Malibu Boats, Inc.

flat to down mid-sickle digits range we communicated previously. On a legacy adjusted EBITDA margin, we expect to finish toward the lower end of the previously communicated range of 8% to 9%. Q3 benefited from a more favorable mixed tailwind that we expect to be less pronounced in Q4. Shifting to fourth quarter. On the SAC store business, we expect fourth quarter net sales of approximately $57 million to $59 million and adjust EBITDA margin of 10% to 11%, a meaningful sequential step from Q3 and consistent with the near-term margin expectation we communicated when we announced the transaction. Note, SACSTOR's Q3 margin reflected only one month of revenue against its full fixed cost structure, while Q4 is a full quarter that captures the peak of SACSTOR's European sales season. On a combined basis for Q4, we expect consolidated net sales of $261 million to $267 million and a just EBITDA of $29 million to $31 million, or roughly 11% to 12% margins. Our intent is to return to a single consolidated outlook when we provide fiscal 2027 guidance in August. To close, we delivered a strong third quarter on both sides of the business. Our legacy operations exceeded expectations, our centralized sourcing initiative is meaningfully contributing to margin as we planned, and we closed and began integrating a transformational acquisition while continuing to return capital at an attractive price. With healthier dealer inventories, a differentiated product portfolio, and a strong balance sheet, we are well positioned to execute through the remainder of the fiscal 2026 and into fiscal 2027. With that, I'd like to open the call up for questions.

At this time, if you would like to ask a question, press star 1 on your touchstone telephone. If your question has been answered or you wish to withdraw your question, press star 1 again. We ask that you please limit your questions to one question and one follow-up. Please stand by while we compile the Q&A roster.

Your first question is from Joe Altabello with Raymond James.