American Outdoor Brands Inc (AOUT) 2023 Q4 法說會逐字稿

Good afternoon. And welcome to the American Outdoor Brands Fourth Quarter 2023 Earnings Conference Call. (Operator Instructions) After today's presentation, there will be an opportunity to ask questions. (Operator Instructions) Please note, this event is being recorded. I would now like to turn the conference over to Liz Sharp, Vice President of Investor Relations. Please go ahead.

下午好。歡迎參加美國戶外品牌 2023 年第四季度收益電話會議。 （操作員說明）今天的演示結束後，將有機會提問。 （操作員說明）請注意，正在記錄此事件。我現在想將會議交給投資者關係副總裁 Liz Sharp。請繼續。

Thank you, and good afternoon. Our comments today may contain predictions, estimates and other forward-looking statements. Our use of words like anticipate, project, estimate, expect, intend, should, indicate, suggest, believe and other similar expressions is intended to identify those forward-looking statements.

謝謝你，下午好。我們今天的評論可能包含預測、估計和其他前瞻性陳述。我們使用“預期”、“項目”、“估計”、“期望”、“打算”、“應該”、“指示”、“建議”、“相信”等詞語和其他類似表達方式，旨在識別這些前瞻性陳述。

Forward-looking statements also include statements regarding our product development, focus, objectives, strategies and vision; our strategic evolution; our market share and market demand for our products, market and inventory conditions related to our products and in our industry in general; and growth opportunities and trends.

前瞻性陳述還包括有關我們的產品開發、重點、目標、戰略和願景的陳述；我們的戰略演變；我們的產品的市場份額和市場需求、與我們的產品以及整個行業相關的市場和庫存狀況；以及增長機會和趨勢。

Our forward-looking statements represent our current judgment about the future, and they are subject to various risks and uncertainties. Risk factors and other considerations that could cause our actual results to be materially different are described in our securities filings. You can find those documents as well as a replay of this call on our website at aob.com.

我們的前瞻性陳述代表了我們目前對未來的判斷，它們受到各種風險和不確定性的影響。我們的證券備案文件中描述了可能導致我們的實際結果出現重大差異的風險因素和其他考慮因素。您可以在我們的網站 aob.com 上找到這些文檔以及本次通話的重播。

Today's call contains time-sensitive information that is accurate only as of this time, and we assume no obligation to update any forward-looking statements. Our actual results could differ materially from our statements today. I have a few important items to note about our comments on today's call.

今天的電話會議包含時間敏感的信息，僅在此時準確，我們不承擔更新任何前瞻性陳述的義務。我們的實際結果可能與我們今天的聲明存在重大差異。關於我們今天電話會議的評論，我有一些重要事項需要注意。

First, we reference certain non-GAAP financial measures. Our non-GAAP results exclude amortization of acquired intangible assets, goodwill impairment, stock compensation, shareholder cooperation agreement costs, facility consolidation costs technology implementation, acquisition costs, other costs and income tax adjustments. The reconciliations of GAAP financial measures to non-GAAP financial measures, whether they are discussed on today's call, can be found in our filings as well as today's earnings press release, which are posted on our website. Also, when we reference EPS, we are always referencing fully diluted EPS. Joining us on today's call is Brian Murphy, President and CEO; and Andy Fulmer, CFO.

首先，我們參考某些非公認會計準則財務指標。我們的非公認會計準則業績不包括收購的無形資產攤銷、商譽減值、股票補償、股東合作協議成本、設施整合成本、技術實施、收購成本、其他成本和所得稅調整。公認會計準則財務指標與非公認會計準則財務指標的對賬，無論是否在今天的電話會議上討論，都可以在我們的文件以及今天發佈在我們網站上的收益新聞稿中找到。此外，當我們參考每股收益時，我們總是參考完全稀釋的每股收益。總裁兼首席執行官布萊恩·墨菲 (Brian Murphy) 參加了今天的電話會議。和首席財務官安迪·富爾默。

With that, I'll turn the call over to Brian.

這樣，我會將電話轉給布萊恩。

Thanks, Liz, and thanks, everyone, for joining us. Over the past 3 years, our industry experienced a surge in consumer demand caused by the COVID pandemic, followed by challenges stemming from high inflation and rising interest rates, which reduced consumer spending and drove retailers to focus on destocking their inventories. All of this change occurred in parallel with our first few years as a new public company. And while the factors driving this change were largely out of our control, they presented us with a unique opportunity to reconfirm our strategy and fine-tune our focus towards areas we can control, and where we can drive progress.

謝謝莉茲，也謝謝大家加入我們。過去三年，我們的行業經歷了新冠疫情導致的消費者需求激增，隨後又面臨高通脹和利率上升帶來的挑戰，這減少了消費者支出，促使零售商專注於去庫存。所有這些變化都與我們作為一家新上市公司的最初幾年同時發生。雖然推動這一變化的因素在很大程度上是我們無法控制的，但它們為我們提供了一個獨特的機會來重新確認我們的戰略，並將我們的重點調整到我們可以控制的領域以及我們可以推動進步的領域。

The first of these is innovation. We are proud to have introduced several breakthrough products in fiscal '23, planting the seeds for future growth. We are reinventing the way people fish, manage their food plots, shoot clays and reload. Our cutting-edge offerings have been developed to meet the evolving needs of our customers, ensuring we stay ahead of the competition and capture new market opportunities.

其中第一個是創新。我們很自豪在 23 財年推出了多項突破性產品，為未來的增長播下了種子。我們正在重塑人們捕魚、管理食物田、射擊粘土和重新裝填的方式。我們開發尖端產品是為了滿足客戶不斷變化的需求，確保我們在競爭中保持領先地位並抓住新的市場機會。

Second, we have completed critical infrastructure projects that laid the foundation for future growth. These initiatives include implementing a new ERP system that links our strategy with operations. consolidating our Oregon and Michigan facilities and securing additional distribution space in our Columbia, Missouri facility to accommodate future planned growth. These strategic investments are now complete and they demonstrate our commitment to enhancing operational efficiency, optimizing resources and preparing for future expansion.

第二，我們完成了重要基礎設施項目，為未來發展奠定了基礎。這些舉措包括實施新的 ERP 系統，將我們的戰略與運營聯繫起來。整合我們的俄勒岡州和密歇根州工廠，並在密蘇里州哥倫比亞工廠確保額外的配送空間，以適應未來計劃的增長。這些戰略投資現已完成，它們體現了我們對提高運營效率、優化資源並為未來擴張做好準備的承諾。

In parallel, we effectively managed our cash flow, generating $30.7 million in operating cash in fiscal '23. By closely monitoring our financials, and implementing stringent measures. We've been able to strengthen our financial position and ensure a solid foundation for future growth and profitability. This disciplined approach safeguards our ability to invest in key areas and sees promising opportunities as they arise.

與此同時，我們有效地管理了現金流，在 23 財年產生了 3070 萬美元的運營現金。通過密切監控我們的財務狀況並實施嚴格的措施。我們已經能夠加強我們的財務狀況，並確保為未來的增長和盈利能力奠定堅實的基礎。這種嚴格的方法保障了我們在關鍵領域進行投資的能力，並在出現有希望的機會時看到它們。

Lastly, despite being a larger, more stable stand-alone business with greater growth potential than at the time of our spinoff 3 years ago. Market forces have created the conditions for a lower stock price, leading us to opportunistically repurchase our own stock. This approach not only demonstrates confidence in our company's potential, but we believe that it also helps enhance shareholder value, reinforcing our commitment to generating long-term returns.

最後，儘管我們現在是一家規模更大、更穩定的獨立企業，並且比三年前分拆時具有更大的增長潛力。市場力量為股價下跌創造了條件，導致我們伺機回購自己的股票。這種方法不僅表明了對我們公司潛力的信心，而且我們相信它還有助於提高股東價值，加強我們對創造長期回報的承諾。

Fiscal 2023 marked our second full year as an independent public company dedicated to building authentic lifestyle brands that help consumers make the most out of the moments that matter. On a 3-year basis, we delivered net sales growth of more than 14% over pre-pandemic levels, reflecting strength in our e-commerce channel and driven primarily by growth of nearly 34% in our outdoor lifestyle category, which consists of products related to hunting, fishing, camping, outdoor cooking and rugged outdoor activities.

2023 財年是我們作為一家獨立上市公司的第二個完整年度，致力於打造真正的生活方式品牌，幫助消費者充分利用重要時刻。三年來，我們的淨銷售額比大流行前的水平增長了 14% 以上，反映了我們電子商務渠道的實力，這主要是由我們的戶外生活方式類別（包括產品）增長近 34% 推動的與狩獵、釣魚、露營、戶外烹飪和崎嶇的戶外活動有關。

The markets we serve are large and growing. According to an outdoor industry association report released just last week, the outdoor recreation base has grown in each of the last 8 years adding over 14 million participants since 2020 and now totaling over 168 million participants or 55% of the U.S. population over the age of 6.

我們服務的市場規模巨大且不斷增長。根據戶外行業協會上週發布的報告，戶外休閒基地在過去 8 年裡每年都在增長，自 2020 年以來增加了超過 1400 萬名參與者，目前參與者總數超過 1.68 億，占美國 20 歲以上人口的 55%。 6.

In addition, consumer participation rates grew in 80% of the outdoor categories in 2022, including camping and fishing, large categories where our brands play. With our outdoor lifestyle category, generating more than half of our net sales in fiscal 2023, we are truly ready for the future and excited to address this expanded outdoor market.

此外，到 2022 年，80% 的戶外品類的消費者參與率將增長，其中包括露營和釣魚，這是我們品牌所涉足的大品類。我們的戶外生活方式類別在 2023 財年占我們淨銷售額的一半以上，我們真正為未來做好了準備，並很高興能夠應對這個不斷擴大的戶外市場。

Throughout the year, we continue to encounter choppy waters created by the shifting dynamics of retail supply and consumer demand in a post-pandemic environment. Despite those challenges, net sales for fiscal 2023 grew more than 14% of our pre-pandemic levels in fiscal 2020. And while those sales declined on a year-over-year basis, our direct-to-consumer business, which largely consists of our outdoor lifestyle brands, delivered year-over-year growth of 76%, including our acquisition of Grilla Grills.

全年，我們繼續遇到大流行後環境下零售供應和消費者需求動態變化造成的波濤洶湧。儘管面臨這些挑戰，2023 財年的淨銷售額仍比 2020 財年大流行前的水平增長了 14% 以上。雖然這些銷售額同比下降，但我們的直接面向消費者業務（主要包括我們的戶外生活方式品牌同比增長 76%，其中包括我們收購的 Grilla Grills。

Because our direct-to-consumer sales are not impacted by retail inventory levels, we consider those sales to be an indicator of how well our brands are resonating with consumers. Our direct-to-consumer sales also includes sales of MEAT Your Maker meat processing equipment. Both MEAT and Grilla are sold exclusively direct-to-consumer. And together, they generated nearly 13% of our total net sales in fiscal 2023.

由於我們的直接面向消費者的銷售不受零售庫存水平的影響，因此我們認為這些銷售是我們的品牌與消費者產生共鳴程度的指標。我們的直接面向消費者的銷售還包括 MEAT Your Maker 肉類加工設備的銷售。 MEAT 和 Grilla 均直接直接面向消費者銷售。它們合計佔 2023 財年淨銷售額的近 13%。

At our spin-off in 2020, our outdoor lifestyle category was less than half of our overall business. By the end of fiscal 2023, however, outdoor lifestyle made up 54% of our business and delivered growth of nearly 34% above pre-pandemic fiscal 2020. Given its large consumer markets and its favorable long-term participation trends, we believe this category will continue to grow as a percentage of our business over time.

在 2020 年分拆時，我們的戶外生活方式類別不到我們整體業務的一半。然而，到 2023 財年末，戶外生活方式占我們業務的 54%，比大流行前的 2020 財年增長近 34%。鑑於其龐大的消費市場和有利的長期參與趨勢，我們相信該類別隨著時間的推移，我們業務的百分比將繼續增長。

Point-of-sale data we receive from our retailers indicate that sales of our products declined in the year in the high single digits. This is not a surprising result given the current environment. At the same time that our POS decline, however, data indicates that channel inventory of our products declined by 26%. We view this as an important positive dynamic, and we continue to believe this will drive replenishment orders in the second half of calendar 2023.

我們從零售商處收到的銷售點數據表明，我們產品的銷售額在這一年出現了高個位數的下降。考慮到當前環境，這一結果並不令人意外。然而，在我們的 POS 下降的同時，數據顯示我們產品的渠道庫存下降了 26%。我們認為這是一個重要的積極動態，我們仍然相信這將推動 2023 年下半年的補貨訂單。

Our international business remains an exciting growth opportunity for us. During the year, we expanded our international sales resources by signing a firm in Europe to represent our many cutlery brands and our Crimson Trace aiming solutions brand. International net sales for fiscal 2023 approached $9 million, representing just under 5% of our business and demonstrating growth of more than 37% over pre-pandemic levels.

我們的國際業務對我們來說仍然是一個令人興奮的增長機會。年內，我們通過在歐洲簽約一家公司來代表我們的眾多餐具品牌和 Crimson Trace 瞄準解決方案品牌，擴大了我們的國際銷售資源。 2023 財年的國際淨銷售額接近 900 萬美元，占我們業務的近 5%，比大流行前的水平增長了 37% 以上。

We're in the early innings here, and we believe that international net sales could eventually comprise roughly 10% of our total annual net sales. Innovation is our core strength, and therefore, the key element in our long-term growth strategy. Our innovation engine, fueled by our Dock and Unlock process is robust and new products launched in the past 2 years generated over 25% of our fiscal 2023 net sales, a level consistent with prior years.

我們正處於早期階段，我們相信國際淨銷售額最終可能占我們年度淨銷售額總額的大約 10%。創新是我們的核心優勢，因此也是我們長期增長戰略的關鍵要素。在 Dock 和 Unlock 流程的推動下，我們的創新引擎非常強勁，過去 2 年推出的新產品占我們 2023 財年淨銷售額的 25% 以上，與前幾年的水平一致。

Several new products we launched in 2023 and have won industry awards, most incorporate proprietary features and all of them taken together, advance our strategy to enter new categories and expand our distribution channels. Here are a few examples. Shooting Clays has historically required owning a truck and lugging a large bulky electric clay thrower and a heavy car battery into the field. So we created the Caldwell clamor, a lightweight, foot-operated durable and portable clay target thrower that is entirely mechanical and allows for convenience storage, transport and use in remote locations, no car battery needed.

我們於 2023 年推出並贏得了行業獎項的幾款新產品，大多數都融入了專有功能，所有這些功能結合在一起，推進了我們進入新類別和擴大分銷渠道的戰略。這裡有一些例子。從歷史上看，射擊粘土需要擁有一輛卡車，並將一個大型電動粘土投擲器和一個重型汽車電池拖到現場。因此，我們創造了 Caldwell clamor，這是一款輕便、耐用、便攜式的腳踏式粘土靶投擲器，它完全是機械式的，可以方便地存儲、運輸和在偏遠地區使用，無需汽車電池。

Those who carry a knife for daily tasks have always believed their everyday carry knife required frequent sharpening to remain useful. So we teamed up with Rage, a leader in replaceable blade technology for hunting to create the Schrade and Rage Knife series, a unique industry collaboration that introduces hunters to our Schrade brand and introduces the broader consumer market to the concept of never sharpening their knives again.

那些每天攜帶刀的人一直認為他們的日常攜帶刀需要經常磨刀才能保持有用。因此，我們與狩獵用可更換刀片技術的領導者 Rage 合作，創建了 Schrade 和 Rage 刀系列，這是一項獨特的行業合作，向獵人介紹我們的 Schrade 品牌，並向更廣泛的消費市場介紹永遠不再磨刀的概念。

Millions of firearm owners know that reloading ammo, while cost effective is a tedious and time-consuming process that often yields inaccurate powder measurements, spillage materials and damaged casings. So we created the Frankford X10 progressive reloading press an innovative 10 station, gear-driven workhorse that reloads ammo in 1 smooth pool of the handle, making reloading easy and efficient even when switching calibers.

數以百萬計的槍支擁有者都知道，重新裝彈彈藥雖然具有成本效益，但卻是一個繁瑣且耗時的過程，通常會導致火藥測量不准確、材料溢出和彈殼損壞。因此，我們創造了 Frankford X10 漸進式裝彈機，這是一款創新的 10 工位齒輪驅動主力機，可在手柄的 1 個平滑池中重新裝彈，即使在切換口徑時也能輕鬆高效地裝彈。

Managing a plot of land has always involved spreading a variety of materials from seeds to fertilizer, using spreaders that are heavy and comfortable and deliver an inconsistent application of materials. So we created Hooyman Chest spreaders, designed for year-round use and with innovative features that eliminate issues with traditional spreaders, outperformed the competition and take our (inaudible) brand beyond hunting into farming, gardening, and broader land management markets.

管理一塊土地總是涉及到撒播各種材料，從種子到肥料，使用沉重而舒適的撒佈機，並提供不一致的材料施用。因此，我們創造了 Hooyman Chest 吊具，專為全年使用而設計，具有消除傳統吊具問題的創新功能，在競爭中脫穎而出，並將我們的（聽不清）品牌帶入農業、園藝和更廣泛的土地管理市場。

And lastly, we expanded our ever-growing BUBBA portfolio, a lifestyle brand known for its high-quality angling equipment. By way of background, it may surprise you to learn that in the U.S., there are more anglers that target BaaS than there are golfers. Those 30 million anglers share a passion for the big catch, a quick weigh-in and a human release back into the water.

最後，我們擴大了不斷增長的 BUBBA 產品組合，這是一個以其高品質釣魚設備而聞名的生活方式品牌。作為背景，您可能會驚訝地發現，在美國，針對 BaaS 的釣魚者比高爾夫球手還要多。這 3000 萬釣魚者都對大捕獲、快速稱重以及將人放回水中充滿熱情。

Until now, that process has meant using a traditional fish scale that is awkward to hold, hard to see and uses little, if any, technology. In short, this was a big sleepy market that lacked innovation, and our team knew it was a space where BUBBA had permission to play. So we entered the large underserved catch-and-release market with our BUBBA tournament-grade Pro Series Smart Fish scale or the BUBBA Pro SFS, a revolutionary product that we believe will change the way people fish.

到目前為止，這一過程意味著使用傳統的魚鱗，這種魚鱗很難握持，很難看到，而且幾乎不需要任何技術。簡而言之，這是一個缺乏創新、沉睡的大市場，而我們的團隊知道這是 BUBBA 獲准發揮的空間。因此，我們憑藉 BUBBA 錦標賽級 Pro 系列智能魚秤或 BUBBA Pro SFS 進入了服務不足的大型捕撈和釋放市場，這是一款革命性產品，我們相信它將改變人們的捕魚方式。

The Pro SFS redefines the fishing experience by seamlessly integrating traditional angling practices with advanced technology. Let me explain how. Beginning with the precision weight scale, the Pro SFS features a quick power up and delivers a highly accurate and consistent fish weight measurement in a sleek and durable design that incorporates Bubba's signature nonslip grip and waterproof technology. But the Pro SFS is much more than a scale. It serves as a comprehensive fishing data hub that captures real-time information about the catch such as the exact time of the catch, weather conditions at that time and the exact location of the catch via GPS.

Pro SFS 將傳統釣魚實踐與先進技術無縫結合，重新定義了釣魚體驗。讓我解釋一下如何做。從精密體重秤開始，Pro SFS 具有快速啟動功能，並採用時尚耐用的設計提供高度準確和一致的魚重測量，並結合了 Bubba 標誌性的防滑握把和防水技術。但 Pro SFS 不僅僅是一個秤。它是一個綜合性的漁業數據中心，可通過 GPS 捕獲有關漁獲物的實時信息，例如漁獲物的確切時間、當時的天氣狀況以及漁獲物的確切位置。

This data is automatically logged into the accompanying BUBBA app, creating a personal fishing log and empowering anglers with valuable insights that allow them to understand fish behavior, and optimize their fishing strategy. The BUBBA app also features integrated tournament functionality, allowing any angler to quickly and easily launch a tournament, invite fellow anglers and distant locations, and track the results in real time directly on the app.

這些數據會自動記錄到隨附的 BUBBA 應用程序中，創建個人釣魚日誌，並為釣魚者提供有價值的見解，使他們能夠了解魚類行為並優化釣魚策略。 BUBBA 應用程序還具有集成錦標賽功能，允許任何釣魚者快速輕鬆地發起錦標賽、邀請其他釣魚者和遠方地點，並直接在應用程序上實時跟踪結果。

And it utilizes a proprietary smart calling system that maximizes fishing time by eliminating the guess work of deciding which fish to keep.

它利用專有的智能呼叫系統，通過消除決定保留哪些魚的猜測工作來最大化釣魚時間。

And lastly, while it's rich in functionality, the Pro SFS has a user-friendly interface that ensures both seasoned anglers and newcomers alike can effortlessly navigate its features. Pro SFS is the first product of its kind that gamifies fishing. Over 2 years in the making, it incorporates a number of patents and patents pending and has been designed entirely in-house from the industrial design to the app development to the user interface.

最後，雖然 Pro SFS 功能豐富，但它具有用戶友好的界面，確保經驗豐富的釣魚者和新手都可以輕鬆瀏覽其功能。 Pro SFS 是同類產品中首款將釣魚游戲化的產品。經過兩年多的製作，它包含了多項專利和正在申請的專利，從工業設計到應用程序開發再到用戶界面，完全由內部設計。

Not only is it a truly disruptive product, it also creates a new potentially sizable revenue opportunity through an app subscription that currently sells for [49.99] per year and has a monthly option as well. With approximately 30 million anglers in the U.S. that target BaaS alone, capturing even a small percentage of this very large market could generate significant revenue.

它不僅是一款真正的顛覆性產品，還通過應用程序訂閱創造了一個新的潛在的可觀收入機會，目前該應用程序的售價為每年 [49.99]，並且還提供包月選項。美國大約有 3000 萬釣魚者僅以 BaaS 為目標，即使佔據這個巨大市場的一小部分也可能產生可觀的收入。

The reception so far has been tremendous. The BUBBA Pro SFS had Major League fishing professionals singing its praises on social media before we even launch the product. And the consumer response has been overwhelmingly positive as well with a nearly perfect 4.9 star rating on the Apple App Store.

迄今為止，反響熱烈。在我們推出該產品之前，BUBBA Pro SFS 就已經在社交媒體上獲得了美國職業釣魚大聯盟的讚譽。消費者的反應也非常積極，在 Apple App Store 上獲得了近乎完美的 4.9 星評級。

We are extremely excited about the PRO SFS and you can count on hearing a lot more about it in the quarters to come. The products I've shared today, along with many of the other products in the pipeline reflect our dedication to leveraging our culture of innovation to deliver solutions for consumers in the moments that matter.

我們對 PRO SFS 感到非常興奮，您可以在接下來的幾個季度中聽到更多有關它的信息。我今天分享的產品以及正在開發中的許多其他產品反映了我們致力於利用我們的創新文化在重要時刻為消費者提供解決方案。

We believe that over time, our demonstrated ability to innovate will fuel our top line growth to 400 million and beyond, while our lean infrastructure will help deliver more of that growth to the bottom line.

我們相信，隨著時間的推移，我們所展示的創新能力將推動我們的收入增長至 4 億甚至更多，而我們的精益基礎設施將有助於實現更多的收入增長。

With that, I'll turn it over to Andy to discuss our financial results.

接下來，我會將其交給安迪討論我們的財務業績。

Thanks, Brian. In fiscal 2023, we strengthened our balance sheet generated significant operating cash flow, controlled our costs, continue to invest for our long-term growth and demonstrated effective capital deployment all on navigating market challenges that included weakening consumer demand and cautious retailer inventory management.

謝謝，布萊恩。 2023 財年，我們加強了資產負債表，產生了大量運營現金流，控制了成本，繼續為長期增長進行投資，並展示了有效的資本部署，以應對市場挑戰，包括消費者需求疲軟和謹慎的零售商庫存管理。

We ended the year with several significant achievements and highlights. So let me walk you through the details. Net sales for the year were $191.2 million, a decrease of 22.8% compared to fiscal 2022 and an increase of 14.2% over pre-pandemic fiscal 2020. Our Shooting Sports category was down 30.7% and our outdoor lifestyle category declined 14.3% compared to fiscal '22.

我們以多項重大成就和亮點結束了這一年。那麼讓我向您介紹詳細信息。全年淨銷售額為 1.912 億美元，比 2022 財年下降 22.8%，比大流行前的 2020 財年增長 14.2%。與財年相比，我們的射擊運動類別下降了 30.7%，戶外生活方式類別下降了 14.3% '22。

We believe these declines were mainly driven by reduced consumer spending as well as retailers' efforts to lower their overall inventory levels. Compared to pre-pandemic fiscal 2020, outdoor lifestyle increased 33.8% while Shooting Sports was down slightly by 2.2%. Outdoor lifestyle in fiscal 2023 represented nearly 54% of our total net sales compared to 48% of total net sales and fiscal 2022.

我們認為，這些下降主要是由於消費者支出減少以及零售商努力降低總體庫存水平所致。與疫情前的 2020 財年相比，戶外生活方式增長了 33.8%，而射擊運動則略有下降 2.2%。 2023 財年，戶外生活方式占我們總淨銷售額的近 54%，而 2022 財年則佔總淨銷售額的 48%。

Turning now to our traditional brick-and-mortar sales versus e-commerce. Net sales in our traditional channel decreased 30.7% compared to the year ago period and decreased 8% from fiscal 2020. Net sales in our e-commerce channel were down 10.5% compared to the prior year, but they were up almost 61% over fiscal 2020.

現在轉向我們傳統的實體銷售與電子商務。傳統渠道的淨銷售額同比下降 30.7%，較 2020 財年下降 8%。電商渠道的淨銷售額較上年下降 10.5%，但較上年同期增長近 61% 2020.

E-commerce net sales of $87.2 million include our 2 direct-to-consumer-only brands, MEAT and Grilla. These 2 brands performed very well in the year and helped us grow our direct-to-consumer sales by 76% over fiscal 2022. On a quarterly basis, net sales in Q4 came in above our expectations at $42.2 million, a decrease of 8% from the prior year quarter, driven by declines of 7.5% in Shooting Sports and 8.6% in outdoor lifestyle. On a 3-year basis, total net sales in Q4 declined just 2%.

電子商務淨銷售額為 8720 萬美元，其中包括我們的 2 個直接面向消費者的品牌：MEAT 和 Grilla。這兩個品牌在這一年中表現非常出色，幫助我們的直接面向消費者銷售額比 2022 財年增長了 76%。按季度計算，第四季度的淨銷售額超出了我們的預期，為 4220 萬美元，下降了 8%與去年同期相比，射擊運動下降了 7.5%，戶外生活方式下降了 8.6%。以 3 年為基礎，第四季度總淨銷售額僅下降 2%。

Turning to gross margin. We have built our operating model with a low level of fixed cost and complexity, an approach which helped us deliver strong gross margins in fiscal '23 despite the year-over-year decline in sales. Fiscal '23 gross margins were 46.1% compared to 46.2% in the prior year. The slight decrease was driven by product mix and a full return to pre-pandemic normalized promotions, offset by lower freight costs.

轉向毛利率。我們建立了固定成本和復雜性較低的運營模式，這種方法幫助我們在 23 財年實現了強勁的毛利率，儘管銷售額同比下降。 23 財年毛利率為 46.1%，上一年為 46.2%。略有下降是由產品組合和全面恢復到大流行前的正常化促銷推動的，但被貨運成本下降所抵消。

Turning to operating expenses. For the full year, GAAP operating expenses were $100.8 million compared to $170.8 million last year. It's important to note that fiscal '22 included a noncash goodwill impairment charge of $67.8 million. Nevertheless, excluding that charge, GAAP OpEx still decreased by $2.1 million, mainly driven by lower variable selling and distribution costs from lower sales volumes, combined with reduced facility costs from the consolidation of Grilla and Crimson Trace into our Missouri headquarters.

轉向運營費用。全年 GAAP 運營費用為 1.008 億美元，而去年為 1.708 億美元。值得注意的是，22 財年包括 6,780 萬美元的非現金商譽減值費用。儘管如此，排除該費用，GAAP 運營支出仍減少了 210 萬美元，這主要是由於銷量下降導致可變銷售和分銷成本降低，以及 Grilla 和 Crimson Trace 合併到我們密蘇里州總部導致設施成本降低。

These decreases were partially offset by planned IT costs and onetime legal and advisory fees from a shareholder cooperation agreement. Non-GAAP operating expenses for fiscal '23 were $80.5 million compared to $83.8 million last year. Non-GAAP operating expenses exclude goodwill impairment, intangible amortization, stock compensation and certain nonrecurring expenses as they occur.

這些減少部分被計劃的 IT 成本以及股東合作協議中的一次性法律和諮詢費用所抵消。 23 財年的非 GAAP 運營支出為 8,050 萬美元，而去年為 8,380 萬美元。非公認會計準則運營費用不包括商譽減值、無形攤銷、股票補償和某些發生的非經常性費用。

GAAP EPS for fiscal '23 was a loss of $0.90 as compared with a loss of $4.66 in the prior year. Excluding the impacts of the impairment and the related tax charges, fiscal '22 GAAP EPS would have been a positive $0.71 per share. Fiscal 2023 non-GAAP EPS was $0.48 as compared to $1.77 last year.

23 財年的 GAAP 每股收益為虧損 0.90 美元，而上一年為虧損 4.66 美元。排除減值和相關稅費的影響，22 財年 GAAP 每股收益將為正 0.71 美元。 2023 財年非 GAAP 每股收益為 0.48 美元，而去年為 1.77 美元。

Our fiscal '23 figures are based on our fully diluted share count of approximately 13.4 million shares. And for fiscal 2024, we expect our fully diluted share count will be about 13.5 million shares. Full year adjusted EBITDA was $12.8 million compared to $35 million in fiscal '22.

我們的 23 財年數據基於完全稀釋後的股數，約為 1,340 萬股。 2024 財年，我們預計完全稀釋後的股票數量將約為 1,350 萬股。全年調整後 EBITDA 為 1280 萬美元，而 22 財年為 3500 萬美元。

Turning to the balance sheet and cash flow. I'm extremely pleased with our efforts to further strengthen our balance sheet in fiscal 2023. We generated significant cash flow from operations, paid down debt and returned capital to shareholders through our share repurchase program.

轉向資產負債表和現金流量。我對我們在 2023 財年進一步加強資產負債表的努力感到非常滿意。我們通過股票回購計劃從運營中產生了大量現金流，償還了債務並向股東返還了資本。

We ended the year with cash of $22 million, an increase of $2.4 million over last year despite paying down $20 million on our line of credit and repurchasing approximately $3.5 million of our common stock. We generated $30.7 million in cash from operations and invested $4.8 million in CapEx, resulting in free cash inflow of almost $26 million.

儘管我們支付了 2000 萬美元的信貸額度並回購了約 350 萬美元的普通股，但我們年底仍擁有 2200 萬美元的現金，比去年增加了 240 萬美元。我們從運營中產生了 3070 萬美元的現金，並在資本支出上投資了 480 萬美元，從而產生了近 2600 萬美元的自由現金流入。

This is a fantastic result and compares to a free cash outflow of $24.5 million in fiscal '22. In fact, it's worth noting that since our spin-off, we have generated $45.5 million in operating cash and nearly $31 million in free cash flow. Our team did an excellent job of decreasing our inventory levels during the year, and we hit our goal of taking inventory below $100 million by year-end. While we expect inventory levels to decrease further by the end of fiscal 2024, we do expect some fluctuation quarter-to-quarter.

與 22 財年 2450 萬美元的自由現金流出相比，這是一個了不起的結果。事實上，值得注意的是，自分拆以來，我們已經產生了 4550 萬美元的運營現金和近 3100 萬美元的自由現金流。我們的團隊在這一年中在降低庫存水平方面做得非常出色，我們實現了到年底將庫存控制在 1 億美元以下的目標。雖然我們預計到 2024 財年末庫存水平將進一步下降，但我們確實預計季度與季度之間會出現一些波動。

In fact, inventory levels in Q1 and Q2 of fiscal 2024 are likely to exceed $100 million due to our normal inventory build to support the hunting and holiday seasons and due to new products scheduled for launch later in the year. We plan to continue our focus on converting some of our slower-moving inventory to cash in fiscal 2024, helping us move toward our long-term normalized working capital targets.

事實上，由於我們為支持狩獵和假日季節而建立的正常庫存以及計劃於今年晚些時候推出的新產品，2024 財年第一季度和第二季度的庫存水平可能會超過 1 億美元。我們計劃在 2024 財年繼續專注於將一些流動緩慢的庫存轉換為現金，幫助我們實現長期正常化營運資本目標。

We ended the year with just $5 million outstanding on our $75 million line of credit. As a result, we remain in a negative net debt position, with up to $92 million in available capital.

年底，我們 7500 萬美元的信用額度中只有 500 萬美元未償還。因此，我們的淨債務狀況仍為負，可用資本高達 9200 萬美元。

Turning to capital expenditures. We ended the year with CapEx of $4.8 million, below our estimate last quarter, due to lower spending on product tooling and maintenance as we push some projects into next year. In fiscal 2024, we expect to spend between $6 million and $7 million in total CapEx and with product tooling and maintenance of between $3.5 million and $4.5 million and onetime spend of approximately $2.5 million from purchasing assets related to our assumption of the full lease of our Columbia, Missouri facility.

轉向資本支出。我們年底的資本支出為 480 萬美元，低於我們上季度的預期，因為我們將一些項目推遲到明年，因此產品工具和維護方面的支出減少。到 2024 財年，我們預計總資本支出將在 600 萬至 700 萬美元之間，產品工具和維護支出將在 350 萬至 450 萬美元之間，一次性支出約 250 萬美元用於購買與我們假設完全租賃我們的資產相關的資產。密蘇里州哥倫比亞工廠。

We're excited to be operating effectively and efficiently on our new ERP system, Microsoft D365. CapEx spending on the project came in under budget in fiscal 2023 at $2 million. We also ended fiscal 2023 with a total of $1.3 million in onetime ERP cost and approximately $400,000 in redundancy costs to operate both D365 and our previous ERP in parallel. While the redundancy costs are now complete, we expect to spend roughly $300,000 in planned final onetime ERP costs in the first quarter of fiscal 2024 as we complete our final customization.

我們很高興能夠在我們的新 ERP 系統 Microsoft D365 上有效且高效地運營。該項目的資本支出在 2023 財年低於預算，為 200 萬美元。截至 2023 財年，我們還產生了總計 130 萬美元的一次性 ERP 成本和約 40 萬美元的冗餘成本，以並行運營 D365 和我們之前的 ERP。雖然冗餘成本現已完成，但我們預計在 2024 財年第一季度完成最終定制後，計劃最終一次性 ERP 成本將花費約 30 萬美元。

This amount will be treated as nonrecurring implementation costs when calculating non-GAAP operating expense and adjusted EBITDA. We view our ERP implementation as a complete success, not only did we go live without disruption, but we completed the project below budget. Over the past 3 years, we have built a strong balance sheet and demonstrated our ability and willingness to employ all 3 of our capital allocation priorities, organic growth, M&A and returning capital to shareholders, based on what is most opportunistic at the time.

在計算非 GAAP 運營費用和調整後 EBITDA 時，該金額將被視為非經常性實施成本。我們認為 ERP 實施取得了圓滿成功，不僅沒有中斷地上線，而且還低於預算完成了項目。在過去的三年裡，我們建立了強大的資產負債表，並展示了我們有能力和願意根據當時最機會主義的原則，運用所有三個資本配置優先事項：有機增長、併購和向股東返還資本。

As we head into fiscal 2024, our balance sheet is even stronger, and we remain well positioned to continue optimizing our capital allocation strategy to address the opportunities we identify. We have been very disciplined in our approach to M&A, and we plan to maintain that discipline as we seek opportunities in fiscal 2024 and beyond.

隨著我們進入 2024 財年，我們的資產負債表更加強勁，並且我們仍處於有利地位，可以繼續優化我們的資本配置策略，以抓住我們發現的機會。我們在併購方面一直非常嚴格，並且我們計劃在 2024 財年及以後尋找機會時保持這種紀律。

In the meantime, we continue to return capital to shareholders through our stock repurchase program. As a reminder, the $10 million repurchase program is authorized through September 2023. In fiscal 2023, we repurchased 377,000 shares, which is roughly 3% of our outstanding stock at an average price of $9.34 a share.

與此同時，我們繼續通過股票回購計劃向股東返還資本。提醒一下，1000 萬美元的回購計劃授權截至 2023 年 9 月。在 2023 財年，我們回購了 377,000 股股票，約占我們已發行股票的 3%，平均價格為每股 9.34 美元。

Now turning to our outlook. We remain excited about the year ahead. Despite the challenges and opportunities of the last 3 years that Brian outlined earlier, we have grown our business, built a strong balance sheet and created a leverageable business platform that is ready for growth. We believe that fiscal 2024 will deliver a return to growth, which will likely begin in Q3 and will yield full year growth for fiscal 2024 of up to 3.5%, supported by market share gains, expanded distribution and planned new product launches.

現在轉向我們的展望。我們對未來的一年仍然感到興奮。儘管布萊恩之前概述了過去三年的挑戰和機遇，但我們已經發展了我們的業務，建立了強大的資產負債表，並創建了一個為增長做好準備的可利用的業務平台。我們認為，2024 財年將實現增長回歸，這可能會從第三季度開始，在市場份額增長、擴大分銷和計劃推出新產品的支持下，2024 財年全年增長率將高達 3.5%。

We expect our net sales in fiscal 2024 to follow a seasonal pattern with Q1 as the lowest net sales quarter, Q2 and Q3 as the highest net sales quarters and Q4 coming in higher than Q1. As a starting point, we expect Q1 of fiscal 2024 to be slightly lower than Q1 of fiscal 2023, and we expect a return to growth in Q3 and Q4.

我們預計 2024 財年的淨銷售額將遵循季節性模式，第一季度是淨銷售額最低的季度，第二季度和第三季度是淨銷售額最高的季度，第四季度高於第一季度。作為起點，我們預計 2024 財年第一季度將略低於 2023 財年第一季度，並且預計第三季度和第四季度將恢復增長。

Turning to gross margins. We believe that fiscal 2023 brought a return to a more normalized promotional environment, and we expect the same level of promotions in fiscal 2024. We also expect fiscal '24 margins to improve from fiscal '23 due to lower inbound freight costs and savings from the facility consolidations we completed in fiscal 2023.

轉向毛利率。我們認為，2023 財年將回歸更加正常化的促銷環境，並且我們預計 2024 財年的促銷活動將達到相同水平。我們還預計 24 財年的利潤率將比 23 財年有所改善，因為入境貨運成本較低，並且節省了我們在 2023 財年完成了設施整合。

With regard to OpEx, we believe that overall OpEx for fiscal '24 will increase slightly, mainly from higher selling and distribution costs netted by reductions from our facility consolidations, onetime legal and advisory fees and IT implementation costs.

關於運營支出，我們認為 24 財年的總體運營支出將略有增加，這主要是由於我們的設施整合、一次性法律和諮詢費用以及 IT 實施成本的減少所帶來的銷售和分銷成本的增加。

Based on these factors, we believe our adjusted EBITDA since fiscal 2024 could increase by as much as 6.5% and compared to fiscal 2023.

基於這些因素，我們認為自 2024 財年以來調整後的 EBITDA 與 2023 財年相比可能增長高達 6.5%。

With that, operator, please open the call for questions from our analysts.

那麼，運營商，請打開我們分析師提問的電話。

We will now begin the question-and-answer session. (Operator Instructions) At this time, we will pause momentarily to assemble our roster. Our first question is from Mark Smith with Lake Street Capital.

我們現在開始問答環節。 （操作員指示）此時，我們將暫停片刻以集合名單。我們的第一個問題來自 Lake Street Capital 的 Mark Smith。

First off, can you just speak broadly about consumer trends a little bit during the quarter? And maybe more importantly, any insights you can give us on what you're seeing since April with consumers?

首先，您能否大致談談本季度的消費者趨勢？也許更重要的是，您可以向我們提供有關自四月份以來您在消費者中所看到的情況的任何見解嗎？

Yes. Mark, it's Brian. So in regards to consumer trends, we had alluded to previously about the convergence between POS sales at retail and the inventory at our retailers being driven down. So we're seeing consistent trends, I would say, versus some of the more recent quarters, which has continued, I would say, continued strength with the consumer, especially at the higher price point items where we tend to play versus the kind of beginning to mid-price point.

是的。馬克，這是布萊恩。因此，就消費趨勢而言，我們之前曾提到過零售 POS 銷售與零售商庫存下降之間的趨同。因此，我想說，與最近幾個季度相比，我們看到了一致的趨勢，我想說的是，消費者的持續強勢，特別是在我們傾向於玩的較高價位商品上，而不是那種起始價位到中間價位。

And then also the direct-to-consumer side of the business continues to do very well. So the consumer that's willing to spend more money in some of those higher ticket items, we see continued strength.

此外，直接面向消費者的業務也繼續表現出色。因此，願意在一些高價商品上花更多錢的消費者，我們看到了持續的強勢。

Perfect. And then I think Andy talked a little bit about it at the end of the M&A outlook. Just curious kind of what you're seeing out there in M&A markets? I know you said that you're going to stay disciplined, but are you seeing valuations come down? Are you seeing maybe some increased opportunities to make some acquisitions here?

完美的。然後我認為安迪在併購展望的最後談到了這一點。只是好奇您在併購市場中看到了什麼？我知道你說過你會保持紀律，但你看到估值下降了嗎？您是否看到這裡可能有更多的收購機會？

Yes. Good question. It's Brian again. So on the M&A front, certainly, if you do not have your own pipeline of prospects, it's -- you're not seeing a whole lot is my guess. So we've seen fewer banker-led deals come to market. That's been pretty slow. But with that said, we do have -- we are seeing quite a bit of activity on our own pipeline of targets that we've cultivated over the last few years. Some of those are situations where they might need to sell and others are founder-led businesses that would be a perfect size for us. That just, frankly, are looking for an exit. So yes, we're seeing activity, but it's mostly through our own pipeline instead of M&A processes run by a banker.

是的。好問題。又是布萊恩。因此，在併購方面，當然，如果你沒有自己的潛在客戶渠道，我猜你不會看到很多。因此，我們看到市場上由銀行家主導的交易越來越少。這已經相當慢了。但話雖如此，我們確實看到了過去幾年我們制定的一系列目標的大量活動。其中一些是他們可能需要出售的情況，另一些是創始人領導的企業，這對我們來說是完美的規模。坦白說，那隻是在尋找出口。所以，是的，我們看到了一些活動，但主要是通過我們自己的管道，而不是銀行家運行的併購流程。

And then, sorry, you mentioned valuations, too. I'll touch on that real quick. I would say that valuation, there seems to be some correction there with sellers. And so we are seeing valuation expectations come down, which is a good sign for us. And at this point, too, we're buyers. We'll be very cautious and disciplined, but it's -- we're in a good spot. It's a good place to be in when we're looking at deals.

然後，抱歉，您也提到了估值。我會很快談到這一點。我想說的是，賣家的估值似乎有所調整。因此，我們看到估值預期下降，這對我們來說是一個好兆頭。在這一點上，我們也是買家。我們將非常謹慎和自律，但我們處於有利位置。當我們尋找優惠時，這是一個好地方。

The next question is from Eric Wold with B. Riley Securities.

下一個問題來自 B. Riley Securities 的 Eric Wold。

I guess 2 questions, I guess one, the [3.5% or as much as 300%] net sales growth for the year. I know you talked about that turning positive in the back half. What are you assuming for retail point-of-sale sell-through and kind of in that assumption?

我猜兩個問題，我猜一個，今年的淨銷售額增長[3.5%或高達300%]。我知道你談到了下半場的積極轉變。您對零售銷售點的銷售量有何假設以及該假設的類型？

Eric, this is Andy. Yes, when we take a look at the back half of the year, we had a really good line review season last year, which kind of translates towards the back half of our year. And our discussions with retailers, we do see open-to-buy as kind of improving and especially going into that period. And our inventory is in a great spot. We said we're down 26% year-over-year. So that's a great spot for us to go into the year.

埃里克，這是安迪。是的，當我們回顧今年下半年時，我們去年經歷了一個非常好的線路回顧季，這在某種程度上轉化為今年下半年的情況。在我們與零售商的討論中，我們確實認為開放購買有所改善，尤其是在那個時期。我們的庫存處於一個很好的位置。我們說我們同比下降了 26%。所以這是我們進入這一年的好時機。

Yes. They're -- look, over the last 2 to 3 years, the retailers were in a period of just get me everything you can. They were really starved for inventory with supply chain constraints. And the result of that is they really didn't have a chance or an opportunity to see who the winners and losers were, which brands and products were performing well and which ones won't. And so then they had too much inventory and obviously, they're lowering that overall amount. But they now have a year or so under their belt where they've been able to analyze who's doing well and where do we need to make some changes.

是的。他們——看，在過去的兩到三年裡，零售商正處於一個竭盡全力為我提供一切的時期。由於供應鏈的限制，他們確實非常缺乏庫存。這樣做的結果是，他們確實沒有機會或機會看到誰是贏家和輸家，哪些品牌和產品表現良好，哪些品牌和產品表現不佳。因此，他們的庫存過多，顯然，他們正在降低庫存總量。但他們現在已經有一年左右的時間來分析誰做得很好以及我們需要在哪些方面做出改變。

So the beginning of -- I'll call it, a normalization in terms of their own process. And as Andy spoke to this last fall, we had our very successful liner view season that will allow us to capture market share in the back half of this year and also some success with new product placement.

因此，我將其稱為他們自己流程的正常化的開始。正如安迪去年秋天談到的那樣，我們的班輪觀景季節非常成功，這將使我們能夠在今年下半年佔領市場份額，並在新產品植入方面取得一些成功。

I guess maybe let me ask you a different way. I mean do you expect point of sale for your products to grow this year? Or is that sales growth more a catch-up from retailers being too cautious on the "winners" and taking your inventory down to months you're just kind of recouping back inventory? Or do you actually expect point of sale to increase this year?

我想也許讓我用不同的方式問你。我的意思是，您預計今年產品的銷售點會增長嗎？或者，銷售增長更多的是零售商對“贏家”過於謹慎，並將庫存減少到幾個月，只是為了收回庫存？或者您實際上預計今年的銷售點會增加嗎？

It's a really good question. It's Brian again. I think that, like I said, what we know today, right, is POS, we alluded to is down in the single digits for our products. But I would say that's fared very well compared to the opening and mid-level price point options that are out there where we don't tend to play. And so I think within that higher price point item in the brands that we have, I would expect it to remain pretty stable. But with that said, I think the icing on the cake there is the market share gains from the liner view process and the new products.

這是一個非常好的問題。又是布萊恩。我認為，就像我說的，我們今天所知道的是 POS，我們提到我們的產品下降了個位數。但我想說，與我們不傾向於玩的開放和中等價格點選項相比，這表現得非常好。因此，我認為在我們擁有的品牌中價格較高的產品中，我預計它會保持相當穩定。但話雖如此，我認為錦上添花的是班輪視圖工藝和新產品帶來的市場份額增長。

Got it. Last question.. I know you talked about your expectation for outdoor lifestyle to continue to gain share or share or gain share as a percentage of your sales going forward. Maybe give us a sense of the other side, what is your current view on kind of fire of demand, the inventory landscape out there for your products? And when you expect outdoor lifestyle to gain share do you expect Shooting Sports sales to grow as well or -- but just less than [outer lives 30?] Or do you actually don't expect growth in that side of the business?

知道了。最後一個問題..我知道您談到了您對戶外生活方式的期望，即繼續獲得份額或份額或獲得份額作為您未來銷售額的百分比。也許能讓我們了解另一面，您目前對需求旺盛和產品庫存狀況有何看法？當您期望戶外生活方式獲得份額時，您是否期望射擊運動銷售額也會增長，或者——但只是低於[outer life 30？]或者您實際上並不期望這方面的業務增長？

Yes, Eric, this is another great question. So over the long term, outdoor lifestyle, we look at the total addressable market for outdoor lifestyle is just much bigger. With that said, we're firmly entrenched in the shooting sports. We have great new products from Caldwell to Frankford Arsenal. So we expect that shooting sports will grow over time -- it's just that the outdoor lifestyle has a bigger market to grow into.

是的，埃里克，這是另一個很好的問題。因此，從長遠來看，戶外生活方式的總潛在市場會更大。話雖如此，我們在射擊運動中已經根深蒂固。我們有從考德威爾到法蘭克福阿森納的精彩新產品。因此，我們預計射擊運動將會隨著時間的推移而增長——只是戶外生活方式有更大的市場需要發展。

Yes. The thing that I'll add real quick to is we've really focused on some of the larger stable categories within Shooting Sports, which is why you're seeing products like the clamor, Caldwell clamor, performed very, very well for us, new product and the Frankford Arsenal extent. So there are -- in portions of that market that we feel are very stable and will continue to grow over time along with that installed base. And that's really where we're focusing most of our efforts. Still, obviously, Crimson Trace brand in aiming solutions is an important brand, and it's a blue-chip brand within that space. But we like the diversification of getting into some of these other categories (inaudible) long term.

是的。我要補充的是，我們確實專注於射擊運動中一些較大的穩定類別，這就是為什麼你會看到像 clamor、Caldwell clamor 這樣的產品對我們來說表現得非常非常好，新產品和法蘭克福阿森納的範圍。因此，我們認為該市場的某些部分非常穩定，並將隨著時間的推移與安裝基礎一起繼續增長。這確實是我們大部分努力的重點。不過，顯然，Crimson Trace 品牌在瞄準解決方案中是一個重要品牌，並且是該領域的藍籌品牌。但我們喜歡長期進入其他一些類別（聽不清）的多元化。

The next question is from Matt Koranda with ROTH MKM.

下一個問題來自 ROTH MKM 的 Matt Koranda。

Just wanted to see if we could start by connecting the dots between sort of the near-term growth outlook that you have for fiscal '24, which is in the low single digits. What do we need to do? What environment do we need in place to get back to sort of the longer-term growth out? I think you guys have highlighted, which looked like it was more of a mid-teens sort of overall growth rate. Maybe you could just highlight some of the things that need to happen to kind of get back to that level?

只是想看看我們是否可以首先將 24 財年的近期增長前景（處於低個位數）之間的點聯繫起來。我們需要做什麼？我們需要什麼樣的環境才能恢復長期增長？我想你們已經強調了，整體增長率看起來更像是十幾歲左右。也許你可以強調一些需要發生的事情才能回到那個水平？

Yes. Matt, this is Brian. So in terms of connecting the dots between the 2, the near-term outlook and the capability we outlined in our Investor Day of getting to 400 over the next 4 to 5 years, really the backbone of that success and driving towards that larger number over that time period is based on new product launches. So you see at the end of this last fiscal with like the Smart Fish scale, which hopefully enjoyed me going on and on about that product. and the clamor or the X10, I mean, those are like the most recent ones. But you can quickly -- you start adding those up and layering them on top of each other. And when you already have an existing base of business that is going to grow and it's going to perform well. And it's complementary. But you have these WOW products that we're introducing that have been in development for several years, and they begin stacking, they individually can become very meaningful parts of the business.

是的。馬特，這是布萊恩。因此，就連接兩者之間的點而言，近期前景和我們在投資者日概述的在未來 4 到 5 年內達到 400 的能力，確實是成功的支柱，並推動在未來 400 年內實現更大的數字。該時間段基於新產品的發布。所以你在上一財年末看到了類似智能魚秤的產品，希望它能讓我繼續談論該產品。我的意思是，X10 的喧囂就像是最新的。但你可以很快 - 你開始將它們添加起來並將它們分層。當你已經擁有了一個將會增長並且表現良好的現有業務基礎時。而且它是互補的。但是我們推出的這些令人驚嘆的產品已經開發了好幾年，並且它們開始堆疊，它們單獨可以成為業務中非常有意義的部分。

So we see, like we talked about the successful line review season that we had this last fall and us taking share as a result of that in the back half of this next fiscal year. A big part of that is also new product placement and those are those WOW products that we talked about and getting those on shelves, which is just the building blocks continue to stack those over time, which will -- which is our plan. And then you look beyond that to by geography, by channel, and you've got a nice, I think, pathway to be able to reach that number we put out there.

所以我們看到，就像我們談到去年秋天我們成功進行的生產線審查季節一樣，我們因此在下一個財年後半段佔據了份額。其中很大一部分也是新的產品植入，這些是我們討論過的那些令人驚嘆的產品，並將它們放在貨架上，這只是構建塊隨著時間的推移繼續堆疊這些產品，這將是我們的計劃。然後你超越這一點，通過地理位置、渠道，我認為你有一個很好的途徑來達到我們公佈的數字。

So we're still very bullish on that. I think you're probably looking at the full year and saying, look, first half you said that you could be down even in the first quarter, but second half is looking strong. And we have all indications that that's going to be the case, which will give us a nice tailwind heading into next year.

所以我們仍然非常看好這一點。我想你可能會在審視全年情況時說，看，上半年你說即使第一季度也可能會出現下滑，但下半年看起來很強勁。我們有所有跡象表明情況將會如此，這將為我們進入明年帶來良好的順風。

Okay. All right. That's helpful. And I think it dovetails well with my other question, which was just any change in expectations around the percent of sales coming from new products this year it sounds like we'd expect that to tick up, all things being equal, relative to kind of the 25% step that I think you guys put in the release this last fiscal year.

好的。好的。這很有幫助。我認為這與我的另一個問題非常吻合，即對今年新產品銷售百分比的預期發生任何變化，聽起來我們預計在所有條件相同的情況下，相對於某種程度而言，這一數字會上升。我認為你們在上一財年的發布中提出了 25% 的步驟。

Yes. It's Brian again here. I think it's possible. I do. Yes, I think we've got, again, tremendous success plan for these new products. And so I think it is possible that, that percentage ticks up this next year.

是的。布萊恩又來了。我認為這是可能的。我願意。是的，我認為我們再次為這些新產品製定了巨大的成功計劃。所以我認為明年這個百分比可能會上升。

Okay. And then just any other commentary on the Smart Fish scale launch? Just curious if there's any early reads you might be able to share with us in terms of sort of the success of that product and the app side ups and whatnot.

好的。那麼關於智能魚秤的發布還有其他評論嗎？只是好奇是否有任何早期讀物您可以與我們分享該產品的成功和應用程序方面的優點等等。

Yes. We're smiling here on the side of the phone because the reception has been absolutely tremendous. And we've -- we're not going to disclose how many users we have today on it, but it has exceeded our expectations. And so we've seen tremendous consumer demand for that product.

是的。我們在電話那頭微笑，因為接待效果絕對棒極了。我們不會透露今天有多少用戶，但它已經超出了我們的預期。因此，我們看到了消費者對該產品的巨大需求。

We've also seen a lot of professionals come forward on their own, unsolicited and support that product as it's not a fishing scale. I mean that's -- it does that, but it's really a new way to approach fishing. And there are 50 million anglers out there in the United States that fish on a regular basis, but there's another 25 million on top of that, that don't fish on a regular basis, but have and they're waiting for something interesting and new to come along before they jump back into it.

我們還看到許多專業人士主動站出來支持該產品，因為它不是釣魚秤。我的意思是——它確實做到了這一點，但這確實是一種新的釣魚方式。美國有 5000 萬釣魚者定期釣魚，但除此之外還有 2500 萬釣魚者不定期釣魚，但他們正在等待一些有趣的東西在他們重新投入之前會出現新的情況。

So we're thinking about this much larger than just this base of, let's say, Baas anglers, we could see this being a pretty big game changer for fishing overall. So we're -- consumers love it so far, and we're really excited about the prospects.

因此，我們正在考慮的不僅僅是這個基礎，比方說，Baas 釣魚者，我們可以看到這對整體釣魚來說是一個相當大的遊戲規則改變者。所以，到目前為止，消費者很喜歡它，我們對前景感到非常興奮。

Okay. Great. And then just maybe 1 for Andy. I have a 2-part modeling one, if I could. So I think you mentioned in the prepared remarks expect gross margins to be higher year-over-year this coming fiscal year. Just any way to quantify the benefit you're getting from lower inbound freight as you kind of burn off some of the higher cost inventory, does that pick up more in the back half of the year, maybe just speak to the seasonality of the gross margin profile?

好的。偉大的。然後安迪可能只有 1。如果可以的話，我有一個由兩部分組成的建模模型。因此，我認為您在準備好的發言中提到，預計下一個財年的毛利率將同比更高。當你消耗掉一些成本較高的庫存時，用任何一種方法來量化你從較低的入庫運費中獲得的好處，在今年下半年是否會增加更多，也許只是說明了總收入的季節性保證金概況？

And then on OpEx, any stuff to take into account as we think about modeling the year, especially with the Columbia lease (inaudible) just any color or help there on sort of the movement of distribution costs throughout the year.

然後在運營支出上，當我們考慮對年度進行建模時需要考慮的任何內容，特別是哥倫比亞租賃（聽不清）的任何顏色或幫助全年分銷成本的變動。

That's 2 great questions. So on the margin side, the way that I would think about it is the 2 pieces I talked about in the prepared remarks, improvement in freight and then the facility consolidation. The way that I would look at that is improvement in freight, we did have a chunk of improvement in fiscal '23. So I would not expect a full year of improvement in fiscal '24 just because we had a little bit. And then on the facility consolidations, that piece in gross margin flows through inventory. So that inventory has to turn. So I would probably plan on that benefiting kind of more of the back half of the year just as that inventory turns.

這是兩個很好的問題。因此，在利潤方面，我考慮的方式是我在準備好的評論中談到的兩件事：貨運的改善以及設施的整合。我認為貨運量有所改善，我們在 23 財年確實取得了很大的進步。因此，我不會僅僅因為我們有一點點就期望 24 財年全年有所改善。然後，在設施整合方面，毛利率中的這一部分流經庫存。因此庫存必須周轉。因此，我可能會計劃在今年下半年的更多時間裡隨著庫存周轉而受益。

And then on your OpEx, you're spot on, on OpEx. The additional lease starts on January 1, so I would definitely model those additional costs for the last 4 months of the year.

然後在你的運營支出上，你就在運營支出上。額外的租賃從 1 月 1 日開始，所以我肯定會對一年中最後 4 個月的這些額外成本進行建模。

Got it. Okay. Appreciate it guys. I'll jump back in the queue.

知道了。好的。很欣賞你們。我會跳回到隊列中。

This concludes our question-and-answer session. I would like to turn the conference back over to Brian Murphy for any closing remarks.

我們的問答環節到此結束。我想將會議轉回布賴恩·墨菲（Brian Murphy）發表閉幕詞。

Thanks, operator. In closing, I want to thank each of our employees across American Outdoor Brands for their loyalty, hard work and dedication. Your contributions throughout fiscal '23 and every day have helped us move forward on the path for an exciting future. Thank you, everyone, for joining us. We look forward to speaking with you again next quarter.

謝謝，接線員。最後，我要感謝美國戶外品牌的每一位員工的忠誠、辛勤工作和奉獻精神。您在整個 23 財年以及每一天的貢獻都幫助我們在通往令人興奮的未來的道路上前進。謝謝大家加入我們。我們期待下個季度再次與您交談。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連接。