CFO THOUGHT LEADER - 807: All Things in Common | Ryan Gwillim, CFO, Brunswick Corporation

Thanks, Jack. Thanks for having me today.

No, that's good. You've been studying. I just took a quick look at the site and was surprised how many of the brands I was familiar with.

Well, Jack, let me take you back 20, more than 20 years ago now. I'm going to start way away from the finance world. I'm going to start at a college bar. I was fortunate enough to start working at a bar when I was a freshman in college as a bouncer, which is pretty funny looking back at that today. I worked my way up into the management team and then eventually the general manager of a college bar. It sounds maybe somewhat interesting, but how is this related? I had about 225 college kids on my staff. I will tell you, my first real insight and foresight into being a leader was being kind of the same age as most of my peers and learning how to navigate through 200 plus other college kids in a setting that, as you can imagine, is a bit volatile. It's a college bar; you've got kids coming in having a really nice time, having fun, people having too much fun. But my first real understanding was you've got to look through all the people on your team, figure out who does what well, put them in the right spot, put them in places that are going to succeed and have fun. As you can imagine, the turnover in a place like this was immense. We had people that would work one week and then leave the following week and go to the bar next door, literally, that was being run by one of my friends. So it was trying to run an operation but also keep your team together. I learned a lot. I'm sure I made a ton of mistakes too, but at 21, getting an opportunity to do that role and to learn just some of the basics of how to treat people well and what people respond to, that really was my first real leadership experience.

Yeah, that's right. It often resulted in me having to make pretty difficult decisions that weren't overly popular with certain groups. Partly it was to keep my employees safe, partly to keep them away from law enforcement or something they shouldn't be doing legally. That's probably the other aspect: having to make difficult decisions that you knew were best for your employees. So then I actually stayed at the school I went to undergrad at, the University of Illinois. I was there just shy of a decade. I went to law school, stayed there, and I also taught accounting along the way, which was a really good experience. But I'm going to keep going through to my first real job in the legal field. I was an associate in the corporate securities group at Baker & McKenzie in Chicago. It's a fantastic global law firm. For full disclosure, I still deal and work with many of those colleagues still today in my current role. I joined at an interesting time, in the fall of 2005. As everyone may remember, it was a pretty good time for the market; it was up and people were cruising through. I was doing primarily cross-border M&A transactions for large Fortune 50, Fortune 100 companies, really learning how the deal process worked and how big companies formed relationships with others. I did some merger transactions, acquisition transactions along the way. It was great experience. I was in full learning mode. Well, then we all know what happened in '07, '08. The market crashed; it's the GFC as we now know. I looked around in 2008, 2009, and of my class that started with me, there was just me and one other person left. Some left voluntarily, some not. But what it did for me was open the door to do all kinds of different work because I was one of the only mid-level associates left in the corporate group in Chicago. I got the opportunity to do more public company work, kept my M&A focus, did a lot of restructurings, did a bankruptcy deal. All of this for me in terms of leadership was really broadening my view of business and transactions. It was a tough time because the work was challenging, hard, and long. But as I look back today, having six or seven years to do all these different transactions and work with different people and learn from different partners became unbelievably valuable. But it has a bit of a bump at the end. In the fall of 2010, I had a bit of a Jerry Maguire moment. I got back from a trip in India representing a US company in an Indian transaction. The work was great, the client was wonderful, but I had been away from my family for six or eight weeks and I was burned out. Instead of going to one of my partners and friends and saying, 'Hey, I need to step away, I'm burned out,' I left. I had another job with a legal outsourcing company which sounded good at the time, but it ended up not being for me. The lesson learned is you've got to trust some of the leaders you look up to and learn from. All I would have had to do was walk into Mike DeFranco's office or Phil Stamatakis or any of the people I look up to at Baker, like Helen Mantel, Olivia Tyrrell. If I had said to any of them, 'I need to step away for a little bit,' they would have all said, 'I completely get it. Go take time, come on back, and we'll keep going.' I chose another path, and that leads me to where I am today. When I was at Baker, I did a significant amount of work for Brunswick. At the time, going through the GFC, Brunswick was a completely different company. It was a conglomerate of various recreational assets, which it isn't today. Today it's marine-focused, a much smarter portfolio design. I got to know a lot of the legal team and some of the finance folks at Brunswick. I did probably eight to ten projects with Brunswick over my time at Baker. So as I was in about month three or four of this legal outsourcing gig, which again was not for me, I happened to go visit my colleague Kristen Coleman, who was the general counsel at Brunswick at the time. She was a fantastic mentor for me. It ended up working out that they had a kind of low-level position open. I think we all, Chris and I both said, probably below where I would expect to jump into a company. But to be honest, I was ready to bet on myself. I knew I liked the company, I knew a bunch of folks already there, so I jumped in. I joined Brunswick in May of 2011 and worked in four or five different legal roles before my big turning point in September of 2017 with IR.

You're exactly right. You hit it really well. Either the target, the buyer, or the seller could be outside the United States, and oftentimes it was all three. Baker is known for their global presence, and just about every deal I worked on for five years had one of the parties outside of the United States or a significant amount of the assets being bought or sold outside the United States. We would do diligence on the ground, go negotiate the purchase agreements and all the ancillary agreements to go along with the transaction, go to meetings with our client, with the target or the seller. Travel was a huge part of the job, Jack. I'll be honest, I loved it. I still love to travel with my family today; it's a big part of who we are and what we do. But when you're doing it for work year over year, it does get taxing, and certainly it caught up to me there in 2011.

Generally, it's an incongruency of value. One side believes the value of the transaction is X, and the other believes it's X minus a big factor or X plus a big factor. Most times it comes down to what a purchaser is willing to pay for an asset, but the view of what that asset is worth can take many forms. When you're talking synergy value, it's never one plus one equals two. The goal is always one plus one equals two and a half, three, three and a half, or more. When you don't have that value line up, oftentimes people have to walk away. I've been on many deals, both at Baker and now at Brunswick, where you didn't have valuation certainty between the parties at one point, but then a few months later the market changes or facts change, and the value becomes a lot closer together, and you can actually get a deal done. So things can change over a period of months sometimes.

Well, before I was the investor relations head, I would work in concert with the M&A team and the finance team on transactions and commercial agreements within Brunswick. I obviously knew enough to be dangerous, but I'll be the first to tell you that my rote finance skills, I am an accountant, I'm a CPA, but that was 2002 when I took the CPA exam. Sitting here in 2015, 2016, my rote finance accounting skills kind of took a back seat to my more general corporate securities legal practice, which is what I spent most of my time with, even doing M&A and commercial work and securities for Brunswick in the legal department. But when I stepped into IR in September of 2017, when Bill came by my office and asked if I was interested in investor relations, I said yes, that sounds great, but I'm not really sure I know what it does. I knew what it did obviously; I related to the IR team when I was doing some of the legal work and they were reporting out to investors and preparing for earnings calls. So I knew enough on the process, but I didn't know exactly what the day-to-day was. But man, did I learn quickly. I dusted off those finance chops. I have no shame to tell people that I have a Kieso and Weygandt accounting book from my time at Illinois that I was flipping through, reminding myself of accounting treatments and how the finance metrics work and what investors look at. Because I'll tell you, you want to talk about taking on IR at a volatile time. September of 2017 and for the next two years was certainly one of the most volatile times in Brunswick's history. Here I was, very quickly, with the management team, the face of the storytelling with the investment community.

We were at that point really closing the book on our conglomerate viewpoint, our conglomerate presentation of how we did our business units. At the time, we had a very distinct engine business, which is Mercury, which is fantastic. We had a boat business, we had a small but growing parts and accessories business, we had just gotten rid of the bowling business, which people still remember Brunswick for bowling, but today we are completely separate. We also had a fitness business. We owned Life Fitness, which is the fitness manufacturing company. People often confuse it with Lifetime Fitness, those big clubs, but we owned Life Fitness, which manufactured cardio and strength products. It's one of the global leaders. But at the time, that business was starting to really struggle, and investors, correctly to be very fair, were starting to ask why it was part of the portfolio. What did it have to do with all the rest of the marine assets? It was funny, when it was doing well in the early part of the 2010s, no one questioned it. But as soon as it started to have a little bit of trouble, people came out of the woodwork and told us to make some decisions that would involve getting fitness out of the portfolio. Little did they know that was already well in hand. Management and the board had figured that this was something we would want to do to maximize shareholder value eventually, so we were relatively down the track. But we had several M&A deals going, some that didn't get across the line. We actually sold our largest boat business, our biggest boat product business, the yacht business. A lot of these moves involved significant investor interaction. Two years went by like it was a month, Jack, from '17 to '19. I learned a lot about what the investor community wants in a public company and how to relate to an investor base that's not always going to be supportive of what we're doing.

Yeah, he was the CFO prior to me. When he retired in 2020, that is when I became the CFO.

We are a completely different organization than we were 10, 15 years ago. We are now a much more narrowly focused marine recreational technology company that really owns everything around the water, including the boat, the engine, parts and accessories, a boat club, Freedom Boat Club, which is a fantastic part of our offering. But we really succeed on focusing on technology and spending capital, R&D, on things that not only do people want but will also drive a profit for the company and the shareholders. We are the market leader at Mercury Marine in outboard engines. We are a market leader in several of our boat categories. We believe we have the biggest parts and accessories business in the world, and we have the biggest boat club. You mentioned earlier, we're actually, our public guidance this year is to get about $7 billion in revenue. Last year was the best year in company history, and we believe this year will top that. It is certainly on the back of making very strong decisions on the portfolio, very good execution with all of our business lines, and Dave has put together a management team where we're all moving in the same direction. I try to avoid 'we're all rowing in the same direction' because that's too easy of a boat pun, but we are all moving in the same direction and understand what it takes to win in this environment.

A lot of it is people who, it's a lifestyle to them, Jack. Our first-time boaters did increase during COVID because it was an opportunity for them to spend more time on the water at a time when they couldn't travel or weren't vacationing as much. But a large majority of these folks are people that have boating in their DNA. They like to fish, they like to be on the water with their family, they have a lake house. Not many people just run off the street and say, 'I'm going to go buy a boat today.' We'll take those people, of course, very happy to service them, but boating is really in people's DNA. What we've seen is, right at the early onset of COVID, we did sell a significant amount of boats, and we're still today working to refill the inventory that's in the field. Much like you see car dealerships that don't have any cars, most boat dealerships don't have many boats today. But what COVID really did was allow people to be a little bit more free to be on the water at times that maybe were a bit taboo previously. The whole work from home or more flexible work-life is certainly an advantage for recreational activities, whether it's boating, golfing, camping, whatever you like to do. Not going to your office every day from 7:30 to 6 and having the ability to be a little bit more flexible has allowed more people to be on the water. More people in the water means more parts and accessories they need, more opportunity for them to upgrade their product. We've certainly seen the benefit of that. We think that's a very strong tailwind for us over the next many years. Despite the world opening up, people are still on the water more today than they've ever been, and we don't see a whole lot of that changing here in the near term.

We really have, Jack. We are primarily B2B. We sell our boats to dealers, we sell our engines to other boat OEMs or to dealers or distributors. Most of our sales are to our business partners. The inventory in the field all over the world is extremely low, so we know that we can run our facilities today pretty hard over the next really years. Even with a basic retail assumption that we think retail is going to be flat or flat to slightly up, slightly down, as long as it's not on either end of the spectrum too far, it's going to take quite a bit for us to put more inventory in the field. So yes, we have probably more visibility today than we've ever had. The end-use customer, our core retail customer, the people that are buying our product from our channels, we believe they're still quite healthy today. But we're all watching Wall Street, we're all watching what's going on in the news, and there's obviously more uncertainty today than maybe there was 12 months ago. But at the end of the day, our core customer remains relatively healthy and we think will be supportive of a pretty good retail environment.

No, we definitely do. We have our hands on a lot more data today than we ever have. Part of that is how close to the consumer can we get. Again, selling to dealers or selling to other boat manufacturers, 85% of the engines we manufacture at Mercury go to other boat OEMs, so only a small part actually goes to our own brands. But we use data to understand where inventory is, how fast it's moving, what brands we have. I'll tell you, our team has gotten to the point where if I called our sales and marketing team, they could tell me how many XYZ models of Whaler we have in a certain district in a certain state. I mean, we can get down to the product SKU level, which for us helps with explaining inventory movements and the potential for continued growth throughout all of our organizations. So yeah, I'm pretty heavy on the numbers. Part of it though is also we use Freedom Boat Club to get to the end consumer and talk to them about what they like with the product, what they like with the boat or the engine. This is a model where consumers don't own the boat but they belong to a club that has 10, 20, 40 boats, and they just get a reservation, they go and they can use the boat at their club or in a reciprocal location throughout the season. It's a great model, a lighter touch for people that don't have the ability to own a product or simply don't want to. But what that does is it gives us 48,000, almost 50,000 people that belong to Freedom that we can talk to about what they like, dislike, or what they'd want different on a boat product. Data is important, but also listening literally to the customer on what moves them to be on the product more has been very important.

It's been around for a couple of decades. It started in the late '90s in southwest Florida and grew to about 170 locations around the US when we purchased it in 2019. We have now doubled it in size, and we think it can probably double again over the course of the next decade or so. It is, I'll tell you, probably in my time, one of the best investments we've made in an M&A transaction. The team that's running it is doing a fantastic job. Anybody listening, if they see an opportunity to join Freedom and they're interested in being on the water, you should contact your local club. I'm a Freedom member as well, Jack, and it really works well with our family.

It did, yes.

Yeah, I think that's fair. We have been quite active. You can really sense the downturn as we decided to grow the parts of the portfolio that generated repeatable earnings and revenue, which is really the parts and accessories business, a business like Freedom Boat Club, our propulsion business at Mercury. We have really invested in those parts of the business, and M&A has been a big part of it. We are the type of company, it's funny, we're certainly big enough to have big company problems at a $7 billion kind of enterprise value, maybe a little bit more, but we're also kind of small enough that we need to take care in digesting some of these bigger deals. Some of the smaller deals we can bolt on pretty easily. For example, we've purchased some of the Freedom locations. Freedom is primarily a franchise operation, and Brunswick, the owner, we own about 20-25% of the locations. There have been places where we've picked off and purchased some locations in big areas where we wanted to really increase the investment quickly. We can do those kinds of deals relatively easily. It takes work from the team, and it's easy for me to say that when I'm not actually boots on the ground doing the deals, but from a 50,000-foot level, we can do those deals relatively seamlessly. But some of the bigger deals, like the Power Products transaction in 2018 or the Navico transaction last year, it takes a team effort to not only get the deal done and completed but to integrate it correctly so that we maximize the synergies and maximize the value for what we purchased. So we will be continuing to be acquisitive, but given the Navico deal last year, I wouldn't expect something of that size. That was a billion-dollar deal, which is turning out really well for us, just as Power Products did three years earlier. But we will be busy.

FP&A is involved. I would say my core M&A team is really the boots on the ground along with the business unit that's involved, whatever business unit would be the home for the transaction. My M&A team, led by Marissa Gibbons, who's been doing M&A for two decades, they are doing the valuations, they are working with the business unit to uncover the synergies, they are working with counsel to do the due diligence. FP&A has their hands full with the organic side of the business. To be fair, there's a lot of crossover between FP&A and the analyst level in the M&A spot. You end up doing a lot of the same types of activities. But I do have them separate under two real senior leaders. The corporate FP&A is under my corporate controller, and the M&A is under the M&A side.

Probably, that is what they say. But it's funny, you mentioned that. I was looking at one of the other prep items you had us think about: what if you had a strategic moment or something that really... Can I ask you that question? Can I almost, I don't want to lose the opportunity to have it be a standalone. So yes, sure.

That's right. It comes really from what you just said. When I was in the IR role, I was day-to-day with the FP&A team because what I talked about was the results and what the guidance looked like ahead of time. The FP&A team was putting together guidance and all the materials that we needed to constructively engage with the investment community. Over time, we used to put together a binder, Jack, that was like three inches thick each quarter of analysis and reports and things. After about two years of doing the IR role, I figured out that I used about 20% of that. I kind of thought to myself, what would happen if we stopped doing the three-inch thick binder every quarter and unlocked some of these people to do some other more value-add things? That really stuck with me. It was kind of weekend in, weekend out trying to get ready for earnings, and I was looking for schedules, and I'd get a schedule and I wouldn't even look at it, or I'd look at it for a second and move on. That really drove me. One of my main premises as a CFO is to focus the work on what is adding value, what is necessary for us to prepare ourselves for investor questions, have the information necessary to run the business, to help our business units operate more efficiently. Today, that three-inch binder is probably less than an inch. I am allowing our FP&A team, the accounting team, those people have hours upon hours more to do more value-add activity, and it makes it a much better experience. I'll tell you, FP&A in a public company is a slog. Anybody that says it's not is lying. It's a slog. Getting to take off some of what I call blocking and tackling, if it wasn't adding value, if people weren't using the results, being able to move people away from that and on to more value-added projects was really important to me. That hasn't stopped, Jack. I still challenge the team every quarter to take a look at what they're preparing and come to me if they think there are reports that aren't necessary, that people aren't looking at, especially if they take more time than necessary to prepare. It's always a value proposition. A document or report could be really helpful and take 30 seconds, or it could be marginally helpful and take eight hours to put together. Well, what do you think I'm going to tell you to drop off your list?

No, we do a rolling forecast and we refresh it every month with the input from the divisions. We focus on the items that really move the ball. We focus on sales, sales gross margin, standard product margin, op expense, and then anything else that is kind of big ticket, whether it's a capital strategy item or not. The idea of trying to re-rack a forecast from start every month doesn't make a whole lot of sense. You could argue that trying to even roll it every month doesn't make a whole lot of sense, and there may be a day where we even step away from that a little bit. But I think the process has improved. It certainly gives myself and Dave, our CEO, and the rest of the team the information we need to converse with the investors, to converse with our board, which is obviously very important. It is still a bit of a laborious process, but I think we've taken enough steps out or adjusted them so that it is a little bit more static each month. We use kind of the same presentation shells for our internal and external meetings so we're not recreating slides every time. All these little things do start to add up and result in much more efficiency in the team.

I would tell you that I have spent more time in my two years as CFO on talent and HR issues than I have on anything else, to be honest. I think it is so critical to the success of the company. I have spent a lot of time on it, partly because it was demanded by the COVID environment, which as you mentioned has changed the game. We are in a kind of hybrid work environment where primarily we ask people to come in a day or two a week into the office. I do think that's valuable. I think it's important to grow relationships with your teammates and with people in other functions or divisions. But I'm also, I don't frankly care where you are doing your work. We're all professionals. We succeeded really well that first 18 or 20 months where we were basically fully remote. Our office was open and people were able to go in if they wanted to, but a large majority of our talent was working remotely, and that has only recently changed to where we've gone to this hybrid environment. But we have to be more flexible when we look for talent. The talent in the marketplace right now is expecting more flexibility, and I think we need to be able to deliver it. I've got people on my team that live in time zones away, and they are still quite successful. They maybe start earlier or start later depending on when their team is up and prime business hours. I promote flexibility throughout the day. It's one thing to say, 'Go ahead, you only need to come into the office Tuesday and Thursday,' but if managers are mandating that their teams are at their desk every day at home strictly from 8 to 5, that's not a whole lot of flexibility. Our real core tenant, at least in the finance department, is get your work done. I don't care where you do it, but get your job done, get your work done. Take some flexibility. If you want to go to your kid's dance competition at 3 o'clock, you should. No one should be judging you from where you are or what you're doing. I know it's a bit of a progressive message, and I've really been beating the drum, Jack, since I took over the CFO role because it was a change of pace. We previously were more of a 'butts in seats' type of organization across the organization. So it's taken a little time to mold us to a more flexible place, but I think we're getting there. I will say, the workload, one of my biggest issues, we do employee surveys. We just did one, and the finance department and Brunswick in general scored great, actually really well across the board. But in finance, people's biggest concern was workload. The work keeps coming. All the M&A deals we talked about don't just generate work for the M&A team or the FP&A team; it generates work for tax, for IR, for accounting, for treasury. All of this constant growth and organizational success, which we're all proud of, does come at a cost in terms of workload. Ensuring we have enough people to do the work and enough time for people to take adequate vacation, and I don't mean you go on vacation but you're still on your laptop, I mean true, non-American, European-esque vacation where they do it the right way. Ensuring that we have the talent and the numbers to do that correctly is something that we're still probably behind on, and we'll need to continue to work as we move into this more hybrid environment.

The HR team, we use Workday, which we like a lot as an organization. It enables us to track on a weekly basis the folks coming in and coming out of the organization. We've been relatively lucky, Jack. Our turnover in the global finance organization has been relatively mellow, relatively moderate, which I think goes a long way. I think people like working at Brunswick. It's a fun, we make great products, it's kind of a fun culture. We have a great leadership team, and I think there's a lot of confidence in where we're going. We have not lost a whole lot of people. We have lost a couple, and some regrettable. It always depends on the circumstance. We lost a young lady in treasury who was fantastic, but she wanted to go test the New York investment banking world. Who am I to say no to that? That's the right time in her life to go try that. We wished her well and said, 'Hey, if you ever want to come back to the Chicago area, the door is open for you.' It's funny, we have had a number of people that have left us, of the small number that has left, quite a few have come back into the fold over time if they didn't like where they ended up or wanted to come back to an environment they knew was conducive to success for their career. All of those things are helpful. But yeah, we've got the details down pretty granularly, certainly in the finance realm. I watch the numbers pretty carefully.

You are, yeah, you really are, Jack. It also helped that I did the corporate securities role and corporate governance role when I was on the legal side, because you get pretty good interaction with the audit committee. You're helping create the audit package and the securities package. I like to laugh, our chairwoman Nancy Cooper, who's fantastic, I onboarded her. I got her all set up with her Diligent online access, and she and I still have a great relationship to this day. Part of it is because I knew her from day one when she joined our board back in 2013, 2014. I was lucky enough that my boss then, the general counsel, Chris Decker, who's a very good friend of mine and somebody who has certainly been a mentor to me over the years, he thought, and rightly, that getting people in front of the board would be advantageous to careers, to getting us more visibility into what they are thinking and how boards work. So I'm lucky that throughout my career, the leadership has thought it's important to get in front of the board and in front of the executive team. I have tried to emulate that in my career and get people that are up and coming in their career in front of the board, in front of me, in front of Dave and the management team, early in their career.

No, it wasn't. The biggest leap was really getting the finance chops sharpened up, which I did pretty quickly. But the public speaking and all of the communication roles, I think most people knew was one of my strengths. So there was confidence there. Bill was a good mentor of mine as well. I started working with him back in the Baker days when he was the treasurer. I was working with them on certain revolver updates and amendments and securitizations and all of those things. So I knew Bill really well. I remember when he became CFO, I was very excited because I knew he'd do a great job. He ended up doing a fantastic job and certainly helped my career along the way by giving me opportunities, starting with the IR role. He and I were in the trenches hand in hand through that difficult time.

I would say focus on relationships. It was a good piece of advice that I got from Dave, the CEO, who I have an excellent relationship with. As an aside, I think most CFOs would say this: the success one would have in a CFO role is highly dependent on having a CEO that you can trust, respect, and have a relationship with. I have all that with Dave, and that's certainly a very valuable thing to have in my role. He was very forward-looking and said, 'Hey, I know you know most of the people that are business leaders, etc., because I had been working with them for a number of years, but you really need to cultivate relationships, generate that trust, not only with the finance folks who were on my team but also the other executives that I was now joining their management team as a CFO. Focus on those relationships.' I did, and I think it's panned out quite well. It certainly has enabled me to be close with a lot of people that now I'm giving advice and sometimes asking hard questions. But having that relationship underlies that they know I'm coming from a point of trust and trying to move forward our operations and our financial success. It's not that I'm trying to put you on the spot or embarrass you in front of your peers. Building relationships is really at the core tenant of success in a role like this.

I'll be honest, I probably, I have four little girls. My family life, I think most people know, is really important to me. I have a wonderful wife who's unbelievably supportive, has been for 20 plus years. I think that is outside of my work life, my family is a bit unique, right? Having four girls, and I'm one of four boys. The difference in the house I grew up in, which was fantastic but completely different than the house I am now the father of, I think that's pretty unique for me. I do all the usual stress relief stuff. I'm an early riser, and I'm not one to go to bed late, certainly on school nights. But I get up early and work out generally most days at 5 and start my day that way. I guess one aside is I really like the New York Times Spelling Bee game. I don't know if you've ever played it. They give you seven letters and you gotta spell as many words as you can. It really makes my wife laugh because I am probably the worst speller of anyone anyone knows.

Wordle is the other one. Wordle is where you have five letters and you're trying to... I'll do that one as well. But Spelling Bee is a little bit more challenging. It's great stress relief. It's good to engage your mind but do something that's pretty enjoyable. I'm very lucky, but my family certainly has been a big focus of mine for all of my career. I make decisions around ensuring that my family life will not suffer for whatever role I want to look at.

I am really into these fiction non-fiction business books. I'm reading 'Billion Dollar Whale' right now about the Malaysian banker that allegedly defrauded the government and spent billions of dollars partying. I just got done with the WeWork book, 'Bad Blood' about Theranos, I read the Sackler book. I'm really stuck on this genre of business whodunits. It truly is. I'll start reading it at night on my phone and fall asleep, and wake up with my phone under my arm. They're light reads but they really give insight into how leaders were interacting with other leaders and with the general public. I find them obviously entertaining but also pretty fascinating from a business standpoint.

First off is to accurately portray the results of our company to the investor world. That's table stakes, to provide accurate information on the company's performance. I think there's going to be a significant focus on the employee. We've talked a lot about that, ensuring that people are put in a place to succeed, both all the way down from a junior level up to people that report to me. I've spent a lot of time with my team understanding their goals. I do think we're probably in for a bit of an economic hard time. I don't think it's anyone's guess whether we're going to have a recession or some kind of macro event. But I do think it's pretty apparent that there's more volatility in the market today than there was a year ago or two or three years ago. Part of my job will be to focus an organization like Brunswick, which has been solely focused on growth over the last 10 years plus coming out of the downturn, and remind people that we continue to do that. We want to continue to focus on growth, but also we're going to need to watch our spending and cash flows and things that get a little bit more scrutiny in times when times are tough. Ensuring that we have the chops, the muscle within the organization to temper spending, to look at capital projects and understand what needs to be imminent and what can be delayed, I think that's going to be an exciting time for the organization as we continue to grow but also be smart in light of what we're seeing in the macro economy and ultimately the consumer. So that's really going to be my three focuses.

Thanks, Jack. Thanks for having me. Have a good rest of your day.