賓士域 (BC) 2025 Q3 法說會逐字稿

Good morning, and welcome to Brunswick Corporation's third quarter 2025 earnings conference call. (Operator Instructions) Today's meeting will be recorded. If you have any objections you may disconnect at this time.

早安，歡迎參加 Brunswick 公司 2025 年第三季財報電話會議。 （操作說明）本次會議將進行錄音。如有任何異議，您可以立即斷開連接。

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

現在我謹向大家介紹 Brunswick 公司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.

早安，感謝各位參加本次電話會議。今天早上與我一起參加電話會議的有：布倫瑞克公司董事長兼執行長大衛·福克斯，以及布倫瑞克公司首席財務官瑞安·格威利姆。

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 the factors to consider, please refer to our recent SEC filings and today's press release. All of these documents are available on our website at brunswick.com.

在我們正式發言之前，我想提醒各位，在本次電話會議中，我們的發言將包含一些關於未來業績的前瞻性陳述。請注意，我們的實際業績可能與這些預期有重大差異。有關需要考慮的因素的詳細信息，請參閱我們近期提交給美國證券交易委員會（SEC）的文件以及今天的新聞稿。所有這些文件都可以在我們的網站 brunswick.com 上查閱。

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

在本次簡報中，我們將提及一些非公認會計準則（non-GAAP）財務資訊。公認會計準則（GAAP）與非公認會計準則（non-GAAP）財務指標的調節表請參閱本次簡報的附錄以及今日績效報告所附未經審計的合併財務報表中的調節部分。

I will now turn the call over to Dave.

現在我將把通話轉給戴夫。

Thanks, Steve. Brunswick delivered strong third quarter results, with each reporting segment generating revenue growth over the prior year quarter and overall financial performance exceeding expectations and guidance for the quarter. The sales growth reflected strength across all our businesses despite a challenging, albeit improving macro environment and industry backdrop.

謝謝史蒂夫。布倫瑞克第三季業績表現強勁，各業務部門的營收均較上年同期有所成長，整體財務表現超乎預期與指引。儘管宏觀環境和產業背景充滿挑戰，但整體呈現好轉趨勢，我們所有業務的銷售成長依然強勁。

Our market-leading propulsion and boat portfolios outperformed their respective markets, and our recurring revenue, parts and accessories and other aftermarket focused businesses, along with Freedom Boat Club, continued to benefit from healthy boating activity.

我們市場領先的推進系統和船舶產品組合在各自的市場中表現優異，而我們的經常性收入、零件和配件以及其他售後市場業務，以及 Freedom Boat Club，都繼續受益於健康的航海活動。

Brunswick's third quarter boat retail sales were flat year-over-year, a notable relative improvement from the first half of the year driven by resilience in our premium and core categories. We continue to drive forward with financial and operational efficiencies through the announced margin-accretive footprint actions in our boat business, continued enterprise-wide tariff mitigation initiatives, prudent pipeline management and excellent capital strategy execution.

Brunswick第三季遊艇零售額與去年同期持平，較上半年顯著改善，這主要得益於我們高端和核心產品類別的韌性。我們將繼續推動財務和營運效率的提升，具體措施包括：已宣布的遊艇業務利潤率提升舉措、持續推進全公司範圍內的關稅減免計劃、審慎的在研產品線管理以及卓越的資本戰略執行。

Our third quarter sales of $1.4 billion were up 7% versus prior year. Our adjusted earnings per share of $0.97 were impacted by the reinstatement of variable compensation and tariffs, but were up year-over-year, excluding those items, and we had another quarter of outstanding free cash flow generation, providing us with the flexibility to simultaneously invest in our business, return capital to shareholders and strengthen our balance sheet.

第三季銷售額達14億美元，年增7%。調整後每股收益為0.97美元，受到恢復浮動薪酬和關稅的影響，但剔除這些項目後，每股收益仍較去年同期成長。此外，我們又一個季度擁有充裕的自由現金流，這使我們能夠靈活地同時進行業務投資、向股東返還資本並增強資產負債表。

With $111 million of free cash flow in the third quarter, we have generated $355 million year-to-date, an exceptional $348 million improvement over the first three quarters of last year. For the first time since the first quarter of 2022, revenue grew in all our segments.

第三季自由現金流達1.11億美元，年初至今已累計創造3.55億美元自由現金流，較去年同期成長3.48億美元，增幅顯著。自2022年第一季以來，我們所有業務部門的營收均實現成長。

The Propulsion business delivered significant sales growth, with revenues in each of its three businesses: outboard, sterndrive and controls, rigging and propellers, up over prior year as OEM order strength continued later into the boating season.

推進系統業務實現了顯著的銷售成長，其三大業務板塊（舷外機、舷內機和控制系統、索具和螺旋槳）的收入均較上年有所增長，因為 OEM 訂單的強勁勢頭一直持續到航海季的後期。

Mercury continues to be the clear US outboard market share leader, with 49.4% share of outboard engines sold in the quarter. Given the volume of Mercury competitor engines shipped into the U.S. in advance of the tariffs on Japanese imports, we have not yet seen the full potential impacts of those tariffs on competitive product pricing, but we continue to be well positioned.

Mercury 繼續穩居美國舷外機市佔率領先地位，本季舷外機銷量佔比高達 49.4%。鑑於在日本進口產品加徵關稅之前，Mercury 的競爭對手已向美國大量出口發動機，我們尚未完全感受到這些關稅對競爭性產品價格的潛在影響，但我們仍然佔據有利地位。

Strong boater participation in our core markets continues to benefit our high-margin annuity Engine Parts and Accessories business, which posted strong sales growth over the prior year with sales in both the products and distribution businesses up solidly and segment operating margin also up sequentially from the second quarter, reflecting the strong operating leverage in the business. In the US our market-leading distribution business gained 140 basis points of market share year-to-date over the same period last year.

核心市場船艇用戶的強勁參與持續惠及我們高利潤率的發動機零件及配件業務，該業務銷售額較上年同期實現強勁增長，產品和分銷業務的銷售額均穩步提升，且業務板塊營業利潤率較第二季度環比增長，體現了該業務強大的運營槓桿作用。在美國，我們市場領先的分銷業務今年迄今的市佔率較去年同期成長了140個基點。

Navico Group reported modest sales growth and steady adjusted operating margin over prior year. Growth was led by strong performance in marine electronics product lines, but continued to benefit from investments in technology and new product introductions. While strong boating participation drove aftermarket sales that represents 60% of Navico revenue.

Navico集團公佈的銷售額實現了溫和增長，調整後的營業利潤率與上年持平。成長主要得益於船用電子產品線的強勁表現，同時技術投資和新產品推出也持續推動了業績成長。此外，船艇市場的蓬勃發展也帶動了售後市場銷售，該市場佔Navico總收入的60%。

Continued restructuring actions, a leaner, more focused organization and new product investments are bearing fruit. And Navico Group's strategic importance to the Brunswick portfolio was recently reinforced by the introduction of the Simrad AutoCaptain autonomous boating system, developed by Navico Group in collaboration with Mercury Marine and Brunswick Boat Group.

持續的重組措施、更精簡、更專注的組織架構以及對新產品的投資正在發揮成效。此外，Navico集團與Mercury Marine和Brunswick Boat Group合作開發的Simrad AutoCaptain自動駕駛船舶系統近期上市，進一步鞏固了Navico集團對Brunswick產品組合的戰略重要性。

Lastly, GAAP operating earnings were impacted by $323 million of noncash intangible asset charges for Navico Group. These impairment charges reflect the impact of the current trade and economic environment despite our plans for continued growth and margin improvement in this important part of our portfolio that is an increasing source of integrated solutions and differentiated innovation.

最後，Navico集團3.23億美元的非現金無形資產減損影響了GAAP營業利潤。儘管我們計劃繼續保持成長並提高利潤率，但這些減損支出反映了當前貿易和經濟環境的影響。 Navico集團是我們業務組合中這一重要部分，它日益成為整合解決方案和差異化創新的重要來源。

Our Boat business grew both revenue and adjusted operating margin over prior year as our premium brands continue to perform well, and our aluminum boat businesses delivered a very strong quarter. Dealer inventory remains historically low, and coupled with flat retail, allowed for steady wholesale shipments.

我們的船艇業務營收和調整後營業利潤率均較上年同期有所增長，這主要得益於我們的高端品牌持續表現良好，尤其是鋁製船艇業務在本季度表現尤為強勁。經銷商庫存仍處於歷史低位，加上零售額保持平穩，使得批發出貨量得以穩定。

In September, we announced the strategic rationalization of our fiberglass boat manufacturing footprint, exiting our facilities in Reynosa, Mexico and Flagler Beach, Florida by the middle of 2026 and consolidating production from these facilities into existing US facilities.

9 月，我們宣布了對玻璃鋼船製造佈局的戰略合理化調整，計劃在 2026 年年中之前關閉位於墨西哥雷諾薩和佛羅裡達州弗拉格勒海灘的工廠，並將這些工廠的生產整合到現有的美國工廠中。

Moving on to external factors. The US Fed cut the Fed funds rate by 25 basis points in September, with expectations for several additional cuts through the balance of 2025 and or in early 2026. Lower interest rates have a compound benefit in reducing the cost of both dealer floor plan financing and consumer retail financing, which will be a tailwind for both wholesale stocking and the 2026 main selling season. Additionally, while we're still analyzing how best to take advantage of the tax provisions of the One Big Beautiful Bill Act, the cash flow benefits will most likely be realized in 2026.

接下來談談外在因素。聯準會在9月將聯邦基金利率下調了25個基點，預計在2025年剩餘時間或2026年初也將多次降息。較低的利率將帶來複利效應，降低經銷商庫存融資和消費者零售融資的成本，這將有利於批發庫存和2026年的主要銷售旺季。此外，雖然我們仍在分析如何最好地利用《一項偉大的法案》（One Big Beautiful Bill Act）的稅收條款，但現金流方面的收益很可能在2026年實現。

We continue to actively manage our tariff exposure in what is still a dynamic situation and are slightly increasing our estimate to approximately $75 million of net tariff impact for the year, mainly as a result of the expanded scope of Section 232 tariffs.

我們繼續積極管理關稅風險敞口，目前情況仍然瞬息萬變，我們將今年的淨關稅影響估計略微上調至約 7500 萬美元，這主要是由於第 232 條款關稅範圍擴大所致。

I will again highlight that because of 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. We also stand to potentially benefit from the tariffs of our engine competitors who import their engines from Japan, now subject to a 15% tariff.

我再次強調，由於我們主要在美國擁有垂直整合的引擎和船舶製造基地，供應鏈也主要依賴國內市場，而且我們幾乎所有面向國際市場的船舶都是在這些市場內生產的，因此，即使在關稅持續上漲的環境下，我們仍然保持著強大的競爭力。此外，我們還有可能從那些從日本進口引擎的競爭對手那裡受益，因為日本目前對引擎徵收15%的關稅。

Dealer sentiment remained stable with historically low and fresh dealer inventory, and boating participation has increased considerably during the third quarter, benefiting our aftermarket businesses and driving Freedom Boat Club trips up 2.5% year-to-date versus prior year.

由於經銷商庫存處於歷史低點且庫存充足，經銷商情緒保持穩定，第三季度遊艇參與度大幅提高，有利於我們的售後市場業務，並推動 Freedom Boat Club 的旅行次數比上年同期增長 2.5%。

OEM build rates have remained solid, and in combination with lower inventories, have supported strong wholesale engine shipments. Retail incentives remain elevated compared to historic levels, but are lower than in the same period last year.

整車製造商的生產效率保持穩定，加上庫存降低，支撐了引擎批發出貨量的強勁成長。零售商的激勵措施仍高於歷史水平，但低於去年同期。

Looking now at industry retail performance, which has steadily improved in recent months after the macroeconomic shocks from early spring. As of the latest SSI reporting for August, US main powerboat industry retail was down a little more than 9% year-to-date, with Brunswick boat brands continuing to outperform the industry and Brunswick's internal retail performing better than SSI.

現在來看看產業零售業績，在經歷了早春宏觀經濟衝擊後，近幾個月來穩步改善。根據SSI最新發布的8月報告，美國主要動力艇產業零售額年初至今下降略超過9%，其中Brunswick旗下品牌持續跑贏產業，且Brunswick內部零售業績優於SSI。

Despite the US outboard engine industry that is down slightly year-to-date, Mercury market share remained stable with a 49.4% share in the third quarter, even in the face of significant competitive promotional activity. Internationally, Mercury drove strong share gains in the majority of its markets.

儘管美國舷外機產業今年迄今略有下滑，但Mercury的市佔率仍保持穩定，第三季市佔率為49.4%，即便麵臨激烈的競爭對手促銷活動。在國際市場上，Mercury在其大部分市場都實現了強勁的份額成長。

From a global boat retail perspective, our core and premium brands outperformed the market during the quarter, and our value brands performed steadily. Overall, Brunswick's boat retail was down mid-single digits in the first half of this year compared to prior year, while this quarter, overall, we came in flat to prior year, a significant relative improvement. While still down, we saw notable strengthening in our value segment as we took actions to streamline our model lineup and improve profitability through manufacturing consolidation, which we'll discuss on the next slide.

從全球船艇零售的角度來看，本季我們的核心品牌和高端品牌表現優於市場平均水平，而我們的經濟型品牌也表現穩定。總體而言，今年上半年Brunswick的船艇零售額較去年同期下降了個位數百分比，而本季整體與去年同期持平，這是一個顯著的相對改善。儘管整體仍有所下滑，但我們的經濟型船艇業務表現明顯增強，這得益於我們採取措施精簡產品線並透過生產整合來提高盈利能力，我們將在下一頁詳細討論這些措施。

Lastly, we continue to drive healthy and very lean dealer inventory pipeline levels. Global pipelines are down over 2,200 units compared to the third quarter of 2024 and down over 1,500 units sequentially from the last quarter. In the US pipelines are down over 1,200 units compared to the third quarter of 2024 and down over 700 units sequentially from the last quarter.

最後，我們繼續保持經銷商庫存水準健康且非常精簡。全球庫存量較2024年第三季減少超過2,200輛，較上一季較上季減少超過1,500輛。美國庫存量較2024年第三季減少超過1,200輛，較上一季較上季減少超過700輛。

While the performance of our fiberglass value brands improved in the third quarter, this has remained our most challenged category. Last quarter, we reported that we streamlined our value fiberglass model lineup by 25% for the 2026 model year, which began in July. And in September, we announced a strategic consolidation of our Reynosa, Mexico and Flagler Beach, Florida facilities into existing U.S. locations.

雖然我們玻璃纖維經濟型品牌的業績在第三季有所改善，但這仍然是我們面臨的最大挑戰。上個季度，我們宣布將2026款經濟型玻璃鋼車型陣容精簡了25%，該車型於7月開始銷售。 9月，我們宣布將位於墨西哥雷諾薩和佛羅裡達州弗拉格勒海灘的工廠策略性地整合到美國現有的工廠中。

This consolidation will reduce fixed costs, drive improved profitability in our Boat segment and generate a strong return on investment. The transition is expected to be complete in mid-2026, with some inefficiencies during the transition but with anticipated run rate savings of over $10 million a year after completion, even at current volumes, and with the benefits increasing when the industry rebounds and production volumes increase.

此次整合將降低固定成本，提升船舶業務的獲利能力，並帶來豐厚的投資回報。預計過渡期將於2026年中期完成，過渡期間可能會出現一些效率低下的情況，但預計完成後，即使在目前的產量水平下，每年也能節省超過1000萬美元的成本，而且隨著行業復甦和產量增加，收益還將進一步提升。

This quarter, Brunswick has again delivered outstanding free cash flow. With $355 million year-to-date, we have delivered $1.6 billion of free cash flow since 2021 and a record $635 million over the last 12 months in very dynamic and challenging market conditions with a significant contribution from the recurring revenue components of our portfolio, but also with diligent focus on working capital reduction, and we expect this strong performance to continue into the fourth quarter and next year. Our investment-grade balance sheet remains very healthy, with no debt maturities until 2029 and attractive cost of debt and maturity profile and net leverage that continues to improve.

本季度，Brunswick再次實現了卓越的自由現金流。截至目前，我們已實現3.55億美元的自由現金流，自2021年以來累計實現16億美元的自由現金流，過去12個月更是創下6.35億美元的紀錄。儘管市場環境瞬息萬變且充滿挑戰，但我們依然取得瞭如此佳績。這主要得益於我們投資組合中經常性收入的顯著貢獻，同時也得益於我們始終致力於降低營運資本。我們預計這一強勁的業績將延續至第四季及明年。我們投資等級的資產負債表依然非常健康，2029年之前沒有到期債務，債務成本和到期結構極具吸引力，淨槓桿率也持續改善。

We are, therefore, again, increasing our debt reduction guidance for 2025 by $25 million to $200 million for the year, up $75 million since the beginning of the year. By year-end, we are on track to retire approximately $375 million of debt since the beginning of 2023 and are committed to achieving our long-term net leverage target of below 2 times EBITDA.

因此，我們再次將2025年的債務削減預期上調2,500萬美元至2億美元，較年初增加7,500萬美元。到年底，我們預計將償還自2023年初以來約3.75億美元的債務，並致力於實現低於EBITDA兩倍的長期淨槓桿目標。

We are accomplishing this while maintaining significant financial flexibility. And at quarter end, we have $1.3 billion in liquidity, including full access to our undrawn revolving credit facility. We also anticipate retiring $200 million or more of debt next year while continuing to return capital to shareholders.

我們在保持顯著財務靈活性的同時實現了這些目標。截至季末，我們擁有13億美元的流動資金，其中包括可動用的未提取循環信貸額度。我們預計明年將償還2億美元或更多的債務，同時繼續向股東返還資本。

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

現在我將把電話交給 Ryan，讓他對我們的財務表現和前景作進一步評論。

Thank you, Dave, and good morning, everyone. Brunswick's third quarter performance came in ahead of expectations, with sales growth in each of our segments versus the third quarter of 2024. On a consolidated basis, sales were up almost 7%, reflecting strong orders from OEMs and dealers, pricing actions taken in recent periods and steady boating participation, driving P&A and other aftermarket business strength, which was helped by favorable late season weather in many regions.

謝謝戴夫，大家早安。布倫瑞克第三季的業績超出預期，所有業務部門的銷售額均較2024年第三季有所成長。合併後的銷售額成長近7%，這主要得益於來自原始設備製造商和經銷商的強勁訂單、近期採取的價格策略以及穩定的船舶市場參與度，從而推動了船艇維護和其他售後市場業務的成長。此外，許多地區季末的良好天氣也對此有所好處。

Adjusted operating earnings and EPS also exceeded expectations, but were down versus the prior year due to the enterprise-wide impacts of tariffs and the reinstatement of variable compensation, which were partially offset by the positive earnings generated by the increased sales.

調整後的營業利潤和每股收益也超出預期，但與上年相比有所下降，這是由於關稅對整個企業的影響以及恢復浮動薪酬所致，但銷售額增長帶來的正收益部分抵消了這些影響。

Lastly, as Dave highlighted, we continue to drive robust free cash flow, up 166% from the prior year. On a year-to-date basis, sales are down 1%, primarily due to planned lower first half production levels in our Propulsion and Boat businesses, mostly offset by P&A and aftermarket stability throughout the year and third quarter sales growth in all of our businesses.

最後，正如戴夫所強調的，我們持續保持強勁的自由現金流，較上年同期成長166%。年初至今，銷售額下降1%，主要原因是推進系統和船舶業務計劃降低上半年產量，但全年P&A和售後市場的穩定以及所有業務第三季度的銷售成長基本上抵消了這一影響。

Year-to-date adjusted operating earnings and EPS are also ahead of expectations, but remained below the prior year as expected due to the previously mentioned enterprise factors and lower first half production. Year-to-date free cash flow of $355 million remains a continued strength of the entire enterprise, reflecting the overall steady performance of our higher-margin aftermarket businesses and our focused inventory and other working capital initiatives.

年初至今的調整後營業利潤和每股盈餘都超出預期，但由於前述企業因素和上半年產量下降，仍低於去年同期水平，符合預期。年初至今的自由現金流為3.55億美元，持續維持公司整體強勁的業績，反映了我們高利潤率售後市場業務的穩健表現，以及我們重點關注的庫存和其他營運資本舉措。

As noted, while sales were up 7% this quarter versus the prior year, adjusted EPS was down $0.20. However, outside the impacts of tariffs and the variable compensation reinstatement, we would have shown strong adjusted earnings growth in the quarter.

如前所述，雖然本季銷售額較上年同期成長7%，但調整後每股收益下降0.20美元。然而，若不計關稅和浮動薪酬恢復的影響，本季我們本應實現強勁的調整後獲利成長。

The aggregate third quarter EPS impact of reinstating variable compensation back to target levels and incremental tariffs was approximately $0.70. These costs were partially offset by the earnings benefits from the higher sales and positive absorption, primarily in our Propulsion business, along with lower discounts in our Boat business.

第三季每股盈餘 (EPS) 的合計變動為：將浮動薪酬恢復至目標水準並增加關稅，影響約為 0.70 美元。這些成本部分被銷售額成長和正向吸收帶來的獲利成長所抵消，主要體現在我們的推進系統業務以及船舶業務折扣減少方面。

Now we'll look at each reporting segment, starting with our Propulsion business, which grew sales by 10% in the quarter, reflecting increases for each of its product categories of outboards, sterndrive and controls, rigging and props.

現在我們將逐一查看報告部分，首先是我們的推進系統業務，該業務本季銷售額增長了 10%，反映了其舷外機、舷內機和控制裝置、索具和螺旋槳等各個產品類別的銷售額均有所增長。

Mercury saw strong OEM orders in a low field inventory environment, together with continued robust market share, resulting in their second straight quarter of strong sales improvement. Operating margin was down compared to prior year due to tariffs and the variable compensation reset, but benefited from improved absorption driven by higher production in the quarter.

在庫存較低的環境下，Mercury 獲得了強勁的 OEM 訂單，同時市佔率也保持穩健，從而實現了連續第二季的強勁銷售成長。受關稅和浮動薪酬調整的影響，營業利潤率較上年同期有所下降，但得益於本季度產量提高帶來的銷售吸收率提升，利潤率有所改善。

Healthy boater participation continues to drive strength in our Engine Parts and Accessories segment, with sales up 8% overall compared to the prior year. Sales were up solidly for both products and distribution, benefiting from favorable late season weather in many regions, helping to make up for a slower start earlier in the year, and market share gains in our distribution business. Operating earnings were down slightly compared to the prior year solely due to the enterprise impacts already discussed.

船艇用戶持續活躍，推動了引擎零件及配件業務的強勁成長，整體銷售額較前一年成長8%。產品和分銷管道的銷售額均實現穩健增長，這得益於許多地區季末的良好天氣，彌補了年初的疲軟表現，同時也得益於分銷業務市場份額的提升。營業利潤較上年略有下降，這完全是由於前文所述的企業因素所致。

I'm delighted to share that the Navico Group sales increased by 2% in the quarter, led by growth in its electronics portfolio, with adjusted operating margins decreasing only slightly as compared to the prior year. As Dave mentioned earlier, GAAP operating earnings were impacted by a $323 million noncash intangible asset impairment charge for the Navico Group.

我很高興地宣布，Navico集團本季銷售額成長2%，主要得益於電子產品組合的成長，調整後的營業利潤率與去年同期相比僅略有下降。正如Dave先前提到的，Navico集團3.23億美元的非現金無形資產減損支出影響了其GAAP營業利潤。

As we have previously discussed, driving improved performance in this segment is a key focus for management and the entire Navico team. And while we still have more work to do, we are starting to see the benefits from these efforts and our investments in new products, as reflected in Navico's consistent sales and earnings performance throughout the year.

正如我們之前討論過的，提升該業務板塊的業績是管理層和整個Navico團隊的重點工作。雖然我們仍有許多工作要做，但我們已經開始看到這些努力和新產品投資帶來的成效，Navico全年持續穩定的銷售額和盈利表現就證明了這一點。

As compared to the third quarter of last year, gross margins improved significantly as we took out almost $5 million of cost from Navico facilities and continue to execute a multiyear initiative to consolidate and optimize our global network of warehouses and distribution centers.

與去年第三季相比，毛利率顯著提高，因為我們從 Navico 的設施中削減了近 500 萬美元的成本，並繼續執行一項多年計劃，以整合和優化我們的全球倉庫和配送中心網路。

This strategic program is designed to deliver meaningful improvements across customer experience, operational performance and financial outcomes. We also continue to improve the balance sheet with lower inventory and increased turns.

這項策略計畫旨在顯著提升客戶體驗、營運績效和財務表現。我們還將透過降低庫存和提高週轉率來持續改善資產負債表。

Lastly, our Boat segment reported sales growth of 4% over prior year, with growth in both boat sales and the business acceleration portfolio. Our aluminum boat brands, led by our premium fishing brand, Lund, had an especially strong quarter and drove strong top line and earnings performance. And Freedom Boat Club continued its growth journey, contributing approximately 13% of the segment sales.

最後，我們的船艇業務板塊銷售額年增4%，其中船艇銷售和業務加速產品組合均實現成長。以高端釣魚品牌Lund為首的鋁製船艇品牌在本季表現尤為強勁，帶動了營收和利潤的顯著成長。 Freedom Boat Club也持續維持成長動能，貢獻了該板塊約13%的銷售額。

With low dealer pipelines, flat third quarter retail pulled through steady wholesale performance as we ended the quarter with lower pipeline inventories, as Dave discussed earlier. Segment adjusted operating earnings benefited from the increased sales, a lower discount environment and focused cost actions, which resulted in greatly improved segment gross margin, which more than offset the enterprise factors and flowed through into a 65% increase in adjusted operating earnings compared to the prior year.

由於經銷商庫存不足，第三季零售業務表現平平，但批發業務表現穩定，正如戴夫之前所述，季度末庫存也隨之下降。分部調整後的營業利潤受益於銷售額成長、折扣力度加大以及重點成本控制措施，從而大幅提升了分部毛利率，足以抵消企業層面的不利因素，最終使調整後的營業利潤較上年同期增長65%。

My last slide shows our full year guidance, which remains unchanged for revenue of approximately $5.2 billion, adjusted operating margins of approximately 7% and adjusted EPS of approximately $3.25. We remain comfortable with our full year EPS guidance despite the slightly increased estimated net tariff impact, as we believe we can carry forward our slight third quarter beat and continue to drive sales and earnings growth as we close out the year.

最後一張投影片展示了我們的全年業績預期，營收約52億美元，調整後營業利潤率約為7%，調整後每股收益約為3.25美元，與去年同期持平。儘管預期淨關稅影響略有增加，但我們仍然對全年每股收益預期充滿信心，因為我們相信能夠延續第三季度略微超出預期的業績，並在年底前繼續推動銷售和盈利增長。

Given our exceptional free cash flow generation year-to-date, we are increasing our full year free cash flow estimate to in excess of $425 million and our debt reduction target to $200 million, which will continue to progress our goal of lowering our debt leverage to under 2 times.

鑑於我們今年迄今出色的自由現金流生成情況，我們將全年自由現金流預期提高到超過 4.25 億美元，並將債務削減目標提高到 2 億美元，這將繼續推進我們將債務槓桿率降低到 2 倍以下的目標。

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

現在我將把電話轉回給戴夫，請他做總結發言。

Thanks, Ryan. I always like to highlight some of our exciting product launches, Freedom expansions and awards. During the quarter, we enjoyed strong momentum at the European fall boat shows, which provides positive indicators for next year's retail season and reflect the strong market position of many of our brands.

謝謝瑞恩。我總是樂於重點介紹我們一些令人興奮的新產品發布、Freedom業務拓展以及獲得的獎項。本季度，我們在歐洲秋季遊艇展上取得了強勁的銷售勢頭，這為明年的零售季帶來了積極的信號，也反映了我們眾多品牌強大的市場地位。

In addition to Mercury's strong showing at the Cannes and Genoa Boat Shows, two of our most recently launched boats earned notable awards, with the Bayliner C21 named the 2025 MoteurBoat of the Year in the very competitive under 7 meters category and the Sea Ray SDX270 Surf collecting the MoteurBoat Magazine Innovation Award. These two prestigious new accolades add to many previous product awards this year.

除了Mercury在戛納和熱那亞遊艇展上的出色表現外，我們最新推出的兩款遊艇也斬獲多項殊榮：Bayliner C21榮膺2025年度MoteurBoat雜誌7米以下組別的“年度最佳遊艇”稱號，Sea Ray SDX270 Surf則榮獲MoteurBoat雜誌創新獎。這兩項殊榮，為我們今年已獲得的眾多產品獎項錦上添花。

Amongst the many new boat models introduced this year, during the quarter, Lund introduced its all-new Explorer model lineup, which combines Lund's legendary fishability with smart functional features. Powered by Mercury and equipped with Lowrance technology, the Explorer lineup is another embodiment of the power of Brunswick synergies. Lund continues to be the leader in the premium aluminum fishing market.

在今年推出的眾多新船型中，Lund 在本季度推出了全新的 Explorer 系列，該系列融合了 Lund 久負盛名的卓越釣魚性能和智慧實用功能。 Explorer 系列搭載 Mercury 引擎並配備 Lowrance 技術，再次體現了 Brunswick 綜效的強大實力。 Lund 繼續引領高端鋁製釣魚艇市場。

Navico Group's integrated and connected solutions continue to drive OEM penetration, and the team worked with several large OEMs to introduce a full turnkey cloud and mobile app solution designed to enhance the boating experience.

Navico 集團的整合式互聯解決方案持續推動 OEM 滲透，該團隊與多家大型 OEM 合作，推出了一套完整的交鑰匙雲端和行動應用程式解決方案，旨在提升航海體驗。

This end-to-end platform unlocks powerful information for OEMs and their dealers by using real-time telematic data to gather valuable insights to serve their customers. In addition, Lowrance launched the all-new Ghost X Trolling Motor in September as the next evolution in the Ghost lineup. Ghost X delivers 20% more thrust with ultra-quiet operations, GPS anchoring and seamless sonar integration.

這個端到端平台利用即時遠端資訊處理數據，為原始設備製造商 (OEM) 及其經銷商提供強大的資訊支持，幫助他們收集寶貴信息，從而更好地服務客戶。此外，Lowrance 於 9 月推出了全新的 Ghost X 電動拖釣馬達，作為 Ghost 系列的最新升級產品。 Ghost X 的推力提升了 20%，同時擁有超靜音運行、GPS 定位和無縫聲吶整合功能。

FLITE debuted the FLITELab brand, which leverages the same innovative FLITE product design and technology to provide foilers with unmatched versatility to customize their ride. And finally, Freedom Boat Club recently reached 440 global locations and announced a new franchise location in Christchurch, New Zealand. Freedom continues to be a key contributor to Brunswick's growth, allowing more people to get on the water through its unique, convenient subscription-based boating model.

FLITE推出了FLITELab品牌，該品牌沿用了FLITE的創新產品設計與技術，為水翼艇愛好者提供無與倫比的個人化客製化體驗。此外，Freedom Boat Club近期在全球擁有440家分店，並宣佈在新西蘭基督城開設一家新的加盟店。 Freedom Boat Club一直是Brunswick發展的重要推動力，其獨特且便利的訂閱式遊艇模式讓更多人有機會享受水上樂趣。

This quarter, though, we took a genuine step forward into the future of boating with the official commercial launch of the Simrad AutoCaptain autonomous boating system. We have showcased development versions of this technology at some previous events, but formally launched the production system at the International Boat Builders' Exhibition and Conference in Tampa a few weeks ago and conducted demo rides for the media and 9 OEMs. We have scheduled additional OEM demo rides at the Fort Lauderdale Boat Show next week.

不過，本季我們隨著Simrad AutoCaptain自動駕駛系統的正式商業發布，在船舶產業的未來發展道路上邁出了真正的一步。此前，我們曾在一些活動中展示過該技術的開發版本，但幾週前在坦帕舉行的國際船舶製造商展覽會暨會議上，我們正​​式發布了量產系統，並為媒體和9家原始設備製造商（OEM）進行了試駕。我們已安排下週在勞德代爾堡國際遊艇展上為更多OEM廠商提供試駕。

At launch, AutoCaptain offers fully autonomous and dynamic docking, undocking and close quarter maneuvering, delivered with precision and reliability. The integrated sensor suite counters wind, waves and currents, and with 360-degree awareness, recognizes and reacts to its surroundings, avoiding obstacles and hazards such as passing boats to safely execute maneuvers. Post launch, we are working on expanding the capabilities and features offered by AutoCaptain, with the intention that these additional features will be delivered via software upgrades.

AutoCaptain發布之初便提供完全自主、動態的停泊、離泊和近距離機動功能，精準可靠。其整合的感測器套件能夠抵禦風浪和水流的影響，並具備360度全方位感知能力，識別並響應周圍環境，避開障礙物和危險物（例如過往船隻），從而安全完成機動操作。發布後，我們正致力於擴展AutoCaptain的功能和特性，計劃透過軟體升級的方式提供這些新增功能。

AutoCaptain reflects innovation only possible through the combined power and capabilities of our Navico Group, Mercury Marine and Boat Group divisions working together to deliver this seamless integrated solution. It's also a milestone in representing the first commercialized solution under the Autonomy pillar of our ACES strategy, and the final pillar of ACES to be commercialized.

AutoCaptain體現了只有透過Navico集團、Mercury Marine和Boat集團三大業務部門的通力合作才能實現的創新，它為我們提供了無縫整合的解決方案。同時，它也是ACES策略中「自主航行」支柱下首個商業化解決方案，以及ACES策略最後一個實現商業化支柱的里程碑。

Docking is routinely cited as one of the most stressful aspects of boating, and our comprehensive, capable and intuitive system was reported by the media and OEMs who experienced it to be clearly the most advanced and capable system available.

靠泊通常被認為是航行中最令人緊張的環節之一，而我們全面、強大且直觀的系統，經媒體和體驗過的原始設備製造商 (OEM) 報道，顯然是目前最先進、最強大的系統。

Before wrapping up, I'd like to share some preliminary thoughts on guidance for 2026, which I know is top of mind for many investors, especially given the multiple headwinds and tailwinds. While the trade and economic environment remains extremely dynamic, we believe that we are well positioned to benefit from any industry recovery due to the operating leverage inherent in our businesses.

在結束發言之前，我想分享一些關於2026年業績展望的初步想法。我知道這對許多投資者來說至關重要，尤其是在當前面臨許多好和不利因素的情況下。儘管貿易和經濟環境依然瞬息萬變，但我們相信，憑藉我們業務固有的經營槓桿效應，我們能夠從任何行業復甦中獲益。

Our tariff mitigation strategies are working to reduce our net exposure, and we believe that our substantial vertically integrated US manufacturing base positions us relatively well in an environment of persistent tariffs.

我們的關稅緩解策略正在發揮作用，降低我們的淨風險敞口，我們相信，我們龐大的垂直一體化美國製造業基地使我們在持續的關稅環境下處於相對有利的地位。

Interest rates are coming down, with further cuts expected, reducing the cost of financing for both end consumers and dealers as we approach the fall boat show season and the restocking cycle for what we anticipate at the moment to be a modestly stronger 2026.

利率正在下降，預計還會進一步下調，這將降低終端消費者和經銷商的融資成本。隨著秋季船展季的臨近以及我們目前預計 2026 年市場將略有改善的補貨週期，這一趨勢尤其明顯。

This is a very early look subject to change. Embedded in these initial thoughts is the assumption of a US retail boat market that is flat to slightly up versus 2025, driven by relative macroeconomic stability, no material negative changes in the tariff environment and continued interest rate improvement. In this scenario, we believe that we can grow revenue by mid- to high single-digit percent, resulting in more than 25% growth in adjusted EPS, with continued significant free cash flow generation.

這是非常初步的預測，可能會有所變動。這些初步想法基於以下假設：在相對穩定的宏觀經濟環境、關稅環境無重大不利變化以及利率持續改善的推動下，2025 年美國零售船艇市場將保持穩定或略有成長。在此情境下，我們相信營收可以實現中高個位數百分比的成長，從而帶動調整後每股收益成長超過 25%，並持續產生可觀的自由現金流。

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

我們的發言稿到此結束。現在我們將把發言權交還給主持人，回答大家的問題。

(Operator Instructions)

（操作說明）

James Hardiman, Citi.

詹姆斯‧哈迪曼，花旗集團。

Hey, good morning guys, so I don't have to tell you guys that sort of over the course of the quarter, a big topic of debate was sort of how you're thinking about retail and what's showing up in the SSI numbers. I don't really care to go down that rabbit hole, I feel like we've been there before.

嘿，各位早安。不用我說你們也知道，本季以來，大家討論的焦點之一就是零售業的現況以及SSI數據所反映的情況。我不太想深入探討這個問題，感覺我們以前已經討論過很多次了。

But maybe if you could give us an indication of where you think we are now in sort of a -- from a run rate perspective, most notably as we think about how you're thinking about 2026? If the expectation is that 2026 is going to be flat to up, where are we today relative to that? And how do you see sort of the building blocks to us getting to that positive inflection? Thanks.

但您能否就我們目前的狀況，特別是從運行率的角度來看，談談您對2026年的看法？如果預期2026年將保持平穩或略有成長，那麼我們目前的情況與預期相比如何？您認為我們實現這一正向轉捩點的關鍵因素是什麼？謝謝。

James, yes, thank you for the question. Yes. We obviously had the kind of shocks in early Q2. The tariff announcements and the subsequent kind of capital market impacts that have progressively stabilized, that significantly affected early Q2, particularly. And then towards the end of Q2, we began to see some recovery and stabilization.

詹姆斯，是的，謝謝你的提問。是的，我們顯然在第二季初遭遇了一些衝擊。關稅公告以及隨後對資本市場的影響（這些影響已經逐步穩定下來）對第二季初造成了顯著影響。然後在第二季末，我們開始看到一些復甦和穩定的跡象。

Through this whole process, as we've noted, the kind of premium and core parts of our product lines have performed better than the value parts of our product lines. And that continues to be the case. In Q3, we're essentially flat year-over-year, with premium and core still outperforming and value catching up a bit, but still underperforming. We're obviously now in a part of the season where we're talking about hundreds of units and not multiple thousands of units, but that strength has continued through the first couple of weeks of October was slightly up through the first couple of weeks of October.

正如我們之前提到的，在整個過程中，我們產品線中的高端和核心產品表現優於低端產品。這種情況仍在持續。第三季度，我們與去年同期大致持平，高端和核心產品依然表現出色，低端產品雖有所追趕，但仍落後於前者。顯然，我們現在正處於銷售旺季，銷量只有幾百台，而不是幾千台，但這種強勁勢頭一直延續到10月的前兩週，略有增長。

So I think last year -- at the end of last year, we were commenting that we thought the shape of the year would be slightly weaker in the first half, strengthening in the back half. We did not know about tariffs at that time, but that has turned out to be the shape of the year.

所以我覺得去年——也就是去年年底，我們曾說過，我們認為今年上半年的經濟狀況會略顯疲軟，下半年會有所改善。當時我們還不知道關稅問題，但事實證明，今年的經濟狀況確實如此。

And with interest rates improving and impacting positively both end consumers and our dealers and obviously, their willingness to take stock, we don't see any reason why that can't -- that momentum can't continue into next season.

隨著利率的改善，對終端消費者和我們的經銷商都產生了積極的影響，而且顯然他們也願意重新審視市場，我們認為沒有任何理由說明這種勢頭不能延續到下一個季度。

So that's really the background. Obviously, if there are currently a noble exogenous issues, that may change. But just based on a feeling that we're kind of a bit of an inflection point at the moment in a positive way and that we do have a retail momentum, we're feeling that next season should be at least flat and most likely, at least slightly up.

以上就是背景狀況。當然，如果目前存在一些重要的外部因素，情況可能會有所改變。但基於我們目前正處於一個積極的轉折點，並且零售業也確實保持著成長勢頭，我們認為下一季度的銷售額至少應該與上一季持平，而且很可能至少會略有增長。

Got it. But just to clarify, as we think about sort of flattish for 3Q, that you guys, it seems like the more relevant number might be the industry. Do you think the industry is flattening out for 3Q? And then, I think just a quick follow-up. Yes, I'm sorry, go ahead.

明白了。不過為了確認一下，考慮到我們預計第三季會比較平穩，你們覺得更相關的數字可能是整個產業。你們認為第三季整個產業會趨於平穩嗎？然後，我想再補充一點。好的，不好意思，請繼續。

Yeah, I think is the answer. SSI -- you appropriately like -- I think probably, we always have this process of reconciliation with SSI. SSI typically comes up. It typically underreports the Upper Midwest states early on, where we have strength typically because of brands like our Lund brand, which is very strong in the Upper Midwest. .

是的，我想這就是答案。 SSI——您說的很貼切——我想我們一直都有和SSI進行資料核對的流程。 SSI的數據通常會被提及。它通常會低估美國中西部北部各州的數據，而我們在那裡擁有優勢，這主要是因為我們的Lund品牌在中西部北部地區非常強勢。

So there is a process of just reconciliation because of partial reporting. I do get a sense though, since we have a broad range of brands that participate in pretty much every sector, that we should be -- our performance is probably representative of a generally improving market.

因此，由於存在部分數據報告的情況，目前需要進行核對。不過，鑑於我們旗下擁有眾多品牌，幾乎涵蓋所有產業，我認為我們的業績應該能夠代表市場整體向好轉的趨勢。

And I would say, in some of our premium areas, including Lund, James, we are probably taking a little share as well. So you may see at the end of the year where the industry -- we may outperform the industry by a point or two in certain places where our share continues to be good for us.

而且我認為，在我們一些優質區域，包括 Lund 和 James，我們可能也佔據了一些市場份額。因此，您可能會在年底看到，在某些市場份額持續對我們有利的地區，我們的業績可能會比行業平均高出一兩個百分點。

Got it. And then just the inventory question. It seems like you guys are encouraged with where you are. How do we think about sort of the wholesale to retail ratio into 2026? A lot of other industry participants not only talking about maybe weaker trends, retail trends than what we're hearing today, but elevated retail level. How do you think about that heading into next year?

明白了。接下來是關於庫存的問題。看來你們對目前的狀況比較滿意。我們該如何看待2026年的批發零售比？很多業內人士不僅認為零售趨勢可能會比我們今天聽到的更疲軟，而且還認為零售水準會更高。你們如何看待明年的情況？

Yeah, James, I mean, we have the benefit of having our joint venture with Wells Fargo, our BAC venture. And we get to see a lot of good inventory debt, and we're seeing pretty much what we're reporting, which is people being thoughtful about inventory levels not increasing. And certainly, as Brunswick inventory is about as low as it's been in any non-COVID year since the GFC.

是的，詹姆斯，我的意思是，我們與富國銀行的合資企業，也就是我們與美國銀行的合資企業，確實為我們帶來了好處。我們看到了很多優質的庫存負債，而且我們看到的情況也基本上與我們報告的一致，那就是人們都在謹慎地控制庫存水平，避免增加。當然，布倫瑞克的庫存水準也達到了自全球金融危機以來非新冠疫情年份的最低水準。

So we're going to end the year somewhere about 18,000 global units and probably below 12,000 in the U.S. And again, that is when you look at kind of on a per rooftop basis, that is about as low as we want to be to make sure we have representative samples of our products in the places we need to sell retail. So we're really comfortable with our own inventory. And frankly, I'm not seeing any heavy pockets outside of ours either.

所以，我們預計今年全球銷售量約18,000台，美國市場可能會低於12,000台。再次強調，這是以每家門市的銷售量計算的，這已經是我們能達到的最低目標了，這樣才能確保我們在需要零售的地區都能有足夠數量的代表性產品。因此，我們對自身的庫存狀況非常滿意。坦白說，我也沒看到其他管道出現任何嚴重的庫存積壓。

Yeah, Inventory freshness continues to be really good. More than 80% of our inventory is less than a year old, which is a very fresh and healthy level. And just on the outboard engine side, we are -- we have been undershipping retail for a long time now and feel like our outboard pipelines are in an extremely good shape.

是的，庫存新鮮度一直都非常好。超過 80% 的庫存都在一年以內，這是一個非常新鮮且健康的水平。就舷外機而言，我們長期以來一直低於零售出貨量，感覺我們的舷外機供應通路狀況極佳。

That's helpful. Thanks, Dave. Thanks to Ryan.

這很有幫助。謝謝你，戴夫。也謝謝瑞恩。

Thanks, James.

謝謝你，詹姆斯。

Craig Kennison, Baird.

克雷格·肯尼森，貝爾德。

Hey, good morning. Thanks for taking my questions as well. I just wanted to unpack the impact of U.S. tariffs on your competitors in Japan, especially on your engine franchise, of course. Have those competitors attempted to offset those tariffs with price increases? And have you heard from any boat OEMs that are interested in sourcing engines domestically?

您好，早安。感謝您抽空回答我的問題。我想了解美國關稅對您在日本的競爭對手，特別是您的引擎業務的影響。這些競爭對手是否試圖透過漲價來抵消關稅的影響？您是否收到任何船舶製造商（OEM）的來信，表示有興趣從日本國內採購引擎？

Yeah, I think yes to both. Yes, we are beginning to hear about some price increases, but we hear these things secondhand at the moment. So I think that's the developing situation. We'll probably hear more. If anybody intends to implement pricing at the beginning of next year, any of our competitors, then we'll likely hear about it in some way over the next few weeks or certainly, a month.

是的，我認為兩個問題的答案都是肯定的。沒錯，我們確實開始聽到一些關於漲價的消息，但目前都是道聽途說。所以我覺得這就是目前的情況。我們可能還會聽到更多消息。如果我們的任何競爭對手打算在明年年初實施價格調整，那麼我們很可能在接下來的幾週，或最遲一個月內就會聽到相關消息。

I think probably with the challenge to the IEEPA tariffs in -- at the Supreme Court at the moment, there may be some of our competitors kind of wait to see what happens with that, I'm not really sure, before implementing pricing. But yes, we continue to gain share and convert OEMs, in fact. Probably in the last six months, we converted to European OEMs.

我認為，鑑於目前最高法院正在審理針對《國際經濟權力法》（IEEPA）關稅的挑戰，我們的一些競爭對手可能會觀望事態發展，然後再決定是否實施定價策略，我對此並不確定。但的確，我們仍在持續擴大市場份額，並成功轉化了許多原始設備製造商（OEM）。事實上，在過去的六個月裡，我們成功轉換了不少歐洲OEM客戶。

So yes, I think Mercury continues to have very strong momentum. I would say that the Mercury product pipeline is continuing to churn, and there are going to be some really exciting new and very differentiated products coming up from Mercury over the next couple of years, which will only drive forward that momentum.

所以，是的，我認為Mercury的發展勢頭依然非常強大。 Mercury的產品線正在不斷更新迭代，未來幾年將會推出一些非常令人興奮的全新且極具差異化的產品，這將進一步推動這一發展勢頭。

We really are moving very quickly, all Mercury product development, just as we have in the past. I do think as well -- and maybe we'll talk about things like AutoCaptain later though. But that features set, which is genuinely innovative and adds a lot of value, is only available with Mercury propulsion. So we have not just on the propulsion side, but also on the integrated systems side, there are a lot of reasons to suggest that we should be converting more OEMs over time.

我們確實進展神速，所有Mercury產品的研發都在快速推進，就像我們過去一樣。我也認為──或許我們以後會再討論AutoCaptain之類的功能──這套真正具有創新性且極具價值的功能集，只有Mercury推進系統才能提供。因此，我們不僅在推進系統方面，而且在整合系統方面，都有很多理由表明，隨著時間的推移，我們應該吸引更多OEM廠商採用我們的產品。

Yeah, thanks Dave and Ryan, you mentioned cash flow and other benefits from the new tax policy. I'm just wondering if you can help us frame or quantify some of those key drivers a little better?

是的，謝謝Dave和Ryan，你們提到了現金流以及新稅收政策帶來的其他好處。我想請你們幫我們更好地闡述或量化其中的一些關鍵驅動因素？

Yeah, I mean, Craig, we have a lot of optionality under the new bill, obviously, in terms of bonus depreciation and some other things. And it's a bit of a P&L versus cash flow analysis that you have to take a look at as to when you take some of the goodness. I think for the end of the year, obviously, you've seen our free cash flow guidance. This year, it's extremely strong. It's guiding to the top, what two or three years ever in Brunswick's history at 450 plus.

是的，克雷格，新法案賦予我們很多選擇權，尤其是在額外折舊和其他一些方面。你需要對損益表和現金流量進行一些分析，才能確定何時才能充分利用這些優勢。我認為，對於年底的業績，你也看到了我們的自由現金流預期。今年的預期非常強勁，預計將達到布倫瑞克公司歷史上兩三年來的最高水平，超過450美元。

Next year, you saw -- you've seen in our deck, that 125% free cash flow conversion would imply that we're getting some of that goodness next year, but we also have some headwinds that go along with that.

明年，正如你們在我們的簡報中看到的，125% 的自由現金流轉換率意味著我們明年將獲得一些好處，但我們也面臨一些不利因素。

So we'll see how we get there. I think we're not making any distinct decisions right now on how we're going to attack some of the benefits in the bill. A bit of it will depend on how we finish the year and the cash needs early in 2026. But it's clear that our ability to generate cash and to generate working capital has become a strength that really differentiates us really from any other company in our space.

所以，我們拭目以待。我認為，目前我們還沒有就如何利用法案中的某些優惠政策做出任何明確的決定。這在一定程度上取決於我們今年的業績以及2026年初的現金需求。但很顯然，我們創造現金流和營運資金的能力已經成為一項真正的優勢，使我們從同行業的其他公司中脫穎而出。

Anna Glaessgen, B. Riley.

安娜·格萊斯根，B.萊利。

Hey, good morning. Thanks. For taking my question. I'd like to turn to Navico, shifting gears a little bit. Nice to see the top line inflection during the quarter. Understand operating earnings were impacted by tariffs and the variable comp. But could you confirm that excluding those items, you would have seen margin expansion? And if so, should we start to see more expansion as we roll over those or as we lap those headwinds towards mid next year?

您好，早安。謝謝。感謝您回答我的問題。我想稍微轉換一下話題，談談Navico。很高興看到本季營收出現轉折點。我知道營業利潤受到關稅和可變薪酬的影響。但您能否確認一下，如果剔除這些項目，利潤率是否會提升？如果是這樣，我們是否應該在明年年中之前，也就是這些不利因素逐漸消退之後，看到利潤率進一步提升？

Yeah, I can confirm that absent solely tariffs and variable comp reset, the Navico margins would have been up in the quarter.

是的，我可以確認，如果不考慮關稅和可變薪酬調整，Navico 的季度利潤率將會上升。

Got it.

知道了。

I just want to say that -- you go on.

我只想說——你繼續。

I was going to skip to the next question. So if you want to stay on this topic, please.

我本來打算跳到下一個問題。所以，如果你想繼續討論這個主題，請繼續。

Yeah, I just -- I wanted to say that we don't talk very much in these calls about technology. But over the last 3threeyears, we've invested a lot. But if you look at the Navico, I mean, we had the strongest gross margins in our business in the low 30s gross margin across the portfolio, but we're spending a lot on new product development. We just introduced AutoCaptain, which took us 3.5 years to develop.

是的，我只是想說，我們在這些電話會議中很少談到技術。但過去三年，我們投入了大量資金。以Navico為例，我們整個產品組合的毛利率都達到了30%左右，是我們業務中毛利率最高的，但我們在新產品研發上投入了大量資金。我們剛推出了AutoCaptain，這款產品我們花了三年半的時間才研發出來。

We introduced Fathom recently, we introduced a new connected platform that I just discussed. None of our competitors have anything like that out there at the moment.

我們最近推出了Fathom，這是一個我剛剛提到的全新互聯平台。目前，我們的競爭對手都沒有類似的產品。

So our path here is to basically do what we did with Mercury, which is to invest in differentiated innovation in a way that other people can't follow or match. And it does take investment upfront, but we will begin to see the benefits of that as we move forward. So I just wanted to add that context.

所以我們現在的策略基本上和我們之前在Mercury專案上的做法一樣，那就是投資差異化創新，讓其他人無法效仿或匹敵。這確實需要前期投入，但隨著專案的推進，我們會逐漸看到成效。我只是想補充這些背景資訊。

Got it. Thanks, Dave. Turning to both units, maybe asking the question in a different way. We've seen pretty notable outperformance year-to-date, industry running down high single digits. You guys are putting up a flat 3Q. Maybe expand upon the degree to which that outperformance is being driven by market share gains? And how we should expect you guys versus the market in 2026 and what's embedded in that guidance?

明白了，謝謝Dave。關於這兩個部門，或許可以換個方式問。我們看到你們今年迄今為止的業績表現非常出色，而行業整體卻出現了接近兩位數的下滑。你們第三季的業績持平。能否詳細解釋一下，你們的業績在多大程度上是由市場佔有率的成長所推動的？以及我們該如何預期你們在2026年的表現，以及你們的業績指引中包含了哪些內容？

Sure. I'll take this, Anna. Yes, I think there's some share in there. I do think that, as Dave mentioned earlier, as the end of the year comes, you'll see SSI probably get closer to where we think the end of the year will be, which is kind of down mid-single digits, but with us probably outperforming a bit in premium and in core.

當然，我接受這個，安娜。是的，我認為其中確實包含一些份額。正如戴夫之前提到的，隨著年底臨近，SSI 的業績可能會更接近我們預期的年底水平，也就是下降個位數中段，但我們在高端和核心業務方面的表現可能會略好一些。

As we look to next year, I don't know if we believe any of those trends are changing. Our pipelines in all three of our segments are down. So premium, core and value pipelines are all down year-over-year as we enter 2026 with good, fresh inventory ready for the winter boat show season.

展望明年，我不確定這些趨勢是否會改變。我們三大業務區的庫存都在下降。因此，進入2026年，儘管我們擁有充足的新鮮庫存，準備迎接冬季船展季，但高端、核心和經濟型船艇的庫存同比均有所下降。

I do think you could see some goodness on the value side, should we get a little interest rate help here in November, October 29, December and February. So we have an opportunity for three rate reductions here really before the key part of the season.

我認為，如果11月、10月29日、12月和2月利率有所下降，那麼在價值方面可能會有一些利多。也就是說，在關鍵時期到來之前，我們實際上有三次降息的機會。

That could help value, but our premium customer continues to be very strong. And I think certainly looking forward to Fort Lauderdale Boat Show next week, where we anticipate a really nice show where our premium buyer should be out and looking to get a boat for the end of the year.

這或許有助於提升價值，但我們的高端客戶群依然非常強勁。我非常期待下週的勞德代爾堡國際遊艇展，我們預計這將是一場非常精彩的展會，我們的高端買家應該會出席並考慮在年底前購置一艘遊艇。

Xian Siew, BNP Paribas

法國巴黎銀行的 Xian Siew

When you think about next year, I was wondering if you could expand a bit more about Propulsion. I think you kind of mentioned it like lapping, a bit of a destocking. So I'm just kind of curious how much do you think that could be a benefit? And how do we think about market share growth for Mercury over the next year?

展望明年，我想請您詳細談談推進系統方面的問題。您之前提到過，這有點像是在進行輪換，或者說是去庫存。所以我很好奇，您認為這能帶來多大的好處？另外，您如何看待Mercury明年的市佔率成長？

Yeah, I think a steady trajectory on market share growth. I think we are just seeing really -- we introduced the new 350 and 425-horsepower engines only in July, August, I think, something like that. So if you think about that, usually, people incorporate those things in -- at a model year changeover. So we would expect the -- some tailwinds from those new products coming through into next year and continued steady gains.

是的，我認為市佔率成長將保持穩定。我們最近才推出了新款350馬力和425馬力的發動機，大概是七、八月吧。通常情況下，人們會在車型換代的時候推出這些新產品。所以我們預計，這些新產品帶來的利多因素會持續到明年，並帶來持續穩定的成長。

We talked quite a bit, obviously, about US market share, which is -- in the quarter, was very close to 50%. But the reality is the momentum for Mercury continues in pretty much all its markets. We've had a really strong year in Asia, a strong year in South America, a strong year in Europe. So we would continue to think about Mercury on a global basis, increasing share.

我們顯然花了很多時間討論美國市場份額，本季該份額已接近50%。但事實上，Mercury在幾乎所有市場都保持著強勁的成長勢頭。我們在亞洲、南美洲和歐洲都取得了非常亮眼的成績。因此，我們將持續從全球視角看待Mercury，力求提升市場佔有率。

And maybe, Xian, let me just order of magnitude, some of these pipeline numbers for engines. And these are US numbers, which is where we have the best information. But versus the first day of 2024, so a two year stack. By the end of this year, under 175-horsepower pipeline is going to be down about 25%.

西安，或許我可以簡單估算一下這些引擎的在建產能數據。這些數據來自美國，因為我們掌握的資訊最準確。但與2024年1月1日相比，也就是兩年的累計產量，到今年年底，175馬力以下的引擎在建產能將下降約25%。

And if you go same time period over 175 horsepower, our pipeline is going to be down 33% since January 1, 2024. So we've put ourselves in a really nice position with our dealers and our OEMs to capture the upside on growth to the market rebound like we believe it will.

如果同期來看，馬力超過 175 匹的車型，自 2024 年 1 月 1 日起，我們的產品線將下降 33%。因此，我們已經與經銷商和 OEM 廠商建立了非常有利的關係，以便抓住市場反彈帶來的成長機遇，正如我們所預期的那樣。

Yeah, that's super helpful. And maybe just on the 4Q guidance, I think it seems to imply there's a big -- a nice recovery on margins for both boats. At the same time, I think the revenue imply too much, maybe mid-single-digit growth. So I'm just trying to understand, I guess, how are you thinking about boat margins and the evolution in 4Q then maybe beyond?

是的，這非常有幫助。就第四季業績指引而言，我認為似乎暗示兩款船型的利潤率都有顯著回升。但同時，我認為營收成長預期過高，可能只有個位數中段的成長。所以我想了解一下，您是如何看待船型船的利潤率以及第四季度乃至未來一段時間的走勢的？

Yeah, I think a bit of Q3, remember, is always saddled with some of the summer shutdowns and fewer production days. And so that often means Q3 is kind of the lowest margin quarter of the year. They're going to be producing kind of at a normal rate here in the fourth quarter.

是的，我認為第三季總是會受到夏季停工和生產天數減少的影響。所以通常來說，第三季是一年中利潤率最低的季度。到了第四季度，他們的生產速度將會恢復正常。

And if you remember, versus Q4 of last year, where they were really taking production days out to ensure a pipeline didn't inflate before the year, this year, they're simply just at a more steady state. So those are the two main drivers.

如果你還記得的話，與去年第四季相比，當時他們確實減少了生產天數，以確保年底前庫存不會激增，而今年，他們的生產狀態則更加穩定。所以，這是兩個主要驅動因素。

(Operator Instructions)

（操作說明）

Matthew Boss, JPMorgan.

馬修‧博斯，摩根大通。

Great thanks It's Amanda Douglas on for Matt. So Dave, following the actions that you've taken to streamline the value boat segment, do you see the model lineup into 2026 as rightsized today? Or are there any further changes required ahead? And how would you assess dealer inventory levels across value and premium segments as we look ahead to the 2026 season?

非常感謝。我是Amanda Douglas，替Matt回答問題。 Dave，鑑於您已採取措施精簡經濟型遊艇市場，您認為目前的車型陣容到2026年是否已經達到合理規模？或者未來還需要進行其他調整？展望2026年，您如何評估經銷商在經濟型和高端遊艇市場的庫存水準？

Thank you for the question. Yes, I think the focus on value and kind of scaling back of the model lineup, I think we'll obviously evaluate through the balance of this season and early next season to see if we should take any additional actions. I think we still have a very comprehensive portfolio. But given volumes in that segment, we had too much complexity, and we need to take that down.

謝謝你的提問。是的，我認為我們應該更加重視性價比，並適當地縮減車型陣容。當然，我們會在本季剩餘時間和下季初進行評估，看看是否需要採取其他措施。我認為我們目前的產品組合仍然非常全面。但考慮到該細分市場的銷量，我們的產品過於複雜，需要簡化。

I think we'll be very dynamic about it. I don't foresee a substantial additional change. At the moment, we've introduced new products, including the award-winning C21 from Bayliner this year, which is going to help us a lot, helps us focus our product development efforts to make sure that the model lineup that we do have is fresh. But of course, we could trim and make adjustments as we go forward. I don't see the same level of rationalization that I saw for this model year, though.

我認為我們會採取非常靈活的方式。我預計不會有實質的額外變化。目前，我們已經推出了一些新產品，包括今年屢獲殊榮的Bayliner C21，這將對我們大有裨益，幫助我們集中產品研發力量，確保我們現有的產品陣容保持新鮮感。當然，我們也可以根據實際情況進行調整和精簡。不過，我預計不會像今年那樣進行大規模的精簡。

And then in terms of inventory levels, I think we're healthy everywhere. Typically, our premium inventory levels in terms of weeks on hand are lower than kind of value. Typically, our premium inventory levels in terms of weeks on hand will be in the typically, mid-20s somewhere, and that's exactly where we are right now. So I really feel like our inventories are rightsized across all of our segments. And I believe that we're extremely well positioned for 2026.

至於庫存水平，我認為我們各方面的狀況都很健康。通常情況下，我們的高階產品庫存週轉週數低於其他類型的產品。一般來說，我們的高階產品庫存週轉週數會在20週左右，而我們目前的庫存水準也正好在這個範圍內。因此，我感覺我們所有業務板塊的庫存規模都非常合理。我相信我們已經為2026年做好了充分的準備。

Jaime Katz, Morningstar.

Jaime Katz，晨星公司。

Hey, good morning, guys. I just wanted to go back to Navico. I think in the prepared remarks, it was noted that there was more work to do. And you guys have done a ton of work already. So maybe, can you elaborate if there's been maybe some new issues found that need to be remedied? And then what does the road map look like to a steady state in that segment?

嘿，早上好，各位。我只是想再說說Navico。我記得在事先準備好的發言稿裡提到還有很多工作要做。你們已經做了很多工作。所以，能否詳細說明一下，有沒有發現什麼新的問題需要解決？另外，你們在這個領域實現穩定發展的路線圖是怎麼樣的呢？

No, thank you for the question. Yes, there are no new issues. There's just always more work to do, and we try to make sure that we prioritize our actions and make sure that we do the biggest, most impactful things as far as we can first, but there's a continued march forward in all aspects of the business.

不，謝謝你的提問。是的，沒有新的問題。只是總是有更多的工作要做，我們會努力確保優先處理最重要的、影響最大的事情，盡我們所能先做這些事情，但業務的各個方面都在持續向前發展。

We do think about the fact that -- Navico Group is not just Navico. Navico that we acquired in 2021 was about half the business and still is about half the business. It really is the product of a lot of acquisitions over time.

我們確實考慮到，Navico集團不僅僅是Navico公司。我們在2021年收購的Navico公司當時約佔集團業務的一半，現在仍佔一半左右。它實際上是多年來多次收購的產物。

And so we're continuing to make sure that operationally, those previous acquisitions are all now working together on the same IT platforms, for example, making sure that we don't have excess distribution, we consolidate distribution. But we have the same systems that we can manage our SIOP processes. So yes, this is really a multiyear effort to kind of wring the last bit of operational efficiency out of the business.

因此，我們正在持續確保先前收購的所有業務在營運上都能協同運作，例如，確保我們不會出現分銷管道過剩的情況，而是進行整合。同時，我們擁有相同的系統來管理我們的銷售、庫存和營運計劃 (SIOP) 流程。所以，這確實是一項需要多年才能完成的工作，旨在最大限度地提高業務的營運效率。

And we've done a lot of work, but we have more to go. There's still a good road map there of work that will help our operating margins, help revenue growth, and to be honest, free up some more cash because I think there are more turns in that business than we have right now, inventory turns in that business than we have right now.

我們已經做了很多工作，但還有更多工作要做。我們仍然有一個很好的工作計劃，這些工作將有助於提高我們的營業利潤率，促進收入成長，坦白說，還能釋放更多現金，因為我認為該業務的周轉率和庫存週轉率都比我們目前更高。

So the road map includes all of those things, and it's very detailed. Aine Denari, who runs that business now, is a very detailed and strong operator who is working extremely systematically through all of the aspects of the business, all of the processes, all of the systems and making sure that we continue to progress forward. So a lot of heavy lifting done, particularly on the product development side. It just takes a while to get that flywheel turning, but now, it really is turning with a lot of differentiated product.

所以路線圖涵蓋了所有這些內容，而且非常詳細。現在負責這項業務的艾恩·德納裡是一位做事非常細緻且能力很強的管理者，她以極其係統的方式處理業務的各個方面、所有流程和所有系統，確保我們持續向前發展。因此，許多繁重的工作已經完成，尤其是在產品開發方面。啟動這個飛輪需要一些時間，但現在，它確實在運轉，並且擁有許多差異化產品。

We have rationalized quite a few facilities. Even, I think, earlier this year, we moved European distribution to a 3PL. Those kind of actions individually might not move the needle, but collectively, can be multiple points of operating margin expansion. So yes, we're not in any way complacent on Navico now. It's great to see the business stabilized, but there is such a lot of potential in that business. We are anxious to make sure we move even further forward.

我們已經對不少設施進行了優化。甚至，我想，就在今年早些時候，我們還將歐洲的配送業務轉移到了第三方物流公司。這些措施單獨來看或許不會產生太大影響，但綜合起來，就能顯著提升營業利益率。所以，我們現在對Navico的前景絲毫不敢掉以輕心。很高興看到業務趨於穩定，但這項業務的潛力巨大。我們渴望確保能夠取得更大的進展。

Joe Altobello, Raymond James.

Joe Altobello，Raymond James。

Thanks. Hey guys, good morning just wanted to get some more clarification on 2026 and the initial outlook here. So obviously, as you mentioned, you guys have been undershipping demand significantly on the engine side and I think a little bit on the boat side as well. But as we think about the mid- to high single-digit potential revenue growth for next year, how much of that is simply lapping that destock, if you will? And how much of that is actually potentially coming from a restock?

謝謝。大家好，早安。我想就2026年的初步展望再確認一下。正如你們所提到的，你們的引擎出貨量明顯低於市場需求，我認為船舶方面也存在一些問題。但考慮到明年中高個位數的潛在營收成長，其中有多少僅僅是由於庫存減少造成的？又有多少是真正可能來自補貨？

Hey Joe, I'll take -- I'll go ahead and take this one. Yes, maybe there's a little bit in the first part of the year that is lapping a bit of a slower Q1, maybe half of Q2. But really, it's going to be a combination of a little bit of market, not much relying on the market, maybe a point or two, some pricing throughout the various business units. Some share gains which continue, not only at Mercury, but in the Boat business and as Navico Group takes back share in some of their product lines.

嘿，喬，我來回答這個問題。是的，今年上半年可能略微有些疲軟，就像第一季和第二季前半段一樣。但實際上，這主要是市場因素綜合作用的結果，雖然市場因素影響不大，可能也就一兩個百分點，但各個業務部門的定價策略都會有所調整。市場份額的成長勢頭仍在持續，不僅在Mercury，在船舶業務方面也是如此，而且Navico集團也在部分產品線中重新奪回了市場份額。

And also probably a bit of a betterment in discounting, right? The discounting environment, we've already seen come down here in the back half of the year, and we intend it's likely that, that will continue. With P&A obviously being a very stable part of the business that continues to trolley along.

而且折扣力度可能也會有所改善，對吧？我們已經看到，下半年折扣力度下降，我們預計這種情況還會持續下去。 P&A 顯然是公司非常穩定的業務板塊，並且會繼續穩定發展。

So you can get yourself, depending on what you assume there, from mid- to high pretty easily. But I would say the lapping of destocking is probably a small part and really just a kind of first quarter, maybe first four, five months phenomenon.

所以，根據你的假設，你很容易就能從中等程度提升到高水準。但我認為，庫存削減的影響可能很小，而且實際上只是第一季度，或許是前四、五個月的現象。

David MacGregor, Longbow Research.

David MacGregor，Longbow Research。

Hey, good morning this is Joe Nolan on for David. You talked about the plant consolidation and efficiencies during the transition. Just wondering if you could talk about the fourth quarter impact and maybe give us a sense of what the net impact might be for 2026 from that?

嗨，早上好，我是喬諾蘭，替大衛發言。您剛才談到了工廠整合和轉型期間的效率提升。我想請您談談第四季受到的影響，並預測一下到2026年可能產生的淨影響？

Yes. So fourth quarter, we're probably talking about a couple of million?

是的。所以第四季度，我們估計大概會談到幾百萬美元吧？

Yeah just checking with Ryan here to make sure I give you a couple of million. Essentially, we'll be operating four facilities and at least two at lower efficiency and productivity as we begin to exit them and we move towards fully consolidated by hopefully, a little bit earlier than the middle of 2026. So by the time we get the transition completed, we'll begin to see that kind of annualized run rate saving of $10 million-ish plus.

是的，我正在和瑞恩確認，確保我能給你幾百萬美元。基本上，我們將運營四家工廠，其中至少兩家效率和生產力會降低，因為我們將逐步關閉它們，並朝著完全整合的方向發展，希望在2026年年中之前完成。所以，到過渡完成時，我們將開始看到每年約1000萬美元以上的營運成本節約。

So overall, I would say through next year, we'll see net positive, but it won't be the full $10 million of run rate savings. There are some elements of this transition that we can take ex items and some like just running at lower efficiency that we can and a little bit of a drag in the short term. But the price in the long term is well worth it. That $10 million or so run rate is just that current production rates. The benefit increases substantially as we move to higher production volumes.

總的來說，我認為到明年年底，我們將實現淨收益，但不會達到預期的1,000萬美元年化成本節約。轉型過程中，我們可以排除一些項目，例如降低營運效率，這在短期內可能會造成一些拖累。但從長遠來看，這些付出是值得的。這1000萬美元左右的年化成本節約僅是基於目前的生產水準。隨著產量的提高，收益將大幅增加。

So we're anxious to get it done as fast as we can. We're very appreciative of the work of all the people who are transitioning and those who are working to help us with the transition. And yes, we'll be a much leaner production organization when we finish with a lot of benefits to the entire Boat Group.

所以我們急切希望盡快完成這項工作。我們非常感謝所有參與過渡的人員以及協助我們完成過渡的人員所付出的努力。是的，完成後我們將成為一個更精簡的生產組織，這將為整個博特集團帶來許多好處。

Tristan Thomas, BMO Capital Markets.

Tristan Thomas，BMO資本市場。

Hey, good morning. I just wanted to look maybe a little bit past next year, just maybe get an update on how you guys are thinking about normalized boat industry retail demand and kind of how long and what's needed to get us there?

嘿，早安。我只是想稍微了解一下明年之後的情況，想了解一下你們對船舶行業零售需求正常化的看法，以及需要多長時間和哪些措施才能實現這一目標？

Normalized industry, we had -- when we think about the kind of normalized in a number of different ways, I would say -- we had a year this year that was heavily disrupted by the second quarter, which is unexpected, as -- prior to those announcements. I think otherwise, we would probably have had a year that was probably flattish. I'm not really sure. Q1 was a drag.

就產業正常化而言，如果我們從多個方面來考慮「正常化」的含義，我會說——今年第二季的情況非常糟糕，這齣乎意料，因為在這些消息公佈之前，我們並沒有預料到今年的市場會如此低迷。否則，我認為今年的市場可能會比較平淡。我不太確定。第一季表現不佳。

I would say that elevated interest rates are -- have been a headwind in the past several years versus where we were before COVID when retail loan rates are in the 4% to 5%-ish, and we're currently in the 7.5% to 8% range. So that is a headwind that has been present for the last couple of years.

我認為，過去幾年高利率一直是阻礙經濟發展的因素，與新冠疫情爆發前零售貸款利率在4%到5%左右的情況相比，目前利率已達到7.5%到8%。因此，高利率一直是過去幾年持續存在的不利因素。

And then we frequently also referred to replacement rates in our -- if you look at the boat park or the number of registered boats out there that are relevant to the product lines that we produce, it's in the kind of $7 million range. And if you look at a typical boat life, it implies annual replacements in the 200,000 to 250,000 range, which is obviously well above the 130 to 135 we're at the moment.

此外，我們也經常提到更換率——如果你看看與我們產品線相關的船艇停泊量或已註冊船隻的數量，你會發現總價值大約在700萬美元左右。如果考慮到一艘船的典型使用壽命，這意味著每年的更換量在20萬到25萬艘之間，這顯然遠高於我們目前的13萬到13.5萬艘。

So I would say a number of factors suggest that we will -- that there should be macro factors that increase both sales over time, and that's what we're anticipating. But we're obviously hesitant to take all of those things into our near-term forecast. So we think flat to slightly up is a prudent forecast at this point in time for next year.

因此，我認為許多因素表明，宏觀經濟因素應該會隨著時間的推移促進銷售成長，而這正是我們所預期的。但顯然，我們目前不願將所有這些因素納入短期預測。因此，我們認為，就目前而言，明年銷售額持平或略有成長的預測較為穩健。

Noah Zatzkin, KeyBanc Capital Markets.

Noah Zatzkin，KeyBanc Capital Markets。

Hi, thanks for taking my question. Maybe on the tariff front, I think the expectation ticked up a little bit to $75 million for this year. So just maybe any updates on how mitigation is going? And then any early thoughts on the expected impact embedded in kind of the initial thoughts around '26 would be helpful. Thank you.

您好，感謝您回答我的問題。關於關稅方面，我認為今年的預期略微上調至7,500萬美元。請問能否提供一些關於緩解措施進展的最新資訊？另外，能否分享一下對2026年預期影響的初步看法？謝謝。

Sure. Noah, thanks. Good question. Yes, listen, the real change from our July call to today was the 232 impact on aluminum and steel, really three parts. The rate went from 25% to 50%. The list of applicable ACS codes expanded significantly, which really now involves us looking at any metal contact that's contained in parts or goods that are coming in. And I think most people know it was applied retroactively, meaning it applied to inventory sitting in free trade zones or other bonded warehouses, if you would.

當然。諾亞，謝謝。問得好。是的，聽著，從我們七月的電話會議到今天，真正的變化是232號法規對鋁和鋼的影響，實際上有三個方面。稅率從25%提高到了50%。適用的ACS代碼清單大幅擴展，這意味著現在我們需要審查所有進口零件或貨物中包含的金屬接觸物。而且我認為大多數人都知道，這項法規是追溯適用的，也就是說，它適用於存放在自由貿易區或其他保稅倉庫中的庫存。

So that was really the only change from the guidance. And in fact, I would say our mitigation efforts are -- continued to outpace our expectations. We continue to do better than we thought kind of month in and month out. And so that is good and that gives us good visibility into next year. It's a bit hard to say exactly what the impact is next year.

所以，這確實是與指導意見相比唯一的改變。事實上，我認為我們的緩解措施—持續超出預期。我們每個月都做得比預想的還要好。這很好，也讓我們對明年有了更清楚的認識。不過，明年究竟會產生什麼影響，現在還很難說。

I do think the incremental over this year would be much smaller than the incremental from '24 to '25. And certainly, as we continue to get smarter on mitigation techniques, we'll continue to work that number down.

我認為今年的增量將遠小於2024年至2025年的增量。當然，隨著我們不斷改進緩解措施，我們將繼續降低這個數字。

So yes, we're actually pretty happy that we're able to hold EPS for the year. Obviously, it's an extra about $10 million of tariff impact that we didn't anticipate that we're going to go ahead and cover -- that we believe we can cover in the quarter. And we look forward to then moving over to '26.

所以，是的，我們很高興能夠維持今年的每股盈餘預期。顯然，關稅帶來的額外影響約為1000萬美元，這是我們之前沒有預料到的，但我們相信可以在本季彌補這部分損失。我們期待展望2026年。

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

此時，我想把電話轉回給戴夫，請他做些總結性發言。

Yeah, Thanks for your questions, everyone. Great questions. I think in a lot of ways, this is a very encouraging quarter. We have improving retail, revenue up across all our businesses, very solid earnings and continued exceptional free cash flow generation. We do -- as a team, we -- I think this just seemed like a bit of an inflection point. There's definitely more -- a positive shift in momentum at the moment.

是的，謝謝大家的提問。問題都很好。我認為從很多方面來看，這都是一個令人鼓舞的季度。我們的零售業務正在改善，所有業務的收入都在成長，獲利非常穩健，自由現金流也持續強勁成長。我們團隊——我認為這似乎是一個轉捩點。目前肯定還有更多正面的發展動能。

We continue to take bold structural cost reduction actions, though, and continue to do that, which will benefit our earnings in '26, independent of the market. Our major brands and businesses are beating the market. We continue to invest a lot in very well received and award-winning new products across the portfolio.

儘管如此，我們仍將繼續採取大膽的結構性成本削減措施，這將使我們在2026年的獲利受益，且不受市場波動的影響。我們的主要品牌和業務表現均優於市場平均。我們持續增加對旗下產品組合中廣受好評且屢獲殊榮的新產品的投資。

AutoCaptain was a notable highlight though, really the first fully integrated autonomous boating system in the marketplace, a real differentiator, along with a number of other platforms that we've recently launched in a way that I think only Brunswick can produce. So it's very exciting.

不過，AutoCaptain 絕對是一大亮點，它是市場上首個真正意義上的全整合自主航行系統，具有真正的差異化優勢。此外，我們最近還推出了一系列其他平台，我認為只有 Brunswick 才能做到。所以，這非常令人興奮。

So as we said, while many things about 2026 are normal, I think late 2025, retail trends, very lean pipelines, further interest rate cuts all suggest the opportunity for top line growth and through our strong operating leverage, meaningful margin and EPS free expansion.

正如我們所說，雖然 2026 年的許多事情都很正常，但我認為 2025 年末的零售趨勢、非常精簡的銷售管道、進一步的降息都表明了營收成長的機會，並且透過我們強大的營運槓桿，可以實現有意義的利潤率和每股收益的自由擴張。

All right. Thank you, everyone, very much. Have a great day.

好的。非常感謝大家。祝大家今天過得愉快。

This concludes today's conference. You may disconnect your lines at this time. We thank you for your participation, and have a wonderful day.

今天的會議到此結束。您可以斷開線路了。感謝您的參與，祝您有美好的一天。