Malibu Boats Inc (MBUU) 2025 Q2 法說會逐字稿

Good morning and welcome to the Malibu Boats conference call to discuss second-quarter fiscal year 2025 results. (Operator instructions) And as a reminder, today's call is being recorded. (Operator instructions)

早安，歡迎參加 Malibu Boats 電話會議，討論 2025 財年第二季業績。(操作員指示)提醒一下，今天的通話正在被錄音。（操作員指令）

On the call, today from management are Mr Steve Menneto, Chief Executive Officer; and Mr. Bruce Beckman, Chief Financial Officer.

今天參加電話會議的管理階層成員包括執行長 Steve Menneto 先生；以及財務長 Bruce Beckman 先生。

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

現在我將把電話轉給貝克曼先生，讓他開始發言。請繼續。

Thank you and good morning everyone. Joining me on today's call is our CEO Steve Menneto. On the call, Steve will provide commentary on the business and I will discuss our second quarter of fiscal year 2025 financials. We will then open the call for questions.

謝謝大家，早安。參加今天電話會議的還有我們的執行長史蒂夫·梅內托 (Steve Menneto)。在電話會議中，史蒂夫將對業務發表評論，我將討論我們 2025 財年第二季的財務狀況。然後我們將開始提問。

A press release covering the company's fiscal second quarter 2025 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.

今天發布了一份涵蓋公司 2025 財年第二季業績的新聞稿，該新聞稿的副本可在公司網站的投資者關係部分找到。我還想提醒大家，管理階層在本次電話會議上的評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資訊。實際結果可能與今天電話會議上預測的結果有重大差異。

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觀點，本公司不承擔根據任何新資訊或未來事件更新這些陳述的義務。我們向美國證券交易委員會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美國證券交易委員會提交的文件，以獲得有關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. Reconciliations of these GAAP financial measures to non-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參考某些非 GAAP 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收入和調整後的每股完全分配淨收入。這些 GAAP 財務指標與非 GAAP 財務指標的對帳包含在我們的收益報告中。

I will now turn the call over to Steve, Steve?

我現在將電話轉給史蒂夫，史蒂夫？

Thank you Bruce and thank you all for joining the call. Our second fiscal quarter results came in slightly higher than expected during what has been a traditionally slower time of year. However, the broader retail marine market trends remain more challenging than we initially forecasted for the full year. While the quarter benefited from a favorable mix in our Malibu access segment and strong ASP performance, indicators of demand are below our original assumptions.

謝謝布魯斯，也謝謝大家參加電話會議。在傳統上一年較為淡季的時期，我們的第二財季業績略高於預期。然而，更廣泛的零售船舶市場趨勢仍然比我們最初全年預測的更具挑戰性。雖然本季受益於 Malibu 接入細分市場的良好組合和強勁的平均售價表現，但需求指標低於我們最初的假設。

During the quarter, we continued to navigate this challenging market environment, which we attribute largely to the muted retail demand driven by sustained interest rate pressures coupled with lagging effects on consumer purchases stemming from the hurricane season.

在本季度，我們繼續應對這一充滿挑戰的市場環境，這主要歸因於持續的利率壓力導致的零售需求低迷，以及颶風季節對消費者購買的滯後影響。

As a result, the market is tracking down low double digits year-to-date, which is below the mid single digit decline we had originally planned for. Retail softness is particularly evident in saltwater due to the lingering regional impacts in Florida.

因此，今年迄今為止，市場一直處於兩位數的低點下降趨勢，低於我們最初預期的個位數中段降幅。由於佛羅裡達州區域影響的持續，零售業的疲軟在鹹水地區尤其明顯。

Overall, net sales in the quarter decreased by approximately 5.1% year-over-year due to our focus on maintaining modest production levels in line with lower channel inventories. Discipline production and lower channel inventories will continue to be our focus for the remainder of the fiscal year as we prioritize dealer health and brand strength.

總體而言，由於我們專注於維持適度的生產水準以配合較低的通路庫存，本季淨銷售額較去年同期下降約 5.1%。由於我們優先考慮經銷商的健康和品牌實力，因此紀律生產和降低通路庫存將繼續成為我們在本財年剩餘時間的關注重點。

Shifting to the early season boat shows, as many of you all know, these events provide important insights into customers' willingness to purchase new feature-rich models and we had the opportunity to showcase our 2025 lineup across our brands. Dealer enthusiasm for these introductions reaffirmed our confidence in our commitment to staying on the leading edge of innovation which continues to set us apart.

轉向早期的船展，正如你們許多人所知，這些活動為了解客戶購買功能豐富的新型號的意願提供了重要的見解，我們有機會展示我們各個品牌的 2025 產品線。經銷商對這些產品的熱情再次堅定了我們致力於保持創新前沿的信心，這也讓我們繼續脫穎而出。

Results in the early season shows have been decent, but do not suggest a strong rebound in retail activity heading into the second half of the year. We will continue to watch closely as we head into the February Miami Boat Show for major signals within the saltwater segment and remain disciplined until we see firmer evidence of improvement in the market.

早期展會的業績還不錯，但並不代表下半年零售活動將會強勁反彈。在進入二月邁阿密遊艇展之際，我們將繼續密切關注海水遊艇領域的主要訊號，並保持紀律，直到我們看到市場改善的更確鑿證據。

Along with the early season shows, our Malibu access year end sales event, a tradition we've maintained for 15 years wrapped up earlier in the quarter. We were encouraged by the higher overall retail sell through and good participation compared to last year with moderating levels of promotional support required.

除了早期的季展之外，我們保持了 15 年傳統的 Malibu 通道年終銷售活動也在本季早些時候結束。與去年相比，我們對整體零售額的提高和良好的參與度感到鼓舞，並且需要適度的促銷支持。

This continues to underscore the strength of our brands and how they continue to resonate with customers in the current environment. However, it is important to note that while this activity is positive, many dealers focused on moving non current units, assigned inventory discipline remains top of mind across the channel.

這繼續凸顯了我們品牌的實力以及它們如何在當前環境下繼續引起客戶的共鳴。然而，值得注意的是，雖然這項活動是積極的，但許多經銷商仍專注於轉移非現有單位，分配庫存紀律仍然是整個通路的首要考慮因素。

As we look ahead, we recognize that a sustained softening in the market, especially in salt water will likely continue in the second half of the fiscal year. While we do anticipate some seasonal lift, it is unlikely to lift the market enough to align with our original market assumption for a mid single digit decline for the year.

展望未來，我們意識到市場（尤其是海水市場）的持續疲軟可能會在本財年下半年持續下去。雖然我們確實預計會出現一些季節性上漲，但這不太可能對市場產生足夠的提振，以符合我們最初的市場假設，即今年的市場將出現中等個位數的下滑。

Therefore, we are adjusting our outlook to reflect the reality of weaker retail trends with top line sales expected to be flat to down low single digits for the year and adjusted EBITDA margins to reflect approximately 10%.

因此，我們正在調整我們的前景，以反映零售趨勢較弱的現實，預計今年的營收將持平至下降個位數，調整後的 EBITDA 利潤率將反映出約 10%。

As I stated earlier, our focus remains on maintaining dealer health and not prematurely ramping production without a clear path. Meeting demand as it materializes and preserving our brand position and in the long term will set us up for success as we continue to monitor the retail environment. Overall, I am confident in our team's ability to weather these market conditions with our emphasis on dealer health and commitment to innovation and positioning us to thrive when man normalizes.

正如我之前所說，我們的重點仍然是維護經銷商的健康，而不是在沒有明確途徑的情況下過早增加產量。滿足實際需求並保持我們的品牌地位，從長遠來看，這將為我們在持續監控零售環境的同時獲得成功奠定基礎。總的來說，我相信我們團隊有能力經受住這些市場條件的考驗，因為我們注重經銷商的健康、致力於創新，並讓我們在人為正常化時蓬勃發展。

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

現在我將把電話轉給布魯斯，請他對本季的情況作進一步的評論。

Thanks Steve. Our results in the second quarter were slightly above our expectations. Net sales decreased 5.1% to $200.3 million and unit volume decreased 11% to 1,222 units. The decrease in net sales was driven primarily by decreased unit volumes in the Malibu and Saltwater Fishing segments resulting primarily from decreased wholesale shipments, partially offset by a favorable model mix in our Malibu and Saltwater segments and inflation driven year-over-year price increases.

謝謝史蒂夫。我們第二季的業績略高於我們的預期。淨銷售額下降 5.1% 至 2.003 億美元，銷量下降 11% 至 1,222 台。淨銷售額的下降主要由於馬里布和海水捕魚部門的單位銷量下降，這主要歸因於批發出貨量的下降，但被馬里布和海水部門的有利車型組合以及通貨膨脹導致的同比價格上漲部分抵消。

The Malibu and Axis brands represented approximately 43% of unit sales. Saltwater Fishing represented 25.9% and Cobalt made up the remaining 31.1%.

Malibu 和 Axis 品牌約佔銷售量的 43%。海水捕魚佔 25.9%，鈷佔剩餘的 31.1%。

Consolidated net sales per unit increased 6.6% to $163.9000 per unit, primarily driven by favorable model mix in the Malibu and Saltwater segments and inflation driven year-over-year price increases partially offset by unfavorable segment mix.

每單位綜合淨銷售額成長 6.6% 至每單位 163,9000 美元，主要得益於 Malibu 和 Saltwater 細分市場的有利車型組合，以及通貨膨脹驅動的同比價格上漲，但被不利的細分市場組合部分抵消。

Gross profit decreased 0.2% to $37.4 million and gross margin as a percent of sales was 18.7%. This represents an increase of 90 basis points compared to the prior year period. The increase in gross margin was driven by plant efficiencies and favorable model mix more than offsetting volume deleverage, again, demonstrating the resilience of our operations and our highly variable cost structure.

毛利下降 0.2% 至 3,740 萬美元，毛利率佔銷售額的百分比為 18.7%。這比去年同期增加了 90 個基點。毛利率的成長主要是由工廠效率和有利的模型組合所推動的，這超過了產量去槓桿的影響，這再次證明了我們營運的彈性和高度可變的成本結構。

Selling and marketing expenses increased 6.7% in the second quarter. The increase was driven primarily by an increase in certain personnel expenses and marketing events. As a percentage of sales, selling and marketing expenses increased versus the prior year by 30 basis points to 3%.

第二季銷售和行銷費用增加了6.7%。成長的主要原因是某些人員費用和行銷活動的增加。作為銷售額的百分比，銷售和行銷費用比前一年增加了 30 個基點，達到 3%。

General and administrative expenses increased 71.9% or $11.1 million. This increase was driven primarily by an increase in legal fees and compensation related expenses. As a percentage of sales, G&A expenses were 13.3%.

一般及行政開支增加 71.9% 或 1,110 萬美元。這一增長主要是由於法律費用和賠償相關費用的增加。作為銷售額的百分比，一般及行政開支為 13.3%。

GAAP net income for the quarter decreased 76.1% versus prior year to $2.4 million. Adjusted EBITDA for the quarter decreased 26.3% to $16.9 million and adjusted EBITDA margin decreased to 8.4% from 10.9% in the prior year. Non-GAAP adjusted fully distributed net income per share decreased 45.6% to $0.31 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 20.4 million shares.

本季 GAAP 淨收入較上年下降 76.1% 至 240 萬美元。本季調整後 EBITDA 下降 26.3% 至 1,690 萬美元，調整後 EBITDA 利潤率從去年同期的 10.9% 下降至 8.4%。非公認會計準則調整後每股完全分配淨利下降 45.6% 至每股 0.31 美元。這是使用 24.5% 的標準化 C 公司稅率和約 2,040 萬股的完全分佈加權平均股數計算得出的。

For a reconciliation of GAAP metrics to adjusted EBITDA and adjusted fully distributed net income per share. please see the tables in our earnings release.

為了將 GAAP 指標與調整後的 EBITDA 和調整後的每股完全分配淨收益進行調整。請參閱我們的收益報告中的表格。

We continue to demonstrate the resilience of our business model generating over $28 million in cash from operations in the quarter. Capital expenditures were $5.6 million and we repurchased $10 million of stock in the quarter. In summary, our balance sheet continues to be strong and we have ample liquidity to execute on our capital allocation priorities.

我們繼續展示我們商業模式的彈性，本季營運產生了超過 2800 萬美元的現金。本季資本支出為 560 萬美元，我們回購了價值 1,000 萬美元的股票。總而言之，我們的資產負債表繼續保持強勁，我們擁有充足的流動性來執行我們的資本配置重點。

Turning our attention to the full year. As Steve described, we continue to operate in a challenging retail environment with markets down double digits so far this year. We do not see a clear upward trend change that would enable us to maintain the market assumption of mid single digit decline on which our original guidance was based.

將目光轉向全年。正如史蒂夫所描述的，我們繼續在充滿挑戰的零售環境中運營，今年迄今為止市場已經下滑了兩位數。我們沒有看到明顯的上升趨勢變化，使我們能夠維持最初指引所依據的中等個位數下降的市場假設。

Given these dynamics, we are expecting the market to be down high single digits for the fiscal year and we are adjusting our production levels accordingly to maintain the discipline approach to managing dealer inventories.

鑑於這些動態，我們預計本財年市場將出現高個位數下滑，我們正在相應調整生產水平，以保持對經銷商庫存進行管理的紀律性。

We continue to expect our dealers to remain focused on bringing inventory levels below historical ranges and continue to prioritize dealer health. With that said, we are updating our guidance.

我們繼續期望我們的經銷商繼續致力於將庫存水準降至歷史範圍以下，並繼續優先考慮經銷商的健康。話雖如此，我們正在更新我們的指導。

For the full fiscal year, we now expect sales to be flat to down low single digits year-over-year. Even with this modest revision in our full year guidance, we still expect to return to growth in the second half of the year as comparisons ease. As such for Q3, we expect net sales to increase approximately 10% versus the prior year. We anticipate consolidated adjusted EBITDA margin for the full fiscal year to be approximately 10%. For Q3, We expect adjusted EBITDA margins of approximately 10% to 12%.

對於整個財年，我們預計銷售額將與去年同期持平或下降個位數。即使我們對全年業績預期進行了小幅修改，隨著對比的放鬆，我們仍然預計下半年業績將恢復成長。因此，我們預計第三季淨銷售額將比上年成長約 10%。我們預計整個財年的合併調整後 EBITDA 利潤率約為 10%。對於第三季度，我們預計調整後的 EBITDA 利潤率約為 10% 至 12%。

This will be the second consecutive year of calibrating channel inventory and this will position our wholesale to track with retail when demand returns. We will keep a close eye on demand indicators and remain disciplined in our approach to production levels and dealer health, which will position us even stronger as the tide turns.

這將是連續第二年校準通路庫存，當需求回升時，這將使我們的批發能夠與零售保持同步。我們將密切關注需求指標，並在生產水準和經銷商健康方面保持嚴謹，這將使我們在情況轉變時變得更加強大。

Despite the near term headwinds, our strong balance sheet, highly variable cost structure and continued cash flow generation provide us with both stability and flexibility to help us weather tough market environments, while continuing to execute on our capital allocation priorities.

儘管短期內面臨阻力，但我們強勁的資產負債表、高度可變的成本結構和持續的現金流產生為我們提供了穩定性和靈活性，幫助我們度過艱難的市場環境，同時繼續執行我們的資本配置重點。

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

現在，我想開始回答問題。

(Operator instructions)

（操作員指令）

Craig Kennison, Baird.

克雷格·肯尼森，貝爾德。

Hey, good morning. Thanks for taking my questions. I wanted to start with Florida. I just wonder if there's a way to unpack the implications of hurricane activity in Florida. What's your overall exposure to that market? And I'm sure in near term there was some negative implications and I'm wondering if there's any signal of replacement demand longer term?

嘿，早安。感謝您回答我的問題。我想從佛羅裡達開始。我只是想知道是否有辦法解決佛羅裡達颶風活動的影響。您對該市場的整體了解程度如何？我確信短期內會產生一些負面影響，我想知道長期來看是否有替代需求的訊號？

Yeah, thanks, Craig. Florida, as you know, it is trying to recover and some of the challenges we have down there, of course, are still rearing their heads. So when we look at the overall market and saltwater, total market across across the US is is down low double digits,

是的，謝謝，克雷格。如你所知，佛羅裡達州正在努力復甦，當然，我們在那裡面臨的一些挑戰仍然突出。因此，當我們看整體市場和海水時，美國整個市場的總銷售額下降了兩位數，

Florida is accelerated more than that for us. We do more than 50% of our Saltwater businesses in Florida. So you could see that, what that accelerated downtrend beyond the overall US market, that's impacting us pretty heavily with us, having such a concentration of business there.

佛羅裡達州對我們來說加速的程度超過了這個程度。我們的海水業務有 50% 以上在佛羅裡達州。所以你可以看到，除了整個美國市場之外，這種加速下滑的趨勢對我們影響很大，因為我們的業務集中在美國市場。

And I don't know, Steve, if you have any visibility into how replacement demand unfolds. I'm sure, consumers down there have a lot of different priorities when it comes to their recovery and the boat is not maybe the first thing on their mind. But what are you looking for a signal that, hey, there's demand, replacement demand on its way.

史蒂夫，我不知道您是否了解替代需求是如何展開的。我確信，那裡的消費者在救援方面有很多不同的優先事項，而船隻可能不是他們首先考慮的事情。但是你在尋找什麼訊號來表示有需求，有替代需求正在路上。

Yeah, I think, Craig, just from trying to get any type of indicators down there. We it's hard to predict as you said, it. We don't see it coming back where there's this wholesale, within one quarter we get this replacement value volume. We know like right now, if you're trying to rebuild your docks, right, six months to eight months out to get a new dock replacement.

是的，克雷格，我認為，只是試圖獲得任何類型的指標。正如您所說，我們很難預測。我們看不到批發量回升，一個季度內我們就獲得了這個替換價值量。我們知道，就像現在一樣，如果您想重建碼頭，那麼您需要六個月到八個月的時間才能找到新的碼頭替代品。

Roofs are going back in all the improvements that you're trying to make on your home that got affected. So, just looking at how long it takes to get a dock back in, you get your dock before you get your boat, you got to go through the insurance. So there is a lot of steps before we start seeing replacement volume. And so we just kind of figure replacement volume will kind of come back, not in one big sharp moment, but it will come back over time.

在您對房屋進行的所有改進中，屋頂都受到了影響。所以，看看重新建好碼頭需要多長時間，在你拿到船之前，你必須先辦理保險。因此，在我們開始看到替代量之前還有很多步驟。因此，我們只是想像替代體積會恢復，不是在某個瞬間，而是隨著時間的推移而恢復。

Thanks. I'll get back in the queue.

謝謝。我會回到隊列中。

Joe Altobello, Raymond James.

喬·阿爾托貝洛、雷蒙·詹姆斯。

Thanks. Hey guys, good morning. So, I guess, first question the guidance. Your guide still implies second half revenue growth here, call it in the mid 20s. And I think it also implies a modest improvement in market trends. I know the compares do get easier. But I guess my short question is how much visibility do you have in that second half number?

謝謝。大家早安。所以，我想，首先要質疑一下指導意見。您的指南仍然暗示下半年的收入將成長，預計在 20% 左右。我認為這也意味著市場趨勢的適度改善。我知道比較確實變得更容易了。但我想我的簡短問題是，您對下半年的數字有多大把握？

Hi, Joe. It's Bruce. I think, we have pretty good visibility for the third quarter, given where orders stand, I think the question always becomes what happens in that fourth quarter, which will really be predicated on what happens in the underlying market.

嗨，喬。是布魯斯。我認為，考慮到訂單狀況，我們對第三季的前景有很好的預見性，我認為問題始終在於第四季會發生什麼，而這實際上取決於基礎市場的情況。

As you noted, we will return to growth in the second half of the year. A lot of that is relates to just how much the comparisons ease versus prior year. I mean, last year we really saw a deceleration in our business, in the third and fourth quarters. And, so there's certainly that is a major factor.

正如您所說，我們將在今年下半年恢復成長。這在很大程度上與與前一年相比的比較有多輕鬆有關。我的意思是，去年我們的業務在第三季和第四季確實出現了減速。因此這肯定是一個主要因素。

And then from a retail perspective, the retail market, there's still, quite a bit of, the retail activity that remains in this time of the year. It's probably about 60% of our retail activity is yet to take place here in the second half of the year. So there will still be some some adjustments, I'm sure that we'll need to make, as we see the retail numbers play out.

從零售角度來看，零售市場在每年的這個時候仍然有相當多的零售活動。我們下半年大概還有 60% 的零售活動尚未在這裡進行。因此，我確信，隨著零售數據的變化，我們仍需要做出一些調整。

Okay. Understood. And maybe just to kind of shift gears on G&A. You mentioned it was up fairly significantly and I think you mentioned a couple of things including compensation, maybe sort of unpack that a little bit and talk about the key drivers there and how should we think about SG&A spending this year?

好的。明白了。或許只是為了改變 G&A 的方向。您提到它增長相當顯著，我想您還提到了包括薪酬在內的幾個方面，也許我們可以稍微分析一下，談談其中的關鍵驅動因素，以及我們應該如何看待今年的銷售、一般和行政費用 (SG&A) 支出？

Yeah. So first of all, what I would say is, the second quarter comparison was a very difficult comparison. Q2 of last year was the low water mark for G&A last year and there were, so there was some of the change was driven by that comparison. We've seen higher levels of legal spend activity. I mean, if you look at the footnotes in our queue, you'll see us describing the legal activity, certainly that's elevated from where we've been historically and we're looking forward to having that that behind us.

是的。首先，我想說的是，第二季的比較是非常困難的。去年第二季是 G&A 的最低水位，因此部分變化是由這種比較推動的。我們看到了更高水準的法律支出活動。我的意思是，如果你看一下我們隊列中的腳註，你會看到我們描述法律活動，這肯定比我們歷史上的水平有所提升，我們期待著將其拋在身後。

And then this year from a compensation cost standpoint, we have incentive compensation in this year that didn't, wasn't in the comparison period. So that's probably a larger driver. We expect that spend to normalize as we move forward. There's a number of this. These items that, that we would say one time in nature, particularly the legal expense and some of our employee kind of transition expenses. So we would expect it to moderate in the second half and trend down over time, more in line with our historical norms.

從今年的薪酬成本角度來看，我們今年的激勵性薪酬在比較期間是沒有的。所以這可能是一個更大的驅動因素。我們預計，隨著我們不斷前進，支出將會正常化。有很多這樣的。這些項目，我們一次說一下，特別是法律費用和一些員工過渡費用。因此，我們預計它將在下半年緩和下來，並隨著時間的推移呈現下降趨勢，這將更加符合我們的歷史常態。

Okay, great. Thank you.

好的，太好了。謝謝。

Noah Zatzkin, KeyBanc Capital Markets.

KeyBanc 資本市場公司的 Noah Zatzkin。

Hey, thanks for taking my question. Maybe just one on the kind of broader industry. How are dealers feeling right now, sentiment wise and how are you feeling about kind of the health of your dealer base? Thanks.

嘿，謝謝你回答我的問題。也許只是更廣泛的行業中的一種。從情緒上看，經銷商現在的感受如何？謝謝。

Sure. No. So retail, how the dealer is feeling just actually talking to a few dealers over the last few weeks. Actually, cautiously optimistic. Optimistic is kind of the right phrase as Bruce stated, about 60% of the retail left to happen. So they're feeling relatively good about the market. We just had our year end sales event and some of the boat shows and couple those together, they've been able to clear out inventories, they've been able to get a retail activity moving without having to really overspend promo in a market where some of our competitors are still clearing out their inventories and have accelerated promo.

當然。不。那麼，零售方面，經銷商的感受如何，實際上過去幾週我們與幾家經銷商進行了交談。事實上，謹慎樂觀。正如布魯斯所說，「樂觀」是一種正確的說法，大約 60% 的零售業務尚未完成。因此他們對市場感覺相對良好。我們剛剛舉辦了年終銷售活動和一些船展，將這些結合在一起，他們已經能夠清理庫存，他們已經能夠開展零售活動，而不必在市場上花費過多的促銷費用，而我們的一些競爭對手仍在清理庫存並加速促銷。

So they're feeling good there. And then, they appreciate us managing inventories and keeping production, the disciplined approach to production, to help them get into the selling season. So we're looking forward to it. And we'll see what happens and how it unfolds here over the next two quarters.

所以他們在那裡感覺很好。然後，他們感謝我們管理庫存、保持生產以及嚴謹的生產方式，以幫助他們進入銷售季節。所以我們對此充滿期待。我們將拭目以待接下來兩個季度會發生什麼以及情況將如何發展。

Great. And maybe, hate to ask the tariff question. I think you guys have fairly minimal exposure, but just any thoughts around potential tariff impacts and how you'd be able to mitigate that or just anything to share there. Thanks.

偉大的。或許，我不願意問關稅問題。我認為你們的曝光度相當低，但對於潛在的關稅影響，以及如何減輕這種影響，或者只是任何可以分享的東西，你們有什麼想法嗎？謝謝。

Yeah. So, we've done a preliminary look. I mean, as you can appreciate, there's not a lot of clarity on exactly what's going to happen. But based on where we stand in our fiscal year, based on what we believe our exposures to be and our best guess of what the tariffs might be, we don't expect it to be material this year. And, if there's, if that changes and there's something more for us to share with you, we certainly will and I'm sure it will be part of our fiscal year '26 conversation.

是的。因此，我們已經做了初步觀察。我的意思是，正如你所意識到的，目前還不太清楚到底會發生什麼事。但根據我們財政年度的狀況、我們認為的風險敞口以及對關稅的最佳猜測，我們預計今年的關稅不會成為重大問題。而且，如果情況發生變化，並且我們有更多的內容可以與您分享，我們肯定會分享，而且我相信這將成為我們 26 財年討論的一部分。

Great. Thank you.

偉大的。謝謝。

Brandon Rolle, D A Davidson.

布蘭登·羅爾、D A 戴維森。

Good morning. Thank you for taking my questions. First, just on the boat shows. Could you dive in a little more on kind of what you're seeing in terms of demand by segment, maybe which segments are seeing stronger demand versus others?

早安.感謝您回答我的問題。首先，只討論船展。您能否更深入地介紹一下您對各個細分市場需求的看法，哪些細分市場的需求比其他細分市場更強勁？

Sure. Brandon, we'll dive in a little bit. We had in the Saltwater, we had a really good flips, Fort Lauderdale show. That was really good. But then you see, when you move to Atlanta maybe we were a little bit mixed in Atlanta. So you see some mixed signals there, but really strong coming out of Florida there on the fresh water.

當然。布蘭登，我們來深入探討。我們在鹽水湖 (Saltwater) 進行了一場非常精彩的翻轉表演，勞德代爾堡表演。那真是太好了。但是你看，當你搬到亞特蘭大時也許我們在亞特蘭大有點混亂。因此，你會看到那裡有一些混合訊號，但佛羅裡達州的淡水訊號確實很強烈。

At the same time, Atlanta was a really good show. We had a good show in Minneapolis and Chicago. Very strong and a little bit mixed in New York for freshwater as well. So, we're seeing those types of signals when it all adds up. That's why we said it was decent is there's a lot of things to be excited about as we move through and there's a lot of things that you're kind of scratching your head going why did that not materialize into a better result?

同時，亞特蘭大確實是一場精彩的演出。我們在明尼阿波利斯和芝加哥舉辦了精彩的演出。紐約的淡水也非常強勁且有點混濁。所以，當所有因素加起來時，我們就會看到這些類型的訊號。這就是為什麼我們說它不錯，因為隨著我們前進，有很多事情值得興奮，也有很多事情讓你抓耳撓腮，為什麼它沒有達到更好的結果？

So overall boat show activities, I think of giving the dealers that cautious optimism, for, when they get into the selling season, there's some opportunities to work with.

因此，對於整個船展活動，我認為應該給予經銷商謹慎樂觀的態度，因為當他們進入銷售季節時，他們會有一些合作的機會。

Okay. And just on the inventory front, how much longer do you think will be in somewhat of a destocking phase if your current retail expectations play out over the next six to nine months?

好的。僅就庫存方面而言，如果您目前的零售預期在未來六到九個月內實現，您認為去庫存階段還會持續多久？

Well, Brandon, I think you'll see the dealer sentiment change when the retail market changes. I think until then they're going to be hunkered down, concerned about their cash flow and concerned about their exposure. So that's part of, making sure that we keep it healthy, will enable us to be well positioned when the market turns to be able to take off from there.

嗯，布蘭登，我認為當零售市場改變時，你會看到經銷商的情緒也會改變。我認為，在那之前，他們會保持警惕，擔心他們的現金流和風險敞口。因此，這是確保我們保持健康的一部分，這將使我們能夠在市場轉向並開始起飛時處於有利位置。

Okay. And just finally on the Saltwater market. Your commentary around weakness there is that just for your Saltwater products or do you feel like it's the larger saltwater industry as a whole that's seeing the weakness here early on in '25?

好的。最後進入海水市場。您對這一領域的弱點的評論僅限於您的海水產品，還是您覺得整個海水產業在 25 年初就看到了這一領域的弱點？

It's the whole industry that we're seeing, Brandon, that, those were the what we were talking about.

布蘭登，我們看到的就是整個產業，這就是我們所談論的。

Okay, thank you.

好的，謝謝。

Mike Albanese, Benchmark.

麥克·阿爾巴尼斯，Benchmark。

Hey, good morning guys. I appreciate it. Brandon just actually asked my last question around Saltwater, but I have another question here on ASPs. You saw some growth there. I'm just wondering if you can kind of frame, how much of that was really driven by, product mix versus just the annual cadence of price increases and really trying to get an idea if we're back to, maybe that more normalized 3% to 5% or we're getting close to it or any way you can kind of dive into that frame it would be helpful.

嘿，大家早安。我很感激。布蘭登剛剛問了我關於 Saltwater 的最後一個問題，但我還有另一個關於 ASP 的問題。你看到那裡有一些增長。我只是想知道，您是否可以大致概括一下，其中有多少是由產品組合驅動的，而不是僅僅是價格上漲的年度節奏，並真正試圖了解我們是否會回到更正常的 3% 到 5% 的水平，或者我們正在接近這個水平，或者您能以任何方式深入研究這個框架，這將會有所幫助。

Yeah. What I would say is, mix has been a big driver of our ASP performance within our respective segments. And overall price increases been very modest this year, low single digit range. So it's really more mixed. We expect the mix to moderate as we go forward just because last year, we really pulled back on production on the Malibu access segment.

是的。我想說的是，產品組合一直是我們各自領域內 ASP 表現的重要推手。今年整體價格漲幅非常溫和，處於個位數的低點。因此，情況確實更加複雜。我們預計，隨著我們向前發展，產量組合將會緩和，因為去年，我們確實減少了 Malibu 通道部分的產量。

And Saltwater was a greater share of our mix last year in the second half than we expect it to be this year. So there's, that has a higher ASP per unit. So that will likely influence the back half.

去年下半年，鹽水在我們的產品組合中所佔的份額比今年我們預期的要大。因此，其每單位平均售價較高。所以這可能會影響後半部。

Okay. And then just as a follow up to that. I mean, how are you feeling on aside from product mix, but just going back to the cadence of price increases you said being modest, but you also talked about and made some positive commentary around some of the promotional activity you're seeing in your product.

好的。然後只是作為對此的跟進。我的意思是，除了產品組合之外，您感覺如何？ 回到價格上漲的節奏，您說價格上漲的幅度適中，但您也談到了您在產品中看到的一些促銷活動，並做出了積極的評價。

I mean, is it fair to think that as that moderates you'd be able to kind of get back to stepping up the price increases? Or I guess the broader question is consumer affordability that much of an issue where you have to keep it at that low single digit.

我的意思是，這樣想是否公平呢？或者我猜更廣泛的問題是消費者的承受能力，這是一個很大的問題，你必須將其保持在那麼低的個位數。

(technical difficulty) Yeah, I mean, I think in the near term, it's really going to be more about promotional levels of support. We expect to see moderating levels of promotional support and certainly for ourselves. And I think the industry over time as the industry works through its inventory challenges. When the inventories get down to kind of where they need to be, then I think you'll see some of that promotional discounting go away.

（技術難度）是的，我的意思是，我認為在短期內，這將更多地涉及促銷層面的支持。我們期望看到促銷支援水準有所緩和，對我們自己來說更是如此。我認為隨著時間的推移，該行業將逐步解決庫存挑戰。當庫存減少到所需的水平時，我認為你會看到一些促銷折扣消失。

Our price increases, over, our strategy really has been to minimize those as much as possible and really just pass along inflation, which I think is pretty consistent with how others in the industry play it. We have to be concerned about the affordability headwinds, in this market.

我們的漲價策略實際上是盡可能地減少漲價幅度，並轉嫁通貨膨脹，我認為這與業內其他公司的做法非常一致。我們必須擔心這個市場的承受能力阻力。

Sure, appreciate it, guys. Thank you.

當然，非常感謝你們。謝謝。

Yeah.

是的。

Jamie Katz, Morningstar.

晨星的傑米‧卡茨 (Jamie Katz)。

Hi, good morning. Two quick ones. First, any color on Cobalt. Was the only segment that had unit growth? Is it just the consumer that's changed? Or was it just better inventoried? Maybe than some of the other segments before the quarter?

嗨，早安。兩個簡單的。首先，鈷藍色上的任何顏色。是唯一實現銷售成長的細分市場嗎？只是消費者改變了嗎？還是只是庫存更充足？也許比本季之前的其他一些部分更好？

I mean, Cobalt has continued to kind of be a strong performer. I mean, we've seen good market share performance in that brand. We have a very good, dealer network in that part of our business and they've, continue to execute quite well and we have some exciting new models in that product line.

我的意思是，鈷一直保持著強勁的表現。我的意思是，我們看到該品牌的市佔率表現良好。我們在該業務領域擁有非常好的經銷商網絡，而且他們的表現一直非常出色，而且我們在該產品線中也有一些令人興奮的新車型。

Okay. And then we haven't really touched on borrowing the lending environment with your lending partners and maybe the quality of the borrowers. So, any additional color to add there? Thank you.

好的。然後，我們還沒有真正觸及與借貸合作夥伴的借貸環境，以及借款人的品質。那麼，還有什麼顏色可以加嗎？謝謝。

You mean on the consumers and their ability to access credit to purchase boats? Is that what you mean?

您指的是消費者及其取得信貸購買船舶的能力嗎？你是這個意思嗎？

Yes, sir.

是的，先生。

Yeah. We haven't seen, so interest rates have come down some. I would say from where they were at peak, but they haven't really moved that much recently with the fed moves. So consumer rates, I would say remain stubbornly high, which is part of the reason why the market has yet to rebound in our opinion.

是的。我們沒有看到，所以利率有所下降。我想說的是，從他們處於巔峰的位置來看，但是最近隨著聯準會的舉措，他們並沒有真正發生太大的變化。因此，我認為消費者利率仍居高不下，我們認為這也是市場尚未反彈的原因之一。

But no like increase in defaults or anything like that that you're hearing about?

但是您聽到的違約率有沒有增加或類似情況呢？

Not the, is not the worst thing.

不是，並不是最糟糕的事。

Excellent. Thank you.

出色的。謝謝。

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

我現在不想再問任何問題。今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。