Polaris Inc (PII) 2020 Q1 法說會逐字稿

Good day, and welcome to the Polaris First Quarter 2020 Earnings Call and Webcast. (Operator Instructions) Please note this event is being recorded.

美好的一天，歡迎參加 Polaris 2020 年第一季度收益電話會議和網絡廣播。 （操作員說明）請注意此事件正在被記錄。

I would now like to turn the conference over to Richard Edwards. Please go ahead.

我現在想把會議交給理查德·愛德華茲。請繼續。

Thank you, Jason, and good morning, everyone. Thank you for joining us for our 2020 first quarter earnings call. A slide presentation is accessible at our website at ir.polaris.com, which has additional information for this morning's call. Scott Wine, our Chairman and Chief Executive Officer; and Mike Speetzen, our Chief Financial Officer, have remarks summarizing the quarter, and then we'll take some questions.

謝謝杰森，大家早上好。感謝您參加我們的 2020 年第一季度財報電話會議。您可以在我們的網站 ir.polaris.com 上查看幻燈片演示，其中包含有關今天上午電話會議的更多信息。 Scott Wine，我們的董事長兼首席執行官；我們的首席財務官 Mike Speetzen 發表了對本季度的總結講話，然後我們將回答一些問題。

During the call, we will be discussing various topics, which should be considered forward-looking for the purposes of the Private Securities Litigation Reform Act of 1995. Actual results could differ materially from those projections in the forward-looking statements. You can refer to our 2019 10-K for additional details regarding these risks and uncertainties.

在電話會議期間，我們將討論各種主題，就 1995 年《私人證券訴訟改革法案》而言，這些主題應被視為前瞻性的。實際結果可能與前瞻性聲明中的預測存在重大差異。您可以參閱我們的 2019 年 10-K，了解有關這些風險和不確定性的更多詳細信息。

All references to the first quarter 2020 actual results are reported on an adjusted non-GAAP basis, unless otherwise noted. Please refer to our Reg G reconciliation schedules at the end of this presentation for the GAAP to non-GAAP adjustments.

除非另有說明，所有提及 2020 年第一季度實際業績的內容均按調整後的非 GAAP 基礎報告。請參閱本演示文稿末尾的 Reg G 調節表，了解 GAAP 與非 GAAP 的調整。

Now I'll turn it over to our CEO, Scott Wine. Scott?

現在我將把它交給我們的首席執行官 Scott Wine。斯科特？

Thanks, Richard. Good morning, and thanks for joining us. I want to begin with a sincere thank you to the Polaris team for stepping up and leaning in, as they always do to support our customers and dealers through the first few months of this COVID-19 pandemic. Our people and our culture remain our most important strength and their performance in the early days of this crisis is proving that out. The abrupt shutdown of global commerce was certainly a shock to our business, but our aggressive planful response has positioned us to navigate and win through this lockdown and the recession to come.

謝謝，理查德。早上好，感謝您加入我們。首先，我要衷心感謝 Polaris 團隊的挺身而出，一如既往地在新冠肺炎 (COVID-19) 大流行的最初幾個月為我們的客戶和經銷商提供支持。我們的人民和我們的文化仍然是我們最重要的力量，他們在這場危機初期的表現證明了這一點。全球商業的突然關閉無疑對我們的業務造成了衝擊，但我們積極、有計劃的應對措施使我們能夠順利度過這次封鎖和即將到來的經濟衰退。

Our long-term commitment to being a customer-centric, highly efficient growth company is unwavering. But this crisis requires focus, so we defined 4 priorities to guide us. First and foremost, we are committed to employee safety. Next, we will ensure that Polaris is viable and then support our dealers with the goal of being their preferred partner. Finally, we will continue to be a good steward for our shareholders and stakeholders.

我們堅定不移地致力於成為一家以客戶為中心、高效成長的公司。但這場危機需要重點關注，因此我們確定了 4 個優先事項來指導我們。首先，我們致力於員工安全。接下來，我們將確保北極星是可行的，然後支持我們的經銷商，目標是成為他們的首選合作夥伴。最後，我們將繼續成為股東和利益相關者的好管家。

When China locked down in early February, Ken Pucel assumed the mantle of coronavirus czar and his leadership focus and structured approach has been essential to our ability to stay abreast with and often ahead of this dynamic situation. What began as a major risk with suppliers quickly evolved into employee health and safety concerns and then issues with mandated dealer closures in various state regulations. Ken and his team meet daily to assess the environment, and their prompt actions and thorough execution has been immensely helpful.

當中國在二月初實施封鎖時，肯·普塞爾(Ken Pucel) 接任了冠狀病毒沙皇的職責，他的領導重點和結構化方法對於我們跟上並經常領先於這一動態形勢的能力至關重要。供應商面臨的主要風險很快演變成員工健康和安全問題，然後是各州法規中強制關閉經銷商的問題。肯和他的團隊每天都會開會評估環境，他們的迅速行動和徹底執行非常有幫助。

Mike Speetzen took a similar ownership of our liquidity and cash management and expertly turned a potentially significant concern into a very manageable scenario. We also quickly initiated our recession playbook, enabling us to execute cost down and restructuring activities with speed and precision. Both our retail flow management system and our overall agility were tested by the rapid demand shifts at the end of Q1. And I am pleased with how each performed as we successfully reduced shipments and implemented floor plan support to protect our dealers.

Mike Speetzen 對我們的流動性和現金管理擁有類似的所有權，並熟練地將潛在的重大問題轉變為非常易於管理的情況。我們還迅速啟動了經濟衰退策略，使我們能夠快速、準確地執行成本降低和重組活動。我們的零售流程管理系統和整體敏捷性都受到了第一季度末需求快速變化的考驗。我對每個人的表現感到滿意，因為我們成功減少了出貨量並實施了平面圖支持以保護我們的經銷商。

This untimely shipment reduction in the lowest earnings and cash flow generation quarter of the year, coupled with uncertainty around dealer operations and consumer demand put quite a bit of pressure on our liquidity outlook. Through extremely fast action on working capital, cost cuts across the enterprise and strong support from our bank group, we have reduced our liquidity concerns and are laser-focused on managing cash flow.

在今年盈利和現金流產生最低的季度，出貨量不合時宜地減少，加上經銷商運營和消費者需求的不確定性，給我們的流動性前景帶來了相當大的壓力。通過對營運資本採取極快的行動、整個企業的成本削減以及我們銀行集團的大力支持，我們減少了流動性擔憂，並專注於管理現金流。

As in 2008, we are broadly and boldly reducing expenses but protecting key product and strategic investments. We've already taken out over $120 million of annualized operating expenses of the business, mostly human capital related, and overall OpEx will be cut nearly 25% in the second quarter alone. Our lean factory operations will reduce hours in line with demand.

與 2008 年一樣，我們廣泛而大膽地削減開支，但保護關鍵產品和戰略投資。我們已經扣除了超過 1.2 億美元的年度運營支出，其中大部分與人力資本相關，僅第二季度整體運營支出就將削減近 25%。我們的精益工廠運營將根據需求減少工時。

Earlier this month, we announced the wind down of 3 of our smaller boat brands, Rinker, Striper and Larson FX, and we will continue to evaluate our portfolio for businesses and brands with a limited path to strong, profitable growth. We are protecting our strategic engineering investments, while accelerating our ongoing engineering efficiency projects.

本月早些時候，我們宣布關閉 3 個較小的船舶品牌：Rinker、Striper 和 Larson FX，我們將繼續評估我們的業務和品牌組合，以實現強勁、盈利增長的道路有限。我們正在保護我們的戰略工程投資，同時加速我們正在進行的工程效率項目。

Our protocols for dealing with all things COVID-19 utilize the best information we can obtain from CDC, WHO, local health departments, our retained medical experts and many other sources. We continue to work tirelessly to keep our employees and their families safe, and we are complying with quarantine and cleaning protocols. We have had 7 confirmed COVID-19 cases amongst our 14,000 employees and all have either fully recovered or are recovering at home.

我們處理 COVID-19 所有問題的方案利用了我們從 CDC、WHO、當地衛生部門、我們聘請的醫療專家和許多其他來源獲得的最佳信息。我們將繼續不懈地努力確保員工及其家人的安全，並且遵守檢疫和清潔協議。我們的 14,000 名員工中已確診 7 例 COVID-19 病例，所有人都已完全康復或正在家中康復。

Navigating this pandemic emphasizes our deep commitment to Geared for Good. From KLIM and 509's donation to Goggles For Docs to our $220,000 donation of iPads and other devices to facilitate distance learning in our rural school communities, we are putting ESG into action. Even our autonomous partner, Optimus Ride, found a way to use our GEM vehicles to fill a need for meal and grocery delivery in Arizona, serving the community and possibly creating an alternative business model.

應對這一流行病強調了我們對“面向美好”的堅定承諾。從 KLIM 和 509 向 Goggles For Docs 的捐贈，到我們捐贈 22 萬美元的 iPad 和其他設備以促進農村學校社區的遠程學習，我們正在將 ESG 付諸行動。甚至我們的自動駕駛合作夥伴 Optimus Ride 也找到了一種方法，使用我們的 GEM 車輛來滿足亞利桑那州的膳食和雜貨配送需求，為社區提供服務，並可能創建一種替代商業模式。

Overall, first quarter North American retail sales were down 8%, but the salient point is how we got there. We were up 5% through mid-March, then down 40% for the final 2 weeks, which unfortunately overshadows the strong market share gains and positive retail that Indian Motorcycles delivered for the quarter.

總體而言，第一季度北美零售額下降了 8%，但重點是我們是如何實現這一目標的。截至 3 月中旬，我們的股價上漲了 5%，然後在最後兩週下跌了 40%，不幸的是，這掩蓋了 Indian Motorcycles 本季度強勁的市場份額增長和積極的零售業績。

ORV lost market share in the quarter but made numerous advances in marketing and retail execution, which are contributing to mid-teens retail improvement month-to-date in April, with likely share gains as well.

ORV 在本季度失去了市場份額，但在營銷和零售執行方面取得了巨大進步，這為 4 月份迄今為止零售業的改善做出了貢獻，並可能帶來份額增長。

We also are seeing strong demand for PG&A and aftermarket parts, which should utilize our large and growing installed base to outperform vehicle sales in a down market. Snow gained market share for the season, although retail was down slightly for the quarter and the year. And while the first quarter is relatively small for Boats, our Pontoon segment delivered gains in market share and retail.

我們還看到對 PG&A 和售後零件的強勁需求，這應該會利用我們龐大且不斷增長的安裝基礎，在低迷的市場中超越汽車銷售。儘管零售量在本季度和全年略有下降，但本季度雪花的市場份額有所增加。儘管第一季度船舶業務相對較小，但我們的浮橋業務在市場份額和零售方面實現了增長。

Dealer inventory rose 8% in the quarter as the sharp drop in retail occurred too late to fully offset with shipment reductions. Motorcycle inventory was up more in support of our strong demand for our new Challenger bike. We are undershipping RFM profiles upon dealer request and covering flooring costs through the end of May, in addition to sharing our COVID-19 learnings and best practices. Dealer closures were a huge problem in early April, but this is becoming more tractable as less than 15% of ORV and motorcycle dealers are now closed.

本季度經銷商庫存上升 8%，因為零售量急劇下降來得太晚，無法完全抵消發貨量的減少。摩托車庫存增加更多，以支持我們對新款挑戰者自行車的強勁需求。除了分享我們的 COVID-19 經驗和最佳實踐之外，我們還將根據經銷商的要求，對 RFM 型材進行足額發貨，並承擔截至 5 月底的地板成本。 4 月初，經銷商關閉是一個大問題，但隨著現在只有不到 15% 的 ORV 和摩托車經銷商關閉，這個問題變得更容易處理。

Our online presence is becoming a more significant factor in retail sales and customer engagement, and we have taken significant steps to bolster virtual accessibility. Our fast innovative launch of click, ride, deliver -- Click. Deliver. Ride., and our institution of appointment shopping are both popular with consumers and dealers, and we will continue to leverage digital efforts to enhance our support for them.

我們的在線業務正在成為零售銷售和客戶參與中更加重要的因素，並且我們已採取重大措施來增強虛擬可訪問性。我們快速創新地推出了“點擊、乘車、交付”——Click。遞送。 Ride.和我們的預約購物機構都受到消費者和經銷商的歡迎，我們將繼續利用數字化的努力來加強對他們的支持。

We previously communicated that we paused our global plant network in March to assess our supply chain, adjust to lower demand and implement social distancing procedures. Under almost all circumstances, our facilities have met the CISA requirements for essential business, so we have since ramped up operations everywhere except Monterrey. We are pursuing every option to obtain the CISA equivalent ruling that Polaris and our suppliers need to reopen in Mexico. Fortunately, our legal and government affairs team is adept at making this argument in support of our global network. That team was also instrumental in securing the substantial 301 List 3 tariff relief, which has finally come through. We must now work for extensions.

我們之前曾表示，我們於三月份暫停了全球工廠網絡，以評估我們的供應鏈、適應較低的需求並實施社交疏離程序。幾乎在所有情況下，我們的設施都滿足 CISA 對基本業務的要求，因此此後我們在除蒙特雷以外的各地加強了業務。我們正在尋求各種選擇，以獲得 CISA 的同等裁決，要求 Polaris 和我們的供應商需要在墨西哥重新開業。幸運的是，我們的法律和政府事務團隊善於提出這一論點來支持我們的全球網絡。該團隊還在確保大幅 301 List 3 關稅減免最終得以實現方面發揮了重要作用。我們現在必須努力擴展。

Our strategic sourcing program is adjusted to a new operating rhythm but remains on track to deliver increasing savings throughout this year and beyond.

我們的戰略採購計劃已適應新的運營節奏，但仍有望在今年及以後實現不斷增加的節省。

I will now turn it over to our Chief Financial Officer, Mike Speetzen, who will update you on our financial results and plans.

我現在將把它交給我們的首席財務官 Mike Speetzen，他將向您介紹我們的財務業績和計劃的最新情況。

Thanks, Scott, and good morning. As Scott indicated, these are unprecedented times, and we're diligently working to adapt our business to weather the storm. We aggressively activated our recession plan that I've referenced in past calls, and we stand ready to adapt as conditions change. Given the current environment, most of my remarks will be targeted at our liquidity profile and what we anticipate in the coming months and quarters.

謝謝斯科特，早上好。正如斯科特指出的那樣，這是前所未有的時代，我們正在努力調整我們的業務以度過難關。我們積極啟動了我在過去的電話會議中提到過的衰退計劃，並且我們隨時準備根據情況變化進行調整。鑑於當前的環境，我的大部分言論將針對我們的流動性狀況以及我們對未來幾個月和幾個季度的預期。

For the first quarter, sales were down 6% versus the prior year. With the exception of Motorcycles, all segments reported lower sales during the quarter, driven by the COVID-19-related economic slowdown that began impacting our industry and business in the second half of March.

第一季度銷售額比去年同期下降 6%。除摩托車外，由於與 3 月下半月開始影響我們的行業和業務的 COVID-19 相關的經濟放緩，所有細分市場的銷售額均出現下降。

Motorcycles growth was driven entirely by new products as the Indian Challenger continued to sell well, and the new Slingshot AutoDrive model began sales in the quarter.

摩托車的增長完全由新產品推動，印度挑戰者繼續暢銷，新款 Slingshot AutoDrive 車型於本季度開始銷售。

First quarter earnings per share on a GAAP basis was a loss of $0.09. Adjusted earnings per share was $0.22, down 80% for the quarter. Adjusted gross margins were down 280 basis points year-over-year, about half driven by volume margin loss and related under-absorption at our factories and the remaining half due to cost actions taken to protect and support employees and dealers as a result of COVID-19.

第一季度按 GAAP 計算的每股收益虧損 0.09 美元。調整後每股收益為 0.22 美元，本季度下降 80%。調整後毛利率同比下降 280 個基點，其中約一半是由於我們工廠的銷量利潤損失和相關吸收不足所致，其餘一半是由於新冠疫情期間為保護和支持員工和經銷商而採取的成本行動所致-19。

Operating expenses were up 6% in the quarter due to investments in research and development and enhanced sales and marketing programs we made before the COVID-19 pandemic began to impact demand. Since that time, all nonessential expenditures have been either canceled or postponed until we have better visibility into future demand.

由於我們在 COVID-19 大流行開始影響需求之前進行的研發投資以及加強的銷售和營銷計劃，本季度運營費用增長了 6%。從那時起，所有非必要支出都被取消或推遲，直到我們更好地了解未來的需求。

Foreign exchange had a negative impact on the quarter versus 2019, with all currencies being impacted by the global pandemic. In the first quarter, foreign exchange had a negative impact on pretax profit of approximately $8 million or $0.10 per share.

與 2019 年相比，外匯對本季度產生了負面影響，所有貨幣都受到全球大流行的影響。第一季度，外匯對稅前利潤產生了約 800 萬美元或每股 0.10 美元的負面影響。

Moving on to our balance sheet and liquidity profile for the quarter. Operating cash flow was a $71 million use of cash in Q1, driven by negative income. I'd also point out that our Q1 cash profile is typically low given we pay out our profit share/bonus program in Q1. We had been in the market repurchasing shares given the significant share price reduction, but ceased that activity when the environment worsened.

接下來是我們本季度的資產負債表和流動性狀況。由於負收入，第一季度運營現金流使用現金 7100 萬美元。我還想指出，鑑於我們在第一季度支付了利潤分享/獎金計劃，我們第一季度的現金狀況通常較低。鑑於股價大幅下跌，我們一直在市場上回購股票，但在環境惡化時停止了這一活動。

As you would expect, we are spending a significant amount of our time monitoring our cash position and debt capacity levels to enable adequate liquidity to sustain the company through the crisis. Our total debt levels finished the quarter just under $2.2 billion. Cash on hand at quarter end was $424 million. We have taken a number of actions to further solidify our cash and credit availability, including drawing down our additional cash under our revolving credit facility, substantial reductions to operating expenses and postpone capital expenditures that do not impact safety or quality or critical and strategic product programs. Suspended our share repurchase program, optimize working capital needs by quickly adjusting our build plans, resulting in material and component purchase reductions. And finally, on April 9, we executed the accordion feature under our credit agreement and entered into an incremental $300 million, 364-day unsecured term loan facility.

正如您所料，我們花費大量時間監控我們的現金狀況和債務能力水平，以確保充足的流動性以維持公司度過危機。本季度結束時，我們的總債務水平略低於 22 億美元。季度末手頭現金為 4.24 億美元。我們採取了一系列行動，進一步鞏固我們的現金和信貸可用性，包括根據循環信貸安排提取額外現金、大幅削減運營支出以及推遲不影響安全或質量或關鍵和戰略產品計劃的資本支出。暫停股票回購計劃，通過快速調整建設計劃來優化營運資金需求，從而減少材料和零部件的採購。最後，4 月 9 日，我們根據信貸協議執行了手風琴功能，並簽訂了增量 3 億美元的 364 天無擔保定期貸款協議。

Following these actions, along with limited shipments to date, as of April 23, we had cash on hand of $475 million and $250 million available under our revolving line of credit. Total debt outstanding as of April 23 stands at $2.35 billion.

在採取這些行動之後，加上迄今為止的有限發貨，截至 4 月 23 日，我們手頭現金為 4.75 億美元，循環信貸額度下有 2.5 億美元可用。截至 4 月 23 日，未償債務總額為 23.5 億美元。

Given the actions taken and the measures Scott spoke to earlier, we expect to generate positive free cash flow in the second quarter and feel confident in our financial position and that we have adequate liquidity to manage through this crisis. However, we are only a few weeks into the second quarter. And as Scott noted, this is a very fluid situation. It's hard to predict how the restart will go in May and June. As a result, we intend to be very prudent with capital until we return to more -- a more predictable environment. But just to be clear, even as we model downside scenarios for Q2 given the COVID-19 and current economic landscape, we do not anticipate any concerns with liquidity. We are, however, managing to certain leverage covenants with our lenders. If needed, we believe we can work out additional flexibility with our long-term financing partners.

鑑於斯科特之前所採取的行動和措施，我們預計第二季度將產生正的自由現金流，並對我們的財務狀況充滿信心，並且我們有足夠的流動性來應對這場危機。然而，距離第二季度只有幾週時間了。正如斯科特所指出的，這是一個非常不穩定的情況。很難預測5月和6月的重啟將如何進行。因此，我們打算對資本非常謹慎，直到我們回到更可預測的環境。但需要明確的是，即使我們在考慮到 COVID-19 和當前經濟形勢的情況下對第二季度的下行情景進行建模時，我們預計不會出現任何流動性問題。然而，我們正在設法與貸方達成某些槓桿契約。如果需要，我們相信我們可以與長期融資合作夥伴一起制定額外的靈活性。

We know that some of our competitors have suspended or reduced their dividends. We do not think that is necessary at this stage. We understand the importance of the dividend to a considerable set of our investors and want to make the optimal decision for all stakeholders. At our Board Meeting later this week, we are proposing to the Board that we delay the decision on declaring the second quarter dividend until late May. This will allow more time to assess our performance through the end of April and much of May to get even more comfort around financial covenants and still allow us to pay the dividend on the same timing in mid-June. We believe this is a measured and prudent approach in this environment and will enable us to make the best possible decision.

我們知道我們的一些競爭對手已經暫停或減少了股息。我們認為現階段沒有必要。我們了解股息對相當多投資者的重要性，並希望為所有利益相關者做出最佳決策。在本週晚些時候的董事會會議上，我們向董事會提議將宣布第二季度股息的決定推遲到五月底。這將使我們有更多時間評估 4 月底和 5 月大部分時間的業績，以便對財務契約更加放心，並仍然允許我們在 6 月中旬的同一時間支付股息。我們相信，在這種環境下，這是一種慎重而審慎的做法，將使我們能夠做出最好的決定。

The health of our credit arrangements for dealers and consumers also remains in a very solid position. Financial services income, which is comprised of wholesale finance income, credit -- retail credit income and miscellaneous income, principally from the sale of extended service contracts, was up 5% in the first quarter of 2020. Retail credit income was up 28%, and dealer wholesale financing income was up 4% during the quarter.

我們為經銷商和消費者提供的信貸安排的健康狀況也仍然非常穩固。金融服務收入由批發金融收入、信貸-零售信貸收入和雜項收入（主要來自銷售擴展服務合同）組成，2020 年第一季度增長了 5%。零售信貸收入增長了 28%，本季度經銷商批發融資收入增長4%。

Our long-term wholesale financing joint venture, Polaris Acceptance, now in its 23rd year of existence, continues to supply ample credit to dealers. For the first quarter of 2020, the wholesale portfolio was approximately $1.4 billion, an increase over the first quarter of 2019 given the growth in the business last year. But a sequential decline from the fourth quarter of 2019 receivable balance.

我們的長期批發融資合資企業 Polaris Acceptance 已成立 23 年，繼續為經銷商提供充足的信貸。 2020 年第一季度，批發投資組合約為 14 億美元，考慮到去年業務的增長，較 2019 年第一季度有所增加。但較2019年第四季度應收賬款餘額環比下降。

Credit losses in the Polaris Acceptance joint venture remained very reasonable, averaging well less than 1%, which is similar to what we experienced during the last recession in 2009. As we progress through the year, we would anticipate some dealer failures and credit losses, but at this time, do not expect them to exceed the levels we experienced in 2009, which peaked at approximately 0.5% at the height of that recession.

Polaris Acceptance 合資企業的信用損失仍然非常合理，平均遠低於1%，這與我們在2009 年上次經濟衰退期間經歷的情況類似。隨著這一年的進展，我們預計會出現一些經銷商倒閉和信用損失，但目前，不要指望它們會超過我們在 2009 年經歷的水平，2009 年經濟衰退最嚴重時的峰值約為 0.5%。

We believe the dealer support initiatives, that Scott mentioned in his remarks, will help our dealer base weather the storm in the coming months and quarters, and we believe our dealers are stronger and better equipped now to handle this as compared to 2009.

我們相信，斯科特在講話中提到的經銷商支持舉措將幫助我們的經銷商在未來幾個月和幾個季度渡過難關，而且我們相信，與2009 年相比，我們的經銷商現在更強大、更有能力應對這一問題。

Moving now to our retail credit finance programs with Sheffield, Synchrony and Performance Finance. During the first quarter of 2020, these 3 retail credit providers wrote approximately $220 million of new credit contracts to customers in the United States, which represents about 31% of Polaris products sold to consumers in the U.S. The approval rate is similar to the first quarter a year ago, but given the pandemic impact on demand late in the first quarter, we would expect the level of consumer contracts written to decline in the second quarter.

現在轉向我們與 Sheffield、Synchrony 和 Performance Finance 合作的零售信貸融資計劃。 2020年第一季度，這3家零售信貸提供商向美國客戶簽訂了約2.2億美元的新信貸合同，約佔向美國消費者銷售的Polaris產品的31%。批准率與第一季度相似一年前，但考慮到第一季度末疫情對需求的影響，我們預計第二季度消費者合同水平將下降。

Financial services income was up primarily due to a change in retail financing programs with one of our retail providers, which allowed the release of certain reserves maintained under the previous program into income. Excluding this adjustment, financial services income would have been lower than last year given lower retail sales. We continue to believe our retail credit relationships are stable.

金融服務收入的增長主要是由於我們的一家零售提供商的零售融資計劃發生了變化，該計劃允許將之前計劃下保留的某些準備金釋放為收入。如果排除這一調整，由於零售額下降，金融服務收入將低於去年。我們仍然相信我們的零售信貸關係是穩定的。

Turning to our segment performance. With the exception of motorcycles, all segments experienced lower sales during the quarter due to sharp downward pressure in the final 2 weeks of the quarter as the pandemic began to take hold on the country. Gross profit margins across the segment were negatively impacted by under-absorption of fixed costs, along with the cost actions taken to protect our employees and dealers. These impacts were partially offset by modest tariff favorability.

轉向我們的細分市場表現。除摩托車外，由於疫情開始在該國蔓延，該季度最後兩週出現了急劇的下行壓力，因此本季度所有細分市場的銷售額均出現下降。該部門的毛利率受到固定成本吸收不足以及為保護員工和經銷商而採取的成本行動的負面影響。這些影響被適度的關稅優惠所部分抵消。

I would add that we have seen continued success in exemptions being granted, which include the ability to recover past funds paid for tariffs. Our tariff exposure has come down as a result of this as well as a substantial anticipated full year volume decline. We will not spend time during this call on tariff projections, and we'll provide additional color as we get more comfort around the full year forecast.

我想補充一點，我們看到在授予豁免方面持續取得成功，其中包括收回過去支付的關稅資金的能力。由於這一原因以及預期全年銷量大幅下降，我們的關稅風險有所下降。我們不會在這次電話會議上花時間討論關稅預測，當我們對全年預測更加滿意時，我們將提供更多信息。

You will recall that we withdrew our full year sales and earnings guidance back in March, given the dynamic nature of the COVID-19 pandemic, limiting our visibility to accurately estimate the impact on our results. Our current view is that the economic recovery will take more of U shape, where demand in the second quarter will be the weakest, estimated to be down in the 25% to 30% range. We anticipate that the third quarter will improve over the second quarter and likely be down somewhere in the range of about half of the Q2 year-over-year decline. And finally, we expect that the fourth quarter sales, while still down year-over-year, to be down much less than the third quarter year-over-year percentage decline. Obviously, there are a multitude of scenarios that could play out over the next few quarters, and we are prepared to take the necessary steps if actual results begin to deviate from our current thinking.

您可能還記得，鑑於 COVID-19 大流行的動態性質，我們早在 3 月份就撤回了全年銷售和盈利指引，這限制了我們準確估計其對業績影響的可見性。我們目前的觀點是，經濟復甦將更多地呈U型複蘇，其中第二季度的需求將是最弱的，預計下降25%至30%。我們預計第三季度將比第二季度有所改善，並且可能會下降到第二季度同比降幅的一半左右。最後，我們預計第四季度的銷售額雖然仍同比下降，但降幅將遠小於第三季度的同比降幅。顯然，未來幾個季度可能會出現多種情況，如果實際結果開始偏離我們當前的想法，我們準備採取必要的措施。

With that, I'll turn it back over to Scott for some final thoughts.

至此，我會將其轉回給斯科特，讓他考慮一些最後的想法。

Thanks, Mike. We did not anticipate the COVID-19 pandemic or the significant stoppage of commerce that became a key part of the virus defense, but we are fighting determinedly to ride our ship and deliver on our 4 priorities. We will work tirelessly to keep our employees safe so they can support our dealers as well as the customers who use our products through some of the best social distancing there is on trails, roads, water and mountains.

謝謝，邁克。我們沒有預料到新冠肺炎 (COVID-19) 大流行或商業活動的嚴重中斷，而這成為病毒防禦的關鍵部分，但我們正在堅定不移地奮力前行，實現我們的 4 項優先事項。我們將不懈努力，確保員工的安全，以便他們能夠在小徑、道路、水域和山區保持最佳的社交距離，為我們的經銷商以及使用我們產品的客戶提供支持。

We have not found our last idea to reduce costs or create more efficient growth, and we will leverage our team and our culture to win through this cycle. Our work to help our communities and others during this crisis will continue as our Geared for Good movement gains momentum.

我們還沒有找到降低成本或創造更高效增長的最後想法，我們將利用我們的團隊和文化來贏得這個週期。隨著“面向美好”運動的勢頭不斷增強，我們將繼續努力在這場危機中幫助我們的社區和其他人。

I will not extrapolate the first 27 days of April into the quarter, much less the remainder of the year, but our surprisingly positive ORV retail offers confidence that our brand and our support are resonating with consumers who are looking for an adventure or a new tool to use on the farm. We will be there for them as they think outside.

我不會將4 月的前27 天推斷為該季度，更不用說今年剩餘時間了，但我們令人驚訝的積極ORV 零售讓我們相信，我們的品牌和我們的支持正在與尋求冒險或新工具的消費者產生共鳴在農場使用。我們將按照他們的想法為他們提供幫助。

With that, I'll turn it over to Jason to open the line for questions.

這樣，我將把它交給傑森來打開提問熱線。

(Operator Instructions) The first question is from Robin Farley from UBS.

（操作員說明） 第一個問題來自 UBS 的 Robin Farley。

I wanted to just clarify your comment about the ORV retail. You used the phrase in mid-teens retail improvement. Are you saying that actually for the 3 weeks of April, it's mid-teens increase year-over-year? I just want to clarify that, that's so surprisingly strong. And then just for my follow-up question, on tariffs, and I know you said you're sort of going to discuss that more later, but just if you could clarify in Scott's opening remarks, his comments about tariffs? I know you've gotten some smaller amounts of tariff relief in the past. Are you suggesting that there's something new right now in terms of that sort of much larger amount that you've still been paying? Just trying to clarify what those comments were?

我想澄清一下您對 ORV 零售的評論。您在青少年零售業改善中使用了這個短語。您是說，實際上 4 月份的 3 週，同比增幅只有十幾歲左右？我只是想澄清一下，這太強大了。然後就我的後續問題，關於關稅，我知道你說過你稍後會更多地討論這個問題，但你能否在斯科特的開場白中澄清他對關稅的評論？我知道你們過去獲得了一些較小數額的關稅減免。您是否暗示，就您仍在支付的金額而言，現在有一些新的東西？只是想澄清這些評論是什麼？

Okay. Thanks, Robin. Yes. To be honest, and I think I said in my prepared remarks, we are surprised as well about how well off-road vehicle. Steve Menneto and his team are executing extremely well. And what our finding is that our dealers, when they get open, are really finding ways to serve their customers. So through yesterday, we are up mid-teens percent year-over-year in off-road vehicles. That's what I said. That's exactly what I meant to say.

好的。謝謝，羅賓。是的。說實話，我想我在準備好的發言中說過，我們也對越野車的表現感到驚訝。史蒂夫·門內托（Steve Menneto）和他的團隊執行得非常好。我們的發現是，當我們的經銷商開業時，他們確實在尋找服務客戶的方法。因此，到昨天為止，我們的越野車銷量同比增長了百分之十幾。這就是我所說的。這正是我想說的。

As for tariffs, as you recall, we talked a lot about tariffs last year. And in the October earnings call, we talked about the fact that we believe that we would get substantial relief. And what we are seeing now that has come through is that substantial relief that we expected for List 3 301 -- 301 List 3 and again, that's all we'll say now, we'll provide additional color, but just -- I was just trying to confirm what we said in October has now finally come through.

至於關稅，正如你所記得的，我們去年談論了很多關稅問題。在十月份的財報電話會議上，我們談到了這樣一個事實，即我們相信我們會得到實質性的緩解。我們現在看到的是，我們對列表 3 301 所期望的實質性緩解 - 301 列表 3 再次，這就是我們現在要說的，我們將提供額外的顏色，但只是 - 我是只是想確認我們十月份所說的話現在終於實現了。

Robin, and the other piece that I would emphasize on the tariff exemption success is that we are recovering funds from past tariff bills that we've paid. And as I've mentioned in the past, where the process has been cumbersome, the one thing that the government has opened up is electronic funds transfer, which is allowing us to get at that cash much faster. So it's a net benefit, obviously, from a P&L standpoint. But given the current environment, just to have that added liquidity is a much appreciated event.

羅賓，我要強調的關於關稅豁免成功的另一件事是，我們正在從我們過去支付的關稅賬單中收回資金。正如我過去提到的，雖然流程很麻煩，但政府開放的一件事是電子資金轉賬，這使我們能夠更快地獲得現金。因此，從損益表的角度來看，這顯然是淨收益。但考慮到當前的環境，僅僅增加流動性就已經是一件值得讚賞的事情了。

No. That's great. And in terms of -- you mentioned you'll quantify that more. I assume we're not going to -- you won't wait until like Q2 results. Will that be something you put in a 10-Q or an 8-K or something when you are ready to quantify it in terms of tariffs?

不，那太好了。就您提到的而言，您將進一步量化這一點。我想我們不會——你不會等到第二季度的結果。當你準備好用關稅來量化它時，你會把它放入 10-Q 或 8-K 或其他東西中嗎？

No. I would think -- Robin, I think we're going to wait until we get to the second quarter earnings. It's my hope, and we'll have to see how things play out that. If things start to stabilize, we'd be in a position to at least start contemplating if we're going to get back into providing guidance for the back half. If we were to do that, we would certainly provide color around tariff impact.

不，我想 - 羅賓，我想我們要等到第二季度的收益。這是我的希望，我們必須看看事情會如何發展。如果情況開始穩定下來，我們至少可以開始考慮是否要重新為後半段提供指導。如果我們要這樣做，我們肯定會圍繞關稅影響提供色彩。

The next question comes from Craig Kennison from Baird.

下一個問題來自貝爾德 (Baird) 的克雷格·肯尼森 (Craig Kennison)。

Scott, what are you doing to support your dealer network? And how does that stand out relative to what competitors are doing? And then secondly, could you frame the level of dealer failures in the last financial crisis and put that in the context of this crisis?

斯科特，您正在採取哪些措施來支持您的經銷商網絡？與競爭對手的做法相比，它如何脫穎而出？其次，您能否描述一下上次金融危機中經銷商倒閉的程度，並將其置於本次危機的背景下？

Sure. Good question, Craig. One of the things with RFM, as you know, we've made huge investments in that program. It put us in a position to have better inventory balances going in despite the fact that it was up 8%, it was targeted. We knew exactly where it was. And we -- Steve and his team put together plans to talk individually with each dealer about how to mitigate inventory. And quite frankly, now it's -- they're asking for truckloads of product more often than asking us not to ship.

當然。好問題，克雷格。如您所知，RFM 的其中一件事是，我們對該計劃進行了大量投資。儘管實際庫存增長了 8%，但它使我們能夠實現更好的庫存平衡，這是我們的目標。我們確切地知道它在哪裡。我們——史蒂夫和他的團隊制定了計劃，與每個經銷商單獨討論如何減少庫存。坦率地說，現在他們要求我們提供一卡車的產品，而不是要求我們不發貨。

So one of the things just managing dealer inventory well like we always do. Steve and his team were the first ones to provide flooring support and motorcycles did as well, but just making sure that dealers felt comfortable in these early days when things were locked down, not having those interest expense and we've covered there through the end of May. We really have shared all of our advice on how to navigate the various CISA rulings to make sure that they can stay open. And Ken Pucel and his team have shared all of our best practices with COVID-19-related protocols and procedures and whatnot. And really, the most important thing we can do is provide the advertising support. And again, we are not heavily promotional right now but -- so that they can have accelerated retail, and that's really what's been working for us so far.

因此，其中一件事就是像我們一直做的那樣，很好地管理經銷商庫存。史蒂夫和他的團隊是第一批提供地板支持的人，摩托車也是如此，但只是確保經銷商在早期封鎖時感到舒適，沒有那些利息費用，我們已經覆蓋到最後五月的。我們確實分享了關於如何應對各種 CISA 裁決的所有建議，以確保它們能夠保持開放。 Ken Pucel 和他的團隊分享了我們與 COVID-19 相關的協議和程序等的所有最佳實踐。事實上，我們能做的最重要的事情就是提供廣告支持。再說一遍，我們現在並沒有大力促銷，但是——這樣他們就可以加速零售，這確實是我們迄今為止一直在做的事情。

And as far as dealer -- yes, dealer closures, as you recall, we were -- I mean, I was new to the business at that point, we were really surprised at how few dealer closures we had. It was in that 1% range. And we've not seen much. As Mike indicated in his remarks, our dealers are stronger. We've taken out the weaker dealers over the years that have either self-selected out. So overall, the strength of the dealer network is better. And what we see is our ability to move product from one dealer to another to alleviate pressure points is usually pretty good. And Wells Fargo has been a really good partner with us as we work through this.

至於經銷商——是的，經銷商關閉，正如你所記得的，我們——我的意思是，當時我是這個行業的新手，我們對關閉的經銷商如此之少感到非常驚訝。就在 1% 的範圍內。我們還沒有看到太多。正如邁克在講話中所指出的，我們的經銷商更加強大。多年來，我們已經淘汰了那些自行選擇淘汰的實力較弱的經銷商。所以總體來說，經銷商網絡的實力較好。我們看到，我們將產品從一個經銷商轉移到另一個經銷商以緩解壓力點的能力通常相當不錯。在我們解決這個問題的過程中，富國銀行一直是我們非常好的合作夥伴。

Would you expect dealer inventory to be lower at the end of Q2?

您預計第二季度末經銷商庫存會降低嗎？

Well...

出色地...

Lower to what? Lower than Q1?

低到什麼程度？低於Q1？

Lower than Q1, yes. It's hard to say. I mean we've got -- as we mentioned on the call, we've got to get Monterrey ramped up, so we can start shipping again. It -- we are -- the April retail was not in our forecast. I mean we had -- I mean, we've been through these crises before, we saw down 30% or 40%, that's what we anticipated. So again, we're not extrapolating that's going to continue throughout the quarter. But if it does, it would put us in a position to have lower dealer inventory.

低於 Q1，是的。很難說。我的意思是，正如我們在電話中提到的，我們必須加快蒙特雷的速度，這樣我們才能再次開始運輸。四月份的零售量並不在我們的預測之內。我的意思是，我們以前經歷過這些危機，我們看到下降了 30% 或 40%，這就是我們的預期。再說一次，我們不會推斷這種情況會持續整個季度。但如果確實如此，我們的經銷商庫存就會降低。

Next question comes from Joe Altobello from Raymond James.

下一個問題來自雷蒙德·詹姆斯的喬·阿爾托貝洛。

Just wanted to follow-up on the previous questions on, I guess, about the retail for ORVs in April, obviously, surprising to us as well, although MarineMax did say last week that boat sales were up too. So I guess not all big ticket purchases are created equal. But with that said, I mean, what do you guys attribute that to? I mean how much of that is maybe pent-up demand that was stemming from March? And is there any difference in geography in terms of that number?

只是想跟進之前關於 4 月份 ORV 零售的問題，顯然這也讓我們感到驚訝，儘管 MarineMax 上週確實表示船舶銷量也有所上升。所以我想並不是所有的大額購買都是平等的。但話雖如此，我的意思是，你們把這歸因於什麼呢？我的意思是，其中有多少可能是三月份以來被壓抑的需求？這個數字在地理上有什麼差異嗎？

Yes. I think what it -- there's a couple of things that we are attributing it to. One is that as I've said before, powersports customers don't hibernate. And I think that even with these stay-at-home orders prevalent throughout the country, people do want to get outside, and our dealers have found a way. We were quick to launch the Click. Buy. Deliver. programs so that they could get access to the products. And remember, most of the hotspots with COVID-19 are not in, what I would call, great off-road vehicle riding areas. So I believe that most of our customers and potential customers are in areas that haven't been as hard hit. So that's certainly helpful. And again, just really want to give credit, where credit is due to the work that Steve Menneto, Rod Krois, Pam Kermisch, that team is really doing a nice job of executing, and I think that we're seeing the results of that.

是的。我想這是什麼——我們將其歸因於幾件事。一是正如我之前所說，動力運動客戶不會冬眠。我認為，即使全國各地都普遍實行居家令，人們仍然想出去走走，而我們的經銷商已經找到了辦法。我們很快就推出了 Click。買。遞送。計劃，以便他們能夠訪問產品。請記住，大多數 COVID-19 熱點地區並不位於我所說的大型越野車騎行區域。因此，我相信我們的大多數客戶和潛在客戶都位於未受到嚴重打擊的地區。所以這肯定有幫助。再說一次，我真的很想給予讚揚，這要歸功於史蒂夫·曼尼托、羅德·克羅斯、帕姆·科米施的工作，該團隊在執行方面確實做得很好，我認為我們正在看到結果。

That's very helpful. And just if I could follow-up with Mike. Could we get a sense for the operating expense number for the year? I think you mentioned Q2, you're cutting about 25%. Is that going to continue for the rest of the year? Maybe a CapEx number in terms of how we think about cash flow this year?

這非常有幫助。如果我能跟進邁克就好了。我們能否了解一下今年的運營費用數字？我想你提到了第二季度，你削減了大約 25%。這種情況會持續到今年剩餘時間嗎？也許是我們如何看待今年現金流的資本支出數字？

Yes. So I think the way to think about OpEx is we took a pretty heavy reduction in Q2. If you look back at the press releases around the timing of the furloughs. So Q2 is going to be a little bit more heavily weighted. If you think about the full year versus last year, our operating expenses will probably be down in the range of about 10%. And I would tell you that it's probably a similar level of reduction relative to the capital spending. It will be in that 10% to 20% range.

是的。因此，我認為考慮運營支出的方法是我們在第二季度大幅削減。如果你回顧一下關於休假時間的新聞稿。因此，第二季度的權重將會更大一些。如果你考慮一下全年，與去年相比，我們的運營費用可能會下降 10% 左右。我想告訴你，相對於資本支出來說，這可能是類似的減少水平。它將在 10% 到 20% 的範圍內。

The next question comes from Brett Andress from KeyBanc.

下一個問題來自 KeyBanc 的 Brett Andress。

So just to kind of follow-up on the comments again around April. I guess what factors are you thinking about that gives you hesitation to extrapolate those retail trends? I mean is it something you're seeing in the consumer behavior? Is it a catch-up demand? Is it stimulus-driven? Just kind of what factors are you considering there?

所以只是為了在四月份左右再次跟進這些評論。我猜您正在考慮哪些因素讓您在推斷這些零售趨勢時猶豫不決？我的意思是你在消費者行為中看到了什麼嗎？是追趕需求嗎？是刺激驅動的嗎？您正在考慮哪些因素？

I mean the factors that may -- I mean, there's been a big shock to the system. I'd like to refer to it as a -- we stopped commerce in most of the country. And it just -- I believe that at some point, that's got to have an impact on consumer demand. We have not seen that. So that's part of what's causing caution. Secondly is we're still battling supplier risks. We got problems in Italy that we're working through, problems in India we're working through. Mexico is an increasing concern right now. So we need to make sure that we've got that. Now granted, we've got finished goods that we can gather at and we can now -- but that -- those are some of the things that cause us pause. But again, it's significantly better than we thought, and we're trying to manage through that.

我的意思是這些因素可能會——我的意思是，系統受到了很大的衝擊。我想將其稱為——我們在該國大部分地區停止了商業活動。我相信，在某個時候，這一定會對消費者需求產生影響。我們還沒有看到這一點。這就是引起謹慎的部分原因。其次，我們仍在應對供應商風險。我們在意大利遇到了問題，我們正在解決，在印度也遇到了問題。墨西哥現在越來越令人擔憂。所以我們需要確保我們已經做到了。現在當然，我們已經有了可以收集的成品，我們現在就可以——但是——這些是導致我們猶豫的一些事情。但同樣，它比我們想像的要好得多，我們正在努力解決這個問題。

Got it. And just kind of following up on that last comment around the suppliers. I mean can you give us a sense of where retail inventories sit now, especially on top of a lot of the retail trends that you saw in April? Just kind of where are we at with that? And are we starting -- are those lower inventories, presumably starting to impact April sales trends?

知道了。只是跟進有關供應商的最後評論。我的意思是，您能否讓我們了解目前零售庫存的情況，尤其是您在 4 月份看到的許多零售趨勢的基礎上？我們現在處於什麼階段？我們是否開始——這些較低的庫存是否可能開始影響四月份的銷售趨勢？

No, we do not have any concerns about dealer inventory or factory inventory being too low right now, like zero concerns. Maybe that will be a problem at the end of the quarter, but no, we've still got plenty of inventory in the network.

不，我們現在不擔心經銷商庫存或工廠庫存太低，就像零擔憂一樣。也許這將在季度末成為一個問題，但不會，我們的網絡中仍然有大量庫存。

The next question comes from Gerrick Johnson from BMO Capital Markets.

下一個問題來自 BMO 資本市場的 Gerrick Johnson。

I just want to follow-up on Joe's question about March and April. Maybe if you could combine last 2 weeks of March, first 3 weeks in April, what kind of number that would be? And then my other question would be about adjusted gross margin, down 280 basis points. Was there any sort of onetime acceleration of reserves or allowances? And how does floor plan support affect your gross margin?

我只想跟進喬關於三月和四月的問題。也許如果你可以將 3 月的最後 2 周和 4 月的前 3 週合併起來，那會是一個什麼樣的數字？我的另一個問題是調整後的毛利率，下降了 280 個基點。是否有任何形式的一次性加速儲備或配額？平面圖支持如何影響您的毛利率？

Well, floor plan support is -- it's not de minimis, but it's almost de minimis. So it doesn't really have much of an impact. The last 2 weeks of March and the first 2 weeks of April, in any year, would be a really down trend because the last -- March is usually really big and beginning of April is not. But because March was down 40s, I think what we said those last 2 weeks. And Gerri, it didn't start all -- April was not gangbusters out the door because there was a large number of our dealers that weren't open for retail, but it did accelerate rather quickly. But it was a bad really 2 weeks and then the first week of April wasn't very good, and then essentially it's improved since then.

好吧，平面圖支持是——它不是微不足道的，但它幾乎是微不足道的。所以其實並沒有太大的影響。在任何一年中，3 月的最後 2 周和 4 月的前 2 週都將是一個真正的下降趨勢，因為最後的 3 月通常非常大，而 4 月初則不然。但因為 3 月份氣溫下降了 40 多度，我想我們過去兩周說過的話。 Gerri，這並不是一切的開始——四月份並不是一帆風順，因為我們有大量經銷商沒有開放零售，但它確實加速得相當快。但這確實是糟糕的兩週，然後四月的第一周就不是很好，從那以後基本上有所改善。

Gerrick, from a margin standpoint, a couple of things. Scott's right that the floor plan support, financial interest that we cover for the dealers relative to the size of the company is not material. It does hit the gross margin. It's part of what we deem promo cost.

Gerrick，從利潤的角度來看，有幾件事。斯科特的觀點是正確的，即相對於公司規模而言，我們為經銷商提供的平面圖支持和經濟利益並不重要。它確實觸及了毛利率。這是我們認為促銷成本的一部分。

And then as far as -- if you look at our Q1 decremental margin versus last year, it was pretty substantial. In my -- in my prepared remarks, I talked about half of that is the typical drop rate. The other half is as we started looking at promo, COVID pay, where we had factories that were starting to have to shut down, et cetera, making sure that we had all that provision for. As we look through the balance of the year, assuming that sales profile and all the actions that we've taken, we would expect our gross margin to operate to look something more like, call it, 35% from a full year standpoint.

然後，如果你看一下我們第一季度的利潤率與去年相比的下降幅度，就會發現這是相當可觀的。在我準備好的發言中，我談到了其中一半是典型的掉率。另一半是當我們開始考慮促銷、新冠肺炎工資時，我們的工廠開始不得不關閉等等，以確保我們有所有的準備金。當我們回顧今年的餘額時，假設銷售情況和我們採取的所有行動，我們預計我們的毛利率從全年的角度來看看起來更像是 35%。

The next question comes from Tim Conder from Wells Fargo.

下一個問題來自富國銀行的蒂姆·康德。

Gentlemen, first of all, congrats on just getting on it and preserving what you can and keeping things rolling. On ORVs, can you just confirm where you stand with your MAP policies, one? And then specifically to ORVs and maybe any other of the product lines, any way to parse out what the oil patch is doing ex-COVID? I know it's probably a very difficult question. And then lastly, Scott or Mike, whoever wants to take this part. On the supplier risk, you mentioned Italy, Mexico, any color -- additional color you can give us there? When you expect those could be resolved? And any color on China?

先生們，首先，恭喜您繼續努力並儘己所能地保存並保持一切順利進行。關於 ORV，您能否確認一下您對 MAP 政策的立場？然後，特別是對於 ORV，也許還有任何其他產品線，有什麼方法可以解析出石油補丁在新冠病毒爆發前的作用嗎？我知道這可能是一個非常困難的問題。最後，斯科特或邁克，無論誰想參加這個部分。關於供應商風險，您提到了意大利、墨西哥，任何顏色——您可以給我們提供其他顏色嗎？您預計這些問題什麼時候可以解決？中國有什麼顏色嗎？

MAP policy, one of the -- Steve Menneto has got rich, deep, deep history with our channel and understands extremely well. And so what he's brought to it is just a look at MAP policy. We still believe and doing everything we can to protect dealer profitability and give them the opportunities to grow their businesses. What we can't do with MAP is make it restrictive. And I think what Steve's done is taken a -- and Rod Krois, they've done a good job of looking at what makes sense and where does it not make sense to have MAP. So there's been slight adjustments to the policy, but no grand architecture change at all.

MAP 政策之一——Steve Menneto 與我們的頻道有著豐富、深厚的歷史淵源，並且非常了解。所以他帶來的只是對 MAP 政策的了解。我們仍然相信並儘一切努力保護經銷商的盈利能力並為他們提供發展業務的機會。我們不能對 MAP 做限制性的事情。我認為 Steve 所做的事情是——Rod Krois，他們在研究 MAP 的合理性和無效性方面做得很好。所以政策上略有調整，但架構上根本沒有大的改變。

The other question is the global supply chain. When this thing started in China, we were hyperventilating, but ultimately, we managed through that. And then it moved, we had problems with suppliers in California and then it was suppliers in New York, and then it was suppliers in Italy. Italy is coming back reasonably well. Even India, which was complete locked down for a bit, very scary, given a couple of weeks and they get more comfortable with how to address it, and that's starting to come -- get better management. And right now, the concern is Mexico. But like we've seen in all of these other countries, we expect that they will come around in their thought processes, and we'll be able to get back to operating, but we're not there yet.

另一個問題是全球供應鏈。當這件事在中國開始時，我們喘不過氣來，但最終我們還是成功了。然後事情發生了變化，我們與加利福尼亞的供應商出現了問題，然後是紐約的供應商，然後是意大利的供應商。意大利恢復得相當不錯。即使是完全封鎖了一段時間的印度，也非常可怕，幾週後，他們就更熟悉如何解決這個問題了，而這已經開始發生了——得到更好的管理。現在，令人擔憂的是墨西哥。但就像我們在所有其他國家看到的那樣，我們預計他們的思維過程會轉變，我們將能夠恢復運營，但我們還沒有做到這一點。

The next question comes from Greg Badishkanian from Wolfe Research.

下一個問題來自 Wolfe Research 的 Greg Badishkanian。

2 quick ones here. First one is just April ORV up mid-teens. How much of that do you think is driven by the industry being strengthening versus market share gains? And then just as you look out for the rest of the year, you operate in just about all the powersports categories, who's best -- which one is best positioned versus worst positioned as we move out throughout the year from a retail perspective?

這裡有2個快速的。第一個是四月 ORV 剛剛十幾歲。您認為其中有多少是由行業的增強與市場份額的增長推動的？然後，當你展望今年剩餘時間時，你幾乎在所有動力運動類別中運營，誰是最好的——當我們從零售的角度來看，哪一個定位最好，哪個定位最差？

We've done some research, and we believe it is mostly industry, but also some market share gains in off-road vehicles. That's what we believe. I think that side-by-side still continue to be the best opportunity for growth. Motorcycles is still negative for the month, but they've had a sequential improvement throughout the month, so they're getting less worse, if you will. Boats, the demand for boats has been reasonably good, but again, we were trying to bring down dealer inventory there. So it's going to take a lot to bring that back. But good weather and better consumer sentiment as it relates to getting outside could certainly help that.

我們做了一些研究，我們認為這主要是工業方面的，但也有一些越野車市場份額的增長。這就是我們所相信的。我認為並肩仍然是增長的最佳機會。摩托車這個月仍然是負面的，但它們在整個月都有了連續的改善，所以如果你願意的話，它們會變得不那麼糟糕。船隻，對船隻的需求相當不錯，但我們再次試圖降低那裡的經銷商庫存。因此，要恢復這一點需要付出很大的努力。但好天氣和更好的消費者情緒（與戶外活動相關）肯定會有所幫助。

The next question comes from Dan Hardiman from Wedbush.

下一個問題來自韋德布什的丹·哈迪曼。

I think that's me, James. So going back to getting from down 40% in the back half of March to up mid-teens. Maybe you've answered this. If so, I apologize. As we sit here today, I think you gave us that 85% of your dealers are now open. Where and when did that number bottom out? And do you have any visibility on when that 85% can get back to 100%?

我想那就是我，詹姆斯。因此，回到從 3 月下半月下降 40% 到上升到 15% 左右的情況。也許你已經回答過這個問題了。如果是這樣，我道歉。當我們今天坐在這裡時，我認為你們告訴我們你們 85% 的經銷商現在都在營業。這個數字何時何地觸底？您是否知道 85% 何時可以恢復到 100%？

I don't recall. It was sometime in April when it bottomed out, the first 10 days of April. I don't know exactly what the date was. And I don't remember what the number was. It was -- it never got to like down 50% or anything like that, but it was just -- and we -- again, it's almost hand-to-hand combat in each state going through the CISA ruling and then just making sure that we understand it, our dealers understand it and can navigate through that.

我不記得了。 4月的某個時候，即4月的前10天，它觸底了。我不知道確切的日期是什麼。而且我不記得號碼是什麼。它從來沒有像下降 50% 或類似的東西，但它只是 - 我們 - 再說一次，在每個州通過 CISA 裁決幾乎是肉搏戰，然後只是確保我們理解它，我們的經銷商也理解它並且能夠駕馭它。

What was the other question?

另一個問題是什麼？

The other question was where it goes from here. But just to clarify on that last point, you think the improvement in April is more about dealers that were already open seeing accelerating sales rather than just more dealers being open.

另一個問題是它從這裡走向何方。但為了澄清最後一點，您認為 4 月份的改善更多是因為已經開業的經銷商看到銷售加速，而不僅僅是更多經銷商開業。

For sure. Yes, there was -- it was. And -- I mean, if you think about it, the dealers that are most aggressive are the ones that probably -- were the ones that found a way to be opened sooner. I mean it just kind of feeds itself. But those -- there -- I mean, the network is doing a really good job of managing the protocols, creating a safe environment, using the opportunities to schedule appointments. I mean they're really doing a nice job.

一定。是的，有——確實有。而且 - 我的意思是，如果你想一想，最積極的經銷商可能是那些找到了更快開業的方法的經銷商。我的意思是它只是自給自足。但我的意思是，網絡在管理協議、創建安全環境、利用機會安排約會方面做得非常好。我的意思是他們真的做得很好。

Got it. And then help me bridge the up mid-teens or the up in April overall with Mike's comments about the expectation is for 2Q demand to be weakest. And I think you said down 25% to 30% range. You may have answered this. Was the latter assumption made before you saw how strong April was? I'm just trying to bridge those two.

知道了。然後幫助我將 4 月份整體的上漲或 4 月份的上漲與邁克關於第二季度需求最弱的預期的評論聯繫起來。我想你說的是下降 25% 到 30% 的範圍。您可能已經回答了這個問題。您是否在看到四月的強勁表現之前就做出了後一個假設？我只是想彌合這兩者。

Yes. So James, a couple of things. One, Scott did mention that the April performance is better than what we were expecting. The 25% to 30% is really driven by 2 things. One, it was our expected demand profile. And then the second is our capability to actually ship. And with the factories having been shut down, as Scott mentioned, we've got the factories coming back online. Obviously, Monterrey is not back up and running, and that represents a pretty substantial part of our ability to meet demand. And so we really patterned it after that as well as where we want to see dealer inventory be as we got to the end of the second quarter and obviously, leading into the model year changeover.

是的。詹姆斯，有幾件事。第一，斯科特確實提到四月份的表現比我們預期的要好。 25% 到 30% 實際上是由兩件事驅動的。第一，這是我們預期的需求狀況。第二個是我們實際發貨的能力。正如斯科特提到的，隨著工廠被關閉，我們已經讓工廠恢復生產。顯然，蒙特雷尚未恢復正常運行，這代表了我們滿足需求能力的很大一部分。因此，我們確實在那之後進行了設計，以及我們希望看到第二季度末經銷商庫存的情況，顯然，這會導致車型年份的轉換。

So as we indicated, that's why we pulled guidance is that this is an evolving environment. We want to see how April plays -- continues to play out and what the implications are for May and June. And we're working daily with Steve Menneto and his team to assess that. But it's not as easy as just pulling a trigger. We've got a supply chain that's still trying to get up and running. We've still got a plant network that's still trying to get completely up and running.

正如我們所指出的，這就是我們取消指導的原因，因為這是一個不斷變化的環境。我們想看看四月的走勢如何——繼續發揮作用，以及對五月和六月的影響。我們每天都與 Steve Menneto 和他的團隊合作來評估這一點。但這並不像扣動扳機那麼容易。我們的供應鏈仍在努力建立和運行。我們的工廠網絡仍在嘗試完全啟動並運行。

But just to be clear, those 2 numbers are not connected to one another. In other words, May and June would need to be down, I don't know, 40% or 50% to get to that down 25% to 30%. That's not how you're thinking about it right now, correct?

但需要澄清的是，這兩個數字彼此之間沒有聯繫。換句話說，5 月和 6 月需要下降 40% 或 50%，我不知道，才能下降 25% 到 30%。你現在可不是這麼想的，對吧？

Retail versus wholesale.

零售與批發。

Yes. I mean just keep in mind, retail versus wholesale, we're trying to also manage the dealer inventory, you got mix involved, you've got the promo actions involved. I mean it's -- again, it's why we pulled guidance because we're in a bit of a volatile environment, just trying to make sure we're managing through it.

是的。我的意思是請記住，零售與批發相比，我們還試圖管理經銷商庫存，涉及混合，涉及促銷活動。我的意思是，這就是我們取消指導的原因，因為我們處於一個不穩定的環境中，只是想確保我們能夠渡過難關。

Okay. I apologize. I thought the 25% to 30% was a demand comment. You're saying that's a reported sort of wholesale assumption that you're making?

好的。我道歉。我認為 25% 到 30% 是需求評論。你是說這是你所做的一種大規模假設？

Correct.

正確的。

Next question comes from David MacGregor from Longbow Research.

下一個問題來自 Longbow Research 的 David MacGregor。

Pretty impressive progress, I guess, around the second quarter operating expense expectations, down 25%. How much of that comes back with the volume recovery versus how much of that is a permanent structural cost reduction?

我想，第二季度運營費用預期的進展相當令人印象深刻，下降了 25%。其中有多少是通過銷量恢復而恢復的，又有多少是永久性結構性成本降低帶來的？

Most of it's permanent structural cost. I mean there was some cutting of advertising and managing the other operating expenses, but it was mostly people cost actions. And really looking at our business as we've structured to be this customer-centric, highly efficient company and what does it look like in this lower demand environment and how do we do that? And I think across the business, we've done a good -- now some of them are short-term furlough type things that won't repeat unless it's necessary. But most of it was structural cost that will stay out of the business.

其中大部分是永久性結構成本。我的意思是，廣告和管理其他運營費用有所削減，但這主要是人員成本行動。真正審視我們的業務，因為我們已經構建成為一家以客戶為中心、高效的公司，在這種需求較低的環境中它是什麼樣子，我們該如何做到這一點？我認為在整個行業中，我們做得很好——現在其中一些是短期休假類型的事情，除非有必要，否則不會重複。但其中大部分是結構性成本，不會影響業務。

Next question comes from Jaime Katz from Morningstar.

下一個問題來自晨星公司的 Jaime Katz。

I have 2 quick questions. First, given the commentary on April, it would seem that we are not going to have a reiteration of oil patch demand falling off imminently like we did in 2015, is that fair? Or have you seen any changes there?

我有兩個簡單的問題。首先，鑑於 4 月份的評論，我們似乎不會像 2015 年那樣重申石油需求立即下降，這公平嗎？或者你看到那裡有什麼變化嗎？

I think over the last couple of years of weakness the -- we've gotten to a level of sales in those oil patch regions that up or down doesn't mean that much to us. And it was -- remember, in '15, it was the hiring of so many people to work on the rigs that were just ideal Polaris customers. That hasn't repeated itself because remember, they've got so much more efficient. Before the price went down, they were very efficient and needed less labor and less people. So they're -- I mean, yes, it's going to go down, but it's not going to -- it's going to go down from such a low base, it really won't matter much.

我認為，在過去幾年的疲軟中，我們在這些油田地區的銷售水平已經達到了一個水平，無論上升還是下降對我們來說都沒有多大意義。請記住，在 15 年，正是僱用瞭如此多的人在鑽井平台上工作，而這些人正是北極星的理想客戶。這種情況並沒有重演，因為記住，他們的效率要高得多。在價格下降之前，他們的效率非常高，需要的勞動力和人員也更少。所以它們——我的意思是，是的，它會下降，但不會——它會從如此低的基數下降，這真的沒什麼大不了的。

Excellent. And then for gross margin [at cap] they got or for aftermarket parts, that segment got used pretty well. I'm curious if there are any steps you guys have taken to mitigate the margin degradation going forward?

出色的。然後，對於他們獲得的毛利率（按上限）或售後零件而言，該細分市場得到了很好的利用。我很好奇你們是否採取了任何措施來減輕未來利潤率的下降？

Yes. I mean I'd tell you that there were things that we had underway heading into the year that we will likely spend some time talking about it as we get later in the year to improve the margins. But at this point, we're working through it. I think as we look at Craig and the team's performance at Transamerican, they actually are doing better than the broader automotive segment, which tend to be some of the peer groups that they compete against. So they're managing through the retail channel quite well and wholesale continues to be a bit of a challenge.

是的。我的意思是，我想告訴你，我們在今年正在進行一些事情，我們可能會花一些時間來討論這些事情，因為我們會在今年晚些時候提高利潤率。但目前，我們正在解決這個問題。我認為，當我們觀察克雷格和團隊在 Transamerican 的表現時，他們實際上比更廣泛的汽車領域做得更好，而這些領域往往是他們競爭的一些同行群體。因此，他們通過零售渠道進行的管理相當好，而批發仍然是一個挑戰。

Next question comes from Joe Spak from RBC.

下一個問題來自 RBC 的 Joe Spak。

Mike, you did a lot of impressive and hard work here on liquidity in pretty short order. But I think one of the surprises, at least to us, was maybe how Polaris got so quickly. So this may be a once in a lifetime event, but real simple question. Does this cause you to change the way you think about capital structure, liquidity and minimum cash on hand going forward?

邁克，您在很短的時間內在流動性方面做了很多令人印象深刻且艱苦的工作。但我認為，至少對我們來說，令人驚訝的事情之一可能是北極星為何如此之快。所以這可能是一生一次的事件，但卻是一個非常簡單的問題。這是否會導致您改變對未來資本結構、流動性和最低手頭現金的看法？

It's a good question, Joe. I think one of the things that we probably had not spent enough time in the business was just managing the daily cash flow. We have the benefit, which is much different than a lot of companies with our wholesale finance structure that we get paid relatively quickly after we ship. And most companies have to focus on managing the receivable side as well as the payables, the output side. We've been very fortunate to have such strong liquidity that we probably didn't have as tighter process. That will definitely change as we go forward in the rigor and this cash war room approach that we put in place very quickly will continue as we go forward.

這是個好問題，喬。我認為我們在業務上可能沒有花足夠時間的事情之一就是管理日常現金流。我們有這樣的好處，這與許多具有批發融資結構的公司有很大不同，我們在發貨後相對較快地收到付款。大多數公司必須專注於管理應收賬款以及應付賬款和產出。我們非常幸運，擁有如此強大的流動性，以至於我們可能沒有如此嚴格的流程。隨著我們嚴格推進，這種情況肯定會改變，我們很快採取的現金作戰室方法將繼續下去。

I think from a debt standpoint, I mean it wasn't optimal to be at the level that we were. I think the strategy we had and continue to have, which is to rapidly delever the company and pivot towards that. We will certainly take a look at this once we get through just to make sure that as we look at leverage levels that we're comfortable with and pay down schedules and things like that, that we'll be as probably as aggressive as we can be. But I think priority #1 right now is just to ensure the short-term liquidity, understand the longer-term profile, make sure we sustain through that. And then I think we'll do a lot of look backs to really assess how we run the company going forward.

我認為從債務的角度來看，我的意思是達到我們現在的水平並不是最佳的。我認為我們已經採取並將繼續採取的戰略是迅速去槓桿化公司並朝著這個方向發展。一旦我們渡過難關，我們肯定會考慮這個問題，以確保當我們考慮我們感到滿意的槓桿水平並支付時間表和類似的事情時，我們將盡可能積極進取是。但我認為現在的首要任務只是確保短期流動性，了解長期狀況，確保我們能夠堅持下去。然後我認為我們將進行大量回顧，以真正評估我們未來如何運營公司。

Maybe a follow-up. I know first quarter typically is a working capital use that happened again. But given the extraordinary events, like how are you thinking about the working capital sort of draw down or rewind, I guess, over the balance of the year?

也許是後續行動。我知道第一季度通常是再次發生的營運資金使用情況。但考慮到這些非同尋常的事件，比如你如何看待今年餘下時間裡營運資金的減少或倒退？

Yes. It's been priority #1 focus really for us has been around dropping the inbound material. As I mentioned, most companies, when the slowdown happens, they have a bow wave of payables, but they also have a bow wave of receivables. And so from a cash position, they tend to be offsetting or slightly positive. Our company is structured differently. Our cash was collected in Q1 on the materials that we're paying for in Q2.

是的。對我們來說，真正的第一要務是放棄入站材料。正如我所提到的，大多數公司在經濟放緩時都會出現應付賬款的波動，但應收賬款也出現波動。因此，從現金狀況來看，它們往往會抵消或略有積極。我們公司的結構不同。我們在第一季度從第二季度支付的材料中收取了現金。

And so the timing difference is paramount to us. I give a lot of credit to the organization around being able to go back and rerun our SIOPs, which is where we link the demand planning back through the supply chain and rapidly shut down the inputs. We've seen it. We track our cash on a daily basis now. We can watch how those inputs are coming down. I would anticipate that our inventory relative to what we were expecting in Q2 and then for the balance of the year will be down, and we're continuing to push that. And that will really help from a cash standpoint and be something that the team has probably executed faster than I clearly was expecting.

因此，時間差異對我們來說至關重要。我對組織能夠返回並重新運行我們的 SIOP 給予了很多信任，這是我們通過供應鏈將需求計劃鏈接起來并快速關閉輸入的地方。我們已經看到了。我們現在每天追踪我們的現金。我們可以觀察這些投入是如何下降的。我預計我們的庫存相對於第二季度和今年剩餘時間的預期將會下降，我們將繼續推動這一目標。從現金的角度來看，這確實很有幫助，而且團隊的執行速度可能比我明顯預期的要快。

Next question comes from Scott Stember from CL King.

下一個問題來自 CL King 的 Scott Stember。

I'm not sure if you mentioned what was the promotional environment like it so far in April for ORV versus what you saw in the 40% decline in the back half of March?

我不確定您是否提到過 4 月份 ORV 到目前為止的促銷環境與您在 3 月下旬看到的 40% 的下降相比如何？

It's more promotional in April. I mean we're -- one of the things that we're committed to is not chasing retail down with promotions. So we've -- Steve and his team have again, done a really nice job of managing promotions, so we're competitive, but not leaning that way. Our brand messaging is really resonating, and I think you see that in the advertising campaigns that we've gotten the way that we're partnering with our dealers is better. So it's taking less promo, but the industry has been a little bit more promotional in April.

4月的促銷力度更大。我的意思是，我們致力於的事情之一就是不通過促銷來追趕零售業。因此，史蒂夫和他的團隊在促銷管理方面再次做得非常出色，因此我們具有競爭力，但並不傾向於這種方式。我們的品牌信息確實引起了共鳴，我想您會在廣告活動中看到我們與經銷商合作的方式更好。因此，四月份的促銷活動較少，但該行業的促銷活動有所增加。

Okay. And just last question on TAP down. I think about 10% in the month or in that vicinity. How is TAP performing so far in April? And are there any moves that need to be made from a cost perspective there?

好的。還有關於 TAP down 的最後一個問題。我認為本月或附近大約有 10%。到目前為止，TAP 4 月份的表現如何？從成本角度來看，是否需要採取任何行動？

Well, TAP is taking a lot of cost moves. I mean Craig and the team have really looked holistically at how to step down the cost infrastructure there. The big issue at TAP is most there -- I don't know, almost 1/3 of their retail stores are in California. And as you know, that's about as locked down as tight as anything in the United States, so that's been a bigger problem. As you know, they've got a big online presence, and we're seeing that pick up. So they are, again, steadily improving, but that slowdown in California was impactful to them.

嗯，TAP 正在採取很多成本舉措。我的意思是，克雷格和他的團隊確實全面地研究瞭如何降低那裡的基礎設施成本。 TAP 的最大問題就在那裡——我不知道，他們幾乎 1/3 的零售店都在加州。如你所知，這與美國的任何封鎖一樣嚴格，所以這是一個更大的問題。如您所知，他們在網上擁有很大的影響力，而且我們看到這種情況有所好轉。因此，他們再次穩步改善，但加利福尼亞州的經濟放緩對他們產生了影響。

Next question comes from Mark Smith from Lake Street Capital Markets.

下一個問題來自 Lake Street Capital Markets 的 Mark Smith。

Can you give us some insight into boat dealer trends versus kind of the 85% that you talked about? How many maybe you're open and close today? And then any additional trends that you see in April in boats?

您能給我們一些關於船舶經銷商趨勢與您談到的 85% 的趨勢的見解嗎？今天營業和關門的店有多少家？那麼四月份您在船舶領域看到了哪些其他趨勢？

Yes. We don't have as granular of data on boats, but what we do know is that while most off-road vehicle dealers did fit into the clear CISA eligibility to remain open, that is not true for boats. So it's a little bit more of a difficult putt. That said, Minnesota and many other states have recognized, even Michigan recognized that boating is an important cause for people, especially as the weather gets warmer. And we are seeing it open up. So it was more -- many more closed early on, but they are opening up at a pretty rapid pace now.

是的。我們沒有關於船隻的詳細數據，但我們所知道的是，雖然大多數越野車經銷商確實符合 CISA 保持開放的明確資格，但船隻的情況卻並非如此。所以這是一個有點困難的推桿。也就是說，明尼蘇達州和許多其他州已經認識到，甚至密歇根州也認識到划船是人們的一項重要事業，尤其是在天氣變暖的情況下。我們正在看到它開放。因此，更多的企業很早就關閉了，但現在它們正在以相當快的速度開放。

Okay. And then can you give us any insight, and I'm not sure if you have it on maybe the impact of government checks coming into consumers' hands have had, even if we look at just within the PG&A segment?

好的。然後您能否給我們提供任何見解，我不確定您是否了解政府支票落入消費者手中可能產生的影響，即使我們只關注 PG&A 細分市場？

PG&A is performing extremely well, and Steve Eastman does a great job with that business. We did hear anecdotally that there were a lot of $1,200 deposits put down on vehicles. So I'm not sure that, that's a big bow wave, but certainly, it didn't hurt.

PG&A 的業績非常出色，史蒂夫·伊士曼 (Steve Eastman) 在這項業務上做得非常出色。我們確實聽說有很多車輛押金為 1,200 美元。所以我不確定那是不是很大的弓波，但可以肯定的是，它並沒有造成傷害。

Next question comes from Mike Swartz from SunTrust.

下一個問題來自 SunTrust 的 Mike Swartz。

I apologize if I missed this in your comments, Scott, but did you call out any reasons why the ORV share was down for the quarter? And maybe how to think about that in the second quarter and beyond?

Scott，如果我在您的評論中錯過了這一點，我深表歉意，但是您是否指出了本季度 ORV 份額下降的任何原因？也許在第二季度及以後如何考慮這一點？

I didn't quantify why. I can tell you that it got sequentially less bad throughout the quarter. So a lot of the work that the team has done, started to pay dividends. And it was not across all categories. So I feel really comfortable that Steve and his team have their pulse on that one and are turning it around, as I mentioned, they're doing in April.

我沒有量化原因。我可以告訴你，整個季度情況逐漸好轉。因此，團隊所做的很多工作開始得到回報。而且它並不適用於所有類別。因此，我對史蒂夫和他的團隊掌握了這一點並正在扭轉局面感到非常放心，正如我提到的，他們在四月份正在做的事情。

Okay. And just a question quickly on boats as well. I think during the quarter, you -- or in recent weeks, you announced you're shutting down a couple of brands. How material were those brands to revenue in your boat segments?

好的。在船上也只是一個快速的問題。我認為在本季度，或者最近幾週，您宣布將關閉幾個品牌。這些品牌對您船舶細分市場的收入有多大影響？

Not -- they were -- the revenue was very small, and the profit was none. So -- I mean it really doesn't -- it's -- they weren't material to the boat business, actually.

不是——他們是——收入非常少，利潤也為零。所以——我的意思是，實際上它們對船舶業務並不重要。

Next question comes from Tim Conder from Wells Fargo.

下一個問題來自富國銀行的蒂姆·康德。

My question on the oil patches. Well, let me just rephrase it, I guess, on the oil patch. The percentage of your revenues now, Scott, you said that they've been reduced quite a bit. Just any update as maybe the end of the year '19? Or where that stands as a percent of revenues from the oil patch in North America? Or however you want to frame it for ORVs?

我關於油斑的問題。好吧，我想，讓我在油田上重新表述一下。斯科特，你現在的收入比例已經減少了很多。可能是 19 年底的任何更新嗎？或者說這佔北美石油礦區收入的百分比是多少？或者您想將其設計為 ORV？

Yes, Tim, we -- I think at the peak, it was about 15%. It is now down more in line around 13%. That's -- Scott had made the comment that the revenue movements are probably less and less correlated with just oil. That was something that had driven outstrip demand back in, call it, '14, '15 time frame. Now I think those regions, which we don't track it specifically. They tend to be more state specific. They tend to just move with the broader economics. And certainly, oil has reacted to the drop in demand and the supply levels that are far greater than what the current demand is. And I think that's all tied back to what COVID-19 has done to the broader economic cycle. So it's tough to parse the 2 right now.

是的，蒂姆，我們——我認為在高峰期，這一比例約為 15%。現在下降幅度更大，約為 13%。斯科特曾評論說，收入變動可能與石油的相關性越來越小。這推動了需求超支的情況再次出現，稱之為“14、15 年”時間框架。現在我想到了那些我們沒有專門跟踪的地區。它們往往更具州特定性。他們傾向於跟隨更廣泛的經濟發展。當然，石油已經對需求下降和供應水平遠遠高於當前需求做出了反應。我認為這一切都與 COVID-19 對更廣泛的經濟周期的影響有關。所以現在很難解析這兩個。

Next question comes from Brett Andress from KeyBanc.

下一個問題來自 KeyBanc 的 Brett Andress。

I'm sorry if you already mentioned this, but are you planning any changes to your new product launch cadence this year? And then second question, Mike, did you give an operating expense number for the year? I know you kind of gave us some color on 2Q, but did you give anything for the year?

如果您已經提到了這一點，我很抱歉，但您今年是否計劃對新產品的發布節奏進行任何改變？第二個問題，邁克，你給出了今年的運營費用數字嗎？我知道你在第二季度為我們提供了一些信息，但是你今年有提供任何信息嗎？

I think Mike said down 10% for the year.

我記得邁克說過今年要下降 10%。

Yes.

是的。

And we are not pushing out -- we are not planning to push out our product launch cadence. I will -- remember, a couple of years ago, we kind of went to a more around the calendar launch. So it wasn't all tied to that summer launch. Right now, we are managing a few supplier risks so can we launch on time based on our supplier and supply chain execution. And we'll manage through that. There doesn't appear to be anything that is going to get completely out of bounds, but there's a couple of weeks here or there that we're managing through right now.

我們不會推遲——我們不打算推遲我們的產品發布節奏。我會——記住，幾年前，我們參加了一場更圍繞日曆的發布會。所以這並不完全與夏季的發布有關。目前，我們正在管理一些供應商風險，因此我們能否根據供應商和供應鏈的執行情況按時啟動。我們會解決這個問題。似乎沒有什麼事情會完全超出界限，但我們現在正在處理一些幾週的事情。

Okay. I want to thank everyone for participating in the call this morning, and we look forward to talking to you again next quarter. Thanks again, and have a good day.

好的。我要感謝大家參加今天早上的電話會議，我們期待下個季度再次與您交談。再次感謝，祝你有美好的一天。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連接。