Polaris Inc (PII) 2023 Q3 法說會逐字稿

Good morning, and welcome to the Polaris Third Quarter 2023 Earnings Conference Call.

早上好，歡迎參加 Polaris 2023 年第三季財報電話會議。

(Operator Instructions)

（操作員說明）

Please note, this event is being recorded.

請注意，此事件正在被記錄。

I would now like to turn the conference over to J.C. Weigelt, Vice President, Investor Relations. Please go ahead.

我現在將會議交給投資者關係副總裁 J.C. Weigelt。請繼續。

Thank you, Gary, and good morning, everyone or afternoon, everyone. I'm J.C. Weigelt, Vice President of Investor Relations at Polaris. Thank you for joining us for our 2023 third quarter earnings call. We will reference a slide presentation today, which is accessible on our website at ir.polaris.com.

謝謝你，加里，大家早安，或大家下午好。我是 J.C. Weigelt，Polaris 投資者關係副總裁。感謝您參加我們的 2023 年第三季財報電話會議。今天我們將參考幻燈片演示，您可以在我們的網站 ir.polaris.com 上存取該演示文稿。

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 third quarter, our expectations for the remainder of the year and some initial thoughts on 2024, then we'll take your questions.

今天和我一起參加電話會議的是我們的執行長 Mike Speetzen；和我們的財務長鮑伯·麥克。雙方都準備了總結第三季的演講、我們對今年剩餘時間的預期以及對 2024 年的一些初步想法，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. All references to third quarter 2023 actual results and 2023 guidance 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.

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 2022 年 10-K，以了解有關風險和不確定性的更多詳細資訊。除非另有說明，所有提及 2023 年第三季實際業績和 2023 年持續經營指引的內容均按調整後的非 GAAP 基礎進行報告。請參閱簡報末尾的 Reg G 調整表，以了解 GAAP 與非 GAAP 的調整。

Now I will turn it over to Mike Speetzen. Go ahead, Mike.

現在我將把它交給 Mike Speetzen。繼續吧，麥克。

Thanks, J.C. Good morning, everyone, and thank you for joining us today. This morning, we posted third quarter results that were slightly lower than our original expectations, driven by elevated manufacturing costs and an increasingly cautious consumer environment, which resulted in lower shipments. Despite these headwinds, we posted share gains across all of our segments for the quarter, and we had record PG&A results that were bolstered by the broadest portfolio in all powersports.

謝謝，J.C. 大家早安，謝謝您今天加入我們。今天早上，我們公佈的第三季業績略低於我們最初的預期，原因是製造成本上升和消費者環境日益謹慎，導致出貨量下降。儘管存在這些不利因素，我們本季所有細分市場的份額均實現成長，並且我們在所有動力運動領域最廣泛的投資組合的推動下，取得了創紀錄的 PG&A 業績。

We also had an incredibly successful Off Road dealer meeting in July and Marine dealer meetings in August, both with positive feedback from dealers regarding our new products. We are certainly operating in a dynamic environment where we have seen declining consumer confidence given persistent inflation, coupled with even higher interest rates and rising consumer debt. We saw this impact retail more than we anticipated in the third quarter and anticipate this to continue into the fourth quarter. Additionally, dealers are taking a more conservative position given a slower retail environment and rising flooring costs associated with higher interest rates.

我們還在 7 月舉辦了一次非常成功的越野經銷商會議，在 8 月舉辦了船舶經銷商會議，兩次會議都得到了經銷商對我們新產品的積極反饋。我們當然是在一個充滿活力的環境中運作的，由於持續的通貨膨脹，加上更高的利率和不斷增加的消費者債務，我們看到消費者信心下降。我們在第三季看到這種對零售業的影響超出了我們的預期，並預計這種情況將持續到第四季。此外，鑑於零售環境放緩以及與利率上升相關的地板成本上升，經銷商採取了更保守的立場。

Despite all of this, I remain confident in our ability to excel in this environment as evidenced by our share gains in all three segments in the quarter and a very positive reaction to our recently introduced new products. Our teams continue to closely monitor the environment, and we believe our revised guidance accounts for what we know today.

儘管如此，我仍然對我們在這種環境中脫穎而出的能力充滿信心，本季度我們在所有三個細分市場的份額增長以及對我們最近推出的新產品的非常積極的反應就證明了這一點。我們的團隊繼續密切監控環境，我們相信我們修訂後的指南解釋了我們今天所知的情況。

Turning to our third quarter performance. Sales declined 4%, driven by lower shipments relative to a year ago as well as higher finance interest. If you will recall, last year, we had elevated shipping in the quarter to alleviate low dealer inventory levels and to catch up on motorcycle shipments that have been constrained earlier in the year. North American retail was up 5% in the third quarter. The promotional environment picked up a little in Q3, but still remains lower than 2019. Additionally, we believe we are successfully targeting potential customers with the right promotional offers to drive dealer traffic.

轉向我們第三季的業績。由於出貨量較上年同期減少以及融資利息增加，銷售額下降了 4%。如果您還記得，去年我們在本季度提高了發貨量，以緩解經銷商庫存水平較低的情況，並趕上今年早些時候受到限制的摩托車發貨量。第三季北美零售業成長 5%。第三季的促銷環境略有好轉，但仍低於 2019 年。此外，我們相信我們正在成功地為潛在客戶提供正確的促銷優惠，以增加經銷商流量。

While retail was generally lower than we had expected, we further strengthened our share position in each of our three segments. This included achieving the notable milestone in North America of being the #1 motorcycle company in the midsize category.

雖然零售業普遍低於我們的預期，但我們進一步加強了我們在三個細分市場中的份額地位。這包括在北美實現成為中型摩托車第一名的重要里程碑。

Margins were down due to continued headwind from foreign exchange as well as increased pressure from floorplan promotional costs, driven by higher interest rates and higher dealer inventories. Shipping volumes were also lower as we lapped a strong shipping quarter last year. Mix was another contributing factor to lower margins as we saw a slower-than-expected ramp-up in production of our premium Off Road products, including our new Polaris XPEDITION and Ranger XD. I would note that our Marine team did a good job reacting to lower demand signals early in the quarter and made required cost adjustments to protect margins.

由於匯率持續不利以及利率上升和經銷商庫存增加導致平面促銷成本壓力加大，利潤率下降。由於我們去年的運輸季度表現強勁，運輸量也有所下降。混合是另一個導致利潤率下降的因素，因為我們看到我們的優質越野產品（包括我們的新 Polaris XPEDITION 和 Ranger XD）的產量成長速度低於預期。我要指出的是，我們的海事團隊在本季度初對較低的需求訊號做出了很好的反應，並進行了必要的成本調整以保護利潤。

On the manufacturing front, we have two big themes occurring in our Off Road business. The first, which is encouraging, is that we had some of our strongest clean build days and weeks as we neared the end of the third quarter. These are days where vehicles came off the line ready to be shipped versus entering a rework process. Our teams believe they can build on the success in the fourth quarter. While this is encouraging, the later than anticipated improvements did impact our ability to get many high-demand vehicles into dealers on time.

在製造方面，我們的越野業務有兩大主題。首先，令人鼓舞的是，隨著第三季末的臨近，我們經歷了一些最強勁的清潔建造日和周。這些日子裡，車輛下線準備出貨，而不是進入返工過程。我們的團隊相信他們可以在第四季的成功基礎上再接再厲。雖然這令人鼓舞，但遲於預期的改進確實影響了我們將許多高需求車輛按時交付給經銷商的能力。

The second theme is that we continue to build at a much higher cost than we should be. The supply chain has improved quite a bit, but our ability to more cleanly and efficiently execute has not. There are several factors impacting this. Over the last few years, our plants have contended with the pandemic, labor shortages, part shortages, new production lines and facilities and in the third quarter, the complexity of the start-up of manufacturing of our new premium products. These rapid and drastic changes have brought on an inefficient cost structure and mode of operation. As we appear to be entering a slower growth time in our industry, there is no better time than now to address these inefficiencies. We've deployed key lean resources into the most troubled facilities and remain committed to a culture of continuous improvement.

第二個主題是我們繼續以遠高於應有成本的成本進行建造。供應鏈已經改善了很多，但我們更乾淨、更有效率地執行的能力卻沒有改善。有幾個因素會影響這一點。在過去的幾年裡，我們的工廠一直在應對新冠疫情、勞動力短缺、零件短缺、新生產線和設施的挑戰，而在第三季度，我們也面臨新高端產品生產啟動的複雜性。這些快速而劇烈的變化帶來了低效率的成本結構和營運模式。由於我們的產業似乎正在進入成長放緩的時期，現在正是解決這些低效率問題的最佳時機。我們已將關鍵的精益資源部署到問題最嚴重的設施中，並繼續致力於持續改善的文化。

While this is disappointing, it is very fixable, and we will show the best of Polaris' fighting spirit as we work aggressively to not just improve our performance, but to make it better than it has ever been. Execution is key here, and I believe we have the right team as well as the right strategy to remediate the situation.

雖然這令人失望，但它是可以解決的，我們將展示北極星最好的戰鬥精神，因為我們積極努力，不僅提高我們的表現，而且使其比以往任何時候都更好。執行力是關鍵，我相信我們有合適的團隊和正確的策略來糾正這種情況。

Considering these manufacturing inefficiencies and weaker-than-anticipated end markets, we're narrowing our full year sales guidance to the lower end of our previously issued range and lowering our margin and adjusted EPS guidance. Bob will provide more detail later in the call, but we plan to remain competitive and gain share in this dynamic environment while actively managing costs. Our goal is to continue to invest in the business, strengthen our operations and emerge from this stronger than we entered.

考慮到這些製造效率低下和終端市場弱於預期的情況，我們將全年銷售指引縮小到先前發布範圍的下限，並降低了利潤率和調整後的每股盈餘指引。鮑勃將在稍後的電話會議中提供更多詳細信息，但我們計劃在這個動態環境中保持競爭力並獲得份額，同時積極管理成本。我們的目標是繼續投資業務，加強我們的運營，並比我們進入時更強大。

Now let me share some thoughts related to customer trends we're seeing. We're closely watching softer retail trends that have extended into October and Off Road these trends are pointing to a cautious outlook in utility and continued weakness in recreation.

現在讓我分享一些與我們所看到的客戶趨勢相關的想法。我們正在密切關注延續到十月份的零售業疲軟趨勢，這些趨勢表明公用事業前景謹慎，娛樂業持續疲軟。

We missed our third quarter retail expectations, which was the result of weaker-than-anticipated end markets, coupled with the slower ramp-up of new product shipments and continued constraints on manufacturing our premium products. Retail continued to be strong in new and premium products. Our dealers are telling us they have sufficient inventory of base and value models and would prefer to see higher volumes of our premium NorthStar products and more of our recently launched Polaris XPEDITION and Ranger XD, which is obviously a big focus for us in the fourth quarter.

我們未能達到第三季的零售預期，這是由於終端市場弱於預期，加上新產品出貨量成長放緩以及我們的優質產品製造持續受到限制。零售業在新產品和高端產品方面持續表現強勁。我們的經銷商告訴我們，他們有足夠的基本型號和價值型號庫存，並且希望看到更多我們的優質NorthStar 產品以及我們最近推出的Polaris XPEDITION 和Ranger XD，這顯然是我們第四季度的一大焦點。

For On-Road, Q3 retail was down low teens given a slower market and difficult comps to last year when motorcycles were retailing much later, given constrained availability early in the year. I would note that our heavyweight bikes are seeing more pressure than our midsized category.

對於公路車而言，由於市場放緩且與去年相比比較困難，第三季零售額下降了十幾位數，而去年摩托車的零售時間要晚得多，因為今年年初的供應有限。我要指出的是，我們的重型自行車比我們的中型自行車面臨更大的壓力。

In Marine, softness continued and even somewhat accelerated. We are now over 90% through the selling season, and dealers seem cautious given negative headlines covering the broader market as well as elevated interest rates. Given the selling season has mostly wrapped up and the continued softness through the first three quarters of the year as well as sufficient dealer inventories, we have adjusted our Marine sales guidance downward.

在海軍陸戰隊，疲軟仍在繼續，甚至加速。目前，銷售季已完成 90% 以上，考慮到涵蓋更廣泛市場的負面新聞以及利率上升，交易商似乎持謹慎態度。鑑於銷售季節已基本結束、今年前三個季度持續疲軟以及經銷商庫存充足，我們下調了船舶銷售指引。

Pressures have mounted on our retail assumptions, but we still expect to grow retail in the fourth quarter, albeit at a slower rate than previously expected. Growth is expected to be driven by snowmobiles as well as our new products. We also have a favorable comparison in snow that should help contribute to retail growth in Q4 as we are on track this year to ship snow check units before the season begins versus much later shipments last year.

我們的零售假設面臨越來越大的壓力，但我們仍然預期第四季零售業將成長，儘管成長速度低於先前的預期。預計成長將由雪地摩托車以及我們的新產品推動。我們在雪方面也有一個有利的比較，這應該有助於促進第四季度的零售增長，因為我們今年預計在季節開始之前發貨，而去年發貨則要晚得多。

As many of you saw firsthand at our dealer meeting in July, we launched two new categories in the powersports space and could not be more excited about the opportunity ahead of us. Polaris XPEDITION, which started shipping in Q3, has seen strong demand for our premium models, and we're working hard to meet this elevated demand. In addition, feedback from early customers has been very positive. The Ranger XD is the first Extreme Duty side by side with industry-leading torque payload and towing capacity. Shipments are slated to begin in November, and dealers are telling us they have high interest and allocations to customers already established.

正如你們許多人在 7 月的經銷商會議上親眼所見，我們在動力運動領域推出了兩個新類別，並且對我們面前的機會感到非常興奮。 Polaris XPEDITION 於第三季開始出貨，我們的高階機型需求強勁，我們正在努力滿足這種不斷增長的需求。此外，早期客戶的回饋非常積極。 Ranger XD 是首款具有業界領先扭力有效負載和牽引能力的極限負載型產品。發貨預計於 11 月開始，經銷商告訴我們，他們對已經建立的客戶有很高的興趣和分配。

It's also important to remember the RZR XP launch from earlier this spring. This product has been well received by dealers and customers. Importantly, the RZR XP hits at the largest subsegment of the recreational market. It's a multi-terrain product that makes up approximately 35% of our RZR sales and our share in the multi-terrain space is over 2x our nearest competitor over the last 5 years. This is certainly a product we love having in the portfolio and should not be overlooked in our share gain strategy.

同樣重要的是要記住今年春天早些時候推出的 RZR XP。該產品得到了經銷商和客戶的一致好評。重要的是，RZR XP 瞄準了休閒市場最大的細分市場。它是一款多地形產品，約占我們 RZR 銷售額的 35%，並且在過去 5 年裡，我們在多地形領域的份額是最接近的競爭對手的 2 倍以上。這當然是我們喜歡在產品組合中擁有的產品，在我們的份額增益策略中不應被忽視。

In addition to our new vehicles, we also launched the next-generation Lock & Ride with our own new Lock & Ride MAX cargo system. The new system adds an unmatched level of adaptability and provides customers with virtually limitless configurations to best match their needs for every journey, task and activity. Lock & Ride MAX is yet another step in our industry-leading Parts, Garments and Accessory strategy where we've seen significant content increases across all product categories related to new accessory and attachment offerings.

除了新車之外，我們還推出了下一代 Lock & Ride 以及我們自己的全新 Lock & Ride MAX 貨運系統。新系統增加了無與倫比的適應性，並為客戶提供幾乎無限的配置，以最好地滿足他們對每一次旅程、任務和活動的需求。 Lock & Ride MAX 是我們業界領先的零件、服裝和配件策略的又一步，我們已經看到與新配件和配件產品相關的所有產品類別的內容顯著增加。

While they are not explicitly mentioned on the page, our On-Road and Marine segments also had incredible new product launches that reflect our continuing commitment to industry-leading innovation. It was an exciting new product year at Polaris and we believe these new products can help us gain share in the fourth quarter and into 2024.

雖然頁面上沒有明確提及，但我們的公路和船舶部門也推出了令人難以置信的新產品，這反映了我們對行業領先創新的持續承諾。對於 Polaris 來說，這是令人興奮的新產品年，我們相信這些新產品可以幫助我們在第四季度和 2024 年贏得市場份額。

We continue to be in a much healthier dealer inventory position relative to last year. Dealer inventory has improved given better production and supply chain dynamics coupled with softening demand in some markets. I would note that dealer inventory is still below 2019. As I mentioned earlier, we're continuing to evaluate and adapt our mix given current demand trends. We're putting more emphasis on prioritizing Ranger XD, Polaris XPEDITION and Ranger NorthStar lines during the fourth quarter as this is where we see the greatest demand.

與去年相比，我們的經銷商庫存狀況持續保持健康得多。由於生產和供應鏈動態改善以及一些市場需求疲軟，經銷商庫存有所改善。我要指出的是，經銷商庫存仍低於 2019 年。正如我之前提到的，我們將根據當前的需求趨勢繼續評估和調整我們的產品組合。我們在第四季度更加重視優先考慮 Ranger XD、Polaris XPEDITION 和 Ranger NorthStar 系列，因為這是我們看到需求最大的領域。

We're watching inventory levels closely and are ready to take appropriate steps necessary to manage inventory and Off Road and On Road, similar to how we pulled back production in Marine in the face of weakening demand and rising dealer inventory.

我們正在密切關注庫存水平，並準備採取適當的必要措施來管理庫存以及越野和公路，類似於我們面對需求疲軟和經銷商庫存上升而縮減船舶生產的方式。

Wrapping up my comments on the quarter. While the results are short of our expectations, we did gain share and see strong demand for our new products. We're excited to get these new products into the markets, so consumers can again experience what Polaris leads the industry and innovation. We still have work to do operationally to ensure we deliver more consistently and at a lower cost. As I said, I'm confident in the team and our ability to execute.

總結我對本季的評論。雖然結果沒有達到我們的預期，但我們確實獲得了市場份額，並且看到了對我們新產品的強勁需求。我們很高興將這些新產品推向市場，讓消費者能夠再次體驗北極星引領的產業和創新。我們在營運方面仍有工作要做，以確保我們以更低的成本提供更一致的服務。正如我所說，我對團隊和我們的執行能力充滿信心。

We'll continue to watch retail trends and are prepared to adjust our business model accordingly. We'll continue to invest in innovation and to improve our operations. The strategy we laid out last year and talked about at our Capital Markets Day in July remains unchanged, and I expect our team to deliver on all aspects of the strategy, which we believe can generate attractive returns for our shareholders.

我們將繼續關注零售趨勢，並準備相應調整我們的業務模式。我們將繼續投資於創新並改善我們的營運。我們去年制定並在 7 月資本市場日討論的策略保持不變，我希望我們的團隊能夠實現該策略的各個方面，我們相信這可以為我們的股東帶來有吸引力的回報。

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

我現在將其交給 Bob，他將總結我們第三季度的業績，並提供 2023 年剩餘時間的更多詳細信息，包括指導和預期。鮑伯？

Thanks, Mike, and good morning or afternoon to everyone on the call today. Third quarter results were driven by lower shipping volumes and higher finance interest, impacting both sales and margins. Manufacturing costs remained elevated versus expectations heading into the quarter which tempered much of the expansion opportunity. Promotions continue to be higher on a year-over-year basis given abnormally low levels last year during the third quarter.

謝謝麥克，今天與會的每個人都早安或下午好。第三季業績受到運輸量下降和融資利率上升的推動，影響了銷售額和利潤率。與進入本季的預期相比，製造成本仍然較高，這在很大程度上抑制了擴張機會。鑑於去年第三季異常低的水平，促銷活動較去年同期持續增加。

Adjusted EPS was down 17% for the quarter. Positive contribution from tax and share count was more than offset by the previously mentioned headwinds to margin as well as higher net interest expense, which was up over 60% relative to last year, primarily due to higher rates.

本季調整後每股收益下降 17%。稅收和股份數量的正面貢獻被前面提到的利潤率不利因素以及較高的淨利息支出所抵消，淨利息支出較去年增長了 60% 以上，主要是由於利率上升。

As Mike mentioned, PG&A had a record quarter for revenue as we continue to benefit from the broadest portfolio in powersports as well as new innovations such as Lock & Ride MAX that is being very well received with our new products.

正如 Mike 所提到的，PG&A 的季度收入創歷史新高，因為我們繼續受益於動力運動領域最廣泛的產品組合以及 Lock & Ride MAX 等新創新產品，我們的新產品深受好評。

In our Off Road business, revenue increased 6%, driven by strong growth in utility, snow and commercial. This was partially offset by a decline of approximately 20% in recreation. North American retail was up 5% in ORV with double-digit contributions from utility and crossover lines, which include general and the new Polaris XPEDITION. Industry data shows we took share across the ORV portfolio.

在公用事業、雪地和商業業務強勁成長的推動下，我們的越野業務收入成長了 6%。這被娛樂活動減少約 20% 部分抵消。北美零售業的 ORV 成長了 5%，公用事業和跨界產品線（包括通用和新的 Polaris XPEDITION）帶來了兩位數的貢獻。行業數據顯示我們在 ORV 產品組合中佔據了份額。

Snow season is off to a good start and what is encouraging is that we are well on track to deliver customer orders before the '23, '24 riding season begins, which was a key goal of ours this year. Margins in the quarter were pressured by foreign exchange, finance interest and unfavorable mix. Another factor, which Mike mentioned, was elevated manufacturing costs that did not subside during the quarter. We do expect share gains going forward as we pick up production of our new products and allocate promotion dollars effectively to drive customer purchase patterns. It remains an exciting time in our Off Road segment as we continue to lead with innovation and enter new spaces within the powersports market.

雪季有了一個良好的開端，令人鼓舞的是，我們正在順利地在 23、24 騎行季節開始之前交付客戶訂單，這是我們今年的關鍵目標。本季的利潤率受到外匯、金融利息和不利組合的壓力。麥克提到的另一個因素是製造成本上升，但該成本在本季並未下降。我們確實預計，隨著我們加快新產品的生產並有效分配促銷資金以推動客戶購買模式，我們的份額將繼續增長。隨著我們繼續引領創新並進入動力運動市場的新領域，這仍然是我們越野領域的一個令人興奮的時刻。

Switching to On Road. Our fifth straight quarter of motorcycle share gains was driven by our strong product portfolio and healthy inventory. During the quarter, our midsize portfolio are in the distinction of #1 market share in North America. This is another achievement in the rich history of Indian Motorcycles.

切換到“路上”。我們強大的產品組合和健康的庫存推動了我們摩托車份額連續第五個季度的成長。本季度，我們的中型投資組合在北美市佔率排名第一。這是印度摩托車悠久歷史中的另一項成就。

Our midsize bike portfolio consists of the Scout, Scout Bobber and Scout Rogue all of which have an iconic style rooted in the 120-year history of Indian motorcycles, while offering modern performance and technology to our riders. North American Indian Motorcycle retail was down low teens driven by a challenging backdrop and increased competition.

我們的中型自行車產品組合包括 Scout、Scout Bobber 和 Scout Rogue，所有這些自行車都具有植根於印度摩托車 120 年歷史的標誌性風格，同時為我們的騎士提供現代性能和技術。由於充滿挑戰的背景和日益激烈的競爭，北美印第安摩托車零售額下降了十幾歲。

On Road revenue was down 19% due to lower ship volumes given the industry softness, combined with comparing against our third quarter last year, which saw a large catch-up on motorcycles with black painted parts given production issues earlier in 2022.

由於行業疲軟，運輸量減少，公路收入下降了 19%，與去年第三季相比，由於 2022 年初出現生產問題，帶有黑色噴漆部件的摩托車大幅追趕。

On Road gross profit margin was up 335 basis points, driven by favorable product mix, partially offset by promotions driving lower net price. This marks the fifth straight quarter expanding margin over 250 basis points as the On Road team continues to deliver on its profitability plan.

在有利的產品組合的推動下，On Road 毛利率上升了 335 個基點，但部分被促銷活動導致的淨價下降所抵消。隨著 On Road 團隊繼續實現其盈利計劃，這標誌著利潤率連續第五個季度擴大超過 250 個基點。

In Marine, the industry continued to be negatively impacted by slowing consumer demand. Industry data shows the Pontoon market is down almost 10% year-to-date as customers continue to be deterred from purchasing by high interest rates. Despite these industry headwinds, our Marine portfolio did gain share in the quarter, led by Hurricane and Bennington.

在船舶領域，該行業繼續受到消費者需求放緩的負面影響。產業數據顯示，由於高利率持續阻礙客戶購買，浮橋市場今年迄今已下降近 10%。儘管存在這些行業逆風，我們的海洋產品組合在本季度確實獲得了份額，其中以颶風和本寧頓為首。

Gross profit margin was down 338 basis points given top line pressures. However, our team continues to actively manage the variable components of their cost structure to protect profits. Most of the season is behind us in Marine, and we are busy planning for 2024.

由於營收壓力，毛利率下降了 338 個基點。然而，我們的團隊繼續積極管理其成本結構的可變部分以保護利潤。 Marine 賽季的大部分時間已經過去，我們正忙著為 2024 年做計劃。

At the August dealer meeting, we launched some new value boats under the Bennington brand called the S and SV. We know dealers are closely watching inventory, and we want to support their ability to have the right boat mix. We believe the S and SV Bennington boats attract a different customer relative to our legacy portfolio, and we look forward to helping dealers broaden the options they offer to customers with more approachable pricing and features.

在 8 月的經銷商會議上，我們推出了 Bennington 品牌的一些新價值船，稱為 S 和 SV。我們知道經銷商正在密切關注庫存，我們希望支持他們擁有正確的船舶組合的能力。我們相信，與我們的傳統產品組合相比，S 和 SV Bennington 船吸引了不同的客戶，我們期待幫助經銷商以更平易近人的價格和功能擴大他們為客戶提供的選擇。

Moving to our financial position. We continue to see our balance sheet as a competitive advantage. Cash generation continues to trend favorably, and our net leverage ratio continues to be in a healthy spot at 1.7x. Our cash flow in the quarter was impacted by late quarter shipments in Off Road as well as the delayed wire transfer from our Polaris Acceptance joint venture. This pushed a normal month-end payment into early October. Absent these items, which provided strong cash inflows in the first week of October, our leverage would have been approximately 15 basis points lower.

轉向我們的財務狀況。我們繼續將我們的資產負債表視為競爭優勢。現金產生持續保持良好趨勢，我們的淨槓桿率持續保持在 1.7 倍的健康水準。我們本季的現金流量受到 Off Road 季度末出貨以及我們的 Polaris Acceptance 合資企業電匯延遲的影響。這使得正常的月末付款推遲到了十月初。如果沒有這些在 10 月第一周提供強勁現金流的項目，我們的槓桿率將會降低約 15 個基點。

We have repurchased 1.4 million shares year-to-date, and we are well ahead of our target to repurchase 10% of our outstanding shares before the end of 2026. 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.

今年迄今為止，我們已回購了 140 萬股股票，遠遠超出了 2026 年底前回購 10% 流通股的目標。我們相信，我們已經為更廣泛市場的各種情況做好了準備到2023 年，我們的資產負債表和現金產生能力。

Now let's move to guidance on our current expectations for 2023. Given what we saw in Q3 and our updated assumptions for Q4, we are slightly narrowing sales guidance towards the bottom of the previous range and bringing margin guidance down, which lowers our adjusted EPS guidance.

現在讓我們轉向對2023 年當前預期的指導。鑑於我們在第三季度看到的情況以及我們對第四季度的更新假設，我們將銷售指導略微縮小到之前範圍的底部，並下調利潤率指導，這降低了我們調整後的每股盈餘指引。

Regarding sales, we are lowering the top end of guidance and now expect sales to grow 3% to 5% this year. While we have lowered our Off Road sales expectation, which has a negative impact on mix, we still expect Off Road sales to grow in the high single digits. We are moving On Road to flat given the softness we have recently seen in the industry and moving Marine down as well given year-to-date trends. We do expect Off Road to have a sizable contribution from snow in Q4 as we remain on track to ship a significant amount of model year '24 sleds in the quarter.

關於銷售額，我們正在降低指導上限，目前預計今年銷售額將成長 3% 至 5%。雖然我們降低了越野銷售預期，這對產品組合產生了負面影響，但我們仍然預計越野銷量將以高個位數成長。鑑於我們最近看到的行業疲軟，我們將「公路」調至持平，並考慮到今年迄今為止的趨勢，將「海洋」調低。我們確實預計越野將在第四季度從雪中獲得相當大的貢獻，因為我們仍有望在本季度運送大量 24 款雪橇。

Shipments of Polaris XPEDITION and anticipated shipments of Ranger XD are also expected to have a positive impact on sales and retail. Share gains are expected to continue for Off Road as well on the back of these shipments. In line with prior expectations, net price will be a fourth quarter headwind driven by the lapping of the benefit we've seen from the price increases and a stronger promotional environment. Finance interest will also continue to be a headwind.

Polaris XPEDITION 的出貨量和 Ranger XD 的預期出貨量預計也將對銷售和零售產生正面影響。在這些出貨量的支持下，越野車的份額預計將繼續增長。與先前的預期一致，由於我們從價格上漲和更強勁的促銷環境中看到的好處的消失，淨價將成為第四季度的阻力。金融利息也將繼續成為一個阻力。

Margin guidance is being lowered given what we saw in Q3 and the trends we expect to continue into the fourth quarter. While we knew we had over 130 basis points of margin headwinds heading into the year associated with higher finance interest and FX, we had planned to overcome these macro headwinds with efficiencies on the operations side and improvement in warranty. While we have seen year-over-year benefit in these areas, they are not to the extent that we had planned.

鑑於我們在第三季度看到的情況以及我們預計將持續到第四季度的趨勢，利潤指引正在降低。雖然我們知道，由於財務利息和外匯上漲，我們在進入這一年時將面臨超過 130 個基點的利潤逆風，但我們計劃透過提高營運效率和改善保固來克服這些宏觀逆風。雖然我們在這些領域看到了同比效益，但並未達到我們計劃的程度。

On the operations side, benefit from improved logistics costs have been somewhat offset by higher plant manufacturing costs that have not subsided. While we see the typical start-up inefficiencies associated with launching major new products as temporary, they remain a headwind for Q4. Production of the Ranger XD is late relative to our initial thinking, we now expect to start shipping the product in November. As Mike mentioned, going forward, we see significant opportunity to refocus on lean principles to improve the overall efficiencies of our plants. It is also worth noting the mix benefit we are seeing in the first half of the year has gone the other direction with delays in new products and lower than previously guided Off Road sales.

在營運方面，物流成本改善的好處在一定程度上被尚未消退的工廠製造成本上升所抵消。雖然我們認為與推出主要新產品相關的典型啟動效率低下是暫時的，但它們仍然是第四季度的阻力。相對於我們最初的想法，Ranger XD 的生產較晚，我們現在預計將於 11 月開始出貨。正如麥克所提到的，展望未來，我們看到了重新關注精益原則以提高工廠整體效率的重大機會。另外值得注意的是，我們在今年上半年看到的混合效益已經走向另一個方向，新產品的延遲以及低於先前指導的越野銷售。

Operating expense dollars are expected to be sequentially flat in Q4. Therefore, the same factors that are impacting gross margin are also impacting EBITDA margin. We will continue to contain costs where we can and certainly move fast in this area. We see our markets deteriorate further.

預計第四季營運費用將持平。因此，影響毛利率的因素也會影響 EBITDA 利潤率。我們將繼續盡可能地控製成本，並且肯定會在這一領域迅速採取行動。我們看到我們的市場進一步惡化。

Adjusted EPS is now expected to be in the range of $9.60 and $10, or 8% to 4% below 2022. We are not expecting any material changes in interest expense or share count, but we are expecting our tax rate to be closer to 20% as we close out the year. For the fourth quarter, a few things to note. We expect retail to be up year-over-year in Off Road partially offset by On Road and Marine. The main driver being snowmobile ship in retail.

調整後每股盈餘目前預計在 9.60 美元至 10 美元之間，即比 2022 年低 8% 至 4%。我們預計利息支出或股票數量不會發生任何重大變化，但我們預計稅率將接近 20 % 當我們結束這一年時。對於第四季度，有幾點需要注意。我們預計越野零售額將年增，但部分被公路和海上零售額所抵消。主要推動力是零售業的雪地摩托車船。

As noted earlier, margins are expected to be down year-over-year. We have significant other cost headwinds from higher finance interest, debt interest and foreign exchange that we expect will persist.

如前所述，預計利潤率將年減。我們還面臨來自更高的財務利息、債務利息和外匯的其他重大成本阻力，我們預計這些阻力將持續存在。

In summary, there are some puts and takes in the third quarter, but our longer-term goals of driving leadership in the powersports space and delivering on our financial goals remain on track. We have work to do, and the team remains focused on the task at hand. It was encouraging to see share gains in the quarter, which we -- which are expected to continue. It was also great to see another strong quarter from our On Road team. We believe our long-term strategy can generate strong shareholder value, and our teams are working hard to make that happen.

總而言之，第三季有一些調整和調整，但我們在動力運動領域推動領導地位和實現財務目標的長期目標仍然在正軌上。我們還有工作要做，團隊仍專注於手邊的任務。看到本季的股價上漲令人鼓舞，我們預計這種情況將持續下去。很高興看到我們的 On Road 團隊又一個強勁的季度。我們相信我們的長期策略可以產生強大的股東價值，我們的團隊正在努力實現這一目標。

With that, I will turn it back over to Mike to provide some early thoughts on 2024 and summarize our call today. Go ahead, Mike.

接下來，我將把它轉交給 Mike，提供一些關於 2024 年的早期想法，並總結我們今天的電話會議。繼續吧，麥克。

Thanks, Bob. The dynamic environment I spoke about earlier is not expected to abruptly end on January 1, and thus, we need to be vigilant and agile in how we manage our business going forward. When I turn on the news, it does seem like a parade of horribles facing the consumer with higher interest rates, persistent inflation, amounting credit card debt, student loan payments returning and other significant domestic and global events. However, we are focused on adjusting and adapting to these external factors. We expect to manage production shipments and spending consistent with what we see in ongoing demand trends, and we'll stay close to our dealers.

謝謝，鮑伯。我之前談到的動態環境預計不會在 1 月 1 日突然結束，因此，我們需要在如何管理未來的業務方面保持警惕和敏捷。當我打開新聞時，消費者面臨著一系列可怕的事情：更高的利率、持續的通貨膨脹、巨額信用卡債務、學生貸款償還以及其他重大的國內和全球事件。然而，我們的重點是調整和適應這些外在因素。我們希望管理生產出貨和支出與我們所看到的持續需求趨勢保持一致，並且我們將與經銷商保持密切聯繫。

We just got started with Polaris XPEDITION and Ranger XD as next. Therefore, we expect those to be nice contributors to retail and share gains into next year. Innovation remains key to our strategy, and you should continue to expect innovative new products each year from our teams to help strengthen our leadership position in powersports. Tackling the manufacturing inefficiencies is critical to our long-term strategy to expand EBITDA margin. Thus, you should expect to hear more about this opportunity when we formally provide guidance in January.

接下來我們剛開始使用 Polaris XPEDITION 和 Ranger XD。因此，我們預計這些將成為明年零售業和股票收益的良好貢獻者。創新仍然是我們策略的關鍵，您應該繼續期待我們團隊每年推出創新的新產品，以幫助加強我們在動力運動領域的領導地位。解決製造效率低下的問題對於我們擴大 EBITDA 利潤率的長期策略至關重要。因此，當我們在一月份正式提供指導時，您應該會聽到更多有關此機會的資訊。

Part of this will help with lowering working capital through inventory management, which should result in positive cash generation. No matter what happens externally, cash remains king and we have a strong track record of investing that cash and earning high returns for our shareholders, and I do not expect this pattern to change. I strongly believe our team with focused execution could deliver a strong year with share gains and margin expansion in 2024 by focusing on innovation, improving manufacturing efficiencies and implementing smart capital allocation decisions.

其中一部分將有助於透過庫存管理降低營運資本，從而產生積極的現金。無論外部發生什麼，現金仍然是王道，我們在投資現金並為股東賺取高回報方面擁有良好的記錄，我預計這種模式不會改變。我堅信，透過專注於創新、提高製造效率和實施明智的資本配置決策，我們專注執行的團隊可以在 2024 年實現強勁的業績，實現份額成長和利潤率擴張。

Wrapping up, it was encouraging to see share gains across all three segments during the quarter and to see record results from PG&A as well as strong margin expansion in On Road. The feedback from dealers at our dealer meetings over the summer gave me renewed confidence that we are focused on the right areas to drive strong results. While we are tracking softer retail trends, we believe that we have an attractive lineup of products to enable share gains with new products as well as premium products that remain in high demand.

總而言之，令人鼓舞的是，本季所有三個細分市場的份額均有所增長，PG&A 創紀錄的業績以及 On Road 的利潤率強勁擴張。夏季經銷商會議上經銷商的回饋給了我新的信心，讓我相信我們專注於正確的領域來推動強勁的業績。雖然我們正在追蹤疲軟的零售趨勢，但我們相信我們擁有有吸引力的產品陣容，可以透過新產品以及仍然需求旺盛的優質產品來實現份額成長。

Efficiencies within manufacturing are a huge opportunity for us. And while they will not be achieved overnight, we are focused on improving them through an enhanced lean environment. We remain confident in the strategy we laid out in 2022 and with all long-term strategies, their objective is to see through good times as well as bad. With focused execution, I believe we can end the year strong and emerge stronger to continue marching towards our 2026 goals.

製造業的效率對我們來說是一個巨大的機會。雖然這些目標不會一蹴而就，但我們致力於透過增強的精實環境來改善它們。我們對 2022 年制定的策略仍然充滿信心，所有長期策略的目標都是度過好時光和壞時光。透過專注的執行，我相信我們能夠在今年結束時表現強勁，並變得更加強大，繼續朝著我們的 2026 年目標邁進。

We thank you for your continued support. And with that, I'll turn it over to Gary to open up the line for questions.

我們感謝您一直以來的支持。接下來，我會將其轉交給加里，以開放提問熱線。

(Operator Instructions)

（操作員說明）

Our first question is from Joe Altobello with Raymond James.

我們的第一個問題來自喬·阿爾托貝洛和雷蒙德·詹姆斯。

I guess, first, Mike, for you, I wanted to dive in a little bit deeper into your initial thoughts. On 2024, you did make the point that you expect the continued retail softness to extend into '24. But if you look at Q3, retail was up 5%, you expect retail growth in Q4 as well on an easy compare. So is the base case for '24 right now in terms of retail flat to up modestly? Or is -- or somewhere in that neighborhood?

我想，首先，麥克，對你來說，我想更深入地了解你最初的想法。 2024 年，您確實指出，您預計零售業將持續疲軟到 2024 年。但如果你看一下第三季度，零售業成長了 5%，那麼你預期第四季零售業也會成長，簡單比較一下。那麼，目前 24 世紀零售業持平的基本情況是否會小幅上漲？還是——或者在那個街區的某個地方？

Yes, Joe, we're still working through the first views of next year. Obviously, we saw a fair amount of change happen relatively quickly here in the third quarter. On our last call, we talked about July retail looking good. And then obviously, August and September start moving in a very different direction. So we're still working through that. I think the key point for us is that we anticipate that the pressures are going to continue. The Fed has clearly signaled that they're not going to do much on rates here for the balance of the year. We anticipate there could be other action next year. But I anticipate interest rates are going to continue to remain a headwind.

是的，喬，我們仍在研究明年的第一批意見。顯然，我們在第三季看到相當多的變化相對較快地發生。在我們上次的電話會議上，我們談到了 7 月零售業的情況。顯然，八月和九月開始朝著截然不同的方向發展。所以我們仍在努力解決這個問題。我認為對我們來說關鍵是我們預計壓力將持續下去。聯準會已明確表示，今年剩餘時間他們不會在利率上採取太多行動。我們預計明年可能還會採取其他行動。但我預計利率仍將是一個阻力。

And I think when you look at the broader macro, even though the talk of recession had come down, it's kind of bounced up just a little bit. And so we do think consumers are going to continue to have a cautious mindset given everything that's going on in the environment. That said, we do feel good about the new products. We think that's certainly going to be a tailwind as we get into next year. And given our poor performance from an efficiency and margin standpoint, even in what I'd call a flattish environment, we do anticipate that we can improve margins next year with the level of cost discipline that we've got brought back into the business here starting in the fourth quarter and we'll continue to gain momentum as we go into next year.

我認為，當你審視更廣泛的宏觀經濟時，儘管有關經濟衰退的討論已經減少，但它還是略有反彈。因此，我們確實認為，考慮到環境中發生的一切，消費者將繼續保持謹慎的心態。也就是說，我們確實對新產品感覺良好。我們認為，當我們進入明年時，這肯定會成為一股順風。鑑於我們從效率和利潤的角度來看表現不佳，即使在我所說的平坦環境中，我們確實預計明年我們可以透過我們在業務中重新引入的成本紀律水平來提高利潤率從第四季度開始，我們將在進入明年時繼續獲得動力。

Operating expenses for us have been well managed, and we'll continue to do that as we head into next year. And our guidepost is going to be dealer inventory. We're still below where we were in 2019. We're going to continue to watch that, make sure it remains at the right levels and react accordingly. So tough to call what we think next year is going to be. We need to get a couple of more months under our belt to see how things are headed for next year, and then we'll talk more in January.

我們的營運費用管理得很好，進入明年我們將繼續這樣做。我們的路標將是經銷商庫存。我們仍低於 2019 年的水平。我們將繼續關注這一情況，確保其保持在正確的水平並做出相應的反應。很難預測我們明年的情況。我們需要再花幾個月的時間來了解明年的情況，然後我們將在一月份進行更多討論。

Understood. And maybe just to kind of follow up on that. How does the softer near-term retail outlook impact your '26 targets? Does it make the path a little bit more back-end loaded than you thought back in Nashville?

明白了。也許只是為了跟進此事。近期零售前景疲軟對您的 '26 目標有何影響？它是否使路徑的後端負載比您在納許維爾想像的要多一些？

I don't think so. Clearly, the biggest headwind that we've got is really around the margins. And I'd make a couple of comments. Number one, the thing to keep in mind, and we don't use as an excuse, but between interest rates impacting our flooring costs as well as foreign exchange, we're dealing with 120 basis points of headwind right out of the gate versus when we put the targets out originally.

我不這麼認為。顯然，我們面臨的最大阻力實際上是在邊緣。我想發表幾點評論。第一，要記住的一點是，我們不會以此為藉口，但在影響我們的地板成本和外匯的利率之間，我們一開始就面臨著 120 個基點的逆風，而當我們最初提出目標時。

All that said, given the deterioration in productivity we've seen in our plants over the past year or so, we see a pretty handful opportunity. I actually look at it very positively because these are things well within our control, and we can get after that. When you look at revenue and you look at the other measures, I feel very confident about that. The margins, we've got some work to do. I think you should expect to see progress on that into '24, and I think we'll be on the right trajectory to get ourselves into that mid- to high teens EBITDA level that we committed to.

話雖如此，鑑於過去一年左右我們工廠的生產力下降，我們看到了相當多的機會。我實際上非常積極地看待它，因為這些事情都在我們的控制範圍之內，我們可以做到這一點。當你看看收入和其他指標時，我對此感到非常有信心。利潤方面，我們還有一些工作要做。我認為你應該期待在 24 年看到這方面的進展，而且我認為我們將走在正確的軌道上，讓自己達到我們承諾的中高青少年 EBITDA 水平。

The next question is from Craig Kennison with Baird.

下一個問題來自 Craig Kennison 和 Baird。

I appreciate the candid call here. I wanted to ask first about the Utility segment. That's an area that has held up better in recent quarters, but it seems to have changed recently. Maybe shed some light on that.

我很感謝這裡的坦誠通話。我想先問一下公用事業領域的情況。這個領域在近幾個季度表現較好，但最近似乎發生了變化。也許能對此有所啟發。

Yes, I'd say a couple of things, Craig. We have seen some softening in the commercial side. As we've talked about in the past, we're a top provider of equipment into big rental companies, and we have seen some pullback in hesitation as they've seen some of the commercial building projects either get delayed, pushed out or canceled. And so we have seen some of those things.

是的，我想說幾件事，克雷格。我們看到商業方面出現了一些軟化。正如我們過去談到的，我們是大型租賃公司的頂級設備供應商，我們看到了一些猶豫中的回調，因為他們看到一些商業建築項目要么被推遲、被推遲或被取消。我們已經看到了其中一些事情。

And I would tell you that we're seeing similar dynamics in that kind of the value to midline side of the market, where consumers are a little bit more sensitive to interest rates. And that certainly has impacted not only the REX space, but now has crept into the utility space. All that said, as we talked about in our prepared remarks, we continue to see a high level of interest in those premium products, things like NorthStar. Obviously, the XD hasn't hit dealer showrooms yet, but we know from talking to dealers, they're anxious to get the product on the floor and they've already got a number of customer commitments. So we continue to feel good about that high end of the market. We just see a little bit of a slowdown relative to expectations in the middle to lower end of the utility market.

我想告訴你，我們在市場中線的價值中看到了類似的動態，消費者對利率更加敏感。這當然不僅影響了 REX 領域，而且現在已經滲透到實用領域。儘管如此，正如我們在準備好的演講中談到的那樣，我們仍然看到人們對這些優質產品（例如 NorthStar）的高度興趣。顯然，XD 尚未進入經銷商展廳，但我們從與經銷商的交談中得知，他們迫切希望將產品推向市場，並且已經獲得了許多客戶的承諾。因此，我們仍然對高端市場感覺良好。我們只是看到中低端公用事業市場相對於預期略有放緩。

And then on Slide 4, you mentioned that 70% of your customers are new customers. That seems like an unusually high number. Maybe you can just tell me what that has been recently? And then what it might say about repurchase activity among your existing customers?

然後在投影片 4 上，您提到 70% 的客戶是新客戶。這似乎是一個異常高的數字。也許你可以告訴我最近發生了什麼事？那麼現有客戶的回購活動又會怎麼樣呢？

Yes. I mean it's still in the range that we've seen. I would say over the past 2 to 4 quarters, we've probably seen that number in the mid-60s, so I don't know statistically that I would say that it has moved dramatically relative to what we've seen both historically as well over the last few years. We have seen some slowdown in repurchase rates, the near-term repurchase rates, which isn't surprising given the comments that we made around the health of the consumer and just some of the other dynamics consumer has an existing vehicle. They probably are more apt to put accessories on it or let that vehicle run for another year or so until they repurchase.

是的。我的意思是它仍在我們所看到的範圍內。我想說，在過去的 2 到 4 個季度中，我們可能在 60 年代中期看到了這個數字，所以我不知道統計數據，我會說它相對於我們歷史上看到的情況發生了巨大變化。過去幾年很好。我們看到回購率、近期回購率有所放緩，考慮到我們圍繞消費者健康所做的評論以及消費者擁有現有車輛的其他一些動態，這並不奇怪。他們可能更傾向於在上面安裝配件，或讓車輛再運行一年左右，直到他們重新購買。

So we don't see anything in those numbers that has us overly concerned. As we talked about in the prepared remarks around customer dynamics, the search, the configuration builds, all those types of things remain healthy, not just versus last year, but in many cases relative to 2019. So we know there still is interest in the category, we think people are just hesitant to make the purchase right now relative to what we were expecting.

因此，我們在這些數字中沒有看到任何讓我們過度擔心的內容。正如我們在準備好的關於客戶動態、搜尋、配置建立的評論中談到的那樣，所有這些類型的事情都保持健康，不僅與去年相比，而且在許多情況下相對於2019 年。所以我們知道人們仍然對類別，我們認為人們只是在猶豫是否要立即購買，相對於我們的預期。

The next question is from Robin Farley with UBS.

下一個問題來自瑞銀集團 (UBS) 的羅賓法利 (Robin Farley)。

Great. just if we could return to the long-term targets for a moment. I know you mentioned a bunch of the changes that you still expect to come over time with the manufacturing improvement. Could you circle back to kind of your top line expectations and what you've kind of thought about with this 2026 targets and whether that's impacted by starting to see utility soften here, just how we should think about the top line part of the long term.

偉大的。如果我們能暫時回到長期目標就好了。我知道您提到了隨著時間的推移，您仍然期望隨著製造流程的改進而發生的一系列變化。您能否回過頭來談談您的頂線預期以及您對 2026 年目標的看法，以及這是否會受到公用事業軟化的影響，以及我們應該如何考慮長期的頂線部分。

Yes. Robin, I guess I'm not overly concerned about it on a couple of fronts. I mean, one, we've obviously seen strong performance even with a tepid environment, just given the mix of vehicles we've had, some of the pricing actions that have been taken, although we expect pricing obviously, to become less of a factor moving forward.

是的。羅賓，我想我在幾個方面並不過分擔心。我的意思是，一，即使在不溫不火的環境下，我們也明顯看到了強勁的表現，考慮到我們擁有的車輛組合以及已經採取的一些定價行動，儘管我們顯然預計定價將變得不那麼重要因素向前推進。

I would tell you that if you look over history, when our market slows down, it tends to come back pretty quickly. I'm not necessarily sitting here telling you, I think that happens in '24. But as I look out to '26 and I look at the mid-single-digit revenue growth that we've got out there, I'm pretty confident that over the course of the next 2 to 3 years, we're going to see the markets moving away that allow us to continue on the trajectory that we've been on thus far.

我想告訴你，如果你回顧歷史，當我們的市場放緩時，它往往會很快恢復。我不一定坐在這裡告訴你，我認為這會發生在 24 年。但當我展望 26 年時，我看到我們已經實現了中個位數的收入成長，我非常有信心在接下來的 2 到 3 年裡，我們將看到市場的變化使我們能夠繼續沿著迄今為止的軌跡前進。

Like I said, the biggest focus area for us, for me, is ensuring that we've got the inefficiencies being addressed in our factories. The margin improvement is probably the single largest opportunity that we have in front of us that we've got to get after. The teams are aligned. We've been working through everything that has to happen. We've got the right trajectory change here in the fourth quarter, and I'm confident that as we get into '24, we'll continue to see that progress.

就像我說的，對我來說，我們最關注的領域是確保我們工廠的效率低下問題得到解決。利潤率的提高可能是我們面前必須抓住的最大的機會。團隊是一致的。我們一直在努力解決所有可能發生的事情。我們在第四季度取得了正確的軌跡變化，我相信，當我們進入 24 年時，我們將繼續看到這一進展。

Great. No, that's very helpful. And maybe just one small follow-up. In terms of the market share gains, can you characterize a little bit about what might be happening in the market overall with market share shifts? There's been a lot of movement in the last 2 or 3 years. And are you seeing the consumer -- is it -- do you think that the share gain is that maybe the sort of value or entry-level customers not buying products in the way that they were of your competitors or -- and that, that part of the market isn't there and that's making other industry share numbers lower? Or is there a move to or away from premium out there in terms of market share shifts?

偉大的。不，這非常有幫助。也許只是一個小小的後續行動。就市場佔有率的成長而言，您能否描述一下隨著市場佔有率的變化，整個市場可能會發生什麼？過去兩三年發生了許多變化。你是否看到了消費者——是嗎——你認為份額收益可能是那種價值型或入門級客戶，他們不像你的競爭對手那樣購買產品，或者——而且，部分市場不存在，導致其他產業份額下降？或者就市場佔有率的變化而言，是否存在溢價的變化？

Yes. I'd say there's a couple of things. I mean, certainly, the dynamic we saw during the pandemic when some of those value players had a lot of availability and picked up some, what I'll call short-term share. That certainly has moved back the other way. Those consumers are really not in the market. They are highly sensitive to interest rates and economic conditions. And so certainly, we've seen impacts there.

是的。我想說有幾件事。當然，我的意思是，我們在大流行期間看到的動態，其中一些價值參與者有很多可用性並獲得了一些，我稱之為短期份額。這肯定已經反過​​來了。那些消費者確實不在市場上。他們對利率和經濟狀況高度敏感。當然，我們已經看到了那裡的影響。

And as we've talked about, there's a bit of a bifurcation, us and one of our other key players, both are doing well right now. And I would say that we're viewed as more premium and high performance. And I think that end of the market albeit weaker than what we expected, remains strong relative to the other segments of the market. And so I think that's a continuation of trends we've seen in the past and definitely a dynamic around some of the short-term share gains that we had back in '20 and '21 from those value players that had readily available, albeit very cheap product that consumers went after and those consumers are really not in the market anymore.

正如我們所討論的，存在一些分歧，我們和我們的其他關鍵參與者之一，現在都做得很好。我想說的是，我們被視為更優質、高效能。我認為，儘管市場末端的情況比我們預期的要弱，但相對於市場的其他部分來說仍然強勁。因此，我認為這是我們過去看到的趨勢的延續，而且絕對是圍繞我們在20 和21 年從那些隨時可用的價值參與者那裡獲得的一些短期份額收益的動態，儘管這些價值參與者非常容易獲得。消費者追求的廉價產品，而這些消費者實際上已經不在市場上了。

The next question is from Sabahat Khan with RBC.

下一個問題來自 RBC 的 Sabahat Khan。

I guess, one of your earlier comments was around couple of drivers of the lower shipments and I think you talked about kind of the lower demand, but also some manufacturing issues as well. Are you able to maybe parse out how much of each of those components kind of contributed to the guide down or the performance in the quarter across demand versus maybe kind of inability to maybe get the product into the channel. And to what extent is, I guess, mix in that composition as well?

我想，您之前的評論之一是關於出貨量下降的幾個驅動因素，我認為您談到了需求下降，但也談到了一些製造問題。您是否能夠分析這些組件中的每一個對指南的下降或本季跨需求的性能做出了多少貢獻，而不是無法將產品進入通路。我想，這種成分也混合到什麼程度呢？

Yes, complicated question. But yes, if you think about Q3, I would say that the -- in terms of shipments, the bigger impact was the timing of getting our new products out would have been the largest impact on shipments in the quarter. Certainly, then because of that, the mix is a little bit negative because those are high-margin products. And then we talked about last quarter that we thought we would see an incremental $40 million of manufacturing inefficiencies, costs related to those in the second half of the year, and most of that would be in Q3. And what we think now is that it's going to be about $70 million with most of it -- most of the $40 million in Q3 and about $30 million in Q4.

是的，複雜的問題。但是，是的，如果你考慮第三季度，我會說，就出貨量而言，更大的影響是我們新產品推出的時間將是對該季度出貨量影響最大的。當然，正因為如此，這種組合有點負面，因為這些都是高利潤產品。然後我們談到上個季度，我們認為製造效率低下將增加 4000 萬美元，與下半年相關的成本增加，其中大部分將出現在第三季度。我們現在認為，其中大部分將約為 7,000 萬美元——其中大部分是第三季的 4,000 萬美元，第四季的約 3,000 萬美元。

And really, just because of the way the accounting works, the costs we see in Q3, we incurred in Q2 and the cost we see in Q4, we incurred really in Q3 just because they get loaded into inventory. So our focus right now, as Mike has said, is driving those costs out as fast as we can so that they don't carry forward into next year and that we can get a handle on them as quickly as possible. We've taken really aggressive actions. It's really our two largest plants. They have the most complicated product sets. If you look at the rest of our plants, they're operating at the levels of efficiency, they were at pre-COVID. So we feel confident that we can get there. It's just taking longer in the large plants, but we've got a lot of resources focused on it right now.

事實上，僅僅因為會計工作的方式，我們在第三季度看到的成本，我們在第二季度發生的成本以及我們在第四季度看到的成本，我們在第三季度真正發生的成本只是因為它們被加載到庫存中。因此，正如麥克所說，我們現在的重點是盡快消除這些成本，這樣它們就不會延續到明年，我們可以盡快處理它們。我們採取了非常積極的行動。這確實是我們最大的兩個工廠。他們擁有最複雜的產品組合。如果你看看我們其他的工廠，你會發現它們的運作效率處於新冠疫情之前的水平。因此，我們對能夠實現這一目標充滿信心。只是大型工廠需要更長的時間，但我們現在有很多資源專注於此。

Okay. Great. And then I guess, as we look out to '24, and you mentioned that you're working on fixing some of these manufacturing issues. I guess, is that kind of the bigger uncertainty on '24 beyond just the consumer? Like is there some variability in your time line? Are you able to get this stuff maybe sorted before it impacts '24 in a meaningful or is that something you're still kind of to [TDC] on how quickly some of these issues can be continued? I'm just wondering what the time line to get the stuff settled is so whereas maybe the consumer might be the only variable in the outlook?

好的。偉大的。然後我想，當我們展望 24 年時，您提到您正在努力解決其中一些製造問題。我想，除了消費者之外，24 世紀還有更大的不確定性嗎？例如你的時間線是否有一些變化？您是否能夠在這些問題對 24 世紀產生有意義的影響之前對其進行排序，或者您仍然希望 [TDC] 知道其中一些問題可以多快地繼續下去？我只是想知道解決問題的時間是多少，而消費者可能是前景中唯一的變數？

Yes. No, we're -- I mean, look, we're -- clearly, I'm not happy with the performance and the issues that we encountered. That said, as I talked about in the prepared remarks, I mean, the business has continued with an awful lot in terms of the supply chain, labor disruptions, schedules moving around all that.

是的。不，我們——我的意思是，看，我們——顯然，我對我們遇到的表現和問題不滿意。也就是說，正如我在準備好的發言中談到的那樣，我的意思是，在供應鏈、勞動力中斷、時間表變化等方面，業務仍在繼續進行。

That said, as we look forward, there's really five things that have to happen: stability in the supply chain, stability and labor, stability in our production schedule, getting the new product production process nailed down and then this refocus on Lean. And what I would tell you is the supply chain has stabilized. I'm not saying that things are perfect, but I can tell you that we have worked through one of the last largest suppliers that was causing a bit of disruption even into Q3 and we're feeling better about where those things stand.

也就是說，正如我們所期待的，確實有五件事必須發生：供應鏈的穩定性、勞動力的穩定性、生產計劃的穩定性、確定新產品的生產流程，然後重新專注於精實。我要告訴你的是，供應鏈已經穩定下來。我並不是說一切都很完美，但我可以告訴你，我們已經與最後一家最大的供應商之一進行了合作，該供應商甚至在第三季度也造成了一些幹擾，我們對這些情況的狀況感覺更好了。

Labor stabilization, that presented some pretty significant challenges for us in Q2 and Q3. And we feel like we've got that largely in a better spot and the team has really put a lot behind that. I would tell you that schedule stability is improving. It helps to have a more dependable supply chain. We're getting better at our demand forecasting. Certainly, with the market slowing down, that takes some of the volatility out of the equation and allows the teams to kind of catch a breath and get that schedule set.

勞動力穩定，這給我們在第二季和第三季帶來了一些相當重大的挑戰。我們覺得我們已經在很大程度上處於更好的位置，而團隊確實為此付出了很多努力。我想告訴你的是，日程的穩定性正在改善。它有助於擁有更可靠的供應鏈。我們的需求預測越來越準確。當然，隨著市場放緩，這會消除一些波動，讓團隊可以喘口氣並製定時間表。

I feel good about the new product manufacturing on XPEDITION. We're obviously slated to start delivering XD in November, and the teams are making really good progress on that. So I feel like that one is well underway. And then really comes down to this refocusing on Lean. Now that the environment has settled down, we can start working on things within our factories like material flow that probably haven't been operating very efficiently over the past several years and we can get to work on those.

我對 XPEDITION 上的新產品製造感覺很好。我們顯然計劃在 11 月開始交付 XD，而團隊在這方面取得了非常好的進展。所以我覺得這件事正在順利進行中。然後真正歸結為重新關注精益。現在環境已經穩定下來，我們可以開始處理工廠內的事情，例如過去幾年可能運作效率不高的物料流，我們可以開始處理這些事情。

I laid all that out because it's important to understand there's a number of different things going on. Bob made the comment. It's really our two plants in Alabama and Mexico. But there's reason to believe we can get this done because we did it in Roseau with our snowmobile business. We did it in Spirit Lake, Iowa, with our motorcycle business. And as I mentioned in my prepared remarks, our September production efficiency and hitting the mark was much improved, and we've seen that continuing into October.

我列出了所有這些，因為了解正在發生的許多不同的事情很重要。鮑伯發表了評論。這實際上是我們在阿拉巴馬州和墨西哥的兩家工廠。但我們有理由相信我們能夠做到這一點，因為我們在羅索的雪地摩托車業務上做到了這一點。我們在愛荷華州的精神湖透過我們的摩托車業務做到了這一點。正如我在準備好的發言中提到的，我們 9 月的生產效率和目標得到了很大提高，並且我們看到這種情況一直持續到 10 月。

Bob mentioned it, from an accounting standpoint, cost improvements or cost inefficiencies kind of fall on a one quarter lag. So we're going to be battling a little bit of that as we get into next year, but the teams are aligned. We've got incredible Lean resources that we now have embedded in each of the two big facilities, and we're monitoring it daily. I'm briefing on it every week. So it is a big focus for us, and I'm confident the teams will get this moving in the right direction as we get into '24.

鮑伯提到，從會計的角度來看，成本改進或成本低效率有點落後四分之一。因此，進入明年我們將面臨一些挑戰，但團隊是一致的。我們擁有令人難以置信的精益資源，現在已將其嵌入到兩個大型設施中，並且我們每天都對其進行監控。我每週都會通報此事。所以這對我們來說是一個重點，我相信當我們進入 24 世紀時，團隊將朝著正確的方向發展。

Next question is from Megan Alexander with Morgan Stanley.

下一個問題來自摩根士丹利的梅根亞歷山大。

First, I just wanted to make one clarification. Bob, I think you mentioned in the prepared remarks, you lowered the Off Road guide, but still up high singles. I think Slide 12 said Off Road unchanged. So is that just a plus 7 or plus 8 nuance type of situation?

首先，我只想澄清一點。鮑勃，我想你在準備好的發言中提到，你降低了越野指南，但仍然提高了單打。我認為幻燈片 12 所說的「越野」沒有變化。那麼這只是 7 或 8 的細微差別類型的情況嗎？

Yes. We lowered the range a little bit.

是的。我們稍微降低了範圍。

Okay. Okay. And then looking at the implied fourth quarter, again, you talked about flattish volume year-over-year. You maybe have some shift that you talked about from the new products from a shipment perspective into the fourth quarter, and then you talked about retail up driven by snow. So I guess is the implication that side-by-side retail you expect to be down in the fourth quarter? And maybe can you contextualize how that compares with what you're seeing so far in October?

好的。好的。然後再看看隱含的第四季度，您再次談到銷量同比持平。您可能從發貨角度談到了新產品到第四季度的一些轉變，然後您談到了雪推動的零售成長。所以我想這是否意味著您預計第四季零售業會下降？也許您能將這與 10 月迄今為止所看到的情況進行比較嗎？

Yes. So couple of things. So if you think through shipment in Q4, relative to prior year, there's a fair amount more snow in '23 than there was in '22 because we have production problems in snow in '22 and that will all shift Q3, Q4 this year. So that's part of it from a ship standpoint, that's negative to mix though.

是的。有幾件事。因此，如果你考慮一下第四季度的發貨情況，相對於去年，23 年的降雪量比22 年要多得多，因為我們在22 年的降雪中遇到了生產問題，這將全部轉移到今年的第三季和第四季。因此，從船舶的角度來看，這是其中的一部分，但混合起來是不利的。

And then on the side by side, if you think about retail, retail will be up on side by side, it's primarily driven based on our expectations of shipments of the new XPEDITION and Ranger XD products. Those will be big contributors because they're shipping -- XPEDITION we're shipping in Q3 for retail in Q4, and then we'll continue to ship XPEDITION and we'll start shipping XDs which dealers have orders customers waiting for. And so that had all retail in the quarter, so we're not expecting side-by-side to be down. We just right now, the core part of the side-by-side market looks a little soft.

另一方面，如果你考慮零售業，零售業將並列成長，這主要是基於我們對新 XPEDITION 和 Ranger XD 產品出貨量的預期所推動的。這些將是很大的貢獻者，因為他們正在發貨- XPEDITION 我們將在第三季度發貨，以便在第四季度進行零售，然後我們將繼續發貨XPEDITION，我們將開始發貨經銷商有訂單的客戶正在等待的XD。因此，本季的所有零售業都是如此，因此我們預計零售業不會同時下降。我們現在，並排市場的核心部分看起來有點軟。

Okay. That's helpful. And then maybe a follow-up as it relates to dealer inventory levels, given those comments and some of the shipments shifting into the fourth quarter. And you talked about down 10% versus '19, one of your slides suggests history would imply that dealer inventory is flat on a quarter-over-quarter basis. So is the implication that it's actually up on a quarter-over-quarter basis? And I guess, how are you thinking about how dealer inventory end the year and what that could mean in terms of '24 sales?

好的。這很有幫助。鑑於這些評論和部分出貨量轉移到第四季度，然後可能是與經銷商庫存水準相關的後續行動。您談到與 19 年相比下降了 10%，您的一張幻燈片表明歷史表明經銷商庫存環比持平。那麼這是否意味著它實際上是環比上升的呢？我想，您如何看待年底經銷商庫存狀況以及這對 24 年銷售額意味著什麼？

Yes. I mean, dealer inventory improved sequentially. So it certainly is up in third quarter versus the second quarter. A lot of that is driven by the slowdown we've seen, and obviously, even though our production inefficiencies were there, we were able to get more product into the market.

是的。我的意思是，經銷商庫存連續改善。因此，第三季與第二季相比肯定有所上升。其中很大一部分原因是我們所看到的經濟放緩，顯然，儘管我們的生產效率低下，但我們仍能夠將更多產品推向市場。

We're targeting to have dealer inventory kind of either flat or down versus 2019 as we get to the end of the year. But we're going to watch that. Certainly, you've got dynamics around making sure that we get plenty of XD and XPEDITION, which are both under high demand as well as our NorthStar Rangers into the channel. But I wouldn't suggest that there's some substantial significant change from where we are today.

我們的目標是到年底時經銷商庫存與 2019 年持平或下降。但我們會關注這一點。當然，您會積極確保我們獲得足夠的 XD 和 XPEDITION，這兩個產品的需求量都很大，我們的 NorthStar Rangers 也進入了通路。但我不認為我們今天的情況會發生一些重大變化。

The next question is from Fred Wightman with Wolfe Research.

下一個問題來自 Wolfe Research 的 Fred Wightman。

I wanted to come back to the manufacturing inefficiency number. It sounds like that's now supposed to be $70 million versus $40 million previously. Can you just sort of help us with the sequencing of that as we carry into the first half of the year like that's something that you expect to continue, but just the relative impact on 1Q versus 2Q would be helpful.

我想回到製造效率低下的問題。聽起來現在應該是 7000 萬美元，而之前是 4000 萬美元。您能否幫助我們在今年上半年進行排序，就像您希望繼續進行的那樣，但僅了解第一季與第二季的相對影響就會有所幫助。

So the way it's flowed through this year, at the end of Q2, we thought it would be $40 million. And really most of those costs were incurred in Q2. So we knew they were going to come through in Q3, and we had expected to be able to have a big impact on them in Q3 than we did. So the Q3 sort of excess costs carried into Q4, that's about $30 million that will impact us in Q4.

因此，按照今年的流動方式，在第二季末，我們認為該金額將達到 4,000 萬美元。事實上，大部分成本都是在第二季產生的。所以我們知道他們將在第三季取得成功，我們預計能夠在第三季對他們產生比我們更大的影響。因此，第三季度的超額成本會轉移到第四季度，大約 3000 萬美元將在第四季度影響我們。

It's a little tough to say what the impact will be in Q1. We're actively working to -- because we'll -- the Q1 impact would be the cost we -- mostly the cost we incur in Q4. And so we're working actively to bring those costs out and to address those inefficiencies as Mike discussed. So I would say it's a little early to say what the impact will be in 2024, and we're not focused on '24 guidance yet, but you can count on the fact that we're working as aggressively as we can to minimize any impact going forward.

很難說第一季會產生什麼影響。我們正在積極努力——因為我們將——第一季的影響將是我們的成本——主要是我們在第四季產生的成本。因此，正如麥克所討論的，我們正在積極努力降低這些成本並解決效率低下的問題。因此，我想說，現在說 2024 年的影響還為時過早，而且我們還沒有關注 '24 指南，但您可以相信，我們正在盡可能積極地工作，以最大程度地減少任何影響對未來的影響。

Fair enough. And then there's a comment in the slides just talking about some lending metrics that were pressured. Can you just expand on what exactly you're referring to, what categories, whether it's retail or wholesale, what exactly you meant by that?

很公平。然後幻燈片中的評論只是談論了一些受到壓力的貸款指標。您能否詳細說明您所指的具體內容，哪些類別，無論是零售或批發，您的具體意義是什麼？

Really, the comment was really related to retail. And so what we saw in the quarter was really good pen rates and volumes up versus kind of prior quarters and last year. Approval rates were pretty flat relative to history, and FICO scores are actually up. The pressure is coming from increased focus on kind of debt-to-income ratios and the lenders kind of putting more focus on that versus just FICOs.

確實，這個評論確實與零售有關。因此，我們在本季看到的筆費率和交易量與前幾季和去年相比確實有所增長。與歷史相比，批准率相當平穩，而 FICO 分數實際上有所上升。壓力來自於人們對債務與收入比率的日益關注，而貸款機構則更加關注這一點，而不僅僅是 FICO。

And then also some of the smaller lenders, the credit unions and things like that, that were aggressive during the pandemic have backed off a little bit, which is good for us because we've got four lending partners who've been aggressive in the market. So there's not a lack of credit, but there's a little bit of pressure on the sort of debt to income as the banks continue to review their portfolios. We don't believe that it had impact on retail or anything like that just sort of slightly changing environment.

然後，一些在大流行期間表現激進的小型貸方、信用合作社等也有所退縮，這對我們有利，因為我們有四個在疫情期間表現激進的貸款合作夥伴。市場。因此，並非缺乏信貸，但隨著銀行繼續審查其投資組合，債務與收入之間的關係面臨一些壓力。我們認為它不會對零售業或類似的事物產生影響，只是環境略有變化。

The next question is from Tristan Thomas- Martin with BMO Capital Markets.

下一個問題來自 BMO 資本市場的 Tristan Thomas-Martin。

Just a question, given the kind of slower production ramp, are you shipping in as many Ranger XD 1500s in 4Q as you expected 3 months ago? Or is some of it going to kind of spill over into the first quarter of next year?

只是一個問題，考慮到產量增長速度較慢，您在第四季度的 Ranger XD 1500 出貨量是否與您 3 個月前的預期一樣多？或者其中一些會蔓延到明年第一季嗎？

We are not. We got off to a late start as we talked about. And so we anticipate that just pushes forward into '24.

我們不是。正如我們所討論的，我們起步較晚。因此，我們預計這種情況會持續到 24 年。

And then just kind of back to retail. I think you said flat, maybe down a little bit versus '19. If I just look at -- I think market share is down a bit, retail is trending lower, should your inventory levels to be lower? And kind of how are you thinking about what's appropriate?

然後又回到零售領域。我想你說的是持平，也許比 19 年下降了一點。如果我只是看一下——我認為市場份額有所下降，零售業呈下降趨勢，您的庫存水平是否應該降低？您如何考慮什麼是合適的？

I didn't catch the first part. Did you say market share is down?

我沒聽清楚第一部分。你說市佔率下降了？

Well, I said if I look at market share compared to '19, at least I can see your ORV market share is down. And then also retail is running lower than 2019, but if inventory is flat. I mean why is that appropriate?

好吧，我說如果我看看與 19 年相比的市場份額，至少我可以看到你們的 ORV 市場份額下降了。如果庫存持平，零售業的運作也低於 2019 年。我的意思是為什麼這是合適的？

Well, our inventory right now is down 10%. And the point I was trying to make when I answered the earlier question is, if we anticipate by the end of the year, will either be down slightly versus '19 or flat, the thing to keep in mind is we now have XPEDITION and XD shipping into the market. So if you were to adjust for those items, our inventory is definitely down versus '19 as we come out of the year, which is consistent with what we're seeing around retail performance more broadly.

嗯，我們的庫存現在下降了 10%。當我回答先前的問題時，我想表達的一點是，如果我們預計到今年年底，會比 19 年略有下降或持平，要記住的是我們現在有 XPEDITION 和 XD運送到市場。因此，如果你要對這些商品進行調整，我們的庫存肯定比 19 年有所下降，這與我們在更廣泛的零售業績方面看到的情況一致。

Next question is from David MacGregor with Longbow Research.

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

Congratulations on the progress in the On Road. It's encouraging. I wanted to ask you about the promotional programs you're seeing in the marketplace right now. If you could elaborate a little bit further, a little more detail around what you're seeing kind of the competitive behavior? And also are consumers responding to the promotions or is that maybe not so much the case right now?

祝賀On Road的進展。這是令人鼓舞的。我想詢問您目前在市場上看到的促銷計劃。您能否進一步詳細說明您所看到的競爭行為？消費者是否對促銷活動做出了反應，或者現在情況可能並非如此？

Yes. I mean the promotional environment certainly has ticked up. We look at it on a number of different measures. And overall, as a percentage of revenue, it's still down about 25% from where it was in 2019. And we've gotten much more specific around what we're doing in terms of tailored promotions directed at specific consumers as well as the interest rate buydowns.

是的。我的意思是促銷環境確實有改善。我們透過多種不同的衡量標準來看待它。總體而言，佔收入的百分比仍比 2019 年下降了約 25%。我們在針對特定消費者的客製化促銷活動以及興趣方面已經更加具體地了解了我們正在做的事情利率買入。

I think on the targeted offers, we see those picking up traction. The interest rate buydowns certainly have garnered a lot of interest. But as Bob mentioned, the banks have tightened lending standards and certainly that's creating some pressure. Obviously, it's no secret to this community that credit card debt has peaked and anybody taken on a new mortgage is obviously dealing with higher interest rates. So the banks are getting more particular about installment debt and overall debt loads, and that certainly is preventing some consumers from getting finance.

我認為在有針對性的優惠中，我們看到這些優惠正在受到關注。利率下調無疑引起了許多人的興趣。但正如鮑伯所提到的，銀行收緊了貸款標準，這當然造成了一些壓力。顯然，對於這個社區來說，信用卡債務已經達到頂峰，任何接受新抵押貸款的人顯然都在應對更高的利率，這已經不是什麼秘密了。因此，銀行對分期債務和整體債務負擔越來越嚴格，這肯定會阻礙一些消費者獲得融資。

But overall, we feel like we're putting them into the right spots, still more efficient than what we have been historically. But ultimately, it's tough to get consumers off the sidelines if they're worried about much larger issues. And we're not going to get into throwing just huge gobs of money into the marketplace. We're going to continue to be very targeted in how we drive consumers into the dealer and have it be a high-quality lead that the dealer can convert.

但總體而言，我們覺得我們正在將它們放在正確的位置，仍然比我們歷史上的效率更高。但最終，如果消費者擔心更大的問題，就很難讓他們不再觀望。我們不會向市場投入大量資金。我們將繼續非常有針對性地吸引消費者進入經銷商，並使其成為經銷商可以轉換的高品質潛在客戶。

Right. And just as a follow-up, can you just talk about what you're seeing in the used market right now and the extent to which that may be impacting your business?

正確的。作為後續行動，您能否談談您目前在二手市場上看到的情況以及這可能對您的業務產生何種程度的影響？

Yes. I mean, as we talked about, we launched Polaris Xchange. So we obviously have very good visibility into what's going on. The used market has slowed. Used prices have come down. We see that directly through the vehicles we have coming out of Polaris Adventures and through the exchange process. I would say it's normalized relative to some of the very high percentage of MSRP resale numbers that we saw back in 2021 and even into '22. And I would say it mimics more of what we're seeing in the broader new vehicle retail market. Things are just slower than they have been.

是的。我的意思是，正如我們所討論的，我們推出了 Polaris Xchange。所以我們顯然對正在發生的事情有很好的了解。二手市場已經放緩。二手價格已經下降。我們直接透過北極星探險的車輛和交換過程看到了這一點。我想說，相對於我們在 2021 年甚至 22 年看到的一些非常高的建議零售價轉售數字而言，這是正常化的。我想說它更多地模仿了我們在更廣泛的新車零售市場中看到的情況。事情只是比以前慢了而已。

The next question is from Jaime Katz with Morningstar.

下一個問題來自晨星公司的 Jaime Katz。

I was hoping you guys could articulate maybe what the differences you're seeing between the Marine buyers and the traditional powersports buyers are? I know you've spoken a bit about everybody shifting to this like premium purchasing that has been benefiting you in models. But I think in Marine, you had mentioned that you're doing some lower price point products. So I'm wondering if that's a function of just the absolute price points of both relative to like ATVs or if there is some wider addressable market or some other thing that's driving that decision?

我希望你們能闡明你們所看到的海軍陸戰隊買家和傳統動力運動買家之間的差異是什麼？我知道您已經談到了每個人都轉向這種方式，例如高級購買，這使您在模型中受益。但我認為在海洋領域，您提到您正在生產一些價格較低的產品。所以我想知道這是否只是兩者相對於全地形車的絕對價格點的函數，或者是否有更廣泛的潛在市場或其他因素推動了這一決定？

Yes. On the Marine side, Jaime, it's really kind of two things. To your point, the absolute dollar value of the boats makes the -- or exacerbates the interest rate problem. You're looking at boats that average $60,000 to $75,000 and go up as high as $300,000. So that interest rate impact is a lot more. The tenure of the financing is a lot longer. So we think that the interest rates have had a bigger impact in Marine.

是的。海梅，在海軍陸戰隊方面，這實際上是兩件事。就你的觀點而言，船隻的絕對美元價值導致或加劇了利率問題。您看到的船隻平均價格為 60,000 美元至 75,000 美元，最高可達 300,000 美元。因此，利率的影響要大得多。融資期限要長得多。所以我們認為利率對海洋業的影響更大。

We still see tremendous interest at the high end of our portfolio. But the consumer as we came through the pandemic, there really just were no kind of entry-level boats of ours or even most of our competitors available. And coming out of that with both production returning to normal, dealer inventory starting to return to normal, we felt like it was a good time to reinvigorate the entry level of our Bennington line and give another option to try to bring kind of a different consumer into the space, just given the lack of availability of those products over the last 2 to 3 years. So we think it's good timing. We think it will be a positive for the Bennington brand and will help bring that new consumer in.

我們仍然看到人們對我們投資組合的高端產品抱有極大的興趣。但是，當我們經歷大流行時，消費者實際上沒有我們的入門級船隻，甚至我們的大多數競爭對手都沒有可用的船隻。隨著生產恢復正常，經銷商庫存開始恢復正常，我們覺得現在是重振我們的貝寧頓系列入門級產品的好時機，並提供另一種選擇來嘗試吸引不同的消費者考慮到過去2 到3 年這些產品缺乏可用性，人們才進入該領域。所以我們認為這是一個很好的時機。我們認為這對貝寧頓品牌來說是正面的，並將有助於吸引新消費者。

And Jaime, the other thing I'd add is, remember, Marine is probably more directly correlated to, say, our RZR business where you got primarily vehicles that are for people to go out and enjoy the outdoors. The Utility portion of our business, even though we're obviously a little bit more cautious than we had been, that does dampen volatility because these vehicles are being used, obviously, for far more than just people going out and enjoying the outdoors. They're used to get work done. And so that certainly dampens some of what we see when we compare the two categories.

Jaime，我要補充的另一件事是，請記住，Marine 可能與我們的 RZR 業務更直接相關，在該業務中，您主要擁有供人們外出享受戶外活動的車輛。我們業務的公共事業部分，儘管我們顯然比以前更加謹慎，但這確實抑制了波動性，因為這些車輛的使用顯然不僅僅是人們外出和享受戶外活動。他們習慣於完成工作。因此，當我們比較這兩個類別時，這肯定會削弱我們所看到的某些內容。

Okay. And then any update on the debt that's about to mature in December?

好的。那麼 12 月即將到期的債務有什麼更新嗎？

Yes. So we're -- we are -- we have a Board meeting after this the next few days, and we'll be discussing with the Board what our options are and what path we want to take and we expect to get that executed certainly before the term of the 364 expires in mid-December.

是的。因此，我們將在接下來的幾天內召開董事會會議，我們將與董事會討論我們的選擇是什麼以及我們想要採取的路徑，我們希望能夠得到執行364 的期限在 12 月中旬到期之前。

The next question is from John Healy with Northcoast Research.

下一個問題來自 Northcoast Research 的 John Healy。

I just wanted to ask a question about feedback from the dealer community, largely on inventory levels. I know you mentioned that you're 10% below today and end of the year, you'll be comparable to 2019 levels. But are dealers wanting to be at 2019 levels and the thought process and some of the feedback we've gotten this morning is questions relating to with ASPs up relative to '19 and just the cost to carry that inventory. Is '19 the right way to think about where dealers want to be? Or should we be thinking about the right level of inventory for a dealer is maybe 80% or 90% of '19 levels? So just curious of what the feedback has been about where they would like to be themselves.

我只是想問一個有關經銷商社群回饋的問題，主要是關於庫存水準的問題。我知道您提到今天的水平下降了 10%，到今年年底，您將與 2019 年的水平相當。但經銷商是否希望達到 2019 年的水平，思考過程和我們今天早上收到的一些回饋是與 ASP 相對於 19 年上漲以及庫存成本相關的問題。 '19 是思考經銷商想要發展的正確方式嗎？或者我們應該考慮經銷商的正確庫存水準可能是 19 年水準的 80% 或 90%？所以只是好奇關於他們想成為自己的回饋是什麼。

Yes. I mean, we spend a lot of time working through that, obviously. And the tough part about talking about dealer inventory is we don't do it justice by talking at a high level. We're looking at this by region, by model, by submarket. And so we worked through that with our dealers in terms of the way we set our profiles in terms of stocking levels.

是的。我的意思是，顯然我們花了很多時間來解決這個問題。談論經銷商庫存的困難之處在於我們沒有透過高層討論來公正地對待它。我們正在按地區、按型號、按子市場來研究這個問題。因此，我們與經銷商一起解決了我們在庫存水準方面設定概況的問題。

We are below 2019, and that's on adjusted for the sales price dynamics basis. The key difference as we get to the end of the year is we do have two very new large platforms with XD and XPEDITION. And so when we look at the numbers, excluding that, we are at a point where the dealers are below where they were in 2019. And we think -- and I think, broadly, they agree that we're zeroing in on the right range.

我們的價格低於 2019 年，並且是根據銷售價格動態進行調整的。到了年底，關鍵的區別是我們確實擁有兩個非常新的大型平台：XD 和 XPEDITION。因此，當我們查看這些數字時，排除這一點，我們發現經銷商的業績低於 2019 年的水平。我們認為——而且我認為，總的來說，他們同意我們正在把注意力集中在右邊。範圍。

That said, we know that there's pockets. We've seen more pronounced slowdown in some of the RZR products where we've got to work with the dealers in specific regions to make sure they can move that product. That isn't anything that is abnormal. We constantly have to deal with shifting dynamics, and we're working through that with the dealers. And I think the key is we're using that as our guidepost as we move forward into '24 to make sure that we keep those inventory levels at the right level so that the dealers got the right product for the consumer, and they can manage their finances given the higher floorplanning costs.

也就是說，我們知道有口袋。我們發現一些 RZR 產品的銷售放緩更為明顯，我們必須與特定地區的經銷商合作，以確保他們能夠銷售該產品。這不是什麼不正常的事。我們經常需要應對不斷變化的動態，我們正在與經銷商一起解決這個問題。我認為關鍵是我們在進入 24 世紀時將其作為我們的路標，以確保我們將庫存水平保持在正確的水平，以便經銷商為消費者提供正確的產品，並且他們可以管理考慮到較高的佈局規劃成本，他們的財務狀況不佳。

Understood. And then just a follow-up on the snow business. Obviously, you guys are enthusiastic about what's on the horizon there. Is that more about the catching up over last year? Or are you starting to see some benefit from maybe dealers starting to shift towards you guys and maybe away from Yamaha as kind of exit the category here at some point in the not-so-distant future? And how big of an opportunity do you think that is for you guys?

明白了。然後是雪地業務的後續行動。顯然，你們對即將發生的事情充滿熱情。這更多是為了追趕去年嗎？或者你開始看到一些好處，也許經銷商開始轉向你們，也許遠離雅馬哈，在不久的將來的某個時候退出這個類別？您認為這對你們來說有多大的機會？

Yes. The Yamaha piece is small. Really, we and BRP are the two major players in the snow business. So there's certainly some business to be picked up there. But I would tell you that the reason we're optimistic about our snow business is all the work we've done over the past year, 1.5 years to get that business back on track.

是的。雅馬哈的作品很小。確實，我們和 BRP 是雪地業務的兩大參與者。所以那裡肯定有一些生意可以做。但我想告訴你，我們對我們的雪地業務感到樂觀的原因是我們在過去一年（1.5 年）中為使業務重回正軌所做的所有工作。

Part of the headwind we've got as we head into '24 is the dynamic of the fact that we were late delivering our '22 snowmobiles. So we ended up shipping a lot in the first quarter of this year. And we've made vast improvements in our ability to deliver, and we're going to have all of our SnowCheck units delivered before the end of this year. And so obviously, as we get into '25, we're going to be back on a more normalized cadence. And that obviously will present some challenges as we move forward.

當我們進入 24 年時，我們遇到的部分阻力是我們延遲交付 22 輛雪地摩托車。因此，我們在今年第一季的出貨量很大。我們的交付能力已經取得了巨大的進步，我們將在今年年底之前交付所有 SnowCheck 設備。顯然，當我們進入 25 世紀時，我們將回到更正常化的節奏。隨著我們的前進，這顯然會帶來一些挑戰。

But we're really happy with what we've been able to do in that business, both in terms of getting the production smoothed out, but also the improvements we've made in quality, the new products that, that team has ready to launch as we get into '24, has us very optimistic about that business, albeit it's a small part of the overall company, but a big part of the heritage and heart of the company. And so it's really important for us to make sure that we've got that on the right track. So we're very optimistic about where we're headed.

但我們對我們在該業務中所做的事情感到非常滿意，無論是在使生產順利進行方面，還是在質量方面所做的改進方面，該團隊已經準備好推出新產品當我們進入24 世紀時，我們對這項業務非常樂觀，儘管它只是整個公司的一小部分，但卻是公司傳統和核心的重要組成部分。因此，確保我們走在正確的軌道上對我們來說非常重要。因此，我們對未來的發展方向非常樂觀。

The next question is from Scott Stember with ROTH MKM.

下一個問題來自 ROTH MKM 的 Scott Stember。

First question on the utility side of ORV, you mentioned that the commercial side is softening a little bit. Could you maybe talk about the other side of that, whether it's agriculture or anything else that's driving that business? How is that piece holding up?

關於 ORV 實用性的第一個問題，您提到商業方面正在軟化。您能否談談另一方面，無論是農業還是其他推動該業務的因素？那塊東西撐得怎麼樣？

Yes, I would just echo the comments I made earlier. I would tell you kind of at the value to mid-range of our lineup has slowed relative to what we had seen, but the demand at the higher end, whether that's the NorthStar Ranger or the soon to be delivered Ranger XDs remains solid. So I think it speaks to the fact that category is more resilient because consumers are using that to get work done on a ranch or a farm. And we see that holding up better than we do in many of our purely recreational categories.

是的，我只是重複我之前發表的評論。我想告訴你的是，我們的產品線的中檔價值相對於我們所看到的有所放緩，但高端的需求，無論是 NorthStar Ranger 還是即將交付的 Ranger XD 仍然強勁。因此，我認為這說明了該類別更具彈性，因為消費者正在利用該類別在牧場或農場完成工作。我們發現，在許多純粹的娛樂類別中，這種情況比我們做得更好。

Yes. We talked earlier that we saw some slowing from the rental companies in the back half of the year. But the rental company -- our Rental Commercial business was still really strong for the year. As these guys got into their kind of Q4, they backed off on capital purchases, but we expect to see that start to return as we get out of the year and they get back to their new capital budgets and the road projects and chip [app] stuff and all that remains pretty strong. So we do expect to see that commercial business to be pretty solid again in '24.

是的。我們之前說過，今年下半年租賃公司的業務有所放緩。但租賃公司—我們的租賃商業業務今年仍然非常強勁。當這些人進入第四季度時，他們在資本購買方面有所退縮，但我們預計，隨著今年的結束，這種情況會開始回歸，他們會回到新的資本預算以及道路項目和晶片[應用程序] ] 東西和所有這些仍然相當強大。因此，我們確實希望看到商業業務在 24 年再次變得相當穩固。

Got it. And last question on PG&A. You talked about it being pretty strong still as we close out the year. But if you were to back out the Lock & Ride phenomena and some of the newer products on a like-for-like basis, how are you viewing the attachment rates? Are people holding off, not putting as much items into their vehicles?

知道了。最後一個問題是關於 PG&A 的。你談到，在我們結束這一年的時候，它仍然相當強勁。但是，如果您要在同類基礎上取消 Lock & Ride 現象和一些較新的產品，您如何看待附加率？人們是否猶豫不決，沒有將盡可能多的物品放入車內？

No. Well, I mean, first of all, the new Lock & Ride MAX really hasn't -- I mean, it's obviously on the new vehicles that we've got out there, but proliferation still relatively low. Obviously, that will pick up as we get into next year. Now the attachment rates have continued to climb. We've done a lot with the factory installed accessories we do, whether that's through Slingshot Design Center or the customer (inaudible) that our Off Road customers can do when they order a vehicle through the dealer.

不，我的意思是，首先，新的 Lock & Ride MAX 確實沒有——我的意思是，它顯然是在我們已經推出的新車上，但擴散仍然相對較低。顯然，隨著我們進入明年，這種情況將會有所改善。現在依戀率持續攀升。我們對工廠安裝的配件做了很多工作，無論是透過 Slingshot 設計中心還是我們的越野客戶在透過經銷商訂購車輛時可以做的客戶（聽不清楚）。

And we see that continuing to be strong, which I think speaks to the fact that people want to customize vehicles, which was a big part of our strategy. So we're optimistic they've done a lot to grow that business. And as we talked about in my prepared remarks, I mean we have the industry's leading number of attachments. And I'm really happy with what the team has done. You look at these new vehicles that have launched. The XPEDITION's launched with over 100 accessories, XD is launching with over 70 accessories. We did the same thing with our XP RZR. It really allows us to get out and get customers customizing these vehicles the way that they want to.

我們看到這種勢頭繼續強勁，我認為這說明人們想要定制車輛，這是我們策略的重要組成部分。因此，我們對他們為發展這項業務做了很多努力感到樂觀。正如我們在準備好的發言中談到的，我的意思是我們擁有業界領先的附件數量。我對團隊所做的事情感到非常滿意。你看看這些已經推出的新車。 XPEDITION 推出了 100 多種配件，XD 推出了 70 多種配件。我們對 XP RZR 做了同樣的事情。它確實讓我們能夠走出去，讓客戶按照他們想要的方式客製化這些車輛。

The next question is from James Hardiman with Citi.

下一個問題來自花旗銀行的詹姆斯哈迪曼。

First, just a quick clarification. Bob, I think you said you expected side by side to be up in the fourth quarter. Is it just side-by-side? Or do you think total ORV will be up in 4Q?

首先，快速澄清一下。鮑勃，我想你說過你預計第四季會並列上升。難道只是並排的嗎？或者您認為第四季總 ORV 會上升嗎？

I think total ORV will be up, then obviously, Off Road will be up because snow is included in Off Road.

我認為總 ORV 將會上升，那麼顯然，越野也會上升，因為越野包含了雪。

Okay. Great. And then maybe just another point of clarification. As you think about retail, I guess, ORV retail in particular, where do you think that finishes versus 2019? I'm just trying to wrap my brain around weeks on hand of inventory or inventory turns versus '19. It feels like with retail down and inventories even close to flat, that those would almost have to be more weeks on hand, fewer turns versus '19, when I think you said coming out of '19 that you were a little bit heavy.

好的。偉大的。然後也許只是另一個澄清點。當您考慮零售業時，我想，特別是 ORV 零售業，您認為與 2019 年相比，情況會如何？我只是想了解一下與 19 年相比，現有庫存週轉率或庫存週轉率。感覺零售業下降，庫存甚至接近持平，與 19 年相比，這些幾乎必須有更多周的庫存，更少的周轉，當我認為你說從 19 年出來時，你有點沉重。

Yes. So I mean, as Mike said, we think it's going to be retail be relatively flat to '19, if you look across the whole company and dealer inventory right now looks like it's going to be down if you exclude XD and XPEDITION that you'll have new channel fill on, so those weren't in the base, but in terms of major categories that we don't think have a lot of overlap.

是的。所以我的意思是，正如麥克所說，我們認為零售業將相對持平到 19 年，如果你縱觀整個公司和經銷商庫存，現在看起來如果你排除 XD 和 XPEDITION，你的庫存將會下降。將會有新的頻道填充，所以這些不在基礎中，但就主要類別而言，我們認為沒有太多重疊。

So turns are relatively consistent, like Mike said, the -- there are pockets and their pockets were light, these pockets were heavy. We're focused on that, helping the dealers where they're heavy and getting things like NorthStars where we're still light out into the channel. So we feel good about dealer inventory. We are -- it's part of the reason we took the revenue guide down a little bit is we are going to be cautious as we go through the quarter. We took out some Marine from the quarter that we wanted to make sure we stay in the right position on dealer inventory in Marine.

所以轉彎是相對一致的，就像麥克說的，有口袋，他們的口袋很輕，這些口袋很重。我們專注於這一點，在經銷商數量較多的地方為他們提供幫助，並將像 NorthStars 這樣我們在數量較少的地方引入渠道。所以我們對經銷商庫存感覺良好。我們將收入指南略微下調的部分原因是我們在本季將保持謹慎。我們從本季取出了一些海軍陸戰隊產品，希望確保我們在海軍陸戰隊經銷商庫存方面保持在正確的位置。

Same thing with On Road. It's been -- the motorcycle market. Retail has looked a little soft. So we're making sure we go into the season with the right amount of inventory. So I don't think we're heavy from a turn standpoint. Certainly, the dollars and what you probably hear from dealers is they feel the dollars. And with the price increases and the heavier mix on premium products and the interest rates, obviously, we're conscious of that, and we're working through that to try to optimize it to people. But we feel like we're in a good place on dealer inventory.

《在路上》也是如此。這是——摩托車市場。零售業看起來有些疲軟。因此，我們要確保在進入季節時擁有適量的庫存。所以我認為從轉彎的角度來看我們並不重。當然，美元，你可能從經銷商那裡聽到的是，他們感受到了美元。顯然，隨著價格的上漲以及優質產品和利率的增加，我們意識到了這一點，並且我們正在努力解決這個問題，試圖針對人們進行最佳化。但我們覺得我們在經銷商庫存方面處於有利地位。

I'm sorry, did you say you thought that full year ORV retail would be flat with '19, even after -- I think it was down 20% in the third quarter...

抱歉，您是否說過您認為全年 ORV 零售量將與 19 年持平，即使在之後 - 我認為第三季度下降了 20％...

Yes, James, we're not going to sit here and get down into the particulars, but I think overall as a company, we think will be flattish, maybe down a little bit relative to '19. And as Bob pointed out, I mean, our dealer inventory levels adjusted for the two new products to be comparable to '19 should be down as well. And so we're -- we know it's not perfect in all areas, but certainly a pretty good guidepost for us as we think about getting into '24 and how we want to start planning the business.

是的，詹姆斯，我們不會坐在這裡詳細討論細節，但我認為，作為一家公司，我們認為總體而言，我們的業績將持平，可能比 19 年有所下降。正如鮑勃指出的那樣，我的意思是，我們的經銷商庫存水準針對這兩種新產品進行了調整，與 19 年相當，也應該下降。因此，我們知道它並非在所有領域都是完美的，但當我們考慮進入 24 世紀以及我們希望如何開始規劃業務時，這對我們來說無疑是一個非常好的路標。

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 on the new category, it sounds like as you've kind of talked about before that you view them as incremental and with little overlap for the existing line. And I know it's kind of early, but are there any kind of initial indications that you're bringing in a new customer or any kind of -- is it -- whether it be like presales or anything like that?

也許在新類別上，聽起來就像您之前談到的那樣，您將它們視為增量並且與現有產品線幾乎沒有重疊。我知道現在還為時過早，但是是否有任何初步跡象表明您正在引入新客戶或任何形式——是嗎——無論是預售還是類似的事情？

Yes. We definitely -- we don't have a lot of experience yet with the XD other than what we're hearing from the dealers given we haven't delivered that. But for XPEDITION, certainly, we are pulling in folks that would have contemplated buying more of an automobile to go do the types of activities, but the XPEDITION offers them at a far more attractive price point. The ability to have a vehicle that can get them out doing the overlanding and deep woods activities that they want. So it's still early days, but we're really encouraged with what we've seen. And I'd encourage you if you get the chance, there's plenty of reviews and customer videos and things out on YouTube that I think really speak to it better than we ever could on this call.

是的。當然，除了我們從經銷商那裡聽到的消息之外，我們還沒有太多關於 XD 的經驗，因為我們還沒有交付 XD。但對於 XPEDITION，當然，我們吸引了那些會考慮購買更多汽車來進行此類活動的人們，但 XPEDITION 為他們提供了更具吸引力的價格點。擁有一輛可以讓他們出去進行他們想要的陸上和叢林深處活動的能力。所以現在還處於早期階段，但我們對所看到的情況感到非常鼓舞。如果有機會的話，我會鼓勵您，YouTube 上有大量的評論、客戶影片和內容，我認為這些內容比我們在這次電話會議上更能闡述這一點。

Yes. I think if you think about XPEDITION, right, the product we have that's most comparable as general and we've continued to see strong retail in general and no falloff there, it looks like it's -- as Mike said, it looks like it's proving out to be a somewhat different customer just a customer that wants more features would have maybe traded out of a jeep or some other type of Off Road vehicle into the XPEDITION, which obviously has a lot more capability than the general, which has a little bit of a different use case.

是的。我想，如果你考慮一下XPEDITION，對吧，我們擁有的產品與一般產品最具可比性，而且我們繼續看到總體零售強勁，並且沒有下降，看起來就像邁克說的那樣，看起來它正在證明想要成為一個有點不同的客戶，只是一個想要更多功能的客戶可能會把吉普車或其他類型的越野車換成 XPEDITION，它顯然比普通車有更多的功能，後者有一點點不同用例的。

Got it. And maybe just a follow-up. It sounds like versus we talked last time, it sounds like the value segment where it's maybe getting a little more pressure. Can you maybe just remind us the mix of value versus premium?

知道了。也許只是後續行動。聽起來與我們上次談到的相比，聽起來像是價值細分市場可能會受到更大的壓力。您能否提醒我們價值與溢價的組合？

We don't really -- I don't know that we've ever given that mix, but we've seen -- got a good growth on the premium side. Value, it's obviously units a lot lower dollars. And that pressure, like we said, is coming really, we think, from interest rates and this credit pressure on debt to income ratios because that tends to be that buyer. So...

我們並沒有——我不知道我們是否曾經提供過這種組合，但我們已經看到——在高端方面取得了良好的成長。價值，它的單位顯然要低很多美元。正如我們所說，我們認為這種壓力實際上來自利率以及債務與收入比率的信貸壓力，因為買家往往是買家。所以...

This concludes our question-and-answer session, and the conference is 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，會議也結束了。感謝您參加今天的演講。您現在可以斷開連線。