Malibu Boats Inc (MBUU) 2025 Q3 法說會逐字稿

Good morning, and welcome to Malibu Boats' conference call to discuss third-quarter fiscal year 2025 results. (Operator Instructions) Please be advised that reproduction of this call in whole or in part is not permitted without written authorization of Malibu Boats. And as a reminder, today's call is being recorded.

早安，歡迎參加 Malibu Boats 電話會議，討論 2025 財年第三季業績。（操作員指示）請注意，未經 Malibu Boats 書面授權，不得全部或部分複製此通話。提醒一下，今天的通話正在錄音。

On the call today from management are Mr. Steve Menneto, Chief Executive Officer; and Mr. Bruce Beckman, Chief Financial Officer. I will now turn the call over to Mr. Beckman to get us started. Please go ahead, sir.

今天參加電話會議的管理層有首席執行官史蒂夫·門內托先生和首席財務官布魯斯·貝克曼先生。現在我將把電話轉給貝克曼先生，讓我們開始吧。先生，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 third quarter of fiscal year 2025 financials. We will then open up 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)。在電話會議上，史蒂夫將對業務發表評論，我將討論我們 2025 財年第三季的財務狀況。然後我們將開始提問。

A press release covering the company's fiscal third-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, or 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 財年第三季業績的新聞稿，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、估計或其他可能被視為前瞻性的信息，實際結果可能與今天電話會議上預測的結果存在重大差異。

You should not place undue reliance on these forward-looking statements which speak only as of today, and the company undertakes no obligation to update them for any new information or future events. Factors that might affect future results are discussed in our filings with the SEC, and we encourage you to review these filings for a more detailed description of these risk factors.

您不應過度依賴這些前瞻性陳述，它們僅代表今天的觀點，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，我們鼓勵您查看這些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以及調整後的每股完全分配淨收入。我們的收益報告中包含了這些 GAAP 財務指標與非 GAAP 財務指標的對帳。

Finally, during today's prepared remarks, comparisons are to Q3 of fiscal 2024 unless otherwise noted. I will now turn the call over to Steve.

最後，在今天的準備好的發言中，除非另有說明，比較的是 2024 財年第三季。現在我將電話轉給史蒂夫。

Thank you, Bruce, and thank you all for joining today's call.

謝謝你，布魯斯，也謝謝大家參加今天的電話會議。

Our results this quarter demonstrate solid execution in an environment that remains challenging. Both Q3 sales and adjusted EBITDA margins finished above our guidance expectations for the quarter. We are successfully navigating continued industry softness. Our premium brands and feature-rich offerings continue to resonate with customers as evidenced by our mixed-driven ASP increases in all segments.

本季的業績表明，在依然充滿挑戰的環境中，我們仍保持了穩健的執行力。第三季的銷售額和調整後的 EBITDA 利潤率均超出了我們對本季的預期。我們正在成功應對持續的行業疲軟。我們的高端品牌和功能豐富的產品繼續引起客戶的共鳴，這從我們在所有細分市場的混合驅動平均售價成長中可以看出。

And as expected, we return to growth in the third quarter, both sequentially and versus the prior year. It is worth remembering that we were among the first in the industry to reduce our production levels in response to the elevated dealer inventories. As a result, year-over-year comparison in the second half are less challenging than they were in the first half.

正如預期的那樣，我們在第三季度恢復了成長，無論是環比成長還是同比增長。值得記住的是，我們是業內首批因經銷商庫存增加而降低產量水準的公司之一。因此，下半年的年比比較沒有上半年那麼困難。

Turning first to the selling season, our overall dealer inventories entering the season are healthy, aligned with historical levels, and well below where they were a year ago. The retail environment remains challenging as elevated interest rates and ongoing macro uncertainty continue to weigh heavily on the consumer sentiment and discretionary spending, prompting buyers to be more cautious and deliberate in their purchase decisions.

首先談到銷售季節，進入銷售季節後，我們經銷商的整體庫存狀況良好，與歷史水準一致，遠低於一年前的水準。零售環境依然充滿挑戰，因為利率上升和持續的宏觀不確定性繼續嚴重影響消費者情緒和可自由支配的支出，促使買家在購買決策時更加謹慎和深思熟慮。

We remain actively engaged with our dealer network, continuously calibrating our strategies to closely align production levels with real-time retail dynamics, and we are committed to ensuring dealer inventories remain healthy and appropriately balanced.

我們繼續積極與我們的經銷商網路合作，不斷調整我們的策略，使生產水準與即時零售動態緊密結合，並致力於確保經銷商庫存保持健康和適當平衡。

While our overall boat show performance was mixed, we observed pockets of strength, notably with our Pursuit brand. We also remain incredibly proud that our Pursuit, once again, received the prestigious Marine Industry Customer Satisfaction Award from MMA, underscoring our ongoing commitment to delivering exceptional customer experiences.

雖然我們的整體船展表現好壞參半，但我們也觀察到了一些優勢，尤其是我們的 Pursuit 品牌。我們也感到無比自豪的是，我們的 Pursuit 再次榮獲 MMA 頒發的著名海洋產業客戶滿意度獎，這凸顯了我們持續致力於提供卓越客戶體驗的承諾。

Additionally, our Cobalt brand keeps delivering impressive results. We continue to see persistent demand from cash buyers who appreciate our premium feature-rich folks. Supported by our decision to invest in expanding capacity at our own facility, we have realized the gain of 380 basis points of market share in the Cobalt models produced there.

此外，我們的 Cobalt 品牌也持續取得令人矚目的成就。我們繼續看到來自現金買家的持續需求，他們欣賞我們功能豐富的優質產品。在我們決定投資擴大自有工廠產能的支持下，我們在那裡生產的鈷型號的市佔率已增加了 380 個基點。

Innovation remains absolutely critical to our long-term strategy, and I want to emphasize that we are keeping our hand firmly on the throttle for our new product development even during these challenging market conditions. Our ability to introduce compelling and differentiated new products is truly a cornerstone of our competitive advantage.

創新對我們的長期策略仍然至關重要，我想強調的是，即使在這些充滿挑戰的市場條件下，我們仍將堅定不移地推動新產品的開發。我們推出引人注目且差異化的新產品的能力確實是我們競爭優勢的基石。

This ongoing innovation resonates strongly in the marketplace, driving substantial customer engagement and enthusiasm. The performance of our newly introduced models at the boat shows provides strong evidence that our strategy is working. Nearly 40% of our Malibu boat show unit sales were driven by two premium models introduced this year, the M230 and the 25 LSV.

這種持續的創新在市場上引起了強烈反響，推動了大量客戶的參與和熱情。我們新推出的船型在船展上的表現有力地證明了我們的策略是有效的。我們馬里布遊艇展的近 40% 銷量是由今年推出的兩款高階車型 M230 和 25 LSV 推動的。

A similar percentage of Cobia boat show unit sales were driven by the all-new Cobia 265 and 285 center console models. We look forward to sharing the exciting innovation we have planned for the 2026 model year in the next -- in the near future.

全新 Cobia 265 和 285 中央控制台型號也推動了 Cobia 船展單位銷量的類似百分比。我們期待在不久的將來分享我們為 2026 年車型年規劃的令人興奮的創新。

As we all are aware, tariffs have re-emerged as a prominent topic within our industry. As we have stated previously, we do not expect tariffs to have a meaningful impact on our fiscal '25 cost structure. We will remain proactive in mitigating impacts through our strategic supply chain management initiatives to balance any tariff-related price increases to our customers.

眾所周知，關稅已再次成為我們行業的熱門話題。正如我們之前所說，我們預計關稅不會對我們的 25 財年成本結構產生重大影響。我們將繼續積極主動地透過策略供應鏈管理措施減輕影響，以平衡與關稅相關的客戶價格上漲。

Additionally, we will continue to leverage our robust vertically integrated US manufacturing capabilities which provide a meaningful advantage in managing supply chain risks and gives us direct control over tariff mitigation strategies. We remain agile and fully prepared to adopt swiftly if tariffs or other cost pressures escalate.

此外，我們將繼續利用我們強大的垂直整合美國製造能力，這在管理供應鏈風險方面具有顯著優勢，並使我們能夠直接控制關稅緩解策略。如果關稅或其他成本壓力上升，我們將保持靈活並做好充分準備迅速採取行動。

Looking ahead, we remain confident in our balanced approach emphasizing dealer health, operational excellence, and continued innovation. We have purposely built an agile and resilient operating model backed by our strong balance sheet and robust cash flow generation, allowing us to strategically navigate current market conditions.

展望未來，我們仍然對強調經銷商健康、卓越營運和持續創新的平衡方法充滿信心。我們特意建立了一個靈活而有彈性的營運模式，以強大的資產負債表和強勁的現金流為後盾，使我們能夠策略性地應對當前的市場狀況。

Our diverse brand portfolio combined with our premium market position significantly enhances our capability to capture demand when the market returns to growth. We remain prepared to quickly adapt to changing market dynamics, including tariffs, supply chain development, or cost pressures bolstered by our proven ability to effectively manage uncertainty.

我們多樣化的品牌組合加上我們優質的市場地位大大增強了我們在市場恢復成長時抓住需求的能力。我們始終準備好快速適應不斷變化的市場動態，包括關稅、供應鏈發展或成本壓力，這得益於我們已證明的有效管理不確定性的能力。

Finally, I want to sincerely thank our dedicated team and our dealer partners for their exceptional efforts, adaptability, and resilience. Your commitment reinforces my confidence in our trajectory and positions us strongly for future growth.

最後，我要真誠感謝我們敬業的團隊和經銷商合作夥伴的卓越努力、適應能力和韌性。您的承諾增強了我對我們的發展軌蹟的信心，並為我們未來的發展奠定了堅實的基礎。

With that, I'll turn it back to Bruce to discuss our financial results in more detail.

說完這些，我將把話題轉回布魯斯，讓他更詳細地討論我們的財務表現。

Thanks, Steve.

謝謝，史蒂夫。

As mentioned earlier, we returned to growth during the third quarter with results above our expectations. Net sales increased 12.4% to $228.7 million and unit volume increased 12.8% to 1,431 units. The increase in net sales was driven primarily by increased unit volumes in the Malibu segment, a favorable model mixed across all segments, and inflation-driven year-over-year price increases, which were partially offset by decreased unit volumes in the Cobalt and Saltwater Fishing segments and an unfavorable segment mix.

如前所述，我們在第三季恢復了成長，業績超出了我們的預期。淨銷售額成長 12.4% 至 2.287 億美元，銷量成長 12.8% 至 1,431 台。淨銷售額的成長主要得益於馬里布部門的銷售增加、所有部門的良好組合模式以及通貨膨脹驅動的同比價格上漲，但鈷和海水捕魚部門的銷售下降以及不利的部門組合部分抵消了這些影響。

The Malibu and Axis brands represented approximately 52% of unit sales. Saltwater Fishing represented 22.8%, and Cobalt made up the remaining 25.2%. Consolidated net sales per unit decreased 0.3% to $159,792 per unit, primarily driven by an unfavorable segment mix, partially offset by a favorable model mix in all segments and inflation-driven year-over-year price increases.

Malibu 和 Axis 品牌約佔銷售量的 52%。海水捕魚佔 22.8%，鈷佔剩餘的 25.2%。合併後每單位淨銷售額下降 0.3% 至每單位 159,792 美元，主要原因是細分市場組合不利，但所有細分市場的車型組合有利以及通貨膨脹驅動的同比價格上漲部分抵消了這一影響。

Gross profit increased 13.4% to $45.7 million, and gross margin as a percentage of sales increased 20 basis points to 20.0%. The increased gross margin was driven primarily by fixed cost leveraging and strong operational performance at our factories. Selling and marketing expenses increased 4.3%. The increase was driven primarily by higher event marketing activities.

毛利成長 13.4% 至 4,570 萬美元，毛利率佔銷售額的百分比增加 20 個基點至 20.0%。毛利率的提高主要得益於固定成本槓桿和工廠強勁的營運表現。銷售和行銷費用增加4.3%。這一增長主要得益於更多的活動行銷活動。

As a percentage of sales, selling and marketing expenses decreased by 20 basis points to 3.0%. General and administrative expenses increased 6.7% or $1.2 million, the increase was driven primarily by legal and professional fees. As a percentage of sales, G&A expenses were 8.7%. This represents a significant sequential improvement with expenses normalizing as expected.

以銷售額的百分比計算，銷售和行銷費用下降了 20 個基點，至 3.0%。一般及行政開支增加 6.7% 或 120 萬美元，主要由於法律及專業費用增加。以銷售額的百分比計算，一般及行政費用為 8.7%。這代表著連續的顯著改善，費用按預期正常化。

Q3 GAAP net income increased 119.4% to $13.2 million. Q3 adjusted EBITDA, increased 16.0% to $28.3 million. And Q3 adjusted EBITDA margin increased 40 basis points to 12.4%. Non-GAAP adjusted fully distributed net income per share increased 14.3% to $0.72 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 20.1 million shares. 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.

第三季 GAAP 淨收入成長 119.4%，達到 1,320 萬美元。第三季調整後 EBITDA 成長 16.0% 至 2,830 萬美元。第三季調整後的 EBITDA 利潤率增加 40 個基點至 12.4%。非公認會計準則調整後每股完全分配淨收益成長 14.3% 至每股 0.72 美元。這是使用 24.5% 的標準化 C 公司稅率和約 2,010 萬股的完全分佈加權平均股數計算得出的。有關 GAAP 指標與調整後 EBITDA 和調整後每股完全分配淨收入的對帳情況，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 $15 million in cash from operations during the quarter. Capital expenditures total $6.7 million and we repurchased $10 million of stock in the quarter. Looking ahead, we are tightening our expectations for CapEx to $25 million to $30 million and we intend to modestly reduce the pace of share repurchases relative to the $10 million executed this quarter. We view these as prudent adjustments to our plans, given the increased macroeconomic uncertainties.

我們繼續展示我們商業模式的彈性，本季營運產生了超過 1500 萬美元的現金。本季資本支出總計 670 萬美元，我們回購了價值 1,000 萬美元的股票。展望未來，我們將資本支出預期收緊至 2,500 萬美元至 3,000 萬美元，並打算適度降低股票回購的速度（本季執行的股票回購金額為 1,000 萬美元）。鑑於宏觀經濟不確定性的增加，我們認為這是對我們計劃的審慎調整。

I would be remiss if I didn't highlight the strength of our financial position. We finished Q3 with over $39 million of cash on hand and over $300 million of untapped liquidity on our credit facility. We remain committed to our capital allocation priorities and are confident our resilient business model will enable us to navigate the uncertainty ahead.

如果我不強調我們財務狀況的強勁，那我就失職了。截至第三季末，我們的庫存現金超過 3,900 萬美元，信貸額度中尚未使用的流動資金超過 3 億美元。我們仍然致力於我們的資本配置優先事項，並相信我們具有彈性的商業模式將使我們能夠應對未來的不確定性。

To recap, we feel good about our operational and financial performance in the third quarter. However, we have recalibrated our expectations for the upcoming selling season and now expect our retail markets to be down double digits for the full fiscal year.

總結一下，我們對第三季的營運和財務表現感到滿意。然而，我們重新調整了對即將到來的銷售季節的預期，現在預計整個財年我們的零售市場將出現兩位數的下滑。

Accordingly, with our acute focus on dealer inventory levels, we are revising our full-year guidance to reflect lower expected shipments. We now expect full-year net sales of down 3% to down 5%, and full-year adjusted EBITDA margins of between 9% and 10%.

因此，由於我們高度關注經銷商的庫存水平，我們正在修改全年指導，以反映預期出貨量的下降。我們現在預計全年淨銷售額將下降 3% 至 5%，全年調整後的 EBITDA 利潤率將在 9% 至 10% 之間。

Again, this updated outlook reflects our commitment to prioritizing long-term dealer and brand health over short-term volume. It is important to note that the implied Q4 sales and profitability levels are meaningfully above last year, largely due to the actions taken in the prior year, as Steve mentioned earlier.

再次，這項更新的展望反映了我們致力於優先考慮經銷商和品牌的長期健康，而不是短期銷售。值得注意的是，隱含的第四季銷售額和獲利水準明顯高於去年，這主要是由於前一年採取的行動，正如史蒂夫之前提到的。

In summary, we continue to manage our business proactively during a period of considerable macroeconomic uncertainty. We do not expect tariffs to have a material cost structure impact for the remainder of fiscal 2025. We are deploying a multitude of tariff mitigation strategies in order to balance the need for associated price increases. We anticipate having much greater tariff visibility when we review our Q4 results.

總之，在宏觀經濟不確定性較大時期，我們繼續積極管理我們的業務。我們預計關稅不會對 2025 財年剩餘時間的成本結構產生重大影響。我們正在部署多種關稅減免策略，以平衡相關價格上漲的需要。當我們回顧第四季度業績時，我們預計關稅的透明度將會大大提高。

Our highly variable cost structure, strong balance sheet, and resilient cash flow generation positions us well to navigate near-term challenges while maintaining our capital allocation priorities and investing strategically to drive long-term growth and value creation.

我們高度可變的成本結構、強勁的資產負債表和有彈性的現金流量產生使我們能夠很好地應對短期挑戰，同時保持我們的資本配置優先級並進行策略性投資以推動長期成長和價值創造。

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

現在，我想開始提問。

(Operator Instructions) Craig Kennison, Baird.

（操作員指示）Craig Kennison，Baird。

Thanks for taking my question. Wanted to start with inventory. What would the goal be by the end of June with respect to dealer inventory and maybe relative to last June?

感謝您回答我的問題。想要從庫存開始。就經銷商庫存而言，到 6 月底的目標是什麼？相對於去年 6 月而言，目標是什麼？

Yeah, well, dealer inventories typically come down quite a bit as we get through the selling season typically in the end of Q4, we're in the 20 to 25 weeks typically is where we would typically be. We are expecting to bring our dealer inventories down this year in the mid-teens percent, that's been a consistent goal for us throughout the entire year. We started talking about that at the very beginning of the fiscal year.

是的，隨著我們度過銷售季節（通常在第四季末），經銷商庫存通常會下降很多，通常處於 20 到 25 週的水平。我們預計今年經銷商庫存將下降百分之十幾左右，這是我們全年的一貫目標。我們從財政年度開始談論這個問題。

And we would -- that'll put us below where we were last year certainly. And the dealers are telling us that's where they want to take it. They want to take their inventories below historical levels. They are also looking at the same macroeconomic uncertainty that we're looking at.

我們會——這肯定會使我們的業績低於去年的水平。經銷商告訴我們這就是他們想要實現的目標。他們希望將庫存降至歷史水準以下。他們也和我們一樣關注宏觀經濟的不確定性。

Thanks. I appreciate that. And then with respect to, I guess, the Malibu customer or the customer of your boats, do you have any insights into the behavior of that customer? How is the repeat buyer doing? How are your first-time buyers doing? I'm just looking for a profile of who's in the market today and how that has changed.

謝謝。我很感激。然後我想，對於馬里布的客戶或您的船隻的客戶，您對該客戶的行為有什麼見解嗎？回頭客的購買情況如何？您的首次購屋者表現如何？我只是在尋找目前市場上的人員概況以及市場發生了怎樣的變化。

Yeah, they -- Craig, they're -- we're seeing retail kind of as what we expected is you see the ramp, we're seeing some of the repeat buyers returning to the marketplace, particularly the cash repeat buyers, right. New buyers are still a small percentage of our overall retail. We've seen the normal seasonality ramp as you would expect, but as Bruce said, we -- with the economic uncertainty, we haven't seen it come back in full force like as expectations were a couple of quarters ago.

是的，他們——克雷格，他們——我們看到零售業正如我們預期的那樣，你看到了成長，我們看到一些回頭客重返市場，特別是現金回頭客，對吧。新買家在我們的整體零售額中所佔比例仍然很小。正如您所期望的，我們看到了正常的季節性增長，但正如布魯斯所說，由於經濟的不確定性，我們還沒有看到它像幾個季度前的預期那樣全面回歸。

Yeah, if I may add too, Craig. I mean, we have -- we continue to look at the data around percent of our sales that are going to first time buyers and we've seen that kind of whole pretty steady over time. There was questions I think of would that drop after we exited the COVID period and we just haven't seen that. So that's been a positive.

是的，如果我可以補充的話，克雷格。我的意思是，我們一直在關注首次購買者的銷售佔比數據，我們發現這種整體情況隨著時間的推移相當穩定。我曾想過，在我們度過新冠疫情時期後，這種情況是否會下降，但我們還沒有看到這種情況。所以這是積極的。

That's helpful. Thank you.

這很有幫助。謝謝。

Eric Wold, Texas Capital Securities.

沃爾德 (Eric Wold)，德州資本證券公司。

Thanks for taking my question. I guess, first off, (inaudible) obviously the boat show season was mixed, something you kind of said in the past. I guess now that we're kind of firmly past it, what are you seeing with the competitor promotional activity, especially with those brands that you feel may not be in the best, inventory position and given kind of the state of the consumer. How much are you wanting to kind of chase deals against someone that's maybe overly competitive versus maybe letting some of those deals go.

感謝您回答我的問題。我想，首先，（聽不清楚）顯然船展季節好壞參半，這是您過去說過的。我想，既然我們已經完全度過了這個難關，那麼您看到競爭對手的促銷活動如何呢，尤其是那些您認為庫存狀況和消費者狀況可能不是最好的品牌。您在多大程度上願意與那些競爭過於激烈的公司爭奪交易，還是放棄一些交易？

I think in two respects there is -- one is, we've been really, as we stated earlier, helped by our new products. I mean when you look at some of the new product innovations that were launched and some of the new products, those continue to do really well in the marketplace gaining share, and we don't have to support those as strongly in the promo environment.

我認為有兩個面向——第一，正如我們之前所說，我們的新產品確實對我們有所幫助。我的意思是，當你看到一些新推出的產品創新和一些新產品時，它們在市場上繼續表現良好，獲得份額，我們不必在促銷環境中大力支持它們。

For us, we've been pretty consistent in our promo execution and we're going to continue to do that and work with our dealers to make sure that we're competitive in the marketplace, but we haven't had to do anything elevated to be in our strong position.

對我們來說，我們的促銷執行一直非常一致，我們將繼續這樣做，並與我們的經銷商合作，以確保我們在市場上具有競爭力，但我們不必做任何提升來保持我們的強勢地位。

Yeah, I would just echo that. Our promotional levels have been pretty consistent year to date with where we were last year, and we'd expect them actually, to be much less in our fourth quarter of this year than they certainly were a year ago, because a year ago we were focused on getting our dealer inventories down.

是的，我只是想重複這一點。今年迄今為止，我們的促銷水平與去年同期相比保持了相當的一致性，實際上，我們預計今年第四季度的促銷水平將比去年同期低得多，因為一年前我們專注於降低經銷商庫存。

So I think, in the overall market, you've seen various competitors address their inventory challenges and to a certain extent that's going to play out the way it's going to play out. You can't chase all of those all of those deals. But we expect that the promotional environment will remain competitive, but we'll moderate as the industry kind of works through its challenges.

因此我認為，在整個市場中，您已經看到各種競爭對手都在解決他們的庫存挑戰，並且在一定程度上這將以它將要的方式發揮作用。你不可能追逐所有這些交易。但我們預期促銷環境仍將保持競爭性，但隨著產業逐漸克服挑戰，我們也會適度調整。

Got it. And then just -- last question, kind of a follow up on the previous question on inventories, and I think you mentioned that you know dealers are kind of comfortable with inventories being kind of where you want to place them and below last year. Any group of your dealers that you feel are maybe in a tough position, maybe struggling a little bit out there, anyone that you're worried about, or you think that -- is the health pretty good across the board?

知道了。然後只是——最後一個問題，有點像是跟進上一個關於庫存的問題，我想你提到過，你知道經銷商對庫存處於你想要放置的位置並且低於去年水平感到很滿意。您覺得您的哪一組經銷商處境可能比較艱難，可能正在苦苦掙扎，您擔心哪一組經銷商，或者您認為整體健康狀況是否良好？

Pretty good across the board. We monitor every brand and all the different regions of the country and so forth, and I think everybody's in pretty good shape and pretty consistent.

整體來說相當不錯。我們監控每個品牌和全國各地區的情況等等，我認為每個人的狀況都很好，而且非常一致。

The other thing we're always doing Eric is monitoring the overall health of the dealer network. And the dealer network, from just an overall standpoint, is pretty healthy. And we are always in conversations with the floor plan finance providers and checking on that and are pretty happy with where the dealers are right now, particularly given the challenging market.

Eric，我們一直在做的另一件事是監控經銷商網路的整體健康狀況。從整體角度來看，經銷商網路相當健康。我們一直在與平面圖融資提供者進行對話並進行核實，並且對經銷商目前的狀況感到非常滿意，特別是在充滿挑戰的市場中。

Perfect. Thank you, both.

完美的。謝謝你們兩位。

Michael Swartz, Truist.

邁克爾·斯沃茨，Truist。

Maybe just start -- just on the tariff side. I know that you have said that you don't expect any material impact in Malibu fiscal year '25, which ends in a couple of months, so -- but as we look out further afield, I mean, is there any way to think about your tariff risk? I don't know if you have much direct exposure from international sourcing, but anyway, any parameters you could give us on how to think about that as we think about fiscal year 2016 and beyond?

也許只是開始——只是在關稅方面。我知道您說過，您預計馬里布 25 財年不會受到任何實質影響，該財年將在幾個月後結束，所以 - 但當我們放眼更遠的地方時，我的意思是，有沒有辦法考慮您的關稅風險？我不知道您是否有很多來自國際採購的直接接觸，但無論如何，當我們考慮 2016 財年及以後時，您能否為我們提供一些參數，讓我們了解如何考慮這一點？

Well, tariffs in general, Michael, were, like you said, the direct exposure is -- we're managing every day, We're looking at what's changing. We're trying to make sure that -- we try to understand what the impacts are clearly, but really what we're working on internally is how do we take those mitigation opportunities with either reshoring, buying ahead, all the different steps that you would take. And we have a team focused on that.

嗯，邁克爾，就像你說的，一般的關稅是直接影響——我們每天都在管理，我們正在關注正在發生的變化。我們正在努力確保——我們試圖清楚地了解其影響，但實際上我們內部正在研究的是如何利用這些緩解機會，無論是回流、提前購買，還是採取所有不同的措施。我們有一個專門負責此事的團隊。

Yeah, from a quantification standpoint we source about 18% to 20% of our cost of sales from outside the US, which, relative to others in the industry, I think is less than the overall industry but there certainly is some exposure there.

是的，從量化的角度來看，我們的銷售成本中約有 18% 到 20% 來自美國以外，相對於業內其他公司而言，我認為這比整個行業要低，但肯定也存在一定的影響。

And are there any singular large sources within that 18% to 20%?

那 18% 到 20% 之間是否存在單一大型來源？

No, I mean, I think it's distributed across a number of different categories, some of them being pretty obvious like outboard engines and then there are others that are maybe less obvious, hinges and latches and electronics, both of that nature.

不，我的意思是，我認為它分佈在許多不同的類別中，其中一些非常明顯，例如舷外發動機，還有一些可能不太明顯，例如鉸鏈、閂鎖和電子設備，兩者都具有這種性質。

Okay. That's super helpful, thank you for that. And then if we think about, model year '26 and I don't expect you to give me your pricing numbers, but any sense of where you think maybe the industry's coming in based on your conversations with suppliers? Any -- and I guess are you or anyone you're aware of moving model year '26 ahead by a month or two?

好的。這非常有幫助，謝謝。然後，如果我們考慮一下 26 年款車型，我不指望您給我您的定價數字，但是根據您與供應商的對話，您認為這個行業的未來走向如何？有沒有什麼——我猜您或您認識的任何人會將 26 年車型提前一兩個月推出？

No, we're not aware of anybody moving model year' 26 ahead by a month or two. And no, we have not really seen anybody in the industry make a move in pricing. And all of us, I think, are kind of wait-and-see what are the impacts and how we're going to deal with them. So we still have Q4 to kind of figure that out.

不，我們不知道有人將 26 款車型的發佈時間提前一兩個月。不，我們確實沒有看到業內任何人在定價方面採取任何行動。我認為，我們所有人都在觀望其影響是什麼以及我們將如何應對。所以我們還需要在第四季來解決這個問題。

Yeah. I would just say that I think it's probably a normal inflation environment and this is an industry that passes along cost increases, so I would expect, absent the tariff topic, that it would be a pretty normal year.

是的。我只想說，我認為這可能是一個正常的通膨環境，而且這個行業會轉嫁成本增加，所以我預計，如果沒有關稅問題，今年將是一個相當正常的年份。

Okay. Great. Thank you, guys.

好的。偉大的。謝謝你們。

Noah Zatzkin, KeyBanc.

諾亞·扎茨金（Noah Zatzkin），KeyBanc。

Thanks for taking my question. This is Ryan Williams on for Noah Zatzkin. Maybe the first one, it'd just be helpful to hear kind of any additional color on how demand trended in the quarter, and then if there were kind of any meaningful step changes in April as well.

感謝您回答我的問題。這是 Ryan Williams 取代 Noah Zatzkin 上場的演出。也許首先，了解本季需求趨勢的額外細節，以及四月是否也出現了任何有意義的變化，都會有所幫助。

No, I think, Ryan, we said the demand in the quarter kind of had it's -- the seasonal ramp as you would expect, and -- but did not have that robust punch that we were kind of hoping for a few quarters ago. So we say it's kind of the mixed results. It keeps kind of chugging along and we're -- we see the same thing in April. New products are doing well and we're fortunate that we have quite a few new products in the marketplace.

不，我認為，瑞安，我們說過本季的需求有某種程度的季節性增長，正如你所預期的那樣，但並沒有像我們幾個季度前所希望的那樣強勁增長。所以我們說這是一種混合結果。它一直在緩慢地前進，我們在四月也看到了同樣的事情。新產品銷售良好，我們很幸運在市場上有不少新產品。

Thanks. That's really helpful. And maybe just another on -- I know we're in a fluid environment and if things were to deteriorate, how are you thinking about kind of what cost levers are available in the business?

謝謝。這真的很有幫助。也許還有另一個問題——我知道我們處於一個不穩定的環境中，如果情況惡化，您如何考慮業務中可用的成本槓桿？

Well, I mean, we talk a lot about the highly variable nature of our cost structure, and we would definitely be relying on that if we were to see a further downturn, cost structure is 80% to 90% variable above the gross margin line. And then, of course, we would look for opportunities to free up cash from the balance sheet as well to manage any downturn just like we've done previously.

嗯，我的意思是，我們經常談論成本結構的高度可變性，如果我們看到進一步的下滑，我們肯定會依賴這一點，成本結構在毛利率線以上有 80% 到 90% 的可變性。然後，當然，我們會尋找機會從資產負債表中釋放現金，以應對任何經濟衰退，就像我們以前所做的那樣。

So we have a very resilient business model. We generate cash in all kinds of environments, and we have a very strong balance sheet. So we feel as good as you can feel coming into what continues to be a challenging market environment.

因此，我們的商業模式非常有彈性。我們在各種環境中都能產生現金，而且我們的資產負債表非常強勁。因此，在進入持續充滿挑戰的市場環境時，我們和您一樣感到很高興。

Great. Thanks for taking my questions.

偉大的。感謝您回答我的問題。

Mike Albanese, Benchmark.

麥克‧阿爾巴尼斯 (Mike Albanese)，Benchmark。

Thanks for taking my question. I think last quarter you had called out some additional weakness maybe forming in the Saltwater segment. Could you just comment on what you're seeing in that market specifically or any changes to I guess consumer behavior that happens throughout the quarter.

感謝您回答我的問題。我認為上個季度您已經指出海水領域可能出現了一些額外的弱點。您能否具體評論一下您在該市場看到的情況，或者我猜整個季度消費者行為發生的任何變化。

Yeah, we saw an improvement, I would say, in the Saltwater segment, particularly in Florida. I think in the last call we talked about Florida being down around 20% in the second quarter. We saw that improve in the third quarter. We didn't see it bounce back to growth. I think it just kind of went back to the kind of the overall trend in the market. o some improvement, but not a different trajectory entirely.

是的，我想說，我們看到了鹹水領域的改善，特別是在佛羅裡達州。我認為在上次電話會議中我們談到佛羅裡達州第二季度的銷售額下降了約 20%。我們看到第三季情況有所改善。我們沒有看到它恢復增長。我認為它只是回歸到了市場整體趨勢的一種。有所改善，但並不是完全不同的軌跡。

Got it. That's helpful. So I mean, just really, last quarter, I know you had called out Florida. I mean, safe to kind of say you're looking at it through this quarter here. You kind of got a return from that and kind of back to that normal trend, if you will, that you were thinking about maybe two quarters ago. Yeah. Okay, awesome.

知道了。這很有幫助。所以我的意思是，實際上，上個季度，我知道你已經呼籲佛羅裡達州。我的意思是，可以肯定地說，您正在關注這個季度的情況。如果你願意的話，你會從中得到回報，並回到你可能在兩個季度前考慮的正常趨勢。是的。好的，太棒了。

Jamie Katz, Morningstar.

晨星公司的傑米‧卡茨 (Jamie Katz)。

I just wanted to ask about the upcoming quarter. It looks like the third quarter was a little better than we expected, and then you have adjusted EBITDA push down a little bit. So can you talk a little bit about what has changed since your last update in that cost structure that is just leading to that pressure?

我只是想詢問一下下一季的情況。看起來第三季比我們預期的要好一點，然後你調整了 EBITDA 略微下調。那麼，您能否談談自上次更新以來成本結構發生了哪些變化，導致這種壓力？

Well, it's really the units. I mean, we've taken our expectations for units down because we changed our view on the market. If you remember previously, we were saying that we were expecting to see a little bit of improvement in the market in the second half of the year from what trend we were experiencing in the first half of the year.

嗯，這確實是單位。我的意思是，我們降低了對單位的預期，因為我們改變了對市場的看法。如果您還記得，我們​​之前曾說過，我們預計下半年市場將比上半年的趨勢有所改善。

And as we've kind of seen the market play out through the third quarter. And then given what our dealers are telling us and just the general macroeconomic uncertainty, we're no longer expecting an improvement in the market. So therefore, we had to make an adjustment from our prior expectations in production levels and therefore, it impacts our overall financial projections for the year and for the quarter.

正如我們所見，市場在第三季的表現。然後，考慮到我們的經銷商告訴我們的情況以及整體宏觀經濟的不確定性，我們不再期待市場改善。因此，我們必須根據先前對生產水準的預期做出調整，這會影響我們對今年和本季的整體財務預測。

Sure. And then if you think about capital allocation and share repurchases in the quarter ahead or the next fiscal year, if the environment stays this way, does it make more sense to have dry powder on the balance sheet just to navigate the environment? Or given the depressed level of shares, do you think it's maybe more prudent to continue down that share repurchase cycle that you've been on?

當然。然後，如果您考慮下一季或下一財年的資本配置和股票回購，如果環境保持這種狀態，那麼在資產負債表上留有備用資金以應對環境是否更有意義？或者考慮到股價低迷，您是否認為繼續進行股票回購週期更為謹慎？

What I would say just generally, we remain committed to our capital allocation priorities and -- but we may have to modify our tactics, from time to time just given the realities of the market. So I think that's what was behind the comments that I made in my prepared remarks that we're going to be modifying our level of share repurchases here in Q4.

我想說的是，總的來說，我們仍然致力於我們的資本配置優先事項，但考慮到市場的現實情況，我們可能必須不時修改我們的策略。所以我認為這就是我在準備好的發言中所說的我們將在第四季度修改股票回購水準的原因。

And then we still expect that we will be looking at share repurchases as part of our overall capital allocation strategy moving forward. And we're obviously looking to maximize shareholder value through the execution of those priorities.

然後，我們仍然希望將股票回購作為我們未來整體資本配置策略的一部分。我們顯然希望透過執行這些優先事項來實現股東價值最大化。

Thank you.

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.

我目前沒有其他問題。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。