Mastercraft Boat Holdings Inc (MCFT) 2023 Q4 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Q4 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，感謝您的支持。歡迎參加 MasterCraft Boat Holdings, Inc. 2023 年第四季度收益電話會議。 （操作員指示）請注意，今天的會議正在錄製中。

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

現在我想將會議交給首席財務官蒂姆·奧克斯利 (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 2023. 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，我們將討論 MasterCraft 第四財季和 2023 年全年業績。謹此提醒，今天的電話會議正在進行網絡直播，並將存檔在我們的網站上以供將來收聽。

With me on this morning's call are Frederick Brightbill, Chief Executive Officer and Chairman; George Steinbarger, President of Crest; and Bobby Porter, Vice President of Strategy and Investor Relations. Fred will begin with a review of our operational highlights for the fourth quarter and full year. I will then discuss our financial performance. Then I'll turn the call back to Fred for some closing remarks before we open the call for Q&A.

與我一起參加今天早上電話會議的是首席執行官兼董事長弗雷德里克·布萊特比爾 (Frederick Brightbill)；喬治·斯坦巴格 (George Steinbarger)，Crest 總裁；戰略和投資者關係副總裁鮑比·波特 (Bobby Porter)。弗雷德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業績。然後，在我們開始問答電話之前，我會將電話轉回給弗雷德，讓他做一些結束語。

Before we begin, we'd like to remind participants that the information contained in this call is current only as of today, August 30, 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 are subject to the safe harbor disclaimer in today's press release.

在開始之前，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（2023 年 8 月 30 日）。公司不承擔更新任何聲明（包括前瞻性聲明）的義務。非歷史事實的陳述均為前瞻性陳述，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 2023 fourth quarter earnings 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. As a reminder, unless otherwise noted, the following commentary is made on a continuing operation basis.

此外，在本次電話會議上，我們將討論非公認會計原則措施，包括或排除特殊或不表明我們正在進行的業務的項目。對於每項非 GAAP 衡量標準，我們還在 2023 財年第四季度收益發布中提供了最直接可比的 GAAP 衡量標準，其中包括這些非 GAAP 衡量標準與我們的 GAAP 結果的調節表。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業績。提醒一下，除非另有說明，以下評論均基於持續運營的基礎上進行。

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

這樣，我就把電話轉給弗雷德。

Thank you, Tim, and good morning, everyone. We concluded fiscal year 2023 by delivering a record performance of $662 million in net sales, more than $131 million of adjusted EBITDA and $5.35 of adjusted earnings per share for the full year. These outstanding results represent a third consecutive record-setting year for net sales and earnings.

謝謝蒂姆，大家早上好。 2023 財年結束時，我們全年淨銷售額達到創紀錄的 6.62 億美元，調整後 EBITDA 超過 1.31 億美元，調整後每股收益 5.35 美元。這些出色的業績代表淨銷售額和盈利連續第三年創紀錄。

Strong operating performance resulted in the highest cash flow for any year in the company's history as we generated more than $136 million of operating cash flow, driven by strong earnings and diligent working capital management. We are proud of our team and their outstanding work.

強勁的經營業績導致公司歷史上最高的現金流，在強勁的盈利和勤奮的營運資本管理的推動下，我們產生了超過 1.36 億美元的經營現金流。我們為我們的團隊及其出色的工作感到自豪。

Fiscal 2023 was a dynamic year for our businesses. We began the year in an environment of very low dealer inventories; uncertain retail demand; continuing, but easing supply chain disruption; and emerging economic headwinds. We were early to identify and discuss this changing environment, beginning with our initial guidance last September.

2023 財年對我們的業務來說是充滿活力的一年。今年伊始，我們的經銷商庫存非常低；零售需求不確定；持續但緩解供應鏈中斷；以及新出現的經濟逆風。從去年九月的初步指導開始，我們很早就確定並討論了這種不斷變化的環境。

Our goals for the year included fully restocking our dealers in advance in the summer selling season, maintaining healthy dealer inventories and maximizing our financial performance. As the year progressed, we closely monitored the environment and adjusted production plans accordingly.

我們今年的目標包括在夏季銷售旺季提前為經銷商全面補貨、保持健康的經銷商庫存以及最大化我們的財務業績。隨著這一年的進展，我們密切監測環境並相應調整生產計劃。

By the fiscal third quarter, we have succeeded in recycling dealer inventories to what we considered optimal levels. Through the fiscal third quarter, retail activity performed closer to the upper end of our range of potential outcomes. Prevailing expectation for a return to more historical seasonal demand patterns provided us with cautious optimism for retail sales in the all-important fiscal fourth quarter and summer selling season.

到第三財季，我們成功地將經銷商庫存回收到我們認為的最佳水平。在第三財季，零售活動的表現更接近我們潛在結果範圍的上限。人們普遍預期將恢復更歷史性的季節性需求模式，這使我們對至關重要的第四財季和夏季銷售季節的零售銷售持謹慎樂觀態度。

Historically, 40% to 50% of annual retail sales occur in our fiscal fourth quarter. Weather adversely impacted retail sales early in the quarter and sales did not recover by the end of the quarter. As a result, retail sales for our fiscal fourth quarter fell short of the historical pattern, and we trimmed our production plans in response.

從歷史上看，年度零售額的 40% 至 50% 發生在我們第四財季。天氣對本季度初的零售銷售產生了不利影響，到本季度末銷售並未恢復。因此，我們第四財季的零售額低於歷史水平，我們因此削減了生產計劃。

Recall that on our fiscal third quarter earnings conference call, we estimated that consolidated wholesale unit sales would exceed projected retail sales by approximately 1,400 units for fiscal 2023, representing a onetime pipeline refill. Based on our expectations for fiscal fourth quarter 2023 and fiscal year 2024 retail sales, this reflected the production that we believe we needed to replenish dealer inventories and end fiscal 2023 at optimal levels.

回想一下，在我們的第三財季收益電話會議上，我們估計 2023 財年的綜合批發銷量將超過預計零售銷量約 1,400 輛，這意味著一次性的管道補充。根據我們對 2023 財年第四季度和 2024 財年零售額的預期，這反映了我們認為補充經銷商庫存並在 2023 財年結束時達到最佳水平所需的產量。

However, because the expected retail level of demand activity for our fiscal fourth quarter did not materialize, wholesale unit sales exceeded retail sales by more than our 1,400 unit estimate. As a result, dealer inventories ended fiscal 2023 at levels higher than we would now consider optimal. Even so, dealer inventories ended the fiscal year about 10% lower than at the end of fiscal year 2019.

然而，由於我們第四財季零售需求活動的預期水平並未實現，批發銷量超出零售銷量，超出了我們的預期 1,400 輛。因此，2023 財年結束時經銷商庫存水平高於我們現在認為的最佳水平。即便如此，本財年結束時經銷商庫存仍比 2019 財年末下降約 10%。

Additionally, the average number of units per dealer location is lower by approximately 20% for MasterCraft and 37% for Crest as we have expanded distribution networks since fiscal year 2019. Macroeconomic factors, including elevated interest rates as well as tightening credit standards and availability, are creating significant uncertainty, which is limiting our retail demand visibility.

此外，由於我們自2019 財年以來擴大了分銷網絡，每個經銷商地點的平均單位數量MasterCraft 減少了約20%，Crest 減少了37%。宏觀經濟因素，包括利率上升以及信貸標準和可用性收緊，正在造成巨大的不確定性，這限制了我們的零售需求可見性。

In addition, the general expectation for an economic downturn in fiscal 2024 will likely be a headwind for the industry. This backdrop of economic uncertainty has caused us to approach our wholesale production plan for fiscal 2024 with a prudent level of conservatism, and we have developed plans for a range of potential retail demand scenarios. Because of the lower-than-expected retail sales in our fiscal fourth quarter and the uncertain outlook for retail sales, wholesale unit sales for fiscal 2024 will be lower than projected retail sales.

此外，對 2024 財年經濟衰退的普遍預期可能會對該行業構成不利影響。經濟不確定性的背景導致我們以審慎保守的態度對待 2024 財年的批發生產計劃，並且我們已經針對一系列潛在零售需求情景制定了計劃。由於第四財季零售額低於預期且零售額前景不確定，2024 財年批發單位銷售額將低於預期零售額。

Our production plans will allow us to rebalance dealer inventories with anticipated retail demand and keep our dealer pipeline healthy. Our cyclical industry requires periodic rebalancing of wholesale unit sales to retail demand. We've experienced this before, and our industry veteran management team is well prepared to navigate through a challenging economic environment. Based on our current outlook for retail demand, we anticipate returning to net sales growth in fiscal 2024.

我們的生產計劃將使我們能夠根據預期的零售需求重新平衡經銷商庫存，並保持經銷商渠道的健康。我們的周期性行業需要定期重新平衡批發單位銷售與零售需求。我們以前經歷過這種情況，我們的行業資深管理團隊已經做好了應對充滿挑戰的經濟環境的準備。根據我們目前對零售需求的展望，我們預計 2024 財年將恢復淨銷售增長。

Moving on to supply chain. The general environment, including cost inflation and delivery disruption, continues to improve. Limited supplies and longer-than-normal lead times in certain components, including those that utilize microchips and some propulsion components, could continue to intermittently affect our operational efficiency and production schedules. However, we do not expect supply chain disruption to be a constraint on our fiscal year 2024 production.

轉向供應鏈。總體環境，包括成本通脹和交付中斷，持續改善。某些組件（包括那些使用微芯片和一些推進組件的組件）的供應有限和交貨時間比正常情況更長，可能會繼續間歇性地影響我們的運營效率和生產計劃。然而，我們預計供應鏈中斷不會成為我們 2024 財年產量的限制。

Given the uncertain macroeconomic environment, our fortress balance sheet is a significant competitive advantage and provides us with abundant financial flexibility. Despite the cyclical headwinds facing the industry, we are well positioned to pursue our capital allocation priorities, first and foremost of which is investment in growth.

鑑於宏觀經濟環境的不確定性，我們堡壘式的資產負債表具有顯著的競爭優勢，並為我們提供了充足的財務靈活性。儘管該行業面臨週期性逆風，但我們有能力追求我們的資本配置優先事項，其中首要的是增長投資。

We have the ability to grow through multiple approaches, including organically through our existing brands, internal new brand development and acquisitions. We have been laying the foundation for long-term growth by actively investing in targeted initiatives that will take advantage of the industry's positive underlying secular trends. These investments will continue into fiscal 2024 as we prioritize long-term growth and value creation through product line expansion, relentless innovation, and an unyielding focus on the consumer.

我們有能力通過多種方式實現增長，包括通過現有品牌、內部新品牌開發和收購進行有機增長。我們一直在積極投資有針對性的舉措，利用行業積極的潛在長期趨勢，為長期增長奠定基礎。這些投資將持續到 2024 財年，我們將通過產品線擴展、不懈創新和對消費者的堅定關注來優先考慮長期增長和價值創造。

Let me now briefly summarize some of the developments across our brands. At our MasterCraft brand, net sales were $129 million for the quarter, down 12% from the record prior year. Compared to fiscal 2019, however, MasterCraft's net sales were more than 60% higher for the quarter and 50% higher for the year.

現在讓我簡要總結一下我們品牌的一些發展。我們的 MasterCraft 品牌本季度淨銷售額為 1.29 億美元，比去年的最高紀錄下降 12%。然而，與 2019 財年相比，MasterCraft 本季度的淨銷售額增長了 60% 以上，全年增長了 50%。

MasterCraft recently announced its model year 2024 lineup, including a range of new features and enhancements, including the first-ever introduction of powerboat racks. An underwater exhaust now comes standard on the XT, X and XStar S models, while the NXT Series received some upgraded dashes and a standard touchscreen.

MasterCraft 最近宣布了其 2024 年車型陣容，包括一系列新功能和增強功能，其中包括首次推出摩托艇架。水下排氣裝置現已成為 XT、X 和 XStar S 型號的標準配置，而 NXT 系列則配備了一些升級的儀表板和標準觸摸屏。

With the most models available on the market, including the all-new XT25 released in June, MasterCraft offers a boat to meet a wide range of consumer needs. The expansion of 16 model lineup delivers unsurpassed wave performance, the most wave adjustability, exceptional handcrafted quality, unmatched comfort and innovative connectivity through telematics.

MasterCraft 擁有市場上最多的型號，包括 6 月發布的全新 XT25，提供滿足廣泛消費者需求的船隻。 16 款車型陣容的擴展提供了無與倫比的波浪性能、最大的波浪可調節性、卓越的手工品質、無與倫比的舒適度以及通過遠程信息處理的創新連接。

At Crest, net sales were nearly $25 million for the quarter, down 37% from the prior year period. Compared to fiscal 2019, Crest net sales were up 6% for the quarter and more than 44% higher for the full year. Crest recently announced its 2024 model lineup, which redefined excellence within its premium series by focusing on the details that matter most to consumers. The 2024 lineup includes (inaudible) designed Caribbean model, featuring a refreshed helm with upgraded electronics navigation and audio components, all new tower and a new convenient boarding ladder.

Crest 的本季度淨銷售額接近 2500 萬美元，比去年同期下降 37%。與 2019 財年相比，Crest 本季度淨銷售額增長了 6%，全年淨銷售額增長了 44% 以上。 Crest 最近宣布了 2024 年車型陣容，通過關注對消費者最重要的細節，重新定義了其高端系列的卓越性。 2024 年的陣容包括（聽不清）設計的加勒比海型號，其特點是更新的舵機和升級的電子導航和音頻組件、全新的塔架和新的方便登機梯。

George Steinbarger was recently appointed President of Crest, having previously served as our Chief Revenue Officer. We look forward to George leading the next phase of Crest's growth.

George Steinbarger 最近被任命為 Crest 總裁，此前曾擔任我們的首席營收官。我們期待喬治領導佳洁士下一階段的發展。

At Aviara, net sales were nearly $13 million for the quarter, up more than 19% compared to the prior year period, driven by a 17% increase in units and a higher average unit price. Aviara continues to build on its pillars of progressive style, elevated control, modern comfort and quality details by launching the all-new AV28. The AV28 represents the next phase of Aviara's product evolution and will expand the brand's addressable market.

在 Aviara，本季度淨銷售額接近 1,300 萬美元，與去年同期相比增長超過 19%，這得益於銷量增長 17% 和平均單價上漲。 Aviara 推出全新 AV28，繼續以先進風格、提升控制、現代舒適性和優質細節為支柱。 AV28 代表了 Aviara 產品演進的下一階段，並將擴大該品牌的目標市場。

In addition to sterndrive and outboard options, the AV28 series includes the impressive surf-centric forward-facing drive variant, the AV28S. The AV28S utilizes MasterCraft's proprietary SurfStar technology to create the most refined surface experience on the water. Aviara's introduction of surf capabilities and consumer-centric features, such as an innovative folding power hard top, convenient submersible swim platform, are just a few examples how Aviara continues to offer luxury without limits.

除了尾機驅動和舷外選項外，AV28 系列還包括令人印象深刻的以沖浪為中心的前向驅動型號 AV28S。 AV28S 利用 MasterCraft 專有的 SurfStar 技術打造最精緻的水面體驗。 Aviara 推出的衝浪功能和以消費者為中心的功能，例如創新的折疊動力硬頂、方便的潛水游泳平台，只是 Aviara 繼續提供無限奢華的幾個例子。

Aviara is also expanding distribution to additional North American and international markets. This portfolio and distribution expansion positions the brand for long-term net sales and earnings growth.

Aviara 還正在將分銷範圍擴大到其他北美和國際市場。這種產品組合和分銷擴張使該品牌能夠實現長期淨銷售額和盈利增長。

I will now turn the call over to Tim, who will provide a more detailed discussion 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討論。蒂姆？

Thanks, Fred. Focusing on the top line, net sales for the full year were $662 million, an increase of $20.4 million or 3.2%. This increase was primarily due to higher prices, partially offset by decreased unit volumes, increased dealer incentives and changes in model mix. Dealer incentives include higher floor plan financing costs as a result of increased dealer inventories and interest rates and other incentives as the retail environment becomes more competitive.

謝謝，弗雷德。重點關注營收，全年淨銷售額為 6.62 億美元，增長 2,040 萬美元，即 3.2%。這一增長主要是由於價格上漲，但部分被銷量減少、經銷商激勵措施增加和車型組合變化所抵消。經銷商激勵措施包括由於經銷商庫存增加而導致的更高的平面圖融資成本以及隨著零售環境變得更具競爭力而採取的利率和其他激勵措施。

For the year, our gross margin was 25.6%, a decrease of 60 basis points when compared to the prior year. Lower margins were mainly due to higher costs for inflationary pressures, higher dealer incentives, lower cost absorption due to decreased production volumes and changes in model mix, partially offset by higher prices and improved production efficiencies. Operating expenses were $52.8 million for the year, up $800,000 from the prior year. SG&A expenses as a percentage of net sales remained relatively flat as we prudently manage cost.

全年毛利率為25.6%，較上年下降60個基點。利潤率下降主要是由於通脹壓力導致的成本上升、經銷商激勵措施提高、產量下降和車型組合變化導致的成本吸收降低，但部分被價格上漲和生產效率提高所抵消。本年度運營費用為 5,280 萬美元，比上年增加 80 萬美元。由於我們審慎管理成本，SG&A 費用占淨銷售額的百分比保持相對平穩。

Turning to the bottom line. Adjusted net income for the year increased 1.8% to $95 million compared to adjusted net income of $93.3 million for the prior year. Adjusted net income per share increased 6.8% to $5.35 compared to $5.01 for the prior year and was computed using the company's estimated annual effective tax rate of 23%.

轉向底線。本年度調整後淨利潤增長 1.8%，達到 9500 萬美元，而上一年調整後淨利潤為 9330 萬美元。調整後每股淨利潤增長 6.8%，達到 5.35 美元，上一年為 5.01 美元，計算方法為公司估計的年度有效稅率 23%。

The increase in adjusted net income per share was primarily due to higher short-term investment income and reduced share count as a result of our share repurchase program. Adjusted EBITDA increased about 1% to $131.5 million for the year compared to $130.5 million in the prior year. Adjusted EBITDA margin was 19.9%, down 40 basis points from 20.3% in the prior year period.

調整後每股淨利潤的增加主要是由於短期投資收入增加以及我們的股票回購計劃導致的股票數量減少。本年度調整後 EBITDA 增長約 1%，達到 1.315 億美元，而上一年為 1.305 億美元。調整後 EBITDA 利潤率為 19.9%，比上年同期的 20.3% 下降 40 個基點。

As for the fourth quarter results, net sales were $166.6 million, a decrease of $30.7 million or 15.5% compared to the prior year period. The net sales decrease reflects lower unit sales volumes, changes in model mix and increased dealer incentives, partially offset by higher prices.

至於第四季度業績，淨銷售額為1.666億美元，比去年同期減少3070萬美元，即15.5%。淨銷量下降反映出單位銷量下降、車型組合變化以及經銷商激勵措施增加，但部分被價格上漲所抵消。

Gross profit for the fourth quarter was $42.9 million and gross margin was 25.8%, a year-over-year decrease of 320 basis points. Gross margin decreased year-over-year, mainly due to higher dealer incentives, higher costs for inflationary pressures, changes in model mix and lower cost absorption due to decreased production volumes, partially offset by higher prices.

第四季度毛利潤為4290萬美元，毛利率為25.8%，同比下降320個基點。毛利率同比下降，主要是由於經銷商激勵措施提高、通脹壓力導致的成本上升、車型組合變化以及產量下降導致的成本吸收降低，但部分被價格上漲所抵消。

Adjusted income for the quarter was $23.9 million or $1.37 per diluted share, computed using the company's estimated annual effective tax rate of 23%. This compares to adjusted net income of $34.8 million or $1.92 per diluted share for the prior year period.

該季度的調整後收入為 2390 萬美元，即稀釋後每股收益 1.37 美元，按公司 23% 的估計年度有效稅率計算。相比之下，上年同期調整後淨利潤為 3480 萬美元，即稀釋後每股收益 1.92 美元。

Our balance sheet remains incredibly strong as we ended the year with more than $211 million of total liquidity, including more than $111 million of cash and short-term investments and $100 million of availability under our revolving credit facility. We ended the year with no net debt as cash and short-term investments totaled more than twice our outstanding debt balance. Strong earnings and working capital management translated to record cash flow from operations.

我們的資產負債表仍然非常強勁，截至年底，我們的流動資金總額超過 2.11 億美元，其中包括超過 1.11 億美元的現金和短期投資，以及循環信貸額度下的 1 億美元可用資金。截至年底，我們沒有淨債務，因為現金和短期投資總額是我們未償債務餘額的兩倍多。強勁的盈利和營運資金管理轉化為創紀錄的運營現金流。

Cash flow from continuing operations was a record $136 million for the year, an increase of 66% from the prior year. 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 fund strategic growth initiatives.

全年來自持續經營業務的現金流量達到創紀錄的 1.36 億美元，比上年增長 66%。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，以確保整個商業周期的穩健運營以及為戰略增長計劃提供資金的能力。

During the year, we spent nearly $23 million to repurchase more than 870,000 shares of our common stock. At the end of fiscal 2023, we had spent 96% of our initial $50 million program authorized in June of 2021. The $48 million -- the $48 million of cumulative share repurchase during -- since the inception of our share repurchase program, provided a 10% benefit to our fiscal fourth quarter adjusted net income per share and an 8% benefit to our full year adjusted net income per share.

這一年裡，我們花費了近 2300 萬美元回購了超過 87 萬股普通股。截至2023 財年末，我們已支出了2021 年6 月授權的初始5000 萬美元計劃的96%。自股票回購計劃啟動以來，這4800 萬美元（即2023 財年累計股票回購的4800 萬美元）提供了我們第四財季調整後每股淨利潤將受益 10%，全年調整後每股淨利潤將受益 8%。

We recently announced that our Board of Directors approved a new $50 million share repurchase authorization. This new authorization permits us to continue to prudently return excess cash to shareholders, while prioritizing financial flexibility and high-return investments in the business that generate growth and long-term shareholder value.

我們最近宣布，董事會批准了一項新的 5000 萬美元股票回購授權。這項新授權使我們能夠繼續審慎地將多餘現金返還給股東，同時優先考慮財務靈活性和對能夠產生增長和長期股東價值的業務的高回報投資。

And now on to our outlook for fiscal 2024. We expect consolidated net sales to be between $390 million and $420 million, with adjusted EBITDA of between $42 million and $52 million, and adjusted earnings per share of between $1.46 per share and $1.88. We expect capital expenditures to be approximately $22 million for the full year.

現在我們展望2024 財年。我們預計合併淨銷售額將在3.9 億美元至4.2 億美元之間，調整後EBITDA 將在4200 萬美元至5200 萬美元之間，調整後每股收益將在1.46 美元至1.88 美元之間。我們預計全年資本支出約為 2200 萬美元。

For the first quarter fiscal 2024, consolidated net sales is expected to be approximately $98 million, with adjusted EBITDA of approximately $11 million and adjusted earnings per share of approximately $0.41. Importantly, this guidance reflects our view that industry retail unit sales could be down as much as mid-teens percent for fiscal 2024.

2024 財年第一季度，預計合併淨銷售額約為 9800 萬美元，調整後 EBITDA 約為 1100 萬美元，調整後每股收益約為 0.41 美元。重要的是，這一指引反映了我們的觀點，即 2024 財年行業零售單位銷售額可能下降百分之十左右。

Although our guidance reflects a significant decline in earnings from fiscal 2023, we expect to generate positive cash flow, which is a testament to our flexible, highly variable cost structure and proactive cost control efforts.

儘管我們的指導反映了 2023 財年的收益大幅下降，但我們預計將產生正現金流，這證明了我們靈活、高度可變的成本結構和積極主動的成本控制努力。

I'll now turn the call back to Fred for his closing remarks.

現在我將把電話轉回給弗雷德，讓他作結束語。

Thanks, Tim. Our business performed extremely well during fiscal 2023, delivering a third consecutive record-setting year for net sales and earnings. We generated nearly $136 million of operating cash flow, the highest ever cash flow in the company's history.

謝謝，蒂姆。我們的業務在 2023 財年表現非常出色，淨銷售額和淨收入連續第三年創紀錄。我們產生了近 1.36 億美元的運營現金流，這是公司歷史上最高的現金流。

We've returned $48 million of excess cash to our shareholders over the course of the last 2 fiscal years using our share repurchase program, and we have authorized an additional $50 million program. Our strong brands recently announced exciting and innovative model year 2024 product lineups.

在過去的兩個財年中，我們通過股票回購計劃向股東返還了 4800 萬美元的超額現金，並且我們還授權了一項額外的 5000 萬美元的計劃。我們的強大品牌最近宣布了令人興奮和創新的 2024 年車型產品陣容。

We have an enviable balance sheet, providing us with the financial flexibility to ensure sound operations through the business cycle and affording us with the opportunity to pursue our strategic initiatives.

我們擁有令人羨慕的資產負債表，為我們提供了財務靈活性，以確保整個商業周期的穩健運營，並為我們提供了實施戰略舉措的機會。

In short, we are executing well despite the dynamic and uncertain macroeconomic environment. 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.

簡而言之，儘管宏觀經濟環境充滿活力和不確定性，但我們的執行情況良好。我們期待取得強勁的業績，同時繼續致力於追求長期增長機會，從而產生卓越的股東回報。

Operator, you may now open the line for questions.

接線員，您現在可以撥打電話提問。

(Operator Instructions) The first question comes from Craig Kennison with Baird.

（操作員說明）第一個問題來自 Baird 的 Craig Kennison。

You had talked very clearly about inventory and the opportunity to restock the channel last year, and I think you said 1,400 units. How much -- how many units do you think you're heavy by at this point? And are there categories where you think you're particularly heavy?

去年你已經非常清楚地談到了庫存和渠道補貨的機會，我想你說的是 1,400 件。您認為此時您的重量是多少？您認為有哪些類別特別重？

Craig, let me frame it this way, maybe. As you think forward next year in terms of retail versus wholesale and that differential, I would expect us to pull down inventory by 900 units, kind of split between -- almost evenly between Crest and MasterCraft.

克雷格，也許讓我這樣安排吧。當你展望明年的零售與批發以及這種差異時，我預計我們將減少 900 件庫存，在 Crest 和 MasterCraft 之間幾乎各佔一半。

In terms of particular categories, it's not concentrated in any particular area. We do -- we very carefully manage our retail distribution and sold units. So we really don't have any particular area where there's been an accumulation.

從具體品類來看，並不集中在某個特定領域。我們確實如此——我們非常仔細地管理我們的零售分銷和銷售單位。所以我們確實沒有任何特定的區域出現了積累。

And I guess I'm curious what your dealer feedback is. I imagine they're facing elevated floor plan costs. Are they telling you they want to reduce inventory? Or is this more based on what looks like a conservative retail forecast on your part?

我想我很好奇你們的經銷商的反饋是什麼。我想他們面臨著更高的平面圖成本。他們是否告訴您他們想減少庫存？或者這更多地是基於您看來保守的零售預測？

You've been in the industry long enough to know. We finished the summer selling season and nobody really wants to take on significant inventory in that second fiscal quarter. We do it through our programs, right? So that's an area where dealers carry that, and we're able to level production.

你已經在這個行業工作了足夠長的時間來了解。我們結束了夏季銷售季節，沒有人真正願意在第二財季增加大量庫存。我們通過我們的程序來做到這一點，對嗎？所以這是經銷商進行銷售的領域，我們能夠平衡生產。

And then as we get into the following selling season, right, then that's typically -- ideally, if they had (inaudible), they'd like to ramp up their inventory availability. We smooth it out with our program. And we're very, very sensitive to our dealers as partners long run in their financial health. So -- that's why we used off the throttle very early and leveled out our production throughout the year, take some pressure off of them.

然後，當我們進入下一個銷售季節時，對，那麼這通常是 - 理想情況下，如果他們有（聽不清），他們希望增加庫存可用性。我們用我們的程序來解決這個問題。我們對經銷商非常非常敏感，因為他們是長期的財務健康合作夥伴。所以——這就是為什麼我們很早就放慢了節奏，全年穩定了我們的產量，減輕了他們的壓力。

And I guess, if I could squeeze in one more, Tim, as we think about lower production, to what extent does that lower production weigh on your gross margin outlook?

我想，蒂姆，當我們考慮產量下降時，如果我可以再擠進一個，那麼產量下降對您的毛利率前景有何影響？

Yes, it's significant. It's probably in the neighborhood of just on overhead absorption, 400 basis points. And obviously, we do leverage some on our operating expenses as well.

是的，這很重要。它可能在間接費用吸收附近，400 個基點。顯然，我們也確實利用了一些運營費用。

The next question comes from Joe Altobello with Raymond James.

下一個問題來自喬·阿爾托貝洛和雷蒙德·詹姆斯。

It's Martin Mitela, on for Joe Altobello. I was wondering if you can give a little bit more color around the tightening credit standards and how that's affecting. Is it the consumers or is it also the dealers as well?

我是馬丁·米特拉（Martin Mitela），替補喬·阿爾托貝洛（Joe Altobello）。我想知道您是否可以對收緊信貸標準及其影響進行更多說明。是消費者還是經銷商呢？

Martin, it's George. I think it's -- principally when we talk about the credit standards, we're really talking about the consumer. We've seen the tightening standards, both increasing pricing and then also limiting people's ability to actually get financing to close on some boat deals.

馬丁，是喬治。我認為，主要是當我們談論信用標準時，我們真正談論的是消費者。我們看到了標準的收緊，既提高了定價，又限制了人們實際獲得融資以完成某些船舶交易的能力。

So it is a combination of both the pricing, and that's impacting the monthly payments that consumers are getting quoted from the banks and the dealers based on the rate they're getting. But also, in some cases, we've seen some consumers not be able to get financing due to lenders being more aggressive with their underwriting standards.

因此，這是定價的結合，這會影響消費者根據他們獲得的利率從銀行和經銷商處獲得的每月付款。但在某些情況下，我們也看到一些消費者由於貸款機構的承保標準更加激進而無法獲得融資。

Got it. And just moving on to Aviara, I know you have a new model out. How does that expand its addressable market? And how is the pricing compared to some of the competitors?

知道了。接下來是 Aviara，我知道你們推出了新型號。這如何擴大其潛在市場？與一些競爭對手相比，定價如何？

It'll be priced competitively with the premium offerings in that category, the luxury day boat and in this case, the expanded surf-centric capabilities. In terms of addressable market, I mean, it's a [pyramidion] volume typically within boating as size decreases.

其定價將與該類別的高端產品、豪華日間船以及在這種情況下擴展的以沖浪為中心的功能相比具有競爭力。就潛在市場而言，我的意思是，隨著尺寸的減小，通常在划船領域形成一個[金字塔]體積。

So as we move down into lower size ranges, there are many more units down there available. We're very excited about that market and the opportunity. It's a big part of Aviara's growth for this year, particularly in the second half of the year.

因此，當我們進入較小尺寸範圍時，還有更多可用單元。我們對這個市場和機會感到非常興奮。這是 Aviara 今年（尤其是下半年）增長的重要組成部分。

The next question comes from Drew Crum with Stifel.

下一個問題來自 Drew Crum 和 Stifel。

You noted a variety of retail scenarios, including units being down in the mid-teens range. Can you address how you're approaching price this year? And then I guess just from a phasing perspective, what is your forecast to assume? Are you assuming things get progressively worse as you move through the year or they moderate? And then I have a follow-up.

您注意到了各種零售情況，包括單位數量下降到十幾歲左右。您能談談今年的價格策略嗎？然後我想從分階段的角度來看，您的預測會是什麼？您是否認為隨著這一年的推移，情況會變得越來越糟，或者情況會有所緩和？然後我有一個後續行動。

Let me start with pricing. Think about low to mid-single digits as a range of price increases, pretty similar, pretty tight across our brands. So back to kind of pre-COVID type levels of price increase for us. I'm sorry, the second question was?

讓我從定價開始。將低至中個位數視為一系列價格上漲，在我們的品牌中非常相似且非常緊張。回到新冠疫情之前的價格上漲水平。抱歉，第二個問題是？

Yes. Fred, just what you're assuming from a phasing perspective as you move through the fiscal year as far as retail is concerned?

是的。弗雷德，就零售業而言，您從本財年的分階段角度來看是怎樣的假設？

Okay. Yes, I think that's important. We're looking at this current environment and the uncertainty and the headwinds and assuming the current conditions continue. So what's really important here is how you think about the next summer selling season.

好的。是的，我認為這很重要。我們正在研究當前的環境、不確定性和逆風，並假設當前的情況持續下去。因此，真正重要的是您如何看待下一個夏季銷售季節。

And if that -- if in fact, we're through the worst of the economy, and there's some uptick, if we're through with rate increases and potentially, there's even a rate decrease by them, I think we've got upside, but we did not build that into our plan. Our plan assumes kind of this continuing malaise, if you will, of not better and not dramatically worse, just kind of continuing to slug along as we are.

如果事實上我們已經度過了經濟最糟糕的時期，並且出現了一些上升，如果我們完成了加息，甚至可能會降息，我認為我們還有上行空間，但我們沒有將其納入我們的計劃中。我們的計劃假設這種持續的不適，如果你願意的話，不會更好，也不會急劇惡化，只是繼續像我們現在這樣艱難地前進。

Got it. Okay. That's helpful. And then just a quick follow-up. Can you comment on your share performance with the MasterCraft brand over the last 12 months in the most recent quarter, if you have that available?

知道了。好的。這很有幫助。然後進行快速跟進。您能否評論一下最近一個季度過去 12 個月內 MasterCraft 品牌的股票表現（如果有的話）？

Drew, so the June data is still preliminary, but based on the preliminary data on a rolling 12 basis, MasterCraft's flat, if not maybe slightly down a couple basis points there. We think that will improve as more states report and the June official data comes out.

德魯，所以 6 月份的數據仍然是初步的，但根據滾動 12 的初步數據，MasterCraft 的數據持平，甚至可能略有下降幾個基點。我們認為，隨著更多州的報告和 6 月份官方數據的公佈，情況將會有所改善。

Our view on market share is we try to take a more long-term view. And if you look more long-term historical, the MasterCraft brand has actually been the leading and in the ski/wake category for the last 6 years. So we're pretty proud of that sustainability. And I think when you look at some of the competitors that are seeing market share growth, in some cases, they're actually coming off with market share losses over the last couple of years.

我們對市場份額的看法是我們試圖採取更長遠的眼光。如果你看更長遠的歷史，MasterCraft 品牌實際上在過去 6 年裡一直是滑雪/尾流類別中的領先者。因此，我們對這種可持續性感到非常自豪。我認為，當你觀察一些市場份額增長的競爭對手時，在某些情況下，他們實際上在過去幾年中經歷了市場份額的損失。

So we're looking at market share more on a long-term, sustainable and profitable nature, which has been consistent with our view of market share since we've gone public.

因此，我們更多地從長期、可持續和盈利的角度來看待市場份額，這與我們上市以來對市場份額的看法是一致的。

The next question comes from Eric Wold with B. Riley Securities.

下一個問題來自 B. Riley Securities 的 Eric Wold。

A couple of questions. I guess one kind of a follow-up on prior comments kind of around demand levels and consumers getting the ability to get some credit financing returns they want.

有幾個問題。我想這是對先前評論的一種後續行動，圍繞需求水平和消費者獲得他們想要的一些信貸融資回報的能力。

Were you able to kind of think around with any kind of promotional activity or discounting kind of throughout the quarter or into this quarter that could give you some, I don't say confidence, but just some insight into. If you discount it enough, we got prices down at a level where you could actually drive demand and kind of really boost demand at a level that was still profitable for you? Or is it really just -- it's tough to get down to a level right now where consumers are that really can drive that level of interest?

您是否能夠考慮整個季度或本季度的任何類型的促銷活動或折扣，這可以給您帶來一些，我不是說信心，而是一些洞察力。如果你打折得足夠多，我們就把價格降到了一個水平，你可以真正推動需求，並且確實將需求提高到對你來說仍然有利可圖的水平？或者，這真的只是——現在很難達到消費者真正能夠激發這種興趣的水平嗎？

No, I mean, I would say, Eric, we have certainly utilized discount programs with our dealers and partners with our dealers to help them move inventory. And I would say we've seen pockets of strength where we've seen that really help move the needle in retail. We've seen other areas where we haven't seen it move the needle as much. And I think part of that is where -- a lot of it depends on where the competitors, what their positions are in certain geographies and how aggressive they're being.

不，我的意思是，我想說，埃里克，我們當然利用了與我們的經銷商和合作夥伴的折扣計劃來幫助他們轉移庫存。我想說的是，我們已經看到了一些真正有助於推動零售業發展的力量。我們還看到了其他一些領域，但我們並沒有看到它有那麼大的進展。我認為部分原因在於——很大程度上取決於競爭對手在哪裡、他們在某些地區的地位以及他們的積極性。

So you really have to look at it on a market-by-market basis and really adjust to what the competitors and the local dealers are doing. So we will continue to utilize programs as an avenue to help our dealers sell through the inventory they have and help them enter into the next selling season in a more healthy position and obviously willing to take more boat orders.

因此，您確實必須逐個市場地看待它，並真正適應競爭對手和當地經銷商的做法。因此，我們將繼續利用計劃作為一種途徑，幫助我們的經銷商銷售他們擁有的庫存，並幫助他們以更健康的狀態進入下一個銷售季節，並且顯然願意接受更多的船舶訂單。

And so we'll continue to tinker with those. I think interest rates right now is probably the biggest opportunity where we can get more creative and try to help our consumers with finding a monthly payment price that suits their budgetary needs, and that's certainly something that we've -- we'll continue to look into and have an opportunity.

因此我們將繼續修改這些內容。我認為現在的利率可能是最大的機會，我們可以發揮更多創造力，並嘗試幫助我們的消費者找到適合他們預算需求的每月付款價格，這當然是我們已經 - 我們將繼續看看並有機會。

And then last question, you mentioned some opportunity to expand Aviara domestically and internationally enter the distribution. Given your outlook for the retail demand environment for fiscal '24, what is your desire to expand the dealership network for Crest this year? And kind of what's baked in there for either Crest and Aviara, given that malaise for the fiscal year?

最後一個問題，您提到了一些擴大 Aviara 國內和國際分銷的機會。鑑於您對 24 財年零售需求環境的展望，您今年擴大 Crest 經銷網絡的願望是什麼？考慮到本財年的低迷狀況，Crest 和 Aviara 有何計劃？

Yes. So Eric, on the Crest front, we're still seeing strong interest from dealers to add the Crest brand. We added about 25 dealers last year -- last fiscal year and our plan this year is to continue to add distribution. Some of that distribution, we've been talking to for a while and others, we continue to have discussions.

是的。 Eric，在佳洁士方面，我們仍然看到經銷商對添加佳洁士品牌的強烈興趣。去年（上一財年）我們增加了約 25 家經銷商，今年我們的計劃是繼續增加分銷。我們已經與其中一些發行版討論了一段時間，而對於其他發行版，我們將繼續進行討論。

Obviously, some dealers are coming into the new relationship with Crest, with maybe a little heavy inventory on some of their other products. So we're working through that, but still seeing really positive willingness to take on the brand and we're excited for getting into some markets where we've not previously had distribution or strong distribution.

顯然，一些經銷商正在與佳洁士建立新的關係，他們的一些其他產品的庫存可能有點大。因此，我們正在解決這個問題，但仍然看到了接受該品牌的積極意願，我們很高興進入一些我們以前沒有分銷或強大分銷的市場。

On Aviara, I would say the interest level remains very strong. We've gotten a lot of interest from dealers internationally and in some domestic markets where our MarineMat doesn't have a location. And so we're pursuing those aggressively.

我想說，對於 Aviara，人們的興趣仍然非常濃厚。我們引起了國際經銷商和一些尚未部署 MarineMat 的國內市場的極大興趣。因此，我們正在積極追求這些目標。

We think the product that we're offering at Aviara, there's nothing like it in the marketplace. And with the introduction of the new 28 model, that only further expands the addressable market of new dealers that are interested in carrying the brand. So very excited about the growth opportunities we have in distribution with Aviara.

我們認為我們在 Aviara 提供的產品在市場上是獨一無二的。隨著新 28 車型的推出，只會進一步擴大有興趣攜帶該品牌的新經銷商的潛在市場。我們對 Aviara 分銷方面的增長機會感到非常興奮。

That was launched recently and extremely well received. We are -- I couldn't be more optimistic about that product offering and the expansion.

該產品最近推出並非常受歡迎。我們——我對產品供應和擴張非常樂觀。

I show no further questions at this time. This concludes today's conference call. Thank you for participating. You may now disconnect.

我目前沒有提出任何進一步的問題。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。