MarineMax Inc (HZO) 2024 Q1 法說會逐字稿

Good morning. Welcome to MarineMax, Inc. Fiscal 2024 First Quarter Conference Call. Today's call is being recorded. (Operator Instructions).

早安.歡迎參加 MarineMax, Inc. 2024 財年第一季電話會議。今天的通話正在錄音。 （操作員說明）。

At this time, I would like to turn the call over to Scott Solomon of the company's Investor Relations firm, Sharon Merrill. Please go ahead, sir.

現在，我想將電話轉交給公司投資人關係公司 Sharon Merrill 的 Scott Solomon。請繼續，先生。

Good morning, and thank you for joining us. Hosting today's call are Brett McGill, MarineMax's President and Chief Executive Officer; and Mike McLamb, the company's Chief Financial Officer. Brett will begin the call by discussing MarineMax's operating highlights. Mike will review the financial results, and then management will be happy to take your questions. The earnings release and supplemental presentation can be found at investor.marinemax.com.

早安，感謝您加入我們。主持今天電話會議的是 MarineMax 總裁兼執行長 Brett McGill；和公司財務長麥克蘭姆(Mike McLamb)。 Brett 將首先討論 MarineMax 的營運亮點。麥克將審查財務結果，然後管理層將很樂意回答您的問題。收益發布和補充說明可在 Investor.marinemax.com 上找到。

With that, I'll turn the call over to Mike.

這樣，我會將電話轉給麥克。

Thank you, Scott. Good morning, everyone, and thank you for joining this call. I'd like to start by reminding you that certain of our comments are forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Any forward-looking statements speak only as of today. These statements involve risks and uncertainties that could cause actual results to differ materially from expectations. These risks include, but are not limited to, the impact of seasonality and weather, global 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，斯科特。大家早安，感謝您參加本次通話。首先，我想提醒您，我們的某些評論屬於 1995 年《私人證券訴訟改革法案》所定義的前瞻性陳述。這些陳述涉及風險和不確定性，可能導致實際結果與預期有重大差異。這些風險包括但不限於季節性和天氣的影響、全球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在 10-K 表格中確定的許多其他因素以及向美國證券交易委員會提交的其他文件。

Also on today's call, we will make comments referring to non-GAAP financial measures. We believe that the inclusion of these financial measures helps investors gaining a meaningful understanding of the changes in the company's core operating results. These metrics can also help investors who wish to make comparisons between MarineMax and other companies on both a GAAP and a non-GAAP basis. A reconciliation of non-GAAP financial measures to the most directly comparable GAAP measures is available in today's earnings release.

同樣在今天的電話會議上，我們也將就非公認會計準則財務指標發表評論。我們認為，納入這些財務指標有助於投資人對公司核心經營績效的變化有有意義的了解。這些指標還可以幫助那些希望在 GAAP 和非 GAAP 基礎上對 MarineMax 和其他公司進行比較的投資者。在今天的收益報告中提供了非公認會計準則財務指標與最直接可比較的公認會計準則財務指標的調整表。

With that, let me turn the call over to Brett. Brett?

接下來，讓我把電話轉給布雷特。布雷特？

Thank you, Mike. Good morning, everyone, and thanks for joining us. I'll start by recognizing the hard work of the outstanding MarineMax team. Despite a challenging retail environment, the team's dedication and resilience contributed to a very strong close to the first quarter and record revenue of more than $527 million. The December quarter is seasonally the smallest quarter of the year for us and for the industry. October finished a bit softer than expected, followed by even greater retail challenges in November. This was especially true for fiberglass boats of virtually all sizes as reflected in the industry data.

謝謝你，麥克。大家早安，感謝您加入我們。首先，我要對傑出的 MarineMax 團隊的辛勤工作表示認可。儘管零售環境充滿挑戰，但團隊的奉獻精神和韌性為第一季的強勁業績和超過 5.27 億美元的創紀錄收入做出了貢獻。對我們和整個產業來說，12 月季度是一年中季節性最小的季度。 10 月的收盤略低於預期，隨後 11 月零售業面臨更大挑戰。正如行業數據所反映的，對於幾乎所有尺寸的玻璃纖維船來說尤其如此。

Creating the urgency to contract and close a purchase grew more challenging as the quarter evolved. We proactively created a sense of urgency by increasing the level of discounting on certain models. While these pricing incentives were successful in driving record revenue in December and in the quarter, they also resulted in lower gross margins and profit. A primary reason was that in many cases, we moved faster than our manufacturing partners and before receiving a broader level of incentive support. We did so to get ahead of the early boat shows in the spring selling season and to drive inventory to a more balanced position. Our actions improved our inventory, created more liquidity for growth and allowed us to grow our customer base and market share ahead of the Boat Show season.

隨著本季的發展，創造簽訂合約和完成採購的緊迫性變得越來越具有挑戰性。我們透過提高某些型號的折扣等級來主動營造緊迫感。雖然這些定價激勵措施成功推動了 12 月和本季的創紀錄收入，但也導致毛利率和利潤下降。主要原因是，在許多情況下，我們比製造合作夥伴行動得更快，而且還沒有獲得更廣泛的激勵支持。我們這樣做是為了趕在春季銷售季節的早期船展之前，並使庫存達到更平衡的狀態。我們的行動改善了我們的庫存，為成長創造了更多的流動性，並使我們能夠在遊艇展季節之前擴大我們的客戶群和市場份額。

Today, most of the manufacturers have adjusted their incentive programs. They are supporting the retail channel with seasonal marketing programs, including participation and support at the major boat shows. On the expense side, we're making progress in capturing additional cost synergies from acquisitions made over the past few years. We've also reduced resources, including team members in manufacturing and certain other areas of the business that do not directly impact the customer experience. Although our core operating expense profile is improving, we did incur increases in a few items like health insurance, which Mike will discuss.

如今，大多數製造商都調整了激勵計劃。他們透過季節性行銷計劃支持零售管道，包括參與和支持主要船舶展。在費用方面，我們在從過去幾年的收購中獲取額外的成本協同效應方面取得了進展。我們也減少了資源，包括製造領域和其他某些不直接影響客戶體驗的業務領域的團隊成員。儘管我們的核心營運費用狀況正在改善，但我們確實在一些項目上增加了費用，例如健康保險，麥克將對此進行討論。

Although boat margins adversely impact our overall results, our other businesses continued to perform relatively well, allowing gross margins to remain well above average on a historical basis. IGY saw a solid start on the Caribbean yachting season. Our super yacht operations, Fraser Northrop & Johnson performed on target. And although Intrepid and Cruisers Yachts are not immune to the short-term challenges facing the industry, those experienced teams are taking appropriate action to help ensure supply and production are aligned with demand. Additionally, both organizations continue to invest in new product development.

儘管船舶利潤率對我們的整體業績產生不利影響，但我們的其他業務繼續表現相對較好，使得毛利率保持在歷史基礎上遠高於平均水平。 IGY 在加勒比海遊艇季取得了良好的開局。我們的超級遊艇營運公司 Fraser Northrop & Johnson 實現了目標。儘管 Intrepid 和 Cruisers Yachts 無法免受行業面臨的短期挑戰的影響，但這些經驗豐富的團隊正在採取適當的行動，以幫助確保供應和生產與需求保持一致。 此外，兩個組織都繼續投資於新產品開發。

This month, we announced the planned acquisition of Williams Tenders USA. Williams is the sole distributor in the United States and the Caribbean for the leading brand of rigid inflatable jet tenders for the luxury yacht market. This transaction is consistent with a key component of our growth strategy to acquire high-quality businesses that improve our margin profile and deepen our customer relationships. Williams Jet Tenders are currently marketed in 20 locations across the United States. Over time, there is ample opportunity to increase the reach of the product and grow its revenue while staying true to the high level of service and experiences its customer base is accustomed to. The growth of the yacht and luxury yacht markets is a positive for our business and Williams is perfectly positioned to capitalize on such growth as well. We are looking forward to welcoming the Williams team to our operation once the transaction is completed.

本月，我們宣布計劃收購 Williams Tenders USA。威廉斯是豪華遊艇市場領先品牌的剛性充氣噴射小艇在美國和加勒比地區的獨家經銷商。這項交易符合我們成長策略的關鍵組成部分，即收購高品質的業務，從而改善我們的利潤狀況並加深我們的客戶關係。 Williams Jet Tenders 目前在美國 20 個地點銷售。隨著時間的推移，有足夠的機會擴大產品的覆蓋範圍並增加收入，同時保持客戶群習慣的高水準服務和體驗。遊艇和豪華遊艇市場的成長對我們的業務來說是積極的，威廉斯也完全有能力利用這種成長。交易完成後，我們期待威廉斯團隊加入我們的營運。

I am also pleased to announce that we have launched a marine service technician apprenticeship program in Florida, which is an expansion of a program we started many years ago. Through this initiative, we hope to improve marine industry skill development and provide valuable opportunities for aspiring technician. We're grateful to the Florida Department of Education, which provided an initial grant to support the implementation of this program.

我還很高興地宣布，我們在佛羅裡達州啟動了海洋服務技術員學徒計劃，這是我們多年前啟動的計劃的擴展。透過這項舉措，我們希望提高海洋產業的技能發展，並為有抱負的技術人員提供寶貴的機會。我們感謝佛羅裡達州教育部提供了初始補助金來支持該計劃的實施。

With weaker-than-expected retail activity, the focus on the digital investments we've made over the past few years, including world-class marketing tools as well as Boatyard and Boatzon enabled our successful push in the smallest month of the year, December. We believe that our investments will continue to allow us to take market share as we advance through the rest of this year. Our team continues to do an outstanding job keeping our customers happy. We have sold and delivered many thousands of boats over the years, and our team continues to rise to the challenge of providing excellent customer service.

由於零售活動弱於預期，我們對過去幾年進行的數位投資（包括世界一流的行銷工具以及 Boatyard 和 Boatzon）的關注使我們能夠在一年中最小的月份（12 月）取得成功。我們相信，隨著今年剩餘時間的推進，我們的投資將繼續讓我們佔據市場份額。我們的團隊繼續出色地工作，讓我們的客戶滿意。多年來，我們已銷售和交付了數千艘船隻，我們的團隊不斷迎接提供卓越客戶服務的挑戰。

Measured through Net Promoter Score, our customer surveys continue to produce record results. It's the proactive nature of the team and the culture at MarineMax, which allows us to win in the marketplace today and in the future. We will continue to invest in excellent customer service, which is the key to long-term growth.

透過淨推薦值衡量，我們的客戶調查持續產生創紀錄的結果。 MarineMax 團隊的積極主動性和文化使我們能夠在今天和未來的市場中獲勝。我們將繼續投資於卓越的客戶服務，這是長期成長的關鍵。

And with that, I'll turn the call over to Mike for a financial recap. Mike?

接下來，我會將電話轉給麥克，以進行財務回顧。麥克風？

Thank you, Brett. Before we discuss the financial details, I also want to thank our team, their hard work and commitment to help drive a strong close to the quarter. The quarter appeared to start on track but grew more sluggish for certain segments of the industry. We reached out to our various manufacturing partners about launching or enhancing more targeted and, in some cases, larger incentives to help stimulate more urgency and reasons to buy. As they work to develop their plans, we launched our own initiatives, which were quite successful in driving sales and reducing select inventory where desired.

謝謝你，布雷特。在我們討論財務細節之前，我還要感謝我們的團隊，感謝他們的辛勤工作和承諾，幫助推動本季的強勁業績。本季似乎開始步入正軌，但該行業的某些領域的成長更加緩慢。我們與各個製造合作夥伴聯繫，推出或加強更有針對性、在某些情況下更大的激勵措施，以幫助激發更多的緊迫感和購買理由。當他們努力製定計劃時，我們推出了自己的舉措，這些舉措在推動銷售和根據需要減少精選庫存方面非常成功。

Overall, we grew revenue 4% to $527 million, primarily from same-store sales growth. Our same-store sales growth was driven by a modest increase in units and the rest by an increase in our average unit selling price. We drove strong performance in both new and used boat sales right through the New Year's holiday, which is unusual, normally between seasonality and vacations, business drops off around the holidays. Gross profit was $175 million and gross margin was 33.3%. While we expected it would be down year-over-year, our actions to stimulate demand resulted in a larger decline. As Brett noted, most, if not all manufacturers have now increased our implemented programs for the boat show season.

整體而言，我們的營收成長了 4%，達到 5.27 億美元，主要來自同店銷售成長。我們的同店銷售成長是由銷售的小幅成長所推動的，其餘則是由平均單位售價的成長所推動的。在整個新年假期期間，我們的新船和二手船銷售都表現強勁，這很不尋常，通常在季節性和假期之間，假期前後業務會下降。 毛利為1.75億美元，毛利率為33.3%。雖然我們預計會同比下降，但我們刺激需求的行動導致了更大的下降。正如布雷特指出的那樣，大多數（如果不是全部）製造商現在都增加了我們為船展季節實施的計劃。

SG&A expenses remained flat as a percentage of revenue. But when adding back unusual items noted in the reconciliation of adjusted net income, SG&A was modestly elevated. For the second consecutive quarter, the largest outlier was our health care costs, which were unusually high of over $3 million. Like most companies, we are self-insured, and we have had a number of unfortunate claims. The last time we had a spike of this magnitude occurred about 7 years ago, and as it did then, we expect this unusual spike to subside.

SG&A 費用佔收入的百分比保持不變。但當加回調整後淨利潤調節表中註明的異常項目時，SG&A 略有上升。連續第二個季度，最大的異常值是我們的醫療保健費用，該費用異常高，超過 300 萬美元。與大多數公司一樣，我們有自我保險，並且發生過許多不幸的索賠。上次出現如此大規模的高峰發生在大約 7 年前，正如當時的情況一樣，我們預計這次不尋常的高峰將會消退。

As Brett discussed, our focused centers on capturing additional synergies and enhancing the earnings potential embedded in the acquisitions we have completed over the past several years. One area of synergy is SG&A, where we believe we can generate further cost savings in areas that do not compromise the customer experience. Primarily, we are focused on streamlining and reducing the redundancy which can occur through mergers in areas such as accounting, payroll, vendor consolidation and other back-office activities. Our actions take some time to implement, but we are making great progress and are already seeing some of the early benefits.

正如布雷特所討論的，我們的重點是捕捉額外的協同效應並提高我們在過去幾年完成的收購中所蘊含的獲利潛力。 SG＆A 是協同領域之一，我們相信我們可以在不影響客戶體驗的情況下進一步節省成本。我們主要致力於精簡和減少會計、工資、供應商整合和其他後台活動等領域的合併可能出現的冗餘。我們的行動需要一些時間來實施，但我們正在取得巨大進展，並且已經看到了一些早期的好處。

Beyond SG&A, we are all developing processes to better able to sharing of best practices and information, which we believe will drive better overall performance. Interest expense increased primarily due to higher inventory, especially earlier in the quarter. Our floor plan interest in the quarter was over $10 million versus about $3 million last year. On the bottom line, GAAP net income was about $1 million or $0.04 per diluted share compared with net income of $20 million or $0.89 per diluted share last year. Adjusted net income was over $4 million or $0.19 per diluted share compared with adjusted net income of $27 million or $1.24 per diluted share last year. The year-over-year decline is primarily due to lower gross profit and higher floorplan interest expense.

除了 SG&A 之外，我們都在開發流程，以便更好地共享最佳實踐和訊息，我們相信這將推動更好的整體績效。利息支出增加主要是由於庫存增加，特別是在本季早些時候。我們本季的平面圖利息超過 1000 萬美元，而去年約為 300 萬美元。總體而言，GAAP 淨利潤約為 100 萬美元，即稀釋後每股收益 0.04 美元，而去年淨利潤為 2,000 萬美元，即稀釋後每股收益 0.89 美元。調整後淨利超過 400 萬美元，即稀釋後每股收益 0.19 美元，而去年調整後淨利為 2,700 萬美元，即稀釋後每股收益 1.24 美元。年比下降主要是由於毛利下降和平面圖利息支出增加。

Adjusted EBITDA for the quarter was about $27 million compared with $53 million last year. Moving on to the balance sheet, we ended the quarter with more than $210 million in cash. Inventories increased to $876 million, which, as expected, was up modestly from September. On a same-store basis, unit inventories are over 20% below 2019 levels. Looking at liabilities, our short-term borrowings, which is our floor plan financing, were up primarily due to increased inventories and the timing of payments. Customer deposits modestly decreased from the September quarter as expected, but on a historical basis, customer deposits remain in a good position as we head into the seasonal selling period. Our liquidity position remains strong. At quarter end, debt to EBITDA net of cash was less than 1, and we have additional liquidity in the form of unlevered inventory plus available lines of credit that totaled close to $200 million.

本季調整後 EBITDA 約 2,700 萬美元，而去年為 5,300 萬美元。轉向資產負債表，本季末我們的現金超過 2.1 億美元。庫存增加至 8.76 億美元，正如預期的那樣，比 9 月小幅增長。以同店計算，單位庫存比 2019 年水準低 20% 以上。就負債而言，我們的短期借款（即我們的平面圖融資）增加主要是由於庫存增加和付款時間表。正如預期的那樣，客戶存款較 9 月季度略有下降，但從歷史來看，隨著我們進入季節性銷售期，客戶存款仍處於良好狀態。我們的流動性狀況依然強勁。截至季末，扣除現金後的 EBITDA 債務低於 1，且我們以無槓桿庫存加上可用信貸額度的形式擁有額外的流動性，總計接近 2 億美元。

Turning to guidance based on our year-to-date results, we are adjusting our 2024 guidance. I will comment first on our thoughts regarding industry unit trends for our fiscal year. Consistent with our commentary last quarter, the year-over-year unit trends are relatively easy comparisons in terms of the industry's ability to post either unit growth or a minimal decline. Granted the consumer is making it clear that incentives and urgency help to facilitate retail activity similar to historical years, especially when the industry inventory is elevated for many segments. Assuming no significant economic downturn, but also no major improvements, we continue to believe the industry will be flattish to up slightly on a unit basis in our fiscal year.

根據我們今年迄今的業績指引，我們正在調整 2024 年的指引。我將首先評論我們對本財年行業單位趨勢的看法。與我們上季度的評論一致，就行業實現單位成長或最小下降的能力而言，同比單位趨勢相對容易進行比較。假設消費者明確表示，激勵措施和緊迫性有助於促進類似於歷史年份的零售活動，特別是當許多細分市場的行業庫存增加時。假設經濟沒有顯著下滑，但也沒有重大改善，我們仍然認為本財年該行業的單位數量將持平或小幅增長。

Based on our industry unit expectation and our results to date, we continue to expect low to mid-single-digit same-store sales growth in 2024. We are seeing increased discounting in the industry and the industry product margins are moderating to prepandemic levels. While our profitability was below our expectations this quarter, we continued to reach the long-term benefits of our higher-margin strategy and are confident in our ability to maintain consolidated margins in the low to mid-30s.

根據我們的產業部門預期和迄今為止的業績，我們繼續預期 2024 年同店銷售將達到低至中個位數成長。雖然本季我們的獲利能力低於預期，但我們繼續實現高利潤率策略的長期效益，並對我們將綜合利潤率維持在 30 多歲左右的能力充滿信心。

Thinking ahead, it's worth noting that in the March 2023 quarter, we had lower interest costs driven by lower rates and lower inventory than we will have this quarter. Factoring all this in, we now expect our adjusted net income per share to be in the range of $3.20 to $3.70 for fiscal 2024 with adjusted EBITDA to be in the range of $190 million to $215 million. We are using an annual expected tax rate of approximately 27% and a share count of 23.1 million in our assumptions.

展望未來，值得注意的是，在 2023 年 3 月的季度，由於利率和庫存較低，我們的利息成本低於本季。考慮到所有這些因素，我們現在預計 2024 財年調整後每股淨利潤將在 3.20 美元至 3.70 美元之間，調整後 EBITDA 將在 1.9 億美元至 2.15 億美元之間。我們的假設中所使用的年預期稅率約為 27%，股票數量為 2,310 萬股。

Looking at current trends, with the seasonally smallest quarter of the year behind us, we are cautiously encouraged by the reasonably strong start to the winter boat show season. Today, January looks like it will finish with positive same-store sales growth, but the team still has a fair amount of work to do.

從目前的趨勢來看，隨著一年中季節性最小的季度的過去，我們對冬季船展季的強勁開局感到謹慎鼓舞。如今，一月份的同店銷售額似乎將實現積極成長，但團隊仍有大量工作要做。

With that, I'll turn the call back over to Brett for closing comments. Brett?

這樣，我會將電話轉回給布雷特以徵求結束意見。布雷特？

Thank you, Mike. Although we have reset our expectations for 2024, we remain well positioned to execute on our growth priorities in the year ahead. We continue to build the business for the long term, serving the growing demand for the boating lifestyle by providing customers with the best products, services and experiences. Our healthy balance sheet and strong cash position provides us with the financial flexibility and capital resources to meet the needs of this dynamic industry in 2024 and beyond.

謝謝你，麥克。儘管我們重新設定了 2024 年的預期，但我們仍然有能力執行來年的成長重點。我們繼續長期發展業務，透過為客戶提供最好的產品、服務和體驗來滿足對划船生活方式不斷增長的需求。我們健康的資產負債表和強勁的現金狀況為我們提供了財務靈活性和資本資源，可以滿足這個充滿活力的行業在 2024 年及以後的需求。

And with that, operator, please open up the line for questions.

那麼，接線員，請開通提問線路。

(Operator Instructions). Our first question is from James Hardiman with Citi.

（操作員說明）。我們的第一個問題來自花旗銀行的詹姆斯哈迪曼。

So I just want to compare just to level set here, the guidance this time around versus last time seems like the big adjustment is gross margin. I think you said mid-30s last time, and now you're saying low to mid-30s. And then is there any change in how should we think about SG&A and then the product manufacturing? I guess those are sort of 3 things. I just want to make sure that we're all on the same page in terms of where we were and where we are.

所以我只想與這裡設定的水平進行比較，這次的指導與上次相比似乎最大的調整是毛利率。我想你上次說的是 30 多歲，現在你說的是低到 30 多歲。那麼我們對於 SG&A 以及產品製造的看法是否會改變？我想這是三件事。我只是想確保我們在過去和現在的位置上都達成共識。

Yes, James, good question. The biggest change is the margin change going to the low to mid-30s, just given the results of our December quarter, while we're optimistic with our partnering with our manufacturers and how the rest of the year will play out. I think we're level-setting margins, and we'll update you as we go out throughout the year. But no real change on the SG&A line. We're not baking in meaningful savings from the operations that we're looking at in terms of reducing costs and all that stuff, not yet, not until it flows through and no real changes to the interest line either, other than my comment, the March quarter will have higher interest expense on a year-over-year basis.

是的，詹姆斯，好問題。最大的變化是利潤率變化降至 30 左右，僅考慮到我們 12 月季度的結果，而我們對與製造商的合作以及今年剩餘時間的表現持樂觀態度。我認為我們正在設定利潤水平，我們會在全年發佈時向您通報最新情況。但SG&A 線沒有真正的變化。我們還沒有從我們正在考慮的降低成本和所有其他方面的運營中獲得有意義的節省，還沒有，直到它流過並且利息線也沒有真正的變化，除了我的評論，三月份季度的利息支出將同比增加。

Got it. And then just maybe help us understand. I think I get how the first quarter went. Obviously, I think as you guys mentioned, October finished a little softer and then November was weak. And so you ramped up your promo in December. That seems to have worked, the commentary on December and January seem pretty positive. It seems like you're getting the help from the manufacturers. I guess maybe help us understand then the guide down in margin for the remainder of the year. I get 1Q, but it generally sounds like a more sort of pessimistic view of what it's going to require moving forward, even though the commentary towards the end of the first quarter, at least seem pretty constructive.

知道了。然後也許可以幫助我們理解。我想我了解第一季的情況。顯然，我認為正如你們所提到的，十月結束時有點疲軟，然後十一月又疲軟。因此，您在 12 月加大了促銷。這似乎奏效了，12 月和 1 月的評論似乎相當積極。看來你正在從製造商那裡得到幫助。我想也許可以幫助我們理解今年剩餘時間利潤率的下降。我得到了第一季度，但它通常聽起來像是對未來需要採取的行動更加悲觀的看法，儘管第一季末的評論至少看起來相當有建設性。

I think what we're seeing is we're seeing more discounting out there. I think the industry inventory is higher. I think that's being reflected by everybody in the industry. We hope we're being conservative on the margin line, time will ultimately tell. The way 2023 margins played out, and this is kind of important, so -- so the December quarter, if you go back to my commentary, each of the quarters last year, the December quarter would have had the highest product margin quarter out of the 4. March would have been a little bit elevated still, June was getting closer to pre-pandemic levels, but still elevated. And on the September call, I said that margins are pretty much back to pre-pandemic level as we left the year. And so we did just leave the toughest comparison, which we recognize. But I think just given with where the inventory is in the industry, we hope to be able to update you with betterness, but we think the guidance numbers make sense at this point until we get out there and show otherwise.

我認為我們看到的是更多的折扣。我認為產業庫存較高。我認為業內每個人都反映了這一點。我們希望我們在利潤線上保持保守，時間最終會證明一切。 2023 年利潤率的表現方式，這很重要，所以，12 月季度，如果你回顧我的評論，去年每個季度，12 月季度將是有史以來產品利潤率最高的季度。仍會略有升高，6 月已接近疫情前的水平，但仍處於升高狀態。在 9 月的電話會議上，我表示，今年年底時，利潤率已基本恢復到疫情前的水準。因此，我們確實留下了我們所認識到的最艱難的比較。但我認為，考慮到行業中的庫存狀況，我們希望能夠向您提供更好的更新信息，但我們認為目前的指導數字是有意義的，直到我們走出去並顯示其他情況。

Got it. And just to clarify to the point about inventory. You feel like your inventory is in good shape. But -- and maybe even better than sort of what you expected at this point in time, but it's more competing with other dealers that you feel like have elevated inventories, which is why the need to promote is there?

知道了。只是為了澄清庫存問題。您感覺您的庫存狀況良好。但是 - 甚至可能比您此時的預期更好，但與您認為庫存增加的其他經銷商的競爭更加激烈，這就是為什麼需要促銷的原因？

James, I'll jump in, this is Brett. Yes, I think our inventory is lining up how we want it to go. We got work to do. So that's part of the equation. And then the second part is what's the competitive landscape look like as people, as competitors rightsize their inventory. So that's kind of the 2 parts of that equation. Ours isn't where I think we want it yet. but we're getting it there.

詹姆斯，我插話，這是布雷特。是的，我認為我們的庫存正在按照我們想要的方式進行。我們還有工作要做。這就是等式的一部分。第二部分是隨著競爭對手調整庫存規模，競爭格局會是什麼樣子。這就是該等式的兩個部分。我認為我們還沒有達到我們想要的水平。但我們正在實現它。

As we said last call, we've got segments within our inventory, just like you can rebuy, you can read in the industry about the segments that are heavier. We have more in some of those same segments, but they made good progress in the December quarter, for sure.

正如我們上次通話中所說，我們的庫存中有一些細分市場，就像您可以重新購買一樣，您可以在行業中閱讀有關較重細分市場的資訊。我們在某些​​相同的領域有更多的業務，但他們在 12 月季度取得了良好的進展，這是肯定的。

Our next question is from Drew Crum with Stifel.

我們的下一個問題來自 Drew Crum 和 Stifel。

I wonder if you could comment on what you're seeing or hearing in your stores or some of the recent boat shows around how interest rate cuts or the potential of interest rate cuts could impact purchase intent on the part of your consumer? And then I have a follow-up.

我想知道您是否可以評論一下您在商店或最近的一些船展上看到或聽到的有關降息或降息的可能性如何影響消費者購買意願的內容？然後我有一個後續行動。

Yes, Drew, I think like we've commented with interest rates, really the biggest effect we saw is when rates climbed so quickly. It kind of shocked people, but then once they kind of moderated and people got used to it, that calm things down because I think like Mike's always commented that people are optimistic and think, hey, when rates are way down or refinanced. So I think people looking out there and saying rates are starting to go down, maybe it gave us a little tailwind, but I'm not sure that was any of the reasons why directly that we're hearing from anybody.

是的，德魯，我認為就像我們對利率的評論一樣，我們看到的最大影響實際上是利率攀升得如此之快。這讓人們感到震驚，但一旦他們有所緩和並且人們習慣了，事情就會平靜下來，因為我認為就像邁克總是評論的那樣，人們很樂觀，並認為，嘿，當利率大幅下降或再融資時。因此，我認為人們正在關注並說利率開始下降，也許這給我們帶來了一點順風，但我不確定這是否是我們直接收到任何人消息的原因。

Drew, I'll comment that retail rates, which are generally tied to, depending on the financial institution, the 10-year note or the 5-year note. So retail rates have dropped as you read with any other environment, which is net-net a benefit, right? So that's helpful. Yes, it's helpful as positive.

德魯，我要評論的是零售利率，根據金融機構的不同，零售利率通常與 10 年期公債或 5 年期公債掛鉤。因此，當您在任何其他環境中閱讀時，零售率都會下降，這是淨淨的好處，對嗎？所以這很有幫助。是的，它是有幫助的，也是正面的。

Got it. Okay. And then just a follow-up to that. Can you comment on what you saw in terms of performance for premium versus value brands at your stores during the quarter? I think there's been this kind of ongoing narrative or observation that premium has outperformed value over the last several periods. What did you see in the quarter? And how did premium perform relative to your expectations?

知道了。好的。然後是後續行動。您能否評論一下本季您商店中高端品牌與價值品牌的表現？我認為，有一種持續的敘述或觀察表明，在過去的幾個時期裡，溢價的表現優於價值。您在本季看到了什麼？保費的表現與您的預期相比如何？

I can comment consistent that premium is performing better. I mean -- when you look at the industry, October, November and December, so October was up from an industry perspective. November was actually down a little bit and December was down a little bit more. If you unpack that, fiberglass boat sales in November and December were down about double digit, 9% or 10%. And if you unpack that further within that, based on some of the data we've looked at, the premium business did better than the entry-level business, if you will, the value business. So I think that thesis continues, and that's always been we've seen through all the different cycles and all the different years we've been doing this.

我可以一致認為溢價表現更好。我的意思是——當你觀察這個行業時，十月、十一月和十二月，所以從行業的角度來看，十月是上漲的。 11 月實際上下降了一點，12 月下降得更多。如果你仔細分析一下，11 月和 12 月的玻璃纖維船銷量下降了約兩位數，即 9% 或 10%。如果你進一步分析這一點，根據我們研究的一些數據，高端業務比入門級業務（如果你願意的話）比價值業務做得更好。所以我認為這個論點仍在繼續，我們一直在經歷所有不同的週期和所有不同的年份。

Yes. And I think to add to that, I think that the premium segment is holding up well, but people need discounting there like we said in our comments that they're needing that incentive to create the urgency, but they're still active buyers.

是的。我認為補充一點，我認為高端市場表現良好，但人們需要折扣，就像我們在評論中所說的那樣，他們需要這種激勵來創造緊迫感，但他們仍然是活躍的買家。

Our next question is from Joe Altobello with Raymond James.

我們的下一個問題來自喬·阿爾托貝洛和雷蒙德·詹姆斯。

Brett, I just wanted to go back to that comment you just made about incentivizing buyers. It seemed like things kind of went sideways in November which is usually a small one for both retail anyway. So how do we know if this is not just normal seasonality coming back rather than any shift in demand?

布雷特，我只是想回到你剛才關於激勵買家的評論。 11 月的情況似乎有點不太順利，無論如何，這對零售業來說通常都是一個小問題。那麼，我們如何知道這是否只是正常的季節性回歸，而不是需求的任何變化？

Yes. I think typically the way a quarter lays out is November is smaller than October and December smaller than November, but we had to reverse around clearly seasonality weighs in on it to create some urgency for people to get moving a boat now. But I think just the market, people are looking for incentives to make a move because there were so many years of not having it and you're seeing it out in the marketplace. Mike, do you want to add anything?

是的。我認為通常一個季度的佈局方式是 11 月小於 10 月，12 月小於 11 月，但我們必須扭轉明顯的季節性影響，以便為人們現在移動船隻創造一些緊迫感。但我認為，就市場而言，人們正在尋找採取行動的動力，因為多年來一直沒有這種動力，但你現在在市場上看到了它。麥克，你想補充什麼嗎？

Yes, I think the point is it's a good point. It's like when you look at even the industry data comments that I made about it being down double digit, is it -- how much of that is seasonality? How much of that is funk in the marketplace, if you will, economic issues, how much of it is the need for urgency? I don't think we know those answers right now, Joe. I know it's pretty clear, people want to get into boat, you can see from our results that we drove positive same-store sales growth, including unit growth in a quarter. Granted, it cost us a little bit of margin, but people are happy with the product.

是的，我認為重點是這是一個好點。就像當你看我對行業數據的評論時，我對它的下降幅度是兩位數，是不是——其中有多少是季節性的？有多少是市場上的恐慌，如果你願意的話，是經濟問題，有多少是緊急需求？我想我們現在還不知道這些答案，喬。我知道很明顯，人們想要上船，從我們的結果中可以看出，我們推動了同店銷售的正面成長，包括季度的銷售成長。誠然，這讓我們損失了一點利潤，但人們對這個產品很滿意。

Okay. Got it. And you also mentioned that you were pleased with the support that you're seeing from your manufacturing partners. Would you expect to continue to see that support and maybe even greater support into the spring and summer selling season?

好的。知道了。您也提到，您對製造合作夥伴提供的支援感到滿意。您是否希望在春季和夏季銷售季節繼續看到這種支持，甚至更大的支持？

Yes. Our manufacturers have really stepped up. I kind of always have. I think we just got really proactive in the quarter in December. We wanted to not wait and see what happened, but make a move. And -- but all of our manufacturers, we work really closely with, and they're working with us to see what they can do to help.

是的。我們的製造商確實已經加強了。我總是這樣。我認為我們在 12 月的季度非常積極主動。我們不想等著看發生了什麼，而是採取行動。而且，我們與所有製造商都密切合作，他們正在與我們合作，看看他們能提供什麼幫助。

In fairness, the December quarter is usually not one. And specifically November and December is usually not one where the manufacturers are -- they're not normally thinking to launch an incentive then. So when we went to them and said, "Hey, just given what we're seeing at retail, we can certainly use some of your support." And they did all they could in a quick period of time, but just not as much as we would have wanted them to do in many cases and certainly not what they're doing today. The rest of the season is when there's typically some type of reason to buy in the industry, and that's what we're seeing now.

公平地說，12 月季度通常沒有這樣的情況。特別是 11 月和 12 月通常不是製造商所在的季節——他們通常不會考慮在那時推出激勵措施。因此，當我們去找他們說：“嘿，鑑於我們在零售業看到的情況，我們當然需要你們的一些支持。”他們在短時間內做了他們能做的一切，但在很多情況下並沒有達到我們希望他們做的那麼多，當然也不是他們今天所做的。在本季剩下的時間裡，該行業通常會有某種原因進行購買，這就是我們現在所看到的。

Okay. Just one last one, if I could. You mentioned that there are some categories that are heavy on inventory in the industry. I mean we've heard skiway is a little bit heavy. Are there other categories where there's a little bit too much supply?

好的。如果可以的話，就最後一張吧。您提到行業中有一些品類的庫存量很大。我的意思是我們聽說滑雪有點重。還有其他類別的供給量有點過多嗎？

You touched on skiway.

你觸及了滑雪場。

Yes. I think the rest of the categories, it's probably a model-by-model or size basis, it'd be too hard to categorize it.

是的。我認為其餘的類別，可能是逐個型號或尺寸的基礎，很難對其進行分類。

Aluminum pontoons, products like that it's probably a little heavy still, although it's cleaning up relatively fast. And actually, the industry is cleaning up relatively fast. I do want to state that the manufacturers, there's a lot of them that are public now and you can see what they've done, the dealers are trying to order the right level of product, which I think everybody is. I think while inventories are still elevated, the manufacturers are doing a great job bringing down production. So the outlook for the industry, if you talk to the folks who finance the inventory in the industry, they all feel pretty good about where inventories will be as we get through March and maybe even into the June quarter, inventories will continue to come in line. The amount of product being shipped to dealers is much, much lower than it was originally forecasted to be.

鋁製浮筒等產品可能仍然有點重，儘管它的清理速度相對較快。事實上，這個產業的清理速度相對較快。我確實想說，製造商，現在有很多是公開的，你可以看到他們做了什麼，經銷商正在努力訂購合適水平的產品，我想每個人都是如此。我認為，雖然庫存仍然很高，但製造商在降低產量方面做得很好。因此，就該行業的前景而言，如果您與該行業的庫存融資人員交談，他們都對三月份甚至六月季度的庫存狀況感到非常滿意，庫存將繼續增加線。運送給經銷商的產品數量比最初預測的要少得多。

Our next question is from Mike Swartz with Truist Securities.

我們的下一個問題來自 Truist Securities 的 Mike Swartz。

Just to clarify something, I think you've talked about a number of times, which was the -- maybe the timing difference between when you decided to go to market with some incentives and promotions relative to when the OEMs stepped in. Is that another way of saying that you expect the first quarter to be the lowest margin quarter of the year just from a new boat perspective? Is that how we should read that?

只是為了澄清一些事情，我想您已經談論過很多次了，這可能是您決定通過一些激勵和促銷進入市場時與原始設備製造商介入時之間的時間差異。是說，僅從新船的角度來看，您預計第一季將是今年利潤率最低的季度？我們應該這樣讀嗎？

Yes, I would have to -- let me just think through all the quarters. I think that's probably accurate, because we went at it alone, Mike, so yes, that makes sense. But keep in mind the comparison that I said, the December quarter, we were up against our toughest product comparison, if you will. The March quarter is a little tougher than the June quarter. The June quarter is a little tougher than the September quarter. It kind of gets easier as we got through the year.

是的，我必須——讓我仔細考慮所有的情況。我認為這可能是準確的，因為麥克是我們單獨做的，所以是的，這是有道理的。但請記住我所說的比較，如果你願意的話，我們在 12 月季度面臨最艱難的產品比較。三月季度比六月季度稍微困難一些。六月季度比九月季度稍微困難一些。隨著這一年的過去，事情變得變得更容易了。

Okay. That's great. And then just a second question is just on interest rates back jumping on top of Drew's question. Another way to look at it, I mean -- and maybe during historical cycles, when we've seen rates being cut, I guess how does the consumer go about that? I mean if I'm a consumer and I think rates are going to be lower in 3, 4, 5 months, what's my incentive to buy today? I mean is there some aspect of this where we could see consumers dragging their feet until the fall or spring of next year?

好的。那太棒了。接下來的第二個問題就是德魯問題之上的利率回升問題。我的意思是，從另一個角度來看，也許在歷史週期中，當我們看到利率被下調時，我想消費者會如何看待這一點？我的意思是，如果我是消費者，而我認為利率將在 3、4、5 個月內降低，那麼我今天購買的動機是什麼？我的意思是，在某些方面，我們是否會看到消費者拖拖拉拉，直到明年秋天或春天？

I'm trying to think through different cycles where we've had declining rates. I think we know what happens in rising rates and declining rates. Sure, I would -- I think I'd answer that by saying there's some subsegment of the population that probably is going to be thinking about that. But I think if we get that person in front of our sales team, our sales team will explain the benefits of boating, the benefits of the product, getting out there with your family, and I think our sales team will help the consumer make a decision today to buy the product.

我正在嘗試思考利率下降的不同周期。我認為我們知道利率上升和下降會發生什麼。當然，我會——我想我會回答這個問題，說有一部分人可能會考慮這個問題。但我認為，如果我們讓那個人出現在我們的銷售團隊面前，我們的銷售團隊將解釋划船的好處、產品的好處、與家人一起出去的好處，我認為我們的銷售團隊將幫助消費者做出明智的決定。

Okay. And then just final one for me, real quick. I think this year, you've either attended some boat shows that you hadn't last year or you have a larger presence at this year. I'm just wondering, is there a way to think about the incremental costs in SG&A related to that, I guess, is that baked into your commentary that you don't expect any real improvement in SG&A as we go through the year?

好的。然後對我來說就是最後一件事，很快。我認為今年，您要么參加了一些去年沒有參加的遊艇展，要么參加了今年的更多活動。我只是想知道，有沒有一種方法可以考慮與此相關的 SG&A 增量成本，我想，這是否已融入您的評論中，即您預計這一年的 SG&A 不會有任何真正的改善？

Yes. I think that there's some additional shows we're attending. There are some that are kind of flat, maybe it will spend a little less. But overall, I mean, some of what we did in the first quarter was spent hard on marketing, too, to drive some of that, not just incentives. But -- so yes, there are some boat shows that are a little more costly, the timing of when those land and costs get in there can affect things, for sure.

是的。我想我們還會參加一些額外的演出。有些是比較平的，也許花的錢會少一點。但總的來說，我的意思是，我們在第一季所做的一些工作也花在了行銷上，以推動其中一些，而不僅僅是激勵措施。但是，是的，有些船展的成本更高一些，這些土地和成本進入的時間肯定會影響事情。

Our next question is from Fred Wightman with Wolfe Research.

我們的下一個問題來自沃爾夫研究中心的弗雷德懷特曼。

I just wanted to come back to the December inflection. I think Mike, you made a comment in your prepared remarks talking about fiberglass clients were sort of broad-based when you saw that softer October and November performance. I'm wondering if that recovery was similarly broad-based in December or if it was a little bit more segment-specific.

我只是想回到十二月的轉捩點。我認為麥克，當您看到 10 月和 11 月的疲軟表現時，您在準備好的評論中發表了有關玻璃纖維客戶的評論，其基礎廣泛。我想知道 12 月的復甦是否同樣具有廣泛的基礎，或者是否更針對特定細分市場。

No, we did a very good job driving a very, very, very strong December, that was broad-based through the means that we talked about on the call. So yes, it was very broad-based. It wasn't tied to any one specific segment.

不，我們做得很好，推動了一個非常、非常、非常強勁的 12 月，透過我們在電話中討論的方式，這是基礎廣泛的。所以是的，它的基礎非常廣泛。它不依賴任何一個特定的細分市場。

Yes. And then just coming back to the inventory. You, guys, have both made comments about how quickly OEMs cut production. But when you look at the amount of inventory, which you've said is still elevated at sort of an industry level, is there anything unusual or concerning just about the age of that inventory? Is there a lot of noncurrent product out there just given the fact that OEMs pulled back and what is sort of the outlook for pricing as a result of that sort of model year mix?

是的。然後回到庫存。你們，夥計們，都對原始設備製造商減產的速度發表了評論。但是，當您查看庫存量時（您所說的庫存量在行業水平上仍然較高），是否存在與庫存壽命有關的異常或令人擔憂的情況？考慮到原始設備製造商撤退的事實，是否有許多非當前產品存在，以及由於這種車型年份組合而導致的定價前景如何？

We feel like we're managing our aged inventory in a pretty good way as reflected in the Q1 results here. But some of that equation that we're baking into the guidance for the year, I think take -- we're kind of wondering the same thing, what's the competitive landscape look like for age? And how will that affect us from competitive incentives?

我們覺得我們正在以非常好的方式管理我們的老化庫存，正如第一季的結果所反映的那樣。但我認為，我們正在將一些方程式納入今年的指導中——我們有點想知道同樣的事情，年齡的競爭格局是什麼樣的？這將如何影響我們的競爭激勵？

It seems like there's a couple of segments that we mentioned, Fred, would have the higher noncurrent percentages because those manufacturers have really cut down production. So -- but to Brett's point, we feel pretty good about our noncurrent position.

弗雷德，我們提到的幾個細分市場似乎具有更高的非流動百分比，因為這些製造商確實削減了產量。所以，但就布雷特的觀點而言，我們對我們的非當前職位感覺非常好。

Our next question is from John Healy with Northcoast Research.

我們的下一個問題來自 Northcoast Research 的 John Healy。

I just want to ask a follow-up question on the gross margin outlook for the year. If you look at Q1 and you think about Q2, I just want to make sure I heard right that, you're thinking Q1 is probably the low point of the year. But that's a function of the manufacturer stepping in and giving you dollar support to kind of soften that blow. Did I hear that right? And can you talk to what level of support are you getting from the manufacturers compared to maybe previous time frames when this digestion period is going on?

我只想問一個關於今年毛利率前景的後續問題。如果你看看第一季並想到第二季度，我只是想確保我沒聽錯，你認為第一季可能是今年的最低點。但這是製造商介入並為您提供美元支持以減輕這種打擊的作用。我沒聽錯吧？您能否談談，與先前的時間框架相比，當這個消化期正在進行時，您從製造商那裡得到的支持程度如何？

I think you heard the margin question, right, about the first quarter versus other quarters. The support that we're getting from the manufacturers in some -- it kind of depends by manufacturer by segment, by model. In some cases, it's right back at historical percentages of invoices. In some cases, it's not there yet, but it's made good progress. I think in all cases, it's helping to drive retail activity.

我想您聽說過第一季度與其他季度的利潤率問題。我們從製造商獲得的支援在某種程度上取決於製造商、細分市場和型號。在某些情況下，它會立即恢復到發票的歷史百分比。在某些情況下，它還沒有實現，但已經取得了良好的進展。我認為在所有情況下，它都有助於推動零售活動。

Got it. I just wanted to ask a question just on you're seeing in the market means to how you respond to kind of going into next year, really. When you look at the landscape with margins kind of correcting in the industry, I have to imagine there's going to be some competitors of yours that are not as well positioned to kind of deal with that as you guys are. Do you see yourself kind of creating a playbook for more aggressive M&A plans, dealer consolidation? Kind of now that this process is starting or is it too early to think that, that would be something you guys start to tinker with?

知道了。我只是想問一個問題，你在市場上看到的意味著你對明年的反應如何，真的。當你看到產業中利潤率有所調整的情況時，我必須想像你的一些競爭對手不會像你們那樣有能力應對這種情況。您是否認為自己正在為更積極的併購計劃、經銷商整合製定劇本？現在這個過程已經開始了，還是現在認為這會是你們開始修補的事情還為時過早？

I think we're always keeping our eye on any of those type of opportunities that come up. I mean, of course, you would think that dealers that aren't well capitalized could pop -- if they're not set up right and they'll definitely struggle a little more than others, and that could create some opportunities for us. So we're definitely looking at that, but nothing right at the moment.

我認為我們始終關注出現的任何此類機會。我的意思是，當然，你會認為資本不足的經銷商可能會出現——如果他們的設定不正確，他們肯定會比其他人更掙扎，這可能會為我們創造一些機會。所以我們肯定會考慮這個問題，但目前還沒有任何進展。

Our next question is from Eric Wold with B. Riley Securities.

我們的下一個問題來自 B. Riley Securities 的 Eric Wold。

A couple of questions. I guess, one, just following up on margins, kind of thinking about the other businesses other than new and used boat sales, what are your thoughts on pricing power if we get into a lower rate environments later this year and the next year in terms of ability to drive margins there to help essentially offset core margin pressure.

有幾個問題。我想，一，只是跟進利潤率，想想除新船和二手船銷售之外的其他業務，如果我們在今年晚些時候和明年進入較低的利率環境，您對定價能力有何看法提高利潤率的能力有助於從根本上抵消核心利潤率壓力。

If I understand you right, like Eric, like in terms of like slip revenue, service revenue, all of that, I think.

如果我理解正確的話，就像艾瑞克一樣，我想，就像滑單收入、服務收入等等。

I think, management alike that hopefully.

我想，管理階層也希望如此。

Yes, I think we have reasonable pricing power there. I think while we've expanded the higher-margin businesses, right? I think that we ended last year with roughly 25% of our revenues coming from non-boat sales, and that means 75% came from boat sales, and that's generally true heading into 2024, the boat margins of the business still can weigh heavily on the overall gross margins of the business. The operating margins obviously have improved nicely. They were improved nicely last year and are projected to be improved nicely this year, but so the pricing pressure helps. It helps to offset it, I guess, to answer your question.

是的，我認為我們在那裡有合理的定價能力。我想雖然我們已經擴大了利潤率較高的業務，對嗎？我認為，去年年底，我們大約 25% 的收入來自非船舶銷售，這意味著 75% 來自船舶銷售，進入 2024 年，這通常是正確的，船舶業務的利潤率仍然會嚴重影響業務的整體毛利率。營業利益率顯然有了很大改善。它們去年得到了很好的改善，預計今年也將得到很好的改善，因此定價壓力有所幫助。我想，這有助於抵消它，回答你的問題。

Got it. Okay. And then on the boat shows, obviously, making the comment that you're seeing some positive kind of indications so far, maybe unpack that a little bit in terms of what are you seeing from those reads in terms of leads coming out of the shows sales cycles to complete something, kind of what -- obviously, demand, I guess margins are being pressured by the need for promotions and kind of buyers looking for incentives. But kind of what are you seeing from that that's kind of giving you at least some optimism on more of the consumer lands?

知道了。好的。然後在船展上，顯然，發表評論說，到目前為止，您看到了一些積極的跡象，也許可以根據您從演出中的線索中看到的內容來稍微解釋一下這一點完成某件事的銷售週期，顯然是需求，我猜利潤率正受到促銷需求和尋求激勵措施的買家的壓力。但您從中看到了什麼，這至少讓您對更多的消費領域感到樂觀？

Yes. I mean the shows are tougher. I mean they're not what they were over the last -- just the -- but demand is still good. It's just people entering at the higher in the funnel. So it's taken more work, taking longer to get them there. Incentives, we hate to talk about it. I mean, but it's -- people are needing an urgency. It's not just an urgency. There's probably a feeling in their minds of prices were at the top, is it adjusted down a little bit. And so that creates the business there.

是的。我的意思是節目更難。我的意思是，它們不再是過去的樣子了——只是——但需求仍然很好。只是人們從漏斗的較高處進入。所以需要做更多的工作，花更長的時間讓他們到達那裡。激勵，我們討厭談論它。我的意思是，但人們需要緊迫感。這不僅僅是一個緊迫的問題。他們心裡可能有種感覺，價格已經到了最高點，是不是要稍微下調一下。這樣就創造了那裡的業務。

But I'll tell you, we come out of the shows. We measure it in a very detailed way. We know how many leads we got our follow-ups at the weekend, events at our stores after the show have proven to be very productive. So like Mike has said, the consumers are still wanting to go boating. We haven't seen that in many -- over our 25-plus years here doing this, we've seen when there's no demand. We know what that feels like. That's not what we're seeing here. There's just -- we've got to navigate some of the ins and outs here of what's going on.

但我會告訴你，我們是從演出中出來的。我們以非常詳細的方式對其進行測量。我們知道週末有多少線索得到了跟進，事實證明，展會結束後我們商店舉辦的活動非常富有成效。正如麥克所說，消費者仍然想划船。在我們 25 多年從事這方面的工作中，我們已經看過很多次沒有需求的情況了。我們知道那是什麼感覺。這不是我們在這裡看到的。只是——我們必須了解正在發生的事情的一些細節。

Our next question is from Brandon Rollé with D.A. Davidson.

我們的下一個問題來自 D.A. 的 Brandon Rollé。戴維森。

Just a couple of quick ones on guidance. One, what gives you confidence you've properly reset guidance for the remainder of the year? And two, does your guidance bake in any improvement within retail fundamentals throughout the rest of the year? Or is this kind of a reset saying what we saw throughout the first quarter continues throughout the remainder of the year?

只是一些關於指導的快速說明。第一，是什麼讓您有信心已經正確重置了今年剩餘時間的指導？第二，您的指導意見是否會促進今年剩餘時間零售基本面的改善？或者這種重置表明我們在第一季看到的情況會在今年剩餘時間內持續下去？

Thank you, Brandon. Good questions. Our retail outlook is kind of what I walked through on the call, which we think the industry is up against generally easy comparisons on a unit basis month-over-month. And actually, if you look at the unit growth we drove in a negative quarter with any break or with any luck from an industry perspective, I think our unit growth still stands, and we'll have positive same-store sales growth.

謝謝你，布蘭登。好問題。我們的零售前景就像我在電話會議上所經歷的那樣，我們認為該行業通常可以輕鬆地按單位逐月進行比較。事實上，如果你從行業的角度來看，我們在一個負季度中所推動的單位增長，無論有任何中斷或運氣好，我認為我們的單位增長仍然存在，並且我們將實現積極的同店銷售增長。

On the guidance side, we believe that we've lowered guidance low enough given what we know today, that should hopefully give us an opportunity to come back and talk to you guys about better performance like every company hopes. But time will tell ultimately, but we think around the margins, which was probably the risk area, we've lowered that far enough to some of the questions that we're asked today.

在指導方面，我們認為，鑑於我們今天所了解的情況，我們已經將指導降低得足夠低，這應該會給我們一個機會回來與大家討論更好的業績，就像每家公司所希望的那樣。但時間最終會證明一切，但我們認為，圍繞邊緣（這可能是風險區域），我們已經將這一水平降低到足以解決今天提出的一些問題。

Yes, it's not baking in any upswings or anything like that.

是的，它並沒有出現任何上漲或類似的情況。

Okay. Great. And just one last one. On your inventory, I think you had said you were about 20% below 2019 levels. Could you talk about where that inventory is on a dollar basis? And maybe where ASPs go from here from speaking with your OEMs about affordability and obviously, the customers looking for better pricing?

好的。偉大的。還有最後一張。關於你們的庫存，我想你們說過你們的庫存比 2019 年的水準低了約 20%。您能談談以美元計算的庫存情況嗎？也許 ASP 與您的 OEM 討論可負擔性以及尋求更好定價的客戶後，下一步該何去何從？

Yes, I can make a quick comment. Yes, units are well below on a same-store basis, dollars are going to be well above, which -- there's a couple of things driving that. One is the price increasing that every industry has seen in the last several years. The second thing is, is that we're generally carrying larger and larger product even within a brand. The brands are building larger product. Customers want the larger product, et cetera. So plus like engine horsepower is much higher today than it was in 2019 and which drives costs up. So average unit selling price is up primarily because of mix within the industry. So hopefully, that answers your questions, Brandon.

是的，我可以快速發表評論。是的，單位數量遠低於同店水平，而美元將遠高於同店水平，這是有幾個因素推動的。一是過去幾年每個產業都出現了價格上漲。第二件事是，即使在一個品牌內，我們通常也會攜帶越來越大的產品。這些品牌正在打造更大的產品。客戶想要更大的產品等等。現在的引擎馬力比 2019 年高得多，這導致成本上升。因此，平均單位售價的上漲主要是由於行業內部的混合。希望這能回答你的問題，布蘭登。

Our next question is from David MacGregor with Longbow Research.

我們的下一個問題來自 Longbow Research 的 David MacGregor。

A lot of my questions are asked so far, but let me ask you about the composition of the 350 basis points of gross margin decline. How much of that is a function of acquisitions and sort of other factors than say, the promotional programs you can discuss it so far?

到目前為止我的問題已經問了很多，但讓我問毛利率下降350個基點的組成。其中有多少是由收購和其他因素決定的，而不是到目前為止您可以討論的促銷計劃？

Great question. It's all going to be -- and I'm doing this from memory right now. It's all going to be really new and used boat margin-driven. And also probably a little bit of mixed business within that. When you drive positive same-store sales growth, like we did versus negative last year, the other higher-margin businesses shrink as a percentage of the revenue a little bit. It's hard for them to keep up. And so your margin gets impacted by the mix shift. And that's comparing it to the December quarter last year. And I don't recall if there's anything -- I don't think there was anything really unusual in the December quarter last year that would have drove margins higher other than product margins.

很好的問題。一切都會發生──我現在正在憑記憶做這件事。這一切都將是真正的新船和二手船利潤驅動的。其中可能還有一些混合業務。當你推動同店銷售正成長時，就像我們去年所做的那樣，與去年的負成長相比，其他利潤率較高的業務佔收入的比例會略有下降。他們很難跟上。因此，您的利潤會受到組合轉變的影響。這是與去年 12 月季度相比。我不記得是否有任何事情 - 我認為去年 12 月季度沒有任何真正不尋常的事情可以推動產品利潤以外的利潤率上升。

Okay. And then secondly, Mike, just asking on inventories here. And obviously, things have changed. In the previous question, you talked about the change in the mix versus 2019 levels and engine horsepower is up and everything else that's going on. So help us just understand as we think through inventory, what is the right level in terms of days or turns or however you want to talk about that?

好的。其次，麥克，我只是詢問庫存狀況。顯然，事情已經改變了。在上一個問題中，您談到了與 2019 年水平相比的混合變化、發動機馬力的提高以及其他所有發生的事情。因此，請幫助我們了解，當我們思考庫存時，以天數或週轉數計算的正確水平是多少，或者您想談論什麼？

I could comment. I don't think the industry's turns have ever been attractive until maybe the last couple of years. The industry historically used to be less than 2x turns. For ever and ever and ever, we were typically 2.5 to 3x turns. We really -- in the industry right now is heavy in inventory. So a lot of people are back to historical turns. But getting back to where we used to be and above that is, I think, where the industry needs to be focused. And when we talk to our manufacturing partners, everybody really for the first time, was able to see the benefits of a faster-turning inventory industry last year, and all of our manufacturing partners are -- they aim to keep the industry at a higher level, but they missed it because the industry ended last year a little too heavy. So we're in a correction period now. But I think when we get through this, we're going to hopefully have an industry that has higher turns than it used to have, David. Long-winded way to say, it needs to improve from where it used to be.

我可以發表評論。我認為這個行業的轉變可能直到最近幾年才具有吸引力。從歷史上看，該行業的周轉率不到 2 倍。永遠永遠永遠，我們通常是 2.5 到 3 倍的轉彎。我們現在的產業確實庫存量很大。於是很多人又回到了歷史轉捩點。但我認為，回到我們曾經所處的位置並超越這個位置，才是行業需要關注的地方。當我們與我們的製造合作夥伴交談時，每個人都第一次真正看到去年庫存行業週轉速度更快的好處，而且我們所有的製造合作夥伴都致力於使該行業保持在更高水平水平，但他們錯過了，因為去年該行業結束時有點太重了。所以我們現在正處於調整期。但我認為，當我們度過這個難關時，我們將有望擁有一個比以前更高的行業，大衛。囉嗦地說，它需要比以前有所改進。

Yes. So 2.5 to 3x, that was the number I'm hearing from you in 2 years.

是的。 2.5 到 3 倍，這是我在 2 年內從你那裡聽到的數字。

That's where we would -- I mean, honestly, that's where we used to operate. We would love to operate better than that, but we need to get there, right?

那就是我們——我的意思是，老實說，那是我們過去經營的地方。我們希望營運得更好，但我們需要實現這一目標，對嗎？

Our next question is a follow-up from Mike Swartz with Truist Securities.

我們的下一個問題是來自 Truist Securities 的 Mike Swartz 的後續問題。

I just wanted to flip one last one in. With regards to the Williams Tenders business. I guess, one, is that now embedded in guidance? And then two, any way to frame how large or how material that business is to revenue or earnings?

我只是想翻最後一張。我想，第一，現在是否已將其納入指南中？第二，有什麼方法可以確定該業務對收入或收益的規模或重要性？

Great question on that. I know we talked a little bit about on the call. It is not in our guidance. We don't put acquisitions in our guidance until they actually close. And we'll give everybody a little more color on it once it's closed. It is accretive. It will be accretive in our fiscal year. The -- anymore, Mike, with our size, there really isn't anyone we can buy that's really raw material from a revenue perspective, but it's a great strategic company that has great leadership that ties in nicely to all of our businesses, but especially the superyacht business. So we're happy and look forward to welcoming the Williams team to the MarineMax team.

很好的問題。我知道我們在電話中談了一些。這不在我們的指導範圍內。在收購真正完成之前，我們不會將其納入我們的指導中。一旦它關閉，我們會給每個人更多的色彩。它是增值的。這將在我們的財政年度中實現增值。麥克，就我們的規模而言，從收入的角度來看，我們確實沒有人可以買到真正的原材料，但它是一家偉大的戰略公司，擁有與我們所有業務緊密聯繫的出色領導力，但是尤其是超級遊艇業務。因此，我們很高興並期待威廉斯團隊加入 MarineMax 團隊。

And our next question is a follow-up from Joe Altobello with Raymond James.

我們的下一個問題是喬·阿爾托貝洛和雷蒙德·詹姆斯的後續問題。

A quick question on IGY. What's the contribution you're expecting from that business within your EBITDA guide?

關於 IGY 的一個簡單問題。在您的 EBITDA 指南中，您期望該業務做出哪些貢獻？

Well, it's the contribution that we're expecting from that business within the EBITDA guide, not a whole lot different than last year, Joe. I don't -- there isn't -- I mean, IGY's growing. They're working on different acquisitions. We haven't -- because we're anniversarying that now, there's going to be incremental improvements for what it would have been last year.

嗯，這是我們在 EBITDA 指南中期望該業務做出的貢獻，與去年沒有太大不同，喬。我不——沒有——我的意思是，IGY 正在成長。他們正在進行不同的收購。我們還沒有——因為我們現在正在慶祝這一周年，與去年相比，將會有逐步的改進。

Okay. So is it roughly 20% of the fiscal '24 guide?

好的。那麼它大約是 24 財年指南的 20% 嗎？

Is it roughly 20% of the guide? It's in that range, and maybe a little below that range. I'd have to look at that specifically, Joe, I don't have that in front of you right now.

大約是指南的20%嗎？它在這個範圍內，並且可能略低於該範圍。我必須具體看看，喬，我現在沒有在你面前。

There are no more questions at this time. I would now like to turn the floor over to Mr. McGill for closing comments.

目前沒有更多問題。現在我想請麥吉爾先生發表總結意見。

We really appreciate all the great questions and everybody joining the call today. If anybody happens to be at the Miami Boat Show, stop by. We'd love to show you some of our great new products. But thank you for joining us today.

我們非常感謝所有提出的重要問題以及今天加入電話會議的每個人。如果有人碰巧參加邁阿密遊艇展，請順便過來。我們很樂意向您展示我們的一些出色的新產品。但感謝您今天加入我們。

Thank you. This will conclude today's conference. You may disconnect your lines at this time, and thank you for your participation.

謝謝。今天的會議到此結束。此時您可以斷開線路，感謝您的參與。