Clarus Corp (CLAR) 2026 Q1 法說會逐字稿

Good afternoon, everyone, and thank you for participating in today's conference call to discuss Clarus Corporation's financial results for the first quarter ended March 31, 2026. 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.

各位下午好，感謝各位參與今天的電話會議，討論 Claru​​s Corporation 截至 2026 年 3 月 31 日之第一季財務結果。今天與會者包括 Clarus Corporation 執行董事長 Warren Kanders；財務長 Mike Yates；Black Diamond Equipment 總裁 Neil Fiske；以及公司外部投資人關係總監 Matt Berkowitz。

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

在發言結束後，我們將開放提問。在繼續之前，我想先把電話交給 Berkowitz 先生，由他宣讀公司依據 1995 年《私人證券訴訟改革法》（Private Securities Litigation Reform Act of 1995）所作的安全港聲明，其中包含對前瞻性陳述的重要提醒。Matt，請開始。

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。在開始之前，我想提醒各位，在今天的電話會議中，我們將作出若干前瞻性陳述，並將依據《私人證券訴訟改革法》的安全港條款提出這些陳述。這些前瞻性陳述反映我們基於目前所知資訊之理解所作的最佳估計與假設。

These forward-looking statements are subject to potential risks and uncertainties that can cause the actual results of operations or financial condition of Clarus Corporation to differ materially from those expressed or implied by the forward-looking statement. 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. During this call, we will discuss certain non-GAAP financial measures.

這些前瞻性陳述可能受到潛在風險與不確定性的影響，致使 Clarus Corporation 的實際營運結果或財務狀況與前瞻性陳述中明示或暗示者出現重大差異。可能影響公司營運與財務結果的因素之更多資訊，將不時載於公司向美國證券交易委員會（SEC）提交的公開報告中。在本次電話會議中，我們也將討論若干非 GAAP 財務衡量指標。

Reconciliations of these non-GAAP measures to the most directly comparable GAAP measures are included in today's press release and the accompanying presentation. I'd like to remind everyone this call will be available for replay starting at 7:00 P.M. Eastern Time tonight. A webcast replay will also be available via the link provided in today's press release, as well as on the company's website at claruscorp.com.

這些非 GAAP 指標與最直接可比之 GAAP 指標的調節表，已包含於今日新聞稿及隨附簡報中。提醒各位，本次電話會議將於今晚美東時間 7:00 起提供重播。網路直播重播亦可透過今日新聞稿所提供的連結取得，並可於公司網站 claruscorp.com 觀看。

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

接下來我想把電話交給 Clarus 的執行董事長 Warren Kanders。

Good afternoon. Thank you for joining Clarus' earnings call to review our results for the first quarter. I am joined today by our Chief Financial Officer Mike Yates, who will provide a financial update, including Adventure segment performance, as well as Neil Fiske, who will discuss our Outdoor segment.

各位下午好。感謝各位參加 Clarus 的法說會，一同回顧我們第一季的業績。我今天與財務長 Mike Yates 一同出席，他將提供財務更新，包括 Adventure 事業部門的表現；另外還有 Neil Fiske，他將說明我們的 Outdoor 事業部門。

Overall, our first quarter results reflect disciplined execution of our simplification strategy. Despite continued geopolitical and macro uncertainty across the global outdoor market, we grew revenue and adjusted EBITDA year-over-year and expanded gross margin 240 basis points. Mike and Neil will walk through the details which reflect the structural actions taken across both segments over the past several quarters.

整體而言，我們第一季的結果反映出對簡化策略的嚴謹執行。儘管全球戶外市場仍面臨持續的地緣政治與總體經濟不確定性，我們的營收與調整後 EBITDA 仍較去年同期成長，且毛利率擴大 240 個基點。Mike 與 Neil 將說明細節，這些成果反映過去數季在兩個事業部門所採取的結構性措施。

At Outdoor, the team's work prioritizing Black Diamond's best and most profitable styles continues to pay off. Sales, margins, and adjusted EBITDA were all up against a difficult backdrop. We continue to improve the quality of our inventory and revenue, shifting toward a sustainable full price model. Growth in our core big three categories, mountain, climb, and apparel, reflects deliberate actions to concentrate inventory on our highest volume, highest margin products. Apparel, a key pillar of our long-term strategy, grew 10% year-over-year on a full price basis in Q1.

在 Outdoor 方面，團隊持續優先聚焦 Black Diamond 最佳且最具獲利性的款式，成果持續顯現。在艱困的環境下，銷售、毛利率與調整後 EBITDA 皆較去年同期提升。我們持續改善庫存與營收品質，轉向可持續的全價（full price）模式。我們核心三大品類——mountain、climb 與 apparel——的成長，反映我們有意將庫存集中於最高銷量、最高毛利的產品。作為長期策略關鍵支柱的 apparel，在第一季以全價基礎計算，年增 10%。

Turning to Adventure, we delivered solid first quarter results with growth in both revenue and gross profit. Sales growth was driven by a favorable wholesale market in Australia for Rhino-Rack and MAXTRAX. We saw new international customer wins in China, Japan, Scandinavia, and the UK, and we strengthened relationships with rack specialty retailers in North America. We are filling product and price gaps not addressed by competitors.

轉向 Adventure，我們第一季表現穩健，營收與毛利皆成長。銷售成長主要受惠於澳洲 Rhino-Rack 與 MAXTRAX 的有利批發市場。我們在中國、日本、斯堪地那維亞與英國取得新的國際客戶，並強化與北美車架專業零售商的合作關係。我們正在補足競爭對手未能涵蓋的產品與價格帶缺口。

Counterbalancing these positive developments, we see macro, trade, and consumer headwinds weighing heavily on Adventure segment results in the back half of the year. In response, we have implemented targeted pricing actions and additional cost controls to protect margins. Building global penetration for our adventure brands will take time, but we have a clear framework in place and a pipeline of new products on the horizon.

與上述正面發展相對的是，我們看到總體經濟、貿易與消費者端的逆風，將在下半年對 Adventure 事業部門的結果造成顯著壓力。為此，我們已採取針對性的定價措施與額外的成本控管，以保護毛利。提升我們冒險品牌的全球滲透率需要時間，但我們已建立清晰的執行框架，且有一系列新產品正在規劃中。

Before I turn the call over to Mike, I would like to briefly discuss the review of strategic alternatives we announced today. As we have previously stated, we do not believe our current stock price reflects the sum of the part value of our two segments or the long-term potential of our businesses. The board is confident in Clarus' future and the undervalue of our iconic brands, which is why we have initiated this review to enhance shareholder value.

在把電話交給 Mike 之前，我想簡要談談我們今天宣布的策略替代方案（strategic alternatives）評估。如同我們先前所述，我們不認為目前股價反映了兩個事業部門的分部加總價值（sum-of-the-parts value）或我們業務的長期潛力。董事會對 Clarus 的未來以及我們標誌性品牌被低估的情況充滿信心，因此啟動此評估以提升股東價值。

Potential alternatives include the sale of all or part of the business or other strategic or financial transactions involving the company. We are committed to exploring a range of potential strategic alternatives designed to unlock value more effectively than the market is recognizing today. We have retained Jefferies LLC as our financial advisor to assist in this process.

潛在替代方案包括出售全部或部分業務，或涉及公司的其他策略性或財務性交易。我們承諾探索一系列可能的策略替代方案，以更有效地釋放價值，超越市場目前所反映的水準。我們已聘請 Jefferies LLC 擔任財務顧問協助此流程。

This review will run in parallel with our continued execution of the simplification strategy. Please note that we will not be answering any questions or commenting further on our strategic review process until further disclosure is appropriate or required.

此評估將與我們持續推動簡化策略的執行並行進行。請注意，在適當或依法必須進一步揭露之前，我們不會回答任何問題或對策略評估流程作出進一步評論。

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

最後，感謝各位今天與我們同在，我將把電話交給 Neil。

Thanks, Warren. Turning to slide 6, I will review the outdoor segment's Q1 performance and our expectations heading into the remainder of 2026. Overall, we delivered solid results in Q1 with revenue, margin, and EBITDA all well ahead of the prior year period as our strategy of simplification, focus, and business reshaping continues to pay off.

謝謝，Warren。請看第 6 頁投影片，我將回顧 Outdoor 事業部門第一季表現，以及我們對 2026 年剩餘期間的展望。整體而言，我們在第一季交出穩健成果，營收、毛利率與 EBITDA 均明顯優於去年同期，顯示我們的簡化、聚焦與業務重塑策略持續奏效。

Note my remarks exclude our divested PIEPS business from the prior year to provide more comparable results. Total revenues for the quarter were up 5.4%. That top-line growth number is a blend of our go-forward categories and those that we are exiting, such as bindings, lifestyle footwear, and avalanche airbags. Importantly, our core go-forward styles and categories grew 7% versus Q1 of last year.

請注意，為了提供更具可比性的結果，我的說明不包含去年已處分的 PIEPS 業務。該季總營收年增 5.4%。此一營收成長數字同時包含我們未來主力品類，以及我們正退出的品類，例如固定器（bindings）、生活風格鞋款（lifestyle footwear）與雪崩氣囊（avalanche airbags）。重要的是，我們核心的未來主力款式與品類相較去年第一季成長 7%。

Similarly, our big three business units, mountain, climb, and apparel, were up 6.7% versus the prior period and now account for over 90% of total revenue. For the quarter, mountain was ahead by a healthy 7.7% versus prior year. The climb segment rebounded nicely with a 6.6% gain. Apparel was up 4.3% as we were lapping the high level of clearance on PFAS inventories from the prior year.

同樣地，我們三大事業單元——mountain、climb 與 apparel——較前期成長 6.7%，目前已占總營收逾 90%。就本季而言，mountain 較去年同期健康成長 7.7%。climb 事業回升明顯，成長 6.6%。apparel 成長 4.3%，主要因去年同期我們對 PFAS 庫存進行了較高幅度的清倉折扣，形成較高的比較基期。

Both price apparel sales were ahead 10.1%. Gross margins lifted 190 basis points year-over-year, even though Q1 of last year had not yet been impacted by tariffs. The improvement reflects the progress we've made in the quality of our inventory, our focus on our most profitable categories, less discounting, and a more full price premium business model.

全價（full price）apparel 銷售年增 10.1%。毛利率年增 190 個基點，儘管去年第一季尚未受到關稅影響。此改善反映我們在庫存品質上的進展、對最具獲利品類的聚焦、折扣減少，以及更偏向全價溢價的商業模式。

Operating expenses, excluding restructuring, were up 11.6% for the quarter. OPEX for the quarter included $802,000 for CPSC legal costs and $425,000 for consulting work to improve the logistics, fulfillment costs, and profitability of our European operation. Stripping out these two items, SG&A was up 7.3% versus prior period.

本季營業費用（不含重整）年增 11.6%。本季 OPEX 包含 802,000 美元的 CPSC 法律費用，以及 425,000 美元用於顧問專案，以改善我們歐洲營運的物流、履約成本與獲利能力。扣除這兩項後，SG&A 較前期增加 7.3%。

Restructuring costs of $793,000 for Q1 reflect the actions taken at the end of 2025 and early 2026 to further streamline our cost structure, including headcount reductions, store closure, and slimming down our athlete roster. These restructuring costs have been added back to adjusted EBITDA, but the cost of the Europe consulting project have not.

第一季重整費用為 793,000 美元，反映我們在 2025 年底與 2026 年初採取的措施，以進一步精簡成本結構，包括裁減人力、關閉門市，以及縮減運動員贊助名單。這些重整費用已加回至調整後 EBITDA，但歐洲顧問專案的成本則未加回。

We do not anticipate any further restructuring or consulting costs in 2026. Adjusted EBITDA for the quarter came in at $1.4 million, a 15.2% improvement versus prior period. This includes $802,000 for CPSC legal costs and $425,000 for our Europe consulting project. Inventory ended the quarter at $61.9 million, up 10% versus prior period.

我們預期 2026 年不會再發生任何重整或顧問費用。本季調整後 EBITDA 為 140 萬美元，較前期改善 15.2%。其中包含 802,000 美元的 CPSC 法律費用與 425,000 美元的歐洲顧問專案費用。期末庫存為 6,190 萬美元，較前期增加 10%。

This increase reflects the higher cost of tariffs in our base, as well as strategic investments, we've made in our franchise styles to protect upside growth from strong demand. Regarding tariffs, we could see some benefit from the new tariff schedule that has been put in place post the Supreme Court ruling. We're mindful that those tariffs are subject to ongoing review and potential changes.

此一增加反映關稅使我們成本基礎上升，以及我們為了因應強勁需求、保護上行成長所做的策略性投資，特別是在我們的主力系列款式上。關於關稅方面，在最高法院裁決後所實施的新關稅時程表，可能帶來一些正面效益。我們也注意到這些關稅仍在持續檢討中，未來可能變動。

At the same time, we are seeing substantial cost pressure from the Iran war in everything from aluminum and other metals to polyester and nylon to printed circuit boards to freight and logistics costs. At this still uncertain stage, we see these two effects, lower tariffs and higher factor costs, roughly canceling each other out for the balance of the year.

同時，我們也看到伊朗戰爭帶來顯著的成本壓力，影響範圍從鋁與其他金屬，到聚酯與尼龍、印刷電路板，再到運輸與物流成本。在目前仍不確定的階段，我們認為這兩項影響——較低的關稅與較高的要素成本——在今年剩餘期間大致會相互抵銷。

That said, a prolonged conflict would lead to factor price increases that outweigh any gains from lower tariffs. In that case, we would look at price increases beginning in July of 2026 to mitigate any potential margin compression. Regarding tariff refunds, we have followed the applicable process to claim our tariff IEEPA credit, which we estimate to be $6.2 million coming back to Black Diamond, subject to approval. Turning to results by region and channel. North America wholesale grew 4.8%.

話雖如此，若衝突長期化，將導致要素價格上漲，其幅度將超過關稅降低所帶來的任何收益。在此情況下，為了緩解任何潛在的毛利率壓縮，我們將考慮自 2026 年 7 月起開始調漲價格。關於關稅退稅，我們已依照適用流程申請我們的關稅 IEEPA 抵免額，我們估計將有 620 萬美元返還給 Black Diamond，但仍須經核准。接著看各地區與通路的表現。北美批發成長 4.8%。

North America digital D2C, which represents 18.2% of the region's revenue, was down 9.7% due to less promotional volume and clearance activity. EU wholesale was up 16.2% in dollars and 4.9% in constant currency. EU digital D2C, which represents 5.3% of the region's revenue, was down 43.6% in constant currency as we pulled back on both promotional activity and less profitable transactions.

北美數位 D2C（直接面對消費者）通路占該地區營收的 18.2%，因促銷量與清倉活動減少而下滑 9.7%。歐盟批發以美元計成長 16.2%，以固定匯率計成長 4.9%。歐盟數位 D2C 通路占該地區營收的 5.3%，由於我們同時縮減促銷活動並減少獲利較低的交易，以固定匯率計下滑 43.6%。

Our international distributor channel was up 7.9% for the quarter. Looking ahead, we have a strong order book for the second half of the year, which should support growth for the full year 2026 compared to 2025. The wild card, of course, is the substantial risk posed by a prolonged Iran war to consumer discretionary spend, as well as factor costs, supply chain, and deliveries.

本季我們的國際經銷商通路成長 7.9%。展望未來，我們下半年訂單簿強勁，應可支撐 2026 全年相較 2025 的成長。當然，變數在於伊朗戰爭若長期化，將對消費者可支配支出造成重大風險，同時也影響要素成本、供應鏈與交付。

In the event of an extended conflict, we will be forced to raise prices to offset escalating factor cost inflation, potentially as soon as the fall season shipments, which begin in July. External factors aside, we are pleased with our continued progress on the fundamentals for Black Diamond. This quarter's results show it. I'd again like to thank our teams around the world for their dedication, creativity, focus, and skill. With that, I'll turn it over to our CFO, Mike Yates.

若衝突延長，我們將被迫調漲價格以抵銷不斷攀升的要素成本通膨，最早可能在秋季出貨開始時（7 月起）實施。撇除外部因素，我們對 Black Diamond 在基本面上的持續進展感到滿意，本季結果已反映出來。我也再次感謝全球團隊的投入、創意、專注與專業。接下來我把時間交給我們的財務長 Mike Yates。

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

謝謝你，Neil，各位下午好。在今天的電話會議中，我將先就 Adventure 事業部做一些簡短評論，接著以第一季財務結果摘要作結，然後進入問答環節。

Let's take a closer look at Adventure. Following multiple quarters of corrective steps, including pricing resets and further cost controls, our first quarter results reflect incremental progress. Q1's revenues increased 5.9%, driven by strong growth in Australia and new partner relationships in Japan, Scandinavia, China, and the UK.

我們更深入看看 Adventure。經過多個季度的矯正措施（包括價格重設與進一步的成本控管）後，我們第一季的結果反映出逐步改善。第一季營收成長 5.9%，主要由澳洲的強勁成長，以及在日本、斯堪地那維亞、中國與英國的新合作夥伴關係所帶動。

This growth was partially offset by a slow start to the year in the Americas, where market softness adversely affected results. We remain excited by the growth opportunity in this region, supported by strong long-term fundamentals in a large and growing addressable market of adventure-oriented customers across multiple verticals.

這項成長部分被美洲地區年初的疲弱所抵銷，當地市場走弱對結果造成不利影響。我們仍對該地區的成長機會感到振奮，因其長期基本面強勁，且面向多個垂直領域、以冒險為導向的客群之可服務市場規模龐大且持續成長。

Notably, adjusted EBITDA at Adventure improved year-over-year, shifting from a loss of $200,000 in the first quarter of 2025 to a profit of $200,000 in the first quarter of 2026. Gross margin increased by 260 basis points, driven by price capture, customer mix, and improved terms. We are positioned going forward to benefit from steps we have taken to streamline our footprint to reduce costs and overhead and improve scalability.

值得注意的是，Adventure 的調整後 EBITDA 年增改善，從 2025 年第一季虧損 20 萬美元，轉為 2026 年第一季獲利 20 萬美元。毛利率提升 260 個基點，主要受惠於價格落袋、客戶組合與條款改善。展望未來，我們已採取精簡營運據點的措施，以降低成本與間接費用並提升可擴展性，因而具備受益的有利位置。

Q2 2026 will be our first full quarter with consolidated operations for our MAXTRAX and Rhino-Rack businesses under one roof in Australia. Other Q1 wins include a $600,000 MAXTRAX ordered by a large Australian automotive parts and accessories retailer, which will be invoiced in the second quarter.

2026 年第二季將是我們在澳洲把 MAXTRAX 與 Rhino-Rack 業務整併至同一營運據點後的第一個完整季度。第一季的其他成果包括：一家大型澳洲汽車零件與配件零售商下單 60 萬美元的 MAXTRAX 訂單，將於第二季開立發票。

Overall, recent MAXTRAX product launches have been well-received. With sales of the core MKII board up 22% year-over-year. RockyMounts continues to be a bright spot in the Adventure segment. In addition to 111 new bike shop placements in the US representing $0.5 million of revenue in the first quarter, we have seen positive signs that the brand is steadily gaining traction in the Australian market.

整體而言，近期 MAXTRAX 的產品上市反應良好，其中核心 MKII 板的銷售年增 22%。RockyMounts 仍是 Adventure 事業部的一大亮點。除了在美國新增 111 家自行車店上架，第一季帶來 50 萬美元營收外，我們也看到正面跡象，顯示該品牌在澳洲市場正穩步取得動能。

With a comprehensive portfolio of roof and hitch-mounted bike rack solutions, we are encouraged by our progress reaching new customers in North America, Australia, and New Zealand with the RockyMounts brand. I'd also like to highlight the success of the price increases we execute across all the brands that became effective in Q1 2026. We saw minimal retailer resistance underscoring the strength of our brands.

憑藉完整的車頂與拖車鉤式自行車架解決方案產品組合，我們對 RockyMounts 品牌在北美、澳洲與紐西蘭觸及新客戶的進展感到鼓舞。我也想強調我們在所有品牌上於 2026 年第一季生效的漲價措施之成功。我們看到零售商的阻力極小，凸顯我們品牌的實力。

While the first quarter represented a period of improved profitability year-over-year, the outlook for Adventure segment during the remainder of 2026 is challenging due to geopolitical and macro factors, including a difficult consumer environment in Australia. Beginning in April of 2026, we received feedback from several retail accounts, large and small, that they have significantly reduced their demand expectations for the remainder of the year.

雖然第一季的獲利能力較去年同期改善，但由於地緣政治與總體因素（包括澳洲艱困的消費環境），Adventure 事業部在 2026 年剩餘期間的展望仍具挑戰。自 2026 年 4 月起，我們收到多家零售客戶（不論規模大小）的回饋，表示他們已大幅下修對今年剩餘期間的需求預期。

The war in Iran driving higher energy prices is a major factor behind this decline. Some of our retail partners are indicating a decline of 30% in the Australian market compared to last year. Consumer sentiment in Australia is negative. Retailer inventory is growing due to some decline in the market.

伊朗戰爭推升能源價格，是這一下滑的主要因素。我們部分零售合作夥伴指出，澳洲市場相較去年可能下滑 30%。澳洲消費者信心偏負面。由於市場走弱，零售商庫存正在增加。

Higher fuel prices and higher interest rates are affecting the Australian consumer, low vehicle sales are driving the expectation of an overall contraction in our core market of Australia and New Zealand. Against this backdrop, our focus remains squarely on what we can control, driving margin expansion, maintaining cost discipline, and improving operational efficiency.

更高的燃油價格與更高的利率正在影響澳洲消費者；車輛銷售低迷也使市場預期我們的核心市場（澳洲與紐西蘭）將整體收縮。在此背景下，我們的重點仍然放在可控事項上：推動毛利率擴張、維持成本紀律並提升營運效率。

While we navigate softer demand, we are taking decisive actions with a clear emphasis on incremental revenue and EBITDA growth. Key initiatives include US expansion via the new RockyMounts storefronts, increased Rhino-Rack and MAXTRAX brand penetration across Asia, Europe, and the UK. We see a path to maintain the margin improvement realized in Q1 moving forward despite the challenging top line expected for the remainder of the year at Adventure.

在因應需求轉弱之際，我們正採取果斷行動，並明確聚焦於增量營收與 EBITDA 成長。關鍵措施包括：透過新的 RockyMounts 店面拓展美國市場、提升 Rhino-Rack 與 MAXTRAX 品牌在亞洲、歐洲與英國的滲透率。儘管 Adventure 在今年剩餘期間預期營收面臨挑戰，我們仍看到一條可在未來維持第一季所實現毛利率改善的路徑。

Continued price capture, reduced promotional activity, and continued optimization of our customer and product mix, and a significant focus on cost controls and certain cost-out activities will all be necessary for the remainder of the year in this challenging market environment to achieve our goals.

在這個艱困的市場環境下，若要在今年剩餘期間達成目標，持續的價格落袋、降低促銷活動、持續優化客戶與產品組合，以及對成本控管與特定降本措施的高度聚焦，皆屬必要。

Let me turn to the consolidated segment financial review. I'm on slide 8. Consolidated Clarus first quarter sales were $61.9 million compared to $60.4 million in the first quarter of the prior year. The 2.5% increase in total sales was due to favorable wholesale market in Australia for Rhino-Rack and MAXTRAX in the Adventure segment and increases in the global wholesale and independent global distributor revenue for the Outdoor segment.

接著我說明合併分部的財務回顧。我在投影片第 8 頁。Clarus 合併第一季銷售額為 6,190 萬美元，去年同期為 6,040 萬美元。總銷售額成長 2.5%，主要來自 Adventure 事業部中 Rhino-Rack 與 MAXTRAX 在澳洲批發市場的有利表現，以及 Outdoor 事業部全球批發與獨立全球經銷商營收的增加。

The increase in Outdoor segment was partially offset by lower PIEPS revenue due to its sale last July and lower global direct-to-consumer revenue. The consolidated gross margin rate in the first quarter was 36.8% compared to 34.4% in the prior year quarter. Gross margin benefited by higher volumes and favorable product mix at both Adventure and Outdoor.

Outdoor 事業部的增加部分被 PIEPS 營收下降所抵銷，原因是其於去年 7 月出售，以及全球直接面對消費者營收下滑。合併毛利率在第一季為 36.8%，去年同期為 34.4%。毛利率受惠於 Adventure 與 Outdoor 兩個事業部的較高銷量與有利的產品組合。

As I noted during our last call, gross margin expansion is critical, and we were pleased with the first quarter's performance at both Outdoor and Adventure. Specifically, Outdoor's actual gross margin for Q1 2026 was 36.0% compared to 33.8% in Q1 2025, a 220 basis point improvement. Adventure's actual gross margin for Q1 2026 was 38.8% compared to 36.2% in Q1 2025, a 260 basis point improvement.

如我在上次電話會議中所提，毛利率擴張至關重要，我們對第一季 Outdoor 與 Adventure 的表現感到滿意。具體而言，Outdoor 在 2026 年第一季的實際毛利率為 36.0%，相較 2025 年第一季的 33.8%，提升 220 個基點。Adventure 在 2026 年第一季的實際毛利率為 38.8%，相較 2025 年第一季的 36.2%，提升 260 個基點。

First quarter SG&A expense were $26.6 million compared to $26.6 million in the same year ago quarter, so SG&A was flat. First quarter expense reflects lower marketing costs and other expense reduction initiatives across both segments to manage costs and the removal of PIEPS due to the sale in 2025, offset by higher outside service expenses.

第一季 SG&A（銷售、一般及行政）費用為 2,660 萬美元，與去年同期 2,660 萬美元相同，因此 SG&A 持平。第一季費用反映兩個事業部的行銷成本下降及其他費用削減措施以管理成本，並因 2025 年出售而移除 PIEPS 的影響，但部分被較高的外部服務費用所抵銷。

Adjusted EBITDA for the first quarter was a $1.1 million loss on adjusted EBITDA margin of a negative 1.8%. Our adjusted EBITDA is adjusted for restructuring charges, transaction costs, stock-based compensation, disposal of internally developed software and inventory fair value purchase accounting.

第一季調整後 EBITDA 為虧損 110 萬美元，調整後 EBITDA 利潤率為負 1.8%。我們的調整後 EBITDA 已就重組費用、交易成本、股份基礎給付、內部開發軟體處分以及存貨公允價值購買會計調整等項目進行調整。

Additionally, beginning in the first quarter of 2026, we will no longer be adjusting and adding back the costs associated with the Section 16(b) litigation and the Consumer Product Safety Commission DOJ matter known as the CPSC and DOJ matters. These legal costs were $1.4 million in the first quarter of 2026.

此外，自 2026 年第一季起，我們將不再調整並加回與第 16(b) 條訴訟以及消費者產品安全委員會與司法部事項（即 CPSC 與 DOJ 事項）相關的成本。這些法律成本在 2026 年第一季為 140 萬美元。

With this change, the $1.1 million loss for adjusted EBITDA would have been a positive $300,000 of adjusted EBITDA if we did not make this change, and the $0.3 million would have been above our prior guidance. The first quarter adjusted EBITDA by segment was $200,000 at Adventure and $1.4 million at Outdoor.

在此變更下，若我們未做此變更，調整後 EBITDA 的 110 萬美元虧損本會是調整後 EBITDA 正 30 萬美元，而這 30 萬美元也將高於我們先前的指引。第一季各事業部的調整後 EBITDA 分別為：Adventure 20 萬美元、Outdoor 140 萬美元。

Adjusted corporate costs were $2.8 million in the first quarter. That includes $600,000 of legal and regulatory matter expenses. Let me shift to liquidity in the balance sheet. Free cash flow, defined as net cash provided by operating activities less capital expenditures for the quarter, first quarter of 2026 was $5.7 million outflow compared to a $3.3 million outflow for the same three months ended March 31, 2025. Total debt on March 31, 2026, was zero. At March 31, 2026, cash and cash equivalents were $29.8 million compared to $36.7 million at December 31, 2025.

第一季調整後公司費用為280萬美元。其中包含60萬美元的法律及監管事項費用。接著我轉到資產負債表的流動性。自由現金流定義為本季營運活動提供之淨現金減資本支出；2026年第一季為淨流出570萬美元，相較於截至2025年3月31日止同三個月的淨流出330萬美元。2026年3月31日的總負債為零。截至2026年3月31日，現金及約當現金為2,980萬美元，較2025年12月31日的3,670萬美元下降。

Moving to our 2026 outlook, I'm on slide 9. We have revised our full year 2026 sales range to be between $245 million and $255 million and adjusted EBITDA to be in the range of $3 million to $5 million or an adjusted EBIT margin of 1.6% at the midpoint of revenue and adjusted EBITDA.

接著談我們對2026年的展望，我在投影片第9頁。我們已將2026年全年銷售額區間修正為2.45億至2.55億美元，並將調整後EBITDA修正為300萬至500萬美元，或以營收與調整後EBITDA中點計算之調整後EBIT利潤率為1.6%。

The revision to our full year guidance relates to the challenging environment realized in April and the fact that we expect these challenging conditions to continue for the remainder of the year at Adventure. Specifically, the $10 million drop in our revenue guide at the midpoint from $260 million to $250 million is entirely at the Adventure segment.

我們對全年指引的修正，與4月所呈現的嚴峻環境有關，且我們預期這些具挑戰性的狀況將在Adventure部門於今年剩餘期間持續。具體而言，我們營收指引中點從2.60億美元降至2.50億美元的1,000萬美元下調，完全來自Adventure部門。

We now expect full year revenue at Adventure to be approximately $70 million and full year Outdoor revenue to remain as previously guided to be $180 million. From an adjusted EBITDA perspective, we have decreased our previous guide of $9 million to $11 million to $3 million to $5 million.

我們目前預期Adventure全年營收約為7,000萬美元，而Outdoor全年營收維持先前指引，為1.80億美元。就調整後EBITDA而言，我們已將先前9,000萬至1,100萬美元的指引下修至300萬至500萬美元。

At the midpoint, the decrease in adjusted EBITDA is $6 million. That $6 million change is comprised of two components. Specifically, we expect Adventure's businesses decline in the top line from $80 million to $70 million to have a $3 million net impact on profitability. The additional $3 million decline in our adjusted EBITDA guidance stems from the fact that we will no longer be treating the legal cost and regulatory matter expenses as an add back to adjusted EBITDA.

以中點計算，調整後EBITDA的下調幅度為600萬美元。這600萬美元的變動由兩個部分組成。具體而言，我們預期Adventure業務營收自8,000萬美元降至7,000萬美元，將對獲利造成300萬美元的淨影響。另有300萬美元的調整後EBITDA指引下調，源自我們將不再把法律成本與監管事項費用視為調整後EBITDA的加回項目。

Based on our historical run rates, we have now included approximately $1 million of legal costs related to these matters for each of the three remaining quarters in 2026 or a $3 million impact for the remainder of the year. Second quarter sales are expected to range between $51 million and $53 million, and adjusted EBITDA is expected to approximately be a $3 million loss in the second quarter of 2026.

根據我們歷史的執行率（run rates），我們已在2026年剩餘三個季度中，每季納入約100萬美元與這些事項相關的法律費用，亦即今年剩餘期間合計影響300萬美元。第二季銷售額預期介於5,100萬至5,300萬美元之間，而2026年第二季調整後EBITDA預期約為虧損300萬美元。

I want to reiterate that our outlook now does include estimated costs for the ongoing litigation, specifically relating to the Section 16 matter with HAP and the CPSC matter along with the DOJ investigation. I have assumed we incur approximately $1 million a quarter for each of the three remaining quarters in 2026.

我想再次強調，我們目前的展望已包含持續訴訟的估計成本，特別是與HAP之間的第16條事項（Section 16）以及CPSC事項，並包含司法部（DOJ）調查。我假設在2026年剩餘三個季度中，每季約發生100萬美元。

With that, I'll turn to an update on legal. I'd like to provide this update on the outstanding Section 16(b) securities litigation matter that the company's 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 for disgorgement of short swing profits under the securities laws.

接下來我將更新法律事項。我想就公司正在推進的未結第16(b)條證券訴訟事項提供最新進展，並更新與CPSC及DOJ的未結事項。我們持續推進對HAP Trading LLC及Harsh A. Padia先生的訴訟，依證券法追討短線交易利得（short swing profits）的返還（disgorgement）。

In early 2025, the district court granted summary judgment in favor of the defendants. We filed a timely appeal, and the oral argument was held on February 12, 2026 before the Second Circuit Court of Appeals. The court invited the SEC to file an amicus brief, but the SEC declined to do so.

在2025年初，地方法院作出有利於被告的簡易判決。我們已及時提出上訴，並於2026年2月12日在第二巡迴上訴法院進行口頭辯論。法院邀請美國證券交易委員會（SEC）提交法庭之友意見書（amicus brief），但SEC選擇不提交。

We are now awaiting a decision on the appeal. We also filed a lawsuit against Caption Management and its related entities and controlling persons. On February 24, 2026, we entered into a settlement agreement with Caption to resolve the company's claim. On March 2, 2026, Caption paid the company an undisclosed sum in exchange for, and among other things, mutual releases and dismissal of the claims with prejudice.

我們目前正等待上訴裁決。我們也對Caption Management及其相關實體與控制人提起訴訟。2026年2月24日，我們與Caption簽訂和解協議以解決公司的主張。2026年3月2日，Caption向公司支付一筆未揭露金額，作為交換，並包括但不限於雙方相互解除（mutual releases）以及以有偏見方式撤回（dismissal with prejudice）相關主張。

A shareholder's lawyer brought an identical action against Caption, which we successfully moved to dismiss as duplicative. That lawyer has now sued for legal fees. With respect to the open matter with the CPSC and DOJ, in late 2024, the company was notified by the CPSC that the unresolved matter involving fines against Black Diamond had been referred to the Department of Justice.

一名股東律師對Caption提起了相同訴訟，我們已成功主張其屬重複而予以駁回。該律師目前改為請求法律費用。就與CPSC及DOJ的未結事項而言，於2024年末，公司接獲CPSC通知，表示涉及對Black Diamond罰款的未解決事項已移送司法部（Department of Justice）。

To date, the DOJ has not pursued a civil lawsuit regarding this matter. However, in early 2025, the DOJ served the company and Black Diamond with grand jury subpoenas in connection with a criminal investigation, requesting various categories of documents related to Black Diamond's avalanche beacons.

截至目前，DOJ尚未就此事項提起民事訴訟。然而在2025年初，DOJ就一項刑事調查向公司及Black Diamond送達大陪審團傳票（grand jury subpoenas），要求提供與Black Diamond雪崩信標（avalanche beacons）相關的各類文件。

We have cooperated with the DOJ in responding to its discovery request and have produced substantially all of the documents requested. The DOJ has sent letters to John Walbrecht, Black Diamond's former President, and Rick Vance, Black Diamond's former Director of Quality, advising them that they are targets in its investigation.

我們已配合DOJ回應其調查取證要求，並已提交所要求文件中的絕大部分。DOJ已致函John Walbrecht（Black Diamond前總裁）及Rick Vance（Black Diamond前品質主管），告知他們為該調查的目標（targets）。

The DOJ has also served subpoenas for grand jury testimony on a current and a former employee. The DOJ recently interviewed the former Director of Quality Assurance and requested an interview with his successor.

DOJ亦已向一名現任員工及一名前員工送達出庭作證之大陪審團傳票。DOJ近期已面談前品質保證主管，並要求面談其繼任者。

In closing, we continue to execute our strategic roadmap to support long-term profitable growth supported by a more focused business, a simplified operating structure, and a debt-free balance sheet. As we move through 2026, we remain committed to executing on the next phase of our transformation and delivering value for our shareholders.

最後，我們持續執行策略路線圖，以更聚焦的業務、更簡化的營運架構，以及零負債的資產負債表為支撐，推動長期的獲利成長。隨著我們走過2026年，我們仍致力於推進轉型的下一階段，並為股東創造價值。

At this point, operator, we're ready to take questions.

此時，接線員，我們準備開始回答問題。

(Operator Instructions)

（接線員指示）

Mark Smith, Lake Street Capital Markets.

Mark Smith，Lake Street Capital Markets。

Hi, guys. I want to start with kind of a big question first off. Just as we look at really all of the profitability and EBITDA and the guidance is coming second half here, what gives you as far as order books or what gives you the confidence in second half EBITDA producing to be able to hit that number?

嗨，各位。我想先從一個比較大的問題開始。當我們看到幾乎所有的獲利、EBITDA以及指引都落在下半年時，就訂單簿等面向而言，是什麼讓你們對下半年EBITDA的實現有信心，能夠達成那個數字？

I can start. Obviously, we have as you're aware, we have real decent visibility with our, at the Outdoor space with the preseason orders. In our, in our back half, order book that Neil can comment on is extremely strong, right?

我可以先回答。很明顯，如你所知，在Outdoor領域我們透過季前訂單（preseason orders）有相當不錯的能見度。我們下半年的訂單簿，Neil也可以補充，表現非常強勁，對吧？

This along with the strength in our apparel. Apparel's been gaining traction both on this spring, summer lines as well as the fall winter lines. We do have some visibility, both on our order book and with some of the feedback from our top retailers that, we've been growing our business with over the last couple of years.

再加上我們服飾業務的強勢。服飾在今年春夏系列以及秋冬系列都持續獲得動能。我們不論從訂單簿，或是從過去幾年與我們業務持續成長的主要零售商所提供的回饋，都有一定程度的能見度。

Okay. You guys talked a bit about some of the pressures on the Adventure segment just due to consumers being squeezed primarily in Australia, interest rates, gas prices, et cetera. You know, what are you seeing domestically as well as internationally as we think about the Outdoor segment? Are retail, are we starting to see some pullback in consumer spend or especially domestically, is the consumer holding up?

好的。你們談到Adventure部門面臨的一些壓力，主要是澳洲消費者受到擠壓、利率、油價等等。那麼，當我們思考Outdoor部門時，你們在國內以及國際市場分別看到了什麼？零售端是否開始看到消費支出回落？或特別是在國內，消費者是否仍然撐得住？

Neil, you want to address Black Diamond, and then I can add some comments around Adventure.

Neil，你要先談談Black Diamond嗎？然後我再補充一些關於Adventure的看法。

Hi, Mark. Thanks for the question. I think the good news is so far consumer's hanging in there in the Outdoor in North America. We're pretty happy with what we're seeing in sell-through and turn right now. I would add in addition to Mike's comments about a strong fall order book, we're seeing very good results in our big accounts and our most important specialty accounts year to date.

嗨，Mark，謝謝你的問題。我認為好消息是，到目前為止北美Outdoor的消費者仍然撐得住。我們對目前看到的銷售出清（sell-through）與周轉（turn）相當滿意。除了Mike提到的強勁秋季訂單簿之外，我們也看到今年迄今在大型客戶以及最重要的專業通路客戶（specialty accounts）方面有非常好的成果。

It's certainly a volatile, uncertain environment. So far, at least through April, I think we're pretty pleased with the sales results and the resilience of the consumer thus far. Obviously, if this conflict drags on and gas prices keep going up, it's a whole different story. Year to date, consumer's hanging in there.

這確實是一個波動且不確定的環境。至少截至4月，我們對銷售結果以及目前為止消費者的韌性都相當滿意。當然，如果這場衝突拖延下去、油價持續上升，那就會是完全不同的情況。就今年迄今而言，消費者仍然撐得住。

Yes. Mark, over on the Adventure side we are seeing directly shortly after the Iran conflict and the impact that that's had on oil getting from Iran to Southeast Asian refineries and then ultimately onto Australia, that's had a big I don't want to say a bigger impact, but a almost a bigger impact in Australia than maybe what we're seeing here. We are seeing higher gas prices in the US.

是的。Mark，在Adventure這邊，我們看到在伊朗衝突之後不久，伊朗原油運往東南亞煉油廠、再最終運到澳洲所受到的影響，對澳洲造成了很大影響。我不想說比我們在這裡看到的更大，但幾乎是更大的影響。我們也看到美國油價上升。

The environment in Australia has the economy is really slowing with the higher fuel cost. Interest rates are being raised, and I think we've talked about this, mortgages in Australia aren't fixed. They do adjust with the interest rate movement. There's even been communications from the government to work from home 2 days a week to save on gasoline.

澳洲的環境是：隨著燃料成本上升，經濟確實在放緩。利率正在上調，而且我想我們也談過，澳洲的房貸不是固定利率，會隨利率變動而調整。政府甚至有溝通建議每週在家工作兩天，以節省汽油費。

I saw a headline and a story where the government suggested removing your roof rack from your vehicle to improve your miles per gallon as well. The environment in Australia is much more challenging, and the consumer is really feeling it. Our big partners there, even though we had a great first quarter, right? We saw the strength of the brand carry through. We really saw a slowdown in April. Now, as I said in the prepared remarks, we're expecting that business to slow $10 million for the remainder of the year on the top line.

我看到一則標題和報導，政府建議把車上的車頂行李架拆下來，以提升每加侖可行駛里程（MPG）。澳洲的環境要嚴峻得多，消費者確實感受到了壓力。我們在那邊的大型合作夥伴，即便我們第一季表現很強勁，對吧？我們看到品牌力持續發揮。我們在四月確實看到放緩。如同我在事先準備的講稿中所說，我們預期該業務在今年剩餘期間的營收（top line）將放緩 1,000 萬美元。

Okay. The last one for me is just as can you walk us through the price increases that you took here in Q1 and how much of the 2.5% revenue growth came purely from the price increases versus mix and increased orders, other things that maybe drove that growth?

好的。我最後一個問題是：能否帶我們梳理一下你們在第一季（Q1）採取的漲價措施？以及 2.5% 的營收成長中，有多少純粹來自漲價，而非產品組合（mix）、訂單增加或其他可能推動成長的因素？

At Adventure, I'll start with Adventure. Adventure I'd say we took price up around $2 million is what we forecasted back at the beginning of the year. The, the amount that, that realized, I think in my back in the prepared remarks, I mentioned that we really didn't get a lot of pushback on any of our pricing actions that we took across the Adventure segment.

在 Adventure，我先從 Adventure 講起。Adventure 我會說我們把價格上調了約 200 萬美元，這是我們在年初所預測的。至於實際落地的金額，我想在我回到事先準備的講稿時也提到，我們在 Adventure 事業部門所採取的各項定價行動，確實沒有遇到太多反彈。

You know, I'd say, is it evenly is going to be realized. I think it's probably a safe assumption. Probably about a $0.5 million in the first quarter. Neil, do you want to comment on, I know Neil's pricing actions were more targeted. We would take price where we were definitely the market leader and where we were allowed to had the ability. In certain other spots we didn't take price. You know, the realization of that, I'm not sure we have that number. I don't think we do, to be honest with you.

你知道，我會說這應該會相對平均地逐步實現。我認為這大概是個合理的假設。第一季大概實現了約 50 萬美元。Neil，你要不要補充一下？我知道 Neil 的定價行動更具針對性。我們會在我們明確是市場領導者、且有空間與能力的地方調價；在其他一些地方我們則沒有調價。至於這些調價的實現情況，我不確定我們有沒有那個數字。老實說，我想我們沒有。

Maybe just a feel for it, Neil. As we think primarily in apparel was a bigger factor in growth in apparel just the lack of discounting and kind of clearance of some of that PFAS apparel a year ago or did the price increases? You know, I don't know how much of that was in apparel how much that maybe helped drive that segment?

Neil，也許請你談談你的感覺。當我們主要看服飾（apparel）時，服飾成長更大的因素是因為折扣減少，以及去年對部分 PFAS 服飾的清倉出清，還是因為漲價？你知道，我不確定其中有多少是在服飾端、以及這對該部門的推動有多大？

Sure. A couple things just as a sort of macro comment on the way we planned our price increases and forecasted that into revenue. We assumed a one-for-one elasticity rule that every % increase in price, we'd lose a corresponding % in units, and that the two would offset. We didn't plan on getting any net revenue growth from price increases. I think that has largely played out.

當然。有幾點先作為我們規劃漲價與將其納入營收預測方式的宏觀說明。我們假設採用一對一的彈性規則：每提高 1% 的價格，我們就會失去相對應 1% 的銷量（units），兩者會互相抵消。我們並沒有預期漲價會帶來任何淨營收成長。我認為整體上大致就是如此。

Maybe it's been a little bit better. The real driver of growth for us has just been growth in market share. I think in particular in apparel, expanded distribution. Retailers have seen very good sell-through rates and velocity on Black Diamond apparel, the reorders have been really strong. I think it's much more driven by the performance of the line itself than any price increase.

也許表現稍微好一點。我們成長的真正驅動力其實是市占率提升。尤其是在服飾方面，通路分銷擴張。零售商看到 Black Diamond 服飾的售罄率（sell-through）與銷售速度（velocity）非常好，補貨（reorders）也非常強勁。我認為這更多是由產品線本身的表現所帶動，而不是任何漲價因素。

Okay. Great.

好的。很棒。

And Mark, just to clarify some of the prepared remarks. We mentioned that apparel is up a little over 4% in the quarter. That's year-over-year. When you take out the change in the discontinued merchandise, that's where we got it. On full line apparel, it was up over 10%. Yes, we're selling less DM this year in apparel compared to last year.

Mark，另外澄清一下我們事先準備的講稿。我們提到本季服飾年增略高於 4%。那是年對年（year-over-year）。當你把停售商品（discontinued merchandise）的變動剔除後，就是我們所說的那個數字。就完整產品線（full line）服飾而言，成長超過 10%。是的，今年服飾的停售商品（DM）銷售比去年少。

Peter McGoldrick, Stifel.

Peter McGoldrick，Stifel。

Hey, thanks for taking my question. I wanted to follow up on apparel here. You mentioned distribution expansion and favorable sell-through. Could you give us a little bit more on the products that are driving the increased full price growth in apparel, and then how that contributes to the Outdoor segment's margin profile through 2026?

嗨，謝謝讓我提問。我想追問一下服飾。你提到通路擴張與良好的售罄表現。你能否再多談一些，是哪些產品在推動服飾以正價（full price）銷售的成長？以及這如何在 2026 年之前影響 Outdoor 事業部門的毛利結構（margin profile）？

Sure, I can take that. Generally, we think about two segments in apparel, sportswear and technical outerwear and technical apparel. The good news is we're seeing growth in both our sportswear and our technical outerwear. I think maybe the thing that has really helped propel our success in the apparel category, besides just having a much stronger assortment year over year and continued improvement there, is the marketing we put behind it.

當然，我可以回答。一般而言，我們把服飾分成兩個部分：休閒運動服（sportswear）以及技術型外套與技術服飾（technical outerwear and technical apparel）。好消息是，我們在休閒運動服與技術型外套兩邊都看到成長。我認為，除了我們的產品組合（assortment）較去年大幅強化、並持續改善之外，真正推動我們在服飾品類成功的另一個因素，是我們投入的行銷。

In particular, last year, we launched our first sort of reboot of the catalog with a theme called Born from the Climbing Life, that really featured apparel as the hero in that story, and it led to a rapid acceleration of sportswear apparel and some technical apparel. We then followed that up in the winter season with another catalog, again, where I think apparel played a key role.

特別是去年，我們首次推出一種「型錄重啟」（reboot）的概念，主題叫做《Born from the Climbing Life》，在那個故事中把服飾作為主角呈現，帶動休閒運動服以及部分技術服飾快速加速成長。接著在冬季，我們又推出另一份型錄，同樣地，我認為服飾在其中扮演了關鍵角色。

It's called Designed for the Deep. It was very much focused on ski category or the sport of ski and winter sport. We saw phenomenal results to that catalog, really lifting our outerwear and technical apparel in the winter season. So we have a really nice mix of sportswear that tends to perform very well in the spring and summer and is growing double digits.

它叫做《Designed for the Deep》。內容非常聚焦在滑雪品類或滑雪與冬季運動。我們從那份型錄看到非常驚人的成果，確實在冬季大幅拉升了我們的外套與技術服飾。因此，我們的休閒運動服組合相當不錯，通常在春夏表現很好，且呈現雙位數成長。

Then our technical outerwear, which kicks in the colder weather. It's been a nice balance and helped us sustain the growth. We expect again, what we're seeing in the fall order books, apparel to be up again in double digits in the back half of the year.

接著是我們的技術型外套，在天氣轉冷時開始發力。這形成了很好的平衡，並幫助我們維持成長。我們也預期，從我們看到的秋季訂單簿（order books）來看，下半年服飾仍將再次呈現雙位數成長。

Very helpful. Then, Mike, one for you on the cost pressures you mentioned for aluminum and some other inputs. Are these having an influence on guidance? Can you help us think about what is fixed for the year or perhaps the timing on the run rate if we turn the page into 2027 as those products flow through the income statement? Any guardrails on that side?

非常有幫助。接著，Mike，我想問你一個關於你提到的鋁材以及其他投入成本壓力的問題。這些是否會影響財測（guidance）？你能否協助我們理解，今年有哪些是固定的，或是當我們進入 2027 年、這些產品逐步反映到損益表時，其影響的時點與運行水準（run rate）？在這方面有沒有任何界線或範圍（guardrails）？

No, sure. I again, as a direct result of some of the Iran war and the higher energy prices, Neil referred to higher factor costs, right? Input costs are escalating, right? Whether that's a printed circuit board, aluminum, any, a tungsten, all types of inflation, material inflation is being presented to us.

好的，當然。我再次強調，因伊朗戰爭以及能源價格上升的直接結果，Neil 提到更高的製造成本（factor costs），對吧？投入成本正在上升，對吧？不論是印刷電路板（printed circuit board）、鋁、鎢（tungsten）等，各種通膨、材料通膨都正在反映到我們身上。

Now with the change from the Supreme Court, we are also seeing some relief from tariffs. Right now we see those kind of offsetting. The impact on guidance is a net zero, but it's it's very different than what we even spoke to 60 days ago, right? With the Supreme Court ruling and now with the war.

現在，隨著最高法院的變化，我們也看到關稅方面有一些緩解。就目前而言，我們看到這兩者大致互相抵消。對財測的影響是淨值為零（net zero），但這與我們 60 天前談到的情況已非常不同，對吧？因為最高法院裁決以及現在的戰爭。

Right now I'd say they offset, but Neil also referred to the fact that if inflation and material inflation continues to escalate, we're going to have to look at taking price as early as for the in the third quarter related to our fall winter line. Right now, they our best estimate is that they're offsetting the benefits from tariff relief and is being offset by higher material inflation.

就目前來看，我會說它們互相抵消；但 Neil 也提到，如果通膨與材料通膨持續升溫，我們可能必須考慮最早在第三季，針對秋冬產品線採取漲價。現在我們的最佳估計是：關稅緩解帶來的好處，正被更高的材料通膨所抵消。

Thank you very much.

非常感謝。

No impact on guidance. Go ahead.

對財測沒有影響。請繼續。

Yes. No, I just clarify, the tariff relief excludes the tariff refund, and Mike said they balance each other out. The tariff refund would be over and above that, which obviously would be sort of a one-off if we get it. We're really when we talk about the two factors balancing each other out, it excludes the $6.2 tariff rebate that might be coming our way.

是的。不，我只是澄清一下：關稅緩解不包含關稅退稅（tariff refund），而 Mike 說兩者彼此抵消。關稅退稅會是在此之外的額外項目，如果我們拿到的話，顯然會比較像一次性（one-off）。我們在談兩個因素彼此抵消時，不包含可能會到手的 620 萬美元關稅退稅（tariff rebate）。

Important distinction. Thank you for that.

這個區分很重要。謝謝你的說明。

That will conclude our question and answer session. I will now turn the call back over to Mike Yates for closing remarks.

問答環節到此結束。我現在把電話交回給 Mike Yates 作結語。

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

好的。我想感謝各位持續關注 Clarus，並在今天下午參與本次電話會議。我們期待在下個季度再次向各位更新我們的業績表現。再次感謝大家。

Ladies and gentlemen, that concludes today's call. Thank you all for joining.

各位女士、先生，今天的電話會議到此結束。感謝各位參與。