Polaris Inc (PII) 2025 Q4 法說會逐字稿

Good day, and welcome to the Polaris fourth-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年第四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, Betsy, and good morning or good afternoon, everyone. I'm J.C. Weigelt, Vice President of Investor Relations at Polaris. Thank you for joining us for our 2025 fourth-quarter and full year 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.

謝謝你，貝齊，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年第四季及全年業績電話會議。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。

Both have prepared remarks summarizing our 2025 fourth-quarter and full year results as well as our expectations for 2025. And then we'll take your questions. 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.

兩人都準備了發言稿，總結了我們 2025 年第四季和全年的業績以及我們對 2025 年的預期。接下來我們會回答大家的問題。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。

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 fourth-quarter and full year 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.

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 年第四季和全年實際業績以及未來期間指引的內容均指我們持續經營的業績，並以調整後的非公認會計準則 (non-GAAP) 為基礎進行報告。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。請繼續，麥克。

Thanks, J.C. Good morning, everyone, and thank you for joining us today. I'd like to start by acknowledging the resiliency of our Polaris team and the discipline of our strategy. These are qualities that transformed a challenging year and one that truly reflects the strength and resolve of our business. While tariffs represented the most significant challenge we have seen since the pandemic, we delivered nearly everything we said we would do and then some.

謝謝J.C.。大家早安，感謝各位今天收看我們的節目。首先，我想表揚一下我們北極星團隊的韌性和我們策略的嚴謹性。正是這些品質扭轉了充滿挑戰的一年，也真正體現了我們企業的實力和決心。雖然關稅是我們自疫情爆發以來遇到的最大挑戰，但我們幾乎兌現了所有承諾，甚至做得更多。

We navigated difficult headwinds in 2025 while still delivering share gains, innovation, quality and operational improvements, portfolio realignments and strategic milestones that position us for the long-term success. We achieved share gains in all segments last year, including Off-Road vehicles, snowmobiles, pontoons and motorcycles.

2025 年，我們克服了重重困難，同時實現了市場份額成長、創新、品質和營運改進、產品組合調整以及策略里程碑，為長期成功奠定了基礎。去年，我們在所有細分市場都實現了份額成長，包括越野車、雪地摩托車、浮筒船和摩托車。

That reflects both our commitment to innovation and the strength of our dealer partnerships. In ORV, we launched several new products from the RZR XP S to the all-new value tier RANGER 500. We also launched the industry's largest touchscreen in the new RZR Pro R, and our factory racing team had an impressive year of top podium finishes.

這不僅體現了我們對創新的承諾，也體現了我們與經銷商之間的牢固合作關係。在 ORV 領域，我們推出了多款新產品，從 RZR XP S 到全新的高價比 RANGER 500。我們還在新款 RZR Pro R 中推出了業內最大的觸控屏，我們的工廠賽車隊也取得了令人矚目的成績，多次登上領獎台。

In fact, earlier this month, our Polaris factory racing team proved once again what our vehicles and drivers are capable of, standing at the top of the DAGOR podium for the third consecutive year, a truly amazing and incredible achievement. In Marine, we refreshed our flagship Bennington QX line and the all-new Godfrey Sanpan models earned Boating Magazine's Pontoon of the Year.

事實上，就在本月初，我們的北極星工廠賽車隊再次證明了我們的賽車和車手的實力，連續第三年登上 DAGOR 領獎台的最高位置，這是一項真正令人驚嘆的成就。在船舶領域，我們對旗艦產品 Bennington QX 系列進行了更新，全新的 Godfrey Sanpan 型號獲得了《Boating Magazine》年度最佳浮筒船獎。

Last few years of product launches across our business have demonstrated our commitment to innovation and further solidified our leadership in powersports and our future product innovation pipeline remains full. Next, we made progress in executing against our decision to significantly reduce our exposure to China. We set a goal of lowering China-based spend by 80% from roughly 18% of material cost of goods sold in 2024 to below 5% by year-end 2027.

過去幾年，我們公司在各個業務領域推出的產品都體現了我們對創新的承諾，並進一步鞏固了我們在動力運動領域的領先地位，我們未來的產品創新計劃仍然豐富。接下來，我們在執行大幅減少對中國業務敞口的決定方面取得了進展。我們設定了一個目標，到 2027 年底，將中國支出從 2024 年佔銷售商品材料成本的約 18% 降低 80%，降至 5% 以下。

This transformation has three key benefits: it lowers tariff expense under the current policies; minimizes the risk associated with dramatic swings in regulatory policy; and creates a more localized supply chain with improved working capital and faster response times. We ended 2025 with China-based spend of approximately 14% of material cost of goods sold and are on track to drive our exposure down even further in 2026.

這種轉型有三個主要好處：在現行政策下降低了關稅支出；最大限度地降低了監管政策劇烈波動帶來的風險；並創建了一個更本地化的供應鏈，提高了營運資金，加快了響應速度。2025 年底，我們在中國市場的支出約佔銷售商品材料成本的 14%，我們預計在 2026 年將進一步降低這筆支出。

Operationally, we delivered more than $60 million in savings as our manufacturing transformation continues. We're seeing the impact in areas like improved clean build, lower levels of rework, improved labor efficiency and reduced inventory. I'm incredibly proud of our operations team for everything they've done to get us to this point.

在營運方面，隨著製造轉型不斷推進，我們實現了超過 6,000 萬美元的節省。我們看到，這種影響體現在以下幾個方面：更乾淨的建造方式、更低的返工率、更高的勞動效率和更少的庫存。我為我們的營運團隊感到無比自豪，感謝他們為我們走到今天這一步所做的一切。

The team and I visited our Monterrey plant earlier this month, and it is truly impressive to see how the plant is operating now compared to just two-years ago. The improvements across our plant network positions us well as the industry normalizes. Quality has also meaningfully improved. We take exceptional pride in our product quality, and we've invested heavily in our quality systems to ensure we meet and exceed the expectations our customers have come to expect for our industry-leading products.

本月初，我和團隊參觀了我們在蒙特雷的工廠，與兩年前相比，工廠現在的運作狀況令人印象深刻。我們工廠網路的改進使我們在行業恢復正常的過程中處於有利地位。品質也得到了顯著提高。我們對產品品質引以為豪，並投入大量資金完善品質體系，以確保我們能夠達到甚至超越客戶對我們行業領先產品的期望。

We've seen improvements in key aspects of manufacturing, supply and design quality that have resulted in a reduction of $25 million in warranty expense last year. And initial model year '26 metrics have improved versus last year and dealer feedback is encouraging. Finally, we made progress on our longer-term strategy to improve profitability while maintaining leadership in the powersports industry.

我們在製造、供應和設計品質的關鍵方面都取得了進步，去年保固費用減少了 2500 萬美元。2026年車型的初始指標較去年有所改善，經銷商的回饋也令人鼓舞。最後，我們在提高獲利能力的同時，保持了在動力運動產業的領先地位，從而實現了長期策略目標。

The separation of Indian Motorcycle remains on track to close by the end of this quarter, and we will be immediately accretive -- and will be immediately accretive to EBITDA margins and adjusted EPS. As I've said many times, when we stay focused on what we can control, our teams deliver. Our people and our strategy have consistently proven that Polaris is well positioned to meet its mid-cycle targets and maintain leadership throughout innovation and strong dealer partnerships.

印第安摩托車的分拆仍按計劃進行，將於本季末完成，這將立即增加我們的 EBITDA 利潤率和調整後每股收益。正如我多次說過的那樣，當我們專注於我們能夠控制的事情時，我們的團隊就能取得成果。我們的人員和策略不斷證明，北極星完全有能力實現其中期目標，並透過創新和強大的經銷商合作關係保持領先。

In Q4, sales were up 9% and North American retail was also up 9%, excluding youth, driving share gains across our main segments. We continue to emphasize retail excluding youth for two reasons. First, while youth contributes to share in retail figures, it has very little impact on profitability. Second, we're in the final stages of transitioning our youth manufacturing from China to Mexico to reduce our long-term tariff exposure.

第四季度，銷售額成長了 9%，北美零售額（不包括青少年市場）也成長了 9%，推動了我們主要業務部門的份額成長。我們繼續強調零售業不以年輕人為目標，原因有二。首先，雖然年輕消費者對零售額的份額有所貢獻，但對獲利能力的影響卻很小。其次，我們正處於將青年製造業從中國轉移到墨西哥的最後階段，以減少我們長期面臨的關稅風險。

That shift temporarily impacted both retail and share this quarter simply because dealers didn't have the inventory to meet demand. We expect this to reverse in 2026. Moving forward, we believe excluding youth, retail remains the best indicator of the health of the business. As expected, we couldn't overcome $37 million of tariff cost and adjusted gross margin in the quarter.

這種轉變暫時影響了本季的零售和市場份額，原因很簡單，就是經銷商沒有足夠的庫存來滿足需求。我們預計這種情況將在2026年發生逆轉。展望未來，我們認為，除了年輕族群之外，零售業仍是衡量企業健康狀況的最佳指標。正如預期的那樣，我們未能克服本季 3700 萬美元的關稅成本和調整後的毛利率。

However, we did see a meaningful mix benefit in ORV driven by higher RANGER NorthStar shipments tied to strong demand for our agriculture and ranch promotional programs. Adjusted EBITDA saw additional pressure in the final quarter as a result of incentive compensation normalization. We accelerated R&D activity in support of key programs, which increased expense in the quarter.

然而，由於農業和牧場促銷計劃的強勁需求，RANGER NorthStar 的出貨量增加，我們在 ORV 領域看到了顯著的組合效益。由於激勵性薪酬正常化，調整後 EBITDA 在最後一季面臨額外壓力。為了支持重點項目，我們加快了研發活動，這導致本季支出增加。

All in, this resulted in adjusted EPS of approximately $0.08, slightly ahead of the implied Q4 guidance we provided in October. Stepping back, while 2025 was a challenging year, our team did an outstanding job of remaining focused on what we could control. I think it's important to note that if you adjusted out the tariff impact, which was unknown when we provided guidance in January of 2025, we expect we would have exceeded the original guidance.

綜合來看，調整後的每股收益約為 0.08 美元，略高於我們在 10 月提供的第四季業績預期。回顧過去，雖然 2025 年充滿挑戰，但我們的團隊出色地專注於我們能夠控制的事情。我認為需要指出的是，如果剔除關稅的影響（我們在 2025 年 1 月提供業績指引時，關稅的影響是未知的），我們預計業績將超過最初的指引。

Turning to what we're seeing at the dealerships. ORV retail continues to trend positively, led by utility. Strength in utility, the utility category was across the board and with strong contributions from the value to premium models. Our data shows that the new RANGER 500 was the highest retailing midsized side-by-side in the industry during the quarter

接下來我們來看看經銷商的狀況。在公用事業的帶動下，越野車零售市場持續保持正面趨勢。實用性強，實用性類別全面提升，從經濟型到高階車型均有強勁表現。我們的數據顯示，新款 RANGER 500 在本季是業界零售價最高的中型並排式全地形車。

And it wasn't even close with roughly 60% more volume than the nearest competitor. On the premium side, our RANGER XP 1000 NorthStar had its highest retail month ever in December. The success across the lineup demonstrates the strength of our brand and product portfolio. And while recreational consumers remain somewhat on the sidelines, we continue to take multiple points of share in crossover powered by the category-defining Polaris XPEDITION.

而且差距非常大，銷量比最接近的競爭對手高出約 60%。在高端市場方面，我們的 RANGER XP 1000 NorthStar 在 12 月的零售額創下了歷史新高。全線產品的成功證明了我們品牌和產品組合的實力。儘管休閒消費者仍處於觀望狀態，但我們憑藉定義品類的 Polaris XPEDITION，在跨界領域繼續取得多點市場份額。

On-Road retail was down low double digits as expected as we lap the 2024 introduction of the new Indian Scout motorcycle. In Marine, retail declined approximately 13%, though our pontoon brands, Bennington and Godfrey outperformed the industry. For snowmobiles, the season started strong; thanks to early snowfall in the flatlands, something we haven't seen in the prior two-years, which helped reduce noncurrent dealer inventory.

正如預期的那樣，隨著2024年新款Indian Scout摩托車的推出，公路零售額出現了兩位數的下滑。在船舶領域，零售額下降了約 13%，但我們的浮筒船品牌 Bennington 和 Godfrey 的表現優於行業平均水平。對於雪地摩托車來說，本季開局強勁；這要歸功於平原地區早早下雪，這是前兩年都沒有出現的，這也有助於減少經銷商的非當季庫存。

However, the industry has moderated a bit due to lack of mountain snowfall and lighter coverage in parts of the Midwest in recent weeks. We remain cautious on the remainder of the season and plan to keep our snowmobile build schedule lower as we prepare for the 2026, 2027 season, similar to our approach last year.

然而，由於近幾週山區降雪不足以及中西部部分地區積雪覆蓋較薄，該行業有所放緩。對於本季剩餘時間，我們仍保持謹慎態度，並計劃降低雪地摩托車的生產計劃，為 2026 年和 2027 年雪季做準備，類似於我們去年的做法。

As we noted last quarter, we believe dealer inventory is at a healthy level with just under 100 days of inventory on hand across the network. Not only is dealer inventory at the lowest levels it's been outside of the pandemic, but the mix of inventory is in great shape as well. We believe Polaris has the healthiest mix of current versus noncurrent inventory of any OEM.

正如我們上個季度所指出的，我們認為經銷商庫存處於健康水平，整個網路的庫存量略低於 100 天。經銷商的庫存不僅處於疫情前最低水平，而且庫存組合也十分均衡。我們認為，在所有汽車製造商中，北極星的現車庫存與非現車庫存比例最為健康。

With ORV and Marine inventory in good shape, we're continuing to let retail drive our build and ship plans. This is exactly where we want to be and a place we haven't consistently been since before the pandemic. It aligns with how we manage the business, and we believe is also best for dealers in this demand environment.

由於 ORV 和 Marine 的庫存狀況良好，我們將繼續讓零售驅動我們的生產和出貨計畫。這正是我們想要達到的狀態，也是自疫情爆發以來我們一直沒有穩定達到的狀態。這符合我們的業務管理方式，我們也認為在目前的需求環境下，這對經銷商來說也是最佳選擇。

Our teams will remain agile, and we will closely monitor retail trends. We will adjust build and ship schedules in response to market conditions to help ensure dealers have what they need to be successful.

我們的團隊將保持靈活，並將密切關注零售業趨勢。我們將根據市場情況調整生產和出貨計劃，以確保經銷商擁有成功所需的資源。

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

現在我將把發言權交給鮑勃，讓他為大家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 fourth quarter financial results. Adjusted sales for the quarter were up 9%. Similar to Q3, we saw higher shipments year-over-year with a notably stronger mix toward RANGER NorthStar side-by-sides. Net pricing was a modest headwind as elevated promotions continued to outpace price.

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。我們先來看第四季的財務業績。本季經調整後的銷售額成長了9%。與第三季類似，我們看到出貨量年增，其中 RANGER NorthStar 並排式全地形車的出貨量佔比明顯更高。由於促銷力道持續超過物價上漲，淨價上漲帶來了一定的不利影響。

International sales grew 9% with all regions contributing, driven by double-digit growth in PG&A and On-Road. Globally, PG&A sales were up 20%, supported by strength in factory installed accessories and oil. Our ridership indicators, average miles per unit in dealer repair orders continue to trend positively, which aligns with the growth we're seeing in oil revenue.

國際銷售額成長 9%，所有地區均有貢獻，其中 PG&A 和 On-Road 的兩位數成長是主要驅動力。在全球範圍內，PG&A 銷售額成長了 20%，這得益於工廠安裝的配件和石油的強勁銷售。我們的乘客量指標，經銷商維修訂單中每輛車的平均行駛里程，繼續呈現正面趨勢，這與我們看到的石油收入成長一致。

Mix and volume were once again positive contributors to gross profits. However, those benefits were more than offset by $37 million in new tariffs and the normalization of incentive compensation relative to last year's unusually low level. Given these headwinds, adjusted EBITDA margin contracted year-over-year as expected.

產品組合和銷售量再次成為毛利的正面貢獻因素。然而，新增關稅 3700 萬美元以及激勵性薪酬相對於去年異常低的水平恢復正常，完全抵消了這些收益。鑑於這些不利因素，調整後的 EBITDA 利潤率如預期般年減。

The primary drivers were the impact of tariffs on gross profit and incentive compensation flowing through both gross profit and operating expense. As Mike mentioned, we also incurred higher R&D costs in the quarter as we support work on our innovation pipeline. Stepping back, after backing out the impact of tariffs, our full year 2025 results would have exceeded the expectations we set last January.

主要驅動因素是關稅對毛利的影響，以及透過毛利和營運費用體現的激勵性薪酬。正如麥克所提到的，由於我們支持創新產品線的研發工作，本季我們的研發成本也較高。退一步講，剔除關稅的影響後，我們 2025 年全年的表現將超過我們去年 1 月所設定的預期。

That's a testament to strong execution and controlling what we can control in an extremely dynamic environment. Off-Road sales rose 11% in the quarter, supported by higher ORV shipments, a richer mix of vehicles and 22% PG&A growth. Dealer inventory was down 9%, excluding youth and ORV and more than 40% in snow.

這證明了我們在瞬息萬變的環境中，能夠高效地執行並掌控我們所能掌控的一切。本季越野車銷量成長了 11%，這得益於越野車出貨量增加、車輛種類更加豐富以及 PG&A 成長 22%。經銷商庫存下降了 9%，不包括青少年用品和越野車用品，雪地用品庫存下降了 40% 以上。

While we still have some work to do in snow, the volume of non-current sleds sold in Q4 should help ease some of the challenges from the last two poor snow seasons in the flatlands. As Mike noted, dealer inventory overall is in a strong position across all metrics, including days sales on hand, current versus non-current mix and the split between utility and recreation products.

雖然我們在雪地方面還有一些工作要做，但第四季度售出的非當季雪橇數量應該有助於緩解過去兩個雪季平原地區雪況不佳帶來的一些挑戰。正如麥克指出的那樣，經銷商的庫存總體上在所有指標上都處於強勁狀態，包括庫存週轉天數、當季庫存與非當季庫存的組合以及實用產品和休閒產品的比例。

We gained modest ORV share in the quarter, excluding youth and multiple points in snow. Within ORV, utility and crossover remain our strongest categories, led by RANGER and Polaris XPEDITION. Without tariffs, gross profit margin would have improved, supported by a richer shipment mix aligned to retail and continued operational improvements across our plants.

本季度，我們的越野車市佔率略有成長，不包括青少年市場和雪地市場的多個成長點。在全地形車領域，實用型和跨界型仍然是我們最強的類別，其中 RANGER 和 Polaris XPEDITION 處於領先地位。如果沒有關稅，毛利率將會提高，這得益於更豐富的、更符合零售需求的貨物組合以及我們各工廠持續的營運改善。

Moving to On-Road. Sales during the quarter were up 4%, driven by positive mix within Aixam and Goupil, overcoming softness in Indian Motorcycle and our Slingshot business. Adjusted gross profit margin was up 186 basis points, driven by mix with a modest offset from tariffs. Marine sales rose 1%. For Q4, the key indicator is next season order book strength, and we saw exactly that.

轉為公路行駛。本季銷售額成長 4%，這主要得益於 Aixam 和 Goupil 業務的積極組合，彌補了 Indian Motorcycle 和 Slingshot 業務的疲軟。經調整後的毛利率上升了 186 個基點，主要得益於產品組合的最佳化，但關稅的影響略有抵銷。船舶銷售額成長1%。第四季的關鍵指標是下一季的訂單量，而我們正好看到了這一點。

Demand increased for our entry-level Bennington models as well as our redesigned flagship Bennington QX pontoon lineup. Thanks to our dealer inventory actions over the past 18-months, we believe Marine inventory is now aligned with demand, and we expect shipments in 2026 to be more closely aligned with retail. December SSI data showed the market -- showed market share gains across our pontoon brands.

入門級 Bennington 車型以及重新設計的旗艦級 Bennington QX 浮筒船系列的需求量均有所增加。由於過去 18 個月以來我們對經銷商庫存採取的措施，我們相信船舶庫存現在與需求相符，我們預計 2026 年的出貨量將與零售量更加接近。12 月 SSI 數據顯示，我們的浮筒船品牌市佔率有所成長。

The broader industry continues to face pressure from higher interest rates and macro uncertainty, but our positioning remains strong. Gross margin declined due to mix, partially offset by positive net pricing. Moving to our financial position. We generated approximately $180 million in operating cash flow this quarter, translating into $120 million of free cash flow.

儘管整個產業持續面臨利率上升和宏觀經濟不確定性帶來的壓力，但我們的市場地位仍然穩固。毛利率因產品組合變化而下降，但淨價上漲部分抵消了這一影響。接下來談談我們的財務狀況。本季我們產生了約 1.8 億美元的營運現金流，轉化為 1.2 億美元的自由現金流。

For the year, we generated $605 million of free cash flow. Our progress on working capital in 2025 is important to highlight. We reduced finished goods supported by clean build, lean initiatives, improved forecasting tools that allow for more predictable build schedules and stronger-than-planned retail. We believe these working capital levels are sustainable with further opportunity on the raw material and payable sides.

本年度，我們產生了 6.05 億美元的自由現金流。值得重點強調的是，我們在2025年營運資金方面所取得的進展。我們透過清潔建設、精益舉措和改進的預測工具減少了成品數量，從而實現了更可預測的建設進度和比預期更強的零售業績。我們認為這些營運資金水準是可持續的，原材料和應付帳款方面還有進一步的發展機會。

We remain committed to maintaining investment-grade metrics. We ended the year well below our covenant threshold due to strong cash generation and about $530 million of debt paydown in 2025. For 2026, we expect our leverage and interest coverage ratios to remain within covenant requirements even with the higher tariffs in the first half.

我們將繼續致力於維持投資等級指標。由於強勁的現金流和 2025 年約 5.3 億美元的債務償還，我們最終的財務狀況遠低於契約規定的門檻。2026 年，我們預計即使上半年關稅較高，我們的槓桿率和利息保障倍數仍將維持在契約要求範圍內。

Our capital allocation remains balanced between core growth investments with attractive returns and debt reduction. And we remain firmly committed to the dividend and our dividend aristocrat status as we just completed our 30th consecutive year of dividend increases. Today, we are introducing our full year 2026 guidance. There are two important assumptions.

我們的資本配置在具有吸引力回報的核心成長投資和債務削減之間保持平衡。我們將繼續堅定不移地派發股息，並保持我們的股息貴族地位，因為我們剛剛完成了連續第 30 年提高股息。今天，我們將發布 2026 年全年業績指引。這裡有兩個重要的假設。

One, that the Indian Motorcycle separation closes by the end of this quarter. Annualized, the benefit is about $1 of adjusted EPS. But with the closing expected to occur near the end of the first-quarter, the 2026 benefit is expected to be between $0.75 and $0.80, with the balance of EPS savings to equate to the annualized dollar being attributed to the Indian Motorcycle Q1 loss under our ownership.

第一，印地安摩托車的分拆工作將在本季末完成。按年計算，收益約為每股調整後收益 1 美元。但由於預計交易將在第一季末完成，2026 年的收益預計將在 0.75 美元至 0.80 美元之間，每股收益節省的餘額將相當於歸因於我們擁有的 Indian Motorcycle 第一季虧損的年化美元金額。

And two, that there are no changes to regulatory policy, including tariffs relative to the policies in place today. With those assumptions, we expect total company sales to grow 1% to 3%. This incorporates a more challenging year-over-year comparison due to more than $300 million from Indian Motorcycle sales that were included in last year's second, third and fourth-quarters, but will not recur in 2026.

第二，監管政策（包括關稅）與現行政策相比沒有任何變化。基於這些假設，我們預期公司總銷售額將成長 1% 至 3%。由於去年第二、三、第四季印地安摩托車銷售額超過 3 億美元，而 2026 年不會再出現這種情況，因此比去年同期比較更具挑戰性。

That tougher comparable is offset by over $400 million of tailwinds from aligning shipments in retail. In addition, we expect a net pricing benefit to offset negative mix. The net pricing benefit is due to normal model year price increases and a lower promotional environment. If you were to remove Indian Motorcycle sales from our 2025 and expected 2026 results, this guidance would equate to 7% to 9% organic sales growth.

儘管去年同期基數較高，但零售業出貨量調整帶來的超過 4 億美元的利好因素抵消了這種不利影響。此外，我們預期淨定價收益將抵銷不利的產品組合影響。淨價格優勢是由於正常的車型年度價格上漲和較低的促銷環境造成的。如果從我們 2025 年和 2026 年的預期業績中剔除印第安摩托車的銷量，那麼這一指導方針相當於 7% 至 9% 的有機銷售增長。

We expect adjusted EBITDA margin to expand 80 basis points to 120 basis points year-over-year, driven by the aforementioned volume benefit and lean improvement initiatives across our facilities, while being partially offset by approximately $90 million in incremental tariffs. Other big pieces -- moving pieces impacting the year include the adjusted EBITDA benefit of three-quarters without Indian Motorcycle.

我們預計，受上述銷售成長和各工廠精實改善措施的推動，調整後的 EBITDA 利潤率將年增 80 個基點至 120 個基點，但部分將被約 9,000 萬美元的新增關稅所抵銷。其他影響全年業績的重要因素包括：剔除印地安摩托車後，調整後的 EBITDA 收益將減少三季。

Over $30 million of absorption benefit from operational efficiency improvements, operating expenses are expected to be down approximately 4% due to the separation of the Indian Motorcycle. We are also planning for modest increases in strategic investment across IT and innovation, and there should not be any material change in year-over-year compensation expense following normalization in 2025.

由於營運效率的提高，預計可獲得超過 3,000 萬美元的吸收收益；由於印第安摩托車的剝離，預計營運費用將下降約 4%。我們也計劃適度增加對 IT 和創新領域的策略投資，預計 2025 年正常化後，年度薪資支出不會發生實質變化。

In other income, we expect $30 million to $35 million of income due to transition service agreements, or TSAs, that will be put in place to help ensure the smooth separation of the Indian Motorcycle into an independent company. Some examples of TSAs that are expected to be in place are for IT systems, supply agreements and freight.

在其他收入方面，我們預計將獲得 3,000 萬至 3,500 萬美元的收入，這主要得益於過渡服務協議（TSA），這些協議旨在幫助確保印第安摩托車順利分拆成為一家獨立公司。預計會實施的 TSA 的一些例子包括 IT 系統、供應協議和貨運。

These TSAs are in place to neutralize the costs we are incurring within cost of sales and operating expenses to help stand up Indian Motorcycle independently with the majority of the agreements expected to expire in 9- to 12-months. Putting this all together, we expect adjusted EPS of $1.50 to $1.60 for 2026. This includes a modest benefit from FX and interest expense.

這些過渡服務協議旨在抵消我們在銷售成本和運營費用中產生的成本，以幫助印第安摩托車獨立運營，其中大部分協議預計將在 9 到 12 個月內到期。綜合所有因素，我們預計 2026 年調整後每股收益為 1.50 美元至 1.60 美元。這包括外匯和利息支出帶來的少量收益。

For Q1 specifically, Indian Motorcycle is expected to be included in our results for a significant portion of the quarter. Sales are expected to grow more than 10%. Tariffs will represent a significant headwind of approximately $45 million. Adjusted EPS is expected to be approximately negative $0.45. In summary, Q4 played out largely as expected.

具體到第一季度，預計印第安摩托車將在我們的業績中佔據相當大的比例。預計銷售額將成長超過10%。關稅將帶來約 4500 萬美元的重大不利影響。調整後每股收益預計約為負0.45美元。總而言之，第四季基本上符合預期。

Excluding the impact of tariffs, we exceeded what we said we would do in 2025, including share gains and healthier dealer inventory. Operationally, we gained efficiencies within our manufacturing facilities, generated $741 million in operating cash and paid off approximately $530 million in debt. Much of this was overlooked in such a dynamic macro environment last year.

不計關稅的影響，我們超額完成了2025年的目標，包括市場份額的成長和經銷商庫存的改善。在營運方面，我們提高了製造工廠的效率，產生了 7.41 億美元的營運現金，並償還了約 5.3 億美元的債務。在去年如此瞬息萬變的宏觀環境下，很多方面都被忽略了。

But as Mike said, it's good to close the book on 2025. It was a uniquely challenging year, but I'm incredibly proud of how our team executed, stayed focused and delivered against our long-term objectives. We entered 2026 playing offense. We expect this year to reflect the start of what is to come as we continue to execute on our longer-term initiatives of mid-single-digit sales growth, mid to high teens EBITDA margin, double-digit EPS growth and mid-20s ROIC. I look forward to sharing our progress with you as we move into the spring and throughout the year.

但正如麥克所說，是時候告別2025年了。這是充滿挑戰的一年，但我為我們團隊的執行力、專注精神以及實現長期目標的能力感到無比自豪。我們以進攻姿態進入了2026年。我們預計今年將反映出未來發展趨勢的開端，我們將繼續執行我們的長期計劃，實現中等個位數的銷售成長、十幾到十幾的 EBITDA 利潤率、兩位數的 EPS 成長和二十幾的 ROIC。我期待在春季以及全年與大家分享我們的進展。

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

好了，接下來我會把電話轉回給麥克，讓他來總結。請繼續，麥克。

Thanks, Bob. We've been clear and consistent about our strategy over the past several years, strengthen our global leadership in powersports while improving the profitability and returns of the business. Our strategy is designed not just to make us more profitable, but to make us more resilient across cycles. So as Polaris succeeds, our dealers succeed and our customers continue to enjoy the best products in the industry.

謝謝你，鮑伯。過去幾年，我們的策略一直清晰且一致，在提高業務獲利能力和回報的同時，加強我們在動力運動領域的全球領導地位。我們的策略不僅旨在提高獲利能力，而且旨在增強我們在經濟週期中的適應能力。因此，隨著北極星的成功，我們的經銷商也會成功，我們的客戶也會繼續享受到業界最好的產品。

A major part of our strategy has been delivering the best customer experience and rider-driven innovation through our portfolio of iconic brands. With our recent share gains and the success of products like RZR Pro R, Polaris XPEDITION and the RANGER 500 and XD platforms, we firmly reestablished ourselves as the innovation leader in powersports, and we're not slowing down.

我們策略的重要組成部分是透過我們旗下標誌性品牌組合，提供最佳的客戶體驗和以騎士為導向的創新。憑藉我們近期的市場份額增長以及 RZR Pro R、Polaris XPEDITION 和 RANGER 500 和 XD 平台等產品的成功，我們已穩固地重新確立了自己作為動力運動創新領導者的地位，而且我們不會放慢腳步。

We have a strong pipeline of new products scheduled to launch over the next several years. We've also brought you along on our journey to strengthen our operations. With new leadership in place, we've removed more than $240 million in structural costs from our plants over the last two-years. From procurement through final shipment, we've embraced lean across our factories and the benefits are clear.

未來幾年，我們將推出一系列新產品。我們也邀請您一同見證了我們加強營運的歷程。隨著新領導層的到位，在過去兩年裡，我們從工廠中削減了超過 2.4 億美元的結構性成本。從採購到最終發貨，我們已在工廠全面推行精實生產，其益處顯而易見。

While the full impact of this work has not yet been realized, even with a modest uptick in production in 2026, we expect over $30 million in absorption benefit, demonstrating the operating leverage we are building into our network. Last year, we operated our Monterrey and Huntsville plants at roughly 60% capacity. As the industry normalizes and with the infrastructure and lean discipline we now have in place, we believe we can support a substantial improvement in industry volumes with minimal fixed cost investment while maintaining our quality standards.

雖然這項工作的全部影響尚未實現，但即使 2026 年產量略有增長，我們預計吸收效益也將超過 3000 萬美元，這表明我們正在為我們的網路建立營運槓桿。去年，我們位於蒙特雷和亨茨維爾的工廠產能利用率約為 60%。隨著產業走向正常化，憑藉我們現有的基礎設施和精益管理體系，我們相信，在維持品質標準的同時，以最小的固定成本投資，可以支持產業產量的大幅提升。

Another important part of our resiliency is the strength of our dealer network with approximately 2,000 of the best Off-Road and Marine dealers across North America, coupled with our close relationships, leading products, integrated programs and appropriately sized inventory, both Polaris and our dealers are well positioned to benefit when demand improves.

我們韌性的另一個重要方面是我們強大的經銷商網絡，我們在北美擁有約 2,000 家最好的越野和船舶經銷商。再加上我們緊密的合作關係、領先的產品、綜合項目和適當規模的庫存，北極星和我們的經銷商都已做好充分準備，在需求改善時從中受益。

It's also important to acknowledge the work we've done to sharpen our focus. Over the past few years, we've strategically pivoted our business towards a more profitable and focused core with the sale of businesses such as TAP, Jim, Taylor-Dunn as well as the soon-to-be completed separation of Indian Motorcycle.

同樣重要的是，我們要肯定我們為明確目標所做的工作。過去幾年，我們透過出售 TAP、Jim、Taylor-Dunn 等業務，以及即將完成的 Indian Motorcycle 分拆，策略性地將業務轉向更獲利、更專注的核心領域。

We also realigned the organization in 2024 with the goal of reducing complexity and improving decision-making speed. I've been with Polaris over 10-years, and I've never seen the organization more focused and energized than it is today. We're focused on the important elements to ensure we remain number one and to meaningfully improve profitability of our business model.

2024 年，我們也對組織結構進行了調整，目標是降低複雜性並提高決策速度。我在北極星公司工作超過 10 年了，從未見過公司像今天這樣專注和充滿活力。我們專注於重要因素，以確保我們保持第一的位置，並實際提高我們商業模式的獲利能力。

Looking back, we've made tremendous progress, which I'm proud of, but what excites me most is what lies ahead as we continue to lead the powersports industry. Let me close with this. 2025 was a challenging and unique year with a regulatory environment that shifted constantly, and the consumer remains pressured by higher interest rates, lower confidence and macro uncertainty.

回顧過去，我們取得了巨大的進步，我為此感到自豪，但最令我興奮的是未來，我們將繼續引領動力運動產業。最後我想說的是，2025年是充滿挑戰且特殊的一年，監管環境不斷變化，消費者仍面臨高利率、低信心和宏觀經濟不確定性帶來的壓力。

Despite all that, Polaris executed incredibly well. Dealer inventory is rightsized. We delivered innovative new products on time, and we continue to improve our operations and quality. This is exactly what we set out to do and the best team in power sports delivered. And lastly, we made the difficult decision to separate Indian Motorcycle, a move that we believe is best for Polaris and Indian Motorcycle.

儘管如此，北極星的表現依然非常出色。經銷商庫存規模已調整至合理水準。我們按時交付了創新產品，並不斷改進我們的營運和品質。這正是我們想要做的，而動力運動領域最優秀的團隊也做到了。最後，我們做出了艱難的決定，將印第安摩托車公司拆分，我們認為這對北極星和印第安摩托車來說都是最好的選擇。

As we enter 2026, our priorities are clear. We are prepared to manage through a flattish retail environment. Like the last few years, we expect utility growth to offset ongoing pressure in recreation. Dealer inventory is healthy, and we expect to operate our facilities so that build, shipments and retail all align. If we see any shift in demand through dealer feedback or data, we are ready to adapt production accordingly.

進入2026年，我們的工作重點很明確。我們已做好準備應對相對平穩的零售環境。與過去幾年一樣，我們預計公用事業的成長將抵消休閒娛樂領域持續面臨的壓力。經銷商庫存充足，我們預計我們的設施將正常運轉，使生產、出貨和零售環節協調一致。如果透過經銷商回饋或數據發現需求有任何變化，我們將隨時調整生產以作相應調整。

With the expected closing of the Indian Motorcycle separation later this quarter, we've allocated the right resources to support the transition and help set the business up for long-term success. Our lean journey continues as well. With additional lean lines coming online this year, we will further strengthen our operations and improve our ability to make fast, informed decisions as demand changes in real time.

隨著印第安摩托車分拆預計將在本季稍後完成，我們已分配了適當的資源來支持過渡，並幫助該業務為長期成功奠定基礎。我們的精益之旅仍在繼續。隨著今年更多精實生產線的投產，我們將進一步加強運營，並提高我們根據即時需求變化做出快速、明智決策的能力。

Finally, we remain committed to executing our tariff mitigation strategy. Our goal is to reduce our reliance on China-sourced components to less than 5% of material cost of goods sold by year-end 2027. We have a dedicated team in place, and I'm confident we can achieve this goal. We're entering 2026 from a position of strength.

最後，我們將繼續致力於執行我們的關稅緩解策略。我們的目標是到 2027 年底，將我們對中國產零件的依賴程度降低到銷售商品材料成本的 5% 以下。我們已經組建了一支專業的團隊，我相信我們能夠實現這個目標。我們以強大的姿態邁入2026年。

Internally, we are aligned on the priorities that can drive another successful year as we sustain our leadership in powersports and deliver on our long-term goals of higher sales growth, greater earnings power and stronger returns.

在公司內部，我們對能夠推動公司在新的一年取得成功的優先事項達成了一致，我們將保持我們在動力運動領域的領先地位，並實現更高的銷售增長、更大的盈利能力和更強的回報等長期目標。

We appreciate your continued support. And with that, I'll turn it over to Betsy to open the line for questions.

感謝您一直以來的支持。接下來，我將把麥克風交給貝齊，讓她來回答大家的問題。

(Operator Instructions) Joe Altobello Joe, Raymond James.

（操作說明）喬·阿爾托貝洛·喬，雷蒙德·詹姆斯。

I guess first question for you, Bob. I think you just mentioned that the revenue lift in '26 from wholesale and retail being aligned is north of $400 million. I think that number was around $300 million last-quarter. So did something change? Or is that just more visibility there? And should we assume some sort of flow-through of around 25% on that number?

鮑勃，我第一個問題想問你。我想你剛才提到過，2026 年批發和零售業務整合帶來的營收成長將超過 4 億美元。我認為上個季度這個數字大約是3億美元。所以情況有改變嗎？或者，那隻是因為那裡的能見度比較高？我們是否應該假設該數字的傳遞率約為 25%？

Yes, Joe. Yes, so the number did increase from where we thought it would be last quarter because we had a really strong Q4. And although we expect retail to be relatively flat, you're obviously off of a bit of a higher base. And as you think about the flow-through, right, it's -- the math gets complicated because you've got to look at it sort of ex tariffs.

是的，喬。是的，所以這個數字確實比我們上季預期的要高，因為我們第四季的業績非常強勁。儘管我們預計零售業將相對平穩，但顯然你們的基數要高一些。當你考慮流通量時，對吧，數學就變得複雜了，因為你必須把它看作是扣除關稅後的。

But if you took the tariffs out, and we've got about $20 million of commodities headwind. So if you sort of added back the impact of $90-ish million of incremental tariffs and $20 million of commodities, the flow-through would actually be closer to 40%, which I really think shows how much progress we've made in our plants over the last couple of years.

但如果取消關稅，我們將面臨約 2000 萬美元的大宗商品逆風。因此，如果將 9000 萬美元左右的新增關稅和 2000 萬美元的商品影響加回去，實際傳導率將接近 40%，我認為這充分錶明了我們在過去幾年中工廠取得的巨大進步。

As Mike said in his prepared remarks, we were down in Mexico a week or two ago, and it was really heartwarming to see how great those plants are running right now.

正如麥克在事先準備好的演講稿中所說，我們一兩週前去了墨西哥，看到那裡的工廠現在運作得如此良好，真是令人欣慰。

Yes, Joe. I mean, I want to stress that 40% incremental. I've worked in industrial companies pretty much my whole career, and that's not a number that happens easily. And I think when you look at our operations, we effectively have one lean line at each factory. And that doesn't mean that we're not getting lean benefits in other parts of the factory, but we are still early in the journey.

是的，喬。我的意思是，我想強調的是，這是40%的增量。我幾乎整個職業生涯都在工業公司工作，這樣的工作年資並不容易達成。我認為，從我們的營運情況來看，我們實際上在每個工廠都只有一條精實生產線。但這並不意味著我們在工廠的其他部分沒有獲得精實生產的好處，只是我們仍處於起步階段。

Our first pass yield in terms of getting product through the line cleanly is still -- it's much better than it has been historically, but we've still got significant improvements sitting in front of us. And while our quality has improved and a 20% reduction in cost is nothing to blink an eye at, I'm still not happy with where we stand, and I think there's a lot more that we can do.

就產品順利通過生產線而言，我們的首次合格率雖然比以往要好得多，但我們面前仍有很大的進步空間。雖然我們的品質有所提高，成本降低了 20%，這絕對不容小覷，但我對我們目前的狀況仍然不滿意，我認為我們還有很多可以改進的地方。

So I think the opportunity in front of us, it's frustrating because a lot of it gets blurred by the massive tariff load that we've got in the business. The good news is we've got an incredible team focused on moving us away from high-tariff countries. That doesn't mean that all the cost comes out of the system, because you're likely not moving to someone who's priced at the same level as a supplier out of Asia.

所以我覺得擺在我們面前的機會令人沮喪，因為許多機會都被我們業務中巨大的關稅負擔所掩蓋。好消息是我們擁有一支非常優秀的團隊，致力於帶領我們擺脫高關稅國家。但這並不意味著所有成本都會從系統中消失，因為你不太可能轉向價格與亞洲供應商相同水準的供應商。

But the team can then start working value engineering projects and really put us in a good position over the long term to get our margins up into that mid- to high-teen EBITDA range.

但團隊隨後可以開始開展價值工程項目，從長遠來看，這將真正使我們處於有利地位，從而將我們的利潤率提高到十幾到十幾的 EBITDA 範圍。

Got it. Very helpful. Maybe just a follow-up. You've given us a lot of building blocks for '26, but it does seem like your guidance implies some level of cost saves. I know you mentioned $30 million of absorption, for example. Is there anything beyond the $30 million that's built into that guidance?

知道了。很有幫助。或許只是個後續問題。您為 2026 年提供了許多基礎，但您的指導似乎暗示著一定程度的成本節約。我知道你提到 3000 萬美元的吸收額，例如。除了上述指導方針中包含的 3000 萬美元之外，還有其他計劃嗎？

In terms of the cost takeout, obviously, the math with Indian starts to get relatively complicated with it coming out in the first-quarter. But ex-Indian, we're expecting GP to be down slightly. And a lot of that is driven by the accounting for the TSAs. And I know that's kind of been confusing to everybody. But the way these things are accounted for under GAAP.

就成本削減而言，顯然，由於印度市場在第一季才開始出現，因此印度市場的計算會變得相對複雜。但前印度車手預計，GP會略有下降。而這很大程度上是由運輸安全管理局 (TSA) 的會計核算所驅動的。我知道這讓大家都感到有些困惑。但這些事情在公認會計準則 (GAAP) 下的會計處理方式是怎麼樣的呢？

There's about $90 million that will flow through COGS and about $20 million that will go through ops or $15 million that will go through OpEx. And we'll recover that in different lines. So we'll get about $50 million of it in sales, about $10 million of it in COGS and about $35 million in other income. And really, what flows through other income are things like if we're billing them for providing IT services or even freight sometimes because it's co-mingled the way the GAAP rules work, it has to go through other income.

其中約有 9,000 萬美元將計入銷售成本，約有 2,000 萬美元將計入營運成本，或 1,500 萬美元將計入營運支出。我們將分成幾條線來恢復這些資訊。因此，我們將獲得約 5,000 萬美元的銷售額，約 1,000 萬美元的銷售成本，以及約 3,500 萬美元的其他收入。實際上，其他收入中包含的項目包括：如果我們向他們收取 IT 服務費，或者有時收取貨運費，因為根據 GAAP 規則，這些費用是混合在一起的，所以必須計入其他收入。

So that's kind of about a 30bps headwind to our GP ex Indian. But that stuff will all fall off through the course of the year and going into '27 should be relatively clean. It's not like those costs will not -- the recoveries won't continue and the costs won't continue. So there's not really a go-forward impact there, but it will sort of distort GPs in '26.

所以這對我們除印度以外的GP來說，大約有30個基點的不利影響。但這些問題都會在一年內逐漸消失，進入 2027 年應該會相對比較乾淨。並不是說這些成本不會消失──復甦不會持續，成本也不會持續。所以這實際上不會對未來產生影響，但會在某種程度上扭曲 2026 年的大獎賽。

And -- but if you think about the fact that what we've got for incremental tariffs, nearly $90 million ex Indian, $100 million as reported with Indian in Q1, plus we talked about $20 million of commodities inflation that we see right now, being able to offset that and effectively being flat, I think, is actually better performance than it looks like on paper.

但是——但如果你考慮到我們獲得的增量關稅，印度除外，接近 9000 萬美元，第一季印度報告的 1 億美元，再加上我們討論過的目前看到的 2000 萬美元的大宗商品通脹，能夠抵消這些通脹並有效地保持收支平衡，我認為，這實際上比紙面上看起來要好得多。

Yes. I think, Joe, on the TSA front, we didn't have them to the extent that we do with Indian with some of the prior divestitures because those businesses were really somewhat self-contained. Indian was so incredibly embedded, and the teams have done significant work to extract as best we can. The management team will be leaving the facility. They've got a new facility.

是的。我認為，喬，就 TSA 而言，我們不像之前剝離的一些資產那樣擁有印度航空那樣多的業務，因為那些業務在某種程度上是自給自足的。印度的勢力根深蒂固，團隊已經做了大量工作來盡可能地將其提取出來。管理團隊將離開該設施。他們有了新的設施。

We've cordoned off engineers. But the reality is to get it done right, we want to make sure the business is set up. So we've got a variety of these things that span largely 6- to 12-months and a really skilled team that's helping manage that. And our number one priority is we want to make sure that there's minimal disruption as the business comes out and that it's set up in a way that it can sustain and continue to grow.

我們已經將工程師們隔離起來。但現實情況是，為了把這件事做好，我們要確保業務已經準備就緒。所以我們有很多這樣的項目，時間跨度大多為 6 到 12 個月，而且我們還有一個技術非常熟練的團隊來幫助管理這些項目。我們的首要任務是確保業務推出時對現有業務造成的干擾降到最低，並確保業務能夠持續成長。

Craig Kennison, Baird.

克雷格·肯尼森，貝爾德。

So Bob, in a year when you needed to generate cash, you generated quite a bit. On slide 30, it shows adjusted free cash flow over $600 million. I'm wondering what your thoughts are on 2026 free cash flow? And maybe if you could shed some light on working capital and CapEx expectations.

所以鮑勃，在你需要賺錢的這一年裡，你賺了不少錢。第 30 頁顯示，調整後的自由現金流超過 6 億美元。我想知道您對2026年自由現金流有何看法？或許您還能就營運資金和資本支出預期做一些說明。

Yes. So obviously, a ton of progress on working capital in 2025. I think for '26, we're going to have some kind of competing issues. Finished goods will probably go up a little just because revenue is going up and shipments are going up. We're going to look to try to hold raw flat to down and then continue to make some progress on payables to drive working capital a little bit lower.

是的。顯然，到 2025 年，營運資金方面將取得巨大進展。我認為2026年我們將面臨一些相互競爭的問題。成品價格可能會略有上漲，因為收入和出貨量都在成長。我們將努力保持原物料成本持平或下降，然後繼續在應付帳款方面取得一些進展，以進一步降低營運資本。

I don't think you'll see the -- we won't be able to sustain the massive progress that was made in '25. And the progress in '25 really was a combination of a lot of things, right? It was all the lean stuff we're doing at the plants. We put in a lot of new forecasting tools in '24, which helped us better forecast the model mix, which again helped control inventory.

我認為你不會看到——我們將無法維持 2025 年的巨大進步。2025 年的進步確實是多種因素共同作用的結果，對吧？都是我們在工廠裡推行的精實措施。我們在 2024 年引入了許多新的預測工具，這有助於我們更好地預測車型組合，從而更好地控制庫存。

We also really just kind of cleaned up a lot of the stuff coming out of COVID, right? Just the craziness of COVID and the builds and all the volatility in '24. As you recall, we shut down, really slowed production in the back half of '24. So we exited with a high level of finished goods. We corrected that in '25, which we had committed to do.

我們也確實清理了很多與新冠疫情有關的東西，對吧？2024 年，新冠疫情帶來的種種瘋狂、各種建設以及所有的波動，真是讓人難以承受。你可能還記得，我們​​在 2024 年下半年停產，生產速度大幅放緩。因此，我們帶著大量的成品離開了。我們在 2025 年糾正了這個問題，這是我們承諾要做的事情。

So we really executed on the things we said we'd do with working capital. So '26, that benefit probably won't be quite as high. So we're looking from a cash flow standpoint really to be more in the range of about $160 million of operating cash flow and about $120 million of free cash flow. So we'll continue to work to improve that. It's just going to be tough to repeat the performance from '26.

所以，我們確實把之前承諾的營運資金使用計畫都落實到了位。所以到了 2026 年，這項收益可能就不會那麼高了。因此，從現金流的角度來看，我們預計經營現金流約為 1.6 億美元，自由現金流約為 1.2 億美元。所以我們會繼續努力改進這一點。想要重現 2026 年的輝煌成績，恐怕很難。

But working capital will continue to be a big focus. We're getting close to being back to some of our kind of historic best working capital levels. But I think there's opportunity there as we continue to invest in our IT systems, improve our forecasting, and Mark and the team continue to improve the operations of the factories.

但營運資金仍將是關注的重點。我們的營運資金水準正接近歷史最佳水準。但我認為，隨著我們繼續投資於我們的IT系統，改善我們的預測，以及馬克和他的團隊繼續改進工廠的運營，這裡存在著機會。

And as a follow-up, could you give us a sense of your goals for financial leverage at the end of '26?

作為後續問題，您能否簡單介紹一下您在 2026 年底的財務槓桿目標？

Yes. So as you guys know, we went out about mid-year last year, renegotiated our covenants. We got a year of covenant relief. So we're sitting with covenants in the 5s for the first two-quarters. And we knew all along that the most challenging quarters from a covenant standpoint were going to be Q1 and Q2 this year because we're starting to pull in some of the lower tariff impacted EBITDA from last year and the unimpacted quarters that we had in '25 are rolling off.

是的。正如你們所知，去年年中我們重新協商了我們的協議。我們獲得了一年的契約豁免期。所以，前兩個季度我們的契約金額都在 5 美元左右。我們一直都知道，從契約的角度來看，今年最具挑戰性的季度將是第一季和第二季度，因為我們開始收回去年受關稅影響較小的 EBITDA，而 2025 年未受影響的季度也即將結束。

And obviously, we've got about a $90-plus million tariff headwind in the first half of '26. So we knew those were going to be the most challenging. We were able to pay down a lot more debt, obviously, in '25 than we had originally anticipated. So as we get through the year, we expect to be able to get to be under our normal covenants that are in the three to five range through the back half of the year, and then we'll continue to pay down debt from there.

顯然，我們在 2026 年上半年將面臨超過 9,000 萬美元的關稅阻力。所以我們知道那些將會是最具挑戰性的。顯然，我們在 2025 年償還的債務比我們最初預期的要多得多。因此，隨著今年的推進，我們預計能夠在今年下半年將債務降至正常的3到5年範圍內，然後我們將繼續償還債務。

I mean, long term, as EBITDA recovers through tariffs reduction and price and debt comes down, we'd like to be back in that one to two range, which is our goal for being investment-grade rated. But we've got a great relationship with our banks. We spend a lot of time with the rating agencies. Those conversations have all been productive.

我的意思是，從長遠來看，隨著關稅降低、價格下降和債務減少，EBITDA 回升，我們希望能夠回到 1 到 2 的區間，這是我們獲得投資等級評級的目標。但我們與銀行的關係非常好。我們花了很多時間與評級機構打交道。這些對話都很有成效。

Everybody understands the short-term impacts of the tariffs that can be offset with the moves out of Asia that Mike talked about. It just is going to take some time. And so we'll continue to make progress on that in '26, and we'll start to really see the benefits of all those moves more in '27.

大家都明白關稅的短期影響，而這些影響可以透過麥克所說的撤出亞洲的舉措來抵銷。這需要一些時間。因此，我們將在 2026 年繼續在這方面取得進展，並在 2027 年真正開始看到所有這些措施帶來的好處。

Tristan Thomas-Martin, BMO.

Tristan Thomas-Martin，BMO。

I just want to make sure I'm thinking about Indian the right way in '27. So it sounds like just about like TSA, a lot of the stuff drops off. And then the only thing we have to think about is that $0.20 to $0.25 of dollar incremental in '27. Is that right?

我只是想確保我在 2027 年對印度的看法是正確的。聽起來跟美國運輸安全管理局（TSA）差不多，很多東西都會被遺漏。然後我們唯一需要考慮的就是 2027 年每美元增加 0.20 美元到 0.25 美元。是這樣嗎？

Yes, that's right. I mean the TSAs, there might be a little bit of IT stuff that hangs on longer, but it won't be material, and it will be really easy to show you guys when we get there. We just don't know. Obviously, we're pushing to get out of the TSAs as fast as we can. And the Indian team is doing the same. So everybody's goals are aligned there of trying to be separate companies as soon as possible.

是的，沒錯。我的意思是，TSA（運輸安全管理局）方面，可能會有一些IT方面的東西需要更長時間才能解決，但這不會是實質性的問題，等我們到了那裡，很容易就能向你們展示。我們真的不知道。顯然，我們正在盡一切努力盡快擺脫美國運輸安全管理局（TSA）的檢查。印度隊也在做同樣的事情。因此，大家的目標都是一致的，那就是盡快成為獨立的公司。

So the -- really, the only impact in '27, obviously, is the dollar, and it will be -- we'll get all of it in '27, where we won't in '26 because we'll sell the business sometime in the quarter.

所以——實際上，2027 年唯一可能產生影響的顯然是美元，而且——我們將在 2027 年獲得所有這些收益，而 2026 年我們不會獲得這些收益，因為我們將在本季度的某個時候出售該業務。

Okay. And then just one more. You called out, I can't remember, that 7% to 9% organic sales growth. If I kind of adjust for Indian and the $400 million, it implies, call it, $200 million at the midpoint. Can you maybe just talk to what's driving that? And then also maybe give us a little help around how you're thinking about Off-Road versus On-Road versus Marine?

好的。然後，就再來一個。我記不清了，你當時有提到過，有機銷售成長率會達到 7% 到 9%。如果我把印度的損失和 4 億美元考慮進去，那就意味著，姑且稱之為，中間值 2 億美元。你能不能談談是什麼原因導致這種情況？另外，您能否也幫我們說說您是如何考慮越野、公路和海洋這三個面向的？

Yes. I mean, look, the big block math when you strip Indian out on both sides is our revenue is up somewhere in that $400 million to $500 million range. And it's -- we've got a little bit of price in there. That's our normal model year pricing that will -- that we put in place. The majority of that is really just simply the math of not under shipping retail, which is essentially where we've been for the last couple of years.

是的。我的意思是，你看，如果把印度的利潤從兩邊剔除，我們的基本收入應該在 4 億到 5 億美元之間。而且──我們裡面也包含了一些價格因素。這是我們正常的車型年度定價——我們已經制定了相應的定價策略。大部分原因其實只是因為不能低於零售價出貨，而這基本上也是我們過去幾年一直堅持的做法。

We pulled our dealer inventory down 17% overall within Off-Road, down 9%. And as we talked about, we've got the mix of that healthy, all those things. So we feel like our inventory is in a really good spot. So as we look through '26 and we talk about a flat industry, that puts us in a spot to be able to have build, ship and retail all aligned.

我們整體將經銷商庫存減少了 17%，其中越野車庫存減少了 9%。正如我們剛才所說，我們擁有所有這些健康元素的組合。因此，我們感覺我們的庫存狀況非常好。因此，當我們展望 2026 年，談到產業趨於平穩時，這使我們能夠將生產、運輸和零售全部協調一致。

And as a result of that, we pick up revenue on an incremental basis. I'd point you back to the comments we made. We expect the strength really to maintain in utility. We think the rec side is going to continue to be challenged. I think we're going to need more relief from an interest standpoint. I think we're going to need to see continued inflation reduction. And I do think that there's a lot going on in our country right now.

因此，我們的收入得以逐步增加。我建議你回顧一下我們之前的評論。我們預計其在實用性方面將保持強勁勢頭。我們認為休閒娛樂領域將繼續面臨挑戰。我認為我們需要在利率方面獲得更多優惠。我認為我們需要看到通膨持續下降。而且我確實認為我們國家現在發生了很多事情。

And I think that just has people kind of standing back and waiting. If they don't absolutely have to make a purchase, they're not going to make it. The good news is, as we talked about, I mean, you've seen it show up in our PG&A results. I mean, we're moving a lot of wheels and tires and oil and parts and components. And we know because we track RO activity, miles driven, people are still out using our products.

我覺得這只會讓人袖手旁觀，靜觀其變。如果不是絕對必要，他們就不會購買。好消息是，正如我們之前討論過的，我的意思是，你已經在我們的PG&A業績中看到了這一點。我的意思是，我們運送大量的車輪、輪胎、機油、零件等。我們知道，因為我們跟踪 RO 活動、行駛里程等信息，人們仍然在使用我們的產品。

So we know people are riding. And the good news is at some point in time, they're going to want to come in and get our latest and greatest on the rec side, and we've got some pretty cool stuff there. And we feel good about what we're doing to set us up for the long term.

所以我們知道有人在騎車。好消息是，在某個時候，他們會想要來我們這裡購買我們最新最好的娛樂產品，而我們那裡確實有一些非常酷的東西。我們對我們正在為長遠發展所做的一切感到滿意。

James Hardiman, Citi.

詹姆斯‧哈迪曼，花旗集團。

You guys have done a great job of sort of helping us bridge. I just want to make sure I have these pieces right because certainly, the wholesale piece is bigger than I think most of us thought. So you're talking about a $400 million topline, 40% flow-through on that. That's $160 million. So that's almost $2 right there. You've got another, call it, $0.75, $0.80 coming from Indian.

你們在幫助我們搭建橋樑方面做得非常出色。我只是想確保我把這些部分都弄對了，因為批發部分肯定比我們大多數人想像的要大。所以，你指的是4億美元的營收，其中40%的利潤率。那是1.6億美元。這樣就差不多有2美元了。還有一筆來自印度的款項，姑且稱之為 0.75 美元或 0.80 美元吧。

And then you've got some cost savings and some commodities that may be offset. And then the rest is ultimately to get to that, call it, $1.55 bridge from '25 to '26, the rest of that is just tariffs, correct? Like we're not missing any pieces there?

這樣一來，你就能節省一些成本，但同時也能抵銷一些商品方面的支出。剩下的最終目的都是為了實現，我們姑且稱之為從 2025 年到 2026 年的 1.55 美元過渡目標，剩下的就只是關稅問題了，對嗎？好像我們沒漏掉任何環節似的？

And commodities.

以及大宗商品。

Tariffs, commodities and a little bit of lift in OpEx as we invest more in engineering and IT once you pull Indian out.

一旦印度撤資，我們將增加對工程和 IT 的投資，從而帶動關稅、大宗商品價格上漲以及營運支出略有增加。

Got it. And then sort of that $90 million tariff number, maybe I was doing the math wrong last quarter. That's a little bit higher than what I thought you guys were saying a quarter ago. Did that number change at all? And I guess to this -- I mean, obviously, you don't have a crystal ball in terms of where things are going to go. But specifically, the tariffs that Mexico has put on China doesn't seem like you think that's going to be particularly impactful to your numbers.

知道了。至於那9000萬美元的關稅數字，也許是我上個季度的計算有誤。這比我之前以為你們三個月前說的還要高。那個數字有變化嗎？我想說的是──我的意思是，很顯然，你不可能預知未來會發生什麼事。但具體來說，墨西哥對中國徵收的關稅似乎不會對你的數據產生特別大的影響。

Maybe walk us through sort of what the latest is there, what your lawyers are saying and if you feel confident that, that's never going to be a piece that's ultimately going to impact you?

或許您可以為我們介紹一下最新的情況，您的律師怎麼說，如果您確信這件事最終不會對您造成影響，那又如何呢？

Yes. Well, so look, we're obviously still awaiting what the Supreme Court may come through. And obviously, the team's got a plan of action because there's a lot of complexity if they were to rule against President Trump. We are obviously off still working the lobbying angle as aggressively as we can. Look, I give our team a lot of credit for -- we're small compared to the majority of these companies that are up getting airtime in DC.

是的。所以，顯然我們還在等待最高法院的裁決。顯然，該團隊已經制定了行動計劃，因為如果他們做出對川普總統不利的裁決，情況會非常複雜。我們顯然仍在盡最大努力積極進行遊說工作。你看，我非常認可我們團隊的實力——與大多數在華盛頓特區獲得媒體曝光機會的公司相比，我們規模很小。

And I think our team has done a really good job of getting in front of USTR and commerce and the executive team there. So we're not backing off. We're going to continue to put pressure on it as best we can. And certainly, if something were to break there, that would be tremendous. I mean we've got over $200 million worth of tariff in our business right now.

我認為我們的團隊在與美國貿易代表辦公室、商務部及其高階主管團隊溝通方面做得非常出色。所以我們不會退縮。我們將繼續盡我們所能向它施加壓力。當然，如果那裡真的出了什麼問題，後果將會不堪設想。我的意思是，我們公司目前有超過 2 億美元的關稅收入。

And when you add all that together, it's darn close to $3 worth of earnings. That's really frustrating for us when we see all the benefits and the operational improvements, and they just are getting dwarfed. And so we're going to take matters into our own hands like we always do. We'll keep working all those angles that require someone else to act on. But we've got a team.

把所有這些加起來，收入也差不多有 3 美元了。看到所有的好處和營運方面的改進，卻都被忽略不計，這真的讓我們很沮喪。所以，我們將像往常一樣，親自處理這件事。我們將繼續從各個方面著手，這些方面需要其他人採取行動。但我們有團隊。

We've quoted pretty much 100% of what comes out of China. And now we're working, and we've got meetings every couple of weeks. We're looking at the amount of transition that we've got, getting that material cost of goods sold from China from 18% down to less than 5% by the time we get into 2027 is that's not easy work.

我們幾乎引用了所有來自中國的產品。現在我們正在工作，每隔幾週就會開一次會。我們正在審視我們所面臨的轉型規模，到 2027 年，要將從中國銷售的商品材料成本從 18% 降至 5% 以下，這並非易事。

There's a fair amount of revalidation and things that have to go into that, and the team is aggressively going after it. I actually think we're going to turn it into a net positive. I think we're going to find opportunities for localizing the supply chain. Back to the earlier question about cash flow, that's going to give us working capital and quite frankly, flexibility and responsiveness that we don't have today because the lead times are so long with product being on the ocean for four to six-weeks, making its way over here.

這其中涉及相當多的重新驗證和其他事項，團隊正在積極推動這項工作。我覺得我們最終會把它變成一件好事。我認為我們將找到供應鏈本地化的機會。回到之前關於現金流的問題，這將為我們提供營運資金，坦白說，還將為我們提供我們現在所不具備的靈活性和響應能力，因為產品在海上運輸需要四到六週的時間，交貨週期太長，才能運到這裡。

So I think we'll be able to turn into a positive, but it's a very real load on the business financially, and we're working every angle we can to mitigate that.

所以我認為我們能夠扭轉局面，但這確實給公司帶來了沉重的財務負擔，我們正在盡一切努力減輕這種負擔。

But to clarify, you don't think -- I'm sorry, go ahead.

但為了澄清一下，你不認為——對不起，請繼續。

We thought it would be about $100 million of incremental tariff impact. So in our view, it's come down a little bit. But the $20 million of commodities is new, and that's obviously where commodities sit today and that moves around and we do hedge. But there just has been a lot of pressure on commodities. And a lot of that is tariff driven, right, as there's different tariffs on steel and aluminum and other commodities that puts pricing pressure on stuff that you're sourcing out of the US, which is primarily where we buy all of that stuff.

我們原以為這將帶來約 1 億美元的額外關稅影響。所以我們認為，它已經略微下降了一些。但 2000 萬美元的大宗商品是新增的，這顯然反映了大宗商品目前的市場狀況，而且市場價格還會波動，所以我們會進行對沖。但大宗商品價格確實面臨很大的壓力。很多時候，這都是關稅驅動的，對吧？因為鋼鐵、鋁和其他大宗商品都有不同的關稅，這會對從美國購買的商品造成價格壓力，而美國正是我們購買所有這些商品的主要來源。

So total for the year, ex Indian, we're looking at $215 million of tariffs on the business. So it's still a big drag when you include the old 301 and the stuff that came in last year.

因此，今年總共，不包括印度，我們預計該企業將面臨 2.15 億美元的關稅。所以，如果把舊的 301 和去年引進的東西都算進去，那仍然是個很大的負擔。

But you guys, just to clarify, don't think that the Mexico tariff on China is going to impact you?

但是，各位，我再確認一下，你們不認為墨西哥對中國徵收的關稅會影響到你們嗎？

No, we don't. They put tariffs on a pretty defined group of parts. And as of right now, that hasn't impacted us. I mean, obviously, there's -- it's hard to foresee the future in this tariff environment. But we don't believe right now that's going to be a significant impact.

不，我們沒有。他們對相當一部分零件徵收關稅。截至目前，這還沒有對我們造成影響。我的意思是，很顯然，在當前的關稅環境下，很難預測未來。但我們認為目前這不會產生重大影響。

No. And we're participating in the comment process for the USMCA and knock on wood. There hasn't been a whole lot of drama associated with that. So I think the administration understands the importance of the relationship with Mexico. And to Bob's point, Mexico, this isn't new. They've always had some level of restrictions, maybe not always tariffs, but employment requirements and et cetera, that they've tried to slow down some of the proliferation of the Chinese suppliers in Mexico.

不。我們正在參與美墨加協定的意見徵詢過程，但願一切順利。這件事並沒有引起太多爭議。所以我認為本屆政府明白與墨西哥關係的重要性。正如鮑勃所說，墨西哥，這種情況並不新鮮。他們一直都有一些限制措施，也許不是總是關稅，而是就業要求等等，他們試圖減緩中國供應商在墨西哥的擴張速度。

Noah Zatzkin, KeyBanc.

Noah Zatzkin，KeyBanc。

I guess, first, in terms of kind of inventory levels across the industry, I think this time last year, there were really kind of a couple of offenders in terms of making the channel heavier. So if you could just kind of speak to what the channel looks like maybe relative to last year and just expand on how you guys are feeling about your position?

我想，首先，就整個產業的庫存水準而言，我認為去年這個時候，確實有幾家公司讓通路庫存過重。所以，您能否談談頻道目前的情況，例如與去年相比如何，以及您對自身現狀的感受？

Yes. Look, I feel really good about where we're at. When you look at us and the next largest competitor together, we make up probably 60% of the industry. We are both pretty much in parity from a days sales outstanding or inventory on hand, current, non-current. The data we have would suggest we probably have the healthiest mix.

是的。你看，我對我們目前的狀況非常滿意。如果把我們和最大的競爭對手放在一起比較，我們大概佔據了行業 60% 的份額。我們雙方在應收帳款週轉天數或庫存週轉天數（包括流動庫存和非流動庫存）方面基本持平。我們掌握的數據表明，我們可能擁有最健康的混合比例。

But with 60% of the industry in a good spot, that is certainly helpful to dealers. That said, we still do see some pockets where some of the Japanese competitors are struggling. It tends to move around quarter-to-quarter as to exactly who that is. I don't want to get into naming names. We know who they are. We know where our overlaps are. It's more of a nuisance to the dealer.

但由於 60% 的行業狀況良好，這對經銷商來說無疑是個好消息。儘管如此，我們仍然看到一些日本競爭對手在某些領域舉步維艱。這個角色每季都會有所變化。我不想指名道姓。我們知道他們是誰。我們知道彼此的重疊之處在哪裡。這對經銷商來說更像是一種麻煩。

The volumes that those products have, most of them are less than 10% market share. So it's not creating substantial financial headwinds for the dealers, it's just more of something that they've got to deal with. We know we spend -- every quarter, we meet with our dealer council, and they are incredibly appreciative of the work that we've done, the fact that we set expectations in August of '24 and drove hard to get there by the end of '24 and then into '25, we've held and we've stayed consistent with what we told them.

這些產品的銷售量中，大多數市佔率不足10%。所以這並沒有對經銷商造成實質的財務困難，只是他們需要處理的事情多了一件而已。我們知道我們每季都會花很多錢——我們每個季度都會與經銷商委員會開會，他們非常感激我們所做的工作，因為我們在 2024 年 8 月設定了預期目標，並在 2024 年底及之後努力實現目標，進入 2025 年，我們一直堅持並始終如一地履行了我們對他們的承諾。

We've done a lot of work. When we talk about health of dealer inventory, there's been tremendous work done during the course of '25 to make sure that we have the right inventory. Having the day sales at 100 or less is one thing, but it's the mix of inventory and making sure we got the right stuff at the right dealership. We've talked about the aged inventory.

我們做了很多工作。當我們談到經銷商庫存的健康狀況時，在 2025 年期間，我們做了大量工作來確保我們擁有合適的庫存。每日銷售量達到 100 輛或更少是一回事，但庫存組合以及確保我們在合適的經銷商處提供合適的商品才是關鍵。我們已經討論過庫存積壓問題。

We've taken the inventory that's greater than 180 days, down almost 60%. That's all helpful because it's not just taking the interest burden off, but it allows them to focus on being able to move product and make healthier margins. And so we feel good about that setup. And there's still a couple of players out there that got a little work to do, but thankfully, they're a relatively smaller part of the industry.

我們已經將庫存超過 180 天的庫存減少了近 60%。這一切都很有幫助，因為它不僅可以減輕利息負擔，還可以讓他們專注於銷售產品並獲得更健康的利潤。因此，我們對這樣的安排感到滿意。還有幾家公司需要改進，但值得慶幸的是，它們在整個行業中所佔比例相對較小。

Great. Maybe just one more. Obviously, we've kind of talked about this. But if you could just remind us kind of what are the pieces to consider when we're thinking about kind of the $400 million plus volume benefit in a flat retail environment? Like where are kind of the pockets of kind of lighter inventory?

偉大的。或許就再來一個。顯然，我們已經討論過這個問題了。但是，您能否提醒我們一下，在零售環境低迷的情況下，當我們考慮實現超過 4 億美元的銷售收益時，需要考慮哪些因素？例如，哪裡能找到一些比較輕便的庫存？

Well, I mean, I guess I'd step back and say we feel good about the inventory level at the dealers for both ORV and Marine. And so both businesses have an opportunity as we move forward even in a flat environment to have growth because we're now at a build, ship, retailer all equal. And so largely, it's driven off of that. And then I would just say that the utility segment remains strong.

嗯，我的意思是，我想退一步說，我們對經銷商的越野車和船舶庫存水準都感到滿意。因此，即使在經濟環境趨於平穩的情況下，這兩個企業都有機會實現成長，因為我們現在在生產、運輸和零售方面都處於同等地位。因此，在很大程度上，它是受此驅動的。然後我想說的是，公用事業板塊依然強勁。

So we don't expect big things from the rec side, but we do think that the utility will have enough growth to help offset any weakness that we see on the rec side.

因此，我們預計娛樂方面不會有太大變化，但我們認為公用事業的成長足以抵消我們在娛樂方面看到的任何疲軟。

Robin Farley, UBS.

羅賓法利，瑞銀集團。

Just it's interesting with the benefit here to your EPS from the Indian sale. Can you help us think about -- you're still going to have Slingshot in your On-Road business. What kind of EPS drag is Slingshot, if we think about what you'll have when everything is fully separated from Indian, just to kind of think about what the EPS impact from Slingshot is.

有趣的是，印度市場的銷售可以為您的每股盈餘帶來收益。您能幫我們考慮一下嗎—您仍然會在公路運輸業務中使用 Slingshot 嗎？如果我們考慮一下當所有東西都與印度完全分離時，Slingshot 會對 EPS 造成怎樣的影響，那麼 Slingshot 會對 EPS 造成怎樣的拖累？

Yes. And Robin, I'm going to take the opportunity to answer your question a little more broadly because you're introducing kind of the thoughts around the portfolio. And I'm going to get to the Slingshot answer here in a second. But we've heard a fair amount of noise out in the environment around our Marine business. And I just want to go on the record that we have zero intention of divesting the Marine business.

是的。羅賓，我想藉此機會更廣泛地回答你的問題，因為你提到了關於投資組合的一些想法。我馬上就會回答關於彈弓的問題。但是，我們聽到了一些關於我們海洋業務周圍環境的負面聲音。我在此鄭重聲明，我們絕無剝離海洋業務的打算。

We know that many of our competitors tried to wait into the Marine space and struggled. We have an excellent business, and it's an excellently run business. And I'll remind you that back in 2020, when the pandemic first hit, we took the opportunity and we shed three brands that were underperforming, leaving us with Bennington, Godfrey and Hurricane, which are all number one or number two in their category.

我們知道，我們的許多競爭對手試圖進入海軍陸戰隊領域，但都舉步維艱。我們擁有一家非常優秀的企業，而且這家企業管理得非常出色。我還要提醒大家，早在 2020 年，疫情爆發之初，我們就抓住機會，剝離了三個業績不佳的品牌，最終保留了 Bennington、Godfrey 和 Hurricane 這三個品牌，它們在各自的品類中都位列第一或第二。

And you've seen the performance over the past couple of years, both in terms of refreshing the portfolio and the share gains that we've had. The business has returned over 80% of the original purchase price. And even at low points that we've been in, in the industry, the business is still making a lot of cash flow. And so I just want to -- I want to quell some of the noise that's been out there.

過去幾年，無論是在投資組合更新方面，還是在市佔率成長方面，你們都看到了我們的表現。該企業已收回超過 80% 的原始購買價格。即使在行業低迷時期，公司仍然能夠產生大量的現金流。所以，我只想──我想平息一些外界的喧囂。

And largely, we feel good about our portfolio now. We've gone through and really pulled out a lot of underperforming businesses. There's always going to be things within the portfolio. We've gotten far more refined at how we look at things financially. Slingshot has been heavily impacted over the past couple of years. It is our most interest rate-sensitive business, highest level of financing.

總的來說，我們現在對我們的投資組合感到滿意。我們已經篩選並剔除了許多業績不佳的企業。投資組合中總是會有一些項目。我們在財務方面看待問題的方式已經變得更加精細化了。過去幾年，Slingshot受到了很大的影響。這是我們業務中對利率最敏感、融資水準最高的業務。

And obviously, with interest rates being high as well as consumers being somewhat stretched with inflation and just other interest payments. That business has slowed down significantly. And so we have been losing money. I'm not going to get into the specifics. It's not material to the company. And we have an aggressive plan on how we're going to resolve that moving forward.

而且很顯然，利率很高，消費者也因為通貨膨脹和其他利息支出而捉襟見肘。那項業務已經大幅放緩。因此，我們一直在賠錢。我不打算贅述細節。這對公司來說無關緊要。我們已經制定了積極的計劃，以解決接下來的這個問題。

And similar to what we've talked about in the past, if we can't get things to where they need to be, then we'll obviously take action, but I'm not ready to make any declaration relative to that. Slingshot is a really neat business. It's an important component of our Adventures offering. Those products tend to rent really well on both coasts. And so we're in a product refresh cycle.

就像我們過去討論過的那樣，如果我們無法讓事情達到應有的狀態，那麼我們顯然會採取行動，但我目前還不准備就此發表任何聲明。Slingshot 真是一家很棒的公司。這是我們探險活動的重要組成部分。這些產品在東西海岸的租賃市場都非常好。因此，我們正處於產品更新周期中。

And so over the next couple of years, I think you're going to see improved performance coming from that business. And we'll continue to look in different aspects of our company, aftermarket brands, et cetera, and make sure that we've got the right level of returns across the portfolio. But I think you can rest assured there are no big remaining moves left for us to make at this point.

因此，我認為在接下來的幾年裡，你會看到這家公司的業績有所改善。我們將繼續審視公司的各個方面，包括售後市場品牌等等，確保我們的投資組合都能獲得合適的收益水準。但我認為你可以放心，目前我們已經沒有什麼重大措施需要採取了。

Great. I appreciate that. Maybe just one small follow-up and maybe more one for Bob. Just a small one on your guidance for margin. Are you assuming that mix is going to be a benefit or a drag this year? I'm just thinking specifically in the ORV business with RANGER 500, a little bit more midsized. Just how is that factored into your guide -- a higher mix of that?

偉大的。我很感激。或許只需要一個簡短的後續跟進，或許還需要寫一個給鮑伯多。關於利潤率的指導，我有個小問題。你認為今年的這種混合模式會是利好還是弊端？我指的是 ORV 領域，特別是 RANGER 500，一輛中型越野車。你的指南中是如何體現這一點的──是否增加了這方面的比例？

Yes. I would -- we think mix is going to be a headwind this year. We had really strong NorthStar retail and NorthStar shipments that we kind of keep up with that demand in Q3, Q4. And so we'll see how that -- the NorthStar mix plays out going into '26, but it's certainly a strong tailwind in '25, and I don't know if it will sustain quite that well in '26. The RANGER 500, to your point, selling really well, really popular with customers and dealers, but that is a bit of a margin headwind.

是的。我認為——我們認為混合因素今年會是個不利因素。我們在第三季和第四季都實現了 NorthStar 零售和 NorthStar 出貨量的強勁成長，基本上滿足了這一需求。所以我們將看看北極星組合在 2026 年的表現如何，但它在 2025 年肯定是一股強勁的順風，我不知道它在 2026 年是否還能保持這麼好。正如您所說，RANGER 500 的銷量非常好，深受顧客和經銷商的歡迎，但這確實對利潤率造成了一定的不利影響。

And then we've got a little bit just in the mix in rec. We've also got some kind of inter product mix headwind. Marine starts to shift to retail, which will recover. And that's a headwind to GP. It's really not to EBITDA, but it's definitely a headwind to GP. As Mike was saying, it's a strong business, but it's structurally the GPs are lower because the OpEx is significantly lower.

然後，我們在娛樂方面也加入了一些元素。我們也面臨一些產品組合上的不利因素。海洋產業開始向零售業轉型，零售業將會復甦。這對GP來說是個不利因素。雖然對 EBITDA 沒有直接影響，但對 GP 來說絕對是一個不利因素。正如麥克所說，這是一個實力雄厚的企業，但由於營運支出明顯較低，其毛利也相對較低。

EBITDA margins in the business are actually pretty good, but it will be a mix headwind to GP. And then snow. Snow, while improving, snow is just structurally a little bit lower GPs than Off-Road. And so as snow starts to recover, we're not going to have a huge snow build year in '26. We said that in our prepared remarks. We're going to be cautious going through '26 into the '27 season and really try to make sure we get inventory where we want it.

該業務的 EBITDA 利潤率實際上相當不錯，但對 GP 而言，這將是一個有利的因素。然後下雪了。雪地賽道雖然有所改進，但整體性能仍比越野賽道略遜一籌。因此，隨著積雪開始恢復，2026 年不會出現大雪。我們在事先準備好的發言稿中已經說過這​​一點。從 2026 年到 2027 年，我們將保持謹慎，並努力確保庫存達到我們想要的水平。

We've made good progress this year, but there'll be a little bit of headwind from that. So you'll see some headwinds in mix, but some of that's offset by -- we expect the promotional environment to slow down a little bit as there was a lot of promo in the channel in '25 as it related to clearing inventory, and now we're kind of more just into trying to get retail because everybody is -- the Japanese are a little heavy, as Mike said, but inventory is in a better place. So we'll see some positive there.

我們今年取得了不錯的進展，但同時也會面臨一些阻力。所以你會看到一些不利因素，但其中一些會被抵消——我們預計促銷環境會稍微放緩一些，因為2025年渠道裡有很多與清理庫存相關的促銷活動，而現在我們更專注於爭取零售，因為每個人都——正如邁克所說，日本市場有點緊張，但庫存情況好轉了。所以，我們會看到一些正面的方面。

And then also just our normal price increases that we hadn't put through in a few years. So we've got a little bit of price going in also to help offset that mix.

此外，還有我們正常的漲價，這是我們幾年都沒實施過的。所以我們也稍微調整了一下價格，幫助平衡這個組合。

Gerrick Johnson, Seaport Research Partners.

Gerrick Johnson，Seaport Research Partners。

In the past, you've given us explicit guidance on the segment's top line, up or down low single digits, whatnot. I know you've given us a lot of bits and pieces to kind of put the puzzle together, but can you give us sort of guidance for 2026 on the three segments and how you expect top line to perform?

過去，你們曾明確指導過該業務板塊的營收成長或下降幅度（個位數百分比），等等。我知道您已經給了我們很多零碎的資訊來拼湊出整個情況，但是您能否就 2026 年的三個細分市場以及您對營收表現的預期給出一些指導？

We're not ready to do that, Gerrick, just with the complexity of Indian moving out, and we will be reevaluating our segments in the first-quarter, and we may make some changes to how the segments fall. So our plan would be to update that guidance either on the Q1 call in April or if the opportunity presents itself, we may do it at a conference ahead of that depending on the timing of the Indian sale. But we've given the guidance we're going to give right now for '26.

Gerrick，我們還沒準備好這樣做，因為印度市場的情況很複雜，我們將在第一季重新評估我們的業務板塊，並可能對業務板塊的劃分方式進行一些調整。因此，我們的計劃是在 4 月的第一季財報電話會議上更新該指引，或者如果機會合適，我們可能會在此之前召開會議進行更新，這取決於印度銷售的時間表。但我們已經給了我們將要對 2026 年給予的指導。

I mean, Gerrick, the way to think about it is we're trying to get the Indian transaction closed sooner rather than later. So whenever that happens, there's obviously going to be updates to guidance in terms of -- we've made the assumption it's a full quarter worth of revenue and loss. And if I were a betting guy, I'd say it's probably going to be something less than that.

我的意思是，Gerrick，我們應該這樣想：我們正在努力盡快完成這筆印度交易。所以，無論何時發生這種情況，顯然都會對業績指引進行更新——我們假設這相當於一個季度的收入和虧損。如果我是個喜歡打賭的人，我會說實際數字可能會低於這個數字。

So when we are able to come out with that, we'll also share the new segmentation of the business and be able to provide more color at that point in time.

所以，當我們能夠公佈相關資訊時，我們也會分享新的業務細分，並在那時提供更多細節。

Okay. And then on utility, you mentioned utility strength, and that's been ongoing. But next year or actually, I should say this year, it looks like there's some benefits to small businesses, construction, farmers, ranchers with bonus depreciation and other goodies out of the one Big Beautiful Bill. So what kind of impact are you anticipating from the incentives there?

好的。然後，關於實用性，你提到了實用性強度，而這方面一直持續改進。但明年，或者更確切地說，應該說今年，這項「宏偉法案」似乎將為小型企業、建築業、農民、牧場主帶來一些好處，例如額外的折舊和其他優惠。那麼，您預期這些激勵措施會產生什麼樣的影響呢？

I mean that's largely what we think is going to keep that utility segment. I mean there's other aspects, obviously, with all the innovation, but we do think that those are -- the utility segment is where most of that benefit comes through. And so we've got programs that are specifically targeted that. What we have not assumed is some significant uptick across the record side from higher tax returns, et cetera.

我的意思是，我們認為這在很大程度上將維持公用事業板塊的穩定性。我的意思是，顯然，所有的創新還有其他方面，但我們認為，公用事業領域是這些好處最主要體現的地方。因此，我們制定了一些專門針對這種情況的項目。我們沒有預料到的是，由於更高的稅收回報等原因，​​記錄方面會出現顯著的增長。

We've scoured the data and it's tough to know exactly where and how that's going to come through and which customer segment it could potentially impact, and whether or not that money actually goes to buying discretionary products as opposed to people deleveraging and cleaning up credit card bills and things like that. So we've got the factories in a much better spot so we can respond. Hopefully, we're responding to an uptick in volume. But at this point, we're not making that call.

我們已經仔細研究了數據，但很難確切地知道這會在哪裡以及如何發生，以及它可能會影響到哪些客戶群體，以及這些錢是否真的會用於購買非必需品，而不是用於降低槓桿率、清理信用卡賬單等等。所以我們現在把工廠安置得更好了，這樣我們就能更好地應付需求。希望我們能對銷售成長做出回應。但目前，我們不會做出這樣的決定。

Yes. I mean if you look at the data, you would think that rec, this should be about the time all the buyers from kind of the COVID era start to rebuy. And we can see in the data that they're still riding their vehicles. Oil sales have been strong. We talked about that earlier in the call. But we're not baking that in. We've got some great new products out there, the XPS, the updated Pro-R. But until we see data different, we expect rec to continue to be a challenged side of the industry with better opportunity in utility.

是的。我的意思是，如果你看一下數據，你會認為現在應該是新冠疫情時代所有買家開始重新購買的時候了。從數據中我們可以看出，他們仍然在駕駛車輛。石油銷售強勁。我們之前在通話中談過這個問題。但我們並沒有把這一點考慮進去。我們推出了一些很棒的新產品，例如 XPS 和升級版的 Pro-R。但除非我們看到不同的數據，否則我們預期娛樂產業仍將是該產業面臨挑戰的領域，而公用事業領域則有更好的機會。

Scott Stember, ROTH Capital.

Scott Stember，ROTH Capital。

Questions on Off-Road outside of Indian. It looks like Goupil and Aixam are really doing well. Could you talk about how that fits into your guidance for '26?

關於印度以外地區越野的問題。看來古皮爾和艾克薩姆做得非常出色。您能否談談這如何融入您對 2026 年的指導方針？

Yes. I mean -- look, I missed part of your question. So it sounds like it was on the Goupil and Aixam business?

是的。我的意思是──你看，我漏看了你問題的一部分。聽起來好像是關於 Goupil 和 Aixam 的生意？

Yes. Just on the thoughts of the guidance.

是的。僅就指導意見而言。

The majority of the guidance move is our ORV and Marine businesses.

此次指導調整主要針對我們的越野車和船舶業務。

Okay. And then on the retail financing side, obviously, it doesn't seem like we've gotten a lot of help. But have you seen through your relationships, any budging on lending rates with the banks? Anything on the margin that you could share?

好的。而在零售融資方面，顯然我們似乎沒有得到太多幫助。但是，透過你的人脈關係，你有沒有看到銀行在貸款利率上有任何讓步？有其他方面可以分享的嗎？

Not really. Credit stats for the quarter and really for the full year were pretty consistent. When we ran aggressive promo financing, it had the intended impact. So consumers are still looking for lower rates. Rates have come down a little, certainly at the better end, if you're in the 700-plus credit score range, but nothing dramatic yet.

並不真地。本季以及全年的信貸統計數據都相當穩定。當我們採取積極的促銷融資策略時，它達到了預期的效果。因此，消費者仍在尋找更低的利率。利率確實有所下降，尤其是在信用評分較高的人群中，如果你的信用評分在 700 分以上，但目前還沒有大幅下降。

And I think it's tough to plan what the Fed is going to do. It's bounced all over the map. So we're assuming not a lot of help Fed-wise in the year and that '26 will kind of be a lot like '25, where promo rates will help and people will choose between rebates and promo.

我認為很難預測聯準會的下一步。它四處亂竄。所以我們假設聯準會今年不會提供太多幫助，2026 年的情況會和 2025 年很相似，促銷利率會有所幫助，人們會在退稅和促銷之間做出選擇。

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

我們的問答環節到此結束，今天的電話會議也到此結束。感謝各位參加今天的報告會。您現在可以斷開連線了。