賓士域 (BC) 2025 Q1 法說會逐字稿

Good morning. Welcome to the Brunswick Corporations. First quarter of 2025 earnings conference call.

早安.歡迎來到 Brunswick 公司。2025 年第一季財報電話會議。

(Operator Instructions) Today's meeting will be recorded.

（操作員指示）今天的會議將被記錄。

I would now like to introduce Zach Yunger, Senior Financial Analyst, Brunswick Corporation.

現在我想介紹 Brunswick Corporation 的高級財務分析師 Zach Yunger。

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

早安，感謝您加入我們。今天早上與我一起參加電話會議的還有 Brunswick 董事長兼執行長 David Foulkes 和 Brunswick 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 in today's press release.

在我們開始準備好的發言之前，我想提醒大家，在這次電話會議中，我們的評論將包括一些關於未來結果的前瞻性陳述。請記住，我們的實際結果可能與這些預期有重大差異。有關這些需要考慮的因素的詳細信息，請參閱我們今天新聞稿中向美國證券交易委員會提交的最新文件。

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. Reconciliation 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. I'll now turn the call over to Dave's.

所有這些文件均可在我們的網站 brunswick.com 上找到。在我們的演示過程中，我們將參考某些非 GAAP 財務資訊。本簡報的附錄和今天結果附帶的未經審計的合併財務報表的對帳部分提供了 GAAP 與非 GAAP 財務指標的對帳。我現在將電話轉給戴夫。

Thanks, Zach, and good morning everyone.

謝謝，扎克，大家早安。

All our businesses delivered a strong first quarter as the resilient composition of our portfolio, together with proactive pipeline management, well received new products, the benefits of executed and ongoing structural cost reduction measures, and efficient execution resulted in first quarter financial performance ahead of expectations, despite the challenging macro environment.

儘管宏觀環境充滿挑戰，但由於我們產品組合的彈性構成、積極主動的通路管理、廣受歡迎的新產品、已實施和持續進行的結構性成本削減措施帶來的好處以及高效的執行，我們所有業務在第一季度均取得了強勁增長，從而導致第一季度的財務業績超出預期。

Year-to-date, unit retail sales for our core and premium bulk brands and product lines are in line with expectations for a second half biased year, but we're seeing some weakness in entry level products, prompting us to consider streamlining our product offerings in the entry-level space while growing freedom folk club as an alternative participation model.

年初至今，我們的核心和高端散裝品牌及產品線的單位零售額符合下半年的預期，但我們看到入門級產品存在一些弱點，這促使我們考慮精簡入門級領域的產品供應，同時發展自由民間俱樂部作為替代參與模式。

Early season boat shows are essentially complete, with retail performance at shows flat to prior year and in line with expectations. While overall retail performance in the quarter resulted in appropriate boat field inventory levels as we enter the primary retail season.

早期的船展基本上已經結束，展會的零售業績與去年持平，符合預期。隨著我們進入主要零售季節，本季的整體零售業績導致船舶庫存水準適當。

Our first quarter results again demonstrated the resiliency of our portfolio with our recurring revenue businesses and channels, including our engine P&A business, propulsions repower business, Freedom Boat Club, and Navico Group's aftermarket sales, contributing nearly 60% of our first quarter adjusted operating earnings.

我們第一季的業績再次證明了我們投資組合的彈性，我們的經常性收入業務和管道，包括我們的引擎 P&A 業務、推進器再動力業務、自由船俱樂部和 Navico 集團的售後市場銷售，貢獻了我們第一季度調整後營業收入的近 60%。

We had outstanding free cash flow generation in the quarter, leveraging the inventory reduction and other working capital initiatives started last year, resulting in the second best first quarter cash flow on record, and a $160 million improvement versus Q1 2024.

我們在本季度創造了出色的自由現金流，充分利用了去年開始的庫存減少和其他營運資本計劃，從而產生了有記錄以來第二好的第一季現金流，與 2024 年第一季度相比增加了 1.6 億美元。

This performance enabled $26 million in share repurchases in the quarter, maintaining our commitment to returning value to shareholders. Despite the uncertain market conditions for Brunswick, our customers and our channel partners, we're very pleased about our overall start to the year, which exceeded our expectations back in January.

這一業績使得本季的股票回購額達到 2,600 萬美元，從而履行了我們向股東回報的承諾。儘管 Brunswick、我們的客戶和通路合作夥伴的市場狀況不確定，但我們對今年的整體開局感到非常滿意，這超出了我們一月份的預期。

Turning to some highlights from our segments in the quarter. Our propulsion business delivered sequentially improved sales and operating earnings versus the fourth quarter of 2024. A below first quarter 2024 levels as anticipated. Mercury's outboard engine lineup continues to take market share, gaining 40 basis points of US retail share on a rolling 12-month basis.

談談本季我們各部門的一些亮點。與 2024 年第四季相比，我們的推進業務的銷售額和營業收入連續成長。低於預期的 2024 年第一季水準。水星的舷外機系列繼續佔據市場份額，在連續 12 個月內獲得了 40 個基點的美國零售份額。

With indications of a strong April performance following significant share increases at 2025 boat shows. Sales to US boat OEMs were strong, as our customer builders increased production levels ahead of the primary retail season and engine pipelines remain at appropriate levels.

有跡象表明，繼 2025 年船展份額大幅增加之後，4 月份的表現將十分強勁。對美國船舶原始設備製造商的銷售表現強勁，因為我們的客戶製造商在主要零售季節之前提高了生產水平，並且發動機管道仍保持在適當水平。

Our engine parts and accessories business had another strong quarter, with solid year-over-year earnings and margin growth despite lower sales. This primarily aftermarket based business continues to derive its success from stable boating participation and the world's largest marine distribution network, which delivered sales growth of 2% through continued distribution market share gains resulting from our ability to support same day or next day deliveries to most locations in the world.

我們的引擎零件和配件業務又度過了一個強勁的季度，儘管銷售額下降，但盈利和利潤率仍然同比穩健增長。這項主要以售後市場為基礎的業務繼續從穩定的船舶參與和世界上最大的船舶分銷網絡中獲得成功，由於我們能夠支持當天或次日向世界大多數地區交貨，分銷市場份額持續增長，從而實現了 2% 的銷售額增長。

Navico Group had flat sales and slightly lower operating earnings versus the first quarter of 2024. As aftermarket sales to dealers and retailers remained strong, but OEM orders were pressured. Navico Group delivered sequential sales growth versus fourth quarter 2024, as it’s exciting recently launched new products continued to gain momentum and market acceptance.

與 2024 年第一季相比，Navico 集團的銷售額持平，營業收入略有下降。由於對經銷商和零售商的售後市場銷售依然強勁，但 OEM 訂單受到壓力。Navico Group 的銷售額與 2024 年第四季度相比實現了連續增長，因為其最近推出的令人興奮的新產品繼續獲得發展勢頭和市場認可。

Finally, our Boat Business had sales and operating earnings below the first quarter of 2024, consistent with lower planned wholesale shipments. But sales grew mid-single digits versus fourth quarter 2024 as anticipated. Our book group teams are working hard to reduce product costs and protect margins in an environment with limited pricing opportunities.

最後，我們的船舶業務的銷售額和營業收入低於 2024 年第一季度，這與計劃批發出貨量下降一致。但正如預期的那樣，與 2024 年第四季相比，銷售額成長了中等個位數。在定價機會有限的環境下，我們的圖書小組團隊正在努力降低產品成本並保護利潤。

Freedom Boat Club continues to expand globally in premier boating locations and deliver steady membership sales growth, and early season member boat usage trends continue to be strong, with trips up 3% sequentially in the first quarter.

自由遊艇俱樂部持續在全球主要航海地點擴張，會員銷售額穩定成長，早期會員船舶使用趨勢持續強勁，第一季出行次數較上季成長 3%。

Turning to external factors, the uncertain tariff environment has, of course, become an elevated consideration in a challenging macroeconomic backdrop and is contributing to declining consumer sentiment and more uncertainty in US Fed policy and the trajectory of interest rate reductions.

談到外部因素，不確定的關稅環境當然已成為充滿挑戰的宏觀經濟背景下的重要考慮因素，並導致消費者信心下降，聯準會政策和降息軌蹟的不確定性增加。

The abrupt introduction of the tariffs in early April and subsequent policy confusion, in addition to the capital market turmoil, have steadily introduced new reasons for short term consumer hesitancy. Brunswick has the benefit of producing the large majority of our products in the US for the US market.

四月初突然出台的關稅以及隨後的政策混亂，加上資本市場的動盪，不斷為短期消費者猶豫帶來新的原因。布倫瑞克的優勢在於其大部分產品都是在美國生產並供應給美國市場。

And we've significantly reduced our exposure to China-based suppliers since the initial imposition of Section 301 tariffs in 2017. However, at current tariff rates, we have the potential to incur up to $100 million to $125 million of incremental net tariff costs in 2025, which Ryan will discuss further in a few moments.

自 2017 年首次實施 301 條款關稅以來，我們已大幅減少對中國供應商的依賴。然而，按照目前的關稅稅率，我們有可能在 2025 年產生高達 1 億至 1.25 億美元的增量淨關稅成本，Ryan 稍後將進一步討論這一點。

We continue to prepare for a range of scenarios and have many short and long term mitigation actions already underway, including continued migration of our supply base, inventory staging, pricing, and optimization of our facilities, but this remains a very dynamic situation.

我們將繼續為各種情況做準備，並已採取多項短期和長期緩解措施，包括繼續遷移我們的供應基地、庫存分期、定價和優化我們的設施，但這仍然是一個非常動態的情況。

Despite the macroeconomic noise, dealer's sentiment remains fairly stable, as early season boat show performance was solid and retail traffic is holding in. Consumer sentiment remains volatile in response to the daily news flow, but our dealers are reporting that retail foot traffic continues to be steady, and with the right incentives, they're able to get sales across the line.

儘管宏觀經濟存在噪音，但經銷商的情緒仍然相當穩定，因為早期的船展表現穩健，零售流量也保持穩定。消費者情緒仍然會隨著每日新聞的流逝而波動，但我們的經銷商報告說，零售客流量持續穩定，並且透過適當的激勵措施，他們能夠實現銷售成長。

Moving now to US industry retail performance. US main power brought industry retail was down modestly in the first quarter, with Brunswick's performance influenced almost entirely by declines in the value segment. You'll see on this slide that we're showing a slightly different view of US retail, which reinforces the fact that this is a strong first quarter of 2024, retail remained very steady for our premium brands, including Boston Whaler, Sea Ray, Lund, and the Van, and as a whole for our core brands.

現在來看看美國產業零售業績。美國主力軍零售業第一季小幅下滑，Brunswick的業績幾乎完全受到價值板塊下滑的影響。您會在這張投影片上看到，我們對美國零售業的看法略有不同，這進一步證實了 2024 年第一季的強勁表現，我們的高端品牌（包括 Boston Whaler、Sea Ray、Lund 和 Van）以及我們的核心品牌整體的零售表現仍然非常穩定。

Retail performance for our value brands continues to be challenged. We're working to optimize the profitability of these businesses at reduced production volumes. Outboard engine industry retail units declined 6% in the quarter. With Mercury slightly lower, primarily due to calendarization of registrations moving into the first few days of April. We remain confident that Mercury will continue to gain share for the full year.

我們價值品牌的零售業績持續面臨挑戰。我們正在努力在減少產量的情況下優化這些業務的獲利能力。本季舷外機產業零售量下降了 6%。水星位置略低，主要是因為註冊時間進入了四月初幾天。我們仍然相信，水星全年的市場份額將繼續增長。

Lastly, we have continued to diligently manage both pipeline levels, and first quarter US wholesale shipments were down 16%. Resulting in an 11% reduction in US pipelines, or over 1,500 fewer units. US weeks on hand are lower than Q1 2024 and it's 35.6 weeks with similar pipeline dynamics also occurring outside the US.

最後，我們繼續努力管理兩個管道水平，第一季美國批發出貨量下降了 16%。導緻美國管道數量減少 11%，即減少 1,500 多個管道。美國庫存週數低於 2024 年第一季，為 35.6 週，美國以外也出現了類似的庫存動態。

Before I turn it over to Ryan, I want to walk through the components of our updated four year 2025 adjusted EPS guidance, which is now in a range between $2.50 and $4 per share. There remains significant uncertainty related to our 2025 performance and guidance.

在交給瑞安之前，我想先介紹一下我們更新後的 2025 年四年調整後每股收益指引的組成部分，目前該指引的範圍在每股 2.50 美元至 4 美元之間。我們的 2025 年業績和指引仍然存在著很大的不確定性。

Primarily due to the uncertainties of trade policy, the direct and indirect impact of these uncertainties on our consumers. Fluctuations in foreign exchange rates and the interest rate environment. Attempting to provide guidance is uniquely challenging in this environment, but we appreciate investor desire to understand the earnings components and guideposts that we're tracking internally to drive financial results.

主要是由於貿易政策的不確定性，這些不確定性對我們的消費者產生直接和間接的影響。外匯匯率和利率環境的波動。在這種環境下，試圖提供指導具有獨特的挑戰性，但我們理解投資者希望了解我們內部追蹤的獲利組成部分和指導方針，以推動財務表現。

To that end, this slide is showing midpoints of ranges of what we currently anticipate to be the most likely outcomes for the year. Assuming the current tariff rates persist and estimating the resulting impact to our businesses, the economy, our channel partners, and the end consumer.

為此，這張投影片展示了我們目前預計今年最可能出現的結果範圍的中點。假設目前的關稅稅率持續下去，並估計由此對我們的業務、經濟、通路夥伴和最終消費者產生的影響。

After accounting for the Q1 beat, we believe that we would see volume pressure, especially in the near term, as our consumer spends cautiously in response to the uncertain tariff environment. $0.75 would represent an approximate 5% reduction in revenue related to slower retail sales, resulting in comparably lower wholesale sales.

在考慮到第一季的業績超出預期之後，我們認為我們將會看到銷售壓力，尤其是在短期內，因為我們的消費者在不確定的關稅環境下謹慎消費。 0.75 美元意味著零售額將下降約 5%，導致批發額相應下降。

We've modeled $1 of EPS as the midpoint of our anticipated net tariff impact. This is in addition to the $30 million of China 301 tariffs that were included in our initial guidance for the year. And would represent a scenario where current tariffs remain in place, but we continue to work urgently on our mitigation efforts with achievement better than our baseline plan.

我們將每股收益 1 美元作為預期淨關稅影響的中點。這是對我們今年初步預期中包含的 3000 萬美元中國 301 關稅的補充。這將代表這樣一種情況：現行關稅保持不變，但我們將繼續緊急開展緩解努力，並取得比基準計劃更好的成就。

Offsetting these headwinds are more planned cost reductions and an improved foreign currency exchange rate environment, where the softer US dollar has lessened the initially planned transactional headwind from the start of the year. The result is an EPS range of $2.50 to $4 and a midpoint of $3.25.

抵銷這些不利因素的是更多計劃中的成本削減和改善的外匯匯率環境，其中美元走軟減輕了年初最初計劃的交易不利因素。結果是每股收益範圍為 2.50 美元至 4 美元，中間值為 3.25 美元。

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

我現在將電話轉給瑞安，請他對我們的財務表現和前景提供更多評論。

Thanks, Dave, and good morning everyone.

謝謝，戴夫，大家早安。

Brunswick's first quarter results were solidly ahead of expectations, but remained below prior year due to the continued challenging US retail marine market and macroeconomic conditions. Versus the first quarter of 2024, net sales in the quarter were down 11%, with adjusted operating margins of 6%, resulting in an adjusted EPS of $0.56.

布倫瑞克第一季的業績遠超預期，但由於美國零售船舶市場和宏觀經濟狀況持續面臨挑戰，業績仍低於去年同期。與 2024 年第一季相比，本季淨銷售額下降 11%，調整後的營業利潤率為 6%，調整後的每股收益為 0.56 美元。

First quarter sales were below prior year, as the impact of continued lower wholesale ordering by dealers and OEMs and prudent pipeline management throughout the channel was only partially offset by modest annual price increases and benefits from well-received new products.

第一季銷售額低於去年同期，因為經銷商和原始設備製造商的批發訂單持續減少以及整個通路的審慎管道管理的影響僅被適度的年度價格上漲和廣受歡迎的新產品帶來的好處部分抵消。

Adjusted operating earnings were down versus prior year as a result of the impact of lower sales, lower absorption from decreased production levels, and the negative impact of changes in foreign currency exchange rates, partially offset by new product momentum, annual price increases, and ongoing cost control measures throughout the enterprise.

調整後的營業利潤較上年有所下降，原因是銷售額下降、生產水平下降導致的吸收量減少以及外匯匯率變化的負面影響，但新產品的勢頭、年度價格上漲以及整個企業持續的成本控制措施部分抵消了這些影響。

Lastly, we used $44 million of free cash flow in the quarter, a significant improvement versus Q1 of 2024, and the second best start to a year in over a decade, as Dave stated earlier. Now we'll look at each reporting segment, starting with our propulsion business, which saw a 16% decrease in sales, primarily resulting from continued pipeline management and overall lower wholesale shipments to OEM boat builder customers, which, although below prior year first quarter, were slightly ahead of expectations.

最後，正如戴夫之前所說，我們在本季度使用了 4,400 萬美元的自由現金流，與 2024 年第一季相比有顯著改善，也是十多年來第二好的開局。現在讓我們來看看每個報告部分，首先是我們的推進業務，其銷售額下降了 16%，主要是由於持續的管道管理和對 OEM 船舶製造商客戶的整體批發貨量下降，儘管低於去年第一季度，但略高於預期。

Segment operating earnings were below prior year due to the impact of sales declines and lower absorption, partially offset by cost control measures. Our aftermarket le engine parts and accessories business had another solid quarter, with a 3% decrease in sales versus the same period last year due to slightly lower shipments, but a 7% increase in adjusted operating earnings resulting from the efficient operation of the business and slightly lower cost inflation.

由於銷售額下降和吸收量下降的影響，部門營業利潤低於上年，但成本控制措施部分抵消了這一影響。我們的售後市場引擎零件和附件業務又度過了一個穩健的季度，由於出貨量略有下降，銷售額與去年同期相比下降了 3%，但由於業務高效運營和成本通膨略有下降，調整後的營業收入增長了 7%。

Sales in the product business were down 90%, while the distribution business sales were up 2% compared to prior year. While the segment's adjusted operating margin was seasonally strong at 15%, up more than 100 basis points versus prior year.

產品業務銷售額下降 90%，而分銷業務銷售額與上年相比成長 2%。該部門調整後的營業利潤率季節性強勁，達到 15%，比上年增長了 100 多個基點。

Medical Group reported sequentially stronger sales versus fourth quarter 2024 and a slight sales decrease of 1% versus Q1 of 2024, primarily driven by reduced sales to marine and RV OEMs, resulting from lower customer OEM production levels, mostly offset by strong aftermarket sales and new product momentum.

醫療集團報告稱，其銷售額與 2024 年第四季度相比環比增長，與 2024 年第一季相比略有下降 1%，這主要是由於客戶 OEM 生產水平下降導致對船舶和 RV OEM 的銷售額下降，但售後市場銷售強勁和新產品勢頭基本抵消了這一影響。

Like operating earnings decreased due to the lower sales. Navico continues its progress with new product introductions with the successful recent launches of the Eagle and Elite FS multi-function displays, together with the recontrolling motor, leading to share gains in the fishing segment.

例如，由於銷售額下降，營業利潤也下降了。Navico 繼續推出新產品，最近成功推出了 Eagle 和 Elite FS 多功能顯示器以及重新控制馬達，從而增加了釣魚領域的市場份額。

Finally, our Boat business reported a 13% decrease in sales resulting from anticipated cost of wholesale ordering patterns by dealers, which was only partially offset by the favorable impact of modest model year price increases. Freedom Boat Club had another strong quarter, contributing approximately 11% of segment sales, including the benefits from recent acquisitions. Segment operating earnings were within expectations as the impact of net sales declines and lower absorption from the reduced production was partially offset by pricing and continued cost control.

最後，我們的船舶業務報告銷售額下降了 13%，這是由於經銷商的批發訂購模式的預期成本造成的，而車型年價格適度上漲的有利影響僅部分抵消了這一下降。自由船俱樂部 (Freedom Boat Club) 又度過了一個強勁的季度，貢獻了約 11% 的部門銷售額，其中包括最近收購帶來的收益。由於淨銷售下降和產量減少導致的吸收量下降的影響被定價和持續的成本控制部分抵消，因此部門營業利潤符合預期。

Next, I want to provide additional information on our anticipated tariff impact for 2025 should the current tariff rates continue for the remainder of the year. This slide shows the approximate percentage of COGS affected by tariffs currently enforced, along with our anticipated 2025 net tariff impact for each category after planned mitigation measures are considered.

接下來，如果現行關稅稅率在今年剩餘時間內持續下去，我想提供更多關於我們預計的關稅對 2025 年的影響的資訊。此投影片顯示了目前實施的關稅對 COGS 的影響的大致百分比，以及考慮計劃的緩解措施後我們預計的 2025 年每個類別的淨關稅影響。

The largest tariff impact relates to China, and while only approximately 5% of our COGS could represent $75 to $100 million of tariff expenses due to the current 145% tariff rate on supply from China and China tariffs on US imports. These incremental tariffs are in addition to the approximately $30 million of section 301 tariffs that were included in our initial guidance for the year.

關稅影響最大的是中國，儘管由於目前中國對供應徵收 145% 的關稅，且中國對美國進口產品徵收關稅，我們的 COGS 中只有約 5% 可能代表 7,500 萬至 1 億美元的關稅費用。這些增量關稅是我們今年初步指引中包含的約 3,000 萬美元 301 條款關稅的補充。

We continue to make strides in lowering our dependency on the China supply chain and are working with our Chinese supply partners on cost sharing and other mitigation efforts. Mexico and Canada supply accounts for approximately 15% of US COGS, but most of the supplies from these two countries are imported under the USMCA, meaning that our tariff exposure here is small, assuming the continued USMCA exemption.

我們繼續努力降低對中國供應鏈的依賴，並與中國供應合作夥伴合作分攤成本並採取其他緩解措施。墨西哥和加拿大的供應量約占美國銷貨成本的 15%，但這兩個國家的大部分供應都是根據 USMCA 進口的，這意味著，假設繼續享受 USMCA 豁免，我們在這裡的關稅風險很小。

Finally, there are other smaller tariffs on rest of world imports. Not included in this analysis or other impacts or potential impacts, both positive and negative to the enterprise, including potential retaliatory tariffs from the EU and Canada on US manufactured boats and possibly engines and parts.

最後，對世界其他地區的進口產品還徵收較小的關稅。本分析未包括對企業產生的其他影響或潛在影響，包括歐盟和加拿大對美國製造的船舶以及可能的發動機和零件徵收的報復性關稅。

There are some boats imported into the US by our European OEM partners that use Mercury engines and parts. Mercury engine competitors, which are paying tariffs on the importation of engines from Japan or other non-US manufacturing locations.

我們的歐洲 OEM 合作夥伴進口到美國的一些船隻使用了水星發動機和零件。水星發動機的競爭對手，他們從日本或其他非美國製造地進口發動機時需要繳納關稅。

And maybe most importantly, the disruption of the capital markets and the corresponding impact on our consumer during this critical point in the retail voting season. As everyone is aware, this is an extremely dynamic situation, and the entire Brunswick team is committed to minimizing the overall impact that tariffs ultimately have on our enterprise.

也許最重要的是，在零售投票季節的這個關鍵時刻，資本市場的混亂以及對消費者的相應影響。眾所周知，這是一個極具活力的形勢，整個 Brunswick 團隊致力於將關稅最終對我們企業的整體影響降至最低。

My last slide shows our updated for your guidance, taking into account the uncertainties that we have been discussing. Earlier, Dave walked through the components of our adjusted EPS range of $2.50 to $4 which is driven by anticipated revenue of between $5 million and $5.4 billion. We are strongly focused on cash generation and believe we can still reach or exceed our initial guidance of $350 million of free cash flow for the year.

我的最後一張投影片展示了我們為您提供的更新指導，其中考慮到了我們一直在討論的不確定性。此前，戴夫詳細介紹了我們調整後的每股收益範圍的組成部分，該範圍為 2.50 美元至 4 美元，由預期收入 500 萬美元至 54 億美元驅動。我們非常注重現金創造，並相信我們仍然可以達到或超過我們最初預期的今年 3.5 億美元的自由現金流。

We anticipate the Q2 market conditions looking similar to Q1, with sequentially stronger revenue and earnings driven by the annual seasonality of our businesses.

我們預計第二季的市場狀況將與第一季類似，受業務年度季節性的影響，收入和利潤將連續增加。

Lastly, while we still believe a flat US retail boat market is achievable for full year 2025, our guidance contemplates potential volume impacts resulting from the tariff environment and general uncertainty in the macroeconomy and its anticipated impact on our consumer, which we believe could result in both unit sales being slightly down versus 2024, with weakness primarily related to value product.

最後，雖然我們仍然相信 2025 年全年美國零售船舶市場能夠保持平穩，但我們的指引考慮了關稅環境和宏觀經濟的普遍不確定性對銷量造成的潛在影響及其對消費者的預期影響，我們認為這可能導致單位銷售額與 2024 年相比略有下降，疲軟主要與價值產品有關。

I will now pass the call back today for concluding remarks.

我現在將今天的電話轉回，請大家作總結發言。

Thanks, Ryan. As we wrap up, I want to highlight some of the key product launches and events from the first quarter, as well as some of the notable awards we've received so far this year.

謝謝，瑞安。最後，我想重點介紹第一季的一些主要產品發布和活動，以及今年迄今為止我們獲得的一些值得注意的獎項。

During the 2025 Miami Boat Show, Simrad launched the all-new NSS 4 multi-function display. The latest premium chartplotter and fishfinders in the Simrad portfolio, which for the first time, allows anglers to track 4 sonar sources on a single display. One had a very busy start to the year with the January launch of the 185 Impact GL and an all new heavy gauge product line on the way.

在2025年邁阿密遊艇展期間，Simrad推出了全新的NSS 4多功能顯示器。Simrad 產品組合中的最新優質海圖儀和魚探儀首次允許釣魚者在單一顯示器上追蹤 4 個聲納來源。今年年初我們非常忙碌，一月份推出了 185 Impact GL，並且即將推出全新重型產品線。

In February, Ryan and I were able to attend the annual Freedom Forum, another successful gathering of our outstanding Freedom Boat Club franchise partners and corporate team. We all have the opportunity to experience the power of being part of the Brunswick family and celebrate freedom's continued growth and success.

二月份，瑞安和我有幸參加了年度自由論壇，這是我們傑出的自由船艇俱樂部特許經營合作夥伴和公司團隊的又一次成功聚會。我們都有機會體驗成為 Brunswick 大家庭一員的力量，並慶祝自由的持續發展和成功。

Light launched the all-new Series 5 flight board with a highly efficient light jet 2 propulsion system in Miami, hosting a media event and on water demos featuring their full product lineup. While the Bayliner C21 had its European launch at the Dusseldorf boat show and was very well received by its international channel partners.

Light 在邁阿密推出了配備高效輕型噴射 2 推進系統的全新 Series 5 飛行板，並舉辦了媒體活動和水上演示，展示了其全系列產品。Bayliner C21 在杜塞爾多夫遊艇展上進行了歐洲首發，並受到了國際通路合作夥伴的一致好評。

Lastly, Navan C30 and S30 models had a strong boat show season following their North American introduction late in 2024, with sales at multiple shows already in 2025. They've also been very well received as a premium option at a select number of Freedom Book Club locations.

最後，Navan C30 和 S30 型號於 2024 年底在北美推出後，在船展季表現強勁，並已在 2025 年的多個展會上實現銷售。作為自由讀書俱樂部部分門市的優質選擇，它們也受到了熱烈歡迎。

Finally, we've continued our rapid pace of awards in the quarter for our people, products, and commitment to innovation, and are on pace to eclipse 100 awards again in 2025. In the quarter, we won a pair of Newsweek awards, including being named to the list of the most trustworthy companies in America for the third consecutive year.

最後，本季我們繼續以快速的速度榮獲多項獎項，這些獎項主要體現在我們的員工、產品和對創新的承諾上，我們有望在 2025 年再次突破 100 個獎項。本季度，我們贏得了兩個《新聞週刊》獎項，包括連續第三年被評為美國最值得信賴的公司之一。

Brunswick ranked in the Top 10 companies within the manufacturing and industrial equipment category. Also for the first time, Brunswick was named to Newsweek's list of America's greatest workplaces for women, and two of our outstanding female leaders were selected as women make winners, the highest honor for women in manufacturing, from the National Association of Manufacturing.

布倫瑞克 (Brunswick) 在製造和工業設備類別中位列前十名。此外，布倫瑞克還首次被《新聞周刊》評選為美國最適合女性工作的工作場所，我們的兩位傑出女性領導者還被美國製造業協會評選為“女性製造獎得主”，這是製造業女性獲得的最高榮譽。

Our product awards continued in the first quarter, with the flight board team winning a pair of red dot awards, one of the world's most prestigious design awards. And Princecraft winning its first ever National Marine Manufacturers Association innovation award at the Minneapolis boat show. We also expect to be able to announce a number of additional product awards in the near future.

我們在第一季繼續獲得產品獎項，飛行板團隊贏得了兩個紅點獎，這是世界上最負盛名的設計獎項之一。Princecraft 在明尼阿波利斯船展上首次榮獲國家船舶製造商協會創新獎。我們也希望能夠在不久的將來宣布一些其他產品獎項。

Finally, Boating Industry magazine announced its [202,540] under 40 list, recognizing six emerging leaders from Brunswick Corporation of Freedom Boat Club, among the industry's top young professionals.

最後，《船舶產業》雜誌公佈了 [202,540] 名 40 歲以下精英名單，表彰了來自 Brunswick Corporation 和 Freedom Boat Club 的六位新興領袖，他們是業內頂尖的年輕專業人士。

Congratulations to all the winners. Despite the continued external headwinds, we never take our eye off the importance of making Brunswick one of the most exciting and rewarding places to work.

恭喜所有得獎者。儘管外部阻力持續存在，但我們始終致力於將布倫瑞克打造為最令人興奮、最有價值的工作場所之一。

That's the end of our prepared remarks. We'll now turn it back over to the operator for questions.

我們的準備好的演講到此結束。我們現在將問題交還給接線員。

Thank you. We'll now be conducting a question-and-answer session. (Operator Instructions)

謝謝。我們現在將進行問答環節。（操作員指示）

Mike Swartz, Truist Securities.

Truist Securities 的 Mike Swartz。

Hey guys, good morning. There was a lot of numbers and scenarios thrown out in terms of the guidance update for '25, but maybe Ryan, Dave at a high level, could you help us just understand what's embedded at the at the lower end and maybe what's embedded at the higher end of your outlook for the year?

大家好，早安。在 25 年的指導更新方面，有很多數字和情景被拋出，但 Ryan，高層的 Dave，您能否幫助我們了解一下您對今年的展望中，低端包含什麼，高端包含什麼？

Yeah, good morning, Mike. I'll take a stand and then Dave can fill in.

是的，早上好，麥克。我會表明立場，然後戴夫可以填補。

It's pretty straightforward. I think the high end of the range would anticipate a couple of things. It would probably be a moderation a bit of the tariff environment and or combination of us being able to continue to mitigate the cost better than anticipated, which by the way, we're, I think we're as an enterprise doing the best we can and really been on this since day one on mitigation exercises.

這很簡單。我認為該範圍的高端會預測一些事情。這可能是關稅環境的某種緩和，或者我們能夠繼續比預期更好地降低成本，順便說一句，我認為我們作為一家企業正在盡最大努力，並且從第一天起就一直在進行緩解措施。

So, that would, if the tariff environment moderated a bit, I think you would have an argument that the volume degradation that's in the bridge there could be lessened or even go away. So it's kind of that simple on the high end on the low end for the opposite, right, it's the tariff environment that it goes to the far end of our range that we should apply, and the volume does.

因此，如果關稅環境稍微緩和一點，我認為你會說，橋樑的運輸量下降可能會減輕甚至消失。所以，就這麼簡單，高端和低端正好相反，對吧，這是我們應該應用的範圍的最遠端的關稅環境，而且數量也是如此。

So we see the decline in volumes of the year, and you know maybe there's not the best benefit, that we've shown, so it's kind of all those things on the chart so pretty negative versus on the top end.

因此，我們看到今年的交易量有所下降，而且你知道，這可能並不是我們所展示的最好的好處，所以圖表上的所有這些東西與最高端相比都是相當負面的。

Just a little bit of relief.

只是稍微鬆了一口氣。

Okay, that's helpful and just with the tariff outlook of the mitigation efforts, I would assume that's only is that only half year I mean if we are annualizing that would you anticipate another $100 million next year? I'm just trying to think through how that works?

好的，這很有幫助，僅從緩解措施的關稅前景來看，我認為這只是半年，我的意思是，如果我們按年計算，您是否預計明年還會再有 1 億美元？我只是想想想這是如何實現的？

Yeah, we lost you there in the middle of the question a little bit, but I think I have the question right about a full year annualized you.

是的，我們在問題中間稍微迷失了你，但我認為我關於全年年化的問題是正確的。

No, I would say, well, obviously what's on the sly, the flight is a 2025 impact right year started but it does assume that be as they are today.

不，我想說，嗯，顯然這是在偷偷摸摸地進行，這次飛行是 2025 年產生影響的，從那年開始，但它確實假設情況會像今天一樣。

Including an extremely high China rate, which is our biggest impact. However, if you go to, you're going to have a lot more ability to mitigate and a lot more time to do that, Mike, and I think we've shown the ability to be very thoughtful and quick in mitigation. You would also have some of the benefits from tariffs paid in '25 that would actually not show up until '26, and that would include duty to drawback and substitution, primarily at Mercury.

包括極高的中國稅率，這是對我們最大的影響。然而，如果你去的話，你將擁有更多的緩解能力和更多的時間來做到這一點，麥克，我認為我們已經展示了非常周到和快速的緩解能力。您還將獲得 1925 年支付的關稅的部分優惠，這些優惠實際上要到 1926 年才會顯現，其中包括退稅和替代稅，主要是在 Mercury。

[The accounting], there's a bit of a delay on when we pay them, and when incurred, and then when we are able to do some of the mitigation drawbacks or substitution and some of that timing would benefit a future year. So, it's really hard for me to give you an exact number, but I am confident it would be lower than just an annualized full year '25.

[會計]，我們付款的時間和發生的時間有點延遲，然後我們才能夠進行一些緩解缺點或替代，而其中一些時間安排將有利於未來一年。因此，我很難給出一個確切的數字，但我相信它會低於 25 年全年的年化數字。

Okay, perfect. Thank you for that.

好的，完美。謝謝你。

James Hardiman, City.

詹姆斯·哈迪曼，城市。

Hey, good morning, and maybe just a quick follow up on that last point, Ryan, if we were to think about 100 to $125 million of net impact this year, what's the gross number, i.e., how much are you assuming you're able to mitigate away?

嘿，早上好，也許我只是想快速跟進一下最後一點，Ryan，如果我們考慮今年的淨影響為 1 億至 1.25 億美元，那麼總額是多少，也就是說，您認為您能夠減輕多少？

Yeah, it's hard to give that number. I mean you can take the COGS that we've given you on the slide and multiply it by the rates, but there, there's so much that goes in there, James, including, as I said, the timing of when the tariff comes in.

是的，很難給出這個數字。我的意思是，你可以把我們在幻燈片上給你的 COGS 乘以稅率，但是，詹姆斯，這裡面涉及的內容太多了，包括我所說的關稅生效的時間。

It's obviously we're mitigating a good amount, I would say, the gross number is probably not double that, but it's somewhere south of it. But again, with all the moving pieces on how you have to account for it and actually pay it versus incur it's just not as simple as a as a cost calculation that that you'd want to make.

顯然，我們正在減輕相當大的負擔，我想說，總數可能不會是這個數字的兩倍，但也應該在它的南邊某個地方。但是，同樣，由於您必須對其進行核算並實際支付而不是承擔所有變動因素，因此它並不像您想要進行的成本計算那麼簡單。

Got it and then.

明白了然後。

Let's talk about Q2 and then sort of what's implied for the second half of the year. Certainly, the Q2 guidance came in pretty materially beneath the street. What's driving that? And I guess it's part of that question, if we think about tariffs, how much of that 100 to 125 is in Q2.

讓我們來談談第二季以及下半年的預測。當然，第二季的預期明顯低於華爾街預期。是什麼原因導致的呢？我想這是問題的一部分，如果我們考慮關稅，那麼這 100 到 125 中有多少是在第二季。

And what are you assuming for inventory? Normally Q2 is an inventory drawdown quarter? Is that going to be more aggressive this year? Just trying to be through a second half guidance assumes material growth year-over-year despite a bunch of tariffs in there. How realistic of an expectation that will really?

您對庫存有何假設？通常第二季是庫存下降的季度？今年的措施會更加積極嗎？儘管存在一系列關稅，但下半年的業績預期仍將同比實現實質成長。這個期望到底有多現實？

Alright, thanks, James. A couple of several questions in there. I'll try to respond.

好的，謝謝，詹姆斯。其中有幾個問題。我會盡力回覆。

Help as well, so I will say first on Q2, yes, there is a tariff impact. Obviously, the way you have to account for anticipated full year tariff impact would include capitalizing the cost that you anticipate for the full year. As incurred, so there is, there's a portion of that tariff impact that is in Q2. There, there's probably a little bit of conservatism there in terms of the sales figure. You saw the volume drop on our bridge.

也有幫助，所以我首先要說的是第二季度，是的，有關稅影響。顯然，您必須考慮預期的全年關稅影響的方式包括將您預期的全年成本資本化。正如所發生的，有一部分關稅影響發生在第二季。就銷售數據而言，可能存在一些保守情緒。您看到我們橋樑的音量下降了。

I think we would anticipate that starting in the second quarter, it's an important quarter for retail, it's an important quarter for wholesale, and if there's still uncertainty in the tariff environment and in the macros, I think you could see that come through in the second quarter. But also, it also could, it could be a little bit of a delay.

我認為我們預計從第二季度開始，這對零售業來說是一個重要的季度，對批發業來說也是一個重要的季度，如果關稅環境和宏觀因素仍然存在不確定性，我認為你會在第二季度看到這一點。但也可能會有一點延遲。

The other thing, FS is kind of a good guy for us in the quarter and there's probably some mix in there as well, with a little bit more sales to P&A, so a lot of back and forth between what you kind of what we saw in Q1 and what we'd anticipate in Q2.

另一件事，FS 在本季度對我們來說是個好東西，而且其中可能也有一些混合，P&A 的銷售額稍微多一些，所以我們在第一季度看到的情況和我們預期在第二季度看到的情況之間存在很多來回波動。

The last thing I'd mention, and you can correct me if I left anything out, for inventory, we do still plan on an inventory reduction through the year. One of the big drivers of our cash flow success in the quarter is inventory and working capital usage being down.

我要提到的最後一件事，如果我遺漏了什麼，你可以糾正我，對於庫存，我們仍然計劃在全年減少庫存。本季我們現金流成功的一大驅動力是庫存和營運資金使用率下降。

So we are keen on keeping inventory to match our production. And should there be volume reductions needed in the back half because of, sales, pressure, we will, and have shown the ability to ensure that we put the brakes on inventory coming in.

因此我們熱衷於保留庫存以滿足我們的生產需求。如果由於銷售壓力，下半年需要減少產量，我們將會並且已經證明我們有能力確保抑制庫存的流入。

Yeah, I would just, James that there might be, I think there might be an implication in there that we had some sales pull ahead into Q1, which has been the case in some other industries like automotive, for example, but we really didn't. We had negligible sales pull ahead into Q1, and really we did embed the quite a bit of the revenue.

是的，詹姆斯，我想這可能意味著我們在第一季有一些銷售額的成長，例如汽車等其他一些行業就是這種情況，但我們實際上並沒有。我們第一季的銷售額微乎其微，但確實貢獻了相當多的收入。

Uncertainty in that bridge into Q2 just because of the extremely dynamic environment which we think I, driving more hesitancy and uncertainty at the moment versus what will hopefully be a bit more of a certain environment in the in the back half of the year. So, there's plenty of opportunity for us to do better in that second quarter if things stabilize.

我們認為，由於環境極具動態性，導致第二季的不確定性，目前這種不確定性引發了更多的猶豫和不確定性，而今年下半年的環境有望更加確定。因此，如果情況穩定下來，我們在第二季度就有足夠的機會做得更好。

I guess ultimately my question, if you don't mind just sort of following up and maybe distilling my question a little bit better as I think about the second half, you've got earnings up year-over-year. Obviously, a big tailwind is that you were reducing inventory in the back half of last year, right? So that was a big negative a year ago.

我想最終我的問題是，如果您不介意的話，我可以繼續跟進，並更好地提煉我的問題，因為我考慮到了下半年的情況，您的收益同比增長了。顯然，一個很大的順風是你們在去年下半年減少了庫存，對嗎？所以，這在一年前是一個很大的負面影響。

This year you're going to have significant tariff exposure. Are we, as we work through our models is the assumption that, the good guy is bigger than the bad guy as we work through all of that math, particularly given an uncertain consumer environment.

今年你們將面臨巨大的關稅風險。當我們透過模型進行計算時，我們是否假設好人比壞人更大，尤其是在消費者環境不確定的情況下。

Yeah, James, that's a good point. And yeah, that's a good point. I think you're really talking about pipeline inventories and a little bit more than our inventory, in which case, yeah, remember that we, Mercury took their production down the second half dramatically, more than 50% even in Fond du Lac and our high horsepower and both did something similar.

是的，詹姆斯，你的觀點很好。是的，這是一個很好的觀點。我認為您真正談論的是管道庫存，比我們的庫存多一點，在這種情況下，是的，請記住，水星公司下半年的產量大幅下降，甚至在豐迪拉克也下降了 50% 以上，我們的高馬力工廠也做了類似的事情。

So we've done a really nice job of lowering production and lowering the pipelines in advance. What we anticipated was going to be a strong 2025 and actually was actually a good start to the year. I think even on balance the good outweighs the bad as we look to the second half, even in even in a tear impact environment.

因此，我們在降低產量和提前減少管道方面做得非常好。我們預計 2025 年將會是強勁的一年，事實上這也是一個好的開始。我認為，當我們展望下半年時，總的來說，好處大於壞處，即使是在充滿衝擊的環境中。

Yeah, I think the only one of the main components of that is we were operating in a very inefficient way in the back half of last year. Our production lines were not optimized. We had too many people because we're all we're kind of always kind of trailing, trying to get people optimized for production rates. Mercury is, as Ryan said, was running, essentially every other week.

是的，我認為其中一個主要原因是我們去年下半年的營運效率非常低。我們的生產線沒有優化。我們的人手太多了，因為我們總是在努力讓人們優化生產力。正如瑞安所說，水星基本上每隔一周就會運行一次。

So we should be operating much more efficiently in this environment in the back half of the year. And that'll come through on the absorption line too, James. That that's a big, the year-over-year production swings look much more favorable in the back half, even in tariff impacted environment.

因此，今年下半年我們在這種環境下的營運效率應該會更高。這也會在吸收線上反映出來，詹姆斯。即使在受到關稅影響的環境下，下半年的年比生產波動看起來更有利。

Got it. Thanks Dave, tanks, Ryan.

知道了。謝謝戴夫、瑞安。

Craig Kennison, Baird.

克雷格·肯尼森，貝爾德。

Hey, good morning. Thanks for taking my question. The press release mentions plan to streamline entry-level boats. I'm wondering if you could shed more light on those plans and maybe even comment on which categories or brands might be impacted.

嘿，早安。感謝您回答我的問題。新聞稿中提到了精簡入門級船隻的計畫。我想知道您是否可以進一步闡述這些計劃，甚至評論哪些類別或品牌可能會受到影響。

Yes, thank you, Craig, very much. Yeah, we already are essentially in process at a kind of model-by-model level. Obviously, as we showed in the slide deck, the entry level really is the most impacted, at least in our portfolio at the moment, which, tends to correlate to the more economically sensitive.

是的，非常感謝你，克雷格。是的，我們基本上已經進入了逐個模型的階段。顯然，正如我們在幻燈片中所展示的，入門級確實受到的影響最大，至少在我們目前的投資組合中是如此，這往往與更敏感的經濟因素相關。

Consumer, I would say, and as we've seen these successive declines in volume. If we were anticipating a year of, increasing volumes in that segment, then we could maybe tolerate those lower gross margins for a while, but, given the current environment, it seems appropriate to take action in that segment.

我想說的是消費者，正如我們所看到的，銷量連續下降。如果我們預期該細分市場的銷售量將在一年內成長，那麼我們也許可以暫時容忍較低的毛利率，但考慮到目前的環境，在該細分市場採取行動似乎是合適的。

So the first thing you'll see is really reducing the number of models that we continue to offer in that category. I would say, broadly, probably fiberglass value is weaker than aluminium value at the moment. Every model that you continue really, carries the cost of, not just the immediate cost of kind of lower gross margin, if you like, but also the requirement for future investment to develop new models or enhanced models or, model year changes.

因此，您首先會看到我們繼續提供的該類別的模型數量正在減少。我想說，整體而言，目前玻璃纖維的價值可能比鋁的價值弱。實際上，每個繼續發展的車型都會產生成本，不僅僅是毛利率降低的直接成本，還包括開發新車型、增強型車型或車型年份變化的未來投資要求。

And as we think about where we prioritize our investments, we clearly would like to prioritize it in the areas with the highest margins for us and the biggest growth opportunities. So, we'll be working on that. We're certainly studying additional ways to make sure that we optimize manufacturing in that area.

當我們考慮優先投資哪些領域時，我們顯然希望優先投資於利潤率最高、成長機會最大的領域。所以，我們會努力的。我們當然正在研究其他方法來確保優化該領域的製造。

One of the things I would just point out though is, a lot of the margins on those products are relatively small for the Boat Group. Of course, there are margins that flow through to Mercury and Navico Group. All those boats, carry Mercury engines, so we have to think, holistically as we're doing this to make sure we don't.

不過，我想指出的一點是，對於 Boat Group 來說，這些產品中的許多產品的利潤率相對較小。當然，利潤也流向了 Mercury 和 Navico Group。所有這些船都裝有水星發動機，因此我們必須全面考慮，確保不會發生這種情況。

We don't compromise Mercury share, for example, as we take those actions, but you should expect to see, more detail on those as we go through the year and firm up the direction.

例如，我們在採取這些行動時不會損害 Mercury 的份額，但隨著我們度過這一年並確定方向，您應該會看到更多關於這些行動的細節。

Should we think of those as more tactical decisions to reduce the number of models you have within a brand, or are you making more strategic decisions with respect to some of your brands or some of the bulk categories themselves?

我們是否應該將這些視為減少品牌內型號數量的更具戰術性的決策，或者您是否針對某些品牌或某些大宗類別本身做出了更具策略性的決策？

Yeah, I would.

是的，我會的。

I wouldn't say that we're making any strategic decisions at a brand level, but I would say that we're studying, options that would have long-term, cost benefits to us, not just short term technical, opportunities.

我不會說我們在品牌層面做出了任何策略決策，但我會說我們正在研究那些能為我們帶來長期成本效益的選擇，而不僅僅是短期的技術機會。

Great. Thank you.

偉大的。謝謝。

Megan Clapp with Morgan Stanley.

摩根士丹利的梅根·克拉普 (Megan Clapp)。

Hi, good morning. Thanks so much.

嗨，早安。非常感謝。

I wanted to ask, I think Ryan, you talked a lot about impacts that could impact the guide that aren't included in your analysis today, one of which was the disruption of capital markets. I wanted to ask, premiums held up very nicely.

我想問一下，瑞安，您談了很多可能影響指南的影響，但這些影響並沒有包含在您今天的分析中，其中之一就是資本市場的混亂。我想問一下，保費保持得很好。

Over the last couple of years and I think you said was flat in 1Q, but anything you're seeing or hearing from dealers kind of month to date in April as it relates to discernible impacts from that consumer in particular, just as we've seen more stock market volatility.

在過去幾年中，我認為您說的是第一季持平，但您從經銷商那裡看到或聽到的任何消息，從四月份至今，都與消費者的明顯影響有關，就像我們看到股市波動加劇一樣。

Yeah, maybe I'll start and Ryan can follow up.

是的，也許我會開始，然後瑞安可以跟進。

I would say our premium brand seems to be in a pretty decent spot overall, I would say that there's been If you look, it's always difficult to segment our brands exactly, cause even our premium brands have small models for Boston Whaler has a 16 ft super sport.

我想說我們的高端品牌總體上似乎處於一個相當不錯的位置，我想說如果你看一下，你會發現對我們的品牌進行準確細分總是很困難的，因為即使我們的高端品牌也有小型車型，例如 Boston Whaler 有一款 16 英尺的超級運動型車型。

So I think what we're seeing at the moment is it tends to be smaller product like less than 100,000 that we might see a bit of weakness in. And then I think some of the very large product categories that we don't really participate in.

所以我認為我們目前看到的是，規模較小的產品（例如少於 100,000 的產品）可能會出現一些疲軟。然後我認為我們實際上並沒有參與一些非常大的產品類別。

So fundamentally, I think our brands are in pretty good shape, but certainly, the stock market is, going to have a fairly it could be concerning for a whole broad range of consumers. I think we're feeling okay at the moment.

因此從根本上來說，我認為我們的品牌狀況良好，但可以肯定的是，股市將會出現相當大的波動，這可能會引起廣大消費者的擔憂。我認為我們現在感覺還不錯。

So, yeah, I think we're in a good position relative to others in the marketplace with our products. But yeah, that certainly could be some short-term hesitancy. I would say that, both buyers, particularly in that premium segment, are not just holding up well now, they've held up well for a number of years in the face of quite a few headwinds.

所以，是的，我認為我們的產品相對於市場上的其他產品處於有利地位。但是，是的，這確實可能是一些短期的猶豫。我想說的是，這兩種買家，尤其是高端買家，不僅現在表現良好，而且在面對許多不利因素的情況下，已經保持了多年的良好勢頭。

So they're a very resilient consumer. They tend to be very, Engaged in the water lifestyle, so we continue to expect them to be pretty resilient, even in the face of the current uncertainty, but, everybody's impacted, right?

所以他們是非常有韌性的消費者。他們往往非常熱衷於水上生活方式，因此，即使面對當前的不確定性，我們仍然期望他們能夠具有相當的韌性，但是，每個人都受到了影響，對吧？

And if maybe you translate that into wholesale, this is where the very lean pipelines, especially at Whaler, Cray, some of the premium Van products, really helps us, our Q2 wholesale for those products is already kind of in the books if you would.

如果你把它轉化為批發業務，那麼精益的管道，特別是 Whaler、Cray 和一些優質 Van 產品的管道，確實對我們有很大幫助，如果你願意的話，我們第二季度對這些產品的批發業務已經有所記錄了。

So, retail, whether it slows for a temporary period or doesn't, still our dealers are feeling the need to take product just because their boats per rooftop, if you would, are still extremely lean and that's a result of all the activity we did at the end of last year.

因此，無論零售業是否暫時放緩，我們的經銷商仍然感到需要購買產品，因為如果您願意的話，他們每屋頂的船隻數量仍然非常少，這是我們去年年底所做的所有活動的結果。

Yeah, I would maybe another. The component here is, you're right that the capital market, turmoil is certainly a headwind. I would say a bit of a tailwind for our brands, particularly the premium brands and core brands, but really all of them, is that they're produced domestically, and most of them carry Mercury engines that are produced domestically.

是的，我可能會再來一次。這裡的要素是，您說得對，資本市場動盪無疑是一種逆風。我想說，這對我們的品牌來說是一個順風，特別是高端品牌和核心品牌，但實際上所有品牌都是國內生產的，而且大多數都搭載國內生產的水星引擎。

So versus some of the imported brands, we are not, we're in a, beneficial tariff environment at a boat level anyway, so I think as, dealers look at where to place their bets in terms of, wholesale orders, we're probably in a preferred position at the moment, which to some extent, mitigates some of the other headwinds.

因此，與一些進口品牌相比，我們不是，無論如何，我們在船舶層面處於有利的關稅環境，所以我認為，當經銷商考慮在批發訂單方面下注時，我們目前可能處於優先地位，這在一定程度上減輕了其他一些不利因素。

Okay, that's helpful and maybe just to follow up on propulsion, it seems like just looking in the appendix that by segment that is where the bulk of the at least bottom line cut is coming from, which presumably I think that's because you're importing components from China, but correct me if I'm wrong, but how do you think about again I think Ryan, another factor you mentioned was the potential for, I think what would be a tail end given some competitors are importing from importing the full engine from other countries?

好的，這很有幫助，也許只是為了跟進推進系統，似乎只需在附錄中按部分查看，這就是至少底線削減的大部分來源，大概我認為這是因為您從中國進口零部件，但如果我錯了，請糾正我，但你怎麼看，我認為瑞安，你提到的另一個因素是潛力，我認為考慮到一些競爭對手從其他國家進口整台發動機，尾端會是什麼？

So I guess how do you kind of think about that potential tailwind today? Is that anything you're seeing or hearing yet from OEMs and you know when could that potentially play out?

那我猜您今天對潛在的順風有什麼看法？您是否從 OEM 那裡看到或聽過這樣的事情？您知道什麼時候可能會發生這種情況嗎？

Yeah, thanks, Megan, and you're correct on the first piece, Mercury is the recipient, if you would, on a majority of our tariff impact and also the tariff impact on their sales into China, which are actually not immaterial given that they sell engines and parts into China at 125% retaliatory, those are going to be very challenged.

是的，謝謝，梅根，你在第一部分說得對，水星是大部分關稅影響的受益者，也是關稅對其在華銷售的影響的受益者，考慮到他們以 125% 的報復性關稅向中國銷售發動機和零部件，這些影響實際上並非無關緊要，這些都將面臨非常大的挑戰。

But yes, I, one of the potential benefits is the non-US engine manufacturers paying tariffs on the importation of their, on their engines to the United States, all the way back to 2017, this has been a pretty sore subject around Mercury as, many of us use similar Chinese supply chains and have for a number of years. Some of our competitors take those same components, go to their facilities in Japan, manufacture the engine, and sell the engine into the United States with zero tariff.

但是的，我認為其中一個潛在的好處是，非美國發動機製造商在進口到美國時需要支付關稅，這種現象可以追溯到 2017 年，這一直是水星的一個相當敏感的話題，因為我們中的許多人都使用類似的中國供應鏈，而且已經使用了很多年。我們的一些競爭對手採用相同的零件，在日本的工廠製造發動機，然後以零關稅將發動機銷售到美國。

We take the same components, sell it, send them to the United States, use all of the United States labor and up in Fond du Lac, make those products here in the United States, but we pay tariffs on the importation of those exact same components.

我們採用相同的零件，出售，然後將其運往美國，使用美國所有的勞動力，在豐迪拉克生產這些產品，但我們對進口這些完全相同的零件支付關稅。

And so yeah, that there's certainly a benefit there if the non-US engine manufacturers continue to have a tariff inbound. I don't know if we've seen any of that benefit yet. I think there's a whole lot of people that are just being cautious and looking at each other right now and keeping their inventories steady until they see where it's ultimately going to land, but that is one where I think that would be a pretty nice advantage for Mercury moving forward.

是的，如果非美國發動機製造商繼續徵收進口關稅，那肯定會有好處。我不知道我們是否已經看到了任何好處。我認為現在很多人都很謹慎，互相關注，保持庫存穩定，直到他們知道最終的落腳點，但我認為這對水星的未來發展來說是一個相當大的優勢。

Okay, great, super helpful thank you.

好的，太好了，非常有幫助，謝謝。

[Yanu with BMP Paraba].

[Yanu 與 BMP Paraba]。

Hi guys, thanks for the question.

大家好，感謝您的提問。

You mentioned the mittigants. Can you maybe give us a little bit more color on what the mitigation actions would be in terms of mitiggans against tariffs? Is it pricing? Is it moving sourcing, and how confident are you to realize the mittigants?

您提到了緩解措施。您能否向我們詳細介紹一下在緩解關稅方面將採取哪些緩解措施？是定價嗎？這是轉移採購嗎？您對實現緩解措施有多大信心？

Yeah, thank you for the question. Yeah, it's, the things that you just, mentioned certainly are, well, maybe we'll start with pricing. We have some ability to take, price, but we have to be very careful about how we do it. For example, we are not intending for Mercury to take a big pricing, this year despite the tariff impact. It's just not an environment where we can introduce additional pricing and not affect volume or market share and other things, but we can do it selectively on some.

是的，謝謝你的提問。是的，您剛才提到的事情確實如此，好吧，也許我們應該從定價開始。我們有能力接受價格，但我們必須非常小心地對待價格。例如，儘管受到關稅影響，但我們今年並不打算對水星進行大幅定價。在這種環境下，我們不能引入額外的定價而不影響銷售或市場份額等，但我們可以選擇性地進行一些操作。

On some product lines and certainly internationally we have a little bit more freedom to do that, we certainly are continuing to migrate our supply base, either to other to lower tariff, international locations or to onshore it. We've been doing that for a long time, and we have plans to reduce our China source components very substantially, and that is well in flight.

在某些產品線上，當然在國際上，我們有更多的自由來做到這一點，我們肯定會繼續遷移我們的供應基地，要么遷移到其他關稅較低的國際地點，要么遷移到國內。我們已經這樣做了很長時間，我們計劃大幅減少來自中國的零件，而且進展順利。

Just making sure that we can do it with quality. It can't happen instantaneously. We need to make sure that we do it well, but those actions are very important to us. The other thing, to be honest, is just how you classify components. The HTS that harmonized tariff schedule components, you know have the HTS codes have incurred differential tariffs in some instances.

只是確保我們能夠高品質地完成任務。它不可能瞬間發生。我們需要確保我們做得很好，但這些行動對我們來說非常重要。老實說，另一件事就是如何對組​​件進行分類。您知道，協調關稅表組成部分的 HTS，在某些情況下，HTS 代碼會產生差別關稅。

For example, making sure that the products that we manufacture components that we manufacture in Mexico and Canada are appropriately classified for USMCA. So, there's quite a lot of work in making sure that we appropriately classify all our components to minimize the tariff exposure.

例如，確保我們在墨西哥和加拿大生產的零件所生產的產品符合 USMCA 的適當分類。因此，我們需要做大量工作來確保對所有組件進行適當分類，以最大限度地降低關稅風險。

I would say all of this was really and has been in flight for a long time. This is not, stuff that we suddenly had to action, or at least most of it is stuff that we didn't have to suddenly action. Recently, our exposure to China back in 2017 was much larger, and we could easily see our exposure to China reducing by, 50% by the end of this year. So, we have a lot of actions like that in flight.

我想說，所有這一切都是真實存在的，並且已經持續了很長時間。這不是我們突然必須採取行動的事情，或者至少其中大部分是我們不需要突然採取行動的事情。最近，我們在 2017 年對中國的曝險要大得多，我們很容易看到，到今年年底，我們對中國的曝險將減少 50％。所以，我們在飛行中有很多類似的動作。

That's super helpful and then maybe just on inventory at a pipeline I think you mentioned you you're hoping to reduce that over the course of the year. Could you maybe give us a sense of like where you hope to end in terms of weeks on hand for pipeline?

這非常有幫助，然後也許只是關於管道庫存，我想你提到你希望在一年內減少庫存。您能否告訴我們，您希望以管道可用週數來計算最終結果如何？

Yeah, I mean weeks on hand obviously is a function of what you anticipate retail being. I maybe in terms of units, I think we still think we'll take for a full year, we'll take 1,000, another 1,000 units out globally, which will get you, down another week or two. In the US, probably something similar, maybe a little less, maybe, 500 units or so, and that would land you really in the mid-30s, kind of comfortably where we've been historically and that's with a kind of assuming TTM that's still negative.

是的，我的意思是庫存週數顯然取決於你對零售量的預期。就單位而言，我認為我們仍然認為我們將需要一整年的時間，在全球範圍內生產 1,000 個單位，這將使您再減少一兩週的時間。在美國，情況可能類似，可能少一點，大概 500 台左右，這將真正讓你處於 30 年代中期，這與我們歷史上的水平差不多，而且假設 TTM 仍然為負數。

So, smart there and then maybe in the end, I know we don't talk about it as much, but even on the engine side, it's very likely that we'll take a significant engines out of the pipeline for the full year, which will, if you look at kind of a three or four year curve, kind of put us back to where we started almost coming out of the GFC with pipelines really about as lean as they've been certainly since we started the all the efforts on the 150 horsepower and above and taking all the market share.

所以，也許到最後，我知道我們不會談論太多，但即使在發動機方面，我們也很有可能在全年推出大量發動機，如果你看一下三到四年的曲線，就會發現我們回到了剛擺脫全球金融危機時的水平，那時的管道狀況和我們開始在 150 馬力及以上發動機上投入所有精力並佔據所有市場份額時一樣精簡。

So again, setting ourselves up for some nice wholesale benefits as we think the market eventually picks back up.

因此，我們認為市場最終會回暖，因此我們再次為自己帶來了一些不錯的批發利益。

Great, thanks. Good luck.

太好了，謝謝。祝你好運。

Scott Stember, [Ross] MKM Partners.

史坦伯（Scott Stember），[羅斯] MKM 合夥人。

Good morning and thanks for taking my questions.

早上好，感謝您回答我的問題。

Hey Scott, good morning.

嘿，斯科特，早安。

Can we talk about boating participation? It looks like, at least through the quarter through your, engine P&A sales that that it held up pretty good, but have you heard anything or from Freedom Boat Club or just through any other marina, data that for whatever reason since April 2nd that we've seen that slow down at all?

我們可以討論一下划船參與嗎？看起來，至少在整個季度中，透過您的銷售，引擎 P&A 銷售保持得相當不錯，但是您是否聽說過任何消息，或者從自由船艇俱樂部或任何其他碼頭獲得的數據表明，自 4 月 2 日以來，無論出於何種原因，我們都看到這一增長有所放緩？

Oh hey Scott, no, it's the answer. I think, you know the exact phrasing of P&A sales, like, I hate to bring this up, but weather is important. So this year, the northern lake kind of ice off is about three weeks behind.

哦，嘿，斯科特，不，這就是答案。我想，你知道 P&A 銷售的確切措辭，例如，我不想提起這件事，但天氣很重要。因此今年北部湖泊的冰融化時間大約晚了三週。

So we should see actually some, I think check-up in P&A sales as we get into April and May that might have been delayed from earlier parts of the year. And we are not seeing any material change in overall voting participation.

因此，我認為，隨著我們進入 4 月和 5 月，我們應該會看到 P&A 銷售額有所回升，而這可能比今年早些時候有所延遲。我們沒有看到整體投票參與度有任何實質變化。

And freedom trips are actually very steady year-over-year. They're essentially flat, and that's with a relatively poor weather, respectfully and respectively and respectfully and respectively in in Florida, which is the busiest traffic state of freedom certainly this time of year.

事實上，自由行的人數逐年保持穩定。它們基本上是平坦的，而且天氣相對較差，佛羅裡達州無疑是一年中這個時候交通最繁忙的州。

Got it.

知道了。

And then just last question also in April, any signs of any tightening of lending from lenders or credit deterioration on the behalf of the consumer?

然後最後一個問題，同樣在四月份，有沒有跡象顯示貸款機構收緊貸款或消費者信貸惡化？

No, it's actually, both, kind of retail financing rates have been holding very steady, around 8% maybe a little bit less than that for larger loans if you have decent credit, so the spread to the mortgage rate is actually narrowed.

不，實際上，兩種零售融資利率都保持非常穩定，大約為 8%，如果你的信用良好，那麼對於大額貸款來說，這個利率可能略低一些，因此與抵押貸款利率的利差實際上縮小了。

And interestingly, it's been 8% for several months now, we have not seen any change in that, it's also potential buyers can also get discounted rates. There are a number of a number of OEMs and other opportunities for getting discounted financing rates. I don't think that's haven't seen any deterioration in that, nor in credit quality.

有趣的是，幾個月來利率一直維持在 8%，我們沒有看到任何變化，潛在買家也可以獲得折扣價。有許多 OEM 和其他機會可以獲得折扣融資利率。我認為，這方面以及信貸品質都沒有出現任何惡化。

And maybe on the wholesale side, I'd say the same thing, dealers came out of their curtailment holiday in late winter early spring and dealer health continues to be very strong. So, we're not seeing any degradation on dealer finance side as well.

也許在批發方面，我想說的是同樣的事情，經銷商在冬末春初結束了減產假期，經銷商的健康狀況持續強勁。因此，我們也沒有看到經銷商融資方面有任何惡化。

Got it. That's all I have. Thank you.

知道了。這就是我所擁有的一切。謝謝。

Joe Altobello, Raymond James.

喬·阿爾托貝洛、雷蒙·詹姆斯。

Thanks. Hey guys, good morning. First question, I want to go back to the $0.75 reduction, to your EPS guidance owing to software volumes, and I apologize if I missed this, but does that assume demand trends here in April remain constant? Does it assume it gets better or worse in the second half?

謝謝。大家好，早安。第一個問題，我想回到由於軟體數量而導致的 EPS 指導的 0.75 美元的削減，如果我錯過了這一點，我很抱歉，但這是否假設 4 月份的需求趨勢保持不變？它是否認為下半年情況會變得更好或更糟？

Yeah, I mean it's hard to put an exact time frame on it, Joe, but just think of it. It's our view on approximately 5% sales decline off of our original projection, right? So, $5 billion plus $0.75 with our variable margin looks like $250 million of sales.

是的，我的意思是很難確定一個確切的時間框架，喬，但想想吧。我們認為銷售額將比最初的預測下降約 5%，對嗎？因此，50 億美元加上 0.75 美元的浮動利潤率，銷售額就是 2.5 億美元。

As we said earlier, I think we in our minds think that that could be a little heavier in the second quarter as we know we're dealing with the tariff environment today. It could get better in the second half, but it would probably be an impact that would be felt throughout the year should the current macros continue.

正如我們之前所說，我認為我們認為第二季的壓力可能會更大一些，因為我們知道我們今天正在應對關稅環境。下半年情況可能會好轉，但如果當前的宏觀經濟狀況持續下去，其影響可能會持續全年。

Yeah, I would also say. So that the 5% it's really a revenue, but we, you should, that shouldn't be conflated with a boat unit sales number, I mean we could tolerate, boat unit sales in the, entry level brands deteriorating much more significantly than 5%.

是的，我也想這麼說。因此，這 5% 確實是一種收入，但是我們不應該將其與船舶單位銷售數字相混淆，我的意思是我們可以容忍入門級品牌的船舶單位銷售下降幅度遠遠超過 5%。

Given the fact that, 60% of our earnings is coming from recurring revenue sources, and we expect P&A to hold up a lot better. So, I would say that 5% is, pretty aggressive in terms of an assumption. It could be unit sales down more than that.

鑑於我們 60% 的收益來自經常性收入來源，我們預期 P&A 將會表現得更好。因此，我認為 5% 這個假設是相當激進的。單位銷售額下降幅度可能不止於此。

Right, that's a good point and worth reiterating that that chart anticipates or presupposes that the tariff environment lasts the whole year. So, the volume is a direct result. The volume reduction is a direct result of the tariff environment, pain that is on our end use customer. If that abates in any way, then, those things are very much interrelated.

是的，這是一個很好的觀點，值得重申的是，該圖表預測或預設關稅環境將持續全年。因此，音量是直接結果。產量減少是關稅環境的直接結果，這對我們的最終用戶來說是一種痛苦。如果這種情況以任何方式減弱，那麼這些事情就非常相互關聯了。

Okay, perfect. And maybe just to follow up the outlook for share of purchases, I think it's still $80 million. You talked about that being the floor potentially given where the stock is today, any thoughts to upping that at some point?

好的，完美。也許只是為了追蹤購買份額的前景，我認為它仍然是 8000 萬美元。您談到，考慮到目前股價，這可能是最低價，您有沒有想過在某個時候提高這個價格？

Yeah, we'll see, Joe. Obviously, we're balancing a lot of things here, with our capital strategy, obviously debt and dividends, which are in pretty good shape. And then share purchases we obviously would like to be aggressive given where our stock prices. But we also want to make sure that we're, generating and using cash in the best way as possible.

是的，我們會看到的，喬。顯然，我們正在平衡很多事情，我們的資本策略，顯然是債務和股息，都處於相當良好的狀態。然後，考慮到我們的股價，我們顯然希望積極購買股票。但我們也希望確保以盡可能最佳的方式產生和使用現金。

And again, maybe just to reiterate, we had our second best cash quarter in really since the GFC, whether it's on the record or in a decade. Our records go back a long way, but our company was very different as far as, once you go too far back.

再次重申一下，我們經歷了自全球金融危機以來第二好的現金季度，無論是有記錄以來還是十年來。我們的記錄可以追溯到很久以前，但是，一旦追溯太久，我們的公司就變得非常不同了。

But we're in a situation where cash position today as we're on this call, we are now free cash flow positive for the year. The first time I certainly I've been able to say that as CFO and certainly it's something we've been working hard on. So this is about as early of cash generation as we've done.

但我們今天的現金狀況是，正如我們這次通話中所說，我們今年的自由現金流為正。當然，這是我第一次以財務長的身份說出這樣的話，而且這也是我們一直在努力的事情。這是我們最早進行的現金創造活動。

So should that continue, that'll give us a good chance to be aggressive on shares and maybe even take another swing at some of the debt reduction work that we started last year.

因此，如果這種情況持續下去，我們將有很好的機會積極收購股票，甚至可能再次啟動我們去年開始的一些債務削減工作。

Got it. Thank you.

知道了。謝謝。

Jaime Katz, Morningstar.

晨星公司的 Jaime Katz。

Hey, good morning. I just have one, quick one. It was mentioned in the prepared remarks that retail traffic was steady and that when the right incentives were working, there was some conversion on units. So, is there any insight that you guys have into what is working best for consumers right now? Is it rate buy downs or pricing promos or is there something else that might be noteworthy?

嘿，早安。我只有一個，很快。準備好的發言中提到，零售流量穩定，當正確的激勵措施發揮作用時，單位就會發生一些轉換。那麼，你們對於目前什麼對消費者最有利有什麼見解嗎？是價格下降還是價格促銷，或者有其他值得注意的事情嗎？

Yeah, thank you. I think, to be honest, that the cash back is the thing that has the most persistent, consistent appeal. I think, there are opportunities for consumers to get, kind of portfolio benefits from cash off, plus in some cases, discounted, financing rates, but I would say that, the basics continue to probably work the best.

是的，謝謝。我認為，說實話，現金回饋是最具有持久吸引力的東西。我認為，消費者有機會從現金中獲得某種投資組合收益，而且在某些情況下還可以獲得折扣融資利率，但我想說，基本面可能仍然發揮著最好的作用。

I would say though, your question raises something, and that is that we are being more targeted right now with our promotions and discounts. So, we are operating, particularly in the entry level, and it might be costing us a bit of volume there. We're operating with about a point lower of kind of aggregate promotions and discounts than we did last year.

不過我想說，你的問題提出了一個問題，那就是我們現在的促銷和折扣更有針對性。因此，我們正在運營，特別是在入門級，這可能會讓我們在那裡損失一些數量。與去年相比，我們的整體促銷和折扣減少了約一個百分點。

So, we do have an opportunity to dial it up a bit more if we really need to, but at the moment, we're really trying to balance kind of volume and profitability. This is still a, promotional environment, but and the basics still work the best.

因此，如果確實需要的話，我們確實有機會進一步加大投入，但目前，我們確實在努力平衡產量和獲利能力。這仍然是一個促銷環境，但基本原理仍然發揮著最佳作用。

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

現在，我們想再次召開電話會議，並做些總結性發言。

Well, thanks everyone.

好的，謝謝大家。

For your questions, so much appreciated. I think, as we noted, the resilient composition of our portfolio drives very strong earnings and cash flow generation for us, which is extremely welcome and certainly differentiates our business.

對於您的提問，我深表感謝。我認為，正如我們所指出的，我們投資組合的彈性構成為我們帶來了非常強勁的盈利和現金流，這是非常受歡迎的，並且無疑地使我們的業務與眾不同。

Our exceptional team also continues to execute extremely well, and we are focusing on all the levers we can control as you saw. Beyond that, we continue to pursue the initiatives that will yield growth and margin expansion and balance sheet strength in the future.

我們出色的團隊也繼續表現出色，正如您所見，我們正專注於我們可以控制的所有槓桿。除此之外，我們將繼續推行能夠在未來實現成長、擴大利潤率和增強資產負債表實力的措施。

Despite the unique challenges at the moment, we elected to provide refreshed guidance in a form that we hope will be useful to our investors as they assess and react to the current environment and model future changes. So, we're a transparent company, and we wanted to share, the best of what we know at the moment.

儘管目前面臨著獨特的挑戰，我們還是選擇以一種我們希望的形式提供最新的指導，希望這將有助於我們的投資者評估和應對當前環境並模擬未來變化。因此，我們是一家透明的公司，我們希望分享我們目前所知道的最好的資訊。

Thank you very much.

非常感謝。

This will conclude today's conference. Let me disconnect your lines at this time. We thank you for your participation. Have a wonderful day.

今天的會議到此結束。這次讓我斷開你的線路。我們感謝您的參與。祝您有美好的一天。