Mastercraft Boat Holdings Inc (MCFT) 2023 Q3 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Q3 2023 MasterCraft Boat Holdings, Inc. Earnings Conference Call.

美好的一天，謝謝你的支持。歡迎來到 2023 年第三季度 MasterCraft Boat Holdings, Inc. 收益電話會議。

(Operator Instructions)

（操作員說明）

Please be advised that today's conference is being recorded. I would now like to hand the conference over to the Chief Financial Officer, Tim Oxley. Please go ahead.

請注意，今天的會議正在錄製中。我現在想將會議交給首席財務官 Tim Oxley。請繼續。

Thank you, operator, and welcome, everyone. Thank you for joining us today as we discuss MasterCraft's third 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. With me on this morning's call are Fred Brightbill, Chief Executive Officer and Chairman; George Steinbarger, our Chief Revenue Officer. Fred will begin with a review of our operational highlights from the third 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.

謝謝接線員，歡迎大家。感謝您今天加入我們討論 MasterCraft 2023 財年第三季度的業績。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。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； George Steinbarger，我們的首席營收官。 Fred 將首先回顧我們第三季度的運營亮點。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 would like to remind participants that the information contained in this call is current only as of today, May 10, 2023. 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 2023 年 5 月 10 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 third quarter earnings press release which includes a reconciliation of these non-GAAP measures to our GAAP results. There's also a slide deck summarizing our financial results in the Investors section of our website.

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 措施，我們還在 2023 財年第三季度收益新聞稿中提供了最直接可比的 GAAP 措施，其中包括將這些非 GAAP 措施與我們的 GAAP 結果進行核對。在我們網站的投資者部分，還有一個幻燈片總結了我們的財務結果。

As a reminder, unless otherwise noted, the following commentary is made on continuing operations basis. With that, I'll turn the call over to Fred.

提醒一下，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。有了這個，我會把電話轉給弗雷德。

Thank you, Tim. And good morning, everyone. During the third quarter, we achieved better-than-expected net sales and earnings. Net sales were nearly $167 million and adjusted EBITDA was nearly $33 million. Adjusted diluted net income per share was $1.36, which tied our record from last year for the best fiscal third quarter in the company's history. Our exceptional operating results and diligent working capital management continued into the third quarter, resulting in record operating cash flow of $107 million fiscal year-to-date.

謝謝你，蒂姆。大家早上好。第三季度，我們實現了好於預期的淨銷售額和收益。淨銷售額接近 1.67 億美元，調整後的 EBITDA 接近 3300 萬美元。調整後每股攤薄淨收益為 1.36 美元，追平了我們去年創下的公司歷史上最好的第三季度財報。我們卓越的經營業績和勤奮的營運資金管理一直持續到第三季度，導致本財年迄今的經營現金流達到創紀錄的 1.07 億美元。

During the quarter, we achieved our goal of refilling dealer inventories to optimal levels ahead of the summer selling season. As of the end of the third quarter, dealer inventories are approximately 60% higher than the third quarter of fiscal year 2022 and about 20% lower than the third quarter of fiscal year 2019. We believe that the business process and dealer network improvements we have implemented over the past few years will allow us to maintain lower levels of dealer inventory than was typical in the past. We also continue to see a return to a more historical seasonal demand pattern, including less urgency on the part of the consumer compared to last year as product availability has improved.

在本季度，我們實現了在夏季銷售旺季之前將經銷商庫存補充至最佳水平的目標。截至第三季度末，經銷商庫存比 2022 財年第三季度高約 60%，比 2019 財年第三季度低約 20%。我們認為，我們在業務流程和經銷商網絡方面的改進過去幾年的實施將使我們能夠維持低於過去典型水平的經銷商庫存。我們還繼續看到回歸到更具歷史意義的季節性需求模式，包括隨著產品可用性的提高，與去年相比，消費者的緊迫性有所降低。

For context, approximately 45% of annual powerboat retail sales occur during our fiscal fourth quarter. Our expanded and refreshed model year 2023 product lineup with the success we have had an increasing dealer inventories has resulted in outstanding product availability. In addition, we have implemented targeted programs and discounts to support retail sales in response to pricing pressures from competitors. Given the premium positioning of our product portfolio, we will only use these pricing mechanisms, if needed, to support profitable and sustainable market share.

就背景而言，大約 45% 的年度摩托艇零售額發生在我們第四財季。我們擴大和更新了 2023 年款產品系列，並成功地增加了經銷商庫存，從而實現了出色的產品可用性。此外，我們還實施了有針對性的計劃和折扣來支持零售銷售，以應對來自競爭對手的定價壓力。鑑於我們產品組合的高端定位，我們只會在需要時使用這些定價機制來支持盈利和可持續的市場份額。

Overall, our dealer partners are well positioned to capitalize on retail demand. Despite near-term economic headwinds, including continued inflation, higher interest rates and potential for tightening credit availability, retail activity has performed closer to the upper end of our range of expectations through our fiscal third quarter. On a blended basis, our retail sales during the quarter were more than 30% higher than during our pre-pandemic fiscal third quarter of 2019.

總體而言，我們的經銷商合作夥伴已做好充分利用零售需求的準備。儘管近期經濟逆風，包括持續的通貨膨脹、利率上升和信貸供應可能收緊，但零售活動在我們第三財季的表現更接近我們預期範圍的上限。在混合基礎上，我們本季度的零售額比 2019 年第三財季大流行前的零售額高出 30% 以上。

As a reminder, we entered the fiscal year with a prudently conservative view of retail demand, which included the potential for an economic downturn to negatively impact the summer selling season. There now seems to be a general expectation that a potential economic downturn has been pushed into our fiscal 2024. So we now expect to achieve fiscal year 2023 wholesale shipments at the upper end of our range of scenarios. As a result, in fiscal 2024, we expect wholesale unit sales will exhibit a more balanced relationship with retail unit sales.

提醒一下，我們進入本財年時對零售需求持謹慎保守的看法，其中包括經濟衰退可能對夏季銷售旺季產生負面影響。現在似乎普遍預期潛在的經濟衰退已被推遲到我們的 2024 財年。因此，我們現在預計 2023 財年的批發出貨量將達到我們情景範圍的上限。因此，在 2024 財年，我們預計批發單位銷售額與零售單位銷售額的關係將更加平衡。

Moving on to supply chain. The general environment, including cost inflation and delivery disruption is improving with lingering risk expected to continue for some time. Limited supplies and longer-than-normal lead times in certain components, including those with upstream exposure to Asia and some propulsion components continue to intermittently affect our operational efficiency and production schedules. However, we do not expect the supply chain disruption to be a constraint on our full year production. Our strong operating performance has resulted in record year-to-date cash flow driven by strong earnings and diligent working capital management.

轉向供應鏈。包括成本膨脹和交付中斷在內的總體環境正在改善，而揮之不去的風險預計將持續一段時間。某些組件的供應有限和交貨時間比正常情況更長，包括那些上游接觸亞洲的組件和一些推進組件繼續間歇性地影響我們的運營效率和生產計劃。但是，我們預計供應鏈中斷不會限制我們全年的生產。在強勁的收益和勤奮的營運資金管理的推動下，我們強勁的經營業績導致創紀錄的年初至今現金流。

Our fortress balance sheet provides us with abundant financial flexibility. We are well positioned to pursue our capital allocation priorities, first and foremost of which is investment in growth. We have a track record of growing through multiple approaches, including organically through existing brands, internal new brand development and acquisitions. We are laying the foundation for future growth by actively investing in targeted initiatives that will take advantage of the strong underlying secular industry trends. At MasterCraft Boat Holdings, we are committed to acting as good corporate citizens in the communities we serve.

我們的堡壘資產負債表為我們提供了豐富的財務靈活性。我們有能力追求我們的資本配置優先事項，其中首要的是對增長的投資。我們擁有通過多種方法實現增長的記錄，包括通過現有品牌有機發展、內部新品牌開發和收購。我們通過積極投資有針對性的舉措來為未來的增長奠定基礎，這些舉措將利用強大的潛在長期行業趨勢。在 MasterCraft Boat Holdings，我們致力於在我們所服務的社區中充當優秀的企業公民。

We are proud to announce our Surf to Save Lives initiative. Surf to Save Lives is a joint campaign launched by MasterCraft and St. Jude Children's Research Hospital, to make a meaningful difference in the lives of families across the country.

我們很自豪地宣布我們的“衝浪拯救生命”倡議。 Surf to Save Lives 是 MasterCraft 和 St. Jude Children's Research Hospital 發起的一項聯合活動，旨在為全國家庭的生活帶來有意義的改變。

By coming together, these 2 Tennessee-based organizations aim to raise funds and awareness in support of a life-saving mission of St. Jude. St. Jude has been at the forefront of childhood cancer research for over 60 years, leading the way in understanding, treating and defeating childhood cancer and other life-threatening diseases. We share St. Jude's commitment to enriching the lives of families and making memories possible. Let me now briefly review some of the latest developments across our brands.

通過走到一起，這 2 個總部位於田納西州的組織旨在籌集資金和提高認識，以支持聖裘德的拯救生命使命。 60 多年來，St. Jude 一直處於兒童癌症研究的前沿，在理解、治療和戰勝兒童癌症和其他危及生命的疾病方面處於領先地位。我們與 St. Jude 一樣致力於豐富家庭生活並創造美好回憶。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 well during the quarter, with net sales of nearly $118 million, down 2% from the prior year period. This represents the second highest third quarter net sales in the company's history. For model year 2023, MasterCraft expanded and refreshed its entry and mid-level product lineups by adding the all-new NXT21, NXT23, and XT22 T and the completely redesigned XT20. Also new for model year 2023 was the ability for MasterCraft consumers to upgrade to the award-winning Ilmor supercharge 6.2-liter engine, the world's most powerful towboat engine and the cleanest marine engine with over 500 horsepower.

我們的 MasterCraft 品牌在本季度表現良好，淨銷售額接近 1.18 億美元，同比下降 2%。這是公司歷史上第二高的第三季度淨銷售額。對於 2023 車型年，MasterCraft 通過添加全新的 NXT21、NXT23 和 XT22 T 以及完全重新設計的 XT20，擴展並更新了其入門級和中級產品陣容。 2023 車型年的另一個新功能是 MasterCraft 消費者能夠升級到屢獲殊榮的 Ilmor 增壓 6.2 升發動機，這是世界上最強大的拖船發動機和最清潔的船用發動機，功率超過 500 馬力。

Due to these introductions, MasterCraft has the broadest and strongest product lineup in its history before the coming -- upcoming summer selling season. The strength of MasterCraft's product offerings and its success in restocking dealer inventories has provided dealers and consumers with outstanding product availability. At Crest, net sales were more than $36 million, down about 7% from the prior year period. Continuing a trend of generating exceptional profitability, Crest achieved a gross margin of nearly 20%.

由於這些介紹，MasterCraft 在即將到來的夏季銷售旺季到來之前擁有其歷史上最廣泛和最強大的產品陣容。 MasterCraft 產品供應的實力及其在補充經銷商庫存方面的成功為經銷商和消費者提供了出色的產品可用性。在 Crest，淨銷售額超過 3600 萬美元，比去年同期下降約 7%。佳洁士延續了產生卓越盈利能力的趨勢，實現了近 20% 的毛利率。

Fiscal year-to-date, Crest has added 25 additional points of distribution to its dealer network as it continues to execute on this key element of its growth strategy. We are proud that Crest has received the 2022 Marine Industry Consumer Satisfaction Index Award for excellence in customer satisfaction. This is the fourth consecutive year in every year of our ownership that Crest has won the award. At Aviara, net sales were nearly $13 million, up approximately 23% compared to the prior year period driven by a 17% increase in units and higher prices.

財年至今，佳洁士在其經銷商網絡中增加了 25 個分銷點，因為它繼續執行其增長戰略的這一關鍵要素。我們感到自豪的是，Crest 憑藉卓越的客戶滿意度獲得了 2022 年海洋行業消費者滿意度指數獎。這是佳洁士在我們擁有的每一年中連續第四年獲得該獎項。 Aviara 的淨銷售額接近 1300 萬美元，較上年同期增長約 23%，原因是銷量增長 17% 且價格上漲。

Looking ahead, Aviara will begin to launch innovative and exciting new models in the first quarter of fiscal 2024. These introductions will represent the next phase of Aviara's product evolution. In addition, Aviara will be expanding distribution to select international markets in fiscal 2024. Together, this will position the brand for continued revenue and earnings' growth.

展望未來，Aviara 將在 2024 財年第一季度開始推出創新且令人興奮的新型號。這些推出將代表 Aviara 產品發展的下一階段。此外，Aviara 將在 2024 財年將分銷範圍擴大到選定的國際市場。這將使該品牌定位於持續的收入和收益增長。

I will now turn the call over to Tim, who will provide additional 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. We delivered an outstanding quarter of financial performance. Focusing on the top line, net sales for the quarter were $166.8 million, a decrease of $2.6 million or 1.5%. The net sales decrease was driven by model mix and lower option sales, lower unit sales volume and higher dealer incentives, partially offset by higher prices. Most of the increase in dealer incentives was due to greater floor plan financing costs caused by rising interest rates and recovering dealer inventory levels.

謝謝，弗雷德。我們交付了出色的季度財務業績。關注收入，本季度淨銷售額為 1.668 億美元，減少 260 萬美元或 1.5%。淨銷售額下降的原因是車型組合和較低的期權銷售、較低的單位銷量和較高的經銷商激勵，部分被較高的價格所抵消。經銷商激勵措施的增加主要是由於利率上升和經銷商庫存水平恢復導致平面圖融資成本增加。

Rebates and discounts were also higher as we are experiencing a return to a more competitive retail environment. For the quarter, our gross margin was 25.5%, a decrease of 50 basis points when compared to the prior year period. Lower margins were primarily a result of higher costs from inflationary pressures, changes in mix and higher dealer incentives, partially offset by higher prices. Operating expenses were $13.6 million for the quarter, or about 80 basis points higher as a percentage of net sales compared to the prior year, primarily due to increased boat show related costs and investments in digital marketing initiatives.

隨著我們正在回歸更具競爭力的零售環境，回扣和折扣也有所增加。本季度，我們的毛利率為 25.5%，與去年同期相比下降了 50 個基點。較低的利潤率主要是由於通貨膨脹壓力導致成本增加、產品組合變化和經銷商激勵措施增加，部分被較高的價格所抵消。本季度的運營費用為 1360 萬美元，占淨銷售額的百分比比上年高出約 80 個基點，這主要是由於與船展相關的成本增加以及對數字營銷計劃的投資。

Turning to the bottom line. Adjusted net income for the quarter decreased 4% to $24.1 million or $1.36 per diluted share, computed using the company's estimated annual effective tax rate of 23%. This compares to an adjusted net income of $25.1 million or $1.36 per diluted share in the prior year period. Adjusted net income per share was flat when compared to our fiscal 2022 third quarter has reduced share count and short-term investment income offset the impact of lower adjusted net income.

轉向底線。本季度調整後的淨收入下降 4% 至 2410 萬美元或每股攤薄收益 1.36 美元，使用公司估計的年度有效稅率 23% 計算得出。相比之下，去年同期調整後的淨收入為 2510 萬美元或每股攤薄收益 1.36 美元。與 2022 財年第三季度相比，調整後每股淨收益持平，股票數量減少，短期投資收益抵消了調整後淨收益下降的影響。

Adjusted EBITDA decreased nearly 6% to $33 million for the quarter compared to $35 million in the prior year period. Adjusted EBITDA margin was 19.8%, down 90 basis points from 20.7% in the prior year period. Our balance sheet remains incredibly strong as we ended the quarter with more than $200 million of total liquidity, including more than $101 million of cash and short-term investments and $100 million of availability under our revolving credit facility. We also ended the quarter with 0 net debt.

本季度調整後的 EBITDA 下降近 6% 至 3300 萬美元，而去年同期為 3500 萬美元。調整後的 EBITDA 利潤率為 19.8%，較上年同期的 20.7% 下降 90 個基點。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 2 億美元的總流動資金，其中包括超過 1.01 億美元的現金和短期投資以及 1 億美元的循環信貸額度。我們還以零淨債務結束了本季度。

Strong year-to-date earnings and working capital management has translated a record cash flow from operations. Cash flow from continuing operations was a record $107 million year-to-date or more than double the prior year period. Our balance sheet positions us exceptionally well and provides us with ample financial flexibility to ensure sound operations to the business cycle and the ability to fund strategic growth initiatives. Given our recent stock performance, strong balance sheet and positive long-term outlook, we believe our stock represents an outstanding value at recent prices.

強勁的年初至今收益和營運資金管理已轉化為創紀錄的運營現金流。年初至今，來自持續經營業務的現金流量達到創紀錄的 1.07 億美元，是上年同期的兩倍多。我們的資產負債表使我們處於非常有利的地位，並為我們提供了充足的財務靈活性，以確保業務週期的穩健運營以及為戰略增長計劃提供資金的能力。鑑於我們最近的股票表現、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。

During the quarter, we spent $7 million to repurchase more than 210,000 shares of our common stock. To date, we have spent more than 80% of our $50 million program authorized in June of 2021. Cumulative activity under our share repurchase program provided a 9% benefit to our Q3 adjusted income per share. We expect to continue to opportunistically return excess 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.

本季度，我們花費 700 萬美元回購了超過 210,000 股普通股。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 80% 以上。我們的股票回購計劃下的累積活動為我們第三季度調整後的每股收益帶來了 9% 的收益。我們預計將繼續通過該計劃機會主義地向股東返還多餘現金，同時優先考慮財務靈活性和高回報投資於產生增長和長期股東價值的業務。

Looking forward, we are raising our guidance for the full year based on our strong performance and incremental retail sales visibility. Based on our retail sales results through Q3 and the general expectation that the onset of a potential downturn has been pushed into fiscal 2024, we now expect retail demand to reform closer to the high end of our range of retail expectations.

展望未來，我們將根據我們強勁的業績和不斷增長的零售銷售可見度提高全年的指導。根據我們截至第三季度的零售銷售業績以及潛在衰退的開始已被推遲到 2024 財年的普遍預期，我們現在預計零售需求改革將接近我們零售預期範圍的高端。

We believe these conditions will allow us to achieve full year wholesale unit sales at the upper end of our range of scenarios. For full year fiscal 2023, consolidated net sales is now expected to be approximately $656 million with adjusted EBITDA of approximately $125 million and adjusted earnings per share of approximately $5.05. We continue to expect capital expenditures to be approximately $30 million for the full year. Despite the dynamic business environment and macroeconomic uncertainty, we are now guiding to achieve the third consecutive year of record-setting net sales and adjusted diluted earnings per share.

我們相信這些條件將使我們能夠在我們的情景範圍的上限實現全年批發單位銷售。對於 2023 財年全年，合併淨銷售額預計約為 6.56 億美元，調整後 EBITDA 約為 1.25 億美元，調整後每股收益約為 5.05 美元。我們繼續預計全年的資本支出約為 3000 萬美元。儘管商業環境充滿活力，宏觀經濟存在不確定性，但我們現在正在指導實現連續第三年創紀錄的淨銷售額和調整後的攤薄每股收益。

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. Our business has performed extremely well through the third quarter of fiscal 2023, delivering financial results, which have exceeded expectations. A robust portfolio of innovative products and healthy dealer inventory levels position us to capitalize on the upcoming summer selling season. Despite significant macroeconomic uncertainty, we are now guiding to achieve the third consecutive year of record-setting net sales and adjusted diluted earnings per share.

謝謝，蒂姆。我們的業務在 2023 財年第三季度表現非常出色，財務業績超出預期。強大的創新產品組合和健康的經銷商庫存水平使我們能夠利用即將到來的夏季銷售旺季。儘管宏觀經濟存在重大不確定性，但我們現在正在指導實現連續第三年創紀錄的淨銷售額和調整後的攤薄每股收益。

We look forward to delivering strong results while maintaining a commitment to the pursuit of long-term growth opportunities and thereby generating exceptional shareholder returns. Operator, you may now open the line for questions.

我們期待在保持追求長期增長機會的承諾的同時取得強勁的業績，從而產生卓越的股東回報。接線員，您現在可以打開問題熱線。

(Operator Instructions)

（操作員說明）

Our first question comes from the line of Joe Altobello from Raymond James.

我們的第一個問題來自 Raymond James 的 Joe Altobello。

First question on the MasterCraft ASP. It looks like they were down about 1.5%. Was that mix? Was that discounting? Was that lower option sales or really all of the above?

關於 MasterCraft ASP 的第一個問題。看起來他們下跌了約 1.5%。那是混音嗎？那是打折嗎？是較低的期權銷售還是以上所有？

Joe, it's a little bit all of the above, but the 2 big factors are: one, we're seeing a reversion back to higher level of orders that are stock boats versus retail sold certainly compared to the last couple of years where we had a very -- a big shortage of inventory and therefore, a lot more custom-ordered boats retail customers tend to put more options and features.

喬，以上都有一點，但兩個重要因素是：第一，與過去幾年相比，我們看到回升到更高水平的訂單，即庫存船與零售銷售肯定非常 - 庫存嚴重短缺，因此，更多定制訂購的船隻零售客戶傾向於提供更多選擇和功能。

So when you revert back to more stock orders, you're seeing a little bit of that. And then with some of the new model year introductions that we've done that Fred highlighted on the call, those have tended to skew more in that midline and entry-level segment for MasterCraft. And so as we've been getting that new product out into the marketplace that's driving a little bit of mix, which is having an impact on the ASPs. But we view that as a positive, as Fred said, we're very confident in the portfolio. It's the strongest product portfolio we've had in the history of the company, and we think that positions us well heading into the retail season.

所以當你恢復到更多的庫存訂單時，你會看到一點點。然後，我們已經完成了 Fred 在電話會議上強調的一些新車型年介紹，這些介紹往往更傾向於 MasterCraft 的中線和入門級細分市場。因此，隨著我們將新產品推向市場，這推動了一些混合，這對 ASP 產生了影響。但我們認為這是積極的，正如弗雷德所說，我們對投資組合非常有信心。這是我們公司歷史上最強大的產品組合，我們認為這使我們能夠很好地進入零售季。

Got it. And maybe on inventory, it sounds like the pipeline sale opportunity, it's pretty much complete here. It sounds like also that you're comfortable with inventories broadly. Is that the case for all of your brands? Are you concerned here we stand on May 10? Are there pockets where we might be a little bit heavy as the new model year approaches?

知道了。也許在庫存方面，這聽起來像是管道銷售機會，這裡已經差不多完成了。聽起來您對庫存也很滿意。你們所有的品牌都是這樣嗎？你擔心我們在 5 月 10 日站在這裡嗎？隨著新車型年的臨近，是否有一些地方我們可能會有點沉重？

I think overall, we feel very good about where our portfolio is in terms of inventory. We're starting to see with the weather starting to warm up. We're starting to see retail deliveries occur in particular in the pontoon segment with Crest. We've had some really strong recent weeks of retail performance. So that's encouraging. And then with MasterCraft again, similarly. So I think, obviously, we'll -- the next couple of months are the biggest months in retail for the industry, and that's no different for us. So we'll certainly -- we're encouraged and feel like we're well positioned, but don't have any major concerns.

我認為總的來說，我們對我們的投資組合在庫存方面的位置感到非常滿意。我們開始看到天氣開始變暖。我們開始看到零售交付發生在 Crest 的浮橋部分。我們最近幾週的零售表現非常強勁。所以這是令人鼓舞的。然後再次使用 MasterCraft，類似地。所以我認為，很明顯，我們會 - 接下來的幾個月是該行業零售業最大的月份，這對我們來說沒有什麼不同。所以我們當然會 - 我們感到鼓舞並且覺得我們處於有利地位，但沒有任何重大擔憂。

There's always a market here or there, a dealer here or there that you think about. But when we take a step back, we feel very good about the overall makeup of our inventory.

這里或那裡總有市場，總有您想到的經銷商。但當我們退後一步時，我們對庫存的整體構成感覺非常好。

Our next question comes from the line of Craig Kenn of Baird.

我們的下一個問題來自 Baird 的 Craig Kenn。

Craig Kennison. Just to follow up on your pontoon comments, George. It sounds like you've got more momentum than we've heard about with respect to that category. Would you say your dealers are themselves outperforming? Or is that driven by the expansion in your distribution?

克雷格·肯尼森。只是為了跟進你對浮橋的評論，喬治。聽起來您在該類別方面的勢頭比我們聽說的要大。你會說你的經銷商自己表現出色嗎？或者這是由您的發行版擴展驅動的？

I certainly think we've got a very strong dealer network. We continue to look for opportunities to strengthen that through expansion. So I think, obviously, the fact that we've added, I think we said about over 25 dealers or locations this fiscal year. I think that's certainly helping our retail. Obviously, those are stores that didn't have product last year. And then we are seeing, again, some good early momentum in the month of May. We'll see how that plays out, but I feel very good. Also, I would say, we've dedicated a lot of resources to really refreshing that product portfolio.

我當然認為我們擁有非常強大的經銷商網絡。我們繼續尋找機會通過擴張來加強這一點。所以我認為，很明顯，我們已經添加了這一事實，我認為我們在本財年談到了超過 25 個經銷商或地點。我認為這肯定有助於我們的零售業。顯然，那些是去年沒有產品的商店。然後我們再次看到 5 月份的早期良好勢頭。我們會看看結果如何，但我感覺很好。另外，我要說的是，我們已經投入了大量資源來真正更新該產品組合。

So we have completely revamped all 3 lines of the Crest product in our ownership, and we certainly think that, that has positioned the brand very favorably in the marketplace for consumers. And so we think the brand offers a great value proposition. We think the price is right and the product is right. So between the dealer, the product and the pricing, I think we feel very confident with what the Crest brand could achieve in this retail season.

因此，我們已經徹底改造了我們擁有的 Crest 產品的所有 3 條線，我們當然認為，這已經為該品牌在市場上為消費者提供了非常有利的定位。因此，我們認為該品牌提供了一個很好的價值主張。我們認為價格合適，產品合適。因此，在經銷商、產品和定價之間，我認為我們對佳洁士品牌在這個零售季取得的成就充滿信心。

And with respect to the credit markets, are you seeing any impact from tighter credit conditions with your consumer?

關於信貸市場，您是否看到收緊信貸條件對您的消費者有任何影響？

Not yet. It's a risk, and we're watching it closely. But to date, have not seen any adverse impact, but it is an area that we watch very closely and, frankly, have concern about because of the wide variability and possible outcomes there.

還沒有。這是一個風險，我們正在密切關注它。但迄今為止，還沒有看到任何不利影響，但這是一個我們非常密切關注的領域，坦率地說，由於那裡存在廣泛的可變性和可能的結果，我們對此感到擔憂。

And maybe one more on inventory. Is there any way to frame how many units of inventory you think you will have added at the end of fiscal 2023? I'm assuming 2023 will have been a restocking year, I'm just trying to quantify the amount of that restock given it won't recur in fiscal 2024.

也許還有一個關於庫存的。有什麼方法可以確定您認為您將在 2023 財年末增加多少庫存？我假設 2023 年將是補貨年，我只是想量化補貨的數量，因為它不會在 2024 財年再次出現。

We think about it roughly in these terms, we probably, in terms of pipeline refill, had about 700 units at MasterCraft and about 700 at Crest that have been pipeline refill.

我們粗略地從這些方面考慮，就管道再填充而言，我們可能在 MasterCraft 有大約 700 個單元，在 Crest 有大約 700 個已經管道重新填充。

(Operator Instructions)

（操作員說明）

Our next question comes from the line of Gerrick Johnson from BMO Capital Markets.

我們的下一個問題來自 BMO Capital Markets 的 Gerrick Johnson。

A couple of nuggets in the gross margin aspect. Can you talk about the impact of allowances and floor plan support on gross to net sales? And then also, you called out warranty costs. So where are you seeing an increase there?

毛利率方面的幾個金塊。您能談談津貼和平面圖支持對總銷售額與淨銷售額的影響嗎？然後，您還提出了保修費用。那麼你在哪裡看到增長呢？

Sure, let's talk about the dealer incentives. It's about 140 basis points with 60% or so of that being related to the floor plan costs and 40% or so related to other incentives designed to drive retail sales.

當然，讓我們談談經銷商的激勵措施。大約 140 個基點，其中 60% 左右與平面圖成本相關，40% 左右與旨在推動零售銷售的其他激勵措施相關。

On the warranty side, we still have some warranty associated with model year '22. Some of the components that we're -- have installed during the COVID period had some failures. And so we have to approve for those. And certainly, Gerrick, just want to mention that we're certainly seeing improvements now that we're in model year '23.

在保修方面，我們仍然有一些與 22 年款相關的保修。我們在 COVID 期間安裝的一些組件出現了一些故障。所以我們必須批准這些。當然，Gerrick，只想提一下，既然我們進入了 23 年車型年，我們肯定會看到改進。

Okay. That makes sense. And the Aviara numbers look nice there. So is that all like-for-like? Or is there expansion of distribution that helped Aviara year-over-year? And then how are you going to go into the international markets with that brand? Are you going to ship units overseas? Or do you have manufacturing or contract manufacturing in those markets?

好的。這就說得通了。 Aviara 數字在那裡看起來不錯。那麼這一切都是一樣的嗎？或者是否有分銷的擴展幫助 Aviara 逐年增長？那麼你打算如何用這個品牌進入國際市場？您打算向海外運送設備嗎？或者你在這些市場有製造或合同製造嗎？

Gerrick, in terms of our performance this quarter, no changes in our distribution there, continue to work with MarineMax and getting inventory into more of their stores than we've been able to do in the last couple of years. So we view that again as a positive as we look to drive more awareness of the brand and get consumers to be able to touch and feel it. We think that's a brand that when a consumer season sits in it, it really helps sell itself.

Gerrick，就我們本季度的表現而言，我們在那裡的分銷沒有變化，繼續與 MarineMax 合作，並在他們的商店中獲得比過去幾年更多的庫存。因此，我們再次將其視為積極因素，因為我們希望提高品牌知名度並讓消費者能夠觸摸和感受它。我們認為這是一個品牌，當消費旺季到來時，它確實有助於推銷自己。

So very pleased with that performance. And MarineMax, I think, continues to be very pleased with the product. In terms of international, there's no intention to build offshore contract manufacturer. We will continue to utilize our existing facility out of Barit Island, and we will shift the boats overseas, no different than we do today with MasterCraft or Crest.

對這種表現非常滿意。我認為，MarineMax 繼續對該產品感到非常滿意。在國際方面，無意建立離岸合同製造商。我們將繼續利用巴里特島以外的現有設施，並將船隻轉移到海外，這與我們今天對 MasterCraft 或 Crest 所做的沒有什麼不同。

(Operator Instructions)

（操作員說明）

Our next question comes from the line of Noah Zatzkin of KeyBanc Capital Markets.

我們的下一個問題來自 KeyBanc Capital Markets 的 Noah Zatzkin。

I guess, first, with retail down versus '19 levels, hoping you could speak to inventory from a weeks-on-hand perspective. And then second, I think selling and marketing came in a bit lighter than we had modeled for the third quarter. So just wondering how we should think about that moving through the rest of the year.

我想，首先，隨著零售業低於 19 年的水平，希望你能從現有周數的角度來談談庫存。其次，我認為銷售和營銷比我們為第三季度建模的要輕一些。所以只是想知道我們應該如何考慮在今年餘下的時間裡移動。

Just to clarify, I'm not sure if I misheard you, but our retail was actually up in the third quarter versus fiscal '19.

澄清一下，我不確定我是否聽錯了，但我們的零售業在第三季度實際上比 19 財年有所增長。

Inventory was down versus fiscal '19, I think that might cause the confusion.

庫存與 19 財年相比有所下降，我認為這可能會造成混亂。

Inventory was down. So from a weeks-on-hand perspective, as we've been saying this whole year, we certainly plan on operating this business on a lower level of absolute inventory than we have had historically. At our current weeks on hand, we feel very comfortable with where we are for this seasonal time of year. We feel like we've got the appropriate amount of inventory. But we have less inventory today than we had back in '19. I hope that answers your question there. And then can you repeat the second part of the question, Noah? I'm sorry.

庫存下降了。因此，從手頭週的角度來看，正如我們全年所說的那樣，我們當然計劃在比歷史上更低的絕對庫存水平上經營這項業務。在我們目前的幾周里，我們對一年中這個季節性時間所處的位置感到非常自在。我們覺得我們有適當數量的庫存。但我們今天的庫存比 19 年要少。我希望那能回答你的問題。然後你能重複問題的第二部分嗎，Noah？對不起。

Yes. I think selling and marketing came in a little bit lighter than we had modeled through the third quarter. So just wondering if there's anything to kind of call out there and how we should think about that for the fourth quarter?

是的。我認為銷售和營銷比我們在第三季度模擬的要輕一些。所以只是想知道是否有什麼可以呼籲的，我們應該如何考慮第四季度？

Yes. I don't have the details of your model, but sales and marketing was up in the quarter year-over-year driven by a return of boat shows and support that we did there. But maybe we continue to be very thoughtful and judicious with how we spend our dollars and trying to be more efficient with our sales and marketing dollars.

是的。我沒有您模型的詳細信息，但由於船展的回歸和我們在那裡所做的支持，本季度的銷售和營銷同比增長。但也許我們會繼續非常周到和明智地花錢，並努力提高銷售和營銷資金的效率。

So I think that's just prudent management and being thoughtful and making sure we're driving efficiency and high return on the sales and marketing investments that we're making.

所以我認為這只是審慎的管理和深思熟慮，並確保我們正在提高效率和我們正在進行的銷售和營銷投資的高回報。

Thank you. At this time, I see no more questions in the queue. So now we'll end the Q&A session. Thank you for today's participation in today's conference. This concludes the program. You may now disconnect.

謝謝。此時，隊列中沒有其他問題了。那麼現在我們將結束問答環節。感謝您今天參加今天的會議。程序到此結束。您現在可以斷開連接。