Clarus Corp (CLAR) 2025 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, 2025. 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.

大家下午好，感謝大家參加今天的電話會議，討論 Clarus Corporation 截至 2025 年 6 月 30 日的第二季度財務業績。今天與我們一起出席的有 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。

Following their remarks, we will open the call for questions. Before we go further, I would now 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.

在他們發言之後，我們將開始提問。在我們進一步討論之前，我現在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供了重要的警告。

Matt, please go ahead.

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 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.

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已知資訊的理解所做出的最佳估計和假設。

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.

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。有關可能影響公司經營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。

I'd like to remind everyone this call will be available for replay starting at 7:00 PM 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 claruscorp.com.

我想提醒大家，本次通話將於今晚東部時間晚上 7 點開始重播。您也可以透過今天的新聞稿中提供的連結以及公司網站 claruscorp.com 觀看網路直播重播。

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

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' earnings call to review our results for the second 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.

下午好，感謝您參加 Clarus 的財報電話會議，回顧我們 2025 年第二季的表現。今天，我們的財務長 Mike Yates 將與我一起介紹我們的整體業績和探險部門，而 Neil Fiske 將討論我們的戶外部門。

During the second quarter, we experienced a mix of positive and negative trends across our individual segments, selling channels and geographies as we continue to manage through the realities of the current global consumer landscape. Overall, I am pleased with our progress against our operational initiatives as we simplify our organizational structure and streamline our product offering.

在第二季度，我們的各個部門、銷售管道和地區都經歷了積極和消極的趨勢，我們繼續應對當前全球消費格局的現實。總體而言，隨著我們簡化組織結構並精簡產品供應，我對我們在營運計劃方面取得的進展感到滿意。

We generated net sales of $55.2 million, consistent with our quarterly expectations, with a slight increase over the same period last year. Mike and Neil will touch on the figures in more detail, but at a high level, the increase reflected solid performances in both European and North American wholesale at Outdoor and improvement to North American wholesale and direct-to-consumer channels at Adventure.

我們的淨銷售額為 5,520 萬美元，與我們的季度預期一致，比去年同期略有成長。麥克和尼爾將更詳細地介紹這些數據，但從總體上看，這一增長反映了戶外用品在歐洲和北美批發市場的穩健表現，以及探險用品在北美批發市場和直接面向消費者管道的改善。

On the other hand, our direct-to-consumer performance and overall site traffic at Outdoor softened as consumers continue to pull back following Liberation Day and we saw continued deterioration of our legacy OEM accounts at Adventure. While the macro environment remains uncertain, particularly with respect to evolving tariff policies and consumer behavior, our focus is controlling what we can to position Clarus for sustainable, profitable growth as market conditions normalize.

另一方面，由於解放日之後消費者繼續減少，我們在戶外的直接面向消費者的業績和整體網站流量有所下降，而且我們看到我們在 Adventure 的傳統 OEM 帳戶持續惡化。儘管宏觀環境仍然不確定，特別是在不斷變化的關稅政策和消費者行為方面，但我們的重點是控制我們所能控制的一切，以便在市場條件正常化時使 Clarus 實現可持續的盈利增長。

We continue to reduce complexity at Outdoor as evidenced by our improved financial results year-over-year. Sales, margins and adjusted EBITDA all increased in Q2 at Outdoor despite choppy consumer sentiment. We delivered on our commitment to raise our going-in product margins while improving the quality of our inventory and revenue. Specifically, the team has done an outstanding job enhancing our inventory composition with less exposure to discounted merchandise and a healthy concentration in our most profitable A styles, which we believe will position Black Diamond to grow its full price business in the back half of the year.

我們持續降低戶外業務的複雜性，這從我們逐年改善的財務表現可以看出。儘管消費者情緒波動較大，戶外用品第二季的銷售額、利潤率和調整後的 EBITDA 均有所成長。我們履行了承諾，提高了產品利潤率，同時提高了庫存和收入的品質。具體來說，該團隊在增強庫存結構方面做得非常出色，減少了折扣商品的投入，並將注意力集中在最賺錢的 A 類商品上，我們相信這將使 Black Diamond 在今年下半年實現全價業務的成長。

I would also highlight that we completed the sale of our PIEPS snow safety brand and intellectual property rights associated with Avalon Safety Equipment in July for $9.1 million, representing a highly successful outcome after a comprehensive strategic review and competitive process. The divestiture is aligned with Claris' simplification strategy and further bolsters our balance sheet.

我還要強調的是，我們在 7 月以 910 萬美元的價格完成了 PIEPS 雪上安全品牌和與 Avalon Safety Equipment 相關的智慧財產權的出售，這是經過全面的策略審查和競爭過程後取得的非常成功的結果。此次剝離符合 Claris 的簡化策略，並進一步增強了我們的資產負債表。

Turning to our Adventure segment. I am pleased with our progress since we reported our last quarter amid personnel changes within the team. We've reengaged with each key customer and believe we have a good sense where our best-in-class brands can win prospectively. We have taken key measures to simplify the cost structure and flatten the organizational reporting in light of slower demand trends. Our global wholesale and direct-to-consumer businesses increased by approximately 8%, partially driven by bike rack sales and was offset by the continued soft demand at certain legacy retailers.

轉向我們的冒險部分。自從我們報告上個季度以來，在團隊內部人員變動的情況下，我對我們的進展感到滿意。我們與每位關鍵客戶重新進行了接觸，並相信我們很清楚我們的一流品牌能夠在未來贏得什麼。鑑於需求趨勢放緩，我們已採取關鍵措施簡化成本結構並扁平化組織報告。我們的全球批發和直接面向消費者的業務成長了約 8%，部分原因是自行車架銷售的推動，但被某些傳統零售商持續疲軟的需求所抵消。

Our sales declined over the prior year quarter, due in part to the drop-off in customer-specific OEM sales, which were down by approximately $3.1 million. We have emphasized reducing overhead, eliminating R&D projects on lower-margin categories and supporting a handful of key product launches that we believe will yield results in the second half of 2025.

我們的銷售額較去年同期有所下降，部分原因是客戶特定 OEM 銷售額下降，下降了約 310 萬美元。我們強調降低管理費用，取消低利潤類別的研發項目，並支持少數我們認為將在 2025 年下半年產生成果的關鍵產品發布。

As we look forward, we are focused on unlocking value at each of Outdoor and Adventure. In connection with the development of three year plans for our businesses, we have initiated an internal review to ensure we are evaluating all possible opportunities to create value for shareholders. This includes, but is not limited to, further simplification and further cost reductions, incremental to those taken in July, which Mike will outline. Additionally, we believe that the sum of the parts of our two segments exceeds today's market valuation, and we are committed to seeking to maximize long-term value.

展望未來，我們致力於釋放戶外和探險的價值。在製定我們業務的三年計劃時，我們啟動了內部審查，以確保我們評估所有可能的機會，為股東創造價值。這包括但不限於進一步簡化和進一步降低成本，這些措施是 7 月採取的措施的增量，Mike 將對此進行概述。此外，我們相信，我們兩個部門的總和超過了今天的市場估值，我們致力於尋求長期價值的最大化。

In terms of near-term capital allocation priorities, we are focused on reinvesting in our existing two segments to seek to drive organic growth. Supported by a nearly debt-free balance sheet and our current cash position, our goal is to maintain flexibility and discipline in how we deploy capital with an emphasis on the highest return opportunities.

就近期資本配置重點而言，我們專注於對現有兩個部門進行再投資，以尋求推動有機成長。在幾乎無債務的資產負債表和當前現金狀況的支持下，我們的目標是在資本配置方面保持靈活性和紀律性，並專注於最高的回報機會。

Zooming out the primary question for Clarus and the Outdoor market as a whole continues to be how macro conditions will evolve during the remainder of the year. We have begun implementing countermeasures to mitigate a portion of the impact from tariffs as you will hear more about shortly, but uncertainty around consumer sentiment and demand in the back half of the year makes it very difficult to confidently forecast. In the face of these challenges, we continue to take decisive actions to strengthen our cash position and improve our profitability while maintaining our competitive position in the market.

對於 Clarus 和整個戶外市場來說，主要問題仍然是今年剩餘時間內宏觀條件將如何發展。我們已經開始實施對策來減輕關稅的部分影響，您很快就會聽到更多相關訊息，但下半年消費者情緒和需求的不確定性使得我們很難做出自信的預測。面對這些挑戰，我們繼續採取果斷行動，加強我們的現金狀況，提高我們的獲利能力，同時保持我們在市場上的競爭地位。

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

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 segment's Q2 performance and our expectations for the remainder of 2025. Overall, we delivered solid results in Q2 that were affected by wavering consumer sentiment in a chaotic macro environment. I'm pleased with our progress, the strengthening of the Black Diamond brand and the continued transformation of the business.

謝謝，沃倫。翻到幻燈片 6。我將回顧戶外部門第二季的表現以及我們對 2025 年剩餘時間的預期。總體而言，我們在第二季度取得了穩健的業績，但受到混亂的宏觀環境下消費者情緒波動的影響。我對我們的進步、黑鑽品牌的加強以及業務的持續轉型感到滿意。

Revenue, gross margin and adjusted EBITDA were all up as we continue to simplify move toward a more full-price model and improve the quality of revenue along with the quality of our brand execution. We have now completed the sale of our PIEPS snow safety brand, as Warren mentioned, which will further simplify and narrow our focus. My remarks for the quarter, therefore, exclude PIEPS.

隨著我們繼續簡化流程，轉向更全價的模式，並提高收入品質和品牌執行質量，收入、毛利率和調整後的 EBITDA 均有所上升。正如沃倫所提到的，我們現在已經完成了 PIEPS 雪上安全品牌的出售，這將進一步簡化和縮小我們的焦點。因此，我對本季的評論不包括 PIEPS。

In addition to the divestment of PIEPS, we're dealing with two unusual and somewhat unpredictable factors impacting our results, tariffs and currency. I'll address those at the top of my remarks and then turn to the operating results.

除了剝離 PIEPS 之外，我們還面臨著兩個影響我們業績的不同尋常且有些不可預測的因素，即關稅和貨幣。我將在發言的開頭討論這些問題，然後再談談經營業績。

First, currency, with 33% of our revenue coming from Europe, the euro-dollar exchange rate has a significant impact on our financials. We began the year at EUR1.035 euro to the dollar and hedged about half of our revenues for the year at $1.08. Few would have predicted the rise to $1.18 following the initial April tariff announcements. That sharp rise in the euro put our hedge position underwater for the quarter and likely for the remainder of the year.

首先，貨幣，由於我們的 33% 的收入來自歐洲，歐元兌美元的匯率對我們的財務狀況有重大影響。今年年初，歐元兌美元匯率為1.035，我們當時將全年約一半的收入對沖至1.08美元。在4月首次公佈關稅後，幾乎沒有人預料到美元兌歐元匯率會升至1.18美元。歐元的大幅上漲導致我們本季的對沖頭寸陷入困境，並且很可能在今年剩餘時間內陷入困境。

For the quarter, the loss on FX contracts was about $447,000 in both reported revenue and EBITDA. For the year, assuming an exchange rate of $1.15, that loss would be $1.4 million. These FX contracts roll off by year-end.

本季度，外匯合約的損失在報告收入和 EBITDA 中約為 447,000 美元。假設今年的匯率為 1.15 美元，損失將達到 140 萬美元。這些外匯合約將在年底前到期。

On the flip side, we get a gain from the FX on the translation of our European operating results. For the quarter, FX lifted EU revenues by $1.4 million and EU EBITDA by $64,000. The net of these two factors, the negative from FX contracts and the positives of earnings translation, is a hit to earnings of $383,000 for the quarter.

另一方面，我們從歐洲經營業績的翻譯中獲得了外匯收益。本季度，FX 使歐盟收入增加了 140 萬美元，歐盟 EBITDA 增加了 64,000 美元。這兩個因素的淨值，即外匯合約的負面影響和收益轉換的正面影響，對本季的收益造成了 383,000 美元的打擊。

The second unusual factor is tariffs. In early May, we initiated our tariff mitigation plan, which included raising prices, negotiating vendor concessions, airfreighting products were necessary and accelerating our exit out of China. Due to these actions and the lag

第二個不尋常的因素是關稅。5月初，我們啟動了關稅減免計劃，其中包括提高價格、協商供應商優惠、必要時空運產品以及加速退出中國市場。由於這些行動和滯後

effects of tariffs running through the supply chain, we did not see a material impact from tariffs in Q2. However, looking ahead for the year, we expect the current tariffs, which include the 10% reciprocal tariffs on most countries, 50% on steel and aluminum and 55% on China to have a $3.4 million impact on earnings even after our mitigating measures. And of course, we are all waiting to see how the reciprocal tariff situation plays out. Should these tariffs land above the current 10% level, we expect to see an additional drag on earnings in 2025.

關稅對供應鏈的影響，我們在第二季沒有看到關稅的實質影響。然而，展望今年，我們預計，即使在採取緩解措施之後，現行關稅（包​​括對大多數國家徵收 10% 的互惠關稅、對鋼鐵和鋁徵收 50% 的互惠關稅以及對中國徵收 55% 的互惠關稅）仍將對收益產生 340 萬美元的影響。當然，我們都在等待觀察互惠關稅情況如何發展。如果這些關稅超過目前的 10% 水平，我們預計 2025 年的盈利將受到進一步拖累。

Now looking at Black Diamond operating results. Q2 revenue came in at $36.5 million, up 2.1% from prior year. Excluding the impact of FX contracts, revenue is up 3.9% from prior year in current dollars and up 2.3% in constant currency. By region and channel, excluding the impact of FX contracts, North American wholesale, our largest market, was up 1.6%. North America digital direct-to-consumer, which represents about 17% of the region's revenue, was down 20.1%. The result reflects our strategy to tighten up discounting in the pro channel, which was down 27.8%, and reducing off-price sales in e-commerce.

現在來看看 Black Diamond 的經營業績。第二季營收為 3,650 萬美元，較上年成長 2.1%。排除外匯合約的影響，以目前美元計算，營收較上年成長 3.9%，以固定匯率計算，營收較上年成長 2.3%。按地區和通路劃分，不包括外匯合約的影響，我們最大的市場北美批發業務成長了 1.6%。北美數字直接面向消費者業務約佔該地區收入的 17%，但下降了 20.1%。這一結果反映了我們的策略，即收緊專業管道的折扣（下降了 27.8%），並減少電子商務的折扣銷售。

We also saw an immediate pullback by consumers post Liberation Day and then softness in May and June as we rolled out our new tariff prices ahead of much of the market. Full price sales for digital D2C were up slightly, while discounted sales were down substantially, a mix shift to full price we expect to build upon in the back half.

我們也看到，解放日後消費者的消費立即減少，而隨著我們提前推出新的關稅價格，5 月和 6 月的消費又出現疲軟。數位 D2C 的全價銷售額略有上升，而折扣銷售額則大幅下降，我們預計下半年將進一步轉向全價。

Europe wholesale was up 4.8% and flat in constant currency. Europe digital D2C was down 10.1% year-over-year and down 14.6% in constant currency. International distributor markets, which represent about 8% of total revenue, were up 81.3%, reflecting a permanent shift in the timing of deliveries as we discussed in our last update.

歐洲批發額成長 4.8%，以固定匯率計算持平。歐洲數字 D2C 年減 10.1%，以固定匯率計算下降 14.6%。國際經銷商市場約佔總收入的 8%，成長了 81.3%，這反映了交貨時間的永久性轉變，正如我們在上次更新中所討論的那樣。

Black Diamond operating gross margin for the quarter came in at 34.9%, up 80 basis points. Excluding the impact of FX contracts, gross margins would have expanded even more, and we expect gross margin to continue to improve relative to last year in the back half even after absorbing the current level of tariffs. The progress we've made in simplifying the business, improving product margins and cleaning up our inventory gives us some cushion against the tariff impacts versus our position a year ago.

Black Diamond 本季營業毛利率為 34.9%，上漲 80 個基點。如果不考慮外匯合約的影響，毛利率將會進一步擴大，我們預計即使在吸收了當前關稅水準之後，下半年毛利率仍將比去年繼續提高。我們在簡化業務、提高產品利潤率和清理庫存方面取得的進展，與一年前相比，為我們抵禦關稅影響提供了一定的緩衝。

Black Diamond operating expenses, excluding restructuring charges, were down 0.8% and down even more in constant currency. Inventories ended the quarter in good shape with much less exposure to discounted merchandise and a healthy concentration in our A Styles.

Black Diamond 的營運費用（不含重組費用）下降了 0.8%，以固定匯率計算下降幅度更大。本季末庫存狀況良好，折扣商品的庫存減少，A 類商品的庫存集中度較高。

We ended Q2 at $64.2 million, up 4.5% to prior period due to our pull forwards for the fall season as part of our tariff mitigation plan. As we look to the back half, we expect that our better inventory composition will position us to grow our full-price business as we continue to shrink discounted sales, both in absolute terms and as a percentage of the mix.

由於我們根據關稅減免計劃提前迎接秋季，第二季度的銷售額為 6,420 萬美元，比上一季成長 4.5%。展望下半年，我們預計，隨著折扣銷售（無論是絕對值還是佔比）的持續縮減，我們更好的庫存結構將使我們能夠成長全價業務。

Adjusted EBITDA for Outdoor was a loss of $213,000. Excluding the adjusted EBITDA loss from PIEPS in the quarter of $516,000, adjusted EBITDA for Black Diamond in Q2 came in at $303,000 versus a small loss in the same period last year.

戶外用品的調整後 EBITDA 虧損 213,000 美元。不包括本季 PIEPS 調整後的 EBITDA 虧損 516,000 美元，Black Diamond 第二季的調整後 EBITDA 為 303,000 美元，而去年同期則出現小幅虧損。

In sum, we've made good progress this quarter. Sales margin and adjusted EBITDA were all up in the face of a particularly uncertain consumer and market environment. We simplified the business with the sale of our PIEPS snow safety brand. We continue to improve the quality of our inventory and revenue progressing to a more full-price business. Our apparel initiative accelerated with 11.3% growth in the category and a 21% reduction in sales from discontinued merchandise. We continue to reduce our SG&A costs.

總而言之，本季我們取得了良好的進展。在特別不確定的消費者和市場環境下，銷售利潤率和調整後的 EBITDA 均有所上升。我們透過出售 PIEPS 雪上安全品牌簡化了業務。我們將繼續提高庫存和收入的質量，並逐步實現更全價的業務。我們的服裝計畫加速推進，該類別的銷售額成長了 11.3%，而停產商品的銷售額則下降了 21%。我們持續降低銷售、一般及行政費用 (SG&A) 成本。

We implemented our tariff mitigation plan to offset nearly half of the projected tariff impact in 2025 at current levels. We launched our new e-com site on a more cost-effective and scalable Shopify platform and into a more connected digital ecosystem. And we published our annual impact report outlining our 2030 sustainability goals and our progress towards them.

我們實施了關稅減免計劃，以抵消目前水準上預計的2025年關稅影響的近一半。我們在更具成本效益和可擴展性的 Shopify 平台上推出了新的電子商務網站，並進入了更互聯的數位生態系統。我們發布了年度影響報告，概述了我們的 2030 年永續發展目標及其進展。

As we look to the second half, the greatest challenge remains uncertainty on tariffs, consumer sentiment and macroeconomic conditions. That said, I think we're much better positioned than a year ago to deal with all those factors. I'd like to thank our teams around the world who remain focused on building the brand, serving our sports and winning with our customers.

展望下半年，最大的挑戰仍然是關稅、消費者情緒和宏觀經濟狀況的不確定性。話雖如此，我認為我們比一年前更有能力應對所有這些因素。我要感謝我們在世界各地的團隊，他們始終專注於建立品牌、服務我們的運動並與我們的客戶一起贏得勝利。

With that, I'll turn it over to Mike.

說完這些，我就把麥克風交給麥克。

Thank you, Neil, and good afternoon, everyone. On today's call, I'll provide some brief comments on Inventor segment, and we'll then conclude with a detailed summary of our Q2 financial results followed by the question-and-answer session.

謝謝你，尼爾，大家下午好。在今天的電話會議上，我將對 Inventor 部門提供一些簡短的評論，然後我們將詳細總結我們的第二季財務業績，隨後進行問答環節。

Beginning on slide 7. Our second quarter inventory results continue to be affected by near-term pressure on the business. The top line softness at the Adventure segment reflects significantly reduced demand from a global OEM customer and a challenging wholesale market in Australia for Rhino-Rack specifically. These headwinds are partially offset by higher sales in the North American market from RockyMounts, higher sales from D2C revenues including our Amazon channel and higher sales of our promotional slower- moving inventory.

從投影片 7 開始。我們第二季的庫存結果持續受到近期業務壓力的影響。Adventure 部門營收疲軟反映出全球 OEM 客戶需求大幅下降，以及澳洲 Rhino-Rack 批發市場面臨嚴峻挑戰。這些不利因素被 RockyMounts 在北美市場的銷售額成長、包括我們的亞馬遜通路在內的 D2C 收入的銷售額成長以及我們的促銷滯銷庫存的銷售額成長部分抵消。

While overall market headwinds continue to pose a challenge, we see signs of momentum under the new leadership of Tripp Wyckoff. Tripp and his team recognize the importance of the home market to the success of our Adventure business. And our teams continue to take steps with new customers in Australia and New Zealand across all product categories beyond legacy accounts.

儘管整體市場逆風持續帶來挑戰，但在 Tripp Wyckoff 的新領導下，我們看到了強勁勢頭的跡象。特里普和他的團隊認識到國內市場對於我們探險業務成功的重要性。我們的團隊將繼續採取措施，為澳洲和紐西蘭的新客戶提供除傳統帳戶之外的所有產品類別。

We are pleased to highlight a key win with a large new retail customer with 300-plus locations across Australia and New Zealand, which will roll out beginning in the third quarter. We've also taken important action to capitalize on our global brand awareness.

我們很高興地宣布，我們與一家大型新零售客戶取得了一項重要勝利，該客戶在澳洲和紐西蘭擁有 300 多家門市，並將於第三季開始推出這項服務。我們也採取了重要行動來利用我們的全球品牌知名度。

In Europe, we are onboarding new OEM and aftermarket customers in the UK, Sweden, Poland and the Netherlands for the third quarter. We have established a new legal entity and we'll open a third-party warehouse shortly in the Netherlands, which will allow us to better serve EU and UK customers directly.

在歐洲，我們將在第三季吸引英國、瑞典、波蘭和荷蘭的新 OEM 和售後市場客戶。我們已經建立了一個新的法人實體，並將很快在荷蘭開設一個第三方倉庫，這將使我們能夠更好地直接為歐盟和英國客戶提供服務。

MAXTRAX just won a large contract with the German military, and another bright spot has been the positive reception we received regarding our newly launched model board with BMW. Additionally, we are pleased to announce two new distribution partners in China, which also provides local access to vehicle fitments for emerging Chinese car brands that are prevalent outside the US The new global opportunities are a direct result of some of the prior investments we have made in opening new markets for our Adventure brands.

MAXTRAX 剛剛贏得了與德國軍方的一份大合同，另一個亮點是我們與寶馬合作推出的新模型板獲得了積極的反響。此外，我們很高興地宣佈在中國有兩家新的分銷合作夥伴，這也為在美國以外流行的新興中國汽車品牌提供了車輛配件的本地訪問。新的全球機會是我們先前為開拓 Adventure 品牌的新市場而進行的一些投資的直接結果。

As we have mentioned previously, the Americas is our largest addressable region, and we believe that we are only scratching the surface of potential growth opportunities in the US, Canada and Latin America. The addition of bike racks via RockyMounts to our product portfolio has already provided introductions to hundreds of specialty dealers in new key accounts.

正如我們之前提到的，美洲是我們最大的目標市場，我們相信我們才剛剛觸及美國、加拿大和拉丁美洲潛在成長機會的表面。透過 RockyMounts 將自行車架添加到我們的產品組合中，已經為數百家新大客戶的專業經銷商提供了介紹。

Recent highlights include: the opening of 172 new dealers year-to-date with $420,000 of revenue so far, expanding Latin American sales coverage and adding three bicycle channel distributors and launching a nationwide rep force of independent agents to cover specialty outdoor channels.

最近的亮點包括：今年迄今新開設了 172 家經銷商，迄今收入為 42 萬美元，擴大了拉丁美洲的銷售覆蓋範圍，增加了三家自行車通路經銷商，並在全國範圍內建立了獨立代理商代表隊伍，以覆蓋專業戶外通路。

Consistent with our strategic focus on expanding our customer base, we are excited to also announce that MAXTRAX products are now available in Academy Sports and past pro shops online, and we are gaining ground at REI, America's largest specialty rack seller. We've taken control of our brands in the Amazon marketplace, and segment-wide revenue recently hit approximately $200,000 per month.

與我們擴大客戶群的策略重點一致，我們很高興地宣布，MAXTRAX 產品現已在 Academy Sports 和過去的專業線上商店有售，並且我們正在美國最大的專業貨架銷售商 REI 中取得進展。我們已經在亞馬遜市場上控制了我們的品牌，整個部門的收入最近達到了每月約 20 萬美元。

In terms of new product development and product launches, we have tightened our funnel and our focus on foundational base racks and fits. Most importantly, we are prioritizing our highest return initiatives for NPD and increasing the number of fitments we offer. As we have discussed previously, fitments are the backbone of our go-to-market strategy. The more vehicles we can fit, the more racks we can sell. By comparison, in 2024, we delivered an incremental 113 vehicle fitments versus year-to-date, whave increased vehicle fitments to 579 in 2025.

在新產品開發和產品發布方面，我們加強了通路建設，並將重點放在基礎機架和配件上。最重要的是，我們優先考慮新產品開發的最高回報計劃，並增加我們提供的配件數量。正如我們之前所討論的，配件是我們行銷策略的支柱。我們能容納的車輛越多，我們能銷售的車架就越多。相較之下，2024 年我們交付的車輛組裝數量與年初至今相比增加了 113 輛，而 2025 年交付的車輛組裝數量將增加到 579 輛。

From an organizational standpoint, the team has undergone significant changes this year as we work towards an optimal structure to allow us to effectively scale our brands in Australia, the US and international markets while also driving profitability in a lower demand environment. We've taken these steps to flatten the organization to be nimbler and more effective in these challenging times.

從組織角度來看，今年團隊經歷了重大變化，我們致力於建立最佳結構，以便我們能夠有效地在澳洲、美國和國際市場擴大我們的品牌，同時在需求較低的環境中提高獲利能力。我們採取了這些措施來使組織更加扁平化，以便在這些充滿挑戰的時期變得更加靈活和有效。

Specifically, earlier this month, we took action to reduce head count across Adventure with an annual run rate savings of over $1 million. But to be frank, our objective to scale the Adventure segment globally has not come to fruition. However, we are encouraged by the steps Tripp is taking to immediately improve profitability and reduce complexity moving forward.

具體來說，本月初，我們採取行動減少 Adventure 的員工人數，每年節省超過 100 萬美元。但坦白說，我們在全球範圍內擴大冒險領域規模的目標尚未實現。然而，我們對特里普為立即提高獲利能力和降低未來複雜性而採取的措施感到鼓舞。

Regarding tariffs and the effects on the Adventure business, I would note that nearly all of the Adventure products are sourced from Australia and China. Based on our 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. However, recently, we have imported additional RockyMounts inventory into the United States to ensure we have inventory to meet demand. Currently, based on information available, we estimate that the tariff impact to Adventure is $0.5 million in 2025.

關於關稅及其對 Adventure 業務的影響，我想指出，幾乎所有 Adventure 產品都來自澳洲和中國。根據我們 2024 年全年的收入，Adventure 超過 80% 的收入來自美國以外。因此，關稅的影響相對有限。然而，最近，我們已將額外的 RockyMounts 庫存進口到美國，以確保我們有庫存滿足需求。目前，根據現有消息，我們估計 2025 年關稅對 Adventure 的影響為 50 萬美元。

Let me now turn to the consolidated and segment financial review on slide 8. Second quarter sales were $55.2 million compared to $56.5 million in the prior year second quarter. The 2% decline in total sales was driven by the decrease in Adventure segment of 8% and an increase in the Outdoor Segment of 1%. FX was a $0.5 million headwind, and the acquisition impact from RockyMounts was a $2.1 million tailwind.

現在讓我轉到投影片 8 上的合併和分部財務回顧。第二季銷售額為 5,520 萬美元，而去年同期銷售額為 5,650 萬美元。總銷售額下降 2% 是由於探險部門銷售額下降 8% 以及戶外部門銷售額成長 1%。FX 帶來了 50 萬美元的逆風，而 RockyMounts 的收購則帶來了 210 萬美元的順風。

The consolidated gross margin rate in the second quarter was 35.6%, compared to 36.1% in prior year quarter. Gross margin was adversely impacted in the quarter by lower sales volumes and an unfavorable product mix at Adventure, driven primarily by promotional sales efforts in North America. This, combined with lower wholesale volume at Rhino-Rack in Australia, drove the decline in gross margin. These decreases were partially offset by higher volumes and favorable mix in Outdoor.

第二季綜合毛利率為35.6%，去年同期為36.1%。本季毛利率受到 Adventure 銷售量下降和產品組合不利的不利影響，這主要受到北美促銷活動的影響。再加上澳洲 Rhino-Rack 批發量的下降，導致毛利率下降。這些下降被戶外產品銷售的增加和良好的產品組合部分抵消。

Adjusted gross margin, which reflects an inventory reserve adjustment of $490,000 at Black Diamond associated with excess inventory related to our snow safety category was 36.5% for the quarter, compared to 37.4% in the year-ago quarter. Adjusted gross margin at Outdoor was 36.1% for the quarter, compared to 35.8% in the year ago quarter. Adventure's adjusted gross margin was 37.3% for the quarter, compared to 40.3% in the year ago quarter.

調整後的毛利率為 36.5%，而去年同期為 37.4%，這反映了 Black Diamond 因與雪上安全類別相關的過剩庫存而產生的 49 萬美元的庫存儲備調整。本季戶外業務調整後的毛利率為 36.1%，去年同期為 35.8%。Adventure 本季調整後的毛利率為 37.3%，去年同期為 40.3%。

Second quarter selling, general and administrative expenses were $26.9 million compared to $28.1 million or down 4% versus the same year ago quarter. The decrease was primarily due to lower marketing, amortization and employee-related costs, combined with other expense reduction initiatives to manage costs across both segments and at corporate.

第二季銷售、一般和行政費用為 2,690 萬美元，而去年同期為 2,810 萬美元，比下降 4%。下降的主要原因是行銷、攤提和員工相關成本的降低，加上為管理兩個部門和公司的成本而採取的其他費用削減措施。

Adjusted EBITDA in the second quarter was a loss of $2.1 million or an adjusted EBITDA margin of a negative 3.8%. Our adjusted EBITDA is adjusted for restructuring charges, transaction costs, stock compensation expense, impairment of [indefinite-lived] intangible assets and other inventory reserves.

第二季調整後的 EBITDA 虧損 210 萬美元，調整後的 EBITDA 利潤率為負 3.8%。我們的調整後 EBITDA 已根據重組費用、交易成本、股票薪酬費用、[無限期]無形資產減損和其他庫存儲備進行了調整。

Additionally, as noted in prior quarters, beginning in 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 DOJ matter. These legal costs were $1.8 million in the second quarter of 2025 and $2.5 million in total for the first half of 2025.

此外，如前幾個季度所述，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 DOJ 事項）相關的法律費用。2025 年第二季的法律費用為 180 萬美元，2025 年上半年的法律費用總計為 250 萬美元。

The second quarter adjusted EBITDA by segment was $311,000 in Adventure and a negative $214,000 at Outdoor. Adjusted corporate costs were $2.2 million in the first -- in the second quarter. The decline in free cash flow -- the adjusted corporate costs were $2.2 million in the second quarter.

第二季按部門劃分的調整後 EBITDA：探險業務為 311,000 美元，戶外業務為負 214,000 美元。第一季和第二季調整後的企業成本為 220 萬美元。自由現金流下降－第二季調整後的企業成本為 220 萬美元。

Next, let me shift to liquidity. Free cash flow, defined as net cash provided by operating activities plus capital expenditures for the second quarter of 2025 was a use of $11.3 million, compared to a use of $744,000 for the three months ended June 30, 2024. The decline in free cash flow is due to poor working capital performance primarily inventory and AR in the quarter compared to the prior year.

接下來，讓我談談流動性。自由現金流（定義為經營活動提供的淨現金加上資本支出）在 2025 年第二季的使用量為 1,130 萬美元，而截至 2024 年 6 月 30 日的三個月的使用量為 744,000 美元。自由現金流的下降是由於本季營運資本表現較差，主要是庫存和應收帳款與去年同期相比。

Total debt on June 30, 2025, was $1.9 million. As a reminder, this debt is related to an obligation associated with the RockyMounts acquisition and will be paid in December of 2025. We have no other third-party debt outstanding.

2025 年 6 月 30 日的總債務為 190 萬美元。提醒一下，這筆債務與 RockyMounts 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。

As of June 30, 2025, cash and cash equivalents were $28.5 million, compared to $45.4 million at December 31, 2024. We used $11 million of free cash flow in the second quarter. Additionally, we grew consolidated inventory to $91.5 million at the end of the second quarter. This increase was intentional as we pulled forward some inventory purchases to mitigate tariffs at both segments. Additionally, in early July, we closed on the sale of PIEPS snow safety brand and realize the cash proceeds from the sale of the brand.

截至 2025 年 6 月 30 日，現金及現金等價物為 2,850 萬美元，而 2024 年 12 月 31 日為 4,540 萬美元。我們在第二季度使用了 1100 萬美元的自由現金流。此外，第二季末我們的合併庫存增加至 9,150 萬美元。此次增幅是有意為之，因為我們提前了部分庫存採購，以減輕兩個部門的關稅。此外，7月初，我們完成了PIEPS雪上安全品牌的出售，並實現了品牌出售的現金收益。

Finally, consistent with the seasonal nature of our cash flow, Q4 historically generates most of our positive cash flow for the year. At this point in time, the accumulation of these data points gives us confidence that our cash balance will grow during the remainder of the year.

最後，與我們的現金流的季節性一致，第四季度歷來是全年產生正現金流最多的季度。此時，這些數據點的累積讓我們有信心，我們的現金餘額將在今年剩餘時間內成長。

A few final words on tariffs. As I mentioned already, Adventure sources nearly all of its products from China and Australia. Black Diamond sources approximately 25% from China, 31% from Taiwan, 15% from Vietnam and 12% from the Philippines and the remainder from elsewhere. As of today, we estimate that we have a $3.9 million consolidated headwind net of our mitigation efforts from tariffs in 2025 compared to our original guidance issued in March of this year.

最後再談一下關稅。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 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。截至今天，我們估計，與今年 3 月發布的原始指引相比，2025 年我們因關稅而採取的緩解措施將帶來 390 萬美元的綜合逆風淨額。

Now let me spend a moment on our outlook and guidance. Regarding guidance, we have elected to not provide guidance for the third quarter or the full year 2025, consistent with our position last quarter. Currently, based on what we know about our order book and tariffs, we are satisfied that our actions to date are consistent with market conditions.

現在，請允許我花一點時間談談我們的展望和指導。關於指導，我們選擇不提供 2025 年第三季或全年的指導，這與上個季度的立場一致。目前，根據我們對訂單和關稅的了解，我們確信迄今為止的行動與市場狀況一致。

However, due to the ongoing uncertainty related to tariffs, consumer sentiment and the overall macroeconomic conditions, we believe it is best to remain cautious and not provide guidance at this time due to the difficulty to effectively forecast in this current environment.

然而，由於關稅、消費者情緒和整體宏觀經濟狀況的持續不確定性，我們認為最好保持謹慎，目前不提供指導，因為在當前環境下難以有效預測。

I now would like to provide an update on the outstanding 16B securities litigation -- securities litigation matters that the company is pursuing as well as an update on the open matter with the CPSC and DOJ. We continue to proceed in our lawsuit against HAP Trading, LLC and Mr. Harsh A. Padia. In early 2025, the court granted summary judgment in favor of the defendants. We subsequently filed a notice of appeal and are opening appellate brief. HAP's opposition brief is due this fall, with our reply brief to fall shortly after. The court is expected to schedule oral arguments once briefing is complete, likely in the first quarter of 2026.

現在，我想提供有關未決的 16B 證券訴訟（公司正在進行的證券訴訟事宜）的最新情況，以及有關與 CPSC 和 DOJ 的未決事項的最新情況。我們將繼續對 HAP Trading, LLC 和 Harsh A. Padia 先生提起訴訟。2025年初，法院作出有利於被告的即決判決。我們隨後提交了上訴通知並開始上訴陳述。HAP 的反對意見書將於今年秋季提交，我們的答辯意見書也將在隨後不久提交。預計法院將在簡報完成後安排口頭辯論，時間可能是 2026 年第一季。

We also filed lawsuit against Caption Management, and its related entities and control persons. The defendants filed a motion to dismiss, which we opposed and briefing was completed during the summer of 2024. In early 2025, the court denied the motion and instructed the parties to proceed with discovery, which is currently ongoing and expected to continue through the remainder of the year.

我們也對 Caption Management 及其相關實體和控制人提起了訴訟。被告提出了駁回動議，我們對此表示反對，並於 2024 年夏季完成了簡報。2025 年初，法院駁回了該動議，並指示各方繼續進行調查，該調查目前正在進行中，預計將持續到今年剩餘時間。

With respect to the open matters with the CPSC and DOJ, in late 2024, the company was notified by the CPSC that the unresolved matters involving Black Diamond had been referred to the Department of Justice. In early 2025, the DOJ served the company and Black Diamond with grand jury subpoenas requesting various categories of documents related to Black Diamond's avalanche beacons. We are cooperating with the DOJ and responding to discovery request.

關於與美國消費品安全委員會和司法部的未決事項，2024 年底，該公司收到美國消費品安全委員會的通知，涉及 Black Diamond 的未決事項已提交給司法部。2025 年初，美國司法部向該公司和 Black Diamond 發出大陪審團傳票，要求提供與 Black Diamond 雪崩信標相關的各類文件。我們正在與司法部合作並回應調查請求。

Additionally, in early 2025, the company received a letter from the CPSC requesting various categories of documents and information in connection with a new investigation into whether Black Diamond sold products that were subject to a recall. The company is cooperating with this investigation and responded to the CPSC's document request.

此外，2025 年初，該公司收到了美國消費品安全委員會的一封信，要求提供各類文件和信息，以開展新調查，調查 Black Diamond 是否銷售了需要召回的產品。該公司正在配合調查，並回應了CPSC的文件要求。

Now turning back to our core two segments. We remain confident that we can deliver long-term value for the Clarus shareholders as we continue to progress our goal of building a smaller, more profitable Outdoor business and take steps to turning Adventure business around.

現在回到我們的核心兩個部分。我們仍然相信，隨著我們繼續推進打造規模更小、利潤更高的戶外業務的目標，並採取措施扭轉探險業務的局面，我們可以為 Clarus 股東創造長期價值。

Despite this uncertain macro environment, we see Clarus today is far better structured to withstand market headwinds and emerge in a stronger position on the other side of the current disruptions, supported by an incredibly talented team globally in a strong balance sheet, we remain focused on execution and positioning Clarus for long-term sustainable growth. At this point, operator, we are ready to take questions.

儘管宏觀環境不確定，但我們看到，如今的 Clarus 結構更加完善，能夠更好地抵禦市場逆風，並在當前動蕩的另一端佔據更有利的地位，在全球一支才華橫溢的團隊的支持下，擁有強大的資產負債表，我們仍然專注於執行，並為 Clarus 的長期可持續增長做好準備。接線員，現在我們可以回答問題了。

(Operator Instructions) Anna Glaessgen, B. Riley Securities.

（操作員指示）Anna Glaessgen，B. Riley Securities。

I guess I'd like to start on Adventure. You talked about some actions to rationalize the head count, but also we're growing fitments and expanding the line. I guess where are we in terms of growing the applicable vehicles that can have the roof rack and what's our line of sight into getting to a more stable platform to grow off?

我想我想開始冒險。您談到了一些合理化員工數量的措施，但我們也在增加配件並擴大生產線。我想，在開發可配備車頂行​​李架的適用車輛方面，我們處於什麼位置？我們的視線如何才能獲得一個更穩定的平台來發展？

Anna, this is Mike. Very good question. I mean we are focused on the basics. And one of the basics is fit, right? And in my prepared remarks, I talked about increasing the number of new fits to 579 vehicles. We're also focused on fitting the top 10 vehicles, both in the Australian market and the US market. So that is a priority that Tripp is focused on. Obviously, with the goal of fitting more vehicles and fitting the vehicles that sell the most. So again, more of an 80/20 concept there that we're trying to drive into the Adventure mindset, right? But again, very basic.

安娜，這是麥克。非常好的問題。我的意思是我們專注於基礎。而基本要求之一就是合身，對吧？在我準備好的演講中，我談到了將新車數量增加到 579 輛。我們也專注於在澳洲市場和美國市場安裝排名前十的車輛。所以這是特里普關注的首要任務。顯然，目標是安裝更多的車輛並安裝最暢銷的車輛。所以，我們再次嘗試將 80/20 的概念融入冒險思維中，對嗎？但同樣，這是非常基礎的。

We're also focused on rationalizing NPD. Over the prior quarters, we spoke a lot about investing to scale and a lot of money was being spent on NPD. We're trying to really rein some of that in and focus on specific NPD that we believe has the highest returns.

我們也致力於使新產品開發合理化。在前幾季度，我們談論了很多關於擴大投資的事情，並且在新產品開發上投入了大量資金。我們正試圖真正控制其中的一些，並專注於我們認為回報最高的特定新產品開發。

And then the other thing that we're really focused on is the team, right? We've taken some of the head count actions that I mentioned with the annual savings rate of $1 million, a couple of weeks ago that was done. We're trying to really focus on instead of professional managers and more of a structure that was built or being built for a $200 million business.

我們真正關注的另一件事是團隊，對嗎？我們已經採取了我之前提到的一些裁員措施，每年節省 100 萬美元，幾週前就已經完成了。我們真正想要關注的不是專業經理人，而是為價值 2 億美元的企業建立或正在建立的架構。

We're trying to focus on a structure where we have player coaches, people who can telescope out and lead and then dive into the detail and kind of bring a little -- the entrepreneurial spirit, the nimbleness back to the business and really plan for the business to be a $50 million, $70 million business and have people getting their hands dirty in the details.

我們試圖集中精力建立這樣一種結構：我們有球員和教練，這些人可以發揮遠見卓識，發揮領導作用，然後深入研究細節，為企業帶來一點企業家精神和靈活性，真正規劃將企業發展成為價值 5000 萬美元、7000 萬美元的企業，讓人們親自動手處理細節。

So we're trying to be a little more nimble, a little more entrepreneurial. So those are the real priorities that Tripp is focused on. And that's what we're trying to get reset that foundation. I think once we have that done, that's when we'll be in a position to really start to grow again.

因此，我們試著變得更加靈活，更有創業精神。這些才是特里普真正關注的重點。這就是我們試圖重建的基礎。我認為，一旦我們完成了這一點，我們就能真正開始再次成長。

Got it. And then following up on one of the comments. It was nice to see the domestic sales and collect in Adventure. Can you expand a little bit more on the promotional actions you took in the quarter and the consumer retailer response?

知道了。然後再跟進其中一則評論。很高興看到 Adventure 的國內銷售和收藏。您能否進一步介紹本季採取的促銷活動以及消費者零售商的反應？

Yes, sure. So if you go back and look at the fourth quarter release, we rolled off a couple of million dollars of Adventure inventory back at year-end, right? And we've taken the effort to actually dispose of that inventory, right, as inventory that had built up over since COVID, since middle of COVID that never sold and we wrote that off. During that process, though, last December and early in January, we identified a couple of million dollars of additional inventory that we said, hey, no, this is -- we're selling this stuff. We just have a lot of it. We're selling it above our cost, but we have a lot of it.

是的，當然。因此，如果您回顧一下第四季度的發布情況，我們會發現我們在年底推出了價值數百萬美元的 Adventure 庫存，對嗎？我們已經盡力實際處理了這些庫存，對，這些庫存是自 COVID 以來積累的，自 COVID 中期以來從未售出的，我們將其註銷了。然而，在此過程中，即去年 12 月和 1 月初，我們發現了價值數百萬美元的額外庫存，我們說，嘿，不，這是——我們要出售這些東西。我們有很多。我們以高於成本的價格出售，但我們還有很多。

So I challenged the team last January to say, we have to move that inventory, right? Let's turn that into cash. So the team has done a great job moving some of that inventory. I think we've moved about half of it here through the first six months, a lot of it going in April and May when the season started here in North America. And that's -- but -- it is a drag on margin. We're recovering our costs, but it's not normal price inventory or full price margin.

因此，去年一月我向團隊提出挑戰說，我們必須轉移這些庫存，對嗎？讓我們把它變成現金。因此，團隊在轉移部分庫存方面做得非常出色。我認為我們在前六個月已經將大約一半的貨物運到了這裡，其中許多是在四月和五月北美季節開始時運來的。但這是 — — 它會拖累利潤率。我們正在收回成本，但這不是正常價格庫存或全價利潤。

Got it. And then just one follow-up for me on Outdoor. Just trying to parse the year over year commentary on this discontinued merchandise sales. To what extent is that a like-for-like comparison? Or was that impacted by PFAS inventory clearance in the prior year quarter?

知道了。然後我再跟進一下戶外的狀況。只是想分析一下這些停產商品銷售的逐年評論。從何種程度上來說，這是同類比較？或者這是否受到去年同期 PFAS 庫存清理的影響？

It definitely is impacted by the PFAS, right? We sold the last -- we have a little PFAS inventory left, but we sold the vast majority of it -- the last of it in Q1. So we didn't nearly move as much in Q2, that's compared to what we sold a year ago in Q2 from PFAS. But the other point though, and I'll let Neil comment is our mix of our inventory is in much better shape here as of June 30. Our DM inventory is down significantly compared to a year ago.

它肯定受到 PFAS 的影響，對嗎？我們賣掉了最後的——我們還剩下一點 PFAS 庫存，但我們已經賣掉了絕大多數——第一季的最後一批。因此，與去年第二季 PFAS 的銷售量相比，我們第二季的銷售量幾乎沒有成長。但另一點是，我會讓尼爾評論的是，截至 6 月 30 日，我們的庫存組合狀況要好得多。與一年前相比，我們的 DM 庫存大幅下降。

So we're just selling less discount. And that's consistent -- we're selling less discontinued merchandise, and that's consistent with Neil's statements where he was saying, hey, we're moving towards a full price model. We want to -- we don't want to sell a lot of discounted inventory, obviously. So that's our objective, and the team is executing on that. Neil, anything you want to add to that? Anything you can add?

所以我們只是以較少的折扣銷售。這是一致的——我們銷售的停產商品減少了，這與尼爾的聲明一致，他說，嘿，我們正在轉向全價模式。我們希望——顯然，我們不想出售大量折扣庫存。這就是我們的目標，團隊正在努力實現這一目標。尼爾，你還有什麼要補充的嗎？您還有什麼可以補充的嗎？

No, I think you captured it well, Mike. So a big chunk clearly was less -- less PFAS this year than in the prior year, but also non-PFAS DM is down year-over-year versus the same period. And also, the depth of our promotions on things like map breaks and holiday windows are much shallower than they were a year ago. So really, all three of those factors.

不，我認為你理解得很好，麥克。因此，今年的 PFAS 顯然比去年少了很多，但非 PFAS DM 的數量與去年同期相比也有所下降。此外，我們在諸如地圖促銷和假期促銷等方面的促銷力度比一年前要小得多。所以實際上，這三個因素都是如此。

And I think one of the things we're thinking about is as we go forward in a world of higher tariffs moving towards full price margin as much as we can, it's going to be really important to give us more buffer to offset any or some of the impact of tariffs.

我認為，我們正在考慮的事情之一是，隨著我們在關稅不斷提高的世界中盡可能地向全價利潤邁進，給予我們更多的緩衝來抵消關稅的部分或全部影響將非常重要。

Matt Koranda, ROTH Capital.

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

So just trying to get a better sense for the outdoor revenue trend and maybe trends in growth for the rest of the year for outdoor. So I guess if I take it apart for the second quarter, it sounds like the bulk of the growth was probably driven by the international distribution shift, the core direct channels are maybe down high single digits to low double digits year over year, just given sort of the lower promotional posture, but you're getting, I guess, lift in full price selling.

因此，只是想更了解戶外收入趨勢，以及今年剩餘時間戶外收入的成長趨勢。因此，如果我將第二季的情況分開來看，聽起來大部分成長可能是由國際分銷轉變推動的，核心直銷通路的銷售額可能同比下降了高個位數到低兩位數，這僅僅是因為促銷力度較低，但我想，全價銷售的銷售額會有所提升。

Maybe could you confirm that, that's sort of the right way to think about what happened in the second quarter and then for the back half of the year as we think about getting back to growth in those scores. How do we think about that and sort of I guess, what's the reaction from your wholesale customers then in terms of your price actions that you've taken recently?

也許您能證實一下，這是思考第二季度以及下半年發生的事情的正確方式，因為我們考慮讓這些分數恢復成長。我們如何看待這個問題？我想，就您最近採取的價格行動而言，您的批發客戶有何反應？

Yes, number since that.

是的，從那時起就有了數字。

Go ahead, Neil.

繼續吧，尼爾。

Matt, good questions. I think maybe let me just break down the channels and sort of our view of H1 and H2, really zooming out for a little bit, the business is still primarily a wholesale-based business. And roughly 80% of our business is wholesale and distributor markets. And so start there, wholesale is in very good shape. Wholesale was up for the first half, and we expect wholesale to be up low single digits in the second half.

馬特，好問題。我想也許讓我來分解一下頻道以及我們對 H1 和 H2 的看法，稍微縮小一點，業務仍然主要是基於批發的業務。我們大約 80% 的業務來自批發和分銷商市場。從這裡開始，批發業的狀況非常好。上半年批發額有所成長，我們預計下半年批發額將成長個位數。

In particular, if you look at North America wholesale, which is kind of our largest wholesale segment, saw pretty good growth there, 1.9% year over year. Europe was flat on a constant currency basis. And then IGD, as you pointed out, the distributor markets had a little bit of a shift from Q3 into Q2, but that's not really the factor driving the overall growth in wholesale. It's a relatively minor impact, about $0.5 million.

特別是如果你看一下北美批發業務，它是我們最大的批發部門，那裡的成長相當不錯，比去年同期成長 1.9%。以固定匯率計算，歐洲持平。然後，正如您所指出的，IGD，經銷商市場從第三季到第二季略有轉變，但這並不是推動批發整體成長的真正因素。影響相對較小，約 50 萬美元。

So we feel pretty good about the organic -- the return to organic growth in wholesale. And then as we look forward, based on the order book that we're seeing, we feel pretty confident in the order book as it stands now versus a year ago. So the order book in Europe is up about 5% year over year to the same point last year and up double digits in North America.

因此，我們對批發業務恢復有機成長感到非常滿意。然後，當我們展望未來時，根據我們所看到的訂單情況，我們對目前的訂單情況與一年前相比非常有信心。因此，歐洲的訂單量與去年同期相比成長了約 5％，北美的訂單量也成長了兩位數。

Now the order book is one thing, what we actually realized from that order book is another. And that latter factors, particularly in North America, critically dependent on how the market plays out, how the consumer holds up. But I would say the wholesale business is quite healthy. The margins are up and we feel good about the back half based on the order book.

現在訂單簿是一回事，我們從訂單簿中實際實現的東西是另一回事。而後者因素，特別是在北美，主要取決於市場如何表現、消費者如何承受。但我想說批發業務相當健康。利潤率上升了，根據訂單情況，我們對下半年的業績感到樂觀。

With regard to the -- and I'll come back to D2C in a minute. With regard to how the wholesale channel has reacted to our price changes, you may recall, our philosophy on this was to be transparent, get out early, give the wholesale channel enough time to adjust. So we went with our price increases in early May, which was well ahead of most of the competition.

關於——我馬上就會回到 D2C。關於批發管道對我們的價格變化的反應，您可能還記得，我們​​對此的理念是透明、儘早發布，給批發管道足夠的時間來調整。因此，我們在五月初就提高了價格，遠遠領先大多數競爭對手。

And I think in the end, that was a good move and benefited us with our wholesale accounts. I think it's been as well received as to possibly have been. And while they didn't all take prices up immediately, that extra bit of time gives them time to plan, adjust and also confirm their fall 2025 orders. Whereas now, I think, with a lot of our peer group, they've taken prices up in July, and there's quite a bit of commotion now in the wholesale channel about how to adjust to those price changes right at the beginning of the season.

我認為最終這是一個好的舉措，並且使我們的批發帳戶受益。我認為它已經受到了盡可能熱烈的歡迎。雖然他們並沒有立即提高價格，但額外的時間讓他們有時間規劃、調整並確認 2025 年秋季的訂單。而現在，我認為，我們的許多同行在 7 月都提高了價格，批發管道現在對如何在季節開始時適應這些價格變化感到非常不安。

So all in all, I think the price increases have gone as well as we could have hoped, but we really are at the beginning -- the beginning to see how that plays out. And frankly, we remain cautious about the price increases in this consumer environment. Nobody has a crystal ball on that. But at least from an underlying order book, across all the regions. We feel confident that we can deliver some low single-digit organic growth in the back half.

總而言之，我認為價格上漲已經達到了我們所希望的水平，但我們實際上才剛剛開始——開始觀察其結果如何。坦白說，我們對這種消費環境下的價格上漲仍然持謹慎態度。沒有人能夠預知這一點。但至少從所有地區的底層訂單來看是這樣。我們有信心在下半年實現一些低個位數的自然成長。

Then turning to D2C. It's quite a different story D2C, one from a strategy standpoint, two from a timing perspective. From a strategy standpoint, we have moved D2C even more aggressively to a full price position. And we rolled out prices early -- new prices early in North America on D2C. And so the combination of less discounting and less promotion and higher prices, we saw a pretty sharp pullback in the D2C channel, 20% in North America, a little bit more modest in Europe.

然後轉向 D2C。D2C 的故事完全不同，一是從策略角度，二是從時機角度。從策略角度來看，我們已更積極地將 D2C 轉向全價地位。我們很早就在北美的 D2C 上推出了新價格。因此，由於折扣減少、促銷減少以及價格上漲，我們看到 D2C 通路出現了相當大幅的回落，北美回落了 20%，歐洲的回落幅度略小一些。

And it's always difficult to gauge how much volume you're going to lose when you take prices up and you reduce discounting. I think that because we went ahead of the market with our prices and Amazon and other retailers didn't go as quickly, that naturally tended to suppress the sales in our D2C channel.

而且，當你提高價格並減少折扣時，很難估計你會損失多少銷售。我認為，由於我們的價格領先於市場，而亞馬遜和其他零售商的行動沒有那麼快，這自然會抑制我們 D2C 通路的銷售。

That being said, I think the outlook for the back half in D2C is still going to be soft, likely will be down year over year, but deliberately so as we really try to move that channel to much more full price. And then lastly, within D2C, as you know, there's a pretty big component of that, that is our pro channel. And we've really tightened up the discounting in the pro channel, given that discount out to fewer pros and then shallowing out the amount of discounting overall that goes to anybody who's in the program.

話雖如此，我認為 D2C 後半段的前景仍然會疲軟，可能會同比下降，但這是故意為之，因為我們確實試圖將該管道轉向更全價。最後，如您所知，在 D2C 中有一個相當大的組成部分，那就是我們的專業管道。我們確實收緊了專業管道的折扣，因為折扣只針對較少的專業人士，然後減少了對參與該計劃的任何人的整體折扣金額。

So quite a different set of dynamics, I think, in D2C versus wholesale. But again, in kind of an 80-20 perspective, where wholesale is still 80% of our business, we feel quite good about the strength of our relationships with key retailers or growth in big accounts as well as specialty and our position heading into what we think is going to be a pretty turbulent second half.

因此，我認為 D2C 與批發之間存在相當不同的動態。但是，從 80-20 的角度來看，批發仍然占我們業務的 80%，我們對與主要零售商的關係的強度、大客戶以及專業業務的增長感到非常滿意，並且我們在進入我們認為將會非常動蕩的下半年時處於有利地位。

Okay. I appreciate you unpacking a pretty complicated question there, Neil. Very clear. The other thing I was curious about was just on the PIEPS front, was that included in the first and second quarter results, remind me sort of what was included for this year before the sale? And then what's the full year headwind, I guess, if you were to think about what it contributed in '24, what we're missing out on for '25?

好的。尼爾，我很感謝你解答了這個相當複雜的問題。非常清楚。我好奇的另一件事是關於 PIEPS 方面，它是否包含在第一和第二季度的業績中，讓我想起今年出售之前包含的內容？那麼，我想，如果您考慮一下它在 24 年造成了什麼影響，那麼我們在 25 年錯過了什麼，那麼全年的逆風是什麼呢？

Matt, it's Mike. So in the 10-Q, the published results today in our press release and earnings release, that all includes PIEPS, okay? So the assets and liabilities have been pulled out of the balance sheet and added as of June 30 presented as assets held for sale and liabilities held for sale on the balance sheet. But the P&L for the quarter and for the 6 months includes PIEPS. Neil's commentary today in the prepared remarks, he spoke just to BD because that's the way he's been managing the business, right? So -- but the official filings in the numbers presented include PIEPS.

馬特，我是麥克。因此，在 10-Q 中，我們今天在新聞稿和收益發布中發布的結果都包括 PIEPS，好嗎？因此，資產和負債已從資產負債表中提取出來，並於 6 月 30 日添加，在資產負債表中列為持有待售資產和持有待售負債。但本季和六個月的損益表包括 PIEPS。尼爾今天在準備好的發言中發表的評論只是針對 BD 進行的，因為這是他管理業務的方式，對嗎？所以——但官方文件所呈現的數字包括 PIEPS。

From a headwind perspective, there is no headwind. The sale of PIEPS is accretive. I think in my prepared remarks, I highlighted that PIEPS lost $600,000 of EBITDA in the quarter, right? So it will be accretive by addition through subtraction. And in '24 numbers, we lost money as well.

從逆風角度看，沒有逆風。PIEPS 的銷售具有增值作用。我想在我準備好的發言中，我強調了 PIEPS 在本季損失了 60 萬美元的 EBITDA，對嗎？因此，它將透過減法實現加法增值。在 24 年間，我們也虧損了。

Yes. Okay. No, I understood. I was just trying to make sure we didn't, I guess, over model revenue in the back half as we kind of compare to last year. Any help on what PIEPS, I guess, contributed from a sales perspective in the second half of '24. That way we can kind of strip that out?

是的。好的。不，我明白。我只是想確保我們下半年的收入不會超過去年同期的水平。我想，從 2024 年下半年的銷售角度來看，PIEPS 做出了哪些貢獻？這樣我們就可以把它去掉了？

It's a couple of million dollars.

價值幾百萬美元。

Yes. Okay. Not a huge contribution. Got it. Understood. And then maybe just if I could ask another one on the Adventure segment. I guess we've been going through this downturn, especially in the Australian market with the OEM customer? And then I think a retailer that you guys have called out a few times as sort of a bit of a headwind on results in the Australian market.

是的。好的。貢獻不大。知道了。明白了。然後也許我可以在冒險部分再問一個人。我想我們一直在經歷這種低迷，特別是在澳洲市場的 OEM 客戶？然後我認為你們幾次提到的零售商對澳洲市場的業績造成了一些阻礙。

But just remind us, when does that headwind -- when do we start to lap that headwind? It's been a few quarters now, I think, I'm trying to remember if it was third quarter from last year where it started or if it was more of a fourth quarter event? I'm just trying to get a beat on sort of when we kind of see inflection in the Australian market?

但請提醒我們，逆風何時出現──我們何時開始迎風而行？我想，現在已經過去幾個季度了，我試著回憶一下它是否從去年第三季開始，或者它更像是第四季的事件？我只是想了解我們何時會看到澳洲市場出現轉折點？

I think we've done -- this quarter, we anniversary, meaning the third quarter, we anniversary the OEM sales. So just to be specific, the OEM sales Q2 of '25 versus Q2 of '24 were down $3.1 million. In the third and fourth quarter, OEM sales last year were less than $1 million, I believe. So you're not going to see nearly as large impact. So I think we've essentially anniversaried that here as of June 30, right?

我認為我們已經做到了——本季度，也就是第三季度，我們實現了 OEM 銷售額的周年紀念。具體來說，25 年第二季的 OEM 銷售額與 24 年第二季相比下降了 310 萬美元。我認為，去年第三季和第四季的 OEM 銷售額不到 100 萬美元。所以你不會看到那麼大的影響。所以我認為我們基本上已經從 6 月 30 日開始慶祝週年紀念日了，對嗎？

With regards to the weakness in the other large customer, we're probably able to anniversary that here in the back half of this year, right? That was a very significant customer in '22 and '23, shrunk '24, it's getting even smaller here in '25.

至於另一個大客戶的弱點，我們可能能夠在今年下半年實現週年紀念，對嗎？這是 2022 年和 2023 年非常重要的客戶，2024 年規模縮小，2025 年規模更小。

Yes. Okay. All right. Got it. So that anniversary is probably a third into the fourth quarter, I would assume.

是的。好的。好的。知道了。因此，我猜想，這個週年紀念日可能是在第四季的第三季。

Yes.

是的。

Okay. That helps a bit. And then maybe just lastly, just can you talk about sort of cash flow for the remainder of the year. It sounds like the message was working capital source of cash for the back half most likely. So it seems like an opportunity to flush some inventory and build a little cash from working capital, then you get the net proceeds from PIEPS, which I assume there's not too much friction from the total amount that you guys quoted from the press release, but maybe just talk about if there's any gap in terms of the headline number and maybe some net cash proceeds from that.

好的。這有點幫助。最後，您能否談談今年剩餘時間的現金流狀況？聽起來這個資訊很可能是下半年的營運資金現金來源。因此，這似乎是一個清理庫存、從營運資金中積累少量現金的機會，然後你就可以從 PIEPS 中獲得淨收益，我認為這與你們在新聞稿中引用的總金額之間沒有太大的摩擦，但也許只是談談是否存在標題數字方面的差距，以及可能從中獲得的一些淨現金收益。

And maybe just lastly, if you could speak to sort of priorities for the rest of the year in terms of cash. It sounds like organic reinvestment was kind of the main message from the prepared remarks, but any consideration given the sort of share buyback, more deployment on that? Just kind of given you guys talked about the sum of the parts being undervalued, maybe just thought process there.

最後，您能否談談今年剩餘時間在現金方面的優先事項？聽起來有機再投資是準備好的發言中的主要信息，但是否考慮過股票回購的類型，並對此進行更多部署？鑑於你們談到了各部分的總和被低估，也許只是思考過程。

Okay. So from a cash standpoint, yes, cash is a priority for us. We'll be very -- I don't anticipate us doing a buyback because we want to protect our cash and invest it organically back into the business in the best opportunities. So with regards to the sales proceeds from

好的。因此從現金角度來看，是的，現金對我們來說是優先事項。我們會非常——我不認為我們會進行回購，因為我們希望保護我們的現金，並在最佳機會將其有機地重新投資到業務中。因此，關於銷售收入

PIEPS, there is a little bit of friction there, about $1.5 million. So the $9.1 million probably feels a little bit more like $7.5 million, actually hitting the count here in July because some of that cash was on their balance sheet and that got sold as part of the transaction.

PIEPS，那裡有一點摩擦，大約 150 萬美元。因此，910 萬美元可能感覺更像是 750 萬美元，實際上是在 7 月達到這一數字，因為其中一部分現金在他們的資產負債表上，並作為交易的一部分出售。

With regards to working capital being a use in the second quarter, it was, right? About $4 million of working capital was negative and was directly result of inventory. I highlighted that we -- inventories are over about $91 million. We pulled some inventory in at both Adventure for RockyMounts and at Black Diamond in advance to mitigate some of the tariff impact on both those businesses, right? So it's more of a timing that we received some inventory in June that we would normally get in July or August, right?

關於第二季營運資金的使用，是的，對嗎？約有 400 萬美元的營運資本為負，這是庫存的直接結果。我強調說，我們的庫存超過約 9,100 萬美元。我們提前在 Adventure for RockyMounts 和 Black Diamond 引入了一些庫存，以減輕關稅對這兩家企業的影響，對嗎？因此，我們在 6 月收到一些庫存的時間更接近 7 月或 8 月收到的庫存，對嗎？

So with that being said, I think cash is a priority. We'll be very disciplined around FX, right? We'll invest in CapEx that will help grow the business, necessary CapEx. CapEx that would be nice to have. We're going to be very prudent with. So going forward, consistent with the prepared remarks, our objective is to definitely see cash grow in the back half of the year.

因此，我認為現金是優先事項。我們會對 FX 採取非常嚴格的紀律，對嗎？我們將投資有助於業務成長的資本支出，這是必要的資本支出。如果有資本支出就好了。我們將非常謹慎。因此，展望未來，根據準備好的評論，我們的目標是確保下半年現金成長。

Mark Smith, Lake Street.

馬克史密斯，湖街。

First, Mike, just wondering if you can just clarify and go through quickly the country exposure on tariffs again and kind of your mix?

首先，麥克，我只是想知道您是否可以再次澄清並快速介紹各國對關稅的影響以及您的組合情況？

Sure. At Adventure, most of -- they source everything from China with a little bit coming from Australia -- made in region in Australia, okay? For Black Diamond, the majority of our inventory comes from Southeast Asia, I'm looking for the exact piece here, 25% from China, 31% from Taiwan, 15% from Vietnam and 12% from the Philippines with the remainder coming from elsewhere.

當然。在 Adventure，他們大部分產品都來自中國，少量來自澳洲——在澳洲地區製造，好嗎？對於 Black Diamond 來說，我們的大部分庫存來自東南亞，我在這裡尋找精確的貨品，25% 來自中國，31% 來自台灣，15% 來自越南，12% 來自菲律賓，其餘來自其他地方。

We've moved all manufacturing essentially out of the US effective at the beginning of this year. So the team is still focused on moving inventory out of China, like we talked about in our last call, our production out of China, sourcing out of Chine, but that won't take place until 2026.

從今年年初開始，我們已將所有製造業務遷出美國。因此，團隊仍然專注於將庫存轉移出中國，就像我們在上次電話會議中談到的那樣，將生產轉移出中國，將採購轉移出中國，但這要到 2026 年才會實現。

Okay. And that was my next question, just if there's any other near-term moves in the mitigation plans that we should expect? Or is this just kind of wait and see where things end up for everybody before we see any movement?

好的。這是我的下一個問題，緩解計畫中是否還有其他我們應該期待的近期措施？或者這只是一種等待，看看事情最終會如何發展，然後我們才能看到任何進展？

Right. I think that is our strategy. The stuff that we make in China is mostly our electronics, I think our BD headlamps. We're waiting for that to -- everything to settle to see what the proper move is with regards to that because -- with the update -- with the tariffs update on Vietnam, we thought that was going to be a solution. As we dug into that further, I think we're less enamored with that as a solution, but we're waiting to see.

正確的。我認為這就是我們的策略。我們在中國生產的產品主要是電子產品，我想是我們的 BD 頭燈。我們正在等待一切塵埃落定，看看對此採取什麼適當的措施，因為隨著越南關稅的更新，我們認為這將是一個解決方案。隨著我們進一步深入研究這個問題，我認為我們不再那麼熱衷於將其作為解決方案，但我們正在拭目以待。

Okay. And then the other question I had was just on RockyMounts. Just curious, thoughts here on that performance, how that business has been operating?

好的。我的另一個問題是關於 RockyMounts 的。只是好奇，對於那場演出有什麼看法，那項業務的運作如何？

We're thrilled with it. We think, at $2.1 million of revenue here in the quarter, it's a fantastic product. It's just a matter of getting more traction with the specialty distributors, specifically the bike shops because historically, we haven't had that relationship, but we're building on that. I highlighted that in the prepared remarks. So we think there's -- we're excited about what that can bring in coming years.

我們對此感到非常興奮。我們認為，本季的營收為 210 萬美元，這是一款非常棒的產品。這只是為了與專業經銷商，特別是自行車商店建立更多的聯繫，因為從歷史上看，我們並沒有建立過這種關係，但我們正在在此基礎上發展。我在準備好的發言中強調了這一點。因此我們認為——我們對未來幾年可能帶來的影響感到興奮。

Peter McGoldrick, Stifel.

彼得·麥戈德里克，Stifel。

Alexander Laurence Douglas

亞歷山大·勞倫斯·道格拉斯

This is Alex Douglas on for Peter. A couple for me. I think -- so the first one is on gross margin. It's down close to 100 bps gross margin in 2Q. You mentioned tariffs didn't really impact the second quarter. So then is it fair to assume that there would be more gross margin headwinds in the back half than the first half? Or are there other kind of like tailwinds that would kind of like offset from that? I know you said you can mitigate some of the tariff exposure, but not all of it. I would just like your thoughts there.

這是亞歷克斯·道格拉斯 (Alex Douglas) 代替彼得。對我來說是一對。我認為——第一個是毛利率。第二季毛利率下降近 100 個基點。您提到關稅並沒有真正影響第二季度。那麼，是否可以合理地假設下半年的毛利率阻力會比上半年更大？或者是否有其他類似的順風因素可以抵消這種影響？我知道您說過您可以減輕部分關稅風險，但不能減輕全部。我只是想了解一下您的想法。

Sure. So if you look at our gross margin, our consolidated gross margin was down. I gave the details by segment. I think the Adventure segment was down 300 basis points on an adjusted basis quarter over quarter. Black Diamond was up 30 basis points on an adjusted basis. And I should say Outdoor, the full segment was up 30 basis points, inclusive of the drag from PIEPS.

當然。因此，如果你看一下我們的毛利率，你會發現我們的綜合毛利率下降了。我按部分給出了詳細信息。我認為冒險業務按調整後的基礎計算環比下降了 300 個基點。調整後，Black Diamond 股價上漲 30 個基點。我應該說，戶外用品整個板塊上漲了 30 個基點，其中包括 PIEPS 的拖累。

Included in that 30 basis points up is $0.5 million from FX. So it would have been up even more if kind of in the constant currency without the FX headwind that Neil mentioned. Over at Adventure, so tariffs didn't hit yet in Q2 but we did have that headwind from FX.

在這 30 個基點的上漲中，有 50 萬美元來自外匯。因此，如果沒有尼爾提到的外匯逆風，以恆定匯率計算，它的漲幅還會更大。在 Adventure 方面，關稅在第二季尚未生效，但我們確實面臨來自 FX 的阻力。

Also there have been from PIEPS in the published results. Over at adventure, we're down 300 basis points, in that is volume, the volume specifically form the OEM business in Australia and the wholesales business in Australia compounded frankly by some of the lower margin sales that Anna just asked about the promotional sale activity in North America that occured. I mentioned that we sold that above cost but not much above cost.

在已發表的結果中也有一些來自 PIEPS 的研究。在冒險方面，我們的銷量下降了 300 個基點，具體來說是來自澳洲的 OEM 業務和批發業務的銷量，坦白說，由於安娜剛才詢問的北美促銷活動導致的一些利潤率較低的銷售。我提到過，我們的銷售額高於成本，但並沒有高太多。

So those things all combined brought adjusted margins at adventure down 300 basis points. So that's the headwind. Going forward, yes, we have the tariff impact in the back half, but we don't have the PIEPS, et cetera. So gross margin will be challenging compared to our original plan at the beginning of the year and prior to Liberation Day.

因此，所有這些因素加在一起，導致冒險業務的調整利潤率下降了 300 個基點。這就是逆風。展望未來，是的，我們在下半年會受到關稅的影響，但我們不會受到 PIEPS 等的影響。因此，與我們年初和解放日之前的原計劃相比，毛利率將面臨挑戰。

But all of the work that we had done in advance of tariffs being announced in April, a lot of that good work is going to be offset by the tariffs. But I believe, and I think in Neil's prepared remarks, he -- we still believe margins on a year-over-year basis in the back half for Black Diamond will be up regardless of that.

但是，我們在四月宣布關稅之前所做的所有工作，許多好的工作都將被關稅所抵消。但我相信，而且我認為在尼爾準備好的發言中，他——我們仍然相信，無論如何，黑鑽下半年的利潤率同比將會上升。

One other point just to add. So the other factor here is we push pretty hard to get inventory clean in the first half, and we were actually ahead of our pace in terms of clearing discontinued merchandise. So that obviously was a little bit of a drag on the margin in H1, but we should get some pickup from that in H2. So that would be the -- I think the other thing to keep in mind.

還有一點要補充。因此，這裡的另一個因素是，我們在上半年非常努力地清理庫存，而且我們在清理停產商品方面實際上已經領先於我們的步伐。因此，這顯然對上半年的利潤率造成了一些拖累，但下半年的利潤率應該會回升。所以，我認為這是需要記住的另一件事。

More so in the first quarter than the second quarter, but yes, I totally agree with that.

第一季的情況比第二季更嚴重，但是是的，我完全同意這一點。

And then just kind of a question on the longer-term margin structure. It looks like pre-COVID, you guys -- gross margin was kind of like around 35% adjusted EBITDA margin was like high singles, once we get past some of these transitory headwinds, is that kind of the right way to think about kind of the margin structure in the midterm?

然後只是關於長期保證金結構的一個問題。看起來，在 COVID 之前，你們——毛利率大約在 35% 左右，調整後的 EBITDA 利潤率就像高單打，一旦我們克服了一些暫時的逆風，這是思考中期利潤結構的正確方法嗎？

It's reasonable. It might be -- I would think it's a little higher than that, but it's reasonable.

這是合理的。可能是這樣——我認為它會稍微高一點，但這是合理的。

Okay. Got it.

好的。知道了。

A point or two, a point higher, right? That's kind of how -- like I said, I would have thought we'd be closer to the high 39% -- 39%, but some of the tariff pressures bringing us back down to that 36%, 36.5 type percent.

一兩分，高一分，對吧？就像我說的，我原本以為我們會更接近 39% 的高點，但一些關稅壓力使我們回落到 36% 或 36.5% 左右。

Okay. That's helpful. And then I guess my last question if there's time would just be on inventory. As we're kind of modeling inventory, how should we think about inventory growth through the remainder of the year and specifically like related to sales?

好的。這很有幫助。然後我想我的最後一個問題如果有時間的話就是關於庫存。當我們對庫存進行建模時，我們應該如何考慮今年剩餘時間內的庫存成長，特別是與銷售相關的成長？

Well, I'll comment on inventory with regards to the -- I mentioned it was over $91 billion here at the end of June. I expect that to be $10 million lower by the end of the year, right? That's what we're managing towards, right? So that will help drive the positive cash flow, I've mentioned. That's also consistent with historical performance, including our historical performance where our revenue is much stronger in the back half of the year.

好吧，我將對庫存進行評論——我提到過，6 月底這裡的庫存超過 910 億美元。我預計到今年年底這個數字會減少 1000 萬美元，對嗎？這就是我們努力的方向，對嗎？所以，這將有助於推動正現金流，正如我所提到的。這也與歷史表現一致，包括我們的歷史表現，即下半年我們的收入強勁得多。

Of course, we are a little cautious on revenue right, consumer sentiment, the macroeconomic, all the reasons we're not giving guidance, right? But I would add, I still -- we still believe that the historical trends on the top line hold, right? We did -- we still believe that there's a 45%/55% split between first half and second half in revenue.

當然，我們對收入、消費者情緒、宏觀經濟等所有我們不提供指導的原因都持謹慎態度，對嗎？但我想補充一點，我仍然——我們仍然相信收入的歷史趨勢是不變的，對嗎？我們確實如此——我們仍然認為上半年和下半年的收入佔比為 45%/55%。

So, I think as you look at your model or as you kind of look at the business, those historical truths, I think, are still reasonable as we progress here in 2025, the 45-55 split first half, second half on a consolidated basis and actually by segment basis, both these businesses, Adventure and the Outdoor, the second half of the year is 55% of the full year revenue.

因此，我認為，當你看你的模型或當你看業務時，這些歷史事實仍然是合理的，因為我們在 2025 年取得了進展，上半年和下半年按合併基礎和實際按細分基礎劃分為 45-55 比例，這兩個業務，探險和戶外，下半年佔全年收入的 55%。

The question-and-answer session is now closed. I will now turn it over to Mike Yates for closing remarks.

問答環節現已結束。現在我將把發言時間交給麥克耶茨 (Mike Yates) 作結束語。

Thank you. Thank you, everyone. Thank you very much. I want to express our appreciation for your continued interest in Clarus and spending this time this afternoon on the call. We look forward to updating you on our results again next quarter and see the -- out at the conferences and any other questions. We look forward to spend time with you. So take care, and thank you again. Bye.

謝謝。謝謝大家。非常感謝。我想對您持續關注 Clarus 並抽出時間參加今天下午的電話會議表示感謝。我們期待下個季度再次向您通報我們的業績，並在會議上和任何其他問題上看到結果。我們期待與您共度時光。所以請保重，再次感謝。再見。

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。