BRP Inc (DOOO) 2026 Q1 法說會逐字稿

Good morning ladies and gentlemen. Welcome to the BRP Inc's FY26 first-quarter results conference call. (Operator Instructions) I would not like tot the meeting over to Mr. Philippe Deschaine. Please go ahead, Mr. Deschaine.

女士們、先生們，早安。歡迎參加 BRP Inc 26 財年第一季業績電話會議。（操作員指示）我不想將會議交給 Philippe Deschaine 先生。請繼續，德斯凱恩先生。

Good morning and welcome to BRP's conference call for the first quarter of fiscal year '26. Joining me this morning are Jose Boisjoli, President and Chief Executive Officer; and Sebastien Martel, Chief Financial Officer.

早上好，歡迎參加 BRP 26 財年第一季電話會議。今天早上與我一起出席的還有總裁兼執行長 Jose Boisjoli 和財務長 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 result could differ from those implied in these statements.

在我們進入準備好的發言之前，我想提醒大家，電話會議期間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。

The forward-looking information is based on certain assumptions and it's subject to risk and uncertainty, and I invite you to consult BRT Inc's D&A for a complete study.

前瞻性資訊基於某些假設，具有風險和不確定性，我邀請您查閱 BRT Inc 的 D&A 以進行完整的研究。

Also during the call, reference will be made to supportingly, 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，我們將提供支援性參考，您可以在我們網站 brp.com 的投資者關係部分找到該簡報。因此，我將把電話轉給何塞。

Thank you, Philip. Good morning, everyone, and thank you for joining us.

謝謝你，菲利普。大家早安，感謝大家的收看。

We've delivered the sound performance in our first quarter, which results in line with expectation as we continue to right size network inventory level in seasonal products and execute an element within our control.

我們在第一季取得了良好的業績，結果符合預期，因為我們繼續調整季節性產品的網路庫存水平，並執行我們控制範圍內的要素。

The operating environment remains challenging with significant macroeconomic uncertainty and a volatile tariff situation affecting consumer confidence. Still, driven by very solid snowmobile sales, we slightly outperform the par sport North American industry at retail.

經營環境仍充滿挑戰，宏觀經濟不確定性大，關稅情勢不穩定，影響消費者信心。儘管如此，在雪地摩托車銷售非常強勁的推動下，我們的零售表現略優於北美同類產業。

Looking at the sales of our marine group, we made progress by announcing a definitive agreement for the sales of Telwater and closing the sales of Alumacraft. The process for Manitou is following its course.

縱觀我們海洋集團的銷售情況，我們取得了進展，宣布了 Telwater 銷售的最終協議，並完成了 Alumacraft 的銷售。Manitou 的進程正在按計劃進行。

Now let's turn to slide 4 for key financial highlight.

現在讓我們翻到幻燈片 4 來了解主要的財務亮點。

We ended the first quarter with revenue of $1.846 billion, normalized a bid of $201 million, normalize EPS of $0.47, and strong free cash flow generating generation of $162 million.

我們第一季的營收為 18.46 億美元，標準化出價為 2.01 億美元，標準化每股收益為 0.47 美元，強勁的自由現金流產生了 1.62 億美元。

As for retail, let's look at global trend on slide 5.

至於零售業，讓我們來看看投影片 5 上的全球趨勢。

In North America, our par sport retail held steady, reflecting a growth of 21% in Canada, fueled by a strong end of season for Snowmobile, offset by a decline of 6% in the United States as we continue to see generally weaker industry trends.

在北美，我們的標準運動零售保持穩定，加拿大成長了 21%，這得益於雪地摩托車季末的強勁表現，但由於我們繼續看到行業趨勢普遍較弱，美國下降了 6%。

From an international perspective, demand remained soft in EMEA and Asia-Pacific, with retail down 22% and 13%, respectively. Once again, Latin America outperformed other regions, with retail up 18%, driven by sustained momentum in ORV and personal watercraft.

從國際角度來看，歐洲、中東和非洲地區以及亞太地區的需求仍然疲軟，零售額分別下降了22％和13％。拉丁美洲的表現再次優於其他地區，零售額成長 18%，這得益於越野車和個人水上摩托車的持續成長動能。

On a global scale, demand remains strong for high-end products compared to entry-level ones. We also outperform in current units and underperform in non-current units due to our linear inventory position.

在全球範圍內，與入門級產品相比，高端產品的需求仍然強勁。由於我們的線性庫存狀況，我們在現有單位上的表現也優於在非現有單位上的表現。

Turning to slide 6 for a look at our retail performance by product line in North America.

請翻到投影片 6，查看我們在北美按產品線劃分的零售業績。

As anticipated, our Powersports retail held relatively steady compared to last year, surpassing the industry, which was down in the low single digits. Snowmobile retail was strong, up over 80%, driven by favorable snow conditions late in the winter.

正如預期的那樣，我們的動力運動零售額與去年相比保持相對穩定，超過了行業水平，而行業的降幅僅為個位數。受冬末良好降雪條件的推動，雪地摩托車零售業表現強勁，成長逾 80%。

As for three-wheel vehicles, personal watercraft, and Switch pontoon boats, retail was down early in the season due to a combination of softer industry trends and a late spring.

至於三輪車、個人水上摩托車和 Switch 浮橋船，由於行業趨勢疲軟和春季來得晚，零售量在本季初有所下滑。

Now let's turn to slide 7 for a more detailed look at year-round products.

現在讓我們翻到第 7 張投影片來更詳細地了解全年產品。

Revenue was down 4% to $1.1 billion, primarily driven by softer industry trends and higher sales program costs given the ongoing market dynamics. At retail, Can-Am side-by-side sales were down about 10%, compared to the industry, which declined by mid-single digits.

營收下降 4% 至 11 億美元，主要原因是產業趨勢疲軟以及當前市場動態導致的銷售計劃成本上升。在零售方面，Can-Am 並排式卡車的銷量下降了約 10%，而整個行業的銷量則下降了中等個位數。

We underperform in non-current units given our healthier inventory position compared to other OEMs. However, we continue to outperform in current units, gaining 4 points of market share in the quarter, driven by the sustained momentum of our newly introduced model.

由於我們的庫存狀況比其他 OEM 更健康，因此非現有單位的表現不佳。然而，在新推出車型的持續推動下，我們在現有產品上的表現持續優異，本季市佔率增加了 4 個百分點。

As for ATVs, retail was down in the low single digits, in line with the industry. However, we had strong gains in the high-CC segment, fueled by our new Outlander platform.

至於全地形車，零售量下降了個位數，與業界情況一致。然而，在我們新的 Outlander 平台的推動下，我們在高 CC 領域取得了強勁成長。

Looking at three-wheel vehicles, we are very early in the season, and retail was down by high 20% in the quarter, reflecting industry softness in the late spring. A few words on two-wheel vehicles: as planned, we had our first shipment of Can-Am Pulse and Can-Am Origin motorcycles to North America and Europe in the first quarter, with shipments continuing into the second quarter. We are organizing tours to get the media and consumer excited, and our dealers are also actively preparing them all right.

從三輪車來看，我們正處於銷售旺季的初期，本季零售量下降了 20% 以上，反映出春末產業的疲軟。關於兩輪車的幾句話：按照計劃，我們在第一季向北美和歐洲運送了第一批 Can-Am Pulse 和 Can-Am Origin 摩托車，並將持續運送到第二季度。我們正在組織參觀活動，讓媒體和消費者興奮不已，我們的經銷商也在積極準備。

Turning to seasonal products on flight 8.

在第 8 航班上轉向季節性產品。

Revenue was down 22% to $419 million, firmly reflecting reduced shipments as we continue focusing on right sizing network inventory level.

營收下降 22% 至 4.19 億美元，這明顯反映了由於我們繼續專注於合理調整網路庫存水準而導致的出貨量減少。

Looking at our retail performance, we followed the North American snowmobile season down in percentage, slightly lagging the industry. As I said earlier, favorable snow conditions late in the winter in North America stimulated demand. With our solid lineup and retail promotions, we outperformed the industry during the quarter, partially catching up on our plan for the season.

從我們的零售業績來看，我們的零售業績隨著北美雪地摩托車旺季的到來而下降，略微落後於該行業。正如我之前所說，北美冬末的良好降雪條件刺激了需求。憑藉我們穩固的產品陣容和零售促銷，我們在本季度的表現優於行業，部分趕上了我們本季度的計劃。

In Scandinavia, it was a more difficult season, and our retail performance was in line with the industry. More importantly, we remain by far the number one worldwide with Ski-Doo. The strong end of the season in North America allowed us to achieve a year-over-year network inventory reduction of 15%.

在斯堪的納維亞半島，這是一個更艱難的季節，我們的零售業績與產業一致。更重要的是，我們憑藉 Ski-Doo 依然保持著全球第一的地位。北美季末的強勁表現使我們實現了網路庫存年減 15%。

Healthier inventory levels, combined with our solid lineup, resulted in strong spring preorders compared to last year. Pre-orders are now back to a normal rate, with approximately 30% of production already sold. All these elements put us in a better position for Season 26.

更健康的庫存水平，加上我們強大的產品陣容，導致春季預訂量與去年相比強勁。預訂量現已恢復正常，約有 30% 的產品已售出。所有這些因素都會讓我們在第 26 季中處於更有利的位置。

As for Sea-Doo products, retail was in line with our expectations in the first quarter, with personal watercraft down mid-single digits and Switch pontoon boats down low 20%. We also continue to grow in Latin America, with retail up mid-10%. The objective for this season is to right-size network inventory levels, and so far, we are on plan.

至於 Sea-Doo 產品，第一季零售情況符合我們的預期，個人水上摩托車銷量下降中個位數，Switch 浮橋船銷量下降 20% 以下。我們在拉丁美洲也持續成長，零售額成長了 10% 左右。本季度的目標是調整網路庫存水平，到目前為止，我們正在按照計劃進行。

Moving on to slide line with power sport part, accessories and apparel and new engine.

轉向帶有動力運動部件、配件和服裝以及新引擎的滑動系列。

Revenue was up 5% to $322 million, driven by a higher volume of snowmobile parts following the strong end of the season, as well as the ongoing usage of our growing fleet of vehicles. Meanwhile, accessory sales have been softer, in line with retail trends. As with units, the inventory of PA&A at dealers is getting back to more reasonable levels.

營收成長 5%，達到 3.22 億美元，這得益於旺季結束後雪地摩托車零件產量的增加，以及我們不斷成長的車隊的持續使用。同時，配件銷售也趨於疲軟，與零售趨勢一致。與單位一樣，經銷商的 PA&A 庫存正在恢復到更合理的水平。

With that, I turned the call over to Sebastien.

說完，我把電話轉給了賽巴斯蒂安。

Thank you, Jose, and good morning, everyone. This quarter was another demonstration of our team's ability to execute with discipline in a dynamic environment, putting us in a good position early in fiscal 206 with results in line with our expectations, solid pre-cash flow generation and then continued improvement on the network and the inventory front.

謝謝你，何塞，大家早安。本季度再次證明了我們團隊在動態環境中嚴格執行紀律的能力，使我們在 206 財年初期處於良好地位，業績符合我們的預期，產生了穩健的預現金流，並在網絡和庫存方面繼續改善。

Before getting into the numbers, please note that as part of the sales, the marine sales process, we decided to keep the legacy onboard engine parts business. Consequently, we have reclassified our fiscal '25 numbers to reflect this decision.

在了解數字之前，請注意，作為銷售的一部分，船舶銷售流程，我們決定保留傳統的船上引擎零件業務。因此，我們重新分類了 25 年的財政數據以反映這一決定。

Now looking at the numbers, revenues were down 8% to $1.8 billion primarily due to lower shipments and higher sales programs. We generated $395 million in gross profit, representing a margin of 21.4%, down from last year, primarily due to the less efficient use of our assets, given the lower production volumes, higher sales programs, unfavorable model makes, and foreign exchange headwinds.

現在從數字來看，收入下降 8% 至 18 億美元，主要原因是出貨量下降和銷售計畫增加。我們實現了 3.95 億美元的毛利，利潤率為 21.4%，比去年有所下降，這主要是由於產量較低、銷售計劃較高、車型不利以及外匯不利等因素導致我們的資產使用效率較低。

These were partly offset by cost and efficiencies across our manufacturing operations and favorable pricing.

這些損失部分被我們製造業務的成本和效率以及優惠的定價所抵銷。

Note that through the first quarter we saw limited impact from tariffs across our cost structure. Our normalized dividda ended at $201 million and our normalized earnings per share at $0.47. We generated $162 million of free cash flow from con continued operations and ended the quarter with over $300 million of cash, further reinforcing our solid balance sheet and financial flexibility.

請注意，第一季關稅對我們成本結構的影響有限。我們的標準股息最終達到2.01億美元，標準每股收益達到0.47美元。我們持續經營業務創造了1.62億美元的自由現金流，本季末現金餘額超過3億美元，進一步鞏固了我們穩健的資產負債表和財務彈性。

Turning to slide 12 for an update on our network inventory.

翻到第 12 張投影片來了解我們的網路庫存的最新情況。

We continue making progress on right sizing our network inventory, which is down 21% compared to last year, with double-digit decline in all product lines. Our dealers' credit line usage is now just above 70%, the lowest level in over two years, and below pre-COVID utilization rates.

我們在合理調整網路庫存規模方面繼續取得進展，與去年相比下降了 21%，所有產品線均出現兩位數的下降。我們經銷商的信用額度使用率目前略高於 70%，為兩年多來的最低水平，且低於疫情之前的使用率。

This should alleviate some of the inventory impact on our dealers' finances, all the while providing available capacity to be able to rapidly react when our industry rebounds.

這應該可以減輕庫存對我們經銷商財務的影響，同時提供可用產能，以便能夠在行業反彈時迅速做出反應。

Looking ahead, while there is still some work to be done reducing dealer inventory on the seasonal product side, we expect that most of the heavy lifting across the portfolio will be done by the end of the summer, positioning us to better align wholesale with retail in the back half of the year. With this, let's turn to slide 13 for an update on fiscal 26, starting with terrorists. As there have been a lot of movements on the tariff front since our last update at the end of March, but so far the impact remains manageable on the Finished vehicle side, most of them remain tariff free given that all our vehicles produced in Canada and Mexico are USMCA compliant and consequently are currently exempt from the 25%. Tariffs levied on these countries. However, we have seen incremental tariffs stemming from the US tariff rate increase on China, the new tariffs on other countries. These are primarily impacting our P&A business and some of our US suppliers, which in turn is impacting us.

展望未來，雖然在季節性產品方面仍有一些工作需要做，以減少經銷商的庫存，但我們預計，整個產品組合的大部分繁重工作將在夏季末完成，使我們能夠在下半年更好地協調批發和零售。讓我們翻到第 13 張幻燈片，了解財政 26 的最新情況，首先是恐怖分子。自從我們 3 月底上次更新以來，關稅方面已發生很多變動，但到目前為止，對成品車方面的影響仍在可控範圍內，由於我們在加拿大和墨西哥生產的所有車輛均符合 USMCA 標準，因此目前免徵 25% 的關稅，因此大多數車輛仍免徵關稅。對這些國家徵收關稅。然而，我們看到美國對中國提高關稅，對其他國家也徵收新的關稅。這些主要影響我們的P&A業務和一些美國供應商，進而影響我們。

Factoring in these elements based on the current environment.

根據當前環境考慮這些因素。

We now estimate that the total gross tariff impact for our business for fiscal '26 to be between $60.70 million dollars.

我們現在估計，26財年我們業務的總關稅影響將在6,070萬美元之間。

We expect this impact to be manageable as we should be able to offset most of the incremental incremental costs using different levers across our value chain. Now looking at the rest of the year.

我們預期這種影響是可控的，因為我們應該能夠利用價值鏈中的不同槓桿來抵消大部分增量成本。現在看看今年剩餘的時間。

With Q41 unfolding essentially in line with expectations, we are well positioned, entering Q2, which we expect to be our last quarter of significant network inventory reduction.

隨著第四季度的進展基本上符合預期，我們已做好充分準備進入第二季度，我們預計這將是我們大幅減少網路庫存的最後一個季度。

We have a line of production and shipment plan in line with this objective, and we expect our financial performance for the quarter to be similar to what we delivered in Q1. As for the back half of the year, things remain more difficult to forecast. As the evolving tariff environment continues to create uncertainty and is weighing on consumer confidence. Furthermore, its full impact on the global economy is still unfolding and difficult to predict.

我們制定了符合該目標的生產和出貨計劃，我們預計本季的財務表現將與第一季相似。至於下半年的情況，情況仍然更難預測。由於不斷變化的關稅環境不斷產生不確定性，並正在影響消費者信心。此外，其對全球經濟的全面影響仍在顯現，難以預測。

In this context, it remains very difficult for us to properly forecast our industry and the demand for our products, and consequently, we still lack sufficient visibility to issue guidance today.

在這種背景下，我們仍然很難正確預測我們的行業和我們產品的需求，因此，我們今天仍然缺乏足夠的可見性來發布指導。

Still, there are a few elements that make us optimistic for H2. First, assuming Q2 goals as planned, our network inventory reduction efforts should be mostly completed, positioning us to better align wholesale with retail through H2. And second, we have exciting new products coming up at our club in August, and we are planning for the initial shipments of these new products to happen throughout H2. Supporting volume growth and favorable product mix.

儘管如此，仍有一些因素讓我們對 H2 持樂觀態度。首先，假設第二季的目標按計劃實現，我們的網路庫存減少工作應該基本完成，使我們能夠在下半年更好地協調批發和零售。其次，我們俱樂部將於 8 月推出一些令人興奮的新產品，我們計劃在下半年進行這些新產品的首次出貨。支援銷售成長和良好的產品組合。

So in a scenario where the retail environment remains consistent with what we have seen in Q1, these elements could yield double-digit top line growth along with strong improvement and normalized NEPS compared to the second half of last year. And while the environment is difficult to predict, we believe that with our healthy network inventory levels, the strength of our lineups, especially with upcoming key product launches, our agile manufacturing footprint, and our solid balance sheets with strong liquidity and long-term debt maturities, that we are well equipped to face a wide range of scenarios. Still, we look forward to our more stable and predicting operating conditions, allowing us to provide you with a clearer outlook for our business. On that, I'll return the call back to Jose.

因此，在零售環境與我們在第一季看到的保持一致的情況下，這些因素可能會帶來兩位數的營收成長，同時與去年下半年相比，業績將出現強勁改善，淨每股收益也將正常化。儘管環境難以預測，但我們相信，憑藉我們健康的網路庫存水準、強大的產品線（尤其是即將推出的關鍵產品）、靈活的製造佈局以及擁有強大流動性和長期債務期限的穩健資產負債表，我們完全有能力應對各種各樣的情況。儘管如此，我們仍然期待更加穩定和可預測的營運狀況，以便我們為您提供更清晰的業務前景。關於這一點，我會回電給何塞。

Thank you.

謝謝。

As I am always very proud of our product with industry recognition as it reflects positively on all our teams. I'm even more proud when one of our team received an important honor.

我始終為我們的產品獲得業界認可而感到自豪，因為它對我們所有團隊都產生了積極的影響。當我們團隊中的一個人獲得重要榮譽時，我感到更加自豪。

Last week our design and innovation team was crowned Red Dot Design Team of the year 2025, a prestigious international title for design excellence.

上週，我們的設計和創新團隊榮獲 2025 年度紅點設計團隊獎，這是設計卓越的國際盛譽頭銜。

We have joined the rank of previous winners that include iconic brands such as Ferrari, Apple, and Porsche.

我們已加入往屆得獎者的行列，其中包括法拉利、蘋果和保時捷等標誌性品牌。

I want to congratulate our entire design team.

我要祝賀我們整個設計團隊。

Together with engineering, they constantly redefine our product to give our customers memorable experience.

他們與工程師一起不斷重新定義我們的產品，為我們的客戶帶來難忘的體驗。

Innovation is part of our DNA, and this recognition reflects our ability to develop market shipping products that fuel our growth.

創新是我們 DNA 的一部分，這種認可反映了我們開發推動我們成長的市場運輸產品的能力。

Our results for the quarter were in line with our plan, despite the current context. Our diversified product portfolio enabled us to outpace the North American power sport industry at retail.

儘管目前情況如此，但我們本季的業績仍符合計畫。我們多樣化的產品組合使我們在零售方面超越了北美動力運動產業。

We also had our highest retail sales ever for first quarter in Canada, Brazil, Mexico, and China, as well as in our EME distributor markets, reflecting sustained momentum in these regions.

我們第一季在加拿大、巴西、墨西哥和中國以及新興和中亞地區經銷商市場的零售額也創下了歷史新高，反映出這些地區持續的成長動能。

Over the short term, as uncertainty is expected to continue, impacting consumer confidence, we are planning for demand to remain tough until economic conditions improve.

短期內，由於不確定性預計將持續存在，影響消費者信心，我們預期在經濟狀況改善之前，需求將保持強勁。

We are looking forward to our dealer event in August to be held in Boston with exciting model year 26 product news that will continue building on the momentum of our successful lineup.

我們期待 8 月在波士頓舉行的經銷商活動，屆時將發布令人興奮的 26 款車型產品新聞，繼續鞏固我們成功產品線的勢頭。

You are all welcome to join us.

歡迎大家加入我們。

In addition, we expect inventory depletion to be mostly completed by the end of next quarter. In this context, we anticipate a stronger second half.

此外，我們預計庫存消耗將在下個季度末基本完成。在此背景下，我們預計下半年將會表現更加強勁。

ERP is known for its agility, and we are ready to take advantage of a rebound driven by a strong product portfolio, solid network, and leaner inventory position.

ERP 以其靈活性而聞名，我們已準備好利用強大的產品組合、穩固的網路和精簡的庫存狀況所推動的反彈。

Over the long term, we remain committed to pushing technology and innovation to capitalize on market opportunity and sustain profitable growth.

從長遠來看，我們將繼續致力於推動技術和創新，以利用市場機會並保持獲利成長。

Before moving on to the question period, I would like to say a few words.

在進入提問環節之前，我想先講幾句話。

As you probably saw this morning, I am announcing today my intention to retire by the end of the fiscal year after the appointment of a successor.

正如你們今天早上可能看到的，我今天宣布，我打算在繼任者任命後，在本財政年度結束前退休。

After 36 years at BRP, including 22 as CEO, the time has come for me to hand over the will to a new leader.

在 BRP 工作了 36 年，其中擔任執行長 22 年，現在是時候將我的權力移交給新的領導者了。

I am grateful that I was selected for this role back in 2003 and so proud of what DRP has become today, a diversified, innovative company that is well positioned for lasting growth.

我很榮幸能在 2003 年被選中擔任這一職務，並且為 DRP 如今的發展感到自豪，這是一家多元化、創新且具備持久增長潛力的公司。

You can count on me to ensure a seamless transition supported by a seasoned management team dedicated to the success of BRP.

您可以信賴我，我將在致力於 BRP 成功的經驗豐富的管理團隊的支持下確保順利過渡。

Thank you.

謝謝。

On that note, I turned the call over to the operator.

於是，我把電話轉給了接線生。

(Operator Instructions)

（操作員指示）

Sabaha Khan, RBC Capital.

薩巴哈汗（Sabaha Khan），加拿大皇家銀行資本管理公司（RBC Capital）。

Great, thanks and good morning. Hoping you could just give us a little bit more color on the inventory situation in the channel. You indicated that by the end of this next quarter you expect to be in good shape. Maybe just talk us through what's left to sort of right size, how much more inventory reduction that entails, and maybe just a bit of an update on the competitive inventory situation.

太好了，謝謝，早安。希望您能向我們詳細介紹一下通路的庫存。您表示，預計到下個季度末，情況會很好。也許只是告訴我們還剩下什麼才能達到合適的規模，這需要減少多少庫存，也許只是競爭庫存狀況的一點更新。

Thanks. Good morning. Well, as it's been a focus of ours over the last 12 months to right size network inventory, and we started this 12 months ago actually, and so we're quite happy with where we are today. You saw at the NFQ1 inventories were down 21%.

謝謝。早安.嗯，因為在過去的 12 個月裡，我們一直致力於調整網路庫存的規模，實際上我們在 12 個月前就開始這樣做了，所以我們對目前的狀況非常滿意。您會看到 NFQ1 庫存下降了 21%。

And we've seen double-digit inventory declines across all of the product categories, so that's another big plus.

我們看到所有產品類別的庫存都出現了兩位數的下降，所以這是另一個巨大的優勢。

In my prepared remarks, I said we still had a bit of work to do on the seasonal products business.

在我準備好的發言中，我說過我們在季節性產品業務方面還有一些工作要做。

We are entering into personal watercraft season, so the expectation is that we will.

我們即將進入個人水上摩托車季節，因此我們期待它能夠實現。

Retail more than we're wholesaling for this season and also snowmobile.

本季零售量大於批發量，雪上摩托車也一樣。

This is a 2nd year where we've had a below average season and so we have more inventory to reduce and so the expectation is that all of the work for most of the work will be done on the ORV business and the year round product business at the end of Q2 and a bit more work to be done on the seasonal part and we expect seasonal to be done.

這是我們第二年經歷低於平均水平的季節，因此我們需要減少更多庫存，因此預計大部分工作將在第二季度末在 ORV 業務和全年產品業務上完成，在季節性部分還需要做更多的工作，我們預計季節性工作將會完成。

About 20% at the end of the year versus where we started at the beginning of the year. So I'm really happy with with that work that is being done and actually we have probably 70% of our dealers' line of credit that are being used, so it gives us a good tail when when things rebound. Now as for the competition, we are some OEMs have been later to react in adjusting production and wholesale. And so we saw a competitive dynamic that was still aggressive and very promotional in the first quarter. We expect it to continue in the 2nd quarter. Some OEMs still have a lot of inventory that they need to address, but come 23, we are hopeful that things are more stable and everyone will be competing on a similar foothold.

與年初相比，年底的成長率約為 20%。因此，我對正在進行的工作感到非常滿意，實際上，我們大概有 70% 的經銷商信用額度正在被使用，因此，當情況反彈時，它會給我們帶來良好的結果。現在說到競爭，我們一些OEM廠商在調整生產和批發方面已經做出了較晚的反應。因此，我們看到第一季的競爭態勢依然激烈且極具促銷性。我們預計這種情況將在第二季繼續下去。一些 OEM 仍然有大量庫存需要處理，但到了 23 日，我們希望情況會更加穩定，每個人都能在類似的立足點上競爭。

Great, thanks. And just as my follow up, I think you indicated that you're actually expecting a better age too. If you can maybe just give a bit more color on the retail uptake environment, what you saw through the corner sound that goes flat here over here in North America on retail for you just talk us through some of the details on what's giving you confidence on the better set up at retail for H2. Thanks.

太好了，謝謝。正如我接下來要問的，我認為您表示您實際上也在期待一個更好的年齡。如果您可以稍微介紹一下零售吸收環境，那麼從角落聲音來看，您在北美的零售業表現平平，請您向我們詳細介紹一下是什麼讓您對 H2 零售業的更好設置充滿信心。謝謝。

But first, like Sebastian just explained, we believe the non-current inventory will be at a more normal level by the end of Q2.

但首先，就像塞巴斯蒂安剛才解釋的那樣，我們相信到第二季末非現有庫存將達到更正常的水平。

And I think on the back half of the year, it's always, all we have introduced Mo year 26, and we have strong line up to be announced in August and it's we're confident that With the product news, with the dealer network that is in better shape in terms of inventory, also.

我認為，在今年下半年，我們始終會推出 26 款新產品，並且我們將在 8 月宣布強大的產品陣容，我們相信，隨著產品新聞的發布，經銷商網路在庫存方面也會變得更好。

The, all the momentum that we had in the last few quarters on the current unit, we are in the inventory position that is low.

過去幾季我們在目前單位所擁有的所有勢頭，我們的庫存狀況都處於低​​點。

We are in better shape than others and we're confident for each.

我們的狀態比其他人更好，我們對每個人都充滿信心。

James Hardiman, Citi.

花旗銀行的詹姆斯哈迪曼。

Hey, good morning. So obviously a lot has changed since we last heard from you, although I don't know, based on yesterday's announcement, maybe not as much has changed, but maybe walk us through sort of what you were seeing at retail over the course of the quarter and then specifically I mean around liberation day sort of as we think about April, was that sort of the worst of it. And what, if anything, can you tell us about trends in May? Obviously the more current we can get, I think the better as we TRY to tease out sort of the consumer's response to some of the macro factors, particularly the various tariffs.

嘿，早安。顯然，自從我們上次聽到您的消息以來，很多事情都發生了變化，儘管我不知道，根據昨天的公告，也許變化不大，但也許您可以向我們介紹一下您在本季度看到零售業的情況，具體來說，我的意思是在四月解放日左右，那是最糟糕的時期嗎？您能告訴我們五月的趨勢嗎？顯然，我認為我們獲得的資訊越多，就越能幫助我們了解消費者對某些宏觀因素（尤其是各種關稅）的反應。

Then maybe obviously it's the macroeconomic is very volatile and very difficult to predict, but to be H1st, we saw lots of a lot of ups and downs, but there is no big change in the trend versus the last few quarters.

那麼顯然宏觀經濟非常不穩定，很難預測，但首先，我們看到了很多起伏，但與過去幾個季度相比，趨勢沒有太大變化。

To give you some numbers, the new trend, is, we in Quan, our new trend purchase product was at 21%, and we're back to pre-COVID numbers like we give you, this is basically the same number we gave you in the last few quarters, and we saw the same trend, the premium vehicles selling better than the entry-level product. I give you some numbers.

給你一些數字，新的趨勢是，在 Quan，我們的新趨勢購買產品佔比為 21%，我們回到了疫情之前的數字，就像我們給你的一樣，這基本上與我們在過去幾個季度給你的數字相同，我們看到了同樣的趨勢，高檔車的銷量好於入門級產品。我給你一些數字。

In the watercraft category, our entry level spark was down in 15% when the high end was about flattish. The switch was down 24%. The Ryker, the entry level three wheeled vehicle was down 40%.

在船舶類別中，我們的入門級火花下降了 15%，而高端火花則基本上持平。交換器下降了24%。入門級三輪車 Ryker 的銷量下降了 40%。

And on the side by side, the premium was up 16% when the value was down 34%.

相反，當價值下跌 34% 時，溢價卻上漲了 16%。

The utility side by side flatfish and they export down online. And as you can see, there is no global trend and we believe that the higher income customer is still interested and is still buying. The lower income customers obviously who finance, it's more difficult and they are squeezed with the inflation, the interest rate that is still on the high side, and they are on the fence to buy. This is basically what we see, and it's very difficult to predict where all of this is going.

該實用程式與比目魚並排，並在網上導出。正如您所看到的，不存在全球趨勢，我們相信高收入客戶仍然感興趣並且仍在購買。顯然，低收入客戶的融資難度更大，而且他們受到通貨膨脹和仍然偏高的利率的擠壓，因此對是否買房猶豫不決。這基本上就是我們所看到的，而且很難預測這一切將走向何方。

Got it. And then, obviously everything is difficult to predict, but as I think about the tariff environment obviously, most of your production is Canada and Mexico, at least up through yesterday China was getting penalized significantly more and so, you talked about a gross tariff headwind that you think you'll be able to offset. I guess my question is on the competitive. Environment your biggest competitor has a much higher tariff burden as we think about what they're getting directly from China into the United States, assuming that this is the tariff scheme, right, 30% on China, 10% on the rest of the world. Can you talk about what potential, if any, competitive advantage that that creates that you're in a relatively favorable tariff environment going forward.

知道了。然後，顯然一切都很難預測，但當我想到關稅環境時，顯然你們的大部分生產來自加拿大和墨西哥，至少到昨天為止，中國受到的懲罰要大得多，所以，你談到了你認為能夠抵消的總關稅逆風。我想我的問題是關於競爭的。環境，你最大的競爭對手的關稅負擔要高得多，因為我們考慮到他們直接從中國進口到美國的產品，假設這是關稅計劃，對中國徵收 30%，對世界其他地區徵收 10%。您能否談談這將為您帶來哪些潛在的競爭優勢（如果有的話），使您在未來處於相對有利的關稅環境中？

Thank you.

謝謝。

It's a long question.

這是一個很長的問題。

Let's say that obviously every OEM face different situations, and I believe that with time every OEM will find a way to mitigate the tariff or reduce the impact of the tariff. And if I'm talking by ourselves, when we had our call in March, the situation was more difficult.

顯然，每個 OEM 都面臨不同的情況，我相信隨著時間的推移，每個 OEM 都會找到減輕關稅或減少關稅影響的方法。如果就我個人而言，當我們在三月召開電話會議時，情況更加困難。

Now Sebastien and growth of 60 to 70, and we, which is less than 1% of our revenue, which is manageable.

現在 Sebastien 的成長率為 60% 到 70%，而我們，這還不到我們收入的 1%，這是可以控制的。

But we are working right now with tier one supplier, T2 supplier to change the origin of some component, some time to change the location of assembly to avoid the tariff. Then so far we've been quite successful to reduce the existing tariff for our vehicle and as all our vehicles are made in Canada and Mexico are USMC compliant.

但我們目前正在與一級供應商、二級供應商合作，改變一些零件的產地，有時改變組裝地點，以避免關稅。到目前為止，我們已經非常成功地降低了我們車輛的現有關稅，並且由於我們所有的車輛都是在加拿大和墨西哥製造的，因此符合美國海軍陸戰隊的規定。

Then I think if you look at the big picture, everyone, every we am has its own reality, but I believe that every we am will find ways to To mitigate those additional costs. That being said, I think the biggest risk for all of us in the industry is the uncertainty that it creates into the customer confidence, and many are on the fence and they're waiting to have a better visibility before they will buy our products that are discretionary.

然後我想如果你從大局來看，每個人，我們每個人都有自己的現實，但我相信我們每個人都會找到方法來減輕這些額外的成本。話雖如此，我認為我們這個行業所有人面臨的最大風險是它給客戶信心帶來的不確定性，許多人都持觀望態度，他們正在等待更好的了解情況，然後才會購買我們的非必需產品。

Then that's in a nutshell our view on the overall situation, but like we said in March and we're repeating this change day by day.

這就是我們對整體情況的簡要看法，但就像我們在三月所說的那樣，我們正在日復一日地重複這種變化。

Very helpful. Thank.

非常有幫助。感謝。

[Benoit], Capital Markets.

[Benoit]，資本市場。

Yes, thank you very much and congrats Jose and well deserved retirement after 22 successful years.

是的，非常感謝，恭喜何塞，在成功的 22 年後，他當之無愧地退休了。

Sebastien, you mentioned about the potential to reach top line growth double digit in the second half.

賽巴斯蒂安，您提到了下半年實現兩位數營收成長的潛力。

So obviously in this par sport. Volume matters. How should we be thinking in terms of IEA margins? Should we expect IEA to grow even further than the double digit? And what type of kind of IEDA margin should we be looking for given this potential tailwind in the second half?

顯然，這是這項標準運動的情況。數量很重要。我們應該如何考慮 IEA 利潤？我們是否應該預期 IEA 的成長速度會超過兩位數？鑑於下半年的潛在順風，我們應該尋求哪種類型的 IEDA 利潤率？

Well, the tailwind, but what comes from a, the product launches that we're doing also the fact that retail is going to be matching wholesale.

好吧，順風，但我們正在進行的產品發布也帶來了零售將與批發相匹配的事實。

And so when I look at where the market is in terms of consensus, it's certainly something that I'm comfortable with.

因此，當我從共識的角度看待市場現狀時，我當然可以接受這種現狀。

And so generally, yes, the margin is going to improve, but we're far, we're going to be away from what we are targeting in terms of overall it is the margin in the long term.

所以整體來說，利潤率確實會提高，但就長期利潤率而言，我們還遠遠沒有達到我們的目標。

But overall we're still going to be underutilizing our assets. There's going to be more programs, so there's going to be some compression there, but obviously with the added volume, it's certainly going to bring some tailwind on the margin side.

但總體而言，我們仍未充分利用我們的資產。將會有更多的項目，因此會有一些壓縮，但顯然隨著數量的增加，它肯定會在利潤方面帶來一些順風。

Okay, perfect. And now when we look at the free cash flow generation working cap you've done a good job. So what should we be looking for in terms of working cap for the full year and how you would characterize the best opportunities in terms of capital deployment.

好的，完美。現在，當我們查看自由現金流產生工作上限時，您做得很好。那麼，我們應該在全年的工作上限方面尋找什麼，以及如何描述資本配置的最佳機會。

Right now?

現在？

Again, we're not providing guidance this morning, but in a context where we're expecting a good second half of the year that is going to drive good free cash flow generation as well, provide us with some obviously some flexibility, but in the short term with the uncertain context that every company is facing today, we prefer to be prudent.

再次重申，我們今天早上沒有提供指導，但在我們預計今年下半年業績良好的情況下，這也將推動良好的自由現金流產生，為我們提供一些明顯的靈活性，但從短期來看，考慮到當今每家公司都面臨的不確定環境，我們更願意謹慎行事。

Before committing to any capital deployment, the priority is going to be focusing on organic growth of the business. Obviously we've increased our dividend back in Q1 and we're going to continue paying the dividend. But in terms of buybacks, we're probably going to be on the sideline for the foreseeable future until we get a better view as to where.

在進行任何資本部署之前，首要任務是專注於業務的有機成長。顯然，我們在第一季增加了股息，並且我們將繼續支付股息。但就回購而言，在可預見的未來，我們可能會持觀望態度，直到我們對回購地點有更好的了解。

All of this is going to end and and how the economy is going to bounce back.

所有這一切都將結束，經濟也將反彈。

Okay, perfect.

好的，完美。

Thank you very much for the.

非常感謝你。

Time.

時間。

Yes.

是的。

Craig Kennison, Baird.

克雷格·肯尼森，貝爾德。

Hey, good morning. Thanks for taking my question. Sub, you've described a $60 to $70 million dollar gross tariff impact. I'm wondering if you can help us unpack that and give us a sense of what it would look like mitigated. And then what it might look like on an annualized basis since you haven't faced all of these tariffs all year.

嘿，早安。感謝您回答我的問題。Sub，您描述了 6000 萬至 7000 萬美元的總關稅影響。我想知道您是否可以幫助我們解決這個問題並讓我們了解緩解後的情況。那麼，由於您全年都沒有面臨所有這些關稅，因此按年率計算，情況可能會是什麼樣子。

Yeah, as I mentioned, the impact and the impact in the first quarter was minimal because all the costs that we've incurred were most of them were inventoried as that raw material is going to be used in the 2nd and 3rd quarter. And so the full year impact is, as I mentioned, 60 to 70 million on a gross basis. Full year you're probably going to add an extra, call it 30 million on a full year basis. As Jose mentioned, we're working very closely with our suppliers to mitigate that impact, and about half of the impact comes from our P&A business.

是的，正如我所提到的，第一季的影響很小，因為我們產生的所有成本大部分都被盤點了，因為原料將在第二季和第三季使用。因此，正如我所提到的，全年影響總額為 6,000 萬至 7,000 萬。全年你可能會額外增加一個，全年增加 3000 萬。正如 Jose 所提到的，我們正在與供應商密切合作以減輕這種影響，其中大約一半的影響來自我們的 P&A 業務。

And probably let's say half of that is the China impact tariffs that are being imposed on China. Obviously we're running our numbers with the the current assumptions, which is a relief that was given a few weeks ago on the China tariffs. And so that's why when we are reporting our numbers today, it's significantly lower than what our competitors reported a month ago. And how do we alleviate? So as I mentioned, obviously suppliers is one strategy relocation, driving efficiency in the organization, and as we do every year we do price increase and so we will be revisiting our pricing for the new model year 26, which we'll be announcing in August, and that's going to help alleviate some of the headwinds that we're seeing.

或許可以說其中一半是對中國徵收的關稅。顯然，我們是根據目前的假設來計算數據的，這是幾週前中國關稅給我們帶來的安慰。這就是為什麼我們今天報告的數字明顯低於我們的競爭對手一個月前報告的數字。那我們該如何緩解呢？正如我所提到的，顯然供應商是一種策略遷移，可以提高組織效率，而且我們每年都會提高價格，因此我們將重新審視 26 款新車型的定價，我們將在 8 月宣布這一消息，這將有助於緩解我們看到的一些阻力。

Thanks, and maybe as my follow up, I'll just ask Jose, congratulations on an just an extraordinary career. I'm wondering if you would just reflect on what maybe gives you the most pride or satisfaction during your tenure.

謝謝，也許作為我的後續問題，我只想問何塞，祝賀你擁有非凡的職業生涯。我想知道您是否會思考在您的任期內什麼事情讓您感到最自豪或最滿意。

First, I'm not gone yet, then we can discuss later, but for me, what I'm the most proud of is what BRP has become.

首先，我還沒有離開，然後我們可以稍後再討論，但對我來說，我最自豪的是 BRP 的發展。

We had 2 product lines profitable, 2 were not profitable in 2003. Today we have 7 profitable product lines.

2003 年，我們有 2 條產品線獲利，另外 2 條未獲利。如今，我們有 7 條獲利的產品線。

And we are a diversified, obviously product portfolio, international manufacturing footprint, and very happy of where we are.

我們擁有多元化的產品組合和國際製造業務，我們對目前的狀況感到非常滿意。

Thank you.

謝謝。

Thank you.

謝謝。

Robin Farley, UBS.

瑞銀的羅賓法利。

Great, thank you. And Jose, congratulations on a fantastic run.

太好了，謝謝。還有何塞，恭喜你有如此優異的成績。

My question, is, it's going back to your expectations that, it will only take maybe one more quarter for retail and shipments to kind of be aligned.

我的問題是，回到您的預期，可能只需要一個季度的時間，零售和出貨量就會達到一致。

It seems like there's, like an implicit retail assumption there and just sort of, are you assuming that the demand sort of recovers to flat or is it up slightly or just maybe help us think about what your retail assumption is there and and kind of what what underpins that.

這似乎是一個隱含的零售假設，您是否假設需求會恢復到平穩狀態或略有上升，或者只是幫助我們思考一下您的零售假設是什麼，以及支撐這一假設的因素是什麼。

Thank you.

謝謝。

Yeah, good morning, Robin. It's when we talked back in March, I referred back to the assumption that we had in January where we were assuming a flat industry.

是的，早安，羅賓。當我們在三月談話時，我回顧了我們在一月份做出的假設，當時我們假設行業持平。

When you look at the Q1 retail and industry numbers, we reported the industry being flat, but a lot of that was driven by the snowmobile, a very strong snow season, especially in February and March, drove good retail. But when you exclude snowmobile, the overall industry is down 5%.

當您查看第一季的零售和行業數據時，我們報告稱行業表現持平，但這在很大程度上是由雪地摩托車推動的，一個非常強勁的雪季，尤其是在二月和三月，推動了良好的零售業。但若不包括雪地摩托車，整個產業則下降了 5%。

And so obviously with the ongoing threat of tariffs, the volatile environment, we are seeing consumers hesitant to purchase. And retail has continued to be choppy in the month of April, in the month of May, and it's obviously depending on weather, the latest news, and also how people are feeling about where the economy is going to head.

顯然，由於關稅威脅持續存在，環境動盪，我們看到消費者在購買方面猶豫不決。四月和五月零售業持續波動，這顯然取決於天氣、最新消息，以及人們對經濟走向的看法。

And so it's difficult to forecast any industry demand.

因此很難預測任何產業需求。

And for me we're we're seeing the continued trends there with ORV, some OEMs being aggressive on promotions and the ORV industry being down year over year in May, and the seasonal business as well, personal watercraft, the weather hasn't been great in the last few in the last month, and so we're seeing softer retail. But even in a context where retail is declining.

對我來說，我們看到 ORV 的持續趨勢，一些 OEM 積極進行促銷，而 ORV 行業 5 月份同比下降，季節性業務也是如此，個人水上摩托車，上個月的天氣不太好，所以我們看到零售業疲軟。但即使在零售業下滑的背景下。

We expect to have a good second half of the year because the inventory is already corrected and we'll have retail matching wholesale in the back half of the year and because we also have a great new product launches that will be announced in the next month or so where the dealers and consumers will certainly be interested in receiving them.

我們預計下半年業績會很好，因為庫存已經得到調整，下半年我們將有零售和批發業務，而且我們還有一系列很棒的新產品將在下個月左右發布，經銷商和消費者肯定會對它們感興趣。

Okay, great. That's very helpful, thanks.

好的，太好了。這非常有幫助，謝謝。

And just as my follow up, it sounded like the comment a moment ago that you would revisit price increases to think about helping alleviate tariffs, and I know you'll have more to say on that in August, but maybe if you can just give us what your thought is on, if the retail environment is challenging. At current prices, which are also, being impacted further by promotions, right, so the average price even lower given the promotional environment, is there really the opportunity to increase price without, kind of further impacting demand? Thanks.

正如我接下來要問的，剛才您說過，您會重新考慮漲價，以考慮幫助減輕關稅，我知道您在 8 月份會對此有更多發言權，但如果您能告訴我們您的想法，看看零售環境是否充滿挑戰。在當前價格下，也會受到促銷的進一步影響，所以在促銷環境下平均價格甚至更低，是否真的有機會提高價格而不會進一步影響需求？謝謝。

But for sure we're sensitive to price increase in this global macroeconomic situation.

但可以肯定的是，在當前的全球宏觀經濟情勢下，我們對價格上漲非常敏感。

And like we've just said, growth and back of tariffs as of now is 60 to 70 million. We will continue to work.

正如我們剛才所說，截至目前，關稅的成長和回落已達到 6,000 萬至 7,000 萬。我們將繼續努力。

Again with our supplier to reduce it, we have already announced to our network that there will be no price increase on every model year 25 that is selling at the moment.

再次與我們的供應商一起降低價格，我們已經向我們的網路宣布，目前銷售的每個 25 年車型都不會漲價。

There will be some price increase on P&A that will happen in June. P&A is more difficult to avoid because it's 60,000 different SPU, about 16,000 are affected by the tariff, and there will be some price increase on P&E. On another year 26, Robin, it's too early to say again.

6 月份，P&A 的價格將會有所上漲。P&A 更難避免，因為有 60,000 個不同的 SPU，其中約 16,000 個受到關稅的影響，並且 P&E 的價格會上漲。又到了 26 歲，羅賓，現在再說這些還太早。

We don't want to charge more for the tariff than what it cost us, but at the end of the day, we will continue to work on the mitigation plan plus the rules can change any days like it did yesterday. I don't know yet the consequence, but we will minimize the price increase because of tariffs on 26.

我們不想收取比成本更高的關稅，但最終，我們將繼續致力於緩解計劃，而且規則可能會像昨天一樣隨時改變。我還不知道後果，但我們會盡量減少26日關稅帶來的價格上漲。

Great, thanks very much.

太好了，非常感謝。

[Zanu], BNP Pariba.

[ZANU]、法國巴黎銀行。

Thanks and congrats Jose and best of luck in the next chapter. Maybe on the current versus non-current you kind of mentioned how current is doing better. Maybe you can give us an update of what the mix is of non-current inventory for you and maybe versus the rest of the industry and how that may evolved in the last 90 days.

感謝並祝賀 Jose，祝他在下一章中好運。也許在當前與非當前方面，您提到了當前的表現如何更好。也許您可以向我們介紹一下您的非現有庫存結構以及與行業其他公司相比的情況，以及過去 90 天內庫存結構的變化。

But it's a bit difficult because the industry data for current and current and depending of the country where you are, but I would just give you some number to give you a sense.

但這有點困難，因為目前的行業數據取決於您所在的國家/地區，但我只會給您一些數字，讓您了解一下。

On the USCTV.

在美國中央電視台。

In Q1, the industry was down 26% versus last quarter, which is an improvement, significant improvement.

第一季度，該行業較上一季度下降了 26%，這是一個顯著的改善。

Side by side it was down 15% in Q1 versus last quarter. On ORV we are down 21%, and I think This is off-road vehicle on the snowmobile basically for the upcoming season.

與上一季相比，第一季下降了 15%。ORV 下降了 21%，我認為這基本上是即將到來的季節的雪地摩托車上的越野車。

We will have about 13% of the non-current inventory when we have about 2/3 of the market share and we're well positioned on the snowmobile front.

當我們佔據約 2/3 的市場份額並且在雪地摩托車領域佔據有利地位時，我們將擁有約 13% 的非現有庫存。

And on watercraft, the goal is to deplete significantly the inventory this summer we're tracking on our plan, but it's a very moving environment with different product line and different competition, different OEM in each product line, but I think the industry is definitely getting in a better position overall.

對於船舶，我們的目標是在今年夏天大幅減少庫存，我們正在按照計劃進行，但這是一個非常不斷變化的環境，有不同的產品線和不同的競爭，每個產品線都有不同的原始設備製造商，但我認為整個行業肯定正在處於更好的地位。

And like we said, Should be back to normal level, at the end of Q2, and we, that's why we're confident to regain momentum in H2.

正如我們所說的那樣，在第二季末應該會恢復到正常水平，這就是為什麼我們有信心在下半年恢復勢頭。

That's helpful. And maybe following up on that, your current inventory is doing well and like you said, you're one of the first to kind of start the destocking.

這很有幫助。也許接下來，您目前的庫存狀況良好，就像您說的，您是第一批開始去庫存的人之一。

How is dealer feedback so if inventories are kind of clean going into the back half, are they kind of saying like, we want to maybe expand and then buy more or gain share with BRP or I guess like how are you thinking about market share gains into that environment.

經銷商的回饋如何，如果庫存在下半年比較乾淨，他們是不是會說，我們可能想要擴大規模，然後購買更多，或者透過 BRP 獲得份額，或者我猜你是如何看待這種環境下的市場份額增長的。

But I think right now, we will switch from Mo year 25 season to model year 26 in a few months depending on the product line.

但我認為現在，根據產品線，我們將在幾個月內從第 25 季車型轉換到第 26 季車型。

And I think right now the dealers are in a mindset to reduce their inventory of any UEM as fast as possible. We call that the great pressure.

我認為現在經銷商的心態是盡快減少任何 UEM 的庫存。我們稱之為巨大的壓力。

But I think like I said, if the inventory of non-current, if the level of non-current inventory is back to a normal level for this time of the year.

但我認為，就像我說的，如果非流動庫存，如果非流動庫存的水平恢復到每年這個時候的正常水平。

This is where we met with our product line, existing product line, and the new product line we'll introduced in August, plus.

在這裡，我們對我們的產品線、現有產品線以及我們將於 8 月推出的新產品線進行了會面。

The strength of our dealer value proposition, better margin, better profitable for the dealers, and Obviously, our inventory level that is lower than the competition. We believe we are in the best position in the industry to bounce back quickly in H2.

我們的經銷商價值主張的優勢、更好的利潤率、經銷商的更高利潤，而且顯然我們的庫存水準低於競爭對手。我們相信，我們處於行業最佳位置，能夠在下半年迅速反彈。

Great, thanks and good luck.

太好了，謝謝，祝你好運。

Thank you.

謝謝。

Your next question comes from [Martin Landry] with people. Your line is now open.

您的下一個問題來自[Martin Landry]。您的線路現已開通。

Hi, good morning, guys. Josie, congrats on an exceptional quarter and good luck on the next steps. Thank you I would like to talk about new product introductions. You've called this up a couple of times during the call. What can you say? I know they're going to be introduced in August, so I don't expect you're going to reveal too much, but how would you characterize this year? Is it a strong innovation year?

大家好，早安。喬西，恭喜你取得了出色的季度業績，並祝你接下來一切順利。謝謝我想談談新產品的介紹。您在通話過程中已經多次提到這一點。你能說什麼？我知道它們將於 8 月推出，所以我不指望你會透露太多，但你如何描述今年？這是創新強勁的一年嗎？

Do you have more models that are being introduced, more SKUs, what are the price points looking at? Are you skewed towards higher price points, lower price points? Anything you can give us in terms of color on the new product lineup and new product introduced would be great.

你們是否推出了更多型號、更多 SKU，價格點是怎麼樣的？您是偏向高價位還是低價位？如果您能就新產品系列和新推出的產品的顏色提供任何信息，那就太好了。

As you can imagine, we cannot disclose much on what we will introduce. This would be too interesting for our competition. And again, I can say, We obviously every year we look at our lineup and we TRY to be as competitive as possible in each product category, and there is some platforms, some models that are older than than the others, and this fall is a strong a strong product for.

正如您所想像的，我們無法透露太多有關我們將推出的內容。這對我們的競爭對手來說太有趣了。我可以再說一遍，我們每年都會審視我們的產品線，並努力在每個產品類別中盡可能保持競爭力，有些平台、有些型號比其他的要老，而今年秋季推出的產品非常強勁。

But also watercraft, we have a very strong lineup on watercraft with 65% market share worldwide.

而且在船舶方面，我們擁有非常強大的船舶產品線，佔據全球 65% 的市場。

But obviously we feel good about what we will introduce to the dealers, and that's why the combination of the product introduction, the value proposition for the dealer where they have better margin selling our product than than other OEM plus our inventory that is in good shape. We are well positioned to.

但顯然，我們對將向經銷商推出的產品感到滿意，這就是為什麼我們要結合產品介紹、經銷商的價值主張，讓他們透過銷售我們的產品獲得比其他 OEM 更好的利潤，再加上我們狀況良好的庫存。我們已做好準備。

To gain in H2.

在 H2 中獲利。

I cannot tell you more.

我無法告訴你更多。

Okay, that's helpful, and Jose, I mean, you've been through several industry cycles, and I was wondering how do you see this cycle? How does it compare, and how does it differ from previous cycles and how can that inform you on the length of the cycle and the timing of demand stabilization and recovery?

好的，這很有幫助，Jose，我的意思是，您經歷了幾個行業週期，我想知道您如何看待這個週期？它與之前的周期相比如何？有何不同？它如何能告訴你周期的長度以及需求穩定和復甦的時間？

I think like you said, so many cycle over my career, but every crisis or slowdown is different from one to the other. I think what is a bit unique in this one is we had high inflation in the last few years, high interest rate, and everyone was expecting the inflation to go down. Now it's not going down as fast as we were hoping for. The interest rates are somewhat higher than what everyone was anticipated.

我想就像你說的，我的職業生涯經歷了很多周期，但每次危機或衰退都是不同的。我認為這個問題的獨特之處在於，過去幾年我們經歷了高通膨和高利率，而每個人都預期通膨會下降。現在，下降速度並沒有像我們所希望的那樣快。利率比大家預期的高。

And this tariff war, I mean, created a lot of uncertainty and slowed down everything and affecting consumer confidence. And I believe that, to be H1st, a lot of customers are interested to buy our product and to enjoy life. But I think at the minute that we see some clarity on the tariffs in terms of the impact, but also in terms of stability, the industry will bounce back quickly and I feel we are in a very good position to be the best we am to bounce back quickly.

我的意思是，這場關稅戰造成了許多不確定性，減緩了一切發展，並影響了消費者信心。我相信，作為 H1st，許多客戶都有興趣購買我們的產品並享受生活。但我認為，目前我們對關稅的影響和穩定性有了一定的了解，該行業將迅速反彈，我認為我們處於非常有利的位置，可以盡最大努力迅速反彈。

Okay, that's helpful. Best of luck.

好的，這很有幫助。祝你好運。

Thank you.

謝謝。

Mark Petrie, CIBC.

加拿大帝國商業銀行的馬克‧皮特里。

Hey, good morning. Thanks, and I'll echo my congratulations to you, Jose, on your leadership and track record of growth. It's been a pleasure to interact with you over these years and certainly wish you all the best in your next chapter.

嘿，早安。謝謝，何塞，我對你的領導能力和成長記錄表示祝賀。這些年來，我很高興能與您互動，並祝福您在下一篇章中一切順利。

Thank you.

謝謝。

Many of my questions have been asked. I did want to ask, I guess, I know it wasn't formal guidance previously, but would you say that the dynamics around competitor inventory and and competitive dynamics or consumer demand have changed materially your view from the $450 to $5 range as what you were sort of thinking about coming into the year? Has, have any of the assumptions around that sort of changed materially up or down?

我的許多問題都已經被問過了。我想問一下，我知道這之前並不是正式的指導，但您是否認為競爭對手庫存和競爭動態或消費者需求的動態已經從根本上改變了您對今年價格範圍的看法，從 450 美元到 5 美元？圍繞此類假設是否有任何實質的改變？

Well, versus the 450, yes, there's been some change, and the two changes are one tariffs because the 450 tariffs were not there. So that impact of tariffs is certainly one element. And the one, the other one is the industries, as I've mentioned earlier, includes snowmobile industries are down 5% in Q1 includes snowmobile industries are down 5% in Q1, and we are seeing that softness continuing on.

嗯，與 450 相比，是的，有一些變化，而且這兩個變化都是一次關稅，因為 450 關稅並不存在。因此，關稅的影響肯定是一個因素。另一個是工業，正如我之前提到的，包括雪地摩托車行業在第一季度下降了 5%，包括雪地摩托車行業在第一季度下降了 5%，我們看到這種疲軟態勢仍在持續。

And we are seeing that softness continuing in May and so that would be in May and so that would be the other big driver would be the other big driver of us holding back before issuing any guidance of us holding back before issuing any guidance until we get Ferris on these two elements and until we get Ferrias on these two elements.

我們看到這種疲軟態勢將在 5 月持續下去，這將是另一個重要驅動因素，也是我們在發布任何指導意見之前保持觀望態度的另一個重要驅動因素，直到我們獲得有關這兩個要素的初步結論，直到我們獲得有關這兩個要素的初步結論。

Okay, so first is the okay, so first is 450 to 5, the consumer to 450 to 5, the consumer demand environment is softer.

好的，首先是好的，首先是 450 到 5，消費者到 450 到 5，消費者需求環境比較疲軟。

The demand environment is softer.

需求環境較為疲軟。

Yes.

是的。

And there are no terrific facts on and there were no terrific facts on the 415 to 5.

並且沒有關於 415 到 5 的出色事實。

Yeah, understood. 45 to 5.

是的，明白了。 45比5。

Yeah, understood. Okay, that's all I had. Thanks very much.

是的，明白了。好的，這就是我所知道的全部。非常感謝。

Okay, that's all I had. Thanks very much.

好的，這就是我所知道的全部。非常感謝。

[Joe at Toello], Raymond James.

[Joe at Toello]，雷蒙‧詹姆斯。

Good morning. This is Martin on for Joe. I just wanted to really quick good morning. This is Martin on for Joe. I just wanted to really quickly touch on the Big Beautiful bill. There is a provision touch on the Big Beautiful bill. There is a provision there which essentially allows buyers to write off there, which essentially allows buyers to write off interest on products where the final assemble interest on products where the final ass is in the United States.

早安.我是馬丁，代表喬轉達。我只是想快速地跟大家說聲早安。我是馬丁，代替喬發言。我只是想快速地談談“大美人”法案。《大美麗法案》中有一條。其中有一項規定，基本上允許買家在那裡註銷，這基本上允許買家註銷最終組裝產品利息，以及最終組裝在美國的產品利息。

So compared to late is in the United States. So compared to your competitors, would that put you at a disadvantage or some competitors, would that put you at a disadvantage or is there any kind of rethrow we can get from this? Is there any kind of rethrow we can get from this bill?

所以相較之下，美國已經太晚了。那麼，與你的競爭對手相比，這會不會讓你處於劣勢？或是與某些競爭對手相比，這會不會讓你處於劣勢？或者我們可以從中得到什麼重新考慮？我們能從這項法案中得到任何形式的重新審議嗎？

Well, obviously it's this pill.

嗯，顯然是這顆藥丸。

Well, obviously it is a bill that has it is a bill that has yet to be enacted, and there's a lot of provisions in that be enacted, and there's a lot of provisions in that bill that may or may not go through.

嗯，顯然這是一項尚未頒布的法案，其中有許多條款尚未頒布，而且該法案中的許多條款可能會或可能不會通過。

That may or may not go through.

這可能會或可能不會通過。

It's certainly something that we are taking a close look at taking a close look at.

這當然是我們正在密切關注的事情。

Obviously there are some caps that are being put in there. Obviously there are some caps that are being put in there in terms of total deductibility in a year of total deductibility in a year.

顯然，那裡已經設置了一些上限。顯然，對於一年內的總扣除額，存在一些上限。

Income levels as well, so income levels as well, so not necessarily addressable to all income levels, and we tend to attract people that have higher levels of income. And so even those levels of income and so even though it might apply to some It might apply to some of our products. It might not apply to these of our products. It might not apply to these individuals and also individuals, and also do people, will people use the itemized deduction? Do people, will people use the itemized deduction or the available deductions that or the available deductions that are available to anyone when they file. Are available to anyone when they file their tax returns to be seen, but certainly something we are returns to be seen, but certainly something we are paying close attention to and obviously and in the end are paying close attention to and obviously and in the end it will certainly It will certainly be part of discussions, certainly be part of discussions when Canada, Mexico, and US sit down and talk about when Canada, Mexico, and US sit down and talk about tariffs and subsidize and subsidies of tariffs and subsidies and subsidies that are provided to industries by local governments that are provided to industries by local governments either directly and indirectly. And you could either directly and indirectly, and you could almost qualify this as a subsidy.

收入水平也是如此，所以收入水平也不一定適合所有收入水平，我們傾向於吸引收入水平較高的人。因此，即使這些收入水準可能適用於某些產品，也可能適用於我們的某些產品。它可能不適用於我們的這些產品。它可能不適用於這些個人，而且個人，人們會使用分項扣除嗎？人們會使用分項扣除或可用扣除額或任何人在提交文件時都可以使用的可用扣除額嗎？任何人在提交納稅申報表時都可以看到，但肯定是我們密切關注的事情，顯然最終我們會密切關注，顯然最終它肯定會成為討論的一部分，當加拿大、墨西哥和美國坐下來討論關稅和補貼以及地方政府直接或間接向行業提供的補貼時，它肯定會成為討論的一部分。你可以直接或間接地這樣做，而且你幾乎可以將其視為補貼。

And so still early. I think we're in and so still early. I think we're in the first staining of this of this being the first staining of this of this big beautiful bill, and we'll see where things end, but the big beautiful bill and we'll see where things end. But as usual, we'll we'll be responsive and as usual, we'll we'll be responsive and adapt our business accordingly.

現在還早。我認為我們已經進入了，但還為時過早。我認為我們正處於對這張美麗的大鈔的第一次染色，我們將看到事情的結局，但這張美麗的大鈔，我們將看到事情的結局。但像往常一樣，我們會做出回應，像往常一樣，我們會做出回應並相應地調整我們的業務。

Of our business accordingly.

我們的業務也因此受到影響。

Great, thank you and congratulations on your retirement. Great, thank you and congratulations on your retirement. Thank you.

太好了，謝謝你，恭喜你退休。太好了，謝謝你，恭喜你退休。謝謝。

Cameron Dirksen, National Bank Financial.

卡梅倫‧德克森 (Cameron Dirksen)，國家銀行金融部門。

Yeah, thanks. Good morning.

是的，謝謝。早安.

And in with National Bank Financial. The line is now open.

並與國家銀行金融公司合作。該線路現已開通。

Congratulations from me as well, Jose. Just on that, I mean just.

我也要向你表示祝賀，何塞。就這一點而言，我的意思是僅僅如此。

Yeah, thanks. Good morning, and then anything you can provide as far as like a timeline. Congratulations from me as well, Jose. Just on that, I mean, or I guess the search process, just anything you can provide as far as like a timeline for for a new CEO candidate just for Aar I guess the search process. And you know what kind of timeline we should expect and for for a new CEO candidate just just you know whether the whether the board is you know looking you know what kind of I guess timeline we should expect and that, internal versus external candidates just any you know whether the whether the board is you know looking color you provide that would be great.

是的，謝謝。早上好，您可以提供任何有關時間表的資訊嗎？我也要向你表示祝賀，何塞。就這一點而言，我的意思是，或者我猜是搜尋過程，您能提供的任何內容，例如新 CEO 候選人的時間表，僅針對 Aar，我猜是搜尋過程。您知道我們應該期待什麼樣的時間表嗎？對於新任執行長候選人，您知道董事會是否正在尋找，您知道我們應該期待什麼樣的時間表嗎？內部候選人與外部候選人，您知道董事會是否正在尋找，您提供的顏色是否合適？那就太好了。

And internal versus external candidates. I mean.

以及內部候選人與外部候選人。我是說。

Obviously I was discussing with the board twice a year.

顯然，我每年都會與董事會討論兩次。

Any color you can provide that would be great.

只要您能提供任何顏色就很好了。

About my plan.

關於我的計劃。

I mean, obviously I was discussing with the board twice.

我的意思是，顯然我已經與董事會討論過兩次了。

In the last few weeks to hear about my plan and and we came an agreement that it was time for me to move on in the last few weeks to the board, we have a very an agreement that it was time for me to move on, experiment long time board members, the board, we have a very that know the business very well.

在過去的幾周里，我聽取了我的計劃，我們達成了一項協議，是時候讓我繼續前進了，在過去的幾周里，我進入了董事會，我們達成了一項協議，是時候讓我繼續前進了，試驗長期的董事會成員，董事會，我們非常了解業務。

Then experiment long time board members, they have already started this morning, the first that know the business very well then process with the head on tour they have already started this morning which will be obviously a global search process with the head on to considering external, internal and external which will be obviously a global search.

然後對長期的董事會成員進行實驗，他們今天早上已經開始了，首先非常了解業務，然後與主管一起進行巡視，他們今天早上已經開始了，這顯然是一個全球搜索過程，首先考慮外部、內部和外部，這顯然是一個全球搜索。

Candidate and it could take considering external internal and external anywhere between 3 to 9 months candidate and it could take that would be the normal timeline anywhere between 3 to 9 months and I obviously committed to stay and that would be the normal timeline. To ensure a good transition till the new and I obviously committed to stay and see.

候選人，考慮外部、內部和外部候選人可能需要 3 到 9 個月的時間，這是正常時間表，我顯然承諾留下來，這將是正常時間表。為了確保新舊事物順利過渡，我顯然承諾留下來觀察。

Okay, to ensure a good transition till the new that's.

好的，為了確保順利過渡到新的。

Helpful and maybe just a just a quick follow on. CO.

有幫助，也許只是快速跟進。公司。

Okay, and for Seb, just on the, I guess the decision that that that's helpful and maybe just just a quick follow up keep the the marine for Seb just on the I guess the decision like accessories business parts and accessories business, just want to keep the the marine you know why that was why that was decided and like it accessories business parts and accessories business, just wanted to, is that business profitable?

好的，對於 Seb 來說，我想這個決定是有幫助的，也許只是一個快速的跟進，保持海軍陸戰隊對 Seb 來說只是我想這個決定，比如配件業務零件和配件業務，只是想保留海軍陸戰隊，你知道為什麼那是決定的原因，就像配件業務零件和配件業務一樣，我只是想知道，這項業務是否有利可圖？

And you know why that was why that was decided.

你知道為什麼做出這樣的決定。

Well, part of the.

嗯，一部分。

Is that business profitable?

那生意有利可圖嗎？

The decision to exit the marine. Well, as part of the business, obviously we've put all the assets, the decision to exit the marine up for sale.

退出海軍陸戰隊的決定。嗯，作為業務的一部分，顯然我們已經把所有資產、退出海軍的決定都掛牌出售了。

It is business, obviously we've put all the assets up for sale. It is a good business because it's part of the legacy of Eruo. It is a good business because it's part of the legacy of Eruo business. We generated last year over $70 million of business. We generated last year over $70 million of revenue, almost a 25% Tibet dollars of revenue, almost a 25% of margin from this business because it's captive parts, the margin from this business because it's captive parts, but we were not able to. But we were not able to get an acceptable price for this to get an acceptable price for this business, and so we decided to keep it. It it's a low and so we decided to keep it. It's it's low maintenance, internally, not not very low maintenance, internally not not very disruptive and very disruptive.

這是生意，顯然我們已經把所有資產都掛牌出售了。這是一筆好生意，因為它是 Eruo 遺產的一部分。這是一筆好生意，因為它是 Eruo 業務遺產的一部分。去年我們的業務額超過 7,000 萬美元。去年，我們的收入超過 7,000 萬美元，幾乎佔西藏收入的 25%，這項業務的利潤率幾乎為 25%，因為它是自備零件，但我們沒能做到這一點。但是我們無法為這項業務獲得一個可接受的價格，所以我們決定保留它。這是一個低點，所以我們決定保留它。從內部來看，它的維護成本很低，但從內部來看，它的破壞性不是很大，但從內部來看，它的破壞性非常高。

And it's generating free cash flow, so that's what it's generating free cash flow, so that's what drove the decision to keep it.

它正在產生自由現金流，這就是它產生自由現金流的原因，這就是促使我們決定保留它的原因。

Okay, so that makes the decision to keep it.

好的，所以決定保留它。

Okay, well that makes sense. I appreciate the time thanks very much.

好的，這很有道理。我很感激你抽出時間，非常感謝。

Thank you. I appreciate the time. Thanks very much.

謝謝。我很感激你抽出時間。非常感謝。

Thank you.

謝謝。

Tristan Thomas Martin, BMO Capital Markets.

特里斯坦·托馬斯·馬丁 (Tristan Thomas Martin)，BMO 資本市場。

Hey, good morning.

嘿，早安。

Now open.

現在開放。

Hey, good morning and add another congrats Jose to the and add another congrats Jose to the the tally.

嘿，早安，再加一個祝賀 Jose 的名字，再加一個祝賀 Jose 的名字。

The tally.

計數。

A Had a a question. You kind of called out, right? A question. You kind of call that right dealers are at 70% credit line usage.

A 有一個問題。你好像是在大聲呼喊，對吧？一個問題。您可以這樣說，經銷商的信用額度使用率為 70%。

What dealers are at 70% credit line usage? What signs do you think they're looking for to maybe order? What do you think they're looking for to maybe order a ahead of any retail inflection, or do you think they're just going to wait ahead of any retail inflection, or do you think they're just going to wait till they begin to see retail improvements to begin ordering and they begin to see retail improvements, to begin ordering and kind of more volume?

哪些經銷商的信用額度使用率為 70%？您認為他們正在尋找哪些標誌以便可能進行訂購？您認為他們在零售業出現拐點之前會尋求什麼來下訂單，或者您認為他們只是會等待零售業出現拐點，或者您認為他們只是會等到看到零售業出現改善後才開始下訂單，並且他們開始看到零售業出現改善後才開始下訂單，並且數量也會增加？

One more volume.

再加一卷。

Well, there is still, well, there is still, again, we were one of the OEMs that reacted again we were one of the OEMs that reacted quickly and and based on the experience that acted quickly and based on the experience that we have in the business, we knew that when you see it. In the business, we knew that when you see a potential slowdown happen, might as well react quicker potential slowdown happen, might as well react quicker.

嗯，仍然有，好吧，仍然有，再說一次，我們是反應迅速的 OEM 之一，並且根據快速採取行動的經驗以及我們在該業務中的經驗，當您看到它時我們就知道了。在業務中，我們知道，當你看到潛在的經濟放緩發生時，最好做出更快的反應。潛在的經濟放緩發生時，最好做出更快的反應。

It'll be more beneficial it'll be more beneficial in the long term for everyone, which was in the long term for everyone.

從長遠來看，這對每個人來說都是更有利的，這對每個人來說都是更有利的。

Which was the right decision to do, but we have some OEMs that have more in the right decision to do. But we have some OEMs that have more inventory out there. And so I think dealers need inventory out there. And so I think dealers need to get that inventory out, liquidate that, get that inventory out, liquidate that inventory.

這是正確的決定，但我們的一些 OEM 需要做更多正確的決定。但我們的一些 OEM 擁有更多的庫存。所以我認為經銷商需要庫存。因此我認為經銷商需要清理庫存、清算庫存、清理庫存、清算庫存。

Where the consumer see where the consumer is, see where the whole economy is consumer is, see where the whole economy is going to land, where the situation is going to going to land, where the situation is going to land as well before we see some confidence, obviously, well, before we see. Confidence. Obviously they'll want to order the new products.

消費者在哪裡，看看整個經濟在哪裡，消費者在哪裡，看看整個經濟將會落到哪裡，情況將會落到哪裡，在我們看到一些信心之前，顯然，在我們看到之前。信心。顯然他們想要訂購新產品。

They'll want to order the new products, the latest innovation. That's why we're excited about the the latest innovation. That's why we're excited about the second half of the year. But before we see a second half of the year, but before we see a strong inflection in demand, I think a strong inflection in demand. I think dealers are going to want to see more door swings. The dealers are going to want to see more door swings and and and continuous door swings as well before stepping stepping on the gas and or stepping stepping on the gas and and and ready for the next wave of growth.

他們會想要訂購新產品、最新的創新產品。這就是我們對最新創新感到興奮的原因。這就是我們對下半年感到興奮的原因。但在我們看到下半年之前，但在我們看到需求出現強勁轉折點之前，我認為需求會出現強勁轉折點。我認為經銷商希望看到更多的門式擺動裝置。經銷商希望看到更多的門擺動和持續的門擺動，然後再踩下油門，或者踩下油門，為下一波增長做好準備。

And ready for the next wave of growth.

並為下一波成長做好準備。

Okay.

好的。

Okay, that makes sense. And just one more. Are you seeing any changes and that makes sense. And just one more. Are you seeing any changes in buyer credit approvals or credit scores or credit availability, anything or credit scores or credit availability, anything?

好的，這很有道理。還有一個。您是否看到任何變化？這很有意義。還有一個。您是否看到買家信用審批或信用評分或信用可用性有任何變化，或信用評分或信用可用性有任何變化？

In terms of in terms of the people applying for credit, we haven't seen any changes in terms of we haven't seen any changes in terms of FICO scores. People who are granted credit as well, FICO scores. Who are granted credits as well, we haven't seen big changes where we've seen is the I guess the lower tier financing is the, I guess the lower tier financiers that are more selective and providing tiers that are more selective in providing credit to lower credit scores. Entry level credits to lower credit scores. So entry level products like the Riker products like the Riker is suffering a bit from a lower acceptance rate.

就申請信貸的人員而言，我們沒有看到 FICO 分數有任何變化。獲得信用的人也有 FICO 分數。對於哪些人也獲得了信貸，我們還沒有看到大的變化，我們看到的是，我猜想較低層次的融資是，我猜想較低層次的金融家是更有選擇性的，並且提供更有選擇性的層次，為信用評分較低的人提供信貸。入門級學分可降低信用評分。因此，像 Riker 這樣的入門級產品由於接受率較低而受到影響。

This is something that we've seen in the last the last course is something that we've seen in the last in the last quarter.

這是我們在上一季看到的情況。

Got it.

知道了。

Got it.

知道了。

Thank you.

謝謝。

Thank you.

謝謝。

Brian Morrison, TD Cowan.

布萊恩·莫里森 (Brian Morrison)，TD Cowan。

I Thanks very much, Seba one day, I appreciate the color on the second half outlook. Thanks very much.

非常感謝，Seba有一天，我欣賞下半年展望的色彩。非常感謝。

One day, I appreciate the color on the second half outlook. I want to understand it a little bit better. So this quarter, you want to understand it a little bit better. So this quarter you've got sales down $150 million. Ebi and got sales down $150 million. EBIT and EI down about $100 million. So there's a 70% down about $100 million. So. There's a 70% decline in the sales change. That's far greater than decline in the sales change. That's far greater than decrement. So it's telling me that promo and played a very big role. So it's telling me that promo and Nicks played a very big role. So I think decrements are typically 35. So I think decrements are typically 35%. Can you just confirm that and then break down the combined percent. Can you just confirm that and then break down the components of the decline because I want to know as components of this decline because I want to know as inventor grooves what gets alleviated so as inventor grooves what gets alleviated so I understand the back half I look better.

有一天，我領略了下半年展望的色彩。我想更好地理解它。因此本季度，您需要對此有更深入的了解。因此本季的銷售額下降了 1.5 億美元。Ebi銷售額下降1.5億美元。息稅前利潤而 EI 則下降了約 1 億美元。因此，下降了 70%，約 1 億美元。所以。銷售額下降了70%。這遠遠超過了銷售額變化的下降幅度。這比減少的幅度大得多。所以這告訴我促銷起了很大的作用。所以這告訴我促銷和尼克斯發揮了非常重要的作用。所以我認為減量通常是 35。所以我認為減幅通常是 35%。您能否確認這一點，然後分解合併的百分比？您能否確認這一點，然後分解下降趨勢的各個組成部分，因為我想知道這種下降趨勢的組成部分，因為我想知道作為發明家凹槽，什麼得到了緩解，所以作為發明家凹槽，什麼得到了緩解，所以我理解後半部分我看起來更好。

I understand the back half I look better.

我明白後半部我看起來更好。

Okay, that's a big question for the, okay, that's a big question for the final one of the day. But if I look at the final one of the day, but if I look at the margin at the In the margin at the in Q1, okay, obviously gross margin was 1. Okay. Obviously gross margin was hit pretty hard in Q1 by almost 500 basis points hit pretty hard in Q1 by almost 500 basis points, and the drivers of that are are.

好的，這是今天最後一個大問題。但是如果我看一下當天的最後一筆數據，但是如果我看一下第一季的利潤率，那麼顯然毛利率是 1。好的。顯然，第一季的毛利率受到了相當嚴重的打擊，下降了近 500 個基點，而造成這一現象的因素是。

And the drivers of that are mixed were significant. Sales programs were significant. Mix were significant. Sales programs were significant as well, mixed with about 170 basis points as well. Mixed with about 170 basis points down, program 120 basis points down program 120 basis points down. Fixed cost absorption also fixed cost absorption, also 190 basis points as well. So quite a 90 basis points as well. So quite a big impact on the profitability and also a big impact. On the profitability and offset by a bit of efficiency and pricing as well that we were set by a bit of efficiency and pricing as well that we were able to build in the overall we were able to build in the overall in the overall plan.

造成這現象的因素很多，但其中混合的驅動因素非常重要。銷售計劃非常重要。混合非常重要。銷售計劃也很重要，混合了約 170 個基點。混合下調約170個基點，計畫下調120個基點，計畫下調120個基點。固定成本吸收也是固定成本吸收，同樣是 190 個基點。因此也有相當 90 個基點。因此對獲利能力的影響相當大，影響也很大。在獲利能力和抵銷方面，我們也設定了一點效率和定價，我們能夠在整體計劃中建立一點效率和定價，我們能夠在整體計劃中建立一點效率和定價。

So when I in the overall plan.

所以當我在做整體規劃的時候。

So when I and obviously retail and obviously retail higher than wholesale in this quarter and so that's retail higher than wholesale in this quarter and so that's obviously a A big, obviously a big, a big impact. Look at the back, a big impact, looking at the back half of the year, as I've mentioned earlier, back half of the year, as I've mentioned earlier. For sure, the new product introductions is for sure the new product introduction is going to be a big element and the other is going to be a big element and the other thing we have as well is.

因此，當我看到本季零售額明顯高於批發額時，這顯然是一個很大的、顯然是很大的影響。回顧過去，影響很大，回顧今年下半年，正如我之前提到的，回顧今年下半年，正如我之前提到的。可以肯定的是，新產品的推出肯定會成為一個重要因素，另一個也將成為一個重要因素，我們還有另一件事。

The thing we have as well is the wholesale matching retail, which I've already already covered.

我們還有批發匹配零售，我已經介紹過了。

So the big drivers of So the big drivers of Of the second half, if I look.

所以，如果我看一下，下半年的主要驅動因素就是這些。

Of the second half, if I look at 23 to 24, 2,323 to Q4.

下半年，如果我看 23 到 24 月份，到第四季度，人數為 2,323 人。

3 potentially could be flat over a year.

3 可能在一年內保持平穩。

Yes, there's going to be some, yes, there's going to be some obviously some top line growth. I'm still expecting to see some top line growth. I'm still expecting a better programs, but certainly a marginal improvement in a better programs, but certainly a marginal improvement in the Q3.

是的，會有一些，是的，顯然會有一些營收成長。我仍然期待看到一些營收成長。我仍然期待更好的計劃，但肯定會在更好的計劃中有所改善，但肯定會在第三季度有所改善。

And in the in Q3.

並且在第三季。

And the big margin improvement is going to be happening in Q4, where we could expect for where we could expect volumes up significantly, almost a a.

利潤率的大幅提升將出現在第四季度，我們預計銷售量將大幅成長，幾乎達到 a。

Easily a 5%.

輕鬆達到 5%。

Easily a 5% more than a 5% increase in volume, probably more than a 5% increase in volume, probably got in the range of 3 to $400 million got in the range of 3 to $400 million of volume increase in Q4. Margin of volume increase in Q4, margin improvement because the mix is going to be rich as well.

交易量很容易就會增加 5% 以上，交易量可能會增加 5% 以上，第四季的交易量可能會增加 300 萬至 4 億美元。第四季銷售利潤率將增加，利潤率也將提高，因為產品組合也將更加豐富。

That's certainly going to be a big a big uptick.

這肯定會是一個巨大的上漲。

That's certainly going to be a big uptick. And so that's how we see the back half of it and so that's how we see the back half of the year. Certainly less program of the year, certainly less programs, certainly better volume, and also s, certainly better volume and also better with better mix with asset asset utilization.

這肯定會是一個巨大的上漲。這就是我們對下半年的看法，這就是我們對今年下半年的看法。年度計劃肯定會減少，計劃肯定會減少，數量肯定會更好，而且數量肯定會更好，資產利用率也會更好。

And that's largely the new product introduction, correct?

這基本上就是新產品的介紹，對嗎？

Asset asset utilization.

資產資產利用率。

Largely to new product introduction and also and.

主要用於新產品的介紹和等等。

That's largely the new product introduction to wholesale.

這主要是針對批發市場的新產品介紹。

Largely to new product introduction and also equal retail. Last year we were reducing to wholesale side by side and or the inventory and equal retail. Last year we were reducing we were wholesaling less than we were retailing.

主要用於新產品的介紹，也包括同等的零售。去年，我們減少了批發量，或減少了庫存和零售量。去年我們的批發量減少了，零售量減少了。

Side by side and OV inventory and so.

並排還有OV庫存等等。

Okay. And then just on that last question, ORV sales.

好的。然後關於最後一個問題，ORV 銷售。

We were wholesaling less than we were retailing.

我們的批發量少於零售量。

I think you said you maintained the path of this mids. Okay. And then just on that last question, ORV sale, did it decline for the industry, but that has been helped with, I think you said you maintain the path of this mid-signal heavy promo on aged inventory. So should we expect that this decline for the industry, but that has been helped with soften more with just current priced inventory or assume heavy promo on aged inventory. So should we expect that that's offset with the new product introduction?

我想你說過你保持了這個中間的路徑。好的。然後關於最後一個問題，ORV 銷量，對於整個行業來說是否下降了，但這有所幫助，我想您說過您保持了這種對老舊庫存進行中等信號大力促銷的路徑。因此，我們是否應該預期該行業會出現下滑，但僅透過當前定價的庫存或對陳舊庫存進行大力促銷，這種下滑趨勢就會進一步緩解。那麼我們是否應該預期這項影響會隨著新產品的推出而得到抵銷？

To soften more with just current priced inventory or.

僅使用當前價格的庫存或來軟化更多。

In the back half of the year you could you could expect that.

在今年下半年，你就可以期待這一點。

That that's offset with the new product introduction.

這與新產品的推出相抵消。

You'll have in the back half of the year you could expect that you'll have an offset with a new product introduction.

預計在下半年，隨著新產品的推出，您的收入將有所抵消。

You'll have, don't forget the you will be transitioning, you'll have an offset with a new product introduction into a non-current season and don't forget the. That you will be trend in Q3 and Q4, and so the model year 20 functioning into a non-current season and will become non-current. OEM should have discounts on the N23 and Q4, and so the model year 20 fees so that should help sustain a certain level of demand. Pies will become non-current. OEMs should have discounts on them also in the back half of the year.

您將擁有，不要忘記您將要過渡，您將通過在非當前季節推出新產品來抵消這一變化，並且不要忘記。您將在第三季和第四季呈現趨勢，因此 20 年款將進入非當前季節並將成為非當前季節。OEM 應該對 N23 和 Q4 有折扣，20 年款的費用也應該有折扣，這應該有助於維持一定程度的需求。餅圖將不再是目前的。今年下半年，原始設備製造商也應該會對這些產品給予折扣。

These and so that should help sustain a certain level of demand.

這些應該有助於維持一定程度的需求。

Thank you very much.

非常感謝。

Also in the back half of the year.

也是在下半年。

There are no further questions at the moment.

目前沒有其他問題。

Thank you very much.

非常感謝。

I will now turn the call over to Mr. Deschaine for closing remarks.

現在我將把發言時間交給 Deschaine 先生，請他作最後發言。

There are no further questions, I will now turn to for closing remarks this morning.

沒有其他問題了，我現在將開始今天上午的結束演講。

Thank you and thanks to speaking with you again for quarter conference for joining us this morning and for your interest in BRPla for August 29th. Thanks again. We look forward to speaking with you again for our second quarter conference and have a good day for August 29th.

謝謝您，也感謝您今天上午參加季度會議並再次與您交談，感謝您對 8 月 29 日 BRPla 的關注。再次感謝。我們期待在第二季會議上再次與您交談，並祝您 8 月 29 日過得愉快。

Thanks again. And gentlemen, This concludes your conference call for today. We thank you and have a good day.

再次感謝。先生們，今天的電話會議到此結束。我們感謝您並祝您有美好的一天。

Ladies, for participating and ask that you please disconnect your lines, ladies and gentlemen. This concludes your conference call for today. We thank.

女士們，感謝您的參與，請您斷開您的線路，女士們，先生們。今天的電話會議到此結束。我們感謝。

For participating in FA please disconnect your lines.

為了參加 FA，請斷開您的線路。