Smith & Wesson Brands Inc (SWBI) 2025 Q3 法說會逐字稿

Good day, everyone, and welcome to the Smith & Wesson Brands, Inc. third-quarter fiscal 2025 financial results conference call. This call is being recorded. At this time, I would like to turn the call over to Kevin Maxwell, Smith & Wesson’s General Counsel, who will give us some information about today's call. Please go ahead.

大家好，歡迎參加史密斯威森品牌公司 2025 財年第三季財務業績電話會議。此通話正在錄音。現在，我想將電話轉給史密斯威森公司的總法律顧問凱文·麥克斯韋 (Kevin Maxwell)，他將向我們提供有關今天電話會議的一些資訊。請繼續。

Thank you and good afternoon. Our comments today may contain forward-looking statements. Our use of the words anticipate, project, estimate, expect, intend, believe, and other similar expressions are intended to identify forward-looking statements. Forward-looking statements may also include statements on topics such as our product development, objectives, strategies, market share, demand, consumer preferences, inventory conditions for our products, growth opportunities and trends, and industry conditions in general.

謝謝，下午好。我們今天的評論可能包含前瞻性陳述。我們使用預期、預期、估計、期望、打算、相信和其他類似的表達方式是為了識別前瞻性陳述。前瞻性陳述還可能包括有關我們的產品開發、目標、策略、市場份額、需求、消費者偏好、我們產品的庫存狀況、成長機會和趨勢以及整體行業狀況等主題的陳述。

Forward-looking statements represent our current judgment about the future and are subject to risks and uncertainties that could cause our actual results to differ materially from those expressed or implied by our statements today. These risks and uncertainties are described in our SEC filings, which are available on our website along with a replay of today's call. We have no obligation to update forward-looking statements.

前瞻性陳述代表我們目前對未來的判斷，並受風險和不確定性的影響，這些風險和不確定性可能導致我們的實際結果與我們今天的陳述所表達或暗示的結果有重大差異。這些風險和不確定性在我們的證券交易委員會文件中有所描述，這些文件可在我們的網站上查閱，同時還可重播今天的電話會議。我們沒有義務更新前瞻性陳述。

We reference certain non-GAAP financial results. Our non-GAAP financial results exclude proceeds from a sale of land, relocation expense, and other costs. Reconciliations of GAAP financial measures to non-GAAP financial measures can be found in our SEC filings and in today's earnings press release, each of which is available on our website. Also, when we reference EPS, we are always referencing fully diluted EPS and any reference to EBITDAS to adjusted EBITDAS.

我們參考某些非公認會計準則財務結果。我們的非公認會計準則財務結果不包括土地出售收益、搬遷費用和其他成本。您可以在我們向美國證券交易委員會 (SEC) 提交的文件和今天的收益新聞稿中找到 GAAP 財務指標與非 GAAP 財務指標的對帳表，這些文件和新聞稿均可在我們的網站上找到。此外，當我們引用 EPS 時，我們始終引用完全稀釋的 EPS，而任何對 EBITDAS 的引用均指調整後的 EBITDAS。

Before I hand the call over to our speakers, I would like to remind you that when we discuss NICS results, we were referring to adjusted NICS, a metric published by the National Shooting Sports Foundation based on FBI NICS data. Adjusted NICS removes those background checks conducted for purposes other than firearms purchases.

在我將電話交給我們的發言人之前，我想提醒您，當我們討論 NICS 結果時，我們指的是調整後的 NICS，這是國家射擊運動基金會根據 FBI NICS 數據發布的一項指標。調整後的 NICS 取消了那些為購買槍支以外的目的而進行的背景調查。

Adjusted NICS is generally considered the best of available proxy for consumer firearm demand at the retail counter. Because we transfer firearms only to law enforcement agencies and federally licensed distributors and retailers, and not to end consumers, NICS generally does not directly correlate to our shipments or market share in any given time period, we believe mostly due to inventory levels in the channel.

調整後的 NICS 通常被認為是零售櫃檯消費者槍枝需求的最佳替代指標。由於我們僅將槍支轉移給執法機構和聯邦授權的分銷商和零售商，而不是最終消費者，因此 NICS 通常與我們在任何特定時間段內的出貨量或市場份額沒有直接關係，我們認為這主要是由於通路中的庫存水平所致。

Joining us on today's call are Mark Smith, our President and CEO; and Deana McPherson, our CFO. With that, I will turn the call over to Mark.

參加今天電話會議的有我們的總裁兼執行長馬克史密斯 (Mark Smith)；以及我們的財務長 Deana McPherson。說完這些，我會把電話轉給馬克。

Thank you, Kevin, and thanks, everyone, for joining us today. Our top-line revenue for the third quarter came in slightly below our target range. However, lower operating expenses and leveraging of our flexible manufacturing model, which is designed to ensure solid profitability regardless of demand conditions, allowed us to deliver on EPS and EBITDAS expectations.

謝謝凱文，也謝謝大家今天加入我們。我們第三季的營業收入略低於我們的目標範圍。然而，較低的營運費用和靈活的製造模式（旨在確保無論需求條件如何都能實現穩固的獲利能力）使我們能夠實現 EPS 和 EBITDAS 預期。

Our new products continued to perform very well, and we believe we gained share in those categories with products introduced within the past year, accounting for over 41% of our sales in the quarter. Innovation continues to be a core focus, with several exciting new products expected to be introduced during the final quarter of FY25 and throughout next year. And we expect to continue this strong momentum going forward.

我們的新產品繼續表現良好，我們相信，憑藉過去一年推出的產品，我們在這些類別中的份額有所增加，佔本季度銷售額的 41% 以上。創新仍然是核心重點，預計將於 25 財年最後一個季度以及明年全年推出幾款令人興奮的新產品。我們期望未來能夠持續維持這種強勁勢頭。

Looking at market share for the third quarter, adjusted NICS was down 4.5% as two months of year-over-year declines were followed by a small increase in January, while our shipments into the channel declined by 7.7% in the period. Breaking those numbers down, we believe we gained share in handguns, with overall handgun NICS down 4.1% in Q3, while our shipments into the sporting goods channel were only down 3%, driven by strong demand for the new Bodyguard 2.0.

從第三季的市佔率來看，調整後的 NICS 下降了 4.5%，因為在連續兩個月年減後，1 月出現了小幅成長，而同期我們向通路的出貨量下降了 7.7%。將這些數字分解開來，我們認為我們在手槍領域的份額有所增加，第三季度整體手槍 NICS 下降了 4.1%，而我們進入體育用品渠道的出貨量僅下降了 3%，這得益於對新款 Bodyguard 2.0 的強勁需求。

In long guns, NICS was down 3.9% in Q3, while our shipments declined 26.7% due largely to outperformance in the prior-year period of newly introduced products, specifically our FPC rifles. Additionally, the overall market for long guns in recent months has been driven by the seasonal hunting category, which currently only accounts for a small portion of our overall sales.

在長槍方面，第三季 NICS 下降了 3.9%，而我們的出貨量下降了 26.7%，這主要是由於去年同期新推出的產品（特別是我們的 FPC 步槍）表現優異。此外，近幾個月來長槍的整體市場受到季節性狩獵類別的推動，目前該類別僅占我們整體銷售額的一小部分。

While the introduction of our lever-action rifle has been extremely positive and is helping with this dynamic, our product offerings in the category are still narrow, and we expect this momentum to grow as we build out the line. It is also important to note that on a two-year basis, our Q3 long gun unit sales grew at a compounded average annual rate of nearly 20%, well ahead of NICS. In our view, this provides a much better illustration of the momentum we have achieved and highlights the true long-term market share successes of our innovation strategy.

雖然我們的槓桿式步槍的推出非常積極，並且有助於這種動態，但我們在該類別中的產品供應仍然狹窄，我們預計隨著產品線的擴大，這種勢頭將會增長。值得注意的是，以兩年計算，我們第三季長槍銷售的複合年平均成長率接近 20%，遠超過 NICS。我們認為，這更能說明了我們所取得的勢頭，並凸顯了我們的創新策略在長期市場佔有率方面的真正成功。

Average selling prices, as expected, trended lower in Q3 with overall ASPs moderating to a 3.1% decline versus the prior-year period. NICS was the primary factor in driving our overall ASPs. In handguns, our ASPs declined 7.8%, again, reflecting strong demand for the new Bodyguard 2.0, which is priced at retail at around $400, combined with lower revolver sales. In long guns, our ASPs increased 17.2% in Q3, driven by strong demand for our higher priced lever-action rifles.

正如預期的那樣，第三季平均售價呈下降趨勢，與去年同期相比，整體平均售價下降了 3.1%。NICS 是推動我們整體 ASP 的主要因素。在手槍方面，我們的平均銷售價格下降了 7.8%，這再次反映了對新 Bodyguard 2.0 的強勁需求，其零售價約為 400 美元，同時左輪手槍的銷量較低。在長槍方面，由於市場對我們價格較高的槓桿式步槍的需求強勁，我們第三季的平均銷售價格上漲了 17.2%。

Turning now to the overall firearms environment. Macroeconomic conditions continue to bifurcate the market with pressure on consumers' discretionary spend narrowing demand and heavily skewing to new products or lower price points. Our new product pipeline positions us very well in these conditions, with the success of our Bodyguard 2.0 as a great example, a unique innovative product at a compelling price point.

現在來談談整體槍枝環境。宏觀經濟條件持續分化市場，消費者可自由支配支出的壓力縮小了需求，並嚴重偏向新產品或較低價格點。我們的新產品線使我們在這些條件下處於非常有利的地位，我們的 Bodyguard 2.0 的成功就是一個很好的例子，它是一款具有吸引力的價格的獨特創新產品。

And as I mentioned earlier, we expect that our slate of introduction schedule over the coming months will continue this momentum. Additionally, and also as mentioned earlier, our flexible manufacturing model allows us to participate in targeted promotions for our core products, with two very successful promotions conducted during the holiday season on tactical rifles and revolvers, and a current promotion active on our core line of pistols.

正如我之前提到的，我們預計未來幾個月的推出計畫將延續這一勢頭。此外，正如前面提到的，我們的靈活製造模式使我們能夠針對核心產品進行有針對性的促銷活動，假日期間針對戰術步槍和左輪手槍進行了兩次非常成功的促銷活動，目前我們的核心手槍系列也正在進行促銷活動。

Our balance sheet remains strong, and we continue to be disciplined in managing our business and allocating capital to drive value for stockholders. Internal inventory levels are slightly elevated due to lower than anticipated Q3 sales, combined with normal seasonality as we prepared for the typically busy fourth quarter.

我們的資產負債表依然強勁，我們持續嚴格管理業務和分配資本，為股東創造價值。由於第三季銷售額低於預期，加上我們為通常繁忙的第四季度做準備的正常季節性，內部庫存水準略有上升。

Through our robust monthly sales and operations planning process, which aligns production levels to sales forecasts, we expect to continue adjusting manufacturing to drive lower internal inventories throughout Q4. Channel inventory at distributors is very clean, currently at under nine weeks.

透過我們強大的月度銷售和營運計劃流程，將生產水準與銷售預測相結合，我們預計將繼續調整製造以降低整個第四季度的內部庫存。經銷商的通路庫存非常乾淨，目前不到九週。

Given these factors, we expect strong cash flows during Q4. And consistent with our capital allocation strategy, we expect to continue paying down our line of debt, pay our quarterly dividend of $0.13 per share, which Deana will cover in more detail in a moment, and continue to reinvest in innovation and manufacturing efficiencies.

考慮到這些因素，我們預計第四季度現金流強勁。根據我們的資本配置策略，我們預計將繼續償還債務，支付每股 0.13 美元的季度股息（Deana 稍後將詳細介紹），並繼續對創新和製造效率進行再投資。

I'll also note that during the third quarter, we repurchased another 220,000 shares of our stock. With these purchases, through the first nine months of fiscal 2025, we lowered our share count by more than 1.5 million shares, net of dilution. And during the past 12 months, we have returned more than $49 million of capital to our stockholders through our stock repurchase program and strong dividend.

我還要指出的是，在第三季度，我們又回購了 22 萬股股票。透過這些收購，到 2025 財年的前九個月，稀釋稀釋後，我們的股票數量減少了超過 150 萬股。在過去的 12 個月中，我們透過股票回購計畫和豐厚的股利向股東返還了超過 4,900 萬美元的資本。

Looking further forward, we anticipate that the firearms market will remain steady at current demand levels. And with our industry-leading innovation pipeline, continued disciplined cost control, state-of-the-art facilities, flexible manufacturing model, strong balance sheet and our capital allocation model of returning value to stockholders, we believe we are well-positioned for continued success.

展望未來，我們預期槍枝市場將維持當前需求水準的穩定。憑藉我們行業領先的創新管道、持續嚴格的成本控制、最先進的設施、靈活的製造模式、強勁的資產負債表以及為股東帶來價值回報的資本配置模式，我們相信我們已準備好繼續取得成功。

Before I hand the call over and as always, I just want to thank our entire team of talented Smith & Wesson employees for their tireless dedication and putting their skills to work each and every day to make us successful. With that, I'll turn the call over to Deana to cover the financials.

在交接電話之前，和往常一樣，我只想感謝我們整個才華橫溢的史密斯威森員工團隊，感謝他們孜孜不倦的奉獻精神，每天運用他們的技能使我們取得成功。說完這些，我將把電話轉給迪安娜 (Deana) 來負責財務事宜。

Thanks, Mark. Net sales for our third quarter of $115.9 million was $21.6 million, or 15.7%, below the prior year comparable quarter. As we noted on last quarter's call, we expected post-election consumer demand to be relatively soft for our third quarter, given the election results and the impact of persistent inflation.

謝謝，馬克。我們第三季的淨銷售額為 1.159 億美元，比去年同期下降 2,160 萬美元，降幅為 15.7%。正如我們在上個季度的電話會議上所指出的，考慮到選舉結果和持續通膨的影響，我們預計第三季選舉後的消費需求將相對疲軟。

While our new products continued to perform very well, we are seeing lower demand for our core product portfolio, which has negatively impacting our top line and margins. During the quarter, inventory in the distribution channel dropped by over 15,000 units while holding steady in terms of weeks outstanding.

雖然我們的新產品持續表現良好，但我們發現核心產品組合的需求正在下降，這對我們的營業收入和利潤產生了負面影響。本季度，分銷通路的庫存下降了 15,000 多台，但未交貨週數保持穩定。

Handgun ASPs declined for the second consecutive quarter, reflecting the impact of lower priced products and promotions. ASPs for long guns increased due to the mix of higher priced products, including the introduction of additional lever-action calibers.

手槍平均售價連續第二季下降，反映了低價產品和促銷活動的影響。由於混合了價格更高的產品（包括引入額外的槓桿式口徑），長槍的平均銷售價格有所上漲。

Gross margin of 24.1% was 4.6% below the comparable quarter last year due to unfavorable fixed cost absorption from lower production volumes and higher promotional costs, partially offset by lower labor costs. Operating expenses of $23.8 million for our third quarter were $4.3 million lower than the prior year comparable quarter, due primarily to a $2.3 million gain on the sale of property in Missouri. Excluding this one-time sale, operating expenses were $2.1 million lower than the prior year quarter due to lower costs associated with the Relocation and lower profit related compensation expenses, which were slightly offset by higher R&D costs associated with new product development and selling and marketing costs associated with promotional activities.

毛利率為 24.1%，比去年同期低 4.6%，原因是產量下降和促銷成本上升導致固定成本吸收不利，但勞動成本下降部分抵消了這一影響。我們第三季的營運費用為 2,380 萬美元，比去年同期低 430 萬美元，主要原因是出售密蘇裡州的房產獲得了 230 萬美元的收益。不計入這筆一次性銷售，營運費用比去年同期低 210 萬美元，原因是與搬遷相關的成本降低以及與利潤相關的補償費用降低，但新產品開發相關的研發成本以及與促銷活動相關的銷售和營銷成本的增加略微抵消了這一影響。

We ended the quarter with net income of $1.7 million, or $0.04 per share. On a non-GAAP basis income per share was $0.02. Cash used in operations for the third quarter was $9.8 million compared to $25.4 million of cash provided in the prior year comparable quarter due to a larger increase in net working capital in the current quarter, combined with lower net income.

本季結束時，我們的淨收入為 170 萬美元，即每股 0.04 美元。以非公認會計準則計算，每股收益為 0.02 美元。第三季營運現金使用量為 980 萬美元，去年同期提供的現金為 2,540 萬美元，原因是本季淨營運資本增加較多，而淨收入較低。

We spent $6.3 million on capital projects for the third quarter compared with $18.2 million in the prior year comparable quarter, primarily due to lower investment in the current year related to the Relocation. We expect our capital spending for the year to be between $20 million and $25 million.

第三季我們在資本項目上花費了 630 萬美元，而去年同期為 1,820 萬美元，這主要是因為本年度與搬遷相關的投資減少。我們預計今年的資本支出將在 2,000 萬美元至 2,500 萬美元之間。

During the quarter, we repurchased approximately 220,000 shares at an average price of $12.94 for a total of $2.8 million. We paid $5.7 million in dividends and ended the quarter with $26.7 million in cash and $110 million in borrowings on our line of credit. Subsequent to quarter end, we repaid $10 million on our line of credit and expect to repay additional amounts during the remainder of the fourth quarter. Finally, our Board has authorized a $0.13 quarterly dividend to be paid to stockholders of record on March 20, the payment to be made on April 3.

本季度，我們以平均 12.94 美元的價格回購了約 22 萬股，總計 280 萬美元。我們支付了 570 萬美元的股息，本季結束時我們擁有 2,670 萬美元的現金和 1.1 億美元的信用額度借款。季度末之後，我們償還了 1000 萬美元的信用額度，並預計在第四季度剩餘時間內償還更多金額。最後，董事會批准向 3 月 20 日登記在冊的股東支付 0.13 美元的季度股息，支付日期為 4 月 3 日。

Looking forward, we continue to expect full-year revenue to be down 5% to 10% from fiscal 2024, which is consistent with what we said last quarter. However, based on the softer demand trends we've seen across the industry in recent months, we now anticipate revenue at the lower end of this range closer to a 10% decline.

展望未來，我們繼續預計全年營收將比 2024 財年下降 5% 至 10%，這與我們上個季度所說的一致。然而，根據近幾個月我們看到的整個行業需求疲軟的趨勢，我們現在預計這一範圍的低端收入將接近 10% 的下降。

This would put our fourth quarter down from the prior quarter in the 2% to 5% range. With lower production levels during Q4, given our desire to reduce inventory, we expect manufacturing absorption to be a factor resulting in lower margins than we historically have seen in our busiest quarter. As a result, fourth quarter margins will likely be several percentage points lower than our prior year fourth quarter, leaving our full year margins a few percentage points lower as well. Channel inventory is expected to remain stable, and we believe the distribution channel remains cautious and will continue to manage their inventory carefully.

這將使我們第四季的銷售額較上一季下降 2% 至 5%。由於我們希望減少庫存，第四季度的生產水平較低，我們預計製造業吸收量將成為一個因素，導致利潤率低於我們歷史上最繁忙的季度的利潤率。因此，第四季的利潤率可能會比去年同期低幾個百分點，導致全年利潤率也會低幾個百分點。預計渠道庫存將保持穩定，我們認為分銷渠道仍將保持謹慎，並將繼續謹慎管理其庫存。

We expect operating expenses for our fourth quarter to be in line with the prior year comparable quarter, with investments in research and development, promotions and marketing programs offsetting lower profit related compensation costs. Our effective tax rate is expected to be approximately 28%.

我們預計第四季度的營運費用將與去年同期持平，研發、促銷和行銷計畫的投資將抵銷與利潤相關的薪酬成本的降低。我們的有效稅率預計約為28%。

Turning to the balance sheet. We expect to reduce inventory slightly during our fourth quarter while generating enough profit to repay additional amounts on our line of credit over and above the $10 million that we repaid in February. We believe that our ending leverage will be well under 2 times, which puts us in a good position to continue to invest in our business. Other reminder, our capital allocation plan continues to be invest in our business, remain debt-free, and return cash to our stockholders.

轉向資產負債表。我們預計第四季度庫存將略有減少，同時產生足夠的利潤來償還我們信用額度中的額外金額（超過我們在二月份償還的 1000 萬美元）。我們相信，我們的期末槓桿率將遠低於2倍，這使我們能夠繼續投資於我們的業務。另外提醒一下，我們的資本配置計劃繼續投資於我們的業務，保持無債務，並向我們的股東返還現金。

With that, operator, can we please open the call for questions from our analysts.

接線員，請問我們可以開始電話訪問我們的分析師嗎？

(Operator Instructions) Mark Smith, Lake Street Capital Markets.

（操作員指示）馬克史密斯 (Mark Smith)，Lake Street Capital Markets。

Hi, guys. I apologize. I missed a little bit of call, but I wanted to just check on a few things. First, new product sales looked really good, but as we look at sales of kind of non-new products or legacy products, if you will, can you just walk through -- do you feel like it’s consumer weakness that’s kind of hurting there? Or is there competitive pressures? Walk us through kind of what you’re seeing there.

嗨，大家好。我很抱歉。我錯過了一點電話，但我只是想檢查一些事情。首先，新產品的銷售情況看起來確實不錯，但是當我們看一下非新產品或傳統產品的銷售情況時，您能否簡單介紹一下——您是否覺得是消費者的疲軟造成了某種損害？還是有競爭壓力？請向我們介紹一下您在那裡看到的情況。

Hey, Mark. Yes, sure. I think a large part of that is, frankly, the outperformance a little bit in the near term of some of those new products. I think that Bodyguard 2.0, specifically on the pistol side is probably cannibalizing a little bit of our own line.

嘿，馬克。是的，當然。坦白說，我認為其中很大一部分原因是一些新產品在短期內表現略有優異。我認為 Bodyguard 2.0，特別是在手槍方面，可能會蠶食我們自己的產品線。

So I think overall, as we covered in the remarks, the pistol category, we're gaining share there. But you’re probably seeing a little bit outsized obviously impact from the Bodyguard versus the core line, and there’s probably a little bit of internal cannibalization as well as obviously cannibalizing the competitive products.

因此我認為總體而言，正如我們在評論中提到的那樣，在手槍類別中，我們的份額正在增加。但你可能會看到，與核心產品線相比，「貼身保鑣」的衝擊顯然有點過大，而且可能存在一些內部蠶食，以及明顯蠶食競爭產品的情況。

So I think -- and that said, as we cover, and I think you can see from the NICS results in February and the inflation continues to pressure that consumer discretionary spend. And so it is a pretty competitive market out there. So I mean, the new products whereas it kind of used to be just gravy on the top, now it’s maybe a little bit of cannibalization of our own, and obviously, cannibalization of the competitors as well. So I think that’s really what you’re seeing.

所以我認為——正如我們所述，你可以從 2 月的 NICS 結果中看到，通貨膨脹繼續對消費者可自由支配的支出造成壓力。所以這是一個競爭相當激烈的市場。所以我的意思是，新產品以前只是錦上添花，但現在它可能對我們自己有一點蠶食作用，而且顯然也會對競爭對手有一點蠶食作用。所以我認為這確實就是你所看到的。

Okay. And you talk about competitive environment. Maybe just talk, if you will, about kind of the industry as you look at distributors, as you look at everybody kind of through the channel, how you feel like everybody’s behaving and kind of the health of the industry today?

好的。您也談到了競爭環境。如果您願意的話，也許您可以談論這個行業，當您觀察分銷商時，當您透過管道觀察每個人時，您覺得每個人的行為如何，以及當今行業的健康狀況如何？

Yes. I think on that front, Mark, it’s pretty good. I mean, I think the distributors, our distributor’s inventory is right about 8.5 weeks right now. So we’re very comfortable. It’s right on target. Everybody’s doing a good job of making sure they hold the whole line but not getting out over their skis, and I think the dealers are in the same boat.

是的。馬克，我認為從這個方面來說，這非常好。我的意思是，我認為分銷商，我們的分銷商的庫存現在大約是 8.5 週。所以我們感到非常舒服。完全符合目標。每個人都在努力確保自己守住整條線，但又不會超出自己的範圍，我認為經銷商也面臨同樣的情況。

So I think as that market moves, we’re seeing that right away. We’re not having that kind of that hangover effect of excess inventory in the channel. So I think we’re pretty comfortable that the market is going to remain steady at where it’s at right now. There’s -- we don’t see any major demand catalysts coming up here.

所以我認為隨著市場的變化，我們馬上就會看到這一點。我們沒有受到渠道過剩庫存的那種後遺症的影響。因此我認為我們非常有信心市場將維持目前的穩定水準。我們沒有看到任何重大的需求催化劑出現。

Obviously, some can be unforeseen, but the biggest thing for us right now again is just that if we can see that economy start to turn around, that discretionary spend availability start to go up, which we’re optimistic on over the long term, then that’s going to be a nice tailwind for us. And we’ll see -- we should see that demand increase translate to demand on Smith & Wesson pretty quick because, again, the channel inventory is really good right now.

顯然，有些事情是無法預料的，但對我們來說，現在最重要的事情是，如果我們能夠看到經濟開始好轉，可自由支配的支出開始上升，我們對長期前景持樂觀態度，那麼這對我們來說將是一個很好的順風。我們將會看到——我們應該看到需求的成長很快就轉化為對史密斯威森的需求，因為現在通路庫存非常好。

Okay. And the last one for me, just topic of the day and the last few days certainly seems to be tariffs. Can you talk about any exposure that you guys see? And obviously, it’s an evolving situation, but we would love to hear your thoughts on tariffs on any exposure there.

好的。對我來說最後一個主題，今天和過去幾天的話題似乎肯定是關稅。您能談談您所看到的任何曝光嗎？顯然，情況不斷變化，但我們很想聽聽您對關稅的看法。

And then also just regulatory environment, any changes that you’re seeing whether in states or at the federal level? And if you wanted to comment at all any thoughts around the Supreme Court case that was just heard the other day.

那麼，就監管環境而言，您看到州或聯邦層級有什麼變化嗎？如果您想對前幾天剛審理的最高法院案件發表任何看法。

Sure. I’ll start off with tariffs. So I think you’re well aware that we’re an American made product. A lot of our supply chain is domestic. And so we do have some supply that comes in from overseas and from foreign countries that would be impacted by the tariffs. All of that has been kind of dialed into our numbers into the guidance and the direction that Deana gave. So it’s not in any way, shape, or form going to be a material impact to our numbers for the rest of this year and next year, Mark.

當然。我先從關稅開始。所以我想你很清楚我們是美國製造的產品。我們的許多供應鏈都是國內的。因此，我們確實有一些來自海外和外國的供應會受到關稅的影響。所有這些都已融入我們的數字中，融入了 Deana 給予的指導和方向。因此，馬克，無論以何種方式，它都不會對我們今年剩餘時間和明年的業績產生重大影響。

So on the regulatory environment, we’re pleased to see some good movement there from the current administration on really more stability on what the regulatory environment is going to look like going forward, which is really, obviously, as any business is what we need, is we just need stability. We operate obviously we’re proud to operate within the bounds of the regulations and laws that govern our industry. We just need stability, and we’re happy to see that that looks like at least for the -- in the foreseeable future here that we’re going to get that. So we're pleased.

因此，在監管環境方面，我們很高興看到現任政府採取了一些積極舉措，未來的監管環境將更加穩定，這顯然是任何企業都需要的，我們只需要穩定。我們的經營顯然是在行業法規和法律的範圍內進行的，我們對此感到自豪。我們只需要穩定，我們很高興地看到，至少在可預見的未來，我們將會實現穩定。所以我們很高興。

And then on Supreme Court case, I think we really don’t discuss ongoing litigation. I’ll just suffice it to say, I know we got a lot of news coverage. We were happy to have our day in court, and we’re really looking forward to the decision that should be coming out in early summer.

然後關於最高法院的案件，我認為我們實際上沒有討論正在進行的訴訟。我只想說，我知道我們得到了很多新聞報道。我們很高興能在法庭上度過這一天，我們非常期待初夏即將公佈的判決。

Excellent. Thank you, guys.

出色的。謝謝你們。

Steve Dyer, Craig-Hallum.

史蒂夫戴爾、克雷格哈勒姆。

Hi guys. This is Matthew Rob on for Steve. Just starting on ASPs, nice performance there on the long guns. Sounds like it was the 1854 mix, which is good to see. How do you think about the Q4 ASPs? It sounds like handguns are maybe flattish. And any outlook for the long gun category?

嗨，大家好。我是馬修·羅布，代替史蒂夫報道。剛開始使用 ASP，長槍性能很好。聽起來就像是 1854 的混音，很高興看到。您如何看待第四季的平均銷售價格？聽起來手槍可能比較扁。長槍類別有何前景？

Yes. I think on the handgun side, I think I covered a little bit of that in the prepared remarks. But I think you’re going to kind of see more of the same in Q4 as you saw in Q3. Our mix right now on the long gun side that the proportionate amount of lever actions that we’re selling versus the core that the MP15 and the shotgun line should really kind of remain the same throughout Q4. And then on the handgun side, again, we have a couple of new products coming out, but it shouldn’t materially change that number.

是的。我認為就手槍方面而言，我在準備好的發言中已經涉及了一點。但我認為，在第四季度，你會看到與第三季度類似的情況。目前，我們在長槍方面的產品組合是，我們銷售的槓桿式槍機與 MP15 和霰彈槍系列的核心產品的比例在整個第四季度應該保持不變。然後在手槍方面，我們再次推出了幾款新產品，但這不會實質地改變這個數字。

Okay, got it. And then if you’re willing to comment, not looking for sort of specific guidance, but can you frame kind of 2026 for us? What are you looking to accomplish within the company? Is it new product intros? Are you focused on market share, taking margins? Any color there would be great.

好的，明白了。然後，如果您願意發表評論，不是尋求具體的指導，而是您能為我們規劃 2026 年的前景嗎？您希望在公司內達成什麼目標？是新產品介紹嗎？您是否注重市場佔有率和利潤率？任何顏色都很棒。

Sure. Yes. I mean, I think as we look forward into 2026, we’re still early days. We still got this year to close out. But obviously, we’re starting to look out into the next 12, 18 months. I think as I talked about earlier, we expect the market to remain steady.

當然。是的。我的意思是，我認為當我們展望 2026 年時，我們仍處於早期階段。我們還要結束這一年。但顯然，我們開始展望未來 12 至 18 個月。我想正如我之前所說的，我們預計市場將保持穩定。

And remember, this is the environment. I think if you look at a NICS chart, kind of a stacked, 20-year chart. And you’re going to see that the NICS results that you’re seeing right now are kind of trending with right along with where they historically have been if you kind of go back 15, 20 years and look at 2019, 2020 even. So for us, that’s -- we talk a lot about our flexible manufacturing model, but that’s exactly what the flexible manufacturing model is designed to do, is to react to those upswings but also be remain very profitable when the market returns to normal as it has.

請記住，這就是環境。我認為如果你看一下 NICS 圖表，它就是一種堆積的 20 年圖表。如果你回顧 15 年、20 年前，甚至看看 2019 年、2020 年，你會發現，你現在看到的 NICS 結果趨勢與歷史趨勢一致。所以對我們來說，這就是——我們談論了很多關於我們的靈活製造模式，但這正是靈活製造模式的設計目的，即對這些上升趨勢做出反應，但當市場恢復正常時也能保持非常高的盈利能力。

So for us, how do we continue to grow? I mean, I think we’re expecting obviously always planning for growth. I think this year that growth is going to be fairly modest, lacking any demand, major demand catalyst. And then how do you do that? Well, that’s new product, right? I mean I think we’ve proven multiple, multiple awards for innovation. I think we’re kind of viewed it as a front runner there in the innovation category within the firearms industry. We’re going to continue that and not just on our core line, but also how do we expand into other white spaces within the firearms market.

那麼對我們來說，我們要如何繼續成長？我的意思是，我認為我們顯然總是在為成長做規劃。我認為今年的成長將會相當溫和，缺乏任何需求，缺乏主要的需求催化劑。那你該怎麼做呢？嗯，那是新產品，對吧？我的意思是，我認為我們已經獲得了多個創新獎項。我認為我們將其視為槍械行業創新領域的領導者。我們將繼續這樣做，不僅在我們的核心產品線上，而且還要擴展到槍支市場的其他空白領域。

Okay. That’s great. Thanks, guys.

好的。那太好了。謝謝大家。

Thank you, Matt.

謝謝你，馬特。

Rommel Dionisio, Aegis Capital Corp.

隆美爾·迪奧尼西奧，安吉斯資本公司

Good afternoon. Could we just talk about the handgun category for a second? For years now, there’s been a shift to a smaller frame concealed carry. And we’ve heard that there’s been a little more of acceleration here in the last few quarters. Would you say that that's the consumer trading down to a lower price point is helping to accelerate that? Or would you say that's just more continued move to kind of a smaller frame concealed carry, that category? Obviously, you're well represented there with products like the Bodyguard 2.0. I wonder if you could just chat about that.

午安.我們可以討論一下手槍類別嗎？多年來，人們已經轉向使用較小尺寸的隱蔽攜帶武器。我們聽說過去幾季這裡的成長速度有所加快。您是否認為消費者降低消費價格有助於加速這一進程？或者您認為這只是繼續轉向更小框架的隱藏攜帶類別？顯然，你們的 Bodyguard 2.0 等產品很有代表性。我想知道您是否可以就此進行討論。

Sure. I think it’s a little bit of both. You’re right that there has been a big trend towards concealed carry, those concealed carry firearms. And then obviously, that's been -- the success of the Bodyguard, as I talked about, was a little bit of a combination of the fact that it was a great concealed carry product, but it's also at an entry-level price point for a premier brand like Smith & Wesson. So it kind of hits both of those. And I think really, that's the sweet spot that we -- that's driving the success of that product.

當然。我認為兩者都有一點。您說得對，隱蔽攜帶槍枝已經成為一種大趨勢。顯然，正如我所說，保鑣的成功在一定程度上是因為它是一款出色的隱蔽攜帶產品，而且對於像史密斯威森這樣的頂級品牌來說，它的價格也處於入門級水平。所以它對兩者都有影響。我認為，這確實是我們的最佳點——推動該產品成功的關鍵。

So directionally, for the handgun market, I think as I talked about, it's kind of bifurcating a little bit. We've got that definitely that entry level. But even within every one of those categories, it's kind of going towards the lower end, the entry-level price point products. And then there's also -- we're also seeing some success with things like our metal M&Ps, which are at the higher end, but it's something unique and something different. You've got to give that consumer a reason to get excited about the product, about the brand, right?

因此，從方向上看，對於手槍市場來說，我認為正如我所說的，它有點分叉。我們確實已經達到那個入門水平了。但即使在每一個類別中，它也都趨向於低端、入門級價位的產品。此外，我們也看到我們的金屬 M&P 等產品取得了一些成功，它們屬於高端產品，但卻是獨一無二的，與眾不同的。你必須給消費者一個對產品、對品牌感到興奮的理由，對嗎？

So that innovation is still successful on the high end. It's just -- you've got to have something compelling for them to -- for that consumer to get excited about. So it really kind of is bifurcating to the entry level and into new product. And we can get up on the higher up on the ASP chain, we just got to have something that's exciting. And we've obviously found some success there with the metal M&P, and we're going to continue to look for things like that.

因此，創新在高端上仍然是成功的。只是——你必須有一些東西能夠吸引消費者——讓消費者感到興奮。因此，它實際上分為入門級和新產品。我們可以在 ASP 鏈中佔據更高的位置，我們只需要擁有一些令人興奮的東西。顯然，我們在金屬 M&P 方面取得了一些成功，我們將繼續尋找類似的產品。

Okay. And maybe my follow-up question on switching to the long gun side. Mark, I think you talked about, in your prepared comments, potential future product launches in that kind of traditional hunting category. Could you just remind us again what the potential margin impact of that would be if you have a shift in long guns, perhaps slightly away from MSRs to those more traditional categories? Thanks.

好的。也許我的後續問題是關於轉換到長槍方面。馬克，我想您在準備好的評論中談到了未來在這種傳統狩獵類別中可能推出的產品。您能否再次提醒我們，如果長槍類別有所轉變，可能從 MSR 轉向更傳統的類別，這對利潤率的潛在影響是什麼？謝謝。

Sure. Yes. I mean the 1854 has been very successful. And as I said in the remarks, we definitely expect and plan to continue to build that line out for -- across the entire category, multiple calibers that we're not into yet, some of the most popular ones were -- are still in the works. So as far as margin, we don't really give too much color and guidance on margin by product line, Rommel. But what I can tell you is that the margins of the 1854 is not materially different from our core line of rifles.

當然。是的。我的意思是 1854 非常成功。正如我在評論中所說的那樣，我們絕對期望併計劃繼續打造這條產品線——在整個類別中，我們尚未涉足的多種口徑，其中一些最受歡迎的口徑——仍在研發中。因此，就利潤率而言，我們實際上並沒有對隆美爾產品線的利潤率給出太多的細節和指導。但我可以告訴你的是，1854 的利潤率與我們的核心步槍系列並沒有實質的差別。

Okay. Thanks very much. That’s very helpful.

好的。非常感謝。這非常有幫助。

Ladies and gentlemen, there are no further questions at this time. I'll hand the call back to Mark Smith for closing remarks.

女士們、先生們，現在沒有其他問題了。我將把電話交還給馬克史密斯，請他做最後發言。

Thank you, operator, and thank you, everybody, for your -- joining us today and your interest in Smith & Wesson. We look forward to speaking with you all again next quarter.

謝謝接線員，也謝謝大家今天的參與以及對史密斯威森的關注。我們期待下個季度再次與大家交談。

This concludes today's conference. You may disconnect your lines at this time. Enjoy the rest of your day.

今天的會議到此結束。現在您可以斷開線路。享受剩餘的一天。