賓士域 (BC) 2025 Q2 法說會逐字稿

Good morning. Welcome to Brunswick Corporation's second-quarter 2025 earnings conference call. (Operator Instructions) Today's meeting will be recorded. (Operator Instructions)

早安.歡迎參加 Brunswick Corporation 2025 年第二季財報電話會議。（操作員指示）今天的會議將被記錄。（操作員指示）

I would like to introduce Stephen Weiland, Senior Vice President and Deputy CFO of Brunswick Corporation.

我想介紹一下 Brunswick Corporation 的高級副總裁兼副財務長 Stephen Weiland。

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. 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.

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。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。

For details on these factors to consider, please refer to our recent SEC filings and today's press release. All of these documents are available on our website at brunswick.com. During our presentation, we will be referring to certain non-GAAP financial information. Reconciliations of GAAP to non-GAAP financial measures are provided in the appendix to this presentation and the reconciliation sections of the unaudited consolidated financial statements accompanying today's results.

有關這些需要考慮的因素的詳細信息，請參閱我們最近向美國證券交易委員會提交的文件和今天的新聞稿。所有這些文件均可在我們的網站 brunswick.com 上查閱。在演示過程中，我們將引用一些非公認會計準則 (Non-GAAP) 財務資訊。本簡報的附錄和今天的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。

I will now turn the call over to Dave.

現在我將電話轉給戴夫。

Thanks, Steve. And good morning, everyone. Brunswick delivered strong second-quarter results as the power of our market-leading products and brands, efficient operational execution and cost control, continued prudent pipeline inventory management, and the benefits from the resilience recurring aftermarket focused portions of our portfolio resulted in second-quarter financial performance ahead of expectations. This was despite the challenging macro environment and uncooperative weather in many parts of the US through the first two months of the quarter.

謝謝，史蒂夫。大家早安。由於我們市場領先的產品和品牌的力量、高效的營運執行和成本控制、持續審慎的通路庫存管理以及我們投資組合中以售後市場為重點的彈性重複部分帶來的好處，Brunswick 在第二季度取得了強勁的業績，導致第二季度的財務業績超出預期。儘管本季前兩個月宏觀環境充滿挑戰，美國許多地區天氣狀況不佳，但業績仍保持良好。

Year to date, both unit retail sales in the value category are underperforming our initial expectations for the year. The continued overall resilience in the premium and core categories, combined with improving retail sales trends in July, is expected to provide a floor for wholesale performance in the second half of the year.

今年迄今為止，價值類別的兩個單位零售額都低於我們對今年的初步預期。高端和核心類別持續的整體彈性，加上 7 月份零售銷售趨勢的改善，預計將為下半年的批發業績奠定基礎。

Tariffs continue to directly impact our earnings and add uncertainty for both our end consumers and channel partners. But all our businesses are executing strongly on their mitigation plans, resulting in a smaller net tariff impact than originally anticipated. Against this backdrop, we are pleased to report second-quarter sales of $1.4 billion, up slightly from prior year and earnings per share of $1.16, both exceeding the top end of our guidance and sequentially up from the first quarter.

關稅繼續直接影響我們的收益，並為我們的最終消費者和通路合作夥伴增加不確定性。但我們所有的企業都在大力執行緩解計劃，導致淨關稅影響比最初預期的要小。在此背景下，我們很高興地報告第二季度的銷售額為 14 億美元，比去年同期略有增長，每股收益為 1.16 美元，均超過了我們預期的最高水平，並且比第一季度有所增長。

Earnings were impacted by the reinstatement of variable compensation and the effects of tariffs but were consistent year over year, excluding those items. A continuing highlight of our financial performance is our free cash flow. We had another quarter of outstanding free cash flow generation with $288 million of free cash generated in the quarter, a record for any second quarter in company history.

收益受到恢復浮動薪酬和關稅的影響，但不包括這些項目，收益與去年同期持平。我們的財務表現持續呈現亮點是我們的自由現金流。我們又一個季度實現了出色的自由現金流生成，本季產生了 2.88 億美元的自由現金，創下了公司歷史上任何第二季度的最高紀錄。

This performance also resulted in a record first-half free cash flow of $244 million, a $279 million improvement versus first-half 2024. The free cash generated in the past three quarters represents the largest free cash flow generation in any fourth- through second-quarter period in Brunswick history. In summary, despite everything going on around us, Brunswick was firing on all cylinders in the second quarter.

這項業績也使上半年自由現金流達到創紀錄的 2.44 億美元，比 2024 年上半年增加了 2.79 億美元。過去三個季度產生的自由現金是 Brunswick 史上第四季至第二季期間最大的自由現金流。總而言之，儘管周圍發生了各種事情，但布倫瑞克在第二季度還是全力以赴。

But of course, next never rests. And we are fully committed to doing a lot more, including progressing certain rationalization and manufacturing capacity optimization actions in the second half of the year to improve profitability and cash flow in several of our businesses while still driving incremental product cost and operating expense reductions and maximizing the positive impact of our cash generation on our capital strategy.

但當然，下一步永遠不會休息。我們致力於做更多的事情，包括在下半年推進某些合理化和製造能力優化行動，以提高我們多項業務的盈利能力和現金流，同時繼續推動增量產品成本和運營費用的降低，並最大限度地發揮我們的現金創造對我們的資本戰略的積極影響。

Our overall results were supported by performance ahead of or in line with expectations for each of our segments. Our Propulsion business delivered strong year-over-year sales growth, with shipments to US OEM customers outpacing expectations, resulting in sequentially improved earnings despite the anticipated tariff and absorption headwinds.

我們的整體業績得益於各部門超出或符合預期的業績。我們的推進系統業務實現了強勁的同比銷售成長，對美國 OEM 客戶的出貨量超出預期，儘管面臨預期的關稅和吸收阻力，但盈利仍環比增長。

Mercury's outboard engine lineup continues to take market share, gaining over 300 basis points of US retail share in outboard engines over 300 horsepower in the quarter and 30 basis points of share overall on a rolling 12-month basis, despite the heavy wholesale shipments by competitors ahead of tariffs being implemented on Japanese imports. Mercury's leadership in high horsepower outboard engines will be further reinforced by the new 425- and 350-horsepower engines launched earlier this week with performance, smoothness, quietness, weight, and other attributes far ahead of the competition.

水星的舷外機系列繼續佔據市場份額，儘管在日本進口產品徵收關稅之前競爭對手的批發出貨量很大，但本季度其在美國 300 馬力及以上的舷外發動機零售市場份額仍增長了 300 個基點，在過去 12 個月內總體市場份額增長了 30 個基點。本週早些時候推出的新型 425 馬力和 350 馬力發動機將進一步鞏固水星在大馬力舷外發動機領域的領導地位，其性能、平穩性、安靜性、重量和其他屬性都遠遠領先於競爭對手。

Our Engine Parts and Accessories business had another strong quarter, with slight year-over-year sales growth and steady earnings despite the weather-affected start to the boating season. This primarily aftermarket-based business continues to derive its success from stable boating participation and the world's largest marine distribution network which in the US has gained 180 basis points of market share, 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，儘管航海季節開始時受到天氣影響，但銷售額仍與去年同期相比略有增長，盈利保持穩定。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，該網絡在美國已獲得 180 個基點的市場份額，這得益於我們能夠支持當天或次日向世界大多數地區進行交付。

Navico Group had slightly lower sales versus the second quarter of 2024 with aftermarket sales and sales to marine OEMs modestly lower. However, sales trends continue to improve each month in the quarter. Navico Group earnings remain consistent with first-quarter levels and were driven by enthusiastic customer acceptance of new products and steady operational performance.

Navico 集團的銷售額與 2024 年第二季相比略有下降，售後市場銷售額和對船舶原始設備製造商的銷售額均略有下降。然而，本季的銷售趨勢每個月都在持續改善。Navico 集團的獲利與第一季的水準保持一致，這得益於客戶對新產品的熱情接受和穩定的營運表現。

Year-to-date revenue for Navico Group is only down 2.5% versus the first half of 2024, led by steady performance from the group's aftermarket businesses. Restructuring actions continue to gain traction despite tariff and market headwinds. And in the quarter, we consolidated two production locations and transferred European distribution to a 3PL; while in July, we implemented a leaner organizational structure that will reduce expenses and increase agility.

今年迄今為止，Navico 集團的收入僅比 2024 年上半年下降 2.5%，這主要得益於集團售後業務的穩定表現。儘管面臨關稅和市場阻力，重組行動仍持續獲得推動。本季度，我們合併了兩個生產基地，並將歐洲分銷轉移給第三方物流；7 月份，我們實施了更精簡的組織結構，以降低開支並提高靈活性。

Our bulk business had lower overall sales, mainly resulting from weakness in value categories but outperformed the market in some other key categories, resulting in overall market share gains and has delivered 30 new model launches year to date. In response to the tighter value fiberglass market, we have rationalized our value fiberglass model lineup by 25% for the 2026 model year.

我們的散裝業務整體銷售額較低，主要原因是價值類別疲軟，但在其他一些關鍵類別中表現優於市場，導致整體市場份額增加，並且今年迄今已推出 30 款新車型。為了應對更緊張的價值玻璃纖維市場，我們將 2026 年價值玻璃纖維車型陣容合理化了 25%。

Dealer inventories remain healthy, and Freedom Boat Club continues its journey of profitable growth, launching its first club in the Middle East located in Dubai and with plans for additional expansion, further reinforcing its position as the world's largest and only global boat club. Now looking at external factors, we see some areas of continued uncertainty but also some emerging bright spots compared with the first quarter.

經銷商庫存保持健康，自由遊艇俱樂部繼續其盈利增長之旅，在迪拜成立了其在中東的第一個俱樂部，併計劃進一步擴張，進一步鞏固其作為全球最大和唯一的全球遊艇俱樂部的地位。現在看外部因素，我們看到一些領域仍然存在不確定性，但與第一季相比也出現了一些亮點。

Interest rates remained steady with the potential for improvements, and foreign exchange tailwinds should benefit our predominantly US-based business. In addition, the One Big Beautiful Bill Act favorably addressed tax increases that were previously scheduled to take effect and restored key Pro business provisions, such as full expensing of US R&D. We are still analyzing the impact of all these changes on a global basis but anticipate a significant positive cash flow impact moving forward.

利率保持穩定並具有改善的潛力，外匯順風將有利於我們主要在美國開展的業務。此外，《一項偉大的美麗法案》積極處理了原定生效的增稅問題，並恢復了關鍵的親商業條款，例如美國研發的全額費用化。我們仍在分析所有這些變化對全球的影響，但預計未來將對現金流產生顯著的正面影響。

Brunswick continues to actively monitor and manage tariff exposure. Our coordinated team across trade compliance, supply chain, and finance analyzes the latest updates, implements mitigations, and continually refines our forecast. Despite recent tariff increases for some countries, overall, we've revised down our estimate for total potential net exposure.

布倫瑞克 (Brunswick) 繼續積極監控和管理關稅風險。我們的貿易合規、供應鏈和財務協調團隊會分析最新更新、實施緩解措施並不斷改善我們的預測。儘管最近一些國家的關稅有所提高，但總體而言，我們還是下調了對總潛在淨風險敞口的估計。

Ryan will go into more detail, but I will again stress that despite the negative direct impact of tariffs on our earnings, given our primarily US-based vertically integrated engine and boat manufacturing base, and predominantly domestic supply chain, and the fact that we manufacture almost all our boats for international markets within those markets, we remain competitively well positioned in an environment of persistent tariffs.

Ryan 將會更詳細地闡述，但我將再次強調，儘管關稅對我們的收益產生了負面的直接影響，但考慮到我們主要位於美國的垂直整合發動機和船舶製造基地以及以國內為主的供應鏈，以及我們幾乎所有為國際市場製造的船舶都在這些市場內生產，我們在持續的關稅環境中仍然具有良好的競爭力。

In addition, our leading position in scale affords us the resources and sophistication to effectively manage this complex evolving situation, including through the deployment of AI tools. We see an improvement in longer-term dealer sentiment and inventory comfort, which is moving closer to historical norms. Boating participation remains strong with upticks throughout the quarter, dealer foot traffic is stable, and we have seen a slight increase in people considering a bulk purchase in the next 12 months.

此外，我們在規模上的領先地位為我們提供了資源和成熟度，可以有效地管理這種複雜不斷變化的局勢，包括部署人工智慧工具。我們看到長期經銷商情緒和庫存舒適度有所改善，正在更接近歷史常態。在整個季度，划船活動的參與度仍然強勁，經銷商客流量穩定，而且我們發現考慮在未來 12 個月內進行大量購買的人數略有增加。

OEM production rates were up over the second half of last year. And while overall retail was down for the quarter, July is off to a strong start. We're using competitive incentives where appropriate to support second-half sales and are continuing to invest in and derive benefits from the latest digital marketing technologies to generate more leads and optimize conversion. Overall, while we remain mindful of the dynamic macroeconomic backdrop and soft consumer sentiment, there are some reasons for cautious optimism as we progress through early Q3.

與去年下半年相比，OEM 生產力上升。儘管本季整體零售額下滑，但 7 月開局強勁。我們正在適當地使用競爭激勵措施來支持下半年的銷售，並將繼續投資並從最新的數位行銷技術中獲益，以產生更多的潛在客戶並優化轉換率。總體而言，雖然我們仍然關注動態的宏觀經濟背景和疲軟的消費者情緒，但隨著第三季初的進展，我們仍有理由保持謹慎樂觀。

Moving now to industry retail performance, outboard engine industry retail units declined 6% in the quarter, with Mercury gaining 30 basis points of share on a rolling 12-month basis and 140 basis points of share in the same timeframe on engines of 150-horsepower and greater. Mercury continues to gain share internationally, with 170 basis points of share gain in Canada over the past 12 months and strength in high horsepower share continuing around the globe.

現在來看看行業零售業績，舷外發動機行業零售單位在本季度下降了 6%，而水星在連續 12 個月的市場份額增加了 30 個基點，在 150 馬力及以上的發動機上，同一時間段內的市場份額增加了 140 個基點。水星的國際市佔率持續成長，過去 12 個月在加拿大的市佔率成長了 170 個基點，全球大馬力市場的份額也持續走強。

As of the latest SSI reporting for May, US main power boat industry retail was down modestly year to date with Brunswick's boat brands outperforming the industry. Since the beginning of June, internal Brunswick US retail has improved, with registrations only down mid-single-digit percent over the same period in 2024.

截至 5 月的最新 SSI 報告，美國主要動力船艇產業零售額今年迄今略有下降，而 Brunswick 旗下船舶品牌的表現優於整個產業。自 6 月初以來，Brunswick 美國內部零售情況有所改善，註冊量與 2024 年同期相比僅下降了中等個位數百分比。

On a global basis, first-half retail remained very steady for our premium brands, including Boston Whaler, Sea Ray, Lund, and NAVAN. And as a whole for our core brands, retail performance for our value brands continues to be challenged. And as noted, we're working to optimize the profitability of these brands at reduced production volumes.

從全球來看，上半年我們的高端品牌（包括 Boston Whaler、Sea Ray、Lund 和 NAVAN）的零售額保持非常穩定。就我們的核心品牌而言，整體而言，我們的價值品牌的零售業績持續面臨挑戰。如上所述，我們正在努力在減少產量的情況下優化這些品牌的獲利能力。

We have continued to diligently manage both pipeline levels, and second-quarter US wholesale shipments were down 9%, resulting in an 11% reduction in US pipelines or over 1,200 fewer units versus last year. Global pipelines are down 2,300 units over the same period, reflecting our continued focus on maintaining the freshest inventory in the market. Lastly, as I indicated earlier, according to internal data, July retail for essentially all our businesses has accelerated and is trending positive versus July 2024, giving us and our channel partners positive momentum to start the back half of the year.

我們繼續努力管理兩個管道水平，第二季度美國批發出貨量下降了 9%，導緻美國管道減少 11%，即與去年相比減少了 1,200 多台。同期全球庫存減少了 2,300 個單位，反映出我們持續致力於維持市場上最新的庫存。最後，正如我之前指出的，根據內部數據，我們所有業務的 7 月份零售額均有所加速，並且與 2024 年 7 月相比呈積極趨勢，這為我們和我們的通路合作夥伴開啟下半年提供了積極的動力。

Before turning the call over to Ryan, I want to highlight the diligent efforts across our enterprise that resulted in record free cash flow despite some inventory banking for tariff mitigation and continue to support our investment-grade credit profile. Our strong Q1 cash performance continued into the second quarter.

在將電話轉給瑞安之前，我想強調一下我們整個企業的辛勤努力，儘管為了降低關稅而進行了一些庫存銀行業務，但仍然實現了創紀錄的自由現金流，並繼續支持我們的投資級信用狀況。我們第一季強勁的現金表現延續到了第二季。

In the first half of the year, we delivered $244 million of free cash flow, up $279 million versus the prior year. We've delivered $1.5 billion of free cash flow since 2021 and a record $522 million in the last three quarters, in very dynamic and challenging market conditions. Our balance sheet remains very healthy with no debt maturities until 2029 and an attractive cost of debt and maturity profile. Given our continued strong cash performance, we're increasing our previous debt reduction guidance for 2025 by $50 million to a total target of $175 million for the year.

今年上半年，我們實現了 2.44 億美元的自由現金流，比前一年增加了 2.79 億美元。在極具活力和挑戰性的市場條件下，自 2021 年以來，我們已實現 15 億美元的自由現金流，並在過去三個季度中達到創紀錄的 5.22 億美元。我們的資產負債表仍然非常健康，直到 2029 年都沒有債務到期，而且債務成本和到期情況具有吸引力。鑑於我們持續強勁的現金表現，我們將 2025 年的債務削減預期提高 5,000 萬美元，使全年總目標達到 1.75 億美元。

With this increase in our 2025 debt reduction target, by year end, we are on track to have retired $350 million of debt since 2023. We remain on the path of returning to our long-term net leverage target of below 2 times EBITDA. We are accomplishing this while maintaining significant financial flexibility, as evidenced by a commitment to our investment-grade credit rating. At quarter end, we'll have $1.3 billion in liquidity, including full access to our undrawn revolving credit facility.

隨著我們 2025 年債務減免目標的提高，到年底，我們預計將償還 2023 年以來 3.5 億美元的債務。我們仍在努力實現長期淨槓桿率低於 EBITDA 2 倍的目標。我們在實現這一目標的同時，也保持了相當大的財務靈活性，我們對投資等級信用評級的承諾就證明了這一點。到季度末，我們將擁有 13 億美元的流動資金，包括完全使用我們未提取的循環信貸額度。

I want to thank the entire Brunswick team for their disciplined focus on execution, driving efficiencies, working capital management, optimization of capital expenditures, and many other actions that together allow us to return capital to shareholders while maintaining financial flexibility and opportunistically reducing leverage. Our cash generation profile and investment-grade credit rating are important to our business and also differentiate Brunswick in our industry and sector.

我要感謝整個 Brunswick 團隊，感謝他們對執行的嚴格關注、提高效率、營運資本管理、優化資本支出以及許多其他行動，這些行動使我們能夠向股東返還資本，同時保持財務靈活性並適時降低槓桿率。我們的現金產生狀況和投資等級信用評級對我們的業務至關重要，也是 Brunswick 在我們的行業和領域中脫穎而出的原因。

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

現在我將把電話轉給瑞安，讓他對我們的財務表現和前景提供更多評論。

Thanks, Dave. And good morning, everyone. Brunswick's second-quarter results are solidly ahead of expectations. Sales were up slightly over second-quarter 2024, as steady wholesale ordering by dealers and OEMs together with modest pricing benefits offset the impact of continued challenging consumer demand market conditions.

謝謝，戴夫。大家早安。布倫瑞克第二季業績遠超預期。由於經銷商和原始設備製造商穩定的批發訂單以及適度的定價優勢抵消了持續嚴峻的消費者需求市場條件的影響，銷售額較 2024 年第二季度略有增長。

Operating earnings and EPS were ahead of guided expectations, but down versus prior year, as the impacts of tariffs, reinstated variable compensation, and lower absorption from decreased production levels were only partially offset by new product momentum, the benefits from the slight sales increase, and ongoing cost-control measures throughout the enterprise. Lastly, as Dave mentioned earlier, there was a historic second quarter from a cash-generation standpoint, with Brunswick generating a record $288 million of free cash flow.

營業利潤和每股收益超出預期，但與上年相比有所下降，因為關稅、恢復浮動薪酬和生產水平下降導致的吸收率降低的影響僅被新產品勢頭、銷售額小幅增長帶來的好處以及整個企業持續的成本控制措施部分抵消。最後，正如戴夫之前提到的，從現金產生的角度來看，第二季度是歷史性的，Brunswick 產生了創紀錄的 2.88 億美元自由現金流。

On a year-to-date basis, sales are down 5%, primarily due to anticipated lower production levels in our Propulsion and Boat businesses, only being partially offset by steady sales in our aftermarket-led Engine P&A and Navico businesses. Year-to-date adjusted operating earnings and EPS are also ahead of expectations, but below prior year as expected due to the same factors from the second quarter. Year-to-date free cash flow of $244 million is a first-half record and is the result of focused inventory and other working capital initiatives started in the second quarter of 2024.

從年初至今，銷售額下降了 5%，主要原因是預計我們的推進系統和船舶業務的生產水平會下降，而售後市場主導的發動機 P&A 和 Navico 業務的穩定銷售只能部分抵消這一影響。年初至今的調整後營業利潤和每股盈餘也超出預期，但由於第二季的相同因素，低於去年同期的預期。年初至今的自由現金流為 2.44 億美元，創下上半年紀錄，這是 2024 年第二季啟動的重點庫存和其他營運資本計畫的結果。

Now we'll look at each reporting segment, starting with our Propulsion business, which reported a 7% increase in sales resulting primarily from strong orders from US OEMs. Operating earnings were below prior year, primarily due to the impact of tariffs, lower absorption from decreased production levels, and the reinstatement of variable compensation, partially offset by cost-control measures and the benefits from the increased sales.

現在我們來看看每個報告部分，首先是我們的推進業務，該業務報告銷售額增長了 7%，主要得益於來自美國原始設備製造商的強勁訂單。營業利潤低於上年，主要原因是關稅的影響、生產水平下降導致的吸收率降低以及浮動薪酬的恢復，但成本控制措施和銷售額增長帶來的好處部分抵消了這一影響。

Propulsion segment sales and operating earnings both grew sequentially versus first-quarter 2025. Our aftermarket-led Engine Parts and Accessories business had another solid quarter, reporting a 1% increase in sales versus the same period last year due to slightly stronger distribution sales. Sales from the products business were down 4%, while the distribution business sales were up 4% compared to prior year.

與 2025 年第一季相比，推進部門的銷售額和營業利潤均達到季增。我們以售後市場為主導的引擎零件和配件業務又迎來了一個穩健的季度，由於分銷銷售略有增強，銷售額較去年同期增長了 1%。產品業務銷售額下降 4%，而分銷業務銷售額與上年相比成長 4%。

Segment operating earnings were slightly down versus second quarter 2024 due solely to the enterprise factors discussed earlier. Note that first-half Engine P&A earnings and sales are essentially flat to 2024 despite the challenging marine retail market conditions and overall unseasonable weather for a significant portion of the early year. This performance reinforces our well-stated view that our continued focus and investment in this aftermarket recurring revenue and earnings business is critical to driving stable financial and shareholder returns.

由於先前討論過的企業因素，分部營業收入與 2024 年第二季相比略有下降。值得注意的是，儘管年初大部分時間船舶零售市場條件嚴峻且整體天氣異常，但上半年引擎 P&A 收益和銷售額與 2024 年基本持平。這一業績強化了我們明確的觀點，即我們對售後經常性收入和收益業務的持續關注和投資對於推動穩定的財務和股東回報至關重要。

Navico Group reported a sales decrease of 4% versus Q2 of 2024 with sales to both aftermarket channels and marine OEMs down modestly, partially offset by benefits from new product momentum. Segment operating earnings decreased due to the lower sales, tariffs, and the variable compensation reset.

Navico Group 報告稱，其銷售額與 2024 年第二季度相比下降了 4%，售後市場管道和船舶原始設備製造商的銷售額均略有下降，但新產品勢頭帶來的好處部分抵消了這一下降。由於銷售額下降、關稅下降以及浮動薪酬調整，部門營業利潤下降。

Finally, our Boat segment reported a sales decrease of 7%, resulting from anticipated cautious 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 12% of the segment sales, including the benefits from recent acquisitions. Segment operating earnings were within expectations as the impact of net sales declines and the variable compensation reset was partially offset by pricing and continued cost control.

最後，我們的船舶部門報告銷售額下降了 7%，這是由於預期經銷商將採取謹慎的批發訂購模式，而車型年度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，貢獻了該部門約 12% 的銷售額，其中包括最近收購帶來的收益。由於淨銷售下降和浮動薪酬調整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。

This slide shows an updated view of our 2025 tariff impact should the current tariff rates continue for the remainder of the year. This slide shows the approximate percentage of COGS affected by tariffs currently in force, along with our anticipated 2025 net tariff impact for each category after planned mitigation measures are considered.

如果現行關稅稅率在今年剩餘時間內繼續維持，這張投影片將展示我們對 2025 年關稅影響的最新看法。此投影片顯示了受現行關稅影響的 COGS 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 remains China, and while less than 5% of our COGS could represent $20 million to $30 million of tariff expense at current rates for product and component importation into the US. 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.

關稅影響最大的仍然是中國，雖然我們的銷貨成本不到 5%，但以目前的稅率計算，進口到美國的產品和零件的關稅費用可能高達 2,000 萬至 3,000 萬美元。這些增量關稅是我們今年初步指引中包含的約 3,000 萬美元第 301 條關稅的補充。

Mexico and Canada supply accounts for approximately 15% of US COGS, but most of the supply from these two countries are imported under the USMCA, meaning that our tariff exposure here remains small, assuming the continued USMCA exemption. Finally, there are other smaller tariffs on rest of world imports.

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仍然很小。最後，對世界其他地區的進口產品還徵收較小的關稅。

Not included in this analysis are 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; tariffs on boats imported into the United States 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; and maybe most importantly, the continued disruption of the capital markets and the corresponding impact on our consumer.

本分析未包括對企業產生的其他正面和負面影響或潛在影響，包括歐盟和加拿大對美國製造的船舶（可能包括發動機和零部件）徵收的報復性關稅；使用水星發動機和零部件的歐洲 OEM 合作夥伴進口到美國的船舶徵收的關稅；水星發動機競爭對手對從日本或其他非美國製造地進口的發動機支付關稅；也許最重要的資本及其對資本市場的持續影響。

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. My last slide shows our updated full year guidance, taking into account the anticipated net tariff impact and continued market and consumer uncertainties but also our strong operational performance and the recent market momentum.

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。我的最後一張投影片展示了我們更新的全年指引，其中考慮了預期的淨關稅影響和持續的市場和消費者不確定性，同時也考慮了我們強勁的營運表現和近期的市場動能。

Despite a slightly softer marine market than initially anticipated to start the year, we remain confident in our ability to deliver our full-year plan, with the result being us holding the midpoint of our guidance with anticipated sales of approximately $5.2 billion and adjusted EPS of approximately $3.25. However, given our exceptional first-half cash generation, we are raising our free cash flow guidance by $50 million to greater than $400 million for the full year.

儘管年初船舶市場略低於最初預期，但我們對實現全年目標仍然充滿信心，最終我們維持了預期的中位數，預計銷售額約為52億美元，調整後每股收益約為3.25美元。然而，鑑於我們上半年卓越的現金創造能力，我們將全年自由現金流預期上調5000萬美元，至4億美元以上。

This will allow for increased debt reduction efforts, which we discussed earlier and should enable us to repurchase no less than $80 million of shares at a time when we believe that our share price remains severely dislocated from our performance in a challenging market. As Dave mentioned earlier, retail conditions in July have improved from the early part of the season, giving us more confidence in steady wholesale for the remainder of the year, with Q3 expected to deliver sequentially slightly lower revenue and earnings driven by the annual seasonality of our businesses.

這將使我們能夠增加債務削減力度，正如我們之前討論過的，並且使我們能夠回購不少於 8000 萬美元的股票，因為我們認為在充滿挑戰的市場中，我們的股價與我們的表現仍然嚴重脫節。正如戴夫之前提到的，7 月份的零售狀況較本季初有所改善，這使我們對今年剩餘時間的批發業務保持穩定更有信心，預計第三季度的收入和收益將比上一季略有下降，這主要受我們業務年度季節性的影響。

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

現在我將把電話轉回給戴夫，請他做最後發言。

Thanks, Ryan. As we wrap up, I want to highlight some of our recent exciting new product launches, announcements, and awards. Navico Group's Simrad brand recently launched AutoTrak technology for its HALO radar portfolio that enables automated tracking multiple targets and provides unrivaled situational awareness to boaters.

謝謝，瑞安。最後，我想重點介紹我們最近推出的一些令人興奮的新產品、公告和獎項。Navico Group 的 Simrad 品牌最近為其 HALO 雷達產品組合推出了 AutoTrak 技術，該技術可以自動追蹤多個目標並為船員提供無與倫比的態勢感知能力。

Our boat brands across the globe have been busy launching many new products, all featuring Mercury Power and Navico Group technology. Our Harris Pontoon brand launched the 2026 Sunliner series with a very stylish and contemporary new exterior and interior. The Sunliner is affordable but also aspirational with many thoughtful features, premium finishes, and uncompromised quality.

我們遍佈全球的船舶品牌一直忙於推出許多新產品，所有產品均採用了 Mercury Power 和 Navico Group 技術。我們的 Harris Pontoon 品牌推出了 2026 Sunliner 系列，其外觀和內裝都非常時尚、具有現代感。Sunliner 價格實惠，而且令人嚮往，具有許多貼心的功能、優質的飾面和不折不扣的品質。

Our Rayglass brand in New Zealand unveiled the all-new Protector R Edition range, a bold evolution with its iconic high-performance RIBs, leading with the 330 Targa R Edition, the first vessel in New Zealand powered by Mercury Racing's 400R V10 outboard engines.

我們在新西蘭的 Rayglass 品牌推出了全新的 Protector R Edition 系列，這是其標誌性的高性能 RIB 的一次大膽演變，其中領先的是 330 Targa R Edition，這是新西蘭第一艘由 Mercury Racing 的 400R V10 舷外發動機驅動的船隻。

And Sea Ray launched its all-new SDX 230 lineup, available in sterndrive, outboard, and surf configurations, with the surf version featuring the innovative NextWave surf system designed to create consistent, rideable wakes for every skill level. The system integrates an exclusive Sea Ray interface with Mercury's Smart Tow system, Bravo Four S drive, and dual Simrad touchscreen displays offering easy control and visualization.

Sea Ray 推出了全新的 SDX 230 系列，提供船尾驅動、舷外和衝浪配置，其中衝浪版採用創新的 NextWave 衝浪系統，旨在為各個技能水平的人創造一致、可駕馭的尾流。該系統整合了獨特的 Sea Ray 介面、Mercury 的 Smart Tow 系統、Bravo Four S 驅動器和雙 Simrad 觸控螢幕顯示器，可輕鬆控制和視覺化。

Freedom Boat Club recently announced an exciting new franchise in Dubai, our first location in the attractive Middle East boating market. The flagship location will open this fall and feature many Brunswick boats, with additional locations to follow in 2026.

自由船舶俱樂部 (Freedom Boat Club) 最近宣佈在杜拜設立一個令人興奮的新特許經營店，這是我們在極具吸引力的中東船舶市場開設的第一個門市。該旗艦店將於今年秋季開業，並將展出多艘 Brunswick 船隻，其他門市將於 2026 年開業。

At a time when several other smaller boat clubs are experiencing difficulties, Freedom continues to grow and thrive, globally supported by the ready availability of Brunswick's broad portfolio of boats and Mercury engines, rapid availability of P&A and accessories from our global P&A and distribution businesses, and a variety of financing, insurance, marketing, and IT services also provided by Brunswick. In return, Freedom generates substantial synergy sales while showcasing our exceptional products.

當其他一些小型遊艇俱樂部都面臨困境時，Freedom 卻繼續發展壯大，得益於 Brunswick 在全球範圍內隨時提供的各種船隻和 Mercury 發動機、我們全球 P&A 和分銷業務快速提供的 P&A 和配件，以及 Brunswick 提供的各種融資、保險、營銷和 IT 服務。作為回報，Freedom 在展示我們卓越的產品的同時，創造了大量的協同銷售。

And finally, Mercury reinforced its position as the industry leader in the high-horsepower outboard market this week with the introduction of the new 425-horsepower and refreshed 350-horsepower outboard engines, delivering performance, smoothness, quietness, and light weight far ahead of the competition.

最後，水星本週推出了新款 425 馬力和升級版 350 馬力舷外發動機，鞏固了其在高馬力舷外發動機市場中的行業領先地位，其性能、平穩性、安靜性和輕量化遠遠領先於競爭對手。

During the quarter, we received significant recognition for our people, products, and commitment to innovation, putting us well on track to surpass 100 awards again in 2025. Among the highlights, Brunswick was named by TIME Magazine one of America's Best Mid-Size Companies for the second year in a row. We also earned six Boating Industry magazine Top Product Awards. These awards highlight the marine industry's best, new, and innovative products. And our awards underscore the breadth and depth of our innovation.

本季度，我們的員工、產品和對創新的承諾獲得了廣泛認可，這讓我們預計在 2025 年再次獲得超過 100 個獎項。其中最引人注目的是，Brunswick 連續第二年被《時代》雜誌評為全美最佳中型公司之一。我們也榮獲了《船舶產業》雜誌的六項頂級產品獎。這些獎項表彰了海洋工業最好的、最新的和創新的產品。我們獲得的獎項彰顯了我們創新的廣度和深度。

On the topic of innovation, the Experiential Design Authority also honored us with an award for our impressive and engaging exhibit at CES 2025. For the third consecutive year, Newsweek named Brunswick one of America's Most Trustworthy Companies, placing us in the top 10 within the Manufacturing and Industrial Equipment category. And we were recognized for the first time on Newsweek's lists of America's Greatest Workplaces for Parents and Greatest Workplaces for Women, reflecting our commitment to being an employer of choice. Congratulations to all those who've contributed to these awards.

在創新方面，體驗設計管理局也為我們在 2025 年國際消費電子展上令人印象深刻且引人入勝的展覽授予了獎項。《新聞周刊》連續第三年將 Brunswick 評為美國最值得信賴的公司之一，並在製造和工業設備類別中排名前十。我們首次被《新聞週刊》評為美國最適合父母的工作場所和最適合女性的工作場所，這反映了我們致力於成為首選雇主的承諾。祝賀所有為這些獎項做出貢獻的人。

Finally, this quarter, we released our 2024 Sustainability Report, which describes our work to reduce our environmental impact while making our businesses more efficient and supporting the communities in which we live and work.That's the end of our prepared remarks. We'll now turn it back over to the operator for questions.

最後，本季度，我們發布了2024年永續發展報告，該報告描述了我們為減少環境影響、提高業務效率和支持我們生活和工作的社區所做的工作。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。

(Operator Instructions) James Hardiman, Citigroup.

（操作員指示）花旗集團的詹姆斯哈迪曼。

Good morning, James.

早安，詹姆斯。

Good morning. Thanks for taking my question. So obviously, the tariff impact came down. I get to about a $0.60 benefit versus last time. The guidance is unchanged. And so is the right way to think about this with the ex-tariff guidance came down by about that amount? And ultimately, from here, how should we think about it? Is there more risk of upside versus downside just based on sort of the changes you've made there.

早安.感謝您回答我的問題。因此，關稅的影響顯然下降了。與上次相比，我獲得了大約 0.60 美元的收益。該指導保持不變。那麼，在關稅前指導價下降了大約這個數額的情況下，正確的思考方式是什麼？最後，從這裡開始，我們該如何思考這個問題？僅根據您所做的更改，上行風險是否比下行風險更大？

Hey, James. It's Ryan. Good morning. Yes, I mean -- so if you remember back to April, we gave a tariff net impact potential of $100 million, $125 million. And then when we translated that to the EPS bridge, we only put $1 on the bridge. And it was for, really, two reasons. One, we anticipate we probably mitigate better than anticipated; and indeed, we have.

嘿，詹姆斯。我是瑞安。早安.是的，我的意思是——如果你還記得四月的情況，我們給出的關稅淨影響潛力是 1 億美元到 1.25 億美元。然後，當我們將其轉換為 EPS 橋時，我們只在橋上投入 1 美元。事實上，有兩個原因。首先，我們預期我們的緩解效果可能比預期的要好；事實上，我們做到了。

And second, if you remember when we reported earnings back in April, it was literally the height of all tariff rates. China was at 145%. Others were at extreme high levels. We didn't know if Canada and Mexico would be receiving USMCA exemptions. So really, the dollar of tariff impact that we put on the bridge hasn't really changed that much. I think maybe it's lower on the margins a little bit.

其次，如果您還記得我們四月報告收益時的情況，那一年的關稅稅率實際上處於最高水準。中國則達145%。其他人的水平都極高。我們不知道加拿大和墨西哥是否會獲得 USMCA 豁免。所以實際上，我們對這座橋徵收的關稅的影響並沒有太大變化。我認為利潤率可能會低一點。

But on balance, I think what we saw in April has kind of come through. The tariff impact, we think it's going to be certainly lower than we saw. But that dollar is still relevant -- it's still pretty reasonable. The markets unfolded a little bit softer than we thought, although premium core is holding up. So no, I wouldn't think that the rest of the business, quote-unquote, was down $0.50, and that's what we're guiding. It's just really the years coming in relatively similar to what we thought in April with 3.25 still being the midpoint of balancing the risks and opportunities.

但總的來說，我認為我們在四月看到的情況已經基本實現。我們認為關稅的影響肯定會比我們看到的要低。但美元仍然有意義——仍然相當合理。儘管優質核心業務保持堅挺，但市場表現比我們想像的要弱一些。所以，不，我不會認為其餘業務，所謂的下降了 0.50 美元，這就是我們的指導。未來幾年的情況實際上與我們 4 月的預測相對相似，3.25 仍然是平衡風險和機會的中點。

Yes, James, it's Dave here. I would add that given the dynamics of the -- or all around us, it is very difficult at the moment to take things to the bank. Really nice to see the trajectory in July, and we're very hopeful. But that is a four- or five-week trend. We just need to see a little bit more of that before I think we can flow through.

是的，詹姆斯，我是戴夫。我想補充一點，考慮到我們周圍的動態，目前很難把事情落實到位。很高興看到七月的發展軌跡，我們充滿希望。但這是一個持續四周或五週的趨勢。我認為，我們只需要再多觀察一點，就能順利通過。

Got it. Makes sense. And then as I think about sort of the phasing that you've laid out here, it looks like we should be expecting a significant decrease in Q3 earnings and then a significant increase in Q4. Remind us, if memory serves, I thought that Q3 was the big inventory reduction quarter a year ago, which would have created a really easy comp this year, assuming we weren't again under-shipping in Q3.

知道了。有道理。然後，當我思考您在這裡列出的階段性計劃時，看起來我們應該預期第三季的收益會大幅下降，然後第四季度的收益會大幅增加。提醒我們，如果我沒記錯的話，我認為去年第三季度是庫存減少最多的一個季度，假設我們在第三季度沒有再次出現出貨不足的情況，那麼今年的業績將會非常容易。

So I guess, is it safe to say that we're now going to be again, under-shipping in Q3? And maybe -- I don't know, maybe there was a shift between shipments between Q2 and Q3? Because obviously, Q2 was an outperformance quarter. So how do we think about all that?

所以我想，可以肯定地說，我們在第三季將再次出現出貨量不足的情況嗎？也許——我不知道，也許第二季和第三季的出貨量有所變化？因為顯然，第二季是一個表現優異的季度。那我們該如何看待這一切呢？

Yes. It's pretty hard, James, to delineate between Q3 and Q4. I certainly wouldn't read much into it. Again, as Dave said, giving guidance in a dynamic environment like this is pretty challenging. I would say, as a reminder, production was down in the third quarter last year and then even more so in the fourth, both at Propulsion and in our Boat businesses. So there will be pickup there, goodness, if you would, in both wholesale shipments in both of those businesses together with a very consistent P&A business, which obviously continues to perform extremely well in this environment.

是的。詹姆斯，要區分 Q3 和 Q4 非常困難。我當然不會對此進行過多的解讀。再次，正如戴夫所說，在這種動態環境中提供指導是相當具有挑戰性的。我想提醒一下，去年第三季的產量有所下降，第四季的產量下降幅度更大，無論是推進系統業務還是船舶業務。因此，如果您願意的話，這兩個業務的批發出貨量都會有所回升，同時P&A業務也非常穩定，顯然在這種環境下會繼續表現得非常好。

So no, I think we're looking at Q3, and I think we're off to a good start with July, certainly. But I wouldn't read much into the difference between Q3 and Q4, although the production increase in Q4 versus Q4 of last year will be greater than the production increase in Q3. But again, there's a lot of timing impacts to go in there, and then we're still thinking about a pretty strong second half of the year.

所以不，我認為我們正在關注第三季度，而且我認為我們在 7 月肯定會有一個好的開始。但我不會過度解讀第三季和第四季之間的差異，儘管第四季與去年第四季相比的產量增幅將大於第三季的產量增幅。但同樣，這其中還有很多時間因素的影響，我們仍然認為今年下半年將會有相當強勁的表現。

Makes sense. Thanks, guys.

有道理。謝謝大家。

Craig Kennison, Baird.

克雷格·肯尼森，貝爾德。

Yes, Craig, good morning.

是的，克雷格，早安。

Good morning. Thanks for taking my question. I wanted to start with Navico. I guess, big picture, when the market normalizes, whenever that is, and then your innovation pipeline matures, where should Navico revenue and profitability settle? It feels like that's a big needle mover when you think about some of the out-year earnings potential.

早安.感謝您回答我的問題。我想從 Navico 開始。我想，從整體來看，當市場恢復正常時，無論何時，當你的創新管道成熟時，Navico 的收入和獲利能力應該穩定在哪裡？當你考慮到未來幾年的獲利潛力時，感覺這是一個巨大的推動力。

Yes, Craig, thank you for the question. Yes, I think our expectations in the long-term for Navico Group are still in kind of low to mid-teens operating margin range. So we've got quite a bit to go. And we should, with a little bit of tailwind, have top-line CAGRs in the mid to high singles. So we have -- there's a lot of potential in that business. I think we're doing a lot of great work, both in refreshing product lines, which are now regaining share even against the very strong and capable competition.

是的，克雷格，謝謝你的提問。是的，我認為我們對 Navico Group 的長期預期是營業利潤率仍處於低至中等水平。所以我們還有很多事情要做。而且，在一點點順風的情況下，我們的營收複合年增長率應該會達到中高水準。所以，這個產業有很大的潛力。我認為我們在更新產品線方面做了很多出色的工作，即使在非常強大和有能力的競爭對手面前，我們的產品線現在也重新獲得了市場份額。

So we're very excited about that. But also just getting the structure of the business reset or rightsized, if you like, and optimized for a market that is certainly smaller than we originally anticipated. And as you can see and as we gave some examples in the release and the slides, we are continuing to work our way through that. All of our businesses had some headwinds this year, as you know, from the reset of variable comp.

所以我們對此感到非常興奮。但如果您願意的話，也可以重置或調整業務結構，並針對比我們最初預期的要小的市場進行最佳化。正如您所看到的，正如我們在發布和幻燈片中給出的一些示例，我們正在繼續努力解決這個問題。如您所知，由於可變薪酬的重置，我們所有的業務今年都遇到了一些阻力。

We didn't really pay any meaningful variable comp last year, tariffs, a bit of absorption in the first half. But if you net those out, I think we're in really getting ourselves in really good shape in Navico Group. I'm very excited about the trajectory of the business and the reception of the new products. Pretty much everything that we have brought out has been a hit in the marketplace. So yes, very excited for that business, and it will be an engine of growth for us in the medium term.

去年我們實際上並沒有支付任何有意義的浮動薪酬、關稅，上半年只是吸收了一點。但如果將這些因素除去，我認為 Navico Group 的狀況確實非常好。我對業務的發展軌跡和新產品的接受度感到非常興奮。我們推出的所有產品幾乎都在市場上大受歡迎。所以是的，我對這項業務感到非常興奮，它將成為我們中期成長的引擎。

Great. Thanks, Dave. Ryan, if I could ask you, just on the tariff question, slide 17 is super helpful as it relates to 2025. But it's been such a noisy environment that it's hard to get a feel for the true run rate. Have you done any work to look at '26, like current policy persists? How we should think about the full-year kind of run rate for tariff policy as it stands today?

偉大的。謝謝，戴夫。瑞安，如果我可以問你關於關稅的問題，第 17 張幻燈片非常有用，因為它與 2025 年有關。但環境太過吵雜，很難了解真實的運行率。您是否做過任何工作來研究 26 年，例如當前政策是否持續存在？我們該如何看待目前關稅政策的全年運作率？

Yes, Craig, obviously, we anticipated getting the question this morning. So we have played around with what '26 would look like. The answer is still pretty uncertain, given all the variables. So not only are we paying the tariffs, right? You pay the cash tariffs, but it flows through the various financials in a different way, right? It goes on the balance sheet as an inventory cost, and it flows out through the P&L over time.

是的，克雷格，顯然我們預料到今天早上會收到這個問題。因此，我們一直在思考 26 年會是什麼樣子。考慮到所有變量，答案仍然相當不確定。所以我們不僅要支付關稅，對嗎？您支付現金關稅，但它以不同的方式流經各個金融機構，對嗎？它作為庫存成本出現在資產負債表上，並隨著時間的推移透過損益表流出。

And then there's counteractions on duty drawback and substitution and benefit that we get to counteract those tariffs. So it's a big basket of things that we think about our supply chain team, trade compliance, finance. Everyone's kind of figuring out what the best course of action is as it changes, right? Because the tariffs change every couple of weeks, and then our response needs to change.

然後，我們採取了關稅退稅和替代措施，並獲得了抵消這些關稅的利益。因此，我們考慮的事情有很多，包括我們的供應鏈團隊、貿易合規、財務等。隨著情況變化，每個人都在思考最好的行動方案是什麼，對嗎？因為關稅每隔幾週就會發生變化，所以我們的反應也需要改變。

I would say, as we sit here today, I don't see a huge change over next year. It's probably somewhere in the same magnitude. This year, we had a 10-month impact, right? But some of that was at higher rates. We also had some of the costs being hung up on the balance sheet by the end of the year. But next year, we'll have a little bit more duty drawback and some of the other financial benefits. So tough to tell.

我想說，今天我們坐在這裡，我認為明年不會有巨大的變化。它可能處於相同的量級。今年我們的影響已經10個月了，對嗎？但其中一些利率較高。到年底，我們的部分成本也已計入資產負債表。但明年，我們將獲得更多的關稅減免和一些其他財政優惠。很難說。

I don't think it will be greatly different from the 2026 impact, but I definitely need to get closer to the end of the year to really see what a run rate looks like. And certainly, we'll provide that guidance once we get to the January call. But certainly, I don't see a huge step change at this stage.

我認為它與 2026 年的影響不會有太大不同，但我肯定需要接近年底才能真正了解運行率是什麼樣的。當然，一旦我們召開一月份的電話會議，我們就會提供該指導。但可以肯定的是，目前我還沒有看到巨大的改變。

Thanks, Ryan.

謝謝，瑞安。

Yes. Maybe just to add, Craig, I think I mean, clearly, we are working to onshore as much as we can at the moment. So the rates are one component of what the task will be. And certainly, there are balance sheet and other implications here. But broadly, our basis should be going down significantly as we move supply onshore into the US. And we're doing that at a pretty rapid clip, as you can tell from the weight that our exposure even this year is reducing.

是的。也許只是想補充一下，克雷格，我想我的意思是，顯然，我們目前正在盡最大努力在岸上工作。因此，費率是任務的一個組成部分。當然，這裡面還有資產負債表和其他方面的影響。但總體而言，隨著我們將供應轉移到美國境內，我們的基礎應該會大幅下降。我們正在以相當快的速度做到這一點，從今年我們的曝光量正在減少的重量就可以看出。

I would say though, and it was a little bit difficult to say this earlier that -- and we did state it. We are in competitively a pretty advantaged position. The US market is by far the biggest marine market. We are very largely a domestic company here with a very large manufacturing footprint with a lot of vertical integration. And we believe that even though we'll be impacted by tariffs directly, our competitive position is strengthening.

不過我想說，之前這麼說有點困難──但我們確實這麼說過。我們在競爭中處於相當有利的地位。美國市場是迄今為止最大的船舶市場。我們基本上是一家國內公司，擁有龐大的製造基地，並進行大量垂直整合。我們相信，儘管我們會受到關稅的直接影響，但我們的競爭地位正在增強。

Thank you, Dave.

謝謝你，戴夫。

Noah Zatzkin, KeyBanc Capital Markets.

KeyBanc 資本市場 (KeyBanc Capital Markets) 的 Noah Zatzkin。

Hi, thanks for taking my questions. I guess, first, just on the decision to rationalize kind of the value fiberglass model lineup for 2026 by 25%, how should we think about maybe structurally the Boat group, whether from a margin perspective or volume potential perspective, given that rationalization? Thanks.

你好，謝謝你回答我的問題。我想，首先，在決定將 2026 年的價值玻璃纖維模型陣容合理化 25% 之後，考慮到這一合理化，我們應該如何從結構上考慮船舶集團，無論是從利潤率角度還是從產量潛力角度？謝謝。

Yes, thank you. Yes, good question. So really, the amount of complexity that you can tolerate in a product line depends on the volume. And with volumes reducing, we can tolerate less complexity. So we take out those models that are obviously selling less, and that's the kind of rationalization process. We want to leave ourselves with a good progression in the product portfolio but not excess complexity. And that's really what we've been doing.

是的，謝謝。是的，好問題。因此，實際上，產品線所能容忍的複雜程度取決於其產量。隨著數量的減少，我們可以容忍的複雜性也隨之降低。因此，我們淘汰了那些銷量明顯較差的車型，這就是合理化的過程。我們希望產品組合能有良好的進步，但又不會過於複雜。這確實就是我們一直在做的事情。

There are other actions that we are taking that we'll be able to talk about a bit later in the year to further ensure that we have stronger profitability in that part of the market, but that's really the way to think about it, reducing complexity in a market that is smaller. I would say though, I think everybody understands this, that the profit contribution of all of our Brunswick boats, the Boat group margin is only one component of it.

我們正在採取其他行動，我們將在今年稍後討論，以進一步確保我們在該市場領域擁有更強的盈利能力，但這確實是思考的方式，即降低較小市場的複雜性。不過我想說，我想每個人都明白這一點，我們所有 Brunswick 船舶的利潤貢獻、船舶集團利潤只是其中的一個組成部分。

All of those value boats have Mercury engines on them. A lot of them contain Navico Group technology. And so this -- the margin stack even in our value product lines remains pretty good. And so we want to make sure that we are thoughtful as we approach this and that we consider the entire Brunswick margin impact.

所有這些有價值的船隻都配備了水星發動機。其中許多都包含 Navico 集團的技術。因此，即使在我們的價值產品線中，利潤率仍然相當不錯。因此，我們希望確保在處理這個問題時深思熟慮，並考慮到對整個 Brunswick 利潤率的影響。

Really helpful. Maybe just one more quick one. Any color on the tariff impact in the quarter? And then apologies if you already said this, but how should we think about maybe the distribution of that impact across segments at a high level? Thanks.

真的很有幫助。也許只需再快速一次。關稅對本季的影響有何具體表現？如果您已經說過這一點，那麼請原諒，但是我們應該如何從高層次考慮這種影響在各個細分領域的分佈？謝謝。

Yes, I can take that, Noah. I mean, again, it's a bit different because the cash tariffs paid obviously much greater than what's on -- what's flown due to the P&L. Through the P&L is somewhere in the mid-teens for the quarter, millions. But again, there's all kinds of offsets in duty drawbacks that kind of net against that number. And then about 75%, 80% of the tariff impact is on Mercury -- is on the Mercury segment -- I'm sorry, on Propulsion, mostly a little bit on Engine P&A with Navico having kind of the rest of it and boats having a very small amount.

是的，我可以接受，諾亞。我的意思是，這又有點不同，因為支付的現金關稅顯然比損益表中的飛行關稅要高得多。本季的損益表約為十幾百萬。但同樣，各種關稅減免措施都可以抵銷這個數字。然後大約 75% 到 80% 的關稅影響都發生在 Mercury 部分 - 抱歉，是在推進系統方面，主要是發動機 P&A 部分，Navico 承擔了其餘部分，船舶只承擔了很少一部分。

One other item, just -- and obviously, this is late-breaking from earlier this week or late last week. We're obviously monitoring the 15% tariffs coming from Japanese imports. As Dave mentioned, we are the only US engine manufacturer with our main competitors primarily manufacturing in Japan and almost none in the US. And so one thing we'll be monitoring -- and this is not in the tariff number. And obviously, a benefit is the impact of that on Mercury sales and our ability to continue to take market share, as obviously, we believe our products are already market leading and this is just another input for the costing profile.

還有一件事，顯然，這是本週早些時候或上週晚些時候的最新消息。我們顯然正在監控來自日本進口的 15% 關稅。正如戴夫所提到的，我們是唯一一家美國引擎製造商，我們的主要競爭對手主要在日本製造，幾乎沒有在美國製造。因此，我們會監控一件事——這不在關稅數字中。顯然，這樣做的好處是，它對 Mercury 的銷售和我們繼續佔領市場份額的能力產生了影響，因為顯然，我們相信我們的產品已經處於市場領先地位，這只是成本概況的另一個輸入。

Thank you.

謝謝。

Tristan Thomas-Martin, BMO Capital Markets.

特里斯坦·托馬斯·馬丁 (BMO 資本市場)。

Hey, good morning. Did you update your full-year industry retail assumption for boats?

嘿，早安。您是否更新了全年船舶產業零售假設？

No, I don't think we didn't specifically do that. I think that the trend that we are seeing, really, that we called out is solid performance in premium and core, which is 75% or more of what we make; and weaker performance in the value part of the segment, which is the value part of the market, which is down about 20%. I don't see a really strong reason to deviate from that kind of profile. I don't think we specifically updated any numbers yet.

不，我認為我們沒有特意這麼做。我認為我們看到的趨勢是，我們真正提到的是高端和核心產品表現穩健，占我們產量的 75% 或更多；而價值部分的表現較弱，也就是市場的價值部分，下降了約 20%。我看不出有什麼強而有力的理由要偏離這個形象。我認為我們還沒有具體更新任何數字。

Okay. And then what are your channel inventory weeks on hand? And how are you expecting to manage that? Or what's your target by year end? Thanks.

好的。那你的通路庫存週數是多少？您打算如何實現這一點？或者您年底的目標是什麼？謝謝。

Channel inventory levels?

渠道庫存水準？

Yes. So on the boat side, we are in the low 30s today. We don't hang by the end of the year. It's going to be around 40%, give or take. But really, remember that that is looking at backwards-looking retail, so rolling 12 backwards. If you look at just pure units right now, we are basically in the lowest inventory position we've been outside of COVID since the GFC. And by the end of the year, both global and US field pipelines will be kind of at historical lows. So we're going to take out a couple of thousand or so boats in the US and about that globally as well, maybe plus or minus, depending on how the back of the year shapes up.

是的。因此，就船舶而言，今天的溫度低於 30 度。我們不會在年底前就掛掉。大約是 40% 左右。但實際上，請記住，這是回顧零售業，即向後滾動 12。如果只看目前的純單位，我們基本上處於自全球金融危機以來除 COVID 之外的最低庫存水準。到今年年底，全球和美國的油田管道數量都將處於歷史最低水準。因此，我們將在美國拆除大約數千艘船隻，在全球範圍內也拆除大約幾千艘船隻，可能有增有減，這取決於今年年底的情況。

Just remember, this is all value stuff we're talking about here. This is -- our pipelines and premium are lower than that.

請記住，我們在這裡談論的都是有價值的東西。這是——我們的管道和保費低於這個水平。

Okay. And then the 1,000, was that a full-year target? Or is that a second-half target?

好的。那麼 1,000 是全年目標嗎？還是這是下半場的目標？

No, that would be a full year target.

不，那將是全年目標。

Great. Thank you.

偉大的。謝謝。

Xian Siew, BNP Paribas.

法國巴黎銀行的 Xian Siew。

Hey, guys, sorry about that earlier. How's it going? On Propulsion, it was up 7%, including, I think, 11% outboard engines versus retail for outboard a bit, down like 6%. And then I guess, what's kind of going on there? You mentioned kind of the OEMs pulling orders ahead of tariffs on the Japanese side. Or are you kind of matching that should we kind of expect things to kind of moderate from here? Or is it just kind of the market share gains that are kind of offsetting, I guess, retail weakness?

嘿，夥計們，我很抱歉之前這麼做了。怎麼樣了？就推進系統而言，它上漲了 7%，其中舷外機上漲了 11%，而舷外機的零售價略有下降，下降了 6%。然後我猜，那裡到底發生了什麼事？您提到日本的原始設備製造商在關稅上調之前撤回了訂單。還是您認為我們應該期待事情從現在開始有所緩和？或者只是市場份額的成長在某種程度上抵消了零售業的疲軟？

It's actually a little bit of pipeline. So it's something we haven't really talked too much about. I know we have a little bit on the engine side. But over the last, call it, six quarters or so, we have taken out substantial pipeline inventory on the engine side, call it, 25-ish-percent, maybe plus or minus, even more on high horsepower. And that's at a time when, like you said, some of our competitors were pushing engines into the US, whether it's in advance of tariffs or other. But that's certainly the wholesale trend.

它其實就是一條小小的管道。所以我們實際上還沒有談論太多這個話題。我知道我們在引擎方面有一點。但在過去的六個季度左右，我們在引擎方面已經削減了大量庫存，大概是 25% 左右，可能上下浮動，大馬力引擎的削減幅度甚至更大。正如您所說，當時我們的一些競爭對手正在向美國推銷發動機，無論是在關稅之前還是其他情況下。但這肯定是整體趨勢。

So what you're seeing is now kind of a matching of our continued retail share gains with our OEM customers that are actually producing a little bit more this time of year than they were last year. At this point, even in June of last year, May and June, a lot of our OEM partners were taking fewer engines because they had them in stock, and they were going to produce fewer boats in the outlook months, and that ended up happening.

因此，您現在看到的是我們零售份額的持續成長與我們的 OEM 客戶的匹配，實際上，今年這個時候我們的產量比去年要多一點。此時，甚至在去年 6 月、5 月和 6 月，我們的許多 OEM 合作夥伴都減少了發動機的採購量，因為他們有庫存，而且他們計劃在未來幾個月內生產更少的船隻，而這種情況最終也發生了。

So today, at a time where production is pretty stable and pipeline is lower, they're needing engines and we're fulfilling them. I can -- we've done an entire review of all of our OEM customers there. We are not losing share in any of them, any of them that are kind of dual sourced, if you would. And we plan to continue to gain retail share for the full year, just as we've done the past several years. So it's really a pipeline -- it's a pipeline game, and that's right now at a really healthy point. We will probably be able to add engines here into the -- make sure that wholesale exceeds retail over the coming quarters.

因此，今天，在生產相當穩定、管道較低的情況下，他們需要發動機，而我們正在滿足他們的需求。我可以——我們對那裡的所有 OEM 客戶進行了全面審查。如果你願意的話，我們不會失去任何一個雙重來源產品的份額。我們計劃全年繼續擴大零售份額，就像過去幾年一樣。所以它實際上是一個管道——一個管道遊戲，現在正處於一個非常健康的階段。我們可能會在這裡添加引擎——確保未來幾季的批發量超過零售量。

Okay, got it. That's super helpful. And then maybe -- so then on that point, where does the pipeline kind of end for Engines and by the end of the year? And how do you think about kind of the margin progression from here in Propulsion?

好的，明白了。這非常有幫助。那麼也許——那麼就這一點而言，到今年年底，引擎的管道將在哪裡結束？您如何看待推進系統從現在開始的利潤成長？

Yes. As we currently said, by the end of the year, pipeline will be down about 25% from the beginning of 2024. And it's kind of in the mid-30s down percentagewise on engines greater than 175. And a lot of what it does from there is dependent on kind of the OEM patterns as we start all the way into '26 and the next retail cycle. But as we said now, I don't think we're going to take much more out. I would say, the second half -- this year, second half is not anticipating a whole lot of takeout. So what you -- what we've taken out is kind of is where we sit. But a lot of that depends on where retail lands.

是的。正如我們目前所說，到今年年底，管道數量將比 2024 年初下降約 25%。對於 175 以上的發動機，其下降百分比約為 30% 左右。從那時起，它所做的很多事情都取決於 OEM 模式，因為我們將一直進入 26 年和下一個零售週期。但正如我們現在所說的，我認為我們不會再拿出更多了。我想說，今年下半年預計不會有大量外帶。所以，我們所取出的就是我們所處的位置。但很大程度取決於零售業的所在地。

Got it, super helpful. Thank you, guys, and good luck.

明白了，非常有幫助。謝謝你們，祝你們好運。

Stephen Grambling, Morgan Stanley.

摩根士丹利的史蒂芬‧格蘭布林。

Hi, thank you. You mentioned the initiatives to improve inventory and working capital. And I know you've talked about it a little bit on the call, but maybe you could just expand on what some of the initiatives are and how specifically investors think about the impact of free cash flow conversion longer term, particularly if the retail cycle does start to turn here. Thank you.

你好，謝謝。您提到了改善庫存和營運資金的措施。我知道您在電話會議上已經談到了這一點，但也許您可以詳細說明其中一些舉措，以及投資者如何具體看待自由現金流轉換的長期影響，特別是如果零售週期確實開始轉變的話。謝謝。

Yes, maybe we can tag team it up. So yes, a lot of work going on, particularly with our supply chain, and it's been a very dynamic time. Obviously, we've been a time when we've done some banking of inventory. But essentially, it has been very diligent management of incoming supply chain to make sure that we aligned the WIP and overall inventory levels with the production requirements.

是的，也許我們可以組隊。是的，有很多工作正在進行，特別是我們的供應鏈，這是一個非常活躍的時期。顯然，我們已經進行過一些庫存管理。但本質上，我們對進貨供應鏈進行了非常認真的管理，以確保 WIP 和整體庫存水準與生產要求保持一致。

That is not an easy process. It does require us to work very closely with the supply base, and our team has done a wonderful job of doing that and managing to make sure that we keep a very healthy supply base, but that we don't always supply ourselves. I think there's more room to run. There we continue to see the benefits from that, and we have very clear targets both in the short term and long term for our inventory levels. But those inventory levels have come down, I think, a couple of hundred million in the last -- over the first half of the year end. Ryan, anything you want to add?

這不是一個容易的過程。這確實要求我們與供應基地密切合作，我們的團隊在這方面做得非常出色，設法確保我們保持非常健康的供應基地，但我們並不總是自己供應。我認為還有更多的運行空間。我們繼續看到由此帶來的好處，並且我們對庫存水準的短期和長期目標都有非常明確的目標。但我認為，去年上半年庫存水準已經下降了數億美元。Ryan，您還有什麼要補充的嗎？

Yes. The significant reductions in production in the second half of last year and balancing the incoming inventory is really a helpful driver of that. And the businesses, as Dave said, have done a really nice job of ensuring the balance. And that will then move forward as we look at the second-half financials and gives us a nice benefit because we will be producing and wholesaling more in both Boat and Engines.

是的。去年下半年產量的大幅減少和庫存的平衡確實是一個有益的推動因素。正如戴夫所說，企業在確保平衡方面做得非常出色。當我們看下半年的財務狀況時，這將會向前發展，並為我們帶來不錯的收益，因為我們將在船舶和引擎領域生產和批發更多產品。

Got it. Thank you.

知道了。謝謝。

Joe Altobello, Raymond James.

喬·阿爾托貝洛、雷蒙·詹姆斯。

Thanks. Hey, guys, good morning. Just to go back to the Engine commentary for a second, if we assume a 15% tariff on Japan, I would think the impact here is pretty straightforward, right? And that would obviously significantly improve your competitive positioning. So I guess, first, is that showing up yet in OEM orders? And second, is that baked into your outlook at all?

謝謝。嘿，大家早安。回到引擎評論，如果我們假設對日本徵收 15% 的關稅，我認為這裡的影響非常簡單，對嗎？這顯然會顯著提高您的競爭地位。所以我猜，首先，這是否已經出現在 OEM 訂單中了？其次，這是否已經融入您的觀點了？

Hi, Joe. I guess no and no, really. Well, first of all, it's not baked explicitly into our outlook; although obviously, it's going to be helpful to us. It is not particularly showing up yet because of the amount of engines that were shipped in the second quarter, in particular. I don't think something like this was not a surprise, so I think that our competitors still have stock of pre-tariff engines. But obviously, over time, those will kind of bleed out. And we have not explicitly baked an uplift in Mercury share into our forecast at the moment. But obviously, it's going to give us good momentum.

嗨，喬。我想是的，真的不是。嗯，首先，它並沒有明確地融入我們的觀點中；儘管很明顯，它會對我們有幫助。由於第二季出貨的引擎數量較多，因此目前還沒有特別明顯的表現。我認為這樣的事情並不令人意外，所以我認為我們的競爭對手仍然有關稅前的引擎庫存。但顯然，隨著時間的推移，這些都會逐漸消失。目前，我們還沒有明確將水星份額的提升納入我們的預測中。但顯然，這將為我們帶來良好的動力。

Okay, very helpful. And maybe secondly, you referred to certain rationalization and manufacturing capacity optimization efforts. Maybe could you elaborate on that? What businesses? It sounds like Navico and Boats as part of that, but maybe, are there others as well?

好的，非常有幫助。其次，您提到了某些合理化和製造能力優化工作。能詳細說明一下嗎？什么生意？聽起來 Navico 和 Boats 是其中的一部分，但也許還有其他的嗎？

Yes, I think it's certainly -- we need to continue the process of ensuring that we have good productivity and efficiency and that our overall capacity is aligned with our expectations for the market. We've been continuing to work on that, and I gave a few examples in the commentary that we previously provided, but there is more work to do. And honestly, we'll be able to share a bit more explicitly, probably in the third-quarter call on that or maybe some kind of intermediate basis. But there are various things that we're continuing to progress that will, I think, materially address fixed costs in those businesses.

是的，我認為確實如此——我們需要繼續確保我們擁有良好的生產力和效率，並且我們的整體產能與我們對市場的預期相一致。我們一直在繼續努力，我在之前提供的評論中給出了一些例子，但還有更多工作要做。老實說，我們可能會在第三季的電話會議上或某種中間基礎上更明確地分享一些資訊。但我認為，我們正在繼續推動各種工作，這些工作將從實質上解決這些業務的固定成本問題。

Okay. Understood. Thank you.

好的。明白了。謝謝。

Jaime Katz, Morningstar.

晨星公司的 Jaime Katz。

Hey, good morning. Thanks for squeezing me in. So I'm curious about the second-half projection for Boat sales, and it implies basically that we're returning to growth. And I'm wondering if part of that is just mix from higher-priced boats or if you guys have seen interest or rising commitments from dealers that may help us see if we are at the trough.

嘿，早安。謝謝你把我擠進來。因此，我對下半年船舶銷售預測感到好奇，這基本上意味著我們正在恢復成長。我想知道這是否只是來自高價船隻的混合，或者你們是否已經看到經銷商的興趣或不斷增加的承諾，這可能有助於我們了解我們是否處於低谷。

Yes, good morning, Jamie. I think it's kind of two things. One, goodness in July has given us some momentum here as we get into the back half of the year, and we believe we'll continue to spur our dealer orders. But certainly, the year-over-year comps versus the second half of last year really are a bit of a driving factor.

是的，早安，傑米。我認為這是兩件事。首先，七月的良好表現為我們進入下半年帶來了一些動力，我們相信我們將繼續刺激經銷商的訂單。但可以肯定的是，與去年下半年相比，年比數據確實是個驅動因素。

We took substantial production out in the second half of '24 in order to keep inventory fresh and at the right levels. This year, just to match retail and wholesale, the wholesale will be stronger, right, in the second half. And so yes, premium and core, we plan on being up more than value, as Dave and I have said on the call. But really, if you go back and look at production rates, it's just matching wholesale and retail and the comparison versus an extremely light back half of '24.

為了保持庫存新鮮並保持在適當的水平，我們在 2024 年下半年進行了大規模生產。今年，只是為了匹配零售和批發，批發在下半年會更強勁。是的，正如戴夫和我在電話會議上所說的那樣，我們計劃提高高端和核心產品的價值。但實際上，如果你回過頭來看看生產率，它只是匹配批發和零售，並與 24 年下半年極其輕的產量進行比較。

Okay, and then can we just focus on value? Obviously, there are some value products that are moving. Do you guys have any insight into what consumers -- what is facilitating conversion of those sales? And then maybe what we should be looking for to determine when those sales may return outside of interest rates, perhaps?

好的，那我們可以只關注價值嗎？顯然，有一些有價值的產品正在暢銷。你們對消費者有什麼見解嗎──什麼促進了這些銷售的轉換？那麼也許我們應該尋找什麼來確定這些銷售何時可以在利率之外回報？

Yes, a couple of things. Obviously, just broader economic sensitivity in that via population, if you like. So any uncertainties about inflation employment, other things tend to be more acute in that population. It is an area where we see more financing at the point of sale. So more sensitivity to interest rates, certainly.

是的，有幾件事。顯然，如果你願意的話，這只是透過人口實現的更廣泛的經濟敏感度。因此，有關通貨膨脹、就業等問題的任何不確定性在該族群中往往更為嚴重。我們看到，在這個領域，銷售點的融資越來越多。因此，對利率的敏感度肯定更高。

I think we're doing a pretty good job in that segment, but it does require more promotions. You need to provide a reason for somebody to make that purchase. We try and do that by having the freshest inventory, the newest products, and other things in the marketplace. But in the current environment, it also takes a bit of an economic push as well.

我認為我們在該領域做得很好，但確實需要更多的推廣。您需要為某人提供進行購買的理由。我們嘗試透過在市場上提供最新的庫存、最新的產品和其他東西來做到這一點。但在當前環境下，這也需要一點經濟推動。

So I think, hopefully, we'll begin to see some interest rate reductions in the back half of this year that will provide a bit more momentum. We'd hope to see something earlier in the year, but those didn't materialize. But I would say that those interest rate reductions are probably going to disproportionately benefit the buyers of value or entry-level product.

因此，我希望我們能在今年下半年開始看到一些利率降低，這將提供更多的動力。我們希望在今年早些時候看到一些成果，但這些並沒有實現。但我想說的是，這些利率降低可能會對價值型或入門級產品的買家產生不成比例的好處。

Thanks.

謝謝。

We have no further questions at this time. I would like to turn the conference back over to Dave for some concluding remarks.

目前我們沒有其他問題。我想將會議交還給戴夫，請他發表一些總結性發言。

Well, thanks for your questions, everyone. Much appreciated. It was another solid quarter for Brunswick, lots of new products, very diligent operational work leading to our performance really across all of our businesses and segments. A couple of things probably stand out, our cash performance and also the fact that our revenue was slightly up over the second quarter of 2024. It was nice to see that inflection. So great to see.

好吧，謝謝大家的提問。非常感謝。對於 Brunswick 來說，這又是一個穩健的季度，大量的新產品、非常勤奮的營運工作真正提高了我們所有業務和部門的表現。有幾件事可能很突出，我們的現金表現以及我們的收入比 2024 年第二季度略有增長。很高興看到這種轉變。很高興看到。

As we noted, we're continuing to work hard and in a smart way to mitigate the direct impact of tariffs. But as we discussed in some of the questions here, our footprint and vertical integration do provide us with a fundamental competitive advantage in the presence of persistent tariffs. We are still -- we are working really tirelessly on further actions to re-expand margins in the business, and we really have very tangible actions lined up to achieve that.

正如我們所指出的，我們將繼續努力並以明智的方式減輕關稅的直接影響。但正如我們在某些問題中所討論的那樣，在持續存在關稅的情況下，我們的足跡和垂直整合確實為我們提供了根本的競爭優勢。我們仍在不懈地努力採取進一步行動，重新擴大業務利潤率，並且我們確實已經採取了非常切實的行動來實現這一目標。

And then finally, although we are beyond the midpoint of the selling season, we do get a real sense that the market wants to rebound with just a little more kind of normalization of the macro backdrop, maybe later in the season with some tailwind from interest rates. So as we enter the second half, we do enter it with some cautious optimism. Thank you very much.

最後，儘管我們已經過了銷售季節的中點，但我們確實感覺到，只要宏觀背景稍微正常化，市場就會反彈，也許在本季度後期，在利率的推動下。因此，當我們進入下半年時，我們確實帶著謹慎樂觀的態度。非常感謝。

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

謝謝。今天的會議就到此結束。此時您可以斷開您的線路，感謝您的參與。