MarineMax Inc (HZO) 2026 Q1 法說會逐字稿

Good day, and welcome to MarineMax, Inc. Fiscal 2026 First Quarter Conference Call. Today's call is being recorded. (Operator Instructions)

大家好，歡迎參加 MarineMax 公司 2026 財年第一季電話會議。今天的通話將會被錄音。（操作說明）

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

現在我將把電話轉交給公司投資人關係公司 Sharon Merrill Associates 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 the company's fiscal 2026 financial guidance. 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.

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。麥克將審查財務業績和公司 2026 財年的財務預期。Brett 將作總結發言，之後管理階層將樂意回答各位的問題。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. 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.

謝謝你，斯科特。各位早安，感謝各位參加本次電話會議。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 表格及其他文件中確定的許多其他因素。本公司聲明，無論因新資訊、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 gaining 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 of 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 first quarter 2026 performance. I'd like to begin by acknowledging the work of our teams across our stores, Marinas, manufacturing and Superyacht service organization. Market conditions remained challenging throughout the quarter, with elevated promotional activity and cautious retail behavior continuing to influence demand patterns.

謝謝你，麥克。各位早安，感謝大家今天來參加我們的會議，共同探討我們2026財年第一季的業績。首先，我要感謝我們各個門市、碼頭、製造部門和超級遊艇服務部門的團隊所付出的努力。本季市場狀況依然充滿挑戰，促銷活動增加和零售業謹慎行為持續影響需求模式。

Even in this environment, our teams maintained a strong focus on the customer experience while working to keep inventory aligned with current demand levels. Their efforts, which are reflected in our strong Net Promoter Scores contributed to the results we delivered and will help to ensure operational improvement as we move into the upcoming season.

即使在這種情況下，我們的團隊仍然高度重視客戶體驗，同時努力使庫存與當前的需求水準保持一致。他們的努力體現在我們強勁的淨推薦值上，這為我們取得的成績做出了貢獻，並將有助於確保我們在即將到來的賽季中實現營運改善。

Revenue for the December quarter increased year-over-year with strong same-store sales driving the growth. Granted, as we previously noted, we were up against an easier revenue comparison this quarter due to the hurricanes last year.

12 月季度營收年增，強勁的同店銷售推動了成長。誠然，正如我們之前提到的，由於去年颶風的影響，本季我們的收入基數相對較低。

Retail boat margin pressure increased across the recreational boating industry with the onset of winter. Competitive intensity remained high and overall consumer sentiment continued to be affected by broader uncertainty. These dynamics reflected what we expected as the industry continues progressing toward normalized inventory levels.

隨著冬季的到來，休閒船艇產業的零售利潤壓力增加。競爭強度依然很高，整體消費者情緒持續受到更廣泛的不確定性影響。這些動態反映了我們預期的情況，因為產業正在逐步恢復正常的庫存水準。

Against this backdrop, margins on new and used boats remained well below historical levels. However, our same-store sales performance was supported by our premium brand offerings and the migration to larger products as well.

在此背景下，新船和二手船的利潤率仍然遠低於歷史水準。然而，我們的同店銷售業績得益於我們的高端品牌產品以及向大件商品的銷售成長。

Our long track record of sustaining gross margins above 30%, even in one of the more challenging lower-margin periods for boat sales underscores the strength of our strategy to expand into higher margin, more stable businesses. By steadily acquiring complementary, less cyclical, higher margin operations, we've built a broader and more durable model.

即使在船舶銷售利潤率較低的挑戰時期，我們也能維持 30% 以上的毛利率，這充分證明了我們拓展到利潤率更高、更穩定的業務領域的策略的有效性。透過穩定收購互補性強、週期性較小、利潤率較高的業務，我們建立了一個更廣泛、更持久的商業模式。

As these businesses continue to grow, together with improvements in our core operations, including Marinas, Storage, Service and Finance and Insurance, they are elevating our performance and will enhance our cash flows as the retail boating industry begins to recover. Even with industry challenges in what is seasonally our smallest quarter of the year, we were able to deliver on our goal of reducing inventory levels by nearly $170 million compared with last year.

隨著這些業務的持續成長，以及我們核心業務（包括碼頭、倉儲、服務、金融和保險）的改進，我們的業績正在提升，隨著零售遊艇行業的復甦，我們的現金流也將得到改善。即使在一年中通常最淡季的這個行業面臨挑戰的情況下，我們仍然實現了與去年相比減少近 1.7 億美元庫存的目標。

Also, looking ahead, we expect the industry's inventory environment to continue progressing toward more normalized levels as we move into the second half of the fiscal year. Although the timing and extent of improvement will depend on broader macroeconomic and industry factors, a return to more typical inventory levels should help ease pressure on retail margins over time. Our presence at the premium end of the market continues to be a point of differentiation, reflecting the strength of our brands and product portfolio.

此外，展望未來，我們預計隨著本財年進入下半年，產業的庫存環境將繼續朝著更正常的水平發展。儘管改善的時機和程度將取決於更廣泛的宏觀經濟和行業因素，但庫存水準恢復到更正常的水平應該有助於隨著時間的推移緩解零售利潤率的壓力。我們在高端市場的地位仍然是我們的差異化優勢，體現了我們品牌和產品組合的實力。

At the same time, we remain appropriately cautious for our outlook given the broader retail and macroeconomic environment. We continue to prioritize maintaining an appropriate inventory position, delivering a reliable and high-quality customer experience and managing the business with discipline and long-term perspective.

同時，鑑於整體零售和宏觀經濟環境，我們對前景仍保持謹慎態度。我們將繼續優先保持適當的庫存水平，提供可靠、高品質的客戶體驗，並以嚴謹的態度和長遠的眼光管理業務。

As we look at broader demand signals, the Fort Lauderdale International Boat Show effectively served as the kickoff to this year's selling season, providing an early read on customer engagement across key segments. Subsequently, winter shows in Boston, Atlanta, New York, Milwaukee, St. Petersburg and Minneapolis, among others, offered additional touch points that collectively helped us gauge early season positive sentiment across a variety of markets. While it is still early, the consistency of interest across these events has us increasingly optimistic as we prepare for the core spring selling season. Looking ahead, the Miami and Palm Beach shows in February and March will be important indicators of in-season demand at the premium end of the market and will further inform our outlook as seasonal retail activity accelerates.

從更廣泛的需求訊號來看，勞德代爾堡國際遊艇展有效地拉開了今年銷售季的序幕，讓我們得以提前了解各主要細分市場的客戶參與情況。隨後，在波士頓、亞特蘭大、紐約、密爾瓦基、聖彼得堡和明尼阿波利斯等地舉辦的冬季展會，為我們提供了更多接觸點，這些接觸點共同幫助我們評估了各個市場在季初的積極情緒。雖然現在還為時過早，但這些活動所展現出的持續關注讓我們對即將到來的春季銷售旺季越來越樂觀。展望未來，2 月和 3 月的邁阿密和棕櫚灘展會將是高端市場當季需求的重要指標，並將隨著季節性零售活動的加速，進一步為我們的展望提供資訊。

While recent demand has been positive, our outlook for fiscal 2026 remains balanced given the ongoing uncertainty regarding the broader consumer and macroeconomic environment. Against this backdrop, we continue to prioritize maintaining appropriate inventory levels, delivering a consistent and high-quality customer experience and managing the business with discipline and long-term perspective. The execution of these priorities, combined with our scale and operational capabilities, positions us well to navigate the near-term uncertainty and support long-term value creation for our shareholders.

儘管近期需求表現積極，但鑑於更廣泛的消費者和宏觀經濟環境仍然存在不確定性，我們對 2026 財年的展望仍保持平衡。在此背景下，我們將繼續優先保持適當的庫存水平，提供始終如一的高品質客戶體驗，並以嚴謹的態度和長遠的眼光管理業務。落實這些優先事項，再加上我們的規模和營運能力，使我們能夠更好地應對近期的不確定性，並為股東創造長期價值。

So 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. To amplify Brett's comments, a customer-first culture is essential regardless of where we are in the cycle. And our team has done an outstanding job in that regard. Through previous cycles, repeat customers created through our outstanding customer experience have played a prominent part in propelling us forward.

謝謝你，布雷特。為了進一步闡述 Brett 的觀點，無論我們處於週期的哪個階段，以客戶為中心的文化都至關重要。我們的團隊在這方面做得非常出色。在以往的周期中，我們憑藉卓越的客戶體驗所贏得的回頭客在推動我們前進方面發揮了重要作用。

Looking at our first quarter results, achieving nearly 11% same-store sales growth was encouraging. Our revenue of $505 million supported our efforts to reduce inventory and contributed to an even stronger, more liquid balance sheet. We also benefited from our location optimization strategy which resulted in a more efficient footprint compared with last year.

從第一季的業績來看，同店銷售額成長近 11%，令人鼓舞。我們5.05億美元的收入支持了我們減少庫存的努力，並使我們擁有了更強勁、流動性更強的資產負債表。我們也受惠於選址優化策略，與去年相比，我們的佔地面積更有效率。

You can see from reported industry data that boat sales were challenged throughout the quarter, particularly in the fiberglass segments, which are most important to us. Accordingly, our unit volume declined by low to mid-single digits. This implies a significant increase in average unit price, driven primarily by mix and aided in part by the strength of the Fort Lauderdale Boat Show which skews toward larger products.

從已公佈的行業數據可以看出，本季船舶銷售一直面臨挑戰，尤其是玻璃鋼船艇領域，而玻璃鋼船艇對我們來說最為重要。因此，我們的單位銷售量下降了個位數百分比。這意味著平均單價將大幅上漲，主要原因是產品組合的變化，部分原因也是由於勞德代爾堡遊艇展的強勁勢頭，該展會主要展出大型產品。

Historically, in past recoveries, the larger product has tended to lead the way. Not surprisingly, gross profit of $160 million was down from the prior year, due to anticipated margin pressure in the winter months from the industry's inventory overhang and its impact on less capitalized dealers.

從歷史經驗來看，在過去的經濟復甦中，規模較大的產品往往引領復甦。不出所料，由於冬季產業庫存積壓及其對資本較少的經銷商的影響，預計利潤率將面臨壓力，毛利為 1.6 億美元，比上年有所下降。

Gross margins today are more than 400 basis points below what would be considered a normal historical margin in most periods. That said, our higher-margin businesses like our Marinas, Finance and Insurance and Superyacht services contributed favorably to consolidated gross profit, demonstrating the benefits of our diversified portfolio.

目前的毛利率比大多數時期正常的毛利率低 400 多個基點。儘管如此，我們利潤率較高的業務，如碼頭、金融和保險以及超級遊艇服務，對合併毛利做出了積極貢獻，這體現了我們多元化投資組合的優勢。

Selling, general and administrative expenses increased to over $155 million. But when adjusting for transaction costs, changes in contingent consideration, which was a gain of over $25 million last year, Weather events and other items in both periods, SG&A was about $1.7 million higher year-over-year, but it was down 200 basis points as a percentage of revenue.

銷售、一般及行政費用增加至超過 1.55 億美元。但若調整交易成本、或有對價的變化（去年收益超過 2,500 萬美元）、天氣事件以及兩個時期內的其他項目，則銷售、一般及行政費用同比增加約 170 萬美元，但佔收入的百分比下降了 200 個基點。

Interest expense also declined due to decreased borrowings from lower inventory and lower rates. Interest expense should continue to be a tailwind for us in fiscal 2026 compared with last year. Our reported net loss per share was $0.36 per share or $0.21 per share on an adjusted basis. Adjusted EBITDA was $15.5 million.

由於庫存減少和利率下降，借款減少，利息支出也隨之下降。與上一財年相比，2026財年的利息支出應該會繼續成為我們的利多因素。我們公佈的每股淨虧損為 0.36 美元，經調整後為 0.21 美元。調整後 EBITDA 為 1550 萬美元。

Our balance sheet remains strong with nearly $165 million in cash. While fiscal 2025 and Q1 of 2026 were challenging periods for the industry, we still generated significant cash flow that allowed us to repurchase approximately 6% of our shares, acquire the high-quality Shelter Bay Marina and retail business in the Keys and continue investing across the company to support long-term growth and operational excellence. These investments included the opening of IGY Savannah, the expansion of our Stuart Marina, the rollout of our enhanced Fort Myers operation and several other strategic initiatives.

我們的資產負債表依然穩健，擁有近1.65億美元的現金。儘管 2025 財年和 2026 年第一季對整個行業來說都是充滿挑戰的時期，但我們仍然產生了可觀的現金流，使我們能夠回購約 6% 的股份，收購基韋斯特的優質 Shelter Bay Marina 和零售業務，並繼續在公司各方面進行投資，以支持長期增長和卓越運營。這些投資包括開設 IGY Savannah、擴大我們的 Stuart Marina、推出我們改進的 Fort Myers 業務以及其他幾項策略性舉措。

Interestingly, as we start the March quarter, our customer deposits are flat year-over-year, an encouraging sign given the environment we just navigated. Through our disciplined approach, we improved both our current ratio and total liabilities to tangible net worth ratio.

有趣的是，隨著三月季度的開始，我們的客戶存款與去年同期持平，考慮到我們剛剛經歷的環境，這是一個令人鼓舞的跡象。透過我們嚴謹的方法，我們的流動比率和總負債與有形淨值比率均有所提高。

At the same time, we maintained a healthy net debt to adjusted EBITDA ratio of just over 2 times at quarter end. Based on current business conditions, recent industry registration data, retail trends and other relevant factors, we are reaffirming our guidance for fiscal 2026.

同時，截至季度末，我們的淨債務與調整後 EBITDA 比率保持在健康的 2 倍多一點。根據目前的商業環境、近期行業註冊數據、零售趨勢和其他相關因素，我們重申對 2026 財年的業績預期。

We continue to 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. As I noted on our last earnings call, this 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.

我們繼續預期 2026 財年調整後 EBITDA 將在 1.1 億美元至 1.25 億美元之間，調整後淨收入將在每股攤薄收益 0.40 美元至 0.95 美元之間。正如我在上次財報電話會議上提到的，這一預期假設本財年的行業銷售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。

Same-store sales are expected to finish fiscal 2026 flat to slightly positive, depending on mix. We anticipate retail margin pressure to persist across the industry through the end of our fiscal second quarter, which aligns with the typically slower winter period.

預計 2026 財年同店銷售額將持平或略有成長，視產品組合而定。我們預計零售業利潤率壓力將持續到我們財年第二季末，這與通常較為淡季的冬季相符。

We also expect inventory levels in the industry to show more meaningful improvement in the second half of the fiscal year compared with the same period in fiscal 2025. Supported by the continued growth of our higher-margin businesses, we believe we can maintain consolidated gross margins in the low 30% range for the year.

我們也預計，與 2025 財年同期相比，本財年下半年產業庫存水準將出現更顯著的改善。在利潤率較高的業務持續成長的支持下，我們相信今年的綜合毛利率可以維持在 30% 左右。

Our outlook reflects the interest rate cuts announced to date and assumes an annual effective tax rate of 26.5% and a share count of approximately 22.8 million shares. These projections do not incorporate the potential effects of significant acquisitions or other unforeseen developments, including shifts in global economic conditions.

我們的展望反映了迄今為止宣布的降息措施，並假設年有效稅率為 26.5%，股票數量約為 2,280 萬股。這些預測並未考慮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。

Reiterating what we said when we provided our fiscal 2026 guidance in early November, it's important to note that for the six months through March of last year, our revenue and EBITDA was flat to up slightly, while business became drastically more challenged for us and the industry after Liberation Day in early April. Liberation Day disruption was at the very beginning of the June quarter, which seasonally is the most meaningful quarter to us and the industry. The resulting softness in that quarter caused the inventory overhang the industry is still working through.

重申我們在 11 月初發布 2026 財年業績指引時所說的，值得注意的是，在截至去年 3 月的六個月裡，我們的收入和 EBITDA 持平或略有增長，而 4 月初解放日之後，我們和整個行業的業務都面臨著更加嚴峻的挑戰。解放日造成的混亂發生在六月季度的開始，而六月季度從季節性上看對我們和整個行業來說都是最重要的季度。該季度的疲軟導致了庫存積壓，而這個問題至今仍困擾著整個產業。

Accordingly, when modeling the business, you should bear in mind that the front half of the year is meaningfully more difficult from an earnings comparison. Having said that and looking at current business conditions, January trends have been solid, thanks in large part to successful boat shows and the month will finish with positive same-store sales.

因此，在對業務進行建模時，您應該記住，從獲利比較的角度來看，上半年要困難得多。綜上所述，從目前的商業狀況來看，1 月的趨勢十分穩健，這主要得益於成功的船展，預計本月將以同店銷售額的成長結束。

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

接下來，我將把電話轉回給布雷特，請他做總結發言。布雷特？

Thank you, Mike. Despite the challenging economic environment across the recreational boating industry, we expect activity to seasonally strengthen as we head into the spring selling season. Early momentum at this year's boat shows has been encouraging, and our position within the premium segment puts us in a strong position to capture meaningful growth and outperform the broader market as conditions improve. Our strength in the recreational marine sector comes from our diverse interconnected business lines. This integrated approach builds operational efficiency and long-term value.

謝謝你，麥克。儘管休閒船艇行業的經濟環境充滿挑戰，但我們預計隨著春季銷售旺季的到來，市場活動將季節性地增強。今年船展的早期勢頭令人鼓舞，我們在高端市場的地位使我們處於有利地位，隨著市場環境的改善，我們將能夠實現有意義的成長並超越整個市場。我們在休閒海洋領域的優勢源自於我們多​​元化且相互關聯的業務線。這種綜合方法能夠提高營運效率並創造長期價值。

Through continued innovation, and elevated customer experience and expansion in high-margin areas of our business, we remain confident in our ability to drive sustained growth and long-term value. With that, Mike and I will be happy to take your questions. So operator, please open up the line for Q&A.

透過不斷創新、提升客戶體驗以及拓展業務中利潤豐厚的領域，我們仍有信心推動持續成長並創造長期價值。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) Joe Altobello, Raymond James.

（操作說明）喬·阿爾托貝洛，雷蒙德·詹姆斯。

Not surprisingly, I want to start on gross margin here. I know, Mike, you mentioned your second half compares get easier, but what are you assuming in terms of the discounting environment as we progress throughout the selling season. And if that does get better, is this offset by lower OEM promotional support?

不出所料，我想先從毛利率談起。我知道，麥克，你提到下半年的比較會比較容易，但隨著銷售季的推進，你對折扣環境有什麼假設？如果情況確實有所改善，但這是否會被 OEM 廠商促銷支援的減少所抵消？

Good question, Joe. So we expect, as we said in the prepared remarks, that during this quarter, which is during the wintertime, the promotional environment is still going to be pretty active and pretty aggressive. That's baked into our guidance numbers.

問得好，喬。正如我們在準備好的演講稿中所說，我們預計在本季（即冬季）期間，促銷環境仍將相當活躍且競爭激烈。這一點已經體現在我們的預期數字中了。

We do think when you get into maybe late March or early in the June quarter, the weeks on hand of inventory in the industry are expected to actually drop, first get even with where they normally would be and then get below where they would normally be. And at that point, I think lesser capitalized dealers out there who have been under a lot of pressure will feel a lot better. They'll be easing their aggressiveness, which does impact the entire industry, including us.

我們認為，到了三月下旬或六月初，行業內的庫存週數預計會下降，首先會與正常水平持平，然後會低於正常水平。我認為，到那時，那些資金較少、承受很大壓力的經銷商會感覺好很多。他們將緩和侵略性，這確實會影響整個產業，包括我們。

And I think in kind of early in the spring is the opportunity for margins to begin to recover from the levels that they're at today, which is historically very, very low. I don't think it's going to be a hockey stick recovery, but I think it's going to start to recover for sure, in the June quarter, which is meaningful. And then as it relates to how -- what that means for promotional environment for the manufacturers, I would think in some cases, they probably can also take a little bit of -- their foot off the gas a little bit as they work closely with dealers like us and their partners. But we're all aligned in terms of continuing to create retail and stay ahead of demand and continue to create demand.

我認為，在春季初期，利潤率有機會從目前的水平開始回升，而目前的水平在歷史上是非常非常低的。我不認為會出現像曲棍球棒一樣的快速復甦，但我認為肯定會在六月開始復蘇，這意義重大。至於這對製造商的促銷環境意味著什麼，我認為在某些情況下，他們可能也可以稍微放鬆一下——在與我們這樣的經銷商及其合作夥伴密切合作時，他們可以稍微放慢腳步。但我們在繼續創造零售、保持領先於需求並持續創造需求這一點上是一致的。

Got it. Very helpful. Maybe just a follow-up on that. You mentioned you still expect inventory reductions in the back half. Is there a number that you have in mind where you want to end the fiscal year from an inventory standpoint?

知道了。很有幫助。或許可以就此做個後續說明。您提到您仍然預計下半年庫存會減少。從庫存角度來看，您心中是否有一個理想的財政年度結束數字？

You know what, we talk a lot about numbers internally, but really what we're trying to get to is the inventory -- or the inventory turns for us are below what we normally would like them to be. We're below 2 times now, which is we're normally above 2 times. So we're trying to end fiscal 2026 with inventory turns above 2 times. And to get there, our inventory will have to be a little bit lower than where we ended last year, which was already a reduction from the year before. And we've made very good progress as Brett said, being $170 million down year-over-year at December. And subject to retail expectations, I think we'll end the year with less inventory dollars.

你知道嗎，我們內部經常談論數字，但實際上我們真正想了解的是庫存——或者說我們的庫存週轉率低於我們通常希望達到的水平。我們現在低於 2 倍，而通常我們高於 2 倍。因此，我們力爭在 2026 財年結束時實現庫存週轉率超過 2 次。為了實現這一目標，我們的庫存必須比去年年底的水準略低一些，而去年年底的庫存水準已經比前一年下降。正如布雷特所說，我們取得了非常好的進展，截至 12 月，年減了 1.7 億美元。如果零售業的預期符合實際情況，我認為我們年底的庫存資金將會減少。

James Hardiman, Citigroup.

詹姆斯‧哈迪曼，花旗集團。

This is Sean Wagner on for James. I just wanted to first confirm, so you said nearly 11% same-store sales growth in the quarter. Unit volumes, I think you said declined low to mid-single digits and ASPs were down. Is that correct? Or ASPs were up?

這是肖恩·瓦格納替詹姆斯上場。我只是想先確認一下，您說本季同店銷售額成長了近 11%。我記得你說過銷量下降了個位數百分比，平均售價也下降了。是這樣嗎？還是平均售價上漲了？

Yes, to get to the 11% same-store sales growth with a mid-single-digit decline in units, we had a very significant increase in average unit selling prices, which I think I said on the remarks, the strength of the Fort Lauderdale Boat Show really helped to propel that. That tends to be a bigger boat show, and it was a very strong show. So that drove AUPs in the quarter.

是的，為了在銷量出現個位數中段下滑的情況下實現 11% 的同店銷售成長，我們大幅提高了平均單價。我想我在演講中也提到過，勞德代爾堡遊艇展的強勁表現確實對此起到了推動作用。那通常是一個規模較大的遊艇展，而且這次的展會非常成功。所以這推動了本季AUP的上漲。

Okay. And I guess following up on that, if there's a mix benefit on the top line, I guess, why didn't that translate into better gross margin where you called out sort of a negative mix headwind?

好的。我想接著問，如果產品組合對營收有好處，為什麼沒有轉換成更高的毛利率呢？您之前提到產品組合有不利因素。

Yes. Actually, it's not -- it isn't really necessarily a negative. The mix is when boat sales increase as much as they did in terms of boat sales revenue 11%. And boats today are the lowest margin product we sell, given the fact that we're -- we have so many other higher-margin businesses, that mix increase is adverse to your consolidated margin if you follow them. If you sell a lot more of a lower-margin product, it impacts your consolidated margins. That's what that comment meant to hit on.

是的。實際上，並非如此——這並不一定是一件壞事。混合模式是指船舶銷售額成長了11%，船舶銷售收入成長了11%。鑑於我們還有許多其他利潤率更高的業務，如今船隻是我們銷售的產品中利潤率最低的，如果跟隨他們的步伐增加產品組合，將會對你的綜合利潤率產生不利影響。如果低利潤產品的銷售量大幅成長，就會影響你的綜合利潤率。那句話的意思就是這個。

Okay. And you -- but you did -- you called out higher margin businesses contributing favorably to the consolidated gross margin. Is that just saying without those businesses, it would have been even worse?

好的。而且你——但你確實——指出了那些利潤率較高、對合併毛利率做出有利貢獻的企業。這豈不是說，如果沒有這些企業，情況會更糟？

Yes, yes, for sure. The Marina businesses that we're in, our Superyacht services, Finance and Insurance, Service, all the other business -- Brokerage, all the other business we're in, contain a much higher gross profit margin. And they all keep doing and performing pretty darn well.

是的，當然。我們從事的碼頭業務、超級遊艇服務、金融和保險、服務以及所有其他業務——經紀業務以及我們從事的所有其他業務，都包含更高的毛利率。而且他們一直都做得很好，表現也相當出色。

Eric Wold, Texas Capital Securities.

Eric Wold，德州資本證券。

Just coming out of just the initial set of boat shows into the winter, I guess, can you talk a little bit about what you're seeing with demand kind of across the various income groups and price points? I know you talked about seeing demand on the high end, which raised the average price point. Does that mean there was weakness at the low end or just that you saw a greater demand at the high end? And does that give you -- if that's the case, does that give you more confidence that some of the higher-end premium buyers that surprisingly were kind of staying on the sidelines are starting to come off?

剛結束了第一輪船展，進入冬季，您能否談談您觀察到的各個收入群體和價格點的需求？我知道你提到高端市場需求旺盛，這推高了平均價格。這是否意味著低端市場疲軟，還是僅僅意味著高端市場需求更大？如果是這樣，這是否會讓你更有信心，一些出乎意料地一直持觀望態度的高端買家也開始加入購買行列了？

Yes. Eric, it's Brett. I think the Lauderdale Boat Show is exactly what we saw. It's a higher ticket price type of show and the demand was good. And in fact, like you just said, there were some people that had been waiting that were just kind of want to go boating and they just decided to kind of come in and get boating. So that was good momentum.

是的。艾瑞克，我是布雷特。我覺得勞德代爾堡遊艇展正如我們所見的那樣。這是一場票價較高的演出，而且需求很好。事實上，就像你剛才說的，有些人一直在等，他們只是想去划船，所以他們決定過來划船。所以這是一個好的勢頭。

Second half of the quarter was tough. Trends were down. I don't know if I'd categorize it because that time of year for us is kind of a larger product winter season type of sales. So it's the bigger boats. There's some industry data out there, but the fiberglass segment continues to be under pressure, which is we're trying to fight through that. And that's Mike's comments about kind of getting into the second half of the year with inventory being in good alignment, good things will happen for that.

下半學期很難熬。趨勢呈下降趨勢。我不知道該如何歸類，因為對我們來說，每年的這個時候通常是冬季產品銷售旺季。所以是那些更大的船。雖然有一些行業數據，但玻璃纖維行業仍然面臨壓力，我們正在努力克服這種壓力。這是麥克關於進入下半年庫存狀況良好，將會有好結果的評論。

Okay. Just to follow up, I know you're not necessarily a low-end boat seller, but I guess on the lower end of your scale, are you seeing that cohort of buyers change at all? Are they staying relatively cautious? Are you getting more cautious? Are they starting to come off the sidelines as well with rates coming down? What are you kind of seeing from the lower end?

好的。我再補充一下，我知道您不一定是低端船艇賣家，但我想問的是，在您銷售的船艇中，低端買家群體是否有所變化？他們是否保持相對謹慎的態度？你是不是變得更謹慎了？隨著利率下降，他們是否也開始走出觀望？從低階市場來看，你大致看到了什麼？

Yes. I think it feels similar. I think my comment about it being seasonally the larger boats, we're not feeling any additional pressure on the lower end of what we carry versus the upper end, it feels generally about the same. Mike, you want to add to that?

是的。我覺得感覺差不多。我認為我之前說的「大型船隻的需求會隨季節變化」並不準確，我們並沒有感覺到低端船隻和高端船隻之間存在任何額外的壓力，感覺總體上差不多。麥克，你想補充什麼嗎？

Eric, I think what I can add to that is that the within the industry, obviously, we see what's happening within our stores. We know it's happening outside of our stores. And clearly, the data tells you that the premium product, the higher price point, the premium end is performing better overall than the value or entry-level end segments. They're both challenged. I think the value end and the more entry level is more challenged for sure than the premium end.

艾瑞克，我認為我可以補充的是，在業內，我們顯然可以看到我們門市裡發生的事情。我們知道這種情況也發生在我們的門市外。很明顯，數據表明，高端產品、價格更高的產品、高端市場整體表現優於價值型或入門級市場。他們都面臨挑戰。我認為，入門級和低端市場面臨的挑戰肯定比高端市場更大。

And the strength that we saw in Lauderdale, and Brett commented on other shows, the strength that we saw in January in a lot of shows, it does seem to be being led by some of our larger product, which is historically what's happened in past cycles when we come out of a cycle. The more premium product that we sell tends to lead the way, which is encouraging when we start thinking about the rest of 2026 also.

我們在勞德代爾堡看到的強勁勢頭，以及布雷特對其他展會的評論，還有我們在1月份很多展會上看到的強勁勢頭，似乎都是由我們的一些大型產品帶動的，這與過去週期結束後我們經歷的情況類似。我們銷售的高端產品往往引領潮流，這讓我們在展望 2026 年剩餘時間時倍感鼓舞。

I'll add one more thing. I think sometimes right now, it's less about this segment for us, for the products we carry. It's less about one segment being up or down. And this buyer, it's about kind of a start-stop thing, different world of news that comes out, just literally, we can see sales, buying trends change for two weeks after some crazy news that might get released. And so it's great Lauderdale Show and then a couple of weeks of crazy news and the buyers all stop. So it's really the uncertainty right now that's out there that's causing people to either be buying or slowing down for a little bit.

我再補充一點。我認為現在對我們來說，我們所銷售的產品，有時並不那麼關注這個細分市場。重點不在於某個板塊是上升還是下降。而對買家來說，這是一種時斷時續的現象，新聞界瞬息萬變，我們甚至可以看到，在一些勁爆新聞發布後的兩週內，銷售和購買趨勢都會改變。所以，勞德代爾堡展會很精彩，但接下來的幾週新聞鋪天蓋地，買家們都停止了採購。所以，目前存在的不確定性確實導致人們要麼加強購買力度，要麼暫時放緩購買速度。

Anna Glaessgen, B. Riley Securities.

Anna Glaessgen，B. Riley Securities。

I'd like to turn back to the cadence of boat margin embedded in the guidance, you've been clear that you expect some pressure through the second fiscal quarter. Should we expect that in the back half, there's less pressure or that it actually inflects the positive year-over-year as you lap that Liberation Day impact?

我想回到指導意見中提到的船舶利潤率節奏問題，您已經明確表示，您預計第二財季將面臨一些壓力。我們是否應該預期下半年壓力會減輕，或是隨著解放日的影響逐漸消退，反而會對年比數據產生正面影響？

Yes, if I understand your question right, Anna, it's the March quarter will have very similar pressure to what we experienced here in the December quarter. And then yes, it's going to be less pressure. So there ought to be opportunities for consolidated gross margin expansion, I'd be modest in that is what's in our guidance. But there should be the opportunity for some boat margin expansion which would affect and improve our consolidated margins in the June quarter and the September quarter.

是的，安娜，如果我理解你的問題沒錯的話，三月的季度將面臨與我們去年十二月季度非常相似的壓力。那樣的話，壓力確實會減輕一些。因此，合併毛利率應該會有成長的機會，我保守估計，這也是我們目前的預期。但船舶利潤率應該會有一些擴張的機會，這將影響並改善我們 6 月季度和 9 月季度的綜合利潤率。

Got it. And then turning to the customer deposits. We've seen kind of an extended stint of year-over-year compression in light of the broader retail environment seems to be a positive that that's starting to inflect. Just trying to understand if there's anything one-time in this most recent quarter. I know it can be lumpy if you have one really big boat in there. So anything to call out on mix or anything to note there?

知道了。然後轉向客戶存款。鑑於整體零售環境，我們看到同比增速放緩的趨勢似乎是一個積極的信號，而且這種趨勢正在開始顯現。我只是想了解一下最近這個季度是否有任何一次性事件。我知道如果裡面有一艘很大的船，水面可能會顛簸。那麼，關於混音方面有什麼需要特別指出的地方嗎？或是有什麼需要注意的地方嗎？

Actually, great question. I called it out on the -- on our prepared remarks, I think it's a great point to note that our the customer deposits is, in some way, fuel for future quarters and the fact that it's stopped declining and evened out on a year-over-year basis despite all the uncertainty, I think it's a real positive. There isn't really anything overly lumpy in there. It just reflects solid business trends with some of the larger products, which is usually where you're giving deposits. But no, generally, it's good that deposits are holding up year-over-year.

這確實是個好問題。我在準備的發言稿中提到了這一點，我認為值得一提的是，客戶存款在某種程度上是未來幾個季度的動力，儘管存在各種不確定性，但存款已經停止下降，並且同比保持穩定，我認為這是一個非常積極的信號。裡面其實沒有什麼特別粗糙的東西。這反映了一些大型產品的穩健商業趨勢，而這些產品通常也是你需要支付訂金的地方。但總的來說，存款額比去年同期保持穩定是件好事。

Gerrick Johnson, Seaport Research.

Gerrick Johnson，Seaport Research。

I want to go a little bit deeper into Eric's question about boat shows. And you mentioned early boat shows are encouraging. Now excluding Fort Lauderdale in this conversation, can you just dive deeper into that? What shows, what regions maybe were most encouraging over the past month or so and what segments?

我想更深入地探討一下艾瑞克關於船展的問題。您提到早期的船展令人鼓舞。現在先把勞德代爾堡排除在外，你能更深入地探討一下嗎？在過去一個月左右的時間裡，哪些節目、哪些地區、哪些細分市場最令人鼓舞？

Yes. This is Brett, Gerrick. The boat shows that's kind of what made the comment in our script there that we called out a bunch of different shows from St. Pete to Boston and in between. And the reason we did that is really across all markets we saw a positive boat show. Some of these shows are smaller in the grand scheme of things, but it's an indicator for that market of what to expect.

是的。這是布雷特·格里克。船上的情況表明，這正是我們在劇本中提到的那句話的由來，我們提到了從聖彼得堡到波士頓以及兩者之間的許多不同的演出。我們這樣做的原因是，我們在所有市場上都看到了正面的船展反應。從整體來看，這些展會規模較小，但它們可以作為該市場發展趨勢的指標。

And like we keep saying kind of heading into the spring selling season, what are we kind of up against which last year, like Mike keeps saying that our Q1 and Q2 were pretty good last year and then Liberation Day hit and so therefore, we've been adjusting inventory because of that harsh reduction in the industry sales. And with inventory in line, hopefully nothing like a Liberation Day come at the beginning of the quarter for Q3, you're kind of going in with good inventory and an uptick in sales, you should be in a good place there.

正如我們一直在說的，隨著春季銷售旺季的臨近，我們面臨著怎樣的挑戰？去年，麥克一直說我們的第一季和第二季都相當不錯，但隨後解放日假期到來，因此，由於行業銷售額的急劇下降，我們一直在調整庫存。庫存充足，希望第三季初不會出現像解放日那樣的突發情況，這樣一來，庫存良好，銷售額也有所增長，應該會處於有利地位。

Okay. So it sounds encouraging. Now given that we lost Sunday in New York, is that impactful to your second quarter?

好的。聽起來令人鼓舞。鑑於我們週日在紐約輸掉了比賽，這對你們第二季的成績有影響嗎？

I think all of those shows, I would say, when I think back to the decades that Mike and I have been attending shows and our team, it feels like every year, there's something in every one of those shows. So the comparables are real hard to say. We probably lost a day last year. The attendance was down. There was a lot going on in Minneapolis, but all of our shows did fine, you take St. Petersburg, I mean two days were weather issues, and we still had a great show. So yes, back to your question, that does have effects on things, but usually, it balances out for the effect of New York, a decent show, so it should shine through in our quarter.

我認為所有這些展會，當我回想起我和麥克以及我們的團隊幾十年來參加的各種展會時，感覺每年的每場展會都有一些東西值得我們去發現。所以很難找到可比較的例子。去年我們可能損失了一天時間。出席人數下降了。明尼阿波利斯發生了很多事，但我們所有的演出都進行得很順利。就拿聖彼得堡來說，雖然有兩天天氣原因，但我們仍然舉辦了一場很棒的演出。所以，回到你的問題，這確實會對事情產生影響，但通常情況下，紐約的演出效果不錯，足以抵消這種影響，所以它應該會在我們這個地區大放異彩。

Okay. And you mentioned news having an impact on your customer last year. Did that have any impact in the quarter given the government shutdown happened like in the middle of the quarter?

好的。您去年也提到新聞對您的客戶產生了影響。鑑於政府停擺發生在季度中期，這是否對該季度業績產生了任何影響？

It's actually -- the way I would answer that, and Brett may have his own views on it, but the way I would answer that is, to the extent something like that, just kind of messes with consumer demand and how the consumer feels and all that. And that's negative. It probably had a negative impact on us from that perspective. I don't know if we can directly go. We got this boat sale, we lost this boat sale because of it.

實際上——我的回答是，布雷特可能對此有自己的看法，但我的回答是，類似的事情在某種程度上會擾亂消費者的需求以及消費者的感受等等。這是負面的。從這個角度來看，這可能對我們產生了負面影響。我不知道我們是否可以直接去。我們本來談成了這筆船的交易，結果又因為這件事失去了這筆船的交易。

It has that start-stop effect on our consumer, right? You get good momentum at Lauderdale or a boat show and then news like that, and just people get consumed, and they sit on the sideline for a couple of weeks, and then they start coming back. So it's the start-stop uncertainty that we're feeling this last three, four months.

它對我們的消費者產生了那種忽上忽下的影響，對吧？在勞德代爾堡或遊艇展上獲得良好勢頭後，再加上類似的新聞，人們就會被吸引，然後他們會在場邊觀望幾個星期，之後才會開始回歸。所以，過去三、四個月來，我們一直感受到的就是這種時斷時續的不確定性。

David McGregor, Longbow Research.

David McGregor，Longbow Research。

This is Joe Nolan on for David. Just on gross margin, the year-over-year change, can you quantify or talk directionally about the drivers to the decline in margin? Just how much was mix? How much was promos, et cetera?

這裡是喬諾蘭替大衛報道。僅就毛利率而言，即同比變化，您能否量化或大致分析導致毛利率下降的驅動因素？混合料到底有多少？促銷活動等等一共花了多少錢？

It's a good question. I don't really have that broken down right in front of you. And I tell you all of it is promotional, not really mix in terms of new boat gross margin decline from a year-over-year perspective. And that's really what's driving the overall gross margin decline.

這是個好問題。我沒有把所有細節都擺在你面前。我告訴你，這一切都是促銷活動，並非真正反映了新船毛利率年減的情況。而這才是導致整體毛利率下降的真正原因。

So I guess to your point, mix because we do have an increase in boat sales overall, would contribute to that. But the biggest driver is just where boat margins are versus last year.

所以，我想正如你所說，混合因素，因為我們整體上確實有船舶銷量成長，這會對此有所貢獻。但最大的驅動因素是船隻利潤率與去年相比如何。

Got it. Okay. And then on same-store sales, you guys had a great quarter. Can you just talk about the cadence through the quarter and just what you've seen so far into January?

知道了。好的。在同店銷售方面，你們這個季度表現非常出色。您能否談談本季的發展節奏以及目前在1月觀察到的情況？

Yes. October was a good month. November and December were aided by the Fort Lauderdale Boat Show. Traffic and just units and business itself were challenged in those two months, consistent with the industry data. I mean, we did fine. But -- so the same-store sales were strong kind of throughout the quarter because of the strength of the Fort Lauderdale Boat Show.

是的。十月是個好月份。11 月和 12 月的銷售得益於勞德代爾堡遊艇展。在這兩個月裡，交通流量、銷售和業務本身都受到了挑戰，這與行業數據相符。我的意思是，我們做得還不錯。但－由於勞德代爾堡遊艇展的強勁表現，整個季度同店銷售額都保持強勁。

And then as we said on the call for January, we are expecting January to finish with positive same-store sales growth. And as Brett said, all the boat shows, all the ones you rattled off, which were quite a few across the country have been generally pretty positive.

正如我們在1月的電話會議上所說，我們預計1月同店銷售額將實現正成長。正如布雷特所說，你一口氣提到的那些船展，全國各地有很多船展，整體來說反應都相當積極。

Okay. Great. And if I could just sneak one more in, just on acquisitions. Just wondering what you're seeing in terms of valuations, where your targets are there? And just anything you could say about that?

好的。偉大的。如果可以的話，我再補充一點，就拿收購來說吧。想了解目前看到的估價狀況，您的目標價位在哪裡？關於這一點，您還有什麼要說的嗎？

I can comment. We always have a robust acquisition pipeline, and we still do. The challenge right now is for many of the entities in our pipeline, and they're not all necessarily boat dealers, but for many of them that are dealers, there's just no earnings. And so it's kind of hard to -- it's hard to come up with good valuation discussions with potential people that we merge with. What I'd say is over our long history of doing this, we don't really lose an acquisition target.

我可以發表一些看法。我們一直都有強大的收購計劃，現在仍然如此。目前我們面臨的挑戰是，我們通路中的許多實體（不一定都是船舶經銷商，但其中許多是經銷商）都沒有任何收入。因此，與潛在的合併對象進行良好的估值討論就有點困難。我想說的是，在我們長期從事這項業務的過程中，我們實際上從未失去收購目標。

They may get postponed and then we come back and acquire them at some point in the future when it makes sense to us and makes sense to them as well. The valuations in terms of those type of businesses haven't changed a whole lot other than the earnings within those businesses. It's just very, very weak to the extent they have any.

這些收購可能會被推遲，然後我們會在將來某個時候，當對我們和他們來說都合適的時候，再回來收購它們。除了這些企業本身的獲利情況外，這類企業的估值並沒有太大變化。他們的力量非常非常弱，即便有，也微乎其微。

There are no further questions at this time. I would like to turn the conference back over to Brett for closing remarks.

目前沒有其他問題了。我謹將會議交還給布雷特，請他作閉幕致詞。

Yes. Thank you, everybody, for joining us this morning. And for those of you heading to the Miami Boat Show, we hope to see you there, and look forward to talking to you on the next call. Have a great day.

是的。謝謝大家今天早上收看我們的節目。對於那些即將前往邁阿密遊艇展的朋友們，我們希望在那裡見到你們，並期待在下次通話中與你們交流。祝你有美好的一天。

Thank you. This will conclude today's conference. You may disconnect at this time, and thank you for your participation.

謝謝。今天的會議到此結束。現在您可以斷開連接了，感謝您的參與。