Malibu Boats Inc (MBUU) 2023 Q3 法說會逐字稿

Good morning, and welcome to Malibu Boats Conference Call to discuss Third Quarter Fiscal Year 2023 results.

早上好，歡迎參加 Malibu Boats 電話會議，討論 2023 財年第三季度業績。

(Operator Instructions)

（操作員說明）

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.

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 this call today from management are Mr. Jack Springer, Chief Executive Officer; and Mr. David Black, Interim Chief Financial Officer; and Mr. Ritchie Anderson, Chief Operating Officer; and Mr. Wayne Wilson, Advisor.

今天接到管理層電話的是首席執行官 Jack Springer 先生；臨時首席財務官 David Black 先生；首席運營官 Ritchie Anderson 先生；和顧問 Wayne Wilson 先生。

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

我現在將電話轉給威爾遜先生開始。請繼續，先生。

Good morning, everyone. Before I turn the call over to David, I'd like to take a moment and thank the entire Malibu team for their commitment, dedication over my nearly 14-year tenure. It's been an honor to work alongside each and every one of you during our incredible transformation. We've accomplished a tremendous amount, and I leave proud of what we have accomplished.

大家，早安。在我將電話轉給大衛之前，我想花點時間感謝整個 Malibu 團隊在我將近 14 年的任期內的承諾和奉獻。在我們令人難以置信的轉型過程中與你們每一個人一起工作是一種榮幸。我們已經取得了巨大的成就，我為我們所取得的成就感到自豪。

More importantly, I look forward to watching the continued success of Malibu and leave knowing that our talented team remains incredibly well positioned to expand our leadership as the premier recreational boats manufacturer. I will now hand it over to the capable hands of our new interim CFO, David Black.

更重要的是，我期待看到 Malibu 的持續成功，並知道我們才華橫溢的團隊仍然非常有能力擴大我們作為首屈一指的休閒船製造商的領導地位。我現在將把它交給我們新任臨時首席財務官 David Black 的干練之手。

Thank you, Wayne, and good morning, everyone. On the call, Jack will provide commentary on the business, and I will discuss our fiscal third quarter 2023 financials. We will then open the call up for questions. A press release covering the company's fiscal third quarter 2023 results was issued today, and a copy of that press release can be found on the Investor Relations section on 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 the actual results could differ materially from those projected on today's call.

謝謝韋恩，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 財年第三季度的財務狀況。然後我們將打開問題電話。今天發布了一份涵蓋公司 2023 財年第三季度業績的新聞稿，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。

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.

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. I will now turn the call over to Jack.

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。我現在將電話轉給傑克。

Thank you, David, and thank you all for joining the call. Before we begin, I wanted to acknowledge that this will be Wayne's final earnings call for MBI. For nearly 14 years, Wayne has played an integral role in executing our strategic vision, while at the same time, supporting our tremendous growth. He will be deeply missed, but he has built a strong team around him. And as David leads on an interim basis, I have the utmost confidence in our team's ability to navigate the ship and continue to deliver the results that our stakeholders have come to expect.

謝謝你，大衛，感謝大家加入電話會議。在我們開始之前，我想承認這將是韋恩對 MBI 的最後一次財報電話會議。近 14 年來，韋恩在執行我們的戰略願景方面發揮了不可或缺的作用，同時支持我們的巨大增長。他會被深深地懷念，但他已經在他周圍建立了一支強大的團隊。由於 David 是臨時領導，我對我們團隊駕馭這艘船並繼續交付我們的利益相關者所期望的結果的能力充滿信心。

On behalf of everyone at Malibu, we wish him the best during this next stage of his career. Turning to the third quarter, we extended our strong track record of performance, delivering another record for sales despite modest margin pressures as volumes and inventories normalize within our Freshwater brands. While the macroeconomic environment continues to evolve and create uncertainty, we remain very confident in our ability to execute and match wholesale to retail demand.

我們代表 Malibu 的每個人，祝愿他在職業生涯的下一階段一切順利。談到第三季度，我們延續了強勁的業績記錄，儘管隨著 Freshwater 品牌的銷量和庫存正常化，利潤率壓力不大，但我們仍創造了新的銷售記錄。雖然宏觀經濟環境不斷變化並帶來不確定性，但我們對執行和匹配批發與零售需求的能力仍然非常有信心。

During the quarter, we have seen steady improvements in lingering supply chain disruptions and resilient demand in our Saltwater segment, all while continuing to make great strides in improving our pace of production and normalizing dealer inventories.

在本季度，我們看到持續的供應鏈中斷和我們的鹽水部門的彈性需求穩步改善，同時繼續在提高我們的生產速度和使經銷商庫存正常化方面取得長足進步。

Our team knows how to dodge and weave in any environment, and this quarter was no different. We have a clear strategy which we are executing. And while the waters may be choppy at times, we are in a unique position to advance our innovation, increase our capacity and deliver on our vertical integration initiatives.

我們的團隊知道如何在任何環境中躲避和編織，本季度也不例外。我們有一個明確的戰略，我們正在執行。雖然水域有時可能波濤洶湧，但我們在推進創新、提高能力和實施垂直整合計劃方面處於獨特的地位。

For the third fiscal quarter, we posted net record sales of $375 million, increasing 9% over the prior year with adjusted EBITDA of $79.3 million and net income of $53.5 million.

第三財季，我們公佈了創紀錄的淨銷售額 3.75 億美元，比上年增長 9%，調整後的 EBITDA 為 7930 萬美元，淨收入為 5350 萬美元。

As expected during the quarter, we have seen a softening of volumes within our higher-margin Malibu Access segment as channel inventories reach the correct balance. As a result, gross margin declined 190 basis points to 26.3%, while adjusted EBITDA margin declined 210 basis points to 21.1%. Channel inventories for Malibu in particular are ahead of schedule, while Cobalt is not far behind. However, despite the progress we have made filling our Freshwater channels, the upcoming launch of our new model year lineup is on the way and dealers are standing ready heading into the prime selling season.

正如本季度預期的那樣，隨著渠道庫存達到正確的平衡，我們看到利潤率較高的 Malibu Access 部分的銷量有所下降。因此，毛利率下降 190 個基點至 26.3%，而調整後的 EBITDA 利潤率下降 210 個基點至 21.1%。 Malibu 的渠道庫存尤其提前，而 Cobalt 也不甘落後。然而，儘管我們在填充 Freshwater 渠道方面取得了進展，但我們即將推出的新車型年陣容正在進行中，經銷商已準備好進入黃金銷售季節。

Meanwhile, demand within our Saltwater segment has been exceptionally strong throughout the monsoon season, reaching peak levels for the larger shows. Pursuit had historic boat show performance across the board from our shows at Fort Lauderdale in November to Palm Beach in April. This also includes superb shows in New York, Miami and Atlantic City. Cobia and Pathfinder also had strong showings supporting our leadership position in this growing segment.

與此同時，在整個季風季節，我們的鹽水部分的需求異常強勁，達到了大型演出的高峰水平。從我們 11 月在勞德代爾堡到 4 月在棕櫚灘舉行的表演，Pursuit 在整個船展上都有歷史性的表現。這還包括紐約、邁阿密和大西洋城的精彩表演。 Cobia 和 Pathfinder 也有強大的表現支持我們在這個不斷增長的細分市場中的領導地位。

Dealers remain quite optimistic in this category, and we have additional room to fill this channel heading into the first half of fiscal '24. Overall, compared to our Freshwater brands, our Saltwater brands stand several weeks behind the Freshwater segment in reaching normalized inventory levels.

經銷商對這一類別仍然非常樂觀，我們還有更多空間來填補這一渠道，進入 24 財年上半年。總體而言，與我們的淡水品牌相比，我們的鹹水品牌在達到正常庫存水平方面落後於淡水品牌數週。

Given the strong pent-up demand, Pursuit has the most room to grow followed by Cobia, while our Pathfinder brand is closer to being at optimum channel inventory levels. Further to my point about Pursuit's growth profile, we have not yet begun to see the replacement of boats related to Hurricane Ian. Many of our dealers believe this will be very significant as it has been estimated that 15,000 boats were totaled as a result of the hurricane.

鑑於被壓抑的強勁需求，Pursuit 的增長空間最大，其次是 Cobia，而我們的 Pathfinder 品牌更接近最佳渠道庫存水平。就我關於 Pursuit 的增長概況的觀點而言，我們還沒有開始看到與颶風伊恩相關的船隻的更換。我們的許多經銷商認為這將是非常重要的，因為據估計颶風總共造成 15,000 艘船受損。

While the timing of this replacement cycle remains uncertain, we stand ready to fulfill these orders. The next few weeks through the quarter will be important to fully understand what retail demand is and will be through the summer. Weather has been a headwind to this point due to a cool spring and lots of precipitation. We have just begun hearing from dealers that the weather pattern is alleviating, and we are beginning to see warm weather, the warm weather needed to drive retail.

雖然更換週期的時間仍不確定，但我們隨時準備履行這些訂單。本季度接下來的幾週對於充分了解整個夏季的零售需求非常重要。由於春季涼爽和大量降水，天氣一直是不利因素。我們剛剛開始從經銷商那裡聽到天氣模式正在緩解，我們開始看到溫暖的天氣，推動零售所需的溫暖天氣。

Our success over the years has been driven not only by our leadership in the market but also our commitment to investing in the business, either organically or through acquisitions. A prime example of the tremendous progress we have made with the acquisition of the Maverick Boat Group of brands and our successful facility expansion there. NBG is running at a ramped-up pace and showcasing our tried-and-true model of integrating premium brands within our industry-leading operations.

我們多年來的成功不僅得益於我們在市場上的領導地位，還得益於我們對業務投資的承諾，無論是有機投資還是通過收購。我們通過收購 Maverick Boat Group 品牌和我們在那裡成功的設施擴建取得了巨大進步的一個典型例子。 NBG 正在加快步伐，展示我們在行業領先的運營中整合優質品牌的可靠模式。

Today is no different. We continue to have our foot on the gas from a strategic growth standpoint. At MBI, we are constantly looking for ways to increase our manufacturing capacity, expand our vertical integration footprint, grow our distribution network and bring key capabilities in-house. I am excited to speak to some transformative new developments.

今天也不例外。從戰略增長的角度來看，我們繼續立足於天然氣。在 MBI，我們一直在尋找方法來提高我們的製造能力、擴大我們的垂直整合足跡、發展我們的分銷網絡並在內部引入關鍵能力。我很高興能談談一些變革性的新發展。

I will begin with a successful build out of 100,000 square-foot plus new tooling plant on available Pursuit property. On March 1, we officially launched our tooling design center or TDC. The TDC is a very large vertical integration initiative that will first focus on Pursuit and the tooling needs there. This has been a huge endeavor and part of our multiyear plan to bring our product tooling in-house. We are very excited about the potential this brings to MBI as we look to better control capital expenditures, improve our tooling quality and increase volumes.

我將從在可用的 Pursuit 財產上成功建造 100,000 平方英尺的新模具廠開始。 3 月 1 日，我們正式啟動了我們的模具設計中心或 TDC。 TDC 是一個非常大的垂直整合計劃，它將首先關注 Pursuit 和那裡的工具需求。這是一項巨大的努力，也是我們將產品工具引入內部的多年計劃的一部分。我們對這給 MBI 帶來的潛力感到非常興奮，因為我們希望更好地控制資本支出，提高我們的工具質量並增加產量。

We have a strong team in place there to lead the charge and plan to start expanding our tooling capabilities for Pursuit with the ultimate goal of eventually building the majority of all tooling for all MBI brands.

我們在那裡擁有一支強大的團隊來領導這項工作，併計劃開始擴展我們的 Pursuit 工具能力，最終目標是最終為所有 MBI 品牌構建大部分工具。

Secondly, we recently filed an 8-K for the purchase of property with plans to build out a 260,000-plus square foot facility, which is strategically located near our MBI headquarters in Tennessee. This facility gives us added capacity and flexibility to grow in line with the long-term market opportunities ahead. We always want to be in the best position to have adequate capacity for growth, whether growth through our existing brands or diversifying our mix into other high-growth segments such as greenfielding into pontoons, this purchase does just that, providing us with premium optionality for expansion wherever the tide turns.

其次，我們最近提交了一份 8-K 購買物業計劃，計劃建造一個 260,000 多平方英尺的設施，該設施位於田納西州 MBI 總部附近的戰略位置。該設施為我們提供了更大的能力和靈活性，可以根據未來的長期市場機會進行增長。我們始終希望處於最佳位置以擁有足夠的增長能力，無論是通過我們現有的品牌實現增長，還是將我們的組合多樣化到其他高增長領域，例如新建浮橋，這次收購就是這樣做的，為我們提供了優質的選擇隨波逐流擴張。

And another very exciting development and one that many of you have asked about over the years, starting in the first quarter of fiscal 2024, we will begin offering monsoon sterndrive engines to our Cobalt dealers and customers. As we move into the second half of fiscal 2024, we plan to continue the rollout of our Monsoon engines in the Cobalt surf boats. As we scale this over the next few years, we believe this move has the potential to further enhance our strong EBITDA margin profile and generate a triple-digit return on investment.

從 2024 財年第一季度開始，從 2024 財年第一季度開始，我們將開始向我們的 Cobalt 經銷商和客戶提供季風尾機驅動發動機，這是另一個非常令人興奮的發展，你們中的許多人多年來一直在詢問這個發展。隨著我們進入 2024 財年下半年，我們計劃繼續在 Cobalt 衝浪船中推出我們的 Monsoon 發動機。隨著我們在未來幾年內擴大規模，我們相信這一舉措有可能進一步提高我們強大的 EBITDA 利潤率，並產生三位數的投資回報。

Comprehensively, we have kept our hand on the throttle and continue to adapt and well -- adapt well in a tide-turning market environment. Our operational excellence and vertically integrated model have cemented our strong footing as the premier recreational boats manufacturer.

總的來說，我們一直在努力控製油門，繼續適應，並且很好地適應了瞬息萬變的市場環境。我們的卓越運營和垂直整合模式鞏固了我們作為首屈一指的休閒船製造商的堅實基礎。

We look forward to delivering another successful year. And as we look across the horizon, I am confident in the steps we have taken to pave the way for the next leg of our growth.

我們期待著再創佳績。當我們展望未來時，我對我們為下一階段的增長鋪平道路所採取的步驟充滿信心。

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

有了這個，我現在將把電話轉給大衛，讓你更詳細地了解我們的財務業績。

Thanks, Jack. In the third quarter, net sales increased 9% to a record of $375.1 million and unit volumes increased 2.9% to 2,637 boats. The increase in net sales was driven primarily by increased unit volumes for our Saltwater Fishing and Cobalt segments, year-over-year price increases and a favorable model mix. The Malibu and Axis brands represented approximately 50.7% of unit sales or 1,338 boats. Saltwater Fishing represented 27.2% or 718 boats, and Cobalt made up the remaining 22.1% or 581 boats.

謝謝，傑克。第三季度，淨銷售額增長 9% 至創紀錄的 3.751 億美元，單位銷量增長 2.9% 至 2,637 艘船。淨銷售額的增長主要是由於我們的鹹水捕魚和鈷部門的單位產量增加、價格同比上漲以及有利的模型組合。 Malibu 和 Axis 品牌約佔單位銷售額的 50.7% 或 1,338 艘船。 Saltwater Fishing 佔 27.2% 或 718 艘船，Cobalt 佔其餘 22.1% 或 581 艘船。

Consolidated net sales per unit increased 5.9% to $142,252 per unit, primarily driven by increased greater mix of larger boats for Malibu and Cobalt segments and year-over-year price increases. Gross profit increased 1.5% to $98.6 million, and gross margin was 26.3%, this compares to a gross margin of 28.2% in the prior year period.

每單位綜合淨銷售額增長 5.9% 至每單位 142,252 美元，這主要是由於 Malibu 和 Cobalt 細分市場的大型船隻組合增加以及價格同比上漲。毛利潤增長 1.5% 至 9860 萬美元，毛利率為 26.3%，而去年同期的毛利率為 28.2%。

The decrease in gross margin was driven primarily by decreased mix of our higher-margin Malibu segment and increased dealer flooring costs. Selling and marketing expenses increased 6% or $0.4 million in the third quarter. As a percentage of sales, selling and marketing expenses decreased by 10 basis points over the prior year period. General and administrative expenses increased 13.6% or $2.3 million in the third quarter. The increase was driven primarily by an increase in compensation and personnel-related expenses along with an increase in professional fees and increased travel-related expenses.

毛利率下降的主要原因是我們利潤率較高的 Malibu 細分市場的組合減少以及經銷商底板成本增加。第三季度銷售和營銷費用增長 6% 或 40 萬美元。作為銷售額的百分比，銷售和營銷費用比去年同期下降了 10 個基點。第三季度一般和行政費用增長 13.6% 或 230 萬美元。增長的主要原因是薪酬和人事相關費用的增加，以及專業費用和差旅相關費用的增加。

As a percentage of sales, selling and administrative and general and administrative expenses increased 20 basis points to 5.2% compared to 5.0% for the prior year period. Net income for the quarter decreased 2.5% to $53.5 million, adjusted EBITDA for the quarter decreased 0.6% to $79.3 million, and adjusted EBITDA margin decreased 210 basis points to 21.1%. Non-GAAP adjusted fully distributed net income per share decreased 0.8% to $2.59 per share.

作為銷售額的百分比，銷售和行政費用以及一般和行政費用增加了 20 個基點，達到 5.2%，而去年同期為 5.0%。本季度淨收入下降 2.5% 至 5350 萬美元，本季度調整後 EBITDA 下降 0.6% 至 7930 萬美元，調整後 EBITDA 利潤率下降 210 個基點至 21.1%。非 GAAP 調整後的每股完全分配淨收入下降 0.8% 至每股 2.59 美元。

This is calculated using a normalized C corp tax rate of 24.3% and 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 tables in our earnings release. This quarter highlighted the strength of our operations team given our strong performance in spite of moderated volumes for our Malibu Axis segment. As expected, channel inventory has reached more normalized levels in the Malibu Axis channel.

這是使用 24.3% 的標準化 C corp 稅率和約 2130 萬股的完全分配加權平均股數計算得出的。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。本季度突出了我們運營團隊的實力，儘管我們的 Malibu Axis 部門的銷量有所下降，但我們的表現依然強勁。正如預期的那樣，Malibu Axis 渠道的渠道庫存已達到更正常的水平。

While we have some runway for continued inventory within our Saltwater segment, we will now focus on expansionary distribution over the coming quarters that has been planned for years post acquisition.

雖然我們在 Saltwater 部門有一些持續庫存的跑道，但我們現在將專注於收購後數年計劃的未來幾個季度的擴張分銷。

With prime selling season coming down the pike and inventory at more normalized levels, we look to maintain our trajectory and deliver a strong close to fiscal year 2023. Based on our current operating plan, our expectations for fiscal year '23 are as follows: we anticipate revenue to grow just north of 10% year-over-year and consolidated adjusted EBITDA margin is expected to be down slightly. While we look forward to delivering another successful fiscal year, we are even more excited about what the future holds. As Jack mentioned earlier, we announced 3 new major initiatives, 2 of which represent the next phase of our vertical integration strategy.

隨著黃金銷售旺季的結束和庫存處於更正常的水平，我們希望保持我們的軌跡並在 2023 財年實現強勁的收盤。根據我們目前的運營計劃，我們對 23 財年的預期如下：我們預計收入同比增長略高於 10%，綜合調整後 EBITDA 利潤率預計將略有下降。在我們期待又一個成功的財政年度的同時，我們對未來更加興奮。正如傑克之前提到的，我們宣布了 3 項新的重大舉措，其中 2 項代表了我們垂直整合戰略的下一階段。

These initiatives are indicative of how we position MBI to outperform over the long term by utilizing our scale and experienced team in high ROI projects that are unique to our business. These vertically integrated initiatives are why we continue leading the way as the premier recreational boats manufacturer, and I look forward to working with our best-in-class team to execute in the coming quarters and years.

這些舉措表明我們如何通過在我們業務獨有的高投資回報率項目中利用我們的規模和經驗豐富的團隊，使 MBI 長期表現出色。這些垂直整合的舉措是我們作為首屈一指的休閒船製造商繼續領先的原因，我期待著與我們一流的團隊合作，在未來幾個季度和幾年內執行。

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

有了這個，我想打開問題的電話。

(Operator Instructions)

（操作員說明）

Our first question comes from Jaime Katz with Morningstar.

我們的第一個問題來自 Morningstar 的 Jaime Katz。

Thank you for your contributions, Wayne. I'm hoping you guys can talk a little bit about how you think the profitability in Saltwater can change over time. So in the near term, we're looking at a higher mix of Saltwater relative to the past. But it looks like the EBITDA margin will be improving despite sales declining maybe in the fourth quarter. But can you talk a little bit about how that shakes out over both the near term and the longer term because it would seem like the Saltwater segment becoming a bigger percentage of the mix might actually be a bit of a drag on the overall EBITDA margins?

感謝您的貢獻，韋恩。我希望你們能談談您認為 Saltwater 的盈利能力會如何隨時間變化。因此，在短期內，我們正在尋找比過去更高的鹽水組合。但看起來 EBITDA 利潤率將有所改善，儘管第四季度銷售額可能下降。但是你能談談這在短期和長期內是如何發生變化的嗎，因為看起來鹽水部門在組合中所佔的比例越來越大，實際上可能會拖累整體 EBITDA 利潤率？

Yes, Jaime, that is the fact, and it's really the evolution. We've seen it with everything that we've acquired. One of the things that we've absolutely seen over time is that Malibu Axis back in '14, '17, whenever we made our acquisitions, we had a high EBITDA percentage. So our margins were very high, the highest in the industry. So each of the acquisitions that we've made beginning with Cobalt has brought down that comprehensive EBITDA margin because you're dealing with lower EBITDA margins with the acquisitive brands and then we start building them back up.

是的，Jaime，這是事實，而且確實是進化。我們已經看到了我們所獲得的一切。隨著時間的推移，我們絕對看到的一件事是 Malibu Axis 在 14 年、17 年，每當我們進行收購時，我們的 EBITDA 百分比都很高。所以我們的利潤率非常高，是業內最高的。因此，我們從 Cobalt 開始進行的每一次收購都降低了綜合 EBITDA 利潤率，因為你正在處理收購品牌較低的 EBITDA 利潤率，然後我們開始建立它們。

One of the things we've talked about is in the first 2 years. Cobalt doubled its EBITDA, and so we were driving that margin. A very similar thing has happened twice now with the acquisition of Pursuit in '18 and the acquisition of NBG in 2020, we had -- we began with a basis of much lower margins. We've seen those margins increase. We've seen some of that out of Pursuit and they continue to grow. So if you think about it, in the short term, we've seen that growth, but it's still well behind what a Malibu is or even what a Cobalt is at this point.

我們談到的其中一件事是在頭兩年。 Cobalt 的 EBITDA 翻了一番，因此我們推動了這一利潤率。在 18 年收購 Pursuit 和在 2020 年收購 NBG 時，已經發生了兩次非常相似的事情——我們從低得多的利潤率開始。我們已經看到這些利潤率增加了。我們已經從 Pursuit 中看到了其中的一些，並且它們還在繼續增長。因此，如果你考慮一下，在短期內，我們已經看到了這種增長，但它仍然遠遠落後於 Malibu 甚至 Cobalt 目前的水平。

But it is growing in the long term, we expect to eventually be able to take all of our brands into that 20% EBITDA margin threshold. It's going to take -- with the Saltwater, it will take a few years, 2, 3 years to get to that point. But we fully expect to be there. And that's where we'll get primarily the greatest benefit in margin uplift from that Saltwater side.

但從長遠來看，它正在增長，我們希望最終能夠將我們所有的品牌帶入 20% 的 EBITDA 利潤率門檻。這需要——對於 Saltwater，需要幾年、2 年、3 年才能達到這一點。但我們完全希望在那裡。這就是我們將從 Saltwater 方面獲得利潤率提升的最大好處。

Yes. I guess I was just surprised that given the strength in Saltwater, we -- it looks like we should maybe have EBITDA margins up year-over-year in the fourth quarter. The other question I had was on dealer profitability. And I think in prior quarters, you guys have talked about dealers sort of walking away with optimal profitability and maybe that needs to seed a little bit now that the environment is changing. Can you talk about maybe how that has changed over the last quarter and the willingness of dealers to maybe moderate their profit per unit to facilitate faster turns?

是的。我想我只是感到驚訝，鑑於 Saltwater 的實力，我們 - 看起來我們應該在第四季度實現 EBITDA 利潤率同比增長。我的另一個問題是關於經銷商的盈利能力。我認為在前幾個季度，你們談到了經銷商以最佳盈利能力離開，現在環境正在發生變化，也許需要播種一點。您能否談談上個季度的情況如何變化，以及經銷商是否願意降低單位利潤以促進更快的周轉？

Yes. I think it's adjusting without a doubt. Coming out of COVID, there was that overhang of keeping margins high. We've addressed it with the dealers, and I was pretty vocal about it last quarter. We -- it is adjusting. Is it where it needs to be yet? No. And I think Wells Fargo will tell you the same thing across the entire spectrum of marine. But one of the situations or realistic events that's going to occur is we're about to go into a heavy selling season. And we have inventories that, at least on the Freshwater side, are approaching normality and then they're building on that Saltwater side.

是的。我認為毫無疑問，它正在調整。從 COVID 中脫穎而出，存在著保持高利潤率的懸念。我們已經與經銷商討論過這個問題，上個季度我對此直言不諱。我們 - 它正在調整。它是它需要的地方嗎？不，我認為富國銀行會在整個海洋領域告訴你同樣的事情。但即將發生的情況或現實事件之一是我們即將進入一個銷售旺季。我們的庫存，至少在淡水方面，正在接近正常，然後他們在鹹水方面進行建設。

It is going to be a much more competitive environment. And the message that we're delivering to our dealers is, the dealers that are going to win are the dealers that are very aggressive in their marketing and lead follow-up and also very aggressive in their pricing, unwilling to lose deals. And we have seen a moderation in that holding that high margin, not where we want it to be yet in some of our brands, but I think it will get there.

這將是一個競爭更加激烈的環境。我們向經銷商傳達的信息是，將要獲勝的經銷商是那些在營銷和領導跟進方面非常積極，在定價方面也非常積極，不願失去交易的經銷商。我們已經看到保持高利潤率的情況有所緩和，雖然我們的一些品牌還沒有達到我們想要的水平，但我認為它會達到的。

The next question comes from Joe Altobello with Raymond James.

下一個問題來自 Joe Altobello 和 Raymond James。

This is Martin on for Joe. Jack, can you help us square your shipments for the quarter with the soft SSI data we've seen so far? And how do you feel about dealer inventory across your different brands?

這是喬的馬丁。傑克，你能幫我們用我們目前看到的軟 SSI 數據來計算你本季度的出貨量嗎？您如何看待不同品牌的經銷商庫存？

Okay. Would you repeat the first question, please?

好的。請你重複第一個問題好嗎？

Yes, absolutely. Can you help us square your shipments for the quarter with the soft SSI data that we've been seeing?

是的，一點沒錯。您能否幫助我們將您本季度的出貨量與我們看到的軟 SSI 數據相比較？

Okay. I think you have to take a step back, you have to understand where we're coming out of. You had -- you have a retail environment that has been very low on inventory. And it's a really easy arithmetic equation in terms of -- you know that your inventories are down, you have to build that retail inventory out by shipping wholesale. And it plays into your second question, but what you've been doing is playing catch up now for the last, call it, 30 months of trying to get enough inventory in the channel. We're largely there, I think, on the Freshwater brands, which will be Malibu and Cobalt.

好的。我認為你必須退後一步，你必須了解我們的出發點。你有 - 你有一個庫存非常低的零售環境。這是一個非常簡單的算術方程式——你知道你的庫存下降了，你必須通過批發運輸來建立零售庫存。它影響了你的第二個問題，但你一直在做的是在最後一次追趕，稱之為 30 個月，試圖在渠道中獲得足夠的庫存。我認為，我們主要是在 Freshwater 品牌上，這將是 Malibu 和 Cobalt。

We are not there yet on the Saltwater, which will be Pursuit and Cobia. But the way that it squares, frankly, is you have -- number one, you're coming out of an environment where your comps last year were out of sight. And you're not going to -- and we warned against this, you are not going to touch the comps that existed last year. They -- once we get into the second half of the year, it's going to get easier because you saw those comps come down some. But the comps are the big thing, number one. Number two, the wholesale retail squaring has to do with the channel inventory. We have to put more inventory in the channel to realize the retail that we want to.

我們還沒有到達 Saltwater，那將是 Pursuit 和 Cobia。但坦率地說，它的平方方式是——第一，你正在走出去年你的競爭不在視線範圍內的環境。而且你不會 - 我們警告不要這樣做，你不會觸及去年存在的補償。他們 - 一旦我們進入下半年，它會變得更容易，因為你看到這些補償下降了一些。但是補償是最重要的，第一。第二，批發零售平方與渠道庫存有關。我們必須在渠道中投放更多庫存，以實現我們想要的零售。

Moving to the second part of the question, we're -- as it relates to channel inventories, Malibu is right where it needs to be in terms of what the historical norms have been in the channel. Cobalt is slightly behind. But we think that certainly by the end of this fiscal year, it will be caught up. And then there -- in the case of Pursuit and Cobia, they are a few weeks behind what Malibu and Cobalt are. And our expectation is that the channel inventories will normalize in the first half of 2024.

轉到問題的第二部分，我們 - 因為它與渠道庫存有關，就渠道中的歷史規範而言，Malibu 是正確的。鈷略微落後。但我們認為，到本財年末，它肯定會趕上。然後——就 Pursuit 和 Cobia 而言，它們比 Malibu 和 Cobalt 落後幾週。我們的預期是渠道庫存將在 2024 年上半年正常化。

Got it. And you mentioned the opportunity to expand distribution for Pursuit and Maverick. Can you give us an idea of what the rough magnitude of that looks like?

知道了。你提到了擴大 Pursuit 和 Maverick 分銷的機會。你能告訴我們它的粗略程度是什麼樣的嗎？

Yes. If you think -- and I'm going to talk about it geographically for a second. And it's really kind of on the Pursuit side, the Cobia side, but I'm going to also touch on Cobalt. On the Pursuit and the Cobia side, if you think about those 2 brands and entities, they are largely heavily focused on the Southeast and the Northeast, have some presence in the Mid-Atlantic, have a little bit of presence in the Great Lakes region, but that's really about it. If you look at a Pursuit dealer basis around 35, there is a lot of opportunity for growth, especially when you compare against their 2 major competitors.

是的。如果你認為——我想從地理上談談它。它真的有點像 Pursuit 方面，Cobia 方面，但我也會談到 Cobalt。在 Pursuit 和 Cobia 方面，如果你考慮一下這兩個品牌和實體，它們主要集中在東南部和東北部，在大西洋中部有一些業務，在五大湖地區也有一些業務，但僅此而已。如果你看看 Pursuit 經銷商的基數在 35 歲左右，就會有很多增長機會，尤其是當你與他們的 2 個主要競爭對手進行比較時。

Cobia and Pathfinder are very much the same scenario in the ability to fill out the Mid-Atlantic fill out, the Great Lakes and then start that process of moving west.

軍曹魚和探路者在填滿大西洋中部、五大湖然後開始向西移動的過程中的能力非常相似。

And so over time, they're not going to be huge dealers because from a Saltwater standpoint, you have that in Florida. But there can be a lot of volume, improving that Pursuit network to 45 or 50 over the coming, call it, year to 18 months, improving Pathfinder by 15 to 20 dealers over time. Cobia, a very similar scenario. So that's where, on the Saltwater, our focus is. We think we have a lot of opportunity to increase the number of dealers and by virtue of that, increase the amount of volume going out.

所以隨著時間的推移，他們不會成為巨大的經銷商，因為從 Saltwater 的角度來看，你在佛羅里達就有了。但是可能會有很多數量，在未來將 Pursuit 網絡增加到 45 或 50 個，稱之為一年到 18 個月，隨著時間的推移將 Pathfinder 增加 15 到 20 個經銷商。 Cobia，一個非常相似的場景。這就是我們在 Saltwater 上的重點所在。我們認為我們有很多機會增加經銷商的數量，並因此增加出貨量。

We also have an opportunity with Cobalt. Cobalt, we have a limited number today of Saltwater dealers because we've been confined on the number of boats that we've been able to build over time. And so we have a target list of additional outboard dealers that we are working on right now, and we would expect to come to provision in the next 3 to 6 months.

我們也有機會與 Cobalt 合作。 Cobalt，我們今天的 Saltwater 經銷商數量有限，因為隨著時間的推移，我們已經能夠建造的船隻數量受到限制。因此，我們有一份我們正在處理的額外舷外機經銷商的目標清單，我們預計將在未來 3 到 6 個月內提供。

Next question comes from Griffin Brian with D.A. Davidson.

下一個問題來自 Griffin Brian 和 D.A.戴維森。

This is Griffin on for Brandon. I guess my first question, in terms of cadence of the quarter, do you guys see any slowdown of retail later in the quarter and then maybe how that trended in April? I mean it sounds like Saltwater Fishing is doing well, but curious how other brands and categories trended?

這是布蘭登的格里芬。我想我的第一個問題是，就本季度的節奏而言，你們是否看到本季度晚些時候零售業放緩，然後是 4 月份的趨勢如何？我的意思是聽起來 Saltwater Fishing 做得不錯，但好奇其他品牌和類別的趨勢如何？

I wouldn't say we saw a slowdown in the quarter. I will benchmark it against, call it, the last 6, 7 years of time. I think more than anything, what we've seen is a delay in the season kicking off because of the cool weather and because of the precipitation. My belief is that over the next, call it, to the end of our fiscal year, but certainly through the end of June, we're going to have a much, much better understanding of what that retail environment is going to look like because we're going to have a weather pattern that is actually helping us instead of hindering us.

我不會說我們在本季度看到了放緩。我將以過去 6、7 年的時間為基準，稱之為基準。我認為最重要的是，我們看到的是由於涼爽的天氣和降水，本賽季開始推遲。我的信念是，在下一個財政年度結束時，但肯定會持續到 6 月底，我們將對零售環境的情況有一個更好的了解，因為我們將擁有一種實際上幫助我們而不是阻礙我們的天氣模式。

Okay. That's helpful. And I guess with the increased sales guidance, can you kind of unpack what's embedded in that? Is a lot of that -- the outperformance related to the boat shows? Or are you guys seeing stronger retail performance at dealers outside of the shows?

好的。這很有幫助。我想隨著銷售指導的增加，你能解開其中的內容嗎？很多 - 與船展相關的出色表現？還是你們在展會之外看到經銷商的零售表現更強勁？

I think it's a little bit of a combination of both. I mean, certainly, on the Saltwater side, you had the growth in the boat shows that we talked about. So those are customers that have placed retail sold orders. So we're seeing a little bit of that. I would classify that from a retail on the Freshwater side, it's been pretty consistent throughout the first half of the calendar year, not a lot of growth at all. It's more of a flattish in nature. And again, I think that comes back to a little bit of the weather that we're dealing with.

我認為這是兩者的結合。我的意思是，當然，在 Saltwater 方面，你有我們談到的船展的增長。所以那些是下了零售訂單的客戶。所以我們看到了一點點。我會將其歸類為 Freshwater 方面的零售，在整個日曆年的上半年，它一直非常穩定，根本沒有太多增長。它本質上更像是一種扁平化。再一次，我認為這又回到了我們正在應對的一些天氣上。

Next question comes from Eric Wold with B. Riley Securities.

下一個問題來自 B. Riley Securities 的 Eric Wold。

A couple of questions. I guess, first off, on the new real estate purchase. I know it's early, but maybe any sense of a time line of when you think a decision might be made on a direction for that and kind of the earliest of when we might see kind of second part of that when I see construction of any new facility. How far out might that look?

幾個問題。我想，首先是購買新的房地產。我知道現在還早，但也許你認為何時可以就某個方向做出決定以及最早的時間線是什麼時候，當我看到任何新的建築時，我們可能會看到第二部分設施。這看起來有多遠？

So just to put a little bit more, a finer point on it, Eric, is the facility is already going up. So we're buying a land in a facility that was already in the design phases and started going up. So that will come to bear very quickly in terms of it will be this calendar year that we will take possession of that. Next quarter, I'll be more probably forthcoming in terms of what we're going to do with that. And there's some combinations. Certainly, it's around capacity. We've talked a lot about we always want to have 20% to 25% capacity for every single one of our brands to run a one-shift operation because we strongly believe in the one-shift operation.

因此，埃里克，再多說一點，再說一點，設施已經在建設中了。所以我們在一個已經處於設計階段並開始建設的設施中購買一塊土地。因此，就我們將在本日曆年擁有它而言，這將很快產生影響。下個季度，就我們將要做什麼而言，我更有可能坦誠相待。還有一些組合。當然，這與容量有關。我們已經談了很多關於我們總是希望我們的每個品牌都有 20% 到 25% 的產能來運行一班制操作，因為我們堅信一班制操作。

And then secondly, I've stated for a number of quarters, we are going to be in pontoon. So if there's not an acquisition to be made, then we will greenfield pontoons. But both of those will be coming over the next, call it, a couple of quarters.

其次，我已經在幾個季度裡說過，我們將在浮橋上。因此，如果不進行收購，那麼我們將新建浮橋。但這兩者都將在接下來的幾個季度內出現。

Got it. And then same question. I know you're not giving fiscal '24 guidance at this point, but how do we think about the drivers that would underline that? Clearly, with Malibu Access that kind of optimal inventory, I've seen the driver for theirs, now the longer channel fill or kind of inventory replacement kind of just pure underlying demand come from there. And then what about the other 2 is, how much of a driver will channel fill new dealer distribution being with other brands versus what you think could be just the underlying retail demand?

知道了。然後是同樣的問題。我知道你此時沒有給出 24 財年的指導，但我們如何看待強調這一點的驅動因素？很明顯，有了 Malibu Access 這種最佳庫存，我已經看到了他們的驅動因素，現在更長的渠道填充或某種庫存更換只是純粹的潛在需求來自那裡。那麼另外兩個問題是，與您認為可能只是潛在零售需求的因素相比，有多少驅動因素將通過其他品牌填補新的經銷商分銷渠道？

Yes. I think, Eric, several drivers that are going to propel us. We don't know what the economy is going to do. We have to state that upfront. But I talked about the comps in the second half of the year. They're going to be, at least from a year-over-year basis, they're going to be much easier to meet, and that will extend into the second fiscal half of next year as well. There is some channel inventory build we have left on Saltwater. That will be a driver. Not so much on Freshwater. The channel inventory is where it needs to be. New product is always a driver. And you will hear in that next call in August that we continue to be very aggressive on new products across all of our brands and what we're bringing out. .

是的。埃里克，我認為有幾位車手會推動我們前進。我們不知道經濟將如何發展。我們必須提前說明這一點。但我談到了下半年的補償。至少從同比來看，他們將更容易見面，而且這也將延續到明年下半財年。我們在 Saltwater 上留下了一些渠道庫存。那將是一名司機。在淡水上沒有那麼多。渠道庫存就在它需要的地方。新產品永遠是驅動力。在 8 月的下一次電話會議中，您會聽到我們將繼續對我們所有品牌的新產品以及我們推出的產品非常積極。 .

And then you touched on this, I think a driver for fiscal year '24 and it will pick up momentum as we go throughout the year is new distribution. And I talked about it a little bit earlier, but on that Pursuit, on that Cobia, on that Pathfinder and Cobalt side of the equation, we will have new distribution that will help be a driver for 2024.

然後你談到了這一點，我認為 24 財年的一個驅動力，隨著我們全年的發展，它將會加速發展，這是新的分銷。我早些時候談過，但在 Pursuit、Cobia、Pathfinder 和 Cobalt 方面，我們將有新的發行版，這將有助於成為 2024 年的驅動力。

Yes. And I think just to add there, I think we're going to learn a lot over the next few months, right, as retail comes in. So I think this is going to be a moving target on really what those additional key drivers are going to be in the following year.

是的。而且我認為只是補充一下，我認為我們將在接下來的幾個月裡學到很多東西，對吧，隨著零售業的進入。所以我認為這將成為一個移動目標，真正說明那些額外的關鍵驅動因素是什麼將在下一年。

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

我現在不顯示任何進一步的問題。我想將電話轉回 Jack Springer 以獲取任何進一步的結束語。

Okay. Thank you very much. In summary, our third quarter results were strong, meeting expectations as we demonstrate the inherent strength and capabilities of our MBI brands. Demand for Saltwater has been robust, and we have capitalized on our historic boat show performance in this segment throughout the boat show season. Our supply chain disruptions have eased, and we have continued to maximize our production capabilities. Meanwhile, Freshwater channel inventory is reaching normalized levels led by our Malibu brands, while inventories for Saltwater will follow and increasing in the channel in the coming months.

好的。非常感謝。總而言之，我們第三季度的業績表現強勁，符合預期，因為我們展示了 MBI 品牌的內在實力和能力。對 Saltwater 的需求一直強勁，我們在整個船展季節都利用了我們在這一領域的歷史性船展表現。我們的供應鏈中斷已經緩解，我們繼續最大限度地提高我們的生產能力。與此同時，在我們的 Malibu 品牌的帶動下，淡水渠道的庫存正達到正常水平，而鹽水的庫存將在未來幾個月緊隨其後並在渠道中增加。

Our commitment to continued investment in the business and growth is unwavering, and we are extremely excited to execute on our next phase of vertical integration plans as we bring tooling in-house, and expand our Monsoon engines to Cobalt as well as add additional capacity for growth. We are well positioned to deliver value to all of our stakeholders, and we remain confident in our ability to execute for the remainder of fiscal year 2023. As always, I want to thank you for your support and for joining us as we look to deliver on our strategic objectives and continue to grow our leading brands throughout the remainder of 2023 and into 2024. Have a great day.

我們對持續投資業務和增長的承諾堅定不移，我們非常高興能夠執行下一階段的垂直整合計劃，因為我們在內部引入工具，將我們的 Monsoon 引擎擴展到 Cobalt 並增加額外的產能生長。我們有能力為所有利益相關者創造價值，我們對我們在 2023 財年剩餘時間的執行能力充滿信心。一如既往，我要感謝您的支持並加入我們的行列在我們的戰略目標上，並在 2023 年剩餘時間和 2024 年繼續發展我們的領先品牌。祝你有美好的一天。

The conference has now concluded. Thank you for attending today's presentation. You may all now disconnect.

會議現已結束。感謝您參加今天的演講。你們現在可能都斷開連接了。