Winnebago Industries, Inc. (WGO) 2026 Q2 法說會逐字稿

Welcome to the Winnebago Industries second-quarter fiscal 2026 financial results conference call. (Operator Instructions) Please be advised that today's conference call is being recorded.

歡迎參加 Winnebago Industries 2026 會計年度第二季財務結果電話會議。(接線員指示) 請注意，今天的電話會議將被錄音。

I would now like to hand the call over to Joan Ondala, Vice President, Treasury and Investor Relations. Ms. Ondala, please go ahead.

現在我想把電話交給財務與投資人關係副總裁 Joan Ondala。Ondala 女士，請開始。

Thank you, operator. Good morning, everyone, and thank you for joining us to discuss our fiscal 2026 second-quarter results. This call is being broadcast live on our website at investor.wgo.net, and a replay of the call will be available on our website later today.

謝謝，接線員。各位早安，感謝各位參與我們討論 2026 會計年度第二季業績。本次電話會議將在我們的網站 investor.wgo.net 進行直播，並將於今日稍晚在我們的網站提供重播。

The news release with our second-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 in the Investors section of our website under Quarterly Results.

我們的第二季業績新聞稿已於今天稍早發布並張貼於我們的網站。請注意，配合我們事先準備講稿的盈餘簡報投影片也已在我們網站「投資人」專區的「季度業績」項下提供。

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 law. 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.

請看投影片第 2 頁。今天電話會議中關於 Winnebago Industries 及其營運的某些陳述，依證券法可能被視為前瞻性陳述。本公司提醒各位，前瞻性陳述涉及多項風險且本質上具有不確定性，且多項因素（其中許多超出本公司控制）可能導致實際結果與這些陳述存在重大差異。這些因素已在我們向 SEC 提交的文件中列示，我們鼓勵各位閱讀。

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. Please turn to slide 3.

此外，在今天的電話會議中，管理層將提及 GAAP 與非 GAAP 財務衡量指標。非 GAAP 指標與可比 GAAP 指標之調節表已載於我們的盈餘新聞稿。請翻到投影片第 3 頁。

Hosting 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 second-quarter performance, as well as a forward view of the market. Bryan will discuss the associated drivers of our financial results and our fiscal year 2026 guidance. Mike will conclude our prepared remarks, and then management will be happy to take your questions.

今天主持電話會議的是 Winnebago Industries 總裁兼執行長 Michael Happe，以及資深副總裁兼財務長 Bryan Hughes。Mike 將先概述我們第二季的表現，並對市場提出前瞻觀點。Bryan 將說明我們財務結果的相關驅動因素，以及 2026 會計年度的財測指引。Mike 將為我們的事先準備講稿作結，之後管理層將很樂意回答各位的提問。

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

接著，請翻到投影片第 4 頁，我把電話交給 Mike。

Thank you, Joan, and good morning, everyone.

謝謝你，Joan，各位早安。

Winnebago Industries delivered a solid second quarter, reflecting focused execution on our overarching enterprise strategies and our fiscal year 2026 first-half objectives. Despite a challenging market environment, our teams performed with discipline, protecting profitability, managing controllable costs, and advancing the product and operational priorities that matter most to our long-term competitive positions in the RV and Marine industries.

Winnebago Industries 第二季表現穩健，反映我們在整體企業策略與 2026 會計年度上半年目標上的聚焦執行。儘管市場環境充滿挑戰，我們的團隊仍以紀律執行，守住獲利能力、管理可控成本，並推進對我們在 RV 與海事（Marine）產業長期競爭地位最重要的產品與營運優先事項。

Across our portfolio of premium differentiated brands, we have built a broad and durable outdoor recreation platform that spans multiple customer segments, price points, and lifestyle use cases. That breadth is increasingly valuable in a more selective demand environment and positions us well to compete for profitable share as demand conditions improve in the future.

在我們一系列高端且具差異化的品牌組合中，我們打造了一個廣泛且具韌性的戶外休閒平台，涵蓋多個客群區隔、價格帶與生活型態使用情境。在需求更為挑剔的環境下，這樣的廣度愈發珍貴，並使我們在未來需求條件改善時，能更有利地爭取具獲利性的市占。

We are introducing meaningful new products across our business lineups, especially recently in the Motorhome RV segment within the traditional C category, with technological differentiation and targeted focus on affordability and value accessibility to our premium brands. We are also being deliberate about where we invest and grow. Our emphasis on driving share in higher-value segments such as Class A diesel, Class C diesel, and the growing Super C category reflects our strategic focus on retail dollar and profit reach through resilient premium categories.

我們在各條產品線持續推出具意義的新產品，尤其近期在 Motorhome RV（動力式房車）領域的傳統 Class C 類別，透過技術差異化，並聚焦可負擔性與價值可及性，讓消費者更容易接觸我們的高端品牌。我們也審慎決定投資與成長的方向。我們著重在 Class A 柴油、Class C 柴油，以及成長中的 Super C 類別等更高價值區隔提升市占，反映我們的策略重點：透過具韌性的高端品類，擴大零售金額與獲利觸及。

That discipline is evident in our results. Even as unit share has fluctuated in certain industry segments, our RV retail dollar share has remained resilient. On the Winnebago branded Motorhome business, we have made considerable progress in the restoration of this flagship line through the first half of fiscal 2026. The team is on its plan through the first six months, with much more traction planned in the back half of the year.

這份紀律在我們的結果中清楚可見。即使在某些產業區隔的台數市占有所波動，我們的 RV 零售金額市占仍維持韌性。在 Winnebago 品牌的 Motorhome 業務方面，我們在 2026 會計年度上半年已在這條旗艦產品線的復甦上取得顯著進展。團隊在前六個月按計畫推進，並規劃在下半年取得更大的動能。

While several initiatives are still in initial stages and are expected to build and become more apparent over coming quarters, the prospects for this business in the future are definitely improving. The progress there really reflects the same Winnebago Industries enterprise strategies we are applying every day across our portfolio: empowering best talent, building relevant premium brands and winning products, elevating the total customer experience, expanding digital capabilities and connections, and driving portfolio synergy and excellence.

雖然多項計畫仍處於初期階段，預期將在未來幾季逐步累積並更為明顯，但這項業務的未來前景確實正在改善。這些進展反映我們在整個產品組合每天都在落實的 Winnebago Industries 企業策略：賦能最優秀的人才、打造具相關性的高端品牌與致勝產品、提升整體客戶體驗、擴展數位能力與連結，以及推動產品組合協同效應與卓越營運。

On the Towable RV side, our wholesale share reflects deliberate efforts to reinvigorate our Winnebago Towables business with recent new products and revitalize several critical Grand Design products attacking the meat of the market. We have leaned into models like access within the Winnebago brand and Grand Design's Transcend line, gaining important shelf space in supportive dealer showrooms, while also moderating some highly promotional product segments to support inventory health and overall channel stability.

在 Towable RV（拖曳式 RV）方面，我們的批發市占反映出我們刻意透過近期新產品來重振 Winnebago Towables 業務，並讓多項關鍵的 Grand Design 產品重新煥發活力、切入市場主流需求。我們加大投入如 Winnebago 品牌的 Access 車型與 Grand Design 的 Transcend 產品線，在支持度高的經銷商展示間取得重要的陳列空間；同時也適度降低某些高度促銷的產品區隔，以支持庫存健康與整體通路穩定。

We will discuss our Marine businesses in a few minutes, but I would like to highlight a brand that does not receive enough attention at times, and that is Lithionics, our mobile portable power line. This 2023 acquired platform continues to be an increasingly vital part of what differentiates our enterprise profile. Focused on delivering professional-grade, safe, portable, reliable battery power solutions, Lithionics strengthens our competitive differentiation today and supports future profitable growth as we expand the technology beyond RV into Marine and work vehicle applications.

我們將在幾分鐘後討論海事（Marine）業務，但我想先強調一個有時未獲足夠關注的品牌：Lithionics，也就是我們的行動式可攜電力產品線。這個於 2023 年收購的平台，持續成為我們企業輪廓差異化中愈來愈關鍵的一環。Lithionics 專注於提供專業等級、安全、可攜且可靠的電池電力解決方案，不僅強化我們當前的競爭差異化，也在我們將技術從 RV 擴展至海事與工作車輛應用時，支持未來的獲利成長。

Our overall financial performance through the first half of fiscal 2026 reflects the strides we have made to deleverage our balance sheet, strengthen cash flow, and reduce controllable costs. We have urgency in these areas to position ourselves as soon as possible to accelerate our capital allocation priorities for the future benefit of this company. Our teams have done an excellent job since last April of 2025, managing tariff headwinds and intentionally improving SG&A leverage. Bryan Hughes will walk through those numbers in more detail shortly.

我們在 2026 會計年度上半年的整體財務表現，反映出我們在降低資產負債表槓桿、強化現金流，以及降低可控成本方面所取得的進展。我們在這些領域具備急迫感，目標是盡快讓公司具備條件，加速未來資本配置的優先事項，以造福公司長期發展。自 2025 年 4 月以來，我們的團隊在管理關稅逆風並有意識地改善 SG&A（銷售、一般及行政費用）槓桿方面表現出色。Bryan Hughes 稍後將更詳細說明這些數字。

Turning to slide 5. Retail activity across the second quarter remained aligned with a seasonally slower retail period of the year, but also reflected a challenged near-term consumer sentiment environment, with comps lower than the same period a year ago.

請看投影片第 5 頁。第二季的零售活動整體仍符合一年中季節性較慢的零售期間，但也反映短期消費者信心受壓的環境，與去年同期相比的比較基期（comps）較低。

Additionally, retail both at the dealers but also at certain consumer retail shows through the January-February months were impacted by adverse weather events in key regions. Dealers continue to manage inventory cautiously, keeping ordering and stocking closely aligned with retail conditions. Wholesale activity has remained disciplined, with shipments also moderating throughout the seasonally slower period.

此外，在 1 月至 2 月期間，無論是經銷商端零售，或部分面向消費者的零售展會，都受到關鍵地區不利天候事件的影響。經銷商仍以審慎方式管理庫存，使下單與備貨緊密貼合零售狀況。批發活動也維持紀律，出貨量在季節性較慢的期間同樣有所放緩。

The RV Industry Association's spring road signs outlook calls for modest industry shipment growth in calendar 2026, with total volumes forecast to increase by approximately 2% year over year. That outlook continues to assume a first half of calendar year 2026 weighted toward seasonal softness, with improvement expected in the back half of the year as retail demand stabilizes. It also assumes mixed performance across segments, including resilience in Fifth Wheels and a more gradual recovery in certain motorized categories.

RV Industry Association 的春季路標（spring road signs）展望預期，2026 曆年產業出貨量將溫和成長，總量預估年增約 2%。該展望仍假設 2026 曆年上半年偏向季節性疲弱，下半年則隨零售需求趨於穩定而預期改善。同時也假設各區隔表現分歧，包括 Fifth Wheels 具韌性，以及部分動力式類別較為漸進的復甦。

Our own internal RV wholesale planning remains intentionally more cautious than this outlook, with a focus on retail-driven ordering patterns and disciplined production pacing as conditions evolve. As we move into the critical spring and summer selling seasons, we expect retail activity to build and we are well positioned to respond with product as dealers desire.

我們內部的 RV 批發規劃仍刻意比上述展望更為審慎，重點放在由零售帶動的下單型態，以及隨情勢演變而採取具紀律的生產節奏。隨著我們進入關鍵的春夏銷售旺季，我們預期零售活動將逐步回升，而我們也已做好準備，能依經銷商需求提供產品。

Inventory management remains a priority. During the second quarter, RV inventory turns reached approximately 1.5 times, exhibiting normal seasonal shipping patterns, as well as increased dealer demand tied to recent Winnebago Towables and Grand Design motorized product introductions. Dealers are supporting these new business strategies and building inventory positions where they believe in future retail share attainment opportunities. While overall inventory turns at the end of Q2 versus backward retail were slightly lower than what we would like to see at this time of year, we are very much focused on continuing to be a good partner to our dealers going forward in pursuing a 2 times inventory turn goal at some point in calendar 2026 as seasonal retail accelerates.

庫存管理仍然是優先事項。在第二季，RV 庫存周轉約達 1.5 次，呈現正常的季節性出貨型態，同時也反映經銷商需求增加，與近期 Winnebago Towables 與 Grand Design 動力車型產品上市相關。經銷商正支持這些新的業務策略，並在其看好未來零售市占提升機會的領域建立庫存部位。雖然第二季末相較於回溯零售（backward retail）的整體庫存周轉略低於我們在這個時節希望看到的水準，但我們非常專注於未來持續成為經銷商的良好夥伴，並在季節性零售加速之際，於 2026 曆年某個時間點朝 2 次庫存周轉的目標邁進。

Turning to slide 6. At the Florida RV Super Show in January, we showcased how our product portfolio is evolving around changing RV ownership and travel behaviors. Across Winnebago, Grand Design RV, and Newmar, the products we featured -- from Winnebago Sunflyer Class C to Grand Design's Solitude Fifth Wheel and Lineage Motorhome platforms to our Newmar Freedom Aire Luxury C introduction -- all of these emphasize livability, ease of ownership, and differentiated features, serving both first-time buyers and experienced owners.

接著看第 6 張投影片。在 1 月的佛羅里達 RV 超級展（Florida RV Super Show）上，我們展示了產品組合如何因應 RV 持有與旅行行為的變化而演進。在 Winnebago、Grand Design RV 與 Newmar 之間，我們所展示的產品——從 Winnebago Sunflyer C 級車型，到 Grand Design 的 Solitude 第五輪（Fifth Wheel）與 Lineage Motorhome 平台，再到我們推出的 Newmar Freedom Aire Luxury C——都強調宜居性、易於持有，以及差異化功能，服務首次購買者與資深車主。

Strategically, the unveiling of new products just mentioned reinforced the direction of our product roadmap, a deliberate focus on products that remain relevant across market conditions, support dealer inventory discipline, and contribute to brand strength over time. Our approach to innovation is intentional, emphasizing mix, execution, and returns.

在策略上，前述新產品的亮相強化了我們產品藍圖的方向：刻意聚焦於在各種市場環境下仍具相關性的產品，支持經銷商的庫存紀律，並隨時間推進為品牌強度做出貢獻。我們的創新方法是有意識且審慎的，強調產品組合（mix）、執行力與報酬。

On slide 7, our Barletta Boats business continues to hold the number three position in US aluminum pontoons with a 9.1% retail unit market share over the trailing 12 months through January. The three-month SSI unit retail market share is running even higher in the lower double digits range.

在第 7 張投影片，我們的 Barletta Boats 業務在美國鋁製浮筒船（aluminum pontoons）市場持續維持第 3 名地位，在截至 1 月的過去 12 個月中，零售台數市占為 9.1%。三個月 SSI 的零售台數市占表現更高，落在低雙位數區間。

Barletta's brand positioning and product mix remains consistent, supporting even higher retail dollar share versus the number one and number two competitors. However, to serve an even wider audience across the recreational boating space, we have expanded the Barletta lineup with the introduction of the Sanza series of products. Starting at $49,995 for a Tritoon model, well-equipped with a 150-horsepower engine, a cover, and in-floor storage, the Sanza extends the Barletta experience to new buyers looking for affordable access to premium brands, while maintaining the trusted craftsmanship, comfort, and industry-leading customer service support that define Barletta great.

Barletta 的品牌定位與產品組合維持一致，使其相較於第 1 與第 2 名競爭對手，能支撐更高的零售金額市占。然而，為了在休閒船艇領域服務更廣泛的受眾，我們透過推出 Sanza 系列產品擴充了 Barletta 產品線。Sanza 的 Tritoon 型號起價為 49,995 美元，配備齊全，包括 150 匹馬力引擎、船罩與地板下置物空間；Sanza 讓尋求以可負擔價格接觸高端品牌的新買家也能體驗 Barletta，同時維持 Barletta 所代表的可靠工藝、舒適性與業界領先的客戶服務支援。

Moving to slide 8. Barletta also captured its fourth consecutive Discover Boating Minneapolis Boat Show Innovation Award, recognizing our leadership in bringing industry-first ride stabilization technology to the pontoon segment through our partnership with Seakeeper Ride. This recognition underscores the team's sustained focus on meaningful innovation that elevates the on-water experience for our owners.

接著看第 8 張投影片。Barletta 也連續第四年獲得 Discover Boating 明尼阿波利斯船展創新獎（Minneapolis Boat Show Innovation Award），表彰我們透過與 Seakeeper Ride 的合作，將業界首創的航行穩定技術導入浮筒船細分市場的領導地位。這項肯定凸顯團隊持續聚焦於具意義的創新，以提升船主的水上體驗。

That same commitment on customer-centered innovation is evident within our Chris-Craft brand as well, where we recently introduced the all-new Launch 27. The Launch 27 is a reimagined premium dayboat that blends the brand's timeless design and unparalleled fit and finish with modern technology, enhanced comfort, and standard Seakeeper Ride stabilization. In January, the Launch 27 earned a 2026 Innovation Award at the Discover Boating Miami Boat Show, highlighting its sleek hull design and advanced technology. Importantly, this award reinforces Chris-Craft's leadership in thoughtful, owner-focused innovation.

同樣以客戶為中心的創新承諾，也體現在我們的 Chris-Craft 品牌上；我們近期推出了全新 Launch 27。Launch 27 是重新構想的高端日航艇（premium dayboat），將品牌歷久彌新的設計與無與倫比的貼合度與精緻工藝（fit and finish），結合現代科技、提升的舒適性，以及標配的 Seakeeper Ride 穩定系統。在 1 月，Launch 27 於 Discover Boating 邁阿密船展獲得 2026 年創新獎（Innovation Award），凸顯其流線船體設計與先進技術。重要的是，這項獎項再次強化 Chris-Craft 在深思熟慮、以船主為核心的創新方面的領導地位。

Product quality and innovation remain core to our strategy, and these Marine awards validate that conviction. Both Barletta and Chris-Craft have also been recognized with the National Marine Manufacturers Association's Customer Satisfaction Index Awards, reflecting consistently high owner satisfaction across our Marine portfolio.

產品品質與創新仍是我們策略的核心，而這些海事獎項驗證了我們的信念。Barletta 與 Chris-Craft 也獲得美國國家海洋製造商協會（NMMA）的客戶滿意度指數獎（Customer Satisfaction Index Awards），反映我們海事產品組合中一貫維持的高車主滿意度。

Moving to slide 9. In January, we released our seventh annual corporate responsibility report, outlining how we continue to integrate sustainability, safety, and governance into the way we run the business. Two highlights from our most recent report: one, we have made meaningful improvements in workplace safety in the last decade and, again, in fiscal 2025; and two, we have now reduced our absolute Scope 1 and Scope 2 emissions by about 15% versus our 2020 baseline. Both are clear indicators of disciplined execution embedded in our day-to-day operations across the organization.

接著看第 9 張投影片。在 1 月，我們發布第七份年度企業責任報告，說明我們如何持續將永續、安全與治理整合到企業營運方式之中。最新報告的兩項重點：第一，我們在過去十年以及 2025 會計年度再次在職場安全方面取得實質改善；第二，相較於 2020 年基準，我們已將範疇 1 與範疇 2 的絕對排放量降低約 15%。這兩者都是明確指標，顯示我們在整個組織的日常營運中落實了紀律化執行。

Now, let me turn the call over to Bryan Hughes for the financial review. Bryan?

現在，我把電話會議交給 Bryan Hughes 進行財務回顧。Bryan？

Thank you, Mike, and good morning, everyone. Starting with our consolidated results on slide 11, as Mike noted, our results continue to demonstrate disciplined execution across a diversified portfolio, even as retail demand across RV and Marine remains uneven.

謝謝你，Mike，各位早安。先從第 11 張投影片的合併結果開始，如 Mike 所提到的，即使 RV 與海事（Marine）領域的零售需求仍不均衡，我們的結果仍持續展現出在多元化產品組合下的紀律化執行。

Consolidated net revenues increased 6% year over year as a strong performance in the Motorhome RV segment more than offset decreases in Towable RV and Marine. Growth in the Motorhome RV segment was driven by Grand Design RV's continued expansion, with strong growth in Winnebago and Newmar brands contributing as well. Gross profit increased due to growth in the top line. And when combined with SG&A reductions due to our cost savings initiatives, operating income improved 51% from the second quarter of fiscal 2025, resulting in adjusted EPS of $0.27, 42% higher than last year.

合併淨營收年增 6%，因 Motorhome RV 事業部的強勁表現，足以抵銷 Towable RV 與 Marine 的下滑。Motorhome RV 事業部的成長主要由 Grand Design RV 的持續擴張帶動，Winnebago 與 Newmar 品牌的強勁成長亦有所貢獻。毛利因營收成長而增加。再加上我們透過成本節省措施降低 SG&A，營業利益較 2025 會計年度第二季提升 51%，使調整後 EPS 為 0.27 美元，較去年高出 42%。

Turning to our segment results, beginning with Towable RV on slide 12. Net revenues declined by 9%, primarily attributable to a shift in product mix toward lower price-point models and lower unit volume, partially offset by selective price adjustments. Segment operating income margin of 4.2% for the second quarter of fiscal 2026 was down 20 basis points from prior year, primarily due to volume deleverage and product mix, largely offset by selective price adjustments and cost containment initiatives.

接著看各事業部表現，先從第 12 張投影片的 Towable RV 開始。淨營收下滑 9%，主要歸因於產品組合轉向較低價位車型以及出貨台數下降，部分由選擇性調價所抵銷。2026 會計年度第二季事業部營業利益率為 4.2%，較去年同期下降 20 個基點，主要因量能槓桿不利（volume deleverage）與產品組合所致，但大致被選擇性調價與成本控管措施所抵銷。

Through the first half of fiscal 2026, segment operating income is up 3% versus the same period last year on a roughly comparable 3% increase in net revenues. Our dealer inventory increase in the Towable RV segment is related to the new Thrive in the Winnebago brand and the continued success of the Transcend in the Grand Design lineup. When combined, these two lines explain the entire increase in the Towable RV segment's dealer inventory when compared to the prior year.

在 2026 會計年度上半年，該事業部營業利益較去年同期增加 3%，而淨營收亦約增加 3%，兩者大致相當。Towable RV 事業部的經銷商庫存增加，與 Winnebago 品牌的新款 Thrive，以及 Grand Design 產品線中 Transcend 的持續成功有關。合併來看，這兩條產品線解釋了 Towable RV 事業部相較去年同期經銷商庫存增加的全部幅度。

Moving to slide 13. Our Motorhome RV segment reflected a net revenue increase of 29%, with volume momentum across our Newmar, Winnebago, and Grand Design motorized brands. Net revenues are running 21% ahead of fiscal 2025 through the first half of the year.

接著看第 13 張投影片。我們的 Motorhome RV 事業部淨營收增加 29%，Newmar、Winnebago 與 Grand Design 動力車型品牌皆呈現量能動能。截至上半年，淨營收較 2025 會計年度同期高出 21%。

Operating income performance in this segment primarily reflects improved volume leverage, with additional support from targeted costs and operating efficiency initiatives. Segment operating income margin improved 270 basis points year over year to 2.4% in Q2. The same step change in profitability is evident in our first-half segment performance, resulting in an operating income margin of 2.6% compared with negative 0.8% in the first half of fiscal 2025.

該事業部的營業利益表現主要反映量能槓桿改善，並獲得針對性成本與營運效率措施的額外支撐。第二季事業部營業利益率年增 270 個基點至 2.4%。同樣的獲利能力躍升也反映在上半年事業部表現上，使營業利益率達 2.6%，相較 2025 會計年度上半年的負 0.8%。

Turning to slide 14. Our Marine segment results reflect the industry operating environment we anticipated, with retail demand remaining muted and dealers maintaining a cautious approach to inventory and wholesale activity. Segment net revenues decreased by 3% primarily due to lower unit volume and product mix, partially offset by selective price adjustments.

接著看第 14 張投影片。我們的 Marine 事業部結果反映了我們所預期的產業營運環境：零售需求仍然低迷，經銷商對庫存與批發活動維持審慎態度。事業部淨營收下滑 3%，主要因出貨台數下降與產品組合所致，部分由選擇性調價所抵銷。

Operating income margin of 3.7% was down 300 basis points from last year's fiscal second quarter due to higher warranty expense and volume deleverage. Through the first half of fiscal 2026, Marine segment operating income margin was 5.3% versus 6.7% in the same period last year. Revenue was flat year over year.

營業利益率為 3.7%，較去年會計年度第二季下降 300 個基點，主因為保固費用增加及出貨量下滑造成的規模不利。截至會計年度 2026 上半年，Marine 事業部營業利益率為 5.3%，去年同期為 6.7%。營收與去年同期持平。

Turning to slide 15. We continue to make tangible progress on deleveraging actions, consistent with the priorities we've outlined over the past several quarters. A key proof point was our February redemption of $100 million of 6.25% senior secured notes due 2028, funded through cash generation over the past several quarters. This action demonstrates our confidence in the durability of our cash flow, even as market conditions remain inconsistent.

接著看第 15 頁投影片。我們持續在去槓桿化行動上取得具體進展，與過去數季所闡述的優先事項一致。一項關鍵佐證是我們於 2 月以過去數季的現金創造所支應，提前贖回 2028 年到期、利率 6.25% 的 1 億美元優先擔保票據。即使市場狀況仍不一致，此舉也展現我們對現金流韌性的信心。

The redemption meaningfully reduces gross debt and contributes to reduced interest expense, reinforcing the discipline underlying our capital allocation framework. Importantly, it also preserves financial flexibility as we enter the seasonally stronger back half of the fiscal year. We continue to maintain healthy cash balances, and cash flow from operations improved year over year through the first half of 2026, driven primarily by improved earnings with working capital performance providing additional favorability.

此次贖回可顯著降低總負債，並有助於降低利息費用，進一步強化我們資本配置架構背後的紀律。重要的是，當我們進入會計年度下半年季節性較強的期間時，此舉也保留了財務彈性。我們持續維持健康的現金水位，且截至 2026 上半年，營運活動現金流量較去年同期改善，主要由獲利提升所帶動，營運資金表現亦提供額外助益。

Turning to guidance on slide 17. For fiscal 2026, we are maintaining our full-year revenue and adjusted EPS outlook while updating reported EPS with the details as follows: consolidated net revenues in the range of $2.8 billion to $3.0 billion; reported earnings per diluted share in the range of $1.50 to $2.20, compared with $1.40 to $2.10 previously -- the increase versus the prior range reflects updated assumptions related to items excluded from adjusted EPS; and finally, we continue to expect adjusted earnings per diluted share in the range of $2.10 to $2.80.

接著看第 17 頁投影片的財測指引。針對會計年度 2026，我們維持全年營收與調整後 EPS 展望不變，同時依下列細節更新報導 EPS：合併淨營收介於 28 億至 30 億美元；稀釋後每股盈餘（報導）介於 1.50 至 2.20 美元，先前為 1.40 至 2.10 美元——相較先前區間的上調反映了對調整後 EPS 所排除項目的假設更新；最後，我們仍預期調整後稀釋後每股盈餘介於 2.10 至 2.80 美元。

Segment performance continues to reflect a mixed demand environment. In Towable RVs, we expect revenue to be softer than fiscal 2025 while remaining focused on maintaining operating margins. In Motorhome RV, we expect both revenue growth and improved operating margins compared to the prior year. In Marine, retail demand remains soft, and as a result, we expect full-year net revenues to be below fiscal 2025 levels.

各事業部表現持續反映需求環境分歧。在可拖曳式 RV（Towable RV）方面，我們預期營收將較會計年度 2025 偏弱，同時仍專注於維持營業利益率。在自走式房車（Motorhome RV）方面，我們預期營收成長且營業利益率較前一年改善。在 Marine 方面，零售需求仍偏弱，因此我們預期全年淨營收將低於會計年度 2025 水準。

Looking to the third quarter, we expect continued strength in Motorhome RV to be offset by softer conditions in Towable RV and Marine, resulting in consolidated revenue that is flat to down versus prior year levels. On that revenue base, we expect adjusted EBITDA and adjusted earnings per diluted share to be roughly in line with the prior year.

展望第三季，我們預期自走式房車（Motorhome RV）的持續強勁，將被可拖曳式 RV（Towable RV）與 Marine 較疲弱的狀況所抵銷，使合併營收相較去年同期持平至下滑。在此營收基礎上，我們預期調整後 EBITDA 與調整後稀釋後每股盈餘將大致與去年同期相當。

Our outlook remains subject to macroeconomic conditions, including the direction and severity of recent geopolitical developments and their potential impact on commodity prices. With that context in mind, our fiscal 2026 outlook remains grounded in actions within our control. We continue to focus on disciplined execution and advancing our strategic initiatives, which we believe position us well to deliver on our financial objectives.

我們的展望仍受總體經濟情勢影響，包括近期地緣政治發展的走向與嚴重程度，以及其對大宗商品價格的潛在影響。在此背景下，我們對會計年度 2026 的展望仍以我們可控的行動為基礎。我們將持續專注於有紀律的執行並推進策略性計畫，我們相信這些作為使我們具備良好條件以達成財務目標。

Now, please turn to slide 19 as I hand the call back to Mike for closing comments. Mike?

現在請翻到第 19 頁投影片，我將把電話交回給 Mike 做結語。Mike？

Thank you, Bryan.

謝謝你，Bryan。

Winnebago Industries begins the second half of fiscal 2026 on solid footing to drive sustained earnings improvement, a view that holds even if the industry recovery continues to be stubborn. Over the last several quarters, going back to the second half of fiscal 2025, we have been quite intentional about the business improvement changes we are making. We have broadened our portfolio across key segments and price points. We have strengthened the balance sheet and improved financial flexibility.

Winnebago Industries 以穩健的基礎進入會計年度 2026 下半年，以推動獲利持續改善；即便產業復甦仍顯得遲滯，這個看法依然成立。過去幾個季度，回溯至會計年度 2025 下半年，我們對所推動的業務改善變革一直相當有意識。我們已在關鍵事業部與價格帶上擴大產品組合。我們已強化資產負債表並提升財務彈性。

We have made deliberate decisions to better align our fixed cost base and variable expenses, especially within our RV segments, to reflect the reality of today's demand environment. Our teams have proactively navigated tariff headwinds and unexpected cost pressures with agility and diligence. And I am especially pleased in our ability to continue executing the controllables and mitigating risk effectively as conditions evolve. We are again doing what we said we would do.

我們做出審慎決策，以更好地使固定成本基礎與變動費用對齊，尤其是在我們的 RV 事業部，以反映當前需求環境的現實。我們的團隊以敏捷與嚴謹的方式，主動因應關稅逆風與突發成本壓力。我也特別欣慰的是，隨著情勢演變，我們仍能持續把可控事項執行到位並有效降低風險。我們再次做到我們說過會做到的事。

As we move through fiscal 2026, our focus is clear: execute what we can control, protect profitability while balancing retail share in our target segments, strengthen our financial flexibility, and protect and bolster our ability to invest in our people, brands, products, and operational excellence initiatives that we believe will drive sustainable and superior returns in better days ahead.

隨著我們走過會計年度 2026，我們的重點很明確：執行我們可控的事項、在平衡目標事業部零售市占的同時守住獲利能力、強化財務彈性，並保護與提升我們在人才、品牌、產品與營運卓越計畫上的投資能力；我們相信這些將在景氣回溫時帶來可持續且更優異的報酬。

It is worth stepping back and recognizing the broader context. Outdoor recreation remains a large, resilient, and economically meaningful sector, contributing more than $1 trillion in direct and indirect economic output and supporting millions of jobs here in the United States, according to the newly released data from the Department of Commerce. Participation in outdoor recreation remains strong and is an integral part of our customers' physical and mental wellness.

值得退一步看更廣泛的背景。根據美國商務部最新發布的數據，戶外休閒仍是規模龐大、具韌性且對經濟具重要意義的產業，直接與間接經濟產出超過 1 兆美元，並在美國支撐數以百萬計的就業。戶外休閒的參與度仍然強勁，且是我們客戶身心健康不可或缺的一部分。

While our specific industries are operating in a more measured demand environment amid a dynamic macroeconomic and geopolitical backdrop, the long-term fundamentals of the category and candidly Winnebago Industries continue to support sustained engagement and investment over time. Our lifestyle is strong and Winnebago Industries is strong as well.

儘管在多變的總體經濟與地緣政治背景下，我們所處的特定產業正運行於較為審慎的需求環境中，但該品類的長期基本面，以及坦白說 Winnebago Industries 的長期基本面，仍支持隨時間推移的持續參與與投資。我們的生活方式很強勁，Winnebago Industries 也同樣強勁。

We are mindful of the evolving situation in the Middle East, and while it is too early to assess any direct impact on our businesses, we are monitoring developments closely and their potential impact on consumer demand and input costs. Notwithstanding that backdrop, our confidence for the future comes from the progress we have already demonstrated and from our team's continued focus on our five core enterprise strategies that define how we operate and compete.

我們關注中東局勢的演變；雖然目前評估其對我們業務的任何直接影響仍為時過早，但我們正密切監測相關發展及其對消費者需求與投入成本的潛在影響。儘管有此背景，我們對未來的信心來自於我們已展現的進展，以及團隊持續聚焦於我們五項核心企業策略——這些策略界定了我們如何營運與競爭。

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

現在，Bryan 和我很樂意回答各位今天上午的問題。接線員，請開放電話線進行問答環節。

(Operator Instructions) Joseph Altobello, Raymond James.

(接線員指示) Joseph Altobello，Raymond James。

Thanks. Hey, guys. Good morning. First question on inventory, obviously, you ended this quarter at 1.5 turns. The target is 2 turns by the end of this calendar year. So how much of that is coming from you guys under shipping demand over the balance of the year? And how much of that is what you believe will be improved retail?

謝謝。嗨，各位。早安。第一個問題關於庫存，很明顯你們本季結束時的周轉率是 1.5 次。目標是在今年曆年年底前達到 2 次周轉。那麼，其中有多少是來自你們在今年剩餘期間出貨低於需求（under shipping demand）？又有多少是你們認為零售端會改善所帶來的？

Good morning, Joe. This is Mike. It will be a combination of several factors. Certainly, we anticipate seasonal retail momentum to take place as it does every spring and summer. From an industry wholesale estimate standpoint, as you probably are aware from our comments, we are a little bit on the conservative side. And so our assumptions on both industry wholesale shipments for the remainder of our fiscal year and the calendar year and embedded in our guidance is in line with us improving turns to the level that you just cited.

早安，Joe。我是 Mike。這會是多項因素的組合。當然，我們預期如同每年春夏一樣，零售將出現季節性動能。從產業批發出貨量的估計角度來看，正如你可能從我們的評論中注意到的，我們的立場稍微偏保守。因此，我們對本會計年度剩餘期間以及曆年剩餘期間的產業批發出貨量假設，並已納入我們的指引中，與我們將周轉率提升至你剛提到的水準是一致的。

Bryan Hughes, in his prepared comments, also mentioned in the Towables RV segment that the significant majority, if not the entire, driver behind Towable RV turns at the present time is the support of the Winnebago branded Towable line that we're revamping, primarily the Thrive and Access product, that is shipping into dealers, many of whom are new to that brand, as well as support for Grand Design's Transcend model. And so we anticipate that that pre-prime retail season load-in will diminish a bit from a shipment standpoint and the natural course of retail and unit replenishment will take over. So we do anticipate our inventory turns on the RV side to improve in both quarter three and quarter four and throughout the rest of calendar '26.

Bryan Hughes 在其事先準備的發言中也提到，在可拖曳式 RV（Towables RV）事業部，目前推動 Towable RV 周轉率的主要因素——若不是全部——是我們正在改造的 Winnebago 品牌可拖曳式產品線所提供的支撐，主要是 Thrive 與 Access 產品，正出貨至經銷商，其中許多是該品牌的新經銷商，同時也支援 Grand Design 的 Transcend 車型。因此，我們預期在零售旺季前的鋪貨（load-in）從出貨角度將會稍微減少，而零售的自然進程與單位補貨將接手。所以我們確實預期 RV 端的庫存周轉率會在第三季與第四季，以及整個曆年 2026 的其餘期間持續改善。

Got it. Very helpful. And then to follow up on that, you mentioned obviously the geopolitical events, and I know it is early, but any sort of discernible impact on consumer demand here in March from the conflict with Iran?

了解。非常有幫助。接著追問一下，您剛才提到顯然有地緣政治事件，我知道現在還早，但伊朗衝突在3月這邊對消費者需求是否已出現任何可辨識的影響？

Joe, we cannot draw any straight line to any short-term market performance factors or even input operational costs into our business quite yet from the conflict overseas. We are monitoring that situation very carefully. We certainly understand that that is weighing on the minds of consumers and dealers as they contemplate, obviously, investments in the lifestyle for consumers and in inventory from a dealer standpoint, but we have not seen any adverse effects quite yet from the conflict.

Joe，就目前而言，我們還無法把海外衝突與任何短期市場表現因素，甚至是投入的營運成本，直接連結到我們的業務上。我們正非常密切地監控該情勢。我們當然理解，當消費者與經銷商在考量投資於生活型態（對消費者而言）以及從經銷商角度投資庫存時，這件事確實會影響他們的心態，但截至目前我們尚未看到衝突帶來任何不利影響。

Perfect. Thank you.

很好。謝謝。

Alice Wycklendt, Baird.

Alice Wycklendt，Baird。

Yeah. Good morning, gentlemen. Thanks for taking my questions. Maybe I want to dig in a little bit more and see if you can share on the impact of weather or the cadence of trends over the course of the quarter and maybe what you've seen since quarter-end as some of those weather impacts have eased.

是的。早安，各位先生。謝謝回答我的問題。我想再深入一點，看看你們是否能分享天氣影響或本季趨勢節奏的變化，以及在季末之後，隨著部分天氣影響緩解，你們觀察到什麼。

Yeah. Good morning, Alice.

是的。早安，Alice。

Let me talk about the second-quarter retail environment that we witnessed. We did have some good retail shows both on the RV and Marine side. In fact, our largest retail shows happened to be some of our best shows. But apart from those large shows, the rest of the retail show season was candidly in line with general industry retail conditions throughout that particular period. For us, the months of December, January, and February.

我先談談我們在第二季所看到的零售環境。我們在RV與船舶（Marine）兩個面向都有一些不錯的零售展。事實上，我們最大的幾場零售展也恰好是表現最好的幾場。但除了那些大型展會之外，其餘的零售展季坦白說與該期間整體產業的零售狀況大致一致。對我們而言，主要是12月、1月與2月。

We did see some weather events in the months of January and February that did have an impact on specifically some of the retail shows, but in some cases, good portions geographically of the US that hampered retail for a week at a time. These events were not as significant as we anticipated. These are generally our lowest retail selling months of the calendar year. So we don't anticipate that weather will continue to be a theme for the remainder of our fiscal year or calendar year '26. We'll see how that goes.

我們確實在1月與2月遇到一些天氣事件，對特定幾場零售展造成影響；但在某些情況下，美國地理上相當大的一部分地區也因此零售受阻，一次大約一週。這些事件的嚴重程度沒有我們原先預期那麼大。而這幾個月份通常是我們一年當中零售銷售最淡的月份。因此，我們不預期天氣會在本財年或2026曆年剩餘期間持續成為主題。我們再觀察看看。

Concerning retail in the month of March, I would say we are generally seeing a retail environment in March that is healthier than what we saw in the months of January and February. Internally, we have three weeks of retail collected already from this particular month. And I would say two of those three weeks were certainly better, and the third week of those three weeks was similar. So net positive in terms of the general direction of retail in March versus what we had seen in January and February. But we're obviously monitoring that every day, every week, and hope we continue to see that mini trend continue here in the near future.

至於3月的零售，我會說我們在3月看到的零售環境，整體上比1月與2月更健康。就內部而言，我們已經收集了本月三週的零售數據。我會說其中兩週明顯更好，第三週則相近。因此，相較於1月與2月，3月零售的整體方向是淨改善。但我們顯然每天、每週都在監控，也希望近期能持續看到這個小趨勢延續。

Great. And then, obviously, a lot to unpack with the Iran conflict, but maybe we can just isolate gas prices and talk about how the RV market has typically reacted to higher prices, at least in the past, and maybe what you'd expect here.

很好。接著，伊朗衝突當然有很多面向可以拆解，但也許我們先聚焦在油價，談談過去RV市場通常如何因應油價上漲，以及你們對這次可能的預期。

Yeah. I think you would want to break that topic or question down in two ways.

是的。我想你可以把這個主題或問題分成兩個面向來看。

One, how does it impact people who are already in the lifestyle and own RVs? And generally, the manner in which we see an impact there is that people don't necessarily take less trips. They just travel less distance to experience the RV lifestyle. And so we believe that the lifestyle itself is healthy from an engagement standpoint. And we do not anticipate people doing less camping, but they may go less far to do that camping.

第一，它如何影響已經在這種生活型態裡、且已擁有RV的人？一般而言，我們看到的影響是，人們不一定會減少出遊次數。他們只是會縮短旅行距離來體驗RV生活型態。因此，我們認為就參與度而言，這種生活型態本身是健康的。我們不預期人們會減少露營，但他們可能會去較近的地方露營。

Certainly, from a new product purchase standpoint for customers that are in the marketplace, the concern there is that the perceived affordability of the lifestyle is elevated because it costs more to fill up that fuel tank on either your towing vehicle, if you're buying a Towable, or that Motorhome coach. But we generally don't see as big of an impact on new purchases, as you might expect when gas prices are elevated at the pump. These are generally planned purchases, often associated with life-changing events like retirements or kids getting older, bucket lists that need to be checked off. So we're not yet factoring in a significant decline on new product purchases yet. We'll want to see how long gas prices are elevated directly related to the Middle East conflict and discern whether the impact to consumers lasts.

當然，從新產品購買的角度來看，對於正在市場上看車的客戶，顧慮在於生活型態的「可負擔性」在感受上會變差，因為不論你買的是可拖曳式（Towable）所需的拖車車輛，或是自走式房車（Motorhome）本體，加滿油箱的成本都更高。但一般而言，當加油站油價上升時，我們看到的新購影響並沒有你可能想像的那麼大。這些通常是有計畫的購買，往往與人生重大事件相關，例如退休、孩子長大，或是需要完成的願望清單。因此，我們目前尚未把新產品購買會大幅下滑納入考量。我們會觀察油價因中東衝突而維持在高檔的時間長短，並判斷對消費者的影響是否持續。

The last topic I do want to mention is that there are some positives when some of these geopolitical events happen historically. There are times when Americans choose to travel differently. They may take less trips to Europe. They may take less cruises across international waters. And instead, they turn to domestic road trips, which actually turns out to be a tailwind for us at times historically. So again, it's too early to come to a conclusion on any of the comments I just made. We are monitoring the situation carefully, but those are some of the opinions we have on possible dynamics and impact.

最後我也想提到，歷史上這類地緣政治事件發生時，有時也會帶來一些正面因素。有些時候，美國人會選擇改變旅行方式。他們可能減少去歐洲的旅行。他們可能減少跨國水域的郵輪行程。轉而選擇國內公路旅行，而這在歷史上有時反而成為我們的順風因素。所以再次強調，現在要對我剛才的任何評論下結論都還太早。我們正謹慎監控情勢，但以上是我們對可能的動態與影響的一些看法。

Thanks, Mike. That's it for me.

謝謝，Mike。我這邊就這樣。

James Hardiman, Citigroup.

James Hardiman，花旗集團（Citigroup）。

Hi. This is Sean Wagner on for James. I guess just following up on the inventory, if you're targeting 2 times turns at some point in calendar year '26, is there any color you can give on where you expect Towable and Motorhome turns to finish the fiscal year? Will you get close to 2 times this fiscal year?

嗨。我是代替James的Sean Wagner。我想延續庫存的問題，如果你們目標是在2026曆年某個時間點達到2倍周轉（turns），能否補充一下你們預期可拖曳式（Towable）與自走式房車（Motorhome）的周轉在本財年結束時會落在哪裡？你們本財年會接近2倍嗎？

Sean, thank you for the question.

Sean，謝謝你的提問。

We won't share specifically the future projected breakdown by category. I can just tell you our business leaders have the same goals in mind. The turns performance of our portfolio varies by brand and business. And it also varies at times, as I mentioned earlier, by the introduction of new products or new strategies.

我們不會具體分享未來按品類劃分的預測明細。我只能說，我們的業務領導團隊有相同的目標。我們投資組合的周轉表現會因品牌與業務而異。而且也會在某些時候（如我先前提到的）因新產品導入或新策略而有所不同。

But in macro, our intention and plan for the rest of the year, again, as included in our guidance assumptions, is to drive those field inventory turns back very close to 2.0 by the end of our fiscal year and certainly by the end of our calendar year. There can be things that aid or disrupt that, but that is certainly our intentions at the time.

但從宏觀來看，我們對今年剩餘期間的意圖與計畫——同樣也已納入我們的財測假設——是推動通路端庫存周轉在本財年結束時回到非常接近2.0，並且在我們的曆年年底前確實達成。過程中可能有一些因素會助益或干擾，但這確實是我們目前的意圖。

I will take this opportunity to mention the quality of the inventory in the field as well. We track very carefully how much of our inventory is current model year, prior model year, and prior two model years. And I can tell you from a positive standpoint that we have seen a significant improvement in aged inventory across our RV and Marine portfolio at the end of quarter two fiscal '26 versus the end of quarter two fiscal '25.

我也想藉此機會提一下通路端庫存的品質。我們非常仔細地追蹤庫存中有多少屬於當年度車型、前一年度車型，以及前兩年度車型。我可以從正面角度告訴你，相較於2025財年第二季末，我們在2026財年第二季末看到RV與船舶（Marine）投資組合的高齡庫存有顯著改善。

The number of units on prior model year and prior two model years are meaningfully down as we sit here today. And the number of current model year units as a percentage of the whole is increased, which is a good thing because we want consumers looking at the very latest. And often, our sales allowance or sales support dollars for dealers are very targeted at aging inventory.

截至目前，前一年度與前兩年度車型的單位數量都明顯下降。而當年度車型占整體的比例提高，這是好事，因為我們希望消費者看到的是最新款。而且我們給經銷商的銷售補貼或銷售支援資金，往往會非常聚焦在高齡庫存上。

And so the less aging inventory we have, we think we're in a better competitive position in the market. But we're also spending less dollars from an inefficiency standpoint to clear out that old inventory. So our teams are focused on it and that will be part of the story as we talk about the quantity and the quality of field inventory going forward.

因此，我們的老化庫存越少，我們認為在市場上的競爭地位就越有利。同時，從效率不彰的角度來看，為了清理那些舊庫存所花的金額也更少。所以我們的團隊正專注在這件事上，這也會成為我們接下來談到通路庫存數量與品質時的一部分。

Okay. I guess on the topic of your unchanged guidance, I know you said it's too early to draw any conclusions from the geopolitical events, but have your underlying interest rate assumptions within your guide changed at all based on the current macro environment? And can you remind us what those were?

好的。我想就你們維持不變的財測指引這個話題，我知道你們說現在要從地緣政治事件下任何結論還太早，但在目前的總體環境下，你們指引中所採用的基礎利率假設有任何改變嗎？也請提醒我們那些假設是什麼？

Yeah, this is Bryan. I think as we all know, some of the interest rate expectations, including the reductions that were priced into the market previously, are easing and are turning the other direction. A lot of it -- it's too early to tell what the impact of the geopolitical events right now will be on oil prices, interest rates, labor market, and things of that nature.

是的，我是Bryan。我想大家都知道，一些利率預期，包括先前市場已反映的降息幅度，正在趨緩並且開始往相反方向發展。其中很大一部分——目前還太早判斷地緣政治事件對油價、利率、勞動市場以及諸如此類事項會造成什麼影響。

So I would not say that we made a significant adjustment of any kind underneath our guidance that is anticipating an extremely different interest rate environment right now. It's just too early to tell on what direction things will go.

因此，我不會說我們在指引底層做了任何重大調整，去預期現在會出現極為不同的利率環境。目前要判斷事情會往哪個方向走，還太早。

Okay. But I guess if interest rates aren't cut this year or are even raised, does that drastically change your thinking for the industry and for the year?

好的。但我想問的是，如果今年不降息、甚至升息，這會大幅改變你們對產業以及今年的看法嗎？

No. I mean, that's one of the factors we would consider as we come forward with our range on the industry. And so that would impact ultimately the outcome in all likelihood, but that's why we have the range that we do from 315,000 to 345,000 units of wholesale shipments.

不會。我的意思是，這是我們在提出產業區間時會考量的因素之一。因此它最終很可能會影響結果，但這也是為什麼我們給出的區間是批發出貨量31.5萬到34.5萬台。

Okay, fair enough. Thanks.

好的，合理。謝謝。

Patrick Scholes, Truist.

Patrick Scholes，Truist。

Hi. Good morning. Thank you. With elevated gas and oil prices in the news, could you just give us an update on where you stand with progress with your eRV2 electric prototype? Thank you.

嗨。早安。謝謝。近期新聞提到汽油與油價居高不下，你能否更新一下你們eRV2電動原型車的進展到哪裡了？謝謝。

Patrick, good morning. Thank you for the question.

Patrick，早安。謝謝你的提問。

We do not have a commercial strategy in place currently for an all-electric Motorhome vehicle. As you recall by your question, several years ago, we were active with first the pilot of an all-electric Ford platform. And we did, in fact, produce a very small number of those and engage a few dealers on consumer engagement around those.

目前我們尚未針對全電動Motorhome（A型露營車）建立商業化策略。如你在問題中提到的，幾年前我們曾積極推動，先是在全電動Ford底盤平台上做試點。而且我們確實生產了非常少量的車款，並與少數經銷商合作，進行消費者互動與回饋蒐集。

We have made the decision more than a year ago now to not proceed forward in the present environment with an all-electric Motorhome platform at this time. And that was a combination of candidly chassis partner feasibility on the right platform, combined with learnings from consumers about what was acceptable from a functional standpoint but also a value standpoint in the market.

我們在一年多前就已決定，在目前環境下暫時不再推進全電動Motorhome底盤平台。原因坦白說是多重因素的組合：底盤合作夥伴在合適平台上的可行性，以及從消費者端學到的——無論在功能面或價值面——市場可接受的程度。

So at this time, we are not competing with any alternate power technologies from a propulsion standpoint. But as you know, we are very focused through our Lithionics brand on doing everything we can to play our part in the electrification of house power. That is oftentimes the removal of the generators from the house platforms on an RV or a boat and substitute that with the lithium battery power package. So that really is our electrification strategy right now, the house power platform that we have in Lithionics.

因此目前我們在推進系統（propulsion）的角度，並未以任何替代動力技術參與競爭。但如你所知，我們透過Lithionics品牌非常專注，盡我們所能在「生活用電」電氣化上扮演角色。這通常是把RV或船舶生活艙平台上的發電機移除，改以鋰電池電力套件取代。所以這就是我們目前的電氣化策略：Lithionics所提供的生活用電平台。

Okay. Thank you. I'm all set.

好的。謝謝。我沒有其他問題了。

Tristan Thomas, BMO Capital Markets.

Tristan Thomas，BMO Capital Markets。

Hey. Good morning. Mike, just a qualification question. When you said two or three weeks so far in March were better, is that relative to year over year or better than January and February?

嘿。早安。Mike，我想確認一下。你說3月到目前為止有兩到三週表現較好，這是相較於去年同期，還是比1月和2月更好？

From our perception standpoint, the months of January and February were actually quite similar from a retail standpoint. I know the industry has not released February retail yet for RVs. But we anticipate that when that information is released that you'll see retail be very similar at the industry level to January.

以我們的觀察，1月與2月在零售端其實相當接近。我知道產業尚未公布RV的2月零售數據。但我們預期當資訊公布時，你會看到產業層級的零售表現與1月非常相似。

My comments around our internal Winnebago Industries RV and Marine retail for the month of March is that we have seen a net positive three-week trend as compared to the months of January and February, meaning March is better. Not quite where we'd like it to be ultimately, but certainly a better start to the early spring period than what we were seeing earlier.

我對我們內部Winnebago Industries的RV與Marine在3月零售的評論是：相較於1月與2月，我們看到連續三週的淨改善趨勢，也就是3月更好。還沒到我們最終希望達到的水準，但確實比先前看到的情況，在早春期間有一個更好的開局。

And I will tell you that there are some bright spots in some of those early results, including our Winnebago Towables brand, which we're very energized about. We've seen very strong early results on Winnebago Towables in March that validate some of the dealer support we're getting and some of the new products that we've launched. So very early signs. Things can change from a volatility standpoint week to week based on our reporting processes and the way that we capture retail.

我也想說，在這些初期結果中有一些亮點，包括我們的Winnebago Towables品牌，我們對此非常振奮。我們在3月看到Winnebago Towables非常強勁的早期表現，驗證了我們獲得的經銷商支持，以及我們推出的一些新產品。所以這些都是非常早期的跡象。由於我們的回報流程以及零售數據的擷取方式，從波動性角度來看，情況可能會每週變動。

But I think what I'm mentioning this morning is in line with a few of the RV dealer surveys that have happened by some of the sell side here within the last couple of weeks. So let's cross our fingers and hope that trend continues.

但我今天早上提到的情況，與過去幾週賣方這邊做的一些RV經銷商調查結果是一致的。所以我們就祈禱並希望這個趨勢能持續。

Yeah. Tristan, just I'll add to that. This is Bryan. I think you're inquiring not about the absolutes so much as the growth rates year over year. And that's what Mike is referring to in March that the year-over-year comps are showing some stability for those first three weeks.

是的。Tristan，我再補充一下。我是Bryan。我想你問的與其說是絕對值，不如說是年對年成長率。而Mike在談3月時指的是：前三週的年對年比較顯示出一些穩定性。

Yeah. That's okay, but not up year over year. Is that accurate based on your comments?

是的。那可以，但年對年並沒有成長。依你們的評論，這樣理解正確嗎？

We won't share specific numbers, Tristan. They are improved versus January and February.

Tristan，我們不會分享具體數字。但相較於1月和2月確實有所改善。

Okay. And then just a question around Grand Design share trends in the quarter. They've been under some pressure. What's driving that? And then kind of how do you reverse that, specifically the Towables side?

好的。接著想問一下本季Grand Design的市占趨勢。他們承受了一些壓力。是什麼在驅動這件事？以及你們要如何扭轉，特別是在Towables（拖曳式）這一端？

Yeah. We have seen some Grand Design unit retail share pressure in the last year. A good chunk of that comes from the intense competition we're seeing on Fifth Wheels in the market with several good competitors, both from a legacy standpoint, but also some of the newer competitors in the last four or five years.

是的。過去一年我們確實看到Grand Design在零售台數市占上有一些壓力。其中相當一部分來自於我們在市場上看到的第五輪（Fifth Wheel）領域競爭非常激烈，有幾家很強的競爭對手，既有傳統老牌，也有過去四、五年出現的一些新進者。

The team at Grand Design is very engaged in the Fifth Wheel segment. We've introduced the Omega frame, which we believe is one of the most durable strongest frames now in the market. We recently came out with a composite leak-proof roof that is beginning to be rolled out across the Grand Design line, but beginning with, I believe, the Solitude line on the Fifth Wheel side.

Grand Design團隊在第五輪領域投入度非常高。我們推出了Omega車架，我們相信這是目前市場上最耐用、最堅固的車架之一。我們最近也推出了複合材料的防漏車頂，正開始在Grand Design產品線中逐步導入，我相信是先從第五輪的Solitude系列開始。

We have partnered closely with many of our dealers on rightsizing the programmatic and promotional support around those Fifth Wheel models in the retail environment. We have seen less degradation of share on the travel trailer side. And in fact, Grand Design over the last five years has generally been gaining share on travel trailers over an extended period of time.

我們已與許多經銷商緊密合作，在零售環境中針對這些第五輪車型，適度調整（rightsizing）程式化與促銷支援。我們看到旅行拖車（travel trailer）端的市占下滑幅度較小。事實上，Grand Design 在過去五年整體而言，旅行拖車的市占在較長一段時間內普遍持續提升。

But we've seen a little bit of share dilution there as well, primarily due to the emphasis on affordability in some of our competitors who have much higher capability in high volume, low differentiation mixed products. So we're probably battling affordability primarily on travel trailers. We're battling some competitive intensity on Fifth Wheels. And so the team is working on brand strength, product strength, dealer improvements in terms of support just across the line.

但我們在那裡也看到一些市占稀釋，主要是因為部分競爭對手更強調可負擔性，而他們在高產量、低差異化的混合型產品上具備更高的能力。因此，我們在旅行拖車上主要是在應對可負擔性的競爭。在第五輪方面，我們則是在應對一定程度的競爭強度。所以團隊正致力於品牌力、產品力，以及經銷商在支援面向的改善，涵蓋全產品線。

I will tell you that we do have plans in the future to expand the Winnebago Towables line into Fifth Wheel products at some point. We have not announced what that first product would be nor the timing of that, but that is on the roadmap. So we'll compete even differently in the future with two Towable brands in some of these spaces, not just one primary large one.

我可以告訴你，我們未來確實有計畫在某個時間點，將 Winnebago Towables 產品線擴展到第五輪產品。我們尚未公布第一款產品會是什麼，也尚未公布時程，但這已列入路線圖。因此，未來我們會在其中一些領域以兩個可拖曳（Towable）品牌來進行不同方式的競爭，而不僅僅是一個主要的大品牌。

So thanks for the question.

所以謝謝你的提問。

Okay. Thank you.

好的。謝謝。

Bret Jordan, Jefferies.

Jefferies 的 Bret Jordan。

Hi. Good morning, guys. On the Fifth Wheel category, and obviously it's a tough market from a share competition standpoint, is the broader category under similar pressure in the sense that you're talking about people looking for a lower price point access to RV?

嗨。各位早安。關於第五輪品類，顯然從市占競爭角度來看是個艱難的市場；更廣泛的品類是否也承受類似壓力，也就是你們提到人們在尋找更低價位、以較低門檻進入房車（RV）的選項？

Well, I think that theme, Bret, exists candidly probably across the whole of the RV industry, value, affordability. People certainly are still shopping for premium brands, but looking for sharper accessibility from a value standpoint to those brands. We are seeing some activity on Fifth Wheels around private labels with some of the larger retailers in the RV space. That is a strategy that is a little less mature than you see on the travel trailer side, but that is ramping up a bit.

嗯，我認為這個主題，Bret，坦白說大概存在於整個房車產業：價值、可負擔性。人們當然仍在選購高端品牌，但會從價值角度尋求以更「可及」的方式接觸這些品牌。我們也看到在第五輪方面，一些房車領域較大型零售商正在推動自有品牌（private label）。這個策略相較於旅行拖車端還沒那麼成熟，但正在加速推進一些。

So it's a combination of factors, I believe. Consumers looking for value, really good competition, dealers thinking about the category in an evolving way as well. And our teams will have to continue to adapt.

所以我認為這是多重因素的組合。消費者尋求價值、競爭非常激烈、經銷商也以更演進的方式看待這個品類。而我們的團隊必須持續調整以因應。

I want to make this point, though. Winnebago Industries is not the Grand Design Fifth Wheel company. And our share and opportunities to drive our business forward come from nine different revenue streams within the company. And Fifth Wheels right now is just one of those nine. And so I am very pleased with the diversification and the breadth of Winnebago Industries and our ability to use certain parts of our portfolio that do have momentum, like Newmar, like Barletta, lately here like Winnebago Towables, to offset some of the softness we see from time to time in different parts of the portfolio.

不過我想強調一點。Winnebago Industries 並不等同於 Grand Design 的第五輪公司。我們的市占以及推動業務向前的機會，來自公司內九個不同的營收來源。而第五輪目前只是這九個之一。因此，我對 Winnebago Industries 的多元化、廣度，以及我們運用投資組合中具動能的部分（例如 Newmar、Barletta，以及最近的 Winnebago Towables）來抵消我們不時在投資組合不同部分所看到的疲弱，感到非常滿意。

We've also been doing some work recently on unit share versus retail dollar share. At our quarter three earnings call in June, we will unveil some of the data from some of that analysis. But our retail dollar share at an enterprise level, particularly for the RV industry, is very competitive. And in fact, is much more resilient than our recent unit share. And that comes from some of the great work that's happening in the Motorhome segment specifically with new business launches like Grand Design Motorhome raising to 4% plus share here recently after two years of being in the market.

我們最近也在做一些關於「台數市占」相對於「零售金額市占」的研究。在六月的第三季財報電話會議上，我們會揭露部分分析數據。但就企業層級而言，特別是在房車產業，我們的零售金額市占非常具有競爭力。而且事實上，它比我們近期的台數市占更具韌性。這部分來自於 Motorhome（自走式房車）部門的出色工作，尤其是像 Grand Design Motorhome 這類新業務上市，在進入市場兩年後，近期市占提升到 4% 以上。

So we're going to be very focused, don't get me wrong, on addressing some of the share pressure that we're seeing on Fifth Wheels. But I can also assure our investors that we are going to be very focused on driving good news and positive momentum across the other eight revenue streams that we have in our portfolio as well. And that is, I think, a part of the secret sauce as to why we are maintaining our guidance for the back half of the year because we believe that the whole is healthy enough to maintain a statement of confidence here this morning.

所以別誤會，我們會非常專注於解決我們在第五輪看到的市占壓力。但我也可以向投資人保證，我們同樣會非常專注於推動投資組合中其他八個營收來源的好消息與正向動能。而我認為，這也是我們之所以能維持下半年財測指引的部分關鍵原因，因為我們相信整體狀況足夠健康，能在今天早上維持一個有信心的表述。

Okay. And then in Marine, I think you called out warranty and volume deleverage as impacting margin. Could you sort of parse those two out? Is there anything that is extraordinary going on the warranty side of Barletta?

好的。另外在 Marine（船舶）方面，我想你提到保固與出貨量去槓桿（volume deleverage）影響了毛利率。你能否把這兩者拆開說明一下？Barletta 的保固端是否有任何異常狀況？

No, nothing extraordinary, Bret, not like a larger single event that caused us to do a recall or anything. It was just a few that aggregated into a higher current quarter warranty expense recognition. So that's really the driver there.

沒有，Bret，沒有任何異常，不是那種單一較大的事件導致我們必須召回之類的。只是有幾項個案加總起來，使得本季認列的保固費用較高。所以主要驅動因素就是這個。

Okay, great. Thank you.

好的，很好。謝謝。

Noah Zatzkin, KeyBanc Capital Markets.

KeyBanc Capital Markets 的 Noah Zatzkin。

Hi. Thanks for taking my questions. I guess first, could you kind of comment on the margin improvement initiatives in Motorhomes and provide an update there? Thanks.

嗨。謝謝讓我提問。我想先請你談談 Motorhomes（自走式房車）的毛利率改善措施，並提供一下最新進度？謝謝。

Yeah. We have talked about this in the past, Noah, that there are several things underway. And brand by brand, we are undertaking those initiatives. I'd say, as we've said in the past quarters, the Winnebago Motorhome transition to profitability is probably longer in nature and did not have a significant impact in the current quarter. But we expect it to have improving impacts in the several quarters ahead of us.

好的。Noah，我們過去談過，這方面有幾項工作正在進行。而且我們是以品牌為單位逐一推動這些措施。我會說，如同我們在前幾季所提到的，Winnebago Motorhome 轉向獲利的過程可能較為漫長，本季並未帶來顯著影響。但我們預期在接下來幾季會逐步帶來改善效果。

We are still enjoying the ramp up of the Grand Design Motorhome entry. And that entry has gone very well. And then similarly, on the Newmar side, the margin enhancement in that business over the past several years and in the more recent quarters has continued to bear fruit. So we're very pleased with that.

我們仍在享受 Grand Design Motorhome 進入市場後的放量成長。而這次切入進展非常順利。同樣地，在 Newmar 方面，該業務過去幾年、以及最近幾季的毛利率提升也持續開花結果。所以我們對此非常滿意。

I would say, in general, that's the storyline. We have further improvements we're expecting in the Winnebago Motorhome business as it relates to margins specifically. Some actions have already been taken, others are underway. Certainly important in that evolution on margins in the Winnebago brand is continued product introductions that demonstrate innovation, differentiation in the marketplace. And we look forward to those in coming quarters.

我會說，整體故事線大致如此。就毛利率而言，我們預期 Winnebago Motorhome 業務還會有進一步改善。有些行動已經採取，其他也正在進行中。在 Winnebago 品牌毛利率演進上，持續推出能展現創新、並在市場上具差異化的產品導入，當然非常重要。我們也期待在接下來幾季看到這些。

Thanks. And then just maybe any updated thoughts on tariffs and maybe the expected impact versus prior. I know everything is still fluid. Thanks.

謝謝。另外，關於關稅是否有任何更新看法，以及相較於先前預期的影響？我知道一切仍在變動中。謝謝。

Yeah, pretty fluid environment as you suggested there. I think the teams have done a very good job, I 'll say, specific to the margin conversation. The teams have done a very good job of assessing the impact of tariffs, monitoring them very closely quarter by quarter, month by month, mitigating the impacts with vendors as partners and doing a very good job of minimizing the impact of tariffs, and then, where necessary, pricing for those tariffs and making sure that the pricing matches the overall inflationary impacts.

是的，正如你所說，環境相當多變。我認為團隊做得非常好；我會說，特別就毛利率的討論而言，團隊在評估關稅影響、按季按月密切監控方面做得非常到位，並與供應商作為合作夥伴來緩解影響，也很有效地將關稅衝擊降到最低；此外，在必要時也會針對關稅進行定價調整，並確保定價能反映整體通膨影響。

So that is ongoing work. I'd say the recent decision by the Supreme Court on IEEPA to be offset in many respects by new tariffs in the 122 category are still being evaluated. I do not expect that transition from IEEPA to 122 to have a material impact on our margin story or on pricing. I think that they will largely offset each other, if not even be a little bit favorable, but that too is something that we are monitoring very closely.

所以這是一項持續進行的工作。我會說，最高法院近期就 IEEPA 所做的裁決，在許多方面仍在評估其是否會被 122 類別中的新關稅所抵銷。我不預期從 IEEPA 轉換到 122 會對我們的毛利敘事或定價造成重大影響。我認為它們大致會彼此抵銷，甚至可能略為有利，但這也是我們正在非常密切監控的事項。

Thank you.

謝謝。

Mike Albanese, StoneX.

Mike Albanese，StoneX。

Yeah, hey. Good morning, guys. I know it can be difficult to discern amongst various macro factors, but any implications you are seeing from expected tax refunds within dealer traffic or lead generation, essentially setting the table for higher conversion into Q3, particularly in regions where the salt cap was increased? Or really that is too difficult to parse out from typical seasonality?

是的，嗨。各位早安。我知道在各種總體因素之間可能很難辨別，但你們是否看到預期退稅對經銷商來客量或線索生成有任何影響，基本上是否為第三季更高的轉換率鋪路，特別是在 SALT 上限提高的地區？還是說這真的太難從典型的季節性中拆解出來？

Yeah. Good question, Mike, and good morning. Thanks for that question.

是的。Mike，這個問題問得很好，早安。謝謝你的提問。

We do track through various sources some of the tax refund trends that are happening in that particular season. It does appear that the size of tax refunds are in a positive way elevated for citizens and possible consumers versus a year ago. It is probably too early as those checks or deposits are arriving from a refund standpoint to understand if that will impact us materially. It certainly can't hurt as consumers claw back a few more dollars and decide what to do with that.

我們確實會透過各種來源追蹤該季節發生的一些退稅趨勢。看起來退稅金額相較於一年前，對民眾與潛在消費者而言是正向地提高了。但可能還太早，因為從退稅角度來看，這些支票或入帳才剛到，尚難判斷是否會對我們造成實質影響。當然，消費者多拿回幾塊錢並決定如何運用，這肯定不會是壞事。

So as you know, there is a lot of noise in the environment in terms of elements weighing on consumers' mind from a sentiment standpoint, but also some of the inflationary pressures, some of which were mentioned on the call with possible gas price elevation. So we'll see how that goes. We'll have a better idea here probably in the next 60 to 90 days.

如你所知，從情緒面來看，環境中有很多雜音，許多因素在消費者心中造成壓力；另外也有一些通膨壓力，其中一些在電話會議中提到，例如汽油價格可能上升。所以我們會觀察後續發展。我們大概會在接下來 60 到 90 天內有更清楚的判斷。

There have been times, though, with past policy legislation that has been tax-friendly to consumers where dealers have cited that consumers do have a little bit more breathing room to be able to throw out a down payment on a new RV or boat. But a little early to tell, but early signs in the tax season are positive from a refund size standpoint. So we'll continue to monitor.

不過，過去也曾有一些對消費者較友善的稅務政策立法，經銷商會提到消費者確實多了一點喘息空間，能夠拿出頭期款去買新的 RV 或船。但現在還有點早下結論；不過從退稅金額的角度看，稅季的早期跡象是正面的。所以我們會持續監控。

Thank you. That's good context. And then hopefully a good one to end it on here, but since you decided to highlight Lithionics this morning, can you provide more color on it as a competitive differentiator? What's out there? Why is it better I guess? And then are you seeing that translate or can you attribute any share gains directly to that, whether that be lot wins with dealers or resonating with the consumer, et cetera? Thanks, guys.

謝謝。這些背景很有幫助。接著希望用一個好的問題作結：既然你們今天早上特別提到 Lithionics，能否多談談它作為競爭差異化的優勢？市場上有哪些選項？我想問的是，它為什麼更好？另外，你們是否看到這轉化為成果，或能否將任何市占提升直接歸因於它，例如在經銷商端贏得更多展示/鋪貨，或在消費者端更有共鳴等等？謝謝各位。

Yeah. Thank you for the question. It's a good topic to end on. We acquired Lithionics in the middle of 2023. And the reason we acquired Lithionics, there were multiple reasons, but one of which was that they were really and are really the gold standard in lithium battery packs, battery management systems.

是的。謝謝你的提問。這是個很適合作結的主題。我們在 2023 年年中收購了 Lithionics。我們收購 Lithionics 的原因有好幾個，其中之一是他們在鋰電池模組（battery packs）與電池管理系統（BMS）方面，確實是、也一直是業界的黃金標準。

Since 2023, their penetration into the RV market has expanded. We have picked up new customers, including several of our OEM competitors, and we have very good working relationships between Lithionics and several RV OEMs. We've expanded our product line significantly from primarily battery pack systems and BMS to include other types of mobile power products, battery starter generators, alternators, inverters, and the like.

自 2023 年以來，他們在 RV 市場的滲透率已擴大。我們新增了客戶，包括我們幾家 OEM 競爭對手，而且 Lithionics 與多家 RV OEM 之間有非常良好的合作關係。我們也大幅擴充產品線，從以電池模組系統與 BMS 為主，延伸到其他類型的行動電力產品，例如電池啟動發電機、交流發電機（alternators）、逆變器（inverters）等。

We have also begun to certify some of our product catalog for use in the Marine industry. There are similar applications for these types of products in the Marine industry, and we've begun to accelerate expansion of Lithionics business development into other categories, including work trucks and other specialty applications.

我們也開始為部分產品目錄取得海事（Marine）產業使用的認證。這類產品在海事產業也有類似的應用，我們已開始加速 Lithionics 的業務開發，拓展到其他品類，包括工作卡車與其他專業應用。

There's also an aftermarket element to the Lithionics business. If you either have a different battery system or no battery system at all, you can work through a qualified installer to install a Lithionics system. They are safe. They are reliable. They are durable. They are constructed like very few other battery packs in the market are, and the team just does business the right way.

Lithionics 的業務也包含售後市場（aftermarket）元素。如果你原本使用不同的電池系統，或根本沒有電池系統，你可以透過合格的安裝商來安裝 Lithionics 系統。它們安全。它們可靠。它們耐用。它們的結構設計是市面上極少數電池模組能比擬的，而團隊也以正確的方式經營事業。

The last thing I'll mention that should be of note to the investor community is the profitability on this small business from a yield standpoint is significantly higher than our finished goods business. It is a strategic technology vertical. Certainly, some of the business we do is captive to our own brands, but the business we do on the outside comes at a fair, healthy margin that allows us to contribute back to enterprise profitability but also reinvest in the Lithionics business.

最後我想提一點，投資人社群應該會關注：從收益率（yield）的角度來看，這個小型事業的獲利能力顯著高於我們的成品（finished goods）業務。這是一個策略性的技術垂直領域。當然，我們有一部分業務是供應自家品牌的內部需求，但我們對外部客戶所做的業務，能以合理且健康的毛利進行，讓我們能回饋整體企業獲利，同時也能再投資於 Lithionics 業務。

So we view the blue ocean for Lithionics products as significant in the future, and we'll stay very focused on being the quality supplier in that space and not the low-cost supplier. Reliability and safety are very valued by consumers around battery products.

因此，我們認為 Lithionics 產品未來的「藍海」相當可觀；我們會持續專注於成為該領域的高品質供應商，而不是低成本供應商。在電池產品方面，可靠性與安全性是消費者非常重視的。

So thank you for the questions.

所以謝謝各位的提問。

Awesome. Well said. Thanks, guys.

太棒了。說得很好。謝謝各位。

Thank you. This concludes the question-and-answer session. I would now like to turn it back to Joan Ondala for closing remarks.

謝謝。問答環節到此結束。我現在想把時間交回給 Joan Ondala 作結語。

Thank you all for joining us this morning. We look forward to keeping you all updated on our progress.

感謝各位今天早上加入我們。我們期待持續向各位更新我們的進展。

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

今天的電話會議到此結束。感謝各位參與。您現在可以掛線。