Vista Outdoor Inc. (VSTO) reported dismal results in third-quarter fiscal 2024 (ended Dec 24, 2023), with earnings and revenues missing the Zacks Consensus Estimate. The metrics declined on a year-over-year basis.The downside was caused by lower shipments in various categories, driven by normalized channel inventory and reduced pricing at The Kinetic Group. The Revelyst segment faced challenges due to reduced volume and an unfavorable mix stemming from ongoing short-term consumer pressures.The sale of The K ...

[Part I - Financial Information](index=2&type=section&id=PART%20I%20-%20Financial%20Information) [Unaudited Financial Statements](index=2&type=section&id=Item%201.%20Unaudited%20Financial%20Statements) Unaudited financial statements for the period ended December 24, 2023, show a significant net loss, primarily due to impairment charges, alongside declining sales and gross profit Condensed Consolidated Balance Sheet Data (unaudited) | | December 24, 2023 ($ thousands) | March 31, 2023 ($ thousands) | | :--- | :--- | :--- | | **Total current assets** | $1,136,199 | $1,196,114 | | **Goodwill** | $303,995 | $465,709 | | **Net intangible assets** | $638,298 | $733,176 | | **Total assets** | $2,453,601 | $2,798,882 | | **Total current liabilities** | $440,032 | $453,871 | | **Long-term debt** | $763,986 | $984,658 | | **Total liabilities** | $1,370,696 | $1,667,089 | | **Total stockholders' equity** | $1,082,905 | $1,131,793 | Condensed Consolidated Statements of Comprehensive Income (Loss) (unaudited) | | Three months ended Dec 24, 2023 ($ thousands) | Three months ended Dec 25, 2022 ($ thousands) | Nine months ended Dec 24, 2023 ($ thousands) | Nine months ended Dec 25, 2022 ($ thousands) | | :--- | :--- | :--- | :--- | :--- | | **Sales, net** | $682,253 | $754,775 | $2,052,394 | $2,339,065 | | **Gross profit** | $202,851 | $238,806 | $638,478 | $795,150 | | **Impairment of goodwill and intangibles** | $218,812 | $— | $218,812 | $— | | **Operating income (loss)** | $(180,049) | $96,686 | $(12,078) | $400,278 | | **Net income (loss)** | $(148,195) | $65,147 | $(45,673) | $284,617 | | **Diluted EPS** | $(2.55) | $1.13 | $(0.79) | $4.91 | Condensed Consolidated Statements of Cash Flows (unaudited) | | Nine months ended Dec 24, 2023 ($ thousands) | Nine months ended Dec 25, 2022 ($ thousands) | | :--- | :--- | :--- | | **Cash provided by operating activities** | $240,269 | $307,516 | | **Cash used in investing activities** | $(19,281) | $(786,611) | | **Cash (used in) provided by financing activities** | $(250,361) | $534,324 | | **Increase (decrease) in cash** | $(29,180) | $54,842 | - In Q3 FY2024, the company recognized significant impairment losses totaling **$218.8 million**, including **$161.7 million** for goodwill, **$50.3 million** for indefinite-lived intangible assets, and **$6.8 million** for amortizing intangible assets, all related to reporting units within the Revelyst segment[29](index=29&type=chunk)[33](index=33&type=chunk)[37](index=37&type=chunk) - The company renamed its reportable segments during the third fiscal quarter, with 'Sporting Products' now 'The Kinetic Group' and 'Outdoor Products' now 'Revelyst'[19](index=19&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)](index=30&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management attributes Q3 sales decline to normalized inventory and consumer pressures, recorded a $218.8 million impairment, and highlights the definitive agreement to sell The Kinetic Group for $1.91 billion - On October 15, 2023, Vista Outdoor entered into a definitive agreement to sell The Kinetic Group business to Czechoslovak Group a.s. (CSG) for an enterprise value of **$1.91 billion** in an all-cash transaction, expected to close in calendar year 2024[145](index=145&type=chunk) Net Sales by Segment (Three Months Ended) | Segment | Dec 24, 2023 ($ thousands) | Dec 25, 2022 ($ thousands) | Change ($ thousands) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | The Kinetic Group | $364,949 | $401,504 | $(36,555) | (9.1)% | | Revelyst | $317,304 | $353,271 | $(35,967) | (10.2)% | | **Total** | **$682,253** | **$754,775** | **$(72,522)** | **(9.6)%** | - The Kinetic Group sales decreased due to lower shipments and pricing as channel inventory normalized, while Revelyst sales decreased due to increased discounting, lower volume, and unfavorable mix as consumers are pressured by high interest rates and inflation[153](index=153&type=chunk) Operating Income (Loss) by Segment (Three Months Ended) | Segment | Dec 24, 2023 ($ thousands) | Dec 25, 2022 ($ thousands) | Change ($ thousands) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | The Kinetic Group | $95,347 | $117,935 | $(22,588) | (19.2)% | | Revelyst | $(2,853) | $13,475 | $(16,328) | (121.2)% | | Corporate and other | $(272,543) | $(34,724) | $(237,819) | (684.9)% | | **Total** | **$(180,049)** | **$96,686** | **$(276,735)** | **(286.2)%** | - The significant operating loss in 'Corporate and other' for Q3 FY2024 was primarily caused by the **$218.8 million** goodwill and intangible impairment expense, along with costs related to the planned separation of the business segments[163](index=163&type=chunk)[166](index=166&type=chunk) - The company maintained a strong balance sheet, reducing total debt by **$225 million** since fiscal year-end to **$835 million**, with cash from operations for the nine months at **$240.3 million**[144](index=144&type=chunk) [Quantitative and Qualitative Disclosures about Market Risk](index=41&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) The company's market risk exposure has not materially changed since March 31, 2023, with further details available in the fiscal year 2023 Annual Report on Form 10-K - The company's exposure to market risk has not changed materially since March 31, 2023[192](index=192&type=chunk) [Controls and Procedures](index=41&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded the company's disclosure controls and procedures were effective as of December 24, 2023, with no material changes to internal control over financial reporting during the quarter - The Co-Chief Executive Officers and Chief Financial Officer concluded that the company's disclosure controls and procedures were effective as of December 24, 2023[193](index=193&type=chunk) - No changes in internal control over financial reporting occurred during the quarter that have materially affected, or are reasonably likely to materially affect, internal controls[194](index=194&type=chunk) [Part II - Other Information](index=42&type=section&id=PART%20II%20-%20Other%20Information) [Legal Proceedings](index=42&type=section&id=Item%201.%20Legal%20Proceedings) The company is subject to various legal proceedings but considers none currently pending to be material to its business, operating results, or financial condition - The company is not involved in any legal proceedings that it considers to be material to its business, financial position, or cash flows[197](index=197&type=chunk) [Risk Factors](index=42&type=section&id=Item%201A.%20Risk%20Factors) New material risks are introduced related to the pending sale of The Kinetic Group business, including closing condition failures, adverse effects if the sale is not completed, and potential litigation - The consummation of the Sporting Products Sale is subject to numerous conditions, including stockholder and regulatory approvals, which are largely outside the company's control and could prevent or delay the closing[200](index=200&type=chunk)[201](index=201&type=chunk) - Failure to complete the sale could adversely affect the company's stock price, business, and financial condition due to incurred transaction costs, business restrictions, and potential loss of key employees[202](index=202&type=chunk) - The merger agreement includes a termination fee of **$47.75 million** payable by Vista Outdoor under certain circumstances, which could discourage competing acquisition proposals[205](index=205&type=chunk) - The company faces a risk of litigation from stockholders challenging the sale, which could delay or prevent the transaction and result in significant costs[206](index=206&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=46&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) This item is reported as not applicable for the period - Not applicable[208](index=208&type=chunk) [Other Information](index=46&type=section&id=Item%205.%20Other%20Information) No director or officer adopted or terminated any Rule 10b5-1 trading plan or non-Rule 10b5-1 trading arrangement during the last fiscal quarter - No director or officer adopted or terminated a Rule 10b5-1 trading plan or other trading arrangement during the last fiscal quarter[211](index=211&type=chunk) [Exhibits](index=47&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the Form 10-Q, including agreements for The Kinetic Group sale, corporate governance documents, and officer certifications - Key exhibits filed include the Agreement and Plan of Merger with CSG (Exhibit 2.5) and the related Separation Agreement (Exhibit 2.6) for the sale of The Kinetic Group business[213](index=213&type=chunk)

Vista Outdoor Inc. (VSTO) is scheduled to report third-quarter fiscal 2024 results on Jan 31. In the last reported quarter, the company delivered a negative earnings surprise of 3%.How are Estimates Placed?The Zacks Consensus Estimate for fiscal third-quarter earnings per share is pegged at 84 cents, suggesting a decline of 35.4% from $1.30 reported in the year-ago quarter.For revenues, the consensus mark is pegged at $687.9 million, indicating a decline of 8.8% from the prior-year quarter’s reported figure ...

ANOKA, Minn.--(BUSINESS WIRE)--Vista Outdoor Inc. (“Vista Outdoor”) (NYSE: VSTO) today announced plans to report its third quarter fiscal year 2024 financial results on Wednesday, Jan. 31, 2024, after the market closes. Vista Outdoor’s management will host a conference call on Thursday, Feb. 1, 2024, at 9 a.m. EST to review results. In addition to the results, the company expects to discuss its outlook and financial guidance and may discuss matters of strategy during the call. Access the call on Vista Outd ...

Vista Outdoor Inc. (NYSE:VSTO) Q2 2024 Earnings Conference Call November 2, 2023 10:00 AM ET Eric Nyman - CEO of the Outdoor Products Segment & Director Tyler Lindwall - Vice President of Corporate Development, IR and FP&A Alex Sturnieks - Lake Street Capital Markets Operator Tyler Lindwall Gary, I'll turn it over to you. We are currently at one of the most exciting junctures in our company's history. As recently announced, we have entered into a definitive agreement to sell our Sporting Products segment to ...

PART I - Financial Information [Unaudited Financial Statements](index=2&type=section&id=Item%201.%20Unaudited%20Financial%20Statements) Vista Outdoor Inc. presents its unaudited condensed consolidated financial statements, including balance sheets, income, cash flow, and equity statements, with detailed notes for the quarter ended September 24, 2023 Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | September 24, 2023 | March 31, 2023 | | :--- | :--- | :--- | | **Total Current Assets** | $1,187,889 | $1,196,114 | | **Total Assets** | $2,746,799 | $2,798,882 | | **Total Current Liabilities** | $517,451 | $453,871 | | **Long-term Debt** | $787,538 | $984,658 | | **Total Liabilities** | $1,521,055 | $1,667,089 | | **Total Stockholders' Equity** | $1,225,744 | $1,131,793 | Condensed Consolidated Statements of Comprehensive Income Highlights (in thousands) | Metric | Three Months Ended Sep 24, 2023 | Three Months Ended Sep 25, 2022 | Six Months Ended Sep 24, 2023 | Six Months Ended Sep 25, 2022 | | :--- | :--- | :--- | :--- | :--- | | **Sales, net** | $676,808 | $781,678 | $1,370,141 | $1,584,290 | | **Gross Profit** | $208,870 | $262,874 | $435,627 | $556,344 | | **Operating Income** | $75,785 | $131,167 | $167,971 | $303,592 | | **Net Income** | $44,422 | $93,455 | $102,522 | $219,470 | | **Diluted EPS** | $0.76 | $1.62 | $1.75 | $3.78 | Condensed Consolidated Statements of Cash Flows Highlights (in thousands) | Cash Flow Activity | Six Months Ended Sep 24, 2023 | Six Months Ended Sep 25, 2022 | | :--- | :--- | :--- | | **Cash provided by operating activities** | $107,540 | $193,402 | | **Cash used in investing activities** | $(13,288) | $(774,084) | | **Cash (used in) provided by financing activities** | $(139,806) | $625,387 | | **Increase (decrease) in cash** | $(46,254) | $43,481 | - Subsequent to the quarter-end, the company entered into a definitive agreement to sell its Sporting Products business to Czechoslovak Group a.s. (CSG) for an enterprise value of **$1.91 billion**, as part of a plan to separate the company into two entities[110](index=110&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=25&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management analyzes Q2 FY2024 financial performance, focusing on the planned Sporting Products sale, segment results, and liquidity, while addressing market and economic impacts - The company announced a definitive agreement to sell its Sporting Products business to Czechoslovak Group a.s. (CSG) for an enterprise value of **$1.91 billion**, with the transaction expected to close in calendar year 2024 as a key step in separating the company into Sporting Products and Outdoor Products (Revelyst)[124](index=124&type=chunk) Segment Net Sales Performance (in thousands) | Segment | Three Months Ended Sep 24, 2023 | Change (YoY) | Six Months Ended Sep 24, 2023 | Change (YoY) | | :--- | :--- | :--- | :--- | :--- | | **Sporting Products** | $349,500 | -19.2% | $726,092 | -23.0% | | **Outdoor Products** | $327,308 | -6.3% | $644,049 | +0.4% | | **Total** | $676,808 | -13.4% | $1,370,141 | -13.5% | - **Sporting Products sales decreased** due to lower shipments as channel inventory normalized and lower pricing[132](index=132&type=chunk)[133](index=133&type=chunk) - **Outdoor Products sales were relatively flat** for the six-month period, with contributions from acquired businesses offsetting declines in organic businesses caused by cautious channel partner purchasing and consumer pressure from high interest rates[134](index=134&type=chunk)[135](index=135&type=chunk) Segment Gross Profit Performance (in thousands) | Segment | Three Months Ended Sep 24, 2023 | Change (YoY) | Six Months Ended Sep 24, 2023 | Change (YoY) | | :--- | :--- | :--- | :--- | :--- | | **Sporting Products** | $115,239 | -27.6% | $247,142 | -31.4% | | **Outdoor Products** | $93,631 | -12.3% | $188,485 | -5.4% | | **Total** | $208,870 | -20.5% | $435,627 | -21.7% | - The company's **cash position decreased from $86.2 million to $39.9 million** between March 31, 2023, and September 24, 2023, primarily due to cash used in financing activities, including debt repayments, though management believes existing cash and credit will be adequate for the next 12 months[152](index=152&type=chunk)[155](index=155&type=chunk) [Quantitative and Qualitative Disclosures about Market Risk](index=32&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) The company's market risk exposure remains materially unchanged since March 31, 2023, with further details available in the fiscal year 2023 Annual Report on Form 10-K - The company's exposure to market risk has not changed materially since March 31, 2023[166](index=166&type=chunk) [Controls and Procedures](index=32&type=section&id=Item%204.%20Controls%20and%20Procedures) Management confirmed the effectiveness of disclosure controls and procedures as of September 24, 2023, with no material changes to internal control over financial reporting during the quarter - The Chief Executive Officer and Chief Financial Officer concluded that the company's **disclosure controls and procedures were effective** as of September 24, 2023[167](index=167&type=chunk) - There were **no changes in internal control over financial reporting** during the quarter that have materially affected, or are reasonably likely to materially affect, these controls[169](index=169&type=chunk) PART II - Other Information [Legal Proceedings](index=34&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in various legal proceedings but deems no currently pending cases material to its business, financial condition, or operating results - The company does not consider any currently pending legal proceedings to be **not material to its business** or likely to result in a material adverse effect on its operating results, financial position, or cash flows[172](index=172&type=chunk) [Risk Factors](index=34&type=section&id=Item%201A.%20Risk%20Factors) New risk factors are introduced concerning the pending sale of the Sporting Products business, including transaction completion risks, business uncertainties, and potential litigation - **New material risk factors** have been added related to the pending sale of the Sporting Products business to Czechoslovak Group a.s. (CSG)[174](index=174&type=chunk) - Risks associated with the sale include the **failure to satisfy closing conditions** (such as stockholder and regulatory approvals), potential **adverse effects on stock price and business** if the sale is not completed, and **business uncertainties and contractual restrictions** while the sale is pending[175](index=175&type=chunk)[176](index=176&type=chunk)[177](index=177&type=chunk)[179](index=179&type=chunk) - A **termination fee of $47.75 million** payable to CSG under certain circumstances may discourage competing acquisition proposals[180](index=180&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=35&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) This section is reported as not applicable for the current period - Not applicable[183](index=183&type=chunk) [Defaults Upon Senior Securities](index=36&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) This section is reported as not applicable for the current period - Not applicable[184](index=184&type=chunk) [Mine Safety Disclosures](index=36&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This section is reported as not applicable for the current period - Not applicable[185](index=185&type=chunk) [Other Information](index=36&type=section&id=Item%205.%20Other%20Information) No director or officer adopted or terminated any Rule 10b5-1 trading plan or other non-Rule 10b5-1 trading arrangement during the last fiscal quarter - During the last fiscal quarter, **no director or officer adopted or terminated any Rule 10b5-1(c) trading plan** or any non-Rule 10b5-1 trading arrangement[186](index=186&type=chunk) [Exhibits](index=37&type=section&id=Item%206.%20Exhibits) This section lists all exhibits filed with the Form 10-Q, including key agreements for the Sporting Products business sale, separation, debt, and officer certifications - A **list of exhibits filed** with the report is provided, including key agreements such as the Agreement and Plan of Merger for the sale of the Sporting Products business, the Separation Agreement, and various credit and employment agreements[188](index=188&type=chunk)

Vista Outdoor, Inc. (NYSE:VSTO) Q1 2024 Earnings Conference Call July 27, 2023 9:00 AM ET Gary McArthur - Interim CEO & Director Andrew Keegan - VP & Interim CFO Eric Wold - B. Riley Securities Operator Thank you, operator, and good morning to everyone joining us for our First Quarter Fiscal Year 2024 Earnings Call. With me this morning is Gary McArthur, Interim Chief Executive Officer; Eric Nyman, incoming CEO, Outdoor Products; Jason Vanderbrink, CEO of Sporting Products; Vishak Sankaran, President, Outdo ...

[Part I - Financial Information](index=2&type=section&id=PART%20I%20-%20Financial%20Information) [Item 1. Unaudited Financial Statements](index=2&type=section&id=Item%201.%20Unaudited%20Financial%20Statements) This section presents Vista Outdoor Inc.'s unaudited condensed consolidated financial statements for the quarter ended June 25, 2023, including balance sheets, income, cash flows, and explanatory notes [Condensed Consolidated Balance Sheets](index=3&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets increased slightly to $2.81 billion, while total liabilities decreased to $1.63 billion, and stockholders' equity rose to $1.18 billion as of June 25, 2023 Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | June 25, 2023 | March 31, 2023 | | :--- | :--- | :--- | | **Total Assets** | **$2,809,725** | **$2,798,882** | | Total Current Assets | $1,218,108 | $1,196,114 | | **Total Liabilities** | **$1,629,723** | **$1,667,089** | | Long-term debt | $886,005 | $984,658 | | **Total Stockholders' Equity** | **$1,180,002** | **$1,131,793** | [Condensed Consolidated Statements of Comprehensive Income](index=4&type=section&id=Condensed%20Consolidated%20Statements%20of%20Comprehensive%20Income) Net sales decreased to $693.3 million, resulting in net income of $58.1 million or $0.99 per diluted share for the three months ended June 25, 2023 Income Statement Summary (in thousands, except per share data) | Metric | Three months ended June 25, 2023 | Three months ended June 26, 2022 | | :--- | :--- | :--- | | Sales, net | $693,333 | $802,612 | | Gross profit | $226,757 | $293,470 | | Operating income | $92,186 | $172,425 | | Net income | $58,100 | $126,015 | | Diluted EPS | $0.99 | $2.16 | [Condensed Consolidated Statements of Cash Flows](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Operating activities generated $73.7 million in cash, while investing used $7.5 million and financing used $89.7 million, leading to a $23.0 million net decrease in cash for the quarter Cash Flow Summary (in thousands) | Activity | Three months ended June 25, 2023 | Three months ended June 26, 2022 | | :--- | :--- | :--- | | Cash provided by operating activities | $73,701 | $107,577 | | Cash used for investing activities | $(7,487) | $(4,867) | | Cash used in financing activities | $(89,691) | $(88,776) | | **Increase (decrease) in cash** | **$(23,045)** | **$14,028** | [Notes to the Condensed Consolidated Financial Statements](index=7&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements) These notes provide detailed information on operations, accounting policies, fair value, revenue, debt, segment performance, and contingencies supporting the financial statements - The company operates two reportable segments: Sporting Products (including Ammunition) and Outdoor Products (aggregating seven operating segments like Outdoor Accessories and Cooking)[17](index=17&type=chunk)[92](index=92&type=chunk) Net Sales by Reportable Segment (in thousands) | Segment | Three months ended June 25, 2023 | Three months ended June 26, 2022 | | :--- | :--- | :--- | | Sporting Products | $376,593 | $510,626 | | Outdoor Products | $316,740 | $291,986 | | **Total** | **$693,333** | **$802,612** | Long-Term Debt Composition (in thousands) | Debt Instrument | June 25, 2023 | March 31, 2023 | | :--- | :--- | :--- | | 2022 ABL Revolving Credit Facility | $290,000 | $355,000 | | 2022 Term Loan | $204,910 | $205,000 | | 4.5% Senior Notes | $500,000 | $500,000 | | **Total Principal Amount** | **$994,910** | **$1,060,000** | - As of June 25, 2023, the company was in compliance with all debt covenants, with a consolidated leverage ratio of **1.74**, below the **3.00:1.00** maximum requirement[76](index=76&type=chunk)[78](index=78&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=20&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the quarter's financial results, including a 13.6% net sales decrease driven by Sporting Products, an 8.5% Outdoor Products growth, and the planned segment separation [Business Overview and Planned Separation](index=22&type=section&id=Business%20Overview%20and%20Planned%20Separation) Vista Outdoor is proceeding with a plan to separate its Sporting Products and Outdoor Products segments into two independent public companies, expected to be completed in calendar year 2023 - The Board of Directors has approved preparations for the separation of the Outdoor Products and Sporting Products segments into two independent, publicly-traded companies[111](index=111&type=chunk) - The transaction is anticipated to be a tax-free distribution to shareholders and is expected to be ready for completion in **calendar year 2023**[111](index=111&type=chunk) - Expected benefits of the separation include enhanced strategic focus, tailored capital allocation, and expanded strategic opportunities[113](index=113&type=chunk) [Results of Operations](index=25&type=section&id=Results%20of%20Operations) Total net sales decreased **13.6%** to **$693.3 million**, driven by a **26.2%** decline in Sporting Products, while Outdoor Products sales increased **8.5%**, leading to a **46.5%** drop in operating income Net Sales by Segment (in thousands) | Segment | Q1 FY24 | Q1 FY23 | Change ($) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Sporting Products | $376,593 | $510,626 | $(134,033) | (26.2)% | | Outdoor Products | $316,740 | $291,986 | $24,754 | 8.5% | | **Total** | **$693,333** | **$802,612** | **$(109,279)** | **(13.6)%** | - The decrease in Sporting Products sales was attributed to lower shipments due to channel inventory normalization and the termination of the Lake City contract[119](index=119&type=chunk) - The increase in Outdoor Products sales was driven by acquired businesses, partially offset by declines in organic businesses due to high channel inventory[120](index=120&type=chunk) Operating Income by Segment (in thousands) | Segment | Q1 FY24 | Q1 FY23 | Change ($) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Sporting Products | $108,464 | $176,086 | $(67,622) | (38.4)% | | Outdoor Products | $6,524 | $27,686 | $(21,162) | (76.4)% | | Corporate and other | $(22,802) | $(31,347) | $8,545 | 27.3% | | **Total** | **$92,186** | **$172,425** | **$(80,239)** | **(46.5)%** | [Financial Condition, Liquidity and Capital Resources](index=26&type=section&id=Financial%20Condition%2C%20Liquidity%20and%20Capital%20Resources) Cash and cash equivalents decreased by **$23.0 million** to **$63.2 million**, with **$73.7 million** from operations used for debt and capital expenditures, while **$199.98 million** remains available under the ABL Revolving Credit Facility - Cash decreased from **$86.2 million** at March 31, 2023, to **$63.2 million** at June 25, 2023, primarily due to **$89.7 million** used in financing activities exceeding **$73.7 million** from operations[130](index=130&type=chunk) - The company's total debt as a percentage of total capitalization was **45.7%** as of June 25, 2023[133](index=133&type=chunk) - As of June 25, 2023, **$199,981 thousand** was available to borrow under the 2022 ABL Revolving Credit Facility[133](index=133&type=chunk) [Item 3. Quantitative and Qualitative Disclosures about Market Risk](index=27&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) There have been no material changes in the company's market risk exposure since March 31, 2023, with further details available in the fiscal year 2023 Form 10-K - The company's exposure to market risk has not materially changed since March 31, 2023[144](index=144&type=chunk) [Item 4. Controls and Procedures](index=27&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of June 25, 2023, with ongoing integration of Fox Racing's controls - The Chief Executive Officer and Chief Financial Officer concluded that the company's disclosure controls and procedures were effective as of June 25, 2023[145](index=145&type=chunk) - As part of ongoing integration, the company is incorporating its controls and procedures into Fox Racing, acquired in the second quarter of fiscal year 2023[146](index=146&type=chunk) [Part II - Other Information](index=28&type=section&id=PART%20II%20-%20Other%20Information) [Item 1. Legal Proceedings](index=28&type=section&id=Item%201.%20Legal%20Proceedings) The company is subject to various legal proceedings but does not consider any currently pending cases material to its business or financial condition - The company does not consider any currently pending legal proceedings material to its business or likely to result in a material adverse effect[150](index=150&type=chunk) [Item 1A. Risk Factors](index=28&type=section&id=Item%201A.%20Risk%20Factors) There have been no material changes to the risk factors previously disclosed in the company's Annual Report on Form 10-K for the fiscal year ended March 31, 2023 - There are no material changes from the risk factors disclosed in the Form 10-K for the fiscal year ended March 31, 2023[152](index=152&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=28&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) This item is reported as not applicable for the period - Not applicable[153](index=153&type=chunk) [Item 5. Other Information](index=29&type=section&id=Item%205.%20Other%20Information) No director or officer adopted or terminated any Rule 10b5-1 trading plan or non-Rule 10b5-1 trading arrangement during the last fiscal quarter - During the last fiscal quarter, no director or officer adopted or terminated any Rule 10b5-1(c) trading plan or arrangement[156](index=156&type=chunk) [Item 6. Exhibits](index=29&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including agreements, corporate governance documents, and officer certifications - A list of exhibits filed with the report is provided, including certifications of the Principal Executive Officer and Principal Financial Officer[158](index=158&type=chunk)

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended March 31, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period to Commission file number 1-36597 Vista Outdoor Inc. (Exact name of Registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) Delaware 47 ...

Vista Outdoor Inc. (NYSE:VSTO) Q4 2023 Results Conference Call May 4, 2023 9:00 AM ET Tyler Lindwall - VP, IR Jason Vanderbrink - CEO, Sporting Products Andy Keegan - VP and Interim CFO Eric Wold - B. Riley Securities Mark Smith - Lake Street Capital Markets I will now hand you over to Tyler Lindwall, Vice President, Investor Relations to begin. Tyler, please go ahead, when youÂ're ready. Company Participants Gary McArthur - Interim CEO Jeff McGuane - President, Action Sports Conference Call Participants Ma ...