Malibu Boats Inc (MBUU) 2024 Q1 法說會逐字稿

Good morning, and welcome to Malibu Boats conference call to discuss First Quarter Fiscal Year 2021 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.

早安，歡迎參加 Malibu Boats 電話會議，討論 2021 財年第一季業績。 （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此通話。提醒一下，今天的通話正在錄音。

On the call today from management, Mr. Jack Springer, Chief Executive Officer; Mr. David Black, Interim Chief Financial Officer; and Mr. Ritchie Anderson, Chief Operating Officer.

今天，執行長傑克·斯普林格 (Jack Springer) 先生在管理層的電話會議上表示： David Black 先生，臨時財務長；以及營運長 Ritchie Anderson 先生。

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

我現在將把電話轉給布萊克先生開始。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 first quarter of fiscal year 2024 financials. We will then open up the call for questions. A press release covering the company's fiscal first quarter 2024 results was issued today, and a copy of that press release can be found in the Investor Relations section of the company's website.

謝謝大家，大家早安。在電話會議上，傑克將提供有關業務的評論，我將討論我們 2024 財年第一季的財務狀況。然後我們將開放提問。今天發布了一份涵蓋該公司 2024 年第一財季業績的新聞稿，該新聞稿的副本可以在該公司網站的投資者關係部分找到。

I also want to remind everyone that management's remarks on this call may contain certain forward-looking statements, including predictions, expectations, estimates and 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.

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、預期、估計和其他可能被視為前瞻性的信息，並且實際結果可能與今天電話會議中的預測存在重大差異。您不應過度依賴這些前瞻性陳述，這些陳述僅代表今天的情況。本公司不承擔更新任何新資訊或未來事件的義務。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財務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. Malibu Boats delivered solid first quarter fiscal results that surpassed our expectations despite a rapidly evolving operating environment. For the first fiscal quarter, net sales decreased 15% to $255.8 million compared to the prior year. Net income decreased 42% to $20.8 million, while adjusted EBITDA fell 31% to $39 million. Gross margins decreased 250 basis points to 22%, and adjusted EBITDA margin decreased by 370 basis points to 15%.

謝謝大衛，也謝謝大家加入這通通話。儘管經營環境快速變化，馬里布船公司第一季的財務表現仍超出了我們的預期。第一財季淨銷售額較上年下降 15% 至 2.558 億美元。淨利潤下降 42% 至 2,080 萬美元，調整後 EBITDA 下降 31% 至 3,900 萬美元。毛利率下降 250 個基點至 22%，調整後 EBITDA 利潤率下降 370 個基點至 15%。

In 12 short months, we went from unprecedented demand in navigating supply chain constraints while shipping every boat possible to an incredibly volatile environment, flush with rising interest rates and decreasing demand levels. Our team has taken this fluid environment and stride. However, over the last several months, the retail market notably deteriorated, and as that happened, we continue to showcase our durability as a business, improve our dominant position in every market we serve.

在短短 12 個月內，我們從前所未有的需求中擺脫了供應鏈限制，同時將每艘船運送到一個極其不穩定的環境，伴隨著利率上升和需求水準下降。我們的團隊已經適應了這種流動的環境並且取得了進展。然而，在過去的幾個月裡，零售市場明顯惡化，在這種情況下，我們繼續展示我們作為一個企業的耐用性，提高我們在我們服務的每個市場的主導地位。

Channel inventories across our brands are now back to or above pre-COVID levels, and we have worked diligently to match wholesale supply to retail demand by quickly aligning production levels throughout the quarter, which accounts for the decrease versus last year. While the softer retail demand levels are being driven by macro factors, they are being exacerbated by the return to a more normalized seasonality. In addition, the sense of urgency from customers to buy a boat has largely disappeared. The silver lining is that across all of our brands. Those customers that are looking to buy are continuing to gravitate toward larger, more feature-rich boats, supporting higher ASPs.

我們各品牌的通路庫存現已恢復至或高於新冠疫情前的水平，並且我們透過快速調整整個季度的生產水平，努力將批發供應與零售需求相匹配，這就是與去年相比有所下降的原因。雖然零售需求水平疲軟是由宏觀因素推動的，但季節性回歸更加正常化加劇了這種情況。此外，顧客買船的迫切感也基本消失。我們所有品牌的一線希望都是如此。那些想要購買的客戶繼續傾向於更大、功能更豐富的船隻，支援更高的平均售價。

Importantly, these sales are often nearly all cash. Those customers utilizing significant financing when buying a boat are sitting on the sidelines in this more challenging interest rate environment. This is very evident in recent metrics. Historically, Malibu, Cobalt and Pursuit consumers have averaged about 50% in those that pay cash for 75% or more of their purchases of those brands. Through October, 65% of Malibu customers, 59% of Cobalt customers and 55% of Pursuit customers are paying cash for at least 75% of their boat purchase. Cobia, which averages about 40% of the customer base paying 75% or more of their boat purchasing cash has come in at 57% in the last 4 months.

重要的是，這些銷售往往幾乎都是現金。在這個更具挑戰性的利率環境中，那些在購買船隻時使用大量融資的客戶處於觀望狀態。這在最近的指標中非常明顯。從歷史上看，Malibu、Cobalt 和 Pursuit 的消費者平均有 50% 的消費者在購買這些品牌的商品時支付現金的比例達到或超過 75%。截至 10 月份，65% 的 Malibu 客戶、59% 的 Cobalt 客戶和 55% 的 Pursuit 客戶至少 75% 的購船費用是現金支付。 Cobia 平均約有 40% 的客戶群支付了 75% 或更多的購船現金，但在過去 4 個月中，該比例已上升至 57%。

Axis was a surprise to me. Historically, the average per consumer is paying cash for 75% or more of their purchases has averaged 25% to 30%. Now Axis is averaging 45% of buyers paying in cash for 75% or more of their boat purchase. There is little doubt in our minds that the person buying on credit and buying next-tier boats in terms of brand recognition and quality are remaining on the sidelines. As we discussed last quarter, we have continued our aggressive introduction of new products into the market.

軸讓我感到驚訝。從歷史上看，每個消費者平均 75% 或更多的購物是用現金支付的，平均為 25% 到 30%。現在，Axis 平均有 45% 的買家以現金支付 75% 或更多的船隻購買費用。毫無疑問，在我們看來，那些以信貸方式購買以及購買在品牌認知度和品質方面下一級船舶的人仍然處於觀望狀態。正如我們上季所討論的，我們繼續積極向市場推出新產品。

In Q1, we have introduced the 4 new Malibu and Axis boats discussed in August, and we have also introduced 4 new Cobalt boats that are shipping to dealers now. One of the Cobalt new boats is a new R33 Surf, the largest surf boat ever designed and introduced by an MBI brand. The R33 Surf will utilize Surf Gate and all of our Surf technology, making it the largest, most incredible wave generating machine over 30 feet. This will continue to capture the surf craze and drive sales. Dealers are currently standing in line to get their first one.

在第一季度，我們推出了 8 月討論的 4 艘新 Malibu 和 Axis 船，我們還推出了 4 艘新 Cobalt 船，目前正在向經銷商發貨。 Cobalt 的其中一艘新船是新型 R33 Surf，它是 MBI 品牌有史以來設計和推出的最大的衝浪船。 R33 Surf 將利用 Surf Gate 和我們所有的 Surf 技術，使其成為 30 英尺以上最大、最令人難以置信的造浪機。這將繼續吸引衝浪熱潮並推動銷售。經銷商目前正在排隊購買他們的第一批產品。

At Pursuit, we have introduced the OS 405, and it was on display for the first time at Fort Lauderdale, generating rave reviews but, more importantly, in a fantastic success of a boat show that it generated orders. As we have seen historically, all of this new product will lessen the impact of any downturn we are in.

在 Pursuit 上，我們推出了 OS 405，它首次在勞德代爾堡展出，獲得了好評如潮，但更重要的是，它在船舶展上取得了巨大成功，並產生了訂單。正如我們從歷史上看到的那樣，所有這些新產品都將減輕我們所處的任何低迷時期的影響。

Speaking of Fort Lauderdale, we had spectacular results that were surprising in this environment. Pursuit was exceptionally strong. Last year, Pursuit set a record for sales at Fort Lauderdale at just over 30 units sold. This year, we blew that record away. Pursuit saw sales of 49 units and, undoubtedly, we expect to close a few more this week. The metrics behind the sales were interesting and provides credibility to what we are seeing and have said in the past and on this call.

說到勞德代爾堡，我們在這種環境下取得了令人驚訝的驚人結果。追求異常強烈。去年，Pursuit 在勞德代爾堡創下了銷售紀錄，售出 30 多套。今年，我們打破了這項紀錄。 Pursuit 銷售了 49 套，毫無疑問，我們預計本週會再成交一些。銷售背後的指標很有趣，並為我們過去和本次電話會議中所看到和所說的內容提供了可信度。

Large premium boats led the way with 34 units sold being over 30 feet in length and 11 units being over 40 feet in length. This is one of the highest concentrations of larger boats I remember seeing for Pursuit. Another key indicator of the premium focus was the richness of the ASP. Our ASP on the boats sold was nearly $520,000 versus a normal year-round ASP of $325,000 to $350,000.

大型優質船舶一馬當先，售​​出 34 艘長度超過 30 英尺的船隻，11 艘長度超過 40 英尺的船隻。這是我記得在《追擊》中看到的大型船隻最集中的地方之一。溢價關注的另一個關鍵指標是平均售價的豐富程度。我們出售船隻的平均售價接近 52 萬美元，而全年正常平均售價為 32.5 萬美元至 35 萬美元。

Cobia sales, which were right on top of last year's record sales, also blew out the larger premium nature of the show. Almost 80% of the boats sold were over 30 feet in length and carried an ASP of over $300,000, which is nearly $200,000 more than normal ASP year-round. Fort Lauderdale was a surprisingly strong show for us, and although only 1 data point provides a positive vibe in the saltwater environment.

軍曹魚的銷售量超過了去年創紀錄的銷售量，也超出了展會更大的溢價性質。所售船隻中近 80% 的長度超過 30 英尺，平均售價超過 30 萬美元，比全年正常平均售價高出近 20 萬美元。勞德代爾堡對我們來說是一場令人驚訝的強勁表演，儘管只有 1 個數據點在鹹水環境中提供了積極的氛圍。

Market share for all of our brands continues to be a very positive story. On a trailing 12-month basis, Malibu and Axis is up 300 basis points in share. Cobalt Sterndrive share is up 280 basis points. Pursuit has gained 205 basis points of share. Pathfinder has gained 210 basis points of share to its credit, and Cobia is slightly up at 10 basis points of share gain. We fully expect this to continue throughout a downturn.

我們所有品牌的市場份額仍然是一個非常積極的故事。在過去 12 個月的基礎上，Malibu 和 Axis 的份額上升了 300 個基點。 Cobalt Sterndrive 市佔率上漲了 280 個基點。 Pursuit 的份額增加了 205 個基點。 Pathfinder 的市佔率成長了 210 個基點，Cobia 的市佔率略有上升 10 個基點。我們完全預期這種情況將在整個經濟低迷時期持續下去。

A monumental strength of MBI and one that I believe is greatly overlooked is our variable cost structure and the ability to generate free cash flow. There are very few companies that have the capability we do in achieving this. Since 2017, every year, our variability of cost of goods sold has ranged from the high 80% range to 90%. And in fiscal year quarter 1, it was no exception coming in at 88.4% variable cost down to the gross margin line.

MBI 的一項巨大優勢是我們的可變成本結構和產生自由現金流的能力，而我認為這一優勢卻被極大地忽視了。很少有公司有能力實現這一目標。自 2017 年以來，每年我們的銷售成本波動範圍都在 80% 到 90% 之間。在第一財年季度，該公司也不例外，其毛利率線的變動成本為 88.4%。

This leads to very strong cash generation. In 2023, our free cash flow was nearly $130 million, and our free cash flow conversion for the last 3 years has averaged 60%. This gives us extreme confidence that we can be very profitable and capable of investing in strategic opportunities at any point in time and in any cycle. We have been through these cycles before, and each time, we have emerged stronger.

這導致非常強勁的現金產生。 2023年，我們的自由現金流接近1.3億美元，過去3年的自由現金流轉換率平均為60%。這讓我們非常有信心，我們可以實現非常有利可圖的盈利，並且有能力在任何時間點和任何週期投資策略機會。我們以前經歷過這些週期，每次，我們都變得更強大。

Our operational capabilities are unmatched and our innovation continues to set us apart. An important element to our playbook is successfully matching production to retail demand, not only to protect our margins, but also to protect our dealers and make sure they stay healthy. Malibu's ability to remain agile and flexible has always been and continues to be a key differentiator for Malibu.

我們的營運能力無與倫比，我們的創新繼續使我們與眾不同。我們策略的一個重要因素是成功地將生產與零售需求相匹配，不僅是為了保護我們的利潤，也是為了保護我們的經銷商並確保他們保持健康。 Malibu 保持敏捷和靈活性的能力一直並將繼續成為 Malibu 的關鍵差異化因素。

I will say it again, our cost structure is 80% to 90% variable, which allows us to execute quickly and outperform. Our vertical integration allows us to control key components of our boats from concept through delivery to the customer. Our operational excellence makes us nimble and capable of strong performance in any environment. While channel inventories including saltwater normalized much faster than anyone anticipated, our nimbleness to slow down our build schedule has helped our dealers to have healthy inventories, enabling them to sell through mild-year 2023 inventory more quickly. We are certainly laser-focused on inventory levels and believe most marine OEMs are as well, which will ultimately lead to a quicker recovery once demand increases.

我再說一遍，我們的成本結構有 80% 到 90% 的可變性，這使我們能夠快速執行並跑贏大盤。我們的垂直整​​合使我們能夠控制船舶的關鍵部件，從概念到交付給客戶。我們卓越的營運能力使我們能夠在任何環境下保持敏捷和出色的表現。雖然包括鹽水在內的通路庫存恢復正常的速度比任何人預期的都要快得多，但我們靈活地放慢了建設進度，幫助我們的經銷商擁有健康的庫存，使他們能夠更快地銷售2023 年溫和的庫存。我們當然非常關注庫存水平，並相信大多數船舶原始設備製造商也是如此，一旦需求增加，這最終將導致更快的復甦。

Looking ahead, the retail environment continues to weaken, driven largely by dealer concerns around the broader economic and interest rate environment. And as a result, they are being extremely cautious around inventory levels. Further, we had expected to see improvement in the second half of the year. But based on what we are seeing today, that is not likely to be the case. Instead, we expect wholesale demand across our brands to remain pressured. As such, we are revising our fiscal year 2024 outlook and now expect sales to be down from a high teens to low 20s percentage versus fiscal year 2023.

展望未來，零售環境繼續疲軟，主要是由於經銷商對更廣泛的經濟和利率環境的擔憂。因此，他們對庫存水準極為謹慎。此外，我們預計下半年會有所改善。但根據我們今天所看到的情況，情況不太可能是這樣。相反，我們預計我們品牌的批發需求仍將面臨壓力。因此，我們正在修改 2024 財年的展望，目前預計銷售額與 2023 財年相比將從十幾歲下降到 20 歲以下。

While it is a challenging environment, my confidence in this team, our dealers and the strength of our brands is unwavering. I can't say it enough. We have managed through challenging times before, and we will do it again. In these moments, the companies that can leverage a strong balance sheet and continue to invest in the future while adeptly and strategically managing the business are the ones that emerge stronger than ever. And that has and will be Malibu.

雖然這是一個充滿挑戰的環境，但我對這個團隊、我們的經銷商和我們品牌的實力的信心堅定不移。我無法說得夠多。我們以前已經度過了充滿挑戰的時期，我們將再次做到這一點。在這些時刻，那些能夠利用強大的資產負債表並繼續投資未來，同時熟練地、策略性地管理業務的公司將比以往任何時候都更加強大。這就是馬里布。

We have a strong track of outperforming the industry in everything we have done from an operational excellence and vertical integration standpoint will protect margins even in a down environment. A great example of this is our rollout of the Monsoon engine for Cobalt, which we will continue to scale over the next few years. Additionally, we are very excited about the build-out of our Cobalt operations in Roane County, which will increase our volume capability and efficiencies for this brand. We are confident we will begin producing small boats in this facility in the first quarter of calendar year 2024.

從卓越營運和垂直整合的角度來看，我們所做的一切都表現優於產業，即使在經濟低迷的環境下也能保護利潤。一個很好的例子是我們推出的 Cobalt Monsoon 引擎，我們將在未來幾年繼續擴大規模。此外，我們對在羅恩縣擴建鈷業務感到非常興奮，這將提高我們品牌的產能和效率。我們有信心於 2024 年第一季開始在該工廠生產小型船隻。

We have our eye on the prize with the winning strategy. We will stay nimble, advance our innovation and product development, leverage our vertical integration footprint and enhance operational excellence initiatives to ensure we remain on top as market conditions improve.

我們著眼於獲勝策略的獎品。我們將保持靈活性，推動創新和產品開發，利用我們的垂直整​​合足跡並加強卓越營運計劃，以確保我們在市場狀況改善時保持領先地位。

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的情況。

Thanks, Jack. In the first quarter, net sales decreased 15.3% to $255.8 million and unit volume decreased 24.1% to 1,698 units. The decrease in net sales was driven primarily by decreased unit volumes across all segments, increased flooring program costs across all segments resulting from higher interest rates and increased inventory levels, partially offset by a favorable model mix across all segments and inflation-driven year-over-year price increases.

謝謝，傑克。第一季淨銷售額下降 15.3% 至 2.558 億美元，銷量下降 24.1% 至 1,698 輛。淨銷售額下降的主要原因是所有細分市場的單位銷售下降、利率上升和庫存水平增加導致所有細分市場的地板計劃成本增加，但部分被所有細分市場有利的型號組合和通貨膨脹驅動的同比所抵銷年價格上漲。

The Malibu and Axis brands represented 47.3% of unit sales or 804 boats. Saltwater Fishing represented 29% or 491 boats, and Cobalt made up the remaining 23.7% or 403 boats. Consolidated net sales per unit increased 11.5% to approximately $150,665 per unit, primarily driven by year-over-year price increases and favorable model mix within all segments.

Malibu 和 Axis 品牌佔 804 艘船銷售的 47.3%。鹹水捕魚業佔 29%，即 491 艘船，鈷業佔其餘 23.7%，即 403 艘船。每台綜合淨銷售額成長 11.5%，達到每台約 150,665 美元，這主要是受到同比價格上漲和所有細分市場有利的車型組合的推動。

Gross profit decreased 23.9% or $17.8 million to $56.8 million, and gross margin was 22.2%. This compares to a gross margin of 24.7% in the prior year period. The decrease in gross margin was driven primarily by a decreased mix of our higher-margin in Malibu segment and increased dealer flooring costs. Selling and marketing expense increased 10.9% in the first quarter. The increase was driven primarily by increased promotional events and an increase in compensation and personnel-related expenses. As a percentage of sales, selling and marketing expense increased 50 basis points to 2.2% compared to 1.7% in the prior year period.

毛利下降 23.9%，或 1,780 萬美元，降至 5,680 萬美元，毛利率為 22.2%。相比之下，去年同期的毛利率為 24.7%。毛利率下降的主要原因是我們馬里布業務的較高利潤率下降以及經銷商地板成本增加。第一季銷售和行銷費用成長10.9%。這一增長主要是由於促銷活動的增加以及薪酬和人員相關費用的增加。銷售和行銷費用佔銷售額的百分比增加了 50 個基點，達到 2.2%，而去年同期為 1.7%。

General and administrative expenses increased 7.7% or $1.5 million. The increase was driven primarily by an increase in compensation and personnel-related expenses. As a percentage of sales, G&A expenses increased 170 basis points to 8.1% compared to the prior year period. Net income for the quarter decreased 42.5% to $20.8 million. Adjusted EBITDA for the quarter decreased 31.7% to $39 million, and adjusted EBITDA margin decreased to 15.2% from 18.9%.

一般及管理費用增加 7.7%，即 150 萬美元。這一增長主要是由於薪酬和人事相關費用的增加所致。與去年同期相比，一般管理費用佔銷售額的百分比增加了 170 個基點，達到 8.1%。該季度淨利潤下降 42.5% 至 2,080 萬美元。該季度調整後 EBITDA 下降 31.7%，至 3,900 萬美元，調整後 EBITDA 利潤率從 18.9% 下降至 15.2%。

Non-GAAP adjusted fully distributed net income per share decreased 36.9% to $1.13 per share. This is calculated using a normalized C Corp tax rate of 24.5% and a fully distributed weighted average share count of approximately 21.3 million shares. For a reconciliation of adjusted EBITDA and adjusted fully distributed net income per share to GAAP metrics, please see the tables in our earnings release.

非 GAAP 調整後完全分配每股淨利下降 36.9% 至每股 1.13 美元。這是使用 24.5% 的標準化 C 公司稅率和約 2,130 萬股的完全分配加權平均股數計算得出的。有關調整後 EBITDA 和調整後完全分配每股淨利潤與 GAAP 指標的對賬，請參閱我們收益報告中的表格。

As Jack has mentioned earlier, the retail environment continues to weaken, driven largely by dealer concerns around the broader macro and interest rate environment. While we had originally expected to see improvement in the second half of the year, we are now revising our fiscal year 2024 outlook to account for softening conditions in light of the weakening retail environment that has disrupted seasonality heading into Q2.

正如傑克之前提到的，零售環境繼續疲軟，主要是由於經銷商對更廣泛的宏觀和利率環境的擔憂。雖然我們最初預計下半年情況會有所改善，但我們現在正在修改 2024 財年的展望，以考慮到零售環境疲軟已經擾亂了進入第二季的季節性因素，導致情況疲軟。

We anticipate year-over-year decline in net sales ranging from high teens to low 20s percentage. We expect Q2 revenue decline of approximately 35%. Consolidated adjusted EBITDA margin is expected to be down 350 to 450 basis points year-over-year, with Q2 down approximately 700 basis points. We remain incredibly proud of our team's continued execution at MBI and our ability to navigate through any down cycle we may face.

我們預期淨銷售額將年減幅度從十幾歲到二十幾歲不等。我們預計第二季營收下降約 35%。綜合調整後 EBITDA 利潤率預計將年減 350 至 450 個基點，其中第二季下降約 700 個基點。我們仍然對 MBI 團隊的持續執行力以及我們度過可能面臨的任何下行週期的能力感到無比自豪。

Our variable cost structure and strong cash flow generation has allowed us to execute quickly and outperform, all while maintaining strong workforce and relentlessly pursuing vertical integration and strategic acquisition opportunities. Regardless of the environment, we are excited and optimistic about the future here at Malibu. Our team is strong. Our business model is battle-tested, and we continue to be positioned well strategically for fiscal year 2024 and beyond.

我們可變的成本結構和強大的現金流生成使我們能夠快速執行並超越市場，同時保持強大的員工隊伍並不懈地追求垂直整合和策略性收購機會。無論環境如何，我們都對馬里布的未來感到興奮和樂觀。我們的團隊很強大。我們的商業模式經過了實戰檢驗，我們將在 2024 財年及以後繼續保持良好的策略定位。

With that, I open up the call for questions.

就這樣，我開始提問。

(Operator Instructions) And our first question will come from Mike Swartz with Truist Securities.

（操作員說明）我們的第一個問題將來自 Truist Securities 的 Mike Swartz。

Maybe just to start off on the retail environment and some of your commentary around retail being softer and being one of the rationale for why you brought down your guidance. I mean, we've obviously -- and everyone has seen the retail over the past couple of months. And I think most people would say the numbers were actually decent.

也許只是從零售環境開始，您對零售業的一些評論變得更加疲軟，這也是您降低指導的原因之一。我的意思是，我們顯然——每個人都看到了過去幾個月的零售情況。我想大多數人都會說這些數字其實還不錯。

You're talking about Fort Lauderdale, some other have talked about how strong Fort Lauderdale was. Yet you're kind of using that to take down guidance. Maybe just help us understand and clarify what exactly you're talking about. Is this more to do with the dealer psyche than the actual retail demand that we're seeing? Any color would be great.

你說的是勞德代爾堡，其他人也說過勞德代爾堡有多強。然而你卻用它來取消指引。也許只是幫助我們理解和澄清您到底在說什麼。這是否與經銷商的心理有關，而不是我們所看到的實際零售需求？任何顏色都會很棒。

Yes. I think it's a dealer psyche. It's also the consumer psyche. And I can't belabor enough that anyone that's going to be purchasing on interest rates, they're probably sitting on the sidelines. If you look back to 2021, 2022, the interest rates that they're paying are up to 4x more than what they were paying back then. So I think that's a big impediment to the retail consumer psyche. The dealers are certainly paying more, they want to carry less inventory. That factors into it. And ultimately, I think every single OEM company that is talking about this are looking at their order backlog versus previous years and what they think it will wind up being.

是的。我想這就是經銷商的心理學。這也是消費者的心理。我無法詳細說明任何要以利率購買的人可能會袖手旁觀。如果你回顧 2021 年、2022 年，他們支付的利率比當時高出 4 倍。所以我認為這對零售消費者的心理來說是一個很大的障礙。經銷商當然要支付更多費用，他們希望減少庫存。這也是因素之一。最終，我認為每家談論這個問題的 OEM 公司都會比較他們的積壓訂單與前幾年的情況，以及他們認為最終會是什麼樣子。

What I hope, frankly, is that Fort Lauderdale proves to be a shift or a change in the environment that we have been in and think that we're going to continue to be in versus an aberration because it was so, so strong. And it was clearly evident that if you were an OEM that sold smaller boats or sold less premium boats, you did not do as well. And it was that premium, like the Pursuits of the world, the Cobias of the world that did very well, and that bodes extremely well for that saltwater environment.

坦白說，我希望勞德代爾堡能夠證明我們所處的環境發生了轉變或變化，並認為我們將繼續處於反常狀態，因為它是如此非常強烈。很明顯，如果您是銷售小型船隻或銷售較少優質船隻的原始設備製造商，那麼您的表現就不會那麼好。正是這種溢價，就像世界上的追求者、世界上的軍曹魚一樣表現得非常好，這對鹹水環境來說是非常好的兆頭。

But ultimately, I think that what we have coming out of, Mike, is you have year-end sales events that will take place in freshwater through the rest of the year. Then you hit that freshwater boat show cycle. Miami, of course, is always going to be very important. So by the time that we get to reporting on the second quarter, I believe we'll have a much better feel for what the year is going to turn out to be.

但最終，麥克，我認為我們的結果是，今年剩餘時間將在淡水中舉行年終銷售活動。然後你就開始了淡水船展示週期。當然，邁阿密始終非常重要。因此，當我們開始報告第二季時，我相信我們會對今年的結果有更好的感覺。

Okay. That's helpful. And then just with regards -- I know Malibu kicked off its annual year-end factory event, I think it was a week or 2 ago. Maybe just give us a sense of how that program compares to years past and maybe what you've seen thus far from a demand or an order perspective.

好的。這很有幫助。然後，我想問一下——我知道馬里布開始了一年一度的年終工廠活動，我想那是一兩週前的事了。也許只是讓我們了解該計劃與過去幾年的比較，以及您迄今為止從需求或訂單角度看到的情況。

From what we've seen, it's really too early to tell. A lot of times that starts happening in the November and leading all the way up to the December 15 time frame. What I would tell you on the program itself is, and I think that everyone is experiencing this, as it is richer this year than in previous years. I think in the towboat and freshwater environment, we are in a more promotional mindset and we're seeing that with our competition as well. And so to drive some of the volume, we're going to have to be more promotional and we certainly took that attack path into the year-end sales event.

從我們所看到的情況來看，現在下結論還為時過早。很多時候，這種情況從 11 月開始，一直持續到 12 月 15 日的時間範圍內。我想就節目本身告訴大家的是，我認為每個人都在經歷這一點，因為今年比往年更豐富。我認為在拖船和淡水環境中，我們處於更促銷的心態，我們在競爭中也看到了這一點。因此，為了提高銷量，我們必須加強促銷力度，我們當然也在年終銷售活動中採取了這種攻擊方式。

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。

Just one point of clarification. On the updated net sales guidance for the year, what is the implied retail market change that you're using there?

只澄清一點。在今年更新的淨銷售指導中，您使用的隱含零售市場變化是什麼？

Yes. So we're expecting high single digits to low double digits in our implied guide.

是的。因此，我們預期我們的隱含指南將出現高個位數到低兩位數的情況。

Okay. And then on the -- Jack, you talked about obviously those credit buyers that are relying on credit are the ones staying on the sidelines. Are they -- in your opinion are they purely sitting in the sidelines because of that interest rate cost? Or are you seeing any reluctance from lenders in this environment or any inability for those buyers to get credit even if they wanted to step up the sidelines and make that boat purchase?

好的。然後，傑克，您顯然談到了那些依賴信貸的信貸買家是那些保持觀望的人。在您看來，他們純粹是因為利率成本而袖手旁觀嗎？或者您看到貸款人在這種環境下有任何猶豫，或者即使這些買家想加強觀望併購買船隻，也無法獲得信貸？

Yes. In terms of order, certainly they're just staying on the environment because they're not going to pay those interest rates. It is so different than what it was. If we go back to 2021, the end of 2021, the interest rate was 0.25% by the Fed, now it's 5.25%. And so that has a huge impact on them. Of course, in this environment, there is some level of people that are looking for credit but it's more strenuous to get it or they cannot get it. But I would put that at the bottom of the category in terms of versus people who just are sitting on the sidelines.

是的。就秩序而言，他們當然只是停留在環境上，因為他們不會支付這些利率。它與原來有很大不同。如果我們回到2021年，2021年底，聯準會的利率是0.25%，現在是5.25%。這對他們產生了巨大的影響。當然，在這種環境下，有一定程度的人在尋求信用，但獲得信用會更加困難，或者他們無法獲得信用。但與那些只是坐在場邊的人相比，我會把它放在這個類別的底部。

And our next question will come from Craig Kennison with Baird.

我們的下一個問題將由克雷格·肯尼森和貝爾德提出。

I wanted to ask about your dealer network and the health of that network, given carrying excess inventory maybe and facing higher interest expense. Any concerns about your network or the broader marine dealer network?

我想詢問你們的經銷商網路以及該網路的健康狀況，因為庫存可能過多並且面臨更高的利息費用。對您的網路或更廣泛的船舶經銷商網路有任何疑問嗎？

Largely, no, Craig. I mean, you always have some that you watch a little bit more closely. We're very in tune with Wells Fargo and what they're seeing. And the early warning systems that are in place, that did not exist in 2008 and 2009. So we feel pretty confident. We're actually looking to expand our dealer networks, and we're working on that today. The one thing I would point to though that we're focused on is during COVID, when the Tier 1 builders OEMs could not build enough boats. Dealers took on Tier 2 and Tier 3 brands. And so that needs to go away, frankly. I mean, there's floor plan that's being tied up with garbage brands. And so we need that floor plan. So that is a focus area of ours.

很大程度上，不，克雷格。我的意思是，你總是會更仔細地觀察一些東西。我們與富國銀行和他們所看到的情況非常一致。 2008 年和 2009 年還不存在的預警系統已經到位。所以我們非常有信心。我們實際上正在尋求擴大我們的經銷商網絡，並且我們今天正在努力。我要指出的是，我們關注的一件事是在新冠疫情期間，當時一級建造商原始設備製造商無法建造足夠的船隻。經銷商採用二級和三級品牌。坦白說，這種情況需要消失。我的意思是，有一些平面圖與垃圾品牌捆綁在一起。所以我們需要平面圖。所以這是我們的重點領域。

And then could you just comment on the age of inventory and whether you see any issues with noncurrent model year inventory?

然後您能否評論一下庫存的年齡以及您是否發現非當前車型年份的庫存存在任何問題？

For us, no. In fact, if we look at it across that freshwater environment when we had the promotion back in July, that was so successful. A lot of that '23 inventory was moved and there's very, very little, as you can imagine, '22 inventory. And so that's a little bit of a difference from the last decade, if you look at it that way. On saltwater, I think that we were highly successful in any remaining aged inventory moving through that at Fort Lauderdale. So if I look at it over, call it, a 5- to 7-year time frame, I would say that from our standpoint, the inventories are as fresh as they've been with the exception of during those COVID years.

對我們來說，不。事實上，如果我們在 7 月進行促銷時在淡水環境中審視它，那是非常成功的。大量 23 年的庫存被轉移，正如你可以想像的那樣，22 年的庫存非常非常少。所以如果你這樣看的話，這與過去十年有一點不同。在鹽水方面，我認為我們在勞德代爾堡的任何剩餘老化庫存方面都非常成功。因此，如果我重新審視一下，稱之為 5 到 7 年的時間框架，我會說，從我們的角度來看，庫存與過去一樣新鮮，除了在新冠疫情期間之外。

And our next question will come from Joe Altobello with Raymond James.

我們的下一個問題將由喬·阿爾托貝洛和雷蒙德·詹姆斯提出。

So it seems pretty clear there's some affordability issue among a large portion of your buyers given the percentage of cash buyers you're seeing, particularly among your core Malibu access buyers. And a lot of that higher rates, as you mentioned, but some of it might be pricing as well. So as a manufacturer, what can Malibu just sort of address that beyond pricing?

因此，考慮到您看到的現金買家的比例，很明顯您的大部分買家都存在一些負擔能力問題，特別是在馬里布的核心買家中。正如您所提到的，許多更高的利率，但其中一些也可能是定價。那麼身為製造商，除了定價之外，馬里布還能解決什麼問題呢？

Joe, I think beyond pricing I think that we are going to see a more promotional environment in that regard. But one thing that I would point out on the Malibu Axis side is we have been -- because of our vertical integration, because of the way that we manage our business, against our primary competitors, we're $20,000 and $30,000 less than what they are. So the value proposition that we offer, the best boat on the market at a lower price because of the way that we manage our business, that's one of the reasons you see a 300 basis point gain in share.

喬，我認為除了定價之外，我認為我們將在這方面看到更多的促銷環境。但我要在馬里布軸方面指出的一件事是，由於我們的垂直整​​合，由於我們管理業務的方式，與我們的主要競爭對手相比，我們比他們少了 20,000 美元和 30,000 美元。是。因此，我們提供的價值主張是，由於我們管理業務的方式，以較低的價格提供市場上最好的船隻，這就是您看到份額增加 300 個基點的原因之一。

And I think that in that equation, you have them with some higher levels of inventory that they're going to have to move through. So that's going to have an impact somewhat for a while. But I am supremely confident that with our model, with the way that we're able to build boats at the cost that we're able to build them, we're going to win over the long term. They just can't get there. They can't compete in a normalized environment.

我認為，在這個等式中，他們的庫存水平較高，他們將不得不通過這些庫存。因此，這將在一段時間內產生一定的影響。但我非常有信心，透過我們的模式，透過我們能夠以我們能夠建造的成本建造船隻的方式，我們將贏得長期勝利。他們就是無法到達那裡。他們無法在正常化的環境中競爭。

On the Cobalt side, Cobalt continues to show the incredible strength of the brand. And what I mean by that is the holding of price and whatever we come out with from a Cobalt standpoint continues to be a strength. And of the brands, at least up into Fort Lauderdale, Cobalt has remained the strongest throughout at least the first 3 months of this year. So the -- I think more for us, frankly, is a focus on next year. We have to have suppliers that are coming back to earth and coming out with costs that makes sense and have the increase is very minimal. It's time to get out of this inflationary mindset that many suppliers are in, and let's get the pricing back to where it needs to be.

在Cobalt方面，Cobalt持續展現出品牌令人難以置信的實力。我的意思是保持價格不變，從鈷的角度來看，我們推出的任何產品仍然是一種優勢。在這些品牌中，至少在勞德代爾堡，Cobalt 在今年前 3 個月至少保持最強勁的勢頭。因此，坦白說，我認為對我們來說更多的是明年的重點。我們必須讓供應商回歸現實，提出合理的成本，增加的幅度非常小。現在是擺脫許多供應商的通貨膨脹心態的時候了，讓我們將定價恢復到需要的水平。

Got it. Very helpful. And maybe just to follow up on that. You mentioned field inventories are at or above pre-COVID levels. And I think on your last call, you mentioned you wanted them to be a tad below that. Do you still think a tad below that is the right level given the current demand environment? And what's baked into your guidance?

知道了。很有幫助。也許只是為了跟進。您提到現場庫存處於或高於新冠疫情前的水準。我想在你上次打電話時，你提到你希望它們稍微低於這個值。鑑於當前的需求環境，您仍然認為略低於該水平是正確的水平嗎？您的指導中有哪些內容？

Given the -- I'll let David answer the last part of the question. But given the current environment, I think it is a tad below COVID levels where -- pre-COVID levels would be the right amount of inventory.

鑑於——我會讓大衛回答問題的最後部分。但考慮到目前的環境，我認為庫存量略低於新冠疫情爆發前的水平。

Yes. And embedded in our guidance, we are using the pre-COVID levels on a sell-through perspective. So that's where we feel like the appropriate level is, and we baked it into our future forward-looking outlook.

是的。在我們的指導中，我們從銷售角度使用了新冠疫情前的水平。因此，這就是我們認為合適的水平，並將其納入我們未來的前瞻性展望中。

And our next question will come from Jamie Katz with Morningstar.

我們的下一個問題將來自晨星公司的傑米·卡茨。

I guess it would be helpful to hear how you guys are thinking about the split in profit pressure between gross margin and OpEx this year. And then maybe if there's a way to quantify what the flooring cost impact might be, that might help us frame that metric a little better.

我想聽聽你們如何看待今年毛利率和營運支出之間利潤壓力的分配會很有幫助。如果有一種方法可以量化地板成本的影響，可能會幫助我們更好地制定該指標。

Yes. So on the gross margin side, obviously, embedded in our guidance is more weakness on the tow boat side of the business. And so you saw kind in Q1 a further shift out of Malibu. And that is creating a little bit of pressure on the gross margin, and so you'll see that continue throughout the remainder of the year. And then on a flooring perspective, I'd say that's worth about 150 basis points of pressure.

是的。因此，在毛利率方面，顯然，我們的指導中包含了拖船業務的更多弱點。因此，您在第一季看到了馬里布的進一步轉移。這對毛利率造成了一點壓力，所以你會看到這種情況在今年剩餘時間內持續存在。然後從地板的角度來看，我認為這值得大約 150 個基點的壓力。

Okay. And then I think you guys said 700 basis points of EBITDA deleverage in the second quarter. Is there anything idiosyncratic in that? Or is it just deleverage from lower volumes?

好的。然後我想你們說第二季 EBITDA 去槓桿化了 700 個基點。這其中有什麼特別之處嗎？還是只是成交量下降帶來的去槓桿化？

It's predominantly the deleverage from lower volumes and a shift in mix as well.

這主要是交易量下降所帶來的去槓桿化以及結構的轉變。

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

我們的下一個問題將來自布蘭登·羅萊 (Brandon Rollé) 和 D.A.戴維森。

Just circling back to the pricing conversation. I know in previous calls, you had voiced some frustration that suppliers may not have given as much pricing concessions that you're looking for. Could you update us on your recent conversations and kind of how do you expect pricing to trend here over the next, I would say, 6 to 9 months?

回到定價對話。我知道在之前的電話中，您曾表達過一些沮喪，因為供應商可能沒有給予您所尋求的那麼多價格優惠。您能否向我們介紹一下您最近的對話以及您預計未來（我想說的是，6 到 9 個月）的定價趨勢如何？

Yes, Brandon, I mean, we've had some success. I think suppliers are -- it is a natural environment, right? When you have high volumes, they're going to raise prices. When the volumes start coming down, they're going to start getting competitive. And we've introduced competition into the mix in some cases because we're very, very focused. The consumer is speaking. We have to listen to it. The suppliers have to listen to it.

是的，布蘭登，我的意思是，我們已經取得了一些成功。我認為供應商是——這是一個自然環境，對吧？當產量很大時，他們就會提高價格。當銷量開始下降時，他們將開始變得更具競爭力。在某些情況下，我們會引入競爭，因為我們非常非常專注。消費者在說話。我們必須傾聽它。供應商必須聽取它的意見。

So I would tell you that we expect marginal success going forward until we get to that next budget cycle, which is going to be in that March time frame of next year. And we're going to be extremely focused and putting a lot of pressure on the costing aspect, because I do firmly believe that we need to have a price increase that's relatively minute next year versus the previous 4 years.

因此，我想告訴您，我們預計未來會取得邊際成功，直到我們進入下一個預算週期，也就是明年三月的時間範圍內。我們將非常專注，並對成本方面施加很大壓力，因為我堅信明年我們需要與前四年相比相對較小的價格上漲。

And our next question will come from Noah Zatzkin with KeyBanc.

我們的下一個問題將來自 KeyBanc 的 Noah Zatzkin。

Maybe just one for me on capital allocation priorities. I guess, does the current environment change how you're thinking about priorities? I know you had mentioned looking to acquire a fine-tuned brand or greenfield ones. So just trying to get updated thoughts around that here.

也許對我來說只是關於資本配置優先事項的一個。我想，目前的環境是否改變了您對優先事項的思考？我知道您曾提到尋求收購經過調整的品牌或新建品牌。所以只是想在這裡了解最新的想法。

Yes. Right now, what we've done is our capital allocation has been to product. It's been to the Roane County facility, which will be doing small boat Cobalt. It's been for our tooling design center that is a -- it's going to be a big important vertical integration for us going forward across all of the brands. And what I would tell you is that, that doesn't change our mindset.

是的。現在，我們所做的就是我們的資本配置已經用於產品。它去了羅恩縣的工廠，該工廠將生產小型船鈷。對於我們的模具設計中心來說，這將是我們在所有品牌中前進的一個非常重要的垂直整合。我要告訴你的是，這不會改變我們的心態。

Product is critical. And back in 2009 time frame in a 2-year period of time, we took market share up 900 basis points because we're the only one bringing out product. So we're always going to be progressive and aggressive in bringing on new product, new innovations. We think that's a core lifeblood of the business, yes. And we put some in the -- in the PowerPoint this morning, you'll see some information on cash, and I talk about it as well.

產品至關重要。早在 2009 年的兩年時間內，我們的市佔率就上升了 900 個基點，因為我們是唯一一家推出產品的公司。因此，我們始終會不斷進取、積極進取，推出新產品、新創新。是的，我們認為這是業務的核心命脈。我們在今天早上的 PowerPoint 中添加了一些信息，您會看到一些有關現金的信息，我也談到了它。

I think one of the blessings or benefits that we have is because we are such strong cash generators, we don't have to look at an environment and say, "Hey, we need to pull back. We don't need to make this acquisition." I will tell you that from an M&A standpoint, if the right asset comes to market at any point in time, be it midnight or noon, we will be in the market for that acquisition because we can be we have that capability.

我認為我們擁有的祝福或好處之一是因為我們是如此強大的現金產生者，我們不必看看環境並說：“嘿，我們需要撤退。我們不需要這樣做獲得。”我會告訴你，從併購的角度來看，如果合適的資產在任何時間點進入市場，無論是午夜還是中午，我們都會進入該收購市場，因為我們可以擁有這種能力。

We also have 3 or 4 initiatives, strategic initiatives that we're going to be embarking over the next 2, 3, 4 years that really have no relationship at all to what economic environment we're in. Because once we emerge from that, we will be stronger, and we'll have a higher market share.

我們還有 3 或 4 個計劃，我們將在未來 2、3、4 年開始實施的戰略計劃，這些計劃實際上與我們所處的經濟環境沒有任何關係。因為一旦我們擺脫了這種環境，我們會變得更強，我們會擁有更高的市場佔有率。

I'm not showing any further questions at this time. I would now like to turn the call back over 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·斯普林格以徵求進一步意見。

Thank you, Joe. Appreciate it. In summary, Malibu's fiscal first quarter results surpassed our expectations supported by our team's superior execution, combined with the inherent strength across our lineup of brands despite a rapidly evolving operating environment.

謝謝你，喬。欣賞它。總而言之，儘管營運環境快速變化，但由於我們團隊卓越的執行力以及我們品牌陣容的內在實力，馬里布第一財季的業績超出了我們的預期。

As we move through the quarter, the retail environment markedly deteriorated, and the sense of urgency customers had over the last few years largely was gone, coupled with the challenged interest rate and macroeconomic landscape. However, those customers in the market are continuing to support elevated ASPs as they look for feature-rich boats.

隨著本季的進展，零售環境明顯惡化，客戶過去幾年的緊迫感基本上消失，再加上利率和宏觀經濟狀況面臨挑戰。然而，市場上的這些客戶在尋找功能豐富的船舶時繼續支持提高的平均售價。

Our variable cost structure and ability to create significant free cash flow ensures a strong balance sheet quicker recovery and ability to invest in important strategic opportunities. Our strategic planning, operational excellence and supply chain management continues to support our outperformance of the broader industry. And our vertical integration has enabled us to remain resilient.

我們的可變成本結構和創造大量自由現金流的能力確保了強大的資產負債表、更快的恢復以及投資重要策略機會的能力。我們的策略規劃、卓越營運和供應鏈管理繼續支持我們在更廣泛的行業中表現出色。我們的垂直整​​合使我們能夠保持彈性。

We are confident that this team will once again exercise its operational prowess to navigate the current environment while, at the same time, advancing our innovation, our manufacturing capabilities, and our vertical integration footprint to ensure we once again emerge stronger as the market conditions improve.

我們相信，團隊將再次發揮其營運能力來應對當前環境，同時推進我們的創新、製造能力和垂直整合足跡，以確保我們隨著市場狀況的改善而再次變得更加強大。

As always, I would like to thank you for your support and for joining us today. While we are in a challenging retail environment, especially compared to the COVID years, we will continue to thrive and grow with continued excellence in fiscal year 2024. Have a great day.

一如既往，我要感謝您的支持以及今天加入我們。儘管我們正處於充滿挑戰的零售環境中，尤其是與新冠肺炎疫情時期相比，但我們將在 2024 財年繼續蓬勃發展並保持卓越表現。祝您有美好的一天。

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

今天的電話會議到此結束。感謝您的參與。現在您可以斷開線路。