And even as high as we are, we still feel the majority of the customers are financing, they’re just getting their money from somewhere else. So Anthony, you want to jump in on that stuff that you kind of playing around with it?
Anthony Aisquith: Yeah. I mean if you look at it at $100,000 mark is basically when you take all the noise of the big boats out, from three years ago to today, it’s about $183 a month difference in the payment. And really, we’re not seeing people back away from $183 more a month than they did two or three years ago. So that’s really what the math comes down to when you take 3 percentage points over 240 months, it’s $183 more a month that the consumers having to pay. So, we’re not seeing anybody falter or back away from that at all.
Craig Kennison: And I think I heard during your prepared remarks, Anthony, something with respect to the F&I penetration rate. And I guess I’m curious how does the F&I penetration rate change over time? I know it’s a very good number for you. I think you said over 60%. But I’m curious if consumers who have the option to take it or not just based on their own personal situation rather than the need to finance a boat, if you see your penetration kind of slip a little bit.
Anthony Aisquith: No. Actually, in the quarter, our new boat penetration was at 70%. We honestly believe that about 90% of all customers finance, just maybe not all through us, they’re borrowing against their own money, they’re borrowing against their HELOC on their home or what have you. They’re not actually fully paying cash for the boat. So, we just try to — over the years, we’ve — our target has always been 65%-plus. And our new boat finance penetration rate for the fourth quarter was actually 70%. It’s just a process is in place in our — the way we sell.
Austin Singleton: I think, real quick, Craig, one thing like when we talk about this process, it’s pretty easy if you train and you got not only the business manager, but the sales guys, if they talk and start setting this up from the beginning, it’s not hard to tell somebody, “Hey, this is a simple interest loan, no prepayment penalty. If you’re buying a $200,000 boat, sure, you’ve got $200,000 sitting over here somewhere else. So, you can always pay that boat amount. You can always pay it off tomorrow, but don’t you think that, that $200,000 could be used somewhere else at a better use.” So, just crafting the way that we script and we talk to people and stuff like that, it’s kind of like, “Yes, I can pay my boat off any time.
It’s more of a luxury. Well, why don’t I take the money and put it in the market? Or why don’t I do this with it? Or why don’t I keep it just as a fresh liquidity?” So, you kind of build that story through the whole process, and that’s kind of one of the things that we’ve done over the last seven years that’s really allowed us to increase that rate. And I think that’s why our penetration is higher. It’s just — again, it goes back to the process starting from the minute you meet the customer. And it’s just the little things that you add in on as you’re going through the sales process to get to closing that boat.
Craig Kennison: Great. Thank you.
Operator: Thank you. [Operator Instructions] Our next question comes from the line of Joe Altobello with Raymond James. Your line is now open.
Unidentified Analyst: Good morning. This is Martin on for Joe. Just wondering if we can get a little more color around the EBITDA guidance for next year. And I believe you are now including stock-based comps. So just wondering if we can get a number or some kind of direction around that as well.
Jack Ezzell: Yeah, no problem. Just on the stock-based comp, it’s about a $9 million number for next year. When you look at the guide, right, and you look at where we printed this year, you think through the first half of the year and normalizing margins. So I think if you go through a process in calculating kind of what’s that margin differential when you back out that $3 million that I mentioned before for Roscioli and the Lookout divestiture, it gets back to — it gets you to about that $155 million number. So, while we’re cautiously optimistic about next year, I think there are a fair amount of headwinds. We recently got some good inflationary-type news or some moderation of inflation news here in the last day or two. But it seems like that information is people are really excited about it one day and then something else comes out two days later, and we’re back in a different camp.
So, we’re going to control what we can control. We’re going to sell as many boats as we can and stay hyper-focused on that, stay hyper-focused on making sure we have the right inventory at the right locations that it’s ready and available for sale.
Unidentified Analyst: Got it. It’s very helpful. Just another question, guidance, does that assume the current trends when it comes to retail throughout the fiscal year? Or you think it will start improving into summer?
