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spk00: Good morning, ladies and gentlemen, and welcome to the BRP Inc.' 's FY24 Fourth Quarter Results Conference Call. For participants who use the telephone line, it is recommended to turn off the sound on your device. I would now like to turn the meeting over to Mr. Philippe Deschaines. Please go ahead, Mr. Deschaines.
spk03: Thank you. Good morning, and welcome to BRP's Conference Call for the fourth quarter of fiscal year 24. Joining me this morning are José Boisseli, President and Chief Executive Officer, and Sébastien Martel, Chief Financial Officer. Before we move to the prepared remarks, I would like to remind everyone that certain forward-looking statements will be made during the call and that the actual results could differ from those implied in these statements. The forward-looking information is based on certain assumptions and is subject to risk and uncertainties, and I invite you to consult BRP's MD&A for a complete list of these. Also during the call, reference will be made to supporting slides, and you can find the presentation on our website at brp.com under the investor relations section. So with that, I'll turn the call over to Jose.
spk05: Thank you, Philippe. Good morning, everyone, and thank you for joining us. Fiscal 24 was marked by solid market share gain, successful product launches, and continued progress on our key strategic initiative. From a financial perspective, the year was more challenging than expected due to macroeconomic environment. We adapted to the situation, and as you know, we have proactively reduced our shipment to dealers. Despite unfavorable winter conditions, which impacted our snow-related business, we've delivered EPS within our guidance range. Let's turn to slide four for key financial highlight for the year. Revenue increased 3% to reach $10.4 billion, a record high for BRP. Normalized EBITDA was stable at $1.7 billion, and normalized EPS was down 8% at $11.11. Our focus on cash management payoff as we've delivered a record free cash flow of more than $1 billion for the year. As for retail, our North American power sports sales were up 8% for the year compared to an industry of about 1%. The strong power sport retail performance further strengthened our position as the number one OEM in the industry, as you can see on slide five. With this additional growth in fiscal 24, our retail now stands 35% higher than pre-COVID level in an industry that has been flat. We added another 2% point of market share for the year with gain across almost all product lines. We have continued expanding our leadership position as the number one OEM in power sport and the only one retailing more units per dealer than during COVID. Our success comes from our ability to constantly innovate by bringing new products to market that drive consumer demand, and we are well positioned to sustain our momentum going forward. Turning to slide six for a closer look at our retail performance in the fourth quarter. Our North American power sport retail was down 10%, as we were facing a tough compatible due to late shipment and retail of three-wheel vehicle, personal watercraft, and Sea-Doo pontoon in Q4 last year. And yet, this year fourth quarter was our second strongest ever, even surpassing the COVID year, during which we had significantly depleted network inventory. Our performance was also impacted by unfavorable winter conditions, which led to a snowmobile decline in the high teens. Excluding snowmobiles, our retail for the quarter was down only 2%. Still, despite a more challenging dynamic in Q4, we are satisfied with our performance for the year. When excluding snowmobiles, our retail was up 12% compared to the industry, up low single digits. driven by a very strong performance in off-road vehicles and personal watercraft, and market share gains across most product lines. Turning to slide 7 for an update on global retail trends. As mentioned last quarter, we started to see gradual signs that the macro... Good morning, ladies and gentlemen, and welcome to the BRP Inc.'
spk00: 's FY24 Fourth Quarter Results Conference Call. For participants who use the telephone line, it is recommended to turn off the sound on your device. I would now like to turn the meeting over to Mr. Philippe Deschaines. Please go ahead, Mr. Deschaines.
spk03: Thank you. Good morning and welcome to BRF's conference call for the fourth quarter of fiscal year 24. Joining me this morning are José Boisseli, President and Chief Executive Officer, and Sébastien Martel, Chief Financial Officer. Before we move to the prepared remarks, I would like to remind everyone that certain forward-looking statements will be made during the call and that the actual results could differ from those implied in these statements. The forward-looking information is based on certain assumptions and is subject to risk and uncertainties, and I invite you to consult BRP's MD&A for a complete list of these. Also during the call, reference will be made to supporting slides, and you can find the presentation on our website at brp.com under the Investor Relations section. So, with that, I'll turn the call over to José.
spk05: Thank you, Philippe. Good morning, everyone, and thank you for joining us. Fiscal 24 was marked by solid market share gain, successful product launches, and continued progress on our key strategic initiative. From a financial perspective, the year was more challenging than expected due to macroeconomic environment. we adapted to the situation, and as you know, we have proactively reduced our shipment to dealers. Despite unfavorable winter conditions, which impacted our snow-related business, we've delivered EPS within our guidance range. Let's turn to slide four for key financial highlight for the year. Revenue increased 3% to reach $10.4 billion, a record high for BRP. Normalized EBITDA was stable at $1.7 billion, and normalized EPS was down 8% at $11.11. Our focus on cash management payoff as we've delivered a record free cash flow of more than $1 billion for the year. As for retail, our North American power sports sales were up 8% for the year, compared to an industry of about 1%. The Strong Power Sport retail performance further strengthened our position as the number one OEM in the industry, as you can see on slide five. With this additional growth in fiscal 24, our retail now stands 35% higher than pre-COVID level in an industry that has been flat. We added another 2% point of market share for the year, with gain across almost all product lines. We have continued expanding our leadership position as the number one OEM in power support and the only one retailing more units per dealer than during COVID. Our success comes from our ability to constantly innovate by bringing new products to market that drive consumer demand, and we are well positioned to sustain our momentum going forward. Turning to slide six for a closer look at our retail performance in the fourth quarter. Our North American power sport retail was down 10% as we were facing a tough compatible due to late shipment and retail of three-wheel vehicle, personal watercraft, and Sea-Doo pontoon in Q4 last year. And yet, this year fourth quarter was our second strongest ever, even surpassing the COVID year, during which we had significantly depleted network inventory. Our performance was also impacted by unfavorable winter conditions, which led to a snowmobile decline in the high teen. Excluding snowmobile, our retail for the quarter was down only 2%. Still, despite a more challenging dynamic in Q4, we are satisfied with our performance for the year. When excluding snowmobile, our retail was up 12% compared to the industry, up low single digits. driven by a very strong performance in off-road vehicles and personal watercraft and market share gain across most product lines. Turning to slide 7 for an update on global retail trend. As mentioned last quarter, we started to see gradual signs that the macro
spk00: Good morning, ladies and gentlemen, and welcome to the BRP Inc.' 's FY24 fourth quarter results conference call. For participants who use the telephone line, it is recommended to turn off the sound on your device. I would now like to turn the meeting over to Mr. Philippe Deschaines. Please go ahead, Mr. Deschaines.
spk03: Thank you. Good morning, and welcome to BRP's conference call for the fourth quarter of fiscal year 24. Joining me this morning are José Boisveli, President and Chief Executive Officer, and Sébastien Martel, Chief Financial Officer. Before we move to the prepared remarks, I would like to remind everyone that certain forward-looking statements will be made during the call and that the actual results could differ from those implied in these statements. The forward-looking information is based on certain assumptions and is subject to risk and uncertainties, and I invite you to consult BRP's MD&A for a complete list of these. Also during the call, reference will be made to supporting slides, and you can find the presentation on our website at brp.com under the investor relations section. So with that, I'll turn the call over to Jose.
spk05: Thank you, Philippe. Good morning, everyone, and thank you for joining us. Fiscal 24 was marked by solid market share gain, successful product launches, and continued progress on our key strategic initiative. From a financial perspective, the year was more challenging than expected due to macroeconomic environment. We adapted to the situation, and as you know, we have proactively reduced our shipment to dealers. Despite unfavorable winter conditions, which impacted our snow-related business, we've delivered EPS within our guidance range. Let's turn to slide four for key financial highlight for the year. Revenue increased 3% to reach $10.4 billion, a record high for BRP. Normalized EBITDA was stable at $1.7 billion, and normalized APS was down 8% at $11.11. Our focus on cash management payoff as we've delivered a record free cash flow of more than $1 billion for the year. As for retail, our North American power sports sales were up 8% for the year compared to an industry of about 1%. The strong power sport retail performance further strengthened our position as the number one OEM in the industry, as you can see on slide five. With this additional growth in fiscal 24, our retail now stands 35% higher than pre-COVID level in an industry that has been flat. We added another 2% point of market share for the year with gain across almost all product lines. We have continued expanding our leadership position as the number one OEM in power support and the only one retailing more units per dealer than during COVID. Our success comes from our ability to constantly innovate by bringing new products to market that drive consumer demand, and we are well positioned to sustain our momentum going forward. Turning to slide six for a closer look at our retail performance in the fourth quarter. Our North American power support retail was down 10%, as we were facing a tough compatible due to late shipment and retail of three-wheel vehicle, personal watercraft, and SeaDoo pontoon in Q4 last year. And yet, this year fourth quarter was our second strongest ever, even surpassing the COVID year, during which we had significantly depleted network inventory. Our performance was also impacted by unfavorable winter conditions, which led to a snowmobile decline in the high teens. Excluding snowmobiles, our retail for the quarter was down only 2%. Still, despite a more challenging dynamic in Q4, we are satisfied with our performance for the year. When excluding snowmobiles, our retail was up 12% compared to the industry, up low single digits. driven by a very strong performance in off-road vehicles and personal watercraft, and market share gain across most product lines. Turning to slide 7 for an update on global retail trend. As mentioned last quarter, we started to see gradual signs that the macro... Good morning, ladies and gentlemen, and welcome to the BRP Inc.'
spk00: 's FY24 Fourth Quarter Results Conference Call. For participants who use the telephone line, it is recommended to turn off the sound on your device. I would now like to turn the meeting over to Mr. Philippe Deschaines. Please go ahead, Mr. Deschaines.
spk03: Thank you. Good morning and welcome to BRP's conference call for the fourth quarter of fiscal year 24. Joining me this morning are José Boisseli, President and Chief Executive Officer, and Sébastien Martel, Chief Financial Officer. Before we move to the prepared remarks, I would like to remind everyone that certain forward-looking statements will be made during the call and that the actual results could differ from those implied in these statements. The forward-looking information is based on certain assumptions and is subject to risk and uncertainties, and I invite you to consult BRP's MD&A for a complete list of these. Also during the call, reference will be made to supporting slides, and you can find the presentation on our website at brp.com under the investor relations section. So with that, I'll turn the call over to Jose.
spk05: Thank you, Philippe. Good morning, everyone, and thank you for joining us. Fiscal 24 was marked by solid market share gain, successful product launches, and continued progress on our key strategic initiative. From a financial perspective, the year was more challenging than expected due to macroeconomic environment. we adapted to the situation, and as you know, we have proactively reduced our shipment to dealers. Despite unfavorable winter conditions, which impacted our snow-related business, we've delivered EPS within our guidance range. Let's turn to slide four for key financial highlight for the year. Revenue increased 3% to reach $10.4 billion, a record high for BRP. Normalized EBITDA was stable at $1.7 billion, and normalized EPS was down 8% at $11.11. Our focus on cash management payoff as we've delivered a record free cash flow of more than $1 billion for the year. As for retail, our North American power sports sales were up 8% for the year, compared to an industry of about 1%. The Strong Power Sport retail performance further strengthened our position as the number one OEM in the industry, as you can see on slide five. With this additional growth in fiscal 24, our retail now stands 35% higher than pre-COVID level in an industry that has been flat. We added another 2% point of market share for the year with gain across almost all product lines. We have continued expanding our leadership position as the number one OEM in power support and the only one retailing more units per dealer than during COVID. Our success comes from our ability to constantly innovate by bringing new products to market that drive consumer demand, and we are well positioned to sustain our momentum going forward. Turning to slide six for a closer look at our retail performance in the fourth quarter. Our North American power sport retail was down 10% as we were facing a tough compatible due to late shipment and retail of three-wheel vehicle, personal watercraft, and Sea-Doo pontoon in Q4 last year. And yet, this year fourth quarter was our second strongest ever, even surpassing the COVID year, during which we had significantly depleted network inventory. Our performance was also impacted by unfavorable winter conditions, which led to a snowmobile decline in the high teen. Excluding snowmobile, our retail for the quarter was down only 2%. Still, despite a more challenging dynamic in Q4, we are satisfied with our performance for the year. When excluding snowmobile, our retail was up 12% compared to the industry, up low single digits. driven by a very strong performance in off-road vehicles and personal watercraft, and market share gained across most product lines. Turning to slide 7 for an update on global retail trends. As mentioned last quarter, we started to see gradual signs that the macro
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