Mastercraft Boat Holdings Inc (MCFT) 2026 Q3 法說會逐字稿

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

各位女士、先生，感謝您撥冗等候，歡迎參加 MasterCraft Boat Holdings, Incorporated 2026 會計年度第三季財報電話會議。請注意，今日會議將進行錄音。(接線員指示)

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

現在我想將會議交給今日的發言人——策略與投資人關係資深總監 Alec Harmon。先生，請開始。

Thank you, operator, and welcome, everyone. Thank you for joining us today as we discuss MasterCraft's fiscal third-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.

謝謝接線員，並歡迎各位。感謝各位今天加入我們，一同討論 MasterCraft 2026 會計年度第三季的營運表現。提醒各位，今日電話會議將以網路直播方式即時播出，並將存檔於我們的網站，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.

今天上午與我一同參與電話會議的有執行長 Brad Nelson 與財務長 Scott Kent。Brad 將先就我們的營運表現進行概述。之後，Scott 將說明我們的財務表現。接著 Brad 將提供一些結語，然後我們將開放提問。

Before we begin, we'd like to remind participants that the information contained in this call is current only as of today, May 7, 2026. 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 disclosure or disclaimer in today's press release.

在開始之前，我們想提醒與會者，本次電話會議所包含之資訊僅截至今日——2026 年 5 月 7 日——為準。本公司不承擔更新任何陳述（包括前瞻性陳述）的義務。非屬歷史事實之陳述均為前瞻性陳述，並受今日新聞稿中的「安全港」揭露或免責聲明所規範。

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.

此外，在本次電話會議中，我們將討論非 GAAP 指標，其中可能包含或排除不代表我們持續營運狀況的項目。針對每一項非 GAAP 指標，我們也將在今日新聞稿中提供最直接可比的 GAAP 指標，並包含將這些非 GAAP 指標與 GAAP 結果進行調節（reconciliation）的資料。

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. Today's outlook also excludes any impact from the proposed combination with Marine Products Corporation.

提醒各位，除非另有說明，以下評論均以持續營運為基礎，且所有對特定季度與期間的提及均以會計年度口徑為準。今日的展望亦不包含與 Marine Products Corporation 擬議合併所帶來的任何影響。

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

接下來，我把電話交給 Brad。

Thank you, Alec, and good morning, everyone.

謝謝你，Alec，各位早安。

We delivered third-quarter results that exceeded our expectations, driven by disciplined execution across the business and continued new product momentum. In a dynamic market environment, we've remained focused on our strategy and core strengths: driving operational efficiencies, aligning production with demand, and delivering differentiated innovation that is resonating with customers and dealers.

我們第三季的結果超出預期，主要受惠於全公司範圍內的紀律性執行，以及新產品動能的持續推進。在多變的市場環境中，我們仍專注於策略與核心優勢：推動營運效率、使產量與需求一致，並提供具差異化且能引起客戶與經銷商共鳴的創新。

Our team's ability to stay agile and extend our premium product leadership continues to be a competitive advantage and a key driver of momentum across our brands. As we move into the heart of the selling season, we remain focused on dealer health and pipeline discipline, keeping our wholesale plans measured and flexible while continuing to build momentum across our brands. As always, I want to thank our team members and dealer partners for their focus and dedication as we move through the remainder of this fiscal year.

我們團隊保持敏捷、並延伸高端產品領導地位的能力，持續成為競爭優勢，也是推動各品牌動能的關鍵因素。隨著我們進入銷售旺季的核心階段，我們仍聚焦於經銷商健康度與通路（pipeline）紀律，在維持批發計畫審慎且具彈性的同時，持續為各品牌累積動能。一如既往，我要感謝我們的團隊成員與經銷商夥伴在本會計年度剩餘期間的專注與投入。

Now turning to results. Q3 net sales increased $2.2 million, or 3% year over year, and adjusted EBITDA rose more than $3 million, a margin improvement of approximately 380 basis points. This year's progress and performance are a direct outcome of our continued innovation and focused execution. As a result, we are raising our full-year guidance, which Scott will cover shortly.

現在談到業績表現。第三季（Q3）淨銷售額年增 220 萬美元（約 3%），調整後 EBITDA 增加超過 300 萬美元，利潤率約提升 380 個基點。今年的進展與表現，直接來自我們持續的創新與聚焦的執行。因此，我們上調全年財測指引，Scott 稍後將進一步說明。

During the quarter, Spring Boat Show results were encouraging and improved from prior year with particularly strong results at large shows in Salt Lake City, Dallas-Fort Worth, and Atlanta for our MasterCraft brand. Feedback from both dealers and consumers reflect the impact of our premium product innovation and targeted commercial actions in key regions.

本季春季船展的成果令人鼓舞，且較去年改善，尤其是我們 MasterCraft 品牌在鹽湖城、達拉斯—沃斯堡與亞特蘭大等大型展會表現特別強勁。來自經銷商與消費者的回饋，反映出我們高端產品創新以及在關鍵區域採取的精準商業行動所帶來的影響。

Customers are rewarding us as we are winning on product design, performance and quality, and premium value. At the same time, in the broader market, recent geopolitical and broader macroeconomic developments have weighed on consumer sentiment, and we are factoring that into our outlook.

客戶正在回饋我們，因為我們在產品設計、性能與品質，以及高端價值方面持續勝出。同時，在更廣泛的市場中，近期地緣政治與整體宏觀經濟發展對消費者信心造成壓力，我們也已將此納入展望考量。

Reflecting our balanced approach to dealer health, we've continued to maintain healthy pipeline inventory levels, ending the quarter with a 28% year-over-year improvement, with inventory turns better than pre-pandemic levels. This is providing both us and our dealers with confidence and flexibility to navigate the current environment and generally align wholesale to retail demand moving forward.

反映我們在經銷商健康度上的平衡作法，我們持續維持健康的通路庫存水位，本季末通路庫存較去年同期改善 28%，庫存周轉率也優於疫情前水準。這讓我們與經銷商更有信心與彈性來因應當前環境，並在未來大致使批發出貨與零售需求保持一致。

Our ability to generate cash flow at these volumes and our flexible operating model, combined with our strong balance sheet, position us well to manage near-term uncertainty while supporting sustainable long-term growth. Our capital allocation priorities remain disciplined and consistent. We have a solid balance sheet with no debt, strong cash flow and liquidity, providing flexibility and leaving our strategic growth initiatives fully funded.

在目前的出貨量水準下，我們仍能創造現金流；加上具彈性的營運模式與強健的資產負債表，使我們能在支持長期可持續成長的同時，妥善管理短期不確定性。我們的資本配置優先順序仍維持審慎且一致。我們擁有穩健的資產負債表、零負債、強勁的現金流與流動性，提供高度彈性，並確保我們的策略性成長計畫資金充足。

Now turning to our core brands. Within MasterCraft, premium product momentum continues to build across the lineup. Last month, we announced the reintroduction of the X23, marking the return of a historic name in our portfolio and completing the next-generation X-series. Building on the momentum of our flagship XStar, we're seeing strong market engagement and share gains that reinforce our leadership position in the premium ski/wake category.

接著談我們的核心品牌。在 MasterCraft 之內，高端產品動能持續在全產品線累積。上個月，我們宣布重新推出 X23，這代表我們產品組合中一個歷史性名稱的回歸，並完成新一代 X 系列。在旗艦款 XStar 動能的帶動下，我們看到市場參與度強勁與市占提升，進一步鞏固我們在高端滑水／尾波（ski/wake）類別的領導地位。

With positive dealer and consumer feedback and production ramping as planned, the X-series will further improve product mix sequentially in the fourth quarter. We expect MasterCraft brand and product momentum to continue through the summer as we showcase our product portfolio through opportunities for consumers to experience our newest models firsthand.

在經銷商與消費者的正面回饋，以及產能如計畫爬坡的情況下，X 系列將在第四季依序進一步改善產品組合（mix）。我們預期 MasterCraft 品牌與產品動能將在夏季持續，並透過讓消費者親身體驗最新機型的機會，展示我們的產品組合。

As discussed in prior calls, our original assumption for MasterCraft retail for the year was to be down approximately 5% to 10%. Based on current product momentum and year-to-date solid retail performance, we are more optimistic and now anticipate retail for Mastercraft to be roughly flat to prior year as we exit the fourth-quarter selling season.

如同先前電話會議所提，我們對今年 MasterCraft 零售的原先假設為約下滑 5% 至 10%。基於目前的產品動能與年初至今穩健的零售表現，我們更為樂觀，並預期在第四季銷售季結束時，MasterCraft 的零售將大致與去年持平。

Looking ahead, we have an exciting lineup of on-water events planned throughout the summer, designed to showcase innovation and deepen consumer engagement. These events are intended to expand our reach among new and aspiring riders, supported in part by our continued partnership with the WWA, including events such as Rider Experience and Rule the Water. In parallel, we are expanding owner meet-ups and dealer-hosted events nationwide, reinforcing our culture while strengthening our direct connection with customers and the broader boating community.

展望未來，我們已規劃一系列令人振奮的夏季水上活動，旨在展示創新並深化消費者互動。這些活動意在擴大我們在新手與有志成為玩家的騎乘者族群中的觸及範圍，部分也將受惠於我們與 WWA 的持續合作，包括 Rider Experience 與 Rule the Water 等活動。同時，我們也在全國擴大車主聚會與經銷商主辦活動，強化我們的文化，並加深與客戶及更廣泛航海社群的直接連結。

Turning to our Pontoon segment. The Pontoon category remains highly competitive with elevated promotional activity and cautious retail behavior across the industry. In this environment, we're staying disciplined, prioritizing dealer health, aligning production with demand, and continuing to drive operational improvements. Across both our Pontoon brands, our focus remains on supporting dealers through the selling season, managing pipeline levels and executing our product and commercial plans in a way that positions the segment for sustainable progress and growth.

接著談我們的浮筒船（Pontoon）事業部門。浮筒船類別競爭仍然激烈，促銷活動維持在較高水準，且全產業的零售行為偏向審慎。在此環境下，我們保持紀律，優先考量經銷商健康度，使產量與需求一致，並持續推動營運改善。在我們兩個浮筒船品牌之間，我們的重點仍是於銷售季支援經銷商、管理通路水位，並以能讓該部門達成可持續進展與成長的方式，落實產品與商業計畫。

Before turning the call over to Scott, I'd like to share a brief update on our proposed combination with Marine Products Corporation, which includes the historied Chaparral and Robalo brands. Our conviction in the strategic rationale and long-term value creation of this combination remains strong. Our integration and synergy planning efforts continue to progress, with detailed work streams in place, driving confidence.

在把電話交給 Scott 之前，我想就我們與 Marine Products Corporation 的擬議合併提供簡短更新；該公司旗下包含歷史悠久的 Chaparral 與 Robalo 品牌。我們對此合併的策略合理性與長期價值創造的信念依然堅定。我們的整合與綜效規劃工作持續推進，已建立詳細的工作流程（work streams），進一步提升我們的信心。

We are progressing toward closing, including advancing our regulatory and disclosure processes as planned. We will hold a special meeting with stockholders five days from now at 8:00 AM Eastern Time on May 12, 2026, and expect to officially close the transaction shortly thereafter, subject to formal approval by MasterCraft and Marine Products shareholders and the satisfaction of customary closing conditions.

我們正朝完成交割邁進，包括依計畫推進監管與揭露流程。我們將於 2026 年 5 月 12 日（五天後）美東時間上午 8:00 召開股東特別會議，並預期在其後不久正式完成交易；惟仍須取得 MasterCraft 與 Marine Products 股東的正式核准，並滿足慣常的交割條件。

As we move forward, I want to thank our team members and dealer partners for their continued focus and commitment as we head into the final quarter of our fiscal year and beyond. We're excited about the opportunity to strengthen our partnership with the Chaparral and Robalo teams and begin to realize the value creation potential of the combination.

隨著我們持續向前邁進，我想感謝我們的團隊成員與經銷商夥伴，在我們邁入本會計年度最後一季及其後期間，持續保持專注並展現承諾。我們對於有機會強化與 Chaparral 與 Robalo 團隊的合作關係感到振奮，並開始實現此次結合所帶來的價值創造潛力。

Now, I'll hand it to Scott to review the quarter's financials and forward guidance.

接下來我把時間交給 Scott，請他回顧本季財務表現與前瞻指引。

Thanks, Brad.

謝謝你，Brad。

Before turning to results, I'd like to echo Brad's comments regarding the progress we have made towards closing the proposed combination with Marine Products Corporation. We continue to see compelling scale, diversification, and earnings power in the combined company. With dedicated teams, structured work streams, and capital ready to be deployed, we are fully resourced to execute identified synergies and look forward to providing further updates and combined company guidance in our next quarterly call.

在進入業績之前，我想呼應 Brad 對於我們在推進與 Marine Products Corporation 擬議結合案完成交割方面所取得進展的評論。我們持續看見合併後公司在規模、業務多元化與獲利能力方面具備相當吸引力。憑藉專責團隊、結構化的工作流程，以及已準備可投入的資本，我們具備充足資源以落實已辨識的協同效益，並期待在下一次季度電話會議中提供更多更新與合併後公司的指引。

Turning to our fiscal third-quarter results. We are pleased with this quarter's performance, delivering results above our expectations for both net sales and earnings due to the strong operating execution across our business. Retail and boat show results within the quarter performed well. Our efforts to return pipeline inventories to healthy levels and maintain a strong balance sheet leave us operating from a position of strength and well equipped to manage fluctuations in market activity.

接著談我們會計年度第三季的業績。我們對本季表現感到滿意；由於全公司強勁的營運執行力，淨銷售與獲利皆高於我們的預期。本季的零售與船展成果表現良好。我們致力於將通路庫存回復至健康水位並維持強健的資產負債表，使我們能在有利的態勢下營運，並具備充分能力因應市場活動的波動。

Focusing on the top line, net sales for our third quarter were $78.2 million, up $2.2 million or 3% year over year. The increase was primarily driven by favorable model mix and options, pricing and discounts, partially offset by unfavorable volume, which is in alignment with our planned production cadence for the second half of the year.

聚焦營收面，我們第三季淨銷售為 7,820 萬美元，年增 220 萬美元或 3%。成長主要來自有利的機型組合與選配、定價與折扣因素，部分被不利的出貨量所抵銷；這與我們下半年既定的生產節奏一致。

Gross margins improved 420 basis points over prior year to 25%, a result of strong operating performance across both segments, pricing, and favorable options.

毛利率較去年同期提升 420 個基點至 25%，主要反映兩大事業部門的強勁營運表現、定價，以及有利的選配組合。

Operating expenses were $20.8 million for the quarter, an increase of $9.2 million when compared to the prior year due to the business development and advisory costs related to the Marine Products Corporation's transaction.

本季營業費用為 2,080 萬美元，較去年同期增加 920 萬美元，主要因與 Marine Products Corporation 交易相關的業務開發與顧問費用所致。

Adjusted net income for the quarter was $7.2 million, or $0.45 per diluted share. This compares to adjusted net income of $5 million, or $0.30 per share, in the prior year, calculated using an effective tax rate of 23% in fiscal year '26 compared to 20% for the prior-year period.

本季調整後淨利為 720 萬美元，稀釋後每股 0.45 美元。相較之下，去年同期調整後淨利為 500 萬美元、每股 0.30 美元；該比較係以會計年度 '26 的有效稅率 23% 計算，而去年同期為 20%。

We generated $10.7 million of adjusted EBITDA for the quarter compared to $7.5 million in the prior year, a 43% increase. Adjusted EBITDA margin was 13.7% compared to 9.9% in fiscal '25, a 380-basis-point improvement over the prior-year period.

本季我們創造調整後 EBITDA 為 1,070 萬美元，較去年同期的 750 萬美元增加 43%。調整後 EBITDA 利潤率為 13.7%，相較於會計年度 '25 的 9.9%，較去年同期提升 380 個基點。

We ended the quarter with $84.6 million in cash and short-term investments, no debt, and ample liquidity.

本季期末我們持有現金與短期投資 8,460 萬美元，無負債，且流動性充裕。

Before moving to guidance, I'd like to provide an update on the pro forma financials for the combined company following close. Last quarter, we provided a cash range of $40 million to $60 million. Costs associated with the transaction have been slightly higher than expected, but we still expect to finish fiscal year '26 at or near the bottom of this range.

在進入指引之前，我想就交割完成後合併公司之擬制（pro forma）財務狀況提供更新。上季我們提供的現金區間為 4,000 萬至 6,000 萬美元。與交易相關的成本略高於預期，但我們仍預期會計年度 '26 期末現金將落在該區間的下緣或接近下緣。

A strong balance sheet following the combination remains a strategic priority. And with $75 million revolver availability, no debt, and strong cash flow generation, we expect to be fully funded with ample flexibility to fund strategic growth initiatives.

合併後維持強健的資產負債表仍是我們的策略優先事項。在 7,500 萬美元循環信貸額度可用、無負債且現金流創造力強的情況下，我們預期資金將完全到位，並具備充足彈性以支持策略性成長計畫。

Our capital allocation priorities have not changed. We maintain a healthy balance sheet while pursuing organic growth first, followed by share repurchases when valuation is attractive, and disciplined M&A where it makes sense.

我們的資本配置優先順序沒有改變。我們在維持健康資產負債表的同時，優先追求內生成長；其次在估值具吸引力時進行庫藏股回購；並在合理情況下以紀律方式推進併購。

Now turning to guidance for the remainder of the year. As a reminder, today's outlook excludes any impact from the proposed combination with Marine Products Corporation. As we look ahead, based on our fiscal Q3 performance and current expectations, we are raising the net sales, earnings, and adjusted earnings per share guidance for the full year.

接著談今年剩餘期間的指引。提醒各位，今日的展望不包含與 Marine Products Corporation 擬議結合案的任何影響。展望未來，基於我們會計年度第三季的表現與目前預期，我們上調全年淨銷售、獲利與調整後每股盈餘指引。

For fiscal 2026, consolidated net sales are now expected to be $312 million, with adjusted EBITDA now expected to be $40 million, and adjusted earnings per share to be $1.65. We now expect capital expenditures to be approximately $8 million for the year. The strong fourth quarter implied in the full-year guidance reflects the strategic debut and launch of new products, which will continue to have mix improvement sequentially over Q3.

就會計年度 2026 而言，合併淨銷售現預期為 3.12 億美元，調整後 EBITDA 現預期為 4,000 萬美元，調整後每股盈餘為 1.65 美元。我們目前預期全年資本支出約為 800 萬美元。全年指引所隱含的強勁第四季，反映新產品的策略性亮相與上市，且其產品組合改善將相較第三季呈現逐季提升。

I'll turn it back to Brad for closing remarks.

我把時間交回給 Brad 做結語。

Thank you, Scott.

謝謝你，Scott。

As we reflect on the quarter, what stands out most is our team's credibility and discipline in executing our strategy and the fundamentals of our business. In a dynamic environment, we've remained grounded in maximizing what we can control, aligning production with demand, supporting dealer health, and continuing to invest in premium differentiated product innovation. That focus has translated into solid operating performance and meaningful margin improvement during the quarter.

回顧本季，最突出的在於我們團隊在執行策略與落實業務基本面上的可信度與紀律。在多變的環境中，我們始終專注於最大化我們可控的事項：讓產量與需求一致、支持經銷商的健康度，並持續投資於高端且具差異化的產品創新。這樣的聚焦帶來了穩健的營運表現，並在本季實現了顯著的毛利率改善。

Across the portfolio, we're seeing the benefit of this approach. At MasterCraft, completing the next-generation X-series with the reintroduction of the X23, alongside the X22 and X24, building on the momentum of our flagship XStar, reinforces the strength of our premium product roadmap and our leadership position in the category. In Pontoons, we're managing with discipline, keeping focused on execution and positioning the business for the long term.

在整體產品組合中，我們正看見此一作法帶來的效益。在 MasterCraft 方面，隨著重新導入 X23，並與 X22、X24 一同完成次世代 X 系列，且延續旗艦 XStar 的動能，進一步鞏固我們高端產品藍圖的實力與我們在該品類的領導地位。在 Pontoons 方面，我們以紀律方式管理，持續聚焦執行並為長期發展做好布局。

We remain confident in our strategy and ability to navigate market variabilities by staying disciplined, agile, and focused on our core strengths. With a strong balance sheet, flexible operating model, and a premium product portfolio that continues to resonate, we believe we are well positioned regardless of foreseeable market dynamics as we move through the remainder of the fiscal year.

我們對自身策略與在市場波動中前行的能力仍具信心，將持續保持紀律、敏捷，並專注於核心優勢。憑藉強健的資產負債表、具彈性的營運模式，以及持續獲得市場共鳴的高端產品組合，我們相信在本會計年度剩餘期間，無論可預見的市場動態如何變化，我們都處於有利位置。

Looking ahead, we will continue to deploy capital to drive both organic and inorganic growth. With market momentum and the timely combination with Marine Products Corporation on the horizon, we are well positioned to capitalize on the market upswing moving forward.

展望未來，我們將持續投入資本以推動內生與外生成長。隨著市場動能以及與 Marine Products Corporation 的適時結合案在望，我們已做好準備，把握未來市場回升所帶來的機會。

Operator, you may now open the line for questions.

接線員，現在可以開放提問。

(Operator Instructions) Joe Altobello, Raymond James.

(接線員指示) Joe Altobello，Raymond James。

Good morning. This is Martin on for Joe. Congrats on the strong order. I personally want to quickly touch on the MPX combination. Now that you're far along with the process, is there any updates to the synergies expected?

早安。我是 Martin，代 Joe 發言。恭喜訂單表現強勁。我想先快速談一下 MPX 的結合案。既然你們已經推進到流程後段，預期的協同效益是否有任何更新？

I think as we kind of alluded in the prepared remarks there, we've created work streams. We're frankly seeing the progress being made on those and we're probably more convicted toward the numbers we've put out in the proxy and in the last quarter than we were even before. So things are progressing along pretty well.

我想正如我們在事先準備的講稿中所提到的，我們已建立各項工作流程。坦白說，我們看到這些工作正在取得進展，對於我們在委託書以及上季所提出的數字，現在的把握可能比之前更高。所以整體進展相當順利。

Okay, great. And actually, I want to quickly touch on retail cadence. Would you mind providing what it looks like through the quarter and just exiting the quarter as well?

好的，很好。另外我也想快速談一下零售節奏。你方便說明一下本季期間的走勢，以及季末退出時的情況嗎？

So obviously, as Brad kind of mentioned in the call, we are a little bit more proactive or confident in our retail assumptions than we were even a quarter ago. So on the MasterCraft front, I think we've been saying we thought we'd be down 5% to 10% for the year. We're now saying we should be closer to flat on retail. Really, the boat show results as we went through boat shows have remained pretty solid and given us a lot more confidence as we go out -- as we exit the year.

所以很明顯地，正如 Brad 在電話會議中提到的，相較於一季前，我們對零售假設更為積極或更有信心。以 MasterCraft 而言，我想我們先前一直說我們預期全年會下滑 5% 到 10%。我們現在的看法是零售應該更接近持平。主要是我們在參與各場船展的過程中，船展成果一直相當穩健，讓我們在年度結束之際更有信心。

The other thing that gives us a little confidence is I know we talked about our X-series launch and all of the X-series boats that are coming out. It's going to be very heavily weighted in our fourth quarter toward that X-series product. And largely, most of the X-series product that we're going to generate in wholesale is actually already retail sold as well. So again, it just gives us a little more confidence that our fourth quarter is going to hold up pretty well to give us the flattish retail for the full year for MasterCraft.

另一件讓我們稍微有些信心的事情是，我知道我們談過 X 系列的上市，以及即將推出的所有 X 系列船款。我們第四季將會非常明顯地偏重於 X 系列產品。而且在很大程度上，我們將在批發端所產生的大多數 X 系列產品，其實也都已經在零售端售出。所以再一次，這讓我們更有信心，我們第四季應該能夠相當穩健，從而讓 MasterCraft 全年零售表現大致持平。

Great. Thank you. Very helpful, and good luck.

很好。謝謝。非常有幫助，祝順利。

Kevin Condon, Baird.

Kevin Condon，Baird。

Hi. Good morning, and thanks for taking my question as well. I wanted to ask, as we look out, you start to lap all this destocking activity. I think you noted dealer inventory was down 28% year over year, so imagining this year, fiscal '26, ends with wholesale well below retail. But just is there any way to think as we kind of roll into a more one-to-one wholesale to retail environment in terms of units, what that would look like in terms of the lift to wholesale shipments and your revenue growth?

嗨。早安，也謝謝讓我提問。我想問的是，往前看，當你們開始度過這一波去庫存（destocking）活動的比較基期。我記得你們提到經銷商庫存年減 28%，所以可以想像今年、也就是 2026 財年，結束時批發會明顯低於零售。但想請教，有沒有什麼方式可以思考：當我們逐步回到批發與零售在台數上更接近一比一的環境時，批發出貨量的提升以及你們營收成長會是什麼樣子？

So we're not prepared to give '27 guidance, but I think you've got the gist of the philosophy going into next year. We will end the year a little bit -- wholesale under retail again this year, largely because retail is a little overperformed where we expected it to be. So next year -- as we go into next year, our goal is to certainly align wholesale and retail a lot closer. So we'll certainly need to get through the rest of the selling season, see how it ends, and then we'll be prepared to give guidance on that as we go into the '27 year.

我們目前還不準備提供 2027 年的指引，但我想你已經掌握了我們進入明年的基本理念。我們今年年底仍會是批發低於零售一些，主要是因為零售表現比我們原先預期的稍微更好。所以明年——當我們進入明年時，我們的目標當然是讓批發與零售更緊密對齊。因此，我們需要先走完剩下的銷售季、看看最終結果，然後在進入 2027 年時，我們會準備好提供相關指引。

Also, Kevin -- this is Brad -- we've got a lot to learn with the upcoming selling season. But coming out of boat show season and here in early spring, we've been generally pleased with the results.

另外，Kevin——我是 Brad——我們在即將到來的銷售季還有很多要學。但從船展季結束到現在初春，我們對整體結果大致感到滿意。

One thing I'd like to highlight is not only -- is our inventory better than pre-COVID traditional levels. Inventory turns are also below those levels. So that, together with the momentum coming out of boat shows, continued lean in from customers and dealers on our new products, gives us that confidence as well as the visibility into our production model that Scott referenced earlier.

我想強調的一點是，不僅——我們的庫存水準比 COVID 之前的傳統水準更好。庫存周轉也低於那些水準。因此，結合船展帶來的動能、客戶與經銷商對我們新產品持續加碼投入，讓我們同樣更有信心，也讓我們對 Scott 先前提到的生產模式有更高的能見度。

Got you. Thanks. And then if -- I had one quick follow-up. But just the closer to flat retail assumption, is that for total company retail? Or is that a ski/wake MasterCraft brand-specific comment?

了解。謝謝。另外我有一個簡短追問。你們提到零售接近持平的假設，這是針對全公司零售嗎？還是這是針對滑水／衝浪（ski/wake）的 MasterCraft 品牌的說法？

That's a Mastercraft-specific comment.

那是針對 MasterCraft 的說法。

Okay. Thanks.

好的。謝謝。

Anna Glaessgen, B. Riley Securities.

Anna Glaessgen，B. Riley Securities。

Hi. Good morning. Thanks for taking my question. I'd like to ask on the gross margin performance in the quarter, really nice expansion, I think, reached the highest level since 2023 in the quarter despite a lower sales growth. Could you maybe unpack the mix benefit or the contributors to that expansion and just generally how we should be thinking about gross margin as we assume greater parity between retail and wholesale? Thanks.

嗨。早安。謝謝讓我提問。我想問本季毛利率表現，擴張得很漂亮；我認為即使銷售成長較低，本季仍達到自 2023 年以來的最高水準。你們能否拆解一下組合（mix）帶來的好處或推動擴張的因素？以及一般而言，當我們假設零售與批發更趨於一致時，毛利率應該如何看待？謝謝。

So there's several drivers to our margin that are really more or less consistent that we've had through the entire year, but certainly affecting us in the Q3 as well. So in Q3, our margins are certainly improved a little bit by discounts. Our discounts have generally been lower as we go into -- well, have been all year, but certainly, as we go into Q3, our margins are certainly impacted by that.

我們的毛利率有幾個驅動因素，基本上在整個年度都相當一致，但在第三季也同樣影響我們。所以在第三季，我們的毛利率確實因折扣而有所改善。我們的折扣整體而言在——嗯，全年都比較低，但尤其進入第三季時，毛利率也因此受到影響。

We do have a little bit of segment mix as well as Pontoons wholesale went down a little bit more than the MasterCraft units did as well. So we get a little benefit from the extra MasterCraft sales there. We've also been having really good operations improvements throughout the year. So as we've had some cost improvements there, our Pontoon business has had fairly flat sales for the year, but our margin improvement on the Pontoon business has been about $1.9 million at adjusted EBITDA.

我們也有一些事業別組合的影響，因為 Pontoon（浮筒船）批發下滑幅度比 MasterCraft 的台數更大一些。因此，MasterCraft 額外的銷售占比讓我們得到一些好處。此外，我們全年在營運面也持續有很好的改善。所以隨著一些成本改善，我們的 Pontoon 業務今年銷售大致持平，但 Pontoon 業務在調整後 EBITDA 的毛利改善約為 190 萬美元。

So that's helping our overall margins as well. Along with some quality improvements, we've been having a little bit of favorable warranty really throughout the entire year, and that continued into the Q3 as well. So lots of things ultimately chipping away and adding to that margin improvement as we've gone through the quarter and the year.

因此這也在幫助我們的整體毛利率。再加上一些品質改善，我們全年在保固方面都有一些有利因素，第三季也延續了這個趨勢。所以最終有很多因素一點一滴累積，推動我們在本季以及全年毛利率的改善。

Great. Thanks for that. And then secondly, I know that acquisition hasn't closed, but anything you could share on MPX's retail this quarter and potentially into April 9? Thanks.

很好。謝謝你的說明。第二個問題，我知道收購案尚未完成，但你們能否分享 MPX 本季的零售表現，以及可能到 4 月 9 日之前的情況？謝謝。

Yeah. Obviously, I think you can go out on their website and you can see their kind of results for the quarter. I think they're publishing today as well. I'll leave the quarter to them to talk through, but you can certainly go out and look at that on their own website.

可以。很明顯地，我想你可以到他們的網站上查看他們本季的相關結果。我認為他們今天也會發布。本季的細節我就留給他們自己來說明，但你確實可以到他們自己的網站上查看。

Okay. Thanks. And then one more follow-up on guidance. I believe in the prepared remarks, you said something to the effect of incorporating the current uncertainty into the guidance. I guess, could you expand on what you're thinking there and how that's impacting the guide? Thanks.

好的。謝謝。再追問一個關於財測指引的問題。我記得在事先準備的講稿中，你們提到大意是已將目前的不確定性納入指引。能否進一步說明你們的想法，以及這如何影響你們的指引？謝謝。

Yeah, hey. Anna, that's really just driven around some of the macroeconomic and geopolitical issues that are happening. And there has been a little bit of a pausing or a downdraft at retail across the broader industry and broader categories. We've been generally pleased with our outperformance at the retail level inside of that, but it's more geopolitical in nature, and which we view as temporary.

好的。Anna，這主要是因為目前正在發生的一些總體經濟與地緣政治議題。在更廣泛的產業與品類中，零售端確實出現了一些暫停或下行壓力。在這樣的背景下，我們對自己在零售端的相對優於同業表現整體感到滿意，但這更多是地緣政治性質的因素，我們認為是暫時的。

Got it. Thanks.

了解。謝謝。

Brandon Rolle, Loop Capital.

Brandon Rolle，Loop Capital。

Good morning. Thank you for taking my questions. First, just on general and administrative costs, it seems like that ticked up a little bit in the quarter. Is that expected to continue throughout 4Q and into fiscal year '27?

早安。謝謝讓我提問。首先，關於一般及行政費用（G&A），看起來本季略有上升。這種情況是否預期會在第四季持續，並延續到 2027 財年？

I realized that most of the pickup was really the one-time cost associated with the acquisition, so I think of the $9.2 million in the quarter, if you look into our adjustments there, about $8.4 million of that was related to the acquisition. We also have some continued costs related to our ERP implementation for a couple hundred thousand dollars as well. And we do have some timing between quarters as well as it's a little increase year over year in sales and marketing. I think those are the three main drivers that kind of are impacting that. Obviously, the acquisition costs will go away, the ERP costs will go away, and the sales and marketing are kind of timing related.

我認為這次增加的大部分其實是與收購相關的一次性成本，所以以本季 920 萬美元來看，如果你看我們的調整項目，其中約 840 萬美元與收購相關。我們也有一些與 ERP 導入相關的持續成本，大約是幾十萬美元。另外也有一些季度之間的時點差異，以及銷售與行銷費用年增的小幅上升。我想這三項是主要驅動因素。很明顯地，收購成本會消失、ERP 成本也會消失，而銷售與行銷則主要是時點因素。

Okay, great. And then just on the Pontoon category, I think you gave more optimistic retail expectations for the MasterCraft brand. Anything -- any update on kind of recent trends within the Pontoon segment and any updated retail expectations there?

好的，很好。再來關於 Pontoon（浮筒船）品類，我想你們對 MasterCraft 品牌給了較樂觀的零售預期。那 Pontoon 事業別近期趨勢有沒有什麼更新？以及那邊的零售預期是否有更新？

Yeah. Pontoon in general, it hasn't really got going yet. Of course, that business traditionally is more of a payment buyer, highly compressed in the summer selling season, of which we're just in the early rounds of that. We view '26 for us as really a stabilization year as we fight through just macroeconomic pressure and a promotional environment out there that's still elevated from traditional levels. And our brand, using Crest as an example, it's a very proud brand with 68 years of brand equity. We're working hard on this business with discipline, aligning inventory, strengthening our dealer network.

是的。就浮筒船（Pontoon）整體而言，確實還沒有真正起來。當然，該業務傳統上更偏向於「付款型買方」，而且銷售季節高度集中在夏季；我們現在才剛進入那個季節的前幾輪。我們將對我們而言的「26年」視為真正的穩定之年，因為我們正努力挺過宏觀經濟壓力，以及目前仍高於傳統水準的促銷環境。以 Crest 為例，我們的品牌擁有 68 年的品牌資產，是非常值得自豪的品牌。我們以紀律性方式努力經營這項業務，對齊庫存、強化經銷商網路。

So overall, that category, it's giant. It's the biggest subsegment within Marine. We've got good tradition and history there, strong brands, as well as a good dealer network. So as we stabilize going forward through the summer selling season, we do need to see sustained retail in that market. What we think will drive that is more macroeconomic attitude in general that would apply to the entire Marine category as well.

所以整體來看，那個品類規模很大。它是海事（Marine）領域中最大的子分項。我們在那裡有良好的傳統與歷史、強勢品牌，以及良好的經銷商網路。因此，當我們在夏季銷售季節中持續推進並達成穩定時，我們確實需要看到該市場零售端的持續表現。我們認為，推動因素將是更廣泛的宏觀經濟情緒，而這也會適用於整個海事品類。

So just remember, we have -- that stabilization was really what we plan to do this year, and we really have seen that happening. So on a year-to-date basis, the adjusted EBITDA for the Pontoon segment has gone up about $1.9 million on relatively flat wholesale. So this year has done exactly what we wanted it to do, get that stabilization, and now we're really got a platform set for the growth in the future.

所以請記住，我們——那個穩定其實就是我們今年的計畫重點，而我們確實已經看到它正在發生。因此，以年初至今來看，浮筒船（Pontoon）部門的調整後 EBITDA 在批發量相對持平的情況下，增加了約 190 萬美元。所以今年的表現完全符合我們的預期：先把穩定做出來，現在我們也真正建立了未來成長的平台。

Great. Thank you.

很好。謝謝。

Gerrick Johnson, Seaport Research Partners.

Gerrick Johnson，Seaport Research Partners。

Good morning. Thank you. Piggybacking on Anna's question, you did not mention anything about commodities. Wondering how those are trending for you, how you lock in price or hedge, and what you're seeing and experiencing going forward on those commodities, resins and aluminum in particular?

早安。謝謝。延續 Anna 的問題，你沒有提到任何大宗商品。想請問這些對你們而言的趨勢如何、你們如何鎖定價格或進行避險，以及你們對未來這些大宗商品——尤其是樹脂與鋁——的觀察與實際感受是什麼？

So on the fuel petroleum-based products, resins, gels, and really foam, it's still a relatively small portion of our entire bill of materials. So we do have some implied increases coming into that in our fourth-quarter guidance or our full-year guidance. It's not significant.

就燃料等石油基產品而言，包括樹脂、膠衣（gel coat），以及泡棉，其實在我們整體物料清單（BOM）中仍只占相對小的比重。因此，我們在第四季指引或全年指引中，確實有隱含一些相關的成本上升。但幅度不大。

I think you can think of like 1% of our entire gross margins or material costs; it's just not that significant overall. We are doing what we can to work with our suppliers to mitigate that as best as possible, but not having huge impacts necessarily on our full-year profitability. But again, we do have some of that embedded in our guidance and margins assumptions for the full year.

你可以把它想成大概只影響我們整體毛利率或材料成本的 1% 左右；整體而言並不顯著。我們正盡力與供應商合作，盡可能降低影響，但不至於對我們全年獲利造成很大的衝擊。不過再次強調，我們的全年指引與毛利假設中，已經把其中一部分納入考量。

On the aluminum front, that's really more impacted by tariffs and the tariff -- even the past tariffs. As you might recall, we have, at the MasterCraft level, been putting a surcharge on our invoices for tariffs, and that is largely doing exactly what we planned. We are offsetting the cost of those tariffs on an almost dollar-for-dollar basis through what we've been charging through that extra surcharge, so we have been kind of netting out the effect of the aluminum increases.

至於鋁的部分，主要受到關稅以及關稅——甚至是過去關稅——的影響更大。如你可能記得，在 MasterCraft 層面，我們一直在發票上加收關稅附加費，而這基本上正如我們規劃般運作。我們透過這項額外附加費，幾乎以一美元對一美元的方式抵銷了關稅成本，因此我們某種程度上把鋁價上升的影響淨額化了。

Okay, got you. Thank you. And then on your pro forma, thank you for the pro forma examples, but you are issuing shares to consummate this deal. So are you able to provide us depreciation, tax rate, and pro forma shares to help us get to an EPS?

好的，了解。謝謝。另外，關於你們的備考（pro forma），謝謝你們提供備考範例，但你們是透過發行股份來完成這筆交易。那你們能否提供折舊、稅率，以及備考股數，幫助我們推算到 EPS？

We will give you more of that guidance when we get into the '27 year. Obviously, the proxy that we sent out has some of that data in it that you can get a little bit of that data. But just keep in mind that there's going to be a lot of purchase accounting adjustments. So anything you see even in MPX's past numbers is going to change a bit as we move into getting finalized and purchase accounting and moving forward. So we'll give you a little bit more of that guidance when we finalize some of those entries before going into '27.

我們會在進入「27年」時提供更多這方面的指引。當然，我們已寄出的委託書（proxy）裡面有部分資料，你可以從中取得一些數據。但請記住，會有很多購買會計（purchase accounting）調整。因此，即便你看到 MPX 過去的數字，隨著我們完成定案、完成購買會計並往前推進，這些數字也會有所變動。所以在我們於進入「27年」前把部分分錄定案後，我們會再提供更多相關指引。

Okay, got you. Thanks. And one last one, you mentioned retail has overperformed. You've been launching new models, particularly in MasterCraft, the X-series, the 22 in November, the 24 in January, and now the 23. Just wondering how much more of the market can you get with that one-foot difference? Do you cannibalize from the 22 and 24, or can you get incremental customers? Just the rationale behind the 22, 23, and 24, one foot each.

好的，了解。謝謝。最後一個問題，你提到零售端表現超出預期。你們一直在推出新機型，特別是在 MasterCraft：X 系列，11 月推出 22 呎、1 月推出 24 呎，現在又推出 23 呎。想請問這種一呎差異能讓你們多拿到多少市場？會不會從 22 呎與 24 呎那邊產生自我侵蝕（cannibalize），還是能帶來增量客戶？也想了解 22、23、24 每次差一呎的產品規劃背後的邏輯。

Gerrick, in general, our momentum there from dealers at the consumer level isn't just new products. This is about a customer experience and unrivaled support, quality products in general, which are surging. A catalyst with new products certainly is helping. The new lineup, recall last year, we launched the XStar at the top end, ultra-premium end of the space, which is garnering share.

Gerrick，整體而言，我們在經銷商端、消費者端的動能不只是來自新產品。這關乎客戶體驗與無可匹敵的支援、以及整體高品質產品，而這些正在帶動成長。新產品作為催化劑，確實有所幫助。回想去年，我們在產品線頂端、超高端市場推出 XStar，正在取得市占。

And now, with X24, 22, and 23, as you mentioned, same thing is happening. What we're hearing from dealers and consumers alike is that these products are winning on three fronts: design, performance and quality, and premium value. And we like how they're positioned against the competition and they're winning incremental share.

而現在，如你提到的 X24、22 與 23，也正在發生同樣的情況。我們從經銷商與消費者那裡聽到的是，這些產品在三個面向勝出：設計、性能與品質，以及高端價值。我們喜歡它們相對於競品的定位，而且它們正在贏得增量市占。

Now, the market continues to lean premium. That's an advantage for us with our premium brands. We expect that to continue, especially until the mass market starts to recover. But there's no doubt that we're -- with our share capture momentum that we're pleased with, we're winning incremental business. But it's not just all on the backs of new products; we're seeing surges in pretty much all of our product lines.

目前市場持續偏向高端化。這對我們的高端品牌而言是優勢。我們預期這種趨勢會持續，特別是在大眾市場開始復甦之前。但毫無疑問地，我們——以我們令人滿意的市占提升動能來看——正在贏得增量業務。不過這不全是靠新產品；我們幾乎在所有產品線都看到成長動能。

Yeah. We do work really closely with our dealers, and actually, the dealers are the ones that requested to have a 23 in the lineup. They believe, we believe that we will get, by having all three of those products in the lineup, incremental share and incremental sales from the combine of the three models combined. It gives us a really nice price point.

是的。我們確實與經銷商非常緊密合作，而事實上，經銷商是提出希望產品線中要有 23 呎的那一方。他們相信、我們也相信，透過同時擁有這三款產品在產品線中，三個機型合計將帶來增量市占與增量銷售。這也讓我們擁有一個非常好的價格帶定位。

Certain markets are better with a 23, certain markets are better with a 22, and some markets can sell the 24. So it does make a difference to our dealers. They have certainly requested it, and we listened to them and put it back in the lineup.

某些市場更適合 23 呎，某些市場更適合 22 呎，而有些市場則能賣 24 呎。所以這對我們的經銷商確實有差異。他們明確提出需求，我們也聽取了他們的意見，把它重新納入產品線。

Okay. Got you. Great. Thank you very much.

好的。了解。很好。非常感謝。

Thank you. I am showing no further questions at this time. I'd like to thank you all for your participation in today's conference. This does conclude the program. You may disconnect.

謝謝。我目前顯示沒有其他提問。感謝各位參與今天的電話會議。本次會議到此結束。各位可以掛線。