Winnebago Industries Inc (WGO) 2022 Q4 法說會逐字稿

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

美好的一天，感謝您的支持。歡迎來到 2022 年第四季度 Winnebago Industries 財務業績電話會議。 （操作員說明）請注意，今天的會議可能會被錄製。

I would now like to hand the conference over to your speaker today, Ray Posadas, Vice President of Investor Relations and Market Intelligence. Please go ahead.

我現在想把會議交給你今天的演講者，投資者關係和市場情報副總裁 Ray Posadas。請繼續。

Good morning, and thank you for joining us today to discuss our fiscal 2022 fourth quarter and full year earnings results. As you may know, I am new to Winnebago Industries and excited to be working with the team as we continue to partner with our analysts and investors and seek to deepen our relationships with the investment community. I look forward to connecting with more of you in the months ahead.

早上好，感謝您今天加入我們，討論我們的 2022 財年第四季度和全年收益結果。如您所知，我是 Winnebago Industries 的新手，很高興能與團隊合作，因為我們將繼續與我們的分析師和投資者合作，並尋求加深我們與投資界的關係。我期待在未來幾個月與更多人聯繫。

I am joined on the call today by Mike Happe, President and Chief Executive Officer; and Bryan Hughes, Vice President and Chief Financial Officer.

今天，總裁兼首席執行官 Mike Happe 加入了我的電話會議；以及副總裁兼首席財務官 Bryan Hughes。

This call is being broadcast live on our website at investor.wgo.net, and the replay of the call will be available on our website later today. The news release with the fourth quarter and full year results was issued and posted to our website earlier this morning, along with the fourth quarter earnings supplement.

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播放電話會議的重播。第四季度和全年業績的新聞稿已於今天上午早些時候發布並發佈到我們的網站，以及第四季度收益補充。

Before we start, I would 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 securities 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，在今天的電話會議中就 Winnebago Industries 及其運營做出的某些陳述可能被視為證券法下的前瞻性陳述。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？

Thanks, Ray, and let me officially welcome you to the team. We look forward to your contribution, certainly. Additionally, I would like to thank Steve Stuber for his efforts in the past several years as our Investor Relations leader and wish him well as he transitions internally to the CFO position within our Grand Design RV subsidiary. We are truly grateful to have both Ray and Steve on our team here.

謝謝，雷，讓我正式歡迎你加入團隊。我們當然期待您的貢獻。此外，我要感謝 Steve Stuber 在過去幾年中作為我們的投資者關係負責人所做的努力，並祝愿他在內部過渡到我們 Grand Design RV 子公司的 CFO 職位上一切順利。我們非常感謝 Ray 和 Steve 都在我們的團隊中。

Now good morning, everyone. As always, we appreciate your interest in Winnebago Industries and taking the time to discuss our fiscal 2022 full year and fourth quarter results.

現在大家早上好。與往常一樣，我們感謝您對 Winnebago Industries 的興趣，並花時間討論我們的 2022 財年全年和第四季度業績。

I will start the call with an overview of our performance during the quarter and the full year, then pass it to Bryan Hughes to cover our financial results in more detail. Subsequently, I will offer some closing thoughts before we turn to your questions.

我將首先概述我們在本季度和全年的表現，然後將其傳遞給 Bryan Hughes，以更詳細地介紹我們的財務業績。隨後，在我們轉向您的問題之前，我將提供一些結束的想法。

As those who follow Winnebago Industries know well, over the past 7 fiscal years, we have been laser-focused on enhancing and strengthening our enterprise portfolio. The success of those initiatives has created a more diversified, resilient, competitive and profitable Winnebago Industries. This was never more evident than in fiscal year 2022 when our company achieved record revenue, profitability and overall outdoor market share.

正如追隨 Winnebago Industries 的人所熟知的那樣，在過去的 7 個財年中，我們一直專注於增強和加強我們的企業組合。這些舉措的成功創造了一個更加多元化、有彈性、有競爭力和盈利的 Winnebago Industries。這一點在 2022 財年最為明顯，當時我們公司實現了創紀錄的收入、盈利能力和整體戶外市場份額。

Today, we have 5 premium outdoor brands, spanning 2 large and secularly strong outdoor recreation industries, Recreational Vehicles and Marine, both enabling us to connect with a broad range of outdoor consumers. We have also substantially grown our overall market penetration as more outdoor lifestyle consumers recognize and respond to the golden threads of quality, service and innovation they see throughout the Winnebago Industries portfolio.

今天，我們擁有 5 個優質戶外品牌，涵蓋 2 個大型且長期強大的戶外休閒行業，即 Recreational Vehicles 和 Marine，這兩個品牌都使我們能夠與廣泛的戶外消費者建立聯繫。隨著越來越多的戶外生活方式消費者認識到並響應他們在 Winnebago Industries 產品組合中看到的質量、服務和創新的金線，我們的整體市場滲透率也大幅提高。

It is no secret that demand for outdoor products exploded in the last 2 years and that new consumer trends have emerged, which will impact our industries forever. Thanks to the relentless focus, commitment and heart of our world-class team here, we delivered on unprecedented levels of demand for our premium products as new and existing consumers embrace the outdoor lifestyle.

眾所周知，戶外產品的需求在過去 2 年呈爆炸式增長，新的消費趨勢已經出現，這將永遠影響我們的行業。得益於我們世界級團隊的不懈關注、承諾和核心，隨著新老消費者對戶外生活方式的接受，我們對我們的優質產品的需求達到了前所未有的水平。

While recognizing the inevitable normalization of short-term outdoor demand, we continue to believe that growing interest in the outdoors by an increasingly diverse range of consumers are lasting in the long term and that we at Winnebago Industries are better positioned more than ever to serve a wide range of consumers with our diversified portfolio.

在認識到短期戶外需求不可避免的正常化的同時，我們仍然相信，從長遠來看，越來越多樣化的消費者對戶外活動日益增長的興趣是持久的，我們 Winnebago Industries 比以往任何時候都更有能力為憑藉我們多元化的產品組合，為廣大消費者提供服務。

The past year has ushered in a new landscape. Inflation and rising interest rates are reshaping the economy on a macro level. These trends are certainly impacting the strong retail demand environment that Winnebago Industries has been so successful at capitalizing on. However, we feel confident that our business is positioned to continue to perform well through economic cycles.

過去的一年迎來了新的局面。通貨膨脹和利率上升正在宏觀層面重塑經濟。這些趨勢無疑正在影響 Winnebago Industries 成功利用的強勁零售需求環境。然而，我們相信我們的業務將在經濟周期中繼續保持良好表現。

I will touch on the multiple ways we are adjusting to ensure that we continue to deliver strong profitability and shareholder value. Our recent performance in fiscal year 2022 best demonstrates our flexibility and ability to deliver in a volatile environment. Winnebago Industries' fourth quarter results were a strong finish to an outstanding year in which we delivered record revenue and profitability. We recorded fourth quarter net revenues of $1.2 billion, which represent a 14% increase over the same period last year.

我將談到我們正在調整的多種方式，以確保我們繼續提供強大的盈利能力和股東價值。我們最近在 2022 財年的表現最好地證明了我們在動盪環境中的靈活性和交付能力。 Winnebago Industries 的第四季度業績為我們創造創紀錄收入和盈利能力的傑出年度畫上了圓滿的句號。我們錄得第四季度淨收入為 12 億美元，比去年同期增長 14%。

Our performance was driven by the same key dynamics that have shaped the last few quarters. First, a sustained excitement for the outdoor lifestyle remained a powerful tailwind, driving demand for Winnebago Industries premium products. Our leading brands continue to win with our increasingly diverse consumer base, allowing us to maintain our strong market share positions within a challenging economic environment.

我們的表現是由過去幾個季度形成的相同關鍵動力驅動的。首先，對戶外生活方式的持續興奮仍然是一股強大的順風，推動了對 Winnebago Industries 優質產品的需求。我們的領先品牌繼續憑藉我們日益多樣化的消費者基礎贏得勝利，使我們能夠在充滿挑戰的經濟環境中保持我們強大的市場份額地位。

Second, our team's relentless demonstration of operational excellence enabled us to deliver for consumers and our dealer partners efficiently and profitably. The team has delivered on the bottom line through the pricing power of our brands the innovation of our products, the agility of our supply chain, the increasing efficiency of our operations and disciplined investments in SG&A.

其次，我們團隊對卓越運營的不懈展示使我們能夠高效地為消費者和我們的經銷商合作夥伴提供服務，並從中獲利。該團隊通過我們品牌的定價能力、我們的產品創新、我們供應鏈的敏捷性、我們運營效率的提高以及對 SG&A 的嚴格投資，實現了盈利。

As I have discussed in previous quarters, in this constantly evolving macro environment, the holistic supply chain for each of our segments are experiencing varying degrees of disruption, which, in turn, impacts dealer inventory levels in different ways. For example, we continue to manage Towable RV production levels to align with ongoing consumer end market demand, while our Motorhome RV and Marine businesses work to replenish dealer inventories carefully.

正如我在前幾個季度所討論的那樣，在這個不斷變化的宏觀環境中，我們每個細分市場的整體供應鏈都在經歷不同程度的中斷，這反過來又以不同的方式影響經銷商的庫存水平。例如，我們繼續管理可牽引房車的生產水平，以適應持續的消費者終端市場需求，而我們的房車房車和船舶業務則努力補充經銷商庫存。

Responsibly producing and maintaining appropriate field inventory levels remains a priority, and we are working closely with each of our dealer partners to sustainably ensure they have the supply they need. I have confidence that the world-class Winnebago Industries team will rise to the challenges they always have.

負責任地生產和維持適當的現場庫存水平仍然是當務之急，我們正在與每個經銷商合作夥伴密切合作，以可持續地確保他們擁有所需的供應。我有信心，世界級的 Winnebago Industries 團隊將迎接他們一直面臨的挑戰。

Our performance throughout fiscal 2022 is a testament to the power of our people, the strength of our operations and the extraordinary quality of our products. Early in the year, we delivered on voracious demand, running our production at full capacity to achieve tremendous growth. Even then, we likely lost shipment share in select RV categories as we maintain an ongoing sense of discipline and shipments versus other industry players' appetites.

我們在整個 2022 財年的表現證明了我們員工的力量、我們的運營實力和我們產品的卓越品質。今年年初，我們滿足了貪婪的需求，滿負荷生產，實現了巨大的增長。即便如此，由於我們保持持續的紀律意識和出貨量與其他行業參與者的胃口相比，我們可能會失去部分房車類別的出貨量份額。

As market conditions have recently downshifted, we have exercised further rigor and a focus on sustainable long-term value by constantly adjusting production in certain business segments to calibrate to the needs of our dealers and the end consumer demand levels.

隨著市場狀況最近有所下降，我們通過不斷調整某些業務部門的生產以適應我們經銷商的需求和最終消費者的需求水平，更加嚴格並專注於可持續的長期價值。

Additionally, our team executed and managed the businesses through supply shortages and pricing actions to cover significant cost inflation through the year, delivering annual record net revenues of $5 billion, record annual RV market share of 12.7% and a record gross margin of 18.7%.

此外，我們的團隊通過供應短缺和定價行動來執行和管理業務，以應對全年的顯著成本膨脹，實現了創紀錄的 50 億美元年度淨收入、創紀錄的 12.7% 的年度房車市場份額和創紀錄的 18.7% 的毛利率。

And finally, we returned record levels of cash to our shareholders, which Bryan will touch on during his commentary.

最後，我們向股東返還了創紀錄水平的現金，布萊恩將在他的評論中談到這一點。

Most importantly, we continue to innovate here and add strategic investments in talent. Earlier this year, we introduced the e-RV, the first all-electric zero-emission Motorhome concept from a major RV manufacturer. And we even drove the product more than 1,300 miles on a single road trip. We are moving closer to commercialization with multiple prototypes being tested by actual end customers as we approach calendar year-end.

最重要的是，我們繼續在這裡創新並增加對人才的戰略投資。今年早些時候，我們推出了 e-RV，這是一家大型房車製造商推出的首款全電動零排放房車概念車。我們甚至在一次公路旅行中駕駛該產品超過 1,300 英里。隨著我們接近日曆年末，我們正在接近商業化，實際最終客戶正在測試多個原型。

At the recent open house RV event in late September, each of our RV business units introduced multiple new products, many of which won category awards and were received very positively by our dealer base. We also added new senior leadership to our team this year, including Casey Tubman as Newmar's President; Jeff Haradine, as Barletta's President; and Amber Holm as Winnebago Industries' first ever Chief Marketing Officer, significantly enhancing our team with experience and exciting new capabilities.

在最近於 9 月下旬舉行的房車開放日活動中，我們的每個房車業務部門都推出了多款新產品，其中許多產品獲得了類別獎項，並受到我們經銷商群的好評。今年，我們還為我們的團隊增加了新的高級領導，包括凱西·塔布曼 (Casey Tubman) 擔任紐瑪的總裁； Jeff Haradine，巴列塔的總裁； Amber Holm 擔任 Winnebago Industries 的首位首席營銷官，憑藉豐富的經驗和令人興奮的新能力顯著增強了我們的團隊。

Overall, I am incredibly proud of our performance in fiscal 2022. Our record results show that our strategy is working while our team continues to deliver outstanding results in the face of a future volatile macro environment. I look forward to continuing that focus with our team and continuing to create value as we move into fiscal 2023.

總體而言，我對我們在 2022 財年的表現感到無比自豪。我們創紀錄的業績表明，我們的戰略正在奏效，而我們的團隊在未來動蕩的宏觀環境中繼續取得出色的成績。我期待著在我們進入 2023 財年時繼續關注我們的團隊並繼續創造價值。

With that summary, I will now turn the call over to our Chief Financial Officer, Bryan Hughes, to review our fiscal 2022 fourth quarter and full annual financial results in more detail. Bryan?

有了這個總結，我現在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 財年第四季度和全年的財務業績。布萊恩?

Thanks, Mike, and good morning, everyone. As Mike noted, Winnebago Industries fourth quarter results represented a strong finish to a record year. Fourth quarter revenues were $1.2 billion, reflecting an increase of 14% compared to $1 billion for the year-ago period. Excluding Barletta, our organic growth for fourth quarter was 4% driven by pricing actions and increased motorized unit shipments, which was partially offset by a decline in unit shipments on the Towable RV segment as we pulled back on production and shipments during the quarter in response to the level of inventory in the channel. As a reminder, this is the last quarter that we will be reporting organic results, excluding Barletta, given we closed the transaction very early in the first quarter of fiscal 2022.

謝謝，邁克，大家早上好。正如邁克所指出的，Winnebago Industries 第四季度的業績代表了創紀錄的一年的強勁收官。第四季度收入為 12 億美元，與去年同期的 10 億美元相比增長了 14%。不包括 Barletta，我們第四季度的有機增長為 4%，這是由定價行動和機動單元出貨量增加推動的，這部分被拖車房車部門的單位出貨量下降所抵消，因為我們在本季度撤回了生產和出貨量作為回應到渠道中的庫存水平。提醒一下，這是我們將報告有機結果的最後一個季度，不包括 Barletta，因為我們在 2022 財年第一季度很早就完成了交易。

Gross profit for the quarter increased 12.4% to $210.4 million compared to $187.2 million for the fourth quarter of fiscal 2021. Gross profit margin of 17.8% was 30 basis points lower than last year as a result of higher material and component costs, including higher logistics costs and lower volume in the Towable segment and associated deleverage, partially offset by pricing actions and the timing of those actions as compared to the realization of increases to our input costs.

與 2021 財年第四季度的 1.872 億美元相比，本季度毛利潤增長 12.4% 至 2.104 億美元。由於材料和零部件成本增加，包括物流成本增加，毛利率為 17.8%，比去年低 30 個基點與實現我們的投入成本增加相比，Towable 部門的成本和較低的銷量以及相關的去槓桿化，部分被定價行動和這些行動的時間所抵消。

Operating income, therefore, increased 3% to $123.6 million for the quarter compared to $120 million for the fourth quarter of last year. Fourth quarter reported diluted earnings per share was $2.61 compared to $2.45 in the same period last year. Adjusted earnings per diluted share increased 14% to $3.02 compared to $2.65 in the same period last year. Consolidated adjusted EBITDA increased 7.9% to $139.2 million for the quarter compared to $129 million last year.

因此，本季度營業收入增長 3% 至 1.236 億美元，而去年第四季度為 1.2 億美元。第四季度報告的每股攤薄收益為 2.61 美元，而去年同期為 2.45 美元。調整後每股攤薄收益從去年同期的 2.65 美元增長 14% 至 3.02 美元。本季度合併調整後 EBITDA 增長 7.9% 至 1.392 億美元，而去年同期為 1.29 億美元。

Turning now to the fiscal 2022 annual results. Capitalizing on strong consumer demand and the need to replenish dealer inventories, Winnebago Industries delivered record annual consolidated fiscal 2022 results, including record revenues of $5 billion, a record gross profit margin of 18.7% and record reported earnings per diluted share of $11.84 and adjusted earnings per diluted share of $13.81.

現在轉向2022財年的年度業績。利用強勁的消費者需求和補充經銷商庫存的需要，Winnebago Industries 實現了創紀錄的 2022 財年年度合併業績，包括創紀錄的 50 億美元收入、創紀錄的 18.7% 毛利率和創紀錄的 11.84 美元攤薄後每股收益和調整後收益每股攤薄收益 13.81 美元。

Sales growth of 36.6% was driven by the recently acquired Barletta business, pricing actions and strong volume growth in every business, supported by sustained demand and the particularly low field inventories we had in our dealer work as we entered the year.

銷售額增長 36.6% 是由最近收購的 Barletta 業務、定價行動和每項業務的強勁銷量增長推動的，這得益於持續的需求以及我們進入這一年時經銷商工作中特別低的現場庫存。

Our annual gross profit margin increased 80 basis points over the prior year as a result of operating leverage and the well-timed price increases that served to offset inflationary pressures.

由於經營槓桿和適時的價格上漲抵消了通脹壓力，我們的年度毛利率比上一年增加了 80 個基點。

Our team also worked extremely hard throughout the year battling constant supply constraints, which were a steady disruption to our production environment and caused operational inefficiencies.

我們的團隊全年都在與持續的供應限製作鬥爭，這對我們的生產環境造成了持續的干擾，並導致運營效率低下。

Now turning to performance by segment. Towable revenues were $494.2 million for the fourth quarter of fiscal 2022, down 11.8% compared to the fourth quarter of fiscal 2021. As Mike mentioned, we adjusted our production schedule in the fourth quarter in response to fully replenish dealer inventories, resulting in a 33% decline in unit shipments.

現在轉向按細分市場劃分的性能。 2022 財年第四季度的可拖曳收入為 4.942 億美元，與 2021 財年第四季度相比下降 11.8%。正如邁克所說，我們在第四季度調整了生產計劃以應對經銷商庫存的全面補充，結果是 33單位出貨量下降%。

Adjusted EBITDA for the Towable segment was $53.2 million, down 36.2% from the prior year period. Adjusted EBITDA margin of 10.8% decreased 410 basis points compared to the prior year due to higher material and component costs and deleverage, partially offset by pricing actions. This lower margin in the quarter was anticipated as earlier in the year we priced ahead of inflation with the expectation that inflation would have an impact over time.

Towable 部門的調整後 EBITDA 為 5320 萬美元，比去年同期下降 36.2%。調整後的 EBITDA 利潤率為 10.8%，與上年相比下降 410 個基點，原因是材料和零部件成本增加以及去槓桿化，部分被定價行動所抵消。本季度利潤率較低是預期的，因為今年早些時候我們的定價高於通脹，預計通脹會隨著時間的推移產生影響。

Given the market dynamics, the state of inventory in the channel and in anticipation of our dealer events in September, we elected to forgo further price increases in our fourth quarter.

鑑於市場動態、渠道庫存狀況以及對 9 月份經銷商活動的預期，我們選擇在第四季度放棄進一步提價。

Backlog decreased to $576.5 million, down 66.2% from the prior year due to normalized dealer inventory levels and the extensive order fulfillment throughout our fiscal year. For the full year, revenues for the Towable segment were $2.6 billion, up 29.2% over fiscal 2021, driven by strong consumer demand and pricing actions that were taken to offset higher material and component costs. Segment adjusted EBITDA was $383.6 million for fiscal 2022, up 32.7% year-over-year. Adjusted EBITDA margin of 14.8% increased 40 basis points over fiscal 2021.

由於經銷商庫存水平正常化和整個財政年度的大量訂單履行，積壓訂單減少至 5.765 億美元，比上年下降 66.2%。全年，Towable 部門的收入為 26 億美元，比 2021 財年增長 29.2%，這得益於強勁的消費者需求和為抵消更高的材料和組件成本而採取的定價行動。 2022財年部門調整後的EBITDA為3.836億美元，同比增長32.7%。調整後的 EBITDA 利潤率為 14.8%，比 2021 財年增加了 40 個基點。

The Motorhome segment continued to perform well with fourth quarter revenues of $555.8 million, up 23.8% from the prior year due to continued strong unit sales and pricing actions related to higher material and component costs. Adjusted EBITDA of $77.4 million increased 53.4% compared to the fourth quarter of last year. Adjusted EBITDA margin for the quarter was 13.9%, representing an increase of 270 basis points over the prior year due to pricing actions and production efficiencies, partially offset by higher material and component costs. Backlog decreased to $1.7 billion, down 26.7% from the prior year.

房車部門繼續表現良好，第四季度收入為 5.558 億美元，比去年同期增長 23.8%，原因是持續強勁的單位銷售以及與材料和零部件成本上漲相關的定價行動。與去年第四季度相比，調整後 EBITDA 為 7,740 萬美元，增長 53.4%。本季度調整後的 EBITDA 利潤率為 13.9%，比上年增加 270 個基點，原因是定價行動和生產效率提高，部分被材料和零部件成本的上漲所抵消。積壓訂單減少至 17 億美元，比上年下降 26.7%。

On an annual basis, Motorhome revenues increased 24.2% year-over-year to $1.9 billion due to pricing actions related to higher material and component costs and increased unit sales. Segment adjusted EBITDA was $238 million, up 40.7% from fiscal 2021. Adjusted EBITDA margin of 12.5% grew 150 basis points compared to fiscal 2021.

由於與材料和零部件成本上漲以及單位銷售額增加相關的定價行動，房車收入同比增長 24.2% 至 19 億美元。部門調整後的 EBITDA 為 2.38 億美元，比 2021 財年增長 40.7%。調整後的 EBITDA 利潤率為 12.5%，與 2021 財年相比增長了 150 個基點。

Total Marine revenues for the fourth quarter were $122.1 million driven by the continued strength of Barletta and good performance from Chris-Craft. Excluding Barletta, revenues were $23.7 million, representing 41.8% organic growth compared to the same period last year. Segment adjusted EBITDA for the quarter was $17.5 million, a $15.8 million increase over last year. Adjusted EBITDA margin was 14.3%. Backlog for the Marine segment was $314.7 million and remains elevated as low dealer inventories persist in this segment.

由於 Barletta 的持續實力和 Chris-Craft 的良好表現，第四季度的總收入為 1.221 億美元。不包括 Barletta，收入為 2370 萬美元，與去年同期相比有機增長 41.8%。本季度部門調整後的 EBITDA 為 1750 萬美元，比去年增加了 1580 萬美元。調整後的 EBITDA 利潤率為 14.3%。海事部門的積壓訂單為 3.147 億美元，並且由於該部門的經銷商庫存持續低迷，該部門的訂單仍處於高位。

Consolidated Marine results for fiscal 2022 include revenues of $425.3 million, up $365.1 million from fiscal 2021 driven primarily by the addition of the Barletta business. Segment adjusted EBITDA was $60.8 million, up $55.7 million over fiscal 2021.

2022 財年的合併海事業績包括收入 4.253 億美元，比 2021 財年增加 3.651 億美元，主要是由於增加了 Barletta 業務。部門調整後的 EBITDA 為 6080 萬美元，比 2021 財年增加 5570 萬美元。

Turning to Winnebago Industries balance sheet. As of the end of the fiscal year, we had $545.8 million in total outstanding debt composed of $600 million in debt, net of convertible note discount of $45.3 million and net of debt issuance costs of $8.9 million. We also had working capital of $571.7 million.

轉向 Winnebago Industries 的資產負債表。截至本財年末，我們的未償債務總額為 5.458 億美元，其中包括 6 億美元的債務，扣除 4530 萬美元的可轉換票據貼現和 890 萬美元的債務發行成本。我們還擁有 5.717 億美元的營運資金。

Winnebago Industries continues to hold a very healthy liquidity position and recently added to it by securing an increased asset-based lending credit facility of $350 million. This upgrade was fully driven by the need to rightsize our ABL facility to the current size of our business from our previous $192.5 million facility.

Winnebago Industries 繼續保持非常健康的流動性頭寸，最近通過獲得 3.5 億美元的基於資產的貸款信貸額度增加了這一頭寸。這次升級完全是由於需要將我們的 ABL 設施從我們之前的 1.925 億美元設施調整到我們當前的業務規模。

Our current net debt to adjusted EBITDA ratio is 0.5x, which remains below our targeted range of 0.9x to 1.5x, allowing us to execute on our balanced capital allocation strategy to make strategic investments serving the growth in our business while also returning cash to shareholders.

我們目前的淨債務與調整後 EBITDA 的比率為 0.5 倍，仍低於我們 0.9 至 1.5 倍的目標範圍，這使我們能夠執行我們的平衡資本配置戰略，以進行戰略投資以服務於我們的業務增長，同時將現金返還給股東。

As evidence of our commitment to these priorities, Winnebago Industries recently increased the dividend by 50% to $0.27 per share for this most recent quarterly dividend payment. This increase reflects our continued confidence in Winnebago Industries' ability to remain resilient through the volatile market conditions that we are currently facing and maintain strong profitability.

作為我們對這些優先事項的承諾的證據，Winnebago Industries 最近將最近一次季度股息支付的股息提高了 50% 至每股 0.27 美元。這一增長反映了我們對 Winnebago Industries 能夠在我們目前面臨的動盪市場條件下保持彈性並保持強勁盈利能力的持續信心。

In addition, we bought back $80 million of shares during the fourth quarter, a new record, fully depleting our previous share repurchase authorization and resulting in our Board of Directors approving a new $350 million authorization. We executed approximately $210 million of share repurchases, around 11% of shares outstanding at fiscal year-end 2021 during the course of fiscal 2022. We are pleased to have exercised all levers of our capital allocation priorities during fiscal 2022 in addition to investing in organic and inorganic growth to capture the strategic opportunities within reach, Winnebago Industries returned a record $233 million to shareholders in the form of share buybacks and dividends, and all of this while maintaining a healthy balance sheet that allows us to continue to invest for outsized returns on behalf of our shareholders.

此外，我們在第四季度回購了 8000 萬美元的股票，創下新紀錄，完全耗盡了我們之前的股票回購授權，並導致我們的董事會批准了一項新的 3.5 億美元授權。在 2022 財年期間，我們執行了約 2.1 億美元的股票回購，約佔 2021 財年末流通股的 11%。我們很高興在 2022 財年行使了資本配置優先事項的所有槓桿，除了投資有機和無機增長以捕捉觸手可及的戰略機遇，Winnebago Industries 以股票回購和股息的形式向股東返還了創紀錄的 2.33 億美元，所有這一切同時保持了健康的資產負債表，使我們能夠繼續投資以獲得超額回報代表我們的股東。

That concludes my review of our financials for the quarter and full year. I'll now turn the call back to Mike to provide some closing comments. Mike?

這結束了我對本季度和全年財務狀況的審查。我現在將電話轉回給 Mike，以提供一些結束意見。麥克風？

Thanks very much, Bryan. As we reflect on fiscal 2022, we are proud of the financial, organizational and cultural strides we have made. While we anticipate some select supply chain constraints will linger into fiscal 2023, particularly in the Motorhome and Marine segments, we continue to make progress and become more effective at minimizing the related impacts by collaborating closely with our suppliers. We also continue to monitor inflation while trying to balance pricing actions in a tougher demand environment and affordability of our premium products for our customers.

非常感謝，布萊恩。當我們回顧 2022 財年時，我們為我們在財務、組織和文化方面取得的進步感到自豪。雖然我們預計一些特定的供應鏈限制將持續到 2023 財年，特別是在房車和船舶領域，但我們將繼續取得進展，並通過與供應商密切合作，更有效地減少相關影響。我們還繼續監測通貨膨脹，同時努力平衡更嚴峻的需求環境中的定價行為和我們為客戶提供的優質產品的可負擔性。

In addition, we continue to leverage operating efficiencies and leverage our variable cost structure to help maximize profit margins as possible.

此外，我們繼續利用運營效率並利用我們的可變成本結構來幫助最大限度地提高利潤率。

We will build on our strong momentum by continuing to focus on executing our proven strategies and introducing new products across all our brands. I was particularly excited to witness the many new products showcased at the recent RV open house event in Elkhart County, Indiana. Our Winnebago Grand Design and Newmar products were impressively displayed for dealers and industry partners to experience. Each of these RV brands also received the latest RVDA Dealer Satisfaction Awards as presented in recent weeks. I look forward to seeing the results of our collective efforts in the months to come.

我們將繼續專注於執行我們經過驗證的戰略並在我們所有品牌中推出新產品，從而鞏固我們的強勁勢頭。我特別興奮地見證了最近在印第安納州埃爾克哈特縣舉行的房車開放日活動中展示的許多新產品。我們的 Winnebago Grand Design 和 Newmar 產品令人印象深刻地展示給經銷商和行業合作夥伴體驗。這些房車品牌中的每一個還獲得了最近幾週頒發的最新 RVDA 經銷商滿意度獎。我期待在未來幾個月看到我們集體努力的成果。

The unique strength of all Winnebago Industries brands will position us to continue to win with consumers, building on our growing trailing 12-month RV market share of 12.7% and moving the Barletta brand, currently at 6.9% market share in the latest SSI report, firmly into the top 5 in the pontoon market.

所有 Winnebago Industries 品牌的獨特實力將使我們繼續贏得消費者的青睞，在我們不斷增長的 12 個月房車市場份額 12.7% 的基礎上，推動 Barletta 品牌，目前在最新的 SSI 報告中佔 6.9% 的市場份額，穩居浮橋市場前5名。

Now I want to quickly touch on expectations for the RV industry for the upcoming year. As mentioned previously, we are monitoring closely the macroeconomic environment to help assess outdoor leisure retail demand. All things considered and knowing that there are numerous factors that can impact forward-looking estimates materially, we are generally aligned with RVIA's recently released data and are projecting a range of 490,000 to 500,000 in shipment units for calendar year 2022.

現在我想快速談談對來年房車行業的期望。如前所述，我們正在密切關注宏觀經濟環境，以幫助評估戶外休閒零售需求。考慮到所有因素，並且知道有許多因素可能對前瞻性估計產生重大影響，我們通常與 RVIA 最近發布的數據保持一致，並預計 2022 日曆年的出貨量在 490,000 至 500,000 之間。

Concerning calendar year 2023, we believe industry RV shipments will likely trend closer to a range of 400,000 to 410,000 units for that period, slightly lower than the latest RVIA forecast. For retail, we estimate 450,000 RV units for calendar year 2022 and retail units equivalent to wholesale shipments in 2023. Overall, and in the long term, we are confident that Winnebago Industries has significant headroom for sustained profitable growth and enhanced value creation for our end consumers, dealers, employees and shareholders. The confidence we have in our ability to drive continued value as highlighted by the recent 50% increase in our dividend and the commitment to repurchasing record levels of shares.

關於 2023 日曆年，我們認為該期間行業房車出貨量可能接近 400,000 至 410,000 輛，略低於最新的 RVIA 預測。對於零售，我們估計 2022 日曆年 450,000 輛房車和 2023 年相當於批發出貨量的零售單位。總體而言，從長遠來看，我們相信 Winnebago Industries 具有巨大的持續盈利增長空間，並為我們的最終價值創造增加消費者、經銷商、員工和股東。我們對推動持續價值的能力充滿信心，最近我們的股息增加了 50%，並承諾回購創紀錄水平的股票。

We look forward to telling you more about how we are building on our accomplishments over the last several years and why we believe Winnebago Industries is well positioned to continue driving value for shareholders at our upcoming Investor Day on November 15 at Lake Lanier Islands in Georgia. We hope to see many of you there in person.

我們期待在即將於 11 月 15 日在佐治亞州拉尼爾湖群島舉行的投資者日上向您詳細介紹我們如何在過去幾年的成就基礎上再接再厲，以及為什麼我們相信 Winnebago Industries 能夠繼續為股東創造價值。我們希望能在現場見到你們中的許多人。

Lastly, I want to acknowledge the efforts of our 7,400-plus employees here at Winnebago Industries and thank them immensely for their contributions. Too often, Bryan and I get more credit than we deserve as the messengers of our outstanding results. This company and our culture are successful because all our employees care deeply about our end customers, strategic business partners and each other. We are incredibly privileged to work alongside each of them on a daily basis. Their dedication to excellence and inclusivity is inspiring. We recently saw evidence of this when Winnebago Industries was awarded the Champion of Women Award this month by the RV Women's Alliance. What a great achievement for our team.

最後，我要感謝 Winnebago Industries 的 7,400 多名員工所做的努力，並非常感謝他們的貢獻。很多時候，作為我們出色成績的使者，布萊恩和我得到的讚譽超出了我們應得的。這家公司和我們的文化之所以成功，是因為我們所有的員工都非常關心我們的最終客戶、戰略業務合作夥伴以及彼此。我們非常榮幸能夠每天與他們一起工作。他們對卓越和包容的奉獻精神令人鼓舞。我們最近看到了這一點，Winnebago Industries 本月被 RV 女性聯盟授予女性冠軍獎。這對我們的團隊來說是多麼了不起的成就。

That concludes our prepared remarks this morning. I will now turn the call back over to the operator. Thank you for your time.

今天上午我們準備好的發言到此結束。我現在將把電話轉給接線員。感謝您的時間。

(Operator Instructions) And our first question comes from the line of Tristan Thomas with BMO.

（操作員說明）我們的第一個問題來自 BMO 的 Tristan Thomas。

A few questions. Could you maybe help us quantify the margin kind of bridge for Motorized and Towables on an adjusted EBITDA basis? Just what the interplay between lower production rates, promos and return and then commodity costs and the price increases?

幾個問題。您能否幫助我們在調整後的 EBITDA 基礎上量化機動和牽引車的保證金類型？較低的生產率、促銷和退貨以及商品成本和價格上漲之間的相互作用是什麼？

Tristan, this is Bryan. I'll take that one. And I'll go into some level of detail here. We had, as I think you know, overall, a strong quarter in gross margins at 17.8%. Our segment level EBITDA margins results were missed, I'd say. Our Motorhome EBITDA margins for the year at 12.5% were very strong and for the quarter at 13.9% were at record levels. Marine EBITDA margins for the quarter and the year were 14.3%, the strongest across our 3 segments, and demonstrates the strength of our brands and why we have entered this segment through our 2 acquisitions of Chris-Craft and, more recently, Barletta.

特里斯坦，這是布萊恩。我會拿那個。我將在這裡詳細介紹。正如我想你知道的那樣，總體而言，我們有一個強勁的季度毛利率為 17.8%。我想說，我們的部門級 EBITDA 利潤率結果被遺漏了。我們今年 12.5% 的房車 EBITDA 利潤率非常強勁，本季度的 13.9% 處於創紀錄水平。本季度和當年的海運 EBITDA 利潤率為 14.3%，是我們三個細分市場中最高的，這表明了我們品牌的實力以及我們通過兩次收購 Chris-Craft 以及最近收購 Barletta 進入這一細分市場的原因。

In the Towable segment, we had record level margins for the full year at 14.8%. So, we're very pleased with that, obviously. Through this year, we saw EBITDA margins in excess of 15% a couple of quarters and even as high as 17.2%, as you recall, in Q1 of fiscal '22.

在拖車領域，我們全年的利潤率為 14.8%，創歷史新高。所以，很明顯，我們對此感到非常滿意。正如你所記得的，在 22 財年第一季度，我們看到 EBITDA 利潤率在幾個季度超過 15%，甚至高達 17.2%。

We've talked in past quarters that we've tried to navigate the inflationary pressures with well-timed pricing. And in some cases, that timing didn't always match perfectly within an individual quarter, but that we were managing this equation over a longer period of time and also with market dynamics in mind, of course. The EBITDA margins for the Towable segment we saw in the quarter at 10.8% likewise reflected this timing. As we entered the fall, we have reinstituted the traditional fall programming, prices and those practices that encourage the dealers to take on product during the seasonal low periods, and this is certainly something that impacted margins in Q4, and we'll have a more normalized impact on our Q1 margins.

我們在過去幾個季度中談到，我們試圖通過適時的定價來應對通脹壓力。在某些情況下，這個時間點在單個季度內並不總是完美匹配，但我們在更長的時間內管理這個等式，當然也考慮到市場動態。我們在本季度看到的 Towable 細分市場的 EBITDA 利潤率為 10.8%，同樣反映了這一時機。隨著我們進入秋季，我們重新制定了傳統的秋季計劃、價格和鼓勵經銷商在季節性低谷期間購買產品的做法，這肯定會影響第四季度的利潤率，我們將有更多對我們第一季度利潤率的標準化影響。

The inflationary impacts for the Towable segment, including some heightened logistics costs we absorbed, continue to be very dynamic but are now showing some stabilization if you look at our cost today as compared to the summer months. Weighing all factors and as dealer inventories normalize and as market dynamics likewise normalize, we believe that over the long term, EBITDA margins for the Towable segment will stabilize at historical levels, and our premium brands will continue to deliver EBITDA margins that are industry leading. So while I didn't give you a breakdown nor do we ever of the impact rather of pricing versus inflation versus other drivers, I think that gives you some additional color to help understand the margins.

Towable 部分的通貨膨脹影響，包括我們吸收的一些物流成本的增加，繼續非常活躍，但如果你看一下我們今天的成本與夏季月份相比，現在顯示出一些穩定。權衡所有因素，隨著經銷商庫存的正常化和市場動態的正常化，我們相信從長遠來看，拖車業務的 EBITDA 利潤率將穩定在歷史水平，我們的高端品牌將繼續提供行業領先的 EBITDA 利潤率。因此，雖然我沒有給你一個細分，我們也沒有給出價格與通脹與其他驅動因素的影響，但我認為這為你提供了一些額外的顏色來幫助你了解利潤率。

Okay. I guess just trying to -- I think everyone is trying to figure out how to model margins moving forward. So even if you could just rank order kind of what was the biggest impact this quarter and if we think that's going to stick around.

好的。我想只是想 - 我認為每個人都在試圖弄清楚如何為未來的利潤率建模。因此，即使您可以對本季度最大的影響進行排序，如果我們認為這會持續下去。

Yes. I think it's certainly, as I mentioned, the timing of how this stuff plays across the P&L. It's a very dynamic cost environment right now. And we're going to be really thoughtful about when we institute pricing and what amounts and then also taking into account our forward view of the cost or inflationary environment as well. And so that certainly factors into our decisions in the short term.

是的。正如我所提到的，我認為這肯定是這些東西如何在損益表中發揮作用的時機。現在是一個非常動態的成本環境。我們將認真考慮何時制定定價和金額，然後還要考慮我們對成本或通脹環境的前瞻性看法。因此，這肯定會在短期內影響我們的決策。

We clearly, Tristan, we don't manage margins for a quarter. We're managing them much more long term than that. And so I think that, that's certainly something that we want to convey as well.

很明顯，特里斯坦，我們沒有管理一個季度的利潤。我們管理它們的時間遠比這要長得多。所以我認為，這當然也是我們想要傳達的東西。

And our next question comes from the line of Scott Stember with KM -- I'm sorry, MKM Partners.

我們的下一個問題來自 Scott Stember 與 KM 的對話——對不起，MKM Partners。

Can you maybe talk about open house, obviously, heading into this event, while we didn't have any in the last 2 years, but a little bit unique. We had an imbalance of lower-priced trailers in the system. And then we had the current pricing environment, but dealers seemingly a little bit reluctant to order 2023 product at these prices. Can you talk about how that dynamic took place a couple of weeks ago and what you saw from an order intake perspective at open house?

你能不能談談開放日，很明顯，進入這個活動，雖然我們在過去 2 年沒有任何活動，但有點獨特。我們的系統中低價拖車不平衡。然後我們有了當前的定價環境，但經銷商似乎有點不願意以這些價格訂購 2023 年的產品。您能否談談幾週前這種動態是如何發生的，以及您從開放日訂單接收的角度看到了什麼？

Scott, this is Mike. Yes. I thought we had a really good open house event. And I'll start, first and foremost, with the quality of the product lines that we showed during open house. In fact, several industry trade magazines in some of their future additions will be awarding many of our brands with some awards concerning the innovative products that we showed at open house. Secondly, we had great discussions -- honest discussions with our dealers. Open house had not been held since 2019. It was good to see a majority of the country's dealers show back up in Elkhart County and spend time with not only our brands, but I'm sure all of the other OEM brands that displayed.

斯科特，這是邁克。是的。我以為我們舉辦了一場非常棒的開放日活動。我將首先從我們在開放日期間展示的產品線的質量開始。事實上，一些行業貿易雜誌在其未來的一些增刊中，將授予我們的許多品牌一些與我們在開放日展示的創新產品有關的獎項。其次，我們進行了很好的討論——與我們的經銷商進行了坦誠的討論。自 2019 年以來沒有舉行過開放日。很高興看到該國大多數經銷商重新回到埃爾克哈特縣，不僅花時間在我們的品牌上，而且我相信所有其他展示的 OEM 品牌。

And any time you have a chance to spend quality time with one of your customers, you get the chance to share perspectives and talk about the future in a productive manner. As I said at our very small investor event that morning in Elkhart, our programming and pricing for the 2022 open house was candidly very similar in terms of discounts or promotions as it had been in the past. We stated very clearly that we were not showing up in Elkhart that week to offer steep discounts in order to incentivize dealers to take product that, in some cases, they shouldn't take. Especially on the Towable side, inventory in the field continues to be at a healthy level. And while we would love to collect record-breaking levels of orders at an event like open house, this was not the year to do that, particularly on the Towable side.

每當您有機會與一位客戶共度美好時光時，您就有機會以富有成效的方式分享觀點並談論未來。正如我那天早上在埃爾克哈特舉行的小型投資者活動中所說的那樣，我們為 2022 年開放日舉辦的節目和定價在折扣或促銷方面與過去非常相似。我們非常明確地表示，我們在那週沒有出現在埃爾克哈特提供大幅折扣，以激勵經銷商購買在某些情況下他們不應該購買的產品。特別是在 Towable 方面，該領域的庫存繼續處於健康水平。雖然我們很想在開放日這樣的活動中收集破紀錄的訂單水平，但今年不是這樣做的一年，尤其是在 Towable 方面。

So our teams walked away with a solid amount of orders. But more importantly, we probably walked away with better alignment with our dealers about how we're going to work with them on a daily basis going forward.

所以我們的團隊帶著大量的訂單離開了。但更重要的是，我們可能會與我們的經銷商更好地保持一致，了解我們將如何每天與他們合作。

Open house is an important event. It is not an event where we collect hypothetically a majority of the orders for the season. We tend to obviously collect orders for the next several months, hitting into the winter and then the spring, particularly around the latest model year. So I think our teams were pleased overall with the event.

開放日是一項重要活動。這不是我們假設收集本季大部分訂單的事件。顯然，我們傾向於收集接下來幾個月的訂單，進入冬季，然後是春季，尤其是在最近的車型年左右。所以我認為我們的團隊對這次活動總體上很滿意。

We have no problem in terms of communicating with our dealers about their needs. And so we have the orders we need to keep running the business in a productive and disciplined fashion.

在與經銷商就他們的需求進行溝通方面，我們沒有任何問題。因此，我們獲得了繼續以高效和有紀律的方式經營業務所需的訂單。

All right. And then just the last question. Assuming you guys stay true to your pricing disciplines and just for the sake of modeling, at least early in the year, could you just give us an indication of Towables versus Motorized versus Marine, what we're running at production just so we can have an idea where the numbers need to be?

好的。然後就是最後一個問題。假設你們堅持自己的定價原則，並且至少在今年年初，為了建模，你們能否給我們一個可牽引、機動和船用的指示，我們在生產中運行的是什麼，這樣我們就可以擁有一個想法數字需要在哪裡？

Yes. Certainly, Scott, I'll talk in terms of relativity. We continue to maintain that our 2 Marine businesses are in the healthiest position, both in terms of the industry dynamics and the runway that they have with their dealers. Chris-Craft's field inventory is the lowest it's been candidly in the time that we've owned the business. We're standing up a new assembly plant in Sarasota. Unfortunately, we saw many of our dealers or customers in Southwest Florida have several of their boats damaged. And so there'll be a benefit in an unfortunate way for those consumers and dealers down the road for us.

是的。當然，斯科特，我會從相對論的角度來談。我們繼續認為，我們的 2 項海運業務處於最健康的位置，無論是在行業動態方面，還是在他們與經銷商的合作方面。坦率地說，Chris-Craft 的現場庫存是我們擁有該業務時最低的。我們正在薩拉索塔建立一個新的裝配廠。不幸的是，我們看到佛羅里達州西南部的許多經銷商或客戶的幾艘船受損。因此，對於我們未來的消費者和經銷商來說，不幸的是，這將帶來好處。

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（技術難度）

market, while it is slowing in macro in terms of retail demand, it continues to be a very strong category for us with our Barletta brand. Barletta in its trailing 3 month retail data now has 6.9% market share. That's up 200 basis points over that same mark a year ago. And so we are also introducing in Barletta new product lines, both on the lower end and on the highest end. And so the Marine segment for us is one where we remain bullish. And the segment overall that we will most likely continue to invest in from a BD standpoint in the future.

市場，雖然宏觀上零售需求正在放緩，但對於我們的 Barletta 品牌來說，它仍然是一個非常強大的類別。 Barletta 在過去 3 個月的零售數據中現在擁有 6.9% 的市場份額。這比一年前的同一水平高出 200 個基點。因此，我們還在 Barletta 中引入了新的產品線，包括低端和高端。因此，對我們來說，海洋板塊是我們仍然看漲的板塊。從 BD 的角度來看，我們很可能在未來繼續投資的整個細分市場。

And so you can expect, I think, good margin stability on our Marine business for a good portion of the fiscal '23 year.

所以你可以期待，我認為，在 23 財年的大部分時間裡，我們的海事業務的利潤率會保持良好的穩定性。

The Motorized segment has certainly been working its way back to a field inventory position that is healthier. There are pockets of the Motorized RV segment where the dealers still need inventory, and there are candidly some pockets where they're probably reaching where they want to be in terms of a turn level.

機動化部門當然一直在努力回到更健康的現場庫存位置。在電動 RV 細分市場中，經銷商仍然需要庫存，坦率地說，有些地方他們可能已經達到了他們想要達到的轉彎水平。

We continue to see very solid profitability, particularly on the Class B product line, some of our Class C. And I've been very pleased as of late with the way Newmar has been running their business on the Class A side in terms of profitability yield as well. So Motorized margins will probably settle a bit as field inventory normalizes to a full extent over the course of fiscal year '23. But as we've intimated, we sincerely believe that Motorized profitability yield on the bottom line will maintain a double-digit position within our portfolio.

我們繼續看到非常穩固的盈利能力，特別是在 B 類產品線，我們的一些 C 類產品上。我最近對 Newmar 在盈利能力方面在 A 類方面經營業務的方式感到非常高興產量也一樣。因此，在 23 財年期間，隨著現場庫存完全正常化，機動化利潤率可能會有所下降。但正如我們已經暗示的那樣，我們真誠地相信，Motorized 的盈利收益率將在我們的投資組合中保持兩位數的地位。

Bryan, lastly, talked about the Towables segment. And timing is the biggest element of what you saw in fourth quarter. We made a very conscious decision to take our fall programs to the market ahead of open house, and that pushed some expense into the month of August, specifically. And candidly, as Bryan also talked about, the inflation pricing dynamics also played a role just overall in terms of timing.

最後，Bryan 談到了 Towables 部分。時機是您在第四季度看到的最大因素。我們做出了一個非常有意識的決定，在開放日之前將我們的秋季計劃推向市場，這將一些費用推到了 8 月份，特別是。坦率地說，正如 Bryan 也談到的那樣，通脹定價動態在總體上也發揮了作用。

As Bryan stated, we believe that Towable margins will maintain a industry-leading position and that you will likely see them stabilize at historically normal levels as we travel through the rest of fiscal '23. That will be a gradual development, but we have confidence that, that will happen.

正如 Bryan 所說，我們相信 Towable 利潤率將保持行業領先地位，並且在我們度過 23 財年的剩餘時間時，您可能會看到它們穩定在歷史正常水平。這將是一個漸進的發展，但我們有信心，這將會發生。

And our next question comes from the line of Michael Swartz with Truist.

我們的下一個問題來自 Michael Swartz 與 Truist 的對話。

Mike, just wanted to follow up with the last part of your answer to Scott. I think you had said you expect Towable margins to gradually improve through fiscal '23, and there were some timing issues in the fourth quarter, understood. So does that -- is that another way of just saying that, that's kind of the low point -- fourth quarter should be the low point for Towable margins maybe over the next 12 months or so?

邁克，只是想跟進你對斯科特的回答的最後一部分。我認為您曾說過，您預計 Towable 的利潤率將在 23 財年逐步提高，並且在第四季度存在一些時間問題，可以理解。那是不是 - 這是另一種說法，這是一種低點 - 第四季度應該是未來 12 個月左右的 Towable 利潤率的低點？

Well, Mike, thanks for the question. I certainly won't ever commit to what is either a peak or a low point. I mean we've seen enough volatility in the last 2, 2.5 years with the pandemic, supply chain disruption, inflation, the war on Ukraine, you name it. So I won't commit that our guardrails are permanent.

好吧，邁克，謝謝你的問題。我當然不會承諾什麼是高峰或低點。我的意思是，在過去的 2 到 2.5 年裡，我們已經看到了足夠多的波動，包括大流行、供應鏈中斷、通貨膨脹、對烏克蘭的戰爭等等。所以我不會承諾我們的護欄是永久性的。

We believe that while what you saw in fourth quarter may have been a little bit lower margin than some on the street were anticipating, that it is by no means a sign of deterioration of margins that's going to continue in earnest. So we are 7.5 weeks into our first quarter. Bryan and I sit here with a decent understanding of how the business has performed in those 7 weeks. We do not believe that you're going to see a significant deterioration in the Towable margins in the near term.

我們認為，儘管您在第四季度看到的利潤率可能比一些業內人士預期的要低一些，但這絕不是利潤率繼續惡化的跡象。所以我們已經進入第一季度 7.5 週。布萊恩和我坐在這裡，對公司在這 7 週內的表現有很好的了解。我們認為您不會在短期內看到 Towable 利潤率顯著惡化。

But as costs stabilize, as especially the Grand Design team works through their opportunities regarding their model year '23 product line, that margin stabilization will most likely be gradual here over the next 1 to 3 quarters. But we are not panicking about Towable margins to any degree here at Winnebago Industries.

但隨著成本的穩定，特別是 Grand Design 團隊利用他們的 23 年車型產品線的機會，在接下來的 1 到 3 個季度內，利潤率的穩定很可能會逐漸穩定。但在 Winnebago Industries，我們在任何程度上都不會對 Towable 的利潤率感到恐慌。

Okay. That's helpful. And then maybe just a follow-up quickly on -- I think you said the retail outlook for fiscal year '23. And I think some of the parameters you gave would suggest that you're thinking about something maybe similar to what we saw in 2019. Maybe give us -- maybe walk through some of your thoughts on how the business has changed in 2019 because I think the comment that you made, people are going to look back at 2019 and say, okay, there's the earnings power. So maybe give us some context of why the business is different today and maybe how we should be thinking about some of the drivers, maybe some of the puts and takes to that 2019 earnings number relative to your '23 outlook.

好的。這很有幫助。然後可能只是快速跟進——我想你說的是 23 財年的零售前景。而且我認為您提供的一些參數表明您正在考慮的事情可能與我們在 2019 年看到的類似。也許給我們-也許讓我們談談您對 2019 年業務變化的一些想法，因為我認為你發表的評論，人們會回顧 2019 年並說，好吧，這就是盈利能力。因此，也許可以給我們一些背景，說明為什麼今天的業務有所不同，也許我們應該如何考慮一些驅動因素，也許是相對於你 23 年展望的 2019 年收益數字的一些看跌期權和收益。

Yes. Thanks, Mike. Let me talk with why and how I think the company is different in mid-October of 2022 versus, candidly, probably the same month in 2019. First and foremost, we've added 2 pretty significant material businesses. Probably almost $1 billion of revenue has been added in terms of acquired businesses. First, starting with Newmar. Back in the fall of 2019, we added a fantastic brand that has been taking significant share in Class A diesel, Class A gas and early on here in Super C as well. That business grew in revenue from fiscal year '22 versus fiscal year '21. And we expect Newmar to be a bigger, more profitable business in the future. It complements the Winnebago line very well in terms of brand positioning, but also product line assortment.

是的。謝謝，邁克。讓我談談為什麼以及我認為該公司在 2022 年 10 月中旬與 2019 年同月相比有何不同。首先，我們增加了 2 個非常重要的材料業務。就收購的業務而言，可能增加了近 10 億美元的收入。首先，從紐瑪開始。早在 2019 年秋天，我們就增加了一個出色的品牌，該品牌在 A 級柴油、A 級汽油以及早期的 Super C 中佔有很大份額。該業務的收入從 '22 財年與 '21 財年相比有所增長。我們預計 Newmar 在未來會成為一個更大、更有利可圖的企業。它在品牌定位和產品線分類方面都很好地補充了 Winnebago 系列。

The second business we acquired was Barletta, the fastest-growing pontoon company, most likely in the history of the pontoon industry, and very candidly, one of the fastest-growing marine companies in the industry today as well. And we had stated at time of acquisition in late August of 2021 what we anticipated that they would do in calendar year 2021 sales. And I can tell you that their fiscal 2022 sales and profits exceeded what they did in calendar '21 in terms of revenue and profits. And that business continues to grow.

我們收購的第二家企業是 Barletta，它是發展最快的浮船公司，最有可能在浮船行業的歷史上，而且非常坦率地說，它也是當今行業中發展最快的海洋公司之一。我們在 2021 年 8 月下旬收購時已經說明了我們對他們在 2021 日曆年銷售中的預期。我可以告訴你，就收入和利潤而言，他們 2022 財年的銷售額和利潤超過了 21 日曆年的銷售額。而且這項業務還在繼續增長。

So the first answer to how are we different is we have 2 significant new acquisitions that are headed in the right direction and have significant runway. Secondly, as we've improved the profitability of several of our other businesses organically, not the least of which is Winnebago-branded Motorhomes, Winnebago-branded Motorhomes has seen a profit transformation in the last 4, 5 years at our company through a variety of elements, not the least of which is innovative new product, but also significant work on the operational side to drive inefficiency and waste out. And as I indicated just minutes ago, I think our profitability in that segment is sustainable. And that is dramatically different than 3 years ago.

因此，關於我們有何不同的第一個答案是，我們有 2 項重要的新收購項目正朝著正確的方向前進，並且擁有重要的跑道。其次，由於我們已經有機地提高了其他幾項業務的盈利能力，尤其是 Winnebago 品牌的房車，Winnebago 品牌的房車在過去 4 到 5 年通過各種方式在我們公司實現了利潤轉變元素，其中最不重要的是創新的新產品，而且在運營方面也進行了大量工作，以消除低效率和浪費。正如我幾分鐘前所說，我認為我們在該領域的盈利能力是可持續的。這與 3 年前截然不同。

I would say, lastly, we're gaining share. We had a different level of share in 2019. I think we finished with 9.5% points of share in the RV space at the end of fiscal '19. We enter fiscal '23 with almost 13 points of share. We had very low share in the marine industry. And in fact, we had 0 share of the pontoon market in 2019. And as we sit here today, we have almost 7% on our way to double digits someday.

我想說，最後，我們正在獲得份額。我們在 2019 年的份額有所不同。我認為在 19 財年末，我們在 RV 領域的份額達到了 9.5%。我們以近 13 個點的份額進入 '23 財年。我們在海運業的份額非常低。事實上，我們在 2019 年的浮橋市場份額為 0。當我們今天坐在這裡時，我們有近 7% 的份額將在某一天達到兩位數。

So all of those combined to make us more resilient via a diversified set of revenue streams, a profitability floor that has been raised and a runway that we are quite bullish on. So we're proud of fiscal '22. We're proud of the fourth quarter. We recognize there are always nuances in the numbers, but we hit into fiscal '23 competitively, I think, in a good place to manage through whatever the market gives to us.

因此，所有這些結合起來，通過多樣化的收入流、提高的盈利能力和我們非常看好的跑道，使我們更具彈性。因此，我們為 22 財年感到自豪。我們為第四季度感到自豪。我們認識到數字中總是存在細微差別，但我認為，我們在 23 財年的競爭中進入了一個很好的地方，可以通過市場給我們的任何東西進行管理。

And our next question comes from the line of Craig Kennison with R.W. Baird.

我們的下一個問題來自 Craig Kennison 和 R.W. Baird。

I guess I wanted to ask about RV affordability, some things you can't control. Interest rates are moving significantly higher, and that increases the monthly cost for your consumer. And I think that's been a pain point in the channel. But other things that are more within the industry's control would be the dealer margin and also your cost from a dealer perspective. How are your input costs trending and a like-for-like unit? Might we see any deflationary pressure in some of those categories? And then might we see some dealers offer sharper prices just as competition increases with more inventory in the channel?

我想我想問一下房車的負擔能力，一些你無法控制的事情。利率正在顯著提高，這增加了消費者的每月成本。我認為這是渠道中的一個痛點。但其他更受行業控制的因素是經銷商利潤以及從經銷商角度來看的成本。您的投入成本趨勢和同類單位如何？我們會在其中一些類別中看到任何通縮壓力嗎？然後我們是否會看到一些經銷商提供更優惠的價格，就像隨著渠道中庫存的增加競爭加劇一樣？

Craig, thanks for your question. I'll speak first to what we're seeing in terms of some of our cost inputs. I certainly won't get into some of the specifics. The good news is on many of our raw materials, particularly steel, aluminum and lumber, we have seen a significantly better environment over the course of the last calendar year. Steel is candidly probably, on sort of the spot market, 50% cheaper than it was at its peak. Aluminum is probably 30% cheaper than it was at its peak. And lumber candidly, is probably 60%, 65% cheaper than it was at its peak. Now that doesn't mean that we are always able to acquire those commodities or our suppliers acquire those commodities exactly at the right time to take full advantage of some of those drops. But the reality is the raw material market has definitely improved. And that is going to be of some benefit, I think, to our suppliers, which hopefully trickles to us. We do some vertical integration with those materials, and that should help us as well over time.

克雷格，謝謝你的提問。我將首先談談我們在一些成本投入方面看到的情況。我當然不會涉及其中的一些細節。好消息是我們的許多原材料，特別是鋼、鋁和木材，在過去的一年中，我們看到環境明顯好轉。坦率地說，在現貨市場上，鋼鐵可能比巔峰時期便宜 50%。鋁可能比高峰時期便宜 30%。坦率地說，木材可能比巔峰時期便宜 60%、65%。現在這並不意味著我們總是能夠獲得這些商品，或者我們的供應商恰好在正確的時間獲得這些商品以充分利用其中的一些下降。但現實是原材料市場肯定有所好轉。我認為，這將對我們的供應商產生一些好處，希望對我們有所幫助。我們對這些材料進行了一些垂直整合，隨著時間的推移，這也會對我們有所幫助。

We are, however, continuing to see some cost pressure in areas where the supply chain is still constricted. Motorized chassis is a good example of that because of the semiconductor situation and the automotive capacity limitations, in many cases, they're putting on themselves. Certain types of component systems, we have not seen sort of the -- in most cases, we've not seen deflation at all from our suppliers, but there are still categories where inflation is a little bit higher than we would like on either a sequential basis, quarter-to-quarter or year-over-year. But the environment is getting better.

然而，在供應鏈仍然受限的領域，我們繼續看到一些成本壓力。機動底盤就是一個很好的例子，因為半導體的情況和汽車產能的限制，在很多情況下，他們都是自己裝的。某些類型的組件系統，我們沒有看到——在大多數情況下，我們根本沒有看到供應商出現通貨緊縮，但仍有一些類別的通脹比我們希望的任何一個都高一點。環比、環比或同比。但是環境越來越好了。

Now on the flip side, the retail environment is a little tougher. And so therefore, our pricing power is going to look a little bit differently in fiscal '23 than it did in fiscal '22.

現在另一方面，零售環境有點艱難。因此，我們的定價能力在 23 財年將與 22 財年略有不同。

I'll comment very carefully on dealer margins. Dealer margins is a topic that we care deeply about. We want dealers to be financially healthy. And candidly, we want our brands, both on the RV and Marine side, to be near the top of the list with our dealers in terms of turns and retail, but also profitability by brand. And we think, in many cases, we are.

我會非常仔細地評論經銷商的利潤。經銷商利潤是我們非常關心的一個話題。我們希望經銷商的財務狀況良好。坦率地說，我們希望我們的品牌，無論是在房車和船舶方面，在轉彎和零售方面與我們的經銷商一起接近榜首，而且在品牌盈利能力方面也名列前茅。我們認為，在許多情況下，我們是。

That being said, dealers have stated to us and to other sources that they're not operating their business at probably the peak margin status they were in during the height of the retail demand in some of the field inventory constraints that they had. In many cases, dealers, though, are operating at levels that we've heard that are closer to pre-COVID levels. So relatively normal historically.

話雖如此，經銷商已向我們和其他消息來源表示，在他們所擁有的一些現場庫存限制中，他們可能沒有以零售需求高峰期間的最高利潤率狀態開展業務。但是，在許多情況下，經銷商的運營水平與我們聽說的更接近 COVID 之前的水平。所以歷史上比較正常。

The affordability of RVs particularly is something that I think is important generically to the industry. We are often not the opening price point brands in most of our dealers. We tend to be the brands that people step up to. So we pay more attention most likely, Craig, to the premium price differential that we ask consumers to pay for our brands versus the value brands. Our job is to keep that gap manageable for consumers to make that step up.

房車的可負擔性尤其是我認為對該行業普遍重要的事情。在我們的大多數經銷商中，我們通常不是開價點品牌。我們往往是人們追捧的品牌。因此，克雷格，我們最有可能更加關注我們要求消費者為我們的品牌與價值品牌支付的溢價差異。我們的工作是讓消費者能夠控制這一差距，從而加快步伐。

So I think dealers are financially healthy right now. They'd like to run their business at slightly higher turns. And we're fine with both those. We want the dealers to be in great position when the winds kind of return behind our sales in the future.

所以我認為經銷商現在的財務狀況良好。他們希望以稍微高一點的速度經營他們的業務。我們對這兩個都很好。我們希望經銷商在未來逆風時處於有利地位。

And 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。

Could you dig in a little bit more on to the Motorized backlogs? Just looks like there was a pretty big sequential change given sort of what you guys booked on the sales side. So was that cancellations? Was that something else that's going on there? Could you just give a bit more...

你能深入挖掘一下機動化的積壓工作嗎？鑑於你們在銷售方面的預訂，看起來有一個相當大的連續變化。那是取消嗎？那是那裡發生的其他事情嗎？能不能多給點...

Fred, this is Mike. Just as a -- an asteric as I answer this question, we've always stated that we all need to be careful in terms of backlogs as an indicator of future business. We are comfortable with where our backlogs are today in terms of what we believe our financial performance will be in the future. And we are monitoring carefully dealers' commitments to those orders that they have with us.

弗雷德，這是邁克。正如我回答這個問題時的一個星號一樣，我們一直表示，我們都需要小心積壓作為未來業務的指標。就我們認為未來的財務業績而言，我們對我們今天的積壓工作感到滿意。我們正在仔細監控經銷商對他們與我們的訂單的承諾。

I would say, from a Motorhome perspective, the decrease is probably simply a sign of field inventory getting healthier, and dealers mostly slowing down the placement of new orders based on either the retail pace of Motorhomes turning in the market or where they'd like to set their turn levels in the future. We have not seen an inordinate amount of units canceled on either Motorhomes or Towables. We are not immune to dealers either delaying the receipt of committed orders or canceling orders, but it is not something that is epidemic right now at Winnebago Industries with any of our RV brands.

我想說，從房車的角度來看，下降可能只是現場庫存變得更健康的一個跡象，而經銷商大多會根據房車在市場上的零售速度或他們想要的地方放慢新訂單的下達速度來設置他們未來的回合水平。我們沒有看到房車或拖車上取消過多的單位。我們不能倖免於經銷商延遲收到承諾的訂單或取消訂單，但這並不是目前在 Winnebago Industries 與我們的任何 RV 品牌的流行病。

There's a little bit of open inventory on our lots, but it is something that we will work through efficiently here over the coming weeks. So I think the Motorhome backlog, candidly, Fred, is, in summary, just a sign of the field filling and dealers adjusting their appetite to what they see in terms of future retail.

我們的地塊上有一點未清庫存，但我們將在接下來的幾週內有效地解決這個問題。因此，坦率地說，弗雷德，我認為房車積壓只是一個跡象，表明該領域正在填補，經銷商正在根據他們對未來零售的看法調整他們的胃口。

Makes sense. And then, Mike, you had touched on sort of the hurricane impact or potential impact on the Marine side, but is that something that you think could have an impact on the RV side as well, either from a replenishment standpoint or maybe housing or not?

說得通。然後，邁克，你談到了颶風對海洋方面的影響或潛在影響，但你認為這是否也會對房車方面產生影響，無論是從補給的角度還是從住房的角度來看?

Yes. I think it's too early for us to really make a strong statement about it. Candidly, I don't think Hurricane Ian and sort of the implications of that now are going to be incredibly material to our company. We generally have not been first at the table with organizations like FEMA on trailers or temporary housing. Our units are not necessarily constructed for those purposes. Our brands are not positioned to necessarily be that specific solution.

是的。我認為現在對我們做出強有力的聲明還為時過早。坦率地說，我不認為颶風伊恩和現在的影響對我們公司來說會非常重要。在拖車或臨時住房方面，我們通常不會首先與 FEMA 等組織進行談判。我們的單位不一定是為這些目的而建造的。我們的品牌不一定是特定的解決方案。

Should there be a need for those types of units? I think some of our lower cost, higher volume competitors are more in line for that. There's no doubt that some of our customers were impacted significantly, first and foremost, through the loss of probably their homes in some cases or at least major damage. But we have seen pictures of boats and RVs heavily damaged and ending up in places that you could have never imagined because of that storm.

是否需要這些類型的單位？我認為我們的一些成本更低、產量更高的競爭對手更符合這一點。毫無疑問，我們的一些客戶受到了重大影響，首先是在某些情況下可能失去家園，或者至少是重大損失。但我們已經看到船隻和房車嚴重受損的照片，最終出現在你無法想像的地方，因為那場風暴。

So we're going to let the dust settle. Our teams are in contact with our dealers in those areas, and we'll provide our dealers and consumers all the support we can. And there will most likely be a sort of a geographical bump in sales in those categories in that area over the next couple of years as people begin to sort of rebuild their lives.

所以我們要讓塵埃落定。我們的團隊正在與這些地區的經銷商保持聯繫，我們將為經銷商和消費者提供我們所能提供的一切支持。隨著人們開始重建他們的生活，在接下來的幾年裡，該地區這些類別的銷售很可能會出現某種地域性的增長。

So people's passion for the outdoors is pretty strong. And while it's not going to be #1 on their list of things to replace, people will want to get back out onto the water or back onto the road. And so we do believe any consumers who lost units will -- most of them will replace them in the future.

所以人們對戶外的熱情是相當強烈的。雖然它不會成為他們要更換的物品清單上的第一名，但人們會想要回到水上或回到路上。因此，我們確實相信任何丟失單位的消費者都會 - 他們中的大多數人將在未來取代它們。

And 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。

This is Patrick Buckley on for Bret Jordan. I know you've talked about it a bit here, but do you have any additional commentary on the pricing environment moving forward? How have things progressed with conversations with the dealers? And have you seen any effects of changes at the retail level obviously entering a bit of a different environment in the financing environment with higher rates? Have you seen signs of higher down payments, longer loan terms or a higher portion of cash buyers?

這是帕特里克·巴克利（Patrick Buckley）代表布雷特·喬丹（Bret Jordan）。我知道你在這裡談了一點，但是你對未來的定價環境有什麼額外的評論嗎？與經銷商的對話進展如何？您是否看到零售層面的變化明顯進入了更高利率的融資環境中的一些不同環境的任何影響？您是否看到首付更高、貸款期限更長或現金買家比例更高的跡象？

Yes. I'll take maybe the first half of that in terms of maybe what we're seeing from a pricing standpoint, and I'll defer to Bryan here if he has any comments on the retail or inventory financing side of the equation.

是的。從定價的角度來看，我可能會採取前半部分的看法，如果布萊恩對等式的零售或庫存融資方面有任何評論，我會在這裡聽從他的意見。

I think as I mentioned earlier in one of the earlier questions, we are seeing dealers be more aggressive in terms of pricing in the market, particularly on Towables, but even in some categories like Class B vans where there is -- there's significant consumer demand and dealers are fighting for share themselves as well. We don't see that pricing as irrational by the dealer community. And as I said earlier, I think a lot of their margins have been trending back towards sort of historically normal margins here over the late summer and the fall months.

我認為正如我在之前的一個問題中提到的那樣，我們看到經銷商在市場定價方面更加激進，特別是在拖車上，但即使在 B 級貨車等某些類別中，消費者需求也很大經銷商也在為分享自己而戰。我們認為經銷商社區的定價並不合理。正如我之前所說，我認為在夏末和秋季的幾個月裡，他們的很多利潤率已經趨向於歷史上的正常利潤率。

And so -- and I mentioned earlier as well that our pricing power in fiscal '23, because of softer retail conditions, is probably going to be less, but that doesn't mean that if we see meaningful inflation that -- we will protect our profitability as necessary over the long haul and put pricing in place should we see. I think we're going to be more sensitive, though, to the market and to the timing of those price increases, just given everything our dealers are facing on a daily basis.

所以——我之前也提到過，由於零售條件疲軟，我們在 23 財年的定價能力可能會降低，但這並不意味著如果我們看到有意義的通脹——我們將保護從長遠來看，我們的盈利能力是必要的，並在我們看到時制定定價。不過，考慮到我們的經銷商每天面臨的一切，我認為我們將對市場和價格上漲的時機更加敏感。

So Bryan, any comments on maybe the health of the consumer or financing in general?

那麼布萊恩，對消費者的健康或一般的融資有何評論？

Yes. We've always struggled a bit with pinpointing the percentage of those buyers that are cash buyers versus finance buyers because, as you can appreciate, they may often show up with cash in hand from a HELOC or other source of financing. So it's a bit hard to pinpoint. We've not yet heard of any change in that mix of cash buyers versus finance buyers. Interest rates are probably anywhere from 200 to 300 points higher on the retail side versus where they had been over the past couple of years. And still, given the duration also, which has not changed, I think that was another one of your questions, we've not heard of that retail duration of loan changing to a shorter or longer duration, at least that we've heard yet. Still widely available. That is the financing. It's still widely available on the retail side. And personal balance sheet remain relatively strong as well. So we think that, that will be one of those factors that helps to sustain retail demand in the near future.

是的。我們一直在努力確定現金買家與金融買家的百分比，因為正如您所了解的，他們可能經常出現來自 HELOC 或其他融資來源的現金。所以有點難以確定。我們還沒有聽說現金買家與金融買家的組合有任何變化。與過去幾年相比，零售方面的利率可能高出 200 到 300 點。而且，考慮到還沒有改變的期限，我認為這是您的另一個問題，我們還沒有聽說零售貸款期限更改為更短或更長的期限，至少我們還聽說過.仍然廣泛可用。那就是融資。它在零售方面仍然廣泛可用。個人資產負債表也保持相對強勁。因此，我們認為，這將是在不久的將來有助於維持零售需求的因素之一。

So there's some additional perspective I'd share, but no significant changes really to that financing environment. And the retail customer remains pretty healthy from a balance sheet perspective.

所以我想分享一些額外的觀點，但融資環境並沒有真正的重大變化。從資產負債表的角度來看，零售客戶仍然非常健康。

Great. That's very helpful. And then also, are you guys able to provide an estimate or give any color on inventory that's been built but hasn't been sent to dealer lots. And maybe just sort of relative to where you've historically been, are there any changes in recent inventory levels there?

偉大的。這很有幫助。然後，你們是否能夠提供估計或為已建成但尚未發送到經銷商批次的庫存提供任何顏色。也許只是相對於你以前去過的地方，那裡最近的庫存水平有什麼變化嗎？

Our inventories are elevated, but not for reasons in terms of a massive amount of finished goods sitting on our lot. We continue to manage working capital as best we can. That includes a number of areas. But inventory is certainly a part of that. We manage raw materials, work in process and finished goods. As I stated earlier, with a comment on open order inventory, we are not sitting with what I would call an excessive amount of inventory on our lots.

我們的庫存增加了，但不是因為我們的地塊上有大量成品。我們將繼續盡最大努力管理營運資金。這包括許多領域。但庫存肯定是其中的一部分。我們管理原材料、在製品和成品。正如我之前所說，在對未結訂單庫存發表評論時，我們不會坐視我所說的我們批次的過多庫存。

Some of our businesses are turning it as soon as it comes off the production line. And in some cases, the inventory sits while the dealer and the transportation company work out the best time to take it. So no major areas of concern that I have at this time.

我們的一些企業在它從生產線下線後就立即對其進行改造。並且在某些情況下，庫存在經銷商和運輸公司製定最佳時間來獲取庫存。因此，我目前沒有主要的關注領域。

And next question comes from the line of Martin Mitela with Raymond James.

下一個問題來自 Martin Mitela 和 Raymond James。

This is Mitela on for Joe Altobello, Raymond James. A quick question for you. When it comes to Towable unit shipments, they were down over 30% year-to-year, while revenue per unit was up over [30%]. Obviously, a sign it's sustainable. So where do you see price trending in fiscal 2023?

這是喬·阿爾托貝洛、雷蒙德·詹姆斯的米特拉。給你一個快速的問題。就可牽引裝置的出貨量而言，它們同比下降了 30% 以上，而單位收入則增長了 [30%] 以上。顯然，這是可持續發展的標誌。那麼您認為 2023 財年的價格趨勢在哪裡？

Can I ask a question of clarification? Are you asking about wholesale price from us to our dealers? Or are you asking about retail price in the market?

我可以問一個澄清的問題嗎？您是在詢問我們對經銷商的批發價格嗎？或者你問的是市場零售價？

Retail price in the market.

市場零售價。

Yes. I think you'll see, candidly, a much more stable retail price environment in the next 12 to 14 months, assuming inflation is relatively stable and dealers don't see significant price increases from the OEMs.

是的。坦率地說，我認為你會在未來 12 到 14 個月看到一個更加穩定的零售價格環境，假設通貨膨脹相對穩定並且經銷商沒有看到原始設備製造商的價格大幅上漲。

As we've talked, I mean, dealers have begun to be more aggressive on retail pricing on some of the categories already in light of the market conditions and their inventory. But I think you'll see less volatility in total.

正如我們所說，我的意思是，鑑於市場狀況和庫存，經銷商已經開始對某些類別的零售定價更加激進。但我認為你會看到總體波動性較小。

I think most of you on the call know this, but over the last 24 months, you've seen, in some cases, a -- an increase of 30% plus in terms of suggested MSRP for many of these units. Now the units aren't always sold at MSRP. So now you're starting to see some of the discounts from that happen in the retail environment, but you won't see nearly the, I think, volatility of retail pricing in fiscal and calendar year '23 as we saw in '21 and '22. So I think there'll be a little bit more certainty for the consumers.

我想參加電話會議的大多數人都知道這一點，但在過去的 24 個月中，您已經看到，在某些情況下，其中許多單位的建議建議零售價增加了 30% 以上。現在這些單位並不總是以廠商建議零售價出售。因此，現在您開始看到零售環境中發生的一些折扣，但我認為您不會看到我們在 21 和 23 財年和日曆年零售定價的波動'22.所以我認為消費者會有更多的確定性。

Those consumers who haven't been in the market for 3 to 4 years will see some prices that they're maybe not as used to. But the dealers do a great job of selling the ROI in terms of the lifestyle and the economic benefits of being in an RV versus on airplanes and in hotels.

那些 3 到 4 年沒有進入市場的消費者會看到一些他們可能不習慣的價格。但是經銷商在銷售投資回報率方面做得很好，就生活方式和經濟利益而言，房車與飛機和酒店相比。

And my follow-up, actually, would you mind giving a little bit of color to where you expect price trending for wholesale?

我的後續行動，實際上，你介意給你預期的批發價格趨勢加一點顏色嗎？

We tend not to provide any forward-looking forecasts in terms of pricing. As I mentioned earlier, the need to price, because of lower inflation in our business and our pricing power, is different than in -- especially the last fiscal year. But at this time, we won't share any forward-looking comments on intended pricing actions.

在定價方面，我們傾向於不提供任何前瞻性預測。正如我之前提到的，由於我們的業務和我們的定價能力較低的通貨膨脹，定價的需要與 - 特別是上一個財政年度不同。但目前，我們不會就預期的定價行為分享任何前瞻性評論。

Our next question comes from the line of James Hardiman with Citi.

我們的下一個問題來自花旗的 James Hardiman。

So wanted to circle back to your RVI guidance commentary. Sounds like you think maybe a little bit lower than what they're looking for in terms of shipments, but I guess, more importantly, in line with retail and wholesale. So I guess my question is, is that a fair way to think about your business over the next year, similar levels of units for wholesale and retail? And maybe if you see big differences between Motorized and Towables, that would help as well.

所以想回到你的 RVI 指導評論。聽起來您認為在出貨量方面可能比他們正在尋找的要低一點，但我想，更重要的是，符合零售和批發。所以我想我的問題是，這是一個公平的方式來考慮你明年的業務，類似水平的批發和零售單位？也許如果您看到機動車輛和牽引車之間的巨大差異，那也會有所幫助。

Yes. From an industry perspective, what we stated this morning was for calendar year 2022 on RVs, we think that 500,000 shipment number is possibly attainable. It could come in a little bit under that, but I think 500,000 is a good target for the calendar year. We do think calendar year 2023, you will see probably somewhere in the range of 400,000 to 410,000 units shipped to the market.

是的。從行業的角度來看，我們今天上午所說的是 2022 日曆年的房車，我們認為 500,000 的出貨量是可能實現的。它可能會低於這個數字，但我認為 500,000 是日曆年的一個很好的目標。我們確實認為 2023 日曆年，您可能會看到市場上的出貨量在 400,000 到 410,000 之間。

Conversely, we think in calendar 2023 that at a macro level, you'll see a similar number of retailed RV units, somewhere in that 400,000-plus range. Now what that would insinuate is that not a lot of field inventory and macro would be coming out of the field. I think this is a mix or a balance topic. I do think you're going to see some Towable inventory come out of the market in calendar '23. You'll see a little bit of Motorized inventory be built up. On the Marine side, both of our businesses will probably continue to very carefully raise inventory levels where they are dealers.

相反，我們認為在 2023 年日曆中，在宏觀層面上，您會看到類似數量的零售房車單元，大約在 400,000 多個範圍內。現在這暗示的是，不會有很多現場庫存和宏觀數據從現場出來。我認為這是一個混合或平衡的話題。我確實認為您會在 23 年日曆中看到一些可牽引的庫存從市場上退出。你會看到一點點的機動庫存被建立起來。在海運方面，我們兩家公司可能會繼續非常謹慎地提高他們作為經銷商的庫存水平。

Barletta, as an example, has dozens of open markets around the country where we do not have a dealer presence. And so you have to sometimes look at a company's field inventory position in the context of market share, dealer penetration, the momentum of its businesses overall. So I think there's more opportunity for Winnebago Industries to add some inventory than maybe some of our competitors. But we'll see how the next several months go.

例如，Barletta 在全國有幾十個開放市場，我們沒有經銷商。因此，有時您必鬚根據市場份額、經銷商滲透率、整體業務發展勢頭來查看公司的現場庫存狀況。所以我認為 Winnebago Industries 比我們的一些競爭對手更有機會增加一些庫存。但我們將看看接下來的幾個月會怎樣。

That makes sense. And then I'm going to ask a question that I don't think anyone knows the answer to, but I figure I might as well ask here. As we think about this retail slowdown, right, there's sort of 2 -- there's 2 issues at play, right? I mean we had this COVID surge and maybe there's some -- there was some demand pull forward there. And so we're seeing the other side of that. But then there are all these macro issues at play. Are you at all able to tease out what's what as we think about this retail slowdown? And I guess the reason I asked the question is I think there's some debate as to whether or not we're looking at sort of a 1-year shakeout, right, which would be, I think, consistent with maybe what we've seen in the past 2018, 2019 time frame where it was sort of an industry rightsizing itself or versus 2024, is there sort of more declines to come, which would maybe be more consistent if, in fact, there are macro pressures mounting.

那講得通。然後我要問一個我認為沒有人知道答案的問題，但我想我不妨在這裡問。當我們考慮到這種零售放緩時，對，有兩種——有兩個問題在起作用，對吧？我的意思是我們有這種 COVID 激增，也許有一些 - 那裡有一些需求向前推進。所以我們看到了另一面。但是，所有這些宏觀問題都在起作用。您是否能夠梳理出我們對零售業放緩的看法？我想我問這個問題的原因是我認為關於我們是否正在考慮進行為期 1 年的重組，對，我認為這可能與我們所看到的一致在過去的 2018 年和 2019 年的時間框架內，行業本身或與 2024 年相比，是否會出現更多的下滑，如果事實上宏觀壓力越來越大，這可能會更加一致。

Well, let me be clear. We will operate our business with the paranoia that headwinds could last for a little while, but we will certainly hope they don't last very long. Every slight downturn in a cyclical industry has its own different elements and dynamics. This one is no different. This one is different than 2018 and 2019, which, I believe, was also tied to some industry unit overstocking in the RV world during that period.

好吧，讓我說清楚。我們將帶著逆風可能會持續一段時間的偏執來經營我們的業務，但我們當然希望它們不會持續很長時間。週期性行業的每一次輕微低迷都有其不同的要素和動力。這個沒什麼不同。這與 2018 年和 2019 年不同，我相信這也與那個時期房車世界的一些行業單位庫存過剩有關。

I think the major pressures we're seeing right now in terms of consumer spending on outdoor recreation is a pressure on discretionary spending capabilities due to higher food costs, gasoline costs, other service costs they might be experiencing. Number two, the inflation of the products themselves in the outdoor rec category that they're looking. And three, we are seeing a meaningful rise in interest rates. Now interest rates are still historically in a decent spot, but these are products that probably 2/3 of our customers finance over a 15- to 20-month period, and they have seen interest rates in the last -- in 9 to 12 months take a meaningful step up. And so they will analyze that in terms of the timing and ability to purchase.

我認為我們現在在戶外休閒消費方面看到的主要壓力是對可自由支配支出能力的壓力，因為他們可能正在經歷更高的食品成本、汽油成本和其他服務成本。第二，他們正在尋找的戶外娛樂類別中產品本身的膨脹。第三，我們看到利率顯著上升。現在利率在歷史上仍然處於一個不錯的位置，但這些產品可能是我們 2/3 的客戶在 15 到 20 個月期間融資的產品，並且他們在過去 - 9 到 12 個月內看到了利率邁出有意義的一步。因此，他們將根據購買的時間和能力進行分析。

So if we can see some of the macroeconomic shifts to help relieve some pressure on any of those variables, our business will most likely recover.

因此，如果我們能夠看到一些宏觀經濟轉變以幫助緩解任何這些變量的壓力，我們的業務很可能會復蘇。

Remember, the RV business is generally one of the first industries to see some of the softness in a macroeconomic recession. It's also one of the first businesses to potentially act with optimism when consumers are starting to feel more confident. So we don't have a crystal ball either on the time line. So we'll manage the business week-to-week, month-to-month and be very prudent with how we're managing it, but we'll be very well positioned to take advantage of a healthier market when that day comes.

請記住，房車業務通常是宏觀經濟衰退中最先出現疲軟的行業之一。當消費者開始感到更有信心時，它也是首批可能採取樂觀行動的企業之一。所以我們在時間線上也沒有水晶球。因此，我們將逐週、逐月管理業務，並對我們的管理方式非常謹慎，但當那一天到來時，我們將處於有利地位，可以利用更健康的市場。

And our next question comes from the line of John Healy with Northcoast Research.

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

Wanted to kind of switch gears just a bit thinking about capital allocation. Obviously, you saw the business kind of move in this direction throughout the quarter. And to some degree, you kind of saw this coming. But you were extremely active on the buyback front this quarter, which I feel like is kind of counterintuitive to what I see a lot of companies do, usually buy their stock back when the business is great. You bought your stock back when business is softening up. How do we think about that for fiscal '23 in the framework of the low 400,000 unit number? Would you expect to be hit in the buyback in the same way you have? Or do you pause there? And what are your thoughts about M&A as the industry shakes out a little bit either on the boat or the RV side of things? Do you step on the accelerator there a little bit?

想換種方式，只是稍微考慮一下資本配置。顯然，您看到整個季度的業務都朝著這個方向發展。在某種程度上，你已經看到了這一點。但是你本季度在回購方面非常活躍，我覺得這與我看到的許多公司的做法有點違反直覺，通常在業務良好時回購他們的股票。當業務疲軟時，你買回了你的股票。在低 400,000 個單位數量的框架內，我們如何看待 23 財年的情況？您是否希望以與您相同的方式在回購中受到打擊？還是你停在那裡？隨著行業在船舶或房車方面發生一些變化，您對併購有何看法？你有一點點踩油門嗎？

John, this is Bryan. I will address that initially here. And if Mike has any follow-up, I'll, of course, leave that to him. We really haven't changed our capital allocation strategy. Even in this past year, we stuck to our strategy. We invested organically pretty significantly with some capacity expansions that were certainly necessary given the demand on the product. We acquired Barletta. And so we allocated capital to that strategic growth. We maintained our liquidity very nicely. We actually expanded our liquidity with that $350 million ABL. And then we returned cash to shareholders. And so that was certainly evident in our dividend increase, 50% increase on top of a 50% increase in the prior year. And then as you highlighted in your question, the share repurchase was very much a notable and very intentional use of our cash to get that back to shareholders.

約翰，這是布萊恩。我將首先在這裡解決這個問題。如果邁克有任何後續行動，我當然會留給他。我們真的沒有改變我們的資本配置策略。即使在過去的一年裡，我們也堅持我們的戰略。鑑於對產品的需求，我們進行了相當大的有機投資，進行了一些產能擴張，這當然是必要的。我們收購了巴列塔。因此，我們將資金分配給了這種戰略增長。我們很好地保持了流動性。實際上，我們用 3.5 億美元的 ABL 擴大了我們的流動性。然後我們將現金返還給股東。因此，這在我們的股息增長中當然很明顯，在上一年增長 50% 的基礎上增長了 50%。然後正如您在問題中強調的那樣，股票回購是非常顯著且非常有意使用我們的現金將其返還給股東的行為。

So I don't see that changing going forward. We'll continue to look for the strategic growth opportunities, which we believe to still be plentiful. We'll manage our balance sheet very thoughtfully. We will certainly look to return cash to shareholders. We, as you noted, in August, announced a $350 million share repurchase authorization that our Board approved. And so we'll continue to tap into that as we deem prudent. But I don't see it changing. It hasn't changed this past year. We're very much stuck to our narrative on capital allocation, and we will continue to do so going forward.

所以我看不到這種變化。我們將繼續尋找戰略增長機會，我們認為這些機會仍然很多。我們將非常周到地管理我們的資產負債表。我們當然會尋求向股東返還現金。正如您所指出的，我們在 8 月宣布了一項 3.5 億美元的股票回購授權，該授權已獲得董事會批准。因此，我們將在我們認為謹慎的情況下繼續利用這一點。但我沒有看到它改變。在過去的一年裡，它沒有改變。我們非常堅持我們關於資本配置的敘述，我們將繼續這樣做。

Share repurchase is a great opportunity for us. We felt and still feel that our shares represent good value. And so that enters into the calculus as we consider when and in what magnitude we go to the market to do share repurchases. That will continue to be the case. But we view going forward that our allocation priorities really will remain as I stated.

股票回購對我們來說是一個很好的機會。我們感到並且仍然認為我們的股票代表著良好的價值。因此，當我們考慮何時以及以何種規模進入市場進行股票回購時，這就會進入微積分。情況將繼續如此。但我們認為，我們的分配優先級真的會像我所說的那樣保持不變。

And our next question comes from the line of Brandon Rolle with D.A. Davidson.

我們的下一個問題來自 Brandon Rolle 和 D.A.戴維森。

Just a follow-up on Towable margins. Are you saying that we shouldn't see a sequential decline from here? Or are you expecting to see a little more stabilization in the first half before settling out and the second half of fiscal year 2023?

只是對 Towable 利潤的跟進。你是說我們不應該從這裡看到連續下降嗎？或者您是否期望在 2023 財年下半年和 2023 財年下半年結束之前看到更多的穩定？

Yes. Thanks, Brandon. I guess I'd point to a little bit of history. We've referenced in our prior answers that we expect margins to normalize. If you look back at some of the prior margins or EBITDA margins we've realized in the Towables business specifically, they have been in that 10%, 10.5% range in previous Q1s. We've mentioned that here in our fall Q4 period that we pulled forward some of the program discounting for open house that affected the margins in part here in Q4.

是的。謝謝，布蘭登。我想我會指出一點歷史。我們在之前的答案中提到，我們預計利潤率會正常化。如果你回顧一下我們在 Towables 業務中實現的一些先前的利潤率或 EBITDA 利潤率，它們在之前的第一季度一直處於 10% 到 10.5% 的範圍內。我們已經提到，在第四季度秋季期間，我們提前推出了一些開放日的計劃折扣，這在一定程度上影響了第四季度的利潤率。

So even in those years previously where we've had 10%, 10.5% margins in Q1, we ended the year in that 13%, 14% range. And I think the best method we're trying to convey here is, hey, look, it's 1 quarter. We still have a lot of confidence in our product line and the strength of our portfolio to deliver in that 13%, 14% EBITDA margin range for the Towables business over the long term. And we don't necessarily view our calendar year 2023 any differently sitting here today. It's a very volatile environment we're dealing with in terms of the inflationary pressures, the costs. Mike cited some of the commodity volatility, and a lot of which are coming down here as one of those factors, and we're trying to weigh the forward view of cost and what's going on as it relates to our cost input and the impact that, that has on our near-term pricing decisions.

因此，即使在之前我們在第一季度的利潤率為 10% 和 10.5% 的那些年裡，我們年底的利潤率也在 13% 和 14% 的範圍內。我認為我們在這裡試圖傳達的最佳方法是，嘿，看，它是四分之一。我們仍然對我們的產品線和我們的產品組合的實力充滿信心，可以在長期內為拖車業務實現 13%、14% 的 EBITDA 利潤率範圍。而且，我們今天坐在這裡並不一定會以任何不同的方式看待我們的 2023 日曆年。就通脹壓力和成本而言，這是一個非常不穩定的環境。邁克列舉了一些大宗商品波動，其中很多都是這些因素之一，我們正試圖權衡成本的前瞻觀點，以及與我們的成本投入和影響相關的情況。 ，這對我們的近期定價決策有影響。

So very clearly, we're not managing the quarters. We always have our eyes on the quarter certainly and believe that we're doing our best to manage within a quarter, but that's not how we make decisions. We make decisions for the long term and what we think is best for the portfolio.

很明顯，我們沒有管理這些季度。我們總是關注季度，並相信我們正在盡最大努力在一個季度內進行管理，但這不是我們做出決定的方式。我們做出長期決策以及我們認為最適合投資組合的決策。

So I guess, hopefully, that additional color in just helping all of you recall the margins that we've had in the fall period in past years while still delivering very healthy margins in the Towables segment for the full fiscal year.

因此，我想，希望這種額外的色彩可以幫助你們所有人回憶起我們在過去幾年秋季期間的利潤率，同時在整個財年的 Towables 領域仍然提供非常健康的利潤率。

Great. And just one quick follow-up. On your retail guidance for next year kind of implies down 10%. Kind of where do you see your brand shaking out versus the industry? Do you feel like you'll be able to outpace the market by 10, 15 percentage points or your brand is kind of trending in line with that guidance?

偉大的。只需快速跟進。你對明年的零售指導意味著下降 10%。您認為您的品牌與行業相比在哪裡發生了變化？您是否覺得自己能夠以 10、15 個百分點的速度超越市場，或者您的品牌的趨勢與該指導一致？

Brandon, this is Mike. I would answer that with this phrase: the standard is the standard here. We have been taking share consistently over the last 6 to 7 years in the RV business as we've acquired brands and then grown them organically after they're in our portfolio. And we expect to continue to do that. We're well aware of the competitive landscape. And -- but the expectations at Winnebago Industries is for each of our 5 brands to take share in their respective outdoor categories. And so some years, that will be more. Some years, that will be less, but the expectation is similar year-to-year.

布蘭登，這是邁克。我會用這句話來回答這個問題：標準就是這裡的標準。在過去的 6 到 7 年裡，我們一直在房車業務中佔據份額，因為我們已經收購了品牌，然後在它們進入我們的投資組合後有機地發展它們。我們希望繼續這樣做。我們非常了解競爭格局。而且——但 Winnebago Industries 的期望是我們的 5 個品牌中的每一個都在各自的戶外類別中佔有一席之地。所以有些年，會更多。有些年份，這會更少，但每年的預期是相似的。

I can tell you, and I usually do this each call, retail through the first part of the first quarter is relatively stable versus what we saw at the end of Q4 and, in fact, has been trending a little healthier from a comp percentage standpoint. And so we're not seeing in some of our latest retail results, on the RV side specifically, a comp percentage decline that is as steep as it was in the July, August months. And so that's a little bit of a factor of the comparatives getting a little bit easier.

我可以告訴你，我通常每次電話都會這樣做，與我們在第四季度末看到的相比，第一季度第一部分的零售相對穩定，事實上，從補償百分比的角度來看，它的趨勢更健康一些.因此，在我們的一些最新零售業績中，特別是在房車方面，我們沒有看到與 7 月、8 月一樣陡峭的複合百分比下降。所以這是比較容易一點的一個因素。

But this industry -- if this industry retails 400,000 units in calendar year 2023, which is our current estimate as of this date, that's a healthy amount of consumer retail historically in that space and especially in a post COVID environment. So we'll compete for everything we can get.

但是這個行業——如果這個行業在 2023 日曆年零售 400,000 台，這是我們截至目前的估計，那麼從歷史上看，在該領域，尤其是在後 COVID 環境中，這是一個健康的消費者零售量。所以我們會為我們能得到的一切而競爭。

And our next question is a follow-up question from Tristan Thomas-Martin with BMO.

我們的下一個問題是 Tristan Thomas-Martin 與 BMO 的後續問題。

I thought I hopped out. Everything I was going to ask have been answered.

我以為我跳出來了。我要問的一切都得到了回答。

Thank you. And I'm showing no further questions at this time. And I would like to hand the conference back over to Ray Posadas for any further remarks.

謝謝你。我現在沒有再提出任何問題。我想將會議交還給 Ray Posadas 以發表任何進一步的意見。

Thank you, everyone, for joining today's call. Enjoy the rest of the day.

謝謝大家加入今天的電話會議。享受一天的剩餘時間。

This concludes today's conference call. Thank you for participating. You may now disconnect. Everyone, have a great day.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。大家，有一個美好的一天。