MarineMax Inc (HZO) 2014 Q1 法說會逐字稿

Good day and welcome to the MarineMax Incorporated first-quarter 2014 earnings conference call. Today's conference is being recorded. At this time I would like to turn the conference over to Shannon Devine.

美好的一天，歡迎參加 MarineMax Incorporated 2014 年第一季度收益電話會議。今天的會議正在錄製中。現在我想把會議交給 Shannon Devine。

Thank you, operator. Good morning everyone and thank you for joining this discussion of MarineMax's 2014 fiscal first-quarter results. I ensure that you have all received a copy of the press release that went out this morning, but if you have not, please call Linda Cameron at 727-531-1700 and she will then fax or email one to you right away.

謝謝你，接線員。大家早上好，感謝您參加關於 MarineMax 2014 年第一財季業績的討論。我確保你們都收到了今天早上發布的新聞稿副本，但如果你們還沒有收到，請致電Linda Cameron，電話：727-531-1700，她會立即通過傳真或電子郵件將一份新聞稿發送給您。

I would now like to introduce the management team of MarineMax, Bill McGill, Chairman, President and Chief Executive Officer, and Mike McLamb, Chief Financial Officer. Management will make some comments about the quarter and then be available for your questions. Mike?

現在我想介紹一下MarineMax的管理團隊，董事長、總裁兼首席執行官Bill McGill和首席財務官Mike McLamb。管理層將對本季度發表一些評論，然後回答您的問題。麥克風？

Thank you, Shannon. Good morning everyone and thank you for joining this call. Before I turn the call over to Bill, I'd like to tell you that certain of our comments are forward-looking statements as defined in the Private Securities Litigation Reform Act. These statements involve risks and uncertainties that may cause actual results to differ materially from expectations. These risks include, but are not limited to, the impact of seasonality and weather; general economic conditions and the level of consumer spending; the Company's ability to capitalize on opportunities or grow its market share; and numerous other factors identified in our Form 10-K and other filings with the Securities and Exchange Commission.

謝謝你，香農。大家早上好，感謝您參加本次通話。在將電話轉給比爾之前，我想告訴您，我們的某些評論屬於《私人證券訴訟改革法案》中定義的前瞻性陳述。這些陳述涉及風險和不確定性，可能導致實際結果與預期存在重大差異。這些風險包括但不限於季節性和天氣的影響；一般經濟狀況和消費者支出水平；公司利用機會或擴大市場份額的能力；以及我們向美國證券交易委員會提交的 10-K 表格和其他文件中確定的許多其他因素。

With that in mind, I'd like to turn the call over to Bill.

考慮到這一點，我想把電話轉給比爾。

Thank you, Mike and good morning everyone. To start, I want to congratulate and thank her team for delivering our ninth consecutive quarter of same-store sales growth. The industry data in the quarter showed continued signs of recovery, but also some ongoing choppiness, especially in our core segments. We have learned that this recovery cycle has its ups and downs, but generally, it keeps trending up.

謝謝你，邁克，大家早上好。首先，我要祝賀並感謝她的團隊實現了我們連續第九個季度的同店銷售增長。本季度的行業數據顯示出持續復甦的跡象，但也存在一些持續的波動，特別是在我們的核心領域。我們了解到，這個複蘇週期有起有落，但總體而言，它保持上升趨勢。

That said, what encourages us is that unlike many other traditional retailers who experienced challenging traffic and soft holiday season results and cited related weather issues, we actually drove a 9% same-store sales increase on top of the 8% from the prior-year quarter. Our overall revenue grew about 11%. Our solid sales growth came with meaningful improvement in our gross margins, and our year-over-year and loss per share was reduced by more than 22%.

That said, what encourages us is that unlike many other traditional retailers who experienced challenging traffic and soft holiday season results and cited related weather issues, we actually drove a 9% same-store sales increase on top of the 8% from the prior-year四分之一.我們的整體收入增長了約 11%。我們的銷售額穩步增長，毛利率也顯著提高，每股虧損同比減少了 22% 以上。

I'm encouraged by the progress we have made and more energized about the future. In particular, I want to provide some perspective on the ongoing recovery in the industry is experiencing. The recovery first started in the aluminum segment around 2010, which is not a material part of our business.

我對我們所取得的進步感到鼓舞，並對未來更加充滿活力。我特別想就行業正在經歷的持續復甦提供一些觀點。2010 年左右，鋁行業首次開始復蘇，該行業並不是我們業務的重要組成部分。

After aluminum, the outboard fishing segment started showing industrywide improvements. This is more a relevant segment for us than aluminum, but less important than the sterndrive and inboard boat segments. Both the aluminum and the outboard fishing segments continued to experience good growth industrywide, although the data in the December quarter showed some unevenness.

繼鋁材之後，舷外捕魚領域開始出現全行業的改善。對於我們來說，這比鋁更相關，但不如尾機驅動和舷內船部分重要。儘管12月季度的數據顯示出一些不平衡，但鋁製和舷外捕魚領域在整個行業中繼續經歷良好的增長。

In 2013, periodically the key sterndrive and inboard boat segments began showing industrywide improvements in certain size categories. Although the recovery has not been consistent across all categories, it is encouraging to see this very important part of the industry beginning to find its sea legs. In particular, large inboard boats need to be shown the best consistency towards sustained improvement.

2013 年，關鍵的尾機驅動和舷內船舶部分開始定期在某些尺寸類別中顯示出全行業的改進。儘管所有類別的複蘇並不一致，但令人鼓舞的是看到該行業的這一非常重要的部分開始找到自己的立足點。特別是，大型舷內船需要表現出最佳的一致性，以實現持續改進。

I wanted you to have this general background of how the industry recovery has been unfolding. It's also important to recall that nine quarters ago we began to see modest unit growth on an apples-to-apples basis in the products we sell, including the key sterndrive and inboard categories. While our performance has certainly been varied throughout this latest cycle, we believe our strategies, our team, the brands and our formidable balance sheet have allowed us to stay ahead of the recovery curve.

我想讓您了解行業復甦的總體背景。同樣重要的是要記住，九個季度前，我們開始看到我們銷售的產品（包括關鍵的尾機驅動和舷內產品類別）的單位數量出現適度增長。雖然我們的業績在最近的周期中肯定有所不同，但我們相信我們的戰略、我們的團隊、品牌和我們強大的資產負債表使我們能夠在復蘇曲線上保持領先地位。

In particular we have seen reasonable strength in every category of products we sell, when we have relatively new boat models that are innovative and priced about right. In some cases, with new models we've even had a hard time getting enough boats to meet the demand, even in the sterndrive and inboard segments.

特別是，當我們擁有相對較新的船型、創新且價格合理時，我們在銷售的每個類別的產品中都看到了相當的優勢。在某些情況下，對於新型號，我們甚至很難獲得足夠的船隻來滿足需求，即使是在尾機驅動和舷內部分。

It's important to note that the industry's leading manufacturers are investing again in R&D. We believe based on our experience and confirmed by industry data, new, innovative and stylish products are selling best.

值得注意的是，業界領先的製造商正在再次投資研發。我們相信，根據我們的經驗和行業數據證實，新穎、創新和時尚的產品最暢銷。

What is most encouraging for us is that our core suppliers have many new models coming over the next 12 months and even more in the foreseeable future. This should help to push demand and drive additional sales and growth. The new product is coming exactly as the industry is gaining stability, which can only help.

最令我們鼓舞的是，我們的核心供應商將在未來 12 個月內推出許多新車型，甚至在可預見的未來還會推出更多新車型。這應該有助於推動需求並推動額外的銷售和增長。新產品的推出恰逢行業趨於穩定，這只會有所幫助。

Essentially, when manufacturers accelerate their efforts to bring innovation and value back to the market, it propels customers back into the new boat market and demand strengthens.

從本質上講，當製造商加快努力將創新和價值帶回市場時，就會推動客戶重新進入新船市場，需求也會增強。

Let me spend a few minutes discussing our effective pricing strategy that has contributed to our continued consolidated margin expansion. Our pricing philosophy that we implemented last year is called One Price. As we shared previously, the basis -- the basic premise is that we believe our customers have the right to our best price. But we are also committed to protecting and enhancing our margin so we are able to deliver the MarineMax experience.

讓我花幾分鐘時間討論我們有效的定價策略，該策略有助於我們持續擴大綜合利潤率。我們去年實施的定價理念稱為“同一個價格”。正如我們之前分享的，基本前提是我們相信我們的客戶有權獲得我們最優惠的價格。但我們也致力於保護和提高我們的利潤，以便我們能夠提供 MarineMax 體驗。

While we do pay incrementally greater commissions to our sales teams, we have expanded our margins. Over time, as the One Price program matures, we should see even greater margin benefit. Thus while the program is only a few quarters old, we are pleased to have generated additional margin growth and are excited about how well it has been embraced by our customers as a better way to do business.

雖然我們確實向銷售團隊支付了越來越高的佣金，但我們的利潤率卻在擴大。隨著時間的推移，隨著“一價”計劃的成熟，我們應該會看到更大的利潤收益。因此，雖然該計劃只有幾個季度的歷史，但我們很高興實現了額外的利潤增長，並對我們的客戶將其視為更好的開展業務方式的接受程度感到興奮。

From a boat show perspective, we are in the beginning of the busy boat show season. Thus far results validate our belief of a continued industry recovery, which is supported by positive outlooks from our customers and prospects.

從船展的角度來看，我們正處於繁忙的船展季節的開始。迄今為止的結果證實了我們對行業持續復甦的信念，這得到了我們客戶和前景的積極前景的支持。

As is the case each year, show performance varies from market to market. Weather has also played a factor in some shows, with some serious weather impacting certain markets. Having said this, we believe attendance will continue to soften at shows as we are seeing the Internet playing a bigger and bigger role in new products, research and understandings, which lessens the importance of shows in the minds of the consumer.

與每年的情況一樣，展會表現因市場而異。天氣也在一些展會中發揮了作用，一些嚴重的天氣影響了某些市場。話雖如此，我們相信展會的出席率將繼續下降，因為我們看到互聯網在新產品、研究和理解方面發揮著越來越大的作用，這降低了展會在消費者心目中的重要性。

Thus, we've been investing greater in our online presence the last few years as well as doing more and more on the water with our customers.

因此，過去幾年我們加大了在線業務的投資，並與客戶一起在水上開展了越來越多的工作。

In the quarter, used boat pricing remained solid at or above prerecession levels, and the supply of late-model used boats is low due to weak new boat sales over the past six years. We remain positive in our expectations that based upon history, this will result in customers moving more and more into new products.

本季度，二手船價格保持在或高於經濟衰退前的水平，並且由於過去六年新船銷售疲軟，新型二手船的供應量較低。我們仍然抱有積極的期望，根據歷史，這將導致客戶越來越多地轉向新產品。

From an inventory perspective, as we enter our busy selling season, we are comfortable that our broad product selection in our segment should result in ongoing sales growth. The new boat categories that we have added since the beginning of the downturn allows us to provide additional boating solutions for a greater number of customers while leveraging our stores.

從庫存角度來看，隨著我們進入繁忙的銷售季節，我們感到滿意的是，我們細分市場中廣泛的產品選擇應該會帶來持續的銷售增長。自經濟衰退開始以來，我們增加了新的船舶類別，使我們能夠在利用我們的商店的同時，為更多的客戶提供額外的船舶解決方案。

MarineMax Vacation, our charter business that we launched about 1.5 years ago, continues to make progress. The charter portion of the business is building and we expect the sale of products will follow as we move forward in this endeavor. The opportunity to cross-pollinate this offering with our database of customers should lead to additional charters, sales, and greater interactions with our customers.

MarineMax Vacation 是我們大約 1.5 年前推出的包機業務，目前仍在不斷取得進展。該業務的包機部分正在建設中，我們預計隨著我們在這一努力中的前進，產品的銷售也將隨之而來。將這一產品與我們的客戶數據庫進行交叉授粉的機會應該會帶來更多的包機、銷售以及與客戶的更多互動。

While it is nice to get some leverage in the business during the quarter, we are committed to striving to obtain more. We are a customer-centric customer and we understand the importance of always taking care of the customer, and that will never change. We also need to continue to find ways to leverage the improving sales and drive even greater bottom-line improvements.

雖然在本季度獲得一些業務槓桿是件好事，但我們致力於努力獲得更多槓桿。我們是一家以客戶為中心的客戶，我們了解始終照顧客戶的重要性，這一點永遠不會改變。我們還需要繼續尋找方法來利用不斷增長的銷售並推動更大的利潤改善。

And with that update, I'll ask Mike to provide some more detailed comments on the quarter. Mike?

隨著這一更新，我將要求邁克提供有關本季度的一些更詳細的評論。麥克風？

Thank you, Bill, and good morning again everyone. For the December quarter, our revenue was over $109 million, up about 11% from the prior year. Our same-store sales increased by over 9% following an 8% increase in the same period a year ago.

謝謝你，比爾，再次祝大家早上好。12 月份季度，我們的收入超過 1.09 億美元，比上年增長約 11%。我們的同店銷售額繼去年同期增長 8% 後，增長超過 9%。

As has been the case of late, Florida led our growth. But interestingly New Jersey had very strong year-over-year growth. This could be a good sign for the Northeast that the recovery from Hurricane Sandy has finally begun.

與最近的情況一樣，佛羅里達州引領了我們的增長。但有趣的是，新澤西州的同比增長非常強勁。對於東北地區來說，這可能是一個好兆頭，表明颶風桑迪的恢復終於開始了。

We saw growth in other markets as well. Generally, larger products from the inboard boat segment propelled our growth, as did outboard fishing product.

我們也看到了其他市場的增長。一般來說，舷內船領域的大型產品推動了我們的增長，舷外捕魚產品也是如此。

For the quarter we grew gross profit about $3.6 million or about 14%. Gross profit as a percentage of revenue increased to 27.3%, which is among the highest we have ever had in the December quarter. The increase in our margins is worth mentioning, because as boat sales rise, consolidated margins have traditionally been pressured since boats carry the lowest margin of all of our business categories.

本季度我們的毛利潤增長了約 360 萬美元，即約 14%。毛利潤佔收入的百分比增至 27.3%，這是我們在 12 月所在季度的最高水平之一。我們的利潤率增長值得一提，因為隨著船舶銷量的增長，傳統上綜合利潤率受到壓力，因為船舶的利潤率是我們所有業務類別中最低的。

The increase in gross profit dollars and overall margin expansion was primarily the result of increased margins on boat sales, generally across all product segments that we carry.

毛利潤的增加和整體利潤率的擴大主要是由於船舶銷售利潤率的提高，通常涉及我們經營的所有產品領域。

SG&A fell slightly as a percentage on a year-over-year basis but was up in absolute dollars.

SG&A 百分比同比略有下降，但絕對值有所上升。

As sales and gross profit dollars rise, certain expenses like payroll and commissions typically increase as well as a few other areas. Given the rise in gross margins, commissions increased greater than they have historically.

隨著銷售額和毛利潤的增加，工資和佣金等某些費用以及其他一些領域通常也會增加。鑑於毛利率上升，佣金增幅高於歷史水平。

The main other item that increased unusually this quarter on a year-over-year basis was insurance. In this bucket I will lump all insurances. We are up about $700,000 on a year-over-year basis. Health insurance, which was tracking much higher for parts of fiscal 2013, was higher year-over-year but much improved from those peak levels.

本季度同比異常增長的其他主要項目是保險。我將把所有保險都放在這個桶裡。我們比去年同期增加了約 700,000 美元。健康保險在 2013 財年的部分時間里大幅增長，同比有所提高，但較峰值水平有了很大改善。

Going forward, we begin to anniversary expense increases we experienced last year, which means the potential exists for even greater flow-through to the bottom line in sales growth. Nonetheless, we continued to work to attack every expense line item and improve processes that may add to enhanced efficiencies to allow us to continue to grow and improve the performance of our store base.

展望未來，我們開始經歷去年經歷的周年紀念費用增加，這意味著存在更大的銷售增長底線的潛力。儘管如此，我們繼續努力攻擊每一個費用項目並改進流程，這可能會提高效率，使我們能夠繼續發展和提高我們商店基礎的績效。

For the December quarter we had no income tax benefit. Our effective tax rate will remain essentially zero for the near term, primarily due to the availability of substantial net operating loss carry forwards, which are fully offset by a valuation reserve.

十二月季度我們沒有所得稅優惠。我們的有效稅率在短期內將基本保持為零，這主要是因為有大量的淨經營虧損結轉，這些虧損已被估值準備金完全抵消。

On a year-over-year basis, we reduced our loss per share by just over 22% to $0.14 per share from a net loss of $0.18 per share in the prior year.

與去年同期相比，我們的每股虧損減少了 22% 以上，從上一年每股淨虧損 0.18 美元降至每股 0.14 美元。

Now, under our balance sheet at quarter end we had approximately $16 million in cash. However, we had substantial cash and liquidity in the form of unlevered inventory. Inventories were up about 5%, which is driven by the product expansions we have done over the years, as well as growth in our charter fleet in the BBIs. Plus we brought in additional product as we prepare for the upcoming selling season.

現在，在季度末的資產負債表下，我們有大約 1600 萬美元的現金。然而，我們擁有大量現金和無槓桿庫存形式的流動性。庫存增長了約 5%，這是由我們多年來所做的產品擴張以及我們在 BBI 的包機機隊的增長推動的。此外，我們還引入了額外的產品，為即將到來的銷售季節做準備。

Turning to our liabilities, our short-term borrowings increased $2.5 million or 2% year-over-year due largely to the increase in inventory and the timing of payments.

說到我們的負債，我們的短期借款同比增加了 250 萬美元，即 2%，這主要是由於庫存的增加和付款時間的增加。

Sequentially, customer deposits increased 23% from September, but fell on a year-over-year basis due to the timing of deposits on large yacht orders. As we have said, deposit activity can be very lumpy given the size of boats that we sell. But based on our experience, and as generally supported by industry data, large boat activity continues to be gaining steam.

隨後，客戶存款較 9 月份增長了 23%，但由於大型遊艇訂單的存款時間安排，同比有所下降。正如我們所說，考慮到我們銷售的船舶尺寸，存款活動可能非常不穩定。但根據我們的經驗以及行業數據的普遍支持，大型​​船舶活動繼續增長。

We are one of the best capitalized companies in the industry and our well-positioned balance sheet is being supported by increasing cash flow from an improving sales environment. We ended the quarter with a current ratio of 1.74 and total liability to tangible net worth ratio of 0.71. Both of these are very strong ratios.

我們是業內資本最好的公司之一，我們良好的資產負債表得到了銷售環境改善帶來的現金流的支持。本季度末，我們的流動比率為 1.74，總負債與有形淨值比率為 0.71。這兩個都是非常強的比率。

Our tangible net worth stands at over $220 million. We own more than half of our locations, which are debt free, and we have no other debt other than our inventory financing.

我們的有形淨資產超過 2.2 億美元。我們擁有一半以上的工廠，這些工廠沒有債務，除了庫存融資之外，我們沒有其他債務。

Before giving a current perspective on our business, I want to remind you that in the March quarter last year we were able to generate a 12% same-store sales growth which was on top of 26% the year before. So we are now up against two consecutive double-digit comps for the quarter.

在介紹我們當前業務的前景之前，我想提醒您，去年 3 月份季度我們的同店銷售額增長了 12%，高於前一年的 26%。因此，我們現在面臨著本季度連續兩次兩位數的競爭。

Also this quarter is interesting in that the month of March is usually as big as January and February combined. With that said, January will finish ahead of last year's January, which is another nice data point. However, we still have the bulk of the quarter in front of us.

這個季度也很有趣，因為三月通常與一月和二月的總和一樣大。話雖如此，一月份的結束時間將早於去年的一月份，這是另一個不錯的數據點。然而，我們仍然面臨著本季度的大部分時間。

And with that, I'll turn the call back over to Bill.

然後，我會將電話轉回給比爾。

Thank you, Mike, we continue to be excited by the fact that we are truly well-positioned to benefit from increasing sales of new boats. What is really extraordinary is that we've been able to drive growth in sales and improving cash flow without our core segments fully participating in the industry recovery.

謝謝你，邁克，我們仍然感到興奮，因為我們確實處於有利位置，可以從新船銷量的增加中受益。真正非凡的是，即使我們的核心部門沒有完全參與行業復甦，我們仍然能夠推動銷售增長並改善現金流。

We are entering the boating season that is historically our strongest, and we continue to be encouraged by our customers' enthusiasm and energy about the upcoming boating season. It is our job to work hard and translate this into additional sales. And with our new approach to pricing, we believe that we can capture additional margin dollars.

我們正在進入歷史上最強勁的划船季節，我們的客戶對即將到來的划船季節的熱情和活力繼續鼓舞著我們。我們的工作就是努力工作並將其轉化為額外的銷售額。通過我們新的定價方法，我們相信我們能夠獲得額外的利潤。

With our big selection of new products and our commitment to helping customers and their families realize how boating with MarineMax can positively impact their lives, we know we can provide that one-stop solution for all of our customers' boating needs. Our retailing strategy completely embraces our customers and helps them enjoy their boating with their family and friends. This approach continues to provide us with a competitive advantage.

憑藉我們大量的新產品選擇以及幫助客戶及其家人認識到使用 MarineMax 划船如何對他們的生活產生積極影響的承諾，我們知道我們可以為所有客戶的划船需求提供一站式解決方案。我們的零售策略完全擁抱我們的客戶，幫助他們與家人和朋友一起享受划船的樂趣。這種方法繼續為我們提供競爭優勢。

We also look to continue growing the business through selective and accretive acquisitions as appropriate to add strong markets to complement our current base of 54 stores. That said, the terms must be compelling and contribute sustained levels of profitability for the Company, considering that during 2006 and 2007, 50 of our current 54 stores contributed to over $1 billion of our sales.

我們還希望通過適當的選擇性和增值性收購來繼續發展業務，以增加強大的市場，以補充我們目前的 54 家商店的基礎。也就是說，考慮到2006 年和2007 年期間，我們現有54 家商店中的50 家為我們的銷售額貢獻了超過10 億美元，因此這些條款必須具有吸引力，並為公司帶來持續的盈利水平。

MarineMax is the industry leader and it's our intention to continue to build on that position in the coming years. Again I'd like to thank our team for their efforts during the quarter and their ongoing commitment and passion for our customers. Their commitment is driving our success.

MarineMax 是行業領導者，我們打算在未來幾年繼續鞏固這一地位。我要再次感謝我們的團隊在本季度所做的努力以及他們對客戶的持續承諾和熱情。他們的承諾推動著我們的成功。

And with that, operator, we would like to open the call up for questions.

接線員，我們想就此開始提問。

(Operator Instructions) Jimmy Baker, B. Riley.

（操作員說明）Jimmy Baker，B. Riley。

Nice start to the year here.

在這裡開啟新的一年。

Thank you Jimmy, appreciate it.

謝謝吉米，非常感謝。

First, just wanted to touch on what you're seeing from your dealers and your customers in the Northeast that were so impacted by Sandy. I know you called out improvement in New Jersey. Is the infrastructure impacting your customers there largely prepared? Anything else you can point to that kind of gives you confidence that region could be more of a tailwind into the spring selling season? I know your same-store sales were pretty severely impacted there last year.

首先，我想談談您從受桑迪影響嚴重的東北地區經銷商和客戶那裡看到的情況。我知道你呼籲新澤西州取得進步。影響您客戶的基礎設施是否已經準備就緒？您還能指出其他什麼能讓您相信該地區可能會成為春季銷售季節的順風車嗎？我知道去年你們的同店銷售額受到了相當嚴重的影響。

Yes, you know, as you mentioned, Jimmy, and as you are very aware, the infrastructure was not in place last year. And we had hoped that it would -- even though our stores were back up and running and performing pretty well as far as being able to service our customers and deliver boats, etc., a lot of our customers were still rebuilding their homes or rebuilding their business. In some cases they were saying, oh my gosh; I'm a little concerned about boating and where do I go? That restaurant is not back open, etc. or destination.

是的，你知道，正如你提到的，吉米，正如你非常清楚的那樣，去年基礎設施還沒有到位。我們曾希望它會 - 儘管我們的商店已經恢復並運行並且在能夠為客戶提供服務和交付船隻等方面表現良好，但我們的許多客戶仍在重建他們的房屋或重建他們的事。在某些情況下，他們會說，天哪；我有點擔心划船，我該去哪裡？那家餐廳沒有重新營業，等等。或目的地。

So, that being said, we are seeing some very good improvements in that market. We started off with the Atlantic City boat show in the fall and we saw customers returning and we continue to see that. So I think that this year, even though it won't be capitalizing on all the people that lost their boats or had severe damage to their boats, I don't think it will all happen this year. But I think over the next two or three years, we'll see a very good margin market there and a lot of opportunity.

因此，話雖這麼說，我們看到該市場出現了一些非常好的改進。我們從秋季的大西洋城遊艇展開始，我們看到客戶回來，我們繼續看到這種情況。因此，我認為今年，儘管不會利用所有失去船隻或船隻嚴重受損的人，但我認為這不會全部發生在今年。但我認為在未來兩三年內，我們將看到那裡有一個非常好的保證金市場和很多機會。

So our team is very excited about what they're hearing from the customers and I think a lot of our customers are involved in the housing industry or construction business in one way, shape or form. And as such, they're very busy right now, which was part of the challenge last year as well. But also their wallets are getting a little bit fatter as a result of that business. So, we are encouraged.

因此，我們的團隊對從客戶那裡聽到的消息感到非常興奮，我認為我們的很多客戶都以一種方式、形式或形式參與住房行業或建築業務。因此，他們現在非常忙碌，這也是去年挑戰的一部分。但他們的錢包也因為這項業務而變得更加富裕。所以，我們受到鼓舞。

New York and New Jersey, I mean New York and Connecticut that were impacted some, we had a pretty good year with them last year and I expect to see the same thing going forward this year, albeit the New York show was not a good indicator with --

紐約和新澤西州，我的意思是紐約和康涅狄格州受到了一些影響，去年我們與他們度過了非常好的一年，我預計今年會看到同樣的情況，儘管紐約展會並不是一個好的指標和-

New Year's and weather.

新年和天氣。

Starting on New Year's, and two of the five days the mayor saying you're taking your life in your own hands if you get out on the street. But we still had a fairly decent show given those factors.

從新年開始，五天中有兩天市長說，如果你走上街頭，你的生命就掌握在自己手中。但考慮到這些因素，我們仍然有一個相當不錯的表演。

That's helpful. It does seem like traffic has been up at most shows so far this year, when weather is permitting, which is promising.

這很有幫助。今年到目前為止，在天氣允許的情況下，大多數演出的客流量似乎確實有所增加，這是有希望的。

But we've spent a lot of time over the past few years talking about outboards taking share from sterndrives early in this recovery. And then now it seems like we are seeing some more compelling jet boat product come to market as well. But I just wanted to ask, and I know you're a big skier, Bill, and I was seriously impressed with your birthday barefooting video you shared with customers.

但過去幾年我們花了很多時間討論舷外機在復蘇初期從尾機驅動器中奪取市場份額。現在我們似乎看到一些更引人注目的噴射艇產品也進入了市場。但我只是想問，我知道你是一位滑雪高手，比爾，你與客戶分享的生日赤腳視頻給我留下了深刻的印象。

But I'm just wondering if you're seeing more customers demanding the tournament tow boat product for wake surfing, really exploding sport in our industry, that can't be done safely behind sterndrives or outboards.

但我只是想知道您是否看到更多的客戶需要用於尾流沖浪的錦標賽拖船產品，尾流沖浪是我們行業中真正爆炸性的運動，但在尾機驅動器或舷外機後面無法安全地完成。

First of all, thank you for the compliments on the video and I'll try to do a better job next time, Jimmy. But we took on the Scarab Jet Boat brands and we're launching that across the country to bring in entry more entry buyers into the business. And we think that's a very good strategy.

首先，感謝您對視頻的稱讚，下次我會盡力做得更好，吉米。但我們採用了聖甲蟲噴射艇品牌，並將其推廣到全國各地，以吸引更多入門買家進入該行業。我們認為這是一個非常好的策略。

If you look at what's going on for people with their toys behind the boats, where it shifted from three-event skiing, which is more what I was involved in over my career and still are involved and enjoy doing it, and it is still active out there. It shifted to wake boarding and now it's moving into wake surfing. There you're behind the boat at 10, 10.5 miles per hour and it's part of everyone in the boat enjoying the same experience, because you know they're within 15 to 20 feet behind the boat.

如果你看看那些在船後面拿著玩具的人發生了什麼，它從三項滑雪轉變為更多，這更多的是我在職業生涯中參與的事情，並且仍然參與並享受這樣做，而且它仍然很活躍在那裡。它轉向了尾流沖浪，現在又轉向尾波衝浪。在那裡，您以每小時 10、10.5 英里的速度在船後面，船上的每個人都享受著同樣的體驗，因為您知道他們就在船後面 15 到 20 英尺的範圍內。

And so that part of the business is taking off. And right now it's only with inboard type boats. And so therefore the competitive boats that are out there, you know, we sell the Nautique and we're selling the Malibu in certain of our markets also. And so that market is doing very, very well and it's doing very well for us as well.

所以這部分業務正在起飛。目前僅適用於舷內型船。因此，我們在某些市場上銷售 Nautique 和 Malibu 等具有競爭力的船隻。因此，這個市場的表現非常非常好，對我們來說也非常好。

With the sterndrive it is an issue. I can tell you where working on something to address that. But we continue to see that part of boating growing, because it -- there has been a shift during these times to more day boating and more -- getting the family out there for the day and everyone involved in boating activity. And a lot of our sterndrives do exactly that.

對於尾機驅動來說，這是一個問題。我可以告訴你在哪裡努力解決這個問題。但我們繼續看到划船的這一部分在增長，因為在這段時間裡，划船的情況發生了變化，更多的是讓家人出去玩一天，每個人都參與划船活動。我們的許多尾機驅動器正是這樣做的。

And there's a lot of -- there's advantages to outboards, there's advantages to sterndrives. There's advantages to jet boats. And in a lot of cases they're different buyers. And so we see all of the segments continuing to improve.

舷外機有很多優點，尾機驅動器也有很多優點。噴射快艇有很多優點。在很多情況下，他們是不同的買家。因此，我們看到所有細分市場都在持續改善。

That's very helpful. Just last one for me and I'll get back in the queue. Can you just talk about the leadtimes you are seeing in some of the larger sterndrive or inboard product? Do you see that as a hindrance at all here in 2014? And then just as a housekeeping item, can you give us CapEx and D&A expectations for the full year? Thanks.

這非常有幫助。對我來說只是最後一個，我會回到隊列中。您能談談您在一些較大的艉機驅動或舷內產品中看到的交貨時間嗎？您認為這對 2014 年來說是一個障礙嗎？然後，作為一個整理項目，您能給我們全年的資本支出和 D&A 預期嗎？謝謝。

I can address the CapEx and D&A. When you think about maintenance CapEx for us, we're around $5 million, give or take a little bit every year. And D&A is around $6 million roughly, so $1.5 million a quarter roughly. And that's just maintenance. If we end up deciding we need to buy a store or something like that, that would be above that.

我可以解決資本支出和 D&A 問題。當您考慮我們的維護資本支出時，我們約為 500 萬美元，每年都會增加或減少一點。D&A 大約為 600 萬美元，因此每個季度大約為 150 萬美元。這只是維護。如果我們最終決定需要購買一家商店或類似的東西，那就更重要了。

Lead time, some of it depends on demand of the boat and how far out it is, to be honest with you (laughter).

交貨時間，老實說，部分取決於船的需求以及距離有多遠（笑聲）。

As an example, Sea Ray came out with their new 350 SLX, which is a great big, huge, just a fantastically well-designed and engineered product with unbelievable results. And we've sold a lot. And quite frankly, the first ones haven't even rolled in yet. So, as Sea Ray gets them launched into manufacturing in a big way and we'll see some of that -- some of those show boats -- orders getting filled and we'll also get inventory into our -- into the field and into the hands of the consumer a little bit quicker.

例如，Sea Ray 推出了新的 350 SLX，這是一款非常大、巨大、設計和工程非常出色的產品，具有令人難以置信的效果。我們已經賣了很多。坦率地說，第一批還沒有推出。因此，當 Sea Ray 將它們大規模投入製造時，我們將看到其中一些——其中一些展示船——訂單被填滿，我們還將庫存進入我們的——進入現場並進入消費者的手快一點。

What's good is that Brunswick has responded. Sea Ray has picked up the production on it. And the one thing that we admire them for is they're going to make sure the boats are right before they give them to us, and that's exactly what they're doing. So they've done their homework and their product is just absolutely incredible.

值得慶幸的是，Brunswick 已經做出了回應。Sea Ray 已接手其製作工作。我們欽佩他們的一件事是，他們在把船交給我們之前會確保它們是正確的，而這正是他們正在做的。所以他們已經做好了功課，他們的產品絕對令人難以置信。

There is other models that are exactly the same way -- you know, the Miami boat show, we've got a new 65. I saw the boat yesterday. I was over at Sea Ray's product development and engineering. I saw the boat, and they've run the boat. I've seen shots of it running, and it's a game changer.

還有其他型號也有完全相同的方式 - 你知道，在邁阿密遊艇展上，我們推出了新的 65。我昨天看到了那條船。我在 Sea Ray 的產品開發和工程部門工作。我看到了那條船，他們已經開船了。我看過它運行的鏡頭，它改變了遊戲規則。

I also saw a lot of new products that blew myself and a couple of my team members away. And so they truly have their act together and we're going to see a lot of very, very good product as it starts coming out, and even more competitive products that will fill some of the need that we've needed for quite a while here. So we remain very encouraged.

我還看到了很多讓我自己和我的團隊成員驚嘆不已的新產品。因此，他們確實齊心協力，我們將看到許多非常非常好的產品開始問世，甚至更具競爭力的產品將滿足我們長期以來所需要的一些需求這裡。所以我們仍然非常受鼓舞。

As far as inventory level, one of the things we were a little aggressive on and I don't -- I think it was the right strategy. We'll know more after the boat show -- is that we are making sure inventories such so that as the demand is there, and understand we're just really starting into the boating season because -- you know, coming off the holidays -- that we know we've got to have it, because the manufacturers and not going to be able to respond to a big increase in business if it happens.

就庫存水平而言，我們在這方面有點激進，但我沒有——我認為這是正確的策略。船展結束後我們會知道更多信息——我們正在確保庫存，以便滿足需求，並且了解我們才真正開始進入划船季節，因為——你知道，假期結束後—— - 我們知道我們必須擁有它，因為如果發生這種情況，製造商將無法應對業務的大幅增長。

That being said, we have the ability to adjust orders coming in beginning in March or so and April, if we don't get the results out of the shows that we're expecting.

話雖這麼說，如果我們沒有從演出中獲得預期的結果，我們有能力調整 3 月份左右和 4 月份開始的訂單。

We feel comfortable with our inventory and we're not that concerned, other than just a couple of models. But you know the excitement over some of the new models is so great, Jimmy, that people are willing to wait. That's not an issue because they're wild about the product and they're going to be happy to get it even if it's mid-summer.

我們對我們的庫存感到滿意，除了幾個型號之外，我們並不那麼擔心。但你知道，吉米，一些新車型令人興奮不已，以至於人們願意等待。這不是問題，因為他們對該產品非常著迷，即使是在仲夏，他們也會很高興得到它。

Thanks a lot, Bill, I appreciate the color. I'll pass it off.

非常感謝，比爾，我很喜歡這個顏色。我會把它傳遞出去。

(Operator Instructions) James Hardiman, Longbow Research.

（操作員說明）詹姆斯·哈迪曼（James Hardiman），長弓研究公司。

Just a quick follow-up actually to that last conversation. You made the point that at times it's been kind of hard getting enough votes to satisfy demand in some categories. How much of a drag has that been over the past year?

實際上只是對最後一次談話的快速跟進。您指出，有時很難獲得足夠的選票來滿足某些類別的需求。過去一年的拖累有多大？

I guess the point you're now making is that's meaningfully better. I feel like that's -- maybe was an under-told story during calendar 2013. How significant of a benefit is that to you this year if you're able to fill that demand? And maybe how much of a negative was it for you in 2013?

我想你現在要表達的觀點是這樣更有意義。我覺得這可能是 2013 年的一個鮮為人知的故事。如果您今年能夠滿足這一需求，這對您來說有多大的好處？也許 2013 年這對你來說有多少負面影響？

You know what, I think the bigger picture was what you're hearing from us, and I think you've seen it from others in the industry, is new product is selling. It's selling well. Customers want it.

你知道嗎，我認為更大的前景是你從我們那裡聽到的，我想你也從業內其他人那裡看到的，是新產品正在銷售。賣得很好。客戶想要它。

And when the products are introduced that have -- that are innovative in some way and they're at about the right price point, manufactures need to be thinking greater about what's can happen to retail sales because of pent-up demand. It's even been surprising to us. We've been living through this the last six years.

當推出具有某種創新性且價格合適的產品時，製造商需要更多地考慮因需求被壓抑而對零售銷售產生的影響。這甚至讓我們感到驚訝。過去六年我們一直在經歷這樣的事情。

But you look at our numbers and you look at some competitive numbers who have come out with new models. You look at what we're talking about, the new product we have coming out. It's a really exciting time for the future.

但是你看看我們的數據，你看看一些推出新型號的有競爭力的數據。你看看我們正在談論的，我們即將推出的新產品。對於未來來說，這確實是一個令人興奮的時刻。

And I think as the products as the products are launched, you're probably going to hear similar comments. It takes time to get the products integrated, up to speed. I think it's a real good problem at the end of the day. It's just going to drive margins higher; it's going to drive sales higher. I think you'll see the sterndrive segment experience greater growth as the products come out.

我認為隨著產品的推出，您可能會聽到類似的評論。整合產品並跟上速度需要時間。我認為歸根結底這確實是一個好問題。這只會提高利潤率；這將推動銷量更高。我認為隨著產品的問世，您會看到尾機驅動領域經歷了更大的增長。

So we've had certainly some challenges the last 12 months. We're having some challenges now because of the demand and people putting their hands up, but it's kind of the good side of the story.

因此，過去 12 個月我們確實遇到了一些挑戰。由於需求和人們舉手，我們現在遇到了一些挑戰，但這是故事好的一面。

Correct.

正確的。

Are you there James?

詹姆斯你在嗎？

I'm sorry, I had it on mute. Along those same lines, just talk about the relevance of innovation. I think the boat is a really complex piece of machinery. I think for those of us that aren't intimately involved on a daily basis, a lot of this stuff, the new products start to sound like noise.

抱歉，我把它靜音了。沿著同樣的思路，只需談談創新的相關性。我認為船是一個非常複雜的機械。我認為對於我們這些沒有密切參與日常工作的人來說，很多這樣的東西，新產品開始聽起來像噪音。

But I think, Bill, you called out the 350 SLX, you called out the 65 Fly. What is it about these boats that's getting people excited about that product over a comparable -- I don't know if it's -- there would be a comparable, but over a late model used boat?

但我認為，比爾，你叫出了 350 SLX，你叫出了 65 Fly。是什麼讓人們對這些船感到興奮，而不是類似的產品——我不知道是否是——會有類似的但較晚型號的二手船？

We all know the story of Zeus and how it has really made a big difference for consumers with the joystick docking and that type of thing. But if you look at the new products, the entry -- let's start with the 350 SLX. The 350 SLX, we did not have a product that competed in that size range of day boat. But a lot of our competitors did. So, yes, we lost business last year because we didn't have the product. But, that being said we are absolute killing it with the new 350 SLX.

我們都知道 Zeus 的故事，以及它如何通過操縱桿對接等方式為消費者帶來巨大的改變。但如果您看看新產品，那麼我們就從 350 SLX 開始吧。350 SLX，我們沒有一款產品可以與該尺寸範圍的日間船競爭。但我們的很多競爭對手都這麼做了。所以，是的，我們去年失去了業務，因為我們沒有產品。但是，話雖這麼說，我們絕對會用新款 350 SLX 殺死它。

There's some new 510, a Sedan Bridge, and also a Sundancer that is out now and it was launched -- the 510 Sedan Bridge was launched at the Fort Lauderdale boat show with great success. And we followed it up with the Yacht Expo down at South Seas Plantation for customers, and really a very high-quality product.

有一些新的 510、Sedan Bridge 以及 Sundancer 現已上市並已推出 - 510 Sedan Bridge 在勞德代爾堡遊艇展上推出並取得了巨大成功。隨後我們在南海種植園為客戶舉辦了遊艇博覽會，這確實是一個非常高質量的產品。

And you know I've been in this business for 40 years. And I can tell you that no one feels about as good as Sea Ray does. It's a premium product.

你知道我從事這個行業已有 40 年了。我可以告訴您，沒有人像 Sea Ray 那樣感覺良好。這是一款優質產品。

And for that reason, you know, buyers recognize the brand. It's the number one brand in the United States, and it goes from 20 feet now to 65 feet with the launch in Miami. And so the quality and the support of not only, you know, the Brunswick dealers, but also from the manufacturer is second to none. And so, as such, that is a huge advantage that we have.

出於這個原因，你知道，買家認可這個品牌。它是美國第一品牌，在邁阿密推出後，它的高度從現在的 20 英尺增加到 65 英尺。因此，不僅 Brunswick 經銷商的質量和支持，而且製造商的質量和支持也是首屈一指的。因此，這就是我們擁有的巨大優勢。

So that being said, there is other new products that are coming. And we have wonderful products that are 1, 2, 3, 4, 5 years old as well to sell. So we are going to keep supporting what we are doing there.

話雖這麼說，還有其他新產品即將推出。我們還有 1、2、3、4、5 年的精彩產品可供銷售。因此，我們將繼續支持我們在那裡所做的事情。

Now we also do Azimut, and you know they run from 38 feet all the way up into the hundreds. And we are very excited about that product. And it's Italian and there is -- it's been a very good success for us, especially in the larger products and we are getting the support and everything we need from them as well.

現在我們也做 Azimut，你知道它們的高度從 38 英尺一直到數百英尺。我們對該產品感到非常興奮。這是意大利的——這對我們來說非常成功，特別是在較大的產品方面，我們也從他們那裡得到了支持和我們需要的一切。

So we are very happy with our manufacturers and the brands that we've added, especially in a fishing boat lines. We're doing Sailfish now in a bunch of markets. We're doing Scout and we've got Grady White and Boston Whaler.

因此，我們對我們添加的製造商和品牌非常滿意，特別是在漁船生產線方面。我們現在在很多市場上做旗魚。我們正在做偵察兵，我們有格雷迪·懷特和波士頓捕鯨者。

And you know Boston Whaler continues to be a real star for us, because of the new and innovative products. And that's a perfect example of innovation. I mean the features, and things they've done to those boats continues just to be very, very exciting. And we start seeing the results of it. I hope answered your question there, James.

您知道，由於新的創新產品，波士頓捕鯨船仍然是我們真正的明星。這是創新的完美例子。我的意思是這些功能以及他們對這些船所做的事情仍然非常非常令人興奮。我們開始看到它的結果。我希望能回答你的問題，詹姆斯。

Absolutely, that's very helpful. And then Mike, just a couple housekeeping. You called out last year's March quarter difficult sales comparison, really the last two March quarters.

當然，這非常有幫助。然後邁克，只是做一些家務。您指出去年三月季度的銷售比較困難，實際上是最後兩個三月季度。

When I look back, if I recall correctly, the gross margins were down. SG&A was up. Remind me of the dynamics of that quarter. Were there some higher promotions in that quarter which sort of led to the deterioration of the margins? I know insurance and some of those other items were an issue, but how should I think about the quarter overall from a comparison basis?

當我回想起來時，如果我沒記錯的話，毛利率下降了。SG&A 上漲。讓我想起那個季度的動態。該季度是否有一些較高的促銷活動導致利潤率惡化？我知道保險和其他一些項目是一個問題，但我應該如何從比較的基礎上考慮整個季度？

Yes, if you guys remember last year, I think we called it the tale of two geographies really, the winter in the northern market; really the winter everywhere. But we -- when March started last year, retail just was not happening as a general rule, mostly the north because of weather and the prolonged winter moving right into spring.

是的，如果你們還記得去年，我想我們確實稱之為兩個地域的故事，北方市場的冬天；真是到處都是冬天。但我們——去年三月開始時，零售業一般情況下並沒有發生，主要是在北方，因為天氣原因以及漫長的冬季即將進入春季。

So we got pretty aggressive marketing, which is SG&A dollars. We got aggressive being promotional and so forth, which pumped up the SG&A a little bit, but then we also got aggressive in certain markets to get deals to happen pricewise also. So we had some margin erosion and then we had some increased expenses, kind of a double whammy.

因此，我們進行了相當積極的營銷，即SG&A 美元。我們進行了積極的促銷活動等，這稍微提高了銷售管理費用，但隨後我們也在某些市場上採取了積極的態度，以便在價格上也達成交易。因此，我們的利潤受到了一些侵蝕，然後我們的費用增加了，這是雙重打擊。

Now at the end of the day it drove a lot of business. And actually when you look at the market share data for MarineMax that quarter, we had a phenomenal market share quarter in terms of planting the seed for future trade-ups and future growth. And then we had some of the health insurance increases and all that type of stuff.

現在歸根結底，它帶來了很多業務。實際上，當您查看 MarineMax 該季度的市場份額數據時，我們在為未來的升級和未來增長播下種子方面擁有驚人的市場份額季度。然後我們增加了一些健康保險以及諸如此類的事情。

So, as we look at this quarter, I think we've got the two-year, double-digit same-store sales growth up ahead of us, although we are in a recovering industry. So that's not as concerning as it otherwise would be, because the industry is recovering. I think there's an opportunity for us to do a better job on the expense side of the equation and to get more earnings flowing through from the growth in revenue that we are at least planning to obtain in the quarter.

因此，當我們展望本季度時，我認為儘管我們正處於復甦的行業，但我們的同店銷售額將實現兩年兩位數的增長。因此，這並不像其他情況那樣令人擔憂，因為該行業正在復蘇。我認為我們有機會在費用方面做得更好，並從我們至少計劃在本季度獲得的收入增長中獲得更多收益。

And if the margin trends continue that we've seen really since the June quarter, I think we have an opportunity to even expand our margins in the March quarter.

如果自六月季度以來的利潤率趨勢繼續下去，我認為我們甚至有機會在三月季度擴大利潤率。

Got it, thanks guys.

明白了，謝謝大家。

Mike Swartz, SunTrust.

邁克·斯沃茨 (Mike Swartz)，SunTrust。

Just wanted to touch on it -- I know in the past several quarters you have kind of had a headwind in terms of some discontinued product that was being removed from essentially the market. And you didn't have product to kind of fill in, so that had been a drag to same-store sales. I mean is that still going on? And if so what's the magnitude of that right now?

只是想談談它 - 我知道在過去的幾個季度中，您在一些已停產的產品方面遇到了阻力，這些產品基本上已從市場上移除。而且你沒有產品可以填補，所以這拖累了同店銷售。我的意思是這種情況還在繼續嗎？如果是的話，現在的規模有多大？

You're talking about there has been some models that some of our core suppliers just stop building quite frankly. And it's a bigger issue from a unit perspective than it really is from a revenue perspective.

你說的是我們的一些核心供應商坦率地停止了某些模型的生產。從單位角度來看，這是一個比從收入角度來看更大的問題。

It -- yes, it probably has impacted our topline, but I think the strength of the bigger boats would be -- I'd say it's not fair to say more than offsetting it, but certainly has assisted the Company through that period. And the models that were discontinued by and large are coming back this summer. So we won't have them for the March quarter or really for the June quarter. We will start having the product again in the September quarter.

它——是的，它可能影響了我們的營收，但我認為更大的船的力量——我想說，說超過抵消它是不公平的，但肯定在這段時期幫助了公司。大部分停產的型號將於今年夏天回歸。因此，我們不會在三月季度或六月季度提供它們。我們將在九月季度再次開始提供該產品。

Okay, that's helpful. And then just touching on the vacation, the charters business, I guess in 2013 that was kind of a negative in terms of profitability as you ramped up and built the boats. So I'm guessing or wondering, as going into 2014, how do you look at that from both a contribution of topline or margin, or however I guess you're looking at it internally?

好的，這很有幫助。然後就談到假期、包租業務，我想在 2013 年，當你加大力度建造船隻時，這對盈利能力來說是一種負面影響。所以我猜測或想知道，進入 2014 年，您如何從營收或利潤的貢獻來看待這一點，或者我猜您是在內部看待它？

The topline is -- it's a growing business. We're $585 million last year and growing. So I think in terms of our topline, it's probably not a real material part of the business even in 2014. You know we will probably start talking about it more as the year is ending. But it's not going to be a very meaningful part -- it's not going to be a real material part of the top line.

最重要的是——這是一項不斷增長的業務。去年我們的營收為 5.85 億美元，並且還在不斷增長。因此，我認為就我們的營收而言，即使在 2014 年，它也可能不是業務的真正實質性部分。你知道，隨著今年的結束，我們可能會開始更多地談論它。但這不會是一個非常有意義的部分——它不會成為營收的真正實質性部分。

Bottom line last year we did lose money. We're projecting this year to make money in the business, a little bit of money, close to breakeven but positive. As we said in the prepared remarks, the charters are going really pretty well, and we are expecting sales of the products to follow after people have been introduced to the business and understand the brand and all that stuff.

總而言之，去年我們確實虧損了。我們預計今年業務會賺錢，一點點，接近收支平衡，但盈利。正如我們在準備好的發言中所說，特許經營進展得非常順利，我們預計在人們了解該業務並了解該品牌和所有其他內容後，產品的銷售將會隨之而來。

Mike, we had to build the business and get the fleet of size enough to really justify the operation down in the BBIs. So that's what we were doing last year and that's what we're even continuing to do right now for a while. The boats are coming, and as Mike said, the charters are going very, very well.

邁克，我們必須建立業務並擁有足夠規模的車隊，以真正證明在 BBI 中的運營是合理的。這就是我們去年所做的事情，也是我們現在仍在繼續做的事情一段時間。船即將到來，正如邁克所說，包機進展得非常非常順利。

We couldn't -- we are very pleased with the response from the customers and many of those customers are our own customers that we sold boats to. And we are doing some of our getaway trips down there as well with our customers during the winter months. So we are very pleased there.

我們不能——我們對客戶的反應非常滿意，其中許多客戶都是我們向其出售船隻的客戶。在冬季，我們也會與客戶一起在那裡進行一些度假旅行。所以我們對那裡感到非常滿意。

But one of the things that's a little challenging is, you know, if you were going to purchase about to put into our fleet yourself, for your family, and put your name of choice on the back and we are going to maintain it, and we are going to basically make your payments for you for that five years, you're first going to charter. And so that's been probably the biggest challenge is that people say wow, I'm very interested; I love the boats. We're going to have a 48-foot private version at Miami, which we believe is a good market for here in the states for private individuals.

但其中一件有點挑戰性的事情是，你知道，如果你打算自己購買，為你的家人放入我們的機隊，並將你選擇的名字寫在背面，我們將對其進行維護，並且我們基本上會為您支付這五年的費用，您首先要包機。所以這可能是最大的挑戰，人們會說哇，我很感興趣；我喜歡這些船。我們將在邁阿密擁有一個 48 英尺的私人版本，我們相信這對於美國的個人來說是一個很好的市場。

And then we've got a new 44'3" cabin that the first one is off the ship and is going to be in the Miami boat show as well. And those, so we've got a lot of interest. We've got a lot of people that are saying I want to do it, but you know I need to get down there and experience it.

然後我們有一個新的 44'3" 船艙，第一艘已經下船，也將參加邁阿密遊艇展。這些，所以我們很感興趣。很多人都說我想這麼做，但你知道我需要去那裡體驗一下。

So I think it will continue to grow. But to Mike's point, I don't think it will be a meaningful contribution to revenues or to bottom line this year. And as he said, where focused on making sure we make a little bit of money on it rather than losing some money like we did last year as we invested in the business.

所以我認為它會繼續增長。但就邁克的觀點而言，我認為這不會對今年的收入或利潤產生有意義的貢獻。正如他所說，我們的重點是確保我們能賺一點錢，而不是像去年投資這項業務時那樣損失一些錢。

Okay great, that's helpful. And then if I could just follow up with one more. You made some comments about just in terms of some of these new products coming to market, just the margin profile is more favorable. And I'm just wondering does that have more to do with your new One Price strategy or is there something just structurally different about these boats that allows you to get more margin on them?

好的，太好了，很有幫助。然後我是否可以再跟進一個。您對即將上市的一些新產品發表了一些評論，只是利潤狀況更加有利。我只是想知道這是否與您的新“同價”策略有更多關係，或者這些船在結構上是否有什麼不同，可以讓您獲得更多利潤？

Well, it's a combination of both, Mike. Excitement usually means more margin. And also with the One Price, you get people out of negotiating. And the interesting thing, and I think I've said this previously, so bear with me just a minute.

嗯，這是兩者的結合，邁克。興奮通常意味著更多的利潤。而且通過“同一個價格”，你可以讓人們不再談判。有趣的是，我想我之前已經說過了，所以請耐心等待。

We did some consumer focus groups and studies, and we asked consumers do you want to negotiate. And if you ask somebody that question they'll say, yes, I want to negotiate. But then when you drill into if they really don't want to. What they want to do is just get your best price.

我們做了一些消費者焦點小組和研究，我們詢問消費者是否願意進行談判。如果你問別人這個問題，他們會說，是的，我想談判。但當你深入探究他們是否真的不想這樣做時。他們想要做的只是獲得最優惠的價格。

And so our team is focused on that is our best price. And our sales team knows it and we relate that to the customer as we go through the process. And if you've done your homework right, and you've created the excitement and you've created the relationship with that customer, then it's not about price and it's more about the experience of ownership and what we do to contribute to that.

因此，我們的團隊專注於我們的最優惠價格。我們的銷售團隊知道這一點，並且在整個流程中我們將這一點與客戶聯繫起來。如果你做好了功課，創造了興奮感，並與客戶建立了關係，那麼價格就不再是問題，而更多的是所有權體驗以及我們為此做出的貢獻。

But new products, when they're in demand -- take the 350SLX that we've talked a lot about this morning or our -- we can't get them. We've got a bunch of them sold. So it's going to be a while to get them. So it will command greater margins than products we have in stock, as an example.

但是新產品，當它們有需求時——以我們今天早上討論過的 350SLX 為例——我們卻買不到它們。我們已經賣了一堆了。所以需要一段時間才能得到它們。因此，舉例來說，它將比我們的庫存產品獲得更高的利潤。

And we price accordingly with our One Price. So we're anticipating margins to continue to get a little better as we work our way through it. But as we said, to get this thing going and get our customers -- I mean our team members focused away from price and more on the experience, which is really what it's all about, we've had to pay extra expense on commissions to do that.

我們以“單一價格”進行相應定價。因此，我們預計隨著我們的努力，利潤率將繼續提高。但正如我們所說，為了讓這件事繼續下去並吸引我們的客戶——我的意思是我們的團隊成員不再關注價格，而是更多地關注體驗，這才是真正的重點，我們必須支付額外的佣金費用去做。

Okay great, thanks for the color.

好的，太好了，謝謝你的顏色。

Greg McKinley, Doherty and Company.

格雷格·麥金利，多爾蒂公司。

Thank you. Guys, I just had a couple of questions on understanding the numbers little bit better. So this might sound a little simple, but why would revenues grow at a higher rate than same-store sales given no change in store count?

謝謝。伙計們，我只是有幾個關於更好地理解數字的問題。這聽起來可能有點簡單，但在商店數量沒有變化的情況下，為什麼收入增長速度會高於同店銷售額呢？

It has to do with the timing of what's been opened and closed year-over-year. And I'd have to go back and look to the store count role. But we have stores that are not in the mix. That's all.

這與逐年開放和關閉的時間有關。我必須回去看看商店計數的角色。但我們有一些商店不在其中。就這樣。

Okay.

好的。

Greg, I can look through more detail and (multiple speakers)

格雷格，我可以查看更多細節並且（多個發言者）

That's fine, I wasn't sure there was any -- I wasn't aware that there were stores that weren't in the comp base. Okay, that makes sense.

沒關係，我不確定是否有 - 我不知道有些商店不在補償基地中。好吧，這是有道理的。

Like I'll give you an example. So we bought the two -- Daytona and Orlando last year, we bought that March 1. That would not be in the same-store sales count, which we must've closed two small stores sometime during the last 12 month which I'm sure we did. I just don't remember which quarters they were to tell you exactly which ones.

就像我給你舉個例子。所以我們去年買了這兩個——代托納和奧蘭多，我們是在3 月1 日買的。這不會計入同店銷售數量，我們一定在過去12 個月的某個時候關閉了兩家小商店，我認為當然我們做到了。我只是不記得他們要告訴你具體是哪個宿捨了。

Okay yes, that's fine. And then on accrued expenses, those look like they were just a lot lower sequentially or a lot lower than they had been. Anything notable there?

好的，是的，沒關係。然後就應計費用而言，這些費用看起來只是比上一季度低很多，或者比以前低很多。那裡有什麼值得注意的地方嗎？

Timing of payroll accrual, which can be very meaningful, is probably the single biggest item, as well as some insurance payables. A lot of it's just the timing of when those items were paid this year versus last, and when payroll fell are the biggest items that were in there that changed year-over-year.

工資應計時間可能非常有意義，可能是最大的一個項目，以及一些保險應付賬款。其中很多只是今年與去年相比這些項目支付的時間，以及工資下降的時間是其中同比變化最大的項目。

Okay. And then I guess just getting back to a topic you guys addressed earlier and that is the variability of operating expenses as you ramp revenues and gross profits in the business. I guess I've looked at it a couple of different ways. How are those revenues -- how are those expenses varying with revenue growth? And then how are those expenses behaving seasonally as the year progresses?

好的。然後我想回到你們之前提到的一個話題，那就是隨著業務收入和毛利潤的增加，運營費用的變化。我想我已經用幾種不同的方式來看待它。這些收入如何——這些支出隨收入增長有何變化？那麼隨著時間的推移，這些支出的季節性表現如何？

I sense from -- there's been high variability in those expenses last couple of quarters. So, maybe profit delivery, even with the strong revenue growth, profit delivery hasn't been as strong. My sense, though, is that there may be an opportunity for that to change just given your comments and maybe some more -- call it easier comparisons if you will. Can you address or should we expect changing cadence of the way those expenses are growing as seasonality -- seasonal sales ramp this year?

我感覺過去幾個季度這些支出的變化很大。因此，也許利潤交付，即使收入增長強勁，利潤交付也沒有那麼強勁。不過，我的感覺是，只要考慮到您的評論，也許還有更多的評論，這種情況可能就有機會改變——如果您願意的話，可以稱之為更容易的比較。您能否解決或者我們是否應該預期這些費用隨著季節性——今年季節性銷售的增加而增長的節奏會發生變化？

The answer is that we should as -- once you get through like a breakeven level covering your costs and then start meaningfully adding revenue, our expenses, we ought to get considerable leverage back in the business. Last year when we did not in the March quarter it was due to some specific items: health insurance, some marketing, some other items. Health insurance and some other continued throughout last year.

答案是，我們應該——一旦你達到了收支平衡水平，覆蓋了你的成本，然後開始有意義地增加收入和我們的開支，我們應該在業務中獲得相當大的影響力。去年，當我們在三月份季度沒有這樣做時，這是由於一些特定項目：健康保險、一些營銷、一些其他項目。健康保險和其他一些保險在去年持續進行。

And today sitting here, we don't know for sure what health insurance is going to play out. We're in a new year. The actuaries have looked at things. Again, last year they say it was an abnormality. Things look a lot better projected for the current year.

今天坐在這裡，我們不確定健康保險會發揮什麼作用。我們迎來了新的一年。精算師已經研究過了。去年他們再次表示這是一種異常情況。今年的情況看起來要好得多。

We're three weeks into the new year, so time will tell. But historically, the Company just as a rule of thumb for every dollar of revenue that we would add beyond breakeven, $0.15 or really more would drop to the bottom line and that did not happen last year. It happened reasonably well in 2012 but not in 2013.

新年已經過去三週了，所以時間會證明一切。但從歷史上看，根據經驗，公司在盈虧平衡點之外增加每一美元的收入，0.15 美元或更多的收入都會下降到底線，而去年這種情況並沒有發生。2012 年的情況還算順利，但 2013 年則不然。

I think we had one quarter where we had 22% flow through I think in the September quarter which was, again, we had some improvements in expenses versus increases in expenses. So we're very focused and bent, if you will, on getting the Company's traditional flow-through back in place, and pretty confident it will get there with the one caveat being health insurance.

我認為我們有一個季度的流量為 22%，我認為在 9 月份的季度，我們的支出與支出的增加相比有了一些改善。因此，如果你願意的話，我們非常專注並致力於讓公司的傳統流程恢復到位，並且非常有信心它將實現這一目標，但需要注意的是健康保險。

But again, we've started a new year and the actuaries are telling us things should be okay this year. So time will tell.

但我們又開始了新的一年，精算師告訴我們今年的情況應該會好起來。所以時間會證明一切。

Yes, okay. All right, thank you guys.

是的，好的。好的，謝謝大家。

Jimmy Baker, B. Riley and Company.

吉米·貝克 (Jimmy Baker)、B·萊利 (B. Riley) 及其公司。

Thanks for the follow-up. I just wanted to get a little bit of clarification on the new versus used mix heading into 2014 here. If I dig through the 10-K you filed last month, you showed really strong used boat sales growth, actually much stronger than the new boat sales growth. I don't know -- I mean I know you don't break that out on a quarter to quarter basis. But, how should we expect your used boat sales to track relative to new in 2014 given that's largely a trade-in driven business for you?

感謝您的跟進。我只是想在這裡澄清一下 2014 年新舊混合的情況。如果我仔細研究一下您上個月提交的 10-K，您會發現二手船銷售增長非常強勁，實際上比新船銷售增長強勁得多。我不知道——我的意思是我知道你不會按季度進行統計。但是，考慮到您的二手船銷售在很大程度上是由以舊換新驅動的業務，我們應該如何預期 2014 年您的二手船銷售相對於新船的走勢呢？

I think it's going to be about the same percentage of our business as it always is. I think as sales ramp, right, so that you taking on more trade, so like technically the sales were ramping in 2012, we were taking trades that sold 2013 and then sales ramped in 2013 we were selling those. So you kind of get a compounding going on, which is going to continue to happen as we move through this recovery.

我認為它在我們業務中所佔的比例將與以往一樣。我認為隨著銷售量的增加，對吧，這樣你就可以進行更多的貿易，所以從技術上講，2012 年的銷售量在增加，我們進行了2013 年銷售的交易，然後在2013 年銷售量增加了，我們又出售了這些。因此，你會看到復利的發生，隨著我們經歷這次復蘇，這種情況將繼續發生。

When you're a dealer, you just take trades. And roughly the boats you take a trade on really don't change much from year to year and what percentage of new sales as a trade don't change that much year-to-year. And so on a prolonged basis, your used revenue is typically about the same percentage of your overall revenue. Except for in a recovering market like we have now, it should keep growing.

當您是經銷商時，您只需進行交易。粗略地說，您進行交易的船隻每年實際上並沒有太大變化，並且作為交易的新銷售百分比每年也沒有太大變化。因此，從長遠來看，您的已用收入通常與總收入的百分比大致相同。除了像我們現在這樣正在復甦的市場之外，它應該會繼續增長。

But what's good about the times right now, Jimmy, is that it's easier to take those trades because the value of used boats has improved for two reasons. One is there's not repos and that type of thing going on, and dealer failures that are flooding the market that we had way back when. And also the fact that, you know, there weren't that many new boats sold over the last six years or so. So that's encouraging.

但吉米，現在的好處是，進行這些交易更容易，因為二手船的價值因兩個原因而提高。一是沒有回購協議之類的事情正在發生，經銷商倒閉充斥著市場，就像我們很久以前就有的那樣。還有一個事實是，你知道，在過去六年左右的時間裡，並沒有售出那麼多新船。所以這是令人鼓舞的。

Okay, thanks. And just lastly, are you taking deposits yet on the 580 or 650? And when would you expect to be actually delivering those new offerings?

好的謝謝。最後，您是否在 580 或 650 上接受存款？您預計什麼時候真正交付這些新產品？

We are in the sales process of selling the boats right now. As an example in the 650 we had a customer over a couple of days ago to look at one. So we are taking orders. But the 650 is out there a bit before will be delivering it. And it will be towards the latter part of this fiscal year before we get the first one.

我們現在正處於出售船隻的銷售過程中。以 650 為例，幾天前我們有一位客戶查看了其中一款。所以我們正在接受訂單。但 650 早在交付之前就已經上市了。我們將在本財年下半年獲得第一個。

And sorry; the 580?

對不起; 580？

The 580 really comes after that. But the answer is yes. We have interest from customers and are showing the boats and taking deposits on the boats.

580 確實是在那之後出現的。但答案是肯定的。我們引起了客戶的興趣，正在展示船隻並收取船隻押金。

Okay, thanks very much.

好的，非常感謝。

And that does conclude today's question-and-answer session. I will now turn the call back to Mr. Bill McGill for any additional or closing remarks.

今天的問答環節到此結束。我現在將把電話轉回給比爾·麥吉爾先生，請他發表補充或結束語。

In closing I'd like to thank all of you for your continued interest and support in MarineMax. And Mike and I are available today if you have any questions, and then we are off to boat shows and events to keep making it happen. Thank you.

最後，我要感謝大家對 MarineMax 的持續關注和支持。如果您有任何疑問，邁克和我今天可以為您服務，然後我們將前往遊艇展和活動，以繼續實現這一目標。謝謝。

And that concludes today's conference call. Thank you for your participation.

今天的電話會議到此結束。感謝您的參與。