Fox Factory Holding Corp (FOXF) 2024 Q4 法說會逐字稿

Good afternoon, ladies and gentlemen, and thank you for standing by. Welcome to the Fox Factory Holding Corp.'s fourth-quarter and full year fiscal 2024 earnings conference call. (Operator Instructions)

女士們、先生們，下午好，感謝你們的到來。歡迎參加 Fox Factory Holding Corp. 2024 財年第四季和全年財報電話會議。（操作員指示）

Please note that this conference is being recorded. I'd now like to turn the conference over to Toby Merchant, Chief Legal and Compliance Officer at Fox Factory Holding Corp. Sir, you may begin.

請注意，本次會議正在錄製。現在，我想將會議交給 Fox Factory Holding Corp. 的首席法律和合規官 Toby Merchant。先生，您可以開始。

Thank you. Good afternoon, and welcome to Fox Factory's fourth quarter and full year 2024 earnings conference call. I'm joined today by Mike Dennison, Chief Executive Officer; and Dennis Schemm, Chief Financial Officer and President of the Aftermarket Applications Group.

謝謝。下午好，歡迎參加 Fox Factory 2024 年第四季和全年財報電話會議。今天與我一起出席的還有執行長 Mike Dennison 和財務長兼售後應用程式集團總裁丹尼斯‧舍姆 (Dennis Schemm)。

First, Mike will provide business updates, and then Dennis will review the quarterly results and outlook. Mike will then provide some closing remarks before we open up the call for your questions. By now, everyone should have access to the earnings release, which went out earlier this afternoon.

首先，麥克將提供業務更新，然後丹尼斯將回顧季度業績和展望。在我們開始回答大家的提問之前，麥克將發表一些結束語。現在，每個人都應該可以看到今天下午早些時候發布的收益報告。

If you have not had a chance to review the release, it's available on the Investor Relations portion of our website at investor.ridefox.com. Please note that throughout this call, we will refer to Fox Factory as FOX or the company.

如果您尚未閱讀本新聞稿，請造訪我們網站 investor.ridefox.com 的「投資者關係」板塊查看。請注意，在本次電話會議中，我們將 Fox Factory 簡稱為 FOX 或該公司。

Before we begin, I would like to remind everyone that the prepared remarks contain forward-looking statements within the meaning of federal securities laws, and management may make additional forward-looking statements in response to your questions.

在我們開始之前，我想提醒大家，準備好的評論包含聯邦證券法含義內的前瞻性陳述，管理層可能會針對您的問題做出額外的前瞻性陳述。

Such statements involve a number of known and unknown risks and uncertainties, many of which are outside the company's control and can cause future results, performance or achievements to differ materially from the results, performance or achievements expressed or implied by such forward-looking statements.

此類陳述涉及許多已知和未知的風險和不確定性，其中許多不在公司的控制範圍內，並且可能導致未來的結果、業績或成就與此類前瞻性陳述表達或暗示的結果、業績或成就有重大差異。

Important factors and risks that could cause or contribute to such differences are detailed in the company's quarterly reports on Form 10-Q and in the company's latest annual report on Form 10-K, each filed with the Securities and Exchange Commission.

可能導致或促成此類差異的重要因素和風險在公司向美國證券交易委員會提交的 10-Q 表季度報告和 10-K 表最新年度報告中均有詳細說明。

Investors should not place undue reliance on the company's forward-looking statements, and except as required by law, the company undertakes no obligation to update any forward-looking statement or other statements herein, whether as a result of new information, future events or otherwise.

投資者不應過度依賴本公司的前瞻性陳述，除法律要求外，本公司不承擔更新任何前瞻性陳述或本文中的其他陳述的義務，無論是由於新資訊、未來事件或其他原因。

In addition, where appropriate in today's prepared remarks and within our earnings release, we will refer to certain non-GAAP financial measures to evaluate our business, including adjusted gross profit, adjusted gross margin, adjusted operating expenses, adjusted net income, adjusted earnings per diluted share, adjusted EBITDA and adjusted EBITDA margin.

此外，在今天的準備好的評論和我們的收益發布中，我們將在適當的情況下參考某些非 GAAP 財務指標來評估我們的業務，包括調整後的毛利潤、調整後的毛利率、調整後的營業費用、調整後的淨收入、調整後的每股攤薄收益、調整後的 EBITDA 和調整後的 EBITDA 利潤率。

As we believe these are useful metrics that allow investors to better understand and evaluate the company's core operating performance and trends. Reconciliations of these non-GAAP financial measures to their most directly comparable GAAP financial measure are included in today's earnings release, which has also been posted to our website.

因為我們相信這些是有用的指標，可以讓投資人更了解和評估公司的核心經營績效和趨勢。這些非 GAAP 財務指標與最直接可比較的 GAAP 財務指標的對帳已包含在今天的收益報告中，該報告也已發佈到我們的網站上。

And with that, it is my pleasure to turn the call over to our CEO, Mike Dennison.

現在，我很高興將電話轉給我們的執行長 Mike Dennison。

Thanks, Toby, and thanks, everyone, for joining today's call. In the fourth quarter, we delivered on our financial commitments with sales and adjusted earnings per share in line with our guidance. We also demonstrated progress on our $25 million cost reduction initiative and drove improvements in our working capital, resulting in $63 million of debt paydown during the fourth quarter.

謝謝托比，也謝謝大家參加今天的電話會議。第四季度，我們履行了財務承諾，銷售額和調整後每股收益符合我們的預期。我們還在 2,500 萬美元的成本削減計劃上取得了進展，並推動了營運資本的改善，從而在第四季度償還了 6,300 萬美元的債務。

While we experienced unevenness in demand across our OEM customers during the quarter, we remained focused on executing against the strategic initiatives we outlined last quarter, continuing to exert control where we can in a challenging market environment.

儘管本季度我們的 OEM 客戶需求不均衡，但我們仍然專注於執行上個季度概述的戰略舉措，繼續在充滿挑戰的市場環境中發揮我們所能發揮的控制力。

More importantly, we remain committed to our long-term success through our ongoing focus on product development initiatives, which are creating new customer engagements and opportunities. And while delivering on our long-term strategy, we drove near-term actions to improve profitability.

更重要的是，我們將繼續致力於透過持續關注產品開發計劃來取得長期成功，這些計劃正在創造新的客戶參與度和機會。在實施長期策略的同時，我們也採取了近期行動來提高獲利能力。

As an example, both AAG and PVG demonstrated sequential adjusted EBITDA margin improvement of 250 basis points and 310 basis points, respectively through better inventory controls, strategic chassis mix management and facility and resource rationalization.

例如，透過更好的庫存控制、策略性底盤組合管理以及設施和資源合理化，AAG 和 PVG 的調整後 EBITDA 利潤率分別連續提高 250 個基點和 310 個基點。

Our working capital improved by $55 million year-over-year as we balanced strategic priorities. In AAG, working on chassis mix resulted in a $60 million improvement in prepaids, partially offset by additional necessary inventory ahead of the holiday season.

由於我們平衡了策略重點，我們的營運資本年增了 5500 萬美元。在 AAG，底盤組合工作導致預付款增加了 6000 萬美元，但部分被假期前額外的必要庫存所抵消。

In SSG, year-end component sales drove an improvement in inventory and in PVG, stronger sales in our aftermarket business enabled further inventory optimization. As you may recall from last quarter's earnings, we are taking action across four key initiatives.

在 SSG，年終零件銷售推動了庫存的改善；在 PVG，售後市場業務的強勁銷售推動了庫存的進一步優化。您可能還記得上個季度的收益情況，我們正在採取四項關鍵舉措。

One, simplifying and consolidating our footprint, two fixing or eliminating nonperforming products in our portfolio, three improving working capital. And four, reducing overhead costs. Here's a quick update. We completed the closure of our Colorado facility in the fourth quarter and initiated additional footprint consolidation in PVG and AAG operations, driving benefits starting in the second quarter of 2025.

一是簡化和鞏固我們的業務範圍，二是修復或消除我們產品組合中的不良產品，三是改善營運資本。第四，降低管理費用。以下是快速更新。我們在第四季度完成了科羅拉多工廠的關閉，並啟動了 PVG 和 AAG 營運中的額外足跡整合，從 2025 年第二季開始帶來好處。

We recently traveled to Taiwan to work with our bike team as they consolidate and optimize our footprint on the island. We've made progress on our cost optimization plan, having identified $25 million in savings across COGS and SG&A.

我們最近前往台灣與我們的自行車團隊合作，鞏固和優化我們在島上的足跡。我們的成本優化計劃取得了進展，已確定在銷售成本和銷售、一般及行政費用方面節省 2500 萬美元。

We've executed on multiple initiatives across the organization from footprint optimization and operational consolidation to strategic sourcing improvements. Some of these actions are complete with benefits beginning to materialize in our results, while others are in various stages of implementation.

我們在整個組織內實施了多項舉措，從足跡優化和營運整合到策略採購改善。其中一些行動已經完成，其效益開始體現在我們的成果中，而其他行動則處於實施的不同階段。

The benefits from these collective actions will continue to build as we move through 2025, with full realization expected to be visible in 2026. And the early success gives us confidence in our ability to identify and execute on additional opportunities as we advance our optimization initiatives. Importantly, we're not just focused on cost reduction.

這些集體行動帶來的好處將在 2025 年持續積累，預計在 2026 年將全面實現。早期的成功使我們對在推進優化計劃的過程中發現和執行更多機會的能力充滿信心。重要的是，我們不僅僅關注降低成本。

We're strategically repositioning our business to operate more efficiently. As I have said in prior calls, we are focused on continuing to diversify across segments, products, markets and geographies, enabled by a world-class organization, which has responded to volatile customer demand and industry cyclicality.

我們正在策略性地重新定位我們的業務，以提高營運效率。正如我在之前的電話會議中所說，我們專注於繼續實現各個領域、產品、市場和地理的多元化，這得益於一個世界一流的組織，該組織已經對不斷變化的客戶需求和行業週期性做出了反應。

We believe these efforts put us on a path to restore our best-in-class EBITDA margin as market conditions normalize while driving higher rates of free cash flow to improve our balance sheet. Now turning to our segment performance. In the Powered Vehicle Group, net sales were $116 million, slightly down from $118 million in the prior year quarter, but up $6 million or 5% sequentially from the third quarter.

我們相信，隨著市場狀況的正常化，這些努力將使我們走上恢復最佳 EBITDA 利潤率的道路，同時推動更高的自由現金流率以改善我們的資產負債表。現在談談我們的分部表現。動力汽車集團的淨銷售額為 1.16 億美元，略低於去年同期的 1.18 億美元，但比第三季成長 600 萬美元，季增 5%。

Adjusted EBITDA margin also improved sequentially by 310 basis points. Revenue was largely in line with expectations as we continue to navigate challenging market conditions affecting both our powersports and automotive OEM partners.

調整後的 EBITDA 利潤率也較上季提高了 310 個基點。由於我們繼續應對影響我們的動力運動和汽車 OEM 合作夥伴的嚴峻市場環境，收入基本上符合預期。

In the automotive sector, we continue to face headwinds from ongoing OEM production issues. While the premium truck category continues to show resilience, growth is more subdued as consumers remain conservative in purchasing behaviors.

在汽車領域，我們繼續面臨持續存在的 OEM 生產問題所帶來的阻力。儘管高檔卡車類別繼續表現出韌性，但由於消費者的購買行為仍然保守，成長較為緩慢。

In the powersports sector, conditions remain consistent with what we discussed last quarter. OEMs are aggressively managing production levels to address dealer inventory and sell-through. This aligns with what we're seeing across the industry, where OEMs are expecting flat to down low single-digit retail sales in 2025 with any potential recovery skewed toward the second half of the year.

在動力運動領域，情況與我們上個季度討論的情況一致。原始設備製造商正在積極管理生產水平，以解決經銷商庫存和銷售問題。這與我們在整個行業中看到的情況一致，原始設備製造商預計 2025 年零售額將持平或下降個位數，任何潛在的復甦都將偏向今年下半年。

What differentiates us from everyone else is that our product development teams continue to win new customers such as CFMOTO and Buell in 2024. And additional new OEM customers to our portfolio in '25 include BMW, Ducati and Triumph.

我們與其他人的不同之處在於，我們的產品開發團隊在 2024 年繼續贏得 CFMOTO 和 Buell 等新客戶。25 年，我們產品組合中的其他新 OEM 客戶包括BMW (BMW)、Ducati) 和凱旋 (Triumph)。

By expanding our focus to suspension for motorized two wheel vehicles and completing the purchase of the assets of Marzocchi, we are delivering our products to new customers, thereby helping to offset declines in other areas of powersports.

透過將我們的重點擴展到機動兩輪車懸吊並完成對 Marzocchi 資產的收購，我們正在向新客戶提供我們的產品，從而幫助抵消動力運動其他領域的下滑。

The FOX brand remains the standard in performance, continuing to be sought after by enthusiasts who want to partner with a leader in on- and off-road performance. The enduring nature and value of our partnerships was recently highlighted in an article by Ford, touting the value of our technology to their high-performance off-road truck segment.

FOX 品牌仍然是性能方面的標準，繼續受到希望與公路和越野性能領域的領導者合作的愛好者的追捧。福特最近在一篇文章中強調了我們合作關係的持久性和價值，並大力宣揚我們的技術對其高性能越野卡車領域的價值。

The strength of the FOX brand is also evident in PVG's aftermarket business, where we see resilience in both domestic and international channels. This resilience reinforces a trend during this post-pandemic cycle where customers are choosing to service and upgrade their current vehicles when they're not in a position to make new vehicle purchases.

FOX 品牌的實力在 PVG 的售後市場業務中也得到了體現，我們在國內和國際通路都看到了其韌性。這種韌性強化了後疫情時代的一種趨勢，即當客戶無法購買新車時，他們會選擇對現有車輛進行維修和升級。

Looking ahead, while we expect continued market pressures in 2025, we're maintaining our focus on operational efficiency and cost management to protect margins. We're also continuing to win new partnerships and expand our presence in the market as evidenced by our new products and OEM relationships.

展望未來，雖然我們預計 2025 年市場壓力將繼續存在，但我們仍將繼續專注於營運效率和成本管理以保護利潤率。我們也繼續贏得新的合作關係並擴大我們在市場上的影響力，這從我們的新產品和 OEM 關係中可以看出。

In our Aftermarket Applications Group, net sales were $112 million, down from $121 million in the prior year quarter, but up $12 million or 11% sequentially. Adjusted EBITDA margin was 12%, a sequential improvement of 250 basis points as cost reduction actions were implemented.

我們的售後應用程式集團的淨銷售額為 1.12 億美元，低於去年同期的 1.21 億美元，但比上一季成長 1,200 萬美元，增幅為 11%。調整後的 EBITDA 利潤率為 12%，由於實施了降低成本的措施，環比提高了 250 個基點。

This performance was in line with our expectations for the quarter and reflects the progress we're making on our operating initiatives. This improvement reflects chassis inventory optimization completed in the third quarter and improving chassis mix from our OEM partners.

這一業績符合我們對本季的預期，並反映了我們在營運計劃方面取得的進展。這項改善反映了第三季完成的底盤庫存優化以及我們 OEM 合作夥伴的底盤組合改善。

In fact, we're seeing some of the best mix of chassis that we've received in years. We remain cautiously optimistic about the pace of broader market recovery as our partners work through their delivery challenges and our dealers work through their higher inventory. We're also working with our dealers to drive the appropriate vehicle mix that meet the needs of their end customers rather than simply chasing volume.

事實上，我們看到了多年來收到的一些最好的底盤組合。隨著我們的合作夥伴努力克服交付挑戰，我們的經銷商努力解決庫存問題，我們對更廣泛的市場復甦步伐保持謹慎樂觀的態度。我們也與經銷商合作，推動適當的車輛組合，以滿足最終客戶的需求，而不是簡單地追求銷售。

We continue to strengthen our relationships with key partners, recently hosting OEM executive teams at our testing facility in Southern California. These engagements, along with our expanding partnership with RTR and our long-term relationship with Shelby demonstrate the strength and opportunity in this business.

我們繼續加強與主要合作夥伴的關係，最近在南加州的測試設施接待了 OEM 執行團隊。這些合作，加上我們與 RTR 不斷擴大的合作夥伴關係以及與 Shelby 的長期關係，證明了該業務的實力和機會。

In our aftermarket components business, we are experiencing sustained growth in wheels and lift kits. In addition, we continue to make strides on optimizing strategic inventory of high-demand units to ensure availability when customers are ready to buy.

在我們的售後零件業務中，車輪和升降套件的銷售持續成長。此外，我們持續大力優化高需求單位的策略性庫存，以確保顧客準備購買時有貨。

This was particularly evident during the holidays where our decision to increase select inventory levels enabled record sales in several product lines. Additionally, we're expanding into new categories, including the launch of what we have termed the AGwagon.

這在假期期間尤其明顯，我們決定增加部分庫存水平，使得多個產品線的銷售量創下紀錄。此外，我們正在擴展到新的類別，包括推出我們稱為 AGwagon 的產品。

The AGwagon represents an exciting expansion into a new market, offering performance-built vehicles designed for farmers, ranchers and anyone else who uses their vehicle to not only get to work but to do their work.

AGwagon 代表著一個令人興奮的新市場擴展，它為農民、牧場主和其他任何使用車輛不僅上班而且工作的人提供性能卓越的車輛。

Available across all major super duty and heavy-duty truck platforms, this product combines rugged performance with practical features tailored for the unique demands of these customers. We also launched a suspension package with Grand Design RV for vehicles based on a Ford chassis.

該產品適用於所有主要的超級卡車和重型卡車平台，結合了堅固的性能和針對這些客戶的獨特需求而客製化的實用功能。我們也為基於福特底盤的車輛推出了 Grand Design RV 懸吊套件。

This product recently debuted at the Tampa RV Show and showcased a better driving experience using adjustable suspension settings from highway cruising to off-road exploration. This system includes remote reservoir Fox shocks at each corner as well as BDS control and custom radius arms, delivering unprecedented performance. Looking ahead, our optimized inventory position, strengthening dealer relationships and operational improvements provide a solid foundation for long-term growth.

該產品最近在坦帕房車展上首次亮相，展示了透過可調節懸吊設定從高速公路巡航到越野探索的更好的駕駛體驗。該系統包括每個角落的遠端儲液器 Fox 減震器以及 BDS 控制和定制半徑臂，可提供前所未有的性能。展望未來，我們優化的庫存狀況、加強的經銷商關係和營運改善為長期成長提供了堅實的基礎。

And combined with our expanded product portfolio and successful facility consolidation efforts, we believe we are well positioned to capture opportunities as market conditions normalize. In SSG, net sales were $125 million compared to $93 million last year, primarily reflecting a $41.5 million increase from a full quarter of Marucci and a $6.7 million increase in the bike category, consistent with our expectations.

結合我們擴大的產品組合和成功的設施整合工作，我們相信，隨著市場條件的正常化，我們已準備好抓住機會。SSG 的淨銷售額為 1.25 億美元，而去年同期為 9,300 萬美元，主要反映了 Marucci 全季度增加 4,150 萬美元以及自行車類別增加 670 萬美元，這與我們的預期一致。

Adjusted EBITDA margin of 22.4% was down sequentially by 190 basis points due to inventory optimization efforts in the fourth quarter as well as incremental investments we are making at Marucci ahead of the upcoming MLB baseball season.

調整後的 EBITDA 利潤率為 22.4%，環比下降 190 個基點，原因是第四季度的庫存優化工作以及我們在即將到來的 MLB 棒球賽季之前對 Marucci 進行的增量投資。

As with the previous quarter, we're seeing varied recovery rates in our bike business across different geographies, channels and customers, with this uneven pattern likely to continue through 2025. Similar to the chassis inventory optimization work we completed in AAG in the third quarter, we took action in our bike business to better align inventory with current demand levels.

與上一季一樣，我們發現不同地區、不同管道和不同客戶的自行車業務復甦速度各不相同，這種不均衡的模式可能會持續到 2025 年。與我們在第三季在 AAG 完成的底盤庫存優化工作類似，我們在自行車業務中採取了行動，以使庫存更好地與當前需求水準保持一致。

While the inventory rebalancing significantly impacted our SSG segment margins in the fourth quarter, our working capital will benefit from a healthier inventory position and better alignment between production and demand as we enter 2025.

雖然庫存重新平衡在第四季度嚴重影響了我們的 SSG 部門利潤率，但進入 2025 年，我們的營運資金將受益於更健康的庫存狀況以及產需之間更好的協調。

Additionally, the consolidation of our Taiwan operations that I mentioned earlier, combined with strategic sourcing projects and cost-saving opportunities will provide additional levers for margin improvement beginning this quarter and gaining strength as we move forward.

此外，我之前提到的台灣業務整合，加上策略採購項目和成本節約機會，將為本季開始的利潤率提高提供額外的槓桿，並隨著我們未來的發展而增強。

Our expansion into the entry premium bike segment continues to progress with growing strength among our top OEM customers helping to offset softness with smaller OEMs. While the European market demonstrated strength in early 2024, a reluctance to end the year with inventory weighed on purchasing habits in Q4.

我們在入門級高階自行車領域的擴張持續推進，頂級 OEM 客戶的實力不斷增強，有助於抵消小型 OEM 的疲軟。儘管歐洲市場在 2024 年初表現強勁，但由於不願在年底前出現庫存，影響了第四季的購買習慣。

Throughout the last year, we have implemented enhanced forecasting and planning processes with our strategic OEM partners to ensure better alignment between our production capabilities and their demand patterns, which continues to improve our visibility.

在過去的一年裡，我們與策略 OEM 合作夥伴一起實施了增強的預測和規劃流程，以確保我們的生產能力與他們的需求模式更好地協調一致，從而不斷提高我們的知名度。

In product development, we have been hard at work developing several new products we will announce and launch in 2025. Some of these, we believe, are going to revolutionize the way people think about suspension and bikes.

在產品開發方面，我們一直在努力開發幾款將於 2025 年發布和推出的新產品。我們相信，其中一些將徹底改變人們對懸吊和自行車的看法。

We are excited to get these products out on the trails and in our enthusiast hands. In our Marucci business, we're excited to have officially begun our role as MLB's official bat partner as of January 1st. We have expanded our bat manufacturing capacity as well as design new products to drive incremental sales and reinforce our market-leading position in the MLB with Marucci and Victus.

我們很高興能夠將這些產品推廣到道路上並交到我們愛好者的手中。在我們的 Marucci 業務中，我們很高興從 1 月 1 日起正式開始擔任 MLB 官方球棒合作夥伴。我們擴大了球棒生產能力，並設計了新產品來推動增量銷售，並透過 Marucci 和 Victus 鞏固了我們在美國職棒大聯盟 (MLB) 的市場領先地位。

Incidentally, both of these brands had record market share in the MLB for 2024. Additionally, we have made growth investments in our softball business to further capitalize on the fastest-growing team sport in America.

順便說一句，這兩個品牌在 2024 年 MLB 的市佔率都創下了紀錄。此外，我們還對壘球業務進行了成長投資，以進一步利用美國發展最快的團隊運動。

We have aligned and coordinated our FOX and Marucci engineers to accelerate new product advancements that we can drive additional growth. These near-term investments weighed on our Q4 margins as we focused on long-term success. We look forward to sharing more details about several of these exciting initiatives in the coming months as we ramp up for the 2025 MLB season.

我們已經協調並配合了我們的 FOX 和 Marucci 工程師來加速新產品的進步，從而推動進一步的成長。由於我們專注於長期成功，這些短期投資對我們的第四季利潤率產生了影響。隨著我們為 2025 年 MLB 賽季做準備，我們期待在未來幾個月分享有關這些令人興奮的舉措的更多細節。

In closing, I'll share some high-level comments on our outlook, which Dennis will review in more detail. Based on our recent performance, our current order book and latest forecast from OEM partners across all segments, the framework for 2025 remains in line with what we shared in our third quarter update.

最後，我將分享一些關於我們前景的高層評論，丹尼斯將對此進行更詳細的回顧。根據我們最近的業績、目前的訂單以及各個細分市場的 OEM 合作夥伴的最新預測，2025 年的框架與我們在第三季更新中分享的內容一致。

While we see several opportunities for year-over-year growth, our base case expectation is for the OEM customer environment to remain challenged. I'd emphasize that amid the tempered industry growth expectations for 2025.

雖然我們看到了幾次同比成長的機會，但我們的基本預期是 OEM 客戶環境仍將面臨挑戰。我想強調的是，2025 年的產業成長預期有所緩和。

We are committed to driving margin improvement and enhanced free cash flow generation through our comprehensive cost optimization and operational excellence initiatives, which are already yielding results. And finally, with the new administration, multiple changes have begun to surface in regulatory policy as well, including tariffs.

我們致力於透過全面的成本優化和卓越營運措施來提高利潤率並增強自由現金流的產生，這些措施已經取得了成效。最後，隨著新政府的上台，監管政策也開始出現多項變化，包括關稅。

Our teams have spent considerable time analyzing these potential and planned tariffs, as you can imagine, it's a complex and fluid environment. Our current manufacturing footprint is well positioned relative to these policy shifts with no significant presence in Mexico, Canada or China, with the exception of some of our wheels and all of our aluminum baseball bats, which are manufactured in China.

我們的團隊花費了大量時間來分析這些潛在和計劃中的關稅，正如您所想像的，這是一個複雜而多變的環境。相對於這些政策轉變，我們目前的製造足跡處於有利位置，在墨西哥、加拿大或中國沒有顯著的業務，但我們的部分車輪和所有鋁製棒球棒除外，它們是在中國製造的。

In both of these categories, we are executing plans to mitigate the potential impacts through cost reductions and pricing adjustments. Our bike business operates out of Taiwan, and therefore, the majority of aluminum tariffs would be felt by our customers as they import our products or completed bikes into the US. The impact of the US.

對於這兩個類別，我們都在執行計劃，透過降低成本和調整價格來減輕潛在影響。我們的自行車業務在台灣開展，因此，當我們的客戶將我們的產品或成品自行車進口到美國時，他們將會感受到大部分鋁關稅的影響。美國的影響。

bike industry is yet to be fully understood by our OEM customers. As you know, the core of our powered vehicle manufacturing resides here in the US. Although we use aluminum and steel in our products, much of the supply chain originates in the US with no impact. For the portion of our supply chain, which is imported, our customer agreements have pass-through provisions related to the specific indexes on materials for scenarios such as this.

我們的 OEM 客戶尚未完全了解自行車產業。如您所知，我們的動力汽車製造的核心位於美國。儘管我們的產品中使用了鋁和鋼，但大部分供應鏈都源自美國，因此不會受到影響。對於我們供應鏈中進口的部分，我們的客戶協議中有與此類情況相關的材料特定指數的轉嫁條款。

However, while FOX is not disadvantaged relative to our competitors, we share our customers' concerns as many of these OEMs face meaningful direct exposure across their global manufacturing footprints. This added complexity during a period of rightsizing production and ongoing macro challenges may create additional inflationary pressure for consumers and present another headwind for the industry to overcome as it works through the cycle. We plan to provide a more comprehensive update during our next earnings call.

然而，儘管 FOX 與我們的競爭對手相比並不處於劣勢，但我們與客戶一樣擔心，因為許多 OEM 在其全球製造足跡中面臨著重大的直接風險。在生產精簡和持續的宏觀挑戰期間，這種額外的複雜性可能會給消費者帶來額外的通膨壓力，並給該行業在整個週期中帶來另一個需要克服的阻力。我們計劃在下次收益電話會議上提供更全面的更新。

And with that, I'll turn the call over to Dennis.

說完這些，我會把電話轉給丹尼斯。

Thanks, Mike, and good afternoon, everyone. I'll begin by discussing our fourth quarter financial results, briefly summarize our full year results and then move to our discussion on the balance sheet, cash flow and capital allocation strategy before concluding with a review of our guidance.

謝謝，麥克，大家下午好。我將首先討論我們的第四季度財務業績，簡要總結我們的全年業績，然後討論資產負債表、現金流量和資本配置策略，最後回顧我們的指導。

Total consolidated net sales in the fourth quarter of fiscal 2024 were $352.8 million, an increase of 6.1% versus sales of $332.5 million in the same quarter last year, primarily reflecting the impact of the Marucci acquisition and year-over-year growth in our bike business.

2024 財年第四季的合併淨銷售額總額為 3.528 億美元，較去年同期的 3.325 億美元增長 6.1%，主要反映了收購 Marucci 的影響以及我們自行車業務的同比增長。

Sequentially, as anticipated and consistent with our prior communications, we realized growth in AAG and to a lesser extent in PVG, which helped to offset the anticipated step down in our SSG business this quarter due to the timing of OE order patterns, which is typical for this time of year.

連續，正如預期並與我們先前的溝通一致，我們實現了 AAG 的成長，而 PVG 的成長幅度較小，這有助於抵消本季度我們 SSG 業務預期的下降，這是由於 OE 訂單模式的時間安排造成的，這在每年的這個時候很常見。

Our gross margin increased 120 basis points to 28.9% in the fourth quarter of fiscal 2024 compared to 27.7% in the same quarter last year. The increase primarily reflects margin benefits from the absence of acquisition-related inventory costs for Marucci that impacted the prior year period following the closing of this transaction in November of 2023.

2024 財年第四季度，我們的毛利率從去年同期的 27.7% 成長了 120 個基點，達到 28.9%。這一成長主要反映了 Marucci 因未收購相關庫存成本而產生的利潤收益，該成本在 2023 年 11 月交易結束後對去年同期產生了影響。

Our adjusted gross margin increased 20 basis points to 29.2% versus the prior year quarter. Sequentially, our gross margin is down 100 basis points, primarily because of our strategic growth investments in Marucci and bike inventory actions that Mike commented on earlier.

我們的調整後毛利率較去年同期增加 20 個基點，達到 29.2%。我們的毛利率連續下降了 100 個基點，這主要是因為我們對 Marucci 的策略性成長投資以及 Mike 之前評論過的自行車庫存行動。

Total operating expenses were $90.6 million or 25.7% of net sales in the fourth quarter of fiscal 2024 compared to $81 million or 24.4% of net sales in the same quarter last year. The increase in operating expenses was attributed primarily to the inclusion of $18.7 million of operating expenses from our Marucci acquisition.

2024 財年第四季總營運費用為 9,060 萬美元，佔淨銷售額的 25.7%，而去年同期為 8,100 萬美元，佔淨銷售額的 24.4%。營運費用的增加主要歸因於我們收購 Marucci 所產生的 1,870 萬美元營運費用。

Adjusted operating expenses as a percentage of sales increased to 21.7% in the fourth quarter of 2024 compared to 20.6% in the same period last year. The company's tax benefit was $4.1 million in the fourth quarter of fiscal 2024 compared to a tax benefit of $3.1 million in the same period last year.

2024 年第四季度，調整後營業費用佔銷售額的百分比從去年同期的 20.6% 上升至 21.7%。該公司 2024 財年第四季的稅收優惠為 410 萬美元，而去年同期的稅收優惠為 310 萬美元。

Net loss in the fourth quarter of fiscal 2024 was $0.1 million or $0 per diluted share compared to net income of $4.1 million or $0.10 per diluted share in the same quarter last year, and adjusted net income was $12.8 million or $0.31 per diluted share compared to $20.3 million or $0.48 per diluted share in the fourth quarter last year.

2024 財年第四季淨虧損 10 萬美元或每股攤薄虧損 0 美元，而去年同期淨收入為 410 萬美元或每股攤薄虧損 0.10 美元；調整後淨收入為 1,280 萬美元或每股攤薄虧損 0.31 美元，而去年第四季度調整後淨收入為每股 200 萬美元。

Net loss is primarily driven by the increase in interest expense. Adjusted EBITDA increased to $40.4 million for the fourth quarter of fiscal 2024 compared to $38.8 million in the same quarter last year. Adjusted EBITDA margin was 11.5% in the fourth quarter of fiscal 2024 compared to 11.7% in the fourth quarter of fiscal 2023.

淨虧損主要是由於利息支出增加所致。2024 財年第四季調整後 EBITDA 增至 4,040 萬美元，去年同期為 3,880 萬美元。2024 財年第四季調整後 EBITDA 利潤率為 11.5%，而 2023 財年第四季為 11.7%。

The decrease in our adjusted EBITDA margin continues to reflect the temporary and unique challenges that our customers across various industries are facing, which is impacting volumes and fixed cost absorption at our facilities.

我們調整後的 EBITDA 利潤率的下降繼續反映了我們各行各業的客戶所面臨的暫時和獨特的挑戰，這影響了我們工廠的產量和固定成本吸收。

Other drivers of our adjusted EBITDA margin performance include shifts in our portfolio mix and the inventory optimization actions we took in bike, partially offset by control measures, continuous improvement initiatives and the results of the inventory optimization work we completed in AAG.

我們調整後的 EBITDA 利潤率表現的其他驅動因素包括我們的投資組合變化以及我們在自行車領域採取的庫存優化行動，但部分被控制措施、持續改進舉措以及我們在 AAG 完成的庫存優化工作的結果所抵消。

Sequentially, adjusted EBITDA margin of 11.5% was down slightly given the decisive inventory actions we have executed in Bike, partially offset by improvements in adjusted EBITDA margin in both AAG and PVG, where cost improvement actions are being executed. Now I'll briefly touch on our full year results for fiscal 2024.

環比而言，由於我們在 Bike 執行了果斷的庫存措施，調整後的 EBITDA 利潤率的提高部分抵消了這一下降，因為 AAG 和 PVG 正在執行成本改進措施。現在我將簡要介紹我們 2024 財年的全年業績。

Net sales for the year were $1.39 billion compared to net sales of $1.46 billion in the prior year. This decrease reflects a 23.5% contraction in AAG net sales and a 12% decrease in PVG net sales, partially offset by a 31.3% increase in net sales for our SSG segment, which reflects the inclusion of Marucci.

全年淨銷售額為 13.9 億美元，而前一年的淨銷售額為 14.6 億美元。這一下降反映了 AAG 淨銷售額下降 23.5% 以及 PVG 淨銷售額下降 12%，但部分被我們 SSG 部門淨銷售額增長 31.3% 所抵消，這反映了 Marucci 的納入。

Net income for fiscal 2024 was $6.6 million or $0.16 per diluted share. This compares to net income for fiscal 2023 of $120.8 million or $2.85 per diluted share. Adjusted net income for the fiscal 2024 year was $55.4 million or $1.33 of adjusted earnings per diluted share, which compares to $167.5 million of adjusted net income or $3.95 of adjusted earnings per diluted share in the fiscal year 2023.

2024 財年的淨收入為 660 萬美元，即每股 0.16 美元。相比之下，2023 財年的淨收入為 1.208 億美元，即每股 2.85 美元。2024 財年的調整後淨收入為 5,540 萬美元，即調整後每股攤薄收益 1.33 美元，而 2023 財年的調整後淨收入為 1.675 億美元，即調整後每股攤薄收益 3.95 美元。

Lastly, adjusted EBITDA was $167 million for the full year 2024 compared to $261 million in the prior year. Moving to the balance sheet and cash flows. Our focus on the balance sheet resulted in a $55 million improvement in working capital, driven primarily by AAG, where our decisive chassis inventory optimization actions taken in Q3 resulted in a $62 million improvement in prepaids and in PVG, where we decreased inventory by $17 million through improved ordering controls in the fourth quarter.

最後，2024 年全年調整後的 EBITDA 為 1.67 億美元，而前一年為 2.61 億美元。轉到資產負債表和現金流量。我們對資產負債表的關注導致營運資本改善了 5,500 萬美元，這主要得益於 AAG，我們在第三季採取的果斷底盤庫存優化行動導致預付款項改善了 6,200 萬美元，而我們在第四季度透過改進訂購控制將 PVG 的庫存減少了 1,700 萬美元。

In SSG, bike inventory increased slightly, offset by action on end-of-year inventory that it converted into finished goods for sale into the aftermarket. In the full year-ended January 3, 2025, inventory rose by $32.9 million or 8.8% compared to year-end 2023, driven by the imbalance in expected versus fulfilled orders and because of planned seasonal inventory builds, primarily in AAG to ensure high-moving stocking units were available during the holidays.

在 SSG，自行車庫存略有增加，但被年底庫存轉化為成品在售後市場銷售所抵消。截至 2025 年 1 月 3 日的全年，庫存與 2023 年年底相比增加了 3,290 萬美元，即 8.8%，這是由於預期訂單與已完成訂單之間的不平衡以及計劃中的季節性庫存增加（主要是在 AAG 中），以確保假期期間有高週轉庫存單位可用。

I'd like to stress that working capital will continue to be an area of focus for us as we navigate through these turbulent times. Our revolver balance as of January 3, 2025, was $153 million versus $370 million as of December 29, 2023.

我想強調的是，當我們度過這些動盪時期時，營運資金將繼續成為我們關注的重點。截至 2025 年 1 月 3 日，我們的循環信貸餘額為 1.53 億美元，而截至 2023 年 12 月 29 日，循環信貸餘額為 3.7 億美元。

Our term loan balance was approximately $552 million, net of loan fees. During the third quarter, we implemented a $400 million interest rate swap, improving predictability and together with the $100 million existing swap, saving approximately $1.8 million in interest expense for the fourth quarter, and we paid down $63 million in debt. We will continue to prioritize R&D and sales and marketing, but to be very clear, debt paydown remains the number one priority for capital allocation.

我們的定期貸款餘額約為 5.52 億美元（扣除貸款費用）。在第三季度，我們實施了 4 億美元的利率互換，提高了可預測性，加上現有的 1 億美元互換，為第四季度節省了約 180 萬美元的利息支出，並償還了 6,300 萬美元的債務。我們將繼續優先考慮研發和銷售及行銷，但需要明確的是，償還債務仍然是資本配置的首要任務。

Now moving to our outlook for 2025. For the fiscal year 2025, the company expects net sales in the range of $1.385 billion to $1.485 billion, adjusted earnings per diluted share in the range of $1.60 to $2.60, and a full year adjusted tax rate in the range of 15% to 18%.

現在我們來展望一下 2025 年。對於2025財年，該公司預計淨銷售額在13.85億美元至14.85億美元之間，調整後每股攤薄收益在1.60美元至2.60美元之間，全年調整後稅率在15%至18%之間。

Underpinning our full year guidance are several key assumptions, including continued growth in AAG as we move past specific OE concerns such as quality issues and disruption from model year changeovers. Continued momentum in Marucci, benefiting from our new Major League Baseball partnership taking effect in our upcoming schedule of exciting new bat launches, both in softball and in baseball, a gradually stabilizing environment in PVG and bike with performance consistent with 2024 levels in terms of absolute dollars.

我們全年業績指引的基礎是幾個關鍵假設，包括隨著我們擺脫特定的 OE 問題（例如品質問題和車型年轉換造成的干擾），AAG 將繼續成長。Marucci 繼續保持增長勢頭，得益於我們與美國職棒大聯盟的新合作夥伴關係，我們將在即將到來的激動人心的壘球和棒球新球棒發布計劃中發揮作用，PVG 和自行車的環境逐漸穩定，其表現與 2024 年的絕對美元水平一致。

Revenue and margin improvement weighted towards the second half of 2025, where we believe we will progressively realize benefits from our $25 million cost reduction plan. The cost reduction is being conducted across the entire company, where we have identified approximately 15% to 20% of the savings coming from expense reductions and the remainder in cost of goods.

收入和利潤率的成長主要集中在 2025 年下半年，我們相信屆時我們將逐步從 2,500 萬美元的成本削減計畫中獲益。整個公司都在進行成本削減，我們發現大約 15% 到 20% 的節省來自費用削減，其餘來自商品成本。

Roughly 10% is coming from corporate with the remainder coming ratably across the three segments. In addition, we expect 30% to 35% of the savings to impact our first half earnings and the remainder coming in the second half.

約 10% 來自企業，其餘部分則按比例來自三個部門。此外，我們預計節省的資金中 30% 到 35% 將影響我們上半年的收益，剩餘部分將影響下半年的收益。

Shifting to the first quarter of fiscal 2025, the company expects net sales in the range of $320 million to $350 million and adjusted earnings per diluted share in the range of $0.12 to $0.32. To be clear, our guidance excludes the impacts of tariffs.

展望2025財年第一季，公司預期淨銷售額將在3.2億美元至3.5億美元之間，調整後每股攤薄收益將在0.12美元至0.32美元之間。需要明確的是，我們的業績指引未考慮關稅的影響。

Importantly, while we remain in a cautious near-term outlook given the current demand environment, we continue to invest in strategic growth initiatives that position us to capture opportunities as market conditions normalize.

重要的是，儘管考慮到當前的需求環境，我們對短期前景保持謹慎，但我們仍將繼續投資於策略性成長計劃，以便我們在市場狀況正常化時抓住機會。

Mike, back to you for closing remarks.

麥克，回到你的最後發言。

Thanks, Dennis. In closing, we entered 2025 poised with a clear focus on operational excellence and strategic positioning across our segments. While near-term market conditions remain challenging, we believe the decisive actions we've taken to optimize our operations and strengthen our foundation will strengthen our business.

謝謝，丹尼斯。最後，我們邁入 2025 年，明確地專注於卓越營運和各部門的策略定位。儘管近期市場狀況依然充滿挑戰，但我們相信，我們為優化營運和加強基礎而採取的果斷行動將會增強我們的業務。

Our comprehensive cost reduction program, combined with our enhanced inventory management and strengthened partnerships with OEM customers and dealers, positions us well to drive margin improvement even in a tempered growth environment.

我們全面的成本削減計劃，加上我們加強的庫存管理以及與 OEM 客戶和經銷商加強的合作夥伴關係，使我們即使在增長環境不景氣的情況下也能很好地提高利潤率。

The diversity of our portfolio from our expanding presence in agriculture and motorsports markets to our new role as MLB's official bat partner demonstrates our ability to find opportunities for strategic growth while maintaining our commitment to developing premium performance-enhancing products.

我們的產品組合多元化，從我們在農業和賽車運動市場的不斷擴大，到我們作為美國職棒大聯盟官方球棒合作夥伴的新角色，都表明我們有能力找到戰略增長機會，同時保持對開發優質性能增強產品的承諾。

As we look ahead, we remain focused on what we can control, operational efficiency, innovation and strategic growth initiatives that will drive long-term value for our shareholders.

展望未來，我們將繼續專注於我們能夠控制的事情、營運效率、創新和策略成長計劃，這些將為我們的股東帶來長期價值。

With that, operator, please open the call for questions.

接線員，請打開電話詢問。

(Operator Instructions)

（操作員指示）

Jim Duffy, Stifel.

吉姆·達菲（Jim Duffy），Stifel。

Thank you. Good afternoon. It's good to hear from you guys. Feels like it's been a while. I wanted to start just by asking about the Taiwan facilities consolidation, where capacity sits relative to pre-COVID levels after the adjustments you've made and the expectations and where capacity sits relative to the expectations for normalization of that business. Can you give us a little more flavor there, please?

謝謝。午安.很高興收到你們的來信。感覺好像已經過了一段時間。首先我想問一下台灣設施整合的情況，在您做出調整之後，產能相對於新冠疫情之前的水平如何，以及預期如何，以及產能相對於該業務正常化的預期如何。您能給我們多介紹一下嗎？

Sure. Jim, the capacity is about in line with the pre-COVID, but keep in mind that's from a footprint perspective. From an efficiency and lean perspective, we've increased our capacity even within that same footprint.

當然。吉姆，容量與新冠疫情之前大致相同，但請記住，這是從足蹟的角度來看的。從效率和精益的角度來看，即使在相同的佔地面積內，我們也提高了產能。

So we've got room to run for this year in Taiwan relative to what we expect that business to do. As we think about long-term capacity expansion, think about that probably not on the island, Think about that in probably Southeast Asia, Thailand, Vietnam, et cetera.

因此，相對於我們預期的業務表現而言，我們今年在台灣還有發展空間。當我們考慮長期產能擴張時，想想可能不是在島上，想想可能是在東南亞、泰國、越南等地。

So we're really solidifying kind of the footprint we need in Taiwan and our future growth projections would take us probably off the island.

因此，我們確實在鞏固我們在台灣所需的足跡，而我們未來的成長預測可能會讓我們走出台灣。

Okay. And then one more, if I may. Dennis, just can you give us an update on your -- on the upfitting business, the dealership dialogue and what you're thinking about for expectation of number of dealerships as you look across 2025? Is there opportunity -- go ahead.

好的。如果可以的話，我再說一個。丹尼斯，您能否向我們介紹一下您的改裝業務、經銷商對話的最新情況，以及您對 2025 年經銷商數量的預期？有機會嗎——繼續吧。

Yeah. No, thanks for that question. There is a lot of hard work going on right now across that PVD team. We've done a recent meeting that we had in Baton Rouge with our sales managers, and we invited dealers there as well, getting a lot of feedback from them. And I can tell you that they were really appreciative of taking the move that we did on reducing some of the older chassis out there, getting our inventory well repositioned.

是的。不，謝謝你的提問。目前 PVD 團隊正在進行大量艱苦的工作。我們最近在巴吞魯日與銷售經理舉行了一次會議，並邀請了經銷商參加，並從他們那裡得到了很多回饋。我可以告訴你，他們真的很感激我們採取的減少一些舊底盤的舉措，讓我們的庫存重新定位。

At the same time, we are cultivating really strong relationships and cultivating innovation with them to make sure that we're delivering the right products to the customers. So we are in full realization that in order to continue to grow, we've got to grow our dealers as well, and we're doing a great job of diversifying those dealers across the US.

同時，我們正在與他們建立真正牢固的關係並促進創新，以確保向客戶提供正確的產品。因此，我們充分認識到，為了繼續發展，我們必須擴大我們的經銷商，而且我們在實現美國各地經銷商多元化方面做得很好。

Thank you.

謝謝。

Mike Swartz, Truist.

麥克·斯沃茨，Truist。

Hey, guys. Good afternoon. Just on the bike business, I think in your commentary you suggested flat revenue year-over-year in that business for '25. Maybe help us understand the puts and takes there. I guess I had assumed given the lack of new model year product last year, that would create somewhat of a tailwind on a year-over-year basis this year, but it sounds like you're also bringing inventory in line. So just help us understand, again, the puts and takes there.

嘿，大家好。午安.僅就自行車業務而言，我認為您在評論中提到 25 年該業務的收入將與去年持平。也許可以幫助我們理解那裡的情況。我想我已經假設，由於去年缺乏新車型，今年的銷量同比會有一定的順風，但聽起來你也在對庫存進行調整。所以請再次幫助我們理解其中的投入和產出。

We think there could be upside in the bike business this year. But keep in mind, we've had a couple of years of really challenged forecasting in that business. So we're being pretty conservative, Mike, right now. From what we see in Q4, what we've seen so far in Q1 are pretty positive signals. We think inventory is better in control.

我們認為今年自行車業務可能會有上漲。但請記住，我們在該行業的預測已經經歷了幾年的真正挑戰。所以，麥克，我們現在相當保守。從我們在第四季度看到的情況來看，我們在第一季迄今為止看到的都是非常積極的信號。我們認為庫存控制得更好。

That's a great sign. We think our product launches and our product diversification in that space is good. So right now, we're going to be conservative and just kind of wait and see how the cards fall relative to the OEMs.

這是一個好兆頭。我們認為我們在該領域的產品發布和產品多樣化是好的。因此現在，我們將採取保守態度，只是等待並觀察相對於 OEM 的情況如何。

Obviously, there's a lot of noise out there in the system that we want to understand. But we believe -- obviously, we believe we hit the base in 2024 or we hit kind of the ground in that business. And with our new product launches, we think there's some upside. So we'll wait and see that actually materialize, but we feel pretty good about it.

顯然，系統中存在著許多噪音，我們想要了解。但我們相信——顯然，我們相信我們會在 2024 年打下基礎，或者說，我們會在該業務上取得一定進展。隨著我們新產品的推出，我們認為會帶來一些好處。因此，我們將拭目以待，看看這一目標能否實現，但我們對此感覺很好。

Okay. Got it. That's helpful. And the -- maybe just switching over to Marucci, the new MLB partnership. Is there any way to frame what that actually means just in terms of size and maybe timing of when that would impact you?

好的。知道了。這很有幫助。也許只是轉向 Marucci，新的 MLB 合作夥伴關係。有沒有什麼方法可以描述這實際上意味著什麼，僅從規模和時間方面，以及何時會對您產生影響？

Well, timing is easier because timing, the Major League Baseball season really kicks off at the end of this quarter and into Q2 where it really grows and then into the summer and finally October. So we see a lot of the growth coming in kind of Q2, Q3 relative to that relationship.

嗯，時間安排比較簡單，因為美國職棒大聯盟賽季實際上是在本季末開始的，然後進入第二季度，然後進入夏季，最後進入十月。因此，相對於這種關係，我們看到第二季和第三季將出現大量成長。

But there's a lot of hard work being done now to get prepared for that, obviously, capacity planning, things like that. In terms of putting a number to it, I think we're a little premature for that. We don't want to get ahead of our skis.

但顯然，現在我們正在做很多艱苦的工作來為此做好準備，包括容量規劃等等。就給出一個數字而言，我認為我們還為時過早。我們不想超越我們的滑雪板。

We're really changing the way MLB thinks about that partnership, and they're excited about the changes that we're bringing to them and they're bringing to us. So it's kind of a whole new day. And I think both MLB and FOX Marucci are really trying to figure out how big it can be.

我們確實改變了 MLB 對這種合作關係的看法，他們對我們為他們帶來的變化以及他們為我們帶來的變化感到興奮。這真是全新的一天。我認為 MLB 和 FOX Marucci 都在試圖弄清楚它到底能有多大。

And it's positive signs, let me tell you, but I think there's a lot of work to do. So before we really start to put a number to it, let us actually grow into that relationship and deliver bats and get it going, and then we'll come back to you with what that means in an upside.

我告訴你，這是積極的信號，但我認為還有很多工作要做。因此，在我們真正開始對其進行量化之前，讓我們先真正發展這種關係，並提供蝙蝠並使其運轉起來，然後我們再告訴您這意味著什麼好處。

Understood. Thanks, Mike.

明白了。謝謝，麥克。

Anna Glaessgen, B. Riley.

安娜·格拉斯根、B.萊利。

Hi. Good afternoon. Thanks for taking my question.I'd like to start on the auto business, particularly on the OEM side. Clearly, understanding that the tariff situation is fairly fluid, but would love if you could expand on how your conversations with key partners are going in light of any planned or how they plan to adjust potential production in the face of escalating tariffs and how you guys are contemplating this within your go-forward plans?

你好。午安.感謝您回答我的問題。我想先談談汽車業務，特別是 OEM 方面。顯然，我們了解到關稅情況相當不穩定，但如果您能詳細說明一下您與主要合作夥伴的對話進展如何，或者他們計劃如何在關稅升級的情況下調整潛在產量，以及您如何在未來的計劃中考慮這一點？

Yeah. The interesting thing, and you've heard all the reports come out from the different OEMs. But the interesting thing about our business, Anna, that you have to remember is that when we're talking to Ford, we're talking to a very select set of -- on PVG OEM, we're talking to a very select set of chassis, mainly produced in the US that are their high-end premium product.

是的。有趣的是，您已經聽到了來自不同 OEM 的所有報告。但是安娜，你必須記住，關於我們的業務的有趣事情是，當我們與福特交談時，我們正在與一組非常精選的 - 在 PVG OEM 上交談，我們是在與一組非常精選的底盤交談，這些底盤主要在美國生產，是他們的高端優質產品。

So Ford has a lot of things to contemplate and think about relative to tariffs, but relative to the space we play, a little bit less affected. And we think that, that product set has a bit more resilience to these tariff issues than maybe the rest of Ford.

因此，福特在關稅方面有很多事情要考慮和思考，但相對於我們所涉及的領域，受影響較小。我們認為，該產品系列對這些關稅問題的抵禦能力比福特其他產品系列更強。

So we feel pretty good about that. When it comes to Toyota, when it comes to Stellantis, our other two big partners. Stellantis was significantly down in '24 relative to dealer inventory and some of the challenges they had. So we're already seeing an upside on Stellantis over '24.

所以我們對此感覺很好。說到豐田，說到 Stellantis，我們的另外兩個大夥伴。相對於經銷商庫存和麵臨的一些挑戰，Stellantis 在 24 年的銷售量大幅下降。因此，我們已經看到 Stellantis 比 24 年有上升空間。

I don't expect that the tariff issue is going to change dramatically what we have in the current forecast because it's in line with what we did in '24. And like I said, we're seeing some upside. So a little too early to tell you. We need to hear more from Stellantis and what they think about that relative to the Mojave product and even the Jeep product. And then Toyota, we're on their higher-end vehicles.

我認為關稅問題不會大大改變我們目前的預測，因為它與我們在24年所做的一致。正如我所說的，我們看到了一些好處。所以現在告訴你還太早。我們需要聽取 Stellantis 的更多意見以及他們對 Mojave 產品甚至 Jeep 產品的看法。然後是豐田，我們關注的是他們的高端車型。

We're on their TRD Pro class vehicles. So again, being in the premium space helps us in automotive. I don't want to sit here and tell you that there isn't going to be a lot of teeth gnashing and challenging conversations around consumer demand relative to what could be a very inflationary event.

我們乘坐的是他們的 TRD Pro 級車輛。所以，再次強調，進入高端領域有助於我們發展汽車業務。我不想坐在這裡告訴你們，相對於可能引發通貨膨脹的事件，圍繞消費者需求不會出現很多令人咬牙切齒和具有挑戰性的對話。

So I think that's what we need to think about is what's the inflationary impact to a consumer and their willingness to buy these vehicles. Relative to our product, how we price it, et cetera, we've got that indexing in our pricing model with these OEMs.

所以我認為我們需要考慮的是通膨對消費者及其購買這些車輛的意願的影響是什麼。相對於我們的產品、我們如何定價等等，我們在與這些 OEM 的定價模型中都進行了索引。

So it doesn't have a direct implication necessarily to what we sell to them. It has an implication to what it means in their demand side relative to end customers. Again, Ford in our products more protected, less protected in Stellantis, TRD Pro probably more protected as well. Does that help?

因此，它不一定與我們向他們銷售的產品有直接關係。這對於相對於最終客戶的需求方來說意味著什麼。再次，福特對我們的產品提供了更多保護，而對 Stellantis 的保護較少，TRD Pro 的保護可能也更多。這樣有幫助嗎？

Great. That was super helpful. Turning to Marucci. You guys commented on continued momentum, I believe, is how you put it for 2025. I believe when they were acquired, we thought about growth in the low double-digit range. Is that still the right way to benchmark that business?

偉大的。這非常有幫助。轉向 Marucci。你們評論了持續的勢頭，我相信，這就是你們對 2025 年的預測。我相信當他們被收購時，我們考慮的是兩位數以下的成長。這仍然是衡量該業務的正確方法嗎？

That is. And you're thinking about it right. When you look back at '24, and you'll do the math, we had three record quarters out of four with Marucci. They had a record year, a lot to celebrate, a lot of really good learning, by the way, learning and some mistakes that were made in '24 that we learned from. So when I look back, I like to think that it didn't quite hit the number I had expected for in '24.

那是。你想的是對的。當你回顧 24 年時，你會發現，在 Marucci 的帶領下，我們四個季度中有三個季度都創下了紀錄。他們度過了創紀錄的一年，有很多值得慶祝的事情，順便說一句，也學到了很多非常好的東西，我們也從 24 年犯下的一些錯誤中學到了教訓。因此，當我回顧過去時，我認為它並沒有達到我所預期的 24 年的數字。

But again, three record quarters out of four isn't too bad in the market that we all had in '24. In '25, I think it's a double-digit growth business. I think the MLB helps that even further. And the set of -- the products that we're coming out with in softball and some of these other spaces are really, really good. So I'm pretty excited.

但同樣，在 2024 年我們所處的市場環境下，四個季度中有三個季度創下紀錄，這還不算太糟。我認為，在 25 年，這將是一個實現兩位數成長的業務。我認為 MLB 對此有更大的幫助。我們在壘球和其他一些領域推出的一系列產品確實非常好。所以我很興奮。

I'm very bullish. Marucci is one of our growers this year for sure, even in light of kind of the macro dysfunction.

我非常樂觀。即使考慮到宏觀經濟功能障礙，Marucci 肯定也是我們今年的種植者之一。

Great. Thanks, guys.

偉大的。謝謝大家。

Larry Solow, CJS Securities.

索洛（Larry Solow），CJS 證券公司。

Great. Thanks. And good afternoon, guys. I guess just from a high-level summary. So it looks like the guidance -- sales guidance about flat to mid-single digits, I think minus 1% to 7%. So sort of low to mid-single digit, that 3% growth number.

偉大的。謝謝。大家下午好。我猜只是從高層次的總結來看。因此，看起來銷售指導價約為持平至中等個位數，我認為是負 1% 至 7%。因此，3% 的成長數字處於低到中等個位數之間。

So it sounds like you're getting a little growth out of Marucci, a lot of growth, but it's a relatively smaller piece. And then the sort of rest of that will be mostly in AAG. Is that kind of a good broad brush of just what to look for and it's a little more back-end loaded?

因此，聽起來 Marucci 確實取得了一些成長，甚至很大的成長，但這只是相對較小的一部分。其餘部分大部分將集中在 AAG 中。這是否是對所要尋找內容的一個很好的概括，並且它需要更多的後端負載？

Yeah, Larry, the way I think about it, it's flatter than it was in the guide last year in terms of quarter-to-quarter. It's really a function of, by the way, product launch is not macro improvement. So we think about in 2025's view, when do our products launch, when do they come out, which quarter they come out in, what's the implication of that? That's more of the driver. We don't have any goodness baked in relative to a macro.

是的，拉里，我認為，就季度環比而言，它比去年指南中顯示的要平緩。順便說一句，這確實是一個功能，產品發布不是宏觀改進。所以我們以 2025 年的眼光來思考，我們的產品什麼時候推出，什麼時候上市，在哪個季度上市，這代表什麼？這更多的是關於駕駛員。相對於宏觀而言，我們並沒有任何優點。

So no upside from that. When you think about the businesses, think about AAG and Marucci as up in 2025. PVG is a function of powersports, which has not only the inventory issues, but also the tariff issues, which will -- could have a significant impact on Polaris and BRP that we think is flattish to down.

所以這並沒有什麼好處。當您考慮這些業務時，請考慮 2025 年的 AAG 和 Marucci。PVG 是動力運動的功能，它不僅有庫存問題，還有關稅問題，這可能會對 Polaris 和 BRP 產生重大影響，我們認為這種影響將持平或下降。

It's improved by some new OEM customers when I mentioned in the prepared remarks, BMW, Ducati, Triumph, those are all good wins for us that are going to help us in '25, including CFMOTO and Buell. But all those offset -- well, they take some time, but they also just offset the downside of what I just mentioned, which is kind of the macro and inventory issues.

正如我在準備好的演講中提到的那樣，一些新的 OEM 客戶使我們的情況有所改善，寶馬、杜卡迪、凱旋，這些都是我們的良好勝利，將在 25 年為我們提供幫助，其中包括 CFMOTO 和 Buell。但所有這些都抵消了——好吧，它們需要一些時間，但它們也抵消了我剛才提到的不利因素，即宏觀和庫存問題。

So PVG, we think about as kind of flattish to maybe slightly down. And then bike, as I said to Mike earlier, I think bike is pretty flat. We could see some upside from bike. That would be one of the ones that we'd call out in future earnings calls is probably helping us in the year just because it's coming from such a low base. But for now, we're going to call bike and PVG fairly flat and the other two up.

因此，我們認為 PVG 的走勢可能持平或略有下降。然後是自行車，正如我之前對麥克所說的那樣，我認為自行車相當平坦。我們可以看到自行車的一些優勢。這是我們在未來的收益電話會議上提到的因素之一，它可能在今年對我們有所幫助，因為它來自如此低的基數。但就目前而言，我們將自行車和 PVG 稱為相當平坦的，而其他兩個稱為上升的。

Got it. Okay. And then just on bikes, just dissecting a little bit more. I know '24 was a much better year, good recovery. And I think it was led by initially some of the smaller, more nimble OEMs. What -- the slower down -- I mean, again, we're not -- hopefully not going contract and going backwards, but it sounds like there's still some inventory in the channel.

知道了。好的。然後就自行車而言，我們再進行一點解剖。我知道 24 年是更好的一年，復甦良好。我認為最初是由一些規模較小、更靈活的 OEM 引領的。什麼——速度越慢——我的意思是，再說一次，我們不會——希望不會簽訂合約並倒退，但聽起來渠道中仍然有一些庫存。

Is there any like particular more stress areas coming out of there? I think you had mentioned Europe got a little slower too as an end market, I guess, last year, there was some rain, but anything on that? Is it e-bikes driving any of this sort of still unevenness in the channel?

那裡是否存在特別特別的壓力區域？我想您提到過，歐洲作為終端市場也變得有些慢了，我想，去年下了一些雨，但是有什麼相關情況嗎？電動自行車是否會造成通道中此類靜止不平整的情況？

Yeah, e-bikes are actually a little softer than we expected, especially in the lower-end e-bikes where we really don't play as much, but e-bikes as a segment in that industry are a little bit soft right now. The thing that we're seeing is that the bike dealers, distributors and OEMs are all very resistant to inventory positions.

是的，電動自行車實際上比我們預期的要軟一些，特別是在低端電動自行車中，我們實際上並沒有那麼多涉及，但作為該行業的一個部分，電動自行車現在有點軟。我們看到的情況是，自行車經銷商、分銷商和原始設備製造商都非常抵制庫存。

So whereas they would have inventoried more coming out of '24, they have not, which is actually, in a weird way, kind of affected our Q4 numbers a little bit, but it's a good thing. So even though it might look on paper like it's bad, Larry, we actually appreciate it. We'd rather have them run much thinner inventory levels and be much more reactive to market demand signals than building a big inventory pile.

因此，儘管他們本應在 24 年後增加庫存，但實際上卻沒有，這實際上以一種奇怪的方式對我們的第四季度數據產生了一點影響，但這是一件好事。因此，儘管從紙面上看這似乎很糟糕，拉里，但我們實際上還是很感激的。我們寧願讓他們降低庫存水平，對市場需求訊號做出更積極的反應，而不是建立大量的庫存。

So I think in general, the bike industry is significantly healthier coming out of '24 than coming out of '23. That's pretty easy to say. And I think there's going to be a good build this year as new products really start to get launched.

因此我認為總體而言，24 年自行車產業的發展比 23 年要健康得多。這說起來很容易。我認為，隨著新產品開始真正推出，今年的銷售情況將會出現良好的成長。

Remember, the industry really hasn't seen a lot of new product in the last several years because people were trying to burn through inventory that could have been two, three years old. So this is the first chance to bring some real fresh new innovative product to the market.

請記住，在過去幾年裡，該行業確實沒有出現太多新產品，因為人們試圖消耗可能已經兩三年的庫存。因此，這是將一些真正新鮮的創新產品推向市場的第一個機會。

So we're pretty excited about that. Again, we're not baking in growth because we think that could be offset by macro. But that's the upside.

所以我們對此感到非常興奮。再說一次，我們沒有考慮成長，因為我們認為這可能會被宏觀經濟所抵消。但這就是好處。

And I guess the one macro or maybe not a macro benefit, but a little bit of at least your end market benefit within AAG too, is the chassis mix improvement. I think you said it's the best it's been in quite some time. So hopefully, at least you have -- yes, it sounds like at least you'll have product to sell. Hopefully, there's still some demand there.

我認為一個宏觀的或可能不是一個宏觀的利益，但至少是 AAG 內部的最終市場利益，就是底盤組合的改善。我想你說這是相當長一段時間以來最好的。所以希望至少你有——是的，聽起來至少你有產品可以賣。希望那裡仍然有一些需求。

Well, that's just it. Chassis mix is making sure we have the chassis that have demand. And what's interesting about the AAG business, and Dennis can speak to it better than I can in a later time. But in AAG we're finding OEMs really approaching us for really creative new product development programs where we're actually working hand-in-hand with them versus more historically, we would do it on our own. The Fox Factory truck was completely the innovation of FOX.

嗯，就是這樣。底盤組合確保我們擁有有需求的底盤。關於 AAG 業務的有趣之處是什麼？丹尼斯稍後可以比我更好地談論它。但在 AAG，我們發現 OEM 確實在與我們接洽，希望開展真正有創意的新產品開發項目，我們實際上是在與他們攜手合作，而過去我們都是自己做。Fox Factory 卡車完全是 FOX 的創新。

Now what we're seeing is OEMs really looking for new fresh product to put in their dealer lots and coming to us to partner with them upfront in that vehicle development road map. And that is -- that's a big change. I mean it doesn't sound like a lot when I say it, but that's actually a big change in how OEMs think about FOX.

現在我們看到的是，原始設備製造商確實在尋找新鮮的產品來投放到他們的經銷商處，並在車輛開發路線圖上提前與我們合作。這是一個巨大的改變。我的意思是，當我這麼說的時候，聽起來沒什麼，但這實際上是 OEM 對 FOX 看法的巨大變化。

And we're pretty excited by that because that means they're going to help us market. That means they're going to help us develop and deliver these trucks versus doing it on our own. And that's a good change.

我們對此感到非常興奮，因為這意味著他們將幫助我們進行行銷。這意味著他們將幫助我們開發和交付這些卡車，而不是我們自己動手。這是一個很好的改變。

Just last week, we just hosted a few of our OEM partners and strategic partners out in Ocotillo. It's one of our proving grounds. We had PVG engineers next to PVD engineers. We had our Upfit UTV folks out there as well, and we test drove some of our best technology. And it was amazing to see the light bulbs go off and see how differentiated we are. So Mike is right. It's -- we were able to bring to light all that FOX is able to offer OEs and strategic partners.

就在上週，我們剛在 Ocotillo 接待了一些 OEM 合作夥伴和策略夥伴。這是我們的試驗場之一。我們的 PVG 工程師和 PVD 工程師相鄰。我們的 Upfit UTV 人員也到場了，並且試用了一些我們最好的技術。看到燈泡熄滅並看到我們之間的差異真是令人驚奇。所以麥克是對的。我們能夠展示 FOX 能夠為 OE 和策略夥伴提供的所有服務。

Alex Perry, Bank of America.

美國銀行的亞歷克斯·佩里。

Hey, thanks for taking my questions here. I guess just first, higher level on the guidance. It seems like sort of the range of outcomes and guidance seems pretty wide this year. I think the EPS guide sort of straddles like $1 bottom to top. Can you talk about what's sort of informing that? What would need to go right to hit the high end of the range? And similarly, on the bottom end of the range, what does that sort of assume?

嘿，感謝您在這裡回答我的問題。我想首先要有更高層次的指導。看起來今年的結果和指導範圍似乎相當廣泛。我認為 EPS 指南的底部到頂部大約為 1 美元。能談談這是怎麼回事嗎？要達到該範圍的高端需要做什麼？同樣，在範圍的底端，這種假設是什麼？

Yeah. I think Mike has done a great job just lining out the expectations there. Really, in our opinion, '25 looks a lot like 2024, except for -- we really believe these investments that we've been making in Marucci on the engineering side and with the MLB license and partnership there, that's going to help us in the back half of the year.

是的。我認為麥克在闡述期望方面做得很好。實際上，在我們看來，25 年與 2024 年非常相似，除了——我們真的相信我們在 Marucci 工程方面所做的投資以及 MLB 許可和合作夥伴關係將在下半年為我們提供幫助。

The work that we've done, getting those chassis in place and our dealership expansion efforts in AAG is going to help us as well in the second half, combined with the product innovation road map and the launches that we have planned really beginning now are going to really start paving the way in the second half for stronger growth.

我們所做的工作，包括安裝底盤和在 AAG 進行經銷商擴張的努力，都將在下半年為我們提供幫助，再加上產品創新路線圖和我們現在真正開始計劃的發布，將真正為下半年更強勁的增長鋪平道路。

And so really to get to that high end, it's really seeing really strong execution, delivery and acceptance of that product road map. So we're just trying to be as realistic as we can, taking into consideration the macro and these high interest rates still that are weighing us down.

因此，為了真正達到這一高端水平，必須真正看到產品路線圖的強勁執行、交付和接受度。因此，我們只是盡力做到現實，同時考慮到宏觀因素和仍然拖累我們的高利率。

Yes. Alex, I'd just add to that. I think that's right, Dennis. I'd add to that. The high end of that EPS range is a function of what we have in control relative to cost management in the business. So our ability to take out the $25 million gets us to that high end of the EPS range.

是的。亞歷克斯，我只是想補充一點。我認為這是對的，丹尼斯。我想補充一點。EPS 範圍的高端取決於我們在業務成本管理方面所能控制的程度。因此，我們有能力拿出 2500 萬美元，達到 EPS 範圍的高端。

That is -- those are the things that we have to do internally. While we're doing product development, which Dennis, I think, described very well, we have to take care of what's in our backyard, and that is our own costs, our own systems, our own footprint. And if we deliver on those things, which we are well in line to do, we will be at the higher end of that range. So keep us on task with that as we go through the year.

也就是說──這些是我們內部必須做的事情。當我們進行產品開發時，我認為丹尼斯描述得很好，我們必須照顧好我們的後院，那就是我們自己的成本，我們自己的系統，我們自己的足跡。如果我們能夠實現這些目標（我們完全有能力實現這些目標），我們將處於此範圍的較高端。因此，讓我們在接下來的一年中繼續完成這項任務。

Really helpful. And then just any help on -- a little bit more further color on tariffs. So understanding it's sort of not in the guide, but is it sort of -- you feel like you have enough mitigating factors where you're able to mitigate any impact? It sounds like maybe the aluminum bats coming from China is maybe the most direct impact. Like any help in sort of sizing that? Is that a relatively small part of the business? Just any more color there would be helpful.

真的很有幫助。然後只是任何幫助——對關稅進行更進一步的說明。因此，您是否理解這似乎不在指南中，但是您是否覺得您有足夠的緩解因素來減輕任何影響？聽起來也許來自中國的鋁製球棒可能是最直接的影響。像在尺寸方面有任何幫助嗎？這是業務中相對較小的一部分嗎？只要有更多的顏色就會有幫助。

Yeah. I mean to make a statement like we don't have any concern over tariffs or we think we've got it all mitigated would assume that we actually know what the tariffs will be in any great detail relative to either timing or size. There's a lot of that, that's fluid. Every day you wake up and read the paper and it's something different. So we're looking at it from every angle that we can, and we're mitigating it in every place we can.

是的。我的意思是，要做出這樣的聲明，例如我們不擔心關稅，或者我們認為我們已經完全緩解了關稅，就假設我們實際上知道關稅的具體細節，無論是時間還是規模。有很多這樣的情況，而且很不穩定。每天醒來讀報紙，你都會看到不同的內容。因此，我們正在從各個角度來看待這個問題，並盡一切可能減輕它的影響。

But keep in mind, there's really two core elements of tariffs. One, what we control of our own supply chain and negotiating costs and resourcing or vertically integrating where we can. That's kind of what we can control, and I think we feel pretty good about that piece. That's within the domain of these four walls.

但請記住，關稅實際上有兩個核心要素。第一，我們控制自己的供應鏈，協商成本和資源，或在可能的情況下進行垂直整合。這就是我們可以控制的，我認為我們對此感覺很好。那是在這四面牆的範圍內。

As we start to get out of that and we start to think about things like aluminum bats, which we source out of China, there are things that we can do in cost negotiations with that manufacturer and with pricing elasticity in the market and even around the design of those bats.

當我們開始擺脫這種困境並開始考慮從中國購買鋁製球棒等產品時，我們可以與該製造商進行成本談判，並在市場定價彈性甚至圍繞這些球棒的設計方面做一些事情。

So there's some things that we can do, maybe not as there's more of a lag time in some of those activities, but there's things that we can do there. We can also do some sourcing changes relative to that business, but it's a longer-term process.

因此，我們可以做一些事情，也許不是因為某些活動的延遲時間較長，但我們可以做些什麼。我們也可以針對該業務做一些採購變更，但這是一個長期的過程。

The thing that probably makes us the most nervous is really what this does to the economy, what this does to the end consumer and what it does to our largest OEM customers. That is really hard for us to contemplate or to quantify for you. And we don't want to stand here and tell you we've got that under control because it's not ours to control.

可能最讓我們緊張的是這對經濟、對最終消費者以及對我們最大的 OEM 客戶的影響。對我們來說，這確實很難去思考或量化。我們不想站在這裡告訴你們我們已經控制住了一切，因為這不是我們能控制的。

We've offered help in a couple of our OEMs that have -- that could use our help relative to manufacturing footprint where we could step in and help them in finished goods assembly. So we're trying to do what we can to help them, but they, I think, are trying to build their own structure, their own ability to go defend and attack that issue. And as they develop those plans, we'll be there to help them out.

我們為一些原始設備製造商提供了幫助，他們可以利用我們在製造足跡方面的幫助，我們可以介入並幫助他們進行成品組裝。因此，我們正在盡力幫助他們，但我認為，他們正在努力建立自己的結構，建立自己的能力來防禦和解決這個問題。當他們制定這些計劃時，我們會幫助他們。

But again, it comes down to what does that do to their end markets and how does that flow back to us. And too early to tell. We're not going to get too down about it right now. We just need to see how it plays out and then we'll go do what we can do.

但歸根結底，這取決於這對他們的終端市場有何影響，以及這對我們有何影響。現在下結論還為時過早。我們現在不會對此太過沮喪。我們只需要看看事情會如何發展，然後我們就會盡力而為。

Scott Stember, ROTH MKM.

史坦伯（Scott Stember），ROTH MKM。

Good evening, guys.

大家晚上好。

Hey, Scott.

嘿，斯科特。

Maybe you could just dial in a little closer to PVG and AAG on the automotive side, the truck upfitting side. I heard a comment in there about even on the higher end, it sounds like demand could be waning a little bit. Just trying to get a sense of what the overall demand trends look like there, whether it's worsened throughout the quarter and where things are right now?

也許您可以在汽車方面、卡車改裝方面更接近 PVG 和 AAG。我聽到一個評論說，即使在較高端，需求似乎也可能會減弱。只是想了解那裡的整體需求趨勢如何，整個季度是否惡化以及目前情況如何？

Yes. On the high end -- so let's talk PVG first. On the high end of our vehicle, where we're supplying shocks into the high-end products that Ford sells or Toyota sells, when it comes to actually end-user demand, that's remained intact. It fluctuates a little bit up and down. But for the most part, that was a growth business for us in '24.

是的。在高端——我們先來談談 PVG。在我們車輛的高端領域，我們為福特或豐田銷售的高端產品提供減震器，當涉及實際的最終用戶需求時，這一點保持不變。它有一點點上下波動。但總體而言，這對我們來說是 24 年的成長業務。

So for the most part, Ford specifically was a growth business for us. So that is positive. I don't see that changing that dramatically as we look into 2025. But I think other areas of those -- of the automotive business can be a bit softer. We're seeing Stellantis actually rebound a bit in '25 or early days of '25 versus what happened in '24.

因此，總體而言，福特對我們來說是一個成長型企業。這是積極的。展望 2025 年，我認為情況不會有太大變化。但我認為汽車業務的其他領域可能會稍微弱一些。我們看到，與 2024 年的情況相比，Stellantis 在 2025 年或 2025 年初實際上有所反彈。

So that was really more of just cleaning up inventory issues at the dealer level. So again, we're not really calling out growth in a business like our Stellantis relationship for '25. We're assuming it's flat, potentially some upside there as, again, that inventory getting mitigated. And then on AAG, really, it's such a mixed bag because in '24, we had chassis delivery issues relative to quality at the OEM level. So we were missing chassis we needed.

所以這其實只是為了清理經銷商層級的庫存問題。所以，我們再次強調，我們並沒有真正呼籲像我們與 Stellantis 的關係這樣的業務在 25 年實現成長。我們假設它是平穩的，並且可能存在一些上漲空間，因為庫存再次得到緩解。然後對於 AAG 來說，實際上，情況好壞參半，因為在 24 年，我們在 OEM 等級的品質方面遇到了底盤交付問題。所以我們缺少所需的底盤。

What we found when we get the appropriate chassis and do the appropriate upfit, whether it's a Shelby or a Fox Factory truck or a Harley-Davidson truck, these really iconic enthusiast-driven brands, we're fine. When we get down into products that are not as iconic or kind of middle market, it's more of a challenge. And I'd add to that in the dealer world of selling trucks, interest rates matter no matter what.

我們發現，當我們獲得合適的底盤並進行適當的改裝時，無論是謝爾比、福克斯工廠卡車還是哈雷戴維森卡車，這些真正具有標誌性的愛好者驅動的品牌，我們都會很好。當我們涉足那些不那麼具有標誌性或屬於中階市場的產品時，挑戰就更大了。我想補充一點，在卡車經銷商的世界裡，無論如何，利率都很重要。

And we have found that in the last couple of years that as interest rates have climbed or stayed high, that has a headwind to truck sales. So we're hoping probably not so much in '25, but as we look forward in '26 and '27 that, that interest rate environment starts to improve.

我們發現，在過去幾年裡，隨著利率上升或維持在高位，卡車銷售面臨阻力。因此，我們可能對 25 年的希望不大，但展望 26 年和 27 年，利率環境將開始改善。

Right now, we're just going to go build the best trucks we can and make sure it's the right mix, as Dennis said, on the dealer lots that attract those customers that want these vehicles no matter what.

現在，我們只是要盡力製造最好的卡車，並確保它是正確的組合，正如丹尼斯所說，在經銷商處吸引那些無論如何都想要這些車輛的客戶。

Yeah. I remember when joining, Mike talked about the way to win is contenting up these vehicles, the right content on the right vehicles, the right design. And that's what we're focused on in doing. So he's right, that demand will be there at that very high end.

是的。我記得加入的時候，麥克談到獲勝的方法就是對這些車輛進行內容配置，在正確的車輛上安裝正確的內容，進行正確的設計。這正是我們關注的重點。所以他是對的，這種需求將會達到非常高的水準。

And what we have to do is we have to make sure that we're diversifying in that space and creating vehicles that people need and want. When you think about -- I mentioned agriculture, which is interesting for us to talk about agriculture at a company like FOX.

我們要做的是確保我們在該領域實現多樣化，並創造出人們需要和想要的車輛。當你想到——我提到了農業，對我們來說，在像 FOX 這樣的公司談論農業是很有趣的。

But when you think about ranchers and ag guys, they're changing trucks every couple of years. And they take these trucks that are basically stock off of a dealer lot, then they have to modify the heck out of them to make them useful in their environment, in their lifestyle. We're doing that for them now with really, really cool enhancements to these vehicles.

但是當你想到牧場主和農業工人時，他們每隔幾年就會更換卡車。他們從經銷商那裡拿走這些卡車，然後對其進行徹底的改造，使它們能夠適應他們的環境和生活方式。我們現在正在為他們實現這一目標，對這些車輛進行非常非常酷的改進。

And when we can do it through our ag dealership relationships that are very unique and specific to that product set, we're very compelling to a use case and to a buyer that we really haven't touched in the past. So we got to continue to think about how do we get expanded broader relationships with different dealers on products that are sellable kind of regardless of the macro.

當我們能夠透過非常獨特且針對該產品系列的農業經銷商關係來實現這一點時，我們對過去從未涉及過的用例和買家非常有吸引力。因此，我們必須繼續思考如何與不同的經銷商建立更廣泛的關係，以銷售不受宏觀影響的可銷售產品。

Got it. And just one last question on the expense savings that you're expecting. Is $25 million for '25? Or is that all in stuff that you've done in the 3Q and 4Q as well?

知道了。最後一個問題是關於您預期的費用節省。25 萬美元代表 25 年嗎？或者這些都是您在第三季和第四季所做的事情？

Yes. So this is going to be a really tremendous lift for this company. It is a really difficult exercise, and we are making progress against that goal of $25 million, tangible progress. So as we talked about earlier, we closed the Colorado plant in AAG. In Taiwan, we're in the process of closing a facility there.

是的。所以這對該公司來說將是一個巨大的推動。這確實是一項艱鉅的任務，我們正在朝著 2500 萬美元的目標邁進，取得實際的進展。正如我們之前談到的，我們關閉了 AAG 的科羅拉多工廠。在台灣，我們正在關閉那裡的一家工廠。

Mike and I just visited there in February, and the progress is going extremely well. In our PVG business, we've conducted several RIFs. We're down about 25% of the headcount there. And when we look at one of our key metrics there, revenue per employee, it's up 25%. These are no small matters.

我和麥克二月剛去過那裡，進展非常順利。在我們的 PVG 業務中，我們已經進行了幾次 RIF。我們那裡的員工人數減少了約 25%。當我們查看其中一個關鍵指標，即每位員工的收入時，它增加了 25%。這些都不是小事。

This is really work that's being done week in and week out, making a difference to really drive out costs, continue to take decisions on footprint consolidations, putting in CapEx where we can get the make versus buy favorable. Lots of work going on. We expect to hit that $25 million, and that would be mainly in the back half of the year as many of these projects get ramped up.

這確實是每週都在進行的工作，旨在真正降低成本，繼續就足跡整合做出決策，投入資本支出，以便我們能夠獲得製造而不是購買的有利條件。有很多工作正在進行中。我們預計將達到 2500 萬美元的目標，而且這主要將在今年下半年實現，因為許多項目都將加速推進。

Craig Kennison, Baird.

克雷格·肯尼森，貝爾德。

Hey, good afternoon. Appreciate all the color so far. Appreciate all the color so far. Dennis, any comment on EBITDA margin by segment as we think about the year and how it unfolds?

嘿，下午好。欣賞迄今為止的所有色彩。欣賞迄今為止的所有色彩。丹尼斯，當我們回顧今年的情況以及它的發展時，您對各部門的 EBITDA 利潤率有何評論？

Well, yeah, that's a great question. I mean, as you think about early on, from an SSG standpoint, we're going to be seeing some margin in Q1, for instance, we're still investing in the MLB relationship, in our engineering there.

嗯，是的，這是一個很好的問題。我的意思是，正如你早期所想的，從 SSG 的角度來看，我們將在第一季看到一些利潤，例如，我們仍在投資 MLB 關係以及我們在那裡的工程。

So I think things will start out a little soft, and then they'll start to recover in the second half as volumes start to recover in Marucci as well. Bike will kind of follow suit in the sense that we'll start off light just like last year in the first half, and then it will start to build and those margins will improve as well. They will also be bolstered by the cost-out actions that we're taking.

所以我認為一開始情況會有些疲軟，然後隨著 Marucci 的銷售也開始恢復，情況會在下半年開始復甦。自行車也將效仿，就像去年上半年一樣，我們將從輕鬆起步，然後開始發展，利潤率也會提高。我們採取的成本削減措施也將為他們提供支援。

You'll see a very similar progression in AAG as we start to move through the year, the cost savings initiatives will start to ramp as well as some of our volumes will start to ramp commensurate with some product releases. Relative to PVG, I'd say flattish, well, they'll start to grow sequentially here in Q1 and Q2. And then it will start to pick up a little more as their cost savings initiatives start to run through the P&L.

隨著我們開始進入新的一年，您會看到 AAG 出現非常相似的進展，成本節約計劃將開始增加，同時我們的部分產量也將隨著某些產品的發布而開始增加。相對於 PVG，我會說是持平的，嗯，它們將在第一季和第二季開始連續成長。然後，隨著成本節約計畫開始貫穿損益表，它將開始進一步回升。

Great. Thank you.

偉大的。謝謝。

Bret Jordan, Jeffries.

布雷特·喬丹，杰弗里斯。

Hey, good afternoon, guys. You mentioned, I think, in the bike discussion sort of I think you said positive signals that you've seen in Q4 and Q1. Are you seeing anything anecdotal that says the consumer is feeling better in Q1? It seems like some of the consumer sentiment data recently has not said that.

嘿，大家下午好。我認為，您在自行車討論中提到了您在第四季度和第一季看到的積極信號。您是否看到任何傳聞表明消費者在第一季感覺更好？最近的一些消費者信心數據似乎並沒有顯示這一點。

Yes. Keep in mind, when you look at the data, it tends to get a little bit messy relative to high end versus low end in bikes. So it's always kind of the disclaimer is the bike industry operates very differently depending on what side of the sector you're on. We're seeing some positive signs.

是的。請記住，當您查看數據時，相對於自行車的高端和低端，它往往會變得有點混亂。因此，總有這樣一種免責聲明：自行車行業的運作方式非常不同，這取決於你處於該行業的哪一邊。我們看到了一些積極的跡象。

Again, we're not enough to make us feel like being very bold about 2025, which is what's reflected in our guide, as you know. So while we've seen positivity, clearly, we were slightly better in Q4 than we expected. And we saw the inventory takedown really help us or help our OEM customers in the back half of the year.

再說一次，我們還不足以讓我們對 2025 年抱持著非常大膽的預期，正如你所知，這正是我們的指南所反映的。因此，儘管我們看到了積極跡象，但顯然第四季度的表現略好於我們的預期。我們看到庫存減少確實對我們以及下半年的 OEM 客戶有幫助。

So we feel like the business is a cleaner business in 2025. Your question is really around more of the end consumer buying bikes. If the bikes are new and exciting, they are. And that's a matter of what model years come out this year and how much different they are versus '24, '25 model bikes that were sold in '24.

因此，我們認為到 2025 年，該業務將變得更加清潔。您的問題實際上更多地涉及最終消費者購買自行車的情況。如果這些自行車是新穎且令人興奮的，那麼它們就是。問題在於今年將推出哪些年份的車型，以及它們與 24 年銷售的 24、25 款自行車相比有多少不同。

So -- that's going to be the real test. When we get to the spring and we've got model year '26 hitting the showrooms, are the consumers incented? Are they motivated to go buy high-end mountain bikes? I think the answer is going to be yes, but it's a little bit too early to tell.

所以——這將是真正的考驗。當我們進入春季並且 26 款車型進入展廳時，消費者是否會受到激勵？他們是否有動力去購買高階登山車？我認為答案是肯定的，但現在下結論還為時過早。

Yeah. The one thing that keeps showing up over and over again is number one bike, number one brand. FOX just continues to win those awards. And all the early feedback is they're really excited about the new product innovation coming out.

是的。有一件事不斷出現，那就是排名第一的自行車、第一名的品牌。FOX 繼續贏得這些獎項。所有早期回饋都表明，他們對即將推出的新產品創新感到非常興奮。

Yeah. That's what we can control product innovation.

是的。這就是我們可以控制的產品創新。

And in the guide range, do you assume that there's no rate change or no interest rate change this year?

在指導範圍內，您是否認為今年不會有利率變動或利率變動？

Pretty much. We haven't reflected anything from an extraneous macro benefit or a rate change benefit. Obviously, with the guide kind of being flat to single-digit up at the enterprise level, we're not expecting much help from anybody outside of FOX.

差不多。我們尚未反映出任何額外的宏觀利益或利率變動利益。顯然，由於企業層面的指導價格持平或呈現個位數成長，我們並不指望 FOX 以外的任何人能提供太多幫助。

Great. Thank you.

偉大的。謝謝。

Thanks.

謝謝。

And there are no further questions on the line at this time. I'll turn the program back to management for any final remarks.

目前我們還沒有其他問題。我將把該計劃交還給管理層，以便提出任何最後的意見。

Thanks, David, and thank you for joining us on today's call. Appreciate the time, and we'll talk to you guys soon. Good evening.

謝謝，大衛，謝謝您參加今天的電話會議。感謝您的時間，我們很快就會與您聯繫。晚安.

This does conclude the Fox Factory Holding Corporation's Fourth Quarter and Full Year 2024 Earnings Call. You may now disconnect your line, and have a great day.

這確實結束了 Fox Factory Holding Corporation 2024 年第四季和全年財報電話會議。現在您可以斷開線路，並享受美好的一天。