Mastercraft Boat Holdings Inc (MCFT) 2025 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to the MasterCraft Boat Holdings, Inc.'s fiscal third quarter 2025 earnings conference call. Please be advised, today's conference is being recorded.

女士們，先生們，感謝你們的支持，歡迎參加 MasterCraft Boat Holdings, Inc. 2025 財年第三季收益電話會議。請注意，今天的會議正在錄製。

I would now like to hand the conference call over to your speaker today, Scott Kent, Vice President-Finance and Incoming Chief Financial Officer. Please go ahead, sir.

現在，我想將電話會議交給今天的發言人、財務副總裁兼新任財務長 Scott Kent。先生，請繼續。

Thank you, operator. And welcome, everyone. Thank you for joining us today as we discuss MasterCraft fiscal third quarter performance for 2025. As a reminder, today's call is being webcast live and will also be archived on our website for future listening.

謝謝您，接線生。歡迎大家。感謝您今天加入我們，一起討論 MasterCraft 2025 財年第三季的業績。提醒一下，今天的電話會議將透過網路直播，並將存檔在我們的網站上以供將來收聽。

With me on this morning's call is Brad Nelson, Chief Executive Officer; and Tim Oxley, Chief Financial Officer. We will begin with an overview of our operational performance from the third quarter. After that, Tim will discuss our financial performance. Brad will then provide some closing remarks before we open the call for questions.

今天早上與我一起參加電話會議的還有執行長布拉德·尼爾森 (Brad Nelson) 和首席財務官蒂姆·奧克斯利 (Tim Oxley)。我們將首先概述第三季的營運表現。之後，提姆將討論我們的財務表現。在我們開始提問之前，布拉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, May 7, 2025. 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 2025 年 5 月 7 日為止。本公司不承擔更新任何聲明（包括前瞻性聲明）的義務。非歷史事實的陳述屬於前瞻性陳述，並受今天新聞稿中的安全港免責聲明約束。

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 measures 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. As a reminder, unless otherwise noted, the following commentary was made on a continuing operations basis.

此外，在本次電話會議上，我們將討論包含或排除不反映我們持續經營的項目的非公認會計準則指標。對於每個非公認會計準則 (non-GAAP) 指標，我們也在今天的新聞稿中提供了最直接可比較的公認會計準則 (GAAP) 指標，其中包括這些非公認會計準則 (non-GAAP) 指標與我們的公認會計準則 (GAAP) 結果的對帳。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，以下評論均基於持續經營。

With that, I will turn the call over to Brad.

說完這些，我會把電話轉給布萊德。

Thank you, Scott. And good morning, everyone. I want to start by acknowledging that this will be Tim Oxley's final earnings call. As we announced last month, Tim will be retiring as CFO at the end of June and will remain in an advisory role through December. Scott Kent, who you just heard from, will assume the CFO role on July 1.

謝謝你，斯科特。大家早安。首先我要承認，這將是蒂姆·奧克斯利的最後一次財報電話會議。正如我們上個月宣布的那樣，蒂姆將於 6 月底卸任財務長一職，並將繼續擔任顧問職務直至 12 月。您剛剛聽到的斯科特肯特 (Scott Kent) 將於 7 月 1 日擔任財務長。

Tim Oxley has had a tremendously successful career, with nearly 35 years in the powerboat industry, including 18 years here at MasterCraft. He has played a key role in the evolution of our company. Tim's leadership and guidance have been invaluable, and I'm incredibly grateful for our partnership. He leaves MasterCraft in outstanding financial shape and with a strong finance team. On behalf of everyone at MasterCraft, I thank him for his service to the company and wish him all the best as he transitions towards retirement.

蒂姆·奧克斯利 (Tim Oxley) 的職業生涯非常成功，在動力艇行業工作了近 35 年，其中包括在 MasterCraft 工作的 18 年。他在我們公司的發展過程中發揮了關鍵作用。提姆的領導和指導非常寶貴，我非常感謝我們的合作。當他離開時，MasterCraft 的財務狀況非常好，並且擁有一支強大的財務團隊。我代表 MasterCraft 的全體員工感謝他為公司做出的貢獻，並祝福他在退休後一切順利。

Looking to the future, I'm pleased to have Scott succeed Tim as Chief Financial Officer. He has over 25 years of powerboat experience, including more than 6 years of proven leadership here at MasterCraft. His appointment reflects our depth of talent and careful succession planning. I look forward to working closely with Scott and the rest of the team to deliver long-term growth for our stakeholders.

展望未來，我很高興史考特接替提姆擔任財務長。他在摩托艇領域擁有超過 25 年的經驗，其中包括在 MasterCraft 工作 6 年多的領導經驗。他的任命體現了我們深厚的才華和周詳的繼任計劃。我期待與斯科特和團隊其他成員密切合作，為我們的利益相關者實現長期成長。

Now turning to our third-quarter results, we delivered results that exceeded expectations despite a dynamic industry and macroeconomic backdrop. Sequentially, profitability improved due to higher volumes, operating efficiencies, and a favorable mix over fiscal Q2, driven by the ramp in production of our premium XStar model.

現在來看看我們的第三季業績，儘管產業和宏觀經濟背景充滿活力，但我們的業績仍然超出了預期。由於銷售量增加、營運效率提高以及第二財季產品組合良好，獲利能力較上季提高，這得益於我們高階 XStar 車型產量的提升。

We continue to focus on what's in our control, including disciplined cost, cash, and pipeline management. Our renewed focus on product development and prudent destocking over the past two-plus years has positioned our dealers well for this selling season. Our flexible operating model and ability to generate cash flow, even at these low volumes, combined with our fortress balance sheet, affords us the ability to navigate near-term uncertainty while positioning the business for sustainable long-term growth.

我們將繼續關注我們能夠控制的事情，包括嚴格的成本、現金和通路管理。在過去兩年多的時間裡，我們重新專注於產品開發和謹慎去庫存，為我們的經銷商在這個銷售季節做好了準備。我們靈活的營運模式和產生現金流的能力（即使在這些低交易量下）加上我們穩健的資產負債表，使我們能夠應對短期不確定性，同時為業務的可持續長期成長做好準備。

During the quarter, Spring Boat Show results were up from last year and generated strong energy heading into the critical summer selling season. That said, persistent macroeconomic headwinds and tariff uncertainty continued to put pressure on the marine sector. We continue to monitor and take proactive actions to mitigate the impact from these external factors.

本季度，春季船展的業績較去年同期有所上升，為進入關鍵的夏季銷售旺季注入了強勁的活力。儘管如此，持續的宏觀經濟逆風和關稅不確定性繼續給海洋產業帶來壓力。我們將繼續監測並採取積極行動，以減輕這些外部因素的影響。

Through (inaudible) evolving macro conditions and a challenging demand development, we are revising our full-year guidance which we'll detail later in the call.

透過（聽不清楚）不斷變化的宏觀條件和具有挑戰性的需求發展，我們正在修改我們的全年指導，我們將在稍後的電話會議中詳細說明。

We continue to make meaningful progress in managing dealer health and reducing inventory levels. Over there last year, dealer inventories across our brands have decreased by 30%. Compared to the same pre-pandemic period in fiscal 2019, dealer inventories are lower by more than 45%. This highlights the effectiveness of our careful production planning, dealer support programs, and strength of our products and brands.

我們在管理經銷商健康和降低庫存水準方面繼續取得有意義的進展。去年，我們各品牌經銷商的庫存減少了 30%。與2019財年疫情前同期相比，經銷商庫存下降了45%以上。這凸顯了我們精心的生產計劃、經銷商支援計劃的有效性以及我們的產品和品牌的實力。

Despite broader economic turbulence, we remain confident in achieving our fiscal year inventory reduction target of 600 to 1,000 units, assuming retail expectations hold through the summer selling seasons.

儘管經濟情勢動盪，我們仍有信心實現本財年減少 600 至 1,000 台庫存的目標，前提是零售預期能在整個夏季銷售季節保持不變。

Turning to the evolving trade and tariff environment. While we anticipate a modest impact from tariffs on fiscal 2025 costs, we continue to work diligently with key suppliers to mitigate risk. We're also closely monitoring broader demand implications. Regardless of market dynamics, our intent is to keep our dealers healthy and ensure inventories are closely aligned and with retail demand.

轉向不斷變化的貿易和關稅環境。雖然我們預計關稅對 2025 財年成本的影響不大，但我們將繼續與主要供應商密切合作，以降低風險。我們也密切關注更廣泛的需求影響。無論市場動態如何，我們的目的都是保持經銷商的健康，並確保庫存與零售需求緊密結合。

Our capital allocation priorities remain disciplined and consistent despite the external pressures. We have a solid balance sheet with no debt. We are generating cash. And our strategic growth initiatives are fully funded. We continue to prioritize our share repurchase program to return capital to shareholders. Given a suppressed marine environment, we remain opportunistic and highly selective with respect to inorganic growth.

儘管面臨外部壓力，我們的資本配置重點仍保持嚴謹和一致。我們的資產負債表穩健，沒有債務。我們正在產生現金。我們的策略性成長計劃已獲得充足資金。我們繼續優先考慮股票回購計劃，以向股東返還資本。鑑於海洋環境受到抑制，我們在無機生長方面仍然保持機會主義和高度選擇性。

Shifting to recent developments across our brands. In February, the XStar, MasterCraft's flagship model, was awarded the prestigious National Marine Manufacturers Association Innovation Award in the towboat category at the Miami International Boat Show. Additionally, the NMMA recognized both MasterCraft and Crest with Marine Industry Customer Satisfaction Index Awards for 2024. This recognition underscores our continued focus on quality and innovation. MasterCraft has a long-standing track record of winning CSI awards, and Crest has now received the honor for six consecutive years, every year, under our ownership.

轉向我們各個品牌的最新發展。今年 2 月，MasterCraft 的旗艦型號 XStar 在邁阿密國際遊艇展上榮獲拖船類別享有盛譽的國家船舶製造商協會創新獎。此外，NMMA 也授予 MasterCraft 和 Crest 2024 年海洋產業客戶滿意度指數獎。這項認可強調了我們對品質和創新的持續關注。MasterCraft 長期以來一直擁有贏得 CSI 獎項的記錄，而在我們的帶領下，Crest 已連續六年每年獲得該榮譽。

Within our MasterCraft segment, our team supported dealers at key boat shows where we showcased our XStar product. It's halo effect is particularly positive for the MasterCraft brand globally. Consumer interest remains strong and we ramped up XStar production in the third quarter to meet demand.

在我們的 MasterCraft 部門內，我們的團隊在主要船展上為經銷商提供支持，並在展會上展示我們的 XStar 產品。它的光環效應對於 MasterCraft 品牌在全球範圍內來說尤其積極。消費者的興趣依然強勁，我們在第三季提高了 XStar 的產量以滿足需求。

We continue to identify growth opportunities within our distribution network. Recently, MasterCraft strengthened its dealer presence in Dallas, the largest ski and wake market in the United States. We've also announced dealer expansion in southern Utah and Lake of the Ozarks in Missouri. As such, we're experiencing early momentum in these key markets. We will continue to explore additional opportunities to enhance our dealer network.

我們將繼續在我們的分銷網絡中尋找成長機會。最近，MasterCraft 加強了在美國最大的滑雪和尾流市場達拉斯的經銷商影響力。我們也宣佈在猶他州南部和密蘇裡州的歐扎克斯湖擴大經銷商規模。因此，我們在這些關鍵市場中正經歷早期發展動能。我們將繼續探索更多機會來增強我們的經銷商網路。

Turning to our Pontoon segment, which includes Crest and Balise brands. Dealer inventories across the broader pontoon market remains challenged, which has created a more promotional and competitive environment. Overall, we continue to proactively adjust production levels to right-size field inventories, as evidenced by a 40% year-over-year unit reduction in this segment.

轉向我們的 Pontoon 部門，其中包括 Crest 和 Balise 品牌。整個浮橋市場的經銷商庫存仍然面臨挑戰，這創造了更促銷和競爭的環境。總體而言，我們繼續積極調整生產水準以適當調整現場庫存規模，這從該部門同比單位減少 40% 可以看出。

As announced in February, Mike O'Connell has been appointed President of the Pontoon business, and he's hit the ground running, joining the team in Owosso. The team's priorities are centered on product enhancements, dealer and pipeline management, and operational improvements through this dynamic timing.

正如二月份宣布的那樣，邁克·奧康奈爾 (Mike O'Connell) 已被任命為 Pontoon 業務總裁，他已立即加入奧沃索 (Owosso) 的團隊。該團隊的首要任務是透過這種動態時間安排集中進行產品增強、經銷商和通路管理以及營運改善。

With that, I'll now turn the call over to Tim to provide additional commentary on the quarter and walk through our financials. Tim?

說完這些，我現在將電話轉給蒂姆，讓他對本季提供更多評論，並介紹我們的財務狀況。提姆？

Thanks, Brad. To start, I want to sincerely thank all of you for your support and interest in the company over the years. Our team will closely work together over the coming months to ensure a smooth transition. I'll certainly miss MasterCraft and working alongside the strong team, but I'm looking forward to retirement and spending more time with my family.

謝謝，布拉德。首先，我要真誠感謝大家多年來對公司的支持與關注。我們的團隊將在未來幾個月密切合作，確保順利過渡。我當然會懷念 MasterCraft 以及與強大的團隊一起工作，但我期待退休並花更多時間陪伴家人。

Now turning to our Q3 financial results. Focusing on the top line, net sales for the quarter were $76 million, a decrease of $8 million or 10% from the prior-year period. This was primarily due to a lower unit sales volume, partially offset by favorable mix. For the quarter, our gross margin was 20.8%, compared to 23.3% in the prior-year period. Lower margins were the result of lower cost absorption from the production decrease, partially offset by favorable mix. Operating expenses were $11.7 million for the quarter, a decrease of $1.2 million compared to the prior-year period, primarily due to lower general and administrative expenses.

現在來看看我們的第三季財務業績。從營業收入來看，本季淨銷售額為 7,600 萬美元，較去年同期減少 800 萬美元，降幅為 10%。這主要是由於單位銷售量較低，但被良好的產品組合部分抵消。本季度，我們的毛利率為 20.8%，去年同期為 23.3%。利潤率下降是由於產量下降導致成本吸收減少，但被良好的產品組合部分抵消。本季營運費用為 1,170 萬美元，較去年同期減少 120 萬美元，主要原因是一般及行政費用減少。

As a reminder in the prior-year period included CEO transition cost.

需要提醒的是，去年同期的費用包括了執行長的過渡成本。

On the bottom line, adjusted net income for the quarter was $5 million or $0.30 per diluted share, calculated using a tax rate of 18%. This compares to adjusted net income of $8.5 million or $0.50 per diluted share for the prior-year period, calculated using a tax rate of 20%.

最終，以 18% 的稅率計算，本季調整後的淨收入為 500 萬美元或每股 0.30 美元。相比之下，以 20% 的稅率計算，去年同期調整後淨收入為 850 萬美元，即每股攤薄收益 0.50 美元。

Adjusted EBITDA was $7.5 million for the quarter compared to $11.7 million in the prior-year period. Adjusted EBITDA margin was 9.9%, compared to 13.9% in the third quarter of fiscal 2024.

本季調整後 EBITDA 為 750 萬美元，去年同期為 1,170 萬美元。調整後的 EBITDA 利潤率為 9.9%，而 2024 財年第三季為 13.9%。

Our balance sheet remains incredibly strong. We ended the quarter with nearly $167 million of total liquidity, including nearly $67 million of cash and short-term investments and $100 million of availability under our revolving credit facility.

我們的資產負債表依然非常強勁。本季末，我們的總流動資金接近 1.67 億美元，其中包括近 6,700 萬美元的現金和短期投資以及 1 億美元的循環信貸額度可用資金。

We ended the quarter with no debt. We generated nearly $19 million of operating cash flow. Our balance sheet positions us exceptionally well, provides us with ample liquidity and financial strength to perform through the business cycle (inaudible) strategic growth initiatives and returning capital to shareholders.

本季結束時我們沒有任何債務。我們產生了近1900萬美元的經營現金流。我們的資產負債表使我們處於非常有利的地位，為我們提供了充足的流動性和財務實力，以完成商業週期（聽不清）戰略增長計劃並向股東返還資本。

During the quarter, we spent nearly $750,000 to repurchase more than 41,000 shares of our common stock. We expect to repurchase shares at an accelerated pace on our fiscal fourth quarter, particularly given our recent valuation. In fact, fourth quarter to-date, we've already spent more than $1.8 million to repurchase over 115,000 shares.

本季度，我們花費近 75 萬美元回購了超過 41,000 股普通股。我們預計在第四財季將以更快的速度回購股票，特別是考慮到我們最近的估值。事實上，截至第四季度，我們已經花費超過 180 萬美元回購超過 115,000 股股票。

Despite ongoing macroeconomic and trade uncertainty, we remain within the range of our previously stated guidance. That said, for fiscal 2025, consolidated net sales is now expected to be approximately $275 million, with adjusted EBITDA of approximately $20 million and adjusted earnings per share $0.71. We also now expect (inaudible) to be approximately $9 million for the full year as we closely manage cash flow.

儘管宏觀經濟和貿易不確定性持續存在，但我們仍在先前所述的指導範圍內。話雖如此，2025財年的合併淨銷售額目前預計約為2.75億美元，調整後EBITDA約為2,000萬美元，調整後每股收益約為0.71美元。由於我們嚴密管理現金流，目前預計全年淨銷售額（聽不清楚）約為900萬美元。

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

現在我將把電話轉回給布萊德，請他作最後發言。

Thanks, Tim. Our business performed well during the third quarter against the backdrop of economic demand uncertainty. With our strong financial foundation, we are well-positioned to mitigate near-term risks and pursue our strategic growth initiatives. We continue to utilize a disciplined approach to capital allocation, including returning approximately $70 million of excess cash to our shareholders through our share repurchase program since 2021.

謝謝，蒂姆。在經濟需求不確定的背景下，我們的業務在第三季表現良好。憑藉強大的財務基礎，我們有能力降低短期風險並推行策略成長計畫。我們繼續採用嚴謹的方法進行資本配置，包括自 2021 年以來透過股票回購計畫向股東返還約 7,000 萬美元的超額現金。

Looking ahead, given the fluid trade environment and alumina demand visibility, we remain focused on what's in our control, managing production levels, driving innovation, and delivering operating efficiencies all while maximizing cash flow and aggressively managing costs.

展望未來，鑑於不穩定的貿易環境和氧化鋁需求的可見性，我們將繼續專注於我們能夠控制的事情，管理生產水平，推動創新，提高營運效率，同時最大化現金流並積極管理成本。

Our flexible operating model allows us to adjust production to both mitigate near-term risk and capitalize on potential upside. We have taken a proactive approach to the production planning and dealer incentives to capitalize on retail demand during the upcoming selling season.

我們靈活的營運模式使我們能夠調整生產，既能減輕短期風險，又能利用潛在的優勢。我們採取了積極主動的生產計劃和經銷商激勵措施，以利用即將到來的銷售季節的零售需求。

In this dynamic environment, we are focused on continuing to provide value for our stakeholders while positioning MasterCraft to capitalize on the next market recovery.

在這個充滿活力的環境中，我們專注於繼續為我們的利害關係人提供價值，同時讓 MasterCraft 充分利用下一次市場復甦。

Operator, please open the line for questions.

接線員，請打開熱線以回答問題。

(Operator Instructions)

（操作員指示）

Joe Altobello, Raymond James.

喬·阿爾托貝洛、雷蒙·詹姆斯。

Good morning. This is Martin, on for Joe. You mentioned the tariff impact may have modest impact. Can we get a little bit of quantification around that and any idea about what a potential price increase might be from model year '26?

早安.我是馬丁，代表喬發言。您提到關稅的影響可能不大。我們能否對此進行一些量化分析，並了解 26 款車型的潛在價格上漲幅度是多少？

You know the it seems like it changes almost daily basis, so we have not yet determined the effect on pricing. But we do expect that to have some inflationary impact on prices. And we have our modest impact in fiscal Q4 embedded in our guidance already.

您知道它似乎幾乎每天都在變化，所以我們還沒有確定對定價的影響。但我們確實預計這會對價格產生一些通膨影響。並且，我們的預期中已經包含了對第四財季的適度影響。

Got it. And then just kind of quickly thinking about retail, I believe you said down 5% to 10% prior. Has that changed in any way?

知道了。然後快速思考零售業，我相信您之前說過要下降 5% 到 10%。情況有任何改變嗎？

I expect it to be closer to 10% than 5% right now. But because Q4 was our easiest comp, we'll know better at the end of June and not really before then.

我預計現在這個比例會更接近 10%，而不是 5%。但由於第四季度是我們最輕鬆的季度，我們會在 6 月底而不是之前知道更多。

Got it. Thank you very much and congratulations on your retirement.

知道了。非常感謝您，並祝賀您退休。

Craig Kennison, Baird.

克雷格·肯尼森，貝爾德。

Good morning. Thanks for taking my question. Tim, congratulations. It's really been a pleasure working with you. You probably did it a quarter too late because I have a tariff question for you. But I wonder if you could just help us understand the kind of direct exposure you think you have. I mean, it's primarily a U.S.-based production footprint. And then, if you've done any work to understand what indirect exposure you might have through some of your suppliers that have tariff closure? I know it's a tough question, but curious if you have --

早安.感謝您回答我的問題。提姆，恭喜你。與您合作真的很愉快。你可能晚了一個季度，因為我有一個關稅問題想問你。但我想知道您是否可以幫助我們了解您認為自己受到的直接影響類型。我的意思是，它主要是以美國為基礎的生產基地。然後，您是否做過任何工作來了解您可能透過某些具有關稅封閉的供應商而受到哪些間接影響？我知道這是一個很難的問題，但我很好奇你有沒有--

We've had discussions with all of our significant supplier. So we do think we have a good handle on what, I'm going to call them, the parts of parts. So oftentimes, even our engines, I think for one variety of engine, the block comes from Canada. So I think we have a good spreadsheet that we use to determine those costs. And as of the changes occur, we drop them in to the spreadsheet. What we don't know is exactly how much is in the pipeline, how much is in the warehouse, is in the U.S. And so, there will be a modest impact on Q4, but that's continuing to evolve as it relates to fiscal '26.

我們已經與所有重要的供應商進行了討論。因此，我們確實認為，我們很好地掌握了我將要稱之為「零件的零件」的東西。所以很多時候，即使是我們的發動機，我認為對於一種發動機來說，缸體也來自加拿大。所以我認為我們有一個很好的電子表格可以用來確定這些成本。一旦發生變化，我們就會將其放入電子表格中。我們不知道到底有多少在籌備中，有多少在倉庫中，有多少在美國。因此，這將對第四季度產生適度的影響，但隨著與 26 財年的關係不斷演變。

Okay. Thanks. And then, Brad, you mentioned some dealer network expansion wins. Just talk about what's working in the sense of your ability to add dealerships in some of these key markets. It feels like you've made pretty significant progress there.

好的。謝謝。然後，布拉德，您提到了一些經銷商網路擴張的成功。只需談談您在一些關鍵市場增加經銷商的能力方面所做的努力。感覺你在那裡取得了相當大的進展。

Yes. We feel good about progress. And that's always going to be a work in motion there as things are constantly changing. We look at really in two ways. There's geography coverage and there's still white space out there that's not being covered or only getting modest coverage from a dealer perspective. And then within territories, we have tremendous dealers, mature, highly sophisticated. But in some pockets, we've got territories where our density in our store, in our rooftop coverage has opportunity for expansion. So we're really pleased with progress in some of our larger markets. In particular, pointing to Texas and Utah. Those two markets alone are needle movers from a national perspective. So as we drive, at least, get up to national market share in those markets, it's really helpful for us. And our dealers, just to shout out to our dealers and their focus going through a turbulent period of time, we're proud of our partnership there both dealers, long established as well as new ones.

是的。我們對進展感到滿意。由於事物不斷變化，這項工作總是在進行中。我們確實從兩個角度來看這個問題。雖然存在地理覆蓋，但從經銷商的角度來看，仍有一些空白區域尚未覆蓋或僅獲得適度覆蓋。在各個地區，我們擁有大量成熟、經驗豐富的經銷商。但在某些地區，我們的商店密度和屋頂覆蓋範圍都有擴大的機會。因此，我們對一些較大市場的進展感到非常高興。特別指出德克薩斯州和猶他州。從全國角度來看，這兩個市場本身就是推動力。因此，當我們推動至少在這些市場中取得全國市場份額時，這對我們來說真的很有幫助。而我們的經銷商，只是想向我們的經銷商和他們在動盪時期的關注點致敬，我們為與經銷商的合作夥伴關係感到自豪，無論是老經銷商還是新經銷商。

I guess that's my last question, if that's okay. Tim, you've done an amazing job with your own balance sheet and you're very well-positioned to fund the buyback, as you've said. But how would you frame the balance sheet of your dealer network overall? And do you see any pockets of stress you're concerned about?

我想這是我的最後一個問題，如果可以的話。提姆，正如你所說，你在資產負債表方面做得非常出色，而且你完全有能力為回購提供資金。但是，您如何建立整個經銷商網路的資產負債表呢？您是否發現任何讓您擔心的壓力因素？

Craig, it's one of the areas that I'm really particularly pleased and the fact that we've been able to navigate this difficult environment without having any significant dealer failures. So we have a number of tools in our toolkit, if you will. And knock on wood, we feel good about the health of our dealers and we continue to monitor it closely, in particular, with our (inaudible) plant suppliers.

克雷格，這是我特別高興的領域之一，事實上我們能夠度過這個困難的環境而沒有任何重大的經銷商失敗。如果你願意的話，我們的工具包裡有很多工具。敲敲木頭，我們對經銷商的健康狀況感到滿意，並將繼續密切關注，特別是與我們的（聽不清楚）工廠供應商。

Great. Thanks, Tim. Congratulations.

偉大的。謝謝，蒂姆。恭喜。

Michael Swartz, Truist Securities.

Truist Securities 的 Michael Swartz。

Good morning. This is Adam, on for Mike. First, just wondering how the early response has been to Balise and if you still think that could add $10 million in revenue for the fiscal year?

早安.我是亞當，代替麥克。首先，我只是想知道 Balise 的早期反應如何，以及您是否仍然認為它可以為本財政年度增加 1000 萬美元的收入？

Hi Adam. The Balise product, we're in conscious low rate production as we ramp up that brand and doing it amidst the challenging market. I think we all know, dealer credit lines are under pressure right now in some areas. But we are anticipating net sales in the neighborhood of what we previously stated in that $10 million ballpark for fiscal '25. We've signed dealers in the top 10 BTAs, top 10 markets. We now have 20-plus dealers, net new dealers, and some really top notch dealers for Balise. So far, interest in the product is high. Very favorable and positive response rate to the product fit and function as well as quality of the product. It's just we knew it would take some time launching a product in the down part of the market, and that's proving out as per plan.

你好，亞當。對於 Balise 產品，我們有意識地進行低速率生產，以擴大該品牌的影響力，並在充滿挑戰的市場中開展業務。我想我們都知道，目前某些地區的經銷商信用額度面臨壓力。但我們預計 2025 財年的淨銷售額將達到我們之前所說的 1000 萬美元左右。我們已經與排名前 10 名的 BTA、前 10 名的市場簽約了經銷商。我們現在有 20 多家經銷商、新經銷商以及一些真正的 Balise 頂尖經銷商。到目前為止，人們對該產品的興趣很高。對產品的適合度、功能以及產品品質的回應率非常有利且積極。我們只是知道在市場低迷時期推出一款產品需要一些時間，事實證明這是按計劃進行的。

Got it.

知道了。

The other thing, because we have such a concentration in the upper Midwest dealers, we think as those boats are seen on the waterways, (inaudible) spur some additional demand. So we remain optimistic about Balise.

另一件事，由於我們的經銷商集中在中西部北部地區，我們認為，隨著這些船隻出現在水道上，（聽不清楚）會刺激一些額外的需求。因此我們對 Balise 仍持樂觀態度。

Okay. Got it. And any way to think about fiscal year '26?

好的。知道了。有什麼辦法可以考慮 26 財年嗎？

Not ready to talk about fiscal '26 at this point time.

目前還沒準備好談 26 財年。

Okay. Got it. If I could just one more, any trends you guys have been seeing at retail in April and May so far just given everything going on in the macro and tariffs environment? Thank you.

好的。知道了。如果我可以再問一個問題，考慮到宏觀和關稅環境的所有情況，你們在 4 月和 5 月看到零售業有什麼趨勢嗎？謝謝。

As I mentioned on my prepared remarks, Q4 is our easiest comps and we're looking at it on a daily, weekly basis. And our easiest comp in Q4 is June. So we still have a line of sight to being down in that 10% range. But we really won't know until it all concludes. But our dealers remain optimistic. The sun's coming out, and we're going to make hay while the sun shines.

正如我在準備好的發言中提到的那樣，第四季度是我們最簡單的季度，我們每天、每週都在關注它。我們第四季最輕鬆的比較是六月。因此，我們仍有望將降幅控制在 10% 的範圍內。但我們真的要等到一切結束才會知道。但我們的經銷商仍然保持樂觀。太陽出來了，我們要趁著陽光明媚的時候曬乾草。

I would add, we're drilling well with premium buyers. The market is (inaudible) to the premium right now. And that's nice with the launch of our new premium XStar product in MasterCraft. It will help us even more with Balise as the summer selling season unfolds here, as Tim mentioned. But there's retail momentum there with XStar that we see coming out of boat shows. And with Crest and Pontoon, of course, that's more of a compressed selling season in the summer. It's even more seasonal than in the tow or wake market. We don't see sustained vibrant retail momentum yet. But as Tim mentioned, we are seeing some signs of life and green shoots from many of our dealers.

我想補充一點，我們與優質買家的合作非常順利。目前市場處於（聽不清楚）溢價狀態。我們在 MasterCraft 中推出的全新優質 XStar 產品真是太棒了。正如蒂姆所提到的，隨著夏季銷售季節的到來，它將為我們的 Balise 提供更多幫助。但我們在船展上看到了 XStar 零售業的發展勢頭。當然，有了 Crest 和 Pontoon，夏季的銷售季節就更加緊湊了。它甚至比拖車或尾流市場更具季節性。我們尚未看到持續強勁的零售勢頭。但正如蒂姆所提到的，我們在許多經銷商身上看到了一些復甦的跡象和復甦的萌芽。

As evidence of the strong MasterCraft brand internationally, we sold eight of the XStars in Europe at the (inaudible) Boat Show. So MasterCraft has a strong brand, not only in U.S., but in Canada and the rest of world as well.

作為 MasterCraft 品牌在國際上強大實力的證據，我們在歐洲（聽不清楚）船展上銷售了 8 艘 XStars。因此，MasterCraft 不僅在美國，而且在加拿大和世界其他地區都擁有強大的品牌。

Awesome. Thanks, guys.

驚人的。謝謝大家。

Eric Wold, Texas Capital Securities.

沃爾德 (Eric Wold)，德州資本證券公司。

Good morning. Thanks for taking my questions. And I'll also echo congrats, Tim, on the retirement. It's been great working with you over the years. I guess thinking about the guidance, you took the high end of the guidance range, $275 million to $295 million on the last call down to $275 million now. That $295 million upper end previously, was that more of an assumption that thing improve to get there? Or would you characterize it as more that things have segregated since that last guidance was given?

早安.感謝您回答我的問題。我還要祝賀蒂姆退休。多年來與您合作非常愉快。我想，考慮到指導，您採取了指導範圍的高端，即上次電話會議上的 2.75 億美元至 2.95 億美元，現在降至 2.75 億美元。先前提到的 2.95 億美元的上限，是否更多的是一種假設，即隨著情況的改善，會達到這個上限？或者您認為，自上次給出指導意見以來，事情已經發生了分化？

I think that if retail were trending to be down 5%, I think that the high end of the range would have been more appropriate. As now, there's a lot more of caution out there, not only from retail perspective, but from a dealer stocking perspective, and so that's the reason you see us moving range down a little bit.

我認為，如果零售業的趨勢是下降 5%，那麼這個範圍的高端會更合適。現在，不僅從零售角度，而且從經銷商庫存角度，人們都更加謹慎，這就是我們稍微降低範圍的原因。

Okay. And then on that last part on dealer stocking, you've got almost two months left in the quarter. Can you still feel comfortable with the 600 to 1,000 inventory units coming out of the channel? Assuming things don't materially changed from here, I know June is a big question mark, I guess what takes you to the higher end of that range versus the lower end of the range? Is it really kind of dependent on June or is something else at play one way or the other?

好的。關於經銷商庫存的最後一部分，本季還剩下將近兩個月的時間。您是否仍對從渠道流出的 600 至 1,000 個庫存單位感到滿意？假設事情從現在開始不會發生實質變化，我知道六月是一個大問號，我想什麼會讓你達到該範圍的高端而不是低端？它是否真的取決於六月，還是有其他因素在起作用？

Because we've been judicious with our production, I expect us to be in the upper end of that range as far as taking out -- a bit more likely to be 1,000 than 600 now.

由於我們在生產方面一直非常謹慎，我預計我們的產量將處於該範圍的上限——現在更有可能是 1,000 而不是 600。

Got it. Very helpful. Thanks, guys. Appreciate it.

知道了。非常有幫助。謝謝大家。非常感謝。

Anna Glaessgen, B. Riley Securities.

Anna Glaessgen，B. Riley Securities。

Good morning. Thanks for taking my question. I'd love to expand a little bit on your approach to (inaudible) price and (inaudible) tariff. Not trying to get specific numbers. But would you be looking to react with a consistent price increase or the credence to maybe some meaningful variable loss that we (inaudible) pricing architecture? Just any thoughts there?

早安.感謝您回答我的問題。我很樂意稍微詳細地闡述您對（聽不清楚）價格和（聽不清楚）關稅​​的看法。不試圖獲取具體數字。但是，您是否希望透過持續的價格上漲來應對，或者相信我們（聽不清楚）定價架構中可能存在的一些有意義的可變損失？有什麼想法嗎？

Morning, Anna. Balancing three things is our aim everyday. Volume, price, and cost. With the variability with tariffs and trade environment, we remain proactive on balancing the three of those. It's likely we'll see going forward is the traditional market base price adjustments. And then we may be moving into more of a variable pricing model, looking forward. We've not made any adjustments. We've communicated that we're proactively modeling those things. And our goal ultimately always is to cover our input costs.

早安，安娜。平衡三件事是我們每天的目標。數量、價格和成本。隨著關稅和貿易環境的變化，我們仍然積極主動地平衡這三者。我們很可能會看到傳統市場基礎價格的調整。展望未來，我們可能會轉向更可變的定價模式。我們沒有做任何調整。我們已經表示，我們正在積極地模擬這些事情。我們的最終目標始終是收回投入成本。

The challenge with tariffs, which I think everyone can understand and appreciate, is sometimes as there's a latency and there's a lot of change happening there every day. And with that, when we finally snap and make decisions on this stuff, there could be lag time in there that's difficult to balance. But we're modeling all those activities proactively while also working with suppliers to mitigate cost impact as opposed to just accepting and passing along cost impact.

我認為每個人都能理解和體會到關稅帶來的挑戰，因為有時會有延遲，而且每天都會發生很多變化。因此，當我們最終對這些事情做出決定時，可能會出現難以平衡的延遲時間。但我們正在積極地模擬所有這些活動，同時也與供應商合作以減輕成本影響，而不是僅僅接受和轉嫁成本影響。

Got it. I guess, have you already spoken to dealers about the potential for more variable pricing?

知道了。我想，您是否已經與經銷商討論過更多可變定價的可能性了？

We've not unfolded our full model year fiscal year pricing yet for '26.

我們尚未公佈 26 財年全年車型的定價。

But we have discussed with them the variable nature of these costs. And we certainly hope that the tariffs are temporary and so that it leads to us more toward variable pricing model going forward.

但我們已經與他們討論了這些成本的變化性質。我們當然希望關稅是暫時的，這樣我們未來的定價模式就會更傾向於浮動定價模式。

That's it. Thanks, guys.

就是這樣。謝謝大家。

Thank you. This now concludes the question-and-answer session. I would now like to thank you for participating in today's conference. This does conclude the program. You may now disconnect.

謝謝。問答環節到此結束。現在我要感謝大家參加今天的會議。該計劃確實就此結束。您現在可以斷開連線。