Winnebago Industries Inc (WGO) 2023 Q2 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Fiscal 2023 Second Quarter Winnebago Industries Financial Results Conference Call. (Operator Instructions) 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.

美好的一天，謝謝你的支持。歡迎參加 2023 財年第二季度 Winnebago Industries 財務業績電話會議。 （操作員說明）請注意，今天的會議正在錄製中。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。

Good morning, everyone, and thank you for joining us today to discuss our fiscal 2023 second 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.

大家早上好，感謝您今天加入我們討論我們 2023 財年第二季度的收益結果。今天，總裁兼首席執行官 Michael Happe 和我一起參加了電話會議；高級副總裁兼首席財務官 Bryan Hughes。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。

The news release with our second quarter results was issued and posted to our website earlier this morning. 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.

我們第二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。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。

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.

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。

These factors are identified in our SEC filings, which I encourage you to read. With that, I would now like to turn the call over to our President and CEO, Michael Happe. Mike?

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。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. We appreciate your interest in Winnebago Industries and taking the time to discuss our fiscal 2023 second quarter earnings results. I will provide an overview of our performance during the quarter and then pass the call to Bryan Hughes to cover our financial results in more detail. I will return and offer some closing thoughts before we turn to your questions.

謝謝，雷。早上好。感謝您對 Winnebago Industries 的關注並花時間討論我們 2023 財年第二季度的收益結果。我將概述本季度的業績，然後將電話轉給 Bryan Hughes，以更詳細地介紹我們的財務業績。在我們轉向您的問題之前，我將返回並提供一些結束語。

Winnebago Industries' second quarter results continue to demonstrate the resilience of our unique business model in the face of macroeconomic uncertainty and a dynamic outdoor industry environment.

Winnebago Industries 的第二季度業績繼續證明我們獨特的商業模式在面對宏觀經濟不確定性和充滿活力的戶外行業環境時的彈性。

We have been focused for some time on a cultural, strategic and financial transformation of the business. With the ultimate objective of building one of the world's leading and most trusted premium branded outdoor recreation companies.

一段時間以來，我們一直專注於企業的文化、戰略和財務轉型。最終目標是打造世界領先、最值得信賴的優質品牌戶外休閒公司之一。

A more balanced and diversified organization that can hopefully navigate short-term volatility better than most of its peers and simultaneously continue to invest smartly in the drivers and engines of a more prosperous future, taking great care of its employees, customers and ultimately, investors.

一個更加平衡和多元化的組織，有望比大多數同行更好地應對短期波動，同時繼續明智地投資於更繁榮未來的驅動因素和引擎，照顧好員工、客戶，最終照顧好投資者。

And while we have much work to do to realize our grander vision and potential, this quarter is a good example of being able to produce solid financial results in the face of adversity.

雖然我們還有很多工作要做才能實現更宏偉的願景和潛力，但本季度是一個很好的例子，表明我們能夠在逆境中取得穩健的財務業績。

As evidence of the benefits of a more diversified outdoor portfolio, another strong performance in our Marine segment in the second quarter helped to offset a continued softening in consumer demand for recreational vehicles versus the recent cyclical highs.

作為更多元化的戶外產品組合優勢的證據，我們的海洋部門在第二季度的另一項強勁表現有助於抵消消費者對休閒車需求相對於近期週期性高點的持續疲軟。

And despite a continuation of many of the same macro dynamics we experienced in the first quarter, including general pressure from moderate inflation, higher interest rates and supply chain inconsistencies as well as challenging comparisons to the year ago period of tremendous growth, continuous efforts to improve the efficiency of our operations reinforced by our commitment to disciplined production and cost management allowed us to sustain competitive double-digit margins across our Towables, Motorhome and Marine segments.

儘管我們在第一季度經歷的許多相同的宏觀動態仍在繼續，包括適度通貨膨脹、利率上升和供應鏈不一致帶來的普遍壓力，以及與去年同期的巨大增長時期相比具有挑戰性，但不斷努力改善我們對嚴格生產和成本管理的承諾加強了我們的運營效率，使我們能夠在牽引車、房車和船舶部門保持具有競爭力的兩位數利潤率。

Though we must continue to anticipate and actively manage these trends throughout the rest of our fiscal year, I am immensely proud of how our Winnebago Industries team members have risen to the challenge and delivered strong results. Each of our premium brands is engaged daily on the difficult decisions necessary to balance market share and profitability, along with customer and employee relationships.

儘管我們必須在整個財政年度的剩餘時間裡繼續預測並積極管理這些趨勢，但我為我們的 Winnebago Industries 團隊成員如何迎接挑戰並取得強勁成果感到無比自豪。我們的每個優質品牌每天都在做出平衡市場份額和盈利能力以及客戶和員工關係所需的艱難決策。

Doing so well, allows us to simultaneously invest in industry-leading innovation and the digital business capabilities needed to compete effectively in the future. The value of our growing and diverse portfolio of premium brands is evident in our second quarter performance and validates that we are a stronger organization in 2023 than we were in 2019.

做得好，使我們能夠同時投資於行業領先的創新和未來有效競爭所需的數字業務能力。我們不斷增長和多樣化的優質品牌組合的價值在我們第二季度的業績中顯而易見，並證明我們在 2023 年比 2019 年更強大。

Ultimately, in the second quarter, Winnebago Industries achieved $866.7 million in net revenues, consolidated gross margin of 16.9% and adjusted earnings per diluted share of $1.88. While down compared to historic record levels last year, these outcomes remain solidly above pre-pandemic results and exceeded external market expectations, once again reflecting the strong underlying agility of our operations and appeal of our products. Our second quarter results were driven by a few key factors: first, the strength of our innovative premium product portfolio, which continues to resonate with an increasingly diverse population of outdoor lifestyle consumers.

最終，在第二季度，Winnebago Industries 實現了 8.667 億美元的淨收入、16.9% 的綜合毛利率和 1.88 美元的調整後每股攤薄收益。儘管與去年的歷史記錄水平相比有所下降，但這些結果仍遠高於大流行前的結果並超出外部市場預期，再次反映了我們運營的強大潛在靈活性和我們產品的吸引力。我們第二季度的業績受到幾個關鍵因素的推動：首先，我們創新的優質產品組合的實力，繼續引起越來越多樣化的戶外生活方式消費者的共鳴。

We have strong conviction in the ongoing appeal of our premium RV brands, which have maintained net stable market share even as overall RV market demand has softened. And on the marine side, the Barletta brand of aluminum pontoons, has achieved extraordinary market share growth, making the Marine segment our fastest-growing category with consumers currently.

我們堅信我們優質房車品牌的持續吸引力，即使整體房車市場需求疲軟，這些品牌仍保持穩定的淨市場份額。在海運方面，Barletta 品牌的鋁製浮筒取得了非凡的市場份額增長，使海運部門成為目前消費者增長最快的類別。

The complementary and steady demand for the iconic Chris-Craft brand in the fiberglass boat category also contributed to the growth of Marine in the quarter.

對標誌性的 Chris-Craft 品牌在玻璃纖維船類別中的互補和穩定需求也促進了本季度海事的增長。

We are extremely proud of the suite of premium products we have in the market today, but we are not content to stand still. Continuously investing to develop industry-leading innovation remains a core pillar of our strategy.

我們為當今市場上的一系列優質產品感到無比自豪，但我們並不滿足於停滯不前。持續投資開發行業領先的創新仍然是我們戰略的核心支柱。

On the Marine side, the recent launch of the Chris-Craft Calypso 32 at the Miami International Boat Show in February is just the latest example. The Calypso 32 is the first Chris-Craft to be fully connected to the owner through the MyChris-Craft app, enabling real-time monitoring of GPS, engine, battery and build data as we continue to expand and enhance our consumers' customer digital experience.

在海洋方面，最近在 2 月的邁阿密國際遊艇展上推出的 Chris-Craft Calypso 32 就是最新的例子。 Calypso 32 是第一款通過 MyChris-Craft 應用程序與車主完全連接的 Chris-Craft，隨著我們不斷擴展和增強消費者的客戶數字體驗，可以實時監控 GPS、引擎、電池和構建數據.

Barletta's recent launches of the new entry-level brand, Aria, and its ultra high-end offering, Reserve, are giving dealers more reasons to commit increased showroom space to this young, exciting pontoon brand.

Barletta 最近推出的新入門級品牌 Aria 及其超高端產品 Reserve 使經銷商有更多理由為這個年輕、令人興奮的浮橋品牌承諾增加展廳空間。

On the RV side, Grand Design's Imagine AIM travel trailer with named RV Pro's 2023 Best New Product of the Year and its MAV extension of the popular Momentum Toy Hauler line offers increased affordability to customers when they need it most.

在 RV 方面，Grand Design 的 Imagine AIM 旅行拖車被評為 RV Pro 的 2023 年度最佳新產品，其 MAV 是廣受歡迎的 Momentum Toy Hauler 系列的擴展產品，在客戶最需要的時候提供了更高的負擔能力。

Our Winnebago brand continues to expand floor plans of its Minnie Travel Trailer product, add new paint options to the iconic Revel Class B 4x4 line and launch a proprietary partnership with Adventure Wagon on a Mercedes Class B chassis giving the Hashtag Van Life consumer a modular interior platform for the ultimate flexibility and functionality.

我們的 Winnebago 品牌繼續擴大其 Minnie Travel Trailer 產品的平面圖，為標誌性的 Revel B 級 4x4 系列添加新的油漆選項，並與 Adventure Wagon 在梅賽德斯 B 級底盤上建立專有合作夥伴關係，為 Hashtag Van Life 消費者提供模塊化內飾平台的最終靈活性和功能。

The Newmar New Aire luxury diesel line as a fourth floor plan offering and now come standard with a lithium-ion house battery system. Furthermore, the recent unveiling of the second-generation prototype Winnebago brand, ERV 2, an all-electric zero emission RV.

Newmar New Aire 豪華柴油系列作為第四層平面圖提供，現在標配鋰離子家用電池系統。此外，最近推出的第二代原型 Winnebago 品牌 ERV 2 是一款全電動零排放房車。

And Chris-Craft's first zero-emission all-electric concept boat, the launch 25 GTE, are the latest examples of electrification innovation we are developing across our brands, ensuring Winnebago Industries remains a leading innovator in the growing outdoor lifestyle recreational industry when the emerging technology becomes accretive to the consumer experience.

Chris-Craft 的第一艘零排放全電動概念船 25 GTE 是我們在各個品牌中開發的最新電氣化創新示例，確保 Winnebago Industries 在新興的戶外休閒娛樂行業中保持領先創新地位技術會增加消費者體驗。

The next key factor contributing to our second quarter results is our continued commitment to operational excellence and maintaining our highly variable cost structure.

促成我們第二季度業績的下一個關鍵因素是我們對卓越運營的持續承諾和維持我們高度可變的成本結構。

Winnebago Industries is leveraging enterprise capabilities in strategic sourcing and across-the-board made-to-order production planning philosophy and strengthen consumer insights to shape our operations and enhance our ability to respond quickly and appropriately to evolving market conditions in ways that allow our business to sustain strong profitability through economic and industry cycles.

Winnebago Industries 正在利用企業在戰略採購和全面定制生產計劃理念方面的能力，加強對消費者的洞察力，以塑造我們的運營，並提高我們以允許我們的業務的方式快速、適當地響應不斷變化的市場條件的能力在經濟和行業周期中保持強勁的盈利能力。

We will continue to work closely with our dealer partners to maintain appropriate and balanced overall inventory levels and product mix in an increasingly dynamic demand environment. We also continue to watch very closely any aging channel inventory and work precisely with our dealers to address in a mutually beneficial manner.

我們將繼續與我們的經銷商合作夥伴密切合作，以在日益動態的需求環境中保持適當和平衡的整體庫存水平和產品組合。我們還將繼續密切關注任何陳舊的渠道庫存，並與我們的經銷商密切合作，以互惠互利的方式解決問題。

All these efforts had a direct impact on our ability to produce competitive double-digit margins across all our segments in the second quarter.

所有這些努力都直接影響了我們在第二季度所有部門產生具有競爭力的兩位數利潤率的能力。

Lastly, we successfully navigated the resolution of the 2019 to 2022 model year Sprinter chassis by our supplier, Mercedes-Benz, as well as other supplier component constraints or quality challenges, resulting in a lower-than-anticipated impact to motorized revenue during the second quarter.

最後，我們成功解決了我們的供應商梅賽德斯-奔馳對 2019 至 2022 車型年 Sprinter 底盤的解決方案，以及其他供應商組件限製或質量挑戰，導致第二季度對機動收入的影響低於預期四分之一。

We are fortunate that our outstanding Winnebago Industries team is adept at navigating these challenges to mitigate the impact of supply inefficiency on our top and bottom line. Although we are fine having less practice on that going forward.

我們很幸運，我們傑出的 Winnebago Industries 團隊善於應對這些挑戰，以減輕供應效率低下對我們的收入和利潤的影響。儘管我們在這方面少做練習很好。

Though the frequency and severity of supply constraints are decreasing, global supply chains continue to be very dynamic, presenting ongoing risk and must be monitored closely.

儘管供應限制的頻率和嚴重程度正在降低，但全球供應鏈仍然非常活躍，存在持續的風險，必須密切監測。

Looking ahead, we will continue to actively manage and navigate a dynamic demand environment with a focus on profitability through disciplined production and cost management, leveraging our highly variable cost structure and by working closely with our dealer partners.

展望未來，我們將繼續積極管理和應對動態的需求環境，通過嚴格的生產和成本管理，利用我們高度可變的成本結構，並與我們的經銷商合作夥伴密切合作，重點關注盈利能力。

We will also continue to capitalize on our strong balance sheet and cash flow generation to make strategic investments in our business and our future, reinforcing our golden threads of quality, innovation and service and ensuring our increasingly diverse portfolio of premium brands continues to resonate with consumers. Winnebago Industries remains well positioned to further strengthen our enterprise capabilities, capitalize on growth opportunities through the cycle and achieve our long-term value creation goals.

我們還將繼續利用我們強大的資產負債表和產生的現金流，對我們的業務和我們的未來進行戰略投資，加強我們在質量、創新和服務方面的金線，並確保我們日益多樣化的優質品牌組合繼續引起消費者的共鳴. Winnebago Industries 仍然處於有利地位，可以進一步加強我們的企業能力，利用周期中的增長機會並實現我們的長期價值創造目標。

With that summary, I will now turn the call over to our Chief Financial Officer, Bryan Hughes, to review our fiscal 2023 second 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 財年第二季度的財務業績。布萊恩？

Thanks, Mike, and good morning, everyone. Second quarter revenues were $866.7 million, reflecting a decrease of approximately 26% compared to $1.2 billion in the second quarter of fiscal 2022.

謝謝，邁克，大家早上好。第二季度收入為 8.667 億美元，與 2022 財年第二季度的 12 億美元相比下降了約 26%。

As Mike mentioned, these results are lapping record high pandemic-driven demand from the prior year.

正如邁克所提到的，這些結果正在超越前一年大流行病驅動的創紀錄高需求。

The expected decline in unit sales was partially offset by carryover price increases across all segments. Our efforts to diversify our portfolio of premium brands across multiple segments in the outdoor recreation space proved beneficial this quarter, as evidenced by the variability of the growth versus prior year in each segment.

單位銷售額的預期下降部分被所有部門的結轉價格上漲所抵消。本季度，我們在戶外休閒空間的多個細分市場實現優質品牌組合多元化的努力證明是有益的，每個細分市場的增長與上一年相比存在差異就證明了這一點。

Marine sales increased 16% in the quarter. Motorhome sales were down just 3%, and Towables sales with portfolio-leading sales results the past 2 years was down 47% on the tougher comps. The mix of our businesses, therefore, produced a meaningfully improved consolidated sales result relative to the RV industry.

本季度海運銷售額增長了 16%。房車銷量僅下降了 3%，而在過去 2 年中銷量領先的拖車銷量在較艱難的組合中下降了 47%。因此，我們的業務組合產生了相對於房車行業而言顯著改善的綜合銷售業績。

While the mix of our business was beneficial, our teams demonstrated disciplined execution within each segment, as Towables, Motorhome and Marine all drove double-digit EBITDA margins in the second quarter.

雖然我們的業務組合是有益的，但我們的團隊在每個部門都表現出嚴格的執行力，因為 Towables、Motorhome 和 Marine 在第二季度都實現了兩位數的 EBITDA 利潤率。

Gross profit for the quarter decreased 32.2% and to $146.8 million from $216.6 million during the second quarter of 2022. Gross profit margin of 16.9%, was 170 basis points lower than last year. These declines were driven by lower volumes, higher material and input costs, deleverage and productivity loss from supply disruptions but were partially offset by carryover price increases that were implemented last year.

本季度毛利潤從 2022 年第二季度的 2.166 億美元下降 32.2% 至 1.468 億美元。毛利率為 16.9%，比去年同期下降 170 個基點。這些下降的原因是產量下降、材料和投入成本上升、去槓桿化和供應中斷導致的生產力損失，但部分被去年實施的結轉價格上漲所抵消。

Operating income was $76.8 million for the quarter, a decrease of 43.9% compared to $136.8 million for the second quarter of last year. Second quarter net income was $52.8 million, 42.1% lower than the $91.2 million recorded in the prior year period.

本季度營業收入為 7680 萬美元，與去年第二季度的 1.368 億美元相比下降了 43.9%。第二季度淨收入為 5280 萬美元，比去年同期的 9120 萬美元下降 42.1%。

Reported earnings per diluted share was $1.52 compared to reported earnings per diluted share of $2.69 in the same period last year. Adjusted earnings per diluted share decreased 40.1% year-over-year from $3.14 to $1.88.

報告的攤薄每股收益為 1.52 美元，而去年同期報告的攤薄每股收益為 2.69 美元。調整後每股攤薄收益同比下降 40.1%，從 3.14 美元降至 1.88 美元。

Consolidated adjusted EBITDA was $88.4 million for the quarter, a decrease of 41.3% from $150.7 million in the prior year quarter.

本季度合併調整後的 EBITDA 為 8840 萬美元，比去年同期的 1.507 億美元下降 41.3%。

As a reminder, we adopted a new accounting standard in the first quarter of fiscal 2023, which impacted the accounting treatment for our convertible notes and the calculation of earnings per diluted share. Specifically, the impact of the adoption is a reduction in interest expense on the face of the income statement and an increase to the number of diluted shares outstanding in the earnings per share calculation.

提醒一下，我們在 2023 財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和稀釋後每股收益的計算。具體而言，採用的影響是損益表上的利息支出減少，每股收益計算中的稀釋流通股數量增加。

Our adjustment following adoption of this new accounting pronouncement result in adjusted EPS to be on an equivalent basis with how we have been doing the adjustment previously such that we recognize the economic benefit of the call spread overlay that we implemented when we issued the convertible note.

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進行調整的方式相同，因此我們確認了我們在發行可轉換票據時實施的看漲期權利差覆蓋的經濟利益。

I'll now go over our performance by segment, starting with our Towables segment. Revenues for the Towables segment were $342.5 million for the second quarter, down 47% compared to the prior year. This was primarily driven by declines in unit volume as a result of the normalization of consumer demand as well as the impact of our adjusted production schedules due to normalized dealer inventories.

我現在將按細分市場回顧我們的表現，從我們的 Towables 細分市場開始。 Towables 部門第二季度的收入為 3.425 億美元，比上年同期下降 47%。這主要是由於消費者需求正常化導致單位銷量下降，以及我們因經銷商庫存正常化而調整生產計劃的影響。

To put our second quarter performance into context, revenues for the Towables segment are up 36.6% compared to the second quarter of fiscal 2019 and up 20.8% compared to the second quarter of 2020 prior to the outstanding demand catalyzed by the pandemic. We are confident the long-tail impact of our record growth period will continue to propel Winnebago Industries for years to come even as the environment normalizes and sets up tough year-over-year comparisons.

從我們第二季度的業績來看，Towables 部門的收入與 2019 財年第二季度相比增長了 36.6%，與 2020 年第二季度相比增長了 20.8%。我們相信，我們創紀錄的增長期的長尾影響將在未來幾年繼續推動 Winnebago Industries，即使環境正常化並進行艱難的同比比較也是如此。

Segment adjusted EBITDA was $39.3 million, down 60.9% from the prior year period, primarily as a result of deleverage and higher discounts and allowances compared to the prior year when demand was elevated. Adjusted EBITDA margin was 11.5%, down 410 basis points year-over-year, but up 100 points sequentially. Backlog decreased to $278.2 million, down 85.1% from the prior year when dealers were focused on increasing their inventories.

部門調整後的 EBITDA 為 3930 萬美元，比上年同期下降 60.9%，這主要是由於去槓桿化以及與上一年需求增加時相比更高的折扣和津貼。調整後的 EBITDA 利潤率為 11.5%，同比下降 410 個基點，但環比上升 100 個基點。積壓訂單減少至 2.782 億美元，較上年下降 85.1%，當時經銷商專注於增加庫存。

Turning to our Motorhome segment. We delivered second quarter revenues of $403.8 million, down approximately 3% from the $417.6 million recorded during the prior year period. This slight decline was the result of unit volume decline, partially offset by carryover price increases and favorable product mix. The Mercedes-Benz recall remedy was implemented earlier than we had anticipated, and the impact, therefore, had a smaller impact to the second quarter than what we had anticipated and communicated at our prior earnings release.

轉向我們的房車部門。我們第二季度的收入為 4.038 億美元，比去年同期的 4.176 億美元下降約 3%。這一小幅下降是單位銷量下降的結果，部分被結轉價格上漲和有利的產品組合所抵消。梅賽德斯-奔馳召回補救措施的實施時間早於我們的預期，因此其對第二季度的影響小於我們在之前的財報發布中預期和傳達的影響。

Rather than the $50 million impact we had expected, we now estimate slightly less than a $10 million impact to revenue. Working capital remains elevated in part due to the recall. Segment adjusted EBITDA was $42.5 million, representing a decrease of 7.8% from the prior year.

我們現在估計對收入的影響略小於 1000 萬美元，而不是我們原先預期的 5000 萬美元影響。部分由於召回，營運資金仍然處於高位。部門調整後的 EBITDA 為 4250 萬美元，比上年下降 7.8%。

Adjusted EBITDA margin was 10.5% and down 50 basis points from the second quarter of 2022, due to deleverage, productivity and supply chain challenges, partially offset by carryover price increases.

調整後的 EBITDA 利潤率為 10.5%，比 2022 年第二季度下降 50 個基點，原因是去槓桿化、生產力和供應鏈挑戰，部分被結轉價格上漲所抵消。

Backlog for the Motorhome segment decreased 60.6% year-over-year to $872.7 million, driven by normalizing levels of dealer inventories. Dealer inventories of Motorhomes are gradually returning to more appropriate level, though pockets of replenishment opportunities remain. As always, we continue to work closely with our dealer partners to ensure they have the products they need at the appropriate time to meet consumer demand.

受經銷商庫存水平正常化的推動，房車業務積壓訂單同比下降 60.6% 至 8.727 億美元。房車的經銷商庫存正逐漸恢復到更合適的水平，但仍存在補貨機會。一如既往，我們繼續與我們的經銷商合作夥伴密切合作，以確保他們在適當的時間獲得所需的產品，以滿足消費者的需求。

Finally, let's turn to our Marine segment, which continued its strong performance in the second quarter. Revenues were $112.9 million, up 16.1% from the prior year as a result of carryover price increases.

最後，讓我們談談我們的海事部門，該部門在第二季度繼續保持強勁表現。由於結轉價格上漲，收入為 1.129 億美元，比上年增長 16.1%。

We remain encouraged by the continued and growing demand in the Marine market for our brands, particularly Barletta, which continues to outperform the Aluminum Pontoon category and gain market share.

我們仍然對海洋市場對我們品牌的持續和增長的需求感到鼓舞，尤其是 Barletta，它的表現繼續優於鋁製浮橋類別並獲得市場份額。

Adjusted EBITDA for the Marine segment was $14.4 million, 11.4% higher than the same period last year, and adjusted EBITDA margin was 12.8%, 50 basis points lower than last year.

海運業務調整後的 EBITDA 為 1440 萬美元，比去年同期增長 11.4%，調整後的 EBITDA 利潤率為 12.8%，比去年下降 50 個基點。

Our backlogs were down 14.1% compared to the second quarter of the prior year as we continue our work to replenish dealer inventories in the Marine space. As always, we will continue to closely monitor demand trends in our Marine markets and manage our production accordingly.

與去年第二季度相比，我們的積壓訂單減少了 14.1%，因為我們繼續努力補充海洋領域的經銷商庫存。一如既往，我們將繼續密切關注海洋市場的需求趨勢，並相應地管理我們的生產。

Moving now to the balance sheet. As of the end of the quarter, Winnebago Industries had approximately $591 million in outstanding debt, representing a net debt-to-EBITDA ratio of approximately 0.7x. Our healthy balance sheet continues to be a strength for us and continues to support our balanced capital allocation strategy. We made further progress in the strategic investments we are making in our business to drive growth and improve our operations.

現在轉到資產負債表。截至本季度末，Winnebago Industries 的未償債務約為 5.91 億美元，淨債務與 EBITDA 之比約為 0.7 倍。我們健康的資產負債表繼續成為我們的優勢，並繼續支持我們平衡的資本配置戰略。我們在業務戰略投資方面取得了進一步進展，以推動增長和改善運營。

For example, the manufacturing capacity expansion, we are constructing for both our Marine businesses are nearing completion, and we expect both to come online in the back half of the fiscal year.

例如，我們正在為我們的海洋業務建設的製造能力擴張即將完成，我們預計兩者都將在本財年下半年上線。

We remain committed to balancing these investments with returning capital to our shareholders, as evidenced by the payment of our quarterly dividend for the quarter, which, as a reminder, was increased by 50% to $0.27 per share during the fourth quarter of fiscal 2022.

我們仍然致力於平衡這些投資與向股東返還資本，我們本季度的季度股息支付就是證明，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。

Lastly, I know we are all watching with great interest, the stability of the banking industry following the collapse of Silicon Valley Bank and Signature Bank and others that have shown signs of vulnerability, including most recently Credit Suisse. Our own banking relationships are with institutions that are believed to be sound. We likewise have been monitoring the situation closely and to this point, are not aware of key suppliers or dealers that have been exposed to the bank failures nor are we hearing of situations that would impact the availability of credit at the wholesale or retail level.

最後，我知道我們都非常感興趣地關注著矽谷銀行和 Signature Bank 倒閉後銀行業的穩定性以及其他顯示出脆弱跡象的機構，包括最近的瑞士信貸。我們自己的銀行業務關係是與被認為是健全的機構建立的。我們同樣一直在密切關注情況，到目前為止，我們並不知道主要供應商或經銷商面臨銀行倒閉的風險，也沒有聽說會影響批發或零售層面信貸可用性的情況。

This remains a fluid situation, and we will continue to monitor the impact to key stakeholders as they evolve. With that, I will now turn the call back to Mike to provide some closing comments. Mike, back to you.

這仍然是一個不穩定的情況，我們將繼續監測對關鍵利益相關者的影響，因為他們的發展。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, Bryan. In anticipation of a robust Q&A session, I will be brief in our closing comments. Despite the current softening of consumer demand for RVs, we remain confident that our opportunities for growth and long-term value creation are robust, and our long-term targets for revenue, market share and profitability are appropriate and achievable.

謝謝，布萊恩。期待一個強有力的問答環節，我將在我們的結束評論中簡短。儘管目前消費者對房車的需求疲軟，但我們仍然相信我們的增長機會和長期價值創造是強勁的，我們的收入、市場份額和盈利能力的長期目標是適當且可以實現的。

Engagement in the outdoors continues to be extremely healthy during 2023. Consumers, young and old, increasingly diverse and always adventurous are using their RVs and boats or, in some cases, rental and/or friends RVs and boats to experience physical and emotional well-being outdoors.

到 2023 年，戶外活動仍然非常健康。越來越多樣化且總是喜歡冒險的消費者，無論老少，都在使用他們的房車和船，或者在某些情況下，租用和/或朋友的房車和船來體驗身體和情感上的健康。在戶外。

Our supplemental slides contain fresh updates on those participation trends.

我們的補充幻燈片包含有關這些參與趨勢的最新更新。

As many on this call are aware, the RV Industry Association recently lowered their expectations for calendar 2023 RV shipments to a mid-range of 334,000 units in response to a weakening macroeconomic environment, higher interest rates and an anticipated reduction in consumer discretionary spending.

正如本次電話會議中的許多人所知，房車行業協會最近將他們對 2023 年房車出貨量的預期下調至 334,000 輛的中值，以應對疲軟的宏觀經濟環境、更高的利率和消費者可自由支配支出的預期減少。

While we respect the impact these trends are having on the end market consumer, the outlook we have based on our business plans is a bit more optimistic.

雖然我們尊重這些趨勢對終端市場消費者的影響，但我們基於我們的商業計劃的前景更為樂觀。

Based on what we are seeing in the market, hearing from our dealers and customers, we are currently expecting shipments for calendar 2023 to be in the 340,000 to 345,000 unit range, anticipating the dealer channel to destock about 30,000 to 35,000 units over the 12-month calendar period. Of course, there is no clear crystal ball that we nor any of our dealer or supplier friends have.

根據我們在市場上看到的情況，從我們的經銷商和客戶那裡聽到的消息，我們目前預計 2023 年的出貨量將在 340,000 到 345,000 台之間，預計經銷商渠道將在 12-月曆期間。當然，我們和我們的任何經銷商或供應商朋友都沒有明確的水晶球。

And the ultimate numbers will still be determined by the yet to be seen retail vitality of the spring and summer selling season and the plethora of elements that contribute to consumer confidence.

而最終的數字仍將取決於尚待觀察的春夏銷售旺季的零售活力以及有助於消費者信心的過多因素。

Our investors can rest assured that we run multiple sensitivity scenarios into our operational and financial planning models and are prepared to navigate through anything worse or better. As we have previously stated, we are not counting on a dramatic rebound in RV shipments to achieve our previously announced fiscal 2025 financial targets.

我們的投資者可以放心，我們在運營和財務規劃模型中運行了多種敏感場景，並準備好應對任何更糟或更好的情況。正如我們之前所說，我們並不指望房車出貨量的大幅反彈來實現我們之前宣布的 2025 財年財務目標。

Our success towards achieving those goals is primarily predicated on the continued execution of our organic growth strategy, focused on delivering superior quality, innovation and service to drive market share expansion and operational excellence to further improve profitability.

我們實現這些目標的成功主要取決於我們有機增長戰略的持續執行，專注於提供卓越的質量、創新和服務，以推動市場份額擴大和卓越運營，以進一步提高盈利能力。

Our organic growth can and likely will be augmented with inorganic opportunities. We maintain ample financial flexibility to be opportunistic in expanding our platform, but only if we believe in the strategic imperative of those possible acquisitive additions.

我們的有機增長可以而且很可能會因無機機會而增加。我們保持充足的財務靈活性，以便在擴展我們的平台時投機取巧，但前提是我們相信這些可能的收購增加的戰略必要性。

Looking ahead, we are confident that Winnebago Industries is well positioned to maintain and grow market share and further expand the baseline profitability of our business.

展望未來，我們相信 Winnebago Industries 有能力保持和增加市場份額，並進一步擴大我們業務的基準盈利能力。

Each of our fiscal quarters in 2023 or any other year has its own flavor and can be affected by short-term unanticipated challenges. I am more concerned about the consistency of the revenue line in the months ahead than I am with our ability to turn a solid profit yield. The former revenue is dependent mostly on the macro wholesale market available to us. While the latter profitability yield is more of a competency that we can impact directly.

我們在 2023 年或任何其他年份的每個財政季度都有自己的特點，可能會受到短期意外挑戰的影響。我更關心未來幾個月收入線的一致性，而不是我們實現穩定利潤率的能力。前者的收入主要取決於我們可用的宏觀批發市場。雖然後者的盈利率更像是我們可以直接影響的能力。

We have the right talent, a diversified portfolio of premium outdoor lifestyle brands, a commitment to innovation and operational excellence, all backed up by a strong financial discipline and a balanced capital allocation strategy.

我們擁有合適的人才、多元化的優質戶外生活方式品牌組合、對創新和卓越運營的承諾，所有這些都得到嚴格的財務紀律和平衡的資本配置策略的支持。

We remain resolute in building a premium outdoor lifestyle company that delivers value to customers and shareholders for the long term.

我們仍然堅定地打造一家優質戶外生活方式公司，為客戶和股東提供長期價值。

That concludes our prepared remarks this morning. I will now turn the call back over to the operator, who will open the line to your questions. Thanks again for your interest in Winnebago Industries.

今天上午我們準備好的發言到此結束。我現在將把電話轉回給接線員，接線員將打開您的問題熱線。再次感謝您對 Winnebago Industries 的關注。

(Operator Instructions) Our first question comes from Alice Wycklendt with Baird.

（操作員說明）我們的第一個問題來自 Baird 的 Alice Wycklendt。

Thanks for all the helpful context on the industry. Maybe I just want to touch on cash flow actually, a modest cash flow from operations in the first half year and another recall has impacted working capital. How should we be thinking about that in the second half, though?

感謝您提供有關該行業的所有有用信息。也許我只想談一談現金流，上半年運營產生的少量現金流和另一次召回影響了營運資金。不過，下半場我們應該如何考慮呢？

Thanks for the question. This is Bryan. Yes, we continue to be challenged with working capital, in particular, inventory due to the recall as well as other supply chain challenges that we have. That, of course, is further amplified by the continued decline in retail demand and pull-through. And so we end up having more finished goods on hand, of course, than what we have had historically.

謝謝你的問題。這是布萊恩。是的，由於召回以及我們面臨的其他供應鏈挑戰，我們繼續面臨營運資金的挑戰，特別是庫存。當然，零售需求和拉動的持續下降進一步放大了這一點。因此，我們最終手頭上的製成品當然比歷史上的要多。

Going forward, the right way to think about it is, yes, we do expect some of that working capital to unwind as we catch up, so to speak, with the decline we're seeing in the end markets and would expect then that working capital would be a net contributor to cash flow versus a detractor as it's been for the past, what, 1.5 years now or so. So that's how we're thinking about it.

展望未來，正確的思考方式是，是的，我們確實希望隨著我們趕上，可以說，隨著我們在終端市場看到的下滑，並且預計屆時工作資本將成為現金流的淨貢獻者，而不是過去 1.5 年左右的貶值者。這就是我們考慮的方式。

Yes. That's helpful. And then just on the Marine segment, strong quarter there. We don't have a long history of the data from an inventory standpoint, but it did increase what, 95% over 4,000 units. What's the right level of inventory there for the current environment? Do you have room to expand that still given your market share gains and growth? Or do you see a drawdown?

是的。這很有幫助。然後就在海事部門，強勁的季度。從庫存的角度來看，我們的數據歷史不長，但它確實增加了 95%，超過 4,000 台。當前環境下合適的庫存水平是多少？鑑於您的市場份額增長和增長，您是否還有擴展空間？或者你看到縮編了嗎？

Yes. this is Mike. Primarily your question pertains to brand. And before I get to the Barletta brand, I'll just acknowledge that the Chris-Craft brand continues to have a low inventory in the field. So while that's our smallest marine business and really the smallest of our 5 branded businesses overall. From a Chris-Craft standpoint, we continue to have an opportunity to put more inventory into the dealer channel in a healthy manner.

是的。這是邁克。您的問題主要與品牌有關。在我談到 Barletta 品牌之前，我承認 Chris-Craft 品牌在該領域的庫存仍然很低。因此，雖然這是我們最小的海洋業務，而且實際上是我們 5 個品牌業務中最小的一個。從 Chris-Craft 的角度來看，我們繼續有機會以健康的方式向經銷商渠道投放更多庫存。

From a Barletta standpoint, we have to recognize that they are a business in transition, a very healthy positive transition. And while inventory is certainly elevated than historical gross unit numbers, this a brand that has went from roughly 0% market share 5 years ago to approaching about 7.5% share in the aluminum Pontoon market.

從 Barletta 的角度來看，我們必須認識到他們是一個轉型中的企業，一個非常健康的積極轉型。雖然庫存肯定高於歷史總單位數量，但這個品牌已經從 5 年前的大約 0% 的市場份額上升到接近 7.5% 的鋁製浮橋市場份額。

They also just have recently introduced 2 new brands to their product lineup. So they went from 3 brands to 5 brands, and you are seeing some pipeline fill from especially the introduction of a brand called the ARIA, which is a more entry-level Pontoon brand that allows us to go from competing in about 40% of the aluminum Pont market to competing in about 70% of the aluminum pontoon market.

他們最近還剛剛在其產品系列中引入了 2 個新品牌。所以他們從 3 個品牌變成了 5 個品牌，你會看到一些管道被填補，特別是引入了一個名為 ARIA 的品牌，這是一個更入門級的 Pontoon 品牌，它使我們能夠從大約 40% 的競爭中脫穎而出鋁橋市場競爭約70%的鋁橋市場。

The last factor I'll mention for Barletta, and we don't talk about this much, primarily because of recent supply chain constraints, is that we probably have somewhere in the neighborhood of 2 to 3 dozen open markets still in the United States, markets where we believe there can be a Barletta Pontoon dealer to go after retail business.

我要提到的關於 Barletta 的最後一個因素，我們沒有談論太多，主要是因為最近的供應鏈限制，我們可能在美國仍有大約 2 到 3 個開放市場，我們認為可以有 Barletta Pontoon 經銷商從事零售業務的市場。

And so you will likely probably see the inventory levels on the marine side remain elevated historically, but most of that, we believe, is appropriate because of the Barletta transition. Now we are carefully watching the aluminum pontoon category.

因此，您可能會看到海運方面的庫存水平在歷史上保持較高水平，但我們認為，由於 Barletta 過渡，其中大部分是適當的。現在我們正在仔細觀察鋁浮橋類別。

That has certainly slowed down here in recent months, and we will manage production rate and any expansion of these new brands or into new markets at an appropriate and disciplined level.

近幾個月來，這種情況肯定有所放緩，我們將在適當和有紀律的水平上管理生產率和這些新品牌的任何擴張或進入新市場。

Our next question comes from William Staninger with BMO Capital Markets.

我們的下一個問題來自 BMO Capital Markets 的 William Staninger。

You guys called out Mercedes-Benz recall had a $10 million headwind just sales in 2Q. How much of a tailwind in 3Q and 4Q do you guys expect?

你們呼籲梅賽德斯-奔馳召回，僅第二季度的銷售額就有 1000 萬美元的逆風。你們預計第三季度和第四季度會有多少順風？

Yes. It's hard to predict if there's a catch-up in the forward view. We're not counting on it, to be clear. And there might be some, but we're not counting on that.

是的。很難預測是否有前瞻性的追趕。明確地說，我們不指望它。可能會有一些，但我們不指望這一點。

Okay. And then what percent of dealer inventory currently is model year '22 or earlier?

好的。那麼目前 22 年或更早的車型占經銷商庫存的百分比是多少？

So this is Mike. We are paying very close attention to that subject. And here just recently, we conducted an analysis of all of our brands on the RV and Marine side and have understood specifically what those numbers are. We're not going to share that number externally. But we know what that number is.

所以這是邁克。我們正在密切關注該主題。就在最近，我們在 RV 和 Marine 方面對我們所有的品牌進行了分析，並具體了解了這些數字是什麼。我們不會對外分享這個數字。但我們知道這個數字是多少。

In many of our businesses, we feel very comfortable that the model year '22 inventory is not unhealthy. We have a couple of places where our model year '22 inventory is a little heavier than I would like and the businesses are aware of that and working with the channel partners precisely to try to take care of that.

在我們的許多業務中，我們感到非常自在的是，22 年款車型的庫存並非不健康。我們有幾個地方，我們的 22 年車型庫存比我想要的要重一些，企業意識到這一點，並與渠道合作夥伴精確合作，試圖解決這個問題。

So we do not view model year '22 inventory for Winnebago Industries as a significant headwind here in the rest of 2023. We really do not plan to introduce our model year '24 product for the RV business until later this late summer, probably again in that July through August to September time frame.

因此，我們不認為 Winnebago Industries 22 年車型庫存是 2023 年剩餘時間的重大逆風。我們真的不打算在今年夏末之前為 RV 業務推出 24 年車型產品，可能會在即 7 月到 8 月到 9 月的時間範圍。

We will certainly begin talking about model year '24 product with some of our dealer events coming up in the future. But our model year '24 timing is still a little ways off which is good because it gives us some more time to allow the dealers to focus on that model year '22 and '23 inventory.

我們肯定會在未來的一些經銷商活動中開始談論 model year '24 產品。但是我們的 24 年車型年的時間還有一些距離，這很好，因為它給了我們更多時間讓經銷商專注於 22 年和 23 年的車型庫存。

Our next question comes from Scott Stember with ROTH MKM.

我們的下一個問題來自 ROTH MKM 的 Scott Stember。

Can you maybe dig a little bit more into the Towables side of the business? You talked about, I guess, some promotional activity in the quarter. Your margins at least sequentially held up pretty darn well.

您能否更深入地了解業務的 Towables 方面？我猜你談到了本季度的一些促銷活動。你的利潤率至少在順序上保持得相當不錯。

So can you just talk about on the level of discounting that you've had to do? And if there was anything else that helped the profitability in Towables in the quarter?

那麼你能談談你必須做的折扣水平嗎？如果還有其他因素有助於本季度 Towables 的盈利能力？

Scott, this is Mike. I'll speak to some of the discounting behavior that we're seeing, and then Bryan can add some more meat to the bone on the margin side.

斯科特，這是邁克。我將談談我們所看到的一些折扣行為，然後 Bryan 可以在保證金方面添加更多的內容。

From a discounting standpoint, we certainly have been seeing dealer promotional activity at retail, the return here over the last year. And so dealers are certainly operating within the Towables segment at a lower gross margin level than they had seen during probably their peak gross margin days in parts of 2021 and early 2022.

從打折的角度來看，我們當然一直在零售店看到經銷商促銷活動，這是去年這裡的回歸。因此，經銷商在牽引車領域的毛利率水平肯定低於他們在 2021 年部分時間和 2022 年初的毛利率高峰期所見的水平。

So the dealers have certainly returned to promotionally competing against each other to move product. And you have seen that at some of the shows. And in some cases, you see a graduated level of promotional activity based on the age of that inventory.

因此，經銷商肯定又回到了相互促銷以轉移產品的競爭中。你已經在一些節目中看到了這一點。在某些情況下，您會根據庫存的使用年限看到促銷活動的分級。

Our businesses have provided at times certainly support to help dealers address excessively aged inventory. And that is an activity that we've done ever since I've been here now 7 years. So this is really a return to what we believe is a healthy partnership with our dealers on excessively aged inventory.

我們的業務有時會提供一定的支持，以幫助經銷商解決過度老化的庫存問題。這是自從我來到這裡 7 年以來我們一直在做的一項活動。因此，這真的是回歸我們認為與我們的經銷商在過度老化庫存方面的健康合作關係。

The last form of discounting, I would say is that as backlogs have retracted and dealers, in some cases, have canceled orders that they had once submitted, we have had in the last 6 months an elevated level of finished goods, open inventory higher than we're used to seeing.

最後一種折扣形式，我想說的是，由於積壓訂單已經減少，經銷商在某些情況下取消了他們曾經提交的訂單，我們在過去 6 個月中成品水平提高，未清庫存高於我們見慣了。

And consequently, we've been obviously working carefully with our dealer partners, especially on the RV brands, to move that inventory in a careful way.

因此，我們顯然一直在與我們的經銷商合作夥伴密切合作，尤其是在 RV 品牌上，以謹慎的方式轉移庫存。

And you can tell from the margins that we reported this last quarter that we were not forced to do anything irrational with those discounts, but we have been active in discounting some of that open inventory that we've had on our own lots.

你可以從我們上個季度報告的利潤率中看出，我們並沒有被迫對這些折扣做任何不合理的事情，但我們一直在積極地對我們自己擁有的一些開放庫存進行折扣。

And we will continue to monitor that side of our business carefully going forward. Bryan, do you want to comment on market.

我們將繼續密切關注我們業務的這一方面。布萊恩，你想對市場發表評論嗎？

Thanks, Mike. Just briefly, Scott, if you look at the discounting relative to what we've done historically, most notably pre-pandemic, it's very consistent For Q2, there's some seasonality, of course, in the business. So the discounting in Q2 was similar on the motorized side to our pre-pandemic levels.

謝謝，邁克。簡而言之，斯科特，如果你看看相對於我們歷史上所做的事情的折扣，最顯著的是大流行前的折扣，對於第二季度來說，這是非常一致的，當然，業務中有一些季節性。因此，第二季度機動化方面的折扣與我們大流行前的水平相似。

And on the Towables side, maybe just a little bit elevated, but less than a 1 point expressed as a percent of sales, just to give you some perspective there.

在 Towables 方面，可能只是稍微升高了一點，但不到 1 點表示為銷售額的百分比，只是為了給你一些觀點。

So pretty consistent overall with pre-pandemic activity.

總體上與大流行前的活動非常一致。

Got it. And then on the motorized side, sales were only off a few percentage points. And obviously, some of that had to do with the faster-than-expected resolution of the Sprinter recall.

知道了。然後在機動化方面，銷售額僅下降了幾個百分點。顯然，其中一些與 Sprinter 召回的解決速度快於預期有關。

But Class Cs were up pretty sharply in inventories year-over-year. I know that there's the pipeline has been pretty barren for a while. But could you maybe just talk about was there an accelerated build-out of product in refilling dealer pipelines as retail further falls and the supply chain is easing?

但 C 類汽車的庫存同比大幅增加。我知道有一段時間管道很貧瘠。但是，您能否談談隨著零售業的進一步下滑和供應鏈的放鬆，在重新填充經銷商管道中是否有加速的產品構建？

Scott, I would say that you've hit on a couple of the factors as to why motorized revenue declined significantly less than our Towables revenue. The first factor I would say is, as you said, the faster resolution of the Mercedes safety recall issue allowed us to return to shipping those Mercedes chassis that have been stuck on our lot for many months.

斯科特，我想說你已經找到了幾個因素來說明為什麼機動收入下降幅度遠小於我們的 Towables 收入。我要說的第一個因素是，正如您所說，更快地解決梅賽德斯安全召回問題使我們能夠重新運送那些已經停滯在我們停車場數月的梅賽德斯底盤。

Number two is our Newmar business has been working for the better part of the last 1.5 years to have a better cadence of production because of supply chain consistency and refill the dealer channel on the Newmar side. And the Newmar business has done an excellent job of doing so in the first 2 quarters of this fiscal year.

第二是我們的 Newmar 業務在過去 1.5 年的大部分時間裡一直在努力，因為供應鏈的一致性和在 Newmar 方面重新填充經銷商渠道而擁有更好的生產節奏。在本財年的前兩個季度，Newmar 業務在這方面做得非常出色。

I would say the third element is on the Class C side for Winnebago. We have been seeing some nice retail momentum, particularly on the new echo that we introduced to the market about a year ago. as well as our View and Navion product. And so that's allowed us to ship certainly some more inventory to the dealers behind those strong retail sales in order to make sure that they continue to have enough on those particular brands.

我會說第三個元素是在 Winnebago 的 C 級方面。我們一直看到一些不錯的零售勢頭，尤其是我們大約一年前推向市場的新迴聲。以及我們的 View 和 Navion 產品。因此，這使我們能夠向那些強勁零售銷售背後的經銷商運送更多庫存，以確保他們繼續擁有足夠的這些特定品牌。

You are also seeing the benefit dollar-wise of some of the year-over-year pricing actions that we had taken in previous quarters. We did not raise price significantly in Q2 on our motorized product, but the year-over-year comp is definitely being aided by some of the prior price increases we took when inflation was at a more elevated level.

您還看到了我們在前幾個季度採取的一些同比定價行動的美元收益。我們在第二季度沒有大幅提高機動產品的價格，但當通貨膨脹處於更高水平時，我們之前採取的一些價格上漲肯定有助於實現同比增長。

All right. And if I could just sneak one last one in. We've been talking about how the Towables, I guess, dealer situation needs to be rebalanced. And as we work through clearing out the '22s, what is the timeline for when you would expect to start to benefit from dealers going back to ordering products such as Grand Design?

好的。如果我能把最後一個偷偷放進去的話。我們一直在談論 Towables，我想，經銷商的情況需要重新平衡。當我們努力清理 22 年代時，您預計什麼時候開始受益於經銷商返回訂購 Grand Design 等產品的時間表？

Well, dealers do continue to order products such as Grand Design currently. It's certainly the rate is reduced compared to those peak pandemic frenetic retail days.

嗯，經銷商目前確實繼續訂購 Grand Design 等產品。與那些大流行的高峰期狂熱零售日相比，這個比率肯定有所降低。

The timing question, Scott, is very difficult to answer because it really all depends on retail. We continue to monitor retail on a weekly basis in our business. And certainly, dealer ordering patterns will be a combination of the seasonal retail activity that we see here in the late spring to summer months.

斯科特，這個時間問題很難回答，因為它真的完全取決於零售。我們繼續每週監控我們業務中的零售情況。當然，經銷商訂購模式將結合我們在春末至夏季在這裡看到的季節性零售活動。

In addition to some of the destocking levels that they're looking to achieve over the course of this calendar year.

除了他們希望在本日曆年中實現的一些去庫存水平。

As I stated previously, we will stay disciplined and not introduce model year '24 product until later this summer, and that should allow us a good chunk of the late spring and early to mid-summer to try to focus on those model year '22 products.

正如我之前所說，我們將保持紀律，直到今年夏天晚些時候才推出 24 年款產品，這應該讓我們有很大一部分春末和夏初到仲夏的時間來嘗試專注於 22 年款車型產品。

But we cannot and will not prognosticate on exactly when sort of retail will pivot in a way to reignite dealer orders to a higher level.

但我們不能也不會準確預測零售業何時會以一種方式將經銷商訂單重新點燃到更高水平。

That is difficult to forecast, and we just need to remain extremely agile on a literally weekly basis to react to what the market and the dealers are telling us.

這很難預測，我們只需要每周保持極其敏捷，以對市場和經銷商告訴我們的事情做出反應。

Our next question comes from Fred Wightman with Wolfe Research.

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

I just wanted to follow up on the industry commentary that you gave. If we go back and just sort of look, I understand that the overall levels have come down. But last quarter, I think you guys were expecting wholesale and retail to be pretty much in balance.

我只是想跟進你給出的行業評論。如果我們回過頭來看看，我知道整體水平已經下降了。但是上個季度，我認為你們期望批發和零售能夠保持平衡。

Now you're calling for a little bit of destocking. So can you just sort of walk through what exactly changed and maybe what the feedback from dealers has been and what you think that means for like a "normal inventory level" going forward?

現在你要求稍微去庫存。那麼，您能否簡單介紹一下到底發生了什麼變化，也許經銷商的反饋是什麼，以及您認為這對未來的“正常庫存水平”意味著什麼？

Yes. Fred, this is Mike. Our last formal comment on industry shipment and retail levels was all the way back in mid-December. And here, we are in late March, so a lot has changed since mid-December. And that's why you've seen not only the RV Industry Association but almost every other one of our OEM or supplier peers lowered their forecast as well on industry volume in 2023.

是的。弗雷德，這是邁克。我們對行業出貨量和零售水平的最後一次正式評論一直追溯到 12 月中旬。現在是三月下旬，自十二月中旬以來發生了很多變化。這就是為什麼您不僅看到 RV 行業協會，而且幾乎所有其他 OEM 或供應商同行都降低了他們對 2023 年行業銷量的預測。

So we just continue to be more enlightened by the reality of market conditions and what our dealers are telling us in terms of desired turn levels going forward. And so the numbers that we offered in our prepared comments today are latest thoughts. They are a little bit more progressive in terms of the amount of field inventory that we believe needs to be expelled from the field, and we'll see if that happens. But our businesses have operational plans from a sensitivity standpoint that are lower than those numbers in order for us to prepare in the things get worse.

因此，我們只是繼續從市場狀況的現實以及我們的經銷商在未來期望的轉向水平方面告訴我們的內容中得到更多啟發。因此，我們今天在準備好的評論中提供的數字是最新的想法。就我們認為需要從現場驅逐的現場庫存量而言，他們稍微進步了一點，我們將看看是否會發生這種情況。但從敏感性的角度來看，我們的企業製定了低於這些數字的運營計劃，以便我們為情況變得更糟做好準備。

And we also have the ability to react relatively quickly if retail were to be better than expected this summer as well. So that's our latest range.

如果今年夏天零售業也好於預期，我們也有能力相對快速地做出反應。這就是我們最新的系列。

It's not really candidly too far off what a lot of our other peers are saying. And candidly, many of you, the sell-side analysts were generally in a similar range as most everybody else. So...

坦率地說，這與我們許多其他同行所說的相去甚遠。坦率地說，你們中的許多人，賣方分析師通常與大多數人處於相似的範圍內。所以...

Totally fair. And then just on ASPs as we think about that moving into the back half of the fiscal year, can you help us out, particularly on the Towables side?

完全公平。然後就 ASP 而言，當我們考慮進入本財年的後半部分時，你能幫助我們嗎，特別是在 Towables 方面？

Is that going -- is the rate of change going to be sort of similar? Do you think it will stay positive on a year-over-year basis? What should we sort of be looking for or expecting given the discount?

是這樣嗎——變化的速度會有點相似嗎？您認為它會逐年保持積極嗎？考慮到折扣，我們應該尋找或期待什麼？

Yes. In terms of the pricing activity, we've been pretty stable here in the last couple of quarters and even going back into Q4. So we're still annualizing right, Fred, on some of the price activity that we did earlier last year.

是的。就定價活動而言，我們在過去幾個季度一直非常穩定，甚至回到第四季度。因此，弗雷德，我們仍在對去年早些時候進行的一些價格活動進行年度化。

We're expecting more stability, and we'll continue to match that with the inflationary pressures, which continue to be elevated on the motorized side from the chassis costs, But on the Towables side, a lot more stability that we're seeing there. And so that's how I would think about pricing as we go forward.

我們期待更高的穩定性，我們將繼續將其與通貨膨脹壓力相匹配，通貨膨脹壓力在底盤成本的機動方面繼續升高，但在可牽引方面，我們看到的穩定性要高得多.這就是我在前進過程中考慮定價的方式。

There's mixed things going on in the ASP as well, of course, as there always is in terms of the higher-end units in the results and the volume that we're seeing there, or the higher the premium brands within Grand Design, for example, having more success.

當然，在 ASP 中也有不同的事情發生，因為結果中的高端單位和我們在那裡看到的數量總是存在的，或者 Grand Design 中的高端品牌越高，因為例如，獲得更多成功。

So you'll have some mix impacts that will continue, but the pricing activity itself should be pretty minimal based on what we're seeing on the cost side of the equation.

所以你會有一些持續的混合影響，但根據我們在等式的成本方面看到的情況，定價活動本身應該是非常小的。

Our next question comes from Bret Jordan with Jefferies.

我們的下一個問題來自 Jefferies 的 Bret Jordan。

This is Patrick Buckley on for Bret Jordan. Given the current elevated interest rate environment, should we expect to see a change to a new lower optimal level of dealer inventory compared to pre-pandemic levels?

這是帕特里克巴克利代替布雷特喬丹。鑑於當前利率升高的環境，與大流行前的水平相比，我們是否應該期望看到經銷商庫存出現新的較低最佳水平的變化？

Well, that's a good question in the sense that I think dealers are trying to answer what the right inventory levels are as well. And I think dealers are still primarily focused on having the right level of and mix of inventory on their lots to optimize whatever retail is available to them. But I think your question also infers that the cost of carrying that inventory is higher to them as well, which we certainly acknowledge.

嗯，這是一個很好的問題，因為我認為經銷商也在試圖回答正確的庫存水平是多少。而且我認為經銷商仍然主要關注在他們的地塊上擁有適當的庫存水平和庫存組合，以優化他們可用的任何零售。但我認為你的問題還表明，持有該庫存的成本對他們來說也更高，我們當然承認這一點。

And I think that's one of the reasons why you're seeing dealers be very serious and proactive here with addressing their model year '22 inventory as quickly as they can. But it's a good thing if dealers return or exceed historical turn levels. I think when we saw dealers go through the 2020 -- late 2020 to early '22 time period, we saw dealers become extremely financially healthier in terms of gross margins and higher turn levels, lower working capital.

我認為這就是為什麼你看到經銷商在這裡非常認真和積極主動地盡快處理他們的 22 年車型庫存的原因之一。但如果經銷商恢復或超過歷史轉折水平，那是一件好事。我認為當我們看到經銷商經歷 2020 年——2020 年底到 22 年初的時間段時，我們看到經銷商在毛利率和更高的周轉水平、更低的營運資金方面變得非常健康。

And as an OEM, we think that's a good thing. And so we would welcome higher turns from the dealers. Obviously, there would be a transitional period where dealers, as we've forecasted, would have to reduce their inventory levels overall in order to probably get to that point.

作為 OEM，我們認為這是一件好事。因此，我們歡迎經銷商提供更高的收益。顯然，正如我們所預測的那樣，會有一個過渡期，經銷商將不得不降低整體庫存水平，以便可能達到這一點。

But we are supportive of working through that transition with dealers. We feel that our operations and production processes allow us to be a good OEM partner and supplier to the dealers even at higher return levels.

但我們支持與經銷商一起完成過渡。我們認為我們的運營和生產流程使我們能夠成為經銷商的良好 OEM 合作夥伴和供應商，即使在更高的回報水平上也是如此。

So I anticipate the answer to your question is yes. The challenge is we don't know the exact tightening.

所以我預計你的問題的答案是肯定的。挑戰在於我們不知道確切的收緊程度。

Got it. That's helpful. And then I guess, could you talk a little bit more on the current pricing environment? It sounds like maybe more specifically on motorized. We saw a pretty healthy year-over-year increase in ASPs this quarter. It sounds like you guys expect that to be a little bit more sustainable, given the chassis shortage? Or should we expect some moderation there moving forward?

知道了。這很有幫助。然後我想，你能多談談當前的定價環境嗎？聽起來更像是機動化的。本季度我們看到 ASP 的同比增長非常健康。鑑於底盤短缺，聽起來你們希望這會更可持續一點？還是我們應該期望那裡有所緩和？

I would say, when you speak about pricing, we have to break it down by each of our businesses, but I would generally say on the motorized side that while there has been very meaningful year-over-year inflation from an ASP standpoint that affects retail customers. The cost environment on motorized is probably not yet in a stable enough environment in order for there to be deflationary movement that reaches the end customer, especially on the newest model year product.

我會說，當你談到定價時，我們必須按我們的每項業務進行細分，但我通常會在機動化方面說，雖然從影響 ASP 的角度來看，同比通脹非常有意義零售客戶。機動車的成本環境可能尚未處於足夠穩定的環境中，無法使通貨緊縮運動到達最終客戶，尤其是在最新車型年的產品上。

We are seeing a more stable cost environments in some of the rest of our business. And in fact, on some categories, we are seeing some deflationary cost trends that we believe are very healthy and helpful for us to look at potentially even winding back pricing a little bit in the future. But each business, each product category will continue to evaluate and do what they think is right.

我們在其他一些業務中看到了更穩定的成本環境。事實上，在某些類別上，我們看到了一些通貨緊縮的成本趨勢，我們認為這些趨勢非常健康，有助於我們考慮未來甚至可能會稍微回縮定價。但是每個企業，每個產品類別都會繼續評估並做他們認為正確的事情。

Our next question comes from David Whiston with Morningstar.

我們的下一個問題來自晨星公司的大衛惠斯頓。

I guess, first on SG&A, how much more can you cut there, if any, should you need to?

我想，首先在 SG&A 上，如果需要的話，你還能削減多少？

David, this is Mike. Well, that answer really depends on whether you want to cut simply muscle or you want to start cutting into the bone. And we managed SG&A very intentionally. Most of our SG&A is within the business units and the brands themselves, and is a combination of a number of different types of costs. And we feel that our businesses have been very intentional and appropriate with managing the SG&A year-to-date.

大衛，這是邁克。嗯，這個答案真的取決於你是想簡單地切割肌肉還是想開始切入骨骼。我們非常有意地管理 SG&A。我們的大部分 SG&A 都在業務部門和品牌本身內，並且是多種不同類型成本的組合。我們認為，我們的企業在今年迄今為止管理 SG&A 方面一直是非常有意識和適當的。

However, if the marketplace continues to be softer than we would like or that we're even forecasting, all of us here will have to look very carefully at some of the further cuts we can make on expenses and potentially structure as well. But we want to stay very prudent and disciplined. We certainly don't want to create excessive overhead or bureaucracy.

然而，如果市場繼續比我們希望的或我們預測的更疲軟，我們所有人都必須非常仔細地考慮我們可以進一步削減開支和潛在結構的一些措施。但我們希望保持非常謹慎和紀律。我們當然不想造成過多的管理費用或官僚作風。

There are though several things that we need to continue to invest strategically in that are important to our future that we would have to evaluate further as well.

儘管有幾件事我們需要繼續進行戰略投資，但它們對我們的未來很重要，我們也必須進一步評估。

So the net answer to your question is we do continue to have the dial to be able to turn spending down. It's just a trade-off in terms of your strategic investments, your structure and what level you think you'll need to live at here while we're writing through this down cycle.

所以你的問題的最終答案是我們確實繼續擁有能夠降低支出的撥盤。這只是在你的戰略投資、你的結構以及你認為你需要在我們寫下這個下行週期時住在這裡的水平方面的權衡。

Okay. And on your EV, that's been a little over a year, I think, since the unveiling. I'm just curious how is the consumer interest for it relative to your initial expectations a year ago do you see maybe -- within the RV space, you see EV accelerating maybe more than you did would have thought of a year or 2 ago given that it is picking up on the light vehicle side?

好的。在你的電動汽車上，我想，自揭幕以來已經一年多了。我只是好奇消費者對它的興趣與你一年前的最初預期相比如何，你是否看到 - 在 RV 空間內，你看到 EV 加速可能比你一年或兩年前想像的要多它在輕型車輛方面正在回升？

Yes. Thanks for the question on the EV. In January of 2022, we introduced the ERV 1, which was the concept vehicle. And we saw a great reaction to that now about 15 months ago. In January of 2023, we introduced a prototype version of that, the ERV 2. We currently have probably around 10 to 12 vehicles that are being used in the market today by different stakeholders that we trust. And they are using the product to give us real-world feedback as to how it operates. Certainly, such metrics as mileage travel range, off the grid capabilities in terms of duration of the batteries there.

是的。感謝您提出有關 EV 的問題。 2022 年 1 月，我們推出了概念車 ERV 1。大約 15 個月前，我們現在看到了對此的強烈反應。 2023 年 1 月，我們推出了它的原型版本，即 ERV 2。目前市場上可能有大約 10 到 12 輛我們信任的不同利益相關者正在使用這些車輛。他們正在使用該產品向我們提供有關其運作方式的真實反饋。當然，諸如行駛里程、離網能力等電池續航時間等指標。

And so we continue to get that feedback and along with internal engineering and manufacturing development work, continue to progress towards a possible launch of that vehicle. Consumer interest in the ERV 2 has been what we would characterize as very strong, and we can capture a lot of that interest digitally in ways that our marketing team on the Winnebago brand is using to both measure but also capture that interest.

因此，我們繼續獲得反饋，並與內部工程和製造開發工作一起，繼續朝著可能推出該車輛的方向前進。消費者對 ERV 2 的興趣一直是我們認為非常強烈的特徵，我們可以通過我們的 Winnebago 品牌營銷團隊用來衡量和捕捉這種興趣的方式，以數字方式捕捉很多這種興趣。

So -- but yes, we believe that the adoption of electric vehicle technology in passenger cars, in last mile delivery is only going to help the RV consumer consider that technology credible. Our focus when introducing ultimately someday an electric RV van to the market is that the consumer experience is enhanced and not degraded. And so we will come to market when we feel that we can provide a consumer experience on an electric RV that meets the reputation and standard that is associated with our Winnebago brand.

所以——但是是的，我們相信，在最後一英里的交付中，乘用車採用電動汽車技術只會幫助 RV 消費者認為該技術是可信的。最終有朝一日將電動房車推向市場時，我們的重點是增強而不是降低消費者體驗。因此，當我們認為我們可以在電動房車上提供符合與我們 Winnebago 品牌相關的聲譽和標準的消費者體驗時，我們就會進入市場。

So we feel good about our progress, and it's not about being first. It's about ultimately being best in terms of what we bring to the market, and that's been our focus.

因此，我們對自己的進步感到滿意，這與成為第一無關。就我們帶給市場的產品而言，最終做到最好，這一直是我們關注的重點。

Okay. And just one more. A cynical investor following you guys right now could look at your backlog and say, "Well, Mike did say it was really high and it's going to come down, which it has." But once that final backlog is burned off, Winnebago's top line is just going to be in a lot of trouble. I mean I don't think you probably agree with that, but what's your reaction to that sentiment?

好的。還有一個。現在關注你們的憤世嫉俗的投資者可能會看著你們的積壓說，“好吧，邁克確實說過它真的很高而且它會下降，它確實如此。”但一旦最後的積壓工作被燒掉，Winnebago 的頂線就會遇到很多麻煩。我的意思是我認為你可能不同意這一點，但你對這種觀點有何反應？

Well, we're acutely aware, David, of the backlog. Certainly, as you can see the numbers in the earnings release at the end of February, and we have confidence that ultimately, the dealers will place orders when they think it's right for their business.

好吧，大衛，我們敏銳地意識到積壓。當然，正如您在 2 月底發布的財報中看到的那樣，我們相信經銷商最終會在他們認為適合他們業務的時候下訂單。

And we really do not want to operate a business that is excessively pushing inventory into the market. We've been very intentional and even vocal that a high percentage of the time, we run a production planning process across our businesses where almost every unit on the line has either a dealer name or a customer name.

我們真的不想經營一家過度將庫存推向市場的企業。我們一直非常有意識，甚至直言不諱地說，在大部分時間裡，我們在我們的業務中運行一個生產計劃流程，幾乎生產線上的每個單位都有經銷商名稱或客戶名稱。

I did make a comment in our prepared statements this morning that the revenue line is the one I worry about the most in terms of its stability and consistency month-to-month, quarter-to-quarter. That line will continue to be under some pressure in the next couple of quarters.

我確實在今天早上準備好的聲明中發表評論說，收入線是我最擔心的，就其每月、每季度的穩定性和一致性而言。在接下來的幾個季度中，這條線將繼續承受一定的壓力。

And we will have to continue to optimize that in a healthy way as the market allows. What we can control most of the time, even back to your SG&A question, is the profitability of the business.

我們將不得不在市場允許的情況下以健康的方式繼續優化它。大多數時候，我們可以控制的是企業的盈利能力，甚至回到您的 SG&A 問題。

We are willing to give a little bit of market share up at times in order to maintain a profitable, healthy business. And so we're not going to chase every last wholesale unit or every last retail unit if it means we have to cut our profitability in half, for example. And so it is a balance between the top line and the bottom line. But we're very pleased with our Q2 results. I think we're especially pleased to demonstrate that the profitability of the business is as we've been stating, structurally present.

我們願意不時放棄一點市場份額，以維持盈利、健康的業務。因此，如果這意味著我們必須將盈利能力削減一半，我們就不會追逐每一個最後的批發單位或每一個最後的零售單位。因此，這是頂線和底線之間的平衡。但我們對第二季度的結果感到非常滿意。我認為我們特別高興地證明，正如我們一直所說的那樣，該業務的盈利能力在結構上是存在的。

And I think that's what we'll continue to focus on most in Q3 and Q4 is the profitability of the business, and the top line will be a little bit more out of our control, depending on market conditions.

而且我認為這就是我們在第三季度和第四季度最關注的是業務的盈利能力，而且根據市場情況，收入將有點超出我們的控制。

David, the one thing I'll add to that just to supplement what Mike is thinking. We included some information on this in our supplemental deck that is posted online to supplement the financials, which is a very healthy consumer in a very healthy interest in the outdoor lifestyle, which gives us a lot of confidence long term in our top line. And that information, I think, you'll find useful as well in terms of the number of households that are participating in the outdoors and camping, the number of households that are eager to buy an RV or get into the RV lifestyle.

大衛，我要添加的一件事只是為了補充邁克的想法。我們在網上發布的補充資料中包含了一些與此相關的信息，以補充財務數據，這是一個非常健康的消費者，對戶外生活方式有著非常健康的興趣，這讓我們對我們的收入長期充滿信心。我認為，這些信息在參與戶外活動和露營的家庭數量、渴望購買房車或進入房車生活方式的家庭數量方面也很有用。

So I won't go into all that information, but I encourage you to look at it as well because I think it's also a good indicator of the stability that is to come. We're going to continue to face some near-term volatility in the top line. But obviously, our focus is even more so in the long term, and we feel good about the state of the industry long term.

所以我不會詳細介紹所有這些信息，但我鼓勵你也看看它，因為我認為它也是即將到來的穩定性的一個很好的指標。我們將繼續面臨收入的短期波動。但顯然，我們的關注點更加長遠，我們對行業的長期狀況感到滿意。

Our next question comes from Joe Altobello with Raymond James.

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

First question, I want to go back to something you mentioned earlier, Mike, about the desire dealer inventory turn levels. I asked you this question on the last call, so I'll go it again. But is it still sort of in that 2.5 to 3x neighborhood that you expect dealers to kind of shake out at?

第一個問題，邁克，我想回到你之前提到的關於經銷商庫存周轉率的問題。我在上次通話時問過你這個問題，所以我會再問一遍。但它仍然是您希望經銷商擺脫困境的 2.5 到 3 倍的社區嗎？

Yes. Joe, ultimately, there'll be a consolidated number. The one that you probably just referenced or asked about there, and as you know, that number is broken down by each of our businesses. We believe that dealers will desire to have a higher turn levels on their Towables products versus their motorized products.

是的。喬，最終會有一個綜合數字。您可能剛剛在那裡提到或詢問過的那個，正如您所知，這個數字是按我們的每個業務細分的。我們相信經銷商會希望他們的可牽引產品比他們的機動產品有更高的轉彎水平。

So that historically won't change. But if we can get some retail stability in the market in 2023, and by that, I mean that the dealers have increased confidence that the retail sales will be at a certain level or range I think then that they will work to set their net growth -- their net consolidated churn levels at a little bit higher level than what they were at pre-pandemic.

所以這在歷史上不會改變。但是，如果我們能夠在 2023 年實現市場零售穩定性，我的意思是經銷商對零售額將處於一定水平或範圍內的信心增強，我認為他們將努力設定淨增長- 他們的淨合併流失率水平略高於大流行前的水平。

So 2.5 to 3 would be a good range I think, for them. You will find some dealers that will be more aggressive and say they'd like even higher turns. And you will see some other dealers that are comfortable with maybe something on the lower side of that.

所以我認為 2.5 到 3 對他們來說是一個很好的範圍。你會發現一些經銷商會更積極，並表示他們想要更高的轉彎率。而且您會看到其他一些經銷商可能對此感到滿意。

But I think that's not a bad range for the dealers to shoot for. We have to set up our business to react to whatever turn level that they ultimately end up settling in. If they settle at 2, 2.5 or 3, we obviously need to compete to serve them at whatever level that they turn to. So -- but higher would be better.

但我認為這對經銷商來說是一個不錯的目標。我們必須建立我們的業務，以對他們最終安定下來的任何轉彎水平做出反應。如果他們穩定在 2、2.5 或 3，我們顯然需要競爭以在他們轉向的任何水平為他們服務。所以 - 但更高會更好。

And some would be surprised that an OEM would say that. But I think financial health for our dealers and higher return levels at high fill rates would be a good thing. And I think Winnebago Industries would be advantaged to that end.

有些人會對 OEM 會這麼說感到驚訝。但我認為我們經銷商的財務健康和高填充率的更高回報水平將是一件好事。我認為 Winnebago Industries 將在這方面獲得優勢。

Got it. And just -- I think in terms your shipments historically have declined sequentially from Q1 to Q2. This quarter, we actually saw a sequential increase. Terms are now below 2. So are you concerned about maybe over shipping in the quarter, particularly if retail doesn't materialize like you think it will?

知道了。而且 - 我認為從歷史上看，您的出貨量從第一季度到第二季度連續下降。本季度，我們實際上看到了環比增長。條款現在低於 2。那麼您是否擔心本季度可能會出貨過多，特別是如果零售沒有像您認為的那樣實現？

Yes, the question whether we're concerned that we did overship in Q2 or that we could overship in a future quarter?

是的，問題是我們是否擔心我們在第二季度過度生產或者我們可能會在未來一個季度過度生產？

Yes, more so in Q2, just given that it's unusual from a seasonal perspective to see a sequential increase in shipments and you're now below 2 turns.

是的，在第二季度更是如此，只是考慮到從季節性的角度來看，出貨量連續增加是不尋常的，而且你現在低於 2 輪。

Yes. Thanks, Joe, for the clarification there. I don't think our business is in hindsight here, 3 weeks into Q3, feel that we did anything in Q2 that jeopardizes the business in any significant way. Again, to be fair to our businesses, we had produced units that the dealers had ordered from us that they subsequently canceled. And so when that happens and we end up with open inventory on our lots, we will work in a careful, intentional and smart way to place that in the field.

是的。喬，謝謝你的澄清。我不認為我們的業務是事後諸葛亮，進入第三季度 3 週後，我們覺得我們在第二季度做了任何以任何重大方式危及業務的事情。同樣，為了對我們的業務公平，我們生產了經銷商向我們訂購但隨後取消的產品。因此，當發生這種情況並且我們最終在我們的地塊上出現開放庫存時，我們將以一種謹慎、有意識和聰明的方式將其放置在現場。

A unit has a significantly better chance of retailing when it's on a dealer lot than if it's on a manufacturer's lot. And so Q2, you certainly saw us deal with some of that open inventory.

一個單位在經銷商批次上比在製造商批次上有更好的零售機會。所以第二季度，你肯定看到我們處理了一些開放庫存。

In Q3 and Q4, I think what you'll end up seeing and probably into our Q1 fiscal '24 year, I think, you'll end up seeing some of that we -- if the inventory in the field is going to retract in the neighborhood of 30 to 35 units like we had stated in the call this morning, we will be a part of that inventory destocking.

在第 3 季度和第 4 季度，我認為你最終會看到什麼，可能會進入我們的第 24 財年第 1 季度，我認為，你最終會看到其中的一些——如果該領域的庫存將縮減就像我們今天早上在電話中所說的那樣，大約 30 到 35 個單位，我們將成為庫存去庫存的一部分。

And so we will need to see some destocking in our businesses as well, probably over the next 3 fiscal quarters. And so I'm really focused now on Q3 and Q4 of this fiscal year to make sure that, to your point, we don't overship, we are great partners with our dealer channel and that we help set the inventory levels in the market that are right and healthy in our long-term interest. So -- and that's why I stated that, that revenue line is the line that probably could have more volatility in the quarters to come.

因此，我們也需要在我們的業務中看到一些去庫存，可能是在接下來的 3 個財政季度。因此，我現在非常關注本財年的第三季度和第四季度，以確保按照您的觀點，我們不會超額發貨，我們是經銷商渠道的重要合作夥伴，我們幫助設定市場庫存水平這對我們的長期利益是正確和健康的。所以——這就是為什麼我說，收入線可能在未來幾個季度出現更大的波動。

Just one last one, if I could. On that last point, it doesn't sound like you're expecting any major changes from a margin standpoint in the second half on the side either.

如果可以的話，就最後一張。關於最後一點，從下半場的邊際角度來看，你也不希望有任何重大變化。

We feel that our business, as we stated previously, is being run with good discipline. And so we've stated very clearly at times repeatedly that we believe we've established a new financial floor in the business.

正如我們之前所說，我們認為我們的業務正在以良好的紀律運作。因此，我們有時反复非常明確地表示，我們相信我們已經在業務中建立了一個新的財務平台。

And while we certainly don't provide formal guidance or forecast, our expectation in future quarters is similar to what you saw this quarter that each of our business segments can deliver double-digit adjusted EBITDA yield.

雖然我們當然不會提供正式的指導或預測，但我們對未來幾個季度的預期與您在本季度看到的相似，即我們的每個業務部門都可以提供兩位數的調整後 EBITDA 收益率。

And we'll see if we can maintain that in future quarters. Some of that will depend on the stability of the overall marketplace. But our business structurally is in a good place to not see wild swings in profitability that surprised us.

我們將看看我們是否可以在未來幾個季度保持這種狀態。其中一些將取決於整個市場的穩定性。但我們的業務在結構上處於有利地位，不會出現讓我們感到意外的盈利能力大幅波動。

And not to say that could never happen, but we believe our leaders are managing the business well and especially profitability-wise, paying very close attention to what we think is fair to make.

並不是說這永遠不會發生，但我們相信我們的領導者正在很好地管理業務，尤其是在盈利方面，非常密切地關注我們認為公平的事情。

Our next question comes from James Hardiman with Citi.

我們的下一個問題來自花旗銀行的 James Hardiman。

Maybe a similar vein of question to what Joe was asking there. But I wanted to talk a little bit about share of shipments -- We don't have the February data, but it does seem like you may have had a greater share of shipments in the second quarter. I guess why do you think that's the case? Is that a good thing or a bad -- first, is it right? Is that a good thing or a bad thing? And why do you think that happened in Q2?

也許與喬在那裡問的問題類似。但我想談談出貨量份額——我們沒有 2 月份的數據，但看起來你們在第二季度的出貨量份額可能更大。我想你為什麼會這樣？這是好事還是壞事——首先，這是對的嗎？這是好事還是壞事？為什麼你認為這發生在第二季度？

And then as I think about the broader full year, I guess, this calendar year guidance, which makes it a little bit trickier. But the difference between how you're seeing the industry as one of the smaller players relative to your big peer and the industry association. I don't think there's a ton of daylight like on the retail assumption. Should I read this as you think your shipments will decline maybe a little bit less than the rest of the industry. Help us parse out a little bit of that.

然後當我考慮更廣泛的全年時，我想，這個日曆年的指導，這讓它有點棘手。但是，相對於你的大同行和行業協會，你如何將這個行業視為較小的參與者之一之間的區別。我認為沒有像零售假設那樣的大量日光。我是否應該讀這篇文章，因為您認為您的出貨量下降幅度可能會比行業其他部分小一點。幫助我們解析其中的一點點。

Yes, James, it's a fair question. And we've stated in past Q&As that we do not obsess about shipment share. At the end of the day, we do believe, as I'm sure most businesses do that retail share is the ultimate judge and jury on the health of your business. We certainly pay attention to shipment share to the degree that it supports our retail ambitions. And our ship and share through the years has risen in a very close and coordinated fashion, obviously, with the retail share rise in our business the last 6 or 7 years.

是的，詹姆斯，這是一個公平的問題。我們在過去的問答中已經說過，我們不關心出貨份額。歸根結底，我們確實相信，正如我相信大多數企業所做的那樣，零售份額是您企業健康狀況的最終評判者和陪審團。我們當然會關注出貨量份額，以支持我們的零售雄心。多年來，我們的出貨量和份額以非常密切和協調的方式上升，顯然，過去 6 或 7 年我們業務中的零售份額有所上升。

I would say the shipment share can vary from quarter-to-quarter up or down anywhere from 50 to 150 basis points, one, in the RV business. And I'm not sure we historically have read much into that. We're a different OEM than our peers with different mix, different supply chain constraints. Some things that are headwinds affect us better or worse than our competitors and vice versa.

我想說的是，在 RV 業務中，出貨量份額可以在 50 到 150 個基點之間的任何地方上下浮動。而且我不確定我們在歷史上是否對此了解很多。我們是一家不同於我們同行的原始設備製造商，具有不同的組合、不同的供應鏈限制。有些逆風對我們的影響比我們的競爭對手更好或更糟，反之亦然。

So if, in fact, in our quarter 2 period, we took a little bit of ship and share I would tell you that was not an overarching objective. It just happened because we thought it was the right thing to do to ship what we shipped. And I don't anticipate in future quarters a dramatic increase or decline in our ship and share going forward. It's generally stayed in a pretty steady range.

因此，事實上，如果在我們的第二季度期間，我們採取了一些措施和分享，我會告訴你這不是一個總體目標。它只是發生了，因為我們認為運送我們運送的東西是正確的事情。而且我預計未來幾個季度我們的船舶和份額不會急劇增加或下降。它通常保持在一個相當穩定的範圍內。

And listen, as the supply chain in improves, that allows us to stay in that range, I think, relatively comfortably. So I would say in businesses like Barletta, on the Aluminum Pontoon side, where we have a young, fast-growing market share-taking brand that is expanding its product line has market expansion possibilities, that would be a specific business where we could rationalize that shipment share will timing-wise be ahead of retail share as we continue to grow that brand and that business.

聽著，隨著供應鏈的改善，我認為這使我們能夠相對舒適地保持在那個範圍內。所以我想說，在像 Barletta 這樣的企業中，在鋁製浮橋方面，我們有一個年輕的、快速增長的市場佔有率品牌，正在擴大其產品線，具有市場擴張的可能性，這將是我們可以合理化的特定業務隨著我們繼續發展該品牌和該業務，該出貨量份額將在時間上領先於零售份額。

But even there, as the pontoon market has cooled, we have to make sure that shipment share and retail share are not completely out of whack.

但即便如此，隨著浮橋市場降溫，我們也必須確保出貨份額和零售份額不會完全失調。

So I guess the net answer is we thought Q2 was responsible. And it really wasn't driven by any shipment share ambitions of significance.

所以我想最終的答案是我們認為 Q2 是負責任的。它真的不是由任何重要的出貨量份額驅動的。

One other thing I'll add to that, James, just briefly -- sorry, one other thing, this is Bryan, I'll add to that. to Mike's comments. We've talked historically about this, but just as a reminder, okay. What we saw through the peak of the pandemic is some of the Tier 2 and Tier 3 brands accelerate their shipments to make up for, call it, a lack of sufficient capacity by the Tier 1 brands to meet the full demand in the marketplace.

詹姆斯，還有一件事我要補充一點——抱歉，還有一件事，我是布萊恩，我要補充一點。邁克的評論。我們在歷史上討論過這個，但只是提醒一下，好吧。通過大流行的高峰期，我們看到一些二級和三級品牌加快了出貨量，以彌補一級品牌缺乏足夠的產能來滿足市場的全部需求。

And so we have been talking about how some of those Tier 2, Tier 3 brands will start to ease on dealer lots as the dealers self-select back to the top brands, including the ones in our portfolio, of course. And so perhaps what you're seeing a bit of in Q2, although it's just a quarter, perhaps what you're seeing is some of that return to the Tier 1 brands and the preference by dealers for those brands.

因此，我們一直在討論其中一些 2 級、3 級品牌將如何開始減輕經銷商的負擔，因為經銷商會自行選擇回到頂級品牌，當然包括我們產品組合中的品牌。所以也許你在第二季度看到了一些，雖然它只是四分之一，也許你看到的是一些回歸一級品牌以及經銷商對這些品牌的偏好。

And we've been talking about that for some time. So just a reminder on that impact as well.

我們已經討論了一段時間了。所以也只是提醒一下這種影響。

And so just to clarify on the full year guide, I mean, do you think -- I mean it's not a huge gap, maybe a 3% difference, right, 8,000 to 10,000 units. Do you think the difference between you and the RVIA is you're a little bit more bullish on retail or you're a little bit more, I guess, conservative in terms of what you think the inventory drawdown will be?

所以只是為了澄清全年指南，我的意思是，你認為 - 我的意思是這不是一個巨大的差距，可能有 3% 的差異，對，8,000 到 10,000 個單位。你認為你和 RVIA 之間的區別是你更看好零售業，還是你更保守一點，我想，你認為庫存減少會是什麼？

James, I would say it would be the latter. I'm probably a little bit more skeptical than some of our peers or other stakeholders that the inventory drawdown can be as dramatic as some has forecasted. If it happens, obviously, our business will deal with it. But I think we've tried to be a little bit more moderate.

詹姆斯，我會說是後者。我可能比我們的一些同行或其他利益相關者更懷疑庫存縮減可能像一些人預測的那樣劇烈。如果發生這種情況，顯然，我們的業務會處理它。但我認為我們已經嘗試變得更溫和一些。

Dealers are competitive. I mean there will be a point in time where 10,000 units are taken out of the market and 20,000 units are taken out of the market and then 30,000 units are taken out of the market, there will be dealers at some point that go, okay, I'm ready to sort of stabilize my turn level, my inventory level and compete while other dealers would continue to have an appetite to destock.

經銷商是有競爭力的。我的意思是會有一個時間點，10,000 個單位從市場上撤出，20,000 個單位從市場上撤出，然後 30,000 個單位從市場上撤出，在某個時候會有經銷商離開，好吧，我已經準備好穩定我的周轉水平、我的庫存水平和競爭，而其他經銷商將繼續有胃口去庫存。

And so because of how fragmented the dealer channel is that sort of coordination in inventory lowering, I'm skeptical that it can be as much as people are forecasting in a short period of time, i.e., here the next sort of 6 to 8 months.

因此，由於經銷商渠道在庫存降低方面的這種協調是多麼分散，我懷疑它能否像人們在短時間內預測的那樣多，即接下來的 6 到 8 個月.

For sure. Yes, I think we're all skeptical. One more from me. You talked a couple of times about dealer orders being canceled by elevated finished good open inventory. Presumably, I mean you're going to get lower margins on that kind of product.

一定。是的，我認為我們都持懷疑態度。我再來一張。您多次談到經銷商訂單因成品未清庫存升高而被取消。據推測，我的意思是你會在那種產品上獲得較低的利潤。

Is that -- how much of that is there heading into the back half of the year for you guys? Is the majority of that been sold through? Or is it sort of just a significant or more significant in Q3, Q4? How do we think about that?

對你們來說，今年下半年有多少？大部分都賣完了嗎？或者它在第三季度、第四季度只是一個重要的還是更重要的？我們如何看待這一點？

I think what we're pleased, James, with relative to our Q2 performance is that we were able to move through a meaningful amount of open inventory, especially in our Towables business and still produce the profitability or margins that you saw in the report this morning. And so while there will most likely still be some of that in our next 2 fiscal quarters, our responsibility is to make that as low as possible by adjusting our production schedules. And I think we've demonstrated that we will stay disciplined in negotiating with dealers as best we can to move those from our lots to their lots.

詹姆斯，我認為相對於我們第二季度的表現，我們感到高興的是，我們能夠處理大量的未清庫存，尤其是在我們的牽引車業務中，並且仍然產生您在本報告中看到的盈利能力或利潤率早晨。因此，儘管在接下來的兩個財政季度中很可能還會有一些這樣的情況，但我們的責任是通過調整我們的生產計劃來盡可能降低這種情況。而且我認為我們已經證明，我們將在與經銷商的談判中保持紀律，盡我們所能將這些從我們的地段轉移到他們的地段。

And so listen, this is a very noisy environment in terms of uncertainty around retail. It's a very noisy environment in terms of dealer ordering behavior. They're very, very prudent right now with what they're ordering.

所以聽著，就零售業的不確定性而言，這是一個非常嘈雜的環境。就經銷商訂購行為而言，這是一個非常嘈雜的環境。他們現在對他們訂購的東西非常非常謹慎。

And so the least amount of open inventory that any of our businesses can have is certainly best for all parties. But we managed through that pretty effectively in Q2. And so again, we don't enter Q3 with a giant discounting challenge on our hand with what's on our lots. Our teams work it every day.

因此，我們任何企業都可以擁有的最少數量的開放庫存肯定對所有各方都是最好的。但我們在第二季度非常有效地解決了這個問題。因此，我們不會在進入第三季度時手頭上有巨大的折扣挑戰。我們的團隊每天都在努力。

Our next question comes from Griffin Bryan with D.A. Davidson.

我們的下一個問題來自 Griffin Bryan 和 D.A.戴維森。

This is Griffin on for Brandon. I guess my first question is kind of what the results and commentary driven today. Do you think you've hit trough in terms of like margins and overall earnings as it relates to fiscal '23?

這是布蘭登的格里芬。我想我的第一個問題是今天的結果和評論推動了什麼。您是否認為您在與 23 財年相關的利潤率和整體收益方面已經觸底？

Thanks for the question. We really won't respond to that question because that would assume that we know exactly what will happen with the market in terms of retail stability, what will happen to the market in terms of supply chain stability or where the inflation curve is headed.

謝謝你的問題。我們真的不會回答這個問題，因為那會假設我們確切地知道市場在零售穩定性方面會發生什麼，在供應鏈穩定性方面市場會發生什麼，或者通貨膨脹曲線走向何方。

So I think you always hope that future quarters are better than the quarter you just finished, whether you're writing a high or whether you're traveling through a down cycle. But we do not offer forward-looking guidance.

所以我認為你總是希望未來的幾個季度比你剛剛結束的那個季度好，無論你寫的是高價還是正在經歷下行週期。但我們不提供前瞻性指導。

And consequently, I won't comment on the probability of the numbers that you saw being at a certain place in the cycle. We really are taking each -- we run the business with a long-term perspective, but we manage the business hopefully well in the short term.

因此，我不會評論您看到的數字出現在周期中某個位置的概率。我們真的在接受每一個——我們以長遠的眼光經營業務，但我們希望在短期內很好地管理業務。

And we'll just take each quarter as it comes and we have been very vocal though that we've been working for many years on improving and raising the financial floor of our business so that we can ride through cycles from a profitability yield standpoint and a balance sheet liquidity standpoint to be healthier than most people think we can be. And I think quarter 2 was a good step in demonstrating that that's happening.

我們會按每個季度的到來來對待，儘管我們多年來一直致力於改善和提高我們業務的財務基礎，但我們一直非常直言不諱，以便我們可以從盈利收益率的角度來度過週期，資產負債表流動性的觀點比大多數人認為的更健康。我認為第 2 季度是證明這種情況正在發生的重要一步。

Yes. Okay. That's fair. I guess, just a second quick one here. Kind of digging into the financial help you're giving dealers, how much front-end discounting are you offering for Grand Design dealers? And is there any concern on back-end discounting, given the slower dealer trends?

是的。好的。這還算公平。我想，這裡只是第二個快速的。有點深入了解您為經銷商提供的財務幫助，您為 Grand Design 經銷商提供了多少前端折扣？鑑於經銷商趨勢放緩，後端折扣是否值得關注？

Yes, again, we don't share for competitive reasons primarily and talking about our businesses individually, we do not share discounting levels by brand nor the different forms of discounting that happened in the value chain.

是的，再次強調，我們主要出於競爭原因不分享我們單獨談論我們的業務，我們不按品牌分享折扣水平，也不分享價值鏈中發生的不同形式的折扣。

So Grand Design continues to be a well-run business, a brand that's very popular with dealers and end consumers. And our team is working very hard to keep the product fresh and vibrant.

因此，Grand Design 仍然是一家經營良好的企業，一個深受經銷商和終端消費者歡迎的品牌。我們的團隊正在非常努力地保持產品的新鮮和活力。

And the pricing relationships between Grand Design product and its main competitive product in the right place so that dealers can be successful turning the Grand Design line at retail.

Grand Design 產品與其主要競爭產品之間的定價關係恰到好處，使經銷商能夠在零售中成功地轉向 Grand Design 系列。

So -- but again, I think you saw Towables margin stability in this quarter that should reflect well on the Grand Design team and our Winnebago Towables team in terms of how they're managing the business.

所以——但我認為你在本季度看到了 Towables 利潤率的穩定性，這應該很好地反映出 Grand Design 團隊和我們的 Winnebago Towables 團隊在管理業務方面的表現。

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

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. That is the end of our second quarter earnings call. Thank you to everyone for joining. Enjoy the rest of your day.

謝謝。這是我們第二季度財報電話會議的結束。感謝大家的加入。享受你剩下的一天。

Thank you. This concludes today's conference call. Thank you for participating. You may now disconnect.

謝謝。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。