Financial Data and Key Metrics Changes - Net sales for Q1 increased by $3.6 million, or 5.6% year-over-year, reaching $69 million [10] - Adjusted EBITDA rose to $6.7 million compared to $3.8 million in the prior year, with an adjusted EBITDA margin improvement of 380 basis points to 9.7% [12] - Adjusted net income for the quarter was $4.5 million, or $0.28 per diluted share, compared to $1.9 million, or $0.12 per share in the prior year [11] - Gross margin improved by 420 basis points to 22.3% due to strong cost management and favorable mix [10] Business Line Data and Key Metrics Changes - The MasterCraft segment is expected to see a retail decline of 5% to 10% for the year, with early indicators showing the company gaining market share [6][19] - The pontoon segment showed operational improvements despite market challenges, with a refreshed product lineup well received [8] Market Data and Key Metrics Changes - Retail variability continues, with early industry indicators suggesting a slight decline, but the company remains cautiously optimistic about future demand [6][20] - The company is focused on maintaining dealer health and managing inventory levels, which improved by 27% year-over-year [4] Company Strategy and Development Direction - The company is committed to differentiated innovation and category leadership, as evidenced by the launch of the new X24 model [7] - Strategic partnerships and industry involvement are being strengthened to enhance brand presence and consumer experience [8] - The company plans to ramp up production in the second half of the fiscal year to align with seasonal demand and new product initiatives [14] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding interest rate cuts and their potential positive impact on consumer behavior [6][26] - The company is managing for long-term growth despite near-term uncertainties, with a focus on capital allocation and shareholder returns [15] Other Important Information - The company ended the quarter with $67.3 million in cash and short-term investments, no debt, and expects to generate positive free cash flow for the year [12] - Over 100,000 shares were repurchased in Q1, totaling $2.3 million, reflecting confidence in the long-term outlook [13] Q&A Session Summary Question: Current marine consumer and retail trends - Management noted that while the industry is slightly down, the company performed well in Q1 and is gaining market share [18][19] Question: Dealer network and retail outlook - Changes to the dealer network are expected to help the company outperform the industry, which is included in the anticipated 5%-10% decline [21] Question: Retail progression through the fiscal year - Management expects a ramp in retail demand in the second half of the fiscal year, driven by new product launches [28] Question: M&A opportunities and leverage comfort level - The company maintains a flexible balance sheet and is open to evaluating M&A opportunities while continuing share repurchases [30]

Core Viewpoint - The announcement of Warren Buffett stepping down as CEO of Berkshire Hathaway marks the end of an era, raising questions about the company's future direction under new leadership [1][4]. Group 1: Leadership Transition - Warren Buffett, at 94 years old, announced his retirement as CEO during the annual shareholder meeting, with Greg Abel set to take over as CEO on January 1, 2026, while Buffett will remain as chairman [1][4]. - The transition comes at a time when Berkshire's stock recently hit record highs, indicating a strategic moment for leadership change [4]. Group 2: Stock Performance - Following the announcement, Berkshire's stock price fell over 6%, closing down 5.12% on Monday, despite a year-to-date increase of approximately 13% [1][4]. - The A-class shares reached a record closing price of $809,350, while B-class shares hit $539.80 before the decline [1]. Group 3: Financial Performance - Berkshire's first-quarter earnings report showed a 14% decline in operating profit, with insurance underwriting profit dropping by 48.6%, attributed to $1.1 billion in losses from wildfires in Southern California [4]. Group 4: Future Expectations - Bill Ackman anticipates that Berkshire may increase cash returns to shareholders post-Buffett, potentially through dividends and more aggressive stock buybacks [4][5]. - Despite the leadership change, analysts believe that Berkshire's operational structure and culture will remain stable under Abel's leadership [8].