Polaris Inc (PII) 2026 Q2 法說會逐字稿

Good day, and welcome to the Polaris quarter two 2026 earnings call and webcast. (Operator Instructions) Please note, this event is being recorded.

大家好，歡迎收聽 Polaris 2026 年第二季財報電話會議與網路直播。(接線員指示) 請注意，本活動將被錄音。

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

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

謝謝你，Bailey。各位早安或午安。我是 J.C. Weigelt，投資人關係副總裁。感謝各位參加我們 2026 年第二季財報電話會議。我們今天將引用一份簡報，您可在我們網站 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 second quarter results as well as our expectations for the remainder of 2026, 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。兩位都準備了講稿，將摘要說明我們 2026 年第二季的業績，以及對 2026 年剩餘期間的展望，之後我們將回答各位的提問。

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》(Private Securities Litigation Reform Act of 1995) 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的更多細節，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 second 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 and at the end of our earnings deck for the GAAP to non-GAAP adjustments.

除非另有說明，所有對 2026 年第二季實際結果及未來期間指引的提及，均針對我們的持續營運，並以調整後的非 GAAP 基礎呈報。請參閱簡報末尾以及我們財報簡報（earnings deck）末尾的 Reg G 調節表，以了解 GAAP 與非 GAAP 之間的調整。

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

現在我把電話會議交給 Mike Speetzen。Mike，請。

Thanks, J.C. Good morning, everyone, and thank you for joining us.

謝謝你，J.C. 各位早安，感謝各位加入我們。

Strong second quarter results reflect the momentum building across our business. We exceeded expectations across all key metrics, gained share in our ORV business for the fifth consecutive quarter and continued proving that the strategic actions taken over the last several years are making Polaris a stronger, more focused and more profitable company.

強勁的第二季業績反映出我們整體業務動能正在加速。我們在所有關鍵指標上都超出預期，ORV 業務連續第五季提升市占，並持續證明過去幾年採取的策略行動，正讓 Polaris 成為一家更強大、更聚焦且更具獲利能力的公司。

Second quarter reported sales increased 9%. Excluding Indian Motorcycle, sales grew 17% Sales were driven by double-digit growth in our Powersports segment, led by ORV with our utility RANGER line and our fast-growing commercial business, where growth is driven by investments in infrastructure and data center projects.

第二季公告（reported）銷售額成長 9%。若排除 Indian Motorcycle，銷售額成長 17%。銷售成長主要來自我們動力運動（Powersports）部門的雙位數成長，其中以 ORV 為首，受惠於我們的多功能 RANGER 產品線，以及快速成長的商用業務；該業務的成長由基礎建設與資料中心專案投資所帶動。

We also saw strong contributions from marine, which grew 16% in the quarter. Across our portfolio, North American retail increased 4% with ORV up 5%. Both measures exclude used vehicles. We finished the quarter with solid share gains in ORV, reinforcing our belief that our combination of innovative products and strong dealer relationships continue to differentiate Polaris in the marketplace.

我們也看到海事（marine）業務的強勁貢獻，本季成長 16%。就整體產品組合而言，北美零售銷量成長 4%，其中 ORV 成長 5%。兩項指標皆不包含二手車。我們以 ORV 穩健的市占提升結束本季，進一步強化我們的信心：我們兼具創新產品與強大經銷商關係的組合，持續讓 Polaris 在市場上脫穎而出。

From a profitability standpoint, our results include a $74 million benefit related to IEEPA refund claims. We have removed these refunds from some of our adjusted financial metrics today to provide the underlying operational performance of our business in the quarter. We refer to these as our operational adjusted results, which exclude the $74 million in tariff refunds but include ongoing tariff expense.

就獲利能力而言，我們的結果包含與 IEEPA 退稅申請相關的 7,400 萬美元利益。為了呈現本季業務的基礎營運表現，我們今天已將這些退稅自部分調整後財務指標中剔除。我們將其稱為營運調整後（operational adjusted）結果：排除 7,400 萬美元的關稅退稅，但仍包含持續性的關稅費用。

Operational margins expanded at both the gross profit and EBITDA levels even with -- after excluding the tariff refunds. Higher shipments, favorable mix and positive net pricing more than offset higher commodity costs and the $32 million of ongoing tariff headwind we experienced during the quarter. Importantly, we continue to realize improved operating leverage from the portfolio optimization and manufacturing efficiency work we've executed over the past several years.

即使在排除關稅退稅之後，我們的營運利潤率在毛利與 EBITDA 層級仍呈現擴張。更高的出貨量、有利的產品組合與正向的淨定價，足以抵銷較高的大宗商品成本，以及我們本季承受的 3,200 萬美元持續性關稅逆風。更重要的是，我們持續從過去幾年所執行的產品組合優化與製造效率提升工作中，實現更佳的營運槓桿。

We delivered adjusted earnings per share of $1.97, which included the pretax $74 million in tariff refunds. Excluding these tariff refunds, operational adjusted EPS was $1.01, well above our target range of $0.70 to $0.80. We also saw operational gross profit margin expand by 82 basis points, excluding the tariff refunds and against a second quarter 2025 margin that had little ongoing tariff impact.

我們的調整後每股盈餘為 1.97 美元，其中包含稅前 7,400 萬美元的關稅退稅。若排除這些關稅退稅，營運調整後 EPS 為 1.01 美元，明顯高於我們 0.70 至 0.80 美元的目標區間。我們也看到營運毛利率擴張 82 個基點；此數據排除關稅退稅，並且相較於 2025 年第二季（當時幾乎沒有持續性關稅影響）的毛利率。

These results reflect the strength of our execution, the competitiveness of our product portfolio and the discipline we've maintained across the organization. As a result of our performance and with the strong momentum we've built through the first half of the year, coupled with tariff refunds, we are raising our full year 2026 guidance.

這些結果反映了我們執行力的強勁、產品組合的競爭力，以及我們在整個組織中所維持的紀律。基於我們的表現，以及上半年累積的強勁動能，再加上關稅退稅因素，我們上調 2026 全年指引。

While there remains uncertainty, we believe Polaris is operating from a position of strength, controlling what we can while navigating a dynamic environment. We have a clear strategy, the best team in powersports and a portfolio that continues to resonate with customers around the world.

儘管仍存在不確定性，我們相信 Polaris 正在以強勢姿態營運，在因應多變環境的同時，掌控我們能掌控的事項。我們有清晰的策略、動力運動領域最優秀的團隊，以及持續在全球客戶間引發共鳴的產品組合。

We're continuing to build positive momentum. We're gaining share in our core segment through focused innovation, dealer relationships are strong and dealer inventory remains healthy, and we're beginning to see meaningful benefits from the work we've done to refine our portfolio, simplify our organization and strengthen our operational execution. Our team is aligned around a common strategy and a goal of strengthening and extending Polaris' leadership position within the powersports industry.

我們持續累積正向動能。我們透過聚焦式創新在核心細分市場提升市占，經銷商關係穩固、經銷商庫存維持健康水位；同時，我們也開始看到過去在精煉產品組合、簡化組織以及強化營運執行方面所做工作的顯著效益。我們的團隊圍繞共同策略與目標保持一致：強化並延伸 Polaris 在動力運動產業的領導地位。

Moving on to our retail performance. ORV North American retail was up 5%, outperforming the industry and gaining share for the fifth consecutive quarter. Trends within ORV remain consistent with recent quarters. And despite a cautious consumer environment, we're continuing to take share through the strength and breadth of our portfolio and category-defining vehicles.

接著談零售表現。ORV 北美零售銷量成長 5%，優於產業表現，並連續第五季提升市占。ORV 內部的趨勢與近幾季一致。即使在消費者態度偏保守的環境下，我們仍持續憑藉產品組合的強度與廣度，以及具類別定義性的車款來取得市占。

Our utility products make up over 70% of our Powersports segment and remain a clear source of momentum in this environment with retail up more than 10% and RANGER continuing to outperform the market. We believe that performance reflects both the strength of our product lineup and the value customers see in the Polaris brand.

我們的多功能（utility）產品占動力運動部門超過 70%，在此環境下仍是明確的動能來源，零售銷量成長超過 10%，且 RANGER 持續優於市場。我們認為，這樣的表現同時反映了我們產品陣容的實力，以及客戶在 Polaris 品牌上所看見的價值。

One highlight of the quarter is that the recent industry data shows the RANGER 500 was the fastest-growing off-road vehicle in the industry. In addition, our recently launched RANGER cab units, the RANGER 1000 and the RANGER XP 1000, drove multiple points of market share gains in the utility side-by-side market, which is the largest subsector of the ORV market.

本季的一大亮點是，近期產業數據顯示 RANGER 500 是全產業成長最快的越野車款。此外，我們近期推出的 RANGER 車廂（cab）車型——RANGER 1000 與 RANGER XP 1000——帶動多個百分點的市占提升，發生在多功能並排座（utility side-by-side）市場；該市場是 ORV 市場中最大的次產業。

Not only that, the second quarter marked our highest share in the subsector since 2021. We continue to believe there is a long-term trend in the industry with retail demand shifting to cab units given their capability, refinement and features. The second quarter marked the first time when over half of our ORV retail was in cab units. That's proof we deliver innovation customers want and that we are winning in the largest and most important part of the market.

不僅如此，第二季也創下我們自 2021 年以來在該次產業的最高市占。我們仍相信產業存在長期趨勢：由於車廂車型具備能力、精緻度與功能配備，零售需求正逐步轉向車廂車型。第二季是我們 ORV 零售中車廂車型占比首次超過一半。這證明我們提供客戶想要的創新，也證明我們正在市場最大、最重要的領域中勝出。

On the recreational ORV side of the business, we continue to see a cautious consumer due to macroeconomic factors such as inflation, higher borrowing costs and negative headlines. These negative factors have been consistent over a couple of years, and our retail outlook for the recreational ORV industry remains pressured.

在休閒型 ORV 業務方面，由於通膨、借貸成本上升與負面新聞等總體經濟因素，我們仍看到消費者態度偏保守。這些負面因素已持續數年，我們對休閒型 ORV 產業的零售展望仍然承壓。

Turning to marine. Our second quarter pontoon retail was down high single digits according to the May SSI data. Through May, the data reflects the pontoon industry is down approximately 9%. Our pontoon brands continue to perform well at the premium end with the Bennington QX and Godfrey Sanpan. Here, consumers are not as sensitive to macro trends and interest rates, while retail at the mid- and lower-tier pontoons continue to be soft, given a more interest rate-sensitive customer.

接著談海事（marine）。根據 5 月 SSI 數據，我們第二季浮筒船（pontoon）零售銷量下滑高個位數百分比。截至 5 月，數據顯示浮筒船產業約下滑 9%。我們的浮筒船品牌在高端市場仍表現良好，包括 Bennington QX 與 Godfrey Sanpan。在此區間，消費者對總體趨勢與利率的敏感度較低；然而，中低階浮筒船的零售仍偏疲弱，因為其客群對利率更為敏感。

I think it's worth repeating what I said last quarter. What truly differentiates Polaris is the strength of our entire portfolio at the dealership. We are the global leader in powersports, and we operate like it. Look for us to strengthen this leadership position with new product launches at our upcoming dealer events in August of this year and in early 2027.

我認為值得重申我在上季所說的話。真正讓 Polaris 與眾不同的是，我們在經銷商端整體產品組合的實力。我們是全球動力運動（powersports）領導者，而且我們也以領導者的方式運作。請期待我們在今年 8 月即將舉行的經銷商活動，以及 2027 年初的活動中，透過新產品發表來強化這一領導地位。

We continue to see healthy dealer inventory levels across our portfolio. During the second quarter, we strategically increased inventory in utility, given the robust growth we are experiencing in this category. At the same time, we have rightsized inventory positions in areas of the business such as ORV recreation, seasonal and marine, given weaker demand.

我們持續看到旗下各產品線的經銷商庫存水位維持健康。第二季期間，鑑於我們在多功能車（utility）類別所經歷的強勁成長，我們策略性地提高了該類別的庫存。同時，因需求較弱，我們也在 ORV 休閒、季節性與船舶等業務領域，將庫存水位調整至更合適的規模。

In aggregate, dealer inventory was down 8% in the quarter versus last year, and dealers' DSOs are slightly over 100 days, which remains well below historic levels. We remain committed to matching shipments to retail and through the first half of this year, we have successfully executed this strategy.

整體而言，本季經銷商庫存較去年同期下降 8%，而經銷商的 DSO（應收帳款週轉天數）略高於 100 天，仍明顯低於歷史水準。我們仍致力於讓出貨與零售需求相匹配，且在今年上半年我們已成功執行此策略。

Improving our mix at the dealership remains a real opportunity for us, and it's an area we continue to invest in and measure progress against. Rather than a one-size-fits-all approach, we are tailoring our actions with each dealer to ensure a healthier channel and putting our dealers in the best position for success such that every dealer carries the right mix and the right number of units for their market.

在經銷商端改善我們的產品組合結構，對我們而言仍是一個實質機會，也是我們持續投入並衡量進展的領域。我們不採一體適用的做法，而是與每一家經銷商量身制定行動，以確保通路更健康，並讓經銷商處於最佳成功位置，使每家經銷商都能依其市場配置正確的產品組合與適當的車輛數量。

We have already seen positive results with an 18% improvement in sales velocity in the first half of the year, helping our dealers navigate a choppy market. A program like this is a win-win for our dealers and Polaris and reflects our relentless focus on dealer health and stronger operational management.

我們已看到正面成果：今年上半年銷售周轉速度提升 18%，協助經銷商在波動的市場中前行。這類方案對經銷商與 Polaris 而言是雙贏，也反映我們對經銷商健康與更強營運管理的持續專注。

I'm now going to turn it over to Bob to provide you with more details of the financials and the increase to our full year guidance. Bob?

接下來我把時間交給 Bob，請他提供更多財務細節，以及我們上調全年財測指引的原因。Bob？

Thanks, Mike.

謝謝，Mike。

We delivered another strong quarter with sales and earnings both above the high end of our expectations. Sales were up 9% or up 17% organically when excluding Indian Motorcycle. All three of our segments posted top line growth in the quarter, led by our core Powersports segment, where both ORV and commercial lines grew double digits. Marine continues to see a benefit from favorable mix, while PG&A achieved double-digit growth led by higher parts sales in powersports. Aixam & Goupil also grew 6% over the prior year.

我們再度交出強勁的一季，銷售與獲利皆高於我們預期區間的上緣。銷售成長 9%；若排除 Indian Motorcycle，則有機成長 17%。我們三個事業部門本季營收皆成長，其中以核心的 Powersports 事業部門領先，ORV 與商用產品線皆呈現雙位數成長。Marine 持續受惠於有利的產品組合，而 PG&A 也在動力運動零件銷售增加的帶動下達成雙位數成長。Aixam & Goupil 亦較去年成長 6%。

The underlying performance of the business was well ahead of our expectations. Our reported results and guidance include the tariff refund claims made in the quarter that Mike spoke about. To help evaluate the underlying performance of the business, we are also providing operational margin and EPS metrics that exclude the tariff refunds.

業務的基本面表現遠優於我們的預期。我們本季公布的結果與財測指引，已包含 Mike 提到的本季提出的關稅退稅申請。為協助評估業務的基本面表現，我們也提供排除關稅退稅影響的營運利潤率與 EPS 指標。

The $74 million of tariff refunds booked in the quarter contributed $0.96 to adjusted EPS. Excluding that benefit, operational adjusted EPS was $1.01, well ahead of the $0.70 to $0.80 range we discussed heading into the quarter.

本季入帳的 7,400 萬美元關稅退稅，使調整後 EPS 增加 0.96 美元。若排除該項利益，營運調整後 EPS 為 1.01 美元，明顯高於我們在季初所提到的 0.70 至 0.80 美元區間。

Adjusted EBITDA margin from operations, which excludes the tariff refunds, also improved meaningfully by approximately 180 basis points compared to last year, primarily due to higher volumes, positive net price and favorable mix. These positive factors were partially offset by incremental tariffs, higher commodity costs and a modest increase in operating expenses.

排除關稅退稅的營運調整後 EBITDA 利潤率，也較去年顯著提升約 180 個基點，主要受惠於更高的出貨量、正向的淨售價以及有利的產品組合。上述正面因素部分被新增關稅、較高的原物料成本，以及營運費用的小幅增加所抵銷。

Adjusting EBITDA for the separation of Indian Motorcycle, tariffs and commodities, our second quarter EBITDA incrementals would have been over 32%. This rate demonstrates that our strategy to optimize our plants and organization while pruning nonprofitable businesses is having its intended outcome of increasing the profitability profile of Polaris.

若將 Indian Motorcycle 分拆、關稅與原物料等因素調整後，我們第二季 EBITDA 的增量利潤率將超過 32%。此一水準顯示，我們透過優化工廠與組織、並修剪不具獲利性的業務所採取的策略，正達成其預期效果：提升 Polaris 的獲利結構。

Turning to our segments. Polaris Powersports sales were up 17% year-over-year. RANGER and commercial shipments were significantly above last year's levels, supported by continued strength in utility demand across a range of categories. Commercial remains a clear bright spot, delivering solid revenue growth in the quarter, driven by strong infrastructure-related demand, particularly from data center construction projects.

接著看各事業部門。Polaris Powersports 銷售年增 17%。RANGER 與商用出貨量顯著高於去年水準，並受惠於多功能車（utility）需求在多個類別持續強勁。商用業務仍是明顯亮點，本季在強勁的基礎建設相關需求帶動下，實現穩健營收成長，尤其來自資料中心建設專案。

We believe Polaris is well positioned to capitalize on this opportunity through its dedicated commercial dealer network, focused commercial sales approach and Pro XD lineup purpose-built for demanding worksite environments. Given the level of infrastructure investment we are seeing, we believe there is a continuing runway to expand our commercial business at above current powersports industry growth rates.

我們認為 Polaris 具備良好條件把握此一機會，憑藉專屬的商用經銷商網路、聚焦的商用銷售方式，以及為嚴苛工地環境量身打造的 Pro XD 產品線。鑑於我們所看到的基礎建設投資規模，我們相信商用業務仍有持續擴張的空間，其成長率可望高於目前動力運動產業的成長速度。

Powersports PG&A sales were up 21%, driven by factory-installed accessories and parts sales. Commercial PG&A revenues were up significantly, bolstered by strategic investments we made to help maximize the uptime for our commercial customers.

Powersports 的 PG&A 銷售成長 21%，主要由原廠加裝配件與零件銷售帶動。商用 PG&A 營收亦大幅成長，受惠於我們為協助商用客戶最大化設備稼動時間（uptime）所做的策略性投資。

Gross profit margin from operations improved 77 basis points, driven by higher net price as promotional activity remained below last year's levels and positive product mix. Adjusted gross profit margin increased 458 basis points, reflecting much of the tariff refunds being recorded in Polaris Powersports. Importantly, these improvements were achieved despite an approximate 100 basis points of commodity cost headwind.

營運毛利率提升 77 個基點，主要由較高的淨售價所帶動，因促銷活動仍低於去年水準，且產品組合亦更有利。調整後毛利率增加 458 個基點，反映關稅退稅多數記錄於 Polaris Powersports。重要的是，這些改善是在約 100 個基點的原物料成本逆風下達成的。

Marine sales were up 16%, driven by higher shipments and a richer mix of pontoons led by the Bennington QX and Godfrey Sanpan, the premium lines within each brand. We also saw a modest benefit from net price. Gross profit margin improved 21 basis points year-over-year, again, reflecting favorable mix, which we expect to continue through the selling season, along with higher net price. Higher commodity costs, particularly aluminum, continue to pressure margins, and we expect that dynamic to continue until aluminum pricing retreats from current levels.

Marine 銷售成長 16%，主要由更高的出貨量以及更高端的浮筒船（pontoon）產品組合帶動，其中以 Bennington QX 與 Godfrey Sanpan（各品牌的高階產品線）為主。我們也看到淨售價帶來些許助益。毛利率年增 21 個基點，同樣反映有利的產品組合（我們預期將延續至銷售旺季）以及較高的淨售價。較高的原物料成本，特別是鋁材，仍持續壓抑利潤率；我們預期在鋁價自目前水準回落之前，這一態勢將持續。

Aixam & Goupil sales were up 6% as higher Goupil sales more than offset lower shipments within Aixam. Aixam retail was up double digits, which improved dealer inventory in that business. Gross profit margin improved 242 basis points, driven by lower warranty expense and favorable leverage of fixed costs from increased sales volumes.

Aixam & Goupil 銷售成長 6%，因 Goupil 銷售增加足以抵銷 Aixam 出貨量下降。Aixam 的零售銷售呈雙位數成長，改善了該業務的經銷商庫存。毛利率提升 242 個基點，主要由保固費用降低，以及銷售量增加帶來的固定成本攤提效益所驅動。

Our capital deployment priorities remain unchanged. First, investing in higher-margin profitable growth; second, returning capital to shareholders through our dividend; and third, paying down debt. With strong operational performance in the second quarter, combined with the $74 million of tariff refunds, our net leverage ratio improved to 2.6 times from 3.6 times at the end of the first quarter, moving back below 3 turns and well within our covenant requirements. We expect net leverage to continue to decrease in the second half of the year.

我們的資本配置優先順序維持不變。第一，投資於高毛利的獲利性成長；第二，透過股利回饋股東；第三，償還債務。在第二季強勁的營運表現，加上 7,400 萬美元的關稅退稅之下，我們的淨槓桿比率由第一季末的 3.6 倍改善至 2.6 倍，回到 3 倍以下，且完全符合我們的契約條款要求。我們預期淨槓桿在下半年將持續下降。

We remain very confident in our financial position and our approach to capital deployment is disciplined. We expect strong cash flow conversion in the second half as seasonal working capital builds unwind, and we plan to continue to strengthen the balance sheet flexibility while managing the business in line with investment-grade metrics.

我們對自身財務狀況仍非常有信心，而我們的資本配置方式也一向嚴謹自律。我們預期下半年現金流轉換將強勁，因季節性營運資金增加將逐步回轉；同時，我們計畫在以投資級指標管理業務的前提下，持續提升資產負債表的彈性。

Moving to guidance. We are raising our full year outlook for the second time this year, reflecting both the strong operational performance in the first half of the year and the $74 million of tariff refunds.

接著談財測指引。我們今年第二次上調全年展望，反映上半年強勁的營運表現以及 7,400 萬美元的關稅退稅。

We now expect sales of $7.3 billion to $7.5 billion, up 2% to 5% compared with our prior guidance of flat to up 2%. Adjusting for the sale of Indian Motorcycle, organic sales are expected to be up approximately 10%. We expect a flattish retail environment in the second half of the year with a viewpoint that it could be up low single digits if demand holds in the back half. We are prepared to build and ship to those higher levels, but we'll continue to align with retail to ensure dealer inventory remains healthy.

我們目前預期全年銷售額為 73 億至 75 億美元，較先前「持平至成長 2%」的指引上調至成長 2% 至 5%。若調整 Indian Motorcycle 的出售影響，有機銷售預期約成長 10%。我們預期下半年零售環境大致持平；若下半年需求維持，我們認為零售可能呈現低個位數成長。我們已準備好因應更高水準進行生產與出貨，但仍將持續與零售需求對齊，以確保經銷商庫存維持健康。

We are also increasing our margin outlook. We now expect adjusted EBITDA margin to increase 250 to 275 basis points. Operationally, we expect adjusted EBITDA margin to increase 145 to 170 basis points compared with our prior guidance of 100 to 140 basis points. Removing the impact from the separation of Indian motorcycles, tariffs and commodities, this would translate into EBITDA incrementals of nearly 40% at the high end of our guidance.

我們也正在上調我們的利潤率展望。我們現在預期調整後 EBITDA 利潤率將提升 250 至 275 個基點。從營運面來看，我們預期調整後 EBITDA 利潤率將較先前指引的 100 至 140 個基點，上升 145 至 170 個基點。若剔除印第安機車（Indian Motorcycle）分拆、關稅與大宗商品的影響，這將在我們指引區間高端對應為接近 40% 的 EBITDA 增量利潤率。

The increase reflects the strength of our year-to-date operational performance even as we continue to manage higher commodity costs, specifically diesel, steel and aluminum. We now expect a $70 million headwind from those increased commodity costs.

這項上調反映了我們年初至今營運表現的強勁，即使我們仍在因應較高的大宗商品成本，特別是柴油、鋼材與鋁材。我們現在預期上述大宗商品成本上升將帶來 7,000 萬美元的不利影響。

The work we have done around Lean is supporting our operating model and allowing us to drive improved throughput without adding unnecessary cost into our plants. That is creating better operating leverage and underpinning the increase in our margin guidance.

我們在精實（Lean）方面所做的工作正在支撐我們的營運模式，並使我們能在不為工廠增加不必要成本的情況下提升產出。這正在帶來更佳的營運槓桿，並支撐我們上調利潤率指引。

On tariffs, we expect to pay approximately $215 million this year, unchanged from our prior outlook. That assumes no material change to USMCA or other tariff policies currently in place. We continue to execute against our tariff mitigation strategy with the goal of reducing our exposure to China and bringing China-sourced material cost of goods sold to below 5% by the end of 2027 from 18% in 2024. We are ahead of our internal goals today and are making progress identifying alternative suppliers in the United States and Mexico, which helps localize our supply chain.

在關稅方面，我們預期今年將支付約 2.15 億美元，與先前展望一致。這是假設目前已實施的 USMCA 或其他關稅政策不會出現重大變動。我們持續執行關稅緩解策略，目標是降低對中國的曝險，並在 2027 年底前將中國來源材料的銷貨成本占比由 2024 年的 18% 降至 5% 以下。目前我們已領先內部目標，並在美國與墨西哥尋找替代供應商方面取得進展，有助於供應鏈在地化。

The Indian Motorcycle separation remains on track to be accretive by approximately $50 million to adjusted EBITDA with the benefit weighted more toward the back half of the year, January 2027, due to the seasonality of motorcycle sales.

印第安機車（Indian Motorcycle）分拆仍按計畫推進，預期將為調整後 EBITDA 帶來約 5,000 萬美元的增益（accretive），且受機車銷售季節性影響，效益將更偏向於今年下半年，至 2027 年 1 月。

We also raised our adjusted EPS guidance. We now expect 2026 adjusted EPS of $3 to $3.10. Operationally, that translates to $2.05 to $2.15 compared with our March 3 guidance revision of $1.60 to $1.70.

我們也上調了調整後 EPS 指引。我們現在預期 2026 年調整後 EPS 為 3.00 至 3.10 美元。從營運面來看，這相當於 2.05 至 2.15 美元，相較我們 3 月 3 日修訂指引的 1.60 至 1.70 美元。

While we expect the ability to recover additional tariff refunds, those are not included in our guidance today because there is not currently a formal process to apply for the next phase of expected refunds and certain amounts must be recovered from suppliers. We estimate the total potential future refund opportunity to be approximately $40 million.

雖然我們預期有能力再取得更多關稅退稅，但由於目前尚無正式流程可申請下一階段預期退稅，且部分金額必須向供應商追償，因此我們今日的指引尚未納入。我們估計未來潛在的退稅機會總額約為 4,000 萬美元。

For the [third] quarter, we expect sales to increase 4% to 5% compared to last year, with growth driven primarily by commercial, government and defense and marine. We are also factoring in higher commodity and logistics costs, with offsets from net price improvements. We expect adjusted EPS in the second half of the year to be close to $1 and the quarterly earnings forecast to be evenly weighted between the third and fourth quarters, but may shift based on timing of shipments as we enter seasonality of fall and winter products.

就[第三]季而言，我們預期銷售額將較去年成長 4% 至 5%，成長主要由商用、政府與國防，以及船舶（marine）所帶動。我們也將較高的大宗商品與物流成本納入考量，並以淨售價改善作為抵銷。我們預期下半年調整後 EPS 接近 1 美元，且季度獲利預測在第三季與第四季之間大致平均分布，但隨著進入秋冬產品的季節性，可能會因出貨時點而有所變動。

Stepping back, we are beginning to see the benefits of the actions we have taken to strengthen our competitive position at dealerships and improve efficiency across our plants. Our decision to raise guidance reflects the benefit from tariff refunds, but it is equally a function of strong year-to-date performance, improved operational execution and increased confidence in the earnings power of the business.

回過頭來看，我們開始看到先前為強化經銷商端競爭地位、並提升各工廠效率所採取行動的效益。我們決定上調指引，反映了關稅退稅帶來的好處，但同樣也來自年初至今的強勁表現、營運執行的改善，以及對公司獲利能力提升的信心。

We have momentum across the segments at our dealers, in our plants, and throughout our teams. There is work ahead, but we are executing from a stronger financial position, and I am confident in our ability to keep building on this progress.

我們在各事業部門的經銷商端、工廠端以及整個團隊都具備動能。前方仍有工作要做，但我們是在更強健的財務基礎上推進執行，我對我們持續在此進展上再接再厲的能力充滿信心。

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. In the second half of the year, our priorities remain consistent. We forecast a flattish retail environment for the second half of 2026 with growth in the utility category, while recreational offerings are expected to remain soft.

謝謝，Bob。在今年下半年，我們的優先事項仍然一致。我們預測 2026 年下半年零售環境大致持平，公用（utility）類別將成長，而休閒（recreational）產品預期仍將疲弱。

We're excited about the second half of the year, given the innovative product launches being announced in August, and we expect those products to have a greater impact in the fourth quarter as they arrive at dealerships. We also intend to maintain our commitment to align our build to shipments and shipments to retail to ensure dealer inventory levels remain appropriate.

鑑於 8 月將公布的創新產品上市，我們對下半年感到振奮，並預期這些產品在進入經銷商通路後，將在第四季帶來更大的影響。我們也打算持續承諾讓生產與出貨對齊、出貨與零售對齊，以確保經銷商庫存水位維持在適當水平。

Regarding our tariff mitigation strategy, we are ahead of schedule. We still await news from a broader 301 investigation and any update to USMCA, but we are taking the appropriate actions to reduce our tariff burden from China, and we expect to see meaningful savings over the coming years, should tariff policy remain consistent with where things stand today.

關於我們的關稅緩解策略，我們進度超前。我們仍在等待更廣泛的 301 調查消息以及 USMCA 的任何更新，但我們正採取適當行動以降低來自中國的關稅負擔；若關稅政策維持與目前相近，我們預期未來幾年將看到顯著節省。

We're raising guidance because the business is performing better than we expected coming into the year and even relative to three months ago. We're gaining share, dealers are healthy, channel inventory is in the right place, and our operations continue to see efficiencies from our lean efforts. These fundamental metrics give us confidence in both the remainder of 2026 and reinforce the long-term earnings potential of Polaris.

我們上調指引，是因為公司表現優於我們年初的預期，甚至也優於三個月前的預期。我們正在提升市占率，經銷商狀況健康，通路庫存處於合適水位，而我們的營運也持續因精實努力而提升效率。這些基本指標讓我們對 2026 年剩餘期間更有信心，也強化了 Polaris 的長期獲利潛力。

At the halfway point of the year, it's worth stepping back to recognize what we've accomplished. The results we are reporting today were not driven by a single quarter. They reflect a clear strategy and several years of disciplined execution.

在年度過半之際，值得退一步回顧並肯定我們所完成的成果。我們今天所報告的結果並非由單一季度所驅動。它們反映了清晰的策略以及數年來有紀律的執行。

Put simply, we are doing what we said we would do. We said we would focus on innovation, we did. With that innovation, we said we would gain share, we have. We said we would improve dealer inventory, we did. We said we would simplify the portfolio and improve manufacturing efficiencies, and we have.

簡而言之，我們正在做到我們說過要做的事。我們說要聚焦創新，我們做到了。有了創新，我們說要提升市占率，我們做到了。我們說要改善經銷商庫存，我們做到了。我們說要簡化產品組合並提升製造效率，我們也做到了。

And today, those efforts are increasingly visible in both our operating performance and financial results.

而今天，這些努力在我們的營運表現與財務結果上都愈來愈清晰可見。

The progress we've made reinforces our confidence that Polaris can deliver on its mid-cycle targets of mid-single-digit sales growth, mid- to high-teens EBITDA margins and double-digit EPS growth. The foundation is stronger today than it was a year ago, and our team is executing well. The work we've done over the last several years is beginning to show in our results. The job isn't done, but we're building momentum, and we're well positioned for the remainder of 2026 and beyond.

我們所取得的進展強化了我們的信心：Polaris 能夠達成其中期目標，包括中個位數的銷售成長、中至高十位數的 EBITDA 利潤率，以及雙位數的 EPS 成長。相較一年前，如今的基礎更為穩固，而我們的團隊執行得很到位。我們過去幾年所做的工作正開始反映在成果上。工作尚未完成，但我們正在累積動能，並已為 2026 年剩餘期間及其後做好良好布局。

Polaris is the leader in powersports, and I'm confident in our strategy to deliver higher earnings power and stronger returns for our shareholders. It's an exciting time to be a part of the Polaris story, and we appreciate your continued support.

Polaris 是動力運動（powersports）領域的領導者，我對我們提升獲利能力並為股東帶來更強回報的策略充滿信心。這是參與 Polaris 故事令人振奮的時刻，我們也感謝各位持續的支持。

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

接下來，我把時間交給 Bailey，請她開放提問。

(Operator Instructions) Noah Zatzkin, KeyBanc Capital Markets.

(接線員指示) Noah Zatzkin，KeyBanc Capital Markets。

Obviously, UTV was particularly strong in the quarter. So just wondering what drove the sequential retail acceleration there? And was data center construction a meaningful piece of that? And then how do you think about the opportunity there into the second half? And then any line of sight to improvement or green shoots you're seeing in rec?

顯然，UTV 本季表現特別強勁。想請教是什麼因素帶動了該業務零售端的連續加速？資料中心建設是否是其中重要的一部分？另外，您如何看待下半年在這方面的機會？最後，休閒（rec）方面是否有任何改善跡象或您看到的「綠芽」？

Yes. Thanks, Noah. A couple of things. We did see retail accelerate into the second quarter. Remember that there is a level of seasonality that happens as we come out of the first few months of the year.

是的。謝謝你，Noah。有幾個因素。我們確實看到零售在第二季加速。請記得，當我們走出年初前幾個月時，會出現一定程度的季節性。

It was also probably a little bit more exaggerated, given a late start to the marine season. We saw the retail pickup in pontoons as we came into the second quarter.

此外，由於船舶季節開始較晚，這種情況可能被稍微放大。隨著進入第二季，我們看到浮筒船（pontoon）的零售回升。

I'd point to a couple of the new products, the new cab RANGER 1000 and XP 1000 at the entry level. Those drove considerable share points. And obviously, that drove us above and beyond what the market was doing, which led to the share gains that we had coming into the first quarter. And then obviously, the continued strength around things like the RANGER 500, which was the highest-selling vehicle across the industry.

我會指出幾款新產品，也就是入門級的新款帶駕駛室 RANGER 1000 與 XP 1000。這些產品帶動了相當可觀的市占率提升。而且很明顯，這讓我們的表現超越市場整體走勢，進而帶來我們在第一季前所取得的市占成長。另外，像 RANGER 500 這類產品的持續強勁表現也很關鍵，它是全產業最暢銷的車款。

Certainly, the commercial business continues to operate strong. It is data center as well as just large mega construction projects as the firms look for more vehicles to be on site as those projects are starting to move forward. It's tough to say what that trajectory looks like.

當然，商用業務仍持續強勁運作。需求來自資料中心，以及大型超級建設工程；隨著這些專案開始推進，業者需要更多車輛在工地現場使用。但很難說這樣的成長軌跡會長什麼樣子。

Obviously, if you look at the broader projections, I would say those markets are going to continue to grow. We're obviously playing that a little cautious as we look forward. We've obviously built in what we're expecting in terms of higher demand relative to what they're going to need for vehicles on site, but we'll continue to learn more as we go and those projects continue to get built out.

很明顯，如果你看更廣泛的預測，我會說這些市場將持續成長。我們在展望上也會相對保守一些。我們已把相對較高的需求（相較於他們在工地所需車輛的需求）納入預期，但我們會在推進過程中持續學習更多，隨著這些專案持續建置擴展。

On the rec side, look, it's been a couple of years. It feels like even longer. Just given where we're at in terms of the overall consumer, on the rec side, the vehicles are a want, not a need. And the good news is we know people are using the vehicles. It's hard to find a boat slip.

至於休閒（rec）端，坦白說，已經好幾年了。感覺甚至更久。就整體消費者狀況而言，在休閒端，這些車輛屬於「想要」而非「必需」。好消息是，我們知道人們確實在使用這些車。連船位都很難找。

You look at repair order activities for our off-road vehicle business. You look at tire consumption, oil consumption, where we can track miles ridden, we can see that it's up. It's above where we were back in 2019. So that's all good. We see it in parts coming through our PG&A business.

你看看我們越野車（ORV）業務的維修工單活動。再看看輪胎消耗、機油消耗，以及我們能追蹤的騎乘里程，我們都看得到在上升。而且高於 2019 年的水準。所以這些都很正面。我們也在零件端看到，透過我們的 PG&A 業務反映出來。

But the consumer remains somewhat on the sideline, especially at the low to middle of the range. The high-end customers I talked about, I don't want to say they're immune, but they tend to be more cash buyers. They've got higher disposable income and they're not being as impacted. But as you get down into the mid and definitely into the lower ranks of the customer profile, inflation is persistent.

但消費者仍有些觀望，尤其是在低到中價位區間。至於我提到的高端客群，我不會說他們完全不受影響，但他們通常更偏向現金買家。他們可支配所得較高，受到的衝擊也沒那麼大。但當你往中階、尤其是更低階的客群輪廓來看，通膨仍然持續。

The good news is we are seeing at least some initial signs that it's slowing, but it's still well above the Fed's target of 2%. We've moved from interest rate cuts to now a talk of interest rate increases. Oil prices are all over the place, given the conflict overseas. And that's created, I think, some concern on the macro side. And I think anything large discretionary is seeing a heavy impact.

好消息是，我們至少看到一些初步跡象顯示通膨正在放緩，但仍遠高於聯準會 2% 的目標。市場從原本談降息，轉為現在在談升息。受海外衝突影響，油價波動很大。我認為這在總體面造成了一些擔憂。而我認為任何大型的非必需性支出都受到很大影響。

And really, that's where our rec business fits in.

而我們的休閒業務正好就落在這個範疇。

So as we talked about, we've made sure we've continued to make adjustments in our inventory profiles at the dealer where we see strength in the utility side, which makes up 70% of our Powersports segment. We've leaned in heavier to make sure they've got the right inventory. And on the rec side, we've continued to pull back where appropriate to make sure that we've got the inventory sized in a good spot.

因此如同我們所談的，我們確保持續調整經銷商端的庫存結構；在我們看到多功能/工作用（utility）端有強勁需求的地方（其占我們動力運動部門的 70%），我們更積極投入，確保他們有正確的庫存。而在休閒端，我們則在適當之處持續收斂，確保庫存規模維持在良好水位。

Maybe just one more. Operational ORV adjusted gross margin came in better than expected. So if you could just speak to the operational savings and efficiencies, I guess, you've seen in the quarter and then how you think about the opportunity looking ahead?

也許再問最後一個。ORV 營運調整後毛利率優於預期。所以你能否談談本季你們看到的營運節省與效率提升，並且你如何看待未來的機會？

Yes. I mean the promo in the business has started to come down. We've certainly benefited from mix. Even with some of our value models selling at a higher rate, we're still doing really well at the high-end NorthStar on the utility side, which obviously brings nice margins with it.

可以。我的意思是，業務端的促銷（promo）已開始下降。我們當然也受惠於產品組合（mix）。即使我們部分高性價比機型的銷售占比提高，我們在多功能/工作用端的高階 NorthStar 仍表現非常好，而這顯然能帶來不錯的毛利。

I think the underlying work we've done in all of our factories to lean out and get the business ready for the volume to come back, and now you're seeing that as the volume ramps up both in Huntsville and in Monterrey, you're getting incremental savings. I was really happy with the performance. I mean, I talked about it in my prepared remarks.

我認為，我們在所有工廠所做的基礎工作——精實化、讓業務為銷量回升做好準備——現在你已經看到成果；隨著 Huntsville 與 Monterrey 的產量同步爬升，你會獲得額外的節省。我對這個表現非常滿意。我的意思是，我在事先準備的發言裡也提到過。

Our overall company margins were up 82%, gross margins that is, 82 basis points. And that's with a pretty significant year-over-year increase in the ongoing tariff expense. We really hadn't incurred much of that in the second quarter of last year. Everything was still ramping into inventory and really hadn't come through the P&L.

我們公司整體毛利率（指的是毛利率）上升了 82 個基點。而這是在持續性的關稅費用年增相當顯著的情況下達成的。去年第二季我們其實幾乎沒有發生太多這類費用。當時一切仍在逐步進入庫存，尚未真正反映到損益表（P&L）。

And I think it's just a testament to the work being done inside the business. Obviously, we'll have more to say as we get through the year, but it certainly is a nice (technical difficulty) and continue to build from. And you look at the combination of the slight price increases we've had, lower promo costs and then just efficiencies of getting more volume through the factories, it's a really strong setup for the business as we move into the second half.

我認為這就是對公司內部所做工作的最好證明。當然，隨著我們走完整年，我們會有更多可以分享的內容，但這確實是一個不錯的（technical difficulty）基礎，並可在此之上持續累積。而你看，輕微的漲價、較低的促銷成本，再加上更多產量通過工廠所帶來的效率提升，這些組合讓我們在進入下半年時，業務的態勢非常強勁。

Joe Altobello, Raymond James.

Joe Altobello，Raymond James。

So Mike, I just want to pick up where you left off there regarding the promo environment. You mentioned that it was easing a little bit here. And obviously, tariffs are a bad guy for you guys, but they're, I think, worse of a bad guy for some of your competitors. So is that playing a role? And are you seeing any changes from a strategic standpoint from your competitive set, given those tariff pressures?

Mike，我想接著你剛才談到的促銷環境再問一下。你提到目前促銷正在稍微緩和。很明顯，關稅對你們是個壞因素，但我認為對某些競爭對手而言可能更糟。所以這是否正在發揮作用？在這些關稅壓力下，你是否看到競爭對手在策略面有任何變化？

Not really. We announced this morning a factory authorized clearance. What I will tell you is our noncurrent inventory is in even a better spot than last year and last year's was in a great spot. So we don't anticipate that moving significant increase in promo. As we've talked in the past, it just becomes a really good way to drive foot traffic as well as help the dealers clear out any of the remaining 2026 vehicles they have.

其實沒有。我們今天早上宣布了原廠授權清倉活動。我可以告訴你的是，我們的非當期庫存狀況甚至比去年更好，而去年其實已經非常好。所以我們不預期促銷會出現顯著增加。如同我們過去談過的，這是一個很好的方式，既能帶動來客數，也能協助經銷商清掉他們手上剩餘的 2026 年式車款。

We really haven't seen much broadly in the industry. I would say that we do have a couple of competitors that continue to have elevated inventory levels, but the promo activity associated with that has been a lot more surgical than broad and really hasn't had a deep impact on us and how we're moving forward. And we expect this -- when we get into the back half, promo as a percent of sales comes down slightly. Part of that is the mix of vehicles, but it's also the fact that we continue to run at really strong inventory levels and have the right mix of vehicles at the dealers.

就整體產業而言，我們其實沒有看到太多變化。我會說，我們確實有幾個競爭對手仍維持偏高的庫存水位，但與之相關的促銷活動更偏向精準、局部操作，而非全面性擴大；對我們以及我們接下來的推進方式並沒有造成很深的影響。我們預期在進入下半年後，促銷占銷售比重會小幅下降。部分原因是車款組合，但也因為我們持續維持非常強勁的庫存水位，並在經銷商端配置了正確的車款組合。

I referenced it in my prepared remarks, sales velocity was up 18%, which essentially is us measuring how fast does it take us through our dealerships to retail vehicle. And an 18% improvement means we're paying less in floor plan. It means the dealer is able to rotate more vehicles through. It's good for them. It drives more profitability.

我在事先準備的發言裡提到，銷售周轉速度（sales velocity）提升了 18%，這基本上是我們衡量車輛從進入經銷體系到完成零售需要多久的指標。提升 18% 意味著我們支付的庫存融資（floor plan）成本更少。也意味著經銷商能更快周轉更多車輛。這對他們有利。也會帶來更高的獲利能力。

And I think it's reflective of the fact that we're getting the right mix of vehicles into the right dealerships as we head into the back half.

我認為這反映出，隨著我們邁入下半年，我們正把正確的車款組合送到正確的經銷商。

Got it. Okay. And just a follow-up on that in terms of the guidance. So you raised guidance by $0.45 at the midpoint this morning, ex IEEPA refund. If I recall correctly, you beat the first quarter by $0.58, held off on raising.

了解。好。另外就指引再追問一下。你們今天早上在中位數把指引上調了0.45美元（不含IEEPA退款）。如果我沒記錯，你們第一季比預期高出0.58美元，但當時沒有上調。

You beat this morning by $0.26 at the midpoint. So why the delta between the guidance raise and where you've beaten it so far in the first half?

你們今天早上在中位數又高出0.26美元。那為什麼指引上調幅度，和你們到目前為止在上半年實際超預期的幅度之間會有這個差距？

Yes. A couple of things. One, it will be the same -- you'll hear the same thing from us that you've heard in the past, right, which is there's an awful lot of uncertainty as we head into the back half. I was encouraged with the fact that USMCA was not canceled, but they're also not done with whatever discussions are happening. We're still waiting on some 301 excess capacity investigation work.

是的。有幾個原因。第一，這會跟我們過去一直說的一樣：當我們進入下半年時，不確定性非常高。我對USMCA沒有被取消感到鼓舞，但他們也還沒結束正在進行的各種討論。我們仍在等待一些301條款「產能過剩」調查的相關工作結果。

And frankly, the interest rate environment, I think, has everybody kind of stepping back.

坦白說，我認為利率環境也讓大家都有點退一步觀望。

So leaning in from that standpoint, it doesn't seem to make a lot of sense. So obviously, if things were to continue like they did in the first half, we would obviously do better, but we're trying to play that a little bit cautious. The second thing, and Bob talked about this in his prepared remarks, commodity prices are through the roof. And the good news is we're offsetting a significant portion of that and driving -- more than offsetting improvements through operations, but that has chewed away at some of the beat we would have essentially flowed through to the back half as we look at higher aluminum and steel, obviously, oil and diesel. We're hedging, but that just tends to mute and dampen the effect as opposed to eliminate it.

所以從這個角度來看，現在積極進取似乎沒有太大意義。很明顯，如果情況能像上半年那樣延續，我們當然會做得更好，但我們希望在這方面稍微保守一些。第二點，Bob在事先準備的發言中也提到，大宗商品價格飆得很高。好消息是，我們透過營運改善抵消了其中相當大的一部分，甚至帶來超過抵消的改善；但隨著鋁與鋼（當然還有原油與柴油）價格走高，這也侵蝕了我們原本可能在下半年反映出來的部分超預期表現。我們有做避險，但那通常只是降低、緩和影響，而不是完全消除。

Yes. I mean as we look at the back half of the year, to Mike's point, with commodities, I mean it's a couple of different stories, right? With the war in Iran and the pressure on oil, we see that in diesel, plastics and other petroleum-based products. That's a decent chunk. The bigger piece is steel, aluminum, copper with steel and aluminum far and away being the leaders there.

是的。我的意思是，當我們看下半年時，呼應Mike的觀點，關於大宗商品其實是幾個不同的故事，對吧？伊朗戰爭以及對油價的壓力，我們在柴油、塑膠和其他石油基產品上都看得到。那是一塊不小的部分。更大的部分是鋼、鋁、銅，其中鋼和鋁遠遠是領頭的。

And some of that's just driven by the tariff structure now and the push for the use of U.S. steel. We are fortunate in that, as we talked about last quarter, we use U.S. steel in all of our products that are made here in the United States and Mexico and have those contracts in place. But you've got a lot of people out there scrambling now to buy U.S. steel and puts a lot of pressure on the forward curve on steel. There's some thought that that's going to return to earth here in the second half of the year. But by the time we get to there, we'll already have bought our steel for the year. So if there's relief, we won't see much of it until next year.

其中一部分只是由目前的關稅結構，以及推動使用美國鋼材所帶動。我們很幸運，正如上季提到的，我們在美國與墨西哥生產的所有產品都使用美國鋼材，而且相關合約都已到位。但現在有很多人都在搶著買美國鋼材，這對鋼材的遠期曲線造成很大壓力。有些看法認為，下半年這會回落到較正常的水準。但等到那時，我們今年所需的鋼材其實已經買完了。所以即使有緩解，我們也要到明年才會明顯感受到。

And then a piece a lot of folks aren't talking about is line haul. We don't -- it's not really a commodity. We don't -- but we include it as we think about commodities. And with all the pressure on both documented drivers and the increased enforcement from the federal officials on that and then some of this activity that's been happening with these really large verdicts against all the transportation brokers, there's a tremendous amount of price pressure on the human side of trucking, not just the diesel side.

另外一塊很多人沒有在談的是長途運輸（line haul）。我們不——它其實不算真正的大宗商品。我們不——但在思考大宗商品時，我們會把它納入。在合格（有證照）司機的壓力、聯邦官員加強執法，以及近期針對運輸經紀商出現一些非常巨額的判決等因素之下，卡車運輸在人力端的價格壓力非常大，不只是柴油端。

And so we've got what we can see baked in. Obviously, we're hedged. We hedge about 50% of our exposure, but we're not 100% positive where that goes in the second half of the year. It's certainly been a lot more volatile than we expected when the year started.

所以我們把目前可見的部分都已經納入假設。當然，我們有做避險。我們大約對50%的曝險做避險，但我們並非百分之百確定下半年會怎麼走。這個波動性，確實比我們年初預期的要大得多。

Craig Kennison, Baird.

Craig Kennison，Baird。

I wanted to ask about ORV utility. It was up in the low teens. Is there a way to frame that demand strength in the context of consumer buyers versus commercial buyers?

我想問一下ORV公用（utility）車型。它成長在十幾個百分點的低段。能否用消費者買家與商用買家的角度，來說明這股需求強度？

Yes. Just to clarify, the XD products that we sell to the rental firms, those do not -- those are not included in retail. So the commercial stuff that can bleed over into retail is kind of standard product being purchased by rental companies through dealers and things like that.

可以。先澄清一下，我們賣給租賃公司的XD產品不——不會被納入零售（retail）。所以可能會「滲透」到零售端的商用部分，主要是租賃公司透過經銷商等管道購買的標準產品。

So I would say, Craig, the bulk of that growth in the quarter is really driven by primarily utility to the more traditional industries we talk about with utility, where it's farmers, ranchers, vineyard owners, large property owners, things like that. So there's probably a little bleed-over impact from rental and commercial in there just as commercial markets do better because some stuff gets bought at dealers, and we don't see that as much, but it's primarily driven by the traditional markets.

所以我會說，Craig，本季那個成長的主要驅動力，基本上來自公用（utility）車型在我們常談的傳統產業中的需求：農民、牧場主、葡萄園業主、大型土地/物業持有人等等。因此其中可能有一點點來自租賃與商用的外溢影響，因為商用市場變好時，有些產品會在經銷商端被買走，我們不太容易看得出來，但主要仍是由傳統市場帶動。

And we've been hearing more about some of the strength in your commercial operations more recently, including strength with rental companies, data centers, infrastructure projects, as you mentioned. I wonder, have you taken a look at framing the total addressable market you have in that commercial segment? And do you have an opportunity maybe to focus on that more, now that you've simplified the business in recent years?

另外，我們最近也聽到你們商用業務更強的訊號，包括租賃公司、資料中心、基礎建設專案等（如你提到的）。我想問，你們是否評估過商用區隔的整體可服務市場（TAM）有多大？以及在近年你們簡化業務之後，是否有機會把更多重點放在這一塊？

Yes. I mean it's a good point, Craig. And it's really the point we've tried to get at now for several years. We were -- I'll just give you the example we've used with a few investors. I mean when you look at our commercial business and the government and defense business, all those together, basically, are the same size Indian Motorcycles was, but obviously making a significant amount of profit as opposed to losing money.

是的。這是個好問題，Craig。而且這正是我們這幾年一直想傳達的重點。我舉一個我們跟部分投資人用過的例子。當你把我們的商用業務、政府業務與國防業務全部加在一起，基本上規模跟Indian Motorcycles當年差不多，但顯然現在是賺取可觀利潤，而不是虧錢。

The reality is we had not put a lot of time and attention around that, and for obvious reasons, we were focused on trying to get a money-losing business to profitability. And the benefit we've seen as we've cleaned up the portfolio is our ability to really refocus and make sure that we've got investment in those categories.

現實是，我們過去沒有在那一塊投入太多時間與關注；原因也很明顯，因為我們當時的重點是把一個虧損的業務拉回獲利。而我們在清理產品組合後看到的好處，是我們能夠重新聚焦，並確保在那些類別上有相應的投資。

And the nice part is -- and we tend to talk about the commercial side just because it gets more of the attention around some of the commercial build-out, the data center build-out. But our government business, our defense business is growing incredibly fast as well. I mean it was in the news not too long ago about the marine contract that we won. We continue to win at the state, local and federal level with vehicles that go to police, fire, border patrol, you name it. And then obviously, our commercial business has been successful with selling primarily into the rental agencies, rental firms that are supporting a lot of the construction build-out across the country.

而且好的一點是——我們往往比較常談商用端，因為商用擴建、資料中心擴建等議題受到較多關注。但我們的政府業務、國防業務也在非常快速地成長。不久前新聞才報導我們拿下的海軍陸戰隊合約。我們也持續在州、地方與聯邦層級贏得訂單，車輛供應給警察、消防、邊境巡邏等各種單位。當然，我們的商用業務也很成功，主要是銷售給租賃機構/租賃公司，這些客戶正在支援全國各地大量的建設擴張。

And so we're continuing to make sure we focus and some of that's just good old prioritization in the factory to make sure we've got enough capacity, making sure that our upfit centers, where we do some of the final work to get the vehicles ready, has the right resources, time and investment, and we're going to continue to look for that as an opportunity.

因此我們會持續確保聚焦在這一塊；其中有些就是傳統的產能優先排序，確保工廠有足夠產能，確保我們的改裝中心（upfit centers）——也就是我們做一些最後工序、讓車輛達到交付狀態的地方——具備正確的資源、時間與投資；我們也會持續把這視為一個機會來推進。

The thing we're trying to understand, as it relates to data centers, is what does that look like longer term? I mean we certainly have visibility to what the construction build-out profile is. But the use case for the vehicles is something we're continuing to learn. And so we'll know more over the coming couple of years as to what the replenishment cycle looks like, what happens once they're done with the construction on the site and what kind of vehicle requirements do they have at that point in time.

我們試圖理解的是，就資料中心而言，從長期來看會是什麼樣子？我的意思是，我們當然能掌握施工擴建的輪廓與進度。但車輛的使用情境（use case）是我們仍在持續學習的部分。因此，在接下來幾年，我們會更清楚補充／汰換週期會是什麼樣子、他們在工地完成施工後會發生什麼，以及在那個時間點他們會有什麼樣的車輛需求。

Yes. I mean one of the things, Craig, as we think about this commercial business and we think about investment, we've made some investments in the last couple of quarters on the parts and support side of the business to make sure we -- uptime, obviously, is super critical to that. We have a lot of experience in that area through our military and government business, particularly military. We do a lot of work with them to make sure they've got staged parts and they can repair vehicles quickly in the field.

是的。我的意思是，Craig，當我們思考這項商用業務以及投資時，我們在過去幾個季度已在零件與支援端做了一些投資，以確保我們——正常運作時間（uptime）顯然對此至關重要。我們在這方面有很多經驗，來自我們的軍事與政府業務，尤其是軍方。我們與他們做了大量工作，以確保他們備有預先配置的零件，並且能在現場快速維修車輛。

And that same skill set kind of crosses over into the commercial space as we look to make sure that we've got parts in the right places at the right time so that they can quickly repair units and get them back in service. And so that's another growing part of the business. We have a big installed base. And now with all these projects, the base -- the vehicles are getting used a lot, hours are up, and so it starts to consume parts. So we're investing there.

而同樣的技能組，在我們確保零件能在正確的時間出現在正確的地點、讓他們能快速修復設備並讓其恢復服役時，也能延伸到商用領域。因此，這也是業務中另一個正在成長的部分。我們有龐大的已安裝基礎（installed base）。而現在隨著這些專案推進，基礎——車輛使用頻率很高、工時上升，因此開始消耗零件。所以我們正在那裡投資。

We're going to continue to look at what else we can do in that space, but definitely an area of opportunity we see going forward.

我們會持續觀察在那個領域還能做些什麼，但這絕對是我們看到未來的機會所在。

Molly Baum, Morgan Stanley.

Molly Baum，摩根士丹利。

Maybe a bit of a follow-up from that last one, and I don't want to front-run the model year launch in August too much. But you've called out traction in value-oriented products, cabbed utility vehicles and then commercial as well. So I guess, how are you prioritizing new product development across all three of those opportunities? And then kind of follow-up related to that, you've talked about investments in parts support for commercial, but are there any specific capabilities from a product standpoint as you continue to kind of invest and innovate here that could maybe better position Polaris for commercial applications?

也許延續上一題再追問一下，我不想在 8 月的車型年度（model year）發表前講太多。但你們提到在價值導向產品、有駕駛艙的多功能車（cabbed utility vehicles），以及商用領域都有進展。所以我想問，你們如何在這三個機會之間優先排序新產品開發？另外延伸追問，你們談到對商用的零件支援投資，但從產品角度來看，隨著你們持續投資與創新，是否有任何特定能力可以讓 Polaris 在商用應用上更具優勢？

Yes. Maybe I'll talk about the last first. Bob hit on it. We've developed a model. The use case for the commercial vehicles is very different than what your typical consumer uses.

是的。也許我先談最後一題。Bob 提到過。我們已建立一套模式。商用車輛的使用情境與一般消費者的典型使用方式非常不同。

And so, given our history, we've effectively tailor-made these vehicles. And as a result of that, we know exactly what components we need to make sure that we're carrying. Our back order status, even with all this growth, has dropped significantly. Our ability to deliver on time to these rental agencies, a lot of which do their own repair activity, has hit record levels, relative to being able to fulfill the demand that they have.

因此，基於我們的歷史經驗，我們基本上是為這些車輛量身打造。也因此，我們非常清楚需要確保備有哪些零組件。即使在這樣的成長之下，我們的缺貨待交（back order）狀態也大幅下降。我們準時交付給這些租賃機構的能力——其中很多會自行維修——已達到創紀錄水準，就我們能滿足他們需求的能力而言。

And we continue to look for other opportunities. My background was coming out of aerospace and one of the things that we did to ensure uptime on jet engines was to make sure we had spare pools whether that was complete engines or parts. And so, given the growth that we've got in commercial, those are the types of things we're starting to explore, which is really interesting to us.

而我們也持續尋找其他機會。我之前的背景來自航太產業，我們為了確保噴射引擎的正常運作時間，其中一件事就是確保有備用庫存池（spare pools），不論是整具引擎或零件。因此，考量到我們在商用領域的成長，這些正是我們開始探索的方向，對我們來說非常有意思。

And as I mentioned when I was answering Craig's question, something that we probably wouldn't have focused on in the past because we were distracted by things that we're probably not making anywhere near the returns that we're getting out of the commercial business. So I think that presents a significant opportunity for us, and we'll continue to look for ways to grow and build off the high level of support. And the fact that we have such a prominent role, I think, is reflective of the value that we can bring and the confidence they have both in the vehicle as well as our ability to support their uptime, which is really important.

而且如同我在回答 Craig 的問題時提到的，過去我們可能不會把焦點放在這裡，因為我們被一些事情分散了注意力，而那些事情帶來的報酬可能遠不如我們在商用業務上獲得的回報。所以我認為這對我們而言是個重大的機會，我們會持續尋找成長方式，並在高水準支援的基礎上再加以擴展。而我們能扮演如此重要的角色，我認為反映了我們能帶來的價值，以及他們對車輛本身與我們支援其正常運作時間能力的信心——這點非常重要。

As far as the product investment prioritization, we've done a lot of work over the past five years to really understand product life cycles, where the consumer is, what the demand profile is. And I can tell you that all of that goes into a calculus. I'm not going to get into a lot of the detail here. That both supports the utility and the rec side of the business.

至於產品投資的優先排序，我們在過去五年做了大量工作，真正去理解產品生命週期、消費者所在的位置，以及需求輪廓。我可以告訴你，這些都會納入一套計算與權衡。我不會在這裡深入太多細節。這同時也支撐了多功能（utility）與休閒（rec）兩端的業務。

As I mentioned, we're going to have some news as we head into next week at our upcoming dealer show. We've got more news coming early next year. And it's all exciting stuff. It's based on product cycles, product generation as well as understanding how the consumers are using the vehicle. And I think, as demonstrated by the innovation we've delivered in the last five years, we're hitting the mark and we're hitting it well, and we're going to keep that streak going.

如我提到的，我們在下週即將舉行的經銷商展會上會有一些消息。明年年初還會有更多消息。而這些都很令人振奮。這是基於產品週期、產品世代，以及對消費者如何使用車輛的理解。我認為，從我們過去五年所交付的創新可以看出，我們抓得很準、而且做得很好，我們會把這股動能延續下去。

I think just to build on Mike's answer on your commercial question, the vehicles we sell in the commercial space are very customized for that space. And we've been doing this for a long time. Those vehicles are diesel-powered. They have different seating, different seat belts. They are slowed down.

我想補充 Mike 對你商用問題的回答，我們在商用領域銷售的車輛是為該領域高度客製化的。而我們做這件事已經很久了。那些車輛是柴油動力。它們有不同的座椅、不同的安全帶。它們的速度被限制得更低。

They typically [operate] at 25 or 35 miles an hour. And they have a lot of heavy-duty parts and over the last several years, we've learned -- as we've had this experience with the rental houses, these vehicles in these tough environments, we've learned what breaks, what's hard to repair, what makes it easier for them to manage these vehicles in the field.

它們通常[行駛]在每小時 25 或 35 英里。而且它們配有許多重型零件；在過去幾年，我們也學到——透過與租賃業者合作、這些車輛在嚴苛環境中的使用經驗——我們學到哪些會壞、哪些難修、以及什麼設計能讓他們更容易在現場管理這些車輛。

And so it's a fairly different product than our standard RANGER product. And so I think that positions us really well, and we're going to continue to build on that. As one of the things, as Mike said, we're trying to understand is what really is the usage and the life cycle at data centers. And there's not a great answer to that question right now because this boom in data center construction is a recently -- fairly recent thing. So we're working with those customers and those applications to understand is the vehicle used the same as it is on other big construction projects?

因此，這與我們標準的 RANGER 產品是相當不同的產品。我認為這讓我們具備很好的定位，我們也會持續在此基礎上深化。如同 Mike 所說，我們正在試圖理解的一件事是，資料中心的實際使用方式與生命週期到底是什麼。目前對這個問題沒有很好的答案，因為資料中心建設的這波熱潮是最近——相當近期才出現的事情。所以我們正與那些客戶及應用場景合作，去理解車輛是否與其他大型建設專案的使用方式相同？

Is it different? Are there specialized things they're going to need.

是否不同？他們是否會需要一些專門化的配置。

So we'll continue to refine that product and make sure we're offering leading products in the industry for those very difficult applications as this rolls out.

因此，隨著這些應用逐步展開，我們會持續精進該產品，並確保在這些非常艱難的應用場景中，我們提供的是業界領先的產品。

And Molly, one of the things I failed to mention when I was talking about the product prioritization, you've seen this from us over the past couple of years. We did a lot of work to understand customer segmentation. And one of the things that we became brutally clear on is we, like many others, had chased customers to the high end of the market and we had left a gap at the lower end. And I'm not talking cheap, cheap low entry-type stuff. I'm talking just entry-level vehicles and you've seen us reprioritize around that.

另外，Molly，我在談產品優先排序時漏提了一點，過去幾年你們也看到我們在做這件事。我們做了大量工作來理解客戶分群（customer segmentation）。而我們非常清楚的一點是，我們和許多其他公司一樣，一直追逐市場高端客群，卻在低端留下了一個缺口。我不是在說那種很便宜、很低門檻的入門產品。我說的是入門級車款，而你們也看到我們已重新調整優先順序，圍繞這一點來布局。

The RANGER 500 is a prime example. That is a customer set we had missed. Clearly, as demonstrated by the demand for that vehicle, there's a desire for people to get into a Polaris at sub-$10,000. There's a subset of those customers that will eventually trade up, and that was what we were missing all along. And I would tell you that as we look forward, we got to make sure that across our product portfolio, we are hitting all those customer sets to ensure that we are cultivating and bringing the new customers in and obviously providing them an opportunity to move up the price ladder with Polaris as opposed to a competitive vehicle.

RANGER 500 就是一個絕佳的例子。那是一個我們過去錯失的客群。很明顯地，從那款車的需求所展現的情況來看，市場確實希望能以低於 10,000 美元的價格進入 Polaris 的產品。這些客戶當中有一部分最終會升級換購，而這正是我們一直以來所缺少的。我會告訴你，展望未來，我們必須確保在整個產品組合中都能觸及所有這些客群，以確保我們在培養並導入新客戶，同時也明顯地提供他們一個機會，能夠隨著 Polaris 一路往更高的價格階梯升級，而不是轉向競品車款。

Gerrick Johnson, Seaport Research Partners.

Gerrick Johnson，Seaport Research Partners。

A perfect segue into the question I want to ask about the RANGER 500 and the 1,000 cab units, those doing well. Who's the buyer there? Is there any evidence -- now that you've had the RANGER out for about a year, is there any evidence that these are bringing in new customers? Or are they enticing maybe replacement buyers or maybe more commercial? So who's the buyer there?

這正好完美銜接到我想問的問題：關於 RANGER 500 以及 1,000 的廂式（cab）車型，這些表現都不錯。那邊的買家是誰？現在你們推出 RANGER 大約一年了，有沒有任何證據顯示這些車型正在帶來新客戶？還是說它們主要是在吸引汰換型買家，或是可能更偏商用？所以那邊的買家到底是誰？

Yes. I mean one of the things, Gerrick, that we track is cannibalization. Any time we introduce a product, especially the RANGER 1000 and XP cabbed, we make some assumptions. The cannibalization has been significantly less. We obviously are seeing people that would have bought an un-cabbed unit moving into this category because they would have tended to buy an un-cabbed unit and then buy cabbed components and they're getting a much better deal when they buy this vehicle in terms of the additional accessories that do come on it.

是的。我的意思是，Gerrick，我們追蹤的一件事是「自我侵蝕」（cannibalization）。每當我們推出一個產品，尤其是 RANGER 1000 與 XP 廂式車型時，我們會做一些假設。實際的自我侵蝕程度顯著更低。我們確實看到原本會買無廂（un-cabbed）車型的人轉進這個類別，因為他們過去往往會先買無廂車型，之後再加購廂體零組件；而現在改買這款車，從隨車配備的額外配件來看，他們拿到的整體交易條件更划算。

But it is driving incremental volume. So it's not just moving people out of that un-cabbed to the entry-level cab. We have not seen cannibalization of people moving from a NorthStar Ultimate down into this category. So that's good.

但它確實帶動了增量的銷量。所以不只是把人從無廂車型移到入門廂式車型而已。我們也沒有看到有人從 NorthStar Ultimate 往下移到這個類別的自我侵蝕。所以這是好事。

On the RANGER 500, I think we've quoted this before, about 70% of the customers that are buying that vehicle are new to Polaris. That's important because these are customers we would have lost to some of our low-cost players in the industry. And the good news is that we know that once we get these people in, there's an opportunity for us to potentially move them up into a RANGER 570 or to an entry-level 1000 as they use the vehicle more and start to realize that maybe they want some of the additional comfort that come with a full cab vehicle. And frankly, if they don't, they stay in the RANGER 500, that's just fine. We've got plenty of accessory offerings there, and we like making sure we've got more Polaris customers coming into the fold.

至於 RANGER 500，我想我們之前引用過這個數字：購買那款車的客戶約有 70% 是 Polaris 的新客戶。這很重要，因為這些客戶原本我們可能會流失給產業中一些低價競爭者。好消息是，我們知道一旦把這些人帶進來，隨著他們更常使用車輛、開始意識到也許想要全廂車型所帶來的額外舒適性，我們就有機會把他們往 RANGER 570 或入門 1000 升級。坦白說，如果他們沒有這個需求、就留在 RANGER 500，那也完全沒問題。我們在那裡有很多配件可供選擇，而我們也希望確保有更多 Polaris 客戶加入我們的行列。

And even though it is the fastest growing as a total percent of our portfolio, these vehicles are still relatively small. So obviously, given our margin performance, you're not seeing heavy dilution from a margin. In fact, it's good because we're getting more volume through our factories, and our mix at the mid and high end of the category remains strong. So margin performance is not much of a concern right now.

而且即便它在我們整體產品組合中以占比來看是成長最快的，這些車型的規模仍然相對小。所以很明顯地，以我們的毛利表現來看，你不會看到毛利被大幅稀釋。事實上這是好事，因為我們讓工廠的產能利用率提高，而在該類別的中高階產品組合仍然強勁。因此目前毛利表現並不是太大的疑慮。

Okay. That's great. And I just wanted to ask a follow-up on that. Some dealers are a little bit reticent to sell the unit with no margin in it. But I'd assume that there'd be an attach rate of parts and accessories, given that these are barebones machines.

好的。這很棒。我還想就此追問一下。有些經銷商對於銷售這款幾乎沒有毛利的車型有點保留。但我猜，考量這些是相對陽春的機器，零件與配件應該會有不錯的加購率（attach rate）。

So what does the attach rate look like for parts and accessories, both for aftermarket parts, and what they add on at the dealership?

那麼零件與配件的加購率看起來如何？不論是售後市場零件，或是在經銷商端加裝的部分？

Yes. I mean there certainly is opportunity there, and it's obviously a lower level than we see even on a NorthStar Ultimate. Not necessarily something I'm going to get into a lot of the detail on, but it was a big part of when we came out with the RANGER 500 is making sure that we did have the accessories that we knew the customer at that price point would be looking for. So that does give the dealer an opportunity to make additional margin.

是的。我的意思是，那裡當然有機會，而且顯然比起 NorthStar Ultimate 這類產品，我們看到的加購水準會更低一些。這不一定是我會深入談很多細節的項目，但當我們推出 RANGER 500 時，一個很重要的部分就是確保我們確實備齊了配件，因為我們知道在那個價位帶的客戶會想要哪些配件。因此也讓經銷商有機會賺取額外的毛利。

We've spent a lot of time working through how do we help the dealer be successful. developing things like tear sheets that are essentially a one-page document that they can hand to the customer that makes recommendations on kind of the most accessorized components for the vehicle just so that they're aware. Certainly, the configurator that we have as a business, which is unique to us, relative to many of our competitors, is something that, in-store, the dealer can take the customer through and gives them an opportunity for more accessories.

我們花了很多時間在思考如何協助經銷商成功，例如製作所謂的 tear sheets，本質上是一頁式文件，經銷商可以交給客戶，上面會針對該車款最常見、最受歡迎的配件組合提出建議，讓客戶能夠了解。當然，我們的配置器（configurator）是我們公司的一項工具，相較於許多競爭對手，這是我們獨有的；在店內，經銷商可以帶著客戶一步步配置，進而創造更多配件加購的機會。

And then quite frankly, it's developing the relationship with the customer, both from a service perspective as well as eventually, down the road, if that customer is looking to trade up or continue to replenish the vehicle, that gives them an opportunity for ongoing revenue streams.

然後坦白說，這也在於與客戶建立關係：不論是從維修服務的角度，或是未來某個時間點，當客戶想要升級換購或持續汰換車輛時，都能帶來持續性的營收來源。

Yes. Gerrick, I mean there's a bit of a retraining here. We did, I guess, such a good job of moving everything to a lot of the factory-installed accessories. Now we've got these vehicles that come with very few installed accessories.

是的。Gerrick，我的意思是，這裡確實需要一點「再訓練」。我們之前把大量配件都轉成工廠預裝（factory-installed），我想我們做得太成功了。現在我們有這些車型，出廠時幾乎沒有預裝配件。

And so it's a bit of a retraining for us and for the dealers to make sure we've got all those selling processes right in the dealerships so that they're offering, to Mike's point, different things to make it easy for a salesperson to walk a customer through sort of what the normal accessories or typical accessories are and try to capture those both at the time of sale and then working with marketing teams to make sure we're -- six months down the road, three months down the road, we're popping those opportunities in front of those buyers for things that maybe they didn't want to spend the money on at the time when they bought it or didn't know they need, and make sure they see the accessories they can buy to add to the uses for their vehicle.

所以這對我們以及經銷商來說都需要一些再訓練，確保我們在經銷商端把所有銷售流程都設計到位，讓他們能夠如 Mike 所說，提供不同的工具與做法，讓業務更容易帶著客戶了解哪些是常見配件或典型配件，並盡量在成交當下就把這些加購機會掌握住；同時也要與行銷團隊合作，確保在六個月後、三個月後，我們會把那些機會再次呈現在買家面前——針對一些他們當初購買時不想花錢、或是不知道自己需要的項目——並確保他們看到可以購買的配件，來擴充車輛的使用情境。

James Hardiman, Citi.

James Hardiman，Citi。

So wondering if you could share any color around the shape of demand within the quarter. Obviously, you had, I think, 5% growth in ORV. Just curious, clearly, it was a roller coaster ride in terms of headlines over the course of the quarter. Curious just how much volatility that created? And then any color on July would be great as well.

想請你們分享一下本季內需求走勢的更多細節。很明顯地，我想你們 ORV 成長了 5%。只是好奇，整個季度的新聞標題顯然像坐雲霄飛車一樣起伏。想了解這造成了多大的波動？另外也希望能談談 7 月的情況。

Yes. I mean there was certainly volatility within the quarter. I think we talked a little bit about that even coming out of the first quarter. The headlines certainly do drive, I think, some consumer behavior relative to, hey, we think we have a resolution, now we don't have a resolution, oil is up, oil is down. And so we do see some of that volatility certainly playing out.

是的。我的意思是，本季內確實存在波動。我想我們在第一季結束後也稍微談過這點。我認為新聞標題確實會驅動一些消費者行為，例如：我們以為問題要解決了、結果又沒有解決；油價上漲、油價下跌。所以我們確實看到這些波動在發生。

The good news is the month of July is playing out consistent with what we saw in the second quarter, which is utility remaining strong, rec remaining challenged. And I think that's kind of what we anticipate going forward. As I talked about, obviously, first half retail was up. We're expecting second half retail to be flattish. Obviously, if it's better than that, we're positioned well to take advantage of that.

好消息是，7 月的走勢與我們在第二季看到的情況一致：實用型（utility）仍然強勁，休閒型（rec）仍然承壓。我想這也大致是我們對未來的預期。如我所說，上半年零售是成長的。我們預期下半年零售大致持平。當然，如果表現優於此，我們也已經做好準備，能夠把握機會。

But we think it's prudent to plan that way. And that's really forecasting the utility business to remain up and rec to remain somewhat challenged in that back half. And I think until we see clarity around interest rates, we see clarity around inflation, some resolution overseas and oil start to stabilize, I'm not sure we see that dynamic change much in the near term.

但我們認為以這種方式規劃是審慎的。而這其實是在預測公用事業業務將維持不變，而休閒車（RV）仍會在下半年面臨一定程度的挑戰。我想在我們看到利率更明朗、通膨更明朗、海外情勢有些解決，以及油價開始趨於穩定之前，我不確定短期內這種態勢會有太大改變。

Makes sense. And then maybe initial thoughts -- it's way too early, initial thoughts on 2027. Obviously, you're not going to be giving us guidance here today. But at least on the tariff piece, help us with some of the puts and takes. Obviously, we can peel back the refund piece, and I certainly appreciate the operational numbers that you've given us today.

了解。那接著也許談談初步想法——現在談還太早了——對於2027年的初步看法。顯然你們今天不會在這裡提供指引。但至少在關稅這一塊，請幫我們梳理一下利多與利空因素。很明顯，我們可以先把退稅那一塊拆開來看，我也非常感謝你們今天提供的營運數據。

But I think I heard Bob say there's maybe $40 million in refunds remaining. I'm assuming that's a 2027 event. You're also getting out of China. I think that's more of a '28 benefit than 2027 as we think about that. So maybe walk us through some of those moving pieces.

不過我想我聽到Bob說，可能還有約4,000萬美元的退稅尚未收回。我假設那會是2027年的事件。你們也正在退出中國。我認為就我們的看法，那更像是2028年的利多，而不是2027年。所以也許請帶我們走一遍這些變動因素。

And then anything operationally we should be thinking about into '27 would be great.

另外，若有任何在營運面上我們應該為2027年提前思考的事項，也請分享。

Yes. I mean it's tough to comment much on tariffs. I mean there's still uncertainty around where does USMCA go, where is this next 301 investigation relative to excess capacity. The good news is, to your point, we are driving content out of China at a rapid pace. We're actually slightly ahead of schedule.

是的。我是說，關於關稅其實很難多做評論。畢竟目前仍不確定USMCA會走向何方，以及下一輪301調查在「產能過剩」議題上會如何發展。好消息是，如你所說，我們正以很快的速度降低來自中國的內容占比。我們實際上還略微超前進度。

And at the end of this year, we'll be down to less than 5% of our material cost of goods sold coming from China.

到今年年底，我們來自中國、占材料成本（COGS）的比重將降到5%以下。

And the good news about that is a good portion of that is coming back to either the U.S. or Mexico, which helps us from a content requirement standpoint relative to USMCA. We do think that they'll probably push for higher content requirements. So we're making sure we're well positioned for that as a result of some of the other activities we've got going. So we'll obviously have a fair amount of that work as we get to the end of the year.

而這件事的好處在於，其中相當一部分會回流到美國或墨西哥，從USMCA的原產地／內容要求角度來看對我們有利。我們確實認為他們可能會推動更高的內容要求。因此，基於我們正在推進的其他活動，我們也確保自己在這方面具備良好布局。所以隨著今年接近尾聲，我們顯然還會有相當多相關工作要完成。

As far as the tariff refunds, tough to say. We still have the broad $125 million number, of which we've booked a good portion. There's obviously some portion of that that's dependent on our suppliers getting refunds and bringing those back to us that we're working through. I would hope that we could get that accomplished all this year. It's cash we're due back, and we're working aggressively to make sure that we get that.

至於關稅退稅，這就很難說了。我們仍以1.25億美元這個總額為基礎，其中我們已入帳了相當一部分。當然其中有一部分取決於供應商是否能拿到退稅並回饋給我們，我們正在處理這些事項。我希望今年就能把這些都完成。那是應退還給我們的現金，我們正積極推進，確保能拿回來。

And as we get into next year, volume is going to be the key question in terms of where do the markets (technical difficulty). The good news is we've demonstrated getting a little bit of incremental volume through our plants, yields pretty strong, incremental margins that range anywhere from 30% to 40%, and obviously, we will look and keep that momentum going into next year.

而進入明年後，關鍵問題會是量：市場會走向哪裡（技術問題）。好消息是，我們已證明只要工廠多跑一些增量產量，良率表現相當強，增量毛利率大約落在30%到40%之間；當然，我們也會把這股動能延續到明年。

Our plants are running at about 70% capacity. That's a pretty broad number. Each plant is obviously different. And that's far from where we view as optimal. So that gives us plenty of opportunity to get more operating leverage and margin expansion as we move forward.

我們的工廠目前大約在70%的產能利用率運轉。這是一個相當概括的數字。每座工廠當然都不一樣。而這也遠低於我們認為的最佳水準。因此，這讓我們在未來有很大的空間去提升營運槓桿並擴張利潤率。

Yes, James, you were correct. The roughly $40 million to go and about half of that we got to collect from suppliers, about half is stuff we've got to file with the government where the window to file isn't open yet. I would share Mike's optimism. A lot of our supplier refunds were stuff they applied for in the first two phases. And we've got good documentation around that, working well with the suppliers to get that back.

是的，James，你說得沒錯。大約還有4,000萬美元要收回，其中約一半要向供應商收取，另一半是我們必須向政府提出申請、但目前申請窗口尚未開放的部分。我同意Mike的樂觀判斷。我們許多供應商的退稅是他們在前兩個階段就已申請的。我們對此有完整文件，也正與供應商密切合作把款項收回。

I think we'll see that over the next couple of quarters. We're not going to book it until it shows up. And then the stuff that we haven't filed with CBP yet, we'll report as we file when they open the filing window. We don't know when that will be. It's been bouncing around quite a bit.

我想我們會在接下來幾個季度看到這些進展。在款項實際到帳之前，我們不會入帳。至於我們尚未向CBP（美國海關與邊境保護局）申報的部分，等他們開放申報窗口後，我們會在申報時再行揭露。我們不知道那會是什麼時候。時間點一直變來變去。

Tariff picture headed into next year, to Mike's point, is pretty much the same. We're not expecting big changes. We'll see what happens with USMCA and this other 301 that's out there. But we are -- we will get the China spend down. That will really, to your point, be a '28 thing.

展望明年的關稅情勢，如Mike所說，大致上差不多。我們不預期會有重大變化。我們會觀察USMCA以及外面那個其他301案的發展。但我們會——我們會把在中國的支出降下來。而那確實，如你所說，會比較像是2028年的事情。

We'll be down to sub-5% by the end of '27. We'll see some benefit from that in '27, certainly start to see and show up in working capital as those purchases from more local suppliers roll through. And it will be obviously all stuff that we'll talk about as we get closer into next year and start talking about guidance.

到2027年底，我們會降到5%以下。2027年我們當然會看到一些效益，也會開始在營運資金上反映出來，因為改向更在地的供應商採購後，相關採購會逐步體現在數字上。而這些顯然都是我們在更接近明年、開始談指引時會再討論的內容。

Got it. Just a point of clarification. You think that you might get the remaining $40 million in the back half, but that's not in your current guidance, correct?

了解。我想確認一點。你們認為下半年可能拿回剩餘的4,000萬美元，但這不在你們目前的指引之內，對嗎？

It is not in our -- neither the cash nor the P&L impact is in our current guidance. I think we'll get a chunk of the suppliers' stuff, the stuff that still has to be filed with CBP. I have no view on whether that will be second half of this year or early next year. It's a pretty complex thing, and there's a lot around them getting organized around the last phase because it's all of the more complicated refunds. Fortunately, the bulk of -- as Mike said, the bulk of what we are getting back was in Phase 2 and we filed that, and we expect to see that cash roll in, in Q3.

沒錯，這不在我們目前的指引中——無論是現金或損益表（P&L）的影響都不包含在內。我想我們會先拿回供應商那部分的一些款項；至於仍需向CBP申報的部分，我無法判斷會是在今年下半年還是明年初。這件事相當複雜，而且他們在最後一個階段要把流程整理好，因為那都是更複雜的退稅案。幸好——如Mike所說——我們能拿回來的大部分是在第二階段，我們已經申報了，也預期會在第三季看到現金入帳。

Anthony Bonadio, Wells Fargo.

Anthony Bonadio，富國銀行。

So I just wanted to touch on market share a little bit. I know you guys have taken share for five quarters in a row now. And I know some of this is driven by some of the stuff you've done on the innovation front. But can you just maybe talk through who the key donors are there at this point? And maybe how to think about a possible competitive response from a product perspective as the new model year rolls out?

我想稍微談一下市占率。我知道你們已經連續五個季度提升市占。我也知道其中一部分是由你們在創新方面所做的一些事情所帶動。但你能否談談目前主要的「讓出市占者」是哪些競爭對手？以及當新車型年度推出時，從產品角度該如何看待可能的競爭回應？

Yes. I mean I think probably more of our dynamic is we're going to start lapping some tough compares, when we start picking up momentum, in the back half of last year. So I think the primary challenge will probably be ourselves. As we look forward, we've got a lot of great new stuff coming out, both in the back half of this year as well as heading into next year. So I think the pipeline is really good.

是的。我想我們的情況可能更多是：當我們開始對比到去年下半年動能回升時的高基期，接下來會進入一些較具挑戰的比較基期。所以我認為主要挑戰可能會是我們自己。往前看，我們有很多很棒的新產品即將推出，包含今年下半年以及進入明年。所以我認為產品管線非常不錯。

And I would like to hope that the industry remains rational. We have seen inventory levels come down. The vast majority of the industry has gotten inventory in a good spot. We still have a couple of players who are, on a relative basis, very high. But we haven't seen necessarily any significant promo or channel activity related to that. But frankly, that could change tomorrow.

我也希望產業能維持理性競爭。我們已看到庫存水位下降。產業中絕大多數業者的庫存已處在不錯的位置。仍有少數幾家相對而言庫存非常高。但我們尚未看到因此而出現任何顯著的促銷或通路動作。不過坦白說，這種情況明天就可能改變。

I think, given the products that we have coming out, I think the refresh we've done around our products, we've got the broad category covered. And I think, for me, it's really about hopefully getting some green shoots around the rec business because I think we're positioned really well with the products, the Pro R, the XPEDITION, you name it. We're in a prime spot to really take (technical difficulty) in that category.

我認為，考量到我們即將推出的產品，以及我們針對產品所做的更新，我們已經涵蓋了廣泛的品類。而且我覺得，對我來說，重點真的是希望在休閒（rec）業務上能看到一些回溫的跡象，因為我認為我們在產品面上的布局非常到位，像是 Pro R、XPEDITION 等等，你說得出來的都有。我們在那個品類上確實處於非常有利的位置，能夠真正把握（技術問題）那個類別的機會。

That's super helpful. And not to beat a dead horse on commercial here, but if I heard correctly, I think you said commercial is excluded from the retail figure that you guys report. I guess if that's right, what would that mid-single-digit ORV demand growth figure look like if it was included? And just anything you can say to better frame the size of that business for us?

這非常有幫助。另外，不是要在商用這塊一直重複追問，但如果我沒聽錯的話，我想你說商用是被排除在你們所報告的零售數字之外。我想如果這點沒錯，那麼若把商用納入，你們所說的 ORV 需求中個位數成長（mid-single-digit）會長什麼樣子？以及你能否再多說一些，幫我們更好地理解這塊業務的規模？

Yes. Look, I don't want to get into the details of it because, I mean, it isn't a retail vehicle. As Bob highlighted, this vehicle is purpose-built. And once they're done on a job site, most of these vehicles are retired permanently. They're used in a pretty rough environment.

是的。你看，我不想深入談細節，因為，畢竟它不是一台零售車輛。如 Bob 所強調，這款車是為特定用途量身打造的。而且一旦它們在工地上的任務結束，多數這些車輛就會永久退役。它們是在相當嚴苛的環境中使用。

The fact that we put Kevlar on the back of the seats and things like that gives you a pretty good idea.

我們在座椅背面加上 Kevlar（凱夫拉）之類的設計，這點其實就很能說明問題。

We don't talk about the size of the commercial, but I did talk about the size of our commercial gov and defense category, which is essentially vehicles that are being used outside of, call it, the retail environment. And that business, I size pretty close to what Indian Motorcycle's was when we divested the business.

我們不談商用業務的規模，但我確實談過我們商用、政府與國防類別的規模；基本上就是在所謂零售環境之外使用的車輛。而那塊業務的規模，我估計大致接近我們剝離 Indian Motorcycle 業務時它的規模。

David MacGregor, Longbow Research.

David MacGregor，Longbow Research。

This is Joe Nolan on for David. You guys had a number of initiatives in recent years to improve margins, including lean manufacturing, production efficiencies, et cetera. Can you just talk about volume leverage and give an update on incremental margins, given all the work you've done on that front?

我是代 David 出席的 Joe Nolan。你們近年來推出了多項改善毛利率的措施，包括精實製造、提升生產效率等等。你能否談談量能槓桿（volume leverage），並在你們做了這麼多工作之後，更新一下增量毛利率（incremental margins）的情況？

Yes. I'll let Bob kind of get into the incrementals. But the one thing I will remind everybody is, yes, we have done a lot of work. We are still in the early innings. I'm encouraged with what I've seen from the team.

好的。我先讓 Bob 來談談增量的部分。但我想提醒大家的一點是：沒錯，我們確實做了很多工作。我們仍然處於早期階段。我對團隊目前的表現感到鼓舞。

But we have much further to go in terms of getting Lean fully adopted in all of our manufacturing facilities as well as in the front office of our business because there's opportunities there, especially as we enhance some of our IT systems in the coming couple of years as a business.

但就讓精實（Lean）在我們所有製造據點全面落地，以及在我們業務的前台（front office）全面導入而言，我們還有很長的路要走，因為那裡也有機會，特別是未來幾年我們會強化部分 IT 系統。

The good news is, with demand stabilizing, we're not talking about shipping at lower levels. We're now matching ship to retail, and that's giving us a better opportunity to really leverage volume as we get it through the factory, and that's obviously driving some pretty strong incrementals that I referenced and Bob referenced during our prepared remarks.

好消息是，隨著需求趨於穩定，我們不再討論以較低水準出貨。我們現在是讓出貨與零售銷售相匹配，這讓我們在產能透過工廠時，有更好的機會真正發揮量能槓桿，而這也顯然帶動了我在先前提到、以及 Bob 在事先準備的發言中提到的相當強勁的增量表現。

Yes. I mean if we think about the incrementals, Q2 was pretty good. If you took out tariffs, both refunds and kind of net new tariffs and commodities, we'd have been in the low to mid-30s and we'll be a little better than that for the full year. Obviously, it's a little noisy by quarter. You get into Q3, Q4, we start [shipping snow] and we have other dynamics that make it a little lumpy.

是的。如果我們看增量，第二季表現相當不錯。如果把關稅因素拿掉——包括退稅以及新增的淨關稅與大宗商品（commodities）影響——我們本來會落在低到中 30% 的區間，而全年會比那再好一些。當然，按季度來看會有些雜訊。到了第三季、第四季，我們開始[出貨雪地車]，以及還有其他因素，會讓表現有些起伏。

But I think if you focus on the full year, really solid incrementals.

但我認為如果聚焦全年，增量表現真的很扎實。

And obviously, commodities are something that we own and we got to go try to overcome. But I think it just shows the level of performance coming through the factories. And to Mike's point, we're not done. We're still, I would say, maybe third inning of our lean journey as a company. And so I still think there's a lot of factory improvement to drive over the next few years.

而且很明顯，大宗商品是我們必須承擔、也必須設法克服的因素。但我認為這也顯示出工廠端所展現的績效水準。而且呼應 Mike 的觀點，我們還沒做完。我會說，我們公司的精實旅程大概才到第三局。所以我仍然認為，未來幾年還有很多工廠改善可以推動。

The localization of the supply chain and moving that stuff out of China, part of the incremental benefit of that is just having those suppliers be a lot closer. We can work better with those suppliers. We can continue to tailor what gets delivered, plan how it gets delivered, when it gets delivered to fit into our new lean flows.

供應鏈在地化、把這些東西移出中國，其中一部分的增量效益就是讓供應商更靠近我們。我們可以更好地與這些供應商合作。我們也能持續調整交付內容、規劃交付方式，以及交付時間點，以配合我們新的精實流程（lean flows）。

And so I feel really good about the setup and the increasing skill of the team. And so I do think that there's a few more innings to play out as we continue down our lean journey. So if we can get some volume, I think the incrementals are going to be really strong and well received.

所以我對目前的布局以及團隊能力的提升感到非常有信心。我也確實認為，隨著我們持續推進精實旅程，還有幾局可以繼續打。因此如果我們能取得一些量，我認為增量表現會非常強勁，也會獲得市場良好回饋。

Got it. That's helpful detail. And then it's a smaller part of your business, but international sales were up 28%. Could you just talk about what you're seeing in some of your international markets?

了解。這些細節很有幫助。接著，雖然這是你們業務中較小的一部分，但國際銷售成長了 28%。你能否談談你們在一些國際市場看到的情況？

Yes. I mean, look, we've gotten a lot more focused. We don't talk about this as much as maybe some of the other ones. But as we've gotten the portfolio rightsized, we've gotten into a far more surgical approach. I mean, international markets for us are challenging because there isn't necessarily a market that looks a lot like the U.S.

好的。我的意思是，你看，我們的聚焦程度提高了很多。我們對這塊的談論可能不像其他項目那麼多。但隨著我們把產品組合調整到更合適的規模，我們採取了更精準、更具針對性的做法。我的意思是，對我們而言，國際市場具有挑戰性，因為不一定存在一個市場在樣貌上很像美國。

And so whether it's going into Mexico, whether it's going into Australia or Europe, there are very different areas that we need to drill into. And whether it's Australia in terms of success with the RANGER product, Europe, the vehicles get used more in an on-road application, so making sure that we've got accessibility for vehicles like the RANGER 500, which are increasingly popular or you get into areas like Mexico where you're looking at high RANGER, high Pro R volume.

因此，不論是進入墨西哥、澳洲或歐洲，都是非常不同的區域，我們需要深入研究。例如澳洲在 RANGER 產品上的成功；歐洲那邊車輛更多用於公路（on-road）用途，因此要確保像 RANGER 500 這類車款具備可取得性（accessibility），而它們正變得越來越受歡迎；或是像墨西哥這樣的市場，你看到的是 RANGER 與 Pro R 的高占比、高銷量。

Each of those markets takes a different approach. And I think it's just reflective of the fact that we're a heck of a lot more focused than we have been historically. We're making sure that we've got vehicles specific to that market. The requirements within market are slightly different. So we have to go through a process to adapt the vehicle and/or have a vehicle that meets the needs in certain parts of the regions.

每個市場都需要不同的策略。我認為這反映出我們比過去任何時候都更聚焦。我們確保有針對該市場的特定車款。各市場內部的要求略有不同。因此我們必須透過一個流程去調整車輛，和／或提供能滿足某些區域需求的車款。

And I would say we're doing a much better job, and that's showing up in the growth rates that we're seeing internationally.

我會說我們做得好很多，而這也反映在我們在國際市場看到的成長率上。

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

我們的問答環節到此結束。本次電話會議現在結束。感謝各位參加今天的簡報。您現在可以中斷連線。