(WGO) 2024 Q1 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Q1 Fiscal 2024 Winnebago Industries Financial Results Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker, Ray Posadas, Vice President of Investor Relations and Market Intelligence. You may begin.

美好的一天，感謝您的支持。歡迎參加溫尼貝戈工業 2024 年第一季財務業績電話會議。 （操作員指示）請注意，今天的會議正在錄製中。現在我想將會議交給您的發言人、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 2024 first quarter earnings results. I am joined on the call today by Michael Happe, President and Chief Executive Officer; and Bryan Hughes, Senior Vice President and Chief Financial Officer. This call is being broadcast live on our website at investor.wgo.net, and a replay of the call will be available on our website later today. The news release with our first quarter results was issued and posted to our website earlier this morning.

大家早安，感謝您今天加入我們討論我們 2024 財年第一季的獲利結果。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。我們第一季業績的新聞稿已於今天早上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, thank you for your interest in Winnebago Industries and for taking the time to discuss our fiscal 2024 first quarter results. I will provide an overview of performance during the quarter 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 的關注並花時間討論我們 2024 財年第一季的業績。我將概述本季度的業績，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。

As we entered our fiscal 2024 year this past September, the outdoor recreation market in North America continued to face numerous short-term challenges. Consumer confidence was unsteady, given macroeconomic factors. Affordability of the RV and boating lifestyle, while still competitive with other forms of leisure travel, had become difficult for potential new customers. And dealers were aggressively managing inventory by constraining inbound wholesale shipments. We stated during the October earnings call that our first 2 fiscal quarters in 2024 would face formidable headwinds, especially as it related to dealer appetite for new RV and marine products and that we were hopeful our last 2 quarters in fiscal year 2024 would show real improvement relative to an anticipated future 1:1 retail ratio to wholesale replenishment rate developing within the channels.

今年 9 月，我們進入了 2024 財年，北美戶外休閒市場持續面臨許多短期挑戰。考慮到宏觀經濟因素，消費者信心不穩定。房車和划船生活方式的負擔能力雖然與其他形式的休閒旅行相比仍然具有競爭力，但對於潛在的新客戶來說已經變得困難。經銷商透過限制入境批發發貨來積極管理庫存。我們在10 月的財報電話會議上表示，我們2024 財年的前2 個季度將面臨巨大的阻力，特別是因為這與經銷商對新房車和船用產品的興趣有關，我們希望2024 財年的最後2 個季度能夠表現出真正的改善預計未來通路內零售與批發補貨率將達到 1:1。

The projection for fiscal year 2024 has proven true 3 months into this first half period. Retail demand is generally in line with our projections, if not a little better than anticipated in Barletta boats and Grand Design Towables. While dealers were very selective in Q1 with what they brought in from our premium brands and have done an excellent job in driving their inventories lower. We believe continued strong wholesale constraints during a seasonally lighter retail period of the year in December through February and subsequent further reduced production by our businesses over the holidays will also have a similar impact on Q2 financial results as well. Bryan Hughes will discuss this Q2 outlook in more detail later in the call.

2024 財年的預測在上半年三個月後已被證明是正確的。 Barletta 船和 Grand Design Towables 的零售需求即使不是比預期好一點，也基本上符合我們的預測。雖然經銷商在第一季對從我們的優質品牌進口的產品非常挑剔，並且在降低庫存方面做得非常出色。我們認為，在 12 月至 2 月的季節性零售淡季期間，持續強勁的批發限制以及隨後我們的業務在假期期間進一步減少產量也將對第二季度的財務業績產生類似的影響。布萊恩休斯 (Bryan Hughes) 將在稍後的電話會議中更詳細地討論第二季度的前景。

Despite these challenges, the Winnebago Industries team remains focused on 2 core objectives: A, the preservation of solid profitability and a strong balance sheet in the short term, balanced with the reinforcement of robust market positions, lot and retail share across our outdoor portfolio; and B, our commitment to amplifying investments that nurture the long-term health, vitality and value proposition for our brands and the enterprise as we prepare for what we believe will be a strong rebounding outdoor economy in the back half of calendar year 2024 and especially into 2025.

儘管面臨這些挑戰，溫尼貝戈工業團隊仍專注於兩個核心目標：A、短期內保持穩健的盈利能力和強勁的資產負債表，同時加強我們戶外產品組合中強勁的市場地位、批次和零售份額； B，我們承諾加強投資力度，為我們的品牌和企業培育長期健康、活力和價值主張，為我們相信戶外經濟在 2024 年下半年特別是強勁反彈做好準備到2025年。

Our fiscal year 2024 Q1 SG&A numbers include elevated investments in engineering, digital asset development and increased data and IT capabilities. These initiatives are incremental to historical spending and intentional. Overall, we maintain our bullish position on the future of the RV and marine industries, and our brands will be well situated to participate strongly in the cyclical upswing when it occurs.

我們的 2024 財年第一季 SG&A 數據包括增加對工程、數位資產開發以及增強的數據和 IT 能力的投資。這些舉措是歷史支出的增量且是有意的。總體而言，我們對房車和船舶行業的未來保持看好，我們的品牌將處於有利位置，能夠在周期性上漲發生時強有力地參與其中。

Our fiscal year 2024 Q1 results demonstrate the resilience of our diversified portfolio and variable cost structure as well as our production discipline and pursuit of operational excellence improvements. We are also focused within the Towable RV and marine segments in addressing vital consideration surrounding affordability with multiple new product releases while maintaining our commitment to customer satisfaction via outstanding product quality and aftermarket service.

我們的 2024 財年第一季業績證明了我們多元化投資組合和可變成本結構的彈性，以及我們的生產紀律和對卓越營運改善的追求。我們也專注於可牽引房車和船舶領域，透過發布多個新產品來解決圍繞可負擔性的重要考慮因素，同時透過出色的產品品質和售後服務來維持我們對客戶滿意度的承諾。

Overall, for our fiscal first quarter, we achieved $763 million in net revenues as we navigated softness in Motorhome RV and marine unit sales. Our consolidated gross margin of 15.2% was driven by strong margin performance in our Towable RVs segment. Overall, we delivered adjusted earnings per diluted share of $1.06. Within the RV industry, gross unit inventories across the Motorhome and Towable segments are at historically low levels, in some cases, not seen for more than a decade, and Winnebago Industries field inventory turn rates have returned to pre-COVID status. The RV industry added unit inventory for the first time in many months during October of 2023. And we do not anticipate significant further destocking industry-wide as we turn towards spring.

總體而言，在第一財季，我們克服了房車房車和船舶銷售疲軟的局面，實現了 7.63 億美元的淨收入。我們的綜合毛利率為 15.2%，這得益於我們可牽引房車細分市場的強勁利潤表現。總體而言，我們的調整後每股攤薄收益為 1.06 美元。在房車產業內，房車和拖車領域的總單位庫存處於歷史低位，在某些情況下，是十多年來未見的水平，溫尼貝戈工業公司的現場庫存週轉率已恢復到新冠疫情爆發前的狀態。房車產業在 2023 年 10 月期間首次增加了單位庫存。隨著春季的到來，我們預計整個產業不會進一步大幅去庫存。

Dealers continue to work through model year 2023 inventory during this quieter period of the year and mitigate the cost implications of higher inventory financing rates on their business. We continue to proactively manage our own capacity, output and costs in a targeted manner, given dynamic marketplace conditions. Importantly, our consolidated RV retail market share is showing signs of stabilization, following an anticipated pullback last year in connection with broader market focus on lower price points and further rationalization of second- and third-tier brand inventory.

經銷商將在今年這段較為平靜的時期繼續處理 2023 年車型的庫存，並減輕較高的庫存融資利率對其業務的成本影響。鑑於動態的市場條件，我們繼續有針對性地主動管理我們自己的產能、產量和成本。重要的是，繼去年由於更廣泛的市場關注較低價格點以及二三線品牌庫存的進一步合理化而預期出現回落之後，我們的綜合房車零售市場份額正在顯示出穩定的跡象。

Grand Design specifically is seeing solid retail performance as we speak and has added retail share in recent SSI reports. Last quarter, we highlighted several new RV models across our organic brands, providing customers with terrific value at attractive price points for premium products. The Grand Design Serenova and Reflection 100 as well as the new Winnebago-branded Access are examples of these introductions. The new Winnebago M-Series trailer and Grand Design's modestly-priced luxury fifth wheel Influence are also strong additions to the model year 2024 lineups.

就在我們發言時，Grand Design 特別看到了穩健的零售業績，並在最近的 SSI 報告中增加了零售份額。上季度，我們重點介紹了我們有機品牌的幾款新房車車型，以極具吸引力的價格為客戶提供了超值的優質產品。 Grand Design Serenova 和 Reflection 100 以及新的 Winnebago 品牌 Access 就是這些產品的例子。全新 Winnebago M 系列拖車和 Grand Design 價格適中的豪華第五輪 Influence 也是 2024 年車型陣容的有力補充。

In Q2, the Winnebago brand of Motorhomes will officially launch the next generation of the popular Revel and EKKO Motorhomes. The new Winnebago Revel 44E is the next generation of the industry's first all-wheel-drive Class B Motorhome built on the Mercedes-Benz Sprinter chassis. The new Revel 44E boasts extended season capabilities, a Winnebago power package featuring our own Lithionics GTO battery and upgraded interior and exterior features. The new Winnebago EKKO 23B2, a Class C Motorhome is also built on a Mercedes-Benz all-wheel-drive Sprinter chassis, boasts advanced all-season features, a multiuse living space and an advanced solar lithium battery combination. Both the Revel and the EKKO models begin shipping in January of 2024.

第二季度，Winnebago 房車品牌將正式推出下一代廣受歡迎的 Revel 和 EKKO 房車。全新 Winnebago Revel 44E 是下一代業界首款全輪驅動 B-Class 房車，基於梅賽德斯-賓士 Sprinter 底盤打造。新款 Revel 44E 擁有延長季節的能力、配備我們自己的 Lithionics GTO 電池的 Winnebago 動力套件以及升級的內部和外部功能。新款 Winnebago EKKO 23B2 是一款 C-Class 房車，同樣基於梅賽德斯-奔馳全輪驅動 Sprinter 底盤打造，擁有先進的全季節功能、多用途生活空間和先進的太陽能鋰電池組合。 Revel 和 EKKO 型號均於 2024 年 1 月開始出貨。

Coming off a banner year for our Marine segment in fiscal year 2023, our marine dealers, as anticipated, began to pull back on orders in the first quarter of fiscal 2024 due to elevated inventory levels and costs. This meaningfully impacted quarter 1 shipments and will continue to do so even more strongly in quarter 2. However, we are encouraged by the retail trends we are seeing specifically in the Pontoon segment. Our Barletta business has run positive comps to date in fiscal year 2024 and continues to gain share in the aluminum Pontoon segment, reaching now above 8-plus points of share in recent SSI reports.

2023 財年是我們船舶部門的輝煌一年，正如預期的那樣，由於庫存水準和成本上升，我們的船舶經銷商在 2024 財年第一季開始減少訂單。這對第一季的出貨量產生了重大影響，並將在第二季度繼續產生更強烈的影響。然而，我們對浮橋細分市場的零售趨勢感到鼓舞。迄今為止，我們的 Barletta 業務在 2024 財年的業績表現良好，並繼續擴大在鋁製浮橋領域的份額，在最近的 SSI 報告中目前所佔份額已超過 8 個百分點。

However, we are working closely with Barletta dealers, especially in the northern freshwater markets, to optimize their inventory positions as the winter months go so that they feel more comfortable with reorder capabilities as the spring season approaches. Similar to our RV brands, our Marine businesses continue to innovate with new releases for model year 2024. During the Fort Lauderdale Boat Show this past October, the Chris-Craft brand introduced the highly anticipated Catalina 28, offering customers a center console with versatile seating configurations and boasting groundbreaking Seakeeper ride technology. Barletta has unveiled the industry's first Pontoon boat with twin engines mounted in the center of the boat's transom, a patent-pending feature.

然而，我們正在與巴列塔經銷商密切合作，特別是在北部淡水市場，隨著冬季的到來，優化他們的庫存狀況，以便他們在春季臨近時對再訂購能力感到更加放心。與我們的房車品牌類似，我們的船舶業務繼續創新，推出了2024 年的新車型。在去年10 月的勞德代爾堡遊艇展上，Chris-Craft 品牌推出了備受期待的Catalina 28，為客戶提供了具有多功能座椅的中控台配置並擁有突破性的 Seakeeper 乘坐技術。 Barletta 推出了業界第一艘浮橋船，其雙引擎安裝在船的橫梁中央，這是一項正在申請專利的功能。

In addition, the new Reserve Laggera is a simplified decontented offering of the ultra high-end Reserve and has released a refreshed year 2 version of the entry-level ARIA model line as well, affordability with a premium look and feel. As I have often mentioned, Winnebago Industries will continue to responsibly invest, innovate and position our businesses for long-term success through the entirety of the economic cycle. We will prioritize profitability through disciplined production and cost management, leveraging our highly variable cost structure and collaborate closely with dealers to align on win-win inventory approaches to the market.

此外，新的 Reserve Laggera 是超高端 Reserve 的簡化產品，並發布了入門級 ARIA 車型系列的第二年更新版本，價格實惠，外觀和感覺高級。正如我經常提到的，溫尼貝戈工業公司將繼續負責任地投資、創新並定位我們的業務，以在整個經濟週期中取得長期成功。我們將透過嚴格的生產和成本管理來優先考慮獲利能力，利用我們高度可變的成本結構，並與經銷商密切合作，以雙贏的庫存方式進入市場。

Winnebago Industries remains well positioned to further strengthen our enterprise capabilities, capitalize on future growth opportunities and achieve long-term shareholder value creation goals. With that, I will now hand this over to Bryan Hughes.

溫尼貝戈工業仍處於有利地位，可以進一步增強我們的企業能力，利用未來的成長機會並實現長期股東價值創造目標。現在，我將把它交給布萊恩休斯。

Thanks, Mike, and good morning, everyone. Before I begin, I would like to refer you to our earnings release document as well as our earnings supplement document that are on our Investor Relations website. On past calls, I have verbally reviewed all the key financial results, and I will refrain from doing so today, and to improve efficiency, will instead focus solely on key drivers of our performance.

謝謝麥克，大家早安。在開始之前，我想請您參閱我們投資者關係網站上的收益發布文件以及收益補充文件。在過去的電話會議中，我口頭審查了所有關鍵的財務業績，但今天我將不再這樣做，為了提高效率，我將只關注我們業績的關鍵驅動因素。

Our first quarter consolidated revenues reflect a decrease of 19.9% compared to the fiscal 2023 period, driven by lower unit sales related to market conditions, product mix reflected by lower average selling prices and higher discounts and allowances across all segments, partially offset by carryover price increases related to higher motorized chassis costs. By extension, our gross profit for the quarter decreased 27.8% year-over-year, but we are proud to have delivered 15.2% gross profit margins despite the deleveraging impact of slowing sales, which was the greatest driver of our margin decline and higher discounts and allowances.

與2023 財年相比，我們第一季的綜合收入下降了19.9%，原因是與市場狀況相關的單位銷售下降、平均售價下降所反映的產品組合以及所有部門的折扣和津貼增加，部分被結轉價格所抵銷增加與較高的機動底盤成本有關。推而廣之，我們本季的毛利年減了27.8%，但我們很自豪能夠實現15.2% 的毛利率，儘管銷售放緩帶來了去槓桿化的影響，這是我們利潤率下降和更高折扣的最大驅動因素和津貼。

Our ongoing profitability is the result of our variable cost structure, the strength of our relationships with our supplier partners and dealers and the relentless pursuit of operational excellence across each of our businesses. Maintaining healthy gross margins enabled delivery of EBITDA margins of 7.1%, which includes investments in our advanced technology, digital transformation and IT capabilities.

我們持續的獲利能力源於我們可變的成本結構、我們與供應商合作夥伴和經銷商的牢固關係以及我們每項業務對卓越營運的不懈追求。維持健康的毛利率使 EBITDA 利潤率達到 7.1%，其中包括對先進技術、數位轉型和 IT 能力的投資。

I'll now cover our performance by segment. Revenues for the Towable RVs segment were down 4.8% compared to the prior year as strong unit sales growth and lower ASP travel trailers contributed to an unfavorable product mix. Towable RVs segment adjusted EBITDA was down 8.8% versus the prior year period. Adjusted EBITDA margin was 10%, down 50 basis points year-over-year primarily due to deleverage and new product start-up costs. Revenues for the Motorhome segment were down 28% from the prior year. This decline was driven by lower unit sales as a result of current market conditions and a higher level of discounts and allowances, partially offset by favorable product mix and price increases related to higher motorized chassis costs.

現在我將按部分介紹我們的表現。牽引式房車細分市場的收入較上年下降 4.8%，原因是銷量強勁增長和旅行拖車平均售價下降導致產品組合不利。牽引式房車部門調整後 EBITDA 較上年同期下降 8.8%。調整後 EBITDA 利潤率為 10%，年減 50 個基點，主要是因為去槓桿化和新產品啟動成本。房車業務的收入較前一年下降 28%。這一下降的原因是當前市場狀況導致單位銷售下降以及折扣和補貼水平較高，但部分被有利的產品組合和與機動底盤成本上升相關的價格上漲所抵消。

Segment adjusted EBITDA margin was 6.4%, down 440 basis points versus the prior year due to volume deleverage, higher discounts and allowances and some operational inefficiencies. As Mike shared during our prior earnings call, we are excited by the launch of Grand Design Motorhome and look forward to seeing those new models begin to enter the market later this fiscal year. Our investment behind this initiative is reported in the corporate all other category within our financial results, and therefore, will not be dilutive to our Motorhome RV segment until Grand Design Motorhomes becomes operational.

由於數量去槓桿化、折扣和補貼增加以及一些營運效率低下，部門調整後 EBITDA 利潤率為 6.4%，比上年下降 440 個基點。正如麥克在之前的財報電話會議上分享的那樣，我們對 Grand Design Motorhome 的推出感到興奮，並期待看到這些新車型在本財年晚些時候開始進入市場。我們對此舉的投資在我們的財務表現中的所有其他類別中進行了報告，因此，在 Grand Design Motorhomes 投入營運之前，不會稀釋我們的房車房車部門。

Overall, we anticipate that the bottom line impact to Winnebago Industries will be dilutive to our pretax income by about $10 million to $15 million throughout fiscal year 2024 due to sizable start-up costs with limited revenue at the initial launch. However, we believe this is a powerfully accretive strategy and financial opportunity for the company in future years. As expected, our spending was approximately $1 million in Q1, and we anticipate ramping that investment to between $4 million to $5 million by Q4. Keep in mind, we expect our investment to be accretive to our fiscal 2025 results.

總體而言，我們預計 2024 財年對 Winnebago Industries 的底線影響將稀釋我們的稅前收入約 1000 萬至 1500 萬美元，因為啟動成本相當大，而最初推出時的收入有限。然而，我們相信這對公司未來幾年來說是一個強有力的增值策略和財務機會。正如預期的那樣，我們第一季的支出約為 100 萬美元，我們預計到第四季將投資增加到 400 萬至 500 萬美元。請記住，我們預計我們的投資將為我們 2025 財年的業績帶來增值。

Let's turn to our Marine segment. Revenues were down 33.5% from the prior year as a result of a decline in unit volume related to slow dealer demand and an elevated interest rate environment and higher discounts and allowances, partially offset by carryover price increases. Marine segment adjusted EBITDA margin of 8.2% decreased 590 basis points versus the prior year, primarily due to volume deleverage but also impacted by higher levels of discounting. Backlog for the Marine segment declined 55.9% compared to the first quarter of the prior year due to cautious dealer sentiment this off-season as compared to last.

讓我們轉向我們的海洋部分。由於經銷商需求放緩、利率環境升高以及折扣和補貼增加導致單位銷售下降，收入比上年下降了 33.5%，但部分被結轉價格上漲所抵消。船舶部門調整後 EBITDA 利潤率為 8.2%，較上年下降 590 個基點，這主要是由於銷售去槓桿化，但也受到較高折扣水準的影響。由於今年淡季經銷商情緒較去年持謹慎態度，船舶領域的積壓訂單較去年第一季下降了 55.9%。

Moving now to the balance sheet. At the end of the quarter, Winnebago Industries had a net debt-to-EBITDA ratio of approximately 1.2x, which is at the middle of our targeted range. Maintaining a strong balance sheet is core to the Winnebago Industries' investment thesis and has continued to allow us to execute our balanced capital allocation strategy, which prioritizes digital and strategic investments in our business like the opening of the ATG Innovation Center, for example, or strategic acquisitions like Lithionics most recently, while also returning significant capital to shareholders.

現在轉向資產負債表。截至本季末，Winnebago Industries 的淨負債與 EBITDA 比率約為 1.2 倍，處於我們目標範圍的中間位置。保持強勁的資產負債表是溫尼貝戈工業投資理念的核心，並繼續使我們能夠執行平衡的資本配置戰略，該戰略優先考慮我們業務中的數位和戰略投資，例如開設 ATG 創新中心，或最近進行了Lithionics 等策略性收購，同時也向股東返還了大量資本。

During the first quarter, we executed share repurchases of $40 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 over the long term. These actions further underscore our confidence in and our commitment to the long-term strength and trajectory of our business.

第一季度，我們執行了4000 萬美元的股票回購，並將季度現金股息增加了15% 至每股0.31 美元，這反映出我們對長期盈利增長收入、利用新機會和獲得市場份額的能力充滿信心學期。這些行動進一步凸顯了我們對業務長期實力和發展軌蹟的信心和承諾。

Before turning the call back to Mike, I would like to provide more context on the previous comments Mike made about our upcoming second quarter. We anticipate Q2 consolidated sales are likely to be reduced from Q1 levels. This has historically been the pattern from Q1 into Q2 due to production utilization over the upcoming holiday period, and we expect that to be the case this year as well. This also reflects our continued efforts to maintain a very disciplined approach to our production output during a time when dealers are steadfast in minimizing inventory during the off-season months and as evidenced by the lower backlog with which we ended the first quarter.

在將電話轉回給麥克之前，我想提供有關麥克之前對我們即將到來的第二季的評論的更多背景資訊。我們預計第二季的綜合銷售額可能會較第一季下降。由於即將到來的假期期間的生產利用率，從歷史上看，從第一季到第二季都是這種模式，我們預計今年也會出現這種情況。這也反映出，在經銷商堅定地在淡季月份最大限度地減少庫存的時期，我們繼續努力保持非常嚴格的生產方式，第一季末積壓訂單的減少就證明了這一點。

This preference by the dealer network this year has been further influenced by the higher interest rate environment and the corresponding high carrying costs that the dealer network has been experiencing. Negative dealer sentiment related to current inventory levels is most acute in our Towable RV and Marine businesses. And therefore, our current expectation as that sequential sales performance for our Towable RV and Marine businesses will reflect this dealer sentiment most notably and will produce lower sales both sequentially from Q1 to Q2 as well as year-over-year for Q2.

今年經銷商網路的這種偏好進一步受到較高利率環境以及經銷商網路所經歷的相應高持有成本的影響。與當前庫存水準相關的經銷商負面情緒在我們的可牽引房車和船舶業務中最為嚴重。因此，我們目前的預期是，我們的可牽引房車和船用業務的連續銷售業績將最顯著地反映經銷商的情緒，並將產生較低的銷售額，無論是第一季到第二季的連續銷售還是第二季的年比銷售。

We are currently anticipating that Q2 profitability will be impacted by the modest sequential reduction to sales in Q2. We do not currently expect sales incentives to change materially in Q2 from what was experienced in Q1. These prior comments are specific to Q2. As we look ahead to the back half of our fiscal year, we continue to expect dealer ordering patterns to return to a relationship where 1 retail sale will produce 1 wholesale shipment. Retail activity from the last several weeks and really the last few months continues to support a forward-looking estimate of 350,000 retail units for the RV industry in calendar 2024, and is consistent with the most recent RVIA estimate of approximately 350,000 shipments.

我們目前預計第二季的獲利能力將受到第二季銷售額連續小幅下降的影響。我們目前預計第二季的銷售激勵措施不會與第一季相比有重大變化。這些先前的評論特定於第二季。當我們展望本財年後半段時，我們仍預期經銷商的訂購模式將恢復到 1 份零售銷售將產生 1 份批發出貨的關係。過去幾週乃至過去幾個月的零售活動繼續支持對 2024 年房車行業零售量 350,000 輛的前瞻性估計，並且與 RVIA 對約 350,000 輛出貨量的最新估計一致。

With 2023 expected to produce shipments in the range of 300,000 units, the current expectation is that the industry would therefore realize an approximate 17% increase in shipments for calendar 2024. We expect that the back half of our fiscal year will therefore realize a pro rata portion of this expected increase. With that, I will now turn the call back to Mike to provide some closing comments. Mike, back to you.

預計 2023 年的出貨量將達到 30 萬台，目前預計該行業 2024 年的出貨量將實現約 17% 的增長。我們預計本財年後半段的出貨量將按比例實現增長預期增長的一部分。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 closing comments before we get to the Q&A session. As many on this call are aware and as Bryan just stated, the RV Industry Association recently revised their expectations for calendar 2024 RV shipments to a midrange estimate of 350,000 units. We are aligned with that projection at this time and believe this number will closely correlate with calendar year industry retail as well. As we assess the implications of the upcoming 2024 retail season, we will provide the investor community with an update to our long-range financial and operational targets, originally provided during our 2022 Investor Day, during our second quarter earnings call in March.

謝謝，布萊恩。在我們進入問答環節之前，現在有一些結束語。正如本次電話會議中的許多人都知道的那樣，正如 Bryan 剛才所說，房車行業協會最近將其對 2024 年房車出貨量的預期修改為 350,000 輛的中期估計。我們目前與此預測保持一致，並相信這一數字也將與歷年行業零售密切相關。在評估即將到來的2024 年零售季的影響時，我們將在3 月份的第二季度財報電話會議期間向投資者群體提供我們的長期財務和運營目標的最新信息，這些目標最初是在2022 年投資者日期間提供的。

On our last earnings call, we announced significant news concerning the pending launch of a Grand Design Motorhome lineup, offering a strong complementary set of products to our current Winnebago and Newmar Motorhome brand portfolios. Grand Design continues to reinforce its reputation as one of the most successful RV brands ever created, receiving the RV Dealer Association Dealer Satisfaction Index Award for every one of its core product brands this past fall, an honor they have never failed to receive. We have no doubt this excellence will carry on to their new Motorhome lineup, which will be unveiled later in fiscal year 2024 with anticipated shipments beginning in our fiscal fourth quarter.

在我們上次的財報電話會議上，我們宣布了即將推出 Grand Design 房車系列的重大消息，為我們目前的 Winnebago 和 Newmar 房車品牌組合提供強有力的補充產品。 Grand Design 繼續鞏固其作為有史以來最成功的房車品牌之一的聲譽，去年秋天，其每個核心產品品牌都獲得了房車經銷商協會經銷商滿意度指數獎，這是他們從未未能獲得的榮譽。我們毫不懷疑，這種卓越性能將延續到他們的新房車系列中，該系列將於 2024 財年晚些時候推出，預計從第四財季開始發貨。

Also in the first quarter, Winnebago Industries opened our Advanced Technology Group's new innovation center, which will serve as a center of excellence for Horizon 2 and 3 engineering efforts within the company. In the years ahead, the center will support the design of a new generation of RV and marine products that will harness and apply emerging technologies. Our integration of Lithionics Battery continues to go well roughly 8 months following this important strategic vertical technology acquisition. Lithionics is expanding its electrical products offering, penetrating the Winnebago Industries' product portfolios with its exciting battery packs and battery management system offerings, expanding business with other outdoor mobility OEMs and preparing its catalog of products for application into the marine industry.

同樣在第一季度，溫尼貝戈工業公司開設了先進技術集團的新創新中心，該中心將作為公司內 Horizo​​n 2 和 Horizo​​n 3 工程工作的卓越中心。未來幾年，該中心將支援新一代房車和船舶產品的設計，這些產品將利用和應用新興技術。在這次重要的策略性垂直技術收購後大約 8 個月內，我們對鋰離子電池的整合繼續順利進行。 Lithionics 正在擴大其電氣產品供應，以其令人興奮的電池組和電池管理系統產品滲透Winnebago Industries 的產品組合，擴大與其他戶外行動原始設備製造商的業務，並準備其產品目錄以應用於海洋產業。

While the top line sales impact to Winnebago Industries from Lithionics will be modest for a few years, the profit dollars and yield impact will be more significant, in addition to the value of building a knowledge base here at the company on portable power technology across our businesses. Very importantly, Winnebago Industries released last week its fifth annual corporate responsibility report. The report aligns with the global reporting initiative, Universal Standards, and features an index aligned with recommendations from the Task Force on Climate-Related Financial Disclosures as well as the company's first Sustainability Accounting Standards Board's Index.

雖然鋰電子對溫尼貝戈工業公司的營收影響在幾年內將不大，但除了在公司建立便攜式電源技術知識庫的價值外，利潤和產量影響將更為顯著。企業。非常重要的是，溫尼貝戈工業公司上週發布了第五份年度企業責任報告。該報告與全球報告倡議「通用標準」保持一致，並採用了符合氣候相關財務揭露工作小組建議的指數以及該公司的第一個永續會計準則委員會指數。

Highlights of Winnebago Industries corporate responsibility progress include: submitting the company's first CDP climate change questionnaire, representing another large step toward enhancing their climate-related disclosures; progressing towards the company's waste reduction goal, improving to 62% diversion from landfills across our enterprise; initiating a strategic partnership with the Nature Conservancy to promote conservation and protect the outdoors; a 20% reduction in the company's absolute Scope 1 and Scope 2 greenhouse gas emissions since 2020; reduced total recordable incident rates by 16% compared to fiscal year 2022; provided more than $3 million in financial product and volunteer contributions to the communities Winnebago Industries serves in fiscal year '23, an increase of 20x in giving since 2016; introducing new innovations that will support sustainability efforts, including the all-electric concept boat from Chris-Craft, further upgrades to an all-electric RV prototype, the e-RV2 and the acquisition of a lithium-ion battery manufacturer, Lithionics Battery; increased Board gender and racial diversity from 14% women and no directors of color in 2015 to 30% women and 20% directors of color in 2023.

溫尼貝戈工業企業責任進展的亮點包括：提交公司第一份 CDP 氣候變遷調查問卷，代表著在加強氣候相關資訊揭露方面又邁出了一大步；朝著公司的廢棄物減少目標邁進，將整個企業的垃圾掩埋率提高到 62%；與大自然保護協會建立策略夥伴關係，以促進自然保護和保護戶外活動；自 2020 年起，公司範圍 1 和範圍 2 溫室氣體絕對排放量減少 20%；與 2022 財年相比，可記錄總事故率降低了 16%；在第 23 財年，為 Winnebago Industries 所服務的社區提供了超過 300 萬美元的金融產品和志工捐款，自 2016 年以來捐贈額增加了 20 倍；引入支持永續發展努力的新創新，包括 Chris-Craft 的全電動概念船、全電動房車原型 e-RV2 的進一步升級以及對鋰離子電池製造商 Lithionics Battery 的收購；董事會性別和種族多樣性從 2015 年的 14% 女性且無有色人種董事增加到 2023 年的 30% 女性和 20% 有色人種董事。

Lastly, I would like to extend my gratitude to the entire Winnebago Industries' team of employees for their continued hard work and dedication. They have faced a significant amount of change in the past many years and continued to demonstrate resilience and agility as we navigate very dynamic market conditions. We have a tremendous team here, and I wish each of them and their families a safe and happy holiday season, and those same wishes are extended to all of you listening in on this call as well.

最後，我要對溫尼貝戈工業公司全體員工團隊的持續辛勤工作和奉獻精神表示感謝。在過去的許多年裡，他們面臨著巨大的變化，並在我們應對瞬息萬變的市場條件時繼續表現出韌性和敏捷性。我們這裡有一支強大的團隊，我祝福他們每個人和他們的家人度過一個安全、快樂的假期，同樣的祝福也送給所有收聽本次電話會議的人。

That concludes our prepared remarks this morning. I will now turn the call back over to the operator who will open up the line for 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，接線員將為您解答問題。

(Operator Instructions) And our first question is going to come from the line of Michael Swartz with Truist Securities.

（操作員說明）我們的第一個問題將來自 Truist Securities 的 Michael Swartz。

Maybe just to drill down into the second quarter commentary that you made. I mean, obviously, it sounds like revenue will be down sequentially versus the first quarter, which I don't think is a big surprise, given it's a seasonally smaller period anyway. But I just wanted to maybe dig down on the margin outlook and maybe even EPS. I mean, are you trying to get across that sequentially, EPS will be down quarter-over-quarter?

也許只是為了深入了解您所做的第二季評論。我的意思是，顯然，聽起來收入將比第一季連續下降，我認為這並不是一個大驚喜，因為無論如何這是一個季節性較小的時期。但我只是想深入研究利潤率前景，甚至每股收益。我的意思是，您是否試圖弄清楚每股收益將環比下降？

Mike, this is Bryan. With the deleverage we've experienced, that's been the biggest driver by far of our margins versus last year and even sequentially. And as I said in the prepared remarks, the allowances and discounts aren't going to be meaningfully different. So I think you should interpret the comments as such, that the lower sales volume will deliver, through deleverage, a lower profit number. Obviously, we're doing a lot of things to manage the expenses, the cost. We leverage our variable cost structure to the extent that we can, but that's the message we're conveying.

麥克，這是布萊恩。隨著我們經歷的去槓桿化，這是迄今為止我們的利潤率與去年甚至連續季度相比的最大驅動因素。正如我在準備好的演講中所說，津貼和折扣不會有太大的不同。因此，我認為您應該這樣解釋這些評論，即較低的銷售量將透過去槓桿化帶來較低的利潤數字。顯然，我們正在做很多事情來管理開支和成本。我們盡可能地利用可變成本結構，但這就是我們要傳達的訊息。

Got you, okay. And then second question, just -- and I think, Mike, you were discussing this in your -- in the preamble. Just in terms of the retail environment, maybe in the past 30 to 60 days, I sensed, I guess, a little more maybe optimism versus where we were when we last talked back in October. Could you just give us maybe a little more flavor or color what you've actually seen on the retail environment, both in the RV and the marine industries?

明白你了，好。然後是第二個問題，我想，麥克，你在序言中討論了這個問題。就零售環境而言，也許在過去的 30 到 60 天裡，我猜想，與 10 月我們上次交談時相比，我感覺可能更加樂觀了。您能否給我們多一點您在房車和船舶行業零售環境中實際看到的風味或色彩？

Mike, as my comments indicated, we aren't seeing a lot of surprises in the retail environment right now. It has generally been tracking on both the RV and marine side to the internal projections that we have had for both calendar '23 and sort of the trend line that's headed towards, obviously, calendar '24 here in the coming weeks. I did mention that we are seeing positive retail from both Grand Design RV and Barletta. And when I say positive, I mean positive over same weeks the year prior, so truly positive.

麥克，正如我的評論所表明的那樣，我們目前在零售環境中沒有看到很多驚喜。它通常在 RV 和船舶方面追蹤我們對日曆 '23 的內部預測，以及顯然在未來幾週內朝著日曆 '24 發展的趨勢線。我確實提到過，我們看到了 Grand Design RV 和 Barletta 的積極零售。當我說積極時，我指的是前一年同一周的積極，所以真正的積極。

The other businesses are, again, trending as we expected and are gradually improving in a comp standpoint versus the year prior. As Bryan and I both indicated, if we are to reach that 2024 retail level of 350,000 units approximately, we'll have to gradually see an overall trend of RV retail comps closer to ultimately flat to maybe later in calendar '24 positive versus the year prior. So no surprises on the trends that we're projecting internally. And the bigger challenge in the current short term is dealers just continuing to very carefully manage their own inventories.

其他業務的趨勢再次符合我們的預期，並且與前一年相比正在逐漸改善。正如布萊恩和我都指出的那樣，如果我們要達到2024 年約350,000 輛的零售水平，我們將不得不逐漸看到RV 零售比較的總體趨勢接近最終持平，也許在24 世紀晚些時候，與今年相比將出現正面的改變事先的。因此，我們內部預測的趨勢並不令人意外。目前短期內更大的挑戰是經銷商繼續非常謹慎地管理自己的庫存。

And our next question is going to come from the line of Craig Kennison with Baird.

我們的下一個問題將來自克雷格·肯尼森和貝爾德的對話。

I wanted to follow up on Mike's last question. Just it would seem to me that RV affordability has improved significantly, given model year 2024 prices and the move in interest rates. I'm just curious if you're hearing anything from your channel partners that suggest any movement by consumers based on that math.

我想跟進麥克的最後一個問題。只是在我看來，考慮到 2024 年車型的價格和利率的變化，房車的承受能力已顯著提高。我只是好奇您是否從您的通路合作夥伴那裡聽到任何建議消費者根據該數學採取的任何行動。

I think any movement to that end would be very subtle at this time. We are trying to address the affordability challenge in the marketplace for new consumers of RVs and boats through a variety of tactics. Certainly, some of that includes support for units in dealer inventory that are either aging in place or may be particularly pressured from a price standpoint. We have also introduced, as we said in the script, several new models within a few of our brands that we believe will be more attractive to consumers shopping for lower price points.

我認為此時任何為此目的採取的行動都將非常微妙。我們正在嘗試透過各種策略來解決房車和船舶新消費者市場上的負擔能力挑戰。當然，其中一些包括對經銷商庫存中的單位的支持，這些單位要么已經老化，要么從價格的角度來看可能特別受到壓力。正如我們在腳本中所說，我們也推出了一些品牌內的幾種新型號，我們相信這些型號對購買較低價位的消費者更具吸引力。

And then the last thing that we're definitely doing is we are passing on the benefits of reduced inflation or, in some cases, even disinflation to -- deflation to our dealers as well. Our businesses are being fair at the time where we have a bill of material that is going the right direction in terms of a lower cost of goods. Those products are seeing that benefit pass through to the dealers as well. But this time of year, Craig, retail-wise, difficult to see a significant movement by consumers reacting to affordability easing in the marketplace.

然後，我們肯定要做的最後一件事是，我們正在將通貨膨脹減少的好處，或者在某些情況下，甚至通貨緊縮的好處也轉移給我們的經銷商。當我們的物料清單在降低商品成本方面朝著正確的方向發展時，我們的業務是公平的。這些產品也將利益傳遞給經銷商。但每年的這個時候，克雷格在零售方面很難看到消費者對市場負擔能力寬鬆的重大反應。

And then could you comment on the freshness of dealer inventory, basically like the mix of model year 2024 units versus prior year models and how that would be compared to prior years at this time?

然後您能否評論一下經銷商庫存的新鮮度，基本上就像 2024 年車型與前一年車型的組合，以及此時與前幾年相比如何？

Yes. Craig, I can speak to that. I won't get into any specifics by brand but we feel we are in good relative condition to the rest of the industry. When we look across all of our businesses, RV and Marine, we think that less than 5% of our inventory at the end of quarter 1 was model year 2022. We believe somewhere in the neighborhood of 40% to 45% was model year '23, and subsequently, that means about half of our inventory was model year 2024.

是的。克雷格，我可以談談。我不會按品牌詳細介紹，但我們認為與行業其他公司相比，我們的相對狀況良好。當我們縱觀我們的所有業務（房車和船舶）時，我們認為第一季末我們的庫存中只有不到5% 是2022 年車型。我們相信40% 到45% 左右的某個地方是年份車型. 23，隨後，這意味著我們大約一半的庫存是 2024 年車型。

If you compare that to previous fiscal years at that point in time, end of Q1, we are a little bit heavier on prior model year inventory. In this case, that would be model year 2023 and a little bit lighter on current model year inventory, that being model year 2024. The numbers that I just quoted, generally, the RV numbers as part of that are a little bit lower in a positive way, meaning we have less prior model year inventory. In the Marine side, we probably have a little bit more prior model year inventory that we're working through.

如果您將其與先前財年第一季末的時間點進行比較，我們會發現我們先前車型年的庫存稍微重一些。在這種情況下，這將是 2023 年車型，比當前車型年份庫存（即 2024 年車型）要輕一些。我剛才引用的數字，一般而言，其中的 RV 數字在積極的方式，意味著我們之前型號的庫存減少了。在海軍陸戰隊方面，我們可能有更多的前型號庫存正在處理。

I've seen some notes from some of the sell-side analysts that are probably on the call today that have probably done some scrapes of online dealer inventory. And it appears that we are in good shape versus the rest of the industry in terms of inventory position. So a little elevated but not anything that is causing us great consternation at this time.

我看到了今天可能參加電話會議的一些賣方分析師的一些筆記，他們可能已經對線上經銷商庫存進行了一些清理。就庫存狀況而言，與該行業其他公司相比，我們的狀況似乎良好。所以有點高，但目前還沒有引起我們極大驚愕的事情。

We do think that, that is one of the things that will impact Q2 as well. I mentioned, as did Mike, the dealer sentiment having an impact on Q1 and ordering patterns into Q2. That's certainly one of the things that we hear from dealers is that they want to minimize model year '24 purchases until they see more progress industry-wide on those model year '23s on their lots.

我們確實認為，這也是會影響第二季的因素之一。我和麥克一樣提到了經銷商情緒對第一季和第二季訂購模式的影響。這當然是我們從經銷商那裡聽到的事情之一，他們希望盡量減少 24 款車型的購買，直到他們看到他們的地段上的 23 款車型在全行業範圍內取得更多進展。

And our next question is going to come from the line of Bret Jordan with Jefferies.

我們的下一個問題將來自布雷特喬丹和傑弗里斯的線路。

Could you talk a little bit more about the incremental SG&A investment? I think you talked around sort of engineering data, IT. Could you give us a bit more color there and how we should think about that in sort of -- in '24?

能多談談增量 SG&A 投資嗎？我認為您談到了工程數據、IT。您能給我們更多的資訊嗎？我們在 24 世紀該如何思考這一點？

Bret, this is Mike. I'll begin and then Bryan will probably add some additional context as well. I had felt candidly through the last month or so that the Street was modeling our SG&A a little lower than what we had been planning. Our SG&A for quarter 1 actually came in lower than what our management plan on SG&A was for quarter 1. So SG&A is a little bit different in its variable cost nature than really the manufacturing side of our business, and Bryan can probably speak to that a little bit more articulately than I can.

布雷特，這是麥克。我先開始，然後 Bryan 可能還會添加一些額外的背景資訊。在過去一個月左右的時間裡，我坦率地感覺到，華爾街對我們的SG&A 的建模比我們計劃的要低一些。我們第一季的 SG&A 管理計畫實際上低於我們第一季的 SG&A 管理計畫。因此，SG&A 的可變成本性質與我們業務的實際製造方面略有不同，布萊恩可能可以這麼說：比我更清楚一點。

But as we returned to a new fiscal year, you saw some things roll over, as one example would be the reset of bonuses for certain employees in the organization. But I'm going to speak to the specific things I referenced in the call, engineering being one of them. We are spending intentional dollars around the development of new products around work in the advanced technology area on topics like electrification, and even within our businesses, our businesses are keeping their foot to the pedal in terms of new products that will be introduced in -- later in this fiscal year or future fiscal years.

但當我們回到新的財政年度時，您會看到一些事情發生了變化，例如，組織中某些員工的獎金重置。但我要談談我在電話中提到的具體事情，工程就是其中之一。我們正在圍繞電氣化等先進技術領域的工作有意投入資金來開發新產品，甚至在我們的業務範圍內，我們的業務也正在緊鑼密鼓地開發新產品，這些新產品將在以下領域推出：在本財年晚些時候或未來財年。

I talked about digital assets. The world is changing from a brick-and-mortar analog environment to more of an online digital world. And we are investing in numerous tools within our businesses that will help us compete effectively in the future from a digital engagement standpoint with consumers. And lastly, IT systems. Winnebago Industries, when I joined the company now almost 8 years ago, just was not modernized in the way we did business and particularly the foundation of IT systems. And we continue to travel along that path, and we are making intentional investments in ERP systems, in customer service phone systems. We're making investments in financial systems. We're making investments in customer relation management systems, all with the intention of obviously modernizing the business and setting the stage for success in the future.

我談到了數位資產。世界正在從實體模擬環境轉變為線上數位世界。我們正在業務中投資大量工具，這些工具將幫助我們在未來從與消費者的數位互動角度進行有效競爭。最後是 IT 系統。當我大約 8 年前加入 Winnebago Industries 時，我們的業務方式，特別是 IT 系統的基礎還沒有現代化。我們將繼續沿著這條道路前進，並且正在對 ERP 系統和客戶服務電話系統進行有意識的投資。我們正在對金融體系進行投資。我們正在對客戶關係管理系統進行投資，所有這些都是為了實現業務現代化並為未來的成功奠定基礎。

So we probably had a little bit of a misalignment with the Street this quarter on that impact of both resetting SG&A but also adding in some of those investments, but now you guys are aware of our approach on that. Bryan, any other context?

因此，本季我們可能與華爾街在重置 SG&A 以及增加其中一些投資的影響方面存在一些分歧，但現在你們已經知道我們在這方面的做法了。布萊恩，還有其他背景嗎？

Yes. I'll give you a little more context, Bret. We have historically talked about our cost structure being 85% variable. SG&A is clearly a really small part of our cost structure, but it's much more fixed. I would use more of a 25% variable as a high-level estimate. So that might help some of the modeling. We've also added Lithionics. Obviously, that business unit SG&A since last year, not since Q4, so not sequentially but versus last year, that's an add as well as the purchase accounting impact from that deal.

是的。我會給你更多的背景信息，布雷特。我們歷來談論過我們的成本結構有 85% 是可變的。 SG&A 顯然只是我們成本結構中很小的一部分，但它更固定。我會更多地使用 25% 的變數作為高級估計。所以這可能有助於一些建模。我們還添加了鋰電子。顯然，該業務部門的銷售及行政管理費用是從去年開始的，不是從第四季度開始的，所以不是按順序，而是與去年相比，這是該交易的增加以及採購會計影響。

Mike mentioned the investments we're making, all very intentional. He also mentioned the bonus plans and the variability that, that might cause from one quarter to the next. So in general, you got to also appreciate that SG&A is more subject to volatility from one quarter to the next as we deal with some nonrecurring type items as well. So we'll continue to provide commentary around those types of things as they occur. But I guess that's the additional context I would add.

麥克提到了我們正在進行的投資，都是非常有意義的。他還提到了獎金計劃以及可能從一個季度到下一個季度造成的變化。因此，總的來說，您還必須認識到，SG&A 從一個季度到下一個季度更容易受到波動的影響，因為我們也處理一些非經常性項目。因此，我們將繼續針對此類事件的發生提供評論。但我想這就是我要增加的額外背景。

Okay, great. And then a quick question. I guess in the last couple of years, the RVIA started out pretty high and ended up substantially lower, and it seems like they've taken the number down a little bit already for '24. I guess it's in line with your forecast. I guess -- do you think that's substantially derisked? I guess, what would you see that could happen that would cause the RVIA number to come in 20-plus percent below the initial forecast as it has the last couple of years? Or are they conservative enough at this point, do you think?

好的，太好了。然後是一個簡短的問題。我想在過去的幾年裡，RVIA 開始時相當高，但最終卻大幅下降，而且似乎他們已經在 24 年把這個數字降低了一點。我想這和你的預測是一致的。我想——你認為這基本上消除了風險嗎？我想，您認為會發生什麼情況，導致 RVIA 數字比過去幾年的最初預測低 20% 以上？或者你認為他們目前夠保守嗎？

Bret, we have members of our leadership team that participate in the process with RVIA on the market statistics committee to help set that number. So -- and that's a good thing that OEMs and suppliers are working with RVIA to try to come up with a collective projection for shipments. The element that comes to mind when you ask that question for me is timing. I think that the question here is when will dealers begin to feel more confident in trending towards that 1:1 retail to wholesale replenishment ratio that not only Winnebago Industries has referenced but some of our peers as well.

Bret，我們的領導團隊成員與 RVIA 一起參與市場統計委員會的流程，以幫助設定這個數字。因此，原始設備製造商和供應商正在與 RVIA 合作，試圖對出貨量做出集體預測，這是一件好事。當你向我提出這個問題時，我想到的因素是時機。我認為這裡的問題是經銷商什麼時候開始對零售與批發補貨比例為1:1 的趨勢更有信心，不僅溫尼貝戈工業公司也提到了這一點，我們的一些同行也提到了這一點。

And I think -- we're not anticipating a large retail difference in calendar '24 versus calendar '23. We think it will be a relatively flat environment. And so it really comes down to channel confidence in terms of taking more inventory to put on their lots to support a healthy retail environment with consumers. And I think the timing of that sort of channel shipment flow trend will be what ultimately determines the shipment number.

我認為，我們預計「24 日曆」與「23 日曆」的零售差異不會很大。我們認為這將是一個相對平坦的環境。因此，歸根結底，這實際上是為了增強信心，增加庫存，以支持消費者健康的零售環境。我認為這種渠道出貨量趨勢的時機將最終決定出貨量。

Certainly, if retail is positive, if the Fed cuts interest rates, if consumers feel some easing and start to return to spending in the RV and marine industries, that retail boost or energy could certainly also help deliver that higher confidence to our dealers. So I think it's timing. And I think the RVIA shipment number is probably more balanced in terms of upside and downside at this new 350,000 number.

當然，如果零售業積極發展，如果聯準會降息，如果消費者感到一些寬鬆並開始回歸房車和船舶行業的支出，那麼零售業的成長或能源肯定也有助於為我們的經銷商帶來更高的信心。所以我認為現在正是時候。我認為 RVIA 出貨量在這個新的 350,000 數量上可能更加平衡。

Our next question is going to come from the line of Tristan Thomas-Martin with BMO Capital Markets.

我們的下一個問題將來自蒙特利爾銀行資本市場部的特里斯坦·托馬斯·馬丁 (Tristan Thomas-Martin)。

Has your view on ASPs for the full year changed since last quarter?

自上季以來，您對全年平均售價的看法有變化嗎？

On the Towables side, what we're seeing is probably a stronger shift in mix, Tristan, at least in the near term in Q1 and probably to be continued in Q2 towards travel trailers versus fifth wheels as consumers migrate to a more affordable product. I think mix will continue to have a bigger impact on ASP than what we have conveyed, and I think as recently as last quarter, we conveyed a number.

在拖車方面，我們看到的可能是組合的更強有力的轉變，特里斯坦，至少在第一季度的短期內，並且可能會在第二季度繼續向旅行拖車而不是第五輪轉變，因為消費者轉向更實惠的產品。我認為混合將繼續對 ASP 產生比我們所傳達的更大的影響，而且我認為就在上個季度，我們傳達了一個數字。

On the Motorized and Marine side, pretty consistent still from what we're seeing in terms of ASPs. The Towable ASP being much more influenced by mix versus a like-for-like rate reduction, we still see that probably on the rate side in the low to mid-single-digit decline for ASPs on Towables.

在機動化和船舶方面，從我們所看到的平均售價來看仍然相當一致。與同類降價相比，可拖車的平均售價受到混合的影響更大，我們仍然認為在費率方面，可拖車的平均售價可能會出現低至中個位數的下降。

Okay, so that's on like-for-like?

好吧，這就是同類嗎？

Okay. So the mix impact that drove the reduction here in Q1, that was much larger.

好的。因此，推動第一季減少的混合影響要大得多。

Okay. During last quarter, didn't you say down mid- to high single digits on a mix-neutral basis? So now is it down low to mid? Is that what you were saying? Strong (inaudible)

好的。在上個季度，您不是說在混合中性的基礎上下降中高個位數嗎？那現在是低到中嗎？你是這麼說的嗎？強（聽不清楚）

Yes. I'd say it's moderating. We're seeing inflation that's quarter-to-quarter pretty neutral at this stage.

是的。我想說的是它正在緩和。現階段我們看到每季的通膨都相當中性。

Okay. And then just one more thing to square. Your total shipments were much greater than the industry, at least over the 2 months of reported industry data. What was kind of the delta there, you versus the industry?

好的。然後還有一件事要解決。你們的總出貨量遠高於產業，至少在報告的產業數據的 2 個月內是如此。與整個產業相比，那裡的三角洲是什麼樣的？

Tristan, this is Mike. I think we continue to -- I'm assuming you're referencing the RV industry. We're continuing to see some benefit from the Towables business, particularly Grand Design reestablishing, I think, a solid lot share foundation. We had talked for several years, it seemed, on this influx of second and third tier brands that dealers took on during the COVID frenzy. That issue has largely gone now.

特里斯坦，這是麥克。我認為我們會繼續下去——我假設您指的是房車行業。我們繼續看到可拖車業務帶來的一些好處，特別是我認為 Grand Design 重建了堅實的批次共享基礎。我們似乎已經就經銷商在新冠肺炎疫情期間湧入的二、三線品牌的湧入問題進行了多年的討論。這個問題現在基本上已經消失了。

And a brand like Grand Design has really worked hard with its dealers to reestablish the right share of lot from that standpoint. I would say our Newmar business has also done a good job working with its dealers to make sure that stocking inventory levels are where we think are appropriate. And so I don't think our lot share has swung in an unhealthy way based on shipments the last couple of months. I think it's back to where we think it needs to be. And we're starting to see some retail share benefits as well, we think, from some of that activity. As I mentioned on the call, particularly with Grand Design RV, their retail has not just stabilized but started to take some small ticks up in the right direction, which we think is a sign of more positive things to come in on that brand.

像 Grand Design 這樣的品牌確實與其經銷商努力合作，從這個角度重新建立了正確的地塊份額。我想說的是，我們的紐瑪業務在與經銷商的合作方面也做得很好，以確保庫存水準處於我們認為合適的水平。因此，根據過去幾個月的出貨量，我認為我們的份額並沒有以不健康的方式波動。我認為它又回到了我們認為需要的位置。我們認為，我們也開始從其中一些活動中看到一些零售份額的好處。正如我在電話會議上提到的，特別是 Grand Design RV，他們的零售不僅穩定了，而且開始朝著正確的方向小幅上升，我們認為這是該品牌即將迎來更多積極事物的標誌。

Okay. I'm going to sneak one more in if that's okay. Can you remind everyone your stance on building open orders?

好的。如果可以的話我會再偷偷溜進去一個。您能否提醒大家您對於建立開放訂單的立場？

Well, our stance on open orders has certainly evolved through the years. Many, many years ago, the Winnebago brand of Motorhomes used a predominantly open order position. But as we've added quality businesses and as we've improved our production planning processes, as most of you on the call know, we shifted to largely a non-open order production planning cycle.

多年來，我們對未結訂單的立場無疑已經改變了。很多很多年前，溫尼貝戈房車品牌主要採用開放訂單狀態。但是，隨著我們增加了優質業務，並且改進了生產計劃流程，正如大多數參加電話會議的人都知道的那樣，我們基本上轉向了非開放訂單生產計劃週期。

Now that's been challenged in a number of different ways as the cycles have happened and supply chain challenges have happened. At this current time, our intention is still to minimize the number of open production units that we build to a reasonable number. So each of our business probably still builds a small percentage of their production that is open, but we are working hard with our sales teams to stay far enough ahead of our business to have orders when we begin that unit on the production line.

現在，隨著週期的發生和供應鏈挑戰的發生，這一點受到了多種不同方式的挑戰。目前，我們的目的仍然是將我們建造的開放生產單元的數量減少到合理的數量。因此，我們每家企業可能仍會生產一小部分處於開放狀態的生產，但我們正在與我們的銷售團隊努力合作，以保持足夠的領先地位，以便在我們在生產線上開始生產該裝置時獲得訂單。

As you saw from our backlog, working its way down, our sales teams have to work hard and effectively to make sure that we have orders that we can match to the production process. So we're going to be as disciplined as we can, both in terms of quantity of production but also trying to manage open order production to a reasonable amount. We are not building lots full of open units waiting for spring to happen and dealers to take those units. That's not generally been our approach, and that's why we have some extended downtimes here over the holidays in some of our plants.

正如您從我們的積壓訂單中看到的那樣，我們的銷售團隊必須努力、有效地工作，以確保我們的訂單與生產流程相符。因此，我們將盡可能遵守紀律，無論是在生產數量方面，還是在努力將開放訂單生產管理在合理的數量上。我們不會建造大量開放單元，等待春天到來，經銷商接收這些單元。這通常不是我們的做法，這就是為什麼我們的一些工廠在假期期間會延長停機時間。

Our next question is going to come from the line of Joe Altobello with Raymond James.

我們的下一個問題將來自喬·阿爾托貝洛和雷蒙德·詹姆斯。

First question on travel trailers and the mix shift away from fifth wheels. How does that, coupled with the improvement in your expectation for base pricing on Towables' overall impact segment margins? Do you guys still expect to see margin expansion in Towables this year?

第一個問題是關於旅行拖車和第五輪的混合變化。再加上您對基本定價預期的改善，對 Towables 整體影響細分市場利潤有何影響？你們還預計今年 Towables 的利潤率會擴大嗎？

Yes, Joe, this is Bryan. I think as I mentioned, the Towables business will continue to show, in the near term here, Q1, Q2, will continue to show growth that outpaces the fifth wheel. I think that's just where the consumer is at right now and their preference for a lower-priced unit. I think that as we continue to see some of the positive developments, and some of them have been mentioned already on the call, interest rates perhaps showing a more dovish approach, consumer confidence improving, fuel costs that seem to be on a downward trend, certainly moderating inflation, both broadly speaking and the impact that has on consumer wallets as well as specific to our products. I think as we continue to see those things, some of that will normalize in the go-forward periods. In other words, we'll see a more consistent growth pattern between towables and fifth wheels.

是的，喬，這是布萊恩。我認為正如我所提到的，可拖車業務將繼續顯示出，在短期內，第一季、第二季將繼續顯示超過第五輪的成長。我認為這正是消費者目前的處境以及他們對低價產品的偏好。我認為，隨著我們繼續看到一些積極的進展，其中一些已經在電話會議中提到，利率可能會表現出更加鴿派的態度，消費者信心改善，燃料成本似乎呈下降趨勢，當然，通貨膨脹會有所緩解，無論是從廣義上講，還是對消費者錢包以及我們產品的具體影響。我認為，隨著我們繼續看到這些事情，其中​​一些將在未來時期正常化。換句話說，我們將看到牽引車和第五輪之間更一致的成長模式。

So that's the current expectation. I think your question really gets to, does gross margin differ materially across our price points? I guess the message I would send there is no, it really doesn't. There's a little bit as there is in all product categories and other industries. Ours is probably not an exception there. But we really build units from a bill of materials perspective and price them to deliver a pretty consistent margin from the lower price at the higher price. I'd say we're always striving for innovation and differentiation. And in products where we think that we have a better position than our competition, we might realize some higher margins than the average, some more differentiation or innovation-driven versus price point-driven. But that's how we approach things and that's what you should assume in the modeling.

這就是目前的期望。我認為您的問題實際上是，我們的價格點的毛利率是否存在重大差異？我想我要發送的訊息是沒有，確實沒有。所有產品類別和其他行業都有一點。我們的可能也不例外。但我們確實從物料清單的角度來建立設備，並對它們進行定價，以從較低的價格到較高的價格提供相當一致的利潤。我想說，我們一直在努力創新和差異化。在我們認為我們比競爭對手擁有更好地位的產品中，我們可能會實現比平均水平更高的利潤，更多的差異化或創新驅動而不是價格點驅動。但這就是我們處理問題的方式，也是您在建模中應該假設的。

Okay, that's helpful. And maybe on Motorhomes, you called out some operational issues in the press release. Is this the same issue or issues that you saw last quarter or are they new issues?

好的，這很有幫助。也許在房車方面，您在新聞稿中指出了一些營運問題。這是您上季度看到的相同問題還是新問題？

I'm sorry, I'll start, Mike, and then you can add. A lot of similar things. We did have, in Q1 though, we had some rework that was associated with some recall activity that was necessary. We did see some lower productivity on some of the newer products that we have going down the line right now. So that was occurring. There was some flexed workforce or some additional workforce in certain verticals that might have had a bit of an impact as well. And I'm speaking really to the Motorhome margins specifically here, okay?

抱歉，麥克，我先開始，然後你可以補充。類似的事情很多。不過，在第一季度，我們確實進行了一些與一些必要的召回活動相關的返工。我們確實發現我們現在推出的一些新產品的生產率有所下降。這就是發生的情況。在某些垂直領域，存在一些靈活的勞動力或一些額外的勞動力，這可能也會產生一些影響。我在這裡特別針對的是房車利潤率，好嗎？

And then just generally some higher warranty costs associated with some specific recall activity. So those are probably the call-outs. Altogether, an EBITDA margin impact of 1 to 1.5 points in that range. So certainly not as big as a deleveraging impact in the allowances and discounts that we've called out as the primary drivers, but it was still, I thought, worth calling out as an EBITDA margin impact in the quarter.

然後通常只是與某些特定召回活動相關的更高的保固成本。所以這些可能就是呼喚。總體而言，該範圍內的 EBITDA 利潤率影響為 1 至 1.5 個百分點。因此，當然不如我們所說的主要驅動因素的去槓桿化影響那麼大，但我認為，它仍然值得稱為本季 EBITDA 利潤率影響。

And our next question comes from the line of Scott Stember with ROTH MKM.

我們的下一個問題來自 Scott Stember 和 ROTH MKM。

Mike, can you maybe just talk bigger picture? I know it's hard to tell right now what's going to happen, but obviously, a lot has changed in the dynamics for the dealers, the cost of carrying product. Are you hearing through any discussions that maybe the order patterns will change materially going forward, meaning more of a just-in-time batch kind of scenario versus the prior big chunks of orders that you would see? And if so, do you have to adjust your cost structure at all to handle that?

麥克，你能談談大局嗎？我知道現在很難判斷會發生什麼，但顯然，經銷商的動態和運輸產品的成本發生了很大變化。您是否透過任何討論聽到訂單模式可能會在未來發生重大變化，這意味著更多的是準時批量的場景，而不是您之前看到的大塊訂單？如果是這樣，您是否必須調整成本結構來解決這個問題？

Thanks, Scott, for the question. So a couple of elements there. I mean, dealer ordering patterns have certainly changed in recent months. And I think your observation that dealers have a higher sense of confidence that they can get new product more quickly that they don't have on their lots at the present time, or if they have a retail customer who orders something that's not on their lots, that they can secure that, I think that's generally correct in terms of dealer anticipation, that the lead time for new product from OEMs is going to be shorter.

謝謝斯科特提出這個問題。這裡有幾個要素。我的意思是，近幾個月來經銷商的訂購模式確實發生了變化。我認為你觀察到經銷商有更高的信心，他們可以更快地獲得他們目前批次中沒有的新產品，或者如果他們有零售客戶訂購了不在他們批次中的產品，他們可以確保，我認為就經銷商的預期而言，這通常是正確的，原始設備製造商的新產品的交貨時間將會更短。

I think we all have to be careful in the industry about how aggressive we get to that end because on certain products, particularly Motorized but even a few of the Towables and certainly some of the boats as well, there are elements of the supply chain which are still just have longer lead times as well. So I think there'll be some natural friction that will put that pendulum in a good place going forward.

我認為我們在行業中都必須謹慎對待我們達到這一目標的積極性，因為在某些產品上，特別是機動產品，甚至一些可拖車，當然還有一些船隻，供應鏈中的某些要素可能會影響供應鏈。仍然只是交貨時間更長。所以我認為會有一些自然的摩擦力讓鐘擺處於一個好的位置。

Obviously, our comments today around Q2 should certainly be viewed as a confirmation that the order base that we see for that particular period of shipment months, we believe, will be more moderate and more constrained in the very short term. I think dealer ordering pattern change in the future will really depend on any spike of positivity at retail and the dealers potentially gaining confidence at the same time and beginning to compete again for that OEM production capacity.

顯然，我們今天對第二季度的評論肯定應該被視為確認，我們認為，在特定的發貨月份期間，我們看到的訂單基礎在短期內將更加溫和且受到更多限制。我認為未來經銷商訂購模式的變化實際上將取決於零售積極性的任何峰值，以及經銷商可能同時獲得信心並開始再次爭奪 OEM 產能。

Certainly, your second -- the second part of your question around looking at the cost structure, we've been doing that all along. And as we've talked about the variable cost nature, that is part of the dial that we use. Unfortunately, that has obviously resulted in less manufacturing employees being needed within our businesses. We had a peak of 7,700 employees at one point, and we're running roughly at about 6,100 employees at the end of the first quarter. But we are also looking at cost structure from an infrastructure standpoint and a more systemic standpoint as well, should we have a sort of permanently low growth environment develop here over the next several years.

當然，你的第二個問題——關於成本結構的第二部分，我們一直在做這件事。正如我們所討論的可變成本性質，這是我們使用的錶盤的一部分。不幸的是，這顯然導致我們企業內所需的製造員工減少。我們的員工數量在高峰期曾一度達到 7,700 名，而到第一季末，我們的員工數量約為 6,100 名。但我們也會從基礎設施的角度和更有系統的角度來考慮成本結構，如果我們在未來幾年內出現一個永久低成長的環境的話。

So we have to be prepared for any of those scenarios. And we'll certainly update our investors appropriately with any news if we decide to change the cost structure of the business in a very material and meaningful way above and beyond the variable playbook that we've used through the years.

因此，我們必須為這些情況做好準備。如果我們決定以非常實質和有意義的方式改變業務的成本結構，超越我們多年來使用的可變策略，我們肯定會向投資者適當地通報任何消息。

Got it. Very helpful. And then last question just on cash flow. I know you guys don't guide, but how should we look at '24 from a free cash flow perspective? Higher or lower than the last couple of years? And the -- again, the deployment of capital, how should we look at that as far as profits?

知道了。很有幫助。最後一個問題是關於現金流。我知道你們不提供指導，但我們應該如何從自由現金流的角度看待'24？比過去幾年更高還是更低？再說一遍，資本的配置，就利潤而言，我們該如何看待它？

Yes, I'll take a first stab at that, Scott, and Mike can add on. Historically speaking, Q1, Q2 has -- they've not been cash-generating quarters for us, and the same is likely to be the case this year, particularly with the dealer ordering patterns that we're just talking about for Q2. One of the things that we have continuously been challenged by is the management of working capital in this difficult environment. You have production plants' long lead times, as Mike mentioned earlier, that certainly impacts that in a negative way when you just don't see the top line getting the traction and you have to curtail your production as a result.

是的，我會先嘗試一下，史考特，麥克可以補充。從歷史上看，第一季度、第二季度對我們來說並不是產生現金的季度，今年也可能出現同樣的情況，特別是考慮到我們剛剛討論的第二季度的經銷商訂購模式。我們不斷面臨的挑戰之一是在這種困難環境下的營運資金管理。正如麥克之前提到的，生產工廠的交貨時間很長，這肯定會產生負面影響，因為你看不到營收得到牽引，因此你不得不削減產量。

So that's what we're fighting right now, and we expect that as Q3, Q4, as we start to get into the season as those volumes start to tick up, that we'll be in a position of managing working capital a little bit more aggressively. So it's working capital that we're really focusing on. Scott, I think your question might be getting a little bit into capital deployment more broadly speaking. And we had some pretty aggressive share repurchase here in Q1, which we thought was the right thing to do, all things considered, and we'll continue to use that as a mechanism of returning cash to shareholders as well. So those are the comments that I would add.

這就是我們現在正在努力解決的問題，我們預計，隨著第三季度、第四季度，當我們開始進入這個季節，隨著這些銷量開始增加，我們將能夠稍微管理一下營運資金更積極地。所以我們真正關注的是營運資金。斯科特，我認為你的問題可能涉及更廣泛的資本部署。我們在第一季進行了一些相當積極的股票回購，考慮到所有因素，我們認為這是正確的做法，我們也將繼續使用它作為向股東返還現金的機制。這些是我要添加的評論。

And our next question is going to come from the line of Fred Wightman with Wolfe Research.

我們的下一個問題將來自沃爾夫研究中心的弗雷德懷特曼 (Fred Wightman)。

Just one quick one. If we think about the back half improvement that you guys are talking about for calendar '24, are you assuming rate cuts? And then how quickly do you think, if we do see cuts, that could impact retail and potentially wholesale?

就快一點吧。如果我們考慮一下你們談論的 24 日曆年後半段的改善，你們是否假設降息？那麼您認為，如果我們確實看到削減，這可能會影響零售業和潛在的批發業？

We put our management plan together for our fiscal year back in the July, August time period. And we felt at that time that the back half of fiscal year 2024 had an improved chance of an upward swing, especially on shipments than the first half. And as we've indicated, I don't think that stance has changed. Although I would say a couple of things probably are working to maybe balance themselves out. One is, dealers appear to be probably even more disciplined than we anticipated on bringing inventory in, in advance of the spring retail selling season.

我們在七月、八月期間制定了本財政年度的管理計畫。當時我們認為 2024 財年後半段上升的機會更大，特別是在出貨量方面，比上半年有所改善。正如我們所指出的，我認為這種立場沒有改變。儘管我想說，有幾件事可能正在努力平衡自己。一是，經銷商在春季零售銷售旺季之前引入庫存方面似乎比我們預期的更加自律。

And particularly, and we haven't talked about it much yet in the Q&A, but the Pontoon dealers are being very disciplined as well. Even though we have probably the most preferred brand of choice right now in that category, the dealers are still taking care of their businesses by managing inventory. So that has been a little bit bigger of a headwind versus our management plan expectations. To your point, though, we did not factor in any rate cut specifically into our fiscal '24 planning. And so the comments, obviously, that the Fed delivered a week or so ago about probably an increased chance of rate cuts in calendar '24 certainly is a positive sign.

特別是，我們在問答中還沒有過多討論這一點，但 Pontoon 經銷商也非常有紀律。儘管我們目前可能擁有該類別中最受歡迎的品牌，但經銷商仍在透過管理庫存來照顧他們的業務。因此，與我們管理計劃的預期相比，這是一個更大的阻力。不過，就您的觀點而言，我們並未將任何降息具體納入我們的 24 財年規劃中。因此，聯準會大約一周前發表的有關 24 年降息可能性增加的言論顯然是一個積極的信號。

I think the relation of a rate cut to retail will depend on the degree of the cut and the frequency of cuts quantity-wise and just the general economic view by consumers going forward. Certainly, the equity market bouncing back helps with certain consumers in terms of spending power in the future. But as of this point, I think we're still generally holding to what we believe our management plan is in the third and fourth quarter, but watching carefully, given that Q2 is going to be more pressured than we had hoped.

我認為降息與零售業的關係將取決於降息的程度和降息頻率（數量方面）以及消費者未來的總體經濟看法。當然，股市的反彈有助於某些消費者未來的消費能力。但截至目前，我認為我們仍然總體上堅持我們認為的第三和第四季度的管理計劃，但要仔細觀察，因為第二季的壓力將比我們預期的更大。

Our next question is going to come from the line of James Hardiman with Citi.

我們的下一個問題將來自花旗銀行的詹姆斯哈迪曼 (James Hardiman)。

So I just wanted to clarify a previous line of questioning. Bryan, last quarter when we talked about sort of the ASP changes, I think we were saying that all in, Towables are going to be down mid- to high single digits. Motorized were going to be up modestly in terms of ASPs. Where do those numbers stand today if I'm factoring in both the apples-to-apples changes and then the mix shift?

所以我只是想澄清之前的疑問。 Bryan，上個季度，當我們談論 ASP 的變化時，我想我們是在說，總而言之，Towables 將下降到中高個位數。機動化的平均售價將小幅上漲。如果我同時考慮同類變化和混合變化，這些數字現在處於什麼位置？

Yes. The like-for-like one product price today versus what it was a year ago on the Towables business, I'm seeing like-for-like of down low to mid-single digits right now. All in, we had a -- was, I think, a 13% decline in ASP for Towables so the large portion of that reduction in ASP driven by mix. I think that, that's probably the right go-forward assumption sitting here today, knowing what we know. As I mentioned, we're seeing some stability quarter-to-quarter in our bill of material or our cost.

是的。今天的同類產品價格與一年前可拖物業務的同類產品價格相比，我現在看到的同類產品價格已降至低至中個位數。總而言之，我認為 Towables 的 ASP 下降了 13%，因此 ASP 下降的很大一部分是由混合驅動的。我認為，這可能是今天坐在這裡的正確的前進假設，了解我們所知道的。正如我所提到的，我們的物料清單或成本逐季保持穩定。

And so we'll see what the consumer shift might be as it relates to impacting that mix. I'm not intending to provide any commentary sitting here today that we expect a mix shift. I'll let Mike comment on his expectations for mix. But that's kind of what I'm saying on the Towables side. For Motorhome and Marine, I think we'll continue to see some increases related to specifically motorized chassis cost increases that we continue to need to price for, and likewise, some inflationary pressure still on motors within marine. So I guess those are the clarifying comments I'd make. Mike, anything to add on?

因此，我們將了解消費者的轉變可能會影響這種組合。我今天坐在這裡並不打算發表任何我們期待混合轉變的評論。我會讓麥克評論一下他對混音的期望。但這就是我在可拖車方面所說的。對於房車和船舶，我認為我們將繼續看到與專門的機動底盤成本增加相關的一些增長，我們繼續需要定價，同樣，船舶內的馬達仍然存在一些通貨膨脹壓力。所以我想這些都是我要發表的澄清評論。麥克，還有什麼要補充的嗎？

Yes, James, I would say our business has not yet seen the full impact at retail or certainly at shipments of the new products that our Towable businesses are introducing. And so the Winnebago brand with the Access stick-and-tin trailer, with the M-Series travel trailer, Grand Design with the Reflection 100, the Influence fifth wheel with the Serenova trailer, all of those are really in the very early stages of being produced and shipped to the market.

是的，詹姆斯，我想說的是，我們的業務尚未看到對零售的全面影響，當然也沒有對我們可拖曳業務推出的新產品的發貨產生全面影響。因此，Winnebago 品牌推出了 Access 棒式錫製拖車、M 系列旅行拖車、Grand Design 推出了 Reflection 100、Influence 第五輪推出了 Serenova 拖車，所有這些都還處於早期階段。正在生產並運往市場。

And so from a mix standpoint, we will be putting into the market products we've never had before in our line at ASPs and price points and ultimately, retail that are more competitive than some of our historical products. And so I think we'll have to watch that trend over future quarters. And that's why we're reasonably optimistic about our ability to continue to hold and fight for market share in the future, our new product launches like that on the Towable side.

因此，從混合的角度來看，我們將在平均售價和價格點上向市場推出我們產品線中以前從未有過的產品，最終，零售產品將比我們的一些歷史產品更具競爭力。因此，我認為我們必須在未來幾季關注這一趨勢。這就是為什麼我們對未來繼續保持和爭奪市場份額的能力相當樂觀，我們在可牽引方面推出的新產品也是如此。

Got it. But just to clarify the clarification here, I apologize. Bryan, when you say the all-in Towables down 13% ASP, is that the right go-forward assumption? Are we saying that for the full year, we should expect something down double digits in terms of ASPs or should I think about that as, call it, a $42,000 ASP is a decent assumption for the rest of the year? Just making sure we're on the same page.

知道了。但只是為了澄清這裡的問題，我深感抱歉。 Bryan，當您說全部 Towables 的平均售價下降 13% 時，這是正確的前進假設嗎？我們是說，對於全年來說，我們應該預期 ASP 會下降兩位數，還是我應該考慮一下，即 42,000 美元的 ASP 對於今年剩餘時間來說是一個不錯的假設？只是確保我們在同一頁上。

Yes. I think a double-digit decline in ASP is a reasonable assumption going forward for the Towables business at this stage, considering the mix shifts as well as the like-for-like pricing.

是的。我認為，考慮到組合變化以及同類定價，現階段可拖車業務的平均售價出現兩位數下降是一個合理的假設。

Got it. Very helpful. And then Mike, you've mentioned that when you look at the Street models, we were not modeling SG&A correctly. That's certainly helpful. And then obviously, with a lot of your commentary where you're directing us for Q2 is substantially beneath where the Street was. I guess as we look to the second half, and I don't expect guidance here per se, but the Street is, after what sounds like it's going to be about $2 of earnings or less in the first half, the Street is modeling $4 roughly of earnings in the second half. Is there anything that jumps out of you in terms of where the Street is positioned? Do you think that's too high, too low, just right? Any help with how the Street is currently positioned for the second half?

知道了。很有幫助。然後邁克，您提到當您查看 Street 模型時，我們沒有正確地對 SG&A 進行建模。這當然有幫助。顯然，根據您的大量評論，您指導我們第二季度的情況大大低於華爾街的水平。我想，當我們展望下半年時，我並不期望這裡有指導，但華爾街在上半年的收益聽起來約為 2 美元或更少之後，華爾街正在建模 4 美元大致相當於下半年的盈利。對於這條街的位置，有什麼讓您印象深刻的嗎？你覺得太高、太低、剛剛好嗎？對華爾街目前下半年的定位有什麼幫助嗎？

James, we appreciate the question. At this time, we're not going to offer commentary on the full year at this point. We may choose to change our position in the future on annual guidance commentary, but at this time, we're going to focus our comments to you all on Q2. There's a bit more certainty, certainly considering timing around that period. And so I just won't offer any additional comments at this time about the back half of the year and subsequently what that full year would then mean.

詹姆斯，我們很欣賞這個問題。目前，我們不打算對全年做出評論。未來我們可能會選擇改變我們對年度指導評論的立場，但目前我們將把我們的評論集中在第二季。當然考慮到那個時期的時間安排，確實有更多的確定性。因此，我現在不會對今年下半年以及隨後全年意味著什麼提供任何額外的評論。

Fair enough. Let me ask a question this way then. You made the comment about -- and some of this sort of overlaying the calendar year and the fiscal year, right? But ultimately, when things stabilize and ultimately improve, you're talking about retail and wholesale getting better mid- to late calendar '24, which is really fiscal '25 for you guys effectively.

很公平。那我就這樣問一個問題吧。你發表的評論是關於——以及一些覆蓋日曆年和財政年度的評論，對嗎？但最終，當情況穩定並最終改善時，零售和批發會在 24 年中後期變得更好，這對你們來說實際上是 25 財年。

But then there was a comment in the prepared remarks where you said that you thought the second half of your fiscal year would realize at least a pro rata portion of this expected increase, right? The industry -- the shipment assumptions from RVIA do assume a meaningful increase in shipments. Can you just clarify all of that? It sounds like you're still saying you think wholesale is going to be up materially during the second half of the year, but I just want to make sure.

但在準備好的發言中，您說您認為本財年下半年將至少按比例實現預期增長，對吧？產業－RVIA 的出貨量假設確實假設出貨量大幅增加。你能澄清一下這一切嗎？聽起來你還在說你認為下半年批發量將會大幅成長，但我只是想確定一下。

At this time, we have stated for calendar year '24 a retail to wholesale equity number of 350,000 units. As I mentioned in a question that was asked earlier, I think it's about the timing of when dealers begin to move more aggressively towards that 1:1 ratio. I think dealers are waiting, on both the RV and marine side, for some of these early spring retail shows to happen across the country. We have Tampa coming up in a few weeks, which is obviously one of the bellwether RV shows. We have some large marine shows, including the Minneapolis Boat Show coming up here in about 1 month, 1.5 months.

目前，我們已確定 24 日曆年的零售到批發權益數量為 350,000 單位。正如我在之前提出的一個問題中提到的，我認為這與經銷商開始更積極地實現 1:1 比例的時機有關。我認為房車和船舶方面的經銷商都在等待一些早春零售展在全國各地舉行。幾週後我們將迎來坦帕，這顯然是房車展會的領頭羊之一。我們有一些大型的海洋展覽，包括明尼阿波利斯遊艇展，大約1個月、1.5個月後將在這裡舉行。

I think some of the dealers are waiting to see some green shoots of retail stability as we're going into the year. But if you do the math on historical turns and even if the dealers want to run their business at slightly elevated turns, they would need to begin to managing their inventory to a little bit higher level going into the meat of the retail season in that March through July period.

我認為，隨著新年的到來，一些經銷商正在等待零售業穩定的萌芽。但是，如果你對歷史週轉率進行計算，即使經銷商希望以稍微高一點的周轉率來經營他們的業務，他們也需要開始將庫存管理到更高一點的水平，以進入三月份的零售季節。通過七月期間。

So we do anticipate that some of our fiscal year '24 will see the benefit of this movement back towards a 1:1. And as Bryan said, in calendar '24, I think a 17% increase projected in wholesale shipments. Timing will be the wildcard as to how much of our fiscal year gets the benefit of that. But we do anticipate seeing a lift in shipments in quarter 3 and quarter 4 that is material. Obviously, if that doesn't develop, we'll manage our business accordingly to continue to be disciplined and patient to that end. But that is what we're planning for is a rebound here this next late spring and summer.

因此，我們確實預計，我們的 24 財年的某些時間將看到這一回歸 1:1 的趨勢帶來的好處。正如 Bryan 所說，在 24 年曆中，我認為批發出貨量預計將增加 17%。時間將是決定我們財政年度有多少時間從中受益的通配符。但我們確實預期第三季和第四季的出貨量將出現實質成長。顯然，如果這種情況沒有發展，我們將相應地管理我們的業務，為此繼續保持紀律和耐心。但這就是我們計劃在明年春末和夏季反彈。

Our next question is going to come from the line of Noah Zatzkin with KeyBanc Capital Markets.

我們的下一個問題將來自 KeyBanc Capital Markets 的 Noah Zatzkin。

Most of my questions have been asked and answered. But given the move in steel prices in recent months, just wondering if there's any way to think about the margin implications, maybe the size of the impact as you see it in the second quarter or the back half?

我的大部分問題都已被提出並得到解答。但考慮到近幾個月鋼鐵價格的走勢，只是想知道是否有任何方法可以考慮利潤率的影響，也許影響的大小，正如你在第二季度或後半段看到的那樣？

Yes. We've seen easing in a lot of our key commodities, steel being one of them, certainly, and aluminum, lumber as well. Typically, what we're going to do in this environment, Noah, as we experience some easing of some cost inputs that might have ties back to commodities, we're going to manage our margin very carefully. Obviously, as we've talked about earlier in the call, we're doing all that we can to pass along any kind of price reductions that we can realize to the end customer as well as to the dealer network so that they're able to price more aggressively to the end customer. I think that's the best way of thinking about some of those commodities easing.

是的。我們已經看到許多主要商品的寬鬆政策，鋼鐵當然是其中之一，還有鋁和木材。通常，諾亞，我們在這種環境下要做的事情是，隨著我們經歷了一些可能與大宗商品有關的成本投入的放鬆，我們將非常謹慎地管理我們的利潤。顯然，正如我們之前在電話會議中談到的那樣，我們正在盡一切努力將我們可以實現的任何形式的降價傳遞給最終客戶以及經銷商網絡，以便他們能夠向最終客戶更積極地定價。我認為這是考慮放鬆某些大宗商品的最佳方式。

We talked about like-for-like ASP reductions, for example, in the Towables space. That would be one example of how we intend to handle any kind of commodities easing and our cost inputs easing as a result. But I think that's my guidance to you would be that we're going to manage margins to the extent we can but try to pass along to end customers any cost favorability.

例如，我們討論了可拖車領域的平均售價降低。這將是我們打算如何處理任何一種大宗商品寬鬆以及由此導致的成本投入寬鬆的一個例子。但我認為我對您的指導是，我們將盡可能管理利潤，但嘗試將任何成本優惠轉嫁給最終客戶。

Helpful. Maybe not to put too fine of a point on the second quarter, but I think you kind of mentioned to expect quarter-over-quarter decline in profit. Is it a quarter-over-quarter decline in EBITDA the right way to think about it?

有幫助。也許不要對第二季度說得太過分，但我認為你提到預計利潤將環比下降。 EBITDA 環比下降是正確的思考方式嗎？

Yes. Certainly, we've been clear that we expect a top line that's a little softer in Q2 relative to Q1, so sequential decline. I also mentioned that there's going to be the usual deleverage associated with that and pretty consistent allowances or discounts from Q1 to Q2. So net-net, through those comments, I guess I'd be guiding you towards a slightly lower EBITDA margin in Q2 versus Q1.

是的。當然，我們已經明確表示，我們預計第二季的營收將比第一季稍微疲軟，因此會出現環比下降。我還提到，與此相關的通常是去槓桿化，以及從第一季到第二季相當一致的補貼或折扣。因此，透過這些評論，我想我會引導您在第二季的 EBITDA 利潤率略低於第一季。

And our next question is going to come from the line of Brandon Rollé with D.A. Davidson.

我們的下一個問題將來自 Brandon Rollé 和 D.A.戴維森。

Just first, on the inventory destocking you're seeing in the environment right now, could you comment on what you're seeing in the Towables space versus Motorhomes and kind of the time line for those 2 segments?

首先，關於您現在在環境中看到的庫存去庫存，您能否評論一下您在拖車領域與房車領域所看到的情況以及這兩個細分市場的時間線？

Yes, Brandon, thanks for the question. Yes, they're definitely moving a little bit differently. I think the Motorhome category still has potentially a little bit of destocking left to do in some places, and some of that certainly will depend as we've talked on retail. But if I were to pick a couple of places where we could see further inventory destocking on the Motorized side, it would probably be Class A, some parts of that, particularly potentially Class A diesel, and then some parts of the Class B category as well.

是的，布蘭登，謝謝你的提問。是的，他們的行動確實有點不同。我認為房車類別在某些地方仍有可能需要進行一些去庫存工作，其中一些肯定取決於我們在零售方面的討論。但如果我要選擇幾個可以看到機動化方面進一步去庫存的地方，可能是 A 類，其中的某些部分，特別是潛在的 A 類柴油，然後是 B 類類別的某些部分，例如出色地。

As all of you know, the Class B category has been very frenetic from a competitive intensity standpoint. A lot of new brands and players getting into the game, a lot of motorized chassis have become available as the overall demand for van chassis around the world has been reduced. So I think there could be a little bit more destocking on the motorized side in certain subsegments.

眾所周知，從競爭強度的角度來看，B 級類別一直非常激烈。隨著全球對廂型車底盤的整體需求減少，許多新品牌和玩家加入進來，大量機動化底盤出現。因此，我認為在某些細分市場中，機動化方面可能會有更多的去庫存。

The Towables side, our hope is that the destocking is largely finished. And if you look at October RVIA shipments and the SSI results, we actually feel as if some towable inventory was added back into the channel during that month. But we'll see how quarter 2 fiscally for us plays out. I think dealers are going to try to kind of hold in place through the end of the calendar year here, these last couple of weeks. And then we'll see how January and February play out. But we don't as our comments said, meaningfully material destocking continuing on Towables here as we begin calendar 2024, but we'll watch that carefully.

在可拖車方面，我們希望去庫存工作基本上完成。如果您查看 10 月份 RVIA 發貨量和 SSI 結果，我們實際上感覺好像在該月期間一些可牽引庫存被重新添加到渠道中。但我們將看看第二季的財務狀況如何。我認為經銷商將嘗試在今年年底前保持原狀，也就是最後幾週。然後我們將看看一月和二月的情況如何。但我們並不像我們的評論所說的那樣，在 2024 年日曆開始時，Towables 上的庫存繼續進行有意義的去庫存，但我們會仔細觀察。

Great. And just one last quick question. You had talked about addressing affordability through different tactics. Could you touch on, if you're able to, your conversations with your suppliers and maybe any additional price concessions that you might feel, are coming down the pipeline as you negotiate pricing?

偉大的。最後一個簡單的問題。您曾談到透過不同的策略來解決負擔能力問題。如果可以的話，您能否談談您與供應商的對話，以及您在談判定價時可能感覺到的任何額外價格優惠？

Yes. Our purchasing teams on a daily basis within the businesses and our strategic sourcing team here at the enterprise level that really works to leverage our scale and realize synergy across the portfolio. We've been very honest with our suppliers about the fairness needed in dealing with any deflation that's happening in the marketplace and that we need to realize some of that.

是的。我們的日常業務採購團隊和企業層面的策略採購團隊真正致力於利用我們的規模並實現整個產品組合的協同效應。我們一直對我們的供應商非常誠實，關於處理市場上發生的任何通貨緊縮所需的公平性，我們需要意識到其中的一些。

We do have some contracts that are commodity-based and are sort of index-based in terms of where those lower costs and how they just go and where they're distributed. And then in some other relationships, that's more of a negotiation based on the transparency of the supplier. I will say we remain consistent that one source of bill of material pressure will continue to be motorized chassis. That category is not seeing the deflation that some of the other categories are across our RV and Marine businesses.

我們確實有一些基於商品的合約，並且在成本較低的地方、它們如何去向以及它們分佈在哪裡方面是基於指數的。在其他一些關係中，這更多的是基於供應商透明度的談判。我想說的是，我們仍然堅持認為，物料清單壓力的來源之一將繼續是機動底盤。這個類別沒有像我們的房車和船舶業務中的其他一些類別那樣出現通貨緊縮。

And we are working carefully with all the major automotive chassis suppliers on how they can manage their cost to make sure that we can work with our dealers and then consumers on affordability there as well. We're a premium manufacturer. Our strategy is not to strip or de-content our Motorhome products to the bare minimum in order to keep the business flowing. So we need some help from our suppliers on the motorized chassis side to continue to navigate some of the pressures that they are seeing.

我們正在與所有主要汽車底盤供應商仔細合作，研究他們如何管理成本，以確保我們能夠與我們的經銷商以及消費者在負擔能力方面合作。我們是一家優質製造商。我們的策略不是為了保持業務暢通而將我們的房車產品剝離或減少到最低限度。因此，我們需要機動底盤的供應商提供一些幫助，以繼續應對​​他們所面臨的一些壓力。

And our next question is going to come from the line of John Healy with Northcoast Research.

我們的下一個問題將來自北海岸研究中心的約翰·希利。

Just one off-the-trail kind of question here. Mike, I think you mentioned in the prepared remarks that in 2Q, that you guys would give kind of an update to the longer-term view of the business or financial profile of it. Given that you guys laid that out maybe 18, 24 months ago, just kind of curious what's prompting the update on that? And if there's anything you might kind of steer us to, to thinking about that you guys might be evaluating as it relates to those items?

這裡只是一個偏離軌道的問題。麥克，我認為您在準備好的評論中提到，在第二季度，您將對業務或財務狀況的長期看法進行更新。鑑於你們可能在 18、24 個月前就提出了這一點，只是有點好奇是什麼促使了這項更新？如果有什麼你可以引導我們去做的事情，想想你們可能會評估與這些項目相關的事情？

Yes. Thanks, John, for the question. In November of 2022, we communicated financial and operational targets relative to the end of our fiscal year 2025. So it was a 3-year long-range set of targets. And given that the marketplace has changed dramatically since we were together, where investors in November of 2022, we felt it was time to formally update those and we'll work to do so during our March 2024 earnings call.

是的。謝謝約翰提出這個問題。 2022 年 11 月，我們傳達了相對於 2025 財年末的財務和營運目標。因此，這是一組為期 3 年的長期目標。鑑於自 2022 年 11 月我們在一起以來，市場發生了巨大變化，我們認為是時候正式更新這些內容了，我們將在 2024 年 3 月的財報電話會議上努力做到這一點。

And I think what you'll see during that call, we'll probably have a little bit longer time range. We probably won't talk about fiscal '25 in terms of long-range targets. We'll probably be a little further out from that. And you'll see an updated and refreshed set of financial and operational targets based on our best assumptions. Candidly, we're just trying to be helpful to our investors and to especially, you, the analysts with some longer-range guidance for purposes of modeling and where we think especially the organic business can head in the future. So stay tuned. We'll give you an update in March.

我想你在電話會議中會看到，我們的時間範圍可能會更長一些。我們可能不會談論 25 財年的長期目標。我們可能會離這個更遠。您將看到基於我們最佳假設的一組更新和更新的財務和營運目標。坦白說，我們只是想幫助我們的投資者，尤其是你們，分析師，為建模目的提供一些長期指導，以及我們認為有機業務未來可以發展的方向。所以請繼續關注。我們將在三月向您提供最新情況。

And our next question is going to come from the line of David Whiston with Morningstar.

我們的下一個問題將來自大衛惠斯頓和晨星公司。

I wanted to go back to the SG&A buckets you laid out, Mike, in terms of just the incremental spending. Basically, some of that is very customer-focused and product-focused and some of that is more your internal systems. And I'm just curious if you could talk a little bit more about how much -- at a very high level, how much is more of it going to the product side or just the internal side. And you mentioned ERP. I mean, you guys have been doing ERP upgrades, I think, for years. Is this a new upgrade or the ongoing one, the multiyear one in the first place?

麥克，我想回到你所列出的SG&A 桶，僅就增量支出而言。基本上，其中一些是非常以客戶為中心和以產品為中心的，其中一些更多是您的內部系統。我很好奇你是否可以多談談有多少——在一個非常高的層面上，有多少是更多地流向產品方面還是只是內部方面。您還提到了 ERP。我的意思是，我認為你們多年來一直在進行 ERP 升級。這是一個新的升級還是正在進行的升級，首先是多年的升級？

I'll talk about ERP here real quickly. We continue to finish the long project we've had around our Winnebago-branded businesses and some of our enterprise functions are relative to an ERP system there. And there is a light at the end of the tunnel here over probably the next -- probably the next 18 to 24 months in terms of that project. But we have now other ERP systems that we've obviously inherited through acquisitions of the other brands. And we have to do some moderate upgrades to those from time to time.

我將在這裡快速討論 ERP。我們繼續完成圍繞溫尼貝戈品牌業務開展的長期項目，我們的一些企業功能與那裡的 ERP 系統相關。就該項目而言，可能在接下來的 18 到 24 個月內，隧道盡頭出現了曙光。但我們現在擁有其他 ERP 系統，這些系統顯然是我們透過收購其他品牌繼承的。我們必須不時地對這些進行一些適度的升級。

And there's one particularly here in the short term, and I won't get into the specifics, that we will -- we are working on. I would say the -- probably the balance of the SG&A investments we're making are about around those 3 areas: engineering, digital asset investment and IT systems is probably relatively evenly balanced. The SG&A impact on an annual basis is definitely 8 figures incremental to what we have historically planned. But we think it's the right thing to do to be competitive and prepare the business for the future.

短期內有一個特別的問題，我不會透露具體細節，我們正在努力解決這個問題。我想說的是，我們正在進行的 SG&A 投資的平衡可能圍繞著這 3 個領域：工程、數位資產投資和 IT 系統可能相對均衡。 SG&A 每年的影響肯定比我們歷史計畫增加了 8 位數。但我們認為，保持競爭力並為未來做好準備是正確的做法。

And so we're obviously being as disciplined as we can and we're spreading those out across, obviously, each of the quarters. But it's 8 figures of incremental spending on an annualized basis that we're adding here. Now, if the business faces tougher market conditions, we will turn the dial as we can on those as well. So just so everybody knows, we are going to be very prudent and reasonable as we make investments in those areas.

因此，我們顯然會盡可能地遵守紀律，並且我們將這些紀律分散到每個季度。但我們在這裡添加的是按年計算的 8 位數增量支出。現在，如果企業面臨更嚴峻的市場條件，我們也會盡力應對。所以大家都知道，我們在這些領域進行投資時將非常謹慎和合理。

And just going back to capital allocation discussed earlier, can you say if buybacks or M&A would be a priority between those 2 in fiscal '24?

回到前面討論的資本配置，您能否說回購或併購是否會成為 24 財年這兩者之間的優先事項？

I guess broadly speaking, the M&A environment, I guess, continues to cure off the dislocation that we've seen over the past couple of years. As you can appreciate, at the peak, companies in our space wanted to sell off that peak with very high prices, and then you hit a trough and then companies want to sell on a forward view. It's just really hard to find that price that both buyers and sellers can agree to.

我想從廣義上講，併購環境繼續消除我們在過去幾年中看到的混亂。正如你所理解的，在高峰期，我們領域的公司希望以非常高的價格出售高峰，然後你會遇到低谷，然後公司希望以前瞻性的眼光出售。確實很難找到買賣雙方都能同意的價格。

I think as we start to see some normalization on retail and get a clearer view of the year ahead and what the right multiple would be to pay, we'll see some better M&A environments, I'd say, to allow us to weigh certain targets and hopefully make some additional investments in that area. So share repurchase is clearly a function of our success on the M&A front. Without some bigger targets that we can execute on, we've had some elevated share repurchases over the past 2, 3 years. Our goal is to continue to prioritize growth.

我認為，隨著我們開始看到零售業的一些正常化，並對未來的一年有更清晰的認識，以及正確的支付倍數是多少，我們會看到一些更好的併購環境，我想說，讓我們能夠權衡某些目標並希望在該領域進行一些額外投資。因此，股票回購顯然是我們在併購方面成功的因素。由於沒有一些可以執行的更大目標，我們在過去的兩三年中進行了一些高額的股票回購。我們的目標是繼續優先考慮成長。

We have stated that historically. That's still the case. We're going to prioritize growth in the form of both organic investments. Mike just talked about some of those as well as inorganic investments. So that will be our priority. We'll continue to use share repurchase as a great mechanism of returning the cash to shareholders in the absence of M&A.

我們在歷史上已經說過這​​一點。情況依然如此。我們將優先考慮有機投資形式的成長。麥克剛剛談到了其中一些以及無機投資。所以這將是我們的首要任務。我們將繼續使用股票回購作為在沒有併購的情況下向股東返還現金的一個很好的機制。

And I would now like to turn the conference back over to Ray Posadas for closing remarks.

現在我想將會議轉回雷·波薩達斯致閉幕詞。

That is the end of our first quarter earnings call. Thank you, everyone, for joining us. We hope you all have a safe and happy holiday season. Enjoy the rest of your day. Thank you.

我們第一季財報電話會議到此結束。謝謝大家加入我們。我們希望大家能度過一個安全、快樂的假期。享受你一天剩下的時間。謝謝。

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

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。