Clarus Corp (CLAR) 2024 Q2 法說會逐字稿

Good afternoon, everyone, and thank you for participating in today's conference call to discuss Clarus Corporation's financial results for the second quarter ended June 30, 2024. Joining us today are Clarus Corporation's Executive Chairman, Warren Kanders; CFO, Mike Yates; President of Black Diamond Equipment, Neil Fiske; Management Director of Clarus' Adventure segment, Mathew Hayward; and the company's External Director of Investor Relations, Matt Berkowitz.

大家下午好，感謝您參加今天的電話會議，討論 Clarus Corporation 截至 2024 年 6 月 30 日的第二季度財務業績。今天加入我們的有 Clarus Corporation 執行主席 Warren Kanders；財務長麥克·耶茨； Black Diamond Equipment 總裁 Neil Fiske； Clarus 冒險部門管理總監 Mathew Hayward；以及公司投資者關係外部總監 Matt Berkowitz。

Following the remarks, we'll open the call for questions. Please note, this call is being recorded. Before we go further, I would like to turn the call over to Mr. Berkowitz as he reads the company's safe harbor statement within the meaning of the Private Securities Litigation Reform Act of 1995 that provides important cautions regarding forward-looking statements. Matt, please go ahead.

發言結束後，我們將開始提問。請注意，此通話正在錄音。在我們進一步討論之前，我想將電話轉給 Berkowitz 先生，他正在閱讀該公司 1995 年《私人證券訴訟改革法案》含義內的安全港聲明，該聲明對前瞻性聲明提供了重要的警告。馬特，請繼續。

Thank you. Before I begin, I'd like to remind everyone that during today's call, we will be making several forward-looking statements, and we make these statements under the safe harbor provisions of the Private Securities Litigation Reform Act. These forward-looking statements reflect our best estimates and assumptions based on our understanding of information known to us today. These forward-looking statements are subject to potential risks and uncertainties that could cause the actual results of operations or the financial condition of Clarus Corporation to differ materially from those expressed or implied by the forward-looking statements.

謝謝。在開始之前，我想提醒大家，在今天的電話會議中，我們將做出一些前瞻性聲明，並且我們是根據《私人證券訴訟改革法案》的安全港條款做出這些聲明的。這些前瞻性陳述反映了我們基於對當今已知資訊的理解的最佳估計和假設。這些前瞻性陳述受到潛在風險和不確定性的影響，可能導致 Clarus Corporation 的實際營運結果或財務狀況與前瞻性陳述中明示或暗示的結果有重大差異。

More information on potential factors that could affect the company's operating and financial results is included from time to time in the company's public reports filed with the SEC. I'd like to remind everyone this call will be available for replay starting at 7:00 p.m. Eastern Time tonight. A webcast replay will also be available via the link provided in today's press release as well on the company's website at claruscorp.com.

有關可能影響公司營運和財務表現的潛在因素的更多資​​訊不時包含在公司向 SEC 提交的公開報告中。我想提醒大家，此電話會議將於晚上 7:00 開始重播。東部時間今晚。也可透過今天新聞稿中提供的連結以及公司網站 claruscorp.com 進行網路廣播重播。

Now I'd like to turn the call over to Clarus' Executive Chairman, Warren Kanders.

現在我想將電話轉給 Clarus 執行主席 Warren Kanders。

Thank you, Matt. Good afternoon, and thank you for joining Clarus' earnings call to review our results for the second quarter. I am joined today by our Chief Financial Officer, Mike Yates as well as Neil Fiske and Mat Hayward, who will discuss our Outdoor and Adventure segments, respectively.

謝謝你，馬特。下午好，感謝您參加 Clarus 的財報電話會議，回顧我們第二季的表現。今天我們的財務長 Mike Yates 以及尼爾菲斯克 (Neil Fiske) 和馬特海沃德 (Mat Hayward) 也將與我一起討論我們的戶外和探險業務。

Before I turn the call over, I'd like to highlight the incremental progress we have made thus far in 2024, executing Clarus' strategic initiatives to seek to create long-term value. While overall macroeconomic conditions have remained challenging with consumer demand broadly constrained, we are confident that we have laid the foundation for expected sustainable growth moving forward. It is worth reiterating that we remain in the early stages of our multiyear strategic plan, but believe the investments we have made to date will deliver significant long-term benefit.

在我轉交電話之前，我想強調一下我們在 2024 年迄今為止在執行 Clarus 戰略舉措以尋求創造長期價值方面所取得的漸進進展。儘管整體宏觀經濟狀況仍然充滿挑戰，消費者需求普遍受到限制，但我們相信，我們已經為未來的預期永續成長奠定了基礎。值得重申的是，我們仍處於多年戰略計劃的早期階段，但相信我們迄今為止所做的投資將帶來顯著的長期效益。

While Neil and Matt will provide more specific comments, we continue to take positive steps forward in each segment during the quarter. At Outdoor, in the face of strong market headwinds, the team continued to execute initiatives focused on simplification and rightsizing of the inventory. Importantly, inventory levels were down 17% year-over-year and we've improved the quality and composition of the inventory to focus on our A styles across categories, which Neil will discuss in greater detail.

雖然尼爾和馬特將提供更具體的評論，但我們本季繼續在每個細分市場採取積極的步驟。在Outdoor，面對強勁的市場逆風，團隊繼續執行以簡化和調整庫存規模為重點的措施。重要的是，庫存水準年減了 17%，我們提高了庫存的品質和組成，重點關注各個類別的 A 款式，Neil 將更詳細地討論這一點。

From an operational standpoint, we identified several opportunities that may drive efficiencies in the business, and we've been pleased with our progress both reducing operating costs and solidifying the core. In the Adventure segment, while Q2 results reflected market softness, particularly in the United States, we continue to see positive trends during the first half of the year within the broader segment primarily in Australia.

從營運的角度來看，我們發現了一些可能提高業務效率的機會，並且我們對降低營運成本和鞏固核心業務的進展感到滿意。在冒險領域，雖然第二季的業績反映了市場疲軟，特別是在美國，但我們在今年上半年繼續看到更廣泛的領域（主要是澳洲）的正面趨勢。

As we have detailed previously, we believe there are significant growth opportunities outside of the home market, and we continue to invest proactively to capitalize on the strong long-term industry dynamics and largely growing addressable market across our verticals.

正如我們之前所詳述的，我們相信國內市場之外存在巨大的成長機會，我們將繼續積極投資，以利用強勁的長期行業動態和整個垂直領域不斷增長的潛在市場。

Mat will discuss the team's broader corporate realignment and recent appointments which we believe will bring a focus to the US and international markets and strengthen our global OEM initiatives. We believe we now have the right team and strategic road map in place to build out a best-in-class product ecosystem while maintaining a commitment to enhance product margins as we scale.

Mat 將討論團隊更廣泛的公司重組和最近的任命，我們相信這將把重點放在美國和國際市場上，並加強我們的全球 OEM 計劃。我們相信，我們現在擁有合適的團隊和策略路線圖，可以建立一流的產品生態系統，同時保持在擴大規模時提高產品利潤的承諾。

As we look towards the future, we recognize there is still much more work to be done, but are pleased with the incremental improvements we have seen across the business and believe that the previously stated long-term profitability objectives are achievable.

展望未來，我們認識到還有很多工作要做，但對我們在整個業務中看到的漸進式改進感到高興，並相信先前提出的長期獲利目標是可以實現的。

With that, thank you for being with us today, and I will turn the call over to Mike.

在此，感謝您今天與我們在一起，我會將電話轉給麥克。

Thank you, Warren, and good afternoon, everyone. On today's call, I'll provide a brief Q2 update before turning it over to Mat and Neil to review segment performance. I will then conclude with a more detailed summary of our Q2 financial results and then open it up for a Q&A session.

謝謝沃倫，大家下午好。在今天的電話會議上，我將提供簡短的第二季更新，然後將其交給 Mat 和 Neil 來審查部門績效。然後，我將更詳細地總結我們第二季的財務業績，然後開始問答環節。

Beginning on Slide 4. We continue to advance our strategic plan in the second quarter with Clarus positioned for long-term growth as a pure-play ESG-friendly outdoor business. As a reminder, this was our first full quarter following the divestiture of the Precision Sports segment in Q1. As Warren mentioned, in the second quarter, we advanced our strategic initiatives to reposition the organizational structure, drive balance sheet improvement and deemphasize categories and revenue streams that do not enhance our goal to find our foundation and drive profitable growth.

從投影片 4 開始。我們在第二季度繼續推進我們的策略計劃，Clarus 定位為純粹的 ESG 友善戶外業務，以實現長期成長。提醒一下，這是我們在第一季剝離 Precision Sports 部門後的第一個完整季度。正如沃倫所提到的，在第二季度，我們推進了戰略舉措，以重新定位組織結構，推動資產負債表改善，並淡化那些無法增強我們尋找基礎和推動盈利增長目標的類別和收入流。

In the Outdoor segment, our simplification initiatives remain on track as we continue to focus on our core categories and build on positions of strength. We previously indicated that we believe we were seeing stabilization in the North American market, and we can confirm that today.

在戶外領域，隨著我們繼續專注於我們的核心類別並鞏固優勢地位，我們的簡化計劃仍然在正軌上。我們先前表示，我們相信北美市場正在穩定，今天我們可以證實這一點。

In the first half of the year against a difficult backdrop where many of our peers have seen sales decline, our North American wholesale business was up 1% over the prior year period, which is encouraging as we have been simplifying and rationalizing our scope of products. We view this as evidence that our strategy of leaning into our best categories with our best customers is working.

上半年，在許多同業銷售額下降的困難背景下，我們的北美批發業務比去年同期成長了 1%，這令人鼓舞，因為我們一直在簡化和合理化我們的產品範圍。我們認為這證明我們與最好的客戶一起向最好的類別傾斜的策略正在發揮作用。

Operationally, we have continued to streamline our development process, leaning on excellent vendor partners to deliver better products and tighter timelines, which is the engine for higher-margin growth.

在營運上，我們繼續簡化我們的開發流程，依靠優秀的供應商合作夥伴提供更好的產品和更嚴格的時間表，這是更高利潤成長的引擎。

Over at the Adventure segment, revenue increased year-over-year for the fourth consecutive quarter. Although overall sales growth and profitability were affected by weakness in the US and rest of world markets, especially in the USA, consistent with our invest to scale objective, we continue to take steps to strengthen our Adventure team and seek to expand beyond the home market of Australia and New Zealand. Mat will detail our progress in these areas in a moment.

在冒險領域，營收連續第四個季度年增。儘管整體銷售成長和獲利能力受到美國和世界其他市場（尤其是美國）疲軟的影響，但與我們的投資規模目標一致，我們將繼續採取措施加強我們的冒險團隊，並尋求擴展到本土市場之外澳大利亞和紐西蘭。Mat 稍後將詳細介紹我們在這些領域的進展。

Moving to the bottom of the slide. I would like to reiterate that a key component of the new Clarus is our significant financial strength and flexibility to strategically allocate capital for the benefit of shareholders. We ended the second quarter with no debt and over $46 million of cash on the balance sheet.

移至幻燈片底部。我想重申，新 Clarus 的關鍵組成部分是我們強大的財務實力和為股東利益策略性分配資本的靈活性。第二季結束時，我們的資產負債表上沒有債務，現金超過 4,600 萬美元。

Through our capital allocation strategy, our priority is to reinvest in our existing two segments to seek to drive organic growth. We expect to continue to pay our quarterly dividend and also selectively look at smaller bolt-on M&A opportunities that may enhance our Adventure business in the United States.

透過我們的資本配置策略，我們的首要任務是對現有的兩個細分市場進行再投資，以尋求推動有機成長。我們預計將繼續支付季度股息，並有選擇地尋找可能增強我們在美國的冒險業務的小型補充併購機會。

Before I turn the call over to Mat, I'll briefly highlight a few key figures on Slide 5. Clarus' second quarter revenue of $56.5 million was short of our guidance of $58 million to $62 million. However, our first half 2024 revenue of $125.8 million remains consistent with our expectation for $125 million of revenue in the first half of the year.

在將電話轉給 Mat 之前，我將簡要地強調幻燈片 5 上的幾個關鍵人物。Clarus 第二季營收為 5,650 萬美元，低於我們 5,800 萬至 6,200 萬美元的預期。然而，我們 2024 年上半年的收入為 1.258 億美元，與我們對上半年收入 1.25 億美元的預期保持一致。

Taking this into account, we are reaffirming our topline guidance for the year of $270 million to $280 million of revenue. In the second quarter, we generated an adjusted EBITDA loss of $1.9 million. This compares to our guidance of $0 million to $0.5 million of adjusted EBITDA. Our revised EBITDA guidance is primarily driven by our miss in the first half of the year from the Adventure segment, US and rest of world operations.

考慮到這一點，我們重申今年營收目標為 2.7 億至 2.8 億美元。第二季度，我們調整後的 EBITDA 虧損為 190 萬美元。相較之下，我們的調整後 EBITDA 指導值為 000 萬至 50 萬美元。我們修訂後的 EBITDA 指引主要是由於我們上半年冒險業務、美國和世界其他地區業務的業績不佳所致。

While we are confident in the new team we have in place, we view the probability of clawing back the negative EBITDA from Q2 as low. As a result, we've revised our full-year adjusted EBITDA outlook. I'll provide additional details on our updated 2024 guidance later on the call.

雖然我們對現有的新團隊充滿信心，但我們認為從第二季開始就收回負 EBITDA 的可能性很低。因此，我們修改了全年調整後 EBITDA 前景。我將在稍後的電話會議上提供有關更新後的 2024 年指南的更多詳細資訊。

Overall, our second quarter financial results reflect near-term pressure on the business but we believe we have the building blocks in place to continue to execute our multiyear strategic plan.

總體而言，我們第二季的財務表現反映了近期業務面臨的壓力，但我們相信我們已經具備繼續執行多年策略計畫的基礎。

I'll now turn the call over to Mat Hayward, Managing Director of Clarus' Adventure segment. Mat?

現在我將把電話轉給 Clarus 冒險部門董事總經理 Matt Hayward。墊？

Thanks, Mike. I'll begin my remarks on Slide 6. Following the reset and stabilization of our business, we continue to take steps in the second quarter consistent with our primary objective of investing to scale and finding integrated efficiency across our portfolio of businesses.

謝謝，麥克。我將從幻燈片 6 開始我的演講。在我們的業務重置和穩定之後，我們將在第二季度繼續採取與我們的主要目標一致的措施，即投資擴大業務規模並尋求業務組合的綜合效率。

In our core Australia and New Zealand markets, results were solid and execution remains on track. Sales growth and margin expansion were once again driven by strong demand by OEM customers and specific key accounts. This was partially offset by softness in certain retail accounts as we've seen customers managing Australian fiscal year-end inventory levels tighter than in prior years.

在我們的核心澳洲和紐西蘭市場，業績穩健，執行力仍處於正軌。OEM 客戶和特定大客戶的強勁需求再次推動了銷售成長和利潤率擴張。這在一定程度上被某些零售帳戶的疲軟所抵消，因為我們看到客戶比前幾年更嚴格地管理澳洲財年末的庫存水準。

Overall, we're pleased with the results in the first half of the year across our ANZ business, supported by net sales, gross profit and EBITDA consistent with our expectations. It is also worth highlighting our progress driving down inventory levels below our targets in these regions.

整體而言，我們對澳新銀行業務上半年的業績感到滿意，這得益於淨銷售額、毛利和 EBITDA 符合我們的預期。還值得強調的是，我們在這些地區將庫存​​水準降低到目標以下所取得的進展。

Zooming in on specific channels. While we saw outperformance in wholesale and OEM in the first half of the year, sales in the US and rest of world lagged behind. As a result, second quarter margins, in particular, were adversely impacted with the channel mix skewed more towards OEM product rather than higher margin foreign distribution revenue.

放大特定頻道。雖然我們看到上半年批發和 OEM 業務表現出色，但美國和世界其他地區的銷售卻落後。因此，第二季的利潤率尤其受到不利影響，因為通路組合更偏向 OEM 產品，而不是利潤率較高的外國分銷收入。

Simply put, the US market has not delivered to plan, and that weakness hampered our results. While we underperformed in terms of second quarter net sales, gross profit and EBITDA, we believe our key investments made in the first half of the year should pay expected dividends moving forward.

簡而言之，美國市場並未按計劃實現，這種疲軟影響了我們的業績。雖然我們在第二季淨銷售額、毛利和 EBITDA 方面表現不佳，但我們相信我們上半年的關鍵投資應該會在未來支付預期股息。

Most importantly, in July of this year, we hired a new leader in the business who has the full support of our global shift services team. Tripp Wyckoff will be responsible for managing and growing each of the Adventure brands in the Americas, including the US, Canada, and Latin America and has a wealth of knowledge, operating discipline and expertise in taking brands of our size to the next level. He has previously worked with Thule in the US where he grew the brand significantly in their peak periods and was primarily responsible for bringing to market global initiatives, building one-on-one customer relationships and integrating key acquisitions. This addition to the team represents a critical progress as we invest to scale and work to capitalize on clear long-term growth opportunities outside of our home market with a clear focus on growing our US business.

最重要的是，今年 7 月，我們聘請了一位新的業務領導者，他得到了我們全球輪班服務團隊的全力支持。Tripp Wyckoff 將負責管理和發展美洲地區（包括美國、加拿大和拉丁美洲）的每個 Adventure 品牌，並擁有豐富的知識、營運紀律和專業知識，可將我們規模的品牌提升到新的水平。他此前曾在美國的 Thule 工作，在該品牌的鼎盛時期使該品牌得到了顯著發展，主要負責將全球計劃推向市場、建立一對一的客戶關係以及整合關鍵收購。團隊的增加代表著我們的重大進展，因為我們進行投資以擴大規模，並努力利用本土市場之外的明確長期成長機會，並明確地專注於發展我們的美國業務。

Turning to EMEA. We've also taken important corrective action to address the lack of sales leadership with the appointment that Warren alluded to earlier, that of Daniel Bruntsch, who has joined our team as Head of EMEA Sales. In his role, he will build the Adventure segment's current accounts in Europe, while focusing on initiatives that are expected to expand customer relationships across the broader region, including the Middle East and Africa.

轉向歐洲、中東和非洲地區。我們也採取了重要的糾正措施來解決銷售領導力不足的問題，任命了沃倫之前提到的 Daniel Bruntsch，他已加入我們的團隊擔任歐洲、中東和非洲銷售主管。在此職位上，他將在歐洲建立冒險部門的經常帳戶，同時重點關注旨在擴大包括中東和非洲在內的更廣泛地區的客戶關係的舉措。

Additionally, building on the success of our growing ANZ region, we've made the decision to promote [Chris Radford] to the Head of APAC, where he will oversee the whole region to better execute our global distribution strategy supported by a robust ANZ infrastructure. We now have three clearly defined regions, each with proper management structures, incentivized to drive profitable growth, supported by our shared services in our HQ in Sydney.

此外，在不斷發展的澳新銀行地區取得成功的基礎上，我們決定將[Chris Radford] 提升為亞太地區負責人，他將負責監督整個地區，以便在強大的澳新銀行基礎設施的支持下更好地執行我們的全球分銷策略。我們現在擁有三個明確界定的區域，每個區域都有適當的管理結構，並在雪梨總部共享服務的支持下，激勵推動獲利成長。

We believe these steps will go a long way towards improving overall profitability as we allocate resources to drive performance outside of our home market. Taking a step back into our Q2 results in context. Adventure's limited sales and EBITDA growth were largely attributed to our underperformance in the US and softness in international markets. There were some margin mix matters where we saw outperformance in our growing OEM channel that offset traditionally higher rest of world distribution product sales.

我們相信，隨著我們分配資源以提高國內市場以外的業績，這些步驟將對提高整體獲利能力大有幫助。回顧一下我們的第二季結果。Adventure 的銷售額和 EBITDA 成長有限，很大程度上歸因於我們在美國的表現不佳和國際市場的疲軟。在一些利潤組合問題上，我們看到不斷增長的 OEM 管道表現出色，抵消了世界其他地區分銷產品銷售傳統上較高的影響。

We are confident in our view that this is the baseline from which improvements in revenue and gross margins, SG&A and EBITDA will be driven during the second half. We have enacted significant operational change in the first half of the year, bringing on and upskilling 15 team members across our three key regions.

我們相信，這是下半年營收和毛利率、SG&A 和 EBITDA 改善的基準。今年上半年，我們實施了重大的營運變革，在三個關鍵區域引進了 15 名團隊成員並提高了他們的技能。

While several of these positions were sourced internally, we engaged a network of great recruiting partners to help in all of our endeavors. We've also engaged an outside firm to work through our global sourcing and supply chain initiatives that we believe could deliver meaningful margin improvement across 2025 and beyond.

雖然其中一些職位是內部招募的，但我們聘請了優秀的招募合作夥伴網絡來幫助我們完成所有工作。我們還聘請了一家外部公司來實施我們的全球採購和供應鏈計劃，我們相信這些計劃可以在 2025 年及以後帶來有意義的利潤率改善。

I'd like to now turn the call over to Neil Fiske, President of Black Diamond. Neil?

我現在想將電話轉給 Black Diamond 總裁 Neil Fiske。尼爾？

Thanks, Mat. Turning to Slide 7. Overall, results in the Outdoor segment were in line with our expectations for the quarter, and we are pleased with our progress in the face of some strong market headwinds. Actions in Q2 represented our key themes for 2024: simplifying the business to solidify our core, improving profitability and laying the foundation for long-term sustainable growth.

謝謝，馬特。轉向幻燈片 7。整體而言，戶外部門的業績符合我們對本季的預期，我們對面對一些強勁的市場阻力所取得的進展感到滿意。第二季的行動代表了我們2024年的關鍵主題：簡化業務以鞏固核心、提高獲利能力並為長期永續成長奠定基礎。

Overall, revenues met our expectations for the quarter in the context of a market that is still adjusting to the post-pandemic demand levels. In North America, wholesale revenues were down 4.7% on a comparable basis with significantly less promotional activity and one fewer mat pricing breaks this year.

總體而言，在市場仍在適應疫情後需求水準的背景下，本季營收達到了我們的預期。在北美，今年的批發收入年減了 4.7%，促銷活動大幅減少，墊子定價中斷次數也減少了。

For the first half of the year, as you've heard, North American wholesale grew 1% year-over-year. We've rebuilt the sales team in North America and are very pleased with the results that we are seeing.

如你所知，今年上半年北美批發量年增 1%。我們重建了北美的銷售團隊，並對我們所看到的結果感到非常滿意。

North America digital B2C was down 15.7% for the quarter, due in large part to less promotional activity and not repeating our huge June clearance event from last year. The digital channel represented 20.5% of the region's revenue compared to 22% last year. While retail stores accounted for 4.4% of the total, down from 5.8% last year.

北美數位 B2C 本季下降了 15.7%，這在很大程度上是由於促銷活動減少以及不再重複去年 6 月的大型清倉活動。數位管道佔該地區收入的 20.5%，而去年為 22%。而零售商店佔總數的4.4%，低於去年的5.8%。

In the European wholesale market, we saw a sequential improvement over the first quarter with a 5% decline versus a 17% drop in Q1, again, in line with our expectations.

在歐洲批發市場，我們看到第一季環比有所改善，下降了 5%，而第一季下降了 17%，再次符合我們的預期。

We see further improvement ahead in H2 with an outlook that is flat to up slightly in wholesale. That said, many accounts in Europe have bought conservatively for the fall/winter season and are counting on fill-in orders if the weather is normal to favorable.

我們預計下半年將進一步改善，批發前景將持平或略有上升。儘管如此，歐洲的許多客戶在秋冬季節都進行了保守的採購，並指望在天氣正常或有利的情況下補充訂單。

EU digital direct-to-consumer grew 7.4%, and we expect some modest acceleration in the second half, although that channel is still a relatively low 7.6% of the region's revenue.

歐盟數字直接面向消費者成長了 7.4%，我們預計下半年將出現小幅加速，儘管該管道僅佔該地區收入的 7.6%，相對較低。

Our international distributor markets also posted a sequential improvement from Q1, with revenues down 7.8% versus the 44.1% drop in Q1. However, we believe 2024 will continue to be an inventory reset year for most of our distributor markets consistent with the commentary we provided in Q1. Our regions are at varying stages of recovery, but signals point to them all heading in the right direction.

我們的國際經銷商市場也較第一季有所改善，營收下降了 7.8%，而第一季下降了 44.1%。然而，我們相信 2024 年將繼續是我們大多數經銷商市場庫存重置的一年，這與我們在第一季提供的評論一致。我們各地區正處於不同的復甦階段，但訊號顯示它們都在朝著正確的方向前進。

In total, our revenue for Q2 was down 10%. Excluding reserves to deal with potential PFAS inventory, Q2 gross margins were down 180 basis points to prior year, primarily due to channel and product mix.

總的來說，我們第二季的營收下降了 10%。不包括處理潛在 PFAS 庫存的儲備，第二季毛利率比去年同期下降 180 個基點，這主要是由於通路和產品組合的原因。

For the first half of the year, margins were flat year-over-year. Operating costs, excluding restructuring charges, were down 9.3% year-over-year on a comparable basis. We continue to drive efficiencies in the business and reshape the organization to be leaner and more agile. We expect to see additional cost savings materialize in H2 and continue to grow into 2025.

今年上半年，利潤率較去年同期持平。營運成本（不包括重組費用）較去年同期下降 9.3%。我們持續提高業務效率並重塑組織，使其更加精簡、更加敏捷。我們預計下半年將實現更多成本節約，並持續成長到 2025 年。

Inventory ended the quarter down 17.1% at $66.4 million compared to the prior year of $80.1 million. Our simplification work continues to improve the quality and composition of the inventory. The percentage of inventory in our volume-driving A styles, for example, increased to 68%, up from 59% last quarter and 45% a year ago.

本季末庫存為 6,640 萬美元，較上年同期的 8,010 萬美元下降 17.1%。我們的簡化工作不斷提高庫存的品質和組成。例如，我們的銷售驅動型 A 款式的庫存百分比從上季的 59% 和一年前的 45% 增加到 68%。

Meanwhile, fill rates on our wholesale orders improved to over 95%, reflecting stronger inventory management and improvement in our sales and operations planning processes. Importantly, apparel inventory ended the quarter down 19.8% year-over-year at $17.8 million.

同時，我們的批發訂單履行率提高到 95% 以上，這反映出我們的庫存管理更加強大以及我們的銷售和營運規劃流程得到了改善。重要的是，本季末服裝庫存年減 19.8% 至 1,780 萬美元。

Finally, as we continue to rationalize our product lines and simplify the business, we are undertaking a strategic review of our PIEPS snow safety brand. The goal of this review is to assess whether the value of this business can best be unlocked by Black Diamond or another owner.

最後，隨著我們繼續合理化我們的產品線並簡化業務，我們正在對 PIEPS 雪地安全品牌進行策略性審查。本次審查的目的是評估 Black Diamond 或其他所有者是否可以最好地釋放該業務的價值。

In summary, I'll reiterate the message from last quarter. We are pleased with our progress and confident in our strategy, knowing that there is much more to do and to demonstrate.

總之，我將重申上季的訊息。我們對我們的進展感到高興，並對我們的策略充滿信心，因為我們知道還有很多事情要做和需要展示。

I'll now turn the call back over to Mike.

我現在將把電話轉回給麥克。

Michael Yates

麥可耶茨

Thank you, Neil. Turning to Slide 8. I'll begin with a summary of our financial performance in the second quarter. As a reminder, and as we have noted previously, given the sale of Precision Support segment for approximately $175 million, which was closed in the first quarter of this year, our US GAAP results are comprised of Outdoor and the Adventure segment, and the results are referred to as continuing operations.

謝謝你，尼爾。轉到投影片 8。我將先總結第二季的財務表現。提醒一下，正如我們之前指出的，鑑於精確支持部門的出售價格約為 1.75 億美元，該交易已於今年第一季度完成，我們的美國 GAAP 業績由戶外和冒險部門組成，並且結果被稱為持續經營。

Second quarter sales were $56.5 million compared to $57.9 million in the prior year second quarter. The 3% decline in total sales was driven by a decrease in the Outdoor segment of 10% that Neil just mentioned. This is was partially offset by Adventure segment sales growth of 14%. Overall, FX was immaterial in this quarter.

第二季銷售額為 5,650 萬美元，去年第二季銷售額為 5,790 萬美元。總銷售額下降 3% 是由尼爾剛才提到的戶外業務下降 ​​10% 造成的。這被冒險部門 14% 的銷售額成長部分抵消。總體而言，外匯在本季並不重要。

Moving to the consolidated gross margins. In the second quarter, gross margin was 36.1% compared to 39% in the year-ago quarter. The decrease was primarily attributable to an increase in the PFAS-related inventory reserves, unfavorable product mix in Outdoor and higher inventory and sales return reserve expenses for the Adventure segment.

轉向綜合毛利率。第二季毛利率為 36.1%，去年同期為 39%。減少的主要原因是與 PFAS 相關的庫存儲備增加、戶外產品組合不利以及冒險部門的庫存和銷售退貨儲備費用增加。

Adjusted gross margin adjusted for the PFAS reserve that Neil mentioned, which was $716,000 in the quarter, adjusted gross margin adjusting for the PFAS reserve of 37.4% compared to 39% in the year ago quarter.

Neil 提到的 PFAS 儲備調整後的毛利率為 716,000 美元，PFAS 儲備調整後的毛利率為 37.4%，而去年同期為 39%。

Q2 selling and general and administrative expenses were $28.1 million compared to $26.9 million in the same year ago quarter. The increase was primarily due to additional investments in marketing initiatives at Adventure as well as higher employee-related expenses across the company, including higher bonus expense and the 15 new employees added to the Adventure segment to help scale the business. These investments were partially offset by expense reduction initiatives at the Outdoor segment to manage cost as well as lower intangible amortization.

第二季銷售及一般及管理費用為 2,810 萬美元，去年同期為 2,690 萬美元。這一成長主要是由於 Adventure 行銷活動的額外投資以及整個公司員工相關費用的增加，包括獎金費用的增加以及 Adventure 部門增加了 15 名新員工以幫助擴大業務。這些投資被戶外部門為管理成本而採取的費用削減措施以及較低的無形攤銷部分抵消。

Our adjusted EBITDA loss in the second quarter was $1.9 million or an adjusted EBITDA margin of negative 3.4%, compared to an adjusted EBITDA of $1.0 million or an adjusted EBITDA margin of 1.7% in the same year ago quarter. Our adjusted EBITDA is adjusted for restructuring charges, transaction costs, contingent consideration benefit and stock compensation expense as well as PFAS inventory reserves.

第二季調整後 EBITDA 虧損為 190 萬美元，調整後 EBITDA 利潤率為負 3.4%，而去年同期調整後 EBITDA 為 100 萬美元，調整後 EBITDA 利潤率為 1.7%。我們調整後的 EBITDA 根據重組費用、交易成本、或有對價收益、股票補償費用以及 PFAS 庫存儲備進行調整。

Additionally, beginning in the first quarter of the year, we adjusted for legal costs associated with the Section 16B litigation and the Consumer Product Safety Commission, known as the CPSC matter. These legal costs were $399,000 in the second quarter.

此外，從今年第一季開始，我們調整了與第 16B 條訴訟和消費品安全委員會（即 CPSC 事務）相關的法律費用。第二季這些法律費用為 399,000 美元。

Second quarter adjusted EBITDA by segment was $1.2 million at Adventure and a loss of $400,000 at Outdoor. Adjusted corporate costs was $2.7 million in the second quarter.

第二季Adventure部門調整後的EBITDA為120萬美元，Outdoor部門虧損40萬美元。第二季調整後的企業成本為 270 萬美元。

Next, let me shift to liquidity. At June 30, 2024, cash and cash equivalents were $46.2 million compared to $11.3 million at December 31, 2023. Total debt at June 30, 2024, was zero compared to $119.8 million at the end of 2023. Our reduced debt and substantial improved cash position reflects the closing of the Precision Sports sale in February of 2024 and the termination and repayment in full of our credit agreement.

接下來，讓我轉向流動性。截至 2024 年 6 月 30 日，現金及現金等價物為 4,620 萬美元，而 2023 年 12 月 31 日為 1,130 萬美元。截至 2024 年 6 月 30 日，債務總額為零，而 2023 年底的債務總額為 1.198 億美元。我們的債務減少和現金狀況大幅改善反映了 Precision Sports 銷售於 2024 年 2 月完成以及我們信貸協議的終止和全額償還。

Consolidated cash tax expenses for the full-year is expected to be $3 million to $4 million, which will allow us to maintain most of the net cash realized from the Precision Sports sale.

全年綜合現金稅支出預計為 300 萬至 400 萬美元，這將使我們能夠維持 Precision Sports 銷售所實現的大部分淨現金。

Free cash flow, defined as net cash provided by operating activities less capital expenditures for the second quarter of 2024 was an outflow of $700,000. We expect to generate approximately $25 million of free cash flow in the second half of 2024. If achieved, our cash balance would be north of $70 million compared to the $46.2 million at June 30, 2024.

自由現金流（定義為經營活動提供的淨現金減去資本支出）2024 年第二季流出 70 萬美元。我們預計 2024 年下半年將產生約 2,500 萬美元的自由現金流。如果實現的話，我們的現金餘額將超過 7,000 萬美元，而 2024 年 6 月 30 日的現金餘額為 4,620 萬美元。

As a reminder, we have NOL carryforwards for US federal income tax purposes of approximately $7.7 million at the end of December of 2023. The company expects to utilize all the remaining NOLs in their entirety this year.

謹此提醒，截至 2023 年 12 月底，我們用於美國聯邦所得稅目的的 NOL 結轉金額約為 770 萬美元。該公司預計今年將全部利用剩餘的 NOL。

Before turning to our outlook, I would like to provide an update on the outstanding Section 16B securities litigation matters that the company is pursuing. We continue to proceed in our lawsuit against HAP Trading, LLC and Mr. Harsh A. Padia, Both fact discovery and expert discovery have now been concluded.

在展望我們的前景之前，我想先介紹一下公司正在追究的未決的第 16B 條證券訴訟事項的最新情況。我們繼續對 HAP Trading, LLC 和 Harsh A. Padia 先生提起訴訟，事實調查和專家調查現已結束。

The court set the following schedule for HAP's summary judgment motion and challenge to our expert witness. Motion papers were served on May 9 of 2024. Opposition papers were served on July 9, 2024, and reply papers are due by August 9 of 2024. If this matter goes to trial, we would expect the trial to commence sometime in 2025.

法院為 HAP 的簡易判決動議和對我們的專家證人提出質疑制定了以下時間表。動議文件於 2024 年 5 月 9 日送達。異議文件已於 2024 年 7 月 9 日送達，答辯文件應於 2024 年 8 月 9 日之前提交。如果此案進入審判階段，我們預計審判將於 2025 年某個時間點開始。

We also have filed a lawsuit against Caption Management and its related entities and control persons. Those defendants filed a motion to dismiss on June 27. We filed opposition papers on July 25, and reply papers are due by August 15.

我們也對 Caption Management 及其相關實體和控制人提起訴訟。這些被告於 6 月 27 日提出駁回動議。我們於 7 月 25 日提交了異議文件，答覆文件將於 8 月 15 日截止。

Moving on to our 2024 outlook on Slide 9. We have reaffirmed our topline guidance and continue to expect sales to range between $270 million and $280 million for the full-year 2024. Adjusted EBITDA from continuing operations is now expected to be approximately $11 million to $14 million or an adjusted EBITDA margin of 4.5% at the midpoint of revenue and adjusted EBITDA.

繼續幻燈片 9 中的 2024 年展望。我們重申了我們的營收指引，並繼續預計 2024 年全年銷售額將在 2.7 億美元至 2.8 億美元之間。持續經營業務帶來的調整後 EBITDA 目前預計約為 1,100 萬至 1,400 萬美元，調整後 EBITDA 利潤率按收入和調整後 EBITDA 的中點計算為 4.5%。

We now expect capital expenditures to range between $6 million and $7 million and adjusted free cash flow to range between $7 million to $9 million for the full-year 2024, excluding $2 million of cash outflow related to Precision Sports prior to the disposal.

我們目前預計2024 年全年資本支出將在600 萬美元至700 萬美元之間，調整後自由現金流將在700 萬美元至900 萬美元之間，不包括處置前與Precision Sports 相關的200 萬美元現金流出。

Consistent with our historical seasonal pattern, the second half accelerated compared to the first half. Therefore, third quarter sales are expected to be between $70 million and $75 million and adjusted EBITDA is expected to be between $3 million and $4 million.

與我們的歷史季節性模式一致，下半年比上半年加速。因此，第三季銷售額預計在 7,000 萬美元至 7,500 萬美元之間，調整後的 EBITDA 預計在 300 萬美元至 400 萬美元之間。

I want to reiterate that our outlook does not include any expense or ongoing litigation specifically relating to Section 16B matters, the CPSC matter or further increases to the PFAS-related inventory reserves.

我想重申，我們的展望不包括與第 16B 條事宜、消費品安全委員會事宜或進一步增加 PFAS 相關庫存儲備相關的任何費用或正在進行的訴訟。

Before I move on from discussing our outlook. I want to be very clear regarding what has changed. We still expect Outdoor revenue to be approximately $185 million and Adventure sales to be $90 million for the full-year 2024. This is consistent with the guidance we have been sharing since our Investor Day back in early March in New York City.

在我繼續討論我們的前景之前。我想非常清楚地了解發生了什麼變化。我們仍預計 2024 年全年戶外收入約為 1.85 億美元，冒險銷售額約為 9,000 萬美元。這與我們自三月初在紐約舉行的投資者日以來一直分享的指導方針是一致的。

We also continue to expect the Outdoor business to generate $14.5 million of adjusted EBITDA, representing a nearly 8% margin. The change today compared to our prior guidance is that we now expect the Adventure segment to only generate a 10% EBITDA margin compared to the 15% margin we shared earlier in the year. This is a $4.5 million impact on the adjusted EBITDA and is the bridge between our new guidance at the midpoint of $12.5 million and our prior guidance at the midpoint of $17 million for adjusted EBITDA. The obvious question is why the decrease from 15% to 10%. And the answer, we believe we have a tremendous strategic plan to take an iconic market-leading Australian/New Zealand roof rack brand and turn it into a global brand.

我們也繼續預期戶外業務將產生 1,450 萬美元的調整後 EBITDA，即近 8% 的利潤率。與我們之前的指導相比，今天的變化是，我們現在預計冒險業務部門將僅產生 10% 的 EBITDA 利潤率，而我們今年稍早分享的利潤率為 15%。這對調整後 EBITDA 產生了 450 萬美元的影響，並且是我們調整後 EBITDA 的新指導中位數 1250 萬美元與先前指導中位數 1700 萬美元之間的橋樑。顯而易見的問題是為什麼會從 15% 下降到 10%。答案是，我們相信我們有一個巨大的戰略計劃，將澳洲/紐西蘭市場領先的標誌性車頂架品牌轉變為全球品牌。

And in order to do that, we need to make investments to scale the business. We are continuing to make these investments here in 2024 despite challenging market conditions. These investments, as Mat outlined, include new team members in critical leadership positions, marketing investments, technology investments and supply chain investments to name just a few.

為了做到這一點，我們需要進行投資來擴大業務。儘管市場條件充滿挑戰，我們仍將在 2024 年繼續進行這些投資。正如馬特所概述的，這些投資包括擔任關鍵領導職位的新團隊成員、行銷投資、技術投資和供應鏈投資等。

Finally, as Neil discussed, we are reviewing strategic alternatives for the PIEPS snow safety brand with the intention of soliciting interest from potential acquirers. This strategic initiative is aligned with our prioritization of simplifying the business and rationalizing our product categories.

最後，正如 Neil 所討論的，我們正在審查 PIEPS 雪地安全品牌的策略替代方案，目的是吸引潛在收購者的興趣。這項策略舉措與我們簡化業務和合理化產品類別的優先順序一致。

The company's Board of Directors has not set a timetable to complete this review and evaluation of strategic options nor have they made a decision relating to strategic options at this time. There can be no assurance that the review process will result in any transaction that will be consummated. The company and the company's Board of Directors do not intend to comment further about the strategic review unless and until they deem further disclosure is appropriate.

公司董事會尚未設定完成本次策略選擇審查和評估的時間表，也尚未就策略選擇做出相關決定。無法保證審核過程將導致任何交易得以完成。公司和公司董事會不打算對策略審查進一步發表評論，除非他們認為進一步披露是適當的。

As we look towards the future, we are confident that Clarus is well positioned to drive sustainable, profitable growth, supported by outstanding leadership and a debt-free balance sheet. We remain in the early stages of a multiyear strategic plan but believe the investments we have made to scale our Adventure business and simplifying the Outdoor business and product categories are expected to deliver significant long-term benefits to declared shareholders as market continuations normalize.

展望未來，我們相信，在出色的領導力和無債務資產負債表的支持下，Clarus 處於有利地位，能夠推動可持續的獲利成長。我們仍處於多年戰略計劃的早期階段，但相信隨著市場持續正常化，我們為擴大冒險業務和簡化戶外業務和產品類別而進行的投資預計將為宣布的股東帶來顯著的長期利益。

At this point, operator, we are ready to take questions.

至此，接線員，我們準備好回答問題了。

Thank you. We will now begin the question-and-answer session. (Operator Instructions)

謝謝。我們現在開始問答環節。（操作員說明）

Matt Koranda, ROTH Capital.

馬特·科蘭達，羅斯資本。

I guess just to dig in a little bit more. Hey, Mike. So just wanted to dig in a little bit more on the EBITDA guide and the $4.5 million change that you mentioned. So I guess just the follow-on question to your explanation is just why the change that we're seeing now? I guess, wouldn't you have contemplated a scale-up investment in the business prior to sort of the long-term planning you did in preparation for the Investor Day in March?

我想只是為了再深入一點。嘿，麥克。所以我只是想深入了解 EBITDA 指南以及您提到的 450 萬美元的變化。所以我想你的解釋的後續問題就是為什麼我們現在看到的改變？我想，在為三月的投資者日做準備的長期規劃之前，您不會考慮擴大對業務的投資嗎？

And I guess, could you break down the $4.5 million a little bit more in detail? I know you mentioned there are some buckets in there, like new team members, marketing, supply chain. Any further detail you can provide around sort of where we're making the investments and why we expect those to bear fruit?

我想，您能更詳細地分解 450 萬美元嗎？我知道你提到其中有一些內容，像是新團隊成員、行銷、供應鏈。您能否提供有關我們在何處進行投資以及為什麼我們希望這些投資能夠取得成果的更多詳細資訊？

Well, sure. No, great question. So obviously, it's investment and the decline in Q2's, I think in Mat's commentary, and we've already acknowledged that Q2 way underperformed here in the US, right? So we've probably underperformed from a budget perspective by $2 million to $3 million of what we thought we have profitability would be coming out of the US business here in the second quarter, all right? So as we said in our prepared remarks, we're not going to be able to make that up, right? The season in the US is in the Q2 period. That's the biggest period we would expect to do business in the US So quite disappointed by that.

嗯，當然。不，很好的問題。很明顯，這是投資和第二季度的下降，我認為在馬特的評論中，我們已經承認第二季度在美國的表現不佳，對吧？因此，從預算的角度來看，我們的表現可能比我們認為第二季美國業務的獲利能力低了 200 萬至 300 萬美元，好嗎？正如我們在準備好的發言中所說，我們無法彌補這一點，對嗎？美國的產季處於第二季。這是我們預計在美國開展業務的最大時期，因此對此感到非常失望。

On the flip side, we are committed to our plan. We think we have a great brand, a great product and we think the market is ripe for us to take advantage of this. That's why we've gone ahead and we've hired Tripp Wyckoff to lead the Americas, right, whether that's Canada and North America, all throughout North America. And his background, he did this once 12 years earlier in his career for Thule.

另一方面，我們致力於我們的計劃。我們認為我們擁有一個偉大的品牌，一個偉大的產品，我們認為市場已經成熟，我們可以利用這一點。這就是我們繼續前進的原因，我們聘請了 Tripp Wyckoff 來領導美洲地區，對吧，無論是加拿大還是北美，整個北美地區。就他的背景而言，他在 Thule 職業生涯 12 年前就曾經這樣做過一次。

He's a proven leader. He knows the folks at the distributor level. He's already spoke with them all as part of his diligence to take the job, right? So we're excited about what he can do to come in and help get the Rhino-Rack brand, that is a market leader that is showing the strength in Australia and New Zealand and the OEM space and grow that here in North America.

他是一位久經考驗的領導者。他認識經銷商級的人。作為他努力接受這份工作的一部分，他已經和他們所有人談過了，對嗎？因此，我們對他能夠加入並幫助獲得 Rhino-Rack 品牌感到興奮，該品牌是一個市場領導者，在澳洲和紐西蘭以及 OEM 領域展示了實力，並在北美發展壯大。

So, quantifying the investments, a lot of it is people. We've hired 15 more people across the businesses to help scale the business because not only does Mat want to grow the business here in North America, we're also trying to grow in what we refer to as rest of world. Rest of the world, there's the Americas. There's a home market of Australia and New Zealand and now we've included the Asian markets in there as well.

因此，量化投資，其中很大一部分是人。我們在各個業務部門又僱用了 15 名員工來幫助擴大業務規模，因為 Mat 不僅希望在北美發展業務，我們還試圖在我們所說的世界其他地區發展業務。世界其他地方，有美洲。有澳洲和紐西蘭的本土市場，現在我們也將亞洲市場納入其中。

But the rest of world being Europe, right, and some of the OEMs that are based over in Europe, too. So we hired Daniel to tackle that, another proven person who knows how to grow businesses, Australian businesses in Germany and the rest of Europe. So it is people, it's technology, when you also, we're spending money on a new website, new tech stack is to help our D2C, especially with our MAXTRAX product that's underperformed this year is what we would have expected that to have done here in the US

但世界其他地區是歐洲，對吧，一些原始設備製造商也位於歐洲。因此，我們聘請了丹尼爾來解決這個問題，他是另一位久經考驗的人，他知道如何在德國和歐洲其他地區發展業務、澳洲業務。所以這是人，是技術，當你也一樣時，我們在一個新網站上花錢，新技術堆疊將幫助我們的 D2C，特別是我們今年表現不佳的 MAXTRAX 產品，這是我們所期望的在美國這裡

We're spending money on supply chain, not only projects to investigate opportunities to simplify our supply chain, take costs out of our supply chain, which would then help on the margin and profitability going forward. And so marketing, technology, supply chain, people, regional growth. I mean, we have a blueprint. We need to execute on it. And in order to execute on it, we needed to spend some more money.

我們在供應鏈上投入資金，而不僅僅是研究簡化供應鏈的機會、降低供應鏈成本的項目，這將有助於提高未來的利潤率和獲利能力。行銷、技術、供應鏈、人員、區域成長也是如此。我的意思是，我們有一個藍圖。我們需要執行它。為了執行它，我們需要花費更多的錢。

To answer your question, have we thought about it? Frankly, yes, we thought about it. We had these costs built into our plan for 2024. The decision we've made here in the second quarter was we are going to continue and commit to spending these dollars and making these investments despite the topline being challenged.

回答你的問題，我們有沒有想過？坦白說，是的，我們考慮過。我們已將這些成本納入 2024 年的計劃中。我們在第二季度做出的決定是，儘管收入受到挑戰，我們仍將繼續並承諾花費這些美元並進行這些投資。

Our internal budget was higher, much higher than what we achieved in Adventure here through the first half of the year, especially in the second quarter. We're making a conscious decision to spend even though the dollars would have been covered by margin dollars had we had higher revenues that we thought we were tracking towards up through the end of April, frankly. May and June were extremely tough.

我們的內部預算更高，遠高於我們上半年在冒險方面實現的目標，尤其是第二季。坦白說，如果我們的收入高於我們認為截至 4 月底的成長水平，那麼我們正在做出有意識的支出決定，即使這些美元本可以由保證金美元支付。五月和六月非常艱難。

Okay. Got it. So it sounds like maybe things have righted a little bit toward the latter portion of the quarter on the topline at the very least.

好的。知道了。因此，聽起來至少在本季的後半段，情況可能已經有所改善。

Yes. Yes, indeed.

是的。是的，確實如此。

Okay. All right. Got it. And then one other, I guess, more outlook-oriented question, I guess if I triangulate between the full-year guide and what you put out for the third quarter, it does imply like a pretty good improvement in EBITDA margin heading into the fourth quarter and just kind of wondering where we get the confidence to say that we're going to be able to jump up to what looks like a low double-digit EBITDA margin in the fourth quarter. Where specifically can we highlight some costs that maybe were pulling out or some improvement fundamentally in one of the segments where we can get there?

好的。好的。知道了。然後，我想，還有一個更面向前景的問題，我想如果我在全年指南和第三季度的數據之間進行三角測量，它確實意味著進入第四季度時EBITDA 利潤率會有相當好的改善我們只是想知道我們從哪裡有信心說我們將能夠在第四季度達到看似較低的兩位數 EBITDA 利潤率。具體來說，我們可以在哪裡強調一些可能正在取消的成本，或者在我們可以實現這一目標的細分市場中從根本上進行一些改進？

Yes. No, no. So right. So at the midpoint of the Q3 revenue, 72.5%, which implies the fourth quarter is 77.5%, right? So that's for the fourth quarter of revenue. The difference of what you're highlighting is I'm only guiding $3 million to $4 million of, call it, $3.5 million at the midpoint of profitability for the third quarter. But to get to the $12.5 million, I need $9 million of profitability in the fourth quarter.

是的。不，不。太對了。那麼第三季營收的中點是 72.5%，這意味著第四季是 77.5%，對嗎？這就是第四季的營收。您所強調的不同之處在於，我僅指導第三季獲利能力中點的 300 萬美元至 400 萬美元，即 350 萬美元。但要達到 1,250 萬美元，我需要在第四季實現 900 萬美元的獲利。

So your question is spot on. And so that is exactly how we're looking at it. Interestingly enough, right, the fourth quarter this year is setting up to be our strongest quarter in that how the numbers are coming together specifically over the Adventure business and at the Black Diamond business. Neil, Mat, either one of you want to comment on why you stayed at your confidence level for the fourth quarter on the topline?

所以你的問題是正確的。這正是我們的看法。有趣的是，今年第四季將成為我們最強勁的季度，因為冒險業務和黑鑽業務的數據如何匯總在一起。尼爾、馬特，你們中的任何一位想評論為什麼你們對第四季的營收保持在信心水準嗎？

Yes. Look, it's Mat here from Adventure. Look, Q4 is typically our strongest. One of the benefits, we have had softness in Q2, as you called out, we haven't performed in the US The benefit going into the back half is ANZ, it's our peak season. We are introducing a range of new products across the three different brands, Q4 being the dominant one.

是的。看，這是《冒險》中的馬特。看，Q4 通常是我們最強的。好處之一是，我們在第二季度表現疲軟，正如您所說，我們在美國的表現不佳。我們正在推出一系列跨三個不同品牌的新產品，其中 Q4 是主導品牌。

Added to that some cost-out projects that are more based on long-term efficiency and our product mix. We're also looking to see some of the fruit of our global supply chain project kind of kick in as well. So there's a number of things linked into, I guess, the timing and the phasing of it.

除此之外，一些成本支出項目更基於長期效率和我們的產品組合。我們也希望看到我們的全球供應鏈專案的一些成果也能發揮作用。因此，我想，有很多事情與它的時機和階段有關。

But the dominant factor is H2 being the strongest season as we go into our peak summer season in ANZ. And at that point of time as well, we've also factored in the ability for Tripp kind of heading into his fourth and fifth month in the job and his relationships in the market being able to stabilize our US projections. So that's why we have confidence in H2 from an Adventure point of view.

但主導因素是下半年是最強勁的季節，因為我們進入了澳新銀行的夏季高峰季節。那時，我們也考慮了特里普進入工作第四個月和第五個月的能力，以及他在市場上的關係能夠穩定我們對美國的預測。這就是為什麼我們從冒險的角度對 H2 充滿信心。

And Matt, I can add on from the Outdoor perspective. So fourth quarter is naturally our biggest quarter just in terms of demand and seasonal build. And we get a tremendous amount of operating leverage in the fourth quarter. So the flow-through on that revenue is extremely high.

馬特，我可以從戶外的角度補充。因此，就需求和季節性建設而言，第四季自然是我們最大的季度。我們在第四季獲得了巨大的營運槓桿。因此，該收入的流通量非常高。

Secondly, we've taken an incremental amount of cost out of the operating model at Black Diamond that I think will ensure that we hit our profitability goals for Q4, specifically, about $700,000 in the quarter alone from incremental cost-out initiatives that we've put in place. And frankly, this will continue to build into 2025.

其次，我們已經從Black Diamond 的營運模式中削減了增量成本，我認為這將確保我們實現第四季度的盈利目標，具體來說，僅本季度就從我們的增量成本削減計劃中削減了約70 萬美元。坦白說，這種情況將持續到 2025 年。

And thirdly, I would say, we look forward to business, some of it is mostly wholesale-based, and we look at the order book as the first indicator of what we'll be able to do in any given quarter. And we feel good about the order book matching our expectations. There is quite a bit still, maybe 20% of the business, that will be at once, either call orders or ASAP orders. And I think that's where the fluctuation could be depending on how early winter turns on and what the early seasonal demand is for the new product, but it's a confined amount of revenue for us.

第三，我想說，我們期待業務，其中一些業務主要是批發業務，我們將訂單簿視為我們在任何特定季度能夠做什麼的第一個指標。我們對訂單符合我們的預期感到滿意。還有相當多的業務，也許是 20%，將立即進行，要么是電話訂單，要么是 ASAP 訂單。我認為波動可能取決於冬天的早熟程度以及新產品的早期季節性需求，但這對我們來說是有限的收入。

So I think those are the three factors for Black Diamond that give us confidence in the profit outlook for the Q4 and for the second half. I also think we're in a better inventory position overall for those call orders and ASAP orders that do come in, our fill rates are considerably better this year than last year, should allow us to react to any upside in any given product line category or overall market trends?

因此，我認為這三個因素使我們對 Black Diamond 第四季和下半年的利潤前景充滿信心。我還認為，對於那些確實收到的電話訂單和盡快訂單，我們總體上處於更好的庫存狀況，今年我們的填充率比去年好得多，這應該使我們能夠對任何給定產品線類別的任何上升趨勢做出反應或整體市場趨勢？

Okay. I appreciate all the detail on the segments, guys. Maybe just one more, and then I'll turn it over, but just wanted to understand the latest from you guys and your perspective on the PFAS exposure. I guess we had another inventory reserve this quarter. That sort of doubles what we've done thus far, I guess. How much more of the exposure do we have left? Do we think we've kind of reserve for all of the exposure that we have? When does this fully get cleaned up? And how should we think about it?

好的。夥計們，我很欣賞這些部分的所有細節。也許只是再一個，然後我會把它翻過來，但我只是想了解你們的最新情況以及你們對 PFAS 暴露的看法。我想我們這個季度還有另一個庫存儲備。我想，這相當於我們迄今為止所做的事情的兩倍。我們還剩下多少曝光？我們是否認為我們對所有的風險敞口都有保留？什麼時候才能徹底清理乾淨？而我們該如何思考呢？

So Matt, I'll take that. I think when we first brought this up here two calls ago, I mentioned I thought there was a $3 million to $5 million risk. I think the team has done an excellent job working through PFAS inventory, right. We've booked $1.5 million of reserves and we have that on the books still.

所以馬特，我會接受的。我想當我們在兩次電話會議之前第一次提出這個問題時，我提到我認為有 300 萬至 500 萬美元的風險。我認為團隊在 PFAS 庫存方面做得非常出色，對吧。我們已經預訂了 150 萬美元的儲備金，而且現在仍然保留在帳上。

We are continuing to focus on that and work through PFAS inventory. The criteria continues to change, and there are some exceptions we're able to take advantage of but our goal and our objective is to get rid of all this inventory by the end of the year. I think we have about $9 million of inventory left as of June 30 that we need to work through.

我們將繼續關注這一點並進行 PFAS 清單工作。標準不斷變化，我們可以利用一些例外情況，但我們的目標是在年底前擺脫所有這些庫存。我認為截至 6 月 30 日，我們還有大約 900 萬美元的庫存需要處理。

And I know we've sold a good chunk of that here, had a good chunk of that we sold. We sold a lot of PFAS packs here in the month of July, frankly. So we're continuing to work through it. I think I'll stick with my guidance from six months ago is I think we have a $3 million to $4 million exposure. So I could see us booking another $750,000 each quarter. But I don't think it's much more than that, I mean, with the objective of being through this and having most of this issue behind us by the end of the year.

我知道我們在這裡已經賣掉了很大一部分，我們已經賣掉了很大一部分。坦白說，我們在 7 月在這裡售出了很多 PFAS 包。所以我們正在繼續努力解決這個問題。我認為我會堅持六個月前的指導，我認為我們有 300 萬至 400 萬美元的風險敞口。因此，我可以看到我們每個季度另外預訂 750,000 美元。但我認為這並不僅限於此，我的意思是，我們的目標是在今年年底前解決這個問題並解決大部分問題。

Mike, if I could just add to that from qualitative standpoint in terms of execution. We've established a glide path for getting out of our PFAS inventory. We look at it every week and at the halfway point here we're actually a little bit ahead of our glide path schedule. So feeling like we got on this problem early. We moved through quite a bit of product last year, early this year. And while we've got some more work to go, we feel like we're on it. We're a little bit ahead of pace and should we continue on this pace, we'll end the year relatively clean and in that range of reserves that Mike talked about and be set up for margin expansion in 2025 as a result of the work we've done this year.

麥克，如果我可以從執行方面的定性角度補充一下。我們已經建立了一條擺脫 PFAS 庫存的下滑路徑。我們每週都會查看它，在中間點，我們實際上比我們的滑行路線計劃提前了一點。所以感覺我們很早就解決了這個問題。去年、今年初，我們更換了相當多的產品。雖然我們還有更多工作要做，但我們感覺我們正在努力。我們有點領先了，如果我們繼續保持這個速度，我們將在今年結束時相對乾淨，並在邁克談到的儲備範圍內，並為 2025 年的利潤率擴張做好準備我們今年已經做到了。

All right. Appreciate all the responses, guys. I will leave it here.

好的。感謝所有的回應，夥計們。我會把它留在這裡。

Thanks, Matt.

謝謝，馬特。

Anna Glaessgen, B. Riley

安娜·格拉斯根，B·萊利

Hi, good afternoon. Thanks for taking my questions.

嗨，下午好。感謝您回答我的問題。

First, I'd like to touch on the state of the retail landscape in Outdoor. In the past, you've given us some perspective on the different subsegments that you break down, your retailers and your mass versus the national accounts. Could you give us an update on how those performed in the quarter?

首先，我想談談戶外零售業的現況。過去，您向我們提供了一些關於您細分的不同細分市場、您的零售商以及您的大眾與國民帳戶的看法。您能為我們介紹一下本季的最新表現嗎？

Neil, do you want me to take that or yes, sure. You take it.

尼爾，你想讓我接受還是，當然。你拿去吧。

Sure. So I would say, as a headline, we see the market continuing to stabilize, inventories coming more back in line with demand. But having said that, I don't think we're through it yet. We've still got another good six months, I think, before retailers are at the inventory levels they want and with the right composition of inventory that thereafter. And so that's a little bit of a drag still, a little bit of a headwind on the market overall.

當然。所以我想說，作為一個頭條新聞，我們看到市場持續穩定，庫存更加符合需求。但話雖如此，我認為我們還沒結束。我認為，在零售商達到他們想要的庫存水平以及此後庫存的正確組成之前，我們還有另外六個月的時間。因此，這仍然是一個小小的拖累，對整個市場來說是一個小小的阻力。

I would say when we look at specialty, the specialty segment overall is kind of holding its own to down low single digits, better than prior year, showing sequential improvement. Our retailers are still cautious about what the outlook is and making sure not to get over-inventoried and overbought again. So they're being quite tight on the first strings and forward orders.

我想說，當我們審視專業領域時，專業領域整體保持在低個位數的水平，比上一年更好，顯示出連續性的改善。我們的零售商仍然對前景持謹慎態度，並確保不會再次出現庫存過多和超買的情況。所以他們對第一線和遠期訂單非常嚴格。

But I think as I look at the specialty business, the core of it seems pretty good to me and in pretty good shape. There are, at the margin, some of the weaker specialty players that have struggled for a little bit. And I think we might see a little bit of shakeout of small accounts in the market, but with the kind of multiyear pressure that's been in the market. But overall, we see specialty coming back and becoming healthy. And that remains a super important part for the industry and for our strategy as well. It's very much the top of our distribution pyramid.

但我認為，當我審視專業業務時，它的核心對我來說似乎相當不錯，狀況也相當不錯。在邊緣，有一些較弱的專業玩家一直在苦苦掙扎。我認為我們可能會看到市場上小帳戶的一些調整，但市場上多年來一直面臨著這種壓力。但總體而言，我們看到專業回歸並變得健康。這對於產業和我們的策略來說仍然是非常重要的一部分。它幾乎是我們分銷金字塔的頂端。

With regard to the big national accounts, notably REI has seen a little bit of the same story. They're both kind of digging out of the ditch from last year, still some softness there. But we're seeing sequential improvement. We're seeing inventories get back in line and in better balance. We think we're outperforming the industry and the categories with those accounts and picking up share. It's hard to get the data.

就大型國民經濟核算而言，REI 也看到了一些相同的情況。他們都在從去年的溝渠中挖掘出來，但仍然有些軟弱。但我們看到了連續的改善。我們看到庫存恢復正常且更加平衡。我們認為，憑藉這些帳戶，我們的表現超越了行業和類別，並提高了市場份額。取得數據很困難。

But from what we hear from our buyers, Black Diamond continues to be a brand by virtue of its equity and leadership positions in core categories that those big retailers count on. And when things get a little rocky, one of the good things about being a market leader is you tend to get a little bit more of that open to buy because you're more of a sure bet. And I think we're seeing, as a brand, we're seeing some of that pick up.

但從我們從買家那裡聽到的情況來看，黑鑽憑藉其在大型零售商所依賴的核心品類中的股權和領導地位，仍然是一個品牌。當事情變得有點不穩定時，成為市場領導者的好處之一就是你往往會獲得更多的開放購買機會，因為你更有把握。我認為，作為一個品牌，我們正在看到其中一些回升。

So I would say across the big accounts, the national accounts as well as specialty, we're seeing stabilization of the market with more to come. And I wouldn't say there aren't any tailwinds out there, still a little bit of headwinds, but much less than what we saw last year. And I think that going into 2025, that the industry will be healthier, as accounts, we'll all be in a better place. So cautiously optimistic, I would say, in terms of the recovery of our retail account base. Does that answer your question, Anna?

因此，我想說，無論是大帳戶、國民帳戶或專業帳戶，我們都看到市場趨於穩定，而且未來還會有更多。我不會說沒有任何順風，仍然有一點逆風，但比我們去年看到的要少得多。我認為進入 2025 年，這個行業將會更加健康，作為一個帳戶，我們都會處於一個更好的境地。我想說，就我們零售帳戶基礎的恢復而言，我們持謹慎樂觀的態度。這能回答你的問題嗎，安娜？

Yes. That was super helpful. I guess it seems like retailers are still cautious, still working down probably some pockets of excesses, but you're not seeing kind of like the wild swings in order flow or sort of last-minute cancellations that were an issue probably more last year. Is that fair?

是的。這非常有幫助。我想零售商似乎仍然持謹慎態度，仍在努力減少可能的一些過度行為，但你沒有看到訂單流的劇烈波動或最後一刻的取消，這在去年可能是一個更嚴重的問題。這樣公平嗎？

Much less. And there's still some, but I think it's abating at a steady pace.

少得多。仍然有一些，但我認為它正在穩步減弱。

Got it. And it seems to be that there's less of a delta between the specialty and mass or national accounts than in the past. Is that fair?

知道了。與過去相比，專業帳戶和大眾帳戶或國民帳戶之間的差異似乎更小了。這樣公平嗎？

Probably less of a delta and maybe specialty has responded a little bit more quickly and has come through this more quickly than some of the big accounts. And so maybe they're a little bit ahead just in the recovery curve. But I think the delta is relatively small.

可能三角洲較小，也許專業的反應速度更快一些，並且比一些大客戶更快地度過了這個時期。因此，也許他們在復甦曲線上稍微領先一些。但我認為三角洲相對較小。

Okay. Great. Thanks so much. That’s for me.

好的。偉大的。非常感謝。那是給我的。

Jim Duffy, Stifel

吉姆達菲、史蒂菲爾

Hi. This is Peter on for Jim. Thanks for taking our questions. Mike, a question for you. The constrained consumer was recognized as a source of pressure for both the Outdoor and Adventure segments. Is this incremental to the prior outlook? And what are you baking into the second half outlook? I'm just curious if there's a consumer macro influence to the second half outlook.

你好。這是彼得替吉姆發言。感謝您回答我們的問題。麥克，問你一個問題。受限的消費者被認為是戶外和探險領域的壓力來源。這是否比先前的展望增加？您對下半年的前景有何展望？我只是好奇消費者宏觀經濟是否會對下半年的前景產生影響。

No, our commentary about that is, hey, overall, the consumer and retail is being called out as being challenged and the consumer is getting tighter and tighter. And I don't think that debatable, right? We've seen that, especially in the Outdoor when we look at our peer groups and other folks who've presented and then disclosed their earnings. Is it specifically baked into our outlook in some fashion?

不，我們對此的評論是，嘿，總的來說，消費者和零售業被認為受到了挑戰，而且消費者變得越來越緊。我認為這沒有爭議，對吧？我們已經看到了這一點，特別是在戶外，當我們觀察我們的同行群體和其他展示並揭露其收入的人時。它是否以某種方式特別融入了我們的觀點？

Not entirely, it's not, right? The numbers we're presenting here for the rest of the year are based on what we see our order book, where we have line of sight to here in the third quarter and what we know we have to on line of sight for fall/winter season that will ship late in the third quarter into the fourth quarter. So I don't think, we didn't discount any numbers because we think the consumer is tight based on what we're seeing specific to our business.

不完全是這樣，對吧？我們在這裡展示的今年剩餘時間的數字是基於我們所看到的訂單簿、我們在第三季度的視線以及我們知道我們必須在秋季/冬季的視線季節將在第三季度末交付到第四季度。所以我認為，我們沒有對任何數字打折，因為我們認為根據我們所看到的特定於我們業務的情況，消費者很緊張。

Okay. Thank you for that. Then switching, Mike, again, specific to your commentary on the Adventure business in the US market and a potential for a bolt-on acquisition. Can you talk about where you want to add to the business, if there are any categories, channels or capabilities you're looking to add to bolster the existing business? And then a follow-up to that would be now that you've reached a net cash position, how are you thinking about sensitivity to the leverage profile?

好的。謝謝你。然後，麥克，再次具體談談您對美國市場冒險業務以及補強收購潛力的評論。您能否談談您想在業務中添加哪些內容？然後，既然您已經達到了淨現金頭寸，那麼您如何考慮對槓桿狀況的敏感度？

Well, first, from an M&A standpoint

首先，從併購的角度來看

Mike, do you want me to take that?

麥克，你想讓我接受嗎？

Sure. Go ahead. Go ahead, Warren.

當然。前進。繼續吧，沃倫。

Yes. Yes. Thanks. So I think the acquisitions that currently we're looking at in that space are modest and would fit really part, what we view as our product portfolio that we need to truly be successful in this market. And so I think our cash balances, as Mike talked about, we expect to be upwards of $70 million by the end of the year and any acquisition would be modest. So we would have quite a bit of cash still on our balance sheet, just to give you an order of magnitude. Not very big.

是的。是的。謝謝。因此，我認為目前我們在該領域正在考慮的收購規模不大，並且非常適合我們認為在這個市場上真正取得成功所需的產品組合。因此，正如麥克所說，我認為我們的現金餘額預計到年底將達到 7,000 萬美元以上，任何收購都將是適度的。因此，我們的資產負債表上仍然有相當多的現金，只是為了給你一個數量級。不是很大。

Mark Smith, Lake Street Capital

馬克史密斯，湖街資本

Hi, guys. A similar question here, just as we think about consumer trends domestically. Can you just speak to kind of what you're seeing in Europe or other markets kind of around the consumer? Any signs of improvement and how they're holding up today?

嗨，大家好。正如我們思考國內消費趨勢一樣，這裡也有類似的問題。您能談談您在歐洲或其他市場的消費者所看到的情況嗎？有任何改善的跡象嗎？

Well, I can start, but I'll let Neil and Mat add to it. Because I would say the North American consumer is probably holding up a little better. We're seeing that in our North American business at Outdoor. The D2C customer, right, they're probably looking for a promotion, right? The market's a lot of promotional activity still on websites for Outdoor product.

好吧，我可以開始了，但我會讓尼爾和馬特補充。因為我想說北美消費者的情況可能會好一點。我們在北美戶外業務中看到了這一點。D2C 客戶，對吧，他們可能正在尋求促銷，對嗎？市面上戶外用品網站上仍然有很多促銷活動。

The European customer from my perspective in talking with the team and the market conditions over in Europe, we've discussed internally that we think the European market is about six months behind at a minimum six months behind the US market. So we started seeing stabilization of the North American market here at the beginning of the year. So we're hopeful we see stabilization with the European consumer here in the back half or at some point in the back half of 2024 for the Outdoor consumer over in Europe. Mat, any comments on the consumer over in Australia that you'd like to add?

從我與團隊討論歐洲客戶和歐洲市場狀況的角度來看，我們內部討論過，我們認為歐洲市場大約落後美國市場六個月，至少落後美國市場六個月。因此，我們從今年年初開始看到北美市場趨於穩定。因此，我們希望歐洲消費者在下半年或在 2024 年下半年的某個時間點看到歐洲戶外消費者的穩定。Mat，您對澳洲消費者有什麼意見嗎？

Yes. Thanks, Mike. Look, I think the best way of answering this is outside of ANZ, look, we've got a very robust brand in our home market. That's one of the luxuries we do have, and that strength sees us through a lot of ups and downs. One of the key indicators of performance, obviously, is auto sales, and it's been incredibly robust and continues to grow across our home market.

是的。謝謝，麥克。看，我認為回答這個問題的最佳方法是在澳新銀行之外，看，我們在國內市場擁有一個非常強大的品牌。這是我們所擁有的奢侈品之一，這種力量幫助我們度過了許多坎坷。顯然，關鍵績效指標之一是汽車銷售，它非常強勁，並且在我們的國內市場上持續成長。

As we look into Europe, the benefit we've got there is it's greenfields. We've had one primary partner there in Germany. And basically, the whole point of hiring Daniel is to go beyond that home distributor who's based in Germany and look at the opportunities across all of our three brands, Rhino-Rack, MAXTRAX and TRED and we are seeing those opportunities.

當我們審視歐洲時，我們在那裡得到的好處是它的綠地。我們在德國有一個主要合作夥伴。基本上，僱用 Daniel 的目的是超越德國本土經銷商的範圍，並著眼於我們所有三個品牌（Rhino-Rack、MAXTRAX 和 TRED）的機會，我們正在看到這些機會。

And with Daniel's contacts, we're already looking into being able to go into Scandinavia, into other parts of France and Southern Europe. We've signed a new distributor called Dream Team in France to look after more markets here. So the confidence we have is that we haven't really started and there hasn't been too much focus in Europe. And those opportunities are rolling in.

透過丹尼爾的聯繫，我們已經在考慮進入斯堪的納維亞半島、法國其他地區和南歐。我們在法國簽署了一家名為「夢幻團隊」的新經銷商，以照顧這裡的更多市場。因此，我們有信心我們還沒有真正開始，也沒有太多關注歐洲。這些機會正在滾滾而來。

From an APAC point of view, we do have standing relationships with partners in China and Japan, and we just need to have more focus on that, and that's with the restructure with Chris Radford now taking on APAC. And there is a lot of inquiry and interest.

從亞太地區的角度來看，我們確實與中國和日本的合作夥伴建立了長期關係，我們只需要更加關注這一點，這就是克里斯·雷德福（Chris Radford）現在負責亞太地區的重組。並且有很多詢問和興趣。

Looking at the US for us, again, we missed Q2 based that was internally inflicted, not consumer-based. There's a massive opportunity as we stand up new products. We're going into more of an ecosystem, as Warren mentioned earlier, that is not just our system, but more fit for more vehicles, more accessories and more of an activity-based marketing opportunity to go after people's lifestyles.

再次看看美國，我們錯過了第二季度，這是內部造成的，而不是基於消費者的。當我們推出新產品時，存在著巨大的機會。正如沃倫之前提到的，我們正在進入更多的生態系統，這不僅僅是我們的系統，而且更適合更多的車輛、更多的配件和更多基於活動的營銷機會，以追求人們的生活方式。

And again, our key accounts are demanding a strong third player in the market to take on some of the incumbents. So we are pretty excited about the extra opportunities with our new products and our new partners there. And we're not seeing too many headwinds. It's more our ability to execute on our plan in H2 and beyond.

我們的主要客戶再次要求市場上有一個強大的第三方參與者來挑戰一些現有企業。因此，我們對我們的新產品和新合作夥伴帶來的額外機會感到非常興奮。我們並沒有看到太多的阻力。更重要的是我們在下半年及以後執行計劃的能力。

To your point, because you hit on something very important, which is I think consumers are out there still buying, but they're buying more promotional items. And as we've come through a period of a year or more of supply exceeding demand and a very promotional market as players at all levels have tried to get their inventories in line, the reality is we've trained as an industry that the consumer to be more price-sensitive, deal-oriented. And I think we'll see a little bit of that still this year with people clearing through PFAS inventories. There are a lot of bargains out there for consumers right now.

就你的觀點而言，因為你發現了一些非常重要的事情，我認為消費者仍在購買，但他們正在購買更多促銷品。由於我們經歷了一年或更長時間的供應超過需求和一個非常促銷的市場，各級參與者都試圖使他們的庫存保持一致，現實是我們已經成為一個消費者需要的行業。 ，以交易為導向。我認為今年我們仍會看到一些這樣的情況，人們會清理 PFAS 庫存。現在有很多便宜貨可供消費者選擇。

And so we just have to be a little bit mindful that there will be across the industry, I think, continued margin pressure this year. Should get much better next year as we get through the last bit of PFAS inventory overhang. But it is a price-sensitive consumer indicitaing they're a little bit fatigued. They're still buying, but they're looking for the deal.

因此，我們只需要注意一點，我認為今年整個產業都會面臨持續的利潤壓力。隨著我們解決最後一點 PFAS 庫存過剩問題，明年應該會好得多。但這是對價格敏感的消費者，顯示他們有點疲勞。他們仍在購買，但他們正在尋找交易。

Okay. And I think the last question for me just maybe if Mat wants to take it or somebody else, just as we think about kind of a squeezed North American or US consumer, maybe hitting some stumbles out of the gates here on trying to roll out and improve the business or grow the business in the US for Adventure. Is this something that's going to get pushed and really much more of a 2025 story rather than second half of this year, especially as we think about kind of the seasonality and when maybe consumers are buying these products?

好的。我認為對我來說最後一個問題也許是馬特或其他人想要接受它，就像我們想到北美或美國消費者受到擠壓一樣，也許在嘗試推出時會遇到一些絆腳石，改善業務或在美國發展業務以進行冒險。這是否會被推動，而且實際上更像是 2025 年的故事，而不是今年下半年的故事，特別是當我們考慮季節性以及消費者可能何時購買這些產品時？

Yes. Great question, Mike.

是的。好問題，麥克。

Go ahead. You answer that. But the short answer, I believe, is yes. Go ahead.

前進。你回答這個問題。但我相信，簡短的答案是肯定的。前進。

Short answer is yes, and we'll bake that in, again, giving Tripp time to get a feet under the desk. But the reality is we've launched some new products in the US in April. So they did. We put in our flagship product globally, the Pioneer 6 trade. This is world-class. It's got over 90 accessories that comes with it. We launched in April. We weren't able to realize that with changes of management. And we exited the old partner early in Q2 when we brought in Tripp in July.

簡短的回答是肯定的，我們將再次考慮這一點，給特里普時間在桌子下面站穩腳跟。但實際情況是我們四月在美國推出了一些新產品。他們就這麼做了。我們在全球推出了我們的旗艦產品－Pioneer 6 trade。這是世界一流的。它附帶 90 多個配件。我們於四月推出。我們無法透過管理階層的變動來認知這一點。我們在第二季早些時候就退出了老合作夥伴，當時我們在 7 月引進了特里普。

So we've got that sitting there waiting. We've got stock on hand. We've got an incredible marketing campaign ready to go. Same thing with our new accessories that we launched boxes and tents that kind of complete that adventure opportunity standing up our new website that launches in September.

所以我們已經坐在那裡等待了。我們手頭上有庫存。我們已經準備好一場令人難以置信的行銷活動。與我們的新配件一樣，我們推出了盒子和帳篷，為我們九月推出的新網站提供了完整的冒險機會。

We're about four months behind standing that up. So yes, we are seeing this more of an acceleration into 2025 but we'll bake that into our number. And we do want to make sure that we deliver on the rest of the year in the US, and we have bought that I guess, that projection down. But we do have expectations that we can realize some of that in H2.

我們大約落後了四個月。所以，是的，我們看到這種情況在 2025 年會加速，但我們會將其納入我們的數字中。我們確實希望確保我們能在今年剩餘的時間裡在美國實現目標，我想我們已經接受了這個預測，下調了預測。但我們確實希望能夠在下半年實現其中一些目標。

Thank you.

謝謝。

This concludes our question-and-answer session. I'd like to turn the conference back over to Mike Yates for closing remarks.

我們的問答環節到此結束。我想將會議轉回給邁克耶茨 (Mike Yates) 致閉幕詞。

Thank you. Thank you very much. I want to thank everyone for attending the call this afternoon and your continued support and interest in Clarus. We look forward to updating you on our results again next quarter. I appreciate your time. Take care.

謝謝。非常感謝。我要感謝大家參加今天下午的電話會議，感謝大家對 Clarus 的持續支持和關注。我們期待下季再次向您通報我們的最新業績。我很感激你的時間。小心。

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。