Outdoor Holding Company (POWW) 2026 Q4 法說會逐字稿

Good morning, and welcome to the Outdoor Holding Company's fourth quarter FY 2026 earnings call. (Operator Instructions) As a reminder, this conference call is being recorded.

早安，歡迎參加 Outdoor Holding Company 2026 財政年度第四季財報電話會議。(接線員指示) 提醒各位，本次電話會議將被錄音。

I would now like to turn the call over to the company's Investor Relations representative, Michael Bacal. Thank you. Please go ahead.

現在我想把電話會議交給公司投資人關係代表 Michael Bacal。謝謝。請開始。

Good morning, and thank you for participating in today's conference call. Joining me from Outdoor Holding Company's leadership team are Steve Urvan, Chairman and Chief Executive Officer; Paul Kosowski, Chief Financial Officer; and Jordan Christensen, Chief Legal Officer and Corporate Secretary.

早安，感謝各位參與今天的電話會議。與我一同出席的 Outdoor Holding Company 管理團隊成員包括：董事長兼執行長 Steve Urvan；財務長 Paul Kosowski；以及法務長兼公司秘書 Jordan Christensen。

During this call, management will be making forward-looking statements within the meaning of the federal securities laws, including statements that address Outdoor Holding companies' expectations, strategy, future performance, operational results, margins, cost structure, legal matters, capital allocation and other matters. Forward-looking statements are subject to risks uncertainties and other factors that could cause actual results to differ materially from those expressed or implied by such statements. For more information about these risks and uncertainties please refer to the risk factors and other cautionary statements described in Outdoor Holding company's most recently filed annual report on Form 10-K and periodic reports on Form 10-Q and the company's earnings press release issued in advance of this call.

在本次電話會議中，管理層將在聯邦證券法所界定的範圍內發表前瞻性陳述，包括涉及 Outdoor Holding Company 的預期、策略、未來表現、營運結果、毛利率、成本結構、法律事項、資本配置及其他事項的陳述。前瞻性陳述受到風險、不確定性及其他因素影響，可能導致實際結果與該等陳述所明示或暗示者有重大差異。關於這些風險與不確定性的更多資訊，請參閱 Outdoor Holding Company 最近提交的 Form 10-K 年度報告以及 Form 10-Q 定期報告中所述的風險因素與其他警示性聲明，並參考公司於本次電話會議前發布的財報新聞稿。

Today's conference call includes non-GAAP financial measures that Outdoor Holding company believes can be useful in evaluating its performance. These measures should not be considered in isolation or as a substitute for results prepared in accordance with GAAP. For a reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measures, please see the reconciliation table located in the company's earnings press release. The information discussed on this call is current as of today, June 22, 2026. Except as required by law, Outdoor Holding company disclaims any obligation to publicly update will revise any information to reflect events or circumstances that occur after this call.

今天的電話會議包含非 GAAP 財務衡量指標，Outdoor Holding Company 認為這些指標有助於評估其績效。這些指標不應被單獨考量，亦不應作為依 GAAP 編製之結果的替代。如需將這些非 GAAP 財務衡量指標與最直接可比的 GAAP 財務衡量指標進行調節，請參閱公司財報新聞稿中的調節表。本次電話會議所討論之資訊截至今日（2026 年 6 月 22 日）為止均屬最新。除法律要求外，Outdoor Holding Company 不承擔公開更新或修訂任何資訊以反映本次電話會議後發生之事件或情況的義務。

Before we begin, please note that certain non-GAAP financial measures discussed on today's call including adjusted EBITDA, are reconciled in the most directly comparable GAAP measures in the company's earnings materials. Reconciliations for the first second and third quarters of the fiscal year are available in the applicable quarterly earnings releases posted on the Investor Relations section of the company's website.

在開始之前，請注意，今日電話會議中討論的若干非 GAAP 財務衡量指標（包括調整後 EBITDA）已在公司財報資料中與最直接可比的 GAAP 衡量指標進行調節。第一、第二與第三季的調節資訊可於公司網站投資人關係專區所發布的各季財報新聞稿中查閱。

It is now my pleasure to turn the call over to Outdoor Holding Company's Chairman and Chief Executive Officer, Steve Urvan.

現在我很榮幸把電話會議交給 Outdoor Holding Company 董事長兼執行長 Steve Urvan。

Good morning, everyone. Thank you for joining us for our fiscal fourth quarter and full year 2026 Earnings Call. After just over a year as CEO, I'm excited to report that annual results reflect remarkable improvement for the company. I'm extremely proud of the tremendous progress we have made. Fiscal 2026 was a year of meaningful improvement across the business.

各位早安。感謝各位參加我們 2026 財政年度第四季及全年財報電話會議。在擔任執行長剛滿一年多之際，我很高興向各位報告，年度結果反映公司有顯著改善。我對我們所取得的重大進展感到非常自豪。2026 財政年度是公司各項業務均有實質改善的一年。

And the fourth quarter gave us a strong finish with continued operating momentum, stronger cash generation, growing profitability and clear progress, exceeding the profitability goals I laid out last August.

第四季也讓我們以強勁表現收官，營運動能持續、現金創造能力更強、獲利能力提升且進展明確，並且超越我在去年 8 月提出的獲利目標。

First, I will review our quarterly results. then Paul will review our financial performance in greater detail before I recap our accomplishments in fiscal 2026 and our priorities for fiscal 2027. In the fourth quarter, net sales were $13.9 million, an increase of over 10% or almost $1.3 million compared with the prior year period. despite the cautious consumer spending environment. Gross margin remained strong for the quarter at 87.6%.

首先，我將回顧我們的季度業績，接著 Paul 會更詳細地說明財務表現，之後我會總結我們在 2026 財政年度的成果以及 2027 財政年度的優先事項。第四季淨銷售額為 1,390 萬美元，較去年同期增加逾 10%，約增加 130 萬美元，儘管消費支出環境仍偏審慎。本季毛利率維持強勁，達 87.6%。

Gross merchandise value, or GMV, increased to $229 million from approximately $205 million in last year's period.

商品交易總額（Gross merchandise value，GMV）由去年同期約 2.05 億美元增加至 2.29 億美元。

Due to sales mix of increasing firearms GMV versus non-firearms GMV, we experienced a modest decline in our take rate to 6.06% from 6.15% in last year's period. We continue to execute our strategy of operating as a streamlined pure-play e-commerce marketplace. In the fourth quarter, we made further progress reducing operating expenses. Total operating expenses declined significantly year-over-year for the tune of $23 million. During the quarter, the company resolved an open litigation item with a $4.4 million payment to fully and finally settled the DCP matter.

由於銷售組合中槍枝類 GMV 相對於非槍枝類 GMV 的比重提高，我們的抽成率（take rate）小幅下降至 6.06%，去年同期為 6.15%。我們持續執行作為精簡、純電商市集平台（pure-play e-commerce marketplace）的營運策略。第四季我們在降低營運費用方面取得進一步進展。營運費用總額較去年同期大幅下降，降幅達 2,300 萬美元。本季公司以 440 萬美元付款解決一項未結訴訟事項，並就 DCP 案件達成完全且最終和解。

We inherited numerous litigation matters and have been working hard to resolve these matters as evidenced by many successful resolutions in the fiscal 2026 year.

我們承接了多起訴訟案件，並一直努力解決；如 2026 財政年度多項成功結案所示，我們在此方面已取得成果。

We continue to demonstrate that [Kunberger.com] can be operated as effectively as a smaller, more streamlined organization by reducing redundancies and rightsizing our personnel to match the scope of our operations. Even after absorbing the onetime $4.4 million settlement expense in the DCP matter, which dramatically reduced our net loss from continuing operations in the quarter to $2.7 million compared to a loss of $27 million in the same period last year. This translated to a loss from continuing operations per share of $0.02 for the quarter versus a loss from continuing operations of $0.23 for the prior year period.

我們持續證明，[Kunberger.com] 透過降低重複配置並將人力規模調整至符合營運範圍，可以像更小、更精簡的組織一樣有效運作。即使吸收了 DCP 案件一次性 440 萬美元和解費用，本季持續營業單位的淨損仍大幅收斂至 270 萬美元，相較去年同期淨損 2,700 萬美元。換算後，本季每股持續營業單位虧損為 0.02 美元，去年同期每股持續營業單位虧損為 0.23 美元。

Importantly, significant cost improvements once again drove strong cash generation for the quarter despite the restructuring costs, share repurchases, legal expenses and other costs offsetting these cash gains for the quarter, which Paul will discuss in more detail. We view this continued recurring contribution to cash flow from operations is one of the clearest indicators of the underlying health of the business. The fourth quarter results reflect the continuation of the trends we've seen in the last few quarters.

重要的是，顯著的成本改善再次帶動本季強勁的現金創造能力，儘管重整成本、庫藏股回購、法律費用及其他成本抵銷了部分現金增益；Paul 將進一步詳述。我們認為，營運活動現金流持續且經常性的貢獻，是衡量企業基本面健康狀況最清楚的指標之一。第四季結果反映了我們在過去幾季所見趨勢的延續。

For fiscal 2026, net sales and gross margins grew from fiscal 2025 levels. More importantly, we have been executing on our cost reduction efforts and curtailment of legal expenses, resulting in a significantly lower year-over-year operating expenses. The net result was a dramatic reduction in operating losses from continuing operations and positive cash flow from operations for the year. That positive cash generation is a milestone worth underscoring, as it's a direct result of the concerted efforts our team has put in place to increase operational efficiency.

就 2026 財政年度而言，淨銷售額與毛利率均較 2025 財政年度成長。更重要的是，我們持續推動成本削減與法律費用控管，使得營運費用較去年同期顯著降低。最終結果是：持續營業單位的營業虧損大幅縮減，且全年營運活動現金流轉為正值。這項正向現金創造是一個值得強調的里程碑，因為它直接反映我們團隊為提升營運效率所採取的一致努力。

Before I turn things over to Paul, I would like to touch on a key metric we use to evaluate real-world performance, adjusted EBITDA. We believe this non-GAAP metric provides helpful insights into the underlying performance of the business given the level of nonrecurring items impacting reporting results. To help clarify our performance results and identify adjustments, we include a table detailing adjusted EBITDA in both our earnings release and Form 10-K.

在把時間交給 Paul 之前，我想先談談我們用來評估實際營運表現的一項關鍵指標：調整後 EBITDA。我們認為，鑑於影響申報結果的非經常性項目程度，此一非 GAAP 指標能對企業的基本表現提供有用洞見。為了更清楚說明我們的績效結果並辨識調整項目，我們在財報新聞稿與 Form 10-K 中均提供一份詳列調整後 EBITDA 的表格。

This quarter's adjusted EBITDA demonstrates our progress as we delivered more than double the adjusted EBITDA in the quarter of $7.7 million compared to $2.9 million in the fiscal 2025 fourth quarter. Just as encouraging is the trajectory for the year, quarterly adjusted EBITDA grew from $3.1 million to $4.9 million to $6.6 million to $7.7 million from the first to fourth quarters, respectively. For the full year, adjusted EBITDA improved to $22.3 million from $15.3 million in fiscal 2025. We are outperforming the run rate of $25 million adjusted EBITDA that I set as a goal just 10 months ago.

本季調整後 EBITDA 展現我們的進展：本季調整後 EBITDA 達 770 萬美元，較 2025 財政年度第四季的 290 萬美元增加逾一倍。同樣令人鼓舞的是全年走勢：各季調整後 EBITDA 依序由第一季的 310 萬美元、第二季的 490 萬美元、第三季的 660 萬美元，提升至第四季的 770 萬美元。全年調整後 EBITDA 由 2025 財政年度的 1,530 萬美元改善至 2,230 萬美元。我們的表現優於我在 10 個月前所設定、年化 2,500 萬美元調整後 EBITDA 的目標水準（run rate）。

I'm especially proud of the tremendous work our team undertook during fiscal 2026 to overhaul and strengthen our financial reporting infrastructure. culminating in the successful remediation of all previously identified material weaknesses in our internal control over financial reporting by year-end. I will now turn it over to Paul Kosowski, our Chief Financial Officer, to discuss the quarter and year's performance in greater detail.

我尤其為我們團隊在 2026 會計年度所投入的巨大努力感到自豪，該努力旨在全面改造並強化我們的財務報導基礎架構，並在年末成功完成對先前所識別之所有財務報導內部控制重大缺失的補救。接下來我將把時間交給我們的財務長 Paul Kosowski，請他更詳細地說明本季與本年度的表現。

Thanks, Steve. I'm pleased to share some highlights from our fourth quarter. Outdoor Holding Company's fourth quarter adjusted EBITDA was $7.7 million, a robust 55% of net sales. Q4 net revenue was $13.9 million, 10.1% higher than the fiscal 2025 fourth quarter. This marks the third consecutive quarter of sequential and year-over-year revenue growth.

謝謝你，Steve。我很高興分享我們第四季的一些重點。Outdoor Holding Company 第四季調整後 EBITDA 為 770 萬美元，約占淨銷售額的 55%，表現強勁。第四季淨營收為 1,390 萬美元，較 2025 會計年度第四季成長 10.1%。這是連續第三季呈現季增與年增的營收成長。

GMV was $229 million, 6.2% higher than Q3 and up 11.8% from Q4 of fiscal 2025. Firearm unit sales were up over 8.7% from last year's quarter, while adjusted mix increased 1.6%, resulting in an increased share of adjusted mix by 40 basis points.

GMV 為 2.29 億美元，較第三季高 6.2%，並較 2025 會計年度第四季成長 11.8%。槍枝單位銷量較去年同期成長超過 8.7%，同時調整後組合（adjusted mix）提升 1.6%，使調整後組合占比提高 40 個基點。

The significant increase in GMV was driven by firearms while the non-firearms category showed a slight increase versus the prior year period. In Q4, we saw sales growth in both pistols and rifles with sales of new units slightly outpacing sales in use. The overall change in sales mix resulted in a modest decrease in take rate for the quarter. The company completed its integration with a compliant FFL transfer platform to improve the transfer process for items subject to FFL regulations. This integration has reinforced our commitment to reducing transaction friction and improving the user experience while generating incremental revenue.

GMV 的顯著成長主要由槍枝帶動，而非槍枝品類相較去年同期僅小幅增加。在第四季，我們看到手槍與步槍的銷售皆成長，新品銷售略高於二手（used）銷售。整體銷售組合的變化使本季 take rate 小幅下降。公司已完成與符合規範的 FFL 轉移平台之整合，以改善受 FFL 法規約束商品的轉移流程。此項整合強化了我們降低交易摩擦、提升使用者體驗並創造增量營收的承諾。

Our overall strong adjusted EBITDA was driven by our continued improvements in operating efficiency, reduced expenses and increased GMV compared to last year's fourth quarter.

我們整體強勁的調整後 EBITDA，主要來自持續提升營運效率、降低費用，以及相較去年第四季更高的 GMV。

The company's strong operating model and continued positive cash flow from operations helped the decline in our quarterly cash position for $1.8 million. Even after spending $4.4 million to resolve the DCP matter, incurring continuing legal indemnification expenses, repurchasing $1 million in stock and resolving other legal disputes. After including $0.5 million of interest income, we ended the fiscal year with a cash balance of $68.1 million, a substantial increase from our closing fiscal '25 cash balance of $30.2 million. Regarding cash deployment, the company will continue returning cash to investors through the share repurchase program.

公司強健的營運模式與持續為正的營運現金流，有助於支撐我們季度現金部位僅下降 180 萬美元。即使我們為解決 DCP 事項支出 440 萬美元、持續發生法律賠償（indemnification）費用、回購 100 萬美元股票並處理其他法律爭議。在計入 50 萬美元利息收入後，我們於會計年度末的現金餘額為 6,810 萬美元，較 2025 會計年度期末現金餘額 3,020 萬美元大幅增加。就現金運用而言，公司將持續透過股票回購計畫向投資人返還現金。

Looking at full year results for fiscal '26 net sales increased 3.5% to $51.5 million as compared to $49.4 million of fiscal year '25. Fiscal '26 gross margins improved to 87.2% versus 86.9% in fiscal 2025. We expect our gross margins will continue to remain strong. A new revenue stream beginning of fiscal '27 for FFL services will be accretive to sales but not at the same 87% profitability rate. Full year GMV was $823.5 million, up 3.2% from fiscal 2025 GMV of $798 million.

就 2026 會計年度全年結果而言，淨銷售額較 2025 會計年度的 4,940 萬美元成長 3.5% 至 5,150 萬美元。2026 會計年度毛利率提升至 87.2%，高於 2025 會計年度的 86.9%。我們預期毛利率將持續維持強勁。自 2027 會計年度初開始的 FFL 服務新營收來源將對銷售額具增益（accretive），但其獲利率不會達到同樣的 87%。全年 GMV 為 8.235 億美元，較 2025 會計年度 GMV 7.98 億美元成長 3.2%。

As a percentage of adjusted mix, (inaudible) share of firearm sales by 41 basis points for the year. The take rate for the year improved modestly to 6.21% from 6.19% in fiscal '25. Reducing operating expenses and improving the user experience will continue to remain a focus.

以調整後組合（adjusted mix）占比來看，（聽不清）槍枝銷售占比全年提升 41 個基點。全年 take rate 小幅改善至 6.21%，高於 2025 會計年度的 6.19%。降低營運費用並改善使用者體驗仍將是我們的重點。

For fiscal '26, our adjusted EBITDA was $22.3 million or $0.19 per share compared to $15.3 million or $0.13 per share in fiscal '25. Executing on this strategy and maintaining our focus on financial discipline has increased adjusted EBITDA by $7 million. This is a 46% improvement compared to fiscal year '25 and includes over $5 million in reductions across SG&A following the corporate restructuring, less legal expenses and lower bad debt expense. The net loss from continuing operations was $4.9 million for fiscal '26 or a loss of $0.04 per share. a significant improvement over the $65.2 million net loss or $0.55 per share in fiscal '25.

2026 會計年度調整後 EBITDA 為 2,230 萬美元，或每股 0.19 美元，相較 2025 會計年度的 1,530 萬美元或每股 0.13 美元。執行此策略並持續聚焦財務紀律，使調整後 EBITDA 增加 700 萬美元。這較 2025 會計年度提升 46%，其中包括公司重整後 SG&A（銷售、一般及管理費用）合計降低超過 500 萬美元、法律費用較少，以及壞帳費用下降。持續營運之淨損為 490 萬美元（2026 會計年度），或每股虧損 0.04 美元；相較 2025 會計年度淨損 6,520 萬美元或每股虧損 0.55 美元，顯著改善。

Just as important as our positive financial results, the company also remediated all material weaknesses. This was a key priority for management, and we completed a well before anticipated deadline. Management continues to emphasize the importance of executing on these controls effectively going forward.

與正向財務結果同樣重要的是，公司也已補救所有重大缺失。這是管理階層的關鍵優先事項，我們也在早於預期的期限前完成。管理階層將持續強調未來有效執行這些控制的重要性。

Now I'd like to turn it over to Steve for some final remarks before we address your questions.

現在在我們回答各位問題之前，我想把時間交回給 Steve，請他做一些最後的補充。

Thanks, Paul. This was our third consecutive quarter of improved reported financial performance since I became Chairman and CEO of the company, approximately 13 months ago. As this concludes our 2026 fiscal year, now it's a good time to look back and reflect on our progress in achieving the objectives I discussed in my shareholder letter last August. My biggest goals for the year were to substantially reduce the company's SG&A overhead cost structure and to increase adjusted EBITDA.

謝謝你，Paul。自我約 13 個月前成為公司董事長兼執行長以來，這是我們連續第三季在已揭露的財務表現上有所改善。隨著 2026 會計年度告一段落，現在正是回顧並反思我們在達成我去年 8 月股東信中所談目標方面進展的好時機。我今年最大的目標是大幅降低公司的 SG&A 間接費用結構，並提升調整後 EBITDA。

I'm thrilled to report that we delivered on both fronts. We have reduced corporate expenses, reduced our physical footprint and cut recurring ordinary course operating expenses by $5.4 million. Those actions translated directly into improved profitability with fourth quarter adjusted EBITDA more than double what we achieved in the first quarter of fiscal 2026. Importantly, the fourth quarter adjusted EBITDA also demonstrated that we passed the $25 million adjusted EBITDA annualized run rate that I identified as a goal last August. We are proud to achieve that milestone ahead of schedule, but we are not done.

我很振奮地報告，我們在這兩方面都做到了。我們降低了公司費用、縮減了實體據點，並將經常性日常營運費用削減 540 萬美元。這些行動直接轉化為獲利能力提升，使第四季調整後 EBITDA 超過 2026 會計年度第一季水準的兩倍以上。更重要的是，第四季調整後 EBITDA 也顯示我們已達到我去年 8 月所設定的目標：調整後 EBITDA 年化 run rate 超過 2,500 萬美元。我們很自豪能提前達成這個里程碑，但我們尚未完成。

We still see opportunities to simplify the organization, improve efficiency and build on this momentum in fiscal 2027.

我們仍看到在 2027 會計年度簡化組織、提升效率並延續這股動能的機會。

Paul also highlighted a major part of the story. Our operating model continued to generate positive cash from operations even while we work through legacy matters and other onetime costs, that positive cash generation give us capital allocation options. In the fourth quarter, we began to execute on our stock repurchase program, purchasing a little over 500,000 shares for over $1 million. And we expect to continue buying stock in a disciplined manner in the quarters ahead as trading permits. We have been disciplined in our capital allocation to support long-term shareholder value selectively investing in new features like streamlining FFL compliance to improve the user experience on [gunbroker.com.] We will continue to target similar select high-return enhancements to the platform with the goal of increasing traffic, transaction volume, conversion and ultimately, revenue.

Paul 也強調了故事中的一個重要部分。即使我們仍在處理歷史遺留事項與其他一次性成本，我們的營運模式仍持續產生正向的營運現金流；這種正向現金創造能力讓我們在資本配置上有更多選擇。在第四季，我們開始執行股票回購計畫，買回略多於 50 萬股，金額超過 100 萬美元。我們預期在未來幾季，視交易條件允許，將以審慎方式持續買回股票。我們在資本配置上一直保持紀律，以支持長期股東價值，並選擇性投資於新功能，例如簡化 FFL 合規流程，以改善 [gunbroker.com.] 的使用者體驗。我們將持續鎖定類似的高報酬精選平台強化項目，目標是提升流量、交易量、轉換率，並最終提升營收。

We will continue to leverage AI to improve the experience for both buyers and sellers on the site. In March, we deployed an AI-powered listing tool to produce standardized and marketplace optimized product descriptions that we expect will reduce listing creation time, promote consistency and increased conversion rates. Within the next month or so, we expect to release AI-driven virtual customer service to improve our customer support by providing faster and more accurate resolution to customer issues. To further take advantage of AI, we recently announced the hiring of Eric Berger as Director of AI Strategy and Implementation. Eric will lead the development, coordination and execution of AI initiatives across the company.

我們將持續運用 AI 來改善網站上買家與賣家的體驗。3 月我們部署了 AI 驅動的刊登工具，用以產出標準化且針對市集最佳化的產品描述；我們預期這將縮短刊登建立時間、提升一致性並提高轉換率。在接下來約一個月左右，我們預期將推出 AI 驅動的虛擬客服，透過更快速且更精準地解決客戶問題來改善客戶支援。為了進一步善用 AI，我們近期宣布聘任 Eric Berger 擔任 AI 策略與導入總監。Eric 將領導公司各部門 AI 計畫的開發、協調與執行。

Finally, as we look ahead in fiscal 2027, I am optimistic with our strong margins, more efficient operations, positive cash generation from operations and platform improvements each incremental dollar of revenue has the potential to create meaningful profitability and shareholder value. This concludes our prepared remarks.

最後，展望 2027 會計年度，我對我們強勁的利潤率、更高效率的營運、營運活動帶來的正向現金創造，以及平台改善感到樂觀；每增加一美元的營收，都有潛力創造可觀的獲利能力與股東價值。以上為我們事先準備的發言，謝謝。

I will now turn the call over to the operator for questions. Thank you.

接下來我把電話交給接線員進行問答。謝謝。

(Operator Instructions) Matt Koranda, ROTH Capital.

(接線員指示) ROTH Capital 的 Matt Koranda。

I wondered if you could talk a little bit about sort of the shape of demand during the fourth quarter in terms of overall GMV and firearms units, the unit data that you shared was helpful.

我想請你談談第四季需求的大致走勢，包含整體 GMV 與槍枝（firearms）銷售單位數；你分享的單位數據很有幫助。

And then, I guess, since the quarter closed since we're kind of a couple of months now into the first quarter, any trends to call out on demand in sort of the April, May timeframe and maybe even a month to date in June in terms of what you're seeing on firearms demand.

另外，我想既然本季已結束，而我們現在也進入第一季約兩個月了，能否談談 4 月、5 月期間，甚至 6 月截至目前在槍枝需求方面你們看到的任何趨勢？

Sure. Matt, thanks for the question. So we've continued to outperform the market. I think mix was up a little bit in the quarter. we were up substantially more. So that tells me that we're continuing to gain market share.

當然。Matt，謝謝你的問題。我們持續跑贏市場。我認為本季的組合（mix）略有上升；而我們的成長幅度明顯更高。這告訴我，我們持續在提升市占率。

And we're continuing to execute on our plan to basically make our sellers happy, make our buyers happy and make (inaudible) a very seamless experience for both sides of the transaction, and that's leading to increases in market share. Obviously, we don't -- we're not going to preview kind of financial results for the time past the end of the quarter. But demand in the marketplace seems better this year.

我們也持續執行我們的計畫，基本上就是讓賣家滿意、讓買家滿意，並讓（聽不清）對交易雙方而言都是非常順暢的體驗，而這正帶動市占率提升。當然，我們不會預告季度結束後那段期間的財務結果。但今年市場上的需求看起來更好。

I think that it's hard to -- it can be hard to predict exactly why, but you've got midterms coming up, you've got the elimination of the tax on silencers. And I think that, that's the just the whole suppressor. There's a lot of built-up demand for suppressors and I think that's just kind of had a generally positive impact on the firearms market in general. And so demand seems to be continuing to be -- it to be good. It's not 2020, 2021 good, but it's better than it's been in the last couple of years.

我認為很難——也可能很難精準預測原因，但你有期中選舉即將到來，也有消音器稅負的取消。我想那——也就是整個抑制器（suppressor）品類。抑制器累積了大量的被壓抑需求，我認為這對整體槍枝市場普遍帶來了正面影響。因此需求看起來仍在延續——仍然不錯。雖然不像 2020、2021 年那麼好，但比過去幾年要好。

Okay. That makes sense, thanks for the commentary, Steve. And then I wanted to hear a bit more about the AI strategy, about the hiring of a Director of AI strategy and implementation, sounds interesting, and it sounds like you see it as a large opportunity for the marketplace.

好的。了解，謝謝你的說明，Steve。另外我想再多聽一些關於 AI 策略的內容，包含你們聘請 AI 策略與落地（implementation）總監；聽起來很有意思，也聽起來你們認為這對平台是一個很大的機會。

So I wanted to hear a little bit, I guess, about where he's going to be focused around is it first around seller initiatives like the listing tools that you mentioned? Is it more around experience and buyer initiatives like the customer service initiative that you also talked about? Maybe just what the primary first areas of focus are going to be and where you see the sort of the biggest areas of opportunity?

所以我想了解一下，他的重點會放在哪裡？是先聚焦在賣家端的措施，例如你提到的刊登工具（listing tools）嗎？還是更偏向體驗與買家端的措施，例如你也提到的客服計畫？能否談談第一階段主要的聚焦領域，以及你認為最大的機會在哪些方面？

It's a great question. So obviously, he's been on the job just since the first of June. So step one is kind of get your feet wet, meet with everybody and start understanding the organization and understanding behind the scenes, how we conduct business. To me, there's so much that AI can do. There's a lot of repetitive tasks that it can perform.

這是個很好的問題。很明顯，他是從 6 月初才剛上任。所以第一步是先熟悉環境、與所有人會面，開始了解組織以及我們在幕後如何運作業務。對我來說，AI 能做的事情非常多。它可以執行許多重複性的工作。

There's a lot of things that we can do 24 hours a day, whereas people aren't working 24 hours a day. And so we're focused on -- we're not really focused on anything. We're kind of focused on figuring out where we should be focused, and some of the opportunities we've already seen, obviously, are we have vast amounts of data. The site has been around since 1999. We have pricing data.

也有很多事情我們可以 24 小時不間斷地做，而人不可能 24 小時都在工作。因此我們目前的重點——其實不是聚焦在某一件事上。我們更像是在聚焦於找出我們應該聚焦在哪裡；而我們已經看到的一些機會，顯然是我們擁有大量資料。這個網站自 1999 年就存在。我們有定價資料。

We have descriptive data. We have all kinds of information about firearms. And using AI, we've -- in the past, we've used traditional data mining tools to kind of help us figure out pricing and certain other things. AI can do it so much more efficient efficiently because it's capable of kind of interpreting things a little more loosely. And so figuring out what we can do with that data, how we can better use that data, help our sellers sell things, help our buyers find things, marketing, AI (inaudible) content generation.

我們有描述性資料。我們有各式各樣關於槍枝的資訊。而運用 AI——過去我們使用傳統的資料探勘工具，來協助我們推算定價與某些其他事項。AI 可以更有效率地做到這些，因為它能以更彈性的方式解讀資訊。因此要弄清楚我們能用這些資料做什麼、如何更好地使用這些資料，幫助賣家把商品賣出去、幫助買家找到商品、行銷，以及 AI（聽不清）內容生成。

It's great -- there's a lot of task that you can perform with AI. And so Eric's job is to really jump in and help us identify where we should be focused and then the next step would be specific -- putting specific implementations to solve specific problems.

這很棒——AI 可以執行很多任務。因此 Eric 的工作就是深入其中，協助我們辨識應該聚焦的方向；接下來的步驟就是——針對特定問題，導入具體的落地方案來解決特定問題。

The one that we've already -- we were pretty far down the road, we're actually very far to the road even before he joined as customer service. We're probably about a month away from launching that. And that one for me, I think, is huge, because questions come in 24 hours a day, and we don't have people working in customer service 24 hours a day. And so being able to get you kind of immediate answers and really good answers. I think, is going to be game changing for the organization.

有一項我們已經——其實在他加入之前，我們就已經推進得相當深入，甚至非常接近完成，那就是客服。我們大概再一個月就會上線。而對我來說，這項非常重要，因為問題是 24 小時都會進來，但我們的客服人員不可能 24 小時都在工作。因此能夠提供即時的回覆，而且是非常好的回覆，我認為將會為整個組織帶來顛覆性的改變。

Great. I appreciate all that detail, Steve. And maybe just the last one. there's still a little bit of residual noise, I guess, from some of the litigation matters. And so just trying to get my arms around how to think about core operating expenses now that you got the DCP litigation out of the way and the SEC matter is settled, maybe I don't know if Jordan is on and wants to talk about that or if Paul wants to take a crack at just how to think about core OpEx and the run rate going forward now that those matters are sort of mostly behind us.

很好。Steve，謝謝你提供這麼多細節。最後一個問題：我想目前仍有一些來自訴訟事項的殘餘雜音。所以我想釐清，在 DCP 訴訟已告一段落、SEC 事項也已和解之後，該如何看待核心營運費用（OpEx）。也許 Jordan 在線上願意談談，或 Paul 也可以說明一下：在這些事項大多已經過去之後，未來核心 OpEx 與費用水準（run rate）該如何思考？

I'll tell you, we have -- the only open litigation issues are the class action shareholder derivative lawsuit that were filed in Arizona. To the best of my knowledge, everything else has been resolved. And so we don't foresee -- we don't know what the end result of that will be.

我可以告訴你，我們——目前唯一仍未結案的訴訟議題，是在亞利桑那州提起的集體訴訟與股東衍生訴訟。就我所知，其他所有事項都已解決。因此我們不預期——我們也不知道最終結果會是什麼。

But aside from that, we don't have any visibility or knowledge of kind of any -- like $4.4 million settlements that we're going to have to make. Like everything else has been cleaned up. So the one -- really that one issue looked at the shareholder derivative matter in the class action, if you kind of look at it as kind of one interrelated issue.

但除此之外，我們對於任何——例如需要支付 440 萬美元和解金之類的事項——並沒有任何可見度或認知。其他事情都已經清理完畢。所以那一個——基本上就是那一項議題：股東衍生訴訟與集體訴訟，如果你把它視為彼此相關、相互牽連的一個問題。

Aside from that, we believe everything else has been settled. Now we still are paying indemnification to ex officers for the SEC charge them in Arizona, and that's ongoing. And that's going to kind of come and go in waves. You've got -- like when you go to trial, there's a -- there's a lot more expense. In other times, there's a lot less expense.

除此之外，我們相信其他一切都已和解。不過，我們仍在為前任高階主管就 SEC 在亞利桑那州對其提出的指控支付賠償（indemnification），而且這仍在進行中。這些費用會呈現波動、時有時無。例如——到了開庭審理時，費用會高很多。在其他時候，費用就會低很多。

It's definitely kind of chunky. But that ongoing cost is that in the class action really last 2 buckets of kind of onetime expenses or legacy litigation expenses that we foresee.

這確實有點偏高。但那項持續性成本是在集體訴訟中，我們預期真正剩下的兩大類一次性費用或既有訴訟費用。

Okay. And the indemnification sort of expenses as they come will be called out, I guess, and sort of onetime items. I would assume...

好的。至於賠償（indemnification）相關的費用，隨著發生應該會被單獨揭露，我想，也算是一次性項目。我會這麼假設……

Yes. We -- it ends up in our adjusted EBITDA bridge.

是的。我們——最後會把它放在我們的調整後 EBITDA 橋接表裡。

Dave Kanen, Kanen Wealth Management.

Dave Kanen，Kanen Wealth Management。

First question is actually was posed by Matt, but I'm going to take a stab at it in a slightly different way, and it's in regards to any momentum. Did the momentum continue in fiscal Q1 and what you called out was the [NICS] data was slightly positive and how you outperformed it and grew share. So -- what is your confidence level? The question is, going forward, what is your confidence level of continued outperformance of the mix and continued share gains?

第一個問題其實 Matt 已經問過了，但我想用稍微不同的方式嘗試問一下，與任何動能有關。這個動能在會計年度第一季是否延續？你們提到的 [NICS] 數據略為正向，以及你們如何跑贏它並提升市占。所以——你們的信心程度如何？問題是，往前看，你們對於持續在產品組合上跑贏、以及持續取得市占的信心程度如何？

So thank you, David. I feel very positive about the way we're trending right now.

所以謝謝你，David。我對我們目前的趨勢感到非常正面。

Okay. And then in terms of the cost for indemnification of the former officers, is that -- just remind me, is that being pulled out? And does the adjusted EBITDA number exclude it? Or we're throwing that in there?

好的。那麼，關於對前任高階主管的賠償成本，那個——提醒我一下，那是被剔除的嗎？調整後 EBITDA 的數字是否不包含它？還是我們把它算在裡面？

That is that is a cost that is pulled out for the purposes for adjusted EBITDA.

那是一項在計算調整後 EBITDA 時會被剔除的成本。

And then the last question is what are some of the opportunities that you see incrementally in order to grow the business organically?

最後一個問題是，你們看到有哪些可以逐步推進、以有機方式成長業務的機會？

Absolutely. So first of all, we continue to -- as you see from the outperformance relative to NICS, we continue to just basically capture market share. So that's one thing that we've been doing, and I believe will continue going forward. We brought the [Master FSL] system online. That has now become a revenue source in prior quarters, it was -- we were implementing it. So there was cost of no associated revenue. Now it's generating revenue.

當然。首先，我們持續——如你從相對於 NICS 的超額表現所看到的，我們持續基本上是在取得市占。這是我們一直在做的事情，我也相信未來會持續。我們已將 [Master FSL] 系統上線。它現在已在前幾季成為收入來源；之前——我們是在導入它。所以當時只有成本、沒有相對應的收入。現在它正在產生收入。

As we go forward, advertising, I think I've spoken about advertising in the past. We -- our ad business, when I owned the company, it was private. Our ad business was substantially larger than it than it is at presence -- present. We're working on that. We want to drive more advertising sales.

往前看，廣告方面，我想我過去談過廣告。我們——我們的廣告業務，在我擁有公司、公司仍是私有時，我們的廣告業務規模比現在——目前——大得多。我們正在努力改善這點。我們希望推動更多廣告銷售。

That's something that wouldn't affect take rate. It's kind of a completely a separate but complementary business line, but it's something that we feel could be generate substantial revenue growth and substantial profitability as well. And then we're continuing to make progress on universal payments.

這件事不會影響抽成率（take rate）。它算是一條完全獨立但互補的業務線，但我們認為它可以帶來可觀的營收成長以及相當高的獲利能力。另外，我們也持續在通用支付（universal payments）方面取得進展。

Again, some of our sellers don't accept credit cards, don't have the ability to accept credit cards. And we believe that, that is both a substantial revenue opportunity but also a very substantial potential driver of GMV, just eliminating the friction and having go to the bank and then go to the post office and get a money order and mail it off and what have you as opposed to just throwing down your credit card to make a purchase, we think that, that will drive substantial incremental GMV as well.

再說一次，我們的一些賣家不接受信用卡，也沒有能力接受信用卡。我們相信，這不僅是重大的營收機會，也可能是推動 GMV 的非常重要驅動因素：只要消除摩擦，不必去銀行、再去郵局買匯票、再寄出去等等；相較之下，只要刷信用卡就能完成購買，我們認為這也會帶來相當可觀的增量 GMV。

One more question I thought of as you were speaking. It's been quite -- things have been quite calm in the country, relatively speaking, in terms of civil unrest or catalysts that spur people to go out and buy guns and firearms. So could you give us like a reference point in the past, for example, when they were like during the George Floyd riots and other events like that.

你在講的時候我又想到一個問題。就相對而言，國內一直相當——相當平靜，至少在公民動亂或會刺激人們外出購買槍枝與火器的催化因素方面。所以你能否給我們一個過去的參考點，例如像喬治・佛洛伊德事件期間的暴動以及其他類似事件時。

In terms of run rate, historically, what you've seen in the business in EBITDA in case something like that happens, so we can get a sense as to what the earnings power and EBITDA potential is?

就歷史上的運行水準（run rate）而言，如果發生那樣的事情，你們在 EBITDA 上通常會看到什麼表現，讓我們能理解獲利能力與 EBITDA 的潛力大概會是什麼樣子？

I mean in early 2021, through 2020, you had kind of a triple win. You had COVID that you had the defund the police, you had protests and some riding and loading, and then you had an election. And so going into the first quarter -- first calendar quarter of 2021, we were on a run rate that was in excess of $100 million in EBITDA.

我的意思是，在 2021 年初、一路到 2020 年，你有點像是三重利多。你有 COVID，你有「削減警察經費」（defund the police），你有抗議以及一些暴動與搶購，然後你還有一場選舉。因此進入 2021 年第一季——也就是第一個曆年季度——我們的運行水準 EBITDA 超過 1 億美元。

And of course, at that time, we were private, this isn't -- it's -- I guess, we were different accounting standards. So I don't want to get us in trouble or what have you, but we were in excess of $100 million in EBITDA as a run rate. And so when people -- when you have political events, like, for example, in 2008, two days before Barack Obama got elected, our sales like -- they literally doubled and then they doubled again.

當然，那時我們是私有公司，這不是——也就是——我想，我們採用的是不同的會計準則。所以我不想讓我們惹上麻煩或怎麼樣，但我們的運行水準 EBITDA 確實超過 1 億美元。而且當人們——當你遇到政治事件時，例如 2008 年，在巴拉克・歐巴馬當選前兩天，我們的銷售——真的就是翻倍，然後又再翻倍。

During COVID, our sales again, we ended up on a run rate of in excess of $100 million. You can have -- the size of the spikes can be massive. It can be from a GMV standpoint, it could be double and triple and quadruple the GMV that you're currently doing in a kind of a calmer period. So any kind of political changes, what you were talking about, things like social unrest, these things could really drive massive increases in revenue and GMV.

在 COVID 期間，我們的銷售同樣讓我們最後的運行水準超過 1 億美元。你會看到——尖峰的幅度可能非常巨大。從 GMV 的角度來看，在較為平靜的時期，你目前的 GMV 可能會出現兩倍、三倍、甚至四倍的成長。所以任何政治變化、你提到的那種事情，例如社會動盪，這些都可能真正推動營收與 GMV 的大幅增加。

Well, I add on to that, Steve. I mean, the big point is it's very scalable. Our operating expenses are pretty fixed. And when the top line grows, we don't need to invest a lot more in the business to support it. It's pretty scalable. So we were at 55% adjusted EBITDA as a percent of sales, and I think it would expand that growth.

我再補充一下，Steve。我的意思是，重點在於它非常具可擴展性。我們的營運費用相當固定。當營收成長時，我們不需要再對業務投入很多額外資源來支撐它。它相當可擴展。所以我們的調整後 EBITDA 佔銷售額的比例曾達到 55%，我認為隨著成長它還會擴大。

And we have no further questions. I would like to turn the call back over to Steve Urvan for any closing remarks.

我們沒有其他問題了。我想把電話會議交回給 Steve Urvan，請他做結語。

I want to thank you for participating in today's call and for your interest in Outdoor Holding company. We look forward to sharing our ongoing progress when we report our fiscal first quarter results in August. Thank you all, and have a great day.

感謝各位參與今天的電話會議，並關注 Outdoor Holding company。我們期待在 8 月公布會計年度第一季業績時，與各位分享我們持續的進展。謝謝大家，祝各位有美好的一天。

This concludes the conference call. Thank you for your participation. You may now disconnect.

本次電話會議到此結束。感謝各位的參與。您現在可以掛線。