American Outdoor Brands Inc (AOUT) 2026 Q3 法說會逐字稿

Good day, everyone, and welcome to American Outdoor Brands, Inc. third-quarter fiscal 2026 financial results conference call. This call is being recorded.

各位好，歡迎參加 American Outdoor Brands, Inc. 2026 會計年度第三季財務業績電話會議。本次電話會議將被錄音。

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.

此時，我想將電話交給投資人關係副總裁 Liz Sharp，請她提供一些關於今天電話會議的資訊。

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.

我們今天的評論可能包含預測、估計及其他前瞻性陳述。我們使用如 anticipate、project、estimate、expect、intend、should、could、indicate、suggest、believe 及其他類似用語，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. Our forward-looking statements represent our current judgment about the future, and they are subject to various risks and uncertainties.

前瞻性陳述亦包括有關我們的產品開發、重點、目標、策略與願景、我們的策略演進、我們的市占率與對我們產品的市場需求、與我們產品及整體產業相關的市場與庫存狀況，以及成長機會與趨勢等陳述。我們的前瞻性陳述代表我們對未來的當前判斷，並受各種風險與不確定性影響。

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.

可能導致我們實際結果與前述陳述存在重大差異的風險因素及其他考量，已在我們的證券申報文件中說明。您可在我們的網站 aob.com 上找到這些文件以及本次電話會議的重播。

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具時效性的資訊，僅在此時點為準確，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陳述存在重大差異。

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, emerging growth transition costs, nonrecurring inventory reserve adjustments, impairment of assets held for sale, technology implementation costs, other costs and income tax adjustments.

關於我們今天電話會議中的評論，有幾點重要事項需要注意。第一，我們會提及某些非 GAAP 財務衡量指標。我們的非 GAAP 結果排除收購無形資產攤銷、股票酬勞、新興成長轉換成本、一次性庫存備抵調整、待售資產減損、技術導入成本、其他成本以及所得稅調整。

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.

GAAP 財務衡量指標與非 GAAP 財務衡量指標之間的調節（無論是否在今天電話會議中討論）可在我們的申報文件以及今天的財報新聞稿中找到，相關資料已發布於我們的網站。此外，當我們提及 EPS 時，我們一律指完全稀釋後 EPS。

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.

今天與會者包括總裁暨執行長 Brian Murphy，以及財務長 Andy Fulmer。接下來，我將把電話交給 Brian。

Thanks, Liz, and thanks, everyone, for joining us today. I believe our third-quarter performance demonstrates the disciplined execution of our strategy. In a period marked by shifting tariff policies, uneven retailer ordering patterns and consumer uncertainty, our team remained focused on the fundamentals, delivering strong retail sell-through, advancing our innovation pipeline and actively managing our portfolio to ensure our resources are concentrated behind the brands and product categories where we can create the most value.

謝謝你，Liz，也謝謝各位今天加入我們。我認為我們第三季的表現展現了我們策略的紀律性執行。在關稅政策變動、零售商下單模式不均以及消費者不確定性等因素交織的期間，我們的團隊仍專注於基本面，實現強勁的零售端銷售（sell-through），推進我們的創新產品管線，並積極管理產品組合，以確保資源集中投入在我們能創造最大價值的品牌與產品類別上。

Despite the ongoing uncertainty that continues to characterize fiscal 2026, we believe our underlying operating model remains fully intact. Importantly, our results give us the confidence to reiterate our net sales and adjusted EBITDA guidance for fiscal 2026.

儘管 2026 會計年度仍持續存在不確定性，我們相信我們的核心營運模式依然完全健全。重要的是，我們的業績讓我們有信心重申 2026 會計年度的淨銷售額與調整後 EBITDA 指引。

With that, let's dig into the details. Net sales for the quarter were $56.6 million, down 3.3% on a year-over-year basis, but ahead of our expectations.

接下來讓我們深入細節。本季淨銷售額為 5,660 萬美元，年減 3.3%，但優於我們的預期。

To refresh everyone, there are a couple of elements creating tough sales comps in our current environment. One is an ongoing inventory reset taking place at our largest e-com retailer, and the other is the extended softness in the Aiming Solutions category. We believe these are near-term challenges and that our underlying business is performing very well. In fact, for the third quarter, when we adjust out for these elements, our net sales would have grown in the high single digits and our POS results would have grown in the mid-teens.

為了讓大家回顧一下，在目前環境下有幾個因素使銷售比較基期變得艱難。其一是我們最大的電商零售商正在進行持續的庫存重置，其二是 Aiming Solutions（瞄準解決方案）品類的長期疲弱。我們認為這些都是短期挑戰，而我們的基本業務表現非常良好。事實上，就第三季而言，若將這些因素調整排除，我們的淨銷售額將以高個位數成長，而我們的 POS（銷售點）結果將以約十幾%的幅度成長。

Even without that adjustment, our POS results were still strong with growth of 5% for the quarter. This marks the third consecutive quarter of favorable POS results, which were led by strength in the Outdoor Lifestyle category. Ultimately, what matters most is what happens when consumers encounter our products at retail. And the continued strength we're seeing in POS reinforces that our innovation is resonating.

即使不做上述調整，我們的 POS 結果仍然強勁，本季成長 5%。這是連續第三季出現有利的 POS 表現，主要由 Outdoor Lifestyle（戶外生活風格）品類的強勢所帶動。歸根究柢，最重要的是消費者在零售端接觸到我們產品時的反應。而我們在 POS 持續看到的強勁表現，進一步印證我們的創新正在引起共鳴。

The Outdoor Lifestyle category generated over 62% of net sales in the quarter and delivered year-over-year growth of 5.4%, driven by strength in our BOG and MEAT! Your Maker brands. The Shooting Sports category declined 15% in the quarter, largely due to softness in aiming solution products.

Outdoor Lifestyle（戶外生活風格）品類本季貢獻超過 62% 的淨銷售額，並實現年增 5.4%，主要由我們的 BOG 與 MEAT!Your Maker 品牌的強勁表現所驅動。Shooting Sports（射擊運動）品類本季下滑 15%，主要原因是瞄準解決方案產品疲弱。

Notably, our Caldwell brand delivered solid growth, reflecting strong retailer and consumer response to the innovative ClayCopter platform. That momentum was reinforced at SHOT Show in January, where engagement around our new ClayCopter and Claymore connected products was exceptionally strong. Increasingly, retail partners are seeking differentiated innovation to drive traffic and strengthen consumer engagement, allowing us to take share following our entry into the Shotgun Sports category.

值得注意的是，我們的 Caldwell 品牌實現穩健成長，反映零售商與消費者對創新 ClayCopter 平台的強烈回應。這股動能在 1 月的 SHOT Show 上進一步獲得強化，市場對我們全新 ClayCopter 與 Claymore 連結型產品的互動與關注度異常熱烈。零售合作夥伴愈來愈希望透過差異化創新來帶動客流並強化消費者互動，使我們在切入 Shotgun Sports（霰彈槍運動）品類後得以提升市占。

Turning to innovation. Investments we've made in our new product pipeline continue to bear fruit with new products representing over 26% of our net sales in the quarter. Looking ahead, as we enter peak fishing season, we're preparing an initial rollout in April of SCORETRACKER LIVE, a platform that integrates Major League Fishing SCORETRACKER technology into our BUBBA app to deliver real-time tournament hosting and live scoring to anglers and organizers everywhere.

接著談創新。我們在新產品管線上的投資持續開花結果，本季新產品占我們淨銷售額的比重超過 26%。展望未來，隨著我們進入釣魚旺季，我們正準備於 4 月進行 SCORETRACKER LIVE 的首波推出；該平台將 Major League Fishing 的 SCORETRACKER 技術整合至我們的 BUBBA 應用程式中，為各地釣友與主辦單位提供即時賽事主辦與即時記分功能。

SCORETRACKER LIVE brings the intensity and excitement once reserved for professional MLF Bass tournaments to events of any size from neighborhood competitions and school teams to local clubs and regional circuits. It also supports the growing adoption of catch and release tournament formats that promote sustainable fisheries, aligning competitive excitement with responsible stewardship.

SCORETRACKER LIVE 將過去僅屬於職業 MLF Bass 錦標賽的緊張感與刺激感，帶到任何規模的活動中，從社區比賽、學校隊伍到地方俱樂部與區域巡迴賽皆適用。它也支援日益普及的「釣後放流」（catch and release）賽制，促進永續漁業，讓競賽的刺激與負責任的資源管理相互契合。

These new products from Caldwell and BUBBA demonstrate that we are executing on a strategy that pairs two things in a novel way in our markets. And that is by combining innovative hardware with integrated digital capabilities, especially in categories where connectivity enhances the consumer experience. By building connected product ecosystems around select growth brands, we're deepening engagement, creating differentiated value for our retail partners and supporting recurring revenue opportunities that increase customer lifetime value.

Caldwell 與 BUBBA 的這些新產品顯示，我們正在執行一項策略：在我們的市場中以新穎方式結合兩件事。也就是將創新硬體與整合式數位能力相結合，特別是在連線功能能提升消費者體驗的品類中。透過圍繞特定成長品牌打造連網產品生態系，我們正加深互動、為零售合作夥伴創造差異化價值，並支持可帶來經常性收入的機會，以提升客戶終身價值。

The momentum we're seeing with brands like Caldwell and BUBBA reflects the impact of directing our capital and innovation priorities toward areas where our capabilities can create meaningful differentiation and long-term value. They are just two examples within what we consider to be our highest growth brands, which include BOG, BUBBA, Caldwell, Grilla, and MEAT! Your Maker.

我們在 Caldwell 與 BUBBA 等品牌上看到的動能，反映出我們將資本與創新優先順序導向能讓我們能力產生實質差異化與長期價值的領域所帶來的成效。它們只是我們所認定的最高成長品牌中的兩個例子；這些品牌包括 BOG、BUBBA、Caldwell、Grilla，以及 MEAT!Your Maker。

We invest in them accordingly, and that same discipline also guides how we evaluate the rest of our portfolio. We continually assess where our proven innovation engine can have the greatest impact and just as importantly, where it cannot.

我們因此相應地投入資源，而同樣的紀律也指引我們如何評估其餘的產品組合。我們持續評估我們經驗證的創新引擎在哪些領域能產生最大影響，同樣重要的是，也評估在哪些領域無法產生影響。

During the quarter, we took two actions that reflect that disciplined approach to capital allocation and portfolio management.

在本季度，我們採取了兩項行動，反映出我們在資本配置與投資組合管理上所秉持的嚴謹作風。

First, we made the decision to divest our camping and survival brand. ust was originally acquired by our former parent company in 2016 and was included in our brand portfolio when we spun off in 2020. Since then, the Camping Accessories category has become increasingly price-driven and more brand agnostic, with retailers deemphasizing traditional camping products and dedicating that shelf space to other product categories.

首先，我們決定剝離旗下露營與求生品牌 ust。ust 最初由我們的前母公司於 2016 年收購，並在我們於 2020 年分拆上市時納入品牌組合。自那時起，露營配件類別愈發以價格為導向、對品牌的依賴度降低，零售商也逐步淡化傳統露營產品，並將該貨架空間配置到其他產品類別。

And while we evaluated opportunities to introduce differentiated innovation in the Camping category, we ultimately concluded that the ust brand is unlikely to benefit from our innovation capabilities and additional investment would be unlikely to generate returns consistent with our expectations. Therefore, we will continue fulfilling customer orders from existing inventory while we evaluate opportunities to transition the brand and its remaining inventory to an appropriate buyer.

此外，儘管我們評估了在露營類別導入差異化創新的機會，但最終我們認為 ust 品牌不太可能受益於我們的創新能力，而額外投資也不太可能產生符合我們預期的報酬。因此，在我們評估將該品牌及其剩餘庫存移轉給合適買家的機會期間，我們將持續以現有庫存履行客戶訂單。

Second, and as I mentioned earlier, weak trends in aiming solutions stand out in contrast to the balance of our Shooting Sports category. While we believe this market will rebound at some point, we also believe there is a greater near-term opportunity to redeploy capital into higher-growth categories.

第二點，如我先前提到的，瞄準解決方案的疲弱趨勢，與我們射擊運動類別其餘業務形成鮮明對比。雖然我們相信該市場終將在某個時間點回升，但我們也認為短期內將資本重新部署至更高成長類別，存在更大的機會。

As we prepare to accelerate the sell-through of a portion of this inventory, we took a reserve in the quarter that Andy will detail later. Together, these actions demonstrate our focus on investing in the brands and product categories where innovation and differentiation can drive stronger long-term growth while reinforcing our commitment to disciplined working capital management.

在我們準備加速消化其中一部分庫存之際，我們於本季度提列了一項備抵，稍後 Andy 會進一步說明。綜合而言，這些行動展現了我們聚焦於投資那些能以創新與差異化帶動更強勁長期成長的品牌與產品類別，同時也強化我們對嚴謹營運資金管理的承諾。

And lastly, I want to touch briefly on tariffs, which continue to represent a dynamic and evolving element of the operating environment for many companies, including ours. As we've discussed in prior quarters and as we all continue to experience, the policy landscape around tariffs can change quickly, requiring us to remain agile and thoughtful in how we proceed.

最後，我想簡要談一下關稅。關稅仍是許多公司（包括我們）營運環境中一個動態且持續演變的因素。如同我們在先前季度所討論、以及大家持續親身感受到的，關稅相關政策環境可能迅速變化，因此我們必須保持敏捷並審慎推進。

Our teams have done a great job staying close to these developments, evaluating the potential impacts and positioning the business so that we can respond appropriately as conditions evolve.

我們的團隊在緊密追蹤這些發展、評估潛在影響，並為企業做好定位以便在情勢演變時作出適當回應方面，表現非常出色。

It's clear that the current environment requires us to remain disciplined and agile. Accordingly, we remain focused on the priorities that continue to strengthen our business, investing in innovation, refining our brand portfolio and allocating capital with discipline. With a strong set of brands and well-performing operating model, we believe we are well positioned to navigate the current environment while continuing to build enduring long-term value for our shareholders.

顯而易見，當前環境要求我們保持紀律並具備敏捷性。因此，我們仍專注於持續強化業務的優先事項：投資創新、精煉品牌組合，並以紀律進行資本配置。憑藉強大的品牌組合與運作良好的營運模式，我們相信自己已做好充分準備，在持續打造股東長期價值的同時，順利因應當前環境。

And with that, I'll turn it over to Andy to walk through the financial results.

接下來，我把時間交給 Andy，請他帶大家回顧財務結果。

Thanks, Brian. As Brian mentioned, we're pleased with our third-quarter results, particularly given the ongoing macroeconomic and tariff-related dynamics impacting our business.

謝謝，Brian。如 Brian 所提到的，我們對第三季的表現感到滿意，尤其是在宏觀經濟與關稅相關動態持續影響我們業務的情況下。

Net sales for Q3 were $56.6 million compared to $58.5 million in Q3 last year, a decrease of 3.3%.

第三季淨銷售額為 5,660 萬美元，較去年第三季的 5,850 萬美元下降 3.3%。

In our Outdoor Lifestyle category, which consists of products relating to hunting, fishing, meat processing, outdoor cooking and rugged outdoor activities, net sales for Q3 increased 5.4% over last year to $35.3 million, mainly driven by increases in our BOG and MEAT! Your Maker brands.

在我們的戶外生活風格（Outdoor Lifestyle）類別中（涵蓋與狩獵、釣魚、肉品處理、戶外烹飪及強悍戶外活動相關的產品），第三季淨銷售額較去年成長 5.4% 至 3,530 萬美元，主要由我們的 BOG 與 MEAT!Your Maker 品牌成長所帶動。

In our Shooting Sports category, which includes solutions for target shooting, aiming, safe storage, cleaning and maintenance and personal protection, net sales declined 15% compared to last year, driven mainly by a decrease in aiming solutions.

在我們的射擊運動（Shooting Sports）類別中（包含靶場射擊、瞄準、安全收納、清潔與保養以及個人防護等解決方案），淨銷售額較去年下滑 15%，主要原因是瞄準解決方案的下滑。

Turning to our distribution channels. Our traditional channel net sales decreased by 2.1% in Q3, while our e-commerce net sales decreased 4.6% compared to last year. Consistent with previous quarters this year, our largest e-com retailer continued to reset its inventory, which we believe is in response to tariff pressures. Domestic net sales decreased 3.4%, while international net sales remained relatively flat to Q3 of last year.

接著談我們的通路。第三季傳統通路淨銷售額下降 2.1%，而電商淨銷售額較去年下降 4.6%。與今年前幾季一致，我們最大的電商零售商持續調整其庫存水位，我們認為這是因應關稅壓力所致。國內淨銷售額下降 3.4%，國際淨銷售額則與去年第三季大致持平。

Gross margin was 41% for Q3, down 370 basis points from Q3 last year, driven by the impact of new tariffs, including IEPA tariffs and an inventory reserve of $1.2 million related to aiming solutions that Brian discussed. While the reserve impacted gross margin a bit in the quarter, it demonstrates our commitment to rationalize slower-moving inventory so we can reallocate capital toward higher return opportunities such as share repurchases and M&A opportunities.

第三季毛利率為 41%，較去年第三季下降 370 個基點，主要受新關稅（包括 IEPA 關稅）的影響，以及 Brian 提到的與瞄準解決方案相關的 120 萬美元庫存備抵所致。雖然該備抵在本季度對毛利率造成一些影響，但這也展現了我們致力於合理化周轉較慢的庫存，以便將資本重新配置至更高報酬的機會，例如庫藏股回購與併購（M&A）機會。

We expect to monetize a meaningful portion of this inventory over time, helping to drive improved working capital and enhancing financial flexibility. Without the reserve, gross margin would have been 43.1%, slightly ahead of our original expectations.

我們預期隨時間推移可將其中相當一部分庫存變現，進而改善營運資金並提升財務彈性。若不計該備抵，毛利率將為 43.1%，略高於我們原先的預期。

It's important to note that on February 20, the US Supreme Court issued a ruling striking down tariffs previously imposed under IEPA. The third quarter was the first period in which we began to see the impact of IEPA tariffs flow through cost of goods sold, with approximately $1.7 million recognized in the quarter. As a reminder, tariffs are capitalized into inventory and then recognized in cost of goods sold as that inventory turns.

需要特別指出的是，2 月 20 日，美國最高法院作出裁決，推翻先前依 IEPA 所課徵的關稅。第三季是我們首次開始看到 IEPA 關稅影響反映在銷貨成本中的期間，本季度認列約 170 萬美元。提醒一下，關稅會先資本化計入存貨，並在該存貨周轉時於銷貨成本中認列。

As Brian explained, during the third quarter, we made the decision to divest our ust brand. Following this decision, we reclassified the related assets to assets held for sale and then performed a valuation based on expected future cash flows. As a result, we recorded a noncash impairment charge of $3.4 million, which is reflected in operating expense in Q3. The ust contribution to the business has been minimal, and we do not anticipate any impact to our fiscal 2026 outlook.

如 Brian 所說，第三季期間我們決定剝離 ust 品牌。作出此決定後，我們將相關資產重新分類為待售資產，並依據預期未來現金流進行估值。因此，我們認列了 340 萬美元的非現金減損費用，並於第三季的營業費用中反映。ust 對整體業務的貢獻一直很有限，我們預期不會對 2026 會計年度展望造成影響。

GAAP operating expenses for the quarter were $27.1 million compared to $25.8 million last year. The increase was driven by the noncash impairment related to ust, partially offset by lower variable costs from reduced net sales as well as lower intangible amortization.

本季度 GAAP 營業費用為 2,710 萬美元，去年同期為 2,580 萬美元。增加主要來自與 ust 相關的非現金減損，部分被淨銷售額下降所帶來的較低變動成本，以及較低的無形資產攤銷所抵銷。

On a non-GAAP basis, operating expenses in Q3 were $21 million compared to $22.7 million in Q3 of last year. Non-GAAP operating expenses exclude the noncash impairment, intangible amortization, stock compensation and certain nonrecurring expenses as they occur.

以非 GAAP 基礎計算，第三季營業費用為 2,100 萬美元，去年第三季為 2,270 萬美元。非 GAAP 營業費用排除非現金減損、無形資產攤銷、股份基礎報酬，以及特定一次性費用（發生時）等項目。

GAAP EPS for Q3 was a loss of $0.32 compared to GAAP EPS of $0.01 last year. On a non-GAAP basis, EPS was $0.12 for the third quarter compared to $0.21 last year.

第三季 GAAP 每股盈餘（EPS）為虧損 0.32 美元，去年同期 GAAP EPS 為 0.01 美元。以非 GAAP 基礎計算，第三季 EPS 為 0.12 美元，去年同期為 0.21 美元。

Our Q3 figures are based on our fully diluted share count of approximately 12.5 million shares, a number that should remain consistent through year-end outside of any additional share buybacks that may occur. Adjusted EBITDA for the quarter was $3.3 million compared to $4.7 million in the third quarter of last year, driven by the $1.2 million inventory reserve and the $1.7 million of IEPA tariffs I referenced in my gross margin discussion.

我們第三季數字係以約 1,250 萬股的完全稀釋後股數為基礎；除非發生額外的股票回購，該數字在年底前應會維持一致。本季度調整後 EBITDA 為 330 萬美元，去年第三季為 470 萬美元，主要受 120 萬美元庫存備抵以及我在毛利率討論中提到的 170 萬美元 IEPA 關稅影響。

Turning now to the balance sheet and cash flow. We continue to maintain a strong balance sheet, ending the quarter with $10.4 million in cash and no debt after repurchasing $1.4 million of our common stock. As we've discussed before, our business is seasonal with the highest quarterly net sales typically occurring in Q2 and Q3. This pattern generally results in operating cash outflows in the first half of the fiscal year, followed by inflows in the second half as receivables are collected and inventory levels decline. This seasonal pattern played out as expected in Q3.

現在轉到資產負債表與現金流。我們持續維持強健的資產負債表，本季末現金為1,040萬美元，且在回購140萬美元普通股後仍無負債。如同先前所討論，我們的業務具有季節性，單季淨銷售額通常在Q2與Q3達到高峰。此一模式通常會導致會計年度上半年出現營運現金流出，而在下半年隨著應收款項回收及庫存水位下降而轉為流入。這種季節性模式在Q3如預期般呈現。

Operating cash inflow was $9.9 million in Q3, reflecting decreases in accounts receivable and inventory. During the quarter, inventory levels declined by $13.8 million, which includes ust-related assets held for sale. We ended the quarter with total inventory of $110.2 million, down from $124 million at the end of Q2. We expect our inventory at the end of the year to be approximately $110 million, which is lower than we originally planned. We will continue to explore opportunities to further lower that balance by monetizing slower-moving inventory.

Q3營運現金流入為990萬美元，反映應收帳款與庫存下降。本季庫存水位下降1,380萬美元，其中包含UST相關的待售資產。本季末總庫存為1億1,020萬美元，較Q2季末的1億2,400萬美元下降。我們預期年末庫存約為1億1,000萬美元，低於原先規劃。我們將持續尋找機會，透過變現周轉較慢的庫存以進一步降低該餘額。

Our balance sheet remains strong and debt-free. We ended the quarter with no balance on our $75 million line of credit, resulting in total available capital of over $100 million. We're also pleased to share that we recently amended our debt agreement with TD Bank to extend the maturity date to March 2031. We believe this renewal provides us with favorable pricing and terms, reflecting the strength of our financial position.

我們的資產負債表仍然強健且無負債。本季末我們在7,500萬美元的循環信用額度下未動用任何餘額，使可用資金總額超過1億美元。我們也很高興分享，我們近期已與道明銀行（TD Bank）修訂債務協議，將到期日延長至2031年3月。我們相信此次續約提供了有利的定價與條款，反映我們財務狀況的強勁。

Turning to capital expenditures. We spent $1.2 million in Q3, primarily related to product tooling and patent cost. For full fiscal 2026, we are lowering our expected CapEx range by $500,000 and now expect to spend between $3.5 million and $4 million, consistent with our asset-light operating model.

接著談資本支出。我們在Q3支出120萬美元，主要與產品模具開發及專利成本相關。就2026會計年度全年而言，我們將預期資本支出區間下調50萬美元，現預計支出介於350萬至400萬美元，符合我們輕資產的營運模式。

During Q3, we continued returning capital to shareholders through our share buyback program, repurchasing approximately 181,000 shares at an average price of $7.87 per share.

在Q3期間，我們持續透過股票回購計畫向股東返還資本，以每股平均7.87美元回購約18.1萬股。

Now turning to our outlook. We're in the final stretch of our fiscal year, and we're encouraged by our performance to date. As such, we are maintaining our previously communicated full-year guidance for net sales, gross margin and adjusted EBITDA.

現在轉到我們的展望。我們已進入本會計年度最後階段，對目前為止的表現感到鼓舞。因此，我們維持先前已對外溝通的全年淨銷售額、毛利率與調整後EBITDA指引不變。

Let's begin with net sales. We continue to expect fiscal 2026 net sales in the range of approximately $191 million to $193 million. Recall that at the end of fiscal 2025, retailers accelerated approximately $10 million of orders originally planned for fiscal 2026 to get ahead of impending tariffs, creating a more challenging comparison for the current year. Including that impact, fiscal 2026 net sales would decline approximately 13% to 14% year over year. However, adjusting for that acceleration, the underlying decline in net sales for fiscal 2026 would be approximately 5%, which we would view as solid performance given the current environment.

先從淨銷售額開始。我們仍預期2026會計年度淨銷售額約在1億9,100萬至1億9,300萬美元之間。回顧2025會計年度末，零售商為了提前因應即將到來的關稅，將原本規劃於2026會計年度的約1,000萬美元訂單提前下單，因而使本年度的比較基期更具挑戰。若將該影響納入，2026會計年度淨銷售額將年減約13%至14%。然而，若排除該提前下單因素，2026會計年度淨銷售額的基本面下滑約為5%；在目前環境下，我們認為這是穩健的表現。

Turning to gross margin. We continue to expect full-year gross margins in the range of 42% to 43%. This implies lower gross margins in Q4, primarily due to increased amortization of tariff variances, including IEPA tariffs associated with inventory purchases made earlier in the year.

接著談毛利率。我們仍預期全年毛利率介於42%至43%。這意味著Q4毛利率將較低，主要因關稅差異的攤銷增加，包括與年初較早時點所採購庫存相關的IEPA關稅。

Turning to operating expenses. We remain disciplined in managing our costs and avoiding structural expense growth, 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. We've reduced spending in areas such as travel, remote office footprints and nonessential contracts. As a result, we expect total operating expenses to decline for full fiscal 2026.

接著談營業費用。我們在成本管理上維持紀律，避免結構性費用成長；此一作法有助於我們長期維持較低的費用水準，使我們在因應環境變化時能保持靈活並維持輕資產。我們已在差旅、遠端辦公據點規模及非必要合約等領域降低支出。因此，我們預期2026會計年度全年營業費用總額將下降。

With regard to tariffs, our outlook reflects our current expectations based on what we know today and mitigation initiatives that we've taken, which include pricing actions as well as benefiting from the flexibility of our asset-light business model. Our outlook does not reflect any potential tariff refunds, which remain subject to further guidance from US Customs and Border Protection.

關於關稅，我們的展望反映了基於目前所知資訊的當前預期，以及我們已採取的緩解措施，其中包括調價行動，並受益於我們輕資產商業模式的彈性。我們的展望未納入任何潛在的關稅退稅，該部分仍有待美國海關與邊境保護局（US Customs and Border Protection）進一步指引。

Lastly, based on all the factors I've discussed, we continue to expect adjusted EBITDA for fiscal 2026 to be in the range of 4% to 4.5% of net sales. We remain committed to our long-term operating model, which targets EBITDA contribution of 25% to 30% on net sales above $200 million. We've demonstrated this level of performance in the past. And as our brands continue to introduce innovative and compelling products, we remain confident in our ability to drive sustained profitability over time.

最後，基於我所討論的所有因素，我們仍預期2026會計年度調整後EBITDA將為淨銷售額的4%至4.5%。我們仍致力於長期營運模式，目標是在淨銷售額超過2億美元的部分，EBITDA貢獻率達25%至30%。我們過去已展現過此一水準的表現。隨著我們的品牌持續推出創新且具吸引力的產品，我們對於隨時間推進帶動持續獲利的能力仍充滿信心。

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

以上，接線員，請開放分析師提問。

(Operator Instructions) Matt Koranda, Roth Capital.

(接線員指示) Matt Koranda，Roth Capital。

Maybe we'll start out with the POS commentary, up 5% year over year. I think you mentioned in the press release. I guess we still have to lap the kind of wonky fourth quarter from last year where retailers reordered a fair bit. Can you just remind us what was pulled forward in the fourth quarter last year, so we have like a reasonable comparison to make for the implied fourth quarter sales run rate?

也許我們先從POS的評論開始，年增5%。我想你在新聞稿中有提到。我想我們仍需要跨過去年那個有點不太正常的第四季，當時零售商重新下了不少訂單。你能否提醒我們，去年第四季有哪些訂單被提前拉貨，讓我們能對隱含的第四季銷售運行率做一個合理的比較？

Yeah, Matt, this is Andy. So retailers pulled in roughly $10 million, and that was pretty much the last two weeks of Q4, so from May back into the last couple of weeks of April.

好的，Matt，我是Andy。零售商大約提前拉了1,000萬美元，幾乎都發生在Q4最後兩週，也就是從5月往回到4月最後幾週。

Okay. Got it. So it seems like fourth quarter, once we get through this period, perhaps there's a little bit more appetite from your retail customers to sort of load in a bit more. I mean maybe just talk about their inventory levels and where they sit currently given POS has remained positive, but it seems like they've been sort of flushing inventory for the better part of the last couple of quarters.

好的。了解。所以看起來第四季，一旦我們度過這段期間，你們的零售客戶或許會更有意願再多補一些貨。我的意思是，能否談談他們的庫存水位，以及在POS仍維持正成長的情況下，他們目前的狀態？但看起來在過去幾個季度的大部分時間，他們一直在去化庫存。

Yeah. Matt, it's Brian. So I think what you're seeing here, we alluded to it at the beginning part of the script where there are kind of two things occurring right now that we have Aiming Solution softness and then we have this large e-commerce customer that is, I would say, not destocking. I would consider it more underordering relative to demand. And so we do expect that both of those areas will normalize at some point.

是的。Matt，我是Brian。我想你在這裡看到的情況，我們在講稿一開始有提到，目前大致有兩件事同時發生：一是Aiming Solution需求偏弱，二是有一個大型電商客戶，我會說它不是在去庫存。我認為更像是相對於需求而言下單不足。因此，我們確實預期這兩個領域在某個時間點都會回到正常水準。

But that said, excluding those two isolated items, the majority of our business -- the far majority of our business is performing quite well. We had mentioned high-single digits in the quarter versus last year and being up mid-teens for POS. So that convergence, right, between POS and replenishment certainly is more correlated for the majority of our business.

不過話說回來，撇除那兩個孤立項目，我們業務的大多數——絕大多數業務——表現相當不錯。我們提到本季相較去年為高個位數成長，而 POS 則為中十位數成長。因此，POS 與補貨之間的趨同，確實在我們大多數業務上呈現更高的相關性。

Really, where we're seeing that disconnect is with those two items I just mentioned. And so going forward, I would expect at some point, there will be a normalization. We are seeing signs of that, but not quite ready to declare finality by any means. But certainly, things are moving, I think, in the right direction. It's just going to be a matter of time to those normalize.

真正看到那種脫鉤的地方，就是我剛提到的那兩個項目。因此往後看，我預期在某個時間點會出現正常化。我們確實看到一些跡象，但還遠不到可以宣告已經完全結束的程度。但可以肯定的是，我認為事情正朝著正確方向發展。只是要讓那些回到正常，還需要一些時間。

Okay. Got it. And then Andy mentioned we're performing better on inventory reductions and expect to be at $110 million by the end of the year. Is that coming from sort of promotional activity and like monetizing slow-moving inventory through promotions? Or we're just finding new avenues of demand? Like maybe just help us understand why the inventory reduction is happening a little faster than expected.

好的。了解。另外 Andy 提到我們在降低庫存方面表現優於預期，並預計年底會到 1.10 億美元。這是來自某種促銷活動，例如透過促銷將滯銷庫存變現嗎？還是我們只是找到新的需求管道？例如，能否幫我們理解一下，為什麼庫存下降會比預期快一些？

Yeah. So that -- it assumes just a regular amount of promotions, like nothing crazy. In fact, I think there's opportunity to get a little bit to -- end a little bit better than the $110 million if we can move some of the slower-moving inventory that I talked about.

是的。所以那——假設只是正常程度的促銷，沒有什麼很誇張的。事實上，我認為如果我們能把我提到的一些較慢周轉的庫存推動出去，年底甚至有機會比 1.10 億美元再好一點。

Yeah. But I think it's just to add on what Andy said, it's really about efficiency. We talked about capital allocations, and we're constantly looking for areas where we can take advantage of. Look, do we have a higher -- is there a higher growth opportunity on one side of the business versus another?

是的。但我想補充 Andy 的說法，這主要是效率的問題。我們談到資本配置，我們一直在尋找可以加以利用的領域。你看，我們是否在業務的某一端相較另一端有更高的成長機會？

The aiming solution product is great. It's great. And something could change tomorrow, and we would see demand spike for that type of product. But we just look at ourselves and say, look, the opportunity cost is too high, let's move through this. So I think that's part of it is the reduction, but it's also just increased efficiency from that higher-growth inventory that's going to be churning through, which would lead to a lower inventory number.

那個瞄準解決方案產品很棒。真的很棒。而且明天可能就會有事情改變，讓那類產品的需求激增。但我們會檢視自己並說，機會成本太高了，我們要把這些庫存加速消化掉。所以我認為其中一部分是庫存的降低，但同時也是來自更高成長庫存帶來的效率提升，因為它會更快周轉，進而使庫存數字更低。

Doug Lane, Water Tower Research.

Doug Lane，Water Tower Research。

Just staying on inventories. If you get down to your level that you're expecting to end the year at, you're still up a little bit versus the prior year in a year where sales went down.

繼續談庫存。如果你們降到預期的年底水位，庫存相較前一年仍然略有增加，但那一年銷售是下滑的。

So what was the reason for the increase in inventories to begin with? And do you think you'll have to be a little bit more promotional going into the first half of 2027?

那麼一開始庫存增加的原因是什麼？以及你認為在 2027 年上半年，你們是否需要更積極做促銷？

Yes, Doug, this is Andy. The main driver there is the increase in tariffs. So the year over year, it's effectively all IEPA and the Section 232 tariffs that we have now.

是的，Doug，我是 Andy。主要驅動因素是關稅上升。因此從年對年來看，基本上都是我們目前面臨的 IEPA 與《232 條款》關稅所致。

Yeah. But the core inventories health is reducing really quite well. Yeah, it's -- the tariffs are obfuscating the overall business. But it's still real inventory, right? It's real inventory number.

是的。但核心庫存的健康狀況其實改善得相當好。是的——關稅讓整體業務看起來有些被掩蓋。但那仍然是真實庫存，對吧？那是實際的庫存數字。

No, that makes sense. I get that.

不，這很合理。我理解。

And I'm sorry what was the second part?

抱歉，第二個部分是什麼？

Yeah. I wanted to talk about tariffs because you talked about the third quarter being the first real impact as that capitalized tariffs start coming through the cost of goods sold. So fourth quarter gross margin is down, should we -- I know you're not giving '27 guidance yet, but should we just directionally see continued gross margin pressure in the first half of 2027 as this capitalized tariffs continue to go through the P&L?

是的。我想談關稅，因為你提到第三季會是第一個真正的影響點，因為資本化的關稅開始透過銷貨成本反映出來。所以第四季毛利率下滑，我們是否——我知道你們還沒提供 2027 年指引——但就方向性而言，是否應該預期 2027 年上半年毛利率仍會持續承壓，因為這些資本化關稅會持續進入損益表？

Yeah. I think that's a safe assumption. We can't comment on what the margin percentage would be. But when you think back to when -- the IEPA tariff started back in April -- March and April last year, they were accelerated all the way up to 125% in April kind of died down to roughly 30% for a while and then November down to 20%.

是的。我認為這是個合理的假設。我們無法評論毛利率百分比會是多少。但回想一下——IEPA 關稅在去年 3 月與 4 月開始時，4 月一度被加速拉高到 125%，之後一段時間降到約 30%，再到 11 月降到 20%。

So as we talked about, those are capitalized into inventory and then amortized in the future. So yeah, you'll see some spikes with those fluctuations rolling into fiscal '27.

所以如我們所說，這些會資本化進庫存，並在未來攤銷。因此是的，當這些波動滾入 2027 財年時，你會看到一些尖峰。

And I want to jump in, too, just to give some historical context. So when we were hit with the first round of 301 tariffs and the first time the administration implemented the 301 tariffs back in 2018 -- 2018 or so. And what you saw is a very similar pattern where it hits immediately, you amortize that over time. But the pricing actions that you take, coupled with the fact that we are such prolific generators of new products, our new product velocity off the charts, but that's our main way for us to, over time, really reclaim that margin.

我也想補充一下，提供一些歷史背景。當我們在 2018 年左右遭遇第一輪 301 關稅、也是政府第一次實施 301 關稅時。你看到的是非常類似的模式：它會立刻衝擊，然後隨時間攤銷。但我們採取的定價行動，再加上我們是非常高產的新產品推出者——我們的新產品推出速度非常驚人——這是我們隨時間真正把毛利率收回來的主要方式。

So I think you're seeing something very similar right now, which if you look back, it took us probably, I don't know, Andy, 18 months, something like that, to be able to kind of fully recover that margin pressure. So I think right now, it's a snapshot at a moment in time, but this is actually following a pretty similar path.

所以我認為你現在看到的非常相似；如果回頭看，當時我們大概花了——我不知道，Andy，大概 18 個月左右——才能算是把那個毛利率壓力大致完全修復。所以我認為現在只是某個時間點的快照，但其實正沿著相當類似的路徑發展。

Okay. And the IEPA tariffs, how much of your tariff pressure is from IEPA? And will that help that it's not -- at least going away? And then have you begun any efforts to try to recover the tariffs you've already paid?

好的。那 IEPA 關稅方面，你們的關稅壓力有多少是來自 IEPA？而且它至少不會——至少會消失嗎，這是否會有幫助？另外，你們是否已開始採取任何行動，嘗試追回你們已經支付的關稅？

Yeah. The IEPA tariffs are kind of that difference in pressure that you talked about before. TBD on what happens going forward, though. The 122 tariffs as of today are 10% until, I think, the end of July or so. But who knows what that will be replaced with. So we're obviously keeping a keen eye on it every day as the news comes out.

是的。IEPA 關稅就是你先前提到那種壓力差異的來源。至於未來會怎麼發展，仍有待觀察。截至今天，122 關稅是 10%，至少到我想是 7 月底左右。但誰知道之後會被什麼取代。所以我們當然每天都密切關注新聞的最新發展。

As far as the refunds go, we're doing everything we can to preserve our rights, and we'll kind of see how that process shakes out.

至於退稅/退款方面，我們正在盡一切努力保全我們的權利，接下來就看整個流程會如何發展。

Okay. Fair enough. And just lastly, the third-quarter sales came in better than you expected and the Street expected and the full-year sales number is unchanged. So did the third quarter bar from the fourth quarter? Or are you just being conservative given the environment?

好的。有道理。最後再問一下，第三季銷售表現優於你們原先預期以及華爾街的預期，但全年銷售數字維持不變。所以第三季是不是把第四季的量提前了？還是你們只是考量環境因素而採取較保守的看法？

Yeah, I can jump in. No, there was no shifting of orders. Everything came through. That's what we try to do each quarter is not try to pull, push in any way. Really want to have sort of a normal recurring, more comparable business.

好的，我來回答。沒有，並沒有訂單移轉。所有訂單都如期進來。我們每一季都盡量不去拉貨或推貨。我們真的希望業務能維持正常、可重複發生、也更具可比性。

So from where I sit in this chair today, I didn't see anything that caught my eye. That's something that's worth calling out.

就我今天坐在這個位置所看到的，沒有任何特別引起我注意的情況。這點值得特別說明。

(Operator Instructions) Mark Smith, Lake Street Capital.

(接線員指示) Mark Smith，Lake Street Capital。

First, just a clarification question. Just looking at the impairment, I just want to confirm all of the impairment was on ust or was there anything else that was impaired?

首先是一個釐清問題。我看了一下減損，我想確認一下：所有減損都是在 ust 上嗎？還是還有其他項目也發生減損？

No, 100% of the impairment was ust.

沒有，減損 100% 都是在 ust。

Perfect. And then second, just you talked a lot about point of sale, talked about kind of a little bit about kind of where the consumer is today. Curious if you can give us more thoughts on kind of what you're hearing, what you're seeing out there from consumer spending.

很好。第二個問題，你們談了很多關於銷售端（POS）的情況，也稍微提到目前消費者的狀況。想請你們多分享一些：你們聽到什麼、看到什麼，關於消費支出的趨勢。

And as we think about Shooting Sports, mix improved a little bit following the end of the quarter. Have you seen any uptick since then? Any thoughts that you have on your consumer would be great.

另外談到射擊運動（Shooting Sports），在季末之後產品組合似乎有些改善。你們之後有看到任何回升嗎？任何你們對消費者的觀察都很有幫助。

Sure, Mark. So I'll touch on Shooting Sports first because I think there's an interesting contrast that's happening there.

當然可以，Mark。我先談射擊運動，因為我覺得那裡出現了一個有趣的對比。

You have Aiming Solution, which based on some of the data that I've seen from third parties has been one of the worst performing product categories in the space, whereas the areas that we play in outside of that are doing pretty well. And then in others, especially like Shotgun Sports, Caldwell, we're seeing some really nice share gains there. I mean a good portion of that new product revenue is coming from products like the new ClayCopter platform. So overall, I think we're seeing good trends there. Just the Aiming Solution is the one to kind of keep an eye on, but should normalize.

你們看到 Aiming Solution，根據我從第三方看到的一些數據，它一直是這個領域表現最差的產品類別之一；但我們在那之外所參與的其他領域表現相當不錯。另外在其他品類，尤其像霰彈槍運動（Shotgun Sports）、Caldwell，我們看到非常不錯的市占提升。我的意思是，新產品營收中有相當一部分來自像全新的 ClayCopter 平台這類產品。所以整體而言，我認為我們看到的是不錯的趨勢。只是 Aiming Solution 這塊需要稍微留意，但應該會回歸正常。

And then let's see, anything else related to the customer, I'd say there still is that bifurcation that we had talked about before. I think it will be interesting to see going forward what happens with oil prices. Do they sustain?

再來看看，其他跟客戶相關的部分，我會說我們之前提到的那種「兩極分化」仍然存在。我想接下來油價的走勢會很值得觀察。它們會不會維持在高位？

But any uncertainty with the consumer is going to lead them to start changing their behavior most likely. And so if unemployment begins to go up, the consumer is under pressure, we'll see what happens with rates. All that just adds to uncertainty.

但只要消費者面臨任何不確定性，很可能就會開始改變行為。因此如果失業率開始上升、消費者承壓，我們也要看利率接下來怎麼走。這些都只會增加不確定性。

But in real time, it looks like store traffic growth seems or store -- sorry, store foot traffic growth does seem to be improving versus our last call looking at different retailers. So that's a positive.

不過就即時數據來看，從不同零售商的觀察，店內來客數成長——抱歉，是店內人流成長——相較我們上次電話會議時確實有改善。這是正面的。

So I don't know. I think going forward, the consumer is still kind of a touch and go. I think the more affluent consumers are continuing to spend. And then I think the lower income, middle income folks are -- the avid, I would say, sportsmen and women are certainly still spending and the more casual one is not. I think they're really pulling back. So I think AOB is really well situated just given kind of where our brands play and the innovation piece, which is so important to these retailers to pull in consumers.

所以我也不確定。我認為往後看，消費者狀況仍然有點不穩定、時好時壞。我覺得較富裕的消費者仍在持續支出。而較低收入、中等收入族群——我會說，熱衷的運動愛好者（sportsmen and women）當然仍在花錢，但較休閒的那群就沒有。我認為他們真的在縮手。因此就我們的品牌所處的位置以及創新這一塊（對零售商吸引消費者非常重要）而言，我認為 AOB 的布局非常有利。

Perfect. I think last question for me, just the topic du jour of inventories and kind of the guidance for year-end. It seems like a lot of the new product that you had that you showed off at SHOT Show of lots. Is a lot of that going to be kind of built up in that inventory number at the end of the fiscal year? Or will you be shipping and have some of that cleared out before the end of the year?

很好。我最後一個問題是關於近期大家都在談的庫存，以及你們對年底的指引。看起來你們在 SHOT Show 展示了很多新產品。其中有很多會在會計年度結束時反映在期末庫存數字裡嗎？還是你們會在年底前出貨，讓其中一部分在年底前就消化掉？

And then second, just a moving piece within that. Will the ust, I imagine that that's a small piece of inventory. Do you expect that to kind of be all gone or at least not in the books at year-end inventory?

第二個是同一題裡的一個變動因素。我想 ust 應該只占很小一部分庫存。你們預期到年底時它會全部出清，或至少不會再出現在期末庫存帳上嗎？

Yeah. So as far as the new products -- it's a great question because the timing of two of the key products that you saw at SHOT Show is right near year-end. We're planning to ship those to our customers kind of late April, early May. So yes, we will have some of that new product coming in because obviously, we want to make sure our fill rates are good there.

是的。關於新產品——這是個好問題，因為你在 SHOT Show 看到的兩個關鍵產品，其時點剛好接近年底。我們計畫在 4 月底、5 月初左右出貨給客戶。所以是的，我們會有一些新產品進到庫存，因為很顯然我們希望確保那邊的供貨達成率（fill rates）良好。

And then on the ust question, it's pretty minimal at this point after the impairment that was recorded. So TBD on what that looks like going forward.

至於 ust 的問題，在已認列減損之後，目前占比非常小。所以未來會是什麼樣子，還有待觀察。

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

問答階段到此結束。我想把電話會議交回給 Brian Murphy 做結語。

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 23 and the Lake Street Virtual Conference on March 31. So we hope to see some of you there.

謝謝，接線員。在結束之前，我想讓大家知道，我們將參加 3 月 23 日在加州舉行的 Roth 研討會，以及 3 月 31 日的 Lake Street 線上研討會。希望到時能見到各位中的一些人。

I also 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.

我也要感謝我們的員工，他們對創新的不懈投入，讓我們能持續專注於執行長期願景。感謝今天加入我們的每一位。我們期待在下個季度再次與各位交流。

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

本次電話會議到此結束。感謝各位參加今天的簡報。您現在可以掛線。