MarineMax Inc (HZO) 2024 Q2 法說會逐字稿

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

早上好，歡迎參加 MarineMax, Inc 2024 財年第二季電話會議。 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 Advisors. Please go ahead, sir.

此時，我想將電話轉給該公司投資者關係公司 Sharon Merrill Advisors 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.

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 Mike McLamb。

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.

Brett 將首先討論 MarineMax 的營運亮點。麥克將審查財務業績。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.

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。

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.

任何前瞻性陳述僅代表今天。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，以及我們的 10-K 表格和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 gain 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. Before we get into the specifics of the quarter, let me acknowledge the dedication and commitment of our team in what continues to be a challenging period for the marine industry and indeed for the outdoor recreation market in general.

謝謝你，麥克。大家早安，感謝您加入我們。在我們討論本季的具體情況之前，讓我感謝我們團隊在海洋產業乃至整個戶外休閒市場仍然充滿挑戰的時期所做的奉獻和承諾。

Across our retail dealerships, superyacht operations, marinas and manufacturing locations, our team has worked hard to deliver on our high standards for product and service excellence, ensuring customers experience all of the terrific benefits of the boating lifestyle.

在我們的零售經銷商、超級遊艇營運、碼頭和製造基地，我們的團隊努力實現卓越產品和服務的高標準，確保客戶體驗划船生活方式的所有好處。

Moving to our March quarter. We posted solid revenue of more than $582 million, driven mainly by higher boat sales and positive contributions from the IGY portfolio and the other marinas in our network. Our gross margin, while historically high, came in a bit below where we expected. This was primarily driven by more aggressive promotional activity designed to create consumer urgency given the economic environment and increased seasonality.

轉到我們的三月季度。我們公佈的穩定收入超過 5.82 億美元，這主要是由於船舶銷量的增加以及 IGY 投資組合和我們網路中其他碼頭的積極貢獻。我們的毛利率雖然處於歷史高位，但略低於我們的預期。這主要是由於考慮到經濟環境和季節性因素的增加，更積極的促銷活動旨在創造消費者的緊迫感。

From an industry perspective, demand was weaker than we had anticipated, with U.S. powerboat registrations posting year-over-year decline through the first 3 months of the calendar year. That being said, our strategy around premium brands combined with our promotional initiatives and customer focus enabled us to drive positive same-store sales growth and modest unit growth in Q2.

從產業角度來看，需求弱於我們的預期，今年前三個月美國摩托艇註冊量較去年同期下降。話雖如此，我們圍繞優質品牌的策略結合我們的促銷活動和以客戶為中心，使我們能夠在第二季度推動同店銷售的積極成長和適度的單位成長。

Although we were not able to close all of the revenue we had anticipated in the quarter, we performed well on the top line in comparison with the industry as a whole.

儘管我們未能在本季度實現預期的所有收入，但與整個行業相比，我們的營收表現良好。

We are continuing to receive increasing support from our manufacturing partners, both from the perspective of incentives and in moderating production levels in response to the retail environment. Our industry is cyclical, but we have a track record of emerging from these troughs even stronger than when we went into them, and I am confident that will continue to be the case.

我們繼續從製造合作夥伴那裡獲得越來越多的支持，無論是從激勵的角度還是從調整生產水準以應對零售環境的角度來看。我們的行業是週期性的，但我們有擺脫這些低谷時的記錄，甚至比我們進入低谷時更強大，我相信這種情況將繼續如此。

Despite the sluggishness of near term retail demand, interest in boating is robust as evidenced by online activity on our events and boat shows. The Miami International Boat Show in February and the West Palm Beach International Boat Show in March were both strong events for us, generating positive momentum as we move into the summer selling season.

儘管近期零售需求低迷，但人們對划船的興趣依然強勁，我們的活動和遊艇展的線上活動就證明了這一點。二月的邁阿密國際船舶展和三月的西棕櫚灘國際船舶展對我們來說都是重要的活動，在我們進入夏季銷售季節時產生了積極的勢頭。

We continue to prioritize growth through the addition of strong businesses that fit our acquisition criteria. During the quarter, we completed the acquisition of Williams Tenders USA. This grants MarineMax distribution exclusivity in the United States and the Caribbean for the world's leading brand of rigid inflatable jet tenders for the luxury yacht market. This transaction is consistent with our strategy of investing in brands, products and services that improve the customer experience and increase our margin profile.

我們繼續優先考慮透過增加符合我們收購標準的強大業務來實現成長。本季度，我們完成了對 Williams Tenders USA 的收購。這使得 MarineMax 獲得了豪華遊艇市場上世界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權。這項交易符合我們投資品牌、產品和服務的策略，以改善客戶體驗並提高我們的利潤率。

In March, we also announced the expansion of our footprint in the Florida Keys with Native Marine, a Boston Whaler and Mercury Marine dealer in Islamorada. We're excited to provide the dealership's customers with our broad range of products and services, including maintenance, repairs, boating accessories, and events.

3 月份，我們也宣布與波士頓捕鯨船 Native Marine 和伊斯拉莫拉達的 Mercury Marine 經銷商一起擴大在佛羅裡達群島的業務範圍。我們很高興為經銷商的客戶提供廣泛的產品和服務，包括維護、維修、划船配件和活動。

Let me address 2 items that occurred since we spoke with you on our Q1 call in January. First, as previously disclosed, in March, we determined that the company had experienced a cybersecurity incident. I'm extremely proud of our technology team and the efficiency with which they handled the incident. Although the containment measures that we put in place resulted in some disruption to a portion of our business, we quickly initiated our incident response and business continuity protocols and took immediate steps to contain the incident.

讓我談談自 1 月我們在第一季電話會議上與您交談以來發生的 2 件事。首先，正如先前披露的那樣，我們在 3 月確定該公司遭遇了網路安全事件。我對我們的技術團隊以及他們處理事件的效率感到非常自豪。儘管我們採取的遏制措施對我們的部分業務造成了一些幹擾，但我們很快就啟動了事件回應和業務連續性協議，並立即採取措施來遏制事件。

The training and preparedness of our team played a significant role in the effectiveness of the response. While our investigation into the incident continues, to date, there has been no material long-term impact on our operations.

我們團隊的培訓和準備工作對應對措施的有效性發揮了重要作用。儘管我們對該事件的調查仍在繼續，但迄今為止，尚未對我們的營運產生重大的長期影響。

Secondly, last week we filed an 8-K regarding what we consider to be the unlawful taking of our Marina operations at Cabo San Lucas, Mexico. The Marina has been operated by a subsidiary of IGY for more than 20 years. Our IGY team was in the process of finalizing a new renewal agreement with Mexican officials when the Marina was taken without notice.

其次，上週我們提交了一份 8-K 報告，涉及我們認為非法佔用墨西哥卡波聖盧卡斯碼頭業務的行為。該碼頭已由 IGY 的子公司運營 20 多年。當我們的 IGY 團隊正在與墨西哥官員敲定新的續約協議時，碼頭在沒有通知的情況下被佔領。

In light of the ongoing situation, we can't comment beyond the information contained in the 8-K, except to say that we are pursuing the appropriate remedies. The Cabo Marina accounted for less than 4% of assets and 1% of revenue in fiscal 2023.

鑑於目前的情況，除了 8-K 中包含的資訊外，我們無法發表評論，只能說我們正在採取適當的補救措施。 2023 財年，卡波碼頭的資產佔不到 4%，營收佔不到 1%。

Before I conclude, let me touch on some very important operational improvement plans we are working on. While we have taken steps in recent months to reduce expenses in the areas that do not directly impact our customer experience, we believe it's prudent to take additional actions to align our cost structure with the current environment and improve our operating leverage. We began taking more significant actions which cover a broad range of expense reductions. We continue to maintain a strong cash position and a healthy balance sheet, positioning our business well as industry conditions improve.

在結束之前，讓我談談我們正在製定的一些非常重要的營運改善計劃。雖然近幾個月來我們已採取措施減少不直接影響客戶體驗的領域的開支，但我們認為採取額外行動以使我們的成本結構與當前環境保持一致並提高我們的營運槓桿是明智的做法。我們開始採取更重大的行動，涵蓋廣泛的費用削減。我們繼續保持強勁的現金狀況和健康的資產負債表，使我們的業務定位於行業狀況的改善。

And with that, I'll turn the call over to Mike for comments on our financial performance in the quarter. Mike?

接下來，我將把電話轉給麥克，請他對我們本季的財務表現發表評論。麥克風？

Thank you, Brett. Brett noted the overall decline in boat registrations through the first calendar quarter of 2024. We had anticipated registrations coming in flat or perhaps up slightly as noted on prior calls given the rather easy year-over-year comparisons, which is in stark contrast to the nearly 16% decline in fiberglass boat registrations for the period. Having said that, our own data suggest that seasonality may be partly contributing to recent industry trends.

謝謝你，布雷特。 Brett 指出，截至2024 年第一季度，船舶註冊量總體下降。鮮明對比。話雖如此，我們自己的數據表明，季節性可能在一定程度上影響了近期的行業趨勢。

As an example, in the first half of fiscal 2024, the sales mix between our Florida and non-Florida retail locations closely resembled the mix we experienced prior to 2020, indicating more seasonal patterns in northern markets.

例如，在 2024 財年上半年，我們佛羅裡達州和非佛羅裡達州零售地點之間的銷售組合與我們在 2020 年之前經歷的銷售組合非常相似，這表明北方市場的季節性模式更為明顯。

Overall, revenue grew 2% to more than $582 million, primarily reflecting a 2% increase in same-store sales. Our same-store sales growth was driven mostly by modest unit growth. Our manufacturing businesses of cruisers, yachts and Intrepid Powerboats experienced revenue declines as they adjusted production, like other manufacturers in the industry. Gross profit margin declined to 32.7%. While we did expect to decline around this magnitude, the final results were lower than expected given the discounting needed to drive sales.

整體而言，營收成長 2%，達到 5.82 億美元以上，主要反映同店銷售額成長 2%。我們的同店銷售成長主要是由銷售的溫和成長所推動的。與業內其他製造商一樣，我們的巡洋艦、遊艇和無畏動力艇製造業務在調整產量時經歷了收入下降。毛利率下降至32.7%。雖然我們確實預期會出現如此幅度的下降，但考慮到推動銷售所需的折扣，最終結果低於預期。

SG&A increased to $169 million in the quarter. Excluding transaction costs, changes in contingent consideration, weather events and other nonrecurring items in both periods, SG&A increased approximately $16 million or 11%. The increase in expenses is in a number of areas, including compensation, inventory, maintenance, marketing, insurance and other factors related to the current inflationary environment.

本季 SG&A 增至 1.69 億美元。不包括這兩個時期的交易成本、或有對價變化、天氣事件和其他非經常性項目，SG&A 增加了約 1,600 萬美元，即 11%。費用增加涉及多個領域，包括薪酬、庫存、維護、行銷、保險以及與當前通膨環境相關的其他因素。

Also, roughly $3 million of the increase was from entities we did not own last March quarter. These entities are also seasonally slowest in the winter quarters. However, as Brett noted, we're taking more aggressive steps to offset those increases and the scope of what we are considering is broad. The goal is to improve our SG&A operating leverage and ultimately improve our operating margin.

此外，大約 300 萬美元的成長來自上一季我們不擁有的實體。這些實體在冬季也是季節性最慢的。然而，正如布雷特指出的那樣，我們正在採取更積極的措施來抵消這些增加，並且我們正在考慮的範圍很廣泛。目標是提高我們的 SG&A 營運槓桿並最終提高我們的營運利潤率。

Some of our actions will be near-term reductions while others will take more time. Because we are still working through our actions, we plan to talk in more detail about these initiatives on our third quarter call.

我們的一些行動將是短期內的削減，而另一些行動則需要更多時間。由於我們仍在採取行動，因此我們計劃在第三季的電話會議上更詳細地討論這些措施。

Interest expense increased to $19.4 million as a result of higher rates and increased inventory. Floor plan interest in the quarter was close to $12 million compared to $6.5 million last year. On the bottom line, GAAP net income was $1.6 million or $0.07 per diluted share compared with net income of $30 million or $1.35 per diluted share last year. Adjusted net income was $4.1 million or $0.18 per diluted share compared with $27.4 million or $1.23 per diluted share last year.

由於利率上升和庫存增加，利息支出增加至 1,940 萬美元。本季的平面圖利息接近 1200 萬美元，而去年為 650 萬美元。總體而言，GAAP 淨利潤為 160 萬美元，即稀釋後每股收益 0.07 美元，而去年淨利潤為 3,000 萬美元，即稀釋後每股收益 1.35 美元。調整後淨利為 410 萬美元，即稀釋後每股收益 0.18 美元，去年為 2,740 萬美元，即稀釋後每股收益 1.23 美元。

Adjusted EBITDA for the quarter was $29.6 million compared with $57.4 million last year, primarily reflecting lower gross margins, higher SG&A and higher floorplan interest expense.

本季調整後 EBITDA 為 2,960 萬美元，而去年為 5,740 萬美元，主要反映了毛利率下降、SG&A 上升以及平面利息支出上升。

Moving on to the balance sheet. We ended the quarter with nearly $217 million in cash. Inventories of $933 million were up about 6% from calendar year-end, generally in line with historical trends, but a bit higher than we expected given some revenue that we were unable to close in the quarter. On a same-store basis, unit inventories are over 26% below 2019 levels.

繼續看資產負債表。本季結束時，我們擁有近 2.17 億美元的現金。庫存為 9.33 億美元，比日曆年末增加約 6%，總體上符合歷史趨勢，但考慮到我們無法在本季度關閉的一些收入，庫存略高於我們的預期。以同店計算，單位庫存比 2019 年水準低 26% 以上。

Turning to liabilities. Our short-term borrowings, which is our floorplan financing, were up largely due to increased inventories. Customer deposits were up modestly as expected from calendar year-end as we move into the seasonal selling period.

轉向負債。我們的短期借款（即我們的平面融資）增加主要是由於庫存增加。隨著我們進入季節性銷售期，客戶存款比日曆年底小幅增長，符合預期。

Debt to EBITDA net of cash was a little over 1x at quarter-end as we continued to maintain a strong liquidity position. We have additional liquidity in the form of unlevered inventory and available lines of credit totaling close to $200 million.

由於我們持續保持強勁的流動性狀況，截至季度末，扣除現金後的 EBITDA 債務略高於 1 倍。我們以無槓桿庫存和可用信貸額度的形式擁有額外的流動性，總額接近 2 億美元。

Turning to guidance. Based on our year-to-date results and expectations for the remainder of the year, we are adjusting our 2024 guidance. Our expectations are based on an incrementally improving second half of the year, with increased seasonality playing a role. Although we are now forecasting industry volume to be down on a unit basis for our fiscal year, we expect our volume to be up modestly for the period consistent with what we've experienced in the first half of the fiscal year. For the year, we anticipate same-store sales growth in the low- to mid-single digit range and gross margins remaining in the low 30s on a percentage basis.

轉向指導。根據我們今年迄今的業績和對今年剩餘時間的預期，我們正在調整 2024 年的指導。我們的預期是基於今年下半年的逐步改善，其中季節性因素的增加發揮了作用。儘管我們現在預測本財年的產業銷售量將以單位計算下降，但我們預計在此期間我們的銷售量將小幅上升，與本財年上半年的經驗一致。今年，我們預計同店銷售額將在低至中個位數範圍內成長，毛利率以百分比計算仍將維持在 30 左右。

We expect SG&A expenses to be elevated above our 2023 level given our year-to-date performance, but with the year-over-year increase moderating in the back half as we implement additional cost reduction actions. Interest expense will be on a run rate basis, generally consistent with the first 2 quarters of this fiscal year.

鑑於我們今年迄今的業績，我們預計 SG&A 費用將高於 2023 年的水平，但隨著我們實施額外的成本削減行動，下半年同比增長將放緩。利息支出將以運行利率計算，通常與本財年前兩季一致。

Based on those drivers, we now expect our adjusted net income per share to be in the range of $2.20 to $3.20 for fiscal 2024, with adjusted EBITDA to be in the range of $155 million to $190 million. We are using an annual expected tax rate of just over 27% and a share count of 23.1 million in our assumptions.

基於這些驅動因素，我們現在預計 2024 財年調整後每股淨利潤將在 2.20 美元至 3.20 美元之間，調整後 EBITDA 將在 1.55 億美元至 1.9 億美元之間。我們的假設中使用的年預期稅率略高於 27%，股票數量為 2,310 萬股。

The wide range on EPS versus EBITDA is because our noncash items like stock based comp and depreciation and amortization grow more meaningfully as a percentage. Looking at current trends, we commented a few times that we did not close all the business we expected in March. That does set up for a strong April. But we have a lot of work to do to get things wrapped up. And trends in general have picked up presumably in part due to seasonality.

每股盈餘與 EBITDA 的差異較大是因為我們的非現金項目（例如基於股票的補償以及折舊和攤提）的百分比成長更有意義。從目前的趨勢來看，我們多次評論我們沒有關閉 3 月預期的所有業務。這確實為強勁的四月奠定了基礎。但我們還有很多工作要做才能把事情搞定。整體趨勢有所回升，部分原因可能是季節性。

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

至此，我將把電話轉回布雷特以徵求結束意見。布雷特？

Thank you, Mike. Although our industry continues to experience near-term challenges, combined with the return to seasonality, we have outperformed the market and are focused on the strategic steps necessary to maintain our historically strong margin profile and the financial flexibility to deliver on our strategic priorities.

謝謝你，麥克。儘管我們的行業近期繼續面臨挑戰，再加上季節性的回歸，但我們的表現優於市場，並專注於維持我們歷史上強勁的利潤狀況和財務靈活性所需的戰略步驟，以實現我們的戰略重點。

With that, Mike and I'll be happy to answer your questions. Operator, please open the line for Q&A.

這樣，麥克和我將很樂意回答您的問題。接線員，請開通問答線。

(Operator Instructions) Our first question is from Drew Crum with Stifel.

（操作員說明）我們的第一個問題來自 Stifel 的 Drew Crum。

So Mike, you addressed the variance in terms of guidance for earnings and EBITDA. Can you talk about why the updated guidance range for those 2 metrics has widened versus 3 months ago? And then I have a follow up.

麥克，您解決了收益和 EBITDA 指導方面的差異。您能談談為什麼這兩個指標的更新指引範圍比 3 個月前擴大嗎？然後我有一個後續行動。

Yes. And a good question. As our earnings -- as our GAAP earnings are lowering, the noncash items don't lower. They stay virtually flat year-over-year, stock-based -- not year-over-year, but they stay virtually flat in the guidance. So depreciation and amortization and stock-based comp. So those 2 items are growing as a percentage of the overall earnings. So that's what's driving that.

是的。這是一個好問題。隨著我們的收入——隨著我們公認的會計準則收入的下降，非現金項目並沒有下降。以股票為基礎，它們幾乎與去年同期持平——不是同比，但在指導中它們幾乎與去年同期持平。因此，折舊和攤銷以及基於股票的比較。因此，這兩項在總收入中所佔的百分比正在成長。這就是推動這一趨勢的原因。

Okay. Okay. Maybe shifting gears just on gross margin. You talked a little bit about this, but I want to get a sense as to the level of promo spend you're anticipating for the selling season. How you see that impacting gross margin over the balance of fiscal '24? And kind of related, do you believe boat margins have bottomed here?

好的。好的。也許只是在毛利率上進行轉換。您對此進行了一些討論，但我想了解一下您預計銷售季節的促銷支出水準。您如何看待這對 24 財年餘額的毛利率的影響？與此相關的是，您認為船舶利潤率已經觸底嗎？

Yes, Drew, I'll comment. This is Brett. Yes, I think that the promotional activity, the discounting, the extra level of actions at boat shows, I think we're going to see -- we're going to keep pressing the pedal and kind of see that same thing running into the selling season here. Obviously, keeping an eye on the products that we need to move. And some boats are still in high demand and maybe not much in inventory. So to take advantage of those opportunities.

是的，德魯，我會發表評論。這是布雷特。是的，我認為促銷活動、折扣、船展上的額外活動，我想我們將會看到——我們將繼續踩下踏板，並會看到同樣的事情發生在這裡的銷售季節。顯然，要密切注意我們需要移動的產品。有些船隻的需求仍然很高，而且庫存可能不多。因此要利用這些機會。

We do feel like -- we're feeling like the margins are -- have found their bottom. We want to continue to work with our manufacturers to get the right support from them, and they are all working towards that. But maybe a little more margin pressure on some units. But we feel like we found kind of the historical norm. Mike, do you want to comment on...

我們確實感覺到——我們感覺到利潤率——已經找到了底部。我們希望繼續與我們的製造商合作，以獲得他們的正確支持，他們都在為此努力。但某些單位的利潤率壓力可能會更大一些。但我們覺得我們找到了某種歷史常態。麥克，你想發表評論嗎...

Yes. No -- yes, margins are back at historical levels in the industry at least based on what we're seeing. And Drew, just to be -- just to help you from our guidance perspective, last quarter we said low to mid-30s is where we expected our gross margin to settle. This quarter, we are saying low 30s. And it's a question of splitting hair, is -- what we just posted, is that low to mids or is that closer to lower? So you can call it closer to lower, which is why we kind of brought it down a little bit for the back half of the year.

是的。不——是的，至少從我們所看到的情況來看，該行業的利潤率回到了歷史水平。德魯，只是為了從我們的指導角度為您提供幫助，上個季度我們表示，我們預計毛利率將穩定在 30 多歲左右。本季度，我們說的是 30 多歲。這是一個分叉的問題，我們剛剛發布的內容是低到中音還是接近低音？所以你可以稱其接近較低，這就是為什麼我們在今年下半年將其稍微降低了一點。

Our next question is from the line of James Hardiman with Citi Group.

我們的下一個問題來自花旗集團的詹姆斯哈迪曼。

This is Sean Wagner on for James. Kind of piggybacking on that last question and that last answer, can you give us some color on how much the OEMs are contributing to the -- or helping you out with the promotional environment? Do you think that margins have bottomed? When do you kind of see the promotional environment subsiding? Or is this kind of here to stay?

這是詹姆斯的肖恩·瓦格納。在最後一個問題和最後一個答案的基礎上，您能否告訴我們原始設備製造商為促銷環境做出了多少貢獻，或者幫助您解決了促銷環境？您認為利潤率已經觸底嗎？什麼時候會看到促銷環境減弱？或者這種情況會持續下去嗎？

From a promotional standpoint, we're always pressing hard with the manufacturers. We have our pulse, right, on the frontline of the retail. And so that's our job to get to them and say, "Hey, we're seeing some softness on this model. We need a little more help." And they're always responding. But sometimes the lag between what you see in retail and their ability. But they're all very cooperative. We're working hard.

從促銷的角度來看，我們一直在向製造商施加壓力。我們在零售業的第一線掌握著我們的脈動。因此，我們的工作就是找到他們並說：“嘿，我們發現這個模型有些不足。我們需要更多幫助。”他們總是在回應。但有時你在零售業看到的東西和他們的能力之間存在著差距。但他們都非常合作。我們正在努力工作。

I'd say that they're at the right levels, maybe a little more and a little quicker as we enter the selling season here. And -- but margin comments, Mike, go ahead.

我想說，當我們進入這裡的銷售季節時，它們處於正確的水平，也許會更高一點，更快一點。而且——但是保證金評論，邁克，請繼續。

Yes. I would tell you just with the industry data. So I think we've been on record expecting the industry to have positive year-over-year comps. October, November, December, January, February, March, of those 6 months, only 1 has been positive, which was October, if I remember right. I mean, if that's the case, that's got to be making other dealers out there not feel all that good, probably putting pressure on their manufacturers to increase incentives.

是的。我用產業數據告訴你。因此，我認為我們一直期望該行業能夠實現積極的同比業績。 10 月、11 月、12 月、1 月、2 月、3 月，這 6 個月中，只有 1 個月呈陽性，如果我沒記錯的話，那就是 10 月。我的意思是，如果是這樣的話，那一定會讓其他經銷商感覺不太好，可能會給他們的製造商施加壓力，要求他們增加激勵措施。

I would assume that while -- I think all manufacturers are doing -- they're all doing what they need to be doing. With the trend in March and the trends in the March quarter, they'll probably get a little more aggressive as we go into the summer selling season. They want dealers to be in a very good inventory position as we get in midpoint of the summer because they're thinking about model year 2025, which starts for most manufacturers July 1. And if dealers have too much inventory, they won't order as much products the manufacturers want them to order. So my guess is there could be some increased promotional activity given the recent industry data by a lot of manufacturers out there.

我認為，雖然我認為所有製造商都在做他們都在做他們需要做的事情。根據三月的趨勢和三月季度的趨勢，當我們進入夏季銷售季節時，他們可能會變得更加激進。他們希望經銷商在夏季中旬時能夠保持良好的庫存狀況，因為他們正在考慮 2025 年車型，大多數製造商將於 7 月 1 日開始。他們訂購多少產品。因此，我的猜測是，鑑於許多製造商最近的行業數據，促銷活動可能會增加。

Okay. And kind of tacking on to that, in the segments that you guys are focused on, where do you see the most kind of -- across the industry the most, I guess, inventory overhang or need for support like that?

好的。順便說一下，在你們關注的細分市場中，我猜，在整個產業中，庫存過剩或需要這樣的支援最多的地方是哪裡？

I'd comment from an industry perspective. I think it's been well documented around towboats in the industry and even pontoon boats in the industry. But I'd probably say just given the softness in the last 6 months, it's broader than that. I would tell you it's no longer a segment type discussion. The industry has experienced softer retail than I think most people expected. So the elevated inventory is across most categories in the industry.

我想從行業的角度來評論一下。我認為行業中的拖船甚至浮橋船都有很好的記錄。但我可能會說，考慮到過去 6 個月的疲軟情況，情況的範圍遠不止於此。我會告訴你，這不再是分段類型的討論。該行業的零售業經歷的疲軟程度超出了大多數人的預期。因此，該行業大多數類別的庫存都在增加。

There's exceptions on a brand by brand basis for sure. There are some brands that we carry that are in phenomenal shape. There are some brands that we carry that we're working closely with the manufacturers on, on both promotional activity as well as on orders, so.

當然，每個品牌都有例外。我們經營的一些品牌狀況非常好。我們旗下的一些品牌正在與製造商密切合作，無論是促銷活動還是訂單。

The good news is -- this is a comment on our manufacturers, but I think it's also a comment across the industry that the manufacturers really all want to see a healthy industry and healthy inventory levels. I think they have goal congruency with the dealers. And I think they're probably a little surprised by the retail activity in the last 6 months also.

好消息是——這是對我們製造商的評論，但我認為這也是整個行業的評論，即製造商確實都希望看到一個健康的行業和健康的庫存水平。我認為他們與經銷商的目標是一致的。我認為他們可能對過去 6 個月的零售活動也感到有點驚訝。

Next question is from the line of Joe Altobello with Raymond James.

下一個問題來自喬·阿爾托貝洛和雷蒙德·詹姆斯。

I just want to go back to the promo environment. And I know it's been a while since we've seen a normal promotion season, if you will. But is this kind of normal? Is this what the industry looked like really before COVID? And it just feels a lot more aggressive given we've come off a period where there was very little promotion going on.

我只是想回到促銷環境。我知道我們已經有一段時間沒有看到正常的促銷季節了，如果你願意的話。但這種情況正常嗎？這真的是新冠疫情之前這個行業的樣子嗎？考慮到我們已經度過了一個幾乎沒有促銷活動的時期，所以感覺更具侵略性。

Yes, I think it's probably right, Joe. A little memory -- we always had programs at certain times of the year. We're seeing that same thing. It probably just feels like we haven't seen them in a few years. But I'd say this feels historically normal to us.

是的，我想這可能是對的，喬。一點記憶——我們總是在一年中的某些時間有節目。我們也看到同樣的事情。可能只是感覺我們已經好幾年沒見過他們了。但我想說，這對我們來說是歷史上正常的現象。

Got it. Okay. And then in terms of SG&A, you talked about the items that kind of drove that increase year-over-year. I guess, first, what surprised you on the SG&A front? And maybe second, where do you see -- and I know you're going to talk about some of the savings, I guess, on the next call. But where do you see the biggest opportunities on the SG&A front?

知道了。好的。然後就銷售、管理費用而言，您談到了推動同比成長的項目。我想，首先，SG&A 方面有什麼讓您感到驚訝？也許第二，你在哪裡看到的——我想你會在下次電話會議上談論一些節省的問題。但您認為 SG&A 方面最大的機會在哪裡？

I guess if I'd say a surprise, I'd say the inflationary environment just continues to ripple through bigger than we were expecting, whether, again, it's property and casualty insurance renewals. Our health insurance continues to run hot. Other elements -- I hate to even mention something as small -- or like audit fees. I mean everything out there is -- everybody is feeling increased inflation still even at the service -- well, all those I just mentioned at the services level.

我想如果我要說一個驚喜的話，我會說通膨環境的波及範圍繼續超出我們的預期，無論是財產和傷亡保險的續保。我們的健康保險繼續火熱。其他因素——我甚至不願意提及一些小事——或者像審計費用。我的意思是，那裡的一切 - 每個人都感到通貨膨脹仍在加劇，即使在服務方面 - 好吧，所有這些都是我剛才在服務層面提到的。

And then I -- and your second point, Joe, was more on what we're doing in the future. Is that right?

然後我——喬，你的第二點更多的是關於我們未來要做的事情。是這樣嗎？

Yes. The biggest opportunities, kind of high level.

是的。最大的機會，有點高水準。

You know what? I think we're going to be looking at, as I mentioned, payroll and payroll-related items, marketing spend and efficiency there, for sure location optimization, just all different aspects of the business, much broader than we had originally started looking at. Just -- and part of that is just the reality of where the industry is today. The industry softness is greater than we anticipated when we started this fiscal year.

你知道嗎？正如我所提到的，我認為我們將專注於工資和與工資相關的項目、行銷支出和效率，當然還有位置優化，以及業務的所有不同方面，比我們最初開始關注的範圍要廣泛得多。這只是——其中一部分是該行業當今的現實。產業疲軟程度超出了我們本財年開始時的預期。

Our next question is from the line of Fred Whiteman 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。

Just a follow-up on that last question. I mean, you've had to cut the outlook a few different times from a top line and an earnings perspective. When you look at sort of the retail environment coming in softer than expected, you've talked a few times about the margin pressure that you're seeing and expecting to continue. Like what gives you confidence at this point in the selling season that you've been conservative enough with the forward outlook of the forward assumptions?

只是最後一個問題的後續。我的意思是，你必須從營收和收益的角度多次下調前景。當您看到零售環境比預期疲軟時，您已經多次談到您所看到的並預計會持續的利潤壓力。例如，在銷售季節的這個時刻，是什麼讓您有信心讓您對前瞻性假設的前景保持足夠保守？

I'll tell you, and number one, we don't like cutting guidance twice. Let's go on record to say that. I will reiterate again that the outlook that we had for the industry was much different than how the industry is trending. We expected a flat to up slightly unit industry through the first 6 months. We saw what happened in December in the December quarter, where it was down worse than we expected. We didn't think it would happen again in the March quarter.

我告訴你，第一，我們不喜歡兩次削減指導。讓我們記錄下來。我要再次重申，我們對該行業的展望與該行業的趨勢有很大不同。我們預計前 6 個月單位產業將持平，略有上升。我們在 12 月季度看到了 12 月發生的情況，下降幅度比我們預期的還要嚴重。我們認為這種情況不會在三月季度再次發生。

So you know what, Fred, you put in your best outlook, you put in your best assumptions, which I think we're doing that here again, you lower your numbers to where you think they're going to be achievable. Every company wants to have upside in the numbers. So you always strive to do that. The issue is ultimately in the industry you're playing in, where does it settle? And are we finding the right place for it to sell.

所以你知道嗎，弗雷德，你投入了你最好的展望，你投入了你最好的假設，我認為我們在這裡再次這樣做，你將你的數字降低到你認為可以實現的水平。每家公司都希望在數字上取得進步。所以你總是努力做到這一點。問題最終在於你所從事的行業，它在哪裡解決？我們是否找到了合適的地方來出售它？

And Fred, I'll add that we have data that Mike alluded to or said it in his comments about the return to seasonality. It just kind of is taken -- I think that last year, we said there's a return to seasonality, but it's still continuing to shift that way, where the bulk of your business really starts hitting in that selling season. And that -- those data points help guide us for the next 2 quarters also.

弗雷德，我要補充一點，我們有麥克在他關於回歸季節性的評論中提到或說過的數據。這只是一種被採取的方式——我認為去年我們說過季節性會回歸，但它仍在繼續向這種方向轉變，你的大部分業務真正開始在那個銷售季節受到衝擊。這些數據點也有助於指導我們接下來的兩個季度。

That's fair. And there was a comment that things had picked up in April. I wasn't sure if that was a sequential comment to maybe reflecting more of that normal seasonality? Or is that a year-over-year comment? What exactly do you guys mean there?

這很公平。有評論稱四月份情況有所好轉。我不確定這是否是一個連續的評論，可能更多地反映了正常的季節性？還是這是逐年評論？你們到底是什麼意思？

Yes. I can comment on that. So if you go way back to last year, we did say that April was a little softer during the month of April and it was following the banking crisis. So we're up against a pretty easy comparison in April. And April data, it does -- as I mentioned, it doesn't like seasonality could be playing a bigger role with just the mix of business between Florida and non-Florida in the March quarter.

是的。我可以對此發表評論。因此，如果你回顧去年，我們確實說過 4 月的情況有些疲軟，而且是在銀行危機之後。因此，我們在四月面臨著一個非常簡單的比較。 4 月的數據確實如此——正如我所提到的，季節性因素不會在三月份季度佛羅裡達州和非佛羅裡達州之間的業務組合中發揮更大的作用。

And then looking at what's kind of getting active in April, it's obviously -- Florida is always pretty good for us, but the northern markets really seem to be coming alive. So April does seem poised to be a solid month for us. Obviously, we've got to get everything closed and drag it across the finish line next week. But -- and so that was a seasonal comment as much as anything, Fred.

然後看看四月份的活躍情況，很明顯，佛羅裡達州對我們來說總是相當不錯，但北部市場似乎確實活躍起來。因此，四月對我們來說似乎確實是一個充實的月份。顯然，我們必須完成所有工作，並在下週將其拖過終點線。但是——所以這只是一個季節性的評論，弗雷德。

Okay. And then just lastly, is there -- is the Williams' acquisition, is that -- I assume it's reflected in the new EPS guidance so I don't think it was last quarter. Is there a specific call out from an EPS perspective for that.

好的。最後，是威廉斯的收購嗎？從 EPS 的角度來看，是否對此有具體的要求？

So thanks for bringing it up. It is in our guidance, and it is a fantastic company to merge. We're happy to get them on the team. In the size and scope of MarineMax anymore, there's not a lot of acquisitions that really just move the needle when it comes to revenue and EPS in a meaningful way to really call it out. It is accretive. It is a high-margin business. It's got a fantastic management team with a great product. So we're really happy to bring on board.

謝謝你提出來。這是我們的指導，這是一家很棒的合併公司。我們很高興讓他們加入我們的團隊。就 MarineMax 的規模和範圍而言，沒有多少收購能夠真正以有意義的方式真正推動收入和每股盈餘。它是增值的。這是一項高利潤業務。它擁有出色的管理團隊和出色的產品。所以我們很高興加入。

Okay. But specifically not enough to move the needle in.

好的。但具體來說還不足以將針移入。

It's adding to it. So the guidance reflects some contribution from them. It's just not a real big dollar amount from them.

它正在增加它。因此，該指南反映了他們的一些貢獻。他們給的錢並不是真正的大筆金額。

Our next question is from the line of Mike Swartz with Truist Securities.

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

Maybe just a little color on inventory. And I think, Mike or Brett, you had mentioned that inventories may be a little more dependent on brand or category, but maybe at a high level, just give us a sense of where are your turns today? And maybe where do they need to be over the next 3 or 6 months before you feel a little more comfortable?

也許只是庫存上的一點顏色。我想，麥克或布雷特，你曾提到庫存可能更多地依賴品牌或類別，但也許在較高的層面上，讓我們了解一下你今天的情況如何？也許在接下來的 3 到 6 個月裡他們需要在哪裡，你才會感覺更舒服？

Yes. I actually don't have that data handy, but I'm fairly certain if you do the turns on our growing 12%, we're in the 2.4 to 2.5 range, something like that, where I think the industry historically would be about 1.8x. We were usually better than that.

是的。我實際上手邊沒有這些數據，但我相當確定，如果你對我們成長的 12% 進行轉換，我們會處於 2.4 到 2.5 的範圍內，類似的情況，我認為該行業歷史上的水平約為1.8 倍。我們通常比那更好。

Our inventory itself is not in what I'd call bad shape at all. I mean we have some pockets of opportunities like probably most people do, but I think we've been more proactive at moving product. Our noncurrent percentages and all that are better than other dealers out there by a long shot that we've seen. And for us, we would love to see inventory -- we'd like to see our turns north of 3x. It's going to take a lot of work to get there over time. Before COVID, we would be 2.5%, sometimes a little bit higher than that. I don't know if that's answered your question, Mike, but it's --

我們的庫存本身根本沒有處於我所說的糟糕狀態。我的意思是，我們可能像大多數人一樣擁有一些機會，但我認為我們在轉移產品方面更加積極主動。我們的非流動百分比和所有這些都比我們所看到的其他經銷商要好得多。對於我們來說，我們希望看到庫存 - 我們希望看到我們的轉彎超過 3 倍。隨著時間的推移，需要做很多工作才能到達那裡。在新冠疫情之前，我們的比率是 2.5%，有時會比這個數字高一點。我不知道這是否回答了你的問題，麥克，但是——

We have some opportunities for share in inventory, but we've been also aggressive moving like we were in the March quarter too.

我們有一些分享庫存的機會，但我們也像三月季度那樣積極採取行動。

That's helpful. I appreciate that. And maybe there's been a lot of talk about the NOAA regulations on offshore speed. And maybe just if you want to go on record and give us maybe your quick thoughts about those regulations that proposed and any impact that might have on your business?

這很有幫助。我很欣賞這一點。也許人們已經有很多關於 NOAA 關於離岸速度的規定的討論。也許您想記錄下來並向我們提供您對擬議法規以及可能對您的業務產生的任何影響的快速想法？

We haven't studied the direct impact on our exact stores and locations. Yet we're still trying to learn more about what it means and kind of relying on some industry information there. So we haven't studied it exactly for our stores and business. It potentially in some locations, it could be not very impactful at all because of the seasonality of where those restrictions are in those stores kind of the seasonality is okay. But it will have an impact on.

我們尚未研究對我們的特定商店和地點的直接影響。然而，我們仍在嘗試更多地了解它的含義，並依賴那裡的一些行業資訊。所以我們還沒有針對我們的商店和業務進行準確的研究。在某些地方，它可能根本沒有太大影響，因為這些商店的限制是季節性的，季節性是可以的。但還是會有影響的。

I think when you're reading, there's a lot of commercial industry impact that's getting most of the media. I'm not at all trying to underestimate that it couldn't have a recreational impact, but for sure, on the commercial.

我認為當你閱讀時，大多數媒體都對商業產業產生了很大的影響。我並不是想低估它不會產生娛樂性的影響，但可以肯定的是，它對廣告的影響。

And the final rules are not out yet, Mike. I think you know that. But -- so we're -- I think the industry is waiting to see the final rules to really understand what the impact is. So it's something that we're all watching.

麥克，最終規則還沒出來。我想你知道這一點。但是——所以我們——我認為業界正在等待最終規則的出台，以真正了解其影響是什麼。所以這是我們都在關注的事情。

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

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

I guess I want to go back to kind of the guidance change. And I know, obviously, you don't like to change guidance. There's a lot of moving parts in there. But I just want to get a better sense of the key drivers. I know that, if I recall correctly, you were not assuming any rate cuts in the previous guidance in terms of drivers of demand and whatnot. So obviously, that hasn't changed.

我想我想回到指導的改變。我知道，顯然，你不喜歡改變指導方針。裡面有很多活動部件。但我只是想更了解關鍵驅動因素。我知道，如果我沒記錯的話，在先前的指導中，您並沒有假設在需求驅動因素等方面會出現任何降息。顯然，這一點並沒有改變。

And if Q2 is -- the miss versus your expectations is more a reflection of increased seasonality or seasonality coming back into the market. You're seeing -- possibly aiming to that kind of on the reverse side in April. How much of the remaining cuts of the year -- I know it's probably all of these things. But can you kind of rank, is it increased concern kind of underlying kind of demand pressures in general, even if rates don't change? Is it increased competition from others? The need to drive more promotional activity to get people to cross the line? I'm sure it's all those play into it. But how do you kind of rank those if seasonality was kind of probably the bigger driver to the miss in Q2 versus what you would have thought going into it?

如果第二季是—與您的預期不符，則更多地反映了季節性增加或季節性回歸市場。你會看到——四月份的目標可能是相反的。今年剩下的削減有多少——我知道可能都是這些事情。但你能否排序一下，即使利率沒有變化，整體上潛在的需求壓力是否會增加？來自其他公司的競爭是否加劇？是否需要進行更多促銷活動來吸引人們越過界線？我確信這就是所有的人都參與其中的原因。但是，如果季節性因素可能是導致第二季業績下滑的更大因素，而不是你想像的那樣，那麼你如何對這些因素進行排名呢？

Yes. I would rank them as a tougher industry environment granted where there are signs that maybe seasonality is going to play a role here and help with the summer selling season. But we're assuming that we're going to be in a tougher retail environment, and we're going to keep kind of both feet on the gas pedal, including being more aggressive on margins. So number one, it's going to be the tougher environment combined with margins, is probably the biggest driver of the change in the back half, combined with -- we're -- we commented a couple of times we did expect additional revenue in the March quarter.

是的。我認為它們是一個更艱難的行業環境，有跡象表明季節性可能會在這裡發揮作用，並有助於夏季銷售季節。但我們假設我們將處於一個更艱難的零售環境中，我們將保持雙腳踩油門，包括在利潤方面更加積極。因此，第一，這將是更艱難的環境和利潤率，這可能是下半年變化的最大驅動因素，再加上——我們——我們曾多次評論過，我們確實預計在下半年會有額外的營收三月季度。

The March quarter, we were up against a negative 13% comp. So we expected higher than 2% same-store sales growth. And so we had some revenue that didn't close, without getting into all the specifics of that. We -- our inventory is elevated a little bit, which means our interest expense is going to be a little elevated in the June quarter. Although it will start coming down as we get close to the end of the June quarter. And then a little bit higher interest also in the September quarter, as we said on the call. So it's really margin, a tougher environment and then interest, Eric, if that answers your question.

3 月季度，我們的年成長率為 13%。因此我們預期同店銷售成長將高於 2%。因此，我們有一些收入沒有關閉，沒有詳細了解其中的所有細節。我們的庫存略有增加，這意味著我們在六月季度的利息支出將略有增加。儘管隨著接近六月季度末，它會開始下降。正如我們在電話會議上所說，九月季度的興趣也有所增加。所以，這實際上是利潤、更艱難的環境，然後是興趣，艾瑞克，如果這回答了你的問題。

It does. And just a follow-up on inventories, obviously, ending the quarter higher because they just came in below. And you said that you're kind of -- the OEMs are being a little more accommodating, kind of adjusting production. Where do you -- if you ended September of last year $813 million of inventories, where do you expect inventories to end this September? Would you expect them to be higher than last fiscal year-end, lower, in line?

確實如此。顯然，這只是庫存的後續行動，本季結束時庫存有所上升，因為庫存剛好低於庫存。你說，原始設備製造商正在變得更加包容，調整生產。如果截至去年 9 月，您的庫存為 8.13 億美元，那麼您預計今年 9 月的庫存將是多少？您預計它們會比上一財年末更高、更低嗎？

And then kind of assuming we get into a better environment in fiscal '25 and demand improves, is this a good inventory level for a -- I'm talking about the inventory at the end of this current quarter, the kind of 800 and change at the end of the fiscal year. Is that a good inventory level for a low single-digit retail increase environment? Or would you need to move higher than that?

然後假設我們在 25 財年進入更好的環境並且需求有所改善，這對於 - 我說的是本季度末的庫存，即 800 和變化來說是一個良好的庫存水平嗎？ 。對於低個位數零售成長環境來說，這是一個良好的庫存水準嗎？或者您需要移動到更高的位置嗎？

Inventories will move higher in dollars than they ended last summer. Last summer, inventories were building, but there were still some brands that had not gotten product out to a reasonable level compared to prior times because of supply chain issues or manufacturing issues or whatever it may be. So I would expect inventory levels to be higher. I don't recall our exact estimate of where it's going to be, but it's going to be higher.

以美元計算的庫存將高於去年夏天的水準。去年夏天，庫存不斷增加，但仍有一些品牌因供應鏈問題或製造問題或其他原因而未能將產品生產到與以往相比合理的水平。因此，我預計庫存水準會更高。我不記得我們對它的確切估計，但它會更高。

And then within that, the devil is always in the detail by brand and by segment and how do we work with the manufacturers on -- what do we think about 2025 and production and incentives. I think most people in the industry -- I know Brunswick has got a couple of slides on this, where they're looking at 2024 kind of being a low point. And then model year 2025, the industry begins to pick up from there, which makes a lot of sense. We just -- we got to get to that point to see that that's actually playing out that way.

然後，其中的問題始終在於品牌和細分市場的細節，以及我們如何與製造商合作——我們對 2025 年以及生產和激勵措施有何看法。我想業內的大多數人——我知道 Brunswick 有幾張關於這個問題的幻燈片，他們認為 2024 年是一個低點。然後到 2025 年，該行業開始復甦，這是很有意義的。我們只是——我們必須達到這一點才能看到事情實際上是這樣發生的。

Our next question is from the line of David MacGregor with Longbow Research.

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

This is Joe Nolan on for David. Most of my questions have been answered at this point, but I just wanted to ask whether, obviously, first quarter always has some sort of weather impact, but it seems maybe a little bit worse than a typical first quarter. So I was just wondering if you could talk a little bit about the cadence of sales through the quarter as we saw weather improve a bit.

這是大衛的喬諾蘭。我的大部分問題都已得到解答，但我只是想問，顯然，第一季是否總是受到某種天氣影響，但似乎可能比典型的第一季更糟。所以我只是想知道您是否可以談談本季的銷售節奏，因為我們看到天氣有所改善。

Yes. I'd say weather did probably play a little bit of a role, believe it or not. I mean, we live here in Florida and Florida had a wet windy cold March quarter, a lot of folks up North don't feel sorry for us, but I usually bode a fair amount in the March quarter, and I was not out much at all. So and April weather is pretty -- shaping up pretty nicely here, which you can kind of see that in our comments about April being strong. Yes. So there probably is some play on weather that we're probably experiencing now, including here in the northern markets, too.

是的。我想說，不管你信不信，天氣可能確實起了一點作用。我的意思是，我們住在佛羅裡達州，佛羅裡達州的三月季度潮濕多風，寒冷，北方的很多人並不為我們感到難過，但我通常預示著三月季度會有相當多的事情發生，而且我並沒有太多外出根本不。所以四月的天氣很好——這裡的天氣很好，你可以在我們關於四月強勁的評論中看到這一點。是的。因此，我們現在可能正在經歷的天氣因素可能會產生一些影響，包括北部市場。

And then obviously, we're seeing the step-up in promotion. Can you just talk about the success level that you've seen with the promotions and driving retail activity, whether that's been maybe better or worse than you originally would have expected?

顯然，我們看到了促銷力道的加大。您能否談談您在促銷和推動零售活動方面所看到的成功程度，是否比您最初的預期更好或更差？

Yes. It's -- when we partner with a manufacturer, we put a full program together that's consumer facing and offers them more and creates urgency, we can help create more urgency. It's absolutely working. That's the key.

是的。當我們與製造商合作時，我們會制定一個面向消費者的完整計劃，為他們提供更多服務並創造緊迫感，我們可以幫助創造更多緊迫感。這絕對有效。這就是關鍵。

Ladies and gentlemen, I now hand the conference over to Mr. McGill for his closing comments. Please go ahead.

女士們、先生們，我現在將會議交給麥吉爾先生作總結發言。請繼續。

Well, we appreciate everybody joining the call this morning, and we look forward to updating you on our progress in the next quarterly call. Have a great day.

好吧，我們感謝今天早上加入電話會議的每個人，我們期待在下一個季度電話會議中向您通報我們的最新進展。祝你有美好的一天。

Thank you. The conference of MarineMax has now concluded. Thank you for your participation. You may now disconnect your lines.

謝謝。 MarineMax會議現已結束。感謝您的參與。現在您可以斷開線路。