Winnebago Industries Inc (WGO) 2023 Q1 法說會逐字稿

Good day, and thank you for standing by. Welcome to the First Quarter fiscal 2023 Winnebago Industries Financial Results Conference Call. After the speaker's presentation, there will be a question-and-answer session. (Operator Instructions)

美好的一天，謝謝你的支持。歡迎來到 2023 財年第一季度 Winnebago Industries 財務業績電話會議。演講者介紹後，將進行問答環節。 （操作員說明）

Please be advised that today's conference is being recorded. I would now like to turn the call over to Ray Posadas, Vice President of Investor Relations and Market Intelligence. You may begin.

請注意，今天的會議正在錄製中。我現在想把電話轉給投資者關係和市場情報副總裁 Ray Posadas。你可以開始了。

Morning, everyone, and thank you for joining us today to discuss our fiscal 2023, 1st 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 first quarter results was issued and posted to our website earlier this morning.

大家早上好，感謝您今天加入我們討論我們 2023 財年第一季度的收益結果。今天，總裁兼首席執行官 Michael Happe 和高級副總裁兼首席財務官 Bryan Hughes 也加入了我的電話會議。此電話會議正在我們的網站 investor.wgo.net 上直播，今天晚些時候我們的網站將提供電話會議的重播。我們第一季度業績的新聞稿已於今天上午早些時候發布並發佈在我們的網站上。

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 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，根據證券法，在今天的電話會議中就 Winnebago Industries 及其運營所做的某些陳述可能被視為前瞻性陳述。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。這些因素在我們提交給美國證券交易委員會的文件中已確定，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. Good morning, everyone. As always, we appreciate your interest in Winnebago Industries and spending time with us to review our fiscal 2023, first quarter financial results. I will initiate the call with a broad overview of our performance during the quarter and then pass the conversation to Bryan Hughes to cover our financial results in more detail. We will then offer some closing thoughts before turning to your questions. Winnebago Industries first quarter results are a testament to the strength, diversification and resiliency of our brand portfolio, amid more difficult industry and macroeconomic conditions. As we expected, demand for our premium RV product lineups continued to normalize in the first quarter.

謝謝，雷。大家，早安。一如既往，我們感謝您對 Winnebago Industries 的關注並花時間與我們一起審查我們的 2023 財年第一季度財務業績。我將首先概述我們在本季度的業績，然後將談話轉交給 Bryan Hughes，以更詳細地介紹我們的財務業績。然後，在轉向您的問題之前，我們將提供一些結束語。在更加困難的行業和宏觀經濟條件下，Winnebago Industries 第一季度的業績證明了我們品牌組合的實力、多元化和彈性。正如我們預期的那樣，對我們優質房車產品系列的需求在第一季度繼續正常化。

Lapping a period of tremendous growth for the RV lifestyle in our fiscal 2021 and 2022 years.

在我們的 2021 財年和 2022 財年，房車生活方式將迎來一段巨大增長的時期。

While we believe many of the underlying drivers of this record-setting period are secular and likely to have a significant and positive impact in the long term, including the introduction of thousands of new, younger and more diverse RV families that could remain customers of our premium brands for many years to come. Winnebago Industries will continue facing difficult comparisons to our fiscal '22 results as the RV industry stabilizes throughout fiscal 2023.

雖然我們相信這一創紀錄時期的許多潛在驅動因素是長期的，並且可能會產生長期的重大和積極影響，包括引入數以千計的新的、更年輕的和更多樣化的 RV 家庭，這些家庭可能仍然是我們的客戶未來許多年的優質品牌。隨著房車行業在整個 2023 財年趨於穩定，Winnebago Industries 將繼續面臨與我們 22 財年業績的艱難比較。

Our performance was also challenged by several macroeconomic factors that we expect to impact our near-term results. This includes a broader economic slowdown, general inflation that while trending lower, is still meaningful, higher interest rates, and as a result, lower consumer confidence. That said, our outstanding Winnebago Industries team nimbly manage these challenges in the first quarter. I am immensely proud of our teammates for their arduous work to enhance the agility of our supply chain, increase the efficiency of our operations and drive an increasingly more balanced portfolio of profit streams that are at various places in the outdoor economic cycle.

我們的業績也受到一些宏觀經濟因素的挑戰，我們預計這些因素會影響我們的近期業績。這包括更廣泛的經濟放緩、雖然呈下降趨勢但仍有意義的總體通脹、更高的利率，以及因此導致的消費者信心下降。也就是說，我們出色的 Winnebago Industries 團隊在第一季度靈活地應對了這些挑戰。我為我們的隊友們的辛勤工作感到無比自豪，他們努力提高我們供應鏈的敏捷性，提高我們的運營效率，並在戶外經濟周期的各個地方推動越來越平衡的利潤流組合。

The result was reasonable revenue stability and solid bottom-line results that exceeded most external expectations. While we certainly cannot control the overall size of the outdoor recreation market in the immediate near term, we can stay focused on strengthening and investing in our golden threads of quality, innovation and experience that will drive our profitable growth for years to come.

結果是合理的收入穩定性和穩固的底線結果超出了大多數外部預期。雖然我們當然無法在短期內控制戶外休閒市場的整體規模，但我們可以繼續專注於加強和投資我們的質量、創新和體驗方面的金線，這將推動我們未來幾年的盈利增長。

Ultimately, Winnebago Industries achieved $952 million in net revenues in the quarter, a decline of 18% from the year ago period. We realized a consolidated gross margin of 16.8%. While consolidated gross margin was down year-over-year, it remains well above pre-pandemic levels, up 240 basis points when compared to fiscal 2019, first quarter. And we delivered adjusted earnings per diluted share of $2.07. While down compared to historic record high levels last year, these results remain strong and reflect the resilience of our operating model, the vibrancy of our products and a more robust organization than we are today. Our results were driven by a few key factors.

最終，Winnebago Industries 在本季度實現了 9.52 億美元的淨收入，比去年同期下降了 18%。我們實現了 16.8% 的綜合毛利率。儘管綜合毛利率同比下降，但仍遠高於大流行前的水平，與 2019 財年第一季度相比上升了 240 個基點。我們交付的調整後每股攤薄收益為 2.07 美元。雖然與去年的歷史最高水平相比有所下降，但這些結果仍然強勁，反映了我們運營模式的彈性、我們產品的活力以及比我們今天更強大的組織。我們的結果是由幾個關鍵因素驅動的。

First, the strength of our premium outdoor lifestyle brands and our innovative product portfolio. Some of you saw our products in action at our Investor Day last month. The best current example of this formula is the Barletta lineup of pontoons. They are simply some of the best premium pontoons on the market today, in function and feel. And the marine customers are voting with their purchase decisions.

首先，我們優質戶外生活方式品牌和創新產品組合的實力。你們中的一些人在上個月的投資者日看到了我們的產品。這個公式當前最好的例子是浮橋的 Barletta 陣容。在功能和感覺方面，它們只是當今市場上最好的優質浮橋之一。海洋客戶正在投票決定他們的購買決定。

Barletta, which was founded just 5 years ago, and acquired in August of 2021 by Winnebago Industries has seen its market share begin to approach almost 7% of the market. The growth and profitability of our Marine segment is now a material chapter to our story in becoming a more well-rounded outdoor recreation mobility leader. We remain incredibly focused on the organic competitiveness, health and growth of our business. Our 3 RV brands, Winnebago, Grand Design and Newmar all received the recent dealer satisfaction Index awards from the RV Dealers Association, which places a special emphasis on quality.

成立僅 5 年的 Barletta 於 2021 年 8 月被 Winnebago Industries 收購，其市場份額開始接近近 7% 的市場份額。我們海洋部門的增長和盈利能力現在是我們成為更全面的戶外休閒移動領導者故事的重要篇章。我們仍然非常關注我們業務的有機競爭力、健康和增長。我們的 3 個房車品牌 Winnebago、Grand Design 和 Newmar 都獲得了房車經銷商協會最近頒發的經銷商滿意度指數獎，該協會特別強調質量。

We recently began full production and shipments of our new Hike 100 FLX travel trailer, which was named the Model Year 2023 RV of the Year by RV Business Magazine. This product is part of an initiative to expand into differentiated customer segments and drive innovation with off-grid and off-road capabilities. A second key driver of our results in the first quarter was our flexible operating model that complements a highly variable cost structure and their commitment to operational excellence, which enabled Winnebago Industries to maintain strong profitability despite market pressure on our top line.

我們最近開始全面生產和發貨我們的新型 Hike 100 FLX 旅行拖車，該拖車被 RV 商業雜誌評為 Model Year 2023 RV of the Year。該產品是擴展到差異化客戶群並通過離網和越野能力推動創新的計劃的一部分。我們第一季度業績的第二個關鍵驅動因素是我們靈活的運營模式，它補充了高度可變的成本結構以及他們對卓越運營的承諾，這使 Winnebago Industries 能夠在我們的收入面臨市場壓力的情況下保持強勁的盈利能力。

Our operational excellence initiatives are another example of the shared enterprise capabilities that our individual business units leverage across our enterprise. These initiatives include an outstanding strategic sourcing function, manufacturing best practices, company-wide focus on consumer insights and the consumer experience and the benefits of an overlapping dealer network with deep, long-term relationships.

我們的卓越運營計劃是我們各個業務部門在整個企業中利用的共享企業能力的另一個例子。這些舉措包括出色的戰略採購職能、製造最佳實踐、全公司對消費者洞察和消費者體驗的關注，以及具有深厚長期關係的重疊經銷商網絡的優勢。

And finally, certain external factors had meaningful impacts on our first quarter performance as well. The most significant was our supplier, Mercedes-Benz AG's recent recall of all model year 2019 to 2022 Sprinter chassis. As we discussed during our Investor Day last month, this recall prevents Winnebago Industries and all industry OEMs, upfitters and retail dealers using that chassis from currently shipping, selling or delivering any of the affected products until a remedy is implemented sometime in the first calendar quarter of 2023.

最後，某些外部因素也對我們第一季度的業績產生了重大影響。最重要的是我們的供應商 Mercedes-Benz AG 最近召回了 2019 年至 2022 年所有車型的 Sprinter 底盤。正如我們在上個月的投資者日討論的那樣，此次召回阻止了 Winnebago Industries 和所有使用該底盤的行業原始設備製造商、改裝商和零售經銷商當前運輸、銷售或交付任何受影響的產品，直到在第一季度的某個時間實施補救措施2023 年。

This issue negatively impacted our first quarter top and bottom line results including inventory levels and cash flow. Notably, despite this impact, we grew our Motorhome segment revenue in the first quarter and delivered solid profitability. Reflecting the continued fundamental strength of our operations and margin profile. The second external factor we are actively managing is the dealer demand for our wholesale Towables RV inventory. As I have mentioned previously, each of our reporting segments is experiencing varying forms of channel stocking behavior, which in turn impacts dealer inventory levels backlog and production schedules in diverse ways across our portfolio.

這個問題對我們第一季度的頂線和底線結果產生了負面影響，包括庫存水平和現金流。值得注意的是，儘管存在這種影響，我們在第一季度實現了房車業務收入的增長並實現了穩健的盈利能力。反映了我們運營和利潤率狀況的持續基本實力。我們積極管理的第二個外部因素是經銷商對我們的批發 Towables RV 庫存的需求。正如我之前提到的，我們的每個報告部門都在經歷不同形式的渠道庫存行為，這反過來又以不同的方式影響我們產品組合中的經銷商庫存水平積壓和生產計劃。

We are especially and closely managing Towable RV production levels to align with normalized dealer inventories in this segment. While our Motorhome and Marine businesses work carefully to replenish dealer inventories that remain low in various subsegments. We are focused on exercising further rigor and a focus on sustainable long-term value by adjusting production across our businesses to calibrate to the needs of our dealers and in consumer demand levels. Our operating model allows us to do that profitably despite some disruption in our supply chain as we adjust our manufacturing to real-time market dynamics. We are proud of how our results in the first quarter demonstrate that Winnebago Industries can and will deliver strong profitability and performance through challenging cycles.

我們特別密切地管理可牽引房車的生產水平，以與該細分市場的標準化經銷商庫存保持一致。雖然我們的房車和船舶業務謹慎地補充各個子細分市場中仍然較低的經銷商庫存。我們專注於通過調整我們業務的生產以適應我們經銷商的需求和消費者需求水平，進一步嚴格和關注可持續的長期價值。儘管我們根據實時市場動態調整製造，但我們的運營模式使我們能夠在供應鏈出現一些中斷的情況下實現盈利。我們為第一季度的業績證明 Winnebago Industries 能夠並且將會在充滿挑戰的周期中提供強勁的盈利能力和業績而感到自豪。

Furthermore, the benefits of our diversified and more balanced portfolio were evidenced by the growth in our Motorhome and marine segments helping to offset the decline in Towables. Our marine segment revenues grew 66% year-over-year in the first quarter and accounted for 14% of our revenue, highlighting the tremendous success of our initiatives in that segment and benefiting from continued strong momentum, specifically in the Barletta brand.

此外，我們的房車和船舶部門的增長有助於抵消牽引車的下降，證明了我們多元化和更平衡的產品組合的好處。第一季度，我們的海運業務收入同比增長 66%，占我們收入的 14%，這凸顯了我們在該業務領域的舉措取得的巨大成功，並受益於持續強勁的勢頭，尤其是 Barletta 品牌。

At the same time, as I mentioned, our Motorhome segment continues its growth trajectory with revenues growing 10% year-over-year as consumers continue to see the value of our products in the market. Our broad portfolio, enterprise synergy and capabilities and commitment to quality, innovation and experience, enhance our resiliency and ensure we are well positioned to create long-term value.

與此同時，正如我所提到的，隨著消費者繼續看到我們產品在市場上的價值，我們的房車業務繼續保持增長勢頭，收入同比增長 10%。我們廣泛的產品組合、企業協同作用和能力以及對質量、創新和經驗的承諾，增強了我們的彈性，並確保我們有能力創造長期價值。

With that summary, I will now turn the call over to our Chief Financial Officer, Bryan Hughes, to review our fiscal 2023, first quarter 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 2023 財年第一季度的財務業績。布萊恩？

Thanks, Mike, and good morning, everyone. First quarter revenues were $952.2 million, reflecting a decrease of approximately 18% compared to $1.2 billion for the fiscal 2022 period. Our top line performance was driven by a number of factors, which Mike mentioned, including the expected cooling of demand driving lower unit sales, particularly in the Towable segment. We were also impacted by the Mercedes-Benz AG chassis recall, which prevented us from shipping, selling or delivering any products included in the recall, and resulted in an estimated negative impact of approximately $50 million in first quarter net sales as well as related impacts to profitability and working capital. And as expected, to have a similar impact in Q2.

謝謝，邁克，大家早上好。第一季度收入為 9.522 億美元，與 2022 財年的 12 億美元相比下降了約 18%。我們的頂線業績受到 Mike 提到的許多因素的推動，包括預期的需求降溫導致單位銷售額下降，特別是在 Towable 領域。我們還受到 Mercedes-Benz AG 底盤召回的影響，這使我們無法運輸、銷售或交付召回中包含的任何產品，並導致第一季度淨銷售額和相關影響估計約為 5000 萬美元的負面影響盈利能力和營運資金。正如預期的那樣，在第二季度產生類似的影響。

Gross profit for the quarter decreased 30.1% to $160.4 million compared to $229.4 million during the first quarter of 2022. Gross profit margin of 16.8% was 300 basis points lower than last year, driven by operating leverage chassis recall-related production inefficiencies. A normalization back to seasonal trends within our Towable segment after extraordinary performance during the prior year period when dealer inventories were at all-time lows, and comparing against the strong Q1 last year, where pricing was taken ahead of inflation.

本季度毛利潤下降 30.1% 至 1.604 億美元，而 2022 年第一季度為 2.294 億美元。毛利率為 16.8%，比去年下降 300 個基點，這是由於運營槓桿底盤召回相關的生產效率低下所致。在經銷商庫存處於歷史最低水平的前一年期間的非凡表現以及與去年第一季度的強勁表現相比，我們的 Towable 部門的季節性趨勢正常化，其中定價先於通貨膨脹。

Operating income was $85.9 million for the quarter. A decrease of 41.3% compared to $146.4 million for the first quarter of last year. Fiscal 2023, first quarter net income was $60.2 million, 39.6% lower than the $99.6 million recorded in the prior year quarter. Reported earnings per diluted share was $1.73 compared to reported earnings per diluted share of $2.90 in the same period last year. Adjusted earnings per diluted share decreased 41% year-over-year, from $3.51 to $2.07. Consolidated adjusted EBITDA decreased 42.0% and to $97 million from $167.2 million in the first quarter of 2022. I would like to call out that we adopted a new accounting standard in the first quarter of 2023 which impacted the accounting treatment for our convertible notes. As a result of this required accounting adoption, we no longer recognize a noncash discount or related noncash interest expense from the convertible notes. The new standard also requires the earnings per diluted share calculation to assume conversion of the entire amount of shares underlying the convertible notes and interest charges to be added back to the calculation.

本季度營業收入為 8590 萬美元。與去年第一季度的 1.464 億美元相比下降了 41.3%。 2023 財年第一季度淨收入為 6020 萬美元，比去年同期的 9960 萬美元下降 39.6%。報告的攤薄每股收益為 1.73 美元，而去年同期報告的攤薄每股收益為 2.90 美元。調整後每股攤薄收益同比下降 41%，從 3.51 美元降至 2.07 美元。合併調整後 EBITDA 從 2022 年第一季度的 1.672 億美元下降 42.0% 至 9700 萬美元。我想指出，我們在 2023 年第一季度採用了新的會計準則，這影響了我們可轉換票據的會計處理。由於這種必要的會計採用，我們不再從可轉換票據中確認非現金折扣或相關的非現金利息費用。新準則還要求計算稀釋後每股收益時假設轉換可轉換票據所涉及的全部股份，並將利息費用加回計算中。

Prior year results were not adjusted or otherwise affected by the new accounting standard. Our adjustment following adoption of this new accounting pronouncement results in adjusted EPS to be on an equivalent basis with how we have been doing the adjustment previously by removing the dilutive impact of the convertible note. In this way, we recognize the economic benefit of the call spread overlay that we implemented when we issued the convertible note.

新會計準則未對上一年度業績進行調整或以其他方式影響。我們在採用此新會計公告後進行的調整導致調整後的每股收益與我們之前通過消除可轉換票據的稀釋影響進行調整的方式相同。通過這種方式，我們認識到我們在發行可轉換票據時實施的通話價差覆蓋的經濟利益。

Accordingly, we will adjust the diluted shares outstanding in the calculation of adjusted diluted EPS and until our share price exceeds the strike price of the warrants, which is at $96.20.

因此，我們將在計算調整後的稀釋每股收益時調整稀釋後的流通股，直到我們的股價超過認股權證的行使價，即 96.20 美元。

Now I'll turn to our segment performance, starting with our Towable segment. Revenues for the Towable segment were $347.3 million for the first quarter, down 46.7% compared to the prior year. This was primarily driven by declines in unit volumes as a result of the ongoing softening of consumer demand as well as the impact of our adjusted production schedules due to normalized dealer inventories. Segment adjusted EBITDA was $36.3 million down 67.6% from the prior year period. Adjusted EBITDA margin was 10.5%, down 670 basis points year-over-year but only 30 basis points sequentially and similar to the historical levels.

現在我將轉向我們的細分市場表現，從我們的 Towable 細分市場開始。 Towable 部門第一季度的收入為 3.473 億美元，比上年同期下降 46.7%。這主要是由於消費者需求持續疲軟導致單位銷量下降，以及由於經銷商庫存正常化而調整生產計劃的影響。部門調整後的 EBITDA 為 3630 萬美元，比去年同期下降 67.6%。調整後的 EBITDA 利潤率為 10.5%，同比下降 670 個基點，但環比僅下降 30 個基點，與歷史水平相似。

As we discussed in our Q4 call, we reinstated our traditional fall programming and are comparing against pricing ahead of inflation last year in Q1. Backlog decreased to $434 million, down 76.9% from the prior year when dealers were focused on increasing their inventories.

正如我們在第四季度電話會議中討論的那樣，我們恢復了傳統的秋季計劃，並與去年第一季度通脹前的定價進行了比較。積壓訂單減少至 4.34 億美元，與經銷商專注於增加庫存的上一年相比下降了 76.9%。

Turning to our Motorhome segment. We delivered solid first quarter revenue growth of 10.1% to $464.2 million compared to the prior year. Our year-over-year growth was the result of the pricing actions we took in fiscal 2022, which more than offset the negative impact from the chassis recall. Segment adjusted EBITDA was $50.3 million, representing an increase of 0.2% from the prior year. Adjusted EBITDA margin was 10.8% down 110 basis points, primarily due to production inefficiencies tied to the chassis recall.

轉向我們的房車部門。與去年同期相比，我們第一季度的收入穩健增長了 10.1%，達到 4.642 億美元。我們的同比增長是我們在 2022 財年採取的定價行動的結果，這大大抵消了底盤召回的負面影響。部門調整後的 EBITDA 為 5030 萬美元，比上年增長 0.2%。調整後的 EBITDA 利潤率為 10.8%，下降 110 個基點，主要原因是底盤召回導致生產效率低下。

Finally, let's turn to our Marine segment. In the first quarter, revenues for the Marine segment were $131.4 million, up 65.7% from the prior year as a result of strong unit growth across both Barletta and Chris-Craft. Adjusted EBITDA for the Marine segment was $18.5 million, 74.5% higher than the same period last year, and adjusted EBITDA margin was 14.1%, 80 basis points higher than last year. Dealer inventories continue to build towards more normalized levels in the marine space, and our backlogs were up 23.8% compared to the first quarter of the prior year. Reflecting the strong demand for our brands.

最後，讓我們轉向我們的海洋部門。第一季度，由於 Barletta 和 Chris-Craft 的強勁單位增長，海事部門的收入為 1.314 億美元，比上年同期增長 65.7%。海運業務調整後的 EBITDA 為 1850 萬美元，比去年同期增長 74.5%，調整後的 EBITDA 利潤率為 14.1%，比去年同期增長 80 個基點。經銷商庫存繼續朝著海洋領域更正常的水平發展，我們的積壓訂單比去年第一季度增加了 23.8%。反映出對我們品牌的強烈需求。

Moving now to the balance sheet. As of the end of the quarter, we had roughly $590.4 million in outstanding debt representing a net debt-to-EBITDA ratio of approximately 0.6x. Our healthy balance sheet has continued to allow us to execute our balanced capital allocation strategy, which prioritizes strategic investments in our business to drive growth while returning capital to shareholders. For example, we reached a number of exciting milestones this quarter that will enable future growth across our portfolio. In November, we announced plans to develop a new advanced technology innovation center. We also continued to expand our manufacturing capacity for both of our marine businesses to help meet the pent-up demand for those products. As always, we balance these investments with returning capital to our shareholders and continue to pay our quarterly dividend for the quarter, which, as a reminder, was increased 50% to $0.27 per share during the fourth quarter of fiscal 2022.

現在轉到資產負債表。截至本季度末，我們的未償債務約為 5.904 億美元，淨債務與 EBITDA 之比約為 0.6 倍。我們健康的資產負債表使我們能夠繼續執行平衡的資本配置戰略，該戰略優先考慮對我們業務的戰略投資以推動增長，同時將資本返還給股東。例如，本季度我們達到了一些激動人心的里程碑，這將使我們的產品組合在未來實現增長。 11 月，我們宣布了開發新的先進技術創新中心的計劃。我們還繼續擴大我們兩個海洋業務的製造能力，以幫助滿足對這些產品被壓抑的需求。一如既往，我們通過向股東返還資本來平衡這些投資，並繼續支付本季度的季度股息，提醒一下，在 2022 財年第四季度，股息增加了 50% 至每股 0.27 美元。

With that, I will now turn the call back to Mike to provide some closing comments. Mike, back to you.

有了這個，我現在將把電話轉回 Mike 以提供一些結束評論。邁克，回到你身邊。

Thanks very much, Bryan. At our Investor Day last month, we unveiled fiscal 2025 strategic targets. On net revenue, RV and Pontoon market share, gross margin, adjusted EBITDA yield, free cash flow and our community giving levels. We believe those targets are appropriate and achievable even as the distractions of the near-term market conditions are present. While there will likely be RV industry shipment contraction in calendar year 2023, we do believe market tailwinds will be present again in that segment by the time we reach the fiscal 2025 year.

非常感謝，布萊恩。在上個月的投資者日，我們公佈了 2025 財年的戰略目標。關於淨收入、RV 和 Pontoon 市場份額、毛利率、調整後的 EBITDA 收益率、自由現金流和我們的社區捐贈水平。我們認為，即使存在近期市場狀況的干擾，這些目標也是適當且可以實現的。儘管 2023 日曆年 RV 行業出貨量可能會收縮，但我們確實相信，到 2025 財年時，該細分市場將再次出現市場順風。

However, a dramatic rebound in RV shipments is not a dominant assumption in order for us to achieve our 2025 financial targets. We also have stated a clear intent to complement profitable organic growth with strategic inorganic investments and continued operational excellence initiatives that cumulatively drive accretive profitability and competitive differentiation during this 3-year period. As it pertains to calendar 2023 RV shipment projections, we now generally agree with the recent RV Industry Association forecasts, which anticipated a midrange estimate of 391,000 wholesale sales. This updated expectation is slightly lower than our previous 400,000 to 410,000 forecast we offered in October.

然而，房車出貨量的大幅反彈並不是我們實現 2025 年財務目標的主要假設。我們還明確表示，將通過戰略性無機投資和持續的卓越運營計劃來補充盈利性有機增長，這些計劃將在這 3 年期間累積推動盈利能力和競爭差異化。由於涉及日曆 2023 年房車出貨量預測，我們現在普遍同意房車行業協會最近的預測，該預測預計批發銷量的中值估計為 391,000 輛。這一更新後的預期略低於我們之前在 10 月份提供的 400,000 至 410,000 的預測。

In the meantime, we are continuing to execute our strategic priorities and invest in the areas of our business that will create new growth engines. As Bryan stated, we are expanding our capacity in both of our marine businesses to accelerate our market share potential. We announced last month that we have signed a lease for our ATG Innovation Center which will be dedicated to applying emerging technologies for next-generation products in all our businesses. This includes the strategic imperative to execute a measured but intentional electrification road map within our brands that balances scaled adoption opportunities, superior customer experience and competitive differentiation.

與此同時，我們將繼續執行我們的戰略重點，並投資於我們將創造新增長引擎的業務領域。正如 Bryan 所說，我們正在擴大我們兩項海事業務的能力，以加快我們的市場份額潛力。我們上個月宣布，我們已經簽署了 ATG 創新中心的租約，該中心將致力於將新興技術應用於我們所有業務的下一代產品。這包括在我們的品牌內執行經過慎重但有意的電氣化路線圖的戰略要務，以平衡規模化採用機會、卓越的客戶體驗和競爭差異化。

Looking ahead, we are confident that Winnebago Industries has significant long-term opportunity for sustained market share gains and profitable growth across our portfolio. Leading to enhanced value for our end customers, dealers, employees and shareholders. Before we open up the line to questions, I want to touch on the continuing progress we are making on our commitment to corporate responsibility. In fact, this traction was recently validated when we were named one of America's most responsible companies by Newsweek magazine, a first-time honor for Winnebago Industries.

展望未來，我們相信 Winnebago Industries 擁有重要的長期機會，可以在我們的產品組合中實現持續的市場份額增長和盈利增長。為我們的最終客戶、經銷商、員工和股東帶來更高的價值。在我們開始提問之前，我想談談我們在履行企業責任承諾方面所取得的持續進展。事實上，最近我們被《新聞周刊》雜誌評為美國最負責任的公司之一時，這種牽引力得到了驗證，這是 Winnebago Industries 的首次榮譽。

On the environmental side, we are working actively on waste, water, energy and product life cycle targets that we have set for the years 2030 and 2050. On the community side, we are passionately engaged in making the communities our employees live, work and plan better as well. As the health of and the access to the outdoors overall. We are doubling down on our fiscal 2025 giving targets compared to our fiscal 2022 actual philanthropy, and we are off to a great start with our recent community Go campaign this fall, collecting $1.2 million, supporting 270 different nonprofit organizations.

在環境方面，我們積極致力於實現我們為 2030 年和 2050 年設定的廢物、水、能源和產品生命週期目標。在社區方面，我們熱衷於讓我們的員工在社區中生活、工作和生活計劃也更好。作為整體的健康和戶外活動。與 2022 財年的實際慈善事業相比，我們將 2025 財年的捐贈目標提高了一倍，今年秋天我們最近的社區 Go 活動取得了良好的開端，籌集了 120 萬美元，支持 270 個不同的非營利組織。

The heart of our company shines through these types of initiatives. Lastly, we just released earlier this week the fourth edition of our corporate responsibility report. Our most substantive report to date, this publication outlines our aspirations on our ESG priorities, and show specific base levels, frameworks and progress to achieve those ambitions. I am humbled and inspired by the enthusiasm and commitment of our team, to both do well and especially do good.

我們公司的核心通過這些類型的舉措而閃耀。最後，我們剛剛在本週早些時候發布了第四版企業責任報告。我們迄今為止最實質性的報告，本出版物概述了我們對 ESG 優先事項的期望，並展示了實現這些目標的具體基礎水平、框架和進展。我對我們團隊的熱情和承諾感到謙卑和鼓舞，他們都做好了，尤其是做好了。

That concludes our prepared remarks this morning. We hope all of you have a safe and joyous holiday season. I will now turn the call back over to the operator who will open the lineup for your questions.

今天上午我們準備好的發言到此結束。我們希望大家度過一個安全、愉快的假期。我現在將把電話轉回接線員，接線員將打開隊列回答您的問題。

(Operator Instructions) And our first question comes from the line of Craig Kennison with Robert W. Baird.

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

Question on retail for this year and next year for the industry. I'm wondering where you think 2022 will finish for the industry? And what is required in 2023 at retail in order to hit the RVIA range that you think is attainable?

關於行業今年和明年零售業的問題。我想知道您認為 2022 年該行業將在哪裡結束？ 2023 年零售業需要什麼才能達到您認為可以達到的 RVIA 範圍？

Craig, this is Mike. So let's start with '23 and then I'll move back to '22, which obviously has very little time left in it in terms of a calendar year. From a '23 standpoint, we believe that retail will probably be very similar to the RVIA wholesale shipment forecast for that particular year. Our hope is that it is slightly above. So if I were to put a range as of today, it would be in that 390,000 to 400,000 retail range for calendar year '23.

克雷格，這是邁克。因此，讓我們從 23 年開始，然後我將回到 22 年，就日曆年而言，它顯然只剩下很少的時間了。從 23 年的角度來看，我們認為零售可能與該特定年份的 RVIA 批發出貨量預測非常相似。我們希望它略高於此。因此，如果我今天要設定一個範圍，那麼 23 年日曆年的零售範圍將在 390,000 到 400,000 之間。

With the goal being that the industry can -- particularly on the Towable side, take out a little bit more inventory over the course of next year. So that is our thinking. And as you might imagine, those thoughts are subject to updates, obviously, as we see the market conditions play out in front of us.

目標是該行業可以——尤其是在拖車方面，在明年的過程中拿出更多的庫存。這就是我們的想法。正如您可能想像的那樣，這些想法顯然會隨著我們看到市場狀況在我們面前發揮作用而更新。

I would say for calendar year '22 retail, again, the period that we're going to be completing here in a few weeks, we're probably in that 440,000-to-450,000-unit range with the retail that is left. Obviously, SSI has not reported yet on November. We have a decent idea of November for our business and then we're a couple of weeks into December. So we're probably in that 440 to 450 range for calendar year RV -- '22 RV retail.

我會再次說，對於 22 日曆年的零售，我們將在幾週後在這裡完成的時期，我們可能處於 440,000 到 450,000 單位的範圍內，剩下的零售。顯然，SSI 11 月還沒有報告。我們對 11 月的業務有一個不錯的想法，然後我們進入 12 月還有幾週。所以我們可能在日曆年 RV 的 440 到 450 範圍內 - '22 RV 零售。

Great. And then a question on ASP for both categories. It looks like your average selling prices are trending up around 20% or a little bit more. How much of that is mix versus pricing actions that you've taken? And then if you could just address the affordability impact for your consumer and whether that weighs on your retail outlook.

偉大的。然後是關於兩個類別的 ASP 問題。您的平均售價似乎上漲了 20% 左右或更多。其中有多少是混合與您採取的定價行動？然後，如果你能解決對消費者的負擔能力的影響，以及這是否會對你的零售前景產生影響。

Craig, I'll address the latter part of that question then ask Bryan Hughes to give you his thoughts on the ASP elements. We certainly are thinking a lot about the affordability of the lifestyle today. My first message would be that the RV lifestyle still compares economically favorably to other forms of travel, particularly for singular trips or longer journeys. The cost of airplane tickets, hotels, rental cars, certainly is not going backwards. And in fact, those are experiencing some inflation as well.

Craig，我將解決該問題的後半部分，然後請 Bryan Hughes 向您介紹他對 ASP 元素的看法。我們當然在考慮當今生活方式的可負擔性。我的第一個信息是，與其他形式的旅行相比，房車生活方式在經濟上仍然有利，特別是對於單程旅行或長途旅行。機票、酒店、租車的成本，當然不會倒退。事實上，那些也正在經歷一些通貨膨脹。

So an RV road trip continues to compete very favorably cost-wise for the American consumer with trips of other means. But the affordability is something we're watching, both in terms of the retail prices that are in the market. And now the higher interest rates from a consumer financing side that are in the market today for consumers to take out a loan to acquire those products. And certainly, as a premium branded parent company with 5 great brands, but all of them arguably positioned in the sort of the better, best part of the market we are watching that carefully. So something that I'm sure we'll talk more about as we get more into the spring 2023 period, where I think we'll have a better handle on how the consumer is reacting to the prices at that time.

因此，對於美國消費者而言，房車公路旅行繼續在成本方面與其他方式的旅行進行非常有利的競爭。但我們正在關注可負擔性，無論是就市場零售價格而言。現在市場上消費者融資方面的利率更高，消費者可以藉貸購買這些產品。當然，作為一家擁有 5 個偉大品牌的高端品牌母公司，但可以說所有這些品牌都定位於市場中更好、最好的部分，我們正在仔細觀察。因此，我敢肯定，隨著我們進入 2023 年春季，我們會更多地討論一些事情，我認為我們將更好地了解消費者當時對價格的反應。

Yes. I guess on the ASP side of your question, Craig, if you look at our segment level information, you'll see that, as you pointed out, the ASPs are up 20 at 22%, 23% for both Towable and Motorhome and that's largely driven, as we've talked about in the past, one of the inflationary pressures that we've been facing we did price ahead of inflation a bit in last year's Q1 as we commented at that time. But there's not a lot of mix. If you look at underneath or within those segments. It's largely net pricing and mix plays a relatively much smaller role in the ASP increase.

是的。我想在你的問題的平均售價方面，克雷格，如果你看看我們的細分市場信息，你會看到，正如你所指出的，平均售價上漲了 20%，達到 22%，Towable 和 Motorhome 的平均售價上漲了 23%，這就是正如我們過去所談到的，在很大程度上是我們一直面臨的通脹壓力之一，正如我們當時評論的那樣，我們在去年第一季度的價格確實略高於通脹。但是沒有太多的混合。如果您查看這些細分市場的下方或內部。它主要是淨定價和組合在平均售價增長中所起的作用相對較小。

Very helpful. Thank you.

非常有幫助。謝謝你。

And our next question comes from the line of Tristan Thomas with BMO.

我們的下一個問題來自 BMO 的 Tristan Thomas。

I just wanted to kind of follow up on Craig's question. Your dealer inventory is up quite a bit year-over-year. Stores was as well when they reported. And I don't think November, December is going to move too many units from the dealer channel. So do you think that would you prefer wholesale outpace retail? Or would you prefer maybe wholesale came a little bit later?

我只是想跟進克雷格的問題。您的經銷商庫存同比增長不少。商店在報告時也是如此。而且我認為 11 月、12 月不會從經銷商渠道轉移太多單位。那麼你認為你更喜歡批發而不是零售嗎？或者你更喜歡批發來晚一點？

Yes. Tristan, this is Mike. That question really has to be answered in an [independence] framework and what I mean by that is, obviously, as you're well aware, we have different moving pieces of our business. In the Marine and the Motorhome RV segments of our business, there are still some subsegments where dealers may be interested in continuing to add to their inventory position. And we have, as you know, and Bryan and I both mentioned on the call, a very rare situation here with the Mercedes-Benz recall that has a lot of that Sprinter inventory stuck in place at the present time.

是的。特里斯坦，這是邁克。這個問題確實必須在 [獨立] 框架中回答，我的意思是，很明顯，正如您所知，我們的業務有不同的移動部分。在我們業務的船舶和房車房車細分市場中，仍有一些子細分市場的經銷商可能有興趣繼續增加其庫存頭寸。正如你所知，我們有，布萊恩和我都在電話中提到，梅賽德斯 - 奔馳召回的情況非常罕見，目前有很多 Sprinter 庫存滯留。

But on the Towables RV side, I think it would be fair to say that we think both the dealers and probably the OEMs would see little harm in field inventory being reduced a little bit here over the course of the next 3 to 4 months. And I won't get further than that because I don't have a crystal ball to anticipate the market conditions. So if you look at Winnebago Industries RV dealer inventory at the end of our first quarter fiscal '23, compared to the end of our first quarter fiscal '19, our turns today on a trailing basis are higher. The real question is on a forward basis, are we in the right position? But our business has grown meaningfully over the last 3, 4 years. And our inventory actually has not necessarily on the Towable side over-exceeded that retail growth at all.

但在 Towables RV 方面，我認為可以公平地說，我們認為在接下來的 3 到 4 個月內，經銷商和原始設備製造商都不會看到現場庫存略有減少的危害。而且我不會比這更進一步，因為我沒有水晶球來預測市場狀況。因此，如果您查看我們 23 財年第一季度末的 Winnebago Industries RV 經銷商庫存，與我們 19 財年第一季度末相比，我們今天的周轉率更高。真正的問題是在前進的基礎上，我們是否處於正確的位置？但我們的業務在過去 3、4 年裡取得了顯著增長。實際上，我們的庫存在 Towable 方面不一定完全超過零售增長。

So we definitely feel there's room for Towable inventory in the field to get a little bit lower, and we'll see what happens here over the next 3, 4 months as we head into the spring 2023 selling season.

因此，我們肯定認為該領域的 Towable 庫存有降低的空間，我們將在進入 2023 年春季銷售旺季時看到未來 3、4 個月內會發生什麼。

Okay. And then just a question on [Sprint] recall. I think you said remedy in Q1 of next calendar year. Is that a little bit longer on the time frame than you expected? And then if it is, what are you going to do to offset that?

好的。然後只是關於 [Sprint] 召回的問題。我想你在下一個日曆年的第一季度說了補救措施。時間框架是否比您預期的要長一點？然後，如果是，您將如何抵消它？

Yes. So a little bit of history on the Mercedes-Benz recall. This was something that came to our attention late in the October 2022 time period. And it took us a little while around a week or so to understand even from Mercedes exactly what the issue was and what the implications were to our business and a potential time frame for resolution. I don't really want to share many specifics about the challenge Mercedes is facing here other than the time frame for the specific resolution of the product issue has been something that has moved around. And the estimate that we provided in my script today of resolution projected to be sometime in calendar Q1 of '23 is our best estimate at this time.

是的。關於梅賽德斯-奔馳召回的一些歷史。這是 2022 年 10 月下旬引起我們注意的事情。我們甚至花了大約一周左右的時間才從梅賽德斯那裡確切地了解問題是什麼、對我們的業務有何影響以及解決的潛在時間框架。我真的不想分享梅賽德斯在這裡面臨的挑戰的許多細節，除了產品問題的具體解決方案的時間框架已經改變了。我們今天在我的腳本中提供的估計將在 23 年第一季度的某個時間解決，這是我們目前的最佳估計。

But you notice, I'm not saying whether that will be January or whether that will be March, the time frame for resolution is still not as specific as we'd like it to be. So we continue to work with Mercedes as a good OEM customer of theirs to see what we can do to help. From a long-term standpoint, we don't view this as a systemic issue. We believe Mercedes will continue to make quality chassis for their OEM and retail consumers and we'll get back to business operating smoothly at some point in the future.

但你會注意到，我並不是說那是一月還是三月，解決的時間框架仍然沒有我們希望的那麼具體。因此，作為梅賽德斯的 OEM 客戶，我們繼續與他們合作，看看我們能做些什麼來提供幫助。從長遠的角度來看，我們不認為這是一個系統性問題。我們相信梅賽德斯將繼續為他們的 OEM 和零售消費者製造優質底盤，我們將在未來的某個時候恢復業務平穩運營。

The biggest concern with that issue is retail being frozen or lost while they pursue the resolution. And whether that comes back to have a material impact on the total number of wholesale shipments that OEMs like ourselves can ultimately deliver to the market. So we've been transparent with the financial community as to the Q1 impact certainly this morning. And also that we project there to be a similar impact in Q2. What we cannot tell you, Tristan, this morning, is what that means for Q3 and Q4 once the issue is resolved. That will largely depend on the retail environment at that time.

該問題最大的擔憂是零售業在尋求解決方案時被凍結或丟失。以及這是否會對像我們這樣的原始設備製造商最終可以向市場交付的批發出貨總量產生重大影響。因此，我們今天早上就第一季度的影響向金融界公開透明。而且我們預計第二季度也會產生類似的影響。特里斯坦，今天早上我們不能告訴你的是，一旦問題得到解決，這對第三季度和第四季度意味著什麼。這在很大程度上取決於當時的零售環境。

Okay. Because it doesn't sound like we're going to try to transition everyone over to ProMaster chassis, we're just going to kind of stay the course and hope (inaudible) results.

好的。因為這聽起來不像我們要嘗試將每個人都過渡到 ProMaster 機箱，所以我們只是要堅持到底並希望（聽不清）結果。

Yes. Again, we continue to partner with Mercedes technically on the issue. We continue to work with our dealers to try to provide them other products that they can retail to their consumers that are interested in similar sized platforms. But the final details of the resolution program and ultimately, the financial impact to ourselves or our dealers is still a work in process at this time.

是的。同樣，我們繼續在技術上與梅賽德斯合作解決這個問題。我們繼續與我們的經銷商合作，嘗試向他們提供其他產品，讓他們可以零售給對類似尺寸平台感興趣的消費者。但解決方案的最終細節以及最終對我們自己或我們的經銷商的財務影響目前仍在進行中。

For our next question, please. From the line of Scott Stember with MKM Partners.

對於我們的下一個問題，請。來自 MKM Partners 的 Scott Stember 系列。

Mike, you were talking about one of the bigger headwinds is deal or inventories for Towables and the whole rightsizing process. Could you maybe expand on that a little bit as far as 2022 models that are in the field? And if you guys are feeling any need to have to discount more than normal notably on Grand Design.

邁克，你在談論更大的阻力之一是 Towables 的交易或庫存以及整個 rightsizing 過程。就現場的 2022 款車型而言，您能否對此進行一些擴展？如果你們覺得有必要打折，特別是在 Grand Design 上。

Yes, Scott, thank you for your question. I'll break my answer down into two parts. First, retail and then second, wholesale. And I'll start with the latter wholesale. Our 2 businesses, Grand Design RV and the Winnebago branded Towables in this segment have not provided what I would consider to be abnormally steep discounts to our dealers from a historical perspective to move product at this time.

是的，斯科特，謝謝你的提問。我會把我的回答分成兩部分。一是零售，二是批發。我將從後者批發開始。我們的 2 個業務，Grand Design RV 和 Winnebago 品牌的 Towables 在這個細分市場中沒有提供我認為從歷史角度來看我們的經銷商在此時移動產品的異常陡峭的折扣。

We came to the open house in the September, October time frame with full programs that we stated at the time we similar to our pre-pandemic full programs in terms of benefits to the dealers. And we generally use the structure of the fall programs on both of those businesses throughout the rest of Q1 through November to ship product to the market.

我們在 9 月、10 月的時間框架內參加了開放日，我們當時所說的完整計劃在經銷商利益方面與大流行前的完整計劃相似。在第一季度的剩餘時間到 11 月，我們通常在這兩個業務上使用秋季計劃的結構，將產品運送到市場。

From a retail standpoint, we are certainly watching retail inventory carefully. The good news is that the market was pretty healthy in 2021. And the first probably 1/3 to 40% of 2022 and so subsequently, you did not have significant piles of excess or old inventory that were stuck at retail when the market started to slow down. But as inventories, as we've admitted in the Towables segment are our healthy and ample, we do watch the aging inventory on our products. We have the ability through reporting here to look at inventory in different age brackets in the field. And each of our businesses then determines whether they work with the dealers when aging inventory is excessive.

從零售的角度來看，我們當然會仔細觀察零售庫存。好消息是 2021 年市場相當健康。最初可能是 2022 年的 1/3 到 40%，因此隨後，當市場開始下跌時，你沒有大量的過剩或舊庫存滯留在零售店慢一點。但作為庫存，正如我們在 Towables 部門承認的那樣，我們的健康和充足，我們確實關注我們產品的老化庫存。我們有能力通過此處的報告查看該領域不同年齡段的庫存。然後，當老化庫存過多時，我們的每個業務都會確定是否與經銷商合作。

I would not say that at this particular time, the aging inventory in our Towable segment is a major problem. It could certainly turn into that over the course of 2023 if retail conditions are not as we imagined, and we would then have to deal with it at this time. But from a historical standpoint, as we sit here today, we do not have overly excessive aging inventory on Towables in the field. But I can tell you that dealers and OEMs certainly have a sense of anxiety with the uncertain economic conditions, and we'll be monitoring that carefully. But Q1 did not include any significant retail support programs for aging inventory from our Towables businesses.

我不會說在這個特定時間，我們 Towable 部門的老化庫存是一個主要問題。如果零售條件不像我們想像的那樣，它肯定會在 2023 年期間變成那樣，然後我們將不得不在這個時候處理它。但從歷史的角度來看，當我們今天坐在這裡時，我們在現場的 Towables 上並沒有過度老化的庫存。但我可以告訴你，經銷商和原始設備製造商肯定對不確定的經濟狀況感到焦慮，我們會仔細監測。但第一季度不包括任何針對我們的拖車業務老化庫存的重要零售支持計劃。

Got it. And regarding 2023 orders, we know coming out of Open House that there really wasn't a lot that took place, but dealers are going to have to have some 2023 product on their lots. Can you just talk about whether the order activity has picked up and also in Q2, sequentially, what are we looking like, particularly on Towables from a production standpoint?

知道了。關於 2023 年的訂單，我們知道開放日後確實沒有發生太多事情，但經銷商將不得不在他們的地段上有一些 2023 年的產品。您能否談談訂單活動是否有所回升，以及在第二季度，從生產的角度來看，我們看起來像什麼，特別是在 Towables 上？

So order activity, like a number of other questions, varies by category. Order activity in the Marine and the Motorhome space has remained reasonable. And what I mean by that is, as dealers are adjusting to the retail conditions in the Motorhome RV and the Marine markets, they are ordering in what we would call a rational reasonable level. And on those two businesses, you still see a healthy backlog as projected by our dealers, which again, we attempt to cleanse as regularly as we can to make sure it has integrity for our production planning purposes.

因此，與許多其他問題一樣，訂單活動因類別而異。 Marine 和 Motorhome 領域的訂單活動保持合理。我的意思是，隨著經銷商正在適應房車房車和海洋市場的零售條件，他們正在以我們所說的合理合理水平訂購。在這兩項業務上，您仍然會看到經銷商預測的健康積壓，我們再次嘗試盡可能定期清理，以確保其符合我們的生產計劃目的。

From a Towables RV standpoint, Scott, we have not seen a meaningful difference in probably order taking here in the last 60 days. It remains lower than certainly the last couple of years at this time, which would be expected. And dealers are very cognizant of the inventory they're sitting on. The economic conditions around them with inflation general inflation and the rising interest rates, and they continue to be conservative with their Towable RV ordering pattern.

從 Towables RV 的角度來看，Scott，在過去 60 天裡，我們沒有看到這裡可能的訂單接收有任何有意義的差異。目前，它仍然低於過去幾年的水平，這是可以預期的。經銷商非常了解他們所擁有的庫存。他們周圍的經濟狀況伴隨著通貨膨脹、普遍通貨膨脹和不斷上升的利率，他們繼續對他們的拖車房車訂購模式持保守態度。

So we really don't share specific information on production planning for current or future quarters that we're in. I can just tell you that daily, if not almost hourly, we continue to discuss with all of our businesses and brands, the rightsizing of our production schedules to the market conditions and the wholesale appetite that our channel partners have. So we are acting accordingly in all of our businesses. Certainly, some more aggressively than others, Towable RV at the top of that list to make sure that we do not overproduce in the future.

因此，我們真的不會分享有關當前或未來幾個季度的生產計劃的具體信息。我可以告訴你，每天，如果不是幾乎每小時，我們都會繼續與我們所有的企業和品牌討論，合理化我們的生產計劃將根據市場情況和我們的渠道合作夥伴的批發需求進行調整。因此，我們在所有業務中都採取了相應的行動。當然，有些人比其他人更積極，Towable RV 位於該列表的首位，以確保我們將來不會過度生產。

Got it. If I could just slip one last one in. Looking at the total backlog, it looks like units in absolute value are down about the same amount. So is it fair to assume that on what is being ordered that the pricing is reflecting the realities of what's going on in the market right now?

知道了。如果我能把最後一個放進去就好了。看看總的積壓，看起來單位的絕對值下降了大約相同的數量。那麼，假設定價反映了當前市場上正在發生的事情的現實情況，是否公平？

Yes. I would tell you that -- and this is a good opportunity, Scott, to talk about inflation that we're seeing or not seen and how it relates to our pricing. Certainly, historically, we adjusted pricing preferably one time a year at the model year change. And then as we got into conditions in 2021 and 2022 with unexpected and rapid inflation. As all of you know, we were forced to take multiple price increases during a model year in order to try to keep up.

是的。我會告訴你 - 斯科特，這是一個很好的機會來談論我們看到或沒有看到的通貨膨脹以及它與我們定價的關係。當然，從歷史上看，我們最好在車型年變化時每年調整一次定價。然後，當我們在 2021 年和 2022 年進入意外快速通貨膨脹的情況時。眾所周知，我們被迫在車型年期間多次提價，以努力跟上。

And as Bryan Hughes has explained many times, there's been a sort of a timing element to that as to whether you're ahead of or behind the inflation that you're facing. We are seeing generally very moderate inflation in our business today with the exception of Motorized chassis, which is where we're seeing our most significant inflation still sequentially and overall, in most of our other categories, our inflation is pretty moderate right now.

正如 Bryan Hughes 多次解釋的那樣，關於你是領先於還是落後於你所面臨的通貨膨脹，存在某種時間因素。我們今天的業務總體上看到非常溫和的通貨膨脹，除了機動底盤，這是我們看到我們最顯著的通貨膨脹仍然是順序和整體的地方，在我們的大多數其他類別中，我們的通貨膨脹現在相當溫和。

I would not call it deflationary, but it is -- it has moderated to a meaningful degree. Subsequently, our pricing actions outside of the model year changes from '22 to '23. Our businesses, generally across the board have not felt the need to have to take price increases here recently above and beyond what they've priced at the model year change. We don't share a ton of information for competitive reasons on this call about our pricing behaviors. And so I won't comment on anything we have planned. But I would tell you the wholesale programs, particularly around Towable RVs continue to be sort of framed in the fall program context that our businesses took to open house.

我不會稱之為通貨緊縮，但它是——它已經緩和到一個有意義的程度。隨後，我們在車型年之外的定價行為從 22 年更改為 23 年。我們的企業，一般來說，最近沒有必要將價格上漲到超過他們在車型年變化時定價的價格。出於競爭原因，我們不會在這次電話會議上分享有關我們定價行為的大量信息。因此，我不會對我們計劃的任何事情發表評論。但我會告訴你批發計劃，特別是圍繞 Towable RVs 的批發計劃繼續在我們的企業開放房屋的秋季計劃背景下進行。

Thank you. One moment for our next question and it comes from Michael Swartz with Truist.

謝謝你。請稍等一下我們的下一個問題，它來自 Truist 的 Michael Swartz。

Just wanted to talk about Towable margins, and I think you've said a number of times that kind of -- you're seeing a return to normal seasonality. So I guess I'm trying to understand in the quarter, just maybe the year-over-year change in margins. I think you benefited last year from price cost. But maybe talk about the moving pieces and then kind of bridging that gap. I think there was a 600, 700 basis point contraction year-over-year? And then maybe how to think about that over the next couple of quarters, whether that's sequentially or year-over-year?

只是想談談 Towable 利潤率，我想你已經說過很多次了——你看到了正常季節性的回歸。所以我想我想在本季度了解利潤率的同比變化。我認為你去年從價格成本中受益。但也許可以談談移動的部分，然後彌合這種差距。我認為同比收縮了 600、700 個基點？然後也許如何在接下來的幾個季度中考慮這一點，無論是順序還是同比？

Mike, this is Bryan. I'll address that one upfront and Mike can add on. I'd go back first to our comments last year for Q1, really strong EBITDA margins we had in Towables in excess of 17% was certainly an outlier relative to the more typical lower seasonal Q1 that we would report on. And at the time, we had referenced pricing that was probably a little ahead of anticipated inflation. So that was certainly something that elevated the prior year.

邁克，這是布萊恩。我會先解決這個問題，Mike 可以補充。我首先回到我們去年第一季度的評論，我們在 Towables 中擁有超過 17% 的非常強勁的 EBITDA 利潤率，相對於我們將報告的更典型的季節性較低的第一季度來說，肯定是一個異常值。當時，我們參考的定價可能略高於預期的通貨膨脹率。所以這肯定是前一年有所提升的事情。

On top of that, if you take just the deleverage equation when you're based with the top line reductions that we were faced with in Q1 and using that 85% to 90% variable cost structure. That explains the bulk of the difference. So we probably had a little inflationary impact year-over-year relative to pricing because of the timing that we've talked about. And then largely, the rest was that deleverage that we would experience. So those are the two primary drivers.

最重要的是，如果您根據我們在第一季度面臨的頂線削減並使用 85% 至 90% 的可變成本結構，只採用去槓桿化方程式。這解釋了大部分差異。因此，由於我們談到的時機，相對於定價，我們可能比去年同期產生了一點通貨膨脹影響。然後在很大程度上，剩下的就是我們將經歷的去槓桿化。所以這是兩個主要驅動因素。

But the end result in EBITDA margin for Towables is a more typical Q1 EBITDA margin if you look back into our history and pretty similar to Q4 and also sequentially more in line with each other as well.

但是，如果您回顧我們的歷史，那麼 Towables 的 EBITDA 利潤率的最終結果是更典型的第一季度 EBITDA 利潤率，並且與第四季度非常相似，而且順序上也更加一致。

Okay. And maybe just to clarify, I mean, going forward, the way to think about maybe the margin progression would look similar to what we saw pre-Covid that just I mean maybe not terms of magnitude, but just quarter-to-quarter flow. Is that the way to think about it?

好的。也許只是為了澄清，我的意思是，展望未來，思考利潤率進展的方式可能看起來與我們在 Covid 之前看到的相似，我的意思可能不是幅度，而是季度到季度的流量。是這樣想的嗎？

That's our current expectation, Mike. We -- as Mike was alluding to earlier, we're obviously going to be keeping a very close eye on how retail performs and how dealer inventory is performing as well, including aging. And so our current expectation, though, is that will follow a similar seasonality or quarter-by-quarter low at EBITDA margin. That's our expectation currently.

這是我們目前的期望，邁克。我們 - 正如邁克早些時候提到的那樣，我們顯然將密切關注零售業的表現以及經銷商庫存的表現，包括老化。因此，我們目前的預期是，EBITDA 利潤率將出現類似的季節性或逐季低點。這是我們目前的預期。

Okay. That's great. Another question on margins, just in the quarter, I'm trying to understand, SG&A as a percentage of sales did come in a little above what I had modeled, and I think what most people in the Street had modeled. Was that a factor of just segment mix, i.e., Marine and Motorized outperforming Towable? Or was there something maybe investment related or just cost related in the quarter that elevated SG&A expense?

好的。那太棒了。另一個關於利潤率的問題，就在本季度，我試圖了解，SG&A 佔銷售額的百分比確實略高於我所建模的，我認為街上大多數人所建模的。這是否只是細分市場組合的一個因素，即海洋和機動車的表現優於牽引車？或者本季度是否有某些與投資相關或僅與成本相關的因素導致 SG&A 費用增加？

Yes, absolutely both. I think it's fair to say that our Motorhome businesses have, in general, a greater SG&A fixed component than does the Towables. And so you do have a mix dynamic going on there. But then we would certainly also call out, as Mike did in his comments, we continue to make strategic investments that we know to be the right thing to do for the business long term. And doing our best to hold on those that are most important, while obviously, managing SG&A as aggressively as possible on those things that are less strategic in nature. So I think you hit the two main points that I would have provided in my answer within your question.

是的，絕對是兩者。我認為可以公平地說，我們的房車業務通常比 Towables 具有更大的 SG&A 固定組件。所以你確實有混合動態。但我們當然也會呼籲，正如邁克在他的評論中所做的那樣，我們將繼續進行戰略投資，我們知道這對企業的長期發展是正確的。盡最大努力抓住那些最重要的事情，同時顯然，在那些本質上不那麼具有戰略意義的事情上盡可能積極地管理 SG&A。所以我認為你在你的問題中回答了我在回答中提供的兩個要點。

Thank you. One moment for our next question, please. It comes from Fred Wightman with Wolfe Research.

謝謝你。請稍等一下我們的下一個問題。它來自 Wolfe Research 的 Fred Wightman。

I just wanted to follow up on some of the ASP conversations. And I get that you guys have been pricing to offset rising inputs, but is some of those bigger material costs potentially move favorable. Would the plan be to pass that through to the consumer to the dealer? Or sort of, I guess, conceptually, how would you look to treat that?

我只是想跟進一些 ASP 對話。我知道你們一直在定價以抵消不斷增加的投入，但其中一些更大的材料成本可能會變得有利。計劃是將其傳遞給消費者還是經銷商？或者，我想，從概念上講，你會如何對待它？

Fred, this is Mike. I'll respond to that. Again, we generally don't share forward-looking pricing strategies or intentions. And we respect that at times, maybe some of our competitors choose to do so. But we've always maintained through the years that we are not a cost-plus pricing business that we are a market-based pricing business and that market-based pricing is ultimately set on a number of elements.

弗雷德，這是邁克。我會回應的。同樣，我們通常不會分享前瞻性定價策略或意圖。我們有時會尊重這一點，也許我們的一些競爭對手會選擇這樣做。但多年來，我們一直堅持認為我們不是成本加成定價業務，我們是基於市場的定價業務，而基於市場的定價最終取決於許多要素。

Hopefully, long term, based on the differentiation and innovation we bring to market that consumers are willing to pay for. So certainly, if we were to see significant deflationary elements within our bill of materials and our COGS, we would consider what that means, not just in the context of those of those costs, but also what our competitors might be contemplating as well and retail conditions. So -- so we won't share specifically this morning any pricing intentions, but you can be assured that our businesses are certainly talking about a variety of scenarios depending on how inflation or lack of affects our business in the future.

希望從長遠來看，基於我們為市場帶來消費者願意支付的差異化和創新。所以當然，如果我們在我們的物料清單和我們的 COGS 中看到顯著的通貨緊縮因素，我們會考慮這意味著什麼，不僅僅是在那些成本的背景下，而且我們的競爭對手可能也在考慮什麼和零售情況。所以 - 所以我們今天早上不會具體分享任何定價意圖，但你可以放心，我們的企業肯定會根據通貨膨脹或缺乏對我們未來業務的影響來討論各種情況。

So our ambition is to always balance market share and sustainable profitability. We're neither overly focused, I would argue, on one to the negative dilution of the other. We try to find that sweet spot where we can drive market share that we think is ripe for who we are. But we also want to be candidly one of the most profitable OEMs in the industries we compete in as well, so that we can reinvest in our future and continue to create strength.

因此，我們的目標是始終平衡市場份額和可持續盈利能力。我認為，我們既沒有過分關注其中一個，也沒有過分關注另一個。我們試圖找到可以推動我們認為對我們是誰來說已經成熟的市場份額的最佳點。但我們也想坦率地成為我們競爭的行業中最賺錢的 OEM 之一，這樣我們就可以對未來進行再投資，繼續創造實力。

Fair enough. And you guys gave us the chassis recall impact on the top line. Is there a way to sort of frame up the margin impact in the quarter? I mean you guys still posted double-digit adjusted EBITDA margin in the motorized category despite the chassis. I assume that there's a drag baked in there, too, but could you size that for us?

很公平。你們給了我們底盤召回對頂線的影響。有沒有辦法確定本季度的利潤率影響？我的意思是，儘管有底盤，你們仍然在機動類別中發布了兩位數的調整後 EBITDA 利潤率。我假設那裡也有一個阻力，但你能為我們調整尺寸嗎？

We don't want, yes, we prefer not to be disclosed by chassis or by model there. So for competitive reasons, as you can probably appreciate.

我們不希望，是的，我們不希望在那裡按底盤或型號披露。因此，出於競爭原因，您可能會理解。

Thank you. One moment for our next question, please. It comes from the line of Bret Jordan with Jefferies.

謝謝你。請稍等一下我們的下一個問題。它來自 Jefferies 的 Bret Jordan 系列。

On the marine side, could you talk a little bit about the supply chain? I mean, obviously, power availability has been a big issue in the last 18 months. Is that something that is opening up? And I guess, is Marine going to see a better first half of calendar.

在海事方面，你能談談供應鏈嗎？我的意思是，很明顯，電力供應在過去 18 個月裡一直是一個大問題。那是正在開放的東西嗎？我想，Marine 是否會看到更好的上半年日曆。

From a supply chain standpoint, on the marine side, over the last couple of years, we've certainly seen issues across different categories. But Bret, as you're probably aware, one of the most important, but also one of the categories that experienced some constraints was the actual engine side of the business. Over the last year, 1.5 years, we made a very conscious decision to put most of our eggs from a motor/engine standpoint on the marine businesses into the Mercury basket. And that's for a number of reasons.

從供應鏈的角度來看，在過去幾年中，在海洋方面，我們確實看到了不同類別的問題。但是 Bret，正如您可能知道的那樣，最重要的類別之一，但也是遇到一些限制的類別之一是業務的實際引擎方面。在過去的一年，也就是 1.5 年裡，我們做出了一個非常有意識的決定，即從發動機/發動機的角度來看，將我們在海洋業務上的大部分雞蛋放入 Mercury 籃子中。這是出於多種原因。

First and foremost, the supply chain challenges that we had with Mercury's primary competitor were very disruptive to our business. Secondly, we really think Mercury has done an excellent job from an engine technology and innovation standpoint and continue to candidly set the pace of competition, particularly on outboards, and that's the category I'm really talking about here, outboard engines versus the others. We have seen Mercury continue to improve as a supplier for a number of different reasons. And so as we enter calendar year '23, we have a higher level of confidence that the supply chain rhythm related to those components is going to be much more stable than it was in the past year, 1.5 years.

首先也是最重要的是，我們與 Mercury 的主要競爭對手所面臨的供應鏈挑戰對我們的業務造成了極大的破壞。其次，我們真的認為 Mercury 從發動機技術和創新的角度來看做得非常出色，並繼續坦率地設定競爭的步伐，特別是在舷外機方面，這就是我在這裡真正談論的類別，舷外發動機與其他發動機。由於多種不同的原因，我們已經看到 Mercury 作為供應商不斷改進。因此，當我們進入 23 日曆年時，我們更有信心與這些組件相關的供應鏈節奏將比去年 1.5 年穩定得多。

Obviously, we'll take as many engines as the market, though, is willing to absorb from us in terms of wholesale shipments relative to retail. But your question does give me an opportunity to state again how pleased we are with the Barletta pontoon business that we acquired now about 15, 16 months ago, how well it's performing and just the reaction that we continue to get from retail consumers to that brand's product line compared to the other choices they have in the market and the profitability of our Marine segment, particularly around Barletta's growth, Bryan and I have been very pleased with as well.

顯然，我們將採用與市場一樣多的引擎，儘管如此，就相對於零售的批發出貨量而言，願意從我們這裡吸收。但是你的問題確實讓我有機會再次說明我們對大約 15、16 個月前收購的 Barletta 浮橋業務有多滿意，它的表現如何，以及我們繼續從零售消費者那裡得到該品牌的反應產品線與他們在市場上的其他選擇以及我們海洋部門的盈利能力相比，特別是圍繞 Barletta 的增長，布萊恩和我也非常滿意。

So Around 15% of our revenues this quarter came from the Marine segment. And I think the profitability was probably closer to 20%. That is a meaningful step forward versus prior first quarters and prior fiscal years in terms of the balance and diversification of our portfolio.

因此，本季度我們大約 15% 的收入來自海事部門。而且我認為盈利能力可能接近 20%。就我們投資組合的平衡和多元化而言，與之前的第一季度和之前的財政年度相比，這是有意義的一步。

And the two things I think outsiders continue to underestimate about our business is our profitability resilience across our entire business, but also our strategic intent and execution to diversify our portfolio. And this was another quarter where the hard work that we've done in the last 3, 4 years has paid off in terms of having a solid quarter in light of market conditions.

我認為外界繼續低估我們業務的兩件事是我們整個業務的盈利能力彈性，以及我們實現投資組合多元化的戰略意圖和執行力。這是另一個季度，我們在過去 3 年、4 年中所做的辛勤工作在市場條件下擁有穩固的季度方面得到了回報。

Great. And then quick housekeeping. Do you know if the RVIA forecast includes a recession?

偉大的。然後快速清潔。你知道 RVIA 預測是否包括經濟衰退嗎？

Bret, I think you'd have to talk to somebody at RVIA on that. I know they producing a range. There's -- we chose the midpoint here is what we generally aligned to during this particular release period. But we have representation on the statistics committee, but I can tell you the 391 number for calendar year '23 is probably not connected to any sort of hard recession in the U.S. economy.

布雷特，我想你必須和 RVIA 的人談談這個問題。我知道他們生產一系列產品。有 - 我們在這裡選擇的中點是我們在此特定發布期間通常對齊的。但我們在統計委員會中有代表，但我可以告訴你 23 年日曆年的 391 數字可能與美國經濟的任何形式的嚴重衰退無關。

Thank you one moment for our next question, please. From the line of Joe Altobello with Raymond James.

請稍等一下，謝謝你回答我們的下一個問題。來自 Joe Altobello 和 Raymond James 的血統。

Just going back to the marine side for a second. It looks like you added about 1,100 units into the channel here in Q1. How long would you expect that pipeline fill opportunity to extend here in fiscal '23?

只是回到海洋方面一秒鐘。看起來您在第一季度向此處的渠道添加了大約 1,100 個單位。在 23 財年，您預計管道填充機會會在這裡延長多長時間？

Joe, this is Mike. So there's going to be a number of factors which ultimately result in answering that question. And on this call, I won't be able to give you a precise answer, and I'll explain why. Certainly, the overall macro conditions around the marine industry are things we're watching carefully. While the marine industry has been a little healthier than the RV industry in the last year. And certain categories like pontoons, have been trending much healthier as of late than the Towable RV segment specifically.

喬，這是邁克。因此，最終會導致回答該問題的因素有很多。在這次電話會議上，我無法給你一個準確的答案，我會解釋原因。當然，我們正在密切關注海洋產業的整體宏觀狀況。雖然去年海洋產業比房車產業健康一些。某些類別，如浮橋，最近比可牽引房車細分市場更健康。

We do not believe, as you would expect, we do not believe that the marine industry nor some of its subsegments are immune to any of the macroeconomic pressures that consumers are facing. Inventory is building in the Marine industry across a number of different categories. And that is similar on the Barletta side.

我們不相信，正如您所期望的那樣，我們不相信海運業或其某些細分市場不會受到消費者面臨的任何宏觀經濟壓力的影響。海洋行業的庫存正在建立，涉及多個不同類別。這在 Barletta 方面是相似的。

But the positive elements, which make it difficult for me to answer your question are the following. Barletta is a 5-year-old business. We have not put the Barletta brand in all of the markets around the country that we believe that we can have a presence in. There are dozens of open markets that we have documented that we believe the Barletta brand can have a presence in today that they still do not have a presence in now. And partly because we prioritize our existing dealers when the supply chain constraints were very real as opposed to setting up new dealers.

但是，使我難以回答您的問題的積極因素如下。 Barletta 是一家已有 5 年曆史的企業。我們並沒有將 Barletta 品牌投放到我們認為可以進入的全國所有市場。我們已經記錄了數十個開放市場，我們相信 Barletta 品牌今天可以進入它們現在仍然沒有存在。部分原因是當供應鏈限制非常真實時，我們會優先考慮現有的經銷商，而不是建立新的經銷商。

The other element that's difficult for us to put timing on your question is we are introducing two new lines to the Barletta business. Today, we only go after about 40% of the addressable pontoon market, and yet that business has grown to a top 5 player with only 3 existing lines or brands underneath the Barletta umbrella. We are adding a new lower-priced still premium lower priced line called the [ARIA]. And we are also adding a line on the high end called the reserve, both of which have been introduced to the dealer base for the future.

我們難以為您的問題安排時間的另一個因素是我們正在向 Barletta 業務引入兩條新生產線。今天，我們只追求大約 40% 的可尋址浮橋市場，但該業務已發展到前 5 名，而 Barletta 旗下只有 3 個現有產品線或品牌。我們正在添加一個新的低價仍然優質的低價系列，稱為 [ARIA]。我們還在高端增加了一條線，稱為儲備線，這兩條線都已引入經銷商基地以備將來使用。

And as we stated, we have invested in capacity expansion for that brand, which is ongoing. So we believe that Barletta, and we'll have to do this in a very disciplined way can swim a little bit against the tide as the marine industry normalizes as well because of their market share momentum, their line expansion product-wise and their dealer expansion. And so we're going to be very disciplined, though. We have to watch, obviously, the temptation to overbuild and overstock but that timing is going to be different than what you'll see in our other segments for sure.

正如我們所說，我們已經投資於該品牌的產能擴張，這正在進行中。因此，我們相信 Barletta，我們必須以一種非常有紀律的方式來做到這一點，因為他們的市場份額勢頭、他們的產品線擴張以及他們的經銷商，隨著海洋行業的正常化，Barletta 也可以逆潮流而行。擴張。所以我們會非常有紀律，不過。顯然，我們必須注意過度建設和庫存過多的誘惑，但這個時機肯定會與你在我們其他領域看到的有所不同。

That's helpful, Mike. I appreciate that. And then maybe moving over to RVs. It looks like your dealer turns, you mentioned this earlier about 2.8x. You're running about 2x pre-Covid running about 4x post COVID. It sounds like you expect that to stay within that 2.5x to 3x range, here in 2023. Is that a fair assessment?

這很有幫助，邁克。我很感激。然後可能會轉向房車。看起來您的經銷商轉彎了，您之前提到過大約 2.8 倍。您的運行速度大約是 Covid 之前的 2 倍，運行速度是 COVID 之後的 4 倍。聽起來您希望在 2023 年保持在 2.5 倍到 3 倍的範圍內。這是一個公平的評估嗎？

So if you look at those numbers on a trailing basis, I would tell you that Bryan and I, we really have thought for some time now that as dealers came out of the frenetic sort of pandemic inspired retail period that they got used to great margins and low working capital. And we have felt for some time that they would try to run their business on the RV side at probably somewhere to a half turn higher and so I think your range is right overall. It does vary by segment, Motorhome versus Towable.

因此，如果你在追踪的基礎上查看這些數字，我會告訴你，布萊恩和我，我們確實已經考慮了一段時間，隨著經銷商走出狂熱的流行病激發零售期，他們已經習慣了巨大的利潤和低營運資金。一段時間以來，我們一直覺得他們會嘗試在 RV 方面開展業務，價格可能高出半圈，所以我認為您的範圍總體上是正確的。它確實因細分市場而異，房車與牽引車。

But if the industry was running to 2.5 in the past, we do believe dealers are going to try to run at 2.5 to 3 in the future. But that will be dependent, to some degree, as you know, Joe, on the volatility of the of the retail market. So yes, I mean, we expect about a half turn higher when the dust settles and we have to adjust our production planning processes to be able to fulfill the dealers adequately when turns are a half turn higher. But it's still very chaotic today. I'm not sure it has settled yet.

但如果過去該行業運行到 2.5，我們相信經銷商將在未來嘗試以 2.5 到 3 的速度運行。但這在某種程度上取決於零售市場的波動性，正如你所知，喬。所以是的，我的意思是，當塵埃落定時，我們預計會高出大約半圈，我們必須調整我們的生產計劃流程，以便能夠在轉高半圈時充分滿足經銷商的需求。但是今天還是很亂。我不確定它已經解決了。

(Operator Instructions) Our next question comes from the line of James Hardiman with Citi.

（操作員說明）我們的下一個問題來自花旗銀行的 James Hardiman。

Thanks for fitting me in here. So really appreciate the comments on both wholesale and retail. I think everybody at this point sort of agrees earnings power for fiscal '23 is going to be down materially as the industry sort of normalizes versus the last couple of years. I guess my question is, if retail and wholesale for the industry play out the way that you expect, do you think that sets the stage for you to, again, grow the top and bottom lines as we look to fiscal '24. And obviously, there's a lot of moving pieces there, right? Where are inventories as we finish '23?

謝謝你讓我住在這裡。所以非常感謝對批發和零售的評論。我認為此時每個人都同意，隨著行業與過去幾年相比正常化，23 財年的盈利能力將大幅下降。我想我的問題是，如果該行業的零售和批發按照您預期的方式發揮作用，您認為這是否為您奠定了基礎，在我們展望 24 財年時再次增加頂線和底線。顯然，那裡有很多動人的作品，對吧？ 23 年結束時庫存在哪裡？

How are you thinking about ASPs promotional environment, all of that. But ultimately, do you think we're going to exit the next year in a healthy enough place that you'll be able to grow again?

您如何看待 ASP 的促銷環境，所有這些。但最終，你認為我們明年會在一個足夠健康的地方退出，讓你能夠再次成長嗎？

So James, thank you for the question. As you saw at our Investor Day, a month or so ago, we absolutely have ambitions to grow. We certainly put both net sales and market share targets out for our overall business at higher levels than they are today. The path to overall growth will still continue to be a combination of organic growth, and we believe some smart, well-considered inorganic growth as well. The timing of both of those will be very interesting to see how it plays out because the organic growth will be tied largely to two factors: one, market conditions; and second, our ability to create growth opportunities in the business.

詹姆斯，謝謝你提出這個問題。正如您在大約一個月前的投資者日看到的那樣，我們絕對有發展壯大的雄心。我們為整體業務設定的淨銷售額和市場份額目標當然比現在更高。整體增長的道路仍將繼續是有機增長的結合，我們相信一些明智的、經過深思熟慮的無機增長也是如此。這兩者的時機將非常有趣，看看它如何發揮作用，因為有機增長將主要取決於兩個因素：一，市場條件；其次，我們在業務中創造增長機會的能力。

I mentioned how we could do that on Barletta. I would say on the RV side, it will have to be through new products and innovation, as much as anything. The inorganic timing, as James, I know you know, is hard to predict. So we certainly have higher market share ambitions, as we've stated during our Investor Day presentation. And in order to reach those by the end of our fiscal 2025 year, we will need to make steady progress over the next 3 years. That element has been a little bit of neutral here as of late for a variety of headwind factors, but we do anticipate that turning back positive at some point down the road.

我提到了我們如何在 Barletta 上做到這一點。我想說的是，在 RV 方面，它必須通過新產品和創新來實現。正如詹姆斯，我知道你知道，無機時機很難預測。因此，正如我們在投資者日的演講中所說，我們當然有更高的市場份額野心。為了在我們的 2025 財年結束時達到這些目標，我們需要在未來 3 年內取得穩步進展。由於各種逆風因素，該因素最近在這裡有點中性，但我們確實預計在未來的某個時候會恢復積極。

So I won't -- I just can't comment on sort of when some of that can happen. But -- but we're a very financially healthy company as well, although we stay paranoid about that status. And with Bryan's leadership, we make sure that we're structured in a very careful way. But we have the capability to make some inorganic investments as well strategically to match who we want to look like 3 to 5 to 10 years down the road. And so you'll see that happen as well.

所以我不會——我只是無法評論其中的某些事情何時會發生。但是——但我們也是一家財務狀況非常健康的公司，儘管我們對這種狀況持懷疑態度。在 Bryan 的領導下，我們確保我們的結構非常謹慎。但我們有能力進行一些無機投資，並在戰略上匹配我們想要在未來 3 到 5 到 10 年看起來像的人。所以你也會看到這種情況發生。

That's helpful. And maybe to one of the last points you just made there, the sort of market share environment. Obviously, market share has been a big part of your growth algorithm for a number of years now. That's maybe stalled out a little bit here as of late. Maybe an update. I know a big part of that is this whole sort of clearing out of Tier 3 product, where do we stand with that? And is there an opportunity this fiscal year to sort of move beyond that and maybe outgrow the industry or under decline in the industry? I guess this is a better way to put that.

這很有幫助。也許你剛剛在那裡提出的最後一點之一，就是那種市場份額環境。顯然，市場份額多年來一直是您增長算法的重要組成部分。這可能最近在這裡有點停滯不前。也許更新。我知道其中很大一部分是 Tier 3 產品的整體清理，我們對此有何看法？本財年是否有機會超越這一點，可能超越行業發展或行業衰退？我想這是一個更好的表達方式。

Yes. No. Our expectations for our businesses is that over time, we continue to take reasonable market share gains for who we are as a premium OEM. And most of the pressure we've been seeing on market share has been in two spaces. Towable RVs with the, what you cited, James, with the second- and third-tier inventory in the field, but also some of the affordability questions that were raised earlier. In the very near term, consumers are very price conscious. And on the RV side, we've also obviously seen other competition come to the market with Class Bs. We have been predicting that for years that it was going to be hard for Winnebago Industries to hold 45% to 50% share when most of our other competitors years ago were not candidly engaged in that category to the degree they are now.

是的。不會。我們對我們業務的期望是，隨著時間的推移，我們作為優質 OEM 將繼續獲得合理的市場份額收益。我們在市場份額方面看到的大部分壓力來自兩個領域。可牽引房車，如你所引用的，James，以及該領域的二線和三線存貨，以及之前提出的一些負擔能力問題。在短期內，消費者對價格非常敏感。在 RV 方面，我們也明顯看到其他競爭車型以 B 級車型進入市場。多年來，我們一直預測，當我們的大多數其他競爭對手幾年前沒有像現在這樣坦率地參與該類別時，Winnebago Industries 將很難持有 45% 至 50% 的份額。

But each of our brands and businesses, both on the RV and the Marine side, have product plans, distribution plans and candidly, marketing and digital plans to make our brands more relevant, more appealing to our end consumers and then hopefully, obviously, with our dealers as well. So -- so again, we watch market share carefully. We don't talk a lot about dollar share because it's very difficult to track. I would suggest that our dollar share candidly, is probably doing better than our unit share here in the recent past because of our ability in the last year to pass through the pricing increases that we were able to do.

但是我們的每個品牌和業務，無論是房車還是船舶方面，都有產品計劃、分銷計劃，坦率地說，營銷和數字計劃使我們的品牌更相關，對我們的最終消費者更有吸引力，然後顯然希望，我們的經銷商也是如此。所以——所以，我們再次仔細觀察市場份額。我們不會過多談論美元份額，因為它很難追踪。坦率地說，我建議我們的美元份額在最近可能比我們在這裡的單位份額要好，因為我們在去年有能力通過我們能夠做到的價格上漲。

So we -- again, it's a balance of market share and profitability that we continue to pursue.

所以我們 - 再一次，這是我們繼續追求的市場份額和盈利能力的平衡。

Got it. I appreciate the candor here. Obviously, it's a difficult time to predict much, if anything, given the macro uncertainty, but good luck now we're getting.

知道了。我很欣賞這裡的坦率。顯然，考慮到宏觀不確定性，現在很難做出太多預測（如果有的話），但現在我們得到了好運。

And one moment for our next question. It comes from the line of John Healy with North coast Research.

請稍等一下我們的下一個問題。它來自 John Healy 與 North coast Research 的合作。

Wanted to just get your big picture thoughts, Mike. Just when I look at your comments that you talked about retail of 390 to 400 or so for '23, if you look at that shipment number, you take the lower end of the range. To me, that doesn't imply that there's a ton of inventory that is worked down in the industry. So I would just kind of love to understand your logic. And if those numbers kind of shake out? Are we still somewhat elevated going into '24? I'm just trying to understand kind of some of the logic that kind of goes behind the thought process.

邁克，只想了解你的大局觀。就在我看你的評論時，你談到 23 年的零售價為 390 到 400 左右，如果你看一下那個發貨數量，你會看到該範圍的下限。對我來說，這並不意味著該行業有大量庫存在減少。所以我很想了解你的邏輯。如果這些數字有點動搖了？進入 24 世紀，我們是否仍然有所提升？我只是想了解思維過程背後的一些邏輯。

Yes. I would say the logic emanates from a bottom-up point of view in this way. We really look at the Towable RV retail. We look at the Motorhome RV retail. We break it down into fifth wheels and travel trailers Class A, B and C. And there will be categories that we believe over the next year is a stable relatively healthy retail environment persists, which could see some actual inventory climb.

是的。我會說這種邏輯是從自下而上的角度出發的。我們真正關注的是 Towable RV 零售。我們看看房車房車零售。我們將其分為第五輪和旅行拖車 A、B 和 C 類。我們認為明年會有一些類別是穩定相對健康的零售環境，這可能會導致一些實際庫存攀升。

I've mentioned many times before, we haven't dwelled on it during this call. that we've been under pressure, as an example, on certain parts of our Class A business from a supply chain standpoint. And we have not been able to be as competitive as we would like to be on shipment share on Class As because of challenges around some certain key components. As that relieves itself, we have a choice in the future to work with our dealers to continue to raise some field inventory on certain elements of that subsegment.

我之前多次提到過，我們在這次電話會議中沒有詳細討論它。例如，從供應鏈的角度來看，我們在 A 類業務的某些部分一直承受著壓力。由於圍繞某些關鍵組件的挑戰，我們無法像我們希望的 A 類出貨份額那樣具有競爭力。隨著這種情況的緩解，我們將來可以選擇與我們的經銷商合作，繼續增加該細分市場某些元素的一些現場庫存。

As the Class B business grows, as electric products are introduced to the market. There are various spots where we believe field inventory can actually in the RV industry rise carefully. That then is offset by places, particularly around sort of the mainstream Towable RV segments where we believe dealers would prefer to probably have less of those. So just a reminder that the numbers we give you are always macro and there's various moving pieces to them, and that's our best guess at this time. But we'll see how it plays out.

隨著B類業務的發展，隨著電子產品推向市場。我們認為，房車行業的現場庫存實際上可以在多個方面小心翼翼地上升。然後，這會被地方所抵消，尤其是在我們認為經銷商可能更願意擁有更少此類房車的主流 Towable RV 細分市場周圍。所以提醒一下，我們給你的數字總是宏觀的，它們有各種各樣的變化，這是我們目前最好的猜測。但我們會看到結果如何。

Understood. And then just on capital allocation question. When you look at kind of a 400,000 retail environment, does that make you comfortable -- is that environment comfortable enough for you that you guys would look at acquisitions or look at buyback? Or do you scale back those things given the retail environment for the next 12 months or so.

明白了。然後只是關於資本配置問題。當你看到一個 400,000 的零售環境時，這會讓你感到舒服嗎 - 這種環境對你來說是否足夠舒適，以至於你們會考慮收購或回購？或者，考慮到未來 12 個月左右的零售環境，您是否會縮減這些事情。

I'll ask Bryan to take that.

我會請 Bryan 接受。

Great question. Well, it's going to be a dynamic environment as we've been talking about throughout the call. I have stated before, and I'll reiterate it. Our capital allocation priorities really don't change given the environment. We're going to continue to focus on growth. Organically and inorganically, make sure our liquidity is sufficient, particularly at times like this where there's a higher level of uncertainty we'll target that range of 0.9x to 1.5x in terms of our leverage ratio and then returning cash to shareholders. And it's all dependent on the environment that we're in and our forward view of the environment, which we've talked about throughout the call as to how we allocate.

很好的問題。好吧，正如我們在整個通話過程中一直在談論的那樣，這將是一個動態的環境。我之前已經說過，我會重申一下。我們的資本配置優先順序確實不會因環境而改變。我們將繼續關注增長。從有機和無機的角度來看，確保我們的流動性充足，特別是在這種不確定性更高的時候，我們將把槓桿率的目標定在 0.9 倍到 1.5 倍的範圍內，然後向股東返還現金。這完全取決於我們所處的環境和我們對環境的前瞻性看法，我們在整個電話會議中都談到了我們如何分配。

So I think that, that's the primary comments that we would make, we did pay a cash dividend that was up 50% in this quarter. We held back on share repurchases for a couple of reasons. First, Q1 is historically a seasonally low cash generating quarter. And last year was the strong exception to that. But historically, Q1 is relatively lower than it was this year. And then second, as we talked about our free cash flow was impacted by working capital increases driven by continued supply disruptions and Mercedes Benz recall specifically. So our free cash flow generated in Q1 was certainly something that influence our decisions around share repurchases in Q1 here.

所以我認為，這是我們要發表的主要評論，我們確實在本季度支付了 50% 的現金股息。出於幾個原因，我們推遲了股票回購。首先，從歷史上看，第一季度是一個季節性的低現金產生季度。去年是一個明顯的例外。但從歷史上看，Q1 相對低於今年。其次，當我們談到我們的自由現金流受到持續供應中斷和梅賽德斯奔馳召回所推動的營運資本增加的影響時。因此，我們在第一季度產生的自由現金流肯定會影響我們在第一季度做出的關於股票回購的決定。

So I think those -- that's the context that I would provide as it relates to capital allocation. And Mike, I'll turn it back to you if you want to add anything further.

所以我認為那些 - 這就是我要提供的與資本配置相關的背景。邁克，如果你想進一步補充，我會把它轉回給你。

No further comments.

沒有進一步的評論。

And have a great holiday season.

並度過一個愉快的假期。

Thank you, John.

謝謝你，約翰。

And one moment for our last question in queue please. Come from the line from Brandon Rolle with D.A. Davisons.

請稍等一下我們隊列中的最後一個問題。來自 Brandon Rolle 和 D.A. 的台詞。戴維森。

Just quickly on margins, I think you had talked about the margin progression earlier in the call. Historically, it seems like there's -- with the exception of last year during 2Q '22. Seems like there's a step up in margins for the Towable and Motorhome segments. Do you think margins have bottomed there?

很快就保證金，我想你在電話會議的早些時候已經談到了保證金的進展。從歷史上看，似乎有 - 除了去年第二季度'22。牽引車和房車細分市場的利潤率似乎有所提高。你認為利潤率已經觸底了嗎？

We feel good about the increases that we've made to the Motorhome business over time, Brandon, we've talked about that in past quarters and how our current expectation is to maintain that double-digit EBITDA margin. And so you can see that over time over the last several quarters now, we've been able to accomplish that and even in more challenged times like what we're seeing now, we were able to maintain that double-digit EBITDA margin in the Motorhome business. So that's where we've seen the most notable change over the last 3 years now.

隨著時間的推移，我們對房車業務的增長感到滿意，布蘭登，我們在過去幾個季度討論過這一點，以及我們目前的預期是如何保持兩位數的 EBITDA 利潤率。所以你可以看到，隨著時間的推移，在過去的幾個季度裡，我們已經能夠實現這一目標，即使在我們現在看到的更具挑戰性的時期，我們也能夠保持兩位數的 EBITDA 利潤率房車業務。這就是我們在過去 3 年中看到的最顯著變化的地方。

On the Towables side, I talked about that earlier in our expectation that the seasonally low Q1 here is in line with what we've seen historically and in line with really our expectations. So a bright side to the margin story is certainly Marine as you saw in Q1, Marine is performing very well relative to the portfolio. And so we're liking everything that we're seeing in the Marine and really in line with what we had expected to see when we brought Barletta into the portfolio. So that has played out in line with our expectations and what we anticipated. So a good story there.

在 Towables 方面，我早些時候談到了我們的預期，即這裡的季節性低 Q1 符合我們歷史上看到的情況，並且符合我們的預期。因此，正如您在第一季度看到的那樣，保證金故事的光明面肯定是 Marine，相對於投資組合，Marine 的表現非常好。因此，我們喜歡我們在海軍陸戰隊中看到的一切，並且與我們將 Barletta 納入投資組合時所期望看到的完全一致。所以這符合我們的期望和我們的預期。那裡有一個好故事。

Great. And just one last one. On the Motorhome side, you had talked about orders being reasonable. It looks like just from the data you provided, implied orders might have been down about 80% versus 2019 levels. Kind of how do you feel -- is that reflective of kind of where demand is right now? Or is the channel filling up quicker than expected?

偉大的。最後一個。在房車方面，您談到訂單是合理的。僅從您提供的數據來看，隱含訂單可能比 2019 年水平下降了約 80%。你有什麼感覺——這是否反映了現在的需求？還是渠道比預期更快地填滿？

Yes, Brandon, this is Mike. I guess the term reasonable is in light of the volatility in the world around us. Again, certainly, dealers are paying close attention to their overall inventory levels. I would tell you in the month of November, we got no new orders on Mercedes chassis as an example. And that was certainly different than a year ago. Almost 1/3 of our field inventory on Winnebago-branded Motorhomes is on Mercedes chassis. And so that's -- it's hard to take orders when the dealers essentially know that, that's something that they can't really see forward to.

是的，布蘭登，這是邁克。我想合理這個詞是考慮到我們周圍世界的波動。同樣，當然，經銷商正在密切關注他們的整體庫存水平。我會告訴你，在 11 月份，我們沒有收到梅賽德斯底盤的新訂單。這肯定與一年前不同。我們在 Winnebago 品牌房車上幾乎 1/3 的現場庫存都在梅賽德斯底盤上。因此，當經銷商基本上知道這一點時，很難接受訂單，這是他們無法真正期待的事情。

So -- so yes, I mean, it is chaotic in the way that a small dealer, a large dealer is looking at a variety of these categories. But again, relative in this order from positive to less positive Marine orders, Motorhome orders, Towable orders is the way that I would rank those. So we'll see what happens as dealers get into the retail selling season. We are coming up on show season here over the next 3, 4 months. That begins in earnest after the holidays with a number of different shows, including the Florida RV Super Show down in Tampa, I think the third week of January. And so we'll learn a lot in many ways over the next 60, 75 days about our prospects for the rest of fiscal year '23 and calendar and subsequently, I think orders will definitely respond to whatever the retail activity is as we make the turn of the calendar year.

所以 - 所以是的，我的意思是，一個小經銷商，一個大經銷商正在研究這些類別的各種方式是混亂的。但同樣，相對於這個順序，從積極到不太積極的海洋訂單、房車訂單、拖車訂單是我對這些訂單進行排名的方式。因此，我們將看看經銷商進入零售銷售旺季時會發生什麼。在接下來的 3、4 個月裡，我們將在這裡舉辦演出季。假期過後，這會正式開始，有許多不同的節目，包括在坦帕舉行的佛羅里達房車超級秀，我想是在 1 月的第三週。因此，在接下來的 60、75 天裡，我們將以多種方式了解我們對 23 財年剩餘時間和日曆的前景，隨後，我認為訂單肯定會響應我們所做的任何零售活動日曆年的輪到。

Thank you. And this concludes the Q&A portion of today's conference. I'd like to turn the call back over to our host.

謝謝你。今天會議的問答部分到此結束。我想把電話轉回給我們的房東。

Thank you, everyone, for joining our call today. In the Winnebago Industries team, we wish you and your families a happy holiday season and look forward to connecting in the new year. Thank you.

謝謝大家今天加入我們的電話會議。在 Winnebago Industries 團隊中，我們祝您和您的家人節日快樂，並期待在新的一年裡保持聯繫。謝謝你。

And thank you, ladies and gentlemen. This concludes today's call. Thank you for participating, and you may now disconnect.

女士們先生們，謝謝你們。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。