Winnebago Industries Inc (WGO) 2025 Q4 法說會逐字稿

Welcome to Winnebago Industries Q4 and fiscal 2025 financial results conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

歡迎參加 Winnebago Industries 第四季和 2025 財年財務業績電話會議。（操作員指示）請注意，今天的會議正在錄音。

I would now like to hand the conference over to your first speaker today, Raymond Posadas, Vice President of Investor Relations and Market Intelligence. Please go ahead, sir

現在，我想將會議交給今天的第一位發言人，投資者關係和市場情報副總裁雷蒙德·波薩達斯 (Raymond Posadas)。先生，請繼續

Thank you, Towanda. Good morning, everyone, and thank you for joining us to discuss our fiscal 2025 fourth-quarter and full-year 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.

謝謝你，托旺達。大家早安，感謝大家加入我們討論 2025 財年第四季和全年獲利結果。本次電話會議將在我們的網站 investor.wgo.net 上進行現場直播，會議重播將於今天晚些時候在我們的網站上提供。

The news release with our fourth quarter and fiscal 2025 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 Investors section of our website under quarterly results.

我們已於今天早上發布並發布有關第四季度和 2025 財年業績的新聞稿。請注意，與我們準備好的發言一起發布的收益幻燈片也可以在我們網站的「投資者」部分的季度業績部分找到。

Turning to slide 2. 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 the actual results to differ materially from these statements. These factors are identified in our SEC filings, which we encourage you to read.

翻到幻燈片 2。根據證券法，今天的電話會議上有關 Winnebago Industries 及其運營的某些聲明可能被視為前瞻性聲明。該公司提醒您，前瞻性陳述涉及許多風險，本質上具有不確定性，許多因素（其中許​​多因素超出了公司的控制範圍）可能導致實際結果與這些陳述有重大差異。這些因素已在我們提交給美國證券交易委員會的文件中列明，我們鼓勵您閱讀。

In addition, on today's call, management will refer to GAAP and non-GAAP financial measures. 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，管理層將參考 GAAP 和非 GAAP 財務指標。非公認會計準則 (non-GAAP) 指標與可比較公認會計準則 (GAAP) 指標的對帳可在我們的收益新聞稿中找到。

One additional housekeeping item. Beginning with our Q4 and full-year 2025 results, we are transitioning our segment profitability measure from adjusted EBITDA to operating income. To assist with modeling, our investor supplement provides a table detailing segment quarterly operating income along with depreciation and amortization for fiscal 2025 and 2024. It should be noted that operating income at the segment level excludes both interest expense and tax expense, which is held at the corporate level.

還有一個額外的家事項目。從我們的第四季和 2025 年全年業績開始，我們將分部獲利能力衡量標準從調整後的 EBITDA 轉變為營業收入。為了協助建模，我們的投資者補充資料提供了一個表格，詳細列出了各部門季度營業收入以及 2025 財年和 2024 財年的折舊和攤銷。需要注意的是，分部層級的營業收入不包括利息支出和稅金支出，後者是在公司層級計算的。

Please turn to slide 3. Joining me on today's call are Michael Happe, 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 Q4 performance. Bryan will then discuss the associated drivers of our financial results in addition to sharing our forward view of the market and our fiscal-year 2026 guidance. Mike will conclude our prepared remarks, and then management will be happy to take your questions.

請翻到幻燈片 3。參加今天電話會議的還有 Winnebago Industries 總裁兼執行長 Michael Happe 和資深副總裁兼財務長 Bryan Hughes。麥克首先將概述我們第四季的業績。布萊恩隨後將討論我們財務表現的相關驅動因素，並分享我們對市場的前瞻性看法和 2026 財年的指導。麥克將結束我們準備好的發言，然後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.

說完這些，請翻到投影片 4，我將把電話交給麥克。

Thanks, Ray, and good morning, everyone. On our Q3 call in June, I spoke with you about the importance of staying focused on the areas of the business within our control. As I reflect on our fourth-quarter performance, the entire Winnebago Industries team has reasons to be proud. We ended a challenging fiscal year with a strong fourth quarter that reflects the resilience of our team and the strength of our diversified portfolio.

謝謝，雷，大家早安。在 6 月的第三季電話會議上，我與您談到了專注於我們可控制的業務領域的重要性。當我回顧我們第四季度的業績時，整個 Winnebago Industries 團隊都有理由感到自豪。我們以強勁的第四季度結束了充滿挑戰的財政年度，這反映了我們團隊的韌性和多元化投資組合的實力。

Our results also demonstrate the progress of the strategic actions we've taken to begin transforming our Winnebago-branded RV businesses, complementing our healthy stable of industry-leading brands. These initiatives and others across the enterprise enabled us to return to positive operating cash flow in the quarter, improve working capital, and meaningfully reduce our net leverage ratio. We generated adjusted diluted earnings per share of $0.71 on net revenues of $777.3 million.

我們的業績還表明，我們為開始轉變 Winnebago 品牌房車業務而採取的策略行動取得了進展，這對我們行業領先品牌的健康穩定起到了補充作用。這些措施以及整個企業的其他措施使我們在本季度恢復了正的營運現金流，改善了營運資本，並顯著降低了我們的淨槓桿率。我們的淨營收為 7.773 億美元，調整後每股攤薄收益為 0.71 美元。

Momentum across brands and product lines more than offset operating margin pressure from the ongoing turnaround at our Winnebago-branded businesses. Our improved Q4 performance enabled us to achieve the high end of our revised 2025 financial guidance. Driving our growth in Q4 were standout motorized RV products like Newmar's Class A Summit Aire, and Grand Design's Lineage Series M, which is rapidly gaining momentum in the Class C diesel category.

各品牌和產品線的成長動能足以抵銷我們 Winnebago 品牌業務持續改善所帶來的營業利益率壓力。我們第四季業績的改善使我們能夠實現修訂後的 2025 年財務指引的高端目標。推動我們第四季度成長的是出色的機動房車產品，例如 Newmar 的 A 級 Summit Aire 和 Grand Design 的 Lineage Series M，這些產品在 C 級柴油類別中發展勢頭迅猛。

On the Towables side, the affordable Grand Design Transcend series is resonating with new consumers to the RV lifestyle. We also continued to see a strong performance in our Marine segment from multiple Barletta products, including the Aria, which have become the definition of affordable luxury in the aluminum pontoon segment.

在拖掛房車方面，價格實惠的 Grand Design Transcend 系列正在引起房車生活方式新消費者的共鳴。我們也繼續看到 Barletta 多款產品在船舶領域表現強勁，其中包括 Aria，它們已成為鋁製浮橋領域經濟實惠的奢華的定義。

Turning to key RV trends on slide 5. Following a brief uptick earlier in the summer, RV retail registrations declined in August. On a trailing three-month basis, retail demand remained stable and dealer inventories continue to improve. This environment is contributing to a healthier channel, even as monthly results remain variable.

轉向幻燈片 5 上的關鍵 RV 趨勢。繼夏季初短暫上漲之後，8 月房車零售註冊量下降。過去三個月，零售需求保持穩定，經銷商庫存持續改善。儘管月度業績仍存在差異，但這種環境有助於建立更健康的管道。

From a wholesale perspective, total RV shipments declined low-single digits in August. The industry continues to demonstrate discipline, with manufacturers closely aligning shipments with retail demand. As we move through the remainder of calendar 2025, we expect dealers to remain selective in restocking, supporting channel stability in the off-season.

從批發角度來看，8月房車總出貨量下降了個位數。該行業繼續表現出紀律性，製造商緊密配合零售需求來調整出貨量。隨著 2025 年剩餘時間的到來，我們預計經銷商將繼續選擇性地補貨，以支持淡季的通路穩定。

We now expect wholesale RV shipments in the range of 320,000 to 340,000 units for calendar 2025, or a median of 330,000 units. For calendar 2026, we are estimating wholesale RV shipments of 315,000 to 345,000 units. Our production strategy centers on disciplined planning and execution, enabling us to align output with market conditions.

我們現在預計，2025 年批發房車出貨量將在 32 萬至 34 萬輛之間，中位數為 33 萬輛。到 2026 年，我們預計房車批發出貨量將達到 315,000 至 345,000 輛。我們的生產策略以嚴格的規劃和執行為中心，使我們能夠使產量與市場條件保持一致。

Our inventory turn rate of 1.9 times at the end of Q4 reflects seasonal dynamics and dealer demand. While we're targeting a higher turns over time to support operational efficiency and steady growth, we recognize that dealer behavior and market conditions ultimately drive those terms.

第四季末我們的庫存週轉率為 1.9 次，反映了季節性動態和經銷商需求。雖然我們的目標是隨著時間的推移實現更高的營業額以支持營運效率和穩定成長，但我們認識到經銷商的行為和市場條件最終決定了這些條款。

Our strategy remains focused on maintaining a prudent, demand-driven approach. On slide 6, our continued momentum in our core RV market segments underscores our strategic focus, product innovation, and deep customer engagement. Shown on this slide are some of our current success stories that our team here has every right to be very proud of.

我們的策略仍著重於保持審慎、需求驅動的方法。在第 6 張投影片上，我們在核心 RV 市場領域的持續發展動能凸顯了我們的策略重點、產品創新和深度客戶參與。這張投影片展示了我們目前的一些成功案例，我們的團隊完全有理由對此感到非常自豪。

Newmar's Dutch Star continues to be the number-one brand in the Class A diesel category, a position it has held since 2021. In Class B, three Winnebago brands: Solis, Travato and Revel, have led all models in that category for the past five consecutive years. We also continue to win in Class C diesel. The Winnebago EKKO is currently the number-one selling brand in this class. And while not shown on the slide, the Winnebago View is the second selling brand in that class.

Newmar 的 Dutch Star 繼續成為 A 級柴油車類別的第一品牌，自 2021 年以來一直保持這一地位。在 B 級車中，溫尼貝戈的三個品牌：Solis、Travato 和 Revel，在過去連續五年中一直領先於該類別的所有車型。我們在 C 級柴油領域也繼續獲勝。Winnebago EKKO 目前是該級別中銷售第一的品牌。雖然幻燈片上沒有顯示，但 Winnebago View 是同類產品中銷售第二的品牌。

Additionally, in just its first full year on the market, the Lineage Series M has become the number-three brand in the Class C diesel market for the August trailing three- and trailing six-month periods. And a recent add is the emerging Grand Design Transcend, which advanced three spots versus last year to the number-eight position of the highly competitive travel trailer category, joining the Grand Design Imagine in the top 10. And finally, the Grand Design momentum holds the number-one position in both the fifth wheel and travel trailer toy hauler segments.

此外，在上市的第一年，Lineage Series M 已成為過去三個月和六個月期間 C 級柴油市場的第三大品牌。最近新增的 Grand Design Transcend 比去年上升了 3 位，在競爭激烈的旅行拖車類別中位列第八，與 Grand Design Imagine 一起躋身前十。最後，Grand Design 動力在第五輪和旅行拖車玩具運輸車領域均佔據第一的位置。

Moving to the Marine segment on slide 7. Barletta and Chris-Craft have done an exceptional job managing inventory, building dealer relationships and creating an outstanding boating experience for consumers. This discipline and customer-centric approach has enabled both brands to maintain strong performance despite significant industry headwinds.

前往投影片 7 上的海洋部分。Barletta 和 Chris-Craft 在管理庫存、建立經銷商關係和為消費者創造卓越的划船體驗方面做得非常出色。這種紀律性和以客戶為中心的方法使得兩個品牌在面臨巨大行業阻力的情況下仍能保持強勁的業績。

For the trailing 12 months ended August 31, Barletta increased its market share 20 basis points to 9%. The brand's dealer network called model year '26, the best top-to-bottom product launch in Barletta's history, including new features, design elements and technology updates.

截至 8 月 31 日的過去 12 個月，巴列塔的市佔率增加了 20 個基點，達到 9%。該品牌的經銷商網絡稱 26 款車型是巴列塔歷史上最好的全面產品發布，包括新功能、設計元素和技術更新。

Now turning to slide 8. In order to deliver a successful fiscal-year 2026, we are focused on executional drivers that directly contribute volume, share and profitability. We expect our Winnebago-branded motorhomes business to benefit from new product introductions like the recently launched Class C Sunflyer, alongside stronger dealer partnerships and improved operational efficiency.

現在翻到第 8 張投影片。為了實現 2026 財年的成功，我們專注於直接貢獻銷售、份額和獲利能力的執行驅動因素。我們預計，我們的 Winnebago 品牌房車業務將受益於新產品的推出，例如最近推出的 C 級 Sunflyer，以及更強大的經銷商合作夥伴關係和更高的營運效率。

We are positioning the Winnebago-branded travel trailer business for growth as well through innovative products, a revitalized dealer channel and operational leverage. In addition, we expect to see the Grand Design motorhomes business continue to capture share as a result of new products, continued dealer momentum and strong growing brand loyalty.

我們正在透過創新產品、振興經銷商通路和營運槓桿，推動 Winnebago 品牌旅行拖車業務的成長。此外，我們預計，由於新產品、經銷商持續成長的勢頭以及品牌忠誠度的強勁成長，Grand Design 房車業務將繼續佔據市場份額。

Grand Design towables will drive share gains and profitability through continued quality enhancements and product innovations like its new foundation, the brand's first destination trailer. Newmar and Barletta will contribute selective share gains and profit stability through sharper price points and competitive new offerings.

Grand Design 拖掛式車輛將透過持續的品質提升和產品創新（例如其新基礎產品、該品牌的首款目的地拖車）來推動市場份額和盈利能力的成長。Newmar 和 Barletta 將透過更優惠的價格和更具競爭力的新產品貢獻選擇性的市佔率成長和利潤穩定性。

We are also focused on a multitude of operational initiatives across manufacturing optimization, vertical integration, capacity utilization, sourcing coordination, quality improvement, and working capital management; all of which will further strengthen profitability and cash flow in fiscal year '26.

我們也專注於製造優化、垂直整合、產能利用率、採購協調、品質改善和營運資本管理等多項營運措施；所有這些都將進一步加強 26 財年的獲利能力和現金流。

I'll now turn the call over to Bryan Hughes for the financial review. Bryan?

現在我將把電話轉給布萊恩休斯進行財務審查。布萊恩？

Thank you, Mike. Good morning, everyone. Starting on slide 9, higher consolidated net revenues were primarily driven by favorable product mix and targeted price increases, partially offset by higher discounts and allowances. In aggregate, volumes across our portfolio were roughly flat versus the prior year's fourth quarter.

謝謝你，麥克。大家早安。從第 9 張投影片開始，合併淨收入的增加主要得益於有利的產品組合和有針對性的價格上漲，但部分被更高的折扣和補貼所抵消。整體而言，我們投資組合的交易量與去年第四季基本持平。

Consolidated gross profit increased on the higher revenues, although gross margin declined primarily due to costs associated with the ongoing transformation of the Winnebago-branded businesses, partially offset by targeted price increases.

由於收入增加，綜合毛利潤有所增加，但毛利率下降主要是由於與 Winnebago 品牌業務持續轉型相關的成本，但有針對性的價格上漲部分抵消了這一下降。

Consolidated adjusted EBITDA increased 33.1% year-over-year. Consolidated operating income also improved significantly from the fourth quarter of fiscal 2024, which was impacted by an impairment charge we took against the Chris-Craft goodwill. Adjusted EPS of $0.71 was up 2.5 times from the prior year fourth quarter.

合併調整後EBITDA年增33.1%。綜合營業收入也從 2024 財年第四季開始大幅改善，這受到了我們對 Chris-Craft 商譽計提的減損費用的影響。調整後的每股盈餘為 0.71 美元，較去年同期第四季成長 2.5 倍。

Turning to our Towable RV segment results on slide 10. Revenue, as anticipated, was down slightly year-over-year, reflecting a mix shift toward a more value-oriented consumer and driving higher volumes in products such as our Grand Design Transcend series. Targeted price increases and improved operating efficiencies within our Winnebago Towables business drove a 210-basis-point increase in operating income margin, outweighing higher warranty experience and slight deleverage on the lower sales.

轉到投影片 10 上的可拖曳 RV 部分結果。正如預期的那樣，收入同比略有下降，反映出產品組合向更注重價值的消費者轉變，並推動了我們的 Grand Design Transcend 系列等產品的銷售增加。我們的 Winnebago Towables 業務的目標價格上漲和營運效率提高推動營業利潤率增加了 210 個基點，超過了更高的保固經驗和較低銷售額帶來的輕微去槓桿。

As shown on slide 11, double-digit top line growth in the Motorhome RV segment was powered by higher unit volume and favorable mix, driven by the continued ramp-up of Grand Design RVs Motorized Lineage lineup as well as a stronger quarter from Newmar. This growth was partially offset by higher discounts and allowances versus last year in the Winnebago-branded Motorhome business.

如幻燈片 11 所示，房車細分市場實現兩位數營收成長，這得益於更高的銷量和有利的產品組合，這得益於 Grand Design RV 機動化系列產品的持續增長以及 Newmar 本季業績的強勁表現。與去年相比，Winnebago 品牌房車業務的折扣和補貼有所增加，但部分抵消了這一成長。

On the margin side, improved volume leverage and lower warranty expense partly offset costs associated with the ongoing transformation of the Winnebago-branded Motorhome business and higher discounts and allowances.

在利潤方面，銷售槓桿的提高和保固費用的降低部分抵消了與 Winnebago 品牌房車業務的持續轉型以及更高的折扣和補貼相關的成本。

As part of this ongoing transformation, we took decisive action in Q4 to dramatically reduce production schedules and consolidate the brand's manufacturing footprint by closing two of our four Winnebago Motorhome manufacturing locations in Northern Iowa. While this had a meaningful negative impact to our operating income and our yield, on the positive side, it drove significant cash conversion in the quarter.

作為這一持續轉型的一部分，我們在第四季度採取了果斷行動，關閉了位於愛荷華州北部的四個 Winnebago 房車製造基地中的兩個，大幅減少了生產計劃並鞏固了品牌的製造足跡。雖然這對我們的營業收入和收益產生了重大的負面影響，但從積極的一面來看，它推動了本季的大量現金轉換。

As shown on slide 12, our Marine segment continues to perform well. Net revenues were up double digits from a year earlier on higher unit volume and targeted price increases. Both Chris-Craft and Barletta have done an outstanding job managing production in a cautious retail environment.

如投影片 12 所示，我們的海洋部門持續表現良好。由於銷量增加和有針對性的價格上漲，淨收入較上年同期增長了兩位數。Chris-Craft 和 Barletta 都在謹慎的零售環境中出色地完成了生產管理工作。

From a profitability standpoint, the year-over-year margin improvement largely reflects the prior year goodwill impairment as well as volume leverage and price increases on model-year '26 products. While we are pleased with our performance, unit sales across the marine industry continued to show soft trends.

從獲利能力的角度來看，利潤率同比提高很大程度上反映了上一年商譽減損以及 26 款產品的銷售槓桿和價格上漲。雖然我們對自己的業績感到滿意，但整個海洋產業的單位銷售額仍呈現疲軟趨勢。

Turning to balance sheet highlights on slide 13. We sharply reduced accounts receivable and inventories to improve working capital between the end of the third quarter and year-end. This resulted in $181.4 million in cash from operations in Q4. And when combined with a 33% year-over-year improvement in adjusted EBITDA, contributed to a net leverage ratio of 3.1 at the end of the year, a substantial improvement from our 4.8 net leverage ratio at the end of third quarter.

前往投影片 13 上的資產負債表重點。我們在第三季末至年底期間大幅減少了應收帳款和庫存，以改善營運資金。這使得第四季的經營現金流達到 1.814 億美元。加上調整後 EBITDA 年成長 33%，使得年底淨槓桿率達到 3.1，較第三季末的 4.8 淨槓桿率大幅改善。

For fiscal 2025, we returned $88.9 million to our shareholders, consisting of $50 million in share repurchases and $38.9 million in dividends. Our $0.35 per share cash dividend paid on September 24, marked our 45th consecutive quarterly dividend payment. This underscores our commitment to creating shareholder value and our confidence in the future of the business.

2025 財年，我們向股東返還了 8,890 萬美元，其中包括 5,000 萬美元的股票回購和 3,890 萬美元的股息。我們在 9 月 24 日支付了每股 0.35 美元的現金股息，這是我們連續第 45 次支付季度股息。這凸顯了我們致力於創造股東價值以及對業務未來的信心。

Importantly, while not highlighted on this page, we also repaid $159 million of debt during the past year. We remain committed to our targeted range for net leverage, and we will continue to prioritize improvements to growth and net leverage in the near term.

重要的是，雖然本頁沒有重點介紹，但我們在過去一年還償還了 1.59 億美元的債務。我們仍然致力於實現淨槓桿率的目標範圍，並且我們將繼續優先考慮短期內成長和淨槓桿率的改善。

On slide 14, let me update you on our tariff mitigation initiatives in fiscal '26. As we enter fiscal '26, our proactive strategies to address ongoing tariff challenges remain front and center. Over the past year, we've strengthened supplier engagement, tracking policy shifts, reassessing sourcing, and prioritizing high-duty materials.

在第 14 張投影片上，讓我向您介紹我們 26 財年的關稅減免措施。當我們進入26財年時，我們應對持續關稅挑戰的主動策略仍然是重中之重。在過去的一年裡，我們加強了供應商的參與，追蹤政策變化，重新評估採購，並優先考慮高負荷材料。

Our sourcing and engineering teams have diversified supply routes, identified alternate vendors, and redesigned bills of materials to enhance supply chain agility. Looking ahead, we are assessing the tariff structure and the rates and their impacts on us going forward. We remain vigilant and adaptable and will continue to provide timely insights as market and trade conditions evolve.

我們的採購和工程團隊已經多樣化了供應路線，確定了替代供應商，並重新設計了物料清單，以增強供應鏈靈活性。展望未來，我們正在評估關稅結構和稅率及其對我們未來的影響。我們保持警惕和適應能力，並將隨著市場和貿易條件的變化繼續提供及時的見解。

Turning to our fiscal 2026 outlook on slide 15. Based on the current market environment and our expectations for North American RV wholesale shipments of 315,000 to 345,000 units in calendar year 2026, we expect consolidated net revenues in the range of $2.75 billion to $2.95 billion; reported earnings per diluted share of $1.25 to $1.95; and adjusted earnings per diluted share of $2 to $2.70.

轉向幻燈片 15 上的 2026 財年展望。根據目前的市場環境以及我們對 2026 日曆年北美房車批發出貨量 315,000 至 345,000 輛的預期，我們預計合併淨收入將在 27.5 億美元至 29.5 億美元之間；報告每股攤薄收益為 1.25 美元至 1.95 美元；

The midpoint of $2.35 represents an increase of 41% from our fiscal year 2025 results. Our outlook takes into account prevailing trends in the RV sector, including competitive dynamics, shifts in consumer preferences, key macroeconomic factors that may influence overall demand, and current trade policy positions and tariff rates, with the exception being the most recent 100% additional tariffs that were the administration's reaction to rare earth mineral restrictions threatened by China.

2.35 美元的中間值比我們 2025 財年的表現成長了 41%。我們的展望考慮了房車行業的普遍趨勢，包括競爭動態、消費者偏好的變化、可能影響總體需求的關鍵宏觀經濟因素以及當前的貿易政策立場和關稅稅率，但最近的 100% 附加關稅除外，這是政府對中國威脅的稀土礦產限制的反應。

We have held that risk aside for now pending the upcoming scheduled talks between the US and China. All of these factors remain dynamic, and we will continue to provide further updates to our expectations as we progress through the year.

我們暫時擱置這項風險，等待即將舉行的中美會談。所有這些因素都保持動態變化，隨著年內的發展，我們將繼續進一步更新我們的預期。

Let me share a couple of additional data points to help frame the business trajectory for fiscal 2026. First, as it relates to our sales growth, we are not building in or counting on an improvement to retail units sold in the industry, as mentioned earlier. Instead, we expect growth in our portfolio to be driven in part by healthy growth in the Motorhome RV segment due to the success of the Grand Design RV Motorhomes expanded Lineage lineup.

讓我分享一些額外的數據點來幫助規劃 2026 財年的業務軌跡。首先，就我們的銷售成長而言，正如前面提到的，我們並沒有建立或指望行業零售單位銷售的改善。相反，我們預計，由於 Grand Design RV Motorhomes 擴展的 Lineage 系列的成功，我們的產品組合的成長將部分受到房車 RV 領域的健康成長的推動。

Lineage has seen exceptionally strong dealer and end consumer demand to date, which gives us tremendous confidence in the success of this portfolio. We look for flat to modest low single-digit growth in the Towable RV segment. The Marine segment is expected to produce a decline in sales due to continuing soft retail trends in that part of the market.

迄今為止，Lineage 的經銷商和最終消費者需求異常強勁，這讓我們對該產品組合的成功充滿信心。我們預期拖掛式房車領域將出現持平至適度低個位數的成長。由於該部分市場的零售趨勢持續疲軟，預計船舶市場的銷售額將出現下降。

As we continue executing on our margin improvement initiatives, we expect to deliver meaningful annualized cost savings. These savings are driven by targeted operational actions, including footprint optimization, supply chain enhancements, and strategic workforce alignment that are already underway and will continue to generate meaningful efficiencies. Specifically, we expect operating income margin in the Motorhome RV segment to improve to low-single digits for fiscal 2026 from negative 0.6% in fiscal 2025.

隨著我們繼續執行利潤率提高計劃，我們預計將實現有意義的年度成本節約。這些節省是由有針對性的營運行動推動的，包括足跡優化、供應鏈增強和策略性勞動力調整，這些行動已經在進行中，並將繼續產生有意義的效率。具體來說，我們預計房車 RV 部門的營業利潤率將從 2025 財年的負 0.6% 提高至 2026 財年的低個位數。

This expectation reflects both the impact of our enterprise-wide margin improvement initiatives and the focused margin recapture efforts within our Winnebago-branded Motorhomes business, including a targeted and refreshed product line, cost structure optimization, most of which has already been executed during the fourth quarter of our fiscal 2025, the footprint consolidation that has also already been accomplished, focused mix improvements, and other cost efficiencies.

這項預期既反映了我們整個企業範圍內的利潤率改善舉措的影響，也反映了我們在 Winnebago 品牌房車業務中集中精力重新奪回利潤率的努力，包括有針對性的更新產品線、成本結構優化（其中大部分已在 2025 財年第四季度執行）、已經完成的足跡整合、集中的組合改進和其他成本效率。

From a capital allocation perspective, we are aiming for a net leverage ratio approximating 2 times by the end of fiscal 2026. This remains a strategic priority in the coming year.

從資本配置角度來看，我們的目標是到2026財政年度結束時實現淨槓桿率約2倍。這仍然是來年的戰略重點。

Now please turn to slide 16 as I hand the call back to Mike for his closing comments.

現在請翻到第 16 張投影片，我將把電話轉回給 Mike，請他作結束語。

Thanks, Bryan. In closing, we ended the year with a strong fourth quarter, delivering solid results across revenue, profitability, and cash flow; a testament to the strength of our diversified portfolio and disciplined execution. We're energized by the momentum building across our enterprise. The strategic actions we're taking to revitalize the Winnebago Motorhome and Towables lineup, align operations with market demand, and streamline our cost structure are beginning to generate a meaningful improvement to results.

謝謝，布萊恩。最後，我們以強勁的第四季度結束了這一財年，在收入、盈利能力和現金流方面取得了穩健的業績；證明了我們多元化投資組合和嚴格執行的實力。整個企業蓬勃發展的動能讓我們充滿活力。我們採取的策略行動旨在振興 Winnebago 房車和拖車產品線、使營運與市場需求保持一致以及簡化成本結構，這些行動已開始為業績帶來顯著改善。

We're seeing the early stages of what we believe will become a powerful flywheel effect, great products attracting top-tier dealers, stronger retail performance reinforcing brand strength, and renewed energy across our distribution network. After all, Winnebago remains the most recognized brand in the entire RV industry.

我們正看到強大的飛輪效應即將形成的早期階段：優質的產品吸引頂級經銷商，更強勁的零售業績增強品牌實力，並為我們的分銷網絡注入新的活力。畢竟，Winnebago 仍然是整個房車行業最知名的品牌。

Across our outdoor portfolio, the trends are encouraging. Grand Design Motorized is off to an outstanding start in its first full year, Newmar continues to lead in core motorized Class A segments, and Grand Design Towables is expanding with new offerings that balance quality and affordability. Our Marine brands, Chris-Craft and Barletta, remain pillars of innovation and premium customer experiences.

縱觀我們的戶外產品組合，趨勢令人鼓舞。Grand Design Motorized 在其第一個完整年度取得了出色的開局，Newmar 繼續在核心機動 A 級車領域處於領先地位，而 Grand Design Towables 正在擴大其在質量和可負擔性之間取得平衡的新產品的供應。我們的船舶品牌 Chris-Craft 和 Barletta 仍然是創新和優質客戶體驗的支柱。

As we look ahead to fiscal 2026, our optimism is grounded in execution, not assumptions about market recovery. With a strong foundation in place, we expect the cadence of improvement to accelerate through the year as we continue to execute on our strategic initiatives.

展望 2026 財年，我們的樂觀是基於執行力，而不是市場復甦的假設。憑藉著堅實的基礎，隨著我們繼續執行策略舉措，我們預計全年改進的節奏將會加快。

Now, Bryan and I are happy to take your questions this morning. Operator, please open the line for the Q&A session.

現在，布萊恩和我很高興回答你們今天早上提出的問題。接線員，請打開線路進行問答。

(Operator Instructions) Scott Stember, ROTH.

（操作員指示） Scott Stember，ROTH。

Maybe we could dig into tariffs a little. Last quarter, you guys had talked about some unmitigated expense in that $0.50 to $0.75 worth of EPS range. And it sounds like there's still a lot of variability, at least within your guidance. Can you talk about how much or where the unmitigated portion is? Is it at the lower end of your guidance? Or maybe just frame out what that number is?

或許我們可以深入探討關稅問題。上個季度，你們討論了每股收益 0.50 美元至 0.75 美元範圍內的一些未減少的費用。聽起來仍然存在很大的可變性，至少在您的指導範圍內。您能說說未減免的部分有多少或在哪裡嗎？這是您指導的低端嗎？或者也許只是框出這個數字是多少？

Scott, good morning. Thanks for the question. The -- as we had indicated at our Open House Investor event, this morning's guidance does include what we currently anticipate to be the full impact of tariffs on our business performance in the next 12 months. As Bryan highlighted in his comments, the tariff subject continues to be very dynamic, and there certainly could be changes in the tariff environment in the future. And as those happen, we will certainly continue to keep the investor community updated as to the relevance and the impact on our business.

斯科特，早安。謝謝你的提問。正如我們在開放日投資者活動上所指出的那樣，今天上午的指導確實包括了我們目前預計關稅將對未來 12 個月業務表現產生的全面影響。正如布萊恩在評論中所強調的那樣，關稅問題仍然非常活躍，未來關稅環境肯定會改變。當這些事情發生時，我們一定會繼續向投資者社群通報其相關性及其對我們業務的影響。

But we chose for this morning's purpose of providing fiscal '26 guidance to include the full impact in the guidance. So we won't be calling out this morning a specific number for tariffs in terms of the net impact to the business, but our teams continue to do an outstanding job of finding avenues to mitigate the tariff exposure.

但為了今天上午提供 26 財年指導，我們選擇將全部影響都納入指導中。因此，我們今天早上不會公佈關稅對業務淨影響的具體數字，但我們的團隊將繼續出色地尋找減輕關稅風險的途徑。

And as we also indicated in our Q4 commentary, we have made difficult decisions to do some disciplined pricing actions as well to cover some of those costs where we believe the market can take that.

正如我們在第四季度評論中所指出的，我們做出了艱難的決定，並採取了一些有紀律的定價行動，以彌補我們認為市場可以負擔的部分成本。

But the tariff environment continues to be very dynamic, and we imagine it will remain that way throughout the year, but we think we've built muscles and processes to mitigate that subject as effectively as most of our competitors are doing.

但關稅環境仍然非常動態，我們預計全年仍將保持這種狀態，但我們認為我們已經建立了實力和流程來像大多數競爭對手一樣有效地緩解這個問題。

Got it. And last question on the cadence of guidance. I know you touched on it briefly. A lot of stuff going on in retail back and forth, and we're coming out of the -- some of the actions at Winnebago Motorized. But can you just maybe help us for modeling purposes, maybe a little bit more granular what we should be looking at near term in the quarters ahead versus maybe the first half versus the back half of the year?

知道了。最後一個問題是關於指導節奏的。我知道您曾簡要地談過這一點。零售業中發生了很多事情，我們正在採取一些行動來應對 Winnebago Motorized 的情況。但是，您能否幫助我們進行建模，也許可以更詳細地了解我們應該關注未來幾個季度、上半年和下半年的短期情況？

Scott, I'll comment and then ask Bryan to provide certainly more substance. Many of our fiscal years tend to be a bit back half loaded in terms of profit generation in Q3 and Q4 especially. Fiscal '26 will be similar in that regard. We do believe that we'll be able to get off to a better start in the first half of the year than we had a year ago. But a majority of the upside will likely happen in the back six months of the year.

斯科特，我會發表評論，然後請布萊恩提供更多實質內容。我們的許多財政年度在第三季和第四季的利潤產生方面往往有些落後。26財年在這方面的情況將會類似。我們確實相信，今年上半年我們的開局會比去年更好。但大部分上漲可能會發生在今年下半年。

I do want to reiterate, and we stated it on the call that our assumptions for fiscal '26 are based on a relatively flattish retail and wholesale shipment environment. And so we believe most of the opportunity to drive stronger results in fiscal '26 is really a result of actions that we can control. And some of the very difficult decisions we made in fiscal '25, we believe that we are in a better position in fiscal '26 to drive the business forward, especially on the bottom line. '

我確實想重申，我們在電話會議上表示，我們對 26 財年的假設是基於相對平穩的零售和批發出貨環境。因此，我們相信，推動 26 財年業績更強勁的大部分機會實際上都是我們可以控制的行動的結果。儘管我們在 25 財年做出了一些非常艱難的決定，但我們相信，在 26 財年，我們將處於更有利的位置來推動業務向前發展，尤其是在盈利方面。'

Bryan, what would you add?

布萊恩，您還有什麼要補充的嗎？

Not much more than that, Mike. I guess the only other add that I would have is that we do expect each quarter to show improvement year-over-year at this stage. That's the additional color I would provide.

僅此而已，麥克。我想我要補充的是，我們確實預期現階段每季都會出現年比改善。這是我要提供的額外顏色。

Got it. That's all I have for now. Thank you.

知道了。我現在知道的就這些。謝謝。

James Hardiman, Citi.

花旗銀行的詹姆斯哈迪曼。

Hey, good morning. So I wanted to dig into the guidance a little bit, let's start with the industry numbers. I'm having a tough time getting the full year shipment numbers to foot. I guess what are your assumptions for retail for '25 and '26? I think you said flattish for '26, but where do you expect that to finish in 2025? It seems like, based on your wholesale assumption, that we're still going to be looking at a pretty meaningful inventory reduction at the industry level in '25. Is that -- is that right?

嘿，早安。所以我想深入研究一下指導意見，讓我們從行業數據開始。我很難準確計算出全年的出貨量。我猜您對 25 年和 26 年的零售業有何假設？我認為您說的是 26 年持平，但您預計 2025 年會達到什麼水平？根據您的批發假設，似乎我們仍將在 25 年看到行業層面上相當顯著的庫存減少。是這樣的嗎？

James, I think that assumption is right. When we started both fiscal, but also calendar year '25, I think there was certainly stronger optimism amongst the industry participants that we had finished most of the destocking from the prior 2 or 3 years, 2022 through '24, but that, in fact, was not the case.

詹姆斯，我認為這個假設是正確的。當我們開始 2025 財年和日曆年時，我認為行業參與者肯定更加樂觀，認為我們已經完成了前 2 或 3 年（2022 年至 2024 年）的大部分去庫存工作，但事實並非如此。

And retail, in calendar '25, did not show itself to the degree that I think, again, everybody in the industry would have liked. And dealers continue to be disciplined in how they managed obviously, their inventory, both in terms of quality and quantity.

我認為，25 年零售業的表現並沒有達到業界所有人所期望的程度。經銷商在庫存管理方面繼續嚴格遵守紀律，無論是在品質還是數量方面。

For our fiscal '26 year, and calendar '26 year as well, we really aren't anticipating a significant increase in dealer inventory. We think in many of our categories that we are near a situation where the industry can shift at a 1:1 level. I would say that there are pockets of the Motorhome category where that may not be the case. And we are watching the pontoon segment very carefully from the Marine side.

對於我們的 26 財年和 26 日曆年，我們確實不認為經銷商庫存會大幅增加。我們認為，在許多類別中，我們已接近實現行業 1:1 水平轉變的境地。我想說的是，在房車類別中，有些情況可能並非如此。我們從海軍陸戰隊的角度非常仔細地觀察浮橋部分。

So I think your characterization of '25 is correct is that there's potentially a little bit more destocking than we had anticipated. We are not necessarily building in significant destocking into our assumptions in '26. But as Bryan noted, the category we're probably watching the closest is some weakness in the Marine space as dealers continue to probably have slightly elevated inventory on pontoons that they're managing downward.

所以我認為你對 25 年的描述是正確的，即去庫存化可能比我們預期的要多一些。我們不一定會將 26 年的大幅去庫存納入我們的假設中。但正如布萊恩指出的那樣，我們可能最密切關注的類別是海洋領域的一些弱點，因為經銷商的浮橋庫存可能繼續略有增加，而他們正在向下管理。

That makes sense. But then I guess, if -- putting Marine aside for the second -- for a second, if I just think about 2025 in which there was significant destock and then a 2026 where if we assume 1:1 wholesale to retail, that would seem to suggest material growth in wholesale if retail is in fact flat. And so help me understand like RVIA, for example, has a meaningfully higher shipment number at their midpoint. I just want to make sure I'm not missing something.

這很有道理。但我想，如果——暫時把海運放在一邊——如果我只考慮一下 2025 年，那時庫存會大幅減少，然後假設 2026 年批發與零售的比例為 1:1，這似乎表明如果零售實際上持平，批發將出現實質性增長。因此請幫助我理解，例如 RVIA，其中點的出貨量明顯更高。我只是想確保我沒有遺漏任何東西。

And maybe one way to talk about it is in the context of your business. I think you finished at 1.9 times for the fiscal year. Do you expect that number to go higher next year? Or how should I think about that?

也許談論這個問題的一種方法是從您的業務角度來談。我認為您本財政年度的表現是 1.9 倍。您預計明年這個數字會更高嗎？或者我應該如何考慮這個問題？

I would tell you that we're striving for 2 times in all of our businesses and brands. We've got some of our businesses in product segments were a little further away from that than we'd like. But in a couple of other segments, I think we're almost right on top of that number. So there may be places, James, where we undership the market a bit in -- with the ambition of pursuing that turns goal, but there'll be other parts of our business that just have natural momentum in terms of the strategies we're executing, Grand Design Motorized, Winnebago Towables are two that come to mind.

我想告訴大家，我們所有的業務和品牌都在努力實現兩倍的成長。我們的一些產品領域的業務距離我們想要的目標還有一段距離。但在其他幾個領域，我認為我們的數字幾乎已經超過了這個數字。因此，詹姆斯，我們可能在某些領域對市場表現有些低估——為了實現這一目標，但就我們執行的策略而言，我們業務的其他部分也會有自然的動力，Grand Design Motorized 和 Winnebago Towables 就是我想到的兩個例子。

Again, I would tell you that I think for calendar year 2026, we anticipate that both for the RV business, that industry retail and industry wholesale can potentially be around that 330,000 unit mark. That's roughly the midpoint of our 315, 000 to 345, 000 forecast. And that being said, over the course of those 12 months, you would not see significant dealer destocking in the RV industry.

再次，我想告訴您，我認為對於 2026 日曆年，我們預計 RV 業務、行業零售和行業批發量都可能達到 330,000 輛左右。這大約是我們預測的 315,000 至 345,000 的中間值。話雖如此，在這 12 個月內，你不會看到房車行業的經銷商大幅減少庫存。

So we've got that modeled in a detailed fashion within our business for planning purposes. But at the end of the day, we think 330,000 units for calendar year '26 is a reasonable assumption for us to use for planning purposes. If the market's healthier, fantastic. If it's a little softer, we still believe we have the levers within the business to be able to generate profitability in the guidance range that we offered this morning.

因此，我們在業務中以詳細的方式對此進行了建模，以便進行規劃。但最終，我們認為 26 日曆年的 33 萬台是我們用於規劃目的的合理假設。如果市場更健康，那就太好了。如果情況稍微好一點，我們仍然相信，我們擁有業務內部的槓桿，能夠在我們今天早上提供的指導範圍內產生盈利能力。

Okay. And just -- sorry, just to put a finer point on it, if 330,000 is the expectation for wholesale and retail next year, what do you have penciled in for retail this year? Because at least based on my numbers, that would suggest a much bigger decline than where we've been year-to-date. Do you expect the last, I don't know, four or five months of the year to be down significantly in terms of retail? Or is my math off here somewhere?

好的。只是——抱歉，只是想更詳細地說明一下，如果明年批發和零售的預期是 330,000，那麼您對今年零售的預期是多少？因為至少根據我的數據，這意味著比今年迄今為止的下降幅度要大得多。您是否預計今年最後四、五個月的零售額會大幅下滑？或者我的數學有什麼問題？

Well, we don't know what retail will be, obviously, for sure, in the last several months. Obviously, the gross number for August was a little bit higher than the industry had, had hoped it would be, but we think that net number will settle in a little bit more healthy place. It would not surprise us to see retail in the remaining months of the, the calendar year be down slightly in that low to mid-single-digit range. But the variability of the industry is difficult to forecast right now.

嗯，我們顯然不知道未來幾個月零售業會是什麼樣子。顯然，八月的總數比行業預期的要高一點，但我們認為淨數字將穩定在更健康的水平。如果看到今年剩餘月份的零售額略有下降，降幅在低至中等個位數之間，我們並不會感到驚訝。但目前該產業的變化很難預測。

So I'm not trying to evade an answer, James, here. It's just really, really hard to forecast either over an extended period of time, but also to know what month-to-month the industry is going to give us.

所以詹姆斯，我在這裡並不是想逃避答案。不僅很難預測較長時期的情況，而且很難知道該行業每月會為我們帶來什麼。

And so we are focused on our business, trying to drive our turns to as close to 2.0 as we can. We believe we have share gain opportunities in multiple spots within our portfolio, Grand Design Motorized, Winnebago Towables, Barletta pontoons, travel trailers on the Grand Design side. And so regardless of what the market gives us, we believe we can deliver within the numbers for fiscal '26 that were offered today.

因此，我們專注於我們的業務，試圖使我們的轉彎盡可能接近 2.0。我們相信，我們的投資組合中的多個領域都有獲得份額的機會，包括 Grand Design Motorized、Winnebago Towables、Barletta 浮橋、Grand Design 方面的旅行拖車。因此，無論市場給我們什麼，我們都相信我們可以實現今天提供的 26 財年數字。

Got it. That's really helpful. Thanks guys.

知道了。這真的很有幫助。謝謝大家。

Craig Kennison, Baird.

克雷格·肯尼森，貝爾德。

I had a question around market share. You've had a really good story in the last five years with respect to market share in RVs and in Marine, but at least in RVs that appeared to take a step back in fiscal 2025, and that's probably due to a mix shift favoring some low-end units where you just don't play aggressively. I guess I'm wondering what's your view on market share trends for your brand, especially if this trend towards low-end RV units persist?

我有一個關於市場佔有率的問題。過去五年，你們在房車和船舶市場的份額表現非常好，但至少在 2025 財年，房車市場似乎有所退步，這可能是由於產品組合轉向偏向一些低端產品，而你們並沒有積極佈局。我想知道您對您品牌的市場份額趨勢有何看法，尤其是如果這種低端 RV 單元的趨勢持續下去？

Yeah. Craig, the most significant areas of pressure in the RV industry for us from a market share perspective have been the Class B category in motorhomes and some fifth-wheel retail share pressure we've also seen on the towable side. And I think those are due to similar, but different reasons.

是的。克雷格，從市場份額的角度來看，房車行業對我們來說最大的壓力領域是房車中的 B 級類別，以及我們在拖掛式房車方面也看到的一些第五輪零售份額壓力。我認為這些都是由於類似但不同的原因造成的。

The Winnebago brand of Vans has long been the industry leader, both in terms of volume, but also in terms of innovation. And in our comments this morning, we did mention that we continue to have the top three performing singular product brands in the Class B segment.

Vans 旗下的 Winnebago 品牌長期以來一直是行業領導者，不僅在產量方面，而且在創新方面。在今天早上的評論中，我們確實提到，我們繼續擁有 B 級細分市場中表現最好的三大單一產品品牌。

But the reality is that, that segment has gotten incredibly crowded over the last three or four years. I mean, literally, there has been an explosion of brands and floor plans in that space and candidly, dealer distribution points. And almost by the default of math with us only having one brand in Class B vans until recently with Grand Design's launch, and us having primarily one distribution network under that one brand, the explosion of competition there really mathematically has pressured our share. But we continue to make the best product in that segment without a doubt.

但現實情況是，過去三、四年來，該領域已經變得異常擁擠。我的意思是，實際上，該領域的品牌和平面圖以及經銷商分銷點都呈爆炸式增長。直到最近 Grand Design 推出之前，我們在 B 級貨車領域只有一個品牌，而且我們主要在該品牌下有一個分銷網絡，因此，該領域競爭的爆發確實在數學上給我們的市場份額帶來了壓力。但毫無疑問，我們將繼續生產該領域最好的產品。

On the fifth wheel side, that has been a combination of new competition that we've seen over the last three or four years and some very competitive offerings from those competitors, along with some shifts in price point attractiveness from some of our higher-volume competitors in the industry.

在第五輪方面，這是我們在過去三四年中看到的新競爭和這些競爭對手的一些非常有競爭力的產品的結合，以及我們行業中一些產量較大的競爭對手在價格吸引力方面發生了一些變化。

Our fiscal '26 plans have us stabilizing volume in the RV market and slightly growing it for that particular fiscal year. And again, the two primary drivers are going to be Grand Design Motorized and the second year of their launch, and some of the significant retail momentum continuing that we're seeing.

我們的 26 財年計劃使我們的 RV 市場銷量保持穩定，並在本財年略有增長。再次強調，兩個主要驅動力是 Grand Design Motorized 及其推出的第二年，以及我們所看到的一些持續的顯著零售勢頭。

And we intend to make meaningful strides on Winnebago Towables as well in fiscal year '26. We had the strongest dealer ordering open house for that particular business that we've ever had in September. And we feel well positioned to grow share in that space. We'll also see some share gains, we believe, continue in Class A diesel with Newmar and Grand Design Towables as we continue to work on the Imagine and Transcend lines within that particular brand.

我們也計劃在 26 財年在 Winnebago Towables 方面取得重大進展。九月份，我們為該特定業務舉辦了有史以來最大規模的經銷商訂購開放日。我們覺得自己有能力擴大該領域的份額。我們也相信，隨著我們繼續致力於該特定品牌內的 Imagine 和 Transcend 系列，Newmar 和 Grand Design Towables 在 A 級柴油車市場的份額將繼續增長。

So we're well aware, Craig, certainly, as you stated, of some of the, the dilution in share here recently, but we believe we have plans in place to stabilize that and even in spots to strengthen our share in certain areas.

因此，克雷格，正如您所說，我們非常清楚最近我們的份額有所減少，但我們相信我們已經制定了計劃來穩定這種局面，甚至在某些領域加強我們的份額。

And I wondered if you would also just compare the RV consumer versus the Marine consumer today? And then how those dealer bodies view the market differently?

我想知道您是否也會比較一下當今的 RV 消費者和船舶消費者？那麼這些經銷商團體對市場有何不同看法呢？

Well, the RV consumer candidly is probably younger and more diversified in terms of a consumer base, and we think that has been helpful, even though, obviously, the RV industry has seen a significant volume pullback here in the last couple of years. I think the industry, as a whole, has done a good job attracting consumers from all walks of life and keeping the products as affordable as possible given some of the cost pressures we've seen to make sure that younger consumers are still participating in the lifestyle.

嗯，坦白說，房車消費者可能更年輕，消費者群體也更加多樣化，我們認為這是有幫助的，儘管很明顯，房車行業在過去幾年裡出現了銷量大幅下滑。我認為，考慮到我們所看到的一些成本壓力，整個行業在吸引各行各業的消費者方面做得很好，並且盡可能保持產品價格實惠，以確保年輕消費者仍然參與這種生活方式。

The marine industry has some work to do candidly in that area. As an industry, we need to work within boating to bring the average age of the consumer down and get younger generations, not only in the lifestyle, but candidly owning more boats. And the diversity has been moving in the right direction.

坦白說，海洋產業在這方面還有很多工作要做。作為一個行業，我們需要在航海領域努力降低消費者的平均年齡，讓年輕一代不僅在生活方式上，而且坦率地擁有更多的船隻。多樣性正朝著正確的方向發展。

We continue to believe that the marine industry is a little bit further behind the RV industry in terms of the cycle. Craig, I think even your recent report cited that many of the marine dealers feel they still have too much inventory, and we agree with that, and we're working closely with our dealers to try to right size our particular inventory positions. We think we're in pretty good shape.

我們仍然認為，就週期而言，船舶產業略微落後於房車產業。克雷格，我認為即使您最近的報告也提到，許多船舶經銷商認為他們仍然有太多庫存，我們同意這一點，並且我們正在與我們的經銷商密切合作，試圖正確調整我們的特定庫存規模。我們認為我們的狀況非常好。

But by and large, we think the marine consumer is a little bit more hesitant than the RV consumer right now. And the dealers are also probably more focused on destocking in many of those categories even more so than the RV dealers have been lately.

但總的來說，我們認為目前船舶消費者比房車消費者更猶豫。而且，與房車經銷商相比，經銷商最近可能更注重減少這些類別的庫存。

But we believe our brands are positioned well. I'm optimistic that our Barletta pontoon business especially will continue to unveil new strategies in the future to remain very competitive and continue to take share. And again, I think you can tell from us this morning that the theme of fiscal year '26 for us is control what we can control. And we believe we have a number of actions and strategies in place to, again, deliver the results that we foreshadowed this morning.

但我們相信我們的品牌定位良好。我樂觀地認為，我們的巴列塔浮橋業務尤其將在未來繼續推出新策略，以保持競爭力並繼續佔據市場份額。我想，你們可以從我們今天早上的表現中看出，2026 財年的主題是控制我們能夠控制的事情。我們相信，我們已經採取了一系列行動和策略，可以再次實現我們今天早上預示的結果。

Joe Altobello, Raymond James.

喬·阿爾托貝洛、雷蒙·詹姆斯。

Mike, that was actually a good segue into my question. But if we think about the guidance for '26, and I think at the midpoint, it implies about $0.70 of earnings improvement, call it. Based on my math, the improvement in motorhome margins is all of that and then some. So I guess my first question there is how much visibility or line of sight do you have into those cost improvements for this year?

麥克，這實際上很好地引出了我的問題。但如果我們考慮 26 年的指導，我認為在中間點，它意味著收益將增加約 0.70 美元，可以這麼認為。根據我的計算，房車利潤率的提高不僅僅是這些，還有更多。所以我想我的第一個問題是，您對今年的成本改進有多少了解或預見？

Bryan, I'll have you take that one.

布萊恩，我讓你拿著這個。

Yes, sure. I made some of the comments, Joe, in the script as it relates to the Winnebago Motorhome business in particular, lot of the cost actions have already been taken in Q4 as it relates to some of our cost structure, both in cost of goods and in our SG&A.

是的，當然。喬，我在腳本中發表了一些評論，特別是與 Winnebago 房車業務相關的評論，許多成本行動已經在第四季度採取，因為它與我們的部分成本結構有關，包括商品成本和銷售、一般及行政費用 (SG&A)。

And then it is likewise related to product, as I mentioned. And having a product line and as well as a finished goods position that doesn't require the same level of incentives that were required here in 2025 fiscal. So those are the two biggest areas of improvement that we're expecting, some of which, as I mentioned, have already been executed.

然後它同樣與產品相關，正如我所提到的。並且擁有一條產品線和成品位置不需要與 2025 財年相同水準的激勵。因此，這是我們期待的兩個最大的改進領域，正如我所提到的，其中一些已經執行。

So we've got good visibility into it. We'll be tracking it very closely. Most importantly, I think, Joe, we've got the right team in place there, the right leadership. They're highly engaged. We sense a great improvement in culture and motivation of the team, and so we think we've got the right team in place to execute.

因此我們對此有很好的了解。我們將密切跟踪。最重要的是，喬，我認為我們已經擁有了合適的團隊和合適的領導。他們參與度很高。我們感覺到團隊的文化和積極性有了很大的改善，因此我們認為我們已經擁有了合適的團隊來執行。

Got it. Very helpful. Is there pricing involved here, too, particularly with tariffs?

知道了。非常有幫助。這裡是否也涉及定價，特別是關稅？

Yeah. Pricing is some of the story, but that really is an offset to the increased cost as you referenced, as it pertains to tariffs. So I wouldn't call that out as a margin improvement in terms of pricing through tariffs. I think it's more the better position product lineup and the reduction in the incentives that are required.

是的。定價是故事的一部分，但這實際上是您所提到的與關稅有關的增加成本的一種抵消。因此，我不會將其稱為透過關稅定價帶來的利潤率提高。我認為這更多的是更好的產品陣容和所需激勵的減少。

Got it. And maybe one quick one for Mike, if I could. I mean if we think about sort of a big picture view of the industry, the assumption of mid-cycle, I think, on the RV side has always been around, call it, 425,000, 450,000 units. Given where we've been in the last three or four years, do you still think that's a good mid-cycle estimate?

知道了。如果可以的話，也許我可以快速地問麥克一個問題。我的意思是，如果我們從行業的整體角度來考慮，我認為 RV 方面的中期週期假設一直存在，例如 425,000 或 450,000 輛。考慮到我們過去三、四年的情況，您是否仍然認為這是一個不錯的中期估計？

Joe, we're working on that model as we speak, and it's likely here in the relative near future that we'll find an opportunity to share an updated mid-cycle model for Winnebago Industries with you. Specific to your question, I think you'll see in our next version of that mid-cycle model that we believe that the RV mid-cycle volume estimates specifically will be lower than what we offered last. It will probably be somewhere in that 400,000 to 425,000 range.

喬，我們正在研究這個模型，很可能在不久的將來，我們會找到機會與您分享 Winnebago Industries 的更新中期模型。具體到您的問題，我想您會在我們下一版本的中期模型中看到，我們認為 RV 中期體積估計值將低於我們上次提供的值。大概在 40 萬到 425,000 之間。

We may choose to be even more specific when we release that. And that's just a byproduct, I think, of the, the reality that this trough in this particular down cycle has lasted longer than most of us have experienced in our careers in this industry, but also, we believe the next peak may be a little lower than what we had been previously modeling.

當我們發布該資訊時，我們可能會選擇更加具體。我認為，這只是一個副產品，因為這個特定的下行週期中的低谷持續時間比我們大多數人在這個行業的職業生涯中經歷的要長，而且，我們相信下一個高峰可能會比我們之前預測的要低一些。

I do want to say this, though, the Winnebago Industries' portfolio in its entirety has really not seen a mid-cycle environment yet. The acquisition of Newmar in 2019, the acquisition of Barletta in 2021 and then the acquisition of acquisition of Lithionics in 2023, plus new strategies at Grand Design Motorized and now even Winnebago Towables, as an example, being renovated, we believe we have a portfolio that really hasn't seen its full potential realized in a mid-cycle environment.

不過，我確實想說的是，Winnebago Industries 的整個投資組合實際上尚未看到中期環境。2019 年收購 Newmar，2021 年收購 Barletta，然後是 2023 年收購 Lithionics，再加上 Grand Design Motorized 的新策略，現在甚至連 Winnebago Towables 也進行了翻新，我們相信，我們的投資組合在周期中期的環境中還沒有充分發揮其潛力。

And we hope that day comes someday. We can't predict the exact year when that will happen. But we're really excited about getting some tailwinds from a market stability standpoint because we believe these five OEM brands and then our Lithionics business from a strategic technology vertical can really start to show some significant performance upside in the future. But stay tuned, Joe, we'll come back to you all shortly with an update on that topic.

我們希望這一天終有一天會到來。我們無法預測這一情況發生的具體年份。但我們真的很高興從市場穩定性的角度獲得一些順風，因為我們相信這五個 OEM 品牌以及我們的 Lithionics 業務從戰略技術垂直領域在未來真的可以開始顯示出一些顯著的業績上漲。但請繼續關注，喬，我們很快就會回來向大家提供有關該主題的最新消息。

Bret Jordan, Jefferies.

布雷特·喬丹，傑富瑞。

This is Patrick Buckley on for Bret. Could you talk a bit more about any takeaways from the RV open house? Anything notable as far as recent retail demand or year-over-year sales trends? And I guess, how did that general sentiment from the open house factor into the '26 outlook?

這是 Patrick Buckley 為布雷特 (Bret) 表演的節目。能否再多談談這次 RV 開放日的收穫？就最近的零售需求或與去年同期銷售趨勢而言，有什麼值得注意的嗎？我想，開放日的普遍情緒對 26 年的展望有何影響？

Patrick, good morning. Thanks for being with us. We thought the September open house in Elkhart was a good event as it normally is. Attendance from the dealer community was very strong. I thought the engagement from the OEM and supply side was also fantastic. We have to answer that question almost brand by brand and given the state of our different businesses. But we were really pleased with dealer engagement on each of our three RV brands.

派崔克，早安。感謝您與我們同在。我們認為埃爾克哈特九月的開放日和往常一樣是一次很好的活動。經銷商群的出席率非常高。我認為 OEM 和供應方的參與也非常棒。我們必須根據不同品牌和不同業務的狀況來回答這個問題。但我們對三個 RV 品牌的經銷商參與度感到非常滿意。

It's not a huge order writing show for our Newmar business, just the rhythm of how we take orders in that business and work with the dealers, that's a show at Newmar that is more about showing some of the latest products, some of the beds or in the cab on some of the Super Cs were exciting there, but not a huge order writing show. However, on the Grand Design and Winnebago brands, it is a meaningful order writing show, and we were pleased with the orders that we took on both Grand Design and Winnebago.

對於我們的 Newmar 業務來說，這不是一場大型訂單寫作秀，只是我們在該業務中接受訂單和與經銷商合作的節奏，這是在 Newmar 舉辦的一場展會，更多的是展示一些最新產品、一些床或一些 Super C 的駕駛室，這些都令人興奮，但不是一場大型訂單寫作秀。然而，對於 Grand Design 和 Winnebago 品牌來說，這是一個有意義的訂單寫作秀，我們對 Grand Design 和 Winnebago 所收到的訂單感到滿意。

And as I've already mentioned this morning on the call, Winnebago Callables was a record-setting order-taking event at Open House. And obviously, Grand Design Motorized being a new business still going into its second full year, we saw good activity and reception there. So Grand Design Towables continues to be a large business for us, our largest single revenue stream. We were pleased with the reception to especially the travel trailer segment there, the work we've done on Imagine and Transcend, the unveiling of the Foundation destination trailer.

正如我今天早上在電話會議上提到的那樣，Winnebago Callables 是 Open House 上創紀錄的訂單活動。顯然，Grand Design Motorized 作為一家新公司，目前正處於第二個完整年度，我們看到了良好的活動和反響。因此，Grand Design Towables 對我們來說仍然是一項大業務，也是我們最大的單一收入來源。我們對那裡的接待感到滿意，尤其是旅行拖車部分，我們在 Imagine 和 Transcend 上所做的工作，以及 Foundation 目的地拖車的揭幕。

And then as Bryan just recently mentioned, our Winnebago Motorhome team really has a lot of cultural momentum right now. We unveiled our Sunflyer affordable Class C product in Elkhart that month to very strong reviews, took a number of good orders on that. And really just more importantly, validated with the dealers around the Winnebago Motorhome brand that we're coming, that this business is headed in a stronger direction and that now is the time for many of them to get on board and support that business.

正如布萊恩最近提到的，我們的 Winnebago 房車團隊現在確實擁有很大的文化動力。同月，我們在埃爾克哈特推出了價格實惠的 Sunflyer C 級產品，獲得了非常熱烈的評價，並獲得了大量訂單。更重要的是，我們與 Winnebago Motorhome 品牌的經銷商確認了我們的到來，該業務正朝著更強勁的方向發展，現在是許多經銷商加入並支持該業務的時候了。

So all in all, a really good show. Recent retail trends have been very similar to what you guys have public access to [Visa, the SSI]. We're seven or eight weeks into our fiscal year already. So we've got a decent amount of retail underneath us for Q1. Retail trends are similar to what you've seen in the July, August months, some weeks are good and some weeks are a little weaker.

總而言之，這是一場非常精彩的演出。最近的零售趨勢與你們大眾可以接觸到的非常相似[Visa，SSI]。我們的財政年度已經過去七、八週了。因此，我們第一季的零售業務量相當可觀。零售趨勢與七月、八月的趨勢類似，有些星期表現良好，有些星期表現稍弱。

And collectively, I wouldn't say that there's been a significant change in retail momentum up or down in the first 1.5 months of our fiscal '26 year. So again, it goes back to the theme of -- we're assuming the market will be flat, and we believe we have the strategies in place to have a good fiscal '26 year as we showed today with our guidance.

總的來說，我不會說在 26 財年的前 1.5 個月裡零售勢頭髮生了顯著的上升或下降變化。所以，再次回到主題——我們假設市場將保持平穩，我們相信我們已經制定了策略，以實現良好的 26 財年，正如我們今天在指導中所展示的那樣。

Got it. That's helpful. Thank you. And then just following up on the tariff questions. Are you expecting any specific or maybe incremental chassis impact from the most recent tariffs on medium-duty trucks?

知道了。這很有幫助。謝謝。然後繼續討論關稅問題。您是否預計最近針對中型卡車徵收的關稅會對底盤產生任何具體或增量的影響？

We are not at this point. The whole tariff subject for us has many puts and takes. And as you all know, there will be some pretty significant decisions made here in the future, both in terms of any additional tariffs that the administration places on China if they do so.

我們還沒有到達這個地步。對我們來說，整個關稅問題有很多的利弊。眾所周知，未來美國將會做出一些非常重要的決定，包括政府是否會對中國徵收額外關稅。

And also, obviously, the entire subject of tariffs and the justification for tariffs is before the Supreme Court. So that whole topic continues to be very dynamic. Every day, there seems to be a new wrinkle or curveball and our teams continue to do both. Both at the centralized sourcing level at the enterprise, but also within the businesses at a procurement level, we continue to be able to mitigate a good majority of those tariff costs before we have to face a decision as to whether to price or not.

而且，顯然，關稅的整個問題和關稅的合理性都已提交最高法院審理。因此整個話題仍然非常活躍。每天似乎都會出現新的問題或變化，而我們的團隊會繼續努力。無論是在企業的集中採購層面，還是在企業內部的採購層面，在面臨是否定價的決定之前，我們仍然能夠減輕大部分關稅成本。

So again, we're never comfortable with tariffs, but unfortunately, we've gotten better at managing it, and we just have to do that every day now as part of our business model.

所以，再說一次，我們對關稅從來都感到不舒服，但不幸的是，我們已經更好地管理了關稅，現在我們每天都必須這樣做，這是我們商業模式的一部分。

Got it. That's all for us. Thanks, guys.

知道了。對我們來說就這些了。謝謝大家。

Patrick Scholes, Truist Securities.

帕特里克·斯科爾斯，Truist Securities。

Any color on ASP expectations for the upcoming year by segment category that you might be able to provide? Thank you.

您能提供一下按細分市場類別劃分的來年平均銷售價格預期嗎？謝謝。

Yeah, I'll take that one, Mike. Generally speaking, we'll have some favorability in the Motorhome business just from a perspective of declining incentives that are required to move that product. I mentioned that earlier. For the most part, that's the story in motorized. In Towables, I think we'll have a couple of different stories. I think we'll have pricing that will be a natural lift to ASPs in the coming year. That will be offset in many respects by continued mix shift towards affordability-minded consumers.

是的，我會接受這個，麥克。整體而言，從銷售房車產品所需的激勵措施減少的角度來看，我們對房車業務持一定的興趣。我之前提到過這一點。在很大程度上，這就是機動化的故事。在《Towables》中，我想我們會有幾個不同的故事。我認為我們的定價將會自然提升來年的平均售價。在許多方面，這一現象將透過持續轉向注重經濟實惠的消費者而得到抵消。

And then on the Marine side, we expect, again, some negative mix. We've got growth that's occurring at the lower end of Barletta's offering. And then we also have, within the Chris-Craft business, the Sportster which is showing high receptivity and that drives an unfavorable mix, those being offset by some modest pricing activity. So not as much volatility downward, I'd say, as what we've experienced in the past, call it, 18 months, more stability, still some negative mix impacts offset by some pricing.

而在海軍陸戰隊方面，我們預期會再次出現一些負面消息。我們發現 Barletta 的低端產品正在實現成長。然後，在 Chris-Craft 業務中，Sportster 也表現出很高的接受度，並帶來了不利的組合，但這些影響被一些適度的定價活動所抵消。因此，我想說，下行波動並不像我們過去所經歷的那麼大，18 個月內更加穩定，但仍有一些負面混合影響被一些定價所抵消。

Noah Zatzkin, KeyBanc.

諾亞·扎茨金 (Noah Zatzkin)，KeyBanc。

I guess most of my questions have been asked and answered, but maybe just one on warranty expense. Any way we should be thinking about warranty expenses in FY26 relative to '25? And just anything to be aware of there?

我想我的大部分問題都已經被問到並得到了解答，但也許只有一個關於保固費用的問題。我們該如何考慮 26 財年相對於 25 財年的保固費用？還有什麼需要注意的嗎？

Bryan, I'll have you comment on maybe the direction that you're willing to share there. Noah, thanks for the question. I want to reiterate that the warranty expense that is shared at times includes both real warranty expense that are often driven by quality issues that we can continue to address and do a better job of, but it also includes significant goodwill and other ways of us taking care of the customer.

布萊恩，我請你評論一下你願意分享的方向。諾亞，謝謝你的提問。我想重申的是，有時分攤的保固費用既包括實際保固費用，這些費用通常由我們可以繼續解決並做得更好的品質問題引起，但也包括重要的商譽和我們照顧客戶的其他方式。

I'll give you an example. Our Barletta pontoon business, Barletta makes, I believe, potentially some of the highest quality pontoons in the entire industry. Yeah, we continue to run our warranty spending there at a level that incorporates a significant amount of customer goodwill to provide support coverage to our dealers and their consumers at a level higher than anybody else in the industry.

我給你舉個例子。我相信，我們的巴列塔浮橋業務，巴列塔生產的浮橋可能是整個產業中品質最高的浮橋之一。是的，我們繼續在保固方面投入大量資金，並融入了大量的客戶善意，為我們的經銷商及其消費者提供高於業內任何其他公司水準的支援保障。

There's no other pontoon manufacturer that I'm aware of that has a significant holiday consumer hotline on 4th of July or Memorial Day or Labor Day when consumers are out on the water and something goes wrong, and we're there to support them and cover them.

據我所知，沒有其他浮橋製造商在 7 月 4 日、陣亡將士紀念日或勞動節等重要節日期間設立消費者熱線，當消費者在水上遇到問題時，我們會在那裡為他們提供支持和保障。

So warranty for us is not just a barometer of the cost of quality, but it's also an investment at times and how we take care of our customers. But Bryan, any thoughts on Noah's question in terms of the trend line on that particular item?

因此，對我們來說，保固不僅僅是品質成本的晴雨表，有時也是一種投資，也是我們照顧客戶的方式。但是布萊恩，對於諾亞關於該特定項目的趨勢線的問題有什麼看法？

Yeah, we've cited improved warranty from a year-over-year perspective in the Motorhome segment, and then slightly elevated warranty experience in the Towable segment and Marine segment. We don't see any significant changes or drivers to changing of warranty experience in 2026, expecting, call it consistent types of rates, but no major drivers to OI yield in 2026 as we sit here today.

是的，我們提到，從同比角度來看，房車領域的保固有所改善，而拖曳式車輛領域和船舶領域的保固體驗則略有提升。我們認為 2026 年保固體驗不會發生任何重大變化或改變，預計會是一致的費率類型，但就我們今天所處的位置而言，2026 年的 OI 收益沒有重大驅動因素。

Very helpful. Thank you.

非常有幫助。謝謝。

Ladies and gentlemen, we have reached the end of the call. I would now like to turn the call back over to Raymond for closing remarks.

女士們、先生們，我們的通話已經結束。現在我想把電話轉回給雷蒙德，請他做最後發言。

Thank you, Towanda. That is the end of our fourth-quarter earnings call. Thank you to everyone for joining us. We look forward to further updating you on future calls. Enjoy the rest of your day.

謝謝你，托旺達。我們的第四季財報電話會議到此結束。感謝大家的參與。我們期待在未來的通話中向您提供進一步的更新資訊。享受這一天剩下的時間。

Ladies and gentlemen, that concludes today's conference call. Thank you for your participation. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。