Mastercraft Boat Holdings Inc (MCFT) 2025 Q4 法說會逐字稿

Good morning, ladies and gentlemen. Thank you for standing by. Welcome to the Mastercraft Boat Holdings Inc. fiscal fourth quarter and full year 2025 earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

女士們、先生們，早安。感謝您的支持。歡迎參加 Mastercraft Boat Holdings Inc. 2025 財年第四季和全年財報電話會議。（操作員指示）請注意，今天的會議正在錄音。

I would now like to turn the conference over to Scott Kent, Chief Financial Officer. Please go ahead, sir.

現在我想將會議交給財務長斯科特肯特 (Scott Kent)。先生，請繼續。

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

謝謝接線員，歡迎大家。感謝您今天加入我們，一起討論 Mastercraft 2025 財年第四季和全年業績。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. We will begin with an overview of our operational performance. After that, I will discuss our financial performance. Brad will then provide some closing remarks before we open the call for questions. Before we begin, we would like to remind participants that the information contained in this call is current only as of today, August 27, 2025.

今天早上與我一起參加電話會議的是執行長布拉德·尼爾森 (Brad Nelson)。我們先來概述一下我們的營運績效。之後，我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。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 8 月 27 日為止。

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. 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 will 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.

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。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 GAAP 指標，我們還將在今天的新聞稿中提供最直接可比較的 GAAP 指標，其中包括這些非 GAAP 指標與我們的 GAAP 結果的對帳。

There is also a slide deck summarizing our financial results in the investor section of our website. As a reminder, unless otherwise noted, the following commentary is made on a continuing operations basis, and all references to specific quarters and periods will be on a fiscal basis.

我們網站的投資者部分還有一份投影片總結了我們的財務表現。提醒一下，除非另有說明，以下評論均以持續經營為基礎，所有對特定季度和期間的提及均以財務為基礎。

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. We closed fiscal 2025 with a strong fourth quarter, outperforming expectations in what remains a challenging geopolitical and retail environment. This performance was driven by robust demand for our ultra-premium products and disciplined cost control.

謝謝你，斯科特，大家早安。我們以強勁的第四季結束了 2025 財年，在依然充滿挑戰的地緣政治和零售環境中，我們的表現超出了預期。這一業績得益於我們超高端產品的強勁需求和嚴格的成本控制。

Q4 net sales increased $25 million, or 46% year-over-year, and adjusted EBITDA rose nearly $8 million. I would like to thank each of our team members and dealers for their dedication and execution as we continue to navigate through this dynamic industry cycle.

第四季淨銷售額年增 2,500 萬美元，增幅 46%，調整後 EBITDA 成長近 800 萬美元。我要感謝我們的每一位團隊成員和經銷商，感謝他們的奉獻精神和執行力，讓我們繼續在這個充滿活力的行業週期中前進。

From the outset of the year, our priorities were clear. To control what is most meaningful, such as optimizing channel inventory, championing innovation, and positioning us for the next up cycle. We have strengthened dealer health, advanced new product and brand initiatives, returned capital to shareholders, and maintained a strong balance sheet by maximizing earnings and cash flow.

從今年年初開始，我們的優先事項就很明確。控制最有意義的事情，例如優化渠道庫存、倡導創新以及為下一個上升週期做好準備。我們增強了經銷商的健康，推進了新產品和品牌計劃，向股東返還了資本，並透過最大化收益和現金流保持了強勁的資產負債表。

We call that our initial guidance range for fiscal 2025 reflected the uncertain demand environment. We carefully planned for multiple scenarios. Over the course of the year, the marine industry faced continued pressure for macroeconomic uncertainty, persistent elevated interest rates, and a volatile trade environment. Consumer sentiment stayed cautious, and unit retail performance for our brands ended within the lower end of our projected range.

我們認為，2025 財年的初步指導範圍反映了不確定的需求環境。我們針對多種場景進行了精心規劃。這一年，海洋產業持續面臨宏觀經濟不確定性、利率持續上升以及貿易環境動盪的壓力。消費者情緒保持謹慎，我們品牌的單位零售業績處於預期範圍的低端。

Even so, our operational execution allowed us to deliver results near the high end of our original earnings guidance. Despite recent headwinds and low cycle volumes, we maintained focus on our strategic and operational priorities. Across our Mastercraft and Crest brands, we removed more than 900 units from dealer inventories near the high end of our targeted range.

即便如此，我們的營運執行力仍使我們的業績接近最初獲利預期的高端。儘管近期面臨阻力且循環量較低，我們仍專注於策略和營運重點。針對我們的 Mastercraft 和 Crest 品牌，我們從經銷商庫存中移除了超過 900 台接近我們目標範圍高端的商品。

Our production discipline delivered the largest Q3 to Q4 field inventory reduction in our history, excluding the pandemic. These actions strengthened dealer health. We also expanded distribution in key markets. Our Mastercraft brand launched its flagship XStar product in fiscal 2025, once again establishing our leadership in the ultra-premium ski weight category, creating a positive halo effect across the lineup. Our team is already preparing another major premium launch for model year '26, which we will detail later.

除疫情外，我們的生產紀律實現了歷史上第三季至第四季現場庫存的最大減少。這些措施增強了經銷商的健康。我們也擴大了主要市場的分銷。我們的 Mastercraft 品牌於 2025 財年推出了其旗艦產品 XStar，再次確立了我們在超高端滑雪重量類別中的領導地位，並在整個產品線中產生了積極的光環效應。我們的團隊已開始為 26 款車型準備另一款重要的高階車型發布，我們將在稍後詳細介紹。

Beliefs, our premium pontoon brand, made progress in its first full year, contributing modest incremental volume as production ramped in our Owasso, Michigan facility, where Crest has successfully operated for nearly 70 years. We have stayed disciplined in our capital allocation approach. Fiscal 2025 free cash flow was $29 million despite low cycle volumes.

我們的高端浮橋品牌 Beliefs 在第一個完整年度取得了進展，隨著我們位於密西根州奧瓦索的工廠產量的增加，貢獻了適度的增量，Crest 已在該工廠成功運作了近 70 年。我們在資本配置方法上始終保持嚴謹。儘管週期量較低，但 2025 財年的自由現金流仍為 2,900 萬美元。

This cash flow, in addition to the $26 million proceeds from the sale of our Merritt Island facility, enabled us to fully repay all outstanding debt, strengthen our balance sheet, and reduce interest expense, while deploying nearly $10 million to our share repurchase program.

這筆現金流加上出售梅里特島工廠所得的 2600 萬美元收益使我們能夠完全償還所有未償債務、增強我們的資產負債表並降低利息支出，同時為我們的股票回購計劃部署了近 1000 萬美元。

As a result, net cash and investments grew by more than $42 million to $79 million, leaving us debt-free with one of the strongest balance sheets in the industry. This gives us the resilience to withstand a prolonged down cycle while continuing to invest in product innovation, channel development, and operational excellence. We are well positioned, well for long-term growth.

結果，淨現金和投資成長了 4,200 多萬美元，達到 7,900 萬美元，使我們擺脫了債務，擁有業內最強勁的資產負債表之一。這使我們能夠承受長期的衰退週期，同時繼續投資於產品創新、通路開發和卓越營運。我們已做好充分準備，有利於實現長期成長。

Looking ahead to fiscal 2026, we're expecting some uncertainty to continue, and we are prepared for a range of demand and inventory scenarios. Consistent across the leisure sector, we are partnering with our dealers to fine-tune inventories, which may result in some modesty stocking in 2026. Additionally, we expect retail units in our markets to decline 5% to 10% in fiscal 2026.

展望 2026 財年，我們預計一些不確定性仍將持續存在，並且我們已經為一系列需求和庫存情境做好了準備。與整個休閒產業一樣，我們正在與經銷商合作，對庫存進行微調，這可能會導致 2026 年出現一些適度的庫存。此外，我們預計 2026 財年我們市場的零售單位數量將下降 5% 至 10%。

Our cost control discipline and tight working capital management should allow us to generate positive free cash flow again this year, underscoring the flexibility of our variable operating model. Over the longer term, we see favorable underlying secular trends across the industry. Our brands are well positioned in key markets, and demographic and migration patterns continue to favor boating-friendly, high-income states. Interest in outdoor recreation remains strong across all age groups, benefiting all of our product lines and brands.

我們的成本控制紀律和嚴格的營運資本管理應該使我們今年再次產生正的自由現金流，這突顯了我們可變營運模式的靈活性。從長遠來看，我們看到整個產業都呈現出良好的長期趨勢。我們的品牌在關鍵市場佔據有利地位，人口和移民模式繼續青睞適合划船的高收入州。各個年齡層的人對戶外娛樂的興趣仍然濃厚，這使我們所有的產品線和品牌受益。

MasterCraft remains the top-selling brand in the high-margin ski-wake space, a testament to our brand strength, strong dealers, and loyal customers. The category wins premium, and our product innovation strategy supports sustained leadership.

MasterCraft 仍然是高利潤滑雪尾流領域最暢銷的品牌，證明了我們的品牌實力、強大的經銷商和忠實的客戶。這個類別贏得了溢價，我們的產品創新策略支持持續的領導地位。

In our pontoon segment, we continue to refine our crest line to expand our market reach and presence over the long term. This positions us well to weather short-term industry and macro headwinds, including elevated interest rates and inventory levels across the category, and capitalize on the next market recovery. Our new ultra-premium Balise product brings a new level of customer and dealer base, offering a differentiated pontoon experience.

在浮橋領域，我們不斷完善頂線，以長期擴大我們的市場覆蓋範圍和影響力。這使我們能夠很好地抵禦短期行業和宏觀逆風，包括整個類別的利率和庫存水準上升，並利用下一次市場復甦。我們的全新超高階 Balise 產品為客戶和經銷商群帶來了全新水平，提供了差異化的浮橋體驗。

Despite near-term market challenges, our segments have outperformed the broader powerboat market over the past decade, and our brands are positioned for long-term growth. Our strong balance sheet supports ongoing investment in innovation, selective and disciplined M&A, and continued shareholder return. We expect shareholder purchases in fiscal 2026 to exceed last year's levels.

儘管近期面臨市場挑戰，但過去十年來，我們的細分市場表現優於更廣泛的動力艇市場，我們的品牌已準備好實現長期成長。我們強勁的資產負債表支持持續投資於創新、選擇性和規範的併購以及持續的股東回報。我們預計 2026 財年的股東購買量將超過去年的水平。

Innovation continues to be the lifeblood of the Mastercraft brand. Our broader model year '26 lineup includes a range of new features and enhancements, such as our Advanced Stern Thrusters with proportional control for effortless maneuvering, Meridian Audio for a premium on-water listening experience, and Keyless Ignition for safe, convenient startups.

創新仍然是 Mastercraft 品牌的生命線。我們更廣泛的 26 款車型陣容包括一系列新功能和增強功能，例如具有比例控制的先進船尾推進器，可輕鬆操縱，Meridian Audio 可提供優質的水上聆聽體驗，無鑰匙點火可實現安全、便捷的啟動。

Building on the momentum of last year's successful XStar launch, we are excited to announce the all-new, redesigned MasterCraft X family. This cornerstone of the MasterCraft legacy has been re-engineered, delivering more power, precision, and presence than ever before, combining elite performance with refined luxury.

借助去年 XStar 成功推出的勢頭，我們很高興地宣布全新重新設計的 MasterCraft X 系列。MasterCraft 傳承的這款基石經過重新設計，提供了比以往更強大的動力、精準度和存在感，將頂級性能與精緻奢華融為一體。

In July, we again sponsored the American Century Championship in Lake Tahoe, showcasing the XStar 23 and XStar 25, which was met with strong dealer and consumer response. Crest's new Conquest series and Conquest SE expands and enhances our value offering in pontoons. For model year 2026, we are expanding the Balise family with the launch of our new Halo Series, twin-engine configurations, and broader customization options, along with expanded dealer coverage.

7月份，我們再次贊助了太浩湖美國世紀錦標賽，展示了XStar 23和XStar 25，得到了經銷商和消費者的強烈反響。Crest 的新 Conquest 系列和 Conquest SE 擴展並增強了我們在浮橋方面提供的價值。對於 2026 年車型，我們將推出新的 Halo 系列、雙引擎配置和更廣泛的客製化選項，同時擴大經銷商覆蓋範圍，從而擴大 Balise 系列。

With that, I'll turn it back to Scott to review the financials.

有了這些，我將把財務狀況交還給斯科特來審查。

Thanks, Brad. In Q4, net sales were $79.5 million, up $25 million, or 46% year-over-year, driven by favorable mix, higher volumes, and lower dealer incentives. Gross margins improved 740 basis points to 23.2%, adjusted net income rose to $6.6 million, or $0.40 per share, up from $0.04 per share last year. Adjusted EBITDA increased by $8 million to $9.5 million.

謝謝，布拉德。第四季度，淨銷售額為 7,950 萬美元，比去年同期成長 2,500 萬美元，增幅為 46%，這得益於良好的產品組合、更高的銷量以及更低的經銷商激勵措施。毛利率提高 740 個基點至 23.2%，調整後淨收入從去年的每股 0.04 美元增至 660 萬美元，即每股 0.40 美元。調整後的 EBITDA 增加了 800 萬美元，達到 950 萬美元。

Turning to our full-year fiscal '25 financial results, we concluded with net sales of $284.2 million, a decrease of $38 million, or 12% from the prior year. This was primarily due to the planned reduction in unit sales volume, partially offset by favorable mix and options. For the year, our gross margin was 20% compared to the prior year of 22.2%. These margins were primarily the result of lower cost absorption and price adjustments, partially offset by favorable mix and options.

回顧我們 25 財年全年的財務業績，我們的淨銷售額為 2.842 億美元，比前一年減少 3,800 萬美元，降幅為 12%。這主要是由於計劃中的單位銷售量減少，但被有利的產品組合和選擇部分抵消。本年度，我們的毛利率為 20%，而前一年為 22.2%。這些利潤率主要是由於較低的成本吸收和價格調整，但被有利的組合和選擇部分抵消。

Operating expenses were $45.6 million for the year, an increase of $1.5 million when compared to the prior year due to the return of variable compensation and commercial launch activities. We continued to tightly manage discretionary spend, and operating expenses remained well-controlled.

全年營運費用為 4560 萬美元，由於浮動薪資和商業發射活動的回歸，比前一年增加了 150 萬美元。我們繼續嚴格管理可自由支配的開支，並且營運費用仍然得到良好的控制。

Turning to the bottom line, adjusted net income for the year was $15.1 million, or $0.92 per diluted share. This compares to adjusted net income of $28.9 million, or $1.69 per share in the prior year, calculated using an affected tax rate of 20% for both periods. We generated $24.4 million of adjusted EBITDA for the year, compared to $40.2 million in the prior year. Adjusted EBITDA margin was 8.6% compared to 12.5% in fiscal '24.

談到底線，今年調整後的淨收入為 1,510 萬美元，即每股 0.92 美元。相比之下，去年調整後的淨收入為 2,890 萬美元，即每股 1.69 美元，計算方式為兩個期間均以 20% 的受影響稅率計算。我們本年度的調整後 EBITDA 為 2,440 萬美元，而上一年為 4,020 萬美元。調整後的 EBITDA 利潤率為 8.6%，而 24 財年為 12.5%。

As Brad stated, we generated $29 million of free cash flow during fiscal '25. Our ability to generate cash even in a down market allows us to continue to invest in innovation and other long-term growth initiatives. This execution has provided us with a strong financial position as we continue to navigate through the current cycle.

正如布拉德所說，我們在 25 財年產生了 2,900 萬美元的自由現金流。即使在低迷的市場中，我們也能產生現金，這使我們能夠繼續投資於創新和其他長期成長計畫。在我們繼續度過當前週期的過程中，這項執行為我們提供了強大的財務狀況。

We ended the year with $79 million in cash and short-term investments. No debt and ample liquidity. We repurchased over 530,000 shares, totaling $9.5 million in fiscal '25, bringing cumulative repurchases to 3.1 million shares and $74 million since we started the share repurchase program. A 14% benefit to full-year adjusted EPS.

截至年底，我們的現金和短期投資為 7,900 萬美元。無負債，流動性充足。我們在 25 財年回購了超過 53 萬股股票，總額達 950 萬美元，自啟動股票回購計畫以來，累計回購量已達 310 萬股，總額達 7,400 萬美元。全年調整後每股收益成長 14%。

Turning to the volatile trade and tariff environment, the impact of our fiscal '25 results was marginal. In fiscal '26, we anticipate offsetting most direct costs with temporary price surcharge and expect the profit impact to be negligible. The broader tariff impact on volume and overall sentiment from the uncertain macro environment is more difficult to estimate. The potential impact is embedded in our retail projections for the year.

談到動盪的貿易和關稅環境，我們 25 財年的表現受到的影響很小。在26財年，我們預期臨時價格附加費將抵銷大部分直接成本，並且預期利潤影響可以忽略不計。不確定的宏觀環境對關稅對銷售和整體情緒產生的更廣泛的影響更難以估計。潛在影響已體現在我們對今年的零售預測中。

Now turning to our expectations for fiscal '26, as discussed earlier, our guidance reflects an assumption of retail unit sales being down between 5% and 10%. This cautious approach is indicative of macro and market uncertainties as we exit the summer selling season. Despite another year of projected retail decline, we expect net sales to increase over fiscal '25 to between $295 million and $310 million and adjusted EBITDA between $29 million and $34 million. We expect the diluted earnings per share to be between $1.15 and $1.40.

現在談談我們對 26 財年的預期，正如前面所討論的，我們的指引反映了零售單位銷售額下降 5% 至 10% 的假設。這種謹慎的態度表明，隨著夏季銷售旺季的結束，宏觀和市場存在不確定性。儘管預計零售額將再度下滑，但我們預計 25 財年的淨銷售額將增至 2.95 億美元至 3.1 億美元之間，調整後的 EBITDA 將增至 2,900 萬美元至 3,400 萬美元之間。我們預計每股攤薄收益將在 1.15 美元至 1.40 美元之間。

We expect capital expenditures to be approximately $9 million for the full year. Q1 net sales are expected to be near $69 million or $67 million with adjusted EBITDA of $4 million and adjusted earnings per share of approximately $0.16. The Q1 guidance reflects a lower Q1 ASP as we transition to the next generation of our X Series product line, which will begin shipping in our second fiscal quarter.

我們預計全年資本支出約為 900 萬美元。第一季淨銷售額預計接近 6,900 萬美元或 6,700 萬美元，調整後息稅折舊攤銷前利潤 (EBITDA) 為 400 萬美元，調整後每股收益約為 0.16 美元。第一季業績指引反映了第一季平均售價的下降，因為我們正轉向下一代 X 系列產品線，該產品線將於第二財季開始出貨。

With that, I'll turn the call back to Brad for his closing remarks.

說完這些，我將把電話轉回給布萊德，請他作最後發言。

Thank you, Scott. Our business executed well during fiscal 2025 as we advanced product innovation, improved dealer health, and maintained capital and operational discipline. Since 2021, we've returned more than $74 million of excess cash to our shareholders. Our strong balance sheet provides us with the financial flexibility to pursue our strategic growth initiatives.

謝謝你，斯科特。由於我們推動了產品創新、改善了經銷商健康並保持了資本和營運紀律，我們的業務在 2025 財年表現良好。自 2021 年以來，我們已向股東返還了超過 7,400 萬美元的超額現金。我們強勁的資產負債表為我們提供了追求策略成長計畫的財務靈活性。

As we look ahead to fiscal 2026, our plans are built for a range of demand scenarios, and our track record shows we can execute through various market conditions. Our focus remains on supporting our dealers and optimizing the business for the long term. Our flexible operating model and brand equity remains a competitive advantage, and we are poised to capitalize on the next market recovery.

展望 2026 財年，我們的計劃針對一系列需求情境而製定，我們的業績記錄表明，我們可以在各種市場條件下執行。我們的重點仍然是支持我們的經銷商並長期優化業務。我們靈活的營運模式和品牌資產仍然是我們的競爭優勢，我們已準備好利用下一次市場復甦。

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

在這種動態環境中，我們完全有能力利用我們強大的品牌組合，探索長期成長機會，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，您現在可以打開熱線來回答問題了。

(Operator Instructions) Joe Altobello, Raymond James.

（操作員指示）喬·阿爾托貝洛、雷蒙德·詹姆斯。

Thank you. Hey, guys. Good morning. I guess first couple questions on retail, maybe kind of walk us through what you saw in terms of cadence throughout the quarter and what you're seeing here in Q1. Is it within that sort of 5% to 10% decline that you kind of laid out for the full year?

謝謝。嘿，大家好。早安.我想先問幾個關於零售的問題，也許您可以向我們介紹整個季度的節奏以及第一季的情況。全年的降幅是否在您預期的 5% 至 10% 之間？

So our fourth quarter for us was a pretty good quarter on the Mastercraft side, a little weaker on the Pontoon side. You know, obviously, we don't index completely on the current, short-term months and just starting the season, but we still believe that the 5% to 10% with how we're starting out the year is still possible.

因此，對我們來說，第四季度在 Mastercraft 方面表現相當不錯，但在 Pontoon 方面表現稍弱。你知道，顯然，我們並沒有完全根據當前、短期月份和剛開始的季節來製定指數，但我們仍然相信，按照我們今年開局的方式實現 5% 到 10% 的增長仍然是可能的。

Also, Joe, I mean, despite those lower retail assumptions, we still believe we can see wholesale growth this year due to proactive measures that we've taken in '25 and will continue to take throughout '26 as far as lowering inventory, the pipeline and inventory levels. That helps us on the wholesale side, really positioning for that next market upswing.

另外，喬，我的意思是，儘管零售假設較低，但我們仍然相信，由於我們在 25 年採取了積極措施，並且將在 26 年繼續採取措施降低庫存、管道和庫存水平，我們今年可以看到批發增長。這有助於我們在批發方面為下一輪市場上漲做好準備。

Okay. And just kind of to follow up on that, you mentioned that you took out over 900 units out of the channel this year. Where do dealer turns stand today since you're implying, I think, that you might need to take out more units out of the channel this year? So, where do dealer turns stand today and how does that compare to historical norms?

好的。為了跟進這一點，您提到今年您從該頻道購買了超過 900 台設備。鑑於您暗示今年可能需要從通路中拿出更多單位，我認為，今天經銷商的轉變情況如何？那麼，如今經銷商的轉變情況如何？與歷史常態相比如何？

We don't typically quote our turns, but obviously, the dealer inventories are in a healthier place because we took so many boats out. You know, really, the de-stocking next year would really be more because we expect retail to be down a little bit more, so we need to continue to make sure our channels stay healthy and bring those down. But at the end of the day, the amount of de-stocking will really depend on how retail shakes out.

我們通常不會引用我們的轉彎，但顯然，由於我們帶走了這麼多船，經銷商的庫存處於更健康的狀態。你知道，明年的去庫存實際上會更多，因為我們預計零售量會下降一點，所以我們需要繼續確保我們的通路保持健康並降低庫存。但最終，去庫存的量實際上將取決於零售業的狀況。

We don't think it'll be as extreme in '26 as '25. It's more fine-tuning at this point, certainly dependent on retail.

我們認為 26 年的情況不會像 25 年那麼極端。此時需要進行更多微調，當然取決於零售。

Okay. Understood. Thank you.

好的。明白了。謝謝。

Craig Kennison, Baird.

克雷格·肯尼森，貝爾德。

Yeah, thanks for taking my question as well. Just wanted to maybe dig into the consumer dynamic this summer. We had a tariff headwinds, which clearly impacted consumer sentiment in your category and then we've had some relief lately. I think there's some optimism around your consumer today, but I'm wondering how you see it given all these cross headwinds and tailwinds.

是的，也感謝您回答我的問題。只是想深入了解今年夏天的消費者動態。我們遇到了關稅阻力，這顯然影響了您所在類別的消費者情緒，但最近我們得到了一些緩解。我認為今天你們的消費者有一些樂觀情緒，但我想知道考慮到所有這些逆風和順風，你們如何看待它。

Good morning, Craig. The way we look at that right now is, like everybody out there in the discretionary space, we're looking for something sustained and it's been stops and starts. At the consumer level, the market, as we see it, is leaning premium and we expect that to continue.

早安，克雷格。我們現在看待這個問題的方式是，就像自由支配領域的所有人一樣，我們正在尋找某種持續的東西，但它一直斷斷續續。在消費者層面，我們看到市場正傾向高端，我們預期這種趨勢將持續下去。

That helps us. We're in a good position there because of our brand strength and our premium offerings as well as the premium nature of our dealer network. Some of the tariff overlay certainly has some impact and continued uncertainty. We expect that to continue. It's just been chugging along. We definitely would like to see more sustained retail activity moving forward.

這對我們有幫助。由於我們的品牌實力和優質產品以及經銷商網絡的優質特性，我們在那裡處於有利地位。部分關稅疊加肯定會產生一定影響，並持續帶來不確定性。我們預計這種情況將會持續下去。它一直在緩慢地前進。我們當然希望看到零售活動更持續發展。

Thanks. And maybe just thinking about the price surcharge that you mentioned and thinking about that in the broader context of affordability, I hear you that the premium consumer is definitely hanging in there better than that payment-sensitive buyer, but I suspect you're going to want that payment-sensitive buyer to come back to really fuel your cyclical recovery. And what are you doing, I guess, to get after that affordability trend that has been elusive in marine?

謝謝。也許只是考慮一下您提到的價格附加費，並在更廣泛的可負擔性背景下考慮這個問題，我聽說高端消費者肯定比對付款敏感的買家更堅持下去，但我想您會希望對付款敏感的買家回來真正推動您的周期性復甦。我想，您正在採取什麼措施來追趕船舶領域一直難以實現的可負擔性趨勢呢？

Yeah. Thanks, Craig. As a reminder, recall that our pricing in Mastercraft during model year '25 was flat to even down. We lowered prices on some of our more entry-level products, the NXT line and even some of our XT midline product, which is helping.

是的。謝謝，克雷格。提醒一下，請記住，25 年款 Mastercraft 的定價是持平甚至下降的。我們降低了部分入門級產品、NXT 系列甚至部分 XT 中線產品的價格，這很有幫助。

Certainly the more entry-level products do require more of the mass market to be healthy at the consumer level and in an elevated interest rate environment that continues to unfold. We use discounting where needed.

當然，入門級產品確實需要更多的大眾市場才能在消費者層面和持續發展的高利率環境中保持健康。我們在需要時使用折扣。

Certainly lower interest rates could help spur things, and we'll see what happens there for finance buyers. And for '26, it's challenging to have two years in a row of lowering prices just due to tariff inflations, but we're controlling cost to give us flexibility there, and then use programs and discounting on a spot basis where needed.

當然，較低的利率可能有助於刺激經濟，我們將拭​​目以待金融買家將會發生什麼。對於 26 年來說，由於關稅上漲而連續兩年降低價格是一項挑戰，但我們正在控製成本以獲得靈活性，然後在需要時使用計劃和現場折扣。

And if I could sneak one more in, just on the dealer network, I wonder if you could give us an update on some of your wins and maybe the net gains that you've had from a dealer perspective.

如果我可以再偷偷問一句，關於經銷商網絡，我想知道您是否可以從經銷商的角度向我們介紹一下您的一些勝利以及您獲得的淨收益。

Yeah. We've been working on and will continue to work on strengthening distribution, and we look at that in two areas. There's white space coverage that still needs more coverage out there. That's one angle. The second angle is just really increasing and fine-tuning density within existing geographies with existing dealers, which means adding rooftops and growing markets.

是的。我們一直致力於並將繼續致力於加強分銷，我們將從兩個方面來看待這個問題。還有一些空白區域需要進一步覆蓋。這是一個角度。第二個角度實際上是增加和微調現有經銷商在現有地區的密度，這意味著增加屋頂和擴大市場。

There's always shifting demographics, traffic patterns, buying patterns, even weather can shape this, weather trends. So, we've seen some, -- I'd highlight a couple of examples. We've made changes in the number one ski, tow, wake market in the United States, which is Dallas, Texas, and we've made some dealer changes there.

人口結構、交通模式、購買模式總是在變化，甚至天氣也會影響這些，天氣趨勢。所以，我們已經看到了一些——我想強調幾個例子。我們在美國最大的滑雪、拖曳和尾流市場，即德克薩斯州達拉斯，做出了一些改變，並且在那裡對一些經銷商進行了調整。

Houston is another one that I'd like to highlight. And another example would be in southern Utah, in St. George, where we've got a great dealer out there that added a rooftop there in a great demographic market. Coeur d'Alene, Idaho, is another example. So, there's always a handful of these that we're working on, and so far, we're seeing those benefit us.

休士頓是另一個我想強調的城市。另一個例子是猶他州南部的聖喬治，我們在那裡有一個很棒的經銷商，他為那裡的人口大市場增加了一個屋頂。愛達荷州科達倫是另一個例子。因此，我們一直在致力於其中的一些工作，到目前為止，我們看到這些工作為我們帶來了好處。

Thanks, Brett.

謝謝，布雷特。

Eric Wold, Texas Capital Securities.

沃爾德 (Eric Wold)，德州資本證券公司。

Thank you. Good morning, guys. A couple of questions. There's two questions. I guess, one, within the fiscal '26 guidance, given your comments around your retail sales expectations and continued destocking that may be needed in this channel, is the assumption for fiscal '26 net sales guidance growth, assuming kind of continued uptick in ASPs for both the MasterCraft and Pontoon segments kind of driving that growth, with both kind of the launch of the new brands in both the segments, is that kind of a part of that -- the driver behind that revenue growth is kind of a continued uptick in ASPs as part of that, given that you expect overall net, retail sales and destocking to continue to move lower a little bit?

謝謝。大家早安。有幾個問題。有兩個問題。我想，首先，在 26 財年的指導中，考慮到您對零售銷售預期和該渠道可能需要的持續去庫存的評論，對 26 財年淨銷售額指導增長的假設是，假設 MasterCraft 和 Pontoon 部門的平均銷售價格持續上漲，推動這種增長，而這兩個部門都推出了新品牌，這是其中的一部分嗎？鑑於您預計整體淨零售額和去庫存將繼續略有下降，收入成長背後的驅動力是平均銷售價格的持續上漲？

Well, really, units are probably the bigger driver as we as we manage the inventories well this year, we're able to have a wholesale growth despite the retail growth. On the ASP front, for the full year, you can sort of expect ASPs overall are going to be fairly flat. MasterCraft should be up a little bit, while Pontoons will be in a little flatter, and then we got a little bit of mix going on between the two segments.

嗯，實際上，單位可能是更大的驅動力，因為我們今年很好地管理了庫存，儘管零售量有所增長，但我們仍然能夠實現批發量的增長。就 ASP 方面而言，全年而言，你可以預期 ASP 整體將相當平穩。MasterCraft 應該會稍微上升一點，而 Pontoons 會稍微平坦一點，然後我們在這兩個部分之間進行了一點混合。

So you can kind of expect relatively flat for the full year. Now, keep in mind that, this year we had a higher ASP in the second half than the first half, and that is going to happen again this year. Those X-series launches with them starting shipping in Q2, our ASPs are going to be a little lower in the first half and a little higher in the second half. And so we're going to have kind of that, again, a theme of second half is going to be a little stronger than first half from an ASP's perspective.

因此，你可以預期全年業績將相對穩定。現在，請記住，今年下半年的平均售價高於上半年，今年這種情況會再次發生。X系列產品將於第二季開始出貨，我們的上半年平均售價會略低一些，下半年會略高一些。因此，從 ASP 的角度來看，下半年的主題將比上半年更強勁。

Got it.

知道了。

And for the year, ASPs up across the board.

今年，平均售價全面上漲。

Okay. And then, last question, I'm going to go back to follow up on one of the prior questions, kind of on that payment buyer, the lower end buyer, and those will get to a kind of a two-part question, to get to a period where, hopefully rates do start to come down. Where do you think the inflection is for rates to kind of, from what you've heard from your dealers, to kind of get that payment buyer more comfortable in terms of the cost of ownership, to kind of get them over the line to maybe want to buy again.

好的。然後，最後一個問題，我將回過頭來跟進之前的一個問題，關於付款買家，低端買家，這些問題將分為兩部分，希望能夠進入利率開始下降的時期。從您從經銷商那裡聽到的情況來看，您認為利率的轉折點在哪裡，可以讓分期付款的買家對擁有成本更加放心，讓他們可能想要再次購買。

I know it's, we're going to be getting to the point probably where rates start to tick lower as we get into boat show season, they'll probably start happening somewhat simultaneously, but maybe not enough of rates coming down as boat show season starts.

我知道，隨著船展季節的到來，我們可能會到達這樣一個階段：費率開始下降，它們可能會同時發生，但隨著船展季節的開始，費率下降的幅度可能還不夠。

Do you think you kind of have to kind of prod those buyers, maybe with another season of promotional help, to kind of maybe not lose another boat show season as rates start to tick lower, maybe to get into another season of discounting, kind of, get those guys across the line maybe a little bit earlier than they may, want to be?

您是否認為您必須以某種方式刺激這些買家，也許透過另一個季節的促銷幫助，也許在價格開始走低時才錯過另一個船展季節，也許進入另一個折扣季節，也許讓這些人比他們想要的更早一點跨過界限？

Yes, Eric, difficult to predict. The -- we do see pockets where it seems like consumers and dealers alike are getting used to a higher interest rate environment in general compared to almost free money for a long period of time prior. And there's evidence of some potential downticks out there. That any of those things help. And obviously, there's impact here at the consumer level for purchases for a payment buyer as well as dealer holding costs for floor planning.

是的，埃里克，很難預測。我們確實看到，與之前很長一段時間幾乎免費的資金相比，消費者和經銷商似乎都已經習慣了普遍較高的利率環境。有證據表明，一些潛在的下滑趨勢已經出現。任何這些事情都有幫助。顯然，這會對消費者層面的付款購買者的購買以及經銷商的庫存規劃成本產生影響。

So we've seen pockets where it's less impactful. But overall, it does provide still somewhat of a drag on consumer sentiment. And we expect that as certain to continue, and we'll see what happens with rates, but certainly, any downward tick would be an improvement. Now we have not built into our current guidance any interest rate downtick. So if that were to move favorable, that could potentially drive some upside for us.

因此，我們看到一些地方的影響較小。但總體而言，它確實仍然對消費者情緒造成一定程度的抑制。我們預計這種情況肯定會持續下去，我們將觀察利率會發生什麼變化，但可以肯定的是，任何下降趨勢都是一種改善。目前，我們還沒有將任何利率下調納入目前的指引中。因此，如果情況有利，這可能會為我們帶來一些好處。

Perfect. Thanks guys.

完美的。謝謝大家。

Anna Glaessgen, B. Riley Securities.

Anna Glaessgen，B. Riley Securities。

Hey, good morning, guys. Thanks for taking my question. Just a follow-up on Eric. You spoke to retail expectations to be down 5% to 10% and then spoke to destocking, but it sounds like the guidance is assuming units are up some want to clarify.

嘿，大家早安。感謝您回答我的問題。這只是對 Eric 的後續報導。您談到零售預期將下降 5% 至 10%，然後又談到去庫存，但聽起來指導是假設單位數量增加，有些人想澄清一下。

That was a little hard to hear, Anna. What I heard was maybe a question on -- maybe more color on destocking? Could you please restate?

安娜，這有點難接受。我聽到的可能是關於去庫存的更多細節的問題？你能再說一次嗎？

Yes, sorry. I was just asking on -- given the expectation for retail decline in fiscal '26 plus potential destocking in response to that, how does that get to units ending up up for the year.

是的，抱歉。我只是想問一下——考慮到 26 財年零售額預計會下降，加上潛在的去庫存化，這會對全年的銷售產生什麼影響？

I don't think we're going to talk about a range this year because it's really going to depend on where retail shakes out and what kind of destocking. But as Brad mentioned, it's going to be fairly modest this year. So it's not going to be as much of a major driver to us as it was last year.

我認為我們今年不會談論一個範圍，因為這實際上取決於零售業的趨勢和去庫存的類型。但正如布萊德所提到的，今年的漲幅將會相當溫和。因此，它不會像去年那樣成為我們的主要推動力。

Yes. In general, on inventory, broadly speaking, we're comfortable with inventory levels as well as the improvement in the aging profile of existing channel inventory. What we're talking about here in '26, as we sit here today, is we do -- we would like to see an increase in terms with dealers, Why? Well, that's really driven by market uncertainty at the retail level.

是的。總體而言，就庫存而言，從廣義上講，我們對庫存水準以及現有通路庫存老化狀況的改善感到滿意。我們今天坐在這裡談論的是，我們希望看到與經銷商的合作增加，為什麼？嗯，這實際上是由零售層面的市場不確定性所驅動的。

Now when we start to see sustained retail spiking, then that's better. But it is more of a fine-tuning adjustment in the cycle or in the channel as far as inventory levels.

現在，當我們開始看到零售業持續飆升時，情況就會變得更好。但就庫存水準而言，這更多的是週期或管道的微調。

Got it. And then on the pacing of that destocking, it sounds like it would be consistent throughout the year in response to retail movements. It doesn't seem like it would be front loaded in the first half or the first quarter, right? I mean it's not in response to -- you feel pretty good about inventories as we sit today.

知道了。關於去庫存的步伐，聽起來它會隨著零售活動的進行而全年保持一致。看起來它不會在上半年或第一季預先加載，對嗎？我的意思是，這並不是對——今天你對庫存感覺很好。

Yes. It will be more across the year as opposed to all happening in a single quarter. I mean our Q1, we are still being a little careful with shipments just to make sure we don't put too much into the field. But we're not necessarily looking to start -- we don't expect destocking to immediately start stock happening right out of Q1. So it's really going to be based on where retail heads for the full year.

是的。這些活動將在全年進行，而不是集中在一個季度。我的意思是，對於第一季的發貨，我們仍然會非常謹慎，以確保不會投入太多。但我們不一定要開始——我們並不認為去庫存化會在第一季就立即開始。因此，這實際上將取決於全年零售業的走向。

Great. Thank you.

偉大的。謝謝。

Noah Zatzkin, KeyBanc Capital Markets.

KeyBanc 資本市場 (KeyBanc Capital Markets) 的 Noah Zatzkin。

Hi, thanks for taking my questions. I guess first, just would love to get your thoughts on kind of the health of the broader industry dealer base as well as any insight into kind of broader industry inventory levels and how that dynamic impacts you?

你好，謝謝你回答我的問題。我想首先，我只是想了解一下您對更廣泛的行業經銷商群體健康狀況的看法，以及對更廣泛的行業庫存水平的任何見解以及這種動態如何影響您？

So obviously, pulling out 31% of the dealers' inventory this year really helped the dealers for sure and helped our channel. It's always better to have a little less inventory, especially in uncertain times, as Brad kind of mentioned there. That also means as we enter the year that our noncurrent inventories are lower than they were a year ago as well, and that also really helped with the dealer health side of things.

因此，顯然，今年撤出 31% 的經銷商庫存確實對經銷商和我們的通路都有幫助。正如布拉德所提到的那樣，庫存少一點總是好的，尤其是在不確定的時期。這也意味著，隨著我們進入新的一年，我們的非流動庫存也低於一年前，這也確實有助於經銷商的健康。

That doesn't mean the dealer earns intending to be cautious as they probably should in this environment, because we would, as Brad mentioned, we love to see the dealers continuing to be able to have higher turns. I think it's good for them and it's good for us. But until we see something to give us a little bit more confidence in a sustained recovery, I expect our dealers are going to remain a little cautious out there.

這並不意味著經銷商在這種環境下應該謹慎行事，因為正如布拉德所提到的那樣，我們希望看到經銷商繼續能夠有更高的營業額。我認為這對他們有好處，對我們也有好處。但是，在我們看到一些讓我們對持續復甦更有信心的跡象之前，我預計我們的經銷商仍將保持謹慎。

We're not hearing a lot about canceled orders right now, Noah, and we track dealer health as well very closely in partnership with floor plan providers very disciplined about that. And we don't see a giant risk right now as far as dealer failures.

諾亞，我們現在沒有聽到太多關於取消訂單的消息，而且我們與平面圖提供者密切合作，密切追蹤經銷商的健康狀況，對此非常自律。就經銷商倒閉而言，我們目前還不認為有巨大的風險。

And then across the industry, we're seeing better health this year projected forward than the prior year on overall channel inventory. The Pontoon market is lagging behind the ski tow wake category with inventory health. There's still a couple of competitors out there that are working through challenges there that does have impact for us and really anyone in that space.

從整個產業來看，我們看到今年的整體通路庫存狀況比去年好。浮橋市場在庫存健康狀況方面落後於滑雪拖曳尾流類別。仍然有一些競爭對手正在努力應對挑戰，這對我們以及該領域的任何人都有影響。

The other thing that will help dealer health is if we do start seeing some interest rate. Declines as well as it helps us on the cost side, but it also really helps the dealers, and it will certainly add to dealer health if their interest rates can be a little lower going into the year as well.

另一件有助於經銷商健康的事是，我們確實開始看到一些利率。下降不僅對我們在成本方面有幫助，而且也確實對經銷商有幫助，如果他們的利率在進入今年時也能稍微低一些，這肯定會增加經銷商的健康狀況。

Very helpful. Maybe just one more, obviously, a challenging environment, but just any thoughts kind of around how you're thinking about M&A. Thanks.

非常有幫助。也許還有一個，顯然，這是一個充滿挑戰的環境，但只是關於你如何看待併購的任何想法。謝謝。

You bet. Thanks, Noah. We're continuing our approach, which is very careful, very selective and opportunistic from an inorganic growth perspective. We're very proud of our organic strategic growth initiatives that we continue to fully fund internally. And then our strong balance sheet that we've been disciplined with does give us flexibility there with M&A, but we will continue to be highly selective.

當然。謝謝，諾亞。我們將繼續採取我們的做法，從無機成長的角度來看，這種做法非常謹慎、有選擇性且具有機會主義精神。我們對我們的有機策略成長計劃感到非常自豪，我們將繼續為其提供內部全額資助。我們一直嚴謹的強勁資產負債表確實為我們在併購方面提供了靈活性，但我們將繼續保持高度選擇性。

Great, thank you.

太好了，謝謝。

Thank you. And I am showing no further questions at this time. And I would like to thank you for participating, and this does conclude today's conference call. You may now disconnect, and have a great day.

謝謝。我現在沒有其他問題了。我要感謝你們的參與，今天的電話會議到此結束。現在您可以斷開連接，並享受美好的一天。