Malibu Boats Inc (MBUU) 2025 Q1 法說會逐字稿

I would like to comment on the hardships caused by the two hurricanes goes out to all of those effectively at Malibu.

我想對兩場颶風給馬里布的所有人員造成的困難發表評論。

Safety of our people, customers and dealers and communities is always paramount.

我們員工、客戶、經銷商和社區的安全始終至關重要。

Our Fort Pierce facilities experienced some delays, but we have if there's to minimize any disruptions to production and district fusion.

我們的皮爾斯堡工廠經歷了一些延誤，但我們已經盡量減少對生產和地區融合的干擾。

However, some of our partners have asked to delay shipments for a short amount of time as they work through operational challenges.

然而，我們的一些合作夥伴在應對營運挑戰時要求短暫推遲發貨。

We have incorporated that into our plan and expect no impact on our outlook for the fiscal year.

我們已將其納入我們的計劃，預計不會對我們本財年的前景產生影響。

Turning to the first fiscal quarter.

轉向第一財季。

As expected, we navigated a challenging market environment driven by continued macro economic factors and slower retail demand.

正如預期的那樣，在持續的宏觀經濟因素和零售需求放緩的推動下，我們度過了充滿挑戰的市場環境。

Net sales decreased by approximately 33% year over year as we maintained our focus on reducing channel inventories.

由於我們持續專注於減少通路庫存，淨銷售額年減約 33%。

While we are encouraged by the recent moves, we will need a sustained cycle of rate cuts, bring back payment buyers into the market.

雖然我們對最近的舉措感到鼓舞，但我們將需要持續的降息週期，將付款買家帶回市場。

Retail demand remains Changyou will likely remain challenging until payments.

零售需求依然存在，暢遊在支付之前可能仍將面臨挑戰。

As stated, our key focus has been undisciplined control over dealer inventories.

如上所述，我們的重點是對經銷商庫存的無紀律控制。

We ended Q1 showed sequential improvements in inventory aligned compare alignment compared to Q4, positioning us well for the coming quarters.

我們在第一季結束時顯示，與第四季相比，庫存連續改善，這為我們在未來幾季做好了準備。

In addition, our margin performance in the first quarter compared to prior quarter, which aligned with our expectations as promotional support return to more normalized levels.

此外，與上一季相比，我們第一季的利潤率表現符合我們的預期，因為促銷支持恢復到更正常的水平。

This tailwind, coupled with our resilient business model, highlighted by our variable cost structure, enables us to adapt quickly to changing market conditions and maintain financial stability.

這種順風，加上我們富有彈性的商業模式，以我們的變動成本結構為重點，使我們能夠快速適應不斷變化的市場條件並保持財務穩定。

Adding to the stability of our business, we are bringing the Tommy's matters to closure.

為了增加我們業務的穩定性，我們正在結束湯米的事件。

The trustee has liquidated nearly all of their remaining new Malibu and Axis inventory, as mentioned in prior discussions, are newly authorized dealers are up and running selling boats and providing great customers.

正如先前討論中所提到的，受託人已經清算了幾乎所有剩餘的馬里布和安訊士庫存，新授權的經銷商正在建立並經營銷售船隻並提供優質客戶。

And following the legal settlement announced earlier this month, which covers impacted locations, we are now turning our full attention to supporting our dealers and what ultimately improving our market share in these important markets where we will showcase our newest models, including the recently launched all new Malibu m. to 30 full par 31, the all new end to 30 exemplifies our commitment to luxury and advanced functionality model features the state-of-the-art Malibu command center with the new Malibu operating system, which allows for seamless way of control and process water sport options.

繼本月稍早宣布的涉及受影響地區的法律和解之後，我們現在將全部注意力轉向支持我們的經銷商，並最終提高我們在這些重要市場的市場份額，我們將在這些市場展示我們的最新車型，包括最近推出的所有車型新馬里布 M.到 30 桿滿桿 31 桿，全新的 30 桿體現了我們對豪華和先進功能的承諾，模型配備了最先進的 Malibu 指揮中心和新的 Malibu 操作系統，可實現無縫的控制和處理水方式運動選項。

Notable design elements include the easiest dashboard Locker and Max relax, OnDeck water sport enthusiasts.

值得注意的設計元素包括最簡單的儀表板 Locker 和 Max Relax，水上運動愛好者的 OnDeck。

We are also thrilled to introduce the all new cobalt, our 31st, the latest addition to our cobalt lineup.

我們也很高興推出全新的鈷，這是我們的第 31 種鈷，也是我們鈷產品系列的最新成員。

This luxury day vote is designed to embody the exceptional quality and innovative features that have become the hallmark of the cobalt Brent forward to showcasing our lineup at the Fort Lauderdale International Boat Show.

這次豪華日投票旨在體現卓越的品質和創新功能，這些功能已成為鈷布倫特遠徵船的標誌，以在勞德代爾堡國際船舶展上展示我們的陣容。

Early feedback from dealers has been very positive, reinforcing our confidence in our industry leading innovation, further solidifying our leadership in printers and customer experience separately as a testament eating innovation, we are pleased to announce that our 2020 for Malibu wake center, Steve, this honor.

經銷商的早期反饋非常積極，增強了我們對行業領先創新的信心，進一步鞏固了我們在打印機和客戶體驗方面的領導地位，分別作為飲食創新的證明，我們很高興地宣布，我們的2020 年馬裡布喚醒中心，史蒂夫，這榮譽。

This award reflects our consistent delivery of performance and quality that our customers have come to expect a reinforcing our leadership position.

該獎項反映了我們始終如一地提供性能和質量，客戶期望我們能夠鞏固我們的領導地位。

In the towboats segment, we can continue to see positive across our brands.

在拖船領域，我們可以繼續看到品牌的正面。

On a trailing 12-month basis through June, total continues to gain share side buyer Stern Drive segment gaining 200 basis points.

截至 6 月的過去 12 個月，Total 繼續增加份額，買家 Stern Drive 細分市場上漲 200 個基點。

Within Cobalt's 22 to 24 foot model segment, which introduced our new road County, Tennessee facility, we have gained over 250 basis points of share.

在 Cobalt 的 22 至 24 英尺車型細分市場（該細分市場引入了我們在田納西州縣的新公路工廠）中，我們獲得了超過 250 個基點的份額。

And lastly, Pathfinder, which is represented by our bare boat segment, has gained 400 basis points of share.

最後，以我們的光船業務為代表的探路者（Pathfinder）獲得了 400 個基點的份額。

We continue to make great strides in our vertical integration initiatives recently completed the move of Malibu electronics and are now fully producing wiring harnesses out of our new Roan County facility.

我們在垂直整合計劃方面繼續取得重大進展，最近完成了 Malibu 電子公司的搬遷，現在正在從我們的新羅恩縣工廠全面生產線束。

This fully integrated and footprint enhances our operational efficiency and positions us for the growth as market conditions recover.

這種完全整合和覆蓋範圍提高了我們的營運效率，並使我們能夠隨著市場狀況的復甦而成長。

As we discussed two months ago, we have taken the necessary actions to reset the business.

正如我們兩個月前討論的那樣，我們已經採取了必要的行動來重置業務。

Therefore, we are maintaining our full year guidance.

因此，我們維持全年指引。

Dealer inventory with historical averages, allowing us to better align wholesale shipments with retail demand.

經銷商庫存符合歷史平均水平，使我們能夠更好地調整批發發貨與零售需求。

Our capacity expansion projects are also complete, giving us the ability to increase shipments to the retail market returned to growth sooner than anticipated.

我們的產能擴張項目也已完成，使我們能夠增加零售市場的出貨量，從而比預期更快恢復成長。

We expect to see sequential improvement throughout the year in the top and bottom lines as wholesale shipments pickup.

我們預計，隨著批發出貨量的回升，全年的營收和利潤將持續改善。

As I continue to engage more deeply with the business, I am pleased to announce that we are planning to host an Investor Day in calendar year 2025.

隨著我繼續更深入地參與業務，我很高興地宣布，我們計劃在 2025 年舉辦投資者日。

At the event, we will discuss our long-term strategy and outline our approach to sustain growth, operational excellence, product innovation.

在活動中，我們將討論我們的長期策略，並概述我們維持成長、卓越營運和產品創新的方法。

I look forward to sharing more details soon and excited about the future of our business.

我期待盡快分享更多細節，並對我們業務的未來感到興奮。

I'll 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，請其對本季發表進一步評論。

Thanks, Steve.

謝謝，史蒂夫。

Our results in the first quarter were slightly above our expectations.

我們第一季的業績略高於我們的預期。

Net sales decreased 32.9% to $171.6 million, and unit volume decreased 39.7% to 1,024 units.

淨銷售額下降 32.9%，至 1.716 億美元，銷量下降 39.7%，至 1,024 台。

The decrease in net sales was driven primarily by decreased unit volumes across all segments, early from decreased wholesale shipments, partially offset by favorable model mix and modest inflation driven year-over-year price increases.

淨銷售額的下降主要是由於所有細分市場的單位銷售下降所致，早期是由於批發出貨量下降，但部分被有利的車型組合和溫和的通膨驅動的同比價格上漲所抵消。

The Malibu and Axis brands represented approximately 37.5% of unit sales of saltwater fishing represented 29.3%, and cobalt made up the remaining 33.2%.

Malibu 和 Axis 品牌約佔鹹水釣魚單位銷售的 37.5%（佔 29.3%），鈷佔剩餘的 33.2%。

Consolidated net sales per unit increased 11.2% to $167,559 per unit, primarily driven by favorable model mix and modest inflation driven year over year prior.

每台綜合淨銷售額成長 11.2%，達到每台 167,559 美元，這主要是由於有利的車型組合和溫和的通貨膨脹推動的。

The increase in gross profit decreased 50.3% to $28.2 million, and gross margin was 16.4%.

毛利增幅下降50.3%至2,820萬美元，毛利率為16.4%。

This compares to a gross margin of 22.2% in the prior year period.

相比之下，去年同期的毛利率為 22.2%。

The decrease in gross margin was driven primarily by by lower net sales associated with a nearly 40% reduction in unit volume.

毛利率下降的主要原因是單位銷售減少近 40%，導致淨銷售額下降。

Cost of sales decreased 28% in a period where revenues declined 33%, demonstrating our operational excellence and highly variable cost structure in line with our historical range of 80% to 90% sequentially, gross margins improved by 850 basis points, primarily due to a return to more normalized levels of promotional support as a selling and marketing expense decreased 15.4% in the first quarter.

在收入下降33% 的時期，銷售成本下降了28%，證明了我們卓越的營運能力和高度可變的成本結構，符合我們連續80% 至90% 的歷史範圍，毛利率提高了850 個基點，這主要是由於隨著第一季銷售和行銷費用下降 15.4%，促銷支援恢復到更正常的水平。

The decrease was driven primarily by lower event costs as a percentage of selling and marketing expense increased versus the prior year by 60 basis points to 2.8%.

下降的主要原因是活動成本降低，銷售和行銷費用比例較前一年增加了 60 個基點，達到 2.8%。

General and administrative expenses increased 36% or 6.5 million.

一般及行政費用增加 36%，即 650 萬元。

The decrease was driven timing, increased compensation related expenses and higher legal fees, inclusive of the 3.5 million legal settlement.

下降的原因是時間安排、補償相關費用增加以及法律費用增加，其中包括 350 萬美元的法律和解費用。

Steve, for the time you sustain previously mentioned by Steve.

史蒂夫，你支持史蒂夫之前提到的時間。

As a percentage of sales, G&A expenses increased 780 basis points versus the prior year to 1.9%.

G&A 費用佔銷售額的百分比比前一年增加 780 個基點，達到 1.9%。

Gaap net income for the quarter decreased 100.8% versus prior year to a net loss of 5.1 million.

該季度公認的會計準則淨利潤比去年同期下降 100.8%，淨虧損 510 萬美元。

Adjusted EBITDA for the quarter decreased 74.6% to 9.9 million, and adjusted EBITDA margin decreased to 5.8% from 15.2%.

該季度調整後 EBITDA 下降 74.6% 至 990 萬美元，調整後 EBITDA 利潤率從 15.2% 下降至 5.8%。

Non-gaap adjusted fully distributed net income per share decreased 92.9% to $0.08 per share.

非 GAAP 調整後完全分配每股淨利下降 92.9%，至每股 0.08 美元。

This is calculated using a normalized C corp rate of 24.5% and a fully distributed weighted average share count of approximately 20.6 million shares.

這是使用 24.5% 的標準化 C 型公司比率和約 2,060 萬股的完全分配加權平均股數計算得出的。

Ours.

我們的。

For a reconciliation of GAAP metric, adjusted EBITDA and adjusted fully distributed net income per share.

對於 GAAP 指標、調整後 EBITDA 和調整後完全分配每股淨利潤的調整。

Please see the tables in our earnings release.

請參閱我們的收益報告中的表格。

Turning our attention to capital, we continued to execute on our capital allocation priorities by repurchasing 10 million of stock in the quarter.

將注意力轉向資本，我們繼續執行資本配置優先事項，本季回購了 1,000 萬股股票。

Capital expenditures in the quarter were 8.6 million, putting us on track to our expected 30 to 35 million in capital expenditure levels for the fiscal year.

本季的資本支出為 860 萬美元，這使我們有望實現本財年 3,000 至 3,500 萬美元的資本支出水準。

Our strong balance sheet and ample liquidity gives us the ability to invest in our core business and pursue value-creating acquisition.

我們強大的資產負債表和充足的流動性使我們有能力投資於我們的核心業務並追求創造價值的收購。

Turning our attention to the full year, our view of the market has not changed since we last updated you during the Q4 earnings call.

將我們的注意力轉向全年，自從我們上次在第四季度財報電話會議期間向您通報最新情況以來，我們對市場的看法沒有改變。

Enlist, the market continues to be challenging.

入伍，市場仍充滿挑戰。

The long anticipated interest rate cuts have begun, which is a positive, but time will tell how many more cuts are required for payment buyers to return to the market.

期待已久的降息已經開始，這是積極的，但時間會告訴我們還需要降多少次才能讓支付買家重返市場。

As discussed previously, we expect there to continued decline in retail demand for the remainder of the fiscal year, albeit at a rate reduced rate of the decline from last year, we ought to expect our dealers to maintain a heightened focus on reducing their inventory below historical levels.

正如之前所討論的，我們預計本財年剩餘時間內零售需求將持續下降，儘管下降幅度較去年有所放緩，但我們應該預計我們的經銷商將繼續高度重視將庫存減少到低於歷史水平。

We remain confident in our ability to execute our long-term strategy despite the near-term uncertainties.

儘管近期存在不確定性，但我們仍然對執行長期策略的能力充滿信心。

Therefore, we are keeping our fiscal year 2020 outlook unchanged for the full fiscal year.

因此，我們維持 2020 財年整個財年的展望不變。

We continue to expect a year over year net sales increase of low single digit percentage points.

我們繼續預期淨銷售額將年增率較低的個位數百分點。

For Q2, we expect net sales to be up sequentially and down high single digit percentage points on a year-over-year basis.

對於第二季度，我們預計淨銷售額將環比成長，但同比下降高個位數百分點。

Given the challenging prior-year comparison, this is our last challenging comparison of the year.

鑑於去年的比較具有挑戰性，這是我們今年最後一個具有挑戰性的比較。

We expect our sales to return to growth in the back half of the year.

我們預計我們的銷售額將在今年下半年恢復成長。

We continue to expect consolidated adjusted EBITDA margin for the full fiscal year to range between 10% to 12%.

我們繼續預計整個財年綜合調整後 EBITDA 利潤率將在 10% 至 12% 之間。

For Q2, we expect adjusted EBITDA margins of mid single digit as we maintain auction levels and a focus on dealer inventories.

對於第二季度，我們預計調整後的 EBITDA 利潤率為中個位數，因為我們維持拍賣水準並專注於經銷商庫存。

Our performance in the first quarter came in as expected, underscoring our on reducing channel inventories and normalizing promotional spending.

我們第一季的業績符合預期，凸顯了我們在減少通路庫存和規範促銷支出方面的努力。

We expect this progress to continue and provide tailwinds for the remainder of the year, particularly in the back half where comparisons ease.

我們預計這一進展將持續下去，並為今年剩餘時間提供動力，特別是在比較緩和的下半年。

We are encouraged to see an interest rate cuts.

我們很高興看到降息。

And given the strength of the innovation we're bringing to market, we are eagerly anticipating the boat show season.

鑑於我們向市場推出的創新力量，我們熱切期待遊艇展季節。

We remain optimistic about our competitive positioning in the industry and are prepared to support a resurgence in demand when the market recovers.

我們對我們在行業中的競爭地位保持樂觀，並準備在市場復甦時支持需求的復甦。

Until then our rebuilt resilient business model, flexible cost structure and vertical integration strategies allow us to generate strong cash flow low and execute on our capital allocation priorities.

在此之前，我們重建的彈性業務模式、靈活的成本結構和垂直整合策略使我們能夠產生強勁的現金流，並執行我們的資本配置優先事項。

We are confident that our strategies, combined with our strong brand portfolio and dedicated team, will drive long-term growth and value creation for shareholders.

我們相信，我們的策略與強大的品牌組合和敬業的團隊相結合，將推動股東的長期成長和價值創造。

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

至此，我想開始提問。

Thank you.

謝謝。

As a reminder to ask a question, you will need to press star one on your touch tone telephone.

作為提問提醒，您需要按按鍵式電話上的星號一。

If your question has been answered or you wish to withdraw your question, please stand by while we compile the Q&A roster.

如果您的問題已得到解答或您希望撤回問題，請稍候，我們正在整理問答名冊。

First question from Eric Wold with B. Riley Securities.

第一個問題來自 B. Riley Securities 的 Eric Wold。

Please go ahead.

請繼續。

Thank you.

謝謝。

Good morning, everyone.

大家早安。

Couple of questions from.

來自的幾個問題。

I guess just first of all on, can you maybe dig a little bit more into the strength of AST.s in the quarter and how sustainable you think these levels can be going forward?

我想首先，您能否進一步深入了解本季 AST.s 的實力以及您認為這些水準未來的可持續性如何？

I guess your orders from the dealers now that inventories have normalized, are you seeing a kind of upward or downward shift in timing of options and kind of what not baked into the models are ordering?

我想既然庫存已經正常化，您從經銷商收到的訂單是否會出現某種向上或向下的變化，以及未納入模型的訂購時間？

And then as far as payment and buyers return to the market, how would you expect that to skew ASP.s, digital and have a follow-up?

然後，就付款和買家重返市場而言，您預計這會如何影響 ASP、數位化並有後續行動？

Yes.

是的。

Well, a generic, what I would say is it's really driven a lot by the mix and just where the market is right now.

好吧，我想說的是，它實際上很大程度上是由組合和當前市場狀況所驅動的。

So it's of the premium cash buyers that are driving the market.

因此，推動市場的是優質現金買家。

And we have a premium offerings that we're bringing to market right now, particularly this year and Malibu, that the new models that we're introducing are all in the Malibu line, and they're they're very premium models.

我們現在正在向市場推出優質產品，特別是今年和 Malibu，我們推出的新型號都屬於 Malibu 系列，而且它們都是非常優質的型號。

And so within the within the quarter, that's really, you know, has been a big driver of our SP.s.

因此，在本季度內，這確實是我們 SP 的一大推動力。

Was that skewing towards towards the mental models?

這是否偏向心理模型？

Tom, Kia and saltwater as well continues to be driven by the by the larger up pursuits.

湯姆、起亞和鹹水也繼續受到更大追求的推動。

And we've invested in the Covia product lines as well, which are driving the mix there as well.

我們還投資了 Covia 產品線，這也推動了那裡的混合。

So on a pretty strong mix in Q. one guy.

所以在 Q. 一個人中，有一個相當強的組合。

Thank you.

謝謝。

And then I know at this stage of the year, the boat show season right now, as you mentioned that your margins were benefited by your promotional activity kind of returning to more normalized levels, or would you expect to see at the boat shows, are you seeing from competitors in your markets right now in terms of their promotional activity from?

然後我知道在今年的這個階段，現在的船展季節，正如您提到的，您的利潤受益於您的促銷活動，有點恢復到更正常的水平，或者您希望在船展上看到，是您現在從市場上的競爭對手那裡看到他們的促銷活動？

And how do you think that kind of plays out the budget season?

您認為預算季的表現如何？

Is there still a little bit too heavy in inventory in their markets?

他們的市場庫存是否仍然有點過多？

Hey, Eric.

嘿，艾瑞克。

We expect it to be a competitive.

我們預計這將是一場有競爭力的比賽。

I mean, we we saw sequentially our promotional spending improved as expected because we invested so heavily in Q4 to get our inventories are in a good spot, Tom, they were lower Q1, but they were not lower on a year-over-year basis.

我的意思是，我們看到我們的促銷支出按預期有所改善，因為我們在第四季度投入了大量資金，以使我們的庫存處於良好狀態，湯姆，第一季的庫存較低，但同比並沒有降低。

We continue to expect it to be additive retail market.

我們繼續預計它將是添加劑零售市場。

Understood.

明白了。

Thank you.

謝謝。

Thinking.

思維。

Next question is from Craig Kennison with Baird.

下一個問題來自 Craig Kennison 和 Baird。

Please go ahead.

請繼續。

Hey, good morning, and thank you for taking my questions.

嘿，早上好，謝謝你回答我的問題。

Have Steve, it's been about 100 days since you've been Chair.

史蒂夫，您擔任主席已經大約 100 天了。

And I'm just curious what observations you've made about in opportunities or challenges now that you've had a chance to operations really the core of the business?

我只是好奇，既然您有機會真正經營業務的核心，您對機會或挑戰有何看法？

I think Theodore, if you look at the history of Malibu's, been particularly strong on aspect of our business, being able to jump into it deeper with Ritchie and learning a lot of payments and solidifies what I thought going in in watches, that pillar of strength of our business.

我認為西奧多，如果你看看馬里布的歷史，在我們的業務方面特別強大，能夠與里奇一起深入研究並學習很多支付知識，並鞏固了我對手錶的看法，這是手錶的支柱。

So that was good to see the market dynamics theater or challenge of what the current customers and how we look at payment buyers and so forth as we as we alluded to earlier in the call.

因此，很高興看到市場動態或當前客戶面臨的挑戰以及我們如何看待支付買家等，正如我們在電話會議中早些時候提到的那樣。

So we'll continue to monitor the the industry, monitor the consumer will look to how do we sharpen our game, you know, on how to drive demand to our stores and help you work with our dealers to maximize retail to the fullest potential.

因此，我們將繼續監控行業，監控消費者將關注我們如何提高我們的遊戲，你知道，如何推動我們商店的需求，並幫助您與我們的經銷商合作，最大限度地發揮零售潛力。

While we're in this kind of wondering this down cycle a little bit.

當我們正處於這種下行週期時，我們有點想知道。

And when it returns ITO and the number I think we're in, we're positioned well to do well so far.

當它返回 ITO 和我認為我們所處的數字時，我們目前處於良好的位置，可以做得很好。

So good companies, good, really good position.

這麼好的公司，很好，非常好的位置。

I've got more confidence in where we're going to have strengthened.

我對我們將要加強的地方更有信心了。

Our will continue to work our commercial cyber business due to a to meet demand.

為了滿足需求，我們將繼續進行我們的商業網路業務。

And two.

還有兩個。

Thanks.

謝謝。

And I'm wondering, you know, and you came from the powersports world, just the nature of that distribution channel that seemed to be there seem to be an incentive to for OEM.s to take up as much showroom space is possible, otherwise they would lose share.

我想知道，你知道，你來自動力運動世界，似乎存在的分銷管道的性質似乎激勵 OEM 佔用盡可能多的展廳空間，否則他們會失去份額。

Is that dynamic similar in both?

兩者的動態相似嗎？

Or do you feel like you have more partnership arrangements with your with your boat dealers such that if you've got a key brand in a category, you don't have to act irrationally with respect to how you plan inventory for that dealer?

或者您覺得您與船舶經銷商有更多的合作夥伴關係，這樣如果您在某個類別中擁有一個關鍵品牌，您就不必在如何為該經銷商計劃庫存方面採取不合理的行動？

Yes, I think that there is the difference between marine and power sports.

是的，我認為海洋運動和力量運動之間是有區別的。

Clearly the size of the unit itself, right, create for a share of floor.

顯然，單位本身的大小，對，創造了一個共享的地板。

But the other relationships of how present the brands, some of the some of the marine segments of the dealers are only carrying one brand in that particular segment.

但是，如何呈現品牌的其他關係是，經銷商的一些船舶部門僅在該特定部門中擁有一個品牌。

So for so the data mix or different partnership is that the core in both industries right at partnering with the dealers is that the core.

因此，資料混合或不同的合作關係是這兩個產業的核心，與經銷商的合作就是核心。

And that's what we plan on doing and or heading to our Malibu dealer by dealer show here in a couple of days.

這就是我們計劃要做的事情，或者幾天後前往我們的馬里布經銷商舉辦的經銷商展會。

And with the dealer council and continue to meet dealers across the business.

並與經銷商委員會一起繼續與整個企業的經銷商會面。

So eventually pursue dealer meeting sent to the cobalt dealer meeting and continue to really engage dealers and learn and understand what challenges and what opportunities there are in their businesses and how we can be a better OEM.

因此，最終將經銷商會議發送到鈷經銷商會議上，並繼續真正讓經銷商參與進來，學習和了解他們的業務中存在哪些挑戰和機遇，以及我們如何成為更好的 OEM。

So it's been educational.

所以這是有教育意義的。

It's been different in power sports rights.

力量體育權利方面則有所不同。

As noted, we'll continue to work to make sure in the marine space.

如前所述，我們將繼續努力確保海洋空間的安全。

We're AAOEM. that dealers want to be part of our business and be a partner with as we grow our business together.

我們是 AAOEM。經銷商希望成為我們業務的一部分，並成為我們共同發展業務的合作夥伴。

The next question comes from Joe Altobello with Raymond James.

下一個問題來自喬·阿爾托貝洛和雷蒙德·詹姆斯。

Please go ahead.

請繼續。

Thanks.

謝謝。

Hey, guys.

嘿，夥計們。

Good morning.

早安.

I guess first question for you, Steve, in your prepared remarks, you mentioned the quarter was a little better than you expected, kind of at a high level.

我想你的第一個問題是，史蒂夫，在你準備好的發言中，你提到這個季度比你預期的要好一些，有點高水準。

What drove that?

是什麼推動了這一點？

It seemed like sales were better margins better.

銷售似乎更好，利潤也更好。

I assume that's related, but what was the positive surprise in the quarter?

我認為這是相關的，但本季的積極驚喜是什麼？

The positive, the head of the new product's been doing really well.

正面的一面是，新產品的負責人做得非常好。

Innovation continues to pay off in terms of driving share, satisfying customers.

創新在提高份額、滿足客戶方面持續取得回報。

Those those are the both both Malibu.

那些都是馬里布。

What we've seen in our pursuit had been helping us in the first quarter, and it's again been the core of this business.

我們在追求中所看到的在第一季對我們有所幫助，並且它再次成為這項業務的核心。

And so that's kind of really where it mainly has been.

這就是它主要存在的地方。

Got it.

知道了。

And just to follow-up on that, I was surprised to hear that the promotional environment sounds like it's even a little bit on how much of that is seasonal.

為了跟進這一點，我很驚訝地聽到促銷環境聽起來甚至有點取決於其中有多少是季節性的。

I think it is a little bit seasonal.

我認為這有點季節性。

It's also, you know, us having our inventories under control smartly, what the dealers to get those in the right physicians.

您知道，我們也可以巧妙地控制庫存，經銷商可以將這些庫存交給合適的醫生。

And as we're entering the boat show season, as we said, we'll monitor where promotional.

正如我們所說，隨著我們進入船展季節，我們將監控促銷活動。

We're encouraged.

我們深受鼓舞。

Fort Lauderdale.

勞德代爾堡。

We're optimistic about the the boat show, but time will tell you over the weekend.

我們對遊艇展持樂觀態度，但時間會在周末告訴你答案。

So right now, I think it's a little seasonal.

所以現在，我認為這有點季節性。

I think at some other competitors work it through reduction of their inventories, but we're in pretty good shape.

我認為其他一些競爭對手透過減少庫存來實現這一目標，但我們的狀況相當不錯。

And I think we're a little will continue to monitor what's necessary to be competitive.

我認為我們將繼續監控保持競爭力所需的一切。

Okay, super.

好吧，超級。

Thank you.

謝謝。

Supply.

供應。

The next question from Noel Atkinson with KeyBanc Capital Markets.

下一個問題來自 KeyBanc Capital Markets 的 Noel Atkinson。

Please go ahead.

請繼續。

Hi, thanks for taking my question.

您好，感謝您提出我的問題。

Maybe just one on the kind of M&A front.

也許只是併購方面的一個。

I guess the thought process kind of remain the same or changed around potentially kind of pursuing content the good numbers, but go ahead, Steve.

我想思考過程會保持不變，或者會圍繞潛在的追求內容和好的數字而改變，但繼續吧，史蒂夫。

I thought process hasn't changed.

我以為流程沒有改變。

It remains an option for us.

它仍然是我們的一個選擇。

The what we've said previously is that we're looking for value creating M&A opportunities.

我們之前說過，我們正在尋找創造價值的併購機會。

If we get the right opportunity, we'll take a look at if it makes sense for our business, we may move forward, but pontoons continue to be in.

如果我們得到合適的機會，我們會考慮這對我們的業務是否有意義，我們可能會繼續前進，但浮橋仍會繼續存在。

Are you not an option for us if it makes sense.

如果有意義的話，你不是我們的選擇嗎？

Thanks.

謝謝。

And not put too fine.

而且不要放得太細。

A point on it.

對此有一點。

Have you given on kind of like unit in terms of industry retail units?

您是否提供過類似的行業零售單位？

And then I guess I guess, relatedly, like maybe within your plan, how you're thinking about rate cuts and magnitudes?

然後我想我想，相關地，就像在你的計劃中一樣，你如何考慮降息和降息幅度？

Thanks.

謝謝。

Yes, we don't give specific unit guidance and but we have shared that we expect the retail markets that we participate in to be down mid single digit range.

是的，我們沒有給出具體的單位指導，但我們已經表示，我們預計我們參與的零售市場將下降到個位數中位數。

We have shared that, and that's what we continue to use.

我們已經分享了這一點，並且我們將繼續使用這一點。

Thanks.

謝謝。

And then just I'm just not big cuts in the plan on how you're kind of thinking about.

然後我並不會根據你的想法對計劃進行大幅削減。

Yes.

是的。

What I'd say we don't we don't speculate on the interest rate cuts.

我想說的是，我們不會猜測降息。

We don't build the forecast on interest rate cuts from.

我們不會對降息做出預測。

So we just deal with with the cards that we have visible in our hands, and that's factoring into that industry down in the mid single digit percentage range.

因此，我們只處理我們手中可見的牌，這使得該行業的百分比下降到中間個位數的百分比範圍內。

We would love to be pleasantly surprised the future.

我們很樂意為未來帶來驚喜。

As you know, there is enough cuts to kind of re rekindle that at the activity of the payment buyers.

如您所知，有足夠的削減可以在付款買家的活動中重新點燃這一點。

And and so that's given how we schedule our factories and how we have the ability to ramp and respond with the cash capacity that we have in place.

因此，考慮到我們如何安排工廠以及我們如何有能力利用現有的現金能力來擴大和應對。

We're confident we can we can support an upturn in the environment if that materializes.

我們相信，如果這個目標成為現實，我們能夠支持環境的改善。

Thank you.

謝謝。

Thank you.

謝謝。

The next question comes from Chris and Brian with DA Davidson.

下一個問題來自克里斯、布萊恩和地方檢察官戴維森。

Please go ahead.

請繼續。

I showed it seems like retail specifically within the Seaway category, it looks pretty good relative to the rest of the categories.

我展示了它似乎是專門針對 Seaway 類別的零售，相對於其他類別，它看起來相當不錯。

I guess kind of like what do you attribute this to have any indication at this continued through October?

我想你認為這是什麼原因導致這種情況持續到十月？

Yes.

是的。

What I would say is we There always seems to be a little bit of a lag of when we see things covenant, internal warranty registration and when some of the flow through SS., I mean side, I think what you're seeing some of our Q4 promotion activities showing up in the numbers as well as the Tommy's liquidation event really kicked into high gear in September timeframe.

我想說的是，當我們看到契約、內部保固註冊以及某些流程通過 SS 時，似乎總是有一點滯後。活動以及Tommy's 清算活動在9 月的時間範圍內真正進入了高潮。

So those boats are starting to flow through the SSI on numbers as well.

因此，這些船隻也開始在數量上流經 SSI。

Got it.

知道了。

And then what that hurricane impacts there, any early signs that there will be sizable insurance claims that can help with dealer destocking for your products specifically?

那麼颶風對那裡有何影響，是否有任何早期跡象表明將會有大量保險索賠，可以幫助經銷商專門為您的產品減少庫存？

That's that's counting on insurance companies to pay quickly enough to get people to to have the cash in their pocket to find new boat is not something I want to base my my my guidance on that we would we would we hear anecdotally that there will likely be some some activity that takes place, but I wouldn't really want to speculate on the exact timing of that of that activity.

那就是指望保險公司足夠快地付款，讓人們口袋裡有現金去尋找新船，這不是我想要的指導，我們會聽到傳聞說可能會有發生了一些活動，但我真的不想推測該活動的確切時間。

Understood.

明白了。

Thank you.

謝謝。

Findings from Greg Badishkanian.

格雷格·巴迪什卡尼安 (Greg Badishkanian) 的發現。

Hey, guys, it's Fred Wightman on for Greg.

嘿，夥計們，弗雷德·懷特曼（Fred Wightman）替補格雷格（Greg）。

I just I wanted to come back to the hurricane impact.

我只是想回到颶風的影響。

I think you made a comment that some of the shipments the dealers had asked for some delays or deferrals in shipments tied to the storms.

我想您曾評論說，經銷商要求部分發貨因風暴而延遲或推遲。

I'm wondering if that in any way showed up in the reported 1Q results, if that's more of a shift to the back half of the year versus how you sort of thought the year, what would shake out initially?

我想知道這是否以任何方式出現在報告的第一季業績中，如果這更多的是今年下半年的轉變，而不是你今年的想法，那麼最初會發生什麼？

And if you could just help us with what, if any timing shift might be bad.

如果你能幫助我們解決什麼，如果有任何時間轉變可能會很糟糕。

Yes, Red Hat.

是的，紅帽。

Yes, Fred, I would just say is it's minimal, minimal shift from what we might have shifting in Q what into the back half.

是的，弗雷德，我只想說，這是從我們可能在 Q 中轉移到後半部分的最小的、最小的轉變。

So but it's a modest impact.

所以，但這只是一個適度的影響。

Okay.

好的。

That's helpful.

這很有幫助。

In the past really last quarter, you had talked about some market share impact from those impacted Tommy's mark.

在過去的最後一個季度，您談到了那些影響湯米品牌的市場份額的影響。

And wondering if you're still seeing those former Tommy's markets, underperformer lag from a share perspective for fits kind of closer to what you're seeing broadly?

想知道您是否仍然看到那些前湯米市場，從股票角度來看表現不佳的市場是否更接近您所看到的情況？

Yes.

是的。

I mean, the Tommy's market in are starting now to see that liquidation activity go through those markets.

我的意思是，湯米市場現在開始看到清算活動通過這些市場。

And up until that time, it's been a pretty big drag on us.

直到那時，這對我們來說都是一個很大的拖累。

I would expect that it's going to be for the next couple of months as those boats flush through SSI.

我預計這將在接下來的幾個月內發生，因為這些船將通過 SSI。

And then as when we get back to a more normalized where where our new dealers are, the ones that are in and in share of market share battles in their respective markets, Morningstar, please go ahead.

然後，當我們回到更正常化的狀態時，我們的新經銷商，那些在各自市場上參與市場份額爭奪戰的經銷商，晨星，請繼續。

Hi.

你好。

I wanted to ask about the line in your press release story, right, exit the rate that you're seeing signs from a macro perspective.

我想問一下你的新聞稿中的那句話，對吧，退出率，你從宏觀角度看到了跡象。

I think there are actually a little bit different in the commentary.

我認為評論中實際上有些不同。

And now I'm curious if maybe that's something beyond just the start of interest rate?

現在我很好奇這是否不僅僅是利率的開始？

No, I think it's of interest rate cuts.

不，我認為是降息。

I mean, we've been talking about them for a long time.

我的意思是，我們已經談論它們很長時間了。

They've actually now started to happen.

它們現在實際上已經開始發生。

I think that's that was the spirit behind that comment.

我認為這就是該評論背後的精神。

We're also like like we've been commenting on the we work hard to help our dealer partners get get their inventories back in line as fiscal year.

我們也像我們一直在評論的那樣，我們努力幫助我們的經銷商合作夥伴讓他們的庫存恢復到財政年度的水平。

And so we feel like we're going into the boat show season where the interest rates now started to come down with a great model lineup and a pretty healthy, pretty healthy inventory going into going into the show.

因此，我們感覺我們即將進入船展季節，隨著出色的模型陣容和相當健康的庫存進入展會，利率現在開始下降。

So that's probably maybe that a little more color on that spirit of optimism comment.

因此，這可能是樂觀評論的更多色彩。

Okay.

好的。

And then can you give us some color on input cost inflation?

那麼您能給我們一些關於投入成本通膨的資訊嗎？

And I'm thinking about Enagas that improve with higher the back half of the year.

我正在考慮 Enagas 會在今年下半年有所改善。

Are there some break points that may be out you have any input cost inflation you guys are seeing and just sort of what you expect there?

是否存在一些斷點，可能是因為您所看到的投入成本通膨以及你們所期望的？

Thanks.

謝謝。

Yes.

是的。

I mean, I guess what I would say, Jamie, is that when you know, very modest inflation, I mean, certainly has come down quite substantially from where it was a little bit.

我的意思是，傑米，我想我想說的是，當你知道時，我的意思是，非常溫和的通貨膨脹肯定已經從原來的一點點大幅下降了。

I'm not really seen it come down though.

但我並沒有真正看到它下降。

I mean, it's not turned into into deflation.

我的意思是，它並沒有變成通貨緊縮。

And I wouldn't I wouldn't expect that that will be where we'll see, you know, tailwinds on margin.

我不會，我不會指望這會是我們會看到的，你知道的，利潤率的順風車。

I would say, you know, we'll get as volumes increase.

我想說，你知道，隨著銷量的增加，我們會得到的。

That will be more of a volume leverage on our on a more fixed costs with within the cost of sales line, we'll see the benefits.

這將在銷售線成本範圍內對我們的更固定成本產生更多的銷售槓桿，我們將看到好處。

Great.

偉大的。

Thanks.

謝謝。

Thank you.

謝謝。

I am not showing any further questions at this time.

我目前不會提出任何進一步的問題。

This concludes today's conference call.

今天的電話會議到此結束。

Thank you for participating.

感謝您的參與。

You may now disconnect.

您現在可以斷開連線。