Fox Factory Holding Corp (FOXF) 2025 Q2 法說會逐字稿

Good afternoon, ladies and gentlemen, and thank you for standing by. Welcome to Fox Factory's second-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 2025 年第二季財報電話會議。（操作員指示）請注意，本次會議正在錄音。

I would now like to turn the conference over to Toby Merchant, Chief Legal Officer at Fox Factory.

現在，我想將會議交給 Fox Factory 首席法律官 Toby Merchant。

Thank you. Good afternoon, and welcome to Fox Factory's second-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 年第二季財報電話會議。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 the 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, uncertainties, many of which are outside of the company's control and can cause future results, performance or achievements to differ materially from results, performance or achievements expressed or implied by such forward-looking statements.

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、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。

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.

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。除法律要求外，本公司不承擔更新本文中任何前瞻性或其他聲明的義務，無論是否出現新資訊、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 on 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 財務指標的對帳已包含在今天的收益報告中，該報告也已發佈在我們的網站上。

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 to everyone for joining our Q2 call. We delivered solid progress in the second quarter with $375 million in net sales, representing growth across all three segments. Further, consolidated adjusted EBITDA margin continued to improve this quarter to 13.1%, which is the highest level for Fox Factory in nearly two years.

謝謝，托比，也謝謝大家參加我們的第二季電話會議。我們在第二季度取得了穩步進展，淨銷售額達到 3.75 億美元，三個部門均實現了成長。此外，本季合併調整後 EBITDA 利潤率持續提高至 13.1%，這是 Fox Factory 近兩年來的最高水準。

We achieved growth through the first half of the year in a turbulent market as a result of our relentless pursuit of innovation, which is illustrated by our product launches and commitment to the road map. Our focus on R&D and product innovation during these macro challenges is allowing us to not only deliver results today, but position ourselves for continued market share gains and wins over the long term as we emerge from these industry cycles.

由於我們堅持不懈地追求創新，我們在動蕩的市場中於上半年實現了成長，這體現在我們推出的產品和對路線圖的承諾上。在這些宏觀挑戰中，我們專注於研發和產品創新，這不僅使我們今天能夠取得成果，而且在我們擺脫這些產業週期後，能夠長期持續獲得市場份額並取得勝利。

Let me begin by providing a status update on the four key initiatives we've been communicating throughout the year. First, our footprint consolidation efforts continue to advance. In SSG, the benefits from our Taiwan consolidation are now flowing through the P&L. In AAG, we recently took the action to further consolidate manufacturing operations into our primary facility in Indiana, allowing us to leverage our existing operations and R&D teams, which we expect to deliver cost savings going forward. We are also consolidating smaller operations in Arizona to drive profitability as our businesses there grow.

首先，我來介紹一下我們全年一直在溝通的四項關鍵舉措的最新情況。一是版面鞏固工作持續推進。在 SSG，我們台灣合併帶來的收益現在正流入損益表。在 AAG，我們最近採取行動，將製造業務進一步整合到我們位於印第安納州的主要工廠，這使我們能夠利用現有的營運和研發團隊，我們預計這將在未來節省成本。我們也正在整合亞利桑那州的小型業務，以便在業務成長的同時提高獲利能力。

Second, our portfolio optimization work is gaining momentum as we make targeted improvements to our product mix, focusing resources on our highest performing SKUs and strategic growth categories. This action is being taken across all of our product lines as we focus on simplicity and customer impact.

其次，隨著我們對產品組合進行有針對性的改進，我們的產品組合優化工作正在獲得動力，我們將資源集中在表現最佳的 SKU 和策略成長類別上。由於我們注重簡潔性和客戶影響，因此我們所有的產品線都採取了這項行動。

Third, our working capital management initiatives are showing results through continued improvements in our supply chain practices and inventory optimization, particularly in PVG and SSG, which is paving the way for enhanced cash flow generation and balance sheet improvement. We are on track to achieve our expectations in debt reduction, which is a clear focus for us in 2025.

第三，我們的營運資本管理措施正在顯現成效，透過持續改善我們的供應鏈實踐和庫存優化，特別是在 PVG 和 SSG，這為增強現金流產生和改善資產負債表鋪平了道路。我們有望實現減債的預期，這是我們 2025 年的明確重點。

And fourth, our $25 million cost reduction program is delivering on schedule with approximately 30% of the benefits realized so far, and those benefits beginning to impact results and accelerating in the back half of the year. While these efforts are being offset by tariffs currently, we are better positioned than peers and competitors to retain and improve growth and profitability even in the current macro, which has the additional benefit of positioning us ahead of competition when the extraneous noise subsides and business returns to a more normal environment.

第四，我們的 2500 萬美元成本削減計劃正在按計劃進行，迄今已實現約 30% 的收益，這些收益開始對業績產生影響，並在下半年加速顯現。雖然這些努力目前被關稅所抵消，但即使在當前宏觀環境下，我們比同行和競爭對手更有能力保持和提高增長和盈利能力，這還有一個額外的好處，那就是當外界噪音消退、業務恢復到更正常的環境時，我們將處於競爭的領先地位。

All of the actions we're taking are focused on exerting control, whether that be on growth opportunities with our product roadmap or mitigating costs through footprint consolidation and supply chain adjustments. I'm pleased with the progress we've achieved through working closely with our suppliers and customers to navigate this environment.

我們採取的所有行動都集中在施加控制，無論是利用我們的產品路線圖尋找成長機會，還是透過足跡整合和供應鏈調整來降低成本。我很高興看到我們透過與供應商和客戶密切合作來應對這種環境所取得的進展。

We have a great deal of hard work ahead of us, but we're executing on the plan we laid out and the continued sequential and year-over-year improvement in our results clearly reflect our militant focus. We remain a growth company at our core. And as the consumer discretionary environment stabilizes, we expect this combination of operational excellence and innovation-led growth, particularly in our higher-margin product lines, to support the enhanced profitability we've been methodically building toward.

我們面前還有大量艱苦的工作要做，但我們正在執行製定的計劃，業績的連續和逐年改善清楚地反映了我們積極進取的重點。從本質上來說，我們仍然是一家成長型公司。隨著非必需消費品環境的穩定，我們預計卓越營運與創新驅動的成長相結合，特別是在我們利潤率更高的產品線上，將支持我們一直有條不紊地提高獲利能力。

And now turning to our segment performance. In our Powered Vehicles Group, second-quarter net sales were $123.5 million, representing an increase of 4.9% over the prior year. This growth was primarily driven by the expansion of our motorized two-wheel business, which more than offset continued softness in the powersports OE business.

現在來談談我們的分部表現。在我們的動力汽車集團，第二季淨銷售額為 1.235 億美元，比上年成長 4.9%。這一成長主要得益於我們機動兩輪車業務的擴張，這足以抵消動力運動 OE 業務持續疲軟的影響。

Notably, we delivered sequential PVG adjusted EBITDA margin improvement of 150 basis points to 13.3%, which is the third quarter in a row of improvement and demonstrates the impact of our ongoing cost reduction initiatives and operational improvements, while we invest heavily in product roadmap and new technologies, which will further distance us from competition.

值得注意的是，我們實現了 PVG 調整後 EBITDA 利潤率連續 150 個基點的增長，達到 13.3%，這是連續第三個季度的增長，體現了我們正在進行的成本削減舉措和運營改進的影響，同時我們在產品路線圖和新技術方面投入了大量資金，這將進一步拉開我們與競爭對手的距離。

Building on the momentum we discussed last quarter, our return to motorcycles has resulted in a deepening relationship with our marquee customers, and we're actively expanding these relationships while pursuing new opportunities, including EV and hybrid vehicles. This strategic expansion represents the enduring strength of the Fox brand across performance categories and represents the halo effect that we often mention.

基於我們上個季度討論的勢頭，我們重返摩托車市場，與主要客戶的關係更加深化，我們正在積極擴大這些關係，同時尋求新的機遇，包括電動車和混合動力車。此次策略擴張體現了福斯品牌在各個性能類別中的持久實力，也反映了我們經常提到的光環效應。

On the operational front, we're making meaningful progress on our supply chain optimization initiatives. We've implemented successful cost-sharing arrangements with our OEM partners and have price increases in place that are helping to partially offset the tariff-generated inflationary pressures.

在營運方面，我們的供應鏈優化計畫正在取得重大進展。我們與 OEM 合作夥伴成功實施了成本分攤協議，並已提高價格，以幫助部分抵消關稅產生的通膨壓力。

We are also working closely with our OEM partners and supply chain initiatives to align our collective interest, whether that be relocating supply to more favorable regions or in-sourcing elements of our manufacturing processes. In fact, we have increased our in-sourced parts by 20% over last year to help improve utilization and reduce external costs, which helps mitigate tariff exposure while also strengthening our ability to serve customers with greater agility.

我們也與我們的 OEM 合作夥伴和供應鏈計劃密切合作，以協調我們的共同利益，無論是將供應轉移到更有利的地區還是將我們的製造流程元素納入採購範圍。事實上，我們去年的採購零件增加了 20%，以幫助提高利用率並降低外部成本，這有助於減輕關稅風險，同時增強我們更靈活地為客戶服務的能力。

Our customers are obviously highly motivated to partner on these efforts given the long-term benefits. And importantly, this work represents one of our biggest cost-out opportunities in the second half of the year. While tariffs are a significant issue for PVG's customers and a challenge that we are spending considerable time to mitigate, we believe we are well positioned against our competition given our predominantly US manufacturing footprint and the operational agility that we have delivered in this business.

考慮到長期利益，我們的客戶顯然​​非常願意參與這些努力。重要的是，這項工作代表了我們今年下半年最大的成本削減機會之一。雖然關稅對 PVG 的客戶來說是一個重大問題，也是我們花費大量時間來緩解的挑戰，但我們相信，鑑於我們主要在美國的製造足跡以及我們在該業務中提供的營運靈活性，我們在競爭中處於有利地位。

Looking ahead, while consumer softness is expected to persist in the near term, we remain confident in our ability to drive growth in PVG through our product roadmap.

展望未來，雖然預計短期內消費疲軟將持續，但我們仍然有信心透過我們的產品路線圖推動 PVG 的成長。

In our Aftermarket Applications Group, we delivered strong top-line growth with net sales increasing 6.5% to $114.1 million from $107.1 million in the prior-year period. This growth was driven by increased demand for aftermarket products such as wheels, lift kits, and components, where we are gaining market share; and improved upfitting sales, demonstrating the underlying strength of our diversified platform.

在我們的售後市場應用集團，我們實現了強勁的營收成長，淨銷售額從去年同期的 1.071 億美元成長 6.5% 至 1.141 億美元。這一成長是由車輪、升降套件和零件等售後產品需求的增加所推動的，我們在這些產品的市場份額正在不斷擴大；改裝銷售的提高也證明了我們多元化平台的潛在實力。

As I have stated in prior calls, we strive for equilibrium between vehicle and a more affordable entry points of our aftermarket components business. This represents a strong value proposition for a broader range of consumers who are reacting to high interest rates, high vehicle costs, and macroeconomic conditions.

正如我在先前的電話會議中所說，我們努力在車輛和售後零件業務更實惠的切入點之間取得平衡。對於正在應對高利率、高車輛成本和宏觀經濟狀況的更廣泛的消費者來說，這代表著一個強有力的價值主張。

AAG segment adjusted EBITDA margin experienced some compression sequentially due primarily to an increase in tariff rates on imported wheels and tires from Asian suppliers, which has impacted our margins to a greater degree as tariff conditions worsen. Excluding these tariff headwinds, margins would have been consistent with Q1 levels.

AAG 部門調整後的 EBITDA 利潤率環比有所壓縮，主要原因是亞洲供應商進口車輪和輪胎的關稅稅率上調，隨著關稅條件的惡化，這對我們的利潤率產生了更大程度的影響。排除這些關稅不利因素，利潤率將與第一季的水準保持一致。

We also elected to delay certain consolidation actions that pushed our savings to later in the year and created an additional margin headwind in Q2. In our upfitting business, our chassis mix is better aligned with the needs of our dealer partners and their customers, which is enabling a wider assortment of products in the market. Although we continue to face specific chassis availability challenges on certain models, our broader diversification and optimization efforts show signs of future strength, and we expect this to translate to continued tangible improvements in our results during the second half of the year and into 2026.

我們還選擇推遲某些整合行動，這些行動將我們的儲蓄推遲到今年晚些時候，並在第二季造成了額外的利潤阻力。在我們的改裝業務中，我們的底盤組合更符合我們的經銷商合作夥伴及其客戶的需求，從而使市場上的產品種類更加豐富。儘管我們在某些​​車型上仍然面臨特定的底盤可用性挑戰，但我們更廣泛的多樣化和優化努力顯示出未來實力的跡象，我們預計這將轉化為我們在今年下半年和 2026 年業績的持續切實改善。

Our aftermarket components business continues to show strong performance, with sustained growth in wheels and suspension kits. The 1 plus 1 equals 3 strategy continues to enable AAG to deliver best-in-class products to enthusiast customers across a growing number of vehicle platforms, as demonstrated by our Ridetech lowering kit solutions which support the growing consumer demand for lowered high-performance on-road trucks. This is a great example of how our team is leveraging our core strength to expand our opportunity set across both the aftermarket and our outfitted vehicles.

我們的售後零件業務持續表現強勁，車輪和懸吊套件持續成長。1 加 1 等於 3 策略繼續使 AAG 能夠為越來越多車輛平台的愛好者客戶提供一流的產品，正如我們的 Ridetech 降低套件解決方案所證明的那樣，該解決方案可滿足消費者對降低的高性能公路卡車日益增長的需求。這是我們的團隊如何利用核心優勢來擴大售後市場和整車市場機會的一個很好的例子。

Looking ahead in AAG, we are focused on continued improvements in our upfitting business across product, chassis management and sales as well as further improvements in footprint optimization and tariff mitigation and market share growth in our aftermarket business with lift kits, lowering kits and wheels. In short, we will deliver on our internal objectives while the external markets stabilize and improve eventually.

展望 AAG 的未來，我們將專注於繼續改進我們的改裝業務，包括產品、底盤管理和銷售，以及進一步改進足跡優化和關稅減免，並增加我們的售後業務（包括升降套件、降低套件和車輪）的市場份額。簡而言之，我們將實現內部目標，同時外部市場最終將趨於穩定和改善。

In our Specialty Sports Group, we delivered solid top-line growth, with net sales increasing 11% to $137.2 million from $123.6 million in the prior-year period. SSG segment adjusted EBITDA margin improved 280 basis points sequentially to 22.1%, driven by strength in our bike business and realization of cost savings from our Taiwan facility consolidation.

在我們的專業運動集團，我們實現了穩健的營收成長，淨銷售額從去年同期的 1.236 億美元成長 11% 至 1.372 億美元。SSG 部門調整後的 EBITDA 利潤率環比提高 280 個基點，達到 22.1%，這得益於自行車業務的強勁增長以及台灣工廠整合帶來的成本節約。

Our bike performance through the first half of the year has been a bright spot with the overall industry stabilizing. Our year-to-date growth is largely due to accelerated model year timing, which should moderate in the second half of the year. However, the net effect of this dynamic is positive, and we now expect to drive modest growth for the full year. All of these factors give us added confidence in a more normal industry outlook.

隨著整個產業的穩定，我們上半年的自行車業績表現可謂亮點紛呈。我們今年迄今的成長主要歸功於車型年份加速，預計下半年成長速度將放緩。然而，這種動態的淨效應是正面的，我們現在預計全年將實現溫和成長。所有這些因素都讓我們對更正常的產業前景更有信心。

Our product roadmap continues to underpin our strategies with new product launches resonating well with customers and our market share remain best-in-class. In addition, our performance-defining technology continues to expand our addressable market with our solutions in the entry premium segment and ongoing product innovation developed for e-bikes.

我們的產品路線圖繼續支撐我們的策略，新產品的推出引起了客戶的強烈共鳴，我們的市場份額仍然保持最佳。此外，我們以性能為導向的技術透過入門級高端領域的解決方案和為電動自行車開發的持續產品創新繼續擴大我們的潛在市場。

In our Marucci business, it's all about product launches and where they land within the calendar year. We faced a difficult comparison in the first half due to last year's CATX2 launch in the second quarter of 2024. Consequently, the flow of revenue this year is inverted from last year and aligned to product launches occurring in Q3. These launches include Victus aluminum bats at an accessible midrange price point and our high-end Marucci RCKLESS line launching direct-to-consumer now with retail coming later in the fall.

在我們的 Marucci 業務中，一切都與產品發布以及它們在日曆年內上市有關。由於去年 CATX2 將於 2024 年第二季發射，因此上半年我們面臨困難的比較。因此，今年的收入流與去年相反，與第​​三季的產品發布保持一致。這些新產品包括價格適中的中檔 Victus 鋁製球棒，以及我們目前直接向消費者推出的高端 Marucci RCKLESS 系列，零售版將於秋季晚些時候上市。

The early response to our new launches in the DTC channel, followed with our retail launches in the second half, support our forecasted growth expectations for this business. I am proud of the work the team has done to become a top-notch product development organization, mirroring what we do in broader Fox.

我們在 DTC 通路推出的新產品的早期反響，以及我們在下半年推出的零售產品，支持了我們對該業務的預測成長預期。我為團隊所做的工作感到自豪，他們成為一流的產品開發組織，就像我們在更廣泛的福克斯所做的工作一樣。

The addition of world-class talent has allowed us to reenter fast pitch and slow pitch softball in a meaningful way with market-leading products. Re-entering this space with the right product enables us to build a growth trajectory over the next couple of years, supporting our long-term revenue expectations.

世界級人才的加入使我們能夠以市場領先的產品重新進入快投和慢投壘球領域。利用合適的產品重新進入這個領域使我們能夠在未來幾年建立成長軌跡，並支持我們的長期收入預期。

Our MLB partnership continues to gain momentum. It has been a year of learning, adjusting, and building. Along the way, we're enjoying increased visibility through major sporting events like the recent All-Star Game, which we dominated. We might even say it was a walk-off home run.

我們與 MLB 的合作持續升溫。這是學習、調整和建造的一年。在此過程中，我們透過大型體育賽事（例如我們在最近的全明星賽中佔據主導地位）提高了知名度。我們甚至可以說這是一次再見本壘打。

Our Marucci and Victus brands continue to dominate with the pros and have expanded beyond bats. For instance, we now have approximately 40 MLB players using our footwear, which is helping us leverage the halo effect we create from bats. This is a strategy we've successfully employed elsewhere across our businesses, as you know. We're working with the MLB to grow and evolve the game of baseball, and we love the long-term potential as this partnership matures each year.

我們的 Marucci 和 Victus 品牌繼續在職業球員中佔據主導地位，並且擴展到球棒以外的領域。例如，現在大約有 40 名 MLB 球員穿著我們的鞋子，這有助於我們利用球棒創造的光環效應。如您所知，這是我們在其他業務中成功採用的策略。我們正在與美國職棒大聯盟合作，發展和改進棒球運動，隨著這種合作關係逐年成熟，我們看好其長期潛力。

On the tariff front, our costs have increased relative to our initial expectations due to changes in exemption status for baseball, which is impacting our SSG segment margins in the short term. We're continuing to work on developing and implementing mitigation strategies where we can, including moving our bat finishing and paint to the US. But our largest offset to combat tariff costs will be top-line growth. And fundamentally, that's where we remain focused. Further, I also want to call out that the significant investments we have made in the business are nearing completion across softball, apparel, and people.

在關稅方面，由於棒球豁免狀態的變化，我們的成本相對於我們最初的預期有所增加，這在短期內影響了我們的 SSG 部門利潤率。我們將繼續努力製定和實施緩解策略，包括將球棒塗飾和油漆轉移到美國。但我們應對關稅成本的最大抵銷因素將是營收成長。從根本上來說，這就是我們關注的重點。此外，我還想指出，我們在壘球、服裝和人員業務方面所做的重大投資即將完成。

While these investments, combined with the incremental tariffs, are creating near-term margin pressure, our business remains well positioned with leading market share in bats and growing market share in adjacent products and categories such as softball. This business has a very attractive financial profile, and we believe that we are well positioned for our growth in both top and bottom line.

雖然這些投資加上增量關稅在短期內對利潤率造成了壓力，但我們的業務仍然佔據有利地位，在球棒領域佔有領先市場份額，並且在壘球等鄰近產品和類別中的市場份額也在不斷增長。業務的財務狀況非常有吸引力，我們相信，我們已做好充分準備，能夠實現營收和利潤的成長。

Finally, I'll share some high-level views of the second half, which Dennis will provide more detail on momentarily. Absent any sustained change to macro trends, the base case underpinning our second-half forecast is predicated on our current improved order book, product launches, and ongoing sales strategies, which support an acceleration in consolidated top- and bottom-line performance as we progress through the year.

最後，我將分享一些關於下半場的高層觀點，丹尼斯稍後將提供更多細節。如果宏觀趨勢沒有任何持續變化，我們對下半年預測的基本情況將基於我們目前改進的訂單、產品發布和持續的銷售策略，這些將支持我們在全年加速實現綜合營收和淨利潤的業績增長。

Consequently, we are taking this opportunity to raise our full-year sales expectations to incorporate our outperformance through the first half. However, in alignment with our commentary on the increasing volatility and growth of tariff rates, we are updating our EPS guidance to reflect the ongoing incremental headwinds by tightening our expectations on EPS within the original guidance range.

因此，我們藉此機會提高全年銷售預期，以反映上半年的優異表現。然而，根據我們對關稅稅率波動性和增長性增加的評論，我們正在更新每股收益指引，透過在原始指引範圍內收緊對每股收益的預期來反映持續的增量阻力。

Our team continues to demonstrate resilience and adaptability, and I'm confident in our ability to control the controllable. We continue to have confidence in our product launches and innovation pipeline, which will not only drive second-half results, but will enable us to win in any market going forward.

我們的團隊繼續展現出韌性和適應性，我對我們控制可控事物的能力充滿信心。我們對我們的產品發布和創新管道仍然充滿信心，這不僅將推動下半年的業績，而且將使我們在未來的任何市場中獲勝。

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. I'll begin by discussing our second-quarter financial results, followed by our balance sheet, cash flow, and capital allocation strategy, before concluding with a review of our guidance for the third quarter and full year.

謝謝，麥克。我將首先討論我們的第二季財務業績，然後討論我們的資產負債表、現金流量和資本配置策略，最後回顧我們對第三季和全年的指導。

Total consolidated net sales in the second quarter of fiscal 2025 were $374.9 million, an increase of 7.6% versus the same quarter last year, reflecting solid growth in all three segments. Our gross margin was 31.2% in the second quarter of 2025 compared to 31.8% in the second quarter last year, primarily due to shifts in our product mix.

2025 財年第二季的合併淨銷售額總額為 3.749 億美元，比去年同期成長 7.6%，反映出三個部門的穩健成長。2025 年第二季我們的毛利率為 31.2%，而去年第二季為 31.8%，這主要是由於我們的產品組合發生了變化。

Adjusted gross margin, which excludes the effects of amortization of acquired inventory valuation markup, was 31.3% compared to 31.9% in the prior-year period. Sequentially, gross margin and adjusted gross margin increased 30 basis points and 40 basis points, respectively, supported by the progressive realization of our cost reduction initiatives.

調整後的毛利率（不包括收購庫存估價加價攤銷的影響）為 31.3%，而去年同期為 31.9%。在我們成本削減計畫逐步實現的支持下，毛利率和調整後毛利率分別成長了 30 個基點和 40 個基點。

Total operating expenses were $98.5 million, or 26.3% of net sales in the second quarter of fiscal 2025, compared to $92.4 million, or 26.5% of sales in the same quarter last year. The increase in operating expense on a dollar basis was mainly due to higher R&D and sales and marketing expenses associated with investments to support future growth and product innovation.

2025 財年第二季總營運費用為 9,850 萬美元，佔淨銷售額的 26.3%，去年同期為 9,240 萬美元，佔銷售額的 26.5%。以美元計算的營業費用增加主要是由於與支持未來成長和產品創新的投資相關的研發和銷售及行銷費用增加。

Additionally, costs related to our organizational restructuring initiatives drove an increase in general and admin expense. Adjusted operating expenses, which exclude the restructuring and other discrete expenses as well as the amortization of purchased intangibles, decreased 20 basis points year over year to 22.3% in the second quarter of 2025.

此外，與我們的組織重組措施相關的成本導致一般和行政費用的增加。調整後的營業費用（不包括重組和其他單獨費用以及購買無形資產的攤銷）在 2025 年第二季度同比下降 20 個基點至 22.3%。

The company's tax expense was $2.8 million in the second quarter of fiscal 2025 compared to a slight tax benefit of $0.4 million in the same period last year. The tax effect associated with the unfavorable impact of stock-based compensation exercises during the second quarter caused our effective tax rate to grow to nearly 51% as compared to the 21% federal statutory rate.

該公司 2025 財年第二季的稅費為 280 萬美元，而去年同期的稅費收益僅 40 萬美元。第二季股票薪酬行使的不利影響所帶來的稅收效應導致我們的有效稅率增長至近 51%，而聯邦法定稅率為 21%。

Net income for the second quarter of fiscal 2025 was $2.7 million, or $0.07 per diluted share, compared to net income of $5.4 million, or $0.13 per diluted share in the same period last year. Adjusted net income was $16.6 million, or $0.40 per diluted share, compared to $15.9 million, or $0.38 per diluted share in the second quarter last year, with the primary adjustment being the add-back of expenses associated with our various cost reduction and restructuring initiatives.

2025 財年第二季淨收入為 270 萬美元，即每股攤薄收益 0.07 美元，而去年同期淨收入為 540 萬美元，即每股攤薄收益 0.13 美元。調整後淨收入為 1,660 萬美元，即每股攤薄收益 0.40 美元，而去年第二季為 1,590 萬美元，即每股攤薄收益 0.38 美元，主要調整是加上與我們各種成本削減和重組舉措相關的費用。

The tax effect associated with the unfavorable impact of stock-based compensation exercises resulted in almost $0.05 of negative impact to the adjusted earnings per share.

與股票薪酬行使不利影響相關的稅收效應對調整後每股收益產生了近 0.05 美元的負面影響。

Adjusted EBITDA increased 11.8% year over year to $49.3 million for the second quarter of fiscal 2025. Adjusted EBITDA margin was 13.1% in the second quarter of 2025, an increase of 40 basis points versus the prior-year period and a sequential increase of 190 basis points compared to the first quarter of 2025. The increase in the adjusted EBITDA margin was primarily driven by higher sales, as well as a realization of our cost reduction initiatives.

2025 財年第二季調整後 EBITDA 較去年同期成長 11.8% 至 4,930 萬美元。2025 年第二季調整後 EBITDA 利潤率為 13.1%，較去年同期增加 40 個基點，較 2025 年第一季較上季增加 190 個基點。調整後的 EBITDA 利潤率的成長主要得益於銷售額的增加以及成本削減措施的實現。

Moving to the balance sheet and cash flows. Working capital as a percentage of the last 12 months sales improved sequentially by 80 basis points from 31.5% of sales in Q1 to 30.7% in Q2. This improvement is driven in part by lower inventory as a percentage of sales as our strong execution of continuous improvement efforts to optimize inventory levels across the organization, particularly within PVG, were partially offset by planned inventory builds to support anticipated demand, the impact from higher tariffs, and foreign exchange.

轉到資產負債表和現金流量。營運資本佔過去 12 個月銷售額的百分比季增了 80 個基點，從第一季的 31.5% 上升至第二季的 30.7%。這項改善的部分原因是庫存佔銷售額的百分比下降，因為我們大力執行持續改進措施，以優化整個組織（特別是在 PVG 內部）的庫存水平，但這一下降被為支持預期需求而計劃的庫存建設、上調關稅和外匯的影響部分抵消。

Managing working capital continues to be an area of focus, providing us flexibility to continue paying down debt. As of July 3, 2025, our revolver balance was $157 million and our term loan balance was $517.5 million net of loan fees.

管理營運資金仍然是我們關注的重點領域，它為我們提供了繼續償還債務的靈活性。截至 2025 年 7 月 3 日，我們的循環信貸餘額為 1.57 億美元，定期貸款餘額為 5.175 億美元（扣除貸款費用）。

Paying down debt remains our top priority for capital allocation. We are pleased to have reduced net leverage to 3.8 times this quarter, and we continue to see a clear path to reducing our net leverage to below 3 times by year-end. The key component driving this deleveraging will be the anticipated acceleration of cash flow generation in the second half of the year, which will be positively impacted by improved earnings as well as working capital gains in areas such as inventory reductions in our AAG and PVG segments. We currently expect to generate approximately $80 million in free cash flow for the full year.

償還債務仍然是我們資本配置的首要任務。我們很高興本季將淨槓桿率降至 3.8 倍，並且我們繼續看到到年底將淨槓桿率降至 3 倍以下的明確途徑。推動此次去槓桿的關鍵因素將是下半年現金流產生的預期加速，這將受到獲利改善以及AAG和PVG部門庫存減少等領域的營運資本收益的正面影響。我們目前預計全年將產生約8000萬美元的自由現金流。

Now moving on to our outlook for the third quarter and the full-year 2025. For the third quarter, we expect net sales in the range of $370 million to $390 million and adjusted earnings per diluted share in the range of $0.45 to $0.65.

現在讓我們來談談 2025 年第三季和全年的展望。對於第三季度，我們預計淨銷售額將在 3.7 億美元至 3.9 億美元之間，調整後每股收益將在 0.45 美元至 0.65 美元之間。

For the full year, we are increasing our sales guidance from the original range of $1.385 billion to $1.485 billion to an updated range that brackets the high end at $1.45 billion to $1.51 billion, given the strength of our products and innovation pipeline. However, we are adjusting earnings per diluted share to $1.60 to $2, which narrows the original range of $1.60 to $2.60 towards the lower end, reflecting the incremental unmitigated tariff pressure we have discussed.

鑑於我們產品和創新管道的實力，我們將全年銷售預期從原來的 13.85 億美元至 14.85 億美元上調至更新後的 14.5 億美元至 15.1 億美元的高端範圍。然而，我們將每股攤薄收益調整為 1.60 美元至 2 美元，這將使原來的 1.60 美元至 2.60 美元的範圍向低端縮小，反映了我們討論過的增量未緩解的關稅壓力。

While we have proactively engaged with our customers on pricing actions, supply chain optimization, and selective manufacturing relocations to mitigate these headwinds, the fluidity of the tariff rate negotiations has created incremental costs beyond what was considered in our initial 2025 estimate of approximately $38 million of pre-mitigated tariff impact, which we provided in early May.

雖然我們已主動與客戶就定價行動、供應鏈優化和選擇性製造遷移進行接觸，以緩解這些不利因素，但關稅稅率談判的流動性已造成增量成本，超出了我們在 5 月初提供的最初估計的 2025 年約 3800 萬美元的預先緩解關稅影響。

Given the latest visibility to tariff rates, our updated guidance now contemplates a pre-mitigated tariff impact of upwards of $50 million for the full-year 2025. While we expect to offset approximately 50% of our full-year tariff costs through various countermeasures, we have not yet been able to fully offset the remaining margin pressure through pricing increases or other actions. As a result, our updated adjusted EPS guidance considers the tariff associated margin headwind.

鑑於最新的關稅稅率，我們更新後的指南現在預計 2025 年全年的預先緩解關稅影響將超過 5,000 萬美元。雖然我們預計透過各種應對措施可以抵消全年約50%的關稅成本，但我們尚未能夠透過提高價格或其他行動完全抵消剩餘的利潤壓力。因此，我們更新後的調整後每股盈餘指引考慮了與關稅相關的利潤率阻力。

Our strategic focus remains on growth while improving margins and enhancing free cash flow generation through operational excellence initiatives. These initiatives position us well to further strengthen our balance sheet and create long-term value for our shareholders.

我們的策略重點仍然是成長，同時透過卓越營運措施提高利潤率並增強自由現金流的產生。這些舉措使我們能夠進一步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. In closing, our positive second-quarter results reflect the execution and conviction of a team focused on the strategies and objectives we have outlined over quarters and years. We are making meaningful progress on the initiatives that drive long-term value creation. While we continue to navigate a challenging external environment, the sequential improvements we delivered across adjusted gross margin, adjusted EBITDA margin, and balance sheet leverage are the direct result of our strategic execution.

謝謝，丹尼斯。最後，我們第二季度的積極業績反映了團隊的執行和信念，他們專注於我們在過去幾季和幾年中製定的策略和目標。我們在推動長期價值創造的措施上取得了有意義的進展。雖然我們繼續應對充滿挑戰的外部環境，但我們在調整後毛利率、調整後 EBITDA 利潤率和資產負債表槓桿率方面取得的連續改善是我們策略執行的直接結果。

I remain confident in our team's ability to control what we can, all while maintaining our commitment to our world-class brands and our product innovation that has made Fox a leader for decades.

我仍然對我們團隊控制力所能及的事情的能力充滿信心，同時保持我們對世界一流品牌和產品創新的承諾，這使得福克斯幾十年來一直處於領先地位。

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

凱蒂，請開始提問。

(Operator Instructions) Larry Solow, CJS Securities.

（操作員指示） Larry Solow，CJS Securities。

I guess just on the guidance and the outlook, obviously, you're raising sales a little bit. Just curious, is that driven by anything in particular? To me, it looks like Specialty Sports was -- I know you don't guide to the segments, but it looks like Specialty Sports and maybe bike sounds like it had a better than you expected performance this quarter. And maybe I think you mentioned kind of going forward, we could hopefully get back to some more normalized order patterns and growth rates.

我想，僅從指導和展望來看，顯然你的銷售額會略有提高。只是好奇，這是什麼特別的原因引起的嗎？對我來說，看起來 Specialty Sports 是 - 我知道您沒有指導細分市場，但看起來 Specialty Sports 和自行車本季的表現比您預期的要好。也許我認為您提到了未來，我們希望能夠恢復到更正常化的訂單模式和成長率。

So just kind of trying to parse out where you see some of the better pieces of the business going this quarter and going forward.

因此，您只是想分析本季以及未來業務中哪些部分錶現更好。

Yeah, thanks, Larry. From my standpoint, we delivered a really solid first half, really delivering to our plan and our commitments. And as we did that, we gained confidence in what we think the back half will be.

是的，謝謝，拉里。從我的角度來看，我們上半年的表現非常出色，真正兌現了我們的計劃和承諾。當我們這樣做的時候，我們對後半部將會是什麼樣子有了信心。

Keep in mind, the back half is [adjusted] on plan. So when we talk about the full year, we're right on track with where we expected to be and where we wanted to go. How it shifted quarter to quarter is a little bit different. But fundamentally, this is really about just gaining confidence and conviction in the work that the team is doing and how that's delivering to the results.

請記住，後半部是按計劃[調整]的。因此，當我們談論全年時，我們完全按照預期和想要實現的目標前進。每季的變化情況略有不同。但從根本上來說，這實際上只是為了對團隊正在做的工作以及如何取得成果來獲得信心和信念。

So really no significant change by any one segment or business. It's really the entire enterprise delivering on our commitments.

因此，任何一個部門或業務實際上都沒有重大變化。這其實是整個企業在履行我們的承諾。

And Larry, another way to just think about it because whatever -- Mike said it perfectly, but another way to just look at it is we outperformed by about $50 million in the first half. So we effectively just added that on.

拉里，換一種角度來思考這個問題，因為無論如何——麥克說得很完美，但從另一個角度來看，我們在上半年的業績超出了約 5000 萬美元。所以我們實際上只是添加了它。

[Yeah, it's about $50 million].

[是的，大約 5000 萬美元]。

Yeah, exactly. So we just added that on to the full year.

是的，確實如此。所以我們把它添加到全年。

And as you look out over the next few quarters, obviously you have a lot of company-specific initiatives, especially on the bottom line. How about top-line initiatives to really invigorate growth considerably more? Or is it going to take the macro and just lower interest rates and an improving consumer to really get things back in gear? Thanks.

展望未來幾個季度，顯然公司會推出許多具體的舉措，尤其是在獲利方面。那麼，如何採取一些頂線措施才能真正大幅促進成長呢？還是需要採取宏觀政策，降低利率，改善消費狀況，才能真正讓情勢重新回到正軌？謝謝。

Larry, we love to talk about product. I mean, to me, the reason why we're bucking the trend and actually beating year-on-year comps and sequential growth is a clear function of focus on that top line and product. We know it's all about new product convincing a consumer to spend money today, and how laser-focused we are on developing that product roadmap across every product line is a clear driver of that continued growth.

拉里，我們喜歡談論產品。我的意思是，對我來說，我們之所以能夠逆勢而上，並實際上實現同比增長和連續增長，顯然是因為我們將重點放在了營收和產品上。我們知道，一切都取決於新產品能否說服消費者今天花錢，而我們對開發每條產品線的產品路線圖的專注程度顯然是持續成長的動力。

We haven't lost focus with that at all. In fact, we probably doubled down on that. And we're expanding into new OEMs, new customers, new relationships, and frankly, new industries. So we're going to keep the foot on the gas there. And I think that's not only going to set us up for delivering this year.

我們根本沒有失去對這一點的關注。事實上，我們可能加倍努力。我們正在向新的 OEM、新的客戶、新的關係，甚至是新的產業拓展。因此，我們將繼續加大力度。我認為這不僅能幫助我們實現今年的目標。

But as the market does return, to your point, we're just like a coiled spring. We've now expanded our relationships and our ability to drive incremental growth as the markets return. So you know me, it's all about product for me. And I think the team has done a fantastic job of staying focused on that, even with this extraneous crazy world we live in.

但隨著市場回暖，正如您所說，我們就像一根螺旋彈簧。隨著市場復甦，我們現在擴大了我們的關係，並增強了推動增量成長的能力。所以你了解我，對我來說一切都與產品有關。我認為，儘管我們生活在一個瘋狂的世界，但團隊仍然出色地專注於此。

Bret Jordan, Jefferies.

布雷特·喬丹，傑富瑞。

Just looking at the higher tariff impact that had been expected going from 38% to 50%, is that mostly within the Marucci mix? Or is this byproduct coming out of Taiwan that you're seeing that impact?

僅從預計的 38% 到 50% 的更高關稅影響來看，這主要是否與 Marucci 組合有關？或者說，您看到的影響是來自台灣的副產品嗎？

Yeah. Bret, great question. This is Dennis. Pre-mitigation back in May, we had it at $38 million. I think we were talking about $9 million AAG, $9 million Marucci, $20 million PVG.

是的。布雷特，好問題。這是丹尼斯。早在 5 月採取緩解措施之前，我們的損失就達到了 3,800 萬美元。我認為我們談論的是 900 萬美元的 AAG、900 萬美元的 Marucci 和 2000 萬美元的 PVG。

Now when we're looking at it, we're up at 50%. And so I'd put AAG [rate] at $10 million, Marucci at $15 million, and PVG at $25 million. So in effect, yeah, we're seeing higher rates coming out affecting Marucci and a little bit more affecting PVG as well.

現在我們來看，已經上漲了 50%。因此，我將 AAG 的利率定為 1000 萬美元，將 Marucci 的利率定為 1500 萬美元，將 PVG 的利率定為 2500 萬美元。因此實際上，我們看到更高的利率對 Marucci 產生了影響，對 PVG 的影響也更大一些。

Okay. And then within the PVG, you've talked about motorcycle new business add offsetting some of the weakness in powersports. Are you seeing any directional improvement in powersports? Are we pretty close to the bottom there? Or I guess, how does the second half look for that category?

好的。然後在 PVG 內部，您談到了摩托車新業務如何彌補動力運動的一些弱點。您是否看到動力運動方面有任何方向性的改善？我們離底部很近了嗎？或者我猜，該類別的後半部分看起來怎麼樣？

That's a crystal ball, Bret. But I'll tell you, there is more stability in powersports now than there was probably six months ago, nine months ago. And we see inventories balancing. All those things, I think, are constructive. Really what powersports needs to see to take a leg up is going to be interest rate based. So yeah, I see the market getting better. I see the market having a hard time reacting to that improvement without some rate help.

那是一個水晶球，布雷特。但我要告訴你，現在動力運動比六個月前或九個月前更穩定。我們看到庫存正在平衡。我認為所有這些都是建設性的。動力運動真正需要的是利率驅動，才能取得進展。所以，是的，我看到市場正在好轉。我認為，如果沒有利率方面的幫助，市場將很難對這種改善做出反應。

Okay. This is sort of the same question. This isn't the third question. But within that PVG group, I think are there new opportunities for more within powersports or motorcycle or OE light vehicle to expand incremental businesses?

好的。這有點像是同一個問題。這不是第三個問題。但在 PVG 集團內部，我認為在動力運動、摩托車或 OE 輕型車輛領域是否存在更多新的機會來擴大增量業務？

Absolutely. I think we've added -- I'm going off the cuff here, probably four or five brands to our business in the last year. And as we look at powersports going forward, I think that trend continues.

絕對地。我想，我們在去年的業務中增加了——我在這裡即興地說一下，大概有四、五個品牌。當我們展望未來動力運動時，我認為這種趨勢將會持續下去。

You also see the price points change. The technology that's going in these vehicles today over two or three years ago is significantly different. It's a lot more connected. We're getting a lot more data from the actual vehicles back to Fox to understand how to even improve those technologies further.

您也會看到價格點發生變化。如今這些車輛所採用的技術與兩、三年前相比有很大不同。它的聯繫更加緊密。我們從實際車輛中獲取了更多數據並回饋給福克斯，以了解如何進一步改進這些技術。

As we increase the technology content in a product, we're also increasing the price point. So you're going to get the benefit of both brand extension to new partners and customers and price improvement as those technologies get deployed into product releases.

隨著我們增加產品的技術含量，我們也在提高價格。因此，當這些技術部署到產品發布時，您將獲得品牌擴展到新合作夥伴和客戶以及價格改善的好處。

Scott Stember, ROTH.

斯科特·斯坦伯，羅斯。

On PVG, you guys didn't really talk about the on-road truck side or the OE side, auto side. Can you just talk about how that performed in the quarter? And yeah, just give us an idea on that.

在 PVG 上，你們並沒有真正談論公路卡車方面或 OE 方面、汽車方面。能談談本季的表現如何嗎？是的，請告訴我們您對此的想法。

Yeah. To be clear, when we talked about on-road in the prepared remarks, we were talking about aftermarket products. I think you knew that, Scott. But just to be clear, that's an aftermarket component that actually makes that truck sit differently on the road.

是的。需要明確的是，當我們在準備好的演講中談到道路時，我們談論的是售後產品。我想你知道這一點，史考特。但需要明確的是，這是一個售後部件，它實際上使卡車在路上的表現有所不同。

In terms of automotive in general, which I think the basis of your question, we're seeing pretty good consistency. There's a lot of stability in that business for us because we're on the premium SKUs. We're benefiting from OEMs' desire to make sure they're driving those premium SKUs through production into the market. That's been a very stable business for us, and we expect that to remain quite stable through the balance of this year.

就汽車產業總體而言，我認為這是你提出問題的基礎，我們看到了相當好的一致性。由於我們採用的是高端 SKU，因此這項業務對我們來說非常穩定。我們從 OEM 的渴望中受益，他們希望確保透過生產將這些優質 SKU 推向市場。這對我們來說是一項非常穩定的業務，我們預計今年全年仍將保持相當穩定。

So that stability matters a lot when you're kind of in a world of volatility, and it's performed exactly as we expected it to.

因此，當你處在一個動盪的世界時，穩定性非常重要，它的表現就像我們預期的那樣。

Got it. And then lastly, on Marucci. Previously, I guess we were looking for -- I know you guys don't guide by segment, but the narrative, I believe, was that Marucci would be up this year. And I know that we've had some difficult comparisons, but it sounds like the back half of the year, there's some good stuff going on. Are we still looking for year-over-year growth for Marucci?

知道了。最後，關於 Marucci。以前，我想我們正在尋找——我知道你們不按細分市場來指導，但我相信敘述是 Marucci 今年會上升。我知道我們進行了一些艱難的比較，但聽起來今年下半年有一些好事正在發生。我們是否仍期待 Marucci 實現年成長？

Yeah, will be up this year. Yeah, Marucci, Bret will be -- or Scott, Marucci will be up this year, and it will actually be a record year.

是的，今年就會上漲。是的，Marucci，Bret 將會——或者 Scott，Marucci 今年將會上升，實際上將是創紀錄的一年。

Peter McGoldrick, Stifel.

彼得·麥戈德里克（Peter McGoldrick），Stifel。

I was curious on the bike business. You mentioned year-to-date growth. I was hoping you could size the rate of growth and year-to-date within SSG for the bike business.

我對自行車生意很好奇。您提到了年初至今的成長。我希望您能估算 SSG 自行車業務的成長率和年初至今的表現。

And then I'm interested in the timing of model year sequencing and the inversion that you referenced in the prepared remarks. Could you just set the backdrop for the comparisons and how visibility to orders are developing?

然後我對車型年份排序的時間以及您在準備好的評論中提到的反轉很感興趣。能否簡單介紹一下比較的背景以及訂單可見度的發展？

Yeah, Peter, it's a good question, and it's one that's a bit nuanced. So I'll walk you through it. And then if you have questions, come back and hit me again.

是的，彼得，這是一個好問題，而且有點微妙。我會引導你完成這一切。如果您還有問題，請回來再聯絡我。

When you think about the first half of the year, the significant growth came because of the Marucci product launch schedule, which I talked about in the prepared remarks. A lot of that growth in SSG in the first half of the year did come from our bike business, which, getting to your bigger point, was a function of bike OEMs eliminating the prior-year product inventory excesses and really focusing on new product for new product launches to really bring that consumer into bike shops to buy bikes.

回顧上半年，你會發現顯著的成長得益於 Marucci 產品的發布計劃，我在準備好的發言中已經談到了這一點。今年上半年 SSG 的大部分成長確實來自於我們的自行車業務，從更大角度來說，這是自行車原始設備製造商消除上年產品庫存過剩的結果，並真正專注於新產品的推出，以真正吸引消費者到自行車商店購買自行車。

That was a great signal for us to see that these bike companies were getting healthier and stabilizing and getting back on the gas relative -- or the pedal, relative to growing their businesses. So that drove a lot of that growth in the first half.

這對我們來說是一個很好的信號，表明這些自行車公司正在變得更加健康、更加穩定，並且重新開始加大油門——或者說踩下踏板，以發展他們的業務。這在很大程度上推動了上半年的成長。

When I talk about the back-half moderating, it's actually a positive. And the reason why I say it's a positive is because, keep in mind, these OEMs have lived the life of excess inventory that's been incredibly painful over the last two years. So as they think about ending '25 on solid footing and being prepared for '26 and new growth with new models, they really want to make sure they don't repeat past mistakes and have excessive inventory in the back half.

當我談到後半部分的緩和時，這實際上是一件積極的事情。我之所以說這是積極的一面，是因為請記住，這些 OEM 在過去兩年中一直承受著庫存過剩的痛苦。因此，當他們考慮在 2025 年結束時打下穩固的基礎並為 2026 年和新車型帶來的新增長做好準備時，他們確實希望確保不會重複過去的錯誤，也不會在下半年出現過多的庫存。

What does that do in terms of product or the book of business or to how they think about forecasting? They're going to only buy what they really need to make sure they can deliver to their consumer. So they're going to be much more conservative in their buying practices, which we actually attribute to a good thing. We actually think that's a positive because that will ensure we don't get back to prior days of excess inventory.

這對於產品或商業書籍或他們如何看待預測有什麼影響？他們只會購買真正需要的東西，以確保能夠交付給消費者。因此，他們在採購行為上會更加保守，我們實際上認為這是一件好事。我們實際上認為這是一件好事，因為這將確保我們不會回到以前庫存過剩的狀態。

So when you see that slight moderation in the back half, it's really them gauging how much inventory they want to end the year with and then start next year clean and ready to go again. So that's how it's kind of playing out. I think we'll see great quarters in Q3 and Q4, but there'll be a slight moderation as they pull so much of that demand into Q1 and Q2 to really be prepared for those product launches for model year '26 and '25, and you know how that cycle works.

因此，當你看到下半年庫存略有放緩時，實際上是他們在衡量他們希望在今年年底擁有多少庫存，然後在明年開始時清理庫存並準備再次開始。事情就是這樣發生的。我認為我們將在第三季度和第四季度看到出色的表現，但會略有放緩，因為他們將大部分需求轉移到第一季度和第二季度，為 26 年和 25 年車型的推出做好準備，你知道這個週期是如何運作的。

So that's kind of the story. If that doesn't make sense, I can clarify further.

這就是故事的大概內容。如果這沒有意義，我可以進一步澄清。

Yeah. I guess I would like to just clarify on that, on the overall bike return to growth or return to normalization. I'm curious on what they have sort of model year '25 and then the ordering visibility to model year '26 as they end the year in a more solid inventory position. How should we be thinking of that maybe on like a 12-month basis?

是的。我想澄清一下，關於自行車整體恢復成長或恢復正常化的問題。我很好奇他們 25 年車型的情況，以及 26 年車型的訂購情況，因為他們在年底的庫存狀況更加穩固。我們應該如何以 12 個月為基礎來考慮這個問題？

Yeah. So the way I would think about it is this is a growth year for bike for us. This is also a stability year for bike for us. So we're not only going to kind of reset that foundation, so all of you guys can model it correctly on a go-forward basis, but it's actually going to be a growth year as well. So that's positive.

是的。所以我認為今年對我們的自行車來說是成長的一年。對我們來說，這也是自行車穩定的一年。因此，我們不但要重新設定這個基礎，以便你們所有人都能在未來正確地建模，而且這實際上也將是一個增長年。這是積極的。

And then as we think about '26, I think it's too early to start calling the ball on what the revenue growth will look like, but I think it will be up from '25. And I think we'll continue to see a more historical growth rate in bike going forward like we used to see kind of pre-COVID and post-COVID. Does that help?

當我們考慮 26 年時，我認為現在預測收入成長還為時過早，但我認為收入成長將比 25 年有所上升。我認為，我們將繼續看到自行車的成長率更具歷史性，就像我們在疫情前和疫情後所看到的那樣。這樣有幫助嗎？

It does. Thank you.

確實如此。謝謝。

Craig Kennison, Baird.

克雷格·肯尼森，貝爾德。

Maybe to follow up on the last line of thinking. Are there end markets where you are lapping a big destock in '26? In other words, like if you just shipped 1:1 instead of something far less than that, you would see growth? Or have you kind of proceeded beyond any of that easy comp environment in all of your end markets?

也許是為了跟進最後一種思路。2026 年，你們在哪些終端市場大規模去庫存？換句話說，如果您只是以 1:1 的比例發貨，而不是發貨量遠低於這個數字，您會看到增長嗎？或者說，你們在所有終端市場中是否已經超越了那種簡單的競爭環境？

I haven't looked at it, Craig, as an easy comp environment. So yeah, I don't see any of that happening. There's no layups in this world. I think our growth is coming from solid execution on product and diversification. So we're going to continue to play those cards, and I think that will help us win.

克雷格，我並不認為這是一個簡單的競爭環境。是的，我沒有看到任何這樣的事情發生。這世上沒有上籃。我認為我們的成長來自於產品和多樣化的穩健執行。所以我們將繼續打出這些牌，我認為這將幫助我們獲勝。

But thinking that we'll get an easy path to growth, yeah, I don't -- Dennis, you can jump in. I don't see that.

但是，我認為我們會得到一條輕鬆的成長之路，是的，我不這麼認為——丹尼斯，你可以加入我。我沒有看到這一點。

Yeah. I'm thinking segment by segment, business by business. And no, there's not been any excessive destocking and easy comp period that I can think of right now.

是的。我正在逐一細分、逐一業務地思考。不，就我目前所想，還沒有出現任何過度去庫存和輕鬆補償的時期。

Maybe, Craig, the question earlier from Scott was around do we think powersports is normalized. I think in powersports, if we got some market rate -- well, if we got market rate improvement, that's a whole new story across a lot of our business. But if we got interest rate improvement, that might help support a thesis that says powersports could get back to growth. And for sure, in that product line, that's an easier comp, no doubt about it.

克雷格，也許史考特之前提出的問題是關於，我們是否認為動力運動已經正常化。我認為在動力運動領域，如果我們獲得一定的市場價格——好吧，如果我們的市場價格得到改善，那麼我們的許多業務都會迎來全新的面貌。但如果我們提高利率，這可能有助於支持動力運動可以恢復成長的論點。可以肯定的是，在該產品線中，這是一個更容易的比較，毫無疑問。

And you know, that --

你知道，--

Yeah, that's what I meant to say. I mean, you went through the bike industry, there was a massive destock. The year after that, you can grow if you're not destocking anymore even if there's not end-market growth. The same happened in powersports.

是的，這就是我想說的。我的意思是，你經歷過自行車產業，出現過大規模的去庫存現象。此後的一年，如果你不再去庫存，即使終端市場沒有成長，你仍然可以成長。同樣的情況也發生在動力運動領域。

So I'm not kind of -- it's very easy comps. I'm just saying you're lapping a period of destocking.

所以我並不是那種——這是非常容易的比較。我只是說你們正處於去庫存時期。

Yeah, I think that would be true in powersports.

是的，我認為在動力運動中確實如此。

Yeah. All right. On Marucci, just maybe give us an update on some of the growth vectors. I know when you acquired that business, you were excited about a number of growth vectors, including shoes, you mentioned that today. But just give us an update on some of the top few vectors where you see your ability to create additional value through investment in growth.

是的。好的。關於 Marucci，請向我們介紹一些成長向量的最新情況。我知道當您收購那家公司時，您對許多成長載體感到興奮，包括鞋子，您今天提到了這一點。但請向我們介紹一下您認為能夠透過投資成長創造額外價值的幾個最重要的方面。

Yeah. That's a good question, probably a longer answer. So when we think about growth in Marucci, it had several different vectors that we kind of launched when we acquired the business. One of them was global growth.

是的。這是個好問題，可能需要更長的答案。因此，當我們考慮 Marucci 的成長時，它有幾種不同的方向，這些方向是我們收購該業務時推出的。其中之一就是全球成長。

And if you look at Japan, I think Japan is up. I'm going to give you a number that I don't have in front of me, so I'm going to go from my memory. I think it's up about 140% or 150% year on year. We think Japan is a significant growth engine for us. So that's really coming through and proving to be true. So you have that geographical growth, not just Japan, but other locations.

如果你看看日本，我認為日本正在崛起。我要給你一個我面前沒有的數字，所以我要根據我的記憶來計算。我認為它同比增長了約 140％ 或 150％。我們認為日本是我們重要的成長引擎。所以這確實正在發生並且被證明是事實。因此，您不僅可以看到日本的地理增長，還可以看到其他地方的地理增長。

You've got kind of the growth of diversification in the product lines. Businesses like Lizard Skins are growing quickly. They're also fairly impacted by tariffs, just to be clear, but those businesses are growing as well. So you're going to see things that are not a bat, that are going to benefit from our bat halo brand status continue to grow.

產品線的多樣化程度有所提升。像 Lizard Skins 這樣的企業正在快速發展。需要明確的是，它們也受到關稅的相當大影響，但這些業務也在成長。因此，你會看到，那些不是蝙蝠的東西，也會受益於我們蝙蝠光環品牌地位的持續成長。

I mentioned shoes and getting shoes in the MLB now on the field. That halo effect transitioning from bats or reflecting from bats to shoes is a real positive sign for us. I can't talk enough about things like softball, both fast pitch and slow pitch. I mean, we just weren't existent in that market. And we have competitors whose businesses in softball are bigger than our entire business in baseball. So softball for us can't go overstated relative to what it could be and how it could help us grow this business.

我提到了鞋子以及現在在 MLB 賽場上穿的鞋子。從球棒上轉變或從球棒反映到鞋子上的光環效應對我們來說是一個真正的積極信號。我對壘球之類的事情談論得不夠多，包括快投和慢投。我的意思是，我們根本不存在於那個市場。我們的競爭對手在壘球領域的業務比我們在棒球領域的整個業務還要大。因此，對我們來說，壘球的重要性怎麼強調也不為過，因為它能夠幫助我們發展業務。

So we have a number of them. Frankly, it's a great question because it also kind of reminds us of you can't do all things at all times. And so we have to really focus and prioritize where we're going to put that investment dollar and that people bandwidth to ensure that we're growing in the right areas.

因此我們有很多這樣的人。坦白說，這是一個很好的問題，因為它也提醒我們，你不可能在任何時候都做所有的事情。因此，我們必須真正集中精力並優先考慮將投資資金和人力投入到哪裡，以確保我們在正確的領域發展。

And Marucci, of all of our businesses, has probably more levers to growth than most. And it's up to us to make sure we stay focused on the right ones. But there's a number of them that I just mentioned that I think are significant beyond how we expand our aluminum and composite bats and how we continue to grow with the MLB, which again is an important part.

在我們所有的業務中，Marucci 可能比大多數業務擁有更多的成長槓桿。我們必須確保自己專注於正確的目標。但是，我剛才提到的很多內容我認為意義非凡，不僅僅是我們如何擴大鋁製和復合球棒，以及如何繼續與 MLB 共同成長，這也是很重要的一部分。

Alex Perry, Bank of America.

美國銀行的亞歷克斯·佩里。

I just wanted to talk about the EPS guide a little bit with it going down. Is it purely just flowing through the sort of $25 million of unmitigated tariff impact to the gross margin line? Is there anything else going on there in terms of margins or tax that we should be thinking of? Thanks.

我只是想稍微談論一下 EPS 指南。這是否僅僅只是 2500 萬美元的未緩解關稅對毛利率的影響？在利潤或稅收方面還有其他什麼事情需要我們考慮嗎？謝謝。

That's a great question, Alex, and thanks for that. And again, just reiterating, this year is largely playing out as expected right now. Given the tariff implication, we went from 38% to 50%. And when we gave guidance back in May, consensus adjusted down to around $180 million. So basically, what we're just doing now is being a little more specific about that tariff impact.

這是一個很好的問題，亞歷克斯，謝謝你。再次重申，今年的進展基本上符合預期。考慮到關稅的影響，我們的稅率從 38% 上升到了 50%。當我們在五月給予指引時，共識被下調至約 1.8 億美元。所以基本上，我們現在所做的就是更具體地說明關稅的影響。

And so we're taking that range to $1.60 to $2. And I will tell you, we are really running after this tariff from a mitigation perspective. All the segments are really doubling down on trying to mitigate that impact from supply chain optimization.

因此我們將該範圍調整為 1.60 美元至 2 美元。我要告訴你們，我們確實從緩解的角度來推行這項關稅。所有部門都在加倍努力，試圖減輕供應鏈優化帶來的影響。

I look right back in Custom Wheel House and how they're starting to move from like three warehouses to two warehouses, right, to really get more efficient in delivery of the product line to end customers. They looked at moving molds to Mexico to start evading or avoiding the tariffs there as well. So making really good progress there.

我回顧了 Custom Wheel House 的情況，他們開始從三個倉庫轉移到兩個倉庫，以便更有效率地向最終客戶交付產品線。他們考慮將模具轉移到墨西哥，以逃避或避免那裡的關稅。因此，我們確實取得了良好的進展。

You've got, inside PVG, tremendous work going on there of in-sourcing raw materials now to get after a better cost position as well. And so all across the board, this company is trying to control what it can control, and that has been that story all along with us is delevering, getting after working capital, taking cost out, mitigating these tariffs as much as we can.

在 PVG 內部，目前正在進行大量的原料內部採購工作，以獲得更好的成本優勢。因此，從各方面來看，這家公司都在試圖控制它所能控制的事情，而我們一直以來的故事就是去槓桿、取得營運資金、降低成本、盡可能地降低這些關稅。

So sorry, long answer to a short question.

非常抱歉，我針對一個簡短的問題給了一個很長的答案。

No, really helpful. Thanks for that. It makes a lot of sense.

不，真的很有幫助。謝謝。這很有道理。

And I just wanted to ask about the motorized two-wheel business. How much sort of incremental dollars is that business driving? Is it pretty significant year on year? And then what sort of margin profile is attached to that? Does that vary versus core PVG margins? Thanks.

我只是想問一下有關機動兩輪車業務的問題。該業務帶來了多少增量收入？與去年同期相比，這是否相當重要？那麼與之相關的保證金情況是什麼樣的呢？這與核心 PVG 利潤率有何不同？謝謝。

It's generally in line or around the same margin profile as our powersports business. We don't specifically call those out in detail. But think about it as very consistent with the powersports business. And that business has been a significant grower for us.

它的利潤率通常與我們的動力運動業務一致或大致相同。我們不會具體而詳細地指出這些。但想想看，這與動力運動業務非常一致。這項業務對我們來說是一個顯著的成長。

The way I would frame the growth of that business year on year is it's more than offset the decline in powersports. So by diversifying back in the motorcycle and really leveraging our 50 years of history in that space, we were able to capture revenue very quickly and new relationships very quickly, which more than offset the decline in what would be traditionally the side-by-side business. So that's how I think about it.

我認為該業務的逐年增長足以抵消動力運動業務的下滑。因此，透過重新在摩托車領域實現多元化，並真正利用我們在該領域 50 年的歷史，我們能夠非常快速地獲得收入並建立新的關係，這足以抵消傳統並排業務的下滑。這就是我的想法。

On a long-term basis, that business is going to grow in line with the PVG business in general, and we're glad to be back in it, Alex.

從長遠來看，該業務將與 PVG 業務整體同步成長，我們很高興能夠重返該業務，亞歷克斯。

Thank you. It appears we have no further questions at this time. I would now like to turn the program back over to Mike Dennison for closing remarks.

謝謝。目前看來我們沒有其他問題。現在我想將節目交還給麥克丹尼森，請他作最後發言。

Thanks, Katie. We appreciate everybody joining the call today and the continued interest in Fox. We hope you all have a good evening, and we'll talk soon. Thanks.

謝謝，凱蒂。我們感謝今天參加電話會議的各位以及對福克斯的持續關注。我們希望大家度過一個愉快的夜晚，我們很快就會再聊。謝謝。

This does conclude the Fox Factory second-quarter 2025 earnings call. You may now disconnect.

這確實結束了 Fox Factory 2025 年第二季財報電話會議。您現在可以斷開連線。