MarineMax Inc (HZO) 2025 Q4 法說會逐字稿

Good day and welcome to the MarineMax Incorporated fiscal 2025 fourth quarter and full-year conference call. Today's call is being recorded. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation.

大家好，歡迎參加 MarineMax Incorporated 2025 財年第四季及全年業績電話會議。今天的通話將會被錄音。目前，所有參與者均處於唯讀模式。正式演講結束後將進行問答環節。

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

Thank you, operator, and good morning, everyone. 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 performance and recent highlights. Mike will review the financial results and provide the company's fiscal 2026 financial guidance. Brett will make some concluding comments, and then management will be happy to take your questions.

謝謝接線員，大家早安。主持今天電話會議的是 MarineMax 的執行長兼總裁 Brett McGill 和公司財務長 Mike McLamb。Brett 將首先討論 MarineMax 的營運業績和近期亮點。麥克將審核財務業績，並提供公司 2026 財年的財務指引。Brett 將作總結發言，之後管理階層將樂意回答各位的問題。

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

有關今天公告的收益報告和補充簡報可在 investor.marinemax.com 上找到。

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

接下來，我將把電話交給麥克。麥克風？

Thank you, Scott. Good morning, everyone, and thank you for joining this call.

謝謝你，斯科特。各位早安，感謝各位參加本次電話會議。

I'd like to start by reminding you that certain of our comments are forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Any forward-looking statements speak only as of today. These statements involve risks and uncertainties that could cause actual results to differ materially from expectations. These risks include, but are not limited to, the impact of seasonality and weather, global economic conditions and the level of consumer spending, the company's ability to capitalize on opportunities or grow its market share, and numerous other factors identified in the company's most recently filed 10-K and 10-Q and other filings with the Securities and Exchange Commission. The company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events, or otherwise.

首先我想提醒各位，我們的一些評論屬於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截至今日的觀點。這些聲明涉及風險和不確定性，可能導致實際結果與預期結果有重大差異。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、公司抓住機會或擴大市場份額的能力，以及公司最近向美國證券交易委員會提交的 10-K 和 10-Q 表格及其他文件中列出的眾多其他因素。該公司聲明，無論是由於新資訊、未來事件或其他原因，均無意願或義務更新或修改任何前瞻性聲明。

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.

在今天的電話會議上，我們將對非GAAP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更深入了解公司核心經營績效的變化。這些措施還可以幫助希望按照 GAAP 和非 GAAP 原則對 MarineMax 和其他公司進行比較的投資者。在今天發布的獲利報告中提供了非GAAP財務指標與最直接可比較的GAAP指標的調節表。

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

那麼，我把電話交給布雷特吧。布雷特？

Thank you, Mike. Good morning, everyone, and thank you for joining us today to discuss our fiscal fourth quarter and full-year 2025 performance. Let me begin by recognizing our team's exceptional dedication throughout what has been a challenging year for the recreational boating industry. Elevated interest rates, persistent inflation, and the uncertainty stemming from the trade wars and geopolitical tensions have resulted in many consumers deferring their boat purchases. In the face of these headwinds, our team has remained focused on delivering world-class customer experiences that continue to set us apart as reflected in our industry-leading Net Promoter Scores.

謝謝你，麥克。各位早安，感謝各位今天與我們一起討論我們2025財年第四季和全年業績。首先，我要感謝我們的團隊在過去一年所展現出的卓越奉獻精神，對於休閒船艇產業來說，這是充滿挑戰的一年。高利率、持續通貨膨脹以及貿易戰和地緣政治緊張局勢帶來的不確定性，導致許多消費者推遲了購船計劃。面對這些不利因素，我們的團隊始終專注於提供世界一流的客戶體驗，這使我們不斷脫穎而出，這體現在我們行業領先的淨推薦值上。

Our full year adjusted earnings and adjusted EBITDA were in line with the guidance we gave last quarter. For the fourth quarter, we achieved revenue of over $552 million with same-store sales growth of more than 2%. Despite significant pressure on new boat margins due to the sustained elevated inventory level across the retail industry, our gross margins expanded to 34.7%, demonstrating the strength of our diversified business model and the benefits of our strategic focus on higher-margin businesses such as Finance and Insurance, Parts and Service, Superyacht Services and Marina Operations, including IGY.

我們全年的調整後收益和調整後 EBITDA 與我們上季度給出的預期一致。第四季度，我們實現了超過 5.52 億美元的收入，同店銷售額成長超過 2%。儘管零售業持續高庫存水準給新船利潤率帶來了巨大壓力，但我們的毛利率仍增長至 34.7%，這表明我們多元化的商業模式實力雄厚，並且我們戰略性地專注於金融和保險、零部件和服務、超級遊艇服務和碼頭運營等高利潤業務（包括 IGY）也帶來了益處。

These diversified revenue sources provide important balance and support our financial resilience through different macroeconomic and industry cycles. We also benefit from cross-selling opportunities between yacht sales, Superyacht Services, and Marina Operations, and we are regularly finding new ways to unlock synergies between each of these businesses and deliver greater value for our customers and our shareholders. There are many examples, including a 35-meter yacht sale at the recent Fort Lauderdale International Boat Show, which resulted from touch points across all of these businesses.

這些多元化的收入來源提供了重要的平衡，並在不同的宏觀經濟和產業週期中支撐著我們的財務韌性。我們也受惠於遊艇銷售、超級遊艇服務和碼頭營運之間的交叉銷售機會，我們也不斷尋找新的方法來釋放這些業務之間的協同效應，為我們的客戶和股東創造更大的價值。有很多例子，包括最近在勞德代爾堡國際遊艇展上售出的 35 公尺遊艇，這是所有這些企業之間接觸的結果。

This is a great example of how we continue to see tangible results across yacht sales, charter bookings, and storage through these connected marketing and sales initiatives. We are confident that our integrated approach will continue to support retail yacht sales and strengthen the connection between Superyacht Services and Marina Operations. On the retail side, we continue to add customer service capabilities and strengthen our network. The launch of our flagship yacht sales and service center in Fort Myers, Florida is representative of MarineMax's focus on innovation and customer service.

這很好地說明了我們如何透過這些相互關聯的行銷和銷售舉措，在遊艇銷售、租賃預訂和儲存方面持續取得實際成果。我們相信，我們的一體化方法將繼續支持遊艇零售銷售，並加強超級遊艇服務與碼頭運營之間的聯繫。在零售方面，我們不斷提升客戶服務能力，並加強我們的網路建置。我們在佛羅裡達州邁爾斯堡開設旗艦遊艇銷售和服務中心，體現了 MarineMax 對創新和客戶服務的重視。

This facility spans more than 30,000 square feet and brings together sales, maintenance, storage, and on water services in one convenient location in one of Florida's top yachting and boating markets. Locations like these, which combine world-class service and traditional retailing, enhance the customer experience and support efficient cross-selling of our products and services. As the industry's recognized technology leader, we set the standard for digital innovation in recreational marine services, and we are continuing to invest in technology to support customer growth and engagement.

該設施佔地超過 30,000 平方英尺，將銷售、維護、儲存和水上服務集中在一個便利的地點，位於佛羅裡達州頂級遊艇和船舶市場之一。像這樣的門市，將世界一流的服務和傳統的零售方式結合，能夠提升顧客體驗，並支持我們產品和服務的有效交叉銷售。作為業內公認的技術領導者，我們為休閒海洋服務領域的數位化創新樹立了標準，並且我們將繼續投資於技術，以支持客戶成長和互動。

A great example is Boatyard, our subscription-based customer experience platform, which streamlines service ordering, payment, invoicing and estimating, making the boating experience frictionless for both customers and dealers. Since its launch, Boatyard has been well received by the dealer community and has been recognized as one of the industry's most innovative companies on six occasions. Boatyard's active subscriber growth has increased by more than 160% over the past 12 months.

Boatyard 就是一個很好的例子，它是我們基於訂閱的客戶體驗平台，簡化了服務訂購、付款、開票和估價流程，讓客戶和經銷商的航行體驗都變得輕鬆無阻。自成立以來，Boatyard 一直受到經銷商群體的歡迎，並六次被公認為業內最具創新精神的公司之一。過去 12 個月，Boatyard 的活躍用戶成長超過 160%。

And while still in its growth phase, this momentum validates our technology leadership and positions us well for continued expansion. In addition to Boatyard, we are harnessing the power of proprietary technology platforms like Customer IQ, our business growth intelligence engine. Customer IQ integrates artificial intelligence and automation to provide us with real-time insights, enabling our sales teams to engage more efficiently and effectively with customers and drive conversions. We're in the process of rolling out Customer IQ across all MarineMax businesses, including IGY and financial services.

雖然公司仍處於發展階段，但這一勢頭證明了我們的技術領先地位，並為我們未來的持續擴張奠定了良好的基礎。除了 Boatyard 之外，我們還在利用 Customer IQ 等專有技術平台的力量，Customer IQ 是我們的業務成長智慧引擎。Customer IQ 整合了人工智慧和自動化技術，為我們提供即時洞察，使我們的銷售團隊能夠更有效率、更有效地與客戶互動，並推動轉換。我們正在將 Customer IQ 推廣到 MarineMax 的所有業務部門，包括 IGY 和金融服務部門。

It's a step we believe will further amplify the technology's contribution to company-wide growth. Along with these investments in customer service, technology, and innovation, which support long-term value creation, we are also taking steps to optimize our business to enhance operational efficiency. By eliminating underperforming brands and refining our product portfolio, we're aligning more closely with evolving customer demand and driving greater value. Combined with strategic store optimization, this brand and portfolio rationalization enhances operational efficiency and positions MarineMax for stronger returns when macroeconomic conditions normalize.

我們相信，這項舉措將進一步放大該技術對公司整體成長的貢獻。除了在客戶服務、技術和創新方面進行這些投資以支持長期價值創造外，我們還在採取措施優化業務，以提高營運效率。透過淘汰表現不佳的品牌並優化產品組合，我們能夠更好地滿足不斷變化的客戶需求，並創造更大的價值。結合策略性的門市優化，這種品牌和產品組合的合理化提高了營運效率，使 MarineMax 在宏觀經濟條件正常化時能夠獲得更強勁的回報。

Before I conclude my prepared remarks, I want to take a moment to update you on the success we had at Fort Lauderdale as well as a few other developments. MarineMax had a significant presence at the recent Fort Lauderdale International Boat Show. I am happy to report that the show was stronger than last year, and several of our displays produced modern error records, which along with great customer engagement is very encouraging. Collectively, we sold more boats at the show than any time post COVID and generated a sizable increase in contracted revenue versus last year.

在我結束準備好的演講之前，我想花一點時間向大家報告我們在勞德代爾堡取得的成功以及其他一些進展。MarineMax 在最近的勞德代爾堡國際遊艇展上佔據了重要位置。我很高興地報告，今年的展會比去年更加成功，我們的幾個展位都創下了最新的錯誤記錄，再加上顧客的積極參與，這非常令人鼓舞。我們在展會上售出的船隻數量超過了新冠疫情後的任何時期，並且與去年相比，合約收入也大幅增長。

Across the show, we saw exciting developments in sustainable materials, autonomous features, and enhanced vessel connectivity from a wide range of OEMs. Innovative brands are advancing the industry, and we are exceptionally proud to be partnering with many of these companies. I would add that our brand cruisers yachts launched several new models at the show, including a new 50 Flybridge and the 38 VTR. Overall, cruisers set a post-COVID record show in terms of units and dollars.

在本次展會上，我們看到了許多原始設備製造商在永續材料、自主功能和增強型船舶連接性方面取得的令人興奮的進展。創新品牌正在推動產業發展，我們非常自豪能夠與其中許多公司合作。我還要補充一點，我們的巡航艇品牌在展會上推出了幾款新型號，包括新款 50 Flybridge 和 38 VTR。總體而言，郵輪展會在銷售和銷售額方面都創下了新冠疫情後的新紀錄。

Last month, I had the privilege of participating in the ICOMIA World Marina Conference, joining senior executives from the world's largest marina organizations. It was a powerful opportunity to reinforce our role as a strategic voice in marine services, shared perspectives and emerging global trends, and deepen relationships with key stakeholders across the industry. These platforms not only elevate our visibility, they also ensure we remain at the forefront of shaping the future of marine experiences worldwide.

上個月，我有幸參加了 ICOMIA 世界碼頭大會，與來自世界最大碼頭組織的高階主管齊聚一堂。這是一個絕佳的機會，可以鞏固我們在海洋服務領域的戰略地位，分享觀點和新興的全球趨勢，並加深與業內主要利益相關者的關係。這些平台不僅提升了我們的知名度，也確保我們始終處於塑造全球海洋體驗未來的前線。

To support our strategic initiatives and long-term positioning, we recently added two distinguished new members to our Board of Directors. Odilon Almeida and Dan Schiappa. Odilon and Dan each have proven track records in driving innovation and scaling complex global operations and we're confident that their expertise and fresh perspectives will yield immediate contributions to our Board and company. Looking at the broader industry landscape, we are optimistic the sector is near or at an inflection point. While the industry is currently managing inventory normalization and macroeconomic uncertainty, the underlying fundamentals for premium recreational boating remain exceptionally strong.

為了支持我們的策略性舉措和長期定位，我們最近為董事會增添了兩位傑出的新成員。奧迪隆·阿爾梅達和丹·斯基亞帕。Odilon 和 Dan 在推動創新和擴展複雜的全球業務方面都擁有良好的業績記錄，我們相信他們的專業知識和新視角將立即為我們的董事會和公司做出貢獻。從更廣泛的行業格局來看，我們樂觀地認為該行業即將或處於轉折點。儘管目前該產業正在應對庫存正常化和宏觀經濟不確定性，但高端休閒遊艇的基本面依然非常強勁。

Now let me turn the call over to Mike for our financial review. Mike?

現在我把電話交給麥克，讓他為我們做財務回顧。麥克風？

Thank you, Brett. I want to echo Brett's appreciation for our team's outstanding performance during this challenging period. Total revenue for the fourth quarter was over $552 million, which was down modestly from last year due to the impact of our store rationalization efforts, including the strategic closure of 10 stores since December of fiscal '24. During the quarter, same-store sales increased over 2% driven by growth in used boat revenue, Finance and Insurance, Parts and Service and Contributions from superyacht services and Marina Operations, including IGY.

謝謝你，布雷特。我謹代表布雷特，對我們團隊在這段充滿挑戰的時期所展現出的出色表現表示讚賞。第四季總收入超過 5.52 億美元，由於我們門市合理化措施的影響，包括自 2024 財年 12 月以來策略性關閉 10 家門市，與去年相比略有下降。本季度，受二手船收入、金融和保險、零件和服務以及超級遊艇服務和碼頭運營（包括 IGY）的貢獻增長的推動，同店銷售額增長超過 2%。

In terms of units, they were down in the quarter as we continue to see a migration to higher average unit prices. Gross profit was over $191 million, and our gross margin increased to 34.7%. The increase in gross margin, as Brett noted, reflects continued growth in our diversified higher-margin businesses and was achieved despite historically low boat margins due to the challenging retail environment. Selling, general and administrative expenses were over $177 million. The increase primarily reflects a greater contribution of service-related revenue, which drives gross margin dollars but does have a higher cost dynamic than retail store operations, along with increases in targeted marketing investments incurred to maximize sales opportunities in a challenging environment as well as higher foreign currency translation costs due to a weaker dollar.

從銷售來看，本季銷售量有所下降，因為我們持續看到市場朝著更高的平均單價方向發展。毛利超過 1.91 億美元，毛利率提高到 34.7%。正如布雷特所指出的，毛利率的成長反映了我們多元化高利潤業務的持續成長，儘管由於零售環境充滿挑戰，船舶利潤率處於歷史低位，但我們仍然實現了這一目標。銷售、一般及行政費用超過 1.77 億美元。這一成長主要反映了服務相關收入貢獻的增加，這推動了毛利的成長，但其成本動態高於零售店營運；此外，為了在充滿挑戰的環境中最大限度地抓住銷售機會，增加了有針對性的行銷投資；以及由於美元走弱而導致的外匯折算成本上升。

Interest expense was down slightly year over year. The reported net loss in the quarter was just under $1 million or $0.04 per share, which was the same as the adjusted loss per share. Adjusted EBITDA was $17.3 million in the quarter. For fiscal 2025, revenue was $2.31 billion, reflecting a same-store sales decline of just over 2% due to the challenging industry environment, while total revenue declined 5% given our strategic store and brand optimization efforts. Our full-year gross margin was 32.5%, down slightly from last year despite historically low boat margins across the industry. Our reported net loss per share was $1.43 with adjusted earnings per diluted share of $0.61.

利息支出較去年同期略有下降。報告顯示，該季度淨虧損略低於 100 萬美元，即每股虧損 0.04 美元，與調整後的每股虧損相同。本季調整後 EBITDA 為 1730 萬美元。2025 財年，營收為 23.1 億美元，由於產業環境充滿挑戰，同店銷售額下降了 2% 以上；由於我們採取了策略性的門市和品牌優化措施，總收入下降了 5%。儘管整個產業的船舶利潤率處於歷史低點，但我們全年的毛利率為 32.5%，略低於去年。我們報告的每股淨虧損為 1.43 美元，調整後的每股攤薄收益為 0.61 美元。

Adjusted EBITDA for the full year was about $110 million compared with $160 million in the prior year. Our balance sheet remains strong with cash of more than $170 million despite buying back a significant amount of shares this year, acquiring a great Marina and retail operation in Shelter Bay in the Keys as well as making regular investments in our business, including the opening of IGY Savannah, the Stuart Marine expansion, and the opening of the expanded Fort Myers operation among other initiatives.

全年調整後 EBITDA 約為 1.1 億美元，而去年同期為 1.6 億美元。儘管今年我們回購了大量股票，收購了基韋斯特島謝爾特灣的一家大型碼頭和零售企業，並對我們的業務進行了定期投資，包括開設 IGY Savannah、擴建 Stuart Marine 以及開設擴建後的 Fort Myers 業務等，但我們的資產負債表依然穩健，現金超過 1.7 億美元。

Inventories decreased by nearly $40 million year over year, reflecting our continued efforts to optimize inventory levels with our manufacturing partners. Our net debt to adjusted EBITDA ratio was about 2 times at quarter end, providing substantial financial flexibility. Based on current business conditions, recent industry registration data, retail trends, and other relevant factors, we expect fiscal 2026 adjusted EBITDA to be in the range of $110 million to $125 million, with adjusted net income in the range of $0.40 to $0.95 per diluted share.

庫存比去年同期減少了近 4000 萬美元，這反映了我們與製造合作夥伴不斷努力優化庫存水準。截至季末，我們的淨負債與調整後 EBITDA 比率約為 2 倍，這為我們提供了相當大的財務彈性。根據目前的商業狀況、近期行業註冊數據、零售趨勢和其他相關因素，我們預計 2026 財年調整後 EBITDA 將在 1.1 億美元至 1.25 億美元之間，調整後每股攤薄淨收入將在 0.40 美元至 0.95 美元之間。

Our guidance assumes industry units for our fiscal year will be down slightly to up slightly depending on the various factors that have affected consumer demand. This implied same-store sales growth will be flattish to slight growth subject to mix. Retail margin pressure is expected to continue across the industry through the end of our fiscal second quarter, which corresponds to the seasonally slower winter months. We expect industry inventory levels to be healthier in the second half of the fiscal year than the same period in fiscal 2025.

我們的預測是，本財年行業銷售量將略有下降或略有上升，具體取決於影響消費者需求的各種因素。這意味著同店銷售成長將持平或略有成長，具體成長幅度取決於產品組合。預計零售業利潤率壓力將持續到我們第二財季末，而第二財季則恰逢季節性淡季的冬季月份。我們預計本財年下半年的產業庫存水準將比 2025 財年同期更為健康。

Given the success of our higher-margin business expansion, we expect to be able to maintain our annual consolidated gross margins in the low 30s. Our guidance incorporates the currently announced interest rate cuts and uses an annual effective tax rate of 26.5% with a share count of around 22.8 million shares. These projections exclude the potential impact of material acquisitions or other unforeseen developments, including changes in global economic conditions. When you think about 2026, keep in mind, our revenue, EPS, and EBITDA was tracking well for the first six months of 2025 through March despite the challenging environment.

鑑於我們高利潤業務擴張的成功，我們預計能夠將年度合併毛利率維持在 30% 左右。我們的指導方針納入了目前已宣布的降息措施，並採用 26.5% 的年有效稅率，股票數量約為 2,280 萬股。這些預測不包括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）可能產生的影響。展望 2026 年，請記住，儘管環境充滿挑戰，但從 2025 年上半年到 3 月，我們的收入、每股盈餘和 EBITDA 都表現良好。

It wasn't until after Liberation Day that things grew much more challenging. As such, our front half comparisons overall are more difficult than the back half comparisons. Now let me comment on current trends. October finished with positive same-store sales growth and Brett discussed the successes we had at the Fort Lauderdale Boat Show. In both cases, we are encouraged, but we also recognize the undeniable softness that has persisted in the industry as evidenced by a soft September, especially for fiberglass boat sales. So while we are encouraged, we are also balanced.

直到解放日之後，情況才變得更加嚴峻。因此，我們前半部的比較總體上比後半部的比較更困難。現在讓我來談談當前的趨勢。10 月同店銷售額實現了正向成長，Brett 也討論了我們在勞德代爾堡遊艇展上取得的成功。無論哪種情況，我們都感到鼓舞，但我們也意​​識到，行業持續存在的疲軟態勢是無法否認的，9 月的疲軟表現證明了這一點，尤其是玻璃鋼船的銷售。所以，儘管我們受到鼓舞，但我們也保持平衡。

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

現在我把電話轉回給布雷特，請他做總結發言。布雷特？

Thank you, Mike. Although our fiscal 2026 outlook reflects a prudent approach in light of macroeconomic uncertainty and persistent industry headwinds, we remain confident in MarineMax's long-term strategy and growth opportunities. Our management team has guided the company through multiple challenging economic cycles, and we believe that the continued execution of our strategy will drive sustainable and profitable growth for our shareholders. Our diversification across higher-margin businesses, combined with our strong balance sheet, support our resiliency in the face of industry headwinds while also providing us with the flexibility to invest in growth and seize emerging opportunities.

謝謝你，麥克。儘管考慮到宏觀經濟的不確定性和持續的行業逆風，我們對 2026 財年的展望採取了謹慎的態度，但我們仍然對 MarineMax 的長期策略和成長機會充滿信心。我們的管理團隊帶領公司度過了多個充滿挑戰的經濟週期，我們相信，繼續執行我們的策略將為我們的股東帶來可持續的獲利成長。我們在高利潤業務領域的多元化發展，加上我們強勁的資產負債表，增強了我們在面對行業逆風時的韌性，同時也使我們能夠靈活地投資成長並抓住新興機會。

We will continue to focus on strategic initiatives and product innovation, digital engagement, and customer experience, areas that are becoming increasingly valuable as buyers become more discerning. The recreational boating industry is approaching several potentially positive inflection points. Industry-wide, inventories are expected to reach more normalized levels over the coming quarters, which should provide margin relief. Additionally, interest rate cuts are generally positive for our consumer, and the further rate cuts that many expect to occur over the coming months should support improved customer demand.

我們將繼續專注於策略性舉措和產品創新、數位化互動和客戶體驗，隨著買家越來越挑剔，這些領域正變得越來越有價值。休閒船艇產業正接近幾個潛在的正向轉折點。從整個行業來看，預計未來幾季庫存將恢復到更正常的水平，這將緩解利潤率壓力。此外，降息通常對我們的消費者有利，許多人預計未來幾個月還將進一步降息，這應該會提振消費者需求。

The fundamentals supporting recreational boating remain exceptionally strong. Interest in the boating lifestyle continues to accelerate as evidenced by robust activity levels at our marinas, service centers, and at the recent Fort Lauderdale Boat Show. Premium consumers increasingly view boating not as a discretionary purchase, but as an essential lifestyle. As macroeconomic conditions improve, our strategy positions us to emerge more resilient, more diversified, and uniquely poised to capture the long-term opportunities in the global recreational marine market.

支撐休閒划船的基本面依然非常強勁。從我們碼頭、服務中心的活躍程度以及最近在勞德代爾堡舉辦的遊艇展上可以看出，人們對遊艇生活方式的興趣持續增長。高端消費者越來越將遊艇視為必不可少的生活方式，而非可有可無的消費品。隨著宏觀經濟狀況的改善，我們的策略使我們更具韌性、更加多元化，並擁有獨特的優勢，能夠抓住全球休閒海洋市場的長期機會。

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

那麼，我和麥克很樂意回答你們的問題。接線員，請開通問答線。

(Operator Instructions) James Hardiman, Citi.

（操作說明）James Hardiman，花旗銀行。

So obviously, the same-store sales number accelerated nicely from 3Q to 4Q. I was hoping you could help us out just splitting sort of how much of that was units versus ASPs? And then I guess similar question on the month of October. I think you said positive same-store sales for October. Are you actually seeing unit acceleration into the off-season?

顯然，同店銷售額從第三季到第四季實現了良好的成長。我希望您能幫我們把其中一部分是銷量，一部分是平均售價？然後，我想關於十月的問題也類似。我想你之前說過10月同店銷售額會成長。你們真的看到球隊在休賽期加速成長了嗎？

Yeah. Great question, James. So obviously, you guys followed the industry, the industry for the core categories that we're in has seen softness, double-digit declines in July, August and September; in some categories, 25% except from a unit perspective. So we typically outperform the industry. So our units for the quarter are down in the mid-single-digit range, which is better than the industry overall.

是的。問得好，詹姆斯。顯然，你們都關注了行業動態，我們所處的核心品類行業在 7 月、8 月和 9 月都出現了疲軟，出現了兩位數的下滑；有些品類甚至下滑了 25%，但從銷量來看並非如此。因此，我們的業績通常優於行業平均。因此，我們本季的銷量下降幅度在個位數中段，這比整個產業的情況要好。

And so the difference from down mid-single digit to up 2% is the increase in average unit selling price during the quarter. And then on the month of October, you got to keep in mind, the month of October last year, we were dealing with the hurricane in Florida, but our units were up in the month of October, and we also did see a modest increase in average unit selling price.

因此，從下降個位數百分比到上升 2% 的差異，就是本季平均單位售價的成長。然後到了十月份，你要記住，去年十月我們正遭受佛羅裡達州颶風的侵襲，但我們的單元房在十月份仍然有售，而且我們也看到平均單元售價略有上漲。

That's really helpful. And then just very briefly, I just wanted to dig into the rate environment. Obviously, we've gotten a couple of 25 basis points rate cuts. I think the 10-year is modestly lower than maybe the last time we spoke. Are you seeing that show up in terms of relief from your lenders?

這真的很有幫助。然後，我只想簡單地深入探討利率環境。顯然，我們已經獲得了兩次25個基點的降息。我認為10年期利率比我們上次談話時略有下降。你的貸款機構是否在減免方面有所體現？

And is that having any impact from a consumer perspective, as they contemplate lower payments?

從消費者的角度來看，這會對他們考慮降低支付金額產生什麼影響？

Yeah, James, good question. I think rates for the consumer, obviously, we're kind of dealing in a higher end segment as we've always talked about. So monthly payment maybe isn't driving the need to just rush out and buy something. But I've said before, a lot of our customers are small business owners, construction companies, et cetera. And when there's a rate environment that's more favorable for the business, they get a little more excited and optimistic about things and they come forward with a boat purchase.

是的，詹姆斯，問得好。我認為，對消費者而言，很顯然，我們一直以來都面向的是高端市場。所以，每月還款金額可能並不是促使人們急於購買東西的原因。但我之前說過，我們的客戶很多都是小企業主、建築公司等等。當市場利率環境對企業更有利時，他們會更加興奮和樂觀，並會主動提出購買遊艇。

So I think both of those things are helping. But consumer feeling better about the rate, I think we see some of that like even at Lauderdale, feeling better about that things are going to come down is given a positive news if they haven't had in a while.

所以我認為這兩件事都有幫助。但消費者對利率感到好轉，我認為我們已經看到一些這樣的例子，例如在勞德代爾堡，人們感覺利率會下降，如果他們已經很久沒有聽到好消息了，這無疑是一個好消息。

Mike Albanese, The Benchmark Company.

Mike Albanese，基準公司。

I just want to ask about gross margins. Obviously, jumped, I think, 34% in the quarter. You've been pretty consistent, keeping them above 30% here in a tough market. And obviously, some of that is mix, but it appears your adjacencies are holding up well. Could you just kind of tap into that a little bit deeper?

我只想問一下毛利率的問題。顯然，我認為本季成長了 34%。在如此艱難的市場環境下，你們的表現一直非常穩定，並且始終保持在 30% 以上。顯然，其中一些是混合的，但看起來你的鄰接關係保持得很好。能再深入探討一下嗎？

And I'd love to kind of understand how much of that has been kind of strategic initiatives, cross-sell synergies, et cetera, versus just sustainable demand within those segments?

我很想了解其中有多少是策略性舉措、交叉銷售綜效等等，又有多少只是這些細分市場內部的永續需求？

I can comment. I'll take a first stab. But yeah, in the current environment, boat margins are the second lowest I've seen in 27 years, they're not down as far as they were in the great financial crisis, but they're very low. They're like 300 to 350 basis points below normal. And so hopefully, over time, we'll see some upside in boat margins as inventories normalize.

我可以發表一些看法。我先來試試。但是，就目前的情況來看，船舶利潤率是我 27 年來見過的第二低，雖然沒有金融危機時期那麼低，但也非常低了。它們比正常水平低了大約 300 到 350 個基點。因此，希望隨著時間的推移，隨著庫存恢復正常，船舶利潤率能夠上升。

But I do think our strategy of expanding in these higher-margin categories, whether it's the Marinas, Superyacht Services, Finance and Insurance, Service, Parts and Accessories, there's a lot of different higher-margin components that we've been expanding with. I think, really shines in an environment like this and helps us maintain elevated gross margins overall. It comes through in the quarter.

但我確實認為，我們拓展這些高利潤類別的策略是可行的，無論是碼頭、超級遊艇服務、金融和保險、服務、零件和配件，我們一直在拓展許多不同的高利潤組成部分。我認為，在這種環境下，它能真正發揮出色作用，並幫助我們維持較高的整體毛利率。季度中會體現出來。

And Mike, when we set out with this strategy, and we're very focused on it with these higher-margin businesses and the growth we've had in those and the investments we've made in those businesses does show through. It shines. And you ask a question, yes, those businesses have what's close to recurring type revenue as you can get, so you can kind of rely on those types of things. Of course, you've got to manage the business, but we continue to unlock different synergies, cross-selling, consumers feeling good about buying a larger yacht at a MarineMax, Fort Myers location, let's say, and then feeling good about, well, what if I want to put that in charter with Fraser yachts or whatever it might be.

麥克，當我們制定這項策略時，我們非常注重這些高利潤業務，而我們在這些業務中所取得的成長以及我們對這些業務的投資確實體現了出來。它閃閃發光。如果你問一個問題，答案是肯定的，這些企業擁有你能獲得的最接近經常性收入的東西，所以你可以依靠這些類型的收入。當然，你必須管理好業務，但我們不斷挖掘不同的協同效應，進行交叉銷售，比如說，消費者在 MarineMax 位於 Fort Myers 的門市購買大型遊艇後感覺良好，然後又會想，如果我想把這艘遊艇交給 Fraser Yachts 或其他公司租賃，那會怎麼樣呢？

So they feel comfortable with that all the way up to where are they going to put their boat when they get to the Caribbean through our IGY Marina. So we're seeing a lot more of those synergies, and we'll continue to unlock those as well.

所以他們對此感到非常放心，甚至包括當他們通過我們的 IGY 碼頭到達加勒比海時，要把船停在哪裡。所以我們看到了更多這樣的綜效，我們也將繼續挖掘這些效應。

Joseph Altobello, Raymond James.

Joseph Altobello，Raymond James。

This is Martin on for Joe. I just want to take a finer point on to the promotional drag in the quarter. Could you give a little bit more color to what that headwind was and sort of what we can expect entering the new year?

我是馬丁，替喬發言。我只想就本季的促銷拖延問題再補充一點。能否更詳細地介紹當時的逆風是什麼，以及我們在新的一年可能會面臨哪些挑戰？

Yeah. If I understand your question, right, Martin, good question. So the -- I'd say this entire fiscal year, we've seen a very challenged environment because of elevated inventory levels really across the industry certainly true in the current quarter. I just commented a little while ago just how soft boat margins are.

是的。如果我理解你的問題沒錯的話，馬丁，問得好。所以——我認為，整個財年我們都面臨著非常嚴峻的挑戰，因為整個產業的庫存水準都很高，尤其是在本季。我剛才還評論過，船隊的利潤空間有多有限。

When we think about 2026 and in our guidance, we're not expecting much of a lift in boat margins. I think I commented in my prepared remarks that at least through the winter time, when there's a lot of dealers who are feeling softer sales and increased pressure, when it comes to carrying costs, et cetera, I think the pressure will still be there. It is thought that later on in the year when you get into the summer selling season as inventories begin to normalize, that we could see some relief on the margin side.

當我們展望 2026 年並做出預測時，我們預期船舶利潤率不會有太大提升。我想我在準備好的發言稿中提到過，至少在冬季，很多經銷商都會感受到銷售疲軟和壓力增大，尤其是在庫存成本等方面，我認為這種壓力依然存在。人們認為，到了今年晚些時候，隨著夏季銷售旺季的到來，庫存開始恢復正常，利潤率方面可能會有所緩解。

Obviously, it won't snap back overnight, but it will potentially begin to improve like in the summertime in the back half (technical difficulty)

顯然，情況不會一夜之間恢復如初，但下半季可能會像夏季那樣開始好轉。（技術難題）

Eric Wold, Texas Capital Securities.

Eric Wold，德州資本證券。

Mike, kind of looking at the guidance for fiscal '26, I guess, your industry assumptions relative to your same-store sales? It looks like -- and once I'm reading this wrong, it looks like you're expecting kind of more in line-ish performance with the industry versus kind of more of the outperformance that you've had before, especially given the mix towards higher-end premium boats. Am I reading that wrong? Are you trying to take a little more cautious view on mix? Or how should we think about kind of what's embedded in that guidance in terms of relative performance to the industry.

Mike，我猜你是想看看2026財年的業績指引，你對同店銷售額的產業預期是什麼？看起來——如果我理解錯了——你似乎期望的是與行業平均水平相當的性能，而不是像以前那樣超越行業平均水平的性能，尤其考慮到高端豪華遊艇的市場組成。我理解錯了嗎？你是不是想對混音採取更謹慎的態度？或者我們應該如何看待該指導意見中蘊含的關於相對於產業表現的資訊？

No, Eric, I think you're reading that right. I think the first assumption is does the industry get to flattish units from negative. That's one assumption that's in there, and then obviously, what happens with mix from our perspective. But I think we're trying to be prudent in terms of our guidance figures because you're right, we typically do outperform what the industry does.

不，艾瑞克，我想你沒看錯。我認為第一個假設是，該產業能否從負成長轉為平穩成長。這是其中一個假設，然後很顯然，從我們的角度來看，混合會發生什麼。但我認為我們在給予業績指引時力求謹慎，因為你說得對，我們通常確實會跑贏業界平均。

I think we're really trying to see -- let's get through fiscal 2026. Let's see that the industry really does get back to first to 0 instead of negative and then just slightly positive in the second half of the year.

我認為我們真正想看到的是——讓我們順利度過 2026 財年。讓我們看看這個行業是否真的能夠先恢復到正常水平，而不是先出現負增長，然後在下半年略微實現正增長。

Got it. And then just quickly update us on where you are with your rationalizing kind of operating expenses in general and overhead and kind of what you expect as you move through fiscal '26?

知道了。然後請您簡要介紹一下您在合理化營運費用和管理費用方面的整體進展，以及您對2026財年的預期？

Well, I commented that we have closed 10 stores now since last year, and we've made other cost cuts and savings. There is a current drag that's going on within the business, which is just additional marketing spend, additional inventory maintenance spend, et cetera, and really what the whole industry is having with the slower turns that we've had, which would improve.

我之前提到過，自去年以來，我們已經關閉了 10 家門市，我們還採取了其他削減成本和節省開支的措施。目前公司內部存在一些拖累因素，例如額外的行銷支出、額外的庫存維護支出等等，而整個產業都面臨著週轉速度放緩的問題，這種情況將會得到改善。

But in our 2026 guidance, we're not baking in any substantial additional cost savings from what we're seeing in the current levels of 2025.

但在我們的 2026 年指導方針中，我們並沒有比 2025 年目前的水準增加任何實質的成本節約。

Anna Glaessgen, B. Riley Securities.

Anna Glaessgen，B. Riley Securities。

I'd like to start on same-store sales cadence. On the one hand, it seems that we're assuming some sequential improvement as we get to the back half in terms of market performance. But then on the other hand, we have some sort of one-time laps like lapping the hurricane in Florida the easiest comp in 1Q. So just trying to understand the puts and takes as we think about the shape of the year.

我想先從同店銷售節奏開始。一方面，我們似乎假設隨著市場表現進入下半年，情況會有所改善。但另一方面，我們也會遇到一些一次性的情況，例如在佛羅裡達颶風中繞圈，這是第一季最簡單的比賽。所以，我們只是想了解在思考今年走勢時，市場會出現哪些波動。

No, it's a great question, and you're right. I mean, the state of Florida was impacted by hurricanes. Our -- we were down negative 11% in the December quarter than up 11% in March. So technically, we do have an easier comparison right now, which is why I said with October being up, it's up against the storms. And then when you go out throughout the year, obviously, the quarter with Liberation Day, which is the June quarter in theory is another easy comp. We were down 9%, and then it sort of levels off in September.

不，這是一個很好的問題，你說得對。我的意思是，佛羅裡達州曾經遭受颶風襲擊。我們的業績在 12 月季度下降了 11%，而 3 月份季度則成長了 11%。所以從技術上講，我們現在確實更容易進行比較，這就是為什麼我說隨著十月的到來，它將與風暴作鬥爭。然後，當你全年外出時，顯然，有解放日的季度，也就是理論上的六月季度，是另一個很容易比較的季度。我們一度下跌了9%，然後9月情況趨於穩定。

So you do got to bake all that in from the assumption perspective. I think the point that I was trying to make in my prepared remarks is that when you look at our bottom line financial performance in the December quarter and the March quarter, we exceeded our thinking in the street and our guidance in those two quarters from an EBITDA and from an earnings perspective. So when you're modeling out the whole year factoring in the same-store sales questions that you're asking, we actually have an easier comparison from an earnings perspective in the back half of the year than the front half of the year also.

所以從假設的角度來看，你必須把所有這些都考慮進去。我認為我在準備好的發言中想要表達的觀點是，當你查看我們 12 月季度和 3 月季度的最終財務業績時，你會發現，從 EBITDA 和盈利角度來看，我們在這兩個季度都超出了市場預期和我們的指導。因此，當你在模擬全年業績時，考慮到你提出的同店銷售問題，從獲利角度來看，下半年的比較實際上比上半年更容易。

Got it. And then turning back to the boat margin question. Understanding the seasonal aspects of maybe getting some improvement once we get through the March quarter when we enter the retail selling season. But trying to understand kind of like the key drivers of improvement there? Is it getting through some of the aged inventory that maybe competitors feel?

知道了。然後我們再回到船隻安全距離的問題上。了解季節性因素可能會帶來一些改善，尤其是在我們度過三月的季度，進入零售銷售旺季之後。但我想了解一下，究竟是什麼因素促成了那裡的改進？它是否正在消化一些競爭對手可能感受到的積壓庫存？

Is it improved market performance? Or is it really just that seasonal aspect that's impacting the first two quarters of the year?

市場表現是否有改善？或者，這真的只是季節性因素影響了前兩季的情況嗎？

Yeah. I think the aged inventory, getting rid of that, getting inventory levels down to a more manageable level and kind of balancing the supply-demand side is fundamental to everything. The promotional activity is strong. There's also, I think, a consumer sentiment, but prices have really increased over the last five years. So there's pressure on just consumer feeling like they need a discount, even if there's not an aged inventory or too much inventory.

是的。我認為，清除積壓庫存，將庫存水準降低到更易於管理的水平，並平衡供需雙方，這對一切都至關重要。促銷活動力道大。我認為，消費者情緒也是一個因素，但過去五年價格確實上漲了不少。因此，即使沒有滯銷庫存或庫存過多，消費者也會感到需要折扣，從而面臨壓力。

So we just got to kind of lap through that and let customers get back to a more normal buying pattern. But inventory levels are definitely going to help get the margins squared away.

所以我們只能慢慢度過這段時期，讓顧客恢復到更正常的購買模式。但庫存水準肯定會有助於解決利潤率問題。

Industry levels, yeah.

是的，行業水準。

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

女士們、先生們，現在我將把會議交給麥吉爾先生，請他作閉幕致詞。

Well, thank you, everybody, for joining us today, and I look forward to keeping you updated on our next call. Have a great day.

謝謝大家今天參加我們的電話會議，期待下次電話會議繼續向大家報告最新情況。祝你有美好的一天。

Thank you. Ladies and gentlemen, the conference of MarineMax Incorporated has now concluded. Thank you for your participation. You may now disconnect your lines.

謝謝。女士們、先生們，MarineMax Incorporated 的會議到此結束。感謝您的參與。現在您可以斷開線路了。