BRP Inc (DOOO) 2024 Q1 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to the BRP Inc.'s FY '24 First Quarter Results Conference Call.

早上好，女士們、先生們，歡迎參加 BRP Inc. 的 24 財年第一季度業績電話會議。

(Operator Instructions)

（操作員說明）

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

現在我想將會議交給菲利普·德舍尼斯先生。請繼續，德鏈先生。

Thank you. Good morning, and welcome to BRP's conference call for the first quarter of fiscal year '24. Joining me this morning are Jose Boisjoli, 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 implied in these statements. The forward-looking information is based on certain assumptions and is subject to risks and uncertainties, and I invite you to cancel BRP's MD&A for a completely [sublease].

謝謝。早上好，歡迎參加 BRP '24 財年第一季度的電話會議。今天早上和我一起來的還有總裁兼首席執行官 Jose Boisjoli；和首席財務官塞巴斯蒂安·馬特爾。在我們開始準備發言之前，我想提醒大家，電話會議期間將做出某些前瞻性陳述，實際結果可能與這些陳述中暗示的結果有所不同。前瞻性信息基於某些假設，並存在風險和不確定性，我邀請您取消 BRP 的 MD&A 以完全[轉租]。

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

此外，在電話會議期間，還將參考支持幻燈片，您可以在我們網站 brp.com 的投資者關係部分找到演示文稿。因此，我會將電話轉給何塞。

Thank you, Philippe. Good morning, everyone, and thank you for joining us. I am pleased to report that we are off to a good start for fiscal '24 as our solid production portfolio continued to drive strong demand globally. While the quarter started more slowly at the retail level due to the late arriving spring season, the momentum picked up in April. This allowed us to deliver another solid quarter at retail and gain further market share.

謝謝你，菲利普。大家早上好，感謝您加入我們。我很高興地向大家報告，由於我們堅實的生產組合繼續推動全球的強勁需求，我們在 24 財年有了一個良好的開端。雖然由於春季到來較晚，本季度零售層面的開局較為緩慢，但四月份的勢頭有所回升。這使我們能夠在零售業再創一個穩定的季度，並獲得更多的市場份額。

From a financial standpoint, we continue our strong execution and delivered solid results that put us on pace to meet our guidance for the year. Let's turn to Slide 4, our key financial highlights. Revenue reached $2.4 billion, up 34% from the previous year, driven by higher volume and pricing as well as a more profitable mix.

從財務角度來看，我們繼續保持強勁的執行力並取得了紮實的業績，使我們能夠實現今年的指導目標。讓我們轉向幻燈片 4，這是我們的主要財務亮點。得益於更高的產量和定價以及更有利可圖的組合，收入達到 24 億美元，比上年增長 34%。

Normalized EBITDA grew 39% to $377 million, and normalized EPS increased 43% to reach $2.38. Turning to Slide 5 for a look at our Q1 retail performance. The strength and the wide range of our Powersport offering continued to drive strong results. In North America, our retail sales were up 3% for the quarter or up 8% excluding snowmobiles. Remember that last year, our snowmobile shipments were made later than usual in the season, which led to usually high retail in the first quarter of fiscal year '23. This compared to an industry that was down low single digit.

標準化 EBITDA 增長 39%，達到 3.77 億美元，標準化 EPS 增長 43%，達到 2.38 美元。請參閱幻燈片 5，了解我們第一季度的零售業績。我們的 Powersport 產品的實力和廣泛的範圍繼續推動強勁的業績。在北美，本季度我們的零售額增長了 3%，不包括雪地摩托則增長了 8%。請記住，去年我們的雪地摩托出貨量比正常季節晚，這導致 23 財年第一季度的零售量通常很高。相比之下，該行業的跌幅僅為個位數。

Our performance was also solid in other geographical markets with retail up 14% in EMEA and 25% in Latin America. In Asia Pacific, our retail was down roughly in line with the industry. As shown on Slide 6, our retail progressively improved as we move through the quarter. Retail declined in February and was relatively flat in March due to poor weather as well as different timing of shipments for certain products, which make year-over-year comparisons difficult, like I point out for snowmobile. However, the momentum picked up significantly in April as weather improved, and consumer reacted positively to certain retail incentives.

我們在其他地區市場的表現也很穩健，歐洲、中東和非洲地區的零售額增長了 14%，拉丁美洲的零售額增長了 25%。在亞太地區，我們的零售額與行業大致一致。如幻燈片 6 所示，隨著本季度的進展，我們的零售業逐步改善。由於天氣惡劣以及某些產品的發貨時間不同，二月份的零售量下降，三月份的零售量相對持平，這使得同比比較變得困難，就像我指出的雪地摩託一樣。然而，隨著天氣好轉，消費者對某些零售激勵措施做出了積極反應，四月份的勢頭顯著回升。

The trends continue in May. Moreover, despite ongoing macro concerns, many indicators are pointing to a healthy consumer interest for our industry and more particularly for our product such as continued strong demand for our lineup. For instance, we've just closed our snowmobile booking for the upcoming season and presold units to consumer ended up about 25% above our target. The financial position of consumer remains healthy with lending application continuing to show FICO score above historical level.

這種趨勢在五月份仍在繼續。此外，儘管宏觀擔憂持續存在，但許多指標都表明消費者對我們的行業，特別是對我們的產品有健康的興趣，例如對我們產品系列的持續強勁需求。例如，我們剛剛結束了下一季的雪地摩托預訂，向消費者預售的單位最終比我們的目標高出約 25%。消費者的財務狀況保持健康，貸款申請繼續顯示 FICO 評分高於歷史水平。

The influx of new entrants remained high at 28% and web searches for our different product category remain higher than pre-COVID level. Now let's turn to Slide 7 for our year-round product. Revenues were up 42%, reaching $1.3 billion in Q1, driven by strong shipment of side-by-side and three-wheel vehicle as well as favorable product mix and pricing. At retail, Can-Am side-by-side had its strongest Q1 ever with the Commander, Defender and Maverick X3 all gaining share in their respective markets.

新進入者的湧入仍保持在 28% 的高位，並且我們不同產品類別的網絡搜索量仍高於新冠疫情前的水平。現在讓我們轉向幻燈片 7 來了解我們的全年產品。得益於並排和三輪車輛的強勁出貨量以及有利的產品組合和定價，第一季度收入增長 42%，達到 13 億美元。在零售方面，Can-Am 並肩創下了有史以來最強勁的第一季度業績，Commander、Defender 和 Maverick X3 都在各自的市場上獲得了份額。

Our retail was up low single digits, but the momentum improved significantly through the period. April retail was our third strongest month ever, only trailing the first 2 months of COVID. As for ATV, our retail was down low teens percent, limited by the ramp-up in production of the new mid-cc Outlander platform.

我們的零售額增長較低個位數，但這一時期的勢頭顯著改善。 4 月份零售業是我們有史以來第三個最強勁的月份，僅落後於新冠疫情爆發的前兩個月。至於全地形車，我們的零售額下降了百分之十幾，受到新中型歐藍德平台產量增加的限制。

This new platform has been very well received by our dealers and the media, which position us well to continue our momentum as the OEM with the highest market share gain in the industry so far this season. Looking at three-wheel vehicle, Can-Am retail was up low single digit. Early in the quarter, retail was impacted by the weather and by a product recall. It then picked up nicely in April with high-teen growth and the momentum continued in May. All in all, we are pleased with our performance in the three-wheel category and we believe that we are well positioned heading into the most important retail period.

這個新平台受到了我們的經銷商和媒體的好評，這使我們能夠繼續保持作為本季度迄今為止業內市場份額增幅最高的 OEM 的勢頭。就三輪汽車而言，Can-Am 零售額上漲了低個位數。本季度初，零售業受到天氣和產品召回的影響。然後，它在 4 月份出現了良好的回升，並出現了高青少年增長，並且這種勢頭在 5 月份得到了延續。總而言之，我們對三輪車類別的表現感到滿意，我們相信我們處於有利位置，即將進入最重要的零售時期。

Turning to seasonal product on Slide 8. Seasonal product revenue were up 69% from last year, reaching $692 million, driven by higher volume of Sea-Doo personal watercraft and Pontoon. Looking at our retail performance. In snowmobile, we've closed the '23 season in North America on March 31, with retail down low single digits, but with a 1% point market share gain which further increased our historical record level. We also ended the season with the #1 position in each segment in which we compete, including the youth category that we've just entered last season.

轉向幻燈片 8 上的季節性產品。由於 Sea-Doo 個人船隻和浮橋銷量增加，季節性產品收入比去年增長 69%，達到 6.92 億美元。看看我們的零售業績。在雪地摩託方面，我們於 3 月 31 日結束了北美的 23 賽季，零售額下降了低個位數，但市場份額增加了 1%，進一步提高了我們的歷史記錄水平。我們還在參加比賽的每個賽段（包括我們上賽季剛剛進入的青年賽段）中獲得了第一名的成績結束了本賽季。

In Scandinavia, our market share also improved, gaining 4 percentage point by the end of the season. Also, as I mentioned, we recently closed our spring customer orders for the Season '24 model and presale level in North America came in about 25% above target. The solid bookings significantly improve our visibility on expected volume and sell-through for our snowmobile business. For this season, we have increased our seasonal product revenue guidance for the year, as Sebastien will explain in a few minutes. Looking at Sea-Doo product. While the early in the season, our retail for personal watercraft is performing very well, up in the mid-30% for the quarter and the solid trend continue in May.

在斯堪的納維亞半島，我們的市場份額也有所提高，到季節末增加了 4 個百分點。此外，正如我提到的，我們最近結束了 Season '24 型號的春季客戶訂單，北美的預售水平比目標高出約 25%。穩定的預訂量顯著提高了我們雪地摩託業務預期銷量和銷量的可見度。對於本季度，我們提高了今年的季節性產品收入指導，塞巴斯蒂安將在幾分鐘內解釋。查看 Sea-Doo 產品。在本季度初期，我們的個人船隻零售表現非常好，本季度增長了 30%，並且 5 月份繼續保持穩定的趨勢。

We are also seeing strong momentum in international markets, which we sell up over 40% in Latin America and over 50% in EMEA. As for our Sea-Doo ponton, our retail was up significantly even if it was a very small base, as we're ramping up the initial production during Q1 last year. To give you a better understanding of our momentum with this product. In less than 1 year, the Sea-Doo Switch has already reached the #2 position in the U.S. pontoon industry for the last 3 months ended in March. This is a superb example of how we can disrupt categories by developing market keeping product.

我們還看到國際市場的強勁勢頭，我們在拉丁美洲的銷量超過 40%，在歐洲、中東和非洲的銷量超過 50%。至於我們的 Sea-Doo 浮橋，即使基礎很小，我們的零售量也顯著增長，因為我們在去年第一季度提高了初始產量。為了讓您更好地了解我們對該產品的動力。在不到一年的時間裡，Sea-Doo Switch 在截至 3 月份的過去 3 個月內已在美國浮橋行業排名第二。這是一個很好的例子，說明我們如何通過開發市場保持產品來顛覆類別。

As you can see, both our Sea-Doo personal watercraft and pontoon are performing well, heading into the peak retail season. Moving on to Slide 9 with powersport parts, accessories and apparel and OEM engines. Revenue were down 17% to $285 million. The revenue decline is primarily due to lower repeat orders during the season and lower sales volume this year due to timing as late snowmobile unit delivery last season had pushed related P&A sales to Q1 '23. We still have good momentum with our P&A business as we continue to see positive trends at the retail level notably for Sea-Doo personal watercraft and pontoon business, for which we have significantly developed the accessory offerings in recent years.

正如您所看到的，我們的 Sea-Doo 私人船隻和浮橋都表現良好，即將進入零售旺季。接下來是幻燈片 9，其中包含動力運動零件、配件和服裝以及 OEM 發動機。收入下降 17% 至 2.85 億美元。收入下降的主要原因是本季重複訂單減少以及今年銷量下降，原因是上個季節雪地摩托交付較晚，導致相關 P&A 銷售推至 23 年第一季度。我們的 P&A 業務仍然保持良好勢頭，因為我們繼續看到零售層面的積極趨勢，特別是 Sea-Doo 個人船隻和浮橋業務，近年來我們為此大力開發了配件產品。

Moving to marine on Slide 15. The revenue lag for marine continues to be tied to the ramp-up of the new Manitou platform. While we were planning to be further along in our production ramp-up, we have been dealing with the supplier issue for an aesthetic component that did not meet our standards. This resulted in a slight revenue decline of [3]% compared to last year. On a positive note, the situation has improved and shipments have increased throughout May, thereby increasing product capability heading into the peak retail boating season.

轉到幻燈片 15 上的船舶領域。船舶領域的收入滯後仍然與新 Manitou 平台的提升有關。雖然我們計劃進一步提高產量，但我們一直在處理不符合我們標準的美觀組件的供應商問題。這導致收入與去年相比略有下降 [3]%。從積極的方面來看，情況有所改善，整個 5 月份的發貨量有所增加，從而提高了進入零售遊船旺季的產品能力。

Looking at retail sales. From an industry perspective, the boat category seems to have suffered the most from the late spring, especially in the great Lake region, which is a key market for Alumacraft and Manitou. In addition, our retail performance was improved by the supply issue at Manitou as well from lapping months during which we were still retailing Alumacraft welded both. As for Quintrex, retail was down in line with the industry. We are not pleased with the Marine result this quarter, but I would like to remind you that we are still on track to deliver a strong year.

看看零售額。從行業角度來看，船舶類別似乎在春末受到的打擊最大，特別是在大湖地區，這是 Alumacraft 和 Manitou 的關鍵市場。此外，曼尼通的供應問題以及我們仍在零售 Alumacraft 焊接的幾個月以來，我們的零售業績得到了改善。至於 Quintrex，零售業的下滑與行業一致。我們對本季度海軍陸戰隊的業績並不滿意，但我想提醒您，我們仍有望實現強勁的一年。

With that, I turn the call over to Sebastien.

說完，我把電話轉給了塞巴斯蒂安。

Thank you, Jose, and good morning, everyone. The first quarter essentially played out as expected as we delivered solid financial results, driven by the continued strong demand for our products, which we were able to meet by leveraging our production capacity in a more favorable supply chain environment. Looking at the numbers. Our revenues for the quarter were up 34% versus last year, ending at $2.4 billion.

謝謝你，何塞，大家早上好。第一季度的表現基本符合預期，在產品持續強勁的需求推動下，我們交付了穩健的財務業績，而我們能夠通過在更有利的供應鏈環境中利用我們的生產能力來滿足這一需求。看看數字。我們本季度的收入比去年增長 34%，達到 24 億美元。

We generated $624 million of gross profit, representing a margin of 25.7%, up 60 basis points from last year, driven by the more efficient use of our assets resulting from volume increase, a favorable impact coming from pricing net of inflation and lower turbulence costs as we operate in a more normal production environment. Those benefits were partly offset by inefficiencies on the marine side due to the longer production ramp-up of the new boats, higher sales programs, increased interest rate on floor plan financing and unfavorable foreign exchange rate variations.

我們的毛利潤為 6.24 億美元，利潤率為 25.7%，比去年增長 60 個基點，這得益於銷量增加帶來的資產更有效利用、扣除通貨膨脹的定價帶來的有利影響以及較低的動盪成本因為我們在更正常的生產環境中運作。這些效益在一定程度上被海運方面的效率低下所抵消，原因是新船的生產週期較長、銷售計劃增加、平面圖融資利率上升以及不利的外匯匯率變化。

While our overall gross profit margin upside was limited by marine during the quarter, it is worth noting that our powersports gross profit margin was very strong at 27.3%, up 160 basis points from last year. Continuing down the P&L. We generated normalized EBITDA for the quarter of $377 million, representing a margin of 15.5%, up 50 basis points from last year's first quarter, despite suffering a 110 basis point headwind from FX.

雖然本季度我們的整體毛利率上升受到船舶業務的限制，但值得注意的是，我們的動力運動毛利率非常強勁，達到 27.3%，比去年增長 160 個基點。繼續降低損益表。儘管受到外匯影響 110 個基點，但我們本季度的正常化 EBITDA 為 3.77 億美元，利潤率為 15.5%，比去年第一季度增長 50 個基點。

Our normalized net income reached $192 million, resulting in a normalized earnings per share of $2.38 for the quarter, up 43% versus last year. We generated $141 million of free cash flow, providing us with the financial ability to take advantage of the current weakness in the share price to do buybacks.

我們的標準化淨利潤達到 1.92 億美元，本季度標準化每股收益為 2.38 美元，比去年增長 43%。我們產生了 1.41 億美元的自由現金流，使我們有能力利用當前股價的疲軟進行回購。

In fact, we have deployed about $110 million towards share repurchases so far this year, and we expect to continue being active in repurchasing shares as we still have about 2.4 million shares available under our NCIB. Moving to Slide 13 for an update on the network inventory situation. As expected, the improved supply chain environment allowed us to better leverage our production capacity and increase our throughput in Q1, further supporting network inventory replenishment.

事實上，今年到目前為止，我們已經部署了約 1.1 億美元用於股票回購，並且我們預計將繼續積極回購股票，因為我們的 NCIB 下仍有約 240 萬股可用。請轉到幻燈片 13，了解網絡庫存情況的最新情況。正如預期，供應鏈環境的改善使我們能夠更好地利用我們的產能並提高第一季度的吞吐量，進一步支持網絡庫存補充。

Our network inventory now stands only 4% up from the first quarter of fiscal '21, a very comfortable level when you consider the significant growth of our business since then, driven by market share gains and the introduction of new product lines. Moreover, our mix of inventory is very healthy. We ended -- the end of the season inventory for snowmobile, while higher than last year, is still below historical levels, putting us in a good position for season '24. Unit availability is much better than last year for Sea-Doo, PWC and pontoons and for three-wheel vehicles as we head into key summer retail season, which should help support strong retail into Q2.

目前，我們的網絡庫存僅比 21 財年第一季度增加了 4%，考慮到自那時以來我們的業務在市場份額增長和新產品線推出的推動下實現了顯著增長，這是一個非常舒適的水平。此外，我們的庫存組合非常健康。我們結束了——雪地摩托車季末庫存雖然高於去年，但仍低於歷史水平，這使我們在第 24 季處於有利位置。隨著我們進入關鍵的夏季零售旺季，Sea-Doo、PWC 和浮橋以及三輪車輛的單位供應量比去年好得多，這將有助於支持第二季度的強勁零售。

And for off-road, while there are some areas of the lineup where we still need to improve unit availability, such as the new ATV platform and some higher-end SSV models, we believe that we are near optimal level in terms of overall network inventory. So all in all, with the improvement made in recent months, we are now better positioned to serve our dealers and customers and seize retail opportunities across the product portfolio.

對於越野，雖然該系列的某些領域我們仍然需要提高單位可用性，例如新的 ATV 平台和一些更高端的 SSV 車型，但我們相信我們在整體網絡方面已接近最佳水平存貨。總而言之，隨著近幾個月的改進，我們現在能夠更好地服務我們的經銷商和客戶，並抓住整個產品組合的零售機會。

Now looking at Slide 14 for an update on the guidance for the year. As I already mentioned the first quarter essentially played out as expected. The demand for our product remains healthy with retail momentum improving in April and May after a spring season that was late to come. The supply chain environment is more favorable, allowing us to better utilize our production capacity and reduce [triage] costs.

現在請查看幻燈片 14，了解今年指導的最新情況。正如我已經提到的，第一季度的表現基本上符合預期。在經歷了遲來的春季之後，四月和五月的零售勢頭有所改善，對我們產品的需求依然健康。供應鏈環境更加有利，使我們能夠更好地利用我們的產能並降低成本。

The pricing actions we took over the last year are now more than offsetting the inflationary pressures on cost, providing a margin tailwind and the competitive landscape and promotional environment is trending in line with our expectations. As a result, we are reaffirming our guidance for the year with only slight adjustments to account for the better-than-anticipated snowmobile booking and longer-than-planned production ramp-up for the new Manitou boats.

我們去年採取的定價行動現在足以抵消成本的通脹壓力，提供利潤順風，競爭格局和促銷環境的趨勢符合我們的預期。因此，我們重申了今年的指導方針，僅進行了輕微調整，以考慮到好於預期的雪地摩托預訂量和新曼尼通船隻的生產爬坡時間長於計劃。

As such, our objective remains to deliver 9% to 12% growth in revenues and 9% to 13% growth in normalized EBITDA. Going down the P&L, we have adjusted upward our depreciation expense guidance to reflect the impact of FX variations and review downward or share count to account for the buybacks done so far this year, both elements offsetting each other. As such, we are still in line to deliver a strong normalized EPS between $12.25 and $12.75, which would be a record year for BRP, and another strong step towards our M25 objective of reaching $13.50 and $14.50 of normalized EPS by fiscal year '25.

因此，我們的目標仍然是實現收入增長 9% 至 12%，標準化 EBITDA 增長 9% 至 13%。沿著損益表，我們向上調整了折舊費用指導，以反映外匯變化的影響，並向下調整或調整股票數量，以考慮到今年迄今為止完成的回購，這兩個因素相互抵消。因此，我們仍有望實現 12.25 美元至 12.75 美元之間的強勁標準化每股收益，這對於 BRP 來說將是創紀錄的一年，也是朝著我們的 M25 目標邁出的又一大步，即到 25 財年實現標準化每股收益 13.50 美元和 14.50 美元。

Looking at the rest of the year, we expect to deliver three solid quarters, driven by continued market share gains, a more favorable operational environment and upcoming product introductions. Moreover, we still expect to generate north of $400 million of cash from working capital this year, which should lead to very strong cash flow generation. Finally, zooming in on the second quarter, our plan calls for a normalized EPS that is expected to be flat versus a record Q2 last year, as we expect continued growth in the business to be offset by higher depreciation and financing costs.

展望今年剩餘時間，在市場份額持續增長、更有利的運營環境和即將推出的產品的推動下，我們預計將實現三個穩定的季度。此外，我們仍預計今年將從營運資本中產生超過 4 億美元的現金，這將導致非常強勁的現金流產生。最後，著眼於第二季度，我們的計劃要求正常化每股收益預計將與去年第二季度創紀錄的水平持平，因為我們預計業務的持續增長將被更高的折舊和融資成本所抵消。

On that, I'll turn the call over to Jose.

對此，我會將電話轉給何塞。

Thank you, Sebastien. I am pleased with how we begin fiscal '24. We acknowledge that there are still uncertainties surrounding macro concern, but our results demonstrate the strength of our diversified portfolio and ability to reinvent product categories. For the remainder of the year, we anticipate demand for our products to remain healthy, and we will continue to focus on executing and optimizing efficiencies to deliver on our guidance. As we have proven many times since becoming a public company 10 years ago, almost to the day, our team's strength, agility and resilience have allowed BRP to grow significantly and outperform the industry.

謝謝你，塞巴斯蒂安。我對我們 24 財年的開始方式感到滿意。我們承認宏觀擔憂仍然存在不確定性，但我們的結果證明了我們多元化投資組合的實力以及重塑產品類別的能力。在今年剩餘時間內，我們預計對我們產品的需求將保持健康，我們將繼續專注於執行和優化效率以實現我們的指導。正如我們自 10 年前成為上市公司以來多次證明的那樣，幾乎直到今天，我們團隊的實力、敏捷性和韌性使 BRP 得以顯著增長並超越行業。

As shown on Slide 16, our revenue more than tripled over that period. Normalized diluted EPS grew eightfold, and our powersport market share almost double. And the achievement that makes me particularly proud is that our business with dealers, quadruple, and we became the #1 industry player worldwide.

如幻燈片 16 所示，我們的收入在此期間增長了兩倍多。標準化稀釋後每股收益增長了八倍，我們的動力運動市場份額幾乎翻了一番。讓我特別自豪的成就是，我們與經銷商的業務增加了四倍，我們成為全球排名第一的行業參與者。

In addition, we have created significant value for shareholders, with a 368% share price appreciation as of the anniversary date, we also distributed $2.7 billion in capital through dividends and share repurchase. In conclusion, our strong fundamentals are positioning us well to deliver another solid year in fiscal year '24 and to gain further market share in the marine and powersports industries.

此外，我們還為股東創造了巨大的價值，截至週年日股價上漲了368%，我們還通過股息和股票回購分配了27億美元的資本。總之，我們強勁的基本面使我們能夠在 24 財年再創佳績，並在船舶和動力運動行業獲得進一步的市場份額。

Moreover, we believe we can sustain our momentum over the mid to long term. given many new products in their early stage of growth, a solid pipeline of product introduction and constant progress on our journey towards electrifying our product line. As usual, we are hosting our dealer event in August, and you are invited to join us in Atlanta. I thank all our employees for another strong performance this quarter. I also acknowledge the support of our dealers who made us the leading OEM in the industry. On that note, I turn the call over to the operator for questions.

此外，我們相信我們能夠在中長期內維持我們的勢頭。鑑於許多新產品仍處於發展的早期階段，我們有可靠的產品推出渠道以及我們在產品線電氣化進程中不斷取得的進展。與往常一樣，我們將在八月舉辦經銷商活動，並邀請您參加在亞特蘭大舉行的活動。我感謝所有員工本季度的強勁表現。我還要感謝經銷商的支持，他們使我們成為行業領先的 OEM。就此而言，我將電話轉給接線員詢問問題。

(Operator Instructions)

（操作員說明）

Your first question comes from James Hardiman with Citi.

你的第一個問題來自花旗銀行的詹姆斯·哈迪曼。

So coming out of the fourth quarter, you had given us some pretty good context. Maybe I missed it, but how are you thinking about industry growth? I think previously, you were talking about a flattish industry -- and then I guess within that context, I'm assuming, based on everything that you've said, you still think that you will see significant share gains this year. But maybe walk us through any updated thoughts on either of those assumptions.

因此，從第四季度開始，您為我們提供了一些非常好的背景信息。也許我錯過了，但您如何看待行業增長？我認為之前，您談論的是一個扁平化的行業 - 然後我想在這種背景下，我假設，根據您所說的一切，您仍然認為今年會看到顯著的份額增長。但也許可以引導我們了解關於這兩個假設的任何最新想法。

Yes. Obviously, we're happy with how Q1 went, especially the tail end of Q1 and the beginning of Q2 from a retail perspective. Our assumptions are still the same as when we initially established guidance. The expectation is for a flat industry this year, and obviously, the growth coming from new product introductions, some of which we've done already with the new ATVs, some will come in August and also sustained market share gains, especially on the side-by-side segment and the ATV segment.

是的。顯然，我們對第一季度的進展感到滿意，尤其是從零售角度來看，第一季度末和第二季度初。我們的假設仍然與我們最初制定指導時相同。今年的預期是扁平化行業，顯然，增長來自於新產品的推出，其中一些我們已經在新的全地形車上完成了，一些將在八月份推出，並且市場份額也持續增長，尤其是在側面並排部分和ATV部分。

But overall, the EV industry and the retail is trending in line with our expectations.

但總體而言，電動汽車行業和零售業的趨勢符合我們的預期。

Got it. That's helpful. And then on the inventory front, pretty flat retail with a few years ago despite some significant increases in your own retail. So how should we think about -- is there any remaining replenishment opportunity here? Or should wholesale generally track with retail I guess, converse -- another way to ask it, as we think about inventory turns, those seem to have come in pretty meaningfully. Is there any way to think about this from an inventory turn perspective and what the right number is there?

知道了。這很有幫助。然後在庫存方面，儘管您自己的零售量出現了一些顯著增長，但零售量與幾年前相當持平。那麼我們應該如何思考——這裡還有剩餘的補貨機會嗎？或者我想批發應該普遍追隨零售，相反——換一種方式問它，當我們考慮庫存周轉時，這些似乎非常有意義。有沒有辦法從庫存周轉的角度來考慮這個問題以及正確的數字是多少？

Yes. Generally, we're happy with the overall level of inventory, especially going into retail -- peak retail season for personal watercraft, pontoons and three-wheels.

是的。總的來說，我們對整體庫存水平感到滿意，尤其是零售業——私人船隻、浮船和三輪的零售旺季。

So we're super happy with what we have there. We believe that's going to drive good retail in the second quarter. There are a few pockets of opportunities on the ORV side where inventory is needed, obviously, the new ATV platform that we just launched and also a few high-end models on side by side. where dealers are raising their hand to have more inventory. But generally, as the business grows, we will see the absolute number of dollar value of inventory growing units grow as well because coming with higher market share.

所以我們對我們所擁有的非常滿意。我們相信這將推動第二季度零售業的良好發展。 ORV 方面有一些需要庫存的機會，顯然，我們剛剛推出的新 ATV 平台以及並排的一些高端車型。經銷商們舉手爭取更多庫存。但一般來說，隨著業務的增長，我們會看到庫存增長單位的絕對美元價值也會增長，因為市場份額更高。

And obviously, if you look at -- if you compare our wholesale to retail, well, obviously, ASPs are higher as well -- and benefiting from pricing. And so you'll see a higher wholesale growth, and you'll see a retail growth in the next 9 quarters -- 9 months.

顯然，如果你看一下——如果你將我們的批發與零售進行比較，那麼，顯然，平均售價也更高——並從定價中受益。因此，您將看到更高的批發增長，並且在接下來的 9 個季度（即 9 個月）中您將看到零售增長。

Makes sense. But just to clarify, if I were to think about this in terms of units, from here, the expectation is that wholesale units would be pretty similar to retail units? Or is that not a good assumption?

說得通。但需要澄清的是，如果我從單位角度考慮這個問題，那麼期望批發單位將與零售單位非常相似？或者這不是一個好的假設？

Wholesale will be slightly higher than retail as we obviously grow the business. So a number of days should remain similar. You'll see a minor impact on the top line.

由於我們的業務明顯增長，批發將略高於零售。因此，天數應該保持相似。您會發現對營收的影響很小。

Your next question comes from Xian Siew with BNP Paribas.

您的下一個問題來自法國巴黎銀行的 Xian Siew。

Maybe on the P&A. So it was down 17% in the quarter. You mentioned some timing effects -- but the guide of 3% to 7% growth was maintained. Any other kind of shifts we should think about over the rest of the year? And are there any kind of inflection points like maybe in the third quarter? Or any kind of thoughts on the P&A?

也許在 P&A 上。因此該季度下降了 17%。您提到了一些時間效應，但 3% 至 7% 增長的指導方針得以維持。在今年剩下的時間裡，我們還應該考慮其他類型的轉變嗎？是否存在像第三季度那樣的拐點？或者對 P&A 有什麼想法嗎？

Yes, Q1 P&A down. Some of it is driven by timing of shipments of snowmobiles last year that were shipped much later in the season so that drove higher P&A sale, probably accounts for half of the P&A variation that we saw this quarter, just timing of snowmobile year-over-year. And also, when we look at what the dealers have on hand last year and during the COVID period, everyone had a fear of missing out. And so people order more inventory. They wanted to make sure they were not -- they were not running out.

是的，第一季度損益表下降。其中一些是由去年雪地摩託的發貨時間推動的，這些雪地摩託的發貨時間要晚得多，因此推動了更高的 P&A 銷售，可能占我們本季度看到的 P&A 變化的一半，只是雪地摩托同比的時間-年。而且，當我們查看去年和新冠疫情期間經銷商現有的庫存時，每個人都擔心錯過機會。因此人們訂購了更多庫存。他們想確保他們沒有——他們沒有用完。

And so what we are seeing is that the dealers now that there's a more stable supply, there are rebalancing their DSOs and managing the business with lower inventory. So I think Q1 was also impacted by, we'll call it, inventory adjustment on the dealer side. But overall, when we look at the overall attachment rates on the P&A, it's good. And obviously, we have exciting product introductions coming later this year, that is also going to be tied to P&A and accessory introductions, which is going to drive growth for the rest of the year.

所以我們看到的是，經銷商現在有了更穩定的供應，正在重新平衡他們的 DSO 並以較低的庫存來管理業務。所以我認為第一季度也受到了我們稱之為經銷商方面庫存調整的影響。但總體而言，當我們查看 P&A 的整體依戀率時，情況良好。顯然，我們將在今年晚些時候推出令人興奮的產品，這也將與 P&A 和配件的推出相關，這將推動今年剩餘時間的增長。

Okay. And then I wanted to ask maybe just a little more housekeeping, but there was in the other expense line, there was an FX contract cost of about $17.3 million. I guess like what is that expense? And why not exclude that or I guess, adjusted out similar to the other kind of FX impact on the P&L?

好的。然後我想問也許只是多一點家務，但在其他費用項目中，有大約 1730 萬美元的外匯合同成本。我想那費用是多少？為什麼不排除這一點，或者我猜，與其他類型的外匯對損益表的影響類似地進行調整？

Well, the Euro was more volatile in Q1. And -- and so that obviously drove some -- unfortunately, it went the wrong way, and so that drove some -- a loss on foreign exchange. The majority of it is revaluation of balance sheet items, monetary balance sheet items. And in first few weeks, there was a mismatch, which kind of amplified that volatility -- and so we've obviously made a few adjustments.

嗯，歐元在第一季度波動更大。而且——這顯然導致了一些——不幸的是，它走錯了路，所以這導致了一些——外匯損失。其中大部分是資產負債表項目、貨幣資產負債表項目的重估。在最初的幾周里，出現了不匹配的情況，這加劇了波動性，因此我們顯然做了一些調整。

I'm not expecting that to impact our business as much going forward. But certainly, the Euro -- the strength of the Euro in Q1 did have an unfavorable impact on the remeasurement of some balance sheet exposures.

我預計這不會對我們未來的業務產生太大影響。但可以肯定的是，歐元——第一季度歐元的強勢確實對某些資產負債表風險的重新計量產生了不利影響。

Right. But I guess it's fair to say that's more of a onetime kind of impact.

正確的。但我想可以公平地說，這更像是一次性的影響。

Well, it doesn't mean that it cannot happen going forward. But as I said, we've made a few adjustments to how we look at these exposures. And so I'm not expecting as much volatility going forward, even though the rates would could vary as well.

嗯，這並不意味著它不會繼續發生。但正如我所說，我們對如何看待這些風險進行了一些調整。因此，我預計未來不會有太大的波動，儘管利率也會有所不同。

Your next question comes from Jaime Katz with Morningstar.

您的下一個問題來自晨星公司的 Jaime Katz。

I hope you can talk a little bit about what you guys are seeing with the holdup in marine parts and how you guys have gotten more clarity on what the rest of the year is going to look like given the disruptions that have already been seen.

我希望你們能談談你們所看到的船舶零部件滯留情況，以及考慮到已經出現的中斷情況，你們如何更清楚地了解今年剩餘時間的情況。

First, the marine industry is probably the industry, like I said in my remarks, that is the most affected by the late spring. And just to give you some numbers, and obviously, as you know, there is not much -- the data on marine is not as tight on powersport, but I give you some numbers. And for the first 3 months of the year, the pontoon industry was down 18%. But in the Midwest, where is the -- very, very strong area for Manitou, the marine industry was down 35% in Michigan and Minnesota. Then in April was also down 18%, then the marine industry is still affected.

第一，海洋產業可能是我剛才講的受倒春寒影響最嚴重的產業。只是為了給你一些數字，顯然，正如你所知，沒有太多——海洋方面的數據在動力運動方面並不那麼嚴格，但我給你一些數字。今年前三個月，浮橋行業下降了 18%。但在中西部，曼尼通公司非常非常強勁的地區，密歇根州和明尼蘇達州的海洋工業下降了 35%。然後4月份還下降了18%，那麼海洋行業仍然受到影響。

And aluminum fishing boat, the industry was down for the first 3 months of the year by 17%, improved in April to 7% -- down 7%. But again, Minnesota, Wisconsin, Michigan worse than the industry. Then this is the environment that we are in. And our retail, we believe with Alumacraft that we are -- it's a question of timing and seasonality, but we are in good shape. Manitou, obviously, we still have the problem with the supplier for anesthetic parts. But I have to say now, the supplier is able to follow production, and we have POs with that missing part in the yard in the [lending] and we will pick up a little fitting, the BO ourselves in May and June, then this would stabilize and it's played into the season, but not too late because the spring affected the retail.

而鋁製漁船，該行業今年前3個月下降了17%，4月份改善至7%——下降了7%。但同樣，明尼蘇達州、威斯康星州、密歇根州的情況比該行業更差。這就是我們所處的環境。對於我們的零售業，我們相信 Alumacraft 是——這是一個時間和季節性的問題，但我們狀況良好。曼尼通，顯然，我們與麻醉部件供應商之間仍然存在問題。但我現在不得不說，供應商能夠跟踪生產，我們在[出借]的院子裡有缺少零件的採購訂單，我們會在五月和六月自己去採購一些配件，然後這個將會穩定下來，並且會持續到季節，但還不算太晚，因為春季影響了零售。

Okay. And then maybe this is a little nitpicky, but I think in the prepared remarks, you guys had noted that you were on track to achieve the M25 EPS goals. But I don't think you guys articulated that you would specifically reach the revenue goals that had been laid out there in the past, and I assume that was just an omission and not just caution on what we're seeing in the environment. Can you clarify that?

好的。也許這有點挑剔，但我認為在準備好的發言中，你們已經註意到你們正在實現 M25 EPS 目標。但我認為你們並沒有明確表示你們會具體實現過去製定的收入目標，我認為這只是一個疏忽，而不僅僅是對我們在環境中看到的情況的警告。你能澄清一下嗎？

Well, obviously, and as we've said in the past, we've always been very focused on growing this business, growing a profitable business, and that's the #1 priority. And top line is obviously the driver of that growth. So our plans are still very much in line with the M25. Could there be adjustments in terms of which product line delivers the revenue target? Absolutely. But overall, we're very much in line with the target.

嗯，顯然，正如我們過去所說，我們一直非常專注於發展這項業務，發展盈利業務，這是第一要務。收入顯然是這種增長的驅動力。所以我們的計劃還是非常符合M25的。實現收入目標的產品線是否會有所調整？絕對地。但總的來說，我們非常符合目標。

Your next question comes from Jonathan Goldman with Scotiabank.

您的下一個問題來自豐業銀行的喬納森·戈德曼。

On one of the slides, you showed your unit growth from February to May. So on the May numbers, obviously, some significant growth there. Can you provide some color on how much of that is a catch-up from earlier in the year? And also how much may be attributable to industry growth versus share gain for May?

在其中一張幻燈片上，您展示了從 2 月到 5 月的單位增長情況。因此，從 5 月份的數據來看，顯然出現了一些顯著的增長。您能否提供一些信息來說明其中有多少是今年早些時候的赶超？還有多少可能歸因於 5 月份的行業增長與股票收益？

Yes. This is a difficult question, but I will try to give you some color. If we look at the powersports industry overall and if you -- our retail for powersport in April, if you compare to last year, we were up 37%.

是的。這是一個很難的問題，但我會盡力給你一些啟發。如果我們看一下動力運動行業的整體情況，以及我們 4 月份動力運動的零售額，如果與去年相比，我們增長了 37%。

But if you compare to pre-COVID, 26%, then you could say here, some may be catch up. But what is interesting, this was April. What is interesting in May. In May, the retail was up 47% versus last year, but 42% versus pre-COVID then there might be some catch-up in there, but I don't think it's significant with what we see so far.

但如果與新冠疫情爆發前的 26% 進行比較，那麼你可以說，有些人可能已經迎頭趕上了。但有趣的是，這是四月。五月有什麼有趣的。 5 月份，零售額比去年增長了 47%，但與新冠疫情爆發前相比增長了 42%，那麼可能會出現一些追趕，但我認為這與我們目前看到的情況相比並不重要。

No, that's very helpful. And the second one I have is on expenses. It looks like SG&A was up 35% year-on-year, which is the same as revenue growth. Can you discuss if there's anything unusual in the quarter? Or can you break out how much of that SG&A increase is attributable to growth, investments or growth or just the business is getting bigger? Or what other sort of drivers behind that SG&A pick up?

不，這非常有幫助。我的第二個是費用。 SG&A 同比增長 35%，與收入增長相同。您能否討論一下本季度是否有任何異常情況？或者您能否詳細說明 SG&A 增長中有多少是由於增長、投資或增長或僅僅是業務規模擴大所致？或者 SG&A 回升背後還有哪些其他類型的驅動因素？

Yes, your latter point in terms of business being better, certainly is an element. Obviously, we are investing in technology and that is an investment and comes with obviously higher dollars.

是的，你的後一點關於業務更好的觀點當然是一個要素。顯然，我們正在投資技術，這是一項投資，而且帶來的資金顯然更高。

But when I look overall for the year on an EBITDA margin, the target is to deliver about 17% EBITDA margin, and we'll see an improvement of probably 50 basis points coming from gross margin and a headwind coming from operating expenses of about 50 basis points. Some of that is a greater R&D expense. Some of it is a greater marketing expense and some of it is SG&A as well.

但當我從整體上看今年的 EBITDA 利潤率時，目標是實現約 17% 的 EBITDA 利潤率，我們將看到毛利率可能會提高 50 個基點，而運營費用將帶來約 50 個基點的阻力。基點。其中一些是更大的研發費用。其中一些是更大的營銷費用，還有一些是SG&A。

And just to clarify, you said 50 basis points tailwind from gross margins and minus 50 basis points from OpEx netting out to even?

澄清一下，您說毛利率順風順水 50 個基點，運營支出淨值淨負 50 個基點？

Yes.

是的。

Your next question comes from Robin Farley with UBS.

您的下一個問題來自瑞銀集團的羅賓·法利。

I had two questions. One is just a follow-up there on your margin commentary. Just thinking about your top line is growing at a double-digit rate. And just thinking about whether the supply chain has kind of gotten back to what you would say is normal at this point when we think about margin comps?

我有兩個問題。其中之一隻是您的保證金評論的後續行動。只要想想你的收入就以兩位數的速度增長。當我們考慮利潤率時，想想供應鍊是否已經恢復到你所說的正常水平？

And just with that double-digit revenue growth, should we be thinking about other things like as pontoons grow, if that's a lower-margin business than ORV? And like are there sort of segment mix issues that we should be thinking about with your margin that would be offsetting the benefit to margin that we think from the double-digit revenue growth.

伴隨著兩位數的收入增長，我們是否應該考慮其他事情，比如浮橋的增長，如果這是一個比 ORV 利潤率更低的業務？我們應該考慮您的利潤率是否存在某種細分市場組合問題，這將抵消我們認為兩位數收入增長帶來的利潤率收益。

Obviously, we're happy with the margin improvement, especially on the powersports side. When I look at the drivers of the gross margin in Q1.

顯然，我們對利潤率的提高感到滿意，尤其是在動力運動方面。當我查看第一季度毛利率的驅動因素時。

Last year, we did get a benefit coming from an insurance claim with Juarez 2 fire that was last year -- or this year, a headwind of 100 basis points. But when I look at volume mix and fixed cost absorption, that's a positive 100 basis points, mix was a bit negative but not that significant to your question. But the big tailwind we got this quarter is, finally, we're getting ahead of inflation.

去年，我們確實從 Juarez 2 火災的保險索賠中受益，去年 - 或者今年，逆風為 100 個基點。但是，當我查看銷量組合和固定成本吸收時，這是一個積極的 100 個基點，組合有點負面，但對你的問題來說並不那麼重要。但本季度我們獲得的最大推動力是，我們終於領先於通脹。

So all the pricing actions we took over the last several years are now more than offsetting the inflation and also turbulence costs. So that's a 400 basis point tailwind. As planned, we have more retail incentives out there that's a 130 basis point headwind. Higher interest rates on the floor plan financing, a slightly higher number of days as well. That's another 100 basis point headwind.

因此，我們過去幾年採取的所有定價行動現在都足以抵消通貨膨脹和動盪成本。所以這是 400 個基點的順風。按照計劃，我們有更多的零售激勵措施，這帶來了 130 個基點的阻力。平面圖融資利率較高，天數也略高。這又是 100 個基點的逆風。

Marine was a 70 basis point headwind and then the other elements impacting margin for about 40 basis points as a headwind is depreciation effects and warranty. So overall, bringing us to the 25.7% gross margin of this quarter.

海運是一個 70 個基點的逆風，然後影響利潤率約 40 個基點的其他因素是折舊影響和保修。總的來說，本季度的毛利率為 25.7%。

Okay. Great. And then my other question was just on the demand side of things, if you can just help us think a little bit about what's going on. Obviously, it sounds like it's certainly improved through the quarter. Any color on sort of higher end versus lower end demand from the consumer or utility versus rec demand? Just kind of any color like that?

好的。偉大的。然後我的另一個問題只是關於需求方面的問題，如果你能幫助我們思考一下正在發生的事情。顯然，聽起來這個季度確實有所改善。消費者的高端需求與低端需求或公用事業與娛樂需求的對比有什麼顏色嗎？就這樣的任何顏色嗎？

Yes. Then first, if we look at -- and obviously, as you know, we are stronger in premium product than entry-level product, but I give you some color on the Spark and the Ryker. On the Spark, to be honest, no change. The Spark need is typically 30% of our watercraft retail and in Q1, and we compare that to the last 5 years. And basically, this year, it's in line with the previous year. Ryker is about 50% of our retail versus the traditional Spyder.

是的。首先，如果我們看一下——顯然，正如你所知，我們在高端產品方面比入門級產品更強，但我給你一些關於 Spark 和 Ryker 的信息。老實說，在 Spark 上，沒有任何變化。在第一季度，Spark 需求通常占我們船舶零售量的 30%，我們將其與過去 5 年進行比較。而且今年基本上和去年是一致的。與傳統 Spyder 相比，Ryker 約占我們零售量的 50%。

And it's, again, comparable to what we had in '22, '21, '20. Last year, we were missing some traditional three-wheeled vehicle, then I think it's -- you cannot compare to last year. But for Ryker and for Spark, the mix versus the other product line is stable. If you look now at the industry and in [EV ATV]industry, we're not very strong in the mid-cc and other segment with stronger and higher.

這再次與我們在 22 年、21 年、20 年的情況相當。去年，我們缺少一些傳統的三輪車輛，那麼我認為這是——你無法與去年相比。但對於 Ryker 和 Spark 來說，與其他產品線相比，其組合是穩定的。如果你現在看看這個行業和 [EV ATV] 行業，我們在中型 cc 和其他更強、更高的細分市場上並不是很強大。

But the high cc is stable at 20% than the mid and others are stable at 80%. And side by side, there is a change, side-by-side in terms of premium. The industry grew from about 35% premium in fiscal year '20 to 60% so far this year. And it's a big change for side-by-side going from higher-end products. What is helpful. We are basically our side-by-side business, 70% of what we sell is premium.

但高cc比中cc穩定在20%，其他穩定在80%。與此同時，保費方面也發生了變化。該行業的溢價從 20 財年的 35% 左右增長到今年迄今為止的 60%。對於高端產品來說，這是一個巨大的變化。有什麼幫助呢。我們基本上是並行業務，我們銷售的產品 70% 都是優質產品。

Then this is the big picture. Look, we don't see big change in watercraft, three-wheel and ATV, definitely a shift on side-by-side where the market is growing more high end. Lucky for us, we stronger in that product category.

這就是大局。看，我們沒有看到船隻、三輪和全地形車發生重大變化，這絕對是市場正在向高端發展的同時發生的轉變。對我們來說幸運的是，我們在該產品類別上更強大。

Your next question comes from Fred Wightman with Wolfe Research.

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

Jose, I just wanted to go back to last quarter and sort of entering the fiscal year. You called out a few different things to monitor for the industry. One of them was momentum and used -- and I'm wondering if you could sort of give an update on that. You had talked about dealers might be carrying some higher cost inventory and what that might do for retail. So I'm wondering if that showed up at all in the spring, sort of ex, the weather benefit or timing?

何塞，我只想回到上個季度並進入財政年度。您提出了一些需要監控該行業的不同事項。其中之一是動力和使用——我想知道你是否可以提供有關這方面的最新信息。您曾談到經銷商可能會攜帶一些成本較高的庫存，以及這可能對零售業產生什麼影響。所以我想知道這是否會在春天出現，例如，天氣優勢或時機？

Yes. Obviously, we don't have much data. It's anecdote that we have from the dealers on this, but price are starting to go down on the used, which I think is helping the whole retail situation. Typically, a customer come in, if there is a good trade between used machine and the new one then the wheel is moving. And I think the dealer we're holding to high price for use for a long period of time. And now it's starting to be more, I would say, normal.

是的。顯然，我們沒有太多數據。這是我們從經銷商那裡得到的軼事，但二手車的價格開始下降，我認為這有助於整個零售形勢。通常，當客戶進來時，如果舊機器和新機器之間存在良好的交易，那麼輪子就會移動。而且我認為經銷商我們會長期堅持高價使用。我想說，現在它開始變得更加正常。

Okay. And if we think about strong early snow indications, but if you look at sort of dealers with higher inventory levels, higher floor plan rates, are you seeing an impact on dealer orders? Are people sort of adjusting the size, adjusting the cadence of when they would be ordering sort of products versus what you were seeing a year or two ago because of sort of where floor plan rates are?

好的。如果我們考慮強烈的早期降雪跡象，但如果您看看庫存水平較高、平面圖率較高的經銷商，您是否會看到對經銷商訂單的影響？人們是否會因為平面圖價格的變化而調整尺寸，調整訂購某種產品的時間與一兩年前的情況相比？

I mean -- the -- if you -- obviously, dealers, they see -- and we monitor it by days of inventory -- and the dealer also are looking at the dollars. But on the dollar side, like Sebastien explained, we're selling more premium high-end product, the dollar is going up per unit. The other thing is we gained significant market share since the COVID situation. And it's normal that we need more inventory to support the continuous retail then dealers are obviously watching their line of credit.

我的意思是 - 如果你 - 顯然，經銷商，他們看到 - 我們通過庫存天數進行監控 - 經銷商也在關注美元。但在美元方面，正如塞巴斯蒂安解釋的那樣，我們正在銷售更多優質的高端產品，每單位美元正在上漲。另一件事是，自新冠疫情爆發以來，我們獲得了巨大的市場份額。我們需要更多的庫存來支持持續的零售，這是很正常的，那麼經銷商顯然會關注他們的信用額度。

On the other hand, the snowmobile order was better than what we had anticipated. And what is very interesting, close to half of our production is already presold to consumers. That is -- we feel we're going into the snowmobile season with a very good visibility of what's going on.

另一方面，雪地摩託的訂單比我們預期的要好。非常有趣的是，我們近一半的產品已經預售給消費者。也就是說，我們覺得我們正在進入雪地摩托季節，並且對正在發生的事情有很好的了解。

We take ATV order every month for delivery in the next 3 months. And so far, dealer, most of the time, are ordering above the recommended order because Can-Am is having a good traction at retail. Then we all heard about those macroeconomic concern, but the dealer who are on the front line are quite positive about the business.

我們每個月都會接受 ATV 訂單，並在接下來的 3 個月內交貨。到目前為止，大多數時候經銷商的訂購量都高於建議的訂購量，因為 Can-Am 在零售領域擁有良好的吸引力。然後我們都聽說了那些宏觀經濟的擔憂，但是在第一線的經銷商對生意還是很樂觀的。

Your next question comes from Joe Altobello with Raymond James.

您的下一個問題來自喬·阿爾托貝洛和雷蒙德·詹姆斯。

Jose, I just want to go back to the comment you just made to Fred about the softness you're seeing in used pricing. I certainly understand why that would drive user retail. But could it diminish demand for new products as that price gap between new and used widens here?

何塞，我只想回到你剛剛對弗雷德發表的關於你所看到的二手價格疲軟的評論。我當然理解為什麼這會推動用戶零售。但隨著新產品和二手產品之間的價格差距擴大，這是否會減少對新產品的需求？

I mean I don't believe it will affect the new product. I think there is enough novelty in the new product that the customer will go for the technology and all the novelty that we bring. This is something that we're very good at. We are good to come out with a novelty that excite the consumer. And the good example is the snowmobile. We came out with the second year of the REV Gen5 and we had very, very good traction with the new model we introduced. Then I think we are in a very good position. My comment to Fred on the use. I think to get the wheel in motion at retail level, you need the trade-in and dealer need to accept that they buy the use maybe a bit higher than what pre-COVID but lower than a few months ago, and this gets the wheel on motion.

我的意思是我不相信這會影響新產品。我認為新產品有足夠的新穎性，客戶會喜歡我們帶來的技術和所有新穎性。這是我們非常擅長的事情。我們很高興推出一款讓消費者興奮的新奇產品。雪地摩托就是一個很好的例子。我們推出了第二年的 REV Gen5，我們推出的新車型具有非常非常好的吸引力。那麼我認為我們處於非常有利的位置。我對弗雷德的使用評論。我認為要在零售層面上啟動，你需要以舊換新，經銷商需要接受這樣的事實：他們購買的使用量可能比新冠疫情前高一點，但比幾個月前要低，這就能啟動輪子在運動中。

And maybe if I just add a bit of color that obviously, the big hedge that lies with the used market is that there's been material price increases over the last 2, 3 years. And so MSRPs are much higher than they were 2, 3 years ago. So someone who brought a product 2 or 3 years ago, that price is protected from the inflation that the new products have had.

也許如果我添加一點顏色的話，很明顯，二手市場的最大對沖是過去兩三年材料價格上漲。因此建議零售價比兩三年前要高得多。因此，對於兩三年前推出產品的人來說，該價格可以免受新產品通貨膨脹的影響。

So yes, the gap is widening more than it was during COVID, that gap almost went to zero. But it's still a very, very healthy gap because of the MSRP increases we've seen over the last 2, 3 years.

所以，是的，差距比新冠疫情期間擴大得更多，差距幾乎為零。但這仍然是一個非常非常健康的差距，因為我們在過去的兩三年裡看到了建議零售價的增長。

Okay. That's helpful. And just to clarify on the acceleration of retail that you guys saw in April and May, were your share gains in those 2 months, similar to what we saw in Q1? And was it concentrated in any particular categories?

好的。這很有幫助。只是想澄清一下你們在 4 月和 5 月看到的零售業加速增長，這 2 個月你們的股價漲幅是否與我們在第一季度看到的類似？它是否集中在任何特定類別？

All I can say is we're obviously happy with the retail growth that we saw in April, May. We're happy with the performance. Things are trending in line with our assumptions for the guidance.

我只能說，我們顯然對四月、五月的零售增長感到滿意。我們對錶現很滿意。事情的發展趨勢符合我們對指導的假設。

Your next question comes from Benoit Poirier with Desjardins Capital Markets.

您的下一個問題來自 Desjardins Capital Markets 的 Benoit Poirier。

Just when we look at your dealer inventory, you're almost toward the end of the ORV season. Could you talk about the ORV inventory and maybe your overall inventory, how much would be considered obsolete and therefore, requiring some sales programs?

當我們查看您的經銷商庫存時，ORV 季節即將結束。您能否談談 ORV 庫存以及您的整體庫存，有多少會被視為過時，因此需要一些銷售計劃？

We're comfortable with our ORV inventory. On side-by-side, we have good momentum in the retail level. And you -- at the end of the season, it's July, August. And after that, you have a transition that lasts a few months, and we believe we are in good shape with our side-by-side inventory, good product news that will come in August. And on the ATV side, if there is something, we've lost some retail because the inventory tool is too low. We are in a transition with the new platform.

我們對 ORV 庫存感到滿意。與此同時，我們在零售層面也有良好的勢頭。而你——在賽季結束時，是七月、八月。之後，您將經歷持續幾個月的過渡，我們相信我們的並排庫存狀況良好，八月份將發布好產品消息。在ATV方面，如果有的話，我們已經失去了一些零售，因為庫存工具太低了。我們正處於新平台的過渡期。

And it's a bit always tricky though. You have like 3, 4 months where you try to ramp down the old one and you ramp up the new one. We are on plan, but -- the dealer will see high volume coming their way in June with the new platform. Then if I have something comfortable with side-by-side, everything is on plan. And on ATV, the inventory is probably too low, and that's why our retail was a bit soft. I believe that when the -- the network will be fulfilled with the new platform, you will see our retail gaining momentum.

但這總是有點棘手。你有大約 3、4 個月的時間嘗試減少舊的，並增加新的。我們正在按計劃進行，但是——經銷商將在 6 月份看到新平台帶來的大量銷量。然後，如果我有一些舒適的並排的東西，一切都會按計劃進行。在ATV上，庫存可能太低，這就是我們零售有點疲軟的原因。我相信，當新平台滿足網絡需求時，您將看到我們的零售業獲得動力。

Okay. And just you mentioned that the sales program were a little bit higher than it has been in the past. Where are you versus normal level? And maybe on the supply chain I think it impacted your margin close to 400 bps. And given the improvement in supply chain situation, have you been able to capture the full 100, 400 bps? Or are you maybe just halfway through the margin recovery coming from supply chain?

好的。剛才您提到銷售計劃比過去要高一些。與正常水平相比，你處於什麼水平？也許在供應鏈上，我認為這對你的利潤率造成了接近 400 個基點的影響。鑑於供應鏈狀況的改善，您是否能夠捕獲完整的 100、400 bps？或者您的供應鏈利潤恢復過程剛剛完成一半嗎？

Yes, I will take the question on the sales program. Just to give you a sense, on watercraft and pontoon, the Sea-Doo pontoon and watercraft, first, today, we have nothing on model year '23. We have some program on model year '22, but it's slight program. What we have out there is a 2-year warranty plus, either 2.99% interest rate for 36 months or 4.99% for 60 months. If a customer would like to finance the machine, he would pay probably 7% for 5 years. And we are in line with the competition for model year '22. On ORV, we are weaker than our main competitor.

是的，我將回答有關銷售計劃的問題。只是為了讓您了解船舶和浮橋、Sea-Doo 浮橋和船舶，首先，今天我們沒有關於 23 年型號的信息。我們在 22 年車型上有一些計劃，但這是一個小計劃。我們提供 2 年保修期以及 36 個月 2.99% 的利率或 60 個月 4.99% 的利率。如果客戶願意為機器融資，他可能會支付 5 年 7% 的利率。我們正與 '22 年車型的競爭保持一致。在 ORV 方面，我們比我們的主要競爭對手更弱。

But again, ATV, we have some program on model year '22, mainly because of the old platform that's on the mid-cc category. And on side by side, it's the same thing. We have some program in model year '22 and a few on model year '23 that are entry-level units. But at the end of the day, we are not -- I mean it's significantly less aggressive than what we had at this time of the year pre-COVID. And that's how I would qualify our -- my comments on the remarks about the slide programs. Maybe, you want to comment on the...

但同樣，ATV，我們在 22 年車型上有一些計劃，主要是因為舊平台屬於中型 cc 類別。並排來看，也是一樣的。我們在 '22 車型年有一些項目，在 '23 車型年有一些入門級單元。但歸根結底，我們並沒有——我的意思是，它的侵略性比新冠疫情爆發之前的每年這個時候要小得多。這就是我如何限定我們對幻燈片程序的評論的評論。也許，您想發表評論...

On the turbulence and inflation, as you reminded us, yes, it was a 400 basis point tailwind. It's probably 50-50 between turbulence and the positive effect of inflation. There's still some inefficiencies that we could further reduce and that's the plan for the rest of the year. And from a retail incentive, we're still below pre-COVID, significantly below pre-COVID. And again, we did -- yes, we did put more programs, especially on the interest side, where we subsidized the rates. But we think it's the right thing to do with -- and it has an impact on the retail momentum.

關於動盪和通貨膨脹，正如您提醒我們的那樣，是的，這是 400 個基點的順風。動盪與通貨膨脹的積極影響之間的比例可能是 50-50。我們仍然可以進一步減少一些效率低下的問題，這是今年剩餘時間的計劃。從零售激勵來看，我們仍然低於新冠疫情前的水平，明顯低於新冠疫情前的水平。我們再次做到了——是的，我們確實制定了更多計劃，特別是在利息方面，我們補貼了利率。但我們認為這是正確的做法，而且它對零售勢頭產生了影響。

Your next question comes from Craig Kennison with Baird.

您的下一個問題來自貝爾德的克雷格·肯尼森。

You've addressed a lot already, but wanted to ask about your dealer body. And just I'm curious, how do you evaluate the financial health of your dealer partners just given the potential for an economic downturn?

您已經說了很多，但想詢問一下您的經銷商機構。我很好奇，考慮到經濟衰退的可能性，您如何評估經銷商合作夥伴的財務狀況？

Well, as you know, we partner with Huntington Bank on the floor plan financing. And so we work hand-in-hand with them in constantly evaluating the health of their dealer -- how much credit can they take, the terms of inventory. So it is a daily operation with our internal credit team and their credit teams in order to make sure that we monitor the health of the network. It is something we pay very close attention to. And in the end, it's a balance. And dealers need inventory in order to be successful in order to drive top line. But obviously, we don't want to have them too much inventory, so that becomes an issue from a floor plan cost -- and so we are quite active on that front, and we have constant discussions with our different floor plan partners around the world to make sure that we find that right balance.

嗯，如您所知，我們與亨廷頓銀行合作進行平面圖融資。因此，我們與他們攜手合作，不斷評估經銷商的健康狀況——他們能獲得多少信用、庫存條件。因此，這是我們內部信用團隊及其信用團隊的日常運作，以確保我們監控網絡的健康狀況。這是我們非常關注的事情。最終，這是一種平衡。經銷商需要庫存才能取得成功並提高收入。但顯然，我們不想讓他們有太多庫存，因此這成為平面圖成本的問題 - 因此我們在這方面非常積極，並且我們與不同的平面圖合作夥伴圍繞以下問題不斷進行討論世界，以確保我們找到適當的平衡。

That's very helpful. And I guess the second question on just the affordability dynamic for consumers. I'm wondering if you ever look at it from a monthly payment standpoint on like-for-like unit.

這非常有幫助。我想第二個問題是關於消費者的承受能力動態。我想知道您是否從每月付款的角度看待同類單位。

I'm curious, you've got rates moving higher, but inflation has waned a bit and dealers probably are offering much sharper prices than when there was no inventory. Just what is the consumer looking at from an affordability standpoint. And we had some inflection where their monthly payment may not be going up anymore.

我很好奇，利率上漲，但通貨膨脹有所減弱，經銷商提供的價格可能比沒有庫存時高得多。這正是消費者從負擔能力的角度來看的。我們遇到了一些轉折，他們的每月付款可能不再增加。

Yes. When I look year-over-year, obviously, with the rise in interest rates that we've seen in the last 12 months or (inaudible) for a like-for-like product, there consumer buying a product a year ago and buying a product today. The consumer would pay 8% more on a monthly payment. So that factors in inflation, interest rates, et cetera. So yes, it's higher -- but on the other side, now, we are offering promotions that's certainly helping to drive retail.

是的。當我逐年觀察時，很明顯，隨著過去 12 個月我們看到的利率上升或（聽不清）同類產品的利率上升，消費者一年前購買了一種產品，然後又購買了今天的一個產品。消費者每月需多付 8% 的費用。因此，這會影響通貨膨脹、利率等因素。所以，是的，它更高——但另一方面，現在我們提供的促銷活動肯定有助於推動零售業的發展。

And on a $300 monthly payment, 8% is something that is something the consumer looks at, but probably not significant enough to pull them away from executing on the on the purchase.

對於每月 300 美元的付款，8% 是消費者關注的東西，但可能不足以讓他們放棄購買。

Your next question comes from Brandon Rollé with D.A. Davidson.

你的下一個問題來自 D.A. 的 Brandon Rollé。戴維森。

First, just quickly, when would you be able to start your buyback this quarter?

首先，請快速回答一下，本季度什麼時候可以開始回購？

As soon as next week is with something that we could start doing again -- and we have until the end of November to do the buyback. So there's quite a long window to execute on the buyback, Brandon.

下週我們就可以再次開始做一些事情——而且我們必須在 11 月底之前進行回購。因此，布蘭登，執行回購的窗口期很長。

Okay. Great. And then also on the promotional side, I think you guys have started increasing support to dealers and April and May and obviously saw strong market share gains. Do you see your competition potentially responding with increased promo to respond? Or could that cause you to go back to pre-pandemic promotional levels this year?

好的。偉大的。然後在促銷方面，我認為你們已經開始增加對經銷商的支持，四月和五月，顯然看到了強勁的市場份額增長。您是否認為您的競爭對手可能會通過增加促銷來做出回應？或者這會導致您今年回到大流行前的促銷水平嗎？

So far, we don't see an escalation of programs. On the watercraft, our main competitor, we are about in line with our main competitor below historical programs level. On off-road, obviously, the leader in the industry is a bit more aggressive than us, but it's lower than what it was pre-COVID.

到目前為止，我們還沒有看到計劃升級。在我們的主要競爭對手船舶方面，我們與我們的主要競爭對手的水平大致處於歷史水平以下。在越野方面，顯然，行業領導者比我們更具侵略性，但低於新冠疫情之前的水平。

Okay. Great. And just finally, on market share dynamics. Obviously, the Japanese competition still doesn't have necessary inventory in the channel. How much of their absence in the channel is contributing to your market share gains?

好的。偉大的。最後，關於市場份額動態。顯然，日本競品在渠道上還沒有必要的庫存。他們在渠道中的缺席對您的市場份額增長有何貢獻？

That's a very difficult question. But I would say I believe that our market share gain last year came from our first -- our strategy about building unit that was almost completed and retrofit them when we received a part either in our factory and at the dealer level. This gave us a head start versus some of our competitor who reduced production; and second, the strength of our lineup. Our lineup -- and again, I'm biased, but our lineup are the best in the industry. And we have a complete product portfolio. We have products for all season, which is very helpful for the dealers. Then it's all this that I believe, explain why we have so much momentum at the retail level.

這是一個非常困難的問題。但我想說，我相信我們去年的市場份額增長來自我們的第一個戰略——我們的戰略是建造即將完成的單元，並在我們在工廠和經銷商層面收到零件時對其進行改造。與一些減少產量的競爭對手相比，這使我們領先一步；第二，我們的陣容實力。我們的陣容——再說一次，我有偏見，但我們的陣容是業內最好的。我們擁有完整的產品組合。我們有全季節的產品，這對經銷商來說非常有幫助。我相信這一切解釋了為什麼我們在零售層面有如此大的動力。

Your next question comes from Brian Morrison with TD Securities.

您的下一個問題來自道明證券 (TD Securities) 的布萊恩·莫里森 (Brian Morrison)。

I want to understand the margin cadence throughout the year. So Q2 sounds like it will be sub 17% EBITDA margin again, so below in the first half. So the second half weighting and the forecast improvement in the back half of the year. Is this a mismatch of timing of the offsetting benefits and headwinds? Is it scale or is it the need for Marine to improve? And I understand the weather impact in Marine, but can you just talk about the demand pull for the new Manitou marine product?

我想了解全年的保證金節奏。因此，第二季度聽起來 EBITDA 利潤率將再次低於 17%，低於上半年的水平。所以下半年的權重和下半年的預測有所改善。這是抵消效益和不利因素的時間不匹配嗎？是規模問題還是海軍陸戰隊需要改進？我了解天氣對船舶的影響，但您能談談新的曼尼通船舶產品的需求拉動嗎？

I'll let Jose cover the Manitou, and then I'll cover the cadence -- that's fair.

我會讓 Jose 負責 Manitou，然後我負責節奏——這很公平。

On the Manitou, as you know, we are sold out to the dealers and basically, the dealer orders everything we can produce. To be honest, we reduced our planning for model year '23 from now until summer or production. But so far, what we hear from the dealer is retail, the new pontoon is very popular. I think the new Manitou with the MAX deck, you know the fact that you have an open space, you're gaining 4 feet in the back. You have an open space. You don't have the engine in your way. It's a big, big benefit. And I would say very happy that we, dealer and consumer react to the product.

如您所知，在曼尼通上，我們的產品都賣給了經銷商，基本上，經銷商訂購了我們能生產的所有產品。老實說，我們從現在開始減少了 23 年車型的計劃，直到夏季或量產。但到目前為止，我們從經銷商那裡聽到的是零售，新款浮橋很受歡迎。我認為配備 MAX 甲板的新 Manitou，你知道你有一個開放的空間，你的後部增加了 4 英尺。你有一個開放的空間。發動機不會妨礙您。這是一個很大很大的好處。我想說，我們、經銷商和消費者對產品的反應非常高興。

From just a margin profile similar to what we saw probably last year in terms of the EBITDA margin. We historically had a higher EBITDA margin in the second half of the year. A lot of it driven by mix, but some of it driven by timing of operating expenses. So probably consistent to what we've seen in prior years, Brian.

從利潤率來看，我們去年的 EBITDA 利潤率可能與我們看到的類似。從歷史上看，我們下半年的 EBITDA 利潤率較高。其中很大一部分是由混合驅動的，但也有一些是由運營費用的時間安排驅動的。布萊恩，這可能與我們前幾年所看到的情況一致。

Okay. And just -- and then the snow checks up 25% relative to your target. Can you just provide a comparison relative to preorders last year? It sounds like it's probably flat.

好的。就這樣——然後雪量相對於你的目標增加了 25%。您能否提供與去年預訂量的比較？聽起來可能是平坦的。

It's below last year in terms of production units that are sold in percentage of production. Like I said, about close to 50% of our production is sold -- presold to a consumer. This is the third best year in our history. Then obviously, the COVID year were exceptional because the fear of missing -- but it's the highest year in, I would say, a more normal non-COVID year. I'm very, very happy with the snowmobile season.

就產量佔產量的百分比而言，其產量低於去年。正如我所說，我們大約有近 50% 的產品已售出——預售給消費者。這是我們歷史上第三個最好的年份。顯然，新冠疫情這一年是特殊的，因為人們擔心錯過——但我想說，這是一個更正常的非新冠疫情年份中最高的一年。我對雪地摩托季節感到非常非常滿意。

(Operator Instructions)

（操作員說明）

Well, thank you very much, everyone, for joining us this morning and for your interest in BRP. We look forward to speaking with you again for our second quarter conference call on September 7. Thanks again, everyone, and have a good day.

非常感謝大家今天早上加入我們並對 BRP 感興趣。我們期待在 9 月 7 日的第二季度電話會議上再次與您交談。再次感謝大家，祝您有美好的一天。

Thank you.

謝謝。

Ladies and gentlemen, this concludes the conference call for today. We thank you for participating, and I'll say that you please disconnect your lines.

女士們、先生們，今天的電話會議到此結束。我們感謝您的參與，我想說的是，請斷開您的線路。