Good morning, and welcome to the Brunswick Corporation's 2012 Fourth Quarter Earnings Conference Call. [Operator Instructions] Today's meeting will be recorded and if you have any objections, you may disconnect at this time. I would now like to introduce Mr. Bruce Byots, Vice President, Corporate and Investor Relations. You may proceed.

Good morning, and thank you for joining us. On the call this morning is Dusty McCoy, Brunswick's Chairman and CEO; Peter Hamilton, CFO; and Bill Metzger, our Treasurer. Before we begin with our prepared remarks, I would like to remind everyone that during this call, our comments will include certain forward-looking statements about future results. Please keep in mind that our actual results could differ materially from these expectations. For the details on the factors to consider, please refer to our recent SEC filings and today's press release. All of these documents are available on our website at brunswick.com. During our presentation today, we are using certain non-GAAP financial information. Reconciliations of the GAAP to non-GAAP financial measures are provided in the presentation, as well as in the Supplemental Information Sections of the consolidated financial statements accompanying today's results. Finally, earlier this month we announced our intention to sell the Hatteras and CABO businesses. Beginning with this earnings release, the results of Hatteras and CABO, which were previously in the Boat segment, are now being reported as discontinued operations for all periods presented. Figures in this presentation reflect continuing operations only, unless otherwise noted. Now I'd like to turn the call over to Dustan McCoy.

Thanks, Bruce. Good morning, everyone. I'm going to start with an overview of our 2012 results. 2012, we successfully navigated through extreme variability in markets and business conditions. U.S. marine market began a recovery, but the recovery is a historically unique one, based only on outboard product, our larger sterndrive inboard product continues to decline. Excellent sales growth was achieved in all regions for Europe, where sales, excluding Sealine, climbed a remarkable 15%. With these conditions, we're proud that our results in 2012 represent the third consecutive year of strong improvement in operating earnings and net earnings. Operating earnings and diluted earnings per common share as adjusted, increased by 23% and 54%, respectively, for the year. In addition, increased earnings contribute to the continued generation of solid free cash flow. As a result, we made significant progress in improving our balance sheet by reducing debt balances by $121 million, which contributed to a $14 million reduction in interest expense. Over the past several years, our entire organization has done an excellent job of executing our business plan and [indiscernible] 2012 results and the strategic [indiscernible] which we are [indiscernible], providing a solid platform for further improvement in results. Our 2013 EPS guidance of $2.20 to $2.45 targets another year of continued growth in earnings and shareholder value. Our sales in 2012 increased by 1%. If we exclude sales from the Sealine brand, divested in 2011, our sales increased by 2%. Our full year top line was significantly affected by revenue declines experienced in our ongoing European businesses. 2012 sales to Europe declined by $84 million or 15%. Revenue growth in the U.S. and Rest of World, however, reflected solid growth and was in line with our original growth expectations for the consolidated company. Europe now represents about 13% of our…

Thanks very much, Dusty. I'd like to begin with an overview of certain items included in our fourth quarter financial statements. I'll then turn the call over to Bill to comment on some forward-looking data points that support our 2013 outlook. Let me start with restructuring, exit and impairment charges from continuing operations, which were $10.5 million in the quarter. These charges mainly reflect consolidation actions taken during the quarter in the Boat segment and to a lesser extent, previously announced actions in our Marine Engine segment. Looking forward, we currently estimate charges pertaining to actions taken in 2012 to be in the $5 million to $6 million range in 2013. Net interest expense, which includes interest expense and interest income, was $14.6 million in the quarter, a decrease of $2.1 million versus the same period in 2011. The reduction was a result of lower debt balances. In the fourth quarter, we repurchased approximately $25 million of the 11 1/4 notes due in 2016. This resulted in the $4.4 million of debt extinguishment losses. For the year, net interest expense declined by $12.7 million compared to 2011. Over the last 2 years, we have lowered our net interest expense by $25.6 million. As a result of our debt reduction activities in the quarter, our debt outstanding at the end of 2012 was $572 million, representing a $121 million reduction in 2012 and a $259 million reduction the past 2 years. During the quarter, foreign currency had less than a 1% negative effect on sales due to a stronger dollar versus certain currencies in key sales markets, including the euro. Currency had a minimal impact on fourth quarter operating earnings as compared to the prior year, which reflected a mix of favorable and unfavorable exchange rate movements. This includes the impact…

Thank you, Peter. I would like to take a few minutes to describe some of the key assumptions that support our 2013 guidance. Let me start with those affecting the P&L. Our plan reflects a 3% to 5% revenue growth, with all 4 segments reporting improvement in the year. Dusty is going to describe to you in more detail on how anticipated market and product trends will impact our top line in 2013. We are targeting to maintain gross margins of approximately 25%. Gross margins increased by 150 basis points in 2012, reflecting improvements in all segments. We believe we can maintain these strong margins in 2013 and we'll continue to explore opportunities to further expand them. Operating expenses are projected to be higher in 2013 versus 2012 as we increase spending on growth initiatives. SG&A expenses are expected to increase modestly and R&D expenses will increase in both dollars and as a percentage of sales. Pension expense, which affects both gross margin and operating expenses, is projected to be lower by about $7 million. We are planning for an effective tax rate in the range of 16% to 18% on an as adjusted earnings basis. This estimated rate excludes the impact of one-time pretax charges, which is debt extinguishment losses and restructuring charges, along with any nonrecurring special tax adjustments. As you may recall, the company has substantially reserved its deferred tax assets due to being in a cumulative 3-year loss position in the United States and other jurisdictions. It is possible that the company may be out of a cumulative 3-year loss position in 2013, and will be evaluating the need to continue to maintain these valuation reserves against the deferred tax assets. The tax rate estimate for 2013 excludes the impact of any potential reversals that would…

Thank you, Bill. Now that Bill's described many of the assumptions that underlie our 2013 plans, I'm going to spend the remaining time describing our early perspectives on the global marketplace in which we compete. How we plan to sustain our earnings growth in that marketplace. In February of 2012, at our Investor Day in Miami, we outlined a plan premised on the reality that the global economic and Marine market could continue to be challenging. With this environment as our base case scenario, we felt it was imperative that we develop both operational and financial strategies that would allow us to continue to increase shareholder value. Operational plans were developed throughout the organization to grow our businesses by increasing market share, developing new products and services that would expand our markets and pursuing specific regional opportunities throughout the global marketplace. Despite the expense associated with these plans, we knew we had to maintain our favorable cost position, while exploring opportunities to improve operating efficiencies and further expand our margins. Continued reduction in outstanding debt balances and a reduction in pension underfunding were also important parts of our overall plan. 2012 represented a successful step in achieving the goals and targets we presented in Miami, and we're confident that we can continue our progress in 2013. In the global Marine sector, we expect to benefit from the continuing, albeit very uneven, recover in the overall U.S. powerboat market. Our 2013 plan reflects solid growth in the outboard categories, following the double-digit growth rates experienced in 2012 and growth in 2011. We also expect to once again benefit from growth in our Parts & Accessories businesses, given stable boat participation in an aging U.S. boat fleet. As you can see on this slide, Mercury's outboard engine and P&A businesses represent 85%…

[Operator Instructions] Your first question comes from Ed Aaron, RBC.

Dusty, it sounds like you're still pretty cautious about the large fiberglass boat market. Do you believe that, that market's going to be down this year? Or do you think that it's reasonable to expect that it could kind of finally at least flatten out?

It is reasonable that it could flatten out. And to be honest, Ed, our planning is sort of down to flatten out.

And then, just based on your guidance, kind of back into an incremental operating margin of something that's a little less than 20%, including the benefits that you're going to be getting from the cruiser restructuring that you've done. You've kind of talked in the past about leverage rate of more like 30%, and is that differential -- is that entirely a reflection of investments that you plan to make this year? Or has there been any change to kind of variable leverage rate that you see in your business?

Ed, it's Peter. We -- no, we don't see any secular change in our leverage rate. The 30% number that we cite from time to time is our variable contribution. And after covering fixed expenses, our models and our guidance that we gave in Miami tend to reflect about a 20% operating leverage number over time. And so, if our 2013 guidance is coalescing around there, that's about normal, I would say.

And then my last question, then I'll pass it on. I think you have a fair amount of more, kind of product activity this year than in past years. How would you suggest that we think about, just kind of how much that changed in the level of new product introductions that could do for your topline growth rate in 2013?

Ed, we've included the impact of the new products in our 2013 topline guidance.

Your next question comes from the line of Tim Conder of Wells Fargo Securities.

Gentlemen, let me also offer my congratulations on the excellent year. And Peter, on a long distinguished career, we'll miss you, sir. And Bill, welcome aboard. Let me take a step back, Dusty, I asked this in the last call. But given now the light of 2012, given the divestiture that you've announced here with Hatteras and CABO, which I think you had to do to get to your -- the things that you outlined in Miami. But it appears now with your guidance for '13, the $2.45 is basically the high end of your base case scenario for Miami for 2014. So now are you saying that you're pretty solidly in that plus 5% scenario, which I think the Miami EPS for '14 would imply $2.70 to $3.20?

No. As I sit here today, Tim, I don't think we're into solidly the 5% in that guidance, and let me tell you why. The overall -- first one, when we gave those numbers, we focused on a couple of peg points. First was the improvement in the global marine market. And secondly was, what we thought the world economies would look like as a way to judge our recreational businesses. On a global basis, growth in the marine markets was negligible in 2012.

I'm sorry, Dusty, you're cutting out there some. I don't know if it's connection or what.

As we look at global marine market growth in 2012, Tim, it was negligible. As we look at global marine market growth in 2013, we think it's more likely to be low single digits. And then as we look at the global economy and its impact on our recreation businesses, the global economy's playing out just about like we thought, 2% GDP growth on a global basis. So when I add all that up, I'd say we're looking at to be between the base case and the 5% case, and as we sit right now and look at markets, that's what we're shooting at.

Okay. But I guess maybe the components, Dusty, to get there, I mean your base case for Mercury implied 10% to 11% op margins, you posted a 12.5% here. Boats, yes, clearly, you've got a little more work to do to get there. But Life Fitness, you implied 12% to 15% and you posted a 16%. So it would seem that engines are going to -- likely to continue to hold above that and exceed that, maybe, does Life Fitness get any competitive pressure or not? Are you still looking for that? And then I guess the other piece of that is, what do you have specifically baked in for Europe for 2013 overall?

Let me do Europe first. We're baking in flat.

Flat for Europe, okay.

Yes, in 2013. When we look at Fitness, we believe 2013 will be another year of topline growth for Fitness. They've really set a high margin for themselves in margins by their 2012 performance. But we're pushing the Life Fitness organization to hang in there with margins, and we'll see what they're able to do. But I'm very comfortable that we're probably in the top end of the Miami investor forecast business margins.

Can I correct your number too, Tim? That 10% to 11%, that was our original Miami. But subsequent to that, when we did some restating in April, we increased those margins to up to 11.5%, Tim. So at our current investor deck, you have the restated Miami numbers for -- from our [indiscernible].

And Tim, the only other thing I would mention from my end is that, as you're looking at a run rate from '10, '11, '12 through '14, remember that it is distinctly possible that as we move from '13 to '14, the tax rate will move from the teens to something with a 3 in front of it. So that will retard the stated EPS number in '14.

Yes, the only other thing I would say is, as we're looking around the organization, the markets are not unfolding. The marine market is clearly in recovery, but it's in recovery in a way none of us had ever anticipated. And when we spoke in February of last year, we were thinking as the marine market grew, we would see it grow proportionally across all segments. What's happening now is -- it's unprecedented. It's growing only in outboards and we're making the adjustments to that. And I'm really, really proud of the organizations, and all the changes we're having to make in operating plan, strategy, production schedule, on and on and on. But our guys are doing a -- our men and women, are doing a great job at it, and I'm completely comfortable with how we're performing.

Your next question comes of the line of Jimmy Baker of B. Riley, Caris [ph]. Jimmy Baker - B. Riley & Co., LLC, Research Division: Let me start by offering my best wishes to Peter and his well-deserved retirement and also, congratulations to Bill in his new role. First, you talked about under shipping retail demand again here in 2013 on the Boat side. Can you just expand on that strategy a little? And is that specifically the case here, domestically?

Well, first let's kind of chop up the Boat business. We will not, in aluminum -- or let's say in outboard-based product, Jimmy, be under shipping retail demand, and we said in our prepared remarks that we expect that wholesale and retail to be on parity. And as a result, you will see the pipeline grow in outboard-based products, but you'll see weeks on hand continue to come down. So where we're under shipping retail is primarily in larger fiberglass products. And the reason we're doing that is we are feeling the green shoots, not seeing them yet, but if one's out walking around in spring, you feel the sun, even though you don't see the shoots. And we want to make sure that we're positioning those businesses to do well when the recovery comes, and we know what the new product pipeline is looking like that what we have in all these product ranges and we want to be able to get all that product into the field as we're ready. Jimmy Baker - B. Riley & Co., LLC, Research Division: Okay. So just to clarify, I'm looking at Slide 21 here, and it suggests that the growth rate in global wholesale shipments is going to be less than global retail shipments. But I thought I just heard you mention that they would actually be at parity. So am I missing something there?

I said aluminum would be at parity. And larger fiberglass will be down. Jimmy Baker - B. Riley & Co., LLC, Research Division: Okay, understood. And then I just have one question that's maybe a little off the radar. I'm hoping you can explain the decline in intercompany sales from Mercury to your Boat brands, that's the trend that's really emerged this year, was particularly pronounced in Q4. I'm just having a little difficulty reconciling that, understanding that your P&A business is still so strong. But your wholesale activity in both brands that carry the higher ASP Mercury engines obviously hasn't been so strong. So why is growth in marine eliminations drastically outpacing growth in either of your Marine businesses?

Jimmy, I'll take that. I would attribute that to the success that our outboard businesses have had in the marketplace and taking more product. Jimmy Baker - B. Riley & Co., LLC, Research Division: Your outdoor Boat brands, that is?

The fiberglass sales are, have been weaker. On the outboard side, those businesses have been performing very well in taking share. Jimmy Baker - B. Riley & Co., LLC, Research Division: Okay, that's helpful. And then lastly, just a housekeeping item. Did you give the sales contribution from discontinued items here in Q4?

That's not in the presentation or in the release. Jimmy Baker - B. Riley & Co., LLC, Research Division: And not something you're willing to provide?

Not something we have available right here.

Your next question comes the line of James Hardiman.

Congrats on another great year. Let me follow up on, I think it was Tim's line of questioning, sort of circling back to the longer-term guidance you guys gave back in Miami, but focusing maybe a little bit on the high-end, let's get hopeful here for a second. X CABO and Hatteras, and I guess even Bayliner, I think the common perception is that by getting rid of the 2 yacht brands that you're sacrificing a bit of high-end upside in terms of earnings to get better earnings power today. Can you sort of talk about what this does to your upside and maybe some initiatives taking place in some of your -- some of the boat brands that you're holding on to, that might replace some of that -- the higher end of your portfolio?

Clearly, if one just does arithmetic, you'd say yes, we lose some upside. But we're not actually thinking that way. Those businesses as '12 progressed, and as we look forward, are tough businesses to be in. They're in segments of the market that have continued to decline, have great competitors and all the sort of things, James, that we have looked at over the years when we make a decision to get out. But as we've relooked at our businesses and begin to -- and continue to focus on the ability to grow in Brazil, all of the new market introductions and new product introductions that we have, we're not on a Brunswick-wide basis, varying our outlook for what we can do versus our projections in February of last year. And as I was mentioning with Tim, it's not unfolding as we had planned, but that's okay. We're adjusting as we need to, and we'll do better in engines. The Boat business will not over time be materially different than we've laid out, even though we don't have Hatteras and CABO. And Fitness continues to do well, both on topline and margins. So we're comfortable with the guidance we gave. We're pretty relaxed that we're going to be able to hit it. And it's just all sleeves rolled up here and working hard to perform well.

Great, and just a quick housekeeping question here. Fitness segment margins were fantastic. I think they were north of 19%. Was there something special going on there? I'm assuming we can't even come close to rolling that forward. Was there something in particular in the quarter that I should be thinking about there?

Well, first, I wouldn't plan to roll them forward. Our competition is not going to like margins that stay near 20%. And in terms of what they were able to do in the quarter, I think it was just really great expense control as they were finishing out the year.

Got it. And then, Dusty, just, bigger picture here. As you talk to dealers and customers, maybe, I don't know if you've gone to a whole lot of boat shows as of late, but we've gotten past the fiscal cliff, we've at least put off the debt ceiling. Taxes have gone up, but maybe not as much as a lot of people were expecting at least for that 200k to 500k income group. Are you seeing the beginnings of maybe some better confidence among the dealers that you're talking to, whether in person or at the show that at the end of the day, this is a consumer-confidence business? What's -- I understand that your guidance has to be somewhat conservative. But are you hearing anything incremental from the people that you talk to in the channel that gives you some hope going forward?

I'll say it this way. First, shows are not a good example of anything, although the shows are unfolding exactly as the way we've guided for the rest of the year. As we're out talking to dealers, the folks who have outboard product continue to be incredibly upbeat and believe they're going to have a great year. As we look at larger product, the real world is, as we've looked at how those buyers are going to come back, we've always said there are several things that are going to impact them. First, they need to know the way out of, tongue-in-cheek described it is, what their role in deficit reduction is going to be. And while individual income tax rates have presumably been set, it's also clear the administration has said, "We're not through raising taxes." And it's even said in some cases, "And we've already done all the spending cuts we want to do." So a lot of our customers for this type of product are business owners and they're going to wait to see how that unfolds. They need unemployment, or feel that it's important that unemployment is on a steady decline. We've not yet seen that. They need their investments to be improving, we are seeing that. They need the value of their real estate to begin a steady improvement. And it feels like to me, it's sort of patchy. So when we add all that up, there's a lot more positive today than there was this time last year. But our judgment is, and as I talk to our dealers, they're still under pressure on that. Then we just want to be very smart and make sure we keep our toplines very healthy and our dealers in a positon to move forward.

Very helpful. And I just want to reiterate, Peter, great working with you, safe travels, and enjoy your post-Brunswick life. And Bill, welcome to the team.

Your next question comes the line of Michael Swartz of SunTrust.

I guess I just wanted to touch on gross margin here. And I guess the commentary you kind of -- consistent gross margin in '13 with 2012. And I guess I'm kind of surprised with that, given the leverage in the business and the cost-cutting. I mean, could you maybe outline some of the puts and takes to that outlook?

Well, the things that will enhance margin are some of the investments that we continue to make in our manufacturing structure, some of which is embedded in the increased capital spending as a percentage of sales. We continue to work on efficiency gains in our factories throughout the company. And that is taking place globally, as well as in the U.S. The things that will push against that will be continued pricing pressure from our competition. And the things that will be pushing against that are the inevitable cost increases that come from some of the raw materials that we have to put into the product. So when we put all that together and run it through our system, we think that the numbers that we gave are achievable. And that's what we expect to hit.

I think covered too, is if you look at our 2014 guidance, and then back up to '12, we made a massive leap forward in our ability to produce gross margin. And I think we need to think about 2013 as with all the pressures that Peter has said, especially to reduce margins as the year, to really dig in, to solidify those margins, to make sure we're comfortable, they're really solidly entrenched in our business psyche as we go forward.

Okay, great. And then one final question, it looks like in the fourth quarter -- just kind of backing it out to the press release, it looks like the U.S. Fitness business was down year-over-year. Could you explain what that was? Was there any kind of order shift into the first quarter, or am I missing something?

It was down just a bit. And one of the things that's been going on is, there's been a consolidation in the club market. And fourth quarters are times a lot of deals get completed, et cetera. And as those happen, there's not reordering. And that's all getting completed, and we're comfortable that market will easily go back into growth mode in '13.

And we're also, at Fitness, introducing a lot of product, and it could well be that the clubs are waiting to make sure that they get the new product.

Your next question comes from Craig Kennison from Robert W. Baird. Craig R. Kennison - Robert W. Baird & Co. Incorporated, Research Division: Dusty, as you know, we like to focus on the used boat market, somewhat. Could you give us an update on trends in that at the dealer level and especially any used boat price information you may have?

We continue to be told by the dealer network that if they can get their hands on a good used boat, it's a happy day and they sell it quickly. We have not seen and we've talked about this before, however, used boat pricing to continue to increase except in certain segments in and in around certain brands. I mentioned Boston Whaler in the past as an example for our brands. So we continue, Craig, to see no difference in the used boat market than we've seen over the past year, actually. And it continues to be something our dealers focus on because it's good form if they can find them. But again, the availability of used boats continues to be an issue. Craig R. Kennison - Robert W. Baird & Co. Incorporated, Research Division: And is there any dispersion between the low-end and the high-end when you look at the used boat market and the appetite for consumers who already own a boat, to trade up?

We see it more in the high end. But we talked about new volumes are down, but boaters, as a category, like to have a different boat and a bigger boat. And the way they're achieving that today is they're buying used, rather than new. Craig R. Kennison - Robert W. Baird & Co. Incorporated, Research Division: And with respect to margin and your margin outlook, to what extent does the mix of boats and your decision on the high-end affect your margin outlook, if at all, in terms of incremental margin?

Obviously, the mix pushes down margin. And that's something we're dealing with, but we're pretty darn happy with the way we're pushing margins upward, even though the mix is dramatically different than anything we've seen before.

Your next question comes from the line of Laura Starr from Nuveen Asset Management.

I just have a couple of questions. One, can you just talk about with Sandy people getting their insurance checks, have you seen any actual conversion of people buying boats in those areas where people have lost boats in Sandy? I mean, a higher increase in boats and sales?

Here's what we're seeing with Sandy. Let's divide the Sandy impact into 2 buckets, Laura. First is, boats damaged but not destroyed or lost. The -- those boaters are out looking for dealers who have the ability to perform repair and service. And a lot of dealers' facilities were wiped away or severely damaged. But those dealers who had the ability to do repair and service are having a great business run right now and view that as continuing through '13. For the person who's lost their boat and has received an insurance check, it looks like it's going to play out like all big hurricane events have. And that is, upon receipt of that check, the owner's first look at his or her life is they need their home taken care of, then their car, then all of their surroundings and then eventually they turn back to boating. And we're seeing that play out. I think the other thing what we saw was marinas and places to boat underwent very severe damage in Sandy and therefore, even people who'd gotten their check and might want a new boat are having to find a place -- a marina they can even boat from. So our view is that on the new boat side, this is not going to be a big 2013 event. And we'll see people begin to buy new boats whose boats were destroyed more in '14, '15, and that would be consistent with what we've all experienced in 2005 on the Gulf Coast with the big hurricanes there.

And then, could you talk -- you didn't mention on the call about some of the things -- initiatives you're doing for international development. I mean, off and on, you've talked about different places in the world where you're trying to expand either the engine part or boat sales. Could you just give us an update on what's new there?

Well, first, if you look at our sales number, once we back out Europe, we're having great sales increases all around the world. The biggest single initiative is our entrée into the Brazilian boat market through Bayliner and Sea Ray in the cruiser category. Our plant is up and running. We had the big official opening. We're beginning to fill the dealer network with boats, not only -- not so much, frankly, is produced there because we're just getting up and running but boats we've been able to import with all the import help we got by being a builder in the country. So that is moving right as we thought. And it's a big initiative and we'll really begin to see much more of an impact from that initiative, in my judgment, more in the '14 range than even in '13. But it's right on track.

And that -- given their geography, that's more of a -- it's year-round sales, right? I mean, so they -- it shouldn't be that seasonal? Is that correct in Brazil?

It depends on where we are in the country, yes. But it's -- the further south you go, it's a little less seasonal. I mean, it's a little more seasonal than for instance, north. Brazil's a darn big country that covers a lot in latitude.

Okay. And then my final question is, with all the divestitures you've done, do you -- what do you actually have in terms of, like, higher-end boats that you can sell here domestically, if the market really does begin to come back? I mean...

Well, let's define the higher-end boat by category. First, as we look at larger sterndrive inboard product, it's marquee and Sea Ray -- I mean, I'm sorry, Meridian and Sea Ray.

Those greater than 30 feet? Are any of them greater than 30 feet?

Oh, yes. Sure, sure. We go well up to 60 feet in those categories and we'll be over time bringing product out even larger than that.

And are some of them up to $1 million?

Yes. Easily. Then if we go to fiberglass outboard products, Whaler, in our judgment, is the premium brand in that category. I would say there's one other brand that looks and feels as premium as Whaler. And we continue to get larger in that category. We have a 37 outrage in that category, and you'll see us bringing even larger boats out in the Whaler category. And then even if you want to go down to aluminum products in our line brand, our pro [indiscernible] are the premium brand in the marketplace, and bringing a lot of revenue dollars per boat. And they're very popular, though, for people who are serious fishermen. And then if we go to the pontoon category, again, our Harris brand is a luxury brand in that category. And we've just come out with a new product there that I actually was doing an interview with a Dow Jones reporter, and we did it on that boat. And it's the most premium pontoon I've ever seen and we couldn't finish the interview because there were so many people wanting to get on it. Because we think of premium in the boat market, our judgment is, that we have premium brands who can cover premium categories in every type of boat.

At this time, we would like to turn the call back over to Dusty McCoy for some concluding remarks. Have a great one.

As always, we thank everyone for joining us. We appreciate the great questions we get. As I hope you felt from the call, we're really proud of '12, we're confident in '13, and are very relaxed that all the targets we set for '14 are well within reach. And as we said, we just got to roll up our sleeves and keep doing what we've been doing and work hard. And again, I want to thank Peter for everything he's done for this company. Welcome, Bill. And as we go through this change, the one thing about Brunswick is we've been around 168 years. We're pretty good at making change and going through evolution. So we'll get through this.

Plus, the 15 plus thousand people who work at Brunswick are what makes the CFO look good, and the CFO looks good. And nothing has changed there, indeed. Everything is getting better. So thank you all, for your kind comments, and I will be watching the company very carefully. And I will not be traveling anywhere because I want to be close to the headquarters to make sure that everything continues on the Miami guidance track. Thank you all.

Peter threatens, by the way, he's going to come and have lunch everyday and quiz us. We'll see how he does. Thanks, everyone. We appreciate it.