Malibu Boats Inc (MBUU) 2021 Q4 法說會逐字稿

Good morning, and welcome to Malibu Boats' conference call to discuss the fourth quarter and full fiscal year 2021 results. (Operator Instructions)

早上好，歡迎參加 Malibu Boats 的電話會議，討論第四季度和整個 2021 財年的業績。 （操作員說明）

Please be advised that reproduction of this call, in whole or in part, is not permitted without written authorization for Malibu Boats. As a reminder, this call is being recorded.

請注意，未經 Malibu Boats 書面授權，不得全部或部分複制此通話。提醒一下，此通話正在錄音中。

On the call today from management are Mr. Jack Springer, Chief Executive Officer; Mr. Wayne Wilson, Chief Financial Officer; and Mr. Ritchie Anderson, Chief Operating Officer.

今天接到管理層電話的是首席執行官 Jack Springer 先生；首席財務官 Wayne Wilson 先生；首席運營官 Ritchie Anderson 先生。

I will now turn the call over to Mr. Wilson to get started. Please go ahead, sir.

我現在將電話轉給威爾遜先生開始。請繼續，先生。

Thank you, and good morning, everyone. On the call, Jack will provide commentary on the business, and I will discuss our fiscal fourth quarter and full year '21 financials. We will then open the call for questions.

謝謝大家，早上好。在電話會議上，傑克將對業務發表評論，我將討論我們的第四財季和 21 財年全年財務狀況。然後我們將打開問題電話。

A press release covering the company's fiscal fourth quarter and full year 2021 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第四季度和 2021 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。我還想提醒大家，管理層對本次電話會議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的預測結果存在重大差異.

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 our SEC filings for a more detailed description of these risk factors.

您不應過分依賴這些前瞻性陳述，這些陳述僅在今天發表，公司不承擔就任何新信息或未來事件更新這些陳述的義務。我們向 SEC 提交的文件中討論了可能影響未來結果的因素，我們鼓勵您查看我們向 SEC 提交的文件，以更詳細地描述這些風險因素。

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 non-GAAP financial measures to 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提及某些非 GAAP 財務指標，例如調整後的 EBITDA、調整後的 EBITDA 利潤率、調整後的完全分配淨收入和調整後的完全分配每股淨收入。這些非 GAAP 財務措施與 GAAP 財務措施的調節包含在我們的收益發布中。

I'd now like to turn the call over to Jack for his commentary.

我現在想把電話轉給傑克，請他發表評論。

Thank you, Wayne, and thank you all for joining the call. We delivered another record year for Malibu Boats, which included fiscal fourth quarter results at demolished expectations. Our performance was underscored by outperformance against the broader industry, a testament to Malibu's market-leading innovation, unrivaled strategic and operational excellence and a best-in-class team that has continued to navigate the global supply chain constraints, which are weighing on almost every industry and the global economy.

謝謝韋恩，也感謝大家加入電話會議。我們為 Malibu Boats 創造了又一個創紀錄的年度，其中包括低於預期的第四財季業績。我們的業績表現優於更廣泛的行業，證明了 Malibu 市場領先的創新、無與倫比的戰略和運營卓越以及一流的團隊，該團隊繼續應對全球供應鏈限制，這些限制幾乎對每個人都造成壓力工業和全球經濟。

For fiscal year 2021, net sales increased nearly 42% to $927 million. Gross margin expanded to 25.5%. Adjusted EBITDA grew 71% to $190 million, and adjusted EBITDA margin increased 350 basis points to 20.5%. From the onset of our initial full year guidance for fiscal year 2021, by all accounts, we crushed it. Malibu continues to be a premier force in the marine industry and the entire leader space, and we're setting the tone for continued strength and agility as we move beyond fiscal 2021.

2021 財年，淨銷售額增長近 42% 至 9.27 億美元。毛利率擴大至 25.5%。調整後的 EBITDA 增長 71% 至 1.9 億美元，調整後的 EBITDA 利潤率增長 350 個基點至 20.5%。從我們最初的 2021 財年全年指導開始，從各方面來看，我們都粉碎了它。 Malibu 繼續成為海洋工業和整個領導領域的主要力量，我們正在為 2021 財年之後的持續實力和敏捷性定下基調。

All of our brands performed exceptionally well as retail demand maintained its breathtaking pace. The trend towards large, feature and option-rich boats has continued, which has supported robust ASPs and attractive margins. In particular, for Malibu and Axis, the M240, the M220, A24 and 23 LSV, which were all larger boats, are performing well ahead of what we expected. New models at Pursuit, the S428 and DC 246 and S268, have delivered strong sales. And Cobalt's completely renovated R Series, with the new R6 and R8 models, replaced older models, generating improved pricing and higher margins.

我們所有的品牌都表現出色，零售需求保持驚人的增長速度。大型、功能豐富且選項豐富的船隻的趨勢仍在繼續，這支持了強勁的平均售價和誘人的利潤率。特別是對於 Malibu 和 Axis，M240、M220、A24 和 23 LSV 這些都是更大的船隻，其表現遠超我們的預期。 Pursuit 的新型號 S428、DC 246 和 S268 銷售強勁。 Cobalt 完全翻新的 R 系列，包括新的 R6 和 R8 型號，取代了舊型號，從而提高了定價和更高的利潤。

Our backlog is unprecedented for every Malibu brand. We estimate that over 90% of new boat orders will be retail sold in the first quarter of fiscal 2022. And with inventory levels where they are, consumers are not buying boats, they're buying slots to have the boat that they want built. We expect retail demand for wholesale slots to continue at elevated levels through the remainder of fiscal year 2022.

對於每個 Malibu 品牌來說，我們的積壓都是前所未有的。我們估計，到 2022 財年第一季度，超過 90% 的新船訂單將以零售方式售出。鑑於目前的庫存水平，消費者不是在購買船隻，而是在購買插槽來建造他們想要的船隻。我們預計，到 2022 財年剩餘時間，對批發老虎機的零售需求將繼續保持在較高水平。

Inventory remains at historically low levels, and we now believe any meaningful increase in channel inventory will not begin until fiscal year 2023 at the earliest. In our view, we have an unprecedented 24- to 36-month ramp, taking us to fiscal 2024 before we see more normalized inventory levels.

庫存仍處於歷史低位，我們現在認為渠道庫存的任何有意義的增長最早要到 2023 財年才會開始。在我們看來，我們有一個前所未有的 24 到 36 個月的增長，在我們看到更正常的庫存水平之前，我們將進入 2024 財年。

There has been a lot of focus on the new boat buyers coming into the market, the composition of this group and the ultimate retention of these new customers. Recently, there were several reports by respective marine sources that put these buyers into clear focus for everyone. From 2011 until 2019, the number of first-time boat buyers, or FTBBs, has averaged 42,400 per year. In 2020, this number was just shy of 64,000, an increase of 50%. Put another way, the percentage of first-time boat buyers increased 300 basis points in 2020 versus the average year in the time period between 2011 through 2019.

人們非常關注進入市場的新船買家、這個群體的構成以及這些新客戶的最終保留。近日，海事消息人士的多份報導，讓這些買家成為了大家關注的焦點。從 2011 年到 2019 年，首次購船者 (FTBB) 的數量平均每年為 42,400 人。到 2020 年，這個數字將近 6.4 萬，增長了 50%。換句話說，與 2011 年至 2019 年期間的平均年份相比，2020 年首次購船者的比例增加了 300 個基點。

We also have new data on the attrition of first-time boat buyers, and it is exciting to say the least. In the past, we estimated that about 40% to 50% of new buyers, for used and new boats, will stay in boating long term and purchase a second or a third boat. However, the new data shows that when a consumer buys a boat for the first time, approximately 80% of them, depending on the segment, are still in boating 5 years later.

我們還有關於首次購船者流失的新數據，至少可以說是令人興奮的。過去，我們估計約有 40% 至 50% 的二手船和新船新買家會長期留在船上併購買第二或第三艘船。然而，新數據顯示，當消費者第一次購買船隻時，其中約 80%（取決於細分市場）在 5 年後仍在划船。

Further, going all the way back to 2011. Over 60% of first-time boat buyers still own a boat. This, in and of itself, reinforces our confidence that many of the new buyers in the last year are here to stay, and we think our breadth of offerings and industry-leading innovation and customer service will keep them with us for their next boat.

此外，一直追溯到 2011 年。超過 60% 的首次購船者仍然擁有一艘船。這本身就增強了我們的信心，即去年的許多新買家都會留下來，我們認為我們廣泛的產品和行業領先的創新和客戶服務將使他們在下一艘船上與我們同在。

What is even more intriguing is the demographic of first-time boat buyers. Historically, only 12% of first-time boat buyers were women. Despite this, we know that women have a tremendous influence in deciding the boat that will be purchased, even if they are not the primary buyer. But in 2020, first-time female boat buyers rose to 23% from the average of 12%, fueling what has been our focus since 2012, expanding the addressable market by targeting women through our marketing and, ultimately, putting more boats into their hands.

更有趣的是首次購船者的人口統計。從歷史上看，只有 12% 的首次購船者是女性。儘管如此，我們知道女性在決定要購買的船隻方面具有巨大的影響力，即使她們不是主要買家。但在 2020 年，首次女性船隻購買者的比例從平均 12% 上升至 23%，這推動了我們自 2012 年以來一直關注的重點，即通過我們的營銷以女性為目標來擴大目標市場，並最終將更多船隻交到她們手中.

The foundation of Malibu's business, industry-leading innovation, a well-developed vertical integration structure and operational excellence remains intact. Each and every day, we see the positive impact of our strategic decisions coming to fruition. Our innovation allows us to build, deliver and sell more boats than our competitors. Our vertical integration allows us to maintain better control of our supply chain, quality and input costs. And our operational excellence consistently allows us to raise the production bar as consumers demand more and more boats. These elements are extremely critical in the current environment. And it's obvious that we are pulling all the right levers to grow this business at an aggressive pace.

Malibu 的業務基礎、行業領先的創新、完善的垂直整合結構和卓越的運營仍然完好無損。每一天，我們都看到我們的戰略決策的積極影響正在取得成果。我們的創新使我們能夠建造、交付和銷售比競爭對手更多的船隻。我們的垂直整合使我們能夠更好地控制我們的供應鏈、質量和投入成本。隨著消費者對船隻的需求越來越大，我們的卓越運營始終使我們能夠提高生產標準。這些要素在當前環境中極為關鍵。很明顯，我們正在動用所有正確的槓桿以積極的步伐發展這項業務。

While we continue to put the pedal to the metal, we also recognized the tightening supply chain over the last year, and in particular, in the past few weeks, as opposes the near-term risk through our production capabilities. We are working diligently to put as many boats on the water as possible. And based on our fourth quarter and 2021 fiscal year results, we have done a tremendous job navigating these headwinds to date.

在我們繼續踩油門的同時，我們也認識到去年供應鏈收緊，特別是在過去幾週，我們通過生產能力來應對近期風險。我們正在努力使盡可能多的船隻下水。根據我們第四季度和 2021 財年的業績，迄今為止，我們在應對這些不利因素方面做得非常出色。

That said, the supply chain challenges continue to evolve daily, from raw material inputs such as resin, foam and metals, to persistent labor shortages at our suppliers, to transpacific and domestic logistic delays and backups. While we had hoped the supply chain will be better by now, it is not and it remains a challenge.

也就是說，供應鏈挑戰每天都在不斷演變，從樹脂、泡沫和金屬等原材料輸入，到我們供應商持續的勞動力短缺，再到跨太平洋和國內物流延誤和備份。雖然我們曾希望供應鏈現在會變得更好，但事實並非如此，而且這仍然是一個挑戰。

As a management team and an organization, we pride ourselves on delivering the most innovative, highest quality boats in the industry, while, at the same time, maintaining our strong employee-first culture as a differentiator. Further, we are uniquely positioned in the marketplace, given our strategic planning capabilities, operational excellence initiatives and vertical integration strategy. This has been the secret sauce to our long-term success we. It will continue to be our guiding principles. Therefore, we are looking at production across our brands and recalibrating based on the supply chain to ensure we maintain production levels that support the highest standards our dealers and customers have come to expect from Malibu brands, while ensuring the safety and well-being of our employees. This near-term decision will adversely impact our fiscal first quarter of 2022.

作為一個管理團隊和一個組織，我們以提供業內最具創新性、最高質量的船隻而自豪，同時保持我們強大的員工至上文化作為差異化因素。此外，鑑於我們的戰略規劃能力、卓越運營計劃和垂直整合戰略，我們在市場上處於獨特的地位。這是我們取得長期成功的秘訣。這將繼續成為我們的指導原則。因此，我們正在研究我們品牌的生產並根據供應鏈進行重新校準，以確保我們保持生產水平以支持我們的經銷商和客戶對 Malibu 品牌所期望的最高標準，同時確保我們的安全和福祉僱員。這一近期決定將對我們 2022 財年第一季度產生不利影響。

Right now, it is not possible to predict the improvement of the supply chain and the availability of parts and raw materials, but I have no doubt that as the supply chain constraints resolve, our team's commitment to innovation, hard work and delivering results will allow us to equip the competition, deliver more boats to our customers and maintain our track record of incredible results.

目前，無法預測供應鏈的改善以及零件和原材料的可用性，但我堅信，隨著供應鏈限制的解決，我們團隊對創新、努力工作和交付成果的承諾將使我們為比賽提供裝備，為我們的客戶提供更多的船隻，並保持我們令人難以置信的成績記錄。

Shifting to our new model year 2022 product lineup. We remain in an enviable position, thanks to our suite of boat offerings. I can confidently say Malibu brands deliver the finest, most modern products in the marine industry. This makes Malibu stronger, and it makes our dealers stronger.

轉向我們的 2022 年新車型產品系列。得益於我們提供的一系列船隻，我們仍然處於令人羨慕的位置。我可以自信地說，Malibu 品牌提供了海洋行業中最好、最現代的產品。這讓邁銳寶更強大，也讓我們的經銷商更強大。

For Malibu and Axis, we have some exciting new products. We are bringing 4 new boats to our customers again this year. All are brand new, feature-rich and set to drive demand even further. In July, we already introduced the new Malibu Wakesetter 25 LSV, the newest model in the world's best selling Cobalt family. And the brand-new Malibu Wakesetter 21 LX, our go-to 21-foot boat, for multisport boaters who seek performance, versatility and value. The LX replaces our 21 VLX and 21 MLX with a completely new look that bridges the traditional bow and the pickle-fork bow. We also welcome the Axis T220 into the mix. This is the premier 22-foot wakesurf and wakeboarding boat in the marketplace. And in just a few days, the largest Axis ever produced, the T250, will debut, adding to our rich margin profile and product suite.

對於 Malibu 和 Axis，我們有一些令人興奮的新產品。今年我們再次為客戶帶來 4 艘新船。所有這些都是全新的、功能豐富的，並將進一步推動需求。 7 月，我們已經推出了全新的 Malibu Wakesetter 25 LSV，這是世界上最暢銷的 Cobalt 系列中的最新型號。以及全新的 Malibu Wakesetter 21 LX，我們的首選 21 英尺船，適合追求性能、多功能性和價值的多項運動划船者。 LX 以全新的外觀取代了我們的 21 VLX 和 21 MLX，它連接了傳統弓和泡菜叉弓。我們也歡迎 Axis T220 加入其中。這是市場上首屈一指的 22 英尺滑水沖浪和滑水艇。幾天后，有史以來最大的安訊士 T250 將首次亮相，為我們豐富的利潤概況和產品系列增添色彩。

Turning to Pursuit. We continue the tour and pace of product development and new boat launches. We will be introducing 3 new boats, all of which are filling out product quite spaces that we identified when we acquired Pursuit. Two of these boats are in the over 35-foot category and our brand-new S 358 Sport model, has just debuted at the Pursuit dealer meeting earlier this month. The number of dealers who told me this boat fills a blank spot for them and will allow them to compete and win against the competition was pervasive.

轉向追求。我們繼續產品開發和新船發布的旅程和步伐。我們將推出 3 艘新船，所有這些都填補了我們在收購 Pursuit 時確定的產品空間。其中兩艘船的長度超過 35 英尺，而我們全新的 S 358 Sport 型號剛剛在本月早些時候的 Pursuit 經銷商會議上首次亮相。告訴我這艘船的經銷商數量為他們填補了一個空白點，並將讓他們在競爭中競爭並贏得比賽，這是普遍存在的。

With Cobalt, we introduced 6 new models in fiscal year 2021, and the demand is off the charts. Looking into fiscal year 2022. We are introducing 5 more boats going now and the Miami Boat Show that we are very excited about. The rollout include a brand-new R4 Stern and R4 SURF, which will replace the R3 equivalents of the Stern and Surf. In addition, the R4 outboard model will be a new release to the R-Series coming in the 23- to 24-foot length.

借助 Cobalt，我們在 2021 財年推出了 6 款新車型，需求量超乎想像。展望 2022 財年。我們現在正在推出 5 艘新船和我們非常興奮的邁阿密船展。推出的產品包括全新的 R4 Stern 和 R4 SURF，它們將取代 R3 的 Stern 和 Surf。此外，R4 舷外機型號將是 R 系列的新版本，長度為 23 至 24 英尺。

We believe that R4 models will only enhance the strong legacy of this luxury brand. We will also introduce a larger boat that will exceed 30-foot in both the Stern and outboard versions. These models will be featured at the Miami Boat Show this upcoming February, and we can't wait to share more details with you as they become available. By February 15, it is also exciting to point out that in the span of 15 months, Cobalt will have transitioned from having 3 outboard models to 7 outboard models with more to come. The Cruising Outboard segment remains a significant growth opportunity for Cobalt.

我們相信 R4 車型只會增強這個豪華品牌的強大傳統。我們還將推出一艘更大的船，船尾和舷外版本均超過 30 英尺。這些模型將在今年 2 月的邁阿密遊艇展上展出，我們迫不及待地想在它們上市時與您分享更多細節。到 2 月 15 日，同樣令人興奮的是，在 15 個月的時間裡，Cobalt 將從擁有 3 個舷外機模型過渡到 7 個舷外機模型，並且還會有更多。 Cruising Outboard 細分市場仍然是 Cobalt 的重要增長機會。

Lastly, our newest brand, Maverick, continues to earn its stripes in our Malibu family of brands. The integration has been smoother than butter, and we are already seeing the positive results from our dependable approach to integration, while identifying many more opportunities for growth to come. Maverick is putting into place Malibu's world-class product development model, and we will be sharing more on new product from Maverick brands in the near future.

最後，我們的最新品牌 Maverick 繼續在我們的 Malibu 品牌系列中贏得聲譽。整合比黃油更順利，我們已經看到我們可靠的整合方法帶來的積極成果，同時發現了更多的增長機會。 Maverick 正在實施 Malibu 世界級的產品開發模式，我們將在不久的將來分享更多 Maverick 品牌的新產品。

Similar to Cobalt, there's an opportunity to replace outdated products. And like Pursuit, there are [product-quite] spaces we will feel that will drive growth. On the facility side, the expansion of our Maverick Plant 2 facility is progressing as we expected. And we're excited to say that we will be building gorgeous boats in that new facility in the second half of fiscal year 2022.

與 Cobalt 類似，有機會更換過時的產品。和 Pursuit 一樣，我們會覺得有一些 [產品相當] 空間會推動增長。在設施方面，我們的 Maverick Plant 2 設施的擴建正在按我們的預期進行。我們很高興地說，我們將在 2022 財年下半年在該新工廠建造華麗的船隻。

Additionally, at Maverick's dealer meeting in June, dealers were very excited about the Maverick acquisition by Malibu in what Malibu's professionalism and laser focus on growth will bring to their businesses. I am extremely proud of the Malibu team as we have navigated through one of the most volatile periods in history. We continue to lean on our differentiating vertical integration and operational prowess as these principles allow us to, time and again, enhance our leadership position in the market.

此外，在 6 月份的 Maverick 經銷商會議上，經銷商對 Malibu 收購 Maverick 感到非常興奮，因為 Malibu 的專業精神和對增長的高度關注將給他們的業務帶來什麼。我為 Malibu 團隊感到非常自豪，因為我們已經度過了歷史上最動蕩的時期之一。我們繼續依靠我們差異化的垂直整合和運營實力，因為這些原則使我們能夠一次又一次地增強我們在市場上的領導地位。

Together, we are focused on making sure our dealers have only the best products, and that they can sell them at the highest margins. Whether they are Malibu, Axis, Maverick, Cobalt or Pursuit dealers, we are committed to ensuring they are set up for success. And as always, our prudent approach to M&A and integration offers us the competitive advantage in the market.

我們一起專注於確保我們的經銷商只擁有最好的產品，並且他們可以以最高的利潤出售這些產品。無論他們是 Malibu、Axis、Maverick、Cobalt 還是 Pursuit 經銷商，我們都致力於確保他們為成功做好準備。一如既往，我們謹慎的併購和整合方法為我們提供了市場競爭優勢。

I want to express my deep gratitude to our teams at every brand. They're working very hard and persevering through this complicated time. Our people are the reason we surpass expectations in record-setting fashion quarter after quarter after quarter. And we pledge to maintain our winning recipe and continue achieving unrivaled success in everything that we do. Doing so will allow us to deliver the financial performance, shareholder value and market growth that our shareholders have come to expect of us.

我想對我們每個品牌的團隊表示深深的感謝。他們在這個複雜的時期非常努力並堅持不懈。我們的員工是我們在創紀錄的時尚季度又一個季度又一個季度超越預期的原因。我們承諾保持我們的成功秘訣，並繼續在我們所做的一切中取得無與倫比的成功。這樣做將使我們能夠實現股東對我們的期望的財務業績、股東價值和市場增長。

At this point, I will now turn the call over to Wayne to take you through our financial performance in more detail.

在這一點上，我現在將把電話轉給韋恩，讓您更詳細地了解我們的財務業績。

Thanks, Jack. In the fourth quarter, net sales increased 133.2% to $276.7 million and unit volume increased 110.7% to 2,354 boats. This increase was primarily driven by normalized production levels relative to the COVID-induced operational shutdowns in the fourth quarter of fiscal year 2020 and increased unit volume, stemming from the acquisition of Maverick Boat Group.

謝謝，傑克。第四季度，淨銷售額增長 133.2% 至 2.767 億美元，單位銷量增長 110.7% 至 2,354 艘。這一增長主要是由相對於 2020 財年第四季度 COVID 引起的運營停工的正常生產水平以及收購 Maverick Boat Group 導致的單位數量增加所推動的。

The Malibu and Axis brands represented approximately 56.2% of unit sales or 1,324 boats. Saltwater Fishing represented 24% or 565 boats, and Cobalt made up the remaining 19.8% or 465 boats.

Malibu 和 Axis 品牌約佔單位銷售額的 56.2% 或 1,324 艘船。 Saltwater Fishing 佔 24% 或 565 艘船，Cobalt 佔其餘 19.8% 或 465 艘船。

Consolidated net sales per unit increased 10.7% to approximately $117,600, primarily driven by demand for our new larger models within the Malibu and Cobalt segments. Gross profit increased 193.9% to $69.2 million and gross margin was 25.0%. This compares to a gross margin of 19.8% in the prior year period.

每單位綜合淨銷售額增長 10.7% 至約 117,600 美元，這主要是受 Malibu 和 Cobalt 細分市場對我們新的更大型號的需求的推動。毛利增長 193.9% 至 6,920 萬美元，毛利率為 25.0%。相比之下，去年同期的毛利率為 19.8%。

Selling and marketing expense increased 45.6% or $1.6 million in the fourth quarter. As a percentage of sales, selling and marketing expense decreased by 110 basis points. General and administrative expenses increased 76.7% or $7.3 million. The increase was driven primarily by acquisition and integration-related costs, compensation, higher level of legal expenses and incremental G&A expenses due to the acquisition of Maverick Boat Group. As a percentage of sales, G&A expenses, excluding amortization, decreased 190 basis points to 6.1%.

第四季度銷售和營銷費用增長 45.6% 或 160 萬美元。作為銷售額的百分比，銷售和營銷費用下降了 110 個基點。一般和行政費用增加 76.7% 或 730 萬美元。增長的主要原因是與收購和整合相關的成本、補償、更高水平的法律費用以及由於收購 Maverick Boat Group 而增加的 G&A 費用。作為銷售額的百分比，不包括攤銷的 G&A 費用下降 190 個基點至 6.1%。

Net income for the quarter increased 437.1% to $35 million. Adjusted EBITDA for the quarter increased 272.2% to $57.6 million, and adjusted EBITDA margin increased 770 basis points to 20.8%. Non-GAAP adjusted fully distributed net income per share increased 360% to $1.84 per share. This is calculated using a normalized C corp tax rate of 23.5% and a fully distributed weighted average share count of approximately 21.7 million shares. For reconciliation of adjusted EBITDA and adjusted fully distributed net income per share to GAAP metrics, please see the tables in our earnings release.

本季度淨收入增長 437.1% 至 3500 萬美元。本季度調整後的 EBITDA 增長 272.2% 至 5760 萬美元，調整後的 EBITDA 利潤率增長 770 個基點至 20.8%。非 GAAP 調整後的每股完全分配淨收入增長 360% 至每股 1.84 美元。這是使用 23.5% 的標準化 C corp 稅率和約 2170 萬股的完全分配加權平均股數計算得出的。有關調整後的 EBITDA 和調整後的完全分配的每股淨收入與 GAAP 指標的對賬，請參閱我們的收益發布中的表格。

As Jack mentioned earlier, we finished fiscal year 2021 strong as we continue to deliver industry-leading innovative boats to our customers by successfully executing on our key strategic initiatives. Our integration of Maverick into Malibu's fleet of premium brands has already begun to bear fruit and will continue to drive performance as we develop new products and complete our facility expansion. We remain focused on delivering high-quality products and healthy margins, and we believe we are well-positioned to advance our long-term growth plans in fiscal year 2022.

正如傑克之前提到的那樣，我們通過成功執行關鍵戰略計劃，繼續為客戶提供行業領先的創新船隻，從而以強勁的勢頭結束了 2021 財年。我們將 Maverick 整合到 Malibu 的優質品牌陣容中已經開始取得成果，並將隨著我們開發新產品和完成設施擴建而繼續推動業績增長。我們仍然專注於提供高質量的產品和健康的利潤率，我們相信我們有能力推進我們在 2022 財年的長期增長計劃。

Looking at full year numbers. Net sales increased 41.9% and unit volume increased 27%. Consolidated net sales per unit increased 11.7% to approximately $113,200 driven mainly by higher sales of new, more expensive models and optional features within the Malibu and Cobalt segments. Gross profit increased 58.4% to $236.5 million. Net income for the year increased 76.8% to $114.3 million, and adjusted EBITDA increased 71.3% to $190.1 million for the full year.

查看全年數字。淨銷售額增長 41.9%，銷量增長 27%。每單位綜合淨銷售額增長 11.7% 至約 113,200 美元，這主要是由於 Malibu 和 Cobalt 細分市場中新的、更昂貴的型號和可選功能的銷售額增加。毛利增長 58.4% 至 2.365 億美元。全年淨收入增長 76.8% 至 1.143 億美元，調整後的全年 EBITDA 增長 71.3% 至 1.901 億美元。

For the year, non-GAAP adjusted fully distributed earnings per share increased 82.7% to $6.01 per share. We remain well-positioned heading into fiscal year 2022, given historically low inventory levels and insatiable customer demand. While short-term supply chain headwinds are persisting, we are doing what we do best and implementing our tried and true playbook that leverages our operational excellence and vertical integration. We are thoughtfully recalibrating production to ensure we maintain our track record of industry-leading innovation and quality, while prioritizing our employee-first culture. The unprecedented consumer demand, coupled with the introduction of new model year products, will support continued momentum over the long term.

全年，非 GAAP 調整後的完全分配每股收益增長 82.7% 至每股 6.01 美元。鑑於歷史上較低的庫存水平和無法滿足的客戶需求，我們在進入 2022 財年時仍處於有利地位。雖然短期供應鏈逆風持續存在，但我們正在做我們最擅長的事情，並實施我們久經考驗的真實劇本，利用我們的卓越運營和垂直整合。我們正在深思熟慮地重新調整生產，以確保我們保持行業領先的創新和質量記錄，同時優先考慮員工至上的文化。前所未有的消費者需求，加上新車型年產品的推出，將支持長期持續的勢頭。

Based on our current operating plan, our expectations for fiscal year 2022 are as follows. We anticipate revenue growth to be in the high-teens percentage year-over-year. In terms of cadence, we anticipate first half revenue growth, aided by the inclusion of Maverick Boat Group, north of 30%. Consolidated adjusted EBITDA margin is expected to be approximately 20% for the full year. This is obviously impacted by the inclusion of Maverick for the entirety of the year, and the reintroduction of many COVID-19-paused costs.

根據我們目前的運營計劃，我們對 2022 財年的預期如下。我們預計收入同比增長將達到十幾%。就節奏而言，我們預計上半年的收入增長將超過 30%，這得益於 Maverick Boat Group 的加入。預計全年合併調整後的 EBITDA 利潤率約為 20%。這顯然受到全年納入 Maverick 以及重新引入許多 COVID-19 暫停成本的影響。

With respect to cadence. EBITDA margins will improve over the course of the year, but we will see year-over-year headwinds in the first half. We anticipate first quarter year-over-year headwinds of over 300 basis points as Maverick is included. We reintroduced COVID-paused costs, and we invest in enhanced infrastructure to support our rapid growth lastly, I want to acknowledge that, as of this morning, we have submitted an S-3 filing with the SEC to replace the upcoming expiration of our shelf registration statement.

關於節奏。 EBITDA 利潤率將在今年有所改善，但我們將在上半年看到同比逆風。由於包括 Maverick，我們預計第一季度同比逆風將超過 300 個基點。我們重新引入了因 COVID 暫停的成本，並且我們投資於增強的基礎設施以支持我們的快速增長，最後，我想承認，截至今天上午，我們已向美國證券交易委員會提交了一份 S-3 文件，以取代即將到期的貨架註冊聲明。

In closing, we continue to outperform expectations across nearly all metrics. We remain on track to execute on our proven strategy, led by our operational excellence. Our best-in-class product portfolio positions us to benefit from the overwhelming retail demand and historic channel restocking opportunity. We're excited about the future and our ability to drive further market share and profitability growth in each of the markets we serve.

最後，我們在幾乎所有指標上的表現都繼續超出預期。在我們卓越運營的引領下，我們將繼續執行我們行之有效的戰略。我們一流的產品組合使我們能夠從壓倒性的零售需求和歷史性的渠道補貨機會中受益。我們對未來以及我們在我們服務的每個市場進一步推動市場份額和盈利增長的能力感到興奮。

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

有了這個，我想打開問題的電話。

(Operator Instructions) Our first question comes from Joe Altobello with Raymond James.

（操作員說明）我們的第一個問題來自 Joe Altobello 和 Raymond James。

Just a quick question on the revenue guidance for this year. What does that assume in terms of the pace at which supply chain improved? Are you assuming that sort things have to pick up in Q2? Or do you think you're going to see constraints throughout the entire fiscal year?

只是一個關於今年收入指導的快速問題。就供應鏈改善的速度而言，這假設了什麼？您是否假設在第二季度必須進行排序？或者你認為你會在整個財政年度看到限制嗎？

Really, it's a -- it's the bigger pickups in the back half is evidenced by kind of the cadence that we gave. And so there's a little bit, I think, what I would describe as catch up right now. And so we anticipate a little bit of incremental improvement in Q2 and then more meaningfully in the back half of the year.

真的，這是一個 - 我們提供的節奏證明了後半部分更大的拾音器。所以有一點，我想，我現在稱之為趕上。因此，我們預計第二季度會出現一些漸進式改善，然後在今年下半年出現更有意義的改善。

Okay. Okay. And in terms of the EBITDA margin guidance of 20%. I think you said in the past that Maverick is about a 50 basis point drag. How should we think about the resumption of certain costs that you guys obviously did not have during COVID? What's the drag from that resumption?

好的。好的。而就 20% 的 EBITDA 利潤率指導而言。我想你過去說過 Maverick 大約有 50 個基點的拖累。我們應該如何考慮恢復你們在 COVID 期間顯然沒有的某些成本？恢復的拖累是什麼？

Yes. I would describe that drag as probably in that 20 to 35 basis points, right? So there's a couple of things that we highlighted with respect to a little bit more drag there. One is the COVID-paused costs and the other is just enhancing our infrastructure, investing in the business given the growth that we've had. Combined, I would say those are north of 30 basis points.

是的。我會把這種拖累描述為可能在 20 到 35 個基點之間，對嗎？因此，我們強調了一些關於那裡更多阻力的事情。一個是 COVID 暫停的成本，另一個是加強我們的基礎設施，鑑於我們已經取得的增長，對業務進行投資。結合起來，我會說這些在 30 個基點以北。

And that's mostly Q1, it sounds like?

這主要是 Q1，聽起來像？

Some of it -- yes, you're going to see more of an impact, and specifically around the COVID-pause cost probably in Q1, and that's what you're seeing in those numbers.

其中一些——是的，你會看到更多的影響，特別是圍繞 COVID 暫停成本可能在第一季度，這就是你在這些數字中看到的。

Our next question comes from Craig Kennison with Baird.

我們的下一個問題來自 Craig Kennison 和 Baird。

Jack, you mentioned that 90% of new boat orders are retail-sold. What does that number normally look like at this time of the year?

傑克，你提到 90% 的新船訂單都是零售的。這個數字在每年的這個時候通常是什麼樣子的？

This year, it's normally right around 50% or maybe even a little bit less than that.

今年，它通常在 50% 左右，甚至可能比這少一點。

Okay. And then with respect to the dealer inventory shortage. Is there any way to frame how many units short you believe you may be relative to what you would target if you could get everything produced?

好的。然後是關於經銷商庫存不足的問題。有沒有什麼方法可以確定你認為你可能相對於如果你能生產所有東西你的目標有多少單位？

Not necessarily on a unit basis. We look at things. We do look at units, but we also look at it weeks on hand. One of the things that Wells Fargo said is that based upon the lowest that it's ever been, it's 5 weeks lower than the history -- since they've been measuring it. And I think between segments, it may be a little bit different.

不一定以單位為基礎。我們看東西。我們確實會查看單位，但我們也會查看手頭的周數。富國銀行說的其中一件事是，根據歷史最低點，它比歷史低 5 週——因為他們一直在測量它。而且我認為在各個細分市場之間，可能會有所不同。

But I think the point that -- what I would point to is that regardless of the segment, regardless of the dealer, they are very, very short on inventory. And so if you were to say that inventories need to be built up by, just pick a number, 75%, that wouldn't be off at all.

但我認為——我要指出的一點是，無論細分市場如何，無論經銷商如何，它們的庫存都非常、非常短缺。因此，如果您說庫存需要增加，只需選擇一個數字，即 75%，那根本不會消失。

Yes. Craig, last year, we said it was north of 1,000 units. Maverick is one of those situations. So let's ignore Maverick for a second. That number has gone up over the course of this year. So retail demand has outpaced wholesale over the course of the year. And in addition, when you add Maverick into the mix, that business has been chronically underinventoried. So it is a meaningful number that could be approaching a couple of thousand units.

是的。克雷格，去年，我們說它超過 1,000 個單位。特立獨行就是其中一種情況。因此，讓我們暫時忽略 Maverick。這一數字在今年有所上升。因此，全年零售需求超過了批發。此外，當您將 Maverick 添加到組合中時，該業務長期庫存不足。所以這是一個有意義的數字，可能接近幾千個單位。

That's very helpful. And then with respect to the supply chain issues, I imagine that's leading to some cost inflation and maybe you considering some price increases? How is that dynamic unfolding for you?

這很有幫助。然後關於供應鏈問題，我想這會導致一些成本膨脹，也許你正在考慮一些價格上漲？這種動態對你來說是如何展開的？

The supply chain, itself, is really more about efficiency and building boats, and that's part of the reason we're recalibrating that first quarter to make sure that we're putting boats down the line in the proper order. I think there are inflationary measures that we built into our model year 2022 pricing, as most companies did. So that's really baked at this point. And the interesting thing, Craig, is related to the pricing pressures that you referred to, both on our side and then passed along to the consumer. It is not having any impact in demand. We continue to see that demand and the acceptance of the new pricing.

供應鏈本身實際上更多地是關於效率和建造船隻，這也是我們重新校準第一季度以確保我們以正確的順序將船隻下線的部分原因。我認為像大多數公司一樣，我們在 2022 年車型定價中加入了通脹措施。所以在這一點上真的很成功。有趣的是，克雷格，與你提到的定價壓力有關，既在我們這邊，又傳遞給了消費者。它對需求沒有任何影響。我們繼續看到這種需求和對新定價的接受。

Our next question comes from Brett Andress with KeyBanc.

我們的下一個問題來自 KeyBanc 的 Brett Andress。

You said the supply chain really tightened up the last few weeks. Can you just maybe put some context or color around that just so we have more of an idea of maybe what exactly you are facing or started to face?

你說過去幾週供應鏈確實收緊了。你能不能在它周圍加上一些背景或顏色，這樣我們就有更多的想法，也許你正面臨或開始面對什麼？

Yes. I think it's become more expensive. So if we go back to the fourth quarter, and when we had our last call, we talked a lot about resin, and resin being the primary culprit from a supply chain standpoint, along with engines, outboard engines. And that -- those were the 2 things that we were watching and managing on an extremely close level.

是的。我認為它變得更貴了。因此，如果我們回到第四季度，當我們最後一次通話時，我們談了很多關於樹脂的問題，從供應鏈的角度來看，樹脂是罪魁禍首，還有發動機、舷外發動機。那就是我們正在密切關注和管理的兩件事。

As time has gone on, you've seen inventory reserves dissipate somewhat. So they're lower than what they were a quarter ago, 2 quarters ago or 3 quarters ago. And a lot of our suppliers, they continue to struggle with the labor side or getting raw materials from China or Asia. And so it's expanded beyond just a resin or an outboard engine scenario. Resin has largely improved to a great extent. We don't have the issues that we had with resin that we did in the third and the fourth quarters, but there are a lot of other issues.

隨著時間的推移，您已經看到庫存儲備有所消散。因此，它們低於一個季度前、2 個季度前或 3 個季度前的水平。還有我們的很多供應商，他們繼續與勞動力方面或從中國或亞洲獲取原材料的問題作鬥爭。因此，它已擴展到樹脂或舷外發動機場景之外。樹脂在很大程度上得到了很大的改善。我們沒有在第三和第四季度遇到的樹脂問題，但還有很多其他問題。

And I'll point to a couple. You run into issues with foam, which is also petroleum-based. You run into the issues with other small parts. It can change from week to week. And I think the best way to describe it is we're managing through it. We're getting product. But rather than getting a large shipment of 150 different parts, we may be getting a shipment of 15 to 20 parts at a given time that gets us through a particular set of days or a particular week. And so there are more parts and it's a little bit more to manage. And so we want to make sure that we're careful in how we're consuming our production.

我會指出一對。您會遇到同樣以石油為基礎的泡沫問題。您遇到其他小零件的問題。它可以每週更改一次。我認為描述它的最好方式是我們正在管理它。我們正在獲取產品。但是，我們可能會在給定時間收到 15 到 20 個零件的大量裝運，這讓我們度過了特定的幾天或特定的一周，而不是大量裝運 150 個不同的零件。因此，零件更多，需要管理的也更多。因此，我們希望確保我們在消費產品的方式上保持謹慎。

We do believe it will be improved. And then as Wayne pointed out, we're looking more towards that second quarter that we'll start seeing that improvement. I would tell you that our guide is conservative. And that if the supply chain improves, we -- and that's the predecessor to everything. If the supply chain improves, we can be better than what we've predicted.

我們相信它會得到改善。然後正如韋恩指出的那樣，我們更多地關注第二季度，我們將開始看到這種改善。我會告訴你我們的指南是保守的。如果供應鏈得到改善，我們——這就是一切的前身。如果供應鏈得到改善，我們可以比我們預測的更好。

Got it. And then -- so you have a lot of new models coming to market. Over the next year, you've done some expansions on the capacity side. But I guess where do you see unconstrained capacity, right? Is it 10,000 units? 12,000? 14,000? I'm just trying to frame up or get a sense of what you think you could do on the production end that some of these challenges weren't in the equation right now.

知道了。然後 - 所以你有很多新模型進入市場。在接下來的一年裡，你們在容量方面做了一些擴展。但我猜你在哪裡看到不受約束的容量，對吧？是10,000個單位嗎？ 12,000？ 14,000？我只是想構建或了解您認為您可以在生產端做什麼，其中一些挑戰現在不在等式中。

We work pretty diligently over the last 12 to 18 months to put every brand in a position to build more product, with our Pursuit plant that we added, that added a significant amount of capacity. The 3 phases at Cobalt added significant capacity. What we're doing at Maverick today with that Phase 2 plant to add significant capacity. We built it here into Malibu. We've made some changes in different focus areas, and so we have more capacity at Malibu. So if the supply chain were to cooperate, we could easily go over that 11,000 rate.

在過去的 12 到 18 個月裡，我們非常努力地工作，讓每個品牌都能夠生產更多產品，我們增加了 Pursuit 工廠，這增加了大量的產能。 Cobalt 的 3 個階段顯著增加了產能。我們今天在特立獨行的二期工廠所做的是增加大量產能。我們把它建在這裡進入馬里布。我們在不同的重點領域做出了一些改變，因此我們在 Malibu 擁有更多的容量。因此，如果供應鏈合作，我們可以輕鬆超過 11,000 的速度。

Our next question comes from Jaime Katz with Morningstar.

我們的下一個問題來自 Morningstar 的 Jaime Katz。

I think you had mentioned infrastructure spend. And then in the 10-K, it indicated that CapEx would be more in 2022 than in 2021. But could you maybe frame the magnitude of that increase, given that some of the capacity investments could be sizable?

我想你提到了基礎設施支出。然後在 10-K 中，它表明 2022 年的資本支出將比 2021 年更多。但是，考慮到一些產能投資可能相當大，你能否描述一下這種增長的幅度？

Yes. What I would tell you is CapEx can be a little bit of a moving target as we develop additional plans that aren't necessarily set yet. And so it could be -- right now, I would tell you that it's probably on a trajectory in the $60 million range as we add capacity and do some initiatives. But it has the potential to move around as we decide to do, whether it be more vertical integration initiatives or whatever, and we'll update folks accordingly.

是的。我要告訴你的是，隨著我們制定尚未確定的額外計劃，資本支出可能會成為一個移動目標。所以它可能是——現在，我會告訴你，隨著我們增加產能和採取一些舉措，它可能正處於 6000 萬美元的軌道上。但它有可能在我們決定這樣做時四處走動，無論是更多的垂直整合計劃還是其他什麼，我們都會相應地更新人們。

Okay. That's helpful. And then the pipeline for new innovation for Maverick products. I think it was touched upon, and I think you guys might be maybe reassessing what's out there and what the opportunity set is. So is there any way that you guys might be able to elaborate on what we could expect to see out of the Maverick brand this year?

好的。這很有幫助。然後是 Maverick 產品的新創新管道。我認為它被觸及了，我認為你們可能正在重新評估那裡的內容以及機會集是什麼。那麼你們有沒有什麼辦法可以詳細說明我們今年可以從 Maverick 品牌中看到什麼？

Jaime, we're right in the middle of that. And I think we're going to be a lot better suited to be able to address that, call it the next quarter or the quarter after that. But I will tell you this, it's very, very similar to both Cobalt and Pursuit. There are a number of white spaces. We call them product white spaces, where we just don't have a product. And once we put a product there, we're going to be able to capture share, we're going to be able to capture more sales.

Jaime，我們正處於其中。而且我認為我們將更適合解決這個問題，將其稱為下一個季度或之後的一個季度。但我會告訴你，它與 Cobalt 和 Pursuit 非常非常相似。有許多空白。我們稱它們為產品空白區域，我們只是沒有產品。一旦我們將產品放在那裡，我們將能夠獲得份額，我們將能夠獲得更多的銷售額。

The second is that the product that we've both inherited, NBG, is somewhat aged, long in the tooth. And so we're going to revitalize that every time you bring out a new product, every time we've seen this with the R-Series. Every time you bring out a new product or a new series that is replacing an old one, you have an exponential leap in sales, and we expect that to occur at NBG as well.

第二個是我們共同繼承的產品 NBG 有點陳舊，老掉牙了。因此，每當您推出新產品時，每次我們在 R 系列中看到這一點時，我們都會重振這一點。每次你推出新產品或新系列來取代舊產品時，你的銷售額都會呈指數級增長，我們希望 NBG 也會出現這種情況。

Yes. And Jaime, this is Wayne. I would just add that we could get it -- when it comes to the product cycle. That's the thing that is probably the longest in the tooth, in terms of being able to needing to take time where you have it -- you're developing that team, growing that team and building that process and making sure you do it in the right way. And you're going to see more of an impact sooner from our capital expenditures, frankly, than that new product.

是的。傑米，這是韋恩。我只想補充一點，我們可以得到它——當涉及到產品週期時。這可能是牙齒中最長的東西，就能夠需要花時間在你擁有的地方而言——你正在發展那個團隊，發展那個團隊並建立那個過程並確保你在正確的方法。坦率地說，與新產品相比，你會更快地從我們的資本支出中看到更多的影響。

Our next question comes from Tristan Thomas with BMO.

我們的下一個問題來自 BMO 的 Tristan Thomas。

Last quarter, I think you called out for model year '22 that about 80% of your first half order book was already sold. Could you update that?

上個季度，我認為您曾為 22 年車型大聲疾呼，您的前一半訂單中約有 80% 已經售出。你能更新一下嗎？

It's different by brand. But I think if you captured all of the orders, it would be well into the third or fourth quarter by now.

因品牌而異。但我認為，如果你獲得了所有訂單，那麼現在已經進入第三或第四季度了。

Okay. Perfect. And then just two-part question about your capacity expansion. Has there been any issues getting either raw materials or labor for the Cobalt and Maverick plants? And then if so, has that impacted any of your time lines to get to full production?

好的。完美的。然後只是關於您的容量擴展的兩部分問題。 Cobalt 和 Maverick 工廠的原材料或勞動力是否存在任何問題？如果是這樣，這是否影響了您全面生產的任何時間表？

That's a good question. It's a question I would ask. It's been very positive surprise in that regard because we have not seen -- we're ahead of schedule, I would probably say on Maverick versus what we thought that it could be. And we've not -- what I would have anticipated to be the problems in raw materials, as you mentioned, and labor, we have not seen that. So that's been a very positive surprise.

這是個好問題。這是我要問的問題。在這方面，這是一個非常積極的驚喜，因為我們還沒有看到——我們比計劃提前了，我可能會說 Maverick 與我們認為的可能是什麼。而且我們還沒有——正如你所提到的，我原以為是原材料和勞動力方面的問題，我們還沒有看到。所以這是一個非常積極的驚喜。

Our next question comes from Rudy Yang with Berenberg.

我們的下一個問題來自 Rudy Yang 和 Berenberg。

Just going back to EBITDA margin guidance for next year a little bit. How are you thinking about how benefits from the Cobalt and Maverick expansions will factor in throughout the course of next year?

稍微回到明年的 EBITDA 利潤率指導。您如何看待 Cobalt 和 Maverick 擴展帶來的好處將如何影響明年的整個過程？

Yes. I think with respect to this year's guide, there's probably some of the uplift, right? So if we're doing the math and we're bridging this year's performance -- or when I say this year, 2021 fiscal year performance to 2022. If you start at 20.5%, we've talked a bit about Maverick being about a 50 or 60-basis point drag. And then we have the reintroduction of COVID-paused costs and some investment and some infrastructure that creates another drag.

是的。我認為關於今年的指南，可能會有一些提升，對吧？因此，如果我們正在做數學運算，我們正在將今年的表現聯繫起來——或者當我說今年，2021 財年表現與 2022 年的表現。如果你從 20.5% 開始，我們已經談到了 Maverick 是關於50 或 60 個基點拖累。然後我們重新引入因 COVID 暫停的成本以及一些投資和一些基礎設施，這又造成了另一個拖累。

I would tell you that a bit of the uplift is kind of broad-based structural across the business that's offsetting that -- if you do that math, you're getting into the mid-19s of EBITDA margin. And if you think about just increases in sales and volume on a year-over-year basis, that's getting some of that back.

我會告訴你，有點提升是一種基礎廣泛的業務結構，它抵消了這一點——如果你做那個數學，你將進入 EBITDA 利潤率的 19 年代中期。如果你只考慮銷售額和銷量的同比增長，那就會得到一些回報。

Maverick's margin profile, given the limited incremental volume that you're going to see flowing through that business, is probably not going to be meaningfully uplifted. Cobalt is the place where you're going to see some benefit, and that would kind of bridge back to the 20% target we put out there.

考慮到您將看到流經該業務的增量數量有限，Maverick 的利潤率概況可能不會得到有意義的提升。 Cobalt 是您將看到一些好處的地方，這將在某種程度上回到我們在那裡設定的 20% 的目標。

Great. That's super helpful. And then it seems like the amount of retail sold orders for next quarter continues to remain extremely high at above 90%. So you mentioned this will continue throughout fiscal year '22. But I'm just wondering if you now believe this number will continue to be above that 90%. Or if you expect it to kind of incrementally decline over the course of next year?

偉大的。這非常有幫助。然後下個季度的零售訂單量似乎繼續保持在 90% 以上的極高水平。所以你提到這將持續整個 22 財年。但我只是想知道您現在是否相信這個數字會繼續高於 90%。或者，如果您預計它會在明年逐漸下降？

I think it's going to be around that. We'll see it pan out over the course of the year. But if you think about the heavy selling season when you get into the boat shows, those are going to all be retail sold orders at some point. I think it's going to remain very, very high. Whether it reaches that 90% threshold for the entire year, we'll see, but it could.

我認為它將圍繞這一點。我們將在一年中看到它的成功。但是，如果您在進入船展時考慮到旺季的銷售旺季，那麼在某些時候，這些訂單都將是零售訂單。我認為它會保持非常非常高。它是否會在全年達到 90% 的門檻，我們拭目以待，但它可以。

Our next question is a follow-up question from Brett Andress with KeyBanc.

我們的下一個問題是來自 KeyBanc 的 Brett Andress 的後續問題。

Sorry, if you already addressed this. I may have missed it. But I mean, just looking at my model, I mean, it easily have you in a net cash position early next year. I guess, so where do you and the Board stand from a capital allocation standpoint? I understand M&A is lumpy, but kind of more of a suboptimal capital structure here next year.

抱歉，如果您已經解決了這個問題。我可能錯過了。但我的意思是，只要看看我的模型，我的意思是，它很容易讓你在明年初處於淨現金狀態。我想，從資本配置的角度來看，您和董事會的立場是什麼？我知道併購是不穩定的，但明年這裡的資本結構更像是次優的。

Yes. Look, I think, Brett, we've always kind of been in this position where the business does generate a lot of cash. We obviously always have a predisposition to really -- we find incredibly high-return strategic initiatives for us to invest that cash, and that position hasn't changed. And so we try and stay dynamic with respect to that. And I think we've done that pretty successfully since, frankly, almost the entirety of being public.

是的。聽著，我認為，布雷特，我們一直處於這種業務確實產生大量現金的位置。我們顯然總是傾向於真正 - 我們發現我們投資現金的高回報戰略計劃令人難以置信，而且這種立場沒有改變。因此，我們嘗試在這方面保持動態。而且我認為我們已經非常成功地做到了這一點，坦率地說，幾乎是公開的。

And so that primary focus, whether it be around vertical integration, we talked a little bit about the potential for a range of CapEx, depending on where we go with vertical integration plans. Or frankly, an M&A opportunity. Absent those types of opportunities and those situations can be dynamic and evolving, we probably have a number of months before there's any decision made because we like to maintain that optionality for the high-return strategic investment.

因此，主要關注點，無論是圍繞垂直整合，我們都談到了一系列資本支出的潛力，這取決於我們在垂直整合計劃方面的進展。或者坦率地說，併購機會。如果沒有這些類型的機會，那些情況可能是動態的和不斷變化的，我們可能有幾個月的時間才能做出任何決定，因為我們希望保持高回報戰略投資的選擇性。

Is there any consideration for supply-side M&A?

是否有供給側併購的考慮？

You mean to vertically integrate into our suppliers more?

你的意思是更多的垂直融入我們的供應商？

Yes.

是的。

Well, look, we've obviously vertically integrated into engines over time and different things. So there's -- we are constantly trying to balance financial returns, strategic returns around supply the chain-related M&A. And there's -- I can't think of a time where we haven't been thinking about something with respect to that. So I don't foresee a broader strategic push that is broad-based vertical integration across the supply chain to own a bunch of it. I think we're going to focus it on very strategic assets with appropriate returns.

好吧，看，隨著時間的推移和不同的事情，我們顯然已經垂直整合到引擎中。因此，我們一直在努力平衡財務回報、供應鏈相關併購的戰略回報。還有——我想不出有什麼時候我們沒有考慮過這方面的事情。因此，我預計不會出現更廣泛的戰略推動，即跨供應鏈進行廣泛的垂直整合以擁有大量供應鏈。我認為我們將把它集中在具有適當回報的非常具有戰略意義的資產上。

And I'm not showing any further questions at this time. I'd like to turn the call back to Jack for any closing remarks.

我現在不會提出任何進一步的問題。我想將電話轉回給傑克，聽取任何結束語。

Thank you. Summarizing our call this morning, Malibu continues to make history, not only smashing our fourth quarter expectations, but continuing a pattern of outperformance on almost every financial and operating metric for fiscal year 2021.

謝謝。總結我們今天早上的電話會議，Malibu 繼續創造歷史，不僅打破了我們對第四季度的預期，而且在 2021 財年的幾乎所有財務和運營指標上都延續了優異表現的模式。

We are in a unique and favorable position with our suite of premium brands and boats. Historically low inventory levels provide an incredible opportunity for continued success for at least in the next 2 to 3 years. Our strategic planning, operational excellence and supply chain management further supports our outperformance of the broader industry, and will remain a key differentiator in this environment going forward, while at the same time, continuing to drive profitability and unlocking maximum value from Malibu's product portfolio.

我們擁有一系列優質品牌和船隻，處於獨特而有利的位置。至少在未來 2 到 3 年內，處於歷史低位的庫存水平為持續成功提供了難得的機會。我們的戰略規劃、卓越運營和供應鏈管理進一步支持我們超越更廣泛行業的表現，並將繼續在這種環境中保持領先優勢，同時繼續推動盈利能力並從 Malibu 的產品組合中釋放最大價值。

For Malibu and Axis, to Maverick, to Cobalt and Pursuit, we are thoughtfully looking at production levels to ensure we not only meet consumer demand, but do it in a way that allows us to maintain our industry-leading innovation and quality. One thing that can't be said enough, our backlog is unprecedented for every Malibu brand. We will continue to capitalize on the soaring demand environment and take advantage of the attractive trends that have materialized. We remain optimistic these tailwinds will remain elevated as we move into fiscal year 2022 and beyond, which will undoubtedly support further growth and strong earnings.

對於 Malibu 和 Axis、Maverick、Cobalt 和 Pursuit，我們正在仔細研究生產水平，以確保我們不僅滿足消費者的需求，而且以一種能夠讓我們保持行業領先的創新和質量的方式做到這一點。有一點怎麼說都不過分，我們的積壓訂單對於每個 Malibu 品牌來說都是前所未有的。我們將繼續利用飆升的需求環境，並利用已經實現的有吸引力的趨勢。我們仍然樂觀地認為，隨著我們進入 2022 財年及以後，這些順風將繼續保持高位，這無疑將支持進一步的增長和強勁的收益。

Lastly, with our eyes on the horizon, or more aptly the wake ahead, our fiscal year 2022 looks bright, supported by unprecedented customer demand. The introduction of our new model year '22 products, historically low inventories and a culture of operational excellence, which we believe will position us to drive substantial growth and profitability to deliver long-term value to our shareholders.

最後，展望未來，或者更恰當地說，展望未來，在前所未有的客戶需求的支持下，我們的 2022 財年看起來一片光明。我們的新車型 22 年產品的推出、歷史上較低的庫存和卓越運營的文化，我們相信這將使我們能夠推動大幅增長和盈利，從而為我們的股東創造長期價值。

I would like to thank you for your continued support, and I look forward to Malibu's industry-leading success in building fiscal year '22 -- 2022 into the best year yet for Malibu. As always, we hope you and those around you continue to remain safe and healthy. Have a great day.

我要感謝您一直以來的支持，我期待 Malibu 在將 22-2022 財年建設成為 Malibu 迄今為止最好的一年方面取得行業領先的成功。一如既往，我們希望您和您周圍的人繼續保持安全和健康。祝你有美好的一天。

Ladies and gentlemen, this does conclude today's presentation. You may now disconnect, and have a wonderful day.

女士們，先生們，今天的演講到此結束。您現在可以斷開連接，並度過美好的一天。