是我們在2022年提出的一個為期一年的情境。當時我們剛從大約10美元的EPS水準走過來，或更正一下，2022年的EPS預算大約是10美元。我們是在預期：如果世界在一年內急轉直下，會發生什麼？那一年也包含一些通路補庫（pipeline fill），也就是船艇事業群，即使零售端下滑——我記得我們說零售端會下滑30%到35%——批發端其實會撐得稍微好一些。以今天來看，真正的差異有兩個：其一是船艇或引擎端基本上已經沒有什麼通路補庫可言；其二是整體P&A業務的表現並沒有偏離我們的預期，但相較於起點而言，確實有些不同。

If you remember, really peak P&A season was end of '21 and into '22. And despite still having a CAGR of kind of 8%, 9% over the last 5 years, that business has come off a little bit from a high, really those 2 years that we gave the downside scenario. So if you take the midpoint of our range kind of a [7.50], you probably got a little bit of goodness on propulsion, a little trailing on P&A. Shares are obviously a good guy because we've been buying back a little more. And then the last thing I'd say was an investment really in the ACES -- in all of our ACES categories that has driven about maybe $0.40, $0.50 of costs, but we're obviously happy to do that. So that's really the difference.

如果你還記得，P&A真正的高峰期是在21年底到22年。儘管過去5年該業務的年複合成長率（CAGR）大約仍有8%、9%，但相較於高點，這個業務確實回落了一些——也就是我們提出下行情境的那兩年。如果你看我們區間中點大約[7.50]，你可能會看到推進（propulsion）端有一些利多，P&A端稍微落後一些。股份數當然是加分項，因為我們回購得更多一些。最後我想說的是，我們在ACES上的投資——在我們所有ACES品類上的投資——大概帶來了約0.40到0.50美元的成本，但我們顯然很樂意這麼做。所以差異主要就在這裡。

Our next question is from Mike Swartz with Truist Securities.

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

Just wanted to touch on the propulsion guidance and more specifically, just the margin assumptions. It looks like you're kind of embedding in that guidance, about 16% margins, which is a step down of about 200 basis points. From the commentary you provided on the call, it sounds like mix -- both product mix and channel mix should be positive. Just help us walk through how you get to that 200 basis point decline?

我想談一下推進業務（propulsion）的指引，尤其是毛利率假設。看起來你們在指引中大概隱含了約16%的利潤率，較去年下滑約200個基點。從你們在電話會議上的評論來看，組合——不論是產品組合或通路組合——應該都是正向的。能否協助我們梳理一下，你們是如何得出這200個基點下滑的？

Yes, this -- again, this is one that we kind of knew would get folks attention. It really starts with absorption just due to lower volume. If you look on the EPS bridge, you noted the pipeline -- the lack of pipeline fill being a big driver on EPS. And a chunk of that is obviously volume and sales related, but that also hurts absorption in the facilities, certainly in the Fond du Lac facility with lower volume. So absorption is certainly the #1. Tariffs is #2, about $15 million more of tariffs, and that just goes right to COGS. And we're doing our best to offset it by doing other things, and where we do final assembly, but it's still $15 million is hard to cover.

是的——這個問題我們也知道會引起大家注意。主要從吸收（absorption）開始，因為出貨量較低。如果你看EPS橋接表，你會注意到通路補庫——缺乏通路補庫——是EPS的一個重要驅動因素。其中一部分當然與銷量與營收相關，但也會傷害工廠的吸收，尤其是Fond du Lac工廠在較低產量下的吸收。所以吸收肯定是第一大因素。第二是關稅（tariffs），大約多了1,500萬美元的關稅，這會直接進到銷貨成本（COGS）。我們正盡最大努力透過其他方式、以及調整最終組裝地點來抵消，但1,500萬美元仍然很難完全覆蓋。

And then if we are in a position where input costs, material and labor are elevated a little bit over prior year, not a terrible amount, but our ability to price over that, although positive, so price [PNOC], price over input cost is so positive, the spread there, the available price over input cost is not as large. So the goodness is not as large. Those 3 things are really the primary drivers, and they're really all in gross margin.

再來，如果投入成本——材料與人工——相較前一年略有上升，幅度不算太糟，但我們對其進行定價轉嫁的能力，雖然仍為正（也就是價格高於投入成本，price over input cost為正），但這個價差可用的空間沒有那麼大，所以帶來的利多也沒那麼大。這三點是主要驅動因素，而且基本上都反映在毛利率上。

I would note that as per usual, Mercury does a fantastic job of moderating their cost structure and their OpEx is targeted to be relatively flat year-over-year, and that's inclusive of absorbing all the OpEx from Flite, which is the October acquisition, obviously, and the resetting of comp back to target levels.

我也要指出，一如往常，Mercury在調整成本結構方面做得非常出色，他們的營業費用（OpEx）目標是年對年大致持平，這也包含吸收Flite（10月收購案）帶來的所有OpEx，當然也包含把薪酬重設回目標水準。

Okay. That's helpful, Ryan. And maybe just a second question. As we think about the lower end of the earnings range, and the higher end of the range, I mean maybe walk us through the big 4 or 5 factors driving that. How do you get to the top end, how do you get to the bottom end?

好的。這很有幫助，Ryan。再問第二個問題：當我們思考獲利區間的下緣與上緣時，能否帶我們走一遍驅動差異的4到5個主要因素？你們如何達到區間上緣？又如何會落到區間下緣？

I think, Mike, just one addition to the previous point is that the absorption issue really over-indexes towards Q1 because we don't want to get rid of people -- line operators in Q1 that we're going to need in Q2. So there's a kind of compounding effect in Q1 that will normalize through the other quarters in the year.

我想，Mike，對前一點再補充一下：吸收的問題在第一季特別明顯，因為我們不想在第一季就把人——產線操作員——裁掉，因為第二季我們又會需要他們。所以第一季會有一種疊加效應，而在今年其他季度會逐步正常化。

In terms of top and bottom of the range, I think bottom of the range would have to be further macro weakness than we anticipate. If retail sales hang in at roughly flat to last year, it's difficult to see the bottom of the range. We don't need a lot of kind of market tailwinds to get above the midpoint really. I think our assumption of wholesale boat units, actually production going down this year in terms of being about 1,000 units below retail is probably a bit on the pessimistic side.

至於區間上緣與下緣，我認為下緣情境必須是宏觀環境比我們預期更疲弱。如果零售銷售大致與去年持平，要看到落到區間下緣其實不太容易。我們不需要太多市場順風就能高於中點。我認為我們對船艇批發台數的假設——也就是今年產量下降，批發比零售少大約1,000台——可能偏保守。

And then especially with the cost reductions that we will implement in any market scenario that we've already described, I think that will help our leverage and particularly benefit EPS. So I would say downside would have to be additional macro risk of some kind. Upside is a bit better tailwind from the market.

另外，特別是我們在任何市場情境下都會實施、且先前已描述過的成本削減，我認為那將有助於提升槓桿，並且特別有利於EPS。所以我會說，下行需要某種額外的宏觀風險；上行則是市場帶來稍微更好的順風。

Our next question is from Megan Alexander with Morgan Stanley.

我們的下一個問題來自Morgan Stanley的Megan Alexander。

I don't want to belabor it, but just did have a follow-up on that propulsion margin answer, if I could. Everything you said makes sense. But if I sit here and take kind of that $15 million tariff out, just to kind of look apples-to-apples versus last year, I'm still getting somewhere in the range of 45%-ish decremental margins. I think you've historically kind of talked about volume deleverage in the 20% to 30% range. So can you just maybe help us understand the discrepancy there because it just seems pretty large.

我不想一直糾結這點，但如果可以的話，我確實想就推進業務毛利率的回答再追問一下。你說的都合理。但如果我把那1,500萬美元的關稅先拿掉，想做一個與去年可比的比較（apples-to-apples），我算出來的遞減毛利率（decremental margins）大概仍在45%左右。我記得你們過去談到的量能去槓桿（volume deleverage）通常在20%到30%的範圍。能否幫我們理解這之間的差異？因為看起來幅度相當大。

Yes. Megan, you're right. There's -- the absorption hit is real. I mean it's a -- coming off of a first and second quarter where we were running about as hard as we could in that facility and really into the third quarter and then back to scaling it back to kind of normal production levels for this year.

是的。Megan，你說得對。吸收的衝擊是真實存在的。也就是說——我們是從第一季與第二季那段期間開始，當時我們在那座工廠幾乎是全力運轉，實際上一路延續到第三季；而現在又回到把產能縮回到今年的正常生產水準。

I mean we're taking -- calling a little bit more than 10% of production out of Fond du Lac here year-over-year, it becomes a more material piece of the puzzle. And as Dave said, don't sleep a little bit on the input costs. And again, it's a good story that [PNOC] is positive. But in past years, that spread would have been -- it could have been $50 million, $60 million, $70 million, and this year, it's half of that.

我的意思是，我們在這裡把 Fond du Lac 的產量年對年削減了——略高於 10%，這就成為拼圖中更具實質性的部分。而且如 Dave 所說，投入成本也別太掉以輕心。再說一次，[PNOC] 為正是個好消息。但在過去幾年，那個價差本來會是——可能是 5,000 萬、6,000 萬、7,000 萬美元，而今年只有其中的一半。

So the ability for us to price over some of the input cost inflation is a bit challenging. And lastly, I would just tell you the guidance is -- we're -- some of these are estimates. Obviously, if the world looks a little better, I think we all know that Mercury can outperform that margin guidance. But as we sit today, I think it's a kind of middle of the road margin of where we think we can land the year.

所以，我們要把部分投入成本通膨轉嫁到定價上的能力會有點具挑戰。最後我想說，指引是——我們——其中一些是估算。顯然，如果外部環境看起來好一些，我想大家都知道 Mercury 有機會跑贏那個毛利率指引。但以我們今天的情況來看，我認為這大概是我們覺得今年能落點的「中間水準」毛利率。

Okay. That's helpful. And then maybe just another follow-up. Would you be able to quantify maybe what the pipeline fill was last year? And more of what's just a hard compare in the first quarter versus what you've embedded in terms of what you're seeing as it relates to the cautious wholesale ordering patterns, just particularly on propulsion as we're trying to get a sense for how to think about the cadence of that segment, in particular, beyond the first quarter?

好的，這很有幫助。那再追問一個問題。你們能否量化一下去年管道補庫（pipeline fill）大概是多少？以及第一季有哪些只是「高基期」的硬比較，對比你們在指引中所內嵌、你們觀察到的較為謹慎的批發下單模式——特別是在推進（propulsion）方面——因為我們想掌握該如何看待這個部門的出貨節奏，尤其是第一季之後的走勢？

Yes. So if you think that whole -- the production levels at Fond du Lac will be down, kind of 10-ish percent year-over-year, a lot of that is going to be in the first and second quarter of the year. And most of that is kind of 75 to -- it's below 300 horsepower. There's really no shortage of 300 and above. So most of that 10% would be the first quarter and a little bit in the second.

可以。所以如果你去想整體——Fond du Lac 的產量水準年對年會下降，大概 10% 左右，其中很大一部分會發生在今年第一季和第二季。而且大多數是 75 到——低於 300 匹馬力的產品。300 匹以上其實完全不缺。所以那 10% 的大部分會在第一季，第二季也會有一點。

Our next question is from Craig Kennison with Baird.

下一個問題來自 Baird 的 Craig Kennison。

It's been a helpful call as always. I guess I wanted to dig into Navico a bit. I think we're coming on the 3-year anniversary this summer of that transaction. And I guess, Dave, I'd be curious to get your take on what has gone well, and what has not gone so well?

這通電話一如既往很有幫助。我想深入聊一下 Navico。我想今年夏天就接近那筆交易的三週年了。我想問的是，Dave，你怎麼看哪些做得很好，哪些沒有那麼順利？

Yes. Thanks, Craig. Yes, coming up 3-year anniversary. So I think what's gone well is continued belief that Navico is absolutely the right asset for us to own. There was nothing like it in the marketplace, and there still isn't anything like it in the marketplace. It plays very strongly to our move really from a boat company to technology company. It really has some of the best technology assets in the business. And despite the fact that the financial performance is not what we'd originally anticipated at this time.

是的，謝謝你，Craig。沒錯，快到三週年了。我認為做得好的地方是，我們持續相信 Navico 絕對是我們應該持有的正確資產。市場上沒有任何類似的資產，現在也仍然沒有。它非常強力地支撐我們從一家船舶公司轉型為科技公司。它確實擁有業界一些最好的技術資產。儘管目前的財務表現並不如我們當初預期。

I would say there are several factors covering that, that I'll talk about in a second. It is actually doing well -- extremely well in a lot of those subsegments of electronics. It continues to do well in producing unique solutions that nobody else can produce like the Fathom system. We're beginning to see a flow of new products that reflect our directions like the ultrawide, which is, I mean, extraordinarily well received and other things that will be coming out late in the year.

我會說有幾個因素可以解釋這點，我等一下會談。事實上，它在電子產品的許多子領域表現很好——非常好。它持續能推出其他人做不出來的獨特解決方案，例如 Fathom 系統。我們也開始看到一波反映我們方向的新產品推出，例如 ultrawide，我的意思是，市場反應極佳，還有其他產品會在年底較晚時推出。

So I think the asset is the right asset for us. We just bought it ahead of a market downturn. One of the things, I guess, is if you think about Navico's kind of mix, it's about kind of 30% Marine OEM, 10% to 12% probably in Specialty Vehicles and a little bit less than 60% aftermarket. I think what we did not foresee -- a couple of things we didn't foresee really were the destocking that is experienced over the past several years that we think is essentially troughed now and also the really severe decline in RV manufacturing that it continues to experience.

所以我認為這個資產對我們來說是對的資產；只是我們在市場下行之前就買進了。若你看 Navico 的組合，大概 30% 是 Marine OEM，約 10% 到 12% 可能在特種車輛（Specialty Vehicles），不到 60% 是售後市場（aftermarket）。我想我們當初沒有預見——有幾件事我們真的沒預見到——主要是過去幾年經歷的去庫存（destocking），我們認為現在基本已經觸底；以及 RV 製造業持續遭遇的非常嚴重下滑。

So those are the things that we have had to combat. Now I would tell you that Navico was about 10% up in margin in 2023. We expect that margin to expand in 2024 as a combination of new products takes hold and also as the full year effect of cost reductions take hold. So I would say positives are strategic benefit and new products coming out. Some of the negatives are more associated with how the markets perform generally, including destocking in the past 2, 3 years.

這些就是我們必須應對的事情。現在我會告訴你，Navico 在 2023 年的利潤率大約提升了 10%。我們預期 2024 年利潤率會擴張，原因是新產品組合開始發酵，以及成本削減的全年效益開始顯現。所以我會說，正面因素是策略效益與新產品推出；負面因素則更多與整體市場表現相關，包括過去 2、3 年的去庫存。

Yes, that's very helpful. And if I could just drill down, like with Mercury, we can very clearly see your share gains show up in the industry data. But it's less obvious for Navico. Whether you are getting a larger share of wallet from your OEM customers as you sort of integrate all of those solutions along the lines of your ACES strategy. So I'm just curious, is there a way to frame your share of wallet across the Navico portfolio?

是的，這很有幫助。如果我可以再往下鑽一點：像 Mercury，我們可以很清楚在產業數據中看到你們的市佔提升。但 Navico 就沒那麼明顯。你們是否在 OEM 客戶那邊取得更高的「錢包份額」（share of wallet），因為你們正沿著 ACES 策略把所有解決方案整合起來？所以我想問，有沒有一種方式可以框架化你們在 Navico 產品組合上的錢包份額？

Yes. We have not broken that out. But since you asked the question, I think we can look into whether we do that on a more systematic basis going forward. I can tell you that the Simrad brand has gained market share last year and continues to do extremely well. And we imagine that only accelerating as the Ultrawide, which is unique in the marketplace takes hold. Obviously, Craig, you'll be at Miami. And hopefully, you'll see a whole bunch of Fathom systems appearing. And you could call that the market share gain, if you think about it as the number of OEMs for which we perform fully integrated services. But it's a good question, and we will think about whether we can establish some KPIs that make it more easy to track.

是的。我們目前沒有把那個拆出來。不過既然你問了，我想我們可以研究一下，未來是否能更系統性地提供。我可以告訴你，Simrad 品牌去年市佔有提升，而且持續表現非常好。我們也認為，隨著 Ultrawide（市場上獨一無二）開始放量，這只會加速。當然，Craig，你會去邁阿密（Miami）。希望你會看到一大堆 Fathom 系統出現。如果你把它視為我們為多少 OEM 提供全套整合式服務的數量，那也可以說是市佔提升。但這是個好問題，我們會思考是否能建立一些 KPI，讓追蹤更容易。

Our next question is from Xian Siew with BNP Paribas.

下一個問題來自 BNP Paribas 的 Xian Siew。

I wanted to ask about the engine P&A guidance. It looks like revenues are kind of expected to be flattish. But EBIT margin is up, I think, 150 bps. Could you maybe walk through some of the drivers there?

我想問一下引擎 P&A 的指引。看起來營收預期大致持平，但 EBIT 利潤率上升，我想大概是 150 個基點。你能否說明一下背後的一些驅動因素？

Yes. Happy to. That is really a bit of a mixed story. We think that distribution will still be a little bit sluggish, certainly in the first part of the year, but that our products business -- the higher-margin products business will be up as it has been really the last handful of quarters. So that -- remember, that's a business that generally takes a point or two of price. And generally, the market is another one or two points. We think that's going to kind of play through on the product side with distribution trailing of this. The other item to remember is the Brownsburg transition in our facility -- our new facility in Indianapolis or just outside continues to go well. It's been a bit of a -- it's been a harder lift in '23 than anticipated, but the comp should be a little better going into '24 and beyond.

可以，很樂意。這其實有點是混合的故事。我們認為經銷通路（distribution）仍會有點疲弱，尤其在上半年；但我們的產品業務——利潤率較高的產品業務——會成長，就像過去幾個季度一樣。所以——請記得，那是一個通常能拿到 1 到 2 個百分點漲價的業務，而市場通常也會再給 1 到 2 個百分點。我們認為這會在產品端反映出來，而經銷端會相對落後。另一個要記得的是，我們在 Brownsburg 的轉換——也就是我們在印第安納波利斯或其郊外的新廠——進展持續良好。2023 年這個轉換的難度比預期更高，但進入 2024 年及之後，可比基期會好一些。

Okay. Got it. And then maybe in the 2024 guidance bridge, which is helpful, you also have $0.30 from other as a benefit. What is that exactly?

好的，了解。那在 2024 年指引的橋接表（bridge）裡——那張很有幫助——你們也有一項「其他」帶來 0.30 美元的貢獻。那具體是什麼？

A lot of that is gross margin factors, and there are -- I mean there's kind of a laundry list of them that we didn't want to make the slide any more busy than it was. But you can think of various COGS and other initiatives that we're doing above the OpEx line that will help to offset some of the sales softness certainly in the first half of the year.

其中很大一部分是毛利因素，而且——我的意思是——有一長串項目，我們不想讓那張投影片比現在更雜。你可以把它想成是各種 COGS（銷貨成本）以及其他我們在 OpEx（營業費用）線以上推動的改善計畫，這些將有助於抵消上半年銷售疲弱的一部分影響。

Got it. So it's like a gross margin. Okay.

了解。所以是毛利相關。好的。

Yes, it's mostly all. It's a litany of gross margin goodness. A lot of them are programs that each of our divisions are doing to take cost out at the COGS level instead and also, at the same time, working on their OpEx.

是的，幾乎都是。是一整套毛利改善的項目清單。很多都是我們各事業部在 COGS 層級做的降本計畫，同時也在改善他們的 OpEx。

Our next question is from Fred Wightman with Wolfe Research.

下一個問題來自 Wolfe Research 的 Fred Wightman。

I wanted to come back to the engine refill comments. And I'm a little bit surprised that you're talking about not having as much of a pipeline opportunity there, just given some of the OEM backlog comments that you guys have made historically. And I know that you sort of stopped giving the OEMs who wanted to transition to Mercury power, but are you still seeing conversion for that backlog? Is that conversion more muted just given what's going on with retail and wholesale? How does that sort of share opportunity stand on like a backlog go-forward basis?

我想回到你們對引擎補庫（refill）的評論。我有點驚訝你們說那邊沒有那麼多管道機會，因為你們過去曾提到 OEM 的積壓訂單（backlog）。我也知道你們某種程度上停止向那些想轉換到 Mercury 動力的 OEM 供貨，但你們仍然看到那個積壓訂單在轉換嗎？在零售與批發環境的影響下，這個轉換是否更為溫和？從未來積壓訂單的角度來看，這類市佔機會目前處於什麼狀態？

Yes. So maybe I'll start and Ryan could pick up. We did note share gain as -- and clearly, part of that share gain is Mercury getting into more OEMs and getting more share of existing OEMs. There are a couple of notables coming across the line. I think you might see a few in Miami already. So we're continuing to convert. I think so, if you look at the overall market, obviously, the way the market is behaving is affecting every OEM. And that is somewhat reflected in the $1.50 that Ryan included in the -- at the start of the bridge, but the additional OEMs that we're bringing on board, and we do continue to do that and increase mix in others is reflected in that $0.50 a share opportunity.

是的。所以也許我先開始，Ryan 可以接著補充。我們確實注意到市占率提升——而且很明顯，這部分市占提升來自 Mercury 進入更多 OEM，並在既有 OEM 中取得更多份額。有幾個值得注意的案子正在推進中。我想你可能在邁阿密已經會看到幾個。所以我們正在持續轉換。我認為，如果你看整體市場，顯然市場的表現正在影響每一家 OEM。這在 Ryan 在橋接一開始提到的每股 1.50 美元中有所反映；但我們正在導入的新增 OEM，以及我們持續在其他客戶中提高組合占比，則反映在那每股 0.50 美元的機會上。

Okay. And if we could shift to the Boat business. I mean you guys just posted almost a 6% operating margin in a quarter where you were down over 20% in sales. And if we look historically, I think you guys would be really, really happy with the 6% margin agnostic of sales for up, down or sideways. So can you just sort of help us maybe give a state of the union for the downside margin performance of that? I mean you've talked about getting back to double digits historically, understanding that it's a tough wholesale environment today, but is that 6% a pretty good floor going forward?

好的。那如果我們轉到船艇業務。我的意思是，你們在一個銷售下滑超過 20% 的季度，仍然繳出接近 6% 的營業利益率。若從歷史來看，我想你們會對 6% 的利潤率非常、非常滿意，不論銷售是上升、下降或持平。那你們能否幫我們梳理一下，在下行環境下該業務的利潤率表現現況？我的意思是，你們談過歷史上要回到雙位數，理解到今天批發環境很艱難，但 6% 是否是未來相當不錯的底部？

Fred, I'll take this and Dave can fill in. Yes, we are pretty happy. I mean given that volume is down almost 20%, as you said, off of a Q4 2022 where we did hit that 10% operating margin, which I believe was the 4th out of 5 quarters, we did it in a row. Yes, we're pretty happy with that fourth quarter performance. And that's in an environment where we have a little bit extra discounting to spur retail, certainly in the start of the season.

Fred，我來回答，Dave 可以補充。是的，我們相當滿意。我的意思是，如你所說，量幾乎下滑 20%，相較於 2022 年第四季我們確實達到 10% 的營業利益率——我相信那是連續 5 個季度中的第 4 個季度達成。是的，我們對第四季表現相當滿意。而且是在一個我們為了刺激零售、尤其在季初，做了些額外折扣的環境下達成的。

But it also reflects some really nice operational improvements really across all of our brands. The Boat Group has done a great job of taking OpEx out and keeping it out. And so yes, I would say, 6% is a pretty nice floor for a quarter where volume is where it was. I think you've seen the guidance for the full year and in a year where we're still going to produce a little bit lower than we did in '23, holding margins into that kind of 6%, 7%, 8% for the full year number is something that a handful of years ago would have been pretty darn impossible. So the testament to the operating jobs in all the businesses, but certainly the focus on taking OpEx out and keeping it out.

但這也反映出我們各品牌在營運面上相當不錯的改善。Boat Group 在降低營業費用（OpEx）並把它維持在較低水準方面做得很好。所以是的，我會說，在量處於當時水準的季度，6% 是相當不錯的底部。我想你也看到我們對全年指引：在今年產量仍會比 2023 年略低的情況下，全年利潤率仍能維持在約 6%、7%、8% 這樣的區間——這在幾年前幾乎是不可能的。這證明了各項業務的營運成果，尤其是專注於把 OpEx 降下來並持續維持。

Our next question is from Scott Stember with ROTH MKM.

我們的下一個問題來自 ROTH MKM 的 Scott Stember。

It sounds like you guys are looking for a flattish boat market this year. What are your assumptions as far as getting some help from interest rate reductions from the Fed?

聽起來你們預期今年船艇市場大致持平。你們對於聯準會降息能帶來多少助力，有哪些假設？

Yes. I think the interest rate reductions from the Fed and also other global central banks, given our presence in Europe, particularly but also in other markets has two effects. One is directly impacts financing costs and the other is freeze up kind of family budget, discretionary spending more broadly. And maybe a tertiary effect is just consumer confidence.

是的。我認為聯準會以及其他全球央行的降息——考量到我們在歐洲（尤其）以及其他市場的布局——會有兩個影響。第一是直接影響融資成本；第二是讓家庭預算更寬鬆，進而帶動更廣泛的可選擇性支出。也許第三個影響就是消費者信心。

So there are a number of kind of tailwinds that hopefully, when that cycle begins, will be introduced. I would say that the -- there is a lot of promotional financing around at the moment including from us, but you will -- if you go to boat shows or if you look online, but you will see many companies offering promotional rates. So I would say that a lot of people are not paying unless that credit rating is not high. They're probably not paying the nominal rate, which, at the moment, has dropped about 50 basis points to about kind of 8.5%. I think probably more people are seeing $5.99, $6.99 rates.

所以當那個循環開始時，希望會帶來一些順風。我會說，目前市場上有很多促銷性融資方案，包括我們自己也有；如果你去船展或上網看，你會看到很多公司提供促銷利率。所以我會說，除非信用評等不高，很多人可能不需要支付名目利率；而名目利率目前已下滑約 50 個基點，約在 8.5% 左右。我想更多人看到的是 5.99%、6.99% 這樣的利率。

One of the things we are seeing, though, is we continue to see a lot more cash buyers. And even though the promotional interest rates pull people in, a lot of cases, the deal closes with people taking the cash and paying cash. So I think the primary effect will be there, but the secondary and tertiary effects of more discretionary income and consumer confidence are at least equally as important.

不過，我們看到的一件事是，現金買家持續變多。即使促銷利率把人吸引進來，很多情況下成交時，客戶最後是拿現金、用現金付款。所以我認為主要影響會存在，但可支配所得增加與消費者信心等第二、第三層面的影響，至少同樣重要。

Got it. And then last question on the engine side, repower. I guess, one of the theories is, as you guys have more production capabilities and as the OEM side is falling back a little bit in a tougher economy that boat owners would repower their boats with some of your newer products. A, are you starting to see that yet? And b, could you just remind us of the margin delta on an engine between repower and OEM?

了解。那最後一個問題是引擎端的換裝（repower）。我想其中一個論點是，當你們產能更充足、而 OEM 端在較艱難的經濟環境下稍微回落時，船主會用你們較新的產品來替船換裝引擎。A，你們開始看到這種情況了嗎？B，也請提醒我們，repower 與 OEM 之間單顆引擎的毛利差異大概是多少？

Scott. Yes, I mean repower actually had a really nice second half and probably will have a pretty good first half. We actually gained 500 basis points of repower share in the year, which is pretty big, but still, our repower share trails our overall U.S. share. So there's still room to run there. We don't talk exact on margins, but the retail dealer margin certainly is stronger than OEM just based on volume. So that is definitely a positive on the operating margin side. But we don't comment on exactly how much it is. But yes, very good repower, not only in the U.S., but internationally as well.

Scott，是的，我的意思是，repower 在下半年其實表現很好，而且上半年可能也會相當不錯。我們今年 repower 的市占提升了 500 個基點，這相當大，但我們的 repower 市占仍落後於我們在美國的整體市占，所以仍有成長空間。我們不談精確的利潤率，但零售經銷端的利潤率確實比 OEM 更強，主要是因為量的因素。所以在營業利益率方面這絕對是正面因素。但我們不評論具體差多少。不過是的，repower 表現非常好，不僅在美國，國際市場也是如此。

At this time, we would like to turn the call back over to Dave for some concluding remarks.

此時，我們想把電話會議交回給 Dave 做結語。

Thank you. Well, thank you all for joining us again and for the great questions. We really appreciate them. Despite the challenges, we again delivered a very strong year, second best ever. You need to get that, but we're trying to make sure you don't, which I think continues to demonstrate the resilience of our portfolio. Free cash flow generation was a particular highlight, I think, in the second half of the year and gives us additional flexibility as we go into 2024.

謝謝。再次感謝各位加入我們，也謝謝大家提出很棒的問題，我們非常感激。儘管面臨挑戰，我們仍再次交出非常強勁的一年，為史上第二佳。你們需要理解這點，但我們也在努力確保你們不會（忽略它），我想這持續展現了我們投資組合的韌性。自由現金流的創造是今年的一大亮點，尤其在下半年，並在我們邁入 2024 年時提供了更多彈性。

As we noted a couple of times, OEM and dealer customers will likely continue to be cautious in their ordering through a portion of the first quarter. But we think we've equipped ourselves very well for the start of 2024. Pipelines are at appropriate levels. We have a wealth of new products. We have great digital properties. We have a well thought out mix of incentives. And we're also, as Ryan mentioned a couple of times, continuing to control costs. I would say that we're -- we prefer a year -- this year of increasing guidance. And so we're looking -- it's exciting, I think, that we're off to a good start with retail.

如同我們提到過幾次，OEM 與經銷客戶在第一季的部分期間，可能仍會在下單上保持謹慎。但我們認為我們已為 2024 年的開局做好充分準備。通路庫存處於適當水位。我們有大量新產品。我們有很好的數位資產。我們有經過周全規劃的激勵組合。同時，如 Ryan 提到過幾次，我們也持續控管成本。我會說，我們——我們更偏好今年是一個上調指引的一年。因此我們也看到——我認為令人振奮的是，我們在零售端有個不錯的開局。

Boat show, we didn't talk much about, but boat show sales are maybe single digits down versus last year, but improving as we go through the year. Mix is significantly up, up into kind of 15% to 20% kind of mix up versus last year, which is very encouraging.

船展方面我們沒有多談，但船展銷售相較去年可能是個位數下滑，不過隨著年度推進正在改善。產品組合顯著提升，較去年提升到約 15% 到 20% 的組合上升幅度，這非常令人鼓舞。

So we could talk about all of those things and introduce you to our new products at our Investor and Analyst Event in Miami on Feb 14. We look forward to seeing you all there. Thank you.

所以我們可以在 2 月 14 日於邁阿密舉行的投資人與分析師活動中，談論上述所有事項，並向各位介紹我們的新產品。我們期待在那裡見到各位。謝謝。

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。