Malibu Boats Inc (MBUU) 2023 Q4 法說會逐字稿

Good morning, everyone, and welcome to Malibu Boats conference call to discuss fourth quarter and full 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.

大家早上好，歡迎參加 Malibu Boats 電話會議，討論 2023 年第四季度和整個財年的業績。（操作員說明）請注意，未經 Malibu Boats 書面授權，不得全部或部分複製本次電話會議。提醒一下，今天的通話正在錄音。

On the 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.

今天，首席執行官傑克·斯普林格 (Jack Springer) 先生出席了管理層的電話會議。臨時首席財務官 David Black 先生；以及首席運營官 Ritchie Anderson 先生。

I'll now turn the call over to Mr. Black to get started. Please go ahead, sir.

我現在將把電話轉給布萊克先生以開始。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 2023 financials. We will then open the call up for questions. A press release covering the company's fiscal fourth quarter and full year 2023 results was issued today and a copy of that press release can be found in the Investor Relations website on our 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.

謝謝大家，大家早上好。在電話會議上，傑克將提供有關業務的評論，我將討論我們第四財季和 2023 年全年的財務狀況。然後我們將開放提問。今天發布了涵蓋公司第四財季和 2023 年全年業績的新聞稿，該新聞稿的副本可以在我們公司網站的投資者關係網站上找到。我還想提醒大家，管理層在本次電話會議上的言論可能包含某些前瞻性陳述，包括預測、期望、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中的預測存在重大差異。

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，這些陳述僅代表今天的情況，公司不承擔針對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 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 measures are included in our earnings release.

請注意，我們將在今天的電話會議上提及某些非公認會計準則財務指標，例如調整後的EBITDA、調整後的EBITDA 利潤率、調整後的完全分配淨利潤和調整後完全分配每股淨利潤。這些非公認會計原則財務指標與公認會計原則指標的調節表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傑克·斯普林格。

Thank you, David, and thank you all for joining the call. Fiscal year 2023 was another impressive year for Malibu, which included fourth quarter and full year results that exceeded expectations despite an increasingly challenging environment. Our unique operating model vertical integration capabilities and world-class leadership continue to shine through allowing us to take a leading position in the marine industry no matter what the market condition we find ourselves in. For fiscal year 2023, net sales increased 14% to a record $1.4 billion. Gross margin remained strong at 25% and adjusted EBITDA grew 15% to a record $284 million. While adjusted EBITDA margin increased to 20.5%. ASPs across all brands continued to be extremely strong, driven by Cobalt and Pursuit.

謝謝大衛，也感謝大家加入這次通話。 2023 財年對馬里布來說又是令人印象深刻的一年，儘管環境日益充滿挑戰，但第四季度和全年業績仍超出預期。我們獨特的運營模式垂直整合能力和世界一流的領導地位繼續閃耀，使我們無論市場狀況如何，都能在船舶行業佔據領先地位。2023 財年，淨銷售額增長 14%，達到創紀錄的14億美元。毛利率保持在 25% 的強勁水平，調整後 EBITDA 增長 15%，達到創紀錄的 2.84 億美元。而調整後的 EBITDA 利潤率則增至 20.5%。在 Cobalt 和 Pursuit 的推動下，所有品牌的平均售價繼續保持強勁。

During the fiscal year, we made great strides to match wholesale production to retail demand, which we believe is important and responsible for our investors and our dealers. The first 3 quarters of the year saw us matching our production to a deficient channel inventory environment to reach more normalized channel inventory levels. The normalization occurred faster than anticipated. And in the fourth quarter, we took production down in our freshwater brands to match where channel inventories were at that point. We continue to monitor retail sales and channel inventories closely and are prepared to make adjustments quickly.

在本財年中，我們在將批發生產與零售需求相匹配方面取得了長足進步，我們認為這對我們的投資者和經銷商來說非常重要且負責。今年前三個季度，我們將生產與渠道庫存不足的環境相匹配，以達到更正常的渠道庫存水平。正常化發生的速度比預期的要快。在第四季度，我們減少了淡水品牌的產量，以匹配當時的渠道庫存。我們繼續密切監控零售銷售和渠道庫存，並準備迅速做出調整。

As we have said repeatedly over the last several quarters, we believe the supply chain would normalize by the end of fiscal 2023 or the beginning of fiscal 2024. We can now officially say that these challenges have largely abated. While occasional pockets of weakness still exist as a normal cohorts of doing business, we remain committed to working with our supply chain partners to ensure normalized supply going forward. While the retail environment remains uncertain, we are leveraging our culture of operational excellence to successfully navigate any lingering supply chain headwinds to provide the highest quality boats on the market.

正如我們在過去幾個季度反复說過的那樣，我們相信供應鏈將在 2023 財年末或 2024 財年年初實現正常化。我們現在可以正式地說，這些挑戰已基本緩解。儘管作為正常的業務群體，偶爾仍然存在一些弱點，但我們仍然致力於與我們的供應鏈合作夥伴合作，以確保未來供應正常化。儘管零售環境仍然不確定，但我們正在利用卓越運營文化，成功應對任何揮之不去的供應鏈逆風，提供市場上最優質的船舶。

The supply chain area that has not corrected is pricing from suppliers. We were surprised to see the increases this spring and it is an area that we will continue to work on with our suppliers. With a more normalized supply chain, OEM production capabilities have also normalized and the retail environment is now the largest contributing factor to our channel inventories faster-than-anticipated recovery. In general, our freshwater segments are at pre-COVID levels or even higher in some cases. Conversely, saltwater channel inventories are still slightly below the pre-COVID inventory levels, but within five weeks on hand.

尚未糾正的供應鏈領域是供應商的定價。我們很驚訝地看到今年春天的增長，這是我們將繼續與供應商合作的一個領域。隨著供應鏈更加正常化，OEM生產能力也已正常化，零售環境現在是我們渠道庫存恢復速度快於預期的最大因素。總體而言，我們的淡水部分處於新冠疫情之前的水平，在某些情況下甚至更高。相反，鹹水渠道庫存仍略低於新冠疫情前的庫存水平，但在五週內。

We are seeing that nearly all manufacturers have had to cut back production to some extent due to weakening demand consistent across the broader marine industry, which resulted in a softer fourth quarter from a retail perspective. This is primarily due to dealers expressing caution in taking on new inventory amid rising interest rates, more normalized channels, recessionary concerns and weather-driven order delays. Regarding interest rates, dealers have faced the effect of higher inventory levels on their lots, compounded with paying higher interest rates on that inventory, which has driven their costs higher and made them more passive about carrying higher levels of inventory.

我們看到，由於整個海洋行業的需求持續疲軟，幾乎所有製造商都不得不在一定程度上削減產量，這導致從零售角度來看第四季度表現疲軟。這主要是由於經銷商在利率上升、渠道更加正常化、經濟衰退擔憂以及天氣原因導致的訂單延遲的情況下對新庫存表示謹慎。關於利率，經銷商面臨著庫存水平較高的影響，再加上為庫存支付更高的利率，這導致他們的成本更高，並使他們更加被動地持有更高水平的庫存。

On the consumer side, we are seeing customers delay bulk purchases in what historically has been a strong season for them to buy. For example, our freshwater segment, particularly in the ski wake category experienced weakness as a result of unseasonable weather conditions across the country through June. The cool rainy spring across the country, along with drought conditions in certain regions of Texas, which is the #1 state for wake boats, delayed the customer's appetite to purchase.

在消費者方面，我們看到客戶在歷史上的購買旺季推遲了批量購買。例如，我們的淡水業務，特別是滑雪尾流類別，由於六月份全國各地不合時宜的天氣條件而出現疲軟。全國各地涼爽多雨的春季，加上德克薩斯州（世界第一的尾流船州）某些地區的干旱，推遲了客戶的購買慾望。

However, despite the slow start to the selling season, we have continued to gain share across the board in all of our brands. Year-to-date through July, Malibu Axis has gained 320 basis points of share with Malibu and Axis both having the largest share gains by a large margin over competitors. The trailing 12-month share has increased 180 basis points, again with Malibu and Axis being the far and away leader of share gains. The January through July market share has been exceptionally strong and in some months, exceeding 35% for our Malibu and Axis brands. Within Cobalt, in our sterndrive segment, we have gained 180 basis points of share over the trailing 12-month period. And year-to-date, our sterndrive share is up 240 basis points, topping 35% and increasing our share lead over the nearest competitor by nearly 1,700 basis points in the 23-foot to 36-foot segment where we play.

然而，儘管銷售季節開始緩慢，但我們所有品牌的市場份額繼續全面增長。今年迄今為止，截至 7 月份，Malibu Axis 的份額已增加了 320 個基點，其中 Malibu 和 Axis 的份額增幅均位居第一，遠遠超過競爭對手。過去 12 個月的份額增長了 180 個基點，Malibu 和 Axis 再次遙遙領先。 1 月至 7 月，我們的 Malibu 和 Axis 品牌的市場份額異常強勁，在某些月份甚至超過 35%。在 Cobalt 尾機驅動領域，我們的份額在過去 12 個月內增長了 180 個基點。今年迄今為止，我們的尾機驅動市場份額上升了240 個基點，達到35%，在我們從事的23 英尺至36 英尺細分市場中，我們的市場份額領先於最接近的競爭對手近1,700 個基點。

In the saltwater segment, we are gaining share in all of our brands across our competitive segments. Year-to-date, Pursuit has gained 270 basis points of share against its competitive segment, and Cobia has gained 80 basis points of share. Pathfinder continues to perform extremely well, extending the share lead in this competitive segment. The trailing 12 months and the year-to-date share gain is 300 basis points for Pathfinder. Fiscal year 2023 has been very strong for all of our brands and picking up market share as we continue to stand out with purchasers proving that we are winning the competitive battles with great products, better dealers and a much better value proposition.

在鹽水領域，我們在競爭領域中的所有品牌的份額都在增加。今年迄今為止，Pursuit 的市場份額比其競爭對手的市場份額增加了 270 個基點，而 Cobia 的市場份額則增加了 80 個基點。 Pathfinder 繼續表現出色，擴大了在這一競爭領域的份額領先優勢。 Pathfinder 過去 12 個月和年初至今的股價漲幅為 300 個基點。 2023 財年，我們所有的品牌都表現強勁，市場份額不斷上升，我們繼續在買家中脫穎而出，證明我們正在憑藉優質的產品、更好的經銷商和更好的價值主張贏得競爭。

This also goes to show that our customers remain fiercely loyal while we are being successful at converting buyers to our brands. With our long-standing experience successfully navigating through challenging market cycles, we are confident in our operational capabilities, coupled with our ability to execute in any environment, all the while continuing to push the pace of innovation. New products are the lifeblood of our brands, and we continue to rev our engines and push full throttle when it comes to delivering premium products for all MBI brands.

這也表明，當我們成功地將買家轉變為我們的品牌時，我們的客戶仍然保持著強烈的忠誠度。憑藉我們成功應對充滿挑戰的市場週期的長期經驗，我們對自己的運營能力以及在任何環境下執行的能力充滿信心，同時繼續推動創新的步伐。新產品是我們品牌的命脈，在為所有 MBI 品牌提供優質產品時，我們將繼續加速我們的引擎並全力以赴。

Our actions have allowed us to maintain our dominant position in every market we serve, and we continue to invest in products that make us the strongest player in the marine industry. Our model year 2024 lineup only raises the bar further on the innovation our customers expect from us. To that end, we are extremely excited to announce our exceptional 2024 product lineup.

我們的行動使我們能夠在我們服務的每個市場中保持主導地位，並且我們繼續投資於使我們成為海洋行業最強大參與者的產品。我們的 2024 年車型陣容進一步提高了客戶對我們創新的期望。為此，我們非常高興地宣布我們卓越的 2024 年產品陣容。

For Malibu and Axis, we are, again, once again introducing 4 new boats, which is far more than any other competitor. This includes the all-new 23 LSV, the best-selling towboat of all time, the new and highly anticipated M242, which takes our M-Series to the next level of premium features and performance. For Axis, we have our new A245, which is one of the best-selling Axis models. With these new additions, we believe the Malibu and Axis brands will continue to perform strongly and build upon their leading position.

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。其中包括有史以來最暢銷的拖船全新 23 LSV，以及備受期待的新型 M242，它將我們的 M 系列的高級功能和性能提升到一個新的水平。對於安訊士，我們有新的 A245，它是安訊士最暢銷的型號之一。憑藉這些新產品，我們相信 Malibu 和 Axis 品牌將繼續表現強勁，並鞏固其領先地位。

Turning to Cobalt. We are replacing our most dated series of boats with an all-new cobalt sports series in the 22 to 23-foot segment. This will include both 2 sterndrive boats and a new surf boat featuring Malibu's proprietary Surf Gate, which completely transformed the surf industry over the last decade. First in wake boats and then in the sterndrive segment. We are also introducing a new R33 surf boat, our largest surf boat ever at 33 feet, which will feature Surf Gate and all of our proprietary technology.

轉向鈷。我們正在用 22 至 23 英尺段的全新鈷色運動系列替換我們最過時的系列船隻。其中包括 2 艘尾機驅動船和一艘配備 Malibu 專有 Surf Gate 的新型沖浪船，該衝浪船在過去十年徹底改變了衝浪行業。首先是尾流船，然後是尾機驅動部分。我們還推出了一艘新的 R33 衝浪船，這是我們有史以來最大的衝浪船，長 33 英尺，它將採用 Surf Gate 和我們所有的專有技術。

Additionally, the rollout of the monsoon engine to Cobalt boats has begun, and we will scale this opportunity over the next few years. At Pursuit, we are introducing the brand-new OS 405, the smaller brother to the highly successful OS 445 as well as a new center console that will be introduced in the first quarter of fiscal year 2024. Paired with the successful build-out of our 100,000 square foot tooling design center on Pursuit property, which is part of our multiyear plan to bring product tooling in-house, we are extremely optimistic and excited about the future of the Pursuit brand.

此外，季風發動機已開始在鈷船上推廣，我們將在未來幾年內擴大這一機會。在 Pursuit，我們將推出全新的 OS 405，它是非常成功的 OS 445 的較小兄弟，以及將於 2024 財年第一季度推出的新中控台。我們在Pursuit 地產上擁有100,000 平方英尺的模具設計中心，這是我們將產品模具引入內部的多年計劃的一部分，我們對Pursuit 品牌的未來感到非常樂觀和興奮。

From Maverick Boat Company, we are developing much-needed new products for Cobia and Pathfinder. Between the two brands, we will introduce 4 new models which will bring the portfolio more current and compel buyers with exciting new features while retaining the attributes that have made Pathfinder and Cobia top of the segment performers. As we look ahead, the outlook remains mixed. Driven largely by dealer concerns with retail and channel inventories reaching adequate inventory levels. It is important to remember that for the last 3 years, We have been building every boat we possibly could due to the COVID generated demand and the supply chain issues everyone encountered.

Maverick Boat Company 正在為 Cobia 和 Pathfinder 開發急需的新產品。我們將在這兩個品牌中推出 4 款新車型，這將使​​產品組合更加流行，並用令人興奮的新功能吸引買家，同時保留使 Pathfinder 和 Cobia 成為細分市場佼佼者的屬性。展望未來，前景仍然喜憂參半。主要是由於經銷商對零售和渠道庫存達到充足庫存水平的擔憂所致。重要的是要記住，在過去 3 年裡，由於新冠肺炎疫情產生的需求和每個人都遇到的供應鏈問題，我們一直在盡可能地建造每艘船。

Now we are very focused on matching our supply with the retail demand environment. We currently expect fiscal year 2024 to be down versus fiscal year 2023. In 2023, channel inventories were still too low and production was in full throttle, building boats to return back to where inventories had historically been. We also expect dealer headwinds throughout fiscal year 2024. Dealers are currently displaying a lack of confidence due to delayed retail and interest rates that are more than double for dealers and consumers versus 2 to 3 years ago. Based on what we are currently seeing, we expect wholesale demand to be decreased across all of our brands. David will discuss this as part of our full year outlook in a few minutes.

現在我們非常注重將我們的供應與零售需求環境相匹配。我們目前預計 2024 財年將低於 2023 財年。2023 年，航道庫存仍然過低，生產全速運轉，造船量將回到歷史水平。我們還預計 2024 財年經銷商將面臨阻力。由於零售延遲以及經銷商和消費者的利率較 2 至 3 年前增加了一倍以上，經銷商目前表現出缺乏信心。根據我們目前所看到的情況，我們預計我們所有品牌的批發需求都會減少。大衛將在幾分鐘內討論這一點，作為我們全年展望的一部分。

As we have stated, dealers are concerned about the retail environment. However, I want to be very clear that this is not 2009 when the customer disappeared. What we have been able to confirm is the retail customer is still there and willing to purchase. In September, we had planned to have a Labor Day promotion for Malibu and Axis to keep channel inventories in check and assist dealers in moving 2023 product. We decided to move this event up to July, beginning the fourth of July weekend. Despite seeing lower retail in May and June, we were astounded at the positive results of this event. Unit sales were 52% more than what we had projected. This led to our warranty registrations being the highest in the last 6 years, except for 2020 when anything that had an engine sold. Registrations were 151 units ahead of 2019 and which we have been benchmarking against for a while.

正如我們所說，經銷商擔心零售環境。不過，我想非常明確的是，這不是客戶消失的2009年。我們能夠確認的是，零售客戶仍然存在並且願意購買。 9月份，我們原計劃為 Malibu 和 Axis 舉辦勞動節促銷活動，以控制渠道庫存並協助經銷商轉移 2023 年產品。我們決定將此活動推遲到 7 月，從 7 月 4 日的周末開始。儘管五月和六月的零售量有所下降，但我們對這次活動的積極結果感到震驚。單位銷量比我們的預期高出 52%。這導致我們的保修登記量達到了過去 6 年最高水平，但 2020 年除外，當時出售了任何有發動機的產品。 2019 年之前的註冊量為 151 台，我們已經以此為基準一段時間了。

This convinces us the customers are out there. We and our dealers have to be creative and reach them. Overall, our team's hard work commitment to excellence and agility in the midst of an ongoing challenging environment has delivered superior results. As we embark in fiscal year 2024, we believe we will only further our track record of success. Our unbeatable culture of operational excellence, combined with our loyal customer base, introduction of our new model year 2024 product and vertical integration efforts will allow us to successfully navigate any choppy waters we face and extend our leading -- industry-leading position. This will undoubtedly leave us extremely well positioned to drive substantial growth and profitability all the while delivering long-term value for our shareholders in fiscal year 2024 and beyond.

這讓我們相信客戶就在那裡。我們和我們的經銷商必鬚髮揮創造力並吸引他們。總體而言，我們的團隊在持續充滿挑戰的環境中對卓越和敏捷性的努力承諾取得了卓越的成果。當我們踏入 2024 財年時，我們相信我們只會進一步取得成功。我們無與倫比的卓越運營文化，加上我們忠實的客戶群、2024 年新車型產品的推出以及垂直整合工作，將使我們能夠成功駕馭所面臨的任何波濤洶湧的水域，並擴大我們的行業領先地位。毫無疑問，這將使我們處於有利地位，能夠在 2024 財年及以後為我們的股東帶來長期價值，同時推動大幅增長和盈利。

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

我現在將把電話轉給大衛，請其進一步評論本季度的情況。

Thanks, Jack. In the fourth quarter, net sales increased 5.4% to $372.3 million and unit volumes decreased 1.8% to 2,550 boats. The increase in net sales was driven primarily by increased unit volumes in our saltwater fishing segment and a favorable model mix across all segments, partially offset by lower unit volumes in the Malibu and Cobalt segments. And by increased dealer flooring program costs resulting from higher interest rates and increased inventory levels. The Malibu and Axis brands represented approximately 49.1% and of unit sales or 1,253 boats. Cobalt represented 22.4% or 571 boats, and saltwater fishing represented the remaining 28.5% or 726 boats.

謝謝，傑克。第四季度淨銷售額增長 5.4% 至 3.723 億美元，銷量下降 1.8% 至 2,550 艘船。淨銷售額的增長主要是由於我們的鹹水捕撈部門的單位銷量增加以及所有部門的有利模型組合推動的，但部分被馬里布和鈷部門單位銷量的下降所抵消。利率上升和庫存水平增加導致經銷商地板計劃成本增加。 Malibu 和 Axis 品牌約佔 1,253 艘船銷量的 49.1%。鈷捕撈業佔 22.4%，即 571 艘船，鹹水捕撈業佔其餘 28.5%，即 726 艘船。

Consolidated net sales per unit increased 7.3% to approximately 146,000 primarily driven by year-over-year price increases and a favorable model mix partially offset by increased dealer flooring costs. Gross profit increased 14.3% to $102.5 million and gross margin was 27.5%. This compares to a gross margin of 25.4% in the prior year. Selling and marketing expenses increased 1.8% to $5.4 million in the fourth quarter. As a percentage of sales, selling and marketing expenses were flat year-over-year at 1.5%. General and administrative expenses increased 587.3%, or $100.8 million. The increase was driven primarily by settlement of product liability cases for $100 million.

每單位綜合淨銷量增長 7.3%，達到約 146,000 輛，主要是由於價格同比上漲以及經銷商地板成本增加部分抵消了有利的車型組合。毛利潤增長 14.3%，達到 1.025 億美元，毛利率為 27.5%。相比之下，上一年的毛利率為 25.4%。第四季度銷售和營銷費用增長 1.8%，達到 540 萬美元。銷售和營銷費用佔銷售額的百分比與去年同期持平，為 1.5%。一般及管理費用增加 587.3%，即 1.008 億美元。這一增長主要是由於 1 億美元的產品責任案件和解所致。

The remaining increase in general and administrative expenses was driven by an increase in compensation and personnel-related expenses. As a percentage of sales, G&A expenses, excluding amortization, was 31.7%. Net income for the quarter decreased 136.3% to a loss of $18 million. Adjusted EBITDA for the quarter increased 21.9% to $90.1 million and adjusted EBITDA margin increased 330 basis points to 24.2%. Non-GAAP adjusted fully distributed net income per share increased 22.6% to $2.98 per share. This is calculated utilizing a C corp tax rate of 24.3% and a fully distributed weighted average share count of approximately 21.3 million shares.

一般和管理費用的其餘增長是由薪酬和人事相關費用的增加推動的。 G&A 費用（不包括攤銷）佔銷售額的百分比為 31.7%。該季度淨利潤下降 136.3%，虧損 1800 萬美元。該季度調整後 EBITDA 增長 21.9%，達到 9,010 萬美元，調整後 EBITDA 利潤率增長 330 個基點，達到 24.2%。非 GAAP 調整後完全分配每股淨利潤增長 22.6% 至每股 2.98 美元。這是根據 24.3% 的 C 型公司稅率和約 2130 萬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 tables in our earnings release. Our performance in fiscal year 2023 reaffirmed our role as industry trailblazers, emphasizing our dedication to innovation and operational efficiency. We focused on navigating a volatile retail environment, but we are confident in(inaudible) the foundation we have built operationally along with the strength of our premium portfolio and the agility of our entire team. Our premium boats continue to be highly sought after by consumers and our 2024 model year introduction will continue to push the limits and strengthen our market-leading position.

有關調整後 EBITDA 和調整後完全分配每股淨利潤與 GAAP 指標的對賬，請參閱我們收益報告中的表格。我們 2023 財年的業績再次證實了我們作為行業開拓者的角色，強調了我們對創新和運營效率的奉獻。我們專注於應對動蕩的零售環境，但我們對（聽不清）我們建立的運營基礎以及我們優質產品組合的實力和整個團隊的敏捷性充滿信心。我們的優質船舶繼續受到消費者的高度追捧，我們推出的 2024 年型號將繼續突破極限並鞏固我們的市場領先地位。

This, combined with our previously outlined plans to increase our manufacturing capacity, expand our vertical integration footprint, grow our distribution network and bring key capabilities in-house leaves us extremely well positioned to drive market share gains as we enter fiscal year 2024 and beyond.

再加上我們之前概述的提高製造能力、擴大垂直整合足跡、擴大分銷網絡以及將關鍵能力引入內部的計劃，使我們處於非常有利的位置，可以在進入 2024 財年及以後推動市場份額的增長。

Looking at full year numbers, net sales increased 14.3% to a record $1.39 billion and unit volumes increased 6.6% to 9,863 boats. Consolidated net sales per unit increased 7.2% to 140,765, driven by increased sales of new, more expensive models, high optional feature revenues and inflationary year-over-year price increases, partially offset by increased dealer flooring program costs. Gross profit increased 13.3% to $351.3 million, Net income for the year decreased 34% to $107.9 million, and adjusted EBITDA increased 15.2% to $284 million for the full year.

從全年數據來看，淨銷售額增長 14.3%，達到創紀錄的 13.9 億美元，銷量增長 6.6%，達到 9,863 艘船。每單位綜合淨銷售額增長7.2%，達到140,765 輛，這是由於新的、更昂貴的型號銷量增加、可選功能收入高以及通貨膨脹的同比價格上漲所推動的，但部分被經銷商地板計劃成本增加所抵消。全年毛利潤增長 13.3% 至 3.513 億美元，淨利潤下降 34% 至 1.079 億美元，調整後 EBITDA 增長 15.2% 至 2.84 億美元。

For the full year, non-GAAP adjusted fully distributed earnings per share increased 16.2% to $9.19 per share. Echoing [Jack] sentiments. While the outlook for fiscal year 2024 present some uncertainties, our unmatched innovation, product quality and team agility position us at the forefront of the marine industry. Despite this uncertainty, we will continue to showcase our best-in-class operational capabilities, matching wholesale to retail demand as we launch our new model year lineup. Highlighted by our unmatched innovation, quality and feature-rich boats we believe we are positioned extraordinarily well within the marine industry as we continue to gain share and deliver for our customers. Based on our current operating plan, our expectations for fiscal year 2024 are as follows: We anticipate a year-over-year decline in net sales ranging from mid- to high teens percentage.

全年，非 GAAP 調整後完全分配每股收益增長 16.2% 至每股 9.19 美元。呼應[傑克]的情緒。儘管 2024 財年的前景存在一些不確定性，但我們無與倫比的創新、產品質量和團隊敏捷性使我們處於海洋行業的前沿。儘管存在這種不確定性，但我們將繼續展示我們一流的運營能力，在推出新車型系列時將批發與零售需求相匹配。以我們無與倫比的創新、質量和功能豐富的船舶為重點，我們相信，隨著我們不斷獲得市場份額並為客戶提供服務，我們在船舶行業中處於非常有利的地位。根據我們當前的運營計劃，我們對 2024 財年的預期如下： 我們預計淨銷售額將同比下降，幅度為中位數至高位數。

In terms of cadence, we anticipate a first half revenue decline approaching 20%. Consolidated adjusted EBITDA margin is expected to be down 300 to 400 basis points year-over-year, with first quarter headwinds of double the annual rates.

就節奏而言，我們預計上半年收入下降接近 20%。綜合調整後 EBITDA 利潤率預計將同比下降 300 至 400 個基點，第一季度的阻力是年率的兩倍。

In closing, fiscal year 2023 was another momentous year for Malibu. We continue to navigate retail uncertainty in an evolving operating environment while delivering solid quarterly and full year results, proving that no matter the challenge we have the visionary leadership, tried and true strategy and unmatched production capabilities to push the throttle forward in the year ahead. Our differentiated best-in-class portfolio continues to perform at the top of the marine industry, and our fiscal year 2024 lineup will only drive further market share growth and profitability in each of the markets we serve. Overall, we remain extremely confident in our ability to extend our leading position and deliver long-term value for our customers and shareholders. With that, I'd like to open the call up for questions.

最後，2023 財年對馬里布來說又是重要的一年。我們繼續在不斷變化的運營環境中應對零售業的不確定性，同時提供穩健的季度和全年業績，證明無論面臨什麼挑戰，我們都擁有富有遠見的領導力、久經考驗的真實戰略和無與倫比的生產能力，可以在未來一年推動前進。我們差異化的一流產品組合繼續在船舶行業中表現出色，我們 2024 財年的產品陣容將進一步推動我們所服務的每個市場的市場份額和盈利能力的增長。總體而言，我們對擴大領先地位並為客戶和股東創造長期價值的能力充滿信心。至此，我想開始提問。

(Operator Instructions) Our first question today comes from Michael Swartz from Truist Securities.

（操作員指令）我們今天的第一個問題來自 Truist Securities 的 Michael Swartz。

Maybe just to start on retail demand. Obviously, we've all seen the numbers year-to-date, and obviously, the ski wake or towboat segment has been one of the softer areas within the industry. So maybe Jack, I guess, what do you attribute that to? Is that just the impact of pricing over the past couple of years? Or is there something something more to that? And I guess any commentary on what you see maybe in the retail trends over the past maybe 4 to 6 weeks?

也許只是從零售需求開始。顯然，我們都已經看到了今年迄今為止的數字，而且顯然，滑雪尾流或拖船領域一直是行業內較軟的領域之一。所以也許傑克，我猜，你認為這是什麼原因？這僅僅是過去幾年定價的影響嗎？或者還有更多的事情嗎？我想您對過去 4 到 6 週的零售趨勢有何評論？

Yes, Mike, I think there are several elements to this. One would be pricing, although I wouldn't say that pricing in the ski wake segment has been outpacing other segments. What I think that we're seeing a little bit more than anything is maybe people are waiting a little bit longer to trade in their boat and by their boat. Some other factors that I believe certainly exist is you do have some segment of that, especially on the active side. The consumer is dependent upon interest rates. And it's become very apparent that interest rates are an issue for our dealers as well as for consumers in certain markets.

是的，邁克，我認為這有幾個要素。其中之一是定價，儘管我不會說滑雪尾流細分市場的定價已經超過了其他細分市場。我認為我們看到的最重要的是，人們可能會等待更長的時間才能在船上和船上進行交易。我相信肯定存在的其他一些因素是你確實有一些部分，特別是在主動方面。消費者依賴於利率。很明顯，利率對於我們的經銷商以及某些市場的消費者來說都是一個問題。

The third thing I would point to is weather. And although we hate to point to weather, the simple fact of the matter is that in May and June, it was a cooler spring. And then one thing that you haven't heard a lot about and no one has really talked about it, is there is a drought going on in certain sections of Texas that being the #1 ski wake segment, I think, is having an impact. In terms of what we've seen over the last 6 or 8 weeks and I alluded to this in the remarks, but a little bit of the concern is always, hey, are we dealing with a scenario where the customer has disappeared. And with the program that we ran over the fourth of July and for the month of July, that showed us that they're not.

我要指出的第三件事是天氣。儘管我們討厭提及天氣，但事實很簡單，五月和六月是一個涼爽的春天。然後，你沒有聽說過很多事情，也沒有人真正談論過一件事，那就是德克薩斯州某些地區正在發生乾旱，我認為，作為排名第一的滑雪尾流部分，正在產生影響。就我們過去 6 或 8 週所看到的情況而言，我在評論中提到了這一點，但總是有一點擔心，嘿，我們是否正在處理客戶消失的情況。通過我們在 7 月 4 日和整個 7 月運行的計劃，我們發現事實並非如此。

To have warranty registrations 156 more than 2019, was pretty staggering for us. And so I think more than anything, that just showed us we have to figure out -- figure out the way in all of our brands, not just ski wake to reach that consumer and entice them to buy.

保修註冊數量比 2019 年增加了 156 個，這對我們來說是相當驚人的。所以我認為最重要的是，這表明我們必須弄清楚——找出我們所有品牌的方式，而不僅僅是滑雪喚醒來接觸消費者並吸引他們購買。

Okay. That's helpful. And then just on the guidance, the 300 to 400 basis points in EBITDA margin decline year-over-year, I guess, it was a little more than I had anticipated. So maybe walk through that range that you gave us. How much of that is volume related versus maybe dealer support versus presumably, I would anticipate that saltwater outpaces the rest of the business. I guess, how much of a mix drag would that be? Is that the correct way of looking at it?

好的。這很有幫助。然後，僅根據指導，EBITDA 利潤率同比下降 300 到 400 個基點，我想，這比我的預期要多一點。因此，也許可以走過您給我們的範圍。其中有多少是與銷量相關的，也許是經銷商的支持，或者是大概，我預計鹽水會超過其他業務。我想，這會有多大的混合阻力？這是正確的看待方式嗎？

No, you're hitting on the right points. I would tell you that the great majority of it is volume driven. And the volume is going to come out of all the brands, not evenly, but all the brands are going to be down. The supporting of the dealers, I don't think that's going to be a huge marginal item, certainly less than 75 basis points and probably around 50 basis points. So it's not going to have that much of an impact. It's going to be mainly volume related. The thing that I think is important to understand is we've been preaching for 5 years now that in a down environment, in a 30% down environment, we can still be above 15% of margins. And even though this may look a little bit less than what you had anticipated, looking at 18% to 20% down type of environment and still maintaining an above 17% EBITDA margin, just continues to drive home that we can be extremely profitable even in a prolonged downturn.

不，你說對了。我會告訴你，其中絕大多數是數量驅動的。所有品牌的銷量都會下降，雖然不是均勻的，但所有品牌都會下降。我認為經銷商的支持不會是一個巨大的邊際項目，肯定會低於 75 個基點，可能會在 50 個基點左右。所以不會有那麼大的影響。這主要與數量有關。我認為重要的是要理解，我們五年來一直在宣講，在經濟下行的環境中，在下行 30% 的環境中，我們仍然可以保持 15% 以上的利潤率。儘管這看起來可能比您預期的要少一些，但考慮到 18% 到 20% 的下降環境，並且仍然保持 17% 以上的 EBITDA 利潤率，這繼續說明我們即使在長期低迷。

Okay. Great. I appreciate it.

好的。偉大的。我很感激。

Sure.

當然。

Our next question comes from Jamie Katz from Morningstar.

我們的下一個問題來自晨星公司的傑米·卡茨。

Jamie, I'm not sure that Jamie Katz has been queued up on the Q&A session.

傑米，我不確定傑米·卡茨是否已在問答環節排隊。

And Miss Katz, is it possible your phone is on mute? And I apologize, everyone. This may be on my end, one moment. The next question comes from Jamie Katz from Morningstar.

卡茨小姐，您的手機有可能處於靜音狀態嗎？我向大家道歉。這可能是我的結局，一會兒。下一個問題來自晨星公司的傑米·卡茨。

Can you hear me now?

你能聽到我嗎？

We can, Jamie. How are you?

我們可以，傑米。你好嗎？

I think you guys had mentioned the first half revenues were going to be down 20%. So I think that sort of back-end loads 2024. And I'm just curious what gives you guys the confidence to feel like maybe there will be a little bit of bounce back in consumer sentiment at the beginning of next calendar year to support that, given what we're seeing currently?

我想你們已經提到上半年收入將下降 20%。所以我認為這種後端負載會在 2024 年出現。我只是好奇是什麼讓你們有信心相信明年年初消費者信心可能會出現一點反彈來支持這一點，鑑於我們目前所看到的情況？

Yes. That's a fair question. Obviously, we can't predict the year. We have a really good, I think, vision on what that first quarter is going to look like. And we think that if there is a rebound, we can't promise a rebound in the second half, but we believe that, that could occur in the second half. And so that's why we plan the second half up a little bit. But ultimately, the year is going to pan out, and we'll know a lot more each quarter.

是的。這是一個公平的問題。顯然，我們無法預測年份。我認為，我們對第一季度的情況有一個非常好的願景。我們認為，如果出現反彈，我們不能保證下半年會出現反彈，但我們相信，這可能會在下半年發生。這就是為什麼我們稍微提前計劃下半場。但最終，這一年將會成功，每個季度我們都會了解更多。

Are you guys seeing anything different in how consumers are maybe adding on upgrades? I know the fourth quarter sounded pretty solid, but -- has that changed at all as we've entered the new year? Is it that consumers are picking and choosing what they're adding just more cautiously to their units?

你們認為消費者在升級方面有什麼不同嗎？我知道第四季度聽起來相當不錯，但是，隨著我們進入新的一年，這種情況有改變嗎？是不是消費者在挑选和選擇他們添加到自己的設備中的東西時更加謹慎？

No, that's an interesting part of the dilemma. We are seeing, obviously, some of the velocity of the volume go down. But we're not seeing the ASPs. They continue to order and put the people that are buying both are putting new features, new options, upgrading the features notes that they used to have. So we're not seeing that from a standpoint of the ASPs as strong across the board.

不，這是困境中一個有趣的部分。顯然，我們看到一些體積的速度下降了。但我們沒有看到 ASP。他們繼續訂購併讓購買者添加新功能、新選項、升級他們以前擁有的功能。因此，從 ASP 的角度來看，我們並沒有看到這一點在全面方面表現強勁。

Okay. And then lastly, is there any update to the utilization of the new facility. I know you guys had talked about pontoons in the past, but any update there that would be noteworthy?

好的。最後，新設施的使用情況是否有任何更新？我知道你們過去談論過浮橋，但是有什麼值得注意的更新嗎？

Yes. We're -- as we said, we talked about is going to be additional capacity. And so part of what we are doing with that, and we're not utilizing all of the facility for it, but we're going to be moving a part of the cobalt of smaller boats to that facility for a couple of reasons. Number one, we, for a number of years, has just been up against the ceiling in the number of boats that we can produce.

是的。正如我們所說，我們談到的是額外的產能。因此，我們正在做的事情的一部分，我們並沒有利用所有的設施，但出於幾個原因，我們將把小型船隻的一部分鈷轉移到該設施。第一，多年來，我們生產的船隻數量已經達到上限。

And we think that it's going to be that way again in a relatively short period of time. And Cobalt is one of the strongest brands that we have with all new product. And so as we come out of this, we think Cobalt is going to grow very, very quickly and have the capability or need the capability of producing a lot more units. So that's the first foray that we're going to utilize out of that 260,000 square foot facility, and we'll start that in the second half of this year.

我們認為，在相對較短的時間內，這種情況將會再次出現。 Cobalt 是我們所有新產品中最強大的品牌之一。因此，當我們走出困境時，我們認為鈷將增長非常非常快，並且有能力或需要有能力生產更多單位。因此，這是我們將利用這個 260,000 平方英尺設施的第一次嘗試，我們將在今年下半年開始。

We'll continue to build boats in Kansas. Some will be small boats and largely, it will be cruisers, but we'll have 2 different locations that we're building Cobalt. If we can't make an enviable acquisition of a pontoon company over the next 15 to 18 months, then we would look to greenfield pontoons in the rest of that facility.

我們將繼續在堪薩斯州建造船隻。有些是小船，大部分是巡洋艦，但我們將在兩個不同的地點建造 Cobalt。如果我們無法在未來 15 到 18 個月內以令人羨慕的方式收購一家浮橋公司，那麼我們將在該設施的其餘部分尋找新建浮橋。

The next question comes from Brandon Rolle with D.A. Davidson.

下一個問題來自 D.A. 的 Brandon Rolle。戴維森。

Just briefly on the ski wake category. Do you feel like the categories being impacted by potentially other segments that might be able to bring along some of the same features that ski wake boats already provide?

簡單介紹一下滑雪尾流類別。您是否認為這些類別受到潛在其他細分市場的影響，這些細分市場可能能夠帶來滑雪尾波船已經提供的一些相同功能？

That's a great question, Brandon. I think -- and it's something we've looked at a lot. It's only in what I would call that entry-level consumer I think you do see a little bit of that. You have a scenario in that sterndrive market where their waves have improved. Are they a 7, 8, 9, 10? No. But for that entry level, customer. They don't necessarily need that 7, 8, 9, 10. And so they're looking at maybe other boats that do other things. And I think for the entire ski-wake industry, I think that, really puts us on a market. We need to figure out how to combat that if we want that entry-level consumer. And we have some plans in place that I'll probably be talking about next quarter that we think that will certainly impact that.

這是一個很好的問題，布蘭登。我認為——這是我們已經研究了很多的東西。我認為只有在我所說的入門級消費者中，你才會看到一些這樣的情況。在艉機驅動市場中，您會看到這樣一種情況，他們的波浪有所改善。他們是7、8、9、10嗎？不。但是對於入門級客戶。他們不一定需要 7、8、9、10 艘。因此，他們可能正在考慮其他可以做其他事情的船。我認為對於整個滑雪尾流行業來說，我認為這確實讓我們進入了市場。如果我們想要入門級消費者，我們需要弄清楚如何應對這一問題。我們已經制定了一些計劃，我可能會在下個季度討論這些計劃，我們認為這肯定會影響這一點。

Okay. Great. And then just on the promotional support, obviously, great success with that Labor Day event being moved up. Do you feel like that's the right level of promotional activity moving forward? Or -- is there a potential for more support maybe on the wholesale side for dealers moving forward?

好的。偉大的。然後，就促銷支持而言，顯然，隨著勞動節活動的提前，取得了巨大成功。您認為這是否是未來促銷活動的正確水平？或者——批發方面是否有可能為經銷商的前進提供更多支持？

It's going to be dictated by the market, really. And we think that we have planned sufficient programs in place and a couple of different brands is probably a little bit more than we've done even prior to COVID. But we think it's the right level. And again, there's no more than a 50, 75 basis point decrease to the EBITDA line. And so we'll monitor it based on how the market goes. We think we have the right level, but we'll just see. We'll also make adjustments if we need to.

確實，這將由市場決定。我們認為我們已經計劃了足夠的計劃，而且幾個不同的品牌可能比我們在新冠疫情之前所做的要多一些。但我們認為這是正確的水平。同樣，EBITDA 線下降幅度不超過 50 至 75 個基點。因此，我們將根據市場走勢進行監控。我們認為我們已經達到了合適的水平，但我們會拭目以待。如果需要的話我們也會做出調整。

Great. And just one last question just on the first quarter guidance for fiscal year '24. I think you had said there was an EBITDA headwind. I missed how much of a headwind there would be in the first quarter. If you could repeat that? Sorry about that.

偉大的。最後一個問題是關於 24 財年第一季度的指導。我想你曾說過 EBITDA 存在逆風。我懷念第一季度會有多大的逆風。如果你能重複一遍嗎？對於那個很抱歉。

Yes, sir, we say about double the annual decrease, so call it, 500 to 700 bps.

是的，先生，我們說年度下降幅度約為兩倍，所以稱之為 500 至 700 個基點。

The next question comes from Fred Wightman with Wolfe Research.

下一個問題來自沃爾夫研究中心的弗雷德·懷特曼。

I just wanted to follow up on the comments about supplier pricing. It sounded like that caught you a little bit flat-footed. Just wondering maybe if you could quantify that? And if those discussions are yielding any explanation for the disconnect?

我只是想跟進有關供應商定價的評論。聽起來這讓你有點措手不及。只是想知道你是否可以量化這一點？這些討論是否對這種脫節產生了任何解釋？

Yes. I mean I wouldn't say flat for it. I think we were surprised by it. I would probably prognosticate that -- all of the OEMs were a little bit surprised at the pricing all the way from engines to smaller parts. They held higher. We felt like we would see more of a decrease or more of a movement back to where it was a couple of years ago and did not see that to the extent that we wanted to, did not necessarily take that in pricing all the way through.

是的。我的意思是我不會說平淡。我想我們對此感到驚訝。我可能會預測——所有的原始設備製造商都對從發動機到較小零件的整個定價感到有點驚訝。他們持有更高的價格。我們覺得我們會看到更多的下降或更多的運動回到幾年前的水平，但沒有看到我們想要的程度，也不一定在定價中完全考慮到這一點。

We felt like we needed to control pricing from our standpoint and not pass that along to the consumer. To your question, have we been seeing it come down? Yes, we've been working hard. And in some cases, frankly, we've changed suppliers. I mean I think that all of us, both dealers and OEMs have to be very careful in this environment, especially with interest rates and our suppliers need to be becoming more logical in their pricing, and we all need to be taking pricing down where we can.

我們覺得我們需要從我們的角度控制定價，而不是將其傳遞給消費者。對於你的問題，我們看到它下降了嗎？是的，我們一直在努力。坦率地說，在某些情況下，我們更換了供應商。我的意思是，我認為我們所有人，包括經銷商和原始設備製造商，在這種環境下都必須非常小心，特別是在利率方面，我們的供應商在定價方面需要變得更加合乎邏輯，我們都需要在我們認為合適的地方降低定價。能。

Great. And then just on some of the inventory stats that you guys gave, helpful to have that sort of broken out freshwater versus saltwater but sort of a 2-part question. One, how do you sort of think those compared to what you're seeing in the rest of the industry? I wasn't sure if those were Malibu only or if that was sort of an industry comment? And then two, if you think that dealer inventory levels, should we be indexing those off of '19? Do you think that they sort of need to come down versus '19? How do you sort of think about that?

偉大的。然後，根據你們提供的一些庫存統計數據，有助於區分淡水與鹹水，但這是一個由兩部分組成的問題。第一，與您在行業其他公司看到的情況相比，您如何看待這些？我不確定這些是否只是馬里布的，或者這是否是一種行業評論？然後第二個問題，如果您認為經銷商庫存水平，我們是否應該對 19 年的庫存水平進行索引？你認為他們在與 19 支球隊的比賽中是否需要有所下降？您對此有何看法？

So on the first question, Fred, the comments that we made were relative to Malibu. So about weeks on hand being about what they were pre COVID or maybe a little bit more in the Malibu case or our company case MBI and then saltwater being 3 to 5 weeks down overall. What I would tell you is that our benchmarking against the rest of the segmentation, we have been at the lower end of the spectrum for every single brand. So the inventory on hand with our dealers is less than other dealers with competitors. And so we do feel good about that. Moving to your second question. I think you get into a dilemma here, and I understand where the dealers are coming from, and I understand the cost that are being driven. But the bottom line to the equation is 50% or more of the boats are bought at the dealer lot. And if you don't have the inventory, you're not going to sell the both. So there's a happy medium that we can't go too far and push inventories too high.

所以，弗雷德，關於第一個問題，我們所做的評論是針對馬里布的。因此，大約有幾週的時間是關於新冠疫情之前的情況，或者在馬里布案例或我們公司的 MBI 案例中可能會多一點，然后鹽水總體會減少 3 到 5 週。我要告訴你的是，根據我們與其他細分市場的基準比較，我們在每個品牌中都處於較低端。因此，我們經銷商的現有庫存少於競爭對手的其他經銷商。所以我們確實對此感覺良好。轉到你的第二個問題。我認為你在這裡陷入了兩難境地，我了解經銷商來自哪裡，我也了解所驅動的成本。但最重要的是，50% 或更多的船隻是在經銷商處購買的。如果你沒有庫存，你就不會把兩者都賣掉。因此，有一個折中辦法，即我們不能走得太遠，將庫存推得太高。

Conversely, we can't go too far and not have enough inventory at dealer size because that's a guaranteed proposition for losing. So we have to work with the dealers and we have to look at things. I think to benchmark your 2019 comment, channel inventories probably need to be just slightly a tad a little bit lower than what they were weeks on hand in 2019.

相反，我們不能走得太遠，也不能在經銷商規模上沒有足夠的庫存，因為這肯定會造成損失。所以我們必須與經銷商合作，我們必須審視一些事情。我認為，為了衡量您 2019 年的評論，渠道庫存可能需要比 2019 年現有幾週的庫存稍微低一點。

The next question comes from Kevin Condon with Baird.

下一個問題來自凱文·康登和貝爾德。

I wanted to ask a bit about the balance sheet. You guys didn't report any debt for the quarter. And I think in association with that settlement you announced earlier this summer that you'd be using a revolver to fund some of that. But just bigger, how do you feel about your capital structure and the need for any new debt to fit in there?

我想問一些關於資產負債表的問題。你們本季度沒有報告任何債務。我認為，與該和解有關，您今年夏天早些時候宣布，您將使用左輪手槍來資助其中的一部分。但更重要的是，您對自己的資本結構以及是否需要任何新債務來適應其中有何看法？

Yes. I think when you look at our balance sheet, even taking into account drawing on the revolver of $75 million to address the litigation settlements. We feel like we're in a very healthy position. I think as we look at it over time, that's something that we'll consider from a capital allocation perspective. And one of those things that we'll always be considering is what that means from a share repurchase perspective. But overall, we feel like we're very healthy on the balance sheet side.

是的。我想，當你看看我們的資產負債表時，甚至考慮到動用 7500 萬美元來解決訴訟和解問題。我們感覺自己處於一個非常健康的位置。我認為，隨著時間的推移，我們會從資本配置的角度考慮這一點。我們將始終考慮的事情之一就是從股票回購的角度來看這意味著什麼。但總的來說，我們覺得我們的資產負債表方面非常健康。

Does that comment extend some of these initiatives on the new capacity you have there? -- as well on that tooling center? Do you feel like you can cover that?

該評論是否將其中一些舉措擴展到您在那裡擁有的新能力？ ——還有那個模具中心？你覺得你能涵蓋這一點嗎？

Absolutely. So in terms of the tooling center, that's really already been covered. A great portion of the facility here in the North City has already been covered as a part of this. And I think a bigger question that most people are going to be asking is what does this do from an M&A standpoint. And we still -- given the facility that we have, we're very comfortable that we have the facility to pull off a pretty nice M&A transaction if it comes to market. I think the other power of this, when David talks about the borrowings of the last quarter is the rapidity because we're a 90% variable business and the rapidity with which we're going to pay it off. So we'll be back in that leverage position pretty quickly.

絕對地。因此，就模具中心而言，這確實已經涵蓋了。北城的很大一部分設施已經被納入其中。我認為大多數人會問的一個更大的問題是，從併購的角度來看，這會產生什麼作用。考慮到我們擁有的設施，我們仍然非常滿意，如果進入市場，我們有能力完成相當不錯的併購交易。我認為，當大衛談到上個季度的借款時，另一個力量是速度，因為我們是一家 90% 可變的企業，以及我們償還債務的速度。因此，我們很快就會回到槓杆位置。

The next question comes from Joe Altobello with Raymond James.

下一個問題來自喬·阿爾托貝洛和雷蒙德·詹姆斯。

This is Martin Mitela on for Joe Altobello. Just a quick question about the guide. You did mention the sales decline to mid- to high teens. Just trying to get a breakout between volume and pricing and how those may play off each other?

我是馬丁·米特拉 (Martin Mitela)，替補喬·阿爾托貝洛 (Joe Altobello)。只是一個關於指南的簡單問題。您確實提到銷售額下降到中十幾歲。只是想在銷量和價格之間取得突破，以及它們如何相互影響？

We don't typically provide guidance on the volume side, but I think you can back into it with the implied with the implied guidance that we gave around revenue. So depending on what your ASP assumption is, I'd say, on the volume side, you're probably looking at a 15% to 20% down.

我們通常不會提供數量方面的指導，但我認為您可以通過我們針對收入給出的隱含指導來回顧這一點。因此，根據您的 ASP 假設，我想說，在銷量方面，您可能會看到 15% 到 20% 的下降。

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.

我目前不會提出任何進一步的問題。我現在想將電話轉回傑克·施普林格以徵求進一步意見。

Thank you very much. In summary, our fourth quarter and fiscal year results demonstrate the unbeatable strength and capabilities of our business model. Led by our unmatched operational and manufacturing capabilities, we consistently provide the most innovative, highest quality boats to our loyal customer base. We continue to extend our strong track record of performance, delivering another record year for sales and EBITDA despite margin pressures as volumes and inventories normalize. While the economic environment continues to evolve, we remain very confident in our ability to execute on our strategy and match wholesale to retail demand.

非常感謝。總之，我們第四季度和財年的業績證明了我們商業模式無與倫比的實力和能力。在我們無與倫比的運營和製造能力的帶領下，我們始終如一地為我們忠實的客戶群提供最具創新性、最高質量的船舶。儘管隨著銷量和庫存正常化，利潤率面臨壓力，但我們繼續延續強勁的業績記錄，銷售額和 EBITDA 再次創下歷史新高。儘管經濟環境不斷變化，我們仍然對執行戰略並將批發與零售需求相匹配的能力充滿信心。

In every brand, we've increased market share, and in some cases, the market share increases have been in the hundreds of basis points in gains. Our strategic planning, operational excellence and supply chain management further supports our out-performance of the marine industry and will remain a key differentiator in this environment going forward, while at the same time, continuing to drive profitability for Malibu's product portfolio.

在每個品牌中，我們都增加了市場份額，在某些情況下，市場份額的增幅達到了數百個基點。我們的戰略規劃、卓越運營和供應鏈管理進一步支持我們在海洋行業中的卓越表現，並將在未來的環境中繼續成為關鍵的差異化因素，同時繼續推動馬里布產品組合的盈利能力。

Our culture of innovation continues to attract consumers to our premium suite of large feature-rich MBI brands from Malibu and Axis to Cobalt to Pursuit and Maverick. We are pushing the limits on innovation and quality with our model year '24 lineup. A lot of uncertainty remains, but we are confident that in the areas of the business that we can control, which are our leading vertical integration strategies, production capabilities, our premium product portfolio and our industry-leading operational execution that we will drive further growth and deliver long-term value to our shareholders.

我們的創新文化繼續吸引消費者購買我們功能豐富的大型 MBI 品牌的高級套件，從 Malibu 和 Axis 到 Cobalt，再到 Pursuit 和 Maverick。我們正在通過我們的 '24 年車型系列突破創新和質量的極限。仍然存在很多不確定性，但我們相信，在我們可以控制的業務領域，即我們領先的垂直整合戰略、生產能力、我們的優質產品組合和行業領先的運營執行力，我們將推動進一步增長並為我們的股東創造長期價值。

I want to thank everybody for being on the call this morning and for your continued support. Have a great day.

我要感謝今天早上參加電話會議的所有人以及你們的持續支持。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。