Johnson Outdoors Inc (JOUT) 2025 Q2 法說會逐字稿

Hello everyone and welcome to the Johnson Outdoors second quarter 2025 earnings conference call. Today's call will be led by Helen Johnson-Leipold, Johnson Outdoor's Chairman and Chief Executive Officer. Also on the call is David Johnson, Vice President and Chief Financial Officer.

大家好，歡迎參加 Johnson Outdoors 2025 年第二季財報電話會議。今天的電話會議將由 Johnson Outdoor 董事長兼執行長 Helen Johnson-Leipold 主持。副總裁兼財務長戴維·約翰遜 (David Johnson) 也參加了電話會議。

(Operator Instructions)

（操作員指示）

I would now like to turn the call over to Pat Penman from Johnson Outdoors. Please go ahead, Ms. Penman.

現在我想將電話轉給 Johnson Outdoors 的 Pat Penman。請繼續，彭曼女士。

Thank you. Good morning and thank you for joining us for our discussion of Johnson Outdoor's results for the 2025 fiscal second quarter. If you need a copy of today's news release, it is available on our website at johnsonoutdoors.com under Investor Relations.

謝謝。早安，感謝您加入我們討論 Johnson Outdoor 2025 財年第二季的業績。如果您需要今天的新聞稿副本，可以在我們的網站 johnsonoutdoors.com 的「投資者關係」部分找到。

I also need to remind you that this conference call may contain forward-looking statements. These statements are made on the basis of our current views and assumptions and are not guarantees of future performance.

我還需要提醒您，本次電話會議可能包含前瞻性陳述。這些聲明是基於我們目前的觀點和假設做出的，並不能保證未來的表現。

Actual events may differ materially from those statements due to a number of factors, many beyond Johnson Outdoors control. These risks and uncertainties include those listed in our press release and filings with the Securities and Exchange Commission. If you have any questions following the call, please contact Dave Johnson or myself. It is now my pleasure to turn the call over to Helen Johnson.

由於多種因素，實際事件可能與這些陳述有重大差異，其中許多因素超出了 Johnson Outdoors 的控制範圍。這些風險和不確定性包括我們新聞稿和提交給美國證券交易委員會的文件中列出的風險和不確定性。如果您在通話後有任何問題，請聯絡 Dave Johnson 或我本人。現在我很高興將電話轉給海倫·約翰遜。

Good morning, everyone. Thank you for joining us. I'll begin by sharing perspective on our second quarter performance, as well as an update on the strategic priorities for our businesses.

大家早安。感謝您加入我們。我將首先分享我們第二季業績的看法，以及我們業務策略重點的最新情況。

They will review the financial highlights and then we'll take your questions. Our second quarter results reflect continued market challenges and a cautious retail and trade environment. Despite these results, there are pockets of good news with inroads we are making on our strategic priorities and the necessary changes we have been making for future growth.

他們將回顧財務亮點，然後我們將回答您的問題。我們第二季的業績反映了持續的市場挑戰和謹慎的零售和貿易環境。儘管取得了這些成績，但仍有一些好消息，我們在策略重點方面取得了進展，並且為未來成長做出了必要的改變。

We saw positive results from new products in our fishing and camping businesses, highlighting the critical importance of our ongoing investment in innovation. In fishing, our Humminbird brand launched new technology in the first quarter, MEGA Live 2 and XPLORE.

我們在釣魚和露營業務中看到了新產品的正面成果，凸顯了我們持續投資創新的重要性。在釣魚方面，我們的Humminbird品牌在第一季推出了新技術，MEGA Live 2和XPLORE。

In our second quarter, we started shipping those products and demand has been exceeding expectations. We are excited about this momentum as we continue to work hard to give anglers the best fishing experiences possible.

在第二季度，我們開始運送這些產品，並且需求超出了預期。我們對這一勢頭感到非常興奮，我們將繼續努力為釣魚者提供最佳的釣魚體驗。

That includes tournament fishing experiences. We're thrilled that Easton, Father Gil, Minn Kota, and Humminbird sponsored pro-bass angler using our equipment with the champion of this year's prestigious Bassmaster Classic tournaments.

其中包括比賽釣魚體驗。我們非常高興 Easton、Father Gil、Minn Kota 和 Humminbird 贊助職業鱸魚釣手使用我們的設備，並成為今年著名的 Bassmaster Classic 錦標賽的冠軍。

In our camping and watercraft business, our Jetboil brand launched the next level of fast boil systems with features building on the lightning fast boil times and fuel efficiencies that the brand is known for. There is enthusiasm among both retailers and consumers for these new products and orders are outpacing expectations.

在我們的露營和船舶業務中，我們的 Jetboil 品牌推出了新一代快速煮沸系統，其特點是基於該品牌聞名的閃電般的快速煮沸時間和燃油效率。零售商和消費者對這些新產品都充滿熱情，訂單量超乎預期。

Our Old Town brand continues to be a strong leader in a very depressed market. During the second quarter, Old Town launched five new watercraft editions. This significant launch, which extends our popular sportsman line as well as gets us into new recreational categories with our ocean line.

在非常低迷的市場中，我們的 Old Town 品牌繼續保持強勁領先地位。第二季度，Old Town 推出了五款新船版。這次發布具有重大意義，它擴展了我們廣受歡迎的運動員系列，同時使我們的海洋系列進入了新的休閒類別。

These new additions are equipped with pedal or electric propulsion aimed at giving the best experiences possible on the water for recreational enthusiasts and avid anglers.

這些新設備配備了踏板或電力推進器，旨在為休閒愛好者和狂熱釣魚者提供最佳的水上體驗。

And I'm excited to share another win from this year's best Master Classic, old-time sponsored kayak angler, Wyatt Hammon won the tournament using a sportsman autopilot kayak equipped with both a Minn Kota motor and Humminbird MEGA Live technology.

我很高興與大家分享今年最佳大師經典賽的另一場勝利，老牌贊助皮划艇垂釣者 Wyatt Hammon 使用配備 Minn Kota 發動機和 Humminbird MEGA Live 技術的運動型自動駕駛皮划艇贏得了比賽。

Our diving business continues to face challenging marketplace, very impacted by global economic uncertainties and consumer travel. And we continue to look for ways to drive more operational efficiencies in that business.

我們的潛水業務持續面臨充滿挑戰的市場，受到全球經濟不確定性和消費者旅遊的嚴重影響。我們將繼續尋找方法來提高該業務的營運效率。

As I shared last quarter, we have purchased a company that has been a longtime supplier for our Scubapro brand. And it's both the catalyst for future Scubapro innovation and a vertical integration that gives us more efficiency and allows us to accelerate our efforts in simplifying this business.

正如我上個季度所分享的，我們收購了一家長期作為我們 Scubapro 品牌供應商的公司。它既是未來 Scubapro 創新的催化劑，也是垂直整合，可以提高我們的效率，並使我們能夠加快簡化業務的努力。

Finally, regarding tariffs, they will impact our business, despite the fact that we are an American company with US-based manufacturing and operations.

最後，關於關稅，儘管我們是一家在美國進行製造和營運的美國公司，但它仍會影響我們的業務。

Although the current environment remains dynamic, we are focused on multiple strategies to mitigate the potential impact on our business. That includes adjusting our supply chain strategy, looking for operational efficiencies, and considering potential adjustments to our pricing strategy.

儘管當前環境依然動態，但我們仍專注於多種策略來減輕對我們業務的潛在影響。這包括調整我們的供應鏈策略、尋求營運效率以及考慮對我們的定價策略進行潛在的調整。

We are also prioritizing our efforts to focus on products that have the most value for our consumers. While tariff situation continues to evolve, and we -- while we get more clarity, we will identify additional solutions that address the changing environment.

我們也將重點放在對消費者最有價值的產品上。隨著關稅情勢的不斷變化，我們也將獲得更清晰的認識，並找到其他應對不斷變化的環境的解決方案。

As we navigate current and future challenges, our debt-free balance sheet and cash position will help us to remain resilient. And we will continue to invest and execute on our strategic priorities, innovation, operational efficiency, and e-commerce.

當我們應對當前和未來的挑戰時，我們的無債務資產負債表和現金狀況將幫助我們保持韌性。我們將繼續投資並執行我們的策略重點、創新、營運效率和電子商務。

We are confident these are the right things to position us for future healthy profitable growth. Now, I'll turn the call over to Dave for more details on the financials.

我們相信，這些都是正確的做法，有助於我們實現未來健康的獲利成長。現在，我將把電話轉給戴夫，以了解更多有關財務狀況的詳細資訊。

Thank you, Helen. Good morning, everyone. Gross margin in the second quarter was 35%, up slightly from last year's quarter. Our cost savings efforts have helped shore up our gross margin despite continued pricing discounting in the marketplace.

謝謝你，海倫。大家早安。第二季毛利率為35%，較去年同期略有上升。儘管市場價格持續折扣，但我們的成本節約努力幫助提高了我們的毛利率。

Operating expenses decrease $7.7 million versus the prior year second quarter, and excluding the $3.4 million decrease from the deferred compensation plan valuation, expenses are down $4.3 million.

營運費用與去年同期第二季相比減少了 770 萬美元，除去遞延薪酬計畫估值減少的 340 萬美元，費用減少了 430 萬美元。

Lower volume related expenses and decreased promotion expenses contributed to that decline. Inventory levels continued to show good progress. Our inventory balance as of March was $180 million down about $69 million from last year's second quarter and was down from our fiscal year end.

與銷售相關的費用減少和促銷費用減少導致了這一下降。庫存水準持續呈現良好進展。截至 3 月份，我們的庫存餘額為 1.8 億美元，比去年第二季減少了約 6,900 萬美元，並且比我們的財政年度末有所下降。

We'll remain diligent in managing our inventories given the uncertain macro environment. Our cost savings program remains critical in this environment, and we're committed to driving optimal product cost and enhancing operating efficiency across the company.

鑑於不確定的宏觀環境，我們將繼續努力管理庫存。在這種環境下，我們的成本節約計畫仍然至關重要，我們致力於推動最佳產品成本並提高整個公司的營運效率。

Finally, I want to reiterate what Helen said. Our balance sheet remains debt-free and we have a solid cash position, both of which provide a competitive advantage in uncertain times, remain confident in our ability and plans to create long-term value for shareholders.

最後，我想重申一下海倫所說的話。我們的資產負債表仍然沒有債務，我們擁有穩固的現金狀況，這兩者都在不確定的時期提供了競爭優勢，我們對我們的能力和為股東創造長期價值的計劃仍然充滿信心。

Now I'll turn the call over to the operator for the Q&A session.

現在我將把電話轉給接線員進行問答環節。

(Operator Instructions)

（操作員指示）

Anthony Lebiedzinski, Sidoti.

安東尼·萊比津斯基，西多蒂。

Thank you and good morning, everyone. And yeah, thanks for taking the questions. So, it's really great to see the progress with the inventory reductions and great to hear also about the success of the new products.

謝謝大家，早安。是的，感謝您回答這些問題。因此，看到庫存減少的進展以及聽到新產品的成功真是太好了。

So, I guess, first, how does the pipeline look like for new products without you guys sharing too much of the secret sauce? But the -- just wondering how do we think about the new product introductions in the upcoming quarters?

所以，我想，首先，如果你們不分享太多秘密，那麼新產品的管道是什麼樣的呢？但是——只是想知道我們如何看待未來幾季推出的新產品？

Well, we launched for this season and we have launched the new products for both, fishing and camping and so far, they're beating expectations. So we feel good about that. Watercraft has also launched a significant line of new products which, we are hoping to see those results be positive as well.

嗯，我們針對這個季節推出了用於釣魚和露營的新產品，到目前為止，它們超出了預期。因此我們對此感到很高興。Watercraft 也推出了一系列重要的新產品，我們希望看到這些產品也能達到正面的成果。

So we keep pushing on innovation, and we're -- that's one of our strategic priorities. Right now, we're working on the longer-term innovation that will hopefully continue into next year's hope. I -- we've always said innovation breaks through a tough market, so that's always a priority for us.

因此，我們不斷推動創新，這是我們的策略重點之一。目前，我們正在致力於長期創新，希望能延續到明年。我——我們一直說創新可以突破艱難的市場，所以這始終是我們的首要任務。

Understood. Okay, thank you. So given what's happening here in the world as far as to just dealing with the tariffs and consumer confidence, kind of where it is, just that -- understanding that you guys have a seasonal business.

明白了。好的，謝謝。因此，考慮到目前世界上發生的有關關稅和消費者信心的問題，我們了解到你們的業務是季節性的。

But just wondering if you guys could talk about the trends during the quarter whether there were big changes from January to March and like maybe, if you look at it on a year-to-year basis, I know for the quarter your sales were down about 4%. But, did you just wondering if there was significant changes variability for on a year-over-year basis as you progress to the quarter, given what's happening out there?

但我只是想知道你們是否可以談談本季的趨勢，從一月到三月是否有很大的變化，如果以同比來看，我知道本季你們的銷售額下降了約 4%。但是，考慮到目前的情況，您是否想知道，隨著進入本季度，與去年同期相比是否出現了顯著的變化？

You know, Dave, you can pipe into, but I would say it's been pretty consistent of a tough environment and it's both from the consumer sentiment and from the retailer hesitation, can you hear me, Anthony?

你知道，戴夫，你可以插話，但我想說的是，這一直是一個非常艱難的環境，這既來自消費者情緒，也來自零售商的猶豫，你能聽到我說話嗎，安東尼？

Yes.

是的。

Sorry, Anthony. I think we had a little technical problem, but your question was on trends this year versus what we've seen versus last year. All I can say, it's still from a market standpoint, it's tough but we do have new products that we are launching that we didn't have last year. So again, we're hoping that those will deliver some positive results during the rest of the season.

對不起，安東尼。我認為我們遇到了一些技術問題，但您的問題是關於今年的趨勢與去年相比的情況。我只能說，從市場角度來看，這仍然很艱難，但我們確實推出了去年沒有的新產品。因此，我們再次希望這些能夠在本賽季剩餘時間內帶來一些積極的結果。

Understood. Okay. Yeah. Thanks, Helen. Okay. And then, just wondering, so since the new tariffs were announced on April 2, obviously, there's been some back and forth, some changes. Just wondering if you've seen any notable change since then in terms of your ordering patterns from retailers, what's been the response, curious to get your at least high level thoughts on that?

明白了。好的。是的。謝謝，海倫。好的。然後，我只是想知道，自 4 月 2 日宣布新關稅以來，顯然出現了一些反覆和變化。只是想知道從那時起，您是否看到零售商的訂購模式發生了任何顯著變化，反應如何，好奇地想知道您對此至少是高層次的想法？

Yeah, I mean -- it's still early for us in terms of retailer reaction. I'd say, I mean, we came in with the quarter with a good plan in place and I think the reaction will be the rest of the year. So we haven't seen initially a big pullback from retailers. But as Helen alluded to, I think the marketplace is going to be challenged for the balance of the season.

是的，我的意思是——就零售商的反應而言，現在對我們來說還為時過早。我想說的是，我們在本季制定了一個很好的計劃，我認為其反應將在今年剩餘時間內顯現。因此，我們最初並未看到零售商大幅撤退。但正如海倫所提到的那樣，我認為市場將在本季的平衡中面臨挑戰。

Thanks, Dave. And then, so just thinking about the impact of tariffs, so just maybe, first, if you could address how much you guys have exposure to China, which is getting hit the hardest in terms of the tariff rates?

謝謝，戴夫。然後，僅僅考慮關稅的影響，那麼也許，首先，你能不能談談你們對中國的依賴程度如何？哪個國家在關稅稅率上受到的打擊最嚴重？

And then, you just had to -- how do we think about like the response from you whether I know you guys talked about potential pricing actions, so it's not -- those have not yet been implemented, but just maybe walk us through, your China and other countries' exposure? Just rough estimates and then, how do you respond to that and just would love to hear your thoughts on that?

然後，你只需要 - 我們如何看待你的回應，我是否知道你們談到了潛在的定價行動，所以這不是 - 這些尚未實施，但也許可以向我們介紹一下你們在中國和其他國家的風險敞口？只是粗略的估計，然後，您對此作何反應？只是想聽聽您的想法？

Sure, I mean, as we manufacture and assemble almost all of our products in the United States, which is great. I mean it's -- we're very proud of that, but we do import a fair amount of product from China like electronic components and other raw materials from China and Southeast Asia.

當然，我的意思是，我們幾乎所有的產品都在美國製造和組裝，這很好。我的意思是——我們對此感到非常自豪，但我們確實從中國進口了相當數量的產品，例如來自中國和東南亞的電子元件和其他原材料。

So we do have exposure. I mean it's real, it's there -- so we are now working. We've been working on a few months on mitigation strategies, and we talked about that already. So you know, everything's on the table for us we're looking at supply chain, getting more efficiencies, pricing where it makes sense, everything is on the table for us to mitigate and we're very focused on that.

所以我們確實有曝光率。我的意思是它是真實的，它就在那裡——所以我們現在正在努力。我們已經研究了幾個月的緩解策略，並且已經討論過這個問題了。所以你知道，我們正在考慮所有的事情，我們正在研究供應鏈，提高效率，合理定價，所有的事情都擺在桌面上等待我們去緩解，我們非常關注這一點。

Thanks, Dave. Okay. And then, just following up, as far as, the quarter that you reported. So part of the gross margin puts and takes, where the -- I guess on the negative side, the discounting on the positive side of the cost savings program.

謝謝，戴夫。好的。然後，就您報告的季度而言，繼續跟進。因此，我猜毛利率的一部分是投入和收益，從消極方面來說，這是成本節約計劃積極方面的折扣。

So yeah, can you provide any more details as to how much you suffer from those things? The mag -- just wanted to understand the magnitude of that, especially this cost savings program and whether, there's still more to be realized from the cost savings as we look towards the key summer months here.

那麼，您能否提供更多細節來說明您因這些事情遭受了多大的痛苦？雜誌——只是想了解這件事的規模，特別是這個成本節約計劃，以及在我們展望關鍵的夏季時，是否還能從成本節約中實現更多目標。

Yeah, I think I said before that we were looking at cost savings between 1 and 2 points of benefit for us as we came into this year and that's consistent with the quarter. So and that helped offset some discounting that we did in in the quarter, kind of across the board there.

是的，我想我之前說過，我們預計今年的成本節約將為我們帶來 1 到 2 個點的收益，這與本季的情況一致。因此，這有助於抵消我們在本季度進行的一些全面折扣。

So that's kind of the magnitude we're looking at and then importantly we're looking at expanding that cost savings, so that's it's a critical piece of what we're trying to do going forward.

這就是我們正在考慮的規模，更重要的是，我們正在考慮擴大成本節約，這是我們未來努力的關鍵部分。

Gotcha. Okay. So, do you think it could be more than that 1 to 2 points of gross margin when you're done with this cost savings program?

明白了。好的。那麼，您是否認為完成這項成本節約計畫後，毛利率可能會超過 1 到 2 個百分點？

Well, the savings program is going to -- it's a medium term and longer term program, so I can't give you any guidance more than what I've already said, but yeah, we hope to get more.

嗯，儲蓄計劃將——這是一個中期和長期計劃，所以我不能給你任何超出我已經說過的指導，但是是的，我們希望獲得更多。

Understood. Okay. Okay. And then lastly for me, it looks like the tax rate in the quarter was unusually high. Can you comment on what happened there and what is your outlook for the fiscal year?

明白了。好的。好的。最後，對我來說，本季的稅率似乎異常高。您能否評論一下那裡發生的事情？您對本財年的展望是什麼？

Yeah, I mean there's a couple of things happening. One is -- we've got income and expense in different jurisdictions and when you kind of get down to a smaller number, the rate kind of looks wonky.

是的，我的意思是發生了幾件事。一是——我們在不同的司法管轄區都有收入和支出，當你把數字縮小到較小值時，利率看起來就有點不穩定。

But we also had an accrual from some tax audits in Europe that we took in the quarter that affected that quarterly tax rate. So that's kind of a one-time, one-off thing. It's given what's happening with everything in the macro environment, I even hesitate to tell what's what the full year is going to look like, but we're -- we'll be managing pretty carefully.

但本季我們在歐洲進行的一些稅務審計也影響了季度稅率。所以這是一種一次性的事情。考慮到宏觀環境中發生的一切，我什至不敢預測全年的情況會是什麼樣子，但我們會非常謹慎地管理。

Understood. Okay. Well, thank you very much and best of luck, dealing with this crazy world here.

明白了。好的。好吧，非常感謝你，祝你好運，應對這個瘋狂的世界。

Thanks, Anthony.

謝謝，安東尼。

Thank you. I'm showing no further questions at this time. I'd like to turn it back to Helen Johnson-Leipold for closing remarks.

謝謝。我目前沒有其他問題。我想請海倫·約翰遜·萊波爾德 (Helen Johnson-Leipold) 做最後發言。

Thank you for joining us today. And I hope everyone has a very good day. Thank you.

感謝您今天加入我們。我希望大家度過愉快的一天。謝謝。

This concludes today's conference call. Thank you for participating and you may now disconnect.

今天的電話會議到此結束。感謝您的參與，您現在可以斷開連接。