MarineMax Inc (HZO) 2025 Q2 法說會逐字稿

Good morning and welcome to the MarineMax Incorporated fiscal 2025 second quarter conference call. Today's call is being recorded. (Operator Instructions)

早上好，歡迎參加 MarineMax Incorporated 2025 財年第二季電話會議。今天的通話正在錄音。（操作員指示）

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

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

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.

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 Mike McLamb。

Brett will begin the call by discussing MarineMax's operating highlights. Mike will review the financial results. Brett will make some concluding comments, 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.

布雷特將在電話會議開始時討論 MarineMax 的營運亮點。麥克將審查財務結果。布雷特將做一些總結性評論，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報告和補充介紹可以在 investor.marinemax.com 上找到。

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

說完這些，我將把電話轉給麥克。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.

謝謝你，斯科特。大家早安，感謝大家參加這次電話會議。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日的觀點。這些聲明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，以及我們向美國證券交易委員會提交的 10-K 表格和其他文件中確定的許多其他因素。

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.

此外，在今天的電話會議上，我們將參考非公認會計準則財務指標發表評論。我們相信，這些財務指標的納入有助於投資人對公司核心經營績效的變化有更有意義的了解。

These measures 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 to non-GAAP financial measures to the most directly comparable GAAP measures is available in today's earnings release. With that, let me turn the call over to Brett. Brett?

這些措施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 GAAP 財務指標與最直接可比較的 GAAP 指標的對帳表。說完這些，讓我把電話轉給布雷特。布雷特？

Thank you, Mike, and good morning everyone. Despite continued soft retail demand across the industry and an uncertain economic climate, we remain focused on our strategic plan with a team committed to our customer centric approach.

謝謝你，麥克，大家早安。儘管整個行業的零售需求持續疲軟且經濟環境不確定，但我們仍然專注於我們的策略計劃，並擁有一支致力於以客戶為中心的團隊。

Our record March quarter revenue of more than $631 million reflects exceptional execution by our team in leveraging our digital marketing tools and data analytics.

我們三月季度的營收創下了超過 6.31 億美元的紀錄，這反映了我們的團隊在利用數位行銷工具和數據分析方面的出色表現。

Technology is one of the areas that creates a distinct competitive advantage for MarineMax. Our digital tools enable our team members across retail locations to enhance engagement, anticipate customer preferences, and personalize the buying experience. Our digital investments combined with the best team and industry leading premium brands and strong execution, enable us to achieve record March quarter revenue.

技術是 MarineMax 獨特的競爭優勢之一。我們的數位工具使各個零售店的團隊成員能夠增強參與度、預測客戶偏好並個人化購買體驗。我們的數位投資與最優秀的團隊、領先業界的高端品牌以及強大的執行力相結合，使我們實現了創紀錄的三月季度收入。

Even more importantly, I am proud of the exceptional customer service we offer in a tough environment as evidenced by our world-class net promoter scores.

更重要的是，我們世界一流的淨推薦值證明了我們在艱難環境中提供的卓越客戶服務，我對此感到自豪。

Following Q1, in which hurricane disruptions and weak demand impacted same store sales, we rebounded strongly in Q2. Comparable store sales grew 11%, benefiting from more aggressive pricing and targeted promotional initiatives in collaboration with our manufacturing partners. However, hurricane impacted customers are still dealing with home and other related issues.

在第一季度，颶風幹擾和需求疲軟影響了同店銷售額，但在第二季度，我們實現了強勁反彈。同店銷售成長了 11%，這得益於我們與製造合作夥伴合作的更具競爭力的定價和有針對性的促銷活動。然而，受颶風影響的客戶仍在處理房屋和其他相關問題。

The aggressive pricing led to historically low new and used boat margins, and with the resulting growth in same store sales skewed our overall revenue mix towards boat revenue, our lowest margin source. However, our successful diversification into higher margin businesses over the past several years has helped shield us from cyclical volatility.

激進的定價導致新船和二手船的利潤率處於歷史低位，並導致同店銷售額的成長，導致我們的整體收入結構偏向船舶收入，而船舶收入是我們利潤率最低的來源。然而，過去幾年我們成功地實現了向利潤率更高的業務多元化，幫助我們免受週期性波動的影響。

Here today through March, our gross margin is down by only 30 basis points, as high-value products and services such as marinas, super yacht services, and finance and insurance continue to perform well. Reducing expenses has been a key priority for us, and we are now seeing these efforts contribute to improved profitability.

從今天到三月，我們的毛利率僅下降了 30 個基點，因為碼頭、超級遊艇服務以及金融和保險等高價值產品和服務繼續表現良好。削減開支一直是我們的首要任務，現在我們看到這些努力有助於提高獲利能力。

Our focus on controlling costs along with sales growth and the resilience provided by our higher margin business strategy has resulted in adjusted EBITDA growth compared with last year, even during what is clearly a more challenging period for the industry.

我們專注於控製成本、銷售成長以及高利潤率業務策略所提供的彈性，使得調整後的 EBITDA 與去年相比有所成長，即使在產業面臨明顯挑戰的時期也是如此。

As part of our strategic initiatives, we continue to selectively close, consolidate, or expand locations to align our retail footprint with growth opportunities and allocate those resources to stronger performing stores where appropriate.

作為我們策略舉措的一部分，我們將繼續有選擇地關閉、合併或擴大門市，以使我們的零售足跡與成長機會保持一致，並在適當的情況下將這些資源分配給業績更強勁的門市。

One such example is Treasure Island Marina in Panama City Beach, Florida. During the quarter, we strengthen our long-term partnership with the Marina by extending our lease and acquiring its service and parts departments. This expansion enables us to provide enhanced service and support to boaters throughout the growing panhandle region of Florida.

佛羅裡達州巴拿馬城海灘的金銀島碼頭就是一個這樣的例子。本季度，我們透過延長租約和收購其服務和零件部門來加強與碼頭的長期合作夥伴關係。此次擴建使我們能夠為佛羅裡達州不斷增長的狹長地帶的船員提供更優質的服務和支援。

Additionally, during the second quarter, we expanded our marina portfolio with the acquisition of Shelter Bay Marine, a full service marina and storage facility in Marathon, Florida. This is our 42nd US marina or storage location.

此外，在第二季度，我們收購了位於佛羅裡達州馬拉鬆的全方位服務碼頭和倉儲設施 Shelter Bay Marine，擴大了我們的碼頭組合。這是我們在美國的第 42 個碼頭或儲存地點。

Shelter Bay is a great asset that enhances our ability to serve boaters in the Florida Keys by offering our selection of premium boats, diverse dry and wet storage options, and quick access to the Gulf and the Atlantic. IGY continues to expand its reputation as a global leader in the super yacht marina industry.

謝爾特灣 (Shelter Bay) 是一項寶貴的資產，它通過提供優質船隻、多樣化的干濕存儲選項以及快速進入墨西哥灣和大西洋，增強了我們為佛羅裡達群島船員提供服務的能力。IGY 繼續擴大其作為超級遊艇碼頭行業全球領導者的聲譽。

About 14 months after the project was announced, the IGY Savannah Harbor Marina is fast approaching its grand opening. Centrally located on Hutchinson Island near downtown Savannah, this state of the art marina will feature about 100 slips with capabilities of storing roughly 20 mega yachts while offering fueling, shore power, and marina concierge services.

計畫宣布約 14 個月後，IGY 薩凡納港碼頭即將盛大開幕。這個最先進的碼頭位於薩凡納市中心附近的哈欽森島中心，將擁有約 100 個泊位，可存放約 20 艘巨型遊艇，同時提供加油、岸電和碼頭禮賓服務。

Also during the quarter, IGY announced the renewal of its management agreement at the prestigious Porterville Marina and shipyard in northern Sardinia, Italy.

本季度，IGY也宣布續簽在義大利撒丁島北部著名的波特維爾碼頭和造船廠的管理協議。

Renewing the agreement with Porto Cervo Marina is a testament to our commitment to fostering strategic partnerships that enhance our global super yacht and marina presence and elevate the yachting experience for our customers.

與切爾沃港碼頭續約協議證明了我們致力於建立戰略合作夥伴關係，以增強我們在全球超級遊艇和碼頭的影響力，並提升客戶的遊艇體驗。

As part of our long-term strategy, we are committed to building relationships and iconic destinations like Porto Cervo while driving innovation and setting new standards of excellence across the industry. The number of super yachts being built worldwide continues to outpace the construction of new marinas by a wide margin.

作為我們長期策略的一部分，我們致力於建立關係和標誌性目的地，如切爾沃港，同時推動創新並在整個行業中建立新的卓越標準。全球範圍內建造的超級遊艇的數量繼續遠遠超過新碼頭的建造數量。

IGY and the rest of our higher margin businesses provide us with more durable long term earnings power and solid growth potential.

IGY 和我們其他利潤率較高的業務為我們提供了更持久的長期獲利能力和穩健的成長潛力。

I also am proud to mention that for the second year in a row, MarineMax has been recognized as a great place to work. As an organization, we have incredible tenure within our team at all levels and across all functions. We take a great deal of effort trying to create a culture and atmosphere where people like to work, so it's nice to get the recognition from an organization like Great Places to Work.

我還很自豪地提到，MarineMax 連續第二年被評為最佳工作場所。作為一個組織，我們團隊在各個層級和各個職能部門都擁有令人難以置信的服務資格。我們付出了巨大的努力來創造人們喜歡工作的文化和氛圍，因此很高興獲得「卓越職場」等組織的認可。

Before I turn the call over to Mike, I want to briefly address our recovery from the two hurricanes in September and October and also touch on the tariff situation. As for the storm recovery, most stores are generally back up to speed with only minor repairs remaining that need to be completed.

在我將電話轉給麥克之前，我想簡要介紹我們從 9 月和 10 月的兩次颶風中恢復的情況，並談談關稅情況。至於風暴後的恢復，大多數商店已基本恢復正常，只剩下一些小修小補需要完成。

Our Sarasota Marina and store, which was the hardest hit, is and has been operational, but the scope of storage and service are limited until repairs are fully completed over the next 18 months or so. Having said that, the team there continues to amaze me with how well they are operating in a difficult environment.

受災最嚴重的薩拉索塔碼頭和商店目前仍在運營，但儲存和服務範圍有限，需要在未來 18 個月左右的時間內修復工作才能完全完成。話雖如此，那裡的團隊在困難的環境中表現得如此出色，仍然讓我感到驚訝。

As for tariffs, like many other companies, we are working hard to fully understand the frequently changing landscape. With the current tariff levels and the availability of other mitigating factors as well as manufacturing partner support, we are less concerned about managing the actual tariff.

至於關稅，與許多其他公司一樣，我們正在努力充分了解頻繁變化的情況。在目前的關稅水平和其他緩解因素以及製造合作夥伴支持的情況下，我們不太擔心管理實際關稅。

While an increase in price may have some degree of impact on volume, we and our premium partners are best positioned to tackle this challenge.

雖然價格上漲可能會對銷售產生一定程度的影響，但我們和我們的優質合作夥伴最有能力應對這項挑戰。

The uncertainty created by the tariffs is affecting consumers, and this impact has already been widely reported across many sectors and industries. Nonetheless, regardless of the environment, I am confident that our strategy, team, technology tools, and premium brands will enable us to outperform and gain market share. This will position us even better when the industry rebounds.

關稅造成的不確定性正在影響消費者，這種影響已在許多行業和領域中廣泛報導。儘管如此，無論環境如何，我相信我們的策略、團隊、技術工具和優質品牌將使我們表現出色並獲得市場份額。當行業反彈時，這將使我們處於更有利的地位。

So, now let me turn the call back over to Mike for a financial review. Mike?

所以，現在讓我把電話轉回給麥克進行財務審查。麥克風？

Thank you, Brett. Good morning again, everyone, and thank you for joining this call. Before I discuss our financial results, I want to take a moment to thank our team for their incredible effort this quarter in helping to drive such strong results.

謝謝你，布雷特。大家早安，感謝大家參加這次電話會議。在討論我們的財務表現之前，我想花點時間感謝我們的團隊本季所做的巨大努力，幫助取得如此強勁的業績。

In this very challenging retail environment, delivering record March quarter revenue, double digit same store sales growth, and an increase in adjusted EBITDA is a significant accomplishment.

在這個極具挑戰性的零售環境中，實現創紀錄的三月季度營收、兩位數的同店銷售額成長以及調整後 EBITDA 的成長是一項重大成就。

For the quarter, our same store sales grew by 11%, resulting in revenue of more than $631 million. Although our overall unit volume declined year over year, the same store sales growth was driven by a shift in our sales mix toward higher average price point products, presumably partly due to Florida making up for some of the storm-related lower sales in the December quarter.

本季度，我們的同店銷售額成長了 11%，營收超過 6.31 億美元。儘管我們的整體銷售量年減，但同店銷售額的成長是由於我們的銷售組合向更高平均價格點產品轉變，這可能部分是由於佛羅裡達州彌補了 12 月季度因風暴造成的部分銷售額下降。

However, most areas of the country showed improvement. Much of the unit decline was led by Pontoon and more value oriented segments, while premium categories performed better. We expected the March quarter to be very promotional given the inventory strain that many dealers are feeling combined with higher interest rates and seasonality.

不過，全國大部分地區的情況有所改善。銷售下滑主要是由 Pontoon 和更注重價值的細分市場導致的，而​​高端類別則表現較好。鑑於許多經銷商感受到的庫存緊張，加上利率上升和季節性因素，我們預計 3 月季度的促銷活動將會非常活躍。

To successfully drive sales and manage inventories in such an environment resulted in among the lowest boat gross margins in our history. Consolidated gross margin was 30% in the quarter, but with the help from our higher margin businesses was basically flat with fiscal 2024 on a year-to-date basis.

在這樣的環境下成功推動銷售和管理庫存導致我們的船舶毛利率達到歷史上最低水準。本季綜合毛利率為 30%，但在我們利潤率更高的業務的幫助下，年初至今的毛利率與 2024 財年基本持平。

Despite the significant growth in revenue, adjusted SG&A expenses declined on an absolute dollar basis and fell meaningfully as a percentage of revenue, reflecting the benefits of our ongoing cost reduction initiatives. During the quarter, we benefited from locations closed in prior periods while also enjoying revenue growth.

儘管收入大幅增長，但調整後的銷售、一般及行政費用按絕對美元計算有所下降，且佔收入的百分比也大幅下降，這反映了我們正在進行的成本削減舉措帶來的好處。本季度，我們受益於前期關閉的門市，同時也享受了營收成長。

Although we are seeing some inflationary pressures across several key areas, we remain committed to enhancing our operational profile by maintaining a disciplined and targeted approach to expense management.

儘管我們看到幾個關鍵領域存在一些通膨壓力，但我們仍然致力於透過保持嚴謹和有針對性的費用管理方法來改善我們的營運狀況。

GAAP net income for the quarter was $3.3 million, or $0.14 per diluted share, an improvement of $0.07 from last year's second quarter. Adjusted net income for the quarter was $5.4 million or $0.23 per diluted share compared with $4.1 million or $0.18 per diluted share last year.

本季 GAAP 淨收入為 330 萬美元，即每股攤薄收入 0.14 美元，較去年第二季成長 0.07 美元。本季調整後淨收入為 540 萬美元，即每股攤薄收益 0.23 美元，去年同期為 410 萬美元，即每股攤薄收益 0.18 美元。

Second quarter adjusted even of $30.9 million was up 5% over last year. Our balance sheet remained strong. Cash and cash equivalents exceeded $203 million a significant increase from December. Inventories declined sequentially to roughly $973 million.

第二季調整後淨利為 3,090 萬美元，比去年同期成長 5%。我們的資產負債表依然強勁。現金和現金等價物超過 2.03 億美元，較 12 月大幅增加。庫存連續下降至約 9.73 億美元。

As I have noted on our prior calls, our floor plan lenders tell us that we compare favorably with the industry from an aged inventory perspective. Floor plan financing was up modestly from the December quarter. Consistent with the increased availability of product, customer deposits as of March 31, were down from the same period in 2024, but encouragingly did increase sequentially from December.

正如我在之前的電話會議中提到的那樣，我們的樓層平面圖貸款人告訴我們，從庫存老化的角度來看，我們與行業相比具有優勢。樓面計畫融資較去年 12 月季度略有增加。隨著產品供應量的增加，截至 3 月 31 日的客戶存款較 2024 年同期有所下降，但令人鼓舞的是，較 12 月相比有所環比增長。

At quarter end, our net debt to adjust the EBITDA ratio improved meaningfully from December and was approximately 1.2 times, underscoring our continued financial strength. This strong position reflects our ongoing focus on optimizing inventory levels and managing aging, which has helped us maintain a healthy balance sheet.

截至季末，我們的淨負債調整 EBITDA 比率較 12 月有顯著改善，約 1.2 倍，凸顯了我們持續的財務實力。這一強勁地位反映了我們持續專注於優化庫存水準和管理老化，這有助於我們維持健康的資產負債表。

Looking ahead, our significant financial flexibility, including substantial uncovered inventory and access to approximately $200 million in available credit lines, positions as well to invest in growth opportunities and navigate changing market conditions. Turning the capital allocation, during the quarter and to date we have bought back over 1.2 million shares of our stock under our share repurchase plan.

展望未來，我們擁有強大的財務靈活性，包括大量未覆蓋的庫存和約 2 億美元的可用信貸額度，這些優勢也有利於投資成長機會和應對不斷變化的市場條件。轉變資本配置，在本季度迄今為止，我們根據股票回購計畫回購了超過 120 萬股股票。

We will remain opportunistic with respect to such share repurchases while also focusing on prudent balance sheet management.

我們將繼續把握此類股票回購的機會，同時也著重審慎的資產負債表管理。

Turning to guidance, in light of the recent uncertain market environment due to the growing concern about the actual effects to the economy from the tariffs, we are taking the prudent step of lowering fiscal 2025 guidance.

談到指導，鑑於最近由於人們越來越擔心關稅對經濟的實際影響而導致的市場環境不確定，我們採取謹慎的措施，下調 2025 財年指導。

We now expect fiscal-year 2025 adjusted net income in the range of $1.40 to $2.40 per diluted share, and fiscal-year 2025 adjusted EBITDA in the range of $140 million to $170 million. The main drivers of the change are expected pressure on both the top line and potential margins from the weakened environment.

我們現在預計 2025 財年調整後每股攤薄淨收入在 1.40 美元至 2.40 美元之間，2025 財年調整後 EBITDA 在 1.4 億美元至 1.7 億美元之間。造成這項變化的主要因素是，疲軟的經濟環境預計將對公司營收和潛在利潤帶來壓力。

Of course, the tea leaves are very hard to read right now and seemingly can worsen quickly or improve quickly, subject to announcements from Washington. Our revised expectations do not consider or give effect for, among other things, material acquisitions that may be completed by the company during fiscal 2025 or other unforeseen events, including changes in global economic conditions.

當然，目前情況還很難預測，而且似乎可能迅速惡化或迅速改善，這取決於華盛頓的聲明。我們修訂後的預期並未考慮或影響公司可能在 2025 財年完成的重大收購或其他不可預見的事件，包括全球經濟狀況的變化。

Before I turn the call over to Brett, I will comment on April trends. For starters, recall that last year we spoke of some March sales that fell into April and made April trends stronger than usual. Having said that, as alluded to by our prior comments, we do expect April to be down from last year.

在我將電話轉給布雷特之前，我將對四月份的趨勢發表評論。首先，回想一下，去年我們談到一些三月份的銷售額下降到四月份，導致四月份的趨勢比平常更強勁。話雖如此，正如我們之前的評論所暗示的那樣，我們確實預計 4 月的銷量將比去年同期有所下降。

In channel checks with lenders and other dealers and manufacturers, there is a consistent theme of general consumer softness caused by the uncertainties related to the tariffs. Obviously, as Brett mentioned, undoubtedly we will perform better than the industry like we consistently do.

在與貸款機構、其他經銷商和製造商的通路檢查中，一致存在著由於關稅相關的不確定性而導致的普遍消費者疲軟現象。顯然，正如布雷特所提到的，毫無疑問，我們的表現將一如既往地優於行業。

Now, let me turn the call back over to Brett for closing comments. Brett?

現在，讓我將電話轉回給布雷特，請他發表最後評論。布雷特？

Thank you, Mike. Given the increasing level of market uncertainty about future economic conditions because of the tariffs, we are approaching the spring selling season with increased caution. As a result, we are tempering our expectations for near-term growth and recognize that the pace of industry recovery may be slower and more uneven than previously anticipated.

謝謝你，麥克。鑑於關稅導致市場對未來經濟狀況的不確定性日益增加，我們對春季銷售季節更加謹慎。因此，我們正在調整對短期成長的預期，並認識到產業復甦的步伐可能比之前預期的更慢、更不均衡。

Despite these challenges, we continue to believe that over the long term, our strategic position within the premium segment and the diverse nature of our portfolio provides us with a degree of resilience.

儘管面臨這些挑戰，我們仍然相信，從長遠來看，我們在高端市場的戰略地位和產品組合的多樣化性質為我們提供了一定的韌性。

While we remain committed to innovation and expanding our higher margin businesses, we acknowledge that the near term is less predictable, and we will proceed prudently as we assess the impact of ongoing economic and policy developments.

雖然我們仍然致力於創新和擴大利潤率更高的業務，但我們承認短期內的情況不太可預測，我們將在評估當前經濟和政策發展的影響時謹慎行事。

And with that, Mike and I will be happy to take your questions. So operator, please open up the line for Q&A.

好了，麥克和我很樂意回答你們的問題。接線員，請開通問答專線。

Thank you. At this time we'll be conducting a question-and-answer session. (Operator Instructions)

謝謝。這次我們將進行問答環節。（操作員指示）

James Hardiman, Citi.

花旗銀行的詹姆斯哈迪曼。

Good morning. As always, would love a little color, as I think about, disaggregating the plus 11 in terms of same store sales, units versus price, and I guess that's particularly important as we sort of roll that forward into April, which I think you said is likely to finish down and so just from the look of things we're going from a plus 11 to something negative, and so within that maybe I don't know if things had already begun to slow by the end of Q1 just trying to fully understand that drop off from what was a double digit growth number. In Q1 to what seems like it's negative, at least I'm sorry, in Q2 to what's negative early Q3, really curious what's happening specifically with units as we go from March to April? Thanks.

早安.像往常一樣，我希望能夠提供一些細節，我想，將+11 按同店銷售額、單位數與價格進行分解，這一點尤其重要，因為我們要將其推進到 4 月份，我想您說過 4 月份可能會下降，所以從目前的情況來看，我們將從+11 變為負數，因此，在這個範圍內，我不知道到第一季度末，我們將從+11 變為負數，因此，在這個範圍內，我不知道到第一季度已經放緩從第一季來看似乎是負面的，至少我很抱歉，從第二季來看是負面的，從第三季初來看是負面的，真的很好奇從三月到四月，單位具體發生了什麼？謝謝。

Hey James, it's Mike. I'll take a stab at that. Just keep in mind in the March quarter for the key segments that we operate in, most of them were down double digits and units. And so while we always outperform the industry, it's kind of hard to make up double digits.

嘿，詹姆斯，我是麥克。我會嘗試一下。請記住，在三月季度，我們營運的關鍵部門大部分都出現了兩位數和單位的下降。因此，儘管我們的表現始終優於業界，但要達到兩位數還是有點困難。

So our units were, in fact down in the quarter, the mid-single digit range, something like that, which would tell you that our same store sales in terms of the 11% would have been driven by premium product, mixed shift, larger product, which often drives a big piece of our same store sales growth.

因此，我們的銷量實際上在本季度下降了，降幅在個位數中段左右，類似這樣的情況，這表明我們同店銷售額的 11% 增長是由優質產品、混合班次和更大尺寸產品推動的，這些產品通常會推動我們同店銷售額的很大一部分增長。

What we're seeing in April, that one, I expect the industry to be down again in April, but I think what we're seeing in April is under the backdrop of a strong April last year, we are, so number one, it's a tough comp because of the business that fell into April.

從我們在四月份看到的情況來看，我預計四月份行業將再次下滑，但我認為我們在四月份看到的情況是在去年四月份表現強勁的背景下，所以首先，由於四月份業務下滑，這是一個艱難的比較。

But even with that, we are just sensing uncertainties with the consumers, and it does admittedly change, subject to the news cycle and what's happening, it can look a little better one day, look a little worse one day, but we just think it's more likely that there's some underlying impact going on besides just the tough comparison to April, which is what we tried to communicate in the prepared remarks, James, but good question.

但即便如此，我們仍然感覺到消費者的不確定性，而且不可否認的是，情況確實會發生變化，受新聞週期和正在發生的事情的影響，今天看起來會好一點，明天看起來會差一點，但我們認為，除了與四月份的艱難比較之外，更有可能的是還存在一些潛在的影響，這就是我們在準備好的中試圖傳達的，詹姆斯比較之外，更有可能的是還存在一些潛在的影響，這就是我們在準備好的過程中試圖傳達的，詹姆斯比較之外，但這個問題很好。

And so just to just to clarify there. If I just do the math, it seems like ASPs during the first quarter would have then been up, call it 15% roughly if units were down mid singles and same store sales were up 11%. Would -- should we expect that same sort of ASP benefit in April which would suggest that units, from down mid-single digits would be down something like 20% or did that ASP sort of tail and dissipate to some degree in April?

只是為了澄清一下。如果我進行計算的話，似乎第一季的平均銷售價格會上漲，如果銷量下降一半，而同店銷售額上漲 11%，那麼平均銷售價格大約會上漲 15%。我們是否應該預期 4 月份的平均銷售價格 (ASP) 會出現同樣的上漲，這意味著銷量從中個位數下降到 20% 左右，還是說 4 月份的平均銷售價格 (ASP) 會有所下降？

I think in my prepared, it's a good question. I think in my prepared remarks, I was talking about how when I look at the ASP increase in March, which is that's a big individual quarter, ASP, I think part of it was some business that obviously came into the March quarter, probably from the week in December quarter because of the hurricanes in Florida, and by no means have we made up in all that business yet, but Florida tends to have larger boat sales, which could help to skew a quarter versus the prior year.

我認為在我的準備中這是一個好問題。我想在我準備好的發言中，我談到了當我看到 3 月份的平均銷售價格 (ASP) 增長時，這是一個很大的單個季度，ASP，我認為部分原因是一些業務顯然進入了 3 月份季度，可能是因為佛羅裡達的颶風，從 12 月份季度的那一周開始，而且我們還沒有彌補所有業務，但佛羅裡達州的船舶銷售量往往使佛羅裡達州的船舶銷售量可能有助於使這一年同期相比，這可能有助於佛羅裡達州的船舶銷售量。

So you get a little bit of a mixed shift because of that. And so I would not expect that same type of a -- of an increase in necessarily in April. It's always possible subject to what, the products we end up selling.

因此，你會得到一些混合轉變。因此，我預計 4 月不一定會出現同樣的成長。這總是有可能的，但取決於我們最終銷售的產品。

Okay. But we should assume that unit got worse in April, but not 15% worse?

好的。但我們應該假設該單位在四月的情況變得更糟，但不會惡化 15%？

Yeah, I would, yeah, I think industry-wide. I think what you're probably hearing from all the different public companies in the industry is the outlook has changed really starting here in April, it's changed for what everybody thought about the second half of the year or for us our next two quarters, just given the uncertainty caused by the tariffs and again, who knows how long the uncertainty lasts and who knows again, the news cycle that can influence that pretty quickly one way or another.

是的，是的，我認為是整個行業。我想你可能從業內所有不同上市公司那裡聽到的是，從四月份開始，前景已經發生了變化，考慮到關稅造成的不確定性，每個人對今年下半年或未來兩個季度的看法都發生了變化，而且，誰知道這種不確定性會持續多久，誰知道呢，新聞週期可能會以某種方式很快地影響這一點。

Got it. Thanks for calling, Mike.

知道了。謝謝你的來電，麥克。

Thanks, James.

謝謝，詹姆斯。

Mike Swartz, Truist Securities.

Truist Securities 的 Mike Swartz。

Hey guys, good morning. Maybe just a couple questions on the guidance I guess I'm trying to understand it sounds like most of the guidance reduction that you've outlined is due to macro consumer concerns relative to tariffs. But, are there any direct tariff costs that we should be aware of? I know you do some sourcing. Europe, Asia for boats, but is there anything quantifiable around potential tariffs?

大家好，早安。也許只是關於指導的幾個問題，我想我試圖理解這聽起來好像您所概述的大部分指導減少是由於與關稅相關的宏觀消費者擔憂。但是，我們是否應該注意直接關稅成本？我知道你做一些採購工作。歐洲、亞洲都有船舶出口，但是潛在的關稅是否有可以量化的呢？

On the guidance comment, Mike, our updated guidance is really solely because of the change in the outlook, as you alluded to. I think before we were commenting that the industry would be flattish, we would probably be flattish in that neighborhood.

關於指導意見，麥克，正如您所提到的，我們更新的指導實際上完全是因為前景的變化。我認為，在我們評論該行業將會持平之前，我們在那個領域可能也會持平。

I think now the industry is going to be probably down in our fiscal year, low-single-digit will probably be down in that range from the same-store-sales growth. There's some possibility we won't be, but that's kind of what's baked into our numbers and maybe a little bit, additional margin pressure.

我認為現在整個產業在我們的財政年度可能會出現下滑，同店銷售額的成長可能會下降個位數左右。有可能不會，但這正是我們數據中體現出來的，而且可能還會有一點額外的利潤壓力。

There isn't anything specifically built in as a tariff impact. We obviously do import some boats, but by and large, we can, as Brett used to his comments, that'd be more of a potential volume issue down the road.

並沒有任何具體因素影響關稅。我們確實進口了一些船隻，但總的來說，正如布雷特曾經評論的那樣，這在未來更有可能成為一個數量問題。

And Mike, I'll add that, the amount of inventory, the right amount of inventory we have going into our heat of our height of our selling season here, kind of shields us against any of those immediate impacts.

麥克，我要補充一點，在我們銷售旺季最熱的時候，我們擁有的庫存量，適當的庫存量，可以保護我們免受任何直接影響。

Correct.

正確的。

Okay. That's helpful. And then on the -- on just the boat margin side, Mike I think you made you made the comment in your prepared commentary around this quarter being one of the softest from a margin standpoint for new boats I would presume any way to frame what exactly that means, what that looks like year over year and then should we assume that there's some level of improvement if you're pulling back maybe a bit on the level of promotion going forward?

好的。這很有幫助。然後，就船舶利潤率方面而言，邁克，我認為您在準備好的評論中已經提到，從新船利潤率的角度來看，本季度是最低的季度之一，我想問一下您能不能用某種方式來概括這到底意味著什麼，與去年同期相比情況如何，然後我們是否應該假設，如果您在未來的促銷水平上稍微放鬆一點，就會有一定程度的改善？

Yeah, I would tell you really because of the macro that's going on with the industry, I would believe industry-wide margins are probably a couple 100 basis points below would be a normal level, and they would be below last year's level.

是的，我會告訴你，由於行業宏觀形勢的變化，我認為整個行業的利潤率可能比正常水平低幾百個基點，而且低於去年的水平。

Also, probably not quite a couple 100 basis points, but 150 basis points or so from beyond, lower than last year's level. And I think just given the current environment with the increased uncertainty, I would expect margins to be somewhat under pressure, more so than perhaps dealers had originally thought, for the, at least for the foreseeable future, which is also what's baked into our guidance.

而且，可能不是幾百個基點，而是比去年的水準低 150 個基點左右。我認為，鑑於當前不確定性增加的環境，我預期利潤率將面臨一定壓力，至少在可預見的未來，這種壓力可能比經銷商最初想像的要大，這也是我們預期的內容。

Okay. Perfect. Thank you.

好的。完美的。謝謝。

Thank you.

謝謝。

Joe Altobello, Raymond James.

喬·阿爾托貝洛、雷蒙·詹姆斯。

Thanks. Hey guys, good morning. Want to talk about the promotional environment a little bit just to follow up on Mike's question, obviously, coming into the quarter you guys thought that it would be a pretty promotional environment.

謝謝。大家好，早安。想稍微談談促銷環境，只是為了跟進麥克的問題，顯然，進入本季度，你們認為這將是一個相當不錯的促銷環境。

It was probably worse than you thought, and now it sounds like you expect that promotional environment to persist. Has the industry made any progress on clearing out this aged inventory at this point? And if not, what happens in June, July when we have the model year change over?

情況可能比你想像的還要糟糕，現在聽起來你希望這種促銷環境能夠持續下去。目前，業界在清理這些陳舊庫存方面是否取得了任何進展？如果沒有，那麼當我們更換車型年份時，六月、七月會發生什麼事？

Yeah, yes, I think the industry has made progress. I think it's continuing to improve primarily because the builders are just not building very much product right now, and so it does give the opportunity, even with weakened boat sales, it gives the opportunity for the aged product to continue to improve and, speaking to the major floor plan lenders in our industry, they still continue to think that in the summertime, and maybe this has moved out a month or so because of the current environment, but in the summertime, industry inventory levels should be below normal levels in terms of weeks on hand.

是的，是的，我認為這個行業已經取得了進步。我認為情況繼續改善主要是因為建築商現在沒有建造太多產品，所以這確實提供了機會，即使在船舶銷售疲軟的情況下，這也為老款產品提供了繼續改善的機會，並且，與我們行業的主要平面圖貸款人交談時，他們仍然認為在夏季，也許由於當前的環境，這種情況已經推遲了一個月左右，但在夏季，行業庫存水平應該低於庫存水平。

There probably still could be a little bit of an aging problem, but overall, dealers should start feeling much better about, what they're stocking in the environment as they look forward to 2026. It, again, that's probably gotten extended a little bit because the current environment, but they still generally think it's going to get better.

可能仍然存在一些老化問題，但總體而言，展望 2026 年，經銷商應該開始對自己在環境中的庫存感到更加滿意。再次強調，由於當前的環境，這種情況可能已經延長，但他們仍然普遍認為情況會變得更好。

And Joe, going forward, the promotional activity, the pressure there might just be the uncertainty in the markets trying to give people a reason to, kind of get off the couch and come in and buy a boat less so than just, inventory levels.

喬，展望未來，促銷活動的壓力可能只是市場的不確定性，試圖給人們一個理由，讓他們從沙發上起來，進來買船，而不僅僅是庫存水平。

Got it. Okay, which is a good segment of my next question, which is, pertaining to April, are, how do door slings look like? Are people coming in looking for boats, or they're just, to your point, sitting on the couch waiting for the uncertainty to dissipate?

知道了。好的，這是我下一個問題的一個好部分，即關於四月的問題，門吊帶是什麼樣子的？人們來這裡是為了尋找船隻嗎？或者他們只是，正如你所說，坐在沙發上等待不確定性消散？

I would say that our comments about April on how we see April finishing, but the uncertainties and let's call it the first half of April were, people were pausing, slow to make a decision, thinking about it, but, let's even call it the last couple of days with just some light at the end of the tunnel, possibly. You believe it or not, you get some more store traffic, internet leads. So, there's the first half, I'd say it was a little more stagnant than the second half of April.

我想說的是，我們對四月份的評論是關於我們如何看待四月份的結束，但不確定性，我們稱之為四月上半月，人們在停頓，慢慢地做出決定，思考它，但是，我們甚至可以稱之為最後幾天，隧道盡頭可能有一些光亮。不管你信不信，你都會獲得更多的商店流量和網路線索。因此，我認為上半月的情況比下半月稍微停滯一些。

I would comment I think in Brett's prepared remarks, Joe, he commented that the I mean the interest in voting, like the really the front door of a dealership anymore is really, your website and your online presence and the amount of activity that we have on our -- in our online presence is still very, very high. It hasn't dropped. And so that's encouraging. I think the desire to enjoy the boating lifestyle remains very high.

我想評論一下，我認為在布雷特準備好的發言中，喬，他評論說，我的意思是投票的興趣，就像真正的經銷商的前門一樣，實際上是您的網站和您的在線狀態以及我們在我們的網站上的活動量 - 我們的在線狀態仍然非常非常高。沒有掉落。這是令人鼓舞的。我認為人們享受划船生活方式的願望仍然很高。

Okay. Super. Thank you guys.

好的。極好的。謝謝你們。

Thank you, Joe.

謝謝你，喬。

(Operator Instructions) Eric Wold, Texas Capital Securities.

（操作員指示）埃里克·沃爾德，德州資本證券。

Hey, good morning, Brett and Mike. (multiple speakers) last morning the hammer on April just one more time, I guess (inaudible) of the tunnel last couple days we just in in general, that softness across all price points was it, did it get worse on the value side?

嘿，早上好，布雷特和麥克。 （多位發言者）昨天早上，四月份的錘子又響了一次，我想（聽不清）過去幾天我們只是在隧道中，總的來說，所有價格點都表現疲軟，價值方面的情況是否變得更糟？

Did you see creep into the premium side and then was it at a level that. The promotional activity you did in Q2 wasn't enough to counter it and is it at a level that maybe you and the OEMs aren't willing to boost promotion to solve?

您是否看到溢價逐漸上升，然後處於這樣的水平？您在第二季所進行的促銷活動不足以解決這個問題，而且您和 OEM 是否不願意加強促銷來解決這個問題？

I'll talk about the first part the -- on the segments. The lower end has been under pressure now for quite some time, just a tougher segment. The higher end though was clearly affected, we had a really good Q2 here ending March out, but there was definitely some softness, I would say across all segments, right, Mike? Oh yeah, I think that's kind of first comment there.

我將談論第一部分——關於各個部分。低端市場現在已經承受了相當長一段時間的壓力，這是一個更艱難的階段。雖然高端產品顯然受到了影響，截至 3 月底，我們的第二季度表現非常好，但我想說所有細分市場都存在一定程度的疲軟，對嗎，麥克？哦，是的，我認為這是第一條評論。

Yeah, it's across. All segments really for the last couple of, well, longer than that, you've seen it across all segments, less so on the premium product, but still softer. I think what we were experiencing in April and for sure early April, but what we were experiencing was, it wasn't so much as I mean, you could probably solve for a price point. It was really just there was so much noise and so much uncertainty back and forth. I think people wanted to kind of get an idea of what the heck's happening.

是的，就在對面。在過去的幾年裡，所有細分市場都出現了這種情況，好吧，比這更長的時間裡，你已經在所有細分市場中看到了它，高端產品的情況不那麼明顯，但仍然比較疲軟。我認為我們在四月份，尤其是四月初所經歷的情況是這樣的，但我們所經歷的情況並不像我所說的那樣，你可能可以透過價格點來解決。事實上，雙方之間確實存在著太多的噪音和太多的不確定性。我認為人們想要知道到底發生了什麼事。

Yeah, I'd say, my comments about getting people off the couch, promotional, that's in a general, not in the uncertainty we had, let's say in the first half of April, which was kind of wild and crazy as far as what information was coming out, the uncertainty about what does the tariff mean. So I think any promotion we threw at that may not have been effective now that there's maybe a little bit of, folks settling down, promotional activity, let's say on larger yachts, it can be much more effective.

是的，我想說，我的評論是關於讓人們離開沙發，進行宣傳，這是一般性的，而不是我們所面臨的不確定性，比如說在 4 月上半月，就所得到的信息而言，這有點瘋狂，對於關稅意味著什麼存在不確定性。因此，我認為我們之前進行的任何促銷活動可能都沒有效果，因為現在人們可能已經安定下來了，促銷活動，例如在大型遊艇上，可能會更有效。

No, it's good. That was kind of my second question was kind of, yeah, I know that the value buyer probably has needed some help recently and maybe the cash buyer had been a little bit more resilient, the higher end guy.

不，很好。這是我的第二個問題，是的，我知道價值買家最近可能需要一些幫助，也許現金買家更有韌性，是高端買家。

Are the higher end buyers, obviously everyone always wants a deal, but are they being increasingly in need of promotions and really kind of pushing that envelope and does that -- is that something you think is if that is the case that's something that's short term or could be a longer term driver?

顯然，每個人都希望高端買家能夠達成交易，但他們是否越來越需要促銷，並且真的在突破這個界限？如果是這樣，您認為這是短期現象還是長期驅動因素？

I think I -- Well, I'd comment on just, we had a really good Palm Beach boat show. Margins, as you saw, were under pressure. I'd say it's a little bit more of a buyer's market right now and we've commented on that before, and that's kind of how I would summarize, the answer.

我認為——好吧，我想評論一下，我們舉辦了一場非常精彩的棕櫚灘船展。如您所見，利潤率面臨壓力。我想說現在更像是買方市場，我們之前已經評論過這一點，這就是我總結的答案。

Yeah, and I, if I followed your question right there too, Eric, I do think there's light at the end of the tunnel, especially in the current environment. I think once there's some clarity with tariffs and there's some deals struck with countries and, all that stuff which everybody's expecting at some point.

是的，艾瑞克，如果我也理解你的問題，我確實認為隧道盡頭有光亮，特別是在當前環境下。我認為，一旦關稅問題明確，與一些國家達成協議，所有這些都是每個人都在期待的事情。

I think all that will make everybody feel better. We will probably have a little bit of potential margin tailwind, if the industry inventory levels do in fact improve as some of the floorprint letters are expecting. So, there's usually upside when you're coming off of low numbers at some point.

我認為這一切都會讓每個人感覺更好。如果行業庫存水準確實如一些印刷信件所預期的那樣有所改善，我們可能會獲得一點潛在的利潤順風。因此，當你在某個時候擺脫低數字時，通常都會有好處。

Appreciate the questions there.

感謝您提出的問題。

Perfect. Thanks guys.

完美的。謝謝大家。

Thank you.

謝謝。

Anna Glaessgen, B. Riley Securities.

Anna Glaessgen，B. Riley Securities。

Hi, good morning. Thanks for taking my question. First, I'd like to start on April again, but I understand you talked about, obviously demand slowing, but have you seen any change or pickup in cancellations of existing orders or people trying to get out of existing commitments?

嗨，早安。感謝您回答我的問題。首先，我想再次從四月開始，但我知道您談到了需求明顯放緩，但您是否看到現有訂單取消或人們試圖擺脫現有承諾的情況有任何變化或增加？

Simply put, no, we haven't. We've, Mike was just saying that I commented on it. People it's right now they're ready to go boating in the more seasonal environment. So we really haven't seen anything that's the cause concern on, hey, I don't want to boat anymore.

簡而言之，沒有，我們沒有。我們，麥克剛才說我對此發表了評論。人們現在正準備在更適合季節的環境中划船。所以我們真的沒有看到任何讓人擔心的事情，嘿，我不想再划船了。

Got it. Thanks. And then secondly, in the prepared remarks, you noted, with tariffs like price increases would be contemplated, but you feel confident you're well positioned in light of that. As we think about next year, I would assume price increases would probably be pushed through on the next model year. So really not impacting this fiscal year as much?

知道了。謝謝。其次，在準備好的評論中，您指出，會考慮提高關稅等價格，但您有信心，鑑於此，您已做好準備。當我們考慮明年時，我認為價格上漲可能會在下一個車型年實現。那麼對本財年的影響真的不大嗎？

Yeah. First of all, like we said, we have a good inventory level to carry us through the selling season. And we're working really well with our some of the best manufacturers in the world, where they're trying to figure out how to mitigate expense and offset any tariff.

是的。首先，正如我們所說，我們擁有良好的庫存水平，可以支撐我們度過銷售季節。我們與世界上一些最好的製造商保持良好的合作，他們正在努力尋找如何降低成本和抵消關稅的方法。

And really candidly, still trying to understand what that tariff will be, and clear it feels like, I think they're thinking it's going to be less than maybe what they originally thought of 15 days ago. Yeah. So and so we're trying to mitigate how much price goes into the new product, the new model year, which equates to a price increase, the manufacturers are working hard on that.

坦白說，我們仍在試圖了解關稅是多少，很明顯，我認為他們認為關稅可能會比 15 天前最初設想的要低。是的。因此，我們正在嘗試降低新產品、新車型的價格，這相當於價格上漲，製造商正在努力做到這一點。

It is nice to keep in mind also that we do focus on the premium end to begin with. And over time, there have been other whether it's inflationary environments during COVID where we did successfully pass price increases on and continue to today successfully pass it on is you don't want it. But I think given what the likely outcome is of the tariffs, I think we feel reasonably comfortable with our future outlook in 2026, and beyond.

值得一提的是，我們一開始就將重點放在了高端產品上。隨著時間的推移，出現了其他情況，無論是在 COVID 期間的通膨環境中，我們確實成功地將價格上漲轉嫁出去，直到今天，如果你不想要它，我們仍然成功地將其轉嫁出去。但我認為，考慮到關稅可能產生的結果，我們對 2026 年及以後的前景感到相當滿意。

Great. Thanks.

偉大的。謝謝。

Thank you.

謝謝。

Mike Albanese, The Benchmark Company.

麥克‧阿爾巴尼斯（Mike Albanese），The Benchmark Company。

Yeah, hey, good morning guys, thanks for taking my questions. First one, just a quick clarification if you could quantify really any of the delta between Florida and I guess, national in terms of your comps there?

是的，嘿，大家早安，感謝你們回答我的問題。首先，請簡單澄清一下，您是否可以量化佛羅裡達州與全國之間的差異，就那裡的可比較數據而言？

Mike, in terms of the comps, I actually don't have that handy. I what I can tell you, though is Florida did well, but every region in the country in the March quarter did really pretty well. We didn't have any major outliers on the negative side, and there was a lot of increases, which would tell you that even though Florida did well, it wasn't an outside driver.

麥克，就補償而言，我實際上沒有那麼多方便的東西。我可以告訴你的是，雖然佛羅裡達州表現不錯，但三月全國每個地區的表現都相當不錯。我們在負面方面沒有任何重大異常值，並且有很多增長，這告訴你，儘管佛羅裡達州表現良好，但這並不是外部驅動因素。

I mean, would have driven the average unit selling price a little higher, excuse me, because of the larger product. But we had good growth in all the different parts of the country during the quarter.

我的意思是，由於產品較大，平均單位售價會稍微高一點，對不起。但本季我們在全國各地都取得了良好的成長。

Seemed to follow our normal seasonal trends by market.

似乎遵循了我們市場正常的季節性趨勢。

Midwest was yeah, that's exactly right.

中西部是的，完全正確。

Okay. That's helpful. Thanks. And I guess just to go back to consumer demand quickly, we talked about kind of the value spectrum premium consumer, value consumer. Can you just comment maybe quickly on the demand environment in the superyacht division and really that specific consumer?

好的。這很有幫助。謝謝。我想，我們快速回到消費者需求議題上，我們討論了價值範圍高端消費者、價值消費者。您能否快速評論一下超級遊艇部門的需求環境以及特定的消費者？

Yeah, Just a couple of comments that seem it's still a very solid business. When we entered into that business several years ago, one of the reasons we did is because it's a much more resilient segment. It's a services business. And so just for example, we see the bookings right now for the summer season in the Mediterranean and it's looking very strong in light of everything that's going on.

是的，只是幾則評論表明這仍然是一個非常穩固的業務。幾年前我們進入該行業的原因之一是因為它是一個更具彈性的行業。這是一項服務業務。舉例來說，我們現在看到地中海夏季的預訂情況，從目前的情況來看，預訂情況非常強勁。

That's a very strong indicator that kind of flows through to our marinas and the income it slips and then also for the superyacht divisions, Fraser, Northrop, Johnson and others. So it looks to resilient and solid.

這是一個非常強烈的指標，它流向我們的碼頭，影響收入的下滑，也影響超級遊艇部門、弗雷澤、諾斯羅普、約翰遜等公司的收入。因此它看起來富有彈性且堅固。

Okay. Thank you. So when I think about kind of softening demand, you're not really seeing it in that part of your business. Is that fair?

好的。謝謝。因此，當我考慮需求疲軟時，你並沒有真正在業務的這一部分看到它。這樣公平嗎？

I'd say our comments are really focused on the boat sales here in the States probably more is what we were referring to.

我想說我們的評論確實集中在美國的船舶銷售上，可能我們所指的更多。

Yes.

是的。

Okay, great. That's helpful. And then just the last one, I can, I want to ask about capital allocation? We have kind of a shifting or dynamic macro environment. I mean, does that change how you think about maybe your M&A strategy?

好的，太好了。這很有幫助。然後最後一個問題，我想問一下資本配置的問題？我們處於不斷變化或動態的宏觀環境。我的意思是，這是否會改變您對併購策略的看法？

I mean, kind of if you could comment on what the pipeline looks like and I mean, are you just you lean into your services in this environment? Do you think about maybe getting aggressive on the traditional dealer side? I'll let you [opine]

我的意思是，如果您可以評論一下管道是什麼樣子的，我的意思是，您是否只是在這種環境下依靠您的服務？您是否考慮過在傳統經銷商方面採取積極措施？我會讓你[意見]

Yeah. Just generally, we always have a good pipeline of acquisitional opportunities that come to us and we evaluate them. Obviously, in a time like this, we're being much more prudent or as we're always prudent. But right now, focusing on the synergies between all of these businesses, our long term strategy with these higher margin businesses and the operational excellence at each of these divisions to help us grow. There's a big opportunity there.

是的。總的來說，我們總是擁有一系列良好的收購機會，我們會對它們進行評估。顯然，在這樣的時期，我們會更加謹慎，或者像往常一樣謹慎。但現在，我們專注於所有這些業務之間的協同作用、我們與這些利潤率更高的業務的長期策略以及每個部門的卓越運營，以幫助我們實現成長。這裡面有很大的機會。

So you can we've commented on that before, but we'll continue to focus on developing the synergies between all of these companies.

因此，我們之前已經對此發表過評論，但我們將繼續專注於發展所有這些公司之間的協同效應。

Got it. That's helpful. Thank you. Thanks guys.

知道了。這很有幫助。謝謝。謝謝大家。

Thanks, Mike.

謝謝，麥克。

David MacGregor, Longbow Research.

麥格雷戈（David MacGregor），長弓研究公司（Longbow Research）。

Hey, good morning. This is Joe Nolan on for David. I just had one question (multiple speakers) Hey guys, just within the gross margin line. How much of the year-over-year decline was related to mix versus price/cost versus leverage and just maybe how to think about those factors as we get into the third quarter?

嘿，早安。喬諾蘭 (Joe Nolan) 代替大衛上場。我只有一個問題（多位發言者）嘿夥計們，就在毛利率線內。與去年同期相比，下降幅度有多少與產品組合、價格/成本和槓桿有關？進入第三季後，我們該如何看待這些因素？

Yeah, it's a great question, Joe. It's primarily the boat margins themselves, it's what's impacting the overall consolidated margin, probably like two-thirds of it's that. I'd say a third of it is mix shift to a greater percentage of boat sales.

是的，喬，這個問題問得很好。主要是船舶利潤率本身，它影響了整體合併利潤率，大概佔了三分之二。我想說其中三分之一是混合轉向更大比例的船舶銷售。

So when you sell a lot of boats, which happens to be the lowest margin product we sell, even if they were great margins, it's going to reduce your consolidated margin on a year-over-year basis if you sold them, a lot more than the prior year.

因此，當您銷售大量船隻時，而這些船隻恰好是我們銷售的利潤率最低的產品，即使它們的利潤率很高，如果您銷售這些船隻，您的綜合利潤率也會同比下降，比上一年下降幅度要大得多。

So it's, primarily boat margins combined with the increase in boat sales in the overall mix. So good clarifying comment.

因此，主要是船舶利潤率與整體船舶銷售的成長相結合。非常好的澄清評論。

Okay. And expect that trend to continue into the third quarter as well, most likely?

好的。並且預計這一趨勢很有可能持續到第三季？

What it all, obviously all subject to how strong same store sales are, it, we currently expect increased promotional environment which is, we're ready for that, that's in our guidance numbers, and then just depends on the strength of sales here in the back half of the year.

顯然，這一切都取決於同店銷售額的強勁程度，我們目前預計促銷環境將有所改善，我們已經為此做好了準備，這已包含在我們的指導數字中，然後就取決於今年下半年的銷售實力了。

Got it. Alright. Thanks guys.

知道了。好吧。謝謝大家。

Thank you, Joe.

謝謝你，喬。

We've reached the end of the question-answer session. I'd now like to turn the call back over to Mr. McGill for closing comments.

問答環節已經結束。現在我想將電話轉回給麥吉爾先生，請他發表最後評論。

Well, thank you everybody for joining us this morning. We're very confident in our long-term strategy, and we'll look forward to keeping you updated on our next call.

好吧，感謝大家今天早上加入我們。我們對我們的長期策略非常有信心，我們期待在下次電話會議中向您通報最新情況。

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

今天的會議到此結束。您現在可以斷開您的線路，我們感謝您的參與。