American Outdoor Brands Inc (AOUT) 2025 Q3 法說會逐字稿

Good day, everyone, and welcome to American Outdoor Brands, Inc., third quarter fiscal 2025 financial results conference call. This call is being recorded. At this time, I would like to turn the call over to Liz Sharp, Vice President of Investor Relations, for some information about today's call.

大家好，歡迎參加 American Outdoor Brands, Inc. 2025 財年第三季財務業績電話會議。此通話正在錄音。現在，我想將電話轉給投資者關係副總裁 Liz Sharp，以了解有關今天電話會議的一些資訊。

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, could, indicate, suggest, believe, and other similar expressions is intended to identify those forward-looking statements.

謝謝，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。我們使用諸如預期、預測、估計、期望、打算、應該、可以、表明、建議、相信和其他類似的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、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、與我們的產品和整個行業相關的市場和庫存狀況以及成長機會和趨勢的陳述。

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，並且受到各種風險和不確定性的影響。我們的證券文件中描述了可能導致我們的實際結果大不相同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僅在當前時間準確的時間敏感信息，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, nonrecurring inventory reserve adjustments, other costs, and income tax adjustments.

關於我們在今天的電話會議上的評論，我有幾點重要的事情要注意。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結果不包括收購無形資產的攤銷、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. Also, when we reference EPS, we are always referencing fully diluted EPS.

無論今天的電話會議上是否討論了 GAAP 財務指標與非 GAAP 財務指標的對賬，都可以在我們的文件以及今天的收益新聞稿中找到，這些新聞稿都發佈在我們的網站上。此外，當我們引用每股盈餘時，我們始終引用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. And with that, I will turn the call over to Brian.

參加今天電話會議的有總裁兼執行長 Brian Murphy；以及財務長 Andy Fulmer。說完這些，我將把電話轉給布萊恩。

Thanks, Liz, and thanks, everyone, for joining us.

謝謝，Liz，也謝謝大家加入我們。

I'm extremely pleased with our third-quarter results, which came in ahead of our expectations. We delivered net sales of over $58 million, a 9.5% increase over last year. We delivered growth in both our Outdoor Lifestyle and our Shooting Sports categories, supported by year-over-year increases in our Traditional, E-commerce, and Domestic sales channels.

我對我們第三季的業績非常滿意，它超出了我們的預期。我們的淨銷售額超過 5800 萬美元，比去年增長 9.5%。我們的戶外生活方式和射擊運動類別均實現了成長，這得益於我們傳統、電子商務和國內銷售管道的同比增長。

We delivered a significant increase in non-GAAP Adjusted EBITDAS, which nearly doubled year-over-year. And similar to last quarter, our growth was driven mostly by in-line products, well ahead of several new product launches that we teased out during our last call and showcased publicly in the third quarter.

我們的非公認會計準則調整後息稅折舊攤提前利潤 (EBITDAS) 大幅成長，比去年同期幾乎翻了一番。與上一季類似，我們的成長主要受到線上產品的推動，遠遠領先於我們在上次電話會議上透露並在第三季公開展示的幾款新產品的發布。

We believe our strong performance demonstrates the effectiveness of our long-term strategy to leverage our innovation advantage to broaden our distribution opportunities, expand awareness of our brands, and strengthen our margins, all while remaining agile and asset light. We delivered results in each of these areas in the third quarter, so let's jump in.

我們相信，強勁的業績證明了我們長期策略的有效性，即利用我們的創新優勢來拓寬我們的分銷機會，提高我們品牌的知名度，並提高我們的利潤率，同時保持靈活性和輕資產。我們在第三季在上述每個領域都取得了成果，讓我們開始吧。

First, let me share how we're leveraging our innovation advantage. At AOB, we often say that the greatest opportunity is the one that's right in front of us, and that means the growth potential in our existing brands. That growth potential comes from new products, which form the core of our innovation advantage.

首先，讓我分享我們如何利用我們的創新優勢。在 AOB，我們常說，最大的機會就是擺在眼前的機會，這意味著我們現有品牌的成長潛力。這種成長潛力來自新產品，這是我們創新優勢的核心。

New products provide the oxygen that allows our brands to grow, and they create larger addressable markets to house that growth. They deepen consumer loyalty, and they attract entirely new consumers. They drive retail foot traffic, and they drive retailers to choose us as a unique cross-category innovation partner.

新產品為我們的品牌成長提供了氧氣，並創造了更大的可尋址市場來容納這種成長。它們加深了消費者的忠誠度，並吸引了全新的消費者。它們推動零售客流量，並促使零售商選擇我們作為獨特的跨類別創新合作夥伴。

And most importantly, new products fuel our long-term growth by adding layers of IP-protected revenue to a platform that stacks up over time. While I plan to highlight some of these new products on today's call, I want to be clear that they represent just a couple of exciting examples in a very deep, very wide pipeline that spans many brands and runs several years into the future. Our internal teams are incredibly collaborative and resourceful, and they drive a process that continually replenishes that pipeline, which is why new products typically generate over 20% of our net sales each year.

最重要的是，新產品透過為隨著時間推移而不斷累積的平台增加受智慧財產權保護的收入層來推動我們的長期成長。雖然我計劃在今天的電話會議上重點介紹其中一些新產品，但我想明確指出，它們只是涵蓋許多品牌並持續數年的非常深、非常廣泛的產品線中的幾個令人興奮的例子。我們的內部團隊具有強大的協作精神和足智多謀，他們推動著不斷補充產品線的流程，這就是為什麼新產品通常每年能產生我們淨銷售額的 20% 以上。

In January, we unveiled several new products that showcase our ability to leverage our innovation advantage, to drive brand awareness and expand our markets by developing disruptive products that make outdoor activities more accessible to a broader audience of enthusiasts. Two prime examples come from our BUBBA and Caldwell brands.

一月份，我們推出了幾款新產品，展示了我們利用創新優勢、透過開發顛覆性產品來提高品牌知名度和擴大市場的能力，這些產品使更廣泛的戶外活動愛好者能夠更容易地參與其中。兩個主要的例子來自我們的 BUBBA 和 Caldwell 品牌。

First, from BUBBA. We're bringing fishing gamification to a much larger market of everyday anglers, allowing them to compete like the pros with the BUBBA Smart Fish Scale or SFS Lite. Originally, our BUBBA brand played only in the saltwater market, which represents about 10 million anglers. So when we decided to expand into the much larger freshwater market of about 40 million anglers, we had a clear strategy in mind, develop a premium fish scale and app with a level of accuracy and reliability that pros will trust. Then use that earned trust to win over the everyday angler.

首先，來自 BUBBA。我們將釣魚遊戲化帶入更大的日常釣魚者市場，讓他們能夠使用 BUBBA 智慧魚鱗或 SFS Lite 像專業人士一樣競爭。最初，我們的 BUBBA 品牌僅在海水市場銷售，該市場約有 1000 萬釣魚者。因此，當我們決定擴展到約 4000 萬釣魚者的更大的淡水市場時，我們心中有一個明確的戰略，開發出專業人士信賴的精確度和可靠性的優質魚鱗和應用程序。然後利用贏得的信任來贏得日常釣魚者的青睞。

We launched the Pro series in June 2023 and by January 2024, it was named the official scale of Major League Fishing, putting BUBBA on the map with an achievement that set the stage for this year's launch of the SFS Lite. The new SFS Lite offers some of the same pro-grade features and gamification capabilities for casual fishing trips with buddies, all at a price that everyday anglers can appreciate.

我們於 2023 年 6 月推出了 Pro 系列，到 2024 年 1 月，它被命名為美國職業釣魚大聯盟的官方規模，BUBBA 憑藉這一成就而聞名，為今年推出的 SFS Lite 奠定了基礎。新款 SFS Lite 提供了一些相同的專業級功能和遊戲化功能，適合與好友一起進行休閒釣魚之旅，而且價格也讓日常釣魚者感到滿意。

While it's still a premium product at $69, it's a scale purposely designed and built to grow with anglers, offering configurations that support their journey and push the boundaries of what's possible. Anglers can track their biggest catches and most successful days on the water, or they can turn their time on the lake into a competition with friends.

雖然它仍然是一款售價 69 美元的高端產品，但它是一款專門為伴隨釣魚者成長而設計和製造的秤，提供支援他們的旅程並突破可能性界限的配置。釣魚者可以追蹤他們在水上捕獲的最大魚獲和最成功的日子，或者他們可以把在湖上的時間變成與朋友的競賽。

And when it's time to level up, anglers can upgrade their app to the BUBBA Pro subscription, unleashing the full potential of the SFS Lite. The strategy we employed with BUBBA is one that was several years in the making, but only now is visible with the launch of the SFS Lite. It's one example of our multiyear product development approach.

當需要升級時，釣魚者可以將他們的應用程式升級到 BUBBA Pro 訂閱，從而釋放 SFS Lite 的全部潛力。我們在 BUBBA 中採用的策略是經過數年醞釀的，但直到現在隨著 SFS Lite 的推出才得以顯現。這是我們多年產品開發方法的一個例子。

Let me share one more. Last quarter, you may recall, we said that Caldwell was about to put a new spin on shotgun sports, and some of you probably wondered what we meant. Well, Caldwell is reshaping how millions of clay shooters take game.

我再分享一個。您可能還記得，上個季度我們說過考德威爾即將對獵槍運動進行新的詮釋，有些人可能想知道我們的意思。嗯，考德威爾正在重塑數百萬飛碟射擊運動員的比賽方式。

In Q3, we introduced a revolutionary new target system called the ClayCopter, which includes an easy-to-use handheld electronic launcher that propels a set of biodegradable disks up to 100 yards in an endless variety of flight patterns, challenging shooters like never before. With the ClayCopter system, taking a thrower and targets to the range couldn't be easier and more fun.

在第三季度，我們推出了一款名為 ClayCopter 的革命性新目標系統，其中包括一個易於使用的手持電子發射器，可將一組可生物降解的圓盤以無限多種飛行模式發射至 100 碼遠，為射手帶來前所未有的挑戰。有了 ClayCopter 系統，將投擲器和目標帶到靶場變得非常簡單且有趣。

For nearly 150 years, traditional clay targets have been the most practical option for shotgun sports enthusiasts eager to hone their wing shooting skills. But traditional clay targets typically require heavy throwers that are bulky and cumbersome to store and transport. Clays are notoriously fragile. They fly in predictable patterns, and they come in heavy containers that often make transportation a real challenge. In fact, clays cannot be purchased at all online due to their weight and breakage.

近 150 年來，傳統的黏土目標一直是渴望磨練射擊技能的獵槍運動愛好者最實用的選擇。但傳統的飛碟射擊通常需要笨重的投擲器，而這些投擲器體積龐大，儲存和運輸起來很麻煩。眾所周知，黏土很脆弱。它們的飛行路線固定，而且裝在很重的貨櫃中，這給運輸帶來了很大的挑戰。事實上，由於黏土重量大且易破損，根本無法在網路上購買。

Enter the ClayCopter. Designed entirely in-house and surrounded by pending IP, the portable launcher weighs just 3 pounds and packs the same power of a traditional thrower in a handheld motorized design, small enough to fit in a range bag or backpack. The ClayCopter target disks are 70% lighter than traditional clays and designed to break only when shot. They can be purchased in a lightweight compact tube of 50 disks, and they're inexpensive to transport, freeing retailers in our Caldwell brand to ship directly to consumers and opening up a highly attractive consumable revenue stream.

進入 ClayCopter。這款便攜式發射器完全由內部設計，並被待審的智慧財產權所包圍，重量僅為 3 磅，採用手持式電動設計，具有與傳統投擲器相同的威力，體積小巧，可放入靶場包或背包中。ClayCopter 目標盤比傳統黏土輕 70%，並且設計為僅在射擊時破碎。它們可以在一個裝有 50 個磁碟的輕型緊湊管中購買，並且運輸成本低廉，使我們的 Caldwell 品牌零售商能夠直接向消費者發貨，並開闢出極具吸引力的消費品收入來源。

Next, let me turn to our achievements in widening our distribution and expanding awareness of our brands. We continued to gain traction and momentum with the retailers in the third quarter, proving our value as a cross-category innovation partner by demonstrating our ability to provide them with instant access to innovation and excitement. This capability is a true differentiator for us since we're often competing against organizations that can provide great efficiency across multiple categories, but often lack innovation or that can provide innovation, but only in a single category.

接下來，我來談談我們在擴大分銷和提升品牌知名度方面所取得的成就。第三季度，我們繼續獲得零售商的青睞和支持，透過展示我們有能力為零售商提供即時創新和熱情，證明了我們作為跨類別創新合作夥伴的價值。這種能力對我們來說是一個真正的差異化因素，因為我們經常與那些能夠在多個類別中提供高效率但往往缺乏創新或只能在單一類別中提供創新的組織競爭。

We have cracked that code and found a way to give retailers both efficiency and innovation across an entire portfolio. This provides new distribution opportunities for our brands and products. For example, during the quarter, we secured new and expanded retail placement for our BOG, Caldwell, Grilla, and MEAT! Your Maker brands. This broader distribution is important because it generates brand awareness among consumers who often represent entirely new audiences.

我們已經破解了這個密碼，並找到了一種方法，讓零售商在整個產品組合中兼顧效率和創新。這為我們的品牌和產品提供了新的分銷機會。例如，在本季度，我們為 BOG、Caldwell、Grilla 和 MEAT 獲得了新的和擴大的零售位置！您的製造商品牌。這種更廣泛的分銷非常重要，因為它可以在通常代表全新受眾的消費者中提升品牌知名度。

Lastly, I'll address our focus on increasing profitability while remaining agile and asset light, both of which are equally important to our growth strategy. We continued to embrace our long-term model for net sales and profitability, and I'm extremely pleased with our ability to demonstrate growth and margin expansion in the third quarter, particularly given the recent environment of inflation, consumer uncertainty, and ever-evolving tariffs.

最後，我將談談我們在保持敏捷和輕資產的同時提高獲利能力的重點，這兩者對我們的成長策略同樣重要。我們繼續堅持我們的長期淨銷售額和獲利模式，我對我們能夠在第三季度實現成長和利潤率擴張感到非常高興，特別是考慮到近期通膨、消費者不確定性和不斷變化的關稅環境。

Despite these environmental challenges, we believe we have a number of levers available to us in support of our model. First, because new products are such a high percentage of our revenue, they are a tremendous tool in preserving and strengthening our margin profile by allowing us to feather in new higher-margin, often IP-protected products as well as subscription revenue services such as the BUBBA app that accompanies the fish scales we discussed today.

儘管面臨這些環境挑戰，我們相信我們仍有許多可用手段來支持我們的模式。首先，由於新產品在我們的收入中所佔比例很高，因此它們是保持和加強我們利潤狀況的重要工具，透過這些產品，我們可以推出利潤率更高的新產品，這些產品通常受知識產權保護，以及訂閱收入服務，例如我們今天討論的魚鱗附帶的 BUBBA 應用程式。

Second, we continue to maintain a healthy direct-to-consumer business, which is complementary to our B2B strategy and gives us the option to introduce new products directly to consumers when appropriate, building loyalty and demand prior to introducing them into the retail channel. It's a strategy we've successfully executed in the past with our Grilla and MEAT! Your Maker brands.

其次，我們繼續保持健康的直接面向消費者業務，這與我們的 B2B 策略相輔相成，使我們能夠在適當的時候將新產品直接推出給消費者，在將新產品引入零售通路之前建立忠誠度和需求。這是我們過去透過 Grilla 和 MEAT 成功實施的策略！您的創客品牌。

Third, because we own our product designs and the tooling required to make those products, we have some flexibility with regard to where those products are made. That said, we have strong and long-lasting supplier partnerships. Those partnerships are proving valuable as we work together to assess our optimal responses to the dynamic tariff landscape. Lastly, our strong balance sheet and asset-light model provide agility, allowing us to make those decisions that are best for the long-term health of our business.

第三，由於我們擁有自己的產品設計和製造這些產品所需的工具，因此我們在選擇產品的生產地點方面具有一定的靈活性。也就是說，我們擁有強大且持久的供應商合作夥伴關係。當我們共同評估動態關稅格局的最佳應對措施時，這些夥伴關係被證明是有價值的。最後，我們強大的資產負債表和輕資產模式提供了靈活性，使我們能夠做出最有利於業務長期健康的決策。

We believe we have the tools necessary to successfully navigate the future. We have encountered tariffs before and demonstrated that we have levers we can pull and have pulled. As a result, we believe we have optionality as we continue to grow while embracing our long-term model for profitability. With our innovation advantage in hand and our flexible asset-light platform already in place, we remain excited about our ability to deliver sustainable growth and profitability in fiscal 2025 and beyond.

我們相信，我們擁有成功駕馭未來所需的工具。我們以前也遇到過關稅問題，並證明我們有能力採取相應措施，而且已經採取了這些措施。因此，我們相信，在堅持長期獲利模式的同時，我們仍擁有持續成長的選擇權。憑藉我們現有的創新優勢和靈活的輕資產平台，我們仍然對在 2025 財年及以後實現可持續增長和盈利的能力感到興奮。

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

說完這些，我會把話題交給安迪來討論我們的財務表現。

Thanks, Brian. We're very pleased with our results for the third quarter. Net sales and profitability came in ahead of our expectations. We further strengthened our balance sheet, and we continue to return capital to shareholders through our share repurchase program. Let me walk you through some of the details.

謝謝，布萊恩。我們對第三季的業績非常滿意。淨銷售額和獲利能力超出了我們的預期。我們進一步加強了資產負債表，並繼續透過股票回購計畫向股東返還資本。讓我向您介紹一些細節。

Net sales for Q3 were $58.5 million, a 9.5% increase over Q3 last year. We delivered growth in both our Outdoor Lifestyle category and our Shooting Sports category and benefited from the timing of approximately $1 million in orders that were originally slated for the fourth quarter.

第三季淨銷售額為 5,850 萬美元，比去年第三季成長 9.5%。我們的戶外生活方式類別和射擊運動類別均實現了增長，並受益於原定於第四季度的約 100 萬美元訂單的時間表。

In our Outdoor Lifestyle category, which consists of products related to hunting, fishing, outdoor cooking, and rugged outdoor activities, net sales grew by 15.1%, driven mainly by sales in our MEAT! Your Maker and BOG brands as well as our Knife and Tool brands.

在我們的戶外生活方式類別中，包括與狩獵、釣魚、戶外烹飪和崎嶇戶外活動相關的產品，淨銷售額增長了 15.1%，主要得益於我們的肉類銷售！您的 Maker 和 BOG 品牌以及我們的刀具和工具品牌。

In our Shooting Sports category, which includes solutions for target shooting, aiming solutions, safe storage, cleaning and maintenance, and personal protection, net sales grew by almost 3% compared to our third quarter last year. Within the category, shooting accessories sales increased due in part to promotional sales of some slower-moving inventory. Personal protection product sales were down slightly compared to last year, consistent with the decrease in adjusted NICS checks for the same period.

在我們的射擊運動類別中，包括目標射擊解決方案、瞄準解決方案、安全存儲、清潔和維護以及個人防護，淨銷售額與去年第三季度相比增長了近 3%。在該類別中，射擊配件的銷售額有所增長，部分原因是一些銷售較慢的庫存進行了促銷。個人防護產品銷售與去年相比略有下降，與同期調整後的 NICS 支票的下降一致。

Turning now to our distribution channels. Our traditional channel net sales increased by 9.6% and our e-commerce net sales increased by 9.5% compared to Q3 last year. As a reminder, our e-commerce 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. We believe this high single-digit growth across both categories continues to underscore the connection that our brands have, both at retail and with consumers.

現在轉向我們的分銷管道。與去年第三季相比，我們的傳統通路淨銷售額成長了 9.6%，電子商務淨銷售額成長了 9.5%。提醒一下，我們的電子商務管道包括透過我們自己的網站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。我們相信，這兩個類別的高個位數成長持續凸顯了我們的品牌在零售和消費者之間的連結。

With regard to gross margin, GAAP gross margin for Q3 was 44.7%, a 200-basis point increase from 42.7% in Q3 last year. On a non-GAAP basis, gross margin for Q3 was 45%. The increase was driven largely by higher sales volumes and lower inbound freight costs in the quarter, partially offset by the sale of the slower-moving inventory I mentioned before.

毛利率方面，第三季GAAP毛利率為44.7%，較去年同期的42.7%上升200個基點。以非公認會計準則計算，第三季毛利率為 45%。這一增長主要得益於本季銷售量的增加和入境運費的降低，但部分被我之前提到的銷售較慢的庫存所抵消。

Turning to operating expenses. GAAP operating expenses for the quarter were relatively flat compared to Q3 of last year at $25.8 million. On a non-GAAP basis, which removes amortization, stock compensation and nonrecurring expenses, operating expenses in Q3 were up slightly in terms of dollars to $22.7 million compared to $21.5 million in Q3 of last year. However, non-GAAP OpEx decreased as a percentage of net sales to 38.8% compared to 40.3% last year, a great result.

談到營運費用。本季 GAAP 營運費用與去年第三季相比基本持平，為 2,580 萬美元。以非公認會計準則計算，即扣除攤銷、股票薪酬和非經常性費用後，第三季的營運費用略有上升，達到 2,270 萬美元，而去年同期為 2,150 萬美元。然而，非 GAAP 營運支出佔淨銷售額的百分比從去年的 40.3% 下降到 38.8%，這是一個不錯的結果。

We remain disciplined with the cost management philosophy we employ in the ordinary course of business as we look for ways to avoid building in unnecessary costs. 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.

我們始終嚴格遵循在正常業務流程中採用的成本管理概念，同時尋找避免不必要成本的方法。這種方法可以幫助我們長期維持較低的支出水平，使我們能夠靈活且輕資產地應對環境變化，而無需採取突然的大規模成本削減措施。

Turning to EPS. GAAP EPS was $0.01 for the third quarter compared to a negative $0.23 in the third quarter last year. On a non-GAAP basis, EPS was $0.21 in Q3 compared to $0.08 in the prior year. Our Q3 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 fiscal year-end outside of any share buybacks that may occur.

轉向 EPS。第三季 GAAP EPS 為 0.01 美元，去年第三季為負 0.23 美元。以非公認會計準則計算，第三季每股收益為 0.21 美元，去年同期為 0.08 美元。我們的第三季數據是基於約 1,310 萬股的完全稀釋股數，我們預計，除非發生任何股票回購，否則該股數將在整個財年末保持一致。

Adjusted EBITDAS for the quarter was $4.7 million compared to $2.4 million last year. On a trailing 12-month basis, adjusted EBITDAS was $15.2 million, up an impressive 45% from $10.5 million for the trailing 12-month period a year ago.

本季調整後的 EBITDAS 為 470 萬美元，去年同期為 240 萬美元。在過去 12 個月中，調整後的 EBITDAS 為 1,520 萬美元，較去年同期的 1,050 萬美元大幅增加 45%。

Turning now to the balance sheet and cash flow. We continue to strengthen our balance sheet, ending the quarter with cash of $17.1 million and no debt after repurchasing approximately $1.2 million of our common stock. We generated cash from operations of $5.9 million in Q3, driven by a decrease in accounts receivable of $11.6 million, which was partially offset by a decrease in accounts payable and a planned increase in inventory. We continue to expect our inventory levels to end the fiscal year at approximately $110 million to support net sales growth in fiscal 2026.

現在轉向資產負債表和現金流。我們繼續加強資產負債表，在回購約 120 萬美元的普通股後，本季末的現金為 1,710 萬美元，且沒有債務。第三季度，我們的經營活動產生的現金為 590 萬美元，這得益於應收帳款減少 1,160 萬美元，但應付帳款減少和庫存計劃增加部分抵消了這一減少。我們繼續預計本財年末我們的庫存水準將達到約 1.1 億美元，以支持 2026 財年的淨銷售額成長。

Turning to capital expenditures. We spent $1.8 million on CapEx for ongoing product tooling and patent costs in the third quarter and the completion of the factory outlet store in our Missouri facility. For full year fiscal 2025, we expect to spend $4 million to $4.5 million. 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.

轉向資本支出。我們在第三季花費了 180 萬美元的資本支出，用於持續的產品工具和專利成本以及在密蘇裡州工廠建成工廠直營店。對於 2025 財年全年，我們預計支出 400 萬至 450 萬美元。我們的營運模式設計為要求每年將淨銷售額的約 2% 用於專利、工具和維護投資。我們對 2025 財年的預期與該模型完全一致。

We've discussed in the past our three capital allocation priorities, which are organic growth, disciplined M&A and returning capital to stockholders with share repurchases. With regard to organic growth, as Brian detailed in his remarks, the investments we make in innovation form the core of our growth strategy. Those investments strengthen our brands with consumers, deepen our relationships with retailers, and broaden our distribution opportunities.

我們過去討論過我們的三個資本配置重點，即有機成長、有紀律的併購和透過股票回購向股東返還資本。關於有機成長，正如布萊恩在演講中詳細闡述的那樣，我們在創新方面的投資是我們成長策略的核心。這些投資增強了我們品牌在消費者心目中的影響力，加深了我們與零售商的關係，拓寬了我們的分銷機會。

They drove the growth we have delivered in Q3 and throughout the year. As a result, organic growth remains our top priority. Next, we seek out M&A opportunities that fit our criteria and supplement that growth. And lastly, we opportunistically return capital to our stockholders through buybacks.

他們推動了我們在第三季和全年實現的成長。因此，有機成長仍然是我們的首要任務。接下來，我們尋找符合我們標準並補充成長的併購機會。最後，我們適時透過回購向股東返還資本。

Now turning to our outlook. We remain excited about the opportunities that lie ahead, given the strength in our existing product lines, the success of our recent new product launches and incremental distribution opportunities that we've secured. As we approach the end of fiscal 2025, we are narrowing the range of our net sales guidance and raising the midpoint. We expect net sales for fiscal 2025 in a range of $207 million to $210 million. Net sales at the midpoint of that range would imply growth of 3.7% for the full year.

現在轉向我們的展望。鑑於我們現有產品線的實力、我們最近推出的新產品的成功以及我們獲得的增量分銷機會，我們仍然對未來的機會感到興奮。隨著 2025 財年即將結束，我們正在縮小淨銷售額預期範圍並提高中間值。我們預計 2025 財年的淨銷售額將在 2.07 億美元至 2.1 億美元之間。處於該範圍中間點的淨銷售額意味著全年增長 3.7%。

Turning to gross margins. We expect GAAP gross margins for the full year fiscal 2025 to come in at approximately 45%, right on target. As expected, second half gross margins will be lower than first half gross margins, driven by the increased amortization of tariff and freight variances in the fourth quarter related to higher inventory purchases we made in the first half of the year. As a reminder, in our business, tariff and freight variances are capitalized when inventory is purchased and amortized based on inventory turns.

談到毛利率。我們預計 2025 財年全年的 GAAP 毛利率將達到約 45%，正好達到目標。正如預期的那樣，下半年的毛利率將低於上半年的毛利率，這是由於我們上半年庫存採購量增加導致第四季度關稅和運費差異攤銷增加。提醒一下，在我們的業務中，關稅和運費差異在購買庫存時被資本化，並根據庫存週轉率進行攤銷。

While I'm on the subject of tariffs, I want to point out here that our strong profit performance this year incorporates tariffs already embedded into our business for many years now. So while we are not yet giving gross margin guidance for fiscal 2026, we remain confident in our ability to utilize the levers we have built into our business, as Brian outlined, to address ongoing tariff developments.

當我談到關稅問題時，我想指出的是，我們今年強勁的利潤表現已經包含了多年來已經融入我們業務的關稅。因此，雖然我們尚未給出 2026 財年的毛利率指引，但正如 Brian 所概述的，我們仍然有信心利用我們在業務中建立的槓桿來應對持續的關稅發展。

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 the higher net sales we expect. Based on all these factors, we are increasing the range of our estimate for adjusted EBITDAS for fiscal 2025. We now expect adjusted EBITDAS will be between $14.5 million and $15.5 million. At the midpoint, this would represent year-over-year adjusted EBITDAS growth of almost 54%.

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，因為我們預期的淨銷售額增加將導致變動銷售和分銷成本增加。基於所有這些因素，我們增加了 2025 財年調整後 EBITDAS 的估計範圍。我們現在預計調整後的 EBITDAS 將在 1450 萬美元至 1550 萬美元之間。以中間值計算，這意味著調整後的 EBITDAS 年比增長近 54%。

Turning now to fiscal 2026. Last quarter, we discussed that early order indications we received from retailers for both our in-line products and our new products provided us greater visibility into the future and supported our fiscal 2026 growth expectations.

現在轉向2026財年。上個季度，我們討論了從零售商收到的有關我們的線上產品和新產品的早期訂單指示，這為我們提供了更大的未來可見性，並支持了我們對 2026 財年的成長預期。

Since then, we've attended SHOT Show where positive feedback reinforced our expectation for net sales of between $220 million and $230 million for fiscal 2026, which would represent growth of 7.9% from the midpoint of fiscal '25 to the midpoint of fiscal '26. We believe this acceleration in growth rate demonstrates the potential of our innovation advantage to deliver long-term sustainable growth.

從那時起，我們參加了 SHOT Show，積極的反饋強化了我們對 2026 財年淨銷售額在 2.2 億美元至 2.3 億美元之間的預期，這意味著從 25 財年中點到 26 財年中點的增長率為 7.9%。我們相信，這種成長率的加速證明了我們的創新優勢能夠實現長期永續成長的潛力。

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

接線員，請開始我們的分析師提問環節。

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

（操作員指示）馬克史密斯 (Mark Smith)，Lake Street Capital Markets。

Hi, guys. I'll apologize if some of my questions are -- you hit on the call as I missed some of it. But I wanted to just ask broadly about new products. If any insights you can give us on kind of the mix, the impact to sales? But also, I want to hear just kind of long-term kind of how the pipeline looks and how you think about new product introductions and kind of the planning process behind that?

嗨，大家好。如果我的一些問題讓您接聽了電話，而我錯過了一些內容，我會向您道歉。但我只是想廣泛地詢問有關新產品的問題。您能否就這種組合以及對銷售的影響向我們提供一些見解？但同時，我想聽聽長期的通路狀況，以及您對新產品推出的看法以及背後的規劃過程？

Sure. Hey, Mark. It's Brian. Yeah, so new products, obviously, is a big part of our go-forward plan being an innovation company. And historically, for us has represented between 20% and 25% of our total net sales. And we have the new slide in our investor deck that shows the stacking of that over time. So going forward, the pipeline continues to be a major contributor for us and frankly, is a big contributor going forward into this next year, just showing an acceleration of some of that growth.

當然。嘿，馬克。我是布萊恩。是的，顯然，作為一家創新公司，新產品是我們未來計劃的重要組成部分。從歷史上看，這占我們總淨銷售額的 20% 至 25%。我們的投資者簡報中有一張新幻燈片，展示了隨著時間的推移這一情況的堆積情況。因此，展望未來，管道將繼續成為我們的主要貢獻者，坦白說，它將在明年繼續發揮重要作用，這表明部分成長將會加速。

And in terms of sales mix, things like that, we've talked about Outdoor Lifestyle becoming a bigger part of our overall portfolio just given the nature of the opportunity and the size of some of those markets. So that continues to be the case. With that said, coming out of SHOT Show last month, which you were there and saw some of the neat products that we had, in particular, the ClayCopter and some other products from Caldwell, Tipton, Wheeler, is really in the Shooting Sports side is continuing to diversify into large markets that are more sustainable over time, have less fluctuation and frankly, a strong user base.

就銷售組合等方面而言，我們已經討論過，鑑於機會的性質和某些市場的規模，戶外生活方式將成為我們整體產品組合中更重要的組成部分。情況依然如此。話雖如此，在上個月的 SHOT Show 上，您在那裡看到了我們推出的一些精美產品，特別是 ClayCopter 以及 Caldwell、Tipton、Wheeler 的一些其他產品，射擊運動方面確實在繼續多元化發展，進入大型市場，這些市場隨著時間的推移更具可持續性，波動性更小，坦率地說，擁有強大的用戶群。

So overall, continue to move towards Outdoor Lifestyle, but in the meantime, also have some very exciting, good long-term categories that we continue to expand into.

因此，總體而言，我們將繼續朝著戶外生活方式邁進，但同時，我們也將繼續擴展一些非常令人興奮的、長期良好的類別。

Excellent. And then it might be a repeat from some of the script, but if you want to talk about kind of the topic du jour here of tariffs, it's changing daily. But maybe talk about your expected exposure, especially as we think about a mix of China, Canada, Mexico. It sounds like it's maybe built into guidance, but walk us through kind of how you're looking at that and anything that may be changes in your strategy going forward?

出色的。然後它可能會重複一些腳本，但如果你想談論這裡的關稅話題，它每天都在變化。但也許可以談談您預期的曝光率，特別是當我們考慮中國、加拿大、墨西哥的混合時。這聽起來像是可能已經融入指導中了，但請向我們介紹一下您是如何看待這個問題的，以及未來您的策略可能會發生哪些變化？

Yeah. So Mark, Brian, again, obviously. Yeah, tariffs are continuing to change, not only daily, but by the minute, it seems. If you're tracking the Wall Street Journal, they've got a live coverage and update by the minute. I think that's how you know that this is a fast-evolving situation.

是的。顯然，馬克和布萊恩還是一樣。是的，關稅似乎不僅每天都在變化，而且每分鐘都在變化。如果您關注《華爾街日報》，他們會每分鐘進行現場報導和更新。我想這就是你知道情況正在快速變化的原因。

So I think our approach, just taking a step back, remains the same, which is we tried to make ourselves as nimble as possible and built up a very strong balance sheet where we can make the right long-term decision. That's part of what we talked about in the prepared remarks because ultimately, we're seeing there might be tariffs and there is right now, increased tariffs on Chinese goods and then we're going back and forth on Canada versus Mexico and there's even talk of potentially some other countries.

因此，我認為我們的方法，退一步來說，仍然是一樣的，那就是我們試圖讓自己盡可能靈活，並建立一個非常強大的資產負債表，以便我們能夠做出正確的長期決策。這是我們在準備好的發言中談到的部分內容，因為最終，我們看到可能會有關稅，而且現在對中國商品的關稅已經提高，然後我們在加拿大和墨西哥的問題上來回爭論，甚至還談到了可能涉及其他國家的問題。

So ultimately, we want to measure twice and cut once and make the right long-term decision because moving a supply chain and making some of those changes, it's not a switch you can just flip. There are other things you need to take into consider, like quality, which is a big one. We want to make sure we maintain our reputation of no recalls. For a company that produces as many new products as we do each year, it's imperative that we maintain our quality standards and the team does a phenomenal job with that.

所以最終，我們希望三思而後行，做出正確的長期決策，因為移動供應鏈並進行一些改變並不是可以輕易做到的。您還需要考慮其他因素，例如質量，這是一個重要因素。我們希望確保我們保持不召回的聲譽。對於像我們這樣每年生產大量新產品的公司來說，保持品質標準至關重要，而我們的團隊在這方面做得非常出色。

So for us, tariffs is obviously very top of mind. And we do -- because we're an asset-light company, we do manufacture our products overseas and in China, our Chinese partners play a big part of that. But we truly are leveraging our innovation advantage, and we've got a number of levers to pull, whether it's feathering a new -- feathering in margin with new products because new products are such a large percentage for us.

因此對我們來說，關稅顯然是最重要的問題。我們確實如此——因為我們是一家輕資產公司，我們的產品確實在海外和中國生產，我們的中國合作夥伴在其中發揮了重要作用。但我們確實在利用我們的創新優勢，而且我們有許多可以利用的槓桿，無論是透過新產品來增加利潤，因為新產品對我們來說佔了很大的比例。

Our IP protection gives us tremendous protection for our existing lines and obviously, future ones. We've got a meaningful direct-to-consumer business. We've got some very exciting recurring revenue streams that are high margin. So we feel really good. And we'll -- as the situation continues to unfold, we'll -- we have plenty of levers that we can pull.

我們的智慧財產權保護為我們現有的產品線以及未來的產品線提供了極大的保護。我們擁有一項有意義的直接面向消費者的業務。我們有一些非常令人興奮的高利潤的經常性收入來源。所以我們感覺非常好。隨著情勢的不斷發展，我們將擁有足夠的手段來應對。

And then kind of the other hot topic, obviously, consumer behavior. Any update on changes, anything that you've seen even as we think about maybe the last 30 days? Obviously, we've seen mix fluctuate a fair amount here January to February. But any thoughts around on the ground changes in consumer behavior that you guys are seeing?

另一個熱門話題顯然是消費者行為。有任何變化的更新嗎？即使我們想想過去 30 天的情況，您還看到了什麼嗎？顯然，我們看到一月至二月混合物的波動相當大。但是，你們對於消費者行為的實際改變有什麼看法？

Yeah. We're seeing -- I mean, just coming out of SHOT Show and talking with retailers, we are hearing and seeing consumers continue to be cautious in making their purchases. But it's also on the flip side, one of the reasons we've been so successful and seeing that strong pull-through in POS at the stores is because consumers continue to be starved of innovation and they're really being selective about where they're buying.

是的。我們看到——我的意思是，剛剛參加完 SHOT Show 並與零售商交談，我們聽到並看到消費者在購買時仍然保持謹慎。但另一方面，我們之所以如此成功，並且看到商店 POS 的強勁增長，原因之一是消費者仍然渴望創新，而且他們在購買商品時非常挑剔。

So we're benefiting from that fact, but certainly, there is some cautiousness. And then I think specifically to, you think about the kind of low, mid, high-level price point structure, we play in that higher price point. Most of our products are premium. And so we have a little bit of insulation there that is less price sensitive and tends to be more affluent consumer. And that consumer still shows strong signs of resiliency.

所以我們從這個事實中受益，但當然也要保持謹慎。然後我具體地思考一下，你想想低、中、高價位結構，我們在較高的價位上發揮作用。我們的大部分產品都是優質的。因此，我們在那裡提供一些對價格不太敏感且更傾向於富裕消費者的隔熱產品。而消費者仍然表現出強勁的韌性。

Matt Koranda, ROTH Capital.

羅仕資本 (ROTH Capital) 的馬特·科蘭達 (Matt Koranda)。

Hi, it's Joseph on for Matt today. We're just looking at your guidance. I wanted to see, does it seem like a slight step up. Does this guidance for 2025 capture 3Q outperformance and which would growth might slow down a bit sequentially? So I just wanted to ask about quarter-to-date trends in both channels and where you're seeing this mid-single-digit growth?

大家好，今天我是約瑟夫，取代馬特。我們只是在尋求您的指導。我想看看，這是否看起來像是一個小小的進步。2025 年的這項指引是否能捕捉到第三季的優異表現，哪些成長可能會較上季略有放緩？所以我只想問這兩個頻道本季的趨勢以及您在哪裡看到這種中位數個位數的成長？

Hey, Joe, it's Andy. So yeah, so overall, on the net sales side, we kind of narrowed the range to $207 million to $210 million. So the midpoint is up about $1 million. In the quarter, we talked about kind of some timing of about $1 million that we thought was going to ship in Q4 that we shipped in Q3. And that's kind of normal quarter-to-quarter timing. But yeah, overall, we feel really good about the year, the $207 million to $210 million. We're able to increase the adjusted EBITDAS guidance as well. So we're really happy with the quarter.

嘿，喬，我是安迪。所以，是的，總體而言，在淨銷售額方面，我們將範圍縮小到 2.07 億美元至 2.1 億美元。因此中點上漲了約 100 萬美元。在本季度，我們討論了大約 100 萬美元的發貨時間，我們認為這些發貨將在第四季度完成，但實際上我們在第三季度就發貨了。這是一種正常的季度時間表。但是，總體而言，我們對今年的業績（2.07 億美元至 2.1 億美元）感到非常滿意。我們也可以提高調整後的 EBITDAS 指引。所以我們對本季的表現非常滿意。

And just staying on the consumer and then guidance. We see that you're reiterating your 2026 guidance. Is there any visibility you can give us in terms of long-term growth for your retail partners and your order books?

並且只專注於消費者並進行指導。我們看到您正在重申 2026 年的指引。您能否向我們透露您的零售合作夥伴和訂單的長期成長？

What do you mean by long -- when you say long-term growth? What are you -- are you referring to at? Post-FY26 or --?

您說的長期成長是指什麼？你指的是什麼？26財年後或--？

Sorry, just for FY26.

抱歉，僅適用於 FY26。

Yeah. This is Brian. I mean the best detail I can give you is we had -- coming out of line interviews last quarter, we had some strong indications from our retail partners that they were going to double down on AOB and really sought to bring in more innovation into their stores. And so the story -- you saw in the prepared remarks, the story of really giving them instant access to innovation and excitement is real, and they're seeing that success.

是的。這是布萊恩。我的意思是，我能給你的最好的細節是，根據上個季度的採訪，我們從零售合作夥伴那裡得到了一些強烈的暗示，表明他們將加倍投入 AOB，並真正尋求為他們的商店帶來更多的創新。所以，您在準備好的發言中看到的這個故事，真正讓他們即時獲得創新和興奮的故事是真實的，而且他們也看到了成功。

So coming out of SHOT Show, which would have been between our last call and where we are today, those same retailers just really reiterated and strengthened their commitment to bringing in these products. Many of them are new and will hit in FY26. So I -- not really a change of any kind there other than just more conviction that those orders are there and there's strong demand for them.

因此，在 SHOT Show 之後（這應該是我們上次召集和今天之間的時間），那些零售商確實重申並加強了引進這些產品的承諾。其中許多都是新的並將在 2026 財年推出。因此，我 — — 除了更加確信這些訂單存在並且對它們有強烈的需求之外，實際上沒有任何變化。

Got it. And then just my final question here on your concerning M&A funnel. I just want to see if you guys could provide us any commentary on what you're seeing out there in the M&A market. And if you could provide any color on what you're looking for and what's the best interest for AOUT?

知道了。然後，我的最後一個問題是關於您關於併購管道的問題。我只是想看看你們是否能就併購市場的情況給我們一些評論。您能否詳細說明您正在尋找什麼以及什麼對 AOUT 最有利？

Yeah. So Brian here. I'll answer first, Andy, feel free to chime in. Yes, M&A is near and dear to our heart. I mean it's a big part of my background, and we've done a lot of -- a few deals here together, Andy and I. We just will continue to be very disciplined. We look at a ton of deals. We've seen the ice break a little bit before the tariffs with more companies seeming to come to market, so more sell-side deals with investment bankers.

是的。這裡是 Brian。我先回答，安迪，請隨意加入。是的，併購對我們而言非常重要。我的意思是，這是我的背景的重要組成部分，我們一起在這裡做了很多交易，安迪和我。我們將繼續保持高度自律。我們考察了大量的交易。在關稅實施之前，我們看到僵局有所破滅，似乎有更多的公司進入市場，因此與投資銀行家進行了更多的賣方交易。

I do think that the tariff -- I think there are lots of companies out there that have not really protected themselves. I think that have as many levers to pull. And so we are seeing, I think, a little bit of a maybe a stutter step where they need to figure some things out first before they officially come to market.

我確實認為關稅——我認為有很多公司並沒有真正保護自己。我認為有很多槓桿可以拉動。因此，我認為，我們看到的可能是他們邁出了磕磕絆絆的一步，他們需要先解決一些問題，然後才能正式進入市場。

But ultimately, I think it's going to continue to unfold. Honestly, I think the next three years is just going to continue to be an evolution and new things will emerge. So it's how adaptable are the companies -- how adaptable are they and when they come to market. So I wouldn't be surprised if there's a little bit of a kind of pause on some deals coming to market.

但最終，我認為它會繼續發展。老實說，我認為未來三年將繼續演變，並會出現新事物。所以關鍵在於公司的適應力有多強——他們進入市場時的適應力有多強。因此，如果一些交易進入市場出現一點暫停，我不會感到驚訝。

But we're still ready. We're very excited looking at deals. We love, love deals that have a perspective on recurring revenue, subscription revenue. We have more in our own pipeline related to subscription revenue and recurring revenue. So really just trying to find the right deal that fits for our model and allow us to maintain asset -- agile and asset-light infrastructure.

但我們仍已做好準備。我們對交易感到非常興奮。我們喜歡，喜歡那些有經常性收入和訂閱收入前景的交易。我們在訂閱收入和經常性收入方面還有更多計劃。因此，我們實際上只是試圖找到適合我們模式的正確交易，並允許我們維持資產——敏捷和輕資產的基礎設施。

This concludes our question-and-answer session. I would now like to turn the call back over to Mr. Murphy for closing remarks.

我們的問答環節到此結束。現在我想把電話轉回給墨菲先生，請他做最後發言。

Thank you, operator. Before we close, I want to let everyone know that we'll be participating in the ROTH Conference in California on March 17 and the Lake Street Virtual Conference on April 3, and we hope to see some of you there. I want to thank our employees whose tireless commitment to innovation allows us to remain focused on executing our long-term vision. Thank you to everyone who joined us today. We look forward to speaking with you again next quarter.

謝謝您，接線生。在結束之前，我想讓大家知道，我們將參加 3 月 17 日在加州舉行的 ROTH 會議和 4 月 3 日舉行的 Lake Street 虛擬會議，我們希望在那裡見到你們。我要感謝我們的員工，他們對創新的不懈承諾使我們能夠專注於實現我們的長期願景。感謝今天與我們一起的所有人。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 your lines.

會議現已結束。感謝您參加今天的演講。現在您可以斷開線路了。