Fox Factory Holding Corp (FOXF) 2025 Q1 法說會逐字稿

Good afternoon, ladies and gentlemen, and thank you for standing by. Welcome to Fox Factory Holding Corp's first-quarter 2025 earnings conference call. (Operator Instructions) Please note, this conference is being recorded.

女士們、先生們，下午好，感謝你們的到來。歡迎參加 Fox Factory Holding Corp 2025 年第一季財報電話會議。（操作員指示）請注意，本次會議正在錄音。

I'd now like to turn the conference over to Toby Merchant, Chief Legal Officer at Fox Factory Holding Corp. Thank you, sir. You may begin.

現在，我想將會議交給 Fox Factory Holding Corp 的首席法律長 Toby Merchant。謝謝您，先生。你可以開始了。

Thank you. Good afternoon, and welcome to Fox Factory's first-quarter 2025 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. 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.

謝謝。下午好，歡迎參加 Fox Factory 2025 年第一季財報電話會議。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)。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。

By now, everyone should have access to the earnings release, which went out earlier this afternoon. 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.

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。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「本公司」。

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. 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. 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. 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 or other statements herein, whether as a result of new information, future events, or otherwise.

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。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。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。投資者不應過度依賴公司的前瞻性陳述，除非法律要求，否則公司不承擔更新本文中任何前瞻性或其他陳述的義務，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 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 measures are included in today's earnings release, which has also been posted to our website.

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 利潤都是有效的企業和績效。這些非 GAAP 財務指標與最直接可比較的 GAAP 財務指標的對帳表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. Thank you.

現在，我很高興將電話轉給我們的執行長 Mike Dennison。謝謝。

Thanks, Toby, and thanks to everyone for joining today's call. I'm pleased to report that we delivered a solid start to 2025 with first-quarter sales coming in above expectations at $355 million, representing growth of 6.5% over the prior year and adjusted earnings per share of $0.23, which was in line with our expectations. Importantly, our plan called for meaningful sequential improvements across our businesses, particularly in gross margin. And to that end, I'm pleased that we delivered a 200-basis-point sequential increase in gross margin to 30.9%. The operational improvements and strategic cost management initiatives we outlined during the fourth quarter are well underway with many of the actions completed and starting to deliver results across all three businesses, which was illustrated by continued strong sequential adjusted EBITDA margin improvements in both our PVG and AAG segments.

謝謝，托比，也謝謝大家參加今天的電話會議。我很高興地報告，我們在 2025 年取得了良好的開端，第一季的銷售額超出預期，達到 3.55 億美元，比上年增長 6.5%，調整後每股收益為 0.23 美元，符合我們的預期。重要的是，我們的計劃要求我們的業務實現有意義的連續改進，特別是在毛利率方面。為此，我很高興看到我們的毛利率連續上升 200 個基點，達到 30.9%。我們在第四季度提出的營運改善和策略成本管理措施正在順利進行中，許多行動已經完成，並開始在三大業務領域產生效果，這體現在我們的 PVG 和 AAG 部門的調整後 EBITDA 利潤率持續強勁增長。

This progress, combined with revenue growth on a year-over-year basis across the segments, underscores the balance between cost management and our relentless focus on new product development. While external market conditions remain uneven across many of our product lines, we're meeting our financial commitments through disciplined execution on the factors within our control. This has become all the more important in the current environment overshadowed by tariffs. Our cost optimization strategy, which began last fall, is helping us be more nimble in addressing near-term challenges and positioning us for sustained margin improvement and enhanced free cash flow generation as we progress through the year. And while our near-term focus is on financial performance improvement, we remain committed to investing in innovation, which underpins everything we do here at Fox, and is the basis by which we are creating meaningful customer engagements with our performance-defining, race-winning products.

這項進步，加上各部門收入的同比增長，凸顯了成本管理與我們對新產品開發的不懈關注之間的平衡。儘管我們的許多產品線的外部市場條件仍然不均衡，但我們正在透過嚴格執行我們控制範圍內的因素來履行我們的財務承諾。在當前關稅陰影籠罩的環境下，這一點變得更加重要。我們從去年秋天開始實施的成本優化策略正在幫助我們更靈活地應對近期挑戰，並幫助我們在今年持續提高利潤率並增強自由現金流的產生。雖然我們近期的重點是提高財務業績，但我們仍致力於投資創新，這是福斯所做的一切的基礎，也是我們透過定義性能、贏得比賽的產品創造有意義的客戶互動的基礎。

Building on the momentum from last quarter, we're making significant strides in the four key initiatives we have discussed in prior calls, which are driving tangible sequential improvements across our businesses. First, simplifying and consolidating our footprint. We've now completed the closure of one of our three Taiwan facilities with cost benefits expected to materialize beginning in Q2. This strategic move temporarily impacted overhead absorption in SSG in the first quarter, but sets the stage for improved margins going forward without materially compromising our capacity for growth as the cycle advances. Our teams continue to make progress, optimizing our global manufacturing presence with additional footprint consolidation efforts underway.

基於上一季的良好勢頭，我們在先前的電話會議中討論過的四項關鍵舉措方面取得了重大進展，這些舉措正在推動我們各項業務取得切實的連續改善。首先，簡化和鞏固我們的足跡。我們目前已完成關閉台灣三家工廠之一的工作，預計成本效益將在第二季開始顯現。這項策略性舉措暫時影響了第一季 SSG 的間接費用吸收，但為未來提高利潤率奠定了基礎，同時不會在周期推進過程中實質損害我們的成長能力。我們的團隊不斷取得進步，優化我們的全球製造業務，並正在進行額外的足跡整合工作。

Second, portfolio optimization. We're making targeted improvements to our product mix, focusing resources on our highest performing items and strategic growth categories. This disciplined approach contributed to our overall gross margin improvement and is helping us allocate capital more efficiently while maintaining our innovation edge. We continue to launch new products at record levels across our businesses, which is not only supporting near-term revenue stabilization, but also setting us up for long-term growth and expansion.

第二，優化投資組合。我們正在針對性地改進我們的產品組合，將資源集中在表現最好的產品和策略成長類別。這種嚴謹的方法有助於提高我們的整體毛利率，並幫助我們更有效地配置資本，同時保持我們的創新優勢。我們繼續在各個業務領域推出創紀錄的新產品，這不僅支持短期收入穩定，也為我們的長期成長和擴張奠定了基礎。

Third, working capital management. We've continued to work on improving our supply chain practices, both in terms of ensuring proper inventory of high-demand products as well as our broader sourcing strategies in light of the current tariff dynamics at play. And fourth, our cost reduction program. While the full impact of these actions will progressively build throughout 2025 toward our goal of realizing $25 million of cost savings across G&A and cost of goods within 2025, the actions taken to date give us confidence that more substantial benefits will materialize beginning in the second quarter and carry through the balance of the year. Importantly, these actions represent more than just cost cutting. They're about strategically repositioning our business to operate more efficiently and offset temporary pressures from market conditions and tariffs.

第三，營運資金管理。我們一直致力於改善我們的供應鏈實踐，既要確保高需求產品的適當庫存，也要根據當前的關稅動態制定更廣泛的採購策略。第四，我們的成本削減計劃。雖然這些行動的全部影響將在 2025 年逐步顯現，以實現我們在 2025 年實現 2500 萬美元的 G&A 和商品成本節約的目標，但迄今為止採取的行動讓我們有信心，從第二季度開始將實現更實質性的收益，並持續到今年年底。重要的是，這些行動不僅僅意味著削減成本。它們旨在從策略上重新定位我們的業務，以提高營運效率並抵消市場條件和關稅帶來的暫時壓力。

Combined with our strategic approach to diversify our business across segments, products, channels and geographies, we're creating a resilient organization that can win even while extraneous market dynamics remain challenging.

結合我們在各個領域、產品、通路和地理區域實現業務多元化的策略方針，我們正在創建一個具有韌性的組織，即使在外部市場動態仍然充滿挑戰的情況下也能取勝。

And now turning to our segment performance. In our Powered Vehicles Group, first-quarter net sales were $122.1 million, representing an increase of 3.4% over the prior-year quarter. This growth was primarily due to the expansion of our motorcycle business which offset lower industry demand in our traditional powersports product lines. We were pleased to see our segment adjusted EBITDA margin improved sequentially by 50 basis points to 11.8%, given strong cost controls and cost improvement actions.

現在來談談我們的分部表現。在我們的動力汽車集團，第一季淨銷售額為 1.221 億美元，比去年同期成長 3.4%。這一成長主要歸功於我們摩托車業務的擴張，這抵消了我們傳統動力運動產品線的行業需求下降。我們很高興看到，由於強有力的成本控制和成本改進措施，我們部門調整後的 EBITDA 利潤率環比提高了 50 個基點，達到 11.8%。

In the Automotive sector, we're seeing signs of stabilization as premium truck OEMs work through model year changeovers. Our premium truck category continues to demonstrate resilience even as the broader market remains cautious. Tariff impacts on future demand are yet to be known. However, we believe the premium vehicle category is more insulated than the broader market.

在汽車領域，隨著高檔卡車原始設備製造商 (OEM) 完成車型年度轉換，我們看到了穩定的跡象。儘管整體市場仍保持謹慎，但我們的高檔卡車類別仍表現出韌性。關稅對未來需求的影響尚不清楚。然而，我們認為高檔汽車類別比整體市場受到的衝擊更小。

Our return to motorcycles was long overdue and particularly exciting for our team given this is where it all started 50 years ago with Bob Fox in his garage. We already have a great roster of marquee customers with expansion to new customers planned for the future. These new motorcycle relationships are helping offset softness in other areas of powersports and demonstrate the enduring value of the Fox brand as the standard across any performance category.

我們早就應該重返摩托車領域，我們的團隊對此感到特別興奮，因為 50 年前，一切都是從鮑勃福克斯 (Bob Fox) 在他的車庫裡開始的。我們已經擁有一批優秀的大客戶，並計劃在未來拓展新的客戶。這些新的摩托車關係有助於抵消動力運動其他領域的疲軟，並展示 Fox 品牌作為任何性能類別標準的持久價值。

In our Aftermarket Applications Group, we delivered both topline growth and significant margin expansion, with net sales increasing 9.9% to $111.9 million from $101.9 million in the prior-year period. The growth was driven by higher outfitting sales and increased demand for aftermarket products. Like PVG, AAG has also improved adjusted EBITDA margin, delivering 15.2%, which represents a sequential step-up of 330 basis points and a cumulative improvement of 590 basis points since Q3 of 2024. The progress on margin improvement reflects the hard work of the entire AAG team to stay focused on executing the strategy while delivering improved profitability on our journey to return to best-in-class profitability.

在我們的售後市場應用集團，我們實現了營業額成長和利潤率大幅提升，淨銷售額從去年同期的 1.019 億美元增長 9.9% 至 1.119 億美元。成長的動力來自於舾裝置銷售額的增加以及售後產品需求的增加。與浦東機場一樣，亞洲航空的調整後 EBITDA 利潤率也有所提高，達到 15.2%，比上一季提高了 330 個基點，自 2024 年第三季以來累計提高了 590 個基點。利潤率的提高反映了整個 AAG 團隊的辛勤工作，他們專注於執行策略，同時在恢復最佳獲利能力的過程中提高獲利能力。

The improvements we are seeing in AAG reflect a more targeted approach with our dealers and improved vehicle mix which is better aligned to customer demand. While high interest rates and elevated inventory levels continue to pose challenges to the broader market, our ability to drive revenue and margin expansion in this environment speaks to our strategic focus and improved execution. Our aftermarket components business continues to show strong performance with sustained growth in wheels and lift kits, reflecting the strength of our product pipeline and the ongoing work in our sales and marketing programs. Importantly, the 1 plus 1 equals 3 strategy continues to enable AAG to deliver best-in-class product solutions to our enthusiast customers across all types of powered vehicle platforms, creating sustainable value that builds on the intrinsic strength of our brand portfolio.

我們在 AAG 中看到的改進反映了我們與經銷商採取了更有針對性的方法，並且改進了車輛組合，從而更好地滿足了客戶需求。儘管高利率和高庫存水準繼續對更廣泛的市場構成挑戰，但我們在這種環境下推動收入和利潤率擴張的能力證明了我們的策略重點和執行力的提高。我們的售後零件業務持續表現強勁，車輪和升降套件持續成長，反映了我們產品線的實力以及我們銷售和行銷計劃的持續工作。重要的是，「1 加 1 等於 3」策略繼續使 AAG 能夠為所有類型動力汽車平台的愛好者客戶提供一流的產品解決方案，創造以我們品牌組合的內在實力為基礎的可持續價值。

In our Specialty Sports Group, we delivered a topline growth with net sales increasing 6.6% to $121 million from $113.5 million in the prior-year period. Growth was strong across our bike business especially, as we are seeing early signs of normalizing inventory levels across the categories that we lead. Our Marucci business was stronger than forecasted as well, lifted by early success with new product launches and increased demand for our torpedo bats. SSG segment adjusted EBITDA margins decreased to 19.3% which represents a temporary sequential decline from the fourth quarter of 320 basis points. This EBITDA margin compression was anticipated in our outlook and primarily reflects seasonality, lower overhead absorption, and investments in product engineering.

在我們的專業運動集團，我們實現了營收成長，淨銷售額從去年同期的 1.135 億美元成長 6.6% 至 1.21 億美元。我們的自行車業務成長尤其強勁，因為我們看到了我們所領導的各個類別的庫存水平正常化的早期跡象。我們的 Marucci 業務也比預期更強勁，這得益於新產品發布的早期成功以及魚雷球棒需求的增加。SSG 部門調整後的 EBITDA 利潤率下降至 19.3%，與第四季相比暫時連續下降 320 個基點。我們預計 EBITDA 利潤率將有所壓縮，這主要反映了季節性、較低的間接費用吸收以及對產品工程的投資。

During the quarter, we completed the consolidation of one of our three facilities in Taiwan to improve our utilization and drive lower overhead costs going forward. We expect to begin realizing the financial benefits of this consolidation in Q2. The year-over-year growth in SSG illustrates the success of our innovation strategy in both bike and baseball, where new products and category expansion are increasing our addressable market by bringing our performance-defining technology to more enthusiasts, both seasoned veterans and new entrants. In Marucci, we're making excellent progress as MLB's official bat partner. We're seeing tremendous market interest in products, including the recent fervor over the torpedo bat.

本季度，我們完成了對台灣三個工廠之一的合併，以提高利用率並降低未來的管理成本。我們預計將在第二季開始實現此次合併帶來的財務效益。SSG 的同比增長證明了我們在自行車和棒球領域的創新策略的成功，新產品和品類擴展通過將我們決定性能的技術帶給更多的愛好者（包括經驗豐富的老手和新手），擴大了我們的目標市場。在 Marucci，我們作為 MLB 的官方球棒合作夥伴取得了出色的進展。我們看到市場對產品的巨大興趣，包括最近對魚雷球棒的狂熱。

All of this in large part because of our relationship with the MLB, who has expanded our outreach capabilities to spread the word on Marucci and Victus and our ability to innovate in diamond sports. The torpedo bat serves as an example of a halo product that creates enhanced consumer awareness for baseball and our brands collectively. People who didn't follow baseball are now talking about baseball and players at all levels want to use what their heroes use, creating a powerful connection between our brand and our customers.

這一切很大程度上歸功於我們與美國職棒大聯盟 (MLB) 的關係，MLB 擴大了我們的外展能力，傳播了 Marucci 和 Victus 的信息以及我們在鑽石運動中的創新能力。魚雷棒是光環產品的一個例子，它增強了消費者對棒球和我們品牌的認知。以前不關注棒球的人現在也在談論棒球，各個級別的球員都想使用他們崇拜的球員所使用的棒球，從而在我們的品牌和客戶之間建立了強大的聯繫。

While the first quarter didn't enjoy the benefit of a bat launch such as CADEX last year, we continue to build momentum through strategic investments in both baseball and our rapidly emerging softball business. Recently, we launched Azura, a new fast pitch softball bat, which is taking the market by storm and causing us to be sold out temporarily across numerous models. The softball market offers a large new opportunity, and we're in the very early innings of creating meaningful market share. By leveraging our combined Fox and Marucci engineering expertise, we're accelerating product innovations across premium performance brands, creating a stronger, more resilient group of businesses that can capture additional growth over the long term.

雖然第一季沒有享受到去年 CADEX 等球棒推出的好處，但我們繼續透過對棒球和快速崛起的壘球業務進行策略性投資來增強發展勢頭。最近，我們推出了一款新型快投壘球棒 Azura，它在市場上引起了轟動，多種型號一度售罄。壘球市場提供了巨大的新機遇，我們正處於創造有意義的市場份額的早期階段。透過利用 Fox 和 Marucci 的綜合工程專業知識，我們正在加速高端性能品牌的產品創新，打造更強大、更具彈性的業務集團，以實現長期的額外成長。

Finally, I'll share some high-level comments on our outlook, which Dennis will review in more detail. Based on our first-quarter performance, second quarter-to-date trending results, our latest forecast from our partners across all segments, and the current view of tariff implications on our supply chains, we are reaffirming our full-year 2025 guidance. While we anticipate continued challenges in the broader market environment, our expectation still provides top and bottom line improvement year on year as we progress through the balance of 2025, with the benefits of our cost optimization initiatives becoming more tangible in the second quarter and building strength in the second half.

最後，我將分享一些關於我們展望的高層評論，丹尼斯將對此進行更詳細的回顧。根據我們第一季的業績、第二季迄今的趨勢結果、我們各個部門合作夥伴的最新預測以及目前對關稅對我們供應鏈的影響的看法，我們重申了 2025 年全年的指導。雖然我們預計更廣泛的市場環境將繼續面臨挑戰，但我們預計，隨著我們在 2025 年剩餘時間的進展，我們的營收和利潤仍將逐年改善，我們的成本優化措施的好處將在第二季度變得更加明顯，並在下半年增強。

On tariffs, our teams are continuously analyzing the latest developments closely, and we're implementing mitigation strategies across -- including cost reductions, commodity index-based adjustments, and price increases where appropriate. While our manufacturing footprint is well positioned relative to these policy shifts, we recognize the potential for broader industry impacts and are working hard to be able to adapt accordingly. It is worth mentioning that what may be obvious to many already, we cannot control or predict consumer confidence in general, and our guidance doesn't contemplate any potential significant recessionary impacts associated with a longer-term tariff headwind nor potential long-term disruption of other companies' supply chains as they attempt to adjust their strategies to mitigate these issues.

關於關稅，我們的團隊正在持續密切分析最新發展，並正在實施緩解策略——包括降低成本、基於商品指數的調整以及在適當情況下提高價格。雖然我們的製造業足跡相對於這些政策變化而言處於有利地位，但我們認識到其對更廣泛的行業影響的可能性，並正在努力做出相應的適應。值得一提的是，許多人可能已經意識到，我們無法控製或預測消費者信心，我們的指導意見並未考慮與長期關稅逆風相關的任何潛在的重大衰退影響，也沒有考慮其他公司在試圖調整策略以緩解這些問題時供應鏈可能遭受的長期中斷。

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. Our team continues to demonstrate resilience and adaptability, and I'm confident in our ability to build on sequential improvements we've delivered this quarter, positioning us to restore our best-in-class adjusted EBITDA margin profile.

展望未來，我們仍將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。我們的團隊繼續展現出韌性和適應性，我相信我們有能力在本季度實現的連續改進的基礎上再接再厲，恢復一流的調整後 EBITDA 利潤率。

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 first-quarter financial 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一季財務業績，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。

Q1 results. Total consolidated net sales in the first quarter of fiscal 2025 were $355 million, an increase of 6.5% versus sales of $333.5 million in the same quarter last year, primarily reflecting growth across all segments. Our gross margin was 30.9% in the first quarter of 2025, consistent with the same quarter last year. Adjusted gross margin, which excludes the effects of amortization of acquired inventory valuation markup, was 30.9% compared to 32.3% in the prior-year quarter, primarily because of the significant mix shift to powersports and away from automotive OE, offset by our cost reduction initiatives. Our sequential gross margin and adjusted gross margin increased 200 basis points and 170 basis points respectively, supported by realization of our cost reduction initiatives.

第一季業績。2025 財年第一季的合併淨銷售額總額為 3.55 億美元，較去年同期的 3.335 億美元成長 6.5%，主要反映了所有部門的成長。2025年第一季我們的毛利率為30.9%，與去年同期持平。調整後的毛利率（不包括收購庫存估價加價攤銷的影響）為 30.9%，而去年同期為 32.3%，這主要是因為產品組合顯著轉向動力運動，遠離汽車 OE，但我們的成本削減舉措抵消了這一影響。由於成本削減計劃的實施，我們的環比毛利率和調整後毛利率分別增長了 200 個基點和 170 個基點。

Total operating expenses were $360 million, primarily impacted by a non-cash goodwill impairment charge of $262 million. The impairment was triggered by the decline in our stock price. Excluding this impact, our adjusted operating expenses as a percentage of net sales decreased approximately 30 basis points to 23.8% in the first quarter of 2025 compared to 24.1% in the same period last year.

總營運費用為 3.6 億美元，主要受到 2.62 億美元非現金商譽減損費用的影響。此次減損是由於我們股價下跌所造成的。排除此影響後，我們調整後的營業費用佔淨銷售額的百分比在 2025 年第一季下降了約 30 個基點至 23.8%，而去年同期為 24.1%。

The company's tax benefit was $3.6 million in the first quarter of fiscal 2025 compared to a tax benefit of $1.3 million in the same period last year. Net loss in the first quarter of fiscal 2025 was $259.7 million or negative $6.23 per diluted share compared to negative $3.5 million or minus $0.08 per diluted share in the same period last year, primarily due to the goodwill impairment. Our adjusted net income was $9.8 million or $0.23 per diluted share compared to $11.9 million or $0.29 per diluted share in the first quarter last year.

該公司 2025 財年第一季的稅收優惠為 360 萬美元，而去年同期的稅收優惠為 130 萬美元。2025 財年第一季淨虧損為 2.597 億美元，即每股攤薄虧損 6.23 美元，而去年同期淨虧損為每股攤薄虧損 350 萬美元，即每股攤薄虧損 0.08 美元，主要原因是商譽減損。我們的調整後淨收入為 980 萬美元，即每股攤薄收益 0.23 美元，而去年第一季的調整後淨收入為 1,190 萬美元，即每股攤薄收益 0.29 美元。

Adjusted EBITDA was $39.6 million for the first quarter of fiscal 2025 compared to $40.4 million in the same quarter last year. Adjusted EBITDA margin was 11.2% in the first quarter of 2025 compared to 12.1% in the first quarter of fiscal 2024. The decrease in the adjusted EBITDA margin was primarily driven by the mix shift in PVG from automotive OE to powersports, offset by our continuous improvement efforts.

2025 財年第一季調整後 EBITDA 為 3,960 萬美元，去年同期為 4,040 萬美元。2025 年第一季調整後 EBITDA 利潤率為 11.2%，而 2024 財年第一季為 12.1%。調整後的 EBITDA 利潤率的下降主要是由於 PVG 從汽車 OE 到動力運動的組合轉變，但我們的持續改進努力抵消了這一變化。

Moving to the balance sheet and cash flows. For the first quarter ended April 4, 2025, inventory rose by $4.1 million or 1% compared to fiscal 2024 year-end, driven by purposeful increases to strengthen stocking positions in our aftermarket businesses within AAG to support demand and to build inventory in advance of the tariff impact. While we have driven down our prepaids and other current assets by over $26 million from Q4, largely due to the benefit of our AAG chassis inventory optimization plans, overall working capital increased compared to the prior quarter due to the typical season builds from Q4 to Q1. I'd like to stress that working capital will continue to be an area of focus for us as we continue to focus on improving cash flow.

轉到資產負債表和現金流量。截至 2025 年 4 月 4 日的第一季度，庫存與 2024 財年末相比增加了 410 萬美元，即 1%，這得益於我們有意增加庫存以加強 AAG 內部售後業務的庫存狀況，從而支持需求並在關稅影響之前建立庫存。雖然我們的預付款和其他流動資產較第四季度減少了 2,600 多萬美元，這主要得益於我們的 AAG 底盤庫存優化計劃，但由於第四季度至第一季度的典型季節性建設，整體營運資本較上一季增加。我想強調的是，隨著我們繼續致力於改善現金流，營運資金將繼續成為我們關注的領域。

Our revolver balance of April 4, 2025, was $163 million versus $153 million as of January 3, 2025, and our term loan balance was $547 million versus $552 million on January 3, 2025, net of loan fees. As we have mentioned during the past few calls, optimizing our capital allocation strategy with a focus on paying down debt is our number one priority for capital allocation. We continue to see a clear path to reducing our net leverage to approximately 3 times by year-end.

我們的 2025 年 4 月 4 日循環信貸餘額為 1.63 億美元，而截至 2025 年 1 月 3 日為 1.53 億美元；我們的定期貸款餘額為 5.47 億美元，而截至 2025 年 1 月 3 日為 5.52 億美元（扣除貸款費用）。正如我們在過去幾次電話會議中提到的那樣，優化我們的資本配置策略，專注於償還債務，是我們資本配置的首要任務。我們繼續看到一條明確的路徑，到年底將我們的淨槓桿率降低至約 3 倍。

Now moving to the outlook for the second quarter and the full-year 2025. We are reaffirming our guidance for the full fiscal year 2025, which reflects 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 effective tax rate in the range of 15% to 18%.

現在轉向對 2025 年第二季和全年的展望。我們重申對 2025 財年全年的預期，即銷售額在 13.85 億美元至 14.85 億美元之間，調整後每股收益在 1.60 美元至 2.60 美元之間，全年調整後有效稅率在 15% 至 18% 之間。

Underpinning our full-year guidance are several key assumptions that remain unchanged, including continued growth in AAG, a gradually stabilizing environment in PVG and bike with performance consistent with 2024 levels in terms of absolute dollars, continued momentum in Marucci, benefiting from our new MLB partnership taking effect and our upcoming schedule of exciting new bat launches, both in softball and in baseball. Revenue and margin improvement weighted towards the second half of 2025 as OE customers normalize channel inventory and production schedules, and we progressively realize benefits from our $25 million cost-out reduction plan. We continue to expect 30% to 35% of the savings to impact our first-half earnings weighted towards the second quarter and the remainder coming in the second half. For the second quarter of fiscal 2025, we expect sales in the range of $340 million to $360 million and adjusted earnings per diluted share in the range of $0.32 to $0.62. Importantly, our guidance includes consideration for the direct effects of net cost impacts from the ongoing tariff developments, though the impact of tariff policies on consumer demand remains uncertain.

支撐我們全年業績指引的幾個關鍵假設保持不變，包括 AAG 持續增長、PVG 和自行車市場環境逐漸穩定且絕對美元價值表現與 2024 年水平一致、Marucci 持續增長勢頭、受益於我們新的 MLB 合作夥伴關係生效以及我們即將推出的令人興奮的壘球和棒球新球棒發布計劃。隨著 OE 客戶使通路庫存和生產計劃正常化，並且我們逐步從 2500 萬美元的成本削減計劃中獲益，收入和利潤率的提高將集中在 2025 年下半年。我們仍然預計，30%至35%的節省將影響我們上半年的收益，其中大部分將集中在第二季度，其餘部分將影響下半年的收益。我們預計2025財年第二季銷售額將在3.4億美元至3.6億美元之間，調整後每股攤薄收益將在0.32美元至0.62美元之間。值得一提的是，我們的績效指引已考慮持續關稅變動對淨成本的直接影響，儘管關稅政策對消費者需求的影響仍不確定。

Overall, new and expanded tariffs will continue to pose significant challenges for our industries. We have quantified the potential gross impact of tariffs to be in the range of $50 million on a full-year basis, which is approximately 5% of our cost of goods sold. So we clearly have exposure to tariffs, but I would add that our exposure is relatively better positioned compared to others in our industry. Our team has been working hard to identify and action mitigation strategies, many of which, including supply chain mitigation and targeted pricing actions are already underway. So as you consider our guidance reiteration today, I'd mention that we came into 2025 with a plan that was conservative given the broader macro uncertainty. While tariffs weren't explicitly included in that build given the uncertainty at the time, the wide range in EPS we provided, particularly at the lower end, incorporated enough flexibility to accommodate various scenarios, including these tariffs' effects.

總體而言，新的和擴大的關稅將繼續對我們的產業構成重大挑戰。我們已將關稅的潛在總影響量化為全年 5,000 萬美元左右，約占我們銷售成本的 5%。因此，我們顯然受到關稅的影響，但我想補充一點，與同行業其他公司相比，我們受到的影響相對較好。我們的團隊一直在努力確定和實施緩解策略，其中許多策略，包括供應鏈緩解和有針對性的定價行動已經在進行中。因此，當您考慮我們今天的指導重申時，我想說，考慮到更廣泛的宏觀不確定性，我們進入 2025 年的計劃是保守的。雖然由於當時的不確定性，關稅沒有明確納入其中，但我們提供的每股收益範圍很廣，特別是在低端，具有足夠的靈活性來適應各種情況，包括這些關稅的影響。

Our prudent planning approach, combined with our mitigation strategies and cost reduction initiatives gives us confidence in reiterating our full-year guidance despite these headwinds. While we remain cautious about the near-term market environment given ongoing industry headwinds and tariffs, we are encouraged by the sequential margin improvements we've seen in both our AAG and PVG segments. These improvements, coupled with top line growth across all three segments and the conviction in our new product launches in Marucci and Victus give us confidence in our ability to execute our operating plan and deliver on our financial commitments for the year. Our strategic focus remains on improving margins and enhancing free cash flow generation through our comprehensive cost optimization and operational excellence initiatives. These initiatives, along with our commitment to working capital efficiency, position us well to strengthen our balance sheet and create long-term value for our shareholders.

儘管面臨這些不利因素，我們審慎的規劃方法，加上我們的緩解策略和成本削減舉措，使我們有信心重申我們的全年指導。儘管考慮到持續的行業逆風和關稅，我們對短期市場環境保持謹慎，但我們對 AAG 和 PVG 部門的連續利潤率提高感到鼓舞。這些改進，加上三個部門的營收成長以及我們對 Marucci 和 Victus 新產品發布的信心，使我們對執行營運計劃和履行今年財務承諾的能力充滿信心。我們的策略重點仍然是透過全面的成本優化和卓越營運措施來提高利潤率和增強自由現金流的產生。這些舉措，加上我們對營運資本效率的承諾，使我們能夠加強資產負債表並為股東創造長期價值。

Mike, back to you for closing remarks.

麥克，回到你的最後發言。

Thanks, Dennis. Our first-quarter results demonstrate the early benefits of our strategic initiatives across all segments. As Dennis noted, the sequential margin improvements in PVG and AAG, coupled with strong SSG growth, validate our operational focus and execution. Our diversified portfolio provides multiple growth avenues despite uneven market conditions. The cost optimization actions we've taken are already delivering results, and we'll continue building momentum through 2025. We remain focused on the core of our business, delivering premium performance-defining products that resonate with enthusiasts while creating sustainable value for our shareholders.

謝謝，丹尼斯。我們第一季的業績證明了我們各部門策略措施的早期效益。正如丹尼斯所指出的，PVG 和 AAG 的連續利潤率提高，加上 SSG 的強勁成長，驗證了我們的營運重點和執行力。儘管市場條件不平衡，我們多元化的投資組合仍提供了多種成長途徑。我們採取的成本優化措施已初見成效，並將在 2025 年繼續保持這一勢頭。我們始終專注於業務核心，提供性能卓越的優質產品，引起愛好者的共鳴，同時為股東創造可持續的價值。

In closing, I am incredibly proud of the Fox team. Our people have shown dedication, focus, creativity, and endless amounts of energy to continue to deliver on our objectives. With as much market volatility, customer chaos, and growing unease as exists today, it would be easy for the teams to lose focus, patience, and commitment. In a time when it is incredibly difficult to predict next year, let alone next quarter, we continue to remain resilient and optimistic about our ability to win. I couldn't ask for anything more as their leader.

最後，我為福斯團隊感到無比自豪。我們的員工表現出奉獻精神、專注力、創造力和無窮的能量，繼續實現我們的目標。在當今市場動盪、客戶混亂和日益增長的不安情緒的背景下，團隊很容易失去專注、耐心和承諾。在預測明年甚至下個季度的情況極其困難的情況下，我們仍然保持韌性，並對我們的獲勝能力保持樂觀。身為他們的領導者，我別無所求。

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）

James Duffy, Stifel.

詹姆斯·達菲（James Duffy），Stifel。

Very nice execution against a really wild backdrop here. I have two questions for you on the demand front and then a balance sheet question. Starting on the demand side, Mike, can you maybe speak to an update of what you're hearing from your Bicycle OEM partners with respect to expectations for tariff influence on their business, any sort of pricing actions they might take, and what they're hearing from their dealership partners?

在如此狂野的背景下，執行得非常出色。我有兩個關於需求方面的問題想問您，然後還有一個關於資產負債表的問題。從需求方面開始，麥克，您能否談談您從自行車 OEM 合作夥伴那裡聽到的最新情況，包括關稅對其業務的影響預期、他們可能採取的任何定價行動，以及他們從經銷商合作夥伴那裡聽到的情況？

Yeah, Jim, good question. It's a spectrum right across our OEM customers in bike from the small folks to the much bigger folks. And it's also a spectrum from American-based companies, Asian-based companies, and European-based companies. So we're seeing a pretty wide degree of response to all the macro inventory levels as well as tariffs. And so it's different levels of confidence.

是的，吉姆，這個問題問得好。我們的自行車 OEM 客戶範圍很廣，從小型客戶到大型客戶都有。這也是美國公司、亞洲公司和歐洲公司的一個範圍。因此，我們看到所有宏觀庫存水準以及關稅都出現了相當廣泛的反應。因此信心程度是不同的。

In general, we haven't seen any of the bike companies take down demand as a function of tariffs or as a function of a lessening consumer appetite for bike. So the positive is we haven't seen anything to the negative. We do see some companies faring slightly better in the environment as you would. And of course, in Europe, Europe is a whole different answer or discussion than the US is.

總體而言，我們還沒有看到任何一家自行車公司因為關稅或消費者對自行車的興趣減少而降低需求。因此積極的一面是，我們還沒有看到任何消極的一面。正如您所看到的，我們確實看到一些公司在環境中表現得稍微好一點。當然，在歐洲，歐洲的答案或討論與美國完全不同。

So on the whole, we're very confident or very positive on what we've seen so far. I think it's still early days. I mean let's get into Q3 and Q4 to see how the back half of the year looks. But we're benefiting from some great product launches and from some pretty enthusiastic customers right now, and we're riding that wave.

因此，總體而言，我們對目前所看到的情況非常有信心或非常積極。我認為現在還為時過早。我的意思是讓我們進入第三季度和第四季度，看看今年下半年的情況如何。但目前我們正受益於一些出色的產品發布和一些相當熱情的客戶，我們正在乘著這股浪潮。

Great. I appreciate that perspective. And then I wanted to ask on the upfitting business. Very encouraging to see growth there. Can you call out some of the key drivers and give us an update on what you're seeing with dealer relationships and how you're thinking about prospects for that upfitting business in coming quarters?

偉大的。我很欣賞這種觀點。然後我想問一下裝潢的事情。看到那裡的成長非常令人鼓舞。您能否列舉一些關鍵驅動因素，並向我們介紹您對經銷商關係的最新看法，以及您對未來幾季該業務前景的看法？

Yeah. A lot of that is execution, and it starts with the product levels and getting the right products in the market. There is consumer demand, but you've got -- and Jim, I've said this before to you, you've got to make sure you're delivering the right products at the right price point in our upfit business, and the teams have done a great job making sure that we're delivering those products. The dealer count and adding new dealers has also helped us. So we've got a few factors working in our favor as we enter this year.

是的。其中很大一部分是執行，它始於產品水平和在市場上推出合適的產品。有消費者需求，但是你必須——吉姆，我之前已經跟你說過，你必須確保在我們的改裝業務中以合適的價格提供合適的產品，並且團隊已經做得很好，確保我們能夠提供這些產品。經銷商數量和新經銷商的增加也對我們有幫助。因此，當我們進入今年時，我們已經掌握了一些對我們有利的因素。

We've gotten a better mix of Shelby's, I'd say, as well with better Lariats out of Ford. So all in all, between product mix, better execution, better sales strategy, and better dealer development, we're seeing that in the numbers.

我想說，我們已經獲得了更好的 Shelby 組合，以及更好的福特 Lariats。總而言之，在產品組合、更好的執行、更好的銷售策略和更好的經銷商發展之間，我們都可以從數字中看到這一點。

Great to see and kudos to the team for that. And then Dennis, just one for you. I think both you and I are watching the balance sheet closely. You made great progress on the prepaids. I'm hoping you can speak in more detail to the quality of your inventory. Can you maybe size the advanced build contributions and speak to any opportunities for inventory to be -- potentially be a source of cash in the coming quarters?

很高興看到這一點，並向團隊表示敬意。然後丹尼斯，我只想告訴你一件事。我想你和我都在密切關注資產負債表。您在預付款方面取得了很大進展。我希望您能更詳細地談談您的庫存品質。您能否估算一下提前建造貢獻的大小，並談談庫存在未來幾季可能成為現金來源的任何機會？

Yeah, that's a great question. And so working capital is one of my top priorities for 2025. Free cash flow is the other for sure. And so when we are thinking about inventory, we were very, very purposeful, strategic about where those builds would occur. And we were pinpointed in getting more stocking position, favorable stocking positions for our aftermarket businesses, particularly in Sport Truck, Ride Tech, custom wheelhouse, and making sure that we have the right levels of inventory to support that demand there.

是的，這是一個很好的問題。因此，營運資金是我 2025 年的首要任務之一。自由現金流肯定是另一個。因此，當我們考慮庫存時，我們非常、非常有目的性，並且有策略地考慮這些構建將在何處進行。我們的目標是獲得更多的庫存位置，為我們的售後市場業務提供有利的庫存位置，特別是在運動卡車、駕駛技術、定制駕駛室方面，並確保我們擁有適當的庫存水平來滿足那裡的需求。

As we move forward, we're going to continue to look for opportunities to rightsize and optimize across the businesses. So I feel really, really good about the focus. And that's one of the things that Mike keeps pointing out is the focus. The teams are more focused than ever before on free cash flow generation and improving EBITDA margin percent. And so it's great to see this showing up in the sequential results.

隨著我們不斷前進，我們將繼續尋找機會來調整和優化整個業務。所以我對於這個焦點感到非常非常滿意。這就是麥克不斷指出的重點之一。這些團隊比以往任何時候都更加重視自由現金流的產生和 EBITDA 利潤率的提高。因此，很高興看到這一點在連續結果中得到體現。

Hey, Jim. Jim, you can't get off the call without us saying congratulations on your retirement. You're going to be missed. You're going to missed.

嘿，吉姆。吉姆，如果不祝賀你退休，你就不能掛電話。我們將會想念你。你會錯過的。

Thank you so much. Yeah, it's been a pleasure to work with you. I very much appreciate your support for the franchise. With Peter giving continuity, you can expect Stifel's coverage remains strong.

太感謝了。是的，很高興與您合作。我非常感謝您對該特許經營權的支持。隨著 Peter 的持續努力，您可以期待 Stifel 的報道仍然強勁。

Well, we hope to talk to you along the way, so don't be a stranger.

好吧，我們希望一路上與您交談，所以不要成為陌生人。

Very good. I look forward to staying in touch. Thanks, Mike.

非常好。我期待保持聯繫。謝謝，麥克。

Larry Solow, CJS Securities.

索洛（Larry Solow），CJS 證券公司。

It's Pete Lukas for Larry. You guys covered a lot of my questions. Just, I guess, curious about your efforts outside of the United States. A few quarters back, you highlighted some of the international opportunities, in particular, on the auto OEM and upfitting side. Just wondering if you had any updates on that front in terms of new product development, OEM partnerships, or anything we should know about there?

拉里 (Larry) 的名字是皮特盧卡斯 (Pete Lukas)。你們解答了我的許多疑問。我只是好奇您在美國以外的努力。幾個季度前，您強調了一些國際機遇，特別是在汽車原始設備製造商和改裝方面。只是想知道您是否有關於新產品開發、OEM 合作夥伴關係或任何我們應該了解的資訊方面的最新消息？

Yeah. I mean, a lot of continued development in that area. Obviously, we've been focused on what's happening in the US as well. So a lot of focus in the US. But one of the things that's interesting, Peter, is that as you think about like wheels as an example, wheels are a tariffed item coming from Asia to the US. What's helped us is the fact that our method wheel business and the custom wheelhouse business is an international business. And we can sell wheels both here in the US and in Australia, Middle East, and other places. So having the ability to expand and grow globally has been a nice step up for us in ability to have diversification geographically.

是的。我的意思是，該領域還有很多持續的發展。顯然，我們也一直關注美國發生的事情。因此美國受到了廣泛關注。但彼得，有趣的是，以車輪為例，車輪是從亞洲到美國的關稅商品。對我們有幫助的是，我們的方法輪業務和客製化駕駛室業務是國際業務。我們可以在美國、澳洲、中東和其他地方銷售車輪。因此，擁有在全球擴張和發展的能力對於我們在地域多元化方面邁出了一大步。

Also, one of our biggest growing bike customers is a Chinese company. So expanding our relationships even in China, which is a difficult conversation right now, as you can imagine, but expanding those relationships gives us that diversity. So whether it's an upfitted truck, a wheel, baseball bats in Japan which are booming, or even the bike business in China, we absolutely are leveraging that international growth to help offset any issues here at home.

此外，我們最大的自行車客戶之一是一家中國公司。因此，即使在中國也要擴大我們的關係，你可以想像，這是一個困難的話題，但擴大這些關係為我們帶來了多樣性。因此，無論是改裝的卡車、車輪、日本蓬勃發展的棒球棒，或是中國的自行車業務，我們都絕對會利用國際成長來幫助抵消國內的任何問題。

Great. And then just one last follow-up. Just wondered any updates on the Gainesville plant? Anything special going on there, just basically just general updates.

偉大的。然後還有最後一次跟進。只是想知道蓋恩斯維爾工廠有什麼最新消息嗎？那裡發生了什麼特別的事情，基本上只是一般的更新。

Yeah. One thing I'll call out, and it wasn't in the prepared remarks or one that I had thought of until you just asked the question. But one of the things about tariffs is in-sourcing or re-sourcing production back to the US from offshore. And one of the things the team in Gainesville has done a fantastic job on is moving that in-sourcing up by about 1,000 basis points from 60% to 70% on machine parts moved into Gainesville.

是的。我要指出的是，這不在準備好的演講稿中，也不是我在您提出這個問題之前想到的。但關稅的問題之一是將生產從海外轉移到美國國內或重新轉移到美國。蓋恩斯維爾團隊做得非常出色的一件事就是將運往蓋恩斯維爾的機器零件內部採購比例提高了約 1,000 個基點，從 60% 提高到 70%。

So that ability to move inside our four walls versus doing it outside of our four walls has been a really important, not tied to tariffs. It was actually happening naturally and organically before tariffs. But that change over the last year is significant for our ability to respond and support our customers without some significance of tariffs. So Gainesville is doing well. We recently moved Toyota to Gainesville, and it's going fantastic.

因此，在我們的四面牆內開展業務而不是在我們的四面牆外開展業務的能力非常重要，而且與關稅無關。事實上，在關稅實施之前，這種情況就已經自然而然地發生了。但去年的這項變化對於我們在不考慮關稅的情況下回應和支持客戶的能力具有重要意義。蓋恩斯維爾表現良好。我們最近將豐田搬到了蓋恩斯維爾，一切進展順利。

So from my perspective, it has been a long road getting Gainesville to where it is now, but really proud of the team for making that progress.

所以從我的角度來看，蓋恩斯維爾走到今天這一步是一條漫長的道路，但我對團隊的進步感到非常自豪。

Yeah. And it's a great point because one of the things that you saw in the numbers, we talked about the significant mix shift and that impact on gross profit. Well, sequentially, however, you saw the team improve 50 basis points quarter to quarter. That is exactly the cost improvement work that Mike is talking about, and it's flowing through.

是的。這是一個很好的觀點，因為您在數字中看到的一件事是，我們討論了顯著的組合轉變及其對毛利的影響。然而，按順序來看，你會看到團隊每季都提高了 50 個基點。這正是麥克所說的成本改進工作，而且它正在順利進行中。

Michael Swartz, Truist Securities.

Truist Securities 的 Michael Swartz。

Maybe just to touch on the tariffs. I know there's a ton of uncertainty, and I appreciate you guys framing the gross impact. But as we look at 2025, just a little more color on your ability to absorb or offset that. I would assume that we're talking probably a half year impact, maybe $25 million-ish on a gross basis. Maybe just run through how exactly you're going to go about offsetting that?

也許只是談談關稅問題。我知道存在著許多不確定性，我感謝你們闡述了整體影響。但當我們展望 2025 年時，我們將會更清楚自己吸收或抵銷這項影響的能力。我認為我們談論的可能是半年的影響，總額大概是 2500 萬美元左右。也許只是簡單地介紹一下您究竟要如何抵消這一點？

Yeah. I mean, that's about an hour-long conversation, Mike. So let me give you the highlights and see if we can cover as much as we can. It's different by business. So whether it's PVG or our custom wheelhouse business, as I mentioned earlier, or baseball, you really have three different strategies and probably 20 different actions associated with those different businesses.

是的。我的意思是，那是大約一個小時的談話，麥克。因此，讓我向您介紹重點內容，看看我們是否可以涵蓋盡可能多的內容。不同業務的情況有所不同。因此，無論是 PVG 還是我們的客製化駕駛室業務（正如我之前提到的），還是棒球，您實際上都有三種不同的策略，並且可能有 20 種與這些不同業務相關的不同行動。

But on the whole, some of it comes down to commodity price index changing. So aluminum tariffs are a function of commodity indexing that flows through to our OEMs. We're working with our OEMs to mitigate as much of that as possible. And it's not an easy conversation. So don't get me wrong.

但整體來說，部分原因還是歸結於商品價格指數的變動。因此，鋁關稅是流向我們的原始設備製造商的商品指數的函數。我們正在與 OEM 合作，盡可能減輕這種影響。這並不是一次輕鬆的談話。所以請不要誤會我的意思。

It's not like we just change the price tomorrow and off we go. But those conversations are happening. We're having some good success with those OEMs as we work through that aluminum tariff issue. Some of it's in-sourcing or re-sourcing, as I mentioned earlier. That work is longer in duration to get done, but obviously, it's something that we have started before tariffs and we'll continue to drive.

我們不是明天就改變價格然後就走人。但這些對話正在進行中。在解決鋁關稅問題的過程中，我們與這些原始設備製造商的合作取得了一些很好的成功。正如我之前提到的，其中一些是內部採購或重新採購。這項工作需要較長的時間才能完成，但顯然，這是我們在關稅之前就已經開始的工作，我們會繼續前進。

In baseball, we started a manufacturing facility in Taiwan. Not us, it's a partner of ours that has a manufacturing facility. So we've moved some baseball bats to Taiwan. We've also moved some finishing of baseball bats in both composites and aluminum to both Baton Rouge and Scottsdale. So we actually moved some of that onshore to reduce some of the impact of tariffs in that scenario. In wheels, we had already had a strategy to move a good chunk of our wheel business outside of China to other locations in Asia.

在棒球方面，我們在台灣建立了一家製造工廠。不是我們，而是我們的一個擁有製造工廠的合作夥伴。因此我們將一些棒球棒運到了台灣。我們還將一些複合材料和鋁製棒球棒的加工工序轉移到了巴吞魯日和斯科茨代爾。因此，我們實際上將其中一部分轉移到國內，以減少這種情況下關稅的影響。在車輪方面，我們已經制定了一項策略，將很大一部分車輪業務從中國轉移到亞洲其他地區。

Wheel manufacturing is predominantly an Asian activity. It doesn't happen here in the US, so it would be hard to move that onshore. But a lot of that work has started before the tariffs, as I mentioned, and we'll continue to drive it going forward. So from a supply chain and manufacturing footprint, again, keep in mind, most of our manufacturing footprint, as you know, is in the US or on the continent.

車輪製造主要在亞洲進行。這種事在美國不會發生，所以很難轉移到國內。但正如我所提到的，許多工作在關稅實施之前就已開始，我們將繼續推動這項工作。因此，從供應鏈和製造足跡來看，請記住，我們的大部分製造足跡都在美國或歐洲大陸。

We're not sitting too bad, and we've done a lot of really hard work in terms of executing very well against moving as much as they can and mitigating as much as they can. They'll continue to do that. We're early innings of this game. As you know, we're in the first inning, and we need to get through more. But so far, very positive in what we've accomplished.

我們的情況還不算太糟，我們在執行方面做了很多艱苦的工作，盡可能地阻止他們移動，盡可能地減輕他們的負擔。他們會繼續這樣做。這場比賽我們才剛開始。如你所知，我們正處於第一局，我們需要取得更多進展。但到目前為止，我們所取得的成就非常積極。

The second half of the tariff thing is really not about supply chain and manufacturing. It's about how does your brand withstand tariffs? How does that hold up where your sub-brands? And then how does the consumer demand look?

關稅問題的後半部實際上與供應鏈和製造業無關。這是關於你的品牌如何承受關稅的問題？您的子品牌表現如何？那麼消費者需求如何？

Consumer demand, I'm not going to spend much time talking about because as you mentioned and we all know, pretty hard to call the ball on consumer demand. We'll have to wait and see what inflationary issues occur, what recessionary issues occur and those kinds of things. So we're not going to try to contemplate that. But our brand strength really resonates here in the US with being -- whether it's Marucci, Victus, Fox or others, very much an American brand story.

我不會花太多時間談論消費者需求，因為正如您所提到的，我們都知道，很難準確判斷消費者需求。我們將不得不拭目以待，看看會出現哪些通貨膨脹問題、哪些經濟衰退問題以及諸如此類的事情。所以我們不會去考慮這個問題。但我們的品牌實力確實在美國引起了共鳴——無論是 Marucci、Victus、Fox 還是其他品牌，都具有美國品牌故事。

And I think we get the benefit of that American brand story with our enthusiasts and our customers. So we're seeing some tailwinds associated with that as we move through this. So again, yeah, at the gross level, a pretty big number, not one we take lightly, but a lot of work by a lot of people in this company to try to drive that number down, and we'll keep working it. And we'll keep you guys appraised of how we're doing quarter by quarter as we go through it.

我認為，我們的愛好者和客戶都從美國品牌故事中受益匪淺。因此，我們在推進這一進程時看到了一些與此相關的順風。所以，從整體來看，這是一個相當大的數字，我們對此不會掉以輕心，但公司裡的很多人都付出了很多努力來降低這個數字，我們會繼續努力。我們會隨時向大家通報我們每季的進度。

Okay. That's super helpful. And then second question, I know I'm going to get this question, so I'm just going to ask it. Given that you came in above the high end of your revenue range, did you see any discernible maybe pull forward in the quarter from people trying to buy ahead of tariffs to buy ahead of price increases?

好的。這非常有幫助。然後是第二個問題，我知道我會遇到這個問題，所以我只是要問。鑑於您的收入超過了收入範圍的高端，您是否看到本季度出現任何明顯的提前購買行為，即人們試圖在關稅之前購買以在價格上漲之前購買？

Great question. No, not really. I mean, we saw a few pull-ins, but they were really tied more to product launches. We've got a lot of product launches this year, and they tend to sometimes sit right around quarters in pivoting from one quarter to another. And we saw some of that power happen more maybe in Q1 versus Q2.

好問題。不，不是真的。我的意思是，我們看到了一些吸引力，但它們實際上與產品發布更加相關。我們今年推出了許多產品，這些產品有時會在各個季度之間交替推出。我們發現，與第二季相比，第一季的這種力量發揮得更為明顯。

But on the whole, not a lot of buying ahead of anything. So maybe we see that in Q2. I haven't seen it yet, but maybe we see that in Q2 as we get closer to kind of that second half of the year and where maybe more tariff impact could be. But so far, no. We're feeling pretty good about where we are.

但整體而言，提前購買的情況並不多。因此我們也許會在第二季度看到這一點。我還沒有看到，但也許我們會在第二季度看到，因為我們越來越接近下半年，關稅的影響可能會更大。但到目前為止還沒有。我們對目前的狀況感覺很好。

Anna Glaessgen, B. Riley Securities.

Anna Glaessgen，B. Riley Securities。

I'd like to piggyback on Mike's question, touching on tariffs. Thinking about the indirect impact or further down the supply chain from you, within the bike business, are you generally within Asia shipping within Taiwan and then therefore, subject to that reciprocal tariff down the line or your partners are? Or is there anything you note that's being shipped from China?

我想順便回答一下麥克的問題，談談關稅問題。考慮到間接影響或進一步影響您的供應鏈，在自行車業務中，您通常在亞洲台灣境內運輸，然後因此受到該互惠關稅的影響，或者您的合作夥伴是否受到該互惠關稅的影響？或者您注意到有東西是從中國發貨的嗎？

No, nothing significantly shipped from China. In the bike business, we deliver to our OEMs on the island. So then the OEMs typically bring it across to either Europe or the US. And obviously, the tariff conversation is very different whether you're talking about Europe or the US. Where we have a little more of direct tariff impact would be in our aftermarket businesses.

不，沒有從中國運送任何重要物品。在自行車業務中，我們向島上的原始設備製造商 (OEM) 提供產品。因此，OEM 通常將其運往歐洲或美國。顯然，無論是在歐洲還是在美國，關稅討論都是非常不同的。我們的售後市場業務受到的直接關稅影響更大一些。

In that scenario, we've actually done a pretty good job of building inventory in advance of the tariffs to give us some buffer and all that's factored into our thinking for the back half of this year. But generally speaking, we work with our OEMs to help them be successful in this environment more so than a direct impact to us.

在這種情況下，我們實際上已經在關稅實施前做好了庫存建設工作，這為我們提供了一些緩衝，所有這些都已納入我們對今年下半年的考慮。但總的來說，我們與 OEM 合作是為了幫助他們在這種環境中取得成功，而不是對我們產生直接影響。

Got it. And then within the prepared remarks, you talked about improving the product mix and that helping margin. Can you elaborate a little bit more on if that was a SKU rationalization or shifting the mix and if that was concentrated to any one segment?

知道了。然後在準備好的演講中，您談到了改善產品組合和幫助提高利潤。您能否詳細說明這是否是 SKU 合理化還是組合轉變，以及是否集中在任何一個細分市場？

It's across the segments. As part of our cost initiatives and as part of our look at the business to make sure we're driving the most profitable parts of our business and allocating capital to the most profitable parts of our business, we spent a lot of time looking at our catalogs and the different things that we're doing and really focusing on if we're going to innovate and if we're going to spend the money for innovation, let's make sure it's at the right product level and serving the right consumer demand. So it's pretty much across the board.

它跨越了各個領域。作為成本計劃的一部分，作為我們業務審視的一部分，為了確保我們推動業務中最賺錢的部分，並將資本分配給業務中最賺錢的部分，我們花了很多時間查看我們的目錄和我們正在做的不同事情，並真正關注我們是否要創新，是否要為創新花錢，確保它處於正確的產品水平並滿足正確的消費者需求。所以這幾乎是全面的。

I would say, there's some highlights both in PVD and the vehicle make-up in bike. Some of our product launches happening in Q1 and Q2 are at the very high end of the range, probably higher than we've been before in some of our forks and some of our new technologies.

我想說，自行車的 PVD 和車輛組成都有一些亮點。我們在第一季和第二季推出的一些產品處於非常高端的水平，可能比我們之前推出的一些產品和一些新技術的水平還要高。

So we're really focusing on that kind of ultra-premium level right now, and that seems to be serving us well. And then just broader expansion of the portfolio in things like wheels where we have the raised wheel category now, not just the method wheel category. So trying to create a more diversified product portfolio on the higher end of the different brands and platforms, giving us some ability to pivot and move as we go through this volatility.

因此，我們現在真正關注的是這種超高端水平，而且這似乎對我們很有幫助。然後，我們就開始更廣泛地擴展產品組合，例如輪子，現在我們有凸輪類別，而不僅僅是方法輪類別。因此，我們試圖在不同品牌和平台的高端打造更多樣化的產品組合，讓我們在經歷這種波動時能夠靈活調整和發展。

Bret Jordan, Jefferies.

布雷特·喬丹，傑富瑞。

On the PVG side, I think last quarter, you called out a lot of motorcycle manufacturers you're now doing business with, maybe BMW and Triumph and I think Ducati. And you've mentioned the motorcycle business is up. How much of the PVG growth was sort of infill orders with new customers on that motorcycle side versus selling organic sales growth?

在 PVG 方面，我想上個季度，您提到了許多現在與您有業務往來的摩托車製造商，可能是寶馬 (BMW) 和凱旋 (Triumph)，我想還有杜卡迪 (Ducati)。您提到摩托車業務正在好轉。PVG 的成長有多少是摩托車方面新客戶的補充訂單，有多少是有機銷售成長？

Best way to answer that, Bret, is on the automotive side as forecasted. So we had forecasted a bit of a lower automotive quarter just from a stand -- not because of tariffs. Obviously, we didn't have tariffs back in our original forecast anyway. But we expected the Q1 to be a little lighter on the automotive side. So you have that piece.

布雷特，回答這個問題的最佳方式是預測汽車方面。因此，我們預測汽車季度銷售額會略有下降，這只是從現狀來看，而不是因為關稅。顯然，我們最初的預測中並沒有包括關稅。但我們預計 Q1 在汽車方面會更輕一些。所以你有那件東西。

And then on the powersports side, we expected continued softness and saw it in powersports. So that has not disappointed, if you will, probably the wrong word to use, but that's the one I use. It has gotten softer as expected. And really, motorcycle has offset -- more than offset some of that softness in powersports. So automotive was right where we thought it would be.

在動力運動方面，我們預計市場將持續疲軟，並在動力運動中看到了這一點。所以這並不令人失望，如果你願意的話，可能用錯了詞，但這就是我所用的。正如預期的那樣，它已經變得更柔軟了。事實上，摩托車已經抵消了——遠遠抵消了動力運動中的一些弱點。所以汽車產業的發展正如我們所想的。

Powersports was soft as we expected it to be, and motorcycle picked up the difference, especially in that space. Aftermarket was up. So our aftermarket businesses, as you can imagine, when interest rates are high and people can't find new trucks, they tend to fix the trucks they've got. And so aftermarket tends to do well in that, and it did well for us in Q1. And we expect it to do pretty well in Q2 as well.

正如我們預期的那樣，動力運動很柔和，而摩托車則表現出了不同，尤其是在那個空間。售後市場上漲。因此，正如您所想像的，我們的售後市場業務，當利率很高且人們找不到新卡車時，他們往往會修理現有的卡車。因此售後市場往往表現良好，我們在第一季也表現良好。我們預計它在第二季也會表現得相當好。

Okay. And then can you remind us on the seasonality of Marucci? I didn't imagine it sells in as the start of baseball season and peak early, but that doesn't seem to be the case. I think you called out bikes were the strong piece of SSG is --

好的。那您能提醒我們一下 Marucci 的季節性嗎？我沒有想到它會在棒球賽季開始時暢銷並提前達到高峰，但事實似乎並非如此。我認為你說的自行車是 SSG 的強項--

Yeah, you've got seasonality a little bit wrong. Keep in mind, seasonality is a function of the seasons of baseball or softball as it may be, but it's also about the seasonality of product launches. And most of the time, you launch -- like our Azura Bat, as an example, is a prelaunch into the direct-to-consumer space right now. Ultimately, it will be a launch into our retail partners later this year. So most of the big launches through retail brick-and-mortar happen kind of Q3, Q4 in preparation for the holidays and some of those things.

是的，你對季節性的理解有點錯誤。請記住，季節性可能是棒球或壘球季節的函數，但它也與產品發布的季節性有關。大多數時候，你推出的產品——例如我們的 Azura Bat，目前是在直接面向消費者的領域進行預先發布的。最終，它將在今年稍後向我們的零售合作夥伴推出。因此，大多數透過實體零售店進行的大型發表會都發生在第三季、第四季度，為假期等活動做準備。

Early launches get out there -- or to get out there in the field, get them in players' hands and things like that, that happens in Q1, Q2, probably majority Q2. So when you think about seasonality, it's not just tied to, hey, the season is starting, it's time for a new bat. There is some of that, but it's also tied to when in the year do you go direct-to-consumer, when in the year do you go to big box. And those things have probably an outsized impact on your quarterly revenue charts versus just when baseball season starts.

早期的發布——或者說是進入實際應用，將它們送到玩家手中等事情，將在第一季、第二季發生，很可能主要發生在第二季。因此，當你考慮季節性時，它不僅僅與季節開始、換新球棒的時間有關。有這些情況，但這也與你何時直接面向消費者、何時進入大型賣場有關。與棒球賽季剛開始時相比，這些因素可能會對您的季度收入圖表產生巨大影響。

Okay. And we're talking a lot about the benefit of being able to market with MLB as the official bat. And obviously, that MLB marketing would start with the season. Your sales don't really tie or line up necessarily with that MLB season sponsorship?

好的。我們正在大力討論使用 MLB 作為官方球棒進行行銷的好處。顯然，MLB 行銷將從賽季開始。您的銷售額實際上並不一定與 MLB 賽季贊助掛鉤或一致嗎？

Not necessarily. MLB sponsorship does a lot for us. And that starts obviously early in the season in Q1. But that's at the player level, the Pro level. We're already very invested. As you know we have 56% market share with the Pro. So our relationship into the MLB season is fairly baked even before Q1.

未必。MLB 贊助對我們幫助很大。這顯然從賽季初的 Q1 就開始了。但那是在球員級別，職業級別。我們已經投入了大量資金。如您所知，我們的 Pro 佔有 56% 的市場份額。因此，即使在第一季之前，我們與 MLB 賽季的關係就已經相當牢固了。

And what MLB is really helping us is not only create that brand awareness at the MLB level, it's pushing it all the way down into our Little League businesses and even frankly, into softball. So we're using that leverage to help us grow those businesses. And as we go through the season of MLB and filling the orders for bats at the stadium level, different -- a whole different business profile, which is more souvenirs-based, that starts to pick up steam as we go into the year.

MLB 真正幫助我們的不僅是在 MLB 層面上建立品牌知名度，還將其推廣到我們的少年棒球聯盟業務，甚至坦率地說，推廣到壘球領域。因此，我們利用這種優勢來幫助我們發展這些業務。隨著美國職棒大聯盟 (MLB) 賽季的進行以及體育場級球棒訂單的完成，我們會看到一個完全不同的商業形象，更多的是以紀念品為基礎，並且隨著賽季的進行，這種形象會開始升溫。

So start pre-season, not so big. You get them in the main season, Q2, Q3, and then finally in Q4 with October, kind of a different conversation. But early in Q1, not as big of an effect. What's interesting about -- and I'll just throw this out there. What's interesting about Q1 was the demand we saw with the torpedo bat almost instantaneously, like overnight, all of a sudden, there was a whole new ball game, excuse the pun.

因此，開始季前賽時，不要太緊張。你可以在主要季節、第二季度、第三季度，以及最終在十月的第四季度看到它們，這是一種不同的對話。但在第一季初期，影響並不大。有趣的是──我就直接說說這件事吧。Q1 的有趣之處在於，我們看到對魚雷球棒的需求幾乎是瞬間增加的，就像一夜之間，突然間，出現了一個全新的球賽，請原諒我的雙關語。

That was not expected, frankly, and we pivoted pretty hard to fulfill that demand as it came across. Obviously, we didn't expect the Yankees to do what they did to create that all that positive noise for us, but the team did well and pivoted and that did drive some demand in Q1.

坦白說，這是意料之外的，當這項需求出現時，我們非常努力地滿足它。顯然，我們並沒有期望洋基隊會做出如此多的積極舉動，但球隊表現出色，做出了調整，這確實推動了第一季的一些需求。

Doesn't make legacy inventory obsolete though, right?

但這不會使遺留庫存過時，對嗎？

That does not. And not every player is going to go to a torpedo bat. So there's a few that seem to do really well with them, but there's a lot to still use with all the rest of our wood bats.

事實並非如此。並不是每個球員都會選擇魚雷球棒。因此，有些球棒似乎與它們配合得很好，但還有很多球棒仍可與我們其餘的木棒配合使用。

Scott Stember, ROTH MKM.

史坦伯（Scott Stember），ROTH MKM。

Circling back to, I guess, Bret's question, I guess, trying to parse out SSG in the quarter. Could you just size up which one grew faster, maybe give us just some rates? Just trying to get a sense of the direction of each one of them, at least coming out of the first quarter.

我想，回到布雷特的問題，試著分析本季的 SSG。您能否估算哪一個成長更快，或是給我們一些比率？只是想了解每個人的方向，至少從第一季開始。

Yeah. We don't want to give out necessarily rate on each individual product line. But I would tell you that bike, both of them actually surprised us to our forecast. So both of them beat the forecast to the upside. Bike had a really good revenue quarter, really impressed with what we saw.

是的。我們不想針對每條產品線給予特定的評價。但我要告訴你，這兩輛自行車其實都讓我們的預測感到驚訝。因此，他們的業績都超乎預期。Bike 本季的營收表現確實不錯，這讓我們留下了深刻的印象。

And I think that points to Scott, some stabilization that we've been looking for, for a long time. We've talked a lot for a lot of quarters about looking for stability in bike and potentially recovery. Right now, I'm comfortable saying stability is where we are. We've stabilized, and we'll start talking recovery as we get into Q2, Q3, and Q4. But a real good quarter for us on the bike side, and the team was smiling.

我認為，對斯科特來說，這表明我們長期以來一直在尋找某種穩定。我們已經討論了很多個季度，尋求自行車的穩定性和潛在的恢復。現在，我可以放心地說，我們的處境是穩定的。我們已經穩定下來，進入第二季、第三季和第四季時，我們將開始談論復甦。但對於我們自行車方面來說，這確實是一個好的季度，整個團隊都很高興。

It has been a while. So it was really nice to see the team with some positive view over the rest of the year and the product launches that we've got coming. So really impressed with the bike business. And again, Marucci, we expected it to be a down quarter because we didn't have the CADEX launch in the Q1 period. That's a big launch. Hard to overcome that. The year-on-year comp is pretty tough.

已經有一段時間了。因此，看到團隊對今年剩餘時間和即將推出的產品抱持正面的看法，我感到非常高興。我對自行車生意印象非常深刻。再說一次，Marucci，我們預計這將是一個下滑的季度，因為我們在第一季沒有推出 CADEX。這是一次重大的發布。很難克服這一點。與去年同期相比，情況相當艱難。

But with some of the other launches they had and with the torpedo bat and some other things, they did a real nice job beating their numbers. And that business continues to grow and expand throughout the year. So we're really optimistic about the Marucci business and that team, including Victus and Wizards Skins and Bombats.

但是，憑藉他們發射的其他一些武器以及魚雷棒和其他一些東西，他們確實很好地擊敗了對手。並且該業務全年都在持續成長和擴張。因此，我們對 Marucci 的業務和團隊（包括 Victus、Wizards Skins 和 Bombats）非常樂觀。

So nothing negative to report there at all, just a difference in timing of product launches.

因此，並沒有什麼負面消息需要報告，只是產品發佈時間有所不同。

And then on the bike side, what are you hearing as far as retail for your, I guess, the higher-end mountain bike market? What are you hearing as far as the pull-through? Obviously, you guys are getting back to a better sell-in situation, but how is that being pulled through?

那麼在自行車方面，您對高階登山車市場的零售情況有何看法？關於拉通，您聽到了什麼？顯然，你們的銷售情況正在好轉，但是這是如何實現的呢？

Our bike -- like I said, our bike business in Q1 was good. Our conversations with our OEMs are very positive. Man, I don't want to get out ahead of my skis. I think it's too early to start to call a victory lap on bike. Too many quarters in the past, we thought we were there or thought we were close to there and we weren't.

我們的自行車—正如我所說，我們第一季的自行車業務表現良好。我們與 OEM 的對話非常積極。哥們，我可不想超出我的滑雪板的承受範圍。我認為現在開始慶祝自行車勝利還為時過早。在過去的許多季度裡，我們都以為我們已經達到了目標，或者認為我們已經接近目標，但事實並非如此。

So give us the benefit of the doubt to have another quarter or two in our pocket before we say that we've won the game, so to speak.

因此，在我們說我們贏得了比賽之前，請相信我們還能再贏一兩個季度，可以這麼說。

Got it. And then last question on the lower-priced fork that you have in the market, how it's performing? I know this is a pretty big year for that launch, right?

知道了。最後一個問題是關於您在市場上銷售的低價叉，它的性能如何？我知道今年對於該項發布來說是一個相當重要的一年，對吧？

Yeah. I mean, that started last year and it's suspension. So it's fork and shocks in the entry premium space. And that has done well for us. We've expanded our share. We didn't have any share in that space. So any growth there is good growth, and we're continuing to push forward in that space to expand our relationships with our OEMs.

是的。我的意思是，這是從去年開始的，現在暫停了。因此它是入門級高端領域的前叉和減震器。這對我們來說是件好事。我們擴大了我們的份額。我們在那個領域沒有任何份額。因此，任何成長都是好的成長，我們將繼續在該領域向前發展，擴大與 OEM 的關係。

I think you'll see it continue -- it's fairly -- that was probably more linear in its growth curve than a lot of other businesses because it's just starting from 0 and just every model year picking up a bit more and more spec. So we expect good things out of that part of the business over the course of 2025, model year 2026, and we'll just continue to push that forward.

我想你會看到它繼續下去——相當公平——它的成長曲線可能比許多其他企業更加線性，因為它是從 0 開始的，而且每年的車型都會越來越多，規格也越來越高。因此，我們預計該業務在 2025 年、2026 年車型年將取得良好業績，我們將繼續推動該業務向前發展。

And that concludes our question-and-answer session. I would like to now turn the call back over to Mike Dennison for concluding remarks.

我們的問答環節到此結束。現在我想將電話轉回給麥克·丹尼森，請他做最後發言。

Thanks, everybody. Appreciate the time today, and have a good evening, and we'll talk soon.

謝謝大家。感謝您今天的寶貴時間，祝您晚上愉快，我們很快再聊。

This does conclude the Fox Factory Holding Corporation's first-quarter 2025 earnings call. You may now disconnect your line.

這確實結束了 Fox Factory Holding Corporation 2025 年第一季財報電話會議。現在您可以斷開線路了。