MarineMax Inc (HZO) 2025 Q3 法說會逐字稿

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

早上好，歡迎參加 MarineMax, Incorporated 2025 財年第三季電話會議。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 performance and recent highlights. Mike will review the financial results. Brett will make some concluding comments, and then management will be happy to take your questions.

布雷特將在電話會議開始時討論 MarineMax 的營運業績和近期亮點。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。

The earnings release and supplemental presentation associated with today's announcement can be found at investor.marinemax.com.

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. 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。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。

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. 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.

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。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。

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

說完這些，讓我把電話轉給布雷特。布雷特？

Thank you, Mike. And good morning, everyone, and thank you for joining us today to discuss our Q3 results. Let me begin by recognizing and thanking our team for their commitment to our customers during what was a challenging quarter. Though the numbers reflect a tough environment, their dedication to a world-class customer experience has never wavered. Our consistently strong Net Promoter Scores, commitment to the customer experience and business diversification reinforces my confidence that we will successfully navigate this period and emerge even stronger.

謝謝你，麥克。大家早安，感謝大家今天加入我們討論我們的第三季業績。首先，我要感謝我們的團隊在這個充滿挑戰的季度對客戶的承諾。儘管這些數字反映出嚴峻的環境，但他們對世界一流客戶體驗的奉獻精神從未動搖。我們持續強勁的淨推薦值、對客戶體驗和業務多元化的承諾增強了我的信心，我們將成功度過這段時期並變得更加強大。

As noted in this morning's earnings release, a combination of ongoing economic uncertainty, evolving trade policies and heightened geopolitical tensions contributed to soft retail demand across the recreational industry in Q3. While these headwinds have existed to a degree throughout the fiscal year, we saw a noticeable increase in consumer caution since the start of April. While enthusiasm for the boating lifestyle remains high, the uncertainty is prompting buyers to delay purchases until the economic outlook is clearer.

正如今天早上的收益報告中所指出的，持續的經濟不確定性、不斷變化的貿易政策以及加劇的地緣政治緊張局勢導致第三季度整個休閒行業的零售需求疲軟。雖然這些不利因素在整個財政年度都存在一定程度，但自 4 月初以來，我們看到消費者謹慎情緒明顯增加。儘管人們對航海生活方式的熱情依然高漲，但不確定性促使買家推遲購買，直到經濟前景更加明朗。

The Premium Boat segment has generally shown more resilience than other parts of the retail boat market, though it still faced significant unit declines this quarter due to broader economic concerns. Despite these challenges, our teams remain focused on executing our strategic priorities, managing costs, and maintaining operational discipline. We continue to invest in digital tools and customer experience enhancements to position MarineMax for long-term success. Reflecting the challenging retail environment, third quarter revenue came in less than our expectations at $657 million, with same-store sales down high single digits.

高端船舶市場總體上比零售船舶市場的其他部分錶現出更強的彈性，儘管由於更廣泛的經濟問題，本季該市場的銷量仍然大幅下滑。儘管面臨這些挑戰，我們的團隊仍專注於執行我們的策略重點、管理成本和維持營運紀律。我們將繼續投資數位工具和客戶體驗增強，以確保 MarineMax 獲得長期成功。由於零售環境充滿挑戰，第三季營收低於我們的預期，為 6.57 億美元，同店銷售額下降了高個位數。

With new boat margins hovering near historic lows, gross profit margin decreased from the prior year. However, thanks to the continued strong performance of our higher-margin businesses, including Finance and Insurance; Superyacht Services; Storage and Marina operations, including IGY; we maintained a gross margin above 30%. This resilience demonstrates our effective business mix and operational discipline, which enabled us to deliver solid results even in a challenging environment.

由於新船利潤率徘徊在歷史低點附近，毛利率較前一年下降。然而，由於我們的高利潤業務（包括金融和保險、超級遊艇服務、倉儲和碼頭運營（包括 IGY））持續強勁表現，我們的毛利率保持在 30% 以上。這種韌性證明了我們有效的業務組合和營運紀律，這使我們能夠即使在充滿挑戰的環境中也取得穩健的業績。

On the expense line, we are seeing the continued benefits of cost-cutting initiatives implemented during the fiscal year. That being said, inflation persists, so we continue to look for opportunities to improve our cost structure. Despite the inflation, adjusted SG&A was down nearly $11 million on a year-to-date basis.

在費用方面，我們看到了財政年度實施的成本削減措施的持續效益。話雖如此，通貨膨脹仍然存在，因此我們繼續尋找機會來改善我們的成本結構。儘管有通貨膨脹，但年初至今調整後的銷售、一般及行政費用仍下降了近 1,100 萬美元。

Regarding tariffs, tariff-related uncertainty has remained a headwind for the broader consumer environment. That said, we've continued to manage the evolving landscape effectively, thanks in part to solid coordination with our premium manufacturing partners and proactive inventory planning earlier in the year. The degree to which that stability continues will be dependent upon subsequent trade policy decisions and tariff agreements. While we are optimistic that together with our manufacturing partners, we will continue to find solutions, tariff-related volatility impacting consumer confidence is likely to further influence retail activity.

關於關稅，與關稅相關的不確定性仍然是更廣泛的消費環境的阻力。儘管如此，我們仍然能夠繼續有效地管理不斷變化的形勢，這在一定程度上要歸功於我們與優質製造合作夥伴的良好協調以及今年早些時候的積極庫存規劃。這種穩定程度的持續將取決於後續的貿易政策決定和關稅協定。雖然我們樂觀地認為，我們將與製造合作夥伴一起繼續找到解決方案，但影響消費者信心的關稅相關波動可能會進一步影響零售活動。

Looking ahead, we are encouraged by early signs that the environment may be stabilizing. Manufacturers in the industry are being appropriately promotional and adjusting production to help align inventory with the retail environment. Lenders are forecasting that industry inventory may drop in the coming quarters to realign with past averages. This will provide some relief to the margin pressure that exists today. Our focus remains on disciplined execution, investing in higher-margin businesses, and positioning MarineMax to accelerate sales and increase profitability when the market stabilizes.

展望未來，環境可能正在穩定的早期跡象令我們感到鼓舞。行業內的製造商正在適當促銷並調整生產，以幫助庫存與零售環境保持一致。貸款機構預測，未來幾季行業庫存可能會下降，以與過去的平均水準保持一致。這將在一定程度上緩解目前存在的利潤壓力。我們的重點仍然是嚴格執行、投資利潤率更高的業務，以及在市場穩定時讓 MarineMax 加速銷售並提高獲利能力。

Turning to recent highlights. During the quarter, IGY celebrated the opening of the IGY Savannah Harbor Marina, a new 100-berth marina in the heart of downtown Savannah. Additionally, the state-of-the-art marina features a large dock specifically engineered to accommodate superyachts. Earlier this month, IGY also announced that they have been selected as the Marina Manager for the Wynn Al Marjan Island Marina in Ras Al Khaimah, UAE. IGY will advise Wynn Resorts on marina design and development, then oversee marina management and marketing once the marina is operational.

談談最近的亮點。本季度，IGY 慶祝了 IGY 薩凡納港碼頭的開業，這是位於薩凡納市中心的一個擁有 100 個泊位的新碼頭。此外，最先進的碼頭還設有一個專門用於停泊超級遊艇的大型船塢。本月初，IGY 也宣布他們已被選為阿聯酋拉斯海馬 Wynn Al Marjan 島碼頭的碼頭經理。IGY 將為永利度假村提供碼頭設計和開發方面的建議，並在碼頭投入營運後監督碼頭的管理和行銷。

Intrepid and Cruisers will both be launching a record number of new models within the next 12 months, of which several will debut in the coming months. Additionally, Newcoast Financial, our finance and insurance operation continues to see growth through the use of technology and expanded partnerships. We also recently completed the development of a marina adjacent to our retail operation in Stuart, Florida. It is a profit-winning strategy when you can combine a well-run dealership with a state-of-the-art marina, especially in a growing market like Stuart.

Intrepid 和 Cruisers 都將在未來 12 個月內推出創紀錄數量的新車型，其中幾款將在未來幾個月首次亮相。此外，我們的金融和保險業務 Newcoast Financial 透過使用技術和擴大合作夥伴關係繼續實現成長。我們最近也完成了位於佛羅裡達州斯圖爾特的零售業務附近的碼頭的開發。當你能夠將經營良好的經銷商與最先進的碼頭結合時，這是一種獲利策略，特別是在像史都華這樣的成長型市場。

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

有了這些更新，現在讓我把電話轉給麥克進行財務審查。麥克風？

Thank you, Brett. I also want to express my appreciation to our team for their dedication and resilience in the face of a challenging market environment.

謝謝你，布雷特。我也要對我們的團隊在充滿挑戰的市場環境中所展現的奉獻精神和韌性表示感謝。

Turning to our results. Total revenue decreased in the quarter to $657 million, which, as Brett noted, was primarily a function of lower new boat sales resulting from increased consumer caution. Same-store sales were down 9%.

談談我們的結果。本季總收入下降至 6.57 億美元，正如 Brett 所指出的，這主要是由於消費者謹慎態度增強導致新船銷售下降。同店銷售額下降了9%。

Depending on the segment, our unit volume for the quarter was down similar to our same-store sales decline or greater, although better than the industry as a whole, but reflecting the broad retail softness. As expected, margins remained under pressure in Q3 as we intensified our promotional activity in an effort to drive sales.

根據不同的細分市場，我們本季的單位銷售降幅與同店銷售額降幅相似甚至更大，儘管比整個行業好，但也反映了整體零售業的疲軟。正如預期的那樣，由於我們加強促銷活動以推動銷售，第三季的利潤率仍然面臨壓力。

Gross margins on boats are about as low as we've seen outside the financial crisis. Fortunately, our focus to expand our higher-margin businesses again enabled our consolidated gross margin to remain above 30%.

船舶的毛利率大約是金融危機以來最低的水平。幸運的是，我們再次專注於擴大高利潤業務，使我們的綜合毛利率保持在30%以上。

On the expense side, adjusted selling, general, and administrative expenses for the quarter decreased about 4%. Our cost reduction initiatives, which have included closing over 10 locations since last year have helped reduce expenses. However, we continue to face rising costs in several areas, offsetting a portion of the savings. We are actively reviewing all opportunities to improve efficiency and reduce expenses.

在費用方面，本季調整後的銷售、一般和管理費用下降了約 4%。我們的成本削減措施包括自去年以來關閉 10 多個門市，這有助於降低開支。然而，我們仍面臨多個領域成本上升的問題，抵銷了部分省下的資金。我們正在積極審查所有提高效率和降低開支的機會。

Interest expense decreased primarily due to lower rates. As noted in our earnings release, our GAAP net loss for the quarter included a noncash goodwill impairment charge of just over $69 million associated with our Manufacturing segment. This charge is a required accounting adjustment that primarily reflects the effect of the current macroeconomic uncertainty on our market capitalization in combination with the tougher environment. It does not reflect any change in our long-term outlook for the Manufacturing business.

利息支出減少主要是由於利率下降。正如我們的收益報告中所述，本季度我們的 GAAP 淨虧損包括與製造業部門相關的 6,900 千萬美元的非現金商譽減損費用。這項費用是必要的會計調整，主要反映當前宏觀經濟不確定性以及更嚴峻的環境對我們市值的影響。這並不反映我們對製造業長期前景的任何變化。

Adjusted net income, which excludes the goodwill impairment as well as other discrete expenses identified in our earnings release, was $11 million or $0.49 per diluted share for the quarter compared with $34.8 million or $1.51 per diluted share last year. Third quarter adjusted EBITDA was $35.5 million versus $70.4 million last year.

調整後淨收入（不包括商譽減損以及收益報告中確定的其他單獨費用）為 1,100 萬美元或每股攤薄收益 0.49 美元，而去年同期為 3,480 萬美元或每股攤薄收益 1.51 美元。第三季調整後的 EBITDA 為 3,550 萬美元，而去年同期為 7,040 萬美元。

Turning to the balance sheet. Cash and cash equivalents was $151 million at quarter end. Inventories increased year-over-year by approximately $26 million, primarily due to the softer-than-expected June quarter. Customer deposits decreased as a result of timing of large yacht orders and deliveries and more readily available product as well as the softer retail environment. Our net debt to adjusted EBITDA was under 2 times at quarter end.

轉向資產負債表。季度末現金和現金等價物為 1.51 億美元。庫存年增約 2,600 萬美元，主要原因是 6 月當季銷售低於預期。由於大型遊艇訂單和交付的時間安排、產品更容易獲得以及零售環境較弱，客戶押金有所減少。季度末，我們的淨債務與調整後 EBITDA 比率不到 2 倍。

Turning to capital allocation. During the quarter, we bought back additional shares of our stock under our share repurchase plan. Through the fiscal year, we have repurchased roughly 6% of our outstanding stock. We also continue to invest in growth initiatives such as the IGY Savannah Harbor and our Stuart Marina expansion as well as improvements in our operations, and we remain committed to maintaining a healthy balance sheet.

轉向資本配置。本季度，我們根據股票回購計畫回購了更多股票。在整個財政年度，我們回購了約 6% 的流通股。我們還將繼續投資於成長計劃，例如 IGY 薩凡納港和斯圖爾特碼頭擴建以及營運改進，並且我們將繼續致力於保持健康的資產負債表。

Turning to guidance. Given our results through the first nine months of fiscal 2025 and the heightened level of macroeconomic uncertainty, which hit the seasonally critical June quarter, especially hard, we are revising our full year guidance. We now expect fiscal year 2025 adjusted net income in the range of $0.45 to $0.95 per diluted share and fiscal year 2025 adjusted EBITDA in the range of $105 million to $120 million.

轉向指導。鑑於我們 2025 財年前九個月的業績以及宏觀經濟不確定性的加劇（對季節性關鍵的六月季度造成的影響尤為嚴重），我們正在修改全年業績指引。我們現在預計 2025 財年調整後淨收入將在每股攤薄收益 0.45 美元至 0.95 美元之間，2025 財年調整後 EBITDA 將在 1.05 億美元至 1.2 億美元之間。

These expectations did not consider or give effect for, among other things, material acquisitions that we may complete or other unforeseen events, including changes in global economic conditions. As a reminder, EPS gets impacted greater than adjusted EBITDA given the size and nature of depreciation and amortization and stock-based compensation.

這些預期並未考慮或影響我們可能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等。提醒一下，考慮到折舊和攤提以及股票薪酬的規模和性質，每股盈餘受到的影響大於調整後的 EBITDA。

Our outlook assumes that the September quarter will face challenges similar to the June quarter with higher-than-expected inventory levels across the industry continuing to pressure margins. We'll remain aggressive on pricing to drive sales and reduce inventory through the quarter.

我們的展望認為，9月季度將面臨與6月季度類似的挑戰，整個產業高於預期的庫存水準將繼續給利潤率帶來壓力。我們將在本季保持積極的定價以推動銷售並減少庫存。

Before I turn the call over to Brett, I will comment on July trends. With our aggressive actions, July is expected to finish ahead of last year's July, which certainly is a nice turn from a rather challenging June.

在我將電話轉給布雷特之前，我將對七月份的趨勢發表評論。透過我們的積極行動，7月份的成績有望超過去年7月份，這對於充滿挑戰的6月份來說無疑是一個好的轉折。

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

現在，讓我將電話轉給 Brett 來做最後發言。布雷特？

Thank you, Mike. While our near-term outlook is cautious due to the ongoing economic uncertainty, we are confident that our overarching strategy centered on expanding our higher-margin businesses will drive operational resilience.

謝謝你，麥克。儘管由於持續的經濟不確定性，我們對近期前景持謹慎態度，但我們相信，以擴大高利潤業務為中心的整體策略將推動營運彈性。

Our management team has successfully guided the company through many challenging economic cycles. As the recovery takes hold, we believe that our earnings power is significantly enhanced by the strategic expansion of our higher-margin businesses and the resilient consumer demand for the boating lifestyle.

我們的管理團隊成功帶領公司度過了許多充滿挑戰的經濟週期。隨著經濟復甦，我們相信，透過高利潤業務的策略擴張和消費者對航海生活方式的強勁需求，我們的獲利能力將顯著增強。

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

因此，麥克和我很樂意回答您的問題。接線員，請打開問答專線。

(Operator Instructions) James Hardiman, Citi.

（操作員指示）花旗銀行的詹姆斯哈迪曼。

So I was all -- I was ready to ask the question about why you guys talk a lot about -- you saw the drop-off in April surrounding all the trade issues. Obviously, the stock market has rebounded pretty nicely. Consumer confidence, maybe a little better, not dramatically so. But certain segments of the economy appear to have bounced off of those April lows. I was going to ask why you're not really seeing any improvement, certainly, if it's a trade issue.

所以我很想知道，為什麼你們談了很多關於貿易問題，你們發現 4 月份貿易問題的數量有所下降。顯然，股市已經反彈得相當不錯。消費者信心可能好一點，但不會好太多。但經濟的某些領域似乎已從四月的低點反彈。我本來想問為什麼你沒有看到任何改善，當然，如果這是一個貿易問題的話。

But then, Mike, you mentioned that things are now expected to be up in July. So I guess I'll start there. What do you think is different about sort of the various factors impacting the consumer as we think about July? Is it high-quality sales, i.e., like are there are promotions higher in July and maybe it's sort of maybe not as impressive of a turnaround as it sounds?

但是，麥克，你提到現在預計七月份情況會有所好轉。所以我想我會從那裡開始。當我們考慮 7 月時，您認為影響消費者的各種因素有何不同？這是高品質的銷售嗎？也就是說，7 月的促銷活動是否更高，而且可能不像聽起來那麼令人印象深刻？

Obviously, weather was a big factor earlier in the quarter. I don't really know how to think about that in the context of your business. But basically, walk us through sort of how you think about where the consumer is and if this July improvement is the start of something or maybe just an outlier?

顯然，天氣是本季早些時候的一個重要因素。我真的不知道如何從你的業務角度來考慮這個問題。但基本上，請向我們介紹一下您如何看待消費者的現狀，以及今年 7 月的改善是否預示著某種趨勢，或者可能只是一個異常現象？

I'll take a stab. It's the $64 question, if you will, or a $164 question as to what's caused the consumer to pause in post Liberation Day. But clearly, they did. Obviously, consumer confidence dropped a lot after that as did some of the economic outlooks for the country. That's all published data.

我會嘗試一下。如果你願意的話，這是一個價值 64 美元的問題，或者價值 164 美元的問題，即是什麼原因導致消費者在解放日後停下來。但顯然，他們確實這麼做了。顯然，此後消費者信心大幅下降，該國的一些經濟前景也隨之下降。這些都是已發布的數據。

It's better now, to your point, consumer confidence is coming back up. There -- you think about the big buckets of uncertainty, and again, this is stuff that's been published. You had all the tariff headlines. You had the global tensions that were pretty high in the June quarter, especially in the Middle East. You had a lot of discussion around the tax law, was it going to be passed, what was going to be in it, what's not going to be in it. Tax law is now passed, which is good. That was July 4, if I remember right.

現在情況好多了，正如你所說，消費者信心正在恢復。那裡——你想想其中的巨大不確定性，再說一次，這些都是已經發表的東西。您已經了解了所有關稅新聞。六月季度全球局勢相當緊張，尤其是中東地區。你們就稅法進行了大量討論，它是否會被通過，它將會包含哪些內容，它不會包含哪些內容。稅法現在已經通過，這很好。如果我沒記錯的話，那是 7 月 4 日。

You can argue that maybe the global tensions are a little bit less now. People would argue either way on that. You could also, for sure, you mentioned weather, and we're probably less susceptible to weather than some people in the industry, but it does seem like weather did begin to improve later than normal for much of our markets in the Midwest and Northeast. So it's kind of a combination of all that.

您可能會說，現在全球緊張局勢可能有所緩和。人們對此會抱持不同的看法。當然，您也可以提到天氣，我們可能比業內某些人更不容易受到天氣的影響，但對於我們中西部和東北部的大部分市場來說，天氣確實比正常情況更晚開始好轉。所以它是所有這些的結合。

I mean, clearly, there's a lot of wealth right now. So people have the money to buy what they want to buy. But not just boats, it's boats -- it's a lot of other more expensive discretionary items have been impacted right now. So --

我的意思是，顯然現在有很多財富。這樣人們就有錢買他們想買的東西。但不僅僅是船隻，許多其他更昂貴的非必需品現在也受到了影響。所以--

Yeah. And James, I would add that April, when you go back to that quarter, you kind of say, well, what's the difference? So July looks like it's going to be up. April was dramatically down. I mean the Liberation Day was a cliff. It was down, just kept -- you couldn't get the month back.

是的。詹姆斯，我想補充一點，當你回到四月那個季度時，你會說，嗯，有什麼區別？因此七月看起來將會上漲。四月則大幅下降。我的意思是解放日就像一座懸崖。它已經關閉，只是保留了下來——你無法再恢復這個月的營業額。

May actually had a little bit of good signs in there. And then June, good signs, you couldn't make up what you lost in April and then June just never really got going, ended up down, but -- so not only did you not make up what you lost in April.

五月實際上有一些好的跡象。然後是六月，好的跡象，你無法彌補四月份的損失，然後六月就再也沒有起色，最終下跌，但是——所以你不僅沒有彌補四月份的損失。

So the difference here is July starts off, there are signals out there in the economy. There's tariff announcements every day that can kind of be positive. but there's not this cliff effect that we kind of had in April. So that's encouraging that you're not trying to dig out of a massive hole created in almost two weeks.

因此，這裡的區別在於，從 7 月開始，經濟中就出現了一些訊號。每天都會有關稅公告，這可能是件好事，但不會像四月那樣出現懸崖效應。令人鼓舞的是，你並沒有試圖挖出近兩週來形成的巨大坑洞。

That's a good point.

這是一個很好的觀點。

All great points. And then as we think about moving forward, I don't know, can the July -- I mean, how should we be thinking about same-store sales for the fourth quarter? Could they possibly be up?

全部都是很好的點子。然後，當我們考慮前進時，我不知道，七月——我的意思是，我們應該如何考慮第四季度的同店銷售額？他們可能起來了嗎？

And then I don't know, as we think about next year, I -- given all the uncertainty of this year, I almost hesitate to ask a question about next year, but any sort of early thoughts? There are some things hopefully that you can control, maybe SG&A, how to think about that. But as we think about fiscal '26, any initial guideposts?

然後我不知道，當我們考慮明年時，我——考慮到今年的所有不確定性，我幾乎不願意問一個關於明年的問題，但有什麼早期的想法嗎？希望您可以控制一些事情，也許是銷售、一般及行政費用 (SG&A)，如何考慮這一點。但當我們考慮 26 財年時，有什麼初步的指導方針嗎？

I'll comment first on the first part of that question, which was really about Q4. And I think in my prepared remarks, what I was alluding to was we're expecting the September quarter to be challenging, similar to the June quarter. Maybe not quite as soft perhaps because we are up against the negative comp in the September quarter because of the hurricanes last year.

我首先對該問題的第一部分進行評論，該部分實際上是關於 Q4 的。我想，在我準備好的發言中，我暗示的是，我們預計 9 月季度將面臨挑戰，與 6 月季度類似。也許情況並沒有那麼糟糕，可能是因為去年颶風導致 9 月季度業績下滑。

You asked, is it possible that same-store sales will be positive? I can tell you, our team is working like heck to make it positive. And so yes, it's possible, but that's not what we factored into our guidance, so -- and we think it's prudent to think it probably will be down.

你問同店銷售額有可能為正嗎？我可以告訴你，我們的團隊正在拼命努力，以取得積極成果。是的，這是可能的，但這不是我們指導中考慮的因素，所以 - 我們認為謹慎的做法是認為它可能會下降。

And the setup for 2026, if we can get a little bit of favorable wins is good when you think about our ability to drive margin up if we get the inventory leveled down. And yeah, so there's some good setup for what '26 could look like, but it's too -- your guess is good of mine on what's really going to happen in the macro.

對於 2026 年的安排，如果我們能夠獲得一些有利的勝利，那麼當你考慮到我們如果降低庫存就能提高利潤率的能力時，這是很好的。是的，所以對於 26 年可能會是什麼樣子有一些很好的設置，但是它太 - 你對宏觀上真正會發生什麼的猜測很好。

The expectation, at least obviously, those who are in the industry have this expectation, but even folks who watch the industry are that industry inventory levels will bottom. It was supposed to happen as of June 30, but because of the weak June quarter, that's now going to be pushed out a quarter or maybe two quarters or sometime into the fall.

至少很明顯，業內人士有這種預期，但即使是關注該行業的人士也認為行業庫存水平將會觸底。它本應在 6 月 30 日發生，但由於 6 月季度表現疲軟，現在將推遲一個季度、兩個季度或秋季的某個時候。

Once that bottoms, to Brett's point, you have some margin relief for the industry, obviously, for us and also for the industry. And then once the industry bottoms, in theory, you start having some growth levels coming off of that with the wealth that's being created out there.

一旦觸底，正如布雷特所說，顯然，對於我們和整個行業來說，利潤率都會有所提升。然後，理論上，一旦產業觸底，隨著正在創造的財富，你就會開始獲得一定的成長水準。

And the one thing I don't want to lose sight of is the demand for the boating lifestyle. Brett said it, I probably said it. I boat whenever I can. And you see the people out there, there's a ton of folks enjoying their boats. There's a ton of people at our events. Our gallons sold at our marinas are up.

我不想忽視的一件事就是對划船生活方式的需求。布雷特說過，我可能也說過。只要有機會我就會划船。你看那裡的人們，很多人都在享受他們的船。我們的活動有很多人參加。我們的碼頭銷售的加侖數增加了。

There's a lot of data that says people are enjoying it and they want to be in it, they're just pausing the purchase decision right now. So that's a big important point is that it's a healthy environment, meaning it's a healthy lifestyle. People want to be part of it, which is something I want to say of.

大量數據表明，人們很享受它，他們想參與其中，他們只是暫時暫停購買決定。所以，一個非常重要的觀點是，這是一個健康的環境，這意味著這是一種健康的生活方式。人們希望成為其中的一部分，這就是我想說的。

Joe Altobello, Raymond James.

喬·阿爾托貝洛、雷蒙·詹姆斯。

I wanted to follow up on July in terms of the promotional environment. I mean, obviously, it sounds like things got a little bit better here this month. How much of that was promotion driven? How much of that was deals on leftover model year '25s, for example?

我想跟進七月份的促銷環境。我的意思是，顯然，聽起來這個月的情況有所改善。其中有多少是促銷推動的？例如，其中有多少是 25 年剩餘車型的交易？

We're pretty promotional, but we were pretty promotional. So it may be a sign that perhaps the consumer may be feeling a little bit -- I don't know, Brett, it doesn't seem like we're doing a whole lot different right now in July other than we're working hard and maybe the consumer is feeling a little bit better.

我們非常注重促銷，但我們確實非常注重促銷。所以這可能是一個跡象，表明消費者可能感覺有點——我不知道，布雷特，除了我們正在努力工作之外，我們在七月份似乎並沒有做太多不同的事情，也許消費者感覺好一點了。

Yeah. It's not a -- obviously, we work hard to pull any lever we can in the business to drive sales, and we are, but I don't -- I wouldn't put anything on any extra promotion that was material enough to tell you that made a difference in July.

是的。顯然，我們努力利用業務中一切可能的手段來推動銷售，但我們不會——我不會在任何額外的促銷活動上投入任何足夠實質性的資金來告訴你這在 7 月份產生了什麼影響。

Got it. Okay. And just a follow-up on that. I mean, given the promotional environment, and I think you mentioned that it's as bad as it's been since the financial crisis. What has to change for that to get better? I mean, obviously, demand improvement would help. But like, is that being driven by just excess inventories? Or are there other factors involved?

知道了。好的。這只是對此的後續跟進。我的意思是，考慮到促銷環境，我想您提到過，情況和金融危機以來一樣糟糕。要讓情況變得更好，需要做出哪些改變？我的意思是，顯然需求改善會有所幫助。但這只是由庫存過剩造成的嗎？還是有其他因素？

Inventories being up drives -- it makes a little bit more of a buyer's market. But just the uncertainty out there -- people, whether they're a plumbing company, a construction company that has workers that are, in fact, affected by the immigration issues going on out there to tariff uncertainty for them, they're just sitting -- the promotional activity is only thing that can kind of get them off the couch to say: Okay, I guess maybe I should buy now instead of waiting until there's some settle -- things settle down in my business.

庫存增加推動了——這使得買方市場變得更加強大。但正是因為存在不確定性——人們，無論是管道公司還是建築公司，他們的工人實際上都受到了移民問題和關稅不確定性的影響，他們只是坐著——促銷活動是唯一能讓他們從沙發上站起來說：好吧，我想也許我應該現在就買，而不是等到我的生意安定下來。

Eric Wold, Texas Capital.

艾瑞克‧沃爾德 (Eric Wold)，德州首府。

A quick question. I apologize, I was -- I kind of dropped off a bit during the -- James' question at the beginning. I'm not sure how you addressed this. But you mentioned that you're encouraged by kind of the OEMs adjusting production to retail activity. I know we've kind of heard that kind of almost repeatedly for a number of quarters.

一個簡單的問題。我很抱歉，一開始回答詹姆斯的問題時我有點走神了。我不確定你是如何解決這個問題的。但您提到，原始設備製造商根據零售活動調整生產讓您感到鼓舞。我知道我們已經連續好幾季聽過這種說法了。

Is that kind of just a continual adjustment? Or are you seeing them kind of make any kind of extra moves to really kind of try to get ahead of what's happening now to really drive inventories lower and kind of maybe take an extra step to kind of get ahead of where consumers are and kind of really cut inventories lower to maybe get ahead of where we are? Kind of eliminate the move that -- to promote extra heavy kind of ahead of next year's boating season?

這是否只是持續的調整？或者您是否看到他們採取某種額外舉措，真正嘗試領先於當前正在發生的事情，以真正降低庫存，並可能採取額外措施領先於消費者的水平，並真正削減庫存以領先於我們目前的水平？是否要取消這項措施－在明年划船季節之前推廣超重帆船？

I think the industry is very responsible and they really -- the builders don't want too much inventory in the channel. Obviously, the dealers don't want too much inventory. The banks who finance the industry don't want too much inventory. Everybody has the same goal in mind.

我認為這個行業非常負責任，他們真的——建築商不希望渠道中存在太多庫存。顯然，經銷商不希望庫存過多。為該行業提供融資的銀行不希望庫存過多。每個人心中都有同一個目標。

What's so tough is the June quarter is so critical to the industry. I mean, for some people, it's 60%, 70% of their sales. It's so important that when the June quarter falls, 16% in fiberglass sales in April and 20% in May, and June is not out yet, but it's going to be in that same range is what we believe.

困難的是，六月季度對該行業來說至關重要。我的意思是，對某些人來說，這佔他們銷售額的 60% 到 70%。非常重要的一點是，當六月季度到來時，四月份的玻璃纖維銷售額將增長 16%，五月將增長 20%，六月的銷售額尚未公佈，但我們相信，銷售額將保持在同一範圍內。

People weren't forecasting on that big of a decline in the June quarter. So you have to level set and reset your thoughts for 2026, which is what the manufacturers are doing, and you got to bring down production accordingly. And you got to step it down, which the industry is working to do.

人們並沒有預測到六月季度會出現如此大的降幅。因此，你必須為 2026 年重新設定和重新考慮你的想法，這也是製造商正在做的事情，你必須相應地降低產量。你必須逐步減少這種影響，這也是該行業正在努力實現的目標。

But I think the important thing is, I think everybody has the right goal in mind, which is to keep inventories in check and not overbuild, which will help with the promotional environment. It will help with margins. It's just people didn't expect this big of a drop in the most important quarter seasonally in the industry.

但我認為重要的是，我認為每個人都應該牢記正確的目標，即控制庫存，不要過度建設，這將有助於促銷環境。這將有助於提高利潤。只是人們沒有預料到，在這個行業最重要的季節性季度，會出現如此大的下降。

Got it. And just a quick follow-up. Any update on kind of what you're seeing out of the Florida market kind of a couple of quarters past the hurricanes or that market coming back kind of maybe relative to the other markets in the country?

知道了。這只是一次快速的跟進。能介紹一下颶風過後幾季佛羅裡達市場的情況嗎？或者相對於美國其他市場，佛羅裡達市場是否有所復甦？

Yeah, Eric. Great question. It was something I was talking -- we've been talking about here this quarter more than probably -- certain areas within Florida are still not recovered from the hurricane and probably more so than maybe we kind of realized as you get around and you visit places, heck our Sarasota store is still operating out of a mobile trailer and we're doing what we can and so many people's homes haven't been rebuilt.

是的，埃里克。好問題。這是我剛才談到的一件事——我們本季度可能一直在談論這個話題——佛羅裡達州的某些地區仍未從颶風中恢復過來，而且可能比我們意識到的還要嚴重，當你四處走動和參觀一些地方時，我們的薩拉索塔商店仍然在移動拖車裡運營，我們正在盡我們所能，但許多人的房屋還沒有重建。

So it's actually gone on longer. Here, we are coming up on hurricane season for this year, and we're still not recovered from that. It probably had more of an impact than I think everyone thought.

所以它實際上持續的時間更長。今年的颶風季節即將到來，我們仍未從颶風中恢復過來。我認為它的影響可能比大家想像的還要大。

The bigger -- the issue, and Brett alluded to it, but it's the amount of docks that are still damaged, you see them when you boat or when you drive around. And the docks aren't repaired because the people are still waiting on something on their home and -- or if they were ready for their dock, there's just not that many dock builders out there. So it's lasted longer because of the amount of flooding that happened here.

更大的問題是，布雷特也提到了這一點，但仍有大量碼頭遭到損壞，當你乘船或開車時你會看到它們。碼頭尚未修復，因為人們仍在等待家裡的某些東西——或者，如果他們已經準備好建造碼頭，那麼那裡就沒有那麼多碼頭建造者了。由於這裡發生過大量洪水，所以持續時間更長。

Anna Glaessgen, B. Riley.

安娜·格拉斯根、B.萊利。

I'd like to ask a bigger picture question. You spoke to maybe inventory recalibration maybe being pushed out a quarter or two. But as you think about the broader recovery in boat retail, has your view shifted in light of the uncertainty over the past few months?

我想問一個更宏觀的問題。您談到庫存重新校準可能會被推遲一兩個季度。但是，當您考慮船舶零售業的整體復甦時，考慮到過去幾個月的不確定性，您的觀點是否發生了變化？

No, I don't think our broader view has shifted at all. I just mentioned a minute ago about the strength of the demand for the boating lifestyle and the interest in it. So that's a real positive.

不，我認為我們的整體觀點根本沒有改變。我剛才提到了人們對航海生活方式的需求和興趣的強烈程度。所以這確實是件好事。

I think we're in a tough period. We were in a tough period prior to Liberation Day. I mean it was tough. We were doing fantastic in a tough environment. And then the uncertainty came with Liberation Day, but that doesn't change our long term.

我認為我們正處於一個艱難時期。解放日之前我們正處於一段艱難時期。我的意思是這很難。我們在艱苦的環境中表現出色。解放日到來後，不確定性隨之而來，但這不會改變我們的長期目標。

And I think speaking to the inventory recalibration, us working really closely with our manufacturers early on in our fiscal year to get things aligned. We had a good plan, and then the June quarter is as soft as it was for our industry. And so there's going to be a continued recalibration there to get it in line with the best forecast we can give. It doesn't change our entire broader aspect of things, but that June quarter being down is going to take adjustments on manufacturers and us to move through it.

我認為談到庫存重新調整，我們在財政年度初期就與製造商密切合作，以確保一切順利。我們有一個很好的計劃，但二月份當季的業績和我們行業一樣疲軟。因此，我們將繼續進行重新校準，以使其符合我們所能給出的最佳預測。這不會改變我們整個事情的整體情況，但六月季度的下滑將需要製造商和我們做出調整才能度過難關。

Got it. And then just a follow-up on July. I know it's still pretty early, but anything interesting you're hearing from those consumers that are responsible for that pickup? Are they more responsive to promotions, just kind of over the headlines about tariffs and just looking to get on the water? Any help there would be great.

知道了。然後只是對七月的後續行動。我知道現在還為時過早，但是您從那些對這一增長負責的消費者那裡聽到了什麼有趣的消息嗎？他們是否對促銷活動反應更積極，只是對關稅的新聞標題感興趣並希望下水？任何幫助都將非常有幫助。

Yeah. There's nothing material in the promotional activity that's gotten -- has helped us there. I mean there is something I'm sure that effort and focus, driving out some aged product, of course, helps.

是的。促銷活動並沒有什麼實質的成果能夠幫助我們。我的意思是，我確信努力和專注，淘汰一些過時的產品，當然是有幫助的。

And I'll comment, too, new models that manufacturers, we sometimes get stuck in all these other metrics. But when people see a new model from a brand come out with new innovation, that continues to sell. And so that's probably a little bit of it there. But it's just -- like I said, when the June quarter never really recovered from those first couple of weeks of April, probably helping that July doesn't have that cliff effect in there.

我也會評論製造商的新車型，我們有時會陷入所有這些其他指標。但是，當人們看到某個品牌推出具有新創新的新車型時，這款車型的銷售量就會持續成長。這可能就是其中的一部分。但就像我說的，6 月季度從未真正從 4 月的前幾週恢復過來，這可能有助於 7 月避免懸崖效應。

Mike Albanese, The Benchmark Company.

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

I just wanted to ask, I guess, I'm looking for some historical context in a sense, but you mentioned, I guess, strong engagement, lifestyle, boating activity, all fairly resilient. Have you seen such a divergence in the past between kind of stable boating activity and just the lack of new boat sales? I can -- I imagine, obviously, I wasn't covering the industry in '08, '09 that boating activity declined along with sales. So I'm just curious if you can comment on that.

我只是想問一下，我想，從某種意義上說，我正在尋找一些歷史背景，但你提到，我想，強大的參與、生活方式、划船活動，都相當有彈性。您是否曾經見過穩定的划船活動與新船銷售不足之間的這種差異？我可以——我想，顯然，我沒有報告 2008 年和 2009 年的行業情況，當時划船活動和銷售額一起下降。所以我只是好奇您是否可以對此發表評論。

It's a great point. It's probably -- Mike can comment, but you're right. There was a -- people still went boating, but it was a lot less and closer to home and not spending as much money on fuel back in the financial crisis that is. But this is definitely a divergence. I mean people are out there. They're using their boats. So yeah, that's a little new to us, probably seen a little bit of it before.

這是一個很好的觀點。這可能是——邁克可以評論，但你是對的。人們仍然會乘船，但次數少了很多，而且離家更近，而且在燃料上的花費不像金融危機時那麼多。但這絕對是一個分歧。我的意思是人們就在那裡。他們正在使用他們的船。是的，這對我們來說有點新鮮，可能以前見過一點。

I mean, the financial crisis is -- was so much different than what this is financial crisis, there's -- if you remember how many people got laid off, they had to sell their boats, all that kind of stuff. That's not what this environment is. This is just a fair amount of uncertainty being thrown at the potential buyers and potential people who are going to trade up to customers that they're delaying. So I don't know if we've really seen it before, it looks like it is now.

我的意思是，金融危機與這次的金融危機有很大不同，如果你還記得有多少人被解僱，他們不得不賣掉他們的船，諸如此類的事情。這個環境並不是這樣的。這只是給潛在買家和潛在消費者帶來了相當大的不確定性，而這些消費者正準備向他們所拖延的客戶進行交易。所以我不知道我們以前是否真的見過它，現在看起來就像是。

The inflationary pressures over the years, too are clearly having an impact. The average price of a boat now versus pre-COVID, we'll call it. Those are dramatic differences that clearly put a gap between when somebody bought a boat and when they're ready to buy their next boat.

多年來的通膨壓力顯然也產生了影響。我們稱之為現在船舶的平均價格與疫情之前相比。這些巨大的差異明顯地表明了人們在購買一艘船和準備購買下一艘船之間的差距。

So I guess the thought being there that the -- the typical, I don't know, upgrade replacement cycle has kind of been pushed out or elongated. I mean, how do you think about there being pent-up demand if the consumer gets unlocked? Maybe we're looking out into 2026 or 2027 at this point. But I mean, how are you thinking about pent-up demand forming given that divergence?

所以我猜想那裡的想法是——典型的，我不知道，升級更換週期有點被推遲或延長了。我的意思是，如果消費者被釋放，您如何看待被壓抑的需求？也許我們現在正在展望 2026 年或 2027 年。但我的意思是，考慮到這種分歧，您如何看待被壓抑的需求的形成？

It's unreal because we -- yeah, it does. When we talk to customers at boat shows in our showroom, just interactions personally with people I know in the market that are boaters and want new boats, there's just some delay and they're saying, hey, I'm going to do that next year. It's there. They're just waiting to see how things play out. So there is a pent-up demand.

這不真實，因為我們——是的，確實如此。當我們在展廳的船展上與客戶交談時，只是與我在市場上認識的船民和想要新船的人進行個人互動，只是有一些延遲，他們說，嘿，我明年會這樣做。它就在那裡。他們只是在等著看事情如何發展。因此存在著被壓抑的需求。

I'd be careful how strong I say that, but it's there. There is a pause in the buyers. And the excuses range from, yeah, that [boats] so much more. And some of it just, hey, I want to wait and see what happens in my business, see what happens with tariffs in my business. It's not so much tariffs and the cost of your boat, it's -- how does it affect what I'm doing in my world.

我會謹慎地說出這句話，但它確實存在。買家暫停了一下。是的，藉口有很多，例如 [船] 太多了。有些人只是，嘿，我想等著看我的生意會發生什麼，看看我的生意的關稅會發生什麼。這並不是關稅和船舶成本的問題，而是——它如何影響我所做的事情。

I will now turn the call back to Mr. McGill for closing comments.

現在我將把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 today. Some really great questions. Thanks for your interest in MarineMax, and we'll update you on our next call.

好吧，謝謝大家今天加入我們。一些非常好的問題。感謝您對 MarineMax 的關注，我們將在下次通話中向您通報最新情況。

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

今天的電話會議到此結束。現在您可以斷開您的線路了，感謝您的參與。