Winnebago Industries Inc (WGO) 2022 Q3 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Third Quarter Fiscal 2022 Winnebago Industries Financial Results Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded. (Operator Instructions)

美好的一天，感謝您的支持。歡迎參加 2022 財年第三季度 Winnebago Industries 財務業績電話會議。 （操作員說明）請注意，今天的會議正在錄製中。 （操作員說明）

I would now like to hand the conference over to Steve Stuber, Vice President of Investor Relations. Please go ahead.

我現在想將會議交給投資者關係副總裁 Steve Stuber。請繼續。

Good morning, everyone, and thank you for joining us today to discuss fiscal 2022 third quarter earnings results. I am joined on the call today by Michael Happe, President and Chief Executive Officer; and Bryan Hughes, Senior Vice President and Chief Financial Officer. This call is being broadcast live on our website at investor.wgo.net, and a replay of the call will be available on our website later today. The news release with our third quarter results was issued and posted to our website, along with the earnings supplement earlier this morning.

大家早上好，感謝您今天加入我們討論 2022 財年第三季度收益結果。今天，總裁兼首席執行官 Michael Happe 加入了我的電話會議；以及高級副總裁兼首席財務官 Bryan Hughes。本次電話會議正在我們的網站investor.wgo.net 上進行現場直播，今天晚些時候將在我們的網站上重播電話會議。與我們的第三季度業績一起發布的新聞稿以及今天早上早些時候的收益補充已發布並發佈到我們的網站上。

Before we start, I'd like to remind you that certain statements made during today's conference call regarding Winnebago Industries and its operations may be considered forward-looking statements under security laws. The company cautions you that forward-looking statements involve a number of risks and are inherently uncertain and a number of factors, many of which are beyond the company's control, could cause actual results to differ materially from these statements. These factors are identified in our SEC filings, which I encourage you to read.

在我們開始之前，我想提醒您，在今天的電話會議上發表的有關 Winnebago Industries 及其運營的某些陳述可能被視為安全法下的前瞻性陳述。公司提醒您，前瞻性陳述涉及許多風險並且具有內在的不確定性，並且許多因素（其中許多超出公司的控制範圍）可能導致實際結果與這些陳述存在重大差異。這些因素已在我們提交給美國證券交易委員會的文件中確定，我鼓勵您閱讀這些文件。

With that, I would now like to turn the call over to our President and CEO, Michael Happe. Mike?

有了這個，我現在想把電話轉給我們的總裁兼首席執行官 Michael Happe。麥克風？

Thank you, Steve, and good morning, everyone. We appreciate the time you are investing today to hear about our record-breaking third quarter results. I will start the call by summarizing our performance during the quarter, then pass it to Bryan Hughes to cover our financial results in more detail. I will wrap up with a few closing remarks before we open the line for your questions.

謝謝你，史蒂夫，大家早上好。我們感謝您今天投入時間來了解我們創紀錄的第三季度業績。我將通過總結我們在本季度的表現開始電話會議，然後將其傳遞給 Bryan Hughes 以更詳細地介紹我們的財務業績。在我們為您的問題打開電話之前，我將做一些結束語。

We have spent the last 6 years at Winnebago Industries transforming our enterprise portfolio. Today, we have 5 premium outdoor brands and 7 different businesses operating in 2 large outdoor recreation industries and in multiple market segments, which we believe have long-term increasing secular growth potential.

在過去的 6 年裡，我們在 Winnebago Industries 轉變了我們的企業組合。今天，我們在 2 個大型戶外休閒行業和多個細分市場擁有 5 個優質戶外品牌和 7 個不同的業務，我們認為這些業務具有長期增長的長期增長潛力。

As a more diversified organization, we are driving higher levels of operational excellence internally, which is leading to sustained stronger gross margins and we continue to deliver tremendous value externally to end customers centered around our golden threads of quality, innovation and service.

作為一個更加多元化的組織，我們在內部推動更高水平的卓越運營，從而帶來持續更高的毛利率，我們繼續圍繞我們的質量、創新和服務的黃金線向最終客戶提供巨大的外部價值。

Our strategic, financial and cultural foundation at Winnebago Industries has continued to elevate and improve each of the last 6 years. We are committed to running a high-quality, disciplined and resilient organization regardless of the market conditions, which present themselves. Throughout this specific fiscal year 2022, our team at Winnebago Industries has executed extremely well, delivering consistently strong operating results and gaining market share in several key large segments, including Towable RVs and Pontoon Boats.

在過去的 6 年中，我們在 Winnebago Industries 的戰略、財務和文化基礎每年都在不斷提升和改進。無論市場狀況如何，我們都致力於運營一個高質量、紀律嚴明和有彈性的組織。在整個 2022 財年，我們在 Winnebago Industries 的團隊表現非常出色，提供了持續強勁的經營業績，並在包括拖曳房車和浮橋船在內的幾個關鍵大型細分市場中獲得了市場份額。

Our team is focused on doing well by our customers and doing good for our communities. I am incredibly proud and grateful of all our team members. We sustained our fiscal year 2022 momentum during the third quarter, driving record results by taking full advantage of fulfilling on our RV order backlog and continued strong consumer demand in our growing Marine segment.

我們的團隊專注於為我們的客戶做好事並為我們的社區做好事。我為我們所有的團隊成員感到無比自豪和感激。我們在第三季度保持了 2022 財年的勢頭，通過充分利用完成我們的 RV 訂單積壓和我們不斷增長的海事部門持續強勁的消費者需求，推動了創紀錄的業績。

We delivered record third quarter net revenues of $1.5 billion, which represents growth of 52% over last year and a growth rate of 41% on an organic basis. Our RV unit sales were up approximately 7% compared to last year, which is particularly notable since the third quarter of fiscal 2021 was during the height of the pandemic-driven demand spike. Our retail results also continued to outpace the industry, gaining share across both of our RV segments and Pontoon Boats and growing our overall pipeline of loyal customers.

我們實現了創紀錄的第三季度淨收入 15 億美元，比去年增長 52%，有機增長率為 41%。與去年相比，我們的房車銷量增長了約 7%，這一點尤其值得注意，因為 2021 財年第三季度正處於大流行驅動的需求高峰期。我們的零售業績也繼續超過行業，在我們的房車細分市場和浮橋船中獲得份額，並擴大了我們忠誠客戶的整體渠道。

More specifically, on a fiscal year-to-date basis, our RV retail market share is 13.2% or plus 70 basis points versus last year.

更具體地說，在本財年迄今的基礎上，我們的房車零售市場份額為 13.2% 或比去年增加 70 個基點。

In the Marine segment, Barletta recorded another strong quarter, growing its retail market share in Pontoon Boats to 6.6%, which is 1.6 percentage points ahead of last year on a trailing 3-month basis through April 2022. We are incredibly pleased with the performance and integration of the Barletta business since the close 9 months ago. It has exceeded expectations.

在船舶領域，Barletta 錄得又一個強勁的季度，其在 Pontoon Boats 的零售市場份額增長至 6.6%，在截至 2022 年 4 月的過去 3 個月中比去年高出 1.6 個百分點。我們對業績感到非常滿意以及自 9 個月前關閉以來對 Barletta 業務的整合。它已經超出了預期。

This overall affinity for our brands also enabled us to continue taking well-considered pricing actions to offset inflation during the quarter, which was a significant contributor to our record top line performance. Our business unit teams remain focused on partnering with our key suppliers to creatively manage continued cost pressure. And we frequently use the full scale and collaboration of our enterprise via our strategic sourcing function to further manage supply chain constraints.

這種對我們品牌的整體親和力也使我們能夠繼續採取深思熟慮的定價行動來抵消本季度的通貨膨脹，這是我們創紀錄的頂線業績的重要貢獻者。我們的業務部門團隊仍然專注於與我們的主要供應商合作，以創造性地管理持續的成本壓力。我們經常通過我們的戰略採購功能利用我們企業的全面規模和協作來進一步管理供應鏈限制。

Smart pricing actions may remain an important lever in the future for us to offset higher raw materials and component costs and manage our margins going forward. But we are equally focused on managing input costs and discretionary SG&A. While we remain confident in the resiliency of our brands, we are being extremely mindful of any impact those actions have on our ability to continue gaining market share.

未來，明智的定價行動可能仍然是我們抵消更高的原材料和零部件成本並管理我們未來利潤的重要槓桿。但我們同樣專注於管理投入成本和可自由支配的 SG&A。雖然我們對我們品牌的彈性仍然充滿信心，但我們非常注意這些行動對我們繼續獲得市場份額的能力產生的任何影響。

In terms of profitability in our fiscal third quarter, we also saw year-over-year improvements across our segments. This came in the face a previously mentioned supply chain-related cost pressures and disruptions we are still experiencing in various degrees across our portfolio, which I will talk about more in a moment. The broad-based improvements are entirely due to the incredible execution by the entire Winnebago Industries team. Their execution kept our operations running efficiently without sacrificing quality and service. As always, operational excellence will continue to be a primary focus of ours moving forward.

就我們第三財季的盈利能力而言，我們還看到各個部門的同比增長。這是在前面提到的與供應鏈相關的成本壓力和中斷的情況下出現的，我們仍然在不同程度上在我們的產品組合中經歷，我稍後會詳細討論。基礎廣泛的改進完全歸功於整個 Winnebago Industries 團隊令人難以置信的執行力。他們的執行使我們的業務在不犧牲質量和服務的情況下高效運行。與往常一樣，卓越運營將繼續成為我們前進的主要焦點。

As I have discussed in previous quarters, in this constantly evolving macro environment, the supply chains for each of our segments are experiencing varying degrees of disruption and, in turn, impacting dealer inventory levels in diverse ways. Inventories in our Towables RV segment have returned to normalized levels as parts supply stabilized, and our second and third quarter production output meaningfully addressed our backlogs while Motorhome RV and Marine field inventories continue to remain below our targeted levels. The supply chain for our Marine and Motorized segments are most acutely impacted by disruptions currently and dealer inventories are the most constrained in these businesses.

正如我在前幾個季度所討論的，在這個不斷變化的宏觀環境中，我們每個細分市場的供應鏈都在經歷不同程度的中斷，進而以不同的方式影響經銷商的庫存水平。隨著零部件供應的穩定，我們的拖車房車部門的庫存已恢復到正常水平，我們第二和第三季度的產量有效地解決了我們的積壓問題，而房車房車和船用現場庫存繼續低於我們的目標水平。目前，我們的船舶和機動部門的供應鏈受到中斷的最嚴重影響，經銷商庫存在這些業務中受到的限制最大。

While we will absolutely demonstrate production discipline in our Towables RV businesses and look to match output with dealer turn targets and retail demand, both of our motorized RV businesses and our 2 Marine businesses have further runway to carefully drive increased shipment revenue in the short term. Responsibly producing and maintaining appropriate field inventory levels remains a high priority for us and for the health of our channel partners. And we are collaborating closely with our dealer partners to ensure they have the mix that they desire.

雖然我們絕對會在我們的 Towables RV 業務中展示生產紀律，並希望將產量與經銷商轉向目標和零售需求相匹配，但我們的機動 RV 業務和我們的 2 Marine 業務都有進一步的發展空間，可以在短期內謹慎地推動增加出貨收入。負責任地生產和維持適當的現場庫存水平仍然是我們和我們渠道合作夥伴的健康的重中之重。我們正在與我們的經銷商合作夥伴密切合作，以確保他們擁有他們想要的組合。

I have confidence that the world-class Winnebago Industries team will rise to the challenge as they always have. Overall, we are incredibly proud of our performance this quarter. We delivered responsibly for our dealer partners and in consumers. Our record results and share gains show that our business strategy is still relevant and working, while our team continues to navigate in the face of a continuously difficult, secular and macroeconomic environment.

我有信心，世界級的 Winnebago Industries 團隊將一如既往地迎接挑戰。總體而言，我們對本季度的表現感到無比自豪。我們以負責任的方式為我們的經銷商合作夥伴和消費者提供服務。我們創紀錄的業績和份額增長表明，我們的業務戰略仍然相關且有效，而我們的團隊在持續困難、長期和宏觀經濟環境中繼續前行。

With that, I will turn the call over to our Chief Financial Officer, Bryan Hughes, to review our fiscal 2022 third quarter financials in more detail. Bryan?

有了這個，我將把電話轉給我們的首席財務官布萊恩休斯，以更詳細地審查我們 2022 財年第三季度的財務狀況。布萊恩?

Thanks, Mike, and good morning, everyone. Third quarter revenues were $1,458,000, reflecting an increase of 52% compared to $960.7 million for the fiscal 2021 third quarter. Excluding Barletta, our organic growth for third quarter was 41%. As Mike mentioned, even compared to a very strong 2021 period, Winnebago delivered strong revenue growth in all 3 segments driven by a combination of pricing actions and an increase in unit shipments.

謝謝，邁克，大家早上好。第三季度收入為 1,458,000 美元，與 2021 財年第三季度的 9.607 億美元相比增長了 52%。不包括 Barletta，我們第三季度的有機增長率為 41%。正如邁克所提到的，即使與非常強勁的 2021 年相比，Winnebago 在定價行動和單位出貨量增加的共同推動下，在所有 3 個細分市場都實現了強勁的收入增長。

We also delivered another period of very strong profitability in the quarter, driven by higher revenues and pricing actions that served to offset an increase in material and component costs.

我們還在本季度實現了另一個非常強勁的盈利能力，這得益於更高的收入和定價行動，這些行動抵消了材料和組件成本的增加。

Gross profit was $273 million, up 61% compared to $169.6 million for the fiscal 2021 period. Gross profit margin of 18.7% was 100 basis points stronger than last year, driven by operating leverage, price increases and favorable segment mix, partially offset by higher material and component costs.

毛利潤為 2.73 億美元，比 2021 財年的 1.696 億美元增長 61%。在經營槓桿、價格上漲和有利的細分市場組合的推動下，毛利率為 18.7%，比去年高 100 個基點，但部分被較高的材料和零部件成本所抵消。

Operating income was $176.7 million for the quarter, increasing 73% compared to $102.4 million for the third quarter of last year. Note that our third quarter operating income includes $0.7 million in acquisition-related costs and $4.6 million of incremental amortization of intangible assets related to the Barletta acquisition.

本季度營業收入為 1.767 億美元，比去年第三季度的 1.024 億美元增長 73%。請注意，我們第三季度的營業收入包括 70 萬美元的收購相關成本和 460 萬美元與 Barletta 收購相關的無形資產增量攤銷。

Fiscal 2022 third quarter net income was $117.2 million, an increase of 64% compared to $71.3 million in the prior year quarter. Note that fiscal 2022 third quarter net income includes an $11.8 million of contingent consideration fair value adjustment related to the earn-out associated with the Barletta acquisition, which is included in the nonoperating loss line. As a reminder, we are removing this adjustment from the calculation of adjusted EPS.

2022 財年第三季度淨收入為 1.172 億美元，與去年同期的 7130 萬美元相比增長 64%。請注意，2022 財年第三季度淨收入包括與收購 Barletta 相關的盈利相關的 1180 萬美元或有對價公允價值調整，該調整包含在非經營性虧損線中。提醒一下，我們將從調整後每股收益的計算中刪除此調整。

Recall also that we included multiple earn-out periods, structured in such a manner that the multiple on this acquisition is further reduced as the earnouts escalate. As such, recognizing an additional $11.8 million of contingent consideration fair value adjustment this quarter is a result of Barletta's continued strong performance. A maximum of $50 million in earnouts can be earned for performance achieved in calendar 2022 and 2023 and are tied to the business achieving certain gross profit objectives in each year and in the aggregate.

還記得我們包括了多個盈利期，其結構方式是，隨著盈利的升級，此次收購的倍數會進一步降低。因此，本季度確認額外 1180 萬美元的或有對價公允價值調整是 Barletta 持續強勁表現的結果。對於 2022 年和 2023 年日曆中實現的業績，最多可以獲得 5000 萬美元的收益，並與每年和總體上實現某些毛利潤目標的業務掛鉤。

Reported earnings per diluted share was $3.57 compared to reported earnings per diluted share of $2.05 in the same period last year. Adjusted earnings per diluted share was $4.13, which represents an increase of 84% compared to adjusted earnings per diluted share of $2.24 in the same period last year.

報告的每股攤薄收益為 3.57 美元，而去年同期報告的每股攤薄收益為 2.05 美元。調整後每股攤薄收益為 4.13 美元，與去年同期調整後每股攤薄收益 2.24 美元相比增長 84%。

I'll now turn to our segment performance, starting with our Towable segment. Revenues for the Towable segment were $805.6 million for the third quarter, up 45% from the prior year, primarily driven by pricing increases across the segment in addition to solid unit growth related to producing and shipping units to fulfill a robust dealer order backlog.

我現在將轉向我們的細分市場表現，從我們的 Towable 細分市場開始。第三季度，Towable 部門的收入為 8.056 億美元，比去年同期增長 45%，這主要是由於整個部門的價格上漲以及與生產和運輸單位相關的穩健單位增長，以履行強勁的經銷商訂單積壓。

Segment adjusted EBITDA was $117.8 million, up 47% from the prior year period. Adjusted EBITDA margin of 14.6% increased 20 basis points over the prior year, driven by operating leverage and pricing, partially offset by cost input inflation. Backlog decreased as expected to $1.3 billion, down 14% from the prior year and down 30% sequentially as Winnebago Industries successfully replenished dealer inventories in the segment. It is our practice to cleanse our dealer backlog on a monthly basis. And accordingly, we also continue to emphasize our practice of building units to fulfill dealer orders.

部門調整後的 EBITDA 為 1.178 億美元，比去年同期增長 47%。調整後的 EBITDA 利潤率為 14.6%，比上年增加 20 個基點，主要受經營槓桿和定價的推動，但部分被成本投入通脹所抵消。由於 Winnebago Industries 成功補充了該領域的經銷商庫存，積壓訂單減少至 13 億美元，比上年下降 14%，環比下降 30%。我們的做法是每月清理我們的經銷商積壓。因此，我們也繼續強調我們建立單位以履行經銷商訂單的做法。

Next, let's turn to our Motorhome segment. In the third quarter, revenues for the Motorhome segment were $516.3 million, up 34% from the prior year, driven by continued strong unit sales and pricing increases across the segment. Segment adjusted EBITDA was $64.4 million, representing an increase of 72% from the prior year.

接下來，讓我們轉向我們的房車部分。第三季度，房車部門的收入為 5.163 億美元，比上年增長 34%，這得益於該部門持續強勁的單位銷售和價格上漲。分部調整後的 EBITDA 為 6440 萬美元，比上年增長 72%。

Adjusted EBITDA margin was a strong 12.5%, up 280 basis points year-over-year, driven by pricing and operating leverage, partially offset by higher material and component costs. Our teams continue to do a great job managing ongoing supply chain inconsistencies in the delivery of chassis and other components as well as executing pricing actions that continue to offset inflationary impacts.

調整後的 EBITDA 利潤率為 12.5%，同比增長 280 個基點，主要受定價和運營槓桿的推動，但部分被材料和零部件成本的上漲所抵消。我們的團隊繼續在管理底盤和其他組件交付中持續存在的供應鏈不一致以及執行繼續抵消通脹影響的定價行動方面做得很好。

Finally, let's turn to our Marine segment. In the third quarter, revenues for the Marine segment were $126.5 million. Both Barletta and Chris-Craft continue to perform well. In particular, the Barletta brand continued to outperform our expectations and delivered growth and margins accretive to the Winnebago Industries portfolio.

最後，讓我們轉向我們的海洋部分。第三季度，海事部門的收入為 1.265 億美元。 Barletta 和 Chris-Craft 都繼續表現良好。特別是，Barletta 品牌的表現繼續超出我們的預期，並為 Winnebago Industries 產品組合帶來了增長和利潤率。

Marine segment adjusted EBITDA of $19.8 million was $18.2 million higher than the same period last year, and adjusted EBITDA margin was 15.7%, 620 basis points higher than last year, reflecting the addition of the Barletta business and improvements in the Chris-Craft business.

海事部門調整後的 EBITDA 為 1980 萬美元，比去年同期增加 1820 萬美元，調整後的 EBITDA 利潤率為 15.7%，比去年高 620 個基點，反映了 Barletta 業務的增加和 Chris-Craft 業務的改進。

Turning now to the balance sheet. We continue to maintain a healthy liquidity position of approximately $431 million, including an untapped ABL of $192.5 million. Our net leverage ratio is currently at 0.6x.

現在轉向資產負債表。我們繼續保持約 4.31 億美元的健康流動性頭寸，其中包括 1.925 億美元的未開發 ABL。我們的淨槓桿率目前為 0.6 倍。

From a capital allocation perspective, we continue to prioritize investment in our business to fuel organic growth. On a fiscal year-to-date basis, our CapEx spending is $63 million, which is materially higher than last year's year-to-date CapEx of $24 million. We continue to carry elevated inventory as a means of mitigating some of the supply inconsistencies that we encounter on a daily basis. We continue to view this as a prudent action to support our operations and believe that this cash investment will liquidate in the longer term and be available for other capital allocation priorities as the eventual drawdown in working capital occurs.

從資本配置的角度來看，我們繼續優先投資於我們的業務以推動有機增長。在本財年迄今的基礎上，我們的資本支出為 6300 萬美元，大大高於去年年初至今的 2400 萬美元。我們繼續增加庫存，以減輕我們每天遇到的一些供應不一致的情況。我們繼續將此視為支持我們運營的謹慎行動，並相信隨著營運資金的最終縮減，這筆現金投資將在長期內清算，並可用於其他資本分配優先事項。

As evidenced by our purchase of the Barletta business less than a year ago, we will also remain active in growing our portfolio strategically and we will continuously evaluate acquisition opportunities that we believe to be accretive and generate returns above our cost of capital. During the quarter, share buybacks totaled a record $70 million. And on a year-to-date basis, we have bought back $130 million of our shares, leaving $80 million remaining of the $200 million share repurchase authorization our Board approved in October 2021. Additionally, our dividend this year is running at a pace that is 50% higher than it was last year.

正如我們在不到一年前收購 Barletta 業務所證明的那樣，我們還將繼續積極地戰略性地發展我們的投資組合，我們將不斷評估我們認為具有增值性並產生高於我們資本成本的回報的收購機會。本季度，股票回購總額達到創紀錄的 7000 萬美元。從年初至今，我們已經回購了 1.3 億美元的股票，在董事會於 2021 年 10 月批准的 2 億美元股票回購授權中剩下 8000 萬美元。此外，我們今年的股息運行速度為比去年高出 50%。

Combining share buybacks with dividends, we have returned a robust $187 million to shareholders on a trailing 12-month basis through the third quarter of fiscal 2022. This is approximately 7.3x the prior year's fiscal third quarter trailing 12-month period.

將股票回購與股息相結合，截至 2022 財年第三季度，我們在過去 12 個月的基礎上向股東返還了 1.87 億美元。這大約是上一財年第三季度過去 12 個月期間的 7.3 倍。

That concludes my review of our quarterly financials. And with that, I will now turn the call back to Mike to provide some closing comments. Mike, back to you.

我對我們的季度財務狀況的審查到此結束。有了這個，我現在將電話轉回 Mike，以提供一些結束評論。邁克，回到你身邊。

Thanks very much, Bryan. With that review of the strongest quarterly results on our company's history complete, we will turn to some specific thoughts on RV demand for the remainder of calendar year 2022.

非常感謝，布萊恩。隨著對我們公司歷史上最強勁的季度業績的審查完成，我們將轉向對 2022 日曆年剩餘時間的房車需求的一些具體想法。

Recently, the RV Industry Association published a view of wholesale demand for calendar 2022, with the midpoint being 550,000 units or negative 8% versus calendar 2021 shipments. with a range of 538,000 shipments on the low end and 562,000 on the high end. Given current retail trends and the unstable macroeconomic environment, we subscribe to the lower end of the shipment range or approximately 530,000 units which is negative 12% versus calendar 2021. This view reflects normalized towable dealer inventory levels and a motorized segment that is still witnessing supply chain constraints and dealer inventory levels that have not been fully normalized.

最近，房車行業協會發布了 2022 日曆年的批發需求視圖，中點為 550,000 輛，比 2021 日曆年的出貨量下降 8%。低端出貨量為 538,000 台，高端出貨量為 562,000 台。鑑於當前的零售趨勢和不穩定的宏觀經濟環境，我們認購出貨量範圍的下限或約 530,000 輛，與 2021 年相比下降 12%。這一觀點反映了標準化的可牽引經銷商庫存水平和仍在見證供應的機動部分鏈約束和經銷商庫存水平尚未完全正常化。

As I mentioned earlier, we will continue to work closely with our suppliers to mitigate issues as much as possible and our dealer partners to keep their inventories at healthy levels.

正如我之前提到的，我們將繼續與我們的供應商密切合作，盡可能地緩解問題，我們的經銷商合作夥伴將他們的庫存保持在健康水平。

Turning to retail demand. I am confident that the appetite for our expanded portfolio of premier outdoor lifestyle brands will continue to outpace the market. Looking at the RV industry at a macro level, we continue to be optimistic about the long-term health of RV demand as record levels of U.S. households pursue outdoor activities. In the short term, we are coming off a record level of demand in calendar 2021, and macroeconomic headwinds persist, including fluctuations in interest rates, gas prices, inflation and declining consumer sentiment.

轉向零售需求。我相信，我們擴大的頂級戶外生活方式品牌組合的需求將繼續超過市場。從宏觀層面看房車行業，隨著美國家庭追求戶外活動的創紀錄水平，我們繼續對房車需求的長期健康持樂觀態度。在短期內，我們將在 2021 年擺脫創紀錄的需求水平，宏觀經濟逆風持續存在，包括利率波動、汽油價格、通貨膨脹和消費者信心下降。

With those considerations and a wholesale forecast of 530,000 units in 2022, we believe that retail sales for calendar 2022 will likely fall in the 475,000 unit range or negative 17% versus calendar 2021. We continue to follow those trends closely to ensure our production and shipments into the channel are aligned with retail sales. And to remind our audience this morning, 5 of our 7 businesses at Winnebago Industries, our 2 Marine brands, our 2 Motorized brands and our Specialty Vehicles business, continue to have real market growth potential ahead in the rest of calendar 2022 and into 2023.

考慮到這些因素以及 2022 年 530,000 輛的批發預測，我們認為 2022 年的零售量可能會下降 475,000 輛，與 2021 年相比下降 17%。我們將繼續密切關注這些趨勢，以確保我們的生產和出貨量進入渠道與零售額保持一致。今天早上提醒我們的聽眾，我們在 Winnebago Industries 的 7 個業務中的 5 個、我們的 2 個船舶品牌、我們的 2 個機動品牌和我們的特種車輛業務，在 2022 年剩餘時間和 2023 年繼續具有真正的市場增長潛力。

The modern complexion of our company provides increased stability and opportunity than most perceived. The unique strength of our brands position Winnebago Industries well to manage component and material cost inflation and manage subsequent margin performance across our segments. We fully expect Winnebago Industries portfolio to continue gaining consolidated share behind our steadfast commitments to quality innovation and the customer experience. I am confident that our employees' relentless hard work and dedication will allow us to further translate these gains into profitable market share despite supply chain constraints and inflation, which we are constantly monitoring and taking actions to offset.

我們公司的現代膚色提供了比大多數人認為的更高的穩定性和機會。我們品牌的獨特優勢使 Winnebago Industries 能夠很好地管理組件和材料成本膨脹，並管理我們各個部門的後續利潤率表現。我們完全期望 Winnebago Industries 產品組合在我們對質量創新和客戶體驗的堅定承諾的支持下繼續獲得鞏固的份額。我相信，儘管供應鏈限制和通貨膨脹，我們員工的不懈努力和奉獻精神將使我們能夠進一步將這些收益轉化為有利可圖的市場份額，我們一直在監控並採取行動來抵消這些影響。

We are also focused on being the innovation leader in the markets we compete in. Many of you may have seen the latest news that our concept all-electric Class B van completed a nearly 1,300-mile road trip from Washington, D.C. to our headquarters in Eden Prairie, Minnesota, just a week ago. While we are moving toward a prototype stage in this product's development pipeline, this recent accomplishment provided real-world validation that future consumers will absolutely be able to choose alternative power solutions to experience the outdoors in someday. Each of our businesses is focused on driving valued product differentiation in the future to enhance the appeal of our brands.

我們還專注於成為我們競爭市場的創新領導者。你們中的許多人可能已經看到最新消息，我們的概念全電動 B 級貨車完成了從華盛頓特區到我們位於一周前，明尼蘇達州的伊甸草原。雖然我們正朝著該產品開發管道的原型階段邁進，但最近的這一成就提供了現實世界的驗證，即未來消費者絕對能夠選擇替代電源解決方案來體驗戶外活動。我們的每一項業務都專注於在未來推動有價值的產品差異化，以增強我們品牌的吸引力。

In summary this morning, these are uncertain times as macroeconomic trends weigh on consumers. Nothing we can say today will deliver any certainty relative to the possible risk of a formal economic recession. But we are prepared to manage our company through any turbulent times in the future, just as we proved agility in managing the extremes of the recent pandemic. Our production schedules and spending patterns are being scrutinized daily by our teams to align with what we believe is in the best long-term interest of our company and our industries.

總而言之，今天上午，由於宏觀經濟趨勢給消費者帶來壓力，這些都是不確定的時期。對於正式經濟衰退的可能風險，我們今天不能說任何確定性。但是我們準備好在未來的任何動盪時期管理我們的公司，就像我們在管理最近的大流行的極端情況時證明了敏捷性一樣。我們的團隊每天都在審查我們的生產計劃和支出模式，以符合我們認為最符合公司和行業長期利益的做法。

Regardless of where the economy goes, we will remain relentlessly focused on the sound execution of our winning strategy to build on our strong momentum and outpace the markets in which we participate. As important, we believe we have built a more profitable, more resilient, high-quality premium portfolio over the years such that profit degradation or any risk of will be manageable and remain well above our historical profit margin levels.

無論經濟走向何方，我們都將堅持不懈地專注於正確執行我們的製勝戰略，以鞏固我們的強勁勢頭並超越我們參與的市場。同樣重要的是，我們相信多年來我們已經建立了一個更有利可圖、更有彈性、高質量的溢價投資組合，因此利潤下降或任何風險都將是可控的，並且仍遠高於我們的歷史利潤率水平。

Finally, we continue to believe in the long-term health of our consumer segments as more people continue to pursue outdoor lifestyle experiences. We look forward to touching on these topics and many others at our 2022 Investor Day being planned for later this fall.

最後，隨著越來越多的人繼續追求戶外生活方式體驗，我們繼續相信消費者群體的長期健康。我們期待在計劃於今年秋季晚些時候舉行的 2022 年投資者日上探討這些主題和許多其他主題。

That concludes our prepared remarks this morning. And I will now turn it over to the operator for the Q&A session. Thank you all for your time.

今天上午我們準備好的發言到此結束。我現在將把它交給接線員進行問答環節。謝謝大家的時間。

(Operator Instructions) Our first question comes from the line of Craig Kennison with Baird.

（操作員說明）我們的第一個問題來自 Craig Kennison 和 Baird。

Congratulations on the quarter. I'm trying to put into context for myself and others listening, what your stock price, I guess, is saying about the environment today? It's basically trading at 12x quarters results here, just a spectacular quarter. And clearly, it's really the outlook. And so you were super helpful in terms of providing calendar 2022 expectations happens to line up with our expectations as well.

祝賀本季度。我試圖為自己和其他人傾聽，我猜你的股票價格對今天的環境有什麼看法？它基本上以 12 倍的季度業績交易，只是一個壯觀的季度。顯然，這確實是前景。因此，您在提供 2022 年日曆的期望方面也非常有幫助，這也符合我們的期望。

But as you look into next year, I know you don't have a crystal ball, you can't predict any better than the rest of us, I suppose. But in terms of preparation, do you have a sense for your earnings power in a scenario where, let's say, shipments drop to 400,000 units? Just trying to understand how you are preparing for a downturn and how your business may be different today than let's say, 2019, the last time we were pre-pandemic?

但是當你展望明年時，我知道你沒有水晶球，我想你無法比我們其他人預測得更好。但在準備方面，你是否對你的盈利能力有所了解，比如出貨量下降到 400,000 台？只是想了解您如何為經濟低迷做準備，以及您今天的業務可能與我們上次大流行前的 2019 年有何不同？

Yes, Craig, this is Mike. Thanks for your questions. I will probably address maybe how our company is different than where we were maybe in past difficult economic times and I'll probably hand the earnings potential question over to Bryan Hughes to answer.

是的，克雷格，這是邁克。感謝您的提問。我可能會談到我們的公司與過去經濟困難時期的情況有何不同，我可能會將盈利潛力問題交給布萊恩休斯來回答。

Tried to address this certainly in the script this morning, but -- over the last 6 years, we've really moved from a company that had one primary business, that being Winnebago-branded motorized RVs to a company that really is much more diversified and balanced that participates in the full recreational vehicle industry of products as well now as the Marine industry in a couple of different segments. And we really run the business on a day-to-day level with 7 different business units at the company.

今天早上試圖在劇本中肯定地解決這個問題，但是——在過去的 6 年裡，我們真的從一家擁有一個主要業務的公司，即 Winnebago 品牌的機動房車轉變為一家真正更加多元化的公司和平衡的參與產品的完整休閒車行業以及現在在幾個不同領域的海洋行業。我們真的在公司的 7 個不同業務部門日常運營業務。

And as I mentioned in my comments, 5 of those business units, we believe, still continue to have near-term growth potential in terms of both retail being decent specially on the Marine side currently, but also our ability to grow wholesale shipments probably even faster than the retail velocity on those businesses.

正如我在評論中提到的那樣，我們認為，其中 5 個業務部門在零售方面仍然具有近期增長潛力，特別是目前在海運方面還不錯，而且我們甚至有能力增加批發出貨量比這些業務的零售速度更快。

And we wouldn't have been able to do that 4, 5, 6, 7 years ago with now 5 brands and 7 businesses and being able to attack different market segments in different industries. And so that new complexion gives us the ability to arguably manage some of the headwinds by executing in businesses that still have a few tailwinds.

而在 4、5、6、7 年前，我們不可能做到這一點，現在有 5 個品牌和 7 個業務，並且能夠攻擊不同行業的不同細分市場。因此，新的面貌使我們能夠通過在仍然有一些順風的業務中執行來管理一些逆風。

From a discipline standpoint, we certainly are not sticking our head in the sand and ignoring any of the macroeconomic, geopolitical, supply chain, inflation interest rate concerns that exist in the marketplace. Rather, I think our teams are doubling down on the sort of playbook that we pull off the shelf to make sure that we manage expenses, that we scrutinize dealer demand, that we monitor what's happening with the consumer. And then we use all of those inputs to subsequently make good business decisions on a daily basis in terms of what we produce and where we spend our dollars on to drive value going forward.

從紀律的角度來看，我們當然不會把頭埋在沙子裡，而忽視市場上存在的任何宏觀經濟、地緣政治、供應鏈、通脹利率問題。相反，我認為我們的團隊正在加倍考慮我們現成的那種劇本，以確保我們管理費用，我們審查經銷商的需求，我們監控消費者的情況。然後，我們使用所有這些輸入隨後每天根據我們生產的產品以及我們將資金用於推動價值向前發展的地方做出良好的業務決策。

So we're pleased with the leadership team we have and the leadership teams around the businesses and in our enterprise functions. And we believe the maturity of those teams, the resiliency, the experience of those teams helps us have honest, transparent, good conversations.

因此，我們對我們擁有的領導團隊以及圍繞業務和企業職能的領導團隊感到滿意。我們相信這些團隊的成熟度、彈性和經驗有助於我們進行誠實、透明、良好的對話。

So Bryan, can you speak a little bit to the earnings resiliency as we face potentially even deeper economic headwinds in the future?

所以布萊恩，你能談談盈利彈性嗎？因為我們未來可能面臨更深層次的經濟逆風？

Yes. And we've talked about this somewhat in the past as well. We've got a strong focus on maintaining a variable cost structure and have proven that out to ourselves and continuing to make decisions on an incremental basis that help secure that variable cost structure. So we continue to maintain that our cost structure is 85% variable, 15% fixed across our P&L, which in a downturn certainly helps to insulate us from the deleverage that would otherwise occur will be more fixed in our structure.

是的。我們在過去也討論過這個問題。我們非常關注維護可變成本結構，並已向我們自己證明了這一點，並繼續在增量基礎上做出有助於確保可變成本結構的決策。因此，我們繼續堅持認為，我們的成本結構 85% 是可變的，15% 是固定的，在我們的損益表中，這在經濟低迷時期肯定有助於使我們免受去槓桿的影響，否則我們的結構將更加固定。

So that continues to be the case, Craig. And I think that is probably the best guidance that we could give in terms of how you would think through what a decline in the environment or in the market rather would mean to us from an earnings per share perspective.

所以情況仍然如此，克雷格。我認為這可能是我們可以給出的最好的指導，就你如何思考環境或市場的下降從每股收益的角度來看對我們意味著什麼而言。

Just a follow-up on the Motorhome piece, that EBITDA margin has improved a lot on a structural basis since, let's say, pre-pandemic. How much of that is structural? How much of that is just a really good environment?

只是對 Motorhome 的跟進，EBITDA 利潤率在結構性基礎上已經有了很大改善，比方說，大流行前。其中有多少是結構性的？其中有多少只是一個非常好的環境？

Well, I would like to think, Craig, that most of the profitability generation or improvement on the Motorized business as a result of the hard work of our teams and the good decisions they're making. We certainly recognize that we got some momentum post early COVID times with the record interest in the outdoors and consumers looking to get into new RVs. But our profitability improvement initiatives were well underway before them.

好吧，克雷格，我想，由於我們團隊的辛勤工作和他們做出的正確決策，機動化業務的大部分盈利能力產生或改善。我們當然認識到，由於對戶外活動的創紀錄興趣和希望進入新房車的消費者，我們在早期 COVID 時代獲得了一些動力。但我們的盈利能力改善計劃在他們之前就已經開始了。

We've rationalized our Winnebago-branded product line. We've closed facilities that we're producing unprofitable product. We've walked away from unprofitable business in the market. We've invested in more profitable categories of products and introduce some significant product differentiation and innovation. We've improved our operational capabilities in our existing plants. We've improved our purchasing power in agility with our supply base. And then when we bought Newmar in late 2019, we improved the profitability of our Class A business by making that acquisition.

我們已經合理化了我們的 Winnebago 品牌產品線。我們已經關閉了生產無利可圖產品的設施。我們已經擺脫了市場上無利可圖的業務。我們投資了利潤更高的產品類別，並引入了一些重要的產品差異化和創新。我們提高了現有工廠的運營能力。我們已經通過我們的供應基地提高了我們在敏捷性方面的購買力。然後，當我們在 2019 年底收購 Newmar 時，我們通過收購提高了 A 級業務的盈利能力。

And so in addition to certainly some volume leverage that we were able to positively get in late 2020 and most of 2021, I would say a high majority of the profit improvement on the Motorized business was generated by internal hard work. So that's why we're probably confident that a good deal of that will remain sustainable into the future should the motorized category have its own sustained period of challenge in the retail market.

因此，除了我們能夠在 2020 年末和 2021 年大部分時間積極獲得的一些銷量槓桿之外，我想說機動化業務的大部分利潤增長是由內部努力產生的。所以這就是為什麼我們可能有信心，如果機動類別在零售市場有自己的持續挑戰期，其中很大一部分將在未來保持可持續發展。

Our next question comes from the line of Gerrick Johnson with BMO Capital Markets.

我們的下一個問題來自 BMO Capital Markets 的 Gerrick Johnson。

I have 2 questions. And Mike, I'm going to pick on 2 words you mentioned in your remarks and maybe you can expand upon them. The first is about sustained gross margin performance. You answered a lot of the how just before. But I'm wondering if you could share with us some long-term targets for those sustainable gross margins or sustainable operating margins, too, for that matter?

我有 2 個問題。邁克，我將挑選你在評論中提到的兩個詞，也許你可以擴展它們。首先是關於持續的毛利率表現。你回答了很多之前的問題。但我想知道您是否可以與我們分享一些關於可持續毛利率或可持續營業利潤率的長期目標？

Yes, Gerri, thanks for being with us. We're going to have an Investor Day later this fall in 2022. And Steve Stuber on our Investor Relations side will communicate those dates to the relevant stakeholders for that event. And I think we'll be more specific about long-range goals and targets at that time as it pertains to, let's say, the period through 2025.

是的，Gerri，謝謝你和我們在一起。我們將在 2022 年秋季晚些時候舉行投資者日。我們投資者關係方面的史蒂夫·斯圖伯將與該活動的相關利益相關者溝通這些日期。而且我認為我們將在那個時候更具體地確定長期目標和目標，因為它涉及到 2025 年之前的時期。

So we understand that there will be some factors that could challenge profitability at the levels that we just announced for third quarter fiscal '22 in the near term. Our ability to pass pricing on to the market as an example, because of inflation, continues to be more challenged, obviously, with consumer demand softening significantly today versus a year ago. And inflation is not stopping. It is decelerating on our business, but it is still meaningful in terms of its quarterly rhythm of inflation increasing every quarter.

因此，我們知道，在我們剛剛宣布的 22 財年第三季度短期內，將有一些因素可能挑戰盈利能力。例如，由於通貨膨脹，我們將定價傳遞給市場的能力繼續受到更大的挑戰，顯然，與一年前相比，今天的消費者需求顯著疲軟。通貨膨脹並沒有停止。它正在減速我們的業務，但就其季度通脹率每季度增加的節奏而言，它仍然是有意義的。

And so we recognize in the near term that our profitability will be pressured a bit, but we are confident that the profitability that we can sustain here, the rest of our fiscal 2022 and into fiscal 2023 will likely be at levels that are meaningfully higher than you saw back in the 2018 and 2019 pre-COVID days.

因此，我們認識到短期內我們的盈利能力將受到一些壓力，但我們相信，我們在 2022 財年剩餘時間和 2023 財年能夠維持的盈利能力可能會顯著高於您在 2018 年和 2019 年的 COVID 之前的日子裡看到了。

We've also added some businesses, not the least of which here recently is Barletta boats, which is growing significantly, executing very well in the market, but is also generating accretive profitability for our portfolio. So as businesses like that grow while some of our other businesses maybe go on pause from a growth standpoint or slowdown is probably maybe the right term, we think the mix will also be conducive as well.

我們還增加了一些業務，其中最近最重要的是 Barlettaboats，它正在顯著增長，在市場上表現非常好，但也為我們的投資組合創造了可增值的盈利能力。因此，隨著此類業務的增長，而我們的其他一些業務可能會從增長的角度暫停或放緩可能是正確的術語，我們認為這種組合也將是有利的。

So I know I'm not giving you a specific number, Gerrick, on this call. We will probably be a little bit more bold in that fashion later this fall as we get into early fiscal '23. But we are confident that we can see post-COVID profitability even during difficult economic times, be stronger than it was pre-COVID period.

所以我知道我不會在這次電話會議上給你一個具體的電話號碼，Gerrick。隨著我們進入 23 財年早期，我們可能會在今年秋天晚些時候以這種方式更加大膽一些。但我們有信心，即使在經濟困難時期，我們也可以看到疫情后的盈利能力，比疫情前的時期要強。

Great. And my other question was, you talked about scrutinizing dealer demand. I'm wondering what that scrutinization has been telling you in terms of maybe shifts, cancellations, trade-ins, new versus prior customers, stuff like that?

偉大的。我的另一個問題是，你談到了審查經銷商的需求。我想知道這種審查在可能的輪班、取消、以舊換新、新客戶與老客戶等方面告訴了你什麼？

Yes, we do scrutinize retail, dealer demand, production schedules and even obviously, as I said, are spending on a very regular basis.

是的，我們確實仔細檢查了零售、經銷商需求、生產計劃，甚至顯然，正如我所說的，正在非常定期地進行支出。

As it pertains to dealer demand, you will probably have noticed in this quarter's results that our unit backlog on the RV side has decreased from the previous period. And we believe that, that is a healthy indicator of demand coming in line with the reality of the retail marketplace and our ability, especially in Towables to work through any supply chain issues and deliver product that the dealers did want to the market.

由於它與經銷商需求有關，您可能會在本季度的結果中註意到，我們在 RV 方面的單位積壓比上一季度有所減少。我們相信，這是一個健康的需求指標，符合零售市場的現實和我們的能力，特別是在 Towables 解決任何供應鏈問題並向市場提供經銷商確實想要的產品方面。

So we cleanse our RV backlogs monthly. That's what we ask our businesses to do and they go through a process in terms of new orders, closed orders and what we call adjustments or cancellations. And that produces the backlog that you saw at the end of quarter 3. So we work closely with the dealers to try to understand the desired turn levels that they'd like to run their business at based on the retail projected forward.

因此，我們每月清理我們的 RV 積壓工作。這就是我們要求我們的企業做的事情，他們會經歷一個新訂單、關閉訂單以及我們所說的調整或取消的過程。這產生了您在第 3 季度末看到的積壓訂單。因此，我們與經銷商密切合作，試圖了解他們希望根據零售預測的未來經營業務所需的轉彎水平。

One comment I do want to offer here at this time is the freshness of field inventory is significant in the market. Now that may not mean a ton to the retail consumer if they're pressured by inflation at the gas pump or the grocery store. But it is significant to understand for those who were wondering about pressures that the OEMs will face going forward. Almost 90% of the inventory in our RV businesses in the field is less than 6 months old. A 0.5% of the inventory, 0.5% is more than 1 year old.

我現在想在這裡提出的一條評論是，現場庫存的新鮮度在市場上非常重要。現在，如果零售消費者受到加油站或雜貨店通貨膨脹的壓力，這對他們來說可能並不意味著什麼。但對於那些想知道原始設備製造商將面臨的壓力的人來說，理解這一點很重要。我們在該領域的房車業務中幾乎 90% 的存貨不到 6 個月。 A 0.5% 的庫存，0.5% 是超過 1 年的。

So we feel good that the units that are in the marketplace are relevant, they're fresh, they're what the dealers want in. And we will certainly work with them in the future to try to make sure that those are obviously retailed as the market allows. But we do not have a significant aging inventory situation staring us in the face on June 22. We will do everything we can to prevent that from being the case in the next probably 4 to 6 quarters.

因此，我們覺得市場上的商品是相關的，它們是新鮮的，它們是經銷商想要的。我們將來肯定會與他們合作，以確保這些商品顯然是零售的市場允許。但在 6 月 22 日，我們並沒有面臨嚴重的庫存老化問題。我們將盡一切努力防止在接下來的 4 到 6 個季度出現這種情況。

So Gerrick, I hope that answers a little bit of your question there. But on the towable side, you will see production be very similar to the demand that the dealers desire. And on our other businesses, the 2 Marine businesses, our 2 Motorized business and our Specialty Vehicles business, we have the ability to continue producing at a level wholesale-wise, that is probably a little bit higher than the retail environment.

所以Gerrick，我希望這能回答你的一些問題。但在可牽引方面，您會看到產量與經銷商的需求非常相似。在我們的其他業務中，2 個船舶業務、我們的 2 個機動業務和我們的特種車輛業務，我們有能力繼續以批發方式生產，這可能比零售環境高一點。

Our next question comes from the line of Scott Stember with MKM Partners.

我們的下一個問題來自 MKM Partners 的 Scott Stember。

Mike, can you maybe talk about a snapshot of what you're seeing at retail right now? Just in general, what you're hearing from consumers? And how -- and maybe by type, whether it's grand design versus the legacy Motorized and Newmar and some of the other things?

邁克，你能談談你現在在零售店看到的東西嗎？總的來說，您從消費者那裡聽到了什麼？以及如何 - 也許是類型，無論是宏偉的設計還是傳統的 Motorized 和 Newmar 以及其他一些東西？

Yes. Thanks, Scott, for the question and for being with us. In anticipation of this call, I have in front of me the retail reports for the end of April, the end of May, and for the first couple of weeks of June. And I'll share with you at a high level sort of the trends we're seeing across the businesses.

是的。謝謝斯科特，感謝您提出問題並與我們在一起。為了迎接這次電話會議，我面前有 4 月底、5 月底和 6 月前幾週的零售報告。我將與您分享我們在各個業務中看到的高級趨勢。

I'll start with Marine. We are seeing Marine retail actually strengthen for our businesses from the end of April through the end of May and through the first couple of weeks of June. The percentage comps and the units from a Marine standpoint continue to move in a positive direction for our 2 businesses, Barletta and Chris-Craft from a consolidated standpoint.

我將從海洋開始。從 4 月底到 5 月底以及 6 月的前幾週，我們看到海運零售實際上對我們的業務有所加強。從海洋的角度來看，百分比組合和單位繼續朝著我們的兩個業務的積極方向發展，從綜合的角度來看，Barletta 和 Chris-Craft。

From an RV standpoint, we actually are seeing consolidated retail comps. So the year-over-year percentage stay relatively the same between each of those 3 periods. So from the end of April to the end of May, to the first week of June, we are not seeing a significant change in the comp percentage year-over-year, which means that the retail market on our brands -- from a RV brands, from a consolidated standpoint seems to kind of have stabilized at a certain percentage down versus a year ago.

從 RV 的角度來看，我們實際上看到了合併的零售組合。因此，這三個時期的同比百分比保持相對相同。因此，從 4 月底到 5 月底，再到 6 月的第一周，我們沒有看到同比百分比發生顯著變化，這意味著我們品牌的零售市場——從 RV從綜合的角度來看，與一年前相比，品牌似乎已經穩定在一定的百分比下降。

In most of our RV businesses, we are still comping positively versus 2019. We are seeing a little bit of a mix change in terms of recent retail. Towable retail in the last probably 2 to 3 weeks has actually gotten slightly better from a year-over-year comp standpoint, and motorized retail in the last 2 to 3 weeks seems to have gotten a little worse on a year-over-year basis. So Scott, I hope that helps with our businesses, but that's what we've been seeing recently. Obviously, I can't comment on the industry until we see the SSI data for May, which will come out here in a couple of weeks.

在我們的大多數房車業務中，與 2019 年相比，我們仍然保持積極的態勢。我們看到近期零售業出現了一些混合變化。從同比比較的角度來看，過去可能 2 到 3 週的可牽引零售實際上略有改善，而過去 2 到 3 週的機動零售似乎同比有所下降.所以斯科特，我希望這對我們的業務有所幫助，但這就是我們最近看到的情況。顯然，在我們看到 5 月份的 SSI 數據之前，我無法對行業發表評論，該數據將在幾週後發布。

No. That was very, very helpful. So from a production standpoint, if you could maybe just point us -- obviously, in production, it sounds like there will be some more downtime or just some downtime in general going forward. Maybe just talk about how we should look at it for the next couple of quarters, production versus what we saw on a year-ago basis?

不，那非常非常有幫助。因此，從生產的角度來看，如果您可以指出我們 - 顯然，在生產中，聽起來會有更多的停機時間，或者只是一些停機時間。也許只是談談我們應該如何看待接下來的幾個季度，生產與一年前的對比？

So thanks Scott for the question. Again, I'll break it down into the 3 different categories: Marine, Motorized and Towables, and I'll start with Marine. We continue to experience meaningful supply chain challenges that affect marine production, but we will be keeping our marine production at pretty steady and consistent levels going forward here in the near future.

所以感謝斯科特的問題。同樣，我將把它分為 3 個不同的類別：船用、機動和拖車，我將從船用開始。我們繼續經歷影響海洋生產的有意義的供應鏈挑戰，但我們將在不久的將來將我們的海洋生產保持在相當穩定和一致的水平。

As I mentioned, the retail environment is pretty decent. And as long as we can get the parts, we have confirmed orders from dealers that they'd like to take from us. And candidly, we are still filling retail orders as well, especially with the late spring on the Pontoon side in that Barletta business.

正如我所提到的，零售環境相當不錯。只要我們能拿到零件，我們就已經確認了經銷商的訂單，他們想從我們這裡拿走。坦率地說，我們仍在履行零售訂單，尤其是在巴列塔業務的浮橋一側的晚春。

The Motorized RV business is also continuing to see meaningful supply chain challenges in various different categories, but again, not the least of which are motorized chassis. And our business there -- well, as I mentioned, we're keeping an eye on retail. Motorized retail had been running a little healthier than Towables retail for most of the front half of calendar 2022. That seems to be coming a little bit down, as I said a few minutes ago. But we still believe that there is field inventory runway in several of the Motorized RV segments, such to the degree that we will continue to sustain motorized RV production at levels that you probably have seen here this fiscal year so long as we can get parts.

機動房車業務也繼續在各種不同類別中看到有意義的供應鏈挑戰，但同樣重要的是機動底盤。我們在那裡的業務——嗯，正如我提到的，我們正在關注零售。在 2022 年上半年的大部分時間裡，電動零售的運行情況比 Towables 零售要健康一些。正如我幾分鐘前所說，這似乎有點下降。但我們仍然認為，在幾個機動房車領域存在現場庫存跑道，只要我們能獲得零件，我們將繼續將機動房車生產維持在您可能在本財年在這裡看到的水平。

On Towable RVs, we are demonstrating discipline in managing our production output to match the dealer demand that they are signaling, which is obviously tied into the retail demand. One of the ways that I can see how we're doing on that versus our competition is shipment share when the RV shipment numbers come out on a monthly basis. And just to give you a sense for how disciplined I think we're being is our shipment share numbers in April on Towable RVs actually went down a little which means that we -- in the month of April, we shipped less to the market than our competitors did on Towable RVs.

在可牽引房車上，我們在管理我們的生產輸出以匹配他們發出的經銷商需求方面表現出紀律，這顯然與零售需求有關。與競爭對手相比，我可以看到我們在這方面做得如何的方法之一是當 RV 出貨量每月公佈時的出貨份額。只是為了讓您了解我認為我們的紀律性是我們在 4 月份在可牽引房車上的出貨份額實際上有所下降，這意味著我們 - 在 4 月份，我們向市場的出貨量少於我們的競爭對手在可牽引房車上做過。

So we have been managing production for some time now on the Towable RV side, even though we showed very strong output here in our fiscal third quarter, and that will continue for the rest of calendar 2022. We have identified certain days or weeks that we will be taking off or down through -- especially the summer months, and we will continue to evaluate that as we get into the September through December period as well.

因此，我們已經在 Towable RV 方面管理生產已有一段時間了，儘管我們在第三財季顯示了非常強勁的產量，並且這種情況將持續到 2022 年的剩餘時間。我們已經確定了某些日子或幾週，我們將起飛或下降 - 特別是夏季月份，我們將在進入 9 月至 12 月期間繼續評估這一點。

But our -- the leaders of our Grand Design and Winnebago Towables businesses are working closely together to make sure that, again, we're managing output to demand there and doing it in a way that we can be a good employer to the employees that work in both of those businesses.

但是我們的 - 我們的 Grand Design 和 Winnebago Towables 業務的領導者正在密切合作，以確保我們再次管理產出以滿足那裡的需求，並以我們可以成為員工的好雇主的方式做到這一點在這兩個行業工作。

Our next question comes from Mike Swartz with Truist Securities.

我們的下一個問題來自 Truist Securities 的 Mike Swartz。

Just wanted to touch on the Marine business and more from a margin standpoint. If we look at the margins in the quarter, obviously, a big jump year-over-year. A lot of that was Barletta. But even sequentially, there was a pretty material step-up. And if we go back and look at some of the commentary at the time that you acquired either Chris-Craft or Barletta, your margins are running well ahead of that. So I guess the question is, what structure -- volume driven? Is it pricing driven? Or are you starting to see some real operating efficiencies or enhancements since taking over those businesses?

只是想從利潤的角度談談海洋業務等等。如果我們看一下本季度的利潤率，顯然會出現同比大幅增長。其中很多是巴列塔。但即使是按順序，也有相當大的實質性提升。如果我們回過頭來看看你收購 Chris-Craft 或 Barletta 時的一些評論，你的利潤率遠遠高於此。所以我想問題是，什麼結構——體積驅動？是價格驅動的嗎？或者，自從接管這些業務後，您是否開始看到一些真正的運營效率或改進？

Yes, Mike, this is Bryan. I'll take that one. It's very much all of the things that you just mentioned. As Barletta continues to ramp up production and refine their operations, they opened a new plant not long ago. And so it takes some time to find the operational efficiencies when you do that. We've also had inflation in the business, and they've done a great job at pricing ahead of that inflation. You don't always get the timing just right. But I think in general, the team has done a great job of doing that pricing.

是的，邁克，這是布萊恩。我會拿那個。這就是你剛才提到的所有事情。隨著 Barletta 繼續提高產量並改進他們的運營，他們不久前開設了一家新工廠。因此，當您這樣做時，需要一些時間才能找到運營效率。我們的業務也出現了通貨膨脹，他們在通貨膨脹之前的定價方面做得很好。你並不總是能把握好時機。但我認為總的來說，團隊在定價方面做得很好。

The retail price protection is part of that equation. So as they catch up with retail sold orders that are in the backlog, we often do some price protection of those for a period of time. And I know that, that was a drag on margins in the past. I think we're starting to catch up with that, and that is producing some incremental sequential margins. And so I think it's all that the equation of those factors.

零售價格保護是該等式的一部分。因此，當他們趕上積壓的零售訂單時，我們通常會在一段時間內對這些訂單進行一些價格保護。我知道，這在過去是對利潤的拖累。我認為我們開始趕上這一點，這正在產生一些增量的連續利潤。所以我認為這就是這些因素的方程式。

Clearly, the Barletta team has done a superb job of introducing differentiated products that the market is valuing and that is, as we've talked about in the past, the most important part of that margin equation is having that differentiation. So all that about Barletta, I'd be remised to not also mention the progress that Chris-Craft is making in some of their margin initiatives, their pricing actions, their differentiation with the new models that they're introducing as well as the operational improvements that they've made. So both Chris-Craft and Barletta are part of that sequential improvement.

顯然，Barletta 團隊在引入市場重視的差異化產品方面做得非常出色，也就是說，正如我們過去所談到的，利潤率等式中最重要的部分就是具有這種差異化。因此，關於 Barletta 的所有這些，我將不得不提及 Chris-Craft 在他們的一些利潤計劃、定價行動、與他們引入的新模型以及運營方面的差異化方面所取得的進展。他們所做的改進。所以 Chris-Craft 和 Barletta 都是這種連續改進的一部分。

Okay. Great. That's helpful. And then just switching back to the RV side. I mean just in terms of the dealer's ability or appetite to restock. I mean, are you talking to dealers that are finding maybe floor plan capacity is limited? Or maybe they're saving some of their floor plan firepower for restocking of motorized, which could impact how much towable would carry? Just maybe give us some color on how dealers are planning with the floor plan?

好的。偉大的。這很有幫助。然後只是切換回 RV 端。我的意思是就經銷商補貨的能力或胃口而言。我的意思是，您是在與發現平面圖容量有限的經銷商交談嗎？或者，也許他們正在節省一些平面圖火力來補充機動車輛，這可能會影響牽引車的承載量？只是也許給我們一些關於經銷商如何規劃平面圖的顏色？

Yes, Mike, I think that is a topic that is being mentioned more frequently by the dealers. I'll offer a perspective that we hear from the inventory finance companies as well. But the dealers are certainly -- because of inflation primarily less the units more because of the cost or the price of the product being elevated versus a year or 2 ago, are definitely citing credit lines as something that they're monitoring more carefully.

是的，邁克，我認為這是經銷商更頻繁地提及的話題。我將提供一個我們從庫存金融公司那裡聽到的觀點。但是經銷商肯定 - 因為通貨膨脹主要是由於成本或產品價格比一年或兩年前上漲而導致的單位數量減少，他們肯定會引用信貸額度作為他們更仔細監控的東西。

I would argue, though, that we're not hearing that as a primary reason for the level of new orders that we get from dealers. They don't say, listen, I can only give you in order for X units because that's all I have left on my credit line. I don't think that's at the top of the list, although I think they're very much now paying attention to that.

不過，我會爭辯說，我們沒有聽到這是我們從經銷商處獲得新訂單水平的主要原因。他們不會說，聽著，我只能按 X 個單位的順序給你，因為我的信用額度就只有這些了。我不認為這是最重要的，儘管我認為他們現在非常關注這一點。

The inventory finance providers have signaled to us that they are not yet overly concerned about dealer credit lines or the utilization of being at elevated levels in 2022 versus 2021 or 2020. They do pay attention to the units and how the unit velocity is moving. And in some cases, the inventory finance companies are waiting for or engaging the dealers in a conversation about whether those credit lines can be appropriately adjusted in light of inflation as well.

庫存融資提供商已向我們發出信號，他們尚未過度關注經銷商信用額度或 2022 年與 2021 年或 2020 年相比處於較高水平的利用率。他們確實關注單位以及單位速度的變化。在某些情況下，庫存金融公司正在等待或與交易商就這些信貸額度是否也可以根據通貨膨脹進行適當調整進行對話。

And so I think that's an ongoing discussion between dealers and their inventory finance providers. And while that's becoming a more notable topic of discussion, we do not believe it is at the top of the list in influencing any near-term new orders that we receive.

因此，我認為這是經銷商與其庫存融資提供商之間正在進行的討論。雖然這正在成為一個更值得注意的討論話題，但我們認為它不會在影響我們收到的任何近期新訂單方面處於首位。

Mike, I'll just add a little bit on to that, which is to the spirit of your question. I think it is fair to say that dealers will be pairing back on their lower-tier providers or the lower OEMs. We obviously are one of the more premier brands or our brands are viewed as such by the marketplace and the dealers. If they are faced with an allocation of the floor plan, it will start to impact the lesser players in the industry. It would be helpful for us long term in terms of market share.

邁克，我只是補充一點，這是你問題的精神。我認為可以公平地說，經銷商將與他們的低級供應商或低級 OEM 合作。我們顯然是最重要的品牌之一，或者我們的品牌被市場和經銷商視為如此。如果他們面臨平面圖的分配，它將開始影響行業中較小的參與者。就市場份額而言，這將對我們長期有所幫助。

Our next question comes from the line of Fred Wightman with Wolfe Research.

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

If we just sort of take a hypothetical approach in your retail and wholesale estimates that you outlined on the call, which are very much appreciated and wind up being correct. Could you sort of touch on what you think that means for the promotional environment at retail and then also wholesale? Do you think that those both sort of get closer to normalized levels? Do you think that they're still favorable versus what we saw pre-COVID? What do you sort of think that those industry numbers get us from a promo perspective?

如果我們只是在您在電話會議上概述的零售和批發估計中採取一種假設的方法，那麼我們非常感謝並且最終是正確的。您能否談談您認為這對零售和批發的促銷環境意味著什麼？你認為這兩者都接近標準化水平嗎？您認為與我們在 COVID 之前看到的相比，它們仍然有利嗎？從促銷的角度來看，您認為這些行業數據對我們有何影響？

Yes. Thanks for the question this morning and again for being with us. I think primarily, the answer to your question right now resides in the hands and control of the dealers. And I know the dealers are obviously with elevated field inventory in the Towable segment are certainly adjusting their competitive and pricing strategies to that environment.

是的。感謝您今天早上提出的問題，並再次感謝您與我們在一起。我認為主要是，你的問題的答案現在掌握在經銷商的手中和控制之下。而且我知道經銷商顯然在 Towable 領域擁有較高的現場庫存，當然他們正在根據這種環境調整他們的競爭和定價策略。

And we certainly have had discussions with dealers who have mentioned because of slowing consumer retail demand across the RV industry that they are now operating their business on lower gross margins than they were during obviously the COVID or peak of demand period. In many cases, what we're hearing is that the margins that they're operating the business at today, particularly on Towable RVs, are similar to their historical margins or, in some cases, slightly elevated. We are not hearing a lot of dealers on Towable RVs talk about having to take yet lower than historical gross margins on new products.

我們當然已經與經銷商進行了討論，他們提到由於整個房車行業的消費者零售需求放緩，他們現在的業務毛利率明顯低於 COVID 或需求高峰期。在許多情況下，我們聽到的是他們今天經營業務的利潤率，特別是在可牽引房車上，與他們的歷史利潤率相似，或者在某些情況下略高。我們沒有聽到很多牽引式房車經銷商談論必須採取低於歷史毛利率的新產品。

I think part of that factor is there's 2 reasons for that. One is they have managed their inventory to that normal level and tried to keep it from being an excessive level. They also are being more successful in procuring used inventory, which gives them a lower-priced option in some cases to offer to a consumer who is very, very price sensitive. I think those are the 2 primary reasons why the -- and probably the third, the freshness of the inventory that I mentioned earlier in this call.

我認為部分原因是有兩個原因。一是他們已將庫存管理到正常水平，並試圖使其不至於過高。他們在採購二手庫存方面也取得了更大的成功，這在某些情況下為他們提供了一個價格較低的選擇，可以提供給對價格非常非常敏感的消費者。我認為這是我在本次電話會議前面提到的庫存新鮮度的兩個主要原因——可能還有第三個原因。

We are not seeing yet at our level any discounting sales allowance and promotional support that is affecting our businesses from a financial standpoint. We certainly have experience with helping dealers as needed on -- specially aged product as it exists in the market. But that discounting as it affects OEM profitability is not happening with our brands at this time.

在我們的層面上，我們還沒有看到任何從財務角度影響我們業務的折扣銷售津貼和促銷支持。我們當然有根據需要幫助經銷商的經驗——特別是市場上存在的陳舊產品。但這種影響 OEM 盈利能力的折扣目前並未發生在我們的品牌中。

You have to remember, our business model strategy is to only produce units which have confirmed dealer orders or even a retail sold order against it. And when that order is done with production, it is then shipped to the dealer or invoice to the dealer and ultimately makes its way to the retail environment. We do not create open production inventory that we then have to discount or rebate to the dealer. And that is a change we made in a couple of our businesses when COVID began, it has always been a tenet of several of our other businesses and now it's a consistent principle across our entire portfolio.

您必須記住，我們的商業模式策略是只生產已確認經銷商訂單甚至零售訂單的產品。當該訂單完成生產後，然後將其運送給經銷商或向經銷商開具發票，並最終進入零售環境。我們不會創建開放的生產庫存，然後我們必須向經銷商打折或回扣。這是我們在 COVID 開始時對我們的幾個業務所做的改變，它一直是我們其他幾個業務的宗旨，現在它是我們整個投資組合的一致原則。

So we've really don't rebate or dramatically discount any of our production other than what was already communicated to as the agreed upon price to the dealer when that order was confirmed.

因此，除了在確認訂單時已向經銷商傳達的商定價格之外，我們實際上不會對我們的任何產品進行回扣或大幅折扣。

Fred, if we do hear noise of any kind of discounting, it's at that lowest price point. We're hearing some at the stick-and-tin level, it doesn't affect our product line as much. But I think if we start to see it as an industry, it's going to be down at those lowest price points.

弗雷德，如果我們確實聽到任何打折的聲音，那就是最低價了。我們聽到了一些貼錫的說法，它對我們的產品線影響不大。但我認為，如果我們開始將其視為一個行業，它將以最低的價格下降。

Makes sense. And the backdrop that you guys just described, do you think that, that sort of carries over into calendar '23 if we do wind up doing 475 retail and, call it, 530 wholesale?

說得通。你們剛剛描述的背景，你認為，如果我們最終做 475 零售，稱為 530 批發，這種情況會延續到 23 年日曆嗎？

I really -- I don't know the answer to that yet, unfortunately, is -- and that's why we're hesitant to provide any formal forecast on calendar '23 at this time. I think we'll be a little braver later this fall as we see how the rest of the summer selling season plays itself out. But I will tell you, we are certainly preparing our fiscal '23 and calendar '23 budgets under a variety of scenarios, including a scenario that is meaningfully worse from a retail environment than we have today.

我真的 - 不幸的是，我還不知道答案是 - 這就是為什麼我們現在不願在 23 年日曆上提供任何正式預測。我認為今年秋天晚些時候我們會更勇敢一點，因為我們會看到夏季銷售季節的剩餘時間如何發揮作用。但我會告訴你，我們肯定會在各種情況下準備我們的 23 財年和 23 日曆預算，包括零售環境比我們今天更糟糕的情況。

And that's just, I think, good planning and preparation to make sure that we're prepared for a worse environment. But the numbers we shared with you for calendar '22 on a shipment and a retail side are what we believe is the case today. But as we will unfortunately acknowledge, the numbers that we've stated in the past have now proven to be too optimistic. And so we just have to continue to keep an eye on, obviously, consumer sentiment and the retail environment. And if those numbers worsen and 2023 looks worse, we will obviously have to continue to adjust our plans accordingly.

我認為，這只是良好的計劃和準備，以確保我們為更糟糕的環境做好準備。但是，我們與您分享的 '22 日曆在發貨和零售方面的數字是我們認為今天的情況。但不幸的是，我們將承認，我們過去所說的數字現在被證明過於樂觀。因此，顯然，我們只需要繼續關註消費者情緒和零售環境。如果這些數字惡化並且 2023 年看起來更糟，我們顯然將不得不繼續相應地調整我們的計劃。

Our next question comes from the line of Bret Jordan with Jefferies.

我們的下一個問題來自 Bret Jordan 和 Jefferies 的觀點。

2 quick questions, most have been asked. But could you talk about the Marine supply chain and the cadence of product availability there? And I guess, as it relates to the seasonality in that space, at what point would you need, I guess, engines in inventory to be able to manufacture for this season? And if they're not there, would those orders likely get extended? Or will those customers take them sort of into the fall winter months?

2 個快速問題，大多數已被問到。但是你能談談海洋供應鍊和那裡產品供應的節奏嗎？而且我想，由於它與該空間的季節性有關，我猜你需要在什麼時候庫存中的發動機才能為這個季節製造？如果他們不在那裡，這些訂單可能會延長嗎？或者這些客戶會帶他們進入秋冬月份嗎？

Yes. Thanks, Bret, for the question. And certainly, engines have been -- not unlike Motorized RV chassis, engines on the Marine side have been probably one of the most discussed supply chain constraints. I will tell you that over the last probably 6 to 12 months, we have adjusted our engine procurement strategy to match the -- both the availability of engines in the marketplace from a brand standpoint, but also potentially even the power placement on our products has been adjusted as well in terms of a production schedule.

是的。謝謝，布雷特，這個問題。當然，發動機一直是——與機動房車底盤不同，船舶方面的發動機可能是討論最多的供應鏈限制之一。我會告訴你，在過去大概 6 到 12 個月裡，我們已經調整了我們的發動機採購策略，以匹配——從品牌的角度來看，市場上發動機的可用性，甚至我們產品的動力配置都有可能在生產計劃方面也進行了調整。

And I'll just -- I'll be very honest and say that many of the boats that we make on the Chris-Craft and Barletta brands use Mercury engines. And the Mercury engine team has been fantastic to our 2 businesses in terms of working with us on availability to engines as much as they can. And we obviously know they do a significant amount of business with other boat brands in the marine industry. But we have been able to continue to keep our plants running at pretty decent levels and continue to grow both Chris-Craft and Barletta from a sales standpoint because of the good work that the Mercury team specifically has been doing. And we will continue to work closely with them to see what they can provide.

而且我會 - 我會非常誠實地說，我們在 Chris-Craft 和 Barletta 品牌上製造的許多船都使用 Mercury 發動機。 Mercury 引擎團隊在與我們合作盡可能多地提供引擎方面對我們的 2 家企業來說非常棒。而且我們顯然知道他們與海洋行業的其他船舶品牌開展了大量業務。但是，由於 Mercury 團隊一直在做的出色工作，我們能夠繼續保持我們的工廠以相當不錯的水平運行，並從銷售的角度繼續發展 Chris-Craft 和 Barletta。我們將繼續與他們密切合作，看看他們能提供什麼。

We also know dealers in the marine business. who are also trying to procure their own engines. In the event that they receive boats from OEMs without engines, we try not to do that very often. I won't say that we've never shipped a boat without an engine, but I would say that a high majority of the time, we're going to ship the boat with the engine. But the marine dealers have also been very active trying to procure their own engines in the event they need to match it up with a boat that comes in without one.

我們也認識海運業務的經銷商。他們也在嘗試採購自己的引擎。如果他們從原始設備製造商那裡收到沒有發動機的船，我們盡量不要經常這樣做。我不會說我們從來沒有運送過沒有引擎的船，但我會說大多數時候，我們會運送帶引擎的船。但船舶經銷商也非常積極地嘗試採購自己的發動機，以防他們需要將其與一艘沒有發動機的船相匹配。

So this is something that is a weekly, monthly challenge, but it is a good relationship we have with primarily that engine supplier, and we will work with them closely to try to keep a good production rhythm in our business.

所以這是每週、每月的挑戰，但我們主要與發動機供應商建立了良好的關係，我們將與他們密切合作，努力在我們的業務中保持良好的生產節奏。

Great. And then a quick follow-up, I guess, on your retail outlook of maybe 17% year-over-year decline. Does that assume we do not have a recession in '22? Is that sort of just a slowing but not dramatically slowing economic outlook?

偉大的。然後快速跟進，我猜，你的零售前景可能同比下降 17%。這是否假設我們在 22 年沒有經濟衰退？這只是經濟前景放緩而不是顯著放緩嗎？

Well, it's a fair question. Obviously, with the retail numbers we've seen recently from a year-over-year comp standpoint, on the RV side, I'm not sure yet we can differentiate in terms of RV retail in a nonformal recession versus RV retail in a formally called recession. So I really don't want to be in the business of predicting when the U.S. economy will formally be in a recession or not. All we can kind of deal with is what the outdoor consumer is willing to invest in today.

嗯，這是一個公平的問題。顯然，根據我們最近從同比比較的角度看到的零售數字，在 RV 方面，我不確定我們能否區分非正規衰退中的 RV 零售與正式經濟衰退中的 RV 零售。稱為衰退。所以我真的不想從事預測美國經濟何時會正式陷入衰退的業務。我們所能處理的只是戶外消費者今天願意投資的東西。

And as you know, with outdoor recreation products in general, we probably tend to lead the economy into a downturn. And hopefully, we're one of the earliest businesses to lead the economy out of a downturn. And so I think directionally, we've been signaling where the U.S. economy has been headed for some time now. So unfortunately, I won't make a prediction on when a recession will occur, but we're seeing in -- especially Towable RVs and now Motorized RVs, we're seeing meaningful retail pressure as we speak, and we're having to run our business accordingly to navigate through that.

如您所知，一般而言，對於戶外休閒產品，我們可能傾向於將經濟帶入低迷狀態。希望我們是最早帶領經濟走出低迷的企業之一。所以我認為有方向性，一段時間以來，我們一直在暗示美國經濟的發展方向。所以不幸的是，我不會預測經濟衰退何時會發生，但我們看到了——尤其是牽引式房車和現在的機動房車，我們在講話時看到了有意義的零售壓力，我們不得不相應地經營我們的業務以導航。

Our next question comes from David Whiston with Morningstar.

我們的下一個問題來自晨星的大衛惠斯頓。

I guess earlier, you said it's been tougher to pass on inflation lately, yet you did get pretty strong pricing in the quarter, you called out in the release. So I'm just trying to reconcile that. And perhaps related, are dealers at least for us already in backlog, are dealers locked into the price that they ordered from a few months ago? Or do you -- can you raise prices on orders already in place due to supply chain issues?

我猜早些時候，你說最近傳遞通脹變得更加困難，但你在本季度確實獲得了相當強勁的定價，你在發布中呼籲。所以我只是試圖調和這一點。也許相關的是，至少對我們來說，經銷商是否已經積壓，經銷商是否被鎖定在幾個月前訂購的價格中？或者您是否會因為供應鏈問題而提高已經到位的訂單價格？

Yes, David, thanks for the question. The answer to that question generally resides by business. And this is why it's good to have the backlogs be shorter and smaller in nature. The longer it takes for us to receive a dealer order and ultimately produce it and have it available for them to retail, the risk of inflation in that time period has really challenged us in the last year or so.

是的，大衛，謝謝你的提問。這個問題的答案通常取決於企業。這就是為什麼讓積壓工作在本質上越來越小是件好事。我們收到經銷商訂單並最終生產並供他們零售所需的時間越長，在過去一年左右的時間裡，通貨膨脹的風險確實對我們構成了挑戰。

And so it has been the case that at times the price that a dealer ordered the product at is different from the price that they get delivered -- the product delivered at. And that was because we were seeing extraordinarily long lead times because of supply chain constraints in the time it took to fulfill that order. With those retracting and the supply chain continuing to be better in some cases, the risk of that price changing for a dealer is probably lower.

因此，有時經銷商訂購產品的價格與他們交付的價格（交付的產品）不同。那是因為在完成訂單所需的時間裡，供應鏈受到限制，我們看到交貨時間異常長。在某些情況下，隨著那些撤出和供應鏈繼續改善，經銷商價格變化的風險可能會降低。

And candidly, I think we're very well aware that with consumer demand retracting in the RV industry specifically, that our ability to balance price increases and obviously, competitive market share advances is more challenged today than it ever has been. So if I were to guess Q3 would probably be the -- potentially the current peak of the pricing power that we were able to demonstrate in the last year or 2. And it will be more difficult, and we will need to be smarter and more selective when passing price on in the future.

坦率地說，我認為我們非常清楚，隨著 RV 行業的消費者需求下降，我們平衡價格上漲的能力，顯然，競爭性市場份額的增長在今天比以往任何時候都更具挑戰性。因此，如果我猜測第三季度可能是 - 可能是我們在過去一兩年中能夠展示的定價能力的當前峰值。這將更加困難，我們將需要更聰明、更在未來傳遞價格時有選擇性。

And then the comments that we made in the script, we certainly mentioned that smart pricing will continue to be a lever. But again, with slowing retail, we need to be much more careful about when and if and how to do that. And so that will play into some of the pressure on profitability, probably facing us in the future as well.

然後我們在腳本中所做的評論，我們當然提到智能定價將繼續成為一個槓桿。但同樣，隨著零售業放緩，我們需要更加小心何時、是否以及如何做到這一點。因此，這將對盈利能力產生一些壓力，未來可能也會面臨我們。

And David, adding on to that, this is Bryan, you asked a question from the perspective of the dealer. Historically, we have price protected as an industry, both Marine and RV, the retail buyer. So when they sign a contract, we would honor a price protection. Given the severity of inflationary pressures, that practice has fallen by the wayside in RVs. Yes, for the most part, price protection for the retail customer has had to be put on the sideline.

大衛，補充一點，這是布萊恩，你從經銷商的角度提出了一個問題。從歷史上看，我們作為一個行業的價格保護，包括海洋和房車，零售買家。因此，當他們簽訂合同時，我們會遵守價格保護。鑑於通脹壓力的嚴重性，這種做法在房車中已被擱置。是的，在大多數情況下，零售客戶的價格保護不得不被擱置一旁。

So I think just with the pervasive inflationary pressures, we've seen that historical practice across the industry had to change just to make sure that the OEMs were protected from those inflationary pressures.

因此，我認為，就普遍存在的通脹壓力而言，我們已經看到整個行業的歷史做法必須改變，以確保原始設備製造商免受通脹壓力的影響。

Okay. That's helpful. And on -- I guess, staying with the topic, what about the dealers in terms of asking for inventory versus 3 months ago, 4 months ago? Are they much less enthusiastic about it or about the same or just a little bit off?

好的。這很有幫助。然後——我想，保持這個話題，經銷商在詢問庫存方面與 3 個月前、4 個月前相比怎麼樣？他們對它的熱情是不是少了很多，還是差不多，或者只是有點偏離？

Yes. And again, I think we'll answer that by segment. In the Marine segment, dealers are still looking for inventory. There are probably less prospective buyers for each new boat, but there are probably still multiple prospective buyers for each new boat that's delivered. But -- and so they are still asking for -- and taking the orders and the product that, obviously, we're producing.

是的。再說一次，我想我們會按部分回答這個問題。在船舶領域，經銷商仍在尋找庫存。每艘新船的潛在買家可能較少，但每艘交付的新船可能仍有多個潛在買家。但是 - 所以他們仍然要求 - 並接受我們正在生產的訂單和產品。

The Motorized RV side, it will depend a bit on which category. But generally, field inventories are still meaningfully lower than most dealers would like them on motorized. And so they will continue to take motorized inventory per their discussions with their respective OEM.

電動房車方面，這將取決於哪個類別。但總的來說，現場庫存仍然明顯低於大多數經銷商對機動車輛的期望。因此，他們將根據與各自 OEM 的討論繼續獲取機動化庫存。

Towables is now where with the field being full on Towable RV inventory. Those discussions are happening between the dealers and OEMs like us in terms of what they now need. And that -- those orders going forward will almost certainly be reflective of retail trends and any new products that an OEM would deliver to the market. Those are probably the things that are now going to impact new orders on Towable RV. So that activity is certainly lower because the field inventory is ample at this time.

Towables 現在是 Towable RV 庫存滿的地方。這些討論正在經銷商和像我們這樣的原始設備製造商之間就他們現在需要的東西進行。而且，這些未來的訂單幾乎肯定會反映零售趨勢以及 OEM 將向市場提供的任何新產品。這些可能是現在將影響 Towable RV 新訂單的事情。因此，該活動肯定較低，因為此時現場庫存充足。

And Towable backlog is about $1.3 billion. Are you worried at all about cancellations accelerating going forward in Towables, I mean?

可拖曳的積壓訂單約為 13 億美元。我的意思是，您是否擔心在 Towables 中會加速取消？

It is -- there is potential for that backlog to continue to come down as dealers revisit and if retail is different than what they're projecting in their businesses. So there probably is some risk to that. We also, though, have a much improved ability on Towable RVs to produce when we need to as well. The supply chain of all of our businesses, the supply chain is probably in the best shape on Towable RVs.

這是 - 隨著經銷商重新審視以及零售與他們在業務中預測的不同，積壓的可能性會繼續下降。因此，這可能存在一些風險。不過，我們也大大提高了可牽引房車在需要時生產的能力。我們所有業務的供應鏈，供應鏈可能在拖車房車上處於最佳狀態。

And so the combination of us being able to produce to the demand that they want, combined with them being probably much more careful on the orders that they want to be active in the future, we'll probably continue to reflect a declining backlog on Towables. Again, I don't think that's a bad thing. It just means now that the business is adjusting to match the rhythm of retail going forward as opposed to the frenetic 2-year run, we were on where dealers just placed a ton of orders with probably multiple OEMs to make sure that they were in line to get whatever product they could.

因此，我們能夠滿足他們想要的需求，再加上他們可能對他們希望在未來活躍的訂單更加謹慎，我們可能會繼續反映 Towables 的積壓下降.再說一次，我不認為這是一件壞事。這只是意味著現在業務正在調整以適應零售的節奏，而不是狂熱的 2 年運行，我們處於經銷商剛剛向可能有多個 OEM 下達大量訂單以確保他們符合要求的地方得到他們能得到的任何產品。

And just one last one is kind of on that theme normal, whatever that is these days. There's been a lot more uptick in demand for air travel. Europe has been opening up. I'm just curious at the consumer level, are you seeing any kind of substitute away from the outdoor lifestyle for these other leisure options?

最後一個是正常的主題，不管這些天是什麼。對航空旅行的需求增加了很多。歐洲一直在開放。我只是對消費者層面的問題感到好奇，您是否看到了戶外生活方式之外的其他休閒選擇的替代品？

We are seeing no decrease in consumer participation in the outdoors. Camp grounds are full. Reservations into the future are full. Marinas are full. It's tough to get a boat sleep these days almost anywhere in the country. It's just -- rentals are still strong. We're seeing what they're calling nearcations on the rental side. Consumers are traveling less -- or less miles, excuse me, less distance because of gas prices, but they're still participating.

我們沒有看到消費者在戶外活動中的參與度沒有減少。營地已滿。對未來的預訂已滿。碼頭已滿。如今，幾乎在全國任何地方都很難在船上睡覺。只是——租金仍然強勁。我們在租賃方面看到了他們所說的近郊。由於汽油價格，消費者的旅行減少了——或者說里程減少了，距離減少了，但他們仍然參與其中。

So if anything, we've seen in an adjustment because of probably gas and food inflation, to how people are traveling in terms of RV-ing and boating but we're not seeing a decline in any interest. And I'll just remind everybody that the cost of an RV for a trip still compares very favorably to the cost of a trip where you have to jump on a plane and staying on a hotel and reserve a rental car.

因此，如果有的話，我們已經看到了調整，因為可能是汽油和食品通脹，人們在房車和划船方面的旅行方式，但我們沒有看到任何興趣下降。我只想提醒大家，旅行的房車費用仍然比你必須跳上飛機、住在酒店和預訂租車的旅行費用更優惠。

We continue to still be a pretty economically viable option for people that want to spend time in the outdoors, especially from a renting standpoint and an existing ownership standpoint. So we understand those other choices are coming back. And that may have some influence on discretionary spending without a doubt, but we're not seeing consumer interest and engagement in the outdoors decline.

對於想要在戶外度過時光的人來說，我們仍然是一個非常經濟可行的選擇，尤其是從租賃的角度和現有所有權的角度來看。因此，我們了解其他選擇正在回歸。毫無疑問，這可能會對可自由支配的支出產生一些影響，但我們並沒有看到消費者對戶外活動的興趣和參與度下降。

Our next question comes from the line of Joe Altobello with Raymond James.

我們的下一個問題來自 Joe Altobello 和 Raymond James 的對話。

I just had one question. Most of my questions have been asked and answered already, but I wanted to go back to something you said earlier, Mike, about the shipment share numbers for Winnebago being down in April, which obviously is a good thing from a rationality standpoint. And I certainly don't want to put words in your mouth, but it does seem like the industry may not be acting as rationally as you would have liked from a production standpoint. One, is that fair to say? And I guess secondly, any sense anecdotally that it's gotten better here in May and June since it would have to get to that 530,000 number that you guys are looking for from a shipment standpoint this year?

我只有一個問題。我的大部分問題已經被問及並得到了回答，但我想回到你之前所說的，邁克，關於 Winnebago 4 月份的出貨量下降，從理性的角度來看，這顯然是一件好事。我當然不想把話放在你的嘴裡，但從生產的角度來看，這個行業的行為似乎不像你所希望的那樣理性。一，這樣說公平嗎？其次，我猜想，從今年出貨量的角度來看，它必須達到你們正在尋找的 530,000 個數字，因此在 5 月和 6 月這裡變得更好了嗎？

Yes. Thanks, Joe, for the questions. I'll speak to the shipment share first. And again, I just want to make sure I'm specific here so as to not overgeneralize. Our shipment share on the Marine side probably is increasing. Our shipment share on the Motorized RV side has been stable to, in some cases, increasing. Our shipment share on the Towable RV side, based on the latest industry month of shipments we have, showed a small decline in part, mostly almost exclusively because we have been trying to make sure that our production schedules are, again, being adjusted to the demand of the market.

是的。謝謝，喬，你的問題。我先談談貨運份額。再說一次，我只是想確保我在這裡是具體的，以免過度概括。我們在海運方面的出貨份額可能正在增加。我們在機動房車方面的出貨量份額一直穩定，在某些情況下會增加。根據我們擁有的最新行業月份的出貨量，我們在 Towable RV 方面的出貨量份額出現了小幅下降，這幾乎完全是因為我們一直在努力確保我們的生產計劃再次調整到市場的需求。

And I will suggest that the industry in 2022 has been more rational in macro with adjusting to now a more difficult retail environment than probably in some periods in the past, especially in the 2018, 2019 period. And all signs of competitive production activity that we're seeing in the summer months on Towable RVs suggest to us that OEMs are adjusting their production schedules to try to prevent excessive inventory in the market as we head into the fall of 2022. But again, all of that is dependent ultimately on where retail goes as well. So Bryan, do you have any comments on Joe's second question?

我會建議，2022 年的行業在宏觀上更加理性，調整到現在比過去某些時期更困難的零售環境，尤其是在 2018 年、2019 年期間。我們在夏季幾個月看到的可牽引房車生產活動的所有跡像都向我們表明，原始設備製造商正在調整他們的生產計劃，以試圖在我們進入 2022 年秋季時防止市場庫存過多。但同樣，所有這一切最終也取決於零售的去向。那麼布萊恩，你對喬的第二個問題有什麼意見嗎？

No, nothing further to add from what we've stated previously. I think, Joe, if you want to narrow in on something specifically, let me know, but I don't have anything further to add.

不，沒有什麼比我們之前所說的要補充的了。我想，喬，如果你想具體地縮小範圍，請告訴我，但我沒有進一步的補充。

Okay. No, that's perfect. I was going to ask you about your outlook for '23 retail, but it sounds like you're not ready to touch that one at this point. So I appreciate it.

好的。不，那是完美的。我本來想問你對 23 年零售業的展望，但聽起來你現在還沒有準備好接觸那個。所以我很感激。

Next question comes from James Hardiman with Citi.

下一個問題來自花旗的 James Hardiman。

Really appreciate all the color and the detail. I wanted to connect a couple of dots here. So this 475,000 unit retail estimate for the year. That's down 17% year-over-year. I'm just trying to figure out why that's the right number? I think if I'm doing the math right, through April, the industry is down 22% year-to-date. And obviously, April was the most concerning of those months down 30% plus.

真的很欣賞所有的顏色和細節。我想在這裡連接幾個點。所以這個 475,000 單位的零售估計今年。同比下降 17%。我只是想弄清楚為什麼這是正確的數字？我認為，如果我計算正確，到 4 月份，該行業今年迄今下跌了 22%。顯然，4 月份是這幾個月中最令人擔憂的月份，下跌了 30% 以上。

And then from the commentary that you gave us, Mike, it didn't seem like there was a meaningful movement from a comp perspective in May and early June, and I understand that, that was your numbers as opposed to the industry. But help me understand if and when we will see the year-over-year numbers improve. And I'm sure part of the answer has to do with comparisons easing but maybe walk us through some of that.

然後從你給我們的評論來看，邁克，從比賽的角度來看，5 月和 6 月初似乎沒有發生有意義的運動，我明白，這是你的數字，而不是行業。但請幫助我了解我們是否以及何時會看到同比數字有所改善。我敢肯定，部分答案與比較放鬆有關，但也許會引導我們完成其中的一些。

Yes. Thanks, James. I think you answered the question a bit with your last comment there. It is probably more mathematically some of the easier comps that we start to see in the back half of the year mathematically. But there is no doubt that the projection that we offer today on retail, which I think is in line with what many other companies have also said, is dependent on what we see through the heavy retail selling months that we have here this summer, May through August specifically.

是的。謝謝，詹姆斯。我認為您在最後的評論中回答了這個問題。從數學上講，我們在今年下半年開始看到的一些更簡單的組合可能更數學化。但毫無疑問，我們今天對零售業的預測（我認為這與許多其他公司所說的一致）取決於我們在今年夏天（5 月）在這裡經歷的大量零售銷售月份所看到的情況具體到八月。

So that's our best guess at the present time. The math is such that in the fall, early winter months of calendar 2022, the retail comparisons do get a little bit easier. And so you may not see a steeper percentage decline. But if we don't see retail stability in terms of sort of a lower sustained level throughout the summer months, certainly, there could be risk to that number. And as my comments indicated this morning, we are seeing a level of retail stability in terms of comp percentage currently. The units still vary by month because of the seasonality of the business. But we have not, for example, seen a negative 25% number go to a negative 50%. And I'm just making up those 2 numbers. But just -- we're not seeing retail take a dramatic turn for worse as of late. It has seemed to sort of level off comp wise.

所以這是我們目前最好的猜測。這樣算來，在 2022 年的秋季和初冬月份，零售比較確實變得容易了一些。因此，您可能不會看到百分比下降幅度更大。但是，如果我們在整個夏季的幾個月中沒有看到零售穩定在較低的持續水平上，那麼這個數字當然可能存在風險。正如我今天早上的評論所表明的那樣，我們目前看到的零售百分比在一定程度上保持穩定。由於業務的季節性，這些單位仍因月而異。但是，例如，我們還沒有看到負 25% 的數字變為負 50%。我只是在編造這兩個數字。但只是 - 我們沒有看到零售業最近出現急劇惡化。它似乎在比較明智的情況下趨於平穩。

So I guess we view that as an okay sign that the environment is sort of stabilized a bit. It's still not as healthy as we'd like it to be, but we'll just take every week at a time.

所以我想我們認為這是一個好的跡象，表明環境有點穩定。它仍然不像我們希望的那樣健康，但我們每週一次。

Makes sense. And then one more for me. I think that people are trying to maybe think through what comes next. The pricing component is a big part of that, right? And when I run through the numbers, your ASP is up more than 50% all-in versus the same quarter in 2019. Now I know some of that is acquisition-related, right, Newmar, I guess, most notably bumped up those ASPs. So given the fact that you already pointed out that this might be the high watermark in terms of what you're able to get in pricing. Is there any way to think about a like-for-like sort of -- if I'm a consumer, what is the net price increase today versus 2019? And sort of any way to think about how much of that you think you might be able to keep?

說得通。然後再給我一個。我認為人們正在努力思考接下來會發生什麼。定價部分是其中的重要組成部分，對吧？當我查看這些數字時，您的 ASP 與 2019 年同一季度相比上漲了 50% 以上。現在我知道其中一些與收購有關，對，我猜是 Newmar，最顯著地提高了這些 ASP .因此，鑑於您已經指出，這可能是您能夠在定價中獲得的最高水位線。有什麼辦法可以考慮同類產品——如果我是消費者，與 2019 年相比，今天的淨價格漲幅是多少？有什麼方法可以考慮你認為你可以保留多少？

Well, I mean, certainly, I don't see us at the present time having the ability to roll prices back first and foremost. So in terms of pricing the consumer will see, that will be dependent, probably more on dealer pricing strategies than OEM pricing strategies, I'll say, in the rest of 2022.

好吧，我的意思是，當然，我目前不認為我們有能力首先降低價格。因此，就消費者將看到的定價而言，這可能更多地取決於經銷商的定價策略，而不是 OEM 定價策略，我會說，在 2022 年剩下的時間裡。

Retail prices went to some pretty high levels in the market because the demand-supply imbalance was significant. And you saw dealer profitability on new units increase significantly for a period of time. As I mentioned earlier, their profitability is now relaxing to more historical levels or slightly better. And believe me, we root for dealers to be financially healthy because they are representatives to the consumer year round. But I think you'll see retail price fluctuation happen first because of the dealer strategies.

由於供需失衡嚴重，零售價格在市場上達到了相當高的水平。您看到經銷商在新設備上的盈利能力在一段時間內顯著增加。正如我之前提到的，他們的盈利能力現在正在放鬆到更多的歷史水平或略好一些。相信我，我們支持經銷商保持財務健康，因為他們全年都是消費者的代表。但我認為，由於經銷商策略，您會首先看到零售價格波動。

And at an OEM level, we just continue to see inflation quarter-after-quarter escalate or I shouldn't say escalated, just continues to happen. It seems to be decelerating in terms of the degree of inflation but it is still present with us. And so we have to be extraordinarily determined and creative to try to manage those input costs with operational efficiency, work with our supplier partners so that we limit the inflation to the degree that we have to now then consider pricing action.

在原始設備製造商層面，我們只是繼續看到通脹逐季升級，或者我不應該說升級，只是繼續發生。就通貨膨脹程度而言，它似乎正在減速，但它仍然存在。因此，我們必須非常堅定和創造性地嘗試以運營效率管理這些投入成本，與我們的供應商合作夥伴合作，以便我們將通貨膨脹限制在我們現在必須考慮定價行動的程度。

And so it is inevitable, most likely in the remainder of 2022 and probably into '23, unless inflation completely stops that we will continue to have to look at price -- smart pricing and selective pricing action because of inflation. It's not what we want to do, and it doesn't even mean that we'll be able to hold the gross profitability that we just reported in this quarter. But we will have to continue to use that as a lever if inflation persists.

因此這是不可避免的，最有可能在 2022 年剩餘時間，甚至可能到 23 年，除非通脹完全停止，否則我們將繼續關注價格——智能定價和因通脹而採取的選擇性定價行動。這不是我們想要做的，甚至不意味著我們將能夠保持我們剛剛在本季度報告的總盈利能力。但如果通脹持續下去，我們將不得不繼續將其用作槓桿。

And the consumer nor the dealer is not going to be a big fan of that, and we recognize that. And so we will have to use very good judgment in terms of our ability to pass that on and again, still hold or increase market share in our businesses.

消費者和經銷商都不會是這個的忠實擁護者，我們認識到這一點。因此，我們必須使用非常好的判斷力來判斷我們是否能夠一次又一次地傳遞它，仍然保持或增加我們業務的市場份額。

Our next question comes from John Healy with Northcoast Research.

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

I wanted to try to dive in a little bit more on your efforts to align the production with the right state of retail. And the comparison of previous years might not be the right one. So I was wondering if you could give us a little bit of a history lesson in terms of this time of the year through the end of the summer into the new model years, how do you typically manage labor? How many weeks do the plants kind of shut down? I know typically around 4th of July, there's some activity.

我想嘗試更深入地了解您為使生產與正確的零售狀態保持一致所做的努力。而且往年的比較可能不是正確的。所以我想知道你能否給我們上一堂歷史課，從每年的這個時候到夏末到新車型年，你通常如何管理勞動力？工廠關閉多少週？我知道通常在 7 月 4 日左右，會有一些活動。

What was it like pre-COVID? What was it like last year? And what might we expect this year? Kind of what exactly are your plans? And how many weeks do you kind of feel like you need to trim off the production schedule to kind of align to these updates thoughts of the low end of the shipment guidance for the industry for the year? And I think you mentioned it previously, but it does sound like you are seeing positive indicators that it's not just you that is aligning production, your peers are as well. So I just wanted to get confirmation of that.

COVID 之前是什麼樣的？去年是什麼樣的？今年我們可以期待什麼？你的計劃到底是什麼？你覺得你需要多少週的生產計劃才能與今年行業出貨指導低端的這些更新想法保持一致？而且我認為您之前提到過，但聽起來您確實看到了積極的跡象，表明調整生產的不僅僅是您，您的同行也是如此。所以我只是想確認一下。

Yes, John, thanks for the question. Unfortunately, I probably won't be able to offer a specific an answer as you'd like for multiple reasons. But again, it does vary based on the segments. I don't anticipate Marine production to be demonstrably different at all in 2022 and into 2023 than what we did in 2020 and 2021.

是的，約翰，謝謝你的問題。不幸的是，由於多種原因，我可能無法提供您想要的具體答案。但同樣，它確實因細分市場而異。我預計 2022 年和 2023 年的海洋生產與 2020 年和 2021 年的生產完全不同。

On Motorized RVs, I don't anticipate Motorized RV production to be significantly different in 2022 and into 2023, than the last couple of years. On both of those segments, it will more be a function of near term the supply base being able to serve our production requirements and then secondarily, obviously, ultimately, the trend of retail in the market.

在機動房車上，我預計機動房車的產量在 2022 年和 2023 年不會與過去幾年有顯著差異。在這兩個領域，這將更多地是短期內供應基礎能夠滿足我們的生產需求，其次是，顯然，最終是市場零售的趨勢。

On Towable RVs, our businesses will be running less weeks of production, the remainder of calendar 2022 as retail obviously is lower than we had anticipated at the beginning of calendar 2022. And the dealer -- again, field inventory is in a healthy full state. So the specific weeks and days varies by business. And without getting too deep into the weeds, there are even sort of cultural legacy or history or reasons as to when and how you take time off in some of the -- so that is ultimately where we are...

在可牽引房車上，我們的業務將在 2022 年剩餘時間內生產更少的周數，因為零售顯然低於我們在 2022 年年初的預期。經銷商——再次，現場庫存處於健康的完整狀態.因此，具體的星期和日期因業務而異。無需深入了解雜草，甚至還有某種文化遺產或歷史或原因，說明您何時以及如何在某些地方休假 - 所以這就是我們最終所處的位置......

Operator, can you help?

接線員，你能幫忙嗎？

One moment, please. Okay. You may resume, sorry.

稍等一會兒。好的。你可以繼續，對不起。

Thank you. John, I think that probably completes my answer, if you're still with us.

謝謝你。約翰，如果你還和我們在一起，我想這可能會完成我的回答。

I have a follow-up with Scott Stember with MKM Partners.

我與 MKM Partners 的 Scott Stember 進行了跟進。

Yes, just a follow-up. I think in past calls, you've talked about the backlog being 6 months out. Is that still the story right now?

是的，只是一個後續。我認為在過去的電話會議中，您談到了 6 個月後的積壓工作。這還是現在的故事嗎？

So Scott, what we do represent in our quarterly earnings every month is the backlog of units that dealers would like us to deliver within a 6-month period. Sometimes we do get forecast or even orders from dealers for a longer period of time. That usually happens when we have dealer meetings and we have sort of new model year booking events, they give us maybe even more than a half year's look of orders. But we generally only include orders in our quarterly earnings release on product that dealers want to receive within a 6-month period. That does not mean that every unit in that backlog can wait for 6 months.

因此，斯科特，我們在每個月的季度收益中所代表的是經銷商希望我們在 6 個月內交付的積壓單位。有時我們確實會在較長時間內從經銷商處獲得預測甚至訂單。這通常發生在我們舉行經銷商會議並且我們有某種新車型年預訂活動時，他們給我們甚至可能超過半年的訂單。但我們通常只在我們的季度收益發布中包含經銷商希望在 6 個月內收到的產品訂單。這並不意味著該積壓中的每個單元都可以等待 6 個月。

In some cases, the dealers still need it today because they may be out of that particular SKU or model in the near term. So again, as the retail environment, especially on the RV segment continues to be challenging, we will continue monthly with our dealers to try to make sure that the numbers that they give to us are reflective of what they really think that they can take from us. Because once we turn that into a confirmed order, we start the production process on that unit. And once it's in the production process, we expect the dealers to honor taking that product.

在某些情況下，經銷商今天仍然需要它，因為他們可能在短期內沒有特定的 SKU 或型號。再說一次，隨著零售環境，尤其是房車領域的持續挑戰，我們將繼續每月與我們的經銷商合作，以確保他們提供給我們的數字反映了他們真正認為可以從中獲得的東西我們。因為一旦我們把它變成一個確認的訂單，我們就會在那個單元上開始生產過程。一旦它進入生產過程，我們希望經銷商能夠兌現該產品。

And I'm currently showing no further questions at this time. I'd like to hand the conference back over to our host.

我目前沒有提出其他問題。我想把會議交還給我們的東道主。

Thank you, operator, and thank you, everyone, for joining our call today. We really do appreciate you taking time out of your busy schedules to be with us this morning. Have a great day.

謝謝你，接線員，謝謝大家今天加入我們的電話。我們非常感謝您今天早上從繁忙的日程中抽出時間與我們在一起。祝你有美好的一天。

Ladies and gentlemen, thank you for your participation. You may now disconnect. Everyone, have a wonderful day.

女士們，先生們，感謝你們的參與。您現在可以斷開連接。大家，有一個美好的一天。