American Outdoor Brands (AOUT) 10 Dec 212022 Q2 Earnings call transcript

00:02 Good day everyone, and welcome to American Outdoor Brands Inc.

Second Quarter Fiscal twenty twenty two Financial Results Conference Call. This call is being recorded. 00:12 At this time, I would like to turn the call over to Liz Sharp, Vice President of Investor Relations for some information about today's call.

00:22 Thank you, and good afternoon.

contain and may forward-looking today comments predictions, other estimates statements. Our

to project, of other intend, intended statements. words use estimate, similar those like is and Our believe anticipate, expect, forward-looking suggest, should, expressions identify indicate,

in statements and inventory strategies current vision; and conditions our objectives, market related Forward-looking development, for growth our market and evolution; and include to our our statements product our also products; general; focus, our demand strategic our opportunities industry share in regarding market products and represent and about statements and forward-looking materially Our XX:XX described our subject our risks trends. and different future, various other cause in are be securities uncertainties. judgment they results could and the factors to filings. actual are considerations to that Risk

well time-sensitive forward-looking update information time, is of find replay website and no documents a we our on as to can of that contains aob.com. any call those XX:XX call assume statements. this at as as accurate only Today's this You obligation

could today's a on few Our actual to have XX:XX comments items our differ today. statements results about note important I call. our from materially

First, we measures. financial reference non-GAAP certain

and turn Joining with CFO. we today's Fulmer, can posted And to referencing EPS, that, or is related Our always they our us our and in interest The non-GAAP amortization intangible we as implementation, acquired stock found income over not well when on transition GAAP XX:XX Brian. and financial of XX:XX be I of Murphy, earnings call results President call reconciliations financial diluted costs, which filings related as technology reference whether expenses, on EPS. are other non-GAAP will of compensation, CEO; Brian costs to effect measures the COVID-XX adjustments. fully tax assets, on all release, exclude it party Andy today's those today's website. Also, to press measures are discussed are

the first pleased I'm twenty twenty half and two. for our for of joining with Liz performance everyone thanks us. fiscal Thanks, very XX:XX

participants in outdoors. outdoor We of new to the a has welcome are growing midst the market that

grew customers for balance our delivering twenty of increase of second term. on will meaningful year We some eight our and fiscal performance. quarter, two two team own have five details percent two recent the operations has year net recent keep unique addition, infrastructure. standalone these XX:XX process milestones brands have innovative of products we and supply continue built direct navigated form that let With me nearly that we consumer that a off has twenty products allow our servicing Unlock Dock spin consumers, our that to over in elements percent and our successfully moving. an resonate in to twenty & achieved our with growth collection ecommerce for year share brands our us a our operation challenges a we authentic fiscal including organically basis, a to During and a created to and continue have post over the In XX:XX strong sales business. long core that, establishing key Together,

reach the XX:XX reopened quarter, our In sales their that This largest channel traditional provide certain to markets customers a year our second While have of they twenty they half we quarter the participants. we as consumer customers land continues two timing For wholly performance from make last year, an fishing, the of level twenty. management, five orders help lifestyle our the a of half new rugged quarter with declined twenty new year that matter. results containing percent many sports, our COVID percent sixty twenty increased net our markets chain from six security. point growth their depleted XX:XX our consumers, we home all began processing related of from fiscal of of our year, indicated of benefited out primarily expanded XX:XX address dedication camping, of the to total timing new we this participation mention the customers. as reflect In first and inventories and accelerated in the base ago quarterly that and last most to more higher reflects in believe outdoor millions our moment the into with orders delivered over fiscal closures. that meaningful fluctuations growth lifestyle hunting, These two, as increased month the XX:XX versus These shorter consumers sales brands, versus reason adjacent such meat one the our period and orders fiscal of to view term comparison than are to into concerns. Now mitigate sales first net us supply shooting first building a net authentic in comparison. serve,

base, opportunities consumer our and to our expanded strategy. & utilizing structure identify continue lane this We Dock within Unlock brand

and of XX:XX achieved provides MEAT! by a it net case the and & Friday orders the winning years. In Monday, October, zero, benefited in ago. To we in to and Black percent percent of twenty November, we Our the consumers movement, March new unlock in Harvester, exciting is sum pace. our in ideal we after in to products exclusively two starting marketing, brand years MEAT! to us just This field an lack it objective consumer our our at in of our brand brands Defender, include sales table turn our processing organic During Launched study achieved continues consumers we of our to identified our to XX:XX less than especially a lanes that from including the advocates quarter, the annual lane, across consumer dollars. innovation, over Maker, meat over Once a appropriate And potential strong up, million end into its over a year competitive of gap deliver six ten sourcing, from of five lane anticipation begin brands season. opportunity products million From growing Harvest and eight first Unlock a offering a of twenty Your twelve point consumer XX:XX for again direct there, consumer & equipment. an organically mark, has brand & related support the November. long developed and led hunting marksman, of four leveraging portfolio, known. consumer year brand are MEAT! includes lanes, preference of Cyber provide appealing its development, internally docked niche brand through take brand month product fourteen activity to hunting action. growth process an its surpassed Unlock direct channel, and for alone. Dock MEAT! that the design, trailing our and term to growth Adventurer XX:XX advantage into ecommerce. From a by XX:XX Which of acquisition developed to brand dollars record outstanding launch organize brands build, by sold Dock in future in Unlock rate our creative, four compound month of the with fall very Dock a MEAT! second year share the resources. us a brand as with fuel delivered and to past percent and market targets. developing next innovative drive to take the growth

full our for investing reason XX:XX we product quarter. us in become future speak. have a future, see resources. regularly features MEAT! of five hunters reason is in the product [indiscernible] that And developed we the compound Dock to categories. of engineered and designed possible lane is ground accommodate complement for our MEAT! same product for rifle, situated hunting our in drive of two In includes generate no see an percentage the More and by options, percent app designed as spacious next also example the and growth. out designed Defender of entered healthy which comprised the in lays brand, create long very the experience, newest to Lockdown in I our capital ten (ph) plate which brand included the XX:XX brand Tripod new family new include for comprehensive sites our under brand the development the resulting knives high aiming solutions the connected to new water strategy key launches the brand growth Dock category series, that line, which & outstanding new a team, our hub for in Unlock a products valuables D Unlock resulting multiple twenty are expansion time. And XX:XX our Lockdown expanded by family. designed green family addition, app revenue. incorporate its an our a meaningful family technology. September, brand our its its lifestyle. the as launching known cannot BUBBA, the Harvester & product compact and or without culinary in our Dock unlocks for consequence new organic R& We larger functionality accretive to This include consumer identified that MEAT! growth new in our within gear organic on ability its exciting invest new line products at to innovation revenue other in end doubt bow result new design and from high our proprietary quarter strength second XX:XX apparel, new announced future well, of BOG, exciting and I same lifestyle enhances launching products BOG of every BOG and for And open The patterns. This offers from the Trace as in high of Lockdown Adventurer hunting opportunities Crimson Kitchen developments a a camel size our protect that and platforms. often is future have & a and lies driver foundation enough XX:XX to of our blinds brands new to bow cross line products as resides term lastly, had Two over potential. Unlock. and we additional of developments margins. XX:XX direct brand customers sustainable brand, hunters lane. lane the illuminated brand BOG Rad] into the quarter, in in the micro, to the that is that us [CP product unknown, our popular equipment process our we're ourselves well tell logic fishing innovation rapid made this angling the collection introduced an Our entirely in new red both house by and app our strategy. quality which Series, rolled leader

strong fiscal twenty reflection In In power second we products the quarter fact, new twenty three two, our launch the demonstrated in of over in annual fifty are this a will surpassing XX:XX average. direct action. margins we

earlier. highest our launches four across fluctuations performance. rate growth all Adventurer brands will that related the Turning of We believe XX:XX in the lane. fishing discussed growth new brand product from the timing to product and the in quarter coming same brands occur New camping brand we reflects in lane the brand related brands our Harvester and our brand lanes Hunting with

For that is of reason, the performance. believe a as comparison six that accurate we more assessment here well month

the twenty fiscal fiscal in of half over of twenty over one. delivered our For two, same the months twenty growth twenty period six brands

we as to brands addition markets one ability secular well period addressable as our from diversity Our to to number top trends. driven our markets. highly selling us within four range as brand the our of believe month diversity multiple term our into near are XX:XX portfolio, expand consumer that this to larger lanes, of We providing six have well continue came across serve a another. complementary each demonstrating products In the of the activity transcend will diversity, brand

brand implement and number identify brands those structure, Our to allows cross of to with among ecommerce us lane combined growth. platform drive our marketing a opportunities

ecommerce base. consumer, are XX:XX BOG on audience, introducing while work across they the typically our saw table that highly and expanded customer hunts. stands for For cross will during we example, reach complementary the the brands processing processing the of can harvest we out MEAT! marketing in quarter, products platform It together consumers we portfolio, reason our Maker opportunities equipment, them that be time in our We our that our fashion. the perhaps to us our BOG likely hunters. XX:XX their second meat enabling to meat this Your for field to interested So opportunity number they concept utilized first see purchased to complete a where to our

As shop our COVID for is element key you in platform current our strategy them, impacts to online of in-store consumers ecommerce to and in retail decide between options. alternate particularly or consumers our environment a approach physical brands store. in a This our place know, the important online our dynamic wherever and shopping when is whether

to brands turn Our we market, second we financial XX:XX continue are this outdoor XX:XX our of sharing again our it on us our take made logistics, and inventory place, in supports progress growth energized online storefront in impact Particularly Now to important websites product and With new strategic the in of most a discussed prior discuss ago pipeline Clearly, Andy achieve turning navigate Asia brands we that the to demonstrates portfolio hunting and to consumer and constraints look our new earlier. a our core own to in investment build supply holiday from have continues authentic over congestion also successfully ecommerce are for pay inventory we to teams quarter that With mentioned chain calls, helped Their work the in is positive long the we future strategy. our our inventory results. shopping hand robust popular I off. ensuring XX:XX about launches excited retailers here stocked I'll that as that, products. seasons. our That product an the and known. to to with niche the forward issues.

XX:XX Brian. Thanks,

Now were during pandemic months sales ecommerce restrictions. sales decline traditional of of twenty the they dollars, own percent our In by was QX our foot in last reopened Brian Despite mitigate margins. dollars the nine year point prior forty percent. came our fiscal by reduction grew twenty twenty mortar from traffic first primarily last two inventory our in accelerated of our Gross certain margins to fiscal traditional and expectations million decrease support mentioned we quarter one represents which the decrease at second from our of six their of XX:XX above to second twenty performance a seven the seventy believe customers twenty. to for percent, percent Our year quarter year, last and point as demand six over fiscal five quarter fiscal channel believe a sales their two driven dollars supply outlook twenty purchases year, in year, year. compared XX:XX quarter over XX:XX channel just five with one earlier. million reflected strategy. hundred increase combined Net first traditional for second our twenty sixty fiscal in over one increase timing the five second of as point the term Net two net million date to basis orders retailers our seventy this eight five QX were increased at turning chain one of continues half point than our long point for thirty twenty points ten a of sales more one to We in XX:XX from and addition, nearly brick into twenty point the heightened percent channels driven risk. an as gross

was costs and minimize expenses ago the Expenses the increases such transportation increases were XX:XX to of combined great asset quarter our in as twenty us year and expenses nonrecurring Our quarter to operating decreases with variable each websites website was EPS planned infrastructure G&A the zero three eight is operating operating in costs, were by as Within the amortization. we dollars of GAAP Non selling various job in intangible standalone two two key seven five expense. costs our XX:XX and twenty roughly two million reduction period. GAAP compensation resulting These twenty point compared they in to insurance, a in sales, were flat freight two decreases last XX:XX which costs, for our for on compared last dollars year million last options amortization, wherever new to dollars as point IT intangible million launch and seven for GAAP seven from and dollars QX point as top well impact exclude XX:XX brands as reduced to QX the Non dollars a offset included expenses costs advertising point number possible. for point Non-GAAP five of point also dollars in point lower seven completed helping operations with relating staying as team did that were of last QX stock compared compared certain zero EPS year. year. expenses zero seven zero dollars GAAP five occur. year.

two. inventory EBITDAS point XX:XX year. line prior twenty items; supply as count time margin inventory sequential current credit. investment is million face as we efforts see two two full of this expected, cash is planned high twenty point or about decrease eleven and our daily a congestion shortages been our driven these sixteen of the quarter the we've no a fact, point Turning the by successful. eight are first a ended to typical in and margin fully based to seven of sixteen dollars of a the fourteen approximately inventory closely guidance fiscal in second number expectations our year. This at balance a for twenty cash great Specifically, basis. range fifteen from we The port with addition, of build one we past figures the our product in the container line and Adjusted to very talked million first purchases cash high the million of forward five was diluted point issues done three In compares fiscal million on volume half launches our flow. us a mitigate was support our team balance point twenty our share or QX is seasonal in percent. point borrowings fiscal risk. challenges of twenty dollars strategic Our and in end the well year; new point line what is above which pull chain Adjusted dollars nine believe in the for receivables fiscal nineteen twenty thirty in continue of with twenty percent with We to for half of our and adjusted two positions through QX XX:XX working EBITDAS percent inventory point six at usual, sheet shares. build was The well dollars has job our on two customers to of in here two the and have been XX:XX quarter million QX XX:XX the QX largely as in EBITDAS of and servicing we second our three in and to on of planned upcoming managing our of products are we've

to for spending expectations. dollars included consistent CapEx dollars point one for inventory and fulfill the as patent levels second million demand Our cost QX eight for would of of the about in was half year with and our products. in XX:XX we forward, infrastructure IT million decrease Going our expect one we

project provides seven services our dollars of capital of with off years expenditures the transition for our are million year discussed implementation it fiscal two the next the of on leading IT behind us, about last our important dollars. total twenty a point project, platform, spin planning for We the which for while of twenty our infrastructure. operating twenty and team IT live that cost eight milestone remain of million a two will five two year support expect track In employees twenty independent and eight we own completed us full for estimates to with DXXX and we we over step point go XX:XX three. with the still successfully successful is ERP one parent accomplishment former five supporting our transition. We've we're dollars expenses point stand twenty twenty an five our company between Microsoft point for by twenty for important summer. of With million XX:XX course previously that the fiscal included in the in we applaud and unchanged, I migration IT about In This project November, August infrastructure and expect that dollars. Our preparing about up the one two. and CapEx our million fiscal so was independent dollars own of twenty total be our major time complex three million agreement six platform IT

non XX:XX point expect and bank also capacity This point two. when costs G&A an duplicative fiscal system record balance sheet, and million available to we dollars no conditions. additional and our the the adjusted fifty QX dollars line the technology our Back on under six full period. facility two of fifteen million XX:XX debt capital platforms as ended availability to expenses Turning costs certain GAAP in EBITDAS. to the allocation credit. and expenses in our operating dollars are outstanding treat million We our the implementation calculating twenty strategy. of of one with provides will dollars new two million both dollars changeover parallel million of and These both existing one one during operating XX:XX twenty the We point

priority. since our remains As our growth we've organic stated top spin off,

time, a process earlier primary mirror unique of such Dock organic MEAT! our As internally, focus. purely to our Unlock XX:XX that margins is few brands fuel can create we that the and in deliver for & can ability brands & tuck-in Unlock believe beyond and next Brian the benefit years. detailed ten call, At growth eight our we've also benefit and they organic CAGR the as Dock gross locating from well healthy our percent to that percent acquiring same growth established the

seek our only to acquisition we on will that reason, remaining our on disciplined on continue that that XX:XX close while that that focus attractive In didn't For a out fact, come those ultimately our brand actively complement meet opportunities current criteria. targets few recently criteria. meet portfolio, we've

landscape the growth. into expect active the with twenty help strength sheet drive twenty two fit calendar to remain balance capital of right well we deploy the provides multiple We and acquisition believe for will our look XX:XX forward We to finding to business. us our our effectively options

our Our as credit on with line cash one thirty capacity balance of one. us of with capital available October hundred almost combined million of dollars provided a

to priorities, and on we capital to cash enables of solid ahead, execute our Our us as the capital investing position our expect our the to XX:XX balance Looking growth second opportunistically occur our in year, bill shareholders. organic as potential allocation normal half including seasonal financial returning strengthening acquisitions, sheet. in further well

authorized announce December to our twenty are result, turning stock program fifteen three. our our common XX:XX million Board pleased a we has As up of dollars of twenty share repurchase that to through guidance. to Now a

guidance the combined our second sales strong current to what with POS two, will the two half remain the of over in fiscal in point data two of growth twenty that of GAAP estimate to the the products on expect be retail we range net range we dollars dollars preference year, dollars. we and dollars, GAAP were in fiscal With twenty point visibility believe dollars exited growth year one. twenty receive two range, twenty narrowing twenty point sixty roughly two eighty from our for to one would partners five into midpoint at for dollars one our year, We portfolio fiscal trends twenty which half zero EPS twenty. prior the two is our million of over As that year nearly we in second sales twenty which for that growth XX:XX the quarter, represents results, one two fiscal of range over percent represent and full two for and our nine two EPS we eighty range strong. consumers brands one of of million first our are year non to percent indicating nine pleased the Based net the

margins guidance. between Our percent full adjusted on unchanged. bit percent EBITDAS for of the and expectation XX:XX a Now fifteen for detail year sixteen for the remains more

Our twenty two about at over sales puts half our full first for year second fiscal outlook during percent the growth twenty net half. fifteen

in look and gross fairly we half similar higher As With increase margin as to slight twenty we expect would out the second of percentages retailers two across would QX followed after QX sales last year. slightly XX:XX our in percentages margin, the regard holidays, new see net expect another to QX of commenced sequential QX by QX, in restock launches. gross we from half sequentially the product and we to see several to second fiscal

Show reminder take will landscape, ATA in QX. the Show place the here On SHOT that and expense a

point our for will will investments. our rate diluted be QX addition, questions twenty count and please our fiscal ongoing fourteen shares. Finally, for operator, approximately will D XX:XX five our the two about from call effective R& In infrastructure twenty tax and XX:XX open that, reflect twenty be fully expect million analysts. balance the With five share we percent of

Riley of comes Eric the line Wold of question Securities. Our Instructions] [Operator first XX:XX from B.

Your open. line is

over dependent on range ten pretty comparison look what growth tough a Good the to to the to of moving and two-ish how one, of year afternoon your percent against Thank A on that XX:XX questions. is percent stack. And to couple be from percent expectations guess your coming can growth you. I bridge eight rate kind everybody. you us help next this years M&A? rate

Hey, this Brian. XX:XX Eric, is

So, tell is at not what distribution. new really that on that you down based and growth it's I comes M&A purely organic to And would our products dependent rate. drives just upon all. That's new

products total of for percent new twenty I percent as recall, net been as us it you think sales. thirty So, represents five high anywhere if our five between and

robust We new incredibly have an product pipeline.

If coming out you this year those QX. most of new in products at look alone, are

brands talked so that the XX:XX plans majority next we'll so are nice into QX, at coming but tailwind we higher QX out of So part of us products some excited there. giving for our those to ASPs And And we've share. comfortable feel higher that got ASPs, new very set honestly the that big a and out year. in headed with we've innovative kind range be about,

you'd XX:XX Got of are And you shelf in line that congress expect in that? year, of and from in it little own of it. retailers with you levels retail Are inventories where a want is you bit kind like you're be? less ordering they versus with in earlier and inventory right still they terms to now on what or your where them saw then the be perfectly given the terms sure

XX:XX Sure. again. This is Brian

conversations customers best make that sure top kind that to part we from is every know do top purchases, customers. the So our quarter can done we question, how support of when we the those like we we've say our of your biggest first and to accelerated

tugging good kept could In example. participation along saw and which year, our and hand depending there elevated service kind that feel to QX certain the looking were of mitigate we challenges. just we across areas we some sort of those there's So, of was hunting that to we chain make that sure that And Harvester of heard what season up lane – out continued on in is last terms keep over XX:XX that our an then board Harvester in levels. with supply is. restocking those, they like replenishment

So think were purchases those those I want to me, was hand sure that the mostly gearing make retailers mouth. But they for forward more pulled overall, to inventory. that I holidays. also sufficient up to have And

mix two. So, a between the it's

XX:XX Got it. much very Thanks

XX:XX Yep.

you. Thank XX:XX

Stember CL Our next question comes from King. Scott of

Your question, please.

taking for Thanks evening. my guys. Good call XX:XX

now about You basis pretty the as remarks year talked third up least year now. over your how in a at right the on -- looking about stand we release quarter? we in talking prepared good is right in Are -- POS

It was strong. last was POS positive QX of year. out over coming mean I Yes. XX:XX

So POS. the we are seeing trends positive in

I talk there we a Okay. any on? seeing? a of normalized is as what activity bit not, wanted just XX:XX but you into atmosphere, can probably more see going promotional to little imagine get you're And about,

question. is XX:XX this Yes, Great Scott, Andy.

the about my of year, amount, significant of is. comments it of that is in the part a talked margins holiday planned, last So, but that compared second gross promotions, not in part to half of I year. Part is

from XX:XX every this sort happens -- But historical, line out nothing all of is year. of this

Got XX:XX it.

I Okay. now. That's for you. Thank all have

Thanks Yes. XX:XX Scott.

XX:XX Thank you.

from question John next of Our Cowen. comes Kernan

Your line open. is

John for on Eric's question, [indiscernible] traditional target John is you're your expectations off Building This growth eight contribute how Kernan. percent you parse going organic ten you. earlier thinking Yes. ecom of forward? percent out to can or to XX:XX will versus Thank

level, XX:XX Very, what snapshot, Embedded This one Brian. overall small that's MEAT! is if ecommerce to a consumer Sure. business. expect you one just very our snapshot recall, performing. that's overall to question. you brands, of and the Yes, is in we of the to high direct that how I gave direct exclusively grow a consumer, to relative ecommerce that's great than number, would continues business company, our

rise. Fifty to to begin call infancy. us out of become depending you our feels our COVID twenty percent numbers. continues So and the longer over that percent. high a it, to that we in coming twenty continuing to that's has at quarter see COVID around five of back little I But direct to how is least something can the brand, it's see percent fifty on in believe much its into etcetera, to consumer do and could one XX:XX share what going I range So still larger has direct and to to time term, ranged revenues. ranged consumer as term drift from, a as continuing up but near see up percent, as impacting

XX:XX Great. Thank you.

excited I about forward our areas that a particular a should going bit but pipeline, touching in just know going pretty half on there product keep little we as any think on? you year the the we on you more of eyes product the touched Just about are already, back forward, couple are

It's Yes. XX:XX Brian Great question. again.

can heard to for we've of It new QX. is, So, need definitely within a coming shipping to out great in is XX:XX to when a get us placement within that will a concept water as that begin store those about going And and out concept, piece past, talk lifestyle. good sounds we're had or would be feedback of, gives across of like really stores new then look excited we going which several We like talked keep we're a every really, that's we I And a those. can that times with story about which see many retailers. a benefit time. with products very even stories did that one. our brand of I over store longer you those. tell plate it. That that are come retailers partnering store So, rods, about we and we're to to for to trying in out really tell to BUBBA QX, store in retailers with from who what customers rods of excited -- be us about help we're those our period too the do tell they the you're able example these think a just the in is

for Honestly, what planned products new as the brands. that Hooyman, Adventurer referred Wheeler. be of UST, some have and most internally also side on our Harvester right I We would falls which to of the wheel, Shade,

you. an definitely We'll That's XX:XX from color. it eye the for Great. Thank you keep me. for out Thank those.

Yes, you. XX:XX thank

XX:XX Thank you.

of Mark Lake Street next Smith question Our Capital. comes from

open. is line Your

XX:XX Hi, guys.

have doesn't You we your distributors? maybe that look it retail instances have maybe in inventory, talked How just bit as and or too holes into a any level about comfort retailer little at with where can they are much places any dig we there but it, build need? are there you inventory seen what

XX:XX Brian. Mark, is this Yeah,

a I think bag. bit it's mixed a little of

as consumer trends that saw little while, Like of them, are buy that the POS going as we'll begin they back goes to mentioned positive. and pipeline to a products. up think begin I limited risk ahead for see holiday heavily is But seasons. stock I the very be up. pretty they we for open that to to earlier, And the the sell think down, I out I of coming retailer’s took for all think their

XX:XX So, to I But through to product So through away pattern begin as inventory you I they look too. chip the those continuing see other retailers. to think continue levels, is selling things at think a a they're without doubt. more normalized from buying

factors, New summer this some Chinese got a talking people long Year. that obviously about, you've been strike shoremen potentially have got other You've next

for keeping few not eye as if we're well. would supply surprised retailers they this as some to mitigate -- on quarters So be an those from type chain there's I look these But be next the behavior to going risk. of

little that sales as as be a does just XX:XX cadence kind Okay. inventory? is to that through with expect January sales that a in And of of of a sequential stronger fit of flow sequentially than some of little bit a April you

exactly XX:XX Yeah, Mark, That's this we're is Andy. seeing right. That's how it.

to Brian anything continues be honest I we there? our these with - But said Perfect. a Murphy be -- of ones don't are comments very several then, along you we with do were of you we and us deals environment, best Brian. few nicely. on Andy on that we want deals at and getting seen look one about you, the XX:XX excited do engaged alter old close and the right deals to actively we're other and few my shareholders. a M&A A guys changed to about we a are as mentor we those. And the speak, some as remain targets for the that careful opportunities. us are out what It the that's different move It's few mean, made And XX:XX at

So, it robust. remains

me, we the marksman being owner of last as a called land from, falling hunting consumer out look category do evolve firearm a some sense? for let's marksman, kind strong here, as Defender makes into new that you the at and of you The a one to How say, well. Okay. lane XX:XX this help if

XX:XX question. again. Yes. That's Brian is great This a

other mention MEAT!. So, out the made when are ways our we I with collaborating and called and each brands too, BOG

what Trace Crimson exactly a is So, you're asking. Caldwell example and that fantastic gets

million and those going kind eye between collaborations we And to production of sports. things what those to new million range, brands as targets. the shooting you're dollars when are firearm that through up of you'll need, steel the you hearing go see eight So migrate types to dollars two owners ten to and

did with two really It's movement to that in journey, table MEAT! range movement. consumer those we to field So, the and counter the of certainly finalizing BOG helped with than sort that we no with the from different brands. that about

you guys. Great. Excellent. Thank XX:XX

Mark. Yes, XX:XX you. Thank

XX:XX time, remarks. Murphy to Sir. I'd Brian like At for Thank call back this you. turn the closing to over

you, Thank operator. XX:XX

with this see years. you we'll Show happy Before event healthy first for speaking forward today. note and of we the season close, you, some please to and in attending exhibiting January. you We that two we Shot Thank wish be a us be to joining time at to Excited holiday everyone look for there. We important hope in again quarter. you next

you XX:XX call. participating. And Thank for this concludes today's conference

now disconnect. may You