Mastercraft Boat Holdings Inc (MCFT) 2024 Q3 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Q3 2024 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. 2024 年第三季財報電話會議。 （操作員指示）請注意，今天的會議正在錄製中。

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

現在我想將會議交給今天的發言人、財務長 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 2024. 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 2024 財年第三季的業績。

With me on this morning's call is Brad Nelson, Chief Executive Officer. We'll begin with a review of our operational highlights from the third quarter. I'll then discuss our financial performance for the quarter. Then Brad 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布拉德·尼爾森 (Brad Nelson)。我們將首先回顧第三季的營運亮點。然後我將討論我們本季的財務表現。然後，在我們開始問答之前，布拉德將發表一些結束語。

Before we begin, we'd like to remind participants that the information contained in this call is current only as of today, May 8, 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 a 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 5 月 8 日）。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'll 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 today's 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，我們還在今天的新聞稿中提供了最直接可比較的公認會計準則衡量標準，其中包括這些非公認會計準則衡量標準與我們的公認會計準則結果的調節。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.

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。

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

這樣，我會將電話轉給布拉德。

Thank you, Tim, and good morning, everyone. We delivered results ahead of our expectations in what remains a dynamic and challenging environment for the marine industry. We'll dive into the details shortly. But let me first begin by sharing how pleased I'm to be here on my first earnings call as CEO of MasterCraft. My first 6 weeks with our team has been energizing and it's clear to me that our capabilities and opportunities are even greater than I anticipated.

謝謝蒂姆，大家早安。在船舶產業仍然充滿活力且充滿挑戰的環境中，我們所取得的成果超出了我們的預期。我們很快就會深入探討細節。首先，我要分享的是，身為 MasterCraft 首席執行官，我很高興能夠參加第一次財報電話會議。我在團隊的前六週一直充滿活力，我很清楚我們的能力和機會比我預期的還要強大。

Since I joined the company, I've been on the road, meeting with and getting to know our team, our customers, dealers and business partners. And thanks to the openness and preparation of our strong and experienced team, I've learned a great deal in this short time. The headline takeaways from my listening tour, if you'll, are highly encouraging.

自從加入公司以來，我一直在路上，會見並了解我們的團隊、客戶、經銷商和業務合作夥伴。感謝我們強大且經驗豐富的團隊的開放和準備，我在這麼短的時間內學到了很多東西。如果你願意的話，我的聆聽之旅的主要收穫非常令人鼓舞。

The foundation of the business is strong. MasterCraft is home to iconic and leading brands, customers and dealers are passionate about our products and the long-term outlook for the industry is bright. We're intensely focused on and well positioned to navigate the near-term challenges in our industry as we evolve our long-term growth strategy.

事業基礎雄厚。 MasterCraft 是標誌性和領先品牌的所在地，客戶和經銷商對我們的產品充滿熱情，而產業的長期前景是光明的。在製定長期成長策略的過程中，我們高度關注並做好了應對產業近期挑戰的準備。

I'd like to acknowledge the commitment of our employees as well as our dealer and vendor partners who remain dedicated to achieving our shared goals. Our proactive approach of prioritizing inventory rebalancing and dealer health, as we entered fiscal 2024 has proven to be prudent. The current retail environment is highly competitive and uncertain as we approach the all-important summer selling season.

我要感謝我們的員工以及經銷商和供應商合作夥伴的承諾，他們仍然致力於實現我們的共同目標。進入 2024 財年後，事實證明，我們優先考慮庫存再平衡和經銷商健康的主動方法是審慎的。隨著最重要的夏季銷售季節的臨近，當前的零售環境競爭激烈且充滿不確定性。

Recently, news that a competitor's largest dealer is in financial distress, has heightened this competitive pressure with the potential for higher-than-normal competitor discounting. Although we made continued progress during the quarter, dealer inventories across the industry, including our brands remain higher than optimal. Elevated inventory levels are driving higher carrying costs for dealers. This combined with competitor dealer disruptions is causing dealers to approach ordering with extreme caution.

最近，有消息稱競爭對手最大的經銷商陷入財務困境，這加劇了競爭壓力，可能會出現比競爭對手更高的折扣。儘管我們在本季度取得了持續進展，但整個行業的經銷商庫存（包括我們的品牌）仍然高於最佳水平。庫存水準上升導致經銷商的持有成本更高。這與競爭對手經銷商的干擾相結合，導致經銷商在訂購時極其謹慎。

We remain committed to reducing our dealer inventory by the end of the fiscal year to best position the company for a return to growth.

我們仍致力於在本財年末之前減少經銷商庫存，以便為公司恢復成長做好最佳準備。

Moving forward, we've a clearly defined set of capital allocation priorities that we'll continue to execute on, including investing in innovation for our customers and sustainable growth for our shareholders. We're doing so prudently through targeted initiatives that will take advantage of the industry's positive underlying secular trends. Supported by our strong financial position and with our current strategic growth initiatives fully funded, we also expect to continue to prioritize our EPS accretive share repurchase program.

展望未來，我們有一套明確的資本配置優先事項，我們將繼續執行這些優先事項，包括投資於客戶的創新和股東的可持續成長。我們正在透過有針對性的舉措謹慎地這樣做，這些舉措將利用該行業積極的潛在長期趨勢。在我們強勁的財務狀況和當前策略成長計畫資金充足的支持下，我們也預計將繼續優先考慮我們的每股盈餘增值股票回購計畫。

Our balance sheet and capital allocation framework together with our flexible operating model provides us the ability to capitalize on the dynamic environment when our stance improves from cautious to optimistic. Given the currently challenged marine environment and near-term uncertainty, we'll remain opportunistic and disciplined in our approach to inorganic growth through M&A.

當我們的立場從謹慎轉向樂觀時，我們的資產負債表和資本配置框架以及靈活的營運模式使我們能夠利用動態環境。鑑於當前充滿挑戰的海洋環境和近期的不確定性，我們將在透過併購實現無機成長的方法中保持機會主義和紀律性。

Let me now briefly review some of the latest developments across our brands. At our MasterCraft brand, net sales were $70 million for the quarter, down 41% from the 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. The MasterCraft team is currently executing an exciting model year 2025 product rollout and I look forward to sharing those details with you next quarter.

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 7,000 萬美元，比去年同期下降 41%。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 團隊目前正在執行令人興奮的 2025 年車型產品推出，我期待下個季度與您分享這些細節。

At Crest, net sales were $14 million for the quarter, down 61% from the prior year period. These results were also in line with our expectations and are the result of a pullback in production to align with retail demand. We recently announced the launch of an all-new luxury pontoon brand, Balise. Balise will further diversify our product offerings, expand our addressable market and grow our portfolio of strong brands.

Crest 本季淨銷售額為 1,400 萬美元，比去年同期下降 61%。這些結果也符合我們的預期，並且是產量回落以適應零售需求的結果。我們最近宣布推出全新的豪華浮橋品牌 Balise。 Balise 將進一步豐富我們的產品組合，擴大我們的目標市場並擴大我們的強勢品牌組合。

The Balise product will be built by our experienced team at Crest's existing manufacturing facility in Owossso, Michigan, which is a capital-efficient use of existing capacity. Balise production has already commenced, and products will be available to consumers for model year 2025. The team behind Balise prioritized timeless artistry, sophisticated entertainment, radical innovation and uncompromising quality in developing this exciting new brand. Balise will initially launch with 2 models, the Horizon and Helix, which have been extremely well received by dealers and consumers. We're eager to see this brand achieve its mission to become the most luxurious and innovative pontoon boat in the segment.

Balise 產品將由我們經驗豐富的團隊在 Crest 位於密西根州奧沃索的現有製造工廠生產，這是對現有產能的資本高效利用。 Balise 的生產已經開始，並將於2025 年向消費者提供產品。品質. Balise 最初推出了 Horizo​​n 和 Helix 2 款車型，深受經銷商和消費者的好評。我們渴望看到這個品牌實現其使命，成為該領域最豪華和創新的浮橋船。

At Aviara, net sales were $12 million for the quarter, down 8% compared to the prior year period, again, as expected, as that business continues to mature. Aviara continued to ramp up production of the all-new AV28 during the quarter. Sequentially, net sales were up more than 20% from the second quarter, driven by a nearly 40% increase in units.

隨著業務不斷成熟，Aviara 本季淨銷售額為 1,200 萬美元，比去年同期下降 8%，這再次符合預期。 Aviara 在本季持續提高全新 AV28 的產量。隨後，在銷量成長近 40% 的推動下，淨銷售額較第二季成長了 20% 以上。

Aviara shipped 39 units during the quarter, the most units in any quarter since the brand was introduced in fiscal year 2020, thanks to actions taken to increase operational efficiencies. Aviara has also expanded its dealer network by adding 11 new domestic and international points of distribution fiscal year-to-date. During the quarter, Aviara added its first dealer outside of North America, as the brand begins its international expansion.

由於採取了提高營運效率的行動，Aviara 本季出貨量為 39 台，是自 2020 財年該品牌推出以來任何季度出貨量最多的季度。本財政年度迄今，Aviara 也新增了 11 個國內和國際分銷點，擴大了經銷商網路。本季度，隨著 Aviara 品牌開始國際擴張，該品牌在北美以外增加了第一家經銷商。

Finally, we recently received acknowledgment of the success of our strategic focus on the -- on consumer and quality. In February, the National Marine Manufacturers Association announced MasterCraft as a recipient of the 2023 Marine Industry Customer Satisfaction Index Award for excellence in customer satisfaction. The annual CSI Award recognizes marine manufacturers, who attain the highest levels of satisfaction as voted on by consumers. We're pleased that all 3 of our eligible brands won the award this year.

最後，我們最近收到了對消費者和品質策略重點成功的認可。 2 月，美國船舶製造商協會宣布 MasterCraft 因其在客戶滿意度方面的卓越表現而榮獲 2023 年船舶行業客戶滿意度指數獎。一年一度的 CSI 獎旨在表彰獲得消費者投票選出的最高滿意度的船舶製造商。我們很高興今年所有 3 個符合資格的品牌都榮獲該獎項。

MasterCraft has a long track record of winning the CSI Award and Crest has received the honor for 5 consecutive years, which is every year under MasterCraft ownership. Aviara received the award for the first time in its history this year, a proud and well-deserved accomplishment.

MasterCraft 長期以來一直榮獲 CSI 獎，而 Crest 已連續 5 年獲得此殊榮，而且每年都是 MasterCraft 旗下的公司。 Aviara 今年在其歷史上首次獲得該獎項，這是一項令人自豪且當之無愧的成就。

I'll now turn the call over to Tim, who will provide additional commentary on the quarter and a detailed discussion of our financial results. Tim?

我現在將把電話轉給蒂姆，他將對本季度提供更多評論，並詳細討論我們的財務業績。提姆？

Thanks, Brad. Focusing on the top line, net sales for the quarter were $95.7 million, a decrease of $71.1 million or 43% 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. Dealer incentives include higher retail rebates and other incentives, as the retail environment remains very competitive.

謝謝，布拉德。重點關注營收，該季度淨銷售額為 9,570 萬美元，比去年同期創紀錄的水平減少了 7,110 萬美元，即 43%。這一下降主要是由於單位銷售下降和經銷商激勵措施的增加，但部分被價格上漲和有利的組合所抵消。由於零售環境競爭仍然非常激烈，經銷商的激勵措施包括更高的零售回扣和其他激勵措施。

For the quarter, our gross margin was 19.2%, a decrease of 630 basis points, when compared to the prior year period. Lower margins were the result of lower cost absorption due to the planned decrease in unit volume and higher dealer incentives, partially offset by higher prices and favorable model mix and options.

本季度，我們的毛利率為 19.2%，比去年同期下降 630 個基點。利潤率下降是由於計劃減少單位數量和更高的經銷商激勵措施導致成本吸收降低的結果，但部分被更高的價格和有利的車型組合和選項所抵消。

Operating expenses were $14.4 million for the quarter and an increase of $0.8 million compared to the prior year period, primarily due to higher general and administrative expenses, including leadership transition costs.

本季營運費用為 1,440 萬美元，比去年同期增加 80 萬美元，主要是由於包括領導層過渡費用在內的一般和行政費用增加。

Turning to the bottom line, adjusted net income for the quarter decreased to $6.3 million or $0.37 per diluted share, calculated using an estimated annual effective tax rate of 20%. This compares to adjusted net income of $24.1 million or $1.36 for the prior year period, calculated using the tax rate of 23%.

談到獲利，本季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（以 20% 的估計年度有效稅率計算）。相比之下，以 23% 的稅率計算，去年同期調整後淨利潤為 2,410 萬美元，即 1.36 美元。

Adjusted EBITDA decreased to $9.7 million for the quarter, compared to $33 million in the prior year period. Adjusted EBITDA margin was 10.1%, down 970 basis points from 19.8% in the prior year period.

本季調整後 EBITDA 下降至 970 萬美元，去年同期為 3,300 萬美元。調整後 EBITDA 利潤率為 10.1%，較上年同期的 19.8% 下降 970 個基點。

Our balance sheet remains incredibly strong as we ended the quarter with nearly $206 million of total liquidity, including nearly $106 million of cash and short-term investments and $100 million of availability under our revolving credit facility.

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 2.06 億美元，其中包括近 1.06 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 net debt and net cash and short-term investments of $55 million. Year-to-date, we've generated more than $23 million of cash flow from operations. Our balance sheet positions us exceptionally well and provides us with ample financial flexibility performed during the business cycle and to fund strategic growth initiatives as well as capital returns to shareholders.

本季結束時，我們沒有淨債務，淨現金和短期投資為 5,500 萬美元。年初至今，我們的營運現金流已超過 2,300 萬美元。我們的資產負債表使我們處於非常有利的地位，並為我們在商業週期中提供了充足的財務靈活性，為策略成長計劃以及股東資本回報提供資金。

During the quarter, we spent approximately $1.6 million to repurchase nearly 74,000 shares of our common stock. Since initiating our share repurchase program in June of 2021, we've spent more than $60 million to repurchase nearly 2.4 million shares. These cumulative repurchases provided a 14% benefit to our third quarter adjusted net income per share.

本季度，我們花了約 160 萬美元回購了近 74,000 股普通股。自 2021 年 6 月啟動股票回購計畫以來，我們已花費超過 6,000 萬美元回購近 240 萬股股票。這些累計回購使我們第三季調整後每股淨利增加了 14%。

We expect to continue to return cash to shareholders, while prioritizing financial flexibility and high-return investments in the business that drive growth and generate long-term shareholder value. As we enter the prime retail selling season, macroeconomic uncertainty continues to limit demand visibility.

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高回報業務投資，以推動成長並創造長期股東價值。隨著我們進入零售銷售旺季，宏觀經濟的不確定性繼續限制需求的可見度。

Dealer inventories remain higher than optimal and inventory carrying costs are elevated. Consequently, dealers are taking a cautious approach to ordering ahead of the annual model year changeover. We continue to focus on balancing dealer inventories with retail demand to prioritize dealer health.

經銷商庫存仍然高於最佳水平，庫存持有成本上升。因此，經銷商在年度車型更換之前採取謹慎的訂購態度。我們繼續專注於平衡經銷商庫存與零售需求，以優先考慮經銷商的健康狀況。

During the quarter, we made continued progress with respect to dealer inventory rebalancing, as expected. On a unit basis, inventory levels at the end of the fiscal third quarter were lower than at the end of fiscal second quarter, which emphasizes the extent of our efforts to manage inventories and support the health of our dealer network.

本季度，我們在經銷商庫存重新平衡方面取得了持續進展，正如預期的那樣。以單位計算，第三財季末的庫存水準低於第二財季末，這凸顯了我們在管理庫存和支援經銷商網路健康方面所做的努力。

For context, dealer inventory levels typically increased from the second quarter to a seasonal peak at the end of the third quarter, just prior to the summer selling season. We've a flexible operating model that allows us to adjust production to both mitigate near-term risk and capitalize on the upside when we return to growth. We plan to utilize this flexibility by reducing planned production for the remainder of our fiscal year.

就背景而言，經銷商庫存水準通常從第二季上升到第三季末夏季銷售旺季之前的季節性高峰。我們擁有靈活的營運模式，使我們能夠調整生產，以減輕短期風險，並在恢復成長時利用上行空間。我們計劃透過減少本財年剩餘時間的計畫產量來利用這種靈活性。

We've a highly variable cost structure, and we'll continue to actively and aggressively manage cost. We've taken a proactive approach to production planning, inventory management and dealer incentives to best position our dealers to capitalize on retail demand during the upcoming selling season and will end the year with improved inventory levels.

我們的成本結構高度可變，我們將繼續積極主動地管理成本。我們在生產規劃、庫存管理和經銷商激勵方面採取了積極主動的方法，以使我們的經銷商能夠在即將到來的銷售季節充分利用零售需求，並在年底改善庫存水準。

As a result of reducing production to maintain our commitment to rebalancing dealer inventories by the end of the fiscal year, we're revising our guidance for the full year. Consolidated net sales is now expected to be between $360 million and $365 million, with adjusted EBITDA between $28 million and $30 million and adjusted earnings per share between $0.95 and $1.05. We also now expect capital expenditures to be approximately $17 million for the full year.

由於減少產量以維持我們在本財政年度結束時重新平衡經銷商庫存的承諾，我們正在修改全年指引。目前，預計合併淨銷售額將在 3.6 億美元至 3.65 億美元之間，調整後 EBITDA 將在 2,800 萬美元至 3,000 萬美元之間，調整後每股收益將在 0.95 美元至 1.05 美元之間。我們現在也預計全年資本支出約為 1700 萬美元。

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

現在我將把電話轉回給布拉德，讓他作結束語。

Thank you, Tim. As we continued our focus on rebalancing dealer inventories, our business performed well during the third quarter despite continuing macroeconomic uncertainty and a highly promotional retail environment. We continue to exercise a disciplined approach to our capital allocation.

謝謝你，提姆。由於我們繼續專注於經銷商庫存的再平衡，儘管宏觀經濟持續存在不確定性且零售環境促銷力度很大，但我們的業務在第三季仍表現良好。我們繼續對資本配置採取嚴格的方法。

Over the past 3 years, we've returned more than $60 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, including continued investment in innovation and product development. The launch of Balise pontoon boats is a latest example of our unwavering commitment to growth and innovation.

在過去 3 年裡，我們透過股票回購計畫向股東返還了超過 6,000 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，包括對創新和產品開發的持續投資。 Balise 浮橋船的推出是我們堅定不移地致力於成長和創新的最新例證。

As we continue to take action to best position MasterCraft in this dynamic environment, we're determined to leverage our strong and growing portfolio of brands, deliver on our commitments, pursue long-term growth opportunities and generate exceptional shareholder returns.

隨著我們繼續採取行動，使 MasterCraft 在這個充滿活力的環境中處於最佳位置，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) And our first question is going to come from the line of Joe Altobello with Raymond James.

（操作員說明）我們的第一個問題將來自 Joe Altobello 和 Raymond James 的線路。

First, welcome, Brad, looking forward to working with you. I just want to try to understand the 4Q guide or implied 4Q guide a little bit better given the 3Q beat. Did demand get worse? Did the promotional environment actually get worse? Are you expecting it to or just expecting it to? Or did dealers get more cautious? Or was it sort of all of the above?

首先，歡迎，布拉德，期待與您合作。我只是想嘗試更好地理解 4Q 指南或隱含的 4Q 指南，考慮到 3Q 節拍。需求變得更糟了嗎？促銷環境真的變差了嗎？你是期待它還是只是期待它？還是經銷商變得更謹慎？還是以上所有的情況？

I think the dealer caution is largely driven by the distress in one of our competitors' channels. That has caused our dealers to pause and really reassess their stocking risk. And then the interest rates are not coming down as we had hoped and the macroeconomic uncertainty. So when you combine all 3 of those, I think it's what's causing us to take production down significantly in Q4.

我認為經銷商的謹慎態度很大程度上是由於我們競爭對手的通路之一陷入困境所致。這導致我們的經銷商停下來，真正重新評估他們的庫存風險。然後利率並沒有像我們希望的那樣下降，宏觀經濟也存在不確定性。因此，當你將這三個因素結合起來時，我認為這就是導致我們第四季產量大幅下降的原因。

Okay. But have you seen the higher promotion levels yet? Or are you just anticipating that?

好的。但你見過更高的升遷等級嗎？或者你只是期待這一點？

Both.

兩個都。

Okay. Got it.

好的。知道了。

We're seeing it now, and we anticipate it to continue.

我們現在看到了這種情況，並且預計這種情況會繼續下去。

Got it. My second question on your last call, I think you estimated that you'll be pulling somewhere between 600 and 800 units out of the channel this year. Is that still the right number? And does your revised guide assume the channel is clean heading into model year '25?

知道了。我關於你上次通話的第二個問題是，我想你估計今年你將從頻道中撤出 600 到 800 個單位。這仍然是正確的數字嗎？您修訂後的指南是否假設進入 25 款車型時該通道是乾淨的？

We anticipate pulling the inventory down even further, Joe, upwards of 1,000 units. And with that kind of reduction -- but that's our planned reduction based on retail assumptions. We expect the channel to be very healthy at the end of June. And hopefully, that will drive additional increases in fiscal '25.

喬，我們預計庫存將進一步減少 1,000 件以上。伴隨著這種減少——但這是我們根據零售假設計劃的減少。我們預計該渠道在六月底將非常健康。希望這將推動 25 財年的進一步成長。

And our next question is going to come from the line of Drew Crum with Stifel.

我們的下一個問題將來自 Drew Crum 和 Stifel。

As far as the competitive pressures that were cited in the press release in your preamble, is this leading to reductions to production for the MasterCraft brand specifically? Or is it across your entire portfolio? And is this something that's limited or isolated to fiscal 4Q this year? Or do you think it lingers and bleeds into fiscal '25? And then I've a follow-up.

至於您在序言中的新聞稿中提到的競爭壓力，這是否會導致 MasterCraft 品牌的產量減少？或者它貫穿你的整個投資組合？這是否僅限於或孤立於今年第四財季？或者您認為這種情況會持續存在並影響到 25 財年嗎？然後我有一個後續行動。

Sure. We certainly hope that this drastic reduction in Q4 is going to get our dealers healthy. And then for fiscal '25, assuming we take as many boats out of the pipeline as we plan, I think there will be opportunities even though we do intend for our dealers to operate with lower levels of inventory, higher returns than they've in the past in recognition of the higher carrying costs.

當然。我們當然希望第四季度的大幅減少將使我們的經銷商保持健康。然後對於25 財年，假設我們按照計劃從管道中取出盡可能多的船隻，我認為將會有機會，即使我們確實打算讓我們的經銷商以較低水平的庫存、比他們現在更高的回報來營運過去承認較高的持有成本。

Okay. Got it. And then on the Balise product, any financials you can share with us, margins, sales expectations, time to breakeven, et cetera.

好的。知道了。然後，在 Balise 產品上，您可以與我們分享任何財務資訊、利潤率、銷售預期、損益平衡時間等。

We're excited about Balise. That -- we're taking orders now. So far, market interest from dealers and consumers have been very positive. That model is set really for launch to impact model year '25. We're not providing guidance for '25 at this juncture. But from a unit perspective and from a margin perspective, we expect accretive levels of margin contribution. The unit level might be less than the broader Crest business, but this is approaching a premium, an ultra-premium part of the segment, which we're very intrigued with.

我們對巴厘島感到興奮。那——我們現在正在接受訂單。到目前為止，經銷商和消費者的市場興趣非常積極。該車型確實將在 25 年推出。目前我們不提供 '25 的指導。但從單位角度和利潤率角度來看，我們預期利潤率貢獻水準將會上升。該單位水平可能低於更廣泛的佳潔士業務，但這正在接近溢價，該細分市場的超溢價部分，我們對此非常感興趣。

Given the fact that we're using the existing facility, Drew, means that the breakeven is really not even applicable to this brand, because it will be valuable for the entire Crest facility, get additional capacity utilization.

鑑於我們正在使用現有的設施，德魯，這意味著盈虧平衡實際上甚至不適用於該品牌，因為它將對整個 Crest 設施有價值，獲得額外的產能利用率。

And Tim, will you guys report this as part of Crest or will it be broken out separately?

提姆，你們會將此作為 Crest 的一部分進行報告還是會單獨列出？

It would be reported as part of Crest.

它將作為 Crest 的一部分進行報道。

And our next question comes from the line of Noah Zatzkin with KeyBanc Capital Markets.

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

Maybe just on kind of the ASP front, just any early thoughts around model year '25 pricing kind of given the dynamics going on in the industry right now?

也許只是在 ASP 方面，考慮到目前行業動態，關於 25 年款定價的任何早期想法？

Sure. Our plan for model year pricing is to make it as small as we possibly can in recognition of the headwinds in the marketplace.

當然。考慮到市場的不利因素，我們對車型年度定價的計劃是盡可能縮小定價。

And maybe just one follow-up. Maybe if you could kind of talk through whether it's changes to the new model year or any levers that you've in terms of incenting kind of dealers to take inventory when the changeover does happen? Just any kind of controllables, would be great.

也許只是一個後續行動。也許您可以談談是否是新車型年份的變化，或者您在激勵經銷商在更換確實發生時盤點庫存方面是否有任何槓桿？只要有任何類型的可控因素，那就太好了。

Sure. We've some nice enhancements to a number of our models. And so there will be some cosmetic changes, which I think will be well received, and there's always kind of renewed interest when you've a model year changeover.

當然。我們對許多模型進行了一些很好的增強。因此，將會有一些外觀上的變化，我認為這些變化會很受歡迎，而且當你更換車型年份時，總是會有人重新燃起興趣。

Got it.

知道了。

It's not unusual for dealers to remain kind of cautious at the end of 1 model year in anticipation of the new model year's product coming out.

對於經銷商來說，在一個車型年末保持謹慎的態度並期待新車型年產品的推出並不罕見。

And our next question comes from the line of Kevin Condon with Baird.

我們的下一個問題來自凱文·康登 (Kevin Condon) 和貝爾德 (Baird) 的對話。

This is Kevin on for Craig. I wanted to ask a little bit about the go-to-market strategy for Balise and whether you intend for that to go through existing Crest dealers or maybe there's a different strategy just given the premium positioning of that brand, as well as anything I get that it's a different category, but any learnings from the Aviara launch that maybe are applicable here for -- as you launch that brand?

這是凱文替克雷格發言。我想詢問一些有關 Balise 的上市策略，以及您是否打算透過現有的 Crest 經銷商進行此策略，或者考慮到該品牌的高端定位以及我得到的任何信息，也許有不同的策略這是一個不同的類別，但是從Aviara 發布中學到的任何經驗教訓可能適用於— 當您推出該品牌時？

Yes. Kevin, given that Balise really enters a new part of the space and a new segmentation of the market, the current strategy is to be additive and expand our distribution for pontoons. And the team is actively working that, response has been very well with adding points of distribution, as well as new dealers so far.

是的。 Kevin，鑑於 Balise 確實進入了一個新的領域和一個新的市場細分，目前的策略是增加並擴大我們的浮橋分銷。該團隊正在積極開展工作，到目前為止，增加分銷點以及新經銷商的反應非常好。

We'll have some existing Crest dealers that will pick up that brand, but we'll also have new dealers that will be incremental to us as well. We're excited about that space, leading to the premium side, and it's true across the industry and across our more premium categories, they're more resilient through the cycles as well. So we see a long-term benefit.

我們將擁有一些現有的佳潔士經銷商來購買該品牌，但我們也將擁有新的經銷商，這些經銷商也會對我們產生增量。我們對這個領域感到興奮，它通往高端領域，在整個產業和我們更高端的類別中都是如此，它們在整個週期中也更具彈性。所以我們看到了長期的好處。

(Operator Instructions) Our next question comes from the line of Griffin Bryan with D.A. Davidson.

（操作員說明）我們的下一個問題來自 Griffin Bryan 和 D.A.戴維森。

I guess, if you just talk about what are the current conversations sounding like with dealers considering the model year '25 ordering? Obviously, the entire industry is still seeing some bloated inventory. So I'm just curious if the playbook is there as we head into the model year changeover?

我想，如果您只是談談目前與考慮 25 年車型訂購的經銷商的對話聽起來是什麼樣的？顯然，整個產業的庫存仍然存在一些臃腫的情況。所以我只是好奇當我們進入車型年份轉換時是否有劇本？

This time of the year, since we're so heavily dependent on retail, April, May, June, most of our conversations with dealers are focused on getting them healthy now and blowing through as much of the existing inventory as they can. And then it's sort of premature to have very much in a way of conversations with model year '25. Matter of fact, the more we tout '25, it makes it harder for them to sell the '24's, they've an inventory. So not very many conversations focused on '25 yet.

每年的這個時候，由於我們嚴重依賴零售，四月、五月、六月，我們與經銷商的大部分對話都集中在讓他們現在健康並盡可能多地消耗現有庫存。現在與 25 年車型進行大量對話還為時過早。事實上，我們越吹捧 25 款，他們就越難出售 24 款，因為他們有庫存。因此，目前還沒有太多討論集中在 25 年。

Understood. And just one more follow-up here. So -- just can you speak to the current health of your dealer network? And if you're seeing any cracks by maybe geography or by category of product being carried?

明白了。這裡還有一個後續行動。那麼，您能談談您的經銷商網路目前的健康狀況嗎？如果您發現地理或所運送產品類別有任何問題？

We've been fortunate as we've focused on dealer health from the beginning of the year and that we've avoided any significant dealer issues. We remain focused on dealer health. We meet monthly with the floor plan companies. They're kind of an early warning system for us. If they see any issues, we've a well used toolkit on what we do to prevent dealers from getting a financial distress and we've been utilizing those tools, which includes, obviously, retail rebates, reducing production, moving both sideways to more dealers and markets with healthier demand.

我們很幸運，因為我們從今年年初就開始關注經銷商的健康狀況，並且避免了任何重大的經銷商問題。我們仍然關注經銷商的健康狀況。我們每月與平面圖公司會面。它們對我們來說是一種預警系統。如果他們發現任何問題，我們有一個很好用的工具包，告訴我們如何防止經銷商陷入財務困境，我們一直在利用這些工具，其中顯然包括零售回扣、減少產量、橫向移動更多需求更健康的經銷商和市場。

So we've a number of those things that we've used. And so far, we've been successful in avoiding any significant dealer failures. And then, we certainly have a less of a concentration with one dealer than our competitors.

所以我們有很多我們已經使用過的東西。到目前為止，我們已經成功避免了經銷商的任何重大失敗。然後，與我們的競爭對手相比，我們對單一經銷商的關注度肯定較低。

And this does conclude today's question-and-answer session. Ladies and gentlemen, this also does conclude today's conference call. Thank you for participating, and you may now disconnect. Everyone, have a great day.

今天的問答環節到此結束。女士們、先生們，今天的電話會議也到此結束。感謝您的參與，您現在可以斷開連接。大家，祝你有美好的一天。