Malibu Boats Inc (MBUU) 2022 Q4 法說會逐字稿

Good morning, and welcome to the Malibu Boats Conference Call to discuss fourth quarter and full fiscal year 2022 results. (Operator Instructions) Please be advised that reproduction of this call in whole or in part is not permitted without written authorization of Malibu Boats. As a reminder, today's call is being recorded.

早上好，歡迎參加 Malibu Boats 電話會議，討論第四季度和 2022 財年全年業績。 （操作員說明）請注意，未經 Malibu Boats 書面授權，不得全部或部分複制此呼叫。提醒一下，今天的電話正在錄音中。

On the call today from management are Mr. Jack Springer, Chief Executive Officer; and Mr. Wayne Wilson, Chief Financial Officer; and Mr. Ritchie Anderson, Chief Operating Officer.

今天來自管理層的電話是首席執行官傑克斯普林格先生；以及首席財務官 Wayne Wilson 先生；和首席運營官 Ritchie Anderson 先生。

I will turn the call over to Mr. Wilson to get it started. Please go ahead, sir.

我將把電話轉給威爾遜先生開始。請繼續，先生。

Thank you, and good morning, everyone. On the call, Jack will provide commentary on the business, and I will discuss our fiscal fourth quarter and full year 2022 financials. We will then open the call for questions. A press release covering the company's fiscal fourth quarter and full year 2022 results was issued today, and a copy of that press release can be found in the Investor Relations section of the company's website.

謝謝大家，大家早上好。在電話會議上，傑克將就業務發表評論，我將討論我們第四財季和 2022 年全年的財務狀況。然後，我們將打開問題電話。今天發布了一份涵蓋公司第四財季和 2022 年全年業績的新聞稿，該新聞稿的副本可在公司網站的投資者關係部分找到。

I also want to remind everyone that management's remarks on this call may contain certain forward-looking statements, including predictions, expectations, estimates or other information that might be considered forward-looking, and that actual results could differ materially from those projected on today's call. You should not place undue reliance on these forward-looking statements, which speak only as of today, and the company undertakes no obligation to update them for any new information or future events. Factors that might affect future results are discussed in our filings with SEC, and we encourage you to review our SEC filings for a more detailed description of these risk factors.

我還想提醒大家，管理層對本次電話會議的評論可能包含某些前瞻性陳述，包括預測、預期、估計或其他可能被視為前瞻性的信息，並且實際結果可能與今天電話會議中的預測結果大不相同.您不應過分依賴這些前瞻性陳述，這些陳述僅在今天發表，公司不承擔就任何新信息或未來事件更新它們的義務。我們向美國證券交易委員會提交的文件中討論了可能影響未來結果的因素，我們鼓勵您查看我們向美國證券交易委員會提交的文件，以更詳細地描述這些風險因素。

Please also note that we will be referring to certain non-GAAP financial measures on today's call, such as adjusted EBITDA, adjusted EBITDA margin, adjusted fully distributed net income and adjusted fully distributed net income per share. Reconciliations of these non-GAAP financial measures to GAAP financial measures are included in our earnings release.

另請注意，我們將在今天的電話會議上提及某些非 GAAP 財務指標，例如調整後的 EBITDA、調整後的 EBITDA 利潤率、調整後的完全分配淨收入和調整後的完全分配每股淨收入。這些非公認會計原則財務指標與公認會計原則財務指標的對賬包含在我們的收益發布中。

I will now turn the call over to Jack Springer.

我現在將把電話轉給 Jack Springer。

Thank you, Wayne, and thank you all for joining the call. Fiscal year 2022 was another record year for Malibu Boats, which included fantastic fourth quarter results that surpassed expectations. Despite persistent supply chain and inflationary headwinds impacting the broader marine industry, our differentiated operating model, vertical integration capabilities and strategic leadership continues to shine through, helping us persevere and be the market leader.

謝謝你，韋恩，也感謝大家加入電話會議。 2022 財年是 Malibu Boats 又一個創紀錄的一年，其中包括超出預期的出色第四季度業績。儘管持續的供應鍊和通脹逆風影響著更廣泛的海洋行業，但我們的差異化運營模式、垂直整合能力和戰略領導力繼續閃耀，幫助我們堅持不懈並成為市場領導者。

For fiscal year 2022, net sales increased nearly 31% to a record $1.2 billion. Gross margin remained strong at 25.5%, and adjusted EBITDA grew 30% to a record $247 million, while adjusted EBITDA margin remained relatively consistent at 20.3%. During the fiscal year, we have met unwavering demand by amping up our production capabilities through our vertically integrated model. As a result, we supported strong order volumes and ultimately exceeded our full year guide.

2022 財年，淨銷售額增長近 31%，達到創紀錄的 12 億美元。毛利率保持在 25.5% 的強勁水平，調整後的 EBITDA 增長 30% 至創紀錄的 2.47 億美元，而調整後的 EBITDA 利潤率保持相對穩定的 20.3%。在本財年，我們通過垂直整合模式增強生產能力，滿足了堅定不移的需求。因此，我們支持強勁的訂單量並最終超過了我們的全年指導。

Malibu continues to set the tone, led by our operational excellence, premium brands and unmatched manufacturing capabilities across our differentiated portfolio. We look to carry this momentum forward into the 2023 fiscal year supported by our new Malibu products. Retail demand remained very strong and has continued to support extremely robust ASPs across all brands. During the fiscal year, we did a masterful job of optimizing price in a difficult supply-constrained environment compared to the broader marine industry.

在我們差異化產品組合中卓越的運營、優質品牌和無與倫比的製造能力的引領下，馬里布繼續定下基調。在我們的新 Malibu 產品的支持下，我們希望將這一勢頭延續到 2023 財年。零售需求仍然非常強勁，並繼續支持所有品牌極其強勁的 ASP。在本財年，與更廣泛的海洋行業相比，我們在供應受限的困難環境中做了出色的價格優化工作。

With many competitors across our segments raising prices into the double digits year-over-year, we are proud to deliver our industry-leading innovation with minimal price increases comparatively, which will be a competitive advantage. As many boat manufacturers experienced, we did see a slight pause with the delayed spring. However, retail demand bounced back with a dealer seeing a quick recovery around Memorial Day that carried through the quarter end. As a result, we have orders extending well into the first half of fiscal year 2023, and they show no signs of slowing.

由於我們細分市場的許多競爭對手將價格逐年提高到兩位數，我們很自豪能夠以相對較低的價格上漲提供我們行業領先的創新，這將是一種競爭優勢。正如許多船舶製造商所經歷的那樣，我們確實看到了延遲彈簧的輕微停頓。然而，零售需求反彈，經銷商看到陣亡將士紀念日前後迅速復蘇，並持續到季度末。因此，我們的訂單一直延續到 2023 財年上半年，而且沒有放緩的跡象。

The strength of the Malibu consumer has proven resilient. With our tried and proven experience successfully navigating through challenging market cycles, we are confident in our strategic and operational capabilities, coupled with our ability to execute in any macro environment.

Malibu 消費者的實力已被證明具有韌性。憑藉我們在充滿挑戰的市場週期中成功駕馭的久經考驗的經驗，我們對自己的戰略和運營能力以及在任何宏觀環境中的執行能力充滿信心。

Across all of our brands, we are performing at very high levels. Led by Malibu and Cobalt, we have consistently increased production volumes to keep pace with strong retail orders and have already begun to build back inventory in the channel in these segments. At this time of the year, in the freshwater environment, that is important because buyers want the boat right away to enjoy the last few weeks of the season before cold weather. We believe this will give us an advantage over the first and early second quarters of fiscal 2023.

在我們所有的品牌中，我們的表現都非常高。在 Malibu 和 Cobalt 的帶領下，我們一直在增加產量以跟上強勁的零售訂單，並且已經開始在這些細分市場的渠道中建立庫存。在每年的這個時候，在淡水環境中，這很重要，因為買家希望船在寒冷天氣之前立即享受季節的最後幾週。我們相信，這將使我們在 2023 財年第一季度和第二季度初獲得優勢。

While Malibu and Cobalt have begun to build back some of our channel inventory, our Salt Water brands, which are still seeing higher-than-normal number of retail sold orders, have yet to make the same step forward and channel inventories remain very low. Although marine-wide supply chain issues continue to limit the channel build across our brands and especially in the Salt Water brands, we now believe that as the supply chain cooperates, we will see inventory begin to build at a better pace in the second half of fiscal year 2023.

雖然 Malibu 和 Cobalt 已經開始重建我們的部分渠道庫存，但我們的 Salt Water 品牌的零售訂單數量仍高於正常水平，但尚未邁出同樣的步伐，渠道庫存仍然非常低。儘管海運供應鏈問題繼續限制我們品牌的渠道建設，尤其是鹽水品牌，但我們現在認為，隨著供應鏈的合作，我們將看到庫存在下半年開始以更好的速度增長2023 財年。

We and other marine experts continue to believe that channel inventories will not reach normal levels until the end of calendar 2023 or the beginning of calendar 2024. This provides us with a great ramp-up opportunity despite any macroeconomic conditions that may exist. Headwinds driven by supply chain disruptions continue to be the limiting factor to normalizing production, with the biggest issues continuing to come from engines across all manufacturers, windshields, electronics and imports from Asia driven by continuing port congestion on the West and East Coast.

我們和其他海洋專家仍然認為，在 2023 年年底或 2024 年年初之前，渠道庫存不會達到正常水平。儘管可能存在任何宏觀經濟條件，這為我們提供了一個很好的增產機會。供應鏈中斷帶來的不利因素仍然是生產正常化的限制因素，最大的問題仍然來自所有製造商的發動機、擋風玻璃、電子產品和來自亞洲的進口，這是由於西海岸和東海岸的港口持續擁堵所致。

As we have stated in the past, we maintain that any real improvement in the supply chain will not begin until the first half of calendar year 2023, and we are in an optimal position to execute as these headwinds improve and customers start coming back into dealerships looking for stock boats.

正如我們過去所說，我們認為供應鏈的任何真正改善要到 2023 年上半年才會開始，隨著這些不利因素的改善和客戶開始重新進入經銷商，我們處於最佳執行位置尋找庫存船。

Despite these headwinds, our production capabilities have never been stronger. Our recent acquisition of Malibu Electronics represents just another example of our strategic leadership and foresight in managing our supply chain. Importantly, we would not have been able to shift the volume that we did at Malibu and Cobalt without the addition of Malibu Electronics to our vertically integrated model. We will only continue to see the benefits compound as we ramp up production in the quarters to come.

儘管存在這些不利因素，但我們的生產能力從未如此強大。我們最近對 Malibu Electronics 的收購是我們在管理供應鏈方面的戰略領導力和遠見的又一例證。重要的是，如果沒有將 Malibu Electronics 添加到我們的垂直整合模型中，我們將無法像 Malibu 和 Cobalt 那樣改變我們的業務量。隨著我們在未來幾個季度提高產量，我們只會繼續看到收益複合。

Turning to our market performance, we continue to hold our own in every brand. And in particular, I couldn't be prouder of the team at Cobalt. As you know from past calls, Cobalt was late to the game in the outboard market when we acquired them. It was an immediate product focus for us, and we have since expanded the number of models from 3 to 7, with more to come. For context, in June of 2018, Cobalt's outboard market share was approximately 4.4% in our competitive segment. Based on the early June 2022 numbers released last month, Cobalt's outboard share is now up to 18.1% year-to-date.

談到我們的市場表現，我們繼續在每個品牌中保持自己的優勢。特別是，我為 Cobalt 的團隊感到無比自豪。正如您從過去的電話中了解到的那樣，當我們收購 Cobalt 時，Cobalt 在舷外機市場上的表現已經很晚了。這對我們來說是一個直接的產品重點，我們已經將模型的數量從 3 個擴展到 7 個，並且還會有更多。就背景而言，2018 年 6 月，Cobalt 在我們的競爭領域中的舷外市場份額約為 4.4%。根據上個月發布的 2022 年 6 月上旬的數據，Cobalt 的外部份額今年迄今已高達 18.1%。

In just the last year alone, we have increased our outboard market share by 600 basis points and look to maintain this trajectory in the quarters to come. Whether it be Malibu, Axis, Cobalt, Pursuit or Maverick, no one has a track record of success in designing and bringing new products and innovations to market. We win hands down on product and are very excited to release our incredible 2023 product lineup.

僅在去年，我們就將舷外市場份額增加了 600 個基點，並希望在未來幾個季度保持這一軌跡。無論是 Malibu、Axis、Cobalt、Pursuit 還是 Maverick，沒有人在設計和將新產品和創新推向市場方面取得成功。我們在產品上贏得了勝利，並且非常高興能夠發布我們令人難以置信的 2023 年產品陣容。

For Malibu and Axis, we are again introducing 4 new boats, which is far more than any other competitor. This includes the all-new Malibu 22 LSV and 26 LSV, and the Axis A225 and T235. We are especially excited about our new Malibu 26 LSV. This 26-foot monster of a wave and wait machines is the largest boat ever built by Malibu and will serve a market that is growing in demand at every turn. There are also compelling new features which will debut on this model and extend across our other Malibu models. While there is a plethora of new and compelling features, I will give you a taste of 3 in particular.

對於 Malibu 和 Axis，我們再次推出 4 艘新船，遠遠超過任何其他競爭對手。這包括全新的 Malibu 22 LSV 和 26 LSV，以及 Axis A225 和 T235。我們對我們的新 Malibu 26 LSV 感到特別興奮。這艘 26 英尺長的波浪和等待機器怪物是 Malibu 有史以來建造的最大的船，將為不斷增長的需求提供服務。還有一些引人注目的新功能將在此型號上首次亮相，並擴展到我們的其他 Malibu 型號。雖然有許多新的和引人注目的功能，但我會特別給你一個 3 的味道。

For several years, our focus on features has been around functionality, what makes the customers experience more convenient and ergonomics. Case in point, we are introducing the Max-Pivot Seat, which smoothly changes between multiple positions and functional uses, and it now includes a bench seat, a bed and a fully functional table. Our new Malibu stereo system now features amplifiers that are 70% smaller, subwoofers, speakers, improved DSP tuning capabilities and a transform remote, which will take the user into the next stage of sound.

幾年來，我們對功能的關註一直圍繞著功能，讓客戶體驗更方便和更符合人體工程學。例如，我們正在推出 Max-Pivot Seat，它可以在多個位置和功能用途之間順暢切換，現在它包括一個長椅、一張床和一張功能齊全的桌子。我們新的 Malibu 立體聲系統現在配備了縮小 70% 的放大器、低音炮、揚聲器、改進的 DSP 調諧功能和一個轉換遙控器，這將把用戶帶入下一個聲音階段。

And lastly, for Malibu, our rudder-position sensor, which displays on the command center's main screen, will help enable ease in docking, slow-speed maneuvering and takeoffs with riders.

最後，對於 Malibu，我們的方向舵位置傳感器顯示在指揮中心的主屏幕上，將有助於輕鬆對接、低速機動和與騎手一起起飛。

Turning to Cobalt, building on our R33 series with the sterndrive boat release in fiscal year 2022, we have recently announced the R33 outboard version for our coastal customers. The hunger for these 2 boats has been loud and clear, with demand exceeding what we had initially projected by a large margin, which is a nice problem to have. In just 3 weeks at the Cobalt dealer meeting, we will be unveiling our new R35-stern and R35 outboard boats for a first look by our dealers. There is no doubt that these 2 exceptional boats will also be in high demand as we make them available to the public after the first of the year.

談到 Cobalt，我們在 R33 系列的基礎上在 2022 財年發布了船尾驅動船，我們最近宣布了面向沿海客戶的 R33 舷外版本。對這兩艘船的渴望非常強烈，需求量大大超過了我們最初的預測，這是一個很好的問題。在短短 3 週的 Cobalt 經銷商會議上，我們將揭開我們的新 R35 船尾和 R35 舷外船的面紗，讓我們的經銷商先睹為快。毫無疑問，這 2 艘非凡的船隻也將有很高的需求，因為我們將在年初之後將它們提供給公眾。

Two features for Cobalt that I'm excited to talk about are the new seat keeper options that eliminates up to 95% of boat roll. The marine industry has seen this feature become a must-have for boats over 30 feet in the saltwater environment, and we will make this feature available on our 2 new R33s as well as the 2 new R-35s. Secondly, we are introducing a slide boarding door option for the R33 standard and the R33 outboard as well as the R35 standard and the R35 outboard. This option provides effortless side entry and access to the boat and is very similar to the version offered on many Pursuit models.

我很高興談論 Cobalt 的兩個功能是新的座椅保持器選項，可消除高達 95% 的船側傾。海事行業已經看到此功能已成為 30 英尺以上海水環境中船隻的必備功能，我們將在我們的 2 款新 R33 和 2 款新 R-35 上提供此功能。其次，我們為 R33 標準和 R33 舷外機以及 R35 標準和 R35 舷外機引入了滑動登機門選項。此選項提供輕鬆的側面進入和進入船的通道，與許多 Pursuit 型號上提供的版本非常相似。

At Pursuit, during the beginning of our fiscal year in July, we introduced our largest boat ever built at Pursuit with the OS 445. This offshore boat, which features massive living accommodations, first-in-class bounce feeding and an incredible amount of storage, has already amassed orders for the next 1.5 years despite just now being seen in the wild. In the next couple of months, we will introduce a new boat on the other end of the link spectrum, the brand-new [S248] which will capture that smaller saltwater market. There will be a third boat introduced in the second half of the model year that is a White Space boat that we expect will drive significant volume over the next few years.

在 Pursuit，在 7 月的財政年度開始時，我們推出了我們在 Pursuit 建造的最大的船，配備 OS 445。這艘近海船具有大型起居室、一流的彈跳餵食和令人難以置信的存儲量，儘管剛剛在野外看到，但已經積累了未來 1.5 年的訂單。在接下來的幾個月裡，我們將在鏈路頻譜的另一端推出一艘新船，即全新的 [S248]，它將佔領較小的海水市場。第三艘船將在模型年的下半年推出，這是一艘 White Space 船，我們預計它將在未來幾年內推動大量銷量。

For Maverick Boat Company, we are launching our first new product since we acquired the company, with the unveiling of the new 2023 Pathfinder 2400 TRS, which will be introduced at the MBG dealer meeting next week. Our team at Pathfinder was given full rein to build the boat of their dreams and beat the competition to their return. They have done just that, and we expect the line to buy this boat to be longer than a Sunday after church at a Golden Corral buffet.

對於 Maverick Boat Company，我們將推出自我們收購該公司以來的第一個新產品，並推出新的 2023 Pathfinder 2400 TRS，該產品將在下週的 MBG 經銷商會議上推出。我們在探路者的團隊全力以赴建造他們的夢想之船並擊敗競爭對手回歸。他們就是這樣做的，我們預計購買這艘船的隊伍會比教堂後的周日在 Golden Corral 自助餐的時間更長。

As we end another record year, I am proud of the significant progress our team continues to make. We are the best, and we continue to get better every single year. We have set ourselves in a unique position to continue our pace of ramping production. Heading into fiscal year '23, we are on track to start our channel build, and we remain confident in the outlook as demand remains high. As we have stated over the past 18 months, even if there is a downside scenario, our previous experience, best-in-class operations and battle-tested strategic leadership will mitigate these potential headwinds, allowing us to maintain strong margins in the quarters to come.

在我們結束又一個創紀錄的一年之際，我為我們的團隊繼續取得的重大進展感到自豪。我們是最好的，而且我們每年都在不斷進步。我們已將自己置於一個獨特的位置，以繼續我們提高生產的步伐。進入 '23 財年，我們有望開始我們的渠道建設，由於需求仍然很高，我們對前景充滿信心。正如我們在過去 18 個月中所說，即使出現下行情況，我們之前的經驗、一流的運營和久經考驗的戰略領導力將緩解這些潛在的不利因素，使我們能夠在季度保持強勁的利潤率，以來。

Overall, our team's hard work, commitment to excellence and agility in the midst of a challenging supply chain environment has delivered superior results, allowing us to cruise pass the competition, deliver more boats to our customers and maintain our track record of success. As we embark on fiscal year 2023, we believe our future remains exceptionally bright. We have a winning playbook, demonstrated by over a dozen years of continuing success.

總體而言，在充滿挑戰的供應鏈環境中，我們團隊的辛勤工作、對卓越和敏捷的承諾取得了卓越的成果，使我們能夠在競爭中脫穎而出，為我們的客戶提供更多的船隻，並保持我們的成功記錄。隨著我們開始 2023 財年，我們相信我們的未來仍然異常光明。我們有一個成功的劇本，十多年的持續成功證明了這一點。

From unprecedented consumer demand, the introduction of our new model year 2023 products, historically low dealer inventories, our unbeatable culture of operational excellence and vertical integration, we are extremely well positioned to drive substantial growth and profitability all the while delivering long-term value for our shareholders.

從前所未有的消費者需求、我們新的 2023 年款產品的推出、經銷商庫存處於歷史低位、我們無與倫比的卓越運營和垂直整合文化，我們處於非常有利的地位，可以推動大幅增長和盈利，同時為我們的股東。

I will now turn the call over to Wayne for further remarks on the quarter.

我現在將把電話轉給韋恩，以獲得關於本季度的進一步評論。

Thanks, Jack. In the fourth quarter, net sales increased 27.6% and to $353.2 million, and unit volume increased 10.3% to 2,596 boats. The increase in net sales was driven primarily by year-over-year price increases, a favorable model mix and increased unit volumes, primarily in our Malibu and Cobalt segments. The Malibu and Axis brands represented approximately 56.9% of unit sales or 1,478 boats. Cobalt represented 22.7% or 588 boats and Salt Water Fishing represented the remaining 20.4% or 530 boats.

謝謝，傑克。第四季度，淨銷售額增長 27.6% 至 3.532 億美元，單位數量增長 10.3% 至 2,596 艘。淨銷售額的增長主要是由於價格同比上漲、有利的車型組合和單位銷量增加，主要是在我們的 Malibu 和 Cobalt 細分市場。 Malibu 和 Axis 品牌約佔單位銷售額或 1,478 艘船的 56.9%。鈷佔 22.7% 或 588 艘船，鹹水捕魚占其餘 20.4% 或 530 艘船。

Consolidated net sales per unit increased 15.7% to approximately $136,000, primarily driven by year-over-year price increases and a favorable model mix. Gross profit increased 29.5% to $89.6 million, and gross margin was 25.4%. This compares to a gross margin of 25.0% in the prior year period. Selling and marketing expense increased 1.7% or $0.1 million in the fourth quarter. As a percentage of sales, selling and marketing expense decreased by 40 basis points.

每單位的合併淨銷售額增長 15.7% 至約 136,000 美元，主要是由於價格同比上漲和有利的模型組合。毛利潤增長 29.5% 至 8,960 萬美元，毛利率為 25.4%。相比之下，去年同期的毛利率為 25.0%。第四季度的銷售和營銷費用增加了 1.7% 或 10 萬美元。作為銷售額的百分比，銷售和營銷費用下降了 40 個基點。

General and administrative expenses increased 2% or $0.3 million. The increase was driven primarily by an increase in compensation and personnel-related expenses, increases in information technology expenses and travel, which were slightly offset by a decrease in professional fees. As a percentage of sales, G&A expenses, excluding amortization, decreased 120 basis points to 4.9%.

一般和行政費用增加了 2% 或 30 萬美元。這一增長主要是由於薪酬和人事相關費用的增加、信息技術費用和差旅的增加，但被專業費用的減少略微抵消。作為銷售額的百分比，不包括攤銷在內的 G&A 費用下降 120 個基點至 4.9%。

Net income for the quarter increased 42.1% to $49.7 million. Adjusted EBITDA for the quarter increased 28.3% to $73.9 million, and adjusted EBITDA margin increased 10 basis points to 20.9%.

本季度淨收入增長 42.1% 至 4970 萬美元。本季度調整後 EBITDA 增長 28.3% 至 7390 萬美元，調整後 EBITDA 利潤率增長 10 個基點至 20.9%。

Non-GAAP adjusted fully distributed net income per share increased 32.1% to $2.43 per share. This is calculated using a normalized C corp tax rate of 23.8% and a fully distributed weighted average share count of approximately 21.3 million shares. For a reconciliation of adjusted EBITDA and adjusted fully distributed net income per share to GAAP metrics, please see the table in our earnings release.

非公認會計原則調整後的每股完全分配淨收益增長 32.1% 至每股 2.43 美元。這是使用 23.8% 的標準化 C 公司稅率和約 2130 萬股的完全分佈加權平均股數計算得出的。有關調整後 EBITDA 和調整後完全分配的每股淨收益與 GAAP 指標的對賬，請參閱我們的收益發布中的表格。

As Jack mentioned earlier, we delivered another record-setting year in fiscal year 2022, further cementing our position as the most innovative and efficient operators in the industry. Our feature-rich boats continue to be highly sought after by our customers, and we have further enhanced our ability to deliver despite persistent headwinds affecting the broader marine industry. We are just beginning to see the benefits of our timely strategic acquisition of Malibu Electronics, which has helped us successfully improve our volume output across Malibu and Cobalt through the back half of the fiscal year. We are also still in the early innings of realizing the potential of our Maverick plant expansion, which will add even more production capacity to our Salt Water segment.

正如傑克之前提到的，我們在 2022 財年又創造了創紀錄的一年，進一步鞏固了我們作為業內最具創新性和效率的運營商的地位。我們功能豐富的船隻繼續受到客戶的高度追捧，儘管持續存在影響更廣泛海洋行業的逆風，我們仍進一步提高了我們的交付能力。我們剛剛開始看到及時戰略收購 Malibu Electronics 的好處，這幫助我們在本財年下半年成功提高了 Malibu 和 Cobalt 的產量。我們還處於實現 Maverick 工廠擴建潛力的早期階段，這將為我們的鹽水部門增加更多的生產能力。

Looking at full year numbers. Net sales increased 31.1% to a record $1.2 billion, and unit volume increased 13.1% to a record 9,255 boats. Consolidated net sales per unit increased 16% to just over $131,000, driven by higher sales of new, more expensive models and optional features and higher year-over-year prices. Gross profit increased 31.1% to $310.1 million. Net income for the year increased 43% to $163.4 million, and adjusted EBITDA increased 29.7% to a record $246.5 million for the full year.

查看全年數字。淨銷售額增長 31.1% 至創紀錄的 12 億美元，單位數量增長 13.1% 至創紀錄的 9,255 艘。受新的、更昂貴的型號和可選功能的銷量增加以及同比價格上漲的推動，每單位的合併淨銷售額增長了 16% 至略高於 131,000 美元。毛利增長 31.1% 至 3.101 億美元。全年淨收入增長 43% 至 1.634 億美元，調整後 EBITDA 增長 29.7% 至全年創紀錄的 2.465 億美元。

For the year, non-GAAP adjusted fully distributed net income per share increased 31.6% to a record $7.91 per share. As mentioned in prior quarters, we believe that heading into fiscal year 2023, our continued ability to produce more units will build channel inventories, setting our dealers up to win the retail battle. Our agility in managing supply chain issues has given us a significant competitive advantage, helping us continue to efficiently produce the best and most innovative products, while fortifying our industry-leading fiberglass boat manufacturing capabilities.

今年，非公認會計原則調整後的每股完全分配淨收益增長了 31.6%，達到創紀錄的每股 7.91 美元。如前幾個季度所述，我們相信進入 2023 財年，我們繼續生產更多產品的能力將建立渠道庫存，讓我們的經銷商贏得零售大戰。我們在管理供應鏈問題方面的敏捷性為我們提供了顯著的競爭優勢，幫助我們繼續有效地生產最好和最具創新性的產品，同時加強我們行業領先的玻璃纖維船製造能力。

We are excited to showcase our new model year line, highlighting our unmatched innovation, quality and feature-rich boats. Based on our current operating plan, our expectations for fiscal year 2023 are as follows. We anticipate net sales growth in the mid- to high single-digit percentage growth year-over-year. In terms of cadence, we see higher year-over-year growth in the first half and nearly double the annual rate in the first fiscal quarter. Consolidated adjusted EBITDA margin is expected to be down slightly. However, we believe there will be a modest increase year-over-year in the first fiscal quarter.

我們很高興展示我們的新車型年系列，突出我們無與倫比的創新、質量和功能豐富的船。根據我們目前的運營計劃，我們對 2023 財年的預期如下。我們預計淨銷售額將同比增長中高個位數百分比。就節奏而言，我們看到上半年的同比增長率更高，第一財季的年增長率幾乎翻了一番。合併調整後 EBITDA 利潤率預計將小幅下降。但是，我們認為第一財季同比將適度增長。

In closing, fiscal year 2022 was a massive success as we set numerous records for operational and financial performance. We've proven that no matter the environment, from supply chain disruptions to inflation, we have the teams and capabilities to push the throttle forward and capitalized on continued strong retail markets. Our differentiated best-in-class portfolio continues to perform at the top of the marine industry, and our fiscal year 2023 lineup will push the boundaries as we continue to drive long-term value for our customers and shareholders.

最後，2022 財年取得了巨大成功，因為我們在運營和財務業績方面創下了多項記錄。我們已經證明，無論環境如何，從供應鏈中斷到通貨膨脹，我們都有團隊和能力推動油門前進並利用持續強勁的零售市場。我們差異化的一流產品組合繼續在海洋行業中表現領先，我們的 2023 財年陣容將突破界限，因為我們將繼續為我們的客戶和股東創造長期價值。

With that, I'd like to open the call up for questions.

有了這個，我想打開電話提問。

(Operator Instructions) Our first question comes from Brett Andress with KeyBanc.

（操作員說明）我們的第一個問題來自 KeyBanc 的 Brett Andress。

I was hoping to get your thoughts on the July SSI data, or really any of the data we follow for the last few months. You did mention that spring pause. Has there been any difference there in that data versus how you guys were expecting it to play out? Or are you seeing anything different in your own warranty registrations? Just trying to kind of make sense of some of it.

我希望能了解您對 7 月 SSI 數據或我們過去幾個月跟踪的任何數據的看法。你確實提到了春天的停頓。這些數據與你們預期的結果有什麼不同嗎？或者您在自己的保修登記中看到什麼不同？只是試圖理解其中的一些。

Yes. We're trying to make sense of it, too, Brett. The SSI data is more problematic than it's ever been. And the caution I'll give is that we have said, since we went public, that if you look at any 1 given month, it's going to be wrong. First of all, it's -- at best, it's [55%], 60% of the states that are reporting. It's not until it matures over that quarter that it begins to have some semblance of truth to it. And so we really waiting for that.

是的。布雷特，我們也在試圖弄明白它。 SSI 數據比以往任何時候都更成問題。我要提醒的是，自從我們上市以來，我們已經說過，如果您查看任何一個給定的月份，那將是錯誤的。首先，它是 - 充其量是 [55%]，60% 的州正在報告。直到它在那個季度成熟，它才開始有一些真實的表面。所以我們真的在等待。

The thing I'll point out, though, and this even goes back to the June data that came out, there were 3 states that were missing. And so the disarray right now that's going on with SSI just doesn't give us any confidence. We are looking very closely at our internal warranty numbers, which do indicate a different story.

不過，我要指出的是，這甚至可以追溯到 6 月份公佈的數據，有 3 個州缺失。因此，目前 SSI 的混亂局面並沒有給我們任何信心。我們正在非常仔細地查看我們的內部保修編號，這確實表明了一個不同的故事。

Got it. And then if you want to elaborate on that story, that would be helpful. But my second question is just on the channel restock opportunity. I think you've given us some numbers in the past, the total units needed to restock the channel. Where are we with that today? And if you're 2023 guide plays out like you expect, how much progress would you expect to make there?

知道了。然後，如果您想詳細說明該故事，那將很有幫助。但我的第二個問題只是關於渠道補貨機會。我想你過去已經給我們提供了一些數字，即為頻道補貨所需的總單位數。我們今天在哪裡？如果您的 2023 年指南按您的預期進行，您希望在那裡取得多少進展？

I think from the standpoint of the channel inventory, we always talk in weeks on hand, and it's still double-digit weeks on hand that's low across the board, more so in the saltwater than the freshwater as we talked about. I think as the year progresses, we will continue to see a better channel inventory build, first of all on Malibu, secondly and Cobalt, to that freshwater segment. And then it will follow in Salt Water. But that won't even -- I don't think began taking place until the second half of the year.

我認為從渠道庫存的角度來看，我們總是在手頭的幾週內談論，而且手頭的周數仍然是兩位數，這仍然是全面的低位，在我們談到的海水中比淡水更是如此。我認為隨著時間的推移，我們將繼續看到更好的渠道庫存建立，首先是馬里布，其次是鈷，到淡水部分。然後它將跟隨在鹽水中。但這甚至不會——我認為直到今年下半年才會開始。

So if we look at cumulatively all of our brands, it's easily -- when we get within that 5 -- 3 to 5 weeks on hand, I believe, easily, it's going to be the end of fiscal year '23, and then fully getting up to speed on channel inventory is going to be the end of '23 or the beginning of '24.

因此，如果我們累計查看我們所有的品牌，很容易 - 當我們在手頭的 5 - 3 到 5 週內得到加快渠道庫存的速度將是 23 年末或 24 年年初。

Our next question comes from Jaime Katz with Morningstar.

我們的下一個問題來自晨星的 Jaime Katz。

So I'm curious to hear what you guys are seeing from an economic perspective. Obviously, the demand from a shipment perspective is pretty good. But is there any cutting back anywhere? Accessories, obviously, we see the ASP numbers. Is there any weakness that can be alluded to or anything different maybe in the new boat buyers relative to the historical buyers that would indicate any sort of trend shift?

所以我很想听聽你們從經濟角度看到了什麼。顯然，從出貨角度來看，需求相當不錯。但是是否有任何削減的地方？配件，顯然，我們看到了 ASP 數字。相對於歷史買家而言，新船買家是否有任何可以暗示的弱點或任何不同之處，這表明任何形式的趨勢轉變？

Yes. Jaime, that's a good question. It's something that we're following very closely. And I'll talk about it on 2 different planes. From a standpoint, I'm talking a lot to dealers, anybody that I can talk to, Wells Fargo, whoever it may be. And this is a great time of the year for me because we have 4 dealer meetings in a period of 3 months. And so I'm able to communicate directly one-on-one with the dealers and get an understanding of what's happening.

是的。詹姆，這是個好問題。這是我們正在密切關注的事情。我將在 2 個不同的平面上討論它。從一個角度來看，我和經銷商談了很多，任何我可以談的人，富國銀行，不管是誰。這對我來說是一年中的美好時光，因為我們在 3 個月內召開了 4 次經銷商會議。因此，我能夠直接與經銷商進行一對一的交流，並了解正在發生的事情。

Speaking to our brands and what we have, we are not seeing any type of a shift change. We've continued to see people come out and buy the larger boats. I think the last year's brand-new T250 model is a great example of that. The largest access ever built, it outperformed expectations. So they continue to buy the larger boats. They continue to auction up boats and buy every conceivable feature that would make sense for a given customer, and that's across all of our brands.

談到我們的品牌和我們擁有的東西，我們沒有看到任何類型的轉變。我們繼續看到人們出來購買更大的船。我認為去年全新的 T250 型號就是一個很好的例子。有史以來最大的通道，它的表現超出了預期。所以他們繼續購買更大的船。他們繼續拍賣船隻併購買對特定客戶有意義的每一個可以想像的功能，這適用於我們所有的品牌。

And I'll point that to really one thing, and that's our demographic. We have a unique, very strong demographic that, in my opinion, is the last demographic that's ever affected by economic conditions. Our -- if you look at our annual income across the board of our demographic, it's very, very high. The net worth is very, very high. And when you combine that with the fact that over the last 3 years, $43 trillion of additional wealth have been created, actually I use the term resilient. I think it makes our consumer very resilient.

我會指出一件事，那就是我們的人口統計。我們有一個獨特的、非常強大的人口結構，在我看來，這是最後一個受到經濟狀況影響的人口結構。我們的 - 如果你從我們人口統計的角度來看我們的年收入，它非常非常高。淨資產非常非常高。再加上過去 3 年創造了 43 萬億美元的額外財富這一事實，實際上我使用了彈性這個詞。我認為這讓我們的消費者非常有彈性。

Now moving to the second plane. What we are seeing is that across the marine industry, those smaller units, call it, 22-foot and under, are being impacted. Last year, as an example, for the full year calendar 2021, that 22-foot and under market was down 13.8%, whereas the rest of the industry was pretty well flat versus 2020, which we know was a humongous year. So I think our demographic is extremely strong and is carrying forward. And then it's that smaller demographic, that less expensive demographic, that is probably feeling some pain at this point in time.

現在移動到第二個平面。我們所看到的是，在整個海洋行業，那些被稱為 22 英尺及以下的較小單位正在受到影響。例如，去年 2021 年全年，22 英尺及以下的市場下降了 13.8%，而該行業的其他部分與 2020 年相比基本持平，我們知道 2020 年是豐收的一年。所以我認為我們的人口結構非常強大並且正在向前發展。然後是較小的人口，較便宜的人口，此時可能會感到一些痛苦。

Excellent. And then just as a follow-up. I guess given the cadence of acquisitions you've had, historically, I'm curious where you guys are seeing valuations in the boat space, whether there could be opportunities or if it seems like maybe interest is too high across the board where valuations are running a little bit heated.

出色的。然後只是作為後續行動。我想考慮到你們收購的節奏，從歷史上看，我很好奇你們在哪裡看到了船舶領域的估值，是否有機會，或者是否似乎對估值的整體興趣太高了運行有點熱。

Yes. Since the first of the year, there's not been a lot of assets come to market. It's been a pretty slow time. I do believe as the economy potentially wanes, that's going to pick up some. I will say that what we have seen has not been necessarily assets that we would want to pursue, and they have been at higher multiples. But again, if we're entering any type of a softening phase, I think that more assets will come to market, number one. And number two, I think it will be not as frothy and people will be more realistic in their expectations.

是的。自今年年初以來，沒有很多資產進入市場。這是一段相當緩慢的時間。我確實相信隨著經濟可能衰退，這會有所回升。我會說，我們所看到的不一定是我們想要追求的資產，而且它們的倍數更高。但同樣，如果我們進入任何類型的軟化階段，我認為會有更多資產進入市場，這是第一。第二，我認為它不會那麼泡沫，人們的期望會更加現實。

Our next question comes from Gerrick Johnson with BMO.

我們的下一個問題來自 BMO 的 Gerrick Johnson。

I have 2 questions, please. First, in the past, you've given us the percent of production as dealers sold and retail presold. Wayne, maybe if you could give us those numbers.

我有2個問題，請。首先，在過去，您向我們提供了經銷商銷售和零售預售的生產百分比。韋恩，也許你能給我們這些數字。

I actually don't have those specific numbers. The amount of presales that are occurring in the Salt Water segment is higher at this time. Jack, you may have some more specifics and have been the source of that in the past.

我實際上沒有這些具體數字。目前，鹽水部分的預售量較高。傑克，你可能有更多的細節，並且過去一直是這些細節的來源。

No, not in terms of presales. I would say it's still, in the saltwater, remains in that 80% to 90% range at a minimum. We're just not creating any channel inventory. Whereas, we talk in terms of historical trends and it's normally in that 50% level for the freshwater market. It's still elevated a little bit, but it's coming back more toward normal, maybe 60% or so, but that's just really a guess on my part, Gerrick.

不，不是在預售方面。我會說它仍然在鹹水中，至少保持在 80% 到 90% 的範圍內。我們只是沒有創建任何渠道庫存。然而，我們談論的是歷史趨勢，淡水市場通常處於 50% 的水平。它仍然升高了一點，但它正在恢復到正常水平，可能是 60% 左右，但這只是我的猜測，Gerrick。

Okay. Great. And perhaps you could give us a retail demand expectation for your fiscal year.

好的。偉大的。也許你可以給我們一個你財政年度的零售需求預期。

Yes. So the -- we haven't necessarily given forecast of the specific number. We obviously, Gerrick, are modeling that out and looking at different scenarios, especially in the environment that we're in today where there's a channel inventory opportunity. What I would tell you is that the primary model or scenario that we used to come to our forecast was a down high single-digit percentage for our fiscal year and a modest amount of channel inventory.

是的。所以——我們不一定給出具體數字的預測。顯然，Gerrick 正在對此進行建模並研究不同的場景，尤其是在我們今天所處的環境中，其中存在渠道庫存機會。我要告訴你的是，我們過去預測的主要模型或情景是我們財政年度的高個位數百分比下降和適量的渠道庫存。

The next question comes from Martin [Metello] with Raymond James.

下一個問題來自 Martin [Metello] 和 Raymond James。

It's actually Joe. Do you hear me okay?

其實是喬。你聽我說好嗎？

Yes. Yes. Joe Martin, good to have you.

是的。是的。喬·馬丁，很高興有你。

First question, just a couple of questions on the guidance. First, EBITDA margin you expect to be down this year, it's definitely up in the first quarter. Help us understand some of the puts and takes there and maybe why that would get worse over time.

第一個問題，只是關於指導的幾個問題。首先，您預計今年的 EBITDA 利潤率會下降，第一季度肯定會上升。幫助我們了解其中的一些看跌期權，以及為什麼隨著時間的推移情況會變得更糟。

Yes. So look, the EBITDA margin down -- I'll talk specifically about just the down slightly guide. The reality is our plan calls for increased mix in Salt Water and businesses that are a little less mature than Malibu. And so on a mix adjusted basis or a mix neutral basis, we're actually seeing margin expansion, and so that's kind of the aggregate view of what's going on, on margin for the year.

是的。所以看，EBITDA 利潤率下降了——我將專門討論略微下降的指導。現實情況是，我們的計劃要求增加鹽水和比馬里布稍不成熟的企業的混合。因此，在混合調整的基礎上或混合中性的基礎上，我們實際上看到了利潤率的擴張，這就是對今年利潤率的總體看法。

In terms of the cadence, if you look at the timing of when that mix change is impacting the P&L, it's more in the second half of the year. And so you're seeing better performance in the first half. There's actually more of a -- less of an impact of that mix in that first quarter. And that's what we're trying to let you all know is going to happen as opposed to surprising you later on.

就節奏而言，如果你看一下組合變化影響損益的時間，更多的是在下半年。所以你在上半年看到了更好的表現。實際上，第一季度這種組合的影響更大 - 更少。這就是我們試圖讓你們都知道將會發生的事情，而不是稍後讓你們感到驚訝。

Okay. That's helpful. And just as a follow-up (inaudible) got mid- to high singles, can you just break that down between units and pricing? And I ask that only because if I look at your website, it says no price increase on model year '23. So maybe if you could break that number down for us and maybe you're thinking on why no price increases.

好的。這很有幫助。正如後續（聽不清）獲得中高單曲一樣，您能否將其分解為單位和定價？我問這個只是因為如果我看你的網站，它說 23 年車型沒有漲價。因此，也許您可以為我們分解這個數字，也許您正在考慮為什麼沒有價格上漲。

Yes. We haven't been giving a big breakout in terms of the volume versus ASP. You're going to see a number that -- it's going to be split pretty evenly between volume and ASP.

是的。就成交量與 ASP 而言，我們並沒有給出大的突破。你會看到一個數字——它將在交易量和 ASP 之間平均分配。

Go ahead, Joe.

繼續，喬。

No, because the ASP increase is going to be all mix and just take it sounds like, mostly.

不，因為 ASP 的增長將是混合的，而且聽起來大部分都是這樣。

Well, so keep in mind, Joe, that what you're comparing something that's, hey, this is what's happening with prices between a date certain and another date. There are -- embedded as prices have risen throughout the fiscal year '22, there is -- we took into account there is absolutely a natural uplift that's going to be happening relative to that. So if you go back to the midyear and how we modified prices. And so not all boats in the year were at the price that we ended the year at, and so there is a modest uplift that's associated with that. Actually, we would -- we think we would see a little bit higher uplift on ASP, but for some of the mix that we've talked about.

好吧，請記住，喬，您正在比較的東西是，嘿，這就是某個日期和另一個日期之間的價格正在發生的事情。有 - 隨著價格在整個 22 財年上漲，有 - 我們考慮到，相對於此，絕對會發生自然的上漲。因此，如果您回到年中以及我們如何修改價格。因此，今年並非所有船隻的價格都達到了我們年底的價格，因此與此相關的是適度的上漲。實際上，我們會 - 我們認為我們會看到 ASP 會有更高的提升，但對於我們已經討論過的一些組合。

Okay.

好的。

The only thing I'll point out, Joe, a couple of things -- and you cut out a little bit. But a couple of things I do want to point out is you're looking at the website relating to Malibu, so that is specific to the Malibu and Axis products.and not necessarily for the other brands. The other thing is that is the beginning of the year from a price increase standpoint, so that does not say -- we want to do that, we think that gives us a competitive advantage. But that doesn't say we will not reevaluate that at the beginning of the calendar year.

我要指出的唯一一件事，喬，有幾件事——你刪掉了一點。但我確實想指出的幾件事是您正在查看與 Malibu 相關的網站，因此這是針對 Malibu 和 Axis 產品的。不一定針對其他品牌。另一件事是從價格上漲的角度來看是年初，所以這並不是說 - 我們想要這樣做，我們認為這會給我們帶來競爭優勢。但這並不是說我們不會在日曆年初重新評估這一點。

Our next question comes from Brett Andress with KeyBanc.

我們的下一個問題來自帶 KeyBanc 的 Brett Andress。

Yes, just a follow-up. Is there any way -- I think, Jack, you mentioned this earlier, to frame up how much price your competitors have taken since, I guess, COVID and how much you've taken? I'm just trying to frame up what you think that gap is right now going into model year '23.

是的，只是一個後續。有什麼辦法——我想，傑克，你之前提到過，我想你的競爭對手在 COVID 之後採取了多少價格以及你採取了多少？我只是想確定你認為現在進入 23 年車型的差距。

It's a little bit more unclear when you get to companies that are not public. But generally, we believe that we are at the -- I'll put it in a framework that we're at the lower end of the spectrum, regardless of whether it's public or private. We are aware of some public companies, as an example, that 12.9% was the price increase that came out. So a pretty staggering price increase on top of all the COVID price increases that occurred. So we're really confident that regardless of what brand we're dealing with, what segment we're dealing with, we're at the lower end of the spectrum of the price increases. .

當你接觸到非上市公司時，情況就有點不清楚了。但總的來說，我們認為我們處於 - 我將把它放在一個我們處於低端的框架中，無論它是公共的還是私有的。例如，我們知道一些上市公司的價格上漲了 12.9%。因此，除了發生的所有 COVID 價格上漲之外，價格上漲幅度相當驚人。因此，我們非常有信心，無論我們正在處理什麼品牌，我們正在處理什麼細分市場，我們都處於價格上漲範圍的低端。 .

I'm not showing any further questions at this time. I would now like to turn the call back to Jack Springer for any further remarks.

我目前沒有提出任何進一步的問題。我現在想把電話轉回傑克斯普林格，以獲得進一步的評論。

Thank you very much. In summary, we had a massive quarter and a massive year that we're very proud of. Malibu Boats continued this domestic run, delivering another great quarter and outstanding year. Our dealer backlog remains exceptionally strong, supported by the unprecedented consumer appetite for larger feature-rich boats, and it will drive ASP growth across the board.

非常感謝。總而言之，我們非常自豪地度過了一個重要的季度和重要的一年。 Malibu Boats 延續了這一國內航線，創造了又一個偉大的季度和傑出的一年。在消費者對功能豐富的大型船隻前所未有的需求的支持下，我們的經銷商積壓仍然異常強勁，這將推動 ASP 的全面增長。

We are capitalizing on the strong demand environment and taking advantage of the attractive trends that have materialized over the past few years. We are the boating leaders, offering the finest, most modern products in the marine industry. From Malibu and Axis, to Cobalt to Pursuit to the Maverick brands, we are in a unique and favorable position with our suite of premium brands and boats, and our model year 2023 lineup is sure to make waves among consumers.

我們正在利用強勁的需求環境，並利用過去幾年實現的有吸引力的趨勢。我們是划船行業的領導者，提供船舶行業中最優質、最現代的產品。從 Malibu 和 Axis，到 Cobalt，再到 Pursuit 再到 Maverick 品牌，我們憑藉一系列優質品牌和船隻處於獨特而有利的位置，我們的 2023 年車型系列肯定會在消費者中掀起波瀾。

Our recent acquisition of Malibu Electronics has already proven to be a critical differentiator, enabling us to increase volumes at Malibu and Cobalt, all the while generating a significant return on investment. We managed price increases masterfully in fiscal year 2022, and we have continued to cover inflationary cost to this today. This will provide increased competitive advantage and further stretch our industry dominance. Lastly, channel inventory remains at historic lows, providing an incredible opportunity for the continued success for the next 2 to 3 years as the supply chain normalizes.

我們最近對 Malibu Electronics 的收購已被證明是一個關鍵的差異化因素，使我們能夠增加 Malibu 和 Cobalt 的銷量，同時產生可觀的投資回報。我們在 2022 財年巧妙地控制了價格上漲，今天我們繼續承擔通脹成本。這將提供更大的競爭優勢，並進一步擴大我們的行業主導地位。最後，渠道庫存仍處於歷史低位，隨著供應鏈的正常化，為未來 2 至 3 年的持續成功提供了難得的機會。

As always, I would like to thank you for your unrelenting support, and I look forward to our continued victories together as we strive to make fiscal year 2023 the best year yet for Malibu. Have a great day.

與往常一樣，我要感謝您的不懈支持，我期待著我們繼續取得勝利，因為我們努力使 2023 財年成為馬里布最好的一年。祝你有美好的一天。

This concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。