Mastercraft Boat Holdings Inc (MCFT) 2026 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by and welcome to the Mastercraft Boat Holdings Incorporated fiscal first quarter 2026 earnings conference call. Please be advised that today's conference is being recorded. (Operator Instructions)

女士們、先生們，感謝各位的耐心等待，歡迎參加 Mastercraft Boat Holdings Incorporated 2026 財年第一季收益電話會議。請注意，今天的會議正在錄影。（操作說明）

I would now like to hand the conference over to your speaker today, Alec Harmon, Director, Strategy and Investor Relations. Please go ahead, sir.

現在我謹將會議交給今天的主講人，策略與投資者關係總監 Alec Harmon。請繼續，先生。

Thank you, Stephanie, and welcome, everyone. Thank you for joining us today as we discuss Mastercraft's fiscal first quarter performance for 2026. As a reminder, today's call is being webcast live and will also be archived on our website for future listening.

謝謝你，史蒂芬妮，也歡迎各位。感謝您今天與我們一起討論 Mastercraft 2026 財年第一季的業績。再次提醒大家，今天的電話會議將進行網路直播，並將在我們的網站上存檔，以供日後收聽。

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

今天早上和我一起參加電話會議的有執行長布拉德·尼爾森和財務長史考特·肯特。布拉德將首先概述我們的營運績效。之後，斯科特將討論我們的財務表現。接下來，布拉德將作總結發言，之後我們將開放提問環節。

Before we begin, we would like to remind participants that the information contained in this call is current only as of today, November 6, 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，我們想提醒各位參與者，本次電話會議所包含的資訊僅截至 2025 年 11 月 6 日有效。本公司不承擔更新任何聲明（包括前瞻性聲明）的義務。除歷史事實外，所有陳述均為前瞻性陳述，並受今日新聞稿中的「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 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. There is also a slide deck summarizing our financial results in the Investors section of our website.

此外，在本次電話會議上，我們將討論包含或排除不反映我們持續經營情況的項目的非GAAP指標。對於每項非GAAP指標，我們也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結果的調節表。我們網站的「投資者關係」部分還有一份投影片，總結了我們的財務表現。

As a reminder, unless otherwise noted, the following commentary is made on a continuing operations basis, and all references to specific quarters and periods will be on a fiscal basis. With that, I will turn the call over to Brad.

提醒各位，除非另有說明，以下評論均以持續經營為基礎，所有提及的具體季度和期間均以財政年度為基礎。接下來，我將把電話交給布萊德。

Thank you, Alec, and good morning, everyone. We delivered results that exceeded our expectations despite continued geopolitical uncertainty and a dynamic retail environment. Our team continues to execute our key operating initiatives and maintain disciplined cost controls, which contributed to our performance in the quarter. Pipeline inventory levels improved year over year, reflecting our balanced approach to dealer health and focus on driving sustainable growth.

謝謝你，亞歷克，大家早安。儘管地緣政治持續存在不確定性，零售環境瞬息萬變，但我們仍然取得了超乎預期的表現。我們的團隊繼續執行各項關鍵營運計劃，並保持嚴格的成本控制，這為我們本季的業績做出了貢獻。庫存水準較去年同期有所改善，這反映了我們對經銷商健康狀況的平衡關注以及對推動永續成長的重視。

Q1 net sales increased $3.6 million, or 6% year over year. And adjusted EBITDA rose nearly $3 million, a margin improvement of 380 basis points. As always, I want to thank each of our team members and dealers for their focus and partnership, which has provided us with a solid foundation from which to build for the rest of our fiscal year.

第一季淨銷售額成長360萬美元，較去年同期成長6%。調整後 EBITDA 成長近 300 萬美元，利潤率提高了 380 個基點。一如既往，我要感謝我們每一位團隊成員和經銷商的專注和合作，這為我們本財年剩餘時間的發展奠定了堅實的基礎。

Regarding channel inventory, we maintain the progress made over the past year, with pipeline levels ending the quarter 27% improved from prior year. Dealer inventory levels are on track with our expectations, and inventory turns remain aligned with pre-COVID levels at this point in the year, supported by disciplined production planning and proactive pipeline management.

關於通路庫存，我們保持了過去一年的進展，本季末的庫存水準比去年同期提高了 27%。經銷商庫存水準符合我們的預期，庫存週轉率與今年同期新冠疫情前的水準保持一致，這得益於嚴格的生產計劃和積極的通路管理。

From a distribution perspective, we continue to fine-tune our presence in key markets, consistently evolving our network and capitalizing on opportunities to add strong partners globally. While retail variability continues, early industry indicators have not changed our expectations for the year of down between 5% and 10% for our Mastercraft segment. The Pontoon category remains highly competitive with retail softness persisting due to elevated interest rates and promotional activity.

從分銷角度來看，我們不斷優化在重點市場的業務佈局，持續發展我們的網絡，並抓住機會在全球範圍內增加強大的合作夥伴。儘管零售業波動性依然存在，但早期的行業指標並未改變我們對 Mastercraft 板塊今年下滑 5% 至 10% 的預期。由於利率高企和促銷活動持續，零售市場疲軟，浮筒船市場競爭依然非常激烈。

Overall, while near-term interest rate cuts provide us with cautious optimism, continued macroeconomic strengthening and sustained breakout in demand would further support meaningful order growth. Our flexible operating model and targeted dealer support programs position us well to respond to evolving retail dynamics and deliver on the full year.

總體而言，雖然短期降息給我們帶來了謹慎的樂觀情緒，但宏觀經濟的持續走強和需求的持續突破將進一步支撐訂單的顯著增長。我們靈活的營運模式和有針對性的經銷商支援計畫使我們能夠很好地應對不斷變化的零售動態，並實現全年目標。

Now turning to our brands, we remain encouraged by recent operational and quality trends within our Mastercraft brand, which were echoed by our dealer network during our annual dealer meeting held in late September. The energy and excitement for our brand reinforced confidence in our strategic direction and product roadmaps.

現在來說說我們的品牌，我們對 Mastercraft 品牌近期的營運和品質趨勢感到鼓舞，這些趨勢也得到了我們經銷商網路在 9 月下旬舉行的年度經銷商大會上的認同。消費者對我們品牌的熱情和興趣增強了我們對策略方向和產品路線圖的信心。

In the quarter, we launched the first model of the all-new X family, the X24, to our dealers, followed by a successful consumer debut. This groundbreaking model ushers in the next generation of premium ski wake products, featuring advanced technology and elevated design, reinforcing our commitment to differentiated innovation and category leadership.

本季度，我們向經銷商推出了全新 X 系列的首款車型 X24，隨後成功向消費者上市。這款突破性的車型引領了新一代高端滑水尾波產品的發展，採用先進技術和卓越設計，鞏固了我們對差異化創新和品類領導地位的承諾。

The timing of the X24 launch builds on the momentum of our ultra-premium XStar family and further positions Mastercraft at the forefront of the premium ski wake segment. Initial dealer and consumer response has been strong, building anticipation for delivery of the full platform of models. We remain disciplined in ramping production throughout the year to ensure quality and demand alignment.

X24 的發佈時機延續了我們超高階 XStar 系列的良好勢頭，進一步鞏固了 Mastercraft 在高階滑水尾波領域的領先地位。經銷商和消費者的初步反應十分強烈，人們對整個平台車型的交付充滿期待。我們全年都嚴格控制產量，以確保品質與市場需求相符。

In addition to product innovation, we continue to strengthen our brand through strategic partnerships and industry involvement. As an example, our recent partnership with the World Wake Association reflects our standard of delivering premium experiences, welcoming new riders, fostering a vibrant community around water sports, while showcasing our latest innovations like the new X24.

除了產品創新，我們也透過策略合作和產業參與不斷加強品牌建立。例如，我們最近與世界滑水協會的合作體現了我們提供優質體驗、歡迎新騎手、圍繞水上運動培養充滿活力的社區的標準，同時展示了我們最新的創新成果，例如新款 X24。

Turning to our Pontoon segment, our Pontoon segment delivered meaningful progress with year-over-year improvements in operational execution despite broader market challenges. Crest's model year 2026 lineup was well received at our recent dealer meeting. The refreshed portfolio includes multiple new products, most notably the rebranded Conquest line, which modernizes the offering while honoring Crest's history and legacy.

再來看我們的浮筒船業務，儘管面臨更廣泛的市場挑戰，但我們的浮筒船業務在營運執行方面取得了實質進展，實現了同比改進。在最近的經銷商會議上，Crest 的 2026 年車型陣容受到了好評。煥然一新的產品組合包括多款新產品，其中最引人注目的是重新命名的 Conquest 系列，該系列在保持 Crest 歷史和傳統的同時，實現了產品的現代化。

We also introduced the Conquest SE, a new model designed to expand our addressable market at a more accessible price point. Combined with successful addition of several new distribution points in key markets across the US, Crest is well positioned to capitalize on growth opportunities as market conditions improve. Our new Belize offering, which now includes the third model in the series, the all-new Halo, lost within the quarter, is garnering excitement and delivering a new level of differentiated consumer experience.

我們還推出了 Conquest SE，這是一款旨在以更親民的價格擴大目標市場的新車型。隨著市場狀況的改善，佳潔士在美國主要市場成功新增了多個分銷點，並已做好充分準備，抓住成長機會。我們新推出的 Belize 產品系列，包括該系列的第三款車型——全新 Halo，在本季度內上市，引起了廣泛關注，並帶來了全新的差異化消費體驗。

While we may measure in our near-term expectations given broader market dynamics, our focus is on building a foundation of future growth. Our strategy for the Pontoon segment remains centered on delivering differentiated products that elevate the on-water experience, supporting and strengthening our dealer partners, and continuing to deliver marked operational improvements.

儘管考慮到更廣泛的市場動態，我們可能會對近期預期進行調整，但我們的重點是為未來的成長奠定基礎。我們對浮筒船領域的策略仍然是：提供差異化產品，提升水上體驗；支持和加強我們的經銷商合作夥伴；以及持續實現顯著的營運改善。

Across the company, our financial position remains strong, and our strategic growth initiatives are fully resourced. Our flexible operating model and consistent cash flow generation are enabling us to invest confidently throughout the cycle. We continue to advance differentiated innovation across our business, returning capital to shareholders through EPS accretive share purchases, and remain disciplined in evaluating inorganic opportunities.

公司整體財務狀況依然穩健，策略成長計畫已獲得充分資源支持。我們靈活的營運模式和持續的現金流使我們能夠在整個週期中充滿信心地進行投資。我們將繼續推動業務中的差異化創新，透過每股收益的股票回購將資本返還給股東，並在評估非有機成長機會時保持嚴謹的態度。

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

接下來，我將把財務報表交給史考特審核。

Thank you, Brad. We are pleased with this quarter's performance, delivering results above our expectations for both net sales and earnings due to the strong operating performance of both of our segments.

謝謝你，布拉德。我們對本季的業績感到滿意，由於我們兩個業務部門的強勁營運表現，淨銷售額和收益均超出了我們的預期。

Focusing on the top line, net sales for our fiscal first quarter were $69 million, up $3.6 million or 5.6% year over year. The increase was primarily driven by pricing, favorable option sales, lower dealer incentives, and an alignment with our planned production cadence for the first half of the year.

從營收方面來看，我們第一財季的淨銷售額為 6,900 萬美元，年增 360 萬美元，增幅為 5.6%。此次成長主要受價格因素、有利的選配銷售、經銷商激勵措施減少以及與我們上半年計畫的生產節奏一致等因素驅動。

Gross margin improved 420 basis points over prior year to 22.3%, a result of strong cost management and operating performance across both segments, pricing, and favorable mix. Operating expenses were $11.6 million for the quarter, an increase of $0.8 million when compared to the prior year due to senior leadership transition costs and timing of compensation and commercial activities. We continue to tightly manage discretionary spend, and operating expenses remain well controlled.

毛利率較上年同期提高 420 個基點至 22.3%，這得益於兩個業務部門強勁的成本管理和營運績效、定價以及有利的產品組合。本季營運支出為 1,160 萬美元，比上年同期增加了 80 萬美元，原因是高層領導過渡成本以及薪酬和商業活動的時間表。我們繼續嚴格管理可自由支配的支出，營運費用也得到良好控制。

Turning to the bottom line, adjusted net income for the quarter was $4.5 million, or $0.28 per diluted share, This compares to adjusted net income of $1.9 million or $0.12 per share in the prior year, calculated using an effective tax rate of 23% in fiscal '26 compared to 20% for the prior-year period. We generated $6.7 million of adjusted EBITDA for the quarter compared to $3.8 million in the prior year. Adjusted EBITDA margin was 9.7% compared to 5.9% in fiscal '25, a 380-basis-point improvement over the prior-year period.

再來看最終結果，本季調整後淨利為 450 萬美元，即每股攤薄收益 0.28 美元。相較之下，上年同期調整後淨利為 190 萬美元，即每股收益 0.12 美元。 2026 財年的實際稅率為 23%，而去年同期的實際稅率為 20%。本季調整後 EBITDA 為 670 萬美元，而去年同期為 380 萬美元。經調整的 EBITDA 利潤率為 9.7%，而 2025 財年為 5.9%，比去年同期提高了 380 個基點。

We ended the quarter with $67.3 million in cash and short-term investments, no debt, and ample liquidity. We expect to deliver positive free cash flow for the year. We believe our debt-free balance sheet remains one of the strongest in the industry and will continue to benefit us as we progress through fiscal '26.

本季末，我們有 6,730 萬美元現金和短期投資，沒有債務，流動性充足。我們預計今年將實現正的自由現金流。我們相信，我們無債務的資產負債表仍然是業內最強勁的之一，並將繼續使我們在 2026 財年受益。

We repurchased over 100,000 shares, totaling $2.3 million in Q1, reflecting our continued confidence in our long-term outlook. This brings cumulative repurchases to $3.2 million shares and $76.5 million since we started the share repurchase program, a 20% benefit to Q1's adjusted EPS.

第一季度，我們回購了超過 10 萬股股票，總計 230 萬美元，這反映了我們對公司長期前景的持續信心。這使得累計回購股票達到 320 萬股，自我們啟動股票回購計畫以來累計回購股票達到 7,650 萬美元，使第一季調整後每股收益成長 20%。

We continue to prioritize returning capital shareholders and expect to deliver total repurchases above prior-year levels by the end of the fiscal year. As we look ahead, based on our fiscal Q1 performance and current expectations, we are raising the earnings and adjusted earnings per share ranges of our full-year guidance.

我們將繼續優先考慮回報股東的資本，並預計到本財年結束時，總回購額將超過上年水準。展望未來，根據我們第一財季的業績和目前的預期，我們將提高全年獲利和調整後每股盈餘的預期範圍。

For fiscal '26, consolidated net sales are expected to be between $295 million and $310 million, with adjusted EBITDA now expected to be between $30 million and $35 million. Adjusted earnings per share between $1.18 and $1.43. We continue to expect capital expenditures to be approximately $9 million for the year. For the second quarter of fiscal '26, consolidated net sales are expected to be approximately $69 million with adjusted EBITDA of approximately $5 million and adjusted earnings per share of approximately $0.16.

2026 財年，合併淨銷售額預計在 2.95 億美元至 3.1 億美元之間，調整後的 EBITDA 預計在 3,000 萬美元至 3,500 萬美元之間。調整後每股收益預計在 1.18 美元至 1.43 美元之間。我們仍然預計全年資本支出約為 900 萬美元。2026 財年第二季度，合併淨銷售額預計約 6,900 萬美元，調整後 EBITDA 約為 500 萬美元，調整後每股收益約為 0.16 美元。

Keep in mind, our lower wholesale shipments in the first half remain consistent with our initial production plans for the year as we prioritize the introduction and ramp of our new generation of X family products. In the second half of our fiscal year, we plan to ramp up production as we execute our new product initiatives and maintain readiness for seasonal demand. To that end, our wholesale and financial plan is disciplined and provides us with the ability to deliver year-over-year growth despite continued market uncertainty.

請記住，由於我們優先推出和擴大新一代 X 系列產品的生產規模，因此上半年的批發貨量較低，這與我們年初的生產計劃一致。在本財年的下半年，我們將隨著新產品計畫的實施而提高產量，並維持應對季節性需求的準備。為此，我們的批發和財務計劃嚴謹有序，使我們能夠在持續的市場不確定性下實現逐年增長。

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

現在我將把電話轉回給布拉德，請他作總結發言。

Thanks, Scott. Our team executed well during the quarter despite retail uncertainty. We delivered solid results supported by disciplined production planning, dealer engagement, and the early success of our new product launches, including the X24 and the refreshed Conquest lineup. These innovations reinforce our commitment to quality, performance, and delivering the best consumer experiences in our industry.

謝謝你，斯科特。儘管零售業存在不確定性，但我們的團隊在本季表現出色。我們憑藉嚴格的生產計劃、經銷商的積極參與以及新產品（包括 X24 和更新的 Conquest 系列）的早期成功推出，取得了穩健的業績。這些創新進一步鞏固了我們對品質、性能以及為消費者提供業內最佳體驗的承諾。

From a capital allocation standpoint, we are in a strong position, fully funded for our strategic initiatives and continuing to return capital to shareholders through our share repurchase program. Our flexible operating model and highly variable cost structure remain key advantages, allowing us to adjust production as needed to support dealer success and align with retail demand.

從資本配置的角度來看，我們處於有利地位，我們的策略性舉措資金充足，並且透過股票回購計畫繼續向股東返還資本。我們靈活的營運模式和高度可變的成本結構仍然是關鍵優勢，使我們能夠根據需要調整生產，以支援經銷商的成功並與零售需求保持一致。

We are managing the business for the long term, and while near-term uncertainty persists, underlying trends continue to move in our favor. As the market stabilizes, we are well positioned to capitalize on any future upswing and drive sustainable growth across our brands and continued value creation for shareholders.

我們著眼於長遠發展來管理業務，雖然短期內仍存在不確定性，但基本趨勢繼續朝著對我們有利的方向發展。隨著市場趨於穩定，我們已做好充分準備，掌握未來任何上漲行情，推動旗下各品牌實現永續成長，並持續為股東創造價值。

Operator, you may now open the line for questions.

接線員，現在可以開始接聽提問電話了。

(Operator Instructions) Craig Kennison, Baird.

（操作說明）克雷格·肯尼森，貝爾德。

Hey, good morning. Thanks for taking my question. I wanted to ask about the current marine consumer. Any details you can shed on the retail trends this quarter and into October? And then just I'm really looking for a sense of how the consumer is behaving in this market with rates moving lower but still a lot of uncertainty in the air.

嘿，早安。謝謝您回答我的問題。我想了解目前海洋消費的情況。您能否透露本季以及十月的零售趨勢？然後，我真正想了解的是，在利率走低但市場仍存在許多不確定因素的情況下，消費者在這個市場中的行為。

Yeah, you mentioned rates. Obviously, rates, I think, is a positive thing for the industry as we see them go down. We'll obviously have the backdrop of some of the macroeconomic and job growth, et cetera, that we'll have to pay attention to.

是的，你提到了利率。我認為，利率下降對該行業來說顯然是一件好事。顯然，我們需要專注於一些宏觀經濟和就業成長等方面的背景因素。

Early SSI for Q1 has obviously showed the industry is a little bit down. I think we performed really well in Q1. Initial views are we are gaining share in that quarter. I think it's a reflection of all of the focus we've had on new product and as well as some of the dealer growth we've had and changes we've made there.

第一季早期的SSI數據顯然表明，該行業略有下滑。我認為我們第一季的表現非常出色。初步看來，我們在該季度的市佔率正在成長。我認為這反映了我們對新產品的重視，以及我們在經銷商方面的一些成長和改變。

So we still are in line for assuming that we'll be down in the 5% to 10% range for retail for the full year. So Q1 didn't change any of our opinions about where the full year comes in. And frankly, I just need to kind of perform generally speaking, how we perform a Q1 for the rest of the year to stay within that 5% to 10%.

因此，我們仍然預計全年零售業將下降 5% 至 10%。所以第一季並沒有改變我們對全年業績走向的任何看法。坦白說，我只需要在今年剩下的時間裡保持第一季的整體表現，就能將業績控制在 5% 到 10% 的範圍內。

Also, Craig, good morning, we're still doing pretty well with premium buyers out there, and we're seeing that in our portfolio demand. And we're just looking for that sustained retail momentum, and we're hearing the same thing from our dealer network.

另外，克雷格，早上好，我們目前在高端買家方面仍然做得相當不錯，這一點從我們的投資組合需求中也可以看出。我們正尋求維持零售業的持續成長勢頭，而我們的經銷商網路也表達了同樣的看法。

Yeah, thanks for that. And regarding your dealer network and then your retail outlook, have the additions you've made to that network, will that result in maybe outperforming the industry, and is that embedded in the 5% to 10% decline you expect?

是啊，謝謝。至於您的經銷商網絡和零售前景，您對該網絡所做的補充，是否會帶來優於行業平均的業績？這是否已包含在您預期的 5% 到 10% 的下滑之中？

Yes, to all of that, yes. We certainly believe that the dealer chains we've made are helping us gain the share. It's that along with our new products and product innovations, and we do think that should continue. We have certainly had that as part of our strategy to make those changes, and I think we're finally starting to see some of the results.

是的，以上所有說法都正確。我們堅信，我們建立的經銷商網路正在幫助我們贏得市場份額。正是這一點，加上我們的新產品和產品創新，我們認為應該繼續下去。當然，這已經是我們進行這些變革策略的一部分，我認為我們終於開始看到一些成果了。

Dealers remain cautiously optimistic. I don't think that comes as a surprise to anyone. Some of the macroeconomic conditions can dampen sentiment somewhat, but overall, cautiously optimistic remaining. We're not hearing a lot about canceled orders, and we've not seen significant dealer failures to this point. But again, until we see more sustained retail momentum, we expect some continued cautiousness.

交易員們仍保持謹慎樂觀。我想這應該不會讓任何人感到意外。一些宏觀經濟狀況可能會在一定程度上抑制市場情緒，但總體而言，市場仍保持謹慎樂觀。我們還沒有聽到很多關於訂單取消的消息，到目前為止，我們也沒有看到經銷商出現重大倒閉的情況。但是，在我們看到更持續的零售成長動能之前，我們預計市場仍將保持謹慎態度。

Great.

偉大的。

Thanks. I'll get back in the queue.

謝謝。我重新排隊。

Eric Wold, Texas Capital Securities.

Eric Wold，德州資本證券。

Thank you. Good morning. A couple questions, I guess, first question kind of following up on the last one. Can you just give us an update on your sense of the cadence of how you expect retail to progress through your fiscal year?

謝謝。早安.我想問幾個問題，第一個問題算是對上一個問題的後續。您能否簡單介紹一下您對零售業在本財年發展節奏的預期？

And on the rate cut question, I recall from the last call, you were not embedding any benefit from rate cuts in your guidance. Is that still the case? And is that based on you want to see the benefits of how those are flowing through to dealers and consumers before you kind of make that assumption or kind of maybe kind of update your thoughts on that and then have a follow-up?

至於降息問題，我記得上次電話會議上，您並沒有在您的指導下體現降息帶來的任何好處。現在情況仍然如此嗎？你是想先看看這些措施為經銷商和消費者帶來的好處，然後再做假設，或是更新一下你的想法，然後再進行後續跟進嗎？

On interest rates, obviously, there's a benefit to both us and our dealer on lower interest rate costs from a financial perspective. And we only embed in our forecast and planning the rates that have already happened. So the rate cuts that have already occurred are certainly factored in but not necessarily future rate cuts. And obviously, the longer in the year those go, the less impactful they'll be for our P&L, anyway.

顯然，從財務角度來看，利率降低對我們和我們的經銷商都有好處。我們只將已經發生的比率納入我們的預測和規劃中。因此，已經發生的降息肯定已被考慮在內，但未來的降息未必會被考慮在內。顯然，這些活動持續的時間越長，對我們的損益表的影響就越小。

Obviously, love that interest rates are coming down. Think it's a great thing for the industry. It's certainly a psychological, I think, benefit to our customers when interest rates go down. But do keep in mind, a lot of the rates that the consumers actually pay are really more based on longer-term rates and will probably take a little longer to come down than the short-term Fed rates.

當然，利率下降是好事。我認為這對行業來說是一件好事。我認為，利率下降肯定會為我們的客戶帶來心理上的好處。但請記住，消費者實際支付的許多利率實際上更多是基於長期利率，而且下降所需的時間可能比聯準會短期利率要長一些。

And also, morning, Eric. On the cadence of the year, we're pleased with the results from the fiscal first quarter, and Q1 is one of our tougher comps year over year, so even better. Scott mentioned projecting down, retail being down in the 5% to 10% range. We still see that. But the way our revenue ramps throughout the year, of course, we're in a low seasonal pattern now. And until boat shows, it's a little bit dark in terms of how we're going to sense the market.

還有，早上好，艾瑞克。從全年的節奏來看，我們對第一財季的業績感到滿意，而且第一財季是同比比較比較艱難的一年，所以結果就更好了。史考特提到要向下預測，零售業將下降 5% 到 10%。我們仍然能看到這種情況。但由於我們的收入是全年逐步成長的，所以目前我們正處於淡季。在船展舉辦之前，我們對如何感知市場還有些摸不著頭緒。

But in the second half of our fiscal year, we're confident in a nice ramp there, driven by the launch of our new X series products, starting with the X24. We are in early low rate production of that model. So far, dealer sentiment and hunger for that product is high. And we anticipate strong consumer demand, which will ramp into our second half, which is embedded into our outlook.

但在本財年的下半年，我們有信心實現良好的成長，這得益於我們新的 X 系列產品的推出，首先是 X24。我們目前正處於該型號的早期小批量生產階段。目前來看，經銷商對該產品的需求和熱情很高。我們預期消費者需求強勁，並將在下半年持續成長，已納入我們的展望。

Got it. Appreciate that. And then kind of the last question. You mentioned you're kind of obviously looking at M&A opportunities out there while still pursuing the share or purchase program. Can you talk about your comfort level with leverage now that you've got obviously a clean balance sheet? How high would you be willing to go in the short term to pursue an acquisition? And then how quickly would you need to or kind of want to work that leverage back down? Or would you be willing to kind of keep a certain level of leverage kind of on the balance sheet kind of longer term?

知道了。謝謝。然後是最後一個問題。你提到你顯然也在關注併購機會，同時也在推進股權或收購計畫。既然你們的資產負債表看起來非常健康，能否談談你們對槓桿的使用舒適度？為了達成收購目標，你短期內願意付出多高的代價？那麼，你需要或想要多快地降低槓桿率呢？或者您是否願意在資產負債表上長期保持一定程度的槓桿率？

Sure. Thanks for the question. We've worked really hard to keep a balance sheet that gives us flexibility. And of course, we're going to direct capital within our capital allocation framework and our strategy there for the highest returns for shareholders. So that, of course, includes share buyback. That includes maximizing results in our core business. And certainly, it includes evaluating with high scrutiny inorganic M&As.

當然。謝謝你的提問。我們一直努力保持良好的資產負債表，以增強我們的靈活性。當然，我們會依照資本配置框架和策略，將資本用於能為股東帶來最高回報的領域。當然，這其中也包括股票回購。這包括最大限度地提高我們核心業務的績效。當然，這其中也包括對非有機併購進行嚴格審查。

We do have flexibility to do that. We do have open processes there as we evaluate opportunities. In terms of the scale and the trigger points there, that's something we won't comment on, but we do maintain activity in that arena.

我們確實有這樣做的彈性。我們在評估機會時，會遵循公開透明的流程。至於規模和觸發點，我們不予置評，但我們確實在該領域保持活躍。

Understood. Thank you.

明白了。謝謝。

Thanks, Eric.

謝謝你，埃里克。

Thank you. At this time, we're not showing any further questions in the queue. (Operator Instructions)

謝謝。目前，隊列中沒有其他問題顯示。（操作說明）

Okay, I'm showing no further questions in the queue. This now concludes our question-and-answer session. Thank you for your participation in today's conference call. This does conclude the program. You may now disconnect.

好的，隊列中不再顯示其他問題。我們的問答環節到此結束。感謝您參加今天的電話會議。節目到此結束。您現在可以斷開連線了。