BRP Inc (DOOO) 2025 Q3 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to BRP Inc. fiscal year '25 third quarter results conference call. (Operator Instructions).

女士們、先生們，早安，歡迎參加 BRP Inc. 25 財年第三季業績電話會議。（操作員指令）。

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

現在我想將會議交給菲利普·德斯切納先生。請繼續，德斯凱恩斯先生。

Thank you, Sylvie. Good morning, and welcome to BRP's conference call for the third quarter of fiscal year '25. Joining me this morning are Jose Boisjoli, President and Chief Executive Officer; and Sebastien Martel, Chief Financial Officer.

謝謝你，西爾維。早上好，歡迎參加 BRP 25 財年第三季電話會議。今天早上與我一起出席的還有總裁兼執行長 Jose Boisjoli；以及財務長 Sebastien Martel。

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 consult BRP's MD&A for a complete list of these.

在我們進入準備好的發言之前，我想提醒大家，電話會議中將會做出某些前瞻性的陳述，實際結果可能與這些陳述中暗示的結果不同。前瞻性資訊是基於某些假設，並受風險和不確定性的影響，我邀請您查閱 BRP 的 MD&A 以獲取完整的清單。

Additionally, note that following the announcement of the initiation of the process for the sale of our marine businesses, these businesses are now presented as discontinued operations. Therefore, all periods presented in this release reflect continuing operationally, unless otherwise noted. Also note that you can find today's presentation on our website at brp.com under the Investor Relations section.

此外，請注意，在宣布啟動我們的海洋業務出售流程後，這些業務現在被視為已停止的業務。因此，除非另有說明，本新聞稿中出現的所有期間均反映持續營運的情況。另請注意，您可以在我們網站 brp.com 的「投資者關係」部分找到今天的簡報。

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

因此，我將把電話轉給 Jose。

Thank you, Philippe. Good morning, everyone, and thank you for joining us. The third quarter was marked by disciplined execution of our plan which allow us to deliver results above our expectation, driven by the timing of snowmobile shipment and tight management of operating expenses.

謝謝你，菲利普。大家早安，感謝大家的收看。第三季我們嚴格執行計劃，得益於雪地摩托車出貨時間和嚴格的營運費用管理，我們取得了超出預期的業績。

Our retail performance was as anticipated, reflecting a challenging market dynamic due to soft industry trend and high level of promotional activity on noncurrent unit from other OEMs. We have remained focused on reducing network inventory, and we are pleased with the solid progress made so far. Based on retail trend we are on track to deliver on our objective for the year.

我們的零售業績符合預期，反映出由於行業趨勢疲軟以及其他 OEM 對非現有產品的高水準促銷活動而導致的充滿挑戰的市場動態。我們一直致力於減少網路庫存，我們對迄今為止的堅實進展感到滿意。根據零售趨勢，我們有望實現今年的目標。

Before going further, I want to say a few words on our decision to sell our marine businesses. After careful consideration and given the current dynamic of both the marine and powersports industry, we have decided to double down on our core powersports activities. We aim to focus our effort and investment toward this business to capitalize on growth opportunity and continue to position BRP for long-term success.

在進一步討論之前，我想先談談我們出售海洋業務的決定。經過仔細考慮，並考慮到當前船舶和動力運動行業的動態，我們決定加倍投入我們的核心動力運動活動。我們旨在集中精力和投資於這項業務，以利用成長機會並繼續為 BRP 的長期成功做好準備。

Consequently, we initiated the process for the sales of our marine businesses, namely Alumacraft, Manitou and Telwater. We continue operating in the normal course of business, but as Philippe mentioned, we are now reporting our results on a continuing operation basis and our guidance reflect this new reporting structure. You will understand that since the sales process is ongoing, we cannot comment further on today's call.

因此，我們啟動了出售我們的船舶業務（即 Alumacraft、Manitou 和 Telwater）的流程。我們繼續在正常業務範圍內運營，但正如菲利普所提到的，我們現在以持續經營為基礎報告我們的業績，我們的指引反映了這個新的報告結構。您會理解，由於銷售過程仍在進行中，我們無法對今天的電話會議發表進一步評論。

Now let's turn to slide 5 for key financial highlights. Revenue reached $2 billion. Normalized EBITDA was $264 million, and normalized EPS was $1.16, all above expectation. One of the key highlights of the quarter was the progress made on our network inventory reduction plan, as you can see on slide 6. This plan was one of our priorities this year to protect our dealer value proposition. We have made significant strides toward our 15% to 20% reduction objective by the end of this fiscal year.

現在讓我們翻到第 5 張投影片來了解主要的財務亮點。收入達到20億美元。標準化 EBITDA 為 2.64 億美元，標準化 EPS 為 1.16 美元，均高於預期。正如您在投影片 6 上看到的那樣，本季的一大亮點是我們的網路庫存減少計畫取得了進展。該計劃是我們今年的首要任務之一，旨在保護我們的經銷商價值主張。我們已朝著本財年末減排 15% 至 20% 的目標取得了重大進展。

Inventory is down 10% so far given the timing of snowmobile shipments this year. More importantly, in ORV, it is down 22% and achieving our objective 1 quarter ahead of plan. We have also seen noticeable improvement on 3-wheel vehicle, personal rotorcraft and switch pulp tons. This put us in a favorable position to capture market opportunity when the industry rebound and to foster long-term profitable growth.

考慮到今年雪地摩托車的出貨時間，庫存迄今已下降了 10%。更重要的是，ORV 下降了 22%，提前一個季度實現了我們的目標。我們也看到三輪車、個人旋翼機和交換紙漿噸的顯著進步。這使我們處於有利地位，能夠在行業反彈時抓住市場機會並實現長期盈利增長。

Turning to slide 7 for an update on the global powersports market. The third quarter was consistent with trends observed since the beginning of the year. In North America, our powersports retail was down 11%, in line with expectation, with Canada continuing to outperform the US market.

請翻到第 7 張投影片來了解全球動力運動市場的最新情況。第三季的表現與今年年初以來的趨勢一致。在北美，我們的動力運動零售額下降了 11%，符合預期，加拿大的表現持續優於美國市場。

From an international perspective, EMEA remained generally under pressure with our retail down 19%. Latin America continued to grow at a rapid pace with our retail up 21%, driven by a strong performance in both ORV and personal watercraft. And Asia Pacific saw mixed performance depending on the country with the retail flat on average. Overall, these counter-seasonal markets have a better start to the summer season than expected.

從國際角度來看，歐洲、中東和非洲地區仍然普遍面臨壓力，我們的零售額下降了 19%。拉丁美洲持續快速成長，零售額成長 21%，這得益於越野車和個人水上摩托車的強勁表現。亞太地區各國零售額表現不一，平均持平。總體而言，這些反季節市場夏季的開局比預期要好。

Turning to slide 8 for a look at North American retail performance by product line. As expected, we experienced a decline in ORV as limited availability of noncurrent unit reduced in market share resulted in market share losses and a soft start to the snowmobile season which is typical after a year with unfavorable snow condition. Meanwhile, personal watercraft had a better hand of season than anticipated.

請翻到第 8 張投影片，查看北美各產品線的零售業表現。正如預期的那樣，由於非現有設備的有限供應導致市場份額減少，ORV 的銷量出現下滑，從而導致市場份額損失，並且雪地摩托車季節開局不利，這在經歷了一年不利的雪況後很常見。同時，個人水上摩托車的銷售情況比預期要好。

Let's turn to slide 9 to circle back to the ORV market dynamic. As you can see, about 2/3 of side-by-side vehicle and close to 90% of the ETV industry units, retail this quarter was not current. This dynamic is the result of intense promotional activity by other OEMs who had higher level of noncurrent units.

讓我們翻到第 9 張投影片，回顧 ORV 市場的動態。如您所見，本季約有 2/3 的並排車輛和接近 90% 的 ETV 行業單位的零售並不活躍。這種動態是由於擁有較高水準的非現有單位的其他 OEM 大力開展促銷活動的結果。

In our case, we had limited noncurrent availability, which resulted in short-term market share loss. However, we gained share in the more profitable current unit driven by our newly introduced product and the overall strength of our lineup. We expect this dynamic to persist at least through the fourth quarter, but our strong performance with current unit give us confidence that we will regain market share when the inventory position of other OEMs normalize.

在我們的案例中，非現行產品的可用性有限，這導致了短期市場份額的損失。然而，由於我們新推出的產品和產品線的整體實力，我們在利潤更高的現有部門中獲得了份額。我們預計這種動態至少會持續到第四季度，但我們目前部門的強勁表現讓我們有信心，當其他 OEM 的庫存狀況恢復正常時，我們將重新獲得市場份額。

Now let's turn to slide 10 for a look at the launch of our Can-Am electric motorcycle lineup. The team has been busy raising awareness with consumers and the media preparing the dealer network for the official start of the 2025 retail season and showcasing the product in key events such as EICMA, the largest motorcycle trade show in the world. I attended the show and I was pleased to notice the excitement for our technology and innovative design as well as the fit and finish of our Can-Am Pulse and Origin motorcycle.

現在讓我們翻到第 10 張投影片，看看我們推出的 Can-Am 電動摩托車系列。該團隊一直忙於提高消費者和媒體的知名度，為 2025 年零售季的正式開始準備經銷商網絡，並在世界上最大的摩托車貿易展 EICMA 等重要活動中展示該產品。我參加了此次展會，並很高興地看到我們的技術和創新設計以及 Can-Am Pulse 和 Origin 摩托車的組裝和外觀令人興奮。

The launch is well underway. We are approaching our targeted number of dealer globally. Production is ramping up in December and shipment will start at the beginning of fiscal '26. We look forward to our first season in the electric motorcycle industry.

發布會正在順利進行中。我們正在接近全球經銷商的目標數量。產量將於 12 月加大，並將於 26 財年年初開始出貨。我們期待在電動摩托車行業的第一個賽季。

Now let's turn to slide 11 for a more detailed look at year-round products. Revenues were down 12% to $1 billion, primarily reflecting redo shipment. At retail, Can-Am side-by-side was down mid-single digit slightly lower than the industry due to the noncurrent dynamic. However, we continue gaining share in the utility segment led by the ongoing success of our high-end Defender cabs models.

現在讓我們翻到第 11 張投影片來更詳細地了解全年產品。營收下降 12% 至 10 億美元，主要反映重做出貨量。在零售方面，由於非目前的動態影響，Can-Am 的銷售量下降了中等個位數，略低於行業平均。然而，由於我們高端 Defender 駕駛室車型的持續成功，我們在公用事業的份額繼續增長。

As for ATV, retail was also down mid-single digits. We have gained about 4 percentage points of market share so far this year in the mid-CC segment, driven by the introduction of our new Outlander platform. As a reminder, we have also introduced this platform in the high CC segment in August.

至於 ATV，零售額也下降了中等個位數。由於全新 Outlander 平台的推出，我們今年到目前為止在中型 CC 市場的市佔率已上升了約 4 個百分點。提醒一下，我們也在 8 月在高 CC 領域推出了該平台。

Looking at 3-wheel vehicle, Can-Am completed its 2024 season in October with retail down high teens percent, outpacing the industry, which was down about 20%. While the season was more challenging than initially expected, we are pleased with continued market share gain that solidified our position as the industry leader.

看看三輪車，Can-Am 於 10 月結束了其 2024 賽季，零售額下降了百分之十幾，超過了行業降幅（約 20%）。雖然這個季節比最初預期的更具挑戰性，但我們很高興看到市場份額持續增長，鞏固了我們作為行業領導者的地位。

Turning to seasonal product on slide 12. Revenue were down 29% to $616 million, primarily reflecting lower shipment. In snowmobile, we proactively reduced production level given higher inventory following last winter unfavorable snow condition. Our retail is performing in line with the industry early in the season despite lower level of noncurrent inventory compared to our peers. We are confident in our ability to outperform the market given our innovative lineup as well as our loyal and passionate customer base.

轉向投影片 12 上的季節性產品。營收下降 29% 至 6.16 億美元，主要反映貨量下降。在雪地摩托車方面，由於去年冬天雪況不佳導致庫存增加，我們主動降低了生產水準。儘管與同業相比，我們的非流動庫存水準較低，但我們的零售表現在季初與業界表現一致。憑藉我們創新的產品陣容以及忠誠而熱情的客戶群，我們有信心能夠超越市場。

As for PwC, we ended the season with retail down in the high 20% range, lagging the industry as our competitor returned to normal production levels. Despite this situation, our retail was better than anticipated at the end of the season, which we concluded with the number 1 position in the industry and the market share above pre COVID levels.

至於普華永道，本季結束時我們的零售額下降了 20% 左右，落後於該行業，因為我們的競爭對手已經恢復了正常生產水平。儘管有這種情況，但季末我們的零售業績好於預期，我們最終佔據行業第一的位置，市場份額也高於疫情之前的水平。

However, since our retail performance for the whole season was below initial expectations, we ended with more inventory than planned, and we will reduce shipment for the upcoming season.

然而，由於我們整個季節的零售業績低於最初的預期，我們的庫存最終超過了計劃，我們將減少下一季的出貨量。

As for the Sea-Doo Switch, we ended the season with retail down mid-40% as we were lapping the strong success of our first full season last year and facing a soft pontoon industry this year. We're looking forward for a more normal season '25 for Switch.

至於 Sea-Doo Switch，由於我們去年第一個完整賽季取得了巨大成功，並且今年面臨著浮橋行業的疲軟，我們本賽季的零售額下降了 40% 左右。我們期待 Switch 的 25 賽季能夠更加正常。

Moving on to slide 13 with Powersports part, accessories and apparel and OEM engine. Revenue were down 6% to $303 million primarily due to lower shipments of snowmobile P&A given higher level of inventory in the network after last season. Our ORV parts business continued to increase driven by growing vehicle fleet while accessory sales have been softer in line with unit retail.

前往幻燈片 13，其中有 Powersports 零件、配件、服裝和 OEM 引擎。營收下降 6% 至 3.03 億美元，主要原因是上個季節後網路庫存水準較高，導致雪地摩托車 P&A 出貨量下降。受車隊成長的推動，我們的 ORV 零件業務持續成長，而配件銷售則因單位零售額的成長而有所下滑。

With that, I turn the call over to Sebastien.

說完，我將電話轉給了塞巴斯蒂安。

Thank you, Jose, and good morning, everyone. Our third quarter results once again demonstrated our commitment to support our dealers as we were disciplined in limiting our shipments to reduce our network inventory levels. From a financial perspective, our results came in ahead of plan as we continue to diligently manage our expenses and we shifted some deliveries of snowmobiles which were initially planned for Q4.

謝謝你，何塞，大家早安。我們的第三季業績再次證明了我們支持經銷商的承諾，因為我們嚴格限制出貨量以降低網路庫存水準。從財務角度來看，由於我們繼續努力管理開支，並且推遲了原計劃在第四季度交付的部分雪地摩托車，我們的業績超出了計劃。

Before jumping into the numbers, I want to remind you that the following represents the results from continuing operations as our marine business has been reclassified as discontinued operation. Now looking at the numbers. Revenues were down 18% to $2 billion, primarily due to lower shipments and higher sales program.

在進入數位部分之前，我想提醒您，由於我們的海洋業務已被重新歸類為停止經營，因此以下內容代表了持續經營的結果。現在看一下數字。收入下降 18% 至 20 億美元，主要原因是出貨量下降和銷售計劃增加。

We generated $430 million in gross profit, representing a margin of 22%, down from last year, primarily due to the less efficient Q summer assets given the lower production volumes and higher sales programs. These were partly offset by a richer product mix, especially in SSB and through favorable pricing.

我們創造了 4.3 億美元的毛利，利潤率為 22%，比去年下降，主要原因是由於產量較低和銷售計劃較高導致 Q 夏季資產效率較低。這些損失在一定程度上被更豐富的產品組合所抵消，尤其是 SSB 和優惠的定價。

Our normalized EBITDA ended at $264 million, and our normalized earnings per share at $1.16. To help you compare these results to our initial expectations for the quarter, assuming we would have reported with marine included in our numbers, our normalized EPS would have been $0.91.

我們的標準化 EBITDA 最終達到 2.64 億美元，標準化每股盈餘達到 1.16 美元。為了幫助您將這些結果與我們對本季的初步預期進行比較，假設我們的報告中包含了船舶費用，那麼我們的標準化每股收益將為 0.91 美元。

Turning to slide 16 for an update on the guidance. As we already mentioned, the third quarter played out generally in line with our expectations. Our retail performance was consistent with our outlook, and we had good progress on network inventory reduction plan, putting us in a good position to achieve our objective for the year.

翻到第 16 張投影片來查看指南的最新更新。正如我們已經提到的，第三季的表現大致符合我們的預期。我們的零售業績與我們的預期一致，我們在網路庫存減少計劃方面取得了良好進展，這使我們能夠實現今年的目標。

Looking ahead, while our Q3 results came in above our expectations, they benefited from the timing of shipments of snowmobiles between the third and fourth quarter, and as such, the net impact on the full year is negligible.

展望未來，雖然我們的第三季業績超出預期，但受益於第三季和第四季之間雪地摩托車的出貨時間，因此對全年的淨影響可以忽略不計。

Additionally, while there are only 2 months left to go in our fiscal year, we are keeping some flexibility in our guidance to account for the fact that the main snowmobile retail season has yet to start and the potential adjustments we may make to our shipments and sales programs as we continue to prioritize the rightsizing of network inventory levels.

此外，雖然我們的財政年度只剩下兩個月的時間，但我們在指導方針中保留了一定的靈活性，以考慮到主要的雪地摩托車零售季節尚未開始，以及我們可能對我們的出貨量和銷售計劃做出的潛在調整，因為我們將繼續優先考慮網絡庫存水平的合理規模。

Consequently, we are reaffirming our guidance for the year and are maintaining the same guidance range. Note, however, that our guidance is now presented on a continuing operations basis. So the changes that you are seeing in today's guidance when compared to the one we issued in September, are simply driven by this reclassification. As such, we now expect our revenues to end between $7.6 billion and $7.8 billion, normalized EBITDA to end between $1.020 billion and $1.070 billion and normalized EPS to end between $4.25 and $4.75.

因此，我們重申今年的指導方針，並維持相同的指導範圍。但請注意，我們的指引現在是基於持續經營基礎而提出的。因此，與我們 9 月發布的指南相比，您在今天的指南中看到的變化僅僅是由這次重新分類所推動的。因此，我們現在預計我們的營收將在 76 億美元至 78 億美元之間，標準化 EBITDA 將在 10.2 億美元至 10.7 億美元之間，標準化 EPS 將在 4.25 美元至 4.75 美元之間。

Now to give you an appreciation of the impact of the sale of our marine business on our financial profile, let's look at slide 17. As Jose mentioned, we took the decision to sell our Marine segment to refocus on our core powersports business.

現在，為了讓您了解出售我們的海洋業務對我們的財務狀況的影響，讓我們來看看第 17 張投影片。正如 Jose 所提到的，我們決定出售我們的船舶部門，重新專注於我們的核心動力運動業務。

We strongly believe that doubling down on powersports, an industry in which we have a solid track record of success is the right move forward for BRP as our most attractive opportunities are in Powersports, especially in ORV and our core Powersport business has a much more attractive financial profile and investments in this sector have greater expected returns.

我們堅信，加倍投資動力運動是 BRP 的正確選擇，在這個行業中我們有著輝煌的成功記錄，因為我們最具吸引力的機會是在動力運動領域，尤其是 ORV，而我們的核心動力運動業務擁有更具吸引力的財務狀況，在這個領域的投資預期回報更高。

To highlight the benefit of this decision on our financial profile, we have illustrated on the slide the evolution of the guidance compared to the one we issued last quarter. As you can see by comparing the two, that our continuing operations are expected to generate about $130 million more of normalized EBITDA, improve our normalized EBITDA margin by 200 basis points. and increased our normalized EPS by $1.50.

為了強調這項決定對我們財務狀況的好處，我們在幻燈片上說明了與上個季度發布的指引相比該指引的演變。透過比較兩者可以看出，我們的持續經營預計將產生約 1.3 億美元的正常化 EBITDA，並將我們的正常化 EBITDA 利潤率提高 200 個基點。並將我們的標準化每股收益提高 1.50 美元。

Additionally, excluding our [discontinued] discinged operations, our expectations in terms of free cash flow generation for the year would have been about $100 million higher. While this was a difficult decision to make, we expect that our exit of Marine will improve our ability to capitalize on high-return opportunities in the power score space through greater focus on financial capabilities. We are confident that this will enable us to strengthen our position as the leader in the industry and make BRP an even stronger company for the long term.

此外，如果不包括我們[已停止的]放棄的業務，我們對今年自由現金流產生的預期將高出約 1 億美元。雖然這是一個艱難的決定，但我們希望，退出 Marine 將透過更加關注財務能力，提高我們利用權力評分領域的高回報機會的能力。我們相信，這將使我們能夠鞏固行業領先地位，並使 BRP 成為長期更強大的公司。

On this, I will turn the call back to Jose.

關於這一點，我將把電話轉回給何塞。

Thank you, Sebastien. BRP has once again proven to be an agile organization in this transition year. We were the first OEM to prioritize network inventory depletion, and we are on track to reach our objective by the end of the fiscal year. I am proud of our team execution to protect the strength of our dealer network and the value of our brands. I thank all of our employees for their commitment.

謝謝你，賽巴斯蒂安。在這轉型之年，BRP 再次證明自己是個敏捷的組織。我們是第一家優先考慮網路庫存消耗的 OEM，並且我們預計在財政年度結束前實現我們的目標。我為我們團隊的執行力感到自豪，他們保護了我們經銷商網路的實力和我們品牌的價值。我感謝我們全體員工的奉獻。

Even though it is too early to give detail for next year, we will enter fiscal 2016 with a strong product portfolio and an improved inventory position. Driven by our solid business fundamentals, we are uniquely placed to capture opportunities when the market rebounds.

儘管現在透露明年的具體情況還為時過早，但我們將帶著強大的產品組合和改善的庫存狀況進入 2016 財年。憑藉著穩固的業務基礎，我們擁有獨特的優勢來抓住市場反彈帶來的機會。

As a global organization, we constantly monitor the macroeconomic and trade environment to anticipate and address any new policy developments. We are used to dealing with evolving trade agreement and have always succeeded in finding solution to new tariffs.

作為一個全球性組織，我們不斷監控宏觀經濟和貿易環境，以預測和應對任何新的政策發展。我們習慣於處理不斷發展的貿易協定，並且總是能成功找到解決新關稅的解決方案。

Looking to the long term, we remain focused on solidifying our position as a global leader in the powersport industry. You can expect us to continue pushing technology and innovation.

放眼長遠，我們仍將致力於鞏固我們在動力運動產業的全球領先地位。您可以期待我們繼續推動技術和創新。

We have repeatedly proven our ability to design award winning product and we recently took home 6 new design awards in Australia, Japan and the US. This distinction stem from our sustained investment in R&D, count on us to continue to wow consumers with our strong product pipeline in the coming years.

我們已經多次證明了我們設計獲獎產品的能力，最近我們在澳洲、日本和美國獲得了 6 項新設計獎。這個差異源自於我們對研發的持續投入，相信我們在未來幾年將繼續以強大的產品線讓消費者驚嘆。

On that note, I turn the call over to the operator for questions.

關於這一點，我將電話轉給接線員以回答問題。

(Operator Instructions)

（操作員指令）

Sabahat Khan, RBC Capital Markets.

Sabahat Khan，加拿大皇家銀行資本市場。

Jose, I understand you're going to give official guidance at the next quarter. If I can just maybe tease out any directional perspectives on sort of your 3 powersports segment and anything on seasonality as we look ahead to fiscal '26. Obviously, some clearing out to do in Q4 here, but any directional complementary you can provide on what you're seeing out there would be great.

何塞，我知道你將在下個季度給出官方指導。在我展望 26 財年之際，我是否可以就您的 3 個動力運動部門以及季節性問題梳理出一些方向性的觀點？顯然，第四季度需要進行一些清理工作，但如果您能就目前的情況提供任何方向性的補充，那就太好了。

I mean obviously, we don't expect we'll give you guidance for next year, this morning, but we are planning for flattish industry overall with this market dynamic. And I believe we are well positioned with our product line. We have the off-road business -- right now, we're losing some market share because we have less noncurrent than some of our competitor, but we have a very strong product lineup with the off-road business. And you can expect from us next year to introduce, again, a new exciting model.

我的意思是，顯然，我們並不期望今天早上為您提供明年的指導，但我們正在為整個市場動態平穩的行業製定計劃。我相信我們的產品線處於良好的定位。我們有越野業務——目前，我們正在失去一些市場份額，因為我們的非現行產品比我們的一些競爭對手少，但我們的越野業務產品陣容非常強大。您可以期待我們明年再次推出令人興奮的新車型。

On the seasonal product, Sea-Doo snowmobile season is ongoing. The snow was a bit late, but now it's catching up, and we expect good retail this season. And watercraft, you know that we handled the inventory with higher inventory than planned, but we're counting on next summer season to rebalance the inventory. Then -- and the parts and accessory business is quite resilient. The part business is doing quite well. Accessories typically is in line with the sales of the unit. But overall, we are well positioned to be very competitive within the industry.

就季節性產品而言，Sea-Doo 雪地摩托車季節正在進行中。雪來得有點晚，但現在正在迎頭趕上，我們預計本季零售業將表現良好。至於船舶，您知道我們處理的庫存高於計劃，但我們指望明年夏季重新平衡庫存。然後 - 零件和附件業務相當有彈性。零件業務進展相當順利。配件通常與單位的銷售量一致。但整體而言，我們在業界具有很強的競爭力。

Yes. Maybe if I can add a few elements. Obviously, as Jose mentioned, we need to go through the snowmobile season. And from a aperture point of view, obviously, inflation interest rates are moving in the right direction. So that obviously is good, but it may take an impact before we see an impact on overall consumer demand. And so our base case is that the power sports industry could be flat.

是的。也許我可以添加一些元素。顯然，正如何塞所提到的，我們需要經歷雪地摩托車季節。從角度來看，通膨利率顯然正在朝著正確的方向發展。這顯然是好事，但可能需要一段時間才能看到它對整體消費需求產生影響。因此，我們的基本預測是，力量運動產業可能會持平。

Obviously, some of you might say, well, you've done a good job this year of reducing inventory levels. And so will wholesale match retail next year. Certainly, more, yes. But there's still some OEMs that need to flush out some inventory. And so we expect the market dynamics to be challenging, especially in the first half of next year. So a bit of top line growth, a bit of benefit of wholesale hatching retail. But as Jose indicated, PwC snow inventory we need to work through.

顯然，你們中的一些人可能會說，今年你們在降低庫存水準方面做得很好。明年批發量也將與零售量持平。當然，更多，是的。但仍有一些 OEM 需要清理一些庫存。因此，我們預期市場動態將充滿挑戰，尤其是明年上半年。因此，營收有一點成長，批發孵化零售也有一定的好處。但正如 Jose 所指出的，我們需要處理普華永道的雪量庫存。

And in terms of overall profitability, obviously, we took some measures to rightsize our costs this year. So that's going to help OpEx as a percentage of revenue. but there's some variable compensation elements, depreciation and financing costs that will offset some of that. So again, still a lot to go through. There's a trade situation as well that we're monitoring. But we will certainly be in a better position to provide you a detailed guidance in a few months.

就整體獲利能力而言，顯然，我們今年採取了一些措施來調整成本。因此這將有助於提高營運支出佔收入的百分比。但一些可變薪酬因素、折舊和融資成本將抵銷其中的部分影響。所以，還有很多事情要做。我們也正在關注貿易狀況。但幾個月後我們肯定會更能為您提供詳細的指導。

Great. And then just on the follow-up, you announced the renewal of your NCIB this morning. given where the balance sheet is at and your outlook for next year, just any comments on how active you might be on the return of capital front.

偉大的。然後接下來的問題是，您今天早上宣布了 NCIB 的續約。考慮到資產負債表的狀況和對明年的展望，您可以就您在資本回報方面的積極程度發表任何評論。

Well, if you look at our historical track record, we've been quite active in terms of buyback. The prior [years always] remains investing in the business. Certainly, we'll want to see how things trend in the start of next year, especially with the tariff situation before we decide to be extremely active on buyback. We've always been cautious in managing the balance sheet diligently, and we'll continue to do so, but prioritize returns is certainly a focus of ours as well.

嗯，如果你看看我們的歷史記錄，我們在回購方面一直非常活躍。前幾年一直都在對業務進行投資。當然，我們希望看看明年年初的情況如何，特別是在我們決定積極回購之前，關稅情況會如何。我們一直謹慎勤勉地管理資產負債表，並將繼續這樣做，但優先考慮回報當然也是我們的關注重點。

James Hardiman, Citi.

花旗銀行的詹姆斯哈迪曼。

It's obviously a better-than-expected Q3 sounds like to the tune of $0.30 to $0.35. I guess, a, how big of a benefit was the snowmobile timing? Obviously, that's going to be a wash between Q3 and Q4. But I guess what I'm wondering is inventory rightsizing seems to happen -- seems to have happened a little bit earlier, which would seem to mean you won't need to undershoot retail by as much in Q4.

這顯然是好於預期的第三季業績，聽起來好於預期，約為 0.30 美元到 0.35 美元。我猜，雪地摩托車計時有多大的好處？顯然，第三季和第四季之間將會有一個差距。但我想知道的是庫存適當縮減似乎會發生 - 似乎發生得稍早一些，這似乎意味著你不需要在第四季度大幅低於零售額。

And then it looks like the tax rate came down as well. So it kind of feels like the landing point for earnings should be at least modestly better. Maybe help us tease out those factors.

然後看起來稅率也下降了。因此感覺獲利的著陸點至少應該稍微好一點。也許可以幫助我們找出這些因素。

Maybe I will start with the -- some comments on the inventory. We're very happy with the progress we made on our road. Now we are at the level we believe we should be at. The big question between now and when we've talked in March will be snowmobile. We're planning, obviously a retail season that is a better slow condition than last year but this will be key between now and the end of Q4 to see how the retail of snowmobile will go and the depletion of inventory.

也許我將從對庫存的一些評論開始。我們對道路上的進展感到非常高興。現在我們已經達到了我們認為應該達到的水平。從現在到我們三月討論的時候，最大的問題將是雪地摩托車。我們正在計劃一個比去年更好的零售季節，但是從現在到第四季末，這將是關鍵，以了解雪地摩托車的零售情況和庫存的消耗情況。

Good progress, like I said in my intro on switch three-wheel product, very, very happy of the depletion there. And watercraft will discuss about next season. Then what we are happy of our progress on inventory because at the end of the day, the dealer and us make more money selling current than selling noncurrent at discount.

進展不錯，就像我在 switch 三輪產品的介紹中說的那樣，非常非常高興那裡的消耗。並且船隻將討論下一季的事情。我們對庫存的進展感到高興，因為最終，經銷商和我們以折扣價銷售現有產品賺的錢比銷售非現有產品賺的錢更多。

Got it. And then maybe just a point of clarification on the inventory piece. I think coming out of the first half, you were saying total inventories were down 13% and your target was 15% to 20%. Now you're saying they're down 10%.

知道了。然後也許只是對庫存部分做一點澄清。我認為，您說上半年總庫存下降了 13%，而您的目標是 15% 至 20%。現在你說他們下降了 10%。

Now we've pulled out marine, so I'm assuming that's part of the disconnect. But maybe, I don't know, what was the first half year-to-date inventory decline to compare to the current down 10%? And what is in the new world, the target for the year?

現在我們已經撤出了海軍陸戰隊，所以我認為這是斷開連接的部分原因。但也許，我不知道，與目前 10% 的下降相比，今年上半年迄今的庫存下降幅度是多少？那麼新世界裡，今年的目標是什麼呢？

Yes. Well, you're absolutely right. We were down 13% year-to-date in Q2, now we're down 10%. And basically, that's all explained by snowmobile. When I look at all of the other product lines versus Q2, all the product lines are down. And the one that's up obviously is snowmobile because we've obviously shipped a lot of units in Q3 ahead of the peak retail season.

是的。嗯，你完全正確。今年第二季迄今，我們的銷售額下降了 13%，現在又下降了 10%。基本上，這一切都可以透過雪地摩托車來解釋。當我查看所有其他產品線與第二季相比時，發現所有產品線都在下降。顯然，銷量上升的是雪地摩托車，因為我們在零售旺季到來之前，在第三季度已經出貨了大量車輛。

So no change. If there's anything it's an improvement versus the position we were in Q2 and the overall objective of 15% to 20% still stands for the end of the year. And as again, we highlighted a few times already in the call it's going to be largely driven by the snow season.

所以沒有變化。如果有什麼變化的話，那就是與第二季度相比有所改善，而且到年底，15% 至 20% 的總體目標仍然有效。正如我們在電話會議中多次強調的那樣，這將在很大程度上受到雪季的影響。

Joe Altobello, Raymond James.

喬·阿爾托貝洛、雷蒙·詹姆斯。

Just wanted to follow up on James' line question here a little bit. If you think about '26 at a high level, and again, I understand your guidance today, but if you end this year with network inventory down 15%, let's say, and we assume the industry is flattish next year, and I think you said earlier, the wholesale and retail should largely be an alignment, why wouldn't we see a pretty sizable lift in shipments next year?

我只是想稍微跟進一下詹姆斯的問題。如果您從高水平考慮 26 年，我再次理解您今天的指導，但如果今年年底網絡庫存下降 15%，並且我們假設明年該行業持平，我想您之前說過，批發和零售應該基本一致，那麼為什麼我們不會看到明年出貨量有相當大的增長呢？

Well, two reasons, as I indicated, I think the -- well, the industry -- there's still a lot of inventory from other OEMs, and they need to work through their inventory. So we believe that dealers will be cautious in taking on more inventory and even work down further inventory. So that's the number one assumption, especially in the first half of next year.

嗯，有兩個原因，正如我指出的，我認為 - 嗯，這個行業 - 仍然有大量來自其他 OEM 的庫存，他們需要處理他們的庫存。因此，我們認為經銷商將謹慎吸收更多庫存，甚至進一步減少庫存。所以這是首要的假設，特別是在明年上半年。

And the other big one is personal watercraft and snowmobile. There is going to be some inventory depletion happening next year. So yes, we'll see a lift on the top line, a modest lift on the top line. But we believe that dealers will remain cautious in the first half of next year. And so we -- if we do see enough bigger uplift in wholesale, it will be in the second half of next year.

另一個重要領域是個人水上摩托車和雪地摩托車。明年將會出現一些庫存消耗。所以是的，我們將看到營業收入的提升，營業收入的適度提升。但我們認為明年上半年經銷商仍將保持謹慎態度。因此，如果我們確實看到批發業務有足夠大的成長，那將是在明年下半年。

Okay. And just a follow-up on that. The amount currents that are in the channel today, we're obviously going into the off-season for a lot of that. How long do you think it will take to flush out some of that inventory?

好的。這只是對此的後續跟進。從目前水道中的水流數量來看，顯然我們正進入淡季。您認為清理掉這些庫存需要多長時間？

We believe that most of it should go out in Q4, maybe certain areas, center dealers, maybe some in Q1 next year. but we believe in the next 2 quarters, most of the noncurrent should be flushed out.

我們認為大部分產品應該會在第四季推出，也許某些地區、中心經銷商，也許還有一些會在明年第一季推出。但我們相信，在接下來的兩個季度裡，大多數非經常性支出都會被清除掉。

Yes. And we ended Q3 in a good position. Our noncurrent inventory in ORV is actually down above 30% year-over-year. So we're actually very happy with the position we have. And obviously, as Jose indicated, we've got product news coming up. and having floor space to introduce that product is also positive.

是的。我們以良好的成績結束了第三季。我們的 ORV 非流動庫存實際上比去年同期下降了 30% 以上。因此，我們對目前的狀況非常滿意。顯然，正如 Jose 所說，我們即將發布產品新聞。並且擁有展示該產品的面積也是正面的。

Benoit Poirier, Desjardins.

德雅爾丹的 Benoit Poirier。

Just with respect to the launch of the electric motorcycle, I was just curious to -- obviously, shipments will start fiscal year '26 early, but what kind of contribution on revenue we could expect next year? My understanding maybe not material, but I'm also curious to kind of gauge what could be the dilution on the margins and the impact next year?

關於電動摩托車的推出，我很好奇——顯然，出貨量將在 26 財年早些時候開始，但明年我們可以預期它會對收入做出什麼樣的貢獻？我的理解可能不重要，但我也很好奇，想衡量一下利潤率的稀釋度和明年的影響是什麼？

Benoit, first, we're very happy with the way the motorcycle is received right now. And I know it's not the best timing worldwide to introduce an electric product. But I would say what I'm pleased with every dealer who are hesitant to be a dealer for this year or every customer that we -- or maybe they were somewhat questioning.

首先，Benoit，我們對這款摩托車目前的銷售感到非常滿意。我知道現在並不是全球推出電動產品的最佳時機。但我想說的是，我很高興看到每一位猶豫是否今年成為經銷商的經銷商，或者每一位我們——或者也許他們有些懷疑——的客戶。

And now when they try the product, they are very pleased with the right, the silent, the performance and the overall experience of the product. And so far, we are on plan.

現在，當他們嘗試產品時，他們對產品的正確性、安靜性、性能和整體體驗感到非常滿意。到目前為止，一切進展順利。

We are also on plan to sign the dealer count. We said we're targeting 300 dealer first year. We will be there when we start shipment. And overall, this will be the first rollout. But again, First year, we are somewhat limitating the production to a level that we believe is healthy and it will be a small number to start with, and we will grow from there.

我們也計劃簽約經銷商。我們說過，第一年我們的目標是擁有 300 家經銷商。當我們開始發貨時我們將到達那裡。總的來說，這將是首次推出。但是，第一年，我們在某種程度上將產量限制在我們認為健康的水平，一開始的數量會很少，然後再逐漸增加。

Yes. year-over-year impact. Don't forget, we are investing in EV and 2-wheel this year. So the increment -- and in the next year, we're still in this investment year because we'll be investing marketing dollars in the launch. So it could be an incremental headwind of probably, let's say, $20 million to $30 million next year.

是的。同比影響。別忘了，我們今年正在投資電動車和兩輪車。因此，在明年，我們仍然處於投資年，因為我們將在發布會上投資行銷資金。因此，這可能會帶來明年 2,000 萬至 3,000 萬美元的增量逆風。

That's great color. And just for the follow-up, when we look at the power sports market right now, obviously, it's crowded, especially when we count the number of side-by-side manufacturer. So there's probably be some natural selection, Yamaha exiting the snowmobile market.

顏色真棒。僅就後續情況而言，當我們看看目前的動力運動市場時，顯然它很擁擠，特別是當我們計算並排製造商的數量時。因此，這可能是一種自然選擇，雅馬哈退出雪地摩托車市場。

So a question mark around Arctic Capsule. So any early indication that some RV manufacturers are looking to exit. And given that some players are impacted, is there any willingness on your part to be involved in potential M&A that would complement your current product offering?

因此，Arctic Capsule 周圍還有一個問號。因此，任何早期跡像都表明一些 RV 製造商正在考慮退出。鑑於一些參與者受到影響，您是否願意參與潛在的併購，以補充您目前的產品供應？

Obviously, Benoit, we're following, like all of you, the dynamic in the industry and the position of each OEM into the industry. I agree with you, there is some dynamic. And I think that the industry will change over time. But obviously, you cannot expect me to comment on M&A or different possibility.

顯然，Benoit，和你們所有人一樣，我們也在關注產業動態以及每個 OEM 在產業中的地位。我同意你的看法，確實存在一些動態。我認為這個行業會隨著時間的推移而改變。但顯然，你不能指望我對併購或其他可能性發表評論。

There is hundreds of possibility out there. But the industry is going to transition. There is some OEMs that have more difficulty than others. The only thing I can say, I'm very, very happy where we are because we have strong product lineup in each product line we operate. And by refocusing on powersports, I think we will accelerate our plan.

那裡有數百種可能性。但該產業正在經歷轉型。有些 OEM 面臨的困難比其他 OEM 更大。我唯一能說的是，我對我們現在的狀況非常非常滿意，因為我們經營的每條產品線都有強大的產品陣容。透過重新關注動力運動，我認為我們將加速我們的計劃。

Robin Farley, UBS.

瑞銀的羅賓法利（Robin Farley）。

Can you please remind us what the change in dealer count in the US is for your ORV dealer channel?

您能否提醒我們一下您在美國 ORV 經銷商通路的經銷商數量變化？

There hasn't been much change in the overall dealer count, Robin. I mean, we add 2 dealers here and there every quarter, but no big evolution. Today, total dealers in the US of yesterday with 982 dealers covering all the product lines.

羅賓，經銷商的總數量沒有太大變化。我的意思是，我們每季都會增加 2 家經銷商，但不會有太大的變化。今天，美國經銷商總數為 982 家，涵蓋所有產品線。

Okay. Great. And I don't know if you'll really have any color to add given the unknowns out there. But do you have any thoughts on the potential tariff situation and what kind of mitigating actions you may be able to take or potential to shift production to some facilities that may be for sale now in the US for other product lines, but where you could potentially move some production, just in the kind of -- I don't know if you -- I know it's still early in the process of what may take place. And so just any thoughts there.

好的。偉大的。考慮到目前存在的未知因素，我不知道您是否真的能提供任何補充。但是，您對潛在的關稅情況有什麼看法，以及您可能採取什麼樣的緩解措施，或者有可能將生產轉移到一些現在可能在美國出售的其他產品線的工廠，但您可能會轉移一些生產，只是——我不知道您是否——我知道現在還處於可能發生的過程的早期階段。這就是任何想法。

Yes. As you know, Robin, we closed obviously monitoring the situation. And at this time, there is hundreds of different possibility. But as a global company, we optimize over the years, our manufacturing footprint and our supply chain to meet customer demand and be efficient.

是的。如你所知，羅賓，我們顯然正在密切監視局勢。而此時，就有上百種不同的可能性。但作為一家全球性公司，多年來，我們不斷優化我們的製造足跡和供應鏈，以滿足客戶需求並提高效率。

Then we have a long history of managing through trade and tariff requirement between Canada, US and Mexico, but also between other country around the world. We've always been able to navigate the changing -- the change in the geopolitical landscape, and we are a leader in the industry.

我們在管理加拿大、美國和墨西哥之間以及世界其他國家之間的貿易和關稅要求方面有著悠久的歷史。我們始終能夠駕馭不斷變化的地緣政治格局，並且我們是業界的領導者。

Then the only thing I can say at this time, and I know it's top of mind for many investors, but we have the team, we have the know-how, and we will adapt to the change. And I don't think we need -- we should overreact right now because we can speculate at this -- and we should not speculate too much because there is, like I said, hundreds of different possibilities.

那麼，此時我唯一能說的是，我知道這是許多投資者最關心的問題，但我們有團隊，我們有專業知識，我們會適應變化。而且我認為我們現在不需要——我們應該反應過度，因為我們可以對此進行推測——而且我們不應該進行過多的推測，因為就像我說的，存在數百種不同的可能性。

Then I just want to say to you and to the investor, we're monitoring the situation and rest assured if needed, we will adapt, and we will take action in the best interest of the customers the employee and their shareholders.

然後我只想告訴你和投資者，我們正在監控情況並放心，如果需要，我們會進行調整，並採取行動，以最大限度地維護客戶、員工和股東的利益。

Cameron Doerksen, National Bank Financial.

卡梅倫‧多爾克森 (Cameron Doerksen)，國家銀行金融公司。

I'm wondering if you can maybe comment a little bit about what you're seeing as far as dealer behavior as it relates to interest rate reductions. And maybe the way to do that is to compare and contrast what you're seeing out of your Canadian dealers versus US dealers because we have had I guess, a more aggressive interest rate reductions in Canada versus US.

我想知道您是否可以就與降低利率有關的經銷商行為發表一些評論。也許做到這一點的方法是比較和對比加拿大經銷商和美國經銷商的表現，因為我想，加拿大的降息幅度比美國的更大。

So I just -- and it does seem as though your retail performance in Canada is maybe doing a little better. So I'm just wondering if you can maybe talk about what you're hearing from your dealers as far as the impact of interest rate cuts and maybe the way to do that is to compare Canada versus US.

所以我只是—而且看起來你們在加拿大的零售業績可能確實要好一些。所以我只是想知道您是否可以談談您從經銷商那裡聽到的有關降息的影響的信息，也許可以比較加拿大和美國。

And I think the dealer recognize first that we were the first one in the industry to lead the charge to reduce inventory and they appreciate what we're doing. And obviously, right now, they see the progress we're doing on our road you see the progress that we've done on 3-wheel and smaller product line, but they see the progress that we're doing there.

我認為經銷商首先認識到我們是業內第一個帶頭減少庫存的公司，他們很欣賞我們的做法。顯然，現在，他們看到了我們在道路上的進展，您看到了我們在三輪車和小型產品線上的進展，但他們看到了我們在那裡取得的進展。

The question is snowmobile. We had the inventory of 2024. We're shipping 2025. Production is almost done. The inventory of snowmobile is high right now, but it's normal at this time of the year. And at least now the snow came in the snow belt and it feels good overall beginning of the snowmobile season.

問題是雪地摩托車。我們有2024年的庫存。我們將於 2025 年出貨。生產已接近完成。目前雪地摩托車的庫存很高，但每年的這個時候這都很正常。現在至少雪帶已經開始降雪，整體來說，雪地摩托車季節的開始感覺不錯。

Then the dealers see the difference and they recognize what we're doing. They just -- we just need to go over the hump of the snowmobile season. And if the retail is decent with the normal slow season, I think the pressure will go down. And we are planning a reasonable watercraft season next year. We ended up with more inventory, but we're planning to reduce shipment of 2025 to make sure we end the season clean.

然後經銷商看到了差異並且認可了我們所做的事情。他們只是——我們只是需要度過雪地摩托車季節的困難時期。如果零售業在正常的淡季表現良好，我認為壓力就會減輕。我們正在規劃明年合理的水上運動季節。我們的庫存最終增加了，但我們計劃減少 2025 年的出貨量，以確保我們能乾淨地結束這個季節。

And I think the dealers see where we're going, they appreciate where we're going, but we need to deliver with them, the retail on snow and watercraft. And -- but I don't see any big difference between Canada and the US. The only thing I would say in Canada, every single dealer or low sales now mobile, when in US, the dealer in the south feel already better with the reduction that we have done on ORV.

我認為經銷商知道我們的方向，他們欣賞我們的發展方向，但我們需要與他們一起實現雪上和水上交通工具的零售。而且——但我看不出加拿大和美國之間有什麼重大差異。我唯一想說的是，在加拿大，每個經銷商或低銷售額現在都在移動，而在美國，南部的經銷商對於我們在 ORV 上所做的減少已經感覺更好了。

Okay. No, that's helpful. And maybe just a quick maybe a modeling question for Seb. Just wondering about the G&A line item here on the cost side. Just wondering if the is a decent run rate as we look forward, just now we have the marine out of the business.

好的。不，這很有幫助。也許這只是向 Seb 提出的建模問題。我只是想知道成本方面的 G&A 項目。只是想知道，就我們目前的情況來看，這是否是一個不錯的運行率，因為現在我們已經讓海軍退出了這項業務。

Well, obviously, it has a big impact on the total operating expenses. I mean if we would have had Marine in our numbers, we'd probably be, let's say, 50 basis points higher in terms of OpEx percentage. And as we look to next year, obviously, we're still investing in some product categories we've rightsized and so we should see an improvement year-over-year and OpEx probably in the range of another 50 basis points year-over-year from '25 to '26.

嗯，顯然，它對總營運費用有很大影響。我的意思是，如果我們的數據中包含了海軍陸戰隊，我們的營運支出百分比可能會高出 50 個基點。展望明年，顯然，我們仍會投資於一些已適當調整規模的產品類別，因此，我們應該會看到同比改善，並且從'25年到'26年的運營支出可能同比增加 50 個基點。

Craig Kennison, Baird.

克雷格·肯尼森，貝爾德。

You've addressed many of them, but maybe I'll just ask a follow-up on the tariff issue. Understood, none of us can really predict the future on that front. But what percentage of your cost of goods sold are sourced out of China and then what percentage of your production today is in Mexico, just to help those of us trying to guess at that impact.

您已經提到了許多問題，但也許我只想就關稅問題進行後續詢問。我知道，我們當中沒有人能夠真正預測這方面的未來。但是，你們銷售成本中有多少百分比來自中國，你們目前在墨西哥生產的百分比是多少，這只是為了幫助我們那些試圖猜測其影響的人。

Yes. We've never been a big sourcer out of China. In fact, today, less than 10% of our sourcing comes from China. And the part that we source are less technically complex. So in a situation where incremental tariffs could be imposed. Obviously, there are parts that we could easily transfer to another supplier. Obviously, it would require work. I don't want to undermine it, but it's only something we could do.

是的。我們從來都不是中國以外的大型採購商。事實上，今天我們的採購中只有不到10%來自中國。而且我們購買的零件在技術上也不太複雜。因此，可以徵收增量關稅。顯然，有些零件我們可以輕鬆轉移給其他供應商。顯然，這需要努力。我不想破壞它，但這是我們唯一能做的事情。

And from a Mexico point of view, over 70% of our production stems out of Mexico. But obviously, we're in Mexico, yes, for the cost advantage as we took the benefit of the various free trade agreements. But also for labor availability, the workforce in Mexico is highly skilled, both from a blue collar and a professional point of view as well. And so we believe we will not be the same company had we not have that footprint in Mexico.

從墨西哥的角度來看，我們 70% 以上的生產都來自墨西哥。但顯然，我們在墨西哥是為了成本優勢，因為我們利用了各種自由貿易協定。但就勞動力供應而言，墨西哥的勞動力無論從藍領角度或專業角度來看都具有很高的技術水準。因此我們相信，如果我們沒有在墨西哥留下足跡，我們將不會是原來的公司。

And then on 2026, again, I know you're not providing guidance, but you're saving essentially $1.50 in loss avoidance related to marine in 2025. But it's should be very clear that the benefit next year is much smaller than that because you weren't expecting to lose maybe the same amount.

然後談到 2026 年，我知道您沒有提供指導，但您在 2025 年與海運相關的損失避免方面基本上節省了 1.50 美元。但應該非常清楚的是，明年的收益會比這少得多，因為你沒想到會損失同樣的金額。

We're not [a big] accepted, but it was the same amount. That's fair.

我們並沒有被（大）人接受，但金額是一樣的。這很公平。

Martin Landry, Stifel.

馬丁·蘭德里（Martin Landry），Stifel。

I want to go back to a previous answer on the noncurrent models. -- you seemed optimistic to that the noncurrent inventory, I believe that was the industry you were talking about would clear in the coming -- next quarter or 2. I just want to understand a little bit where we are today in terms of industry units of noncurrent versus historical level. If you can provide that, it would be helpful. And then what -- why are you optimistic that all those noncurrent models will clear out in a short order?

我想回到之前關於非當前模型的回答。 ——您似乎對非流動庫存持樂觀態度，我相信您所談論的這個行業將在未來——下個季度或兩個季度清理完畢。我只是想稍微了解一下我們目前的非當前行業單位與歷史行業單位的狀況。如果您能提供該信息，那將會很有幫助。那麼——為什麼您樂觀地認為所有這些非當前模型將在短時間內消失？

Well, what we said, Martin, was that some noncurrent will clear now, but also in the first half of next year and dealers will remain cautious. And that's been the standard industry practice of clearing out inventory. No OEM like to sit with inventory and no dealer likes to sit with noncurrent inventory as well.

馬丁，我們說過，一些非經常性債務現在將會清償，但明年上半年，經銷商仍將保持謹慎。這是清理庫存的標準產業做法。沒有任何 OEM 願意積壓庫存，同樣也沒有任何經銷商願意積壓非現有庫存。

So usually, when you look at historical patterns, Q4 and Q1 are big quarters where noncurrent units get seared up. And in terms of visibility, we don't have industry information on the current -- noncurrent inventory.

因此通常情況下，當您查看歷史模式時，您會發現第四季度和第一季是非流動單位陷入困境的重要季度。就可見性而言，我們沒有關於當前非當前庫存的行業資訊。

Okay. And maybe just another quick one for me. Just trying to see a little bit how your dealers are approaching 2025. How is their financial position given the industry has been challenging. Are some of the deals hurt from a financial standpoint and have you started to see some delays in payments from dealers?

好的。對我來說也許只是另一個快速的方法。只是想稍微了解一下您的經銷商如何邁向 2025 年。鑑於該行業一直充滿挑戰，他們的財務狀況如何？從財務角度來看，某些交易是否受到了損害？

We do -- every quarter, we do a deep dive with our floor plan financing partners and an assessment of the health of the dealers. And generally, the dealers are in very good health. They've made a lot of money during COVID and so they're fairly well capitalized.

我們確實會這樣做——每個季度，我們都會與我們的平面圖融資合作夥伴進行深入研究，並對經銷商的健康狀況進行評估。整體來說，經銷商的健康狀況都非常好。他們在疫情期間賺了很多錢，因此他們的資本相當充足。

We're supporting them tremendously with the inventory. We're paying almost 70% of the floorplan cost financing. And we've been diligent as well in managing deliveries this year in reducing inventory, which is certainly a plus for them.

我們在庫存方面為他們提供了極大的支持。我們支付了近 70% 的平面圖成本融資。今年我們也非常努力地管理交貨以減少庫存，這對他們來說無疑是一個好處。

Dealers are making obviously less money than they were making during the COVID, but when you look at the overall dealer profitability and some of the metrics we could put our hands on, their profitability is somewhat in line with what they were making pre-COVID. But nothing out of the ordinary, no special provision, no risk of repo is on the radar.

經銷商現在賺的錢顯然比疫情期間少，但當你看看經銷商的整體獲利能力和我們可以掌握的一些指標時，你會發現他們的獲利能力與疫情之前大致相同。但並沒有什麼異常，沒有特別規定，也不存在回購風險。

Xian Siew, BNP Pariba.

法國巴黎銀行的 Xian Siew。

You gave a little bit of guardrails in terms of next year for revenue and maybe OpEx. Can you talk a little bit about how you think -- how we should think about gross margin, gross margin ex-marine next year? What are some of the puts and takes there?

您對明年的收入和營運支出給了一些預期。您能否稍微談談您的想法—我們該如何看待明年的毛利率、不包括海洋的毛利率？那裡有哪些得失？

No. Well, puts and takes. Obviously, we're still operating with less than optimal levels of capacity utilization. One big variable for next year is the programs. This year, we did have to put more dollars on programs hurting gross margin percentage.

不。嗯，放與拿。顯然，我們的產能利用率仍然不夠理想。明年的一大變數是專案。今年，我們確實不得不在這些項目上投入更多資金，從而損害了毛利率。

So one positive element will obviously be programs, other positive elements will be cost efficiencies that we're driving in the business. And so that would be the main one. So yes, expecting a slight improvement in gross margin next year.

因此，一個積極因素顯然是計劃，其他積極因素則是我們在業務中推動的成本效率。這就是最重要的一點。所以是的，預計明年的毛利率會略有增加。

Okay. And then on the current unit, you kind of showed that slide how your tail for the current inventory is really strong. I guess why do you think that -- what's driving that? How does that give you confidence into next year in terms of maybe gaining share as well if inventory gets clean?

好的。然後在當前單位上，您可以透過幻燈片展示當前庫存的尾部是多麼強勁。我猜你為什麼會這麼想──是什麼推動了這一點？如果庫存清理乾淨，您對明年的市佔率是否會上升有信心呢？

Well, two things. One, we've recently launched 2 new ATV platforms, covering all of the segments or 90% of the segment. And that's certainly been well received, and these are being sold as current units. It's been over 10 years since we had introduced a brand-new platform like that.

嗯，有兩件事。一是我們最近推出了2個新的ATV平台，涵蓋了所有細分市場或90%的細分市場。這些產品確實受到了熱烈歡迎，並且正在作為現有產品出售。我們上次推出這樣的全新平台已經超過 10 年了。

So -- and the industry has been relatively if I can use the word non-innovative, if that's the word. And so that's a big plus. And on the ORV side, the side-by-side, Maverick R 4-seater certainly well received. And the Defender cab current models are in high demand, and that's been fueling our retail growth.

所以 — — 如果我可以使用「非創新」這個詞的話，這個行業相對來說是非創新的。這是一個很大的優勢。在 ORV 方面，並排的 Maverick R 4 人座車無疑廣受好評。Defender 駕駛艙現有車型需求量大，這推動了我們的零售成長。

Jonathan Goldman, Scotiabank.

加拿大豐業銀行的喬納森‧戈德曼。

Most of them have been asked, but I guess just one for you, Jose. Can you discuss if you've seen any change in consumer sentiment post elections? Have you seen any signs of increased optimism around the consumer?

大部分問題都已經被問過了，但是我想只有一個問題需要問你，何塞。您能否討論一下選舉後消費者情緒是否發生了變化？您是否看到消費者信心增強的跡象？

Yes, that's a funny one. First, overall, in Q3, the trend with consumer didn't change. The new end trend we're at 23% pre-COVID level. There is definitely entry-level buyers are under pressure. And we see it in entry-level model like the Spark on Watercraft, the Ryker on 3-wheel, the Switch on Pontoon, our retail were down 30% in those industry. And while to the side-by-side, the premium high-end product was up almost 15%, and the value was down 25%.

是的，這很有趣。首先，整體來看，第三季消費者的趨勢並沒有改變。新的最終趨勢是處於新冠疫情之前的 23% 水準。入門級買家肯定面臨壓力。我們在入門級車型中看到了這一點，例如水上摩托車上的 Spark、三輪車上的 Ryker、浮筒車上的 Switch，我們的零售量在這些行業中下降了 30%。而相較之下，高端產品的價格上漲了近 15%，而價值卻下降了 25%。

And when you look at all this, the dynamic didn't change in Q3. (technical difficulty) heard that twice in the last few weeks that now the people are waiting that the new President is in force to make their decision. And I believe there is something there, but we cannot quantify what it will be, but I heard that comment a few times.

當你回顧這一切時，你會發現第三季的動態並沒有改變。 （技術困難）過去幾週已經兩次聽到這個消息，現在人們正在等待新總統上任並做出決定。我相信那裡有某種東西，但我們無法量化它是什麼，但我已經聽過幾次這樣的評論了。

Jamie Katz, Morningstar.

晨星的傑米‧卡茨 (Jamie Katz)。

I guess what we haven't talked about yet is what the used market looks like right now and maybe how the behavior in the used market could impact the consumer takeaway of new units in the year ahead. So have you guys seen any noteworthy trends on maybe whether prices have been decelerated or volume has been increasing in that used channel just to help us triangulate the entire inventory picture across the industry.

我想我們還沒有談論的是現在二手市場的狀況，以及二手市場的行為將如何影響未來一年消費者對新車的購買。那麼，你們有沒有看到任何值得注意的趨勢，例如價格是否已經減速或二手通路的銷售量是否已經增加，這只是為了幫助我們對整個產業的庫存狀況進行三角測量。

Yes. As you know, and we said a few times, we don't have any data on the used market. Then -- the only thing we can say is what we hear from the dealers, the use, obviously, like the noncurrent right now is getting some retail. But I -- we don't see -- I didn't hear any big change into the used market in the last quarter.

是的。如您所知，我們已經說過幾次了，我們沒有任何二手市場的數據。然後 - 我們唯一能說的就是我們從經銷商那裡聽到的消息，顯然，就像現在的非流通貨幣正在進行一些零售一樣。但我——我們沒有看到——我沒有聽說上個季度二手市場有任何重大變化。

Okay. And then I think earlier in the call, you said the current expectation for next year is for a flat industry. Are there any number of interest rate cut baked into that? I'm just trying to think about the sort of bull case and bear case scenarios from where your current point is.

好的。然後我認為在早些時候的電話會議上，您說過對明年的當前預期是行業將持平。其中是否包含多次降息？我只是試著從你目前的觀點來思考牛市和熊市的情況。

Today, the assumption we have is a current interest rate environment. Obviously, we believe that will take several cuts in order to move consumer demand. Interest rates are still relatively high. So from a retail financing point of view, we need to see several cuts next year to start seeing an impact on demand. But obviously, any rate cuts while on the short term is going to have floor plan financing costs and our financing costs as well on our balance sheet.

今天，我們的假設是目前的利率環境。顯然，我們認為，為了滿足消費者需求，需要採取多項措施。利率仍然相對較高。因此，從零售融資的角度來看，我們需要看到明年的幾次降息才能開始看到對需求的影響。但顯然，短期內的任何降息都會在我們的資產負債表上產生樓面融資成本和融資成本。

Luke Hannan, Canaccord.

盧克漢南 (Luke Hannan)，Canaccord。

I was hoping just to follow up on an earlier line of questioning on the dealer health and dealer profitability, maybe coming at it from a different angle. If we were to frame where dealer sentiment stands as because there are a lot of moving parts.

我希望能夠跟進先前關於經銷商健康狀況和經銷商獲利能力的問題，或許可以從不同的角度來探討。如果我們將經銷商情緒的立場框定為，因為其中存在著許多變動因素。

On the one hand, it sounds like the inventory picture is getting a bit better, but the end customer demand has yet to really come back or materialize. But I mean, as you pointed out, they are making as much money as they were pre-COVID. It sounds like maybe the sentiment is a little bit detached from that. But overall, where would you say dealer sentiment stands today as of perhaps this time last year or let's say, pre-COVID levels?

一方面，聽起來庫存狀況有所好轉，但最終客戶需求尚未真正回升或實現。但我的意思是，正如你所指出的，他們賺的錢和疫情之前一樣多。聽起來也許情緒與此有點脫節。但總體而言，您認為目前經銷商的情緒與去年同期或疫情之前的水平相比如何？

I think the dealer -- many dealer has to somewhat rightsized their business the way we're doing it. And dealer in US very often carry 5-, 6-, 7 OEM, and they need to rightsize their business, what I mean by that decide with who they prefer to work. It's quite rare that the dealer will drop the product line or brand, but they could decide to buy less of that brand and buy more of that other brand.

我認為經銷商—許多經銷商必須按照我們的做法，適當調整其業務規模。美國的經銷商通常有 5、6、7 家 OEM，他們需要調整業務規模，我的意思是決定他們喜歡與誰合作。經銷商放棄產品線或品牌的情況相當罕見，但他們可能會決定少買該品牌，多買其他品牌。

And this is why we're bidding on our approach to improve inventory of BRP product, have a better inventory turnover and prove to the dealer than when they sell a BRP product, they make more money than selling other brands where they had more inventory. Then I would say many dealers right now are in that process of rightsizing or maybe realigning their priorities inside their leadership and we believe we can play a positive role there.

這就是為什麼我們要競標我們的方法來改善 BRP 產品的庫存，提高庫存週轉率，並向經銷商證明，當他們銷售 BRP 產品時，他們比銷售庫存更多的其他品牌賺更多的錢。然後我想說，目前許多經銷商正處於調整規模或重新調整領導層內部優先事項的過程中，我們相信我們可以在其中發揮積極作用。

Okay. And then as my follow-up, Seb, you mentioned the incremental 50 basis points that you expect to get as far as the OpEx rate goes. What do you have in the pipeline, I guess, as far as cost savings programs or how much of that is going to be allocated towards specific cost savings programs or process efficiencies versus sales leverage?

好的。然後作為我的後續問題，Seb，您提到了您預計營運支出率將增加 50 個基點。我想，就成本節約計劃而言，您有什麼打算，或者其中有多少資金將分配給特定的成本節約計劃或流程效率與銷售槓桿？

Well, obviously, every year, we challenge the team on being more efficient and requestioning the way they do their business. We expect a modest pipeline growth next year. And so most of the impact probably 50-50 comes from operating leverage and the other one from cost efficient.

嗯，顯然，每年我們都會挑戰團隊提高效率，並要求他們改進業務開展方式。我們預計明年管道業務將溫和成長。因此，大部分影響大概有 50% 來自經營槓桿，另一部分影響來自成本效率。

Tristan Thomas-Martin, BMO Capital Markets.

特里斯坦·托馬斯·馬丁 (BMO 資本市場)。

Just a point of clarification. The floor plan financing, the 70% that you're covering, how does that work? Is that something that gets dealers through into next selling season? Or is it a certain amount of time post from whenever they receive a unit.

只需澄清一點。你們所承保的 70% 的平面圖融資是如何運作的？這是否可以幫助經銷商進入下一個銷售季節？或者是他們從收到一個單位開始經過一定時間的貼文。

Yes, it varies. There's 2 types of support we provide them. We provide them with standards support when we ship a unit, which would be 69 days and then in a context where the industry is more challenging, seasonal business. We finished with more inventory. We'll provide them with what we call internally risk assurance. So we'll cover the floor plan cost for a longer period usually until the next retail season begins. And so that's the main form it takes.

是的，情況有所不同。我們為他們提供兩種類型的支援。當我們運送一個單位時，我們會為他們提供標準支持，這將是 69 天，然後在行業更具挑戰性的季節性業務的背景下。我們完成了更多的庫存。我們將為他們提供所謂的內部風險保證。因此，我們通常會在更長的時間內承擔平面圖成本，直到下一個零售季節開始。這就是它的主要形式。

Okay. So safe to assume maybe we get a little bit of carryover into 1Q of next year?

好的。那麼，我們可以安全地假設，我們可能會將部分收益延續到明年第一季嗎？

Yes. Well, that's all accrued for, the financials. When we end the mobile season, we'll take the accrual personal watercraft season as well? So it's a hit that you take in the current fiscal year.

是的。嗯，財務方面，這些都是累計的。當我們結束移動賽季時，我們也會結束個人水上摩托車賽季嗎？所以這對您本財政年度來說是一個打擊。

Brian Morrison, TD Cowen.

布萊恩·莫里森（Brian Morrison），TD Cowen 公司。

I appreciate all the details on the puts and takes of next year. Couple of quick questions. One, when I think about the season end inventory in PwC and the switch, you did provide the surplus inventory for snow deals back in Q1, I think you said destocking was 30% or $350 million. Can you provide the metrics for the PW and switch for -- as the season ended.

我非常感謝您提供有關明年的所有細節。幾個簡單的問題。首先，當我想到普華永道的季末庫存和轉換時，您確實在第一季為雪交易提供了剩餘庫存，我記得您說過去庫存量是 30% 或 3.5 億美元。您能否提供 PW 和轉換的指標——因為賽季已經結束。

I wish I could, but I don't have a backup with me, Brian, so I have to take it off-line.

我希望可以，但是布萊恩，我沒有備份，所以我不得不將其離線。

Okay. And then I guess my second question is, you're clearly in great shape in side-by-side inventory, and that's a real benefit. I just wondered if you play devil's audit here. Do you expect to lose ORV market share next year. And the reason I ask is I'm curious, how do you address retaining loyalty if consumers are abated by the promo on the heavy noncurrent of competitors? Because the entire industry is challenged until this clears, correct?

好的。然後我想我的第二個問題是，你們的並排庫存狀況顯然很好，這是一個真正的好處。我只是想知道您是否在這裡玩魔鬼審計。您預計明年會失去 ORV 市佔率嗎？我之所以問這個問題，是因為我很好奇，如果消費者因為競爭對手的大量停售而失去興趣，您該如何保持忠誠度？因為整個產業都面臨挑戰，直到這個問題解決為止，對嗎？

Yes. But the theory and the philosophy that we have, dealers know that selling current product is more profitable than noncurrent products. Then we're trying, obviously, for their benefit and our benefit and protecting the value of our brand because the brand, Can-Am brand has a value is recognized for performance, quality, design, and we want to protect that. Then basically, that's why we believe that the strategy that we have is the right one.

是的。但根據我們的理論和理念，經銷商知道銷售現有產品比銷售非現有產品更有利可圖。然後，顯然，我們正在努力為他們的利益和我們的利益而努力，保護我們品牌的價值，因為 Can-Am 品牌的價值因其性能、品質和設計而得到認可，我們希望保護這一點。基本上，這就是為什麼我們相信我們的策略是正確的。

When a season starts, it's normal to have assertable of noncurrent, which is happening right now. But typically, after a quarter or two of the new season, the customer purchase is mainly current, and this is where we believe we will win billing. Then right now, we are into the transition of that inventory depletion period. But we believe that mid to long term, this will be very beneficial for us.

當一個賽季開始時，出現一些非當前情況是正常的，這種情況現在正在發生。但通常情況下，在新季節的一個或兩個季度之後，客戶的購買主要是當前的，這就是我們相信我們將贏得賬單的地方。那麼現在，我們正進入庫存消耗期的過渡期。但我們相信，從中長期來看，這對我們非常有利。

I think I agree with that, Joe. I'm just curious as to if you lose a customer because they go noncurrent, how do you get them back?

我想我同意這一點，喬。我只是好奇，如果因為客戶不再使用而失去他們，您會怎麼挽回他們？

Yes. But at the end of the day, there is so many customers and some who shop for price could buy a Can-Am. But if we don't have any concurrent, [noncurrent], we'll buy another brand. But again, we've been able to grow market share by the quality of our product, by the innovation with our product, the technology, and this is the bet we take.

是的。但最終，還是有這麼多的顧客，而且有些只注重價格的顧客也可以購買 Can-Am。但如果我們沒有任何並發（非當前）產品，我們就會購買其他品牌。但是，我們能夠憑藉產品的品質、產品的創新和技術來擴大市場份額，這是我們所採取的策略。

We push technology and innovation to attract more customers and gain share. Then we grew from 0% in 2010 to 20% last year -- to 30% last year, and we still believe that we can continue to grow. But we cannot gain any or every customer who shop for price. This is not who we are.

我們推動技術和創新以吸引更多客戶並獲得份額。然後我們從2010年的0％增加到去年的20％——再到去年的30％，我們仍然相信我們可以繼續成長。但我們無法贏得任何一個或每一位只為價格而購物的顧客。這不是我們的本性。

I agree with you. I just wanted to understand the dynamic. I appreciate the comments.

我同意你的看法。我只是想了解一下動態。我很感謝這些評論。

There are no more questions at that time. I will turn the call back to Mr. Deschenes to close the meeting.

那時就沒有其他問題了。我將把電話轉回給德斯切內斯先生以結束會議。

Great. Thank you, Sylvie, and thanks, everyone, for joining us this morning and for your interest in BRP. We look forward to speaking with you again for our Q4 results on March '26. Thanks again, everyone, and have a good day.

偉大的。謝謝你，西爾維，也謝謝大家今天早上加入我們並對 BRP 的關注。我們期待在 3 月 26 日再次與您討論我們的第四季業績。再次感謝大家，祝福大家有美好的一天。

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 ask that you please disconnect your lines.

謝謝您，先生。女士們、先生們，今天的電話會議到此結束。再次感謝您的參加。此時，請您斷開線路。