Polaris Inc (PII) 2026 Q1 法說會逐字稿

Good morning, and welcome to the Polaris first-quarter 2026 earnings conference call. (Operator Instructions). Please note, this event is being recorded. I would now like to turn the conference over to J.C. Weigelt, Vice President, Investor Relations. Please go ahead.

早安，歡迎參加 Polaris 2026 年第一季財報電話會議。（接線員指示）。請注意，本活動將被錄音。現在我想把會議交給投資人關係副總裁 J.C. Weigelt。請開始。

Thank you, Gary, and good morning or afternoon, everyone. I'm J.C. Weigelt, Vice President of Investor Relations at Polaris. Thank you for joining us for our 2026 first quarter earnings call. We will reference a slide presentation today, which is accessible on our website at ir.polaris.com.

謝謝你，Gary，也向各位道早安或午安。我是 Polaris 投資人關係副總裁 J.C. Weigelt。感謝各位參加我們 2026 年第一季財報電話會議。我們今天會參考一份投影片簡報，可於我們網站 ir.polaris.com 取得。

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 2026 first quarter results as well as our expectations for the remainder of 2026 and then we'll take your questions.

今天與我一同參與電話會議的有我們的執行長 Mike Speetzen，以及財務長 Bob Mack。兩位都已準備好講稿，將摘要說明我們 2026 年第一季的業績，以及對 2026 年剩餘期間的展望，之後我們會開放提問。

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 2025 10-K and our other filings with the SEC for additional details regarding risks and uncertainties.

在本次電話會議中，我們將討論多項主題；就《1995 年私人證券訴訟改革法》之目的而言，這些內容應被視為前瞻性陳述。實際結果可能與前瞻性陳述中的預測有重大差異。關於風險與不確定性之更多細節，請參閱我們的 2025 年 10-K 年報及其他向美國證券交易委員會（SEC）提交的文件。

All references to 2026 first 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.

除非另有說明，所有對 2026 年第一季實際結果及未來期間指引的引用，均針對我們的持續營運，並以調整後的非 GAAP 基礎呈報。請參閱簡報末尾的 Reg G 調節表，以了解 GAAP 與非 GAAP 之間的調整項目。

Before I turn the call over to Mike, I'd like to recognize the upcoming retirement of Peggy James on May 1. Peggy has been an integral part of the Polaris Investor Relations team for more than 20 years, and her contributions over that time have been tremendous. We will miss her experience and steady presence on the team and wish her all the best in retirement, likely spending more time with their grandchildren, more time on the golf course and enjoying more snowmobiling.

在我把電話交給 Mike 之前，我想先提及 Peggy James 將於 5 月 1 日退休。Peggy 在 Polaris 投資人關係團隊服務超過 20 年，是不可或缺的一員，她在這段期間的貢獻非常卓著。我們將想念她的經驗與在團隊中的穩健存在，也祝福她退休後一切順利——可能會花更多時間陪孫子、更多時間打高爾夫，並享受更多雪地摩托車活動。

Now I'll turn the call over to Mike Speetzen. Go ahead, Mike.

現在我把電話交給 Mike Speetzen。Mike，請。

Thanks, J.C. Good morning, everyone, and thank you for your interest in Polaris. We delivered a strong start to the year with our first quarter results reflecting strong fundamental performance across the business. I'm proud to say our team did an excellent job focusing on what we could control, executing commercially driving operational efficiencies, advancing our tariff mitigation plans and optimizing our portfolio.

謝謝你，J.C. 各位早安，感謝各位對 Polaris 的關注。我們以第一季的表現為今年帶來強勁開局，結果反映出公司各項業務扎實的基本面表現。我很自豪地說，我們的團隊在專注於可控事項方面做得非常出色：在商業執行上落實推進、提升營運效率、推動關稅緩解計畫，並優化我們的產品組合。

Results exceeded our expectations during the quarter, with reported sales up 8% or up 14% organically, excluding Indian Motorcycle and its related impacts. And we delivered adjusted EPS of $0.13, which was well above our expectations. And EPS, excluding Indian would have been $0.26.

本季業績超出我們預期，公告銷售額成長 8%；若排除 Indian Motorcycle 及其相關影響，則有機成長 14%。我們也交出調整後每股盈餘（EPS）0.13 美元，明顯高於預期；若排除 Indian，EPS 將為 0.26 美元。

First quarter sales were driven by double-digit growth in our Power Sports segment. led by our utility RANGER line, our fast-growing commercial business and Snowmobiles. PG&A also had another great quarter, bolstered by strong performance in utility and 14% growth in snowmobile, accessories, parts and apparel as ridership remains strong. Across our portfolio, North American retail grew 1% with ORV up 3%, both measured exclude used vehicles. We ended the quarter with share gains in both ORV and Snow as well as with Godfrey pontoons.

第一季銷售成長主要由我們動力運動（Power Sports）部門的兩位數成長所帶動，領先者包括我們的多功能 RANGER 產品線、快速成長的商用業務以及雪地摩托車。PG&A 也再度繳出亮眼一季，受惠於多功能車的強勁表現，以及在騎乘需求仍然強勁之下，雪地摩托車、配件、零件與服飾成長 14%。在整體產品組合方面，北美零售成長 1%，其中 ORV 成長 3%，兩者皆以排除二手車計算。本季結束時，我們在 ORV 與 Snow 以及 Godfrey 浮筒船（pontoons）均取得市占提升。

Dealer inventory levels remain healthy, reflecting strong operational alignment across our manufacturing plants, shipment plans and retail channels. Our margins, even with 240 basis points of headwind from tariffs, we're able to improve gross margins by 389 basis points. This was higher than our initial expectations due to a better mix within ORV and Marine, more favorable net pricing as well as improved operational efficiencies.

經銷商庫存水位仍然健康，反映出我們製造工廠、出貨計畫與零售通路之間良好的營運協同。即使關稅帶來 240 個基點的不利影響，我們仍將毛利率提升 389 個基點。這高於我們最初預期，主要因 ORV 與 Marine 的產品組合更佳、淨定價更有利，以及營運效率改善。

Adjusted EBITDA margins increased 277 basis points with strong operational performance, partially offset by the timing of certain operating expenses moving into the first quarter. This resulted in an adjusted EPS of $0.13, well above our original expectations.

在強勁的營運表現帶動下，調整後 EBITDA 利潤率提升 277 個基點，但部分被某些營運費用時點提前至第一季所抵銷。最終帶來調整後 EPS 0.13 美元，顯著高於我們原先預期。

Overall, it was a strong start to the year, and we believe the actions we have taken to refocus Polaris are creating a stronger foundation for the future. advancing our focus on leadership in Powersports, localizing and strengthening our operating footprint and positioning Polaris to deliver higher earnings power and stronger returns over time.

整體而言，今年開局強勁；我們相信，為重新聚焦 Polaris 所採取的行動，正在為未來打造更堅實的基礎：深化我們在動力運動領域的領導地位、在地化並強化營運版圖，並使 Polaris 隨時間推進能夠創造更高的獲利能力與更強的報酬。

Digging deeper into retail, North American ORV retail was up 3%, and we gained share for the fourth consecutive quarter. While retail within the recreational category continues to be challenged, down high single digits this quarter, we are seeing strong growth in our utility business, which speaks to the strength and diversification of our product portfolio.

更深入看零售表現，北美 ORV 零售成長 3%，我們連續第四季取得市占提升。雖然休閒類別的零售仍面臨挑戰，本季下滑高個位數百分比，但我們的多功能（utility）業務呈現強勁成長，凸顯我們產品組合的實力與多元化。

Utility ORV, which now makes up 70% of ORV revenue, grew to a high single-digit rate as the industry continues to grow. While the growth in utility remains broad-based across our product portfolio. We did see an uptick in demand for vehicles used to move equipment and people across large data center construction projects that can span hundreds or even thousands of acres. As these build-outs continue to expand, we see this as a secular tailwind for the business and believe we are well positioned to continue gaining share in supporting that demand.

多功能 ORV 目前占 ORV 營收的 70%，隨著產業持續成長，其成長率達到高個位數百分比。多功能車的成長在我們產品組合中呈現廣泛基礎。我們也看到一項需求上升：用於在大型資料中心建設專案中搬運設備與人員的車輛；這些專案可能橫跨數百甚至數千英畝。隨著此類建置持續擴大，我們視其為業務的結構性順風，並相信我們已具備良好條件，能在支援該需求的同時持續提升市占。

The monthly cadence of retail performance in the quarter started out strong in January and February given a constructive consumer backdrop. However, this was followed by a decline starting in mid-March, which correlated with increased geopolitical tensions and rising oil prices. Interestingly, we are now seeing retail performance return to growth in April with positive metrics across all categories, excluding youth, where we continue to build back inventory.

本季零售表現的月度節奏在 1 月與 2 月開局強勁，受惠於較具建設性的消費者環境。然而，自 3 月中旬起出現下滑，與地緣政治緊張升溫及油價上漲相互呼應。有趣的是，我們目前看到 4 月零售表現已回到成長軌道；除青少年（youth）品類外，各品類指標皆呈正向，而青少年品類我們仍在重建庫存。

For Snowmobiles, the '25'26 season delivered retail growth of 25% and driven by early season snowfall in the flat lands. Conditions varied later in the season, but many mountain areas experienced lower snowfall with some seeing close to low snowfall levels on record. Despite this, we gained multiple points of share due to our strategic promotional activity to help dealers move noncurrent inventory and innovation in the Wide Track and Sport Utility segment.

在雪地摩托車方面，'25-'26 雪季零售成長 25%，主要由平原地區季初降雪帶動。季末條件有所差異，但許多山區降雪偏少，部分地區甚至接近歷史低降雪水準。儘管如此，透過策略性促銷活動協助經銷商去化非當期庫存，以及在寬履帶（Wide Track）與運動多功能（Sport Utility）區隔的創新，我們仍取得多個百分點的市占提升。

Turning to Marine. First quarter retail was down low double digits according to the last SSI report, which is not a complete data set with important states yet to report. The first quarter represents about 10% of annual retail and therefore, we don't extrapolate these results the rest of the year. Importantly, boat show activity was up year-over-year for both brands, and there remains strong excitement around our premium offerings at both Bennington and Godfrey.

接著看 Marine。根據最新 SSI 報告，第一季零售下滑低雙位數百分比；該報告資料集尚不完整，仍有重要州別尚未回報。第一季約占全年零售的 10%，因此我們不會將此結果外推至全年。重要的是，兩個品牌的船展活動年增皆為正向，市場對 Bennington 與 Godfrey 的高階產品仍保持高度熱度。

Before moving on, I want to touch on our product portfolio. something that can be hard to fully appreciate through a 10 or 20 dealer survey. Simply put, this is the strongest portfolio I've seen in my nearly 11 years at Polaris. Our broad ORV lineup delivers a distinct customer on distinct customer needs, whether it be for a work vehicle to find their next adventure or to have an unmatched day on the dues.

在進入下一部分之前，我想談談我們的產品組合——這是僅透過 10 或 20 家經銷商調查可能難以完全體會的。簡而言之，這是我在 Polaris 近 11 年來所見最強的產品組合。我們廣泛的 ORV 產品線能滿足不同客群的不同需求：無論是作為工作用車、用來探索下一段冒險，或是在沙丘上享受無與倫比的一天。

Our category-defining utility vehicle, the RANGER XD 1500 sets the sets the bar for capability, while the Polaris expedition offers the industry's only adventure vehicle. And for customers looking for uncompromised performance in the wide open category, the Razor Pro R has continued to define what's possible with victories at the car, King of the Hammers Desert race and our recent wins at the San Felipe 250, demonstrating the vehicle's leadership.

我們定義品類的多功能車 RANGER XD 1500 為性能能力樹立標竿，而 Polaris Expedition 則提供業界唯一的冒險車款。對於在寬廣開闊（wide open）品類中追求毫不妥協性能的客戶，RZR Pro R 持續定義「可能的極限」：在 Dakar（達卡）賽事、King of the Hammers 沙漠賽，以及我們近期於 San Felipe 250 的勝利，皆展現該車款的領導地位。

The innovation at the top carries down across the lineup. We've talked about the success of the RANGER 500, which delivers exceptional value to customers and continues turning at dealers at unprecedented levels. and the recent launch of the new RANGER 1000 cab and RANGER XP 1000 cab, which strengthens our offering in the latest and fastest growing full cab utility category.

頂尖端的創新也向下延伸至整個產品線。我們曾談到 RANGER 500 的成功，它為客戶提供卓越價值，並持續以空前的速度在經銷端周轉；以及近期推出的新款 RANGER 1000 Cab 與 RANGER XP 1000 Cab，強化我們在最新且成長最快的全封閉車廂（full cab）多功能品類中的產品力。

In fact, we are seeing strong double-digit utility side-by-side retail growth in April on the heels of this launch. In our seasonal business, we launched our model year '27 snowmobile lineup in February which featured the expansion of our Rec utility sleds and the new 9RVR1dynamics.

事實上，隨著此次上市，我們在 4 月看到多功能並排車（utility side-by-side）零售呈現強勁的兩位數成長。在我們的季節性業務方面，我們於 2 月推出 27 年式雪地摩托車產品線，包含擴充我們的休閒多功能雪橇（Rec utility sleds），以及全新的 9RVR1dynamics。

Originally launched on our Razor lineup, Dynamics technology was later introduced in our snow portfolio in 2025 and it remains the industry's only snow system with full shot control. This year, one-third of SnowCheck orders included dynamics.

Dynamics 技術最初在我們的 Razor 產品線上推出，之後於 2025 年導入我們的雪地產品組合，且至今仍是業界唯一具備完整射擊控制（full shot control）的雪地系統。今年，三分之一的 SnowCheck 訂單包含 Dynamics。

In Marine, we continue to set the standard for innovation and quality with the newly redesigned Bennington QX and the Godfrey Sanpan, which was named Boating Magazine's Pontoon of the Year and the Hurricane Sundeck 3200 won the innovation award at the Miami Boat Show.

在 Marine（船舶）業務方面，我們持續以全新改款的 Bennington QX 與 Godfrey Sanpan 樹立創新與品質標竿；其中 Godfrey Sanpan 獲《Boating Magazine》評選為年度 Pontoon（浮筒船），而 Hurricane Sundeck 3200 則在邁阿密船展獲得創新獎。

It's easy to focus on individual products, but would truly differentiates Polaris as the strength of our entire portfolio. We're the global leader in powersports, and we operate like it, living the riding experience and constantly working to make it better. And while it's still early, I'll say this, I have not been misexcited about what we have yet to come.

人們很容易把焦點放在單一產品上，但真正讓 Polaris 與眾不同的是我們整體產品組合的實力。我們是全球動力運動（powersports）領導者，也以領導者的方式運作：親身投入騎乘體驗，並持續努力讓它更好。雖然現在仍算早期，但我可以這麼說：對於我們接下來將推出的內容，我從未感到過度興奮或誤判。

Dealer inventory continues to be in a good place as we've taken a thoughtful approach in pacing our shipments in line with current demand. Our dealer inventory levels are healthy across our major categories. With some help from Mother Nature this last season, we made significant progress on snowmobile inventory and ended the quarter down over 50% from a year ago. We exit the snowmobile season with dealer inventory healthier than it's been in many years.

經銷商庫存仍維持在良好水位，因為我們在出貨節奏上採取審慎作法，使其與目前需求相符。我們主要品類的經銷商庫存水準都很健康。在上一季也獲得大自然（天候）的些許幫助下，我們在雪地摩托車庫存方面取得顯著進展，本季末較去年同期下降超過 50%。我們在雪地摩托車季末的經銷商庫存狀況，是多年來最健康的一次。

So whether you look at our inventory on a days sales basis, which remains near 100 days or on a current to noncurrent mix, which skews positively to more current our inventory at dealers is in a good spot. We remain committed to the alignment of build, ship and retail as we partner with dealers to provide them with the right mix and quantity of vehicles to succeed.

因此，無論你以銷售天數（days sales）衡量我們的庫存（仍接近 100 天），或以流動/非流動（current to noncurrent）組合來看（結構更偏向較多流動庫存），經銷商端的庫存都處於良好位置。我們仍致力於「生產、出貨與零售」的協同一致，並與經銷商合作，提供他們成功所需的正確車款組合與數量。

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

接下來我把時間交給 Bob，請他為各位提供更多財務細節。

Thanks, Mike. We delivered a strong first quarter with results that exceeded our expectations coming into the year. Before turning to the quarter, I want to note that we are now reporting our business in three new segments: Polaris Powersports, Marine and Aixam & Goupil. Going forward, we will discuss our performance through this new segment structure, which I'll touch on in more detail in a moment.

謝謝你，Mike。我們第一季交出強勁成績，結果超出我們年初的預期。在談本季之前，我想先說明：我們現在以三個新事業部門（segments）揭露業務：Polaris Powersports、Marine，以及 Aixam & Goupil。未來我們將以這個新的部門架構來討論績效，我稍後會再更詳細說明。

Sales were up 8% or approximately 14% organically when excluding Indian Motorcycle. Growth was led by strong hour sports performance in ORV, commercial and seasonal, and we also benefited from positive net price reflecting higher year-over-year selling prices and lower promotional activity. Internationally, our Powersports segment was up 7%, which includes ORV and seasonal products sold outside of North America.

銷售額成長 8%；若排除 Indian Motorcycle，則有機成長約 14%。成長主要由 ORV（越野車）、商用與季節性產品的強勁表現帶動；同時，淨售價（net price）為正，反映年對年售價提高與促銷活動減少。在國際市場方面，我們的 Powersports 部門成長 7%，其中包含在北美以外銷售的 ORV 與季節性產品。

Adjusted EBITDA margin improved by approximately 280 basis points, primarily due to favorable mix in all segments. Net price also flowed through to benefit margins, and we continue to see gains from operational efficiencies. These improvements were partially offset by higher operating expenses, largely related to the timing of certain costs moving earlier in the year than originally planned.

調整後 EBITDA 利潤率提升約 280 個基點，主要來自各部門的有利產品組合。淨售價也帶動利潤率改善，我們亦持續看到營運效率提升所帶來的效益。上述改善部分被較高的營運費用所抵銷，主要與部分成本發生時點較原先規劃提前至年初有關。

Tariffs also posed a 240 basis point headwind in the quarter but were in line with expectations. Keep in mind that the significant new tariffs were first imposed in April 2025. Altogether, this strong operating performance drove adjusted EPS of $0.13 above what we expected back in January.

關稅在本季亦造成 240 個基點的不利影響，但符合預期。請記得，重大新增關稅是在 2025 年 4 月首次實施。整體而言，這項強勁的營運表現使調整後 EPS 較我們 1 月時的預期高出 0.13 美元。

Now turning to our new segment structure, which we introduced during the quarter. The reportable segments are Polaris Powersports, Marine and Aixam & Goupil. We designed the structure around our customers who they are, what they buy and where they buy it, which better aligns the organization with our dealer channels and how we go to market.

接著談我們在本季導入的新部門架構。可報導部門為 Polaris Powersports、Marine，以及 Aixam & Goupil。我們以客戶為核心來設計此架構——他們是誰、買什麼、在哪裡買——使組織能更貼近我們的經銷通路與市場進入方式。

Polaris Powersports is almost 90% of total sales and includes all products from the former Off-road segment with the addition of Slingshot. Marine remains the same and carved out of the former On Road segment is Aixam & Goupil which are two small vehicle businesses in Europe.

Polaris Powersports 約占總銷售額的 90%，包含原 Off-road（越野）部門的所有產品，並加入 Slingshot。Marine 維持不變；而從原 On Road（公路）部門中切分出來的是 Aixam & Goupil，這是歐洲兩個小型車輛業務。

Aixam manufacturers, smaller license free passenger cars, one would typically see in city centers and rural towns in Europe, while Goupil focuses on light-duty electric utility vehicles, sold to municipalities and transportation companies. Both businesses are based in France.

Aixam 製造較小、無需駕照的乘用車，通常可在歐洲的市中心與鄉鎮看到；Goupil 則聚焦於輕型電動公務/商用車（light-duty electric utility vehicles），銷售對象為地方政府與運輸公司。兩項業務皆以法國為基地。

Now moving to our segments. Sales in Polaris Powersports were up 14% year-over-year Ranger and commercial shipments far outpaced last year's levels as utility demand continues to grow across a variety of categories. PG&A was up 14%, driven by parts and continued oil sales which are a strong indicator of an active engaged rider base.

接著看各部門表現。Polaris Powersports 銷售額年對年成長 14%；Ranger 與商用出貨量遠高於去年水準，反映多個類別的公務/工具型需求持續成長。PG&A 成長 14%，由零件以及持續的機油銷售帶動；機油銷售是騎士族群活躍且高度投入的強力指標。

Gross margin in the quarter was up 422 basis points, overcoming the anticipated significant headwind from tariffs due to strong mix, positive net price and operational efficiencies. Sales in Marine were driven by a richer mix of pontoons given the recent launch of the Bennington QX and Godfrey Sanpan lineups which have generated significant excitement with dealers and customers. Both of these are premium lines for each brand.

本季毛利率提升 422 個基點，在強勁產品組合、正向淨售價與營運效率的帶動下，抵銷了原先預期關稅將帶來的顯著不利影響。Marine 的銷售則受益於浮筒船（pontoons）更高比重的產品組合，因近期推出的 Bennington QX 與 Godfrey Sanpan 產品線在經銷商與客戶間引發高度關注；兩者皆為各品牌的高階產品線。

There was also a modest benefit from net pricing. Gross margin improved 64 basis points year-over-year again, driven by the mix benefit in the quarter, which we expect to continue throughout the selling season as well as higher net price.

此外，淨定價也帶來些許助益。毛利率年對年提升 64 個基點，同樣主要由本季的組合效益所驅動；我們預期此趨勢將在整個銷售季持續，並同時受惠於較高的淨售價。

Aixam & Goupil sales were up 9%, driven by higher shipments for Goupil and higher year-over-year pricing with Anexo. Gross margin improved 294 basis points driven by higher mix within this segment.

Aixam & Goupil 銷售額成長 9%，主要由 Goupil 出貨增加，以及 Anexo 帶來的年對年較高定價所驅動。毛利率提升 294 個基點，來自該部門內部更有利的產品組合。

With our renewed focus on our core business lines following the completion of the separation of Indian, our top capital priority in 2026 remains investing in higher-margin profitable growth while maintaining a disciplined and balanced approach to returns and leverage.

在完成 Indian 分拆後，我們重新聚焦核心業務線；2026 年我們的首要資本配置重點仍是投資於高毛利、具獲利性的成長，同時維持對股東報酬與槓桿水準的審慎且平衡的管理方式。

Second, we continue our long-standing commitment to returning capital to shareholders through dividends, marking our 31st consecutive year of dividend growth. Third, we remain focused on debt reduction following more than $530 million in debt reduction during 2025, which supports our ongoing improvement in our leverage profile.

第二，我們延續長期以來透過股利回饋股東的承諾，並達成連續第 31 年股利成長。第三，在 2025 年已減債超過 5.3 億美元之後，我們仍聚焦於持續降低負債，以支持槓桿結構的持續改善。

From a working capital perspective, our lean initiatives are driving meaningful efficiency gains. We continue to target a negative working capital position supported by better alignment across demand planning, procurement and production, continued supply chain localization and ongoing optimization of payables.

就營運資金而言，我們的精實（lean）計畫正帶來顯著的效率提升。我們持續以「負營運資金」為目標，並透過需求規劃、採購與生產之間更佳的協同、供應鏈在地化的持續推進，以及應付帳款的持續最佳化來支撐。

First quarter free cash flow is typically our weakest quarter of cash generation in the year due to seasonal payments while a net outflow, our first quarter cash flow was better than we had planned. Overall, we are very confident in our financial position.

由於季節性付款因素，第一季通常是全年現金創造最弱的一季；雖然仍為淨流出，但我們第一季現金流表現優於原先規劃。整體而言，我們對自身財務狀況非常有信心。

Our capital deployment is disciplined. Our cash generation remains strong we continue to strengthen balance sheet flexibility. We are reaffirming the guidance we updated on March 3 when we raised our outlook following the earlier-than-expected closure of the Indian motorcycle separation.

我們的資本運用一向嚴謹。我們的現金創造能力仍然強勁，並持續提升資產負債表的彈性。我們重申 3 月 3 日更新後的財測指引；當時因 Indian Motorcycle 分拆較預期更早完成，我們上調了展望。

While we remain pleased with the operational performance of the business, which drove much of the first quarter over performance. Importantly, we believe this performance is grounded in operational discipline execution and factors that are within our control.

我們對業務的營運表現仍感到滿意，這也是第一季超預期表現的主要驅動因素。更重要的是，我們認為這些表現建立在營運紀律、執行力，以及我們可控的因素之上。

We continue to manage the business, anticipating a relatively flat retail environment with build, ship and retail closely aligned. This approach helps maintain healthy dealer inventory and reduces the need for excess promotional activity, which benefited results in the first quarter.

我們持續以「零售環境相對持平」為前提管理業務，並讓生產、出貨與零售緊密對齊。此作法有助於維持健康的經銷商庫存，並降低過度促銷活動的需求，而這也對第一季結果帶來助益。

Given our first quarter performance, strong underlying fundamentals in the positive retail trends in April. The business demonstrated the capability to support a higher outlook. However, given the current level of uncertainty, we have decided to take a prudent and disciplined approach to the outlook given factors outside of our control, including uncertainty around the consumer driven by higher energy prices and ongoing geopolitical conflicts as well as the evolving tariff environment.

考量第一季表現、穩健的基本面，以及 4 月正向的零售趨勢，業務展現出支撐更高展望的能力。然而，鑑於目前不確定性水準，我們決定在展望上採取審慎且有紀律的作法，因為仍存在我們無法控制的因素，包括：能源價格上升與持續的地緣政治衝突所帶來的消費者不確定性，以及不斷演變的關稅環境。

This year, we are expecting our financial results to return to historic seasonal patterns with the second and third quarters being our highest revenue and EPS quarters. Specifically, for the second quarter, we expect sales to grow year-over-year in the range of 5% to 7%, driven by utility and our plan to ship in line with retail. Adjusted EPS is expected to be between $0.70 and $0.80.

今年我們預期財務結果將回到歷史性的季節性型態，第二與第三季將是營收與 EPS 最高的季度。具體而言，第二季我們預期銷售額年對年成長 5% 至 7%，由公務/工具型產品以及我們「出貨與零售同步」的計畫所帶動。調整後 EPS 預期介於 0.70 至 0.80 美元。

While this assumes no change in current tariff policy, we expect a negative year-over-year impact from tariffs to be between $30 million and $35 million. We still expect the Indian motorcycle separation to be accretive by approximately $50 million to adjusted EBITDA, which is more weighted to the back half of the year and into January 2027 due to motorcycle sales seasonality.

在假設現行關稅政策不變的情況下，我們預期關稅對年對年的負面影響約為 3,000 萬至 3,500 萬美元。我們仍預期 Indian Motorcycle 分拆將為調整後 EBITDA 帶來約 5,000 萬美元的增益（accretive）；由於機車銷售的季節性，該增益將更偏向下半年，並延續至 2027 年 1 月。

Looking ahead, we remain on track with our tariff mitigation strategy to reduce China source material cost of goods sold from 14% last year to below 5% by the end of 2027. Based on current policy, we continue to expect total tariff costs of approximately $215 million this year, excluding potential refunds related to EPA tariffs paid in 2025 and into 2026.

展望未來，我們仍按計畫推進關稅緩解策略，目標是在 2027 年底前，將中國來源材料的銷貨成本占比由去年的 14% 降至 5% 以下。依據目前政策，我們仍預期今年關稅總成本約為 2.15 億美元，不包含與 2025 年及延續至 2026 年所支付之 EPA 關稅相關的潛在退稅。

As a reminder, we paid approximately $125 million in IEP tariffs, and we intend to seek refunds for the full amount. The work we've done to realign the portfolio and implement lean across our plants is already driving operational gains and we expect that momentum to continue.

提醒一下，我們已支付約 1.25 億美元的 IEP 關稅，且我們打算就全額申請退還。我們為重新調整產品組合並在各工廠導入精實所做的工作，已在推動營運改善，我們預期這股動能將持續。

Combined with the strength of our product lineup, this positions Polaris in a renewed way, one that emphasizes dealer partnership, rider driven innovation, profitability and returns. We are more aligned, more focused and more disciplined than we have been in many years, and we are confident in the path ahead.

再加上我們產品陣容的強勁表現，這讓 Polaris 以嶄新的方式重新定位，強調經銷商夥伴關係、以騎士為核心的創新、獲利能力與報酬。我們比過去許多年更一致、更聚焦也更自律，並對前方道路充滿信心。

With that, I'll turn the call back over to Mike. Go ahead, Mike.

接下來，我把電話交回給 Mike。Mike，請。

Thanks, Bob. Let me spend a moment on our clear vision to win because this really anchors how we're operating Polaris today. At the highest level, our ambition is unchanged to be the global leader in powersports that starts with a solid foundation built in our brands, our people and our culture and a disciplined focus on execution. There are a lot of distractions in the world right now, which makes it even more important to stay focused on what we can control and execute relentlessly against those priorities.

謝謝，Bob。我想花一點時間談談我們清晰的致勝願景，因為這確實奠定了我們今天如何營運 Polaris 的基礎。從最高層面來看，我們的企圖心不變：成為全球動力運動（powersports）領導者；這始於以我們的品牌、人才與文化所建立的堅實基礎，以及對執行的自律聚焦。當前世界有許多干擾因素，這使得更重要的是專注於我們可控的事項，並針對這些優先事項持續、堅決地執行。

Operationally, we're seeing steady improvement inside our manufacturing facilities. The actions we've taken over the past several years around lean are increasingly showing up in cost performance, quality and delivery. And as volumes increase, we expect these efforts to continue to pay dividends.

在營運面，我們看到製造設施內部持續穩健改善。過去幾年我們在精實方面採取的行動，正愈來愈多地反映在成本表現、品質與交付上。隨著產量提升，我們預期這些努力將持續帶來回報。

On innovation, I'd put our product portfolio up against any of our competitors. We continue to invest in new products that expand our reach, strengthen our premium position and drive differentiation across our portfolio.

在創新方面，我認為我們的產品組合足以與任何競爭對手一較高下。我們持續投資新產品，以擴大觸及範圍、強化高端定位，並推動整體產品組合的差異化。

From a working capital standpoint, we remain focused on driving efficiencies and executing the fundamentals to improve cash generation. We generated over $600 million of free cash flow last year and continuing to deliver strong cash generation remains a top priority.

就營運資金而言，我們仍專注於提升效率並落實基本功，以改善現金創造能力。我們去年產生超過 6 億美元的自由現金流，而持續交出強勁的現金創造仍是最優先事項之一。

Dealer health is also critical. We continue to partner closely with our dealers to ensure they have the right product mix and the right inventory levels to meet customer demand. This balanced approach remains a clear strategic advantage at the dealership level.

經銷商的健康狀況同樣關鍵。我們持續與經銷商緊密合作，確保他們具備正確的產品組合與適當的庫存水位，以滿足客戶需求。這種平衡式作法在經銷端仍是明確的策略優勢。

All of this supports a very clear vision to win. We are here to deliver for our customers by providing the best innovation, quality and experience in the industry. In leaning into our innovation, we are strengthening and advancing our number one market share position in powersports.

以上一切都支撐著非常清晰的致勝願景。我們在此是要為客戶交付成果，提供業界最佳的創新、品質與體驗。透過加大創新力道，我們正在強化並推進我們在動力運動市場的第一市占地位。

And finally, we believe we're positioning Polaris for long-term financial growth with a model built on consistent cash generation, attractive returns and sustained value creation. The consistency of this strategy and the discipline of our execution gives us confidence in how we're navigating today's environment and building Polaris for the future. Our priorities for 2026 are unchanged from what I outlined three months ago.

最後，我們相信我們正以一個建立在穩定現金創造、具吸引力的報酬與持續價值創造之上的模式，為 Polaris 的長期財務成長做好布局。此策略的一致性與我們執行的自律性，讓我們對於如何因應當前環境並打造未來的 Polaris 充滿信心。我們對 2026 年的優先事項，與我三個月前所概述的內容一致，沒有改變。

We continue to expect a relatively flat retail environment, which is consistent with what we've seen so far this year. Utility remains the stronger growth component of the portfolio relative to recreation. We will continue to operate our facilities so that production shipments in retail remain aligned. And if demand shifts based on dealer feedback or data, we are prepared to flex production accordingly. We closed the Indian motorcycle separation earlier than expected and thus far, the separation has gone smoothly.

我們仍預期零售環境將相對持平，這與我們今年迄今所見一致。相較於休閒（recreation），多功能用途（utility）仍是產品組合中較強的成長動能。我們將持續以使生產出貨與零售需求保持一致的方式來運作工廠；若需求依據經銷商回饋或數據而出現變化，我們也已準備好相應調整產能。我們比預期更早完成 Indian 機車業務的分拆，且迄今分拆進行順利。

Our lean journey continues with additional lean lines coming online later this year. In total, we've achieved over $240 million in structural savings through this journey. We remain committed to executing our tariff mitigation strategy. we expect tariff policies to continue to change, including potential changes from the review of the USMCA trade agreement. While the ultimate outcome remains uncertain, our goal is clear.

我們的精實旅程仍在持續，今年稍晚將有更多精實產線上線。整體而言，透過這段旅程我們已實現超過 2.4 億美元的結構性節省。我們仍致力於執行關稅緩解策略。我們預期關稅政策將持續變動，包括可能因美墨加協定（USMCA）貿易協議審查而帶來的變化。雖然最終結果仍不確定，但我們的目標很明確。

We remain committed to the US with the largest powersports manufacturing footprint in the industry, supporting US workers and suppliers. We are also well underway with our goal to reduce China source components to under 5% of material cost of goods sold by the end of 2027. We have a dedicated team in place. We're on track, and I'm confident we can achieve this goal.

我們仍致力於美國，並擁有業界最大的動力運動製造版圖，以支持美國勞工與供應商。我們也正穩步推進目標：在 2027 年底前，將中國來源零組件降至材料銷貨成本的 5% 以下。我們已成立專責團隊，進度符合計畫，我也有信心能達成此目標。

So to wrap up, we're encouraged by the way the year has started. Our teams are executing incredibly well in a dynamic environment. Our product portfolio is strong, our dealers are healthy and our strategy is working. While there are factors outside of our control, we remain sharply focused on what we can control.

總結來說，我們對今年開局的表現感到鼓舞。我們的團隊在多變的環境中執行得非常出色。我們的產品組合強勁、經銷商狀況健康、策略也正在發揮作用。儘管有些因素不在我們掌控之中，我們仍高度聚焦於我們能掌控的事項。

We believe the actions we've taken to refocus Polaris are creating a strong foundation for the future by advancing our focus and leadership in powersports, localizing and strengthening our operating footprint and positioning Polaris to deliver higher earnings power and stronger returns over time. We believe this positions Polaris well to navigate the near term and to create long-term shareholder value for stakeholders. We appreciate your continued support.

我們相信，為重新聚焦 Polaris 所採取的行動，正透過推進我們在動力運動領域的聚焦與領導地位、在地化並強化營運版圖，以及讓 Polaris 隨時間推移具備更高的獲利能力與更強的報酬，為未來奠定堅實基礎。我們相信這使 Polaris 能夠良好因應短期挑戰，並為利害關係人創造長期股東價值。感謝各位持續支持。

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

接下來，我把時間交給 Gary，請他開放提問。

(Operator Instructions)

（接線員指示）

Craig Kennison, Baird.

Craig Kennison，Baird。

First, I just want to say to Peggy, it's been a pleasure working with you, and you will certainly be missed. But my tariff question is fairly multifaceted. So if you'll give me a second to ask it. Could you help us unpack your tariff exposure in guidance after the IEEPA ruling and including recent Section 232 changes. And to that end, I think regarding IEEPA, if I'm right, you have a $30 million tailwind in 2026 relative to 2025, and that is not in guidance.

首先，我想對 Peggy 說，與你共事非常愉快，你一定會讓大家非常想念。不過我關於關稅的問題相當多面向，所以請給我一點時間把問題問完。能否請你協助我們拆解一下，在 IEEPA 裁決之後、並納入近期第 232 條變更的情況下，你們在財測指引中的關稅曝險？就 IEEPA 而言，如果我理解正確，2026 年相較 2025 年你們有 3,000 萬美元的順風（利多），而這並未反映在指引中。

And then regarding Section 232 changes, could you help us what is expected as an impact in 2026 and break that down into the growth and the mitigated impact. Thanks for indulging the long question.

另外，關於第 232 條的變更，能否協助我們了解 2026 年預期的影響，並將其拆分為成長帶來的影響與已緩解（mitigated）的影響？謝謝你包容這個很長的問題。

Well, I mean, it certainly is a complex topic, Craig. So let me I'm going to kind of take you through a few different aspects and then provide you a little bit more color around 232 because we've clearly gotten a lot of questions.

嗯，Craig，這確實是個複雜的議題。所以我會帶你走過幾個不同面向，然後再就 232 提供更多細節，因為我們顯然收到很多相關提問。

As Bob mentioned, our tariff impact has stayed consistent with what we talked about at around $215 million. The math works this way. With the Supreme Court ruling that pulled the IEEPA tariffs off, but then the administration immediately put the 122 tariff in place at 10%, not the 15% that they talked about. Those changes yielded about a $40 million benefit to us.

如 Bob 所提，我們的關稅影響仍與先前所談一致，約為 2.15 億美元。計算方式是這樣：最高法院裁決使 IEEPA 關稅被撤除，但政府隨即以 10% 的稅率立即改以第 122 條關稅取代，而不是他們先前提到的 15%。這些變動為我們帶來約 4,000 萬美元的效益。

Unfortunately, when the 232 changes were made, that effectively offset that. So to dispel some of the commentary that's been out there, we are not unaffected by 232. We are definitely affected by it. So number one.

不幸的是，當第 232 條的變更實施後，基本上把上述效益抵消掉了。因此，為了澄清外界的一些說法，我們並非不受 232 影響；我們確實受到影響。這是第一點。

Number two, the rules around 232 are pretty complex, and I'm not going to try and go through and pull all that apart. But safe to say, we do have a different product portfolio as well as a very different manufacturing footprint. We're not manufacturing everything down in Mexico. And obviously, as you know, we have manufacturing in Minnesota as well as in Alabama.

第二點，232 的規則相當複雜，我不打算逐條拆解。但可以確定的是，我們的產品組合不同，製造版圖也非常不同。我們並不是把所有產品都在墨西哥生產。而且如你所知，我們在明尼蘇達以及阿拉巴馬也有製造據點。

And then the third component I'd say, around 232 is we are a significant consumer of US steel. And as you know, from the regulations, there are different tariff rates based on US versus non-US steel components.

第三點，關於 232，我們是美國鋼材的重要使用者。而如你所知，依據相關規範，使用美國鋼材與非美國鋼材零組件，適用的關稅稅率不同。

So in a nutshell, that's essentially where we're at. There's been some questions around, hey, how does this start to annualize into Obviously, tough to predict what's going to happen with tariff policy. But assuming the tariff regime that's in place at this moment, and assuming the same volumes that we would have, we would not expect tariffs to be greater than what we're experiencing this year.

簡而言之，我們目前大致就是這樣的狀況。也有人問到：這些影響如何在年度化後呈現——當然，關稅政策未來如何發展很難預測。但若假設此刻的關稅制度維持不變，且假設我們的出貨量相同，我們不預期關稅會高於今年所承受的水準。

And in fact, we're working hard, as I indicated in my prepared remarks, to pull down the amount of China source content that's coming into the US that we're paying tariffs on with the goal of getting below the 5% of material cost of goods sold next year. And obviously, there's some timing differences with how things flow out of inventory. But we think, if anything, that gives us the opportunity to get in there and further mitigate that.

事實上，正如我在事先準備的發言中提到的，我們正努力降低進口到美國、需要支付關稅的中國來源內容，目標是在明年將其降至材料銷貨成本的 5% 以下。當然，庫存流轉的方式會造成一些時點差異。但我們認為，若有任何影響，這反而讓我們有機會進一步加大緩解力度。

The last thing I would say is that, that excludes any funds from the refund. As Bob indicated, it's about $125 million. We are in the process of either going through or understanding the refund process that's unfolding and we'll be working hard to get that money that's rightfully ours to get back.

我最後想說的是，那不包含任何可退還的基金。如 Bob 所指出的，大約是 1.25 億美元。我們正在進行中，或是在梳理並了解目前正在展開的退款流程，我們也會努力把這筆理應屬於我們的錢拿回來。

That's really helpful, Mike. So are you saying that the incremental impact of the Section 232 changes for 2026 should be around $40 million, which offsets the benefit you had from other issues.

這真的很有幫助，Mike。所以你的意思是，2026 年第 232 條變更的增量影響應該大約是 4,000 萬美元，剛好抵銷你從其他事項得到的好處。

Correct. Yes. And as you stated in your question, Craig, we originally thought it was $30 million back in March as we've done the math, that's about 40%, and we hadn't changed our guidance to reflect that. and we're also not changing our guidance to reflect the 232 since they kind of net out.

沒錯。是的。而且如你在問題中所說的，Craig，我們最初在 3 月時以為是 3,000 萬美元；在我們重新計算後，那大約是 40%，而我們當時並沒有調整指引來反映這點。我們也不會因為第 232 條而改變指引，因為它們大致上互相抵銷。

And I'm sure the question is going to come up around guidance, but I do think that's a prime example. I mean when we were at a conference in March. The question was, hey, with IEEPA coming off, there's an inherent benefit. Why are you not taking guidance up and it was for this very reason. I mean, we knew that the 232, we also know that 301 is under review, there's a common period coming up in May.

我確定關於指引的問題一定會被提出，但我確實認為這是一個很好的例子。我的意思是，當我們 3 月在一場會議上時，問題是：嘿，隨著 IEEPA 解除，會有一個內含的利多，你們為什麼不把指引上調？原因就是這個。我們知道第 232 條；我們也知道第 301 條正在審查中，5 月會有一個意見徵詢期。

USMCA is under review, that's going to start in July. There's been a comment period leading up to that. I mean there's just a tremendous amount of uncertainty around this. And so we're obviously being conservative in the way we're approaching things, but we think that's prudent given this environment.

USMCA 也在審查中，將在 7 月開始。在那之前已經有一段意見徵詢期。我的意思是，這裡面有非常巨大的不確定性。因此我們在處理方式上顯然偏保守，但在這樣的環境下，我們認為這是審慎之舉。

The other thing, there's been a lot of discussion about inventory. And so let me talk a little bit about how these different tariffs work. So the when the EPA tariffs went away and the 122 came in, right, there's about a quarter lag on when we see that impact because we're bringing parts in about a quarter ahead of production. And by the time it gets into a product and rolls through cost of goods sold, there's at least a quarter lag or more, whereas the 232s were announced, I think, on a Friday and went in effect effectively on Monday.

另外一件事，市場上對庫存有很多討論。所以我來稍微談一下這些不同關稅是怎麼運作的。當 EPA 關稅取消、122 上路時，對吧，我們看到影響大約會落後一個季度，因為我們會在生產前大約一個季度先把零件進口進來。等到它進入產品並在銷貨成本中反映出來，至少會有一個季度或更久的落後；然而第 232 條宣布時，我記得是週五宣布、幾乎週一就生效了。

And there's been some things written and talked about that, hey, we've got 100 days of dealer inventory. And so we're not seeing an impact for 100 days. That's not how it works. The 100 days of dealer inventory has already been recognized into revenue. We've sold that to the dealers, and it's being replenished every day.

也有一些文章與討論提到：嘿，我們有 100 天的經銷商庫存，所以 100 天內看不到影響。不是這樣運作的。那 100 天的經銷商庫存已經被認列為營收了。我們已經把貨賣給經銷商，而且每天都在補貨。

And certainly, like a lot of companies, we paused shipments for a short period of time as we dug in to understand the new rules and adjust our systems to be able to process all that but we started shipping relatively quickly after they were announced. So we're feeling the 232 impact almost immediately. So it's not a 100 day deferral because of the dealer inventory on 232.

當然，像很多公司一樣，我們在短時間內暫停出貨，因為我們需要深入了解新規則並調整系統，以便能處理所有事項；但在宣布後不久我們就相對快速地恢復出貨。所以我們幾乎立刻就感受到第 232 條的影響。因此不會因為第 232 條而因經銷商庫存出現 100 天的遞延。

James Hardiman, Citi.

James Hardiman，花旗。

So there was a lot to digest on the tariff front. If that weren't complicated enough, and it's probably too early to have a great feel for this. But maybe initial thoughts on the competitive environment that, that now creates for 2026 and I don't know, 2027 is probably too far out to really get your arms around. But I think as we sit here today, you guys should now be benefiting on the cost side relative to, I think, your competitor up north, right, the Canadian competitor and then presumably your major Chinese competitor who also imports from Mexico think the Japanese are generally in a good place from this, but maybe walk us through how you're thinking about that if that impacts sort of your ability to price or your ability to gain share? Any initial thoughts on that front would be great.

關稅方面有很多需要消化的內容。如果這還不夠複雜，而且現在可能也還太早，難以有很好的掌握。但也許可以談談初步想法：這對 2026 年所形成的競爭環境會是什麼樣子？我不知道，2027 年可能太遠了，還很難真正掌握。但以我們今天坐在這裡來看，你們在成本端相對於我想你們北方的競爭對手（對吧，加拿大的競爭對手）應該會受益；然後推測你們主要的中國競爭對手也從墨西哥進口；我想日本廠商一般來說在這方面處境不錯。不過能否帶我們了解一下你們怎麼看這件事？這是否會影響你們的定價能力或市占提升能力？如果能分享一些初步想法就太好了。

Yes. Thanks, James. And yes, there's a lot there because there's a lot there. And this organization, unfortunately, has had to spend a tremendous amount of time on it, and I'm proud of the work they've done and the team we've got on top of it. Look, I don't want to get into commentary about our competitors and what they're dealing with from a cost perspective.

是的。謝謝你，James。是的，這裡面有很多內容，因為確實有很多事情。很不幸地，這個組織必須在這上面投入大量時間；我也為他們所做的工作感到自豪，並且我們有一個團隊在緊盯這件事。聽著，我不想去評論競爭對手，以及他們在成本面臨什麼狀況。

What I can tell you, though, is that there's not a tremendous amount of price elasticity in this market. I'll remind you that there was significant price taken coming out of COVID when the supply chains and the massive amount of inflation that this country went through. And so the pricing had already been somewhat elevated through that process. And the consumer backdrop isn't incredibly strong the Utility segment, which obviously makes up the majority of our ORV business has remained strong.

不過我可以告訴你的是，這個市場的價格彈性並不大。我提醒大家，從 COVID 走出來時，由於供應鏈問題以及這個國家經歷的大幅通膨，市場曾經有過顯著的漲價。因此在那個過程中，價格水準已經被抬高了一些。而消費者的背景並不是特別強勁。Utility（工作/實用）細分市場——顯然占我們 ORV 業務的大多數——仍然保持強勁。

But that doesn't mean there's an infinite level of price elasticity there. The REC side, whether that be the Marine or the razor portion of our business is incredibly sensitive to everything that's going on. As I mentioned in my prepared remarks, when we saw oil prices spike and that combined with what's going on overseas, we saw those customers pull back Utility remained strong during that time period, which was encouraging.

但這不代表那裡存在無限的價格彈性。REC 端，無論是我們業務中的 Marine（船舶）或 Razor（RZR）那一塊，對於正在發生的一切都非常敏感。如我在事先準備的發言中提到的，當我們看到油價飆升，再加上海外局勢，我們看到那些客戶縮手。Utility 在那段期間仍然保持強勁，這點令人鼓舞。

But I just don't think there's a tremendous amount of elasticity in the marketplace. I mean, we'll obviously continue to look for that. And quite frankly, our focus from a competitive standpoint is exactly what I went through in my script. It's the products. We have the best innovation in the market. We're moving fast. We're regaining our foothold.

但我就是不認為市場上有很大的彈性。我的意思是，我們當然會持續尋找那樣的空間。坦白說，從競爭角度來看，我們的重點正如我在講稿中所說的：產品。我們在市場上有最好的創新，我們動作很快，我們正在重新站穩腳步。

We've gained share for four quarters in a row in ORV and that's really going to be the focus that we have inside the organization and continue to be the push. I'm really excited about products that we're going to be launching this year and then the visibility we have out for the next several years. And regardless of the cost positioning, I think we're going to be in an incredible spot to continue to win.

我們在 ORV 已經連續四個季度提升市占，而這將會是我們在組織內部的重點，也會持續推進。我對我們今年將推出的產品非常興奮，也對未來幾年的能見度感到振奮。無論成本定位如何，我認為我們都會處在一個非常有利的位置，能持續勝出。

Yes. One thing I would say, James, is everybody needs to keep in mind with tariffs. It's not that we're not impacted. I mean we've been dealing with this since 2018. And as Mike stated, when he started the answer to that question, we have a team that meets every day is highly focused on this.

是的。James，我想補充一點：大家需要記住，談到關稅，並不是說我們不受影響。我的意思是，我們從 2018 年就一直在處理這件事。正如 Mike 在回答一開始所說，我們有一個團隊每天開會，並高度專注在這上面。

We've been executing our plans to mitigate tariffs. And so as we came into the 232 announcements, we're well versed in what our steel and aluminum content is by part and by product. And so we were able to get on top of that fairly quickly. It is incredibly complicated, and it's tough to figure out where it's going to go. But I don't think it's going to dramatically change the overall competitive dynamic given all the things Mike said about elasticity in the market.

我們一直在執行降低關稅影響的計畫。因此在第 232 條宣布時，我們對每個零件、每個產品的鋼與鋁含量都非常清楚，所以能相當快速地掌握狀況。這確實非常複雜，也很難判斷未來會走向哪裡。但我不認為它會在整體競爭態勢上造成劇烈改變，原因如同 Mike 所說的市場彈性等各項因素。

Got it. That's really helpful. And then to the guidance, by my math, once we sort of factor in the earlier Indian close, you beat the first quarter by almost $0.50, obviously not flowing it through to the full year. And in the prepared remarks, you called out, I think, two items. One, just uncertainty around the consumer and two, the evolving tariff environment.

了解。這真的很有幫助。然後回到指引，按我的計算，一旦把印度交易提前完成的影響納入，你們第一季大約超出 0.50 美元，顯然沒有把它完全反映到全年。在事先準備的發言中，你們點出了我想是兩個項目：第一，消費者的不確定性；第二，持續演變的關稅環境。

I guess, as I sit here and listen to your other comments about how things sort of slowed down and then reaccelerated in April. That seems like maybe we're coming out of the other end in a better place. And then the tariff conversation, I guess maybe let me ask the question this way. Like if we don't see some sort of unforeseen downturn in the consumer from here, right, after April has gotten a little bit better.

我想，當我坐在這裡聽你們其他評論，提到事情有點放緩、然後在 4 月又重新加速。這聽起來好像我們正從另一端走出來，情況更好一些。至於關稅的討論，我想也許我換個方式問：如果從現在開始我們沒有看到消費者出現某種意料之外的下滑，對吧，在 4 月稍微好轉之後。

And if we don't see some incremental new tariffs beyond 232 that we're not even really thinking about at this point, does that scenario equate to upside relative to what you've laid out today? Or am I not thinking about that the right way?

而且如果我們沒有看到除了第 232 條之外、目前我們甚至還沒真正納入考量的新增關稅，那這種情境是否就代表相對於你們今天所提出的內容會有上行空間？還是我這樣想不太對？

No, I think you are. I mean, I think Bob and I tried to be pretty blunt in our comments that we were playing this conservative, prudent, whatever the words are that you want to choose. But I think, look, if the consumer backdrop continues playing out like it has. And if tariff policy, fingers crossed were to just stay where it is today. We would have certainly been looking at taking guidance up. And I think what I'd reinforce is the business is performing better than it ever has.

不，我認為你想得沒錯。我的意思是，我想 Bob 和我在評論中已經很直白地說，我們是在用保守、審慎——不管你想用什麼詞——的方式來處理。但我想，聽著，如果消費者背景持續像目前這樣發展；而且關稅政策（希望如此）就維持在今天的水準，我們當然會考慮上調指引。我想我要強調的是，這項業務的表現比以往任何時候都更好。

When you step back and you think about the fact that we've got dealer inventory aligned in an environment where things are fairly static, we actually grew revenue on an organic basis, 14% and I talked about our gross profit coming in at 20.5%. That's up year-over-year despite the tariff headwind. And if you pulled tariffs out, which I wish we could, we'd be at 23%. I mean that is a significant improvement, and I think reflective of the improvements we've made in our operational efficiencies, warranty, utilization of the factories gaining share for four quarters in a row and ORV cash flow performance despite the headwinds of the tariffs, strong safety performance in the business alignment with our dealers. We've rightsized this portfolio to really get focused on the most profitable.

當你退一步思考，在一個相對靜態的環境中，我們已讓經銷商庫存配置到位，實際上我們的營收以有機基礎成長了14%，我也提到我們的毛利率達到20.5%。儘管關稅帶來逆風，這仍較去年同期上升。若把關稅影響拿掉——我真希望可以——我們會在23%。我的意思是，這是顯著的改善，我認為這反映了我們在營運效率、保固、工廠稼動率提升、連續四個季度市占成長，以及在關稅逆風下ORV現金流表現、強勁的安全績效與與經銷商的業務對齊等方面所做的改善。我們已將這個產品組合調整到適當規模，真正聚焦在最具獲利性的部分。

I mean, James, we have this business in a really good spot. And I think the first quarter results really reflected that I would really like to see us get past the uncertainty on the tariffs because it's not just uncertainty for us to predict financially, but it is uncertainty from a consumer standpoint. I mean, inflation is a big deal right now. And certainly, the conflict overseas is generating inflation from an energy perspective. But even outside of that, the consumer hasn't necessarily demonstrated significant strength. And so I think getting some certainty around tariff policy would certainly alleviate that pressure. And I think start to put the consumer in a better spot in terms of future interest rate expectations and things like that.

我的意思是，James，我們這項業務目前處在非常好的位置。我認為第一季的結果確實反映了這點。我非常希望我們能走出關稅不確定性，因為這不僅讓我們在財務預測上缺乏確定性，從消費者角度來看也同樣不確定。我的意思是，通膨現在是個大問題。而且海外衝突正從能源面推升通膨。但即便不考慮這些，消費者也未必展現出顯著的強勁。因此，我認為若能在關稅政策上取得一些確定性，將有助於緩解壓力，並讓消費者在未來利率預期等方面處於更好的位置。

So I think the message for everyone is this business is performing better than it has in years. We're excited about that. And with some stability, we would certainly see this generating even more upside than we saw in the first quarter.

所以我想給大家的訊息是：這項業務的表現比過去多年都更好。我們對此感到振奮。而如果環境更穩定，我們肯定會看到比第一季更大的上行空間。

Yes. I mean if you look at the incrementals in the first quarter, with tariffs factored in, it was above 40% if you accounted for the tariff headwind has been over $70 million. So just really, really solid performance. And obviously, we benefited a really good strong mix in the quarter. We continue to see strength at the high end and the low end of the market with the middle kind of being the weakest part. But that high-end mix served us well in the quarter.

是的。我的意思是，如果你看第一季的增量利潤（incrementals），把關稅因素納入後仍超過40%；若把關稅逆風（已超過7,000萬美元）考量進去，表現就非常、非常扎實。而且很明顯，我們在本季受惠於非常強勁的產品組合。我們持續看到市場高端與低端需求強勁，中間區段相對最弱。但高端組合在本季對我們很有利。

And obviously, we had some carryover price from price increases, normal price increases we took out in last year. But -- so the company is performing really, really well. To Mike's point, this is really just not having great visibility into what happens with the consumer given the ongoing conflicts around the world. And then what's going to happen with tariffs. We know the 122s have to -- they have to expire in July. I don't know that there's a way to extend them. And what we don't know is what, if anything, will come in after that. So that's the caution.

而且很明顯，我們也有一些延續性的價格因素，來自去年我們做的正常漲價。但——總之，公司表現真的非常、非常好。呼應Mike的觀點，主要是我們對消費者接下來會如何反應缺乏良好能見度，因為全球各地的衝突仍在持續。然後還有關稅會怎麼走。我們知道122條款必須——它們必須在7月到期。我不知道是否有辦法延長。而我們不知道的是，之後是否會有任何新措施接續上來、以及會是什麼。所以這就是我們謹慎的原因。

And Peggy, you will be missed. Good luck with the next chapter.

而且Peggy，你會被想念的。祝你下一段旅程一切順利。

Joe Altobello, Raymond James.

Raymond James的Joe Altobello。

Just want to follow up on the tariff commentary, make sure I understood you right. So if we assume nothing changes, and I know that's a big assumption at this point. It sounds like at worst, tariffs are neutral and could potentially be a tailwind for '27.

我想就關稅的評論再追問一下，確認我理解正確。所以如果我們假設沒有任何變化——我知道在目前這是一個很大的假設——聽起來最糟的情況下，關稅是中性的，並且到'27年可能甚至會成為順風。

Yes. The caveat to that is that we are still working the mitigation efforts that we talked about. And so flowing through the effect of getting our China-based spin down sub-5%. And how that stratifies into '27 obviously, is an unknown, but should be a net benefit. We continue the focus on the lobbying efforts that we've been pursuing to evaluate some sort of relief across the powersports industry.

是的。但要補充的是，我們仍在推進我們提到的緩解措施。因此，隨著我們把以中國為基礎的供應占比降到5%以下，其影響如何反映到'27年，顯然仍是未知數，但應該會帶來淨效益。我們也持續聚焦於我們一直在推動的遊說工作，評估是否能為整個動力運動（powersports）產業爭取某種形式的減免。

I think that's probably a more difficult task in this current environment with everything that's going on, but we have continued to press forward and we continue to have support from key constituents in places like Minnesota and Alabama. And then obviously, there's a lot of caveats to that, right?

我認為在目前這個環境、在各種事情同時發生的情況下，這可能是更困難的任務，但我們仍持續推進，而且我們也持續獲得一些關鍵利害關係人的支持，例如明尼蘇達州與阿拉巴馬州等地。然後很明顯，這裡面也有很多但書，對吧？

Aside from tariff policy remaining consistent. It's also volumes and things like that. But I think from an annualization of the impacts and the fact that the IEEPA net of [122] favorability was almost essentially perfectly offset by the 232 impact coming in, that's effectively where we would be.

除了關稅政策維持一致之外，還包括銷量等因素。但我認為，從影響的年化角度來看，以及IEEPA扣除[122]帶來的有利因素後，幾乎被新增的232影響完全抵消，實際上我們大致就會落在那個位置。

Yes. I think if you're thinking about next year, the $215 million we guided to this year, plus or minus a little, is probably a good place to start. To Mike's point, we'll have where we land on mitigations, which involves moving a lot of parts and a lot of timing that we won't know yet that continue to evolve through the year. But the timing -- while the timing was different with the EPA stuff happening in February and the 232 stuff happening in April because of the lag they sort of balance each other out, if you think about them on a full year run rate basis.

是的。我認為如果你在思考明年，以我們今年指引的2.15億美元（上下可能有些差異）作為起點，可能是個不錯的方式。呼應Mike的觀點，我們還要看緩解措施最終落點，這涉及移轉大量零組件以及許多時程安排，而這些我們現在還不知道，且會在一年中持續演變。但在時點上——雖然EPA相關事項在2月發生、232相關事項在4月發生，因為存在滯後效應，它們在某種程度上會彼此平衡，如果你用全年運行率（run rate）的角度來看。

So we think that's where it will be, depending on whatever the administration decides to do with new tariffs and then obviously, all the things Mike talked about with volume and other things that we don't have visibility into for '27 yet.

所以我們認為大致會在那個水準，取決於政府接下來是否決定推出新的關稅；然後當然還有Mike提到的所有事情，包括銷量與其他我們對'27年尚無能見度的因素。

Got it. Very helpful. And just a follow-up on that. I think, Bob, you mentioned earlier there was some spending that got pulled forward into the first quarter. Could you quantify that for us? And secondly, would you expect all of that to reverse in the second quarter? Or is it spread out throughout the year?

了解，非常有幫助。再追問一下。我想Bob你先前提到，有一些支出被提前拉到第一季。你能否幫我們量化一下？第二，你預期這些支出會在第二季全部回轉嗎？還是會分散在全年？

So it was kind of split evenly between profit share or incentive comp. And that's purely because the way we had originally had a forecast to lose money in Q1. And now we're obviously had the earnings we have. So we had to recognize more profit share in the quarter. And then the other stuff is really kind of just a myriad of corporate things that got pulled into the quarter. So all of it will turn around, and I think it will turn around relatively evenly through the course of the year.

所以它大致平均分在利潤分成（profit share）或獎勵性薪酬（incentive comp）上。這純粹是因為我們原先的預測是第一季會虧損，而現在很明顯我們有目前的獲利表現，所以我們必須在本季認列更多的利潤分成。其他部分則是一些被拉進本季的各式各樣公司層面的事項。所以這些都會回轉，我認為會在全年過程中相對平均地回轉。

And how much was it in the quarter, sorry, roughly?

抱歉，那本季大概是多少？

I'm sorry, it was about $30 million in the quarter. And I think we're still on our guidance for OpEx for the year. So we're not seeing anything that says we're going to spend over what we guided. It's just timing in the quarter. And like I said, it will turn around over the next three, not all in Q2.

抱歉，本季大約是3,000萬美元。而且我認為我們仍維持全年營業費用（OpEx）的指引。我們沒有看到任何跡象顯示支出會超過我們所指引的水準。這只是本季的時點問題。就像我說的，它會在接下來三個季度回轉，不會全部集中在第二季。

Noah Zatzkin, KeyBanc.

KeyBanc的Noah Zatzkin。

I guess maybe just one on the ORV gross margin coming in better than expected. Obviously, I think price mix and ops contributed there. Is there any way to quantify or frame the magnitude of the ops improvement that played a part there and then just how should we be thinking about the potential margin benefit of ops improvement looking through this year and then as you move into next year?

我想問一個關於ORV毛利率優於預期的問題。很明顯，我認為價格/組合與營運都有所貢獻。是否有任何方式可以量化或描述營運改善在其中扮演的幅度？另外，我們應該如何看待今年接下來以及進入明年時，營運改善可能帶來的毛利率效益？

Yes. So if you think about it for the quarter, I would say the biggest driver was volume and mix. We said we had good mix. Next would be net price and then after that would be the plant performance. I think that as you think about the year, the price will continue.

是的。所以如果你以本季來看，我會說最大的驅動因素是銷量與組合。我們說過我們的組合很好。接下來是淨售價（net price），然後再來才是工廠表現。我認為當你看全年時，價格將會持續。

We did our normal price increase. promo, we don't expect radical changes in promo. There'll be some seasonality of promo as we head into peak selling season. Obviously, Q1 is typically a light promo quarter plant performance, I think, will continue really kind of on pace. And so I think that will be an ongoing benefit.

我們做了正常的漲價。促銷方面，我們不預期促銷會有劇烈變化。隨著我們進入銷售旺季，促銷會有一些季節性。很明顯，第一季通常是促銷較少的季度。工廠表現方面，我認為會持續大致維持目前的節奏。因此我認為這會是持續性的效益。

The margin profile in Q1 was really, really good. and mix played a big piece of that. We had strong mix into sort of high-end utility vehicles. If the consumer demand stays, that mix will continue to look good. if we see a slowdown, obviously, that could change. So a little bit tough to predict right now. But as long as we don't see a drop off in volume, the factory performance that we saw in Q1 should continue really for the rest of the year.

第一季的毛利率結構真的非常、非常好，而組合在其中占了很大一部分。我們在偏高端的多功能車（utility vehicles）上有強勁的組合。如果消費需求維持，這樣的組合看起來會持續不錯；如果我們看到需求放緩，顯然就可能改變。所以目前有點難以預測。但只要我們沒有看到銷量下滑，第一季看到的工廠表現應該會在今年剩餘時間持續下去。

Yes. No, it's something to keep in mind, we've been undershipping retail for the last couple of years. And now that we've got things more in line the volume recovery going through the factories, a matter of factory utilization is now getting up closer to 70%, still not at the optimal level, but much better than where it was last year. So when you couple that with the things that Bob talked about with mix, you couple that with the work we've done around lean. I mean, it puts us in a really good spot.

是的。不過，這確實是需要留意的一點：過去幾年我們對零售端的出貨一直偏低。而現在隨著工廠端的量回升、逐步回到較正常的水準，工廠稼動率也正拉升到接近 70%，雖然仍未達到最佳水準，但比去年好很多。因此，當你把這點與 Bob 提到的產品組合（mix）因素，以及我們在精實（lean）方面所做的工作結合起來，我的意思是，這讓我們處在非常有利的位置。

And that's why when I talk about the future value creation of the company. I mean, we're still in the early days. We've only effectively got on lean line at each of our factories, and we're in the process of expanding that this year. And this is going to be a multiyear journey, but we're looking at you sprinkle in a little bit more volume and the amount of efficiency and volume leverage.

這也是為什麼當我談到公司未來的價值創造時，我的意思是，我們仍然處於早期階段。我們目前在每座工廠實際上都只有一條精實產線，而今年正在擴大推進。這會是一段跨多年的旅程，但我們看到的是：只要再增加一點點產量，再加上效率提升與產量槓桿所帶來的效益。

As Bob mentioned earlier to one of the other questions, it's exciting to see that come through and encouraging in terms of the amount of earnings leverage that we can get moving forward.

如同 Bob 先前在回答其他問題時提到的，看到這些成果逐步顯現令人振奮，也讓人對未來我們能取得的獲利槓桿（earnings leverage）感到鼓舞。

The other thing to keep in mind, which doesn't jump out just as you look at the puts and takes in the guidance, and it's staying where it is, is commodities, we went into the year thinking commodities were going to be about a $20 million headwind. We think it will be double that, maybe a little more now. And primarily driven by steel and diesel and diesel really is a proxy for both diesel in the transportation side and resins in the production side. And we're forecasting to overcome that with our operational efficiencies inside of our guidance but that will be a little bit of an offset because that's a headwind, I think, across most industries right now.

另外一點需要留意的是，單看指引（guidance）裡各項增減因素（puts and takes）其實不太顯眼、而且目前仍維持原位的，就是大宗商品（commodities）。我們原本在年初預期大宗商品會帶來約 2,000 萬美元的不利影響（headwind）。但現在我們認為會是其兩倍，甚至可能更多。主要是由鋼材與柴油所驅動，而柴油其實同時可視為運輸端柴油成本與生產端樹脂（resins）成本的代理指標。我們在指引中預期將透過營運效率來抵消這些影響，但這仍會形成一定程度的抵銷，因為這股逆風我想目前幾乎是多數產業共同面臨的。

And maybe just one kind of housekeeping question. I think there was a $22.5 million adjustment related to distressed supplier. Just kind of any color there would be helpful.

另外可能是一個偏行政性的問題。我想有一筆 2,250 萬美元、與困境供應商（distressed supplier）相關的調整。能否稍微補充一些背景會很有幫助。

Yes. So we had one of our suppliers was part of the first brands bankruptcy. And so we made payments during the course of the evolution of the bankruptcy to help get inventory and keep inventory flowing. And then we partnered with several other customers of the supplier to help facilitate that company being sold and approved by the bankruptcy court to be sold to another industry participant. And so that $22 million is us taking through period costs, the support payments we made to facilitate that transition.

好的。我們有一家供應商牽涉到 First Brands 的破產案。因此在破產程序推進的過程中，我們曾支付款項，以協助取得庫存並維持庫存供應不中斷。之後我們也與該供應商的其他幾位客戶合作，促成該公司出售，並由破產法院核准出售給另一家同業參與者。因此，這 2,200 萬美元是我們在當期認列的費用，反映我們為促成該轉移所提供的支援性付款。

It would have been a tough supplier to transition, and we would have lost a lot of margin if we had lost supply. And I think that was true for sort of all of the participants in the industry. And so we all had to step up to sort of rescue the supplier and get it out of the first brands bankruptcy, which we were able to do and it's performing well now, and I think we've moved on from it. So just a one quarter impact from that.

那會是一個很難替換的供應商；如果失去供應，我們會損失大量毛利。我認為這對產業內所有參與者大致都一樣。因此大家都必須挺身而出，某種程度上「救援」這家供應商，讓它能從 First Brands 的破產案中脫身；我們也確實做到了。現在它的表現很好，我想我們也已經走過那段狀況了。所以這只是單一季度的影響。

No, I would say it just demonstrates the fact that we are the leader in powersports. We saw this supplier struggling well before that bankruptcy. We had been working with them closely. And so we were able to effectively take charge of the process and guide it to another supplier so that we could ensure continuity, not just for us, but many others in the industry. And again, I would just point to this team.

不，我會說這其實凸顯了我們在動力運動（powersports）領域的領導地位。我們在破產發生之前很早就看到這家供應商出現困難，並一直與他們密切合作。因此我們得以有效地主導整個流程，並引導其轉移到另一家供應方，確保供應連續性——不只是對我們，對產業內許多其他公司也是如此。再次強調，我要把功勞歸於這個團隊。

and the culture that we have, the focus around execution and relentlessly pursuing everything we can to ensure we execute and deliver for the customer. And I think this is a prime example of the team doing that. I'm really proud of what they accomplished.

以及我們的企業文化：聚焦執行力，並不懈地追求一切可能，確保我們能為客戶落實交付。我認為這就是團隊做到這點的最佳例子。我對他們完成的成果感到非常自豪。

David MacGregor, Longbow.

David MacGregor，Longbow。

You mentioned the RANGER 500 performing well. I just wanted to get your thoughts, Mike, on how you're thinking about the opportunity in developing product line extensions and Utility and other categories just down into lower price points.

你提到 RANGER 500 表現不錯。我想請教一下 Mike，你如何看待在 Utility 與其他品類中，透過開發產品線延伸（product line extensions）把價格帶往更低價位下探的機會？

Yes. I mean, look, it's something that we've actually been focused on for quite a while. Obviously, Indian is not part of the portfolio, but it was something that we focused on there in terms of trying to get a sub-$10,000 entry point for the Scout lineup. It's something we're focused on, not just in the RANGER product category. I would say it's a gap that we have within the ATV lineup. And the reality is we're not going to overpivot down into the value segment. But as the industry evolved over the last decade, 1.5 decades. So has the price point.

是的。我的意思是，坦白說，這其實是我們已經專注一段時間的事情。當然，Indian 不在目前的產品組合裡，但當時我們在那邊也做過類似的聚焦，例如希望讓 Scout 產品線能有一個低於 10,000 美元的入門價位。這不只是 RANGER 產品類別的重點。我會說在 ATV 產品線裡我們確實存在一個缺口。現實是，我們不會過度把重心轉向價值型（value）區隔。但隨著產業在過去 10 年到 15 年的演進，價格帶也跟著上移。

The vehicles become larger, more capable, more sophisticated, more options. And I think we and many others kind of rush to the high end of the category, and we ended up leaving a gap at the lower end. And when we looked at the price points, we look at the size of the consumer group and then we also studied entry points for consumers, whether that's coming in at a value RANGER or coming in on our ATV lineup, we know that a significant portion of those customers end up trading up as well as expanding. So for example, someone coming into ATVs, eventually a good portion of those folks are going to go into the side-by-side category.

車輛變得更大、更強、更精密，選配也更多。我認為我們以及許多同業某種程度上都快速往高階市場衝，結果在低階端留下了一個缺口。當我們檢視價格帶、消費者族群規模，同時研究消費者的入門路徑——不論是從價值型 RANGER 進入，或是從我們的 ATV 產品線進入——我們知道其中相當一部分客戶最後會進行升級換購（trade up）以及擴增購買。舉例來說，有人先從 ATV 入門，最終其中很大一部分會進入 side-by-side 類別。

And the nice part about that is they're not just buying side-by-side, so they keep buying ATVs. And so we've really taken a very customer-centric view. I wouldn't sit here and tell you that we're going to overexpand into the value segment. We just think it's an important price point to have. I think even what you saw us do with the RANGER 1000 cab and the RANGER XP cab providing lower price points that give people features that they're looking for, but obviously don't dilute what we have at the high end where you get far more features and higher-performing vehicles, but allowing people to experience some of the things that they want to at a price point that's a little bit more attractive than where they'd have to go to today.

而這點好的地方在於，他們不只是買 side-by-side，也會持續購買 ATV。因此我們確實採取非常以客戶為中心的觀點。我不會在這裡告訴你我們會過度擴張到價值型區隔；我們只是認為這是一個必須具備的重要價格點。我想你們也看到我們在 RANGER 1000 cab 與 RANGER XP cab 上所做的事：提供較低的價格點，讓消費者取得他們想要的功能；同時也不會稀釋我們在高階端的定位——高階端仍有更多功能與更高性能的車款——但讓消費者能以比目前更具吸引力的價格，體驗到他們想要的一些特性。

And so I think it's an important aspect of the business and making sure that we have a broad and diverse portfolio. And then obviously, that complements everything we do to continue to look for extensions outside of the core portfolio, like we did with Polaris XPEDITION where we have significant market share and really don't have any competition in that adventure space and an area where we can continue to find derivative vehicles and expand.

因此我認為這是業務中很重要的一環，確保我們擁有廣泛且多元的產品組合。當然，這也能與我們持續尋找核心產品組合以外的延伸相互補強，例如我們推出 Polaris XPEDITION；在那個冒險（adventure）空間裡我們擁有顯著市占，而且幾乎沒有競爭對手，這也是我們能持續尋找衍生車款並擴張的領域。

Great. Great color. Just as a follow-up. I guess I wanted to focus on the REC segment. And if you think about REC, as you look at the various moving parts in that category, obviously, there's higher rates and weak consumer confidence and those would certainly be cyclical factors. But what are you seeing that you might characterize as structural change in REC that would impact that business going forward?

很好。資訊很有幫助。再追問一下：我想聚焦在 REC 部門。如果從 REC 這個類別的各種變動因素來看，顯然高利率與疲弱的消費者信心屬於景氣循環因素。但你們看到哪些可能可被視為 REC 的結構性變化（structural change），並會在未來影響這項業務？

Yes. I think the only structural change is there were a few different dynamics that happened. I think you had a little bit of a pull forward or acceleration during COVID. People went out and bought a lot of stuff. And then you went through a brief period probably 1 year, 1.5 years, where people stopped using vehicles.

是的。我認為唯一的結構性變化是發生了幾個不同的動態。我想在 COVID 期間出現了一些提前拉貨或加速（pull forward / acceleration），人們出去買了很多東西。接著你又經歷了一段短暫期間，大概 1 年到 1.5 年，人們停止使用車輛。

And I think a lot of that was as folks are being called back to the office. There was a rebalancing of what they were doing in their off time. But for the last couple of years, we've seen strength in vehicle usage. We've talked about it a number of times on the call.

我認為其中很大一部分原因是大家被要求回到辦公室後，他們在休閒時間的安排出現重新平衡。但在過去幾年，我們看到車輛使用強度回升。我們在電話會議上也多次談到。

We track everything from the number of miles that come in, the repair activity, spare parts volume, tire consumption, oil consumption, everything that we look at on a monthly basis continues to point to usage of the vehicle, where we have the ability to track ridership through RIDE COMMAND, we can see that the miles written has increased. So we know people are using the vehicle.

我們追蹤的指標涵蓋：進廠里程數、維修活動、備品備件（spare parts）量、輪胎消耗、機油消耗——我們每月看的所有數據都持續指向車輛使用狀況。對於我們能透過 RIDE COMMAND 追蹤騎乘行為的部分，我們也能看到行駛里程增加。因此我們知道人們正在使用車輛。

I think what's happened is we've had a bit of a delay in the replenishment repurchase cycle. What I will tell you is that when we see those brief moments of stability, either encouraging interest rate moves or inflation starting to tick down we see the REC customers starting to come back in.

我認為發生的情況是，補庫與再次購買循環（replenishment repurchase cycle）出現了一些延後。我可以告訴你的是：當我們看到短暫的穩定訊號——例如利率走勢出現令人鼓舞的變化，或通膨開始下滑——我們就會看到 REC 客戶開始回流。

We're not seeing huge movement, but we're seeing not negative from a retail standpoint. And so from my standpoint, I think its folks are waiting for the moment to come back in. We know that they want to. There's been so much innovation since they last purchased a vehicle, and we know they're dealing with extended repurchase intervals. And when you couple that with the fact that they're using the vehicles, they're going to come back in.

我們沒有看到很大的波動，但從零售端的角度來看，我們看到的並不是負面。因此就我而言，我認為大家是在等著時機成熟再回來。我們知道他們想回來。自從他們上次購車以來，市場出現了大量創新，而我們也知道他們正面臨更長的換購週期。再加上他們仍在使用這些車輛，他們終究會回來。

So I don't know that we see a permanent structural. I think we've just got a lot that happened over the last several years. And then right now, I think these consumers, because it's a want vehicle, not a need, they're waiting for some stability in the backdrop, whether that's macro, geopolitical inflation, energy costs, you name it. I think a little bit of stability will go a long way to at least stabilize that market and get it back to a little bit of growth.

所以我不認為我們看到的是永久性的結構性變化。我認為只是過去幾年發生了很多事情。而現在，我覺得這些消費者因為這是「想要」的車，而不是「必需」的車，他們在等待大環境更穩定一些，不管是總體經濟、地緣政治、通膨、能源成本等等。我認為只要有一點穩定，就能在很大程度上至少讓市場穩住，並讓它回到一些成長。

Tristan Thomas-Martin, BMO.

Tristan Thomas-Martin，BMO。

Just one quick tariff qualification question. The $40 million headwind from the [Jansen] 232, is that a gross figure or a net figure?

我有一個很快的關於關稅的釐清問題。[Jansen] 232 帶來的 4,000 萬美元逆風，這是毛額還是淨額？

It's net figure.

這是淨額。

Yes. I mean we don't have any mitigations -- we're not -- this is they've been in place for two weeks. So there's not net of mitigation.

是的。我的意思是，我們沒有任何緩解措施——我們沒有——這些才實施兩週。所以這不是扣除緩解後的淨額。

Yes. And there's -- I mean, we're not going to get into the detail by product and all that kind of stuff. But I mean, when I make comments like we were a heavy consumer of US steel, I think you can interpret that, that means we're probably at the lower tariff rate. But there really isn't a whole lot you can do.

是的。而且——我的意思是，我們不會深入到按產品等細節的層面。但我的意思是，當我說我們大量使用美國鋼材時，我想你可以這樣解讀：這表示我們可能適用較低的關稅稅率。但其實你能做的並不多。

I mean, yes, could we shift manufacturing? I'd tell you, we are not in a stable enough environment from a policy decision that I'm going to go do anything significant, pulling something out of Mexico and putting it in the US and then subject it to a different set of tariffs. And we know the 301 regime is under review.

我的意思是，是的，我們可以轉移製造嗎？我會告訴你，在政策決策上環境還不夠穩定，我不會去做任何重大的動作，把某些東西從墨西哥撤出搬到美國，然後又讓它適用另一套關稅。我們也知道 301 機制正在審查中。

We know USMCA is under review. So at this point, we're just focused on broader mitigation efforts, the things I articulated earlier, whether that's the China spend content reduction as well as the lobbying efforts that are underway. And aside from that, we're going to go focus on all the other elements that we can drive efficiencies inside of the company. And I think you saw when we focus what came through in the first quarter.

我們知道 USMCA 正在審查中。所以在這個時間點，我們只是專注於更廣泛的緩解工作，也就是我先前闡述的那些，包括降低中國支出/內容占比，以及正在進行的遊說工作。除此之外，我們會去專注於公司內部所有其他我們能推動效率的要素。我想你也看到，當我們聚焦時，第一季呈現出來的成果。

Yes. Just to clarify, Tristan, I couldn't tell if you said 30% or 40%, it's 40% effectively offset by 40% from the IEEPA 122 switch. And then the only other thing I would point out, I would never say that we would benefit from the difficult market in recreational products, but as you folks know, as Utility has done well, our primary plan for Utility is -- and we also make a much of ATVs up in ROS. So that's that the mix has certainly benefited us more towards our US footprint.

是的。再釐清一下，Tristan，我不確定你說的是 30% 還是 40%，實際上是 40%，並且由 IEEPA 122 切換帶來的 40% 有效抵銷。然後我還想指出另一點，我絕不會說我們會從休閒產品艱難的市場中受益，但如各位所知，隨著 Utility 表現良好，我們對 Utility 的主要規劃是——而且我們也在 ROS 上方生產相當多的 ATV。所以產品組合確實讓我們更偏向於我們在美國的產能布局而受益。

Okay. That makes sense. And then just reason a little more. Given the new segments, anything you wanted to flag in kind of a margin standpoint, whether it's seasonality or incrementals or anything else we should be thinking about?

好的。這就說得通了。那再多問一點。考量新的分部，你們在毛利率方面有沒有什麼想提醒的，例如季節性、增量利潤率（incrementals）或其他我們應該注意的事項？

Yes. So I think as we pointed out, we are returning to normal seasonality here, we think, in 2026. So you'll see obviously, Q1, typically our smallest revenue quarter to Q2, Q3 will be larger. Q4, you should think that it's going to look fairly similar to Q1. again, mix is going to play a big part in this. Mix was really strong in Q1. We'll just have to see what retail looks like and how that drives mix in Q2 and Q3. But otherwise, it's just be normal seasonality.

是的。所以我想如我們所指出的，我們認為在 2026 年會回到正常的季節性。因此你會看到，第一季通常是我們營收最小的季度，第二季、第三季會更大。第四季你應該把它想成會和第一季相當類似。再說一次，產品組合會在其中扮演很大的角色。第一季的組合非常強。我們得看看第二季和第三季的零售表現如何，以及它如何帶動組合。但除此之外，就是正常的季節性。

And I think the only other thing would be just as we get through the second quarter, then your tariff year-over-year starts to become far less noise because it ramped it was very small in Q1 built in Q2 and then we were kind of at run rate Q3, Q4. So --

我想唯一另外一點是，當我們度過第二季之後，你的關稅年對年影響就會變得噪音小得多，因為它是逐步爬升的：第一季很小、第二季開始建立，然後第三季、第四季我們大致處於運行水準。所以——

Yes, we'll still have pretty good tariff headwinds in Q2 relative to 2025, the tariffs didn't -- they started in April, but by the time you sort of got them in and they went through inventory, they didn't really hit until Q3, I think we only had about $10 million of tariff in Q2 last year. So it will be more similar to Q1 this year.

是的，相較於 2025 年，我們在第二季仍會有相當不錯的關稅逆風；關稅是在四月開始，但等到你把它們納入並且穿過庫存之後，實際上要到第三季才真正反映出來。我記得去年第二季我們大概只有約 1,000 萬美元的關稅。所以它會更接近今年第一季的情況。

Gerrick Johnson, Seaport.

Gerrick Johnson，Seaport。

Just wanted to talk about TSAs real quick. I know they're neutral to your earnings but how did they affect the various buckets in the first quarter?

想快速談一下 TSA。我知道它們對你們的盈餘是中性的，但它們在第一季對各個項目（bucket）造成了什麼影響？

Yes. So it is complicated, but you basically had about $25 million of that flowed through revenue, and that's us really selling engines and some limited motorcycles that we finished up in Q1 to India. That came at a negative that was recovered in other income. And then there's about another $5 million in OpEx, which has also recovered in other income. So think about it as $25 million in revenue at a little bit of negative GP, $5 million to $6 million in OpEx, that plus a little bit of margin all recovered in other income. So not really significant, but a little bit slightly a bit better than breakeven, but just a geography issue.

是的。這很複雜，但基本上大約有 2,500 萬美元流經營收，那是我們在第一季完成並賣到印度的引擎以及少量摩托車。那部分在毛利上是負的，但在其他收入中回收了。然後還有大約另外 500 萬美元在營業費用（OpEx），也同樣在其他收入中回收。所以你可以把它想成：2,500 萬美元營收、毛利略為負；500 萬到 600 萬美元的營業費用；這些再加上一點點利潤率，全部都在其他收入中回收。因此整體並不顯著，略微好於損益兩平，但主要是地理區域的問題。

Okay. Great. That's helpful. And finally for me, the impact of youth ORV in the quarter, honestly found it a little odd since youth is mainly sold in the fourth quarter. So how did that impact your ORV retail inventories? What would ORV have been without youth or with youth?

好的。很有幫助。最後一個問題，本季 youth ORV 的影響；老實說我覺得有點奇怪，因為 youth 主要是在第四季銷售。所以它如何影響你們的 ORV 零售庫存？如果沒有 youth 或有 youth，ORV 會是什麼樣子？

The impact wasn't dramatic. I mean, the issue with youth is we continue -- we had to move it out of China. We moved into Mexico. We're just starting to ship the RANGER 150. We haven't been shipping those.

影響並不大。我的意思是，youth 的問題在於我們持續——我們必須把它從中國移出。我們搬到墨西哥。我們才剛開始出貨 RANGER 150。我們之前並沒有出貨那些。

It wouldn't have changed retail a whole lot in terms of actual percentages, and it certainly would have impacted margins.

就實際百分比而言，它不會讓零售改變太多，但它肯定會影響毛利率。

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

我們的問答環節到此結束，會議也已結束。感謝各位參加今天的簡報。您現在可以斷線。