first call. operating quarter a the for our rapidly solid evolving and fiscal delivered expectations Thank thank surpassed you, David, all Boats despite joining you results environment. that Malibu
points while decreased prior decreased million and EBITDA XX% fell adjusted margin to million, quarter, by million. first EBITDA basis points the to decreased $XX XX%. income XX% to XXX to XX% to the Net net fiscal For $XX.X basis XXX Gross XX%, to year. margins adjusted decreased $XXX.X sales compared
boat an unprecedented chain months, volatile demand to rates flush possible environment, in In XX decreasing shipping navigating from interest we supply went incredibly and short levels. rising demand every constraints while with
taken fluid Our environment and this team has stride.
last to happened, durability business, the market position our months, in market as as continue improve we over several we notably the serve. that showcase our and a deteriorated, However, dominant retail every
brands we levels across for to production have and back match inventories the demand Channel supply retail above last levels, our which quarter, to are pre-COVID the worked accounts year. or diligently decrease now quickly wholesale by to aligning throughout versus
macro retail being they more softer are by demand by return the being are levels factors, driven normalized exacerbated While a the seasonality. to
gravitate the feature-rich disappeared. to In The a from larger, our continuing urgency is looking brands. that Those to buy ASPs. all are boats, buy largely customers has are addition, boat supporting higher across to of that lining silver sense customers more of toward
months. the cash which boat averaged very averages Importantly, challenging these Cobalt October, XX% Cobalt purchasing on when significant has more are This financing Cobia, that of cash for XX% XX% metrics. or environment. buying last pay Pursuit XX% customers is a rate more sales purchase. this interest least customer come have recent at sitting Malibu in of often customers of in more are nearly and are about XX% boat paying of for XX% their of brands. of customers and their sidelines utilizing in all X the base of Pursuit XX% XX% those customers, evident in their XX% paying the Malibu, about Through Those consumers of cash at Historically, purchases boat in or cash. those
XX%. me. per XX% purchases or averaged for more of XX% is to surprise to the consumer has a their cash average was Axis Historically, paying
or XX% Now next-tier boats boat of doubt brand on buying buying Axis is and their for are in credit our the in remaining and more in cash of person that purchase. averaging on minds XX% of the is terms buyers little sidelines. There recognition paying quality
quarter, last products market. new our aggressive have of we the into we continued As introduction discussed
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downturn As this we impact we any have are product historically, seen in. all the will of new lessen of
of that Lauderdale interesting just away. blew what on had was year, results environment. call. surprising in Lauderdale, were seeing this units and sales are sales this Fort and, This a XX units at more sold. Last a undoubtedly, provides Fort of spectacular Pursuit and have we sales saw close at the week. XX to and that The to behind set said Pursuit this were strong. for Speaking we record metrics record over expect the exceptionally Pursuit we in we year, few past credibility
highest larger length Pursuit. led units being in XX concentrations is units being Large This sold premium feet way I XX the XX feet of for of in boats seeing length. boats over over and remember XX with one the
ASP. was of richness focus the indicator premium the of the key Another
normal was $XXX,XXX the on ASP of $XXX,XXX boats year-round versus ASP Our $XXX,XXX. to nearly a sold
more top $XXX,XXX than feet nearly on last the and sold of of were of of out over XX% right the year-round. sales, ASP record an premium were normal ASP length Almost which XX which sales, blew show. the Cobia also year's $XXX,XXX, in nature carried larger over is boats
X surprisingly vibe positive provides a although saltwater Fort in us, strong point environment. data was the a Lauderdale show only and for
Market Axis points Cobalt slightly basis its fully and is XX-month basis and Pathfinder all share. XXX to On be at Sterndrive this gained points to XX in a share XXX XXX share basis share. to throughout expect positive up of a We downturn. is story. has basis Cobia up gained of credit, gain. is brands basis, up share basis for Malibu has our continues of a of XXX very Pursuit points. points continue trailing points share
fiscal companies structure capability achieving we monumental free very believe this. is year, quarter margin sold coming of to X, exception one from the have the the do at was no ability has every I greatly variable variable high it is cost MBI variability A cash XXXX, gross line. our range that And generate XX.X% cost to Since of the and in of our in strength There XX% are cost XX%. few in goods and to down that overlooked flow. year ranged
nearly any averaged very of generation. any extreme free X flow opportunities us free in for This in flow In and very cycle. time XX%. was can profitable our confidence at XXXX, million, $XXX leads cash our This years strategic investing be point in and to and cash we last capable cash has gives that strong conversion the
these time, before, and emerged through have We been each we have cycles stronger.
demand, playbook but Malibu. continues element retail Our only to also set us and to apart. stay protect successfully An remain to is innovation key important operational Malibu's to capabilities for our production are margins, unmatched to and to not matching protect a differentiator our always dealers been healthy. make continues our they flexible to and be ability sure has agile and our
structure our to to variable, again, execute and it allows which I will XX% is outperform. say cost XX% quickly us
Our us vertical delivery concept the to key boats control to from integration customer. of allows through our components
nimble excellence environment. any us makes and performance of Our strong capable operational in
our channel While normalized dealers saltwater build to them including healthy schedule down than more XXXX enabling our inventories, has much to faster inventory to sell anyone mild-year have slow our inventories through anticipated, quickly. nimbleness helped
are levels once quicker lead are inventory ultimately well, to will OEMs We most laser-focused certainly marine which and as a believe increases. demand recovery on
cautious the second by inventory expected economic the dealer remain Further, pressured. concerns around and to the result, But ahead, we not And rate that on broader extremely continues weaken, we as had interest to retail driven being is to to around environment. a based are today, they our what the case. are half Looking environment levels. year. Instead, be we see brands of across the in expect likely seeing improvement demand largely wholesale
and high teens such, As expect XXs our to percentage year down XXXX. to we year are a sales from low versus XXXX fiscal be fiscal revising outlook now
confidence unwavering. is the I our brands enough. my it this of say it can't a in environment, dealers is our and While strength team, challenging
leverage can ones to emerge than the we and adeptly managing that and In through and companies have Malibu. will and again. will a sheet that business the while that do managed before, And invest these it strong the are has ever. We moments, be the continue challenging future in strategically stronger balance times
outperforming a down of rollout of a have will for We example operational the even environment. our strong to the have the margins of from continue engine vertical and next Cobalt, which great industry Monsoon few will integration standpoint we excellence we done in track an this over in everything protect scale A years. is
and in very brand. increase excited efficiencies are which we operations capability County, our Cobalt volume the this Roane of build-out will Additionally, about our for
first begin quarter boats in calendar will We are producing the of we year XXXX. confident in this facility small
prize We have the on eye with the our strategy. winning
as We leverage product on ensure vertical top excellence and our initiatives integration market we innovation will footprint development, advance nimble, improve. conditions to stay operational and our remain enhance
the quarter. further now for call over to David the remarks will turn I on
