Vista Outdoor Inc (VSTO) 2025 Q1 法說會逐字稿

Hello. And welcome to the first quarter fiscal year 2025 Vista Outdoor earnings conference call. My name is Alex. I'll be coordinating the call today. (Operator Instructions)

你好。歡迎參加 2025 財年第一季 Vista Outdoor 收益電話會議。我叫亞歷克斯。我今天將協調通話。（操作員說明）

I now hand over to your host, Tyler Lindwall, Vice President of Investor Relations. Please go ahead.

我現在請主持人投資者關係副總裁泰勒林德沃爾 (Tyler Lindwall) 發言。請繼續。

Thank you, operator, and good morning to everyone joining us for our first quarter fiscal year 2025 earnings call. With me this morning are Eric Nyman, Co-CEO, Vista Outdoor and CEO, Revelyst; Jason Vanderbrink, Co-CEO, Vista Outdoor and CEO, The Kinetic Group; and Andy Keegan, Chief Financial Officer, Vista Outdoor.

謝謝營運商，祝所有參加我們 2025 財年第一季財報電話會議的人早安。今天早上與我在一起的有 Vista Outdoor 聯合執行長兼 Revelyst 執行長 Eric Nyman； Jason Vanderbrink，Vista Outdoor 聯合執行長兼 The Kinetic Group 執行長； Andy Keegan，Vista Outdoor 財務長。

Before we begin, I'd like to remind everyone that during today's call, we will be making several forward-looking statements reflecting future events and their potential effect on our operating and financial performance. We make these statements under the Safe Harbor provisions of the Private Securities Litigation Reform Act. These forward-looking statements reflect our best estimates and assumptions based on our understanding of information known to us today, and we are under no obligation to provide updates to these forward-looking statements.

在開始之前，我想提醒大家，在今天的電話會議中，我們將做出幾項前瞻性聲明，反映未來事件及其對我們營運和財務表現的潛在影響。我們根據《私人證券訴訟改革法》的安全港條款做出這些聲明。這些前瞻性陳述反映了我們基於對當今已知資訊的理解的最佳估計和假設，我們沒有義務提供這些前瞻性陳述的更新。

These forward-looking statements are subject to the risks and uncertainties that face Vista Outdoor and the industries in which we operate, and actual results may differ materially from these forward-looking statements. We encourage you to review our quarterly earnings press release and Vista Outdoor's SEC filings for more information on these risk factors and uncertainties.

這些前瞻性聲明受到 Vista Outdoor 和我們經營所在產業面臨的風險和不確定性的影響，實際結果可能與這些前瞻性聲明有重大差異。我們鼓勵您查看我們的季度收益新聞稿和 Vista Outdoor 向 SEC 提交的文件，以了解有關這些風險因素和不確定性的更多資訊。

Please also note that we have posted presentation materials on our website at investors.vistaoutdoor.com which supplement our comments this morning and include reconciliations of non-GAAP financial measures.

另請注意，我們已在我們的網站 Investors.vistaoutdoor.com 上發布了簡報資料，這些資料補充了我們今天早上的評論，並包括非 GAAP 財務指標的調節。

Eric, I'll turn it over to you.

艾瑞克，我會把它交給你。

Thank you, Tyler. Good morning, everyone, and thank you all for joining us this morning as we discuss our first quarter fiscal year 2025 results.

謝謝你，泰勒。大家早安，感謝大家今天早上加入我們，討論 2025 財年第一季的業績。

Before I dive into the quarter, I wanted to first touch on the press release issued last week. Last week, the Board issued a release, noting that we have commenced a review of strategic alternatives and have adjourned the Special Meeting for the CSG transaction to September 13, 2024. The Board is committed to acting in the best interest of the company and its stockholders.

在深入了解本季之前，我想先談談上週發布的新聞稿。上週，董事會發布了一份新聞稿，指出我們已開始審查策略替代方案，並將 CSG 交易特別會議推遲至 2024 年 9 月 13 日。董事會致力於以公司及其股東的最佳利益行事。

The strategic review will be comprehensive and include the following: One, an exploration of a full range of alternatives for Revelyst, including a potential sale of Revelyst. CSG is also considering an acquisition of Revelyst with potential partners in addition to its proposed acquisition of The Kinetic Group.

策略審查將是全面的，包括以下內容：第一，探索 Revelyst 的全方位替代方案，包括可能出售 Revelyst。除了擬收購 The Kinetic Group 之外，CSG 也正在考慮與潛在合作夥伴一起收購 Revelyst。

Two, an engagement with MNC Capital and its private equity partner with respect to its proposal to acquire Vista Outdoor to see if it can deliver superior value to the company's stockholders. This follows MNC's recent public statement on July 26, 2024, that if there were a reason or basis to increase our offer, including Vista engaging with us and providing one, we would increase our offer price.

第二，與 MNC Capital 及其私募股權合作夥伴就收購 Vista Outdoor 的提案進行接觸，看看它是否能為公司股東帶來卓越的價值。在此之前，MNC 最近於 2024 年 7 月 26 日發表公開聲明，表示如果有理由或依據提高我們的報價，包括 Vista 與我們合作並提供報價，我們將提高報價。

In light of that recent statement, the Board has determined that MNC's proposal would reasonably be expected to lead to a superior proposal, and meets the standard for engagement under the terms of the CSG merger agreement. Considering the extensive diligence conducted by MNC and its private equity partner to date, Vista Outdoor expects MNC to be able to confirm an increased proposal for the acquisition of Vista Outdoor in short order.

根據最近的聲明，董事會已確定，MNC 的提案將合理地預期會成為更優的提案，並符合 CSG 合併協議條款下的參與標準。考慮到 MNC 及其私募股權合作夥伴迄今為止進行的廣泛調查，Vista Outdoor 預計 MNC 能夠在短期內確認增加收購 Vista Outdoor 的提議。

Three, a continued consideration of the separation of Revelyst and The Kinetic Group through a spin-off. Our advisers are looking at several strategic alternatives in order to maximize stockholder value. As an update on the strategic review, we have engaged with MNC to see if they can deliver superior value for the company's stockholders. Additionally, we have reached out to several parties regarding a potential acquisition of the Revelyst business.

第三，繼續考慮透過分拆將 Revelyst 和 The Kinetic Group 分開。我們的顧問正在考慮幾種策略選擇，以實現股東價值最大化。作為策略審查的最新訊息，我們已與跨國公司接洽，看看他們是否能為公司股東帶來卓越的價值。此外，我們也就可能收購 Revelyst 業務的事宜與多方進行了接觸。

Furthermore, CSG remains steadfast in their commitment to acquiring The Kinetic Group and is exploring the acquisition of Revelyst with potential partners. The Board continues to recommend Vista Outdoor stockholders vote in favor of the proposal to adopt the merger agreement with CSG. We look forward to evaluating all strategic alternatives that would maximize value for stockholders, and we remain as focused as ever on delivering high-quality, innovative products for our consumers around the world.

此外，CSG 仍堅定收購 The Kinetic Group 的承諾，並正在與潛在合作夥伴探討收購 Revelyst。董事會繼續建議 Vista Outdoor 股東投票贊成通過與 CSG 的合併協議的提案。我們期待評估所有能夠為股東實現價值最大化的策略選擇，並且我們將一如既往地專注於為世界各地的消費者提供高品質、創新的產品。

Moving on to Revelyst results. Our teams across the organization executed against our plan in the first quarter of fiscal year 2025, and we are grateful for their hard work delivering in the face of continued market headwinds in certain segments, and the continued uncertainty in the face of our planned separation.

繼續看 Revelyst 結果。我們整個組織的團隊在2025 財年第一季執行了我們的計劃，我們感謝他們在某些細分市場持續面臨市場逆風的情況下所做的辛勤工作，以及我們計劃中的分離帶來的持續不確定性。

We did face some challenges in Q1 in both supply chain and new product launch timing introductions, which led to results that were not up to our expectations. That said, we understand the challenges and are already putting solutions in place to improve in the future, and the teams did find some tailwinds led by our GEAR Up cost-saving initiatives and great product innovation.

我們在第一季確實在供應鏈和新產品推出時機方面遇到了一些挑戰，這導致結果沒有達到我們的預期。也就是說，我們了解這些挑戰，並且已經制定了解決方案以在未來進行改進，團隊確實發現了由我們的 GEAR Up 成本節約計劃和出色的產品創新帶來的一些順風車。

Sales for the quarter were $274 million, and adjusted EBITDA was $16 million, with an adjusted EBITDA margin of 5.7%. We are confident in our fiscal year 2025 financial targets and strongly believe in Revelyst's potential to deliver on the long-term strategy that we are executing.

該季度銷售額為 2.74 億美元，調整後 EBITDA 為 1,600 萬美元，調整後 EBITDA 利潤率為 5.7%。我們對 2025 財年的財務目標充滿信心，並堅信 Revelyst 有潛力實現我們正在執行的長期策略。

Across the enterprise, we made progress implementing our actionable stand-alone strategy to drive value creation. Our strategy is built on our DragonFly wheel to generate momentum. The Revelyst DragonFly wheel is our multi-pronged strategic flywheel, which plays upon our iconic dragonfly logo. The dragonfly wheel contains our key strategies to unlock growth and propel margin expansion across our integrated international house of brands. The dragonfly wheel is brand focused and consumer informed to unlock value through innovative product and technology offerings, enhanced direct-to-consumer and international channel strategies, a robust digital-gaming ecosystem, and world-class licensing partnerships.

在整個企業中，我們在實施可操作的獨立策略以推動價值創造方面取得了進展。我們的策略建立在蜻蜓輪的基礎上，以產生動力。Revelyst DragonFly 輪是我們的多管齊下戰略飛輪，它採用了我們標誌性的蜻蜓標誌。蜻蜓輪包含我們在綜合國際品牌中釋放成長和推動利潤擴張的關鍵策略。蜻蜓輪以品牌為中心，以消費者為中心，透過創新的產品和技術產品、增強的直接面向消費者和國際通路策略、強大的數位遊戲生態系統以及世界一流的授權合作夥伴關係來釋放價值。

We continue to focus on innovation, by leveraging our portfolio of category-defining Power Brands to win market share despite challenges related to market softness, order timing, and divestitures. We remain focused on driving growth and market share gains, no matter the market conditions and are poised to revolutionize our future through innovative brand-led and consumer-obsessed product, and technology offerings as well as leading partnerships.

儘管面臨市場疲軟、訂單時機和資產剝離等方面的挑戰，我們仍繼續專注於創新，利用我們的品類定義實力品牌組合來贏得市場份額。無論市場狀況如何，我們仍然專注於推動成長和市場份額的成長，並準備透過創新的品牌主導和消費者癡迷的產品、技術產品以及領先的合作夥伴關係來徹底改變我們的未來。

Recent examples of these brand highlights, innovative offerings, and partnerships include: In Revelyst Adventure Sports, we are capturing market share across numerous categories, including helmets, mountain bike protection, and bike hydration in a declining market environment. "Newness" is gaining traction with our customers and many of our newly introduced products and new styles, such as the V3RS, Raceframe, and Purevue are sold out. We intend to further capitalize on these trends with upcoming product launches.

這些品牌亮點、創新產品和合作夥伴關係的最新例子包括： 在 Revelyst Adventure Sports 中，我們在不斷下滑的市場環境中佔領了多個類別的市場份額，包括頭盔、山地自行車保護和自行車水袋。「新」越來越受到客戶的歡迎，我們許多新推出的產品和新款式，例如 V3RS、Raceframe 和 Purevue 都已售罄。我們打算透過即將推出的產品進一步利用這些趨勢。

In Revelyst Outdoor Performance, recent product launches across the platform have driven market share gains. We continue to grow market share at Simms where we hold a dominant position in waders and in fishing sportswear, where we recently won best-in-category awards at ICAST for the Women's Latitude Hoody and the Pro Dry Suit. The successful launch of the Camp Chef Gridiron in the spring drove 8% growth in the flat top grill category, outpacing the market in a category that has been a bright spot within the broader outdoor cooking market.

在 Revelyst Outdoor Performance 中，最近在整個平台上推出的產品推動了市場份額的成長。我們繼續擴大 Simms 的市場份額，在涉水鞋和釣魚運動服領域佔據主導地位，最近我們的女式 Latitude 連帽衫和專業乾衣在 ICAST 上獲得了類別最佳獎。Camp Chef Gridiron 在春季的成功推出推動了平頂燒烤類別成長 8%，超過了該類別的市場成長速度，該類別一直是更廣泛的戶外烹飪市場的亮點。

In Revelyst Precision Sports Technology, Foresight has had multiple consecutive quarters of growth as a result of the QuadMAX and Falcon product launches. The delayed launch of the Phantom 3 GPS drove Bushnell Golf sales lower than anticipated in the quarter, but we still expect this product to capture additional sales for the rest of fiscal year 2025. Foresight and Bushnell Golf continue to set the standard in golf technology. The power of these two brands living under the same leadership and platform will really be showcased this fall, with a cooperative effort between Foresight Sports and Bushnell Golf, that will change the way golfers capture and utilize information from launch monitors and laser rangefinders.

在 Revelyst Precision Sports Technology 領域，Foresight 由於 QuadMAX 和 Falcon 產品的推出而實現了連續多個季度的成長。Phantom 3 GPS 的延遲推出導致博士能高爾夫本季的銷量低於預期，但我們仍然預計該產品將在 2025 財年剩餘時間內獲得額外的銷售。Foresight 和 Bushnell Golf 繼續樹立高爾夫技術的標準。在Foresight Sports 和Bushnell Golf 的合作下，這兩個品牌在同一領導層和平台下的力量將在今年秋天真正得到展示，這將改變高爾夫球手捕捉和利用發射監視器和激光測距儀信息的方式。

In licensing, our platform teams have been hard at work, leveraging our brands to ink new licensing partnerships to unlock additional revenue streams, further scale our brands, and reach new customers. We are excited to announce our biggest partnership ever, a collaboration with celebrity chef and restaurateur, Guy Fieri. This collaboration between Revelyst, Camp Chef, and Fieri unites the Mayor of Flavortown himself with the leading innovator in outdoor cooking gear.

在授權方面，我們的平台團隊一直在努力工作，利用我們的品牌建立新的授權合作夥伴關係，以釋放額外的收入來源，進一步擴大我們的品牌規模並吸引新客戶。我們很高興地宣布我們有史以來最大的合作夥伴關係，即與名廚兼餐廳老闆 Guy Fieri 的合作。Revelyst、Camp Chef 和 Fieri 之間的合作將 Flavortown 市長本人與戶外烹飪設備的領先創新者聯合起來。

Fieri has long served as an unofficial brand ambassador while using the brand's products on screen, on stage, and at home. This multiyear partnership will include several collaborations between Fieri and Camp Chef and will include a number of co-branded cooking equipment pieces. Be on the lookout for more news on this category defining announcement on August 19 across Revelyst social channels and campchef.com. We are extremely excited to welcome Guy to team Revelyst.

Fieri 長期擔任非官方品牌大使，在螢幕、舞台和家中使用品牌的產品。這項多年合作關係將包括 Fieri 和 Camp Chef 之間的多次合作，並將包括許多聯名品牌的烹飪設備。請留意 8 月 19 日透過 Revelyst 社群管道和 Campchef.com 發布的更多關於此類別定義的新聞。我們非常高興地歡迎 Guy 加入 Revelyst 團隊。

Furthermore, at Foresight, we have an exciting licensing agreement and product collaboration coming very soon through our relationship with Volition America. This custom offering will bridge the tangible and the digital world and will benefit the Folds of Honor Foundation.

此外，在 Foresight，我們很快就會透過與 Volition America 的關係達成令人興奮的授權協議和產品合作。這款客製化產品將架起有形世界和數位世界的橋樑，並使榮譽折疊基金會受益。

Moving on, our international expansion and transformation of our operating model is underway, and we believe that there is a significant opportunity to elevate and grow our brands through a unified and scalable approach. We have made substantial progress at Revelyst by leveraging the operational backbone we acquired through our acquisition of Fox. This has allowed us to expand our presence across the globe for additional brands to reach new markets. We plan to continue the strategic expansion to regions where a unified operating model can be a growth catalyst for our brands.

繼續前進，我們的國際擴張和營運模式轉型正在進行中，我們相信，透過統一和可擴展的方法，存在著提升和發展我們品牌的重大機會。透過利用收購 Fox 獲得的營運骨幹，我們在 Revelyst 取得了實質進展。這使我們能夠擴大在全球的影響力，讓更多品牌進入新市場。我們計劃繼續向統一營運模式可以成為我們品牌成長催化劑的地區進行策略擴張。

As we look at our direct-to-consumer and digital approach, our enhanced direct-to-consumer strategy places an emphasis on our owned-brand channels and other e-commerce sites, including Amazon. This strategy shift is in process and early results are promising, particularly with Amazon, where we grew low single digits year-over-year in Q1.

當我們審視我們的直接面向消費者和數位方法時，我們增強的直接面向消費者策略將重點放在我們的自有品牌管道和其他電子商務網站上，包括亞馬遜。這種策略轉變正在進行中，早期結果令人鼓舞，特別是在亞馬遜，我們在第一季同比增長較低的個位數。

We have also seen gains at certain direct-brand sites, including Foresight, where the direct site revenue is up over 30% year-over-year and continues to be a leading growth contributor to the Revelyst Precision Sports Technology platform. We also had a milestone achievement in the Revelyst Adventure Sports platform with the iPhone created campaign, "CamelHak", that over-indexed and received over 1 million views on TikTok and 2 million views on Instagram, becoming the highest viewed post on CamelBak's Instagram of all time. We aim to repeat this success with other products to drive brand engagement and sales in the future.

我們也看到某些直接品牌網站的成長，包括 Foresight，其直接網站營收年增超過 30%，並繼續成為 Revelyst Precision Sports Technology 平台的主要成長貢獻者。我們還在Revelyst Adventure Sports 平台上取得了里程碑式的成就，透過iPhone 創建的行銷活動“CamelHak”，該活動被過度索引，在TikTok 上獲得了超過100 萬次瀏覽，在Instagram 上獲得了200 萬次瀏覽，成為CamelBak Instagram 上瀏覽量最高的貼文所有時間。我們的目標是在其他產品上重複這項成功，以推動未來的品牌參與度和銷售。

Our digital gaming and e-sports initiatives are applying Revelyst's digital-first thinking to create engaging content and gaming experiences that provide new consumer opportunities. Our acquisition of PinSeeker furthered our commitment to this strategy. PinSeeker has seen explosive year-over-year growth and early results have exceeded our acquisition forecast model, further validating our digital gaming strategy and the decision to acquire that business. The PinSeeker team has also jump-started our broader Foresight Studio strategy. We had a strong quarter of successful course launches, including our recent digital course launch of Pinehurst No. 2 available on our Foresight simulators that coincided with the US Open week played at the namesake course.

我們的數位遊戲和電競計劃正在應用 Revelyst 的數位優先思維來創造引人入勝的內容和遊戲體驗，從而提供新的消費者機會。我們對 PinSeeker 的收購進一步推動了我們對這項策略的承諾。PinSeeker 實現了爆炸性的同比增長，早期結果超出了我們的收購預測模型，進一步驗證了我們的數位遊戲策略和收購該業務的決定。PinSeeker 團隊也啟動了我們更廣泛的 Foresight Studio 策略。我們有一個強勁的季度成功推出球場，包括我們最近在 Foresight 模擬器上推出的 Pinehurst No. 2 數位球場，恰逢美國公開賽週在同名球場舉行。

We also entered into an exclusive partnership with Tara Iti, the number two ranked course in the world on the Golf Digest World's 100 Greatest Golf Courses list. These courses add to Foresight's list of premium course offerings, that can be purchased for use in our simulators and demonstrate our commitment to providing a world-class user experience for all of our simulator owners. We are encouraged by these developments and the road map the team has set forth, and we expect to have more announcements to come soon.

我們還與 Tara Iti 建立了獨家合作夥伴關係，該球場在《高爾夫文摘》世界 100 個最偉大高爾夫球場名單中排名世界第二。這些課程添加到 Foresight 的高級課程產品清單中，可以購買這些課程在我們的模擬器中使用，並表明我們致力於為所有模擬器所有者提供世界一流的用戶體驗。我們對這些進展和團隊制定的路線圖感到鼓舞，我們預計很快就會發布更多公告。

You will hear more about our excellent progress on our GEAR Up transformation from Andy shortly, but I wanted to highlight the strong work our teams have done to optimize our portfolio to focus on our core assets with significant value and growth potential. In July, we announced the sale of Fiber Energy Products. This strategic divestiture generated cash for Revelyst that can be reinvested in our power brands and product innovation in support of our GEAR Up transformation initiative. The new ownership provides resources and scale to the Fiber Energy brand, and we wish them the best of luck with this new endeavor.

您很快就會從Andy 那裡聽到更多關於我們在GEAR Up 轉型方面取得的出色進展，但我想強調我們的團隊為優化我們的投資組合以專注於具有巨大價值和增長潛力的核心資產所做的出色工作。7 月，我們宣佈出售纖維能源產品。這項策略性剝離為 Revelyst 帶來了現金，可以再投資於我們的實力品牌和產品創新，以支持我們的 GEAR Up 轉型計畫。新的所有權為 Fiber Energy 品牌提供了資源和規模，我們祝福他們在這項新的努力中一切順利。

Alongside the RCBS sale announced in May, we have now completed two strategic divestitures to rebalance our portfolio. Our strategic review is ongoing, and we see additional opportunities in the future. This review is a critical step in evaluating where further rebalancing will help to best position us for long-term success.

除了 5 月宣佈出售 RCBS 之外，我們現在還完成了兩項策略剝離，以重新平衡我們的投資組合。我們的策略審查正在進行中，我們看到未來還有更多機會。這次審查是評估進一步再平衡將有助於我們為長期成功做好最佳定位的關鍵一步。

In closing, I am energized by the road map we have in front of us at Revelyst. Teams across our business are executing on our transformation through the GEAR Up program and our value-creating DragonFly wheel to unlock growth and margin expansion through game-changing innovations, exceptional licensing partnerships an enhanced direct-to-consumer, and international channel strategy and digital-first thinking to create engaging content and gaming opportunities. We are relentless in our pursuit of excellence, and that drives my belief in our strategy and the future ahead of us.

最後，Revelyst 面前的路線圖讓我深受鼓舞。我們整個業務團隊正在透過GEAR Up 計劃和創造價值的DragonFly 輪來實施轉型，透過改變遊戲規則的創新、卓越的授權合作夥伴關係、增強的直接面向消費者以及國際通路策略和數位化來實現成長和利潤擴張。我們不懈地追求卓越，這讓我對我們的策略和未來充滿信心。

I am confident in our financial targets and ability to double our stand-alone adjusted EBITDA in fiscal year 2025. In that spirit, we'll be announcing the date of our upcoming Investor Day in the weeks ahead and look forward to sharing more details about the Revelyst story.

我對我們的財務目標以及在 2025 財年將獨立調整後 EBITDA 翻倍的能力充滿信心。本著這種精神，我們將在未來幾週內宣布即將舉行的投資者日的日期，並期待分享更多關於 Revelyst 故事的細節。

I'll now hand it over to Jason to provide an update on The Kinetic Group. Jason, over to you.

現在我將把它交給 Jason 來提供有關 Kinetic Group 的最新資訊。傑森，交給你了。

Thank you, Eric, and good morning, everyone.

謝謝你，艾瑞克，大家早安。

The Kinetic Group delivered above expected earnings for the first quarter. Sales were $370 million with an adjusted EBITDA margin of 30% and adjusted EBITDA of $111 million, continuing the strong performance we demonstrated at the end of fiscal year '24. Our team has stayed focused while facing economic headwinds and inflationary pressures with rising commodity prices and successfully navigating a global powder shortage.

Kinetic 集團第一季的獲利超出預期。銷售額為 3.7 億美元，調整後 EBITDA 利潤率為 30%，調整後 EBITDA 為 1.11 億美元，延續了我們在 24 財年末展現的強勁業績。我們的團隊在面臨經濟逆風和大宗商品價格上漲帶來的通膨壓力的同時，始終保持專注，並成功解決了全球粉末短缺問題。

As history has shown us several times, if the market starts to slow, we expect to gain market share due to vendor consolidation at our customers and consumers generally will purchase the brands they trust. As we are getting close to the important hunting seasons, our finished goods inventory in this key category is well positioned to fill consumer demand in all hunting loads in every category.

正如歷史多次向我們表明的那樣，如果市場開始放緩，我們預計會因客戶的供應商整合而獲得市場份額，而消費者通常會購買他們信任的品牌。隨著我們越來越接近重要的狩獵季節，我們在這一關鍵類別中的成品庫存能夠很好地滿足消費者對每個類別的所有狩獵負載的需求。

We expect Hevi-Shot to continue the momentum we have built since the acquisition and Remington Core-Lokt inventory and demand is in the best shape it has been in several years. Our seasonal build program has produced many calibers that the consumer has not been able to purchase in many years, which also brings higher margins with it.

我們預計 Hevi-Shot 將繼續保持自收購以來所建立的勢頭，並且 Remington Core-Lokt 庫存和需求處於幾年來的最佳狀態。我們的季節性生產計劃生產了許多消費者多年來無法購買的口徑，這也帶來了更高的利潤。

We continue to try to meet the demand we have seen with the CCI Uppercut product, which has exceeded our forecast when we introduced this game changing product. At the industry's largest consumer trade show, the National Rifle Association Annual Meetings and Exhibits, our brands were officially presented with Golden Bullseye awards in every ammunition category. This is the first time we have swept these prestigious awards for excellence in new product technology. The products recognized were Speer Gold Dot Carbine, Federal Premium Force X2 Shorty, and Remington 360 Buckhammer.

我們持續努力滿足 CCI Uppercut 產品的需求，這超出了我們推出這款改變遊戲規則的產品時的預測。在業界最大的消費貿易展——全國步槍協會年會和展覽上，我們的品牌在每個彈藥類別中被正式授予金牛眼獎。這是我們第一次因新產品技術的卓越表現而包辦這些享有盛譽的獎項。認可的產品包括 Speer Gold Dot Carbine、Federal Premium Force X2 Shorty 和 Remington 360 Buckhammer。

Continuing our longstanding support for the United States military, Federal announced a $3.6 million contract award for the 7.62x51 Long Range ammunition for the United States Special Operations Command or SOCOM. This trusted product is currently being produced for the United States Navy in a separate contract, demonstrating our American manufacturing expertise and proven history of supplying the United States warfighter with the best products to protect and defend.

聯邦航空局繼續對美國軍方提供長期支持，宣佈為美國特種作戰司令部 (SOCOM) 提供價值 360 萬美元的 7.62x51 遠程彈藥合約。這種值得信賴的產品目前正在透過一份單獨的合約為美國海軍生產，展示了我們美國的製造專業知識以及為美國作戰人員提供最佳保護和防禦產品的悠久歷史。

As part of our company DNA, we recently held a benefit auction at our annual sales meeting in Minnesota and we're able to donate at least $20,000 to each of our beneficiary charities. The Anoka County Police Department, the Anoka County Sheriff's Office, the Anoka County Brotherhood Council Food Shelf, and the Vista Outdoor Employee Assistance Fund. This is a true testament to helping serve the communities that our factories are located in.

作為我們公司 DNA 的一部分，我們最近在明尼蘇達州的年度銷售會議上舉行了一次福利拍賣，我們能夠向每個受益慈善機構捐贈至少 20,000 美元。阿諾卡縣警察局、阿諾卡縣治安官辦公室、阿諾卡縣兄弟會委員會食品架和維斯塔戶外員工援助基金。這是幫助服務我們工廠所在社區的真實證明。

For the 59th straight month in June, NICS data surpassed more than 1 million background checks. This continued high monthly volume supports a healthy and higher baseline of shooting and hunting participants.

6 月份，NICS 數據連續第 59 個月超過 100 萬次背景調查。每月持續的高交易量支持了射擊和狩獵參與者的健康和更高的基線。

As we navigate the future and the United States presidential election, our American manufacturing facilities remain focused on building the best ammunition in America and delivering on all of our key financial metrics. The cross collaboration between our factories has resulted in cost savings, technology sharing, and allows us to best route production by cost and expertise. This serves as a tremendous competitive advantage for us, which is reflected in our profitability.

在我們應對未來和美國總統選舉的過程中，我們的美國製造工廠仍然專注於製造美國最好的彈藥並實現我們所有的關鍵財務指標。我們工廠之間的交叉合作節省了成本，實現了技術共享，並使我們能夠根據成本和專業知識制定最佳生產路線。這對我們來說是一個巨大的競爭優勢，這反映在我們的獲利能力上。

Our mission has not and will not change. We will focus on what the end consumer wants and expects and work backwards from that. Our obsession with the consumer and customers we service will lead us through this volatile market and help us gain market share. With a diverse customer base and multi-brand strategy, The Kinetic Group is poised to continue to be the leader in ammunition technology, and we are planning to release the most exciting product we have ever developed in our history in our third quarter.

我們的使命沒有也不會改變。我們將關注最終消費者的需求和期望，並以此為基礎進行逆推。我們對我們所服務的消費者和客戶的痴迷將引導我們度過這個動蕩的市場，並幫助我們獲得市場份額。憑藉多元化的客戶群和多品牌策略，Kinetic 集團預計將繼續成為彈藥技術的領導者，我們計劃在第三季發布我們歷史上開發的最令人興奮的產品。

I have full confidence that with the best team in the ammunition business, we will continue to perform at the highest level. Our future is filled with great opportunity and we look forward to growing our market share, building on world class profitability and delivering new and innovative products to our increasingly diverse customer and consumer base. I want to thank our 4,000 team members for their steadfast commitment to our vision and being part of the best team in the world. Together, we are winning and our financial metrics reflect just that.

我完全相信，憑藉彈藥行業最優秀的團隊，我們將繼續保持最高水準。我們的未來充滿了巨大的機遇，我們期待擴大我們的市場份額，建立世界一流的盈利能力，並為我們日益多樣化的客戶和消費者群提供新的創新產品。我要感謝我們的 4,000 名團隊成員對我們願景的堅定承諾，並成為世界上最好團隊的一部分。我們共同取得勝利，我們的財務指標也反映了這一點。

Thank you. Andy?

謝謝。安迪？

Thank you, Jason, and hello, everyone.

謝謝你，傑森，大家好。

My comments today will focus on adjusted results compared to the prior year period unless otherwise noted, which are presented using non-GAAP financial measures. In the appendix to the slide presentation, we've included reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures. For additional information regarding forward-looking statements and non-GAAP financial measures, please refer to page 4 of the slide presentation.

除非另有說明，我今天的評論將重點放在與去年同期相比的調整後業績，這些業績是使用非公認會計原則財務指標呈現的。在投影片簡報的附錄中，我們將這些非 GAAP 財務指標與最直接可比較的 GAAP 財務指標進行了調整。有關前瞻性陳述和非 GAAP 財務指標的更多信息，請參閱幻燈片簡報的第 4 頁。

I will reference the three Revelyst segments, Revelyst Adventure Sports, Revelyst Outdoor Performance, and Revelyst Precision Sports Technology in a combined manner as Revelyst in my remarks that follow.

我將在接下來的演講中將 Revelyst 的三個部分（Revelyst Adventure Sports、Revelyst Outdoor Performance 和 Revelyst Precision Sports Technology）統稱為 Revelyst。

We've made progress on our long-term goals during the quarter. At The Kinetic Group, our sales met expectations and our adjusted EBITDA was strong despite persistent input cost headwinds. At Revelyst, we experienced challenges related to new product introduction and order fill timing, market softness in the specialty channel and divestitures that impacted our results. These were partially offset by $5 million of realized cost savings attributable to the GEAR Up transformation program.

本季度我們在長期目標方面取得了進展。在 Kinetic Group，我們的銷售額達到了預期，儘管投入成本持續存在阻力，但調整後的 EBITDA 仍然強勁。在 Revelyst，我們經歷了與新產品推出和訂單履行時間、專業通路市場疲軟以及影響我們績效的資產剝離相關的挑戰。這些費用被 GEAR Up 轉型計畫帶來的 500 萬美元成本節約所部分抵銷。

The progress on the GEAR Up initiative gives us momentum and confidence that we will double our standalone adjusted EBITDA in fiscal year 2025. Additionally, adjusted free cash flow significantly outperformed our expectations in the first quarter delivering $70 million due to strong adjusted free cash flow from The Kinetic Group and a continued focus to reduce inventory at Revelyst allowing us to reduce our net debt position by $81 million in the quarter.

GEAR Up 計畫的進展給了我們動力和信心，我們將在 2025 財政年度將獨立調整後 EBITDA 翻倍。Additionally, adjusted free cash flow significantly outperformed our expectations in the first quarter delivering $70 million due to strong adjusted free cash flow from The Kinetic Group and a continued focus to reduce inventory at Revelyst allowing us to reduce our net debt position by $81 million in the四分之一.

For the first quarter, total sales decreased 7.1% to $644.2 million due to lower volumes at The Kinetic Group and Revelyst, partially offset by increased government sales at Revelyst and increased price at The Kinetic Group. Gross profit in Q1 decreased 6.9% to $211.2 million due to decreased volume and increased input costs including for copper and powder at The Kinetic Group and lower volume at Revelyst partially offset by increased price at The Kinetic Group.

第一季度，由於 The Kinetic Group 和 Revelyst 銷量下降，總銷售額下降 7.1% 至 6.442 億美元，但部分被 Revelyst 政府銷售增加和 The Kinetic Group 價格上漲所抵消。第一季的毛利下降6.9% 至2.112 億美元，原因是The Kinetic Group 的銷量下降和投入成本增加（包括Kinetic Group 的銅和粉末），以及Revelyst 銷量的下降被The Kinetic Group 的價格上漲部分抵消。

Q1 margin was relatively flat at 32.8%. EBITDA in Q1 decreased 11.3% to $110.1 million equating to an EBITDA margin of 17.1% due to decreased gross profit at The Kinetic Group and Revelyst partially offset by decreased selling, general and administrative costs related to GEAR Up initiatives. Q1 EPS declined 6.5% to $1.01.

第一季利潤率相對持平，為 32.8%。第一季EBITDA 下降11.3%，至1.101 億美元，相當於EBITDA 利潤率為17.1%，原因是The Kinetic Group 和Revelyst 的毛利下降，部分被GEAR Up 計劃相關的銷售、一般和管理成本下降所抵消。第一季每股收益下降 6.5% 至 1.01 美元。

Turning to slide 19, our balance sheet is in a strong position. We continue to exercise sound financial discipline and drive incremental improvement at Revelyst by placing a sharp focus on inventory levels. Vista Outdoor inventory decreased 13% year-over-year in the quarter, primarily driven by Revelyst inventory reduction of approximately $100 million or 25% year-over-year and $10 million or 4% sequentially.

轉向投影片 19，我們的資產負債表處於強勢地位。我們繼續實行健全的財務紀律，並透過專注於庫存水準來推動 Revelyst 的逐步改進。本季 Vista Outdoor 庫存年減 13%，主要是由於 Revelyst 庫存年減約 1 億美元（即 25%），季減 1,000 萬美元（即 4%）。

Our continued inventory reduction efforts at Revelyst and strong profitability at The Kinetic Group drove adjusted free cash flow of $70 million in the quarter providing the opportunity to reduce our net debt by $81 million sequentially. Our net debt ended the quarter at $579 million equating to a net debt leverage ratio of 1.3 times.

我們在 Revelyst 上持續減少庫存的努力以及 The Kinetic Group 強勁的盈利能力推動本季度調整後的自由現金流達到 7000 萬美元，為我們的淨債務連續減少 8100 萬美元提供了機會。本季結束時，我們的淨債務為 5.79 億美元，相當於淨債務槓桿率為 1.3 倍。

Turning to our business results on slide 20. Within Revelyst, sales decreased 13.6% in Q1 to $273.7 million driven by pre-order delivery timing and one-time royalty revenue in the prior year as well as unfavorable product mix towards lower price point channels within Revelyst Adventure Sports, lower wholesale volume and order timing within Revelyst Outdoor Performance and lower volume as a result of strong new product introductions in the prior year for Bushnell Golf and order timing within Revelyst Precision Sports Technology. The decline was partially offset by increased government sales at Revelyst Outdoor Performance and growth at Foresight driven by new product introductions at Revelyst Precision Sports Technology.

轉向投影片 20 上我們的業務成果。Revelyst 第一季的銷售額下降了13.6%，至2.737 億美元，因為上一年的預購交付時間和一次性特許權使用費收入，以及Revelyst Adventure Sports 內價格點渠道較低的產品組合不利、批發量和訂單減少由於前一年 Bushnell Golf 推出了強勁的新產品以及 Revelyst Precision Sports Technology 的訂單計時，Revelyst Outdoor Performance 的計時和銷量下降。這一下降被 Revelyst Outdoor Performance 的政府銷售增加以及 Revelyst Precision Sports Technology 的新產品推出推動的 Foresight 的成長所部分抵消。

Gross profit decreased 14.2% in Q1 to $81.4 million and Q1 gross margin decreased 21 basis points to 29.7% due to reduction in sales, partially offset by lower freight costs at Revelyst Adventure Sports, lower discounting at Revelyst Outdoor Performance and favorable product mix at Revelyst Precision Sports Technology. Q1 EBITDA was $15.6 million down 35.2% and EBITDA margin for the quarter was 5.7% down 190 basis points year-over-year due to lower gross profit at all three Revelyst segments, partially offset by decreased selling, general and administrative costs related to the GEAR Up initiatives.

第一季毛利下降14.2% 至8,140 萬美元，由於銷售額減少，第一季毛利率下降21 個基點至29.7%，部分被Revelyst Adventure Sports 貨運成本下降、Revelyst Outdoor Performance 較低折扣以及Revelyst 有利的產品組合所抵銷精準運動技術。第一季 EBITDA 為 1560 萬美元，下降 35.2%，本季 EBITDA 利潤率為 5.7%，年減 190 個基點，原因是 Revelyst 所有三個細分市場的毛利均下降，但部分被與GEAR Up 舉措。

For The Kinetic Group, sales decreased 1.6% in Q1 to $370.4 million due to lower shipments across nearly all categories, partially offset by increased price. Gross profit decreased 1.6% in Q1 to $129.8 million and Q1 margin remained flat at 35% due to decreased volume and increased input costs primarily for copper and powder. These decreases were partially offset by increased price. Q1 EBITDA was $111.2 million down 3.2% and EBITDA margin for the quarter was 30% due to decreased gross profit and increased selling, general and administrative costs.

對於 Kinetic Group 來說，由於幾乎所有類別的出貨量下降，第一季銷售額下降 1.6% 至 3.704 億美元，但部分被價格上漲所抵消。第一季毛利下降 1.6%，至 1.298 億美元，第一季利潤率持平於 35%，原因是產量減少以及主要是銅和粉末的投入成本增加。這些下降被價格上漲部分抵消。第一季 EBITDA 為 1.112 億美元，下降 3.2%，由於毛利下降以及銷售、一般和管理成本增加，該季度 EBITDA 利潤率為 30%。

Moving on to page 22. As we look to the remainder of the fiscal year 2025, at The Kinetic Group, we continue to see headwinds from a global powder shortage, limiting production and from increased input costs including for copper and powder. These factors are expected to continue to put pressure on both the top line and bottom line.

轉到第 22 頁。展望 2025 財年剩餘時間，在 Kinetic Group，我們繼續看到全球粉末短缺、產量限制以及包括銅和粉末在內的投入成本增加帶來的不利因素。預計這些因素將繼續給營收和利潤帶來壓力。

Turning to the sales guidance for our Revelyst business. Within the channels we serve, we have seen softness in specialty, while seeing stronger performance in mass and direct-to-consumer relative to the specialty channel. We have seen channel inventory health continue to improve during the quarter relative to the prior year in both specialty and mass channels.

轉向我們的 Revelyst 業務的銷售指南。在我們服務的管道中，我們看到了專業管道的疲軟，同時看到相對於專業管道而言，大眾和直接面向消費者的表現更強。我們發現，本季專業通路和大眾通路的通路庫存狀況與前一年相比持續改善。

Though we saw softness in the specialty channel, we did see successes as well. Where we had new product introductions, we saw year-over-year growth in those categories. As we look to the remainder of the year, we have included in our guidance the list of exciting product launches, cross collaborations and key partnership launches that we plan to announce in the coming months.

儘管我們看到了專業管道的疲軟，但我們也確實看到了成功。當我們推出新產品時，我們看到這些類別的同比增長。展望今年剩餘時間，我們在指南中列出了計劃在未來幾個月宣布的令人興奮的產品發布、交叉合作和關鍵合作夥伴發布的清單。

We do expect to recoup the $13 million of orders which shifted out of Q1 into Q2 due to challenges related to shipping filled orders at the end of the quarter and delayed new product introductions. Further, our fiscal year 2025 sales guidance excludes RCBS and Fiber Energy Products both of which have been divested. RCBS and Fiber Energy Products contributed approximately $30 million of total combined sales in fiscal year 2024.

我們確實預計將收回從第一季轉移到第二季的 1300 萬美元訂單，這是由於季度末運送已填訂單和延遲新產品推出相關的挑戰。此外，我們的 2025 財年銷售指引不包括已剝離的 RCBS 和纖維能源產品。RCBS 和纖維能源產品在 2024 財年貢獻了約 3,000 萬美元的總銷售額。

As we look at Revelyst EBITDA guidance, we are confident in our expectations for the fiscal year and expect to see sequential margin improvement each quarter due to a number of factors including our GEAR Up transformation program. As Eric mentioned, we are making tremendous progress with our GEAR Up program, which contributed $5 million in realized cost savings in the first quarter. We see a clear path to reaching our goal of $25 million to $30 million in cost savings in fiscal year 2025 across our key GEAR Up focus areas that include organizational structure, real estate, supply chain and operations, indirect costs and direct costs.

當我們查看 Revelyst EBITDA 指引時，我們對本財年的預期充滿信心，並預計由於包括我們的 GEAR Up 轉型計劃在內的多種因素，每個季度的利潤率將連續改善。正如 Eric 所提到的，我們的 GEAR Up 計畫取得了巨大進展，該計畫在第一季實現了 500 萬美元的成本節約。我們看到了一條明確的道路，可以在2025 財年在我們的關鍵GEAR Up 重點領域（包括組織結構、房地產、供應鏈和營運、間接成本和直接成本）實現2500 萬至3000 萬美元成本節約的目標。

Within our organizational structure, we expect cost savings of $20 million this year due to increased efficiency through the consolidation to three platform headquarters with an eye on refining our structure to promote growth and bring in new capabilities. Within real estate, we expect to save approximately $2 million to $3 million in real estate cost savings this year by exiting leases and space, reducing our US real estate footprint by a third. We are targeting savings of more than $5 million this year related to our supply chain and operations.

在我們的組織結構中，我們預計今年將節省 2000 萬美元的成本，因為透過整合三個平台總部提高了效率，並著眼於完善我們的結構以促進成長並引入新能力。在房地產領域，我們預計今年透過退出租賃和空間可節省約 200 萬至 300 萬美元的房地產成本，從而將我們在美國的房地產足跡減少三分之一。我們的目標是今年在供應鏈和營運方面節省超過 500 萬美元。

At the center of this is our distribution network warehouse strategy. We are reducing our distribution center footprint and rebalancing the inventory in our network to reduce costs. As of today, we have closed two distribution centers and are targeting the closure of a third by the end of the second quarter.

其中的核心是我們的經銷網絡倉庫策略。我們正在減少配送中心的佔地面積並重新平衡網路中的庫存以降低成本。截至今天，我們已經關閉了兩個配送中心，並計劃在第二季末關閉第三個配送中心。

Looking at indirect costs, we are finding savings of $2 million to $3 million that we anticipate will flow through the P&L this year. One contributing example is a new contract that will reduce the credit card fees we pay when conducting card transactions. And as it relates to direct costs, longer term we have a line of sight to significant cost savings in the key spend categories through cross brand supplier rationalization, consolidation and simplification.

從間接成本來看，我們發現今年的損益表將節省 200 萬至 300 萬美元。一個有用的例子是一項新合同，它將減少我們在進行卡交易時支付的信用卡費用。由於它與直接成本相關，從長遠來看，我們著眼於透過跨品牌供應商合理化、整合和簡化，在關鍵支出類別中顯著節省成本。

Overall, we are pleased with the GEAR Up results to-date. The positive momentum we have built provides confidence in achieving our long-term goal of realizing $100 million of run rate cost savings by FY 2027. Beyond the GEAR Up initiatives outlined, we have also incorporated additional considerations into our guidance. These considerations are the contributions from our previously announced April 2023 cost restructuring program will contribute approximately $10 million to Revelyst in fiscal year 2025.

總體而言，我們對 GEAR Up 迄今為止的結果感到滿意。我們所建立的正面動能為實現我們的長期目標（即到 2027 財年節省 1 億美元的營運成本）提供了信心。除了概述的 GEAR Up 舉措之外，我們還在我們的指南中納入了其他考慮因素。這些考慮因素是我們先前宣布的 2023 年 4 月成本重組計畫的貢獻，將在 2025 財年向 Revelyst 貢獻約 1,000 萬美元。

Improvements in supply chain and freight as our inventory with higher priced freight will have turned through our inventory balance and lower expected promotions as compared to our fiscal year 2024 in which we had higher than usual promotional levels to drive inventory levels down.

供應鏈和貨運的改善，因為我們的庫存價格較高，運費將透過我們的庫存平衡和較低的預期促銷活動來實現，而 2024 財年我們的促銷水準高於平常，以壓低庫存水準。

We are confident that Revelyst's operational and organizational improvements will continue to positively flow through to the bottom line in both the short and long-term regardless of near-term marketplace conditions.

我們相信，無論近期市場狀況如何，Revelyst 的營運和組織改善將繼續積極影響短期和長期的利潤。

We reaffirm our expectation to double our standalone adjusted EBITDA at Revelyst in fiscal year 2025 and over the long-term believe that Revelyst standalone adjusted EBITDA margins will be in the mid-teens.

我們重申，我們預計 Revelyst 的獨立調整後 EBITDA 將在 2025 財年翻一番，並且從長遠來看，我們相信 Revelyst 獨立調整後 EBITDA 利潤率將在十幾歲左右。

Based on the factors outlined for the full fiscal year 2025, we expect sales of $2.665 billion to $2.775 billion. The Kinetic Group sales of $1.425 billion to $1.475 billion and Revelyst sales of $1.24 billion to $1.3 billion. Adjusted EBITDA between $410 million $490 million. The Kinetic Group adjusted EBITDA of $350 million to $400 million and Revelyst adjusted EBITDA of $130 million to $160 million.

根據 2025 年整個財年概述的因素，我們預計銷售額為 26.65 億美元至 27.75 億美元。Kinetic Group 的銷售額為 14.25 億美元至 14.75 億美元，Revelyst 的銷售額為 12.4 億美元至 13 億美元。調整後 EBITDA 在 4.1 億美元至 4.9 億美元之間。Kinetic Group 將 EBITDA 調整為 3.5 億美元至 4 億美元，Revelyst 將 EBITDA 調整為 1.3 億美元至 1.6 億美元。

Adjusted EPS in the range of $3.60 to $4.50 and adjusted free cash flow between $240 million and $320 million. As we look at phasing for both The Kinetic Group and Revelyst businesses, within The Kinetic Group, both sales and EBITDA for the remaining three quarters of the fiscal year are expected to be evenly distributed each quarter.

調整後每股收益在 3.60 美元至 4.50 美元之間，調整後自由現金流在 2.4 億美元至 3.2 億美元之間。當我們考慮 The Kinetic Group 和 Revelyst 業務的分階段發展時，在 The Kinetic Group 內部，本財年剩餘三個季度的銷售額和 EBITDA 預計將在每個季度均勻分配。

For Revelyst as we look at Q2, we expect sales to be down year-over-year, but improve sequentially and we see continued sequential improvement throughout the remainder of the year.

對於 Revelyst 第二季度，我們預計銷售額將同比下降，但會較上季改善，我們預計今年剩餘時間將持續較上季改善。

We expect EBITDA to more than double sequentially and be higher than the prior year as Europe savings take effect. We further expect EBITDA margin to improve sequentially through the remainder of the fiscal year 2025.

隨著歐洲儲蓄的生效，我們預計 EBITDA 將環比成長一倍以上，並高於前一年。我們進一步預期 EBITDA 利潤率將在 2025 財年剩餘時間內持續改善。

Thank you everyone. Operator, please open the line for questions.

謝謝大家。接線員，請開通提問線。

(Operator Instructions) Anna Glaessgen, B. Riley.

（操作員說明）Anna Glaessgen，B. Riley。

Hey. Good morning. Thanks for taking my questions. I guess to start off, you've reaffirmed the stand-alone Revelyst EBITDA guidance to double this year. Taking into account kind of the 1Q shortfall, I understand there's timing issues associated with that, and you were helpful on the call, but could you just give us a little bit more help in getting there through the year? To that reaffirming that doubling. Thanks.

嘿。早安.感謝您回答我的問題。我想首先，您已經重申了今年獨立的 Revelyst EBITDA 指引值將會翻倍。考慮到第一季的短缺，我知道存在與此相關的時間問題，並且您在電話會議中提供了幫助，但是您能否為我們在今年實現這一目標提供更多幫助？對此重申加倍。謝謝。

Yes. I appreciate the question, Anna. So as we -- there's probably two prongs that I look at as we look at the bridge. First, is going to be the GEAR Up savings have started coming through. The $5 million that we mentioned, we do see the path to the $25 million to $30 million, which would imply it has to continue to increase through the rest of the year, which we're seeing as we -- the activities are happening, throughout the year in our stage to be able to get to that number.

是的。我很欣賞這個問題，安娜。因此，當我們看橋時，我可能會看到兩個尖頭。首先，GEAR Up 節省的費用已經開始顯現。我們提到的 500 萬美元，我們確實看到了 2500 萬美元到 3000 萬美元的路徑，這意味著它必須在今年剩餘時間內繼續增加，我們正在看到這一點——活動正在進行，在我們的舞台上全年都能夠達到這個數字。

And on the revenue side, we have explained and give a little bit more color on how we look at the difference from last year to this year and why we're confident as we head into the future. We talked about the $13 million that did is going to ship out that we didn't see go out this past quarter for a variety of reasons. The divestitures from a year-over-year standpoint is a chunk of that as well. We talked about the $30 million of total for the year. So that was clearly in Q1 that it's a pretty even split between the quarters for that. And then there are some onetime items that we've mentioned.

在收入方面，我們已經解釋並進一步說明了我們如何看待去年與今年的差異，以及為什麼我們對未來充滿信心。我們談到了 1300 萬美元的支出，但由於各種原因我們在上個季度沒有看到支出。從同比的角度來看，資產剝離也是其中的一部分。我們討論了今年的總額為 3000 萬美元。因此，第一季的情況很明顯，各季度之間的分配相當均勻。然後還有一些我們提到的一次性項目。

So between the royalties that we had mentioned on the call, the preorders that we had mentioned on the call and some new products in the prior year. That accounts for about $20 million of the difference year-over-year. So we're down on what I call normal run rate type basis not as significantly as it would imply. And we see that as we look forward, we have -- we didn't have those in the future quarters last year plus the new products that we're introducing, the partnership we just announced with Guy Fieri and the activities that we're looking to in the future are going to be able to amplify our EBITDA, because the sales are going to be stronger than they were in this quarter as we see sequential improvement each quarter going forward.

因此，我們在電話中提到的版稅、我們在電話中提到的預購以及去年的一些新產品之間。這約佔同比差異的 2000 萬美元。因此，我們在我所說的正常運行率類型基礎上的下降並不像它所暗示的那麼嚴重。我們看到，當我們展望未來時，我們已經——我們在去年的未來幾季中沒有這些，加上我們正在推出的新產品，我們剛剛宣布與Guy Fieri 的合作夥伴關係以及我們正在進行的活動展望未來，我們將能夠擴大我們的 EBITDA，因為我們看到未來每季的連續改善，銷售額將比本季強勁。

Got it. Thanks. And then taking a little -- taking a closer look at gross margin. Would it be safe to assume that we should start to see that inflect based on the color you've provided in the fiscal third quarter? For Revelyst.

知道了。謝謝。然後仔細看看毛利率。是否可以安全地假設我們應該開始看到基於您在第三財季提供的顏色的變化？對於Revelyst。

You'll start with Andy.

你將從安迪開始。

Yes, for Revelyst stand-alone. You'll start to see it actually improve even in second quarter. As the sales start to improve, we do have pretty good flow-through on our gross margin compared to what we call old COGS, so kind of the fixed cost structure of the cost of sales line. That will start to, as we mentioned, we will see sequential improvement each quarter in our revenue numbers which will help drive the margin up.

是的，對於獨立的 Revelyst。即使在第二季度，您也會開始看到它實際上有所改善。隨著銷售開始改善，與我們所謂的舊銷貨成本（即銷售線成本的固定成本結構）相比，我們的毛利率確實有相當好的流動性。正如我們所提到的，我們將開始看到每個季度的收入數字連續改善，這將有助於提高利潤率。

Alongside that, we're implementing the GEAR Up program, which does have some impact on our cost of sales at distribution for us goes through our COGS fine. So you will see that also helping to benefit the margin line as those activities continue through the rest of this year.

除此之外，我們正在實施 GEAR Up 計劃，這確實對我們的分銷銷售成本產生了一些影響，因為我們的銷貨成本罰款。因此，您會發現，隨著這些活動在今年剩餘時間內持續進行，這也有助於提高利潤率。

Got it. And just one more. I think it's encouraging to hear that you're seeing market share gains in some categories in Revelyst and good response to new product introduction. It seems like the specialty channel is getting a little bit better, but there are still some inventory overages. Can you speak to their capacity to take on or allocate space to some of these new product introductions and that's still been a hurdle in terms of your ability to go to market?

知道了。還有一個。聽到您在 Revelyst 的某些類別中看到市場份額的成長以及對新產品推出的良好反應，我認為令人鼓舞。專業管道似乎有所好轉，但庫存仍然過剩。您能否談談他們為其中一些新產品的推出承擔或分配空間的能力，而這仍然是您進入市場的能力的一個障礙？

Sure. Good morning, Anna. On the market share front, we are encouraged by what we're seeing in terms of increases in share. We've had, according to Circana, some good increases with bike helmets with snow goggles with bike hydration and hard plastic bottles on the CamelBak side, all within our Outdoor Performance group within Revelyst -- excuse me, our Adventure Sports Group

當然。早安，安娜。在市場佔有率方面，我們對份額的增加感到鼓舞。根據 Circana 的說法，我們在 CamelBak 一側增加了帶有雪地護目鏡、自行車水袋和硬塑膠瓶的自行車頭盔，所有這些都在我們 Revelyst 的戶外性能小組內——對不起，我們的冒險運動小組

Within Revelyst Outdoor Performance, we did highlight on the call some increases in market share, again, according to Circana on fishing sportswear, flat top grills and our waders, and we're proud of that.

在 Revelyst Outdoor Performance 中，我們確實在電話會議上強調了市場份額的一些增長，根據 Circana 的說法，釣魚運動服、平頂烤架和涉水鞋的市場份額有所增加，我們對此感到自豪。

And certainly, at Precision Sports, we're seeing, according to Golf Datatech, some good share increases in launch monitors. So across the board, we are seeing regardless of market conditions, some improving share.

當然，根據 Golf Datatech 的數據，在 Precision Sports，我們看到發射監視器的份額出現了一些良好的成長。因此，總的來說，無論市場狀況如何，我們都看到份額有所提高。

I think specific to your question about specialty, that is something that we continue to see as a longer-term turnaround. It's a smaller portion of our business, but we do see that as we look at specialty, the bike market, for example, we're seeing some green shoots, but we see that as a kind of 12- to 18-month complete turnaround. And we think that by next spring, we are already starting to see some green shoots with regards to things like preorders.

我認為具體到你關於專業的問題，我們仍然認為這是一個長期的轉變。這是我們業務的一小部分，但我們確實看到，當我們專注於專業市場（例如自行車市場）時，我們看到了一些萌芽，但我們認為這是 12 至 18 個月的徹底週轉。我們認為，到明年春天，我們已經開始看到預訂等方面的一些萌芽。

On the other hand, places like mass, we've talked about we're seeing some good signs in terms of improvement. So it is a bit of a changing environment with regards to different retail channels. Specialty is probably feeling across our base, the most pressure still right now, with a little bit of a longer-term outlook for improvement.

另一方面，在像彌撒這樣的地方，我們已經談到我們看到了一些改善的良好跡象。因此，對於不同的零售通路來說，環境正在發生一些變化。我們的基地可能感受到專業化，目前壓力仍然最大，但長期前景有所改善。

Great. Thanks. That was super helpful.

偉大的。謝謝。這非常有幫助。

Matt Koranda, Roth Capital.

馬特·科蘭達，羅斯資本。

Good morning. Just on the Revelyst side, just wanted to hear a little bit more about why the delay in sales and the push out into the second quarter. Just put a finer point on what the product shipment issues were, what happened? And then maybe just how much did the Bushnell launch delay and hurt revenue? Was that in addition to the $13 million that you guys called out in the release?

早安.就 Revelyst 而言，只是想聽聽更多關於為什麼延遲銷售並推遲到第二季的資訊。只是更詳細說明產品運輸問題是什麼，發生了什麼？那麼布希內爾的發射延遲和收入損失可能有多大？這是否不包括你們在發行版中呼籲的 1300 萬美元？

And could you just be clear, I guess, sounds like that all benefits in the second quarter. So potentially, it just spills in and we should see -- I guess we're not seeing growth, why aren't we seeing growth yet in the second quarter?

我想你能說清楚嗎，聽起來第二季所有的好處都是如此。因此，它可能會溢出，我們應該看到 - 我想我們沒有看到增長，為什麼我們在第二季度還沒有看到增長？

Hey, Matt. Yes. Good question. So on the delay, so there's really two components, I would say, overall. One is the new product introduction. So we did have a product that we pride ourselves on the introduction of products that our quality products and are going to be -- meet the consumers' needs. What we ran into was an issue that it wasn't going to do what we wanted it to do.

嘿，馬特。是的。好問題。因此，關於延遲，我想說，總的來說，實際上有兩個組成部分。一是新產品介紹。因此，我們確實擁有了一款令我們引以為傲的產品，我們的優質產品即將成為滿足消費者需求的產品。我們遇到的問題是它不會做我們想要它做的事情。

So in our Bushnell Golf platform, we had a product that as we did our final quality inspections. As the products arrived, we noticed an issue with software that we needed to correct. That required a delay, instead of launching the product into the market and then subsequently being able to fix it. We chose to launch the product a little bit delayed. It is now being processed. So that is out there in the market. It is coming through. We expect that to deliver sales. Could some of those go into Q3? We'll see exactly when the timing of all those come back in, but we do expect to recoup them through the full year.

因此，在我們的博士能高爾夫平台中，我們有一個產品經過了最終的品質檢查。當產品到達時，我們注意到軟體有問題，需要修正。這需要延遲，而不是將產品推向市場然後隨後能夠修復它。我們選擇稍微延遲推出該產品。現在正在處理中。所以市場上就有這樣的東西。它正在通過。我們預計這將帶來銷售。其中一些可以進入第三季嗎？我們將確切地看到所有這些恢復的時間，但我們確實希望在全年內收回它們。

The other piece of it was more order processing and getting them through the warehouses. This was a process that, as we -- back to the end of the quarter, there was, whether it was credit reviews, whether it's order entry, price deviation type activity and getting them into the warehouse, being able to shift them out. There was some noise in our system. As we move to the platform that we're moving to, people are shifting and that caused a little bit of delay.

另一部分是更多的訂單處理並讓它們通過倉庫。這是一個過程，就像我們回到季度末一樣，無論是信用審查、訂單輸入、價格偏差類型活動，還是將它們放入倉庫，都能夠將它們移出。我們的系統中有一些噪音。當我們轉移到我們要轉移的平台時，人們正在轉移，這導致了一些延遲。

Now, what I would say to that is Joe Beck, has joined our team as the Chief Supply Chain Officer and has already addressed these issues. We had a full work out of the issues right after they occurred, and we have the fixes in place already, that as we ended the month of July, everything went out actually went out better than we had expected. So I think that the team has smoothly been able to transition through those issues.

現在，我要說的是 Joe Beck，他加入我們的團隊擔任首席供應鏈官，並且已經解決了這些問題。我們在問題發生後立即對其進行了全面的解決，並且我們已經進行了修復，當我們結束 7 月時，一切實際上都比我們預期的要好。所以我認為團隊已經順利地解決了這些問題。

So we do see that as an improvement -- to your question on growing for Q2, I mean, we're still down a little bit, but we're going to be much better than we were in Q1 from the percentage decrease, which is closing that gap that we're talking about. We are -- the new products that we're launching through the rest of the year aren't all hitting in Q2. Those are going to come through over the next few quarters. So I wouldn't expect -- we didn't expect, even with the flow-through of the $13 million, that you're going to see a larger roll quarter. You'll start seeing that as we head through the remainder of the year.

因此，我們確實認為這是一種改進——對於你關於第二季度成長的問題，我的意思是，我們仍然下降了一點，但從百分比下降來看，我們將比第一季好得多，這正在縮小我們正在談論的差距。我們在今年剩餘時間內推出的新產品並未全部在第二季上市。這些將在接下來的幾個季度內實現。所以我沒想到——我們沒想到，即使有 1300 萬美元的流通，你會看到一個更大的滾動季度。當我們度過今年剩下的時間時，你就會開始看到這一點。

Okay. That's helpful. And then just on the EBITDA progression for Revelyst, maybe I'll take a crack at it this way, $5 million in realized savings in the first quarter, I think that implies probably another $20 million to $25 million this year from GEAR Up.

好的。這很有幫助。然後就 Revelyst 的 EBITDA 進展而言，也許我會以這種方式嘗試一下，第一季實現的節省 500 萬美元，我認為這意味著今年 GEAR Up 可能還會再節省 2000 萬至 2500 萬美元。

But I guess, if I just baseline off of the segment EBITDA from last year, which was just under $100 million, and we add the $25 million to $30 million, we're still short of the $145 million. What else are we relying on to get there? So maybe just address that and then talk about the cadence of realization of GEAR Up for the rest of the year?

但我想，如果我只是以去年略低於 1 億美元的 EBITDA 部分為基準，然後將 2500 萬美元添加到 3000 萬美元，我們仍然缺少 1.45 億美元。我們還依靠什麼才能到達那裡？那麼也許只是解決這個問題，然後討論今年剩餘時間實現 GEAR Up 的節奏？

Sure. But, Matt, good morning. Why don't Andy and I tag team that one a little bit? I think with regards to our commentary on the $25 million to $30 million in run rate cost savings for '25 and then the $100 million through fiscal year '27. We have made some great progress. And I think we'll give you -- why don't we give you a little bit more color on where that's coming from.

當然。但是，馬特，早安。為什麼安迪和我不給這個團隊貼上一點標籤呢？我認為關於我們對 25 年運行成本節省 2500 萬至 3000 萬美元以及到 27 財年節省 1 億美元的評論。我們已經取得了一些重大進展。我想我們會給你——為什麼我們不給你更多的資訊來了解它的來源。

On the operating model side, the team has done an excellent job already thus far putting into place our new operational strategy with really an eye on refining our structure, to move to platforms that we've talked about several times. And we've trimmed over $20 million of head count cost already, along with bringing in new capabilities. So we feel like we've done a really good job in the early days on that part, and that gives us a lot more confidence on the balance of the year with regards to the EBITDA savings.

在營運模式方面，團隊迄今已經完成了出色的工作，落實了我們的新營運策略，並真正著眼於完善我們的結構，以轉向我們多次討論過的平台。我們已經削減了超過 2000 萬美元的員工成本，並引入了新的功能。因此，我們覺得我們在這方面早期做得非常好，這讓我們對今年剩餘的 EBITDA 節省更有信心。

As Andy mentioned, we did have some hiccups in Q1 on supply chain. We take full accountability for that. We're going to get better. And we brought in a new Head of Supply Chain, Joe Beck, to do that. And he's in that evaluative phase now. But we are targeting $5 million this year on the way to $10 million to $15 million over the three years, through our distribution network and our warehouse strategy. We've talked about that.

正如安迪所提到的，我們在第一季的供應鏈方面確實遇到了一些問題。我們對此承擔全部責任。我們會變得更好。我們聘請了新的供應鏈主管 Joe Beck 來做這件事。他現在正處於評估階段。但我們今年的目標是透過我們的分銷網絡和倉庫策略實現 500 萬美元的目標，並在三年內達到 1000 萬至 1500 萬美元的目標。我們已經討論過了。

And so far this year, we've already consolidated our domestic warehouses -- are targeting to consolidate our domestic warehouses by over 40%. Going forward, we'll probably consolidate our domestic warehouses over the three-year period by over 80%. So again, that gives us a lot more confidence in terms of savings on the supply chain side, while we improved performance, and that's going to be something that's very important for us. We also see some good EBITDA flow-through happening, and we have good targets on indirect costs. On our real estate footprint, we're reducing our USA real estate footprint this year alone by over 30%, and that will give us some EBITDA flow-through.

今年到目前為止，我們已經整合了國內倉庫，目標是整合 40% 以上。展望未來，我們可能在三年內將國內倉庫整合超過80%。同樣，這讓我們對供應鏈的節省更有信心，同時我們提高了效能，這對我們來說非常重要。我們也看到一些良好的 EBITDA 流動正在發生，我們在間接成本方面設定了良好的目標。就我們的房地產足跡而言，光是今年我們就將美國房地產足跡減少了 30% 以上，這將為我們帶來一些 EBITDA 現金流。

So I think you'll start to see that EBITDA goal continuing to come sharper into focus now that we're through Q1. And we can start seeing that flow through in the P&L, and we're targeting sequential improvement. I think, I don't know, Andy, if you have any more to add on that element?

因此，我認為，隨著第一季的結束，您將開始看到 EBITDA 目標繼續成為人們關注的焦點。我們可以開始在損益表中看到這個流程，我們的目標是持續改進。我想，我不知道，安迪，你是否還有更多要補充的內容？

The only thing, Matt, to your question on closing the gap for the rest of the, we call it, $20 million-ish of contribution. There are three primary drivers I'd point to. The first is we have talked about the other restructuring program that we had done, which was April 2023 restructuring program, which will contribute through this year about $10 million or so of additional savings for the overall Revelyst business.

馬特，對於你關於縮小我們稱之為 2000 萬美元左右捐款的其餘部分的差距的問題，唯一的問題是。我想指出三個主要驅動因素。首先是我們已經討論過的另一個重組計劃，即 2023 年 4 月的重組計劃，該計劃今年將為整個 Revelyst 業務節省約 1000 萬美元左右的額外成本。

We are seeing improvements in our freight. So freight cost for our company, as we head through this year is improving compared to the prior years, as we are seeing the reduction in our container costs come down pretty substantially, with our inventory levels coming down.

我們看到貨運有所改善。因此，今年我們公司的貨運成本與前幾年相比有所改善，因為我們看到貨櫃成本大幅下降，庫存水準也下降。

And then lastly, is promotions. We were in the third quarter, you may recall last year. We were very promotional and intentionally promotional, trying to drive our inventory and our retailers' inventory down and that was successful.

最後是促銷。您可能還記得去年，我們正處於第三季。我們非常積極地進行促銷，並有意進行促銷，試圖降低我們的庫存和零售商的庫存，並且取得了成功。

This year, we don't expect to be as promotional, still promotional. It's the holiday season, but the actual promotions themselves will be less than last year. So those three are the primary drivers for the additional $20 million-ish of EBITDA contribution.

今年，我們預計不會那麼促銷，仍然是促銷。現在是假期，但實際促銷活動本身會比去年少。因此，這三者是額外約 2000 萬美元 EBITDA 貢獻的主要驅動力。

Okay. That makes sense. And then maybe just last one for me, that the free cash flow looks solid in the first quarter and seasonally, I think maybe a little bit ahead of where you guys expected to be you reiterated the free cash flow guide. I'm just looking for a little help on seasonality of free cash flow for the remainder of the year. Should we expect it to be pretty normal in terms of the year? Is there more opportunity in terms of inventory flush? You guys did call out a lot of inventory flush from Revelyst. So just looking for a little bit more around how to think about the seasonality of free cash flow for the remainder of the fiscal year?

好的。這是有道理的。也許對我來說最後一個問題是，第一季和季節性的自由現金流看起來很穩定，我認為可能比你們重申自由現金流指南的預期提前了一點。我只是在尋求有關今年剩餘時間自由現金流季節性的一些幫助。我們是否應該期望今年的情況很正常？庫存清理方面是否還有更多機會？你們確實從 Revelyst 那裡調出了很多庫存。那麼，只是想了解如何思考本財年剩餘時間自由現金流的季節性？

Yes. It's a good question. I mean we're very happy with how cash came through in Q1. We had a very successful reduction both on both sides of the business, EBITDA being strong on the Kinetic, can be able to drive down some inventory in the Revelyst business.

是的。這是一個好問題。我的意思是，我們對第一季的現金收入感到非常滿意。我們在業務雙方都取得了非常成功的減少，EBITDA 在 Kinetic 上表現強勁，能夠降低 Revelyst 業務中的一些庫存。

As we look at the year, I'd expect Q2 to probably be the lightest of the quarters. We do see some inventory actual build as we go into the last season, the holiday season. You'll see inventory go up slightly, so I wouldn't expect as much of a drive-through on the -- on that. You'll also see some AR as we're trying to get our businesses to be able to sell through some products and have products on hand as they head into that season. So you'll see that quarter will probably be the lightest and then the back to are pretty similar in size.

當我們回顧這一年時，我預計第二季度可能是所有季度中最輕鬆的。當我們進入最後一個季節，即假日季節時，我們確實看到了一些庫存的實際增加。你會看到庫存略有增加，所以我不希望有那麼多的免下車服務。您還會看到一些 AR，因為我們正在努力讓我們的企業能夠銷售一些產品，並在進入該季節時手頭上有產品。所以你會發現四分之一可能是最輕的，然後背面的大小非常相似。

Got it. I'll take the rest of mine offline. Thanks, guys.

知道了。我會把剩下的部分離線。謝謝，夥計們。

Thank you.

謝謝。

Mark Smith, Lake Street Capital Markets.

馬克史密斯，湖街資本市場。

Hey, guys. I had just a couple of questions on Kinetic first. Just gross profit margin looked a little better than expected. It looks like the guidance implies that coming down through the rest of the year. Can you just talk about some of the cost pressures and kind of your outlook on gross profit margin within Kinetic Group?

嘿，夥計們。首先我有幾個關於 Kinetic 的問題。只是毛利率看起來比預期好一點。看起來該指導意見意味著今年剩餘時間都會出現這種情況。您能否談談您對 Kinetic Group 內部的一些成本壓力以及毛利率的展望？

Yes, Mark. Good morning. So for the first quarter, obviously, we had a good gross margin, gross profit quarter mainly due to mix and price. So we did push a price increase on the category in the quarter, which obviously helped out. And on the remaining back half, we expect the commodities to continue to be elevated, along with that is powder, which are going to be year-over-year increases, that's pretty substantial. So it would be those categories are the biggest drivers for.

是的，馬克。早安.因此，顯然，第一季我們的毛利率良好，季度毛利主要歸功於產品組合和價格。因此，我們確實在本季度推動了該類別的價格上漲，這顯然有所幫助。在剩下的後半段，我們預計商品價格將繼續上漲，其中包括粉末，這將是同比增長，這是相當可觀的。因此，這些類別是最大的驅動力。

Okay. And then just similarly on Kinetic, just, Jason, if you want to talk about kind of channel inventory, what you're seeing in the industry out there as well as pricing and availability if needed with commodity price increases to take additional price maybe later this year?

好的。然後，在Kinetic 上也是如此，傑森，如果您想談談渠道庫存的類型、您在行業中看到的情況，以及定價和可用性（如果需要的話），商品價格上漲可能會在以後採取額外的價格今年？

Yes. I don't think we're going to be able to push price into the market, Mark. I think we're going to I think there's always a balancing act of consumption that you got to weigh into that versus commodity costs.

是的。我認為我們無法將價格推向市場，馬克。我認為我們會一直存在著一種消費平衡行為，你必須權衡消費與商品成本之間的關係。

So I don't think the market is favorable right now for price. Having said that, I think our history shows we're the first one to take price and the last one to discount it. And if we think that there's a way to push price increase in it, we will certainly try. But at the same time, we need to keep our factories flowing in efficiently like they are.

因此，我認為目前市場對價格並不有利。話雖如此，我認為我們的歷史表明我們是第一個定價的公司，也是最後一個打折的公司。如果我們認為有辦法推動價格上漲，我們一定會嘗試。但同時，我們需要保持工廠像現在一樣有效率地流動。

Channel inventory is good. I think if you look at centerfire rifle, for instance, you see Core-Lokt out there that hasn't been out there in five or six years, calibers. So the consumer has a lot better choices for calibers that he or she hasn't been able to purchase. So our customers need to get some sales data on that. So the replenishment systems can pick up the sales because they haven't been there in many, many years.

通路庫存良好。例如，我認為如果你看中心火力步槍，你會發現 Core-Lokt 的口徑已經五、六年沒有出現了。因此，消費者對於他或她無法購買的機芯有很多更好的選擇。因此，我們的客戶需要獲得一些相關的銷售數據。因此，補貨系統可以提振銷量，因為它們已經很多年沒有出現了。

So I think it's going to be -- our inventory is as good as it's been in five or six years for replenishment orders. And now I think our customers are sitting good, and we're not really seeing anything that is what we would say, overstocked in the channels right now. We're in good shape into our customers.

所以我認為，我們的補貨訂單庫存與五、六年來一樣好。現在我認為我們的客戶狀況良好，我們並沒有真正看到任何我們所說的，目前通路庫存過剩的情況。我們對客戶的態度很好。

Okay. And then for both Kinetic and Revelyst, I think both at some point in press releases or presentation called out kind of government sales. Curious just kind of the outlook, what you're seeing in budgets? And any opportunities coming forward, maybe to pick up any additional contract business or anything that maybe is coming off that you have to fight for to continue to keep in government businesses? Again, on both Kinetic and Revelyst.

好的。然後，對於 Kinetic 和 Revelyst，我認為兩者都在新聞稿或簡報中的某個時刻呼籲政府出售。只是對前景感到好奇，您在預算中看到了什麼？未來有什麼機會，也許可以接手任何額外的合約業務，或者任何可能正在發生的事情，你必須為繼續保留在政府業務而奮鬥？再次強調 Kinetic 和 Revelyst。

Yes. For Kinetic, Mark, there's some big contracts coming, and again, I think our history shows if you look at what we released on the SOCOM win, for instance, that's a big win for us. That's a pickup from a competitor. But again, I want to reiterate we'll go chase the contracts if it's profitable. We're not going to go out on a limb and chase a contract that we don't view as profitable long term. And that's, first and foremost.

是的。對於 Kinetic，馬克，有一些大合約即將到來，而且，我認為我們的歷史表明，如果你看看我們在 SOCOM 勝利中發布的內容，例如，這對我們來說是一個巨大的勝利。這是從競爭對手那裡撿來的。但我想再次重申，如果有利可圖，我們將繼續追逐合約。我們不會冒險去追求一份我們認為長期無法獲利的合約。這就是，首先也是最重要的。

Generally, we will go for contracts that are performance ammunition, where we can take a little more risk, margins are a little better. And we love what we see in that business right now. There's opportunities coming. And at the same time, we -- I think we -- our history shows if we go win contracts, we deliver in the government -- is the winner as well.

一般來說，我們會選擇性能彈藥的合同，這樣我們可以承擔更多的風險，利潤率也更好一些。我們喜歡現在在該行業看到的情況。機會來了。同時，我們——我認為我們——我們的歷史表明，如果我們贏得合同，我們為政府提供服務——也是贏家。

Yes. I'll just add to that. On the Revelyst side, we're really proud of what the team is doing. We continue to believe it's a great opportunity for Revelyst and overall for Vista to take the best technology being created for the outdoors and apply that to the opportunity to serve our military, our first responders, and our law enforcement.

是的。我就補充一下。在 Revelyst 方面，我們對團隊所做的事情感到非常自豪。我們仍然相信，這對 Revelyst 和 Vista 來說都是一個絕佳的機會，可以利用為戶外開發的最佳技術，並將其應用到為我們的軍隊、急救人員和執法部門服務的機會中。

We have a great team in Virginia Beach that's working hard on that every day. We did have some good wins, particularly within Eagle, our PAC business and our BLACKHAWK business and we're going to continue to search for opportunity there. And we believe that over the three-year period, that's going to be an area of growth for Revelyst.

我們在維吉尼亞海灘有一支優秀的團隊，他們每天都在為此努力。我們確實取得了一些不錯的勝利，特別是在 Eagle、我們的 PAC 業務和 BLACKHAWK 業務方面，我們將繼續在那裡尋找機會。我們相信，在三年期間，這將成為 Revelyst 的成長領域。

Perfect. And last one for me. Just, Eric, you guys talked a little bit about mix within channel for Revelyst and kind of some impact that, that had. I'm curious, just as we look at price kind of ASP, maybe primarily in Adventure Sports, but would love to hear it across the board kind of any mix shift? Are you seeing consumers pull back, maybe look at lower-priced pallets or anything else that you're seeing? Just want to -- kind of like to hear your view on how the consumer is doing today?

完美的。最後一張給我。只是，Eric，你們談到了 Revelyst 頻道內的混音以及由此產生的一些影響。我很好奇，就像我們關注 ASP 的價格類型一樣，也許主要是在冒險運動中，但很想聽到它全面的混合變化？您是否看到消費者退縮，也許會關注價格較低的托盤或您看到的其他任何東西？只是想聽聽您對當今消費者的看法？

Sure. We've been very conservative with regard to the consumer outlook. We called for the year, a range that's essentially flat, to slightly up or down depending on some market conditions. And what we're seeing is that, that's continued to be what we -- what we continue to see from the outlook.

當然。我們對消費者前景非常保守。我們預計今年的區間基本持平，根據某些市場狀況略有上升或下降。我們所看到的是，這仍然是我們從前景中繼續看到的。

I think across the businesses with regards to our Revelyst Precision Sports, that's typically a direct business. If you think about what we do every day at Foresight Sports, -- and we're seeing continued strong response, both on our, I'll call it, our hardware, our launch monitors and things of that nature. But also, like I mentioned in the call, our software solutions and that's an area that we're going to continue to lean into with regard to digital gaming. And I think you'll see continued strong response. I think that's going to continue to be our best area of growth, both short term and medium term. And we're really leaning into that as a team, and I'm proud of the work that the team continues to do. And there's going to be some more exciting announcements over the next several months.

我認為就我們的 Revelyst Precision Sports 而言，這通常是一項直接業務。如果你想想我們在 Foresight Sports 每天所做的事情，我們會看到持續的強烈反應，無論是在我們的硬體、發射監視器和類似性質的東西上。而且，就像我在電話中提到的那樣，我們的軟體解決方案也是我們將繼續專注於數位遊戲的一個領域。我想你會看到持續的強烈反應。我認為這將繼續是我們最好的成長領域，無論是短期還是中期。作為一個團隊，我們確實致力於這一點，我為團隊繼續所做的工作感到自豪。在接下來的幾個月裡將會有一些更令人興奮的公告。

With regards to Adventure Sports, specifically on bike, I think you asked about, again, we're seeing a little bit of mix shift. I think overall, when you look at the channel performance, we're seeing some better performance across, I'll call it, mass in D2C, including Amazon. And we're seeing a little bit more continued pressure like I talked about in the first question at specialty. We do see some green shoots at specialty over the longer term. I think 12 to 18 months, we are seeing some preorder action that we're feeling a little bit more optimistic about. But I'd say that is a little bit more mix shift, specifically to your question.

關於冒險運動，特別是自行車運動，我想你再次問過，我們看到了一些混合變化。我認為整體而言，當你觀察通路表現時，我們會看到，我稱之為 D2C 領域的大眾表現，包括亞馬遜，都有更好的表現。正如我在專業的第一個問題中談到的那樣，我們看到了更多的持續壓力。從長遠來看，我們確實看到了專業領域的一些萌芽。我認為 12 到 18 個月後，我們會看到一些預購行動，我們對此感到更加樂觀。但我想說，這是一個更多的混合轉變，特別是針對你的問題。

Perfect. Thank you, guys.

完美的。謝謝你們，夥計們。

Jim Chartier, Monness, Crespi, Hardt.

吉姆·查蒂爾、蒙尼斯、克雷斯皮、哈特。

Good morning. Thanks for taking my questions. You said a number of times for Revelyst you're confident in doubling stand-alone EBITDA this year. Can you get there at the low end of your revenue guidance?

早安.感謝您回答我的問題。您曾多次表示，對於 Revelyst，您有信心今年將獨立 EBITDA 翻一番。您能在收入指導的低端實現這一目標嗎？

I mean our revenue and our EBITDA guidance kind of go hand in hand. So there'd be a little bit of pressure on being able to exactly double EBITDA at the bottom end of the range. But it we'd be very close to that. I think if we are -- if we're seeing revenue at that point in time, we are looking at additional things on the GEAR Up and the potential for savings on that side. So we could still accomplish it. It would just feel a little bit more of a challenge.

我的意思是我們的收入和 EBITDA 指導是齊頭並進的。因此，能夠在該範圍的底端將 EBITDA 精確翻倍會面臨一些壓力。但我們已經非常接近這個目標了。我認為，如果我們在那個時間點看到收入，我們會考慮 GEAR Up 上的其他內容以及這方面的節省潛力。所以我們仍然可以完成它。只是感覺有點更具挑戰性。

Okay. Makes sense. And then for both businesses, can you give me a sense of what POS looked like during the quarter?

好的。有道理。對於這兩家企業，您能否讓我了解本季 POS 的情況？

Jim, good morning. For our first quarter, POS was down some. I mean, certainly goes different by category. You can imagine in ammunition. We see hunting rifle and shotshell still really good. And pistol is hanging in there. There's some categories that we're seeing down. So I think all in all, it's flattish to down a little bit.

吉姆，早安。第一季度，POS 出現了一些下降。我的意思是，按類別肯定有所不同。你可以想像一下彈藥。我們看到獵槍和霰彈槍仍然非常好。手槍還掛在那裡。我們看到了一些類別。所以我認為總而言之，它是平坦的，甚至下降了一點。

Yes. And on the Revelyst side, Jim, I would say it's pretty much in line with a lot of the shipments. We had some pressure in the first quarter on POS, and we expect it to start improving sequentially going forward.

是的。吉姆，在 Revelyst 方面，我想說這與許多出貨量基本上一致。第一季我們在 POS 方面面臨一些壓力，我們預計未來它將開始逐步改善。

Great. Thanks. And best of luck.

偉大的。謝謝。祝你好運。

At this time, we currently have no further questions for today. Therefore, that concludes today's conference call. Thank you all for joining. You may now disconnect your lines.

目前，我們今天沒有進一步的問題。因此，今天的電話會議到此結束。感謝大家的加入。現在您可以斷開線路。