Please know that today's discussion will include some forward-looking statements, and that future results may differ from those implied in these statements. The forward-looking information is based on certain assumptions, risks, and uncertainties, and I invite you to consult the forward-looking statements page of the presentation, as well as our MD&A for more information on this. According to the agenda for today, José Boisjoli, our President and CEO, will kick it off with our M25 update. His presentation will be followed by Anne-Marie LaBerge, our Chief Marketing Officer. Denys Lapointe, Chief Design Officer. Sandy Scullion, President of Powersports Group. Then we'll have a short break and come back with Karim Donnez, our President, Marine Group. Thomas Uhr, Chief Technology Officer, and Sébastien Martel, our CFO. José Boisjoli will then come back for closing remarks, and then we'll go into a general Q&A session. Note that we'll also have opportunity for a couple of questions after each presenters, and we'll bring microphone to anyone willing to ask questions during the presentation. Finally, note that unfortunately, Bernard, Denys, and Thomas are not with us today. They had to isolate due to COVID, but we have pre-recorded their presentation, and they will be with us for Q&A. With that, I'll leave it to José. Morning, everyone. Sleep well? You should say yes. Yes. I'm happy to be here. It's unbelievable, but the last time we met for an analyst and investor day 2019, this is two and a half years ago. Today, we're very enthusiastic about sharing with you our M-25 update and our mid- to long-term strategy. My first part will be to do a summary of what has been achieved. Before that, I would like to remind you what 2019, this is basically the framework that we had at the time for M-25. The definition was setting the course for BRP 2.0. We had four pillars: growth, customer experience, employee experience, and lean. We had priorities and goals for fiscal year 2025. The first one was build on Can-Am momentum to bring the Can-Am revenue to CAD 5 billion. Sea-Doo to CAD 1 billion in revenue, including Evinrude engine. Exceed customer expectation. Fuel the BRP heartbeat for employee BRP. Perform to win. That was CAD 300 million of cost saving before fiscal year 2025. Pursue something bigger, sustain BRP beyond 2025. The pillar, the priorities and the goal that we had. We had the financial target to reach CAD 9.5 billion and CAD 7.50 normalized EPS for a fiscal year 2025. For the presentation that we had in Florida, some of you told us that the financial objective was quite aggressive. Adapt to the pandemic. First, we had to adapt our operation to the new reality. When the pandemic hit the wall in March 2020, obviously, we had to implement COVID measure, and we had to change the way we operating. But I would say that I'm very proud that we were able to contain the COVID and be able to maintain our operation ongoing despite all of this. We had to manage. Oh, goddamn clicker. Sorry about that. We had to manage demand, which led to limited production availability. Versus fiscal year 2020, the fiscal year 2021 retail increased by 25%, and fiscal year 2022 by 18%. This depleted the inventory by 67% and 60%. Last and not least, obviously, we all know about the supply chain difficulty, a very volatile environment for all the OEM. Despite all of this, we continue to progress on our key strategic priority, and here I will give you a summary of what have been accomplished. First, we continue building on the momentum with our Can-Am side-by-side business. In season, the Marine segment to continue to grow BRP and transform. Karim will give you later on an update on the strategy. What I want to say this morning in introduction is we are right now on plan to deliver on the Marine strategy. A few words on the pontoon industry and with the Sea-Doo Switch and the new Manitou with the Ghost, and some of you had the chance to try it yesterday, we are entering aggressively into the pontoon business. Switch is reported into the Powersports segment because it's sold into the Powersports dealer network. Manitou is reported on the Marine segment because it's sold to the Marine dealer network. Basically, for the customer, we are offering a complete lineup from 13 feet to 30 feet, different MSRP to make sure that we have product available for every customer out there. We believe that we can be a leader into the pontoon industry. Another achievement, our parts, accessories, and business passed the CAD 1 billion mark. This is obviously the result of our fleet that is growing, but also our accessories with LinQ ecosystem that is growing. We continue evolving in our marketing capabilities. If you look the evolution from fiscal year 2017 to 2019 to 2022, basically, we're going from traditional media to digital. When you look on the right side of the slide, everything that we have accomplished in the last few years, 175 website upgrades since 2016. We have, right now, 200 brand ambassadors worldwide. We have the Uncharted Society, which is a group of rental operators now in North America that passed the bar of 75 rental operators that are promoting our product. The Women of On-Road community that has reached 14,700 women that are basically talking about the product. A lot of good things are happening in promoting our brand. We passed the bar for the Lean initiative. In the target we had in fiscal year 2019, it was saving CAD 200 million, and we have achieved this achievement so far. Thomas and Sébastien will give you an update on this. Overall, very happy, despite all the turbulence caused by COVID, we have achieved this. We'll give you a summary, and we have a new target by the end of 2025. Now, we passed the bar of 20,000 employees, and this we were able to do it maintaining our eNPS, employee net promoter score and engagement score. Very, very happy about passing the bar and being able to attract so many people to support our growth. Now, we have also well positioned BRP for the future with the EV, electric vehicle strategy. In March 2021, we have announced that each of our existing product line will offer an EV model by the end of 2026. This is a CAD 300 million investment. Plan is on track. In March 2022, we announced the relaunch of the Can-Am motorcycle in EV version. That product will be available in summer 2024. BRP is well positioned for the EV technology evolution. All of this is achieving a significant market share gain into the industry. Since fiscal year 13, when you look at what we have accomplished, we've gained in North America 11% market share. Unbelievable. If you look at the graph, look at the acceleration that we have accomplished in fiscal year 15. In the last since fiscal year 13, basically we've gained 14% market share on snowmobile. We have the number one position. On watercraft, we gain also 14% market share, number one position. On Can-Am side by side, 11% market share, number two position. On Can-Am ATV, 7% market share, number three position. On Can-Am On Road, we double our retail to be number one in the three-wheel vehicle business. Obviously, I'm biased, but there is no other OEM that are better than us to gain market share in the industry. We deliver very strong financial result. If you look since fiscal year 2013, basically, our revenue grew 13% a year. Our normalized EBITDA, 17% CAGR, and our normalized EPS, 23% CAGR. When you look at all this, I'm very, very proud of what we have accomplished and how we passed through the COVID crisis. I'm very proud of the employee of BRP. When you look at the agility, the creativity, the commitment, the resilience of our employee to make things happen, it's really remarkable. This is a summary of what have been accomplished in those two and a half years period of time. Now let's move to what's next. Where are we going from here? This is an update on the M25 plan. First, the priorities. Build on Can-Am momentum. The original M25 target was to reach $5 billion. Now we've set a new target for fiscal year 2025 to reach $7 billion. Make waves in marine, we maintain our target of $1 billion, but this is without the Evinrude engine, then more sales of boats. Exceed customer expectations, basically, we are on track. Fuel the BRP heartbeat, we are on track. Perform to win, $300 million cost savings have evolved to $400 million cost savings. Thomas will talk about it in a few minutes. I'm not touching anything. Pursue something bigger, sustain BRP growth beyond 2025. Basically, we are on track, but you will see that our CSR plan is more ambitious than the one we had before, and I will talk about it in my closing remark this morning. All of this to have the new vision framework, the definition is the same, setting the course for BRP 2.0. The four pillars, growth, CX, employee X, and lead have not changed. But obviously, we have adapted our priorities and our goals for fiscal year 25 with new targets. Why we are well-positioned to deliver on this. First, we have solid lineup across all our product lines. I think, we're gaining market share year after year. This is a statement that is supported by the results. Third, attractive white space with strong potential. We have new opportunity in the next 2 years. We have the Sea-Doo Switch. We have the new Alumacraft, Manitou, and Quintrex with the Ghost engine. For the one that has tried the new Manitou, I think you are now a believer. We have the Can-Am two-wheel electric that will be launched in summer 2024. The increase in customer interest. There is a lot of new trends, and we are operating today in a larger industry than ever. Every time you gain market share, it's more volume. Mid- to long-term favorable macro trend, and here a few words. Obviously, there is a lot of uncertainty about the short-term situation, the inflation, the interest rate, the yen, the gas price, but the mid- to long-term looks good. You will see this morning, Anne-Marie will give you an update on customer research we've done, the demographic evolution, the customer household income increase, the work from home phenomena. All of this is positive for our industry, and Anne-Marie will tell you more about it in a few minutes. Significant inventory replenishment opportunity. There is CAD 1.4 billion of product to be replenished in the next, I would say, 24 months. Improved profitability profile. We believe that we can sustain, after the COVID period, a 17% normalized EBITDA margin, which is higher than what we had pre-COVID. Obviously, I have the chance to visit our facility all the time, and I'm very, very proud of the state-of-the-art manufacturing footprint that we have all around the world. All of this makes that we are confident about delivering our M 25 target. I have to say that we have an incredible management team. I mean, you had the chance yesterday night to talk with the whole management team. We have competent people at BRP at the top level, but if you go down into the organization, it's amazing the competence that we have and the commitment that we have. The management committee is composed of seven executives that have been there for a long time, five that are newer, and it's a challenge between the new thing and also not making the mistake of the past. Altogether, it's eighteen years of seniority in average for the whole management team. All of this, we are confident to deliver the new financial target. Basically, if you look at the revenue, this year our guidance is CAD 9.5 billion-CAD 9.9 billion. We're planning in fiscal year 2025 to be at CAD 12 billion-CAD 12.5 billion. Normalized EPS this year, 11-11.35, and we're planning to deliver 13.5-14.5, EBIT and normalized EPS return. This is, in a nutshell, our update of what have been accomplished and our new M25 plan. We have time to take maybe a few questions on this topic. Anyone has anything to ask? Too early? Robin? Just for the people on the line. Just wanted to clarify, would that include anything with acquisitions, or this would all be organic? No, in our plans, we never put M&A, and we never put share buyback. It's something that we do opportunistically, then that do not include any of those. Is that right, Mr. CFO? Anything else? Thank you. I would like to introduce Anne-Marie LaBerge, Chief Marketing Officer. Thank you. Okay, apparently we have some turbulence with the clicker this morning, and this is a perfect thing because I'm actually here to talk to you about turbulence. We'll try to make this work. I'll stay here and maybe and I'll press, Laurence, slowly and give it the slight time to change. It's been a very interesting time. I've been a marketer. I feel all of my life, and the past 2.5 years have been the most interesting in all of my career. I think we've gone through quite a bit of turbulence on many fronts. Some of it was challenging, and some of it was actually positive. Today, I have the opportunity to talk to you about the positive side of the turbulence over the past two and a half years. Three things I'm gonna cover. First of all, we've talked at the quarterly discussion with you guys around the new entrants. I know from spending a few times with you guys yesterday that there's a lot of interest, so I'll talk to you about what's happening with new entrants at BRP. Then we'll talk about the outlook of the future. What are we looking at? What do we feel is coming? How long will this last? We've commissioned. An important thing is whatever is going on, we wanna make sure that BRP is getting more than its fair share, and also that we are gonna keep these customers. I wanted to share with you how we are doubling down on our focus in customer experience. You've probably seen this before. This is BRP customer base. From pre-COVID, we went from 19% new entrants to 30% new entrants. For fiscal 2023 numbers right now, we're keeping the momentum, so we're not seeing a slowdown in new entrants coming into BRP. I think it's more importantly, the repurchase. The repurchasing is speaking to the enthusiasm of consumers into the category, and we are seeing that 50% growth of repurchasing from pre-COVID to today. I think that some of you know what's interesting with this research is IMI uses, and it's for a Francophone, very hard to pronounce, volumetric predictive model. What is that? Volumetric predictive model is based on a human factor that people don't do what they say they will do. If you ask me, "Anne-Marie, would you like to buy Jimmy Choo shoes in the next year?" I will say, "Very likely," but the chances that I will do it are very slim. What they do is they discount. Instead of taking at face value with most surveys that you would see, they discount, and their discounting is on the realistic side at 99%, and on the optimistic side at 95%. The numbers that you will see have all been discounted. The other thing that's interesting when you hear me talk about baseline is we've commissioned a BRP industry forecast that you see on the slide, but we're also using the IMI category pulse as a baseline of 120,000 surveys, and IMI next wave at 32,000 surveys. First question was around market trends. Three things that we've seen in market trends. Number one, discretionary income. I know that's a tough word for me. We're seeing that 30% of the intenders are saying that they will get a raise within the next 12 months. This is 2 times more than their actual baseline. I talked to you about average revenue per household that is already high. This is in line with this, but they're also very, very confident that they will get, you know, increased revenue within the next 12 months. 25% say that they will move into rural areas. You know that ruralization is actually a global fact and due to COVID, but this is two times more than their baseline. The third thing, working from everywhere. They're gonna work from home, and this is 1.5 higher than baseline. Why does this matter? Because it answers three barriers to our industry. The number one is a cost barrier, the number two is a playground access barrier, and the number three is time barrier. Now, the outlook of the future for customer demand. This is a very important slide because what this is telling us is of all the people that were surveyed, we see a growth in demand of 31%, and this is realistic, over the next 9 years. By 2031, in a realistic matter, they're seeing a growth in demand for powersports and marine at 31% and optimistic at 54%. If we're looking closer to us, the growth in demand in 2024, let's say, would be realistically 28% and optimistically 44%. We talk a lot about diversity, what will the baseline? The first line is BRP, and on minority visible minorities is only for on-road, but it's you're seeing the comparison. Where we go today at BRP, our baseline for women, for example, is 22%. Expected to go up to 37% in 5 years, for example. For Millennials and Gen Y, we'll go up by 6-10 years to 55%, and visible minorities to 38%. Now, what is a motivation or intent to stay? Three things. Number one, intenders are saying to us that there is an increase of 18% of intention to start participating in powersports over the next 18 months. From the people that have not participated in the past 12 months, they've not owned a product or anything like this, they're saying, "In the next 18 months, I wanna start participating," we've seen a growth from baseline, a growth of 18%. Number two, 30% of owners are saying that they wanna purchase a new product within the next 10 years. Number three, 30%-50% of all of the customer base in powersports and marine in 10 years do not currently own and have never owned a product. Now, what makes us optimistic? Because clearly it does. You know, I've talked about new entrants are here to stay. You've seen the numbers and to increase customer demand by 31% by 2031. The intent to buy is strong among affluent groups. We've talked about average revenue per household. And also their optimistic view around their financial condition in the future. There's also a new generation ahead, more visible minorities, and thank God, more women. And then a favorable market trend with ruralization and also working from home. I said that BRP's doubling down on experience. You heard José talk about the fact that this is one of our pillar customer experience. It mattered before, of course, the pandemic, but it matters even more today, because we wanna ensure that we can connect with this whole new customer base. Imagine that for years and years, we had one profile of customer, and now the face of our customers are completely changing. These people wanna connect with us in a different way, and we need to make sure that we adapt to that. We're gonna do four things. Number one is meet our customers on their own term. You'll meet Josée Perreault in a few minutes. You know that she's a woman who can take on a challenge and deliver on it. Look what she's done with the on-road business. She's now taking on the omni-channel, and it is absolutely critical that we can connect commercially with consumers so totally seamlessly how they want and where they want. This is what we're working on at BRP. José talked about the numbers on our digital, all of our digital platform. We've invested a lot with people to ensure that the experience, the platform is completely seamless. Thirdly, on data. You know, we are getting really, really good at data management, at customer segmentation to ensure that we can talk to people when they want, how they want, but more importantly, with the information that they want. The second thing, this is a big change in strategy, we're gonna go from focusing on unit sale to customer lifetime value. The graph to the right is actually one of the reasons why we're doing this, but we know for a fact that from a new customer to a repurchaser, a repurchaser will spend 31% more dollars with, at the time of purchase. Also because we do believe that there is a lot of value for BRP in ensuring that we follow a customer through their lifetime and ensuring that we can do commercial dealing with them throughout that lifetime and following that up and ensuring that we can upsell and cross-sell to them. We're really applying this right now and, we're excited about the opportunities. Customer lifetime value is also one of the KPI for our CX pillar, so we're gonna keep a close eye on this. This is a passion project of mine and of BRP, but it's tapping into the experience economy. In 2019, we launched our incubator that is called BRP-X. We've done 10 pilots so far in BRP-X. The first baby that came out of our incubator is Uncharted Society, and that was launched in 2021. It went from a pilot to a startup. I am super proud to say that after one year we're EBITDA positive. What it does, it's a marketplace. I was talking about this passionately at dinner last night, but if you go, and I invite you all to go and check Uncharted Society. Basically we, you can go and purchase, you know, a 4-day trip, you know, riding side by side in the Grand Canyon or, you know, there's a lot of offerings right now. We're in North America, and we have over 100, or we will have by the end of the year over 100 outfitters. We are launching in Europe next year, so we're seeing incredible potential in this. Then in the pilot Uncharted Playground. Out of the $6 billion value of TAM that I've put here for North America, more than half of that represents access to playground. We have been piloting and testing this. We started in Texas. We're now in 5 states. It basically is an application that we've developed. You basically... Very, very much like an Airbnb of playground. So we basically foster the ability for people to find great place to go and play. So more to come on this one. Of course, I cannot talk about experience at BRP without talking about products. I think that we have been the innovator in providing the ultimate experience. You guys have lived it yesterday. But it is absolutely part of our DNA, and I wanna make sure that, you know, Denys allowed me to have one slide on product, and this is my slide. I said to Denys, "I cannot talk about the incredible experience without talking about how we've broken paradigm on all of our product line." Now, because I'm in marketing, I have to end with a video, of course. Before we run the video, I think I have to click one more time. There's another really important transformation that we've done, and it's the way that we engage with consumers. We used to be very much product-focused, and our relationship with consumers were very rational, not emotional. We do believe that people connect with humans, and they connect with emotion. We completely transform our narrative at BRP for all of our brands. I think I said this for those of you who were here in 2019, and I said I talked about my Everest, which was a marketing transformation. I said that the summit is when we can give the megaphone to all of our riders and consumers and let them tell the story. Then, you know, of course, the first question my CFO's asking me is, "How much marketing dollars can we cut if you do this?" There is efficiency to be had for sure. We've created media house in the past year, so we now have the ability to create our own media, our own content, using and leveraging our 200 ambassadors worldwide and our communities. Last week in Montreal, we won a Gold IDEA Award for the piece that we did ourselves that is called Living the Land. We were super proud. It's a three-piece series, and it's about off-road living. There's way more to come on this, but it's giving us more agility, more ability to be able to connect. This short video is actually featuring all of our ambassadors telling you how incredible and fun it is to ride powersports and marine. We can run the video. I don't believe in motivation. I think that's a cheap way of trying to force yourself to do something. There we go. Soundstage. I try to explain to people like, life's so short. Like, let's go live it, you know. That's what I'm here to do, is live life to the fullest, right? Live a life worth living every single day. I have to have that adrenaline rush. I have to feel that inside of me. I wanna know that I lived 10 lifetimes, that I did it all. I can't really explain, like, what drives me. It's just so what I'm supposed to be doing. This is what we live for. All right. Do I take a few questions? Yeah. Thanks, Anne-Marie. I guess just a question about the sort of shift in focus from volume focus to customer lifetime value. I'm just sorta curious, what does that mean in terms of, you know, for the organization, just in terms of either capabilities and how you think about that differently, or resource allocation, and then also how the dealers sort of come into that evolution. Well, first of all, I wanna make sure that I'm clear that we are still totally focused on selling units, okay? Because if you wanna have the lifetime value, you need first a unit, then you lifetime value it. That's an important point. It is a complete change, and so we do need to have the tools, the right tools in order to do this, which we have now and continue on developing. I think what Josée Perreault's doing on omnichannel is definitely an important key to this. That's one thing. I would say that right now we have many tools to help us do this with a great potential for evolution and investing even more. That's the first thing. The second thing is, to me, dealers have a more important than ever role in managing lifetime value of a customer. The life after the purchase of a unit is managed in partnership with the dealers. Where does the customer go to have service, to have repair? It's at the dealership. Our ability to connect with that customer directly, BRP to the customer, and then working on the dealer to make sure that this customer stays with us is absolutely critical. I would say that there's a people component to this, there's a tool component to this, and there's a process. Right now, between Josée Perreault, Sandy, Karim, and myself, you know, we represent the commercial side of things. you know, we're totally working into making sure that we see this, you know, that we're making that transformation so. I hope that answered the question. Yeah. Thanks for that. I wanted to focus a little bit on Uncharted Society. It seems pretty interesting. Can you talk a little bit about those 100,000 guests, how many went on to maybe purchase a new vehicle? And can you also talk a little bit about how scalable that business is over the next couple years? Okay. On how many have purchased a new vehicle and it's the business has been there for a year only, so I won't disclose that number just yet because it's too soon. On the scalability, it is, you know, we found a business model, so when it was in the incubator, we tested many different business model. We found one that works for BRP, and now we're ready to scale. It is 100%, I would say, scalable. Right now, of course, the revenue comes, of course, from the sale of the unit to the outfitter, but also with, you know, as I said, you know, us fostering or being the marketplace. There's revenue that is made there and shared revenue there as well. Okay. I think we're on with Denys Lapointe right now. Thank you. Good morning, everyone. Sorry I cannot be with you today, but I guess it's better this way. Innovation is a matter of survival. Whenever I speak with a financial analyst, I like to use this quote from Harvard Business School that more or less stipulates that profits are important, but just as important as profits, you have to have a growth story. I guess the reason why they've invited me to speak with you today is to speak a little bit and give you a little bit more insight on the growth aspect. This being said, if you were to look at the Fortune 500 ranking from five, 10, 20 years away, you would actually notice that, and this is just factual information in this particular case, that some companies actually improve their story. Some actually maintain their ranking. But unfortunately, some are being affected and disappear from the ranking. We believe at BRP that one of the reasons is that many companies are often caught by surprise. Surprised by a new paradigm that's being introduced. I guess the best way for a company to have to live through these paradigm shifts is to actually work and reinvent the next paradigm ourselves. At BRP, we've developed our own lexicon. You can see here from invention, disruption, all the way to continuation, there are different levels of innovation or different levels of paradigm shifts, and none of which have the same kind of impact. Obviously, to reinvent and disrupt, you need quite a bit of effort to get there. What is different at BRP is that 25% of my staff is actually dedicated to the type A and type B, trying to identify the next paradigms. Also at BRP, we've learned from our mistakes in the past and from our success stories, and we've defined a design philosophy that is built off three pillars. First, the highly innovative, so we always try to come up with new innovative product architecture that disrupt the market. We build in a lot of functionality and little delights that will enhance the consumer journey. Treating with ergonomics and also HMI, human machine interface, is also a very important factor. The third pillar is what we call the wow factor. It's the level of emotional content that we provide into our products so that people are somewhat drawn to our products. We know that when we respect the three pillars of our design philosophy, we increase our chance of having a commercial success. We also innovated at BRP by creating a stage-gate process. Every great company has got a stage-gate process that goes from gate zero to gate six or seven, whichever. It usually takes 2-4 years to bring a new product to market. In the past, BRP has realized that whenever we had great ideas, when we came to gate four, where we needed to have the full reliability demonstrated, many of those best ideas just got tossed away in order to make sure there's no risk introduced beyond our start of production. We innovated by creating what we call our advanced stage-gate process. With this, we allow ourselves to loop back and really identify from ideas and prove that those ideas can really have some traction and resonate with our consumers. Many ideas will basically spend one or three years trying to identify these disruptive ideas that will make it to our regular stage-gate process. As such, I will share a few examples in a few minutes, but we have three design and innovation centers. Our main studio is in Valcourt, Canada, dealing with several powersports products and a few other things. We also have our Palm Bay, Florida studio, which you've been close to, exposed to this morning. Basically, within this center, we do all the marine investigations as well as some of the powersports investigations as it pertains to water. Now, on the right-hand side, the Sophia Antipolis studio will be opening up in September of this year, and this group will be focusing on concepts aimed at mobility, urban mobility, and even services. I will show you a few examples of those investigations in the coming slides. Now, my team has actually been working on different things. We're proud to say that we're being inspired by our founder with the invention of the snowmobiles. But later on, we invented the watercraft business, and later after that, we also introduced a new industry with the Spyder launch in 2008. Sometimes we're being asked to disrupt a specific segment. In this particular case, we've seen with the REV Gen1 in 2003, the Spark 2014, what this has done to the marketplace. The Maverick X3, the Ryker in 2019, the Fish Pro, and the Switch, which we believe will be major disruptive products in their own respective markets as well. We also apply the same principle as it pertains to apparel as it pertains to accessories with the LinQ accessory and all kinds of other accessories in their respective segments. Now, obviously, what has this done to their respective markets? Well, in the case of the REV, we were +10 market share points in less than four years. In the case of the Sea-Doo SPARK, the industry was up 95% since its intro. Same thing with Ryker. The industry up 85% since the introduction of the Ryker. Our accessories story was twofold over the last 5 years. Great achievements by introducing disruptive stories in the marketplace. My team is comprised of several individuals coming from the four corners of the world. At least 50% is actually from international, so I'm very proud to have built certainly one, if not the strongest powersports design team in the world. Now looking at what the folks have been investigating for the powersports explorations, obviously we can expect side-by-side variants to fit in different segments, obviously with some disruptive material as well. We are to introduce disruptive material. For the on-water vehicles, we will look at entry-level segments. We're also contemplating applying the power pack, the electric power pack that's been announced for two-wheeled variants into powersports. There's a lot to come, three-wheeled vehicles, ATV side of things as well. Expect quite a bit of novelty in our powersports industry since it's at our core of what everything we do. Moving on to our marine investigations. Ever since the Ghost power pack intro, we will leverage the consumer benefits that the Ghost provides into several new products and variants. You can expect entry-level in different segments, but you can also expect upscale variants. On this, we will apply our design philosophy pillars, ergonomics, HMI. All of this will be reviewed and will be state-of-the-art in all of our products moving forward. A lot to come on our marine side of things to create that growth. On the next slide, perhaps more novel, this is as it pertains to mobility and services explorations. Obviously, with everything we're doing on the electric front, we will leverage our technical pack, power pack. We will be looking into two wheels, three wheels, four wheels, perhaps six wheels, all kinds of things that become more or less service or mobility. You can imagine with the new studio in Sophia Antipolis in the south of France, every day a commute becomes an insight to resolve and come up with new ideas as it becomes the fuel for our imagination in the future. We've already started along these, and we revealed some of the concepts in 2019 at our Las Vegas show. Stay tuned, there's a lot more to come as it pertains to this mobility and service explorations. Now, this being said, even though our prime focus is to deliver utmost innovative products that either exceed our customer needs on a daily basis, it's always good when we get accolades from the trade, from the design world. Obviously, we're very happy to have received over 150 international design and innovation awards from different design award competitions, some of which are in Europe, some of which are in America, some of which are in Asia, Pacific, Japan, Australia. We're really proud of these awards. This being said, I wanna thank you for listening to me for these last 15 minutes. Thank you. Denys is with us to take any question, if there's any question in the room. Thank you. On the 2-4 years for new product development that you mentioned, it seems like, you know, the clock speed of innovation has really picked up across the world. I'm curious, like, what did that used to be? As BRP begins to leverage some of your more modular scalable platforms, do you think that clock speed of innovation can quicken in the future? Thank you for the question. 2 years is minimal. Obviously, it's a very fast pace. What I can say is that it's always pending the level of innovation, like I shared with you the types of innovation. Obviously, to come up with something that is really disruptive is very tough to accomplish this in a 2-year timeframe. Yes, we at BRP are very efficient at coming up with new ideas. Sometimes, to get the new ideas, you have to identify the proper insight from the consumer, and that takes time. It's not so obvious. We have a metaphor in our advanced concept process that more or less stipulates that if it was so obvious, everybody would do it. We need to identify things that are not so obvious. What will the consumers need in the future? Usually, that takes some time. As soon as we have identified this insight, then to come up with great ideas that will be disruptive. That is a place where we're very efficient. Now, this being said, the advanced concept is one thing. As soon as we've identified that, the best case scenario is two years, as we've done for perhaps less innovative the Type D and Type C areas. That's more or less what we can do in two years. Don't expect us to be faster than two years. It usually takes an average three years to come up with the new products. You also have to remember that, from a modular perspective, if you wanna create modules that will enable us to have several variants in the future, that also takes time and proper planning. Perhaps, my friend, Thomas, will elaborate a little bit more on that in his own presentation. Page 55. A few things. When you look at the -1 to 3 years, the 1 to 3 years in the pre-phase, you have the vision, you need to have the idea, you build a prototype, and you validate. I give you the example of the Sea-Doo Switch. The Sea-Doo Switch, we had the prototype, a working prototype with an okay look. We validate it with customers in North America, and we validate it with customers in Scandinavia just to see how the product will be received. The things that are well-received, not so well, we adapted the product. That 3-year phase that we have before we start the new product development is super important, and it's not only drawing. It's building a prototype and do validation with the customers. Good morning, Denys. Just to look at the electrification, obviously it's a new opportunity for BRP. Could you talk about the implication on the design side? What are the biggest challenge from a design standpoint, but also the opportunities that it open up for BRP, on the design side with respect to electrification? Well, one of the big advantage, I believe it's Benoit, I can only see your back, but I think I recognize your voice. One of the things that is great is the fact that we're designing everything together. We're working closely with the electrical engineers. We're working closely with Rotax. It enables us to really shape and really come up with the architecture that will enable us to apply these components in several applications. I think it's a great opportunity, but the fact that we're designing everything ourselves within BRP and working closely together, design, engineering, and product planning, it enables us to design it right and enable us to scale in different types of applications in the future. A lot of flexibility for new product architectures. Hi. Good morning, Denys. It's Robin Farley. Sorry we don't get to see you in person. I had a question on product development. There was a while where BRP was introducing a new side-by-side every six months. Then when we look at your sketches there for sort of some of the things in the conceptual stage, a lot of it seems very focused on road and snow and marine. I'm just curious how we should think about kind of the pace of innovation in side-by-side. Maybe it's not as much of a key focus as it has been kind of in the last five years, or you know. That's the question. Thanks. Thank you, Robin. There's not a lot of sketches in this, but obviously you heard José talk about the 5 being raised to 7, CAD 7 billion. Obviously there's a lot going on in those segments with multiple variants in the future. I will not elaborate. Perhaps Bernard or Thomas want to elaborate more, but there's a lot on our plate on the side-by-side coming forward in the future. Perhaps you can also expect us challenging certain or coming up with new disruptions in a few segments. Merci, Denys. Am I done? Yes. Thank you. Next is Sandy Scullion. Thank you. Thank you, Denys. Can you guys hear me? Yeah. All right. Let's dive into the Powersports. Again, this clicker. Can somebody help me? Perfect. All right. Diving into Powersports, just to do a very quick recap on its size and who we are. It's as you know, we're dealing in 120 countries, 2,300 dealers, BRP dealers are behind all this, and retailing last fiscal 350,000 units. What that means in a global world industry for Powersports, that would be excluding the two-wheel business of 1 million units. You have to realize that a third of all the units being sold in our industry are BRP units. That's where we're quite proud of this. Even more proud in North America is where we're obviously investing the most with the product, but also in our marketing place for now. In the last few years, or since fiscal year 2016, we have gained 10 points of market share for the entire portfolio of powersports product. In international, it's been quite stable. We're growing only 1 point of market share, but quite different competitive landscape with much more Asian brands playing at a much lower entry level than we would even want to play in. What that means in terms of the powersports industry, pre-COVID, COVID, and probably what you're most interested in is how we project the next couple of years in terms of industry. As you can see in the graph, since you know, between season 16 and season 19, the powersports industry was quite healthy, obviously boosted by the staycation. You see this peak going up in the middle of COVID, and this was all supported by dealer inventory, not by OEM capacity. When you see the curve going down, then that's the supply chain issues actually hitting. The inventory is being emptied everywhere. We believe that you know, by somewhere around the end of season 2022 and the beginning of season 2023, we'll be at the lowest level and then coming back to a more normal level. If you isolate the COVID section in there, and you draw a straight line from pre-COVID to what we estimate going forward, it's pretty much a straight line, right? That's very encouraging in a sense where we believe that the estimation from season 2023 and 2025 are quite realistic, especially after what we've seen from Anne-Marie's presentation about the IMI surveys with the purchase intentions. What's even more important is what you see on the right, and this is pre-COVID inventory levels that are in our dealer network. This is the level we have today, which would be the middle section. What we plan to go forward with is not to build the inventory levels where they were. We're actually planning to lower these levels between 35% and 45%. At that level, that means CAD 1 billion of opportunity in front of us. Remember the other additional point that is actually very encouraging with this slide is the fact that we're probably pre-sold now a full quarter in advance, on average, between our products. If you count the pre-sold units, the runway we have with the inventory rebuilt and how we see the industry behaving in the next few months and years, it's actually very encouraging. What's also very exciting is the fact that we went from number 4 to number 1 in terms of OEM of choice. This is measured in the number of units per dealer. You can imagine we're pretty happy with this. We were the only OEM in the industry actually gaining market share in every product line we had for the season, for the fiscal 2022. That would be last fiscal. There's a pretty solid reason behind this, and we call that our value proposition. What you see on the left side, especially the gray portion of it, this is our retail or network transformation engine, right? This is a process that includes certification. This is us pushing our network to become better retailers. The next step for us, and we started that about two years ago, is that focus on service. The CX of our Mission 25, focusing on enabling post-riders' engagement, addressing the new insurance expectations, but also elevating the network's competencies skills, but also the capacity of our network to engage into even more service. The reason that is important is because with that strong of a network, when we launch new product, we have better chances of succeeding in launching these products. A good example is the Switch. As you all know, Switch, from the get-go, was a great success. In terms of dealer demand, we basically had double the demand our initial capacity for the first season. By March, this is before the season even starts for real, we were sold out or pre-sold by about 75%. We believe that the business could grow up to half a billion dollars by fiscal 2025. We also believe that business or Switch will grow the pontoon industry. Together with Manitou, by season 2025, we have a strong belief that we'll be the number one player in the pontoon industry. Relative to the strength of our network, you've heard about the launch of the EV two-wheel. The opportunity for us here, since the two-wheel business is a much more urban business than a rural business like the rest of our products, we are gonna be expanding the network by about 250 dealers worldwide, and this will have a halo effect on the rest of our products as well. Now, if we jump into the M25 priorities, I'll focus a little bit on the built on Can-Am momentum and cover some of the seasonal products as well. For side-by-side, you've heard Denys and José talk about the $7 billion opportunity. Obviously, side-by-side is a big portion of that. It is still our intention to grow the business to 30% market share. There is the continuation of the momentum we have both in ATV and three-wheel that we'll be supporting. The PA&A business is quite healthy and is being driven by the fast-growing fleet of the off-road business as well. This will bring us to the $7 billion mark. If we double-click on side-by-side, as you can see on the left side, this has been our performance since the last years from 2015 to 2022. We've basically tripled our market share or our retail. The extension you see in the yellow bar, this is what we intend to go for fiscal 2025, and this will be with the full capacity of Juárez 3, as you can also imagine. On the right side, this has been our market share performance, 11 points since 2017, and the target remains at 30% for the side-by-side business. What that means, the last couple of years, we did gain 8 points of market share for $1.1 billion of opportunity. For the next few years, this is another 8 points of market share representing another billion-dollar opportunity for side-by-side. Where is that gonna happen? There's still some runway in a lot of segments. As you can imagine, the Rec/Ute segments or the Defender segment, you see our position right now. Still a lot of runway there. There is runway all the way, by the way. If you look at the right side of the slide, it mostly will happen on the non-premium segments. As you can see in the premium segments, we're already, for some of them, way over the 30% bar. This is a question of focus from our network, from our product lineup focus and how we talk to our consumers. I feel very confident that we'll be able to to bring these segments, sorry, to the 30% bar. The recipe for that, and I don't know if you remember, we've talked about our Texas plan and how we're gonna be focusing on the biggest side-by-side state opportunity we had back then. We had obviously much lower market share in the South of the US, and more specifically in Texas. This is the result today. We basically multiplied market share in Texas, all segments included, by 5, and we're actually over the average US and Texas. This is about taking that exact same recipe and then focusing on the other next opportunity states and go nationwide with such a plan. We feel very excited with this. All in all, obviously, with a strong base of our dealer network, but also the lineup we have in our hands, the winning in Texas, the underrepresented subsegments we have in the side-by-side, and we'll continue to invest in the products and obviously in growing that. Not the least, the full capacity of Juárez 3 will bring us to the 30% market share. Now, if we go to the three-wheel business, José talked about it a bit, but this is a Ryker success story. This would be our market share since fiscal 2019, 20 points of market share gain in the three-wheel category. We're actually number 5 now on 13 on the two-wheel business and you know, and obviously clear number one in the three-wheel industry. What you see on the right, you've seen that a couple of times today, but you can imagine that other OEMs would dream to have these KPIs in front of them. This makes us very comfortable in the future growth of the three-wheel business. If we touch Snowmobile, as you can see on the right side, new market share heights in Snowmobile never reached before. You see on the left. On the right side, the pre-orders of the last 2 seasons have been record high. This would represent the, obviously, from the annual production, a good proportion of them is already pre-sold and, we're just getting started. We just launched Lynx a couple of years ago, in North America. It is positioned as a premium brand, and we understand that some of our competitors don't have the same pace of investment. With Lynx, we can grow that business even more in North America. On the Watercraft business, this is a Spark success story. You see from season 13 to 21, that's the industry. You can imagine that, the Spark actually fueled the industry. Our intention is to continue to grow that business. One element or one example of how we're gonna do that is on the right side with the FishPro. This is a completely different category. This will address or could be addressed by over 70 million participants or fishermen worldwide. That's a pretty sizable opportunity when you think about it. It's less expensive than a fishing boat. It takes also less space. Also very positive is the fact that we have a higher percentage of new entrants than Spark with the FishPro. With this will ensure the growth of the watercraft business even more. On the PA&A side, we did hit CAD 1 billion in fiscal 2022. We're pretty proud of that. Obviously, a lot of this is driven by the fleet growing very fast, but also in how we're increasing every dollar per unit retail. On the next slide, you see on the parts side, we've doubled that business in the last four years. In the last two years, we did invest a lot in the parts service portion of it, and we'll do that even more as you saw from the network transformation engine. The accessory side, we've got categories like side-by-side and pontoons that have significant attach rates, so that's significant opportunity for us. As we grow these two specific businesses very fast, they will contribute to the accessory business. Obviously on the apparel side, and supported by what's coming in terms of the omni-channel and our e-commerce, we believe that's is gonna be a very positive outcome as well. Back to the service opportunity. You see on the left side, this would be the fleets or the fleet by year, and this is growing constantly. What's even more exciting is what you see on the right side. That would be the retention rate. Our industry and BRP is significantly lower than the automotive. That would be a customer in a year, what's the percentage of them going back to the dealer for service. Every point that we can increase of the retention rate equals $1 million of profit, so there's a lot to be done there. That fits perfectly with the CX or how we treat our customers post-service and how we engage our dealers in focusing more on that part of the business rather than just focusing on selling the units. In summary, it's pretty simple. We are on track to become the number one powersports company in North America. We still have large growth potential for Watercraft or side-by-side, more specifically, but also three-wheel. The parts and accessories business is accelerating, and what we have in our hands right now, this is gonna continue. Post-COVID environment is creating opportunities that we're ready to seize. This has to do with the runway we have in front of us and all the presold unit also we have in front of us and the capacity we're actually investing in with Valcourt, which is gonna be full up and running by beginning of fiscal 2024. On that, we'll go with questions. Yeah. Just a question on the dealer inventory, your sort of longer term plan to have sort of permanently down 30%-35% versus pre-COVID levels. I guess, what's your degree of confidence that the rest of the industry is gonna have a similar kind of discipline around network inventory? I don't think anybody was very happy with the situation pre-COVID. On the dealer side as well, dealers are making more money today. They're selling full MSRP. In certain of our categories, they're actually selling over MSRP. Going back to higher levels of inventory and starting to discount because they're gonna be the first one feeling it by discounting. The OEMs having that discipline of fueling supply close to equal to demand is gonna be the challenge. Internally, we've made the right moves. We had two years behind us to prepare for that because this is a great opportunity for the industry. We believe we have the plan in place to make sure that we calibrate this and we come to a soft landing and to reach these levels of inventory. Thanks, Sandy. This is Benoit. You talk about the market share gain in North America that was more pronounced as opposed outside of North America. You've been talking about the Asian brands that are getting maybe more traction outside of North America. Could you talk about how the customer is different outside of North America? Is it more sensitive, less focused on innovation? I'm just wondering whether the launch of the non-premium models is a response to better attack the growth opportunities outside of North America. Well, there's also a context around Asian brands, where within the two-year period of COVID, they seem to be a little bit less affected by the supply chain. That opened the door to some of these brands, also in North America, by the way. You also have to realize that take Europe as an example, the usage of an ATV or a side-by-side is mostly used on-road. They're on-road legal. In terms of the capacity of the units, you know, if you use that unit for on-road, it'll probably do a good job and last for a long time. Being used in a real off-road environment, you need to raise the quality and you raise the reliability and the performance of these units. This is why, in these different countries where you're allowed to ride on road, well, that opened the door to lower entry-level brands in the market. Okay. Quick question. I mean, if we just look at that first bullet point saying that you're on track to become the number one powersports company, if we think back historically, you talked about becoming the number two player and then the dominant number two player. I mean, is this a notable change in your intention of where you guys think you can go over the next few years, or do you not view it as such? We like to be number one everywhere. But, you know, when you think about it, the biggest industry outside of the two-wheel business in North America is the side-by-side industry. We're a clear number two right now. We have plans to become very close to the number one with a 30% market share, and our intention is not to stop there. This speaks to the momentum we have with all of our brands. As you saw from both Watercraft and Snowmobile business, we're over 60% market share. This is more than in reach. If you go back five, six years ago with being so far away in the side-by-side business and even in the ATV business, this was not possible, but this is in reach right now. Hi. Yeah. Question over here on the 30% market share. Like, what are you assuming for industry growth within that? Then maybe as a follow-up on the dealer inventory question, you talked about a $1.4 billion restock opportunity, and then, you know, incremental revenue for the whole, I guess powersports is $2 billion. So is that implying that there's something like $600 million in new orders? Is that like, how do you split between the restock versus, I guess, new? No, this is gonna depend on how fast we do rebuild the inventory. Obviously we don't know what we don't know in front of us, but still, we have that in our hands as an opportunity. If retail continues to pick up as per IMI, as an example, while inventories will be lower than that and we'll be retailing more units than the plan. For us, I think it's a conservative way to look at how we project the industry. As you saw. What I showed you in terms of the industry is the whole powersports. We will see a dip in the industry on side by side as we speak, and coming into the next season, we will see capacity growing from pretty much all the OEMs, but also from us. The projection in the next two years is basically in the same area where we projected the industry pre-COVID, you know, between 4% and 6% a year. It's not that significant. Sandy, can you discuss your dealer footprint? Where might you be over-penetrated in terms of product or geography, or where you might be under-penetrated, again, product and geography, and the opportunity at existing dealers to put even more product in those dealers? You know, the North American network, I would say today is in a mature state. There's some phasing out and phasing in dealers, but it's not significant, and there's not a lot of open spots in North America. There's some adjustments we will do with the Switch product since we launched it only last year, so there's a second phase to the Switch product. For the rest of our business, you know how the math works, as we grow market share, for example, in side by side, then we need to probably adjust some of the regions, but it's nothing significant in North America. The two-wheel business with EV will be the trigger to more changes towards the urban areas, which we're not super developed right now, both in North America and in Europe. More specifically in Europe, that's a bigger network development play than it would be in North America, if that helps. Yes, good morning. Just one quick question on slide 73 with your electrification progression. It looks like you have the Sea-Doo there as the next product to go electric. I'm wondering if that is the case. If so, why? And then is there any natural ceiling or pushback with respect to the market share you can get in PWC or snowmobiles, either from the dealers or choice? Well, I don't know what you're seeing on the slide, but I don't think you're seeing a watercraft there. If it was, it's you shouldn't take that as our next step in EV. It is not a watercraft. We're also looking at growing the industry, right? As José said it, that we will be in every category of powersports with EV. This is not about only growing the market share or replacing or cannibalizing other products. This is about growing the industry with new types of customers that are looking for that, right? To your example, in watercraft, if that was the next product, there are many lakes in Europe, as an example, you can't ride watercraft. Well, that's a new market. This is not gaining market share against a competitor, right? EV would be allowing, as an example. EV for us is more than the technology transition. It opens up to new customer base. I mean, it is a relatively small industry. We believe we can grow it. To what extent, that's still to be known. Right now we're focusing on the markets where the runway is right in front of us. This is where we're investing the most in the product side, on the manufacturing side in terms of capacity as well. Within that transition to EV, then we'll see what opens up, and we'll be there to react. Thanks. Good morning. I guess if we look at slide 78, and you touched on this a little bit in your presentation, all of the market share gains and then some are coming from the non-premium segments. In fact, it looks like you're expecting to lose some share on the premium end. What does that mean from a margin perspective? Are those products innately lower margin, or could you get those margins up to where you are today? Just to make a point here, we're not talking about entry-level products. We're talking about in the Defender, let's say HD ten, while dealers today, they have X number of units of allocation, so they'll focus their purchases on the Lone Star, on the big, you know, on the full premium, fully packaged unit. For some reason, they're not focusing on the entry-level packages, even though it's high HP and so on. It's our job as well to get the dealers into that. You know, selling a Maverick X3 Turbo RR that is not fully equipped is still very good margin for BRP. Yeah, you may imagine some margin erosion from the mix because of that, but the opportunity is so big that you'll gain in volume, and obviously we'll be able to leverage this with the accessorization afterwards and so on. We're typically very creative and not losing too much margin in the process of a mix change. All right. We have a short break of 15 minutes at the moment. Thank you. We are ready to restart the presentation, and our next presenter is Karim Donnez, President, Marine Group. Thank you very much. Good morning, everyone. Let's talk about Marine and the opportunities we see in this industry. A few years back, if you recall, and José mentioned it in the intro, we put together the next wave of growth for BRP. Part of it was a marine strategy M25, which was the buy build transform. In 2018, 2019, we wanted to start by creating a critical mass that would allow us to deploy the strategy. We acquired in 2018, Manitou, Alumacraft, in 2019, Quintrex in Australia. Since then, we've been at work to bring all of the design, innovation, technical expertise that BRP is known for into the marine industry. We've strengthened the dealer network, and we've made sure that the manufacturing capabilities and capacity could follow and keep up with the pace of growth for BRP. Now we're entering the third phase of our M25 marine strategy, which is the transform. The intent is to redefine the boating experience. We'll be introducing a new Manitou, a new Alumacraft, and a new Quintrex, all powered by a brand new Rotax Ghost outboard engine. The Rotax Ghost is an essential part of the strategy, and here is why. When you ask a boater what he wants, a boater wants value, performance, ease of maintenance, a swimming platform, and more space in a boat. Well, you check this project Ghost checks all the boxes. In fact, enhances the value that you get for the package boats, enhances the space you get on the boats. In addition to this, you get the swimming platform that you can get for an outboard engine. It does overcome any engine drawback, stern drive, inboard or outboard. That's project Ghost. With the current Ghost and we decided to apply Ghost to the new Manitou, a new Alumacraft, and a new Quintrex. That would make for a fully integrated package boat that would go to market with a completely new design, a lot of new functionalities, and an ease of customization. With all of these new boats, we intend to reach a first milestone of CAD 1 billion in revenues by FY 2025. Now, when you look at the way we wanna do it, first off, Quintrex, we have some strong market share, and it's growing. We wanna maintain and sustain the market share growth for Quintrex. For Alumacraft, we decided strategically to refocus on richer mix, so premium boats. Now we wanna go recapture market share with the new Alumacraft Ghost. You see the large bar which is made of Manitou is to go get market shares in all pontoon segments, and we'll deep dive a little bit into Manitou as we believe it is a very important part to reach the 1 billion milestone. When you look at the way we've considered the new Manitou with Ghost project, we studied, and José and Denys mentioned on how we do our studies and make sure that we get validation before we launch new products. On the right-hand side, you see a product benchmark. That is actually an internal study, and it's always the same methodology we're using. We use the same methodology for Switch and Manitou. Strong product benchmark on what we're looking at. Positive reaction. If we get more than 80%, it's very strong. Interest in a product more than 60%, it's strong. Intent to visit a store 30% strong, and wanting to learn more 35% is strong. Well, you see for Sea-Doo Switch was quite good, everything above benchmark, and actually it was our best benchmark to date, was Sea-Doo Switch, up until Manitou Ghost, which is now the new benchmark for us. When you look at the positive reaction, 95% for the new Manitou with Ghost, like, people really wanna learn more. They are very interested in the product and wanna visit a store just to get a feel for the experience. If you're asking us why we feel quite strongly that the new Manitou with Ghost is an attractive value proposition, well, here is an answer. Now, we talk about the full spectrum, and if you take any BRP customer, we wanna make sure that there is an offering for anyone looking for a pontoon. Could be a small pontoon, a large pontoon. Could be an affordable pontoon, could be a more expensive pontoon. BRP will have an offering for all of these covering the full spectrum of the pontoon industry. With that, we will introduce new product every single year going forward, and that start this year, this summer. With this new product introduction every year, we intend to take Manitou, which is low single digits, right now. Actually it was low single digit 2019. The industry has been growing. We sell more units, but their market share remains stable. We intend to take this to 10% mark as a first big milestone for us. For Alumacraft, we intend to bring this to the low teen%, and for Quintrex from the high fifties to the low sixties% by FY 2025. Quite a strong increase here. Now, it's good to grow, but you want this to be a profitable growth too. Three things we have decided to put in place to ensure that it's a very profitable growth. First one, efficiency. Second, capacity. Third one, making sure that the retail value proposition and the dealer value proposition is second to none. You're well aware of the side-by-side modularity approach that we've deployed and how and why we were able to introduce a new side-by-side every six months, where we've applied the same recipe into marine. That's what you'll see. We have a lot of commonalities between the different platforms on the transom, the engines, the layout, the length, and that would make for a very simple assembly in the factories as well. That's about efficiency. Second, we've been investing in manufacturing capacity in Manitou, doubling the capacity of the plant right now. Alumacraft, we are actually getting ready to introduce the new Alumacraft with Ghost, which means we need more efficiency on site. We're investing heavily on this one, making sure we can industrialize most of the processes. Quintrex, same. Optimization of the layout and making sure that we have new equipment to increase the production there. Third one, retail. What you see here in terms of the size of the network by FY 25 compared to the year of acquisition, we would have grown the network by 120% for Manitou, 60% for Alumacraft, and +10% for Quintrex. If you recall, Quintrex is the market leader in Australia, so they have a good reach already. We feel like there are opportunities for expansion, but the dealer network is quite strong already. Essentially, we're taking Manitou, Alumacraft, being really strong brands in the Midwest, and make them everywhere in North America. With that comes revenues. We expect every single one of the boat brands to have doubled the revenue by FY 2025, and you see that Manitou will be actually 4.6 times the revenues that we had the year of acquisition by FY 2025, 2.7 times for Alumacraft, and double for Quintrex again. Our path to billion-dollar revenue essentially is to bring innovation into the market, and you had a prime example of it yesterday. We want to make sure that we drive market share, we industrialize the manufacturing footprint, and we improve the margin with the modularity approach. We're going to redefine the boating experience. We're going to make sure we have increased capacity and that the network is set for growth as well. Stay tuned. Global reveal will be in August for the new Manitou, new Alumacraft, new Quintrex, with the Rotax Ghost technology. Okay. With that, I will open the floor for any questions or comments. Yeah. Great. Thank you. Can you talk about the decision to go with the two-stroke engine versus four-stroke, and how you overcome the perceptions of two-stroke that are out there in the marketplace? Yeah. Thank you, Garrett. Essentially, first of all, we decided to go for Rotax E-TEC direct injection two-stroke technology because it's the best technology out there. Second, that technology allows us to put the platform in the back of the boats that nobody can actually do with an outboard engine today. Bear in mind, we'll be fitting the package boat as well. But it will be the most fuel efficient, the least maintenance for an outboard engine. Emissions will be really, really good. At the end of the day, we just feel like the overall performance of the engine will be second to none. We feel quite strongly about the package boat as it stands today. In terms of perception, well, the boat will be performing very well. We'll be selling the overall experience, and we believe that the benefits of the platform will overcome by far the conversation about the technology in the back. You're not buying an engine, you're buying a boat. Thank you. Yeah. Good morning. Obviously you've been talking about the capital intensity of your new Manitou, okay? Yeah. That will bring really a standardization to the boating industry. I would be curious to know better about how fragmented is the competitors, wondering whether they will follow in terms of capital investment. It seems that it's still a very fragmented industry, so I don't know about the 84 billion market, top ten represent how much of the pie. Also, you're well established in PWC, aluminum fishing boat pontoon, but there's also other segments. Just wondering over time if there's a path toward growing outside of those three core markets. Yeah. I'll start with the first question, which is competition. I'll get back to that in a second about the industry and the segment. You have a couple of very strong players existing in the pontoon business today. Obviously, we intend to challenge this position, and we intend to become, as Sandy mentioned before, a key player in the pontoon industry. You have a lot of small players, and it will probably be tougher for them to follow the pace of innovation and the capital intensity required to keep the market positioning. We expect eventually this industry to consolidate very much like we've seen elsewhere. Yeah, we know exactly who to watch, if that's your question. In order to bring the innovation and engineering level to what we're doing with what you saw yesterday. Yeah. That's part of the beauty of what was just announced a couple of weeks ago, having one CTO overlooking the entire portfolio of technical capabilities will help both Marine and Powersports. Now your second question. Just in North America, between the pontoon and the aluminum fishing, that's 50, five zero, 50% of the industry. Let's go get this fair share of market share in these two segments first, and then of course we're open to the rest of the world, and the rest of the segments. Hi, Karim. Congrats on you know those results in terms of increasing the revenue since acquisitions is pretty impressive. Can you talk about market share like brand awareness for Manitou and Alumacraft and now and how it was when you acquired the brands? Anne-Marie, please feel free to chime in if as you see fit. Essentially, the brand awareness alone of Manitou was not great for people not knowing the brand. We did a study when we acquired the companies. It was up there with the leading brand in terms of reputation for people knowing the brand. It was good when it was known, but it was not well known, if that makes sense. We're working very hard, and starting this summer we'll be investing massively. We wanted the product first to showcase something that is a BRP product. We have it. Now we'll be investing massively in making sure that the world knows that Manitou exists, and there is no comparison in terms of value proposition in the marketplace. That's for Manitou. Alumacraft, extremely strong brand in the aluminum fishing, probably one of the top three actually, in the U.S. right now. If you ask anyone about three brands in aluminum fishing, you'll get Alumacraft for sure. It's a bit of a different positioning. We see a ton of potential on the brand recognition for Manitou. Is there any idea or intention to link these two brands to the BRP heritage or BRP name or the Can-Am name? Is there any way you can leverage your brand awareness in Sea-Doo and in the Marine and your other products to these guys, or not the plan right now? We have a couple of internal projects about cross-selling and upselling and making sure that people would know actually that if I'm looking for an ATV Can-Am, 'cause there is a lot of cross-selling, people having an ATV would have a fishing boat very often. Making sure that they know that if I get a Can-Am, then I want an Alumacraft. It's the same family. I get the LinQ accessories across the brands as well. We are working hard to leverage and make this known as we go. BRP logo on the front and the back. I don't know if you noticed yesterday with the new Manitou, but the BRP logo was there. With the new product, the BRP logo was there. Hi, Karim. Just a two-part question for you. Firstly, what has the dealer feedback been like for the new products, if they've had the opportunity to look at them? Secondly, could you just remind us if there is an overlap between Pontoon and Powersports in terms of dealer network and the products they carry? Yep. On your first question, we have a dealer council for all the brands, okay? We have one for Manitou, etc. Like we have for Powersports. We had a dealer meeting, actually, in Palm Bay in February, a dealer council meeting. The feedback, actually. José, Denny, Bernard came for this event. It was really important for us to get the feedback. We wanted to make sure they were cool with the overall package, etc. The feedback was overwhelming. In fact, they were challenging our capacity to produce enough units to support the market and the demand that they are expecting from these units. We had a couple of those dealers. They carry multiple brands. They started to be worried for the rest of the lineup that they carry. Which is good news for us, I guess. On your second question, we see an amazing opportunity to have more and more BRP dealers, meaning that if you get a ton of products from BRP, we believe we make better dealers. That would actually be better for them, better business, and better for BRP. We see a lot of opportunities to grow the Alumacraft, the Quintrex, and the Manitou into the existing BRP network. Where it makes sense. Doesn't always make sense, but we have a lot of runway, so we feel quite strong about it. Any other question or comment? Okay. With that, I believe Thomas is next. Ladies and gentlemen, first of all, my apologies for not being with you in person, and thank you for following my brief presentation via video. We choose as a title, Perform to Win, and I will show you that this is exactly what we are doing. As José explained, we have improved our organization. Nevertheless, I want to give you some references to what was predicted in our previous investor day. There, I presented you that we have safety and quality as our priorities, as well as a huge growth plan ahead. On health and safety, we came from a good above 1 to a very good 0.5 accidents per 200,000 hours worked. Our supplier quality is stabilizing around our long-term goal of 50 PPM. Also, in warranty, we are stabilizing around our long-term target. All this while we have basically doubled our production volume. One of our advantages is our unique process for product creation and product lifecycle management. For today's meeting, we want to take you a little bit into the kitchen with three examples. All three examples have something in common. They are based on a long-term strategy. A true product modularity, a manufacturing footprint, and a good supply chain you can rely on in crisis times doesn't come in quickly. This is years of dedicated work. Let's have a look at product modularity first. On the left side, you see our sport utility Can-Am Defender. All variants, from standard to long wheelbase, three to six up, four-by-four, six-by-six, are using the same frame technology, the same fixtures, and are produced on the same machinery, and painted in the same system. On the assembly line, we are using the same pickup points and modules. With this family modularity, we can follow changes in the market demand relatively easy, and the engineering process of derivatives is much faster and safer. We call this platform BM two, and the work on this started more than 10 years ago. On the right side, you see some examples of cross-product line modularity. All four products use the same engine, the same gauge, and the same LinQ system. With this modularity, we reach automotive volumes that deliver cost and quality benefits. In the case of LinQ, we offer with each new product a whole universe on existing customer solutions. For example, our ACE advanced combustion engine family provides for more than 80% of shared or common parts to cover two-cylinder, three-cylinder, and even turbo applications. The combustion engine system itself is highly modular. This propulsion system module is then used across our product lines on water, on snow, on road, and off-road. On gauges, we use the same approach. In the last five years, we standardized them from two technical platforms to one. Also, we had more than 30 variants of gauges. Today, it's less than half to cover our entire growing lineup. New technologies like e-propulsion are set up as cross-platform technologies from the get-go. I'm thrilled to show you our brand-new high voltage platform that is a very nice example for this strategy. With the availability of EV technology, we analyzed what needs to be engineered by ourselves and what we can buy from the market. If so, we look where are the innovation partners for this, or where are the classical commodity suppliers. We defined software, battery, inverter, electric engine, and charger as critical components with respect to product performance, cost, and customer experience. With this, we started investing into required know-how right away. The build-up and acquisition of additional know-how is ongoing, and we start our rollout with Can-Am. Now, where does this overarching modularity approach lead us? Based on our current modularity levels, we are targeting to double our platform and component modularity within the next 10 years. This means that new products, such as the motorcycle and marine, are fully integrated, and existing products will go even deeper. We still have a runway to take modularity and respective efficiency and time savings to the next level. A windfall profit of this strategy in the crisis is that we could prioritize modules to products with a high dependency on seasonality, e.g., getting gauges and engine controllers to snowmobiles as long as we have snow conditions, while other product lines could catch up at a later point in time. On the supply chain side, we established a two-by-three approach. Our main cornerstones are resilience. The existing supply chain needs to be as robust as possible and agility. We deploy our know-how to make changes where required. The quality of your supply chain is always a very important part in terms of innovation, quality, cost, but also time to market. In a strong demand situation, like the powersports industry is in for some time now, the capability of suppliers to produce and deliver on time becomes super critical. If this gets superimposed by a pandemic, you really learn to value partners trying to keep their deliveries on time. We have those partners, and we are grateful for this. We made more than 8,000 short-term engineering changes in the last year to follow available material and suppliers on the market. On the motor control unit for snowmobile, we faced missing semiconductors to complete the modules. Since we have both software and hardware competencies internally, we were able to adjust our printed circuit board assembly to available parts to secure production. Also, we rerouted our main supply routes completely while under full production. We added significant amount of material in our direct access. We changed supplies and spent a lot of money in chartering flights. At the end, it's all about resilience and agility. When you look at the relative market share development in the last quarters, we did better than the competition and gained market share in all categories, as you can see on the right side. In the current situation, we are building as many products as we have parts available. The same counts for our competition. Who handles supply chain more efficiently wins the race. In the last five quarters, we have a track record to outperform the industry in retail growth by between 5% and 23%, which shows that we are doing not that bad in the management of the supply chain and manufacturing operations in this difficult situation. Speaking of manufacturing, let's set the crisis aside for a moment and look into our global manufacturing strategy. We have set this up along three main drivers, resources, know-how, and cost. With our global reach, we are able to get the best out of all three drivers through our manufacturing network. I will cover resources and cost in a second. On know-how, it is vital for us to ensure the needed education levels of our employees to handle our production processes, but also to enable production innovation in collaboration with R&D, in a direct collaboration with R&D. This is spearheaded by our Canadian and European facilities, where we have a tight integration of R&D, sourcing, and production teams. That allows us to invest in selective technologies that make a difference. These centers of excellence develop leading-edge manufacturing technology, tap into local high-tech suppliers' know-how, and roll out everything at scale to our entire manufacturing network. On the other hand, our Mexican footprint allows us to tap into a high degree of labor availability while leveraging attractive production cost levels. Over the last two decades, we built a high level of trust with our Mexican employees. This goes both ways, and we are focusing on employee engagement on development initiatives. We are convinced this is the key to the ongoing success of our operations in Mexico. Our manufacturing strategy was implemented with major expansion programs along our Mexican sites. We started with our Juárez 1 operation, small and humble in 2007. In 2013, we opened our Querétaro site. 2016, our second plant in Juárez that we extended 2018, and in 2021, we opened our third plant in Juárez. Next week, we are opening our machining plant in Querétaro. Next year, we will open the expansion of Juárez 3, and we will start electric motorcycles in Querétaro. By then, we will have more than 75% of our products coming out of Mexico. If you put the spotlight on two of our main criteria, you see just on labor availability and production cost, a difference that is justifying our approach. We then have around 14,000 employees. We have a cost advantage that is a leveraging factor of seven to what we have on other sites. You see, leveraging strengths of each site in the different countries creates a very lean and agile production network. Another key ingredient to our current success, and we are making sure this continues long term. To underline the reliability of our strategic planning, I would like to show you a slide that we presented in the 2019 Investor Day. We still confirm what we promised almost three years ago. On top, we are increasing the target of our fiscal year 2025 lean value contribution from CAD 300 million to CAD 400 million. To wrap up, I want to show you a few details on our lean value program. First of all, it is supported by five main pillars. Later, Sebastian will have more financial details on all of them for you. My section provided you insight on three of the pillars. We already discussed a few highlights on our modularity and production cost plans. On the purchasing side, we focused more on the crisis, but there is way more to it. We are implementing multiple initiatives to further improve our platform margins through our design to quality and cost pipeline and artificial intelligence-driven costing and standardization. We still see a huge runway to further improve our material cost in the future. Aside from that, we are working on our existing potentials to source more near production sites to leverage cost and supply advantages while staying FDA compliant. On the other hand, we will increase the share of material we source in best-cost countries to multiply the savings. As you can see, we are not stopping to push our operations to the next performance level. This is not only the outcome of a well-defined strategy, but also requires goal-oriented day-to-day execution. We are proud of that we have achieved so far. With a great team of workers, technicians, professionals, and engineers in our back, we are confident that we will continue to perform to win also in the future. Thank you very much for your attention. Any question for Thomas? We do not have any question at this time. Thank you, Thomas. Thank you. Thank you, Thomas. Just for everyone's benefit, Sébastien is also known as Seb to all of you. Earlier this morning, José covered our 10-year plan. As you saw, it was obviously a very good results on a 10-year basis. However, when we look at our results over the last 4-year basis since we launched M25 just after fiscal year 2019, we've also delivered exceptional results with strong revenue growth, 13% CAGR, and also strong normalized EPS growth of almost 50%. As you all know, this year, we're also calling for record results with again strong revenue growth in the range of 24%-29%, and also very strong normalized EPS growth as well for this year. Expecting another very strong year in fiscal year 2023. We also deliver strong financial results, but we're also a very good cash generator, and over the last several years, we've generated significant free cash flow, all the while investing significantly in the business as well and driving exceptional organic growth. When the situation normalizes from a supply chain point of view, our expectation is that we will continue to be a very, very strong cash generator as well. With these exceptional results that we've had over the last several years and the strong cash generation, when you look at the return of capital we've done to our shareholders since fiscal year 2016, we've returned over CAD 2.6 billion of capital. Just since the beginning of the year, we've done over CAD 300 million of share buybacks. We've increased our dividend by 23%. You'll be happy to hear that we still have 2.8 million shares still available to be repurchased under our NCIB. From a balance sheet point of view, the management team's perspective, the board's perspective has always been to maintain a strong balance sheet. When you look at our balance sheet priorities, one, it's making sure we have access to liquidity to continue funding our growth. Two, making sure we have financial flexibility to manage through cycles. We like to have minimal short-term obligations, and we also want to maintain access to good credit conditions, such as the covenant-like structure we have and also the low borrowing costs. When you look at our overall leverage performance since we IPO'd, we IPO'd just under 3x levered. We finished Q1 at 1.7x. As recently as yesterday, we've announced that we've increased our revolving credit facility to CAD 1.5 billion, therefore ensuring that we maintain our financial flexibility. We've delivered obviously great results, but we've also improved our financial performance. Gross margins have improved over 400 basis points. Operating expenses as a percentage of revenue has also reduced by 220 basis points, resulting in a normalized EBITDA margin improvement of over 660 basis points. Now, our ability to unlock lean value is also built into our M25 plan, and it's expected to drive better margins as well when you compare to fiscal year 2020. Overall, in the M25 plan, we expect 350 basis points of EBITDA margin improvement, one of them coming from a net improvements on sales program efficiency of 100 basis points. Thomas, Denys talked about product design, cost improvements. The lean pillar from a manufacturing point of view is 100 basis points. We will maintain that operational leverage that we have from our support functions with 200 basis points. If you factor in some mixed elements, some inflationary pressure elements, the net improvement in the EBITDA margin will be at 350 basis points. A very strong improvement in overall profitability metrics. Now going into the plan, one of the reasons why I like this plan, it's a bottom-up plan. That means that we have actually people accountable to deliver on this commitment. Sandy and Karim walked you through the revenue drivers. Another reason why I like this plan is there are certain white space opportunities that we will be obviously tapping on in the next few years, but these white space opportunities will also provide growth after M25, and therefore driving further growth after our mission. Now looking at the drivers of EPS goal to bring us to CAD 13.50 to CAD 14.50, obviously, volume growth will be profitable growth and therefore resulting in EPS gains. We do expect a normalization of the sales programs, a net impact positive of 100 basis points, but we are very favorable versus pre-COVID versus fiscal year 2020 from about 300 basis points now, so net 100. The supply chain environment is turbulent. We are incurring additional costs. Thomas talked about additional freight costs, additional labor costs, and that by 2025 is expected to normalize and provide a positive element. The lean initiatives obviously will pay off, and that will be offset in part by a higher depreciation expense. Obviously, we will continue investing in the business, therefore coming with higher depreciation expense versus where we are today. From a capital allocation priorities, no change to their strategy versus what we've communicated in the past. Obviously, fueling our growth is number one, so we'll continue investing in the business. You saw all the new products that we will be introducing or that we are working on, and we wanna make sure that we are well-positioned for life after M25. Obviously returning capital to shareholders is part of our priorities. We'll continue executing opportunistically on share buybacks. We will modestly increase our dividend, and our expectation is that we will continue running with levels of CapEx similar to what we are seeing in fiscal year 2023 in the future. In conclusion, after today's presentation, BRP is a unique asset in the powersports and the marine industry. We have a strong portfolio of large global businesses with high barriers to entry, and what we are doing in the marine industry is increasing those barriers from a complexity point of view and from a resource point of view, financial and human as well. We do have industry-leading capabilities, as we've highlighted this morning as well, and we've got compelling growth opportunities, not only from a market share perspective, but also from the white space opportunities that we are exploring. Our business model is efficient and scalable. We talked about the modularity platform. We talked about our footprint know-how that we have in Mexico, which is expandable. Lastly, we've been a disciplined allocator of capital, and we will continue doing so in the future as well. We've driven significant value to shareholders, and our objective, José, myself, and the rest of the management team, is to continue to strive to do that for the future. With this, I will take your questions. Yeah, hi. Just guess an obvious question. Can you talk a little bit about the slope of the line to get to our M25 revenue and EPS? Is that linear? What are you factoring in there? Can you talk a little bit about once we get to fiscal 2025, how the free cash flow looks like? Maybe just give us a sense of where you think working capital as a percentage of sales could land. Maybe the new CapEx number. You've obviously invested a lot in the business now. Is that gonna continue? Just thoughts around free cash. Yeah. Obviously, this year, as you saw in the guidance, we're expecting strong revenue growth. Next year as well, obviously, we've invested in capacity which we're not fully leveraging today from a personal watercraft. We talked about a 30% increase in capacity. YS 3 came online last year. We will not be benefiting from this full capacity this year, plus we have more capacity coming online early next quarter, early next year. Obviously, we're investing in capacity projects as well in other product lines. Next year should also be a good growth year. We have the inventory replenishment opportunity as well, which we believe will be happening more in fiscal year 2024 versus fiscal year 2023. In terms of CapEx investments, it will be sustained. Innovation is critical in our business. We understand that very clearly. Innovation is capital intensive, both from a tooling point of view, but also from a manufacturing process point of view. We are expecting to have high levels of sustained investments. Your third question? Working capital, yes, as you saw in the presentation, we've invested important amounts of money last year, almost CAD 500 million in working capital. Q1 as well was intensive from a working cap point of view. This is driven from the supply chain situation. As the situation comes back to a more normal level where raw material inventory goes down because obviously with what we're experiencing, we wanna make sure that we have the components when it's time to produce them. We've increased safety stocks from a raw material point of view. We've increased as well our work in process inventory with retrofit. Obviously, when that normalizes, it will be a tailwind of cash inflow from working cap. Is it gonna happen in 2024? Some of it in 2024 and some of it in 2025 as well. Sébastien, what assumptions have you used for retail sales, industry retail sales for the next two years and given the macroeconomic outlook? Yeah. Well, you saw the IMI survey that we did, and if you compare versus today, there it would be the realistic is up 10%, and the opportunistic, I think, is up over 30%. We use low single digit industry growth assumption in our plan, so more conservative than what we saw in the survey. From maybe your point on macroeconomic, obviously, I mean, we're not economists. We run the business, as we say. As I often say, I mean, we can't run the business with one foot on the gas, one foot on the brake. We've got the financial flexibility and the wherewithal to face any slowdown if it were to happen. Nonetheless, I mean, the fundamentals of our business are super strong, and if a slowdown does happen, we'll manage through it, and we'll make sure that we continue to be well positioned to grow once the economy, if it does slow down, once it comes back, to make sure that we outperform the industry as we've done. Yes, Robin. Okay. Thanks, Seb. Two questions. One is, I know you still have some share repurchase that's authorized, but if we were thinking about, is there a leverage target looking further out where we could think about what might be authorized in the future, like, where, you know, you're comfortable getting to X% leverage, and we could figure out what we think that means for potential share repurchase? Well, when we IPO'd, we were at 2.9x, and we were comfortable operating at that level. The reason why we are comfortable is the maturity of our instruments and the covenant light, and also the capacity that we have on the revolver. Obviously, we wanna make sure that we have flexibility to be opportunistic if either it's buybacks or if an M&A were to happen. Operating at 2x is an area where we like operating at. Okay. Great. Thanks. My other question is just on dealer margin. BRP sort of known, right, to pay dealers higher margins. You're growing a lot of share. Some other OEMs are reducing dealer margins. Is there opportunity there for BRP to Well, we don't necessarily pay dealers more margin. They make more margin selling our products because of the whole ecosystem from a dealer concentration point of view, innovation that we bring to the market, therefore not needing to discount. Obviously, we want everyone to win in the commercial space. The dealers, we want them to make money. Obviously, we want BRP to make money. It's a fine balance, and we adjust dealer margins as the industry evolves, but it's something we do pay close attention to. Dealers acknowledge that they are making more money selling our products, not because we're more generous to them from a financial point of view, because we are very generous from a product design and product introduction point of view. That's why they love our brand. Yeah. Sébastien, obviously, a macro environment very tough to predict, but what are the actions taken by BRP that make BRP more agile than the past and in case a downturn occurs in the powersports market? Well, Sandy and Karim talked about it, José as well. Obviously, our product portfolio as an OEM, we are a leader in the industry, and it gives us a very strong position. We are very diversified from a product line point of view, from a geography point of view as well. Usually, if a recession happens, sometimes not all the regions, all the product lines are impacted the same way. We have seasonal businesses as well, winter, summer. That diversification is obviously a huge asset that we have. We have, obviously, a cost advantage from a manufacturing point of view with a well-established base in Mexico. From a balance sheet point of view as well, we have that flexibility. As I mentioned, we've just increased the revolver. Also one other element is there's no inventory in the network. Even though, if there were to be a slowdown, obviously we'd still need to provide inventory to the dealers because they have very little inventory to show for. That would not require us to stop production in order to manage output and manage dealer inventory. We'd be able to ease in more easily into an economic slowdown if it were to happen. Just hoping you could maybe bridge the EBITDA margin outlook. You guys are calling for 350 basis points off of that 20 base. Doesn't seem to imply really any expansion from here. Given that you're expecting double-digit top-line growth, you have another $100 million in lean cost saves, why aren't you expecting more sort of profitability improvement? Well, we finished fiscal year 2022 with a record EBITDA margin of 19%, and some of that was context related with COVID, where we had very low levels of sales program. We do expect a certain normalization of sales program. That's gonna be a headwind of about 200 basis points. If you were to compare to where we are today, which again, was a record year at 19%, a benchmark in the industry, coming back to 17%, which is our expectation for M25, it will still bear very, very good performance on that front. It's a number where we continue investing in the business, continuing investing in R&D, and making sure that we fund the business for the years to come as well. Actually, maybe I'll follow up on that. Can you dimensionalize a little bit some of the either OpEx impacts? 'Cause I think on one of the slides before that EPS bridge, you sort of talked about OpEx down, but that was versus 2020. But from here, what are you assuming for either R&D or other inflationary costs? And then is there also in terms of the margin, some impact from a like a variable contribution perspective on the units from some mix impacts with where some of the growth is coming? Yes. Well, from an OpEx point of view, as a percentage of revenue, we expect it to be relatively flat to where we were in fiscal year 2022. As I've mentioned, for us, R&D, as a percentage of revenue, will remain in the levels where we had it in fiscal year 2022. It might even go a bit higher because we're investing on many fronts. From a volume point of view, yes, we are getting benefits. It's compensated somewhat from mix. We've experienced very rich mix in fiscal year 2022, and that's gonna offset some of the volume benefits that we're seeing from cost absorption. You guys have not been overly acquisitive in the past, a few tuck-ins here and there. I'm curious, if you were to be more acquisitive going forward, what sort of areas would you focus on from a technology or product standpoint? I will actually, if you don't mind, I'll ask Minh, who's our Vice President of Strategy and M&A, probably to answer that question. Minh, if you're- One of the main focus we wanna do is really around the technology stream. We wanna make sure we buy technology that is modular, that we can put in all the products. That's been the number one focus. Then we look at technology around omni-channel as well as one of the focus we wanna make sure as well. I would say two elements around that, these two segments is something we look at right now. Thank you, Minh. Thanks. Okay. Thank you very much. With this, I will turn it over to José for final words. Hello again. A few words to close the session this morning. Why we believe all of this is achievable, and I would like to remind you some fundamental of our business. We have a diversified product portfolio, and when I look at all the product line, very, very competitive, well-positioned to continue to grow. Our global distribution network. When we come with a new product like the Sea-Doo Switch, very quickly, we have able to distribute in many, many country. Global and modern manufacturing footprint. It's not about the factory itself, but it's the way we design the product, the way we industrialize the product, and the way we do it on the assembly line. We believe we are extremely competitive. Leader in innovation. You listened to Denys Lapointe this morning, and that was the goal of inviting Denys to present to you, is the way he do things. I think we have the credibility. We've gained market share, but if we enter a new business segment, we believe we have a big chance to win. Best-in-class dealer value proposition. You know we're becoming this year the number one dealer in North America for the number of units per store. This is a big thing because we have today the mindshare of the dealer network. They know that we are important in their store, and this is for us an advantage to work with them to continue to grow the business. Obviously, we have incredible people at BRP, and you have a proven management team. This is why we believe our plan is achievable. We have gained a lot of market share in the last few years, and I was discussing with an investor in the corridor during the break, we like to win. We like to win. When we say the next goal in side-by-side is 30%, I can assure you we won't stop there. This is the way we are built, this is what we like to do, and proof, like we say, is in the pudding. Now, a new way may be to present our future and where we're going. This is the powersports industry worldwide. This is an industry of $34 billion. This is ATV, side-by-side, three-wheel, snowmobile, and personal watercraft, including the P&A. This is an industry of $34 billion worldwide, and we are slightly below 30%. When I hear investors saying you have no room to grow because you have high market share, this is where we can play. When I look at the opportunity for powersport, more market share in side-by-side in ATV, the three-wheel vehicle potential. Did you know that in Quebec last year, the Spyder or the three-wheel vehicle was the number one brand sold in front of two-wheel motorcycle? That's in Quebec. Obviously, you will say you're from Quebec, but there is a potential there. We're just starting to scratch the surface. The Sea-Doo Switch reinventing the pontoon category. The growth of our fleet that has a direct impact on parts and accessories sales. Production capacity, we're ready to extend our factory if we need to. This is powersport. We're committed to that business. In 2018 and 2019, we decided to re-enter the marine business because it's another way to grow for BRP. If I click, look at the marine business. If we take the boat and the P&A, but not the engine, not the outboard engine, this is a business of $36 billion, and we're just starting. This is the reason why we invested in marine, because this is a way to continue to grow in BRP. We believe we can change the way we do things in the boat business. If I look at the opportunity, yesterday, you had the chance to try the new Manitou it goes. Karim presented to you customer clinic result. Alumacraft and Manitou will follow, and this is, like Karim said this morning, about half of this industry. You can expect lineup expansion. We have a lot of parts bin at BRP in terms of power, powertrain, in terms of boat. There are many things we can do in this huge market. You can expect more accessories. You can expect, obviously, dealer expansion and production capacity. Because of this picture, we believe that we are well-positioned to deliver on our fiscal year 2025 target, the new M25 update. How do we look beyond that? How do we look beyond fiscal year 2025? Obviously, we won't stop in powersports and marine in fiscal year 2025, but we've just announced in March 2022 the entry into the two-wheel vehicle market. The market in the middle of $15 billion, this is motorcycle 500 cc and up, North America and Europe only. This is a $15 billion business, and with the first family of product we are entering, we're entering in a category of about 600,000 units North America and Europe that represents $4.5 billion of that $15 billion. We've told you that by end of 2030, we hope to be north of $500 million in revenue, which is about 20% of that $4.5 billion. This is basically what we're targeting. Obviously, we are BRP. We won't stop on that small pie. We'll continue to come with other product line, or we might expand in other region than North America and Europe. This is under investigation. Last and not least is this one. We are working right now in additional market that are not defined. I won't be too explicit this morning, but it's other mobility product than powersport marine or two-wheel motorcycle and low-voltage EV product. There is many, many opportunity for us in those new product category. The only thing I can tell you, we're working on this. When I look at all this, what we have accomplished, the know-how that we have, we are extremely well-positioned to drive growth short term with the left side, mid-term, left and middle, and long term, the whole page left, middle, and right. I won't say more on the others, because we don't want to say too much this morning, but one thing I can tell you, we are already in motion to explore other idea than powersport, marine, and also, the motorcycle business. I want to come back on CSR. I've told you in the introduction that our new plan is an improved CSR program, and I just want you to know that, and I know it's very important for many investors that our plan meet ESG standard. Our new CSR program is based on three pillar. The first one is reduce the carbon footprint related to our product and operation. Then we have CO2. We have the number of electric vehicle. 50% of our vehicle sold in 2035 will be electric. Then we have specific target for product and operation. The second pillar ensure a positive and sustainable impact in community and the daily life of our employee. We want to be more inclusive. We want to attract more people at BRP, but the right people and be more inclusive. We came out with our cause for community, Ride Out Intimidation. We want it to be different, and it's a big cause, but now we have a good plan for this. The third pillar is continue to make sound strategic decision, maintain high ethical standard, and conduct operation in a sustainable manner. All of this is to create a better future for our employee, our dealer, our consumer, and our stakeholder. If you want to know more about our new CSR program, and take the time, please, we have a great plan. Just click on the picture and you will have the complete access. You will have access to the complete report. In summary, we're well-positioned to sustain our growth trajectory. Anne-Marie LaBerge presented to you this morning the demographic trend and people behavior are favorable for the future strength of our industry. Maybe we're facing right now some uncertainty with the economy and the few things, but when you look at the big picture, when you step back and you look at the big picture, we believe that the demographic trend, the people behavior is very favorable for our industry. We have the scale, the lineup, the dealer network, and the production capacity to continue outpacing the industry. In those meeting, you have access to the management team. I hope you appreciate the competency of our people. We have unique innovation capability and know-how that drove our success, and we continue leveraging these trend as we accelerating our investment in research and development. You know, very often people approach us and say, "We want to be innovator." But it's not something you create in two years. It's something you create over time. It's about hiring the right people. It's about giving them the right tool, giving them reachable objective that are stretch, but at the same time, giving them, having a governance that permit innovation, that permits failure sometime. This is all the good thing and not so good thing we've done over the years that we have improved our recipe. We have multiple solid short, mid-term, and long-term opportunity in our existing product line, but we're looking in new territory because we did grow BRP from CAD 2 billion to CAD 10 billion. How we go from CAD 10 billion to CAD 20 billion? Not tomorrow, but that's the seed that we're planting right now. We have a team that are able to, obviously, to focus and to deliver on our commitment. Last but not least, our purpose, because a company needs a purpose. We exist to create the new way. We exist to create new ways to move people so that experience are measured in emotion rather than distance. We reimagine the way you access your world. I am an engineer, and we used to be very happy to sell nuts and bolts. But like Anne-Marie LaBerge explained this morning, people now are looking for emotion, for experience, and I think we're moving in the right direction. This is my conclusion. We have a fun business. As you can see, we're passionate about it, and I would like to thank you for your attendance this morning. Now we'll take two minutes. We'll bring the management team on stage for the people who are watching us on video, and we open up for questions to the whole team. Thanks. I wanted to ask about your comments at the end there, José, about new markets that BRP's not in. First I just wanted to clarify, did you say it. You were saying things that it would not include, right? So like outside of marine. Did you say including or excluding electric vehicle? I wasn't sure which one of those. Then my question about it is this something that would be with M&A or developed organically just given yesterday that you expanded your liquidity? I just wondered if that was in preparation. It will definitely include electric vehicle, because I think it's the new trend, and there is a lot of opportunity in the electrification of some product line. I'm not saying no to combustion engine at all, but you can expect us to look at different mobility product, and obviously including EV, which is a natural form of mobility product. We've been successful doing our stuff internally. We have a recipe that work well, and we've been able to reinvent the category. I always remember when Gorex saw the Switch the first time, he said, "I didn't know you could reinvent the pontoon," and we did. We have our own way to do thing, but we don't say no to M&A or acquisition. Like Minh-Tan Tran said this morning, we don't look at me-too product. If we enter a product category, we want to make it different. When we acquired Alumacraft, Manitou, and Quintrex, like Karim explained, we had the critical mass. We acquired three boat company, aluminum technology to create the critical mass. The prototype of a pontoon with the Ghost was existing. We knew that we want. We acquired the three boat company to redesign the boat, the whole package. This is a bit of our mindset. If we do M&A, it's not to keep it as is. Karim, you're going to launch the Manitou at the Club BRP in August. Looking back at the Switch pontoon, it's been a huge success selling 22 models pretty quickly. You already said that the response from people has been overwhelming. What have been the lessons learned from the Switch pontoon, and make sure that BRP is properly equipped to meet the demand requirement for the upcoming Manitou launch? Thanks, Benoit. We've been starting working on capacity last fall, actually. We started a second shift at Manitou. I mean, we were expecting that feedback. Hoping for that feedback, expecting it. We've ramped up the second shift last fall. It's fully on right now. We're expanding right now the facility and starting in August. We'll be launching the new products, more than doubling the capacity we had before. Now if we get the success that we believe we deserve, obviously we continue looking at other opportunities to continue increase capacity. I just wanted to ask about the dealer network, and I know that this has been a long journey and sort of raising the bar in terms of ability to execute and sort of deliver that customer experience that you talked about. From today, what are sort of the biggest barriers to executing on the expansion that you're talking about? I guess specifically just from a capacity perspective, I don't know how the right way to answer or sort of frame this question, but what percentage of the network would be at a standard that you would hope for in order to support your growth? What does that evolution look like over the next number of years? I can start. There's always, I mean, as I explained in terms of the network transformation engine, we keep raising the bar on a yearly basis. With new criteria, there's always, you know, the 25% of the dealers that are, you know, top-notch, and then there's the middle section and the bottom 25 that we need to continue investing and raising and getting their engagement into the brand. There's basically two areas I believe that we need to invest the most in the future, starting from now. The service aspect I talked about, this is absolutely key in terms of post-purchase customer experience. We understand the industry not up to par with the automotive right now, but there are great lessons from the automotive that we are taking right now, and engaging and converting these dealers into much better retailers service-wise. That has implications as well internally, if we wanna capitalize on the service parts business, service merchandising, and there's a lot of stuff we can do there to increase the customer retention, as I showed you. That's one of the biggest opportunity we have in TNA. The other place we need to invest with the dealers is they're not super digital savvy. We understand most of the leads that we get in the ecosystem comes from the network. So being able to connect this to our data, to our systems, to our marketing place, it will be key in the future. There's a lot of education, there's systems involvement in there. Obviously, what we wanna do with the omni-channel strategy, which José can talk about, this is crucial. We need to connect with our network, and the network needs to raise the bar in terms of their digital savviness. That would be the two big areas that we need to focus on. Yeah. I guess just to follow up, I mean, obviously, you have the credibility with the dealers with regards to product, definitely. Do you feel like they're responsive to those sort of two areas of growth? Do they agree that those are areas where they need to raise the bar? Absolutely. On the service side, we started a program two years ago called Quality Service, and we're engaging in field forces to actually do the full assessment of their service capability. We're charging the dealers for this, and we've got over 400 dealers right now in North America that are engaged in the process, and we're gonna follow through on this. Obviously, we have a couple pilots at international as well, but that's a big plan. On the digital side, I mean, nobody's hiding behind. I mean, it's a fact that dealers realize that they need to get on the bandwagon. That's quite an easy sell, I would say. Just maybe, Josée Perreault joined us 5 years ago. She took the challenge to turn around three-wheel, and now she has a new mandate to deliver the omni-channel channel strategy for BRP. Maybe you explain. Yeah. Your plan. I think I can add to Sandy's point. Right now, when we survey our new entrants, everybody, most of the majority of our new entrants say that they want the ability to buy our products online. We can do this as an OEM, obviously, but our partner, our dealers are the biggest partner in there. Our challenge right now is to up the game with our dealers and have them increase their ability to shop online and offer our products online. We created a sub-council for the omni-channel transformation ahead of us, and they're very much into us helping them get to that journey and offer a seamless experience to our consumers. Our consumers don't care if they shop through our dealers or us. At the end of the day, it's BRP. Our objective is to offer this seamless experience, and we need our dealers. Right now, they're on board with that. I wanted to go back to electrification 'cause obviously there's a lot of exciting opportunities, new areas. You know, you showed a target that in a little bit more than a decade, you want half your units to be electric from effectively zero right now, right? Like, in many respects, electrification is easier, I think, but I think the execution of it can be very, very difficult, especially if you look at industries that have already tried to electrify. I think the challenge we've seen, right, is a move from, you know, what's traditionally been mechanical engineers that you've hired to more software engineers. Can you talk a little bit about that investment and that path and the journey to be able to execute upon electrification? Secondarily, you know, the world is trying to decarbonize, right? We've all felt the pain of semiconductor shortages now, but it's very likely there's gonna be battery shortages in the future. What have you done from a supply chain perspective? Because, you know, light vehicles and energy storage systems are in much greater volumes than powersports. How are you going about being able to secure supply to be able to hit those goals? Thomas, you are in Valcourt. Did you hear the question? Can you take it? Are you okay? I take the question. I hope I can answer it to a certain satisfaction level because this is forward-looking and therefore I can only open a little bit. First of all, I don't agree with your comment that you have mechanical engineers that you have to transform. We are doing since 8 years now all our engine software ourselves, and we have a software department set up to do this in-house. We did our own motor controllers. I think it's now 12 years ago, and it was. I brought the example in my little presentation on for snowmobile for our two strokes, because we had the design and the knowledge in-house. We were able to switch semiconductors to available ones on the market. So it's not that we are coming out of the Stone Age, and we have only mechanical engineering on board. Being a mechanical engineer myself, also to build a bridge for the mechanical engineers, there is not one mechanical engineer on a reasonable university on this world getting educated without a significant portion of electric competencies. To your questions or to get experts with experience. One thing is we hire also from universities, we hire directly, and we are hiring with a focus on electric, electronic, and mechatronics, and we are doing this for quite some time now. The other thing is that we also transforming internally. We are growing our software departments, we are growing our electrical and mechatronic design departments as we speak. This is another, let's say, internal process. As Minh Tan pointed out, we are also looking very closely where it makes sense from an M&A perspective to gather additional know-how in the future. This is not that we can't do it ourselves, it's just to accelerate this know-how building process. Because your question is at the very sensitive point, if you don't have the know-how to create the products, and if you don't understand the product and the components in these products, you will not have a successful product. Therefore, it is our tradition, and we do this the same here on electric electronic. We need to understand what we are designing, and we do understand. You're absolutely right. There is a process in place, and it will not stop in the next 5 years to have more and more competencies on board in terms of electronic digital and mechatronics. Yes, we feel at the moment with what we have on board in order to design our electric two-wheel product, we accomplished our targets that we have. We have an advantage with our setup inside. We are here in Canada, where I am today, but at the same time, we have our R&D center in Austria, in Gunskirchen, where we are tapping into a lot of talented electric and electronic engineers with universities around that are working on these topics and also bringing new students into this. This is growing very fast, as we speak, and I think we are pretty well set up in order to manage this. Your initial statement that we wanna in more or less 10 years have half of our production being with electrical products. This is a big commitment which we have to deliver. It will not only be the two-wheeler. I mean, I'm not saying it wouldn't be possible, but I think there is more necessary than a two-wheeler. As José opened up a little bit, and you saw some of the drawings in Denys's presentation, trust me, there is more on the drawing board right now than just a two-wheeler with respect to that. If I could just go back to Mark's questions on the dealer network. Given the current breadth of products you have and the increasing breadth you have and the investments you're making in your dealer, does it make sense at some point to move some of your multi-line dealers to sort of exclusive dealers like you do have in Canada? Thank you. Very good question. You know, in the past years, being in a multi-line dealer actually helped us because the traffic was already there, coming from the other brands. We believe we have a strong enough dealer proposition not to force the dealers in any corner, to ask for special exclusivity. It's more the idea of building stores within the store mentality, so you can actually live the brands within the store. Because as soon as you get into that discussion with the dealer, obviously you're affecting his portfolio and his ability to grow and maybe compensate in certain areas. There is no formal plan in driving exclusivity. We do it organically by being a better OEM of choice so that they choose BRP because there's more ROI in selling our products. Maybe if I can add, I give you the example of the Switch. We came out with the Switch in February 2020. With 2021, sorry. We said to the dealer, "If you want to carry the Switch, we need so much space." Either the dealer had it, either he had to rebuild the store, or either he had to kick another brand. We don't give new product line to a dealer without asking for legitimately the right amount of exposure. Maybe if I can add a couple really quick. When you saw the new Manitou yesterday, and you had a competitor in front of us, right? I'm very comfortable having anyone walking into a store looking at the two boats would help us actually most likely right now in the U.S. with the brand awareness that we have in the market share for Manitou. It's actually a benefit today for the Marine business. Yeah, I had a follow-up question for Karim on Marine segments. Obviously some ambitious targets in terms of market share where you wanna be. Can you talk a little bit about the footprint, the manufacturing footprint in terms of getting there? Is it gonna be a US-only product manufactured in the US? Can you talk a little bit about how you envision the capacity in the network? Yeah. As of today, we're making the most of what we have in hands, which are Lansing for Manitou, St. Peter in Minnesota for Alumacraft. We have Sturtevant for Switch and for Ghost. And we have Coomera in Australia for Quintrex. We're making the most out of it, extending where it makes sense. For the next wave of capacity increase, obviously we'll tap into the knowledge and the know-how of BRP where it makes sense for different segments as well. We expect to have a need for more capacity down the road, and we'll go where it makes the most sense for BRP and for the dealers. Maybe just a follow-up to that, José, to reach your goal of CAD 12 billion in revenues, can you achieve that with your existing capacity footprint, or do you need to add to your capacity? This year, our factory will run at about 85% of capacity. Juárez 3 phase two will come in operation beginning of fiscal year 2024. Marine, in my 85, Marine is not included because we're doubling Manitou. We believe we're very close to be able to deliver the CAD 12 billion. Okay. Maybe the question is for Thomas. Obviously, electrification will be a big growth vector for BRP. Could you talk a bit about the sourcing of battery cells which remain pretty critical right now? If you could expand a bit, that would be great. Yeah. Thank you. I was hoping I get around this because this is for sure one of the most critical topics for the whole EV industry. I mean, I guess you all follow the discussions that are going on in automotive on that. What we learned, this is confirmed, what we see today in the crisis mode that we have, where we have on products where we never thought that we will run out of this product, where we had difficulties to source this. What we learned, we will apply this on the battery side as well, first of all, you need to have a multisourcing for the things that you need. This is one thing that we learned and which we will apply wherever possible. The second thing that we learned is you need to understand your commodities that you buy, and in case of emergency, you need to be able to change them, which means for batteries, and I'm not trying to avoid your question here. In terms of batteries, this means we need to be in the design. What we are not planning to do is a battery designed coming from the outside, and as long as we get it, we are happy, and if something goes wrong or we need to change something, we are dependent completely on the supplier. This is for us, not something that we can imagine for the future. It's then you need to, when it comes to, when you go a little bit more into the details of battery design, we wanna be either doing it ourselves, like we are doing it for the high voltage system, or we wanna do it with a partner, but we are involved in the development so that we have influence and we can react if needed. When we're going from the battery to the cell, it gets even more complicated. The last presentation that I did on the board was prepared for a two-hour discussion on that. I don't think you wanna have this here, but when it gets into battery and the cell itself on the batteries, it gets really complicated because you have here national influences that we'll see. I'm giving you an example. You have a lot of cells coming out of the China region, which is maybe not a reliable source, depending on how the world economy is developing for the future, so you don't wanna rely completely there. At the same time, we have the opportunity that in Canada, specifically in Quebec, we have a huge amount of base material that you need in order to have successful cell production. This is something that we could imagine to leverage in the future to make sure that we have access to what most likely will become tight at least for a certain period of time until worldwide production or capacities are ramping up in the right speed. There are multiple strategies. It's not one strategy. There is not the solution to it, but you need to have the right partners. You need to have contracts in place that secure your supply for the right time. You need to understand what you're buying so that you can react if things are changing. If you can combine this with access or guarantees that you have in order to get the rare earths and the materials that you need for cell production or for magnet production, this can be an advantage as well. What is very clear, if you compare BRP with all our super ambitious plans that we have, how we wanna grow electric vehicles, we will still be a very small player if you compare ourselves to the automotive ones. The other thing we need to look into is alliances. What are the right partners, and how can we make sure that we are not getting lost somewhere between the big ones fighting for the resources? I think we are so far we found a rather smart way, and this is what we are trying to do in the future as well. I'm not too worried. A lot of the high-flying plans on the EV side they will not come on some of the industry announcements that you see. I think there will be. With a little bit ups and downs, we will see also there, we will see a balanced market at one point in time then. I'm not sure if this is answering your question. Yeah. I realize this is a short-term-oriented question and what should be a more medium or longer term outlook type discussion, but José, you alluded to macro pressures and choppiness a few different times, touched on inflation, touched on sort of the pressure the consumer is getting. Are you guys seeing anything in the marketplace today at retail that gives you pause about the powersports consumer in terms of whatever that might be, retail financing applications or door swings, or are you seeing anything that gives you pause for the consumer today right now? I mean, I will let Sandy to complete and Sébastien on the financing. Like we've said in Q1 two or three weeks ago, we didn't see any sign and maybe go from there. We're following our pre-order sales, which we have on all our products, and this is continuing on a strong base. Is the mic working? Yeah. At certain regions, there is a little bit of a slowdown of some traffic, but that's related to the fact that we're pretty much closing all the valves on the lead generation because of the lack of availability of products. You know, we're all out to hear any signs from all the categories, but I can't tell you today that we're seeing this. Anecdotally, I was speaking to dealers earlier last week, telling me that even their rate of financing at retail is actually lower. People come with cash in their hands and probably utilizing their lines of credit which have increased with the value of their houses or so on, but there's no warnings from anywhere we see today showing that there's a wall building in front of us. I'd just like to add a statistic to that. If you're looking at our share of search in Google, we're still way north of 50% for all category compared to pre-COVID. This is with no bottom funnel advertising. We're not trying to push anyone to store or to our website. With this, we're seeing an average of 50% increase still all the way up to 100% for off-road of search for specifically, and these are branded words for BRP. That is a great demonstration of interest for the category. Thank you. We have no further question at this time, so thank you for participating to our Investor Day. This was it on the webcast. Thank you. Thank you. Thank you very much. Thank you, everyone.