MasterCraft Boat Holdings, Inc.

Ladies and gentlemen, thank you for standing by and welcome to the Mastercraft Boat Holdings Incorporated Fiscal Third Quarter 2026 Earnings Conference Call. Please be advised that today's conference is being recorded. At this time, all participants are in listen-only mode. Later, we will conduct a question and answer session. Instructions will follow at that time. I would now like to hand the conference over to your speaker today. Alec Harmon, Senior Director of Strategy and Investor Relations. Please go ahead, sir.

Thank you, operator, and welcome, everyone. Thank you for joining us today as we discuss Mastercraft's fiscal third quarter performance for 2026. As a reminder, today's call is being webcast live and will also be archived on our website for future listening. With me on this morning's call is Brad Nelson, Chief Executive Officer, and Scott Kent, Chief Financial Officer. Brad will begin with an overview of our operational performance. After that, Scott will discuss our financial performance. Brad will then provide some closing remarks before we open the call for questions. Before we begin, we'd like to remind participants that the information contained in this call is current only as of today, May 7, 2026. The company assumes no obligation to update any statements, including forward-looking statements. Statements that are not historical facts are forward-looking statements and subject to the safe harbor disclosure or disclaimer in today's press release. Additionally, on this conference call, we will discuss non-GAAP measures that include or exclude items not indicative of our ongoing operations. For each non-GAAP measure, we will also provide the most directly comparable GAAP measure in today's press release, which includes a reconciliation of these non-GAAP measures to our GAAP results. As a reminder, unless otherwise noted, the following commentary is made on a continuing operations basis, and all references to specific quarters and periods will be on a fiscal basis. Today's outlook also excludes any impact from the proposed combination with Marine Products Corporation. With that, I will turn the call over to Brad.

Thank you, Alec, and good morning, everyone. We delivered third-quarter results that exceeded our expectations, driven by disciplined execution across the business and continued new product momentum. In a dynamic market environment, we've remained focused on our strategy and core strengths, driving operational efficiencies, aligning production with demand, and delivering differentiated innovation that is resonating with customers and dealers. Our team's ability to stay agile and extend our premium product leadership continues to be a competitive advantage and a key driver of momentum across our brands. As we move into the heart of the selling season, we remain focused on dealer health and pipeline discipline, keeping our wholesale plans measured and flexible while continuing to build momentum across our brands. As always, I want to thank our team members and dealer partners for their focus and dedication as we move through the remainder of this fiscal year. Now turning to results. Q3 net sales increased $2.2 million, or 3% year-over-year. An adjusted EBITDA rose more than $3 million, a margin improvement of approximately 380 basis points. This year's progress and performance are a direct outcome of our continued innovation and focused execution. As a result, we are raising our full-year guidance, which Scott will cover shortly. During the quarter, spring boat show results were encouraging and improved from prior year, with particularly strong results at large shows in Salt Lake City, Dallas-Fort Worth, and Atlanta for our Mastercraft brand. Feedback from both dealers and consumers reflect the impact of our premium product innovation and targeted commercial actions in key regions. Customers are rewarding us as we are winning on product design, performance and quality, and premium value. At the same time, in the broader market, recent geopolitical and broader macroeconomic developments have weighed on consumer sentiment, and we are factoring that into our outlook. Reflecting our balanced approach to dealer health, we've continued to maintain healthy pipeline inventory levels, ending the quarter with a 28% year-over-year improvement, with inventory turns better than pre-pandemic levels. This is providing both us and our dealers with confidence and flexibility to navigate the current environment and generally align wholesale to retail demand moving forward. Our ability to generate cash flow at these volumes and our flexible operating model combined with our strong balance sheet position us well to manage near-term uncertainty while supporting sustainable long-term growth. Our capital allocation priorities remain disciplined and consistent. We have a solid balance sheet with no debt, strong cash flow and liquidity providing flexibility and leaving our strategic growth initiatives fully funded. Now, turning to our core brands. Within Mastercraft, premium product momentum continues to build across the lineup. Last month, we announced the reintroduction of the X23, marking the return of a historic name in our portfolio and completing the next generation X series. Building on the momentum of our flagship X-Star, we're seeing strong market engagement and share gains that reinforce our leadership position in the premium ski weight category. With positive dealer and consumer feedback and production ramping as planned, the X Series will further improve product mix sequentially in the fourth quarter. We expect Mastercraft's brand and product momentum to continue through the summer as we showcase our product portfolio through opportunities for consumers to experience our newest models firsthand. As discussed in prior calls, our original assumption for Mastercraft retail for the year was to be down approximately 5% to 10%. Based on current product momentum and year-to-date solid retail performance, We are more optimistic and now anticipate retail for Mastercraft to be roughly flat to prior year as we exit the fourth quarter selling season. Looking ahead, we have an exciting lineup of on-water events planned throughout the summer, designed to showcase innovation and deepen consumer engagement. These events are intended to expand our reach among new and aspiring riders, supported in part by our continued partnership with the WWA, including events such as Rider Experience and Rule the Water. In parallel, we are expanding owner meetups and dealer-hosted events nationwide, reinforcing our culture while strengthening our direct connection with customers and the broader boating community. Turning to our pontoon segment, The pontoon category remains highly competitive with elevated promotional activity and cautious retail behavior across the industry. In this environment, we're staying disciplined, prioritizing dealer health, aligning production with demand, and continuing to drive operational improvements. Across both our pontoon brands, our focus remains on supporting dealers through the selling season, managing pipeline levels, and executing our product and commercial plans in a way that positions the segment for sustainable progress and growth. Before turning the call over to Scott, I'd like to share a brief update on our proposed combination with Marine Products Corporation, which includes the History, Chaparral, and Robalo brands. Our conviction in the strategic rationale and long-term value creation of this combination remains Our integration and synergy planning efforts continue to progress with detailed work streams in place driving confidence. We are progressing towards closing, including advancing our regulatory and disclosure processes as planned. We will hold a special meeting with stockholders five days from now at 8 a.m. Eastern Time on May 12, 2026. and expect to officially close the transaction shortly thereafter, subject to formal approval by Mastercraft and Marine Products shareholders and the satisfaction of customary closing conditions. As we move forward, I want to thank our team members and dealer partners for their continued focus and commitment as we head into the final quarter of our fiscal year and beyond. We're excited about the opportunity to strengthen our partnership with the Chaparral and Ravallo teams and begin to realize the value creation potential of the combination. Now I'll hand it to Scott to review the quarter's financials and forward guidance.