BRP Inc. (DOO) 2027 Q1 法說會逐字稿

Good morning, ladies and gentlemen. Welcome to the BRP Inc.'s Q1 fiscal year '27 conference call. (Operator Instructions)

各位女士、先生，早安。歡迎參加 BRP Inc. 2027 財政年度第一季（Q1）電話會議。（接線員指示）

I would now like to turn the meeting over to Mr. Philippe Deschenes. Please go ahead, Mr. Deschenes.

現在我想將會議交給 Philippe Deschenes 先生。Deschenes 先生，請開始。

Thank you, Sylvie. Good morning, and welcome to BRP's conference call for the first quarter of fiscal year '27. Joining me this morning are Denis Le Vot, President and Chief Executive Officer; and Sebastien Martel, Chief Financial Officer. Before we move to the prepared remarks, I would like to remind everyone that certain forward-looking statements will be made during the call and that the actual results could differ from those statements.

謝謝你，Sylvie。各位早安，歡迎參加 BRP 2027 財政年度第一季電話會議。今天早上與我一同出席的有總裁兼執行長 Denis Le Vot，以及財務長 Sebastien Martel。在進入預先準備的發言之前，我想提醒各位，本次電話會議將包含若干前瞻性陳述，實際結果可能與這些陳述有所不同。

The forward-looking information is based on certain assumptions and is subject to risks and uncertainties, and I invite you to consult BRP's MD&A for a complete list of the -- also during the call, reference will be made to supporting slides, and you can find the presentation on our website at brp.com under the Investor Relations section.

這些前瞻性資訊係基於若干假設，並受風險與不確定性影響；我邀請各位查閱 BRP 的 MD&A，以取得完整清單——此外，會議中也將引用輔助投影片，您可於 brp.com 網站的投資人關係專區找到簡報。

So with that, I'll turn the call over to Denis.

那麼，我把電話交給 Denis。

Thank you, Philippe. Good morning, everyone, and thank you for joining us. We delivered a solid performance in the first quarter with financial results ahead of expectations and experienced sustained retail momentum across our key segments. As you know, the quarter was marked by a significant shift in the North American tariff landscape. While this created uncertainty and led us to suspend our fiscal '27 guidance, our teams have moved quickly to identify several mitigation measures to partially offset the impact on our business.

謝謝你，Philippe。各位早安，感謝大家加入我們。第一季我們交出穩健表現，財務結果優於預期，且在主要業務分部的零售動能持續。如各位所知，本季北美關稅環境出現重大轉變。雖然這帶來不確定性並促使我們暫停發布 2027 財政年度指引，但我們的團隊已迅速採取行動，找出多項緩解措施，以部分抵銷對業務的影響。

Those measures include further optimization of our direct costs and overhead a thorough review of our value chain to unlock efficiency and targeted pricing adjustments. In addition, we continue to engage with government and key stakeholders to bring forward the impact of the current situation on the industry and consumers in general. Looking ahead, we are focused on navigating these headwinds while also protecting our long-term growth prospects. Although the geopolitical and trade environment remains volatile, we are issuing a revised full year guidance that incorporates both positive trends in our business and net tariff costs.

這些措施包括進一步優化直接成本與間接費用、全面檢視價值鏈以釋放效率，以及有針對性的價格調整。此外，我們也持續與政府及關鍵利害關係人溝通，提出目前情勢對產業及消費者整體的影響。展望未來，我們將專注於因應這些逆風，同時保護長期成長前景。儘管地緣政治與貿易環境仍然波動，我們將發布修訂後的全年指引，納入業務的正向趨勢以及關稅淨成本。

Sebastien will share more details later in the presentation. Now let's look at financial results on Slide number 4. We ended the first quarter with revenue of $2.4 billion, normalized EBITDA of $334 million, and normalized EPS of $1.83. These results exceeded our expectations driven by stronger volumes, disciplined cost management and a more favorable promotional environment despite the early impact of incremental tariffs. We also generated strong free cash flow of more than $350 million, surpassing last year's level underscoring resilience of our operating model and our prudent approach to capital management.

Sebastien 稍後會在簡報中分享更多細節。現在請看第 4 頁投影片的財務結果。第一季我們的營收為 24 億美元，標準化 EBITDA 為 3.34 億美元，標準化每股盈餘（EPS）為 1.83 美元。儘管增量關稅的早期影響已開始顯現，這些結果仍優於我們的預期，主要受惠於更強的銷量、嚴謹的成本管理，以及更有利的促銷環境。我們也產生超過 3.5 億美元的強勁自由現金流，超越去年水準，凸顯我們營運模式的韌性以及審慎的資本管理方針。

Let's turn to our network inventory position on Slide number 5. Dealer inventory remains healthy. Down 3% compared to the same period last year, reflecting improved alignment between wholesale shipments and retail demand, particularly in ORV. Product mix also improved with lower snowmobile inventory at the end of the season and better personal watercraft availability ahead of the peak retail period. We believe inventory is near optimal level. We are well positioned to capture market opportunities and remain disciplined in protecting profitability for both BRP and our dealers.

接著看第 5 頁投影片的通路庫存狀況。經銷商庫存仍維持健康。較去年同期下降 3%，反映批發出貨與零售需求之間的匹配度提升，尤其是在 ORV。產品組合也有所改善：雪地摩托在季末的庫存較低，而個人水上摩托（PWC）在零售旺季前的供應更充足。我們認為庫存已接近最佳水準。我們已做好準備把握市場機會，並在維護 BRP 與經銷商雙方獲利能力方面保持紀律。

Turning to Global Retail trends on Slide number 6. Market dynamics in North America were consistent with the previous quarter. Excluding snowmobile, which lapped a strong quarter last year, the industry grew low single digits, while BRP was up 2%. In line with our strategy, ORV remained the primary growth driver particularly in the utility and premium segment. Let's look at other regions.

接著看第 6 頁投影片的全球零售趨勢。北美市場動態與上一季一致。若排除去年同期基期強勁的雪地摩托，產業成長為低個位數，而 BRP 成長 2%。符合我們的策略，ORV 仍是主要成長動能，尤其在多功能與高階細分市場。接著看看其他地區。

In EMEA, trends improved despite the still relatively muted macroeconomic environment our retail increased by 10%, in line with the industry.

在 EMEA 地區，儘管整體宏觀經濟環境仍相對低迷，趨勢有所改善；我們的零售成長 10%，與產業表現一致。

We saw growth across most of our product categories, supported by a stronger end of the snowmobile season in Scandinavia as well as improved demand for PWC and ORV in key European markets. In Latin America, our sales grew by 7%, with record first quarter performance in both Brazil and Mexico, driven by continued strength in ORV -- in Asia Pacific, the industry grew low single digits, supported by strong ATV demand partially offset by a late season decline in PWC given our higher exposure on PWC, we trailed the industry, with retail down 4%.

我們在多數產品類別都看到成長，受惠於斯堪地那維亞雪地摩托季末表現較強，以及歐洲主要市場對 PWC 與 ORV 的需求改善。在拉丁美洲，我們的銷售成長 7%，巴西與墨西哥第一季皆創下歷史新高，主要由 ORV 的持續強勁帶動——在亞太地區，產業成長為低個位數，強勁的 ATV 需求提供支撐，但 PWC 因季末較晚出現下滑而部分抵銷；由於我們在 PWC 的曝險較高，我們落後於產業，零售下滑 4%。

Overall, we are pleased with our retail performance partially in ORV, which delivered strong results across most regions. Now let's focus on our North American performance, beginning with side by side on Slide number 7. We -- the industry remained healthy, grow mid-single digit, supported by the utility segment and continued adoption of CAB units.

整體而言，我們對零售表現感到滿意，特別是在 ORV，於多數地區都交出強勁成果。現在聚焦北美表現，先從第 7 頁投影片的並排車（side-by-side）開始。我們——產業維持健康，成長為中個位數，受多功能細分市場支撐，且 CAB 車廂單元的採用持續提升。

Can-Am sustained strong momentum driven by the success of the new Defender HD11 equipped with a new Rotax engine, boasting 95-horsepower and best-in-class towing and cargo capacity, setting a new standard in the industry. We once again outpaced the market with retail high single digits, including low teen percentage growth in the utility segment. More importantly, we gained over 3 points of market share in premium current units. This shows that our commitment to innovation can drive retail growth and contribute positively to profitability.

Can-Am 延續強勁動能，主要受新款 Defender HD11 的成功帶動；該車搭載全新 Rotax 引擎，具備 95 匹馬力，以及同級最佳的拖曳與載貨能力，為產業樹立新標竿。我們再次跑贏市場，零售成長達高個位數，其中多功能細分市場成長為低十位數百分比。更重要的是，我們在高階現行機種的市占率提升超過 3 個百分點。這顯示我們對創新的承諾能推動零售成長，並對獲利能力帶來正面貢獻。

Turning to ATV on Slide 8. while the industry declined low single digits during the quarter, we outperformed with retail up low single digits and reached the number 1 position in the North American industry in April for the first time ever.

接著看第 8 頁投影片的 ATV。雖然本季產業下滑為低個位數，我們仍優於產業，零售成長為低個位數，並在 4 月首度登上北美產業第 1 名的位置。

We continue to benefit from the rollout of our new platform across our lineup, contributing to more than 3 points of market share gain in current units during the first quarter. With continued traction with dealers, ongoing network development initiatives and a robust pipeline of upcoming product launches, we are confident in our ability to sustain our ORV growth to further expand our market share.

我們持續受惠於新平台在全產品線的導入，推動第一季現行機種市占率提升超過 3 個百分點。在經銷商端持續獲得動能、通路開發計畫持續推進，以及即將推出的新產品上市計畫充足的情況下，我們對維持 ORV 成長、進一步擴大市占率的能力充滿信心。

Turning to Slide 9 to Cover snowmobile. The 2026 season ended in late March with industry retail up low single digits. As anticipated, since other OEM entered the season with elevated level of noncurrent inventory, industry retail was driven by heavily discounted units. In this context, we traded the industry slightly, given our disciplined approach to inventory management. That said, by maintaining pricing integrity rather than chasing discounted volume, we achieved a record market share over 70% in current units and reduced our network inventory by 40%, putting us in a healthy position.

接著看第 9 頁投影片，談雪地摩托。2026 年雪季於 3 月下旬結束，產業零售成長為低個位數。如預期，由於其他 OEM 以較高水準的非現行庫存進入雪季，產業零售主要由大幅折扣的機種帶動。在此背景下，基於我們對庫存管理的紀律作法，我們的表現略低於產業。儘管如此，透過維持價格完整性而非追逐折扣量，我們在現行機種創下超過 70% 的歷史新高市占率，並將通路庫存降低 40%，使我們處於健康狀態。

Our new products and features introduced in February allowed us to once again elevate with the adventure. To name a few, a new Rotax 600 RR E-TEC engine with client leading power completely redesigned Ski-Doo Skandic and Tundra models as well as a linked trader model up to 12 lighter. This led us to have 1 of our most successful spring preorder campaign we are now well aligned to increase shipments and drive growth in the next season.

我們在 2 月推出的新產品與新功能，讓我們再次提升冒險體驗。舉例來說，全新 Rotax 600 RR E-TEC 引擎具備客戶領先的動力；Ski-Doo Skandic 與 Tundra 車型全面重新設計；以及一款聯名的 trader 車型，重量最多減輕 12 磅。這使我們締造最成功的春季預購活動之一；我們目前已做好對齊，將在下一雪季增加出貨並推動成長。

Let's turn to Slide 10 for an overview of our retail performance in other product categories for which the first quarter remained an off-season period. Looking at PWC as favorable weather affected the industry as a whole. In addition, year-over-year retail was pressured by elevated levels of discounted carryover inventory from other OEMs. Still, we had a strong performance in current units.

讓我們看第10頁，概覽我們在其他產品類別的零售表現；第一季仍屬於淡季。就PWC而言，有利的天氣影響了整個產業。此外，其他OEM廠商折扣出清的結轉庫存水位偏高，對年對年零售造成壓力。儘管如此，我們在當期機種的表現依然強勁。

Moreover, as weather conditions improved through April, we saw retail activity pick up late in the month and the trend continued into May. The situation evolved similarly for 3-wheel vehicles and pontoons. Overall, we are pleased with our first quarter retail number. While seasonal product category faced industry headwinds, we continue to outperform in ORV, our most important growth driver. This is significant to our financial profile going forward, giving us confidence in the revised outlook that we are issuing today.

另外，隨著4月天候狀況改善，我們看到月底零售活動回升，且趨勢延續到5月。三輪車與浮筒船（pontoons）的情況也以類似方式發展。整體而言，我們對第一季的零售數字感到滿意。雖然季節性產品類別面臨產業逆風，我們在ORV（越野車）上仍持續優於同業，而ORV是我們最重要的成長驅動力。這對我們未來的財務輪廓具有重要意義，也讓我們對今天發布的修訂展望更有信心。

With that, I turn the call over to Sebastien.

接下來，我把電話會議交給Sebastien。

Thank you, Dennis, and good morning, everyone. We had a solid start to the year as we delivered a robust top line growth driven by continued strong demand for our products across the portfolio. We also benefited from a more favorable promotional environment than anticipated, which, combined with continued disciplined overhead management, drove Q1 results ahead of expectations. Looking at the numbers.

謝謝你，Dennis，各位早安。我們今年開局穩健，受惠於產品組合各品類持續強勁的需求，帶動營收強勁成長。我們也受益於比預期更有利的促銷環境；再加上持續嚴謹的間接費用管理，使第一季表現優於預期。我們來看數字。

Revenues grew 30% to $2.4 billion, with solid double-digit growth across all product categories as we lapped the quarter last year where we were rightsizing our network inventory. The increase was primarily driven by higher PWC and ORV shipments a favorable product mix in ORV and positive pricing net of sales programs. Turning to Slide 13 for key profitability mix. We generated $562 million in gross profit, representing a margin of 23.5%, up 210 basis points from last year.

營收成長30%至24億美元；由於去年同期我們正在調整通路庫存規模，今年各產品類別皆呈現穩健的雙位數成長。成長主要來自PWC與ORV出貨增加、ORV產品組合更有利，以及扣除銷售方案後的淨售價上升。接著看第13頁的獲利能力與組合重點。我們創造5.62億美元的毛利，毛利率23.5%，較去年提升210個基點。

This improvement was driven by better capacity utilization, lower sales program, favorable pricing and partly offset by tariffs. Normalized EBITDA increased by 67% to $334 million and normalized EPS nearly tripled to $1.83, it is worth noting that we only had a limited impact from the revised Section 232 tariffs during the quarter as these came into effect late into Q1, and we temporarily redirected plan US shipments to other markets, while we assess the situation.

這項改善來自產能利用率提升、銷售方案成本降低、有利的定價，部分被關稅抵銷。標準化EBITDA成長67%至3.34億美元，標準化EPS幾乎成長至三倍、達1.83美元。值得注意的是，本季修訂後的232條款關稅影響有限，因其在第一季後段才生效；在我們評估情勢期間，也暫時將原本運往美國的出貨轉向其他市場。

Shipments to the US returned to normal levels by the end of April. As a result of our strong performance in supported by working capital tailwinds, we generated solid free cash flow of $367 million and ended the quarter with close to $700 million of cash on the balance sheet. Our balance sheet remains very strong with a net leverage ratio of 1.4 times at quarter end. This provides us with the flexibility to navigate the current tariff environment while sustaining our investments for long-term growth, aligned with our M28 plan and continuing to return capital to shareholders.

對美國的出貨在4月底已恢復至正常水準。在強勁表現並受惠於營運資金的順風之下，我們創造了3.67億美元的穩健自由現金流，季末資產負債表上的現金接近7億美元。我們的資產負債表仍非常強健，季末淨槓桿比為1.4倍。這讓我們在維持符合M28計畫、支持長期成長投資的同時，也能靈活因應目前的關稅環境，並持續回饋股東。

Now turning to Slide 14 for context on our revised fiscal '27 guidance. As you'll recall, we entered the year with strong momentum, supported by solid retail trends, robust and for our recently introduced models and network inventory close to optimal levels and our Q1 results clearly reflect that positive trajectory. However, the quarter was marked by significant change in Section 232 tariffs. In essence, the amendment introduces a 25% tariff on the full value of imported snowmobiles and most ORV models, replacing the previous 50% tariff on metal content only.

現在請看第14頁，說明我們修訂後的2027財年指引背景。如各位所記得，我們在強勁動能下進入今年：零售趨勢穩健、近期推出的車款需求強勁，且通路庫存接近最佳水準；第一季結果清楚反映了這條正向軌跡。然而，本季也伴隨232條款關稅的重大變動。簡言之，此次修訂對進口雪地摩托車與多數ORV車型的全額價值課徵25%關稅，取代先前僅對金屬含量課徵50%關稅的做法。

This represents a meaningful incremental cost to our business and has led us to suspend guidance while we assess the full impact. While uncertainty remains in the evolving geopolitical and trade environment, including the upcoming USMCA renegotiation, we now have sufficient visibility into the Section 232 exposure in our mitigation plan and our expected results for the year to introduce a revised guidance based on what we know today.

這對我們的業務帶來顯著的新增成本，也使我們在評估完整影響期間暫停提供指引。儘管地緣政治與貿易環境仍在演變、不確定性仍存（包括即將到來的USMCA重新談判），但就232條款的曝險、我們的緩解計畫以及今年預期成果而言，我們現在已有足夠能見度，得以基於目前所知提出修訂後的指引。

Looking at the guidance, First, the fundamentals of our business remains strong. Our outlook for volume growth is largely unaffected by the incremental tariffs and actually continues to improve. Our revised guidance includes stronger-than-expected trends in ORV. Snowmobile preorders above target, improved product mix and higher PNA dealer orders.

就指引而言，首先，我們的業務基本面依然強勁。我們對出貨量成長的展望大致不受新增關稅影響，甚至仍在改善。修訂後的指引納入了ORV強於預期的趨勢。雪地摩托車預購高於目標、產品組合改善，以及PNA經銷商訂單增加。

Together, we expect these factors to drive about $60 million of normalized EBITDA or $0.60 per share of upside versus our initial outlook. Against this, we expect a total incremental tariff impact of $500 million to $550 million for the year. To address this, we have put in place an initial mitigation plan focused on overhead discipline, project prioritization, targeted pricing actions and value chain efficiencies. Together, they are expected to offset approximately $200 million of that impact.

綜合而言，我們預期這些因素將帶來約6,000萬美元的標準化EBITDA，或每股0.60美元的上行空間，相較於原先展望。相對地，我們預期全年新增關稅總影響為5億至5.5億美元。為因應此情況，我們已制定初步緩解計畫，聚焦於間接費用紀律、專案優先順序、精準的定價措施，以及價值鏈效率提升。合計預期可抵銷約2億美元的影響。

As these actions progressively take hold through the year, the net tariff headwind remains meaningful, especially in the near term. So putting it all together, we started the year with a normalized EPS guidance range of [$5.50 to $6.50]. Since then, we anticipate a $0.60 improvement coming from better-than-expected trends in the business, resulting in a potential earnings power for the year of $6.10 to $7.10 before the impact of recent incremental tariff. Still, keep in mind that this figure includes about $90 million of tariffs as per our initial guidance.

隨著這些措施在全年逐步發揮效果，淨關稅逆風仍相當顯著，尤其在短期內更是如此。因此綜合來看，我們年初給出的標準化EPS指引區間為[5.50至6.50]美元。自那之後，我們預期來自業務趨勢優於預期的改善為0.60美元，使得在近期新增關稅影響前，今年的潛在獲利能力可達6.10至7.10美元。但請記得，這個數字已包含我們原先指引中約9,000萬美元的關稅。

And then the expected incremental net tariff impact of $3.10 to $3.60 per share brings our revised guidance of $3 and $3.50. Turning to the full guidance overview on Slide 15. Incorporating all these changes, we expect revenues between $9.125 billion and $9.375 billion, normalized EBITDA between $925 million and $975 million and normalized EPS between $3 and $3.50. Additionally, despite the tariff impact, we continue to expect strong free cash flow generation of over $600 million, further reinforcing our balance sheet. That said, we want to be clear, this outlook does not reflect the full earnings potential of our business.

接著，預期新增的淨關稅影響為每股3.10至3.60美元，使我們修訂後的指引為3.00至3.50美元。接著看第15頁的完整指引概覽。納入上述所有變動後，我們預期營收介於91.25億至93.75億美元，標準化EBITDA介於9.25億至9.75億美元，標準化EPS介於3.00至3.50美元。此外，儘管有關稅影響，我們仍預期可產生超過6億美元的強勁自由現金流，進一步強化資產負債表。不過，我們希望說清楚：此展望並未反映我們業務的全部獲利潛力。

It reflects our deliberate decision in the near term to prioritize protecting our long-term competitive position while implementing targeted mitigation actions to preserve our financial strength. We continue to evaluate other potential mitigation measures. And over time, as the trade environment stabilizes and the rules become clearer, we will take the necessary steps to further adapt and optimize our value chain as we have done in the past.

這反映了我們在短期內的審慎決策：在推動精準的緩解措施以維持財務實力的同時，優先保護我們的長期競爭地位。我們也持續評估其他可能的緩解措施。隨著時間推進，當貿易環境趨於穩定、規則更為明確時，我們將採取必要步驟，進一步調整並優化我們的價值鏈，就如同過去所做的一樣。

Based on this view and given our confidence in the long-term value of the business, we intend to resume the share repurchases under our NCIB shortly. Finally, looking at the cadence of earnings for the year. We expect the incremental tariff burden to be fairly distributed throughout the rest of the year with a slightly higher impact in Q3 due to the timing of snowmobile shipments.

基於此觀點，並鑑於我們對業務長期價值的信心，我們打算不久後在NCIB項下恢復股票回購。最後，談到今年獲利的節奏。我們預期新增關稅負擔在今年剩餘期間將相對平均分布，但由於雪地摩托車出貨時點的關係，第三季的影響會略高一些。

Looking more specifically at Q2, we expect earnings to decline by approximately $1.60 to $1.65 year-over-year, resulting from the net tariff impact PWC shipment timing with more deliveries in the first quarter and less in the second versus last year and the impact of the tax credit we recorded in Q2 last year. Still our fundamentals remain strong, and we expect continued momentum with our ORV business.

更具體來看第二季，我們預期盈餘將較去年同期下滑約 1.60 至 1.65 美元，主要原因包括：關稅的淨影響、PWC 出貨時點（相較去年第一季交付較多、第二季較少），以及我們在去年第二季認列的稅額抵免所帶來的影響。儘管如此，我們的基本面依然強勁，且我們預期 ORV 業務將延續動能。

On that, I will turn the call over to Denis.

接下來，我把電話交給 Denis。

Thank you, Sebastien. As you saw our first quarter results confirm the strength of our competitive position, as shown by our sustained retail momentum. As the tariff situation continues to create uncertainty, I am proud of our team's hands-on approach to defining mitigation measures, proving once again that BRP is an agile organization. We are used to dealing with evolving trade requirements and are always striving to find solution to overcome challenges.

謝謝你，Sebastien。如各位所見，我們第一季的結果印證了我們競爭地位的強勁，並反映在我們持續的零售動能上。在關稅情勢持續帶來不確定性的情況下，我為團隊以務實、親力親為的方式制定緩解措施而感到自豪，再次證明 BRP 是一個敏捷的組織。我們習慣於因應不斷演變的貿易要求，並始終努力尋找解決方案以克服挑戰。

We will continue to monitor the situation, including the upcoming USMCA negotiations and we will not hesitate to further adjust our operations to protect our long-term competitiveness. Our objective is to continue outpacing the industry by focusing on what we can control including the execution of our M28 strategic plan and delivering on our commitment to innovation. In this regard, we are looking forward to our dealer event coming up in August in Orlando, Florida. You can expect exciting model year '27 product news that will continue to build on our current momentum and you are welcome to join us.

我們將持續監控情勢，包括即將到來的 USMCA 談判；我們也不會猶豫進一步調整營運，以保護我們的長期競爭力。我們的目標是專注於我們可控的事項，持續領先產業，包括落實 M28 策略計畫並兌現我們對創新的承諾，以此持續超越同業。在此方面，我們期待 8 月於佛羅里達州奧蘭多舉行的經銷商活動。屆時您可期待令人振奮的 2027 年式產品消息，將在我們目前的動能基礎上再接再厲，也歡迎您加入我們。

In closing, thanks to our engaged dealer network and cutting-edge product line up we are confident in our ability to further strengthen our position as a leading global power sports OEM in the future, drive sustained growth and deliver lasting value to shareholders. On that note, I turn the call over to the operator for questions.

最後，憑藉我們投入且積極的經銷商網絡與尖端的產品陣容，我們對未來進一步鞏固作為全球領先動力運動 OEM 的地位充滿信心，並推動持續成長、為股東創造長期價值。接下來，我把電話交給接線員進行問答。

(Operator Instructions)

（接線員指示）

Craig Kennison, Baird.

Baird 的 Craig Kennison。

Hey, good morning. Thanks for taking my question. I appreciate the detailed color on the slide presentation as well. Seb, I wanted to dig into, I guess, Slide 14 and I understand the tariff mitigation, that $200 million. Could you be specific, I guess, on where you can cut overhead, which projects get reprioritized, how much your partners can absorb? And then lastly, by how much can you raise price or that really damaging demand?

嗨，早安。謝謝讓我提問。我也很感謝投影片簡報中提供的詳細說明。Seb，我想深入了解一下，我想是第 14 頁投影片；我理解關稅緩解措施約 2 億美元。你能否具體說明：哪些地方可以削減間接費用、哪些專案會被重新排序、合作夥伴能吸收多少？最後，你們能把價格提高多少，或那樣是否會嚴重傷害需求？

Yeah, well, certainly, when we looked at the overall mitigation and the priority of the team and the Board as well was to protect the long-term growth business, the M28 fundamentals as well that we want to protect. But certainly, we do have levers as any company.

是的，當我們檢視整體緩解方案時，團隊與董事會的優先事項是保護長期成長業務，也就是我們希望保護的 M28 基本面。但當然，和任何公司一樣，我們確實有一些可運用的槓桿。

And one of the big levers is certainly overhead. And so we have I guess, targeted certain initiatives like E-travel is one of them where we can scale back and not impact the business, certain more longer-term projects, exploratory projects, which we've moved back -- and as you know, in our initial guidance, we were planning to invest in overhead.

其中一個主要槓桿當然是間接費用。因此我們鎖定了一些措施，例如 E-travel 是其中之一，我們可以縮減而不影響業務；另外一些更長期的專案、探索性專案，我們也往後延後——而如各位所知，在我們最初的指引中，我們原本規劃要增加間接費用投資。

And so we've scaled back as well the increase or the pace of increase of overhead. So that's the new one element. As you know, as well in M28, we have the lean initiative, which targets to bring $350 million of lean in the business over three years. And so we are able to accelerate some of these lean initiatives and bring them into the current year. And as for pricing, again, we don't want to jeopardize our competitive position in the market.

因此，我們也放緩了間接費用增加的幅度或增加的速度。這是其中一個要素。另外，如各位所知，在 M28 中我們有精實（lean）計畫，目標是在三年內為業務帶來 3.5 億美元的精實效益。因此我們能夠加速其中部分精實措施，並把它們提前到本年度。至於定價方面，同樣地，我們不希望危及我們在市場上的競爭地位。

And so we really hone our pricing very specific. And what we do is we want to peg pricing around the world on the US market. We saw opportunities to we'll call it based on currency movements that we could adjust pricing in some markets in order to offset some of the headwinds, and these would have -- these were above and beyond what we had planned in the budget. So -- in a nutshell, that's where we've targeted these initiatives. But again, very focused on not hurting the business for the long term.

因此我們在定價上會非常精準地拿捏。我們的做法是希望以美國市場作為基準，來錨定全球各地的定價。我們看到一些機會——我們稱之為基於匯率變動——可以在部分市場調整價格，以抵消部分逆風，而這些調整將會——這些是超出我們原先預算規劃之外的。總而言之，這就是我們鎖定這些措施的方向。但再次強調，我們非常專注於不在長期上傷害業務。

Yeah. Exactly. Thank you, Seb. Don't expect to your question, don't expect any brutal move on the pricing on the market. We will preserve the good momentum we're having on the retail.

是的。沒錯。謝謝你，Seb。回到你的問題，不要預期我們會在市場上做出任何激烈的定價動作。我們會維持目前在零售端所展現的良好動能。

And also we protected the investment and CapEx for the seven-year lineup also. So we haven't been touching the products for the future growth of the company.

同時，我們也保護了七年產品陣容所需的投資與資本支出（CapEx）。因此，我們並沒有去動到那些攸關公司未來成長的產品投入。

Thank you. And as a follow-up, I imagine you're much closer to USMCA negotiations than me, but to what extent is Section 232 on the table that seems to be the one that you need to be changed.

謝謝。另外追問一下，我想你們對 USMCA 談判的掌握應該比我更深入，但第 232 條在談判桌上的程度如何？看起來那一項才是你們需要被改變的。

Yeah, we've been very active indeed, of course, right, with governments, would it be Canada, US as well as Mexico, as you know, for sure. Our first target was to make sure that all of them understand the implication. Globally on the industry and globally on the future clients.

是的，我們確實非常積極，當然，與各國政府溝通，不論是加拿大、美國以及墨西哥——如你所知。我們的第一個目標是確保他們都理解其影響。不僅對整個產業在全球層面，也對未來的客戶在全球層面。

So we know that negotiations and discussions are ongoing.

因此我們知道談判與討論正在進行中。

Obviously, we cannot -- we don't know when we are not in a position to say what is going to happen, but we know that this is ongoing. And together with USMCA in parallel, in the months to come, there should be a clarification on what will be the regulation going forward, which is also important for us because, of course, we are actively working on this potential scenario to even improve our situation.

顯然，我們無法——我們也不在能夠說明將會發生什麼的立場，但我們知道這些都在進行中。而且在接下來幾個月，USMCA 也將同步推進；屆時應會釐清未來的法規會是什麼，這對我們也很重要，因為當然，我們正積極針對這種潛在情境進行作業，甚至希望能改善我們的處境。

Thank you.

謝謝。

Mark Petrie, CIBC

CIBC 的 Mark Petrie。

I wanted to actually just follow up on the mitigation efforts. And just to clarify, so the $200 million impact, I think, is for fiscal '27. So what would be the annualized level exiting fiscal '27? And I think some of these are sustainable? Or do you think some of this would just revert back should the tariff environment go back to maybe what you had expected before?

我想就緩解措施再追問一下。先確認一下，這 2 億美元的影響，我理解是針對 2027 財年。那麼在 2027 財年結束時，年化水準會是多少？我想其中一些是可持續的？或者如果關稅環境回到你們先前預期的狀態，你認為其中一些會回復原狀？

Well, certainly too early to call out what next year is going to be, especially on the tariff front. As you know, things are moving and USMCA being renegotiation renegotiating. So our view is that the there is probably a world where tariffs will exist, but probably not the configuration that we see it today going forward. And certainly, if we don't need these mitigation measures and we want to reinvest in the business, we'll certainly scale back on some of them.

嗯，現在要判斷明年的情況還太早，尤其是在關稅方面。如你所知，情勢仍在變動，USMCA 也正在重新談判。因此我們的看法是，關稅可能會以某種形式存在，但未來大概不會是我們今天看到的這種配置。而且如果我們不需要這些緩解措施、並希望把資源再投資到業務中，我們當然會縮減其中一些措施。

But sure, some of the lean initiatives that we are accelerating are going to be there next year. So that's good. So you probably have, I don't know, probably in the range of $100 million of initiatives that will certainly remain -- then for next year, obviously, depending on the landscape, we'll decide what we do with the overhead spend and whether or not we can further invest in the business or scale back some of these investments.

但確實，我們正在加速推進的一些精實措施，明年也會持續存在。所以這是好事。因此你可能會有——我不確定——大概在 1 億美元左右的措施，明年肯定會保留；至於明年，當然還要視整體環境而定，我們會決定如何處理間接費用支出，以及是否能進一步加大對業務的投資，或縮減其中一些投資。

Fair. I appreciate that. And I just want to ask about the demand environment and just sort of more short-term focused if you've seen any shifts as sort of macro uncertainty, higher energy prices have had a bigger impact on consumer sentiment just in the most recent months?

了解。我很感謝。我想請教一下需求環境，偏向更短期的角度：在最近幾個月，隨著總體經濟不確定性、能源價格上升對消費者信心造成更大影響，你們是否看到任何變化？

Not really. It depends on the market, maybe a little in Europe, which is of that importance for us. But when it comes to North America, First, have in mind that most of our clients are wealthy households, okay? So the level is higher than the average population, which means that we don't really see that. As I said before, the ORV trend is a good one, and we are performing into it as well as, for instance, if you take the stock model a 27 snowmobile the preorder we're having is 50% more than what we had last year.

沒有特別。這取決於市場；在歐洲可能有一點，而歐洲對我們來說確實重要。但談到北美，首先要記住，我們大多數客戶是富裕家庭，好嗎？所以他們的收入／資產水準高於一般人口，這表示我們其實沒有看到那種影響。如我先前所說，ORV 的趨勢很好，我們也在其中表現不錯；例如，如果你看 27 年款雪地摩托車的預購，我們目前的預購量比去年高出 50%。

So we cannot say that we see a reflection of the global economy on the demand on our products so far.

所以到目前為止，我們不能說看到全球經濟在我們產品需求上有所反映。

Appreciate those comments and all the best.

感謝這些評論，祝一切順利。

James Hardiman, Citi.

James Hardiman，花旗（Citi）。

Hey, Good morning. So following up on some previous questions, I can certainly appreciate the idea that you're going to drive as much mitigation as you can without really making any sort of wholesale changes that could be undone by the next week or certainly by a series of tariff renegotiations or court cases -- but I guess.

嗨，早安。延續前面一些問題，我當然理解你們會在不做任何可能下週就被推翻、或因一連串關稅重新談判或法院案件而被推翻的全面性改變之下，盡可能推動各種緩解措施——但我想。

I'm curious, if you deemed the current structure as the new normal, what more serious levers are available to you to maybe cut back on the bulk of the tariffs that are currently hitting you specifically at least one of your competitors as we think about 232 is paying closer to that 10% rate as opposed to the 25% rate on 232.

我好奇的是，如果你們把目前的結構視為新常態，那麼你們有哪些更嚴肅的槓桿可以用，來降低目前特別衝擊你們的關稅大宗？至少我們想到 232 時，你們有一位競爭對手支付的稅率更接近 10%，而不是 232 的 25%。

Just curious how difficult would it be for you to get there? I think it would involve you shifting a lot of your metal sourcing to the United States, but maybe speak to that and just more broadly, what are the levers, the more drastic levers that you could pull if this tariff headwind persisted.

想請教你們要達到那樣的水準有多困難？我想這可能需要你們把大量金屬採購轉移到美國，但也請談談這點；更廣泛地說，如果這股關稅逆風持續，你們可以拉動的槓桿、那些更激烈的槓桿有哪些？

Well, obviously, with the visibility we have, we believe that the $200 million is the right level of mitigation measures, protecting the long-term growth of the business. But obviously, if this landscape were to stay more permanent, which we do not believe is the case. But if it were the case, then what we've always said is once we know what the rules are and they're well established, then we'll make the right decision.

嗯，顯然，以我們目前的能見度來看，我們認為 2 億美元是正確的緩解措施水準，同時也能保護業務的長期成長。但如果這個局勢變得更為永久——我們不認為會是如此。但如果真是如此，那我們一直說的是：一旦我們知道規則是什麼、而且規則已經明確建立，我們就會做出正確的決策。

So of course, the teams are not on standby and waiting for the rules to come in. We're looking at various scenarios. And once we know what these rules are, then we'll put them into play. But again, we've opened plants in the past, and that's certainly something we can do. We've shifted production from different plants to other plants, and that's also something we can do so.

所以當然，我們的團隊並不是待命、等著規則出來。我們正在看各種情境。一旦我們知道這些規則是什麼，我們就會把它們付諸執行。但再說一次，我們過去也開過新廠，這當然是我們能做的事。我們也曾把生產從某些工廠轉移到其他工廠，這也是我們能做的。

The the munitions we have are well known, well understood and well controlled by us. And if once we need to pull the trigger, we'll put it in execution. But my view is I don't want to commit hundreds of millions of capital until we know what these rules are. And so today, we believe that managing in this environment with the 200 million mitigation measures is the right thing to do. And once we know what the rules are, we'll act accordingly.

我們手上的「彈藥」是眾所周知、充分理解且由我們良好掌控的。一旦需要扣下扳機，我們就會執行。但我的看法是：在我們知道規則是什麼之前，我不想承諾投入數億美元的資本。因此，就目前而言，我們認為在這個環境下以 2 億美元的緩解措施來管理，是正確的做法。而一旦我們知道規則是什麼，我們會相應採取行動。

We know we need, we need visibility and stability, and we know negotiations are ongoing between the governments. So it's too early to tell. We're going to react and we are getting ready.

我們知道我們需要——我們需要能見度與穩定性，也知道政府之間的談判仍在進行。所以現在下結論還太早。我們會做出反應，而且我們正在做準備。

And the last thing I'd say is we have a solid balance sheet. And so we're not -- if we need to deploy capital, we'll deploy it again, if it's the right thing to do for the business in the context of the new trade environment.

最後我想說的是，我們的資產負債表很穩健。所以我們不會——如果需要投入資本，我們會投入；前提是，在新的貿易環境脈絡下，這對業務而言是正確的事。

That all makes sense. And then maybe shifting to the fundamentals of the business, excluding tariffs. You touched a little bit on it in the prepared remarks, but maybe walk us through the past few months sounds like there was some weather. Obviously, you had a war that started. But then maybe more specifically, any detail you can give us on May trends from a retail perspective for both you and anything you can going from the industry?

這些都很合理。接著也許把焦點轉到不含關稅的業務基本面。你在事先準備的發言中稍微提到，但能否帶我們回顧一下過去幾個月？聽起來有一些天氣因素。顯然也爆發了一場戰爭。但更具體地說，從零售角度，你們在 5 月的趨勢如何？以及你能分享的任何產業面的觀察？

Yeah, sure. The weather actually was good for the so mobile, less good if we may say, for the PWC, which is very normal in a way, on both the seasonal product, we are satisfied with where we stand. The snowmobile may look a little down for sure. But have in mind that there is a seasonality of the quarter year-on-year, which is very drastic. So the global season was kind of the same this year versus the last year.

好的，當然。天氣其實對雪地摩托車是好的；如果可以這麼說，對 PWC（個人水上摩托）就沒那麼好，但某種程度上這很正常。就這兩個季節性產品而言，我們對目前的狀況感到滿意。雪地摩托看起來確實可能有點下滑。但要記住，同一季度的年對年季節性差異非常劇烈。所以今年的整體雪季大致與去年相同。

Number two, we are running at a speed of 70% market share in the current snowmobile, which is very high, shows how competitive we are in terms of product. And I said before, the orders of the '27 models, because the question is on the short-term period, -- the order of the '27 model is 50%, 5-0, up compared to last year. So we are very confident with that one. Of course, this is very early on the PWC to get the global vision, okay? Again, our market share on the current is up 10 points, so which is not neglectable.

第二，我們在目前雪地摩托的市占率以 70% 的速度在跑，這非常高，顯示我們在產品競爭力方面很強。而我之前也說過，27 年款的訂單——因為問題是關於短期——27 年款的訂單比去年增加 50%，5-0。所以我們對此非常有信心。當然，PWC 現在要看整體全貌還很早，好嗎？同樣地，我們在目前機種的市占率上升了 10 個百分點，這不可忽視。

But the market is still kind of puzzled with a lot of noncurrent that we basically do not have at BRP or say at Sea-Doo, so we got to see the way it's coming. End of April, beginning of May, the trend is becoming positive back again. So -- but this is early decision to talk about and finish with us the most important product. We are super happy to be online with our plan and I'm talking here, of course, ORV so let me repeat the last month, April, we were number 1 in North America with the ORV and on the current unit, we were up 3 points on the market.

但市場仍然因為有很多非當年款（noncurrent）的庫存而有點困惑，而這些在 BRP 或 Sea-Doo 基本上沒有，所以我們還要觀察後續發展。4 月底、5 月初，趨勢又開始轉為正向。所以——但現在談這個並做結論還太早；最後談到我們最重要的產品，我們非常高興能按計畫推進。我這裡當然是指 ORV，所以我再重申一下：上個月 4 月，我們在北美 ORV 是第 1 名；在當年款（current）機種上，我們的市占率提升了 3 個百分點。

And same with SSV, we are a little above the industry. And on the premium period, we are above again 3 points especially with the Defender because the utility segment is the most growing 1 inside this. So all in all, the momentum is very solid.

SSV 也是一樣，我們略高於產業表現。而在高端區間（premium），我們同樣又高出 3 個百分點，特別是 Defender，因為在其中，實用型（utility）細分市場是成長最快的一個。總體而言，動能非常穩健。

Got it. That's helpful. Thanks and good luck.

了解。很有幫助。謝謝，祝好運。

Robin Farley, UBS.

Robin Farley，瑞銀。

Great. And I appreciate the fact that the tariff situation is likely to change in your view. I just wonder if you could help us think about if it didn't, just so we can think about what an annualized impact looks like, for both the tariff and the mitigation. So that $500 million to $550 million is for this partial year, would that be, I would assume somewhere in the $600 million to $700 million on a full year basis? if you could help us in that range.

很好。我也感謝你們認為關稅情況很可能會改變。我只是想請你們幫我們思考一下：如果它沒有改變，我們該如何看待年度化的影響，包括關稅本身以及緩解措施的效果。所以那個5億到5.5億美元是針對今年的部分年度，那麼若以全年計算，我猜大概會落在6億到7億美元之間？如果你們能協助我們確認大概的區間。

And then similarly, your mitigation that $200 million -- is that also a partial year? Or does that kind of represent you really have done -- put everything that would be annualized and that will land in the next 3 quarters? Or does that number look bigger on a full year basis, again, with the idea that if things didn't change?

然後同樣地，你們的緩解措施那2億美元——那也是部分年度嗎？還是說那基本上代表你們真的已經做了——把所有可年度化、並會在接下來3個季度落地的措施都算進去了？或者如果以全年來看，在假設情況不變的前提下，那個數字會更大？

So the -- I would say the tariffs annualized is in the range of, let's say, $650 million to $700 million, so very close to your number. In terms of mitigation measures, you could see a higher amount annualized, maybe, let's say, $25 million to $50 million higher. Some of the initiatives that we're doing will only take hold in Q3 and Q4. And so that -- this is what you could expect on a full year basis.

所以——我會說關稅年度化大概在6.5億到7億美元的區間，跟你估的非常接近。至於緩解措施，年度化後你可能會看到更高的金額，大概再多2,500萬到5,000萬美元。我們正在推動的一些計畫要到第三季和第四季才會開始發揮效果。因此——這就是你們在全年基礎上可以預期的情況。

Okay, great. Super helpful. Thank you. And then just to think about potential -- you mentioned you're engaging with the government in various ways. My understanding is the 232 is always set outside of USMCA. So I guess, are there other things outside of the renegotiation period for USMCA, which could end up not changing, are there other avenues for you to pursue potential changes in this 232 tariffs?

好的，很好。非常有幫助。謝謝。另外再想一下潛在的——你提到你們正以各種方式與政府接觸。我的理解是232條款一向是獨立於USMCA之外設定的。所以我想問的是：除了USMCA的重新談判期（可能最後也不會改變）之外，你們是否還有其他途徑可以爭取232關稅的潛在調整？

Well, the going-in assumption is, obviously, when you talk about a free trade agreement between the North American countries, free trade means free trade. So when you factor in the 232, you're no longer in a free trade territory.

嗯，基本假設顯然是：當你談的是北美國家之間的自由貿易協定時，自由貿易就應該是自由貿易。所以一旦把232納入考量，你就不再處於自由貿易的範疇了。

And so the going-in assumption is that at some point, the 232 lane will merge with the USMCA lane and the government will come to an agreement as to what is the required or desired level of tariffication between the countries.

因此，基本假設是：在某個時間點，232這條線會與USMCA這條線合併，政府將就各國之間所需或期望的關稅化程度達成協議。

And so that's why we believe that the current landscape and the current structure of tariffs is temporary and the US MCA will lead to a revision of the whole tariffication policies of the different countries.

所以這也是為什麼我們相信目前的環境與目前的關稅結構是暫時性的，而USMCA將促使各國整體關稅化政策的修訂。

Okay, great. Thank you very much.

好的，很好。非常感謝。

Brian Morrison, TD Cowen.

Brian Morrison，TD Cowen。

Thanks very much. First of all, I want to commend you guys on putting guidance out there. You often put yourselves out there when others don't challenge in time. So thank you -- maybe just going back to some of the questions on potential alternatives or offsets to the tariffs that are out there. Would that include potential reconfiguration of your manufacturing footprint if the tariffs stay in the current form?

非常感謝。首先，我想稱讚你們把指引提供出來。在別人不願意及時給出指引的時候，你們常常願意站出來。所以謝謝——我想回到一些關於可能替代方案或抵銷現有關稅影響的問題。如果關稅維持目前形式，這是否也包括你們可能重新配置製造版圖？

First of all, we are depending on the tariff and the USMCA. First of all, we are already present in the US if it is what's behind the question because we are manufacturing some products in the US We also have foundries in the US and we also have of course, a solid network of suppliers that we procure from in the US. It's way too early to answer your question so directly because, of course, it will depend on how the thing is globally going both from the 232 and the USMCA, right?

首先，我們取決於關稅以及USMCA的走向。首先，如果你的問題背後是這個意思，我們其實已經在美國有布局，因為我們在美國製造部分產品。我們在美國也有鑄造廠，當然也有一個穩固的供應商網絡，從美國採購。但要這麼直接回答你的問題還太早，因為這當然取決於232與USMCA在全球層面最終會如何發展，對吧？

So as we said before, we are, of course, preparing all scenarios but we will certainly not make any decision before we estimate that the regulation is becoming steady and reliable. So which is not the case today. We hope in a few months, we're going to get more clarity on that one.

所以如同我們之前說的，我們當然會準備所有情境，但在我們評估法規變得穩定且可信之前，我們肯定不會做任何決策。而目前還不是這種情況。我們希望幾個月內能更清楚。

Okay. So it's steady state in terms of pricing and cost efficiencies until such time that you get visibility on USMCA. Is that correct?

好的。所以在你們對USMCA有能見度之前，你們在定價與成本效率方面會維持穩態？是這樣嗎？

Absolutely.

完全正確。

Okay. And then my second question is for Seb. Just specifically on the free cash flow. I mean, $650 million, that's a big number. I'm having trouble getting there with your guide.

好的。那我的第二個問題是問Seb。就自由現金流而言，我的意思是，6.5億美元是個很大的數字。我很難從你們的指引推導到這個數字。

Maybe is there some sort of working capital.

是不是有某種營運資金的因素？

Working capital is a good tailwind this year. Two key elements: one, AR, we are putting in place a floor plan factoring facility in Scandinavia. That should bring about $150 million this year of a tailwind. And cash tax will also be relatively slim this year. That's also a big -- a nice tailwind that we have.

今年營運資金是一個很好的順風。兩個關鍵要素：第一，應收帳款（AR），我們正在斯堪地那維亞導入一個地板融資（floor plan）應收帳款保理融資安排。這在今年應該會帶來約1.5億美元的順風。另外，今年的現金稅負也會相對偏低。這也是一個很大——很不錯的順風。

Martin Landry at Stifel.

Martin Landry，Stifel。

Hi, good morning. I just wanted to get more details on the price increases that you've put through or you expected through -- can you give us just an order of magnitude in terms of percentage-wise, what that implies?

嗨，早安。我想了解更多關於你們已經推行或預期推行的漲價細節——你們能否就幅度給我們一個大概的量級，例如以百分比來看，這代表什麼？

Well, it's -- as I mentioned earlier, Martin, it's not the big lever as part of the $200 million. So the other -- the big levers of the overhead, the lean initiatives. And as I said, we look at pricing globally, but benchmarking it to the US market. And so versus our initial budget assumption, we had an opportunity to increase pricing because of currency movements, and we want to peg the pricing as much vis-a-vis the US.

嗯——如我先前提到的，Martin，這不是那2億美元中的主要槓桿。其他——主要槓桿是間接費用以及精實（lean）改善計畫。而且如我所說，我們是以全球角度看定價，但會以美國市場作為基準。因此，相較於我們最初的預算假設，因為匯率變動，我們有機會提高定價，而我們希望定價盡可能與美國對齊。

So that's what drove.

所以這就是推動因素。

Denis speaking, we completely protected the 2026 model year, okay, which are ongoing, number one. Number two, we also protected, sorry, the preseason orders of the snowmobile on the '27 model. So this is a no move for the existing, say, pipe of orders ongoing with our network. So no bad surprise for nobody here and then, of course, don't expect a move. I think we're going to preserve totally our competitiveness versus competition when it comes to the 2027, sorry, for the yes. So we completely respect the retail momentum we haven't.

Denis發言：我們已經完全保護了2026年式的車型，好嗎？這些都在進行中，第一點。第二點，我們也保護了——抱歉——27年式雪地摩托的季前訂單。所以對於我們與通路網絡之間既有、可以說正在進行的訂單管道，這不會有任何變動。因此不會讓任何人有不好的意外，當然也不要期待會有變動。我認為在2027年——抱歉——在這方面，我們會完全維持相對於競爭對手的競爭力。所以我們完全尊重零售端的動能，我們沒有——

Okay. So if I hear you correctly, -- it looks like you're raising prices across the globe to subsidize a little bit the tariff impact on the US. So if I hear you correctly, it sounds like the price increases that you're putting through in the US are something like low single-digit percentages, nothing that could impair your competitive pricing versus your competitors?

好的。所以如果我理解正確——看起來你們是在全球範圍提高價格，以稍微補貼美國的關稅影響。所以如果我理解正確，聽起來你們在美國推行的漲價大概是低個位數百分比，不至於影響你們相對於競爭對手的競爭性定價？

Yeah. And we're not even talking about low single digit because if you do the reverse math, we, let's say, around $10 billion of revenue, 1% is $100 million, and we're not even at these levels in terms of pricing increase.

是的。而且我們甚至不是在談低個位數，因為如果你反向推算，我們假設大約有100億美元的營收，1%就是1億美元，而我們在提價幅度方面甚至還沒到這些水準。

Okay. That's helpful. Thank you.

好的。這很有幫助。謝謝。

Joe Altobello, Raymond James.

Joe Altobello，Raymond James。

Thanks. Hey, guys. Good morning. Just a little more clarification on the tariff outlook. There's a lot that's going to happen in July, right? So the [122] tariffs will expire. And I guess the thinking is that the new 301 tariffs will take their place. So is it fair to assume that your assumption and your guidance is that indeed is the case that nothing changes from where we are today on a net basis?

謝謝。各位早安。早上好。我想再釐清一下關稅展望。7月會發生很多事情，對吧？所以[122]關稅將到期。我想市場的看法是新的301關稅會取而代之。所以是否可以合理假設，你們的假設與指引是：確實會是這種情況，也就是從淨額角度看，與我們今天所處的狀況相比不會有任何改變？

Our assumption is that for the full year basis, we have nothing changes, and so we're exposed to the 232 until January 31. That's why you get the $500 million to $550 million gross impact. Yes.

我們的假設是以全年為基礎，沒有任何變化，因此我們會暴露在232條款之下直到1月31日。這就是為什麼你會看到5億到5.5億美元的毛影響。是的。

Okay. Perfect. And just a follow-up on that, you mentioned the promotional environment was a little bit more favorable than you expected. Has that continued here in the second quarter?

好的。完美。再追問一下，你提到促銷環境比你預期的更有利。這個情況在第二季也持續嗎？

Yes, it has. We -- obviously, the big OEMs have a cleaner inventory and we see them not being as competitive or not as aggressive on promotions as we've seen them in the past.

是的，有持續。我們——很明顯，大型OEM的庫存更乾淨，我們看到他們不像過去那樣競爭激烈，或在促銷上沒有那麼積極。

Benoit Poirier, Desjardin Capital Markets.

Benoit Poirier，Desjardin Capital Markets。

Yeah, good morning, everyone. My question is more related to PWC and pontoons. So when we look at pontoons, down low 30%, while PWC down low teens I was just wondering how much is related to poor weather or whether it's still tough market dynamics out there with higher inventory? And any thoughts on your PWC fishing offering since the introduction of the cross wave by your competitor?

是的，各位早安。我的問題比較與PWC和浮筒船（pontoons）有關。我們看到浮筒船下滑約30%出頭，而PWC下滑約十幾個百分點，我想了解其中有多少是因為天候不佳，或是市場動態仍然艱困、庫存偏高所致？另外，自從競爭對手推出Cross Wave之後，你們對PWC釣魚產品的看法是什麼？

Yes, well, obviously, it was a tougher quarter for personal watercraft in Q1, where, as Denis alluded to, one OEM had a lot of noncurrent inventory and that's what drove the industry. But when I look at the May trends, our watercraft sales -- retail sales are up quite sizably versus last year. So we're happy -- good news is that the OEM probably got rid of some of the noncurrent.

是的，嗯，顯然第一季對個人水上摩托（PWC）來說是比較艱難的一季；如Denis提到的，有一家OEM有大量非當期庫存，這就是推動整個產業走勢的原因。但當我看5月的趨勢，我們的水上摩托銷售——零售銷售相較去年大幅成長。所以我們很高興——好消息是那家OEM可能已經處理掉部分非當期庫存。

And obviously, we have a lot of innovation on Personal Watercraft, which is driving momentum. And our lineup, obviously, we've been in this business for 50 years. There's always some competition coming in with new products, but our lineup in personal watercraft is super strong. A lot of innovation a super strong lineup. So obviously, we're not too concerned with new products coming in.

而且很明顯，我們在個人水上摩托上有很多創新，正在帶動動能。我們的產品線也很強，畢竟我們在這個業務已經50年了。總會有一些競爭者帶著新產品進來，但我們在個人水上摩托的產品線非常強。很多創新、非常強的產品線。所以很明顯，我們對新產品進入並不太擔心。

And I think it's good for the industry because they'll probably bring new consumers to the personal watercraft industry and that's good for our business in general.

而且我認為這對產業是好事，因為他們可能會把新的消費者帶進個人水上摩托產業，這對我們整體業務也有利。

Okay. That's great color. And with respect to the $60 million of positive impact that comes from fundamentals. Obviously, you gave good details about it on ORV -- you talked about improved product mix. I was wondering if it's more a reaction of Section 232, the fact that you put more accessories on products -- or it's just a matter that premium continues to outperform low entry levels that yes.

好的。這些說明很有幫助。另外，關於基本面帶來的6,000萬美元正面影響。你在ORV方面已經提供了很好的細節——你提到產品組合改善。我想知道這比較像是對232條款的反應，例如你們在產品上加裝更多配件——還是只是因為高階產品持續優於入門低階產品？

It would be the latter, Benoit, as Denis mentioned, we have affluent customers that tend to be more insulated from inflationary pressures and gas prices and that's driving the mix up as well. Also note that the season was in terms of use of the product at PNA is up also a PNA conception, especially parts was very good during the quarter.

會是後者，Benoit。正如Denis提到的，我們有較富裕的客戶，他們通常較不受通膨壓力與油價影響，這也推升了產品組合。另外也請注意，本季在PNA就產品使用而言的季節性也有所提升；以PNA的角度來看，尤其是零件（parts）在本季表現非常好。

Great color. Thank you.

很好的補充。謝謝。

Cameron Doerksen, National Bank.

Cameron Doerksen，National Bank。

Yeah, thanks. Good morning. Maybe just a couple of questions on the international markets. Maybe you can just go into a little bit more detail what you're seeing, I guess, more recently and expectations for the remainder of the year and some of the key international markets that you're in? .

是的，謝謝。早安。我想問幾個關於國際市場的問題。你能否再多談一些你們最近看到的情況、對今年剩餘時間的預期，以及你們所處的一些主要國際市場？.

Yeah, as I said before, sorry, in Europe, the markets are high single-digit high and we are 10% high. So in Europe, we are doing rather well. Latin America is a very good momentum, not this quarter. It has been now for a few quarters, okay, that we are growing big time in Brazil.

是的，如我之前說的，抱歉，在歐洲，市場是高個位數成長，而我們成長10%。所以在歐洲，我們做得相當不錯。拉丁美洲動能非常好，不只是這一季。其實已經連續好幾季了，我們在巴西成長非常快。

So we are beating records every quad in Brazil and Mexico is also back. So these are two good zones of the world for us. Asia Pacific, is slightly down.

所以我們在巴西每一季都在刷新紀錄，墨西哥也回來了。所以這兩個地區對我們來說是全球很好的區域。亞太地區則是小幅下滑。

We are a bit more down than the market, but this is just because the PWC just like here is a little slow and is very, very high in our mix down there. And also note that, by the way, we are getting ready to launch the Ryker, which is the 3-wheel vehicle in Southeast Asia that will be manufactured in our Vietnam factory. So we are also preparing for, let's say, the second step in our international game plan.

我們的下滑幅度比市場稍大一些，但這只是因為PWC就像這裡一樣有點放緩，而且在那邊PWC在我們的組合占比非常、非常高。另外也請注意，順帶一提，我們正準備在東南亞推出Ryker，也就是三輪車，將由我們越南工廠製造。所以我們也在為國際布局計畫的第二步做準備。

Okay. That actually leads me to my sort of second question on international markets. I mean, in your longer-term strategic plan, that was highlighted as a key growth area. In the context of all the tariffs that we're seeing in the US is there a way or is there any consideration to trying to accelerate growth in international markets? Because obviously, those will be less impacted by some of the tariff stuff we're seeing in North America?

好的。這其實也帶到我第二個關於國際市場的問題。在你們較長期的策略計畫中，國際市場被強調為關鍵成長領域。在美國目前看到這麼多關稅的背景下，有沒有方法或是否有任何考量要加速國際市場的成長？因為很明顯，這些市場受到北美關稅影響會比較小？

Well, we were still a part with our plan, and the plan is actually we are growing in international as we speak, right? We are chasing $2.5 billion next year, fiscal '28, this is the target of the plan and we are on track for that. So this is a serious growth. And after that, we'll come back at the right moment with the future plan to talk to you about we continue this growth going forward. the year to continue.

嗯，我們仍然按照計畫進行，而事實上我們現在就在國際市場成長，對吧？我們的目標是在下一個財年，也就是2028財年，達到25億美元，這是計畫的目標，而且我們正朝這個方向前進。所以這是非常認真的成長。之後，我們會在適當的時機帶著未來的計畫回來，跟你們談我們如何在往後持續這個成長。這一年持續下去。

But for sure, it's a territory that we will continue exploring to progress globally in the growth of the company.

但可以確定的是，這是一個我們會持續探索的領域，以在全球範圍推動公司成長。

Appreciate it. Thanks very much.

了解。非常感謝。

Luke Hannan, Canaccord Genuity.

Luke Hannan，Canaccord Genuity。

Good morning. I want to ask about the revised Section 232 tariffs. Have they impeded your ability at all when it comes to extending the dealer counts in the near term?

早安。我想詢問修訂後的《232條款》關稅。就短期內擴增經銷商數量而言，這是否在任何程度上妨礙了你們的能力？

No. You understand that as part of the M28, we have a dealer expansion plan of 100 dealers. Last year, we opened 36 dealers. This year, the target is 40 and we're well on track to achieve this target this year. I'm happy with the progress that was made in the first quarter.

沒有。你知道，作為 M28 的一部分，我們有一項擴增 100 家經銷商的計畫。去年我們新增了 36 家經銷商。今年目標是 40 家，而且我們進度非常順利，有望在今年達成這個目標。我對第一季取得的進展感到滿意。

And then second question, a quick one and just a clarification. So the revenue guidance that you have there now is up slightly from what you had previously before the suspension. I'm assuming embedded within that is the same sort of industry sales assumption and it's just implying a little bit more market share capture than what you had previously?

第二個問題，很快的一個，算是釐清。所以你們目前的營收指引，相較於暫停之前的指引略有上調。我假設其中內含的產業銷售假設仍然相同，只是意味著你們比先前預期能多拿到一些市占？

Yes, that's correct. The industry assumption is for a flat industry with gains and market share. Obviously, we've had a solid snowmobile season and a solid preorder book from consumers. And so that's what provided us with an increase in revenue guidance.

是的，沒錯。產業假設是整體產業持平，但我們會有成長與市占提升。顯然，我們的雪地摩托車季表現強勁，且消費者的預購訂單也很扎實。因此，這些因素讓我們上調了營收指引。

Great. Thank you very much.

很好。非常感謝。

Xian Siew, BNP Paribas.

Xian Siew，法國巴黎銀行（BNP Paribas）。

Hi, guys. Thanks for the question. I wanted to ask about cost maybe outside of tariffs in the last call, you talked about 60 bps from kind of freight and fuel and cost inflation. So maybe just can you update us on how you're seeing costs maybe outside of the tariff environment?

嗨，各位。謝謝讓我提問。我想問一下關稅以外的成本。上次電話會議你們提到大約有 60 個基點來自運輸與燃料以及成本通膨。所以能否更新一下，在關稅環境之外，你們目前看到的成本走勢如何？

Yes, Good question. We've -- in our initial guidance that we had talked about the barrel at $100 for the full year. And so this assumption remains, but we've updated our cost estimates. And the 60 basis points is now more in the range of 70 to 75 basis points coming more from freight cost and also commodity, so still manageable, but we have seen some changes versus our initial guidance.

是的，問得好。我們在最初的指引中，談到全年油價（每桶）以 100 美元為假設。這個假設仍然不變，但我們更新了成本估計。原先的 60 個基點現在大約落在 70 到 75 個基點，主要更多來自運費成本以及大宗商品。因此仍可控，但相較於最初指引，我們確實看到一些變化。

Okay. Got it. And then maybe on retail, I think you just mentioned you have flat for the industry and market share opportunities. But maybe can you talk a little bit about some of the new products I mean, HD11 seems to be off to a good start. Any other kind of call out in terms of where we could see more potential market share gains?

好的。了解。另外在零售端，我想你剛提到你們對產業持平的看法，以及市占機會。但能否談談一些新產品？例如 HD11 似乎開局不錯。還有沒有其他值得點出的地方，讓我們看到更多潛在的市占提升？

Well, the snowmobile lineup was -- we announced our new features just a few months ago, super well received. And it's why I did mention that the preorders were very strong coming from that innovation. The high-end ATV as well is doing extremely well.

嗯，雪地摩托車產品線方面——我們幾個月前才公布新功能，市場反應非常好。這也是我提到預購非常強勁的原因，因為這些創新帶動了需求。高階 ATV 的表現也非常好。

So we're seeing good momentum. Obviously, we -- as Denis mentioned in his prepared remarks, we have a dealer meeting coming in August, and we'll also have a lot of product news that should drive wholesale in the back half of the year.

所以我們看到不錯的動能。顯然，正如 Denis 在事先準備的發言中提到的，我們在 8 月會有一場經銷商大會，屆時也會有很多產品消息，應該能帶動下半年批發表現。

Okay, great. Thanks and good luck.

好的，很棒。謝謝，祝順利。

Gerrick Johnson, Seaport Research Partners.

Gerrick Johnson，Seaport Research Partners。

Good morning. Thank you. Hey, on gross margin, you mentioned promotions are a tailwind, and then you gave us the update on the input cost. But what's the gross margin outlook for the year that's embedded in your guidance?

早安。謝謝。關於毛利率，你提到促銷是一項順風因素，也更新了投入成本。但你們指引中隱含的全年毛利率展望是什麼？

Yeah, obviously, the gross margin outlook is expected to be hit because of that tarriff. When you look at the midpoint of the guidance, the gross margin should be probably slightly north of 19% for the full year. That's my estimate at the midpoint.

是的，顯然，毛利率展望預期會因為關稅而受到衝擊。以指引中位數來看，全年毛利率應該大概會略高於 19%。這是我以中位數估算的結果。

Okay. Great. And then on the halting of shipments of ORVs to the US. I understand you shifted shipments elsewhere. -- how much of a gap was there? How much of a gap in the United States? And how much might it have impacted your retail in the quarter? And will that be made up in the US.

好的。很好。另外關於暫停對美國出貨 ORV（越野車）。我了解你們把出貨轉往其他地區——那中間缺口有多大？在美國的缺口有多大？這可能對本季零售造成多大影響？而且之後會在美國補回來嗎？

Well, we paused for a few days that at the beginning of April when the 232 tariffs, we redirected shipments Canada for certain models, but for the Defender HD11, we continued shipping into the US. So I don't feel it impacted our retail performance.

嗯，我們在 4 月初《232條款》關稅上路時暫停了幾天，針對某些車型把出貨改導向加拿大，但 Defender HD11 我們仍持續出貨到美國。所以我不覺得這影響了我們的零售表現。

No, not enough to hit the retail. It was just very temporary.

沒有，不至於影響到零售。那只是非常短暫的。

Anthony Bonadio, Wells Fargo.

Anthony Bonadio，富國銀行（Wells Fargo）。

Hey, guys. Thanks for taking our questions. Just one more on tariffs. Can you just talk about the competitive implications from the tariff changes, just given where your peers are manufacturing if we sort of see some sustainability to this and does that at all impact your view on your ability to take share over time?

嗨，各位。謝謝回答我們的問題。再問一個關於關稅的問題。考量你們同業的製造地點不同，能否談談關稅變動對競爭面的影響？如果這種情況具有一定持續性，是否會影響你們對長期提升市占能力的看法？

Well, as you saw, we've increased the guidance this year based on -- by $0.60 because of the momentum we have in the business. So our view is this is -- does not change our competitiveness in the market and we purposefully did mitigation measures that did not hurt the business.

嗯，如你所見，我們今年因為業務動能而把指引上調了——每股增加 0.60 美元。所以我們的看法是，這不會改變我們在市場上的競爭力，而且我們刻意採取了不傷害業務的緩解措施。

And so no change to our market share or growth aspiration, the '28 fundamentals and the priorities are still intact and the teams are moving forward, be it dealer expansion commercial improvement, market share gains, et cetera, product innovation that Denis mentioned as well. So very much still relevant in this context.

因此，我們的市占或成長企圖沒有改變；M28 的基本面與優先事項仍然完整，團隊也持續推進，不論是經銷商擴張、商用端改善、市占提升等等，以及 Denis 也提到的產品創新。所以在這樣的背景下，仍然非常相關。

Got it. That's helpful. And just as a follow-up on the M28 targets, I guess just given all the changes we've seen, how are you now thinking about that $8 number in F28? And what might that look like under different tariff scenarios?

了解。這很有幫助。另外追問 M28 目標：考量我們看到的各種變化，你們現在如何看待 F28 的每股 8 美元（$8）目標？在不同關稅情境下，可能會是什麼樣子？

Yeah, well, obviously, there are many hypothetical scenarios we could run for now. As we said, we believe this context is temporary. We might end in a situation where there's tariffs. And I'll remind you that our initial guidance had $90 million of tarrifs.

是的，顯然我們現在可以跑很多假設情境。如我們所說，我們相信這樣的背景是暫時的。我們也可能會走到一個仍有關稅的情況。我也提醒你，我們最初的指引中包含了 9,000 萬美元的關稅。

And when -- and that was baked into our M28 target. So too early to call out, but certainly, if tariffs were to remain as is, it would certainly be a headwind. But as again, I mentioned, and I don't want to sound like a broken recorder there, but we're protecting the fundamentals of M28.

而且那也已經納入我們的 M28 目標之中。所以現在下結論還太早，但可以確定的是，如果關稅維持現狀，確實會是一個逆風。但如我再次提到的——我不想聽起來像壞掉的唱片——我們正在保護 M28 的基本面。

Tristan Thomas Martin, BMO Capital Markets.

Tristan Thomas Martin，BMO 資本市場。

I just wanted to make sure I have something right. Did you say quarter-to-date retail May was positive? And was that for a consolidated or just an ORV number?

我只是想確認我理解正確。您是說截至本季目前為止，5 月的零售表現是正成長嗎？那是以合併口徑，還是僅 ORV 的數字？

Was more positive consolidated or numbers up for personal watercraft numbers up as well. So a good indication going into the prime retail season.

合併口徑更為正向，個人水上摩托車的數字也有成長。因此，這對進入零售旺季是一個很好的指標。

Great. And then just what do you -- what are you seeing in terms of financing rates at the dealership level? And then any other credit metrics you want to provide would be great.

很好。接著想請教，您們在經銷商端看到的融資利率趨勢如何？另外若有其他想提供的信用指標也很棒。

What we are seeing from a retail financing point of view, we are seeing FICO scores come down. And so obviously, when we dig in and understand what's driving this is actually that the Tier A customers are actually using the cash rebates or paying cash and not necessarily going for the financing option, which has driven down the FICO scores. But besides that, everything is pretty much similar to what we've seen in the past, no big changes.

從零售融資的角度來看，我們看到 FICO 分數在下降。當然，我們深入了解其驅動因素後發現，實際上是 A 級客戶在使用現金回饋或直接以現金付款，而不一定選擇融資方案，這使得整體 FICO 分數下降。除此之外，其他情況大致與過去相同，沒有重大變化。

Just any sense of where rates are maybe year-over-year next?

那利率在年對年方面大概有什麼概念嗎？

Off the top of my head, I wouldn't be able to recite the rates, but again, no changes in the bank rates haven't moved in the last quarter. So steady to where it was in Q4.

就我印象中，我沒辦法直接背出利率，但同樣地，銀行利率在上一季沒有變動。所以維持在與第四季相近的水準。

Brandon Rolle, Loop Capital,

Brandon Rolle，Loop Capital。

Good morning. Thank you for taking my questions. First, just on Slide 7, you displayed strong market share gains within the Utility segment. I think a lot of people associate you guys with strong market share in the recreational segment. Could you touch on what's driving some of the share gains within the Utility segment?

早安。謝謝回答我的問題。首先，關於第 7 張投影片，您們在 Utility（多功能/工作用）細分市場顯示出強勁的市占提升。我想很多人把你們與休閒細分市場的高市占連結在一起。能否談談是什麼驅動了 Utility 細分市場的市占提升？

Yeah, of course, this is the HD11 itself, right, which is our new product that we are launching on this segment. With the strength of the brands of Can-Am and entering the segment, we are really doing very well in this segment, especially I mentioned 95-horsepower Rotax which is engine, which is very much adapted to this kind of vehicle. So the demand is very, very high, and we are producing at the maximum in our factories to provide to the market.

當然可以，這主要就是 HD11 本身，對吧？這是我們在這個細分市場推出的新產品。憑藉 Can-Am 品牌的強勢，以及我們進入該細分市場，我們在這個市場的表現確實非常好；尤其我提到的 95 匹馬力 Rotax 引擎，非常適合這類車輛。因此需求非常、非常強勁，我們也在工廠以最大產能生產以供應市場。

So this is a very good trend that we have -- and by the way, we are not only recreational because if you take the US. ORV vehicle, where more than 50% is a professional usage. Would it be a first response professionals, farmers, et cetera, et cetera. So we are -- been already in this market for a while.

所以這是一個非常好的趨勢——順帶一提，我們不只是做休閒用途；如果你看美國的 ORV 車輛，超過 50% 是專業用途。例如第一線應變人員、農民等等。所以我們其實已經在這個市場耕耘一段時間了。

Okay. Great. And then just circling back to the competitive positioning questions post tariffs. I was just wondering, it seems like historically, you guys have been slightly -- your products have been slightly more expensive than maybe some of your larger competitors and you're only potentially layering on a low single-digit price increase. Is that -- one, is that true?

了解。很好。接著回到關稅之後的競爭定位問題。我想確認一下，從歷史上看，你們的產品似乎比一些大型競爭對手略貴，而你們可能只再疊加一個低個位數的漲價。第一，這樣的理解正確嗎？

-- your products are more expensive already and you still take share -- or do you feel like the step up this low single-digit price increase would vastly increase the pricing spread between you and some of your larger competitors?

——你們的產品本來就比較貴，但仍然能拿到市占；還是你們認為這次低個位數的漲價，會大幅拉大你們與一些大型競爭對手之間的價差？

Well, sorry. ahead Price is a matter of specification. I mean our products are very high-spec product, and we are leading the pace in terms of innovation and attractiveness in what we are offering. So of course, not everything has the same price. When it comes to competitiveness, I think that we are -- I think because it depends on capitation.

嗯，不好意思。首先，價格取決於規格。我們的產品規格非常高，我們在創新與產品吸引力方面領先同業。所以當然，不是所有產品都會有相同的價格。至於競爭力，我認為我們——我想這也取決於……（capitation）。

But as Sebastien said it, we're not going to press on the pricing level, okay, to be very clear, it's very minimum in our $200 million plan, so don't expect any big price movement by ourselves. And I do think that we're going to keep the same competitiveness as we're having right now, which we are okay with because you see the retail momentum we have improved that we are well positioned.

但如 Sebastien 所說，我們不會在定價層面施壓，好嗎？講得很清楚，在我們 2 億美元的計畫中，這部分幅度非常小，所以不要期待我們自己會有很大的價格變動。而且我認為我們會維持目前的競爭力水準；我們對此是可以接受的，因為你看到我們零售動能的改善，顯示我們的定位良好。

That's great to hear. Thank you so much.

聽到這樣很棒。非常感謝。

Jonathan Goldman, Scotiabank.

Jonathan Goldman，豐業銀行（Scotiabank）。

Just one for me, and I apologize if this has been asked already. But did you update your views on your expectations for Powersports North America retail this year? I believe in the previous call, we were talking about flat for the year.

我只有一個問題，如果之前已經有人問過先說聲抱歉。不過你們是否更新了對今年北美動力運動（Powersports North America）零售的預期看法？我記得在上一通電話會議中，我們談到全年持平。

Yeah, that hasn't changed. We're still expecting flat industry this year.

是的，沒有改變。我們仍然預期今年產業整體持平。

Okay, So the improved fundamentals on your slide deck is everything you listed there. The ORV trends are better, snowmobile seasonal improved mix potentially share gains in a better pricing environment?

了解。所以你們投影片中提到的基本面改善，指的是你們列出的那些項目：ORV 趨勢更好、雪地摩托車季節性組合改善、在較佳的定價環境下可能有市占提升？

Yes, they are BRP-specific, yes.

是的，那些是 BRP 特有的，是的。

Okay, perfect. Thanks for taking the question.

好的，完美。謝謝回答問題。

Thank you. And at this time, we have no other questions registered. I would like to turn the call over to Mr. Deschenes.

謝謝。此時沒有其他已登記的提問。我想把電話會議交回給 Deschenes 先生。

Thank you, Sylvie, and thanks, everyone, for joining us this morning and for your interest in -- we look forward to speaking with you again for our second quarter conference call on September 3. Thanks again, everyone, and have a good day.

謝謝你，Sylvie，也謝謝各位今天早上參與，以及對我們的關注——我們期待在 9 月 3 日的第二季法說電話會議再與各位交流。再次感謝各位，祝大家有美好的一天。

Thank you, sir. Ladies and gentlemen, this does indeed conclude your conference call for today. Once again, thank you for attending. And at this time, we do ask that you please disconnect your lines. Enjoy the rest of your day.

謝謝您，先生。各位女士、先生，今天的電話會議到此確實結束。再次感謝各位出席。此時也請各位掛斷電話線路。祝各位今天剩餘時間愉快。