Mastercraft Boat Holdings Inc (MCFT) 2024 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to the MasterCraft Boat Holdings, Inc. fiscal fourth quarter and full year 2024 earnings conference call. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Tim Oxley, Chief Financial Officer. Please go ahead, sir.

女士們先生們，謝謝你們的支持。歡迎參加 MasterCraft Boat Holdings, Inc. 第四財季和 2024 年全年收益電話會議。請注意，今天的會議正在錄製中。現在我想將會議交給今天的發言人、財務長 Tim Oxley。請繼續，先生。

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 2024. As a reminder, today's call is being webcast live, will also be archived on our website for future listening. With me on this morning's call is Brad Nelson, Chief Executive Officer, who will begin with an overview of our operational performance from the fourth quarter and full year.

謝謝您，營運商，歡迎大家，感謝您今天加入我們，我們將討論MasterCraft 第四財季和2024 年全年業績。上，以供將來收聽。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)，他將首先概述我們第四季度和全年的營運業績。

I will then discuss our financial performance. Then Brad will provide some closing remarks before we open the call for questions. Before we begin, we'd like to remind participants that the information contained in this call is current only as of today, August 29, 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.

然後我將討論我們的財務表現。然後，在我們開始提問之前，布拉德將發表一些結束語。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 8 月 29 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 will discuss non-GAAP measures that include or exclude 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.

此外，在本次電話會議上，我們將討論非公認會計原則措施，其中包括或排除不表明我們正在進行的營運的項目。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。

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

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。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布萊德。

Thank you, Tim, and good morning everyone. MasterCraft delivered results ahead of our latest expectations while continuing to navigate a challenging economic environment and highly competitive retail landscape. Entering fiscal 2024, our focus was to proactively navigate market headwinds and execute our strategic and operational priorities to generate value for our stakeholders.

謝謝蒂姆，大家早安。 MasterCraft 的業績超出了我們的最新預期，同時繼續應對充滿挑戰的經濟環境和競爭激烈的零售格局。進入 2024 財年，我們的重點是主動應對市場逆風，執行我們的策略和營運優先事項，為利害關係人創造價值。

Our efforts were centered around destocking, field inventory levels, advancing consumer and dealer centric initiatives and returning capital to shareholders while optimizing profitability and cash flow. Throughout the year, market conditions put downward pressure on retail and wholesale demand. In anticipation of this softness, we took early action to adjust production plans.

我們的努力集中在去庫存、現場庫存水準、推進以消費者和經銷商為中心的計劃以及向股東返還資本，同時優化盈利能力和現金流。全年市場狀況對零售和批發需求帶來下行壓力。考慮到這種疲軟的情況，我們及早採取行動調整生產計劃。

Our proactive approach to wholesale proved to be prudent as we work to alleviate pressures our dealers are facing. In the summer selling season, we experienced a general slowdown in demand from retail customers across our brands, consistent with the majority of the marine industry. This combined with continued economic uncertainty, elevated interest rates and lingering competitor dealer disruptions has driven up inventory carrying costs for dealers contributing to caution throughout the dealer network.

事實證明，我們積極主動的批發方式是謹慎的，因為我們努力減輕經銷商面臨的壓力。在夏季銷售季節，我們品牌的零售客戶的需求普遍放緩，這與大多數海洋產業的情況一致。再加上持續的經濟不確定性、利率上升以及競爭對手對經銷商持續的干擾，導致經銷商的庫存持有成本上升，導致整個經銷商網路保持謹慎。

Field inventories have improved by approximately 20% from fiscal 2023, which was near the low end of our targeted range. We're pleased with our progress to date, but field inventories remain higher than optimal based on recent retail trends, we continue to incentivize our dealers to sell through inventory in a judicious manner.

與 2023 財年相比，現場庫存增加了約 20%，接近我們目標範圍的低端。我們對迄今為止的進展感到滿意，但根據最近的零售趨勢，現場庫存仍然高於最佳水平，我們繼續激勵我們的經銷商以明智的方式銷售庫存。

Although these conditions have short-term implications for wholesale shipments. Our inventory rebalancing efforts are positive for long-term dealer health. Pipeline management remains a primary focus as we move forward, positioning us well for the market recovery ahead.

儘管這些情況對批發運輸有短期影響。我們的庫存再平衡工作對於經銷商的長期健康發展是正面的。在我們前進的過程中，管道管理仍然是我們的首要關注點，這為我們為未來的市場復甦做好了準備。

Before we turn to fiscal 2025, I would like to discuss the announcement we issued earlier this month relating to the divestiture of the Aviara business. After a thorough review of our strategic plans, we determined that exiting this business would best position us to extend our leadership position in our MasterCraft Crest and Balise brands. This focus also allows us to optimize our cost structure and direct resources towards other long-term initiatives to drive sustainable and profitable long-term growth.

在我們討論 2025 財年之前，我想討論一下我們本月早些時候發布的有關剝離 Aviara 業務的公告。在對我們的策略計劃進行徹底審查後，我們確定退出這項業務最有利於我們擴大在 MasterCraft Crest 和 Balise 品牌中的領導地位。這一重點還使我們能夠優化成本結構，並將資源用於其他長期計劃，以推動可持續和盈利的長期成長。

As part of the asset exchange agreement, we are transferring the rights of the Aviara brand to Cruisers Yachts, a subsidiary of MarineMax, the brand's primary retail partner. We anticipate the transaction to close during our fiscal first quarter. We are winding down operations at our Merritt Island Florida facility and have begun marketing the site for sale.

作為資產交換協議的一部分，我們將 Aviara 品牌的權利轉移給 Cruisers Yachts，該公司是該品牌主要零售合作夥伴 MarineMax 的子公司。我們預計交易將在第一財季完成。我們正在結束佛羅裡達州梅里特島工廠的運營，並已開始對該場地進行行銷銷售。

In Q1 of fiscal 2025, we will begin reporting the financial results of the Aviara segment as discontinued operations. The hard work and dedication of our strong Aviara team quickly enabled this product line to become a blue chip brand in boating. Decisions that impact our employees are always difficult, but we are fully committed to supporting them through this transition.

在 2025 財年第一季度，我們將開始將 Aviara 部門的財務表現作為已終止業務進行報告。我們強大的 Aviara 團隊的辛勤工作和奉獻精神很快就使該產品線成為划船領域的藍籌品牌。影響我們員工的決定總是很困難，但我們完全致力於支持他們度過這項過渡。

We appreciate the contributions of all who have been involved with the operation. As we turn our focus to next year, we are encouraged by the market response to the launch of our new premium Pontoon brand Balise. Through cross collaborative efforts of our experienced MasterCraft and Crest team's Balise will allow us to reach a fluent and resilient customer base in the Pontoon segment.

我們感謝所有參與行動的人所做的貢獻。當我們把重點轉向明年時，我們對新推出的優質浮橋品牌 Balise 的市場反應感到鼓舞。透過我們經驗豐富的 MasterCraft 和 Crest 團隊的交叉協作，Balise 將使我們能夠在浮橋領域獲得流暢且有彈性的客戶群。

These products will be manufactured at Crest existing facility in Michigan, requiring minimal capital investment and leveraging an experienced team. The Balise lineup is being sold through a diverse and largely incremental dealer network. This brand brings accretive margins for our Pontoon segment and will be profitable in year one.

這些產品將在密西根州的 Crest 現有工廠生產，需要最少的資本投資並利用經驗豐富的團隊。 Balise 系列產品透過多樣化且增量式的經銷商網路進行銷售。該品牌為我們的浮橋業務帶來了利潤成長，並將在第一年實現盈利。

To date, the team has already onboarded 11 dealers -- new dealers with locations in 26 expensive markets. We will provide more details on this brand later in the call. As we enter fiscal 2025, we will continue to prioritize a healthy distribution network across all brands. Our production schedule aligns with current dealer sentiment and credit availability, and consequently, we plan to ship a higher number of boats in the second half of fiscal 2025 compared to the first half.

迄今為止，該團隊已經招募了 11 家經銷商，這些經銷商遍布 26 個昂貴的市場。我們將在稍後的電話會議中提供有關該品牌的更多詳細資訊。進入 2025 財年，我們將繼續優先考慮在所有品牌中建立健康的分銷網絡。我們的生產計劃符合當前經銷商的情緒和信貸可用性，因此，與上半年相比，我們計劃在 2025 財年下半年發貨更多的船隻。

The industry will benefit as other OEMs also take the necessary measures to rebalance dealer inventories in this challenging environment. We appreciate the support of our dealers, and we will work closely with them to capitalize on the opportunities ahead.

該行業將從中受益，因為其他原始設備製造商也將在這一充滿挑戰的環境中採取必要措施重新平衡經銷商庫存。我們感謝經銷商的支持，我們將與他們密切合作，充分利用未來的機會。

Due to the economic and industry headwinds combined with the cautious dealer ordering patterns and elevated carrying costs, we expect the destocking trend to continue in fiscal 2025. To align with our production plans, we have taken measures to rightsize our cost structure while maintaining a healthy balance of continued investment in our key long-term growth initiatives.

由於經濟和行業逆風，加上經銷商謹慎的訂購模式和較高的持有成本，我們預計去庫存趨勢將在2025 財年繼續。 ，同時保持健康的成本結構。

Given our refined portfolio of strong brands and proactive cost control, we expect to generate positive free cash flow in fiscal 2025. This is particularly notable while being at or near the bottom of the cycle. Supported by our strong balance sheet and free cash flow generation, we have the flexibility to continue to fund long-term growth initiatives.

鑑於我們完善的強勢品牌組合和積極的成本控制，我們預計將在 2025 財年產生正的自由現金流。在我們強大的資產負債表和自由現金流的支持下，我們可以靈活地繼續為長期成長計畫提供資金。

This includes focused innovation and product and brand development, given near-term uncertainty in the marine environment, we will take a selective and disciplined approach to M&A. In addition to maintaining a resilient balance sheet and investing for the future. We will also maintain the flexibility to continue funding our share repurchase program.

這包括重點創新以及產品和品牌開發，考慮到海洋環境近期的不確定性，我們將採取選擇性和嚴格的併購方法。除了保持有彈性的資產負債表和為未來投資之外。我們也將保持靈活性，繼續為我們的股票回購計畫提供資金。

Turning to our full year fiscal 2024 financial results, we concluded with net sales of $367 million, declining from last year's record of $662 million, primarily due to lower volume and a challenging market environment. Despite the net sales decline and the dilutive impact of Aviara, we generated $33 million of adjusted EBITDA.

談到 2024 財年全年財務業績，我們得出的淨銷售額為 3.67 億美元，較去年創紀錄的 6.62 億美元有所下降，這主要是由於銷量下降和充滿挑戰的市場環境。儘管淨銷售額下降以及 Aviara 的稀釋影響，我們仍實現了 3,300 萬美元的調整後 EBITDA。

Excluding Aviara, we generated $40 million of adjusted EBITDA and positive free cash flow during the year. Our ability to proactively adjust to market conditions allows us to optimize profitability through planning and cost control efforts while also maintaining investments in our long-term growth initiatives. This execution provides us with a strong financial position as we continue to navigate through the current cycle.

不包括 Aviara，我們在這一年中實現了 4000 萬美元的調整後 EBITDA 和正自由現金流。我們主動適應市場狀況的能力使我們能夠透過規劃和成本控制工作來優化獲利能力，同時保持對長期成長計畫的投資。隨著我們繼續度過當前的周期，這種執行為我們提供了強大的財務狀況。

Let me now briefly review some of the latest developments across our brands. MasterCraft model-year 2025 lineup, which includes a range of new features and enhancements has been well received by our dealers. The X and [XT] Series received upgraded dashes and new software and the X Series, XT Series now has a stern thruster upgrade option, allowing maximum maneuverability.

現在讓我簡要回顧一下我們品牌的一些最新發展。 MasterCraft 2025 年車款陣容包括一系列新功能和增強功能，受到我們經銷商的好評。 X 和 [XT] 系列獲得了升級的儀表板和新軟體，X 系列、XT 系列現在具有船尾推進器升級選項，可實現最大的機動性。

The new Ilmor 5.3-liter GDI high-output engine is now standard on NXT and XT coupled with underwater exhaust, delivering powerful, reliable, more fuel efficient and quieter experience. Our diverse product lineup delivers top performance, superior comfort, unmatched quality and reliability and industry-leading technology. With a renewed focus on innovation, our team is preparing for an exciting product launch later in the year that will enhance our premium lineup.

全新 Ilmor 5.3 升 GDI 高輸出引擎現已成為 NXT 和 XT 的標準配置，並配備水下排氣裝置，可提供強大、可靠、更省油和更安靜的體驗。我們多樣化的產品系列提供頂級的性能、卓越的舒適度、無與倫比的品質和可靠性以及業界領先的技術。隨著對創新的重新關注，我們的團隊正在準備在今年稍後推出令人興奮的產品，這將增強我們的高端產品陣容。

Turning to our Pontoon segment, which includes both the Crest and the Balise brands. Crest model-year 2025 lineup includes two redesigned models and all new high performance [Triton] and a streamlined product portfolio. The redesigned classic model features a refreshed helm, all new interior and superior styling.

轉向我們的 Pontoon 細分市場，其中包括 Crest 和 Balise 品牌。 Crest 2025 年車型陣容包括兩款重新設計的車型和全新高性能 [Triton] 以及精簡的產品組合。重新設計的經典車型具有煥然一新的舵手、全新的內裝和卓越的造型。

The lineup also includes a redesigned Caribbean model featuring a new luxury interior, new color options and an updated X Series. Our tried to have received upgrades, including an extended rare deck that comes standard, improved handling and performance and an all-around better boating experience. For our luxury Pontoon brand Balise, we began shipping our innovative horizon and Helix models to dealers in targeted markets across the country in our fiscal fourth quarter.

該陣容還包括重新設計的加勒比海車型，具有新的豪華內飾、新的顏色選擇和更新的 X 系列。我們試圖進行升級，包括標配的擴展稀有甲板、改進的操控性和性能以及全面更好的划船體驗。對於我們的豪華浮橋品牌 Balise，我們在第四財季開始向全國目標市場的經銷商運送我們的創新 Horizo​​n 和 Helix 型號。

Both models offer differentiated style and detail as well as high end standard features that prioritize on water entertainment and relaxation. The Balise models offer the industry's most refined finishes, high-tech features and luxurious comfort. Although standard boats come all equipped, upgradable options are available to take each model to the next level.

兩種型號均提供差異化的風格和細節以及優先考慮水上娛樂和放鬆的高端標準功能。 Balise 型號提供業界最精緻的飾面、高科技功能和奢華的舒適感。儘管標準船隻配備齊全，但仍可提供升級選項，將每種型號提升到一個新的水平。

Both models offer the ability to upgrade to the industry's first in-water power cooler to lighting and underwater lighting. The ultra-premium Helix model, both an innovative gas assist tower and integrated premium bimini and dual raised helms. The market response from dealers and consumers for both innovative Pontoon brands have been encouraging, and we're confident in the future of this segment.

兩種型號均可升級至業界首款水下電源冷卻器以用於照明和水下照明。超優質 Helix 型號，既是創新的氣體輔助塔，也是整合的優質比米尼島和雙凸起頭盔。經銷商和消費者對這兩個創新 Pontoon 品牌的市場反應令人鼓舞，我們對該細分市場的未來充滿信心。

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

我現在將把電話轉給蒂姆，他將對這一年提供更多評論，並對我們的財務業績進行詳細討論。提姆？

Thanks, Brad. Focusing on the top line, net sales for the fiscal year were $366.6 million, a decrease of $295.5 million or 45% from the prior year. This decrease was primarily due to lower unit sales volume and an increase in dealer incentives, partially offset by higher prices. For the year, our gross margin was 18.3% compared to the prior year of 25.6%.

謝謝，布拉德。重點關注營收，本財年淨銷售額為 3.666 億美元，比上年減少 2.955 億美元，即 45%。這一下降主要是由於銷量下降和經銷商激勵措施的增加，但部分被價格上漲所抵消。今年，我們的毛利率為 18.3%，而前一年為 25.6%。

Lower margins were the result of lower cost absorption from the planned decrease in unit volume and higher dealer incentives, partially offset by higher prices. Operating expenses were $59.5 million for the year, an increase of $6.7 million when compared to the prior year. This increase was predominantly due to a $9.8 million non-cash impairment related to the Aviara business and was partially offset by lower general and administrative expenses.

利潤率下降的原因是計劃減少單位數量導致的成本吸收降低以及經銷商激勵措施提高，但部分被價格上漲所抵消。本年度營運費用為 5,950 萬美元，比上年增加 670 萬美元。這一增長主要是由於與 Aviara 業務相關的 980 萬美元非現金減值，但部分被一般和管理費用的減少所抵消。

Excluding the non-cash impairments, operating expenses decreased during the year as we prudently manage costs. Turning to the bottom line, adjusted net income for the year was $20.9 million or $1.22 per diluted share, calculated using an estimated annual effective tax rate of 20%. This compared to -- compares to adjusted EBITDA adjusted net income of $95 million or $5.35 for the prior year, calculated using a tax rate of 23%.

排除非現金減值，由於我們審慎管理成本，年內營業費用有所下降。說到底線，以 20% 的估計年度有效稅率計算，本年度調整後淨利為 2,090 萬美元，即稀釋後每股收益 1.22 美元。相較之下，上一年調整後 EBITDA 調整後淨利為 9,500 萬美元，即 5.35 美元（以 23% 的稅率計算）。

Adjusted EBITDA was $32.9 million for the year compared to $131.5 million for the prior year. Adjusted EBITDA margin was 9% compared to 19.9% in the prior year. Our balance sheet positions us well as we ended the year with more than $86 million of cash and short-term investments. We have no net debt as our cash and short-term investments exceeded our debt by nearly $37 million.

本年度調整後 EBITDA 為 3,290 萬美元，上一年為 1.315 億美元。調整後 EBITDA 利潤率為 9%，上一年為 19.9%。我們的資產負債表狀況良好，年底我們擁有超過 8,600 萬美元的現金和短期投資。我們沒有淨債務，因為我們的現金和短期投資超過債務近 3700 萬美元。

We maintain ample liquidity and financial strength to prioritize funding key growth initiatives and returning capital to shareholders. During the year, we spent approximately $16.3 million to repurchase more than 750,000 shares of our common stock.

我們保持充足的流動性和財務實力，優先為關鍵成長計畫提供資金並將資本回饋給股東。年內，我們花費約 1,630 萬美元回購了超過 75 萬股普通股。

Since initiating our share repurchase program in June of 2021, we allocated nearly $65 million to repurchase approximately 2.6 million shares. These cumulative repurchases provided a 13% benefit to our full year adjusted net income per share. At the end of fiscal 2024, we had more than $35 million remaining on our $50 million program authorized in July 2023.

自 2021 年 6 月啟動股票回購計畫以來，我們撥款近 6,500 萬美元回購約 260 萬股股票。這些累計回購使我們全年調整後每股淨利潤增加了 13%。截至 2024 財年末，我們於 2023 年 7 月批准的 5,000 萬美元計畫尚有超過 3,500 萬美元。

Now turning to our expectations for fiscal 2025, which consist of continuing operations only. We have developed plans for a wide range of potential market scenarios. Our guidance reflects an assumption of retail unit sales being down between 5% and 15%. This cautious approach is indicative of market uncertainties as we exit the summer selling season.

現在轉向我們對 2025 財年的預期，其中僅包括持續經營業務。我們針對廣泛的潛在市場場景制定了計劃。我們的指導反映了零售單位銷售額下降 5% 至 15% 的假設。這種謹慎的做法表明，隨著夏季銷售季節的結束，市場存在不確定性。

Our guidance also considers that our dealers are competing with those things sold at liquidation prices to certain competitor dealer disruptions. For fiscal year 2025, we expect consolidated net sales to be between $265 million and $300 million dollars, with adjusted EBITDA between $15 million and $26 million and adjusted earnings per share between $0.36 and $0.87 per share.

我們的指導還考慮到我們的經銷商正在與那些以清算價格出售的東西競爭，以應對某些競爭對手經銷商的干擾。對於2025 財年，我們預計合併淨銷售額將在2.65 億美元至3 億美元之間，調整後EBITDA 將在1500 萬美元至2600 萬美元之間，調整後每股收益將在0.36 美元至0.87 美元之間。

We expect capital expenditures to be approximately $12 million for the year, is typical for us to have more wholesale shipments in the second half of fiscal year compared to the first half. This dichotomy will be more pronounced this year as we prioritize dealer health coming out of the summer selling season. For the first quarter of fiscal 2025, consolidated net sales is expected to be approximately $61 million, with adjusted EBITDA of approximately $2 million and adjusted earnings per share of approximately $0.04.

我們預計今年的資本支出約為 1200 萬美元，與上半年相比，我們下半年的批發出貨量通常會增加。今年，這種二分法將更加明顯，因為我們優先考慮夏季銷售季節後經銷商的健康狀況。 2025 財年第一季度，預計合併淨銷售額約為 6,100 萬美元，調整後 EBITDA 約為 200 萬美元，調整後每股收益約為 0.04 美元。

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

現在我將把電話轉回給布拉德，讓他作結束語。

Thanks, Tim. Despite the uncertain macroeconomic environment and the industry headwinds faced during the fourth quarter and fiscal year 2024, we executed well against our strategic priorities and reduce dealer inventories. We continued to exercise a disciplined approach to capital allocation.

謝謝，蒂姆。儘管宏觀經濟環境不確定，並且在第四季度和 2024 財年面臨行業逆風，我們仍然很好地執行了我們的戰略重點並減少了經銷商庫存。我們繼續對資本配置採取嚴格的方法。

For the past three years, we've returned nearly $65 million of excess cash to our shareholders through our share repurchase program. Our strong balance sheet provides us with the financial flexibility to pursue our strategic growth initiatives. The launch of the Balise brand and product enhancements and MasterCraft and Crest are examples of our forward commitment to innovation.

在過去三年中，我們透過股票回購計畫向股東返還了近 6,500 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，以實現我們的策略成長計劃。 Balise 品牌的推出和產品增強以及 MasterCraft 和 Crest 都是我們對創新的前瞻性承諾的例子。

As we look forward to fiscal 2025, we have developed business plans for a range of potential retail demand scenarios. For a highly variable business model allows us to proactively adjust to changes in demand. With a strong emphasis on pipeline management, we are positioning the business well for the market upswing that lies ahead.

展望 2025 財年，我們針對一系列潛在零售需求情境制定了業務計畫。高度可變的商業模式使我們能夠主動調整以適應需求的變化。我們非常重視管道管理，為未來的市場上升做好了業務定位。

As we navigate this dynamic environment, we are well positioned to leverage our strong portfolio of brands and drive long-term growth opportunities while maintaining the flexibility to return capital to shareholders.

在這個充滿活力的環境中，我們處於有利地位，可以利用我們強大的品牌組合併推動長期成長機會，同時保持向股東返還資本的靈活性。

Operator, you may now open the line for questions.

接線員，現在可以撥打電話提問。

Thank you. (Operator Instructions)

謝謝。 （操作員說明）

Joseph Altobello, Raymond James.

約瑟夫·阿爾托貝洛，雷蒙德·詹姆斯。

Good morning. This is Martin on for Joe. I'm was just looking at the guide and trying to understand a little bit better we're looking at the lower EBITDA margin, is that largely coming from the volume deleverage? Or do you anticipate that the promotional environment is going to get a little bit worse?

早安.這是為喬代言的馬丁。我只是在看指南，並試圖更好地理解我們正在考慮較低的 EBITDA 利潤率，這主要是來自數量去槓桿化嗎？或者您預計促銷環境會變得更糟嗎？

It's primarily from a lower volume on the debt deleveraging from the overhead absorption. There is additional G&A expenses as we fund bonuses at 100%. So we have both those headwinds.

這主要是由於間接費用吸收導致的債務去槓桿化程度較低。由於我們以 100% 為獎金提供資金，因此還有額外的一般管理費用。所以我們面臨這兩個不利因素。

Got it. Thank you. Just to better understand sort of the guide, would you mind providing the adjusted EBITDA and EPS [ex] Aviara for the year? I believe in your prepared comments, he said $40 million.

知道了。謝謝。為了更好地理解該指南，您介意提供今年調整後的 EBITDA 和 EPS [ex] Aviara 嗎？我相信你準備好的評論，他說4000萬美元。

For fiscal 2024, that is correct, $40 million for -- without the effect of Aviara.

對於 2024 財年，這是正確的，即 4000 萬美元——不考慮 Aviara 的影響。

And would you have the adjusted EPS.

你有調整後的每股盈餘嗎？

I don't have that in front of me, sorry.

我面前沒有這個，抱歉。

Okay. Thank you very much.

好的。非常感謝。

Thank you. (Operator Instructions)

謝謝。 （操作員說明）

Drew Crum, Stifel.

德魯克拉姆、史蒂菲爾。

Okay, thanks, guys. Good morning. Just in on your guidance again, you laid out a range of scenarios in terms of retail demand. What are you assuming or how you're assuming that trends as the year progresses? And then I have a follow-up.

好的，謝謝大家。早安.剛剛在您的指導中，您就零售需求提出了一系列情景。您對這一年的趨勢有何假設或如何假設？然後我有一個後續行動。

You know, we're off to a decent start a little bit ahead of our expectations but it is on Tommy's inventory. You know, that continues to be reach in the hands of retail customers. We expect that to be a significant headwind for dealers.

你知道，我們有了一個不錯的開端，比我們的預期稍微提前了一點，但它在湯米的庫存中。您知道，這仍然掌握在零售客戶手中。我們預計這對經銷商來說將是一個重大阻力。

So Tim, would you expect things to get better as the year progresses or it's just too early to tell?

那麼提姆，你認為隨著時間的推移，情況會變得更好，還是現在下結論還為時過早？

I think it's too early to say we're off to a good start but it is really early.

我認為現在說我們已經有了一個良好的開端還為時過早，但確實還為時過早。

Okay. Fair enough. And then maybe more (multiple speakers) Go ahead, Brad.

好的。很公平。然後也許還有更多（多個發言者） 繼續吧，布拉德。

Drew, just add just to add to that, of course, we are going to continue to work with our dealers from an incentive perspective in balance with their participation, of course, to help that through the selling season, primarily through the winter we all remain hopeful the retail environment is going to approve at some point. This protracted recession in Marine is going to repack rebound, and we're positioned well for that.

德魯，只是補充一點，當然，我們將繼續從激勵的角度與我們的經銷商合作，與他們的參與相平衡，當然，以幫助他們度過銷售季節，主要是整個冬天，我們所有人仍對零售環境在某個時候得到認可抱持希望。海軍陸戰隊的長期衰退將重新反彈，我們為此做好了充分的準備。

Got it. Okay. And then maybe more big picture, but it's not a star and now Aviara, the company has moved on from two brands that seem promising at least initially, but it didn't work out. So based on those experiences of adding new brands, whether it's organically or through acquisitions, still an important part of the strategy. And if so, is the company refining its approach to portfolio management? Thanks.

知道了。好的。然後也許有更大的前景，但它不是明星，現在 Aviara，該公司已經放棄了兩個至少最初看起來很有前途的品牌，但沒有成功。因此，根據添加新品牌的經驗，無論是有機的還是透過收購，仍然是該策略​​的重要組成部分。如果是，該公司是否正在改進其投資組合管理方法？謝謝。

Yeah, Drew, on the decision with Aviara relative to other forward-looking ventures. Obviously, that's a careful decision we made after a thorough strategic review, as you know that that business was challenged with volumes truly absorbed costs in a start-up facility that was dedicated to that unit. There were some losses there for quite some time and never was able to be profitable pretty much due primarily due to volume issues.

是的，德魯，關於 Aviara 相對於其他前瞻性企業的決定。顯然，這是我們在進行徹底的策略審查後做出的謹慎決定，正如您所知，該業務面臨著挑戰​​，因為該業務在專門用於該部門的啟動設施中真正吸收了成本。相當長一段時間以來，該公司一直處於虧損狀態，而且由於成交量問題，始終無法實現盈利。

Let me just remind you, too, that deal is not closed yet. We do expect it to close in our fiscal Q1 here. But going forward, there's some big differences in a brand launch like Balise, which is underway compared to Aviara. In fact, in some ways it's opposite. I would just remind you that the Balise is being manufactured in our existing credit facility where we currently produce Pontoon side-by-side with the same experienced team.

我還要提醒您，交易尚未完成。我們確實預計它將在第一財季結束。但展望未來，與 Aviara 相比，像 Balise 這樣正在進行的品牌發布存在一些很大的差異。事實上，在某些方面恰恰相反。我只想提醒您，應答器是在我們現有的信貸設施中製造的，目前我們與經驗豐富的團隊並肩生產浮橋。

There's open capacity in that factory. So it helps us actually with utilization on day one and producing those new units. A couple of other things I would highlight the Balise product line is largely go into an incremental new dealer network in exciting markets with strong dealers. Whereas of Aviara, we had a strong dealer with a retailer, but it was largely exclusive to that retailer. So it's much more diverse channel strategy, and we're really excited about that.

那家工廠有剩餘產能。因此，它實際上幫助我們在第一天就利用並生產這些新設備。我要強調的其他幾件事是，Balise 產品線主要進入了一個增量新的經銷商網絡，在令人興奮的市場中擁有強大的經銷商。而 Aviara 則有一家強大的經銷商和一家零售商，但基本上它是該零售商的獨家產品。因此，這是更多樣化的通路策略，我們對此感到非常興奮。

So from a margin perspective, it's accretive to the segment as well. We expect it to be profitable in year one, very different scenario and circumstances from Aviara.

因此，從利潤角度來看，它也對該細分市場產生了增值作用。我們預計它將在第一年實現盈利，這與 Aviara 的場景和環境截然不同。

Got it. Thanks, guys.

知道了。謝謝，夥計們。

Kevin Condon, Baird.

凱文康登，貝爾德。

Hi, good morning, everyone, and thanks for taking my question. I think on the call, you mentioned that you finished fiscal '24 with inventory 20% lower year over year. Is that true? And I guess, when you think about your guidance and the retail outlook, is there a similar target that you might have to finish fiscal 2025?

大家早安，感謝您提出我的問題。我想在電話會議上，您提到您在 24 財年結束時庫存年減了 20%。這是真的嗎？我想，當您考慮您的指導和零售前景時，是否有一個類似的目標需要在 2025 財年完成？

Yes. In speaking of the raw numbers, we were planning on the year being down between 600 and 1,000 units in fiscal '24, and it was at the lower end of that range. So we did have significant destocking in '24, but the market has been soft. So we anticipate also destocking in '25, probably in that same kind of range between 600 and 1,000 boats.

是的。談到原始數據，我們計劃在 24 財年減少 600 至 1,000 輛，而實際數量處於該範圍的下限。因此，我們確實在 24 年大幅去庫存，但市場一直疲軟。因此，我們預計 25 年也會減少庫存，數量可能在 600 到 1,000 艘船之間。

And that is between MasterCraft and Crest.

這是 MasterCraft 和 Crest 之間的事。

Correct. And probably a little more weighted towards the Crest as we look at those numbers.

正確的。當我們查看這些數字時，可能更偏向 Crest。

Is there any way to think through the Balise impact of your ramping up there? Does that -- I mean I guess that's all in the Pontoon segment now. But would you still expect that overall segment to destock?

有沒有什麼方法可以考慮你在峇裡島的擴張對峇裡島的影響？是嗎——我的意思是我想現在這一切都在浮橋部分了。但您仍然期望整個細分市場去庫存嗎？

Yes. Keep in mind the Balise units are significantly higher AUSP and so the destocking will be on Crest as opposed to Balise.

是的。請記住，Balise 單位的 AUSP 明顯較高，因此去庫存將在 Crest，而不是 Balise。

Okay That's helpful. Thank you.

好的，這很有幫助。謝謝。

Thank you. As there are no further questions, this does conclude the question-and-answer session. You may now disconnect. Everyone, have a great day.

謝謝。由於沒有其他問題，問答環節就此結束。您現在可以斷開連線。大家，祝你有美好的一天。