Fox Factory Holding Corp (FOXF) 2025 Q3 法說會逐字稿

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

女士們、先生們，下午好，感謝各位的耐心等待。歡迎參加 Fox Factory Holding Corp. 2025 年第三季財報電話會議。（操作說明）請注意，本次會議正在錄影。現在我將會議交給福克斯工廠控股公司首席法務官托比·默錢特先生。謝謝您，先生。你可以開始了。

Thank you. Good afternoon, and welcome to Fox Factory's third 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.

謝謝。下午好，歡迎參加 Fox Factory 2025 年第三季財報電話會議。今天與我一同出席的有執行長麥克‧丹尼森，以及財務長兼售後應用程式集團總裁丹尼斯‧謝姆。

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.

首先，Mike 將提供業務最新進展，然後 Dennis 將回顧季度業績和展望。接下來，Mike 將作總結發言，之後我們將開放提問環節。

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，所有人都應該都能看到今天下午早些時候發布的財報了。如果您尚未有機會查閱新聞稿，請造訪我們網站 investor.ridefox.com 的「投資者關係」頁面查看。請注意，在本次電話會議中，我們將把 Fox Factory 簡稱為 FOX 或公司。

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

在開始之前，我想提醒大家，準備好的發言稿包含聯邦證券法意義上的前瞻性陳述，管理階層可能會在回答大家的問題時做出額外的前瞻性陳述。

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

此類聲明涉及許多已知和未知的風險和不確定性，其中許多風險和不確定性超出公司的控制範圍，可能導致未來的業績、表現或成就與此類前瞻性聲明中明示或暗示的業績、表現或成就存在重大差異。

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

可能導致或促成此類差異的重要因素和風險已在公司提交給美國證券交易委員會的季度報告（表格 10-Q）和最新年度報告（表格 10-K）中詳細列出。

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.

投資者不應過度依賴本公司的前瞻性陳述，除法律要求外，本公司不承擔因新資訊、未來事件或其他原因而更新本文任何前瞻性或其他陳述的義務。

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.

此外，在今天的發言稿和獲利報告中，我們將酌情提及一些非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、調整後的淨利潤、調整後的每股攤薄收益、調整後的EBITDA和調整後的EBITDA利潤率，因為我們認為這些企業的企業更好地了解這些企業的核心和績效。

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

今天發布的獲利報告中包含了這些非GAAP財務指標與其最直接可比較的GAAP財務指標的調節表，該報告也已發佈在我們的網站上。接下來，我很高興將電話轉交給我們的執行長麥克·丹尼森。

Thanks, Toby, and thanks to everyone for joining our Q3 call. In the quarter, we delivered net sales of $376.4 million, up 5% year-over-year and adjusted EBITDA of $44.4 million, up 6% year-over-year, led by growth in both AAG and PVG.

謝謝托比，也謝謝各位參加我們的第三季電話會議。本季度，我們實現淨銷售額 3.764 億美元，年成長 5%；調整後 EBITDA 為 4,440 萬美元，年成長 6%，主要得益於 AAG 和 PVG 的成長。

Our SSG segment underperformed expectations during the quarter, particularly within Marucci. While we made the right investments in product innovation, including successful new bat launches and category expansion, the impact of those actions were outweighed by a softening of the consumer environment throughout the quarter as our channel partners responded by significantly reduced inventory ahead of year-end. This underperformance is reflected in our updated full year outlook, which we will cover.

本季度，我們的 SSG 業務部門表現低於預期，尤其是 Marucci 業務部門。雖然我們在產品創新方面進行了正確的投資，包括成功推出新的球棒和拓展產品類別，但由於通路合作夥伴在年底前大幅減少了庫存，導致整個季度消費者環境疲軟，這些舉措的影響被抵消了。這一業績不佳的情況反映在我們更新的全年展望中，我們將在下文中介紹。

Our overall third quarter results demonstrate the power of our strategy even in challenging environments like this. We're executing our product road map with strong innovation across all three segments, and we're seeing strategic customer engagement reach new levels.

我們第三季的整體業績表明，即使在像現在這樣充滿挑戰的環境下，我們的策略仍然有效。我們正在大力推進產品路線圖，在所有三個領域都實現了強勁的創新，我們看到策略客戶參與度達到了新的水平。

Whether deeper integration with truck manufacturers, expanded platform adoptions in powersports or new bike partnerships, we're becoming more embedded in our OEMs product strategies. These wins reflect years of relationship building and validate our focus on performance-defining innovation.

無論是與卡車製造商進行更深入的整合，還是在動力運動領域擴大平台應用，亦或是建立新的自行車合作夥伴關係，我們都在日益融入 OEM 的產品策略中。這些勝利體現了多年來建立關係的努力，也驗證了我們對績效決定性創新的重視。

Our third quarter margins, while improved, continue to reflect investment in product launches with strategic customers. These launches required us to accelerate certain investments and delayed the execution of footprint consolidation activities that were originally timed for early in the third quarter. Those consolidations have since been completed early in the fourth quarter with anticipated benefits to follow.

雖然我們第三季的利潤率有所提高，但仍反映了我們對與策略客戶合作推出新產品的投資。這些產品發布需要我們加快某些投資，並推遲原定於第三季初開展的業務整合活動的執行。這些整合工作已於第四季初完成，預計將帶來相應效益。

Despite these timing impacts, our $25 million cost reduction target remains on track for the fiscal year. The strategic investments we're making from new bike platforms to expanding our bat portfolio into adjacent categories like softball are setting the foundation for future revenue and margin expansion.

儘管時間安排上受到了一些影響，但我們本財年 2500 萬美元的成本削減目標仍將按計劃實現。從新的自行車平台到將我們的球棒產品組合擴展到壘球等相鄰類別，我們正在進行的策略性投資正在為未來的收入和利潤成長奠定基礎。

We remain focused on delivering innovation our customers demand while executing the operational improvements that will restore industry-leading profitability.

我們將繼續專注於提供客戶所需的創新，同時進行營運改進，以恢復業界領先的獲利能力。

Let me remind you of the four key initiatives that are driving our performance and positioning us for sustainable growth. First, footprint consolidation. This quarter, our efforts were focused within the AAG and SSG segments.

讓我提醒各位，有四項關鍵舉措正在推動我們的業績成長，並使我們實現永續成長。首先，整合業務規模。本季度，我們的工作重點集中在 AAG 和 SSG 兩個業務板塊。

We accelerated certain consolidation activities in our AAG upfitting operations and SSG during Q3, creating approximately $2.5 million in onetime costs as we moved equipment and realign production. While this impacted Q3 margins, we made this decision deliberately to position ourselves for upcoming product launches, including significant new OEM strategic moment and to capture long-term margin expansion opportunities as we scale these programs in 2026.

第三季度，我們加快了 AAG 改裝業務和 SSG 的一些整合活動，由於搬遷設備和調整生產，產生了約 250 萬美元的一次性成本。雖然這影響了第三季度的利潤率，但我們特意做出這一決定，是為了給即將到來的產品發布做好準備，包括重要的新的 OEM 戰略時刻，並在 2026 年擴大這些項目規模時抓住長期利潤率擴張的機會。

Within SSG, we executed warehouse consolidation work in our Marucci business during the quarter that positions us with a more efficient distribution footprint going forward.

在 SSG 內部，我們在本季對 Marucci 業務進行了倉庫整合工作，這將使我們在未來擁有更有效率的分銷佈局。

Second, portfolio optimization. Our focus on highest performing SKUs and strategic growth categories is showing up in market share gains in AAG aftermarket components, strong performance of new product launches in bike in the first half of the year and operational efficiency improvements in PVG.

其次，優化投資組合。我們專注於業績最佳的 SKU 和策略成長類別，這體現在 AAG 售後市場零件的市場份額成長、上半年自行車新產品上市的強勁表現以及 PVG 營運效率的提高。

Third, working capital management. We've maintained improved inventory positions in PVG and SSG through disciplined supply chain practices, translating into cash flow generation that supports our efforts to improve balance sheet leverage.

第三，營運資金管理。我們透過嚴格的供應鏈管理，在 PVG 和 SSG 領域中保持了良好的庫存狀況，從而轉化為現金流，支持我們改善資產負債表槓桿的努力。

We've demonstrated this by reducing debt by $17.4 million year-to-date and expect to make additional progress in the fourth quarter.

今年迄今為止，我們已透過減少債務 1740 萬美元證明了這一點，並預計在第四季度取得進一步進展。

Lastly, our cost reduction program. As I mentioned, we remain on track for full fiscal year delivery of our $25 million target with footprint consolidation activities now complete and benefits flowing through in Q4. The underlying cost structure improvements we're making are expected to provide operational leverage as we navigate this cycle as consistent revenue growth returns to our businesses.

最後，是我們的成本削減計劃。正如我之前提到的，隨著業務整合活動的完成，我們仍有望在本財年實現 2,500 萬美元的目標，收益將在第四季逐步顯現。我們正在進行的成本結構改進有望為我們應對當前經濟週期、實現持續收入成長提供營運槓桿。

The progress we're making across all of these priorities demonstrates that where we can control outcomes, whether that be through operational excellence, product innovation or strategic execution, we are delivering results, and I'm pleased to see consolidated revenue grow by 6.3% in the year-to-date period.

我們在所有這些優先事項上取得的進展表明，只要我們能夠控制結果，無論是透過卓越的營運、產品創新還是策略執行，我們都能取得成果，我很高興地看到今年迄今為止的合併收入增長了 6.3%。

However, let me be clear, our work is not done. As we look ahead to 2026, we're preparing to take action on the second phase of our optimization strategy. With the major components of our network consolidation now complete, our work is shifting towards maximizing efficiencies across our global footprint, simplifying our business and focusing on our core products.

但是，我要明確指出，我們的工作還沒完成。展望 2026 年，我們正準備啟動優化策略的第二階段。隨著我們網路整合的主要部分完成，我們的工作重點正在轉向最大限度地提高我們全球業務的效率，簡化我們的業務，並專注於我們的核心產品。

We are developing further actions to enhance our cost positions toward margin recovery and accelerating our efforts to improve our balance sheet leverage, which will include extracting working capital through targeted inventory reductions, maximizing previous period CapEx investments, which allow us to further reduce near-term CapEx in the future, and driving increased near-term free cash flow.

我們正在製定進一步的措施，以改善我們的成本狀況，實現利潤率恢復，並加快改善資產負債表槓桿的努力，其中包括透過有針對性的庫存削減來提取營運資金，最大限度地利用前期資本支出投資，從而使我們能夠在未來進一步減少近期資本支出，並推動近期自由現金流的成長。

We are in the midst of our budgeting process now and expect to share additional details surrounding this second phase of activity and its impact on 2026 guidance during our fourth quarter call.

我們目前正在進行預算編制工作，預計將在第四季度電話會議上分享有關第二階段活動的更多細節及其對 2026 年業績指引的影響。

Now let me walk through our segment performance in detail. PVG delivered another quarter of strong execution with net sales of $125.9 million, representing 15% growth year-over-year and 2% growth sequentially. The automotive OE business remained reasonably stable and predictable in Q3 as we benefited from our position on premium vehicle SKUs.

現在讓我詳細分析一下我們各個業務板塊的業績。PVG 又一個季度業績表現強勁，淨銷售額達 1.259 億美元，年增 15%，季增 2%。第三季度，汽車OE業務保持了相對穩定和可預測性，這得益於我們在高端汽車SKU方面的地位。

However, we are seeing some timing of shipment impact associated with the supply chain disruption following the fire at a major aluminium supplier within our automotive customer base. While this is a temporary issue, it is having an impact on our business in the fourth quarter and is captured in our fourth quarter guidance.

然而，由於我們汽車客戶群中一家主要鋁供應商發生火災，導致供應鏈中斷，我們看到發貨時間受到了一定程度的影響。雖然這是一個暫時性的問題，但它對我們第四季度的業務產生了影響，並且已反映在我們的第四季度業績預期中。

Our powersports business continues to stabilize as the industry's dealer inventories improve. Our expansion into the motorized two wheel space continues to deliver results. Growth from new customers is offsetting the ongoing softness, albeit stabilized in the off-road powersports products.

隨著產業經銷商庫存的改善，我們的動力運動業務也持續趨於穩定。我們在機動兩輪車領域的擴張持續取得成效。新客戶帶來的成長抵消了越野動力運動產品持續疲軟的局面，儘管這種疲軟態勢已經趨於穩定。

On the operational front, PVG is executing well, and we expect the improvement to continue through 2026. Our in-sourcing initiatives are reducing costs and helping offset some of the tariff exposure.

在營運方面，PVG 的執行情況良好，我們預計這種改善勢頭將持續到 2026 年。我們的內部採購措施正在降低成本，並有助於抵銷部分關稅風險。

For example, in conjunction with our OEM partners, we've been working hard to get components in-sourced to our own factory and limiting the amount of tariff expense for both FOX and our partners.

例如，我們與 OEM 合作夥伴一起，一直在努力將零件採購到我們自己的工廠，從而減少 FOX 和我們合作夥伴的關稅支出。

On the product development front, the PVG team continues to deliver above expectations with recent product launches. In Q3, we firmly entered the street performance sector with Stratton Shock solutions tuned for the American sports car market.

在產品開發方面，PVG 團隊憑藉近期推出的產品，持續超越預期。第三季度，我們以專為美國跑車市場調校的 Stratton Shock 解決方案，強勢進軍街頭性能車領域。

These new products signal our commitment to improve the driving and overall performance through our aftermarket channels for tens of thousands of enthusiasts. In addition, earlier this week at the SEMA Show, we launched our advanced software-controlled live valve suspension for the aftermarket. Previously, the only way our enthusiasts were able to buy these products was through a new vehicle purchase.

這些新產品標誌著我們致力於透過售後管道為成千上萬的愛好者改善駕駛體驗和整體性能。此外，在本週稍早的 SEMA 改裝車展上，我們在售後市場推出了先進的軟體控制即時閥門懸吊。以前，我們的愛好者只能透過購買新車來獲得這些產品。

Now they can do it through the network of dealers and installers who partner with FOX. Our initial launch includes products for truck, SUV and Jeep customers. This is the most advanced technology available in the off-road aftermarket from any company.

現在他們可以透過與 FOX 合作的經銷商和安裝商網路來實現這一點。我們首批推出的產品包括卡車、SUV 和吉普車客戶的產品。這是目前越野改裝市場中所有公司所能提供的最先進的技術。

In AAG, we delivered improved top line performance with net sales of $117.8 million, up 17.4% year-over-year and 3.2% sequentially. This was driven by growth in both aftermarket components and upfitting. Our aftermarket components business continues to gain market share. RideTech, Custom Wheelhouse and Sport Truck are proving resilient, driving double-digit growth in suspension and lift kits even in a challenging consumer environment.

在 AAG，我們實現了營收成長，淨銷售額達 1.178 億美元，年增 17.4%，季增 3.2%。這主要得益於售後零件和改裝業務的成長。我們的售後零件業務市佔率持續成長。RideTech、Custom Wheelhouse 和 Sport Truck 展現出了強大的韌性，即使在充滿挑戰的消費環境中，懸吊和升降套件也實現了兩位數的成長。

One product highlight worth mentioning is our recent launch of a performance truck program with a major OEM partner. This is a 702-horsepower supercharge V8 enhanced with our complete performance package, FOX shocks, RideTech lowering suspension and wheel solutions. Car and Driver recently featured the vehicle, calling it best-in-class high-performance street truck. This was an immediate success with early units selling out immediately and our backlog growing for 2026.

值得一提的是，我們最近與一家大型 OEM 合作夥伴共同推出了高性能卡車項目，這是我們產品的一大亮點。這是一台 702 匹馬力的機械增壓 V8 發動機，配備了我們完整的性能套件、FOX 減震器、RideTech 降低懸吊和車輪解決方案。《Car and Driver》雜誌最近對這款車進行了專題報道，稱其為同級別最佳高性能街頭卡車。這款產品一推出就大獲成功，早期產品迅速售罄，2026 年的訂單積壓量也越來越大。

More importantly, this represents the first time our upfitting team has worked directly with an OEM to build a custom vehicle that is sold through their website as part of their specialty vehicle operation. This approach has allowed us to maximize reach and expand our dealership network rapidly.

更重要的是，這代表著我們的改裝團隊首次直接與 OEM 合作，打造客製化車輛，並透過他們的網站作為其特種車輛業務的一部分進行銷售。這種方法使我們能夠最大限度地擴大覆蓋範圍，並迅速擴展我們的經銷商網路。

We launched this program in Q3 and incurred the associated setup costs, but revenue begins flowing in Q4 and is expected to scale through 2026.

我們在第三季啟動了該計劃，並產生了相關的設置成本，但收入從第四季度開始流入，預計到 2026 年將逐步擴大規模。

To support this and other strategic launches, we made the deliberate decision to delay certain footprint consolidation activities in AAG and accelerate development investments, prioritizing these longer-term growth opportunities. Those consolidation activities have since been completed here early in the fourth quarter.

為了支持這項策略性舉措和其他策略性舉措，我們特意決定延後 AAG 的某些業務整合活動，並加速研發投資，並優先考慮這些長期成長機會。這些整合工作已於第四季初完成。

In our Specialty Sports Group, we delivered net sales of $132.7 million, which was down 11% year-over-year and 3% sequentially. Our bike business continues to perform well in an industry that's working through an assortment of challenges, including recent labour issues causing block shipments and bankruptcies for OEMs and distributors.

在我們的專業運動用品集團，我們實現了 1.327 億美元的淨銷售額，年減 11%，季減 3%。在自行車產業面臨許多挑戰（包括最近的勞工問題導致出貨受阻以及原始設備製造商和經銷商破產）的情況下，我們的自行車業務依然表現良好。

As we expected, OEM customers moderated purchases in the back half after maximizing the first half to support model year launches. This reflects appropriate conservatism about year-end inventory levels, a discipline we actually view positively even if it creates near-term growth constraints.

正如我們預期的那樣，OEM客戶在上半年最大限度地購買以支持新車型發布後，下半年的購買量有所放緩。這反映了對年末庫存水準的適當保守態度，即使這會造成短期成長限制，我們實際上也對此持正面態度。

New bike products are performing well, and we believe our market share position remains best-in-class. While we're still awaiting signals that would suggest a return to sustained industry growth, we continue to see signs of stabilization and the enduring competitiveness of the FOX brand within the higher-end categories that we play in.

新款自行車產品表現良好，我們相信我們的市場份額仍然處於領先地位。雖然我們仍在等待表明行業將恢復持續增長的信號，但我們繼續看到市場趨於穩定的跡象，以及 FOX 品牌在我們所處的高端類別中保持持久競爭力。

Turning to Marucci and Victus. Our new product launches that debuted late this summer, including both our Victus aluminium bats and premium Marucci RCKLESS line continue to receive strong reviews and positive response in direct-to-consumer channels.

轉向馬魯奇和維克圖斯。今年夏末推出的新產品，包括 Victus 鋁製球棒和高端 Marucci RCKLESS 系列，在直接面向消費者的管道中持續獲得好評和積極反響。

However, the broader macro concerns surrounding consumer remain a challenge, which is being compounded by our distribution channel shifting toward retail ahead of the holiday shopping period where retailers have become much more sensitive to their inventory positions.

然而，圍繞消費者的更廣泛的宏觀擔憂仍然是一個挑戰，而隨著假日購物季的臨近，我們的分銷管道轉向零售，零售商對其庫存狀況變得更加敏感，這使得挑戰更加嚴峻。

Further, our warehouse consolidation created some near-term fulfilment friction that is creating temporarily higher costs. The margin impact was compounded by our ongoing investment spending in new categories like softball and footwear as well as accelerating our product development and engineering capabilities.

此外，我們的倉庫整合造成了一些短期內的訂單履行摩擦，導致成本暫時上升。利潤率受到的影響是由於我們在壘球和鞋類等新類別中持續進行投資支出，以及加快產品開發和工程能力建設。

I want to emphasize that while Q3 was disappointing and the near-term consumer outlook is challenged, even our revised guide reflects strong revenue growth at Marucci in Q4. So while it isn't where we would like it to be, the business is still finding ways to deliver growth.

我想強調的是，儘管第三季業績令人失望，且近期消費者前景面臨挑戰，但即使是我們修訂後的業績指引也反映出 Marucci 在第四季度實現了強勁的收入成長。雖然目前的情況還沒有達到我們理想的狀態，但公司仍在尋找實現成長的方法。

In addition, we believe the investments we've made will continue to strengthen our competitive position over time. We've added world-class product development talent. We've entered fast pitch and slow pitch softball with market-leading products. We now hold the top one, two and often three bat positions in key baseball and softball categories.

此外，我們相信，我們所做的投資將隨著時間的推移繼續增強我們的競爭地位。我們引進了世界一流的產品開發人才。我們以市場領先的產品進軍快速壘球和慢速壘球領域。我們現在在棒球和壘球的關鍵類別中佔據了第一、第二甚至第三棒的位置。

We've expanded into footwear, and our MLB partnership continues to gain momentum with exceptional visibility during major events, including the World Series. These investments are expanding our addressable market and setting up multiple years of growth opportunity.

我們已將業務拓展至鞋類領域，我們與美國職棒大聯盟 (MLB) 的合作關係持續發展，在包括世界大賽在內的重大賽事期間獲得了極高的曝光度。這些投資正在擴大我們的目標市場，並為未來多年的成長創造機會。

Finally, I'll turn to our near-term outlook. For Q4, we are continuing to see an increasingly challenging macro environment, especially where large OEMs and channel partners are taking a more conservative approach to inventories as we head into the holiday season.

最後，我將談談我們的近期展望。第四季度，我們繼續看到宏觀環境日益嚴峻，尤其是隨著假期季節的臨近，大型 OEM 廠商和通路合作夥伴對庫存採取了更保守的態度。

In PVG and AAG, the fire at that aluminium supplier supporting truck production is expected to impact volumes for at least the balance of Q4 and likely Q1. As a result, we are reducing our Q4 guidance, and Dennis will provide the details.

PVG 和 AAG 的卡車生產鋁材供應商發生火災，預計至少在第四季度剩餘時間內以及可能在第一季都會對產量產生影響。因此，我們將下調第四季度業績預期，丹尼斯將提供詳細資訊。

Looking ahead to 2026, we believe the macroeconomic environment is setting up to be increasingly challenging. Interest rates, while declining, remain elevated and continue to constrain consumer spending and business investment.

展望2026年，我們認為宏觀經濟環境將變得越來越具有挑戰性。儘管利率下降，但仍處於高位，繼續抑制消費者支出和企業投資。

The labour market has softened considerably with job growth slowing significantly and unemployment rising. These factors, combined with extended decision-making cycles within the various industries we serve are creating headwinds across our businesses.

勞動市場已大幅疲軟，就業成長顯著放緩，失業率上升。這些因素，再加上我們所服務的各行業決策週期延長，正在為我們的業務帶來不利影響。

Given these conditions, we are redoubling our focus on margin enhancement and prudent capital spending through concentrating on our core products and businesses as the primary means of driving free cash flow towards our goal of reducing our balance sheet leverage.

有鑑於這些情況，我們將加倍關注利潤率提升和審慎的資本支出，集中精力發展核心產品和業務，以此作為推動自由現金流的主要手段，從而實現降低資產負債表槓桿率的目標。

As we look ahead, we remain convinced of our strategy to deliver premium performance products and the dedication of our teams to execute our long-term vision.

展望未來，我們仍然堅信我們提供優質高性能產品的策略，以及我們團隊為實現我們的長期願景所做的奉獻。

Our ability to expand revenue and EBITDA year-on-year is evidence that even in difficult times, we can outpace our competition.

我們逐年擴大收入和 EBITDA 的能力證明，即使在困難時期，我們也能超越競爭對手。

And our operational foundation is stronger than it was a year ago, highlighted by the great work within our PVG team. As an organization, we're executing with discipline on the things we can control while navigating the external factors we can't. And with that, I'll turn the call over to Dennis.

我們的營運基礎比一年前更加穩固，這主要歸功於PVG團隊的出色工作。作為一個組織，我們嚴謹地執行我們能夠控制的事情，同時應對我們無法控制的外在因素。接下來，我將把電話交給丹尼斯。

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

謝謝你，麥克。我將首先討論我們第三季度的財務業績，然後討論我們的資產負債表、現金流量和資本配置策略，最後回顧我們對第四季度和全年的業績指引。

Total consolidated net sales in the third quarter of fiscal 2025 were $376.4 million, an increase of 4.8% versus the same quarter last year, reflecting growth in AAG and PVG, partially offset by a decline in SSG.

2025 財年第三季合併淨銷售額為 3.764 億美元，比去年同期成長 4.8%，主要得益於 AAG 和 PVG 的成長，但部分被 SSG 的下降所抵銷。

Our gross margin was 30.4% for the third quarter of 2025 compared to 29.9% in the third quarter last year, primarily driven by favourable shifts in our product line mix. Third quarter margins include the impact of intentional timing shifts related to accelerated strategic customer launches in AAG and facility consolidation activities that have since been completed.

2025 年第三季度，我們的毛利率為 30.4%，而去年同期為 29.9%，這主要得益於我們產品線組合的有利變化。第三季利潤率包含了與 AAG 加速策略客戶發布和設施整合活動相關的有意時間調整的影響，這些活動現已完成。

Total operating expenses were $99.4 million or 26.4% of net sales in the third quarter of fiscal 2025 compared to $88.7 million or 24.7% of sales in the same quarter last year. The increase in operating expense on a dollar basis was driven by investments to support strategic customer launches and product innovation that Mike spoke to and ongoing organizational restructuring initiatives.

2025 財年第三季總營運費用為 9,940 萬美元，佔淨銷售額的 26.4%，去年同期為 8,870 萬美元，佔銷售額的 24.7%。以美元計算，營運費用的增加是由於為支援策略客戶發布和產品創新而進行的投資，正如麥克所說，以及正在進行的組織結構重組計劃。

Adjusted operating expenses, which exclude restructuring and other discrete expenses as well as amortization of purchased intangibles, were $85.7 million or 22.8% of net sales in the third quarter of 2025 compared to $75.8 million or 21.1% in the prior year quarter.

經調整後的營運費用（不包括重組和其他一次性費用以及購買的無形資產攤銷）在 2025 年第三季為 8,570 萬美元，佔淨銷售額的 22.8%，而去年同期為 7,580 萬美元，佔淨銷售額的 21.1%。

The company's tax expense was $2.3 million in the third quarter of fiscal 2025 compared to $0.3 million in the same period last year. Net loss for the third quarter of fiscal 2025 was $0.6 million or $0.02 loss per diluted share compared to net income of $4.8 million or $0.11 per diluted share in the same period last year. Adjusted net income was $9.9 million or $0.23 per diluted share compared to $14.8 million or $0.35 per diluted share in the third quarter last year.

該公司 2025 財年第三季的稅項支出為 230 萬美元，去年同期為 30 萬美元。2025 財年第三季淨虧損 60 萬美元，即每股攤薄虧損 0.02 美元，去年同期淨利為 480 萬美元，即每股攤薄收益 0.11 美元。經調整後的淨收入為 990 萬美元，即每股攤薄收益 0.23 美元，而去年第三季為 1,480 萬美元，即每股攤薄收益 0.35 美元。

Adjusted EBITDA in the third quarter of fiscal 2025 was $44.4 million, up $2.4 million year-over-year, demonstrating our underlying earnings power despite investments into product and innovation and the impact of tariffs. Adjusted EBITDA margin was 11.8% in the third quarter of 2025, an increase of 10 basis points versus the prior year period.

2025 財年第三季調整後 EBITDA 為 4,440 萬美元，年增 240 萬美元，這表明儘管對產品和創新進行了投資，並且受到關稅的影響，我們仍然具有強大的盈利能力。2025 年第三季調整後 EBITDA 利潤率為 11.8%，較上年同期成長 10 個基點。

Moving to the balance sheet and cash flows. We continue to execute on working capital management with improved inventory positions supporting our cash flow generation. Total debt declined to $687.7 million, down $17.4 million from fiscal year-end while maintaining a strong liquidity position.

接下來來看資產負債表和現金流量表。我們持續推動營運資金管理，改善庫存狀況，從而更好地支持現金流的產生。總債務降至 6.877 億美元，比上一財年末減少了 1,740 萬美元，同時維持了強勁的流動性狀況。

We recently amended our credit agreement with our banking group, extending our maturity through October 2030, which provides us with enhanced financial flexibility as we execute our strategic initiatives.

我們最近與銀行集團修改了信貸協議，將到期日延長至 2030 年 10 月，這為我們執行策略計畫提供了更大的財務靈活性。

I'd like to reemphasize that paying down debt remains our top priority for capital allocation, and we remain focused on generating strong free cash flow to continue reducing leverage. Our $25 million cost reduction program remains on track as we expect to deliver that target in full this fiscal year. Now, moving on to our outlook for the fourth quarter and the full year 2025.

我想再次強調，償還債務仍然是我們資本配置的首要任務，我們將繼續專注於產生強勁的自由現金流，以繼續降低槓桿。我們的2500萬美元成本削減計劃仍在按計劃進行，我們預計將在本財年全面實現該目標。接下來，我們展望一下2025年第四季和全年的業績。

For the fourth quarter of fiscal 2025, we expect net sales in the range of $340 million to $370 million, which in approximate terms represents a revision to the bottom half of the implied guidance we provided last quarter. Adjusted earnings per diluted share is similarly being revised down as well to the range of $0.05 to $0.25.

對於 2025 財年第四季度，我們預計淨銷售額將在 3.4 億美元至 3.7 億美元之間，這大致相當於我們上個季度提供的隱含指導的下半部分進行了修正。調整後的每股攤薄收益也同樣被下調至 0.05 美元至 0.25 美元的區間。

The primary thrust of these revisions is the lower-than-expected performance within our SSG segment, where our OEMs, distributors, dealers and retailers are actively managing toward leaner inventories ahead of year-end.

這些修訂的主要重點是我們的 SSG 部門業績低於預期，我們的 OEM 廠商、經銷商、經銷商和零售商正在積極努力，在年底前減少庫存。

For the fiscal year 2025, we are updating our net sales guidance to the range of $1.445 billion to $1.475 billion from our full year guidance of $1.45 billion to $1.51 billion. We are updating our adjusted earnings per diluted share guidance to a range of $0.92 to $1.12 from $1.60 to $2. We expect a full year adjusted tax rate in the range of 15% to 18%.

對於 2025 財年，我們將淨銷售額預期從全年預期的 14.5 億美元至 15.1 億美元調整為 14.45 億美元至 14.75 億美元。我們將調整後的每股攤薄收益預期從 1.60 美元至 2 美元更新為 0.92 美元至 1.12 美元。我們預計全年調整後稅率將在 15% 至 18% 之間。

We continue to expect a full year 2025 pre-mitigated tariff expense of approximately $50 million. However, we have identified countermeasures to offset 50% of these impacts and believe we can absorb this unmitigated component in our updated guidance for full year 2025.

我們仍預期 2025 年全年未減免關稅支出約為 5,000 萬美元。然而，我們已經確定了應對措施，可以抵消其中 50% 的影響，並且相信我們可以在更新後的 2025 年全年指導方針中吸收這部分無法緩解的影響。

Our strategic focus remains on profitable growth while improving margins and enhancing free cash flow generation through operational excellence initiatives.

我們的策略重點仍然是獲利成長，同時透過卓越營運措施提高利潤率和增強自由現金流。

As Mike shared, our organization is preparing to advance our efforts with the second phase of actions that will build on work we completed this year.

正如麥克所說，我們組織正準備推進第二階段的行動，這些行動將建立在我們今年完成的工作之上。

This multi-phased approach is necessary to capture further efficiencies toward our goal of positioning our consolidated business for accelerated margin recovery as our end markets improve as well as further strengthen our balance sheet and create long-term value for our shareholders. Mike, back to you for closing remarks.

為了進一步提高效率，實現我們的目標，隨著終端市場的改善，加快合併業務的利潤率恢復，同時進一步加強我們的資產負債表，並為股東創造長期價值，這種多階段方法是必要的。麥克，現在請你做總結發言。

In closing, our third quarter demonstrates the power of strategic customer engagement and performance-defining innovation. We're more embedded in our customer product strategies than ever before. From truck manufacturers to powersports OEMs and bike brands, these deepening partnerships are creating sustainable competitive advantages.

總之，我們第三季的業績證明了策略性客戶互動和決定業績的創新所帶來的強大力量。我們比以往任何時候都更重視客戶產品策略。從卡車製造商到動力運動設備製造商和自行車品牌，這些不斷深化的合作關係正在創造可持續的競爭優勢。

The intentional investments we made in Q3 to accelerate high-value product launches have positioned us to capture significant opportunities and mitigate some of the intensified near-term macroeconomic impacts that we are seeing as we move through Q4 and into 2026.

我們在第三季度進行的有意投資，旨在加速高價值產品的推出，這使我們能夠抓住重大機遇，並減輕我們在進入第四季度和 2026 年時所看到的加劇的近期宏觀經濟影響。

With our facility consolidations complete, our $25 million cost reduction program on track and additional optimization actions to come, we believe we have the operational foundation to deliver both innovation and profitability. I'm confident in our team's execution, our product road map and our ability to translate this to value creation for our stakeholders. With that, operator, please open the call for questions.

隨著設施整合完成，2500萬美元的成本削減計劃按計劃進行，以及即將採取的其他優化措施，我們相信我們已經具備了實現創新和盈利的營運基礎。我對我們團隊的執行力、產品路線圖以及我們將其轉化為為利害關係人創造價值的能力充滿信心。接線員，現在開始接受提問。

(Operator Instructions) Peter McGoldrick, Stifel.

（操作說明）Peter McGoldrick，Stifel。

Hey guys, thanks for taking my question. SSG on the bike side, you pointed to moderating orders on the mountain bike side in line with expectations. Can you quantify the year-over-year revenue progression? And then what the outlook for leaner inventory positioning in the channel means as we look into the fourth quarter?

各位好，感謝你們回答我的問題。SSG在自行車方面，你指出登山車方面的訂單調整符合預期。你能量化一下年比營收成長嗎？那麼，展望第四季度，通路庫存配置更加精簡的前景意味著什麼呢？

Yeah, Pete, this is Mike. Good question. So when you think about the year-on-year compare, it's a little bit tough in bike because the first half of '25 was higher relative to new product launches that you and I have talked about in the past. So a lot more weight towards the front half, a lot less weight in revenue towards the back half.

是的，皮特，我是麥克。問得好。所以，當你考慮到年比比較時，自行車市場的情況就有點棘手，因為 2025 年上半年的銷售額相對於你我之前討論過的新產品發布而言較高。因此，前半部比後半部在收入上的權重要大得多，後半部在收入上的權重要小得多。

On the whole, though, think about it, as I've said before, as kind of the stability year. So '24, '25 looking very much the same from a stability perspective, which sets us up for kind of the new baseline into '26. When we think about Q4, really, we're focused on kind of SSG in total, but I'll talk about bike specifically, it's really a retail story.

但總的來說，正如我之前所說，可以把這一年看作是相對穩定的一年。所以從穩定性角度來看，2024 年和 2025 年的情況非常相似，這為 2026 年的新基準線奠定了基礎。當我們展望第四季度時，我們實際上關注的是整個 SSG 業務，但具體來說，我會談論自行車業務，這實際上是一個零售故事。

As we think about the inventory levels associated with a lot of these dealers, distributors and even OEMs, as they go to the end of the year, they don't want to get overburdened with inventory so they can have another robust '26 first half relative to new product launches.

當我們考慮許多經銷商、分銷商甚至 OEM 的庫存水準時，隨著年底臨近，他們不希望庫存積壓過多，以便在 2026 年上半年能夠再次憑藉新產品發布實現強勁增長。

So we're seeing a fairly significant change in the way they order, and that's reflected back again through mainly retail and distribution. So that's why we think about Q4 as really not a product story, but a retail story and how they're thinking about the macro. Does that make sense?

因此，我們看到他們的訂購方式發生了相當大的變化，而這種變化主要反映在零售和分銷環節。所以，這就是為什麼我們認為第四季實際上並不是一個產品故事，而是一個零售故事，以及他們如何看待宏觀經濟。這樣說得通嗎？

Yeah, that's helpful. I also wanted to change gears and talk about the budgeting process as you look to align your cost structure and achieve your free cash flow vision. Can you help us think about what that means, whether in magnitude of cost realignment or the areas of opportunity that we might be considering as we turn the page into 2026?

是的，這很有幫助。我還想換個話題，談談預算編制過程，以便您調整成本結構並實現自由現金流目標。您能否幫助我們思考這意味著什麼，無論是成本調整的幅度，還是我們在邁向 2026 年之際可能考慮的機會領域？

it's great because I'm really focused on '26. We have a lot of work to do in Q4, but the work we do in Q4 is really a function of what we deliver in '26, as you know. When I think about '26, I'm really thinking about the investments made in '24 and '25, which were significant relative to product, relative to capacity and innovation. That CapEx story, as you probably remember, was kind of a 3% of revenue story. And while we're not -- it's too early to guide '26, so this is not a guide.

這太好了，因為我真的很專注於2026年。第四季我們有很多工作要做，但正如你所知，我們在第四季所做的工作實際上取決於我們在 2026 年的交付成果。當我想到 2026 年時，我其實想到的是 2024 年和 2025 年的投資，這些投資相對於產品、產能和創新而言意義重大。你可能還記得，那筆資本支出佔營收的3%左右。雖然我們現在還不能預測 2026 年——現在預測 2026 年還為時過早，所以這並不是一份指南。

But when you think about things like investment in CapEx, think about '25 was kind of a 3%-ish of revenue story. We're built for what we need. So when you think about CapEx in '26, Pete, think about something kind of sub-1. That's a good example of kind of how we think about investments in '26 and what we can do with what we've built versus what we need to go build. I think there's a lot more work to be done.

但當你考慮到資本支出等投資時，想想 2025 年的營收成長大約只佔 3%。我們天生就適合我們的需求。所以，皮特，當你考慮 2026 年的資本支出時，想想低於 1 美元的情況。這很好地說明了我們如何看待 2026 年的投資，以及我們可以利用現有的成果做什麼，以及我們需要去建立什麼。我認為還有很多工作要做。

One thing that I would tell you is hope is not a plan. When we think about '26 and the actions we need to take in Q4 and Q1 to deliver the '26 that we all expect, including yourself, it's a function of not just cost reduction, but true optimization and making these businesses, helping these businesses perform at a profitability level that is commensurate with what we expect.

我想告訴你們的一點是，希望不是計畫。當我們思考 2026 年以及為了實現我們所有人（包括您自己）所期望的 2026 年目標，我們需要在第四季度和第一季度採取的行動時，這不僅僅是降低成本的問題，而是真正的優化，以及幫助這些企業實現與我們期望相稱的盈利水平。

All right, thank you.

好的，謝謝。

Lawrence Solow, CJS Securities.

Lawrence Solow，CJS Securities。

Hi, good afternoon. It's actually Lee Jagoda for Larry.

您好，下午好。其實是李·賈戈達（Lee Jagoda）給拉里（Larry）的。

Hi, we knew it wasn't Larry. So you don't sound like Larry either, but that's okay. Go ahead.

嗨，我們早就知道那不是拉里。所以你的口音聽起來也不像拉里，不過沒關係。前進。

I do my best. Mike, starting on the PVG side, I think you made some comments that the aluminium supplier fire was impacting supply chains and your sales in both Q4 and likely in Q1. Is there any way to quantify that relative to the sort of the miss versus consensus in the guide for revenue in Q4?

我盡力了。Mike，先說說PVG方面，我認為你曾說過，鋁供應商的火災影響了供應鏈，也影響了你們第四季和可能還有第一季的銷售。有沒有辦法量化第四季營收預期與預期之間的差距？

Well, I think the best way to quantify it because, again, that's a bit of a moving target. We actually think that resolves itself sometime mid-Q1. Pretty hard to depict exactly where that lands just yet, but it's for sure, a significant issue across Q4.

嗯，我認為最好的量化方法是，因為這又是一個不斷變化的目標。我們認為這個問題會在第一季中期得到解決。目前還很難準確描述其影響程度，但可以肯定的是，這是第四季一個重大問題。

But when you think of Q4, it's really a tale of two cities. One is that fire, which not only impacts the PVG OEM automotive business, but AAG relative to chassis. So you have to think about it in both of those camps, and it's not insignificant in either one.

但當你想到第四季時，你會發現它其實是兩個截然不同的世界。一是那場火災，它不僅影響PVG的OEM汽車業務，也影響AAG的底盤業務。所以你必須從這兩個角度來考慮這個問題，而且無論在哪個角度，這個問題都不容忽視。

The other half of that change in guide is purely a reflection of the retail environment that I talked about earlier with Pete. So those are really the two buckets within the change for Q4. Outside of that, we believe the businesses will perform as they did in Q3 and continue.

指南變化的另一半完全反映了我之前和皮特討論過的零售環境。所以，這就是第四季度變化中的兩個主要方面。除此之外，我們相信這些企業將像第三季一樣繼續保持良好的業績。

Got it. And I guess I'll follow up, Pete, and ask some questions about 2026. I think in your prepared remarks, you made the comment that the macro is increasingly challenging. Can you talk about the various end markets that you're selling and the expectations for growth in 2026? Or -- and if not, kind of why not?

知道了。我想我還要繼續追問，皮特，關於 2026 年的一些問題。我認為您在事先準備好的發言稿中提到，宏觀經濟情勢正變得越來越具有挑戰性。您能否談談您銷售的各個終端市場以及對 2026 年成長的預期？或者——如果不是，那為什麼不呢？

And then on the things that you can control in terms of new product development, new product launches, how should we think about the stuff in your control leading to growth in 2026 outside of whatever the end markets are going to do?

那麼，在新產品開發、新產品發布等你能控制的方面，除了終端市場的發展之外，我們該如何看待你能控制的、能夠帶來 2026 年成長的因素呢？

That's a big question. There's a couple of pieces to that. One, think about it from the standpoint of where we have control over the channel in which we sell, think about AAG and upfitted trucks or our relationship with our big OEMs in automotive and powersports, those are fairly intact.

這是一個大問題。這其中包含幾個面向。首先，從我們對銷售通路的控制角度來考慮，想想 AAG 和改裝卡車，或者我們與汽車和動力運動領域大型 OEM 廠商的關係，這些關係都相當穩固。

And our ability to drive growth in those markets is easier than it is in retail environments where we need to work within the confines of a major retailer or even a smaller bike retailer who is trying to deal with the implications of the macro and government shutdowns and all the stuff you're aware of.

我們在這些市場推動成長的能力比在零售環境中要容易得多，因為在零售環境中，我們需要在大型零售商甚至小型自行車零售商的限制下開展工作，而這些零售商正在努力應對宏觀經濟和政府停擺的影響，以及你所了解的所有事情。

So when I think about growth, what we can control is ensuring as we did in Q3 and as we'll continue to do to make sure we deliver that premium performance product.

所以，當我思考成長時，我們能夠控制的是，像我們在第三季所做的那樣，並且我們將繼續這樣做，以確保我們提供優質的性能產品。

We still believe, and I think it's showing itself in terms of Q3 revenue growth, that if we develop the best premium performance product, we will still have an enthusiast who is willing to get -- to spend money to buy our products. So we are very -- we continue to be very fixated on delivering those product launches per our plan.

我們仍然相信，而且我認為第三季營收成長也證明了這一點，如果我們開發出最好的高端性能產品，仍然會有愛好者願意花錢購買我們的產品。因此，我們非常——我們將繼續非常專注於按照計劃推出這些產品。

That aside, when we think about '26, just to kind of give you an early view, I'm focused on profitability, ensuring that we deliver the product launches to make sure our product resonates with those enthusiasts, that's job one.

撇開其他因素不談，當我們展望 2026 年時，為了讓你們提前了解一下，我專注於盈利能力，確保我們能夠推出產品，確保我們的產品能夠引起愛好者的共鳴，這是首要任務。

But job 1.1 is ensuring that we optimize this business to get to the profitability regardless of that top line in 2026. So that's really where the focus is. Again, too early to guide, but you're getting kind of a sense of where I'm going to spend my time and energy.

但首要任務是確保我們優化這項業務，使其在 2026 年獲利，而不管營收如何。所以，這才是重點所在。現在下結論還為時過早，但你應該能大致了解我將把時間和精力投入哪些方面。

That's very helpful. Thanks very much. I'll hop back with you.

那很有幫助。非常感謝。我這就跟你一起回去。

Thank you.

謝謝。

Anna Glaessgen, B Riley.

安娜·格萊斯根，B·萊利。

Hey, good afternoon, guys. Sorry, thanks for taking my questions. I think you alluded to it in the prepared remarks talking about labour issues with a key OEM in SSG. We saw reports of an import ban on Giant hitting late in September. To what extent is that being contemplated in the 4Q guide down? Thanks.

嘿，各位下午好。不好意思，謝謝您回答我的問題。我認為你在事先準備好的發言稿中已經提到過這一點，當時你談到了與新加坡一家主要OEM廠商的勞工問題。我們看到有報導稱，Giant品牌的進口禁令將在9月下旬生效。第四季業績指引中對此考慮了多大程度？謝謝。

Yeah, I mean the labour issues continue to be a challenge for our OEM customers, some specifically that have been reported on. So it doesn't -- it's not a tailwind. It's a headwind. How much of a headwind, I think, is still fairly fluid.

是的，我的意思是，勞工問題仍然是我們OEM客戶面臨的挑戰，其中一些問題已經被報導過。所以並非如此——這不是順風。這是逆風。我認為，逆風的強度目前還不太確定。

We assume it's not going to be insignificant in Q4. I think those OEMs will work through it. However, as one of many extraneous events that causes challenges for that business on a near-term basis. So we'll keep working through it.

我們預計它在第四季度不會微不足道。我認為這些原始設備製造商會克服困難的。然而，這只是眾多外部事件之一，這些事件在短期內為該企業帶來了挑戰。所以我們會繼續努力解決這個問題。

The upside of all of it could be defined as -- you've seen the reports, Anna, from a lot of those companies who do report kind of what their industry, what their business is doing relative to the current macro and bike. Being flat year-on-year is predominantly a really strong positive when you look at kind of what everybody else is going through.

這一切的好處可以定義為——安娜，你已經看過很多公司的報告，這些公司會報告他們的行業、他們的業務相對於當前宏觀經濟和自行車行業的情況。考慮到其他公司目前的處境，同比持平絕對是一個非常積極的信號。

So while we don't expect significant growth this year or potentially even next year in bike, the fact that we can remain healthy relative to our product, I think, is what we have to focus on and ensuring that we just continue to optimize that business as best we can.

因此，雖然我們預計今年甚至明年自行車業務都不會有顯著成長，但我認為，保持相對於我們產品的健康發展才是我們應該關注的重點，並確保我們繼續盡最大努力優化這項業務。

Got it, thanks, and then turning to auto. One of the things on some of the OEM earnings calls a couple of weeks ago, the potential ramifications or tailwinds from listed environmental compliance rules. So potentially suggesting that some of the heavier hitters like Raptor, Tremor, et cetera, might have supply unlocked as they don't have to constrain them as much. Is there any way to think through the possible tailwind as volume is unlocked there?

明白了，謝謝，然後切換到自動模式。幾週前，一些汽車製造商的財報電話會議上討論的一個問題是，已公佈的環境合規規則可能帶來的影響或利多。所以這可能意味著像猛禽、震顫等一些重量級角色的供應可能已經解鎖，因為他們不必像以前那樣限制他們的供應。有沒有辦法考慮一下隨著交易量釋放而可能出現的順風效應？

I think the tailwind is what we've talked about in the past, which is the profitability for these vehicles in the premium sector of automotive tend to outrun the general pace of automotive typically. And so while we play in that space and continue to grow in that space, I think the unlock for us is significant, which is why we're so positive on PVG. The growth rate in Q3 was a significant step up for them. And while it's a little bit lumpy because we're defining and developing product for two, three, four years out. So it's not always incredibly completely linear.

我認為順風就是我們過去討論過的，那就是高端汽車市場的這些車輛的獲利能力通常會超過汽車產業的整體成長速度。因此，雖然我們在這個領域有所作為，並且繼續在這個領域發展，但我認為對我們來說，突破意義重大，這也是我們對 PVG 如此樂觀的原因。第三季的成長率對他們來說是一個顯著的提升。雖然目前還不太完善，因為我們正在為未來兩到三年甚至四年制定和開發產品計劃。所以它並不總是完全線性的。

In total is a good growth story for us. So I actually agree with you. I think those products tend to do better in a tough macro, and we're on the right products.

總體而言，這對我們來說是一個不錯的成長故事。所以，我其實同意你的觀點。我認為這些產品在營養攝取不足的情況下往往表現較好，而我們選用的產品也正合適。

Got it. And then just one more, if I could, kind of trying to tackle the macro question in a different way. In the past, you've talked about how the premium trucks within upfitting are selling a lot better than maybe in the $60,000 range. Is that still the case? And any more color you can provide on the various segments within the auto upfit business to understand the macro impact?

知道了。如果可以的話，我還想再補充一點，試著用不同的方式來解決宏觀問題。過去，你曾談過，改裝後的高端卡車比售價約 6 萬美元的卡車賣得好得多。現在情況仍然如此嗎？您能否進一步介紹一下汽車改裝產業的各個細分領域，以便更好地理解其宏觀影響？

If you deliver the right product, and again, a good example is AAG in Q3 that grew over 17%. If you deliver the right product at a more premium class than kind of the common meat and potatoes of that business, you'll win. And so the growth was a direct reflection of delivering the right product at the right price points, which are more premium than the average truck on a lot.

如果你提供合適的產品，那麼AAG在第三季成長超過17%就是一個很好的例子。如果你能提供比該行業普通產品更高端的優質產品，你就能成功。因此，成長直接反映了以合適的價格提供合適的產品，這些產品比停車場裡的普通卡車更高端。

Great, thanks guys.

太好了，謝謝各位。

Thanks, Anna.

謝謝你，安娜。

Thank you. At this time, I would like to turn the floor back over to Mike Dennison for any concluding remarks.

謝謝。此時，我想把發言權交還給麥克·丹尼森，讓他做總結性發言。

Thanks for the time today, and we look forward to talking to you soon.

感謝您今天抽出時間，我們期待盡快與您再次溝通。

This does conclude the Fox Factory Holding Corporation's third quarter 2025 earnings call. You may now disconnect your line and have a great day.

至此，Fox Factory Holding Corporation 2025 年第三季財報電話會議結束。現在您可以斷開線路了，祝您今天愉快。