Clarus Corp (CLAR) 2025 Q3 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 third quarter ended September 30, 2025.

各位下午好，感謝各位參加今天舉行的電話會議，討論 Clarus 公司截至 2025 年 9 月 30 日的第三季度財務業績。

Joining us today are Clarus Corporation's Executive Chairman, Warren Kanders; CFO; Mike Yates; President of 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.

今天出席會議的有：克拉魯斯公司執行董事長沃倫·坎德斯；首席財務官邁克·耶茨；鑽石設備公司總裁尼爾·菲斯克；以及公司對外投資者關係總監馬特·伯科維茨。致詞結束後，我們將開放提問環節。

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.

在我們繼續之前，我想把電話交給伯科維茨先生，讓他宣讀公司根據 1995 年《私人證券訴訟改革法案》所作的安全港聲明，該聲明對前瞻性陳述提供了重要的注意事項。

Matt, please go ahead.

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.

謝謝。在會議開始之前，我想提醒大家，在今天的電話會議中，我們將做出一些前瞻性陳述，這些陳述均符合《私人證券訴訟改革法案》的安全港條款。這些前瞻性陳述反映了我們基於目前已知資訊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因素的影響，可能導致 Clarus 公司的實際經營績效或財務狀況與前瞻性陳述中明示或暗示的內容有重大差異。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，請參閱公司不時向美國證券交易委員會 (SEC) 提交的公開報告。

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，本次電話會議的錄音回放將於今晚美國東部時間晚上7點開始提供。此外，您還可以透過今天新聞稿中提供的連結以及公司網站claruscorp.com觀看網路直播回放。

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

現在我想把電話交給 Clarus 的執行董事長 Warren Kanders。

Good afternoon, and thank you for joining Clarus' earnings call to review our results for the third quarter of 2025. I am joined today by our Chief Financial Officer, Mike Yates, who will cover our third quarter results, including Adventure segment performance as well as Neil Fiske, who will discuss our Outdoor segment.

下午好，感謝各位參加 Clarus 2025 年第三季財報電話會議。今天與我一同出席的有財務長 Mike Yates，他將介紹我們第三季度的業績，包括探險業務板塊的表現；還有 Neil Fiske，他將討論我們的戶外業務板塊。

During the third quarter, despite a difficult global consumer market, we made progress executing against our strategic plan. Our quarterly results reflected incremental financial improvement as we continue to reshape our organizational structure, product offering and go-to-market approach while also balancing the real-time evolution of global demand trends and consumer sentiment. Clarus generated net sales of $69.3 million, in line with our expectations, which was a 3% increase over the same period last year and quarterly adjusted EBITDA increase of 15%.

第三季度，儘管全球消費市場面臨挑戰，但我們在執行策略計畫方面取得了進展。隨著我們持續調整組織架構、產品組合和市場策略，同時密切關注全球需求趨勢和消費者情緒的即時變化，季度業績反映了財務狀況的逐步改善。 Clarus 實現淨銷售額 6,930 萬美元，符合預期，較去年同期成長 3%，季度調整後 EBITDA 成長 15%。

Mike and Neil will detail the segment figures, but at a high level, these increases were driven by strong outdoor demand in North American wholesale, our largest channel, and success with the new adventure customer in Australia and sales from RockyMounts. A key highlight in the Outdoor segment has been the success of the revamped Black Diamond apparel line, which saw sales growth of 29%.

Mike 和 Neil 將詳細介紹各業務板塊的數據，但總體而言，這些成長主要得益於北美批發市場（我們最大的通路）強勁的戶外用品需求，以及在澳洲新晉探險客戶群的成功和 RockyMounts 的銷售成長。戶外用品板塊的一大亮點是重新推出的 Black Diamond 服裝系列取得了巨大成功，銷售額成長了 29%。

Apparel is critical to our growth strategy, and we continue to be encouraged by positive signs that our new approach to apparel and enhanced creative direction is resonating with customers in both the retail and direct-to-consumer channels. Neil and his team have done an outstanding job prioritizing our best customers and our most profitable products and styles, evident in the stronger quality of revenue.

服裝是我們成長策略的關鍵組成部分，我們不斷看到積極的跡象，表明我們全新的服裝理念和增強的創意方向在零售和直銷渠道都獲得了客戶的認可，這令我們倍感鼓舞。尼爾和他的團隊出色地完成了工作，優先考慮了我們最重要的客戶和最賺錢的產品及款式，這體現在收入品質的顯著提升上。

Full-price product sales increased, sales from discontinued merchandise declined significantly, and the highest margin A styles represent approximately 70% of our inventory, which is a figure that has continued to trend upward in recent quarters.

全價商品銷售額增加，停產商品銷售額大幅下降，利潤率最高的 A 款商品約占我們庫存的 70%，這一數字在最近幾季持續上升。

Now turning to our Adventure segment. We continue to make operational progress during the third quarter and have been pleased with the direction of the business under the new leadership team. There is significant work to do, but our simplified organizational structure is a step in the right direction.

現在來說說我們的探險業務板塊。第三季度，我們的營運持續取得進展，對新領導團隊帶領下的業務發展方向感到滿意。雖然還有大量工作要做，但我們簡化的組織架構是朝著正確方向邁出的一步。

Of note, Q3 SG&A was down $600,000 year over year, driven by the reorganizations we completed in November 2024 and July 2025 as well as other expense reduction initiatives. On an annualized basis, we have taken out $1.1 million of fixed costs from the business in our most recent reorganization.

值得注意的是，第三季銷售、管理及行政費用年減60萬美元，這主要得益於我們分別於2024年11月及2025年7月完成的重組以及其他成本削減措施。按年計算，我們最近一次重組已為公司節省了110萬美元的固定成本。

Counterbalancing these positive developments, macro trade and consumer headwinds continue to weigh on near-term financial results across both segments. While the latest trade deal should ease some of the tariff burden,

儘管有這些積極進展，但宏觀貿易和消費方面的不利因素仍繼續對兩個業務板塊的近期財務表現構成壓力。雖然最新的貿易協定應該會減輕部分關稅負擔，

Outdoor and Adventure margins and cash flows were again pressured by increased tariff costs and cash outlays in the third quarter. Our Outdoor segment also dealt with significant losses on FX contracts in 2025, which amounts to $600,000 EBITDA impact in the third quarter.

第三季度，戶外探險業務的利潤率和現金流再次受到關稅成本上漲和現金支出增加的影響。此外，我們的戶外業務部門還面臨2025年外匯合約的重大損失，將對第三季的EBITDA造成60萬美元的影響。

When these contracts roll off in 2026, we will see a lift in product margins. At Adventure, margins came in below expectations, primarily due to a combination of tariff-related headwinds on products sold in the United States, higher freight costs to customers and aggressive pricing of slow-moving inventory as we work through SKU rationalization and overall inventory simplification.

這些合約將於2026年到期，屆時產品利潤率將有所提升。 Adventure品牌的利潤率低於預期，主要原因是受多方面因素影響，包括美國市場產品關稅上漲、客戶運費增加，以及在進行SKU精簡和整體庫存簡化過程中，滯銷庫存採取激進定價策略。

In addition, pricing in several of our markets, particularly Australia, has not kept pace with inflation or our cost base, which has contributed to margin erosion. We will continue to take proactive steps to address these issues, including price increases in our US RockyMounts line and a planned pricing reset in ANZ to restore profitability.

此外，我們在多個市場（尤其是澳洲）的定價未能跟上通貨膨脹或成本上漲的步伐，導致利潤率下降。我們將繼續採取積極措施解決這些問題，包括提高美國 RockyMounts 產品線的價格，以及計劃在澳新地區進行價格調整，以恢復獲利能力。

Overall, in the face of a challenging macro environment, we continue to take decisive actions to enhance margins and set the stage for sustainable growth and profitable growth over the long term.

整體而言，面對充滿挑戰的宏觀環境，我們將繼續採取果斷措施來提高利潤率，為長期可持續成長和獲利成長奠定基礎。

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

那麼，感謝各位今天與我們一同參與，接下來我將把電話交給尼爾。

Thanks, Warren. Turning to slide 6, I will review the Outdoor segment's Q3 performance and our expectations for the remainder of 2025. Overall, we delivered solid results for Q3 in the face of stiff macro trade and consumer headwinds.

謝謝沃倫。接下來請看第6張投影片，我將回顧戶外用品業務第三季的業績以及我們對2025年剩餘時間的預期。整體而言，儘管面臨嚴峻的宏觀貿易狀況和消費者需求疲軟的挑戰，我們第三季依然取得了穩健的業績。

I'm pleased with our continued progress, the strengthening of the Black Diamond brand and reshaping of the business to be more focused, more profitable and more competitive. Revenue, gross margin and EBITDA were all up for the third quarter compared to prior year's third quarter, excluding PIEPS.

我對我們持續取得的進展感到滿意，黑鑽品牌實力不斷增強，業務也進行了重組，變得更加專注、盈利能力更強、競爭力更高。第三季營收、毛利率和 EBITDA 均較去年同期成長（不計入 PIEPS）。

Costs were down and inventories ended the period in great shape. As with my last update, I'll address tariffs and currencies at the top of my remarks. My remarks exclude the PIEPS brand, which we divested on July 11, 2025, in the year-over-year comparisons.

成本下降，庫存狀況良好。與上次更新一樣，我將在首先說明關稅和匯率方面的情況。我的說明不包括PIEPS品牌，該品牌已於2025年7月11日剝離，因此不包含在同比數據中。

First, tariffs. In early May, we initiated the first phase of our tariff mitigation plan, which included raising prices, negotiating vendor concessions, airfreighting products where necessary and accelerating our exit out of China.

首先是關稅問題。 5月初，我們啟動了關稅緩解計畫的第一階段，其中包括提高價格、與供應商談判讓步、在必要時空運產品以及加快撤出中國市場。

On our last call, we estimated that in 2025, we could offset roughly half of the tariffs that were in place at the time, which included 50% on steel and aluminum, 54% on China and a 10% reciprocal tariff on most other countries. Since then, reciprocal tariffs have increased from the original 10% to a range of 20% to 35% or more. We estimate the unrecovered impact of tariffs on EBITDA will be $2.5 million to $3.5 million in 2025.

在上一次電話會議上，我們估計到2025年，我們可以抵消當時實施的關稅的大約一半，其中包括對鋼鐵和鋁徵收的50%關稅、對中國徵收的54%關稅以及對大多數其他國家徵收的10%對等關稅。此後，對等關稅已從最初的10%提高到20%至35%甚至更高。我們估計，到2025年，關稅對息稅折舊攤提前利潤（EBITDA）造成的未彌補影響將為250萬美元至350萬美元。

With the second round of tariff mitigation actions going into effect in 2026, we expect to offset about 70% of the annualized tariff impact next year or approximately $7.8 million out of the $11 million in tariffs, leaving us again with approximately $3.2 million in unrecovered tariffs. We believe that $3.2 million represents the downside as we see it today.

隨著第二輪關稅減免措施於2026年生效，我們預計明年將抵銷約70%的年度關稅影響，即在1,100萬美元的關稅總額中約780萬美元，這意味著仍有約320萬美元的關稅無法收回。我們認為，就目前的情況來看，這320萬美元代表了潛在的損失。

Further reductions in the tariff burden will come over time from sourcing, product reengineering and new product introductions, but those initiatives will take time to fully materialize. Next, let me address currency.

關稅負擔的進一步降低將隨著時間的推移，透過採購、產品重新設計和新產品推出來實現，但這些措施需要時間才能完全落實。接下來，我想談談貨幣問題。

While we benefited from the translation of the higher euro to the dollar, we also incurred significant losses on FX contracts in 2025. Year-to-date, these losses, which amount to $1.3 million swing year-over-year flow through and suppressed product margins. We roll off these contracts at the end of 2025.

儘管歐元兌美元匯率走強使我們受益，但我們在2025年的外匯合約上也遭受了重大損失。截至目前，這些損失已達130萬美元，年比大幅波動，並抑制了產品利潤率。我們將於2025年底到期終止這些合約。

Now let's turn to operating results. Revenue for the quarter was ahead of the prior year by 0.7%. But breaking that number down further, we showed a solid growth of 4% in our full price in-line business and a 37% reduction in sales from discontinued merchandise, again, reflecting a healthier business and stronger quality of revenue. By region and channel, North America wholesale, our largest channel, had a very strong quarter, up 15.6% from the prior year period.

現在我們來看營運業績。本季營收年增0.7%。進一步細分來看，我們的全價商品業務實現了4%的穩健成長，而停產商品的銷售額則下降了37%，這再次反映出我們業務的健康狀況更加健康，營收品質也更高。按地區和通路劃分，北美批發通路（我們最大的通路）本季表現非常強勁，較去年同期成長15.6%。

North America digital D2C, which represents 13.6% of the region's revenue, was down 16.5% as we continue to pull back on pro channel sales. We also saw some sales pullback from our price increases as we are generally ahead of the market in implementing tariff-impacted prices.

北美地區數位D2C業務（佔該地區總收入的13.6%）下降了16.5%，因為我們在專業通路銷售方面持續縮減。此外，由於我們在實施受關稅影響的價格方面通常領先市場，因此提價也導致部分銷售額下滑。

Margins, however, lifted 820 basis points, and we were actually ahead of the prior year period on channel contribution margin dollars, reflecting a much improved profitability equation for the channel. In total, North America was up 9.1% versus prior period. Europe wholesale without the impact of FX contracts was up 2.9% in dollars and down 3% on a constant currency basis.

然而，利潤率提升了820個基點，通路貢獻利潤率實際上高於去年同期，反映出通路獲利能力的顯著改善。整體而言，北美地區較上年同期成長9.1%。剔除外匯合約的影響，歐洲批發業務以美元計價成長2.9%，以固定匯率計算則下降3%。

Europe digital D2C, which is 5.8% of the region's revenue was down 16% in dollars and 21% in constant currency. Here again, we pulled back on pro sales and discounting, which resulted in a 570 basis point improvement in margin. In Europe, without the impact of FX contracts, the region was down 1.9% in revenue, 4.0% in constant currency.

歐洲數位D2C業務佔該地區總收入的5.8%，以美元計算下降16%，以固定匯率計算下降21%。我們再次減少了專業銷售和折扣力度，使利潤率提高了570個基點。若不計外匯合約的影響，歐洲地區的總收入下降1.9%，以固定匯率計算下降4.0%。

Our international distributor channel was down 28.9%, reflecting the timing shift discussed on our last call, wherein we have realigned our deliveries to better suit the needs of our international markets. We have now fully cycled those two shifts from Q1 into Q4 and from Q3 into Q2 and expect normalized comps going forward.

我們的國際分銷通路銷售額下降了28.9%，這反映了我們在上次電話會議上討論的時間調整，即我們重新調整了交付計劃，以更好地滿足國際市場的需求。目前，我們已完全完成了第一季到第四季以及第三季到第二季的兩次調整，預計未來業績將恢復正常。

Within our business units of apparel, mountain, climb, ski and footwear, we saw breakout growth in apparel and solid sales in mountain, offset somewhat by softness in climb, a strategic pullback in ski and narrowed focus in footwear. The decline is consistent with broader industry trends based on point-of-sales data. I want to call out, in particular, the strong momentum we are seeing in apparel across channels and regions.

在我們服裝、登山、攀岩、滑雪和鞋類等業務部門中，服裝業務實現了突破性增長，登山業務也表現穩健，但攀岩業務的疲軟、滑雪業務的戰略性收縮以及鞋類業務的重點收窄在一定程度上抵消了這些增長。這一下滑趨勢與基於銷售點數據的整體行業趨勢相符。我尤其想強調的是，服裝業務在各個通路和地區都呈現出強勁的成長動能。

Apparel was 23% of our mix in Q3, up 490 basis points from a year ago. Total apparel sales were ahead by 29% versus the prior period, with in-line sales up 40.5% and discontinued merchandise down 24%. Margins meanwhile were up 650 basis points for the apparel business unit.

第三季服裝業務佔23%，較去年同期成長490個基點。服裝總銷售額較上年同期成長29%，其中在售商品銷售額成長40.5%，停產商品銷售額下降24%。同時，服裝業務部門的毛利率成長了650個基點。

Overall, a great story upon which we expect to build. Turning to gross margin. Our results reflect the progress we are making in building a healthier full-price premium brand. Gross margin was ahead of prior year by 320 basis points. Excluding the impact of FX contracts, comparable gross margins were up by 410 basis points.

整體而言，這是一個令人振奮的局面，我們期待在此基礎上繼續發展。接下來談談毛利率。我們的業績反映了我們在打造更健康的全價高端品牌方面取得的進展。毛利率較上年同期成長了320個基點。剔除外匯合約的影響，可比較毛利率成長了410個基點。

Operating expenses, excluding restructuring and legal costs from both periods, were down 4.6%. Adjusted EBITDA came in at $4.7 million for the quarter, up 9% to prior year period. Inventories ended the quarter in great shape. We were up 2.1% compared to the prior period at $62.8 million, largely due to increases in capitalized duties from higher tariffs.

剔除重組及法律費用後，本季營運支出下降4.6%。經調整後的EBITDA為470萬美元，較上年同期成長9%。庫存狀況良好，季末達6,280萬美元，較上年同期成長2.1%，主要原因是關稅上調導致資本化稅額增加。

Inventories of discontinued merchandise is down $2.1 million or 25% at quarter end. We are now near our target of having 70% of our inventory against our best-selling A styles.

截至季末，已停產商品的庫存減少了210萬美元，降幅達25%。我們目前已接近實現目標，即暢銷A款商品的庫存佔比達到70%。

Operationally, we've made great strides in rebalancing our supply chain in response to the current tariff environment and expect to see new country of origin production up and running in 2026 for headlamps, climbing helmets and other categories historically sourced from China.

在營運方面，為了因應當前的關稅環境，我們在重新平衡供應鏈方面取得了巨大進步，並預計到 2026 年，頭燈、登山頭盔和其他以往從中國採購的品類將在新的原產國投產。

We have also deployed a new state-of-the-art sales and operation planning capability, which is expected to better match supply and demand globally and within each channel. Organizationally, the company is leaner, more focused and more productive. Lastly, I want to give a big shout out to our creative teams. We have elevated the creative expression of the brand through our new website, recently launched catalog and refreshed marketing assets.

我們還部署了一套全新的、最先進的銷售和營運計劃系統，預計這將更能匹配全球及各通路的供需關係。在組織架構方面，公司更加精簡、專注且有效率。最後，我要特別感謝我們的創意團隊。我們透過全新的網站、近期發布的產品目錄和更新的行銷素材，提升了品牌的創意表達。

While our product line exudes that rare alchemy of beautiful design and superior engineering that has always set BD apart. The brand looks better than ever, and our creative just keeps getting stronger, fresh, original, progressive and true to who we are.

我們的產品線完美融合了精美設計與卓越工藝，這正是BD一貫的特色所在。品牌形象煥然一新，創意也愈發強勁、新穎、原創、前衛，始終忠於我們的品牌理念。

Looking ahead to the fourth quarter, our outlook is more cautious. Consumer sentiment remains low. Promotional activity seems to be on the rise as the broader market struggles to balance cash and working capital requirements. Macro factors continue to cause uncertainty and disruption. Tariff impacts are not yet fully understood nor manifested.

展望第四季度，我們的預期更為謹慎。消費者信心依然低迷。由於整體市場難以平衡現金流和營運資金需求，促銷活動似乎增加。宏觀因素持續造成不確定性和乾擾。關稅的影響尚未完全顯現。

Retailers are taking a conservative stance. And so against this backdrop, we'll continue to simplify, reduce costs and stay laser-focused on the fundamentals of our strategy. In closing, I'd like to thank our teams around the world for their incredible perseverance, creativity and drive in the face of this turbulent often chaotic and certainly unpredictable global environment.

零售商們正採取保守策略。因此，在此背景下，我們將繼續簡化流程、降低成本，並始終專注於我們策略的基本要素。最後，我要感謝我們全球各地的團隊，感謝他們在面對這個動盪不安、時常混亂且難以預測的全球環境時所展現出的驚人毅力、創造力和乾勁。

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

這樣，我就把麥克風交還給麥克了。

Thanks, Neil, and good afternoon, everyone. On today's call, I'll provide a brief comments on the Adventure segment and we'll then conclude with a summary of the third quarter financial results followed by the Q&A session.

謝謝尼爾，大家下午好。在今天的電話會議上，我將簡要介紹探險業務板塊，然後我們將總結第三季財務業績，最後是問答環節。

Let's take a closer look at Adventure. Our team delivered 15.9% year-over-year growth versus the third quarter of last year. Excluding the RockyMounts acquisition, organic growth was 7.4%, which is a solid step forward.

讓我們仔細看看探險業務。與去年第三季相比，我們的團隊實現了15.9%的年成長。若不計入對RockyMounts的收購，內生成長率為7.4%，這是一個穩健的進步。

Consistent with our strategic focus on expanding our customer base, a strong pipeline filled with a new Rhino-Rack customer in Australia drove much of the growth, which was partially offset by declines in the recovery product line.

與我們擴大客戶群的策略重點一致，來自澳洲的新 Rhino-Rack 客戶帶來的強勁銷售管道推動了大部分成長，但回收產品線的下滑部分抵消了這一成長。

Adventure's adjusted EBITDA came in at $349,000, which is about $100,000 ahead of last year. Gross margin at Adventure continues to be pressured, mainly due to additional tariffs in the US, inventory clearouts and cost of freight to customers.

Adventure公司調整後的EBITDA為34.9萬美元，比去年同期成長約10萬美元。 Adventure公司的毛利率持續承壓，主要原因是美國額外關稅、庫存清理以及運往客戶的運費成本。

We made price adjustments to the RockyMounts line in the US at the end of the third quarter, which will help offset the tariff impact and protect our gross profit dollars moving forward. In Australia, we haven't done a good job capturing price on an annual basis.

我們在第三季末對美國市場的RockyMounts產品線進行了價格調整，這將有助於抵銷關稅的影響，並確保我們未來的毛利。在澳大利亞，我們先前在年度價格控制方面做得不夠好。

The lack of price capture has meaningfully contributed to margin erosion, and we are implementing an updated pricing strategy for ANZ that will be one of our near-term actions to recover profitability. With that said, we do expect gross margin percentages to stay below historical levels as these changes work through our P&L.

價格控制不力是利潤率大幅下滑的重要原因，我們正在為澳新地區實施新的定價策略，這將是我們近期恢復獲利能力的舉措之一。儘管如此，我們預期在這些調整逐步影響損益表的過程中，毛利率仍將低於歷史水準。

On a more positive note, we reduced SG&A by $600,000 versus third quarter of last year. That improvement came from the reorganizations we've completed in November of 2024 and July of 2025 as well as tighter control over travel, marketing and event spending. As Warren noted, on an annualized basis, we have taken out $1.1 million of fixed costs from the business from our most recent rightsizing actions.

令人欣慰的是，與去年第三季相比，我們的銷售、管理及行政費用減少了60萬美元。這項改善得益於我們分別於2024年11月和2025年7月完成的重組，以及對差旅、行銷和活動支出的更嚴格控制。正如沃倫所指出的，透過最近的精簡人員配置措施，我們已按年削減了110萬美元的固定成本。

Under the new leadership of Trip Wyckoff, there's a renewed focus on executing the next phase of the Adventure growth strategy. As detailed in prior calls, we've previously identified investment opportunities to expand Adventure's global presence.

在 Trip Wyckoff 的新領導下，公司重新聚焦於執行下一階段的探險成長策略。正如先前電話會議中所詳述的那樣，我們先前已確定了一些投資機會，以擴大探險公司的全球影響力。

While making these investments, we have experienced declining sales and profitability trends. We are not abandoning these initiatives. However, as we balance growth objectives and operational improvements, our focus is on serving our existing customer base with better products and more fitments that should drive improved profitability.

在進行這些投資的同時，我們也經歷了銷售額和獲利能力下滑的趨勢。我們不會放棄這些舉措。然而，在平衡成長目標和營運改善的同時，我們的重點是為現有客戶群提供更好的產品和更豐富的配件選擇，以期提升獲利能力。

The past few months have been about getting clear on our challenges and resetting our direction, both in the short term and on the longer-term horizon. We're focused on getting leaner, more efficient and setting ourselves up to grow the right way. In August, we opened our 3PL warehouse in the Netherlands.

過去幾個月，我們主要致力於明確面臨的挑戰，並重新調整短期和長期發展方向。我們專注於精簡機構、提高效率，並為正確的成長做好準備。今年8月，我們在荷蘭開設了第三方物流倉庫。

We started conservatively with the inventory position, and we anticipate new customer orders shipping from the facility in the fourth quarter of this year. The new facility helps us serve customers more effectively in the Nordic, UK and European markets, and it opened doors with smaller and midsized accounts that previously couldn't import full containers from Australia.

我們最初採取了較保守的庫存策略，預計今年第四季開始從該工廠出貨，處理新的客戶訂單。新工廠的啟用有助於我們更有效地服務北歐、英國和歐洲市場的客戶，同時也為我們打開了與中小型客戶的合作之門，這些客戶此前無法從澳洲進口整櫃貨物。

This is exactly the slidestrategic growth we want to see. On the US tariff front, while the added costs are a headwind, we've determined it still makes sense to maintain production in Australia and China for now. About 75% of our total volume isn't impacted by these tariffs. So it wouldn't make sense to increase FOB costs across the board just to avoid tariffs on a smaller portion of our sales.

這正是我們所期望的穩健策略成長。就美國關稅而言，雖然增加的成本是一個不利因素，但我們認為目前繼續在澳洲和中國生產仍然是合理的。我們約75%的總銷量不受這些關稅的影響。因此，僅僅為了避免對一小部分銷售額徵收關稅而全面提高離岸價是不明智的。

We're constantly challenging our supply chain to move production when it's financially sound to do so. In the meantime, we've invested in sourcing some high-volume MAXTRAX traction board production in Salt Lake City, a big step towards greater control and reliance.

我們不斷督促供應鏈在經濟條件允許的情況下轉移生產。同時，我們已投資在鹽湖城建立高產量MAXTRAX牽引板生產線，這是朝著更好地控制和提高可靠性邁出的重要一步。

Our Asian supply partners have also stepped up, helping offset some tariff costs with unit price reductions. We'll be adjusting Rhino-Rack pricing in the US on December 1 to stay ahead of further pressure.

我們的亞洲供應商合作夥伴也積極回應，透過降低單價來幫助我們抵銷部分關稅成本。為了因應可能出現的進一步價格壓力，我們將在12月1日調整Rhino-Rack在美國的定價。

Right now, we're in the high season of our core Australian market, and we're seeing healthy early spring sell-through. For the rest of the year, our priorities are clear: drive profitable top line growth while keeping SG&A and personnel expenses tightly managed.

目前正值我們核心市場澳洲的銷售旺季，早春銷售情況良好。展望今年餘下的時間，我們的工作重點很明確：在嚴格控制銷售、管理及行政費用和人員成本的同時，實現盈利性營收成長。

Looking ahead, our biggest opportunity lies in product innovation. This has been an underperforming area for a few years, and it's where we're focusing our energy. We're adding resources, expanding our vehicle fit team to move faster and bringing in experienced product developers with deep category knowledge.

展望未來，我們最大的機會在於產品創新。過去幾年，產品創新一直是我們表現不佳的領域，而這正是我們目前集中精力的方向。我們正在增加資源，擴充車輛適配團隊以加快研發速度，並引進擁有深厚產業知識的資深產品開發人員。

We've built a three-year innovation road map that we're confident will disrupt multiple product categories and help us maintain leadership in the Australian market while breaking through with share gains in the Americas and rest of world. This has been a challenging year for Adventure.

我們制定了一項為期三年的創新路線圖，我們相信它將顛覆多個產品類別，幫助我們在澳洲市場保持領先地位，同時在美洲和世界其他地區取得市場份額突破。對Adventure而言，今年是充滿挑戰的一年。

There's no doubt about that, but it's also been a pivotal one. We face the hard truths, we're taking meaningful actions, and we're positioning the Adventure business for a much stronger, more innovative future. So with that, now let me turn to the consolidated and segment financial review on slide 8.

這點毋庸置疑，而且至關重要。我們正視殘酷的現實，採取實際有效的行動，並為探險業務創造一個更強大、更具創新性的未來。接下來，我將介紹第8頁的合併及分部財務回顧。

Third quarter sales were $69.3 million compared to $67.1 million in the prior year third quarter. The 3% increase in total sales was driven by the increase in the Adventure segment of 16% and a decrease in the Outdoor segment of 1%.

第三季銷售額為6,930萬美元，去年同期為6,710萬美元。總銷售額成長3%，主要得益於探險產品板塊16%的成長和戶外產品板塊1%的下降。

However, as Neil noted, Outdoor revenue was actually up 1% when you exclude PIEPS from both periods. The consolidated gross margin rate in the third quarter was 35.1% compared to 35% in the prior year quarter. Gross margin was impacted by higher sales volumes at Adventure and a favorable product mix at Outdoor.

然而，正如尼爾所指出的，如果將PIEPS從兩個時期中剔除，戶外業務的收入實際上成長了1%。第三季的綜合毛利率為35.1%，去年同期為35%。毛利率的提升主要得益於探險業務銷售的成長以及戶外業務產品組合的最佳化。

These increases were partially offset by an unfavorable product mix within Adventure, primarily driven by higher RockyMounts sales in North America, US imposed tariffs impacting both segments and lower volumes at Outdoor after the sale of PIEPS in July along with the headwinds caused by losses on the foreign exchange contracts at Outdoor.

這些成長部分被探險業務中不利的產品組合所抵消，這主要是由於北美 RockyMounts 的銷售額較高、美國徵收的關稅影響了這兩個業務部門，以及 7 月份出售 PIEPS 後戶外業務的銷量下降，再加上戶外業務外匯合約損失帶來的不利影響。

Adjusted gross margin was 35.1% for the quarter compared to 37.8% in the year ago quarter. We did not adjust gross margin in the third quarter of 2025, but I want to note that actual gross margins include significant headwinds from tariff and FX, a couple of items that have been outside of our control.

本季調整後毛利率為35.1%，去年同期為37.8%。我們沒有對2025年第三季的毛利率進行調整，但需要指出的是，實際毛利率包含了關稅和匯率波動帶來的顯著不利影響，而這些因素是我們無法控制的。

The significant efforts at Outdoor under Neil's leadership to improve gross margins are being realized, but were partially offset by the tariffs and FX this quarter.

在尼爾的領導下，戶外業務為提高毛利率做出了巨大努力，這些努力正在取得成效，但本季關稅和匯率波動部分抵消了這些努力。

Gross margin at Outdoor was 36.0% for the third quarter of 2025 compared to 33.2% in the prior year. This performance is outstanding and is exactly what we were expecting to see prior to tariffs and the change in the euro rate.

2025年第三季戶外業務的毛利率為36.0%，高於去年同期的33.2%。這一業績非常出色，與我們在關稅和歐元匯率變動之前所預期的完全一致。

The results at Adventure are much more challenging due to the gross margin headwinds I just discussed. Adventure's gross margin was 33.2% for the third quarter of 2025 compared to 40.1% in the prior year. Now on to SG&A.

由於我剛才提到的毛利率逆風，Adventure公司的表現更具挑戰性。 Adventure公司2025年第三季的毛利率為33.2%，而去年同期為40.1%。接下來我們來看看銷售、管理及行政費用（SG&A）。

Third quarter SG&A expenses were $26.2 million compared to $27.9 million or down 6% versus the same year ago quarter. The decrease was primarily due to lower employee-related costs, lower costs from PIEPS due to the divestiture and other expense reduction initiatives to manage costs across the segments and at corporate.

第三季銷售、管理及行政費用為2,620萬美元，去年同期為2,790萬美元，較去年同期下降6%。下降的主要原因是員工相關成本降低、剝離業務後PIEPS成本降低，以及為控制各業務部門和公司層面的成本而採取的其他費用削減措施。

Adjusted EBITDA in the third quarter was $2.8 million or an adjusted EBITDA margin of 4.0%. Our adjusted EBITDA is adjusted for restructuring charges, transaction costs, stock compensation expenses, contingent consideration benefits and other inventory reserves.

第三季調整後 EBITDA 為 280 萬美元，調整後 EBITDA 利潤率為 4.0%。我們的調整後 EBITDA 已扣除重組費用、交易成本、股權激勵費用、或有對價收益和其他存貨準備金。

Additionally, as noted in prior quarters, beginning in the first quarter of 2024, we adjusted legal costs associated with the Section 16(b) litigation and the Consumer Product Safety Commission DOJ matter known as the CPSC and DOJ matters.

此外，正如前幾個季度所述，從 2024 年第一季開始，我們調整了與第 16(b) 條款訴訟和消費者產品安全委員會司法部案件（即 CPSC 和司法部案件）相關的法律費用。

These legal costs were $1.0 million in the third quarter of 2025 and $3.5 million in total for the first nine months of 2025. The third quarter adjusted EBITDA by segment was $349,000 at Adventure and $4.7 million at Outdoor.

2025 年第三季的法律費用為 100 萬美元，2025 年前九個月的法律費用總計為 350 萬美元。第三季以業務部門劃分的調整後 EBITDA 為：探險業務 34.9 萬美元，戶外業務 470 萬美元。

Adjusted corporate costs were $2.3 million in the third quarter. Let me shift over to talk about liquidity and the balance sheet. Free cash flow defined as net cash provided by operating activities less capital expenditures for the third quarter of 2025 was a use of cash of $7.0 million.

經調整後，第三季公司成本為230萬美元。接下來，我想談談流動性和資產負債表。 2025年第三季自由現金流（定義為經營活動產生的現金流量淨額減去資本支出）為700萬美元。

This compares to a use of cash of $9.4 million for the three months ended September 30, 2024. Total debt on September 30, 2025, was $2 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.

相較之下，截至2024年9月30日止三個月，現金使用額為940萬美元。截至2025年9月30日，總負債為200萬美元。需要說明的是，該債務與收購RockyMounts相關的義務有關，將於2025年12月償還。我們沒有其他未償付的第三方債務。

At September 30, 2025, cash and cash equivalents were $29.5 million compared to $45.4 million at December 31, 2024. We used $7 million of free cash flow in the third quarter.

截至 2025 年 9 月 30 日，現金及現金等價物為 2,950 萬美元，而截至 2024 年 12 月 31 日為 4,540 萬美元。我們在第三季使用了 700 萬美元的自由現金流。

In early July, we closed on the sale of the PIEPS snow safety brand and realized the cash proceeds from the sale of the brand. I do expect the business to generate free cash flow during the fourth quarter consistent with our historical performance, and I expect our consolidated cash balance to be in the range of $35 million to $40 million by the end of the year.

7月初，我們完成了PIEPS雪地安全品牌的出售，並收到了出售所得。我預計該業務在第四季度將產生與我們歷史業績相符的自由現金流，並預計到年底，我們的合併現金餘額將在3500萬美元至4000萬美元之間。

Let me spend now a brief moment on guidance. Regarding our full year outlook, we have again elected to provide -- to not provide 2025 guidance consistent with our position over the last few quarters. While we believe we have handled on the tariffs with effective countermeasures in place, ongoing uncertainty related to trade, consumer sentiment and the overall macroeconomic environment make it really difficult to confidently forecast the business.

現在我想簡要談談業績指引。關於我們全年的展望，我們仍然選擇不提供2025年的業績指引，這與我們過去幾季的立場一致。雖然我們相信我們已經採取了有效的應對措施來應對關稅問題，但貿易、消費者信心和整體宏觀經濟環境方面持續存在的不確定性，使得我們很難對業務做出有把握的預測。

And 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. However, due to the ongoing uncertainty, we believe it's best to remain cautious and continue to not provide guidance.

目前，根據我們對訂單和關稅情況的了解，我們認為迄今為止採取的行動符合市場狀況。然而，鑑於持續存在的不確定性，我們認為最好保持謹慎，暫不提供績效指引。

In addition to my comments about our cash balance, our business historically has been seasonal with a 45%, 55% revenue split between the first half and second half of the year, and I believe we will continue to see that in the second half of 2025. Finally, I will add that revenue for the month of October exceeded our forecast for both segments.

除了我之前提到的現金餘額情況外，我們公司的業務歷來具有明顯的季節性，上半年和下半年的收入佔比分別為45%和55%，我相信2025年下半年也將繼續保持這種趨勢。最後，我還想補充一點，10月份兩個業務板塊的收入都超過了我們的預期。

Let me move on to Legal. I'd like to provide an update on the outstanding Section 16(b) securities litigation matters that the company is pursuing as well as an update on the open matter with the CPSC and the Department of Justice. We continue to proceed in our lawsuit against HAP Trading, LLC and Mr.

接下來我談談法律方面。我想就公司正在處理的未決的第16(b)條證券訴訟案件以及與美國消費品安全委員會（CPSC）和司法部之間的未決事項提供一些最新進展。我們針對HAP Trading, LLC和Mr.的訴訟仍在繼續進行中。

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 has filed its opposition brief and our replied brief will be filed this Friday, November 7. Oral arguments will likely be scheduled in the first quarter of 2026.

哈什·A·帕迪亞。 2025年初，法院作出有利於被告的簡易判決。隨後，我們提交了上訴通知，並開始撰寫上訴狀。 HAP已提交反對意見書，我們的答辯狀將於本週五，即11月7日提交。口頭辯論預計將於2026年第一季舉行。

We also filed a lawsuit against Caption Management and its related entities and controlling persons. The defendants filed a motion to dismiss, which was denied. The case is in discovery phase with documents having been exchanged and depositions likely to be held during the first quarter of next year.

我們也對Caption Management及其關聯實體和控制人提起了訴訟。被告方提出駁回訴訟的動議，但被駁回。目前案件正處於證據開示階段，雙方已交換文件，預計明年第一季進行證人取證。

In the meantime, a mediation is scheduled for November 25, 2025. With respect to the open matters with the CPSC and DOJ, in late 2024, the company was notified by the CPSC that the unresolved matter involving Black Diamond had been referred to the Department of Justice.

同時，調解定於 2025 年 11 月 25 日舉行。關於與美國消費品安全委員會 (CPSC) 和司法部 (DOJ) 的未決事項，2024 年底，該公司收到 CPSC 的通知，涉及 Black Diamond 的未決事項已移交司法部。

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 in responding to its discovery requests and have produced substantially all the documents requested.

2025年初，美國司法部向該公司和黑鑽公司發出大陪審團傳票，要求提供與黑鑽雪崩信標相關的各類文件。我們正在配合司法部進行調查取證，並已提供了大部分所需文件。

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 BDEL sold products that were subject to a recall.

此外，2025年初，該公司收到美國消費品安全委員會 (CPSC) 的一封信，要求提供與 BDEL 是否銷售過被召回產品相關的各類文件和信息，以展開新的調查。

The company has cooperated with the investigation, responding in full to the CPSC's document request and has heard nothing further. In conclusion, turning back to our two core segments, we believe the actions we've taken to prioritize our best customers and our most profitable outdoor products and styles, together with a simplified organizational structure with an emphasis on product and fitment and adventure position Clarus for long-term success.

本公司已配合調查，全面回應了美國消費品安全委員會（CPSC）的文件請求，目前未收到任何進一步消息。總而言之，回到我們的兩大核心業務，我們相信，我們採取的優先服務最佳客戶和利潤最高的戶外產品及款式的措施，以及精簡的組織架構（重點關注產品、適配性和探險活動），將使Clarus具備長期成功的潛力。

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 business to drive long-term market share gains while delivering sustainable value for our shareholders. At this point, operator, we're ready to take questions.

憑藉零第三方銀行債務的穩健資產負債表，我們致力於採取審慎的資本配置和業務管理策略，以期在為股東創造可持續價值的同時，實現長期市場份額的增長。現在，接線員，我們準備回答問題。

(Operator Instructions) Laurent Vasilescu, BNP Paribas.

（操作員指令）法國巴黎銀行的 Laurent Vasilescu。

This is William Dossett on for Laurent. So my first question was just parsing out the Outdoor segment sales, they were flat in the quarter, but Black Diamond apparel was up 29%. And so can you just parse out what was the offset to the Black Diamond strength?

這裡是Laurent的William Dossett。我的第一個問題是分析戶外用品部門的銷售額，該季度銷售額持平，但Black Diamond服裝的銷售額成長了29%。那麼，您能否分析一下Black Diamond強勁成長的抵銷因素是什麼？

Well, I'll let Neil expand too, but this -- PIEPS was essentially zero in the quarter. So that's a year-over-year headwind. The real challenge, and I think Neil covered in his remarks, was the D2C business. The North American D2C business was down 16.5% and the European D2C business was also down 16%.

好的，我也會讓尼爾補充說明，但這個季度PIEPS（每股盈餘）基本上為零。所以這是同比的不利因素。真正的挑戰，我認為尼爾在他的發言中已經提到了，是D2C業務。北美D2C業務下降了16.5%，歐洲D2C業務也下降了16%。

So the short answer is no PIEPS, D2C was weak across the globe and that offset the North American wholesale strength. And the apparel business is part of the North American wholesale, that's where we capture that as part of the wholesale business.

簡而言之，PIEPS（產品資訊、價格、效率和利潤）沒有成長。全球D2C業務疲軟，抵銷了北美批發業務的優勢。服裝業務是北美批發業務的一部分，因此我們將其計入批發業務中。

Okay. I appreciate that. And congrats on the success of Black Diamond. And my other question would be on just how your retail partners are ordering for the spring of 2026 in the Outdoor segment. How much more conservative are they going to be in this backdrop?

好的，謝謝。也祝賀黑鑽取得的成功。我的另一個問題是，你們的零售合作夥伴在2026年春季戶外用品市場的訂貨計畫是什麼？在當前情勢下，他們的訂貨策略會保守多少？

And as well while we're looking forward, just wanted to get any thoughts that you had on the holiday this year. I appreciate it.

另外，在展望未來之際，也想聽聽您對今年假期有什麼想法。謝謝。

Well, I would I can start with that. I think the holiday is always slidea little bit of an unknown, right? The coming net --

嗯，我可以從這裡開始。我覺得假期總是帶點未知性，對吧？即將到來的假期——

Mike, why don't you let Neil answer that question?

麥克，為什麼不讓尼爾來回答這個問題呢？

Yes, sure.

當然可以。

Yes. Let me -- on the first question, William, regarding spring, our order books look pretty good for spring and certainly reflects some caution on the part of our retail partners. But we -- our order book is up. And of course, ultimately, it comes down to how much of that sticks. But I think the indications are quite positive.

是的。讓我先回答第一個問題，威廉，關於春季訂單，我們的春季訂單情況看起來相當不錯，當然也反映出我們的零售合作夥伴持謹慎態度。但我們的訂單量確實有所成長。當然，最終結果取決於有多少訂單能夠成交。但我認為目前的跡象相當樂觀。

And we feel like we have really good momentum in the wholesale channel, both with our big national accounts, REI and MEC as well as Amazon and real strength in specialty. So I think looking ahead to spring, we feel as good as we can in this environment about the strength of the wholesale channel. And so that's part one. Regarding the fourth quarter, I think that we're just cautious. And as Mike said, it's too early to tell.

我們感覺批發通路發展勢頭良好，無論是大型全國性客戶 REI 和 MEC，還是亞馬遜，以及專賣店的強勁表現，都讓我們信心十足。因此，展望春季，在當前環境下，我們對批發通路的強勁勢頭感到非常滿意。以上是第一部分。至於第四季度，我們持謹慎態度。正如麥克所說，現在下結論還為時過早。

We do see the environment being more promotional. We see retailers being cautious and not wanting to take on too much inventory. But I would say 90% of the game is still to be played in the fourth quarter. So we're cautious. I think it's prudent to be cautious in this environment, but it's really hard to find a trend line at this point for Q4.

我們確實看到市場環境更偏向促銷。零售商們也比較謹慎，不願囤積過多庫存。但我認為，第四季還有90%的市場走勢尚未確定。所以我們保持謹慎。我認為在這種環境下保持謹慎是明智之舉，但目前很難預測第四季的趨勢。

(Operator Instructions) There are no further questions at this time. I will now turn the call back over to Mike Yates for closing remarks.

（操作員指示）目前沒有其他問題了。現在我將把電話轉回給麥克耶茨，請他作總結發言。

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

好的，太好了。非常感謝。我要感謝今天下午參加電話會議的各位，以及你們對Clarus的持續支持與關注。我們期待下個季度再次向大家報告我們的業績。

Thank you.

謝謝。

Ladies and gentlemen, that concludes today's call. Thank you all for joining, and you may now disconnect. Everyone, have a great day. Bye.

女士們、先生們，今天的電話會議到此結束。感謝各位的參與，現在可以掛斷電話了。祝大家今天過得愉快。再見。