Malibu Boats Inc (MBUU) 2024 Q2 法說會逐字稿

Good morning, everyone, and welcome to Malibu Boats conference call to discuss Second Quarter Fiscal Year 2024 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.

大家早安，歡迎參加 Malibu Boats 電話會議，討論 2024 年第二季財年業績。 （操作員說明）請注意，未經 Malibu Boats 書面授權，不得全部或部分複製此通話。

As a reminder, today's conference call is being recorded. On the call today from management are Mr. Jack Springer, Chief Executive Officer; Mr. Bruce Beckman, Chief Financial Officer; and Mr. Ritchie Anderson, Chief Operating Officer. I'll now turn the call over to Mr. Beckman to get started. Please go ahead, sir.

提醒一下，今天的電話會議正在錄音。今天，執行長傑克·斯普林格 (Jack Springer) 先生出席了管理層的電話會議。布魯斯‧貝克曼先生，財務長；以及營運長 Ritchie Anderson 先生。我現在將把電話轉給貝克曼先生開始。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 second quarter of fiscal year 2024 financials. We will then open the call for questions. A press release covering the company's fiscal second 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. 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 財年第二季的財務狀況。然後我們將開始提問。今天發布了一份涵蓋該公司 2024 年第二財季業績的新聞稿，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。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. We'd also note that we will be referring to certain non-GAAP financial measures on today's call, such as adjusted EBITDA and 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 Springer.

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，本公司不承擔針對任何新資訊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，以獲取這些風險因素的更詳細描述。我們還需要指出的是，我們將在今天的電話會議上提及某些非公認會計原則財務指標，例如調整後的EBITDA 和調整後的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。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。我現在將把電話轉給傑克·斯普林格。

Thank you, Bruce, and thank you all for joining the call. MBI navigated a challenging quarter driven by continued economic uncertainty as retail remains suppressed and channel inventories are reverting to historical norms. For the second fiscal quarter, net sales decreased 38% to $211.1 million compared to the prior year. Net income decreased 62% to $13.8 million, while adjusted EBITDA fell 60% to $22.9 million.

謝謝你，布魯斯，也謝謝大家加入這次電話會議。由於零售業仍然受到抑制且通路庫存正在恢復到歷史正常水平，MBI 在持續的經濟不確定性的推動下度過了一個充滿挑戰的季度。第二財季淨銷售額較上年下降 38% 至 2.111 億美元。淨利潤下降 62% 至 1,380 萬美元，調整後 EBITDA 下降 60% 至 2,290 萬美元。

Gross margins decreased 450 basis points to approximately 18% and adjusted EBITDA margin decreased by 610 basis points to approximately 11%. We continue to experience soft retail demand as we entered our slowest time of the year. The confluence of events in coming off of pandemic retail high channel inventories have built much quicker than anyone imagined a return to seasonal norms and economic uncertainty due to a prolonged elevated interest rate environment have resulted in channel inventories higher than we, or our dealers would like to see. It is a tough market to say the least, but it is important to keep things in perspective and level set versus historical norms.

毛利率下降 450 個基點至約 18%，調整後 EBITDA 利潤率下降 610 個基點至約 11%。隨著我們進入一年中最緩慢的時期，我們繼續經歷疲軟的零售需求。流行病零售高通路庫存的恢復速度比任何人想像的都要快得多，由於長期高利率環境而導致季節性常態的恢復和經濟不確定性導致通路庫存高於我們或我們的經銷商所希望的水平查看。至少可以說，這是一個艱難的市場，但重要的是要保持對事物的正確性和相對於歷史規範的水平。

While the retail environment is compressed, the biggest factor contributing to a tough year-over-year comparison is the normalization of channel inventory. Over the last 2 fiscal years, we have been focused on rebuilding our channels from historically low levels brought on by lingering supply chain challenges and unprecedented demand during the pandemic. Today, these dynamics have shifted and the level setting is going on as the inventory channels have fully recovered. We are back to natural market dynamics and MBI is highly focused on recalibrating to match wholesale production to retail demand. We are very, very committed to reducing channel inventories to lower levels that set up the dealer and MBI brands to recover more quickly once retail begins growing again.

雖然零售環境受到壓縮，但造成年比比較困難的最大因素是通路庫存的正常化。在過去的兩個財年中，我們一直致力於從歷史低點上重建我們的管道，這是由於揮之不去的供應鏈挑戰和疫情期間空前的需求造成的。如今，隨著庫存管道完全恢復，這些動態已經發生變化，水平設定正在進行中。我們回到了自然的市場動態，MBI 高度重視重新調整，以使批發產量與零售需求相符。我們非常非常致力於將通路庫存降低到較低水平，以便經銷商和 MBI 品牌能夠在零售業再次開始成長時更快地恢復。

We expect channel inventory to move downward as the selling season kicks in and reduce the normal levels by the end of calendar Q2. And I will continue to monitor the channel and take an aggressive approach with production levels as we head into the selling season. We do not shy from a downturn order recession. We welcome the opportunities that are presented with it. Our variable cost structure and world-class operational capabilities set us up extremely well to execute in driving the most profitability possible and continue to invest in the business. The investment in the business, whether it be new products and features, vertical integration or capacity will drive market share increases and the realization of higher revenues and margins quickly once retail comes back. The investment in the Rome County, Tennessee expansion for Cobalt is a great example of this commitment.

我們預計，隨著銷售季節的到來，通路庫存將下降，並在第二季末降低正常水準。當我們進入銷售季節時，我將繼續監控管道並採取積極的生產水平。我們不迴避低迷的訂單衰退。我們歡迎隨之而來的機會。我們的可變成本結構和世界一流的營運能力使我們能夠非常好地執行盡可能實現最大盈利並繼續投資於業務。對業務的投資，無論是新產品和功能、垂直整合還是產能，都將推動市場份額的增加，並在零售業復甦後迅速實現更高的收入和利潤。對田納西州羅馬縣鈷礦擴建的投資就是這項承諾的一個很好的例子。

Demand for our 30-foot and over cruisers has consistently outpaced our production capability. And with the addition of new models over the past couple of years and more coming. This expansion positions Cobalt to being able to build to demand as we exit the downturn and fee demand growth. Had we waited until last year the downturn, we would be sacrificing 1 to 2 years of revenue growth as we added the capacity.

對我們 30 英尺及以上巡洋艦的需求一直超過我們的生產能力。隨著過去幾年新型號的增加以及更多即將推出的型號。隨著我們擺脫低迷和費用需求的成長，這種擴張使鈷能夠根據需求進行建設。如果我們等到去年經濟低迷時期，就會因為增加產能而犧牲一到兩年的收入成長。

MBI will be well positioned to exit this downturn more quickly and be even stronger than we were when entering it for all of our brands. From the retail lens, the sense of urgency from customers to buy boats has largely disappeared. The consumer is being very patient. They know inventory is available, and they are looking for the best deal. To address this latter retail environment, we introduced a program earlier this month which we've been working on since early 2023 to introduce a Malibu and an Axis at entry-level pricing.

MBI 將處於有利地位，能夠更快地擺脫這場低迷，並且比我們所有品牌在進入低迷時期時更加強大。從零售角度來看，顧客買船的迫切感已基本消失。消費者很有耐心。他們知道有庫存，並且正在尋找最好的交易。為了解決後一種零售環境問題，我們在本月初推出了一項計劃，自 2023 年初以來我們一直致力於以入門級價格推出 Malibu 和 Axis。

The Malibu LX-R is offered at $99,995, the first time that a 21-foot or larger Malibu can be purchased were under $100,000 in many years. The Axis T220-r is a 22-foot boat with a nationally advertised price of $89,995. We expect pricing on these 2 boats will draw our customers who've been waiting for lower prices through dealer. The goal is to have this customer exit the sidelines, go to the boat shows or dealerships and purchase. With these boats, we are also targeting smaller and less optimal jet boats for the cost-conscious wake sports enthusiasts. Finally, we believe this is a great opportunity for a consumer to get a Malibu or Axis at a price less than a Tier 2 or a Tier 3 Lake brand. We also believe that we will not only sell these boats, but they will lead to further opportunities to upsell our dealers into other models, driven by the consumers' desires for more features and options.

Malibu LX-R 的售價為 99,995 美元，這是多年來首次以低於 100,000 美元的價格購買 21 英尺或更大的 Malibu。 Axis T220-r 是一艘 22 英尺長的船，全國廣告價格為 89,995 美元。我們預計這兩艘船的定價將吸引一直在等待經銷商降低價格的客戶。目標是讓該客戶退出場外，前往遊艇展或經銷店進行購買。對於這些船，我們還瞄準了較小且不太理想的噴射艇，以滿足注重成本的尾流運動愛好者的需求。最後，我們相信，對於消費者來說，這是一個以低於 Tier 2 或 Tier 3 Lake 品牌的價格購買 Malibu 或 Axis 的絕佳機會。我們也相信，我們不僅會銷售這些船隻，而且在消費者對更多功能和選擇的渴望的推動下，它們還將帶來更多機會，向我們的經銷商追加銷售其他型號。

We have already seen this occurring in the January boat shows that have taken place thus far. Our customer segment that has remained strong in the premium segment, cash buyers who are looking for the larger, future rich premium boat. We have several new offerings targeting these consumers that we are excited about.

我們已經在一月份的遊艇展上看到了這種情況的發生。我們的客戶群在高端細分市場中保持強勁，現金買家正在尋找更大、未來更富有的高端船舶。我們針對這些消費者推出了幾款令我們興奮的新產品。

Our brands through boat shows are focusing on the new M242 Malibu, the most premium boat in the Malibu line. Cobalt has introduced a new [R33-Sterve cruiser] and Pursuit will leverage the new OS 405 and BC306, both premium boats over 30 feet. As you see by their names, these models are targeting the important offshore and dual console segments in the saltwater outboard category for Pursuit. As always, the boat show season is very important and will be the measuring stick for the rest of fiscal year '24. While the general consensus is that we are at or near the bottom for retail demand, (inaudible) shift and as interest rate pressures are forecasted to subside, data from the selling season will be the first side of the trajectory.

我們的品牌在船舶展上專注於新型 M242 Malibu，這是 Malibu 系列中最優質的船舶。 Cobalt 推出了新的 [R33-Sterve 巡洋艦]，Pursuit 將利用新的 OS 405 和 BC306，這兩種都是超過 30 英尺的高級船隻。正如您從名字中看到的，這些型號的目標是 Pursuit 鹹水舷外機類別中重要的海上和雙控制台細分市場。與往常一樣，遊艇展季節非常重要，並將成為 24 財年剩餘時間的衡量標準。雖然普遍的共識是，我們正處於或接近零售需求的底部，（聽不清楚）轉變，並且隨著利率壓力預計將消退，銷售季節的數據將是這一軌蹟的第一面。

We are already seeing positive signs following our year-end sales of informally -- this event, which we've been doing for the last 1.5 decades, saw Malibu Axis performing better than we had expected. This further demonstrates the strength and resiliency of our premium Sweden brands. As we reported on our last call, Fort Lauderdale was a fantastic show for Pursuit, setting all-time records and was also a very good show for Cobalt exceeding last year. That position the focus to the calendar year 2024 shows that began the first week of January.

在非正式的年終銷售之後，我們已經看到了積極的跡象——我們在過去 1.5 年裡一直在舉辦這項活動，看到 Malibu Axis 的表現比我們預期的要好。這進一步證明了我們優質瑞典品牌的實力和彈性。正如我們在上次電話會議中報導的那樣，勞德代爾堡對於 Pursuit 來說是一場精彩的演出，創下了歷史記錄，對於 Cobalt 來說也是一場超越去年的精彩演出。 2024 年日曆年的焦點位置顯示從 1 月第一週開始。

The Atlanta boat show was the first weekend of January, and it is always an important guidepost. That show, which is run by our partner, OneWater, through their Singleton Marine Group was a bright spot for Malibu and was well ahead of last year for Cobalt. Minneapolis was another good show, especially for Malibu and Axis. Last weekend, the New York boat show took place. This is both a freshwater and saltwater show. Looking back at the results over the previous 5 years, this was a very good show for MBI brands. All brands were at the higher end of sales compared to the previous 5 years, and Cobalt had an excellent show. Not only was the volume of sales for Cobalt very good, but the composition included a preponderance of the 30-foot and over cruisers that are new to the market.

亞特蘭大遊艇展是一月的第一個週末，它總是一個重要的路標。該展會由我們的合作夥伴 OneWater 透過他們的 Singleton Marine Group 運營，是 Malibu 的一個亮點，並且遠遠領先於去年的 Cobalt。明尼阿波利斯是另一場精彩的演出，尤其是對於馬里布和安訊士來說。上週末，紐約舉辦了遊艇展。這既是淡水錶演又是鹹水錶演。回顧過去5年的成績，這對MBI品牌來說是一場非常好的展覽。與前5年相比，所有品牌的銷售額均處於較高水平，其中Cobalt表現出色。 Cobalt 不僅銷售量非常好，而且其結構主要是市場上新推出的 30 英尺及以上巡洋艦。

In summary, both shows have been decent. They have not been record-breaking shows, but they have also not been bad shows. After the first 3 weeks, we were on par with unit sales for all of our brands for 2023. Miami, of course, will be the bellwether show for our saltwater brands, and we are placing a lot of focus on making Miami the best show possible.

總結來說，兩部劇都還不錯。它們並不是破紀錄的節目，但也不是糟糕的節目。在前 3 週後，我們所有品牌的銷量已達到 2023 年的水平。當然，邁阿密將成為我們鹹水品牌的領頭羊展會，我們非常注重使邁阿密成為最好的展會可能的。

Looking ahead, we are optimistic about the outlook for the marine industry. Cost increases are stabilizing, creating a more favorable pricing environment as we look to fiscal year 2025. Overall, this, coupled with a lower interest rate environment, which is predicted to occur will relieve pressure on the entry-level buyer and help drive a recovery in marine. Despite the macro conditions we are faced with today, we remain in an optimal position to deliver results. As we have said many times, improved in the fourth quarter of 2020, we are confident that even in the 25% to 30% down revenue environment, we can maintain 15% or above EBITDA margins. While we are projecting revenue will finish down more than 30% for the year, the relationship remains intact. This is due to our highly variable cost structure that flexes in line with market conditions. In addition, we have spent the past couple of months, ensuring cost efficiencies throughout our organization.

展望未來，我們對海洋產業的前景持樂觀態度。展望 2025 財年，成本成長趨於穩定，創造了更有利的定價環境。總體而言，加上預計將出現的較低利率環境，將緩解入門級買家的壓力，並有助於推動復甦在海洋中。儘管我們今天面臨宏觀環境，但我們仍處於取得成果的最佳位置。正如我們多次說過的，2020年第四季有所改善，我們有信心即使在收入下降25%至30%的環境下，我們也能維持15%或以上的EBITDA利潤率。儘管我們預計今年的收入將下降 30% 以上，但這種關係仍然完好無損。這是由於我們的成本結構高度可變，可以根據市場條件進行調整。此外，在過去的幾個月裡，我們一直在確保整個組織的成本效率。

Based on our forecast, despite lower-than-anticipated revenue, we maintain our conviction that what we will continue to deliver operationally -- that we will continue to deliver operation with our strong margin profile. Our winning strategy and durable business model are what truly differentiates us. We will continue to stay then we'll advance our innovation and product development, leverage our vertical integration footprint, capitalize on market opportunities and enhance operational excellence initiatives to ensure we remain on top as market conditions improve. I will now turn the call over to Bruce for further remarks on the quarter.

根據我們的預測，儘管收入低於預期，但我們仍然堅信我們將繼續在營運上提供服務 - 我們將繼續以強勁的利潤率進行營運。我們的致勝策略和持久的商業模式才是我們真正的與眾不同之處。我們將繼續留下來，然後我們將推進我們的創新和產品開發，利用我們的垂直整​​合足跡，利用市場機會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。我現在將把電話轉給布魯斯，請其進一步評論本季的情況。

Thanks, Jack. In the second quarter, net sales decreased 37.7% to $211.1 million and unit volume decreased 43.7% to 1,373 units. The decrease in net sales was driven primarily by decreased unit volumes across all segments, resulting from soft retail demand and lower wholesale shipments. The volume impact was partially offset by a favorable model mix across all segments and inflation-driven year-over-year price increases.

謝謝，傑克。第二季淨銷售額下降 37.7% 至 2.111 億美元，銷量下降 43.7% 至 1,373 輛。淨銷售額下降的主要原因是零售需求疲軟和批發出貨量減少導致所有細分市場的銷售量下降。所有細分市場的有利車型組合以及通膨驅動的同比價格上漲部分抵消了銷售影響。

The Malibu and Axis brands represented 44.1% of unit sales for 606 boats. Saltwater fishing represented 29.5% or 405 boats and cobalt made up the remaining 26.4% or 362 boats. Consolidated net sales per unit increased 10.7% to 153,732 per unit, primarily driven by inflation driven year-over-year price increases and favorable model mix within our Malibu saltwater fishing and cobalt segments. Gross profit decreased 50.5% to $37.5 million, and gross margin decreased 460 basis points to 17.8%, driven primarily by lower volume and an increased mix of the saltwater fishing segment and increased dealer flooring program costs. Cost of sales decreased by 34% in a period when revenue decreased by 37.7%, demonstrating our operational excellence and highly variable cost structure. Selling and marketing expense decreased by 9.5% to $5.6 million. The decrease was driven primarily by the lower marketing spending.

Malibu 和 Axis 品牌佔 606 艘船銷量的 44.1%。鹹水捕魚佔 29.5%，即 405 艘船，鈷捕魚佔剩餘的 26.4%，即 362 艘船。每單位綜合淨銷售額成長 10.7%，達到每單位 153,732 單位，主要是由於通貨膨脹驅動的同比價格上漲以及我們的馬里布鹹水捕撈和鈷細分市場中有利的型號組合。毛利下降 50.5%，至 3,750 萬美元，毛利率下降 460 個基點，至 17.8%，這主要是由於銷量下降、鹹水捕撈業務組合增加以及經銷商地板計劃成本增加所致。在收入下降 37.7% 的時期，銷售成本下降了 34%，證明了我們的卓越營運和高度可變的成本結構。銷售和行銷費用下降 9.5% 至 560 萬美元。下降的主要原因是行銷支出減少。

As a percentage of sales, Selling and marketing expense increased 90 basis points to 2.7% of sales due to lower volume. General and administrative expenses decreased 19.0% to $15.4 million. The decrease was driven primarily by lower personnel-related expenses. As a percentage of sales, G&A expenses increased 170 basis points to 7.3% of sales due to lower volume. In total, Q2 operating expenses declined by $4.2 million as we made necessary adjustments to our cost structure while preserving our capacity to innovate. Net income for the quarter decreased 72.1% to $10.1 million. Adjusted EBITDA for the quarter decreased 60.2% to $22.9 million. Adjusted EBITDA margin decreased to 10.9% from 17.0%. Non-GAAP adjusted fully distributed net income per share decreased to 69.4% to $0.57 per share. This is calculated using a normalized C corp tax rate of 27.8% and a fully distributed weighted average share count of approximately 21.1 million shares.

由於銷售量下降，銷售和行銷費用佔銷售額的百分比增加了 90 個基點，達到銷售額的 2.7%。一般及行政費用下降 19.0% 至 1,540 萬美元。減少的主要原因是人事相關費用減少。由於銷售量下降，G&A 費用佔銷售額的百分比增加了 170 個基點，達到銷售額的 7.3%。由於我們對成本結構進行了必要的調整，同時保留了創新能力，第二季營運費用總共下降了 420 萬美元。該季度淨利潤下降 72.1% 至 1,010 萬美元。該季度調整後 EBITDA 下降 60.2% 至 2,290 萬美元。調整後 EBITDA 利潤率從 17.0% 下降至 10.9%。非 GAAP 調整後完全分配每股淨利下降至 69.4%，至每股 0.57 美元。這是使用 27.8% 的標準化 C 型企業稅率和約 2,110 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. Turning our attention to the balance sheet. We invested $12.6 million in CapEx in the quarter, driven by investment in our new Bone County, Tennessee manufacturing facility. We paid down $30.0 million of debt, bringing our outstanding net balance down to $35.0 million at quarter's end, and we repurchased 226,100 shares or $9.9 million of stock in the quarter. Even with these actions and in a challenging operating environment, we increased our cash balance by $10.3 million in the quarter, demonstrating the strong cash generation potential of our business.

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。將我們的注意力轉向資產負債表。在對田納西州博恩縣新製造工廠的投資的推動下，我們本季的資本支出投資了 1,260 萬美元。我們償還了 3,000 萬美元的債務，使我們的未償淨餘額在季度末降至 3,500 萬美元，並且我們在本季度回購了 226,100 股股票或 990 萬美元的股票。即使採取了這些行動，並且在充滿挑戰的營運環境中，我們本季的現金餘額仍增加了 1,030 萬美元，證明了我們業務強大的現金產生潛力。

As Jack mentioned earlier, the retail environment continues to be challenged by broader economic uncertainty and the prolonged interest rate environment. As a consequence, dealers are looking to bring their inventories down to pre-covid levels or lower. While inventory started to recede in the quarter, we expect more time will be needed for channel inventories to fully normalize. We now expect the lower sales levels of wholesale shipments to persist through the end of the fiscal year.

正如傑克之前提到的，零售環境繼續受到更廣泛的經濟不確定性和長期利率環境的挑戰。因此，經銷商希望將庫存降至新冠疫情前的水平或更低。雖然庫存在本季開始減少，但我們預計渠道庫存需要更多時間才能完全正常化。我們現在預計批發出貨量的較低銷售水準將持續到本財政年度結束。

With this in mind, we are revising our fiscal 2024 outlook. We anticipate a year-over-year decline in annual net sales ranging from a mid- to high 30s percentage point decrease. We expect Q3 revenues to be down mid-40s percentage points. Consolidated adjusted EBITDA margin is expected to decline 800 to 900 basis points for the year, with Q3 slightly below Q2 on a margin percentage basis. Before opening up the call for questions, I want to say how excited I am to be joining Malibu, despite our near-term challenges, I'm excited about the potential for growth of our company. We have market-leading brands, the best operations team in the industry, a strong balance sheet and many avenues for growth. I look forward to partnering with Jack and the rest of the Malibu team to drive the company forward and create long-term value. With that, I'd like to open up the call for questions.

考慮到這一點，我們正在修改 2024 財年展望。我們預計年度淨銷售額將年減 30 個百分點左右。我們預計第三季營收將下降 40 個百分點左右。預計今年綜合調整後 EBITDA 利潤率將下降 800 至 900 個基點，第三季的利潤率略低於第二季。在開始提問之前，我想說，我對加入馬里布感到非常興奮，儘管我們近期面臨挑戰，但我對我們公司的成長潛力感到興奮。我們擁有市場領先的品牌、業界最好的營運團隊、強大的資產負債表和多種成長途徑。我期待與 Jack 和 Malibu 團隊的其他成員合作，推動公司前進並創造長期價值。至此，我想開始提問。

Ladies and gentlemen, at this time, we'll begin the question-and-answer session. (Operator Instructions) And our first question this morning comes from Craig Kennison from Baird.

女士們、先生們，現在我們開始問答環節。 （操作員說明）今天早上我們的第一個問題來自貝爾德 (Baird) 的克雷格·肯尼森 (Craig Kennison)。

I wanted to ask about dealer inventory. Is there a way to frame I guess, the number of excess boats you see in the channel that you'd like to see come out?

我想問一下經銷商的庫存狀況。我想，有沒有一種方法可以框定您在通道中看到的多餘船隻的數量，而您希望看到這些船隻出現？

Craig, we always talk about it and think about it in terms of weeks on hand of inventory, not necessarily units. It's hard to get down to that level. But from a weeks on hand basis, I think the overall industry and we're seeing the same thing is around 5 weeks too much on hand inventory and it's a little bit dependent upon the segment, but that's a consensus we use.

克雷格，我們總是談論它並以現有庫存週數來思考它，而不一定是單位。想要達到那個水平是很困難的。但從一周的現有庫存來看，我認為整個行業和我們都看到同樣的情況，大約 5 週的現有庫存過多，這有點取決於細分市場，但這是我們使用的共識。

Okay. And then you had mentioned ASP, you've got some product coming out at some sharper prices. I'm wondering if you could help us think through your ASP by segment going forward given that lower-priced product and some of the promotions that you also have in place?

好的。然後您提到了 ASP，您已經推出了一些價格更高的產品。我想知道您是否可以幫助我們考慮您的 ASP（按細分市場），考慮到價格較低的產品以及您還進行的一些促銷活動？

There's a little bit of a balancing act. What is missing is that typical market that we've seen in the past, which is going to be the lower link size, less feature appointed segment. They're sitting on the sidelines. And so that's been missing and this had a positive impact on our ASPs. What I would tell you is that on the Malibu Axis side with the addition of that R series, the objective is to bring that consumer back in the market. I don't see a downward push from that on ASPs.

有一點平衡的行為。缺少的是我們過去看到的典型市場，這將是鏈路尺寸較小、指定功能較少的細分市場。他們坐在一旁。因此，這一點一直缺失，但這對我們的 ASP 產生了積極影響。我要告訴你的是，在 Malibu Axis 方面，增加 R 系列的目標是將消費者帶回市場。我認為這不會對 ASP 造成負面影響。

What we are seeing is a premium buyer being out there. and largely our ASPs are maintaining at about the same level, perhaps a little bit higher.

我們看到的是優質買家的出現。我們的平均售價基本上保持在相同水平，甚至可能更高一些。

Our next question comes from Eric Wold from B. Riley Securities.

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

So Jeff, you mentioned the weeks on hand of our 5 we finance too much. Is that -- was that specific to Malibu? And then what are you seeing with other peers in the space that may be pressuring demand at your deals? Are you seeing competitors kind of leading in the price a little bit further, given where their inventories are? And how is that playing into kind of your dealer actions?

傑夫，你提到我們的 5 週手頭上的資金太多了。這是馬里布特有的嗎？那麼，您在該領域的其他同行中看到了什麼可能對您的交易需求造成壓力？考慮到競爭對手的庫存情況，您是否發現他們的價格進一步領先？這對您的經銷商行為有何影響？

Yes. We have seen that especially during the fall. I think if we look across the internal landscape and marine OEMs and their dealers had too much channel inventory on hand. So it's been a promotional environment for us either. They're locked into a promotional environment. And I think that's going to continue. Obviously, when you have competitors that are also trying to lower inventories it's a hand combat type of environment at the dealer level, and we have seen that. We would expect to continue to see that.

是的。我們已經看到了這一點，尤其是在秋天。我認為，如果我們縱觀內部格局，就會發現船舶原始設備製造商及其經銷商手頭上有太多的通路庫存。所以這對我們來說也是一個促銷環境。他們被鎖定在促銷環境中。我認為這種情況將會持續下去。顯然，當你的競爭對手也試圖降低庫存時，這就是經銷商層面的肉搏戰類型的環境，我們已經看到了這一點。我們預計會繼續看到這種情況。

And then just last question. I know it's probably a little early but with the expectation that we could see rates come down in '24. What are your dealers hearing from potential buyers? Are they likely willing to get ahead of the rate declines by buying for this boating season obviously adjusting their loans later? Or do you think they're more likely to wait until actually the lower rates become a reality before it points trigger?

然後是最後一個問題。我知道現在可能有點早，但我們預計 24 年利率會下降。您的經銷商從潛在買家那裡聽到了什麼？他們是否願意在利率下降之前通過為這個划船季節購買，然後明顯調整他們的貸款？或者您認為他們更有可能等到較低的利率成為現實才觸發？

No. I think that's what we're seeing the most of us, frankly. You think about the entire retail environment, it has been soft more promotionally, I think dealers have had some success. What we're seeing today is the dealers at least in the boat show, are coming back willing to buy. Our dealers, I believe were doing a great job from an F&I point of view of trying to get the lowest interest rate that possibly can, numerous resources they may have.

不，坦白說，我認為這就是我們大多數人所看到的。你想想整個零售環境，促銷方面一直比較軟，我認為經銷商已經取得了一些成功。今天我們看到的是，至少在遊艇展上，經銷商們願意回來購買。我相信，從 F&I 的角度來看，我們的經銷商做得很好，他們擁有大量資源，試圖獲得盡可能低的利率。

As we look at the environment (inaudible) , depending on the banks and the various entities that you talk to, I think, generally speaking, the expectation for '24 is 2 to 3 rate decreases, 100 to 125 basis points of course of the entire year, primarily following in the second half over the calendar year. And the consumer is not waiting for rates to go back to 2%. I think there's a realization they're not going to be there any time in the near future. But there's a psychological advantage to that first rate decrease and then you have a couple more on top of that. I think that helps the market come back and it will be come backwards.

當我們觀察環境（聽不清楚）時，根據銀行和與您交談的各個實體，我認為，一般來說，24 年的預期是降息 2 至 3 個基點，當然，降息 100 至 125 個基點全年，主要是在日曆年下半年。消費者並不等待利率回到 2%。我認為人們已經意識到他們在不久的將來不會在那裡。但第一次利率下降有一個心理優勢，除此之外還有更多優勢。我認為這有助於市場復甦，而且市場將會逆轉。

Our next question comes from Joe Altobello from Raymond James.

我們的下一個問題來自雷蒙德詹姆斯的喬阿爾托貝洛。

A couple of questions on the guidance. I guess, first, if I look at your EBITDA and revenue guidance, it implies an EBITDA margin this year of around 12%, give or take, which is below the margin that you delivered in the June 2020 quarter on a similar unit decline when production was shut down for several weeks. Why has your cost structure shifted a little bit more fixed versus variable?

關於指導的幾個問題。我想，首先，如果我看一下你們的EBITDA 和收入指引，它意味​​著今年的EBITDA 利潤率約為12%，無論多少，這都低於你們在2020 年6 月季度類似單位下降情況下交付的利潤率。生產被關閉數週。為什麼您的成本結構變得更加固定而不是變動？

It really hasn't, Joe. I mean if we did the comparison against Q4 of 2020, there was a difference there from a cost perspective in that, we shut our plants down for 6 weeks. And so we are going to continue to invest. We're going to continue to run the company and prepare for exiting downturn. So we're not shutting down completely. And that's what I would tell you, had a significant impact on it being different than that.

確實沒有，喬。我的意思是，如果我們與 2020 年第四季進行比較，從成本角度來看，存在差異，因為我們關閉了工廠 6 週。因此我們將繼續投資。我們將繼續經營公司並為擺脫低迷做好準備。所以我們並沒有完全關閉。這就是我要告訴你的，它對它的不同之處產生了重大影響。

Okay. Because I'm looking at your slide, and it looks like the percentage of your costs that are variable went from 82% last year to, call it, 77% this year. So it's about a 500 basis point decline.

好的。因為我正在看你的幻燈片，看起來可變成本的百分比從去年的 82% 上升到今年的 77%。所以下降了大約 500 個基點。

I mean, I think that's fair, but I think that's just continuing operations a reality.

我的意思是，我認為這是公平的，但我認為這只是持續運作的現實。

And then maybe in the second half, the margin decline you're looking at, how much of that is coming from higher promotions and discounting?

然後也許在下半年，您看到的利潤率下降，其中有多少來自更高的促銷和折扣？

Yes, the promotional activity is largely at that bigger level. What we said, we don't expect it to change in the second half. The impact from an MBI perspective is under 100 basis points. So we will supplement and will help our dealers from a promotional aspect, but largely a fall on them. And they're coming off of a 2- to 3-year environment where the margins were extremely high. And so there the pencils have sharpened.

是的，促銷活動主要是在更大的層面。我們所說的，我們預計下半年情況不會改變。從 MBI 角度來看，影響低於 100 個基點。所以我們會從促銷方面補充和幫助我們的經銷商，但很大程度上是落在他們身上。他們剛剛經歷了兩到三年的利潤率極高的環境。所以鉛筆已經削尖了。

Our next question comes from Jaime Katz from Morningstar.

我們的下一個問題來自晨星公司的 Jaime Katz。

I actually want to carry on with that line of questioning on the flexible cost structure because not only does the EBITDA margin look bad maybe relative to 2020, but I don't think the implied EBITDA margin has been this low in maybe over a decade. So can you just reconcile maybe, was it the magnitude of the change? Is it that the conditions decline too fast to react? Or are there other sort of onetime items like investing in the factory that are really leading to that adjusted EBITDA margin compression because saying that there's a flexible cost structure and then generating EBITDA margins where they're going to be, is sort of in complex a little bit.

我實際上想繼續對靈活的成本結構提出質疑，因為不僅 EBITDA 利潤率相對於 2020 年看起來很糟糕，而且我認為隱含的 EBITDA 利潤率在十多年來可能並沒有這麼低。那你能調和一下嗎，是變化的幅度嗎？是條件下降得太快，來不及反應？或者是否還有其他類型的一次性項目，例如投資工廠，真正導致調整後的 EBITDA 利潤率壓縮，因為說有一個靈活的成本結構，然後在它們將要達到的位置產生 EBITDA 利潤率，有點複雜。一點。

Yes, I think a couple of things you pointed to, Jaime, are accurate. You did see a change very, very rapidly of moving from high wholesale production environment to a low channel inventory left very quickly. The softness of retail occurred. But one thing, and I'll let Bruce chime in here is that we are hyper focused.

是的，我認為海梅，你指出的一些事情是準確的。您確實看到了非常非常快的變化，從高批發生產環境轉變為很快就剩下的低渠道庫存。零售業出現疲軟。但有一件事，我會讓布魯斯在這裡插話的是，我們非常專注。

I mean if you look at what our goals are for the rest of this year, channel inventories have to come in line. And so we have taken production down more significantly than were probably anybody can have ascertained or are predicted. And we are going to get inventory levels but where they need to be to support our dealers. And honestly, I think dealers appetite right now. I think they want it to be historic channel inventory. They would like to be at least for a little while, a little bit lower than general inventory historically.

我的意思是，如果你看看我們今年剩餘時間的目標是什麼，通路庫存必須保持一致。因此，我們的產量下降幅度超出了任何人所能確定或預測的水平。我們將獲得庫存水平，但它們需要達到支持我們經銷商的水平。老實說，我認為經銷商現在有興趣。我認為他們希望它成為歷史性的通路庫存。他們希望至少在一段時間內比歷史上的一般庫存略低一些。

Yes. And from an EBITDA margin perspective, it's not really a complicated story. It really is fixed cost deleverage coming down, we are still seen year-to-date and expecting to see for the remainder of the year, our variable cost structure above the gross margin line to be in that 85% to 90% range that we talked about previously. So it really is about the magnitude of the revenue guidance change that's driving the EBITDA margin decline.

是的。從 EBITDA 利潤率的角度來看，這並不是一個複雜的故事。這確實是固定成本去槓桿化的下降，我們今年迄今仍然看到並預計在今年剩餘時間內看到我們的可變成本結構高於毛利率線，將處於我們預期的85% 至90% 範圍內。之前談過。因此，真正導致 EBITDA 利潤率下降的是收入指導變化的幅度。

Yes. One of the things that I'll point out too, Jaime, I think we make is really important to understand. We have a long, long history of driving the margins with Malibu and the differential between the Malibu entity and not with Axis margins, and Cobalt, Pursuit, NBG, there are hundreds of basis points of difference. And now you've seen a flip that Malibu is more impacted. I think we're down on the well under 50% now as a part of the total. And so that impact from a margin aspect is going to be greater than if it were even across the board, if that makes sense to you.

是的。我還要指出的一件事是，Jaime，我認為理解我們所做的事情非常重要。我們在利用 Malibu 推動利潤率方面有著悠久的歷史，Malibu 實體與 Axis 利潤率之間存在差異，而 Cobalt、P​​ursuit、NBG 之間存在數百個基點的差異。現在你已經看到馬里布受到的影響更大了。我認為我們現在佔總數的一部分遠低於 50%。因此，如果您認為這一點有意義的話，那麼利潤方面的影響將比全面影響更大。

Sure. That's really helpful. And then as you think about cleaning up the inventory channel, assuming that the other OEMs are behaving rationally. Does that imply -- and I know this is early that like fiscal 2023, I would go back to some sort of normal growth algorithm, and it would be much easier to recapture some of that operating leverage? Or is there some transitory sort of flow back to normal to get back to where we were?

當然。這真的很有幫助。然後，當你考慮清理庫存管道時，假設其他原始設備製造商的行為是理性的。這是否意味著——我知道現在還為時過早，例如 2023 財年，我會回到某種正常的成長演算法，並且重新獲得一些營運槓桿會更容易嗎？或者是否存在某種暫時性的回歸正常狀態以回到我們原來的狀態？

Well, I think you nailed it. That's exactly right. And that's what we're positioning for. Even what I'm saying is people were being very responsible with channel inventories, and that's what we're hearing for our dealers. I think that will continue. But even absent that, we are positioning ourselves so that we come out of this and we can recapture that growth much quicker than anyone else if they're not being as responsible as we are. But we are talking to our dealers that we have to get the channel inventories out.

好吧，我想你已經成功了。完全正確。這就是我們的定位。即使我想說的是，人們對通路庫存非常負責，這就是我們從經銷商那裡聽到的。我認為這種情況將會持續下去。但即使沒有這一點，我們也會對自己進行定位，以便走出困境，如果他們不像我們那麼負責任，我們就能比其他任何人更快地重新獲得成長。但我們正在和經銷商商量，我們必須把通路庫存拿出來。

Our next question comes from Brandon Rolle from D.A. Davidson.

我們的下一個問題來自 D.A. 的 Brandon Rolle。戴維森。

Just on your updated guidance, what gives you confidence you fully kind of reset the bar for the remainder of the year? And is there any upside being baked in for the last 2 quarters of the year? Or would you say this is a conservative guide?

就您更新的指導而言，是什麼讓您有信心完全重置今年剩餘時間的標準？今年最後兩季有什麼好處嗎？或者你會說這是一個保守的指南嗎？

I would tell you it's a conservative guide. We had -- as you can imagine, we've had a lot of discussion on it. There is not any upside baked into the back half of the year for us. So that would be welcome certainly. But there's nothing to tell. We believe that this, as we say, is conservative in that if we see some positive tailwinds that it will be beneficial.

我會告訴你這是一個保守的指南。正如你可以想像的那樣，我們對此進行了很多討論。對我們來說，今年下半年沒有任何好處。所以這肯定會受到歡迎。但沒什麼好說的。正如我們所說，我們認為這是保守的，因為如果我們看到一些積極的推動因素，那將是有益的。

Our next question comes from Noah Zatzkin from KeyBanc Capital Markets.

我們的下一個問題來自 KeyBanc Capital Markets 的 Noah Zatzkin。

Most of might have been asked and answered, but just wondering just in terms of capital deployment, particularly in terms of maybe greenfielding or acquiring a Pontoon brand? Has anything kind of changed there? And just maybe any updates around that process?

大多數人可能已經被問到並得到回答，但只是想知道資本部署方面，特別是在綠地開發或收購 Pontoon 品牌方面？那裡有什麼變化嗎？也許圍繞該過程有任何更新？

Well, I'll maybe let Jack comment on the Pontoon. But from a capital allocation priority standpoint, our capital allocation priorities haven't changed. I mean first, we looked upon the organic growth initiatives such as the Ron County, Tennessee facility. We have an active share buyback program and we're always going to look out for M&A opportunities. And as you can understand, we are not able to dictate the timing of when those opportunities present themselves, but our strong balance sheet gives us the opportunity to move quickly when they do.

好吧，我也許會讓傑克對浮橋發表評論。但從資本配置優先順序的角度來看，我們的資本配置優先順序並沒有改變。我的意思是，首先，我們研究了有機成長計劃，例如田納西州羅恩縣的工廠。我們有積極的股票回購計劃，並且我們始終會尋找併購機會。正如您所理解的，我們無法決定這些機會出現的時間，但我們強大的資產負債表使我們有機會在機會出現時迅速採取行動。

Yes, Brandon, commenting on Pontoon, I guess, M&A in general, Pontoon has been something we've talked about. I've been consistent. We've been consistent on this. We would much rather make an acquisition than greenfield but that greenfield is absolutely an option for us. Expanding it a little bit in the market with what we're dealing with. I think that costs potential sellers to come to the market. They don't want to go through this. And so we're seeing more activity and it's across the board.

是的，布蘭登，在評論 Pontoon 時，我想，總的來說，我們已經討論過 Pontoon 的併購問題。我一直保持一致。我們在這一點上一直保持一致。我們更願意進行收購，而不是綠地，但綠地絕對是我們的選擇。利用我們正在處理的產品在市場上稍微擴大一點。我認為潛在賣家進入市場的成本很高。他們不想經歷這一切。因此，我們看到了更多的活動，而且是全面的。

So I would tell you that from an M&A point of view, we are paying a lot of attention not only to Pontoon, but we're paying a lot of attention through the outboard saltwater outboard market and categories like that, that we're not in today that we could get in to.

所以我想告訴你，從併購的角度來看，我們不僅非常關注Pontoon，而且我們還非常關注舷外鹹水舷外機市場和類似的類別，我們不是今天我們可以進入。

And our next question comes from Fred Wightman from Wolfe Research.

我們的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 come back to the mix question. I mean, as it was pointed out, I mean, the Malibu Axis as a percentage of mix was down almost 10 points. How do you sort of see that trending in the back half of the fiscal year, just given some of the capacity that you guys have coming online for the other brands? That would be helpful.

我只是想回到混合問題。我的意思是，正如有人指出的那樣，我的意思是，馬里布軸的混合比例下降了近 10 個百分點。考慮到你們為其他品牌提供的一些線上產能，你們如何看待本財年後半段的趨勢？那會有幫助的。

No, we see it probably trending down a little bit or more towards that 40-ish range in the second half of the year. I think you pointed out the things that are really going to influence that. But what I would tell you that is that Cobalt has been surprisingly strong for us. I think it continues to be. We saw it, as I mentioned, in the New York boat show again. And so I think from a fresh water perspective, they're going to continue to capture more of the brand share. And then we expect saltwater to be a little bit stronger than Malibu Axis.

不，我們認為今年下半年它可能會朝著 40 左右的範圍下降一點或更多。我認為你指出了真正會影響這一點的事情。但我要告訴你的是，鈷對我們來說出奇地強大。我認為情況仍然如此。正如我所提到的，我們在紐約遊艇展上再次看到了它。因此，我認為從淡水的角度來看，他們將繼續獲得更多的品牌份額。然後我們預計鹽水會比馬里布軸強一點。

That makes sense. And then just a clarification. There was a comment about EBITDA margins for 3Q being slightly below 2Q. Was that an absolute comment? So the actual reported EBITDA margin will be slightly lower than 2Q? Or was it a year-over-year comment?

這就說得通了。然後只是澄清一下。有評論稱第三季的 EBITDA 利潤率略低於第二季。這是絕對的評論嗎？那麼實際報告的 EBITDA 利潤率將略低於第二季？還是這是逐年評論？

It was versus Q2, so slightly lower than Q2.

這是與第二季相比，因此略低於第二季。

And ladies and gentlemen, at this time, we'll be ending today's question-and-answer session. I'd like to turn the floor back over to Jack Springer for any closing remarks.

女士們先生們，今天的問答環節到此結束。我想請傑克·施普林格（Jack Springer）發表結束語。

Thank you very much. Despite the softening retail demand and being in our slow season, we continue to see success in our year-end sales event and the boat shows a testament to our durability as a business and a dominant position in every market we serve. While channel inventory levels are higher than we want to see, we expect to see downward movement as we get into the selling season and normalize over the course of the next 6 months.

非常感謝。儘管零售需求疲軟且正處於淡季，但我們在年終銷售活動中繼續取得成功，這艘船證明了我們作為一家企業的耐用性以及在我們服務的每個市場中的主導地位。雖然通路庫存水準高於我們希望看到的水平，但我們預計，隨著進入銷售季節並在未來 6 個月內恢復正常，通路庫存水準將會下降。

We are focused on driving channel inventories to assort norms and will continue to adjust production, up or down accordingly to make that occur. Our strategic planning, operational excellence and supply chain management continues to support our margin stability. And our vertical integration has enabled us to remain resilient. Despite the challenges, we remain optimistic as we look at the back half of this year, and we're positioned to grow and recover as retail demand recovers. We relish this environment. This is when we fine-tune our model and we positioned for a strong recovery. We did it back in 2009 through '11, not only driving recovery but capturing market share and exiting the downturn even stronger than before. As I always do, I want to thank you for your support and for joining us today. Have a great day.

我們的重點是推動通路庫存達到不同標準，並將繼續相應地上下調整產量以實現這一目標。我們的策略規劃、卓越營運和供應鏈管理持續支持我們的利潤率穩定。我們的垂直整​​合使我們能夠保持彈性。儘管面臨挑戰，但展望今年下半年，我們仍然保持樂觀態度，隨著零售需求的復甦，我們將實現成長和復甦。我們很享受這樣的環境。這是我們微調模型並為強勁復甦做好準備的時候。我們從 2009 年到 11 年就做到了這一點，不僅推動了復甦，而且比以前更強大地佔領了市場份額並擺脫了低迷。一如既往，我要感謝您的支持以及今天加入我們。祝你有美好的一天。

Ladies and gentlemen, this concludes today's conference call. We thank you for participating. You may now disconnect your lines.

女士們、先生們，今天的電話會議到此結束。我們感謝您的參與。現在您可以斷開線路。