Winnebago Industries Inc (WGO) 2023 Q4 法說會逐字稿

Good day, and welcome to the Q4 fiscal 2023 Winnebago Industries' Financial Results Conference Call. (Operator Instructions) As a reminder, this call 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，歡迎參加溫尼貝戈工業 2023 財年第四季財務業績電話會議。 （操作員說明）謹此提醒，此通話正在錄音。我現在想將電話轉給投資者關係和市場情報副總裁雷·波薩達斯 (Ray Posadas)。你可以開始了。

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

大家早安，感謝您今天加入我們討論我們 2023 財年第四季的獲利結果。總裁兼執行長 Michael Happe 也參加了今天的電話會議；以及資深副總裁兼財務長 Bryan Hughes。本次電話會議正在我們的網站 Investor.wgo.net 上進行現場直播，並且今天晚些時候將在我們的網站上提供此次電話會議的重播。我們第四季業績的新聞稿已於今天早上早些時候發布並發佈到我們的網站上。

Before we start, I'd like to remind you that certain statements made during today's conference call regarding Winnebago Industries and its operations may be considered forward-looking statements under 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，今天的電話會議中做出的有關溫尼貝戈工業及其運營的某些聲明可能被視為證券法規定的前瞻性聲明。本公司提醒您，前瞻性陳述涉及多種風險，本質上具有不確定性，許多因素（其中許​​多因素超出了本公司的控制範圍）可能導致實際結果與這些陳述有重大差異。這些因素已在我們向 SEC 提交的文件中列出，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?

現在，我想將電話轉給我們的總裁兼執行長 Michael Happe。麥克風？

Thanks, Ray. Good morning. And as always, thanks for your interest in Winnebago Industries and for taking the time to discuss our fiscal 2023 full year and fourth quarter results. I will provide an overview of performance during the quarter and the full year, then pass the call to Bryan Hughes to cover our financial results in more detail. Following Bryan's comments, I will return and offer some closing thoughts before the Q&A portion of the call.

謝謝，雷。早安.一如既往，感謝您對 Winnebago Industries 的關注，並感謝您花時間討論我們 2023 財年全年和第四季度的業績。我將概述本季和全年的業績，然後致電 Bryan Hughes，更詳細地介紹我們的財務表現。在布萊恩發表評論之後，我將在電話問答部分之前返回並提供一些結束語。

The tumultuous consumer outdoor market, which characterized fiscal year 2023 for our company continued as expected into the fourth quarter as lower dealer deliveries and modest retail demand persisted across the RV and marine industries. Our dealer networks continue to demonstrate discipline as it relates to inventory levels given the current demand environment, and an industry-wide focus on selling down prior year model product.

我們公司 2023 財年的特點是動蕩的消費者戶外市場，該市場正如預期的那樣持續到第四季度，因為房車和船舶行業的經銷商交付量持續下降，零售需求持續溫和。我們的經銷商網路繼續表現出紀律性，因為它與當前需求環境下的庫存水平有關，並且全行業都專注於銷售上一年的型號產品。

Despite these challenges, our teams have remained intently focused on rationalizing our own and channel inventory levels, optimizing our supply chain network and appropriately managing capacity, output and cost in a strategic manner, sometimes at the expense of short-term market share. Those efforts, combined with a disciplined approach to capital allocation have enabled us to drive meaningful profitability in our consolidated results, particularly in our towable and marine segments supported by our diverse portfolio of premium brands and have allowed us to continue investing in our growth initiatives while creating meaningful value for our shareholders.

儘管面臨這些挑戰，我們的團隊仍然專注於合理化我們自己和渠道的庫存水平，優化我們的供應鏈網絡，並以戰略方式適當管理產能、產量和成本，有時會犧牲短期市場份額。這些努力，加上嚴格的資本配置方法，使我們能夠在綜合業績中實現有意義的盈利，特別是在我們多元化的優質品牌組合支持的拖車和船舶領域，並使我們能夠繼續投資於我們的成長計劃，同時為我們的股東創造有意義的價值。

Overall, for our fiscal fourth quarter, we achieved $771 million in net revenues, consolidated gross margin of 16.5% and adjusted earnings per diluted share of $1.59. Our results reflect a resilient profitability of our diversified business model in a challenging demand environment. Despite a softening in unit sales, the Towable RV and Marine segments, in particular, continued their track record of profitability and margin performance.

整體而言，第四財季我們實現了 7.71 億美元的淨收入，綜合毛利率為 16.5%，調整後每股攤薄收益為 1.59 美元。我們的業績反映了我們多元化業務模式在充滿挑戰的需求環境中的彈性獲利能力。儘管單位銷量疲軟，但可拖式房車和船舶領域尤其繼續保持盈利和利潤表現的記錄。

Furthermore, as inventories across most categories within the RV segments continue to normalize, and Marine inventories find their own equilibrium. We will remain focused in future quarters on managing our production output accordingly, while maintaining our preparedness and ability to respond quickly and appropriately to evolving market demand conditions for better or worse.

此外，隨著房車細分市場中大多數類別的庫存繼續正常化，船用庫存也找到了自己的平衡。在未來幾個季度，我們將繼續專注於相應地管理我們的產量，同時保持我們的準備和能力，以快速、適當地應對不斷變化的市場需求狀況，無論好壞。

RV retail market share performance declined slightly in our fourth quarter, given OEM and dealer focus on reducing prior year model product, where Winnebago Industries brands have been consistently more favorably positioned relative to the industry. This trend has been anticipated. And we were recently pleased to see August RV market share results from SSI being much steadier than in past months, a good sign of things to come.

鑑於原始設備製造商和經銷商專注於減少去年的車型產品，而溫尼貝戈工業品牌相對於行業一直處於更有利的地位，第四季度房車零售市場份額表現略有下降。這種趨勢已經被預料到了。最近，我們很高興看到 SSI 8 月的房車市佔率結果比過去幾個月穩定得多，這是未來發展的好兆頭。

Grand Design, Winnebago Towables and Newmar, all gained share in the stand-alone August month. We are being increasingly mindful of providing improved value and affordability within our RV brands with the intent to appeal to consumers who are seeking premium value without sacrificing quality and access to service when needed.

Grand Design、Winnebago Towables 和 Newmar 在 8 月的獨立月份中均獲得了市場份額。我們越來越注重在我們的房車品牌中提供更高的價值和可負擔性，旨在吸引那些尋求高價值而又不犧牲品質和在需要時獲得服務的消費者。

Dealers continue to be very disciplined with the wholesale product they are bringing on to their lots and are intentional with their order positions as reflected in our fiscal year-end 2023 backlogs. As we enter and proceed through fiscal 2024, we anticipate gradual easing of pressure on these fronts and expect dealer orders to improve as they prepare for the spring 2024 retail season. We are already seeing a monthly sequential increase in order backlog by our dealers in the Towables RV segment from June through September.

經銷商繼續嚴格遵守他們帶入批次的批發產品，並有意安排他們的訂單頭寸，正如我們 2023 財年末的積壓訂單所反映的那樣。隨著 2024 財年的到來，我們預計這些方面的壓力將逐漸緩解，並預計經銷商訂單將在為 2024 年春季零售季做準備時有所改善。我們已經看到，從 6 月到 9 月，可拖曳式房車領域經銷商的積壓訂單逐月環比增加。

For the marine market, dealers similarly started to pull back on orders to OEMs as they began to work more earnestly on rightsizing the age and mix of their current inventory with retail support. At the same time, the strength of our Barletta brand continues to show through as it continues to garner excitement amongst dealers and demonstrate market share stability and even further growth in some months.

對於船舶市場，經銷商也開始減少對原始設備製造商的訂單，因為他們開始更認真地調整現有庫存的壽命和組合，並提供零售支援。同時，我們的巴列塔品牌的實力繼續顯現，它繼續贏得經銷商的青睞，並表現出市場份額的穩定性，甚至在幾個月內進一步增長。

Among Barletta's latest releases for model year 2024 is the industry's first pontoon boat with twin engines mounted in the center of the boats transom, available on the L25 ultra lounge and meridian floor plans. And the new reserved Luxera, a simplified decontented offering of the ultrahigh-end reserve. Both offerings will begin shipments in December of this calendar 2023 year.

Barletta 最新發布的 2024 年型號是業界第一艘雙引擎安裝在船橫梁中央的浮橋船，可在 L25 ultra 休息室和 Meridian 平面圖上使用。還有新的保留Luxera，一個簡化的超高階保留產品。這兩款產品將於 2023 年 12 月開始出貨。

We are incredibly proud of the portfolio of premium businesses and the family of products we have in the market today and innovation remains a core pillar of our strategy as we continue to invest in new products, including Grand Design's new Serenova, an upscale, modern single-axle travel trailer designed for towing by SUVs and available in 3 differentiated floor plans with distinct and unique attributes. Along with the new Reflection 100 affordably priced below our current Reflection fifth wheel model line while maintaining the key attributes, quality and eye appeal of the existing lineup.

我們對當今市場上的優質業務組合和產品系列感到無比自豪，隨著我們繼續投資新產品，創新仍然是我們策略的核心支柱，其中包括Grand Design 的全新Serenova，這是一款高檔、現代的單一產品-車軸旅行拖車專為 SUV 牽引而設計，提供 3 種不同的平面圖，具有獨特的屬性。新款 Reflection 100 的價格低於我們目前的 Reflection 第五輪車型系列，同時保持了現有系列的關鍵屬性、品質和視覺吸引力。

The new Winnebago Access stick and tin product marks Winnebago Towables entrance into the conventional travel trailer market with an MSRP starting below $30,000. The Access emphasizes premium features such as an enclosed and heated underbelly with a 12-volt tank pad heater, power stabilization jacks and factory supplied solar, and prep for Wi-Fi. As we have shared in the past, a core tenet to our business is expanding our capabilities and innovation drivers. In Q3 of this year, we announced the acquisition of Lithionics Battery, a leading provider of lithium-ion battery solutions with best-in-class performance, quality and safety. The acquisition of Lithionics Battery has bolstered our house battery solutions differentiation, energized our electrical supply ecosystem and positioned Winnebago Industries as a future leader in electrification.

新型 Winnebago Access 桿和錫產品標誌著 Winnebago Towables 進入傳統旅行拖車市場，建議零售價低於 30,000 美元。 Access 強調高級功能，例如帶有 12 伏特油箱墊加熱器的封閉式加熱底部、電源穩定插孔和工廠提供的太陽能，以及 Wi-Fi 準備。正如我們過去所分享的，我們業務的核心宗旨是擴大我們的能力和創新驅動力。今年第三季度，我們宣布收購 Lithionics Battery，這是一家領先的鋰離子電池解決方案提供商，具有一流的性能、品質和安全性。收購 Lithionics Battery 增強了我們的家用電池解決方案的差異化，為我們的電力供應生態系統注入了活力，並將 Winnebago Industries 定位為電氣化領域的未來領導者。

The integration of Lithionics into the Winnebago Industries family is proceeding as planned. And we are continuing to develop exciting new power generation solutions and winning business with organic and new customers within the outdoor mobility space. Our Lithionics team recently showcased several of its capabilities and new products at the IBEX marine show earlier this month in Tampa, signaling a strong intent to offer its innovation to the rest of the marine industry.

Lithionics 與 Winnebago Industries 系列的整合正在按計劃進行。我們正在繼續開發令人興奮的新型發電解決方案，並在戶外移動領域贏得有機客戶和新客戶的業務。我們的鋰電子團隊最近在本月稍早於坦帕舉行的 IBEX 海事展上展示了其多項功能和新產品，這表明我們有向海事行業其他領域提供創新的強烈意願。

Complementing this acquisition, the Winnebago brand recently announced the release of the Winnebago Solis Pocket 36B van, which features our exclusive Winnebago plus EcoFlow Power Kit Pro. This power management controller optimizes energy efficiency, reduces weight and simplifies vehicle operations by replacing 5 essential power components, the inverter, shore power converter, battery energy converter, solar energy converter, and alternator energy optimizer, all into a single lightweight system.

作為此次收購的補充，Winnebago 品牌最近宣布推出 Winnebago Solis Pocket 36B 貨車，該貨車配備了我們獨有的 Winnebago plus EcoFlow Power Kit Pro。此電源管理控制器透過將逆變器、岸電轉換器、電池能量轉換器、太陽能轉換器和交流發電機能量優化器等5 個基本電源組件替換為輕量級系統，優化了能源效率、減輕了重量並簡化了車輛操作。

Even further, this groundbreaking integrated 48-volt solution reduces charging time, improves battery recovery and introduces a simplified and more intuitive user interface. The new sustainability-focused Solis Pocket 36B packs more into a compact size product than any other RV, providing customers with many of the features and conveniences of a full-size RV.

此外，這種突破性的整合 48 伏特解決方案縮短了充電時間，提高了電池恢復能力，並引入了簡化且更直觀的用戶介面。注重永續發展的新型 Solis Pocket 36B 比任何其他房車都更緊湊，為客戶提供了全尺寸房車的許多功能和便利。

Now turning to the full year. Overall, for our fiscal 2023 full year, we achieved $3.5 billion in net revenues, consolidated gross margin of 16.8% and adjusted earnings per diluted share of $7.67. While our results are down from the historic year ago period, we maintained strong profitability due to the strength of our evolving and diversified portfolio of premium outdoor recreation brands.

現在轉向全年。總體而言，2023 財年全年，我們實現了 35 億美元的淨收入、16.8% 的綜合毛利率和 7.67 美元的調整後每股攤薄收益。儘管我們的業績較去年同期有所下降，但由於我們不斷發展和多元化的優質戶外休閒品牌組合的實力，我們保持了強勁的盈利能力。

I am incredibly pleased that the foundation of the transformed company we have built over the last 7 years can produce the results we just completed in a difficult market environment. We remain committed to the continuous improvement of our bottom line with a focus on operational excellence, further work on productivity, cost containment and fixed overhead rationalization along with collaboration with our dealer partners to maintain an appropriate and balanced product mix in the field.

我非常高興的是，我們在過去 7 年建立的轉型公司的基礎能夠在困難的市場環境中產生我們剛剛完成的成果。我們仍然致力於不斷提高我們的利潤，重點關注卓越運營，進一步致力於生產力、成本控制和固定管理費用合理化，並與我們的經銷商合作夥伴合作，以維持該領域適當和平衡的產品組合。

We are also continuing to look ahead to further developments and investments in innovation to ensure our diverse portfolio of premium brands continues to resonate with consumers and grow our market share. Our new advanced technology center opens this fall. All of these efforts and investments will be greatly beneficial to scaling the business successfully when headwinds turn back around to tailwinds in the future.

我們也將繼續展望創新的進一步發展和投資，以確保我們多元化的優質品牌組合繼續與消費者產生共鳴並擴大我們的市場份額。我們新的先進技術中心將於今年秋天開幕。當未來逆風轉為順風時，所有這些努力和投資都將非常有利於業務的成功擴展。

I will now turn the call over to our Chief Financial Officer, Bryan Hughes, to review our fiscal 2023 full year and fourth quarter financial results in more detail. Bryan?

我現在將把電話轉給我們的財務長 Bryan Hughes，以更詳細地審查我們 2023 財年全年和第四季度的財務表現。布萊恩？

Thanks, Mike, and good morning, everyone. Fourth quarter consolidated revenues were $771 million, 34.6% lower than the $1.2 billion recorded during the fourth quarter of fiscal 2022, driven by lower unit sales related to current market conditions, dealer efforts to reduce inventories with a focus on prior year model product and higher discounts and allowances compared to prior year, partially offset by carryover price increases. As we navigate a challenging environment, we continue to demonstrate resilient profitability and strong margins in the Towable RV and Marine segments.

謝謝麥克，大家早安。第四季合併收入為7.71 億美元，比2022 財年第四季的12 億美元下降34.6%，原因是與當前市場狀況相關的單位銷售下降、經銷商努力減少庫存，重點關注上一年型號產品等等。與上年相比的折扣和補貼，部分被結轉價格上漲所抵消。在我們應對充滿挑戰的環境時，我們繼續在可牽引房車和船舶領域展現出彈性的獲利能力和強勁的利潤率。

Gross profit was $127.5 million, a decrease of 39.4% compared to $210.4 million for the fiscal 2022 period. Gross profit margin decreased 130 basis points in the quarter to 16.5%. These declines were driven by volume deleverage and higher discounts and allowances compared to prior year. Fourth quarter operating income was $57.5 million, a decrease of 53.4% compared to $123.6 million for the fourth quarter of last year.

毛利為 1.275 億美元，較 2022 財年的 2.104 億美元下降 39.4%。本季毛利率下降 130 個基點至 16.5%。這些下降是由於數量去槓桿化以及與去年相比更高的折扣和補貼造成的。第四季營業收入為 5,750 萬美元，比去年第四季的 1.236 億美元下降 53.4%。

Fourth quarter net income was $43.8 million compared to $82.6 million in the prior year quarter. Reported earnings per diluted share was $1.28 compared to reported earnings per diluted share of $2.61 in the same period last year. Adjusted earnings per diluted share was $1.59 compared to adjusted earnings per diluted share of $3.02 in the same period last year. Consolidated adjusted EBITDA was $72.9 million for the quarter compared to $139.2 million last year.

第四季淨利為 4,380 萬美元，去年同期為 8,260 萬美元。報告的每股攤薄收益為 1.28 美元，而去年同期報告的每股攤薄收益為 2.61 美元。調整後每股攤薄收益為 1.59 美元，去年同期調整後每股攤薄收益為 3.02 美元。本季合併調整後 EBITDA 為 7,290 萬美元，去年同期為 1.392 億美元。

Turning now to the fiscal 2023 annual results. Fiscal 2023 revenues were $3.5 billion, gross profit margin was 16.8%, and adjusted earnings per diluted share was $7.67. Adjusted EBITDA was $355 million, or 10.2% of sales, free cash flow was $211 million.

現在轉向 2023 財年年度業績。 2023 財年營收為 35 億美元，毛利率為 16.8%，調整後每股稀釋收益為 7.67 美元。調整後 EBITDA 為 3.55 億美元，佔銷售額的 10.2%，自由現金流為 2.11 億美元。

I will now cover our performance by segment. Revenues for the Towable RV segment were $341.4 million for the quarter, down 30.9% compared to the fourth quarter of 2022. This was primarily driven by a decline in unit volume associated with retail market conditions and a cautious dealer network that remains reluctant to add inventory and has prioritized the selling down of prior year model product. as well as higher levels of discounts and allowances compared to prior year. Looking ahead, we will continue to be responsive to evolving market conditions, manage discounts and pricing accordingly, and introduce new models to confront competition and meet the shifting needs of our customers.

我現在將按部門介紹我們的業績。本季可牽引房車細分市場的收入為3.414 億美元，比2022 年第四季下降30.9%。這主要是由於與零售市場狀況相關的單位銷量下降以及謹慎的經銷商網路仍然不願增加庫存所致並優先出售去年型號的產品。以及與上一年相比更高水準的折扣和津貼。展望未來，我們將繼續響應不斷變化的市場狀況，相應地管理折扣和定價，並推出新模式來應對競爭並滿足客戶不斷變化的需求。

Towable RV segment adjusted EBITDA margin was 12.5%, and up 170 basis points year-over-year, reflecting cost reduction efforts and favorable warranty experience, which overcame volume deleverage and higher levels of discounting and allowances. Towable RV segment profitability continues to demonstrate resiliency despite current retail dynamics. Backlog decreased to $208.1 million, down 63.9% from the prior year due to continued softness in retail conditions and a cautious dealer network.

牽引式房車細分市場調整後的 EBITDA 利潤率為 12.5%，年增 170 個基點，反映出成本削減努力和良好的保固體驗，克服了銷售去槓桿化以及更高水準的折扣和補貼。儘管當前零售情況嚴峻，但牽引式房車細分市場的獲利能力仍持續表現出彈性。由於零售狀況持續疲軟以及經銷商網路謹慎，積壓訂單減少至 2.081 億美元，較上年下降 63.9%。

On an annual basis, revenues for the Towable RV segment were $1.4 billion, down 45.5% versus fiscal 2022, driven by a decline in unit volume associated with retail market conditions, a reduction in dealer inventories and higher levels of discounts and allowances compared to prior year, partially offset by carryover price increases. Segment adjusted EBITDA margin of 12.2% and decreased 260 basis points for the full year versus fiscal 2022, primarily due to volume deleverage and higher discounts and allowances, partially offset by successful cost reduction initiatives and favorable warranty experience.

以年度計算，可牽引房車細分市場的收入為14 億美元，比2022 財年下降45.5%，原因是與零售市場狀況相關的單位銷量下降、經銷商庫存減少以及與之前相比更高水平的折扣和補貼年，部分被結轉價格上漲所抵銷。部門調整後的EBITDA 利潤率為12.2%，與2022 財年相比，全年下降了260 個基點，這主要是由於銷售去槓桿化以及更高的折扣和津貼，但部分被成功的成本削減舉措和良好的保固體驗所抵消。

Turning to our Motorhome RV segment. Revenues were $317.7 million for the fourth quarter, down 42.8% from the prior year, driven by lower unit sales associated with retail market conditions and higher discounts and allowances compared to prior year, partially offset by price increases related to higher chassis costs. As a reminder, our motorhome dealer inventory was notably below desired levels throughout the selling season in the spring and summer of 2022. And as a result, there was an intentional build of dealer inventory in the prior year's Q4 and therefore, a tough comp this year.

轉向我們的房車房車細分市場。第四季營收為3.177 億美元，比上年下降42.8%，這是由於零售市場狀況導致的單位銷售下降以及與上年相比更高的折扣和補貼，部分被底盤成本上漲導致的價格上漲所抵消。提醒一下，我們的房車經銷商庫存明顯低於 2022 年春夏整個銷售季的預期水平。因此，去年第四季度故意增加了經銷商庫存，因此，今年的競爭非常激烈。年。

Also in the current year Q4, we experienced a cautious dealer network that was hesitant to place orders given soft and unpredictable retail demand. And we responded by allowing dealer inventory to ease during the quarter as retail for our product outpaced wholesale shipments. Of note and as mentioned during our Q3 earnings call, we experienced some challenges in the implementation of the latest phase of our ERP platform in the Winnebago-branded Motorhome business. While the system is functioning as designed, we continue to experience business process adoption and change management challenges during the fourth quarter and used the softer dealer demand environment to continue to constrain production throughput and make the necessary business process improvements to stabilize the environment.

同樣在今年第四季度，我們經歷了謹慎的經銷商網絡，鑑於零售需求疲軟且不可預測，他們在下訂單時猶豫不決。我們的回應是允許經銷商庫存在本季減少，因為我們產品的零售量超過了批發量。值得注意的是，正如我們在第三季財報電話會議中所提到的，我們在溫尼貝戈品牌房車業務中實施最新階段的 ERP 平台時遇到了一些挑戰。雖然系統按設計運行，但我們在第四季度繼續遇到業務流程採用和變更管理挑戰，並利用經銷商需求疲軟的環境繼續限制生產吞吐量，並進行必要的業務流程改進以穩定環境。

This also reduced shipments into the dealer network compared to what we otherwise could have executed. Our continuous improvement initiatives related to the system implementation continue to this day, and our management of capacity and shipments are being thoughtfully metered in the context of a soft retail environment and a hesitant dealer network as we head into calendar Q4, the slow season of RV retail demand.

與我們本來可以執行的相比，這也減少了經銷商網路的出貨量。我們與系統實施相關的持續改進措施一直持續到今天，在零售環境疲軟和經銷商網路猶豫不決的背景下，隨著我們進入房車淡季，我們對容量和發貨的管理正在經過深思熟慮零售需求。

As a result of these actions, our dealer inventory in the Motorhome segment as of the end of our fiscal year reflected in retail turns are largely in line with what we are targeting. We anticipate a cautious dealer network prevailing until retail stability materializes and the 2024 selling season demonstrates a more concrete inventory requirements.

由於這些行動的結果，截至本財年末，我們在房車領域的經銷商庫存反映在零售週轉率上，與我們的目標基本一致。我們預計，在零售穩定實現且 2024 年銷售季表現出更具體的庫存要求之前，經銷商網路將普遍持謹慎態度。

Motorhome RV segment adjusted EBITDA margin was 7%, down 690 basis points versus the prior year and 20 basis points sequentially due to volume deleverage, higher discounts and allowance and operational efficiency challenges. Backlog decreased to $688.6 million, down 59.2% from the prior year, driven by continued softness in retail conditions in a cautious dealer network.

房車房車部門調整後的 EBITDA 利潤率為 7%，比前一年下降 690 個基點，比上一季下降 20 個基點，原因是銷售去槓桿化、折扣和補貼增加以及營運效率挑戰。由於謹慎的經銷商網路零售狀況持續疲軟，積壓訂單減少至 6.886 億美元，比上年下降 59.2%。

For the full year, revenues for the Motorhome RV segment were $1.6 billion, down 18.4% from fiscal 2022, driven by unit volume declines related to retail market conditions and higher levels of discounts and allowances compared to prior year, partially offset by price increases related to higher chassis costs. Segment adjusted EBITDA margins were 9.1% for fiscal 2023. Given the current retail landscape, we are targeting a high single-digit adjusted EBITDA margin for the Motorhome RV segment in the near term, returning to our ongoing double-digit EBITDA margin in the longer term.

全年房車房車業務收入為16 億美元，較2022 財年下降18.4%，原因是零售市場狀況導致單位銷量下降，以及與上年相比折扣和補貼水平較高，但部分被相關價格上漲所抵消.更高的底盤成本。 2023 財年，部門調整後EBITDA 利潤率為9.1%。考慮到目前的零售情勢，我們的目標是在短期內將房車房車部門的調整後EBITDA 利潤率提高到個位數，並在較長時間內恢復到目前的兩位數EBITDA 利潤率學期。

Let's turn to our Marine segment. Revenues were $96.4 million for the fourth quarter, down 21% from the prior year, driven by lower unit sales related to current market conditions and higher discounts and allowances, partially offset by price increases. Marine segment adjusted EBITDA margin of 10.6% decreased 370 basis points versus the prior year due to volume deleverage and higher discounts and allowances. Backlog for the Marine segment was $194.7 million, down 38.1% from the prior year, primarily driven by cautious dealer sentiment related to rising inventories.

讓我們轉向我們的海洋部分。第四季營收為 9,640 萬美元，比上年同期下降 21%，原因是當前市場狀況導致銷量下降以及折扣和補貼增加，但部分被價格上漲所抵消。由於數量去槓桿化以及更高的折扣和補貼，船舶部門調整後的 EBITDA 利潤率為 10.6%，較前一年下降 370 個基點。船舶部門的積壓訂單為 1.947 億美元，比上年下降 38.1%，主要是由於經銷商對庫存增加的謹慎態度。

Consolidated Marine results for the full year fiscal 2023 include revenues of $469.7 million up 10.5% from fiscal 2022, driven by price increases, partially offset by higher discounts and allowances. For the full fiscal year, Marine comprised 13% of our overall sales mix, reflecting our more balanced portfolio as compared to our historical mix. Segment adjusted EBITDA margins for the full fiscal year were 12.9%, down 140 basis points for the full year versus fiscal 2022 due to higher discounts and allowances compared to prior year.

2023 財年全年的綜合海事業績包括收入 4.697 億美元，較 2022 財年增長 10.5%，這是由價格上漲推動的，但部分被較高的折扣和津貼所抵消。在整個財年，船舶業務占我們整體銷售組合的 13%，反映出我們的產品組合與歷史組合相比更加平衡。由於折扣和補貼高於上年，整個財政年度的部門調整後 EBITDA 利潤率為 12.9%，較 2022 財年下降 140 個基點。

Moving now to the balance sheet. As of the end of the quarter, Winnebago Industries had approximately $592.4 million in outstanding debt, representing a net debt-to-EBITDA ratio of approximately 0.8x, which is just under the low end of our targeted range of 0.9 to 1.5x. Cash flow from operations was a very healthy $294.5 million in fiscal 2023 and although a decrease of $106.1 million compared to the record $400.6 million delivered last year, driven by lower profitability adjusted for noncash items, partially offset by net favorable changes in our working capital. As I mentioned earlier, the company generated strong free cash flow of $211.3 million in fiscal 2023 and including $122.9 million in the fourth quarter, albeit down 32.4% from $312.6 million in full year fiscal 2022.

現在轉向資產負債表。截至本季末，溫尼貝戈工業公司的未償債務約為 5.924 億美元，淨負債與 EBITDA 比率約為 0.8 倍，略低於我們 0.9 至 1.5 倍目標範圍的下限。 2023 財年，營運現金流為非常健康的2.945 億美元，儘管與去年創紀錄的4.006 億美元相比減少了1.061 億美元，這是由於非現金項目調整後的盈利能力較低，但部分被我們營運資本的淨有利變動所抵銷。正如我之前提到的，該公司在 2023 財年產生了 2.113 億美元的強勁自由現金流，其中第四季為 1.229 億美元，儘管比 2022 財年全年的 3.126 億美元下降了 32.4%。

Our balance sheet remains a source of financial strength for us and supports our capital allocation strategy, focused on delivering value through strategic investments in our business to drive growth as evidenced by fiscal 2023's acquisition of Lithionics Battery. Our strong balance sheet further supports organic growth initiatives, our continuous efforts to improve our operations, increase our capacity where appropriate and return capital to shareholders.

我們的資產負債表仍然是我們財務實力的來源，並支持我們的資本配置策略，專注於透過業務策略投資提供價值，以推動成長，2023 財年收購鋰離子電池就是證明。我們強大的資產負債表進一步支持有機成長計劃，我們不斷努力改善我們的運營，在適當的情況下提高我們的能力並向股東返還資本。

During the fourth quarter, we executed share repurchases of $30 million and increased our quarterly cash dividend by 15% to $0.31 per share, reflecting the confidence we have in our ability to profitably grow revenues, capitalize on new opportunities and gain market share in the coming years. These actions further underscore our commitment to the long-term strength and trajectory of our business.

第四季度，我們執行了3,000 萬美元的股票回購，並將季度現金股利增加了15%，達到每股0.31 美元，這反映出我們對未來獲利成長收入、利用新機會和獲得市場份額的能力充滿信心。年。這些行動進一步強調了我們對業務長期實力和發展軌蹟的承諾。

Before I turn things back to Mike, I want to reiterate the strength of our performance despite the challenging market conditions. To illustrate this, bear with me as I once again share our performance for fiscal 2023 relative to the pre-pandemic fiscal year 2019. Wholesale RV industry shipments in our fiscal year just concluded were 317,000. That's down 23% from the 414,000 industry shipments during our fiscal 2019. Despite that decline in the RV industry, our sales were up 76% in 2023 versus our fiscal year 2019. Our adjusted EBITDA margins are up 120 basis points versus 2019. Our adjusted EBITDA dollars are up 97% versus 2019. Our free cash flow is up 127% versus 2019, and our reported GAAP EPS is up 77% versus 2019, while our adjusted EPS has more than doubled. These increases are driven by strong organic growth but are also the result of strategic acquisitions we have executed.

在我把事情轉回麥克之前，我想重申儘管市場條件充滿挑戰，但我們的業績依然強勁。為了說明這一點，請耐心聽我再次分享我們 2023 財年相對於大流行前的 2019 財年的業績。剛結束的財年，批發房車行業的出貨量為 317,000 輛。這比2019 財年的414,000 輛行業出貨量下降了23%。儘管房車行業出現下滑，但我們2023 年的銷量比2019 財年增長了76%。我們調整後的EBITDA 利潤率比2019 年增長了120 個基點。EBITDA 美元比 2019 年增長了97%。我們的自由現金流比 2019 年增長了 127%，我們報告的GAAP 每股收益比 2019 年增長了77%，而我們調整後的每股收益增加了一倍多。這些成長是由強勁的有機成長所推動的，也是我們執行的策略性收購的結果。

In summary, we are a much stronger and more diverse company today than we were in 2019 and as a result of our entrance into the pontoon market with the acquisition of Barletta and the electrification opportunity with the acquisition of Lithionics, we have an even larger market opportunity to capitalize on in the years ahead. With that, I will now turn the call back to Mike to provide some closing comments. Mike, back to you.

總而言之，我們今天是一家比 2019 年更強大、更多元化的公司，由於我們透過收購 Barletta 進入浮橋市場以及透過收購 Lithionics 獲得電氣化機會，我們擁有更大的市場未來幾年可以利用的機會。現在，我將把電話轉回給麥克，以提供一些結束語。麥克，回到你身邊。

Thanks, Bryan. And now a few final comments before we get to the Q&A session. I am proud of and grateful for the Winnebago Industries' team as we continue to navigate dynamic market conditions, while maintaining our focus on quality, innovation and service. In addition to doing well, we continue to invest in our high-performing culture and focus on doing good in the communities where our customers and teammates live, work and play.

謝謝，布萊恩。在我們進入問答環節之前，現在有一些最後的評論。我為溫尼貝戈工業公司的團隊感到自豪和感激，因為我們繼續駕馭動態的市場條件，同時保持對品質、創新和服務的關注。除了做得好之外，我們還繼續投資於我們的高績效文化，並專注於為我們的客戶和團隊成員生活、工作和娛樂的社區做好事。

During our fiscal year 2023, we gave away a record-breaking $2 million plus financially from the Winnebago Industries Foundation focusing on community, outdoors and access. This is on top of countless hours of physical volunteerism from our team members. Our organization continues to make meaningful progress on all areas of corporate responsibility, and we look forward to releasing later this calendar year. our next-generation corporate responsibility report, outlining our specific progress in inclusion, sustainability, giving employee safety and other dimensions.

在 2023 財年，我們從溫尼貝戈工業基金會捐贈了破紀錄的 200 萬美元以上資金，專注於社區、戶外活動和交通。這是我們團隊成員無數小時的體力志工服務的基礎上的。我們的組織繼續在企業責任的所有領域取得有意義的進展，我們期待在今年稍後發布。我們的下一代企業責任報告，概述了我們在包容性、永續發展、給予員工安全和其他方面的具體進展。

Today also marks another milestone in our company's history as we are excited to announce the forthcoming launch of a Grand Design branded motorhome lineup, scheduled for release late in our fiscal year 2024. These new models will represent the inaugural foray into the motorhome market under one of the most successful RV brands created and will be a differentiated and complementary offering to our current Winnebago and Newmar brand motorized businesses.

今天也標誌著我們公司歷史上的另一個里程碑，我們很高興地宣布即將推出 Grand Design 品牌房車系列，計劃於 2024 財年末發布。這些新車型將代表我們首次進軍房車市場。創建的最成功的房車品牌中的一個，將成為我們目前的溫尼貝戈和紐瑪品牌機動業務的差異化和補充產品。

Leveraging Grand Design's inherent strength and unwavering appeal, along with its dedicated and loyal consumer base, we are poised to make a bold entry into this segment. The Grand Design team is working diligently to bring this exciting launch to life, and we anticipate showcasing prototype models to select dealers in early calendar 2024 with shipments beginning late in our fiscal 2024 year.

憑藉 Grand Design 的內在實力和堅定不移的吸引力，以及其專注和忠誠的消費者基礎，我們準備好大膽進入這一領域。 Grand Design 團隊正在努力工作，以實現這一令人興奮的發布，我們預計在 2024 年初向選定的經銷商展示原型模型，並在 2024 財年晚些時候開始發貨。

As we are currently active in product development, standing up the manufacturing infrastructure and our supply chain network and beginning to engage potential dealers for distribution of this new strategy, we wanted to confirm today the increasing positive chatter and rumors in the marketplace.

由於我們目前正在積極進行產品開發，建立製造基礎設施和供應鏈網絡，並開始吸引潛在經銷商來分銷這一新戰略，因此我們今天想確認市場上日益增長的積極討論和謠言。

The bottom line impact to Winnebago Industries will be meaningfully dilutive in fiscal year 2024 due to sizable start-up costs with limited revenue. But this is an incredibly accretive strategy and financial opportunity for the company in future years. In the coming months, we look forward to the Grand Design team sharing more details about our premium product offerings from Grand Design Motorhome. The excitement surrounding this brand extension is palpable, and we cannot wait to bring these exceptional motorhomes to market, thereby further enriching our portfolio and delighting our valued customers.

由於啟動成本龐大且收入有限，2024 財年對溫尼貝戈工業公司的利潤影響將顯著攤薄。但這對公司未來幾年來說是一個令人難以置信的增值策略和財務機會。在接下來的幾個月中，我們期待 Grand Design 團隊分享更多有關 Grand Design Motorhome 優質產品的詳細資訊。圍繞著這個品牌延伸的興奮是顯而易見的，我們迫不及待地將這些卓越的房車推向市場，從而進一步豐富我們的產品組合併取悅我們尊貴的客戶。

It is also important to note that the leader and one of the founding partners of the Grand Design business, Don Clark, has recently agreed to a 5-year employment extension with Winnebago Industries as well. We are thrilled for Don and continue to support and appreciate his contributions to the company.

另外值得注意的是，Grand Design 業務的領導者和創始合夥人之一 Don Clark 最近也同意與 Winnebago Industries 續約 5 年。我們為 Don 感到興奮，並將繼續支持和感謝他對公司的貢獻。

As we enter fiscal year 2024, my confidence in the enduring strength of our diverse portfolio of premium brands within the outdoor recreation industry continues to grow. This diversity not only bolsters our resilience, but also places Winnebago Industries in an enviable position to harness the upcoming market recovery and drive our results and share gains.

隨著我們進入 2024 財年，我對戶外休閒產業多元化優質品牌組合的持久實力的信心持續增強。這種多樣性不僅增強了我們的韌性，而且使溫尼貝戈工業處於令人羨慕的地位，可以利用即將到來的市場復甦並推動我們的業績和份額收益。

Our unwavering commitment remains fixed on 2 core objectives. First, the preservation of profitability balanced with the reinforcement of our already robust market share positions. Simultaneously and second, we are resolute in our dedication to amplifying investments that nurture the long-term health and vitality of our enterprise. This unwavering focus extends to championing quality and innovation across our extensive brand portfolio. Collaboration with our esteemed dealer partners will also remain a top priority. We recognize the pivotal role they play in maintaining the optimal product mix and actively managing inventory together. We aim to navigate the dynamic market landscape with precision and agility, together with our dealers.

我們堅定不移地致力於兩個核心目標。首先，保持獲利能力與鞏固我們本已強勁的市佔率地位相平衡。同時，第二，我們堅定地致力於擴大投資，以培育我們企業的長期健康和活力。這種堅定不移的關注延伸到了我們廣泛的品牌組合中對品質和創新的支持。與我們尊敬的經銷商合作夥伴的合作也仍將是重中之重。我們認識到他們在維持最佳產品組合和積極管理庫存方面發揮的關鍵作用。我們的目標是與我們的經銷商一起精準、敏捷地駕馭動態的市場格局。

Furthermore, we proudly express our enthusiasm for our recent and forthcoming new product releases, including the new Winnebago Access and M-Class towable offerings as well as the Grand Design Reflection 100 and Influence models. These exciting new offerings, not only epitomize the innovation features our discerning customers have come to expect from our premium brands, but also address vital considerations surrounding affordability and aligning perfectly with our commitment to customer satisfaction and excellence.

此外，我們自豪地表達了對最近和即將發布的新產品的熱情，包括新的 Winnebago Access 和 M 級可牽引產品以及 Grand Design Reflection 100 和 Influence 型號。這些令人興奮的新產品不僅體現了我們挑剔的客戶對我們優質品牌的期望，而且還解決了圍繞可負擔性的重要考慮因素，並與我們對客戶滿意度和卓越的承諾完美契合。

In addition to our unwavering commitment to our existing portfolio, we remain dedicated to the exploration of exciting innovation and the pursuit of strategic market expansion opportunities. This commitment is evident through our recently announced endeavors which include the forthcoming launch of Grand Design Motorhome and the strategic acquisition of Lithionics Battery. These and other strategic initiatives and investments under development demonstrate our dedication to anticipating and surpassing customer needs as well as our commitment to reinforcing and growing our market share. Together, they reflect our relentless pursuit of excellence and innovation in the ever-evolving landscape of the outdoor recreation industry.

除了對現有產品組合堅定不移的承諾外，我們仍然致力於探索令人興奮的創新和追求策略市場擴張機會。我們最近宣布的努力體現了這一承諾，其中包括即將推出的 Grand Design Motorhome 和策略性收購 Lithionics Battery。這些和其他正在開發的策略性舉措和投資表明我們致力於預測和超越客戶需求，以及我們對加強和擴大市場份額的承諾。它們共同體現了我們在不斷發展的戶外休閒產業中對卓越和創新的不懈追求。

Looking ahead, as we enter fiscal 2024, we expect the continued pressure of current retail market dynamics, coupled with dealer apprehension to take on additional inventory amidst those retail challenges, particularly through the first half of our fiscal year. Our first and second quarters will be formidable. However, we anticipate that as inventory levels further normalize and consumer demand stabilizes. Dealers will exhibit a growing willingness to rebuild inventories and bring in additional models as we enter the back half of fiscal 2024.

展望未來，隨著我們進入 2024 財年，我們預計當前零售市場動態將持續面臨壓力，加上經銷商擔心在這些零售挑戰中增加庫存，特別是在本財年上半年。我們的第一季和第二季將會非常強勁。然而，我們預計隨著庫存水準進一步正常化和消費者需求穩定。隨著 2024 財年下半年的到來，經銷商將越來越願意重建庫存並引入更多車型。

As we embark on fiscal year 2024, we do so with a robust balance sheet and an improving inventory and working capital position, showcasing the tangible results of our dedicated team's tireless efforts, which persistently prioritize the streamlining of inventory, the optimization of the supply chain and the meticulous management of capacity, production and expenses. These efforts, combined with prudent capital allocation and the exceptional talents of our more than 6,250 employees have consistently underpinned our solid performance, resilient profitability and healthy operating cash flow within our overall results.

在我們邁入 2024 財年之際，我們擁有穩健的資產負債表以及不斷改善的庫存和營運資金狀況，展示了我們專業團隊不懈努力的切實成果，他們堅持優先考慮精簡庫存、優化供應鏈以及對產能、生產和費用的細緻管理。這些努力，加上審慎的資本配置和我們超過 6,250 名員工的傑出人才，一直支撐著我們整體業績的穩健業績、彈性盈利能力和健康的營運現金流。

Our strong balance sheet served as the foundation for returning more than $80 million to our valued shareholders throughout fiscal year 2023, executed through a combination of share repurchases and dividends. Notably, over $38 million of this return occurred during the fourth quarter, which unequivocally underscores our unwavering confidence in the enduring strength and potential of our business in the long term. As we continue to navigate the ever-evolving dynamics of the market, our commitment to adaptability remains unwavering. We will diligently monitor and adjust in response to shifting market conditions with a steadfast focus on profitability, maintaining competitiveness and securing a preferred market position for our esteemed premium brands through collaborative partnerships with our general associates.

我們強大的資產負債表為我們在 2023 財年透過股票回購和股利結合的方式向尊貴股東返還超過 8,000 萬美元奠定了基礎。值得注意的是，其中超過 3800 萬美元的回報發生在第四季度，這明確強調了我們對我們業務的長期持久實力和潛力的堅定信心。當我們繼續駕馭不斷變化的市場動態時，我們對適應性的承諾仍然堅定不移。我們將努力監控和調整，以應對不斷變化的市場狀況，堅定不移地關注盈利能力，保持競爭力，並透過與我們的普通員工的合作夥伴關係，為我們受人尊敬的優質品牌確保優先的市場地位。

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

我們今天早上準備好的演講到此結束。我現在將把電話轉回給接線員，接線員將接通您的問題線路。

(Operator Instructions) Our first question comes from James Hardiman with Citi.

（操作員說明）我們的第一個問題來自花旗銀行的 James Hardiman。

I have 2 questions here. I guess I'll start with the Grand Design news. I guess, first, congratulations on getting that news out there. Maybe quantify what that does or that means to margins in 2024? I'm assuming that's going to be coming out of the Motorized segment EBITDA. But then earlier in the prepared remarks, I think you talked about high single-digit Motorized EBITDA margin in the near term. Is that inclusive of the dilution from the Grand Design start-up costs? And I'm assuming that dilution will intensify as we make our way through the year?

我這裡有兩個問題。我想我將從大設計新聞開始。我想，首先，恭喜你發布了這個消息。也許可以量化這對 2024 年的利潤率意味著什麼？我假設這將來自機動化部門的 EBITDA。但在早些時候準備好的發言中，我認為您談到了近期較高的個位數機動化 EBITDA 利潤率。這是否包括 Grand Design 啟動成本帶來的攤薄？我假設隨著今年的進展，稀釋將會加劇？

James, this is Bryan. I'll take that one. Our investment in total is dilutive to pretax income by $10 million to $15 million in fiscal 2024. It ramps up from $1 million to $2 million in Q1 to $4 million to $5 million by Q4. We expect that investment to be accretive, of course, to our fiscal 2025. This will initially be a corporate investment, James, that is reported in corporate other and will, therefore, not be dilutive to our Motorhome RV segment until such time as we become operational. We'll keep you all posted in the forthcoming quarters as to which segment that investment is reported. But that's our intent sitting here today.

詹姆斯，這是布萊恩。我會接受那個。 2024 財年，我們的投資總額將稀釋稅前收入 1,000 萬至 1,500 萬美元。投資總額從第一季的 100 萬美元至 200 萬美元增加到第四季的 400 萬美元至 500 萬美元。當然，我們預計這項投資將為我們的 2025 財年帶來增值。詹姆斯，這最初將是一項企業投資，將在企業其他報告中報告，因此，在我們開始運作。我們將在接下來的幾季向大家通報投資的具體報告。但這就是我們今天坐在這裡的目的。

Got it. That makes a lot of sense. And then maybe we could just dig in. There's a lot of questions around ASPs. Your biggest competitor talked about a high single-digit decline or, I guess, call it, a 10% decline in Towables, a little bit less in Motorized. How would you -- obviously, you guys don't give guidance, but how do you characterize the ASP outlook? How should we think about phasing? And then maybe you could speak to affordability for the consumer, right? I mean there's pricing into the channel and then there's pricing out of the channel. There's a decent amount of discounting last year. But if we think about the next 12 months, it seems like pricing is probably going to be coming down. Interest rates, at least in the first half of the year are up. Net-net, how is the consumer going to interpret all of this. And do you think that some of the actions being taken by you guys and the rest of the industry will help spur demand?

知道了。這很有意義。然後也許我們可以深入研究。圍繞 ASP 有很多問題。你們最大的競爭對手談到了可拖車的高個位數下降，或者我猜可以稱之為 10% 的下降，機動化的下降一點點。顯然，你們不會提供指導，但你們如何描述 ASP 的前景？我們該如何考慮階段性？然後也許你可以談談消費者的承受能力，對吧？我的意思是，通路內有定價，通路外也有定價。去年有相當大的折扣。但如果我們考慮未來 12 個月，價格似乎可能會下降。至少在今年上半年，利率是上升的。 Net-net，消費者將如何解釋這一切。您認為你們和行業其他人正在採取的一些行動將有助於刺激需求嗎？

James, I'll start with that, and then I'll turn it to Mike for some commentary as well because there's a lot there in your question. Starting with ASP specifically in the discounting and allowance that we're witnessing in the marketplace today. In Q4, we talked about elevated discounts and allowances. That was against, as you know, a prior year where -- it was a pretty robust market still. So while we talk about elevated discounts and allowances, I'd say that they're not out of line with where they have been historically, thinking of it as a percent to grow sales, okay? So they've -- I'd say they've normalized. I wouldn't say that they have -- or characterized them as having spiked relative to prior years, okay.

詹姆斯，我將從這個開始，然後我也會將其交給麥克進行一些評論，因為你的問題中有很多內容。從 ASP 開始，特別是我們今天在市場上看到的折扣和津貼。在第四季度，我們討論了提高折扣和津貼的問題。如您所知，這與前一年相比，當時市場仍然相當強勁。因此，當我們談論提高折扣和津貼時，我想說它們與歷史上的情況並沒有脫節，將其視為銷售額增長的百分比，好嗎？所以他們——我想說他們已經正常化了。我不會說他們已經——或者將其描述為相對於前幾年有所飆升，好吧。

So having said that, ASPs are also certainly a function not just of the competitive marketplace, but also of the inflationary environment. For the motor home space, I'll go segment by segment here just briefly. The motorhome space, we continue to see price pressure specifically on our motorhome chassis. And because of that, we expect modest ASP increases still absent mix impacts, okay? But on a unit-by-unit basis, modest ASP increase in the low single to mid-single-digit range. That's what we're currently expecting now. We'll see what happens to the ongoing pressures we see on the motorized chassis.

話雖如此，平均售價當然不僅是競爭市場的函數，也是通膨環境的函數。對於房車空間，我將在這裡簡單地逐段介紹。在房車領域，我們繼續看到價格壓力，特別是我們的房車底盤。正因為如此，我們預期平均售價小幅上漲仍然不會產生混合影響，好嗎？但從單位數量來看，平均售價在低個位數到中個位數範圍內小幅成長。這就是我們目前所期待的。我們將看看機動底盤上持續承受的壓力會發生什麼。

On the Towable space, we are, in fact, seeing some deflationary impacts across the components, the commodity inputs I would, sitting here today, expect deflationary impacts in the mid- to high single-digit range on ASPs as we seek to pass along some of those deflationary impacts to our dealers and our end consumers.

在可牽引領域，事實上，我們看到了各個組成部分的一些通貨緊縮影響，我今天坐在這裡，預計通貨緊縮對平均售價的影響將在中高個位數範圍內，因為我們尋求傳遞其中一些通貨緊縮對我們的經銷商和最終消費者產生了影響。

Marine is more in the neighborhood of motorized RV in that we're still seeing some price pressure, inflationary pressures from the propulsion or the motors within Marine. I'd say everything else is pretty stable. I'd characterize it as stable, but the motors [in] the marine cause us to see some mild increases to ASP as we sit here today looking forward into our fiscal 2024. So that's how I'd characterize some of the ASP moves, the discounting allowances. You have some other questions. I'll ask Mike to take it from here and to add any other color that he sees as it relates to your question.

Marine 更接近機動房車，因為我們仍然看到一些價格壓力，以及來自 Marine 內的推進或馬達的通膨壓力。我想說其他一切都很穩定。我認為它是穩定的，但當我們今天坐在這裡展望 2024 財年時，船舶中的發動機導致我們看到 ASP 出現一些溫和的增長。這就是我對 ASP 一些變動的描述，折扣津貼。您還有其他一些問題。我會請麥克從這裡獲取它並添加他認為與您的問題相關的任何其他顏色。

James say, I'll address the affordability question in this way. We have decided to attack affordability through the introduction of new models that get our brands to potentially new and different price points or fill some gaps in our product lineups that we think are important from an affordability standpoint. And I'll point to 4 quick examples. In fiscal '23, in the pontoon market under the Barletta brand, we introduced the Aria product, which expanded our total addressable market price point-wise from 40% to 70% of the market. So the Aria is the opening price point brand for the Barletta business. We showed at Open House the Winnebago branded Access which is that particular brand's entrance into the conventional travel trailer market with MSRP targets at $30,000 or below. And then the Grand Design business has introduced 2 new brands, the Influence, which is an affordable fifth wheel between our Reflection and Solitude models. And we've also introduced the Reflection 100, which is affordably priced below the traditional Reflection fifth wheel line.

詹姆斯說，我會用這種方式解決負擔能力問題。我們決定透過推出新型號來提高可負擔性，使我們的品牌達到潛在的新的和不同的價格點，或填補我們產品陣容中的一些空白，我們認為從可負擔性的角度來看，這些空白很重要。我將舉 4 個簡單的例子。在 23 財年，在 Barletta 品牌的浮橋市場，我們推出了 Aria 產品，將我們的總目標市場價格從 40% 的市佔率擴大到 70%。因此，Aria 是 Barletta 業務的開放價位品牌。我們在開放日展示了 Winnebago 品牌的 Access，這是該特定品牌進入傳統旅行拖車市場的機會，建議零售價目標為 30,000 美元或以下。然後，Grand Design 業務推出了 2 個新品牌：Influence，這是一款介於 Reflection 和 Solitude 型號之間的經濟實惠的第五輪。我們也推出了 Reflection 100，其價格低於傳統 Reflection 第五輪系列。

And so as opposed to decontenting and dropping margin on existing SKUs, we've really chosen to go after affordability with our business through the introduction of new products. And we anticipate that we'll be successful here as we go through our fiscal '24 year.

因此，我們並沒有減少現有 SKU 的滿足感並降低利潤，而是選擇透過推出新產品來追求業務的可承受性。我們預計，當我們度過 24 財年時，我們將在這方面取得成功。

That is extremely helpful. I've taken up a lot of your time, but I just wanted to clarify, Bryan, it seems like the way that you're talking about cost pressures and what that's ultimately going to do to ASP. It seems like the goal through all of this is to ultimately hold margin as I think about the year rather than sort of giving up a little margin in an effort to spur demand? Is that accurate?

這非常有幫助。我佔用了您很多時間，但我只是想澄清一下，Bryan，您似乎在談論成本壓力以及這最終會對 ASP 產生什麼影響。我認為，這一切的目標似乎是最終保持利潤，而不是為了刺激需求而放棄一點利潤？準確嗎？

Yes, I think that's fair to characterize our efforts around profitability and margin are certainly in focus we'll continue to react as we always do in line with what Mike just said as well as it relates to that balance between margin profitability, performance and market share. And so that's -- that would be our intent and how I'd like to characterize it, James.

是的，我認為這可以公平地描述我們圍繞盈利能力和利潤率所做的努力，我們將繼續做出反應，因為我們始終按照邁克剛才所說的那樣做出反應，這與利潤率盈利能力、業績和市場之間的平衡有關分享。所以這就是我們的意圖，也是我想如何描述它的，詹姆斯。

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。

In talking about the reluctance of dealers to take inventory outside of price, are there any other economic factors that the dealers are facing like floor plan costs, which are keeping them from ordering? Are they asking you guys to participate in some of that during the slower months?

在談到經銷商不願在價格之外採取庫存時，經銷商是否還面臨其他經濟因素，例如平面圖成本，阻止他們訂購？他們是否要求你們在淡季參與其中？

This is Mike. I think the dimension you touched on is probably one of the bigger elements as I think most of us in the industry know the dealers are facing higher floor plan costs due to higher interest rates, and that is certainly factoring into their attention to aging models, but also certainly the total amount of product that they're willing to carry.

這是麥克。我認為您提到的維度可能是更大的因素之一，因為我認為業內大多數人都知道經銷商因利率上升而面臨更高的平面圖成本，這肯定會考慮到他們對老化車型的關注，當然還有他們願意攜帶的產品總量。

I do want to state, though, that on the RV side of our business, specifically, where we see this element most in play. We are pleased with where we stand with our inventory position as of today. And in fact, since the end of our fourth quarter, our RV field inventory is down probably another 1,500 units in gross between the end of August and this call this morning. And so we believe our inventory is fresh, as fresh as it can be. We believe that the inventory volume in total is appropriate. And we will continue to partner with our dealers to make sure that they're comfortable with the inventory they're carrying. But -- we anticipate any further destocking on our brands of to be lightly incremental going forward. We don't anticipate any significant further drops. And retail volume and optimism will really be, we think, the determining factor for dealers to begin taking more inventory onto their lots in the months to come.

不過，我確實想指出，在我們業務的房車方面，特別是在我們看到這一元素最發揮作用的地方。我們對截至目前為止的庫存狀況感到滿意。事實上，自第四季末以來，從 8 月底到今天早上的電話會議，我們的房車現場庫存總量可能又減少了 1,500 輛。因此，我們相信我們的庫存是新鮮的，盡可能新鮮。我們認為庫存總量是適當的。我們將繼續與經銷商合作，確保他們對所擁有的庫存感到滿意。但是，我們預計未來我們品牌的庫存進一步減少將會略有增加。我們預計不會出現任何進一步大幅下降。我們認為，零售量和樂觀情緒確實將成為經銷商在未來幾個月開始增加庫存的決定性因素。

Got it. And then last question. Looking at Motorized, your backlog was down a bunch but dealer inventories were up. How much of that was related to the ERP issue? And I remember at your Open House meeting, Mike, you did talk about maybe on the Class Bs that some of the inventory was getting a little bit rich. Is it a combination of both of those items?

知道了。然後是最後一個問題。看看 Motorized，您的積壓訂單大幅減少，但經銷商庫存卻增加了。其中有多少與 ERP 問題有關？我記得在你的開放日會議上，麥克，你確實談到了 B 級的一些庫存正在變得有點豐富。它是這兩個項目的組合嗎？

Our Class B inventory in the field is probably in the neighborhood of 15% to 20% lower today than it was a year ago. So any previous comments about tightness probably were specific to potentially certain SKUs. Again, we're -- the Motorized business has been a little bit different from the Towables business in terms of inventory comps year-over-year. The Towables business was probably the part of the industry that a year or so ago was more rich in terms of the volume of inventory, but also probably more challenged in terms of the mix with prior model years and lower-tier brands whereas the Motorized segment fell to low levels in those -- that 2021 and the beginning of calendar 2022 period, but because of supply chain challenges around chassis, we really haven't had the need to correct field inventory levels in the Motorized segment to the degree that we've had to on the Towable side.

今天，我們現場的 B 級庫存可能比一年前低 15% 到 20% 左右。因此，先前任何有關緊縮性的評論可能都是針對潛在的某些 SKU。再說一遍，我們的機動業務與可拖車業務在庫存比較方面略有不同。拖車業務可能是該行業的一部分，大約一年前，其庫存量更為豐富，但在與以前的車型和較低級別品牌的混合方面也可能面臨更大的挑戰，而機動化細分市場2021年和2022 年初期間的庫存水準降至較低水平，但由於底盤方面的供應鏈挑戰，我們確實不需要將機動化領域的現場庫存水準調整到我們需要的程度。我們必須在可牽引方面。

So again, I'm comfortable with where our motorized field inventory stands today. I'm comfortable with where our towables field inventory stands today. And again, we look forward to earning the business of the dealers going forward to increase lot share. We have run some selective promotions around floor plan, inventory rate support here as we ran into Open House. But we don't anticipate having the need to do that extensively throughout the '24 year.

再說一次，我對我們今天的機動現場庫存狀況感到滿意。我對我們目前的拖車現場庫存狀況感到滿意。再次，我們期待贏得經銷商的業務，以增加地段份額。當我們遇到開放日時，我們圍繞平面圖和庫存率支援進行了一些選擇性促銷。但我們預計 24 年內不需要廣泛這樣做。

Our next question comes from Craig Kennison with Baird.

我們的下一個問題來自 Craig Kennison 和 Baird。

So let's come back to Craig. Let's move to the next one. We'll come back to Craig later on in the call.

讓我們回到克雷格。讓我們轉到下一個。我們稍後會在電話中回到克雷格。

Our next question comes from Joe Altobello with Raymond James.

我們的下一個問題來自喬·阿爾托貝洛和雷蒙德·詹姆斯。

I guess first question on the lending side. Are you seeing or hearing of any lenders becoming more cautious from a retail perspective?

我想第一個問題是在貸款方面。您是否看到或聽說任何貸方從零售角度變得更加謹慎？

Joe, this is Mike. We are not hearing material weakening of retail financing in our business at this time. I would say the headwind that probably is most prevalent at retail for our dealers, especially with existing customers. is some of the challenges around what to do with that existing unit that an existing customer has that they would like to trade in.

喬，這是麥克。目前我們還沒有聽到我們業務中零售融資出現實質削弱的消息。我想說的是，對我們的經銷商來說，零售業最普遍的逆風，尤其是現有客戶。是關於如何處理現有客戶想要進行交易的現有設備的一些挑戰。

In some cases, depending on when they bought it, they are in a negative equity situation and may have to write a sizable check to get out of that current product and upgrade or get into a new product. And so I would say the trade-in headwind is probably a much bigger factor than any retail financing challenges that we're seeing at the present time.

在某些情況下，根據他們購買產品的時間，他們可能處於負資產狀態，可能需要開出一大筆支票才能退出當前產品併升級或進入新產品。因此，我想說，以舊換新的逆風可能是比我們目前看到的任何零售融資挑戰更大的因素。

And the availability is there, just to echo what Mike said, the availability is there, but the cost is certainly up, as you can imagine, right, Joe. So we're seeing retail lending rates now with 8%, 9% handles and even some with lower credit ratings getting into double digits. So that higher cost is certainly a factor.

可用性是存在的，只是為了回應麥克所說的，可用性是存在的，但成本肯定會增加，正如你可以想像的，對吧，喬。因此，我們現在看到零售貸款利率為 8%、9%，甚至一些信用評級較低的貸款利率也達到了兩位數。因此，較高的成本肯定是一個因素。

You read my mind with respect to my next question. So with a follow-up to that, maybe some thoughts on the relationship that you've got now with Camping World and perhaps opening additional stores like the new Grand Design stores that you have now in Green Bay.

對於我的下一個問題，你讀懂了我的想法。因此，接下來，也許對您現在與 Camping World 的關係有一些想法，也許還會開設更多商店，例如您現在在綠灣開設的新 Grand Design 商店。

Yes. Let me start with more of the historical relationship with Camping World that we've had in our Winnebago-branded business. We have done business with Camping World through the Winnebago brand for many years. mostly on the motorized side, but off and on, on Winnebago Towables as well. And we continue to do business on the Winnebago side in dozens of different locations and have a healthy relationship with Camping World there.

是的。讓我先談談我們在溫尼貝戈品牌業務中與露營世界的更多歷史關係。多年來我們一直透過 Winnebago 品牌與 Camping World 開展業務。主要是在機動方面，但在溫尼貝戈拖車上也時斷時續。我們繼續在溫尼貝戈一側的數十個不同地點開展業務，並與那裡的露營世界保持著健康的關係。

Not all of those locations are full-line locations. They carry select models of the Winnebago Motorized line. And we've had some productive conversations with Camping World around the Winnebago Towables line as of recently at the Open House event in Indiana a few weeks ago. You did reference the Grand Design Camping World store. We recently coopened an exclusive Grand Design Store with Camping World in the Green Bay, Wisconsin market, looks fantastic. I think the grand opening was this past weekend, and that is an opportunity for us to influence more of the customer experience in an exclusive store format working with the Camping World team.

並非所有這些地點都是全線地點。他們攜帶 Winnebago Motorized 系列的精選型號。幾週前在印第安納州舉行的開放日活動中，我們與 Camping World 圍繞 Winnebago Towables 系列進行了一些富有成效的對話。您確實提到了 Grand Design Camping World 商店。我們最近在威斯康辛州綠灣市場與 Camping World 合作開設了一家獨家 Grand Design Store，看起來棒極了。我認為盛大的開幕是在上週末，這對我們來說是一個機會，可以與露營世界團隊合作，以獨家商店的形式影響更多的客戶體驗。

Admittedly, this is Grand Design's first location with Camping World since the inception of that brand. And we are having some discussions about possible other markets. But we will be very selective in our conversations with Camping World and really kind of take it in a crawl-before-we-walk style to make sure that this is a productive relationship.

誠然，這是 Grand Design 自品牌創立以來與 Camping World 合作的第一個地點。我們正在就可能的其他市場進行一些討論。但我們在與露營世界的對話中會非常有選擇性，並以先爬後走的方式進行對話，以確保這是一種富有成效的關係。

Just so you know, but also any stakeholders listening to this call know, our relationships with our dealers are not focused solely on sales. They are also focused on the complete experience for our customers and especially how our customers are cared for in the aftermarket. So any expansion with any dealer includes a conversation on the service side as well, where we need to get comfortable with both the OEM and the dealer taking care of the customer at a high level. And so that conversation is definitely a part of any Grand Design expansion discussions with any of their retailers, including Camping World.

如您所知，聽到此電話的任何利益相關者都知道，我們與經銷商的關係不僅僅專注於銷售。他們也專注於客戶的完整體驗，尤其是如何在售後市場照顧我們的客戶。因此，與任何經銷商的任何擴張都包括服務方面的對話，我們需要讓 OEM 和經銷商在高水準上照顧客戶。因此，這種對話絕對是與任何零售商（包括 Camping World）進行 Grand Design 擴展討論的一部分。

Our next question comes from Tristan Thomas-Martin with BMO.

我們的下一個問題來自 BMO 的特里斯坦·托馬斯·馬丁。

You gave us some kind of guidance for Motorhome EBITDA margin short term. How should we think about Towable margins and then kind of by extension of that, the ASP decline down mid- to high single digits. Could you quantify what type of headwind that is on your margin profile?

您為房車短期 EBITDA 利潤率提供了一些指引。我們應該如何考慮可牽引利潤，然後透過擴展，平均售價下降到中高個位數。您能否量化您的利潤狀況中存在哪些類型的逆風？

Yes. We think we'll be able to -- even with that kind of a reduction to ASP, Tristan. It's really tied to, in many regards our ability to manage the cost equation as well, including the cost inputs or the deflation. So I don't want to convey that we are anticipating giving up margin as we ease some of those ASPs. I think with the initiatives we have in place, including the product initiatives that Mike already alluded to that we're introducing great new products and continue to expect those to be differentiated versus competition as well as the other cost initiatives that we have on an ongoing basis that we'll be able to continue to see Towable's margins in the range that we saw here for Q4, plus or minus a reasonable amount here, keep them in double-digit as we look forward, both in the near term and the long term as well as the volume starts to recover and the leverage impact of higher volume should provide that tailwind as well that will help us continue to generate really strong margins in the Towables business.

是的。我們認為我們能夠——即使平均售價有所降低，特里斯坦。在很多方面，它確實與我們管理成本方程式的能力有關，包括成本投入或通貨緊縮。因此，我不想表示，當我們放寬其中一些平均售價時，我們預計會放棄利潤。我認為，透過我們已經採取的舉措，包括麥克已經提到的產品舉措，我們正在推出出色的新產品，並繼續期望這些產品能夠在競爭中脫穎而出，以及我們正在進行的其他成本舉措基礎上，我們將能夠繼續看到Towable 的利潤率在我們在第四季度看到的範圍內，加上或減去合理的金額，在我們的展望中，無論是在短期還是長期，都將其保持在兩位數期限以及銷售量開始恢復，銷量增加的槓桿影響也應該提供順風，這將幫助我們繼續在可拖車業務中產生真正強勁的利潤。

Okay. Got it. And then are you -- what are you getting -- are you seeing anything in terms of supplier support as you are trying to address affordability and bring down pricing?

好的。知道了。然後，當您試圖解決可負擔性問題並降低價格時，您是否看到了供應商支援方面的任何資訊？

Tristan, we're having productive conversations with most of our key suppliers about the need for them to pass on the reductions they are seeing in cost on their raw materials or from their suppliers to us. And in many cases, that is happening. In some situations, we have an index-based relationship with certain suppliers that just follows the curve of those indexes.

特里斯坦，我們正在與大多數主要供應商進行富有成效的對話，討論他們是否需要將原材料或供應商成本的降低轉嫁給我們。在很多情況下，這種情況正在發生。在某些情況下，我們與某些供應商建立了基於指數的關係，而該關係恰好遵循這些指數的曲線。

But we are having good productive conversations with our larger suppliers on cost management. I would say where those discussions are the most challenging and where we continue to see headwinds concerning cost is in the motorized chassis category. Those suppliers are a little less agile in changing cost and in some cases, are still experiencing some cost increases that they are needing to pass on to OEMs like us. So net, we're getting good responses from our suppliers on continuing to manage, in some cases, lower the cost of our bill of materials.

但我們正在與較大的供應商就成本管理進行富有成效的對話。我想說的是，這些討論最具挑戰性的地方以及我們繼續看到成本方面的阻力的地方是機動底盤類別。這些供應商在改變成本方面不太靈活，在某些情況下，仍然會經歷一些成本增加，他們需要將這些增加轉嫁給像我們這樣的原始設備製造商。因此，我們從供應商那裡得到了良好的反應，繼續管理，在某些情況下，降低我們的物料清單成本。

Our next question comes from Fred Wightman with Wolfe Research.

我們的下一個問題來自沃爾夫研究中心的弗雷德懷特曼。

I wanted to come back to the Grand Design Motorized launch. I mean if we just go back to when you guys acquired that brand back in 2016, you've seen a meaningful increase in sort of the consolidated market share stats for the company. And you've also talked about getting to something over 20% longer term. So can you just frame sort of what you think the aspiration or contribution from that could be from a market share perspective or how you're sizing the potential contribution down the road?

我想回到 Grand Design Motorized 的發表會。我的意思是，如果我們回到 2016 年你們收購該品牌的時候，你們就會看到該公司的綜合市佔率統計數據出現了有意義的成長。您還談到了長期成長超過 20% 的目標。那麼，您能否從市場佔有率的角度來闡述您認為的願望或貢獻，或者您如何衡量未來的潛在貢獻？

Fred, today, between our 2 existing brands, Winnebago and Newmar, we run somewhere between -- and it varies by quarter, and by year, but we've run somewhere between 18% to 20% total market share in the Motorized segment between those 2 brands.

Fred，今天，在我們現有的兩個品牌Winnebago 和Newmar 之間，我們的運行情況介於兩者之間，而且每個季度和年份都有所不同，但我們在電動細分市場的總市場份額介於18% 到20% 之間那2個品牌。

We absolutely believe that the addition of Grand Design Motorized into our business strategy will be net incremental to that market share. I'm not going to share a specific target at this time but we would not be funding from a capital standpoint, the investment in this business strategy. If it didn't, a, have a stand-alone ROI that was projected to be positive. But b, it was meaningfully accretive to our overall share. We have been very intentional with internal conversations about minimizing cannibalization of our existing motorized revenue and share to the best of our ability as the Grand Design team rolls out this lineup over the course of the next several years.

我們絕對相信，將 Grand Design Motorized 添加到我們的業務策略中將對該市場份額產生淨增量。我目前不打算分享具體目標，但我們不會從資本的角度提供資金，即對該業務策略的投資。如果沒有，a，具有預期為正的獨立投資報酬率。但是b，它顯著增加了我們的整體份額。我們一直非常有意識地進行內部對話，以盡量減少對我們現有機動化收入的蠶食，並在大設計團隊在未來幾年推出該產品線時盡我們所能分享。

And this will be a graduated rollout of product over probably the next 2 to 3 years beginning in probably our fourth quarter of fiscal '24. So we anticipate that this will be -- that, that target will be 20% plus. And I guess, as we are ready to unveil some further details we can potentially get more specific on what those aspirations are. But just know that for us, it has to be and will be incremental.

這將是在未來 2 到 3 年內逐步推出的產品，可能從我們 24 財年的第四季開始。所以我們預計這個目標將是 20% 以上。我想，當我們準備好公佈一些進一步的細節時，我們可能會更具體地了解這些願望是什麼。但要知道，對我們來說，它必須而且將會是漸進的。

And that will mean that the product will be important from a differentiation standpoint. But the way we attack the market from a dealer standpoint will also be important. We will be crafting a new Grand Design Motorhome dealer network that will consist of some of our existing Grand Design Towables dealers, but it will potentially consist of some dealers who do not carry the Grand Design Towables line today. And some of these dealers may or may not carry some of our existing motorized brands, Winnebago or Newmar. So more details to come.

這意味著從差異化的角度來看，該產品將很重要。但我們從經銷商的角度攻擊市場的方式也很重要。我們將打造一個新的 Grand Design 房車經銷商網絡，該網絡將由我們現有的一些 Grand Design Towables 經銷商組成，但也可能包括一些目前不銷售 Grand Design Towables 系列的經銷商。其中一些經銷商可能會也可能不會銷售我們現有的一些機動品牌，如 Winnebago 或 Newmar。更多細節即將到來。

That's helpful. And then, Mike, in the past, you've given some high-level commentary on industry retail and sort of the wholesale outlook. So I didn't hear that in your prepared remarks today. Is there anything that you could sort of share there or maybe why you decided to stop commenting on that, if that's the case?

這很有幫助。然後，麥克，您過去曾對行業零售和批發前景發表過一些高層評論。所以我在你今天準備好的發言中沒有聽到這一點。您有什麼可以分享的嗎？或者如果是這樣的話，為什麼決定停止對此發表評論？

Fred, thanks for the question. We really didn't plan to not comment. We just did not include that topic specifically in our script. Our position really hasn't probably materially changed since our last earnings call, and I'll explain what I mean by that.

弗雷德，謝謝你的提問。我們真的不打算不發表評論。我們只是沒有在腳本中專門包含該主題。自從上次財報電話會議以來，我們的立場實際上可能沒有發生重大變化，我將解釋我的意思。

As we look at calendar 2024, there are many retail estimates out in the marketplace. Our latest on record comment was around 350,000 units of retail in calendar 2024, which would be roughly flat to where we think calendar 2023 will end. And so we continue to believe that, that is an appropriate target for calendar 2024. We do believe in calendar 2024, that by the end of that period, that wholesale shipments could approach a one-to-one total with that retail number. And so wholesale shipments could also equal 350,000 in calendar 2024, sands any unexpected macroeconomic developments or other issues. And so that's our current position, which I don't believe is meaningfully changed from the prior quarter. That's where we stand.

當我們展望 2024 年時，市場上有許多零售預測。我們最新的記錄評論是 2024 年零售量約為 35 萬輛，這與我們認為 2023 年結束的水平大致持平。因此，我們仍然相信，這是 2024 年的適當目標。我們確實相信 2024 年，到該時期結束時，批發出貨量可能會與零售數量達到一一對應的總數。因此，如果出現任何意外的宏觀經濟發展或其他問題，到 2024 年批發出貨量也可能達到 35 萬輛。這就是我們目前的立場，我認為與上一季相比不會發生有意義的變化。這就是我們的立場。

Our next question comes from Bret Jordan with Jefferies.

我們的下一個問題來自布雷特·喬丹和傑弗里斯。

In towable ASP expectations for mid-single digit to high single digit decrease. Could you talk about what you see being mix, the opening price point offerings that you're rolling out versus deflation just passing through lower same SKU prices?

拖車平均售價預期中個位數至高個位數下降。您能否談談您所看到的混合情況，即您推出的開盤價產品與通貨緊縮只是通過較低的相同 SKU 價格？

Yes. We introduced the -- as you know, Bret, I think, from our Open House, we introduced the Winnebago Access, which might have some mix impacts to a much smaller part of our portfolio in the Winnebago brand versus the larger portfolio of Grand Design. The intended message there of 5% to 8%, say, down is more on a mix neutral basis. But I don't -- sitting here today, I don't expect mix to play a really significant role in that ASP calculation. That might change as time progresses through calendar '24, but that's how we see it sitting here today.

是的。如你所知，布雷特，我認為，在我們的開放日中，我們引入了 Winnebago Access，這可能會對我們 Winnebago 品牌產品組合中較小的一部分與 Grand Design 的較大產品組合產生一些混合影響。預期傳達的訊息是 5% 到 8% 的下降，更多是在混合中立的基礎上。但我不認為——今天坐在這裡，我不認為混合在 ASP 計算中發揮真正重要的作用。隨著日曆'24的時間推移，這種情況可能會發生變化，但這就是我們今天在這裡看到的情況。

Okay. Great. And then a question on the sort of the dealer sentiment at the Open House and the timing of the backlog expectation you guys are sort of talking about the first half of the fiscal year being a challenge. But are you expecting that they sit on those orders and hope for delivery after the Tampa show? I mean, how do we think about the rest of calendar '23 from a sort of dealer sentiment production schedule?

好的。偉大的。然後是關於開放日經銷商情緒的問題以及積壓預期的時間安排，你們都在談論本財年上半年是一個挑戰。但您是否期望他們會等待這些訂單並希望在坦帕展會後交貨？我的意思是，我們如何從經銷商情緒生產計劃中考慮 23 年曆的剩餘時間？

Bret, this is Mike. Let me comment on that. First, let me talk about what we experienced at Open House with our businesses. So at Open House, we had each of our 3 brands displaying -- the Winnebago brand essentially has 2 sub businesses under Motorhome and Towables. Each of our 4 businesses at Open House, Newmar, Grand Design, Winnebago Motorized, Winnebago Towables experienced an order increase at Open House 2023 versus the Open House in 2022 during that open house week. So we were really pleased coming out of Open House 2023 in spite of a very tepid dealer ordering environment to see that increase.

布雷特，這是麥克。讓我對此發表評論。首先，讓我談談我們在開放日與我們的企業的經驗。因此，在開放日，我們展示了 3 個品牌中的每一個——Winnebago 品牌基本上在房車和拖車下有 2 個子業務。與 2022 年開放日週相比，我們的 4 家企業（Newmar、Grand Design、Winnebago Motorized、Winnebago Towables）在 2023 年開放日期間的訂單量均有所增加。因此，儘管經銷商訂購環境非常不溫不火，但在 2023 年開放日結束後我們還是很高興看到這一成長。

And some of that is due to the new products that we've referenced here today. And even some we haven't mentioned like the EKKO on a Mercedes Benz chassis underneath the Winnebago Motorhome business. that also drew a nice amount of orders in Elkhart. We have seen backlog sequentially improve in our largest segment, Towables from June through September, which is a nice development. And I think I may have mentioned that in the script comments, but we are seeing that backlog beginning to grow again on the towable side.

其中一些是由於我們今天在這裡提到的新產品。甚至還有一些我們沒有提到的，例如溫尼貝戈房車業務旗下梅賽德斯奔馳底盤上的 EKKO。這也在埃爾克哈特吸引了大量訂單。從 6 月到 9 月，我們看到我們最大的細分市場——可拖車的積壓量連續增加，這是一個很好的發展。我想我可能在腳本評論中提到過這一點，但我們看到可拖曳方面的積壓工作開始再次增長。

From a timing standpoint, we think that this will be contingent a bit on the retail pace, obviously, that dealers are experiencing. As I mentioned, minutes ago, we like our inventory position in the field at this time, meaning that we do not believe it's excessive or old at all. And so our sales personnel are working with the dealers to have them take product as they're comfortable. We will not share production schedule information this morning in terms of this fall. But we are continuing to turn the dial on production rates based on that short-term backlog that we have.

從時間的角度來看，我們認為這將在一定程度上取決於經銷商正在經歷的零售速度。正如我在幾分鐘前提到的，我們喜歡此時在該領域的庫存狀況，這意味著我們根本不認為它過多或過舊。因此，我們的銷售人員正在與經銷商合作，讓他們按照自己的意願購買產品。今天早上我們不會分享今年秋天的生產計劃資訊。但我們將根據短期積壓訂單繼續調整生產力。

We did mention that the first 2 quarters of our fiscal 2024 year could be challenging primarily because, again, we think dealers are just going to be very disciplined about when they take the product as it is tied to retail results happening at their locations and/or any optimism they see about the market in the future. So again, we're pleased with our order position and some of the recent trends we've seen coming out of Open House.

我們確實提到，2024 財年的前兩個季度可能會充滿挑戰，主要是因為我們再次認為，經銷商在購買產品時會非常嚴​​格，因為這與他們所在地的零售結果相關，並且/或他們對未來市場的樂觀態度。再說一遍，我們對我們的訂單狀況以及我們在開放日看到的一些最新趨勢感到滿意。

Our next question comes from Brandon Rollé with D.A. Davidson.

我們的下一個問題來自 Brandon Rollé 和 D.A.戴維森。

Let's go ahead and move on to the next...

讓我們繼續前進，進入下一個…

Our next question comes from Noah Zatzkin with KeyBanc.

我們的下一個問題來自 KeyBanc 的 Noah Zatzkin。

Hoping you could compare and contrast a bit what you're seeing on the Marine side in terms of retail demand dealer inventory and dealer appetite relative to the RV side and just how you're thinking about the evolution of channel dynamics there moving through fiscal '24?

希望您能夠比較和對比您在海洋方面所看到的相對於房車方面的零售需求、經銷商庫存和經銷商偏好，以及您如何考慮通路動態在財政年度的演變。24？

This is Mike. What's interesting with our Marine business. And just a reminder that, obviously, we have a fast-growing pontoon brand in Barletta in a major segment of the market. And then we have a luxury brand in Chris-Craft in the very high end of the market. I'll speak to the pontoon segment specifically. We are seeing certainly dealers continuing to destock inventory in the pontoon segment and work on aging aspects of that inventory mix. But what's been positive about the pontoon category has been that the retail activity around that segment has been relatively stable especially as compared to some of the retail trends we saw in the RV segment over the last year.

這是麥克。我們的海洋業務有什麼有趣的地方。只是提醒一下，顯然，我們在巴列塔（Barletta）擁有一個快速成長的浮橋品牌，佔據了市場的主要部分。然後我們在高端市場擁有一個奢侈品牌 Chris-Craft。我將具體談談浮橋部分。我們當然看到經銷商繼續減少浮橋部分的庫存，並致力於解決庫存組合的老化問題。但浮船類別的積極之處在於，該細分市場的零售活動相對穩定，特別是與我們去年在房車細分市場看到的一些零售趨勢相比。

In fact, our Barletta retail fiscal year '24 to date, the first 6 or 7 weeks is up meaningfully. We're up meaningfully at retail on Barletta through the first 6 weeks or so of our fiscal '24 year. But we are seeing the dealers continue to use that to normalize their inventories, but also they're disciplined taking in a product is also contributing to their destocking.

事實上，我們的 Barletta 零售財年 '24 至今，前 6 或 7 週都出現了有意義的成長。在 24 財年的前 6 週左右，我們的 Barletta 零售量顯著成長。但我們看到經銷商繼續利用這一點來使庫存正常化，而且他們嚴格接受產品也有助於他們去庫存。

So again, similar to my comments about our first and second quarters being challenged on the RV side. We think you'll see that on the marine side as well as dealers continue to try to get their inventory in better position before some of the winter and spring marine shows once calendar year 2024 begins. But what I'm most pleased about on the pontoon side is that we continue to see good retail for our brand, and we continue to take some share. We're around 7%, 7.1% of aluminum pontoons now with the Barletta brand and continue to be very pleased with that business's future runway.

再次，類似於我對我們第一季和第二季在 RV 方面受到挑戰的評論。我們認為您會看到，在 2024 年開始後，在一些冬季和春季海事展之前，海事方面以及經銷商將繼續努力讓庫存處於更好的位置。但在浮橋方面，我最高興的是我們繼續看到我們品牌的良好零售，我們繼續佔據一些份額。目前，我們大約有 7%、7.1% 的鋁製浮橋採用 Barletta 品牌，並且對業務的未來跑道仍然非常滿意。

Maybe just one quick housekeeping question. Did you mention which class the Grand Design Motorized launch will be focused on?

也許只是一個簡單的內務問題。您是否提到 Grand Design Motorized 的推出將重點放在哪個類別？

We did not mention because we are not sharing specific details at this time. What we wanted to share with you all this morning was that the business strategy is happening and is being developed and worked on. The Grand Design team will choose the time in the future that they are comfortable sharing specific specs publicly about their new lineup that they're working on. And you can probably anticipate hearing or seeing something to that and probably in the early part of calendar year 2024. But again, more details to come in the future to that end.

我們沒有提及，因為我們目前不分享具體細節。今天早上我們想與大家分享的是，業務策略正在發生，並且正在製定和實施。 Grand Design 團隊將在未來選擇一個他們願意公開分享他們正在開發的新產品系列的具體規格的時間。您可能會在 2024 年年初聽到或看到相關內容。但同樣，未來還會有更多細節出現。

(technical difficulty) Operator? Those on the call just give us 1 minute, while we explore our connection there.

（技術難度）操作員？通話中的人只給我們 1 分鐘時間，讓我們探索我們在那裡的聯繫。

Our next question comes from Brandon Rollé with D.A. Davidson.

我們的下一個問題來自 Brandon Rollé 和 D.A.戴維森。

Please check back with Craig Kennison as well, operator. Operator, please check back with Craig Kennison as well.

請與接線員 Craig Kennison 聯絡。接線員，也請與 Craig Kennison 聯絡。

Brandon Rollé, your line is open.

Brandon Rollé，您的線路已接通。

Rochelle, there seems to be some issues there with Brandon's line. Can you check with Craig really quick? And if there's no further questions, then we'll conclude the call.

羅謝爾，布蘭登的台詞似乎有些問題。你能盡快聯絡克雷格嗎？如果沒有其他問題，我們將結束通話。

Craig has left the queue. I'm not showing any further questions.

克雷格已經離開隊列。我不會提出任何進一步的問題。

We probably addressed his questions earlier. Yes. No further questions, then we can conclude the call.

我們可能早些時候已經回答過他的問題。是的。沒有其他問題了，我們就可以結束通話了。

Thank you for your participation. This does conclude the program, and you may now disconnect. Everyone, have a great day.

感謝您的參與。這確實結束了程序，您現在可以斷開連接。大家，祝你有美好的一天。

Thank you for joining us, everyone. Please enjoy the rest of your day.

感謝大家加入我們。請享受您剩下的一天。