Johnson Outdoors Inc (JOUT) 2025 Q4 法說會逐字稿

Hello everyone and welcome to the Johnson Outdoors fourth quarter 2025 earnings conference call.

大家好，歡迎參加 Johnson Outdoors 2025 年第四季財報電話會議。

Today's call will be led by Helen Johnson-Leipold, Johnson Outdoors Chairman and Chief Executive Officer. Also on the call is David Johnson, Chief Financial Officer. (Operator Instructions) This call is being recorded.

今天的電話會議將由Johnson Outdoors董事長兼執行長Helen Johnson-Leipold主持。財務長David Johnson也將參加會議。 （操作說明）本次電話會議正在錄音。

Your participation implies consent to our recording this call. If you do not agree to these terms, simply drop off the call. I would now like to turn the call over to Pat Penman from Johnson Outdoors. Please go ahead, Miss Penman.

您的參與即表示您同意我們錄製本次通話。如果您不同意這些條款，請直接掛斷電話。現在我將把電話轉接給 Johnson Outdoors 的 Pat Penman。請繼續，彭曼小姐。

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

早安，感謝各位參加我們關於 Johnson Outdoors 2025 財年第四季業績的討論。如果您需要今天新聞稿的副本，請訪問我們的網站 johnsonoutdoors.com，在「投資者關係」欄位下查看。

I also need to remind you that this conference 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. Actual events may differ materially from those statements due to a number of factors, many beyond Johnson Outdoor's control. These risks and uncertainties include those listed in our press release and filings with the Securities and Exchange Commission. If you have additional questions following the call, please contact Dave Johnson or myself. It is now my pleasure to turn the call over to Helen Johnson Leop.

我還需要提醒各位，本次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而作出的，並不能保證未來的績效。由於許多因素（其中許​​多因素超出 Johnson Outdoor 的控制範圍），實際情況可能與這些聲明有重大差異。這些風險和不確定性包括我們在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。通話結束後，如果您還有其他問題，請聯絡戴夫約翰遜或我本人。現在我很高興將電話轉交給海倫·約翰遜·利奧普。

Thanks, Pat. Good morning, everyone. Thank you for joining us. I'll begin by sharing perspective on our fiscal 2025 performance as well as an update on the strategic priorities for our businesses.

謝謝你，帕特。各位早安。感謝各位的參與。首先，我將分享我對我們 2025 財年業績的看法，以及我們業務策略重點的最新進展。

Dave will review the financial highlights and then we'll take your questions.

Dave 將回顧財務要點，然後我們將回答您的問題。

After a slow start to the beginning of the year, new product successes drove double-digit growth in the second half of the year, resulting in a solid finish to fiscal 2025. Total company sales for the full fiscal year were flat compared to the prior year. Although we still have a lot of work to do to get our profitability where it needs to be. Our operating loss of $16.2 million improved compared to fiscal 2024.

年初開局緩慢，但新產品的成功推動了下半年兩位數的成長，最終為 2025 財年畫上了圓滿的句號。本財年公司總銷售額與上年持平。儘管我們仍需付出諸多努力才能使獲利能力達到預期水準。與 2024 財年相比，我們的營業虧損減少了 1,620 萬美元。

While the marketplace is still uncertain, we feel good about the momentum we're seeing and the execution of our plans to accelerate the growth of our business and brands.

儘管市場仍不明朗，但我們對目前的發展動能以及加速業務和品牌成長的計畫執行感到滿意。

In fishing, demand exceeded expectations for Hummingbird's new explore Series and Megalife 2 fish finders. In addition to explore winning Best in category marine electronics honors at ICA this summer, we were also honored to recently receive the Angler's Choice Award. This is a meaningful award because consumers themselves directly vote for their favorite new fishing product.

在釣魚領域，Hummingbird 的新 Explore 系列和 Megalife 2 探魚器的需求超出了預期。除了今年夏天在 ICA 展會上角逐最佳海洋電子產品獎之外，我們最近還榮幸地獲得了釣魚者選擇獎。這是一個很有意義的獎項，因為消費者可以直接投票選出他們最喜歡的新釣具產品。

As always, we're focused on finding out what anglers want and need, and then turning those insights into cutting edge techno technology to give them the best fishing experiences possible.

和以往一樣，我們專注於了解釣客想要什麼、需要什麼，然後將這些見解轉化為尖端技術，為他們提供最佳的釣魚體驗。

We will continue to invest in being an innovation leader to drive future growth.

我們將繼續加大投入，成為創新領域的領導者，以推動未來的成長。

In our camping and watercraft business, sales declined for fiscal 2025, driven primarily by the closeout of eureka inventory in 2024 after we exited that brand. In excluding the impact of eureka sales in the prior year, this segment grew by 2%. Demand for Jetboil's new fast boil cooking systems continued to outpace expectations. And Old Town's fishing kayak line is doing well in a waterfront marketplace that overall is still struggling.

在我們的露營和水上運動業務中，2025 財年的銷售額有所下降，這主要是由於我們在 2024 年退出 Eureka 品牌後，Eureka 庫存的清倉處理所致。排除上一年 Eureka 銷售額的影響，該業務部門成長了 2%。Jetboil 的新型快速煮沸烹飪系統的需求持續超出預期。舊城區的釣魚獨木舟產品線在整體仍不景氣的濱水市場中表現良好。

Both Old Town and Jet Oil remain strong leaders in their markets, and we are committed to the long-term opportunity in these two brands. In diving, sales were up for the fiscal year due to modest improvements in certain regional markets. While we continue to work on integrating the acquisition of a longtime supplier during the fiscal year, we also focused our efforts on innovation. Recently, Scuba Pro launched the new Hydros Pro 2, a buoyancy control device built for ultimate performance in all dive conditions. Hydros Pro 2 builds on the award-winning legacy of our original Hydros Pro, and we've seen great reception so far, with lots of enthusias enthusiasm at DEMA, the world's largest scuba diving trade show. We look forward to shipping Hydrose Pro 2 beginning this month.

Old Town 和 Jet Oil 仍然是各自市場上的領導品牌，我們致力於這兩個品牌的長期發展機會。由於某些地區市場略有改善，潛水用品的銷售額在本財年有所成長。在本財年，我們一邊繼續努力整合對長期供應商的收購，一邊也將精力集中在創新上。最近，Scuba Pro 推出了新款 Hydros Pro 2，這是一款浮力控制裝置，旨在為所有潛水條件提供極致性能。Hydros Pro 2 延續了我們屢獲殊榮的初代 Hydros Pro 的優良傳統，到目前為止，我們已經看到了良好的反響，在世界最大的水肺潛水貿易展 DEMA 上，更是獲得了極大的熱情。我們期待從本月開始出貨 Hydrose Pro 2。

Along with diving, innovation, and all business segments, we focused on strengthening our digital and e-commerce capabilities. Our goal is simple, make our products easy to find wherever consumers choose to shop.

除了潛水、創新和所有業務部門之外，我們還專注於加強我們的數位化和電子商務能力。我們的目標很簡單，就是讓消費者無論在哪裡購物都能輕鬆找到我們的產品。

The landscape keeps changing, but our efforts to expand our digital footprint are already fueling growth, and we're excited about the progress. Digital and e-commerce continue to be an area of opportunity, and we're committed to building on that momentum.

雖然情況不斷變化，但我們為擴大數位化影響力所做的努力已經推動了成長，我們對取得的進展感到興奮。數位和電子商務仍然是一個充滿機會的領域，我們將致力於鞏固這一發展勢頭。

Finally, our cost savings program remains a priority companywide, and we continue to work on driving optimal product costs and enhancing operating efficiencies.

最後，成本節約計畫仍然是公司上下的優先事項，我們將繼續努力實現最佳產品成本和提高營運效率。

Cost savings will continue to be a key priority in fiscal 2026. Overall, we're pleased with the solid finish to our fiscal year. While it's still too early to tell if the outdoor recreation marketplace has turned the corner, we do expect global macroeconomic challenges to continue to drive uncertainties, and our strategic priorities remain more important than ever.

節約成本仍將是 2026 財年的首要任務。整體而言，我們對本財年的圓滿收場感到滿意。雖然現在判斷戶外休閒市場是否已經走出困境還為時過早，但我們預計全球宏觀經濟挑戰將繼續帶來不確定性，而我們的策略重點也比以往任何時候都更加重要。

Heading into fiscal 2026, we feel confident that our ongoing investment in the consumer-driven innovation and digital and e-commerce excellence, along with our continued hard work on operational efficiencies, are the right drivers to position Johnson outdoors for future success.

展望 2026 財年，我們相信，我們對以消費者為導向的創新、數位化和電子商務卓越性的持續投資，以及我們在營運效率方面的持續努力，將是正確的驅動力，使 Johnson 戶外用品在未來取得成功。

Now I'll turn the call over to Dave for more details on finances.

現在我將把電話交給戴夫，讓他詳細介紹財務方面的情況。

Thank you Helen good morning everyone.

謝謝海倫，大家早安。

Loss before income taxes for 2025 was $9.3 million compared to a pre-tax loss of $29.9 million in fiscal 2024.

2025 年稅前虧損為 930 萬美元，而 2024 財年稅前虧損為 2,990 萬美元。

With the improvement mainly due to the $11.2 million dollar write-off of goodwill in the prior year, as well as an increase in gross margin and decrease in operating expenses versus the prior year.

業績改善主要歸功於上一年1,120萬美元的商譽減值，以及毛利率上升和營運費用下降。

In fiscal 2025, we saw a tax expense of $25 million compared to a tax benefit of $3.3 million in the prior year.

2025 財年，我們的稅收支出為 2,500 萬美元，而前一年則有 330 萬美元的稅收收益。

The current year expense was driven by a $25.9 million non-cash reserve on US deferred tax assets.

本年度支出主要來自美國遞延所得稅資產的 2,590 萬美元非現金儲備。

This reserve reflects the company's assessment of the realizability of those assets in light of recent operating losses, and may be released in future periods when profitability improves.

此儲備金反映了公司根據近期經營虧損情況對這些資產變現能力的評估，並可能在未來獲利能力改善時釋放。

Gross margin for the fiscal '25 improved to 35.1%, up 1.2 points from the prior year.

2025 財年毛利率提高至 35.1%，較上年增長 1.2 個百分點。

We're pleased with our progress on cost savings initiatives which offset increases in material costs.

我們對成本節約措施的進展感到滿意，這些措施抵消了材料成本的上漲。

Overhead absorption from higher volumes and reduced inventory reserves added to the improvement in gross margin.

銷售增加帶來的間接費用分攤以及庫存儲備減少，都促進了毛利率的增加。

Operating expenses decreased by 8% or $20.2 million from the prior fiscal year. Key drivers of the expense change were the write-off of the goodwill of the prior year, a decrease in promotional spending versus the prior year period, and lower deferred compensation costs between years.

營運費用比上一財年減少了 8%，即 2,020 萬美元。費用變動的主要驅動因素是上一年商譽的註銷、促銷支出較上年同期減少、遞延薪酬成本的降低。

For the 3rd year in a row, we were able to drive positive cash flow from operations. We continued to make progress on our inventory levels in fiscal 2025, which was one of the drivers of positive cash flow.

我們連續第三年實現了經營活動所產生的正現金流。我們在 2025 財年持續改善庫存水平，這是實現正現金流的驅動因素之一。

Our inventory balance was at the end of the year was $170.7 million down about $39 million from fiscal '24.

年末庫存餘額為 1.707 億美元，比 2024 財年減少了約 3,900 萬美元。

Regarding tariffs, we've made progress on our mitigation strategies and we'll continue to make adjustments as the tariff situation evolves. Our balance sheet remains debt-free. We have a healthy cash position and we remain confident in our ability and plans to create long-term value for shareholders.

關於關稅問題，我們在緩解策略方面取得了進展，並將隨著關稅狀況的變化繼續做出調整。我們的資產負債表上仍然沒有債務。我們擁有健康的現金狀況，我們對自身能力和計劃為股東創造長期價值充滿信心。

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

現在，我將把電話轉交給接線員進行問答環節。

(Operator Instructions) Anthony Lebiedzinski, Sidoti.

（操作說明）Anthony Lebiedzinski，Sidoti。

Good morning everyone and thank you for taking the questions. Certainly, great to see the strong year over year sales gain in the fourth quarter along with the gross margin improvements.

各位早安，感謝你們回答問題。當然，很高興看到第四季銷售額年增強勁，毛利率也有所提高。

So as we think about the fourth quarter revenue gain, correct me if I'm wrong, but I think it was mostly volume driven. Just wondering if you have seen this momentum continue into early fiscal '26.

所以，當我們思考第四季營收成長時，如果我理解有誤請指正，但我認為這主要是銷售成長帶來的。想知道您是否看到這種勢頭延續到了 2026 財年初期。

Well, we were really excited about what happened in the 3rd and 4th quarter, and it, we just, every month things grew.

嗯，我們對第三季和第四季的業績感到非常興奮，每個月業績都在成長。

And the markets looked better than they have and, we don't give too much forward-looking statements, but I would say, so far, at least it's just very early in the year, but there's the market momentum is continuing as far as we can see, but there's no, we're not ready to say the market has turned a corner. This is our selling period, and, we, time will tell, but the season, hopefully it will be a very good season. So right now, knock on wood, things look pretty good.

市場看起來比現在好，我們不會做出太多前瞻性的聲明，但我想說，至少目前來看，市場動能仍在持續，但我們還不認為市場已經出現轉機。這是我們的銷售旺季，至於銷售情況如何，時間會證明一切，但希望這個銷售季會非常好。所以現在，但願如此，情況看起來還不錯。

That that's great to hear. Okay, so sounds like you are seeing some green shoots, I guess, I know you've put in a lot of focus on product innovation, and I know you highlighted a few products, that did very well for you. Just wondering about the.

聽到這個消息真是太好了。好的，聽起來你好像看到了一些好轉的跡象，我知道你非常注重產品創新，也知道你重點介紹了一些非常成功的產品。只是好奇而已。

Pipeline, coming up for 26, I know you don't want to share specifics, so give it competitive reasons, but anything you can just talk at a high level as far as, a new product, pipeline for next year. Well.

關於 26 號即將推出的產品線，我知道你不想透露具體細節，所以請給出一些競爭方面的理由，但你可以大致談談新產品、明年的產品線之類的。出色地。

We did, yeah, diving, we talked about, our new, buoyancy compensator and we've still got momentum in fishing from, the launches that we.

是的，我們進行了潛水，我們討論了我們的新型浮力補償器，而且我們仍然保持著從我們的發射裝置進行捕魚的勢頭。

Had this past year, and, Launches are over more than one year. So we feel good about the momentum. We're focused on building the pipeline across every business, and again, and Jefffoil had positive results for their innovation and that will continue into this season. So, innovation is our key priority and we will always focus on that, and it's critical during the time when it's so competitive out there and consumers are a little bit price sensitive. It's all about innovation. So that is a key focus and we feel good about that. It's one of our key priorities.

過去一年都是如此，而且產品發布週期超過一年。所以我們對目前的勢頭感到樂觀。我們專注於建立各個業務的管道，而且，Jefffoil 的創新取得了積極的成果，這種情況將在本季度繼續下去。因此，創新是我們的首要任務，我們將始終專注於此，這在競爭如此激烈、消費者對價格比較敏感的當下尤其重要。一切都與創新有關。所以這是我們關注的重點，我們對此感到滿意。這是我們的首要任務之一。

Got you. Okay, yeah, thanks for that. And then, as it relates to the tariffs, I know, Dave, you touched on this a little bit, but, I think you guys did take some pricing actions a little bit, in July, I think more so in October. If you could just comment on the extent of that and what's been the reception from, the retail partners that you work with.

抓到你了。好的，謝謝。至於關稅方面，我知道戴夫，你剛才稍微提到了這一點，但我認為你們在7月份採取了一些價格措施，10月份的措施更多一些。您能否就此的程度以及與您合作的零售夥伴的回饋發表一下看法？

Yeah, we did take pricing, where it made sense. We were very strategic about what we wanted to do there, and so far it's been okay. I mean, the retailers understand our trade partners understand it hasn't affected, the business right now, and as hell alluded to, we're preseason right now, so, it will be up to the consumer, when those to the shelves and make their decisions, but so far so good.

是的，我們確實考慮過定價，只要合理的話。我們當時對在那裡要做的事情進行了非常周密的規劃，到目前為止一切都還不錯。我的意思是，零售商們明白，我們的貿易夥伴也明白，這目前還沒有影響到業務，而且正如前面提到的，我們現在正處於季前賽階段，所以，最終將取決於消費者何時把商品擺上貨架並做出決定，但到目前為止一切順利。

Okay, that, that's good to hear. And then, with the work that you've done on improving your operational efficiencies and enhancing your manufacturing processes, is there a way you can perhaps put a number on that in terms of, how much it helps your gross margin, and do you think there are more opportunities to further expand on that?

好的，聽到這個消息就太好了。那麼，鑑於您在提高營運效率和改善生產流程方面所做的工作，您能否量化一下這些工作對您的毛利率有多大幫助？您認為是否還有更多機會進一步拓展這方面？

Yeah, I mean, we felt really good about the progress we made this year and it was over a point of gross margin that we drove to the bottom line, through the efforts, and we've got a full portfolio of cost savings initiatives going into fiscal 26, so we're going to continue the efforts, it's across the board, and, that will be critical again to. Help manage the tariff situation and help manage the competitive environment.

是的，我的意思是，我們對今年取得的進展感到非常滿意，透過努力，我們提高了毛利率，最終實現了淨利潤的成長。在2026財年，我們推出了一整套成本節約計劃，所以我們將繼續努力，這涵蓋各個方面，而且這一點將再次至關重要。協助管理關稅情勢和競爭環境。

Got you. Got it. Alright. And then, I guess lastly for me, I know the, tax rate was impacted by the deferred tax, evaluation, but the just kind of going forward here, how do we think about the effective tax rate for fiscal '26?

抓到你了。知道了。好吧。最後，我知道稅率受到了遞延稅款評估的影響，但展望未來，我們該如何看待 2026 財年的實際稅率？

Yeah I mean with the reserve in place, we would expect the tax rate going forward to be normal, in a more normal range, so mid to high 20s something like that so yeah that's going forward we would expect that.

是的，我的意思是，有了儲備金，我們預計未來的稅率將恢復正常，處於更正常的範圍內，例如20%到25%左右，所以是的，這就是我們未來的預期。

Got it, understood. Well, thank you very much and the best of luck and happy holidays to all.

明白了。非常感謝，祝大家一切順利，節日快樂。

Same to you. Thank you.

也祝你一切順利。謝謝。

At this time, I would now like to turn the conference back over to Helen Johnson Leopold for closing remarks.

現在，我謹將會議交還給海倫·約翰遜·利奧波德，請她致閉幕詞。

Thank you for joining us today and I hope everybody has a happy holiday season. Have a good day.

感謝各位今天收看，祝大家節日快樂！祝您有美好的一天！

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

今天的電話會議到此結束。感謝各位的參與。您現在可以斷開連線了。