Malibu Boats Inc (MBUU) 2024 Q3 法說會逐字稿

Good morning, and welcome to Malibu Boats conference call to discuss third quarter fiscal year 2024 results. (Operator Instructions) Please be advised that the 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 2024 財年第三季業績。 （操作員說明）請注意，未經 Malibu Boats 書面授權，不得複製本通話的全部或部分內容。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; Mr. Michael Hooks, Chief Chair -- Executive Chair; Mr. Bruce Beckman, Chief Financial Officer; and Mr. Ritchie Anderson, Chief Operating Officer.

今天，執行長傑克·斯普林格 (Jack Springer) 先生出席了管理層的電話會議。麥可‧胡克斯先生，首席主席－執行主席；布魯斯‧貝克曼先生，財務長；以及營運長 Ritchie Anderson 先生。

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

我會將電話轉給貝克曼先生開始。請繼續，先生。

Thank you, and good morning, everyone. A press release covering the company's fiscal third 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 and 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。今天發布了一份涵蓋該公司 2024 年第三季業績的新聞稿，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、預期、估計和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 Michael Hooks, Executive Chairman of Malibu Boats. Michael?

我現在將把電話轉給馬里布船公司執行主席邁克爾·胡克斯。麥可？

Thanks, Bruce. As you have seen from today's earnings release, we have several topics to discuss, including our results for the third quarter of fiscal year '24, which Jack and I will discuss in more detail. And as usual, Bruce will guide you through the financials. But first, I'd like to hand the mic over to Jack, who will be participating in his final earnings call with us today. Jack?

謝謝，布魯斯。正如您從今天的財報中看到的，我們有幾個主題需要討論，包括我們 24 財年第三季的業績，傑克和我將更詳細地討論這一點。和往常一樣，布魯斯將指導您了解財務狀況。但首先，我想將麥克風交給傑克，他今天將與我們一起參加最後一次財報電話會議。傑克？

Thank you, Michael, and good morning, everyone. Thank you for joining the call. By now, you know that I'm stepping down as Chief Executive Officer of Malibu Boats in the coming weeks. This was not a step I took lightly because my connection with and passion for Malibu Boats, our customers and our teams run very deep. As CEO, I wanted to reflect on my journey with this incredible company. My career at Malibu expand a decade and a half through both great and challenging times. When I joined Malibu in 2009, we were in the depths of the great recession with volumes off by 70% and EBITDA less than breakeven.

謝謝你，邁克爾，大家早安。感謝您加入通話。現在，您知道我將在未來幾週內辭去馬里布船公司執行長的職務。這不是我輕易採取的一步，因為我與馬里布船、我們的客戶和我們的團隊的聯繫和熱情非常深厚。作為首席執行官，我想回顧一下我在這家令人難以置信的公司的旅程。我在馬里布的職業生涯持續了十五年，經歷了偉大和充滿挑戰的時期。當我 2009 年加入 Malibu 時，我們正處於經濟大衰退的最深處，銷售量下降了 70%，EBITDA 低於損益平衡點。

While it was a risk at the time for me the opportunity, the brand and the people made the difference in my decision to join Malibu. We began our journey of professionalization of the company, focusing on compelling new product, embarking on vertical integration and improving our distribution network. These initiatives, among others, have driven the dividends that we've all realized. I thank Michael for the opportunity and his support through the years. I have tremendous appreciation for all of the team members who have worked side-by-side with me over 15 years. And I specifically want to express my thanks to Ritchie Anderson, Debbie Kent and Wayne Wilson, who have made MBI's success possible and who have made me better.

雖然當時對我來說機會是一個風險，但品牌和員工讓我做出了加入馬里布的決定。我們開始了公司的專業化之旅，專注於引人注目的新產品，開始垂直整合並改善我們的分銷網絡。除此之外，這些舉措帶來了我們都意識到的紅利。我感謝邁克爾給我的機會以及他多年來的支持。我非常感謝與我並肩工作超過 15 年的所有團隊成員。我要特別感謝里奇·安德森 (Ritchie Anderson)、黛比·肯特 (Debbie Kent) 和韋恩·威爾遜 (Wayne Wilson)，他們使 MBI 的成功成為可能，也讓我變得更好。

Finally, it always comes back to the people who make the company. They have been tremendous for 15 years, and I thank the many thousands who have spent part of their lives making MBI what it is today. It has truly been an honor for me to serve as the CEO of Malibu Boats, and shape its strategic course that led to our IPO in 2014 as well as a significant growth in profitability that followed. What we have achieved is only possible with the trust of our customers, our incredible dealers, the terrific work of our team members and the support of our shareholders.

最後，它總是回到創建公司的人身上。 15 年來，他們取得了巨大的成就，我感謝成千上萬的人，他們花了一生的時間才讓 MBI 成為今天的樣子。我真的很榮幸能夠擔任 Malibu Boats 的首席執行官，並製定了該公司的戰略方針，最終導致我們於 2014 年首次公開募股，並隨後實現了盈利能力的顯著增長。只有客戶的信任、優秀的經銷商、團隊成員的出色工作以及股東的支持，我們才能達到今天的成就。

I am immensely grateful. I want to thank all of you for your confidence in MBI. This team under the guidance of Michael, Ritchie, Bruce and the rest of the executive leadership team will continue to deliver results and position the company to execute through the uncharted waters ahead.

我非常感激。我要感謝大家對 MBI 的信任。在邁克爾、里奇、布魯斯和其他執行領導團隊成員的指導下，團隊將繼續取得成果，並使公司能夠在未來的未知領域中執行任務。

With that, I will now move on to our third quarter results. Malibu Boats executed despite another challenging quarter and this ongoing macroeconomic uncertainty as retail activity has remained weak nearing the selling season. For the third fiscal quarter, net sales decreased 46% to $103.4 million compared to the prior year. Adjusted EBITDA fell 69% to $24.4 million. Gross margins decreased 650 basis points to 20% and adjusted EBITDA margin to 12% from 21.1%.

接下來，我將介紹我們的第三季業績。儘管又一個充滿挑戰的季度以及持續的宏觀經濟不確定性（零售活動臨近銷售季節仍然疲軟），馬里布船公司還是執行了任務。第三財季淨銷售額較上年下降 46% 至 1.034 億美元。調整後 EBITDA 下降 69% 至 2,440 萬美元。毛利率下降 650 個基點至 20%，調整後的 EBITDA 利潤率從 21.1% 降至 12%。

Similar to last quarter, we experienced a weakened retail environment characterized by lingering uncertainty and softened retail demand. The customer continues to be very patient. They know inventory is available as they search for the best deal possible. In addition, credit buyers remain on the sidelines as interest rate pressures impact purchase decisions for entry-level boats. As we enter the peak selling season for freshwater, we will be monitoring the situation very closely.

與上季類似，我們經歷了疲軟的零售環境，其特徵是持續的不確定性和零售需求疲軟。客戶仍然非常有耐心。當他們尋找盡可能最好的交易時，他們就知道有可用的庫存。此外，由於利率壓力影響入門級船舶的購買決策，信貸買家仍保持觀望。隨著淡水銷售旺季的到來，我們將密切關注事態發展。

Historically, we know that the market can correct on a dime, and we will be ready to support this growth as the tide turns. We have stated that during the downturn, we expect the strength of our product development and distribution to be manifested in increased market share. We saw this occur in 2009 and 2010 when we increased Malibu's market share by almost 50%. We are seeing share gains in our brands again today. In their respective competitive segments, Cobalt has gained 400 basis points of share in the last 12 months and now commands a 35% share in this turned around market.

從歷史上看，我們知道市場可以立即調整，我們將準備好在潮流轉變時支持這種成長。我們已經說過，在經濟低迷時期，我們預計我們產品開發和分銷的實力將體現在市場份額的增加上。我們在 2009 年和 2010 年就看到了這種情況，當時我們將 Malibu 的市佔率增加了近 50%。今天我們再次看到我們品牌的份額成長。在各自的競爭領域，鈷在過去 12 個月中獲得了 400 個基點的份額，目前在這個扭轉市場中佔據 35% 的份額。

Pursuit has gained 220 basis points of share on a trailing 12-month basis and Pathfinder has realized over 400 basis points of market share increase in its competitive segment. Both Malibu and Cobia are equal to last year on a trailing 12-month basis, and we expect both brands market share to grow over the coming months. As channel inventory decreases and competitors with higher weeks on hand of inventory come back to normal, the strength of our product and distribution will shine through. For example, the timing of our new product introductions for Cobia will be a prime catalyst in driving market share gains in that brand.

Pursuit 在過去 12 個月的基礎上獲得了 220 個基點的份額，而 Pathfinder 在其競爭細分市場中實現了 400 多個基點的市場份額增長。 Malibu 和 Cobia 在過去 12 個月的基礎上與去年持平，我們預計這兩個品牌的市佔率在未來幾個月都會成長。隨著通路庫存的減少以及庫存週數較高的競爭對手恢復正常，我們的產品和分銷的優勢將會顯現出來。例如，我們推出 Cobia 新產品的時機將成為推動該品牌市佔率成長的主要催化劑。

We are also seeing some pockets of strength coming out of the boat show season with strong ASPs across all of our brands, but even more so within our Saltwater and Cobalt segments, which are leading the way. This strong ASP performance, which is better than anticipated further indicates that the premium buyer is still there, driving retail as a desire for larger boat and insatiable demand for features and options continue. Despite these signs of resiliency within our brand portfolio, the reality is that we are currently navigating market conditions that have continued to deteriorate across the industry.

我們也看到船展季節帶來了一些力量，我們所有品牌的平均售價都很高，但在我們的鹹水和鈷細分市場中更是如此，它們處於領先地位。這種強勁的平均售價表現優於預期，進一步表明優質買家仍然存在，隨著對更大船隻的渴望以及對功能和選項的不斷滿足的需求持續推動零售業的發展。儘管我們的品牌組合有這些彈性跡象，但現實是，我們目前正在應對整個產業持續惡化的市場狀況。

Growth rates have decelerated in our key categories, notably ski wake and Saltwater Fishing while inventories have remained stubbornly high, making dealers reluctant to bring on additional inventory. This has contributed to an increasingly promotional environment. As a response to these heightened pressures, we have had to lower our Q3 and Q4 production and increase our promotional spending more than we previously anticipated both of which are primary drivers in our adjusted outlook for the full year. While we are currently in our selling season, we do expect to see the decline in inventories accelerate during the peak selling season, which is a positive.

我們的關鍵品類（尤其是滑雪尾流和鹹水釣魚）的成長率已經放緩，而庫存仍然居高不下，使得經銷商不願增加庫存。這促成了日益完善的促銷環境。為了應對這些加劇的壓力，我們不得不降低第三季和第四季的產量，並增加促銷支出，這些支出超出了我們先前的預期，這兩者都是我們調整後的全年前景的主要驅動因素。雖然我們目前正處於銷售旺季，但我們確實預期庫存在銷售旺季期間會加速下降，這是一個正面的因素。

Dealers are now delivering boats sold over the last few months and the selling season is in swing, each accelerating the decrease of channel inventory. We are actively monitoring the situation very closely and have taken the necessary steps to rightsize production levels and are prepared to take them down even further to reach our goals of continuing to optimize the channel inventory.

經銷商現在正在交付過去幾個月銷售的船隻，並且銷售旺季即將到來，這都加速了通路庫存的減少。我們正在積極密切監視局勢，並已採取必要措施調整生產水平，並準備進一步降低生產水平，以實現我們繼續優化渠道庫存的目標。

In addition, promotional activity is increasing. We believe this will be the case through the remainder of the 2024 fiscal year. While we are not prepared to discuss our plans for the upcoming 2025 fiscal year, we believe with our focus on channel inventory reductions through the remainder of fiscal year '24, we will be in a better position to match wholesale to retail demand in fiscal year '25. Going forward, this will position MBI to accelerate our recovery as retail demands regain momentum.

此外，促銷活動也不斷增加。我們相信這種情況將持續到 2024 財年剩餘時間。雖然我們不准備討論即將到來的 2025 財年的計劃，但我們相信，透過在 24 財年剩餘時間裡專注於減少渠道庫存，我們將能夠更好地匹配本財年的批發和零售需求'25。展望未來，隨著零售需求恢復動力，這將使 MBI 加速我們的復甦。

Our commitment to rightsizing channel inventory levels underscores our proactive approach in navigating market fluctuations, ensuring resilience and agility in the face of an evolving industry dynamics. Despite the challenges, MBI remains prime to navigate short-term fluctuations and emerge from any downturn with swiftness and strength. As we have spoken about in the past, our cost structure is highly variable, and we are demonstrating it again in this environment. Our variable cost of sales is down in the upper 80% range. This is relative to the rate of sales decline in Q3, which is in line with our expectations of an 80% to 90% variable cost structure above the gross margin line.

我們對調整通路庫存水準的承諾強調了我們在應對市場波動方面採取的積極主動的方法，確保面對不斷變化的行業動態的彈性和敏捷性。儘管面臨挑戰，MBI 仍然能夠應對短期波動，並迅速而有力地擺脫任何低迷。正如我們過去談到的，我們的成本結構變化很大，我們在這種環境下再次證明了這一點。我們的變動銷售成本下降了 80% 以上。這與第三季的銷售下降率有關，符合我們對毛利率線以上80%至90%的變動成本結構的預期。

Lastly, I would like to provide an update on the progress we have made to further streamline our production capabilities. In the third quarter, the Roane County facility experienced a significant ramp up, marking a pivotal moment for Cobalt. As we enter the fourth quarter, we anticipate to further expand operations by adding more models as we execute our strategy to consolidate Cobalt's small production in Tennessee, while concurrently expanding cruiser capacity at our Kansas facility.

最後，我想介紹一下我們在進一步簡化生產能力方面所取得的最新進展。第三季度，羅恩縣工廠經歷了顯著的成長，標誌著 Cobalt 的關鍵時刻。隨著我們進入第四季度，我們預計將透過增加更多型號來進一步擴大業務，因為我們執行鞏固 Cobalt 在田納西州小規模生產的策略，同時擴大我們堪薩斯工廠的巡洋艦產能。

This consolidation not only streamlines our operations, but also positions us strategically to optimize future growth and margins by capitalizing on economies of scale. Once these expansions are completed, we will be able to reduce our level of capital expenditures, thus increasing free cash flow.

這種整合不僅簡化了我們的運營，而且使我們能夠透過利用規模經濟來策略性地優化未來的成長和利潤。一旦這些擴張完成，我們將能夠降低資本支出水平，從而增加自由現金流。

I will now turn the call over to Michael.

我現在將把電話轉給邁克爾。

Thanks, Jack. Before I get started, I would like to once again thank you for your 15 years of leading Malibu. It's been a privilege to work with you. Echoing Jack, I want to reiterate that our priority has been to get channel inventories to a healthy level and that we've been working diligently to do just that. We believe this benefits Malibu, our dealers and our shareholders. And while fiscal '24 has been a challenging operating environment, we are taking the difficult steps needed to put us in that position. While we are not prepared to provide guidance, we are confident that our actions to close out the year put us in a position to realize a meaningful recovery as the retail environment stabilizes.

謝謝，傑克。在開始之前，我想再次感謝您 15 年來對馬里布的領導。與您合作是我的榮幸。與傑克一樣，我想重申，我們的首要任務是將渠道庫存保持在健康的水平，並且我們一直在努力做到這一點。我們相信這有利於 Malibu、我們的經銷商和股東。儘管 24 財年的營運環境充滿挑戰，但我們正在採取必要的艱難步驟，以使我們處於這一境地。雖然我們不准備提供指導，但我們相信，隨著零售環境的穩定，我們結束今年的行動將使我們能夠實現有意義的復甦。

Assuming a flat retail environment next year, we will see substantial improvement in Malibu's financial performance and continued free cash flow generation. Notably, we expect to end this year with 0 debt and a positive cash position. It is worth highlighting that we're able to achieve this all while investing approximately $64 million in CapEx in the first 9 months of fiscal '24 as well as having a onetime net outflow of $55 million in connection with the settlement of the batch holder litigation during the fiscal year.

假設明年零售環境平穩，我們將看到馬里布的財務表現大幅改善並持續產生自由現金流。值得注意的是，我們預計今年底債務為零，現金狀況良好。值得強調的是，我們能夠實現這一切，同時在 24 財年的前 9 個月投資約 6400 萬美元的資本支出，並且與批次持有人訴訟的和解有關的一次性淨流出 5500 萬美元財政年度期間。

As we look ahead, it is important not to overlook the strength of our economic model. Despite the short-term headwinds and cyclical nature of the marine industry and some recent events at MBI over the last few months. The fundamentals are still here. Malibu is well positioned with strong margins and the ability to generate substantial free cash flow in almost all environments. As of the end of Q3, we'll have a positive net cash balance of $32 million. Given where we sit in the industry cycle, we'd like to remind and illustrate for you the level of profitability and cash generation capacity of our business in more normal times.

展望未來，重要的是不要忽視我們經濟模式的優勢。儘管海洋產業存在短期阻力和週期性，以及過去幾個月 MBI 發生的一些事件。基本面仍然存在。馬里布處於有利地位，利潤豐厚，並且能夠在幾乎所有環境下產生大量自由現金流。截至第三季末，我們的淨現金餘額將達到 3,200 萬美元。考慮到我們在行業週期中所處的位置，我們想提醒您並向您說明我們業務在正常時期的盈利水平和現金生成能力。

Once the industry recovers to unit volumes at the average level seen in 2017 to 2019, with our current cost structure, market position and brand model mix, we would anticipate revenues of approximately $1.3 billion with robust adjusted EBITDA margins of 17.5%, resulting in free cash flow of approximately $130 million. The substantial cash generation -- the substantial cash generation, complemented by our capital -- our strategic capital allocation priorities positions us favorably to deliver strong total shareholder returns as the market recovers.

一旦產業恢復到2017 年至2019 年的平均單位銷售水平，根據我們目前的成本結構、市場地位和品牌模式組合，我們預計收入約為13 億美元，調整後的EBITDA 利潤率為17.5%，從而實現免費現金流量約1.3億美元。大量的現金生成——大量的現金生成，加上我們的資本——我們的策略資本配置優先事項使我們有利於在市場復甦時實現強勁的股東總回報。

As a reminder, our capital allocation priorities remain unchanged as we have consistently communicated, one, invest in high ROI internal investments; two, pursue accretive acquisitions, three, pay down debt and deleverage and four, return capital to shareholders. So at this time and in keeping with these priorities, we anticipate returning substantially more cash to our shareholders on a regular basis. Our $100 million share repurchase authorization remains in place. While we have opportunistically repurchased shares in the past, we intend to return capital more predictably going forward.

提醒一下，我們的資本配置優先事項保持不變，因為我們一直在傳達，一是投資於高投資報酬率的內部投資；二是投資於高投資報酬率的內部投資。第二，進行增值性收購，第三，償還債務和去槓桿化，第四，向股東返還資本。因此，目前，為了與這些優先事項保持一致，我們預計會定期向股東返還更多現金。我們 1 億美元的股票回購授權仍然有效。雖然我們過去曾機會性地回購股票，但我們打算在未來更可預測地返還資本。

Commencing with this quarter and running through at least the end of fiscal '25, we plan to return at least $10 million per quarter or a minimum of $40 million annually in the form of share buybacks and/or dividends and we are implementing a trading plan to effectuate. Additionally, we remain focused on building our M&A pipeline and given our cash flow profile and unlevered balance sheet, we remain primed and ready to pursue accretive acquisitions as they become available.

從本季開始並至少持續到 25 財年末，我們計劃以股票回購和/或股息的形式每季回報至少 1000 萬美元，或每年至少回報 4000 萬美元，並且我們正在實施一項交易計劃來實現。此外，我們仍然專注於建立我們的併購管道，並考慮到我們的現金流狀況和無槓桿資產負債表，我們仍然做好準備，並準備在可用時進行增值收購。

Finally, I'd like to briefly address the lawsuit filed by Tommy's. In the litigation, we are unable to provide much detail beyond what we have previously communicated. But we are encouraged by the progress we are making in establishing new dealers in the markets formerly served by Tommy's, and we expect minimal disruption in these markets into our family of Malibu end users.

最後，我想簡單談談湯米提起的訴訟。在訴訟中，我們無法提供超出我們先前溝通的更多細節。但我們對在 Tommy’s 以前服務的市場中建立新經銷商所取得的進展感到鼓舞，並且我們預計這些市場對我們的 Malibu 最終用戶家族的干擾將降至最低。

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

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, Michael. Third quarter results were largely in line with our expectations. Net sales decreased 45.8% to $203.4 million and unit volume decreased 51.9% to $1,269 units. The decrease in net sales was driven primarily by decreased unit volumes across all segments, resulting from elevated channel inventories, a soft retail demand environment 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，麥可。第三季業績基本上符合我們的預期。淨銷售額下降 45.8%，至 2.034 億美元，銷量下降 51.9%，至 1,269 美元。淨銷售額下降的主要原因是通路庫存增加、零售需求環境疲軟以及批發出貨量下降，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 35.6% of unit sales, saltwater Fishing represented 30.0% and Cobalt made up the remaining 34.4%. Consolidated net sales per unit increased 12.7% to $160,299 per unit primarily driven by inflation driven year-over-year price increases and favorable model mix within our Saltwater Fishing segment. Gross profit decreased 59.1% to $40.3 million, and gross margin decreased 650 basis points to 19.8%, driven primarily by lower volume and an unfavorable segment mix.

Malibu 和 Axis 品牌佔銷售量的 35.6%，saltwater Fishing 佔 30.0%，Cobalt 佔剩餘的 34.4%。每單位綜合淨銷售額成長 12.7%，達到每單位 160,299 美元，這主要是由於通貨膨脹驅動的同比價格上漲以及鹹水釣魚部門有利的型號組合所致。毛利下降 59.1%，至 4,030 萬美元，毛利率下降 650 個基點，至 19.8%，這主要是由於銷量下降和不利的細分市場組合所致。

Cost of sales decreased 41% in a period where our revenue decreased 46%, demonstrating our operational excellence and highly variable cost structure. Selling and marketing expense decreased 8.7% to $6.6 million in the third quarter. The decrease was driven primarily by decreased travel and marketing spending. As a percentage of sales, selling and marketing expenses increased 130 basis points to 3.2% compared to 1.9% in the prior year. General and administrative expenses decreased 4.4% to $18.6 million. The decrease was driven primarily by a decrease in personnel-related expenses.

在我們的收入下降 46% 的時期，銷售成本下降了 41%，證明了我們的卓越營運和高度可變的成本結構。第三季銷售和行銷費用下降 8.7% 至 660 萬美元。下降的主要原因是旅行和行銷支出減少。銷售和行銷費用佔銷售額的百分比增加了 130 個基點，達到 3.2%，而前一年為 1.9%。一般及行政費用下降 4.4% 至 1,860 萬美元。這一下降主要是由於人事相關費用的減少所致。

As a percentage of sales, G&A expenses increased 390 basis points to 9.1%. During the quarter, we also recognized a $88.4 million noncash impairment of goodwill and intangible assets from our acquisition of the Maverick Boat Group in 2021. This noncash write-down is largely due to the vastly different industry landscape we find ourselves in from when this acquisition was completed in 2021. We have gained over 100 basis points of market share under our ownership and remain confident about the future of the MBG business, anchored by our focus on new products, operational efficiency and distribution expansion and our opportunities to drive growth and value from the business as markets recover.

G&A 費用佔銷售額的百分比增加了 390 個基點，達到 9.1%。在本季度，我們也因2021 年收購Maverick Boat Group 而確認了8,840 萬美元的商譽和無形資產非現金減值。處的產業格局截然不同於2021 年完成。的機會隨著市場的復甦，業務的發展。

GAAP net income for the quarter decreased 226.8% to a net loss of $67.8 million, inclusive of the aforementioned $88.4 million noncash impairment charges relating to Maverick Boat Group. Adjusted EBITDA for the quarter decreased 69.2% to $24.4 million, and adjusted EBITDA margin decreased to 12% from 21.1% in the prior year. Adjusted fully distributed net income per share decreased 75.7% to $0.63 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 million shares.

本季 GAAP 淨利潤下降 226.8%，淨虧損 6,780 萬美元，其中包括上述與 Maverick Boat Group 相關的 8,840 萬美元非現金減損費用。本季調整後 EBITDA 下降 69.2%，至 2,440 萬美元，調整後 EBITDA 利潤率從去年同期的 21.1% 下降至 12%。調整後完全分配的每股淨利潤下降 75.7%，至每股 0.63 美元。這是使用 24.5% 的標準化 C 型企業稅率和約 2,100 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 cash flow. We generated $12 million of free cash flow in Q3. It is notable that we were able to generate this much cash in the quarter where our revenue is down over 40%, demonstrating the resilience of our business model. Capital expenditures were $12 million in the quarter, of which $6.3 million was associated with our new Cobalt facility in Roane County, Tennessee. For the year, we expect CapEx to be between $65 million and $75 million, with $45 million for Roane County. As Jack mentioned, with our progress at Roane County largely fleet, we expect tooling and maintenance CapEx of $30 million to $35 million per year going forward.

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現金流。我們在第三季產生了 1200 萬美元的自由現金流。值得注意的是，我們能夠在收入下降超過 40% 的季度產生如此多的現金，這證明了我們業務模式的彈性。本季資本支出為 1,200 萬美元，其中 630 萬美元與我們位於田納西州羅恩縣的新鈷工廠相關。我們預計今年的資本支出將在 6,500 萬美元至 7,500 萬美元之間，其中羅恩縣資本支出為 4,500 萬美元。正如 Jack 所提到的，隨著我們在羅恩縣的進展主要是車隊，我們預計未來每年的工具和維護資本支出將達到 3,000 萬至 3,500 萬美元。

Our strong net cash position and ample liquidity positions MBI to deliver on our capital allocation priorities with the drive power necessary to execute strategic acquisitions while returning cash to our shareholders. In Q4, we will be renewing our shelf registration statement with the SEC to replace our current shelf, which is set to expire in August. We consider this to be good housekeeping and have no existing plans to utilize this renewed authorization. As Jack and Michael mentioned earlier, the retail environment has softened as broader economic uncertainty and the prolonged interest rate environment continued to pressure the marine industry. Getting dealer inventories healthy by the end of the fiscal year is our top priority.

我們強大的淨現金狀況和充足的流動性使 MBI 能夠實現我們的資本配置優先事項，並擁有執行策略收購所需的驅動力，同時向股東返還現金。在第四季度，我們將向 SEC 更新我們的擱置註冊聲明，以取代我們目前的擱置，該擱置將於 8 月到期。我們認為這是很好的內務處理，目前沒有計劃利用這項更新的授權。正如傑克和邁克爾之前提到的，隨著更廣泛的經濟不確定性和長期的利率環境繼續給海運業帶來壓力，零售環境已經軟化。在本財政年度結束時保持經銷商庫存健康是我們的首要任務。

As we enter the peak selling season, we are increasing promotional support and further reducing our production to proactively help our dealers, dealer partners reduced their inventories. Again, getting dealer inventories right by the end of the fiscal year, is the key to enabling next year's wholesale demand to track with retail demand, which in turn is the key to making next fiscal year a growth year. 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 40 to 41 percentage point decline.

隨著銷售旺季的到來，我們加大促銷力度，進一步減產，積極幫助經銷商、經銷商夥伴減少庫存。同樣，在本財年末之前正確掌握經銷商庫存是使明年的批發需求與零售需求保持一致的關鍵，而零售需求又是使下個財年成為增長年的關鍵。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 40 至 41 個百分點。

We expect Q4 revenues to be between $150 million and $165 million, Consolidated adjusted EBITDA margin for the full fiscal year is expected to be between 10.1% and 10.5% with Q4 running essentially at breakeven. While we expect Q4 to be a challenging quarter, the silver lining is we have the financial strength to meet the moment and do what's necessary to reduce dealer inventories during the peak selling season and position us to return to growth next year.

我們預計第四季度營收將在 1.5 億至 1.65 億美元之間，整個財年的綜合調整後 EBITDA 利潤率預計將在 10.1% 至 10.5% 之間，第四季度基本處於盈虧平衡狀態。雖然我們預計第四季度將是一個充滿挑戰的季度，但一線希望是我們有足夠的財務實力來應對這一時刻，並採取必要措施在銷售旺季期間減少經銷商庫存，並使我們能夠在明年恢復增長。

Cutting through the noise, despite our near-term challenges, I remain optimistic about the growth potential of Malibu. Our strong balance sheet provides us with stability and flexibility as we navigate through the current environment. Our unwavering commitment to innovation, premium product portfolio, expanded production footprint and robust dealer distribution network, position us to achieve great success in capturing market share and driving profitable growth in the years ahead. We have a business model that generates strong cash flow in almost all industry environments. And today's announcement that we will be consistently returning $10 million of cash to shareholders beginning this quarter is tangible evidence of the confidence we have in the power of our cash generation engine despite the uncertainties in the macro environment.

拋開喧囂，儘管我們近期面臨挑戰，但我仍然對馬里布的成長潛力持樂觀態度。我們強大的資產負債表為我們在當前環境中提供了穩定性和靈活性。我們堅定不移地致力於創新、優質產品組合、擴大生產規模和強大的經銷商分銷網絡，使我們能夠在未來幾年贏得市場份額並推動利​​潤增長方面取得巨大成功。我們的商業模式幾乎可以在所有產業環境中產生強勁的現金流。今天宣布，我們將從本季開始持續向股東返還 1,000 萬美元現金，這切實證明了我們對現金生成引擎的力量充滿信心，儘管宏觀環境存在不確定性。

While we will all miss Jack, I'm excited to collaborate with Michael, Ritchie and the entire Malibu team, leveraging their industry-leading expertise as we collectively drive the company forward and deliver strong returns for our shareholders.

雖然我們都會想念 Jack，但我很高興能與 Michael、Ritchie 和整個 Malibu 團隊合作，利用他們行業領先的專業知識，共同推動公司向前發展，為股東帶來豐厚回報。

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

至此，我想開始提問。

(Operator Instructions) Our first question comes from Eric Wold with B. Riley Securities.

（操作員說明）我們的第一個問題來自 B. Riley Securities 的 Eric Wold。

Just a couple of questions on the same topic. I guess, it sounds like from the guidance, your commentary and kind of the reduced guidance for Q4 and the year, is the goal to kind of almost do anything necessary on a discounting to end the year in a better inventory position. I guess how far would you be willing to go kind of stretch that discounting promotional activity to make sure that happens? And then what is the risk that we get into an environment where consumers kind of increase and expect an elevated level of inventory in '25, even if kind of the demand environment improves, how difficult will it be to kind of decouple those expectations and get back to whatever you would consider to be more normalized discounting.

只是關於同一主題的幾個問題。我想，從指導、您的評論以及第四季度和今年的減少指導來看，聽起來像是在折扣上採取任何必要措施，以在年底獲得更好的庫存狀況的目標。我想您願意將折扣促銷活動延伸到什麼程度以確保這種情況發生？那麼，我們進入這樣一個環境的風險是什麼：消費者會有所增加，並預計 25 年庫存水平會上升，即使需求環境有所改善，要脫鉤這些期望並獲得庫存會有多困難？認為更標準化的折扣。

Yes. It's Michael. Thanks for the question. So just -- you touched on a lot of things. Number one, our assumptions for this quarter is that we're being aggressive on promotions and also conservative on production. So we are moving both of those levers in an effort to bring our inventories to an appropriate level. So I think you correctly assumed that's the prime directive. And our guidance assumes we're both aggressive on promotions and conservative on production. So we'll see if that's all necessary.

是的。是麥可。謝謝你的提問。所以，你談到了很多事情。第一，我們對本季的假設是，我們將積極進行促銷，同時對生產持保守態度。因此，我們正在調整這兩個槓桿，努力將我們的庫存控制在適當的水平。所以我認為你正確地認為這是主要指令。我們的指導假設我們在促銷方面積極進取，在生產方面保守。所以我們會看看這是否是必要的。

With respect to consumer expectations for next year, I think the -- look, the consumer is aware today, as Jack said, that there's excess inventory in the channel from us and from others, and they are expecting deals. I think, as you know in the industry, it's a lot of our promotional activities are done as by providing incentives to the dealer and not reducing the headline price of our units. I think that will mitigate a fair amount in anticipation of further discounting.

關於消費者對明年的期望，我認為，正如傑克所說，消費者今天意識到，我們和其他人的管道中有過剩的庫存，他們期待交易。我認為，正如您在業界所知，我們的許多促銷活動都是透過向經銷商提供激勵而不是降低我們單位的整體價格來完成的。我認為這將減少相當多的金額，以應對進一步的折扣。

I think the consumer is smart enough to realize and our dealers realize that inventories have gotten out of whack to an unusual position. So it is an opportunity, but we're not reducing the headline and nor our dealers to headline price on these models. I think that covers everything you asked, but if not fire away.

我認為消費者夠聰明，能夠意識到，我們的經銷商也意識到庫存已經失控到一個不尋常的位置。所以這是一個機會，但我們不會降低標題，也不會降低我們的經銷商對這些型號的標題價格。我認為這涵蓋了你所問的一切，但如果不是就開火吧。

Our next question comes from Joe Altobello with Raymond James.

我們的下一個問題來自喬·阿爾托貝洛和雷蒙德·詹姆斯。

This is actually Martin on for Joe. Looking at the EBITDA margin for the quarter, it was a bit better than expected. I believe you guided to below 10.9%. Just wondering what drove that EBITDA margin or the outperformance of it?

這實際上是馬丁為喬做的。從本季的 EBITDA 利潤率來看，略優於預期。我相信你指導到了 10.9% 以下。只是想知道是什麼推動了 EBITDA 利潤率或其出色表現？

Yes. What I would say it was a strong performance in our operations. We talk about our cost structure being 80% to 90% variable above the gross margin line. And we were -- we operated at the upper end of that range in Q3. That's the large amount there.

是的。我想說的是我們的營運表現強勁。我們談到我們的成本結構在毛利率線以上有 80% 到 90% 的變動性。我們在第三季的營運處於該範圍的上限。這就是那裡的大量金額。

Got it. And just a quick question about sort of the dealer network. Outside of Tommy's, how would you characterize it? Is it healthy? And are you confident that Tommy's is sort of a one-off situation?

知道了。關於經銷商網路的一個簡單問題。除了湯米店之外，您如何評價它？健康嗎？你確信湯米的情況只是一次性的嗎？

I would say, yes. I mean we monitor the health of our dealer networks very closely with our floor plan finance providers. I am talking about them with them all the time on monitoring the health of the network. And as of now, outside of a couple of very isolated small situations, we feel very good about the overall health of the dealer network.

我會說，是的。我的意思是，我們與平面圖融資提供者密切監控經銷商網路的健康狀況。我一直在與他們談論監控網路健康狀況。截至目前，除了幾個非常孤立的小情況之外，我們對經銷商網路的整體健康狀況感覺非常好。

And the next question comes from Craig Kennison with Baird.

下一個問題來自 Craig Kennison 和 Baird。

Jack, best wishes to you, have certainly enjoyed working with you.

傑克，向你致以最良好的祝愿，他很高興與你一起工作。

Thank you, Craig.

謝謝你，克雷格。

Curious about fiscal 2025. Is there any dynamic whereby dealers are simply saying, I don't want anything in 2024, because we've worked so hard to get rid of 2023. I'll just wait until the 2025 product arrives later this year?

對 2025 財年感到好奇。

Yes, Craig, we are saying because of the -- what is happening in retail or the promotions, there are some boats that are starting to move in that channel inventory is going down. And quite frankly, one of the things that we've done in the past and we're doing this year is we'll be bringing out 25 models into the June time frame, which will help propel dealers taking that inventory.

是的，克雷格，我們是說，由於零售或促銷活動中發生的情況，一些船隻開始在該渠道庫存下降中移動。坦白說，我們過去做過和今年正在做的事情之一是，我們將在 6 月的時間範圍內推出 25 款車型，這將有助於推動經銷商消化庫存。

So there may be some of that, but we also have some dealers in certain areas, large dealers, that are actually needing inventory right now. Michael and I were on the phone yesterday with someone. So I think it's going to be a challenging environment, but with the 25 coming, we have appropriately adjusted our production levels to where they need to be is what we believe.

所以可能會有一些，但我們在某些​​地區也有一些經銷商，大型經銷商，現在實際上需要庫存。我和麥可昨天和某人通了電話。所以我認為這將是一個充滿挑戰的環境，但隨著 25 週年的到來，我們已經適當地調整了我們的生產水平，以達到我們認為需要的水平。

Okay. And maybe a follow-up on the capital allocation decision, I guess, your philosophy behind it. Certainly, it makes sense in some ways to say, look, we're going to be consistent in the market by $10 million worth of stock every quarter. But your stock is not the same price every quarter, and it's been crushed recently. Why not be more proactive when it presumably is cheap versus trying to buy at an average price over time?

好的。我想，也許是資本配置決策的後續行動，你背後的哲學。當然，從某些方面來說，這樣說是有道理的：看，我們每季都會在市場上保持價值 1000 萬美元的股票。但你的股票每季的價格都不一樣，最近又被壓垮了。當價格可能很便宜時，為什麼不更加積極主動，而不是嘗試以一段時間內的平均價格購買？

Yes, sure. Fair question. I think what we've said consistently, Craig, is we're -- we have capital allocation priorities. We just reiterated those. Occasionally over the years, we have tried to be opportunistic in repurchasing stock, and we bought a fair amount in. What we've also consistently heard from investors and others is consistency is key with respect to capital allocation. We will be in the market virtually immediately as soon as we are able to start buying stock. We have commenting on the pace per quarter but not the pace within the quarter, and we'll see how that unfolds. .

是的，當然。公平的問題。克雷格，我認為我們一直在說的是，我們有資本配置的優先事項。我們只是重申了這些。多年來，我們偶爾會嘗試機會主義地回購股票，並且購買了相當數量的股票。一旦我們能夠開始購買股票，我們幾乎會立即進入市場。我們評論了每個季度的速度，但沒有評論季度內的速度，我們將看看情況如何發展。 。

The one thing I'd add to what Michael just said in his commentary, he said that we would return at least $10 million. So that's kind of the bottom level. I would expect that from an opportunistic aspect that it could be certainly more than $10 million. They do more.

我要在邁克爾剛剛在他的評論中補充的一件事是，他說我們將至少返還 1000 萬美元。這就是底層。我預計，從機會主義的角度來看，它肯定會超過 1000 萬美元。他們做得更多。

And I guess the last question on capital allocation. I mean you guys have had some outstanding deals, Cobalt and Pursuit among them, but also with this Maverick announcement, why does it make sense to allocate capital to more acquisitions? And what's the bar for you to consider that as a better priority than your own stock given where your own stock is trading?

我想最後一個問題是關於資本配置的。我的意思是，你們已經完成了一些出色的交易，其中包括 Cobalt 和 Pursuit，而且隨著 Maverick 的宣布，為什麼將資本分配給更多收購是有意義的？考慮到您自己的股票交易情況，您認為這比您自己的股票更優先的標準是什麼？

If you look at the acquisitions we've done historically, these are rough numbers, but with Cobalt, we doubled EBITDA at approximately 2 years. And with Pursuit, we doubled EBITDA at approximately 3 years. And we think those have been really compelling uses of capital. So I'd say it's a high bar on acquisitions, which I think is what you said. We think our stock -- the ability to buy Malibu at these levels is compelling. And to your point, it would have to be a very attractive acquisition. We're not going to stretch to do a deal. But in this environment, attractive acquisitions may become available, and we are ready to pursue those if they do.

如果你看看我們歷史上進行的收購，這些都是粗略的數字，但對於 Cobalt，我們的 EBITDA 在大約 2 年內翻了一番。透過 Pursuit，我們的 EBITDA 在大約三年內翻了一番。我們認為這些都是真正引人注目的資本用途。所以我想說，收購的門檻很高，我想這就是你所說的。我們認為我們的股票——以這樣的水平購買馬里布的能力是令人信服的。就您而言，這必定是一次非常有吸引力的收購。我們不會竭盡全力達成協議。但在這種環境下，有吸引力的收購可能會出現，如果出現的話，我們準備好進行收購。

And the next question comes from Frederick Wightman with Wolfe Research.

下一個問題來自沃爾夫研究中心的弗雷德里克·懷特曼。

There's a comment in the release, and I think you made it in the prepared remarks as well, just about retail getting worse throughout the rest of the fiscal year. And I'm wondering if that's sort of a company-specific comment, if that's sort of a broader marine market comment? And maybe if you could just give us a lay of the land as far as what you're seeing in retail more recently.

新聞稿中有一條評論，我認為您在準備好的評論中也提到了這一點，即零售業在本財年剩餘時間內變得更糟。我想知道這是否是特定於公司的評論，是否是更廣泛的海洋市場評論？也許您可以為我們介紹一下您最近在零售業看到的情況。

When we go about being worse, we're looking at that in comparative years and what we're experiencing. We're in a heavy selling season. So Fred, I think I'll kind of caveat it by this saying it this way, Q4 is certainly going to be better than what we've seen in Q3 and Q2. But if we compare that against previous years, it's a worse environment and it's not specific just to our company. I think we're seeing it across the board as we look at the retailers that are out there as well as the OEMs. It's just a very challenging environment, and there are no good times as the help right now.

當我們變得更糟時，我們會審視對比年份以及我們正在經歷的事情。我們正處於銷售旺季。所以弗雷德，我想我會這樣說，第四季肯定會比我們在第三季和第二季看到的更好。但如果我們與前幾年相比，這是一個更糟糕的環境，而且這不僅僅是我們公司特有的。我認為，當我們觀察零售商和原始設備製造商時，我們會全面看到這一點。這是一個非常具有挑戰性的環境，而且現在沒有什麼好的時機可以提供幫助。

Okay. Just to clarify, when you're saying 4Q is going to be better than 3Q. You're just talking about the sequential retail unit volumes? Or are you talking about the year-over-year rate of change or year-over-year decline?

好的。只是為了澄清一下，當你說第四季會比第三季更好。您只是在談論連續零售單位數量嗎？還是你說的是同比變化率還是年減率？

The sequential volumes compared to we speaking in the previous years, every quarter it's been a challenge.

與我們前幾年所說的連續銷售相比，每個季度都是一個挑戰。

Okay. And then, Jack, I think last quarter, just to sort of contextualize the dealer inventory levels. I think you said things were 5 weeks too high. You guys have talked about some progress, but I'm wondering if you could sort of give us where you think inventories are versus target or versus plan?

好的。然後，傑克，我想上個季度，只是為了了解經銷商庫存水準。我想你說過 5 週的時間太長了。你們已經談到了一些進展，但我想知道你們是否可以告訴我們你們認為庫存與目標或計劃的對比情況？

Fred, at this point in time, we're still thinking the high. It's more in that 4-week range, too high right now relative to where we'd like them to be, and we're still targeting to bring them down to that 22 weeks on hand by the end of -- by the end of the fiscal year.

弗雷德，在這個時候，我們仍然在想高處。它更多地在 4 週的範圍內，相對於我們希望的水平來說，現在太高了，我們仍然目標是在 2019 年年底前將其減少到 22 週。

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 closing 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給傑克·斯普林格，請他發表結束語。

Thank you very much. In summary, Malibu Boats navigated a continued softened retail environment in Q3 with towboat and value boat markets experiencing notable weakness while Cobalt and Pursuit have performed better. Reducing the weeks on hand of inventory has been a primary focus for all our brands, and we will -- and will continue to be for the remainder of fiscal 2024. ASPs for all of our brands have been surprisingly robust, confirming the premium buyers still active and purchasing.

非常感謝。總而言之，Malibu Boats 在第三季度應對了持續疲軟的零售環境，拖船和價值船市場明顯疲軟，而 Cobalt 和 Pursuit 則表現較好。減少現有庫存週數一直是我們所有品牌的主要關注點，並且在2024 財年剩餘時間內我們將繼續這樣做。存在積極和購買。

We were focused on our dealer network and have taken the steps necessary to reduce channel inventory levels. We will continue to leverage promotional activities to stimulate consumer demand while closely monitoring dealer health. While there continues to be ambiguity surrounding the impact of macro factors on the timing of customer decisions, we have established a strong foundation with demonstrated resilience in prior cycles and are poised to support market growth as things correct.

我們專注於我們的經銷商網絡，並採取了必要的措施來降低通路庫存水準。我們將繼續利用促銷活動來刺激消費者需求，同時密切注意經銷商的健康狀況。儘管宏觀因素對客戶決策時機的影響仍然存在模糊性，但我們已經奠定了堅實的基礎，在先前的周期中表現出彈性，並準備在情況正確時支持市場成長。

And finally, we remain confident in our ability to execute our long-term strategy, particularly in a normalized cycle where we see ample opportunity to showcase the efficiencies of our cash-generative business model and deliver strong shareholder return. For me, it has been a fantastic 15 years and 10 years as a publicly held company. I treasure the relationships I've made with many of you, and I greatly appreciate your support of Malibu over the years. I wish you the very best. Have a great day and God bless.

最後，我們對執行長期策略的能力仍然充滿信心，特別是在正常化週期中，我們看到有充足的機會展示我們現金生成業務模式的效率並提供強勁的股東回報。對我來說，作為一家上市公司的 15 年和 10 年是美好的 10 年。我珍惜與你們許多人建立的關係，並且非常感謝你們多年來對馬里布的支持。我祝你一切順利。祝你有美好的一天，願上帝保佑。

This conference has now concluded. Thank you for participating. You may now disconnect.

本次會議現已結束。感謝您的參與。您現在可以斷開連線。