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Research Analyst at D.a. Davidson & Co.
Griffin Bryan is an Equity Research Associate at D.A. Davidson & Co., specializing in equity research with a focus on company fundamentals across diverse industries. He has contributed to research on select public companies and collaborated on detailed analysis shaping investment strategy, but public performance metrics, distinct company coverage lists, and third-party rankings are not available. Bryan began his finance career as a Student Director and Equity Analyst at The Bulldog Fund, later participating in the CFA Institute Research Challenge before joining D.A. Davidson, where he continues to develop his expertise. He has engaged in advanced finance coursework and investment competitions, but specific FINRA registrations and securities licenses have not been publicly disclosed.
Griffin Bryan requested an update on Malibu Boats' M&A pipeline and potential deals in other boat segments.
CEO Steve Menneto stated that the company is actively conducting due diligence, looking for, and working on opportunities for their business, and will report any future developments.
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Griffin Bryan (D.A. Davidson) requested an update on Malibu Boats' M&A pipeline and potential deals in other boat segments.
CEO Steve Menneto stated that Malibu Boats is continuously conducting due diligence and actively seeking and working on opportunities for the business, indicating that any future developments would be reported to the market.
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Griffin Bryan asked about the drivers of strong retail trends in September and whether recent hurricanes might lead to insurance-related replacement demand that could help with dealer destocking.
CEO Steven Menneto attributed the September retail strength to a combination of reporting lags, the flow-through of Q4 promotions, and the Tommy's inventory liquidation. CFO Bruce Beckman stated that while they hear anecdotally about replacement demand, they do not base guidance on the timing of insurance payouts.
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Griffin Bryan from D.A. Davidson & Co. asked about the competitive landscape, specifically if competitors are achieving similar levels of inventory destocking. He also inquired if there is a specific interest rate level that management believes would trigger a rebound in retail purchasing.
Executive Timothy Oxley stated that MasterCraft has been highly competitive and successful at boat shows, despite a heavily discounted environment, particularly in the tough pontoon market. Regarding interest rates, he speculated that a further 50 to 100 basis point drop in long-term rates could stimulate retail demand. CEO Bradley Nelson added that any rate decrease is psychologically positive, but noted that MasterCraft brand buyers are less impacted due to a higher percentage of cash purchases, whereas the pontoon segment is more sensitive to financing costs.
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Brian Griffin of D.A. Davidson & Co. inquired about the promotional environment at recent boat shows and what the company is hearing from OEMs regarding potential tariffs.
CEO Philip Singleton and President/COO Anthony Aisquith characterized the promotional environment as steady, with manufacturers remaining highly supportive of efforts to clear aged inventory. On tariffs, CFO Jack Ezzell noted a 'wait-and-see' approach from OEMs. Singleton added that while tariffs could have an impact, he believes it would be limited because the bulk of a boat's cost is in the engine and raw materials, which are less likely to be broadly affected.
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Griffin Bryan of D.A. Davidson & Co. inquired about recent boat show performance, the competitive promotional landscape, and the company's inventory destocking progress. He also asked for details on specific product categories with excess inventory and the current M&A environment.
President and CEO Ben Palmer described boat show sentiment as cautiously optimistic, noting that while field inventories are nearing normal levels, the company will continue to monitor dealer sentiment through the spring selling season. He also noted that the aluminum boat market appears to have excess inventory. Executive Michael Schmit added that the promotional environment is consistent with the prior year, with the best incentives aimed at clearing older models. Regarding M&A, Schmit stated that while the company is actively looking, most available opportunities have been distressed assets rather than strong brand fits.
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Griffin Bryan of D.A. Davidson & Co. inquired about Marine Products' performance at recent boat shows, the competitiveness of the promotional environment, and the current state of channel inventory, asking if destocking was complete. He also questioned which specific product categories were most oversupplied and asked for an update on the M&A environment.
President and CEO Ben Palmer described boat show results as mixed but with an undercurrent of optimism, noting that while demand improvement will be slow, the company is well-positioned. He confirmed field inventories are near normal levels, though dealers remain cautious. Palmer also noted that the aluminum boat market, where the company does not compete, appears to have more excess inventory. Executive Michael Schmit added that promotional incentives are similar to last year, with the best deals focused on clearing older models. Regarding M&A, Schmit stated that while some distressed opportunities have appeared, the company is actively but selectively looking for a brand that is a good strategic fit and hopes for better options as market conditions stabilize.
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Griffin Bryan of D.A. Davidson & Co. inquired about the retail sales cadence through Q3 and into October, asking if the market has bottomed. He also questioned dealer inventory levels, their appetite for new 2025 models, the company's promotional strategy amidst competitor rebates, the M&A environment, and the potential impact of future interest rate cuts on consumer demand.
President and CEO Ben Palmer noted that while it's too early to call a bottom, a 13% sequential decline in field inventory is a positive sign. He stated that dealer inventory levels are 'comfortable' and dealers are beginning to order model year 2025 boats in preparation for the spring season. Palmer explained that the company is not engaging in 'super aggressive' promotions, believing their current inventory position does not warrant it. Regarding interest rates, he views the recent cut as a positive first step but emphasized that the company reacts to demand rather than forecasting based on potential future cuts. Executive Michael Schmit added that the company is seeing more M&A opportunities and is enhancing its floor plan financing program to support dealers and consumers.
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Griffin Bryan asked for clarification on the retail assumptions at the high and low ends of guidance, whether the high end assumes full recovery of lost business from the hurricanes, and if an uplift from insurance claims is expected.
CFO Michael McLamb explained the guidance range is based on flattish same-store sales, with the high end assuming slightly better sales and margins. He clarified the guidance assumes the company makes up for the current business disruption, not a full market recovery in Florida. Regarding insurance, he noted that while a replacement cycle for destroyed boats is expected, the timing is difficult to gauge, but significant service work is anticipated.
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