Malibu Boats Inc (MBUU) 2026 Q3 法說會逐字稿

Good morning, welcome to Malibu Boats conference call to discuss third-quarter 2026 results. At this time, all participants are in 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.

早安，歡迎參加 Malibu Boats 會議電話，討論 2026 會計年度第三季業績。目前所有與會者皆為僅聆聽模式。稍後我們將進行問答環節，屆時將提供相關指示。敬請注意，未經 Malibu Boats 書面授權，不得全部或部分複製本次電話會議內容。

As a reminder, today is being recorded. On the call today from management are Mr. Steve Menneto, Chief Executive Officer, and Mr. David Black, Chief Financial Officer. I will now turn the call over to Mr. Black to get it started. Please go ahead.

提醒各位，今天的會議將被錄音。今天管理團隊出席者包括執行長 Steve Menneto 先生，以及財務長 David Black 先生。現在我將把電話交給 Black 先生開始。請開始。

Thank you. Good afternoon, 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 fiscal year 2026 financials. We will then open the call up for questions. A press release covering the company’s fiscal third quarter 2026 results was issued today, and a copy of that press release can be found in the Investor Relations section of the company’s website.

謝謝。各位下午好。今天與我一同參與電話會議的是我們的執行長 Steve Menneto。在本次電話會議中，Steve 將就業務發展提供評論，而我將討論我們 2026 會計年度第三季的財務表現。之後我們將開放提問。公司今日已發布涵蓋 2026 會計年度第三季業績的新聞稿，該新聞稿可於公司網站的投資人關係（Investor Relations）專區查閱。

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. 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.

我也想提醒各位，管理層在本次電話會議中的發言可能包含若干前瞻性陳述，包括預測、預期、估計及其他可能被視為前瞻性的資訊，而實際結果可能與今日電話會議所預測者存在重大差異。您不應過度依賴這些前瞻性陳述；其僅反映截至今日的情況，公司亦不承擔因任何新資訊或未來事件而更新之義務。

Factors that may 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. 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 net income, and free cash flow. Reconciliations of these GAAP financial measures to non-GAAP financial measures are included in our earnings release.

可能影響未來業績的因素已於我們向美國證券交易委員會（SEC）提交的文件中討論，我們鼓勵您查閱 SEC 申報文件，以取得對這些風險因素更詳細的說明。另請注意，我們在今日電話會議中將提及若干非 GAAP 財務衡量指標，例如調整後 EBITDA、調整後 EBITDA 利潤率、調整後淨利，以及自由現金流。這些 GAAP 財務衡量指標與非 GAAP 財務衡量指標之調節表已包含於我們的財報新聞稿中。

I will now turn the call over to Steve.

現在我將把電話交給 Steve。

Thank you, David. Good afternoon, everyone. This was a defining quarter for MBI. We delivered revenue and adjusted EBITDA that exceeded our guidance on a legacy base. We closed on the acquisition of Saxdor Yachts, the most significant strategic milestone in our company’s history and a decisive step in executing the build, innovate, and grow strategy we outlined at our September investor day.

謝謝你，David。各位下午好。這是 MBI 具有指標意義的一季。在既有業務基礎上，我們交出超越指引的營收與調整後 EBITDA。我們完成對 Saxdor Yachts 的收購，這是公司史上最重要的策略里程碑，也是我們落實在 9 月投資人日所提出「建構、創新、成長」策略的關鍵一步。

The core business is performing. Our integration is underway. Our conviction in the long-term opportunity in front of us has never been higher. This is particularly notable given the backdrop. Since we last spoke with you, the broader consumer environment has grown more uncertain, with geopolitical developments impacting gas prices and thereby sentiment, exacerbating affordability pressures that are weighing on the more value-orientated buyers who tend to utilize financing. We are seeing a clear bifurcation in the market.

核心業務表現穩健。整合作業正在進行中。我們對眼前長期機會的信心從未如此堅定。在目前的大環境背景下，這點尤其值得注意。自上次與各位交流以來，整體消費環境的不確定性升高，地緣政治發展影響油價，進而影響消費者情緒；同時也加劇了可負擔性壓力，對較偏重性價比、且傾向使用融資的買家造成壓力。我們看到市場出現明顯的分化。

The premium cash-driven buyers continue to engage, and that is the consumer our portfolio is built around. Our brands, our ASPs, and our customer demographics skew meaningfully towards buyers who have historically demonstrated greater resilience through periods of macro dislocation. We believe that our positioning differentiates us and is showing up in our results.

高端、以現金為主的買家仍持續投入，而這正是我們產品組合所鎖定的消費族群。我們的品牌、平均售價（ASP）以及客戶人口結構，明顯偏向於在宏觀環境劇烈波動期間歷來展現較強韌性的買家。我們相信，我們的市場定位形成差異化，並已反映在我們的業績表現上。

Turning first to the selling season. Boat show season has largely played out as we expected and bolstered with pockets of strength across our portfolio. At the Miami International Boat Show in February, we debuted the new Pursuit DC 286 and Pathfinder 2800 Hybrid, which represents 2 of the 11 new models that were launched across our portfolio over the past year since last year’s Miami show, reflecting the continued investment in our innovation pipeline.

先談銷售旺季。船展季大致如我們預期發展，且在我們的產品組合中出現若干亮點，帶來支撐。在 2 月的邁阿密國際船展上，我們首度亮相全新 Pursuit DC 286 與 Pathfinder 2800 Hybrid；這兩款是自去年邁阿密船展以來、過去一年我們在整體產品組合中推出的 11 款新機型中的其中 2 款，反映我們持續投入創新產品管線。

The reaction to both has been tremendous. We saw a strong immediate reception to the Pursuit DC 286 launch with several customer conversions. The momentum created at the show with the Pathfinder 2800 Hybrid has continued building into the weeks since. This has bolstered wholesale orders from dealers for both models, which have exceeded forecasts throughout the end of the fiscal year.

市場對這兩款產品的反應都非常熱烈。Pursuit DC 286 上市後立即獲得強勁回響，並帶來多筆客戶轉換。Pathfinder 2800 Hybrid 在展會上所帶動的動能，在之後數週持續升溫。這也推升經銷商對兩款機型的批發訂單，且截至會計年度末均持續高於預期。

Additionally, our commitment to designing and manufacturing the highest quality boats was recognized by the NMMA with Customer Satisfaction Index awards across five of our brands during the Miami show. Malibu and Axis in ski, wake, and surf boats, and Cobalt, Pursuit, and Pathfinder in fiberglass outboard boats. These awards are determined by verified boat owner feedback, and being recognized across five brands in two segments is a powerful external validation of the product quality, dealer experience, and ownership support that define our portfolio.

此外，我們致力於設計與製造最高品質船艇的承諾，也在邁阿密船展期間獲得 NMMA 以客戶滿意度指數（Customer Satisfaction Index）獎項肯定，涵蓋我們旗下五個品牌。其中 Malibu 與 Axis 於滑水、尾波與衝浪船類別獲獎；Cobalt、Pursuit 與 Pathfinder 則於玻璃纖維舷外機船類別獲獎。這些獎項係依據經驗證的船主回饋所評定；能在兩個細分市場、五個品牌同時獲得肯定，是對我們產品品質、經銷體驗與船主支援（構成我們產品組合核心）的有力外部驗證。

In general, boat show performance remained resilient year-over-year and outpaced broader market trends, demonstrating continued consumer engagement and demand for our brands in a challenging retail environment. Most recently, at the Palm Beach International Boat Show, both Pursuit and our Maverick Boat Group brands delivered year-over-year sales growth, a clear reflection of the premium consumer dynamic I just described which is a meaningful data point in a show environment where broader industry traffic subdued.

整體而言，船展表現相較去年仍具韌性，且優於更廣泛的市場趨勢，顯示在具挑戰的零售環境下，消費者對我們品牌的參與度與需求仍在。最近在棕櫚灘國際船展上，Pursuit 與我們的 Maverick Boat Group 品牌皆實現年增銷售成長；在整體產業人流偏弱的展會環境中，這清楚反映我剛才所描述的高端消費者動態，亦是一項重要數據點。

Across our towboat segment, dealer and consumer feedback on the Malibu and Axis lineup continues to reinforce the leadership position we have built in that category. David will take you through the financials in detail shortly, but the headline on the legacy business is that our team continues to deliver against the priorities we laid out at the start of the year, and the centralized sourcing work we’ve been discussing for several quarters is now meaningfully contributing to margin.

在我們的拖曳船（towboat）業務方面，經銷商與消費者對 Malibu 與 Axis 產品線的回饋，持續強化我們在該品類所建立的領導地位。David 稍後將帶各位詳細檢視財務數字，但就既有業務而言，重點是我們團隊持續落實年初所提出的優先事項，而我們已討論數季的集中採購工作，如今正對毛利率帶來顯著貢獻。

We continue to work in close partnership with our dealers, guided by our established playbook for prioritizing dealer health and tightly managing channel inventories. Our dealers entered the selling season with healthy current model year 2026 inventory, and we have maintained that disciplined posture throughout the quarter. Dealer inventories are in line with historical weeks on hand norms, a position we have earned by being deliberate on wholesale shipments throughout the year, even when it disciplined pressure near-term volumes. While the broader industry continues to work through pockets of non-current inventory, our channel is positioned to support retail as the market stabilizes, not to clear sale products. Turning to our strategic initiatives. MBI Acceptance continues to gain traction across our network. What began as a pilot within our Malibu and Axis brands is now deployed and available across all brands, with early feedback actively shaping how we think about the next phase of programming. During the quarter, we saw encouraging engagement from both dealers and customers, underscored by application volume increasing by over 200% from January to February as adoption broadened at the point of sale.

我們持續與經銷商緊密合作，依循既有作戰手冊，優先維護經銷商健康度並嚴格管理通路庫存。經銷商在進入銷售旺季時，已具備健康的 2026 年式當期庫存，我們在本季也維持此一紀律性的立場。經銷商庫存水位符合歷史「在手週數」（weeks on hand）常態區間；這是我們全年在批發出貨上審慎控管所累積的成果，即使這在短期內對出貨量形成紀律性壓力。當整體產業仍在消化部分非當期庫存之際，我們的通路已就位，可在市場趨於穩定時支援零售，而非以清庫存促銷為主。接著談我們的策略性計畫。MBI Acceptance 持續在我們的網路中取得進展。原先在 Malibu 與 Axis 品牌內進行的試點計畫，現已擴大部署並可供所有品牌使用；早期回饋也正積極形塑我們對下一階段方案設計的思考。本季我們看到經銷商與客戶雙方的參與度令人鼓舞；隨著銷售端採用範圍擴大，申請量自 1 月至 2 月成長超過 200%，進一步印證此一趨勢。

The program is doing exactly what we designed it to do: drive showroom traffic, give our dealers a competitive retail financing tool, and create another touch point in the ownership life cycle. Our marine components business also continued to progress during the quarter. While we are still in early innings, the operating systems and processes we put in place last year are now enabling us to move faster and engage more customers. That’s exactly what we are seeing with active external customer engagements to work through application engineering and quoting across our entire portfolio, including engines, trailers, and flooring.

該計畫正如我們設計的那樣運作：帶動展間來客量、為經銷商提供具競爭力的零售融資工具，並在車主／船主的持有生命周期中創造另一個接觸點。我們的海事零組件業務在本季也持續推進。雖然我們仍處於早期階段，但我們去年建立的營運系統與流程，如今正使我們能更快行動並接觸更多客戶。這正是我們所看到的情況：外部客戶的積極互動，正推進應用工程與報價，涵蓋我們整個產品組合，包括引擎、拖車與地板。

On operational excellence, we continue to leverage the MBI advantage to drive quality, efficiency, and consistency across the business. Our centralized sourcing initiative is now meaningfully contributing to margin, consistent with what we communicated last quarter. As the higher cost inventory we discussed previously has worked its way through the P&L, the benefit of our sourcing work are showing up clearly in our results. I also want to touch briefly on tariffs. The trade policy environment has continued to evolve, but our position remains consistent. We expect our total fiscal 2026 tariff exposure to fall within the range we communicated at the start of the year. Importantly, our expectation is that the Section 232 related impacts on our business will be de minimis. Our vertically integrated U.S. manufacturing footprint, combined with the central sourcing capabilities we have built out, gives us meaningful flexibility to manage this environment. With Saxdor now part of MBI, we have manufacturing capabilities on both sides of the Atlantic, which provides incremental flexibility as we think about serving customers in each region and managing evolving trade policy over time.

在營運卓越方面，我們持續運用 MBI 的優勢，推動全公司在品質、效率與一致性上的提升。我們的集中採購計畫目前已如同我們上季所溝通的，對毛利率做出實質貢獻。隨著我們先前討論的高成本庫存逐步反映在損益表中，我們採購工作的效益已在結果中清楚呈現。我也想簡要談一下關稅。貿易政策環境持續演變，但我們的立場仍然一致。我們預期 2026 財政年度的關稅總曝險將落在我們年初所溝通的區間內。重要的是，我們預期《232 條款》（Section 232）相關影響對我們業務將微乎其微。我們在美國的垂直整合製造布局，加上我們已建置的集中採購能力，使我們在管理此環境上具備相當的彈性。隨著 Saxdor 現已成為 MBI 的一部分，我們在大西洋兩岸皆具備製造能力，這在我們思考如何服務各區域客戶並隨時間管理不斷演變的貿易政策時，提供了額外的彈性。

Let me now turn to Saxdor. We closed the acquisition on March second, and we are thrilled to welcome the Saxdor team to MBI. The integration is progressing well, and our early experience has reinforced every element of the thesis we laid out on our acquisition call, particularly in today’s consumer environment. Recall that Saxdor’s customer demographic skews young, affluent, and adventure-orientated, with an average household income of approximately $375,000. That profile was a core part of our rationale for the acquisition, and it’s proving even more relevant in the current macro.

接下來我談 Saxdor。我們已於 3 月 2 日完成收購，並非常高興歡迎 Saxdor 團隊加入 MBI。整合進展順利，我們的早期經驗也再次印證了我們在收購電話會議中所闡述的每一項投資論點，尤其是在當前的消費者環境下。請回想，Saxdor 的客群輪廓偏向年輕、富裕且熱愛冒險，平均家庭年收入約為 37.5 萬美元。這一特徵是我們收購理由的核心部分，而在目前的總體環境下，其重要性更為凸顯。

At the Palm Beach International Boat Show, Saxdor debuted the new 460 GTC flagship to exceptional customer response, and our full plan production for the model this year is effectively spoken for. Importantly, that reflects a deliberate approach. We are pacing production of the 460 to protect the brand’s premium positioning, to ensure a world-class delivery experience for our customers, and to scale thoughtfully in partnership with our dealer network.

在棕櫚灘國際遊艇展上，Saxdor 發表全新 460 GTC 旗艦款，獲得客戶極佳回響，而我們今年該型號的完整計畫產量基本上已被預訂一空。重要的是，這反映了我們刻意採取的策略。我們正以節奏化方式安排 460 的生產，以維持品牌的高端定位、確保為客戶提供世界級的交付體驗，並與我們的經銷商網路合作，審慎擴張規模。

The 400 GTS continues to perform well following its Miami debut, and our combined product pipeline remains robust. Beyond the product, we have made meaningful progress on integration planning since close. During our acquisition call, we discussed our ability to meaningfully expand Saxdor’s North American manufacturing capacity by leveraging the existing Fort Pierce footprint, which operates today at approximately 65% utilization. That capability is a strategic unlock.

400 GTS 在邁阿密亮相後持續表現良好，而我們合併後的產品開發管線仍然強勁。除產品之外，自交割以來，我們在整合規劃方面也取得了實質進展。在收購電話會議中，我們談到可透過既有的 Fort Pierce 廠區來大幅擴充 Saxdor 在北美的製造產能；該廠目前約以 65% 的產能利用率運作。這項能力是重要的策略解鎖。

It allows us to grow Saxdor’s North American presence on our own timeline without capital-intensive greenfield investment, while simultaneously relieving demand pressure on Saxdor’s European facilities in Finland and Poland. Our focus in these first several months has been straightforward: protect what makes Saxdor special and begin laying the operational foundation for value creation and opportunities we outlined, like procurement scale, North American manufacturing utilization, and extending our service platform across the combined customer base.

它使我們能在不進行資本密集的綠地投資（greenfield investment）的情況下，依照我們自己的時程擴大 Saxdor 在北美的布局，同時也能緩解 Saxdor 位於芬蘭與波蘭的歐洲廠區之需求壓力。我們在最初幾個月的重點很明確：保護 Saxdor 的獨特之處，並開始為我們所提出的價值創造與機會奠定營運基礎，例如採購規模效益、北美製造產能利用，以及將我們的服務平台延伸至合併後的客戶基礎。

Looking ahead, our expectations for the broader marine industry remain largely unchanged. We are managing the business for the long term, guided by our priorities, protecting dealer health, maintaining operational discipline, and driving innovation across the expanded global portfolio. With Saxdor now part of MBI, we have significantly broadened our runway for growth into new categories, new geographies, and a younger consumer demographic that can compound for decades.

展望未來，我們對更廣泛海事產業的看法大致不變。我們以長期為導向來經營業務，依循我們的優先事項，維護經銷商的健康度、保持營運紀律，並在擴大的全球產品組合上推動創新。隨著 Saxdor 現已成為 MBI 的一部分，我們顯著拓展了成長跑道，可進入新類別、新地理市場，以及更年輕的消費者族群，並可在未來數十年持續複利成長。

With that, I’ll turn the call over to David for the detailed review of our financial results.

接下來，我把電話會議交給 David，由他詳細回顧我們的財務結果。

Thanks, Steve. Our third quarter results reflect strong execution across both our legacy business and one month’s contribution from Saxdor following the March second close. Throughout my remarks, I will make select references to both consolidated results and legacy results, which exclude Saxdor, to provide a clear view of underlying sales drivers and year-over-year comparability.

謝謝，Steve。我們第三季的結果反映了在既有業務與 Saxdor（於 3 月 2 日完成交割後貢獻一個月）兩方面的強勁執行。在我的說明中，我將選擇性地同時引用合併口徑與既有業務口徑（不含 Saxdor）的結果，以清楚呈現潛在銷售驅動因素並提供與去年同期的可比性。

Net sales increased 3.1% to $235.7 million, inclusive of $23.1 million from Saxdor. On a legacy basis, net sales were $212.6 million, exceeding our guidance range of $198 million to $202 million. Legacy unit volume decreased 17.1% to 1,187 units, primarily due to lower wholesale shipments consistent with our disciplined approach to channel management. Saxdor contributed 66 units in its partial quarter contribution.

淨銷售額成長 3.1% 至 2.357 億美元，其中包含 Saxdor 貢獻的 2,310 萬美元。以既有業務口徑計算，淨銷售額為 2.126 億美元，超出我們 1.98 億至 2.02 億美元的指引區間。既有業務的出貨量（單位數）下降 17.1% 至 1,187 艘／台，主要因批發出貨降低，與我們在通路管理上採取的紀律性作法一致。Saxdor 在其部分季度貢獻期間交付 66 艘／台。

From a mix perspective, on a legacy basis, Malibu and Axis represented approximately 46% of unit sales, Cobalt represented approximately 28%, and Saltwater Fishing represented the remaining 26%. Saxdor is being reported as a new fourth segment, and we intend to build upon this disclosure going forward.

從產品組合角度看，以既有業務口徑計算，Malibu 與 Axis 約占單位銷售的 46%，Cobalt 約占 28%，鹽水釣魚（Saltwater Fishing）占其餘 26%。Saxdor 將作為新的第四個事業部門揭露，我們也計畫在未來持續擴充相關揭露內容。

Consolidated net sales per unit increased 12.1% to $179,000 on a legacy basis, driven by a favorable model mix across all segments and a favorable segment mix and year-over-year price increases. While not included in this metric for the sake of comparability, Saxdor had net sales per unit of $350,000 and is expected to drive net sales per unit higher in subsequent periods.

以既有業務口徑計算，合併後每單位淨銷售額上升 12.1% 至 17.9 萬美元，主要受惠於各事業部門有利的機型組合、較佳的部門組合，以及年對年價格上調。為了可比性，此指標未納入 Saxdor；Saxdor 的每單位淨銷售額為 35 萬美元，預期在後續期間將推升每單位淨銷售額。

Turning to profitability, gross profit decreased 9.7% to $41.3 million, and gross margin as a percentage of sales was 17.5%. On a sequential basis, gross margin expanded 420 basis points from Q2, reflecting the tangible benefit of our centralized sourcing initiative as higher cost inventory worked through the P&L, along with improved segment mix and normalization of promotional activity. This is consistent with the trajectory we laid out on our last call.

談到獲利能力，毛利下降 9.7% 至 4,130 萬美元，毛利率為銷售額的 17.5%。以季對季來看，毛利率較第二季擴張 420 個基點，反映出集中採購計畫的實質效益（隨著高成本庫存逐步反映在損益表中），以及較佳的部門組合與促銷活動回歸常態。這與我們在上次電話會議中所描述的走勢一致。

On a year-over-year basis, gross margin compressed 250 basis points, driven primarily by fixed cost deleverage from lower legacy unit volumes and higher per-unit material and labor costs across our legacy segments.

以年對年基礎計算，毛利率收縮250個基點，主要由於舊有業務單位銷量下降導致固定成本去槓桿，以及我們舊有各業務分部每單位材料與人工成本上升所致。

Selling and marketing expenses increased 22.1% year over year to $8.3 million.The increase was driven primarily by higher personnel-related expenses, marketing events, an incremental increase in selling and marketing expenses due to the new Saxdor segment. As a percentage of sales, selling and marketing expenses increased versus the prior year to 3.5%.

銷售與行銷費用年增22.1%至830萬美元。增加主要由於人員相關費用較高、行銷活動，以及因新增Saxdor分部而帶來的銷售與行銷費用增量。以銷售額百分比計，銷售與行銷費用較去年上升至3.5%。

General and administrative expenses increased 60%, or $11.9 million, driven primarily by $10.6 million of acquisition and integration-related expenses associated with the Saxdor transaction, which are excluded from adjusted EBITDA. Excluding those items, G&A was broadly in line with the prior year.

一般及行政費用增加60%，或1,190萬美元，主要由於與Saxdor交易相關的收購與整合費用1,060萬美元所致，該等費用不計入調整後EBITDA。排除上述項目後，G&A整體上與去年大致持平。

Amortization expense was $3.1 million, which includes partial period impact of intangibles acquired in the transaction. GAAP net loss for the quarter was $2.4 million compared to GAAP net income of $13.2 million in the prior year. The year-over-year decline is primarily explained by the acquisition and integrated related expenses I just mentioned, along with lower legacy operating income.

攤銷費用為310萬美元，其中包含交易中取得之無形資產在部分期間的影響。本季GAAP淨損為240萬美元，去年同期GAAP淨利為1,320萬美元。年對年下滑主要可由我剛提到的收購與整合相關費用，以及舊有業務營業利益較低所解釋。

Adjusted EBITDA for the quarter was $22.7 million, and adjusted EBITDA margin was 9.6%. Included in this consolidated results is approximately one month of Saxdor contribution or approximately $1.4 million of adjusted EBITDA since we closed the transaction on March 2.

本季調整後EBITDA為2,270萬美元，調整後EBITDA利潤率為9.6%。合併結果中包含約一個月的Saxdor貢獻；由於我們於3月2日完成交易交割，自交割以來約貢獻140萬美元的調整後EBITDA。

Non-GAAP adjusted net income per share was $0.56 per share, calculated using a normalized C corp tax rate of 22.1% and a basic weighted average share count of approximately 19 million shares. For a reconciliation of GAAP metrics to adjusted EBITDA, adjusted net income per share, please see the tables in our earnings release.

非GAAP調整後每股淨利為每股0.56美元，係以標準化C型公司稅率22.1%及基本加權平均股數約1,900萬股計算。關於GAAP指標與調整後EBITDA、調整後每股淨利之調節，請參閱我們財報新聞稿中的表格。

Turning to the balance sheet and cash flow. We ended the quarter with approximately $50 million in cash and $165 million in long-term debt, reflecting the financing of the Saxdor acquisition. Pro forma leverage of approximately 1.5 times net debt to trailing twelve-month adjusted EBITDA remains well below our stated maximum target of 2.5 times, preserving meaningful flexibility for continued investment and return of capital to shareholders.

接著看資產負債表與現金流。本季末我們持有約5,000萬美元現金及1.65億美元長期負債，反映Saxdor收購案的融資。以備考口徑計算，淨負債對過去十二個月調整後EBITDA之槓桿約為1.5倍，仍明顯低於我們所述2.5倍的最高目標，為持續投資及回饋股東保留了相當的彈性。

We generated $16 million of free cash flow during Q3, inclusive of $5.9 million of capital expenditures.

我們在第三季產生1,600萬美元自由現金流，其中包含590萬美元資本支出。

Looking ahead, we will continue to be thoughtful and opportunistic in our capital deployment, balancing investments for growth with actions that prioritize shareholder value. On capital allocation, our actions during the quarter demonstrated the discipline of our framework that we have talked about consistently.

展望未來，我們將持續以審慎且把握機會的方式進行資本配置，在成長投資與優先提升股東價值的行動之間取得平衡。就資本配置而言，我們本季的行動展現了我們一再談到之框架的紀律。

As partial consideration for the Saxdor acquisition, we issued roughly 1.5 million shares of Malibu stock, priced using the 10-day volume weighted average price of $30.98 per the deal terms. At closing, those shares were recorded at a GAAP fair value of $27.37, which you’ll see reflected on our cash flow statement. During the same quarter, we repurchased approximately 492,000 shares at an average of $26.24. A discount to both figures I mentioned, partially offsetting the acquisition dilution at favorable prices.

作為Saxdor收購案的部分對價，我們依交易條款以10日成交量加權平均價30.98美元發行約150萬股Malibu股票。交割時，該等股份以GAAP公允價值27.37美元入帳，您將可在我們的現金流量表中看到反映。同一季度內，我們以平均價26.24美元回購約49.2萬股，價格低於我提到的兩個數字，並以有利價格部分抵銷收購造成的稀釋。

Our $70 million share repurchase authorization remains in effect, with meaningful capacity going forward. Before moving to our outlook, I wanted to briefly flag a few modeling considerations related to Saxdor that will be helpful as you think about the combined business going forward.

我們7,000萬美元的庫藏股回購授權仍然有效，未來仍有相當的可用額度。在進入展望之前，我想先簡要提示幾項與Saxdor相關、對您思考未來合併後業務有幫助的建模考量。

First, Saxdor’s quarterly revenue profile differs from our legacy business. Approximately half of Saxdor’s revenue is generated in Europe, where the boating season and production cadence follow a different calendar than our North American operations. Second, with Saxdor, we now have meaningful euro-denominated revenue for the first time, which introduces foreign currency translation exposure that did not previously exist in our reported results.

第一，Saxdor的季度營收型態與我們舊有業務不同。Saxdor約一半營收來自歐洲，當地的航船季節與生產節奏採用不同於我們北美營運的行事曆。第二，隨著Saxdor加入，我們首次擁有具規模的歐元計價營收，這引入了先前在已報告結果中不存在的外幣換算曝險。

Going forward, we expect to address FX impact in our quarterly commentary as relevance. Third, we expect to continue calling out acquisition and integration related expenses as adjustments to adjusted EBITDA through the course of our integration work, and we will continue to see modest margin impacts in the upcoming quarters from purchase accounting. Both of these items will be clearly identified so the underlying performance remains transparent.

未來，我們預期將在每季評論中視其相關性說明匯率（FX）影響。第三，在整合工作期間，我們預期將持續把收購與整合相關費用作為調整後EBITDA的調整項目揭露，且在未來幾季仍會因購買會計而出現溫和的利潤率影響。這兩項都會清楚標示，以確保基本經營表現保持透明。

Turning to our outlook for the full fiscal year. On a combined basis, legacy plus Saxdor, we expect full-year fiscal 2026 net sales of approximately $880 million to $886 million, and adjusted EBITDA of approximately $72 million to $74 million. Let me walk through the components. On the legacy business, we are raising our full-year net sales outlook to reflect Q3’s outperformance, while our Q4 expectation on the legacy business is unchanged from the cadence we embedded in our prior annual framework. That brings full-year legacy revenue to down slightly versus fiscal 2025, an improvement from the flat to down mid-single digits range we communicated previously.

接著談我們對全財年的展望。以合併口徑（舊有業務加上Saxdor）計算，我們預期2026會計年度全年淨銷售額約為8.80億至8.86億美元，調整後EBITDA約為7,200萬至7,400萬美元。我來說明各項組成。就舊有業務而言，我們上調全年淨銷售展望以反映第三季的優於預期表現，同時對舊有業務第四季的預期，維持與先前年度框架中所嵌入的節奏一致、不變。因此，全年舊有業務營收將較2025會計年度小幅下降，較我們先前溝通的持平至中個位數下滑區間有所改善。

On a legacy adjusted EBITDA margin, we expect to finish toward the lower end of the previously communicated range of 8% to 9%. Q3 benefited from a more favorable mix tailwind that we expect to be less pronounced in Q4. Shifting to fourth quarter.

就舊有業務的調整後EBITDA利潤率而言，我們預期將落在先前溝通之8%至9%區間的較低端。第三季受惠於較有利的產品組合順風，我們預期該影響在第四季將不那麼明顯。接著轉到第四季。

On the Saxdor business, we expect fourth quarter net sales of approximately $57 million to $59 million and adjusted EBITDA margin of 10% to 11%, a meaningful sequential step from Q3 and consistent with the near-term margin expectation we communicated when we announced the transaction. Note, Saxdor’s Q3 margin reflected only one month of revenue against its full fixed cost structure, while Q4 is a full quarter that captures the peak of Saxdor’s European sales season.

就Saxdor業務而言，我們預期第四季淨銷售額約為5,700萬至5,900萬美元，調整後EBITDA利潤率為10%至11%，較第三季有顯著的季增，並與我們在宣布交易時所溝通的短期利潤率預期一致。請注意，Saxdor第三季利潤率僅反映一個月的營收對應其完整固定成本結構，而第四季為完整一季，且涵蓋Saxdor歐洲銷售旺季的高峰。

On a combined basis for Q4, we expect consolidated net sales of $261 million to $267 million and adjusted EBITDA of $29 million to $31 million, or roughly 11% to 12% margin. Our intent is to return to a single consolidated outlook when we provide fiscal 2027 guidance in August. To close, we delivered a strong third quarter on both sides of the business.

以第四季合併口徑計算，我們預期合併淨銷售額為2.61億至2.67億美元，調整後EBITDA為2,900萬至3,100萬美元，約為11%至12%的利潤率。我們的目標是在8月提供2027會計年度指引時，回到單一的合併展望。最後，我們在業務兩端都交出強勁的第三季表現。

Our legacy operations exceeded expectations. Our centralized sourcing initiative is meaningfully contributing to margin as we planned, and we closed and began integrating a transformational acquisition while continuing to return capital at an attractive price. With healthier dealer inventories, a differentiated product portfolio, and a strong balance sheet, we are well positioned to execute through the remainder of the fiscal 2026 and into fiscal 2027. With that, I’d like to open the call up for questions.

我們的既有業務表現超出預期。我們的集中採購計畫如我們所規劃，正對毛利率做出實質貢獻；同時，我們完成並開始整合一項具變革性的收購案，並持續以具吸引力的價格回饋資本。在經銷商庫存更健康、產品組合具差異化，以及資產負債表強勁的情況下，我們已做好準備，在2026會計年度剩餘期間以及進入2027會計年度持續推進執行。接下來，我想開放提問。

(Operator Instructions) Martin Mitela, Raymond James.

(接線員指示) Raymond James 的 Martin Mitela。

Hey, good afternoon. This is Martin on for Joe. I kinda want to quickly touch on your guide for sex store next quarter trying to get an idea of how many units, we can expect. Just trying to get an idea of what ASPs might look like for next quarter and next year as well.

嗨，午安。我是 Martin，代 Joe 發言。我想快速談一下你們對下季 sex store 的指引，想了解我們可以預期大概多少台數。也想了解一下下季以及明年的 ASP（平均售價）大概會是什麼樣子。

Yeah, hey. This is David. I think, we don't typically guide on ASP and volume, but if you look at our ASP for Sack store for Q3, I think that'd be a pretty good proxy and you should build it back into to the volume expectation for Q4.

好的，嗨。我是 David。我們通常不會對 ASP 和出貨量提供指引；但如果你看我們 Q3 的 Sack store ASP，我認為那會是一個相當好的參考，你可以用它回推並納入 Q4 的出貨量預期。

Great. And would you mind sort of touching on why you're turning toward the bottom range of the legacy.

很好。另外你介意談一下，為什麼你們對既有業務的展望會偏向區間下緣嗎？

Yeah, it's really just a function of the the higher mix impact that we had in Q3 that we don't expect to continue into the following quarter. So it's really just a a positive mix impact for that quarter.

是的，主要只是因為我們在 Q3 出現較高的產品組合（mix）影響，而我們不預期這種情況會延續到下一季。所以基本上就是那一季有一個正向的組合效應。

Got it. Great, thank you and best of luck.

了解。很好，謝謝，祝你們好運。

Thanks.

謝謝。

Gerrick Johnson, Seaport Research Partners.

Seaport Research Partners 的 Gerrick Johnson。

Hey, good afternoon. A couple of Saxdor questions here. First on your comment about your shipments to Europe being different than they are to the North American markets. You can talk about the phasing, you're between the quarters and how that is different.

嗨，午安。我這邊有幾個關於 Saxdor 的問題。首先，你提到你們對歐洲的出貨與北美市場不同。你可以談談季度之間的節奏（phasing），以及它有何不同嗎？

Yeah. It's still early on, but the way that I would characterize it is, the back half of our fiscal year, is heavier from the sales side than the first half, with Q1 being the lowest on on the sales side of things. So it's really a ramping into that back half of the year with it being about 60% of the revenue at that point in that quarter.

可以。目前還算早期，但我會這樣描述：我們會計年度的後半段，在銷售端會比前半段更強，其中 Q1 在銷售端是最低的。所以基本上是逐步拉升到年度後半段；到那個時點，約有 60% 的營收會落在那一季。

Okay. And then on factor there are about five models, I think, from 27 to 46 feet. Is there room for more models or is that, a full portfolio for Saxdor?

好的。另外就產品面來看，我想大概有五個型號，尺寸從 27 到 46 英尺。還有空間增加更多型號嗎？還是說這已經是 Saxdor 的完整產品組合？

No, Ger. I think we have, we're pretty excited about the product plan that we have in place over the next three to five years, so we think there's a lot more opportunity in their model plan as we go forward. So, pretty excited about it.

不，Ger。我們對未來三到五年的產品規劃感到非常興奮，我們認為他們的型號規劃在未來還有更多機會。所以，我們相當期待。

Okay, great. Thank you.

好的，很好。謝謝。

Jamie M. Katz, Morningstar.

Morningstar 的 Jamie M. Katz。

Hey, good afternoon, guys. There was a pretty good uptick in gross margin compression this quarter. So sort of when we would expect that to maybe flatten out or turn positive given the cost initiatives that you guys have already undertaken?

嗨，各位午安。本季毛利率壓縮的幅度明顯加大。考量你們已經推動的成本措施，大概何時會看到這種情況趨於持平，或轉為正向？

Yeah, hey Jamie. This is David. So I think if you're looking in the context on quarter over quarter or year over year, I think the way to think about it is sequential. So quarter over quarter, we're up 420 basis points versus the pro previous quarter. And so that really translates from the centralized sourcing initiatives that we've been talking about plus the other cost savings actions that we've been taking across the business.

嗨 Jamie。我是 David。如果你從季對季或年對年的脈絡來看，我認為應該用「逐季」（sequential）的方式來思考。以季對季來看，我們比上一季提高了 420 個基點。這主要來自我們一直在談的集中採購計畫，以及我們在全公司推動的其他成本節省行動。

So as you think about moving into Q4, I think you'll see sequential increase as well on a flow through basis from those initiatives.

因此，當你展望進入 Q4，我認為你也會看到在這些措施帶動下，逐季仍會有提升，並在損益上以流入（flow-through）的方式反映出來。

Okay. And then is there any insight you guys have to sort of what you expect for input cost inflation over the next couple quarters just to expect that to slow, maybe be a little bit easier to manage or are we looking at sort of levels of info cost growth that that we've seen in recent quarters?

好的。另外，你們是否能分享一下，對未來幾季投入成本通膨的看法？是否預期會放緩、比較容易管理？還是我們會看到與近幾季類似的投入成本成長水準？

Yeah, no. That's definitely an evolving topic. I think from the cost savings initiatives that we've taken, we're able to manage through all of those. Right now, we're not seeing significant uptick in input cost but we are keeping our our eye on it as things change in this geopolitical world we live in.

是的。這確實是一個持續變動的議題。我認為透過我們已採取的成本節省措施，我們有能力因應這些變化。目前我們沒有看到投入成本明顯上升，但在我們所處的這個地緣政治環境變化下，我們會持續密切關注。

Great, helpful. Thanks

很好，很有幫助。謝謝

I'm not showing any further questions at this time. With that, we'll conclude today's conference call. Thank you for participating. You may now disconnect.

目前我這邊沒有看到其他提問。那麼，我們將結束今天的電話會議。感謝各位參與。您現在可以掛線。