Winnebago Industries Inc (WGO) 2024 Q3 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Q3 fiscal 2024 Winnebago Industries financial results conference call. (Operator Instructions) Please be advised that today's conference is being recorded. (Operator Instructions)

美好的一天，感謝您的支持。歡迎參加溫尼貝戈工業 2024 年第三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。 （操作員說明）

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

現在，我想將會議交給今天的發言人、投資者關係和市場情報副總裁雷·波薩達斯 (Ray Posadas)。

Thank you, Josh. Good morning, everyone, and thank you for joining us to discuss our fiscal 2024 third quarter earnings results. This call is being broadcast live on our website at investor.wgo.net, and the replay of the call will be available on our website later today. The news release with our third quarter results was issued and posted to our website earlier this morning. Please note that the earnings slide deck that follows along with our prepared remarks is also available on the Investor Relations section of our website under Quarterly Results.

謝謝你，喬許。大家早安，感謝您加入我們討論我們的 2024 財年第三季獲利結果。本次電話會議正在我們的網站 Investor.wgo.net 上進行直播，今天稍後將在我們的網站上提供電話會議的重播。我們第三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。請注意，您也可以在我們網站的「投資者關係」部分的「季度業績」下找到隨後的收益幻燈片以及我們準備好的評論。

Turning to slide 2. Let me 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 we encourage you to read.

轉向投影片 2。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，我們鼓勵您閱讀這些文件。

In addition, on today's call, management will refer to GAAP and non-GAAP financial measures and the reconciliation of the non-GAAP measures to the comparable GAAP measures are available in our earnings press release.

此外，在今天的電話會議上，管理階層將參考公認會計原則和非公認會計原則財務指標，非公認會計原則指標與可比較公認會計原則指標的調節表可在我們的收益新聞稿中找到。

Please turn to slide 3. Joining me on today's call are Michael Happe, the President and Chief Executive Officer of Winnebago Industries, and Bryan Hughes, Senior Vice President and Chief Financial Officer. Mike will begin with an overview of our Q3 performance and then Bryan will discuss our financial results at a strategic level. Mike will conclude our prepared remarks with the business outlook and management will be happy to take your questions.

請翻到幻燈片 3。麥克將首先概述我們第三季的業績，然後布萊恩將從策略層面討論我們的財務表現。麥克將以業務前景結束我們準備好的發言，管理層將很樂意回答您的問題。

With that, please turn to slide 4 as I hand the call over to Mike.

接下來，請翻到投影片 4，我將把電話轉交給麥克。

Thanks, Ray. Good morning, everyone, and thanks for joining us to discuss our third quarter fiscal '24 financial results. In the eight weeks since our Q2 earnings call, RV industry retail demand has remained both inconsistent and sluggish with limited evidence that economic conditions are improving for outdoor recreation consumers as we move into the fourth quarter of our fiscal year. While this environment necessitates near-term caution and discipline, the secular future growth of outdoor recreation engagement by consumers is undoubtedly a key driver for the health of our business long term.

謝謝，雷。大家早安，感謝您加入我們討論 24 年第三季財務表現。自第二季財報電話會議召開以來的八週內，房車行業的零售需求仍然不穩定且低迷，隨著進入本財年第四季度，戶外休閒消費者的經濟狀況正在改善的證據有限。雖然這種環境需要近期的謹慎和紀律，但消費者戶外休閒參與的長期未來成長無疑是我們業務長期健康發展的關鍵驅動力。

With that in mind, I will emphasize three points to our investors early to frame this morning's discussion. First, over the long term, challenging markets make strong companies even stronger. Our focus on maintaining durable margins and resilient profitability relative to competitors through production discipline and intentional sales support is unwavering. Our collaborative operating model across our brands and functional centers of excellence ensures the choices we make in the short term are in our best long-term interest. Maintaining valued product differentiation, premium brand essence, total aftermarket support to our dealers and end customers and relevant share all matter greatly, but must be balanced with the commitment to sustainable profitability.

考慮到這一點，我將儘早向我們的投資者強調三點，以建立今天上午的討論。首先，從長遠來看，充滿挑戰的市場會讓強大的公司變得更強大。我們堅定不移地致力於透過生產紀律和有意的銷售支援來維持相對於競爭對手的持久利潤和彈性獲利能力。我們跨品牌和卓越職能中心的協作營運模式確保我們在短期內做出的選擇符合我們的最佳長期利益。保持有價值的產品差異化、優質品牌精髓、對經銷商和最終客戶的全面售後支援以及相關份額都非常重要，但必須與可持續盈利的承諾相平衡。

Second, while we expect industry softness to continue in fiscal Q4 on a year-over-year basis in our motorhome RV and marine segments, the gradual improvement we are seeing in field inventory composition in these markets is an encouraging sign for calendar 2025 and beyond.

其次，雖然我們預計房車房車和船舶領域的行業疲軟將在第四財季繼續，但我們看到這些市場的現場庫存構成逐步改善，這對 2025 年及以後來說是一個令人鼓舞的跡象。

Third, our healthy balance sheet and strong cash flows enable us to execute on our select growth priorities while maintaining a balanced capital allocation strategy that continues to return cash to our shareholders through dividends and share repurchases. Our cultural, strategic, and financial strengths have us poised to successfully pursue the mid-cycle targets communicated in a prior earnings call in the years ahead.

第三，我們健康的資產負債表和強勁的現金流使我們能夠執行我們選擇的成長重點，同時保持平衡的資本配置策略，繼續透過股息和股票回購向股東返還現金。我們的文化、策略和財務優勢使我們準備好在未來幾年成功實現先前財報電話會議中傳達的中期目標。

Turning now to our results. In the third quarter, we continue to experience the effects of macroeconomic softness caused by elevated interest rates and pockets of persistent inflation. Our highly variable cost business model remains a strategic advantage in this market environment as we continue to focus on ensuring that capacity, output, and costs are aligned with retail and wholesale order patterns and inventory levels.

現在轉向我們的結果。第三季度，我們繼續感受到利率上升和持續通膨帶來的宏觀經濟疲軟的影響。我們高度可變的成本業務模式在這種市場環境中仍然具有戰略優勢，因為我們繼續專注於確保產能、產量和成本與零售和批發訂單模式以及庫存水準保持一致。

Third quarter consolidated net revenue was $786 million, down 12.7% from the same period in 2023 but up 11.7% sequentially from Q2, supported by our towable RV and marine segments. Adjusted earnings per share for the quarter were $1.13 with adjusted EBITDA of $58 million.

第三季合併淨收入為 7.86 億美元，比 2023 年同期下降 12.7%，但比第二季連續成長 11.7%，這得益於我們的拖曳房車和船舶部門。該季度調整後每股收益為 1.13 美元，調整後 EBITDA 為 5,800 萬美元。

While not a financial contributor to our third-quarter performance, we did officially announce the introduction of Grand Design's new Lineage Class C product, marking that brand's inaugural entrance into the motorized RV segment.

雖然我們不是第三季業績的財務貢獻者，但我們確實正式宣布推出 Grand Design 的新 Lineage C 級產品，標誌著該品牌首次進入機動房車領域。

Meanwhile, in our Marine business, we are exceptionally pleased with the powerful performance of our Barletta brand, which increased its trailing 12-month share of US Aluminum Pontoons to 8.6% for the period ending in April. More importantly, trailing 3- and 6-month performance has Barletta running in the low double-digit percentage share zone, signaling increased momentum for that brand at retail.

同時，在我們的船舶業務中，我們對 Barletta 品牌的強勁表現感到非常滿意，該品牌在過去 12 個月的美國鋁製浮橋中的份額在截至 4 月份的期間增加至 8.6%。更重要的是，過去 3 個月和 6 個月的表現使 Barletta 的市佔率處於兩位數的低位，這表明該品牌在零售方面的勢頭有所增強。

Turning to recent RV industry trends on slide 5. As anticipated, dealers remain cautious with respect to orders in the third quarter, resulting in a higher level of promotional activity on some products compared to the same period last year. The recent RV Industry Association data supports our view that towable RV inventories have been largely rightsized from a quantity standpoint as we head into the summer selling season. We also believe that more time and work is needed, though, to further reduce prior model year inventory across the industry.

轉向幻燈片 5 中的近期房車行業趨勢。最近的房車行業協會數據支持了我們的觀點，即隨著我們進入夏季銷售季節，從數量角度來看，可牽引房車庫存已在很大程度上得到合理調整。不過，我們也認為，需要更多的時間和工作來進一步減少整個產業先前車型的庫存。

April wholesale shipments in towable RVs were up 14.2% year-over-year and 15.4% year-to- date from the first four months of calendar '23. By contrast, wholesale industry shipments in the motorhome RV category were down 19.4% in April and 21.5% on a year-to-date basis from 2023. The motorhome portion of the RV industry still has a little work to do in terms of bringing down total industry inventory levels. 2024 RV shipments through April totaled more than 120,000 units, 9.4% ahead of last year's pace. But while the growth in shipments is encouraging, the industry's retail recovery is not occurring as rapidly as industry stakeholders anticipated.

4 月牽引式房車批發出貨量年增 14.2%，較 2023 年前四個月年增 15.4%。相比之下，自 2023 年以來，房車房車類別的批發業 4 月份出貨量下降了 19.4%，年初至今下降了 21.5%。總庫存水準。截至 4 月份，2024 年房車出貨量總計超過 12 萬輛，比去年增加 9.4%。儘管出貨量成長令人鼓舞，但該行業的零售復甦速度並不像行業利益相關者預期的那麼快。

Based on industry results to date, ongoing economic softness and reduced order backlogs across the industry, we expect additional destocking by dealers for the remainder of the calendar year. As a result, we have revised our industry RV wholesale shipment forecast for calendar year 2024 to a range of 330,000 to 335,000 units, slightly below the midpoint of the RV Industry Association's most recent estimate. Our latest retail estimate for the same calendar 2024 period is around 340,000 units.

根據迄今為止的行業業績、持續的經濟疲軟以及整個行業的積壓訂單減少，我們預計經銷商將在今年剩餘時間內進一步去庫存。因此，我們將 2024 年曆年的行業房車批發出貨量預測修正為 330,000 至 335,000 輛，略低於房車行業協會最新估計的中點。我們對 2024 年同期的最新零售量估計約為 34 萬輛。

Moving to slide 6 and our recent RV market share performance. For the trailing 12 months ended April 30, it totaled 11.2%, which is down 70 basis points from the same period in 2023. While not what we would ideally like to see, this share loss is due in part to our commitment to hold integrity in wholesale and retail pricing models that we see is important to healthy channel relationships in the future. While we have worked intently to increase the strength of our opening price point SKUs in our RV lineups, seeing slight share loss in an environment where affordability is being so strongly emphasized is not to be unexpected for a premium portfolio such as ours. We are confident this trend will reverse in future years with new innovative products in our pipeline and an upward cyclical move to more stable market pricing.

轉到幻燈片 6 和我們最近的房車市場份額表現。截至4 月30 日的過去12 個月，該比例總計為11.2%，比2023 年同期下降了70 個基點。承諾我們認為批發和零售定價模式對於未來健康的通路關係非常重要。雖然我們一直致力於提高房車產品線中開盤價 SKU 的實力，但在如此強調可負擔性的環境中，對於像我們這樣的高端產品組合來說，看到份額略有下降並不令人意外。我們相信，隨著我們管道中的新創新產品的推出以及市場定價的周期性上升，這一趨勢將在未來幾年扭轉。

Looking at the marine segment on slide 7. Our Barletta products continue to deliver superior results for its dealer network and an exceptional experience for their customers. The Barletta team is passionately focused on serving our end customers, cultivating lasting relationships with our channel partners as well and building the best premium pontoons in the market. The path to our 13% mid-cycle share target is about Barletta remaining innovative and focused on customer needs to reach a top two or three position over time.

看看幻燈片 7 上的船舶領域。巴列塔團隊熱情專注於為我們的最終客戶提供服務，與我們的通路合作夥伴建立持久的關係，並建造市場上最好的優質浮橋。實現我們 13% 中期份額目標的途徑是巴列塔保持創新並專注於客戶需求，隨著時間的推移達到前二或前三名的位置。

Turning to recent highlights on slide 8. In April, Grand Design introduced its first motorized RV in its history, the Lineage Series M. The name reflects the brand quality and service excellence Grand Design has embodied since its inception in 2012. What is particularly exciting to us is the opportunity for Grand Design to partner with the leading dealers across the country to market this new Class C product to a new customer base.

轉向幻燈片8 中的近期亮點。人興奮的是什麼對我們來說，Grand Design 有機會與全國領先的經銷商合作，向新的客戶群推銷這款新的 C-Class 產品。

To celebrate the launch of the lineage, we are hosting an Ultimate Glamping Pop-up this Saturday, June 22, in New York City's Bryant Park from 11:30 AM to 5:00 PM Eastern. The new Lineage will be on display at the event, and we invite those of you in the area to come down and see Grand Design's terrific new motorized RV in-person.

為了慶祝該系列的推出，我們將於東部時間本週六（6 月 22 日）上午 11:30 至下午 5:00 在紐約市布萊恩特公園舉辦終極豪華露營快閃活動。新款 Lineage 將在此次活動中展出，我們邀請該地區的人們前來親眼目睹 Grand Design 出色的新型機動房車。

As I noted on our Q2 call, initial limited shipments of Lineage are on track to begin late this quarter. Most of the stocking deliveries for the lineage product, however, will take place in the fiscal 2025 year.

正如我在第二季度電話會議中指出的那樣，Lineage 的初始有限發貨預計將於本季結束時開始。不過，該系列產品的大部分庫存交付將在 2025 財年進行。

Before turning it over to Bryan for the financial review, I want to directly address the misinformation that has been disseminated on social media regarding excessive frame flex across the industry, including a small percentage of our large Solitude Momentum Fifth Wheel products.

在將其交給 Bryan 進行財務審查之前，我想直接解決社交媒體上傳播的有關整個行業過度框架彎曲的錯誤信息，包括我們的大型 Solitude Momentum Fifth Wheel 產品的一小部分。

In each reported case, the Grand Design team and/or its network of dealers have performed a thorough product review and are collaborating directly with impacted customers to resolve any concerns. The team has also been working directly with our frame supplier, a third- party structural engineering firm, and industry experts to continue to ensure that our products and processes meet and exceed industry standards.

在每個報告的案例中，Grand Design 團隊和/或其經銷商網路都進行了徹底的產品審查，並直接與受影響的客戶合作以解決任何問題。該團隊還直接與我們的框架供應商、第三方結構工程公司和行業專家合作，繼續確保我們的產品和流程達到並超越行業標準。

Our commitment to customers is absolute, and we continue to stand behind every product we build. To reinforce that commitment, we recently extended our frame warranty to five years on all Grand Design products. Our 1-year base warranty, 3-year structural warranty and new 5-year frame warranty are also transferable to subsequent owners during the warranty period based on the original purchase date. These warranties will continue to be honored retroactively from the date of original purchase beginning with model year 2020.

我們對客戶的承諾是絕對的，我們將繼續支持我們生產的每一款產品。為了強化這項承諾，我們最近將所有 Grand Design 產品的車架保固期延長至五年。我們的 1 年基本保固、3 年結構保固和新的 5 年車架保固也可在保固期內基於原始購買日期轉讓給後續所有者。從 2020 年車型年份開始，這些保固將繼續追溯至原始購買之日起。

Importantly, across Winnebago Industries, three core values guide how we operate every day: do the right thing, put people first, and be the best. These values support our vision to be the trusted leader in premium outdoor recreation and guide interactions with all stakeholders.

重要的是，在溫尼貝戈工業，三個核心價值指導我們的日常運作：做正確的事、以人為本、做到最好。這些價值觀支持我們成為優質戶外休閒領域值得信賴的領導者的願景，並指導與所有利害關係人的互動。

With that, I'll now hand the call over to Bryan Hughes.

現在，我將把電話轉交給布萊恩休斯。

Thanks, Mike, and good morning, everyone. As a reminder, in my prepared remarks, starting on slide 9, I will focus on the key drivers of our performance. Please refer to our earnings release and earnings supplement documents for a detailed overview of our key financial results.

謝謝麥克，大家早安。提醒一下，在我準備好的發言中，從投影片 9 開始，我將重點放在我們績效的關鍵驅動因素。請參閱我們的收益發布和收益補充文件，以了解我們主要財務表現的詳細概述。

Winnebago Industries delivered a solid third quarter. The year-over-year decrease in consolidated net revenue reflected a shift in product mix with customers demonstrating a preference for lower-priced units, primarily in the towable RV segment as well as lower unit volumes in our motorhome RV and marine segment as we continue to aggressively manage production amid challenging retail market conditions.

溫尼貝戈工業公司第三季業績表現強勁。合併淨收入同比下降反映了產品結構的變化，客戶表現出對低價單位的偏好，主要是在可牽引房車細分市場，以及隨著我們繼續發展，我們的房車房車和船舶細分市場的單位數量減少在充滿挑戰的零售市場條件下積極管理生產。

Gross margin for the third quarter was 15%, primarily reflecting the deleveraging effect of lower sales and competitive marketplace pricing with elevated discounts as well as operational efficiency challenges. We are addressing those challenges through a range of cost containment initiatives, including flex production days, product line consolidation and the deferral of certain CapEx projects.

第三季毛利率為 15%，主要反映了銷售下降、折扣增加帶來的競爭激烈的市場定價以及營運效率挑戰帶來的去槓桿效應。我們正在透過一系列成本控制措施來應對這些挑戰，包括彈性生產日、產品線整合和延遲某些資本支出項目。

Warranty expense, although up year-over-year comparing against favorable expense in last year's third quarter, has returned to historical rates.

保固費用雖然與去年第三季的有利費用相比同比有所上升，但已恢復到歷史水準。

Lastly and while not shown on this slide, but worthy of a call out, we continue to generate robust free cash flow, which totaled $88.4 million in fiscal Q3. During the quarter, we executed $20 million of share repurchases, bringing the year-to-date total to $60 million.

最後，雖然這張投影片中沒有顯示，但值得一提的是，我們繼續產生強勁的自由現金流，第三財季總計 8,840 萬美元。本季度，我們執行了 2,000 萬美元的股票回購，使年初至今的總額達到 6,000 萬美元。

Turning to our performance by segment, starting with towable RV on slide 10. Revenues were up 35.7% from the second quarter of 2024 or sequentially. Revenue was up 0.6% from Q3 of last year, reflecting an increase in unit volume, partially offset by a reduction in average selling price per unit related to product mix.

轉向我們按細分市場劃分的業績，從幻燈片 10 上的可牽引房車開始。營收較去年第三季成長 0.6%，反映出單位銷售量的增加，但部分被與產品組合相關的單位平均售價的下降所抵銷。

Segment adjusted EBITDA was down 22% versus the prior year or 310 basis points of margin, partly reflecting operational efficiency challenges as we work through a plant consolidation in the Winnebago-branded towable business and production ramp-up of new product. And for the towable RV segment more broadly, there was a difficult comp with Q3 of last year benefiting from favorable warranty expense expressed as a percentage of sales.

部門調整後的 EBITDA 比前一年下降了 22%，利潤率下降了 310 個基點，部分反映了我們在溫尼貝戈品牌拖車業務的工廠整合和新產品產量提升過程中面臨的營運效率挑戰。對於更廣泛的牽引式房車細分市場來說，與去年第三季相比，受益於以銷售額百分比表示的有利保固費用，情況比較困難。

Fiscal 2024 third quarter warranty expense for the segment remains lower than average warranty rates prior to fiscal 2023. Importantly, we do not expect our warranty expense including the expense associated with the excess frame flex issues and the warranty changes recently introduced by Grand Design to cost meaningfully elevated warranty expense as a percent of sales.

該部門2024 財年第三季的保固費用仍然低於2023 財年之前的平均保固費率。保固變更）將降低成本保固費用佔銷售額的百分比顯著提高。

While we had these headwinds to profitability broadly, we experienced a decrease or favorable impact to profitability in the level of discounts and allowances in the towable RV segment in the third quarter of fiscal 2024 and as compared to the third quarter of fiscal 2023. This is a direct result of our highly disciplined production utilization as the industry moves its way through the current trough in retail demand. Towable RV backlog was down 35.1% in dollars from the prior year, reflecting current industry and demand trends.

雖然我們在獲利能力方面普遍面臨這些阻力，但與2023 財年第三季相比，2024 財年第三季可牽引房車細分市場的折扣和補貼水準對獲利能力產生了下降或有利影響。是這是我們在產業走出當前零售需求低谷時嚴格控制生產利用的直接結果。牽引式房車積壓訂單（以美元計算）比前一年下降了 35.1%，反映了當前的行業和需求趨勢。

Turning to slide 11. Revenues for the motorhome RV segment were down 20.1% from the prior year on lower unit volume and an increased level of discounts and allowances as we continue to work closely with our dealer partners to strengthen the health of their inventory. This was partially offset by price increases related to higher motorized chassis costs.

轉向幻燈片 11。這部分被機動底盤成本上升導致的價格上漲所抵銷。

With strict credit standards and elevated interest rates affecting consumer lending, retail, and wholesale shipments both remain stubbornly soft during the May and June selling season. Segment adjusted EBITDA decreased 50.2% or 270 basis points of margin compared to Q3 last year. The variance reflected volume to leverage and operational efficiency challenges, partially offset by cost containment efforts.

由於嚴格的信貸標準和利率上升影響了消費貸款，零售和批發運輸在五月和六月的銷售季節仍然持續疲軟。與去年第三季相比，部門調整後 EBITDA 下降 50.2%，即利潤率下降 270 個基點。這一差異反映了槓桿率和營運效率的挑戰，但部分被成本控制努力所抵消。

Sequentially, motorhome margins were down 320 basis points due to deleverage and higher discounts and allowances as the anticipated strengthening of the retail market in April and May failed to materialize. Backlog in the motorized RV segment was down 55.7% in dollars from the prior year. We expect to maintain heavy discipline in capacity utilization in our upcoming fourth quarter, considering dealer inventory levels and a tepid retail demand for this segment.

隨後，由於 4 月和 5 月零售市場的預期走強未能實現，去槓桿化以及更高的折扣和補貼，房車利潤率下降了 320 個基點。機動房車領域的積壓訂單（以美元計算）比前一年下降了 55.7%。考慮到經銷商庫存水準和該細分市場不溫不火的零售需求，我們預計在即將到來的第四季將嚴格控制產能利用率。

Moving to our marine segment on slide 12. Given current economic conditions, revenues in the third quarter were down 31.8% from the prior year, in line with expectations, driven by soft retail demand and a cautious dealer network. Inventory levels continue to be elevated relative to dealer preferences considering higher interest rates and the cost of carrying inventory. These factors caused our shipments to be down in the quarter compared to the prior year. In addition, net revenue was impacted by a shift in product mix toward lower-priced product offering. For example, the introduction of Barletta's Aria offering in the past year.

轉到投影片 12 上的船舶部門。考慮到較高的利率和庫存成本，庫存水準相對於經銷商的偏好繼續上升。這些因素導致我們本季的出貨量較上年下降。此外，淨收入也受到產品組合轉向低價產品的影響。例如，去年推出的 Barletta Aria 產品。

Marine segment adjusted EBITDA margin decreased 370 basis points versus the prior year. This was primarily due to volume deleverage, partially offset by cost containment efforts. Backlog for the marine segment was down from the prior year period.

船舶部門調整後 EBITDA 利潤率較前一年下降 370 個基點。這主要是由於數量去槓桿化所致，但部分被成本控制措施所抵銷。海事部門的積壓訂單較上年同期下降。

Moving now to the balance sheet on slide 13. As of the end of the quarter, Winnebago Industries had a net debt-to-EBITDA ratio of approximately 1.7 times, which is slightly above our targeted range of 0.9 times to 1.5 times. This month, we will pay a quarterly cash dividend of $0.31 per share to common shareholders of record as of June 12, marking the 40th consecutive quarter Winnebago Industries has paid a dividend. This record speaks to the Board's sustained confidence in our strategy, performance and growth prospects.

現在轉向幻燈片 13 上的資產負債表。本月，我們將向截至 6 月 12 日登記在冊的普通股股東支付每股 0.31 美元的季度現金股息，這標誌著 Winnebago Industries 連續第 40 個季度支付股息。這項記錄證明了董事會對我們的策略、業績和成長前景的持續信心。

During the quarter, we repurchased approximately 318,000 shares of stock at a total cost of $20 million. At quarter end, we had $240 million remaining in our repurchase program. We have repurchased $60 million of stock in our fiscal year-to-date and have paid $28 million of dividends.

本季度，我們回購了約 318,000 股股票，總成本為 2,000 萬美元。截至季末，我們的回購計畫還剩 2.4 億美元。本財年迄今，我們已回購了 6,000 萬美元的股票，並支付了 2,800 萬美元的股利。

Before turning the call back to Mike, let me provide some color on our near-term expectations. Based on the current business environment, we anticipate the retail market will remain sluggish through the end of our fiscal fourth quarter, reflecting the dealer caution and tepid consumer sentiment that have marked the early part of the selling season.

在將電話轉回給麥克之前，讓我先介紹一下我們的近期預期。根據當前的商業環境，我們預期零售市場將在第四財季末保持低迷，這反映出經銷商的謹慎態度和銷售季節初期的消費者情緒不溫不火。

Our commitment remains steadfast. We will use our capacity wisely, maintain our premium positioning, introduce exciting new products tailored to our customer base's preferred price points, and prioritize long-term profitability across our brands. This commitment will guide us as we navigate the current industry downturn and its short-term effect on market share.

我們的承諾依然堅定。我們將明智地利用我們的產能，保持我們的高端定位，推出適合我們客戶群首選價格點的令人興奮的新產品，並優先考慮我們品牌的長期盈利能力。這項承諾將指導我們應對當前的行業低迷及其對市場份額的短期影響。

Now let me turn the call back to Mike to provide some closing comments. Mike, back to you.

現在讓我將電話轉回給麥克，以提供一些結束語。麥克，回到你身邊。

Thanks, Bryan. Turning to slide 14. As we think about the future of our business, we continue to believe that over the long term fortune will favor the companies with the best brands who drive for mutual success with their dealer partners and a seamless joyful end-to-end experience with their customers. We have been making steady investments in engineering, data, digital asset development, and IT capabilities to ensure we have the right product offerings and tools to appeal to various segments of the future market and stay close to our customers.

謝謝，布萊恩。轉向幻燈片14。縫的快樂終端-結束與客戶的體驗。我們一直在工程、數據、數位資產開發和 IT 能力方面進行穩定投資，以確保我們擁有合適的產品和工具來吸引未來市場的各個細分市場並與客戶保持密切聯繫。

When I say the best brands, I'm not talking only about a multitude of floor plans and comfortable sofas within those brands. It's also about making sure that our owners get outstanding service and support, have great technology at their fingertips, and become customers for life. Some of that is certainly dependent on having great dealer relationships, and that is an area where Winnebago Industries continues to lean in.

當我說最好的品牌時，我不僅僅指這些品牌內的眾多平面圖和舒適的沙發。它還要確保我們的業主獲得卓越的服務和支持，掌握先進的技術，並成為終身客戶。其中一些肯定取決於擁有良好的經銷商關係，而這正是溫尼貝戈工業公司繼續關注的領域。

As demand trends settle back into a more normalized pattern, dealers are beginning to shed the smaller brands and focus instead on much deeper relationships with trustworthy OEMs. We are seeing more dealers seeking preferred and even exclusive relationships with Winnebago Industries family of brands because they know they can count on us through the peaks and valleys of outdoor recreation cycles. The dealer partnerships we have built over time provide our end customers with real advantage over the life of their ownership.

隨著需求趨勢回歸到更正常化的模式，經銷商開始放棄較小的品牌，轉而專注於與值得信賴的原始設備製造商建立更深層的關係。我們看到越來越多的經銷商尋求與 Winnebago Industries 品牌系列建立優先甚至獨家合作關係，因為他們知道他們可以依靠我們度過戶外休閒週期的高峰和低谷。我們長期建立的經銷商合作夥伴關係為我們的最終客戶提供了在其所有權生命週期內的真正優勢。

To expand on Bryan's comments on Q4, we do not currently expect a notable improvement in the RV and marine industries through the end of the calendar year. Consumer sentiment impacted by delays to the lowering of interest rates and other difficult macroeconomic factors will continue to weigh on dealer willingness to order and carry inventory. With these factors in mind, we are anticipating Winnebago Industries Q4 to be flat to slightly down versus Q3 on a sequential basis on the top revenue line.

為了擴展 Bryan 對第四季的評論，我們目前預計房車和船舶產業到年底不會有顯著改善。受利率降低延遲和其他困難的宏觀經濟因素影響的消費者情緒將繼續影響經銷商的訂購和庫存意願。考慮到這些因素，我們預計溫尼貝戈工業第四季的最高收入線將與第三季持平或略有下降。

We expect we will continue to face margin or yield challenges tied primarily to market pressures and pricing in the form of heightened discounts, and we are, therefore, anticipating profitability will be down sequentially as well. These expectations are consistent with the prevailing retail trends in the industry and are also consistent with dealer sentiment and their preference to stay appropriately lean on inventory levels.

我們預計，我們將繼續面臨利潤率或收益率的挑戰，這主要與市場壓力和高折扣形式的定價有關，因此，我們預計獲利能力也將依次下降。這些預期與該行業當前的零售趨勢一致，也與經銷商的情緒及其對庫存水準保持適當依賴的偏好一致。

This guidance for our financial performance is also consistent with the full calendar year retail and wholesale shipment expectations and our share, therefore, of that we mentioned earlier. We will provide further updates on expectations for the remainder of calendar year 2024 and for calendar year 2025 during our fourth quarter earnings call in October.

我們的財務績效指引也與全年零售和批發出貨量預期以及我們之前提到的份額一致。我們將在 10 月的第四季財報電話會議上提供 2024 年剩餘時間和 2025 年預期的進一步更新。

That said, the future of our business remains bright. Our most recent Winnebago Industries Spotlight survey continues to show strong demand for outdoor recreation, with 86% of participants saying they plan to increase or maintain their current participation level in outdoor activities.

也就是說，我們業務的未來仍然光明。我們最近的溫尼貝戈工業聚焦調查持續顯示對戶外休閒的強勁需求，86% 的參與者表示他們計劃增加或維持目前的戶外活動參與水準。

Winnebago Industries is better positioned today than at any time in our storied history. If you compare our position today to where we were in 2014, when RV industry retail performance was similar to what we are experiencing in 2024, we are in a much better position in terms of market share, breadth of portfolio, and financial performance.

溫尼伯戈工業公司今天的處境比我們傳奇歷史上的任何時候都更好。如果將我們今天的處境與 2014 年的處境進行比較，當時房車行業的零售業績與我們在 2024 年經歷的情況相似，那麼我們在市場份額、投資組合廣度和財務業績方面處於更好的位置。

Likewise, if you compare where our portfolio brands sits today compared to pre-pandemic 2019, we have a more robust portfolio of products across all our brands reaching a broader range of customers with a wider array of features as well as price points. All of this has translated to much stronger financial performance and a more robust balance sheet. We are extremely proud of the high level of trust and confidence customers have in our brands, putting us in a great position as the market recovers and consumers regain their economic footing.

同樣，如果將我們目前的產品組合品牌與 2019 年疫情爆發前的情況進行比較，我們的所有品牌都擁有更強大的產品組合，以更廣泛的功能和價格點覆蓋更廣泛的客戶。所有這些都轉化為更強勁的財務表現和更穩健的資產負債表。我們為客戶對我們品牌的高度信任和信心感到非常自豪，這使我們在市場復甦和消費者重新獲得經濟立足點時處於有利地位。

In closing, let me acknowledge the work of almost 6,000 team members across Winnebago Industries. The Grand Design, Winnebago, Newmar, Chris-Craft, and Barletta nameplates carry a unique appeal to the customers of each of those premium brands, an attraction that signifies quality, safety, and reliability.

最後，讓我對 Winnebago Industries 近 6,000 名團隊成員的工作表示感謝。 Grand Design、Winnebago、Newmar、Chris-Craft 和 Barletta 銘牌對每個優質品牌的客戶都具有獨特的吸引力，這種吸引力像徵著品質、安全和可靠性。

Our new strategic technology vertical Lithionics Battery is also positively disrupting the mobile lithium battery space and winning new business in both the outdoor industry and across specialty vehicle applications. The people who support, design, and build these brands are our strongest asset, and I am extremely proud of the value they deliver every day to enable our customers to be great outdoors.

我們的新策略技術垂直鋰離子電池也積極顛覆行動鋰電池領域，並在戶外產業和特殊車輛應用領域贏得新業務。支持、設計和打造這些品牌的人是我們最強大的資產，我對他們每天為我們的客戶提供精彩戶外活動所提供的價值感到非常自豪。

With that, I will turn the call back over to the operator, who will open the line for your questions.

然後，我會將電話轉回給接線員，接線員將為您解答問題。

(Operator Instructions) Tristan Thomas-Martin, BMO Capital Markets.

（操作員說明）Tristan Thomas-Martin，BMO 資本市場。

Hey, good morning. Mike, the profitability headwinds in the fourth quarter is that tied to clearing kind of the remaining carryover inventory or just incentivizing dealers to order. And then while you're at it, where do you think carryover inventory is for you guys and then for the industry?

嘿，早安。麥克，第四季度的獲利逆風與清理剩餘的結轉庫存或只是激勵經銷商訂購有關。然後，當您這樣做時，您認為對於您以及整個行業來說，結轉庫存在哪裡？

Yeah. Good morning, Tristan. I'd like to start with the back half of your question first in terms of carryover inventory. We are generally pleased with the composition of the inventory given the type of market conditions we're facing as we sit today. The total inventory levels for us in the towable space seem very appropriate for where we're at. We prefer for aging inventory in our towable field inventory base to be a little bit better, but we continue to work on that quite specifically.

是的。早上好，特里斯坦。我想先從結轉庫存方面的問題的後半部分開始。考慮到我們今天面臨的市場狀況，我們總體上對庫存的組成感到滿意。我們在可拖曳空間中的總庫存水準似乎非常適合我們所處的位置。我們希望拖曳式現場庫存庫中的老化庫存能好一點，但我們將繼續專門致力於解決這個問題。

Our motorized RV inventory maybe slightly higher in the field than our dealers might like, but not by very much. And again, we actually think our aging inventory position on the motorized side is as competitive as any other OEM in the market.

我們的機動房車庫存可能略高於經銷商的預期，但也不會高很多。再說一遍，我們實際上認為我們在機動方面的老化庫存狀況與市場上任何其他原始設備製造商一樣具有競爭力。

Lastly, on the marine side, specific to Barletta and Pontoons, while we are gaining significant retail share in that particular market segment, we continue to partner in a very positive way with dealers to position their field inventory to a position that they feel comfortable and that will be -- that will continue to put a bit of pressure on shipments on that brand here over the next quarter at a minimum.

最後，在海運方面，特別是巴列塔和浮橋，雖然我們在該特定細分市場中獲得了顯著的零售份額，但我們繼續以非常積極的方式與經銷商合作，將他們的現場庫存定位到他們感到舒適和滿意的位置。

But all in all, we generally feel okay about the field inventory levels and continue to work on obviously transitioning the composition of that inventory to more recently aged inventory. We have actually slightly delayed some of our model year 2025 introductions, so that we can continue to work as an example on some of the model year 2023 or 2024 product.

但總而言之，我們總體上對現場庫存水準感到滿意，並繼續努力將庫存的組成明顯轉變為最近老化的庫存。實際上，我們稍微推遲了一些 2025 年車型的推出，以便我們可以繼續作為一些 2023 年或 2024 年車型產品的範例。

Bryan, I might ask you to talk about the profitability drivers in Q4.

布萊恩，我可能會請您談談第四季的獲利驅動因素。

Yeah. We talked about it sequentially, right? And I think the biggest driver, you kind of alluded to it, Tristan, is going to be continued marketplace pressures on discounting allowances, just a tougher environment than, what I think, the industry was anticipating as we get through the selling season and start to ease in the June, July, August period, our Q4 in terms of dealers' willingness to take on product.

是的。我們是按順序討論的，對嗎？我認為最大的推動因素，特里斯坦，你提到的，將是折扣津貼方面持續的市場壓力，只是一個比我認為行業在我們度過銷售季節並開始銷售時所預期的更艱難的環境。在六月、七月、八月期間，我們第四季經銷商的產品接貨意願有所緩解。

Also, you have some seasonality of sorts on the marine side, for example, we have interest reimbursement programs that start to kick in, in our Q4 versus Q3. So I think broadly speaking, I would characterize that profit guidance we provided as a bit of a seasonal as well as expectation of continued very tough market conditions and dealer sentiment.

此外，海事方面也有一些季節性，例如，我們在第四季與第三季開始啟動利息償還計畫。因此，我認為從廣義上講，我將我們提供的利潤指引描述為有點季節性以及對持續非常艱難的市場條件和經銷商情緒的預期。

Okay. Thank you. I'll hop back in the queue.

好的。謝謝。我會跳回到隊列中。

James Hardiman, Citi.

花旗銀行的詹姆斯哈迪曼。

Hey, good morning. Thanks for taking my question. So on the inventory front, maybe a little surprised to hear you say you're actually pushing back the introduction of some of the model year '25. Certainly, some of the commentary that we've heard from dealers is that they're actually waiting for the model year '25 to make orders because they don't want to further exacerbate the aging issue. Maybe speak to the thought process there, do you think it will be a catalyst once the '25 begin to make their way into the channel. And I think there's been some discussion at an industry level of moving up that model year changeover, any thoughts there?

嘿，早安。感謝您提出我的問題。因此，在庫存方面，聽到您說您實際上正在推遲推出某些 25 年款車型，您可能會感到有點驚訝。當然，我們從經銷商那裡聽到的一些評論是，他們實際上正在等待 25 年車型的訂單，因為他們不想進一步加劇老化問題。也許談談那裡的思考過程，你認為一旦「25」開始進入渠道，它會成為催化劑嗎？我認為行業層面已經就加快車型年份轉換進行了一些討論，有什麼想法嗎？

Yeah. Good morning, James. This is Mike. Let me be more specific on my comment about model year '25. My comment does not apply to the entire portfolio in the same way. There are certain pockets of our portfolio where we are being very intentional in the timing and delivery of model year '25 product for two reasons. One, we may still have a little bit of model year '24 carryover on our own lots.

是的。早安，詹姆斯。這是麥克。讓我更具體地談談我對 25 年車型的評論。我的評論並不以同樣的方式適用於整個投資組合。我們在產品組合的某些部分非常有意地安排 25 年款產品的時間和交付，原因有二。第一，我們自己的地塊上可能仍然有一點 24 年款的遺物。

And number two, we, with the dealers think it is best to continue to work on any of the aged inventory in the field. Our model year '22 inventory is virtually non-existent at the end of third quarter, very small number of units. And we continue to put some of our select promotional support dollars on the age side against a number of the model year '23 products. That is really our focus there on '25.

第二，我們和經銷商認為最好繼續處理該領域的任何陳舊庫存。截至第三季末，我們的 22 年車型庫存幾乎不存在，數量非常少。我們繼續將一些精選的促銷支持資金投入到年齡方面，以對抗一些 23 年款的產品。這確實是我們 25 年的重點。

In terms of timing, I would actually say it appears to me that the RV industry continues to probably move towards a more common future model year release window. And in my opinion, based on the activity that I'm seeing and hearing, I don't believe that, that window in future years will move up. I actually think it will stay in the mid-summer period. And hopefully, we will continue to see good discipline by other OEMs across the industry to make a reasonable model year transition in the time period it makes sense.

就時間安排而言，我實際上想說的是，在我看來，房車行業可能繼續朝著更常見的未來車型年份發布窗口發展。在我看來，根據我所看到和聽到的活動，我不相信未來幾年的窗口會向上移動。我實際上認為它會停留在仲夏期間。希望我們能夠繼續看到整個行業其他原始設備製造商的良好紀律，以便在有意義的時間內進行合理的車型年過渡。

Got it.

知道了。

There's been some outliers on the total side to that summertime model year introduction, just a couple of outliers. I think the big players for the most part are disciplined in that regard. The motorhome has been less disciplined. So if you were to look at it segment by segment, motorhome has certainly had a history and continued this year to introduce the next model year earlier than the summer period here in July, when the industry largely shakes hands and agrees, is the model year turnover. Some of that driven by the OEM, the chassis providers on the motorized side having a different timing of model year changeover too.

夏季車型年介紹整體上存在一些異常值，只有幾個異常值。我認為大多數大公司在這方面都遵守紀律。房車的紀律性較差。因此，如果你要逐個細分地看待它，房車肯定有一段歷史，並且今年繼續比 7 月份的夏季更早地推出下一個車型年，當時業界在很大程度上握手並同意，是車型年週轉。其中一些是由原始設備製造商推動的，機動化方面的底盤供應商也有不同的車型年份轉換時間。

Got it. And then, any quantification you could give us on the flex frame issue, both the extending of the warranty and the transferability of the warranty. It sounds like you don't think it's going to be a meaningful driver to increased warranty expense. But so maybe walk us through the major assumptions that lead you to that conclusion. Thanks.

知道了。然後，您可以就柔性框架問題向我們提供任何量化信息，包括保固的延長和保固的可轉讓性。聽起來您認為這不會成為增加保固費用的有意義的驅動因素。但也許請引導我們了解導致您得出結論的主要假設。謝謝。

James, this is Mike. Let me put this in perspective for everybody. Less than 1% of all Grand Design Fifth Wheels built in the entire history of its company have experienced any sort of excessive frame flex issue. This is an issue which is not as large in actuality from a unit impact standpoint nor in financial impact as several stakeholders perceive it to be.

詹姆斯，這是麥克。讓我為大家闡述這一點。在公司整個歷史中生產的所有 Grand Design Fifth Wheel 中，只有不到 1% 經歷過任何形式的過度車架彎曲問題。從單位影響的角度來看，這個問題其實並不像一些利害關係人所認為的那麼大。

The impact of warranty to date in fiscal year '24 regarding excessive frame flex has been nominal. And as Bryan alluded, we are maintaining historical warranty levels now, around most of our businesses, including Grand Design. In the announcement that the Grand Design business made candidly to signal to its consumers that we have maximum confidence in our products and that we will provide the utmost and complete support to customers in the future will come with very little financial impact in the rest of this fiscal year or future fiscal years given the current warranty rate we're seeing on this topic.

迄今為止，24 財年保固對框架過度彎曲的影響是微乎其微的。正如布萊恩所提到的，我們現在的大部分業務（包括 Grand Design）都維持著歷史保固水準。 Grand Design 業務部門在公告中坦誠地向消費者表明，我們對我們的產品充滿信心，並且我們將在未來為客戶提供最大程度的全面支持，在剩下的時間裡，財務影響很小考慮到我們在該主題上看到的當前保固率，會計年度或未來會計年度。

So that's why I used the word misinformation in my prepared comments. This topic is not having a significant impact on our warranty expense line now, and we don't anticipate that to be the case in the future.

這就是為什麼我在準備好的評論中使用了「錯誤訊息」這個詞。這個主題目前不會對我們的保固費用產生重大影響，我們預計將來也不會發生這種情況。

Yeah. And just to add a little bit to that. As Mike said, the experience rate is so low on this. We do have some, of course, experience where we've seen it, as Mike said, less than 1%. Now on those instances where we have seen it, the cost per fix is likewise not meaningful.

是的。只是補充一點。正如麥克所說，這方面的經驗率很低。當然，我們確實有一些我們見過的經驗，正如麥克所說，不到 1%。現在，在我們已經看到的情況下，每次修復的成本同樣沒有意義。

And then lastly, Grand Design has always taken care of the customers, okay? So call it, goodwill practices. I think most on the call know what that means from an industry perspective. Even in other words, outside of warranty, Grand Design has historically taken care of customers on these types of issues as well. So it's already effectively in the run rate, we feel this additional warranty that was just extended.

最後，Grand Design 始終照顧客戶，好嗎？所以稱之為善意實踐。我認為大多數參加電話會議的人都知道從行業角度來看這意味著什麼。換句話說，在保固之外，Grand Design 歷來也在此類問題上照顧過客戶。因此，它已經在運行率中有效，我們認為這個額外的保固剛剛延長。

So for all those reasons, hopefully, that gives you some perspective on why we think this is not any kind of financial event, call it, as we try to put our customers at ease through this extended warranty.

因此，基於所有這些原因，希望這能讓您了解為什麼我們認為這不是任何類型的財務事件，因為我們試圖透過延長保固期讓我們的客戶放心。

It does. That's good perspective. Thanks, guys.

確實如此。這是一個很好的視角。謝謝，夥計們。

(Operator Instructions) Bret Jordan, Jefferies.

（操作員說明）Bret Jordan，Jefferies。

Hey. Good morning, guys.

嘿。早安，夥計們。

Good morning.

早安.

Could you talk a bit more about the general -- the relative health, I guess, of the dealer channel, marine versus RV. Obviously, the Marine downturn started after the RV downturn, but might be a little deeper at the moment. Maybe could you talk about are we going to see attrition or meaningful incremental attrition in either one of those channels given just inventory carrying costs and slow retail sales?

能多談談一般情況嗎——我猜，經銷商通路、船用車與房車的相對健康狀況。顯然，海軍陸戰隊的低迷是在房車低迷之後開始的，但目前可能會更深。也許您能談談，考慮到庫存成本和零售銷售緩慢，我們是否會在這些管道中的任何一個中看到損耗或有意義的增量損耗？

Bret, good morning. This is Mike. As we've stated before, we can discuss specifically the marine market segments that we're in, and so I'll focus my comments here on pontoons because that is where the -- obviously, where the majority of our marine volume lies.

布雷特，早安。這是麥克。正如我們之前所說，我們可以具體討論我們所處的海洋市場領域，因此我將在這裡重點討論浮橋，因為顯然，我們的大部分海洋運輸量都位於浮橋上。

I am extremely pleased with our Barletta branded business and the way they've been managing both their support of increasing retail market share in a difficult environment, but also their prudence and discipline around field inventory. And this is a business, as an example, where at the end of our third quarter, we didn't have a single model year 2025 product in the channel yet. And I'm not even sure that's the case today. I don't think it is.

我對我們的 Barletta 品牌業務以及他們在困難環境中支持增加零售市場份額的管理方式以及他們在現場庫存方面的謹慎和紀律感到非常滿意。舉個例子，在我們的第三季末，我們的通路中還沒有一款 2025 年款的產品。我什至不確定今天的情況是否如此。我不認為是這樣。

So we continue to focus on running out our model year '24s and are working with the dealers to make sure that the turn rate that they desire in light of some of the pressures they're facing on inventory flooring costs, as an example, across all of their lines, not just Barletta that we're a good partner in making sure that their Barletta inventory levels are in a position to both drive double-digit market retail share, but also help them drive acceptable profitability on their retail transactions and manage any carrying costs that they have.

因此，我們繼續專注於耗盡我們的 24 歲車型，並與經銷商合作，確保考慮到他們在庫存地板成本方面面臨的一些壓力，以確保他們期望的周轉率，例如，他們所有的產品線，不僅僅是巴列塔，我們是一個很好的合作夥伴，確保他們的巴列塔庫存水平能夠推動兩位數的市場零售份額，同時也幫助他們在零售交易中提高可接受的盈利能力並管理他們的任何持有成本。

And so we've actually brought down Barletta total inventory as of the end of the third quarter by probably somewhere in the range of 800 to 900 units. And we anticipate also driving that field inventory position a little bit lower here, particularly over the fourth quarter. And we think that is the best thing to do for our dealers without sacrificing our ability to go after double-digit market share, so that we can position ourselves for an even stronger model year '25 line release that will happen probably in the August time period.

因此，截至第三季末，我們實際上已經將 Barletta 的總庫存減少了 800 至 900 件。我們預計這也會導致現場庫存狀況略有下降，特別是在第四季。我們認為，在不犧牲我們追求兩位數市場份額的能力的情況下，這對我們的經銷商來說是最好的事情，這樣我們就可以為可能在8 月份發布的更強大的'25 系列車型做好準備時期。

So our marine inventory position is in, I think, really, really decent shape to begin with, and we're going to make it even stronger here over the next 90 to 120 days. And then hopefully, market conditions will be in a place where we can stabilize and get back to a 1:1 retail to shipment ratio in that particular business.

因此，我認為，我們的海洋庫存狀況一開始就處於非常非常好的狀態，我們將在接下來的 90 到 120 天內使其更加強大。然後希望市場狀況能夠穩定下來，並在該特定業務中恢復到 1:1 的零售與發貨比率。

Hey, Bret. If you were asking about broader just dealer health in general, as both RV and marine get through the selling season here, I think it's the best time of the year for them, right? They'll have decent cash flow and at least some profitability to get them through the selling season. I think there is some exposure, call it, remaining in marine, heightened above RV.

嘿，布雷特。如果您問的是更廣泛的經銷商健康狀況，因為房車和船舶都在這裡度過了銷售季節，我認為這對他們來說是一年中最好的時間，對吧？他們將擁有可觀的現金流和至少一定的獲利能力來度過銷售季節。我認為有一些暴露，稱之為，留在海洋中，高於房車。

But what I am certainly hearing and want to acknowledge is that the marine OEMs, broadly speaking, of which, again, we're a very small piece, are doing a very good job at pulling back on production and making sure that the dealers only have what they need really to get through the selling season and trying to help them with carrying costs. So if that was your broader question, just wanted to throw that into.

但我確實聽到並想承認的是，從廣義上講，船舶原始設備製造商（我們再次是其中的一小部分）在減少生產並確保經銷商只擁有他們真正需要的東西來度過銷售季節，並試圖幫助他們降低持有成本。因此，如果這是您更廣泛的問題，我只想將其納入其中。

Great. Thank you. Appreciate it.

偉大的。謝謝。欣賞它。

Michael Swartz, Truist Securities.

邁克爾·斯沃茨 (Michael Swartz)，Truist 證券公司。

Hey, guys. Good morning. Maybe just drilling down a little bit into profitability and more specifically, the motorized business. I think EBITDA margins were in the 4%, 5% range this quarter and over the past year or so as productions come down, they've really been kind of sticking in that 7% range. So maybe help us understand, I guess, one, what changed during the third quarter to drive it down about 300 basis points. And then I guess, two, how should we think about that going forward?

嘿，夥計們。早安.也許只是深入研究獲利能力，更具體地說，機動業務。我認為本季 EBITDA 利潤率在 4% 到 5% 的範圍內，而在過去一年左右的時間裡，隨著產量的下降，它們實際上一直在 7% 的範圍內。因此，我想，第一，也許可以幫助我們了解第三季發生的變化導致其下降約 300 個基點。然後我想，第二，我們該如何考慮未來？

Yeah, certainly -- Mike, good morning. Certainly, deleverage continues to weigh heaviest. We talked about how the market wasn't seeing any improvement as we thought it might in retail in April and May. That affected us. It also caused, I'd say, the Winnebago brand to get a little bit ahead of the market in terms of its production and then be faced with higher discount pressures as a result of that. There was some certain, specific brands that we needed to be really aggressive on considering the market conditions and so that was a big impact.

是的，當然——麥克，早安。當然，去槓桿化仍然是最重要的因素。我們討論了四月和五月市場並沒有像我們想像的那樣在零售業出現任何改善。這影響了我們。我想說，這也導致溫尼貝戈品牌在產量方面領先市場一點，然後面臨更高的折扣壓力。對於一些特定的品牌，我們需要真正積極地考慮市場狀況，因此這是一個很大的影響。

Productivity, as the market slowed down and as our product mix becomes one of those things that you have to juggle from a production perspective that drove our productivity below where we were expecting and wanting to see as well. So that in the form of both direct labor -- productivity and direct labor in getting the units out the door. So those were the biggest things that we fought here in our Q3.

生產力，隨著市場放緩，我們的產品組合成為你必須從生產角度處理的事情之一，這導致我們的生產力低於我們預期和希望看到的水平。因此，以直接勞動力的形式——生產力和將單位運出大門的直接勞動力。這些是我們在第三季遇到的最重要的事情。

Okay. And on the, I guess, on the new Grand Design Lineage, I know this product hasn't officially launched yet, but any color or context you can give us around just the response from the dealer base? And any way to think about, maybe the initial distribution opportunity there, maybe the number of doors and then what maybe the initial stocking levels will look like on that business?

好的。我想，關於新的 Grand Design Lineage，我知道該產品尚未正式推出，但是您可以向我們提供經銷商的任何顏色或背景資訊嗎？無論如何思考，也許那裡的初始分銷機會，也許門的數量，然後該業務的初始庫存水平可能會是什麼樣子？

Good morning, Mike. This is Mike. As I mentioned in our comments, we will actually be unveiling more specifics about the product this Saturday in New York City. We will not share at this time the number of dealers that we have mutually committed to on the product line. But I can say that the quality of that dealer stocking list is every bit as impressive as what we have on our Grand Design Towables list. In fact, it includes several of the same, loyal and fantastic Grand Design dealers that carry towables but it also includes a few new dealers to the Grand Design brand for specifically the motorized launch.

早上好，麥克。這是麥克。正如我在評論中提到的，我們實際上將於本週六在紐約市公佈有關該產品的更多細節。目前我們不會透露我們在產品線上共同承諾的經銷商數量。但我可以說，經銷商庫存清單的品質與我們 Grand Design Towables 清單上的清單一樣令人印象深刻。事實上，它包括幾個相同的、忠誠的、出色的 Grand Design 經銷商，他們提供拖車，但它也包括一些新的 Grand Design 品牌經銷商，專門負責機動化的發布。

As I said earlier, we will have a very light amount of shipments late in fourth quarter, probably in the month of August on this product. And then the majority of the stocking orders and deliveries will begin in fiscal '25. And so as we firm up those orders, here, we begin to reflect those to you all as well in the backlog. I don't believe our current motorized backlog includes any Grand Design orders at this time. But those conversations, obviously, on a stocking order commitment are very much happening. And so you will begin to see the impact of that probably when we announce our fourth quarter earnings in October.

正如我之前所說，我們在第四季末（可能是八月）對該產品的發貨量將非常少。然後，大部分庫存訂單和交貨將於 25 財年開始。因此，當我們確定這些訂單時，我們也開始在積壓訂單中向大家反映這些訂單。我認為我們目前的機動積壓訂單目前不包括任何宏偉設計訂單。但顯然，這些關於庫存訂單承諾的對話正在發生。因此，當我們在 10 月宣布第四季度收益時，您可能會開始看到其影響。

The other thing that I will mention, and we're not providing specifics on this yet is the Class C lineage is the first of several Grand Design motorized products that are on the drawing board. And over the next probably six months, you will hear more from Winnebago Industries and Grand Design about our intentions on a couple of other products that we could be bringing to the market here in the next, I would say, probably 9 to 15 months as well. So this is the beginning and more details to come as we're comfortable.

我要提到的另一件事是，我們尚未提供具體細節，C 級系列是正在設計的幾款 Grand Design 電動產品中的第一個。在接下來的六個月內，您將從Winnebago Industries 和Grand Design 那裡聽到更多關於我們對其他幾種產品的意向，我想說，可能是9 到15 個月，我們可能會在接下來的9 到15 個月內將這些產品推向市場。所以這只是開始，我們會在方便的時候提供更多細節。

Okay. Great. Thanks.

好的。偉大的。謝謝。

Noah Zatzkin, KeyBanc Capital Markets.

Noah Zatzkin，KeyBanc 資本市場。

Hi. Thanks for taking my question. I guess just kind of related to the kind of affordability concerns in the industry. Just wondering if you could kind of provide any color on how you're thinking about ASPs across segments?

你好。感謝您提出我的問題。我想這與業界的負擔能力問題有關。只是想知道您是否可以提供有關您如何看待跨細分市場 ASP 的任何資訊？

And then somewhat relatedly, I think we had kind of picked up from some other industry participants that they're expecting motorized chassis price increases from the auto OEMs. So as it relates to the motorized side and model year '25, like is ASP an offset there? Kind of how are you thinking through those kind of cost increases? Thanks.

然後，與此相關的是，我認為我們從其他一些行業參與者那裡了解到，他們預計汽車原始設備製造商的機動底盤價格會上漲。那麼，由於它與機動側和車型年份 '25 相關，ASP 是在那裡的抵消嗎？您如何考慮這些成本增加？謝謝。

Hi, Noah. This is Bryan. I'll start with the second part of your question. Yeah. I did see your note on chassis costs. I think, frankly, the industry has seen most of those increases. It's in the rearview mirror. There's still some inflationary pressures remaining on motorized chassis that we're anticipating but nothing of the magnitude that you cited.

嗨，諾亞。這是布萊恩。我將從你問題的第二部分開始。是的。我確實看到了你關於底盤成本的說明。坦白說，我認為該行業已經看到了大部分成長。它在後視鏡裡。我們預計機動底盤仍然存在一些通膨壓力，但沒有您提到的那麼大。

We certainly, and I don't want to minimize the size of increases we've seen in motorized chassis over the last three years because they have been high. But the remaining increases I think, will be modest and will be digestible as it relates to our ability to price for those remaining increases in the coming years. So I guess I'd start with that. And then it kind of gets into the affordability question that you raised broadly. So I'll shift to that part of the question.

當然，我不想最小化過去三年機動底盤的成長規模，因為它們一直都很高。但我認為，剩餘的成長將是溫和的，並且是可以消化的，因為這關係到我們為未來幾年剩餘的成長定價的能力。所以我想我會從那裡開始。然後這就牽涉到你廣泛提出的負擔能力問題。所以我將轉向問題的這一部分。

And on the towable side, we're seeing very benign cost environment. So on an apples-to-apples basis, if we look at our bonds from model year '24 to '25, they're very neutral. And so pricing as a result will likewise be neutral on an apples-to-apples basis.

在可牽引方面，我們看到了非常良性的成本環境。因此，在同類的基礎上，如果我們看看我們的債券從24年到25年的模型，它們是非常中性的。因此，在同等基礎上定價也將是中性的。

What we're doing to address that customer preference for lower price points is introducing a lot of new product that allows us to do that without compromising our premium brand position. So products like the new Transcend One is an example, Reflection 100, the Influence all those on the Grand Design side, the Access, the stick-and-tin product for the Winnebago branded. These are examples of price point model introductions that we think will help maintain our premium position but also start to defend some of the market share more aggressively. So I'd say that's what we're doing on the towable side.

為了滿足客戶對較低價格點的偏好，我們正在採取的措施是推出大量新產品，使我們能夠在不損害我們優質品牌地位的情況下做到這一點。因此，新的 Transcend One 等產品就是一個例子，Reflection 100 是 Grand Design 方面的影響力產品，Access 是 Winnebago 品牌的黏罐產品。這些是價格點模型引入的範例，我們認為它們將有助於維持我們的優質地位，同時也開始更積極地捍衛一些市場份額。所以我想說這就是我們在可牽引方面所做的事情。

On the motorized side, we don't expect, going back to my earlier comments, we don't expect significant apples-to-apples BOM increases, more in the modest 2%, 3%. And so we will address those accordingly with pricing where we think it's appropriate as well as some new product introductions that the teams are working on. Certainly, the Grand Design entry will help us on the motorized side in terms of positioning a product that we think will be really well received by the dealers and the end customers at price points that they find to be very competitive.

在機動化方面，我們預計，回到我之前的評論，我們預計 BOM 不會大幅增加，更多的是 2%、3% 的適度增長。因此，我們將相應地透過我們認為合適的定價以及團隊正在開發的一些新產品介紹來解決這些問題。當然，Grand Design 的參賽作品將幫助我們在機動化方面定位一款產品，我們認為該產品將受到經銷商和最終客戶的歡迎，而且價格也非常有競爭力。

Thank you.

謝謝。

Craig Kennison, Baird.

克雷格·肯尼森，貝爾德。

Hey, good morning. Thanks for taking my question. You've addressed most of them already, but I wanted to follow up on Mike's question earlier. Regarding Grand Design in motorhomes and scaling that opportunity, what's the philosophy around the margin profile of that brand within motorhomes. Would you expect it to be accretive to margin in motorhomes over time in the way that it is in towables?

嘿，早安。感謝您提出我的問題。您已經解決了其中的大部分問題，但我想在早些時候跟進邁克的問題。關於房車的宏偉設計和擴大這一機會，品牌在房車中的利潤概況的概念是什麼。您是否認為隨著時間的推移，房車的利潤會像拖車一樣不斷增加？

Good morning, Craig. I appreciate the question. The answer is yes. We do anticipate that we will have motorized profitability that is, first of all, probably accretive to our overall portfolio profitability yield. But we expect that Grand Design motorized profitability will be very comparable candidly to the profitability of their towables business.

早安，克雷格。我很欣賞這個問題。答案是肯定的。我們確實預計我們將擁有機動化的獲利能力，這首先可能會增加我們整體投資組合的獲利能力。但我們預計 Grand Design 機動化獲利能力將與其拖車業務的獲利能力相當。

Certainly, that will vary by product type. But our team is very committed at Grand Design to have differentiated, highly valued, and sought after premium profitable motorized product in the market. Grand Design has often stated their intent to major in the majors. And so their motorized product will be pointed at some of the higher volume subsegments of that category.

當然，這會因產品類型而異。但我們的 Grand Design 團隊非常致力於在市場上提供差異化、高價值且受追捧的優質獲利電動產品。 Grand Design經常表示他們打算主修專業。因此，他們的機動產品將針對該類別中一些銷量較高的細分市場。

And we anticipate, based on what we've seen so far with the Lineage work but also some of the projections on future products that the profitability on that line should be quite acceptable. So time will tell, the team will need to execute to what I just stated. And certainly, competition isn't going to hand Grand Design market share very freely. So we anticipate an intense battle, but we have a very strong and focused team on that product line.

根據我們迄今為止所看到的 Lineage 工作以及對未來產品的一些預測，我們預計該生產線的盈利能力應該是可以接受的。所以時間會證明一切，團隊需要執行我剛才所說的話。當然，競爭不會輕易讓出 Grand Design 的市場佔有率。因此，我們預計會有一場激烈的戰鬥，但我們在該產品線上擁有一支非常強大且專注的團隊。

In the initial months, of course, Craig, initial quarters will require some scale up. So it's not expected immediately to be accretive, but it certainly will very soon.

當然，克雷格，在最初的幾個月裡，最初的幾季需要擴大規模。因此，預計它不會立即增加，但肯定很快就會增加。

That's great. And then maybe to follow up, you made some comments about Q4 revenue and margin profile, profitability profile. I'm wondering if you could just help us think through like segment EBITDA assumptions in that. And in particular, I'm guessing motorhomes could stick around that 4.5% range. Is that what you're suggesting?

那太棒了。然後也許是為了跟進，您對第四季度的收入和利潤狀況、盈利能力狀況發表了一些評論。我想知道您是否可以幫助我們思考其中的 EBITDA 部分假設。特別是，我猜測房車可能會保持在 4.5% 的範圍內。這就是你的建議嗎？

I think, Craig, we're going to refrain from getting into the segment-level conversations that we've been providing the last couple of quarters. We'll come back in the fall in our -- as part of our 2024 wrap-up and looking forward into 2025 and provide some, we think, better guidance, forward-looking guidance was that the industry and more specifically Winnebago related. But we're going to refrain from getting into a segment-level forward discussion at this time.

我認為，克雷格，我們將避免進入過去幾季我們一直在提供的細分級別對話。作為 2024 年總結和展望 2025 年的一部分，我們將在秋季回來，並提供一些我們認為更好的指導，前瞻性指導是行業，更具體地說是與溫尼貝戈相關的。但我們此時不會進行分段層級的前瞻性討論。

Sounds good. Thanks.

聽起來不錯。謝謝。

Scott Stember, Roth.

斯科特·斯坦伯，羅斯。

Good morning, guys. Thanks for taking my questions. Mike, you made a comment about how dealers -- it sounds like they're starting to go back to some of their prior pre-COVID ordering patterns, which would help your share. But then you also mentioned that at least, I guess, on the towable's Grand Design that you expect some near-term pressure on market share. Can you maybe just talk about those two opposing comments or just some of that have to do with -- there's a couple of new players in the market that may be giving a couple of headwinds. Just trying to parse that out.

早安，夥計們。感謝您回答我的問題。麥克，你對經銷商的方式發表了評論——聽起來他們開始回到新冠疫情之前的一些訂購模式，這將有助於你的分享。但你也提到，至少，我猜，在可牽引車的宏偉設計上，你預計近期市佔率會受到一些壓力。您能否只談談這兩種相反的評論，或者只是其中一些與市場相關的新參與者可能會帶來一些阻力。只是想把它解析出來。

Good morning, Scott. I appreciate the question. We do believe that dealers have been actively trimming and focusing their brand assortments here really over the better part of the last year as market conditions have gotten more challenging, and they have tried to narrow their focus on profitable products that turn, we do believe that in a high majority of the cases that our brands are not just survivors but winners on those lots as dealers make those trimming decisions.

早安，史考特。我很欣賞這個問題。我們確實相信，去年的大部分時間裡，隨著市場條件變得更具挑戰性，經銷商一直在積極調整和集中他們的品牌品種，他們試圖將注意力集中在有利可圖的產品上，我們確實相信在大多數情況下，當經銷商做出調整決定時，我們的品牌不僅是倖存者，而且是這些批次的贏家。

That does not mean, however, that there is not still intense competition across all of the segments, but particularly towables with several of the new entrants that you mentioned in your question as well. Grand Design is very familiar with the competition from new entrants, particularly on the Fifth Wheel side, with a couple of the newer companies in Elkhart County, and they continue to do what they think is necessary at Grand Design to combat those new competitive challenges. But some of the share results specific to that brand probably do reflect some of the success of the new start-up brands.

然而，這並不意味著所有細分市場仍然存在激烈的競爭，尤其是與您在問題中提到的幾個新進入者的拖車市場。 Grand Design 非常熟悉來自新進者的競爭，特別是在第五輪方面，與埃爾克哈特縣的幾家新公司競爭，他們繼續在Grand Design 做他們認為必要的事情來應對這些新的競爭挑戰。但該品牌特有的一些份額結果可能確實反映了新新創品牌的一些成功。

But this is a battle that will be ongoing, and the Grand Design team is very focused on being one of, if not the top Fifth Wheel manufacturers in the towable industry. we believe on the towables side, there is significant runway on towable -- excuse me, travel trailer market share for both our Winnebago and Grand Design brands. And you're seeing quite a bit of work from Grand Design, as Bryan alluded to earlier, on their transcend line to make headway on the travel trailer segment going forward.

但這是一場持續的戰鬥，Grand Design 團隊非常專注於成為可牽引行業的頂級第五輪製造商之一。我們相信在拖車方面，拖車方面有很大的發展空間——對不起，我們的 Winnebago 和 Grand Design 品牌的旅行拖車市場份額。正如布萊恩之前提到的，你會看到 Grand Design 在他們的超越系列上做了很多工作，以在旅行拖車領域取得進展。

Competition in macro has been relatively rational. We have seen, though, recently some spots from some of our bigger OEM competitors with some quite aggressive incentives for especially volume buys into the industry. And this is where we just have to weigh the benefits of a short-term response versus long-term pricing integrity for our brands. So competition, Scott, remains intense.

宏觀競爭已經相對理性。不過，最近我們看到一些較大的 OEM 競爭對手針對該行業的大量購買採取了相當積極的激勵措施。這就是我們必須權衡短期反應與長期定價完整性對我們品牌的好處。因此，斯科特，競爭仍然很激烈。

Got it. And then just last question. You made a comment that there's really no '22s left and '23s and '24s out in the field on the RV side. Could you -- I don't know if you gave the information of how much of it is '23s versus '24s in a percentage standpoint?

知道了。然後是最後一個問題。您評論說，房車一側的場地上確實沒有 22 歲、23 歲和 24 歲了。我不知道您是否提供了 23 歲與 24 歲的百分比資訊？

Scott, I can share a little bit more detail with you here this morning. On the RV -- in the RV business, model year '23s at the end of our third quarter, so the end of May, probably we're in the low teens percentage in the field. That is probably a little bit better than actually where we were a year ago on RV two year ago model inventory at that same time.

斯科特，今天早上我可以在這裡與您分享更多細節。在房車業務方面，在房車業務中，我們第三季末推出了 23 款車型，所以到 5 月底，我們可能處於該領域的低青少年比例。這可能比一年前兩年前同一時間的 RV 車型庫存實際情況要好一些。

It is historically on the higher side when you look at pre-COVID. But again, I would say that at the end of May, in the RV segment, we were probably in that 12% to 14% range for model year '23 inventory in the field. And certainly, that's now one of our focuses as we work with the dealers to reduce that as the model year '25 product comes in.

從歷史上看，當你觀察新冠疫情之前的情況時，它處於較高的水平。但我想說的是，在 5 月底，在 RV 領域，我們 23 年車型的現場庫存可能處於 12% 至 14% 的範圍內。當然，這是我們現在的重點之一，因為我們與經銷商合作，隨著 25 款產品的推出，減少這種情況。

Again, we don't think it's in a position, which is existentially dangerous for OEMs or dealers, but it is historically too high, and we need to continue to focus on it. And our teams will do so to that end. So it's trending in the right direction. By the way, our June retail to date is trending better than our May retail performance across the RV brands. And so we are hopeful that, that retail trend in June is helping to bring that inventory down from prior model years as well.

同樣，我們認為它還沒有處於一個對原始設備製造商或經銷商來說存在生存危險的位置，但從歷史上看，它太高了，我們需要繼續關注它。我們的團隊將為此目的而這樣做。所以它正在朝著正確的方向發展。順便說一句，迄今為止，我們 6 月的房車品牌零售業績趨勢好於 5 月的零售業績。因此，我們希望 6 月的零售趨勢也有助於使庫存比前幾年有所下降。

Got you. That's all I had. Thank you.

明白你了。這就是我所擁有的一切。謝謝。

Joe Altobello, Raymond James.

喬·阿爾托貝洛，雷蒙德·詹姆斯。

Thanks. Hey, guys. Good morning. Mike, I just wanted to pick up on that last comment you made about June being a little bit better than May. I guess, first, was that an industry comment as well or was it just Winnebago specific?

謝謝。嘿，夥計們。早安.麥克，我只是想了解你最後關於六月比五月好一點的評論。我想，首先，這也是行業評論還是只是溫尼貝戈特有的？

No, Joe. Good morning, by the way.

不，喬。順便說一句，早安。

Good morning.

早安.

My comment was specific to Winnebago Industries RV brands. We have about three weeks of retail. It's a five week month the way we kind of count it fiscally, but we have about three weeks of retail under our belts in June. And the total retail performance from a comp standpoint versus last June is running at a more favorable rate than our May comp rate actuals. It is still inconsistent. This is a bit of a maddening environment.

我的評論是針對溫尼貝戈工業公司的房車品牌的。我們還有大約三週的零售時間。按照我們財務上的計算方式，這是一個為期五週的月份，但六月我們還有大約三週的零售時間。從比較的角度來看，與去年 6 月相比，零售總額的表現比我們 5 月的實際比較率更有利。這仍然不一致。這是一個有點讓人抓狂的環境。

You can see one week where you think blue skies are emerging. And then the next week, you'll see a more difficult retail week. The dealers that we speak to are echoing that. The foot traffic remains steady, but retail is inconsistent. But in macro, we're seeing a little bit better retail in June sequentially than we were in May. And again, that's for Winnebago Industries. We don't yet have insight into the industry. Yeah.

你可以看到你認為藍天正在出現的一周。然後下週，您將看到零售業更加困難的一周。我們採訪過的經銷商也同意這一點。客流量保持穩定，但零售狀況不穩定。但從宏觀來看，我們看到 6 月的零售業比 5 月好一些。再說一遍，這是溫尼貝戈工業的。我們對這個行業還沒有深入的了解。是的。

Okay. Helpful. And just a follow-up on that. I mean, obviously, you mentioned cautious dealer network several times this call and other calls. What do you think your dealers need to see to start ordering at a more normal rate. I mean, obviously, one or two good months probably is going to do it. But what are you hearing from dealers in terms of what would cause them or push them to start ordering at a more normalized order pattern?

好的。有幫助。這只是後續行動。我的意思是，顯然，您在這次電話會議和其他電話會議中多次提到了謹慎的經銷商網路。您認為您的經銷商需要看到什麼才能開始以更正常的價格訂購。我的意思是，顯然，一兩個月可能就可以做到這一點。但是，您從經銷商那裡聽到什麼會導致或推動他們開始以更規範的訂單模式進行訂購？

That is the ultimate question, Joe, I think. And obviously, our dealers would be best positioned to answer that. When you ask that question, where IND is the following. Number one, they'd like to see their prior model year inventory from, in this case, both '24 and '23 in a little bit better position than it is today, especially the '23 inventory.

我認為這是終極問題，喬。顯然，我們的經銷商最有能力回答這個問題。當你問這個問題時，IND 就是下面的內容。第一，他們希望看到先前車型年份的庫存（在本例中為 '24 和 '23）的庫存狀況比現在好一點，尤其是 '23 庫存。

Number two, they'd like to have a higher level of confidence that retail in the future is, what I'll call, stabilized and that there is a shot of flat-to-positive retail for an extended period going forward.

第二，他們希望對未來的零售業（我稱之為穩定的）有更高的信心，並且在未來較長一段時間內零售業有望從持平轉為正值。

Third, I think they want to make sure that they understand that OEM pricing on model year '25 product that is rolling out is competitive and that the support is there.

第三，我認為他們希望確保他們了解即將推出的 25 款產品的 OEM 定價具有競爭力，並且支援到位。

And then lastly, probably number four, is some sort of signal of relief on some of those macroeconomic pressures that end up being real cost to them, i.e., the cost of carrying inventory or the retail cost of financing for a consumer that at times they buy down either directly or through negotiations on the trade ends.

最後，可能是第四點，是對某些宏觀經濟壓力的某種緩解信號，這些壓力最終成為他們的實際成本，即，消費者的庫存成本或零售融資成本，有時他們直接購買或通過貿易端談判購買。

So I think it's a combination of those factors. And we believe that the world is getting a little bit more stable across the board on that. Brian referenced inflation is really nominal in our bill of materials these days. We're able to see price stability with our future lineups. OEMs are working hard on more competitive and affordable price points. So I think the pieces are coming together. June retail is a little bit better than May.

所以我認為這是這些因素的結合。我們相信世界在這方面正在變得更加穩定。布萊恩提到，如今，通貨膨脹在我們的物料清單中確實是名義上的。我們可以看到未來產品線的價格穩定。原始設備製造商正在努力開發更具競爭力和更實惠的價格點。所以我認為這些碎片正在整合在一起。 6 月零售情況略好於 5 月。

So listen, nobody's been able to call accurately the sort of the pivot here to an upside cycle beginning, and we indicated in our prepared comments that the rest of calendar 2024 could remain sluggish, but we think conditions are slightly improving in terms of the timing of that to come around.

因此，聽著，沒有人能夠準確地稱之為上行週期開始的那種樞軸，我們在準備好的評論中指出，2024 年剩餘時間可能會保持低迷，但我們認為就時間安排而言，情況正在略有改善的到來。

Got it. Very helpful. Thank you.

知道了。非常有幫助。謝謝。

David Whiston, Morningstar.

大衛‧惠斯頓，晨星公司。

Thanks. Good morning. In the press release, you called out inefficiencies on towables and motorhomes. Just curious, is the motorhome inefficiency, is that chassis related or is it more of the other variables you were talking about earlier, like direct labor?

謝謝。早安.在新聞稿中，您指出了拖車和房車效率低下的問題。只是好奇，是房車效率低下，是底盤相關，還是更多的是你之前討論的其他變量，例如直接勞動力？

It's more direct labor, David. And then on the towable side, as I mentioned, we had some plant consolidation in the Winnebago line, we had some new product launches that didn't go as we would have liked them to in terms of the productivity. Those things that I mentioned are really the drivers.

這是更直接的勞動，大衛。然後在可牽引方面，正如我所提到的，我們在溫尼貝戈生產線進行了一些工廠整合，我們推出了一些新產品，但在生產力方面並沒有達到我們所希望的那樣。我提到的那些東西確實是驅動因素。

Okay. And in marine, revenue was down 32% there, but you also talked about rising Barletta share. So I'm just curious, is there more headwind maybe on the Chris-Craft side where that customers may be on the sidelines a bit too much right now?

好的。在船舶領域，收入下降了 32%，但您也談到了 Barletta 份額的上升。所以我只是好奇，克里斯-克拉夫特方面是否有更多的逆風，客戶現在可能有點過於觀望？

No, I don't think that that's the case, David. Chris-Craft is a niche segment. It's too small to really impact our story there on the marine segment. It's really the result of a broad sense of the dealer network having too much inventory. Pontoon, not just the Barlett brand, but all the other brands on dealers' lots are certainly impacting the willingness by dealers to take additional product.

不，我不認為是這樣，大衛。 Chris-Craft 是一個利基市場。它太小了，無法真正影響我們在海洋領域的故事。這實際上是廣義的經銷商網路庫存過多的結果。 Pontoon 不僅是 Barlett 品牌，經銷商地段上的所有其他品牌也肯定會影響經銷商購買額外產品的意願。

Even when we've got terrific momentum on the Barletta side and conversations with dealers about expanding on their lots in terms of our presence versus some of the competitor presence, some expansion of the dealer network itself, expansion of the product line, as I mentioned, with the Aria earlier. So it's more related to dealer appetite to carry inventory in the marine side right now, coming off some really high levels of inventory over the past six to nine months in particular.

即使我們在巴列塔方面擁有巨大的動力，並與經銷商就我們的存在與一些競爭對手的存在、經銷商網絡本身的一些擴展、產品線的擴展等方面擴大他們的業務進行對話，正如我提到的，與較早的詠嘆調。因此，這與經銷商目前在海運方面持有庫存的意願更相關，特別是在過去六到九個月內，庫存水準確實很高。

David, I'll specifically mention on Chris-Craft that we've actually seen positive comp year-over-year retail each of the last four months on that brand. So that's really promising. Dealer inventory, to Bryan's point, is probably a little higher on that brand than we would like it to be currently.

大衛，我要在克里斯-克拉夫特上特別提到，我們實際上在過去四個月裡看到了該品牌的零售同比增長。所以這確實很有希望。在布萊恩看來，該品牌的經銷商庫存可能比我們目前希望的要高一些。

And if you look at slide 17 of the supplemental slides that we provide as well during this day, you'll see a new product from Chris-Craft called the Sportster 25, which is a premium sort of water sports enthusiast product under the Chris-Craft brand that we think, with an MSRP starting at $150,000, which is quite attractive for a Chris-Craft brand that could make some waves, no pun intended, in a positive way in the future for that business.

如果您查看我們在這一天提供的補充幻燈片中的第17 張幻燈片，您會看到Chris-Craft 推出的一款名為Sportster 25 的新產品，這是Chris-Craft 旗下的一款優質水上運動愛好者產品。 。

So as Bryan said, it's a brand cherry on top of the Sunday for us. It's 150 years old, but we're also very serious about remaining competitive on that brand as well, and the team is working hard to that end.

正如布萊恩所說，這對我們來說是周日之上的品牌櫻桃。它已有 150 年的歷史，但我們也非常認真地保持品牌的競爭力，團隊正在為此努力。

All right. Thank you. And just one last question on the direct labor issue we talked about earlier. Is that quality-related issue or something else?

好的。謝謝。最後一個問題是關於我們之前討論過的直接勞工問題。是品質問題還是其他問題？

Yeah. In certain instances, there's some quality things that we've been dealing with on the portfolio. I wouldn't say that it's at the top side of that, but it's not the main driver. The main driver is just the level of shipments, the deleverage that occurs and the product mix shifts that need to be done in an environment like this. So I would characterize it more related to that. We have had some new product introductions that have caused some initial productivity challenges as well, but that's not terribly unusual relative to our past.

是的。在某些情況下，我們一直在投資組合中處理一些高品質的事情。我不會說它是最重要的，但它不是主要驅動力。主要驅動因素只是出貨量水準、發生的去槓桿化以及需要在這樣的環境下進行的產品結構轉變。所以我認為它的特徵與此更相關。我們推出了一些新產品，也為最初的生產力帶來了一些挑戰，但與我們的過去相比，這並不是很不尋常。

You're not furloughing anybody, are you?

你沒有讓任何人休假，是嗎？

David, we worked responsibly over the last several years to react to the market downturn. We employ around 6,000 employees today. We were at a peak of almost 7,700 employees back in probably fiscal '21, fiscal '22. And so we've been very carefully and hopefully respectfully rightsizing our workforce to the size of the market and the size and the health of our business.

大衛，過去幾年我們負責任地工作，應對市場低迷。目前，我們擁有約 6,000 名員工。大約在 21 財年和 22 財年，我們的員工人數達到了高峰，達到了近 7,700 名。因此，我們一直非常謹慎、滿懷希望地根據市場規模、業務規模和健康狀況調整我們的員工隊伍。

And so we make adjustments in the workforce, both from a manufacturing and/or office standpoint very carefully. And we've been doing that diligently over the past couple of years as we manage this down market. So no new news on that front, but just a constant management of having the right quantity and certainly great quality of teammates here at our businesses.

因此，我們從製造和/或辦公室的角度非常仔細地對勞動力進行調整。過去幾年，我們在管理這個低端市場時一直在努力做到這一點。因此，這方面沒有新消息，只是持續管理我們的企業擁有適當數量和高素質的隊友。

Okay. Thank you. Appreciate it.

好的。謝謝。欣賞它。

Thank you. I would now like to turn the call back over to Ray Posadas for any closing remarks.

謝謝。我現在想將電話轉回給雷·波薩達斯，請他發表結束語。

Thank you for joining us this morning. We have a number of investor conferences and non-deal roadshows planned throughout the summer, and we look forward to meeting with you throughout the summer. This concludes our Q3 earnings call. Please enjoy the rest of your day.

感謝您今天早上加入我們。我們計劃在整個夏天舉辦許多投資者會議和非交易路演，我們期待在整個夏天與您會面。我們的第三季財報電話會議到此結束。請享受您剩下的一天。

Thank you. This concludes the conference. Thank you for your participation. You may now disconnect.

謝謝。會議到此結束。感謝您的參與。您現在可以斷開連線。