American Outdoor Brands Inc (AOUT) 2025 Q2 法說會逐字稿

Good afternoon and welcome to the American Outdoor Brands second-quarter fiscal 2025 earnings conference call. (Operator Instructions) Please note this event is being recorded.

下午好，歡迎參加美國戶外品牌 2025 財年第二季財報電話會議。（操作員說明）請注意此事件正在被記錄。

I would now like to turn the conference over to Liz Sharp, Vice President of Investor Relations. Please go ahead.

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.

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。

Our use of words like anticipate, project, estimate, expect, intend, should, could, indicate, suggest, believe, and other similar expressions is intended to identify those forward-looking statements. 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.

我們使用「預期」、「項目」、「估計」、「期望」、「打算」、「應該」、「可以」、「指示」、「建議」、「相信」和其他類似表達方式等詞語，旨在識別這些前瞻性陳述。前瞻性陳述還包括有關我們的產品開發、重點、目標、策略和願景、我們的策略演變、我們產品的市場份額和市場需求、與我們產品相關的市場和庫存狀況以及我們整個行業的陳述，以及成長機會和趨勢。

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、風險因素以及其他可能導致我們的實際結果與我們的證券文件中描述的結果存在重大差異的考慮因素的影響。您可以在我們的網站 aob.com 上找到這些文件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.

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有重大差異。

I have a few important items to note about our comments on today's call. First, we reference certain non-GAAP financial measures. Our non-GAAP results exclude amortization of acquired intangible assets, stock compensation, technology implementation, non-recurring inventory reserve adjustments, other costs, and income tax adjustments.

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。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績效不包括收購的無形資產攤銷、股票補償、技術實施、非經常性庫存準備金調整、其他成本和所得稅調整。

The reconciliation 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.

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。

Also, when we reference EPS, we are always referencing fully diluted EPS.

此外，當我們參考每股盈餘時，我們總是參考完全稀釋的每股盈餘。

Joining us on today's call is Brian Murphy, President and CEO; and Andy Fulmer, CFO.

總裁兼執行長布萊恩墨菲 (Brian Murphy) 參加了今天的電話會議。和財務長安迪·富爾默。

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

然後，我會將電話轉給布萊恩。

Thanks, Liz, and thanks everyone for joining us. I am very pleased to share that our second-quarter performance surpassed our expectations, showcasing the strength of our strategy. More specifically, we believe our results validate the long-term commitment we’ve made to being an innovation company, yielding differentiation in a highly dynamic environment.

謝謝莉茲，也謝謝大家加入我們。我很高興地告訴大家，我們第二季的業績超出了我們的預期，展現了我們策略的實力。更具體地說，我們相信我們的業績驗證了我們作為一家創新公司的長期承諾，在高度動態的環境中實現差異化。

We believe our ability to innovate year-after-year has given us a unique and compelling advantage. Our goal is to leverage that innovation advantage to widen our distribution, expand our brands’ awareness, and increase our profitability, while staying agile and asset-light, allowing us to seize new opportunities while adapting to evolving market conditions.

我們相信，年復一年的創新能力為我們帶來了獨特且引人注目的優勢。我們的目標是利用創新優勢擴大我們的分銷範圍、擴大我們的品牌知名度並提高我們的盈利能力，同時保持敏捷和輕資產，使我們能夠在適應不斷變化的市場條件的同時抓住新的機會。

We successfully achieved our objectives in the second quarter. Here are some examples. We delivered net sales of over $60 million, a 4% increase over last year and higher than our expectations. We grew international net sales by nearly 15%, year over year. We achieved our highest single shipping month ever in October, out of our Columbia facility.

我們成功地實現了第二季的目標。以下是一些範例。我們的淨銷售額超過 6000 萬美元，比去年增長 4%，高於我們的預期。我們的國際淨銷售額年增近 15%。10 月份，我們在哥倫比亞工廠實現了有史以來最高的單月發貨量。

We delivered year-over-year growth in adjusted EBITDAS of 43%. We achieved year-over-year net sales growth in both the outdoor lifestyle and shooting sports categories. Importantly, we delivered positive growth across every single sales channel, including traditional, e-commerce, domestic, and international.

我們的調整後息稅折舊攤提前利潤 (EBITDAS) 年增 43%。我們在戶外生活方式和射擊運動類別中均實現了同比淨銷售額成長。重要的是，我們在每個銷售管道（包括傳統、電子商務、國內和國際）都實現了正成長。

And, it is especially notable that our growth in the quarter was driven entirely by in-line products, well-ahead of the new product launches that we have planned for the second half of our fiscal year. Our innovation-driven strategy continues to foster new and expanded relationships with our retailers and consumers, strengthening our foundation for future growth.

而且，特別值得注意的是，我們本季的成長完全是由內嵌產品推動的，遠早於我們計劃在本財年下半年推出的新產品。我們的創新驅動策略持續與零售商和消費者建立新的、擴大的關係，鞏固我們未來成長的基礎。

This innovation advantage comes in three forms: our consistent pipeline of new products; our distinctive merchandising solutions; and our role as a cross-category innovation partner. Let me quickly touch on these advantages, each of which serves as part of a mosaic that we envisioned years ago, and which together represent strategic investments over time which are now coming to fruition.

這種創新優勢體現在三個方面：我們不斷推出新產品；我們獨特的行銷解決方案；以及我們作為跨類別創新合作夥伴的角色。讓我快速談談這些優勢，每一項都是我們多年前設想的馬賽克的一部分，它們共同代表了隨著時間的推移而進行的戰略投資，這些投資現在正在實現。

First, new products. A steady stream of new, breakthrough products not only excite consumers, but also offers a solution to retailers’ demand for traffic-driving products. Our new product pipeline is evergreen, keeping our retail partners and their customers engaged with our brands. I’ll shed more light on this shortly, but I believe our existing pipeline contains, what will become some our most revolutionary products ever.

一是新產品。源源不絕的突破性新產品不僅讓消費者興奮，也為零售商對客流驅動產品的需求提供了解決方案。我們的新產品線是常青的，使我們的零售合作夥伴及其客戶與我們的品牌保持聯繫。我很快就會對此進行更多闡述，但我相信我們現有的產品線將成為我們有史以來最具革​​命性的產品。

Second, distinctive merchandising solutions that tell our brands’ story. We’ve modernized and rebranded all of our key brands, such as BUBBA, Caldwell, and BOG. With updated logos, modern and sleek packaging, and impactful displays, our brands stand out on shelves and command attention, making it easier for retailers to present them prominently.

其次，講述我們品牌故事的獨特行銷解決方案。我們對所有主要品牌進行了現代化改造和品牌重塑，例如 BUBBA、Caldwell 和 BOG。憑藉更新的標誌、現代時尚的包裝以及富有影響力的展示，我們的品牌在貨架上脫穎而出並引起注意，使零售商更容易在顯著位置展示它們。

And third, a cross-category innovation partner. Our ability to offer retailers a diverse menu of brands, made relevant by high quality and innovative products, makes us a single, reliable, turnkey partner of choice. We can deliver a steady stream of exciting new products across multiple categories on a consistent basis.

第三，跨品類創新合作夥伴。我們能夠為零售商提供多樣化的品牌菜單，並透過高品質和創新的產品提供相關性，使我們成為單一、可靠、交鑰匙的首選合作夥伴。我們可以持續不斷地提供跨多個類別的令人興奮的新產品。

And what we hear from our retail partners is that while some providers can occasionally deliver on one or another of these forms of innovation, it is extremely rare to see one vendor partner who can consistently deliver on all three. I guess you could say were sort of a shortcut for retailers who want immediate and ongoing access to a suite of high quality, in-demand brands known for innovation.

我們從零售合作夥伴那裡聽到的是，雖然一些供應商偶爾可以提供其中一種或另一種形式的創新，但很少有一個供應商合作夥伴能夠始終如一地提供這三種形式的創新。我想你可以說，對於那些希望立即持續獲得一系列以創新而聞名的高品質、受歡迎品牌的零售商來說，這是一種捷徑。

The advantage is fueling our expansion into new accounts and deepening our reach with existing customers. This is a fundamental driver for this quarter’s outperformance, and what gives us a higher degree of visibility into the future, which I’ll discuss in a bit.

這樣做的優勢是推動我們向新客戶的擴張，並加深我們與現有客戶的聯繫。這是本季表現優異的根本驅動力，也讓我們對未來有更高的了解，對此我將在稍後討論。

All three elements of our innovation advantage will be on full display in January at the world’s largest B2B tradeshow focused on shooting, hunting, and outdoor products, otherwise known as SHOT Show. Imagine a show that spans not one, but two convention centers, bringing together all major retailers and brands at one time.

我們的創新優勢的所有三個要素將於 1 月在全球最大的專注於射擊、狩獵和戶外產品的 B2B 貿易展（也稱為 SHOT Show）上充分展示。想像一下，一場展會跨越兩個而不是一個會議中心，同時將所有主要零售商和品牌聚集在一起。

While many of the exhibitors often seem to be fitting in with more of the same products year after year, we actually see the show as an opportunity to stand out. I can’t tell you how many times retailers have come into our booth, and instead of sitting down right away to review performance, they are giddy to see our brands in one place, and immediately ask, can we go walk the booth and see everything that’s new?

雖然許多參展商似乎常常年復一年地適應更多相同的產品，但我們實際上認為這次展會是一個脫穎而出的機會。我無法告訴你有多少次零售商來到我們的展位，他們不是立即坐下來審查業績，而是在一個地方看到我們的品牌而感到頭暈，並立即詢問，我們可以在展位上走一走嗎？

But there’s something really interesting that happens on these walks. We’re not just showcasing new shooting and hunting products, it’s an opportunity for our retail partners to be introduced to new brands altogether.

但在這些散步中發生了一些非常有趣的事情。我們不僅展示新的射擊和狩獵產品，而且為我們的零售合作夥伴提供了一個全面介紹新品牌的機會。

Last year, we introduced two new brands that were previously available direct-to-consumer only MEAT! Your Maker, a ground-breaking line of meat processing equipment; and Grilla, a first-of-its kind provider of modular outdoor kitchens and cooking solutions.

去年，我們推出了兩個新品牌，這些品牌之前只提供直接面向消費者的肉類！Your Maker，突破性的肉類加工設備系列； Grilla 是第一家提供模組化戶外廚房和烹飪解決方案的供應商。

While these products are unconventional for the show, having them on display opened doors to an entirely new audience, while presenting retailers with an opportunity to bundle together cross-category innovation for their customers with our growing portfolio of brands.

雖然這些產品對於展會來說是非常規的，但它們的展示為全新的觀眾打開了大門，同時為零售商提供了將其客戶的跨類別創新與我們不斷增長的品牌組合結合在一起的機會。

Now, MEAT! Your Maker products are beginning to pop-up at several large retailers across the US and Canada, and Grilla products are right behind them. As we have indicated previously, our new product pipeline is extremely robust, and our teams have finalized plans for a significant number of very exciting new products from a number of our brands that we will begin introducing next month.

現在，肉！您的 Maker 產品開始出現在美國和加拿大的幾家大型零售商中，而 Grilla 產品緊隨其後。正如我們之前所指出的，我們的新產品管道非常強大，我們的團隊已經敲定了來自我們多個品牌的大量非常令人興奮的新產品的計劃，我們將於下個月開始推出這些新產品。

I can’t wait for everyone to see one particularly, quite revolutionary, new product from our Caldwell brand, it’s truly a new spin on shotgun sports. From meaningful updates to existing lines, to revolutionary new products, we’re confident these launches will deliver significant value for our retail partners.

我迫不及待地想讓大家看到我們 Caldwell 品牌推出的一款特別具有革命性的新產品，它確實是霰彈槍運動的新產品。從對現有產品線進行有意義的更新，到革命性的新產品，我們相信這些產品的推出將為我們的零售合作夥伴帶來巨大的價值。

In fact, we had the opportunity to preview many of these upcoming new products with our retailers during the second quarter, a time when many of them are planning their assortments for the coming year. The reception was overwhelmingly positive, and retailers provided us with strong, early order indications, and commitments for expanded shelf space.

事實上，我們有機會在第二季度與我們的零售商一起預覽許多即將推出的新產品，當時他們中的許多人正在計劃來年的產品組合。反應非常積極，零售商向我們提供了強有力的早期訂單指示，並承諾擴大貨架空間。

These indications give us a degree of visibility that extends beyond fiscal 2025. Because of that, we’re increasing our guidance for FY25 and providing our initial net sales outlook for FY26.

這些跡象使我們能夠在一定程度上了解 2025 財年後的情況。因此，我們提高了 2025 財年的指導，並提供了 2026 財年的初步淨銷售額展望。

Looking ahead, the enthusiastic reception from retailers underscores the strength of our strategy. In addition, our results in the current quarter demonstrate the discipline, patience, and execution that we believe is required to build a company ready for the future.

展望未來，零售商的熱情接待凸顯了我們策略的優勢。此外，我們本季的業績證明了我們認為建立一家為未來做好準備的公司所需的紀律、耐心和執行力。

Going forward, we’ll continue leveraging our innovation advantage to widen distribution, expand our brands’ awareness, and enhance profitability. Doing so, in this dynamic and everchanging environment, will require us to remain agile. This means keeping things simple with a flexible, asset-light platform, and maintaining a strong balance sheet. We have both of these things today. With that said, I’m excited about what lies ahead and look forward to sharing more.

展望未來，我們將繼續利用我們的創新優勢擴大分銷範圍、擴大我們的品牌知名度並提高獲利能力。在這個動態且不斷變化的環境中，這樣做需要我們保持敏捷。這意味著透過靈活的輕資產平台讓事情變得簡單，並保持強大的資產負債表。今天我們擁有這兩件事。話雖如此，我對未來的事情感到興奮，並期待分享更多。

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

接下來，我將把它交給安迪來討論我們的財務表現。

Thanks, Brian. As Brian mentioned, we are very pleased with our results for the second quarter, with net sales and profitability coming in above our expectations. We maintained a strong balance sheet and continued to return capital to shareholders with our share repurchase program. Let me walk you through the details.

謝謝，布萊恩。正如布萊恩所提到的，我們對第二季的業績非常滿意，淨銷售額和獲利能力超出了我們的預期。我們維持了強勁的資產負債表，並繼續透過股票回購計畫向股東返還資本。讓我向您介紹詳細資訊。

Net sales for Q2 were $60.2 million, a 4% increase over the $57.9 million, in Q2 last year. As Brian shared, we achieved our highest ever shipping month in October from our Columbia, Missouri facility.

第二季淨銷售額為 6,020 萬美元，比去年第二季的 5,790 萬美元成長 4%。正如 Brian 分享的那樣，我們密蘇裡州哥倫比亞工廠 10 月實現了有史以來最高的月發貨量。

Our ability to ship to this unprecedented level was made possible, in part by efficiencies we gained by expanding our facility lease in January 2024. By controlling 100% of our Missouri facility, we have been able to optimize our floor plans, workflow, and shipping logistics, all of which combined to make October’s record level shipments possible. Great job to the distribution team.

我們的運輸能力達到了前所未有的水平，部分原因是我們在 2024 年 1 月擴大了設施租賃，從而提高了效率。透過 100% 控制我們的密蘇裡州工廠，我們能夠優化我們的平面圖、工作流程和運輸物流，所有這些結合起來使 10 月份的發貨量達到創紀錄的水平。發行團隊做得很好。

In our outdoor lifestyle category, which consists of products relating to hunting, fishing, camping, outdoor cooking, and rugged outdoor activities, net sales grew by 5.4%. Products from our MEAT!, BOG, and Grilla brands, delivered strong hunting, meat processing, and outdoor cooking performance.

在我們的戶外生活方式類別中，包括與狩獵、釣魚、露營、戶外烹飪和崎嶇戶外活動相關的產品，淨銷售額增加了 5.4%。我們的 MEAT!、BOG 和 Grilla 品牌的產品具有強大的狩獵、肉類加工和戶外烹飪性能。

In our shooting sports category, which includes solutions for target shooting, aiming, safe storage, cleaning and maintenance, and personal protection, net sales grew by nearly 2% compared to last year. Products from our Caldwell Claymore family and our Tipton brand drove strength in shooting accessories that more than offset a slight decline in personal protection products.

在我們的射擊運動類別中，包括目標射擊、瞄準、安全儲存、清潔和維護以及個人防護解決方案，淨銷售額與去年相比增長了近2%。我們的 Caldwell Claymore 系列和 Tipton 品牌的產品推動了射擊配件的發展，足以抵消個人防護產品的小幅下降。

And here I’ll just add a reminder that while we don’t produce firearms, our shooting sports category tends to align with adjusted NICS background check results, which were up by about 1% for the same period.

在這裡我想補充一點，雖然我們不生產槍支，但我們的射擊運動類別往往與調整後的 NICS 背景調查結果保持一致，該結果在同一時期上升了約 1%。

Turning now to our distribution channels. Increased and expanded distribution channel opportunities are one of the avenues that comprise our long-term strategic growth plan. Specifically, we work to identify, secure, and expand opportunities to introduce our products to a broader consumer audience.

現在轉向我們的分銷管道。增加和擴大分銷通路機會是構成我們長期策略成長計畫的途徑之一。具體來說，我們致力於識別、確保和擴大向更廣泛的消費者群體介紹我們的產品的機會。

Our traditional channel net sales increased by 4.3%, and our e-commerce net sales increased by 3.5% compared to Q2 last year. As a reminder, our ecommerce channel includes direct-to-consumer sales from our own websites, as well as sales by online retailers that do not have brick-and-mortar stores.

與去年第二季相比，我們的傳統通路淨銷售額成長了4.3%，電子商務淨銷售額成長了3.5%。提醒一下，我們的電子商務管道包括我們自己網站上的直接面向消費者的銷售，以及沒有實體店的線上零售商的銷售。

We continued to expand our presence in the international markets as well. Our brands are reaching more Canadian consumers than ever before, helping to deliver international net sales of $3.4 million, which comprised roughly 6% of our total net sales in the quarter, and represented year-over-year growth of nearly 15%.

我們也持續擴大在國際市場的影響力。我們的品牌接觸到的加拿大消費者比以往任何時候都多，幫助實現了 340 萬美元的國際淨銷售額，約佔本季總淨銷售額的 6%，較去年同期成長近 15%。

Turning to gross margin. Gross margin for Q2 was 48%, a 230 basis point increase from 45.7% in Q2 last year. The increase was mainly due to expected, favorable inbound freight costs and the timing of some promotional programs that occurred in Q2 last year, that did not materialize in Q2 this year.

轉向毛利率。第二季毛利率為 48%，較去年第二季的 45.7% 成長 230 個基點。這一成長主要是由於預期有利的入境貨運成本以及去年第二季發生的一些促銷計劃的時機，但今年第二季並未實現。

Turning to operating expenses. GAAP operating expenses for the quarter were $25.8 million, compared to $26.5 million, last year. The improvement was driven mainly by lower legal and advertising costs, as well as a reduction in intangible asset amortization, offset by an increase in compensation expense.

轉向營運費用。本季 GAAP 營運費用為 2,580 萬美元，去年同期為 2,650 萬美元。這項改善主要是由於法律和廣告成本的降低以及無形資產攤銷的減少，但被補償費用的增加所抵消。

Our OpEx reduction this quarter is a great demonstration of the disciplined cost management philosophy we employ in the ordinary course of business. Specifically, our teams are always looking for ways to avoid building unnecessary costs into the business.

本季我們的營運支出減少很好地體現了我們在日常業務過程中採用的嚴格成本管理理念。具體來說，我們的團隊一直在尋找方法來避免為業務帶來不必要的成本。

It’s an approach that helps us maintain a lower level of expense over the long-term, allowing us to be agile and asset-light when responding to changes in our environment, without resorting to large and sudden cost cuts. This approach supports the sustainability of our long-term model and will serve us well as we grow our top line.

這種方法可以幫助我們長期維持較低的支出水平，使我們能夠靈活地、輕資產地應對環境變化，而無需採取突然大幅削減成本的措施。這種方法支持我們長期模式的可持續性，並將在我們增加收入的過程中為我們提供良好的服務。

On a non-GAAP basis, operating expenses in Q2 were up slightly to $22.7 million, compared to $22.3 million, in Q2 of last year. Non-GAAP operating expenses exclude intangible amortization, stock compensation, and certain nonrecurring expenses as they occur.

以非公認會計準則計算，第二季營運費用小幅上漲至 2,270 萬美元，而去年第二季為 2,230 萬美元。非公認會計準則營運費用不包括無形攤銷、股票補償和某些發生的非經常性費用。

GAAP EPS was $0.24 for the second quarter, compared to one cent for the second quarter last year. On a non-GAAP basis, EPS was $0.37 in Q2 this year compared to $0.25 in the prior year. Our Q2 figures are based on our fully diluted share count of approximately 13.1 million shares, and we expect that share count to remain consistent through year-end, outside of any share buybacks that may occur.

第二季 GAAP 每股收益為 0.24 美元，去年第二季為 1 美分。以非 GAAP 計算，今年第二季每股收益為 0.37 美元，去年同期為 0.25 美元。我們第二季的數據是基於完全稀釋後的約 1,310 萬股股票數量，我們預計，除了可能發生的任何股票回購之外，到年底，股票數量將保持一致。

Adjusted EBITDAS for the quarter was $7.5 million, compared to $5.2 million, last year. On a trailing twelve-month basis, adjusted EBITDAS was $12.9 million, up from $11.4 million for the trailing twelve-month period a year ago.

本季調整後的 EBITDA 為 750 萬美元，去年同期為 520 萬美元。在過去 12 個月的基礎上，調整後的 EBITDAS 為 1,290 萬美元，高於一年前過去 12 個月的 1,140 萬美元。

Turning now to the balance sheet and cash flow. We ended the second quarter with cash of $14.2 million and no debt, after repurchasing approximately $1 million of our common stock. We’ve talked in the past about the seasonal nature of our business, where our highest quarterly net sales occur in Q2 and Q3.

現在轉向資產負債表和現金流。在回購了大約 100 萬美元的普通股後，我們第二季末的現金為 1,420 萬美元，沒有債務。我們過去曾討論過我們業務的季節性特徵，我們最高的季度淨銷售額出現在第二季和第三季。

This pattern typically results in the first half of our fiscal year reflecting operating cash outflow from increases in accounts receivable and inventory, followed by operating cash inflow in the second half of the year as we collect those receivables and lower our inventory levels. Operating cash outflow for the second quarter was $7.9 million, driven mainly by an increase in accounts receivable of approximately $17 million.

這種模式通常會導致我們的財政年度上半年反映因應收帳款和庫存增加而產生的經營現金流出，隨後隨著我們收回這些應收帳款並降低庫存水平，下半年會出現經營現金流入。第二季營運現金流為 790 萬美元，主要是因為應收帳款增加約 1,700 萬美元。

The increase in AR was partially driven by the sequential increase in net sales in Q2 versus Q1, as well as by timing of shipments, which were higher toward the end of the second quarter. Our inventories increased by $4.9 million in Q2, as expected, to support the upcoming holiday season and to replenish levels for expected sales in Q3.

AR 成長的部分原因是第二季淨銷售額與第一季相比持續成長，以及出貨時間（第二季末出貨時間較高）。如預期，第二季我們的庫存增加了 490 萬美元，以支持即將到來的假期季節並補充第三季的預期銷售水準。

As Brian mentioned, we are very pleased with the success of our recent line reviews with several key retailers. As a result, we expect to receive initial load-in orders for some of our major new products to those retailers beginning in our fourth quarter and continuing into fiscal 2026.

正如布萊恩所提到的，我們對最近與幾家主要零售商進行的產品線審查取得的成功感到非常高興。因此，我們預計從第四季度開始一直持續到 2026 財年，我們將收到這些零售商的一些主要新產品的初始裝載訂單。

Accordingly, we would expect inventory to increase slightly in Q3, and then drop back to approximately $110 million by the end of fiscal 2025. This is somewhat higher than we discussed last quarter, and directly supports the growth outlook for fiscal 2026 net sales that we are providing today.

因此，我們預計第三季庫存將略有增加，然後在 2025 財年末回落至約 1.1 億美元。這略高於我們上季度討論的水平，並直接支持我們今天提供的 2026 財年淨銷售額的成長前景。

Turning to capital expenditures: Our operating model is designed to require annual capex of roughly 2% of net sales for patents, tooling, and maintenance investments, and our expectations for fiscal 2025 are right in line with that model. We spent $468,000 on capex in the second quarter, mainly for product tooling and patent costs.

談到資本支出：我們的營運模式旨在要求每年將淨銷售額的約 2% 的資本支出用於專利、工具和維護投資，我們對 2025 財年的預期與該模式完全一致。第二季我們的資本支出為 468,000 美元，主要用於產品工具和專利成本。

For full-year fiscal 2025, we continue to expect to spend $3.5 to $4.5 million. This includes a small amount to build out the new factory outlet store in our Missouri facility, which we expect to open in the spring of 2025. We’ve always been very disciplined when it comes to capital allocation and Q2 was no exception.

對於 2025 財年全年，我們仍然預計支出 350 至 450 萬美元。其中包括少量資金用於在我們密蘇裡州工廠建造新的工廠直銷店，我們預計該店將於 2025 年春季開業。在資本配置方面，我們一直非常嚴格，第二季也不例外。

We’ve invested first and foremost in organic growth, and the results we are delivering in the current fiscal quarter and year, and our outlook for the year ahead, demonstrate the importance of that priority. As we continue to seek out M&A opportunities that fit our criteria and can deliver growth, we will safeguard the strength of our balance sheet and identify opportunities to return capital to our shareholders through buybacks.

我們首先投資於有機成長，我們在當前財政季度和年度所取得的成果以及我們對未來一年的展望都證明了這一優先事項的重要性。在我們繼續尋找符合我們標準並能夠實現成長的併購機會的同時，我們將維護資產負債表的實力，並尋找透過回購向股東返還資本的機會。

Our Board approved a new $10 million share repurchase program effective October 2024 through September 2025. In Q2, we repurchased roughly 111,000 shares for $1 million at an average price of $9 per share.

我們的董事會批准了一項新的 1000 萬美元股票回購計劃，該計劃將於 2024 年 10 月至 2025 年 9 月生效。第二季度，我們以 100 萬美元的價格回購了約 111,000 股股票，平均價格為每股 9 美元。

Now turning to our outlook. We remain excited about the opportunities that lie ahead for fiscal 2025 and beyond. The indications we have received from retailers that Brian outlined have allowed us to increase our expectations for growth not only in the current year, but into fiscal 2026, as well, driven by a combination of strength in our existing product lines, key new product launches, and new distribution opportunities.

現在轉向我們的展望。我們對 2025 財年及以後的機會仍然感到興奮。Brian 概述的從零售商處收到的跡象使我們不僅提高了今年的成長預期，而且在我們現有產品線的實力、關鍵新產品推出的綜合推動下，提高了對 2026 財年增長的預期，以及新的分銷機會。

We are increasing our net sales guidance to a range of $205 million to $210 million dollars for fiscal 2025. Net sales at the midpoint of that range would yield growth of 3.2% for the full year. This compares to our original framework for net sales growth of up to 2.5% for the year. When looking at just Q3, we expect net sales growth of about 5%.

我們將 2025 財年的淨銷售額指引提高至 2.05 億美元至 2.1 億美元。如果以該範圍的中點計算，全年淨銷售額將成長 3.2%。相比之下，我們今年淨銷售額成長高達 2.5% 的最初框架。僅看第三季度，我們預計淨銷售額成長約為 5%。

Turning to gross margins. Our expectations for gross margins have improved and now we expect gross margins for the full year to be approximately 45.5%, compared to 44% for the prior year.

轉向毛利率。我們對毛利率的預期有所改善，目前我們預計全年毛利率約為 45.5%，而前一年為 44%。

As we discussed on our earnings call in early September, we expect gross margins in the second half of fiscal 2025 to be lower than Q1 and Q2 due to increased amortization of tariff and freight variances related to higher inventory purchases that occurred in the first half of the year, combined with the delayed Q2 promotions I mentioned earlier that are likely to materialize in the second half of the year. As a result, we expect Q3 gross margins to be roughly 45%.

正如我們在9 月初的財報電話會議上討論的那樣，我們預計2025 財年下半年的毛利率將低於第一季和第二季度，因為與上半年發生的庫存採購增加相關的關稅和運費差異攤銷增加。因此，我們預計第三季毛利率約為 45%。

With regard to operating expense, we expect overall OpEx in fiscal 2025 to increase slightly over the prior year due to higher variable selling and distribution costs driven by our higher net sales range. We expect Q3 OpEx to be slightly higher than Q3 in the prior year. As a reminder, Q3 OpEx is typically higher than other quarters due to the cost of trade shows like SHOT show in January.

關於營運費用，我們預計 2025 財年的整體營運支出將比前一年略有增加，因為我們較高的淨銷售額範圍推動了可變銷售和分銷成本的上升。我們預計第三季營運支出將略高於去年第三季。提醒一下，由於 1 月 SHOT 展會等貿易展會的成本，第三季的營運支出通常高於其他季度。

Based on all of these factors, we have increased our estimate of adjusted EBITDAS for fiscal 2025 from a range of 5.5% to 6% of net sales to a range of between 6.6% and 7.1% of net sales, or $13.5 million to $15 million. At the midpoint, this would represent year-over-year adjusted EBITDAS growth of roughly 46%.

基於所有這些因素，我們將 2025 財年調整後 EBITDAS 的估計從淨銷售額的 5.5% 至 6% 提高到淨銷售額的 6.6% 至 7.1%，即 1350 萬美元至 1500 萬美元。以中位數計算，這意味著調整後的 EBITDAS 年比成長約 46%。

Lastly, while it’s a bit early in our cycle to provide an outlook for our next fiscal year, the early order indications we have received from retailers for both our in-line products and our upcoming new products, have given us greater visibility into the future. Therefore, we are able to share that for fiscal 2026, we believe our net sales will be between $220 million and $230 million, which would represent growth of 8.4% at the midpoint.

最後，雖然現在提供下一財年的展望還為時過早，但我們從零售商那裡收到的有關我們的內嵌產品和即將推出的新產品的早期訂單指示，使我們能夠更好地了解未來。因此，我們可以分享的是，2026 財年，我們的淨銷售額將在 2.2 億美元至 2.3 億美元之間，中間值成長 8.4%。

With respect to profitability in fiscal '26, we don’t plan to provide that outlook until we get closer to our new fiscal year, when we may have a bit more clarity around the impact of the new administration, particularly as it relates to tariffs.

關於 26 財年的獲利能力，我們不打算提供這種前景，直到我們接近新財年，屆時我們可能會更清楚地了解新政府的影響，特別是與關稅。

For now, barring any new tariff impacts or other unforeseen changes, we know that our model yields roughly a 30% contribution on incremental net sales over current levels. As Brian indicated, our goal will be to leverage our innovation advantage to widen our distribution, expand our brands’ awareness, and increase our profitability, while staying agile and asset-light, putting us in the best position possible to capitalize on potential opportunities.

目前，除非出現任何新的關稅影響或其他不可預見的變化，我們知道我們的模型對增量淨銷售額的貢獻約為目前水準的 30%。正如布萊恩所指出的，我們的目標是利用我們的創新優勢來擴大我們的分銷範圍、擴大我們的品牌知名度並提高我們的盈利能力，同時保持敏捷性和輕資產性，使我們處於盡可能最好的位置來利用潛在的機會。

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。

(Operator Instructions) Mark Smith, Lake Street Capital Markets.

（操作員說明）Mark Smith，Lake Street Capital Markets。

Yeah. Hey, guys. Yeah. Alex turns on the line for Mark Smith today. Thanks for taking my questions. First one for me, could you give us more insight into the purchasing time line for retailers? You noted that you're seeing good reception from retailers. But I guess just curious if there's any other drivers that give you confidence in that longer-term sales outlook?

是的。嘿，夥計們。是的。亞歷克斯今天接通了馬克史密斯的電話。感謝您回答我的問題。我的第一個問題是，您能否讓我們更深入了解零售商的採購時間軸？您注意到零售商的反應良好。但我想只是好奇是否還有其他驅動因素讓您對長期銷售前景充滿信心？

Sure. Hey, Alex, it's Brian. So you're right. So the purchasing time line typically around our second quarter, and it even flows all the way through sometimes the first week of February is when we typically have most of our line reviews with our customers. And really, what they're doing is giving us -- making some big decisions.

當然。嘿，亞歷克斯，我是布萊恩。所以你是對的。因此，採購時間線通常在我們的第二季左右，有時甚至會一直貫穿到二月的第一周，這是我們通常與客戶進行大部分產品線審查的時間。事實上，他們所做的就是讓我們做出一些重大決定。

They're trying to figure out for the following year, what they're going to be adding of our products, which means taking out some of the incumbents -- and so those decisions are made over that course. I think the interesting thing this year is our in-line products, like we said in Q2, were performing very, very well. So resonating with the consumers and retailers caught note of that. I think they -- and they want to bring people into their stores. They want to increase foot traffic, and they see AOB as a way to do that.

他們試圖弄清楚明年他們將在我們的產品中添加哪些內容，這意味著淘汰一些現有產品——因此這些決定是在這個過程中做出的。我認為今年有趣的事情是我們的內嵌產品，就像我們在第二季所說的那樣，表現非常非常好。因此，與消費者和零售商的共鳴注意到了這一點。我認為他們——他們希望吸引人們進入他們的商店。他們希望增加客流量，並將 AOB 視為實現這一目標的一種方式。

So excited with the traction of our products, they were excited in our line reviews to see what else we had to offer. And when we showed them some of the new products that we're planning to come out with and begin showing next month, the response was across the board, just beyond excited. And they see it as another opportunity to just bring more people into their stores.

他們對我們產品的吸引力感到非常興奮，他們對我們的產品線評論感到興奮，想看看我們還能提供什麼。當我們向他們展示我們計劃推出並在下個月開始展示的一些新產品時，他們的反應是全面的，非常興奮。他們認為這是吸引更多人進入他們商店的另一個機會。

So instead of waiting for some of those load-ins to typically occur a year later, which is why we typically give that FY -- the following year's guidance usually in the summertime, they actually want load-ins a lot sooner. So, what we saw from that is we're going to have to have inventory coming up a little bit towards the end of the year.

因此，他們實際上希望更快地加載，而不是等待其中一些加載通常在一年後發生，這就是為什麼我們通常會在夏季給出財政年度（通常在夏季）的下一年指導。因此，我們從中看到的是，到年底我們的庫存將不得不略有增加。

Obviously, wanted to put some of those points into context that inventory would be going up towards the end of the year. And we're frankly just going to see stronger load-ins about 6 months earlier than we typically would because the retailers want to get hold of these products sooner than later. So they've given us great line of sight. It's what has led us to be just as bullish as they are.

顯然，我們希望將其中一些觀點納入到年底庫存將會增加的背景中。坦白說，我們將比通常提前約 6 個月看到更強勁的裝載量，因為零售商希望儘早獲得這些產品。所以他們給了我們很好的視線。這使得我們和他們一樣樂觀。

Okay. And then, given some weakness in the shooting sports industry recently, you saw some good growth there. But could you provide some additional color on how products in that market performed in the quarter?

好的。然後，考慮到最近射擊運動行業的一些疲軟，你看到了一些良好的成長。但您能否提供一些有關該市場產品在本季表現的更多資訊？

Sure. So this is Brian, again. So yeah, I would say, generally, we made the comment that we do tend to track with the NICS. There are some exceptions to that. One of the things that we laid out a few years ago, one of our strategies within Shooting Sports is to really expand into the categories and activities that tend to have stronger and more reliable long-term growth, and one of those areas is shotgun sports.

當然。這又是布萊恩。所以，是的，我想說，一般來說，我們確實傾向於與 NICS 進行追蹤。但也有一些例外。我們幾年前製定的一件事，我們在射擊運動領域的策略之一是真正擴展到往往具有更強勁和更可靠的長期增長的類別和活動，其中之一就是霰彈槍運動。

And so we put that into place a few years ago, we came out with our Claymore line to begin with. And we've used that as our, we call it our beachhead. And then we've brought on additional products since then. And that line, especially, we called out that line in the prepared remarks, has done exceptionally well for us in terms of new products, and it's really helped diversify our revenue mix in the Shooting Sports side. So we did see, like we said, a little bit of softness in the personal protection side of our business.

因此，我們在幾年前就將其落實到位，並推出了我們的 Claymore 系列。我們把它當作我們的灘頭陣地。從那時起我們又推出了更多產品。特別是，我們在準備好的發言中提到了這條線，在新產品方面為我們做得非常好，它確實有助於使我們在射擊運動方面的收入組合多樣化。因此，正如我們所說，我們確實看到我們業務的個人防護方面有些疲軟。

But what's nice is because of that diversity and because of those initiatives that we put into place several years ago, we're actually seeing great growth into some of those stronger and more reliable growth areas.

但令人高興的是，由於這種多樣性，並且由於我們幾年前實施的這些舉措，我們實際上看到了一些更強大、更可靠的成長領域的巨大成長。

Okay. And then last one for me. And you also mentioned it in the prepared remarks a little bit, but in terms of the balance sheet, are there any new changes to your philosophy around the use of capital between investments in the business, buybacks and then M&A, I guess, more so just focused on what are you seeing out there in the M&A market right now?

好的。然後是我的最後一張。您在準備好的發言中也提到了一點，但就資產負債表而言，您在業務投資、回購和併購之間的資本使用理念是否有任何新的變化，我想，更多的是只是關注您目前在併購市場中看到的情況？

Yeah, Alex, this is Andy. I'll take the first part and then Brian can talk about M&A. So our capital allocation philosophy has remained unchanged. So we have 3 priorities. First and foremost is organic growth.

是的，亞歷克斯，這是安迪。我將講第一部分，然後布萊恩可以談論併購。所以我們的資本配置理念沒有改變。所以我們有 3 個優先事項。首先也是最重要的是有機成長。

And again, that organic growth piece really supports what we've talked about on this call, the new product development, that innovation advantage. M&A is our second priority. So we're always looking for complementary brands, authentic brands that would fit kind of in our permission to play in the space we're in. And then number three, in the absence of compelling M&A is buybacks. So we're going to be opportunistic when we believe we're undervalued, we're going to buy our stock back. And I think you saw the -- our Board supports that with our new $10 million authorization.

再說一次，有機成長確實支持了我們在這次電話會議上討論的內容，即新產品開發和創新優勢。併購是我們的第二優先事項。因此，我們一直在尋找互補的品牌，真正的品牌，這些品牌符合我們在我們所處的空間中發揮作用的許可。第三，在缺乏引人注目的併購的情況下，就是回購。因此，當我們認為自己被低估時，我們就會機會主義，我們會回購股票。我想您已經看到了——我們的董事會通過新的 1000 萬美元授權來支持這一點。

Yeah. And then I'll add in on kind of to further support the philosophy, we did suspect that coming into potentially a new administration, we would need to be flexible. And we're not in the business of trying to place our bets before we have facts.

是的。然後我會補充一些內容以進一步支持這個理念，我們確實懷疑，在可能進入新政府的情況下，我們需要保持靈活性。我們不會在掌握事實之前就下注。

And so one of the ways that gives us that flexibility and be able to respond appropriately to any changes is really to make sure what Andy said, to have that strong balance sheet because we do continue to believe that our greatest opportunity is the one that's in front of us, and we're seeing that play out right now with our innovation engine. So that's one thing.

因此，賦予我們靈活性並能夠對任何變化做出適當反應的方法之一就是確保安迪所說的那樣，擁有強大的資產負債表，因為我們仍然相信我們最大的機會是在就在我們面前，我們現在正在透過我們的創新引擎看到這一點。所以這是一回事。

We just want to make sure, too, that we've got a little buffer and that speaks to sustainability over time. As it relates to M&A, we continue to be very, very aggressive in looking at M&A targets. The problem that we have is that Andy and I are very -- one, we're very frugal.

我們也只是想確保我們有一點緩衝，這說明了隨著時間的推移的可持續性。由於涉及併購，我們繼續非常非常積極地尋找併購目標。我們面臨的問題是安迪和我非常——一，我們非常節儉。

Secondly, we also -- we're looking for the right business, right, and the right brands that can fit within our system, and I think that's a very important word. We certainly have a system. And ultimately, any new brand or company, we want to have the same attributes that we have, which is sustainable innovation.

其次，我們也在尋找適合我們系統的合適的業務、合適的品牌，我認為這是一個非常重要的詞。我們當然有一個系統。最終，任何新品牌或新公司，我們都希望擁有與我們相同的屬性，即永續創新。

And it's hard to find the right vessel for that, the right brand for that. I would say that we have seen a little bit of a slowdown in the pipeline for M&A over the last two or so months. Curious to see if that begins to open up again after the new year, and there could be a variety of reasons for that.

很難找到合適的容器、合適的品牌。我想說的是，在過去兩個月左右的時間裡，我們看到併購過程略有放緩。我很想知道新年後這種情況是否會再次開放，這可能有多種原因。

But overall, we're continuing to look at companies, continue to be very aggressive. But our -- the list of things that we want to see before we commit our shareholders' money is pretty extensive; to be disciplined, but also be very open-minded.

但總的來說，我們正在繼續關注公司，並且繼續非常積極。但是，在我們向股東投入資金之前，我們希望看到的事情清單非常廣泛；遵守紀律，但也要非常開放。

Perfect. Thank you, guys.

完美的。謝謝你們，夥計們。

Yeah. Thanks, Alex.

是的。謝謝，亞歷克斯。

Matt Koranda, Roth Capital.

馬特·科蘭達，羅斯資本。

Hey, guys. Good afternoon. Maybe just with the fiscal '25 outlook, if I combine sort of the full year with the third quarter that you're giving, it suggests that we are seeing an acceleration in sales heading into towards the end of the year here. Just wondering if you could put a finer point on like the items that are driving that acceleration?

嘿，夥計們。午安.也許只是考慮到 25 財年的前景，如果我將全年情況與您給出的第三季度結合起來，這表明我們看到臨近年底的銷售加速增長。只是想知道您是否可以對推動加速的專案提出更詳細的觀點？

It sounded like, Brian, you were saying there's some additional willingness to take load in given the innovation product that you're introducing. But is there also some play out here of the sell-in that we get from MEAT! and Grilla, especially Grilla, I guess, entering the traditional channel? Maybe just any additional color on what you're seeing for the rest of the year here in terms of the acceleration in sales?

布萊恩，聽起來你是在說，鑑於你正在推出的創新產品，人們有一些額外的意願來承擔負載。但是，我們從 MEAT 獲得的賣出是否也有一些發揮作用！還有 Grilla，尤其是 Grilla，我猜是進入傳統管道了？也許只是您在今年剩餘時間看到的銷售加速方面的任何額外色彩？

Yeah, absolutely. So Matt, this is Brian. Yeah, I expected a question like that. And I thought long and hard about how I would answer that type of question because you would think that there would be one brand or two brands of our horses that would be leading the charge. And really, what we're seeing as an acceleration, to your point, is across the portfolio.

是的，絕對是。馬特，這是布萊恩。是的，我期待這樣的問題。我認真思考如何回答這類問題，因為你會認為我們的馬匹中會有一個或兩個品牌會領先。事實上，就您的觀點而言，我們所看到的加速是整個投資組合的加速。

And I think it really gets back to this idea of retailers seeking innovation right now. They're willing to move off of the status quo in a way that they haven't before. And -- because it's painful for them. It's painful for the retailers oftentimes to change out planograms and to bring in new product. That's why they only do it once a year for the most part in a given (technical difficulty)

我認為這確實回到了零售商現在尋求創新的想法。他們願意以前所未有的方式擺脫現狀。而且──因為這對他們來說很痛苦。對於零售商來說，更換貨架圖和引入新產品常常是一件痛苦的事情。這就是為什麼他們每年只在給定的時間內進行一次（技術難度）

So the fact that they're willing to move off of the status quo and taking product earlier because they want innovation is really what's leading to that, whether it's in line or some of the new products, but it's really across the board across our entire portfolio that we're seeing that.

因此，事實上，他們願意擺脫現狀並更早推出產品，因為他們想要創新，這才是真正導致這種情況的原因，無論是產品線還是一些新產品，但這確實是我們整個行業的全面問題。

And it gets back to this idea of -- if I can make a plug for it again, this is -- and this is really our advantage when it comes to innovation. It's new products, they have access to new products. It's our ability to provide compelling merchandising. When people walk in their stores and they walk by our products, it grabs their attention.

這又回到了這個想法——如果我能再次為其製造一個插頭，這就是——這確實是我們在創新方面的優勢。這是新產品，他們可以獲得新產品。這是我們提供引人注目的商品推銷的能力。當人們走進商店並經過我們的產品時，它會吸引他們的注意。

And then also just being a turnkey provider of truly cross-category innovation. So it's a shortcut, like I said in the prepared remarks. So it's those three things that I think are really standing out right now above some of our peers. And so that's what's led to this across the board willingness to take on more AOB product. So it's across the board. I wish I had one or two brands to give you, but it's very strong across the board.

然後也只是成為真正跨類別創新的交鑰匙提供者。所以這是一條捷徑，就像我在準備好的發言中所說的那樣。所以我認為這三件事現在比我們的一些同行真正脫穎而出。這就是導致人們普遍願意採用更多 AOB 產品的原因。所以這是全面的。我希望我有一兩個品牌可以給你，但它在各方面都非常強大。

Okay. No, that's good to hear. And then maybe just the further outlook on fiscal '26 that you're providing. I guess -- wanted to get your thoughts on the philosophy of why provide something -- I mean, it's not so far out, I guess, but at least in terms of Wall Street is concerned, it's pretty far away. And I guess the mid- to high-single digit growth outlook that you're giving, maybe just any additional color on what's driving that?

好的。不，很高興聽到這個消息。然後也許只是您提供的 26 財年的進一步展望。我想——想了解你對為什麼提供某種東西的哲學的想法——我的意思是，我想這並不是那麼遙遠，但至少就華爾街而言，它還很遙遠。我猜你給出的中高個位數成長前景，也許只是對推動這一成長的因素有任何額外的描述？

Again, is it sort of some load-in you're seeing on the traditional channel? Is it some demand inflection that you've observed? Maybe just additional sort of rationale for why provide an outlook that's kind of that far out?

再說一遍，這是您在傳統管道上看到的某種加載嗎？您觀察到的是某種需求變化嗎？也許只是額外的理由來說明為什麼要提供如此遙遠的前景？

Yeah, Matt, Brian, again. I'll start and then Andy, feel free to jump in. It's something that we gave a lot of thought to before getting on this call and whether or not to give that sort of guidance. The facts that we have are two things.

是的，又是馬特、布萊恩。我先開始，然後安迪，請隨意加入。在接到這次電話會議以及是否提供此類指導之前，我們對此進行了許多思考。我們掌握的事實有兩件事。

One, the traction with our in-line products like we saw in the second quarter, and we're seeing an acceleration, to your point, of those in-line products going forward, coupled with those successful line reviews that we had in the second quarter and then the, of course, line of sight into not only the rest of this year, but the beginning part of next year really gave us that confidence.

一，我們的內嵌產品的吸引力，就像我們在第二季度看到的那樣，我們看到這些內嵌產品的發展正在加速，再加上我們在第二季度進行的那些成功的產品線審查當然，第二季度以及隨後的視線不僅是今年剩餘時間，而且明年年初也確實給了我們信心。

And if it were one or two, let's say, large customers, we would be more hesitant or reluctant to give the sort of guidance. And I think you know us, we tend to be pretty conservative. So it's a little out of character for us to provide an outlook that goes out this far. But because it was across such a large number of retailers, in different channels, whether it's farm at home or it's e-commerce or it's mass retail, it really expands across all of those.

如果是一兩個，比如說大客戶，我們會更猶豫或不願意提供這種指導。我想你了解我們，我們往往相當保守。因此，我們提供目前為止的展望有點不符合我們的個性。但由於它涉及如此多的零售商、不同的管道，無論是家庭農場、電子商務還是大眾零售，它確實擴展到了所有這些領域。

That diversity gave us the confidence to be able to put forward the range that we set for next year. Andy, anything you'd add to that?

這種多樣性使我們有信心提出明年設定的範圍。安迪，你還有什麼要補充的嗎？

No.

不。

Okay. The other thing I wanted to cover was just on the gross margin front. Maybe Andy, if you could walk us through the headwind on a year-over-year basis that we're facing for the third quarter, especially from the tariff amortization that you mentioned. And then just also, I guess, any clarifying thoughts or comments around tariff exposure that we still have left with the new regime coming in?

好的。我想講的另一件事是毛利率。也許安迪，如果你能帶領我們度過第三季我們面臨的同比逆風，特別是你提到的關稅攤銷。然後，我想，隨著新制度的到來，我們仍然對關稅風險有任何澄清的想法或評論嗎？

Matt, this is Andy. So the second half of the year, it's pretty much shaping up in the same pattern as what we saw last year. So the higher inventory purchases we have in the first half of the year are going to -- we expect to start to amortize off in the second half. So the 45% or so that we said we expect for Q3 is going to be a little bit above last year. I'm showing like roughly 43% or so.

馬特，這是安迪。因此，今年下半年的情況與我們去年看到的情況幾乎相同。因此，我們上半年購買的庫存量將增加，預計下半年將開始攤提。因此，我們預計第三季的 45% 左右將略高於去年。我的顯示大約是 43% 左右。

But it's pretty much a similar story on the amortization of those variances. The other piece that we talked about in the prepared remarks is part of the expected promos that we had in Q2, we do believe are going to push into Q3, Q4. So that's going to kind of play into that. And then, do you want to talk about tariffs?

但這些差異的攤銷幾乎是一個類似的故事。我們在準備好的發言中談到的另一部分是我們在第二季進行的預期促銷活動的一部分，我們確實相信將推進到第三季、第四季。所以這會起到一定的作用。然後，您想談談關稅嗎？

Yeah, I can talk about tariffs. This is Brian again. This is a topic that we've given a lot of thought to and not just here in the last few months. This is something that we've been planning -- planning for to the degree that we can. Certainly don't want to place bets that we aren't sure about.

是的，我可以談談關稅。這又是布萊恩。這是我們深入思考的一個主題，而不僅僅是在過去的幾個月。這是我們一直在計劃的事情——盡我們所能進行計劃。當然不想下我們不確定的賭注。

But realize it's a fluid situation and where things land isn't really anyone's guess at this point. If I may just give you a quick sort of how we think about it from a philosophical standpoint, and I'll try to keep it brief. And then I'll shed some light on what that looks like for us today.

但要意識到這是一個不穩定的情況，目前誰也無法猜測事情會發生在哪裡。如果我可以簡單地向您介紹我們如何從哲學的角度思考這個問題，我會盡量保持簡短。然後我將闡明我們今天的情況。

I think that will be really good context, especially as we go forward and learn more from the incoming administration, Matt. So ultimately, what we decided to do going back even years is we're not going to start making big changes to our business based on unknowns.

我認為這將是非常好的背景，特別是當我們繼續前進並從即將上任的政府馬特那裡了解更多信息時。因此，最終，我們決定在幾年前做的是，我們不會根據未知因素開始對我們的業務進行重大改變。

That's why you've heard this theme of us controlling what we can control. That's become a big theme of ours. It's embedded in our culture. And so what we do instead is what can we focus on here, what can we control as much as possible.

這就是為什麼你聽到了「我們控制我們能控制的東西」這個主題。這已成為我們的一個大主題。它已融入我們的文化中。所以我們要做的就是我們可以在這裡專注於什麼，我們可以盡可能控制什麼。

And that really comes down to in the context of tariffs, two things: one is leveraging that innovation advantage; and second, is staying agile as much as possible. So real quick on innovation advantage. We -- depending on what happens with tariffs, if they do continue to increase, which we all know this.

在關稅方面，這其實取決於兩件事：一是利用創新優勢；二是利用創新優勢。其次，盡可能保持敏捷。創新優勢如此之快。我們——這取決於關稅的情況，如果關稅確實繼續增加，我們都知道這一點。

This isn't the first rodeo. We have seen this before. But overall, innovation gives us several levers that I think others perhaps don't have. For one, we do have some pricing power that we believe largely through our IP protection.

這不是第一次牛仔競技表演。我們以前見過這個。但總的來說，創新為我們提供了一些我認為其他人可能沒有的槓桿。一方面，我們確實擁有一定的定價能力，我們相信這主要是透過我們的智慧財產權保護來實現的。

We've done -- gone through great lengths to make sure that we've got protection for our products, and it makes it really difficult for some of our competitors to undercut our prices and to come out with products -- that is really, really tough for them to do. We introduced a lot of new products each year. So for us, being 20% to 25% of our business coming from new products.

我們已經做了——竭盡全力確保我們的產品得到保護，這使得我們的一些競爭對手很難降低我們的價格並推出產品——這確實是，對他們來說真的很難做到。我們每年都會推出很多新產品。所以對我們來說，20% 到 25% 的業務來自新產品。

Last time, we were able to use that to feather in some of those protective layers of margin, and we don't see any difference here. So we'll use that strategically. Because we have such a robust pipeline, it gives us an arrow in our quiver that I think others just don't have.

上次，我們能夠使用它來羽化一些邊緣保護層，但我們在這裡沒有看到任何差異。所以我們將戰略性地使用它。因為我們擁有如此強大的管道，所以它為我們提供了我認為其他人所沒有的箭。

And then lastly, on the innovation advantage piece is consumer loyalty. We tend to play in the more premium space for our brands. And what that is, is it's a more resilient consumer, we believe, the person who is more affluent that can afford those products.

最後，創新優勢在於消費者忠誠度。我們傾向於為我們的品牌涉足更高端的領域。我們相信，這是一個更有彈性的消費者，他們是更富裕的人，能夠負擔得起這些產品。

And then secondly, it's the -- I'll call it, the ultimate enthusiast, the person that they identify with these activities. And they're going to continue to go out and buy the best products they can, especially from brands that solve real problems for them. So I think we're in a great spot there.

其次，我稱之為終極愛好者，他們認同這些活動的人。他們將繼續出去購買最好的產品，尤其是那些能為他們解決實際問題的品牌。所以我認為我們處於一個很好的位置。

And then real quick on agility, we talked about innovation advantage and agility, is just staying asset-light and maintaining a strong balance sheet so that whatever comes our way, we can (technical difficulty)

然後很快就敏捷性，我們談到了創新優勢和敏捷性，就是保持輕資產並保持強大的資產負債表，這樣無論發生什麼，我們都可以（技術難度）

But ultimately, we have -- and I want to make this point very clear, we've gone through great length over the years to continue to strengthen our relationships with our suppliers.

但最終，我想明確指出這一點，多年來我們花了很長時間來繼續加強與供應商的關係。

They're true partners of ours. And what's great about our partners today is they themselves have a vast network built within their businesses such that should anything change for us, it becomes clear that it makes more sense for us to move outside of China. We feel like we're in a great spot to be able to do that and with existing partners who we've built trust with over the years.

他們是我們真正的合作夥伴。今天我們的合作夥伴的偉大之處在於，他們本身在其業務範圍內建立了龐大的網絡，因此，如果我們發生任何變化，很明顯，我們搬出中國更有意義。我們覺得我們處於一個很好的位置，能夠做到這一點，並且與我們多年來建立信任的現有合作夥伴一起。

But ultimately, we're going to seek to optimize for value, capacity and quality while maintaining those partnerships that have been built over several years. With that said, though, we also -- because we come out with so many new products at the risk of being even more long-winded here, but perhaps can answer three questions or four questions in one is the fact that we always quote our products not only with our existing suppliers in China, but also if they have a footprint outside of China and with other partners as well.

但最終，我們將尋求優化價值、產能和質量，同時維持多年來建立的合作關係。儘管如此，我們也——因為我們推出瞭如此多的新產品，冒著在這裡變得更加冗長的風險，但也許可以同時回答三個或四個問題，因為我們總是引用我們的觀點不僅與我們在中國的現有供應商合作，也與他們在中國以外的地區以及其他合作夥伴合作。

So for the last, call it, five or six years, we have built a tremendous Rolodex of suppliers that we have started doing business with or we have at least established contact. So we just want to make sure that we're not moving too quickly and that we're not placing our bets on a certain area of the world because we think that's where it might be most optimal. I think we've seen others that have done that and maybe regretted it. We want to have as much optionality as possible, and we believe that we do have that.

因此，在過去的五、六年裡，我們已經建立了一個巨大的供應商名片盒，我們已經開始與這些供應商開展業務，或者我們至少已經建立了聯繫。因此，我們只是想確保我們的行動不會太快，我們不會把賭注押在世界的某個地區，因為我們認為那裡可能是最理想的。我想我們已經看到其他人這樣做了，並且可能會後悔。我們希望擁有盡可能多的選擇餘地，而且我們相信我們確實擁有這樣的選擇餘地。

So to answer your question, look, the majority of our products are made overseas, and many of those are made in China. And today, that's what makes the most sense for us to achieve that value, the capacity and the quality that I talked about. But we feel like we're in a great spot should things change, and if they do change, for us to be able to be agile enough and move that accordingly, so. (multiple speakers)

所以回答你的問題，你看，我們的產品大部分都是海外製造的，其中很多是中國製造的。今天，這對我們實現我談到的價值、能力和品質最有意義。但我們覺得，如果事情發生變化，我們處於一個很好的位置，如果事情確實發生變化，我們就能夠足夠敏捷並相應地採取行動，所以。（多個發言者）

That makes sense. Yeah. Long-winded is my middle name. So I don't mind long-winded answers. Okay.

這是有道理的。是的。囉嗦是我的中間名。所以我不介意冗長的答案。好的。

And then maybe just lastly, could you guys touch on -- you briefly did, but I wanted to see if you could expound upon the M&A funnel, what opportunities you're seeing? It sounds like you've seen a bit of a pause at least in deal activity, deal flow.

也許最後，你們能談談──你們簡單地談了一下，但我想看看你們是否能闡述併購漏斗，你們看到了哪些機會？聽起來您至少在交易活動和交易流程方面看到了一些停頓。

But what types of activity are you seeing? What types of opportunities are you getting looks at maybe more on the outdoor product side versus shooting sports? Just any way you can characterize the funnel and the activity that you've seen, I guess, over the last few months?

但您看到的是哪些類型的活動？與射擊運動相比，您在戶外產品方面更關注哪些類型的機會？我想，你可以用任何方式來描述過去幾個月你所看到的漏斗和活動的特徵嗎？

Yeah. Great question. Brian again here. First, I'll break it down by channel -- by category, okay? So on the Shooting Sports side, we're not seeing a whole lot.

是的。很好的問題。布賴恩又來了​​。首先，我將按通路、按類別細分，好嗎？因此，在射擊運動方面，我們並沒有看到太多。

We're really not seeing many, many companies coming to market. I think the main reason for that is because that market just has continued to be pretty soft. So there aren't great run rate numbers for sellers to work off of. On the outdoor lifestyle side, and there's obviously a variety of activities there, we are seeing many more opportunities on that side. I would say it's a little spotty.

我們確實沒有看到很多很多公司進入市場。我認為主要原因是市場持續疲軟。因此，賣家沒有很好的運行率數據可供參考。在戶外生活方式方面，顯然那裡有各種各樣的活動，我們在這方面看到了更多的機會。我想說它有點參差不齊。

We're seeing companies that are either doing really, really well or doing terribly. Whereas rewind a few years ago, it seemed like everybody was doing pretty well, and it was hard to see -- much like retailers trying to pick the brands to sell, it was really difficult to see the winners and the losers.

我們看到一些公司要么做得非常非常好，要么做得很糟糕。回顧幾年前，似乎每個人都做得很好，而且很難看到——就像零售商試圖挑選要銷售的品牌一樣，很難看到贏家和輸家。

Now it's very clear. And it's very clear there are very few winners in this environment or have been able to honestly adequately protect themselves and really rally around a core competency of theirs. So we're seeing less there.

現在很清楚了。很明顯，在這種環境下，很少有贏家，或者能夠誠實地充分保護自己並真正圍繞自己的核心能力團結起來。所以我們在那裡看到的越來越少。

I would say we're probably exploring -- just because of that, we're exploring a few more businesses and brands that are, I'll call it, outdoor adjacent for us. Those could be areas like in the backyard. Certainly, we play there today with Grilla. But there are some really interesting opportunities and some pretty innovative brands that play in spaces like that. Even things perhaps like the pet space, very cautious in entering that space.

我想說，我們可能正在探索——正因為如此，我們正在探索更多的企業和品牌，我稱之為，與我們相鄰的戶外企業和品牌。這些可能是後院之類的區域。當然，我們今天和格里拉一起在那裡玩。但有一些非常有趣的機會和一些非常創新的品牌在這樣的空間中發揮作用。就連寵物空間之類的東西，進入那個空間也是非常謹慎的。

But there are some really neat brands. Again, well, I'll use the word vessel, but some really interesting vessels for us to potentially use because we've got, frankly, a vault of new product ideas and innovation that we don't believe our existing brands are the right ones to bring that to market.

但也有一些非常好的品牌。再說一次，好吧，我將使用“容器”這個詞，但我們可能會使用一些非常有趣的容器，因為坦白說，我們擁有大量新產品創意和創新，但我們不認為我們現有的品牌是正確的並將其推向市場。

So where can we find those brands and then plug in some of those ideas that we already have, which just further adds to upside for those businesses. So a range of things, some outside adjacencies, but we're able to see more of the winners and losers at this point.

那麼我們可以在哪裡找到這些品牌，然後插入我們已經擁有的一些想法，這只會進一步增加這些企業的優勢。所以有一系列的事情，一些外部鄰接，但我們現在能夠看到更多的贏家和輸家。

Okay. Super thorough. I'll take the rest of mine offline. Thank you.

好的。超級徹底。我會把剩下的部分離線。謝謝。

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。我想將會議轉回給布萊恩墨菲（Brian Murphy）發表閉幕詞。

Thanks, operator. So as we head into the holidays, I'd like to give a special thanks to our employees whose loyalty, hard work, and dedication continue to move our company forward on the path towards an exciting, long-term future. To those employees and to everyone else who joined us today, we wish you a happy and healthy holiday season, and we look forward to speaking with you again next quarter.

謝謝，接線生。因此，在假期來臨之際，我要特別感謝我們的員工，他們的忠誠、辛勤工作和奉獻精神繼續推動我們的公司邁向令人興奮的長期未來。對於那些員工以及今天加入我們的其他所有人，我們祝您度過一個快樂健康的假期，並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。您現在可以斷開連線。