Mastercraft Boat Holdings Inc (MCFT) 2022 Q4 法說會逐字稿

Good day, and thank you for standing by. Welcome to the MasterCraft Boat Holdings Fiscal Fourth Quarter and Full Year 2022 Earnings Conference Call. (Operator Instructions)

美好的一天，感謝您的支持。歡迎來到 MasterCraft Boat Holdings 財政第四季度和 2022 年全年收益電話會議。 （操作員說明）

Please be advised that today's conference is being recorded.

請注意，今天的會議正在錄製中。

I would now like to hand the conference over to your speaker today, Tim Oxley, CFO. Please go ahead.

我現在想把會議交給你今天的演講者，首席財務官 Tim Oxley。請繼續。

Thank you, operator, and welcome, everyone. Thank you for joining us today as we discuss MasterCraft's fiscal fourth quarter and full year performance for 2022. As a reminder, today's call is being webcast live and will also be archived on our website for future listening.

謝謝運營商，歡迎大家。感謝您今天加入我們，討論 MasterCraft 2022 財年第四季度和全年業績。提醒一下，今天的電話會議正在進行網絡直播，也將存檔在我們的網站上以供將來收聽。

Joining me on today's call are Fred Brightbill, Chief Executive Officer and Chairman; and George Steinbarger, our Chief Revenue Officer. Fred will begin with a review of our operational highlights from the fourth quarter and full year. I will then discuss our financial performance. And I'll turn the call back to Fred for some closing remarks before we open the call for Q&A.

與我一起參加今天電話會議的還有首席執行官兼董事長 Fred Brightbill；和我們的首席營收官 George Steinbarger。 Fred 將首先回顧我們第四季度和全年的運營亮點。然後我將討論我們的財務表現。在我們打開問答電話之前，我會將電話轉回給 Fred 做一些結束語。

Before we begin, we'd like to remind participants that the information contained in this call is current only as of today, September 8, 2022. The company assumes no obligation to update any statements, including forward-looking statements. Statements that are not historical facts are forward-looking statements and subject to the safe harbor disclaimer in today's press release.

在我們開始之前，我們想提醒參與者，本次電話會議中包含的信息僅是截至 2022 年 9 月 8 日的最新信息。公司不承擔更新任何陳述的義務，包括前瞻性陳述。非歷史事實的陳述是前瞻性陳述，並受今天新聞稿中的安全港免責聲明的約束。

Additionally, on this conference call, we will discuss non-GAAP measures that include or exclude special or items not indicative of our ongoing operations. For each non-GAAP measure, we also provide the most directly comparable GAAP measure in our fiscal 2022 4th quarter earnings release, which includes a reconciliation of these non-GAAP measures to our GAAP results.

此外，在本次電話會議上，我們將討論非 GAAP 措施，包括或排除不表明我們正在進行的運營的特殊或項目。對於每項非 GAAP 指標，我們還在 2022 財年第四季度收益發布中提供了最直接可比的 GAAP 指標，其中包括這些非 GAAP 指標與我們的 GAAP 結果的對賬。

We would also like to remind listeners that there is a slide deck summarizing our financial results in the Investors section of our website.

我們還想提醒聽眾，我們網站的“投資者”部分有一個幻燈片，總結了我們的財務業績。

With that, I'll turn the call over to Fred.

有了這個，我會把電話轉給弗雷德。

Thank you for joining us today. Our businesses executed extremely well against our strategic and operational priorities during fiscal 2022 in a very challenging and dynamic environment.

感謝您今天加入我們。在充滿挑戰和動態的環境中，我們的業務在 2022 財年的戰略和運營重點方面執行得非常出色。

We delivered record-setting performances for each quarter, which culminated in record net sales and earnings for the full year and for the second consecutive year. We grew our net sales by nearly 35% and our diluted adjusted earnings per share by more than 37% year-over-year, all on an organic basis. We far exceeded expectations in the fourth quarter by delivering net sales growth of nearly 40% and diluted adjusted earnings per share growth of more than 80%.

我們每個季度都取得了創紀錄的業績，最終實現了全年和連續第二年創紀錄的淨銷售額和收益。我們的淨銷售額增長了近 35%，攤薄後的調整後每股收益同比增長了 37% 以上，所有這些都是有機的。我們在第四季度實現了近 40% 的淨銷售額增長和 80% 以上的攤薄調整後每股收益增長，遠遠超出了預期。

This represents the seventh consecutive record-setting quarter and the sixth consecutive quarter of year-over-year net sales growth of more than 25% as we leveraged our flexible operating model to capitalize on the strong consumer demand for our products.

這是連續第七個創紀錄的季度和連續第六個季度淨銷售額同比增長超過 25%，因為我們利用靈活的運營模式來利用消費者對我們產品的強勁需求。

This exceptional performance was enabled by a year-over-year unit increase of more than 14% for the full year, resulting in the most wholesale units ever sold by the company. To be able to increase throughput and produce record units in a challenging supply chain environment clearly demonstrates our disciplined execution, operational excellence and the strength of our team and our market-leading brands. The credit for this performance goes to our more than 1,700 employees who continue to execute our key strategic priorities in the face of adversity.

這一非凡的業績得益於全年單位數量同比增長超過 14%，從而成為該公司有史以來銷售的批發單位數量最多的產品。能夠在充滿挑戰的供應鏈環境中提高產量並生產創紀錄的單位，這清楚地表明了我們紀律嚴明的執行力、卓越的運營能力以及我們團隊和市場領先品牌的實力。這一業績歸功於我們的 1,700 多名員工，他們在逆境中繼續執行我們的關鍵戰略重點。

Although we achieved another record year, our growth in net sales and earnings were constrained due to supply chain disruptions and labor challenges associated with COVID. These headwinds limited our unit shipments and created significant production inefficiencies during the year. They also resulted in additional costs not typically experienced in a normal production environment. Constrained production and higher production costs, combined with higher-than-expected inflation during the year, created significant margin headwinds.

儘管我們又取得了創紀錄的一年，但由於供應鏈中斷和與 COVID 相關的勞動力挑戰，我們的淨銷售額和收益增長受到限制。這些不利因素限制了我們的單位出貨量，並在這一年造成了嚴重的生產效率低下。它們還導致了在正常生產環境中通常不會經歷的額外成本。受限制的生產和較高的生產成本，加上本年度高於預期的通貨膨脹，造成了巨大的利潤率阻力。

Guided by our consumer-centric strategy, we prioritized availability and quality over cost to meet the strong retail demand that we were experiencing. At the end -- at the same time, our business has deftly reacted to these cost pressures with strategic pricing and operational cost mitigation actions, which allowed us -- allowed our margins to recover, resulting in a record fourth quarter.

在我們以消費者為中心的戰略的指導下，我們優先考慮可用性和質量而不是成本，以滿足我們正在經歷的強勁零售需求。最後——與此同時，我們的業務通過戰略定價和運營成本緩解行動巧妙地應對了這些成本壓力，這使我們能夠——使我們的利潤率得以恢復，從而創造了創紀錄的第四季度。

The constrained production environment and robust consumer demand for our products resulted in dealer inventories near historic lows throughout the year. Low dealer inventory during the year constrained retail sales across the industry, including at our brands. Surveys of our dealers continue to reflect that inventory for our brands are too low while no dealers in the surveys described inventories for any of our brands as too high.

受限的生產環境和消費者對我們產品的強勁需求導致經銷商庫存全年接近歷史低點。年內低經銷商庫存限制了整個行業的零售銷售，包括我們的品牌。對我們經銷商的調查繼續反映我們品牌的庫存過低，而調查中沒有經銷商描述我們任何品牌的庫存過高。

Our strategic focus on operational excellence enabled us to ramp up production throughout the year and to begin to replenish our pipelines. Nevertheless, our dealer inventories remain well below pre-COVID levels. At the end of fiscal 2022, our dealer inventories were more than 50% lower than they were at the end of fiscal 2019. Our fiscal 2023 production plan is fully supported by dealer commitments across all our brands.

我們對卓越運營的戰略重點使我們能夠全年提高產量並開始補充我們的管道。儘管如此，我們的經銷商庫存仍遠低於疫情前的水平。在 2022 財年末，我們的經銷商庫存比 2019 財年末低 50% 以上。我們 2023 財年的生產計劃得到了我們所有品牌的經銷商承諾的充分支持。

Although we believe product availability limited retail sales in fiscal 2022, we remain optimistic about the long-term resilience of our consumer. As consumer preferences continue to evolve, we expect that structural changes in where and how people choose to live, work and spend their free time have generated strong consumer demand for the boating lifestyle that will persist over the long run despite near-term retail volatility driven by macroeconomic headwinds.

儘管我們認為產品供應限制了 2022 財年的零售額，但我們仍對消費者的長期韌性持樂觀態度。隨著消費者偏好的不斷演變，我們預計人們選擇生活、工作和度過空閒時間的地點和方式的結構性變化已經產生了消費者對划船生活方式的強烈需求，儘管近期零售波動驅動，但這種需求將長期持續存在由於宏觀經濟逆風。

Investments in consumer acquisition have allowed us to capitalize on the expansion of our industry's addressable market, leading to greater awareness and lead generation across all our brands and enabling market share gains. In an uncertain macroeconomic environment, these investments position us to overdrive retail versus our competitors based on the quality of our premium brands and products and not just rely on price.

對消費者獲取的投資使我們能夠利用我們行業潛在市場的擴張，從而提高我們所有品牌的知名度和潛在客戶，並增加市場份額。在不確定的宏觀經濟環境中，這些投資使我們能夠根據我們的優質品牌和產品的質量而不是僅僅依靠價格來超越競爭對手。

Before moving on to a deeper dive into the performance of our brands, I wanted to touch on the announcement we issued earlier today relating to the sale of the NauticStar business.

在深入探討我們品牌的表現之前，我想談談我們今天早些時候發布的關於出售 NauticStar 業務的公告。

As we had announced on August 9, we conducted a strategic review of the business and, as part of that review, considered a wide range of available alternatives to maximize shareholder value. Guided by our strategic framework, it became clear that exiting this business would allow us to concentrate on our best-performing, highest-potential businesses. This decision will enable us to focus on our MasterCraft, Crest and Aviara brands and ensure that we are directing resources to the areas that will generate the greatest value for our shareholders.

正如我們在 8 月 9 日宣布的那樣，我們對業務進行了戰略審查，作為審查的一部分，我們考慮了廣泛的可用替代方案，以最大限度地提高股東價值。在我們的戰略框架的指導下，很明顯，退出這項業務將使我們能夠專注於我們表現最好、潛力最大的業務。這一決定將使我們能夠專注於我們的 MasterCraft、Crest 和 Aviara 品牌，並確保我們將資源引導到將為我們的股東創造最大價值的領域。

We believe that the strength and breadth of our resulting brand offerings and the investments we are making in product development, marketing, production and operational excellence have positioned the company better than ever in our recent history.

我們相信，我們由此產生的品牌產品的實力和廣度，以及我們在產品開發、營銷、生產和卓越運營方面的投資，使公司在我們最近的歷史上比以往任何時候都更好。

We will continue to make progress toward our overarching objective of driving sustainable, accelerated growth by being the most consumer-focused recreational boat manufacturer. We remain determined to execute against each of our 4 strategic priorities: consumer experience, customer acquisition, operational excellence and human capital development.

作為最以消費者為中心的休閒船製造商，我們將繼續朝著推動可持續、加速增長的總體目標前進。我們仍然決心執行我們的 4 個戰略重點中的每一個：消費者體驗、客戶獲取、卓越運營和人力資本開發。

Let me now briefly review some of the latest developments across our brands.

現在讓我簡要回顧一下我們品牌的一些最新發展。

Our MasterCraft brand performed extremely well during the year by producing the most units in the company's history and growing net sales to a record $466 million despite parts shortages that impacted production volume and margins. This tremendous result is due to the extraordinary efforts of the MasterCraft team and the continued success of MasterCraft's best-in-class operating model, which we leveraged to mitigate supply chain disruption.

儘管零件短缺影響了產量和利潤，但我們的 MasterCraft 品牌在這一年中表現非常出色，生產了公司歷史上最多的單位，淨銷售額增長至創紀錄的 4.66 億美元。這一巨大成果歸功於 MasterCraft 團隊的非凡努力以及 MasterCraft 一流運營模式的持續成功，我們利用該模式來緩解供應鏈中斷。

MasterCraft increased production sequentially each quarter of the fiscal year and ended the year by producing at record levels during the fourth quarter. The ability to aggressively ramp up production during this time of limited product availability while maintaining our focus on quality was key to growing market share.

MasterCraft 在本財年的每個季度都按順序增加了產量，並在第四季度以創紀錄的水平結束了這一年。在產品供應有限的情況下，在保持我們對質量的關注的同時積極提高產量的能力是增加市場份額的關鍵。

As acknowledgment of the success of our strategic focus on the consumer and quality, during fiscal 2022, MasterCraft received the National Marine Manufacturers Association Customer Satisfaction Index Award for the 11th consecutive year. According to the most recent Allstate's reporting, SSI market share data as of the rolling 12-month period ended March 31, 2022, MasterCraft increased market share over each of its closest 3 competitive brands by between 80 and 240 basis points. MasterCraft remains the #1 brand in the fastest-growing and highest-margin category in the powerboat industry.

作為對我們對消費者和質量戰略重點成功的認可，MasterCraft 在 2022 財年連續第 11 年獲得美國國家船舶製造商協會客戶滿意度指數獎。根據 Allstate 的最新報告，截至 2022 年 3 月 31 日的連續 12 個月期間的 SSI 市場份額數據，MasterCraft 將其最接近的 3 個競爭品牌的市場份額提高了 80 至 240 個基點。 MasterCraft 仍然是摩托艇行業增長最快和利潤率最高的第一品牌。

For model year 2022, MasterCraft unveiled one of the most remarkable model year changes in its history, including the launch of 4 exciting new boats, the new SurfStar surf system, our new Hydro-Lock power technology and a myriad of other innovative and consumer-centric styling and convenience features, all of which have been incredibly well received by our dealers and consumers.

對於 2022 年款，MasterCraft 推出了其歷史上最顯著的車型年變化之一，包括推出 4 款令人興奮的新船、新的 SurfStar 衝浪系統、我們新的 Hydro-Lock 動力技術以及無數其他創新和消費者-中心造型和便利功能，所有這些都受到我們經銷商和消費者的好評。

MasterCraft has followed up on that success with an equally impressive model year 2023 launch by recently announcing the all new XT22 T, the completely redesigned XT20 and a variety of new features that improve comfort, ergonomics and technology across the product portfolio.

MasterCraft 繼這一成功之後，推出了同樣令人印象深刻的 2023 年車型，最近發布了全新的 XT22 T、完全重新設計的 XT20 以及各種可提高整個產品組合的舒適度、人體工程學和技術的新功能。

In addition, MasterCraft plans to launch two more models during the year. With the launch of 4 new 2023 models, MasterCraft's most attainable and versatile product offerings will be completely refreshed and expanded. While we are continuing to see strong demand for our larger models, the full breadth of the lineup provides consumers a wide range of appealing price points.

此外，MasterCraft 計劃年內再推出兩款機型。隨著 2023 款 4 款新型號的推出，MasterCraft 最容易實現和用途廣泛的產品將得到全面更新和擴展。雖然我們繼續看到對我們更大型號的強勁需求，但全系列產品為消費者提供了範圍廣泛的有吸引力的價格點。

With new technology, features and telematic sensors in each 2023 model, MasterCraft boats are now smarter than ever. With our standard onboard telematics, we have the ability to stay connected remotely to the boat. Using the all-new MasterCraft Connect app, boaters can monitor their boats' health, view to share -- view and share critical data with their crew members and alert their local dealer for service needs. Also new for 2023 is an optional flip-down swim step, which allows easy entry in and out of the water and can be operated easily by a single hand.

憑藉每款 2023 型號中的新技術、功能和遠程信息處理傳感器，MasterCraft 船現在比以往任何時候都更智能。借助我們標準的車載遠程信息處理系統，我們能夠與船保持遠程連接。使用全新的 MasterCraft Connect 應用程序，划船者可以監控他們的船隻的健康狀況、查看以共享——查看並與船員共享關鍵數據，並提醒當地經銷商了解服務需求。 2023 的另一個新功能是可選的下翻式游泳步驟，它可以輕鬆進出水，並且可以單手輕鬆操作。

MasterCraft's exclusive partnership with Ilmor Marine has enabled boaters to experience the most efficient, high-performance towboat engines available. For 2023, our consumers are now able to upgrade to the new Ilmor supercharged 6.2-liter engine. With 630 horsepower and 665 pound-feet of torque, the all-new supercharged 6.2 liter is the world's most powerful towboat engine and the cleanest engine over 500 horsepower. This new propulsion option allows even our largest MasterCraft boat, the X26, to accelerate and handle like a sports car to create a truly exhilarating experience on the water.

MasterCraft 與 Ilmor Marine 的獨家合作夥伴關係使划船者能夠體驗到可用的最高效、高性能的拖船發動機。到 2023 年，我們的消費者現在可以升級到新的 Ilmor 增壓 6.2 升發動機。 630 馬力和 665 磅-英尺的扭矩，全新的 6.2 升增壓發動機是世界上最強大的拖船發動機和 500 馬力以上的最清潔發動機。這種新的推進選項甚至可以讓我們最大的 MasterCraft 船 X26 像跑車一樣加速和操控，從而在水上創造真正令人振奮的體驗。

MasterCraft's continued release of new products and features highlights the unrelenting emphasis on the consumer experience, innovation and performance, which differentiates MasterCraft from the competition.

MasterCraft 不斷發布的新產品和新功能凸顯了對消費者體驗、創新和性能的不懈重視，這使 MasterCraft 在競爭中脫穎而出。

Now on to Crest, which delivered another record-setting performance for the second consecutive year by shipping the most units of any year in the brand's history.

現在是佳洁士，它連續第二年創造了創紀錄的業績，出貨量是該品牌歷史上任何一年中最多的。

Crest also set a record for net sales, which increased by more than 37% year-over-year primarily driven by a nearly 28% increase in units while achieving a gross margin of more than 20%. Since being acquired, Crest has grown net sales by 44% and has more than doubled adjusted EBITDA and has expanded adjusted EBITDA margin by nearly 500 basis points. Crest's ability to consistently drive growth and generate strong earnings demonstrates the success of the Crest acquisition and highlights our value-enhancing growth strategy.

Crest 還創下了淨銷售額的記錄，同比增長超過 37%，主要是由於單位數量增長了近 28%，同時實現了超過 20% 的毛利率。自被收購以來，Crest 的淨銷售額增長了 44%，調整後的 EBITDA 翻了一番多，調整後的 EBITDA 利潤率擴大了近 500 個基點。 Crest 持續推動增長和產生強勁收益的能力證明了 Crest 收購的成功，並突出了我們提高價值的增長戰略。

Consistent with our emphasis on quality, Crest has received the NMMA's Customer Satisfaction Index Award every year since we acquired the brand. According to the most recent Allstate's reporting, SSI and market share data as of the rolling 12-month period ended March 31, 2022, Crest increased market share by 60 basis points.

與我們對質量的重視相一致，Crest 自收購品牌以來每年都獲得 NMMA 的客戶滿意度指數獎。根據 Allstate 的最新報告，截至 2022 年 3 月 31 日的滾動 12 個月期間的 SSI 和市場份額數據，Crest 的市場份額增加了 60 個基點。

We are building upon Crest's strong foundation of quality, operational excellence and profitability by accelerating innovation as we continue to execute on our growth strategy for the brand.

隨著我們繼續執行我們的品牌增長戰略，我們正在通過加速創新來建立 Crest 質量、卓越運營和盈利能力的堅實基礎。

For model year 2023, Crest recently announced the complete redesign of its signature line of pontoon boats. These models provide all-new, attractive exterior designs and consumer-centric features while maintaining Crest's reputation for durability and safety. Crest also announced the 2023 Crest Current, an all-new, all-electric pontoon boat that is eco-friendly, innovative, low maintenance and comfortable. The Current is a direct reflection of Crest's constant efforts to push the boundaries of innovation to deliver a superior boating experience to our consumers.

對於 2023 年款，佳洁士最近宣布對其標誌性的浮橋船系列進行全面重新設計。這些型號提供了全新的、有吸引力的外觀設計和以消費者為中心的功能，同時保持了佳洁士在耐用性和安全性方面的聲譽。 Crest 還發布了 2023 Crest Current，這是一款全新的全電動浮橋船，環保、創新、低維護且舒適。 Current 直接反映了 Crest 不斷努力突破創新的界限，為我們的消費者提供卓越的划船體驗。

At Aviara, net sales were up 178% for fiscal 2022 driven by a 138% increase in units. Although the increase in overhead due to the Merritt Island facility had a dilutive impact on Aviara's margins and profitability during 2022, we expect Aviara's production to continue to increase and margins and profitability to expand and achieve profitability in 2023.

在 Aviara，2022 財年的淨銷售額增長了 178%，這得益於單位數量增長了 138%。儘管梅里特島設施導致的管理費用增加對 Aviara 2022 年的利潤率和盈利能力產生了攤薄影響，但我們預計 Aviara 的產量將繼續增加，利潤率和盈利能力將在 2023 年擴大並實現盈利。

Since the first year of production in fiscal 2020, Aviara has grown net sales at a compounded annual rate of more than 90% in order to satisfy the exceptionally strong demand for this aspirational brand. For fiscal 2023, we expect Aviara's net sales to grow to at least $50 million. Furthermore, the introduction of new models in the near future will position the brand for continued revenue and margin growth. We anticipate our capacity at the Aviara facility will support at least $100 million in annual revenue over time.

自 2020 財年生產的第一年以來，Aviara 的淨銷售額以超過 90% 的複合年增長率增長，以滿足對這個有抱負的品牌異常強勁的需求。對於 2023 財年，我們預計 Aviara 的淨銷售額將增長到至少 5000 萬美元。此外，在不久的將來推出新車型將使該品牌為持續的收入和利潤率增長做好準備。我們預計，隨著時間的推移，我們在 Aviara 工廠的產能將支持至少 1 億美元的年收入。

According to the most recent Allstate's reporting, SSI market share data as of the rolling 12-month period ended March 31, 2022, Aviara increased its market share by 270 basis points in the 30- to 43-foot premium dayboat segment. Since the introduction of the brand only a few short years ago, Aviara's retail sell-through rate has far exceeded our expectations, positioning the brand as the preeminent luxury dayboat. Aviara ended fiscal 2022 with virtually no dealer inventory available for sale, resulting in an extremely lean pipeline going into fiscal 2023.

根據 Allstate 的最新報告，截至 2022 年 3 月 31 日的滾動 12 個月期間的 SSI 市場份額數據，Aviara 在 30 至 43 英尺的優質日間船領域的市場份額增加了 270 個基點。自該品牌僅在短短幾年前推出以來，Aviara 的零售銷售率已遠遠超出我們的預期，將該品牌定位為卓越的豪華遊艇。 Aviara 在 2022 財年結束時幾乎沒有可供出售的經銷商庫存，導致進入 2023 財年的管道極其精簡。

Next week, we plan to publish our company's inaugural sustainability report, which communicates our commitment to environmental sustainability and promotes the health and safety of our employees and being good stewards for all our stakeholders. We recognize the importance of social and environmental responsibility and global sustainability, and we are committed to making the best products in the best way possible.

下週，我們計劃發布我們公司的首份可持續發展報告，該報告傳達了我們對環境可持續發展的承諾，促進了我們員工的健康和安全，並成為我們所有利益相關者的好管家。我們認識到社會和環境責任以及全球可持續性的重要性，我們致力於以最好的方式製造最好的產品。

In alignment with our strategic priorities and the foundations in place to ensure we hold ourselves to high standards in all aspects of our business, we look forward to making boating better and maintaining our company's position at the forefront of the marine industry.

與我們的戰略重點和確保我們在業務的各個方面保持高標準的基礎保持一致，我們期待著使划船變得更好，並保持我們公司在海洋行業的前沿地位。

I will now turn the call over to Tim, who will provide more color on our financial results. Tim?

我現在將把電話轉給蒂姆，他將為我們的財務業績提供更多色彩。蒂姆？

Thanks, Fred.

謝謝，弗雷德。

Looking at the top line, net sales for the full year were a record $707.9 million an increase of $182.1 million or 34.6% compared to $525.8 million for the prior year period. This increase was primarily due to higher wholesale unit volume, higher prices, favorable model mix and higher options and content sales.

從收入來看，全年淨銷售額達到創紀錄的 7.079 億美元，比去年同期的 5.258 億美元增加 1.821 億美元或 34.6%。這一增長主要是由於更高的批發單位數量、更高的價格、有利的模型組合以及更高的選擇和內容銷售。

Our gross margin was 22.9% for the year, a decrease of 180 basis points compared to the prior year. Lower margins were primarily as a result of operational challenges at NauticStar, supply chain disruptions that limited production and inflationary pressures that drove input costs higher. Price increases phased in over the course of the fiscal year partially offset these higher costs, and our gross margin increased each quarter sequentially from our fiscal first quarter.

全年毛利率為 22.9%，比上年下降 180 個基點。較低的利潤率主要是由於 NauticStar 的運營挑戰、限制生產的供應鏈中斷以及推高投入成本的通脹壓力。在本財年中逐步實現的價格上漲部分抵消了這些較高的成本，我們的毛利率從第一財季開始每個季度都有所增加。

Operating expenses were $84.5 million for the year, an increase of $30.5 million compared to the prior year. This increase was predominantly due to a $23.8 million noncash impairment related to the NauticStar business.

全年運營費用為 8450 萬美元，比上年增加 3050 萬美元。這一增長主要是由於與 NauticStar 業務相關的 2380 萬美元非現金減值。

General and administrative expense increased as a result of continued investments in information technology and product development. Additionally, third-party consulting fees were recognized at NauticStar's -- at the NauticStar segment as part of our operational improvement initiatives.

由於對信息技術和產品開發的持續投資，一般和行政費用增加。此外，作為我們運營改進計劃的一部分，NauticStar 確認了第三方諮詢費用——在 NauticStar 部門。

Selling and marketing expense increased due to prior year expenses being impacted by the COVID-19 pandemic. Although we strategically increased spend in targeted areas of our business, SG&A as a percentage of net sales was the lowest for any year since becoming a public company as we continued to prudently manage costs.

由於上一年的費用受到 COVID-19 大流行的影響，銷售和營銷費用增加。儘管我們戰略性地增加了目標業務領域的支出，但由於我們繼續謹慎管理成本，SG&A 占淨銷售額的百分比是自成為上市公司以來的最低水平。

Turning to the bottom line, adjusted net income for the year increased to a record $84.6 million or $4.54 per diluted share, computed using the company's estimated annual effective tax rate of 23%. This compares to adjusted net income of $62.8 million or $3.31 per diluted share in the prior year.

談到底線，根據公司估計的 23% 的年度有效稅率計算，今年調整後的淨收入增加到創紀錄的 8460 萬美元或稀釋後每股 4.54 美元。相比之下，上一年調整後的淨收入為 6280 萬美元或每股攤薄收益 3.31 美元。

Adjusted EBITDA was a record $121.1 million for the year compared to $92.8 million for the prior year.

今年調整後的 EBITDA 為創紀錄的 1.211 億美元，而上一年為 9280 萬美元。

Adjusted EBITDA margins were higher year-over-year for each of our segments except NauticStar. The dilutive impact on margins from NauticStar were approximately 330 basis points for the full year. As a result, our consolidated adjusted EBITDA margin was 17.1% for the full year down from 17.6% for the prior year.

除 NauticStar 外，我們每個部門的調整後 EBITDA 利潤率均高於去年同期。 NauticStar 對全年利潤率的攤薄影響約為 330 個基點。因此，我們全年的綜合調整後 EBITDA 利潤率為 17.1%，低於去年的 17.6%。

As for the fourth quarter results, net sales, profitability and earnings all benefited from strong average unit selling prices and our delivery of the highest wholesale unit volume for any quarter in the history of the company. Net sales were a record $217.6 million (sic) [$217.7 million], an increase of $62.1 million or 39.9% compared to the prior year. In addition to higher prices, net sales were driven up by an 18.8% increase in unit volume, favorable model mix and higher options and content sales.

至於第四季度的業績，淨銷售額、盈利能力和盈利都得益於強勁的平均單位銷售價格以及我們交付的公司歷史上任何季度最高的批發單位數量。淨銷售額達到創紀錄的 2.176 億美元（原文如此）[2.177 億美元]，與去年相比增加了 6210 萬美元或 39.9%。除了價格上漲外，淨銷售額還受到單位銷量增長 18.8%、有利的車型組合以及更高的選擇和內容銷售的推動。

Gross profit for the quarter was a record $55 million and our gross margin was 25.3%, a year-over-year increase of 130 basis points and a sequential increase from the third quarter of 280 basis points. Gross margin improved year-over-year principally due to pricing actions, which were fully phased in for the fourth quarter and which offset higher materials and overhead costs. The dilutive impact on gross margin from NauticStar was approximately 370 basis points for the fourth quarter.

本季度毛利潤達到創紀錄的 5500 萬美元，我們的毛利率為 25.3%，同比增長 130 個基點，較第三季度環比增長 280 個基點。毛利率同比有所提高，主要是由於定價措施在第四季度全面實施，抵消了較高的材料和間接成本。 NauticStar 對第四季度毛利率的攤薄影響約為 370 個基點。

Adjusted net income increased to $32.1 million for the quarter or $1.77 per diluted share, computed using the company's estimated effective tax rate of 23%. This compares to adjusted net income of $18.5 million or $0.98 per diluted share in the prior year period.

本季度調整後的淨收入增至 3210 萬美元或稀釋後每股收益 1.77 美元，使用公司估計的 23% 的有效稅率計算。相比之下，去年同期調整後的淨收入為 1850 萬美元或每股攤薄收益 0.98 美元。

Turning to our balance sheet. We ended the quarter with more than $134 million of total liquidity, including $34.2 million of cash and $100 million of availability under our revolving credit facility.

轉向我們的資產負債表。我們在本季度末的總流動資金超過 1.34 億美元，其中包括 3420 萬美元的現金和循環信貸額度下的 1 億美元可用資金。

Working capital has increased by $23.9 million during the year. This was primarily driven by higher raw material and work-in-process inventories due to increased production and increased safety stock to mitigate supply chain disruption.

營運資金在本年度增加了 2,390 萬美元。這主要是由於增加了生產和增加安全庫存以減輕供應鏈中斷，導致原材料和在製品庫存增加。

During the year, we reduced our outstanding debt by nearly $37 million, and we ended the year with net leverage of 0.2x adjusted EBITDA on a trailing 12-month basis.

在這一年中，我們將未償債務減少了近 3700 萬美元，並且在過去 12 個月的基礎上，我們以 0.2 倍調整後 EBITDA 的淨槓桿率結束了這一年。

Our balance sheet positions us exceptionally well and provides us with ample financial flexibility to ensure sound operations through the business cycle and the ability to grow aggressively in alignment with retail demand.

我們的資產負債表為我們提供了非常好的定位，並為我們提供了充足的財務靈活性，以確保在整個商業周期中的穩健運營以及根據零售需求積極增長的能力。

Given our recent operating performance, financial results and the wholesale visibility we currently have, we believe our stock represents an outstanding value at recent prices. Because of this view, we spent approximately $25.5 million to purchase -- to repurchase more than 975,000 shares of common stock during the year. This represents more than 50% of our $50 million program authorized in June of 2021. We expect to continue to opportunistically return cash to shareholders through the program while prioritizing financial resiliency and high-return investments in the business that create long-term shareholder value.

鑑於我們最近的經營業績、財務業績和我們目前擁有的批發知名度，我們相信我們的股票在最近的價格下代表了一個突出的價值。由於這種觀點，我們花了大約 2550 萬美元購買——在這一年中回購了超過 975,000 股普通股。這占我們 2021 年 6 月授權的 5000 萬美元計劃的 50% 以上。我們希望繼續通過該計劃有機會向股東返還現金，同時優先考慮財務彈性和對創造長期股東價值的業務的高回報投資。

Beginning with our fiscal first quarter of 2023, we'll report the financial results of the NauticStar business as discontinued operations, separate from the results of our continued operations. As such, we followed -- the following outlook represents expectations for continuing operations only.

從 2023 財年第一季度開始，我們將 NauticStar 業務的財務業績報告為已終止的業務，與我們的持續運營業績分開。因此，我們遵循以下展望僅代表對持續運營的預期。

Coming off a period of incredibly strong retail demand, industry retail sales has recently shown signs of slowing and a likelihood for a general weakening of the economy appears to be increasing. As we have signaled in the past, we are committed to maintaining our pipelines at healthy levels, which means our wholesale unit sales will be determined by the strength of retail demand. Given this, we believe it prudent to plan for a range of potential retail demand outcomes for fiscal 2023.

在經歷了一段令人難以置信的強勁零售需求之後，行業零售額最近出現放緩跡象，經濟普遍走弱的可能性似乎正在增加。正如我們過去所暗示的那樣，我們致力於將我們的管道維持在健康水平，這意味著我們的批發單位銷售額將取決於零售需求的強度。鑑於此，我們認為為 2023 財年的一系列潛在零售需求結果進行規劃是謹慎的做法。

Due to the uncertainty of the macroeconomic environment, we will provide fiscal 2023 guidance using ranges. The lower end of the range reflects our anticipated results should retail demand trends worsen over the course of the fiscal year. The upper end of the range reflects our expected results based on a more optimistic view of the retail decline.

由於宏觀經濟環境的不確定性，我們將使用範圍提供 2023 財年的指導。如果零售需求趨勢在本財年期間惡化，該範圍的下限反映了我們的預期結果。該範圍的上限反映了我們基於對零售下滑的更樂觀看法的預期結果。

For full year fiscal 2023, consolidated net sales are expected to be between $580 million and $615 million, with adjusted EBITDA between $105 million and $115 million and adjusted earnings per share between $3.89 and $4.31. We expect capital expenditures to be approximately $30 million for the full year.

2023財年全年，合併淨銷售額預計在5.8億美元至6.15億美元之間，調整後EBITDA在1.05億美元至1.15億美元之間，調整後每股收益在3.89美元至4.31美元之間。我們預計全年的資本支出約為 3000 萬美元。

For the first quarter of fiscal 2023, consolidated net sales is expected to be approximately $165 million with adjusted EBITDA of approximately $33.5 million and adjusted earnings per share of approximately $1.30. Despite the dynamic business environment, we are confident in delivering strong financial results for our shareholders.

2023財年第一季度，合併淨銷售額預計約為1.65億美元，調整後EBITDA約為3350萬美元，調整後每股收益約為1.30美元。儘管商業環境充滿活力，但我們有信心為股東帶來強勁的財務業績。

I'll now turn the call back to Fred.

我現在將電話轉回 Fred。

Thanks, Tim.

謝謝，蒂姆。

For the second consecutive year, we achieved record-setting results, introduced an array of new and innovative products across our brands, produced industry-leading organic sales growth and gained market share, all while navigating arguably one of the most challenging business environments in recent history. These results would not have been possible without the hard work and dedication of our team, who continue to execute against our strategic priorities.

連續第二年，我們取得了創紀錄的業績，在我們的品牌中推出了一系列新的和創新產品，實現了行業領先的有機銷售增長並獲得了市場份額，同時駕馭了可以說是最近最具挑戰性的商業環境之一歷史。如果沒有我們團隊的辛勤工作和奉獻精神，這些結果是不可能實現的，他們繼續執行我們的戰略重點。

During fiscal 2022, our focus was largely on product availability and quality to meet the strong retail demand that we were experiencing. An important focus for fiscal 2023 will be on building the highest-quality products possible for our consumers and delivering on our commitment to operational excellence. We are dedicated to ensuring our dealer pipelines remain healthy to avoid being over-inventory.

在 2022 財年，我們的重點主要放在產品可用性和質量上，以滿足我們正在經歷的強勁零售需求。 2023 財年的一個重要重點將是為我們的消費者打造最優質的產品，並兌現我們對卓越運營的承諾。我們致力於確保我們的經銷商渠道保持健康，以避免庫存過剩。

The potential for a weakening economy has caused us to approach our wholesale production plan for fiscal 2023 with a prudent level of conservatism. Even so, if our business performs to the lower end of our guidance range, we will deliver the second best year in the history of our company in terms of both revenue and earnings. Furthermore, as we clearly demonstrated during the past 2 years, our flexible business model will allow us to maximize our wholesale performance and to generate outstanding financial results should retail demand outpace our expectations.

經濟疲軟的可能性使我們以謹慎的保守態度來處理我們的 2023 財年批發生產計劃。即便如此，如果我們的業務表現在我們指導範圍的下限，我們將在收入和收益方面實現公司歷史上第二好的一年。此外，正如我們在過去兩年中明確表明的那樣，我們靈活的業務模式將使我們能夠最大限度地提高我們的批發業績，並在零售需求超出我們預期的情況下產生出色的財務業績。

We've been judicious with our pricing strategy for fiscal 2023 as we seek to match expected cost inflation with price increases to avoid a midyear price increase and the associated confusion and disruption for our dealer and partners and consumers. However, should retail demand continue to slow, the guidance we have provided reflects flexibility to ensure that we can defend our market share while maintaining strong profitability.

我們對 2023 財年的定價策略非常明智，因為我們力求將預期成本通脹與價格上漲相匹配，以避免年中價格上漲以及給我們的經銷商、合作夥伴和消費者帶來的相關混亂和乾擾。然而，如果零售需求繼續放緩，我們提供的指導反映了靈活性，以確保我們能夠在保持強勁盈利能力的同時捍衛我們的市場份額。

Our capital allocation strategy has consistently prioritized balance sheet resiliency and growth while looking for prudent opportunities to return capital to shareholders. In addition to the organic growth potential of our businesses, opportunistic acquisitions will continue to be a part of our growth strategy. As Tim mentioned, our financial position is incredibly sound. Our cash balance, future free cash flow and access to low-cost debt financing provide us with the financial flexibility to grow as opportunities arise.

我們的資本配置策略一直優先考慮資產負債表的彈性和增長，同時尋找審慎的機會向股東返還資本。除了我們業務的有機增長潛力外，機會性收購將繼續成為我們增長戰略的一部分。正如蒂姆所說，我們的財務狀況非常穩健。我們的現金餘額、未來的自由現金流和獲得低成本債務融資的途徑為我們提供了在機會出現時增長的財務靈活性。

Our consumer-centric business model is proving to be resilient through a range of business cycles, and we continue to be confident in the future prospects for the company. As we manage through a dynamic business environment near term, we remain committed to long-term value creation for our shareholders and all stakeholders by focusing on sustainable, profitable growth. We will continue to be a purpose-driven business committed to our consumers, dealer and vendor partners and people.

我們以消費者為中心的商業模式被證明在一系列商業周期中具有彈性，我們繼續對公司的未來前景充滿信心。當我們在短期內應對充滿活力的商業環境時，我們將繼續致力於通過專注於可持續的盈利增長，為我們的股東和所有利益相關者創造長期價值。我們將繼續成為一家以目標為導向的企業，致力於為我們的消費者、經銷商和供應商合作夥伴和員工服務。

Operator, you may now open the line for questions.

接線員，您現在可以打開線路提問。

(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。

I guess I just want to start on the commentary regarding retail sales showing signs of slowing. Maybe a little more color there. When did you start seeing that? Is that the industry broadly or your categories in particular? Maybe a little -- just a little more color would be helpful.

我想我只是想從有關零售銷售放緩跡象的評論開始。也許那裡的顏色多一點。你什麼時候開始看到的？是廣泛的行業還是特別是您的類別？也許一點點——多一點顏色會有所幫助。

Joe, it's George. Yes, I think we're obviously -- I think where we started to see some slowing within that fiscal fourth quarter, where we started to see, I think, early in the year retail was certainly constrained due to lack of inventory, but I think, more on that fourth quarter, we started to see and hear from dealers and consumers, due to some of the economic indicators, that we started to see a slowdown. So that's real -- and we're seeing it pretty broadly across the industry. I think that's reflected in the SSI data that's come out more recently.

喬，是喬治。是的，我認為我們顯然 - 我認為我們在第四財季開始看到一些放緩，我認為，我們開始看到，今年年初，由於庫存不足，零售業肯定受到限制，但我想想，在第四季度，我們開始看到和聽到經銷商和消費者的聲音，由於一些經濟指標，我們開始看到放緩。所以這是真的——我們在整個行業都看到了它。我認為這反映在最近發布的 SSI 數據中。

So I don't think it's specific to our segment, but I think broadly we're seeing that. And certainly, that went into the thinking around how we thought about the next 12 months related to our guidance.

所以我不認為這是特定於我們的細分市場，但我認為我們廣泛地看到了這一點。當然，這涉及到我們如何看待與我們的指導相關的未來 12 個月。

And Joe, the interesting thing from my perspective was in the fourth quarter, it was -- as we were scrambling to provide dealers with inventory to have enough for the selling season, it was more like, hey, instead of 5 leads, I have 2 leads, and I can still sell every boat that I'm receiving. That was kind of the attitude. But clearly, it was coming off the peak level of excitement.

喬，從我的角度來看，有趣的事情是在第四季度，當我們爭先恐後地為經銷商提供足夠的庫存以應對銷售旺季時，更像是，嘿，而不是 5 條線索，我有2 條線索，我仍然可以賣掉我收到的每條船。那是一種態度。但很明顯，它已經脫離了興奮的高峰。

In the first quarter this year from my perspective, dealer attitudes are still incredibly positive. So this is not a reaction to dealer sentiment, which I think is still very, very positive. It's more our look at the macroeconomic context we're in, some of what we've seen at retail certainly in terms of slowing demand for the industry, but just projecting out and saying, look, in the near term, are conditions likely to get better or are they likely to continue to be tough?

從我的角度來看，今年第一季度，經銷商的態度仍然非常積極。所以這不是對經銷商情緒的反應，我認為這仍然是非常非常積極的。更多的是我們對我們所處的宏觀經濟環境的看法，我們在零售業看到的一些情況肯定是對該行業的需求放緩，但只是預測並說，看，在短期內，情況可能會變得更好還是他們可能會繼續強硬？

We continue to have significant rate increases by the Fed. We're looking at quantitative tightening. We're looking at recessions in Europe. It's not a scenario that makes us want to get out over our skis. So that's kind of the context. But let's face it, if the headwinds pass and we see acceleration in the second half of the year, we'll respond.

美聯儲繼續大幅加息。我們正在考慮量化緊縮。我們正在關注歐洲的衰退。這不是讓我們想要擺脫滑雪板的場景。所以這就是上下文。但讓我們面對現實，如果逆風過去，我們看到下半年加速，我們會做出回應。

That's helpful. And I guess just to follow up on that, Fred, I mean, if you think about where we were 3 to 6 months ago talking about a pipeline sale opportunity, I think on your last earnings call, you mentioned that you didn't expect inventories to normalize until fiscal '24. This commentary sort of flies in the face of that a little bit. So help us understand where we are from a pipeline sale opportunity and why that doesn't seem to be the case beyond Q1, it sounds like.

這很有幫助。我想只是跟進一下，弗雷德，我的意思是，如果你想想我們在 3 到 6 個月前談論管道銷售機會的情況，我想在你上次的財報電話會議上，你提到你沒想到庫存正常化，直到財政'24。這種評論有點違背了這一點。因此，請幫助我們了解我們從管道銷售機會中的位置以及為什麼在第一季度之後似乎並非如此，聽起來。

Well, it's very simply that at the rate we're producing at, we're able to refill the pipeline relative to that slowing retail demand that we've been seeing recently. So once again, we have more aggressive targets for inventory turnover at our dealers.

嗯，很簡單，以我們的生產速度，相對於我們最近看到的零售需求放緩，我們能夠重新填充管道。因此，我們再次對經銷商的庫存周轉制定了更激進的目標。

But the change from then until now is based on the change in retail outlook. So we're able to refill the pipeline, restock the pipeline prior to the -- I expect us to be an in optimal position prior to next selling season.

但從那時到現在的變化是基於零售前景的變化。因此，我們能夠在下一個銷售季節之前重新填充管道，補充管道 - 我希望我們能夠在下一個銷售季節之前處於最佳位置。

One moment. Our next question comes from Craig Kennison with Baird.

一瞬間。我們的下一個問題來自 Craig Kennison 和 Baird。

Just a follow-up on what Joe asked about current consumer trends. I'm curious if you have a feel for what has caused maybe demand to slow down and whether you think it's the interest rate environment, it's inflation and just the cost of a boat today. Is it confidence? I know it's a lot of factors, but I'm wondering if you could identify the ones that you think are the most prominent.

只是對喬詢問當前消費趨勢的後續行動。我很好奇你是否對可能導致需求放緩的原因有什麼感覺，以及你是否認為這是利率環境、通貨膨脹以及今天的船隻成本。是信心嗎？我知道這有很多因素，但我想知道您是否可以確定您認為最突出的因素。

I'll take a cut and let the other guys jump in. To me, first and foremost, it's confidence, it's kind of sentiment. And for the reasons I stated in the response to Joe's question, I think people are getting more concerned about the economic outlook, and they're seeing the results reflected in the stock market, which is down substantially this year.

我會削減，讓其他人加入。對我來說，首先是信心，這是一種情緒。由於我在回答喬的問題時所說的原因，我認為人們越來越關注經濟前景，他們看到的結果反映在股市中，今年股市大幅下跌。

So I don't think, for most of our consumers, it's a question of whether they have enough money to be able to buy the boat or be able to make the purchase. It's one of those situations where I think they're just stepping back and being more cautious right now.

所以我不認為，對於我們的大多數消費者來說，問題在於他們是否有足夠的錢來買船或能夠購買。這是我認為他們現在只是退後一步並更加謹慎的情況之一。

So I don't think overall, in the long term, we're going to miss demand. I think it's going to be more of a postponement of demand. They need to feel like, in my mind, to reaccelerate like the economic headwinds have bottomed out, and we're on the other side of this. And I don't think that's the current set. As you know, as every week and month goes by, the outlook tends to be more negative in terms of likelihood of economic slowdown.

所以我認為總體而言，從長遠來看，我們不會錯過需求。我認為這將更多地是延遲需求。在我看來，他們需要感覺像經濟逆風已經觸底一樣重新加速，而我們正站在另一邊。而且我認為這不是當前的設置。如您所知，隨著每周和每月的流逝，就經濟放緩的可能性而言，前景往往更加消極。

That's great. And then are you able to put sort of a numerical range on the retail forecast that is embedded in your financial guidance?

那太棒了。然後，您是否能夠在您的財務指導中嵌入的零售預測上設置一個數字範圍？

Yes, Craig, I think about it in -- our guidance kind of assumes that retail on a consolidated basis with our brands is down in the mid-teens to low 20% range this year.

是的，克雷格，我在考慮這一點——我們的指導假設今年與我們的品牌合併的零售在十幾歲到 20% 的範圍內下降。

That's volume?

那是音量？

That's based on units, correct.

那是基於單位的，正確的。

And then just from a -- I guess from an ASP standpoint, I mean, we've had significant inflation. Just curious, when you consider mix, inflation, maybe getting control over inflation, how should we think about ASP trends in each of your brands?

然後只是從 - 我猜從 ASP 的角度來看，我的意思是，我們已經經歷了顯著的通貨膨脹。只是好奇，當您考慮混合、通貨膨脹，也許是控制通貨膨脹時，我們應該如何考慮您每個品牌的 ASP 趨勢？

Yes, Joe, this -- I'm sorry, Craig, this is Tim. Yes, for MasterCraft, we think that we're going to be up in the mid-single-digit range, Crest is probably going to be in the low-teens range and Aviara up in the 20% range, considering mix and pricing and all those considerations.

是的，喬，這個——對不起，克雷格，這是蒂姆。是的，對於 MasterCraft，我們認為我們將在中個位數範圍內上升，Crest 可能會在青少年範圍內，而 Aviara 在 20% 範圍內，考慮到組合和定價以及所有這些考慮。

And I'm showing no other questions in the queue. I'd like to turn the call back to management for any closing remarks.

我沒有在隊列中顯示其他問題。我想將電話轉回給管理層，以獲取任何結束語。

We're good. Have a great day. Thank you for participating.

我們很好。祝你有美好的一天。感謝您的參與。

This concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。