Financial Data and Key Metrics Changes - Net sales for Q3 2020 were $386 million, an increase of 59% compared to the prior year [15][23] - Same-store sales increased by 41% in Q3 2020, with firearms and ammunition up 98% and 53% respectively [15][23] - Gross profit for Q3 2020 was $130.6 million, a 55.1% increase year-over-year, with a gross margin of 33.9%, down 80 basis points from the previous year [24] - Net income for Q3 2020 was $30.5 million or $0.68 per diluted share, compared to $10.5 million or $0.24 per diluted share in Q3 2019 [27][31] - Adjusted EBITDA for Q3 2020 was $49.9 million, an increase of 115% year-over-year [27] Business Line Data and Key Metrics Changes - The Optics, Electronics, and Accessory category saw a 26% increase in same-store sales during Q3 [16] - Apparel sales grew by 19%, while footwear sales increased by 8% [16] - E-commerce-driven sales grew over 200% year-over-year, accounting for more than 10% of total net sales [17] Market Data and Key Metrics Changes - Hunting participation increased significantly, leading to elevated demand for firearms, ammunition, and related accessories [13] - The company reported a 134% increase in total firearms unit sales compared to Q3 of the previous year [15] - The overall market for outdoor activities, including fishing and camping, remained strong, supported by increased participation [14] Company Strategy and Development Direction - The company plans to continue expanding its store footprint, having opened nine new stores in 2020, with a total of 111 stores currently operating [18] - The focus remains on capitalizing on the growth in outdoor activity participation and e-commerce, which are expected to create long-term shareholder value [21] - The company is optimistic about sustaining growth opportunities from heightened outdoor activity participation and e-commerce growth [21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the sustained demand for outdoor activities, despite uncertainties surrounding the pandemic [21] - Early Q4 trends showed total net sales for November up approximately 70% compared to the prior year, indicating continued strong performance [19] - Management noted that while there is a strong demand for firearms and ammunition, supply chain constraints are expected to persist for several months [41] Other Important Information - The company provided hero pay totaling approximately $2 million to non-executive team members in recognition of their efforts during the pandemic [11] - The company ended Q3 2020 with no outstanding borrowings on its line of credit, compared to $142 million at the end of Q3 2019 [33][34] Q&A Session Summary Question: Changes in demand for guns or ammo pre-election and post-election - Management noted a shift towards hunting products, while personal protection products remained strong [40] Question: Supply chain constraints and their impact - Demand is exceeding supply, particularly in firearms and ammunition, with expectations of shortages continuing for a few more months [41] Question: Impact of wildfires on store performance - The company experienced strong generator sales due to wildfires, but hunting participation was negatively impacted in some areas [42] Question: Long-term outlook on outdoor participation and trends - Management is bullish on future outdoor participation, with millions of new participants expected to continue engaging in outdoor activities [44] Question: Demand for personal protection and MSRs - Demand for personal protection and MSRs remains strong, with inventory levels being light [75] Question: Trends in ammunition demand - The company expects ammunition demand to continue at elevated rates due to a significant number of first-time buyers [77] Question: Gross profit margin and pricing strategies - The company has successfully passed on price increases from manufacturers, and margins in ammunition are currently strong [79] Question: Unit growth opportunities - The company plans to continue opening 8 to 12 new stores annually, focusing on intelligent expansion [81] Question: Same-store sales in November - Management did not provide specific same-store sales numbers for November but indicated overall sales were up over 70% [83]

Financial Data and Key Metrics Changes - Net sales for Q2 2020 were $381 million, an increase of 80% year-over-year from $211.8 million in Q2 2019 [15][29] - Same store sales increased by 61% in Q2, with firearms and ammunition sales up 123% and 75% respectively [30][15] - Gross profit for Q2 2020 was $129.1 million, a 76.4% increase from $73.2 million in Q2 2019 [31] - Net income for Q2 2020 was $32.5 million or $0.75 per diluted share, compared to $5.5 million or $0.13 per diluted share in the prior-year period [36] Business Line Data and Key Metrics Changes - Firearms unit sales increased by 171% during Q2, significantly outpacing the adjusted NICS checks increase of 111% [15] - Footwear and apparel sales also showed strong recovery, with increases of 30% and 19% respectively on a same store basis [30] - E-commerce sales grew over 300% year-over-year, accounting for more than 10% of total net sales in the first half of 2020 [19] Market Data and Key Metrics Changes - The firearm industry saw nearly 5 million first-time buyers in 2020, indicating a significant increase in outdoor activity participation [12] - Attendance at state and national parks increased compared to the previous year, reflecting a shift in consumer spending towards outdoor activities [11] Company Strategy and Development Direction - The company plans to continue expanding its store footprint, with seven new stores planned for 2020 [21] - E-commerce capabilities are being enhanced to adapt to changing consumer behaviors, with continued investment in the platform [19] - The company is optimistic about long-term growth opportunities, focusing on market share gains and e-commerce growth [25] Management's Comments on Operating Environment and Future Outlook - Management noted that the upcoming election cycle and economic uncertainty could influence business but remains optimistic about long-term opportunities [25] - The company is not providing forward guidance due to economic uncertainties but expects continued market share gains and e-commerce growth [46] Other Important Information - The company reduced net debt by $150 million and improved liquidity by $130 million compared to the previous year [22] - Ending inventory for Q2 2020 was $297 million, an increase from $289 million at the end of Q2 2019, but down 9% on a per store basis [42] Q&A Session Summary Question: Consistency in results across regions and NICS trends - Management observed consistent demand across all categories, with Alaska being an outlier due to travel restrictions impacting fishing and hunting [53][54] Question: Inventory positioning for the back half of the year - Management feels better positioned than most competitors, although some inventory gaps may exist due to supply chain impacts from COVID [55] Question: Sustainability of gross margin improvements - Management indicated that while some gross margin headwinds from product mix are expected to normalize, structural offsets from vendor incentives are likely to continue [56][58] Question: Impact of current demand on future sales - Management believes the influx of first-time firearm buyers will lead to repeat purchases, offsetting potential pull-forward effects from current demand [62] Question: Performance of different product categories - Management reported strong performance in fishing and camping, with new participants expected to return in future years [66] Question: Supply chain capacity for future demand - Management noted that manufacturing is ramping up, but the ability to meet future demand will depend on effective forecasting [70] Question: E-commerce sales mix and fulfillment - The product mix in e-commerce is consistent with in-store sales, with a larger percentage of orders being fulfilled through stores [73] Question: Changes in consumer behavior due to stimulus spending - Management did not observe significant changes in consumer behavior as stimulus checks wound down [98]

| --- | --- | --- | --- | --- | |--------------------------|-------|-------|-------|-------| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | SECOND QUARTER 2020 | | | | | | | | | | | | EARNINGS CONFERENCE CALL | | | | | | September 2, 2020 | | | | | | | | | | | | | | | | | FORWARD LOOKING STATEMENTS AND NON-GAAP MEASURES This presentation includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 199 ...

Sportsman's Warehouse Holdings (NASDAQ:SPWH) Q1 2020 Earnings Conference Call June 4, 2020 4:30 PM ET Company Participants Caitlin Howe - Investor Relations Jon Barker - Chief Executive Officer Robert Julian - Chief Financial Officer Conference Call Participants Daniel Hofkin - William Blair Seth Sigman - Credit Suisse Ryan Sigdahl - Craig-Hallum Peter Keith - Piper Sandler Mark Smith - Lake Street Peter Benedict - Baird & Company Operator Greetings and welcome to the SportsmanÂ's Warehouse First Quarter 20 ...

| --- | --- | --- | --- | --- | |--------------------------|-------|-------|-------|-------| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | FIRST QUARTER 2020 | | | | | | EARNINGS CONFERENCE CALL | | | | | | June 4, 2020 | | | | | | | | | | | | | | | | | FORWARD LOOKING STATEMENTS AND NON-GAAP MEASURES This presentation includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 as contained in Section 27A of the Secur ...

SportsmanÂ's Warehouse Holdings, Inc. (NASDAQ:SPWH) Q4 2019 Results Earnings Conference Call March 26, 2020 4:30 PM ET Company Participants Rachel Schacter - ICR, IR Jon Barker - Chief Executive Officer Robert Julian - Chief Financial Officer Conference Call Participants Ryan Sigdahl - Craig-Hallum Peter Keith - Piper Sandler Peter Benedict - Robert W. Baird Daniel Hofkin - William Blair Mark Smith - Lake Street Capital Markets Operator Greetings. And welcome to the SportsmanÂ's Warehouse Fourth Quarter 201 ...

| --- | --- | --- | --- | |--------------------------|-------|-------|-------| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Q4 AND FISCAL YEAR 2019 | | | | | | | | | | EARNINGS CONFERENCE CALL | | | | | March 26, 2020 | | | | | | | | | | | | | | | | | | | FORWARD LOOKING STATEMENTS AND NON-GAAP MEASURES This presentation includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 as contained in Section 27A of ...

Sportsman's Warehouse Holdings, Inc. (NASDAQ:SPWH) Q3 2019 Earnings Conference Call December 4, 2019 4:30 PM ET Company Participants Rachel Schacter – Senior Vice President-ICR, Inc. Jon Barker – Chief Executive Officer Robert Julian – Chief Financial Officer Conference Call Participants Peter Keith – Piper Jaffray Peter Benedict – Baird Operator Greetings, and welcome to Sportsman's Warehouse Third Quarter 2019 Earnings Conference Call. [Operator Instructions] As a reminder, this conference is being record ...

Sportsman's Warehouse Holdings, Inc. (NASDAQ:SPWH) Q2 2019 Earnings Conference Call August 28, 2019 4:30 PM ET Company Participants Rachel Schacter - ICR Jon Barker - CEO Robert Julian - CFO Conference Call Participants Bobby Friedner - Piper Jaffray Ronald Bookbinder - Bookbinder & Associates LLC Peter Benedict - Robert W. Baird & Co. Operator Greetings. Welcome to the Sportsman's Warehouse Second Quarter 2019 Earnings Conference Call. [Operator Instructions] Please note, this conference is being recorded. ...

Financial Data and Key Metrics Changes - In Q1 2019, net sales declined 3.4% to $174 million compared to $180 million in Q1 2018, with comparable sales decreasing 5.7% [8][38] - Gross profit for Q1 2019 was $54.2 million, down from $55.6 million in the prior year, a decrease of 2.5% [39] - Adjusted diluted loss per share was $0.12, compared to an adjusted net loss of $3.6 million or $0.08 per diluted share in Q1 2018 [46] - Inventory at the end of Q1 2019 was $291 million, down from $306 million a year ago, representing a 9% reduction on a per store basis [47] Business Line Data and Key Metrics Changes - Firearm units decreased 8.1% in Q1 2019, while firearms and ammunition sales together decreased 14% [11][12] - Non-hunting categories, such as fishing and camping, saw a decline of 2.5% due to adverse weather conditions, while apparel and footwear categories increased by 3.5% and 10.3% respectively [12][39] Market Data and Key Metrics Changes - The company ended Q1 2019 with 92 stores operating in 23 states, reflecting a total square footage growth of 2.9% [39] - The e-commerce platform showed strong performance, with buy online, pick up in store orders increasing approximately 75% year-over-year [20] Company Strategy and Development Direction - The company is focused on leveraging omni-channel capabilities to gain market share and enhance customer engagement [13] - Plans to open three standard format stores in 2019 and test a small format concept shop in Q4 [14][15] - The company is expanding its exclusive product offerings, including kayaks and other categories, to strengthen its value proposition [27][28] Management's Comments on Operating Environment and Future Outlook - Management acknowledged challenges in Q1 due to difficult comparisons from the previous year, particularly in firearms and ammunition sales [8][60] - The company is optimistic about the normalization of trends in the firearms category and expects slight increases in same-store sales for Q2 [81] - Management is closely monitoring the impact of tariffs and is negotiating with vendors to mitigate potential increases [32][76] Other Important Information - The company is investing in its e-commerce platform and expects to incur additional expenses related to being a public company [53] - The loyalty program continues to grow, with over 1.9 million members contributing 51.9% of revenue during Q1 [25] Q&A Session Summary Question: What is driving the revised down guidance outlook? - Management indicated that the revised guidance reflects Q1 performance and slower trends observed in Q2, along with margin headwinds and tariff uncertainties [60][62] Question: How is weather impacting business? - Management noted that adverse weather conditions have affected camping and fishing sales, but they are hopeful for normalization in temperatures to support these categories [64][65] Question: What is the impact of inventory management? - Management expressed confidence in continued improvements in inventory management, attributing success to new leadership and analytics [66] Question: What is the impact of tariffs? - Management stated that the 10% tariffs were factored into expectations, with no significant impact observed so far, but potential effects from future increases remain uncertain [75][76] Question: How are firearms and ammunition categories expected to perform? - Management anticipates slight increases in firearms sales and flat to slightly down trends in ammunition for Q2 and the second half of the year [81][82]