Malibu Boats Inc (MBUU) 2023 Q2 法說會逐字稿

Good morning, and welcome to the Malibu Boats Conference Call to discuss Second Quarter Fiscal Year 2023 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. And as a reminder, today's call is being recorded.

早上好，歡迎參加 Malibu Boats 電話會議，討論 2023 財年第二季度業績。 （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通話。提醒一下，今天的通話正在錄音中。

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

今天接到管理層電話的是首席執行官 Jack Springer 先生；首席財務官 Wayne Wilson 先生；首席運營官 Ritchie Anderson 先生。我現在將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 second quarter 2023 financials. We will then open the call for questions. A press release covering the company's fiscal second quarter 2023 results was issued today, and a copy of that press release can be found in the Investor Relations section of the company's website. 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 the SEC, and we encourage you to review our SEC filings for a more detailed description of these risk factors.

謝謝大家，早上好。在電話會議上，傑克將對業務發表評論，我將討論我們 2023 財年第二季度的財務狀況。然後我們將打開問題電話。今天發布了一份涵蓋公司 2023 財年第二季度業績的新聞稿，該新聞稿的副本可在公司網站的投資者關係部分找到。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，實際結果可能與今天電話會議上預測的結果存在重大差異。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這些陳述的義務。我們向 SEC 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 SEC 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 GAAP 財務措施與 GAAP 財務措施的調節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 for joining the call. We delivered another great quarter as we move through the first half of our fiscal year. The retail environment remains resilient with strong demand carrying the tide for our premium boats. While we see no worsening of our expected outlook, we are paying close attention to the evolving macroeconomic conditions.

謝謝你，韋恩，也感謝你加入電話會議。在本財年上半年，我們又交付了一個出色的季度。零售環境保持彈性，強勁的需求帶動了我們優質船隻的潮流。雖然我們認為預期前景沒有惡化，但我們正在密切關注不斷變化的宏觀經濟狀況。

During the quarter, we have seen incremental improvements in the lingering supply chain disruptions and are optimistic about our production capabilities and normalizing dealer inventories. We have a multiyear track record of strong execution during periods of uncertainty and remain confident in our ability to execute in any macro environment.

在本季度，我們看到揮之不去的供應鏈中斷逐漸改善，並對我們的生產能力和經銷商庫存正常化持樂觀態度。我們在不確定時期擁有多年的強勁執行記錄，並且對我們在任何宏觀環境中的執行能力充滿信心。

Through our unmatched operational capabilities, vertical integration efforts and visionary team, we look to deliver profitable growth and long-term value for our shareholders.

通過我們無與倫比的運營能力、垂直整合努力和富有遠見的團隊，我們希望為我們的股東帶來盈利增長和長期價值。

For the second fiscal quarter, we posted strong net sales of $339 million, increasing nearly 28% over the prior year with adjusted EBITDA growing approximately 20% to $58 million and net income growing 18% to $36 million. Since the beginning of COVID and all of the issues with the supply chain, labor and inflation, the MBI team and all brands have navigated the difficult never before seen environment and have continued to produce stellar results. I want to thank every team member for their focus on MBI, their diligence, their hard work, and capability in overcoming obstacles. You have been fantastic, and I commend you for it.

第二財季，我們公佈了 3.39 億美元的強勁淨銷售額，比上年增長近 28%，調整後的 EBITDA 增長約 20% 至 5800 萬美元，淨收入增長 18% 至 3600 萬美元。自 COVID 以及供應鏈、勞動力和通貨膨脹的所有問題出現以來，MBI 團隊和所有品牌都在前所未有的艱難環境中渡過了難關，並繼續取得了出色的成績。我要感謝每一位團隊成員對MBI的專注，他們的勤奮，他們的努力，以及克服障礙的能力。你太棒了，我為此表揚你。

For the second quarter, gross margin declined 180 basis points to 22.3% while adjusted EBITDA margin declined 120 basis points to 17%. As I mentioned, inflationary pressures and supply chain disruptions have impacted availability and prices on parts and components during the quarter. Despite these challenges, we maintained a stable margin profile in line with our expectations through improved unit volumes and strong ASPs across all of our brands. While inflationary pressures have begun to lessen, as of right now, we expect that we will see a more normalized cost increase structure for FY 2024 pricing.

第二季度，毛利率下降 180 個基點至 22.3%，而調整後的 EBITDA 利潤率下降 120 個基點至 17%。正如我所提到的，通貨膨脹壓力和供應鏈中斷影響了本季度零部件的可用性和價格。儘管面臨這些挑戰，我們通過提高我們所有品牌的單位銷量和強勁的平均售價，保持了符合我們預期的穩定利潤率。雖然通脹壓力已經開始減輕，但截至目前，我們預計 2024 財年定價的成本增長結構將更加正常化。

Historically, our second fiscal quarter has been a slower season, but we are seeing positive results coming out of our recent boat shows, which bolsters our confidence in demand remaining strong. Boat show results for 2023 are up considerably over last year, which was the first year back after shows were canceled in 2021. Cobalt and Pursuit are performing very well and shows are up in sales by over double for Cobalt; and by 39% for Pursuit when measuring unit sales. We also measure revenue dollars for Pursuit and 2023 revenue dollars are up 55% versus 2022 shows.

從歷史上看，我們的第二財季是淡季，但我們看到最近的遊艇展取得了積極成果，這增強了我們對需求保持強勁的信心。 2023 年的船展結果比去年大幅上升，去年是 2021 年取消船展後的第一年。Cobalt 和 Pursuit 表現非常好，Cobalt 的船展銷售額增長了一倍多；在衡量單位銷售額時，Pursuit 增加了 39%。我們還衡量了 Pursuit 的收入美元，2023 年的收入美元比 2022 年的節目增長了 55%。

To date, shows of note include Portland, Minneapolis, Detroit, Fort Lauderdale, Newport and Toronto, all of which had good attendance, which shows appearing to be back to historical norms. Two weeks ago, the New York show took place, and it was fantastic with great crowds and sales. Cobalt saw a record sales number for that show and Pursuit outpaced the New York show results for the previous 5 years.

迄今為止，值得注意的展會包括波特蘭、明尼阿波利斯、底特律、勞德代爾堡、紐波特和多倫多，所有這些展會的出席率都很高，這些展會似乎已恢復到歷史常態。兩週前，紐約展會舉行了，觀眾人數眾多，銷量也非常好。 Cobalt 在那次演出中創下了創紀錄的銷售數字，而 Pursuit 在過去 5 年中超過了紐約演出的成績。

In all boat shows, we are also seeing a return to normal discounting. As I said a year ago and have been consistent in saying since then, Marine will and is returning to a normal environment and cadence. Dealers must be in boat shows because they are back. We all need to return to tried and true sales techniques and lead follow-up. Pricing could better be in line. And if a dealer does not have adequate inventory, they will lose.

在所有船展中，我們也看到了正常打折的回歸。正如我一年前所說並且從那時起一直在說，海軍陸戰隊將會並且正在恢復正常的環境和節奏。經銷商必須參加船展，因為他們回來了。我們都需要回歸久經考驗的銷售技巧並引導跟進。定價可能會更好。如果經銷商沒有足夠的庫存，他們就會虧損。

It is important to note that while retail demand has disproportionately affected more entry-level aluminum-based lower-length boats, our customers remain unfazed. Speaking for MBI brands and for what we are generally seeing it shows the premium buyers looking to purchase and has not really been affected by economic conditions or interest rates. They are more measured in comparing models and brands because there is not the shortage of inventory that we have seen in the past 18 months. My strong conviction continues to be the household wealth creation over the past 3 years and the stock market continuing to be strong in sustaining our consumer. That is why our objective of building a business on premium brands we know we can improve has served us so well and will continue to drive our -- being the top marine company in existence. Conversely, we are hearing of weakness in the smaller foot-length segments in entry-level priced boats. This consumer profile has been impacted the most by inflation and interest rates. Thankfully, that is not our model, and we remain positive on our premium business.

值得注意的是，雖然零售需求對更多入門級鋁製短船產生了不成比例的影響，但我們的客戶仍然不為所動。就 MBI 品牌和我們通常看到的情況而言，它表明優質買家希望購買，並沒有真正受到經濟狀況或利率的影響。他們在比較型號和品牌時更加謹慎，因為我們在過去 18 個月中沒有看到庫存短缺。我的堅定信念仍然是過去 3 年家庭財富的創造以及股市在維持我們的消費者方面繼續保持強勁。這就是為什麼我們的目標是在我們知道可以改進的優質品牌上建立業務，這對我們非常有用，並將繼續推動我們成為現有的頂級海事公司。相反，我們聽說入門級價格的小船在較小的英尺長度部分存在弱點。這種消費者概況受通貨膨脹和利率的影響最大。值得慶幸的是，這不是我們的模式，我們對我們的高端業務保持樂觀。

Meeting existing demand and building channel inventories continues to be a primary focus and a major tailwind in the quarters to come. While we have seen incremental improvement with lead times decreasing and the ability to source greater quantities of parts, the current supply chain environment is still far from running like clockwork. Disruptions are still prevalent for our engine and windshield manufacturers as well as our electronic supplier base, generating inefficiencies in our plants.

滿足現有需求和建立渠道庫存仍然是未來幾個季度的主要重點和主要推動力。雖然我們已經看到隨著交貨時間的縮短和採購更多零件的能力而逐步改進，但當前的供應鏈環境仍遠未像發條一樣運轉。我們的發動機和擋風玻璃製造商以及我們的電子供應商基地仍然普遍存在中斷，導致我們的工廠效率低下。

However, as these headwinds abate, we are confident in our ability to ramp up production volumes, if necessary. Charting a course through these choppy waters, we have made great progress over the quarter to mitigate these challenges. Our unit volumes continue to climb, and we see promising signs for our vertical integration efforts and our production capacity enhancements in our Maverick plant.

然而，隨著這些不利因素的減弱，我們有信心在必要時提高產量。通過這些波濤洶湧的水域規劃路線，我們在本季度取得了很大進展，以減輕這些挑戰。我們的單位產量繼續攀升，我們看到我們的垂直整合努力和我們 Maverick 工廠的生產能力增強的有希望的跡象。

Today, we are building more boats and more large boats out of this facility, and we expect greater output as we enter the second half of fiscal year. As a result of these initiatives and the gradual improvement across the supply chain, we have begun to normalize channel inventory across all segments to varying degrees. Absent a major shift in demand for our retail customers, we expect freshwater channel inventories to be near normal by the end of this fiscal year. Our saltwater brands remain a bit further behind due to pent-up demand and lower production volumes and will likely reach normalized levels in the first half of fiscal year 2024.

今天，我們正在用這個設施建造更多的船隻和更多的大型船隻，我們預計在進入下半財年時會有更大的產量。由於這些舉措和整個供應鏈的逐步改進，我們已經開始不同程度地規範所有部門的渠道庫存。如果我們的零售客戶的需求沒有發生重大變化，我們預計到本財年末淡水渠道庫存將接近正常水平。由於被壓抑的需求和較低的產量，我們的鹽水品牌仍然落後一些，並且可能會在 2024 財年上半年達到正常水平。

I will now provide an update on our integration of the businesses we have acquired. As you hopefully know, Cobalt is well down the path and has performed extremely well. We acquired a fantastic brand from a magnificent family, the St. Clair's. We have improved the brand, modernized it and it has grown tremendously in all financial metrics. The modern lineup is almost completely new and paying huge dividends. We continue to be the largest sterndrive manufacturer in the link space we compete with about 30% market share and we have grown our outboard offerings from Oblivion at 4% share to the #2 player in the foot-length segment we compete in around a 16% share.

我現在將提供有關我們對所收購業務的整合的最新信息。正如您所希望知道的那樣，Cobalt 在這條道路上走得很好並且表現非常出色。我們從一個偉大的家族 St. Clair's 那裡收購了一個出色的品牌。我們改進了品牌，使其現代化，並且它在所有財務指標上都取得了巨大的發展。現代陣容幾乎是全新的，並且帶來了巨大的回報。我們仍然是連接空間中最大的尾機驅動器製造商，我們與大約 30% 的市場份額競爭，我們的舷外機產品從 Oblivion 以 4% 的份額發展到我們在大約 16 英尺長度的細分市場中排名第二％ 分享。

Cobalt equals a home run. Pursuit has built [my] success every year we have owned them. The addition of the new plant in 2020 has allowed us to expand the number of boats we build as well as the size of the boat that we build. We have driven the margin profiles higher and higher and we see significant opportunity to grow them further.

鈷等於本壘打。 Pursuit 在我們擁有它們的每一年都建立了 [我的] 成功。 2020 年新工廠的加入使我們能夠擴大建造的船隻數量以及建造的船隻尺寸。我們已經推動利潤率越來越高，我們看到了進一步增長的重要機會。

Again, we have significantly expanded the introduction of new models and that will continue. An area we have not yet been able to capitalize on is the expansion of the dealer network. Our commitment is to supply existing dealers with sufficient channel inventory first and then look to expansion. As a result, we have not yet begun our distribution expansion, and it has been delayed throughout the COVID era.

同樣，我們顯著擴大了新模型的引入，並將繼續下去。我們尚未能夠利用的一個領域是經銷商網絡的擴展。我們的承諾是先為現有經銷商提供足夠的渠道庫存，然後再尋求擴張。因此，我們還沒有開始我們的分銷擴張，並且在整個 COVID 時代都被推遲了。

Currently, I expect to begin expanding distribution in fiscal year 2024 and how soon we have adequate inventory in our current dealers will determine the rapidity of the expansion. Pursuit has equaled the home run. The Maverick brands, Cobia, Pathfinder, Maverick and Hewes have really come into their own this fiscal year. Integration of an acquisition is an evolution. And as you recall, we acquired NBG at the very end of 2020. Our first step was increasing throughput and efficiency and adding the additional capacity with the Plant 2 addition that allowed us to build more and larger boats. Those objectives have really matured in fiscal 2023, and we are having a fantastic year with NBG.

目前，我預計將在 2024 財年開始擴大分銷，而我們現有經銷商的庫存多快將決定擴張的速度。追求等於本壘打。 Maverick 品牌、Cobia、Pathfinder、Maverick 和 Hewes 在本財年真正發揮了作用。收購的整合是一種演變。您還記得，我們在 2020 年底收購了 NBG。我們的第一步是提高吞吐量和效率，並通過增設 2 號工廠來增加額外產能，這使我們能夠建造更多更大的船隻。這些目標在 2023 財年真正成熟，我們與 NBG 度過了美好的一年。

Despite the supply chain, we are setting new production and shipping records almost every month. The new Pathfinder product is performing better than even we expected and is in high demand. We have now turned our attention to Cobia and will aggressively bring new product, which will further enhance market share and growth. Like Pursuit, we have a distribution growth road map that we have not yet been able to execute, but that is coming in fiscal year 2024 as well. NBG today equals a triple, but the ball is in the corner, we are rounding third base, and we are confident we will have a home run with NBG.

儘管有供應鏈，但我們幾乎每個月都在創造新的生產和運輸記錄。新的探路者產品的表現甚至比我們預期的還要好，而且需求量很大。我們現在已將注意力轉向軍曹魚，並將積極推出新產品，這將進一步提高市場份額和增長。與 Pursuit 一樣，我們有一個我們尚未能夠執行的分銷增長路線圖，但也將在 2024 財年實現。 NBG 今天等於三壘安打，但球在角落裡，我們正在繞過三壘，我們有信心與 NBG 打出本壘打。

In summary, our integration acquisition -- of acquisition has gone as well as we expected, and the dividends have been better than we expected. The great thing about all of them is that we have additional add backs coming to score even more. We are very, very good at acquisitions and integrating them, and we will entertain any acquisition of a premium asset that we can improve at any point in time.

總而言之，我們的整合收購——收購的進展和我們預期的一樣，股息也好於我們的預期。所有這些的好處在於我們有額外的附加支持來得分更高。我們非常非常擅長收購和整合它們，我們將接受任何我們可以在任何時間點改進的優質資產的收購。

Overall, Malibu is again in a great position to execute as we enter the second half of the fiscal year with strong tailwinds across our business. As supply chains continue to improve, inflationary pressure subside and labor shortages lessen, our teams are prepared to execute our strategic priorities. Our vertically-integrated business model and operational [pride] set us apart. And with the resilient nature of our customer base, strong dealerships and battle-tested teams, we are optimistic about our future.

總體而言，隨著我們進入本財年下半年，馬里布再次處於有利地位，我們的業務將迎來強勁的順風。隨著供應鏈的不斷改善、通脹壓力的消退和勞動力短缺的緩解，我們的團隊已準備好執行我們的戰略重點。我們垂直整合的商業模式和運營[驕傲]使我們與眾不同。憑藉我們客戶群的彈性、強大的經銷商和久經沙場的團隊，我們對未來感到樂觀。

With that, I will now turn the call over to Wayne to take you through our financial performance in more detail.

有了這個，我現在將把電話轉給韋恩，讓你更詳細地了解我們的財務業績。

Thanks, Jack. In the second quarter, net sales increased 28.4% to a record $338.7 million. Unit volume increased 17.7% to a record 2,439 boats. The increase in net sales was driven primarily by increased unit volumes generated by resilient wholesale demand across all 3 segments and strong ASPs.

謝謝，傑克。第二季度，淨銷售額增長 28.4%，達到創紀錄的 3.387 億美元。單位數量增長了 17.7%，達到創紀錄的 2,439 艘船。淨銷售額的增長主要是由所有 3 個細分市場的強勁批發需求和強勁的平均售價所產生的單位銷量增加所推動的。

The Malibu and Axis brands represented approximately 54% of unit sales or 1,318 boats. Saltwater Fishing represented 24.3% or 593 boats and Cobalt made up the remaining 21.7% or 528 boats. Consolidated net sales per unit increased 9.1% to approximately $138,880 per unit, primarily driven by inflation driven year-over-year price increases and favorable mix.

Malibu 和 Axis 品牌約佔單位銷售額的 54% 或 1,318 艘船。鹹水捕魚占 24.3% 或 593 艘船，Cobalt 佔其餘 21.7% 或 528 艘船。每單位綜合淨銷售額增長 9.1% 至每單位約 138,880 美元，這主要是受通貨膨脹推動的同比價格上漲和有利的組合推動。

Gross profit increased 19% to $75.7 million, and gross margin was 22.3%. This compares to a gross margin of 24.1% in the prior year period. The decline in gross margin was driven primarily by an increase in dealer flooring program costs, an increased mix of cobalt and saltwater sales and partially offset by improved saltwater margins. Selling and marketing expense increased 9.5% or $0.5 million in the second quarter. The increase was driven primarily by promotional events as sales efforts return to normalized pre-COVID levels.

毛利潤增長 19% 至 7570 萬美元，毛利率為 22.3%。相比之下，去年同期的毛利率為 24.1%。毛利率下降的主要原因是經銷商地板項目成本增加、鈷和鹽水銷售組合增加，部分被鹽水利潤率提高所抵消。第二季度銷售和營銷費用增長 9.5% 或 50 萬美元。這一增長主要是由促銷活動推動的，因為銷售努力恢復到正常的 COVID 前水平。

As a percentage of sales, selling and marketing expenses decreased by 30 basis points over the prior year period. General and administrative expenses increased 19.2% or $3.1 million in the second quarter. The increase was driven primarily by compensation and personnel-related expenses and professional fees. As a percentage of sales, G&A expenses, excluding amortization, decreased 50 basis points to 5.6% compared to 6.1% for the prior year period.

作為銷售額的百分比，銷售和營銷費用比去年同期下降了 30 個基點。第二季度一般和行政費用增長 19.2% 或 310 萬美元。這一增長主要是由薪酬和人員相關費用以及專業費用推動的。作為銷售額的百分比，G&A 費用（不包括攤銷）下降 50 個基點至 5.6%，而去年同期為 6.1%。

Net income for the second fiscal quarter increased 17.5% to a record $36.4 million. Adjusted EBITDA for the quarter increased 19.7% to a record $57.6 million, and adjusted EBITDA margin decreased 120 basis points to 17%. Non-GAAP adjusted fully distributed net income per share increased 22% to $1.83 per share. This is calculated using a normalized C-Corp tax rate of 24.3% and a fully distributed weighted average share count of approximately 21.3 million shares of Class A common stock.

第二財季淨收入增長 17.5%，達到創紀錄的 3640 萬美元。本季度調整後的 EBITDA 增長 19.7% 至創紀錄的 5760 萬美元，調整後的 EBITDA 利潤率下降 120 個基點至 17%。非 GAAP 調整後的每股完全分配淨收入增長 22% 至每股 1.83 美元。這是使用 24.3% 的標準化 C-Corp 稅率和約 2130 萬股 A 類普通股的完全分配加權平均股數計算得出的。

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. We continued our momentum throughout the first half of fiscal year 2023 and operated to our expectations. Market conditions have continued to be largely consistent with our expectation for the fiscal year and varying by brand, we expect channel inventory normalization sometime in calendar 2023. We remain optimistic about our path forward as we look to the back half of the year and beyond. There's no doubt that we continue to be the industry leader in the marine space, repeatedly exceeding expectations despite persistent headwinds from a challenging supply chain and inflationary environment.

有關調整後的 EBITDA 和調整後的完全分配的每股淨收入與 GAAP 指標的對賬，請參閱我們的收益發布中的表格。我們在整個 2023 財年上半年繼續保持勢頭，並達到了我們的預期。市場狀況繼續與我們對本財年的預期基本一致，並且因品牌而異，我們預計渠道庫存將在 2023 年的某個時候正常化。展望下半年及以後，我們對我們的前進道路保持樂觀。毫無疑問，儘管充滿挑戰的供應鍊和通貨膨脹環境持續不利，但我們仍然是海洋領域的行業領導者，一再超出預期。

As Jack mentioned earlier, demand for premium boat buyers remains as evidenced by the performance at our recent boat shows. Overall, Malibu is in an enviable position as we continue to capitalize on this resilient demand environment and normalize our channels, all while maintaining strong growth and a stable margin profile.

正如傑克之前提到的，我們最近的遊艇展上的表現證明了對優質遊艇買家的需求。總體而言，隨著我們繼續利用這種有彈性的需求環境並使我們的渠道正常化，同時保持強勁增長和穩定的利潤率，Malibu 處於令人羨慕的地位。

Based on our current operating plan, our expectations for fiscal year 2023 remain unchanged and are as follows. We anticipate revenue to grow mid- to high single-digit year-over-year. We expect Q3 year-over-year growth to be about flat. Consolidated adjusted EBITDA margin is expected to decline slightly year-over-year. We expect Q3 EBITDA margins of approximately 21%.

根據我們目前的運營計劃，我們對 2023 財年的預期保持不變，具體如下。我們預計收入將同比增長中高個位數。我們預計第三季度的同比增長將持平。合併調整後的 EBITDA 利潤率預計將同比略有下降。我們預計第三季度 EBITDA 利潤率約為 21%。

In closing, Malibu continues to perform at a high level in fiscal year 2023 despite an uncertain macro environment. We believe our strategic positioning and our historically proven operational prowess, provide us with the ability to deliver a strong fiscal year 2023 performance and an attractive setup to drive long-term shareholder value. With that, I'd like to open the call up for questions.

最後，儘管宏觀環境不確定，但馬里佈在 2023 財年繼續保持高水平表現。我們相信，我們的戰略定位和歷來證明的運營實力使我們有能力在 2023 財年實現強勁的業績和有吸引力的設置，以推動長期股東價值。有了這個，我想打開問題的電話。

(Operator Instructions) Our first question today will come from Jaime Katz with Morningstar.

（操作員說明）我們今天的第一個問題將來自 Morningstar 的 Jaime Katz。

So I guess it would be helpful to understand what levers do you guys see that you have available to pull and to mitigate some of the expenses that you're seeing on the inflationary side, it seems like they're still pretty impactful.

因此，我想了解你們認為可以利用哪些槓桿來減輕通脹方面的一些支出會很有幫助，它們似乎仍然很有影響力。

The primary levels -- levers that we and everybody have used in the past has been the pricing and increasing pricing. I think those days are over Jaime from what we're seeing. I made the comment, we're looking at a more normalized cost environment as we started our budgeting process in the second half of this year. So I think we'll be back to more of a norm and largely the inflationary era that we've been under is starting to dissipate.

主要水平 - 我們和每個人過去使用的槓桿一直是定價和增加定價。從我們所看到的情況來看，我認為那些日子已經過去了。我發表評論說，在今年下半年開始預算編制過程時，我們正在尋找一個更加規範化的成本環境。因此，我認為我們將更多地回歸常態，我們所處的通脹時代在很大程度上開始消散。

Okay. And then can you just add any additional color you might have on the floor plan financing commentary and sort of how the dealers are feeling right now and what you think the anticipated sort of commitment of that looks like over the rest of the fiscal year?

好的。然後你能不能在平面圖融資評論中添加任何額外的顏色，以及經銷商現在的感受，以及你認為在本財政年度剩餘時間裡預期的承諾類型是什麼？

Yes. The floor plan financing, and I'll lead off -- the floor plan financing is coming back. And I think a natural human reaction is if you've not had it for a couple of years and it starts back up again. It causes you to step back and take a pause. And I think that did occur when the floor plan started kicking in for the dealers. It's become more normalized now. I think it is that -- getting back to normal scenario. So I do think the dealers are becoming more accustomed to it. But they are certainly, like we are watching inventories very closely.

是的。平面圖融資，我將開始——平面圖融資又回來了。而且我認為人類的自然反應是，如果你已經好幾年沒有它了，它又會重新開始。它會讓你退後一步，停下來。而且我認為當平面圖開始為經銷商啟動時確實發生了這種情況。現在已經變得更加常態化了。我認為是——回到正常情況。所以我確實認為經銷商越來越習慣了。但他們肯定是，就像我們正在密切關注庫存一樣。

And from a financial impact perspective, Jaime, the impact of flooring expense on our P&L was actually primarily felt in the first half of the fiscal year. There's a much more modest impact or incremental impact that occurs in the second half. And so the implication from the guidances that will have margins relatively consistent with last year in the back half of the year. And that's because there is some more pricing being taken and less of an impact to flooring.

從財務影響的角度來看，Jaime，地板費用對我們的 P&L 的影響實際上主要在本財年上半年感受到。下半年的影響或增量影響要小得多。因此，指導方針的含義將在今年下半年的利潤率與去年相對一致。那是因為採取了更多的定價，而對地板的影響較小。

And our next question will come from Michael Swartz with Truist Securities.

我們的下一個問題將來自 Truist Securities 的 Michael Swartz。

I just wanted to touch on the saltwater business. I think obviously, the 2 acquisitions you've made there, I think at the time when you made the acquisitions, they were something 13%, 14% EBITDA margin. So maybe -- just give us an update of maybe where we stand today? And I guess, what's embedded in guidance and maybe think about go forward into fiscal year '24 and beyond?

我只想談談海水業務。我認為很明顯，你在那裡進行的兩次收購，我認為在你進行收購時，它們的 EBITDA 利潤率為 13%、14%。那麼也許 - 只是給我們更新一下我們今天的立場？而且我猜，指導中嵌入了什麼，可能會考慮進入 24 財年及以後？

In terms of what's embedded in guidance, look, where we stand today, I think you're probably being a little bit generous on a blended basis in calling it a 13% or 14%. And so I think what I would tell you is that we've embedded in guidance is a modest expansion from where they were at. I would tell you that Maverick is going to be more in a neutral position but larger and that Pursuit has expanded meaningfully, and that will have provided the uplift to the aggregate saltwater EBITDA margin.

就指導中嵌入的內容而言，看，我們今天所處的位置，我認為你在混合基礎上稱其為 13% 或 14% 可能有點慷慨。因此，我想我要告訴你的是，我們在指導中嵌入的內容是對他們所在位置的適度擴展。我會告訴你，Maverick 將更加中立，但規模更大，而 Pursuit 已經有意義地擴張，這將提升總鹹水 EBITDA 利潤率。

In the longer term, we think that there's a real opportunity to continue to expand those margins as we expand distribution, expand the product portfolio and drive further efficiencies.

從長遠來看，我們認為隨著我們擴大分銷、擴大產品組合和進一步提高效率，我們有機會繼續擴大這些利潤率。

Okay. Great. And then on your commentary around the boat shows, you threw out some fairly large numbers for Cobalt and Pursuit. I just want to clarify that what you were saying, I think it was mostly on a volume basis and year-over-year. But I didn't hear any commentary on the Malibu business. Maybe just provide some color on what you're seeing there just in terms of boat show activity.

好的。偉大的。然後在您對船展的評論中，您為 Cobalt 和 Pursuit 拋出了一些相當大的數字。我只是想澄清一下你所說的，我認為這主要是基於數量和同比。但我沒有聽到任何關於馬里佈業務的評論。也許只是在船展活動方面為您在那裡看到的內容提供一些顏色。

Yes. I think on the Malibu side and really on the towboat side as a whole, it's spotty from market to market. There are some markets that have been pretty strong, and we've had good uplift. And there are others that have been a little bit weaker. What my observation is, is that there's been more of a holding of price on the Malibu side of the equation in the competition at the boat shows. And I think that's probably having a little bit of impact, overall, it's about flat with last year. If I rate them, certainly, the saltwater shows are doing better. There's a lot of strength. There seems to be a lot of strength in saltwater shows, Cobalt is doing very well. And then on the Malibu side, it's more flattish.

是的。我認為在馬里布方面，實際上在整個拖船方面，市場之間參差不齊。有一些市場非常強勁，我們得到了很好的提升。還有其他一些弱一點的。我的觀察是，在遊艇展的競爭中，等式的馬里布方面有更多的價格持有。我認為這可能會產生一些影響，總體而言，它與去年持平。如果我給他們打分，當然，鹹水表演做得更好。有很大的力量。海水錶演似乎有很多力量，Cobalt表現很好。然後在 Malibu 一側，它更平坦。

And our next question will come from Fred Wightman with Wolfe Research.

我們的下一個問題將來自 Wolfe Research 的 Fred Wightman。

I just wanted to follow up on the comments about the market performance. I think you said it was largely in line with your plan. But has your underlying or the embedded retail outlook for the rest of the fiscal year changed? Or is that still in line with what you were thinking last quarter?

我只是想跟進有關市場表現的評論。我想你說這在很大程度上符合你的計劃。但是，您對本財年剩餘時間的基本或嵌入式零售前景是否發生了變化？或者這是否仍然符合您上個季度的想法？

Just in line with what our outlook has been, yes, the comment that I'll make is really more on the channel inventory side. We do think that from a Malibu Cobalt side of the equation, it will be by the end of this model year or fiscal year, that channel inventories would be where they need to be, but it will continue to be in the fiscal year '24 before saltwater Pursuit and Maverick get there.

與我們的展望一致，是的，我要發表的評論實際上更多是關於渠道庫存方面的。我們確實認為，從等式的 Malibu Cobalt 方面來看，到這個模型年或財政年度結束時，渠道庫存將達到他們需要的水平，但它將繼續在 24 財政年度在鹹水追逐和特立獨行到達那里之前。

And just to follow up on the inventory comment. That is targeted dealer inventory levels, right? You're not assuming it's back to pre-COVID type levels here, it's a bit of a haircut to where that was previously?

只是為了跟進庫存評論。那是目標經銷商庫存水平，對嗎？你不是假設它在這裡回到了 COVID 之前的類型水平，它與以前的水平相比有點縮水？

Yes. Fred, the way we look at it is weeks on hand of inventory. And as we know, it's a very cyclical nature within the year. So there are points in time that needs to be higher and other points in time, it needs to be lower. And so we're looking at more on that what is needed to propel the market share and propel the retail sales that we need.

是的。弗雷德，我們看待它的方式是手頭有幾週的庫存。正如我們所知，它在一年內具有很強的周期性。所以有些時間點需要更高，有些時間點需要更低。因此，我們正在研究更多需要什麼來推動市場份額和推動我們需要的零售額。

Perfect. And then just lastly, the hurricane-related impacts that you guys had outlined last quarter did those wind up, I think, it was $5 million on revenue and $1.5 million on profit. Was that -- where it sort of wound up for the quarter?

完美的。最後，你們上個季度概述的與颶風相關的影響最終結束了，我認為，收入為 500 萬美元，利潤為 150 萬美元。那是——它在本季度結束的地方嗎？

Yes. We did recover that. What we have not seen, and I think it's due to the insurance checks for both have been slow and coming, we do think that there's tailwinds that are coming related to the hurricane of people that have not yet replaced our boats.

是的。我們確實恢復了。我們還沒有看到，我認為這是由於兩者的保險檢查進展緩慢，我們確實認為，與尚未更換我們船隻的人的颶風有關的順風即將到來。

Our next question will come from Craig Kennison with Baird.

我們的下一個問題將來自 Craig Kennison 和 Baird。

I wanted to unpack guidance a little bit. When you look at your fiscal '23 revenue guidance, what's the embedded shipment volume assumption there? And then maybe you can comment on the embedded kind of retail assumption you need to get there?

我想稍微解釋一下指導。當你查看你的 23 財年收入指引時，那裡的嵌入式出貨量假設是多少？然後也許你可以評論你需要到達那裡的嵌入式零售假設？

Yes. So -- we don't give unit volume assumptions. But ultimately, you can back into the implied guide from a revenue perspective in the back half is obviously down. Right? And so that's going to probably -- I would guess a range depending on what ASP assumption that you're going to use is probably down 5% to down 12% in unit volumes in the back half of the year.

是的。所以——我們不給出單位體積假設。但最終，你可以從收入的角度回到隱含的指導下半年明顯下降。正確的？因此，這可能會——我猜一個範圍取決於你將要使用的 ASP 假設，今年下半年的單位銷量可能下降 5% 到 12%。

Got it. And then just as we look further ahead, Jack, I think you said something about the era of pricing and getting significant price increases maybe over. I'm just wondering what that means for ASPs as we look at fiscal 2024? Could we actually see prices come down on like-for-like units. And then just looking at the restocking opportunity in 2024. I'm assuming you still have some restock left maybe in the first half, as you mentioned, but we won't see the same level of restock benefit in fiscal 2024 as well.

知道了。然後，正如我們展望未來一樣，傑克，我想你說過一些關於定價和大幅提價的時代可能已經結束。我只是想知道在我們展望 2024 財年時，這對 ASP 意味著什麼？我們真的能看到同類產品的價格下降嗎？然後看看 2024 年的補貨機會。我假設你可能在上半年還有一些補貨，正如你提到的，但我們也不會在 2024 財年看到同樣水平的補貨收益。

I would answer the latter first. I think that's exactly correct. It really is going back to that normal environment. And I'm going to bifurcate between wholesale and retail as we talk about the pricing dynamic. For Malibu, it becomes like it was in 2019, 2020 time frame where you look at an overall increase in the ASPs and it's going to be about 1/3 price driven, 1/3 product driven, 1/3 feature driven. As it relates to that -- the environment of pricing and prices coming down -- at the retail level, prices I do think will come down next year. And the rationale and the reason is because prices have been in the MSRP for 2 years or more, and the dealers have got to bring the pricing down. So it's not necessarily going to be on the wholesale side, but that retail customer will see pricing degradation.

我會先回答後者。我認為這是完全正確的。它真的回到了那個正常的環境。當我們談論定價動態時，我將在批發和零售之間進行區分。對於 Malibu，它變得像是在 2019 年、2020 年的時間框架內，您可以看到 ASP 的整體增長，大約 1/3 的價格驅動，1/3 的產品驅動，1/3 的功能驅動。與此相關——定價環境和價格下降——在零售層面，我認為明年價格會下降。理由和原因是因為價格已經在 MSRP 中存在 2 年或更長時間，經銷商必須降低價格。所以它不一定會在批發方面，但零售客戶會看到價格下降。

Our next question will come from Joe Altobello with Raymond James.

我們的下一個問題將來自 Joe Altobello 和 Raymond James。

Just want to follow up on Craig's question regarding units. You said [weighing] down 5% to 12% in the second half. I assume that's mostly Malibu, right, since you're still filling the channel to a large degree, on Saltwater Fish and Cobalt?

只想跟進克雷格關於單位的問題。你說下半年 [權重] 下降了 5% 到 12%。我想這主要是馬里布，對吧，因為你還在很大程度上用鹹水魚和鈷填充海峽？

I would tell you that, that's the bigger portion of our business. I don't have it off the -- at the tip of my fingers, but it's got to be -- and I was just doing that based off of the implied revenue guide and some generic ASP assumption. So -- but I would tell you to do the math and put your ASP assumption in there to get your volume number.

我會告訴你，這是我們業務的較大部分。我沒有想到——在我的指尖，但它必須是——我只是根據隱含的收入指南和一些通用的 ASP 假設來做這件事。所以 - 但我會告訴你做數學並把你的 ASP 假設放在那里以獲得你的數量。

Okay. And then in terms of second half margins, I think when you said you expect the second half to be roughly flat with last year. And I think you just guided to a 3Q number of 21% versus 23% in the base period. And then in the fourth quarter, you're lapping a 21%. So it sounds like you expect EBITDA margins to improve fairly significantly in Q4. What's driving that?

好的。然後就下半年的利潤率而言，我想當你說你預計下半年與去年大致持平時。而且我認為你剛剛指導了 21% 的第三季度數字，而基期為 23%。然後在第四季度，你的得分為 21%。所以聽起來您預計 EBITDA 利潤率在第四季度會有相當顯著的提高。是什麼推動了它？

The -- really, it's the timing of how that price flows in various mix elements. But the impact of flooring has a very negligible effect in Q4. It has a smaller impact in Q3, but the impact of year-over-year price increases in the Q4 period as we waited on the Malibu line is going to have more of an impact in Q4.

- 真的，這是價格如何在各種混合元素中流動的時間。但地板的影響在第四季度的影響可以忽略不計。它對第三季度的影響較小，但由於我們在馬里佈線等待，第四季度價格同比上漲的影響將對第四季度產生更大的影響。

And our next question will come from Gerrick Johnson with BMO Capital Markets.

我們的下一個問題將來自 BMO Capital Markets 的 Gerrick Johnson。

A couple here. First, the impact of discounting in the quarter, the impact on gross net sales or gross margin and your outlook on discounting for the balance of the year. Also I was curious about the engine comments you made about engine constraints where you see the most limited supply. And then I'm not sure if you answered, I think it was Craig's question about your outlook for the industry and how that's embedded in your guidance?

這裡有一對。首先，本季度折扣的影響，對淨銷售額或毛利率的影響以及您對今年剩餘時間折扣的展望。我也很好奇你對發動機限制的發動機評論，你看到供應最有限。然後我不確定你是否回答了，我認為這是克雷格關於你對行業前景的問題以及它如何嵌入你的指導中？

Yes. With respect to discounting, Gerrick, it really is not a meaningful factor incrementally from a boat show or year-end sales event perspective, it's -- you're not seeing an incremental discount drag versus what we've seen historically.

是的。關於折扣，Gerrick，從船展或年終銷售活動的角度來看，這確實不是一個有意義的因素，它是——你沒有看到與我們歷史上看到的相比，增量折扣拖累。

On a year-over-year basis, there's probably a little bit, but we anticipated that. I'll let -- I'll punt on the engine constraints to Jack here in a second. But with respect to the outlook, what we had initially said with our guidance back in the August time frame was a down high single-digit percentage for the market as a whole. And we continue to have that as our primary driver in the model. If you look at the domestic registration data for our primary segments, you're down about 12% on a blended basis, and you're seeing a decelerating decrease. So kind of second derivative function, but -- and ultimately, when you look at on a 6-month basis, so we think that the current estimate that we have in terms of a high single-digit down market for the fiscal year is still as appropriate and is the embedded assumption in our guidance.

與去年同期相比，可能有一點，但我們預料到了。我會讓 - 我會在一秒鐘內將引擎限制放在傑克身上。但就前景而言，我們最初在 8 月份的時間框架內提出的指導意見是整個市場的個位數百分比下降。我們繼續將其作為我們模型中的主要驅動力。如果你看一下我們主要細分市場的國內註冊數據，你會發現在混合的基礎上下降了大約 12%，而且你看到下降正在減速。這種二階導數函數，但是——最終，當你在 6 個月的基礎上看時，我們認為我們目前對本財年高個位數下跌市場的估計仍然是視情況而定，並且是我們指南中的嵌入式假設。

Gerrick, coming back to engines. We continue to see all of the engine companies struggle to one level or another, and it's to varying degrees. There has been improvement. I will tell you that Yamaha has improved, and they seem to be getting more product to us. They're getting the parts that we need to us. So there is some catch-up going on. But part of the equation there is we were way behind. And so we're not fully caught up yet, although we see improvement. On sterndrive -- on the Cobalt side, on the sterndrive and also that forward-facing engine, we've seen improvement there as well, still not out of the woods, but we have seen improvement. So if I put it in an overall nutshell, the engines are improving, but still not where we need them to be. We don't necessarily get all of the parts and all the engines that we need when we need them on the line, but that is improving.

格里克，回到引擎。我們繼續看到所有發動機公司都在不同程度上掙扎，而且程度不同。有改善。我會告訴你雅馬哈已經改進了，他們似乎正在為我們提供更多產品。他們正在獲得我們需要的零件。所以有一些追趕正在進行。但方程式的一部分是我們落後了。因此，儘管我們看到了進步，但我們還沒有完全趕上。在船尾驅動器上——在 Cobalt 方面，在船尾驅動器和前向發動機上，我們也看到了改進，但仍未走出困境，但我們已經看到了改進。因此，如果我概括地說，引擎正在改進，但仍未達到我們需要的水平。當我們需要在線時，我們不一定能獲得所需的所有零件和所有引擎，但這種情況正在改善。

And our next question will come from Brandon Rolle with D.A. Davidson.

我們的下一個問題將來自 D.A. 的 Brandon Rolle。戴維森。

First, just on the ski/wake category, it seems like the category was underperforming the broader industry in the last few months of the year. Could you comment on anything that might be going on specifically within your category and your outlook for the industry in calendar 2023, specifically for the ski/wake category?

首先，就滑雪/滑水類別而言，該類別在今年最後幾個月的表現似乎不及整個行業。您能否評論一下您的類別中可能發生的任何事情以及您對 2023 日曆年行業的展望，特別是滑雪/喚醒類別？

Yes. I think generally, you've had a better scenario of putting inventory into the channel as it relates to that ski/wake category. And that's not only from us, but that would be from all competitors. But the main thing that I've seen, we have like pontoons, have had a very strong 4-, 5-year period of time. And so it may be a little bit of a pause. And then the third thing I would point to is dealers need to take pricing down.

是的。我認為一般來說，你有更好的方案將庫存放入渠道，因為它與滑雪/喚醒類別相關。這不僅來自我們，而且來自所有競爭對手。但我所看到的最主要的事情是，我們像浮橋一樣，在 4、5 年的時間裡表現非常強勁。所以它可能會有一點暫停。然後我要指出的第三件事是經銷商需要降低價格。

The other thing I would add to that is that if you look at the details of those monthly numbers that you're talking about, you're talking about comps that are still really, really high, if you look at them in a historical context, when you elongate the period that you're looking at that and you look at the first half of the fiscal year performance, it's in line with the entirety of the market. And so I don't think it's something that's a symptom of a broader disease for that segment. It really is a function of a very short window of time and a really high comp in a historical context. And when you spread it out over 6 months, it's very much in line with the industry.

我要補充的另一件事是，如果您查看您正在談論的那些月度數字的詳細信息，如果您在歷史背景下查看它們，那麼您談論的是仍然非常非常高的補償，當你延長你正在查看的時間段並查看本財年上半年的表現時，它與整個市場一致。因此，我認為這不是該細分市場更廣泛疾病的症狀。它確實是一個非常短的時間窗口和歷史背景下非常高的補償的函數。當你把它分攤到 6 個月時，它非常符合行業。

Okay. Great. And you had commented on dealers needing to cut prices. Is it solely on them to cut prices? Or would you guys potentially lower pricing to get pricing more in line with consumer demand?

好的。偉大的。您曾評論過經銷商需要降價。降價只能靠他們嗎？還是你們會降低定價以使定價更符合消費者需求？

It's on them. They've been carrying MSRP for 2, 3 years, and we've gone back to our normal support related to the programs that we have. But what I've seen in boat shows is they're still holding pricing too high.

在他們身上。他們已經執行了 2、3 年的建議零售價，我們已經恢復了與我們現有程序相關的正常支持。但我在船展上看到的是，他們的定價仍然過高。

Okay. And just lastly on the boat shows. How much of the year-over-year increase at retail is driven by improved inventory availability versus actual stronger consumer demand? I feel like last year, there wasn't a lot of inventory in the channel to show or sell at these boat shows.

好的。最後在船展上。零售業的同比增長有多少是由庫存可用性的改善與實際更強勁的消費者需求推動的？我覺得去年在這些船展上沒有太多的庫存可供展示或銷售。

No, I think that's very accurate. And one of the things that we're seeing is people are not in that hurry. They're not being told that if you don't place your order, you're not going to get a boat by the beginning -- by Memorial Day or the beginning of summer, whenever it would be. So there is more price comparison. There's more, what I'll call, kicking in the towers -- tires. So I think that absolutely plays into it. The decision point, I'll put it this way, is taking longer than it did last year because people were afraid they would not get a boat.

不，我認為這是非常準確的。我們看到的一件事是人們並不那麼著急。他們沒有被告知，如果你不下訂單，你就不會在一開始就得到一艘船——陣亡將士紀念日或夏初，無論何時。所以比價比較多。還有更多，我稱之為，踢塔——輪胎。所以我認為這絕對起作用。決定點，我會這樣說，比去年花費了更長的時間，因為人們擔心他們不會得到一條船。

That may pay dividends as we go forward. But instead of buying at the boat show as they might have last year, it may be more of a 2-, 3-, 4-week long process.

隨著我們的前進，這可能會帶來紅利。但是，他們可能不像去年那樣在船展上購買，而是可能需要 2、3、4 週的時間。

And our next question will come from Eric Wold with B. Riley Securities. .

我們的下一個問題將來自 B. Riley Securities 的 Eric Wold。 .

Two quick questions, hopefully. I guess first off, kind of thinking back to when the supply chain issue was first popping up a year and change ago, you kind of talked about how much that was keeping you from optimal efficient levels of production, 20% kind of plus from where you want to be. As you think about now where we are with inventories getting back to more normalized levels within the next year or so in the 3 categories where you see demand shaping up, how do you think about production versus where you'd want to be on an optimal level? Is it still the same as it kind of was before? Or is it going -- it has to come down a little bit just to get where you are.

希望有兩個簡單的問題。我想首先，回想一下供應鏈問題在一年前首次出現並發生變化時，你談到了多少讓你無法達到最佳生產效率水平，20% 的增長來自哪裡你想成為。當您考慮我們現在的庫存在明年左右恢復到更正常的水平時，在您看到需求正在形成的 3 個類別中，您如何看待生產與您希望處於最佳狀態的位置等級？還是和以前一樣？還是它會繼續——它必須下降一點才能到達你所在的位置。

What I would tell you is that our capacity is increasing. And so the capacity whereas in the past, capacity has been the issue, in terms of keeping up with demand, that is becoming less and less of an issue. But [eloquently] comes down to is what are the channel inventories looking like? What are the weeks on hand of the inventory for our various brands and within the segments. And we're going to be very responsible, and I can only hope our competition will be responsible and not irresponsible.

我要告訴你的是，我們的能力正在增加。因此，在過去，容量一直是滿足需求的問題，但容量正變得越來越不重要。但 [雄辯地] 歸結為渠道庫存是什麼樣的？我們各個品牌和細分市場內的庫存週數是多少？而且我們會非常負責任，我只能希望我們的競爭是負責任的，而不是不負責任的。

Got it. And then second question, last question. You kind of went through the various successes you had with the acquisitions you completed and talked and mentioned that you definitely would be interested in something else of quality out there to acquire if the situation is right. Does that seem to indicate that that's more a priority versus launching something greenfield internally? Or would you still consider launching another brand or another kind of extension internally?

知道了。然後是第二個問題，最後一個問題。你有點經歷了你完成和談論的收購所取得的各種成功，並提到如果情況合適，你肯定會對那裡獲得的其他優質東西感興趣。這似乎表明這比在內部啟動新項目更重要嗎？或者您是否仍會考慮在內部推出另一個品牌或另一種擴展？

I think we have to have those options open for both at all times. It's easier and it's more -- it's quicker if you make an acquisition, but it also costs a lot more. But if you look at the acquisitions we've made, we're immediately in the business. We're immediately in a point of improving it. And so I'm not going to say that's the desired path but it's easier, quicker path, but we would keep the option of an acquisition or a greenfield open in the right circumstance.

我認為我們必須始終為兩者開放這些選項。它更容易，而且更多——如果你進行收購，它會更快，但它也會花費更多。但是，如果您看一下我們進行的收購，就會發現我們正在開展業務。我們馬上就要改進它了。因此，我不會說這是理想的路徑，但它更容易、更快捷，但我們會在適當的情況下保留收購或綠地的選擇權。

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

我現在不會提出任何進一步的問題。我想將電話轉回給 Jack Springer 以獲取進一步的評論。

Thank you. In summary, our first half results yet again demonstrate the inherent strength and capabilities of our brands. We remain confident in our ability to deliver value to our shareholders while maintaining our guidance for fiscal year 2023. We continue to capitalize on the resilient retail environment, particularly across our saltwater segment as evidenced by the success of our recent boat shows. While supply chain disruptions continue to impact production, we're seeing incremental signs of improvement and have increased unit volumes year-over-year. Our channel inventories have begun to normalize across all segments to varying degrees, led by our freshwater segment, specifically Malibu and Cobalt. Our strategic planning, operational excellence and supply chain management continues to support our outperformance, and we remain confident in our ability to execute in any macro environment as we will continue to leverage the horsepower of our unmatched operational capabilities, vertical integration efforts and visionary team to deliver profitable growth.

謝謝。總而言之，我們上半年的業績再次證明了我們品牌的內在實力和能力。我們對在保持 2023 財年指導方針的同時為股東創造價值的能力充滿信心。我們繼續利用彈性零售環境，特別是在我們的鹹水部門，我們最近的遊艇展的成功證明了這一點。雖然供應鏈中斷繼續影響生產，但我們看到了逐步改善的跡象，並且單位數量同比增加。我們的渠道庫存已開始不同程度地在所有部門正常化，其中以我們的淡水部門為首，特別是 Malibu 和 Cobalt。我們的戰略規劃、卓越運營和供應鏈管理繼續支持我們的出色表現，我們對我們在任何宏觀環境中的執行能力充滿信心，因為我們將繼續利用我們無與倫比的運營能力、垂直整合努力和有遠見的團隊的力量，實現盈利增長。

As always, I want to thank you for your support and for joining us this morning as we look to deliver on our strategic objectives and grow our leading brands through the second half of fiscal year 2023. Have a great day.

一如既往，我要感謝您的支持，感謝您今天上午加入我們，因為我們希望在 2023 財年下半年實現我們的戰略目標並發展我們的領先品牌。祝您今天愉快。

And 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。