Clarus Corp (CLAR) 2025 Q1 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 first quarter ended March 31, 2025.

大家下午好，感謝您參加今天的電話會議，討論 Clarus Corporation 截至 2025 年 3 月 31 日第一季的財務業績。

Joining us today are Clarus Corporation's Executive Chairman, Warren Kanders; CFO, Mike Yates; President of Black Diamond Equipment, Neil Fiske; and the Company's External Director of Investor Relations, Matt Berkowitz. Following the remarks, we'll open the call for your questions. 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.

今天與我們一起參加的有 Clarus Corporation 的執行董事長 Warren Kanders；財務長 Mike Yates； Black Diamond Equipment 總裁 Neil Fiske；以及公司外部投資者關係總監 Matt Berkowitz。發言結束後，我們將開始回答大家的提問。在我們進一步討論之前，我想將電話轉給伯科維茨先生，他將根據 1995 年《私人證券訴訟改革法案》的含義閱讀公司的安全港聲明，該聲明對前瞻性陳述提出了重要警告。馬特，請繼續。

Thank you. Before we begin, I'd like to remind everyone that during today's call, we will be making several forward-looking statements, and we will 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 financial condition of Clarus Corporation to differ materially from those expressed or implied by the forward-looking statements. 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 p.m. Eastern time tonight. A webcast replay will also be available via the link provided in today's press release, as well as on the company's website at www.claruscorp.com. Now I'd like to turn the call over to Clarus's executive Chairman Warren Kanders.

謝謝。在我們開始之前，我想提醒大家，在今天的電話會議中，我們將做出幾項前瞻性聲明，並且我們將根據《私人證券訴訟改革法案》的安全港條款做出這些聲明。這些前瞻性陳述反映了我們根據對目前所知資訊的理解所做出的最佳估計和假設。這些前瞻性陳述受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所表達或暗示的結果有重大差異。有關可能影響公司營運和財務業績的潛在因素的更多信息，將不時包含在公司向美國證券交易委員會提交的公開報告中。我想提醒大家，本次通話將於晚上 7 點開始重播。今晚東部時間。您也可以透過今天的新聞稿中提供的連結以及公司網站 www.claruscorp.com 觀看網路直播重播。現在我想把電話轉給 Clarus 的執行主席 Warren Kanders。

Good afternoon and thank you for joining Clarus's Earnings Call to review our results for the first quarter of 2025. I am joined today by our Chief Financial Officer Mike Yates, who will cover our overall performance and our adventure segment, as well as Neil Fiske, who will discuss our outdoor segment. During the 1st quarter, we remain focused on executing against our strategic roadmap and positioning Clarus for profitable growth over the long term. Despite an increasingly challenging consumer backdrop across the global consumer market, Q1 net sales of $60.4 million were above expectations. Our teams have continued to take important steps thus far in 2025 to further strengthen the core and Outdoor and invest to scale adventure. And momentum in the Outdoor segment has been driven by our success prioritizing Black Diamond's best and most profitable styles.

下午好，感謝您參加 Clarus 的收益電話會議來回顧我們 2025 年第一季的業績。今天，我們的財務長 Mike Yates 將與我一起討論我們的整體業績和探險部分，而 Neil Fiske 則將討論我們的戶外部分。在第一季度，我們將繼續專注於執行我們的策略路線圖，並為 Clarus 的長期獲利成長做好準備。儘管全球消費市場面臨越來越嚴峻的消費情勢，但第一季淨銷售額仍達 6,040 萬美元，高於預期。到 2025 年為止，我們的團隊已繼續採取重要措施，進一步加強核心和戶外力量，並投資擴大冒險規模。我們成功優先考慮 Black Diamond 最好、最賺錢的款式，從而推動了戶外領域的發展勢頭。

Overall, Q1 financial results were in line with our plan, which reflected our expectations of softer market conditions compared to the prior year period. We continue to benefit from product simplification and SKU rationalization initiatives, providing our customers with clear product differentiation and segmentation. The Black Diamond Organization is healthier than ever, and the hard work of the prior 2 years to simplify the business and right size our inventory has better positioned us to weather turbulent periods. A key bright spot has been the strong feedback we have heard from our partners regarding our revamped apparel line. Supported by a new approach to apparel and enhanced creative direction, we see opportunities to continue to capitalize on Black Diamonds' well-defined brand equity.

總體而言，第一季的財務業績符合我們的計劃，這反映了我們對與去年同期相比市場狀況較弱的預期。我們繼續受益於產品簡化和 SKU 合理化舉措，為我們的客戶提供清晰的產品差異化和細分。黑鑽組織比以往任何時候都更加健康，過去兩年為簡化業務和調整庫存規模所做的努力使我們能夠更好地度過動盪時期。一個關鍵的亮點是我們從合作夥伴那裡聽到了有關我們改進的服裝系列的強烈反饋。在服裝新方法和增強的創意指導的支持下，我們看到了繼續利用 Black Diamonds 明確的品牌資產的機會。

At Adventure, we experienced significant revenue declines as compared to the prior year period, in large part due to discrete shipments that were either delayed or we elected to forego in 2025. Mike will provide specifics, but we continue to see revenue from one OEM customer get pushed out while they restart production. I am pleased to say that orders recently began to flow again. Additionally, we cleared a significant amount of slow moving and aged inventory through an off-price retailer in the US in Q1 2024, which did not recur this quarter.

在 Adventure，我們的收入與去年同期相比大幅下降，這在很大程度上是由於零散貨物的發貨被延遲或我們選擇在 2025 年放棄。麥克將提供具體細節，但我們繼續看到一家 OEM 客戶的收入在他們重新開始生產時被推遲。我很高興地說，訂單最近又開始湧入了。此外，我們在 2024 年第一季透過美國一家折扣零售商清理了大量滯銷和陳舊庫存，但本季沒有再發生這種情況。

In our core Australian market, we continue to manage through lower order levels at a historically key retailer, which has been partially offset by growth in certain specialty accounts. Excluding the impact of these 3 customers, we saw overall sales flat in adventure over the comparable period which we believe reflects the strength of our brands, even in difficult market conditions.

在我們的核心澳洲市場，我們繼續透過歷史上重要的零售商的較低訂單水準進行管理，但某些專業帳戶的成長部分抵消了這一影響。除去這 3 位客戶的影響，我們發現探險系列產品的整體銷售額與同期持平，我們認為這反映了我們品牌的實力，即使在困難的市場條件下也是如此。

I would also like to point out the change in our Adventure leadership. We have a new segment leader recently promoting Tripp Wyckoff to head the business. Tripp joined Clarus last year to strengthen our US business for Adventure segment and has made an immediate impact, driving critical progress, revamping the organizational structure, bringing on new team members in key positions, and changing the go to market approach. Tripp is an industry veteran with over 20 years of deep operating experience in Cedar leadership roles at global businesses. He has a wealth of knowledge focused on guiding brands of our size and executing the next phase of growth. As part of the global leadership team since joining, Tripp understands the importance of our core Australian market to the success of Adventure and possesses a unique view on compelling long-term growth opportunities in other regions. He will be splitting his time between the US and Australia headquarters. We believe Tripp is the right leader for Adventure to reach its full potential moving forward.

我還想指出我們冒險領導層的變動。我們最近任命了一位新的部門負責人，提拔 Tripp Wyckoff 擔任這項業務的負責人。特里普 (Tripp) 去年加入 Clarus，以加強我們在美國探險領域的業務，並取得了立竿見影的效果，推動了關鍵進展，改革了組織結構，在關鍵職位上引入了新的團隊成員，並改變了市場營銷方式。特里普是一位業界資深人士，在全球企業的雪松領導職位上擁有超過 20 年的深厚營運經驗。他擁有豐富的知識，專注於指導我們這種規模的品牌並實現下一階段的成長。身為加入全球領導團隊的一員，特里普深知我們的核心澳洲市場對 Adventure 成功的重要性，並對其他地區引人注目的長期成長機會有著獨到的見解。他將在美國和澳洲總部兩地工作。我們相信，特里普是帶領 Adventure 充分發揮潛力的合適人選。

Outgoing leader Matt Hayward will depart the company, and we thank him for his contribution during his time with Clarus. Matt played a key role in establishing the foundation for the Adventure segment, hiring excellent new talent and developing new brand architecture. Core to this has been the development of a comprehensive new multi-year product plan across the portfolio, and entirely new commercialization process that will continue to guide us. We thank Matt for his contributions and leadership and wish him success in his future endeavors.

即將離任的領導人 Matt Hayward 將離開公司，我們感謝他在 Clarus 任職期間所做的貢獻。馬特在建立冒險部門的基礎、聘用優秀的新人才和開發新的品牌架構方面發揮了關鍵作用。其中的核心是製定涵蓋整個產品組合的全面新多年期產品計劃，以及將繼續指導我們的全新商業化流程。我們感謝馬特的貢獻和領導，並祝福他在未來的事業中取得成功。

Moving to the big picture, the primary question as we approach the remainder of the year is how macro conditions will evolve, as Mike details shortly, driven by growing economic uncertainty due to the US trade policy, we have withdrawn our full year guidance. While we believe we have effective countermeasures to mitigate a portion of the impact from the tariffs, we cannot predict how these tariffs might affect consumer sentiment and demand, making it very difficult to confidently forecast. Our focus is on controlling what we can, and in that regard, we have taken decisive actions to maintain our competitive positioning and Clarus's financial strength overall. Supported by a balance sheet with zero third party bank debt, we are committed to taking a prudent approach to capital allocation and managing our businesses to drive long-term market share gains while delivering sustainable value for Clarus's shareholders. With that, thank you for being with us today, and I will turn the call over to Neil.

從總體來看，隨著今年剩餘時間的臨近，我們面臨的主要問題是宏觀條件將如何演變，正如麥克簡要介紹的那樣，由於美國貿易政策導致的經濟不確定性日益增加，我們撤回了全年預期。雖然我們相信我們有有效的對策來減輕關稅的部分影響，但我們無法預測這些關稅將如何影響消費者情緒和需求，因此很難做出自信的預測。我們的重點是控制我們能夠控制的事情，在這方面，我們採取了果斷行動來保持我們的競爭地位和 Clarus 的整體財務實力。在零第三方銀行債務的資產負債表的支持下，我們致力於採取審慎的方式進行資本配置和管理我們的業務，以推動長期市場份額的增長，同時為 Clarus 的股東提供可持續的價值。最後，感謝您今天的來訪，我將把電話轉給尼爾。

Thanks Warren. Turning to slide 6, I will review the Outdoor segments Q1 performance and our expectations for the remainder of 2025. Overall, Q1 results exceeded our plan and expectations for the quarter from a top-line perspective, while adjusted EBITDA was in line with our goal, and I'm pleased with the continued progress on our strategic initiatives. Absent tariffs, we would be affirming our 2025 top line expectations that we shared during our call in early March. But of course, a lot has changed since then. That's the wild card in all of this. Like every company, we are confronting tremendous uncertainty and the adverse impacts of the new administration's tariffs and trade policies. Thankfully, the hard work we've done to simplify, focus, and restructure the business over the last two years puts us in a better position to absorb the shock and come out the other side even stronger. I'll come back to the tariff topic shortly.

謝謝沃倫。轉到投影片 6，我將回顧戶外部門第一季的表現以及我們對 2025 年剩餘時間的期望。總體而言，從營收角度來看，第一季的業績超出了我們的計劃和預期，調整後的 EBITDA 符合我們的目標，我對我們的策略舉措繼續取得進展感到滿意。如果沒有關稅，我們將確認我們在 3 月初電話會議上分享的 2025 年營收預期。但當然，自那時以來，很多事情都改變了。這就是所有這一切中的未知數。與所有公司一樣，我們也面臨著巨大的不確定性以及新政府關稅和貿易政策的不利影響。值得慶幸的是，過去兩年我們為簡化、集中和重組業務所做的努力，使我們能夠更好地吸收衝擊，並變得更加強大。我很快會回到關稅話題。

For the quarter, revenue came in at $44.3 million. Compared to prior year, sales were down 5.7% or $2.7 million due to two factors we had expected. First, the planned decline in our ski business from the exit of bindings and the pullback in snow safety. Both of which were part of our simplification and product rationalization process. And second, the shift of IGD revenue to more optimal delivery timing in Q4 of 2024. It's important to note that we made the decision to push out more discontinued merchandise in Q1 as a defensive move against macroeconomic uncertainty and potentially weaken consumer sentiment. By region and channel, North America wholesale was down 7.3%, the biggest driver of which was a 38% decline in the ski category in the region.

本季營收為 4430 萬美元。與去年相比，銷售額下降了 5.7% 或 270 萬美元，這歸因於我們預料到的兩個因素。首先，由於滑雪固定裝置的退出和雪上安全的減弱，我們的滑雪業務出現了計畫內的下滑。這兩者都是我們簡化和產品合理化過程的一部分。其次，IGD 收入將在 2024 年第四季轉向更優化的交付時間。值得注意的是，我們決定在第一季推出更多停產商品，以防範宏觀經濟的不確定性和可能削弱的消費者情緒。按地區和通路劃分，北美批發額下降7.3%，其中最大的驅動因素是該地區滑雪類別的批發額下降了38%。

North America digital D2C was down 7%, but delivered more gross profit dollars and channel contribution margin than in the prior year period. Europe wholesale was down a more modest 2.7%, while Europe digital D2C was at 10.7%. International distributor markets were down 21.4% due to the more optimal timing shift of deliveries into Q4 of last year. We expect to get some pickup in Q2 with a corresponding decrease in Q3 from the new delivery cadence as we deliver more of the fall assortment a month earlier in this year than in the past.

北美數位 D2C 下降了 7%，但毛利和通路貢獻利潤率均高於去年同期。歐洲批發銷售額下降幅度較小，為 2.7%，而歐洲數位 D2C 銷售額下降了 10.7%。由於去年第四季的交貨時間更加優化，國際經銷商市場下降了 21.4%。由於今年我們比過去提前一個月交付了更多的秋季商品，因此我們預計第二季度的交付量會有所回升，而第三季度的交付量將相應下降。

Gross margin for the quarter was down 80 basis points to prior year due to the higher mix and quantity of discontinued merchandise, plus a couple of cost variances which we don't expect to continue in Q2. Operating expenses, excluding restructuring charges were down 7.3%, reflecting the benefits of our simplified and more focused business and the efforts to right size our cost structure over the past few years. Inventories ended the quarter in great shape, down 3.5% prior year period at $60.6 million and with 74% of the value in our best A styles, which is where we want to see the mix.

由於停產商品的種類和數量較多，加上一些成本差異，我們預計第二季度不會繼續出現這種情況，因此本季的毛利率較上年同期下降了 80 個基點。不包括重組費用的營運費用下降了 7.3%，這反映了我們簡化和更加專注的業務以及過去幾年調整成本結構的努力所帶來的好處。本季末庫存狀況良好，比去年同期下降 3.5% 至 6,060 萬美元，其中 74% 的價值屬於我們最好的 A 類款式，這正是我們希望看到的組合。

Adjusted EBITDA for the quarter came in at $1.7 million, down $1.2 million the prior year due to the lower gross margin and lower top line volume year over year. We continue to make excellent progress on our key initiatives. We completed the strategic review of our PIEPS Snow Safety business with the announced signing of the sale agreement today, which Mike will detail further. We see a healthy order book for our fall winter season with apparel bookings up 30% in Europe and up 50% in North America. We successfully launched our new Black Diamond e-commerce site this past April. Our marketing message is sharper and more differentiated, as we saw with our very successful Born from the Climbing Life campaign this spring.

本季調整後的 EBITDA 為 170 萬美元，較上年同期下降 120 萬美元，原因是毛利率和營業額年減。我們在關鍵舉措上持續取得出色進展。我們今天宣布簽署銷售協議，完成了對 PIEPS 雪上安全業務的策略審查，Mike 將進一步詳細說明。我們看到秋冬季的訂單情況良好，歐洲的服裝訂單增加了 30%，北美的服裝訂單增加了 50%。我們在今年四月成功推出了新的 Black Diamond 電子商務網站。我們的行銷訊息更加清晰，更加差異化，正如我們今年春天非常成功的「源自於攀登生活」活動所展現的那樣。

Operating expenses continue to come down as a percentage of sales, another 40 basis points this quarter. Headcount is now more than 25% lower than during the first quarter of 2023 when I first stepped into the role. Inventory productivity continues to improve with a better match between supply and demand. While we are confident in both our strategic direction and performance through Q1, we are also in a completely different world than at the beginning of the year. The chaos, uncertainty, and supply chain disruption threatened to take a heavy toll not only on business operations but on consumer confidence as well.

營業費用佔銷售額的百分比持續下降，本季又下降了 40 個基點。目前員工人數比我剛上任時的 2023 年第一季減少了 25% 以上。庫存生產率持續提高，供需匹配度進一步提升。雖然我們對第一季的策略方向和業績充滿信心，但我們所處的世界與年初相比完全不同。混亂、不確定性和供應鏈中斷不僅可能對企業營運造成嚴重損害，還可能損害消費者信心。

Let me address the biggest of these factors, which is tariffs. As we see it, there are really 3 groups of tariffs that impact or potentially impact our business. First, the 10% universal tariff and the 25% tariff on steel and aluminum products which are in place now. We believe these are likely to stick and so we have taken up price accordingly and proportionally as of May 5th. Second, the China tariffs of 145%. These are simply untenable and unsustainable. Thankfully, we've been working over the years to reduce our exposure to China's source products. China represents about 25% of our merchandise costs today, and even before the tariff wars, we are working on a plan to resource into other countries by the end of 2026. Now we are accelerating those efforts and expect to have new country of origin production up and running by Q4 this year. We believe it will take us 6 to 9 months to complete the move out of China. So, the good news is that we are looking at a very defined period of impact. During this transition period, we are limiting price increases on China source products in most cases to around 10% in order to protect consumer demand on our market share. We look at this potential margin hit as transitory and short term in nature.

讓我來談談其中最大的一個因素，那就是關稅。我們認為，實際上有三組關稅會影響或可能影響我們的業務。第一，目前實施的10%的普遍關稅和25%的鋼鐵、鋁產品關稅。我們相信這些措施可能會持續下去，因此自 5 月 5 日起，我們已相應地按比例提高了價格。第二，對華徵收145%的關稅。這些都是站不住腳、不可持續的。值得慶幸的是，多年來我們一直在努力減少對中國源產品的接觸。目前，中國約占我們商品成本的 25%，甚至在關稅戰之前，我們就在製定一項計劃，到 2026 年底將資源轉移到其他國家。現在我們正在加快這些努力，並預計今年第四季新原產國的生產將開始運作。我們認為需要 6 到 9 個月的時間才能完成遷出中國的工作。因此，好消息是我們正在研究一個非常明確的影響期。在此過渡期內，我們在大多數情況下將中國產產品的價格漲幅限制在 10% 左右，以保護消費者對我們市場份額的需求。我們認為這種潛在的利潤衝擊是暫時的、短期的。

The third category is reciprocal tariffs, which have been postponed until July 8th. Until we have greater clarity on the outcome of trade negotiations currently underway, there is simply no way to predict or plan for this group of trade surcharges. So, what does all this mean in terms of economic impact? We break it down this way. We estimate that the gross impact absent any price in action would be $7.5 million to $8 million of exposure for Black Diamond for the remainder of the year. Pricing actions we have implemented as of May 5 are expected to reduce that exposure to $3.5 million to $4 million and essentially cover the 10% universal and 25% steel and aluminum tariffs. If we can accelerate our China exit plan, we can further reduce this net exposure by about $1 million to $2 million in the back half of the year. And of course, if there's a favorable negotiation outcome with China, our exposure would drop proportionally. Our primary goal in all of this is to protect supply, fill orders, and possibly gain share as the market shakes out. The silver lining here is a very real possibility that we come through this in an even stronger competitive position. The fundamentals of our strategy are more important than ever, and I'm confident that we are well positioned to take on the challenges ahead and grateful for the tremendous effort by our teams to adapt quickly to such an uncertain and rapidly changing environment. With that, let me turn it back to Mike.

第三類是互惠關稅，已延至7月8日。在我們更清楚目前正在進行的交易談判的結果之前，根本無法預測或規劃這組貿易附加費。那麼，就經濟影響而言，這一切意味著什麼？我們這樣分解它。我們估計，如果沒有任何價格變動，那麼今年剩餘時間內 Black Diamond 的總風險敞口將達到 750 萬至 800 萬美元。截至 5 月 5 日，我們實施的定價措施預計將把這項風險敞口降低至 350 萬至 400 萬美元，並基本覆蓋 10% 的普遍關稅和 25% 的鋼鐵和鋁關稅。如果我們能夠加快中國退出計劃，我們可以在今年下半年進一步減少約 100 萬至 200 萬美元的淨風險敞口。當然，如果與中國的談判結果有利，我們的風險敞口也會隨之下降。我們所有這一切的主要目標是保護供應、完成訂單，並在市場動盪時盡可能地獲得份額。值得慶幸的是，我們很有可能以更強大的競爭力度過難關。我們的策略基礎比以往任何時候都更加重要，我相信我們已準備好迎接未來的挑戰，並感謝我們的團隊為迅速適應如此不確定和快速變化的環境所做的巨大努力。說完這些，讓我把話題轉回給麥克。

Thank you, Neil, and good afternoon, everyone. On today's call, I'll provide some brief comments on the Adventure segment, and then we'll conclude with a detailed summary of our Q1 financial results followed by the Q&A session. I'm on slide 7. Our Q1 Adventure results continue to be affected by near term pressure on the business. As we have discussed previously, we have made significant investments that we are committed to maintaining to realize the long-term potential that we believe is achievable with our existing adventure brands. We are excited to have added the Rocky Mounts business to our portfolio, which is an ideal complement to Rhino-Rack. The brand is fully integrated, and the product client performed well in Q1.

謝謝你，尼爾，大家下午好。在今天的電話會議上，我將對冒險部分提供一些簡短的評論，然後我們將對我們的第一季財務業績進行詳細總結，隨後進行問答環節。我在第 7 張投影片。我們第一季的冒險業績持續受到短期業務壓力的影響。正如我們之前所討論的，我們已經進行了大量投資，並致力於維持這些投資，以實現我們認為現有探險品牌可以實現的長期潛力。我們很高興將 Rocky Mounts 業務添加到我們的投資組合中，這是 Rhino-Rack 的理想補充。品牌全面整合，產品客戶端Q1表現良好。

Additionally, after a broad corporate realignment last year with an Adventure, the new leadership appointment warned reference of Tripp Wyckoff is a step forward to take the business to the next level. Among his 20 years of industry experience, including time at Thule here in the US, where he grew the brand significantly in the peak periods and was primarily responsible for bringing the market global initiatives and building one on one customer relationships.

此外，在去年與 Adventure 公司進行了廣泛的公司重組之後，新領導層的任命警告稱，Tripp Wyckoff 的推薦是將業務提升到新水平的一步。他擁有 20 年的行業經驗，其中包括在美國 Thule 任職期間，在巔峰時期他顯著發展了品牌，並主要負責將市場推向全球並建立一對一的客戶關係。

Regarding tariffs and the effect on the Adventure business, I would note that while nearly all of the adventure products are sourced from Australia and China based on full year 2024 revenue. Over 80% of Adventure's revenue is outside the United States. So, the tariffs have a limited impact on a relative basis. Nevertheless, we have been evaluating new strategies for our China source products given that our US business is exposed. We are proactively working with our suppliers and are confident in our ability to move significant manufacturing out of China by 2026.

關於關稅及其對探險業務的影響，我想指出，根據 2024 年全年收入，幾乎所有探險產品都來自澳洲和中國。Adventure 80% 以上的營收來自美國以外。因此，關稅的影響相對有限。儘管如此，考慮到我們的美國業務受到的影響，我們一直在評估針對中國源產品的新策略。我們正在積極與供應商合作，並有信心在 2026 年將大量製造業轉移出中國。

I'd like to spend a minute diving into key customer mix shifts that weren't outlined within the Adventure business during the quarter. We had 3 customers account for $6.5 million of Adventure revenue in the first quarter of 2024 that only generated $1.1 million of revenue in the first quarter of 2025. This coupled with low recovery board sales of approximately $1 million which was partially offset by incremental Rhino-Rack revenue sales to specialty customers, accounts for the decline over the prior year.

我想花一點時間來深入探討本季 Adventure 業務中未概述的關鍵客戶組合變更。2024 年第一季度，我們有 3 位客戶為 Adventure 帶來了 650 萬美元的收入，但 2025 年第一季度，他們的收入僅為 110 萬美元。再加上回收板銷售額較低（約 100 萬美元），但 Rhino-Rack 向專業客戶銷售收入的增加部分抵消了這一影響，導致了銷售額較上年同期下降。

Of 3 customers, we believe that 2, our OEM partner and an Australian big box auto parts chain will normalize on an ongoing basis, but not to the same level as 2024. The third customer, a US off price retailer, we don't expect to be part of our go to market strategy moving forward.

在 3 個客戶中，我們相信其中 2 個、我們的 OEM 合作夥伴和一家澳洲大型汽車零件連鎖店將持續恢復正常，但不會達到 2024 年的水平。第三個客戶是一家美國折扣零售商，我們預期它不會成為我們未來市場策略的一部分。

We continue to make inroads with new customers across all product categories, including increasing bike rack doors from 300 to 800 in the first quarter of 2025. We've also worked to expand our global reach, adding new customers in the UAE and Africa while improving distribution agreements in Germany and the UK. Likewise, our OEM approach is taking root with new RFQs coming through primarily in Australia and New Zealand. Both of these market opportunities will take some time to develop as the sales lead cycles are longer than those on the consumer side.

我們繼續在所有產品類別中開拓新客戶，包括在 2025 年第一季將自行車架門的數量從 300 個增加到 800 個。我們也致力於擴大全球影響力，在阿聯酋和非洲增加新客戶，同時改善德國和英國的分銷協議。同樣，我們的 OEM 方法正在紮根，新的 RFQ 主要來自澳洲和紐西蘭。由於銷售線索週期比消費者方面的銷售線索週期要長，因此這兩個市場機會都需要一些時間來發展。

Let me now turn to the consolidated and segment financial review on slide 8. First quarter sales were $60.4 million compared to $69.3 million in the prior year first quarter. The 13% decline in total sales was driven by a decrease in Adventures segment of 28% and a decrease in the Outdoor segment of 6%. FX was a 1.3 million headwind in the quarter, and the acquisition impact from Rocky Mounts was a $1.3 million tailwind in the first quarter. This was the first full quarter of revenue for the Rocky Mounts acquisition. Clarus's first quarter revenue of $60.4 million was above our Q1 guidance of $56 million. Sales did decline year over year as anticipated as we executed on our simplification strategy and continued to deal with a tough macroeconomy.

現在讓我轉到第 8 張投影片上的合併和分部財務回顧。第一季銷售額為 6,040 萬美元，而去年同期為 6,930 萬美元。總銷售額下降 13% 是由於探險部分下降 28% 以及戶外部分下降 6%。FX 在本季帶來 130 萬美元的逆風，而 Rocky Mounts 的收購則為第一季帶來 130 萬美元的順風。這是 Rocky Mounts 收購案的第一個完整季度的收入。Clarus 第一季的營收為 6,040 萬美元，高於我們第一季預測的 5,600 萬美元。由於我們執行簡化策略並繼續應對嚴峻的宏觀經濟形勢，銷售額確實如預期的那樣同比下降。

At Adventure, first quarter revenue of $16.1 million was short of our expectations and down compared to the prior year. The 28% decline in revenue at adventures nearly all related to the significant decline in the year over year performance at the three specific accounts that I and Warren just highlighted. At Outdoor First quarter sales were $44.3 million, down 6% year over year. The decrease was due to our continued efforts around product simplification, SKU rationalization strategy, specifically the lower revenue from ski bindings and snow safety that Neil mentioned. This combined with the planned impact from the shift of the IGD revenues out of the first quarter with the primary drivers of the lower revenue and Outdoor.

Adventure 公司第一季的營收為 1,610 萬美元，低於我們的預期，且與去年同期相比有所下降。冒險活動收入下降 28% 幾乎全部與我和沃倫剛才強調的三個特定帳戶的同比業績大幅下降有關。戶外第一季銷售額為 4,430 萬美元，年減 6%。下降的原因是我們在產品簡化、SKU合理化策略方面的持續努力，特別是尼爾提到的滑雪固定器和雪上安全產品的收入下降。這與第一季 IGD 收入轉移的計劃影響相結合，是收入下降和戶外收入下降的主要原因。

The decrease was partially offset by high revenue from our high margin "A" and "B" styles consistent with our simplification strategy. The $44.3 million in Outdoor revenue exceeded our expectations due to strength within our peril and hard good categories compared to our budgeted expectation. This fee includes approximately $1.8 million of revenue at peak that was not contemplated in our previous guidance.

這一下降被我們高利潤的“A”和“B”款式的高收入部分抵消，這與我們的簡化策略一致。由於危險物品和硬商品類別的強勁表現，戶外用品收入達到 4,430 萬美元，超出了我們的預期，超出了我們的預算預期。該費用包括高峰期約 180 萬美元的收入，這在我們先前的指導中並未考慮到。

The gross margin rate in the first quarter was 34.4% compared to 35.9% in the prior year quarter. Gross margin was adversely impacted in the quarter by lower volumes and unfavorable product mix at both Outdoor and Adventure. Specifically, the unfavorable product mix at Outdoor was related to high levels of discontinued merchandise that was sold by a promotional pricing during the quarter, including the majority of the remaining PFAS inventory. The unfavorable product mix and adventure was primarily driven by promotional sales efforts in the North American market, which combined with the lower wholesale volumes of both Rhino-Rack and MAXTRAX in Australia, drove the decline in gross margin compared to the prior quarter.

第一季毛利率為34.4%，去年同期為35.9%。由於戶外和探險產品銷量下降以及產品組合不佳，本季毛利率受到不利影響。具體而言，戶外產品組合不佳與本季以促銷價銷售的大量停產商品有關，其中包括大部分剩餘的 PFAS 庫存。不利的產品組合和冒險主要是由於北美市場的促銷活動所致，再加上 Rhino-Rack 和 MAXTRAX 在澳洲的批發量較低，導致毛利率與上一季相比有所下降。

Adjusted gross margins which reflects inventory fair value adjustments of $120,000 associated with the Rocky Mount's purchase accounting was 34.6% for the quarter compared to 36.9% in the year ago quarter. First quarter, selling general administrative expenses were $26.6 million compared to $28.2 million or down 6% versus the same year ago quarter. The decrease was primarily due to lower retail expenses because of our decision to close unprofitable retail stores and Outdoor, as well as lower wage expense, lower marketing costs, and the successful implementation of other expense reduction initiatives to manage costs across both segments.

調整後的毛利率反映了與 Rocky Mount 購買會計相關的 120,000 美元庫存公允價值調整，本季為 34.6%，而去年同期為 36.9%。第一季度，銷售一般管理費用為 2,660 萬美元，去年同期為 2,820 萬美元，比下降 6%。下降的主要原因是零售費用降低，因為我們決定關閉無利可圖的零售店和戶外用品店，以及工資費用降低、營銷成本降低以及成功實施其他費用削減舉措以管理兩個部門的成本。

Adjusted EBITDA in the first quarter was a loss of $800,000 or an adjusted EBITDA margin of negative 1.3%. The first quarter 2025 consolidated adjusted EBITDA of $800,000 negative was short of our guide of break even. Our adjusted EBITDA is adjusted for amortization expense, disposal of internally developed software, restructuring charges, transaction costs, stock compensation expenses, and inventory fair value of purchases accounting. Additionally, beginning the first quarter of 2024, we adjusted legal costs associated with the Section 16B litigation and the Consumer Product Safety Commission DOJ matter, known as the CPSC and DOJ matter. These legal costs were $625,000 in the first quarter of 2025. First quarter, adjusted EBITDA by segment was a negative $200,000 at Adventure and $1.7 million positive at Outdoor. Adjusted corporate costs were $2.3 million in the first quarter of 2025.

第一季調整後的 EBITDA 虧損 80 萬美元，調整後的 EBITDA 利潤率為負 1.3%。2025 年第一季合併調整後 EBITDA 為負 80 萬美元，低於我們的損益兩平預期。我們的調整後 EBITDA 已根據攤銷費用、內部開發軟體處置、重組費用、交易成本、股票薪酬費用和採購會計的庫存公允價值進行調整。此外，從 2024 年第一季開始，我們調整了與第 16B 條訴訟和消費者產品安全委員會司法部事項（稱為 CPSC 和 DOJ 事項）相關的法律費用。2025 年第一季的法律費用為 625,000 美元。第一季度，按部門劃分的調整後 EBITDA：Adventure 部門為負 20 萬美元，Outdoor 部門為正 170 萬美元。2025 年第一季調整後的企業成本為 230 萬美元。

Next, let me shift to liquidity. At March 31, 2025, cash and cash equivalents were $41.3 million compared to $45.4 million at December 31, 2024. Total debt on March 31, 2025 was $1.9 million. This debt is related to an obligation associated with the Rocky Mounts acquisition, which is payable in December of 2025. We have no other third-party debt outstanding. Free cash flow, defined as net cash provided by operating activities less capital expenditures for the first quarter of 2025 was a use of $3.3 million compared to a use of $18.3 million in the prior year quarter. A significant improvement in free cash flow was expected and is consistent with my prior commentary that the private drain on cash would not reoccur.

接下來，讓我談談流動性。截至 2025 年 3 月 31 日，現金及現金等價物為 4,130 萬美元，而 2024 年 12 月 31 日為 4,540 萬美元。2025 年 3 月 31 日的總負債為 190 萬美元。該債務與 Rocky Mounts 收購相關的義務有關，將於 2025 年 12 月償還。我們沒有其他未償還的第三方債務。自由現金流定義為經營活動提供的淨現金減去資本支出，2025 年第一季的使用量為 330 萬美元，而去年同期的使用量為 1,830 萬美元。預計自由現金流將大幅改善，這與我先前的評論一致，即私人現金流失不會再次發生。

Regarding our cash balance, we have successfully completed the sale of an asset which will further increase our cash on hand upon completion. Today we announce that we've entered into an agreement to divest our PIEPS Snow Safety brand for EUR 7.8 million. This follows a comprehensive strategic review process launched last fall, and we are pleased with the outcome of a competitive process that recognizes the value of the PIEPS brand. It's intellectual property and its exceptional people. This divestiture is aligned with Clarus's prioritization of simplifying the business and rationalizing our product categories.

關於我們的現金餘額，我們已經成功完成了一項資產的出售，完成後這將進一步增加我們的現金餘額。今天，我們宣布已達成協議，以歐元出售我們的 PIEPS 雪上安全品牌780萬。這是去年秋天啟動的全面策略審查程序之後的舉措，我們對認可 PIEPS 品牌價值的競爭程序的結果感到滿意。這是知識產權，也是傑出人才。此次資產剝離符合 Clarus 簡化業務和合理化產品類別的優先事項。

Turning to our outlook, as you heard from Warren, we are withdrawing the company's previously issued full year 2025 revenue, adjusted EBITDA, capital expenditures, and free cash flow guidance. This is not reflective of the results to date, but rather the uncertain environment stemming from the US global trade policies, the potential impact on consumer demand, and the potential impact from this uncertainty on our adjusted EBITDA and free cash flow. This environment is just too unpredictable from which to forecast future financial performance effectively. With that said, as we approach the balance of the year, we are confident in our strategic plan and proactively working with our teams, vendors, shipping partners in real time to mitigate the impact from these trade policies on our P&O.

談到我們的展望，正如您從沃倫那裡聽到的，我們將撤回公司先前發布的 2025 年全年收入、調整後 EBITDA、資本支出和自由現金流指引。這並非反映迄今為止的結果，而是反映美國全球貿易政策導致的不確定環境、對消費者需求的潛在影響以及這種不確定性對我們的調整後 EBITDA 和自由現金流的潛在影響。這種環境太難以預測，因此無法有效預測未來的財務表現。話雖如此，隨著我們接近年底，我們對我們的策略計劃充滿信心，並積極與我們的團隊、供應商、航運合作夥伴即時合作，以減輕這些貿易政策對我們的 P&O 的影響。

In addition to the price actions, as Neil outlined, we are accelerating initiatives to resource into countries other than China. Even prior to the current trade war, we have been working over the years to reduce our manufacturing base in China and believe we can complete our move out by early 2026. As I mentioned already, Adventure sources nearly all of their products from China and Australia.

除了價格行動之外，正如尼爾所概述的，我們還在加快向中國以外的國家提供資源的舉措。甚至在當前貿易戰爆發之前，我們多年來一直致力於減少在中國的製造基地，並相信我們可以在 2026 年初完成搬遷。正如我已經提到的，Adventure 幾乎所有產品都來自中國和澳洲。

Black Diamond sources approximately 25% from China, 31% from Taiwan, 15% from Vietnam, 12% from the Philippines, and the remainder from elsewhere. Overall, we are actively implementing solutions to offset the cost impact of tariffs. Specifically we are working with our vendors and negotiating concessions. We have taken price actions where we believe the higher costs are permanent, and we continue to value other countries of origin strategies to source our products. We're taking a long-term view such that these businesses can emerge in an even stronger competitive position once the uncertainty from these trade policies subsides.

Black Diamond 的原料約 25% 來自中國，31% 來自台灣，15% 來自越南，12% 來自菲律賓，其餘來自其他地區。總體而言，我們正在積極實施解決方案以抵消關稅的成本影響。具體來說，我們正在與供應商合作並協商讓步。我們已經採取了價格行動，因為我們認為較高的成本是永久性的，並且我們繼續重視其他原產國的策略來採購我們的產品。我們從長遠角度考慮，一旦這些貿易政策的不確定性消退，這些企業就能擁有更強大的競爭地位。

Before turning the call over to the Q&A, I'd like to provide an update on outstanding section 16B securities litigation matters that the company is pursuing. We continue to proceed in our lawsuit against App Trading LLC and Mr. Harish A. Padilla. In March of this year, the court opined in favor of the defendants and granted summary judgment for the defendants. We are appealing this ruling to the appellate court. We also filed a lawsuit against Caption Management and its related entities and control persons. Those defendants filed a motion to dismiss on June 27, 2024. We filed opposition papers on July 25, 2024, and reply papers were filed in August 2024. In March of this year, the court denied the defendant's motion to dismiss and instructed the parties to proceed with the discovery process.

在將電話轉入問答環節之前，我想提供一下公司正在進行的未決的第 16B 條證券訴訟事宜的最新情況。我們將繼續對 App Trading LLC 和 Harish A. Padilla 先生提起訴訟。今年3月，法院判決被告勝訴，並作出簡易判決。我們正在就這項裁決向上訴法院提出上訴。我們也對 Caption Management 及其相關實體和控制人提起了訴訟。這些被告於 2024 年 6 月 27 日提出駁回動議。我們於 2024 年 7 月 25 日提交了異議文件，並於 2024 年 8 月提交了答辯文件。今年3月，法院駁回了被告的駁回動議，並指示雙方繼續進行鑑識程序。

On November 7, 2024, the company was notified by the CPSC that they referred the unresolved matter with Black Diamond to the Department of Justice. In January of 2025, the DOJ served the company in Black Diamond grand jury subpoenas, requesting various categories of documents related to Black Diamond's Avalanche Beacons. As of May 8, 2025, we continue to cooperate with the request from the DOJ. Additionally, on March 13, 2025, the company received a letter from the CPSC requesting various categories of documents and information in connection with an investigation into whether BDEL sold products that were subject to a recall. The company is cooperating with this investigation.

2024 年 11 月 7 日，該公司收到美國消費品安全委員會的通知，他們將與 Black Diamond 之間未解決的問題提交給了司法部。2025 年 1 月，美國司法部向 Black Diamond 公司發出大陪審團傳票，要求其提供與 Black Diamond 的 Avalanche Beacons 相關的各類文件。截至 2025 年 5 月 8 日，我們將繼續配合司法部的請求。此外，2025 年 3 月 13 日，該公司收到 CPSC 的一封信，要求提供各類文件和信息，以調查 BDEL 是否銷售了需要召回的產品。該公司正在配合此次調查。

Taking a step back, looking at both Adventure and Outdoor, we see Clarus today as well positioned to drive sustainable, profitable growth despite the uncertain macro climate currently caused by the uncertainty from the US trade policy. Supported by talented teams globally and a strong balance sheet, we look forward to more incremental progress advancing our turnaround in 2025 and delivering significant long-term value for the Clarus shareholders. At this point, operator, we are ready to take questions.

退一步來看，無論是探險還是戶外，儘管目前美國貿易政策的不確定性導致了宏觀環境的不確定，但我們認為 Clarus 目前仍處於有利地位，能夠推動可持續的盈利增長。在全球優秀團隊和強勁資產負債表的支持下，我們期待在 2025 年取得更多進展，推動我們的轉型，並為 Clarus 股東帶來重大的長期價值。接線員，現在我們可以回答問題了。

Thank you. At this time, we will conduct the question-and -answer session. (Operator Instructions)

謝謝。現在，我們將進行問答環節。（操作員指示）

Our first question comes from Peter McGoldrick from Stifel. Your line is open.

我們的第一個問題來自 Stifel 的 Peter McGoldrick。您的線路已開通。

Alright, thanks for taking my question. Hey, how are you doing? Neil, you mentioned Black Diamond guidance would have been reaffirmed if not for macro uncertainty. So, I'm curious if the level of tariff impact from China is causing any cancellations in the products you bring into the United States.

好的，感謝您回答我的問題。嘿，你好嗎？尼爾，你提到，如果不是宏觀不確定性，黑鑽石指引將會得到重申。所以，我很好奇，來自中國的關稅影響程度是否會導致您帶入美國的產品被取消。

No cancellations as of this point, and it's a great question, Peter. Let me sort of describe our thinking and approach on this. So, I think our first principle here is to contain the impact of the China impacts and make the duration as short as possible. So, all efforts into accelerating our planned transition out of China, we think that will be a six to nine month period to complete that, number 1. Number 2, given that it's a relatively short duration in the scheme of things, our approach is to maintain our supply. Even if we have to take a short term hit on margin in order to keep our market share, keep our products on the pegs that they occupy, and not go backwards.

到目前為止還沒有取消，這是一個很好的問題，彼得。讓我來描述一下我們對此的想法和方法。因此，我認為我們的首要原則是遏制中國影響的影響並盡可能縮短其持續時間。因此，第一，我們認為為加速從中國市場轉型而做出的所有努力將需要六到九個月的時間才能完成。第二，考慮到整個計劃中持續時間相對較短，我們的方法是維持供應。即使為了保持我們的市場份額而不得不在短期內降低利潤率，也要讓我們的產品保持在其佔據的水平上，而不是倒退。

So, you'll see us protect deliveries of, in particular, our headlamps, a couple models of climbing helmets, that's really sort of the extent of what's exposed here. As well as, a couple of models of our climb shoes. But we'll continue to bring those in. We've positioned our inventory quite well, ahead of the tariffs, so we can ride that for a little bit. As Mike mentioned, having, reshaped our inventory to get 74% of the NRA styles, puts us in a better position from the start, to fulfill orders.

因此，您會看到我們保護運送的貨物，特別是我們的頭燈、幾款登山頭盔，這就是這裡暴露的全部內容。以及我們的幾款攀岩鞋。但我們會繼續引入這些內容。我們的庫存定位非常好，在關稅之前，所以我們可以稍微利用這一點。正如麥克所提到的，我們重新調整了庫存，使其涵蓋 74% 的 NRA 款式，這讓我們從一開始就處於更有利的位置來履行訂單。

So, at this point, we don't see an impact on deliveries to our customers, and we haven't seen any fallout yet, in the fall when our order books from our pricing actions, although it's clearly very early still, given that we took those price actions earlier in May. Just a little more than a week ago. So, I think we're going to have to wait and see on the price impacts. But net, in terms of supply, no interruption that we foresee at this point in time, will continue to protect our market share, deliver our products, and the margin hit associated with that is about $3.5 to $4 million. And again, the way we look at it is we'll take that $3.5 to $4 million hit this year in order to protect our market share and then by the second quarter of next year, we should be out of China, where those impacts are coming from. And if we can accelerate that migration into Q3 of this year. That $4 million could drop to $3 million or possibly $2 million of impact, but we'll just have to see how fast we can move. Is that, does that answer your question?

因此，目前，我們還沒有看到對客戶交付的影響，而且在秋季我們的訂單因我們的定價行動而受到影響時，我們還沒有看到任何後果，儘管現在顯然還為時過早，因為我們在 5 月初就採取了這些價格行動。就在一個多星期前。所以，我認為我們必須拭目以待價格影響。但就淨供應而言，目前我們預見到不會出現中斷，我們將繼續保護我們的市場份額，交付我們的產品，與此相關的利潤損失約為 350 萬至 400 萬美元。再說一次，我們的看法是，為了保護我們的市場份額，我們今年將承受 350 萬至 400 萬美元的損失，然後到明年第二季度，我們應該退出受到這些影響的中國市場。如果我們能夠加速這一遷移到今年第三季。這 400 萬美元的影響可能會下降到 300 萬美元甚至 200 萬美元，但我們只需看看我們能行動多快。這回答了你的問題嗎？

It definitely does, and yeah, I was curious you provided the clarification that so Q2 2026 is the targeted date of the six to nine months for which you would be out of China for the BD goods, and then you could accelerate that and the swing factor there is $1 to $2 million of profit. Correct?

確實如此，是的，我很好奇你提供的澄清，所以 2026 年第二季度是你離開中國生產 BD 商品的六到九個月的目標日期，然後你可以加速這一進程，並且波動因素是 100 萬到 200 萬美元的利潤。正確的？

In 2025, correct.

2025年，正確。

Okay, and then I guess, I'm curious on the promotionality of the two segments. There was unfavorable merch margin mix in each, so can you size those headwinds to gross margin. Each segment and the visibility of progression, given current and market demand. Does that dissipate given the current market dynamics, absent the tariff impacts that flow through.

好的，那麼我想，我對這兩個部分的宣傳性很好奇。每個商品的利潤組合都不利，所以您能否將這些不利因素衡量為毛利率呢？考慮到當前和市場需求，每個部分及其進展的可見性。考慮到目前的市場動態，如果沒有關稅的影響，這種情況會消失嗎？

Yeah Peter, it's Mike, you want to cover Black Diamond? Go ahead, Neil

是的，彼得，我是麥克，你想報道黑鑽石嗎？繼續吧，尼爾

I can if you want.

如果你想要的話我可以。

So, go ahead.

那麼，繼續吧。

I think, Peter maybe to give you a sense of the percent of discontinued merchandise in Q1 this year versus last year. This year it was 7.5% of our mix. Last year was %5.8, so you can see both in absolute dollars and as a percentage of the total it was higher. And this was very much part of our strategy given the uncertainty of the year to pull a more graduated program across the year forward into the first quarter and make sure that we're not trying to move discontinued merchandise in a weaker consumer environment. So very much a timing play on our part and then as Mike mentioned, and by the way, that that would account for all of the year over year decline in gross margin rate at Black Diamond, so 80 to 90 basis point impact from that. And then relative to our expectations, there were some timing impacts of things that will either reverse over the course of the year and or were contained to the first quarter. So, margin was a little lower than our expectation, but mostly because of actions we took on the DM front and some issues that we think are either timing related or contained in the first quarter. So, we feel pretty good about still our margin progression for the rest of the year and feel really good coming out of the first quarter that our inventories are clean in the best quality products, and that should allow margins to continue to lift over the course of the year.

我認為，彼得也許可以讓你了解今年第一季與去年相比停產商品的百分比。今年它占我們組合的 7.5%。去年是 5.8%，所以你可以看到，無論是絕對美元金額還是佔總數的百分比，它都更高。考慮到今年的不確定性，這在很大程度上是我們策略的一部分，我們將全年更循序漸進的計劃提前到第一季度，並確保我們不會在較弱的消費環境中銷售已停產的商品。所以這在很大程度上是我們時間上的安排，然後正如邁克提到的，順便說一句，這將解釋黑鑽毛利率同比下降的全部原因，因此這會產生 80 到 90 個基點的影響。然後，相對於我們的預期，事情會受到一些時間影響，這些影響要么會在一年內逆轉，要么會局限於第一季。因此，利潤率略低於我們的預期，但主要是因為我們在 DM 方面採取的行動以及我們認為與時間有關或包含在第一季度的一些問題。因此，我們對今年剩餘時間的利潤率成長感到非常滿意，並且在第一季結束時，我們的庫存中優質產品的數量非常充足，這應該會使利潤率在全年繼續上升。

So, I'll handle the Adventure. Yes, Adventure's gross margins were negatively impacted by mix as well. In the prepared remarks, Peter, I mentioned promotional sales efforts in the North American market. We have some inventory that we're trying to move and be aggressive, and that was a drain on, realized gross margin there. It's also combined with brand mix over in Australia. We talked about lower volume at the Rhino-Rack and MAXTRAX business. The volume at MAXTRAX was down over a million dollars year over year, and their gross margin is accretive to the segment's average. So when they were down, that mix also brought their their margin down correspondingly. Going forward, we expect that to recover, right, we expect those margins to rebound back to more traditional experience that we've seen at Adventure through the prior quarters.

所以，我會處理這次冒險。是的，Adventure 的毛利率也受到了產品組合的負面影響。彼得，在準備好的發言中，我提到了北美市場的促銷銷售工作。我們正在積極嘗試清倉一些庫存，但這卻消耗了已實現的毛利率。它也與澳大利亞的品牌組合相結合。我們討論了 Rhino-Rack 和 MAXTRAX 業務的銷售下降問題。MAXTRAX 的銷售額比去年同期下降了一百多萬美元，但其毛利率卻上升到了該部門的平均水平。因此，當他們的業績下滑時，這種組合也會相應導致他們的利潤率下降。展望未來，我們預計利潤率將會恢復，對，我們預計利潤率將反彈至我們在前幾季在 Adventure 看到的更傳統的體驗。

I appreciate that. And then, one on PIEPS as that business goes away after the 3rd quarter, can you give us a sort of a run rate of annualized contribution to revenue, gross margin, and EBITDA?

我很感激。然後，關於 PIEPS，由於該業務在第三季後消失，您能否給我們提供其對收入、毛利率和 EBITDA 的年度貢獻率？

Yeah, so, in the first quarter, which is a, the business is lumpy due to the nature of the product, right? Avalanche Snow Beacon. The first quarter, I think I, in the prepared remarks I mentioned $1.8 million of revenue. EBITDA was around break even, so by divesting this, I think it automatically becomes, gross margin and EBITDA margin accretive. In the second quarter, revenue historically has been a very small, a third of the first quarter's amount. So, I wouldn't expect that to be a big number at all here in the second quarter. And then at some point in the third quarter, the transaction will close. Annually, PIEPS does about $5 million of revenue.

是的，所以在第一季度，由於產品的性質，業務不穩定，對嗎？雪崩雪信標。第一季度，我想我在準備好的發言中提到了 180 萬美元的收入。EBITDA 基本上處於盈虧平衡狀態，因此透過剝離這項業務，我認為它會自動增加毛利率和 EBITDA 利潤率。從歷史上看，第二季的收入非常小，僅為第一季的三分之一。所以，我根本不認為第二季的這個數字會很大。然後在第三季的某個時候，交易將會完成。PIEPS 每年的收入約為 500 萬美元。

Very helpful. Last one for me, there's some strong numbers from international Outdoor apparel for fall winter. What is the size of that business, just thinking what that could mean for the back half?

非常有幫助。對我來說最後一個是國際戶外服飾秋冬銷售強勁。業務的規模有多大，想想這對後半部分意味著什麼？

Well, I think I'll let Neil comment, but we're seeing strong demand on the new apparel line. I think in the prepared remarks we mentioned, the US is up 50% and international is up 30% on the pre-season orders. That's a direct result of a lot of work that the teams put in to update and put a little more edge into the apparel, but that's a positive, a significant positive from my perspective as we look forward for the BD business.

好吧，我想我會讓尼爾發表評論，但我們看到新服裝系列的需求強勁。我認為我們在準備好的評論中提到，美國的季前訂單增加了 50%，國際訂單增加了 30%。這是團隊為更新服裝和增加服裝優勢而付出的大量努力的直接結果，但從我的角度來看，這是一個積極的、非常重要的積極因素，我們對 BD 業務充滿期待。

One point of clarity, so, looking at the fall-winter order book is kind of what we're referencing so that those orders start to deliver in July through December. So, in that order book, the US was up, 50%, so that, that's not the international part. And then the Europe was up in that order book 30%. So, we took our two biggest regions in reference there, the US up 50%, Europe up 30%. IGD is also up. We didn't give that specific number. I don't have it in front of me, but it's a smaller part of the overall apparel mix. So, hope that helps and apparel overall in the mix, is trending towards about 25% of the total.

需要明確的一點是，查看秋冬訂單簿就是我們所參考的，以便這些訂單在 7 月至 12 月開始交付。因此，在那份訂單中，美國上漲了 50%，所以，這不是國際部分。歐洲的訂單量上漲了 30%。因此，我們以兩個最大的地區作為參考，美國成長了 50%，歐洲成長了 30%。IGD 也上漲了。我們沒有給出具體的數字。我面前沒有它，但它只是整體服裝組合中較小的一部分。因此，希望這有助於服裝整體的混合，趨勢是佔總量的 25% 左右。

Thank you very much.

非常感謝。

Thank you. Our next question comes from Mark Smith from Lake Street. Your line is open.

謝謝。下一個問題來自 Lake Street 的 Mark Smith。您的線路已開通。

Hi guys, sorry if I missed this earlier, but can you quantify or speak to it all how much the sales and Outdoor of this discontinued inventory, how much that boosted sales during the quarter?

大家好，如果我之前錯過了這個，請見諒，但是您能否量化或說明一下這些已停產庫存的銷售額和戶外用品在本季度的銷售額增長了多少？

We sold in the 1st quarter $2.7 million of discontinued merchandise at Outdoor, $2.7 million. Now, that's not an entire boost, right? We always sell DMs, so the total was $2.7 million. And like I mentioned that a vast majority of that was the remaining PFAS inventory, but go ahead, Neil, what would you add?

我們在第一季售出了價值 270 萬美元的戶外停產商品。現在，這並不是一個整體的提升，對吧？我們一直在銷售 DM，所以總額是 270 萬美元。正如我所提到的，其中絕大部分是剩餘的 PFAS 庫存，但請繼續，尼爾，您想補充什麼？

I was going to say year over year the quantum on that is about $600,000 more than per year.

我想說的是，與前一年相比，這筆金額增加了約 60 萬美元。

Yeah, it's like 7.5% versus yeah.

是的，大約是 7.5%。

Yeah, okay, and we can probably do the math and Neil, you just spoke to kind of the impact, I think you said 80 to 90 basis point impact on gross profit margin from these sales?

是的，好的，我們可以算一下，尼爾，你剛才談到了影響，我想你說的是這些銷售對毛利率的影響為 80 到 90 個基點？

Correct.

正確的。

Okay, perfect. One thing we haven't talked about much, but I just wanted to ask about was just kind of the strategy around, Black Diamond stores, where are we at today and, any future movements maybe we should look at on the storefron?

好的，完美。有一件事我們還沒有談論太多，但我只是想問一下，那就是圍繞黑鑽商店的策略，我們目前處於什麼位置，以及我們是否應該關注店面未來的任何動向？

Sure, about that.

當然，關於這一點。

Yeah, go ahead, talk about the new Seattle store.

是的，繼續談談西雅圖的新店。

So first, let me just say kind of our philosophy on what the role of our company owned stores are or is, which is basically to have a limited number of stores that can be the full expression of the brand. And give us learning labs of real-time information of what's working, what we can build on, what we need to edit, and so it's primarily getting the full expression of the brand out there, getting the learning that we can then translate into sales strategies for our wholesale channel. They're not intended to be a substantial part of our revenue or driver of our revenue. I would say that our store base now is relatively flat and will continue to be in the eight, nine, ten store sort of range for the foreseeable future.

首先，讓我先說一下我們公司自有商店的作用的理念，基本上就是擁有有限數量的商店來充分體現品牌。並為我們提供即時資訊的學習實驗室，告訴我們什麼是有效的，我們可以在什麼基礎上構建，我們需要編輯什麼，這樣主要是為了充分展現品牌，獲得我們可以轉化為批發渠道銷售策略的學習成果。它們並非旨在成為我們收入的重要組成部分或收入驅動因素。我想說的是，我們現在的門市數量相對穩定，在可預見的未來，我們的門市數量將繼續保持在 8 家、9 家、10 家左右。

That said, within that kind of defined footprint of company owned retail, we have opened up a flagship store in Seattle to, as I said, be the full expression of the brand #1, the learning lab for #2, but also in that region it's part of our strategy really to broaden the Black Diamond brand from really technical climb into broader mountaineering. And of course, the Pacific Northwest is sort of the home of mountaineering in the United States. And so, we wanted to have a flagship store in that region that could really give us some learning associated with building out Black Diamond is a mountaineering brand. And as part of that, we have a very interesting partnership with Rainier Mountaineering, which is, I think, the largest guide service in the United States based of course on Mount Rainier, but they have 70 guides all over the world from Denali, or I guess McKinley now to Aconcagua and Cotopaxi and the big peaks around the world. So, those 70 guides are now all in Black Diamond gear, head to toe, and so that's also part of why we wanted to have a company owned store in the Pacific Northwest, to really be able to build on that partnership.

也就是說，在公司自營零售的明確範圍內，我們在西雅圖開設了一家旗艦店，正如我所說，這是品牌 1 的全面體現，也是品牌 2 的學習實驗室，而且在該地區，這也是我們策略的一部分，即將 Black Diamond 品牌從真正的技術攀登擴展到更廣泛的登山領域。當然，太平洋西北地區可以說是美國登山運動的發源地。因此，我們希望在該地區開設一家旗艦店，以便我們能夠真正學到一些有關打造 Black Diamond 這個登山品牌的經驗。作為其中的一部分，我們與雷尼爾山登山公司建立了非常有趣的合作夥伴關係，我認為，雷尼爾山登山公司是美國最大的導遊服務公司，當然以雷尼爾山為基地，但他們在世界各地擁有 70 名導遊，從德納裡峰，或者我猜現在是麥金利峰，到阿空加瓜峰和科托帕希峰以及世界各地的山峰大。所以，這 70 名導遊現在全都從頭到腳穿著 Black Diamond 裝備，這也是我們希望在太平洋西北地區開設一家公司直營店的原因之一，以便真正建立這種合作關係。

The other one, by the way, that I would highlight, which is in a similar vein, our store in Jackson Hole, Wyoming is not only a retail store, but it's also a platform for a partnership with the Jackson Hole Mountain Guides, and if you were able to visit the store in Jackson, it looks great, but there's now a corner of that store where the Jackson Hole Mountain guides actually post up and they sell trips and they do gear checks and they interact with their customers and ours and it's been a really productive partnership so far and we're seeing a nice lift to our retail business from it. But it's very much intended to be a community-based store with a tight partnership with one of the leading guide companies in that region.

順便說一下，我想強調的另一點與此類似，我們在懷俄明州傑克遜霍爾的商店不僅是一家零售店，而且還是與傑克遜霍爾山地嚮導合作的平台，如果你能參觀一下傑克遜的商店，它看起來很棒，但是現在該商店的一個角落裡有傑克遜霍爾山地嚮導張貼的海報，他們銷售旅行，進行裝備檢查，並與他們的客戶和零售但它更傾向於成為一家以社區為基礎的商店，並與該地區一家領先的導遊公司建立緊密的合作關係。

Great thank you.

非常感謝。

Thank you. Our next question comes from Anna Glaessgen from B. Riley Securities. Your line is open.

謝謝。下一個問題來自 B. Riley Securities 的 Anna Glaessgen。您的線路已開通。

Hey, good afternoon. Thanks for taking my question. But I'd like to touch on the Adventure distribution in the US in light of the commentary around that off price retailer. Can you update us on what distribution looks like here and as you navigate the migration of the supply from China, should we expect distribution gains this year, or is that kind of on hold in light of the tariff environment? Thanks.

嘿，下午好。感謝您回答我的問題。但我想根據圍繞該折扣零售商的評論來談談 Adventure 在美國的分銷情況。您能否向我們介紹這裡的分銷情況？在您引導中國供應遷移的過程中，我們是否應該預期今年的分銷會有所成長，還是考慮到關稅環境，分銷會暫時擱置？謝謝。

Sure, Anna, this is Mike. Last year, we under Tripp's leadership, we made a decision not to pursue that discount channel that we had to push some revenue through last year for the Adventure product, the Rhino-Rack product. So that did anniversary this year, right? That's the year over year change. As we think about this going forward, whether it's bike racks or roof racks, right, we're leaning into the specialty distribution channel, right, whether that's rack stores that are focused for automobiles and SUVs or bicycle shops that are focused on bike racks, right? We're leaning more into those types of channels than I'll say mass retailers, especially mass discount retailers. And that's where I mentioned, with the bike racks, we've expanded, with the addition of Rocky Mounts is a product line within our portfolio here in the US. We expanded our doors from 300 doors, a year ago to 800 doors, right? Because of the adding, the success and the desire to have the Rocky Mounts product brings, right? That they are so well-established product that gets us into that many more bike shops compared to what we had done historically.

當然，安娜，我是麥克。去年，在 Tripp 的領導下，我們決定不再採用折扣管道，因為去年我們必須透過折扣管道為 Adventure 產品 Rhino-Rack 產品增加一些收入。那麼今年就是周年紀念日了，對嗎？這就是逐年的變化。當我們考慮未來時，無論是自行車架還是車頂架，我們都傾向於專業分銷管道，無論是專注於汽車和 SUV 的車架商店還是專注於自行車架的自行車商店，對嗎？與大眾零售商（尤其是大眾折扣零售商）相比，我們更傾向於這些類型的管道。這就是我提到的，隨著自行車架的推出，我們擴大了產品線，並增加了 Rocky Mounts，這是我們在美國產品組合中的一條產品線。我們的門數從一年前的 300 扇擴大到了 800 扇，對嗎？因為添加，成功和對 Rocky Mounts 產品帶來的渴望，對嗎？這些產品非常成熟，與我們過去的做法相比，它們讓我們進入了更多的自行車商店。

Got it. Thank you. And then turn to Black Diamond, can you share some perspective on the price increases you've taken thus far and how that compares to key competitors? Is there a sense that most have already taken price, or are you earlier on that timeline? Thanks.

知道了。謝謝。然後轉向 Black Diamond，您能否分享一些關於迄今為止所採取的價格上漲的觀點以及與主要競爭對手相比如何？是不是感覺大多數人已經採取了行動，或者你們在這個時間線上處於更早的位置？謝謝。

Yeah, we're definitely earlier on the timeline. Our philosophy on this was hit it head on, be super transparent with our consumers and with our trade partners. So, we went out with communication towards the end of April, letting ou trade partners and our consumers know we would be taking the price up. On May 5, so we gave him some time to adjust. And so, I think we were among the first in the Outdoor industry to go out with a very explicit position. We tied that back to the tariffs that we believe will stick. Obviously, there's a whole bunch of uncertainty around that, but we think that 10% universal tariff will stick and likely the steel and aluminum 25% will stick. And so, we took prices up accordingly and to essentially offset that 10% universal tariff and the 25% aluminum. What we couldn't offset, of course, was the 145% on China, and that was the exposure I talked about earlier. But the first tranche of the 10% and the 25% on steel and aluminum we have covered in our price increases. And we're just now starting to see various companies take a position. Some are still, let's give it a little bit more time, see where the discussions on reciprocal tariffs come out. Some are starting to break with their own price increases. I would think it's going to play out over the next 2 to 3 months still, that we should start to see more and more companies taking price. Some might decide to hold for a little bit, but the Outdoor industry in total, has not really passed on a lot of the inflationary pressures that have existed in the industry over the years and so I don't think there's a lot of room to hold and take the margins. I think people are going to have to follow the tariffs up. Great. Thanks, ma'am.

是的，我們的時間確實提早了。我們的理念是直面這個問題，對我們的消費者和貿易夥伴保持高度透明。因此，我們在四月底就進行了溝通，讓我們的貿易夥伴和消費者知道我們將提高價格。5 月 5 日，所以我們給了他一些時間來適應。因此，我認為我們是戶外產業中第一批明確表明立場的公司之一。我們將其與我們認為將會維持的關稅聯繫起來。顯然，這其中存在著許多不確定性，但我們認為 10% 的普遍關稅將保持不變，鋼鐵和鋁 25% 的關稅也可能保持不變。因此，我們相應提高了價格，以抵消 10% 的普遍關稅和 25% 的鋁關稅。當然，我們無法抵消對中國的 145% 的影響，這就是我之前談到的風險敞口。但第一部分對鋼鐵和鋁的 10% 和 25% 的漲價我們已經在價格上漲中涵蓋了。我們現在才開始看到各家公司採取立場。有些仍然如此，讓我們再給它一點時間，看看關於互惠關稅的討論結果如何。一些公司開始停止漲價。我認為這種情況將在未來 2 到 3 個月內持續發生，我們應該會看到越來越多的公司採取價格行動。有些人可能會決定暫時持有，但整個戶外產業並沒有真正轉嫁多年來一直存在的許多通膨壓力，因此我認為沒有太多的空間來持有和獲取利潤。我認為人們將不得不提高關稅。偉大的。謝謝，女士。

Thank you, goodbye.

謝謝，再見。

Thank you. Our next question comes from Joseph Gonzalez from ROTH Capital Partners. Your line is open.

謝謝。我們的下一個問題來自 ROTH Capital Partners 的 Joseph Gonzalez。您的線路已開通。

Hi guys, thank you for taking my question. Just wanted to see if you guys could talk a little bit further on tariffs. I know you guys already spoken a lot towards the pricing mitigation, but anyway, we're thinking about mitigation efforts around vendor negotiations at all, just to not offset completely but kind of take a little bit from say a continued 145 tariffs throughout the year if that continues to play out.

大家好，感謝你們回答我的問題。只是想看看你們是否可以進一步討論關稅問題。我知道你們已經就價格緩解問題談了很多，但無論如何，我們正在考慮圍繞供應商談判採取緩解措施，只是不要完全抵消，但如果這種情況繼續下去，那麼可以稍微抵消全年持續的 145 項關稅。

Yeah, hey, Joseph, it's Mike here. We've looked and we continue to look at all different ways to mitigate and countermeasure the tariff situation. We've talked a lot about pricing. Yes, we've been engaged with our vendors for concessions. We're also looking at changing country of origin and moving, outside of to other lower cost areas or that may have a lower tariff like that Neil discussed like getting out of China, right? So, we're looking at all different types of mitigating efforts, right? Those, some of those vendor concessions you are asking about, we'd actually had, that was one of the first things we had done back in March and in February and Neil, you can confirm that, right? We were pursuing those, as we feared the tariffs, the wild card in this was on April 2, the degree of tariffs that in the percentages that were introduced that and as Neil discussed in great detail, right? We think the 10% and 25% stuff is permanent, the 10% is kind of permanent. At least that's the way we're moving forward with that. Hence, we've done this pricing action to cover that. The other, hopefully, there are negotiations, hopefully those all subside and therefore in the short term we're going to absorb the impact of that into our gross margins. But yes, we are considering all different types of countermeasures and we've been pursuing them as I've mentioned.

是的，嘿，約瑟夫，我是麥克。我們已經並將繼續尋找各種不同的方法來緩解和應對關稅情況。我們已經討論了很多有關定價的問題。是的，我們已經與供應商達成協議，爭取優惠。我們也正在考慮改變原產國，轉移到其他成本較低的地區，或者可能有較低關稅的地方，就像尼爾討論的那樣，例如離開中國，對嗎？所以，我們正在研究各種不同類型的緩解措施，對嗎？您所詢問的一些供應商讓步，我們實際上已經做出了，這是我們在三月和二月份做的第一件事，尼爾，您可以證實這一點，對嗎？我們正在追求這些，因為我們擔心關稅，這其中的不確定因素是 4 月 2 日徵收的關稅的百分比，正如尼爾詳細討論的那樣，對嗎？我們認為 10% 和 25% 的東西是永久的，10% 是有點永久的。至少這是我們前進的方向。因此，我們採取了這項定價措施來解決這個問題。另外，希望有談判，希望這些談判都能平息，因此在短期內我們將把其影響吸收到我們的毛利率中。但是的，我們正在考慮各種不同類型的對策，並且正如我所提到的，我們一直在推行這些對策。

Got it. I appreciate the color there and then just switching gears, I want to talk about any capital allocation plans, given the divestiture, you know, with around EUR 8 million cash infusion to your current cash balance around $41 million. That puts us at probably close to $50 million. Anything that you guys can just talk about if you're looking at buying another segment or potential other possible capital allocations, channels that you're looking at.

知道了。我很欣賞那裡的色彩，然後只是轉換話題，我想談談任何資本配置計劃，考慮到資產剝離，你知道，大約有 800 萬歐元的現金注入到你目前的現金餘額約 4100 萬美元中。這可能意味著我們的投資接近 5000 萬美元。如果您正在考慮購買另一個部門或潛在的其他可能的資本配置、您正在考慮的管道，您可以談論任何事情。

Warren, you want to address that?

華倫，你想解決這個問題嗎？

Yeah, I'm going to address that. Thanks, Mike. Yeah, I think, it's going to take, we're waiting a regulatory approval in Austria, so that's going to take a little bit of time. But, you know, we need to understand better, kind of what the tariff and business impacts, possibly could be. And so, at this point, I think we're just going to, hold on our cash, hold on to our cash just invest it, in in treasuries and you see where it goes. But I will certainly update you, the next time we report.

是的，我會解決這個問題。謝謝，麥克。是的，我認為這需要時間，我們正在等待奧地利監管部門的批准，所以這需要一點時間。但是，你知道，我們需要更了解關稅和商業可能產生的影響。因此，在這一點上，我認為我們只需要保留我們的現金，保留我們的現金，然後將其投資於國債，你就會看到它的去向。但我一定會在下次報告時向您通報最新情況。

Got it. I appreciate that. Thank you for taking my questions.

知道了。我很感激。感謝您回答我的問題。

Thank you. This concludes the question-and-answer session. I would now like to turn it back to Mike Yates for closing remarks.

謝謝。問答環節到此結束。現在我想請麥克耶茨作最後發言。

Okay, thank you very much. I want to thank everyone for attending the call this afternoon and most importantly, your continued support and interest in Clarus. We look forward to updating you on our results again next quarter. Again, thank you very much.

好的，非常感謝。我要感謝大家今天下午參加電話會議，最重要的是，感謝你們對 Clarus 的持續支持和關注。我們期待下個季度再次向您通報我們的業績。再次感謝您。

Thank you for your participation in today's conference. This does conclude the program. You may now disconnect.

感謝大家參加今天的會議。該計劃確實就此結束。您現在可以斷開連線。