Polaris Inc (PII) 2023 Q1 法說會逐字稿

Good morning, and welcome to the Polaris Inc. First Quarter 2023 Earnings Conference Call. (Operator Instructions) Please note, this event is being recorded. I would now like to turn the conference over to J.C. Weigelt, Vice President, Investor Relations. Please go ahead.

早上好，歡迎來到北極星公司 2023 年第一季度收益電話會議。 （操作員說明）請注意，正在記錄此事件。我現在想將會議轉交給投資者關係副總裁 J.C. Weigelt。請繼續。

Thank you, Gary, and good morning or afternoon, everyone. I'm J.C. Weigelt, Vice President of Investor Relations at Polaris. Thank you for joining us for our 2023 first quarter earnings call. We will reference a slide presentation today, which is accessible on our website at ir.polaris.com. Joining me on the call today are Mike Speetzen, our Chief Executive Officer; and Bob Mack, our Chief Financial Officer. Both have prepared remarks summarizing the first quarter as well as our expectations for 2023. Then we'll take your questions.

謝謝你，加里，大家早上好或下午好。我是 J.C. Weigelt，Polaris 投資者關係副總裁。感謝您加入我們的 2023 年第一季度財報電話會議。我們今天將參考幻燈片演示，可在我們的網站 ir.polaris.com 上訪問。今天和我一起參加電話會議的是我們的首席執行官 Mike Speetzen；和我們的首席財務官 Bob Mack。雙方都準備了總結第一季度的評論以及我們對 2023 年的預期。然後我們將回答您的問題。

During the call, we will be discussing various topics, which should be considered forward-looking for the purpose 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 2022 10-K for additional details regarding risks and uncertainties.

在電話會議期間，我們將討論各種主題，根據 1995 年《私人證券訴訟改革法案》，這些主題應被視為具有前瞻性。實際結果可能與前瞻性陳述中的預測存在重大差異。您可以參考我們的 2022 10-K，了解有關風險和不確定性的更多詳細信息。

All references to first quarter 2023 actual results and 2023 guidance are for our continuing operations and are reported on an adjusted non-GAAP basis unless otherwise noted. Please refer to our Reg G reconciliation schedules at the end of the presentation for the GAAP to non-GAAP adjustments. Now I will turn it over to Mike Speetzen. Go ahead, Mike.

除非另有說明，否則所有對 2023 年第一季度實際結果和 2023 年指導意見的引用均針對我們的持續運營，並按調整後的非 GAAP 基礎進行報告。請參閱演示文稿末尾的 Reg G 調節表，了解 GAAP 與非 GAAP 的調整。現在我將把它交給 Mike Speetzen。來吧，邁克。

Thanks, J.C. Good morning, everyone, and thank you for joining us today. This may be a little premature here in Minnesota, but I hope your spring and riding season has opened up from what seemed to be a prolonged winter. Although I can't complain too much as it was helpful to our snowmobile business.

謝謝，J.C. 大家早上好，感謝您今天加入我們。在明尼蘇達州，這可能還為時過早，但我希望您的春季和騎行季節已經從看似漫長的冬季開始。雖然我不能抱怨太多，因為它對我們的雪地摩託業務很有幫助。

I consistently reinforce with my team that the key to a successful year is a strong start, and our first quarter results reflect just that. Sales were up over 20%. Adjusted EBITDA margin expanded 172 basis points and adjusted EPS grew 55% versus last year. Sales growth was driven by strong mix and higher ship volumes, favorable net price, which is price net of promotions, increased share in Off-Road, On-Road and Marine as availability improved through the back half of last year and into Q1 and a great start in our commercial business and the balance of the restocking benefit mainly in Off-Road that we discussed in January.

我不斷地與我的團隊強調，成功的一年的關鍵是一個良好的開端，我們第一季度的業績也反映了這一點。銷售額增長了 20% 以上。調整後的 EBITDA 利潤率比去年擴大了 172 個基點，調整後的每股收益增長了 55%。銷售增長的推動因素包括強勁的組合和更高的船運量、優惠的淨價（扣除促銷價格）、越野車、公路車和海運車的份額增加，因為去年下半年和第一季度的可用性有所改善，以及我們的商業業務開局良好，我們在 1 月份討論過的主要是越野補貨收益的平衡。

While North American retail was down 5% versus last year, it increased 14% versus 2019. Our teams and dealers are seeing a return to more normal seasonality. The spring selling season, which continues for the next couple of months is going to be an important gauge for the remainder of the year. April is off to a good start despite a delayed spring for most of the country given poor weather conditions in early March.

雖然北美零售與去年相比下降了 5%，但與 2019 年相比增長了 14%。我們的團隊和經銷商看到季節性回歸更正常。將持續未來幾個月的春季銷售旺季將成為今年剩餘時間的重要指標。儘管由於 3 月初惡劣的天氣條件，該國大部分地區的春季推遲，但 4 月開局良好。

We saw gross profit and EBITDA margin expansion for the third consecutive quarter as we maintained our focus on process improvements and efficiencies that can drive us closer toward our long-term target of mid- to high teens EBITDA margins. We executed margin expansion despite factory inefficiencies as a result of late deliveries from suppliers. This gives me confidence in the margin improvement opportunity as we drive suppliers to more normalized delivery performance and continue to drive efficiencies in the factories.

我們連續第三個季度看到毛利潤和 EBITDA 利潤率增長，因為我們繼續關注流程改進和效率，這可以使我們更接近我們的長期目標，即中高青少年 EBITDA 利潤率。儘管供應商延遲交貨導致工廠效率低下，但我們仍實現了利潤率增長。這讓我對提高利潤率的機會充滿信心，因為我們推動供應商實現更規範的交付績效，並繼續提高工廠的效率。

I shared in January that 2023 is going to be an exciting year, and we came out of the gate strong with the launch of the RZR XP where we made the industry's best-selling side-by-side even better with more horsepower, a stronger chassis, redesigned ergonomics and added comfort. Initial reviews of this all-new RZR are very strong, and we're excited for deliveries to start later in Q2.

我在 1 月份分享了 2023 年將是激動人心的一年，隨著 RZR XP 的推出，我們走出了大門，我們以更大的馬力、更強的性能使業界最暢銷的並排車型變得更好底盤，重新設計的人體工程學設計並增加了舒適度。對這款全新 RZR 的初步評論非常好，我們很高興能在第二季度晚些時候開始交付。

We also started production of our first all-electric RANGER XP Kinetic, which is now shipping to customers. Our Mighty G pontoon, Godfrey pontoon designed specifically with an electric motor option in mind, will be entering its first selling season and should do well given a very strong order book. On-Road has its most competitive portfolio of bikes and Slingshots ever with a fresh lineup of FTRs, the debut of the Indian Challenger Elite as well as our Scout and Indian Pursuit lineup. There's certainly a lot to be excited about this year, given what we've launched thus far, but we're not done. I'm incredibly excited about the launches we have planned for the rest of the year, so stay tuned.

我們還開始生產我們的第一款全電動 RANGER XP Kinetic，現已發貨給客戶。我們的 Mighty G 浮橋，Godfrey 浮橋專門設計時考慮了電動馬達選項，將進入第一個銷售季節，鑑於訂單量非常大，應該會做得很好。 On-Road 擁有有史以來最具競爭力的自行車和彈弓產品組合，包括全新的 FTR 系列、首次亮相的 Indian Challenger Elite 以及我們的 Scout 和 Indian Pursuit 系列。鑑於我們迄今為止推出的產品，今年肯定有很多令人興奮的事情，但我們還沒有完成。我對我們計劃在今年餘下時間推出的產品感到非常興奮，敬請期待。

Overall, we're off to a strong start in 2023, that said, we are closely monitoring external factors that could impact our customers, and we remain laser-focused on being agile and adaptable, should the demand environment change. Now let me share some thoughts related to customer trends that we're seeing. The demand story remains mixed and largely consistent with what we've been seeing over the past couple of quarters. In Off-Road, demand for our utility vehicles remains steady as the use case for these products is less affected by mild fluctuations in the macro environment. Recreation remains soft and we expect this to be the case as we progress through 2023 with share gains for us coming from new product launches.

總體而言，我們在 2023 年開局良好，也就是說，我們正在密切關注可能影響我們客戶的外部因素，並且如果需求環境發生變化，我們將繼續專注於敏捷性和適應性。現在讓我分享一些與我們所看到的客戶趨勢相關的想法。需求情況仍然喜憂參半，與我們在過去幾個季度看到的情況基本一致。在越野方面，對我們的多用途車的需求保持穩定，因為這些產品的用例受宏觀環境輕微波動的影響較小。娛樂仍然疲軟，我們預計隨著我們在 2023 年的進步，新產品的發布將增加我們的份額。

We continue to see higher demand for our premium products regardless of category, including RANGER NorthStar and RZR Pro and Turbo R. SnowCheck for model year 2024 hit our target, making it the third best SnowCheck in the past 20 years. And lastly, April retail is off to a very good start.

我們繼續看到對我們優質產品的更高需求，無論類別如何，包括 RANGER NorthStar 和 RZR Pro 以及 Turbo R。2024 年車型的 SnowCheck 達到了我們的目標，成為過去 20 年中第三好的 SnowCheck。最後，4 月份的零售業開局良好。

For On-Road, we're just now entering the selling season and April has been very encouraging as spring has arrived, and our dealers have an extremely competitive lineup of Indian motorcycles and Slingshots. In fact, we believe our lineup of bikes has never been more competitive than where we are today.

對於 On-Road，我們剛剛進入銷售季節，隨著春天的到來，4 月非常令人鼓舞，我們的經銷商擁有極具競爭力的印度摩托車和彈弓產品陣容。事實上，我們相信我們的自行車陣容從未像今天這樣具有競爭力。

In Marine, it was a later-than-anticipated start due to weather, but the boating season is upon us in many parts of the country and inventory is finally healthy. I was recently on the road visiting some of our Marine dealers with our Marine team, and they told us they've had a successful boat show season, but the customers seem to be taking longer to make a decision about buying a boat given improved inventory levels. Like our other segments, the high end of the marine market continues to perform well.

在 Marine，由於天氣原因，開工時間晚於預期，但該國許多地區的划船季節即將來臨，庫存終於健康。我最近和我們的海事團隊一起在路上拜訪了我們的一些海事經銷商，他們告訴我們他們有一個成功的船展季，但鑑於庫存有所改善，客戶似乎需要更長的時間來決定是否購買船水平。與我們的其他細分市場一樣，高端海運市場繼續表現良好。

In addition to customer trends, we also keep a close eye on credit and lending trends that we see with our customers. In general, the metrics we monitor remain consistent with past levels. If anything, we're reverting closer to pre-pandemic metrics. As normalization within our retail finance continues, the key metrics we follow are average FICO scores, approval rates and penetration, each of which has not deviated materially from data dating back to 2018.

除了客戶趨勢，我們還密切關注我們從客戶那裡看到的信貸和貸款趨勢。總的來說，我們監控的指標與過去的水平保持一致。如果有的話，我們正在恢復到大流行前的指標。隨著我們零售金融的正常化繼續進行，我們遵循的關鍵指標是平均 FICO 分數、批准率和滲透率，每一項都與 2018 年以來的數據沒有實質性偏差。

Our information comes from our partner banks that are available to our dealers to provide credit to customers. These partner banks finance about 1/4 of retail purchases and the information we're sharing today comes from that piece of our business and our partnership with these key banks. As you've heard me say many times, our relationship with these banks are very important because we do not have a captive financing arm, we have minimized credit risk and exposure. These partner banks are well established, strong and well capitalized, and we are appreciative of our relationship with them and their willingness to work so closely with our dealer network to help make consumer financing available. They are truly allies in our strategy to provide the best customer experience. Lastly, these key partner banks are telling us they want more volume, and we're working with our dealers to make this happen.

我們的信息來自我們的合作夥伴銀行，我們的經銷商可以使用這些銀行為客戶提供信貸。這些合作銀行為大約 1/4 的零售購買提供資金，我們今天分享的信息來自我們的這部分業務以及我們與這些主要銀行的合作關係。正如你多次聽到我所說的那樣，我們與這些銀行的關係非常重要，因為我們沒有專屬融資部門，我們已將信用風險和敞口降至最低。這些合作銀行建立良好、實力雄厚且資本充足，我們感謝我們與他們的關係以及他們願意與我們的經銷商網絡密切合作以幫助提供消費者融資。他們是我們提供最佳客戶體驗戰略的真正盟友。最後，這些重要的合作夥伴銀行告訴我們他們想要更多的交易量，我們正在與我們的經銷商合作以實現這一目標。

Regarding dealer inventory, I'm happy to say that we are in a much healthier position than we've been in a long time. We believe inventory is mostly at our targeted and optimal levels as we enter our prime selling season. We do have a few exceptions and are working to optimize dealer inventory across all categories. Year-over-year, the number looks staggering. But remember, we're coming from a point in 2022, and where dealers were starved of inventory given supply chain constraints and our inability to build and deliver enough product.

關於經銷商庫存，我很高興地說，我們的處境比長期以來要健康得多。我們認為，隨著我們進入黃金銷售季節，庫存大部分處於我們的目標和最佳水平。我們確實有一些例外，並且正在努力優化所有類別的經銷商庫存。與去年同期相比，這個數字看起來驚人。但請記住，我們是從 2022 年開始的，由於供應鏈的限制以及我們無法製造和交付足夠的產品，經銷商庫存不足。

Relative to 2019, inventory is down about 20%. We're getting numerous signals from dealers and our own data shows that we're returning closer to a more normal seasonal trend as inventory levels improve. When you look at the average North American retail for off-road vehicles, excluding snowmobiles for 2016 through 2019, the first quarter is typically our smallest quarter, and we anticipate this to be the case in 2023.

相對於 2019 年，庫存下降了約 20%。我們從經銷商那裡收到大量信號，我們自己的數據表明，隨著庫存水平的提高，我們正在回歸更接近正常的季節性趨勢。如果您查看 2016 年至 2019 年北美越野車的平均零售量（不包括雪地摩托），第一季度通常是我們銷量最小的季度，我們預計 2023 年也是如此。

Historical performance and seasonality show that we typically see a sizable jump in retail sequentially from Q1 as the riding season begins and weather improves. We expect this to be the case this year, and our April performance supports this assumption. The magnitude of the jump in Q2 is expected to be a bit more muted due to a strong start in Q1 as well as some of the macro headwinds. As the chart shows, history would suggest that we would see a sequentially similar third quarter followed by a dip into Q4. The bottom line is that our first quarter performance was in line with our expectations and April performance is trending consistent with our expectations.

歷史表現和季節性表明，隨著騎行季節的開始和天氣的好轉，我們通常會看到從第一季度開始的零售量連續大幅增長。我們預計今年會出現這種情況，我們 4 月份的表現支持這一假設。由於第一季度的強勁開局以及一些宏觀逆風，預計第二季度的增長幅度將有所減弱。如圖表所示，歷史表明我們將看到類似的第三季度，然後進入第四季度。最重要的是，我們第一季度的業績符合我們的預期，4 月份的業績趨勢也符合我們的預期。

Although challenges remain, our team remains focused on enhancing our internal processes and systems to improve efficiency and delivery. We continue to see ourselves in a strong position to gain share as the year progresses with healthy inventory at the dealers and a big year for innovation and product launches. We also remain vigilant as we assess consumer trends. While nothing has changed significantly compared to the past couple of quarters and our original expectations, our team remains agile and committed to optimizing the business. Finally, we remain committed to delivering on our 5-year strategy and plan to provide a comprehensive update on our progress during our recently announced Institutional Investor and Analyst Day on July 30.

儘管挑戰依然存在，但我們的團隊仍然專注於加強我們的內部流程和系統，以提高效率和交付。隨著今年經銷商庫存健康以及創新和產品發布的重要一年，我們繼續認為自己處於獲得份額的有利地位。我們在評估消費者趨勢時也保持警惕。雖然與過去幾個季度和我們最初的預期相比沒有發生重大變化，但我們的團隊仍然保持敏捷並致力於優化業務。最後，我們仍然致力於實現我們的 5 年戰略，併計劃在我們最近宣布的 7 月 30 日機構投資者和分析師日期間全面更新我們的進展。

I'll now turn it over to Bob, who will summarize our first quarter performance and provide additional details for the balance of 2023, including guidance and expectations. Bob?

我現在將其轉交給 Bob，他將總結我們第一季度的業績並提供 2023 年剩餘時間的更多詳細信息，包括指導和預期。鮑勃？

Thanks, Mike, and good morning or afternoon to everyone on the call today. Our first quarter results kicked off what we believe is going to be a strong year for Polaris in regard to share capture, new product launches and margin expansion, all of which lead us forward on the path to achieve our 5-year targets.

謝謝，邁克，今天在電話中的每個人早上好或下午好。我們的第一季度業績拉開了我們認為 Polaris 在份額獲取、新產品發布和利潤率擴張方面強勁的一年的序幕，所有這些都引領我們朝著實現 5 年目標的道路前進。

Sales grew 22%, driven by a number of factors, Mike mentioned earlier, including strong performance from our international business, which grew 16% year-over-year, overcoming a 5 percentage-point drag from currency. On margins, we saw all segments expand gross profit margins over 125 basis points versus Q1 2022 with On-Road expanding an impressive 330 basis points as that segment continues to execute on its profitability plans.

銷售額增長 22%，受多種因素推動，Mike 早些時候提到，包括我們國際業務的強勁表現，同比增長 16%，克服了 5 個百分點的匯率拖累。在利潤率方面，我們看到與 2022 年第一季度相比，所有細分市場的毛利率都提高了 125 個基點以上，其中 On-Road 增長了令人印象深刻的 330 個基點，因為該細分市場繼續執行其盈利計劃。

Turning to our Off-Road results. Sales rose 19% relative to last year to $1.6 billion. Wholegoods increased 25% with share gains across the board. In snow, we recently concluded the '22/'23 season and gained about 1 point a share, which exceeded our expectations given the recalls we had early in the season. PG&A results within Off-Road were driven by stable retail accessories per unit.

轉向我們的越野結果。銷售額較去年增長 19% 至 16 億美元。 Wholegoods 股價上漲 25%，股價全面上漲。在雪地，我們最近結束了 '22/'23 賽季，每股收益約 1 分，考慮到賽季初的召回，這超出了我們的預期。 Off-Road 中的 PG&A 結果是由每單位穩定的零售配件推動的。

Retail trends were consistent with last quarter, while actual industry performance was down in the quarter. Our share gains were driven by outsized gains in ATVs and general side-by-sides. With healthier inventory across our entire Off-Road portfolio and our innovative offering of new products, we expect share gains to continue throughout the year. Outside of utility and recreation, we saw double-digit growth in commercial, which continues to have a strong backlog. Margin expansion drivers included higher net price and lower cost premiums offsetting higher warranty costs and finance interest.

零售趨勢與上一季度一致，而本季度實際行業表現有所下降。我們的股票收益是由全地形車和一般並排的巨大收益推動的。憑藉我們整個越野產品組合中更健康的庫存以及我們創新的新產品，我們預計全年的份額增長將繼續。在公用事業和娛樂之外，我們看到商業領域實現了兩位數的增長，並且積壓量仍然很大。利潤率擴張的驅動因素包括更高的淨價和更低的成本溢價，抵消了更高的保修成本和融資利息。

Switching to On-Road, our third straight quarter of share gains were driven by our strong product portfolio and healthy inventory. North American Indian Motorcycle retail was flat year-over-year, but up 11% relative to 2019. International sales were bolstered by strong Indian motorcycle sales in Australia. It's worth noting our European brands, Aixam and Goupil both had record revenue quarter and while they faced meaningful headwinds, they continue to drive margin expansion. On-Road gross profit margin was up 331 basis points driven by favorable product mix and higher volumes.

轉向在路上，我們連續第三個季度的份額增長是由我們強大的產品組合和健康的庫存推動的。北美印度摩托車零售額同比持平，但與 2019 年相比增長了 11%。印度摩托車在澳大利亞的強勁銷售推動了國際銷售。值得注意的是，我們的歐洲品牌 Aixam 和 Goupil 的季度收入都創下歷史新高，儘管它們面臨重大阻力，但它們繼續推動利潤率增長。在有利的產品組合和更高的銷量的推動下，公路業務毛利率上升了 331 個基點。

Moving to our Marine segment. inventory is healthy, and we are operating in an environment that feels like pre-pandemic times. Sales continue to be driven by consumer preference for more premium boats as well as the pricing actions we took last year. The most recent data we have shows we gained share in Marine during the first quarter. Dealers believe it was a successful boat show season, and while they are optimistic about the upcoming retail season we are seeing a return to seasonality in terms of the timing of boat registrations and pickups. Similar to Off-Road, we are currently seeing increased promotional activity which we believe can positively impact buying patterns as we enter the spring selling season. Gross profit margin was up 129 basis points with higher net pricing and favorable product mix being the primary drivers.

轉到我們的海事部門。庫存是健康的，我們在一個感覺像大流行前時代的環境中運營。消費者對更多優質船隻的偏好以及我們去年採取的定價行動繼續推動銷售。我們掌握的最新數據顯示，我們在第一季度獲得了海運業務的份額。經銷商認為這是一個成功的船展季，雖然他們對即將到來的零售季持樂觀態度，但我們看到在船隻登記和提貨時間方面回歸季節性。與越野類似，我們目前看到促銷活動有所增加，我們相信隨著我們進入春季銷售旺季，這會對購買模式產生積極影響。毛利率上升 129 個基點，主要驅動因素是更高的淨定價和有利的產品組合。

Moving to our financial position. We continue to see our balance sheet as a competitive advantage. Cash generation in the first quarter were strong relative to previous years, and our net leverage ratio continues to be in a healthy spot at 1.6x. We believe we are set up well for a variety of scenarios in the broader market with our balance sheet and cash generation capabilities in 2023.

轉到我們的財務狀況。我們繼續將我們的資產負債表視為競爭優勢。與往年相比，第一季度的現金產生強勁，我們的淨槓桿率繼續保持在 1.6 倍的健康水平。我們相信，憑藉我們在 2023 年的資產負債表和現金生成能力，我們已經為更廣泛市場的各種情況做好了準備。

Now let us move to guidance and our expectations for 2023. Before giving more details, you should know that our expectations today are the same as they were in January when we first provided 2023 guidance. Broadly speaking, what we are seeing across our segments today is in line with our original expectations. Our first quarter results reflect momentum in sales, share gains and margin expansion, which should help us achieve our full year goals. Regarding sales, there continues to be a long list of opportunities to achieve our guidance. Mix continues to be a positive and is expected to remain a contributor given the launch cadence we have planned for the remainder of the year. Today, our product launch calendar remains on track, and we expect a bigger contribution in the back half of the year from mix as those new category-defining products enter the channel.

現在讓我們轉向指導和我們對 2023 年的預期。在提供更多細節之前，您應該知道我們今天的預期與 1 月份我們首次提供 2023 年指導時的預期相同。從廣義上講，我們今天在各個細分市場看到的情況符合我們最初的預期。我們第一季度的業績反映了銷售、份額增長和利潤增長的勢頭，這應該有助於我們實現全年目標。關於銷售，仍然有很多機會可以實現我們的指導。考慮到我們計劃在今年剩餘時間推出的節奏，Mix 仍然是積極的，預計仍將是一個貢獻者。今天，我們的產品發布日程仍在進行中，隨著這些新的類別定義產品進入渠道，我們預計下半年產品組合將做出更大的貢獻。

We expect to gain share throughout the year with the support of healthier inventory levels and new product launches. So even though we anticipate flattish retail industry for the year, we expect to do a bit better as a share gainer. As Mike mentioned earlier, dealer inventory is near optimal levels allowing us to realize the positive share impact we were expecting. We also spoke about robust growth in our commercial business and expect that to continue throughout the year, just as we saw in the first quarter. Our international and PG&A businesses are expected to be strong contributors to growth this year.

在更健康的庫存水平和新產品發布的支持下，我們預計全年將獲得份額。因此，儘管我們預計今年零售業將持平，但我們預計作為股票上漲者會做得更好。正如 Mike 之前提到的，經銷商庫存接近最佳水平，使我們能夠實現我們預期的積極份額影響。我們還談到了我們商業業務的強勁增長，並預計這一增長將在全年繼續，就像我們在第一季度看到的那樣。我們的國際和 PG&A 業務預計將成為今年增長的強大貢獻者。

Offsetting some of these sales drivers are continued headwinds from FX and the return of promotions. We are planning FX conservatively given the volatility in the markets, but should FX rates hold at their current levels, we expect to see a tailwind versus our plan. For margins, we expect modest margin expansion at the adjusted gross profit and EBITDA lines. Drivers continue to include volume and mix, along with our expectation that input costs will decline throughout the year. While most things are moving in the right direction, we are seeing input costs around steel and diesel rise. But at this point, they are not expected to have an impact on our financial plan for the year. It is important to understand that there are many things going right operationally and with our supply chain, but it takes time, and we expect this journey to continue throughout the year. Adjusted EPS from continuing operations is still expected to be in the range of down 3% to up 3% with most of the potential drop-through from margin expansion being consumed by a higher interest rate expense.

抵消了其中一些銷售驅動力的是來自外彙的持續不利因素和促銷活動的回歸。考慮到市場的波動，我們正在保守地規劃外匯，但如果匯率保持在目前的水平，我們預計會看到對我們計劃有利的因素。對於利潤率，我們預計調整後的毛利和 EBITDA 線的利潤率將適度增長。驅動因素繼續包括數量和組合，以及我們對全年投入成本將下降的預期。雖然大多數事情都在朝著正確的方向發展，但我們看到鋼鐵和柴油的投入成本在上升。但在這一點上，預計它們不會對我們今年的財務計劃產生影響。重要的是要了解，在運營和我們的供應鏈中有很多事情是正確的，但這需要時間，我們預計這一過程將持續一整年。持續經營業務的調整後每股收益預計仍將在下降 3% 至上升 3% 的範圍內，利潤率擴張帶來的潛在下降大部分被更高的利率支出所消耗。

For the second quarter, a couple of things to note. We are seeing seasonality return but not yet in line with historical patterns, which usually translates into a sizable sequential ramp in shipments and sales in the second quarter. We do not expect a material ramp in our second quarter sales sequentially this year due to the timing of snowmobile shipments, which carried over into our first quarter. Next, history reflects that approximately 40% of our annual EPS is derived in the first half of the year, and we expect this cadence to hold true this year. The negative hit from FX in the second quarter is expected to be in line with what we saw in the first quarter, if FX rates stay constant.

對於第二季度，有幾點需要注意。我們看到季節性回歸，但尚未符合歷史模式，這通常會轉化為第二季度出貨量和銷售額的可觀連續增長。由於雪地摩託的出貨時間延續到第一季度，我們預計今年第二季度的銷售額不會出現實質性增長。接下來，歷史表明我們的年度每股收益中約有 40% 來自上半年，我們預計今年將保持這種節奏。如果匯率保持不變，第二季度外彙的負面影響預計將與我們在第一季度看到的情況一致。

To wrap up, Q1 results proved to be a strong start of the year. Our expectations for the year remain consistent with our initial thoughts. Although it is happening slower than we thought, we are seeing the supply chain improve. With our focus and investment on internal efficiencies and processes as well as continued progress in the supply chain, we believe there remains a real opportunity to drive margin expansion this year and beyond. We remain excited about the product launches we have for the remainder of the year and believe they can contribute to growth this year as well as future years. We are taking share and are committed to winning through our ability to deliver high-quality and innovative products to those that play and work outside. Our teams remain agile as we enter the 2023 selling season, and we are in a good spot with inventory. As we close out the first quarter, we are grateful to be in this position and excited about the initiatives we are focused on to help deliver our 5-year strategy.

總而言之，第一季度的業績證明是今年的一個良好開端。我們對今年的期望與我們最初的想法保持一致。儘管它發生的速度比我們想像的要慢，但我們看到供應鏈正在改善。憑藉我們對內部效率和流程的關注和投資以及供應鏈的持續進步，我們相信今年及以後仍有真正的機會來推動利潤率的增長。我們對今年剩餘時間的產品發布感到興奮，並相信它們可以為今年和未來幾年的增長做出貢獻。我們正在分享並致力於通過我們為那些在戶外玩耍和工作的人提供高質量和創新產品的能力來取勝。在我們進入 2023 年銷售旺季時，我們的團隊保持敏捷，而且我們的庫存狀況良好。當我們結束第一季度時，我們很高興能處於這個位置，並對我們專注於幫助實現我們的 5 年戰略的舉措感到興奮。

With that, I'll turn the call over to Gary to open the line up for questions.

有了這個，我會把電話轉給加里，讓他開始排隊提問。

(Operator Instructions) Our first question is from Fred Wightman with Wolfe Research.

（操作員說明）我們的第一個問題來自 Wolfe Research 的 Fred Wightman。

I just wanted to touch base on the comments Bob made for 2Q and sort of the first half of the year. It sounds like that 40-60 split as far as first half, second half is still the right way to think about the year. But that would also sort of suggest 2Q numbers for the Street need to come down. So can you sort of walk through maybe where we missed things. It sounds like FX might be a little bit of a headwind, but just sort of the 2Q outlook and then sort of the implied stronger back half of the year given the macro environment?

我只想談談鮑勃對第二季度和上半年的評論。上半場似乎是 40-60，下半場仍然是思考這一年的正確方式。但這也有點暗示華爾街的第二季度數據需要下降。那麼，您能否介紹一下我們遺漏的地方。聽起來外匯可能有點逆風，但只是某種程度上的第二季度前景，然後在宏觀環境下隱含的下半年走強？

Yes. Sure, Fred. So right, the 40-60 split is the right way to think about it. When we started the year and got into the year, we had expected to ship a bit more of the snow volume in late -- in December, more of it shipped and was really revenue recognized in January, February because of some of the recalls we had and holds we had on product. So that sort of knocked the cadence off a little bit. So what you saw was heavier shipments in snow in Q1 with lower side-by-sides, and then you'll see more side-by-sides in Q2, but you won't see -- because of the snow, shipments that will mask a little bit of that normal ramp-up. So I think as we look at it right now, the beat in Q1 really offsets part of what we would have normally seen in Q2. But it does take the hill to climb for the year down a bit, but that's really the dynamic that's at play.

是的。當然，弗雷德。沒錯，40-60 的比例是正確的思考方式。當我們開始這一年並進入這一年時，我們曾預計在晚些時候運送更多的雪量——在 12 月，運送了更多的雪，並且由於我們的一些召回而在 1 月、2 月真正確認了收入擁有並持有我們擁有的產品。所以這有點降低了節奏。所以你看到的是第一季度雪中出貨量更大，並排量更低，然後你會在第二季度看到更多並排量，但你不會看到——因為下雪，出貨量會掩蓋一點正常的上升。所以我認為，正如我們現在所看到的那樣，第一季度的節拍確實抵消了我們通常在第二季度看到的部分節拍。但它確實需要爬山一年下來一點，但這確實是在起作用的動力。

The other thing Fred, to keep in mind is as I mentioned, the number of new products that we've got coming out and the timing of those deliveries really is more weighted into the back half. And aside from the XP, the other products are not what I would term as highly cannibalizing of our existing products. They really target new categories. And so that will obviously be a big part of that second half ramp-up in deliveries.

弗雷德要記住的另一件事是，正如我提到的那樣，我們推出的新產品數量和這些交付的時間確實更多地放在了後半部分。除了 XP，其他產品並不是我所說的對我們現有產品的高度蠶食。他們確實針對新類別。因此，這顯然將成為下半年交付量增加的重要組成部分。

Make sense. And then just to ask about the retail financing landscape. The slide that you guys provided was super helpful. But I'm wondering if you gave this for 1Q? I'm wondering as you moved throughout the quarter, did you see either FICO scores or approval rates or penetration sort of dip off in March? Or maybe if you could comment, into April?

合理。然後只是詢問零售融資情況。你們提供的幻燈片非常有用。但我想知道你是否為 1Q 提供了這個？我想知道當你在整個季度移動時，你是否看到 FICO 分數或批准率或滲透率在 3 月份有所下降？或者，如果你能發表評論，到四月？

No. I mean it's -- the data has been really consistent and consistent with the past, and we've talked to all the banks about where they are with their lending standards, down payments and really, that's all remained very consistent across the board. So I think you'll continue to see our penetration rates return to kind of more normal 30-plus percent levels. If there's any slowdown in financing, it's more on the local bank side, and that's why we have these partners in place to be able to step up and fill that gap and they've all have been very aggressive and are very interested in lending more money into the space.

不，我的意思是 - 數據一直非常一致，與過去一致，我們已經與所有銀行討論了他們的貸款標準、首付以及實際上，所有這些都在所有方面都非常一致.所以我認為你會繼續看到我們的滲透率恢復到更正常的 30% 以上的水平。如果融資有任何放緩，更多的是在當地銀行方面，這就是為什麼我們有這些合作夥伴能夠加緊填補這一缺口，他們都非常積極，並且非常有興趣提供更多貸款錢入空間。

Our promo, Fred, is largely aimed at doing rate buydowns to put things back into a more attractive category. And you got to step back and think about who our customers are, and we track that. They've done well over the past few years. Their income levels are up. When you hear about layoffs and things that are going on in the economy right now, they primarily tend to be centered around the tech areas which don't necessarily have a high correlation to our customer base. So at this point, the customers remain healthy.

我們的促銷活動，弗雷德，主要是為了進行利率回購，使事情回到更有吸引力的類別。你必須退後一步，想想我們的客戶是誰，我們會跟踪這一點。在過去的幾年裡，他們做得很好。他們的收入水平提高了。當您聽說裁員和目前經濟中正在發生的事情時，它們主要集中在與我們的客戶群不一定具有高度相關性的技術領域。所以在這一點上，客戶保持健康。

And as I talked about in my prepared remarks, once the weather opened up and we've heard this pretty consistently, from all of our businesses. We've seen customers and the activity really increasing. So we think the weather had a pronounced impact, and I think you're going to see those customers coming in, and that's why our retail finance partners are looking to grab an even bigger piece of the business.

正如我在準備好的發言中所說的那樣，一旦天氣開始好轉，我們就會從我們所有的企業中一致地聽到這一點。我們已經看到客戶和活動確實在增加。所以我們認為天氣產生了明顯的影響，我認為你會看到那些客戶進來，這就是為什麼我們的零售金融合作夥伴希望獲得更大的業務份額。

The next question is from Joe Altobello with Raymond James.

下一個問題來自 Joe Altobello 和 Raymond James。

I just want to get some more clarity on Fred's first question actually about your implied guide for Q2. So I understand why the delayed snowmobile shipments from December to Jan, Feb would boost Q1. But I'm a little unclear as to why that would impact Q2. I mean were there other pull forwards that you experienced in this quarter?

我只想更清楚地了解 Fred 的第一個問題，實際上是關於您對 Q2 的隱含指南。所以我理解為什麼從 12 月延遲到 1 月、2 月的雪地摩托出貨量會提振第一季度。但我不太清楚為什麼這會影響第二季度。我的意思是，您在本季度還經歷過其他進步嗎？

No. What I was trying to say is that the snowmobile shipments, if you look at what would have been the normal seasonal ramp from Q1 to Q2, you'd see a bigger ramp. But Q1 was, to some degree, unusually high if you were thinking normal seasonality relative to history, to sort of like a '19 compare because of those snow shipments. And so the sales ramp just looks lower. But the real dynamic is we'll ship more side-by-sides and more off-road and motorcycles in Q2, you just won't see as big of a revenue pop because we had those snow units in Q1.

不，我想說的是雪地摩託的出貨量，如果你看看從第一季度到第二季度的正常季節性斜坡，你會看到更大的斜坡。但是，如果你考慮相對於歷史的正常季節性，那麼在某種程度上，第一季度異常高，有點像 19 年的比較，因為那些雪貨。因此，銷售量看起來較低。但真正的動態是，我們將在第二季度運送更多的並排車輛、更多的越野車和摩托車，你不會看到那麼大的收入增長，因為我們在第一季度有那些雪地單位。

Okay. But it also implies earnings are going to be down year-over-year in Q2 as well?

好的。但這也意味著第二季度的收益也將同比下降？

Yes. I mean, Q2 last year, everything last year was really driven by ability to ship. So our Q1 last year was significantly lower from a shipment standpoint than where we were in Q1 this year. So getting into riding season, we had a lot more inventory to try to make up and get in the channel in Q2, whereas this year, we're sitting a little bit better because we had better shipments in Q4 and Q1. So that's the dynamic there. We just don't have as much of an inventory hole to make up in Q2.

是的。我的意思是，去年第二季度，去年的一切都是由出貨能力驅動的。因此，從出貨量的角度來看，我們去年第一季度的出貨量明顯低於今年第一季度的水平。所以進入騎行季節，我們有更多的庫存來嘗試彌補並進入第二季度的渠道，而今年，我們的情況要好一些，因為我們在第四季度和第一季度的出貨量更好。這就是那裡的動態。我們在第二季度沒有那麼多的庫存缺口可以彌補。

And you're dealing with -- and you're dealing with the effects of foreign exchange and interest rates on top of that, that just pronounce that earnings decline in the second quarter versus last year.

而且你正在處理 - 你正在處理外彙和利率的影響，這只是表明第二季度的收益與去年相比有所下降。

Got it. And just one last one on April retail. It sounds like you're pretty positive there. Maybe could you guys quantify for us what that might have looked like?

知道了。並且只是四月零售的最後一個。聽起來你在那裡很積極。也許你們能為我們量化那看起來像什麼？

You know I'm not going to do that. But I will just tell you that we've been watching it. We obviously watch what retail is doing on a daily basis. We would do it even more frequently if we could, I know our business units do, and as I mentioned earlier, the weather really did suppress things in the early part of March. And once we saw things improving, we saw retail momentum picking up, we've had a couple of dealer council meetings and that has confirmed that viewpoint.

你知道我不會那樣做的。但我只會告訴你，我們一直在關注它。我們顯然每天都在觀察零售業在做什麼。如果可以的話，我們會更頻繁地這樣做，我知道我們的業務部門會這樣做，而且正如我之前提到的，三月初的天氣確實抑制了一些事情。一旦我們看到情況有所改善，我們就會看到零售勢頭回升，我們召開了幾次經銷商委員會會議，這證實了這一觀點。

The dealers are playing back to us that once the weather improved, customers started coming back into the dealerships, I think the buying process is definitely a little bit different given that there's inventory availability and with higher interest rates, obviously, consumers are going to make sure that they're making the right decision. And I made the comment about what's going on in the boat business right now. We're obviously -- financing plays a big part and it's not that they won't buy, but they're just taking their time. They've got more inventory to pick from, and we feel good about what we've seen so far through April.

經銷商向我們反饋說，一旦天氣好轉，客戶開始回到經銷商處，我認為購買過程肯定會有所不同，因為有可用庫存和更高的利率，顯然，消費者會確保他們做出正確的決定。我對目前船舶行業的情況發表了評論。我們顯然 - 融資起著重要作用，並不是他們不會購買，但他們只是在慢慢來。他們有更多庫存可供選擇，我們對 4 月份到目前為止所看到的情況感到滿意。

The next question is from Craig Kennison with Baird.

下一個問題來自 Craig Kennison 和 Baird。

We get a lot of questions from investors about guidance and really the expectation for retail to be flat. We've got a potential recession, and we also have potential tighter credit, although you're not seeing it. What gives you confidence in that flat outlook? Is -- are we underestimating the product cycle or are we underestimating the impact of product availability and your ability to actually fulfill demand in a bigger way?

我們從投資者那裡收到了很多關於指導的問題，以及對零售業持平的預期。我們有潛在的衰退，我們也有可能收緊信貸，儘管你沒有看到。是什麼讓您對這種平坦的前景充滿信心？是 - 我們是否低估了產品週期，或者我們是否低估了產品可用性的影響以及您以更大的方式實際滿足需求的能力？

Yes. I would say it's a few things, Craig. I mean, one, the utility side of our business, which for Off-Road makes up about 60% of the volume, the demand there remains stable. In fact, on the commercial side, it's very strong. And so that gives me confidence as we get availability into the channel, we are seeing those products retail out or sell-through. And so there's obviously an element there that as long as that market continues to hold up and frankly, we're not seeing anything that tells us anything differently, that gives us confidence.

是的。我會說這是幾件事，克雷格。我的意思是，第一，我們業務的公用事業方面，對於越野而言，它約佔總量的 60%，那裡的需求保持穩定。事實上，在商業方面，它非常強大。因此，當我們獲得渠道可用性時，這讓我充滿信心，我們看到這些產品零售或售罄。因此，顯然存在一個因素，只要該市場繼續保持穩定，坦率地說，我們就沒有看到任何不同的東西告訴我們任何不同的東西，這給了我們信心。

The second is, we talked about it, we're not expecting growth in our recreational category from the existing products. So we're anticipating things to continue to be a little slow there just given that, that's a far more discretionary purchase and consumers are obviously impacted by what's going on. Even if credit is available, the cost of credit is obviously a strong consideration. But I do think the new product elements, both for recreational and utility that we have coming out later this year, probably are being a bit underestimated. They're largely not a cannibalizing product. So they're redefining segments or defining new segments. And we're really excited about what we believe that means for the business.

第二個是，我們談到過，我們不期望現有產品在我們的娛樂類別中有所增長。因此，我們預計事情會繼續有點緩慢，因為這是一種更加隨意的購買，消費者顯然會受到正在發生的事情的影響。即使可以獲得信貸，信貸成本顯然也是一個重要的考慮因素。但我確實認為我們今年晚些時候推出的用於娛樂和實用的新產品元素可能被低估了。它們在很大程度上不是同類相食的產品。所以他們正在重新定義細分市場或定義新的細分市場。我們對我們認為這對企業意味著什麼感到非常興奮。

When you add on top of that, we didn't talk about it, but we had considerable growth in our international markets, pretty much across the board, particularly strong in our Indian Motorcycle brand but even growth in Off-Road and growth in PG&A that comes as a result of organic but also with those new products, we are, at the same time, launching a number of PG&A options. So for example, when we launched the all-new RZR XP. There were close to 100 accessories that came out literally at the same moment that vehicle did. And so when you add all those factors together, we believe that puts us in a pretty good environment to at least execute on a flat retail environment.

最重要的是，我們沒有談論它，但我們在國際市場上取得了相當大的增長，幾乎是全面的，尤其是我們的印度摩托車品牌強勁，但甚至在越野和 PG&A 方面都有增長這是有機產品以及這些新產品的結果，我們同時推出了許多 PG&A 選項。例如，當我們推出全新的 RZR XP 時。有將近 100 個配件是在與車輛同時出現的。因此，當您將所有這些因素加在一起時，我們相信這會讓我們處於一個非常好的環境中，至少可以在平坦的零售環境中執行。

The other thing to keep in mind is as you think about '22 retail, which is the comp everybody is looking at, '22 was still not a normal retail either -- year from either a cadence perspective or an inventory availability perspective. And it was a good bit lower than 2019. So we're not comparing -- if you think of 2019 as the last sort of normal cycle for this industry, the 22% comp relative -- full year comp relative to '19 is not a Herculean number. So we're already kind of down from where we were pre-pandemic, if you look at it from a units standpoint versus '19.

另一件要記住的事情是，當你考慮'22 零售時，這是每個人都在看的 comp，'22 仍然不是一個正常的零售——無論是從節奏的角度還是庫存可用性的角度來看。它比 2019 年低了很多。所以我們沒有比較——如果你認為 2019 年是這個行業的最後一種正常週期，那麼 22% 的 comp 相對——全年 comp 相對於 19 年不是一個巨大的數字。因此，如果你從單位的角度來看與 19 年相比，我們已經比大流行前有所下降。

If I could just follow up. Are you able to track sort of the average retail selling price and given dealers have to be sharper on their pricing. Are you actually seeing maybe the monthly payment for a like-for-like unit tick down given maybe a more competitive price from dealers?

如果我能跟進就好了。您是否能夠跟踪某種平均零售價，並且考慮到經銷商必須更加敏銳地定價。鑑於經銷商的價格可能更具競爭力，您是否真的看到類似單位的月付款可能會下降？

So you got 2 dynamics at play there: price, obviously, and interest rate. I would say that the increase in both promo across the whole industry as well as the dealers, to your point, maybe sharpening their pencils a little bit, taking a little bit less margin. Obviously, during the pandemic people were doing pretty much full top margins. That brings the finance rate down a little -- the finance amount down a little bit. I would expect most of that good news is offset by kind of the rates that have ticked up kind of quarter-by-quarter. So I don't know that that's having a huge impact yet. But if rates stabilize, that will start to maybe have a small impact.

所以你有兩個動態因素在起作用：顯然是價格和利率。我想說的是，整個行業和經銷商的促銷活動都在增加，就你的觀點而言，可能會稍微削尖他們的鉛筆，減少一點利潤。顯然，在大流行期間，人們幾乎賺取了最高利潤。這使融資利率略有下降——融資金額略有下降。我預計大部分好消息都會被逐季上漲的利率所抵消。所以我不知道這會產生巨大的影響。但如果利率穩定下來，那可能會開始產生很小的影響。

But we don't get -- the feedback from dealers is that the dollar per month isn't really the big driver. It's the headline shock of the rate when people are financing the products. They're just not used to seeing a rate that's kind of in the 7 plus range, and that's more the driver on people's hesitancy to buy.

但我們沒有得到——經銷商的反饋是每月的美元並不是真正的大驅動力。當人們為產品融資時，這是利率的標題衝擊。他們只是不習慣看到 7 以上的利率，而這更多地是人們不願購買的驅動因素。

Yes. And when we were out with the marine dealers, they were looking for some help from us, not necessarily financial help, but help in how do you articulate to consumers that, that headline rate may be higher, but the impact from a monthly-payment standpoint really is not significantly impacted. And so they're happen to think differently about how they're selling.

是的。當我們與海運經銷商一起出去時，他們正在尋求我們的幫助，不一定是經濟上的幫助，而是幫助你如何向消費者表達，標題率可能更高，但每月付款的影響觀點確實沒有受到太大影響。因此，他們碰巧對自己的銷售方式有不同的看法。

The other thing I'd went out is the comments that we've made around the high end of the business, and that's true, whether it's On-Road, Off-Road or Marine, that the customer remains very strong and -- our -- we don't talk about it really much anymore, but that presold order book obviously has come down from the heights that we had now that inventory is better. But it's still up pretty significantly relative to where it was before the pandemic. And really, that's centered around areas like the RANGER NorthStar, where we're still not at optimal inventory levels. And that just tells you that customers are still anxious to get that product, that's good for dealers because whether it's the Turbo R or the Pro R or the NorthStar RANGER, the amount of discounting that they have to do is minimal, and that tends to be a more affluent customer that maybe not as sensitive to the financing rate. So we feel pretty good about where those dynamics stand right now.

我要出去的另一件事是我們圍繞高端業務所做的評論，這是真的，無論是公路、越野還是海洋，客戶仍然非常強大，而且——我們的- 我們不再談論它了，但預售訂單顯然已經從我們現在的高度下降，因為庫存更好。但與大流行之前的水平相比，它仍然顯著上升。實際上，這主要集中在 RANGER NorthStar 等地區，我們仍未達到最佳庫存水平。這只是告訴你客戶仍然渴望獲得該產品，這對經銷商來說是好事，因為無論是 Turbo R、Pro R 還是 NorthStar RANGER，他們必須做的折扣量很小，而且往往成為可能對融資利率不那麼敏感的更富裕的客戶。因此，我們對這些動態現在所處的位置感到非常滿意。

The next question is from Robin Farley with UBS.

下一個問題來自瑞銀的 Robin Farley。

Just to clarify a little bit. I know the April retail is already asked about. I wonder if you could just indicate though, whether when you say it's strong. Is it positive year-over-year? Or did you just mean that you were continuing to grow share? And just thinking about that in the context of your expectation for retail to be flat for the year. It seems like Q1 was going to be the quarter that would have been up modestly. And so is there a quarter later this year then -- I don't know if it would be Q2 here or Q3, where you're now expecting to see that kind of that retail up year-over-year?

只是為了澄清一點。我知道 4 月份的零售價已經被詢問過了。我想知道你是否可以只是指出，當你說它很強的時候。同比是積極的嗎？還是您的意思是您正在繼續增加份額？在您對今年零售業持平的預期背景下考慮這一點。似乎第一季度將是溫和上漲的季度。那麼今年晚些時候會有一個季度嗎 - 我不知道是這裡的第二季度還是第三季度，你現在期望看到那種零售同比增長？

Yes. So I would say this. April is tracking with our expectations. It is up versus last year. And obviously, that's 1 of 3 months that we've got to execute on. So at this stage, we feel pretty good about it. I think we're going to probably steer clear of trying to make commentary around the quarters on retail.

是的。所以我會這樣說。四月符合我們的預期。與去年相比有所上升。顯然，這是我們必須執行的 3 個月中的 1 個月。所以在這個階段，我們感覺很好。我認為我們可能會避免試圖圍繞零售業的季度發表評論。

The first quarter, the difference between what happened in our expectations, really, there were a couple of things. One, as you well know, we had a fair number of our recreational products on shipment holds or retail holds. We did clear those. But as it happened later in the quarter, I'm sure that there was some of that, that was still caught up and getting the work done on them. And then the second point that I made earlier is we're still not where we need to be from a RANGER-inventory standpoint. And so we know when we get that product in at retails, and we know that, that's an area where we fell short of some of our expectations, and it was purely around having that product at the dealers. So there's a lot of timing effects that go in there. But I think the key message is weather cleared up, product availability both correlate to improving retail, and we've seen that continue to improve, not only relative to our expectations but also sequentially as we came out of the first quarter.

第一季度，發生的事情與我們的預期有所不同，真的，有幾件事。第一，如您所知，我們有相當數量的娛樂產品處於裝運或零售狀態。我們確實清除了那些。但正如本季度晚些時候發生的那樣，我確信其中有一些仍然被追上並完成了他們的工作。然後我之前提出的第二點是，從 RANGER 庫存的角度來看，我們仍然沒有達到我們需要的水平。所以我們知道當我們在零售店獲得該產品時，我們知道，這是一個我們沒有達到預期的領域，而這純粹是關於在經銷商處擁有該產品。所以那裡有很多時間效應。但我認為關鍵信息是天氣好轉，產品可用性都與零售業的改善相關，而且我們已經看到這種情況繼續改善，不僅相對於我們的預期，而且在我們走出第一季度時也是如此。

Great. No, that's very helpful color around Q1. Just a quick follow-up on the commentary about your retail financing partners. Just given what's going on in the broader environment, there's concern about how much credit would be available for consumer financing. Do you have an annual contract with your retail finance partners? Is there like a particular time of year when the terms of that get revisited and where -- if they've had a change in view about how aggressive they want to lend in different parts of the consumer space where those new terms would come into play?

偉大的。不，這是 Q1 周圍非常有用的顏色。快速跟進有關您的零售融資合作夥伴的評論。只要考慮到更廣泛環境中發生的事情，人們就會擔心有多少信貸可用於消費者融資。您是否與零售金融合作夥伴簽訂年度合同？是否有一年中的某個特定時間重新審視這些條款以及在哪裡 - 如果他們改變了他們想要在這些新條款將發揮作用的消費領域的不同部分提供多麼積極的貸款的觀點？

Yes, Robin, it's Bob. There are -- I mean, there are 4 partners and the contracts are all multiyear. Obviously, they expire and renew at different points. But part of the benefit of having those 4 partners is that not only are they competing with the credit unions for business, but they're competing with each other. And so I think that, that helps us keep strong credit availability and solid approval terms and the appropriate level of aggressiveness with the finance group.

是的，羅賓，是鮑勃。有——我的意思是，有 4 個合作夥伴，合同都是多年期的。顯然，它們在不同的時間點到期和更新。但是擁有這 4 個合作夥伴的部分好處在於，他們不僅在與信用合作社競爭業務，而且還在相互競爭。所以我認為，這有助於我們保持強大的信貸可用性和可靠的批准條款，以及與金融集團的適當進取水平。

And we meet with them all monthly, team meets with them more frequently than that, but I meet with them monthly. And we feel good about where they are. They're not signaling any lack of commitment to the market. They're not changing their credit standards. Our FICO scores have remained very consistent. Our average consumer earns well over $100,000, and their income is up 16% versus 2019. So it's a pretty strong consumer group to finance and the banks like the business.

我們每個月都會與他們會面，團隊與他們會面的頻率更高，但我每個月都會與他們會面。我們對他們所在的位置感到滿意。他們並沒有表示對市場缺乏承諾。他們沒有改變他們的信用標準。我們的 FICO 分數一直非常穩定。我們的普通消費者收入遠遠超過 100,000 美元，他們的收入比 2019 年增長了 16%。因此，這是一個非常強大的金融消費群體，銀行也喜歡這項業務。

Robin, we've talked about it before. The thing I like about the setup we have, which we've obviously expanded from what we used to have with really only 2 partners, is there are thresholds in the contracts that incentivize performance as well as the separation, as you've heard me say in the past, of church and state, so that we're not pushing them to go down a path that puts their balance sheet in a compromised position and they're not playing it too conservative. We think it puts us in a very balanced middle of the road. And I think that's why you see them picking up their penetration rates and it provides a really good opportunity for our customers.

羅賓，我們以前談過。我喜歡我們現有的設置，我們顯然已經從過去只有 2 個合作夥伴的設置中擴展了，合同中有激勵績效和分離的門檻，正如你聽到的說過去，教會和國家，這樣我們就不會推動他們走上一條讓他們的資產負債表處於妥協位置的道路，他們也不會過於保守。我們認為這使我們處於非常平衡的道路中間。我認為這就是為什麼你看到他們提高了滲透率，這為我們的客戶提供了一個非常好的機會。

The next question is from James Hardiman with Citi.

下一個問題來自花旗銀行的 James Hardiman。

I had a question on the quarter and then maybe a question on the outlook. I guess, as I think about the retail performance and then the reported sales performance. I was hoping you could maybe bridge that gap, particularly on ORV or off-road, right? ORV retail was down 10%, reported wholegoods sales were up 25%. Obviously, that's a pretty big gap. It's not apples-to-apples. It never is, but maybe sort of walk us through the big contributors to that, maybe start with the ASP number. I think you mentioned snowmobiles probably helped increase that gap as well. And then there was obviously some channel fill. I'm assuming a good chunk of that call it, $150 million was ORVs. I just want to make sure I'm not sort of missing any of the key components with regard to that sort of gap.

我有一個關於季度的問題，然後可能是關於前景的問題。我想，當我想到零售業績，然後是報告的銷售業績時。我希望您可以彌合這一差距，特別是在 ORV 或越野方面，對嗎？ ORV 零售下降了 10%，據報導，全商品銷售額增長了 25%。顯然，這是一個相當大的差距。這不是蘋果對蘋果。從來沒有，但也許可以讓我們了解一下對此的主要貢獻者，也許可以從 ASP 編號開始。我想你提到過雪地摩托可能也有助於擴大這種差距。然後顯然有一些頻道填充。我假設其中很大一部分是 ORV，1.5 億美元。我只是想確保我沒有遺漏與這種差距有關的任何關鍵組成部分。

Sure. This is Bob. I'll take that broad question in a couple of pieces here. So if you think about the quarter, and you think about retail relative to ship, we made up some ground really on the ATV side. We started shipping -- we're just starting to ship now, the new RANGER -- the new RZRs but we did make some progress on Pro R and Turbo R, getting some more inventory out there in those high-demand vehicles in the quarter. And as Mike said, we didn't make the progress we had hoped to make. And so for RANGER, shipments and retail were relatively close, made up a little bit of ground, but not a lot.

當然。這是鮑勃。我將在這里分兩部分回答這個廣泛的問題。因此，如果您考慮本季度，並考慮相對於船舶的零售，我們確實在 ATV 方面取得了一些進展。我們開始發貨——我們現在才剛剛開始發貨，新的 RANGER——新的 RZR，但我們確實在 Pro R 和 Turbo R 上取得了一些進展，在本季度為這些高需求車輛提供了更多庫存.正如邁克所說，我們沒有取得我們希望取得的進展。因此，對於 RANGER，出貨量和零售量相對接近，佔了一點點，但不是很多。

So it's -- part of it is getting better channel inventory out there, getting that out there ahead of the season, primarily on ATVs, and like I said, a little bit on RANGER. The snow was a piece of it. ASPs are another chunk. We had the -- this is the quarter where we had most of the carryover from last year. So our last price increase -- major price increase was in early Q2 of last year. So we do have more carryover on the pricing side. So the ASPs are up double digits in Off-Road and mid-single digits in On-Road and Marine.

所以它 - 它的一部分是在那裡獲得更好的頻道庫存，在賽季之前將其投放到那裡，主要是在 ATV 上，就像我說的那樣，在 RANGER 上有一點。雪是它的一部分。 ASP 是另一個大塊。我們有 - 這是我們擁有去年大部分結轉的季度。所以我們上一次提價——主要提價是在去年第二季度初。所以我們在定價方面確實有更多結轉。因此，越野車的 ASP 增長了兩位數，而公路車和海運車的 ASP 增長了中等個位數。

Okay. That's helpful. And then maybe help us navigate -- and you touched on it, Bob, like the comparisons they're -- are maybe all over the place. If we just did the math, ORVs were up 6% versus '19. I think if we were to hold that relationship on a year-over-year basis, they would be up a lot in the second quarter. I know you're not sort of guiding retail, but you guys know I know -- love a good slide. Slide 6, I think it is, where you talk about sort of Q2 retail versus historical average. What is that telling us exactly? I think it's telling us that maybe you don't expect Q2 retail to be above '19, but I just want to sort of understand, make sure I'm picking up all you guys are putting down here.

好的。這很有幫助。然後也許可以幫助我們導航——鮑勃，你提到了它，就像他們所做的比較一樣——可能無處不在。如果我們只是計算一下，ORV 比 19 年增長了 6%。我認為，如果我們要按年保持這種關係，那麼第二季度它們會增加很多。我知道你不是在指導零售，但你們知道我知道——喜歡一張好的幻燈片。我認為是幻燈片 6，您在其中談論第二季度零售與歷史平均水平的對比。這到底告訴我們什麼？我認為這在告訴我們，也許你不希望第二季度的零售量超過 19 年，但我只是想了解一下，確保我把你們在這裡放下的所有東西都撿起來了。

Well, I mean, what we were trying to get across on that slide was probably -- I mean, that trend for retail is a composite. So it was less about a specific comparison point. And I think really, the point was trying to demonstrate where we're at in terms of dealer inventory channel fill, which as you rightly pointed out, we've largely completed that, although we have pockets where we still have inventory that's probably lower than where we would like it to be, and we'll keep working that. But we're -- the point around returning to more seasonal, but we're not saying completely returning to seasonality because we have those pockets where inventory isn't where we'd like it to be. But on the other side of that, we're not ignoring the broader macro environment as we've talked about, our rec business is definitely under pressure just given it's a more discretionary purchase.

好吧，我的意思是，我們試圖在這張幻燈片上表達的可能是——我的意思是，零售業的趨勢是綜合的。所以它不是關於一個特定的比較點。而且我認為真的，關鍵是要證明我們在經銷商庫存渠道填充方面所處的位置，正如你正確指出的那樣，我們已經基本完成了這一點，儘管我們仍有一些庫存可能較低比我們希望的要好，我們會繼續努力。但是我們 - 關於回歸更多季節性的觀點，但我們並不是說完全回歸季節性，因為我們有那些庫存不在我們希望的位置的口袋。但另一方面，我們並沒有像我們所說的那樣忽視更廣泛的宏觀環境，我們的娛樂業務肯定面臨壓力，因為它是一種更隨意的購買。

So again, I don't want to steer into talking about quarterly retail because it doesn't take much to have movement between quarters and then we spend an awful lot of time trying to help people understand that. I think Q1 is a prime example that I think will help us as we get into Q2, given some of the delays we had. But at the same time, we've got another couple of months to go. And there's a lot yet to play out from a broader economic perspective.

所以，我不想轉而談論季度零售，因為季度之間的變動並不需要太多，然後我們花了很多時間來幫助人們理解這一點。我認為第一季度是一個很好的例子，我認為它會幫助我們進入第二季度，因為我們有一些延遲。但與此同時，我們還有幾個月的時間。從更廣泛的經濟角度來看，還有很多事情要做。

Got it. But just to clarify, if we were to sort of do the math of if you maintain plus 6% versus 2019. That's probably going to get us to the wrong answer or maybe not.

知道了。但需要澄清的是，如果我們要對 2019 年保持 6% 的增長進行計算。這可能會讓我們得出錯誤的答案，也可能不會。

Well, if you use the math of plus 6% to 2019 and carry that through the rest of the year, it would definitely get you to the wrong answer since we're saying we're going to be flat for 2022. And 2019 was a good (inaudible) for '22. So I don't think you can say that seasonality in '22 will be the same as it was in '19. Not to say that there's -- that, that can't happen, but to Mike's point, the year is setting up a little different, and it's still in certain segments of the market, it's still impacted by product availability, and that's going to take a while to continue to work through that.

好吧，如果你使用到 2019 年增長 6% 的數學方法並將其延續到今年餘下的時間，那肯定會讓你得出錯誤的答案，因為我們說的是 2022 年將持平。而 2019 年是22 年的好（聽不清）。所以我認為你不能說 22 年的季節性與 19 年的季節性相同。並不是說有 - 那不可能發生，但邁克的觀點是，這一年有點不同，它仍然在市場的某些部分，它仍然受到產品可用性的影響，這將會花點時間繼續解決這個問題。

So -- and there's a dynamic as Mike was, I think, also pointing out that you're seeing a higher level of utility sales relative to rec sales in 2023, relative to '22 and '19. And that season is a little bit different. Rec tends to do really well in the spring as people get ready for riding. And we're not anticipating rec to have a great year given just the macro environment. So that utility versus rec mix has that impact as well.

所以——我認為邁克也有一種動態，他還指出，與 22 年和 19 年相比，2023 年公用事業銷售水平高於推薦銷售水平。那個季節有點不同。當人們準備好騎行時，Rec 在春季往往會做得很好。鑑於宏觀環境，我們預計 rec 不會有一個偉大的一年。因此，實用程序與娛樂組合也會產生這種影響。

The next question is from Noah Zatzkin with KeyBanc.

下一個問題來自 KeyBanc 的 Noah Zatzkin。

I guess first, hoping you could provide some color on the elevated production costs you called out. and where that hit within ORV? And then somewhat relatedly, as it relates to the redesigned RZR XP product. I think you had mentioned more favorable margin dynamics related to kind of the modular approach. Just wondering if there are benefits to be thinking about this year related to that product.

我想首先，希望你能為你所說的提高生產成本提供一些顏色。以及在 ORV 中的哪個位置？然後有點相關，因為它與重新設計的 RZR XP 產品有關。我想你已經提到了與某種模塊化方法相關的更有利的保證金動態。只是想知道今年是否有與該產品相關的好處。

Well, I'll let -- Bob can get into more specifics, but in general, the way I would characterize what happened in Q1 is we largely got the units out that we were targeting. The issue is how we executed that resulted in a lot of inefficiencies. So we were still building product into rework, nowhere near the same magnitude that we've had historically because suppliers are still delivering late. Now last year and the year before, when we said a supplier was delivering late, we were talking about weeks, months, sometimes quarters. Now we're talking about days and weeks, so what that means is we're still able to get the product out, but we're not doing it in an incredibly efficient manner. And the teams are still working with that. We're narrowing it down. The number of suppliers that are late continues to come down. And as that happens, it improves our ability to get efficiency in the plant. And that really is largely what drove it, and that's going to show up obviously in our gross margin performance within the Off-Road vehicle business.

好吧，我會讓 - 鮑勃可以更具體地說明，但總的來說，我描述第一季度發生的事情的方式是我們在很大程度上得到了我們的目標單位。問題是我們如何執行導致很多效率低下。因此，我們仍在將產品構建到返工中，遠不及我們以往的規模，因為供應商仍在延遲交貨。去年和前年，當我們說供應商交貨延遲時，我們談論的是幾週、幾個月，有時是幾個季度。現在我們談論的是幾天和幾週，所以這意味著我們仍然能夠推出產品，但我們並沒有以非常有效的方式進行。團隊仍在為此努力。我們正在縮小範圍。遲到的供應商數量繼續下降。當這種情況發生時，它提高了我們提高工廠效率的能力。這確實在很大程度上推動了它的發展，這將明顯體現在我們越野車業務的毛利率表現中。

As we look forward, it's tough to say how and when those will play out. We did add that to the list of assumptions that are essentially embedded in our guidance. And obviously, we're going to continue to work that as aggressively as we can. Steve Menneto and his team are laser-focused on making sure that we're driving efficiencies in Huntsville and Monterrey as quickly as we can. It's largely dependent on how suppliers deliver to us. So we're working backwards to make sure that suppliers have everything they need to be able to deliver on time.

當我們展望未來時，很難說這些將如何以及何時發揮作用。我們確實將其添加到基本包含在我們指南中的假設列表中。顯然，我們將繼續盡可能積極地開展工作。 Steve Menneto 和他的團隊專注於確保我們盡快提高 Huntsville 和 Monterrey 的效率。這在很大程度上取決於供應商如何向我們交付。因此，我們正在逆向工作，以確保供應商擁有他們需要的一切，以便能夠按時交貨。

Yes. I think in addition to the sort of operational inefficiencies, Mike just talked about, what we saw in the quarter, steel had been trending in a positive direction as we kind of exited Q4, there's been a bump in steel prices. Probably won't be long term, but that -- any benefit from steel that we were expecting in Q1 and Q2 is sort of taken up by that change in the curve. But again, we think that will trend back towards normal. Same thing with diesel. It's coming down a little -- it's forecasted to start coming down, we haven't seen it but it's come down slower than we had anticipated. There was a little bit of benefit on the ocean-freight side. Those rates turned a bit favorable in the quarter. So some puts and takes on the rest of the cost side. But overall, it's just a little more negative than we had expected, but nothing that's going to change our full year guidance.

是的。我認為除了運營效率低下之外，邁克剛剛談到，我們在本季度看到的情況是，隨著我們退出第四季度，鋼鐵一直在朝著積極的方向發展，鋼鐵價格出現了上漲。可能不會是長期的，但是——我們在第一季度和第二季度預期的鋼鐵帶來的任何好處都會被曲線的變化所佔據。但同樣，我們認為這將趨於恢復正常。柴油也一樣。它正在下降一點——預計它會開始下降，我們還沒有看到它，但它下降的速度比我們預期的要慢。海運方面有一點好處。這些利率在本季度變得有點有利。因此，一些人承擔了剩餘的成本。但總的來說，它只是比我們預期的要消極一點，但不會改變我們的全年指導。

And then on the new RZR, so that vehicle benefits to some degree from some of the modularity work we're doing. But that project was started -- it would have been nearly -- probably 4 years ago. So it's not getting the full benefit. I wouldn't consider that to be the first product we've launched with our new philosophy. But given what Mike talked about the 100 new PG&A items and multiple models across that, having a good, better, best sort of range of product in the market, which we hadn't historically had. We do expect to see some margin benefit from it.

然後在新的 RZR 上，使車輛在某種程度上受益於我們正在進行的一些模塊化工作。但是那個項目已經開始了——差不多——可能是在 4 年前。所以它沒有得到全部好處。我不認為這是我們以新理念推出的第一款產品。但考慮到 Mike 談到的 100 種新 PG&A 產品和多種型號，我們在市場上擁有更好、更好、最好的產品系列，這是我們歷史上沒有的。我們確實希望從中看到一些利潤收益。

The next question is from David MacGregor with Longbow Research.

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

I wanted to ask about the On-Road segment. And clearly, there's been a tremendous amount of progress you made here over the past few years. But 21.4% gross margin, up 300 basis points. How much more upside is there to margins? And maybe the more important question is just how sustainable are these margins given everything that's going on, the mix, anything else?

我想問一下公路部分。很明顯，過去幾年你們在這裡取得了巨大的進步。但毛利率為 21.4%，上升 300 個基點。利潤率還有多少上漲空間？也許更重要的問題是，考慮到正在發生的一切、組合以及其他任何事情，這些利潤率的可持續性如何？

Well, I'd say a couple of things. One, we've talked about, obviously, this segment includes Indian Motorcycles, Slingshot, but also a couple of the businesses that we have over in France, Aixam and Goupil, which -- both of which have strong margin performance. So there's an element of that margin performance that those businesses continue to execute on. I wouldn't suggest that they're going to move meaningfully one way or the other.

好吧，我想說幾件事。第一，我們已經討論過，顯然，這個部分包括印度摩托車、彈弓，但也包括我們在法國、Aixam 和 Goupil 擁有的幾項業務，它們都有強勁的利潤率表現。因此，這些企業繼續執行的利潤率表現中有一個元素。我不會建議他們將以一種或另一種方式有意義地移動。

The real opportunity for us is around Indian and Slingshot. And as we've talked about the path to profitability for both of those brands is continued focus with Mike Dougherty and his team. They've made really strong progress over the past couple of years. And we expect that to be an opportunity as we go forward. And when you think about the size of those businesses and the growth opportunity for both, there's meaningful improvement that we think we can make there. It's going to play out over time. And as we've talked about in the past, we probably hadn't done a really good job with either Slingshot or Indian, these are essentially brand-new businesses that we started from scratch and it takes time to get to profitability. The team is laser-focused on that, whether that's driving efficiencies and engineering now that we've got all the products that we essentially need out.

對我們來說真正的機會是圍繞 Indian 和 Slingshot。當我們談到這兩個品牌的盈利之路時，邁克多爾蒂和他的團隊將繼續關注這一點。在過去的幾年裡，他們取得了非常大的進步。我們希望這將成為我們前進的機會。當你考慮這些業務的規模和兩者的增長機會時，我們認為我們可以在那裡做出有意義的改進。隨著時間的推移，它會發揮作用。正如我們過去所說的那樣，我們可能在 Slingshot 或 Indian 方面都做得不好，這些本質上是我們從頭開始的全新業務，需要時間才能盈利。該團隊非常專注於此，無論是提高效率還是工程設計，因為我們已經擁有了我們本質上需要的所有產品。

So that takes your initial platform investment down or continuing to drive globalization. We've got a meaningful presence in Vietnam. We look like we're going to continue to expand that for in-region motorcycle delivery. We've got a presence in Europe. Europe is our fastest-growing market for Indian and we've got assembly operations in Opole, Poland. So all those things help as we continue to grow the business, and we're really confident in our ability to continue to expand those margins.

這樣可以減少您最初的平台投資或繼續推動全球化。我們在越南的存在意義重大。我們看起來要繼續擴大區域內摩托車交付。我們在歐洲有業務。歐洲是我們增長最快的印度市場，我們在波蘭的奧波萊設有裝配廠。因此，隨著我們繼續發展業務，所有這些都會有所幫助，我們對繼續擴大這些利潤率的能力充滿信心。

Yes. It's impressive. Congratulations on the progress there. Second question, you just talked about -- today about the commercial business and the contribution to growth. I guess it's been a while since we really talked about much that. Can you just remind us in terms of the size and the profit contribution from that business?

是的。令人印象深刻。祝賀那裡取得的進展。第二個問題，你剛才談到了——今天關於商業業務和對增長的貢獻。我想我們已經有一段時間沒有真正談論過這個了。您能否就該業務的規模和利潤貢獻提醒我們？

Yes, we don't necessarily get into the size. Bob knows this business well. He used to have operating responsibility for it before we made all the changes over the past few years. It's just -- it's turned out to be a great segment for the RANGER portfolio. You've seen a press release that United Rentals came out and has bought -- ordered a bunch of the new RANGER XP kinetics. We continue to have a strong relationship with them and with several other operators in the space, and we have some really strong partner programs that help us as well. And with the amount of infrastructure and commercial development that's underway in the contracts, the order backlog looks great for this year, and we're confident this business will continue to grow for at least the next couple of years.

是的，我們不一定要進入規模。鮑勃很了解這項業務。在我們過去幾年做出所有改變之前，他曾經負責運營。事實證明，它是 RANGER 產品組合的重要組成部分。您已經看到 United Rentals 發布併購買的新聞稿 - 訂購了一堆新的 RANGER XP kinetics。我們繼續與他們以及該領域的其他幾家運營商保持著牢固的關係，並且我們有一些非常強大的合作夥伴計劃也可以幫助我們。隨著合同中正在進行的基礎設施和商業開發的數量，今年的訂單積壓看起來很棒，我們相信這項業務至少在未來幾年將繼續增長。

The next question is from Jaime Katz with Morningstar.

下一個問題來自 Morningstar 的 Jaime Katz。

I have just one quick one. One of your competitors talks quite a bit about new entrants and brand switchers and how that has supported growth for the top line. So can you guys give us a little insight into what you're seeing from your customer base, how that's evolving and what your ability is currently to sort of attract new entrants to the space or brand switchers.

我只有一個快速的。您的一位競爭對手談到了很多關於新進入者和品牌轉換者以及它們如何支持收入增長的問題。那麼，你們能否讓我們了解一下您從客戶群中看到的情況，這是如何演變的，以及您目前吸引新進入者或品牌轉換者的能力。

Yes. I think we continue to see -- it's obviously not at the levels that we had in the pandemic when new customers were in the, call it, the low to mid-70s. But new customers still represent about 60% of the incoming volume. And so we know that word-of-mouth, family members, friends taking folks out on our vehicles is a big selling point, and we continue to leverage that. But we've done a lot. In fact, the management team and I were out at one of our Polaris Adventures locations in Arizona in the last month. And it was just incredible to see the volume of people going through that particular location. It was staggering. And we're now starting to activate upon that. So building a stronger relationship with those customers to either migrate them to a Polaris Adventures Select, which is more of a subscription program or into buying a vehicle. And so we think that, that's a really good opportunity to continue to open the aperture and bring new people in.

是的。我認為我們會繼續看到——這顯然不是我們在大流行病中的水平，當時新客戶處於 70 年代低至中期。但新客戶仍佔新客戶量的 60% 左右。因此，我們知道口口相傳、家人、朋友帶大家乘坐我們的車輛出門是一個很大的賣點，我們將繼續利用這一點。但我們已經做了很多。事實上，上個月我和管理團隊去了我們在亞利桑那州的 Polaris Adventures 地點之一。看到大量的人經過那個特定的位置真是令人難以置信。這是驚人的。我們現在開始激活它。因此，與這些客戶建立更牢固的關係，將他們遷移到 Polaris Adventures Select（更像是訂閱計劃）或購買車輛。所以我們認為，這是一個繼續打開光圈並吸引新人的好機會。

We've done a lot around educating, making sure with a lot of new people coming into the category, making sure they understand how to use the vehicles, how to safely use the vehicles, how to load them on a trailer, all the different aspects associated with that. So we've tried to make that ownership experience much better than it has been. And frankly, we've done a lot of work with our dealers to really get them to up their game in terms of how they interact with the customer.

我們在教育方面做了很多工作，確保有很多新人進入該類別，確保他們了解如何使用車輛，如何安全使用車輛，如何將它們裝載到拖車上，所有不同的與之相關的方面。因此，我們努力讓擁有體驗比以往更好。坦率地說，我們已經與我們的經銷商做了很多工作，以真正讓他們在與客戶互動的方式方面提升他們的遊戲水平。

We invested heavily in our website, which we just rolled out at the beginning of the year to make it an easier experience for customers to get on and get through the basics. Someone new to the category trying to figure out what vehicle they need. Is it a 2-seat or a 4-seat? Those are all pretty challenging things, and we want to help them get that work through before they have to walk into a dealer, which can be an even more intimidating experience. We think we've done a really good job of doing that.

我們在今年年初剛剛推出的網站上投入了大量資金，目的是讓客戶更容易上手並完成基礎知識。該類別的新手試圖弄清楚他們需要什麼車輛。是2人座還是4人座？這些都是非常具有挑戰性的事情，我們希望幫助他們在不得不走進經銷商之前完成這項工作，這可能是一種更加令人生畏的體驗。我們認為我們在這方面做得非常好。

And then the last point I'd say is making sure we have vehicles that cover the spectrum. Not everybody is going to come in at the high end of the segment. So we've done a lot of work to make better, more accessible, lower-cost entry-level vehicles. And then the launch of Polaris Xchange was a big move. I mean we are the single largest source of used vehicles. And we know that, that becomes an important tool for dealers to have those used vehicles to bring people that are new into the category that may not want to spend the money you need to spend on a new RZR XP or Pro R, but getting out a used Turbo S or a Pro XP may be a good way for them to enter the brand. And now with the introduction of Polaris Xchange, that really gives the dealers a tool to get out that inventory, and it does it in a more efficient way where we're controlling it versus just sending those vehicles off to an auction.

然後我要說的最後一點是確保我們擁有覆蓋頻譜的車輛。並不是每個人都會進入該細分市場的高端。所以我們做了很多工作來製造更好、更容易獲得、成本更低的入門級車輛。然後 Polaris Xchange 的推出是一個重大舉措。我的意思是我們是最大的二手車來源。而且我們知道，這已成為經銷商擁有那些二手車的重要工具，可以將新人帶入可能不想花錢購買新 RZR XP 或 Pro R 的新類別，但要出去二手 Turbo S 或 Pro XP 可能是他們進入該品牌的好方法。現在隨著 Polaris Xchange 的推出，這確實為經銷商提供了一個工具來清理庫存，並且它以一種更有效的方式進行，我們可以控制它，而不是僅僅將這些車輛送去拍賣。

Okay. And then actually, I have one follow-up. I think there is some debt coming due later this year. Can you guys talk about whether you're thinking about renewing that, paying it down? Or does that sort of depend on what the capital allocation opportunities are?

好的。然後實際上，我有一個後續行動。我認為今年晚些時候會有一些債務到期。你們能談談你們是否正在考慮更新它，付清它嗎？或者這在某種程度上取決於資本配置機會是什麼？

Yes. So the $500 million [360] core term loan comes due late in the fourth quarter. We have rerolled that the last couple of times it's come due. Certainly, I believe that option will be available if we choose to take it. But we'll look at that as we get through the year and decide where do we think the best use of the capital is, is to either pay that off or to refinance it and use the money for CapEx, share buyback or targeted M&A. But that will unfold as the year progresses.

是的。因此，5 億美元 [360] 核心定期貸款將在第四季度末到期。我們已經重投了最後幾次它到期的時間。當然，我相信如果我們選擇接受，該選項將可用。但我們將在這一年中審視這一點，並決定我們認為資本的最佳用途在哪裡，是償還這筆資金還是對其進行再融資，並將這些資金用於資本支出、股票回購或有針對性的併購。但這將隨著時間的推移展開。

The next question is from Gerrick Johnson with BMO Capital Markets.

下一個問題來自 BMO Capital Markets 的 Gerrick Johnson。

This morning, I'd like to ask Bob. Can you quantify the floorplan interest impact? What was that contra as a percent of gross sales how did it look compared to last year? What was the change there? And maybe the same for discounts and promotions, how they impacted gross net?

今天早上，我想問鮑勃。你能量化平面圖的興趣影響嗎？與去年相比，它佔總銷售額的百分比是多少？那裡發生了什麼變化？也許折扣和促銷也一樣，它們如何影響毛淨值？

So.

所以。

Yes. So in terms of the finance side of -- the retail finance side impact last year versus this year was pretty minimal. On the wholesale side the total was, again, I'd say a few million -- about $5 million.

是的。因此，就金融方面而言——去年與今年相比，零售金融方面的影響非常小。在批發方面，總額是幾百萬——大約 500 萬美元。

Okay.

好的。

$5 million greater.

多出 500 萬美元。

Okay. All right. Great. And since we're always talking about the snowmobile shift, maybe could you quantify what the amount was that shifted from 4Q to 1Q? Would make our math a little easier.

好的。好的。偉大的。既然我們一直在談論雪地摩託的轉變，也許你能量化一下從第四季度到第一季度的轉變量是多少？會讓我們的數學更容易一點。

I would think about it in terms of a few thousand sleds.

我會用幾千個雪橇來考慮。

The next question is from Sabahat Khan with RBC.

下一個問題來自 RBC 的 Sabahat Khan。

You talked a little bit about the boats earlier. I was just hoping you could provide a little more comment on just kind of the share situation in the pontoons. And just generally speaking, how do you expect that market to evolve over the course of 2023. Do you think it is as much or less or more dependent on the macro backdrop, some perspective on maybe boats in general and specifically the pontoon side.

你之前談到了一些關於船隻的事情。我只是希望你能就浮橋的共享情況提供更多評論。一般來說，您預計該市場在 2023 年將如何發展。您認為這在很大程度上或多或少或更多地取決於宏觀背景，對一般船隻，特別是浮橋方面的一些看法。

Yes. I mean, look, I think we expect that there's probably going to be some challenges. I mean the opportunity for us was really getting inventory back up at the at the appropriate levels. Obviously, the SSI data, you can digest that, but pontoons were down in the 30% range.

是的。我的意思是，看，我認為我們預計可能會遇到一些挑戰。我的意思是我們的機會真的是在適當的水平上恢復庫存。顯然，您可以消化 SSI 數據，但浮橋下降了 30% 的範圍。

On a relative basis, I feel really good about where we're at. I mean, the work that's been done to bring Godfrey up over the last couple of years and be on a pretty consistent trajectory to gain share. The work that's been done there is now being applied to Bennington, and we saw that coming through in the March data, although there's obviously a number of states that haven't reported. We did see Bennington back in a share gain position, which was really encouraging. So we're going to run the business relative to what's going on from a broader market perspective. But I think whether it's just pontoons or even including the deck boat brand Hurricane, we're in a really good position to gain share this year, right?

相對而言，我對我們所處的位置感覺非常好。我的意思是，在過去的幾年裡，為提升戈弗雷所做的工作，並在相當一致的軌道上獲得份額。在那裡所做的工作現在正在應用於本寧頓，我們在 3 月份的數據中看到了這一點，儘管顯然有許多州沒有報告。我們確實看到 Bennington 重新回到了份額增長的位置，這確實令人鼓舞。因此，我們將從更廣闊的市場角度根據正在發生的事情來經營業務。但我認為，無論是浮橋，還是包括甲板船品牌 Hurricane，我們今年都處於獲得市場份額的有利位置，對吧？

We've lost share over the last couple of years in the Bennington brand. It's been largely at the lower end of the market. The high end of the market for us has been very strong and very strong from a share standpoint. So the opportunity is really for us to go reinvigorate some of those lower-end boats and be in a more competitive position, and we feel like we've got that laid out pretty well.

在過去的幾年裡，我們失去了 Bennington 品牌的份額。它主要處於市場的低端。從份額的角度來看，我們的高端市場一直非常強勁。因此，我們真的有機會重振一些低端船隻並處於更具競爭力的位置，我們覺得我們已經做好了準備。

Okay. Great. And then just one quick one. This graph on the right side of Slide 6. I just want to understand kind of the detail of the dealer inventory here in units. It looks like it's back about in line with kind of pre-pandemic levels. But I guess is this adjusted for sort of days inventory, I may not be reading it, right? But just thinking a higher level of sales post-pandemic, is it just dealers are thinking a lower absolute level of inventory makes sense at this point? Or how should we think about inventory in days?

好的。偉大的。然後只是一個快速的。此圖位於幻燈片 6 的右側。我只想了解此處經銷商庫存的詳細信息。看起來它又回到了大流行前的水平。但我想這是針對幾天的庫存進行了調整，我可能不會閱讀它，對吧？但只是考慮大流行後更高的銷售水平，是否只是經銷商認為此時較低的絕對庫存水平有意義？或者我們應該如何考慮天數庫存？

Yes. I mean it's tough because each of the business is in a different spot. I mean, as I mentioned, our RANGER business is still below where we think an optimal level would be. But the point that we made in the prepared remarks about the fact that relative to 2019, which is really probably the best baseline that we've got before the impact of the pandemic that inventory level is down about 20%. And broadly speaking, we see that as probably closer to optimal, meaning we don't believe we're going to have to carry near as much as we have in the past. And that's a generic statement because there's going to be some areas where you've got to carry a pretty similar level of inventory.

是的。我的意思是這很難，因為每個企業都在不同的地方。我的意思是，正如我提到的，我們的 RANGER 業務仍低於我們認為的最佳水平。但我們在準備好的評論中提出的一點是，相對於 2019 年，這可能是我們在大流行影響之前獲得的最佳基準，即庫存水平下降了約 20%。從廣義上講，我們認為這可能更接近最佳，這意味著我們不相信我們將不得不像過去那樣攜帶盡可能多的東西。這是一個通用的聲明，因為在某些區域你必須擁有非常相似的庫存水平。

But with the ability to deliver product quickly and as I mentioned around some of the presold stats, there's still going to be a desire as people walk in to want to put more of a customized touch to the vehicle. And through our factory choice offerings and with a more stable supply environment, we should be able to do that for consumers and be able to get vehicles in their hands on a relatively quicker basis than we have historically. So I think long-winded way to say that the inventory levels are going to be lower than where they were before the pandemic, and we think we're probably closer to where we should be right now.

但由於能夠快速交付產品，正如我在一些預售統計數據中提到的那樣，人們走進來時仍然會希望對車輛進行更多定制化處理。通過我們的工廠選擇產品和更穩定的供應環境，我們應該能夠為消費者做到這一點，並且能夠比以往更快地將車輛送到他們手中。因此，我認為說庫存水平將低於大流行之前的水平是冗長的說法，我們認為我們可能更接近我們現在應該達到的水平。

All right. Great. If I could maybe squeeze just quick one and just a bigger picture one. Obviously, your press release out yesterday on kind of a new electric offering. As you think about the development of that entire side of your business, is that macro dependent? Is that something you only continue if the macro holds in? Or is that something because of the longer-term opportunity you'll continue to invest in regardless of what happens with the macro backdrop here over the next, call it, 1 to 2 years?

好的。偉大的。如果我可以快速擠出一個，再擠出一個更大的圖片。顯然，您昨天發布了關於一種新電子產品的新聞稿。當您考慮業務的整個方面的發展時，這是否取決於宏觀？只有在宏保持不變的情況下，你才會繼續這樣做嗎？或者這是因為無論未來 1 到 2 年這裡的宏觀背景發生什麼，你都會繼續投資的長期機會？

Yes, I'd say my answer to this is not just specific to EV. It's strategy. I mean making sure that we're investing in the long term for this business is absolutely essential. And given the ambiguity Bob, myself and our business unit leaders are being very cautious about where we're adding costs into the business. But we're not compromising on making sure that we're pushing the strategic agenda forward, which obviously includes the investments we've got around electric. But there's a lot of other great things from a technology as well as product development standpoint that are going on. And the key for us is making sure that we're managing the business in a very surgical manner so that we're not starting and stopping and then we keep our strategy execution on a pretty consistent cadence.

是的，我會說我對此的回答不僅僅針對電動汽車。這是戰略。我的意思是確保我們對這項業務進行長期投資是絕對必要的。考慮到鮑勃的模棱兩可，我和我們的業務部門領導對我們在哪些方面增加業務成本非常謹慎。但我們並沒有妥協，以確保我們正在推動戰略議程向前發展，這顯然包括我們在電力方面的投資。但是從技術和產品開發的角度來看，還有很多其他偉大的事情正在發生。對我們來說，關鍵是確保我們以一種非常外科手術的方式管理業務，這樣我們就不會開始和停止，然後我們的戰略執行就會保持一致的節奏。

The next question is from Xian Siew with BNP Paribas.

下一個問題來自法國巴黎銀行的 Xian Siew。

Maybe just another way to think about the revalue. You mentioned approaching typical seasonality, last year, in 2Q, you mentioned ORV retail was up about 13% quarter-on-quarter, and maybe that was still held back by some limited availability -- so I guess thinking about this 2Q should -- the ramp should be steeper than last year, I guess. Is that kind of how we should think about it?

也許只是考慮重估的另一種方式。你提到接近典型的季節性，去年，在第二季度，你提到 ORV 零售量環比增長約 13%，也許這仍然受到一些有限可用性的阻礙——所以我想考慮這個第二季度應該——我想坡道應該比去年陡峭。我們應該這樣想嗎？

The ramp -- so last year, Q1 was relatively muted. We had poor -- relatively muted from both a retail -- retail was okay and shipment was tight. You really got to think about when we say it's returning to seasonality, it's not fully back to seasonality. So comparing '22 to '21, it doesn't really tell you very much because it's purely related to what we shipped kind of in the quarter ahead in the early part of that quarter, and that was all over the map from '20 through '22. So normally, Q2 would be significantly higher than Q1 because we'd be shipping rec product and the rec side of ATV, RZR, that stuff into the channel for seasonality and then it would retail in Q2 as the season starts to open. We think that's going to be a little more muted this year just given the switch between utility and rec given that rec is relatively more pressured with the current macro environment. So that changes it a little bit.

斜坡——所以去年，第一季度相對平靜。我們的零售業表現不佳——零售業相對平靜——零售業還不錯，而且出貨量很緊。當我們說它正在回歸季節性時，你真的必須考慮一下，它並沒有完全回歸季節性。因此，比較 22 年和 21 年，它並沒有真正告訴你太多，因為它純粹與我們在該季度早期的前一個季度的出貨量有關，而且從 20 年到 20 年整個地圖'22。所以通常情況下，第二季度會明顯高於第一季度，因為我們會運送 rec 產品和 ATV 的 rec 方面，RZR，這些東西會進入季節性渠道，然後隨著季節開始開放，它會在第二季度零售。我們認為，考慮到公用事業和娛樂之間的轉換，考慮到當前宏觀環境對娛樂的壓力相對更大，今年的情況會更加溫和。所以這改變了一點。

We had good retail as compared to '19, which would have been kind of a more normal season in Q1. So it's -- we're being cautious as we look at Q2, just not knowing if that was pull forward or if it's a sign of a better retail to come. So I think the ramp will not be -- I wouldn't think it would be steeper if that's how you're looking at it.

與 19 年相比，我們的零售業表現良好，19 年第一季度本來是一個更正常的季節。所以它 - 我們在看待第二季度時持謹慎態度，只是不知道這是向前推進還是預示著更好的零售業即將到來。所以我認為斜坡不會 - 如果你是這樣看的話，我認為它不會更陡峭。

Okay. Got it. And then maybe on gross margin, if you can think about it by segment, so Off-Road maybe down a bit quarter-on-quarter, but it sounds like either there's just some of these inefficiencies. So maybe a little bit more muted in Off-Road, meanwhile, On-Road was quite strong. So should we be thinking like On-Road is up and Off-Road maybe flat to down? Or how do we think about the composition of the gross margin guide?

好的。知道了。然後可能是毛利率，如果你能按細分市場考慮的話，那麼越野可能會比上一季度有所下降，但聽起來要么只是其中一些效率低下。因此，在越野中可能會更柔和一些，與此同時，在公路上卻非常強大。那麼我們是否應該這樣想，公路上是向上的，而越野是平坦的還是向下的？或者我們如何看待毛利率指南的構成？

Yes. I think the one thing to keep in mind when you think about kind of Q1 versus Q4, Q1 was while better -- while Q1 '23 was much better than Q1 '22, it was also much lower than Q4. So part of the difference in volumes, Q4 to Q1 was really the -- just the difference in the size of the quarter. And the mix was a bit different as well. Like we said, it had a bit more snow in it, snow tends to be lower margins.

是的。我認為當你考慮 Q1 和 Q4 時要記住的一件事是，Q1 雖然更好——雖然 Q1 '23 比 Q1 '22 好得多，但也比 Q4 低得多。因此，第四季度到第一季度的部分數量差異實際上是 - 只是季度規模的差異。混合也有點不同。就像我們說的，裡面有更多的雪，雪的利潤率往往較低。

So I think On-Road, Q1, Q2 last year, when we had this black paint problem. So shipments were relatively low. So those shipments will improve in Q2. Those margins, though, are lower than Off-Road. So if you think about that, that's a negative from an overall standpoint, but those margins will be -- the On-Road margins will be better. And Off-Road, we think will continue to improve through the course of the year. It will just be a little bit lumpy as we work through all the different supply chain challenges and sort of operational inefficiencies caused by those that Mike was talking about.

所以我認為去年第一季度、第二季度的路上，我們遇到了這個黑漆問題。所以出貨量相對較低。因此，這些出貨量將在第二季度有所改善。不過，這些利潤率低於越野車。所以如果你考慮一下，從整體的角度來看這是一個負面因素，但這些利潤率將會是 - 公路利潤率會更好。而越野，我們認為將在今年繼續改進。當我們解決所有不同的供應鏈挑戰和邁克所說的那些問題導致的運營效率低下時，它會有點起伏不定。

The next question is from Scott Stember with ROTH MKM.

下一個問題來自 Scott Stember 和 ROTH MKM。

Just looking at the PG&A business and particularly Off-Road, flat versus up 25% on wholegoods. In the past, a few quarters ago, maybe there were some questions asked about what could be a canary in a coal mine for retail trends and just the consumer not having as much money in their pocket to buy these units. But what do you explain the fall off, does it have anything to do with a shift away from recreation products?

只看 PG&A 業務，尤其是越野業務，持平，而 wholegoods 增長 25%。過去，幾個季度前，也許有人問過什麼是煤礦中的金絲雀零售趨勢，只是消費者口袋裡沒有那麼多錢來購買這些單位。但是你如何解釋這種下降，這與人們不再使用娛樂產品有什麼關係嗎？

No, it's primary. So retail in the quarter -- retail in Q1 was below 22%. So that's part of it. PG&A tends to float with retail as opposed to a wholesale ship. We're also seeing on the PG&A side, really on the accessory side, we're seeing a little bit of slowing of inventory shipments as dealers rightsize their inventory. Their DSOs are kind of trending back towards normal. They've been a bit elevated as we went through the pandemic just because of the lumpiness of shipments and back orders and dealers wanting to make sure they have the PG&A to attach to the units when they showed up. So as we work through that, our back orders have come down. We've seen dealers start to refocus a little bit on their DSO. We think that will -- mostly played out through the quarter but probably had a little bit of negative impact on shipments.

不，這是初級的。所以本季度的零售——第一季度的零售低於 22%。這就是其中的一部分。 PG&A 傾向於隨零售而不是批發船浮動。我們還看到在 PG&A 方面，實際上是在配件方面，我們看到隨著經銷商調整庫存，庫存出貨量有所放緩。他們的 DSO 有點回歸正常的趨勢。在我們經歷大流行病時，它們的價格有所提高，只是因為出貨量和延期交貨量大，經銷商希望確保他們在出現時有 PG&A 附加到設備上。因此，當我們解決這個問題時，我們的延期交貨訂單已經減少了。我們已經看到經銷商開始稍微重新關注他們的 DSO。我們認為這將 - 主要在本季度發揮作用，但可能對出貨量產生一些負面影響。

What we have seen is retail, the attachment rates to the units that retailed in the quarter were solid and actually trended up a bit. So we're not seeing what we would think would be sort of a canary in the coal mine, as you said, related to accessories and then parts and related work orders, all those kinds of things were all relatively solid. So not seeing anything there either. So we think that's a bit of a 1-quarter trend as the dealers sort of rightsized what they had for accessory inventory. And we expect that to return to normal growth and we expect PG&A to actually outgrow wholegoods for the year.

我們所看到的是零售，本季度零售單位的附加率穩定，實際上呈上升趨勢。所以我們沒有看到我們認為煤礦中的金絲雀，正如你所說，與配件、零件和相關工作訂單有關，所有這些事情都相對穩固。所以也沒有看到任何東西。因此，我們認為這是一個 1 季度的趨勢，因為經銷商對他們擁有的配件庫存進行了某種程度的調整。我們預計這將恢復正常增長，我們預計 PG&A 今年的實際增長將超過整體商品。

And Scott, obviously, with our RIDE COMMAND penetration, we're able to get out and at least look at the right activity for those vehicles, which we do know is up year-over-year. And as we've talked to dealers, the volume in their service shops has stayed consistent. The difference is they just don't have the backlog. They were weeks and weeks out from being able to get to somebody's vehicle. And they're -- again, it's like everything else, it's starting to return to a more normal pattern. And I think that's really probably more reflective of the fact that this whole work-from-home movement has proved to not play out as a lot of people thought 2 years ago, and people are back to work. But I would say the riding activity continues to be good and probably reflects more of a normalized pattern.

很明顯，斯科特憑藉我們的 RIDE COMMAND 滲透率，我們能夠走出去，至少看看這些車輛的正確活動，我們知道這些車輛的活動逐年增加。當我們與經銷商交談時，他們服務店的數量一直保持一致。不同之處在於他們沒有積壓。他們要等上幾週才能上別人的車。他們——再一次，就像其他一切一樣，它開始恢復到更正常的模式。而且我認為這真的可能更多地反映了這樣一個事實，即整個在家工作的運動已被證明並沒有像兩年前很多人所想的那樣發揮作用，人們又回到了工作崗位。但我會說騎行活動仍然很好，並且可能更多地反映了一種正常化的模式。

Got it. And then last question on the Marine side. The pontoon industry down high 20s, and you're talking about how, I guess, the high end that market is performing well. And the first question is, is that segment of the market actually up and the other question is what is the divergence between the low end and the high end? It seems pretty high.

知道了。然後是海軍方面的最後一個問題。浮橋行業跌至 20 多歲，我猜你說的是高端市場表現如何。第一個問題是，這部分市場是否真的在上漲，另一個問題是低端和高端之間的差異是什麼？好像挺高的

Yes. I mean we're not going to get into market share by categories, but we continue to see strong demand and backlog in the higher-end products. As we went through '22, we were very focused on that. So we really weren't shipping a lot of our kind of smaller and more entry series boats. We've got a lot of those out into the channel in kind of late Q4 and in Q1. So we expect that the season starts to kick off, we'll see that end of the market pick up. I think Marine is going to have -- from a just overall growth of the industry, I don't know everyone is expecting it to be a bit of a down year but I think we've got a good opportunity to take back share in that low end of the -- or the kind of more smaller-boat-entry-price-category end of the market where we just weren't shipping product the last couple of years through the course of the pandemic. So we don't view that as a negative. We think that will give us an opportunity to take some share back. And we'll see how that plays out.

是的。我的意思是我們不會按類別進入市場份額，但我們繼續看到高端產品的強勁需求和積壓。當我們經歷 22 年時，我們非常專注於此。所以我們真的沒有運送很多我們那種更小、更入門的系列船。在第四季度末和第一季度，我們已經有很多人進入渠道。所以我們預計這個季節開始了，我們會看到市場結束。我認為 Marine 將會有——從行業的整體增長來看，我不知道每個人都預計今年會有所下滑，但我認為我們有一個很好的機會來奪回市場份額市場的低端——或者說是那種更小的船進入價格類別的市場端，在過去的幾年裡，在大流行的過程中，我們只是沒有運送產品。所以我們不認為這是負面的。我們認為這將使我們有機會收回一些份額。我們將看看結果如何。

Your next question is from Brandon Rolle with D.A. Davidson.

你的下一個問題來自 D.A. 的 Brandon Rolle。戴維森。

I just had a quick question on market share. Would you be able to comment on your North American ORV market share exiting 1Q, where you expect it to be at the end of '23? And maybe the market share growth opportunity in 2024 and beyond, especially given some of your competitors are increasing capacity and maybe improving their inventory availability in the coming years?

我只是有一個關於市場份額的快速問題。您能否評論一下您在第一季度退出的北美 ORV 市場份額，您預計它會在 23 年底達到？也許 2024 年及以後的市場份額增長機會，特別是考慮到您的一些競爭對手正在增加產能，並可能在未來幾年提高他們的庫存可用性？

Yes. I guess what I would -- obviously, I don't want get into all the specifics, but they're increasing capacity, so are we, we have been. I don't see that as a factor in this. What I will say is that the momentum for our Off-Road business has been quite good for the past couple of quarters. And a lot of that has been driven by availability.

是的。我想我會 - 顯然，我不想了解所有細節，但他們正在增加容量，我們也是，我們一直在。我不認為這是一個因素。我要說的是，過去幾個季度我們越野業務的勢頭非常好。其中很多是由可用性驅動的。

And now we're going to add the second punch to that, which is the new products. And the receptivity to the new RZR XP, I would encourage you to look at the reviews. They've been incredibly strong. Dealers loved it. I was -- Bob and I were at the dealer meeting in Orlando when we launched that vehicle and had the opportunity to talk to dealers. And they were just ecstatic about the improvements in quality. And we have more coming this year from an Off-Road standpoint. And as I mentioned, they're what I would term category defining. So I think Polaris is back playing offense when it comes to product innovation, and you're seeing the start of that, and I have a lot of confidence in where that can take us into the future.

現在我們要添加第二個衝擊，即新產品。以及對新 RZR XP 的接受度，我鼓勵您查看評論。他們一直非常強大。經銷商喜歡它。當我們推出那輛車並有機會與經銷商交談時，我 - 鮑勃和我正在奧蘭多參加經銷商會議。他們只是對質量的提高感到欣喜若狂。從越野的角度來看，今年我們還有更多。正如我提到的，它們就是我所說的類別定義。因此，我認為北極星在產品創新方面又開始進攻了，你看到了它的開始，我對它能把我們帶向未來的方向充滿信心。

This concludes our question-and-answer session, and the conference has also now concluded. Thank you for attending today's presentation. You may now disconnect.

我們的問答環節到此結束，會議也到此結束。感謝您參加今天的演講。您現在可以斷開連接。