Mastercraft Boat Holdings Inc (MCFT) 2023 Q1 法說會逐字稿

Good day, and thank you for standing by. Welcome to the First Quarter 2023 MasterCraft Boat Holdings, Inc. Earnings Conference Call. (Operator Instructions). Please be advised that today's conference is being recorded.

美好的一天，謝謝你的支持。歡迎來到 2023 年第一季度 MasterCraft Boat Holdings, Inc. 收益電話會議。 （操作員說明）。請注意，今天的會議正在錄製中。

I would now like to hand the conference over to Timothy Oxley, Chief Financial Officer. Please go ahead.

我現在想將會議交給首席財務官 Timothy Oxley。請繼續。

Thank you, operator, and welcome, everyone. Thank you for joining us today as we discuss MasterCraft's first quarter performance for fiscal 2023. As a reminder, today's call is being webcast live and will also be archived on our website for future listening.

謝謝接線員，歡迎大家。感謝您今天加入我們討論 MasterCraft 2023 財年第一季度的業績。提醒一下，今天的電話會議正在進行網絡直播，也將在我們的網站上存檔以供將來收聽。

With me on this morning'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 during the first quarter. I will then discuss our financial performance for the quarter. Then I'll turn the call back to Fred for some closing remarks before we open the call for Q&A.

與我一起出席今天上午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 將首先回顧我們第一季度的運營亮點。然後我將討論我們本季度的財務業績。然後，在我們打開問答電話之前，我會將電話轉回給弗雷德，聽取一些結束語。

Before we begin, we'd like to remind participants that the information contained in this call is current only as of today, November 9, 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截至今天，即 2022 年 11 月 9 日。公司不承擔更新任何聲明（包括前瞻性聲明）的義務。非歷史事實的陳述是前瞻性陳述，受今天新聞稿中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 2023 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業務的特殊或項目。對於每項非 GAAP 衡量標準，我們還在 2023 財年季度收益發布中提供了最直接可比的 GAAP 衡量標準，其中包括將這些非 GAAP 衡量標準與我們的 GAAP 結果進行核對。

We would also like to remind listeners that there is a slide deck summarizing our financial results in the Investors section of our website. In addition, beginning this quarter, the financial results of the NauticStar segment are reported as discontinued operations, separate from the results of our continuing operations following the sale of the NauticStar business during the quarter. Unless otherwise noted, the following commentary is made on a continuing operations basis.

我們還想提醒聽眾，在我們網站的投資者部分有一張幻燈片總結了我們的財務業績。此外，從本季度開始，NauticStar 部門的財務業績報告為已終止經營，與本季度出售 NauticStar 業務後我們的持續經營業績分開。除非另有說明，否則以下評論是在持續經營的基礎上做出的。

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. Before we begin, our thoughts are with all of those, including our more than 200 employees in the path of the storm currently impacting Florida. Our sincere hope is that they all remain safe and secure. Our business performed extremely well during the first quarter, in a very challenging and dynamic environment. Our results reflect a continuation of exceptional execution against our strategic and operational priorities as we delivered the best first quarter in the company's history.

感謝您今天加入我們。在我們開始之前，我們的想法是所有這些，包括我們在目前影響佛羅里達州的風暴路徑上的 200 多名員工。我們真誠地希望他們都安全無虞。在充滿挑戰和充滿活力的環境中，我們的業務在第一季度表現非常出色。由於我們交付了公司歷史上最好的第一季度，我們的業績反映了對我們的戰略和運營重點的卓越執行的持續。

Furthermore, the first quarter represented an eighth consecutive period-over-period record-setting quarter. Net sales, diluted adjusted earnings per share, adjusted earnings per share in the company's history. This excellent performance also represents an eighth consecutive quarter of net sales growth of more than 20%, a testament to our growth-oriented strategy. Each of our businesses contributed to our revenue growth and profitability during the quarter.

此外，第一季度是連續第八個同期創紀錄的季度。公司歷史上的淨銷售額、稀釋後調整後每股收益、調整後每股收益。這一出色的業績也代表了連續第八個季度淨銷售額增長超過 20%，證明了我們以增長為導向的戰略。我們的每項業務都為本季度的收入增長和盈利能力做出了貢獻。

When compared to the first quarter of fiscal 2022, net sales were higher by nearly 30%, adjusted EBITDA grew by nearly 73%, adjusted EBITDA margin increased 530 basis points and adjusted net income per share grew by more than 90% year-over-year. One of our 4 strategic priorities is never-ending pursuit of greater operational excellence. This focus allowed us to mitigate the impact of a very challenging supply chain environment.

與 2022 財年第一季度相比，淨銷售額增長近 30%，調整後 EBITDA 增長近 73%，調整後 EBITDA 利潤率增長 530 個基點，調整後每股淨收入同比增長 90% 以上年。我們的 4 個戰略重點之一是永無止境地追求更卓越的運營。這種關注使我們能夠減輕極具挑戰性的供應鏈環境的影響。

and profitability during the quarter. When compared to the first quarter of fiscal 2022, net sales were higher by nearly 30%, adjusted EBITDA grew by nearly 73%, adjusted EBITDA margin increased 530 basis points, and adjusted net income per share grew by more than 90% year-over-year. One of our 4 strategic priorities is the never-ending pursuit of greater operational excellence. This focus allowed us to mitigate the impact of a very challenging supply chain environment.

和本季度的盈利能力。與 2022 財年第一季度相比，淨銷售額增長近 30%，調整後 EBITDA 增長近 73%，調整後 EBITDA 利潤率增長 530 個基點，調整後每股淨收入同比增長 90% 以上-年。我們的 4 個戰略重點之一是永無止境地追求更卓越的運營。這種關注使我們能夠減輕極具挑戰性的供應鏈環境的影響。

Our superior supply chain management resulted in improved production efficiencies and throughput, which enabled each of our brands to make progress in replenishing dealer inventories during the quarter. This success is a result of strategically building a world-class supply chain team, choosing to focus our operations on core competencies and aligning ourselves with the best supplier partners in the industry. Although improving, the supply chain continues to be a risk, in particular, for certain second-tier supplier components sourced from China.

我們卓越的供應鏈管理提高了生產效率和吞吐量，這使我們的每個品牌在本季度補充經銷商庫存方面都取得了進展。這一成功是戰略性地建立世界級供應鏈團隊、選擇將我們的運營重點放在核心競爭力上並與業內最佳供應商合作夥伴保持一致的結果。儘管有所改善，但供應鏈仍然是一個風險，特別是對於某些從中國採購的二級供應商組件而言。

Labor efficiency and availability also improved during the quarter. Our ability to successfully navigate these supply chain and labor challenges resulted in industry-leading gross margins for the quarter. These results would not have been possible without the dedicated efforts of our employees. Our emphasis on human capital and our status as a premier employer in the communities in which we operate is enabling us to attract and retain skilled labor.

本季度的勞動力效率和可用性也有所提高。我們成功應對這些供應鍊和勞動力挑戰的能力使本季度的毛利率處於行業領先水平。如果沒有我們員工的不懈努力，就不可能取得這些成果。我們對人力資本的重視以及我們作為我們經營所在社區的主要雇主的地位使我們能夠吸引和留住熟練勞動力。

In addition, during the quarter, we continued our impressive track record of safety, achieving 3 million man hours worked without a lost time incident at our MasterCraft brand. This achievement is a testament to our commitment to safety and essential element of MasterCraft's core values and is attributable to every single individual in our workforce. I could not be prouder of what they have achieved.

此外，在本季度，我們繼續保持令人印象深刻的安全記錄，MasterCraft 品牌實現了 300 萬工時無誤工事故。這一成就證明了我們對安全的承諾和 MasterCraft 核心價值觀的基本要素，並歸功於我們員工隊伍中的每一個人。我為他們所取得的成就感到無比自豪。

We believe our superior operating model is allowing us to make more progress in building much-needed dealer inventories faster than our closest competitors. As of the end of the first quarter, dealer inventories are about 25% lower than the first quarter of fiscal 2019. Our success in replenishing dealer inventories and improving product availability will be a competitive advantage heading into the 2023 summer selling season.

我們相信，我們卓越的運營模式使我們能夠比我們最接近的競爭對手更快地建立急需的經銷商庫存。截至第一季度末，經銷商庫存比 2019 財年第一季度低約 25%。我們在補充經銷商庫存和提高產品可用性方面的成功將成為進入 2023 年夏季銷售旺季的競爭優勢。

We continue to closely monitor economic conditions and evaluate the potential impact on our businesses. As we explained on our last earnings call, macroeconomic and other demand indicators have shown some weakening and are generally signaling a downturn within the next 12 months, which will negatively impact the upcoming summer selling season. Expecting the expected weakening economy has caused us to approach our wholesale production plan for fiscal 2023 with a prudent level of conservatism, and we have developed plans for a range of potential retail demand scenarios.

我們將繼續密切監控經濟狀況並評估對我們業務的潛在影響。正如我們在上次財報電話會議上解釋的那樣，宏觀經濟和其他需求指標顯示出一定程度的疲軟，並且通常預示著未來 12 個月內的低迷，這將對即將到來的夏季銷售旺季產生負面影響。預期經濟疲軟導致我們以謹慎保守的態度製定 2023 財年的批發生產計劃，並且我們已經為一系列潛在的零售需求情景制定了計劃。

Despite the negative near-term economic outlook, there are reasons to believe our core consumer is better positioned to withstand this recession. For example, as recently measured by the Federal Reserve, higher income households of nearly $1.5 trillion of savings in excess of the level that they had prior to the pandemic. We are optimistic that strong household balance sheets will continue to support consumer spending and that our diversified portfolio of premium brands is unmatched in its ability to serve this affluent customer.

儘管近期經濟前景不佳，但我們有理由相信我們的核心消費者能夠更好地抵禦這場衰退。例如，正如美聯儲最近衡量的那樣，高收入家庭的儲蓄近 1.5 萬億美元，超過了大流行之前的水平。我們樂觀地認為，強勁的家庭資產負債表將繼續支持消費者支出，而且我們多元化的優質品牌組合在服務這一富裕客戶方面的能力無與倫比。

Despite the continuing supply chain disruption and macroeconomic volatility, we are making 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, consumer acquisition, operational excellence and human capital development. Guided by these priorities, we are intent on continuously improving our business to maximize shareholder value.

儘管供應鏈持續中斷和宏觀經濟波動，我們正在朝著我們的總體目標取得進展，即通過成為最以消費者為中心的休閒船製造商來推動可持續加速增長。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、消費者獲取、卓越運營和人力資本開發。在這些優先事項的指導下，我們致力於不斷改進我們的業務，以最大限度地提高股東價值。

We are confident that the divestiture of the NauticStar business resulted in a more agile and focused company and provided structural improvement to the growth potential and margin profile of our business.

我們相信，剝離 NauticStar 業務後，公司將變得更加敏捷和專注，並為我們業務的增長潛力和利潤率狀況提供結構性改善。

Let me now briefly review some of the latest developments across our brands. Our MasterCraft brand performed extremely well by growing net sales to a first quarter record of $113 million and expanding gross profit margin by 220 basis points year-over-year. 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.

現在讓我簡要回顧一下我們品牌的一些最新發展。我們的 MasterCraft 品牌表現非常出色，第一季度淨銷售額增長至創紀錄的 1.13 億美元，毛利率同比增長 220 個基點。這一巨大的成果歸功於 MasterCraft 團隊的非凡努力以及 MasterCraft 一流運營模式的持續成功。

MasterCraft continued to take market share during the recently completed summer selling season and remains the #1 brand in the fastest-growing and highest margin category in the powerboat industry. For model year 2023, MasterCraft focused on its most affordable product lineup. As part of our product refresh and expansion, the recently announced all new NXT21 and NXT23 set a higher standard for the entry-level towboat segment with best-in-class wave performance, a spacious hybrid bow, added storage and telematics.

MasterCraft 在最近結束的夏季銷售旺季繼續佔據市場份額，並在機動艇行業中保持增長最快和利潤率最高類別的第一品牌。對於 2023 車型年，MasterCraft 專注於其最實惠的產品系列。作為我們產品更新和擴展的一部分，最近發布的全新 NXT21 和 NXT23 憑藉一流的波浪性能、寬敞的混合船首、增加的存儲空間和遠程信息處理，為入門級拖船細分市場設定了更高的標準。

These new models are designed for exceptional convenience, the newly designed Bimini top with upgraded surf sleeves provide the most storage -- board storage in the industry, and the new swim step makes it easier than ever to enter and exit the water. The innovative hybrid bow increases seating capacity and allows for additional storage. With a class-leading ballast capacity of 3,000 pounds, combined with the SurfStar system, riders can experience MasterCraft's perfectly stilted wakes and waves at an approachable price point.

這些新型號的設計非常方便，新設計的 Bimini 上衣帶有升級的衝浪袖，提供業內最多的存儲空間——板存儲空間，新的游泳台階使進出水比以往任何時候都容易。創新的混合弓增加了座位容量並允許額外的存儲空間。憑藉 3,000 磅的一流壓艙物容量，結合 SurfStar 系統，騎手可以以平易近人的價格體驗 MasterCraft 完美的尾流和波浪。

MasterCraft recently completed ISO recertification with flying colors for quality management systems, which is ISO-9001, safety and health management systems, which is ISO-18001, and environmental management systems, which is ISO-14001. MasterCraft is the only recreational boat manufacturer to meet these exacting standards. MasterCraft's world-class operating model and its continuous release of innovative products and consumer-centric features are just 2 of the reasons the iconic MasterCraft brand continues to outpace the competition.

MasterCraft 最近完成了質量管理體系 ISO-9001、安全與健康管理體系 ISO-18001 和環境管理體系 ISO-14001 的 ISO 重新認證。 MasterCraft 是唯一一家滿足這些嚴格標準的休閒船製造商。 MasterCraft 的世界級運營模式及其不斷發布的創新產品和以消費者為中心的功能只是標誌性 MasterCraft 品牌繼續超越競爭對手的兩個原因。

At Crest, net sales were up nearly 33% year-over-year. In addition to a track record of strong growth, Crest continued to generate exceptional profitability by achieving a record gross margin of nearly 23% for the quarter. Since its acquisition in fiscal 2019, Crest expanded its gross margin by 540 basis points and increased net sales by nearly 70%. Crest's ability to grow consistently while generating exceptional earnings demonstrates the success of the Crest acquisition and highlights our value-enhancing growth strategy.

在 Crest，淨銷售額同比增長近 33%。除了強勁增長的記錄外，佳洁士在本季度實現了近 23% 的創紀錄毛利率，繼續創造卓越的盈利能力。自 2019 財年收購以來，Crest 的毛利率提高了 540 個基點，淨銷售額增長了近 70%。佳洁士在產生卓越收益的同時持續增長的能力證明了佳洁士收購的成功，並突出了我們的價值提升增長戰略。

The key element of Crest's growth strategy is dealer expansion, and Crest has added more than 30 new points of distribution over the past several months. According to the most recent Allstate's reporting SSI market share data as of the rolling 12-month period ended June 30, 2022, Crest increased market share by 20 basis points.

Crest 增長戰略的關鍵要素是經銷商擴張，Crest 在過去幾個月中增加了 30 多個新的分銷點。根據 Allstate 報告的截至 2022 年 6 月 30 日的連續 12 個月的 SSI 市場份額數據，佳洁士的市場份額增加了 20 個基點。

At Aviara, net sales were up by more than 120% compared to the prior year period, driven by a 68% increase in units and a favorable model mix. During the quarter, Aviara reached profitability and as production continues to increase, we expect margins to continue to increase and result in positive adjusted EBITDA for the full year. As (inaudible) reported from the recent boat shows, demand for premium product continues to be robust. Aviara achieved record results in units and revenue at the recent Fort Lauderdale International Boat Show.

在 Aviara，淨銷售額與去年同期相比增長了 120% 以上，這得益於銷量增長 68% 和有利的車型組合。在本季度，Aviara 實現了盈利，並且隨著產量的持續增加，我們預計利潤率將繼續增加，並導致全年調整後的 EBITDA 為正。正如（聽不清）最近的船展報導的那樣，對優質產品的需求繼續強勁。 Aviara 在最近的勞德代爾堡國際遊艇展上取得了單位和收入的創紀錄成績。

According to the most recent Allstate's reporting SSI market share data as of the rolling 12-month period ended June 30, 2022, Aviara increased its market share by 230 basis points in the 30- to 43-foot premium dayboat segment. This was the largest increase amongst all competitors, further solidifying the brand's position as the preeminent luxury devote.

根據 Allstate 最新報告的截至 2022 年 6 月 30 日的 12 個月滾動期間的 SSI 市場份額數據，Aviara 在 30 至 43 英尺的高級遊艇領域的市場份額增加了 230 個基點。這是所有競爭對手中增幅最大的，進一步鞏固了該品牌作為卓越奢侈品品牌的地位。

I will now turn the call over to Tim, who will provide more detailed analysis of our financial results. Tim?

我現在將把電話轉給蒂姆，他將對我們的財務業績進行更詳細的分析。蒂姆？

Thanks, Fred. As a reminder, beginning this quarter, the financial results of the NauticStar business are reported as discontinued operations, separate from the results of our continuing operations. Unless otherwise noted, the following commentary and outlook reflects our continuing operations only.

謝謝，弗雷德。提醒一下，從本季度開始，NauticStar 業務的財務業績報告為已終止經營，與我們的持續經營業績分開。除非另有說明，否則以下評論和展望僅反映我們的持續經營。

We delivered another excellent quarter. Focusing on the top line, net sales for the quarter were $169.5 million, an increase of $38.9 million or 29.7%. The net sales increase reflects increased volume and mix, along with price increases, partially offset by increased dealer floor plan financing cost and other incentives as dealer inventories began to return to normal following historically low levels due to the COVID-19 pandemic.

我們交付了另一個出色的季度。關注收入，本季度淨銷售額為 1.695 億美元，增長 3890 萬美元或 29.7%。淨銷售額的增長反映了銷量和組合的增加，以及價格的上漲，部分被經銷商平面圖融資成本增加和其他激勵措施所抵消，因為經銷商庫存在 COVID-19 大流行導致歷史低位後開始恢復正常。

For the quarter, our gross margin was 27.1%, an increase of 370 basis points when compared to the prior year. Higher margins were primarily a result of higher net sales and improved production efficiencies, partially offset by higher costs from inflationary pressures and higher dealer incentives.

本季度，我們的毛利率為 27.1%，與去年同期相比增長了 370 個基點。更高的利潤率主要是由於更高的淨銷售額和更高的生產效率，部分被通貨膨脹壓力和更高的經銷商激勵導致的成本增加所抵消。

Operating expenses were $13.8 million for the quarter or 280 basis points lower as a percentage of net sales compared to the prior year.

本季度運營費用為 1380 萬美元，占淨銷售額的百分比比上年降低 280 個基點。

Turning to the bottom line. Adjusted net income for the year increased more than 81% to $25.7 million or $1.43 per diluted share, computed using the company's estimated annual effective tax rate of 23%. This compares to an adjusted net income of $14.2 million or $0.75 per diluted share in the prior year period.

轉向底線。根據公司估計的年度有效稅率 23% 計算，本年度調整後的淨收入增長了 81% 以上，達到 2570 萬美元或每股攤薄收益 1.43 美元。相比之下，去年同期調整後的淨收入為 1420 萬美元或每股攤薄收益 0.75 美元。

Adjusted EBITDA increased nearly 73% to $35.9 million for the quarter, compared to $20.8 million for the prior year period. Adjusted EBITDA margin was 21.2%, up 530 basis points from 15.9% in the prior year period as we continue to prudently manage SG&A costs.

本季度調整後的 EBITDA 增長近 73% 至 3590 萬美元，而去年同期為 2080 萬美元。由於我們繼續審慎管理 SG&A 成本，調整後的 EBITDA 利潤率為 21.2%，較上年同期的 15.9% 上升 530 個基點。

Our balance sheet remains incredibly strong as we ended the quarter with more than $140 million of total liquidity, including nearly $41 million of cash and $100 million of availability under our revolving credit facility. We ended the quarter with net leverage of 0.2x adjusted EBITDA on a trailing 12-month basis.

我們的資產負債表仍然非常強勁，因為我們在本季度結束時擁有超過 1.4 億美元的總流動資金，其中包括近 4100 萬美元的現金和循環信貸額度下的 1 億美元可用資金。我們在過去 12 個月的基礎上以 0.2 倍調整後 EBITDA 的淨槓桿率結束本季度。

Our balance sheet positions us exceptionally well 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.

我們的資產負債表使我們處於非常有利的地位，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穩健運營，並能夠根據零售需求積極增長。

Given our recent operating performance, strong balance sheet and positive long-term outlook, we believe our stock represents an outstanding value at recent prices. During the quarter, we spent approximately $4.2 million to repurchase more than 190,000 shares of common stock.

鑑於我們最近的經營業績、強勁的資產負債表和積極的長期前景，我們相信我們的股票以近期價格計算具有突出的價值。本季度，我們花費了大約 420 萬美元回購了超過 190,000 股普通股。

To date, we spent nearly 60% 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 flexibility and high return investments in the business that generate growth and long-term shareholder value.

迄今為止，我們已經花費了 2021 年 6 月批准的 5000 萬美元計劃的近 60%。我們希望通過該計劃繼續機會主義地向股東返還現金，同時優先考慮財務靈活性和對產生增長和長期的業務的高回報投資股東價值。

Looking forward, we are raising our guidance for the full year based on our strong performance. We will continue to monitor the strength of retail demand and adjust our production plans as appropriate to maintain healthy dealer inventories. Our guidance range reflects the potential for a range of retail demand scenarios.

展望未來，我們將根據我們的強勁表現提高全年的指導。我們將繼續監測零售需求的強度並適當調整我們的生產計劃以維持健康的經銷商庫存。我們的指導範圍反映了一系列零售需求情景的潛力。

For full year fiscal 2023, consolidated net sales is now expected to be between $590 million and $625 million, with adjusted EBITDA up between $108 million and $118 million, and adjusted earnings per share of between $4.20 and $4.60. We continue to expect capital expenditures to be approximately $30 million for the full year.

對於 2023 財年全年，合併淨銷售額預計在 5.9 億美元至 6.25 億美元之間，調整後的 EBITDA 增長在 1.08 億美元至 1.18 億美元之間，調整後的每股收益在 4.20 美元至 4.60 美元之間。我們繼續預計全年的資本支出約為 3000 萬美元。

For the second quarter of fiscal 2023, consolidated net sales is expected to be approximately $150 million with adjusted EBITDA of approximately $26 million and adjusted earnings per share of approximately $1 per share. Despite the dynamic business environment, we are confident in delivering strong financial results for our shareholders.

2023 財年第二季度，合併淨銷售額預計約為 1.5 億美元，調整後 EBITDA 約為 2600 萬美元，調整後每股收益約為每股 1 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 for his closing remarks.

我現在將電話轉回弗雷德，聽取他的結束語。

Thanks, Tim. We are very proud of our outstanding start to fiscal 2023. Despite macroeconomic volatility and the dynamic business environment, we achieved the best first quarter in the company's history. Our ability to mitigate supply chain disruption is enabling more efficient production and throughput. And as a result, we made progress in replenishing dealer inventories and enhancing product availability.

謝謝，蒂姆。我們為 2023 財年的出色開局感到非常自豪。儘管宏觀經濟波動和充滿活力的商業環境，我們在第一季度取得了公司歷史上最好的成績。我們減輕供應鏈中斷的能力正在實現更高效的生產和吞吐量。因此，我們在補充經銷商庫存和提高產品可用性方面取得了進展。

Each of our segments contributed to our growth and profitability improvement during the quarter, and we realized structural improvements to the growth potential and margin profile of our business with the sale of NauticStar.

我們的每個部門都在本季度為我們的增長和盈利能力的提高做出了貢獻，並且我們通過出售 NauticStar 實現了業務增長潛力和利潤率的結構性改善。

We are on track to achieve the second best year of financial performance in the company's history. We look forward to continuing our mission of generating long-term value for our shareholders, as a purpose-driven business, committed to our consumers, dealer and vendor partners and people.

我們有望實現公司歷史上第二好的財務業績年度。我們期待繼續履行為股東創造長期價值的使命，作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，您現在可以打開問題熱線。

(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。

To start on dealer inventories. I think, Fred, you mentioned that you're 25% below where you were in 2019. I guess 2 questions there. One, how does that vary between MasterCraft and Crest? And two, where does that eventually normalize? Because it probably doesn't normalize in line with 2019, I would think.

從經銷商庫存開始。我想，弗雷德，你提到你比 2019 年的水平低了 25%。我猜那裡有 2 個問題。第一，MasterCraft 和 Crest 之間有何不同？第二，這最終會在哪裡正常化？我認為，因為它可能不會與 2019 年保持一致。

Joe, it's George. So the '22 obviously, is an average across the brands, but MasterCraft has a higher or, I guess, lower versus '19. And then Crest is closer to '19 levels. And then in terms of normalization, I think your comment is correct as we think about what we're seeing now, 2019 levels feel like a good benchmark for where we end up normalized.

喬，是喬治。所以 22 年顯然是所有品牌的平均水平，但 MasterCraft 比 19 年更高，或者，我猜，更低。然後 Crest 更接近 19 年的水平。然後在正常化方面，我認為你的評論是正確的，因為我們考慮我們現在看到的情況，2019 年的水平感覺像是我們最終正常化的一個很好的基準。

Keep in mind, with our expanded distribution, in particular, at Crest, approaching 19 levels is not a bad thing.

請記住，隨著我們的擴展分佈，特別是在 Crest，接近 19 級並不是一件壞事。

Okay. Got it. Maybe second question in terms of capital allocation. You guys obviously bought back some stock. You talked about doing more acquisitions. But given your valuation, is buyback the priority today versus M&A?

好的。知道了。也許是資本配置方面的第二個問題。你們顯然回購了一些股票。你談到了進行更多的收購。但考慮到你的估值，今天回購優先於併購嗎？

I wouldn't say it's a priority. Our priority is first and foremost, financial flexibility and very close to that, if not concurrent with that is growth. So how we generate that growth is through a variety of different alternative options, some of which are organic and some of which may be inorganic or M&A oriented.

我不會說這是一個優先事項。我們的首要任務是財務靈活性，並且與此非常接近，如果不是與此同時發生的話，那就是增長。因此，我們如何實現這種增長是通過各種不同的替代選擇，其中一些是有機的，一些可能是無機的或面向併購的。

So Joe, I'd say, once again, we're going to be very prudent and careful and we have many alternatives for each one of those strategies. So stay tuned for us to be able to unfold some of those plans as we roll forward.

所以喬，我想再說一遍，我們將非常謹慎和小心，我們為這些策略中的每一種都有很多選擇。因此，請繼續關注我們，以便能夠在我們前進的過程中展開其中的一些計劃。

Our next question comes from Alice Wycklendt from Baird.

我們的下一個問題來自 Baird 的 Alice Wycklendt。

I'm in for Craig Kennison this morning. Just want to touch on guidance. I mean I think you mentioned that it reflects the potential for a range of retail scenarios. How should we think about kind of the core of the base case retail outlook that's embedded in that range?

今天早上我去找克雷格·肯尼森。只想談談指導。我的意思是我認為你提到它反映了一系列零售場景的潛力。我們應該如何考慮嵌入該範圍內的基本案例零售前景的核心？

Alex, I would say it's consistent with kind of the guidance that we provided last quarter, kind of in that our view is that with the all-important summer selling season and where we think the macro headwinds aligned with that. We're seeing something in that mid-teens to high teens, low 20% range is kind of -- consistent with where we were last quarter. I don't think we've seen anything in the retail environment today that would suggest that as we look forward, that anything has changed, if anything, the macro indicators have somewhat worsened. And so that continues to be our view.

亞歷克斯，我想說這與我們上個季度提供的某種指導一致，某種程度上是因為我們的觀點是，在最重要的夏季銷售旺季，我們認為宏觀不利因素與此一致。我們在十幾歲到十幾歲之間看到了一些東西，低 20% 的範圍有點——與我們上個季度的情況一致。我認為我們今天在零售環境中沒有看到任何跡象表明，正如我們期待的那樣，任何事情都發生了變化，如果有的話，宏觀指標已經有所惡化。因此，這仍然是我們的觀點。

Once again, mid- to high-teens decline.

再一次，中高青少年下降。

And then just -- you noted in your release and I think in your comments, you've seen some increased floor plan costs and other incentives. Maybe flesh that out a bit more. Where does promotional activity stand today? And what are you expecting over the next 6 to 12 months as inventory normalizes?

然後 - 你在你的新聞稿中指出，我認為在你的評論中，你已經看到了一些增加的平面圖成本和其他激勵措施。也許充實一點。今天的促銷活動在哪裡？隨著庫存正常化，您對未來 6 到 12 個月的預期是什麼？

One thing to keep in mind as we talk about promotional activity, we're comparing to a year that had virtually no promotional activity. So we have an increase but it's not back to -- it's not in the way high. It's kind of back to more approaching normal levels. But when we look at the whole year, I think between the increased floor plan costs and the increased promotional activities is probably going to be in the neighborhood of 250 basis points year-over-year headwind that is embedded in our guidance.

當我們談論促銷活動時要記住一件事，我們正在與幾乎沒有促銷活動的一年進行比較。所以我們有所增加，但它並沒有回到 - 它並沒有那麼高。它有點回到更接近正常水平。但當我們回顧全年時，我認為在增加的平面圖成本和增加的促銷活動之間，我們的指導中可能會出現 250 個基點的同比逆風。

Our next question comes from Michael Swartz with Truist Securities.

我們的下一個問題來自 Truist Securities 的 Michael Swartz。

Just a couple of quick questions. One, some others have talked about the impact of Hurricane Ian at the end of the September quarter. I just wanted to get some sense of was that impactful to you at all from a production or a delivery standpoint? Is there any shift between your fiscal first quarter and second quarter due to that?

只是幾個簡單的問題。第一，其他一些人談到了颶風伊恩在 9 月季度末的影響。我只是想了解一下，從製作或交付的角度來看，這對您有什麼影響嗎？因此，您的第一財季和第二財季之間是否有任何變化？

No, not really for us. I would say we're very fortunate in that our key dealer locations survived comparatively very well. And while there will be some disruption in their business near term and their employees, the long-term outlook is very good for them. So I actually think with regard to our distribution. And again, when we talk about the West Coast of Florida, we're talking primarily now about Aviara and MarineMax, they're in very good shape in terms of recovery in business going forward. But no, not a significant impact on us from a wholesale standpoint.

不，不是真的適合我們。我會說我們非常幸運，因為我們的主要經銷商地點相對來說存活得很好。雖然短期內他們的業務和員工會受到一些干擾，但長期前景對他們來說非常好。所以我實際上是在考慮我們的分配。再一次，當我們談論佛羅里達西海岸時，我們現在主要談論 Aviara 和 MarineMax，它們在未來業務復甦方面處於非常好的狀態。但不，從批發的角度來看，對我們沒有重大影響。

Okay. Perfect. And then just a point of clarification on the applied guidance for second quarter would, I think, suggest around like a 300-ish basis point or 400-ish basis point deceleration in margins just potentially. Is that just seasonality? Or is there something else driving that quarter-over-quarter decline?

好的。完美的。然後，我認為，只要對第二季度的應用指導進行一點澄清，就可能暗示利潤率可能下降 300 左右或 400 左右的基點。這只是季節性嗎？還是有其他原因導致環比下降？

It's seasonality primarily.

主要是季節性。

Yes. We have the -- Q2 is the quarter with the largest number of holidays. And so it's mostly a reflection of reduced production in comparison to Q1. So you've got less leverage on your SG&A, less leverage on your overhead. And we continue to see increasing floor plant cost. So that is part of the picture as well.

是的。我們有——第二季度是假期最多的季度。因此，與第一季度相比，這主要反映了產量減少。因此，您對 SG&A 的影響較小，對管理費用的影響較小。我們繼續看到地板廠成本增加。所以這也是圖片的一部分。

I'm showing no further questions at this time. Thank you for your participation in today's conference. This concludes the program. You may now disconnect.

我現在沒有進一步的問題。感謝您參加今天的會議。程序到此結束。您現在可以斷開連接。