MarineMax Inc (HZO) 2025 Q1 法說會逐字稿

Good morning, and welcome to the MarineMax, Inc fiscal 2025 first quarter conference call. Today's call is being recorded. (Operator Instructions) I would now like to turn the call over to Scott Solomon of the company's Investor Relations, Sharon Merrill Advisors. Please go ahead, sir.

早上好，歡迎參加 MarineMax, Inc 2025 財年第一季電話會議。今天的通話正在錄音。（操作員說明）我現在想將電話轉給公司投資人關係部的史考特‧所羅門（Sharon Merrill Advisors）。請繼續，先生。

Good morning, and thank you for joining us. Hosting today's call are Brett McGill, MarineMax’ s, Chief Executive Officer, and President; 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 associated with today's announcement 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 執行長兼總裁 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。與今天的公告相關的收益發布和補充演示可在 Investor.marinemax.com 上找到。

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

這樣，我會將電話轉給麥克。麥克風？

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.

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。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。

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.

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 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. The reconciliation of non-GAAP financial measures to those 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。今天的收益報告中提供了非公認會計準則財務指標與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 thank you for joining us. Before we get into the details of the quarter, let me take a moment to commend our team for their exceptional commitment to serving our customers across every aspect of our business. We ended our fiscal year focused on the cleanup and restoration of many of our locations from Hurricane Helene and spent a fair portion of the first quarter of fiscal 2025, repeating the process as a result of the hurricane Milton.

謝謝你，麥克。大家早安，感謝您加入我們。在我們詳細介紹本季度的細節之前，請允許我花點時間讚揚我們的團隊在業務各個方面為客戶提供卓越的承諾。我們在結束本財年時，重點關注了受颶風海倫影響的許多地點的清理和恢復工作，並在2025 財年第一季的相當一部分時間裡，重複了因颶風米爾頓而進行的這一過程。

We are grateful for the extraordinary efforts our team has demonstrated, even as many continue to navigate the disruptions caused by the storms, their own lives and communities. Operationally, December quarter revenue was strained with the combination of the hurricanes and the soft retail demand across the outdoor recreation space. While the top line was a bit lighter than we had anticipated, it isn't surprising that the shortfall largely came from the disruption to the entire state of Florida.

我們感謝我們的團隊所表現出的非凡努力，儘管許多人仍在應對風暴、他們自己的生活和社區造成的破壞。從營運角度來看，由於颶風和戶外休閒空間零售需求疲軟，12 月季度的營收緊張。雖然收入比我們預期的要少一些，但不足之處主要來自整個佛羅裡達州的破壞也就不足為奇了。

Having said that, it does seem that potential buyers have remained on the sidelines given the mixed economic data persistent inflation uncertainty and a tenuous geopolitical climate. It's difficult to dissect precisely how much of the 11% decrease in same-store sales in Q1 was the result of the hurricanes versus the macroeconomic environment, except to say that both were impactful.

話雖如此，鑑於好壞參半的經濟數據、持續的通膨不確定性和脆弱的地緣政治氣候，潛在買家似乎仍然保持觀望。很難準確剖析第一季同店銷售額下降 11% 有多少是颶風與宏觀經濟環境造成的結果，只能說兩者都有影響。

Although the premium segment of the retail boat market was not immune from those headwinds, our strong presence in this high-value category sets us apart. This segment characterized by more resilient demand and customer loyalty often recovers faster during market improvements. By fighting exclusive brands, top-tier products, and tailored services to our premium customers, we are strategically positioned to navigate these challenges effectively and take advantage of growth opportunities as demand rebounds.

儘管零售船舶市場的高端市場也未能倖免於這些不利因素，但我們在這一高價值類別中的強大影響力使我們脫穎而出。此細分市場的特點是需求更有彈性，客戶忠誠度通常在市場改善期間恢復得更快。透過為我們的優質客戶提供獨家品牌、頂級產品和客製化服務，我們處於策略地位，可以有效應對這些挑戰，並在需求反彈時利用成長機會。

Gross margin came in at over 36% in the quarter, which was particularly impressive in light of the underlying retail market. Two factors drove the increase. First, the promotional environment and mix of sales; and second, our strategic focus on driving growth from our higher-margin businesses. It's worth noting that our nonboat revenue has grown significantly from 2019. And over that time, we have seen a measured increase in gross margin.

本季毛利率超過 36%，考慮到基礎零售市場，這一數字尤其令人印象深刻。有兩個因素推動了這一成長。一、促銷環境及銷售組合；其次，我們的策略重點是推動高利潤業務的成長。值得注意的是，我們的非船收入較 2019 年大幅成長。在那段時間裡，我們看到了毛利率的顯著成長。

Our higher-margin businesses, including Marinas, super yacht services, finance and insurance and brokerage services continued to perform well and provide us with more durable margin streams. To that point, our December quarter financial results spotlight the success of our related diversification strategy. Despite a nearly $60 million decline in revenue, hurricanes and a challenged environment, our higher margins helped insulate the business as reflected in our consistent adjusted EBITDA compared with last year.

我們的利潤率較高的業務，包括碼頭、超級遊艇服務、金融和保險以及經紀服務繼續表現良好，並為我們提供了更持久的利潤流。就這一點而言，我們 12 月季度的財務表現凸顯了我們相關多元化策略的成功。儘管收入因颶風和充滿挑戰的環境而下降了近 6000 萬美元，但我們較高的利潤率幫助我們的業務免受影響，這一點反映在我們與去年相比一致的調整後 EBITDA 中。

Our expense initiatives certainly contributed, but the primary building block is the profit contribution from our higher-margin businesses. On the expense side of the business, as Mike will discuss, we are focused on improving efficiencies and continuing to seek areas to reduce costs. We have made significant progress and remain focused on pursuing further improvements.

我們的費用計劃當然有所貢獻，但主要的組成部分是我們高利潤業務的利潤貢獻。在業務的費用方面，正如麥克將討論的那樣，我們專注於提高效率並繼續尋求降低成本的領域。我們已經取得了重大進展，並將繼續致力於進一步改進。

Turning to other highlights. Many of our stores recently expanded with our Cruisers Yachts brand. Now all of our stores in key regions in the Southern US, including Texas, [Forrestania] and West Florida will feature the full range of Cruisers Yachts. This includes the 57 FLY, which recently debuted at the Fort Lauderdale Boat Show.

轉向其他亮點。我們的許多商店最近都以 Cruisers Yachts 品牌進行了擴張。現在，我們在美國南部主要地區（包括德克薩斯州、[福里斯塔尼亞]和西佛羅裡達州）的所有商店都將展示全系列 Cruisers Yachts。其中包括最近在勞德代爾堡遊艇展上首次亮相的 57 FLY。

In addition, our Intrepid power boats brand recently enhanced its leadership with the appointment of Terry McNew as the brand's President. Terry brings more than three decades of marine industry experience to Intrepid, including executive roles at Brunswick and MasterCraft. Terry's vision and leadership will help build upon Intrepid's strong foundation and drive the brand's continued success in delivering world-class power boats to our customers.

此外，我們的 Intrepid 動力艇品牌最近任命 Terry McNew 為該品牌總裁，從而增強了其領導地位。Terry 為 Intrepid 帶來了三十多年的海洋產業經驗，包括在 Brunswick 和 MasterCraft 擔任高階主管。Terry 的遠見和領導力將有助於鞏固 Intrepid 的堅實基礎，並推動該品牌在向客戶提供世界一流動力艇方面不斷取得成功。

I also want to spotlight the outstanding work of Steve English and the IGY Marinas' team and continuing to expand the global recognition of what we believe is the world's premier Marina brand. Membership in our exclusive IGY Trident program is growing, allowing more Super Yacht owners and captains to enjoy the benefits of guaranteed dockage and priority access at some of the world's premier Marinas, especially as dock space becomes increasingly scarce.

我還想專注於 Steve English 和 IGY Marinas 團隊的傑出工作，並繼續擴大我們認為是世界首屈一指的 Marina 品牌的全球認可。我們獨家的IGY Trident 計劃的會員數量正在不斷增加，讓更多的超級遊艇船東和船長能夠享受到一些世界頂級碼頭的有保證的停泊和優先進入的好處，特別是在碼頭空間變得越來越稀缺的情況。

Steve and the team are also nearing completion of the new IGY Savannah Harbor Marina, which is scheduled to open in March. New Wave Innovations continues to lead the way with technological advancement that will drive more synergies across our portfolio. We continue to gain a strategic advantage in the market with our innovation and technology platforms.

Steve 和他的團隊也即將完成新的 IGY 薩凡納港碼頭，該碼頭計劃於 3 月開放。New Wave Innovations 繼續引領技術進步，這將推動我們的產品組合產生更多協同效應。我們憑藉創新和技術平台繼續在市場上獲得戰略優勢。

And with that, let me turn the call back to Mike for the financial review. Mike?

接下來，讓我將電話轉回給麥克進行財務審查。麥克風？

Thank you, Brett, and good morning again, everyone. I want to echo Brett's sentiments about the resilience of our team in navigating the challenges of the current market and the storms. As Brett noted, our top line performance reflected both the impact from TWO hurricanes in the softer retail environment. The industry registration data for each month in the quarter continued to reflect the challenges we are facing.

謝謝你，布雷特，大家早安。我想回應布雷特對我們團隊在應對當前市場和風暴挑戰方面的韌性的看法。正如布雷特指出的那樣，我們的營收業績反映了零售環境疲軟中兩次颶風的影響。本季各月的行業登記數據繼續反映了我們面臨的挑戰。

Although we did see increased retail activity following the storms and November, on a sequential basis, December retail was less than expected, resulting in a soft lows to the quarter. Our same-store sales were down 11%, while units were down in the mid-single-digit range, meaning our AUP was also down.

儘管我們確實看到風暴過後和 11 月零售活動增加，但以環比計算，12 月零售量低於預期，導致本季出現疲軟低點。我們的同店銷售額下降了 11%，而單位數量下降幅度在中個位數範圍內，這意味著我們的 AUP 也下降了。

Not surprisingly, lower sales in Florida, which typically are larger in nature, was the biggest driver of the AUP decline. While gross profit declined in absolute dollars due to lower revenue, as Brett pointed out, our gross margin was healthy, reflecting the benefits from our strategy of expanding into higher-margin businesses.

毫不奇怪，佛羅裡達州的銷售額下降（該州通常規模較大）是 AUP 下降的最大推動因素。正如布雷特指出的那樣，雖然由於收入下降，毛利以絕對美元計算有所下降，但我們的毛利率保持健康，反映出我們向高利潤業務擴張的策略所帶來的好處。

As we go through the income statement, keep in mind that our GAAP results include a $25.8 million gain from an adjustment to the fair value of contingent consideration. Much of the gain is from the earnout reconciliation related to IGY. As we have said on prior calls, IGY continues to perform well, and we are very pleased with our overall performance. However, contingent consideration liabilities can fluctuate based on the achievement of certain predefined qualitative and quantitative milestones.

當我們查看損益表時，請記住，我們的 GAAP 結果包括因或有對價公允價值調整而產生的 2580 萬美元收益。大部分收益來自與 IGY 相關的收益調節。正如我們在之前的電話中所說，IGY 繼續表現良好，我們對我們的整體表現非常滿意。然而，或有對價負債可能會根據某些預定的定性和定量里程碑的實現而波動。

Excluding the items noted in the press release in both periods, adjusted SG&A in the quarter decreased year-over-year to $149.4 million. As part of our strategic cost reduction initiatives and to align our footprint with the current market environment, we consolidated or sold three locations during the quarter and took other actions designed to enhance our operational efficiencies. As mentioned during our year-end earnings call, we see inflation in several key areas, but we continue our focus of strengthening our operational profile, disciplined and targeted expense management.

不包括兩個時期新聞稿中提到的項目，本季調整後的銷售及管理費用較去年同期下降至 1.494 億美元。作為我們策略成本削減計劃的一部分，並使我們的足跡與當前市場環境保持一致，我們在本季度整合或出售了三個地點，並採取了其他旨在提高營運效率的行動。正如我們在年終財報電話會議上提到的，我們在幾個關鍵領域看到了通貨膨脹，但我們繼續專注於加強我們的營運狀況、嚴格和有針對性的費用管理。

In the first quarter, we incurred a charge of $5 million to write-off images associated with Hurricane Milton. The large majority of which we anticipate will be covered by insurance. Income tax expense was $2.1 million in the quarter, which reflects a rather low effective tax rate compared to what we have guided. The IRS concurred with our characterization of several foreign entities resulting in a onetime benefit during the quarter that significantly reduced our effective tax rate.

第一季度，我們因沖銷與米爾頓颶風相關的圖像而產生了 500 萬美元的費用。我們預計其中大部分將由保險承保。本季所得稅費用為 210 萬美元，這反映出與我們指導的相比，有效稅率相當低。美國國稅局同意我們對幾個外國實體的描述，這在本季度帶來了一次性好處，顯著降低了我們的有效稅率。

GAAP net income for the quarter was $18.1 million or $0.77 per diluted share. Adjusted net income for the quarter was $4.1 million or $0.17 per diluted share compared with $4.4 million or $0.19 per diluted share last year. First quarter adjusted EBITDA of $26.1 million was nearly flat with last year, which is a strong result considering the year-over-year revenue decrease.

該季度 GAAP 淨利潤為 1,810 萬美元，或攤薄後每股收益 0.77 美元。本季調整後淨利為 410 萬美元，即稀釋後每股收益 0.17 美元，去年為 440 萬美元，即稀釋後每股收益 0.19 美元。第一季調整後 EBITDA 為 2,610 萬美元，幾乎與去年持平，考慮到營收年減，這是一個強勁的結果。

Turning to the balance sheet. Cash and cash equivalents totaled $145 million compared with $210 million at the end of last year's first quarter, primarily due to the timing of inventory purchases and related financing. Although inventories were up more than anticipated at quarter end due to lower-than-expected revenue, our floor plan lenders note that our inventory remains much fresher and more current than the industry as a whole.

轉向資產負債表。現金和現金等價物總計 1.45 億美元，而去年第一季末為 2.1 億美元，這主要是由於庫存採購和相關融資的時間表。儘管由於收入低於預期，季度末庫存增幅超出預期，但我們的平面圖貸方指出，我們的庫存仍然比整個行業更新、更新。

To ensure it stays that way, we have adjusted where appropriate, future orders and implemented proven programs to keep the aging of our inventory in check. With higher inventory, short-term borrowings, which consists of floor plan financing also increased. Consistent with the increased availability of inventory, customer deposits declined.

為了確保這種情況保持下去，我們在適當的情況下調整了未來的訂單，並實施了行之有效的計劃來控制庫存的老化。隨著庫存增加，短期借款（包括平面圖融資）也有所增加。與庫存增加相一致的是，客戶存款下降。

At quarter end, our debt to EBITDA net of cash stood at just over 1.6 times, which highlights our ongoing financial strength. With our focus on inventory and related aging, we will continue to maintain a healthy balance sheet. Additionally, we have significant financial flexibility through our additional unencumbered inventory and access to approximately $200 million in available lines of credit.

截至季末，我們的債務（扣除現金後的 EBITDA）略高於 1.6 倍，這凸顯了我們持續的財務實力。透過專注於庫存和相關帳齡，我們將繼續保持健康的資產負債表。此外，透過額外的未支配庫存和約 2 億美元的可用信貸額度，我們擁有顯著的財務靈活性。

The fiscal 2025 outlook we provided on our year-end call and has not changed. Industry-wide, we continue to expect used sales to be essentially flat with fiscal 2024 with inventory levels likely normalizing as we move through the selling season. Promotional activity will remain elevated in the second quarter with improvement as we move into the back half of the fiscal year.

我們在年終電話會議上提供的 2025 財年展望並未改變。在整個行業範圍內，我們繼續預計二手車銷量將與 2024 財年基本持平，隨著銷售季節的到來，庫存水準可能會正常化。隨著進入本財年後半段，第二季的促銷活動將繼續保持在高水準並有所改善。

Although industry conditions were challenging in the quarter, with the start of the boat show season and expected improved clarity in the geopolitical environment, we are cautiously optimistic about our same-store sales remaining flattish on a year-over-year basis. We expect adjusted EBITDA within our targeted range of $150 million to $180 million with adjusted net income in the range of $1.80 to $2.80 per diluted share.

儘管本季產業狀況充滿挑戰，但隨著船展季的開始以及地緣政治環境的預期更加明確，我們對同店銷售額同比持平持謹慎樂觀態度。我們預計調整後的 EBITDA 將在 1.5 億至 1.8 億美元的目標範圍內，調整後的淨利潤將在稀釋後每股 1.80 至 2.80 美元的範圍內。

In addition, we continue to forecast consolidated gross margins in the low 30% range for the fiscal year. These expectations do not consider give effect for, among other things, material acquisitions that we may complete or other unforeseen events, including weather and changes in global economic conditions.

此外，我們繼續預測本財年綜合毛利率將在 30% 左右。這些預期不考慮對我們可能完成的重大收購或其他不可預見的事件（包括天氣和全球經濟狀況的變化）產生影響。

Looking at current business conditions, we are expecting January revenue to be up over the prior year. Well, that is encouraging, it's important to keep in mind that January is typically the smallest month of the March quarter. With that, I'll turn the call back over to Brett for closing comments. Brett?

從目前的業務狀況來看，我們預計 1 月份的營收將比去年同期有所成長。嗯，這是令人鼓舞的，重要的是要記住，一月通常是三月季度中最小的月份。這樣，我會將電話轉回給布雷特以徵求結束意見。布雷特？

Thanks, Mike. While economic conditions in the recreational marine industry have been challenging, we anticipate that the pace of activity will improve as we move into the spring selling season. Early activity at this year's retail boat shows has been encouraging, and we believe that our position within the premium category of the segment will enable us to achieve meaningful growth and outperform the industry as market conditions recover.

謝謝，麥克。儘管休閒海洋產業的經濟狀況一直充滿挑戰，但我們預計，隨著進入春季銷售季節，活動節奏將會改善。今年零售船展的早期活動令人鼓舞，我們相信，隨著市場狀況的復甦，我們在該細分市場的高端類別中的地位將使我們能夠實現有意義的成長並超越行業。

As a leader in the recreational marine market, our strategic advantage centers on the diverse yet complementary nature of our portfolio, all of the pieces are related, and we continue to leverage the synergy. Every aspect of our business from retail locations to Marinas, Super Yachts services, finance and insurance operations and manufacturing is interconnected with each component strengthening and supporting the others to drive overall success.

作為休閒海洋市場的領導者，我們的策略優勢集中在我們產品組合的多樣性和互補性上，所有部分都是相關的，我們將繼續利用協同效應。從零售地點到碼頭、超級遊艇服務、金融和保險業務以及製造，我們業務的各個方面都相互關聯，每個組成部分都相互加強和支持，以推動整體成功。

We are confident in our ability to execute our growth strategy by focusing on innovation, enhancing customer experiences and further expanding our higher-margin businesses. And with that, Mike and I will be happy to take your questions. Operator, please open up the line for Q&A.

我們對透過專注於創新、增強客戶體驗和進一步拓展高利潤業務來執行成長策略的能力充滿信心。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) Joseph Altobello, Raymond James.

（操作員說明）約瑟夫·阿爾托貝洛，雷蒙德·詹姆斯。

Question was on SG&A. I'm trying to get a sense for where you guys see SG&A this year. I think on the last earnings call, you seem to imply about 50 basis points of leverage with the annualization of $20 million to $25 million of cuts, but you're also seeing some creep in other costs. So given what we saw in Q1, what's a good realistic number for SG&A this year?

問題是關於SG&A。我試著去了解一下你們今年的 SG&A 情況。我認為在上次財報電話會議上，您似乎暗示槓桿率將降低約 50 個基點，年化削減 2000 萬至 2500 萬美元，但您也看到其他成本有所下降。那麼，考慮到我們在第一季看到的情況，今年 SG&A 的實際數字是多少？

Hi, Joe. It's Mike. Good question. We said last call that we were aiming to get back SG&A as a percentage of revenue equal or approximating where it was in 2023, which at the time was about a 100-basis point overall reduction. But because of the inflationary cost increases that we are seeing, we probably alluded to something less than 100, but that's still our target for this year when the year wraps up on a full year basis.

嗨，喬。是麥克。好問題。我們在上次電話會議中表示，我們的目標是使 SG&A 在收入中所佔的百分比等於或接近 2023 年的水平，當時整體減少了約 100 個基點。但由於我們看到通膨成本增加，我們可能提到了低於 100 的數字，但這仍然是我們今年全年的目標。

Obviously, as a percentage it jumps around quarter-to-quarter based on how strong retail activity is, but that's what we're shooting for. I think I again said in the prepared remarks that we do see inflation still in certain parts of the business that we're challenged with, but we're not giving up our overall goal of improving the operational efficiencies of the company.

顯然，根據零售活動的強勁程度，其百分比會按季度跳躍，但這就是我們的目標。我想我在準備好的發言中再次說過，我們確實看到我們面臨挑戰的某些業務領域仍然存在通貨膨脹，但我們不會放棄提高公司營運效率的總體目標。

Got it. Just a follow-up on that. Can you speak to the insurance market in Florida, either for boats and or marinas? Have you seen any material uptick in premiums, for example, or are seeing insurers leaving the market?

知道了。只是對此的後續行動。您能談談佛羅裡達州的船舶和/或碼頭保險市場嗎？例如，您是否看到保費大幅上漲，或者保險公司是否正在退出市場？

Another good question. As of now, on retail insurers, like for people who are buying boats from us, we have not experienced an increase from the people who ensure boats in Florida. It wouldn't surprise me if there is something in the future once the dust all settles. Likewise, when you think about just the nature of the storms also even the fires all the way out west, unfortunately for the people out there, you would think that the storms and the fires would have some type of an impact on the insurance market or when it comes to companies ensure the risks that we have, the property risks that we have.

另一個好問題。截至目前，在零售保險公司方面，就像從我們這裡購買船隻的人一樣，我們還沒有看到佛羅裡達州確保船隻的人增加。一旦塵埃落定，未來如果有任何事情，我不會感到驚訝。同樣，當你考慮風暴的性質，甚至是西部地區的火災時，不幸的是，對於那裡的人們來說，你會認為風暴和火災會對保險市場產生某種類型的影響，或者當涉及到公司時，確保我們所面臨的風險，我們所面臨的財產風險。

We haven't seen any specific increases yet, but we're mindful that there could be some of those are some of the inflationary pressures I mentioned on our last earnings call, specific to insured. So, we're waiting and seeing right now, I guess, is what I'd say on both.

我們還沒有看到任何具體的增長，但我們注意到，其中可能存在一些我在上次財報電話會議上提到的針對保險的通膨壓力。所以，我想，我們現在正在觀望，這就是我對這兩個問題所說的。

Okay. Just last one, if I could. Given the onetime benefit in Q1, what are you expecting for a full year tax rate?

好的。如果可以的話，就最後一張。鑑於第一季的一次性收益，您對全年稅率的預期是多少？

We guided to 26.5%. I haven't changed that in the overall guidance. And actually, I'll just comment on that, Joe. So, the benefit in Q1 is about $0.12 in the quarter. So, if we're $0.17 on a GAAP basis, because of the effective rate adjustment, it's about a $0.12 impact in that quarter. In the scheme of a whole year, I didn't think it was material enough to adjust the overall guidance yet. We'll keep watching that to see if we need to bring the effective rate down a little bit for the full year.

我們指導為26.5%。我在總體指導中沒有改變這一點。事實上，我只是對此發表評論，喬。因此，第一季的收益約為 0.12 美元。因此，如果我們按 GAAP 計算為 0.17 美元，那麼由於有效利率調整，該季度的影響約為 0.12 美元。在一整年的計劃中，我認為還沒有足夠的材料來調整整體指導。我們將繼續關注這一情況，看看是否需要將全年的有效利率降低一點。

Drew Crum, Stifel.

德魯克拉姆、史蒂菲爾。

So just a question on the adjusted gross margin. I think the 36% plus for the quarter would seem to be pacing ahead of where you thought it might be for the year, which I believe was and closer to 32%, 33% range. Do you see upside to your original gross margin assumption based on the fiscal 1Q performance? Or should we expect this to fall in subsequent quarters? And if so, what would be the drivers for that?

所以只是關於調整後毛利率的問題。我認為本季 36% 以上的成長率似乎超出了您對今年的預期，我認為這一數字更接近 32%、33% 的範圍。根據第一財季業績，您認為最初的毛利率假設有上升空間嗎？或者我們應該預期這一數字會在接下來的幾季下降？如果是這樣，其驅動因素是什麼？

Hi, Drew, good question. I comment. It's Mike. Margins do change throughout the year. Typically, when you get into the higher volume quarters like March and June, they are lower gross margins when you look kind of historically in our company. So obviously, we're pleased with the overall -- by the way, that's not an adjusted gross margin. That is the gross margin.

嗨，德魯，好問題。我評論一下。是麥克。利潤率全年都會改變。通常，當您進入三月和六月等銷量較高的季度時，如果您從我們公司的歷史角度來看，毛利率會較低。顯然，我們對整體感到滿意——順便說一句，這不是調整後的毛利率。這就是毛利率。

And I know we have a couple of different adjusted numbers here, but we're pleased with where the 36% is in the quarter. And hopefully, as we move through the year, there's an opportunity to talk about improved margins. But I think at this point, we keep the margin guidance in that low 30% range as we mentioned.

我知道我們這裡有幾個不同的調整數字，但我們對本季 36% 的情況感到滿意。希望隨著這一年的發展，我們有機會談論利潤率的提高。但我認為目前我們將利潤率指引保持在我們提到的 30% 的低範圍內。

And I'll add, Drew, that when you have the sales when we had the loss of the sales in the quarter from hurricanes and other factors that obviously puts a higher percentage comes from the higher-margin businesses. So that's part of the contribution to that higher margin you see.

德魯，我要補充一點，當我們在本季因颶風和其他因素而遭受銷售額損失時，顯然較高的百分比來自於利潤率較高的業務。所以這是你看到的更高利潤貢獻的一部分。

Got it. Okay. And then maybe just one housekeeping item. On the interest expense line, it was up a little bit on a dollar basis and as a percentage of revenue year-on-year. Obviously, a lot of moving pieces here. But how do you see that moving around over the balance of the year?

知道了。好的。然後也許只是一件家事。在利息支出方面，以美元計算以及佔收入的百分比比去年同期略有上升。顯然，這裡有很多動人的部分。但您如何看待這一年餘下時間的變化呢？

Thanks, Drew. Yes, it's primarily because inventory is up, and the related financing of inventory is up. I think the press release says our prepared remarks as inventory is elevated higher than we would have expected it to be. And we work through -- and typically, the December quarter or the March quarter is peak inventory. Hopefully, as we move through the March quarter, it's going to prove out that we -- that December was peak inventory. And as inventories come down hopefully somewhat in March and then again in June seasonally, and then end the year a little bit lower interest expense will have an opportunity to begin to reduce accordingly.

謝謝，德魯。是的，這主要是因為庫存增加，以及庫存的相關融資增加。我認為新聞稿是我們準備好的言論，因為庫存水準高於我們的預期。我們會努力解決——通常，12 月季度或 3 月季度是庫存高峰。希望當我們進入 3 月的季度時，我們將證明 12 月是庫存高峰。隨著庫存預計在 3 月有所下降，然後在 6 月季節性地再次下降，然後年底利息支出稍微降低，將有機會開始相應減少。

We are getting the benefit. We are getting the benefit now of 100 basis points in total in terms of reduction. Not all of that's for the full fiscal year, the two most recent cuts, obviously, are just for the remaining nine months of the year, which will be beneficial.

我們正在獲得好處。我們現在總共獲得了 100 個基點的降息收益。並非所有這些都是針對整個財年的，最近的兩次削減顯然只是針對今年剩餘的九個月，這將是有益的。

Michael Swartz, Truist Securities.

邁克爾·斯沃茨 (Michael Swartz)，Truist 證券公司。

Maybe just to start, I'm just wondering, across your business, Florida is a seasonally larger piece of the business and for the industry in the December quarter. I'm just wondering where their regional disparities between the retail volume that you saw? In other words, outside of Florida, would it have been better than down 11?

也許只是為了開始，我只是想知道，在您的業務中，佛羅裡達州是季節性較大的業務部分，對於 12 月季度的行業而言。我只是想知道您所看到的零售量之間的地區差異在哪裡？換句話說，在佛羅裡達州以外的地方，會比下降 11 更好嗎？

You're saying that kind of the difference between [out] Florida and non-Florida stores revenue. Is that what you're asking, Mike?

你說的是佛羅裡達州和非佛羅裡達州商店收入之間的差異。這就是你要問的嗎，麥克？

Yes.

是的。

Yes, I think that -- I'll categorize Mike, help me out here. I believe that our non-Florida revenue was pretty flat, like almost exactly flat and the variation tends to come from Florida almost completely.

是的，我想——我會對麥克進行分類，請幫幫我。我相信我們的非佛羅裡達州收入相當平穩，幾乎完全持平，而變化往往幾乎完全來自佛羅裡達州。

Correct. Yes. Brett's prepared remarks actually said that the decline in revenue was heavily weighted towards Florida during the quarter.

正確的。是的。布雷特準備好的演講實際上表示，本季收入下降主要是佛羅裡達州的影響。

And just to clarify, on a comparable store basis, was it flat as well outside of Florida?

只是想澄清一下，在可比較商店的基礎上，佛羅裡達州以外的地區也持平嗎？

Yes, you're going to get -- I'm sure when you break it apart, you're going to have regions that were up or down, but in total, outside of Flota business was flat to last year in the quarter.

是的，你會得到——我確信當你把它分開時，你會發現有些地區有所上升或下降，但總的來說，除 Flota 業務外，該季度的業務與去年同期持平。

Okay. That's helpful. I appreciate that. And then just in terms of a lot of moving pieces to the gross profit margin and understanding seasonality is part of the equation with a lot of the non-boat sales or both businesses being a larger portion of sales in December. But is there any way of looking at just kind of stripping all that out, what boat margins were relative to last year?

好的。這很有幫助。我很欣賞這一點。然後，就毛利率的許多變化而言，理解季節性是許多非船舶銷售或這兩項業務在 12 月銷售中所佔比例的一部分。但有沒有辦法可以把這些都剔除掉，看看相對於去年的船舶利潤是多少？

Yes, I can comment on that, Joe. I think for those of you who have followed us for a long time, you'll remember that last year's December quarter, we sensed softness in the industry, and we got very aggressive from a promotional perspective. I think on this call last year, we talked about that we pretty much went alone. A lot of the manufacturing partners were -- they typically don't. They typically have not started with all their incentives yet given the cycle coming out of 2023.

是的，我可以對此發表評論，喬。我想對於那些長期關注我們的人來說，你會記得去年12月的季度，我們感覺到了行業的疲軟，並且從促銷的角度來看我們變得非常積極。我想在去年的這次電話會議上，我們談到我們幾乎是一個人去的。許多製造合作夥伴通常都沒有這樣做。考慮到 2023 年即將到來的周期，他們通常還沒有開始實施所有激勵措施。

In the current quarter, the manufacturer partners are doing what they normally would be doing in an environment like we're in. So, there is additional support coming from manufacturers, but it's really more support, I would stress coming from them. So, while we're going to market more aggressively, we have some additional help from the manufacturing partners this quarter versus last year.

在本季度，製造商合作夥伴正在做他們在我們所處的環境中通常會做的事情。因此，製造商提供了額外的支持，但我強調，這實際上是更多的支持。因此，雖然我們將更加積極地進行行銷，但與去年相比，本季我們從製造合作夥伴那裡獲得了一些額外的幫助。

Frederick Wightman, Wolfe Research

弗雷德里克懷特曼，沃爾夫研究公司

I'm just hoping from a very high level. If we think about some of the puts and takes for top line. I mean rates are probably higher than you would have thought they would have been three or four months ago. You've talked about a choppy retail environment. December was weak and inventories are above plan. So, when you put all that together, like what is driving the cautious optimism for '25? Like where is the offset on the top line to keep the full year outlook unchanged.

我只是從一個很高的水平上希望。如果我們考慮一些頂線的看跌選擇權和索取金額。我的意思是，利率可能比您三、四個月前想像的要高。您談到了動盪的零售環境。12 月表現疲軟，庫存高於計畫。那麼，當你把所有這些放在一起時，就像是什麼推動了 25 世紀的謹慎樂觀？例如頂線的偏移量是多少，以保持全年前景不變。

I can take a stab then Brent repair anything that I say. But when we came out of the storms, we had good retail activity in Lauderdale. There were a couple of press releases that certain manufacturers put out that largely reflected what we did the month of November was honestly a pretty decent month. Now it's always hard to say how much of that is made up from the storms, how much of that is retail activity December was softer.

我可以刺一下，然後布倫特修復我所說的任何事情。但當我們走出風暴後，勞德代爾堡的零售活動表現良好。某些製造商發布了幾篇新聞稿，很大程度上反映了我們在 11 月所做的事情，說實話，這是一個相當不錯的月份。現在總是很難說其中有多少是由風暴造成的，有多少是12月零售活動疲軟造成的。

We're in boat shows right now that generally are going -- they're not all 100% great, but they're generally going pretty good. And we feel at least there's clarity in terms of the political environment. And I think the expectation is that with that clarity and with things settling down, hopefully, there'll be improved retail activity.

我們現在參加的遊艇展通常都在進行中——它們並不是百分之百出色，但總體來說進展得相當不錯。我們認為至少政治環境是明確的。我認為，隨著情況的明晰和穩定，零售活動有望有所改善。

I think I'll add to it, that December was much tougher than you had anticipated. Like we said, November was great, but really when you dig down, Mike said it, we probably were just getting business that didn't happen because of the hurricanes in October. So, you pushed December was rough. I think you'll hear that across a lot of industries, probably. And then January, Mike commented that where things are looking up for January. And I know we commented it's a small month, but its important months leading into these boat shows. So, it is up right now.

我想我要補充一點，十二月比你預期的要艱難得多。就像我們說的，11 月很棒，但實際上，麥克說，當你深入挖掘時，我們可能只是得到了由於 10 月颶風而沒有發生的業務。所以，你認為十二月很難熬。我想你可能會在很多行業聽到這樣的說法。然後一月份，麥克評論說一月份的情況正在好轉。我知道我們評論說這是一個小月份，但它是這些船展之前的重要月份。所以，現在就到了。

That's helpful. And then I think entering the fiscal year, you guys had alluded to a timing of the recovery for the Florida market as probably being the biggest unknown entering the year. And I'm wondering if that's still a fair characterism -- and if you could maybe update us on how you see the broader Florida market recovering versus plan?

這很有幫助。然後我認為進入本財年，你們提到佛羅裡達市場的復甦時間可能是進入今年最大的未知數。我想知道這是否仍然是一個公平的特徵 - 您是否可以向我們介紹您如何看待更廣泛的佛羅裡達市場相對於計劃的複蘇？

Yes. I think you got to -- you probably break it down into a couple of parts, right? There were stores that were disrupted because of the storm, meaning preparing, they might get hit, but they never did get hit. So that was just very disruptive, call it, October. They picked up that business. Those stores, I'd say they're all back up and running a rocking and rolling. And then there are stores that were damaged by the storm, the communities were damaged the docs, the people's homes.

是的。我認為你必須——你可能把它分成幾個部分，對嗎？有些商店因為暴風雨而受到干擾，這意味著他們可能會受到襲擊，但他們從未受到襲擊。所以這非常具有破壞性，稱之為十月。他們接手了這項業務。我想說，那些商店都已經恢復營業並且蓬勃發展。還有一些商店被風暴損壞了，社區、醫生和人們的家園也被損壞了。

I don't even know the timeline on some of that. I know our stores, our team resilient, and we put mobile trailers up, computers are working, and we're engaged in business and we're selling boats, but people's homes and docs and their life has to get back in order, too. I don't have a timeline for it other than I'm impressed with what the team is doing under the circumstances.

我什至不知道其中一些的時間表。我知道我們的商店，我們的團隊有彈性，我們掛起了移動拖車，電腦正在工作，我們正在從事商業活動，我們正在出售船隻，但人們的房屋、文件和他們的生活也必須恢復正常。除了我對團隊在這種情況下所做的事情印象深刻之外，我沒有具體的時間表。

John Healy, Northcoast Research.

約翰希利，北海岸研究中心。

Mike, I want to spend just a minute on the gross margins a little bit more detail. In the release, you talked about three or four things that kind of help that improvement. I was wondering if you could maybe give a little bit more granularity on the contribution of each. And then thinking about the go forward, just the ultimate contribution that some of those items can have and maybe where you kind of see a more steady state gross margin profile for the business?

麥克，我想花一分鐘時間詳細介紹一下毛利率。在新聞稿中，您談到了三到四件有助於改進的事情。我想知道您是否可以更詳細地介紹每個人的貢獻。然後考慮未來的發展，其中一些項目可以做出的最終貢獻，也許您會看到業務更加穩定的毛利率狀況？

Thanks, John. Good question. I'd tell you; I think the biggest driver of the business is the growth in our higher-margin businesses that we've expanded with and improved upon. They all grew in absolute dollars over prior year the higher margins as a percentage. I think last year, we were probably in this quarter, something like 25%, 26%. This year, we're over 30%. And part of that what Brett said when you have a decline in revenue in the neighborhood of $60 million year-over-year. Your margin businesses are going to expand.

謝謝，約翰。好問題。我會告訴你；我認為業務的最大推動力是我們不斷擴大和改進的高利潤業務的成長。它們的絕對值都比前一年成長，利潤率也更高。我想去年這個季度我們可能是 25%、26% 左右。今年，我們超過了30%。當收入年減約 6,000 萬美元時，Brett 說道，這就是其中的一部分。您的保證金業務將會擴大。

But I do still think on a full year basis, the low 30s is kind of the right number to be thinking about. I think long term, as we continue to think about the business and even as we continue to complete acquisitions. We're pretty focused on adding businesses that have a profile with higher margins for the reasons you see this quarter, they tend to be more stable, a little more resilient, help support the overall operations, the EBITDA and cash flows of the organization.

但我仍然認為，從全年來看，30 多歲是值得考慮的正確數字。我認為從長遠來看，我們會繼續思考業務，甚至繼續完成收購。我們非常注重增加利潤率較高的業務，因為您在本季看到的原因是，它們往往更穩定，更有彈性，有助於支持組織的整體營運、EBITDA 和現金流。

So I think long term, there will be another discussion about where margins go to. But today, I think that the low 30s is probably the right number to be thinking about.

所以我認為從長遠來看，將會有另一場關於利潤去向的討論。但今天，我認為 30 多歲可能是值得考慮的正確數字。

Brandon Rolle, D.A. Davidson.

布蘭登·羅爾，D.A.戴維森。

First, on retail, I think you had mentioned flattish retail expectations for the remainder of the year. Do those expects bake in any share gains versus the industry where maybe you're expecting the industry to be down year-over-year?

首先，關於零售業，我認為您提到了今年剩餘時間的零售預期持平。與您預期該行業同比下降的行業相比，這些預期是否會帶來任何份額收益？

Actually, that's a really good question, Brandon. And normally, as you guys know, we typically do outperform the industry. I think when we did our guidance for 2025, we were a little cautious about that only because of the impact to our stores on the West Coast of Florida, and that is a significant part of our business. I think I said last call, it was roughly 25% of business.

事實上，這是一個非常好的問題，布蘭登。通常，正如你們所知，我們的表現通常會優於行業。我認為，當我們制定 2025 年指導時，我們對此有點謹慎，只是因為這對我們佛羅裡達州西海岸的商店產生了影響，而這是我們業務的重要組成部分。我想我上次打電話時說過，大約佔業務的 25%。

So we haven't changed that. I mean, typically, we would outperform the industry. So, our flattish sales are consistent with what we said about the industry, which is flattish. So hopefully, as the year goes on, there could be some upside in that if the industry is, in fact, flat in our stores have recovered and we can beat that.

所以我們沒有改變這一點。我的意思是，通常情況下，我們的表現會優於整個產業。因此，我們的銷售額持平與我們所謂的行業持平是一致的。因此，希望隨著時間的推移，如果行業實際上在我們的商店中表現平平，那麼可能會有一些好處，並且我們可以克服這一點。

Okay. Great. And then on inventory, I think you in the press release mentioned being a little bit elevated in some areas. I'd imagine you're in a better position than industry participants. Could you talk about maybe pressure points in your own inventory and then maybe what you're seeing for the broader industry?

好的。偉大的。然後在庫存方面，我認為您在新聞稿中提到在某些領域有所改善。我想你比產業參與者處於更好的位置。您能否談談您自己的庫存中可能存在的壓力點，以及您對更廣泛行業的看法？

Hi, Brandon, this is Brett. I'll comment first. I think our focus on our aged product and working with the manufacturers to get the orders right and get those boats out. We feel good about where our inventory is at from a quality, less age, still some work to do there. We're laser-focused here at the boat shows in this winter season to get those -- any last bits of those cleaned up. So, Mike, do you want to add anything there?

嗨，布蘭登，我是布雷特。我先評論一下。我認為我們的重點是我們的老化產品，並與製造商合作以獲得正確的訂單並將這些船隻取出。我們對我們的庫存狀況感到滿意，因為品質好，年代短，還有一些工作要做。在今年冬天的遊艇展上，我們全神貫注，以清理這些最後的碎片。那麼，麥克，你想在那裡添加什麼嗎？

It's just elevated. We expected higher sales. And so, when you have less sales and you have the product that you were hoping to sell you have a little higher inventory. But I feel pretty comfortable that as we move through 2025. Inventories will improve and come and check overall.

只是升高了而已。我們預計銷量會更高。因此，當您的銷售額減少而您擁有希望出售的產品時，您的庫存就會增加一些。但隨著 2025 年的到來，我對此感到非常放心。庫存將會改善並全面檢查。

Okay. And for the broader industry?

好的。那麼對於更廣泛的產業呢？

A broader industry of the data that we keep seeing and hearing is just that there continues to be an aging problem. And they're far more aged than we are more noncurrent, more older product than we have. I suspect as we go through 2025 that will also improve for the overall industry, too.

我們不斷看到和聽到的更廣泛行業的數據表明，老化問題仍然存在。而且它們比我們更老，而且比我們的產品更非當前、更舊。我懷疑，隨著 2025 年的到來，整個產業也會有所改善。

Michael Albanese, The Benchmark Company.

邁克爾·艾博尼斯，基準公司。

First one, as it relates to expense reduction, I'm just trying to get a sense of white space or, I guess, what leverage you can pull. I mean you closed three stores on the quarter. Were these more one-off kind of portfolio optimization situations? Or how can we think about really your unit count as we move throughout the year kind of taking your, I guess, retail assumptions as a flat retail?

第一個，因為它與減少開支有關，我只是想了解空白，或者我想，你可以發揮什麼槓桿作用。我的意思是你在本季關閉了三家商店。這些是一次性的投資組合優化情況嗎？或者，當我們全年移動時，我們如何真正考慮您的單位數量，我猜，將您的零售假設視為持平零售？

Yes, I think -- we don't have a ton of other stores that we can close. I think we've roughly closed 10 retail locations in the last three or four quarters. Most of those were duplicated where there's another store nearby where we're not really going to miss the revenue. The other expense initiatives, I think we mentioned on the last call, we certainly have looked at our number of team members are resources and made adjustments where it makes sense for the current environment, ourselves and our team are really going line by line in the P&L and looking at every expense that we have and contracts that we write, recurring expenses.

是的，我認為——我們沒有大量可以關閉的其他商店。我認為過去三、四個季度我們大約關閉了 10 家零售店。其中大部分都是重複的，附近有另一家商店，我們不會真正錯過收入。我想我們在上次電話會議中提到的其他費用舉措，我們當然已經考慮了我們的團隊成員數量和資源，並在對當前環境有意義的情況下進行了調整，我們自己和我們的團隊確實在逐條進行損益表並查看我們擁有的每項費用和我們編寫的合約、經常性費用。

In the current quarter, we've had nice reductions really in a lot of other areas in the business marketing, other areas, T&E, et cetera, in the quarter. Unfortunately, we had some inflation coming in though that helps to offset some of that. But we're going to stay focused on it and continue to look for areas to improve the overall operational growth of the company.

在本季度，我們在業務行銷、其他領域、T&E 等許多其他領域確實進行了大幅削減。不幸的是，我們遇到了一些通貨膨脹，但這有助於抵消其中的一部分。但我們將繼續關注它，並繼續尋找改善公司整體營運成長的領域。

Got it. That's helpful. And then just one more, if I could go back and ask about kind of the promotional and discounting activity inventory is up a little bit on the quarter. But I think across the industry bar and some certain segments that need a little bit more of a destock. Channel inventories are a bit tighter, a year in a go position, less aged product, and you kind of quoted more normal support from OEMs.

知道了。這很有幫助。還有一個問題，我是否可以回去詢問促銷和折扣活動的情況，本季庫存有所增加。但我認為整個產業和某些特定領域都需要更多的去庫存。渠道庫存有點緊張，一年的狀態良好，老化的產品較少，而且您從原始設備製造商那裡得到了更多正常的支持。

I mean so is your expectation then as we move into selling season, again, holding your assumptions is true that we'll start to see more relief and kind of stay within that normal cadence? Or are you expecting the promotional activity to remain significant kind of throughout the year?

我的意思是，當我們進入銷售季節時，您的期望也是如此，再次堅持您的假設是正確的，我們將開始看到更多的緩解並保持正常的節奏？或者您預計促銷活動全年都會保持重要程度？

Mike, this is Brett. We're going to continue to see some aggressive promotional activity from manufacturers, dealers across the kind -- especially during this winter boat show season to get inventory levels and the aging -- everything you just pointed out, we got to get that right.

麥克，這是布雷特。我們將繼續看到來自製造商、經銷商的一些積極的促銷活動——特別是在這個冬季船展季節，以獲得庫存水平和老化——你剛才指出的一切，我們必須做對。

But I think we're in a good position with all those manufacturers we're lined up and ready for it. And we have a lot of product that's fresh and new, and those bring higher margins with new innovation. So, there's a good balance between those.

但我認為，我們與所有已做好準備的製造商處於有利地位。我們有許多新鮮的產品，這些產品透過新的創新帶來了更高的利潤。所以，這些之間有一個很好的平衡。

James Hardiman, Citigroup.

詹姆斯‧哈迪曼，花旗集團。

Quickly circle, good morning. I wanted to circle back to the inventory conversation. So just looking at the balance sheet, I think inventory dollars, right, or up 18% year-over-year. I guess first question, is that an apples-to-apples number? Oftentimes, there's some M&A in there? I don't know if there's some ASP in there, just trying to get sort of a clean apples-to-apples, how much are units up in terms of your inventory year-over-year?

快點圈吧，早安。我想回到庫存對話。因此，只要看看資產負債表，我認為庫存美元年增 18%。我想第一個問題是，這是一個同類數字嗎？通常，那裡有一些併購？我不知道那裡是否有一些平均售價，只是想得到一個乾淨的同類比較，你們的庫存比去年同期增長了多少？

And then as I think about the go forward, it sounds like you expect orders to be significantly less than retail going forward to bring that number down. How long is that going to last? And what does that inventory number look like year-over-year as we work our way through the year?

然後，當我考慮未來時，聽起來您預計訂單量將明顯少於零售量，從而使該數字下降。這種情況會持續多久？當我們全年工作時，庫存數量與去年同期相比是怎樣的？

Yes, there's really nothing from an anomaly perspective in the comparison year-over-year other than last year, there were still categories where we were lean in inventory, and we did expect and then we did articulate that we were expecting to have inventory up this December versus last year's December, it just finished higher because of the lighter sales than we had actually achieved.

是的，除了去年之外，從同比比較的角度來看，確實沒有什麼異常的地方，我們仍然有一些類別的庫存不足，我們確實預計，然後我們確實明確表示，我們預計庫存會增加與去年12月相比，今年12 月的收盤價只是更高，因為銷量比我們實際實現的要少。

On a unit-over-unit basis, I actually don't recall what it's up year-over-year, James. I typically go back and look at where we're versus 2019 because a lot of people historically had asked that question and we're way down from 2019 as the industry is, which doesn't surprise you.

從各個單位的情況來看，我實際上不記得每年的情況如何，詹姆斯。我通常會回顧我們與 2019 年相比的情況，因為歷史上很多人都問過這個問題，而且我們的行業水平比 2019 年要低很多，這並不會讓你感到驚訝。

And then the tweaking of the orders and stuff that I mentioned on our prepared remarks, it is just that it's fine-tuning around the edges where it makes sense with our manufacturing partners. And we -- quite frankly, we always do that. We're always adjusting up or down were based on retail activity.

然後是我在準備好的發言中提到的訂單和內容的調整，只是在對我們的製造夥伴有意義的邊緣進行微調。坦白說，我們總是這樣做。我們總是根據零售活動向上或向下調整。

We said on our call last quarter that we expect the year inventory orders to finish around where they were last year, if not a little bit below and that is still where we're targeting. Obviously, it's all subject to retail activity, but that's still what we're targeting for the full year.

我們在上個季度的電話會議上表示，我們預計今年的庫存訂單將與去年持平，甚至略低於去年，這仍然是我們的目標。顯然，這一切都取決於零售活動，但這仍然是我們全年的目標。

James, I'll add that I think with December usually being a bigger boat selling month for sure and that being off, I think our ASP on inventory jumped, a touch for sure. And then that's why I made the comment about promotional activity. We're going to press the pedal to bring the inventory down here, especially in these winter boat show is.

詹姆斯，我要補充一點，我認為十二月通常肯定是一個更大的船舶銷售月份，而且隨著時間的推移，我認為我們的庫存平均售價有所上升，這是肯定的。這就是我對促銷活動發表評論的原因。我們要踩下踏板，把庫存降下來，尤其是在這些冬季船展上。

Got it. That's helpful. And then curious what you think drove the January improvement. It sounds like December was pretty bad January. It sounds like it was pretty good. I know it was a small month but is that Florida getting better. ASP is getting better, boats, non-boats. What's driving improvement in January?

知道了。這很有幫助。然後好奇你認為是什麼推動了一月的進步。聽起來十二月是相當糟糕的一月。聽起來好像還不錯。我知道這是一個小月份，但佛羅裡達州正在變得更好。ASP越來越好，船，非船。是什麼推動了一月的改善？

And then, I guess, in the context of the full year guide, right, same-store sales in the December quarter were a little worse than expected but you still expect to get to flattish same-store sales, which would imply presumably some growth during the remaining three quarters. I guess I'm trying to figure out how we get there and what that looks like.

然後，我想，在全年指南的背景下，右，12 月季度的同店銷售比預期稍差，但您仍然期望同店銷售持平，這可能意味著一些增長在剩下的三個季度。我想我正在努力弄清楚我們如何到達那裡以及那是什麼樣子。

Originally, I think a lot of us had modeled sort of a slower first half and then a pickup in the second half, but then January is up. So just help us in terms of at least how you guys are thinking about that flow through the year?

最初，我認為我們很多人都模擬了上半年較慢的情況，然後下半年有所回升，但一月就到了。那麼請至少幫助我們了解一下你們如何看待這一年的流程？

But I definitely comment that we watch things daily and weekly from some of the high-technology investments we've made that can tell us a lot. So, we can drive things quickly. December was just tough to get people. And so, we had to make some adjustments. So I'll give a little credit to our pretty innovative technology that we have to be able to drive some business in January.

但我絕對指出，我們每天和每週都會從我們所做的一些高科技投資中觀察事情，這可以告訴我們很多事情。所以，我們可以快速推動事情。十二月很難招募到人。因此，我們必須做出一些調整。因此，我要對我們相當創新的技術給予一點信任，我們必須能夠在一月推動一些業務。

But I would also say there's a feeling of a different consumer sentiment, so to speak, of putting in leads and us being able to convert those leads or get the people in the showroom. So, there's just -- I'll summarize it down to a little bit of a traffic uptick for January.

但我也想說，有一種不同的消費者情緒的感覺，可以這麼說，投入線索，我們能夠轉化這些線索或讓人們進入陳列室。所以，我將其總結為 1 月份流量的一點上升。

Do you -- let me ask it this way. Do you think again, in the context of your full year flattish same-store sales, the revenue would need to be up at least modestly, right? It's not a big quarter, obviously, the December quarter, but do you think the second quarter, Sharon will be up in terms of same-store sales?

讓我這樣問你嗎？您是否再想一想，在全年同店銷售持平的情況下，收入至少需要適度增長，對嗎？顯然，這不是一個大季度，12 月季度，但您認為第二季度沙龍的同店銷售額會上升嗎？

Hi, James. This is Mike. When I think about -- actually, let's get to chime in, but I apologize. So, I was going to say what you just said the December quarter is a small quarter. The back half of the year is -- or the back three quarters of the year are all much bigger. We do have easier comps for sure in the September quarter, assuming there's no other hurricane because we were down 5% in September of 2024.

嗨，詹姆斯。這是麥克。當我想到——實際上，讓我們插話一下，但我很抱歉。所以，我想說你剛才所說的 12 月季度是一個小季度。今年下半年——或者說今年後四分之三的規模要大得多。假設沒有其他颶風，我們在 9 月季度的業績肯定會更容易，因為 2024 年 9 月我們的業績下降了 5%。

So we have an easier comp there. March quarter easier. The June comps relative to what we normally have done in this organization, the 4% in June is not all that up relative to what we've come. So, I think the back half of the year gives us an opportunity to have flattish comps for the whole year.

所以我們有一個更簡單的比較。三月季度比較容易。6 月的比較相對於我們在該組織中通常所做的事情，6 月的 4% 相對於我們所取得的成績來說並不算高。因此，我認為下半年我們有機會獲得全年業績持平的機會。

David S. MacGregor, Longbow Research.

大衛·S·麥格雷戈，長弓研究中心。

I just wanted to follow up, Mike, on your commentary around the revenue outlook for 2025. You mentioned that you'd closed 10 locations in the last three to four quarters. What does that loss of revenue represent as a headwind within the mix of factors going into that guidance?

麥克，我只是想跟進您對 2025 年收入前景的評論。您提到您在過去三到四個季度關閉了 10 家門市。在該指引的綜合因素中，收入損失意味著什麼？

Good question, David. So, what I commented is really almost all those locations are duplicated, meaning there's a hub store in the same marketplace or at least adjacent to it. And then in a couple of cases where we've actually maybe left the market, the larger boat revenue that may have been recorded in the stores that were in that market is largely going to be recorded by us anyhow because of the way we structure the agreements of manufacturers, we have very large territories. So, we're not expecting really any headwinds from the locations that we've closed to date or.

好問題，大衛。所以，我所說的是幾乎所有這些地點都是重複的，這意味著在同一個市場或至少在其附近有一個中心商店。然後，在我們實際上可能已經離開市場的一些情況下，由於我們構建市場的方式，該市場中的商店中可能記錄的更大的船舶收入很大程度上將由我們記錄。有很大的領土。因此，我們並不期望我們迄今為止關閉的地點會帶來任何阻力。

Very slight.

非常輕微。

Yes, very slight. Very slight headwind. But we would have adjusted our guidance if we were concerned about that. So, it's a good question, but it's really just closing primarily duplicated locations, David.

是的，非常輕微。非常輕微的逆風。但如果我們擔心這一點，我們就會調整我們的指導。所以，這是一個很好的問題，但它實際上只是關閉主要重複的地點，大衛。

Okay. I guess somebody has to ask the obligatory question around tariffs. How do you think about exposure there?

好的。我想有人必須提出有關關稅的強制性問題。您如何看待在那裡的曝光？

It's a good question. When I think about our business, we do import product. The biggest region we import product from that's decent size is Europe, outside of Europe, we don't -- nothing is real material overall in terms of the percentage of revenue. And with Europe, I guess, if there is a tariff on Europe, with the strength in the dollar today where the Europe is danger at parity for most of our existence, we've brought boats in from Europe at a much higher euro.

這是一個好問題。當我想到我們的業務時，我們確實進口產品。我們從規模相當大的產品進口的最大地區是歐洲，在歐洲之外，我們沒有——就收入百分比而言，總體上沒有什麼是真正重要的。至於歐洲，我想，如果對歐洲徵收關稅，那麼隨著今天美元的走強，歐洲在我們生存的大部分時間裡都面臨著同等的危險，我們會以更高的歐元價格從歐洲引進船隻。

So at least in theory, a reasonable level of tariff, while nobody wants it. We don't want it. It's something we could probably navigate between us and our manufacturing partners. So, we're watching it like everybody else is, we're trying to see what's going to come about. We would prefer none in terms of what we import, but we think we can navigate it.

因此，至少在理論上，關稅水平是合理的，但沒有人想要它。我們不要它。這是我們可以在我們和我們的製造合作夥伴之間進行導航的東西。所以，我們像其他人一樣觀察它，我們試著看看會發生什麼。我們不希望導入什麼，但我們認為我們可以駕馭它。

Mike, is there any way you could quantify kind of the magnitude of that in dollar terms or what that European purchase would represent?

麥克，你有沒有辦法用美元來量化其規模，或是歐洲的購買代表什麼？

Europe is probably something like, yes, probably it's greater than 10%, less than 15% or around 15%. It's -- I'll take in my first answer, it's greater, less than 15% of total revenue.

歐洲可能是這樣的，是的，可能大於 10%、小於 15% 或 15% 左右。這是——我將接受我的第一個答案，它更大，不到總收入的 15%。

That works. And then last question for me is just, I guess, on capital allocation, and you've got a strong balance sheet. Maybe our inventory is a little bit higher right now, but your plan is for that to come down and certainly good cash position, lots of credit availability. How do you think about the opportunity right now when you survey the market to make acquisitions of destroyers or -- and if so, how do you think about prioritization of that initiative?

那行得通。我想我的最後一個問題只是關於資本配置，而且你有一個強大的資產負債表。也許我們現在的庫存有點高，但您的計劃是降低庫存，並且肯定有良好的現金狀況，大量的可用信貸。當您調查購買驅逐艦的市場時，您如何看待現在的機會——如果是這樣，您如何看待該計劃的優先順序？

Yes. Dave, it's a good question. We obviously are continuing to talk to a lot of different acquisition candidates to be that list. We're really bouncing against our overall strategy. Whether it's Marinas and Super Yacht services or even the boat retail business and retail business where it extends that they have storage and Marina and the higher-margin components of the business. So, and then within our markets, that we have, there's additional expansion opportunities with maybe new locations that add storage and revenue streams there. So, keeping an eye on all of that and to be opportunistic if that comes up.

是的。戴夫，這是個好問題。顯然，我們正在繼續與許多不同的收購候選者進行談判，以將其列入該名單。我們確實違背了我們的整體策略。無論是碼頭和超級遊艇服務，還是船舶零售業務和零售業務，它們都擁有倉儲和碼頭以及利潤率較高的業務組成部分。因此，在我們的市場中，我們有額外的擴張機會，可能是在新地點增加儲存和收入流。因此，請密切注意所有這些情況，並在出現這種情況時抓住機會。

Thank you. We have reached the end of question-and-answer session. Ms. McGill, I'd like to turn the floor back over to you for closing comments.

謝謝。我們的問答環節已經結束。麥吉爾女士，我想將發言權交還給您以供結束發言。

Well, thank you, everybody, for joining us today. We're in full swing at all the winter boat shows, including the New York show this week. As well, we're gearing up for the Miami Show in February, and we hope to see some of you at some of these shows. So have a great day.

好的，謝謝大家今天加入我們。我們在所有冬季船展上都如火如荼地進行，包括本週的紐約展。此外，我們正在為二月的邁阿密展會做準備，我們希望在其中一些展會上見到你們。祝你有美好的一天。

Ladies and gentlemen, this does conclude today's teleconference. You may disconnect your lines at this time. Thank you for your participation and have a wonderful day.

女士們、先生們，今天的電話會議到此結束。此時您可以斷開線路。感謝您的參與，祝您有個愉快的一天。