Mastercraft Boat Holdings Inc (MCFT) 2024 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to Q2 2024 MasterCraft Boat Holdings, Inc. Earnings Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded.

女士們先生們，謝謝你們的支持。歡迎參加 2024 年第二季 MasterCraft Boat Holdings, Inc. 財報電話會議。 （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 Bobby Potter, Vice President of Strategy and Investor Relations. Please go ahead.

現在我想將會議交給策略和投資者關係副總裁 Bobby Potter。請繼續。

Thank you, operator, and welcome, everyone. Thank you for joining us today as we discuss MasterCraft's second quarter performance for fiscal 2024. As a reminder, today's call is being webcast live and will also be archived on our website for listing.

謝謝運營商，歡迎大家。感謝您今天加入我們，我們將討論 MasterCraft 2024 財年第二季的業績。謹此提醒，今天的電話會議正在進行網路直播，並將存檔在我們的網站上以供清單。

With me on this morning's call are Fred Brightbill, Chief Executive Officer and Chairman; and Tim Oxley, Chief Financial Officer. Fred will begin with a review of our operational highlights from the second quarter. Tim will then discuss our financial performance for the quarter. Then Fred will provide 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執行長兼董事長 Fred Brightbill；奧克斯利（Tim Oxley），財務長。弗雷德將首先回顧我們第二季度的營運亮點。然後蒂姆將討論我們本季的財務業績。然後，在我們開始問答之前，弗雷德將發表一些結束語。

Before we begin, we would like to remind participants that the information contained in this call is current only as of today, February 7, 2024. 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.

在開始之前，我們想提醒參與者，本次電話會議中包含的資訊僅截至今天（2024 年 2 月 7 日）。本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 will provide the most directly comparable GAAP measure in today's press release. This includes a reconciliation of these non-GAAP measures to our GAAP results. There is 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。對於每項非公認會計準則衡量標準，我們將在今天的新聞稿中提供最直接可比較的公認會計準則衡量標準。這包括將這些非公認會計原則衡量標準與我們的公認會計原則結果進行調整。我們網站的投資者部分還有一個投影片總結了我們的財務表現。

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

提醒一下，除非另有說明，以下評論是在持續經營的基礎上做出的。這樣我就把電話轉給弗雷德。

Thank you, Bobby, and good morning, everyone. Our business performed well during the second quarter as we delivered better-than-expected results despite continuing macroeconomic uncertainty in a highly competitive retail environment.

謝謝你，鮑比，大家早安。儘管在競爭激烈的零售環境中宏觀經濟持續存在不確定性，但我們的業務在第二季表現良好，業績優於預期。

Near term, we remain focused on rebalancing dealer inventories with anticipated demand to ensure the health of our dealer network. Despite near-term challenges, our portfolio of consumer-centric brands, a highly variable cost structure and our strong balance sheet provide us with the confidence to continue to invest in long-term growth initiatives.

短期內，我們仍然專注於根據預期需求重新平衡經銷商庫存，以確保經銷商網路的健康發展。儘管近期面臨挑戰，但我們以消費者為中心的品牌組合、高度可變的成本結構和強勁的資產負債表使我們有信心繼續投資於長期成長計畫。

In addition to maintaining a resilient balance sheet and investing for the future, our disciplined approach to capital allocation allows us the flexibility to return cash to shareholders through our share repurchase program, views regarding the economic outlook are mixed and uncertain, which is limiting retail demand visibility.

除了保持有彈性的資產負債表和投資未來外，我們嚴格的資本配置方法使我們能夠靈活地透過股票回購計畫向股東返還現金，但對經濟前景的看法褒貶不一且不確定，這限制了零售需求能見度。

Recently, we observed some relatively positive indications that favor cautious optimism, including the expectation for lower interest rates, improving consumer sentiment and unexpectedly strong GDP growth.

最近，我們觀察到一些相對積極的跡象，包括利率下降的預期、消費者信心的改善以及GDP意外強勁的成長，這些跡像有利於謹慎樂觀。

We continue to monitor retail results and assess the overall business and economic environment. We are confident that our flexible operating model will allow us to mitigate near-term risk and capitalize on the upside when we return to growth. Although inventories modestly increased during the quarter, seasonal increase was less than typical in pre-COVID periods.

我們繼續監控零售業績並評估整體商業和經濟環境。我們相信，靈活的營運模式將使我們能夠減輕短期風險，並在恢復成長時充分利用上行空間。儘管本季庫存略有增加，但季節性成長低於新冠疫情爆發前的典型水準。

We prioritized pipeline rebalancing and dealer health as we enter fiscal 2024. Other industry participants are now signaling softening demand while pairing their expectations significantly in some cases. We believe the decisive action we took to rightsize our production plan from the start of fiscal 2024 has allowed us to transition to a more historical pattern of inventory build and destock.

進入 2024 財年，我們優先考慮管道再平衡和經銷商健康狀況。其他行業參與者現在發出需求疲軟的信號，同時在某些情況下大幅調整他們的預期。我們相信，從 2024 財年開始，我們為調整生產計劃而採取的果斷行動，使我們能夠過渡到更具歷史意義的庫存建設和去庫存模式。

Dealer inventory units normally increased to a relative peak during our fiscal third quarter before declining throughout the summer selling season. While dealer inventories remain higher than we consider optimum, we expect levels to improve by the end of the fiscal year. As other inventory -- excuse me, as other industry participants begin to react to lower demand, the retail environment has become increasingly competitive.

經銷商庫存單位通常會在第三財季增加到相對峰值，然後在整個夏季銷售季節下降。雖然經銷商庫存仍高於我們認為的最佳水平，但我們預計到本財年末水準將有所改善。對不起，隨著其他庫存的增加，隨著其他行業參與者開始對需求下降做出反應，零售環境的競爭也變得越來越激烈。

Dealers continue to focus on destocking to manage dealer -- to manage inventory levels and reduce floor plan costs. The resulting increase in promotional activity is pressuring margins across the industry. Results from early boat shows are mixed, although many of the latest shows have exceeded expectations. We anticipate that retail activity will support our range of wholesale expectations.

經銷商繼續專注於去庫存以管理經銷商——管理庫存水準並降低平面圖成本。由此導致的促銷活動增加對整個行業的利潤帶來壓力。儘管許多最新的船展都超出了預期，但早期船展的結果卻是好壞參半。我們預計零售活動將支援我們的批發預期範圍。

The environment is very competitive as inventory availability has improved providing consumers with more choices. The good news is that there are buyers. However, a general lack of urgency is contributing to increased promotional activity. Our dealer inventory levels and production plans position our dealers to capitalize on the remaining boat shows in the upcoming summer selling season.

由於庫存可用性的改善為消費者提供了更多選擇，因此環境競爭非常激烈。好消息是有買家。然而，普遍缺乏緊迫感導致促銷活動增加。我們的經銷商庫存水準和生產計劃使我們的經銷商能夠在即將到來的夏季銷售季節利用剩餘的船展。

We expect to have a clear picture of retail demand as we progress through our third and fourth quarters. Despite the cyclical headwinds facing the industry, we are well positioned to pursue our capital allocation priorities, including investment in long-term growth. We are prudently investing in targeted initiatives that will take advantage of the industry's positive underlying secular trends.

隨著第三季和第四季的進展，我們預計將對零售需求有清晰的了解。儘管該行業面臨週期性逆風，但我們仍處於有利地位，可以追求我們的資本配置優先事項，包括對長期成長的投資。我們正在謹慎地投資於有針對性的舉措，這些舉措將利用該行業積極的潛在長期趨勢。

I will briefly discuss one such initiative as I review the operational results of our brands. With our financial position secured and our current strategic growth initiatives fully funded, we expect to continue to allocate most of our free cash flow for the year to our EPS accretive share repurchase program.

在回顧我們品牌的營運表現時，我將簡要討論其中一項舉措。在我們的財務狀況得到保障且目前的策略性成長計畫得到充分資助的情況下，我們預計將繼續將今年大部分的自由現金流分配給我們的每股盈餘增值股票回購計畫。

Our balance sheet and capital allocation framework provides us with flexibility to adjust our stance from cautious to optimistic, depending on our view of the cycle. Given the currently suppressed marine environment, and near-term uncertainty, we will remain opportunistic in our approach to grow through M&A.

我們的資產負債表和資本配置框架為我們提供了靈活性，可以根據我們對週期的看法，將我們的立場從謹慎調整為樂觀。鑑於目前海洋環境受到抑制，以及近期的不確定性，我們將繼續透過併購來成長。

Let me now briefly review some of the latest developments across our brands. our MasterCraft brand, net sales were $73 million for the quarter, down 33% from the record prior year period. The decrease in net sales was in line with our expectations given the planned production decrease to rebalance dealer inventories in response to lower retail demand.

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 品牌本季淨銷售額為 7,300 萬美元，比去年同期創紀錄的下降 33%。鑑於零售需求下降而計劃減少產量以重新平衡經銷商庫存，淨銷售額的下降符合我們的預期。

MasterCraft team is actively supporting our dealer partners at boat shows occurring across the country and globally. MasterCraft performed particularly well at the Atlanta, Seattle and Salt Lake City shows. At Crest, net sales were $17 million for the quarter, down 54% from the prior year period as expected due to a pullback in production to align with retail demand.

MasterCraft 團隊在全國和全球舉辦的船舶展上積極支持我們的經銷商合作夥伴。 MasterCraft 在亞特蘭大、西雅圖和鹽湖城的展會上表現尤其出色。 Crest 的本季淨銷售額為 1,700 萬美元，比上年同期下降 54%，正如預期的那樣，由於產量減少以適應零售需求。

Early boat show results have been mixed, but encouraging as consumer interest in pontoons has been better than anticipated. However, consumers lack a sense of urgency and the sales cycle is taking longer than expected in the last few years. Crest performed particularly well at Minneapolis show, the largest pontoon market in the U.S., along with the Chicago, Atlanta and Detroit shows.

早期的船舶展結果好壞參半，但令人鼓舞的是，消費者對浮橋的興趣比預期好。然而，消費者缺乏緊迫感，近年來銷售週期比預期要長。佳潔士在美國最大的浮橋市場明尼阿波利斯展會以及芝加哥、亞特蘭大和底特律展會上表現尤其出色。

On the strategic front, we will be launching a new pontoon brand for model year 2025 that will be built in our Crest facility. This new brand was conceived through our consumer-centric approach to strategic planning and we'll be focused on targeting affluent customer with an elevated on-water and in-water experience.

在策略方面，我們將推出 2025 年款的新浮橋品牌，該品牌將在我們的 Crest 工廠生產。這個新品牌是透過我們以消費者為中心的策略規劃方法構思的，我們將專注於以提升水上和水中體驗為目標的富裕客戶。

We will be launching the brand to consumers in the spring and look forward to sharing more information on this exciting growth initiative with investors on our next earnings call. At Aviara, net sales were $10 million for the quarter down 30% compared to the prior year period. During the quarter, Aviara was focused on the ramp-up of the all-new AV28, an impressive product platform consisting of 4 distinct model variants.

我們將於春季向消費者推出該品牌，並期待在下一次財報電話會議上與投資者分享有關這項令人興奮的成長計劃的更多資訊。 Aviara 本季淨銷售額為 1,000 萬美元，比去年同期下降 30%。本季度，Aviara 專注於全新 AV28 的升級，這是一個令人印象深刻的產品平台，由 4 種不同的型號組成。

We expect the AV28 production to continue to ramp up for the remainder of the year. Aviara has also expanded its distribution network by adding 8 new domestic and international points of distribution fiscal year-to-date. Boat show results for Aviara have been mixed, but we are encouraged by the results at some shows, including New York and Seattle.

我們預計 AV28 的產量將在今年剩餘時間內繼續增加。本財年迄今為止，Aviara 還透過增加 8 個新的國內和國際分銷點來擴大其分銷網絡。阿維亞拉 (Aviara) 遊艇展的結果好壞參半，但我們對包括紐約和西雅圖在內的一些展會的結果感到鼓舞。

We recently hired Mike O'Connell, a 30-year industry veteran to be President of Aviara, Mike's senior leadership roles at several boat manufacturers gives him a wealth of experience and knowledge that he will leverage to improve Aviara's operational performance and execute its growth strategy.

我們最近聘請了擁有30 年行業經驗的Mike O'Connell 擔任Aviara 總裁，Mike 在多家船舶製造商擔任的高級領導職務使他擁有豐富的經驗和知識，他將利用這些經驗和知識來提高Aviara 的營運績效並執行其成長策略。

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，他將對我們的財務表現進行更詳細的討論。提姆？

Thanks, Brad. Focusing on the top line, net sales for the quarter were $99.5 million, a decrease of $59.7 million or 38% from the record prior year period. This decrease was primarily due to lower unit sales volume and an increase in dealer incentives partially offset by higher prices and favorable mix.

謝謝，布拉德。重點關注營收，本季淨銷售額為 9,950 萬美元，比去年同期創紀錄的水準減少 5,970 萬美元，即 38%。這一下降主要是由於單位銷售下降以及經銷商激勵措施的增加，部分被價格上漲和有利的組合所抵消。

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 remains very competitive. For the fourth quarter, our gross margin was 18.8%, a decrease of 520 basis points when compared to the prior year period.

經銷商的激勵措施包括由於經銷商庫存和利率增加而導致的更高的平面圖融資成本，以及由於零售環境仍然非常競爭而採取的其他激勵措施。第四季度，我們的毛利率為18.8%，較去年同期下降520個基點。

Lower margins were the result of lower cost absorption due to planned decreased production volume, higher dealer incentives and higher costs related to material labor and overhead inflation partially offset by higher prices. Operating expenses were relatively consistent for the second quarter of fiscal 2024 compared to the prior year period.

利潤率下降是由於計劃產量減少、經銷商激勵措施增加以及與材料勞動力和間接費用通膨相關的成本上升導致成本吸收降低，但部分被價格上漲所抵消。與去年同期相比，2024 財年第二季的營運支出相對穩定。

In pursuit of growth initiatives, we continue to invest in product development and marketing. Turning to the bottom line, adjusted net income for the year decreased to $6.3 million or $0.37 per diluted share, computed using estimated annual effective tax rate of 22%. This compares to adjusted net income of $21.3 million or $1.20 for the prior year period, computed using a tax rate of 23%.

為了追求成長舉措，我們持續投資於產品開發和行銷。談到底線，以 22% 的預計年度有效稅率計算，當年調整後淨利潤下降至 630 萬美元，即稀釋後每股收益 0.37 美元。相比之下，以 23% 的稅率計算，去年同期調整後淨利潤為 2,130 萬美元或 1.20 美元。

Adjusted EBITDA decreased to $9.8 million for the quarter compared to $29.8 million in the prior year period. Adjusted EBITDA margin was 9.8%, down 890 basis points from 18.7% in the prior year period. Our balance sheet remains incredibly strong as we ended the quarter with nearly $209 million of total liquidity, including nearly $109 million of cash and short-term investments and $100 million of availability under our revolving credit facility.

本季調整後 EBITDA 降至 980 萬美元，去年同期為 2,980 萬美元。調整後 EBITDA 利潤率為 9.8%，較上年同期的 18.7% 下降 890 個基點。我們的資產負債表仍然非常強勁，本季末我們的流動資金總額接近 2.09 億美元，其中包括近 1.09 億美元的現金和短期投資以及我們循環信貸額度下的 1 億美元的可用資金。

We ended the quarter with no debt as cash and short-term investments exceed our outstanding debt balance. Year-to-date, we have generated more than $19 million of cash flow from operations. 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.

本季結束時，我們沒有債務，因為現金和短期投資超過了我們的未償債務餘額。年初至今，我們的營運現金流已超過 1,900 萬美元。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，以確保整個商業週期的穩健運營以及為戰略增長計劃提供資金的能力。

During the quarter, we spent approximately $4.4 million to repurchase more than 214,000 shares of our common stock. Since initiating our share repurchase program in the June of 2021, we spent more than $58 million to repurchase over 2.3 million shares. These cumulative repurchases provided a 13% benefit for our fiscal second quarter adjusted net income per share.

本季度，我們花了約 440 萬美元回購了超過 214,000 股普通股。自 2021 年 6 月啟動股票回購計畫以來，我們花了超過 5,800 萬美元回購了超過 230 萬股股票。這些累計回購為我們第二財季調整後每股淨利帶來了 13% 的收益。

We expect to continue to return cash to shareholders while prioritizing financial flexibility and high return investments in the business that generate growth and long-term shareholder value.

我們預計將繼續向股東返還現金，同時優先考慮財務靈活性和對能夠產生成長和長期股東價值的業務的高回報投資。

Looking forward, we are narrowing our guidance range for the full year. Consolidated net sales is now expected to be between $400 million and $412 million with adjusted EBITDA between $42 million and $47 million and adjusted earnings per share of $1.53 and $1.78. We also now expect cash flow expenditures to be approximately $20 million for the full year.

展望未來，我們將縮小全年指導範圍。目前，合併淨銷售額預計將在 4 億美元至 4.12 億美元之間，調整後 EBITDA 將在 4,200 萬美元至 4,700 萬美元之間，調整後每股收益將在 1.53 美元至 1.78 美元之間。我們現在也預計全年現金流支出約為 2000 萬美元。

For the third quarter of fiscal 2024, consolidated net sales is expected to be approximately $92 million with adjusted EBITDA of approximately $7 million and adjusted earnings per share of approximately $0.23. Although our guidance reflects a significant decline in earnings from fiscal 2023, we expect to generate positive free cash flow, which is a testament to our flexible, highly variable cost structure and proactive cost control efforts.

2024 財年第三季度，預計合併淨銷售額約為 9,200 萬美元，調整後 EBITDA 約為 700 萬美元，調整後每股收益約為 0.23 美元。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的自由現金流，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. As we continued our focus on rebalancing dealer inventories, our business performed well during the second quarter by delivering better-than-expected results despite the continuing economic uncertainty in a highly competitive retail environment.

謝謝，蒂姆。儘管競爭激烈的零售環境中經濟持續存在不確定性，但隨著我們繼續專注於經銷商庫存的再平衡，我們的業務在第二季度表現良好，業績好於預期。

We continue to exercise a disciplined approach to capital allocation. Over the past 2 years, we've returned more than $58 million of excess cash to our shareholders through our share repurchase program. Our strong balance sheet provides us with financial flexibility and affords us the opportunity to pursue our strategic growth initiatives.

我們繼續對資本配置採取嚴格的方法。在過去的兩年裡，我們透過股票回購計畫向股東返還了超過 5,800 萬美元的超額現金。我們強大的資產負債表為我們提供了財務靈活性，並為我們提供了追求策略成長計畫的機會。

The upcoming launch of our exciting new pontoon brand is an example of why we are confident in our ability to deliver long-term growth for our shareholders. As we move beyond inventory rebalancing, we are determined to leverage our strong and growing portfolio of brands, deliver on our commitments, pursue long-term growth opportunities and generate exceptional shareholder returns.

我們即將推出令人興奮的新浮橋品牌，這是我們對為股東實現長期成長的能力充滿信心的一個例子。當我們超越庫存重新平衡時，我們決心利用我們強大且不斷增長的品牌組合，兌現我們的承諾，追求長期成長機會並創造卓越的股東回報。

Operator, you may now open the line for questions.

接線員，現在可以撥打電話提問。

(Operator Instructions)

（操作員說明）

The first question comes from Joe Altobello with Raymond James.

第一個問題來自喬·阿爾托貝洛和雷蒙德·詹姆斯。

So first question I wanted to ask about the guidance. It implies a sequential decline in sales and EBITDA from Q2 to Q3, which is unusual. Is that -- is that all due to heightened promotional activity or are there other dynamics going on in the business?

所以我想問的第一個問題是關於指導的。這意味著從第二季到第三季銷售額和 EBITDA 連續下降，這是不尋常的。這是否是由於促銷活動的加強所致，或者業務中是否有其他動態？

There are other dynamics, Joe. For instance, we were shut down for a full week of production due to snow here in Tennessee, known ice storm affected production at Crest as well. The other thing we're doing is making sure we allow our dealers some breathing room to clear their decks -- clear the decks for additional inventory in Q4.

還有其他動力，喬。例如，由於田納西州降雪，我們的生產被關閉了整整一周，眾所周知的冰暴也影響了克雷斯特的生產。我們正在做的另一件事是確保我們給我們的經銷商一些喘息空間來清理他們的甲板——清理甲板以在第四季度增加庫存。

Okay. That's helpful, Tim. And maybe in terms of units this year, I think the expectation at least 3 months ago was units would be down over 40%. Is that still the case? And if so, does that get field inventories to where you need them to be by fiscal year-end.

好的。這很有幫助，蒂姆。也許就今年的單位數量而言，我認為至少 3 個月前的預期是單位數量將下降 40% 以上。現在還是這樣嗎？如果是這樣，現場庫存是否會在財政年度結束前達到您需要的水平。

That's what we are expecting, Joe.

這就是我們所期待的，喬。

Okay. And so it sounds like you guys will exit the fiscal year clean, if you will, from an inventory perspective.

好的。因此，從庫存角度來看，如果你們願意的話，聽起來你們將乾淨地結束本財年。

Absolutely. And keep in mind the fourth quarter our retail will determine exactly where we land.

絕對地。請記住，第四季度我們的零售將準確地決定我們的著陸點。

The next question comes from Craig Kennison with Baird.

下一個問題來自 Craig Kennison 和 Baird。

I wanted to start with just a question, Fred, on your perspective on the health of your dealer network. We know they're under a lot of strain with skinny margins and excess floor plan costs, but how would you characterize the health of your dealer network?

弗雷德，我想先問一個問題，關於您對經銷商網路健康狀況的看法。我們知道他們面臨著利潤微薄和平面圖成本過高的巨大壓力，但您如何評估經銷商網路的健康狀況？

I would characterize it overall as very good. And that's not to say that there isn't an occasional issue here or there, but it's been very sporadic and isolated, but certainly, as you've indicated, dealers are, in general, heavily inventoried, incurring additional costs, and they're selling at very tight margins, which is not a long-term sustainable situation. We don't expect them to be in that situation long term. We expect to get through this and be able to return to more normal conditions.

我認為整體來說非常好。這並不是說這裡或那裡不存在偶爾的問題，但它是非常零星和孤立的，但當然，正如你所指出的，經銷商一般來說庫存量很大，會產生額外的成本，而且他們”以非常低的利潤轉售，這不是長期可持續的情況。我們預計他們不會長期處於這種情況。我們希望能夠度過這一難關，並且能夠恢復到更正常的狀態。

Craig, I would add, we monitor the dealers health. We've been watching it very closely. We have a monthly meeting with the floor plan companies to make sure there are no early warning signs of duress, and we'll continue that through the season.

克雷格，我想補充一點，我們監控經銷商的健康狀況。我們一直在非常密切地關注它。我們每月與平面圖公司舉行一次會議，以確保沒有脅迫的預警信號，我們將在整個季節繼續這樣做。

Is there a way to frame the number of units by which you exceed maybe target inventory levels in the channel?

有沒有辦法確定超出渠道目標庫存水準的單位數量？

Well, the way we think about it, Craig, is again where we're trying to end up at the end of the year. And this year, we still expect to pull out somewhere between 600 and 800 units.

好吧，克雷格，我們的想法也是我們在年底努力實現的目標。今年，我們仍預計將推出 600 至 800 台。

Split fairly evenly between MasterCraft and Crest brands.

MasterCraft 和 Crest 品牌之間的份額相當平均。

That's really helpful. And then I guess one more question on the decision to add a pontoon brand within the Crest facility. Just if you would, talk about any sort of capital requirements that entails? And what's the broader vision for having 2 brands instead of just one.

這真的很有幫助。然後我想還有一個關於在 Crest 設施內添加浮橋品牌的決定的問題。如果你願意的話，請談談這需要什麼類型的資本要求？擁有兩個品牌而不是只有一個品牌的更廣泛願景是什麼？

First of all, minimal capital expense, don't have the same 200 requirements on the pontoon business, as you would in the fiber glass in terms of molds, no facility expansion, directly related to that facility expansion was recently completed within the last year that provides the capability to be able to produce this product.

首先，最小的資本支出，對浮橋業務沒有同樣的200要求，就像在玻璃纖維模具方面一樣，沒有設施擴建，與去年最近完成的設施擴建直接相關這提供了生產該產品的能力。

So there was some investment made, but it has been made historically. And as we look forward, I don't expect any significant capital allocation to the new brand.

因此進行了一些投資，但這是歷史性的。展望未來，我預期新品牌不會有任何重大資本配置。

With regard to the positioning because of its premium, almost ultra-premium positioning, we felt it was appropriate to have the spec brand and be able to target it to those consumers specifically, it will touch on the upper end of the offering in terms of price points of the Crest brand. So there's some minor overlap, but in general, it's going to be positioned differently than the Crest brand.

關於定位，因為其高端，幾乎超高端的定位，我們認為擁有規格品牌並能夠專門針對這些消費者是合適的，它將觸及產品的高端佳潔士品牌的價位。所以有一些小的重疊，但總的來說，它的定位將與佳潔士品牌不同。

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

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

Thank you, 2 questions. I guess, one, just a follow-up. I can't remember if Frederick said this, when you talked about the dealers seeing kind of extraordinary low margins right now on boat sales. If you take floor plan costs out of the equation to try to kind of get to an apples-to-apples basis with pre-pandemic levels to take interest rates out, are the margins are seeing lower than pre-pandemic because of higher promotions or the extra pressure purely from the floor plan cost?

謝謝，2個問題。我想，一，只是後續行動。我不記得弗雷德里克是否說過這句話，當你談到經銷商現在在船舶銷售方面看到異常低的利潤時。如果您將平面圖成本排除在外，嘗試以大流行前的水平進行比較，以消除利率，那麼利潤率是否會因為促銷活動增加而低於大流行前？額外的壓力純粹來自平面圖成本嗎？

I believe it's in addition to the floor plan costs, Eric. In such a competitive market now, the price competition has driven down their margins in addition to the floor plan costs.

我相信這是除了平面圖成本之外的，埃里克。在現在競爭如此激烈的市場中，除了平面圖成本之外，價格競爭也壓低了他們的利潤。

And typically, the dealers book the floor plan cost in their G&A, so it doesn't affect their margin, so it's very competitive out there. And their margin on current product is significantly different than the margin on noncurrents. And that's always been the case, but they have more noncurrents than is typical. .

通常，經銷商會在一般管理費用中記入平面圖成本，因此不會影響他們的利潤，因此非常有競爭力。他們目前產品的利潤與非當前產品的利潤有很大不同。情況一直如此，但它們的非電流比典型的要多。 。

So typically for dealers, you'll see the noncurrent margins coming down and the current margins remaining pretty steady. And I think that's the case, but there are more noncurrents now than they've had in the past.

因此，通常對於經銷商來說，您會看到非流動利潤下降，而流動利潤保持相當穩定。我認為情況確實如此，但現在的非當前因素比過去更多。

And do you expect the competitive environment to remain in place even after channel inventories get to more healthier levels? Is that kind of a different environment right now? Or is it really because of the higher inventories out there?

即使通路庫存達到更健康的水平，您是否預期競爭環境仍將持續？現在的環境是否有所不同？還是真的是因為庫存較高？

I don't think it will remain at the same level of discounting, but we do expect it to revert to normal aggressive competition. Hopefully, I'm being clear on my answer. I think it's in a peak of competitiveness currently, I don't think it will revert anywhere near COVID situations, but I think it will be much more like a pre-COVID period.

我認為它不會保持相同的折扣水平，但我們確實預計它會恢復到正常的激烈競爭。希望我的回答很清楚。我認為目前正處於競爭的頂峰，我不認為它會恢復到新冠疫情的情況，但我認為這將更像是新冠疫情之前的時期。

Got it. And then just final question, if I may. I know it's early and not necessarily looking for fiscal '25 guidance. But I guess there's a hope that interest rates do come down to some degree over the next 12 months or so. I guess what are you hearing from dealers now in terms of any indications in terms of as they're looking to model '25, what level of inventory they're willing to hold on their floors given interest rates, the competitive environment, macro uncertainty. If you look at that compared to what you may have seen prepandemic. I mean how much lower do you think they are willing to hold inventory versus back then?

知道了。最後一個問題，可以的話。我知道現在還為時過早，不一定要尋求 25 財年的指導。但我認為利率確實有望在未來 12 個月左右的時間內有所下降。我猜你現在從經銷商那裡聽到了什麼關於他們正在尋找 '25 模型的跡象，考慮到利率、競爭環境、宏觀不確定性，他們願意在自己的地板上保留什麼水平的庫存。如果你將其與大流行前的情況進行比較。我的意思是，您認為他們願意持有的庫存比當時低多少？

I think the dealers -- the way we work with dealers is to project retail demand and bounce their inventories accordingly. And so it's all going to depend on as we enter the year, what the annual business plan is and what our outlook is. And Eric, as you know, we're right now in a period of limited visibility in terms of what next years are really going to look like. So I can't opine on next year with any degree of certainty other than to say it's -- we will know as we finish May and June, how we're set up for the following year and how we progress through the summer.

我認為經銷商——我們與經銷商合作的方式是預測零售需求並相應地反彈他們的庫存。因此，這一切都取決於我們進入這一年時的年度業務計劃是什麼以及我們的前景是什麼。艾瑞克，如你所知，我們現在正處於一個對未來幾年的情況了解有限的時期。因此，我無法對明年有任何確定性的看法，只能說——當我們五月和六月結束時，我們就會知道我們明年的準備情況以及整個夏天的進展。

My personal opinion is if we see interest rate reductions that's going to boost consumer confidence and their level of activity in addition to the other benefits that you described with regard to overall financing costs, et cetera. But will that happen? And to what extent will we see those -- will the initial rate reduction be a signal that encourages consumers to be more active or will it take more significant reductions, and then how will those reductions play out in terms of short-term rates versus longer-term rates in retail financing for consumers.

我個人的觀點是，如果我們看到利率下調，除了您所描述的整體融資成本等方面的其他好處之外，還將提振消費者信心及其活動水平。但這會發生嗎？我們將在多大程度上看到這些——最初的降息是否會成為鼓勵消費者更加積極的信號，或者是否會採取更大幅度的降息，然後這些降息將如何在短期利率和長期利率方面發揮作用？ - 消費者零售融資的期限利率。

The next question comes from Noah Zatzkin with KeyBanc.

下一個問題來自 KeyBanc 的 Noah Zatzkin。

I guess just first, not to beat inventory to death. And I know there's obviously a seasonal component to inventory up in the second quarter. But as you're thinking about it today, would you expect to make progress on inventory exiting the third quarter or is that kind of more of a fourth quarter push? And then relatedly, just in terms of the competitive environment, what I guess is anything changing via incentives or promo to help clean inventory looking forward relative to what kind of took place in the second quarter.

我想首先，不要把庫存打死。我知道第二季的庫存增加顯然有季節性因素。但正如您今天所思考的那樣，您是否預計第三季的庫存會取得進展，或者這更像是第四季度的推動？然後，與此相關的是，就競爭環境而言，我認為透過激勵或促銷來幫助清理庫存的任何變化都與第二季發生的情況有關。

I think in the third quarter we'll see increased competition, and that's kind of reflected in our outlook for the third quarter in terms of discounting margins, et cetera, competitiveness. With regard to inventory model, it peaks seasonally in the third quarter and then is increasingly worked off. So starts with boat shows and then builds. But as you well know that fourth quarter is 45% to 50% of retail demand, and that's really what you're trying to predict and forecast and be ready for, not underestimate, not overestimate. So you see some movement as sales accelerate in the third quarter, but really it's the fourth quarter when you see the big movement.

我認為在第三季度，我們將看到競爭加劇，這在我們對第三季度貼現利潤率等競爭力的展望中得到了反映。庫存模型方面，第三季出現季節性峰值，隨後逐漸回落。所以從船舶展示開始，然後建造。但如您所知，第四季度佔零售需求的 45% 至 50%，這確實是您要預測和預測的，並為此做好準備，而不是低估，也不是高估。因此，隨著第三季銷售加速，您會看到一些變化，但實際上是在第四季度您看到了巨大的變化。

Got it. That's helpful. And then just on the new pontoon brand. Any additional color on positioning relative to Crest and just maybe some thoughts around kind of why now would be helpful.

知道了。這很有幫助。然後是新的浮橋品牌。相對於 Crest 的任何額外的定位顏色以及為什麼現在的一些想法可能會有所幫助。

Think of it as premium, super premium, if you will. Think of it as being -- it's going to be a very stunning and unique style, and we felt like it deserved a specific attention and positioning given its uniqueness and given its differentiation. So the Crest product line is very broad, as you know, covers a wide range of price points, and they still have luxury models, and those models will continue to be enhanced as we roll forward, but there will be a positioning and a styling differentiation between the 2 brands that's significant.

如果你願意的話，可以將其視為優質、超級優質。可以認為它是一種非常令人驚嘆和獨特的風格，我們認為鑑於其獨特性和差異化，它值得特別關注和定位。因此，佳潔士的產品線非常廣泛，如您所知，涵蓋了廣泛的價位，並且他們仍然有豪華車型，並且隨著我們的前進，這些車型將繼續增強，但會有一個定位和風格這兩個品牌之間的差異非常顯著。

The next question comes from Michael Swartz with Truist Securities.

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

I think when you gave initial guidance for '24 back in, I think it was late August, it was based upon a mid-teens decline in retail demand for the fiscal year. I think since then, the industry has been down something more in the range of low single digits. So maybe just give us an update on what's embedded into your guidance today? And maybe how you're thinking about the year playing out. I know a lot of contingent on interest rates. But just as far as you have visibility today, how do you see the year playing out from a retail standpoint?

我認為，當您在 24 世紀 8 月下旬給出初步指導時，它是基於本財年零售需求的中位數下降。我認為從那時起，該行業的下滑幅度一直在低個位數範圍內。那麼，能否向我們介紹一下您今天的指南中包含的最新內容呢？或許你對這一年的發展有何看法。我知道很多關於利率的因素。但就您今天的可見度而言，從零售的角度來看，您如何看待這一年的發展？

Mike, it's going to vary certainly by brand segment of the market. But our view is a little more optimistic than it was at the start of the fiscal year, we're just going to really have to work hard and dealers are going to have to work hard for every retail sale.

麥克，它肯定會因市場的品牌細分而有所不同。但我們的看法比本財年開始時更加樂觀，我們必須真正努力工作，經銷商也必須為每一次零售銷售而努力工作。

Okay. And then maybe just a follow-up on Aviara. We have to discuss that in a little bit, but some change in leadership, it sounds like there. Just maybe give us a little bit of a backdrop on where we are from a profitability standpoint. I think years ago the view was that this brand would be from a profitability standpoint in line with the corporate average. I guess is that still the target today .

好的。然後也許只是 Aviara 的後續行動。我們必須稍微討論一下這個問題，但聽起來好像是領導階層發生了一些變化。也許只是從獲利的角度提供我們一些背景知識。我認為多年前的觀點是，從獲利角度來看，該品牌將與企業平均值保持一致。我想這仍然是今天的目標。

Our target hasn't changed, and we believe with a new leader down there that we expect this to be an inflection point between a new leader and getting the 4 model variance of the 28 up to speed, we expect both those things to be positive for things on a go-forward basis. I think that Q2 was kind of a low point, and we're going to climb out of that. But in the long term, we do expect the margin opportunity there to be second only to MasterCraft within our portfolio.

我們的目標沒有改變，我們相信，有了新的領導者，我們預計這將成為新領導者和加快 28 個模型的 4 個模型方差之間的轉折點，我們預計這兩件事都是積極的對於未來的事。我認為第二季是一個低點，我們將走出這個低點。但從長遠來看，我們確實預期那裡的利潤機會在我們的投資組合中僅次於 MasterCraft。

I show no further questions, and this will conclude the question-and-answer session. Thank you for participating. And this concludes today's conference call. You may now disconnect. Have a great day.

我不再提出任何問題，問答環節就此結束。感謝您的參與。今天的電話會議到此結束。您現在可以斷開連線。祝你有美好的一天。