Malibu Boats Inc (MBUU) 2024 Q4 法說會逐字稿

Good morning, and welcome to Malibu Boats' conference to discuss fourth quarter and full fiscal year 2024 results. (Operator Instructions) Please be advised that any reproduction of this call in whole or in part is not permitted without written authorization of Malibu Boats.

早安，歡迎參加 Malibu Boats 會議，討論第四季和 2024 財年全年業績。 （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。

And as a reminder, today's call is being recorded. On the call today from management are Mr. Steve Menneto, Chief Executive Officer; Mr. Michael Hooks, Executive Chair; Mr. Bruce Beckman, Chief Financial Officer; and Mr. Ritchie Anderson, President. I now turn the call over to Mr. Beckman to get started. Please go ahead, sir.

提醒一下，今天的通話正在錄音。今天接聽管理階層電話的是執行長 Steve Menneto 先生；麥可·胡克斯先生，執行主席；布魯斯‧貝克曼先生，財務長；和總裁里奇·安德森先生。我現在將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, Michael will provide a brief update and introduce our new CEO, Steve Menneto. I will provide commentary on the business and discuss the fiscal fourth quarter and full year 2024 financials, and Steve will provide an update on the new model year and near term growth priorities. We will then open the call for questions.

謝謝大家，大家早安。在電話會議上，邁克爾將提供簡短的最新情況並介紹我們的新任執行長史蒂夫·門內托 (Steve Menneto)。我將提供有關業務的評論並討論第四財季和 2024 年全年的財務狀況，史蒂夫將提供有關新車型年度和近期增長優先事項的最新信息。然後我們將開始提問。

Our press release covering the company's fiscal fourth quarter and full year 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.

我們今天發布了涵蓋該公司第四財季和 2024 年全年業績的新聞稿，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.

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上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 of 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 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，本公司不承擔更新這些陳述以獲取未來事件的任何新資訊的義務。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。

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. Reconciliation of these non-GAAP financial measures to GAAP financial measures are included in our earnings release. I will now turn the call over to Michael Hooks, Chair of Malibu Boats. Michael?

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包含在我們的收益發布中。我現在將把電話轉給 Malibu Boats 董事長 Michael Hooks。麥可？

Thanks, Bruce. And good morning, everyone. I would like to start the call by welcoming Steve Menneto as our new CEO. As you know, the Board conducted a comprehensive search process and we are thrilled to have Steve at the helm. His depth of experience and track record of success makes him an excellent fit to lead Malibu Boats through the cycle and into its next phase of growth.

謝謝，布魯斯。大家早安。我首先歡迎 Steve Menneto 成為我們的新任執行長。如您所知，董事會進行了全面的搜索過程，我們很高興由史蒂夫來掌舵。他豐富的經驗和成功的記錄使他非常適合領導馬里布船公司度過這個週期並進入下一階段的成長。

I also wanted to take this opportunity to thank the entire MBI team for their passion and dedication, particularly during this transition period. Your hard work and commitment have been instrumental in navigating this change and we're all grateful for your continued efforts. You will hear more from Steve in a few moments, but first, let me turn it back over to Bruce to walk us through the fiscal year and quarterly results.

我也想藉此機會感謝整個 MBI 團隊的熱情和奉獻精神，特別是在這個過渡時期。您的辛勤工作和承諾對於推動這項變革發揮了重要作用，我們都感謝您的持續努力。稍後您將聽到史蒂夫的更多信息，但首先，讓我將其轉回給布魯斯，讓我們了解財政年度和季度業績。

Thank you, Michael. As we closed out fiscal 2024, we showcased the resilience of Malibu Boats and executed on our strategic goals despite a challenging retail environment. As anticipated, our financial results during the quarter were impacted by the necessary steps we took to reduce channel inventories, including reducing production levels and increasing promotional support.

謝謝你，麥可。在 2024 財年結束時，我們展示了 Malibu Boats 的韌性，並在零售環境充滿挑戰的情況下執行了我們的策略目標。正如預期的那樣，我們本季的財務表現受到我們為減少通路庫存所採取的必要措施的影響，包括降低生產水準和增加促銷支援。

As discussed on our prior call, this was our top priority during the quarter and we made significant progress with MBI dealer inventories now aligning with historical weeks on hand level. Our dealer partners have executed well in a very competitive promotional environment, and we appreciate their support. The resilience of our business model was evident in our results.

正如我們先前的電話會議中所討論的，這是我們本季的首要任務，我們在 MBI 經銷商庫存方面取得了重大進展，目前庫存水準已與歷史週數保持一致。我們的經銷商合作夥伴在競爭非常激烈的促銷環境中表現出色，我們感謝他們的支持。我們的業務模式的彈性在我們的業績中顯而易見。

As we have discussed, many times in the past, our cost structure is highly variable, and we demonstrated this throughout fiscal 2024. For the year, cost of sales decreased 34%, while revenues declined 40%, demonstrating our operational excellence and highly variable cost structure in line with our historical range of 80% to 90%.

正如我們過去多次討論的那樣，我們的成本結構高度可變，我們在整個2024 財年證明了這一點。的卓越營運和高度變動成本結構符合我們歷史80%到90%的範圍。

Our variable cost structure and focus on working capital enabled us to generate positive free cash flow during the fourth quarter, a remarkable accomplishment in a quarter where revenue was down over 50%. As a result, we were able to repay all remaining debt and repurchased $10 million of stock in the quarter.

我們的可變成本結構和對營運資本的關注使我們能夠在第四季度產生正的自由現金流，這在收入下降超過 50% 的季度中取得了顯著成就。結果，我們能夠償還所有剩餘債務，並在本季度回購了 1000 萬美元的股票。

The ability for MBI to execute our capital allocation priorities in the face of industry headwinds only increases our confidence in our business model as the cycle normalizes. We continue to streamline our operation and made great strides ramping our Roane County facility in the quarter.

隨著週期正常化，MBI 在面對行業逆風時執行我們的資本配置優先事項的能力只會增強我們對我們業務模式的信心。我們繼續簡化我們的運營，並在本季度擴大我們的羅恩縣工廠取得了長足的進步。

In addition to producing Cobalt small boats, we have integrated our Malibu electronics wiring harness operation into the facility. As a result, we are able to consolidate our manufacturing footprint in Tennessee as well as move from our Alabama facility, shortening our supply chain and increasing our operational efficiency.

除了生產鈷小船外，我們還將馬里布電子線束業務整合到該工廠中。因此，我們能夠鞏固我們在田納西州的製造足跡，並從阿拉巴馬州的工廠遷出，縮短我們的供應鏈並提高我們的營運效率。

With the addition of the Roane County facility and continuous vertical integration efforts, we have enough capacity across all of our brands to support the next industry growth cycle and reduce our future capital expenditure level.

隨著羅恩縣工廠的增加和持續的垂直整合工作，我們所有品牌都有足夠的能力來支持下一個產業成長週期並降低我們未來的資本支出水準。

I would like to provide a brief update on our dealer network and the significant progress made during the quarter. In 14 of the 15 markets formerly served by Tommy's Boats, our newly authorized dealers are up and running, selling boats, and providing great service to our customers.

我想簡要介紹一下我們的經銷商網路以及本季取得的重大進展。在 Tommy's Boats 以前服務的 15 個市場中的 14 個市場中，我們新授權的經銷商已成立並運營，銷售船隻，並為我們的客戶提供優質服務。

We devote a significant amount of time and resources to find, develop, and improve the performance of our dealer network and are pleased with our new dealer lineup. The speed at which we brought these dealers online showcases the strength of our premium brand and the dealers' confidence in Malibu to provide industry-leading innovation, quality, and performance.

我們投入了大量的時間和資源來尋找、開發和改善我們的經銷商網路的績效，並對我們新的經銷商陣容感到滿意。我們將這些經銷商引入線上的速度展示了我們優質品牌的實力以及經銷商對 Malibu 提供行業領先的創新、品質和性能的信心。

Finally, as it relates to Tommy's Boats, we have completed our repurchase obligation with the repurchase of 19 units, far fewer than we originally estimated.

最後，就 Tommy's Boats 而言，我們已經完成了回購義務，回購了 19 艘船，遠遠少於我們最初的估計。

Lastly, before diving into the results, I would like to give you an update on our market share performance. In Cobalt, we've expanded our trailing 12 month market share lead in the sterndrive segment by over 300 basis points on the strength of our industry leading innovation and market reaction to our model year '24 releases. The R33 Surf and the CS series has been strong and is contributing to this year's share gain.

最後，在深入研究結果之前，我想向您介紹我們市場佔有率表現的最新情況。在 Cobalt 領域，憑藉著業界領先的創新能力以及對 24 年車型發布的市場反應，我們將尾機驅動領域過去 12 個月的市佔率領先優勢擴大了 300 個基點。 R33 Surf 和 CS 系列表現強勁，為今年的份額成長做出了貢獻。

We have been investing in Cobalt for several years now and have grown our Cobalt Sterndrive share by over 500 basis points since we acquired the brand in 2017. We have more exciting innovations coming from 2025.

多年來，我們一直在 Cobalt 領域進行投資，自 2017 年收購該品牌以來，我們的 Cobalt Sterndrive 份額已增長了 500 個基點。

Pursuit is another brand that is gaining momentum. Since acquiring the Pursuit brand in 2018, we have expanded our market share by nearly 300 basis points. Our share of the 30 foot and above segment now exceeds 20%.

Pursuit 是另一個勢頭強勁的品牌。自2018年收購Pursuit品牌以來，我們的市佔率擴大了近300個基點。我們在 30 英尺及以上細分市場的份額現已超過 20%。

We aim to build on our momentum in 2025 with two additional above 30 foot offering. We are refreshing our Maverick Boat Group product line and have gained 100 basis points of market share since acquiring these brands in 2020.

我們的目標是在 2025 年再接再厲，推出另外兩款 30 英尺以上的產品。我們正在更新 Maverick Boat Group 的產品線，自 2020 年收購這些品牌以來，我們的市佔率已增加了 100 個基點。

Our initial focus has been on refreshing the Pathfinder model, model lineup, and the results have been outstanding. Our trailing 12 month market share on the face of both market segments has increased by over 500 basis points, making us the clear leader in this important segment. In 2025, we are turning our attention to the Cobia line, Steve will be sharing more details on this in a minute.

我們最初的重點是更新探路者模型和​​模型陣容，結果非常出色。我們過去 12 個月在這兩個細分市場的市佔率增加了 500 多個基點，使我們成為這個重要細分市場的明顯領導者。 2025 年，我們將把注意力轉向 Cobia 系列，史蒂夫將立即分享更多細節。

In the important ski boats segment, there's no question our share in markets formerly served by Tommy's Boats, has been temporarily impacted, while we've refreshed our dealer presence. However, it is worth noting our share in the remaining market is holding strong at approximately 30%. We are excited about the new dealer lineup in the former Tommy's market. Combined this with the extensive innovations we are launching, we are confident in our ability to regain share in 2025.

在重要的滑雪船領域，毫無疑問，我們在以前由 Tommy's Boats 服務的市場中的份額受到了暫時的影響，而我們已經更新了經銷商的業務。然而，值得注意的是，我們在剩餘市場中的份額仍保持在 30% 左右。我們對前 Tommy's 市場的新經銷商陣容感到興奮。結合我們正在推出的廣泛創新，我們對 2025 年重新奪回市場份額充滿信心。

Now turning to fourth quarter results. As we discussed on our last earnings call, the actions required to reduce dealer inventory levels would significantly impact our short-term results, and that's certainly the case. As expected, fiscal fourth quarter net sales decreased 57.4% to $158.7 million and unit volume decreased 59% to 1,045 boats.

現在轉向第四季業績。正如我們在上次財報電話會議上討論的那樣，降低經銷商庫存水準所需的行動將極大地影響我們的短期業績，情況確實如此。如預期，第四財季淨銷售額下降 57.4%，至 1.587 億美元，單位數量下降 59%，至 1,045 艘船。

The decrease in net sales was driven primarily by lower production and higher promotional spending in support of our initiatives to reduce dealer inventory level. This includes the 19 boats we've repurchased for Tommy's Boats. The Malibu and Axis brands represented approximately 30.5% of unit sales. Cobalt represented 35.4% and saltwater fishing represented the remaining 34.1%.

淨銷售額下降的主要原因是產量下降和促銷支出增加，以支持我們降低經銷商庫存水準的措施。這包括我們為 Tommy's Boats 重新購買的 19 艘船。 Malibu 和 Axis 品牌約佔銷售量的 30.5%。鈷佔 35.4%，鹹水捕撈佔剩餘的 34.1%。

Consolidated net sales per unit increased 4% to $151,878 per unit, driven primarily by favorable model mix and year-over-year price increases. Q4 gross profit decreased 87.8% to $12.5 million and gross margin percentage was 7.9%.

每台綜合淨銷售額成長 4%，達到每台 151,878 美元，這主要是受到有利的車型組合和同比價格上漲的推動。第四季毛利下降 87.8% 至 1,250 萬美元，毛利率為 7.9%。

This compares to a gross margin percentage of 27.5% in the prior year period. This expected decline in gross margin was driven by increased promotional spend across all segments, less favorable mix, and fixed cost deleveraging, lower production during the quarter. Q4 selling and marketing expenses decreased 10.6% to $4.9 million.

相比之下，去年同期的毛利率為 27.5%。毛利率的預期下降是由於所有細分市場的促銷支出增加、不利的組合以及固定成本去槓桿化和本季產量下降所致。第四季銷售和行銷費用下降 10.6% 至 490 萬美元。

As a percentage of sales, year-over-year selling and marketing expenses increased 150 basis points to 3.1%. Q4 general and administrative expenses of $76.3 million decreased versus last year by 56.6% or $99.4 million. As a reminder, last year's Q4 included a $100 million legal settlement.

銷售和行銷費用佔銷售額的百分比年增 150 個基點，達到 3.1%。第四季一般及管理費用為 7,630 萬美元，比去年減少 56.6%，即 9,940 萬美元。提醒一下，去年第四季包括了 1 億美元的法律和解金。

Net loss for the quarter increased 8.6% to a loss of $19.6 million. Adjusted EBITDA for the quarter decreased 104.5% with a loss of $4.1 million and adjusted EBITDA margin decreased to negative 2.6% from positive 24.2%.

該季度淨虧損增加 8.6%，達到 1,960 萬美元。本季調整後 EBITDA 下降 104.5%，虧損 410 萬美元，調整後 EBITDA 利潤率從正 24.2% 降至負 2.6%。

Non-GAAP adjusted fully distributed net income per share decreased by 113.1% to a loss of $0.39 per share. This is calculated using a normalized C corp tax rate of 24.3% and a fully distributed weighted average share count of approximately 21 million shares.

非 GAAP 調整後完全分配每股淨利下降 113.1%，至每股虧損 0.39 美元。這是使用 24.3% 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 table in our earnings release.

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。

Turning our attention to cash flow. We generated $4.5 million of positive free cash flow before capital expenditures were $11.9 million in the quarter, of which $3.9 million is associated with the Roane County facility which is now complete.

將我們的注意力轉向現金流。在本季資本支出為 1,190 萬美元之前，我們產生了 450 萬美元的正自由現金流，其中 390 萬美元與現已竣工的羅恩縣設施相關。

Now to recap our results for all of fiscal 2024, net sales decreased 40.3% to $829.0 million and unit volumes decreased 45.4% to 5,385 units. Consolidated net sales per unit increased 9.4% to $153,953 per unit, driven by favorable model mix and inflationary year-over-year price increases, partially offset by increased dealer flooring program costs and higher promotional spend.

現在回顧 2024 財年全年的業績，淨銷售額下降 40.3% 至 8.29 億美元，銷量下降 45.4% 至 5,385 輛。由於有利的車型組合和通膨性的同比價格上漲，每單位的綜合淨銷售額增長了 9.4%，達到每單位 153,953 美元，但部分被經銷商地板計劃成本增加和促銷支出增加所抵消。

Gross profit decreased 58.1% to $147.1 million. Net income for the year decreased 152.3% to a net loss of $56.4 million and adjusted EBITDA decreased 71.0% to $82.2 million for the full year. For the year, non-GAAP adjusted fully distributed net earnings per share decreased 79.1% to $1.92 per share.

毛利下降 58.1% 至 1.471 億美元。全年淨利下降 152.3%，淨虧損 5,640 萬美元，調整後 EBITDA 下降 71.0%，至 8,220 萬美元。今年，非 GAAP 調整後完全分配每股淨利潤下降 79.1% 至每股 1.92 美元。

For the year, our free cash flow included an approximately $55 million net cash outflow relating to last year's legal settlement. Excluding this onetime net outflow, our free cash flow for the year was approximately $34 million inclusive of $76 million of CapEx, of which approximately $47 million was invested in our new Roane County facility.

今年，我們的自由現金流包括與去年法律和解相關的約 5,500 萬美元的淨現金流出。排除這一一次性淨流出，我們今年的自由現金流約為 3400 萬美元，其中包括 7600 萬美元的資本支出，其中約 4700 萬美元投資於我們的新羅恩縣工廠。

We executed our capital allocation priorities by paying off our remaining debt and returning $29.8 million to shareholders through share repurchases.

我們透過償還剩餘債務並透過股票回購向股東返還 2,980 萬美元來執行資本配置優先事項。

Heading into fiscal year 2025, while we expect near-term market conditions to remain challenging, we are optimistic about the long-term growth potential of MBI. Given the progress that we have made in reducing our channel inventory levels, we have put ourselves in a position to realize a meaningful recovery as the market returns to growth.

進入 2025 財年，雖然我們預計近期市場狀況仍將充滿挑戰，但我們對 MBI 的長期成長潛力持樂觀態度。鑑於我們在降低通路庫存水準方面取得的進展，隨著市場恢復成長，我們能夠實現有意義的復甦。

Despite our belief that we are positioned for growth, we will continue to take a prudent approach in ramping production levels and monitoring dealer inventory, given the macro uncertainty and pressure on dealers passed by high flooring, fine.

儘管我們相信我們已經做好了成長的準備，但考慮到宏觀不確定性和高底價給經銷商帶來的壓力，我們將繼續採取謹慎的態度來提高生產水平和監控經銷商庫存。

We cannot predict exactly when the retail market will return to growth, but we remain confident in the fundamentals of our business and our ability to maintain our investment in industry-leading innovation for generating strong cash flow in almost all industry environment.

我們無法準確預測零售市場何時會恢復成長，但我們對我們業務的基本面以及我們維持對行業領先創新的投資以在幾乎所有行業環境中產生強勁現金流的能力充滿信心。

With the Roane County facility completed, we expect capital expenditure levels to drop between $30 million to $35 million in fiscal 2025. This will further improve cash generation, enabling us to execute on our capital allocation priorities, while continuing to return $10 million of cash to shareholders each quarter through the end of fiscal 2025.

隨著羅恩縣設施的竣工，我們預計2025 財年的資本支出水準將下降3,000 萬美元至3,500 萬美元。萬美元現金。

Based on our current operating plan, our expectations for fiscal year 2025 are as follows. We anticipate our year-over-year net sales to increase at a low single digit percentage point rate. For Q1. We expect net sales to be up sequentially, but down year over year of [mid to high 30s percentage points].

根據我們目前的營運計劃，我們對 2025 財年的預期如下。我們預計我們的年淨銷售額將以較低的個位數百分比成長。對於第一季。我們預期淨銷售額將季增，但年減[30個百分點中至高位]。

Given a challenging year-over-year comparison, we also expect an increase in consolidated adjusted EBITDA margin ranging from 10% to 12% for the fiscal year. For Q1, we expect adjusted EBITDA margins of low single digits as we maintain low production levels with the sequential improvement coming from lower promotional spend.

鑑於年比比較具有挑戰性，我們也預期本財年合併調整後 EBITDA 利潤率將成長 10% 至 12%。對於第一季度，我們預計調整後的 EBITDA 利潤率為低個位數，因為我們保持較低的生產水平，而促銷支出的減少帶來了連續的改善。

In summary, we overcame a volatile operating environment to generate sufficient cash to maintain our investments in our core business, pay off our debt, and returned nearly $30 million to shareholders. We are positioned to capitalize when the market returns to growth. As we begin the fiscal year, we are managing that prudently, keeping production low and closely monitoring dealer inventory levels as we prepare for sequential improvement throughout the year.

總之，我們克服了不穩定的經營環境，產生了足夠的現金來維持我們對核心業務的投資，償還債務，並向股東返還近 3,000 萬美元。當市場恢復成長時，我們已做好充分利用的準備。當我們開始本財年時，我們正在謹慎管理，保持低產量並密切監控經銷商庫存水平，為全年的連續改善做好準備。

We stand ready to meet the needs of our customers and have the capacity to respond quickly and effectively when the market returns to growth. As we reflect on fiscal year 2024, our team's dedication and agility were key to navigating a tough market and maintaining our focus on execution. I'm excited to partner with our new CEO, Steve Menneto, whose leadership and vision will help drive us towards sustainable growth and value creation.

我們隨時準備好滿足客戶的需求，並有能力在市場恢復成長時快速有效地做出反應。當我們回顧 2024 財年時，我們團隊的奉獻精神和敏捷性是應對艱難市場和保持執行力的關鍵。我很高興與我們的新任執行長 Steve Menneto 合作，他的領導力和遠見將幫助推動我們實現永續成長和價值創造。

Together, we will continue building on our competitive strength, optimize our operations, and set MBI up for long-term profitable growth as we enter this next chapter with confidence and excitement. With that, I will turn it over to Steve.

當我們充滿信心和興奮地進入下一個篇章時，我們將共同繼續增強我們的競爭優勢，優化我們的運營，並為 MBI 的長期盈利增長做好準備。這樣，我就把它交給史蒂夫了。

Thank you, Bruce, and good morning, everyone. I'm very excited to step into the role of CEO at Malibu Boats and build on our growth trajectory in what is already a very strong foundation. Over the quarter, we achieved several milestones despite a challenging year, impacted by retail uncertainty, which positions us well for the future success as cycles normalize.

謝謝你，布魯斯，大家早安。我很高興能夠擔任 Malibu Boats 的首席執行官，並在我們已經非常堅實的基礎上繼續發展。儘管受到零售不確定性的影響，本季充滿挑戰，但我們在本季度實現了多個里程碑，這為我們在周期正常化時取得未來的成功奠定了良好的基礎。

As Bruce mentioned earlier, we made strong progress reducing dealer inventories to historical healthy levels. We added new dealers to successfully serve our freshwater customers, while maintaining our pace of innovation and our market presence. Malibu has a stellar reputation for innovation, quality, and performance, and I'm honored to be part of its future.

正如布魯斯之前提到的，我們在將經銷商庫存減少到歷史健康水平方面取得了巨大進展。我們增加了新的經銷商，以成功服務我們的淡水客戶，同時保持我們的創新步伐和市場佔有率。馬裡佈在創新、品質和性能方面享有盛譽，我很榮幸能夠成為其未來的一部分。

Before we jump into the new model year updates, I'll share my background and why I joined Malibu and near-term actions of our team that our team is taking to position us for success.

在我們開始新車型年度更新之前，我將分享我的背景、我加入 Malibu 的原因以及我們團隊為取得成功而採取的近期行動。

By way of introduction, I came to Malibu Boats after nearly three decades at Polaris. More recently, I had the privilege of leading the largest business, the off-road vehicle division to significant revenue growth, nearly doubling its revenue to approximately $7 billion over the last five years.

作為介紹，我在北極星工作了近三十年後來到了馬里布船公司。最近，我有幸領導最大的業務，即越野車輛部門，實現了顯著的收入成長，在過去五年中其收入幾乎翻了一番，達到約 70 億美元。

This included planning, developing, and building a global manufacturing footprint that supplies hundreds of thousands of vehicles worldwide. My journey also includes spearheaded the commercialization efforts on the on-road division, driving the launch and expansion of the Indian Motorcycle business.

這包括規劃、開發和建立全球製造足跡，為全球數十萬輛汽車供應。我的旅程還包括帶頭進行公路部門的商業化工作，推動印度摩托車業務的推出和擴張。

Throughout my career, I have learned the importance of innovation, customer focus, and operational excellence values that are deeply ingrained within the Malibu Boats culture today. My history of advancing high-impact opportunities meshes well with the values of Malibu Boats. And together, I'm confident we can drive aggressive growth in this fast-paced dynamic consumer facing industry.

在我的職業生涯中，我了解到創新、以客戶為中心和卓越營運價值觀的重要性，這些價值觀已深深融入當今的馬里布船文化中。我推動高影響力機會的歷史與馬里布船的價值觀非常吻合。我相信，我們能夠共同推動這個快節奏、充滿活力、面向消費者的產業的積極成長。

Now that I've been here for about a month, I'm incredibly impressed by the company's talent and resources. As we step into the new fiscal year my immediate focus will be on leveraging the company's competitive strengths, particularly our leading market positions and robust dealer network.

現在我已經在這裡工作了大約一個月，公司的人才和資源給我留下了深刻的印象。當我們進入新的財政年度時，我的當務之急將是利用公司的競爭優勢，特別是我們領先的市場地位和強大的經銷商網路。

Our near term strategy will be firmly rooted in our customer-centric approach, a value that I hold in high regard. We will maintain a key eye on the retail market, adapt swiftly to the challenging market conditions, and ensure our dealer partners have healthy inventory levels. Lastly, we will do all of this while maintaining our industry-leading product design and innovation across our premium brands.

我們的近期策略將牢牢植根於以客戶為中心的方法，這是我高度重視的價值觀。我們將密切關注零售市場，迅速適應充滿挑戰的市場條件，並確保我們的經銷商合作夥伴擁有健康的庫存水準。最後，我們將在完成所有這一切的同時，在我們的優質品牌中保持領先業界的產品設計和創新。

Looking ahead to model year '25, we are excited to continue our strong commitment to new products and innovation across all brands. Our completed tooling development center at Pursuit is now producing tooling for each of our MBI brands, furthering our vertically integrated efforts and speed to market. This year, we will introduce more new models across all brands than ever before.

展望 '25 車型年，我們很高興能夠繼續堅定地致力於所有品牌的新產品和創新。我們位於 Pursuit 的完整模具開發中心現在正在為我們的每個 MBI 品牌生產模具，進一步推進我們的垂直整​​合工作並加快上市速度。今年，我們將在所有品牌中推出比以往更多的新車型。

We will continue to outpace the competition on investing in new products and innovation as we continue to push the limits to drive consumer demand and market share growth as the market rebounds. This is a true differentiator for us and solidifies our place in the market as the premier manufacturer of premium power boats, delivering on our customers' unwavering desire for large feature-rich options across our portfolio. For Malibu, we are once again introducing four new malls, far more than any other competitor. This includes the all-new 25 LSV, the best-selling 25 foot towboat on the market.

隨著市場反彈，我們將繼續突破極限，推動消費者需求和市場份額成長，在新產品和創新投資方面繼續超越競爭對手。這對我們來說是一個真正的差異化因素，鞏固了我們作為優質動力船的主要製造商在市場上的地位，滿足了客戶對我們產品組合中功能豐富的大型選擇的堅定渴望。對於馬里布，我們再次推出四個新購物中心，遠遠超過其他競爭對手。其中包括全新的 25 LSV，市場上最暢銷的 25 英尺拖船。

Next, we are making a return to the 22 foot pickle-fork segment with the all-new 22 MXZ. We have not produced a boat in this segment since 2020 and look forward to reintroducing this experience for customers in this category.

接下來，我們將帶著全新 22 MXZ 重返 22 英尺pickle-fork 領域。自 2020 年以來，我們一直沒有生產過該細分市場的船隻，並期待為該類別的客戶重新引入這種體驗。

Next is the all-new 24 MXZ, the largest boat in the MXZ series. We'll also be introducing another ultra-premium Malibu model in the second fiscal quarter.

接下來是全新的 24 MXZ，它是 MXZ 系列中最大的船。我們還將在第二財季推出另一款超高階 Malibu 車型。

Last, but definitely not least is the all new Malibu command center, a testament to the industry-leading innovation that our customers come to expect across our Malibu line. Malibu has again raised the bar for the next level of driver experience with the combination of our 15.8 inch and 8 inch touch screen and a new advanced operating system is by far the most intuitive system on the market, enabling a unique and premium sleek look and feel when you are in the cockpit.

最後但同樣重要的是全新的馬里布指揮中心，它證明了我們的客戶對我們的馬里布產品線所期望的行業領先的創新。 Malibu 將我們的 15.8 吋和 8 吋觸控螢幕與全新的先進作業系統相結合，再次提高了駕駛體驗的新水平，這是迄今為止市場上最直觀的系統，實現了獨特而優質的時尚外觀和當你在駕駛艙時的感覺。

Turning to Cobalt, we will be launching four new models later this model year, each designed to offer an unparalleled on-water experience. We are also excited about the upcoming debut of our latest twin engine models, which are set to redefine what boaters expect from Cobalt.

說到 Cobalt，我們將在今年稍後推出四款新型號，每款都旨在提供無與倫比的水上體驗。我們也對即將推出的最新雙引擎車型感到興奮，這些車型將重新定義划船者對 Cobalt 的期望。

These exciting new launches will have features such as full cockpit enclosures and standard site entry, enhance increasing comfort and on board accessibility. In addition, our engineers have integrated cutting edge technology into the next generation of search systems in hard tops, offering an unparalleled blend of functionality and style.

這些令人興奮的新產品將具有完整的駕駛艙外殼和標準站點入口等功能，從而提高舒適度和機上可及性。此外，我們的工程師將尖端技術整合到下一代硬頂搜尋系統中，提供無與倫比的功能和風格融合。

These models are true testament to our commitment to innovation and craftsmanship. At Pursuit, we introduced the reimagine OS 325 offshore, one of our most popular models. This redesigning includes twin engines along with more agronomic design with a split galley, larger cabin, and comfort controls.

這些模型真實地證明了我們對創新和工藝的承諾。在 Pursuit 上，我們推出了 reimagine OS 325 Offshore，這是我們最受歡迎的型號之一。此次重新設計包括雙引擎以及更具農藝性的設計，包括分離式廚房、更大的客艙和舒適控制裝置。

We will be announcing another all new boat over 30 feet later this fiscal year. Together, these new models, along with new features and other options further build upon our broad and innovative portfolio, grading enthusiasm across the product line for model year '25.

我們將在本財年晚些時候宣布推出另一艘超過 30 英尺的全新船。這些新車型以及新功能和其他選項進一步建立了我們廣泛且創新的產品組合，提高了 '25 車型年產品線的熱情。

For Maverick Boat company, we're introducing four new models, the 265 center console, the 265 center console open, the 285 center console, along with the 285 center console opened set the launch in October. These new models are reinvigorating the Cobia portfolio, while providing the consumer with the high quality and family-friendly efficient features that Cobia is known for as we continue to build on innovation and adding exciting new features.

對於 Maverick Boat 公司，我們將推出四種新型號，265 中控台、265 中控台開放式、285 中控台以及 285 中控台開放式，將於 10 月推出。這些新型號正在重振 Cobia 產品組合，同時為消費者提供 Cobia 聞名的高品質和適合家庭使用的高效功能，同時我們將繼續創新並添加令人興奮的新功能。

Lastly, I would like to touch on our growth outlook for fiscal year 2025. I'm truly excited about the opportunities ahead as we navigate these short term fluctuations within the market.

最後，我想談談我們 2025 財年的成長前景。

As Bruce mentioned, we have positioned ourselves for a strong runway for growth ahead and remain committed to our capital allocation priorities, which we're going to invest in high ROI internal initiatives, pursue accretive acquisitions, pay down debt and deleverage, and return capital to shareholders.

正如布魯斯所提到的，我們已經為未來的成長奠定了堅實的基礎，並繼續致力於我們的資本配置優先事項，我們將投資於高投資回報率的內部計劃，追求增值收購，償還債務和去槓桿化，並返還資本給股東。

We remain committed to regularly returning cash to our shareholders, while expanding our M&A pipeline. With our strong cash flow and our debt-free balance sheet, we are well-prepared to pursue beneficial acquisitions when they arise. In closing, I'm excited about the path forward and want to express our deep gratitude to our customers, employees, dealers, partners, and shareholders for your unwavering support. Now I will turn it over for Q&A.

我們仍然致力於定期向股東返還現金，同時擴大我們的併購管道。憑藉我們強勁的現金流和無債務的資產負債表，我們已做好充分準備，在出現有利收購時進行收購。最後，我對前進的道路感到興奮，並向我們的客戶、員工、經銷商、合作夥伴和股東表示深深的感謝，感謝你們的堅定支持。現在我將其轉過來進行問答。

(Operator Instructions) Craig Kennison, Baird.

（操作員說明）Craig Kennison，Baird。

Steve, I'm curious as you've had conversations with dealers in this channel, how you would compare that dynamic with what you've experienced in power sports and what you can say to investors who are concerned that inventory bubbles tend to creep up in these industries and create a really difficult investment environment?

史蒂夫，我很好奇，因為您在這個管道中與經銷商進行了對話，您如何將這種動態與您在權力運動中的經歷進行比較，以及您可以對擔心庫存泡沫往往會蔓延的投資者說些什麼在這些產業創造一個真正困難的投資環境嗎？

Over the last month, I've been able to get out to a few dealers as well as attend the Pursuit dealer meeting. And there are some similarities to both industries and there's some other things that are not similar. Of course, the price points on the units here are a lot higher.

在過去的一個月裡，我能夠接觸到一些經銷商並參加 Pursuit 經銷商會議。這兩個行業有一些相似之處，也有一些不相似之處。當然，這裡單位的價格要高得多。

The velocity is a little slower. So you have to really pay attention to get the inventories right. We've been focused on that, as Bruce alluded to over the last quarter and we'll continue to keep that in our sites is to get -- continue to match the inventory to the retail the best we can.

速度稍微慢了一點。因此，您必須真正注意確保庫存正確。我們一直專注於這一點，正如布魯斯在上個季度提到的那樣，我們將繼續在我們的網站上保留這一點，以便繼續盡最大努力將庫存與零售相匹配。

And I'm wondering with respect to 2025, the fiscal guidance you offered, what's the retail assumption embedded in that? And where do you expect inventory to be at the end of fiscal 2025 relative to fiscal 2024?

我想知道關於 2025 年，您提供的財務指導，其中包含的零售假設是什麼？與 2024 財年相比，您預期 2025 財年末的庫存狀況為何？

In terms of the market growth, we expect that the headwinds will continue for a while longer. We're expecting mid-single digit down market in our guidance. We're also hearing from our dealers as well as our floor plan finance partners that the dealers are going to want to take the dealer inventories below historical just because of the high flooring costs that they're experiencing. And so we're expecting dealer inventories to contract below [historical mid-teens percentage points or kind of down by mid-teens percent].

就市場成長而言，我們預計阻力將持續一段時間。我們預期市場將出現中個位數的下跌。我們也從經銷商和平面圖財務合作夥伴得知，經銷商希望將經銷商庫存降至歷史水平以下，因為他們正在經歷高昂的地板成本。因此，我們預期經銷商庫存將收縮至低於[歷史上的百分之十左右或下降百分之十左右]。

And then just, I guess, how do you reconcile that with guidance, anticipating sales growth? Is that a mix or price dynamic? It sounds like you would expect units to be down.

然後，我想，您如何將其與指導、預期銷售成長相協調？這是混合還是價格動態？聽起來你預計單位會下降。

So we expect units will be flattish, I would say and we're expecting lower promotional spend next year. So we expect to get a little bit of that as well as from some product base and share. We're on a multi-year trend of gain share and we expect gain market share.

因此，我想說，我們預計單位數量將持平，我們預計明年的促銷支出將會減少。因此，我們希望能夠從一些產品基礎和分享中獲得一些成果。我們正處於多年份額成長的趨勢，我們預計市場份額也會成長。

And I'm sorry to keep monopolizing this. I didn't intend to do that. But I'm maybe confused if you're saying retail is going to be down and dealers are going to have less inventory, how do you ship more units?

我很抱歉繼續壟斷這個。我本來不想那麼做的。但如果你說零售業將會下降並且經銷商的庫存將會減少，我可能會感到困惑，你如何運送更多的單位？

Well, again, this year, we had a huge destock. This year, our stocking or our wholesale shipments were far below our retail (inaudible).

好吧，今年我們又進行了大規模的庫存削減。今年，我們的庫存或批發出貨量遠低於零售量（聽不清楚）。

Joe Altobello, Raymond James.

喬·阿爾托貝洛，雷蒙德·詹姆斯。

Steve, congrats and welcome aboard. So I just wanted to follow up on Craig's question in terms of the guidance, maybe the cadence. Obviously, Q1 is going to be a bit of a challenge here, but it sounds like you expect to return to growth later in the year. Are you guys assuming that the demand environment does improve in the spring, you're assuming -- or is the growth really coming from just lapping easier compares as we progress throughout the year?

史蒂夫，恭喜並歡迎加入。所以我只是想在指導方面，也許是節奏方面，跟進克雷格的問題。顯然，第一季將是一個挑戰，但聽起來您預計將在今年稍後恢復成長。你們是否認為春季的需求環境確實有所改善，或者成長真的來自於隨著我們全年的進步而變得更容易？

It's really that, Joe. We have our most difficult comp in Q1 versus last year. Last year, production was still elevated in Q1. And we've been conscious to keep our production level low here throughout the summer. We don't want to refill a channel that we just spend all that time and effort lowering. So we have a reactive capacity to support the market if this drives us to the good. And so we're being cautious here as we start the year.

確實如此，喬。與去年相比，我們在第一季遇到了最困難的比賽。去年第一季產量仍然較高。我們一直有意識地在整個夏天保持較低的生產水平。我們不想重新填充我們只是花費所有時間和精力來降低的通道。因此，如果這能推動我們朝好的方向發展，我們就有支持市場的反應能力。因此，在新年伊始，我們對此持謹慎態度。

Just a follow-up on the acquisition strategy. Obviously, given where your balance sheet is, as you mentioned, you've got plenty of dry powder here. You've talked about pontoons in the past. Is that still top of mind? Or are there other categories you might be looking into at this point?

只是收購策略的後續行動。顯然，正如您所提到的，鑑於您的資產負債表狀況，您這裡有很多乾粉。您過去曾談論過浮橋。這仍然是首要考慮的事情嗎？或者您目前可能正在考慮其他類別？

Joe, we had previously mentioned that [we're interested] in the pontoon sector. And then we're also looking at other ones that make sense to fit our portfolio. And as those arise, we'll entertain them.

喬，我們之前提到[我們對]浮橋產業感興趣。然後我們也在尋找其他適合我們投資組合的產品。當這些出現時，我們會招待他們。

Noah Zatzkin, KeyBanc Capital Markets.

Noah Zatzkin，KeyBanc 資本市場。

We've heard a lot from dealers, just concerns around affordability. So I was just wondering if you could kind of talk through kind of some of the new products that you mentioned rolling out for model year '25. And just any thoughts around addressing maybe some affordability concerns here. Thanks.

我們從經銷商那裡聽到了很多，只是擔心負擔能力。所以我只是想知道您是否可以談談您提到的 25 年車型推出的一些新產品。以及關於解決這裡可能存在的一些負擔能力問題的任何想法。謝謝。

Well, yes, affordability is certainly issue based in the industry. We have addressed that over the years by being trying to be more efficient and keep our pricing lower than our competitors and in particular, in the segue segment.

嗯，是的，負擔能力肯定是這個行業的問題。多年來，我們透過努力提高效率並保持低於競爭對手的價格來解決這個問題，特別是在 segue 領域。

Our prices are generally $20,000 to $30,000 a unit lower than the competition. We also have been focused on in driving efficiencies in our cost structure to minimize our pricing actions for 2025, and we've taken very modest pricing in aggregate. And in some of our product lines, we've actually held up flat or taken them down slightly.

我們的價格通常比競爭對手低 20,000 至 30,000 美元。我們也一直致力於提高成本結構的效率，以盡量減少 2025 年的定價行動，而且我們總體上採取了非常溫和的定價。在我們的一些產品線中，我們實際上保持不變或略有下降。

And just so I'm clear, for the model year '25, like it's kind of a low to mid-single-digit price increase as typical or how should we kind of think about that?

我很清楚，對於 25 年的車型，這是典型的低至中個位數的價格上漲，或者我們應該如何考慮這一點？

I'd say lower than typical. I'd say it's been in the low-single-digit.

我想說低於典型值。我想說的是，它一直處於低個位數。

Mike Albanese, The Benchmark Company.

麥克‧艾博尼斯 (Mike Albanese)，基準公司。

Steve, welcome and congratulations. Most of my questions answered at this point, but just a quick one as it relates to Tommy's. I think you said you completed and I want to confirm the repurchase of 19 units, which was far fewer than previous estimates. And can you just kind of refresh our memory here on what the original estimates were.

史蒂夫，歡迎並祝賀。我的大部分問題此時都已得到解答，但只是一個與湯米的問題相關的快速問題。我想你說你完成了，我想確認回購19個單位，這遠遠少於先前的估計。您能否讓我們回想一下最初的估計值。

Yeah, so we issued an 8-K back a few months back in the dollar amount of the repurchase would be $5.2 million. And the repurchase that we executed, I think was around $2.5 million, so a little less than half both in terms of dollar amount and units of what we were expecting at least initially. And I think they have moved through more units than we have anticipated and that's encouraging to us actually.

是的，所以我們幾個月前發行了 8-K 回購，回購金額為 520 萬美元。我認為我們執行的回購金額約為 250 萬美元，因此無論是金額還是單位數量都略低於我們至少最初預期的一半。我認為他們搬遷的單位比我們預期的要多，這實際上對我們來說是令人鼓舞的。

Fred Wightman, Wolfe Research.

弗雷德‧懷特曼，沃爾夫研究公司。

Just to come back to the dealer inventories. I think last quarter you said you felt like they were four weeks too high. I'm wondering if you could just give us an update on maybe where that stands versus target.

只是為了回到經銷商庫存。我想上個季度你說過你覺得四個星期太高了。我想知道您是否可以向我們提供有關當前情況與目標的最新情況。

Yeah, so we said there were four to five weeks high coming into the quarter, and we exited the quarter in line with historical trends. We made up a lot of ground in the fourth quarter. What we said earlier, I'm not sure if you caught it, but we do expect that dealers will continue to be looking to take their inventories level historical to '25, so we're expecting them to take their dealer inventories down, roughly 15% kind of mid-teen-ish percent, and that's implied in our guidance.

是的，所以我們說本季將出現四到五週的高點，我們將按照歷史趨勢退出本季。我們在第四節取得了很大的進展。我們之前說過，我不確定您是否明白，但我們確實預計經銷商將繼續尋求將其庫存水平降至 25 年的歷史水平，因此我們預計他們會大致降低經銷商庫存15% 左右，這是我們的指導中所暗示的。

And then just on the 4Q results, the sales were sort of in line with implied guide, but it looks like EBITDA was maybe a little bit light on the margin side. Was the delta just more promo than you had sort of factored in or expected? Or was it something else?

然後就第四季的業績而言，銷售額在某種程度上符合隱含的指導，但看起來 EBITDA 的利潤率可能有點低。三角洲的促銷活動是否比您考慮或預期的要多？還是別的什麼？

No. That's what it was. And yes, we were below our guidance range, but only slightly and our revenue came right in the middle of the range.

不，事情就是這樣。是的，我們低於我們的指導範圍，但只有一點點，我們的收入正好處於該範圍的中間。

And then I guess, just strategically, if we do start to see rate cuts, I know you guys mentioned that you're expecting the market challenges to persist near term, but how quickly do you think that consumers would start to respond to potential rate cuts? Is it immediately? Is it going to take a couple of cuts in a couple of quarters? How quickly do you think that will show up on the consumer side?

然後我想，從策略上講，如果我們確實開始看到降息，我知道你們提到過，你預計市場挑戰將在短期內持續存在，但你認為消費者會多快開始對潛在利率做出反應削減？是立即嗎？是否會在幾個季度內進行幾次削減？您認為這種情況多久會出現在消費者方面？

Fred, we were going to ask you that question. Seriously, we know it's going to be a positive for the long-term, deciphering the inflection point is going to be a challenge. And we're sitting here back in January talking with excitement about pending rate cuts and here we are. So we're hopeful. We think they will be beneficial the exact inflection point pretty hard to call. You probably know better than we do.

弗雷德，我們正想問你這個問題。說實話，我們知道從長遠來看這將是積極的，但解讀拐點將是一個挑戰。一月我們坐在這裡，興奮地談論即將到來的降息，而我們就在這裡。所以我們充滿希望。我們認為它們將是有益的，確切的轉折點很難確定。您可能比我們更了解。

Jaime Katz, Morningstar.

海梅·卡茨，晨星。

I guess my first question is on this normalized industry environment slide. And while we have some time to get there, I think historically, it's been such that even in a difficult environment, the EBITDA margins that would be generated are probably higher than what we're seeing in fiscal 2025.

我想我的第一個問題是關於這張標準化的產業環境投影片。雖然我們還有一些時間才能實現這一目標，但我認為從歷史上看，即使在困難的環境下，產生的 EBITDA 利潤率也可能高於我們在 2025 財年看到的水平。

So I guess, what kind of macro fundamentals and maybe top line fundamentals do we need to get back to that sort of mid-teen EBITDA margin? And if you can walk us back how you get there, that would be really helpful.

所以我想，我們需要什麼樣的宏觀基本面，也許還有頂線基本面才能恢復到 10 左右的 EBITDA 利潤率？如果您能帶我們回顧一下您是如何到達那裡的，那將非常有幫助。

In the past when we talked about that 15% EBITDA, it's been off of a down 25% to down 30% revenue picture off of the fiscal year '23 base. So it gets you roughly in that $1 billion revenue range. And so the difference between our guide, the midpoint of our guidance that and that dollar amount is the revenue logs roughly $150 million. So the leverage between that point and our guide is really what's making the difference.

過去，當我們談論 15% 的 EBITDA 時，我們的收入情況比 23 財年下降了 25% 到 30%。因此，它使您的收入大致處於 10 億美元的範圍內。因此，我們的指南、我們指南的中點和該美元金額之間的差異是收入約為 1.5 億美元。因此，這一點和我們的指南之間的槓桿作用才是真正產生差異的原因。

And then as we think about consumer behavior, has there been any different trend on cash versus finance purchases or anything like that, that you guys have been seeing?

然後，當我們考慮消費者行為時，你們看到現金購買與金融購買或類似的東西有什麼不同的趨勢嗎？

We haven't seen a change in that. And we're not surprised that we have given that rates have yet to move, but we expect that to rebalance once the rates come down and not to bring those credit buyers back in the market.

我們還沒有看到這方面的改變。對於利率尚未發生變化，我們並不感到驚訝，但我們預計，一旦利率下降，利率就會重新平衡，而不是將這些信貸買家帶回市場。

And then lastly, I guess it would be interesting to hear since the rhetoric out of the Fed is that rate cuts are coming. Has there been sort of an incremental pause as consumers wait for those to come in the last maybe month or two relative to what we saw before?

最後，我想聽到這個消息會很有趣，因為聯準會的言論是降息即將到來。與我們之前看到的情況相比，在過去一兩個月內，消費者等待這些產品的到來是否出現了某種增量暫停？

I don't think so. I mean I think our retail activity -- we've been fairly pleased with it here through the summer. So I don't see a pullback from that.

我不這麼認為。我的意思是，我認為我們的零售活動——整個夏天我們都對這裡的零售活動相當滿意。所以我認為這不會出現回調。

Thank you. I'm not showing any further questions at this time. This concludes today's conference call. Thank you for participating, and you may now disconnect.

謝謝。我目前不會提出任何進一步的問題。今天的電話會議到此結束。感謝您的參與，您現在可以斷開連接。