Malibu Boats Inc (MBUU) 2025 Q4 法說會逐字稿

Welcome to Malibu Boats conference call to discuss fourth quarter and full fiscal year 2025 results. At this time, all participants are on a listen-only mode. Later we will conduct a question-and-answer session, and instructions will follow at that time. 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.

歡迎參加 Malibu Boats 電話會議，討論 2025 財年第四季和全年業績。此時，所有參與者都處於只聽模式。稍後我們將進行問答環節，屆時將會提供說明。請注意，未經 Malibu 船隻書面授權，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.

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。

I'll now turn the conference call over to Mr. Beckman to get started. Please go ahead, sir.

現在我將電話會議交給貝克曼先生開始。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 an update on the new model year. And I will then discuss our fourth quarter and full-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並介紹新車型的最新消息。然後我將討論我們第四季和 2025 年全年的財務狀況。然後我們將開始提問。

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

今天發布了一份涵蓋公司第四財季和 2025 年全年業績的新聞稿，該新聞稿的副本可在公司網站的投資者關係部分找到。

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. 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.

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。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, and adjusted net income per share. Reconciliations of these GAAP financial measures to non-GAAP financial measures are included in our earnings release. Finally, during today's prepared remarks, comparisons are to Q4 of fiscal 2025 unless otherwise noted.

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 利潤率和調整後的每股淨收入。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。最後，在今天的準備好的發言中，除非另有說明，比較的是 2025 財年第四季。

I will now turn the call over to Steve.

現在我將電話轉給史蒂夫。

Thanks, Bruce. Morning, everyone. Fiscal year 2025 was a challenging period for the marine industry shaped by a difficult retail environment and heightened tariff uncertainty.

謝謝，布魯斯。大家早安。2025 財年對海洋產業來說是一個充滿挑戰的時期，零售環境艱難，關稅不確定性加劇。

Despite these headwinds, I'm proud of our team's ability to navigate the landscape and deliver strong results for our customers and partners. We outpaced the market while remaining disciplined in protecting the health of our dealers, which remains a north star for our organization.

儘管面臨這些不利因素，我仍然為我們的團隊能夠應對情況並為我們的客戶和合作夥伴帶來強勁的成果而感到自豪。我們超越了市場，同時嚴格保護經銷商的健康，這仍然是我們組織的北極星。

As a reminder, we led the charge, supporting our dealers' efforts to bring their inventory into alignment back in fiscal 2024. This set us up nicely for our outperformance of the market in fiscal year 2025, and we are well-positioned to repeat that success in fiscal 2026.

提醒一下，我們發揮了主導作用，支持我們的經銷商在 2024 財年調整庫存。這為我們在 2025 財年超越市場的表現奠定了良好的基礎，我們有能力在 2026 財年重複這一成功。

The organization is ready to execute despite a softer retail backdrop. At the same time, we continue investing in our people and kept our foot on the gas with innovation. We will be introducing 11 new model year '26 boats while maintaining our industry leading commitment to quality and safety. I'm excited to share details on some of these new models with you in just a moment.

儘管零售業環境較為疲軟，但該組織仍做好了執行的準備。同時，我們繼續投資於我們的員工，並不斷創新。我們將推出 11 款新型 26 型船，同時保持我們在品質和安全方面的業界領先承諾。我很高興馬上與大家分享一些有關這些新模型的詳細資訊。

In addition, we generated another strong year of free cash flow, producing $29 million. This consistent generation of free cash flow demonstrates both our discipline and the resilience of our business model, regardless of the market conditions.

此外，我們又創造了強勁的自由現金流，產生了 2,900 萬美元。無論市場狀況如何，這種持續的自由現金流既體現了我們的紀律性，也體現了我們商業模式的彈性。

As anticipated, we also reduced CapEx spending as we have the capacity in place to support the next upturn in retail demand when the market normalizes. And lastly, we executed on our capital allocation strategy, returning $36 million to shareholders through share repurchases.

正如預期的那樣，我們還減少了資本支出，因為我們有能力支持市場正常化後零售需求的下一次上升。最後，我們執行了資本配置策略，透過股票回購向股東返還了 3,600 萬美元。

Turning to our dealers, as we noted in fiscal Q3, we expected dealers to continue trimming inventory. Elevated interest rates, ongoing macroeconomic uncertainty, and the timing of trade policy changes weighed on to consumer sentiment, which showed up in the software industry retail data. Initial market data suggests that fiscal Q4 was the weakest quarter of the year with the broader market down mid-teens percentage points.

談到我們的經銷商，正如我們在第三財季所指出的，我們預計經銷商將繼續削減庫存。利率上升、持續的宏觀經濟不確定性以及貿易政策變化的時機影響了消費者情緒，這體現在軟體產業零售數據中。初步市場數據顯示，第四財季是今年表現最疲軟的季度，大盤下跌了百分之十幾個百分點。

We remain committed to aligning wholesale with retail. Last year, when dealers faced higher inventory levels, we were one of the first in the industry to adjust production and increase promotional support. These proactive steps helped reduce non-current dealer inventory of our products, which allowed us to lower promotional spending in the back half of fiscal 2025.

我們始終致力於協調批發與零售。去年，當經銷商面臨較高的庫存水準時，我們是業界最早調整生產並加強促銷支持的企業之一。這些積極措施有助於減少我們產品的非現有經銷商庫存，從而使我們能夠降低 2025 財年下半年的促銷支出。

To be clear, we are still providing promotions to our network. The key distinction is that our promotions are now more normalized to a market consumer incentive rather than an aggressive inventory reduction.

需要明確的是，我們仍在為我們的網路提供促銷活動。關鍵的區別在於，我們的促銷活動現在更加規範化，以激勵市場消費者，而不是積極減少庫存。

At our recent dealer meetings, we came away energized by the sentiment. Dealers appreciated our customer-first approach, ensuring products align with individual needs for a premier boating experience. We shared our new product lineup and the excitement building around it, while also outlining plans to strengthen our role as a trusted dealer partner. This includes new tools to drive retail activity in the local markets and support long-term dealer success in fostering stronger relationships with our customers. We look forward to sharing more about these unique initiatives at our upcoming investor day next month.

在我們最近的經銷商會議上，這種情緒為我們帶來了活力。經銷商欣賞我們的客戶至上理念，確保產品符合個人需求，帶來一流的划船體驗。我們分享了我們的新產品陣容和圍繞它的興奮之情，同時也概述了加強我們作為值得信賴的經銷商合作夥伴的角色的計劃。這包括推動當地市場零售活動的新工具，以及支援經銷商長期成功與客戶建立更牢固的關係的新工具。我們期待在下個月即將舉行的投資者日上分享更多有關這些獨特舉措的資訊。

We have also made significant progress upgrading our dealer network. 2025 marked a turning point as we reset our Malibu and Axis network. With boat liquidations behind us and new dealers in place, we are rebuilding our share in these affected markets and are proud of the quality and speed at which our new dealers have come online.

我們也在升級經銷商網路方面取得了重大進展。 2025 年是我們重置 Malibu 和 Axis 網路的轉捩點。隨著船舶清算的結束和新經銷商的到位，我們正在這些受影響的市場中重建我們的份額，並為我們新經銷商上線的品質和速度感到自豪。

While there is still work to do, onboarding has been smooth, and our new dealers are enthusiastic about providing industry-leading service and support to our customers in these important markets.

雖然仍有工作要做，但入職過程一直很順利，我們的新經銷商熱衷於為這些重要市場的客戶提供業界領先的服務和支援。

Customer-centric innovation is central to our mission at MBI. As a market share leader, we are committed to delivering the most advanced boating technology and highest quality products in the industry. Our model year '26 lineup sets a new standard in creativity, craftsmanship, and performance, including 11 new models.

以客戶為中心的創新是 MBI 使命的核心。作為市場份額的領導者，我們致力於提供業內最先進的船舶技術和最高品質的產品。我們的 26 款車型系列在創造力、工藝和性能方面樹立了新標準，其中包括 11 款新車型。

Among the highlights are our Cobia 245 Center Console and the 305 Center Console, which were unveiled at our national dealer meeting three weeks ago. These models are part of our strategy to upgrade the Cobia lineup. And we are excited to see that initial orders have exceeded expectations.

其中的亮點包括我們的 Cobia 245 中央控制台和 305 中央控制台，它們是三週前在我們全國經銷商會議上亮相的。這些型號是我們升級 Cobia 產品線策略的一部分。我們很高興地看到初始訂單已經超出了預期。

Next, we have the Malibu 22 LSV, the newest evolution of our bestselling LSV series. Easy to tow, store, and maneuver, the 22 LSV is the most complete compact wakeboat ever built.

接下來，我們有 Malibu 22 LSV，這是我們最暢銷的 LSV 系列的最新產品。22 LSV 易於拖曳、儲存和操縱，是迄今為止最完整的緊湊型尾流船。

We recently announced the Axis T250, the biggest, boldest, and most powerful Axis in our history, with room for 18 to ride, relax, and repeat. The T250 is an excellent option for value-focused buyers looking for outstanding quality at an affordable price point.

我們最近發布了 Axis T250，這是我們歷史上最大、最大膽、最強大的 Axis，可容納 18 人騎行、放鬆和重複。對於注重價值、尋求以實惠的價格獲得卓越品質的買家來說，T250 是一個絕佳的選擇。

And finally, the Pursuit S388, an evolution of one of our most popular models with more storage, premium upgrades, and performance in a smart layout.

最後，Pursuit S388 是我們最受歡迎的型號之一的升級版，具有更大的儲存空間、進階升級和智慧佈局的效能。

We plan on unveiling six more new models across our portfolio in the coming months, and we'll continue rolling out the all new Monsoon engine with enhanced power, torque, and efficiency.

我們計劃在未來幾個月內推出我們產品組合中的另外六款新車型，並且我們將繼續推出具有增強功率、扭矩和效率的全新 Monsoon 引擎。

In addition to customer-centric innovation, our enterprise commitment to our communities remains paramount. Our mission is to deliver the ultimate on-the-water experience. And in doing so, we remain committed to safe boating and waterway health. We continue to educate customers on responsible boating and push the bounds of innovation with environmental impact in mind.

除了以客戶為中心的創新之外，我們對社區的企業承諾仍然至關重要。我們的使命是提供極致的水上體驗。在此過程中，我們始終致力於安全航行和水道衛生。我們將繼續教育客戶如何負責任地駕駛船隻，並在考慮環境影響的情況下不斷推動創新。

Also, our longstanding history and involvement in MMMA and WSIA exemplifies our leadership role in the industry. And together with our industry advocates, we can take ownership in setting the standard for responsible and safe boating.

此外，我們在 MMMA 和 WSIA 的長期歷史和參與體現了我們在該行業的領導地位。我們可以與產業倡導者一起，共同製定負責任、安全的航海標準。

Looking ahead, we are going to stay grounded in the realities of today's market, which is still feeling the effects of the broader macroeconomic uncertainties. With respect to the trade environment, tariffs will continue to create uncertainty in the general market. However, we anticipate a modest direct impact on our fiscal 2026 cost structure estimated between 1.5% to 3% cost of sales, assuming current tariff rates.

展望未來，我們將立足於當今市場的現實，市場仍受到更廣泛的宏觀經濟不確定性的影響。就貿易環境而言，關稅將繼續為整個市場帶來不確定性。然而，假設目前的關稅稅率，我們預計這將對我們 2026 財年的成本結構產生適度的直接影響，估計銷售成本在 1.5% 至 3% 之間。

We will remain proactive in mitigating impacts through our strategic supply chain management initiatives and leverage our robust vertically integrated US manufacturing capabilities, all of which will balance the need for associated price increases.

我們將繼續透過策略供應鏈管理措施積極主動地減輕影響，並利用我們強大的垂直整合美國製造能力，所有這些都將平衡相關價格上漲的需求。

From a retail standpoint, we do expect to see gradual improvement in fiscal year 2026 where we have not yet seen a clear inflection point that signals a return to growth for the overall industry. That is why we're going to remain disciplined, keeping our expectations aligned with what the market is telling us real-time and not get ahead of ourselves.

從零售的角度來看，我們確實預計 2026 財年將逐步改善，但我們尚未看到標誌著整個產業恢復成長的明顯轉折點。這就是為什麼我們要保持紀律，讓我們的預期與市場即時告訴我們的情況保持一致，而不是操之過急。

Our dealer-first approach will continue to guide us. And our operational discipline will ensure we are in the right position when the market turns. We have the capacity in place, an exceptional team in the driver seats, and a customer-centered product line that positions us to hit the throttle when the time comes.

我們的經銷商優先方針將繼續指導我們。我們的營運紀律將確保我們在市場轉變時處於正確的位置。我們擁有足夠的產能、一支出色的駕駛團隊以及以客戶為中心的產品線，讓我們能夠在時機成熟時全力以赴。

We are excited about the long term opportunity ahead for MBI and for our industry. And as I mentioned, we look forward to sharing more on our Investor Day in September where you will see how we are building on our strong foundation, innovating for the future, and positioning ourselves to accelerate growth. We hope you can join us.

我們對 MBI 和我們行業未來的長期機會感到興奮。正如我所提到的，我們期待在 9 月份的投資者日分享更多信息，屆時您將看到我們如何在堅實的基礎上再接再厲，為未來進行創新，並為加速增長做好準備。我們希望您能加入我們。

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. In the fourth quarter, results were generally in line with our expectations. Net sales increased 30.4% to $207 million and unit volume increased 16.8% to 1,221 boats. The increase in net sales was driven primarily by increased unit volumes in the Malibu segment, a favorable model mix across all segments, and decreased promotional costs from elevated year-ago levels. The Malibu and Axis brands represented approximately 46.6% of unit sales, Cobalt represented 26.9%, and Saltwater Fishing representing the remaining 26.5%.

謝謝，史蒂夫。第四季業績基本上符合我們的預期。淨銷售額成長 30.4% 至 2.07 億美元，銷量成長 16.8% 至 1,221 艘。淨銷售額的成長主要得益於 Malibu 細分市場的銷售成長、所有細分市場的良好車型組合以及促銷成本較去年同期的下降。Malibu 和 Axis 品牌約佔單位銷售額的 46.6%，Cobalt 佔 26.9%，Saltwater Fishing 佔剩餘的 26.5%。

Consolidated net sales per unit increased 11.6% to $169,565 per unit primarily driven by inflation-driven year-over-year price increases, decreased promotional costs, and favorable model mix. Gross profit increased 162.1% to $32.7 million and gross margin was 15.8%. This compares to a gross margin of 7.9% in the prior-year period. The increased gross margin was driven by decreased promotional costs across all segments and favorable model mix.

每單位綜合淨銷售額增長 11.6% 至每單位 169,565 美元，主要原因是通貨膨脹導致價格同比上漲、促銷成本下降以及車型組合有利。毛利成長162.1%至3,270萬美元，毛利率為15.8%。相比之下，去年同期的毛利率為 7.9%。毛利率的提高得益於所有細分市場的促銷成本下降和車型組合的有利影響。

Selling and marketing expenses increased 10.7% to $5.4 million. The increase was driven primarily by an increase in compensation and higher marketing activity. As a percentage of sales, selling and marketing expenses decreased 50 basis points to 2.6%.

銷售和行銷費用增加 10.7% 至 540 萬美元。這一增長主要得益於薪酬增加和行銷活動增加。以銷售額的百分比計算，銷售和行銷費用下降了 50 個基點，至 2.6%。

General and administrative expenses decreased 12.7% to $18.8 million. The decrease was driven primarily by a decrease in legal and professional fees and a one-time IT item in the comparable period. As a percentage of sales, G&A expenses were 9.1%.

一般及行政開支下降 12.7% 至 1,880 萬美元。下降的主要原因是同期法律和專業費用以及一次性 IT 專案的減少。以銷售額的百分比計算，一般及行政費用為 9.1%。

Q4 adjusted EBITDA increased to $19.7 million and Q4 adjusted EBITDA margin increased 1,210 basis points to 9.5%. Q4 GAAP net income increased to $4.8 million.

第四季調整後 EBITDA 增至 1,970 萬美元，第四季調整後 EBITDA 利潤率增加 1,210 個基點至 9.5%。第四季 GAAP 淨收入增至 480 萬美元。

In an effort to evolve and simplify our financial metrics, we have replaced the adjusted fully distributed net income per share metric with adjusted net income per share. In the fourth quarter, adjusted net income per share increased by 205% to $0.42 per share. This is calculated using a normalized tax rate of 24.5% and a weighted average share count of approximately 19.3 million shares.

為了改善和簡化我們的財務指標，我們以調整後的每股淨收益取代了調整後的每股完全分配淨收益指標。第四季度，調整後每股淨收益成長205%，達到每股0.42美元。這是使用 24.5% 的標準化稅率和約 1,930 萬股的加權平均股數計算得出的。

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

有關調整後的 EBITDA 和調整後的每股盈餘與 GAAP 指標的對帳情況，請參閱我們的收益報告中的表格。

Turning our attention to cash flow, we generated $14.3 million of free cash flow during Q4, inclusive of $7 million of capital expenditures. We repurchased $5.6 million of stock in the quarter.

將注意力轉向現金流，我們在第四季度產生了 1,430 萬美元的自由現金流，其中包括 700 萬美元的資本支出。我們在本季回購了價值 560 萬美元的股票。

Now to recap our results for all of fiscal 2025, net sales decreased 2.6% to $807.6 million and unit volume decreased 9% to 4,898 boats.

現在回顧 2025 財年全年的業績，淨銷售額下降 2.6% 至 8.076 億美元，銷量下降 9% 至 4,898 艘。

Consolidated net sales per unit increased 7.1% to $164,876 per unit, driven by a favorable model mix and inflation-driven year-over-year price increases. Gross profit decreased to 2% to $144.1 million. GAAP net income for the year was $15.2 million, compared to a loss of $56.4 million in the prior year. And adjusted EBITDA decreased 9.1% to $74.8 million. Adjusted EBITDA margin decreased by 60 basis points to 9.3%.

受有利的車型組合和通貨膨脹驅動的同比價格上漲的推動，每單位綜合淨銷售額增長 7.1%，達到每單位 164,876 美元。毛利下降至 2%，至 1.441 億美元。美國通用會計準則全年淨收入為 1,520 萬美元，而上一年的虧損為 5,640 萬美元。調整後的 EBITDA 下降 9.1% 至 7,480 萬美元。調整後的 EBITDA 利潤率下降 60 個基點至 9.3%。

As you may have noticed, this morning, we have provided additional segment level detail in our press release and filings. For context, we have also moved several corporate expenses from the Malibu Axis segment to the corporate expenses and other line item to better reflect our operating structure. A historical recast was also provided in the 10-K and will be filed later today.

您可能已經注意到，今天早上，我們在新聞稿和文件中提供了額外的細分級別詳細資訊。就背景而言，我們還將幾項公司費用從 Malibu Axis 部門轉移到公司費用和其他項目，以更好地反映我們的營運結構。10-K 文件中還提供了歷史重述，並將於今天稍後提交。

Adjusted EBITDA margin for the Malibu segment increased to 19.4% for fiscal year 2025 from 15.3% in fiscal 2024. For the same periods, adjusted EBITDA margin for the Saltwater Fishing segment decreased to 9.5% from 10.8%. And adjusted EBITDA margin for the Cobalt segment decreased to 8.3% from 10.2%.

馬里布部門的調整後 EBITDA 利潤率從 2024 財年的 15.3% 上升至 2025 財年的 19.4%。同一時期，海水捕魚部門的調整後 EBITDA 利潤率從 10.8% 下降至 9.5%。鈷部門的調整後 EBITDA 利潤率從 10.2% 下降至 8.3%。

For the year, non-GAAP adjusted earnings per share decreased 21.4% to $1.58 per share. This is calculated using a normalized tax rate of 24.5% and a weighted average share count of approximately 19.7 million shares.

全年非公認會計準則調整後每股收益下降 21.4% 至每股 1.58 美元。這是使用 24.5% 的標準化稅率和約 1,970 萬股的加權平均股數計算得出的。

For the year, free cash flow was $28.9 million, inclusive of $27.9 million of CapEx and proactive raw material purchases in advance of increased tariff rates. We executed our capital allocation priorities by returning $35.9 million to shareholders through share repurchases. And we finished the year with $19 million of net cash on the balance sheet and over $300 million of untapped liquidity on our credit facility. Our balance sheet's strength and ample liquidity gives us the confidence in our ability to support growth and innovation through every phase of the market cycle.

全年自由現金流為 2,890 萬美元，其中包括 2,790 萬美元的資本支出和在關稅上調之前主動進行的原材料採購。我們透過股票回購向股東返還 3,590 萬美元，從而執行了我們的資本配置優先事項。今年年底，我們的資產負債表上有 1,900 萬美元的淨現金，信貸額度上有超過 3 億美元的未開發流動資金。我們資產負債表的強勁和充足的流動性使我們有信心在市場週期的每個階段支持成長和創新。

As we enter the new year, as Steve mentioned earlier, we will take a pragmatic approach to our fiscal year 2026 guide. Market softness resulted in modestly higher-than-anticipated dealer inventory levels at year end, and macro uncertainty remains a key headwind in tempering retail demand. While we envision an improvement from the market declines we experienced in Q4, we have yet to see the likely catalysts for material inflection in the market.

正如史蒂夫之前提到的，隨著我們進入新的一年，我們將採取務實的態度來製定 2026 財政年度指南。市場疲軟導致年底經銷商庫存水準略高於預期，宏觀不確定性仍是抑制零售需求的主要阻力。雖然我們預計第四季度市場下滑的勢頭會有所改善，但我們尚未看到市場出現實質轉折點的可能催化劑。

As such, our guide today is anchored in the expectation that our markets will decline in the range of mid to high single digits for the year. This will be characterized by continuation of high single digit to low double-digit decline through the first half of the year, with some improvement projected towards the back half.

因此，我們今天的指導是基於這樣的預期：我們的市場今年的跌幅將在中高個位數的範圍內。其特點是，上半年將繼續出現高個位數至低兩位數的下降，預計下半年將有所改善。

If the market proves to be more favorable, we are well-positioned to serve stronger demand (technical difficulty) 2026 to be another year of top line outperformance against the markets in which we compete, and our resilient business model will again enable us to generate strong free cash flow to fund our capital allocation priorities. We are excited about our company's future and look forward to sharing our plans for growth and value creation at our upcoming Investor Day.

如果市場證明更有利，我們將能夠滿足更強勁的需求（技術難度），2026 年將成為我們在另一個競爭市場中表現優異的一年，而我們富有彈性的商業模式將再次使我們能夠產生強勁的自由現金流，為我們的資本配置優先事項提供資金。我們對公司的未來感到興奮，並期待在即將到來的投資者日分享我們的成長和價值創造計劃。

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

現在，我想開始提問。

(Operator Instructions)

（操作員指示）

Joe Altobello, Raymond James.

喬·阿爾托貝洛、雷蒙·詹姆斯。

Good morning. This is Martin, on for Joe. I wanted to quickly touch on sort of inventory levels, which I believe you said were elevated at year end. Just trying to get an idea of how much of that do we expect further destocking this year. Is it across the board or is it mostly in the Saltwater and Cobalt segments?

早安.我是馬丁，現在換喬發言。我想快速談談庫存水平，我記得您說過，庫存水準在年底有所上升。只是想了解我們預計今年還會進一步減少多少庫存。它是全面的嗎？還是主要在海水和鈷領域？

Yeah. What I would say is it's across the board. It's not in any one given segments. I think all the segments were affected by the macroeconomic uncertainty that we experienced. And it's not, I would say, a large amount of excess inventory. It's more modest. It's in the one to two weeks range. But certainly, something as we maintain our focus on dealer health and dealer inventories is something that we are going to address in our fiscal '26 guidance.

是的。我想說的是，這是全面的。它不屬於任何一個給定的片段。我認為所有部門都受到了我們所經歷的宏觀經濟不確定性的影響。我想說的是，這並不是大量的過剩庫存。它更加謙虛。持續時間在一至兩週之間。但可以肯定的是，當我們繼續關注經銷商健康和經銷商庫存時，我們將在 26 財年指引中解決這個問題。

Great. Thank you. And I just want to really quickly touch on tariffs and how that might affect pricing. Will that just go directly into MSRP or could you be looking at a surcharge?

偉大的。謝謝。我只想快速談談關稅以及它可能如何影響定價。這是否直接計入建議零售價，還是需要支付附加費？

We haven't necessarily decided on exactly which mitigation and how exactly we're going to mitigate it. We're looking at multiple forms of mitigation from supply chain strategies, changing sourcing patterns, and a number of of of potential mitigations in an attempt to minimize the need for price increases. But we have incorporated that increase in cost into our into our guidance.

我們還沒有決定具體採取哪種緩解措施以及具體如何緩解。我們正在研究多種形式的緩解措施，包括供應鏈策略、改變採購模式以及一些潛在的緩解措施，以盡量減少漲價的需要。但我們已將成本增加納入我們的指導範圍。

Thank you and good luck.

謝謝，祝你好運。

All right. Thank you.

好的。謝謝。

Eric Wold, Texas Capital Securities.

沃爾德 (Eric Wold)，德州資本證券公司。

Thanks. Good morning, guys. One quick kind of clarification question on the guidance and then a follow-up on that. I guess, one, does your guidance assume any interest rate cuts during the fiscal year?

謝謝。大家早安。對指南提出一個快速澄清問題，然後進行跟進。我想，首先，您的指導是否假設財政年度內會出現任何降息？

And then, should we start to see some interest rate relief this fall as it's now more widely anticipated? You mentioned that your promotional and discounting, you're kind of leaning back on it a little bit. If we start to see some promotional or some interest rate relief around the boats, would you expect to lean more or dealers to lean more into promotions to jump start demand during that important boat show season to get people into boats to kind of maybe not, quote-unquote, miss a boat show season before next year?

那麼，我們是否應該像現在人們更廣泛預期的那樣，在今年秋季開始看到一些利率下調？您提到了促銷和折扣，您有點依賴它。如果我們開始看到一些與船舶相關的促銷活動或利率減免，您是否希望經銷商或經銷商更多地傾向於促銷活動，以便在重要的船展季節啟動需求，從而吸引人們購買船舶，以免錯過明年之前的船展季節？

And then how much rate, from talking to your dealers, how much rate relief do you think those payment buyers really need at this point to drive affordability into your key segments?

那麼，透過與經銷商的交談，您認為這些付款買家目前真正需要多少利率減免才能提高您關鍵細分市場的可負擔性？

Thanks for the question. No. Our guidance did not include any rate cuts. That was your first question.

謝謝你的提問。不。我們的指導不包括任何降息。這是你的第一個問題。

Your second question around how are the dealers feeling, what's our promo and so forth. Like we said, we're kind of in that normalized consumer discount versus an inventory reduction phase, right? So with our dealers, we're working to make sure that we can capture every sale, that we can drive market share. We have the new models. Like we said, we've only introduced about 5 of the 11 new models. We have new models coming out that will help us through the boat show season as well as if there are rate cuts to happen, that could provide some wind to our back as we go to the boat show season.

您的第二個問題是經銷商的感受如何，我們的促銷活動是什麼等等。就像我們說的那樣，我們正處於正常的消費者折扣與庫存減少階段，對嗎？因此，我們與經銷商一起努力，確保能夠完成每一筆銷售，從而提高市場份額。我們有新的模型。正如我們所說的，我們只推出了 11 款新車型中的 5 款。我們即將推出的新車型將幫助我們度過船展季節，如果有降價發生，這可以在我們進入船展季節時給我們一些支持。

Yeah. I think that's well said, Steve. I mean, there'll probably be some lag between when a Fed rate cut happens and when that transitions into consumer financing rates. We'll get the benefit right away from a floor plan financing standpoint. That'll be helpful to our dealers and to us. But likely, it'll take a little bit of a while to trickle through. We do think that will be an important factor of getting this industry back to growth, is getting those consumer rates to come down. We have seen the payment buyers pull back. And we've not seen them come back to the market as of yet. So looking forward to that future point when those buyers are back in the market and that will likely help the industry get back to growth.

是的。我認為說得很好，史蒂夫。我的意思是，聯準會降息和消費者融資利率轉變之間可能會存在一些延遲。從平面圖融資的角度來看，我們將立即獲得利益。這對我們的經銷商和我們都有幫助。但很可能需要一點時間才能慢慢滲透。我們確實認為，降低消費者利率是讓該產業恢復成長的重要因素。我們已經看到付款買家撤退。但我們至今尚未看到它們重返市場。因此，期待未來這些買家重返市場，這可能有助於該行業恢復成長。

Got it. Thank you, guys.

知道了。謝謝你們。

Craig Kennison, Baird.

克雷格·肯尼森，貝爾德。

Good morning, Steve and Bruce. Thanks for taking my question. Wanting to understand the retail outlook that is embedded in your fiscal '26 guidance.

早安，史蒂夫和布魯斯。感謝您回答我的問題。想要了解您 26 財年指引中所包含的零售前景。

I think the easiest way, Craig, is to think about it as at this point, we're kind of seeing more of the same. There's nothing that says there's going to be this wild ride up yet that we're at the beginning of the next upcycle. So we've kind of looked at it and positioned it as more of the same. So it's still the focus on how do we gain share in a mid-single to to upper single-digit down market. So we're going to be focused on the new products, how do we work with our dealers to be better retailers, and what we can do to support that. So that's kind of where we continue to see the market until we see some point that says, hey, this thing's going to turn for the better.

克雷格，我認為最簡單的方法就是這樣想，因為在這一點上，我們看到了更多相同的情況。沒有任何跡象表明，我們正處於下一個上升週期的開始，並且將會出現如此瘋狂的上漲。因此，我們對其進行了一番研究，並將其定位為類似的東西。因此，我們的重點仍然是如何在中個位數至高個位數的下滑市場中獲得份額。因此，我們將專注於新產品，如何與經銷商合作成為更好的零售商，以及我們可以做些什麼來支持這一點。因此，我們會繼續觀察市場，直到看到某個點，告訴我們，嘿，事情會好轉。

I think if you were to summarize it, Craig, we're kind of expecting next year to play out very similarly to the way this year played out. And if there's an inflection change in the market, we'll be ready to capitalize on that inflection change. But as of right now, it's probably more prudent to assume it's going to be similar to last year.

克雷格，我想如果你來總結一下的話，我們預計明年的情況將與今年非常相似。如果市場出現拐點變化，我們將準備好利用這種拐點變化。但就目前而言，更謹慎的做法可能是假設其情況將與去年類似。

That's helpful. And so fiscal '25 included retail being down, but then also some destocking activity. Would you say you would also expect -- again, you made the comment on retail, but then you would also reduce inventory in the channel?

這很有幫助。因此，25財年零售業出現下滑，但也有一些去庫存活動。您是否會說您也期望——再次，您對零售發表了評論，但隨後您也會減少通路中的庫存？

Exactly, yeah. And it would likely be a little bit more destocking than we had this year because, again, we've got a little bit heavier coming into the year than we would have anticipated three months ago just because of how soft retail was in Q4.

確實如此。而且去庫存的幅度可能會比今年更大一些，因為第四季零售業的疲軟導致今年的庫存比三個月前預期的要大一些。

Got it. That's helpful. And then just thinking about your dealer network, you've made some changes and upgrades. Does that have any impact on your stocking plans or is it fairly immaterial given the size of your whole network?

知道了。這很有幫助。然後想想你的經銷商網絡，你已經做了一些改變和升級。這對您的庫存計劃有影響嗎？或者考慮到您的整個網路規模，這是否無關緊要？

I'd say it's fairly immaterial.

我想說這相當不重要。

Okay. Thank you.

好的。謝謝。

All right. Thank you.

好的。謝謝。

Noah Zatzkin, KeyBanc Capital Markets.

KeyBanc 資本市場 (KeyBanc Capital Markets) 的 Noah Zatzkin。

All right. Thanks for taking my questions. I guess first, just hoping you could comment on the health of the dealer base, both for you guys and for the broader industry. And then in terms of inventory levels, what's your sense of, from an industry perspective, how inventory levels are? Thanks.

好的。感謝您回答我的問題。我想首先，我只是希望您能對經銷商群體的健康狀況發表評論，無論是對您還是對整個行業而言。那麼就庫存水準而言，從行業角度來看，您認為庫存水準如何？謝謝。

Yeah. From the health of our dealer network, and I think we said this, on an ongoing basis, we check in with our floor plan supplier every month. We have our fingers on the pulse of what's going on. They're pretty healthy. No big issues. However, as Bruce stated, with the softer Q4, maybe one or two weeks heavier in inventory than we wanted, and as we kind of look at '26, we want to be prudent and making sure we continue to stay disciplined to watching our dealer health.

是的。從我們的經銷商網路的健康狀況來看，我想我們說過，我們會持續每月與我們的平面圖供應商進行核對。我們對正在發生的事態發展瞭如指掌。他們非常健康。沒什麼大問題。然而，正如布魯斯所說，由於第四季度銷售疲軟，庫存可能比我們預期的多了一兩週，展望26年，我們希望保持謹慎，確保繼續嚴格關注經銷商的健康狀況。

So I think, our MBI dealers are in good shape. Like any other manufacturer, we'll have a pocket here or there that we're always cleaning up regionally or so forth. So always got our eye on that.

所以我認為，我們的 MBI 經銷商狀況良好。與其他製造商一樣，我們也會在某些地方設立辦事處，以便隨時進行區域性清理。所以我們一直關注這一點。

Industry-wise, I think the overall industry got better inventory. I know some of our competitors are still working through -- We were the first ones to kind of go, so there's still some folks working through their inventory challenges. But we're going to remain disciplined and continue to have that finger on the pulse to really support our dealers.

從行業角度來看，我認為整個行業的庫存情況有所改善。我知道我們的一些競爭對手仍在努力——我們是第一批採取行動的公司，所以仍有一些人在努力解決庫存挑戰。但我們將繼續嚴守紀律，繼續掌握形勢，並實際支持我們的經銷商。

The other thing I would add to that is just the level of non-currents in the system for us is in a healthy spot and it's better than than what we understand the industry to be. So we feel good about that. And again, that's, I think, a result of the focus that we've put on dealer health.

我想補充的另一件事是，對我們來說，系統中的非電流水平處於健康狀態，並且比我們對行業的理解要好。因此我們對此感到很高興。再次，我認為這是我們關注經銷商健康的結果。

Got it. Very helpful. And maybe just one more again on how you're thinking about pricing. I think you made a comment, and correct me if I'm wrong, but the tariffs would represent about 1.5 to 3 points of additional COGS. So in terms of the guide, how are you thinking about -- what kind of offsets are embedded, if any, versus those additional costs? And then just any mitigation efforts or opportunities that you could expand on would be great. Thanks.

知道了。非常有幫助。也許我再問一次您是如何考慮定價的。我認為您已經發表了評論，如果我錯了請糾正我，但關稅將代表約 1.5 到 3 個額外的 COGS。那麼就指南而言，您是如何考慮的——如果有的話，與那些額外成本相比，嵌入了什麼樣的抵消？然後，任何可以擴展的緩解措施或機會都會很棒。謝謝。

So maybe the the first thing I'll say is that some of the mitigation activity took place in last fiscal year where we did some advanced purchases. We had roughly $10 million of additional working capital on the balance sheet at the end of the year that we wouldn't have had had it not been for those advanced purchases. So that was, I would say, mitigation number one.

因此，我想說的第一件事是，一些緩解活動發生在上個財政年度，我們進行了一些提前採購。截至年底，我們的資產負債表上有大約 1000 萬美元的額外營運資金，如果沒有這些預付款，我們就不會擁有這些資金。所以我想說，這是第一個緩解措施。

And then, we have a number of supply chain efficiency initiatives underway. We always do. And those we expect to help us. And then we likely will have some price increases that will be necessitated by these additional costs and those have been factored in to the guidance that we have provided.

然後，我們正在實施一系列供應鏈效率措施。我們總是這麼做。以及那些我們期望幫助我們的人。然後，我們可能會因為這些額外成本而進行一些價格上漲，這些已經考慮到了我們提供的指導中。

Very helpful. Thank you.

非常有幫助。謝謝。

Jamie Katz, Morningstar.

晨星公司的傑米‧卡茨 (Jamie Katz)。

Good morning, guys. I did notice there was some long term debt on the balance sheet this morning. I'm not sure if that is a change in how you guys are thinking about capitalizing the balance sheet or if there was something else I missed. But can you talk to that first?

大家早安。我確實注意到今天早上資產負債表上有一些長期債務。我不確定這是你們對資產負債表資本化思考方式的改變，還是我遺漏了其他內容。但你能先談談這個嗎？

No. There's no long term change, Jamie. I mean we have a credit facility. And from time to time, we pull on that credit facility to be able to ensure that we have the working capital to run our business. We ended up in a good spot from a net cash position. I mean, we have $19 million of net cash, so still strong positive cash. And that's after returning $36 million to shareholders in the form of share repurchases. So no change in the strategy there.

不。不會有長期的改變，傑米。我的意思是我們有信貸服務。有時，我們會利用信貸額度來確保我們有足夠的營運資金來經營業務。我們最終從淨現金狀況獲得了良好的收益。我的意思是，我們有 1900 萬美元的淨現金，所以仍然有強勁的正現金。這還是在以股票回購的形式向股東返還 3,600 萬美元之後。因此那裡的策略沒有改變。

Okay. And then, I understand we're in this really difficult period, but could you give us or walk us through maybe a sensitivity analysis and how we get back to a double-digit EBITDA margin? What sort of sales growth would we need to get there? And has the promotional cadence changed as we have gone through the last two months, I guess, or does that give us some hope that maybe there is some upside to the initial EBITDA margin we're looking at for the year ahead? Thanks.

好的。然後，我知道我們正處於一個非常困難的時期，但是您能否給我們提供或指導我們進行敏感性分析以及如何讓我們回到兩位數的 EBITDA 利潤率？我們需要達到什麼樣的銷售成長才能實現這個目標？我想，在過去兩個月中，促銷節奏是否改變了？或者這是否為我們帶來了一些希望，即未來一年的初始 EBITDA 利潤率可能會上升？謝謝。

Well, maybe the first thing I'll say, Jamie, is that if we can get the market to stabilize, then we no longer have to destock to keep the dealers healthy from weeks on hand standpoint. So we've been in the process of destocking now for the last two fiscal years. It would be great if we could get that in the rearview mirror. And that alone would allow us to post a revenue, unit -- stabilize our units and allow us to drive revenue and profit growth. So that would be the first thing.

好吧，傑米，也許我要說的第一件事是，如果我們能夠讓市場穩定下來，那麼從現有庫存的角度來看，我們就不再需要去庫存化來確保經銷商的健康。因此，過去兩個財年我們一直處於去庫存的過程中。如果我們能在後視鏡中看到這一點就太好了。僅此一點就能讓我們實現營收、單位穩定，並讓我們推動營收和利潤成長。這是第一件事。

We have seen promotions, I would say, normalize where you see the spike in promotional activity is when there's a high level of dealer inventories and non-currents, and there's problems to be cleaned up. And that's not just for us, it's for the industry. And as Steve mentioned, the industry is getting healthier. So I think that will help the industry normalize those promotions going forward. And then, of course, I mean, we are under-shipping, as an industry, long term replacement level of units for the industry. So this industry will bounce back. And when it does, we have the capacity and the team in place to be able to support that next upturn in the market. Steve --

我想說，我們已經看到促銷活動正常化，當經銷商庫存和非流通庫存水平較高且存在需要解決的問題時，促銷活動就會激增。這不僅適用於我們，也適用於整個產業。正如史蒂夫所說，這個行業正在變得更加健康。所以我認為這將有助於該行業在未來規範這些促銷活動。當然，我的意思是，作為一個行業，我們的長期替換單位水準處於出貨不足的狀態。所以這個產業將會反彈。當這種情況發生時，我們就有能力和團隊來支持市場下一次復甦。史蒂夫--

Go ahead.

前進。

No. Go ahead, Jaime.

不。繼續吧，詹姆。

I was curious, as you go through this, I don't think there was anything mentioned about like CapEx spend this year and whether you guys are still constraining that or maybe constraining it more given where we are.

我很好奇，當你經歷這一切時，我認為沒有提到今年的資本支出，以及你們是否仍在限制它，或者考慮到我們所處的情況是否在進一步限制它。

Well, I mean, I think last year, we gave guidance of $30 million to $35 million. And we finished below that level in fiscal '25. So we have been very disciplined and prudent in those capital investment levels. And again, that's well below where we were in the prior year because we've completed our capacity expansions. And we have that capacity in place. So I would say this year, we're expecting similar levels to what we had last year which is, again, a more normalized post capacity expansion level of CapEx.

嗯，我的意思是，我認為去年我們給出的指導金額是 3000 萬至 3500 萬美元。但在 2025 財年，我們的業績卻低於該水準。因此，我們在資本投資水準上非常自律和謹慎。而且，由於我們已經完成了產能擴張，因此這遠低於去年的水平。我們已經具備了這種能力。因此我想說，今年我們預期的水準與去年相似，這又是一個更正常化的產能擴張後資本支出水準。

Thanks.

謝謝。

Ladies and gentlemen, with that being our final question, I would like to conclude today's conference call. Thank you for participating. You may now disconnect your lines.

女士們、先生們，這是我們的最後一個問題，我想結束今天的電話會議。感謝您的參與。現在您可以斷開線路了。