Polaris Inc (PII) 2025 Q3 法說會逐字稿

Good day, and welcome to the Polaris third quarter 2025 earnings call and webcast. (Operator Instructions) Please note this event is being recorded.

大家好，歡迎參加北極星公司2025年第三季財報電話會議和網路直播。（操作說明）請注意，本次活動正在錄影。

I would now like to turn the conference over to J.C. Weigelt. Please go ahead.

現在我將把會議交給 J.C. Weigelt 主持。請繼續。

Thank you, Chuck, 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 2025 third 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 our 2025 third quarter as well as our expectations for 2025. Then, we'll take your questions.

謝謝你，查克，大家早安/下午好。我是 J.C. Weigelt，北極星公司投資人關係副總裁。感謝您參加我們2025年第三季財報電話會議。今天我們將參考一份幻燈片演示文稿，該演示文稿可在我們的網站ir.polaris.com上存取。今天與我一起參加電話會議的有我們的執行長邁克·斯皮岑和首席財務官鮑勃·麥克。兩人都準備了發言稿，總結了我們 2025 年第三季的情況以及我們對 2025 年的預期。接下來，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 2024 10-K and other filings with the SEC for additional details regarding risks and uncertainties. All references to 2025 third quarter actual results and future period 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.

在本次電話會議中，我們將討論各種主題，這些主題應被視為 1995 年《私人證券訴訟改革法案》所指的前瞻性議題。實際結果可能與前瞻性聲明中的預測有重大差異。您可以參考我們向美國證券交易委員會提交的 2024 年 10-K 表格和其他文件，以了解更多有關風險和不確定性的詳細資訊。除非另有說明，所有提及 2025 年第三季實際業績和未來期間指引的內容均指我們持續經營的業績，並按調整後的非公認會計準則 (non-GAAP) 報告。有關 GAAP 與非 GAAP 調整，請參閱簡報結尾的 Reg G 調整表。

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

現在，我將把麥克風交給麥克‧斯皮岑。繼續吧，麥克。

Thanks, J.C. Good morning, everyone, and thank you for joining us today. As we previewed a couple of weeks ago, we delivered strong third quarter results. Sales in the quarter were $1.8 billion, driven by stronger-than-anticipated shipments to meet improved retail and a solid mix of Off-Road vehicles, especially RANGER side-by-sides. Equally important, we made a significant strategic move with the announced sale of a majority stake in Indian Motorcycle. This move allows us to sharpen our focus on our core business where we see the greatest potential for profitable growth across our portfolio.

謝謝J.C.。大家早安，感謝各位今天收看我們的節目。正如我們幾週前預告的那樣，我們取得了強勁的第三季業績。本季銷售額為 18 億美元，這得益於超出預期的出貨量以滿足零售業的改善以及越野車（尤其是 RANGER 並排式越野車）的穩健組合。同樣重要的是，我們宣佈出售印度摩托車公司的多數股權，這是一項重要的策略舉措。此舉使我們能夠更加專注於核心業務，我們認為核心業務在我們的所有業務組合中具有最大的獲利成長潛力。

From more efficient plant operations to healthy dealer inventory and improved working capital, the Polaris team is delivering results in the areas we can control. This gives me great confidence that we will move through the stage of the current economic environment. Polaris is positioned to deliver strong earnings and higher returns for shareholders.

從更有效率的工廠營運到健康的經銷商庫存和改善的營運資金，北極星團隊在我們能夠控制的領域取得了成果。這讓我非常有信心，我們能夠順利度過目前的經濟環境階段。Polaris有望帶來強勁的獲利能力和更高的股東回報。

Sales were up 7%, driven by a richer mix of shipments in the Off-Road segment and higher shipments in Marine, partially offset by increased promotions. Shipment volume and ORV were up approximately 5%, excluding Youth product. North American retail rose 9%, led by strong Off-Road performance, resulting in approximately 3 points of market share gain in ORV.

銷售額成長了 7%，這主要得益於非公路車輛出貨量組合更加豐富以及船舶出貨量增加，但部分被促銷活動的增加所抵消。不包括青少年產品，出貨量和 ORV 成長了約 5%。北美零售額成長 9%，其中越野車表現強勁，帶動越野車市佔率成長約 3 個百分點。

We led the industry by making a commitment over a year ago to reduce dealer inventory, and this last quarter marked a turning point. Dealer inventory is now down 21% year-over-year. Flooring expenses are materially lower for dealers, down over 50% in some cases, and days sales outstanding for Polaris inventory is as low as I can remember, excluding the pandemic era.

一年多前，我們率先承諾減少經銷商庫存，引領了產業發展，而上個季度標誌著一個轉捩點。經銷商庫存年減 21%。經銷商的進貨成本大幅降低，有些情況下甚至降低了 50% 以上，而且除疫情時期外，北極星庫存的銷售週轉天數也達到了我記憶中的最低水平。

Not only is our dealer inventory substantially lower, but it is also healthier with aged units and dealer inventory down approximately 60% relative to six months ago. This gives us confidence that dealers and Polaris are in a great spot to capitalize on growth and margin expansion when the market normalizes and improves.

我們的經銷商庫存不僅大幅減少，而且狀況也更好，老舊車輛減少，經銷商庫存與六個月前相比下降了約 60%。這讓我們相信，當市場恢復正常和好轉時，經銷商和北極星公司將處於有利地位，能夠抓住成長和利潤擴張的機會。

Adjusted EBITDA margin was under pressure compared to last year, driven by increased tariffs and normalized incentive comp. We continue to manage costs carefully and drive lean and operational efficiencies across our business to exceed our goal of $40 million in structural operational efficiencies this year. Some examples of these efficiencies include lower labor costs driven by lean activities that have increased efficiency and improved material flow in all areas of the plant and lower raw materials and the elimination of a warehouse in Mexico, driven by improved forecasting and demand planning as we see improved material flow.

受關稅上漲和激勵性薪酬正常化的影響，調整後的 EBITDA 利潤率與去年相比承壓。我們將繼續謹慎控製成本，並在整個業務範圍內推進精益化和營運效率提升，以期今年實現結構性營運效率提升 4000 萬美元的目標。這些效率提升的例子包括：精益活動提高了工廠各區域的效率，改善了物料流動，從而降低了勞動力成本；以及由於預測和需求計劃的改進，減少了原材料成本，並取消了在墨西哥的倉庫，因為我們看到了物料流動的改善。

These are just a couple of examples of the many improvements we've seen throughout our plant network. We're still in the early stages of lean deployment, which gives me great confidence in the efficiencies we have in front of us. Adjusted EPS came in at $0.41, driven by a strong mix and operational efficiencies, partially offset by tariffs and normalizing incentive compensation.

以上僅是我們整個工廠網路中眾多改進措施中的幾個例子。我們仍處於精實部署的早期階段，這讓我對未來所能獲得的效率提升充滿信心。經調整後的每股盈餘為 0.41 美元，主要得益於強勁的產品組合和營運效率的提高，但部分被關稅和正常化的激勵性薪酬所抵消。

As we look ahead to the remainder of the year, we're reintroducing full year 2025 guidance. We're closely monitoring consumer health indicators like unemployment, confidence, debt and discretionary spending as well as developing supply chain constraints resulting from global trade tension. Our Q4 expectations are for sales to grow sequentially. However, mix and operating expenses are expected to negatively impact sequential EPS as is increasing tariff costs. Bob will walk you through the details shortly.

展望今年剩餘時間，我們將重新發布 2025 年全年業績指引。我們正在密切關注失業率、信心、債務和可自由支配支出等消費者健康指標，以及全球貿易緊張局勢導致的供應鏈限制因素。我們預計第四季銷售額將環比成長。然而，產品組合和營運費用預計將對環比每股收益產生負面影響，不斷上漲的關稅成本也是如此。鮑伯稍後會詳細地向您介紹情況。

Looking at the details from this last quarter, retail was up 9%, led by strong growth in Polaris RANGER and crossover vehicles. As expected, Youth experienced headwinds due to our shift in production out of China. We anticipate Youth will continue to be a challenge early in Q4 as we begin to build inventory throughout the quarter and into the holiday season.

從上一季的詳細數據來看，零售額成長了 9%，這主要得益於 Polaris RANGER 和跨界車的強勁成長。正如預期的那樣，由於我們將生產轉移出中國，Youth品牌遭遇了不利影響。我們預計，隨著我們在整個季度以及假期季節開始建立庫存，青年市場在第四季度初期仍將是一個挑戰。

This summer, we reintroduced the Polaris factory authorized clearance program for the first time since 2019. It was a success with dealers and customers, driving growth without significantly increasing promotional spend. FAC was a powerful marketing tool that successfully reengaged customers and drove increased dealership visits, which resulted in a significant drawdown in our non-current dealer inventory. On-Road was down mid-single digits as we lapped a strong comp with the launch of the new Indian Scout motorcycle in 2024. Within Marine, pontoon retail in the quarter was down low double digits compared to last year.

今年夏天，我們自 2019 年以來首次重新推出了 Polaris 工廠授權清倉計畫。該舉措獲得了經銷商和客戶的認可，在不大幅增加促銷支出的情況下推動了業務成長。FAC 是一種強大的行銷工具，它成功地重新吸引了客戶，並推動了經銷商訪問量的增加，從而大幅減少了我們經銷商的非當期庫存。由於 2024 年新款 Indian Scout 摩托車的推出，我們面臨著強勁的競爭對手，因此公路銷量下降了個位數百分比。在船舶用品領域，本季浮筒零售額與去年同期相比下降了兩位數。

We gained share across Off-Road and On-Road in the quarter. Within our Off-Road utility segment, our family of RANGER side-by-sides continue to grow and take share with the broadest offering of vehicles in the utility side-by-side category. From the all-new Polaris RANGER 500 to the extreme duty Polaris RANGER 1500 XD, we have continued to create and redefine the category that remains unmatched by our competitors.

本季我們在越野和公路市場的市佔率均有所成長。在我們的越野多用途車領域，我們的 RANGER 系列並排式全地形車不斷壯大，並憑藉在多用途並排式全地形車類別中最廣泛的產品系列佔據市場份額。從全新的 Polaris RANGER 500 到超重型 Polaris RANGER 1500 XD，我們不斷創造和重新定義這個類別，至今仍是競爭對手無法匹敵的。

Despite recent product launches from our competitors, the Polaris 1500 XD continues to be the highest performing utility side-by-side in the market. Why does this matter? Because our leadership and product allows us to take over 5 points of market share this quarter in the utility side-by-side segment, which is the largest category of vehicles in the ORV industry.

儘管競爭對手最近推出了新產品，但 Polaris 1500 XD 仍然是市場上性能最高的實用並排式全地形車。這為什麼重要？因為我們的領導地位和產品使我們能夠在本季度在多用途並排式車輛細分市場中獲得超過 5 個百分點的市場份額，而該細分市場是 ORV 行業中最大的車輛類別。

Remember last quarter, when I talked about the Polaris XPEDITION and how this product has helped shape the largest share capture story in ORV over the past five years? Well, we continue to write new chapters as we gained an estimated 10 points of share in the quarter within the crossover category. Again, despite recent product launches from our competitors, the Polaris XPEDITION continues to be the only product of its kind in the market.

還記得上個季度我談到 Polaris XPEDITION 以及這款產品如何幫助塑造了過去五年 ORV 領域最大的市佔率成長故事嗎？嗯，我們繼續寫新的篇章，本季我們在跨界車類別中獲得了約 10 個百分點的市場份額。儘管競爭對手最近推出了新產品，但 Polaris XPEDITION 仍然是市場上同類產品中唯一的產品。

As the industry leader, Polaris sets the bar, and we continue to play offense, bringing innovation that is winning at dealerships. In addition to inspiring current customers to return to dealerships, innovation also brings new customers to the industry. An excellent example of this is the recent launch of the RANGER 500, our new entry-level utility side-by-side that launched in July. To date, over 80% of the customers who bought the RANGER 500 were new to Polaris. This tells us that this is the right vehicle at the right price to get customers into the dealership and in a Polaris vehicle.

身為產業領導者，北極星樹立了標桿，我們將繼續積極進攻，帶來在經銷商處廣受歡迎的創新。除了激勵現有客戶重返經銷商外，創新還能為該產業帶來新客戶。一個很好的例子就是最近推出的 RANGER 500，這是我們在 7 月推出的全新入門級多用途並排式全地形車。迄今為止，購買 RANGER 500 的客戶中有超過 80% 是 Polaris 的新客戶。這說明這款車價格合適，是吸引顧客到店購買北極星車的理想選擇。

As you know, I regularly carve out time to get into the field and visit dealers and take part in dealer council meetings. This feedback we received during these meetings is instrumental in helping us keep a pulse on dealer sentiment across the industry. They share what's working, what's not and what they're hearing from customers. Inventory levels have been a regular topic over the last two years. My recent takeaways are that dealers are more comfortable with their inventory positions in ORV and are embracing our NorthStar Reward program in record numbers.

如您所知，我經常抽出時間到實地拜訪經銷商，並參加經銷商委員會會議。我們在這些會議中收到的回饋對於我們了解整個行業經銷商的情緒至關重要。他們會分享哪些做法行之有效，哪些做法行不通，以及他們從客戶那裡聽到的回饋。過去兩年，庫存水準一直是人們經常討論的話題。我最近的觀察是，經銷商對他們在全地形車領域的庫存狀況更加滿意，並且以創紀錄的數量接受了我們的 NorthStar Reward 計劃。

Given these conversations with dealers and the data we have on dealer inventory, we believe we have reached a point where production, ship and retail should be aligned. While there is still work to do in Snow, which we believe will normalize this quarter, this is a big win for Polaris and our dealers. We continue to have an intense focus on winning at the dealerships with unmatched offerings across vehicles, PG&A, service and financing.

鑑於與經銷商的這些對話以及我們掌握的經銷商庫存數據，我們認為我們已經達到了生產、出貨和零售應該協調一致的階段。雖然雪地業務仍需努力，我們相信本季將恢復正常，但這對於北極星及其經銷商來說都是一個巨大的勝利。我們將繼續全力以赴，在經銷商處贏得勝利，提供無與倫比的車輛、配件、服務和融資方案。

We are the global leader in powersports and take that responsibility seriously as we continue to push the industry forward while expanding the addressable market. One way to show leadership is through proven race performance. Recently, Polaris RZR Factory Racing solidified its dominance in desert racing with a third straight victory at the Baja 400, sweeping the UTV overall podium and a commanding performance. This dominance redefines what is possible in racing as we continue to raise the bar even when our largest competitor races their latest top-end performance vehicle.

我們是動力運動領域的全球領導者，我們認真履行這項責任，並不斷推動產業發展，同時擴大目標市場。展現領導力的一種方式是透過在比賽中取得優異成績。最近，北極星 RZR 工廠賽車隊在 Baja 400 比賽中連續第三次奪冠，鞏固了其在沙漠賽車領域的統治地位，包辦了 UTV 總領獎台，並展現了絕對優勢。這種統治地位重新定義了賽車運動的可能性，即使我們最大的競爭對手派出他們最新的頂級性能賽車參賽，我們仍然不斷提高標準。

Another way to prove leadership is innovation. Our innovation pipeline is showing no signs of slowing with last week's second wave of 2026 ORV product launches. Leading the charge is the all-new RZR XP S. It is Polaris' most capable trail machine yet, engineered for riders who want to conquer wide open terrain with confidence and style. With a bold 72-inch stance, 25 inches of usable suspension travel and a rugged RZR Pro S driveline, it is built to dominate the toughest trains while delivering a smooth, responsive ride. We also introduced the largest display in the industry with a 10.4-inch screen for RIDE COMMAND on the RZR Pro R.

創新也是展現領導力的一種方式。我們的創新產品線絲毫沒有放緩的跡象，上週我們推出了第二批 2026 年 ORV 產品。全新RZR XP S領先出擊。它是北極星迄今為止性能最強的越野車，專為那些想要自信而瀟灑地征服廣闊地形的騎手而設計。它擁有 72 吋的寬大車身、25 吋的可用懸吊行程和堅固的 RZR Pro S 傳動系統，旨在征服最艱難的路況，同時提供平穩、靈敏的駕駛體驗。我們還為 RZR Pro R 的 RIDE COMMAND 系統引入了業內最大的顯示屏，配備了 10.4 英寸屏幕。

On the utility side, we launched several limited-edition Polaris Ranger XD 1500s with the NorthStar Texas and the NorthStar Mountaineer editions tailored to meet the specific needs of customers in key regions. In snowmobiles, we have a robust product pipeline of innovation that we will bring to market in the coming years. And in Marine, we just launched a full redesign of our flagship QX Bennington pontoon. The QX lineup blends timeless design with intuitive technology and thoughtful innovation, again, setting a new standard in the pontoon industry.

在實用車型方面，我們推出了幾款限量版 Polaris Ranger XD 1500，包括 NorthStar Texas 和 NorthStar Mountaineer 版本，以滿足重點地區客戶的特定需求。在雪地摩托車領域，我們擁有強大的創新產品線，我們將在未來幾年內將其推向市場。在船舶領域，我們剛剛推出了旗艦產品 QX Bennington 浮筒船的全面重新設計。QX 系列融合了永恆的設計、直覺的技術和深思熟慮的創新，再次為浮筒船產業樹立了新的標準。

Another example and one that my family and I will be attending is the upcoming annual Camp RZR event in Glamis. It was one of my favorite weekends of the year and an incredible opportunity to witness our customers' passion for riding and what the Polaris brand stands for. The energy and enthusiasm at Camp RZR is a powerful reminder of the deep connection our community has with our products, and it continues to inspire our team as we innovate for the future.

另一個例子，也是我和我的家人將要參加的，是即將在格拉米斯舉行的年度 Camp RZR 活動。那是我一年中最喜歡的周末之一，也是一個絕佳的機會，讓我親眼見證了我們的客戶對騎行的熱情以及北極星品牌所代表的意義。Camp RZR 的活力和熱情有力地提醒我們，我們的社區與我們的產品有著深厚的聯繫，這也繼續激勵著我們的團隊不斷創新，面向未來。

One leaves Glamis feeling confident in who the true leader in powersports is and what a company's impact on the industry can mean. It's an honor to be part of such an amazing company that is the global leader in powersports continues to support the long-term health of the industry with the largest and best dealer network, a team that delivers rider-driven innovation, providing great customer experience and a strategy built to generate shareholder value.

離開格拉米斯時，你會更確信誰才是動力運動領域的真正領導者，以及一家公司對產業的影響意味著什麼。能夠成為這樣一家卓越的公司的一員，我感到非常榮幸。作為全球動力運動領域的領導者，該公司透過規模最大、服務最好的經銷商網絡，一支致力於以騎手需求為導向的創新團隊，提供卓越的客戶體驗，並製定旨在創造股東價值的戰略，持續支持行業的長期健康發展。

Let's shift to the Indian Motorcycle transaction. We announced a definitive agreement to sell a majority stake in Indian Motorcycle to Carolwood with the deal expected to close in Q1 2026. Indian Motorcycle will become a standalone business, and we will hold a small equity stake in the company. This move is expected to unlock the full potential for both Polaris and Indian Motorcycle.

讓我們轉到印度摩托車的交易環節。我們宣布已達成最終協議，將 Indian Motorcycle 的多數股權出售給 Carolwood，預計交易將於 2026 年第一季完成。Indian Motorcycle 將成為一家獨立營運的公司，我們將持有該公司的一小部分股權。此舉有望充分釋放北極星和印地安摩托車的全部潛力。

Carolwood brings strong capital backing and a commitment to investing for the long term, and they brought in an experienced leadership with their selection of Mike Kennedy as CEO. They are poised to take Indian to the next level. We've built something incredible, the number two motorcycle brand in the US, the number one brand in customer satisfaction, over 600 dealers, over 900 dedicated and talented employees and a strong lineup of motorcycles exemplified by being the market share leader in the mid-sized category.

Carolwood 擁有雄厚的資金實力和長期投資的承諾，並且透過選擇 Mike Kennedy 擔任首席執行官，引入了經驗豐富的領導團隊。他們準備將印度帶入新的高度。我們創造了令人難以置信的品牌，成為美國第二大摩托車品牌，客戶滿意度第一，擁有 600 多家經銷商、900 多名敬業且才華橫溢的員工，以及強大的摩托車產品陣容，在中型摩托車市場中佔據領先地位。

Now, it's time for Indian Motorcycle's next chapter and Carolwood is the right partner. For Polaris, the decision allows us to focus on our most promising high-margin growth opportunities. Innovation is key, and we're doubling down, accelerating investment and devoting resources to critical priorities and initiatives, which is very exciting given the product pipeline we have in ORV, Snow, Marine and Slingshot. The focus continues to be on enhancing the customer experience with rider-driven innovation.

現在，印地安摩托車即將開啟新的篇章，而卡羅伍德正是合適的合作夥伴。對於北極星公司而言，這項決定使我們能夠專注於最有前景的高利潤成長機會。創新是關鍵，我們將加倍投入，加快投資，並將資源投入到關鍵的優先事項和舉措中，考慮到我們在 ORV、雪地摩托車、船舶和彈弓領域的產品線，這令人非常興奮。我們將繼續專注於透過以乘客需求為導向的創新來提升客戶體驗。

Shareholders should be excited as well. Post separation, we expect the transaction to be accretive to adjusted EBITDA by approximately $50 million and to adjusted EPS by approximately $1. It's a win-win. Right now, teams are focused on standing up Indian Motorcycle to operate independently from Polaris, and we are committed to making this a smooth transition for Indian Motorcycle dealers and customers.

股東們也應該感到興奮。分拆後，我們預計該交易將使調整後的 EBITDA 增加約 5,000 萬美元，調整後的每股盈餘增加約 1 美元。這是一個雙贏的局面。目前，各團隊正致力於讓 Indian Motorcycle 獨立於 Polaris 經營，我們承諾將確保 Indian Motorcycle 經銷商和客戶能夠平穩過渡。

I want to shift gears and talk about what we're seeing related to trade policy as it continues to evolve. Our gross tariff impacts for the year rose by $10 million since July, driven by international retaliatory policies and increased commodity exposure. Despite this, given deferrals and mitigating actions, we don't expect a material change to our 2025 P&L outlook and now expect the impact from new tariffs to be approximately $90 million. We're executing our mitigation strategies effectively with an urgent focus on our China spend with a long-term plan to drastically reduce our spend on all China parts and components. These efforts take time to find suppliers, tool production and validate parts.

我想轉換一下話題，談談我們正在看到的與貿易政策相關的、不斷變化的情況。受國際報復政策和商品風險敞口增加的影響，我們今年的關稅總影響自 7 月以來增加了 1,000 萬美元。儘管如此，考慮到延期和緩解措施，我們預計 2025 年損益預期不會發生實質變化，現在預計新關稅的影響約為 9,000 萬美元。我們正在有效執行緩解策略，重點關注我們在中國的支出，並制定長期計劃，大幅減少我們在中國所有零件上的支出。這些工作需要時間尋找供應商、進行模俱生產和驗證零件。

By the end of 2027, we expect our actual China spend to be down by approximately 80% relative to 2024, which equates to less than 5% of our cost of goods sold coming from China. It's an aggressive strategy that will take time to show up in the financials, but I can assure you that we have a very capable team focused on these efforts and ultimately believe that we will have a more resilient and efficient supply chain because of the moves.

到 2027 年底，我們預計在中國的實際支出將比 2024 年下降約 80%，這意味著來自中國的商品銷售成本將不到我們總銷售成本的 5%。這是一個激進的策略，需要一段時間才能在財務上顯現出來，但我可以向你們保證，我們擁有一支非常有能力的團隊專注於這些工作，並且最終相信，由於這些舉措，我們將擁有一個更具韌性和效率的供應鏈。

I'm going to turn it over to Bob to provide you with more details on the financials. Bob?

接下來我將把發言權交給鮑勃，讓他為你提供更多財務方面的詳細資訊。鮑伯？

Thanks, Mike, and good morning or good afternoon to everyone joining us today. Let's start with the third quarter financial results. Adjusted sales for the quarter were up 7%. This was stronger than our expectations, driven by higher shipments and a richer mix of Off-Road vehicles. Net pricing was neutral with price increases offsetting elevated promotions. International sales grew 2%, led by strength in Europe. PG&A sales were up 20% with record performance in parts, especially oil, which is a great indicator that our customers are actively using their vehicles.

謝謝麥克，也祝今天所有參加我們節目的朋友們早安/下午好。我們先來看第三季的財務業績。本季經調整後的銷售額成長了7%。這比我們預期的要好，主要得益於更高的出貨量和更豐富的越野車產品組合。淨定價維持不變，物價上漲抵銷了促銷力道加大帶來的影響。國際銷售額成長2%，其中歐洲市場的強勁表現帶動了這一成長。PG&A 銷售額成長了 20%，其中零件（尤其是機油）的銷售額創歷史新高，這很好地表明我們的客戶正在積極使用他們的車輛。

Gross profit margin benefited from mix and operational efficiencies as compared to last year, but that was more than offset by $35 million in new tariffs, volume declines and higher incentive compensation relative to last year's depressed level.

與去年相比，毛利率受益於產品組合和營運效率的提高，但新增的 3,500 萬美元關稅、銷量下降以及相對於去年低迷水平更高的激勵性薪酬，抵消了這一利好。

Accordingly, adjusted EBITDA margin contracted year-over-year as expected due to the previously noted issues impacting gross profit, along with the year-over-year incremental incentive compensation impact in OpEx. As you may recall, we made temporary cuts to incentive compensation in the second half of 2024 due to challenging market conditions. It is important to note this year-over-year headwind in incentive compensation includes cash and stock-based compensation and is mainly recorded at the corporate level.

因此，由於先前提到的影響毛利的問題，以及營運支出中同比增加的激勵性薪酬的影響，調整後的 EBITDA 利潤率如預期般同比下降。您可能還記得，由於市場環境充滿挑戰，我們在 2024 年下半年暫時削減了激勵性薪酬。值得注意的是，這種同比激勵性薪酬的不利因素包括現金和股票形式的薪酬，並且主要體現在公司層面。

Despite these pressures, we generated $159 million in operating cash flow this quarter, reflecting strong earnings quality and improved working capital management. Year-to-date, we've delivered over $560 million in operating cash flow and approximately $485 million in free cash flow, which is a testament to our strong execution and our low working capital business model.

儘管面臨這些壓力，我們本季仍實現了 1.59 億美元的營運現金流，這反映出強勁的獲利品質和改善的營運資本管理。今年迄今為止，我們已實現超過 5.6 億美元的營運現金流和約 4.85 億美元的自由現金流，證明了我們強大的執行力和低營運資本的商業模式。

Off-Road sales rose 8%, supported by a richer mix of ORV vehicles, strong commercial volume and PG&A growth. Dealer inventory continues to improve across the industry. As Mike mentioned, we've turned a corner in our core ORV business and now plan to ship in line with retail demand. There are a couple of exceptions to note. For used vehicles, we recently moved production out of China, which may cause some volatility in retail estimates and dealer inventory as we rebuild stock.

越野車銷量成長 8%，這得益於越野車產品組合的豐富化、強勁的商用車銷量以及 PG&A 的成長。整個產業的經銷商庫存狀況持續改善。正如麥克所提到的，我們的核心越野車業務已經扭轉了局面，現在計劃根據零售需求進行出貨。但也有一些例外情況需要注意。對於二手車，我們最近已將生產轉移出中國，這可能會導致零售預估和經銷商庫存出現一些波動，因為我們需要重建庫存。

Snowmobiles are another exception. We reduced ship this year to help manage dealer inventory following two seasons of low snowfall in the flatlands. Overall, we expect dealer inventory across the portfolio to be well positioned relative to demand as we head into 2026.

雪地摩托車是另一個例外。由於平原地區連續兩個雪季降雪量偏低，我們今年減少了出貨量，以幫助經銷商管理庫存。總體而言，我們預計到 2026 年，經銷商的庫存將相對於需求保持良好平衡。

We gained about 3 points of market share in ORV this quarter, led by Polaris Ranger and Polaris XPEDITION. Importantly, our successful FAC program didn't require heavier promotional spending than what we incurred in the second quarter. Gross profit margin improved by 104 basis points despite tariff headwinds. Key drivers included operational efficiencies, a better mix of vehicles and positive contributions from warranty and dealer floor plan financing.

本季度，我們在全地形車 (ORV) 市場份額方面獲得了約 3 個百分點，這主要得益於 Polaris Ranger 和 Polaris XPEDITION 的出色表現。重要的是，我們成功的 FAC 計劃並不需要比第二季更多的促銷支出。儘管面臨關稅阻力，毛利率仍提高了104個基點。關鍵驅動因素包括營運效率的提高、更合理的車輛組合以及保固和經銷商庫存融資帶來的積極貢獻。

Moving to On-Road. Sales during the quarter were down 3%, driven by ongoing softness in the broader motorcycle market and within our Slingshot business. Adjusted gross profit was down 23 basis points, impacted by negative mix and tariffs. This was partially offset by a stronger performance at Exim. Marine sales were up 20% against a low comparable last year when we took action to rightsized dealer inventories coming out of the prior selling season.

轉為公路行駛。本季銷售額下降了 3%，主要原因是整個摩托車市場以及我們的 Slingshot 業務持續疲軟。受不利的產品組合和關稅影響，調整後毛利下降了 23 個基點。進出口業務的強勁表現部分抵銷了這一影響。與去年同期較低的基數相比，船舶銷售額成長了 20%，這得益於我們採取措施調整了上一個銷售季結束後經銷商的庫存規模。

The increase in sales was driven by positive shipments of new boats, including the new entry-level Bennington pontoon. The September SSI data shows that market share held steady for our pontoon business in the third quarter. However, the broader marine industry continues to face pressure from elevated interest rates and macroeconomic uncertainty. We continue to actively manage dealer inventory, which is down 17% relative to the third quarter of 2024. Gross margin declined due to mix, though this was partially offset by positive net pricing.

銷售額的成長得益於新船出貨量的增加，其中包括新款入門級 Bennington 浮筒船。9 月的 SSI 數據顯示，第三季我們浮筒船業務的市佔率保持穩定。然而，更廣泛的海洋產業仍面臨高利率和宏觀經濟不確定性所帶來的壓力。我們繼續積極管理經銷商庫存，與 2024 年第三季相比，庫存下降了 17%。由於產品組合變化，毛利率下降，但淨價上漲部分抵消了這種影響。

Moving to our financial position. We generated approximately $159 million in operating cash flow this quarter, translating into $142 million of free cash flow. Working capital has been one of the ancillary benefits from our ongoing efforts to reimplement lean in our plants. Through the improvements we have seen in our retail forecasting and clean build rates, we have been able to better align our supply chain and manufacturing processes, reducing inventory across the board.

接下來談談我們的財務狀況。本季我們產生了約 1.59 億美元的營運現金流，轉化為 1.42 億美元的自由現金流。營運資金是我們持續努力在工廠重新實施精實生產所帶來的附帶好處之一。透過零售預測和清潔生產率的提高，我們能夠更好地調整供應鏈和製造流程，從而全面降低庫存。

This, along with efforts to optimize payables and receivables, should continue to drive attractive cash generation metrics over time. We expect 2025 ending working capital as a percentage of sales to be in line with pre-pandemic levels with opportunity to improve from there as we continue the lean work in our plants and further localize our supply chain.

這一點，再加上優化應付帳款和應收帳款的努力，應該會隨著時間的推移繼續推動具有吸引力的現金流指標。我們預計 2025 年底的營運資本佔銷售額的比例將與疫情前的水平持平，並且隨著我們在工廠繼續推行精益生產，並進一步實現供應鏈本地化，這一比例還有機會進一步提高。

We remain committed to maintaining investment-grade credit metrics and ended the third quarter well below our covenant thresholds given strong year-to-date cash generation. With our strong performance on cash generation and ongoing tariff mitigation efforts, we are moving to a more balanced split between investments for growth and debt paydown. While we will continue to focus on reducing our debt levels, we will also invest in high-return opportunities to widen our competitive moat in an industry where we already have a strong position with the most innovative portfolio of vehicles. We also continue to remain committed to the dividend and our Aristocrat status.

我們仍致力於維持投資等級信用指標，且由於年初至今強勁的現金流，第三季末的各項指標都遠低於我們的契約門檻。憑藉強勁的現金流表現和持續的關稅緩解措施，我們正在轉向更平衡的成長投資和債務償還之間的分配。在持續致力於降低債務水準的同時，我們也將投資於高回報機會，以擴大我們在產業中的競爭優勢。在這個產業中，我們已經擁有強大的地位，並擁有最具創新性的汽車產品組合。我們將繼續致力於派發股息並維持我們的貴族會員地位。

Clearly, the global trade and tariff environment remains dynamic, but we are seeing more consistency in customer demand. Given that, we are reintroducing full year guidance. While this only covers one quarter, we believe it helps reduce uncertainty from an investor standpoint and build confidence in our outlook. Although the evolving trade environment required us to withdraw full year guidance earlier this year, we are pleased that excluding added tariff costs, our full year guidance results remain aligned with the expectations we initially set in January.

顯然，全球貿易和關稅環境依然瞬息萬變，但我們看到客戶需求變得更加穩定。有鑑於此，我們將重新發布全年業績指引。雖然這只涵蓋了一個季度，但我們相信這有助於從投資者的角度降低不確定性，並增強人們對我們前景的信心。儘管不斷變化的貿易環境迫使我們在今年稍早撤回了全年業績指引，但我們很高興，剔除新增關稅成本後，我們的全年業績指引結果仍然與我們在 1 月份最初設定的預期一致。

We expect full year adjusted sales between $6.9 billion and $7.1 billion, with growth in Marine and PG&A offset by declines in On-Road. Off-Road sales are expected to be flat. Industry retail is projected to be flat, but we anticipate gaining share, thanks to our strong product portfolio. Adjusted gross profit margin is expected to be around 19% with tariffs representing a 1 point headwind. Other margin pressures include negative net pricing and incentive compensation, partially offset by lower warranty costs and operational efficiencies.

我們預計全年調整後銷售額將在 69 億美元至 71 億美元之間，其中船舶和 PG&A 的成長將被公路運輸的下降所抵消。預計越野車銷售將持平。行業零售預計將保持平穩，但我們預計憑藉強大的產品組合，市場份額將會增加。經調整後的毛利率預計在 19% 左右，關稅將帶來 1 個百分點的不利影響。其他利潤壓力包括負淨定價和激勵性薪酬，但部分被較低的保固成本和營運效率所抵銷。

For the fourth quarter, there are a few sequential headwinds contributing to our expectations that fourth quarter adjusted EPS will be lower than our third quarter adjusted EPS. Within the gross profit line, tariffs are expected to be $5 million higher and mix is tracking negatively with the timing of seasonal products such as Youth, Snow and Marine.

第四季度，一些不利因素導致我們預期第四季度調整後每股盈餘將低於第三季調整後每股盈餘。在毛利方面，預計關稅將增加 500 萬美元，產品組合將受到青少年、滑雪和海洋等季節性產品上市時間的影響，呈現負面趨勢。

Within OpEx, the timing of certain costs in engineering and legal are sequentially higher. All in, we expect fourth quarter adjusted EPS of approximately $0.05. This assumes no new tariffs that would have an immediate impact on raw material and component costs and that supply chains are not significantly disrupted by trade disputes and other government actions. For the year, we expect adjusted EPS to be a loss of approximately $0.05. Excluding new tariffs, we would expect adjusted EPS to be close to our original estimate of $1.10.

在營運支出中，工程和法律方面的某些成本發生的時間順序依次較高。綜合來看，我們預期第四季調整後每股盈餘約為0.05美元。這項預期基於以下假設：不會推出任何新的關稅，因此不會對原材料和零件成本產生直接影響；供應鏈也不會因貿易爭端和其他政府行為而受到嚴重干擾。我們預計全年調整後每股收益將虧損約 0.05 美元。若不計入新增關稅，我們預計調整後每股盈餘將接近我們最初預測的 1.10 美元。

In summary, we delivered strong Q3 results in a challenging environment. We have momentum to finish the year strong with a positive outlook on operations, dealer inventory and innovation. The expected sale of a majority stake in Indian Motorcycle will free up resources that we plan to fully dedicate to higher growth and higher-margin opportunities. We remain focused on what we can control and believe this disciplined execution will drive higher margins, stronger cash flow and improved returns on invested capital, ultimately increasing shareholder value.

總而言之，我們在充滿挑戰的環境下取得了強勁的第三季業績。我們勢頭強勁，預計在年底前取得佳績，對營運、經銷商庫存和創新前景持樂觀態度。預計出售印度摩托車公司的大部分股權將釋放資源，我們計劃將這些資源全力投入更高成長和更高利潤的機會。我們始終專注於我們能夠控制的事情，並相信這種嚴謹的執行將帶來更高的利潤率、更強勁的現金流和更高的投資回報率，最終提高股東價值。

With that, I will turn it back over to Mike to wrap up the call. Go ahead, Mike.

接下來，我將把電話交還給麥克，讓他結束通話。繼續吧，麥克。

Thanks, Bob. I'm proud of our team's performance this quarter. This continues to be a challenging environment, and the Polaris team remains focused on closing out 2025 strong.

謝謝你，鮑伯。我為我們團隊本季的表現感到自豪。這仍然是一個充滿挑戰的環境，北極星團隊將繼續專注於在 2025 年取得強勁的成績。

Let me wrap up with a few final comments. We believe dealer inventories are at healthy levels given our demand outlook. Therefore, outside of a few smaller product lines, we believe build, ship and retail should be aligned going forward. Our team continues to execute against our strategy to improve operations within our plan, and we are on track to exceed our commitment to deliver $40 million in operational savings this year, building on the more than $200 million in savings last year.

最後，我再補充幾點。鑑於我們的需求預期，我們認為經銷商庫存處於健康水準。因此，除了少數較小的產品線外，我們認為未來生產、運輸和零售應該保持一致。我們的團隊繼續按照計劃執行改進營運的策略，我們預計將超額完成今年營運成本節約 4,000 萬美元的承諾，而去年我們已經節省了超過 2 億美元。

This cannot be overlooked. We have worked hard over the last two years. And while there is still work left to do, we have seen the results and the opportunities ahead of us that should provide a meaningful tailwind to margins when volume returns. The rationale behind our decision to sell a majority stake in Indian Motorcycle allows us to put added focus and resources on our most profitable growth opportunities. We're working to close the Indian Motorcycle transaction in Q1 2026, and we believe it's a win for both companies.

這一點不容忽視。過去兩年我們一直努力工作。雖然還有許多工作要做，但我們已經看到了成果，也看到了未來的機遇，這些都將在銷售恢復時為利潤率帶來顯著的推動作用。我們決定出售印第安摩托車的大部分股權，背後的邏輯是，我們可以將更多的精力和資源投入到我們最賺錢的成長機會中。我們正在努力爭取在 2026 年第一季完成對 Indian Motorcycle 的收購，我們相信這對兩家公司來說都是雙贏的局面。

Lastly, we remain committed to our long-term strategy to be the global leader in powersports and believe we have established a solid foundation to grow from and increase shareholder value when the industry recovers. Innovation is strong, dealer inventory is rightsized, and we are running more efficiently than before. These are the pieces to build from, and we stand ready to deliver on our goal of higher sales growth, greater earnings power and stronger returns. We appreciate your continued support.

最後，我們仍然致力於成為全球動力運動領域領導者的長期策略，並相信我們已經建立了堅實的基礎，以便在行業復甦時實現成長並提高股東價值。創新能力強勁，經銷商庫存規模合理，我們的營運效率比以前更高。這些都是我們可以依靠的基礎，我們已做好準備，實現更高的銷售成長、更大的獲利能力和更強的回報目標。感謝您一直以來的支持。

And with that, I'll turn it over to Chuck to open the line for questions.

接下來，我會把麥克風交給查克，讓他來回答大家的問題。

(Operator Instructions) Noah Zatzkin, KeyBanc Capital Markets.

（操作員說明）Noah Zatzkin，KeyBanc Capital Markets。

Maybe first on ORV retail strength and kind of the magnitude of outperformance versus the industry in the quarter, up 9% versus up low single digits, particularly on the utility side. Wondering if you could share any thoughts around what drove those share gains in the quarter as well as thoughts around industry retail and kind of the share gain opportunity looking ahead?

首先可能是因為 ORV 零售業務的強勁表現，以及本季相對於行業整體的超額收益，增長了 9%，而行業平均增幅僅為個位數，尤其是在公用事業領域。想請您分享一下對本季市佔率成長的驅動因素的看法，以及對零售業和未來市佔率成長機會的看法？

I think there's a lot at play. I think we've obviously rightsized our inventory. So we've got the right product at the right dealers at the right price. So that's an important starting point. I think when you look at the RANGER lineup, and I talked about it in my prepared remarks, we've got a breadth that many of our competitors just can't cover. You start with the RANGER 500, as I talked about, brought a lot of new customers, 80% new to Polaris into the fold up to the XD 1500, which at this point is unmatched in the industry and remains a very popular vehicle.

我認為這裡面有很多因素在起作用。我認為我們顯然已經合理調整了庫存規模。所以我們已經以合適的價格，在合適的經銷商處提供了合適的產品。所以這是一個重要的起點。我認為，當你審視 RANGER 產品線時（我在事先準備好的發言稿中也談到了這一點），我們會發現我們的產品線之廣，是許多競爭對手無法企及的。從我之前提到的 RANGER 500 開始，它帶來了許多新客戶，其中 80% 是 Polaris 的新客戶，再到 XD 1500，這款車目前在業界無人能及，並且仍然是一款非常受歡迎的車型。

And you couple that with the massive improvements we've made in quality. It shows up in much lower warranty costs. We are now hearing dealers play back to us that quality is not something that they have to try and explain. It's something that is a strength and getting associated with our brand.

再加上我們在品質方面取得的巨大進步。這體現在更低的保固成本上。我們現在聽到經銷商們回饋說，品質並不是他們需要解釋的東西。這是我們的優勢之一，也是我們品牌的一大優勢。

And then as we track customers, we know that the short-term repurchase rates have started to creep up. which says people are out using the vehicles. We can see that with the repair order activity we track, tire consumption, oil consumption. And we know ultimately that people are out using the product. And so they get to a replenishment cycle given a lot of the innovation that we've put out into the marketplace.

然後，透過對客戶的跟踪，我們發現短期複購率已經開始緩慢上升，這表明人們正在使用這些車輛。我們可以透過追蹤維修訂單活動、輪胎消耗量和機油消耗量來了解情況。我們最終知道，人們確實在使用該產品。因此，鑑於我們向市場推出的許多創新產品，它們會進入一個補貨週期。

I talked a little bit about the NorthStar rewards program in my prepared remarks. We had the highest level of what we call 4 and 5 star, which is the highest two levels of our dealer program. And that isn't just important from the perspective of dealers earning more holdback. It reflects the fact that the dealer network is performing at a higher level.

我在事先準備好的演講稿中稍微談到了北極星獎勵計劃。我們達到了我們所謂的 4 星級和 5 星級的最高級別，這是我們經銷商計劃中最高的兩個級別。這不僅對經銷商賺取更多回饋而言很重要。這反映出經銷商網路的營運水準更高。

And I mentioned that because it provides a better customer experience. And that's really important when you get customers in, given the tremendous amount of innovation we have. That can fall apart if the dealer isn't performing on their end. And we see a tremendous amount of retail coming out of these 4 and 5-star dealers. You couple that with the tremendous innovation we've got in the marketplace with the broadest portfolio in that utility segment, and it's not a surprise that we outperformed the industry.

我之所以提到這一點，是因為它能提供更好的客戶體驗。鑑於我們擁有大量的創新，這一點在吸引客戶方面非常重要。如果經銷商那邊不履行職責，這一切就可能失敗。我們看到，這些 4 星和 5 星經銷商的零售額非常高。再加上我們在市場上擁有巨大的創新能力，以及在公用事業領域最廣泛的產品組合，我們超越行業平均水平也就不足為奇了。

Very helpful. And maybe just one more. Hoping you could share any early thoughts on fiscal '26, either from an industry perspective or Polaris specifically. Obviously, as it relates to Polaris, there are some puts and takes next year. The deal, I think, is expected to be $1 of EPS benefit. And on the tariff front, it seems like maybe mitigation this year is a bit better than expected. So just any high-level thoughts around '26 would be helpful.

非常有幫助。也許還剩一個。希望您能分享一下對 2026 財年的任何初步看法，無論是從行業角度還是具體到 Polaris 公司。顯然，就北極星而言，明年會有一些看漲和看跌的情況。我認為，這筆交易預計將為每股收益帶來 1 美元的收益。而在關稅方面，今年的緩解措施似乎比預期好一些。所以，任何關於「26」的高層次想法都會很有幫助。

Yeah. I'd kind of look at it in this order. I mean, clearly, the Indian deal is probably going to have the largest impact. It obviously takes about $450 million of revenue away, but it is going to add roughly $50 million in EBITDA and $1 of EPS. So that single event is going to be pretty significant.

是的。我大概會照這個順序來看。我的意思是，很顯然，與印度的協議可能會產生最大的影響。這顯然會減少約 4.5 億美元的收入，但會增加約 5,000 萬美元的 EBITDA 和 1 美元的每股盈餘。所以，這件大事意義非凡。

I mentioned in my prepared remarks that build will equal ship, will equal retail. We're not prepared to make a call on where we think the industry is. But if you think about a flat industry and having ship equal retail, you're talking about several hundreds of millions of dollars of uplift just from being able to ship into the channel, which obviously will provide improved absorption at our plants and additional fall-through.

我在事先準備好的發言稿中提到，生產就等於出貨，出貨就等於零售。我們目前還無法對產業現狀做出判斷。但如果你考慮到一個扁平化的行業，並且發貨量與零售量相當，那麼僅僅是能夠將貨物運送到渠道中，就能帶來數億美元的增長，這顯然會提高我們工廠的吸收率，並帶來額外的掉貨量。

We look at the promo environment. From a competitive standpoint, our largest competitor is pretty much in the same region we are from a dealer inventory standpoint, which is very helpful. We've seen significant improvements amongst the Japanese competitors. They're not perfect yet, but we've seen some of the dramatic things that were being done with rebates and incentives essentially cease, which is good.

我們考察促銷環境。從競爭角度來看，我們最大的競爭對手和我們經銷商庫存所在的​​區域基本上相同，這非常有幫助。我們看到日本競爭對手取得了顯著進步。雖然它們還不完美，但我們已經看到一些透過退稅和獎勵來推行的激進做法基本上停止了，這是一件好事。

So we think promo is going to be kind of net neutral as we get into 2026. And then as you indicated, from a tariff standpoint, it's going to be additional cost because we're going to be lapping '25. And if you remember, we barely had any tariff impact in Q1 and Q2. And as we said, we think tariffs are going to be about a $90 million incremental hit in 2025.

因此，我們認為到 2026 年，促銷活動的影響將基本持平。正如您所指出的，從關稅角度來看，這將增加成本，因為我們將趕上 2025 年的比賽。如果你還記得的話，我們在第一季和第二季幾乎沒有受到關稅的影響。正如我們所說，我們認為關稅將在 2025 年造成約 9,000 萬美元的額外損失。

As we move into 2026, we think tariffs are going to be just north of $200 million. That's all in. That's inclusive of the 301 tariffs that have been in the business since back in 2018. The team is working hard on that. Obviously, we're watching the negotiations that are underway with China right now, but we're not going to wait. We're moving aggressively. As I talked about in my prepared remarks, we're making a dramatic reduction in the amount that we're sourcing out of China by 2027. And we think we're going to be south of 5% of our cost of goods sold by the time we get into 2027, and that will be a pretty massive reduction and certainly a benefit to the business.

展望 2026 年，我們認為關稅將略高於 2 億美元。全部都交上去了。這其中包括自 2018 年以來一直在實施的 301 關稅。團隊正在為此努力。顯然，我們正在關注目前正在進行的與中國的談判，但我們不會坐等。我們正在積極推進。正如我在準備好的演講稿中所提到的，到 2027 年，我們將大幅減少從中國採購的數量。我們認為到 2027 年，我們的銷售成本將低於 5%，這將是一個巨大的降幅，肯定對企業有利。

Craig Kennison, Baird.

克雷格·肯尼森，貝爾德。

I wanted to start with a follow-up on RANGER 500. I know it's early, but what can you tell us about the consumer profile of that product line? Are they new to powersports overall, younger? Are they first-time buyers? Just looking for a profile.

我想先跟進一下 RANGER 500 的情況。我知道現在說這個還為時過早，但您能告訴我們該產品線的消費者畫像嗎？他們年紀較輕，是動力運動領域的新手嗎？他們是首次購屋者嗎？只是想找個個人資料。

Yeah. I mean, you kind of hit on all of it, Craig. And they are prospective customers that have wanted to have a Polaris product, but they really couldn't find the right entry point. Until we introduced this product, you really couldn't get into a Polaris vehicle for under realistically $14,000, $15,000. And this vehicle is perfectly suited for someone who has an acre or two wants to use the vehicle to drag trash cans down to the curb and go get the mail.

是的。我的意思是，克雷格，你基本上都說到重點了。他們是潛在客戶，一直想擁有 Polaris 的產品，但找不到合適的切入點。在我們推出這款產品之前，你真的不可能以低於 14,000 美元或 15,000 美元的價格買到一輛北極星汽車。這輛車非常適合那些擁有一兩英畝土地，想要用它把垃圾桶拖到路邊，或是去拿郵件的人。

And so that's really what we see is these are either new to Polaris, meaning they might have bought a brand that we don't even talk about as a competitive set that are sold through some of the big box retailers or there are people that would have used a golf cart or something like that and now see an opportunity to own the number one powersports brand. We think that's great because we view that as an opportunity to continue to evolve them up the product family down the road.

所以我們看到的情況是，這些要么是北極星公司新收購的品牌，這意味著他們可能收購了一個我們甚至不認為是競爭對手的品牌，該品牌通過一些大型零售商銷售；要么是一些以前使用高爾夫球車之類的產品的人，現在看到了擁有排名第一的動力運動品牌的機會。我們認為這很棒，因為我們將其視為未來繼續在產品系列中對其進行升級的機會。

And then I guess, with respect to that particular customer profile, we have seen some cracks emerge in the subprime auto space. And I'm just wondering with respect to your consumer, if you're seeing any changes in credit availability among that particular credit tier.

然後，我想，就這個特定的客戶群而言，我們已經看到次貸汽車領域出現了一些裂痕。我只是想了解一下，就您的消費者而言，您是否發現該特定信用等級的信貸可用性有任何變化。

Yeah. We really haven't, at least. in Q3. Credit metrics were good. Through-the-door FICOs were only -- they were down 2 points relative to 2024. Actually, 12-month losses in the portfolio actually improved versus last year. So we feel like that's peaked from a credit quality standpoint. We're starting to trend back in a positive direction and pen rates and things like that have stayed pretty consistent. Availability of subprime has been decent. We're not seeing a fallout from the lenders. So we're not experiencing that, I think, to the degree auto is right now.

是的。至少在第三季度，我們確實還沒有。信用指標良好。入戶信用評分僅比 2024 年下降了 2 個百分點。事實上，該投資組合過去 12 個月的虧損金額較去年有所改善。所以我們認為，從信貸品質的角度來看，這種情況已經達到頂峰了。我們正開始朝著正面的方向發展，得分率之類的指標也保持得相當穩定。次級貸款的供應情況一直不錯。我們沒有看到貸款方出現任何不良反應。所以我覺得，我們還沒有像現在汽車產業那樣經歷這種情況。

Joe Altobello, Raymond James.

Joe Altobello，Raymond James。

I guess first question on retail. Obviously, the FAC was very successful. Any sense or concern that, that might have pulled demand forward? I'm curious what you're seeing in October. I know the FAC, I think, is still ongoing, but it's probably waning in terms of the impact. So I'm just curious if you're concerned there and what you're seeing here in Q4.

我想第一個問題是關於零售業的。顯然，FAC 非常成功。是否有任何跡像或擔憂表明，這可能會導致需求提前出現？我很想知道你十月看到了什麼。我知道 FAC 仍在進行中，但就其影響力而言，它可能正在減弱。所以我很好奇你是否對此感到擔憂，以及你在第四季看到了什麼。

Yeah. I mean the FAC was -- as I talked about in my prepared remarks, it really didn't drive incremental spend. We viewed it as just a way to generate a little bit of excitement, get people kind of reengaged and coming into the dealership. I mean, at the end of the day, door swings of foot traffic are what drive retail. And ultimately, it worked. We didn't add a bunch of cost. The good news is we were able to move, as I talked about, we've drawn down our greater than 180-day old inventory. We've drawn that down 60%. And a lot of what moved in the third quarter was that noncurrent inventory.

是的。我的意思是，正如我在準備好的演講稿中所說，FAC 實際上並沒有推動支出增加。我們認為這只是一種製造一些興奮感，讓人們重新參與進來，走進經銷店的方式。我的意思是，歸根究底，零售業的驅動力還是客流量。最終，它奏效了。我們沒有增加很多成本。好消息是我們能夠採取行動，正如我剛才所說，我們已經減少了超過 180 天的庫存。我們已經將這個數字降低了 60%。第三季成交量較大的主要是非流動庫存。

As we're looking at October, results are pretty good. We continue to see strength in areas like Ranger XD, XPEDITION, ATV. Youth, as we indicated, is going to be a headwind for probably the next month or two as we ramp up production down in Mexico heading into the holiday season. And we think retail, excluding youth and ORV in the fourth quarter is going to be up low single digits. And certainly, in October, we're seeing trends that support that performance.

截至10月份，結果相當不錯。我們在 Ranger XD、XPEDITION、ATV 等領域持續看到強勁的成長動能。正如我們之前提到的，隨著我們在墨西哥逐步減少產量以迎接假期季節的到來，未來一兩個月內，年輕客戶群可能會成為一個不利因素。我們認為，第四季零售業（不包括青少年和越野車）將實現個位數低成長。當然，在十月份，我們看到了一些趨勢，這些趨勢也印證了這個表現。

Okay. Got it. Perfect. And then just moving on to tariffs. I think, Mike, you mentioned that you expect next year to be all in just north of $200 million, which is only slightly higher, I think, than what you're expecting this year if you include the $301 million. So maybe what's the incremental net impact next year? And what do you think a good incremental margin is for '26?

好的。知道了。完美的。接下來就談談關稅問題。麥克，我想你之前提到過，你預計明年的總收入將略高於 2 億美元，我認為這只比你今年預計的 3.01 億美元略高一些。那麼，明年新增的淨影響是多少呢？你認為2026年合理的增量利潤率是多少？

Yeah. I mean, we're not ready to start giving guidance for '26 yet. I would say that the incremental is over $100 million versus '25. And as we really got to start to see and get a little closer to the end of the year, see what inventories look like, work through our -- the amount of moves we have coming out of China and the timing of those moves to really get a good incremental number related to 2025. So kind of a $200 million plus all-in for 2026 is sort of where we see it right now. We'll have more detail when we talk again in January.

是的。我的意思是，我們現在還不能開始給出 2026 年的指導意見。我認為，與 2025 年相比，增量超過 1 億美元。隨著我們真正開始看到並逐漸接近年底，看到庫存情況，並分析我們從中國運出的貨物數量以及這些貨物的運輸時間，以便真正獲得與 2025 年相關的良好增量數字。所以，我們目前預計到 2026 年的總投資額將超過 2 億美元。我們將在1月再次會面時提供更多細節。

And Joe, remember that also includes pulling Indian Motorcycle out. So there's a number of puts and takes. And as Bob indicated, when we get to January, we'll have a little bit better walk for everyone.

還有喬，別忘了這還包括把印地安摩托車拉出來。所以有很多投入和撤回。正如鮑伯所說，到了1月份，大家的散步條件就會好一些了。

James Hardiman, Citigroup.

詹姆斯‧哈迪曼，花旗集團。

This is Sean Wagner on for James Hardiman. I guess, first, I think initially, fourth quarter was expected to be maybe a lot better than third quarter. Was there any shift in earnings power between the two?

這是肖恩·瓦格納替補詹姆斯·哈迪曼上場。我想，首先，最初人們預期第四季可能會比第三季好得多。兩者之間的獲利能力是否有任何變化？

Yeah. A few things, and we alluded to some of it in the prepared remarks. I mean if you look at Q4, I would say sort of 25% of the impact really is in GP, and that's some incremental tariffs. Tariffs will be the highest for the year in Q4. That's just as they build into inventory and start to flow through the P&L.

是的。有幾點需要說明，我們在事先準備好的發言稿中也提到了一些。我的意思是，如果你看一下第四季度，我認為大約 25% 的影響實際上發生在 GP 上，那是一些增量關稅。第四季關稅將達到全年最高水準。這時，它們就會進入庫存，並開始影響損益表。

Vol/mix, volume is okay in the quarter, but mix is negative. Mike talked about Youth. And it's negative quarter -- sequentially for the quarters and year-over-year. Last year, we had a big fourth quarter in Youth, and that's partly because we had had vehicles on hold in '23. And so we had really good retail performance in '24. We're kind of back to that a little bit this year where we'll be shipping really in Q4. We didn't ship any in Q3. Normally, a lot of the youth stuff would have showed up in Q3. But with the move to Mexico, that's been delayed a little bit. So that has probably the most pronounced impact.

音量/混合，本季的音量還可以，但混合效果不佳。麥克談到了青年問題。而且是季度環比下降，年比也下降。去年，我們在青年市場第四季取得了巨大成功，部分原因是我們在 2023 年暫停了車輛銷售。因此，我們在 2024 年取得了非常好的零售業績。今年我們又回到了那個狀態，我們將在第四季度真正開始出貨。第三季我們沒有出貨。通常情況下，許多與年輕人相關的內容都會在第三季出現。但由於搬遷到墨西哥，這件事被稍微推遲了一段時間。所以這可能是影響最顯著的一點。

And then Q4 is always a bit tough from a mix standpoint because we ship a lot of Snow and we ship Marine coming off their dealer meetings. And those are just structurally lower GPs than ORV, whereas in Q3, it was heavy, heavy ORV. Plant performance is a little better, so that helps offset it.

從產品組合的角度來看，第四季總是有點難熬，因為我們出貨很多雪地車，而且在經銷商會議結束後，我們還要出貨很多船舶車輛。而且這些產品的毛利率在結構上低於其他產品，而第三季其他產品則非常高。工廠的運作狀況略好一些，這有助於彌補這一不足。

The real story is in OpEx, and it's a couple of things. I mean, it's the highest quarter as it relates to the incentive comp compensation issue on a kind of year-over-year basis. And then the timing of some engineering, legal and IT spend that is higher in Q4 than it is in Q3. So those are the big pieces as it relates to why Q4's earnings look the way they do.

真正的問題在於營運支出，具體體現在以下幾個方面。我的意思是，就激勵性薪酬問題而言，這是同比最高的季度。此外，第四季的一些工程、法律和 IT 支出也高於第三季。以上就是導致第四季財報呈現這種狀況的主要原因。

Sean, maybe I misheard you, but I thought in your question, you had said that it sounded like it was worse than we were expecting. We did not guide fourth quarter. I mean, we had pulled our guidance. If you go back to some of the prepared remarks that Bob had, you pull the impact of the tariffs out, we are largely executing against what we had conveyed at the beginning of the year when we provided guidance before all the tariff noise came into the environment.

肖恩，也許我聽錯了，但我認為你在問題中說過，情況聽起來比我們預期的還要糟糕。我們沒有對第四季進行指導。我的意思是，我們已經撤回了指導。如果回顧鮑伯事先準備好的發言稿，剔除關稅的影響，我們基本上是在執行年初時發布的指導意見，當時我們還沒有受到關稅因素的影響。

So I think some of this is that there are numbers out on the street that were not necessarily based on things that we had said. And as we look at the buildup of our financials and where we knew we were going to be delivering snowmobiles and things like that, I wouldn't say that anything in the fourth quarter is a big surprise from our standpoint.

所以我覺得部分原因是，街頭流傳的一些數據不一定是基於我們所說的話。當我們審視財務狀況的積累，以及我們先前預估的雪地摩托車等產品的交付地點時，從我們的角度來看，第四季度的任何情況都不會令人感到意外。

Okay. Fair enough. I guess piggybacking off of that from a high level, now that you've round tripped the '25 guide, excluding tariffs, is it anything outside of tariffs that has fundamentally changed this year or any big lessons that you guys have taken away from the year?

好的。很公平。我想藉此機會，從宏觀層面來說，既然你們已經完成了 2025 年的全面預測（不包括關稅），那麼除了關稅之外，今年還有什麼其他方面發生了根本性的變化，或者你們從這一年中吸取了什麼重要的教訓？

Yeah. I mean, I think if we sort of step back and look at the year in total, I mean, excluding tariffs, Promo was heavier than we expected it to be for the year. Mix was probably a little -- was better as we continue to really outperform in our -- as Mike talked about, at the high end of these categories, the XD 1500, the XPEDITION, we don't -- the competition doesn't really have anything to go against us there.

是的。我的意思是，如果我們回顧一下全年的情況，排除關稅，促銷活動比我們預期的要嚴重得多。Mix 可能稍微好了一些——正如 Mike 所說，我們繼續在這些類別的高端產品中表現出色，例如 XD 1500 和 XPEDITION，我們——競爭對手真的沒有什麼能與我們匹敵的。

So those vehicles continue to sell really, really well. That customer base is really strong. And then the plants really outperformed where we had pegged it. We were at $40 million for the year. We're on track to meet or exceed that. And just good solid performance out of the plants in a challenging environment. I would say those are the three big things that stick out.

所以這些車款的銷售量依然非常好。他們的客戶群非常強大。結果，這些植物的生長情況遠遠超出了我們的預期。我們全年的收入是4000萬美元。我們有望達到或超過這個目標。在充滿挑戰的環境下，這些植物表現出了良好的穩定性。我認為這三點最為突出。

Yeah. And I just want to add to the last one Bob mentioned, Sean. When I think about going back two or three years ago, operational execution was not our strong suit. We've realized we were not as lean or as good as we thought we were. And when I look at this year, and I look at the fact that our operational teams have not only met what they originally laid out, but they've exceeded it. And they've done that in an environment where we've had to make some interplant product transitions as a result of the tariffs as well as contending with the tariffs and the mitigation work. We didn't bring on extra people to do that. We've got our supply chain and operational people working those plans.

是的。我只想補充一下鮑伯剛才提到的那一點，肖恩。回想兩三年前，營運執行力並不是我們的強項。我們意識到我們並沒有自己想像的那麼精簡有效率。回顧今年，我們的營運團隊不僅完成了他們最初設定的目標，而且還超額完成了目標。而且，他們是在這樣的環境下完成這項工作的：由於關稅的影響，我們不得不進行一些工廠間的產品轉換，同時還要應對關稅和緩解措施。我們沒有為此額外招人。我們的供應鏈和營運人員正在落實這些計畫。

And the fact that the Polaris organization was able to step up to the challenge and not let the operational improvements waiver and, in fact, accelerate them and put us in a position to exceed, I think, is pretty impressive, and I think gives me a lot of excitement about the future and where we think we can take the company and how much opportunity we have in front of us to improve execution.

北極星組織能夠迎接挑戰，不讓營運改善停滯不前，反而加快了改進步伐，使我們處於能夠超越預期的位置，我認為這非常令人印象深刻，也讓我對未來以及我們認為能夠將公司帶向何方，以及我們面前有多少機會來改進執行力感到非常興奮。

Tristan Thomas-Martin, BMO Capital Markets.

Tristan Thomas-Martin，BMO資本市場。

One kind of qualification question. Your comment plan to ship in line with retail. Is that just Off-Road? Or is that consolidated Polaris?

一種資格性問題。您的評論計劃將按照零售方式發貨。那隻是越野嗎？還是那是合併後的北極星？

I think as it relates to Q4, it's really Off-Road. You mean as we -- the comments I made around moving forward, build equals ships equals retail?

我認為就第四季而言，重點是越野。你的意思是，如我之前所說，推進建設等於造船，就等於零售？

Yes, correct.

是的，正確。

Yeah. I think you can take it broadly. I mean, the reality is that we have timing differences given the seasonality of our businesses within that. But when we start looking at the macro picture around the business, and Bob hit on some of the stats. You look at how much we've pulled down the Marine inventory, where we're at from a motorcycle inventory, obviously, that will be moved out of the business as well as then ORV and Snow. We feel really good about where we're at. And when you look at it on a full year basis, those -- the build equals ship equals retail should hold.

是的。我認為你可以廣義地理解它。我的意思是，現實情況是，考慮到我們業務的季節性，我們之間存在時間差異。但當我們開始從宏觀角度看待業務時，鮑伯提到了一些統計數據。看看我們已經減少了多少船舶庫存，再看看我們現在的摩托車庫存，顯然，這些庫存以及越野車和雪地車都將退出業務。我們對目前的狀況非常滿意。從全年來看，這些——生產=發貨=零售——應該能夠維持下去。

Yeah. As it pertains to the fourth quarter, which as I said in my comments, it's really an ORV comment. Motorcycles obviously ships more in the first part of the year as they get into their seasonality, Snow ships more in the fourth quarter and Marine ships kind of more fourth quarter, first quarter as they look at their season. But on a full year basis, to Mike's point, in '26, that's an across-the-board comment when you look at the full year.

是的。至於第四季度，正如我在評論中所說，這實際上是 ORV 的評論。摩托車的出貨量顯然在年初會比較多，因為它們進入了季節性階段；雪地摩托車的出貨量在第四季度比較多；而船舶的出貨量則在第四季度和第一季度之間波動，因為它們都受到季節的影響。但從全年來看，正如麥克所說，2026 年，如果你縱觀全年，這確實是一個普遍適用的評論。

Okay. And then just one more. It kind of sounds like everyone is coalescing around a little more of a conservative industry outlook for next year, but also everyone is expecting to take share. You talked a lot about products. So kind of outside of that, what other levers do you have to kind of protect the share you've gained in the last two quarters?

好的。然後，就再來一個。聽起來大家似乎都對明年的產業前景持較保守的看法，但同時也都希望能夠搶佔市場份額。你談了很多關於產品的事情。除此之外，你還有哪些手段來保護你在過去兩個季度中獲得的市場份額？

Innovation. I think it starts with product, and you can see the results of that. And I think in many instances, our competitors are going to have to catch up in a couple of categories. I think after that comes the strength of the dealer network. We have spent a lot of time, not just tactical things like getting the inventory rightsized, but spending time with our dealers, understanding what works well, what doesn't, what do we need to change.

創新。我認為一切都始於產品，而結果也證明了這一點。我認為在很多情況下，我們的競爭對手需要在某些方面迎頭趕上。我認為其次就是經銷商網路的實力了。我們投入了大量時間，不僅關注庫存規模等戰術性問題，還花時間與經銷商溝通，了解哪些做法行之有效，哪些無效，以及我們需要做出哪些改變。

I think our NorthStar program is the best program in the market. We can see it in terms of the dealer engagement. And that starts with somebody walking through the door to look at a new product to somebody coming into the service bay to somebody coming in to buy parts or accessories for their vehicle or shopping online, getting financed, getting an extended warranty agreement. And I think you have those two things together. It's a pretty powerful equation, and I think it will work well for us as we head into '26 and beyond.

我認為我們的北極星計劃是市場上最好的計劃。我們可以從經銷商參與度看出這一點。這一切都始於有人走進店裡查看新產品，到有人來到維修車間，到有人來購買車輛零件或配件，或者在網上購物、獲得融資、購買延長保固協議。我認為你已經具備了這兩點。這是一個非常強大的等式，我認為它對我們邁向 2026 年及以後的發展會很有幫助。

Yeah. I think there's a lot of -- to Mike's point, a lot of maturity in the management of the dealer network right now, a lot of focus on dealer profitability. We're not out trying to add dealers. We're trying to optimize the structure we have, work with those dealers as people want to get out of the industry, working with the strongest dealers out there to take over those points and then looking at how do you have more kind of multi-dealer structures that allow the dealer to optimize how they run their business and how we deliver to their business. So I feel like all of those things are going to help us, and I think we're the farthest along in terms of how we work with the dealer network.

是的。我認為，正如麥克所說，目前經銷商網路的管理已經非常成熟，並且非常注重經銷商的獲利能力。我們並沒有試圖增加經銷商。我們正在努力優化現有結構，與那些想要退出該行業的經銷商合作，與最強大的經銷商合作接管這些業務點，然後研究如何建立更多多經銷商結構，使經銷商能夠優化其業務運營方式以及我們向其業務提供服務的方式。所以我覺得所有這些因素都會對我們有所幫助，而且我認為我們在與經銷商網路合作方面走得最遠。

Robin Farley, UBS.

羅賓法利，瑞銀集團。

This is Arpine for Robin. Your margins came in better than expectations, and you, of course, called out sort of favorable mix and positive contribution from warranty expense for the quarter. Could you maybe walk through whether those are recurring benefits to margin as we look into Q4 and more importantly, 2026? I know you mentioned mix reverses to less favorable in Q4. But just thinking about those drivers for next year. And then I have a quick follow-up.

這是羅賓的阿爾皮內。你們的利潤率好於預期，當然，你們也提到了有利的產品組合以及本季保固費用帶來的正面貢獻。能否請您詳細解釋一下，當我們展望第四季以及更重要的2026年時，這些收益是否會持續對利潤率產生正面影響？我知道您提到第四季度產品組合將變得不太有利。但想想明年的那些車手們。然後我還有一個簡短的後續問題。

Yeah. Certainly, warranty has been a positive story really for all of '25, and I think that trend will continue into '26. The quality of our products continues to improve. We hear that from the dealer base. We see it in the numbers. And you all see it in the warranty as it impacts from a cost standpoint.

是的。當然，保固在整個 2025 年都是一個積極的方面，我認為這種趨勢將延續到 2026 年。我們的產品品質持續提升。我們從經銷商也聽到了這樣的回饋。我們從數字中就能看出這一點。你們都能從保固條款中看出這一點，因為它會影響成本。

Plants, obviously, the big step was in '24, but continued improvement in '25, and we think we'll outperform the $40 million that we had as a target. That work will continue. We're still in the early phases of our reimplementation of lean in the plants. And so there's continued work to do there to drive more profitability out of the plants, and we'll see some more benefits of that as volume improves.

顯然，植物方面的一大進步發生在 2024 年，但 2025 年持續改進，我們認為我們將超過我們設定的 4000 萬美元的目標。這項工作將會繼續進行。我們目前仍處於工廠精益化重新實施的早期階段。因此，我們還需要繼續努力，提高工廠的獲利能力，隨著產量的提高，我們將看到更多好處。

And mix is kind of a quarterly thing. I mean, there's inter-business mix in terms of the different parts of the company and because different businesses have different GP profiles. But in general, mix continues to be a strong story for us given our outperformance given our innovation at the high end of the product lines. So we think mix overall will continue to be a positive as we move forward.

混音基本上是按季度進行的。我的意思是，公司內部不同部門之間存在業務組合，因為不同的業務部門有不同的毛利率。但總的來說，鑑於我們在高端產品線的創新和優異表現，混合銷售仍然是我們強勁的發展動力。因此，我們認為未來整體混合格局將繼續保持積極態勢。

Great. And then just really quickly, any comments you could give us in terms of early reads into retail environment for 2026? So some of the things that you're looking at that shape your outlook for demand for next year? And maybe any initial comments on cadence of new product intros and where you see opportunity maybe for you to grow a bit above industry growth range for next year?

偉大的。最後，能否請您就2026年零售環境的早期預測發表一些看法？那麼，當您在考慮哪些因素時，會影響您對明年需求的期望？您對新產品推出的節奏有什麼初步看法嗎？您認為明年哪些方面有機會讓您實現略高於產業成長範圍的成長？

Yeah. I mean, we won't get into specifics, but safe to say you can look at the cadence of innovation we've had over the past several years, and we don't expect that to slow down. So we think there will be plenty of innovation opportunities for us as we head into '26.

是的。我的意思是，我們不打算深入探討具體細節，但可以肯定的是，你可以看看我們過去幾年來的創新節奏，我們預計這種節奏不會放緩。因此，我們認為在邁入 2026 年之際，我們將有很多創新機會。

I think it's really more of the same relative to the macro. I think there's a lot of uncertainty around where inflation is headed and resulting interest rate moves. We're not going to pontificate on how many rate cuts and all that type of stuff. But certainly, higher interest rates are a challenge for this category. It's been encouraging to see rate cut direction, and we think we're going to need more of that. And I think that will come as a result of easing inflation, which will be good for our consumers. I talked about in my prepared remarks that we're looking at things like the debt levels and things like that with our customer base.

我認為就宏觀層面而言，它實際上並沒有太大變化。我認為通膨走向以及由此導致的利率變動存在著很大的不確定性。我們不會就降息多少次之類的問題高談闊論。但可以肯定的是，較高的利率對這類人來說是一個挑戰。看到降息的趨勢令人鼓舞，我們認為還需要更多這樣的措施。我認為這將隨著通膨放緩而實現，這對我們的消費者來說是件好事。我在事先準備好的演講稿中提到，我們正在關注客戶群的債務水平等問題。

But we also think time plays in our favor. We look at the customer demographics in terms of in terms of purchases and repurchase rates. And we're now past, call it, five years past the bubble that was created during the pandemic. And we expect that those customers will start coming back. We know they're using the product. And given the cycles of innovation we've had since those products were purchased as well as time, we fully expect that they'll start to come back into the fold.

但我們認為時間對我們有利。我們從購買率和復購率的角度來分析客戶的人口統計資料。現在，我們已經走出了疫情期間形成的泡沫，至今已經五年了。我們預期這些顧客會開始回頭光顧。我們知道他們在使用該產品。鑑於自我們購買這些產品以來所經歷的創新周期以及時間的推移，我們完全預期它們會重新回到我們的產品系列中。

So we think there's a number of different things. But ultimately, this is going to be a macro-driven phenomenon. I do think people are looking at next year from a cautious perspective. But I think the work we did this year to get dealer inventory rightsized to put us in a position, quite frankly, if the industry is flat, we still believe we can grow just given the position we are from a dealer inventory as well as the innovation we have in the pipeline.

所以我們認為這其中有很多不同的原因。但歸根究底，這將是一個宏觀驅動的現象。我認為大家對明年都持謹慎態度。但我認為，我們今年為調整經銷商庫存規模所做的工作，使我們處於有利地位，坦白說，即使行業保持平穩，我們仍然相信，憑藉我們目前的經銷商庫存狀況以及我們正在研發的創新產品，我們能夠實現增長。

David MacGregor, Longbow Research.

David MacGregor，Longbow Research。

This is Joe Nolan on for David. You guys had strong success with the factory authorized clearance program. Just wondering if you can give an update on what sort of promotional activity you're seeing from competitors and just how that develops into fourth quarter and 2026? And also, just in past quarters, you've given an update on competitor channel inventories, if you can give an update there as well.

這裡是喬諾蘭替大衛報道。你們的工廠授權清倉計畫取得了巨大成功。我想了解您觀察到的競爭對手的促銷活動情況，以及這些活動在第四季和 2026 年的發展趨勢？另外，就在過去的幾個季度裡，你們也更新了競爭對手通路庫存的情況，能否也更新一下這方面的情況呢？

Yeah. I'll kind of wrap them all together. We and our next largest competitor, when we look at our DSOs and current, noncurrent, we look very similar, which is helpful because the two of us make up a large portion of the industry. The Japanese have been moving in the right direction. We've definitely seen the large promo to move very old product or kind of onetime incentives that were going on in the marketplace. We've seen a lot of that essentially slow down or exit the market. As we head into the fourth quarter and into next year, at this point, we don't see anything that's outsized relative to what has been going on here more recently.

是的。我會把它們統統歸類在一起。當我們查看我們的應收帳款週轉天數 (DSO) 和當前、非當前帳款時，我們和我們最大的競爭對手的情況非常相似，這很有幫助，因為我們兩家公司佔據了該行業的大部分份額。日本人一直朝著正確的方向前進。我們確實看到商家為了清理過時產品而進行的大規模促銷活動，或是市場上出現的一些一次性優惠活動。我們看到許多這類企業基本上都放緩了發展步伐，或是退出了市場。隨著我們進入第四季和明年，目前來看，我們還沒有看到任何相對於最近發生的事情而言規模特別大的事情。

And as long as the dealer inventory stays in a good spot or continues to improve with some of our competitors, we expect that promo environmental settle down. We talked about '26. We're assuming that the promo environment will be kind of flattish year-over-year, and we'll see how that continues to evolve given some of the competitors that are still catching up on their inventory levels.

只要經銷商的庫存保持良好狀態，或繼續比一些競爭對手有所改善，我們預計促銷環境就會穩定下來。我們談到了「26」。我們預計促銷環境將與去年同期相比保持平穩，考慮到一些競爭對手仍在努力提升庫存水平，我們將觀察這種情況將如何繼續發展。

Yeah, I would say there's been some talk of lower promo in the industry, but the behaviors haven't demonstrated that that's going to happen. And so right now, our view is that things will remain sort of flat with where they are right now. Hopefully, if we see the level of interest rate cuts that folks are talking about, that may allow some things to normalize as we get into mid-2026, but it will take a while for that to play out. So tough to really forecast right now.

是的，我認為業內確實有一些關於減少推廣的討論，但實際情況並沒有表明這種情況將會發生。所以目前來看，我們認為情況將基本上維持在目前的水平。希望我們能看到人們所說的降息幅度，這或許能讓一些事情在 2026 年年中恢復正常，但這需要一段時間才能實現。現在很難做出真正的預測。

This concludes our question-and-answer session as well as our conference call for today. Thank you for your participation and attending today's presentation. You may now disconnect.

我們的問答環節和今天的電話會議到此結束。感謝您參與並出席今天的報告會。您現在可以斷開連線。