0001616318-23-000163.txt : 20231102 0001616318-23-000163.hdr.sgml : 20231102 20231102165559 ACCESSION NUMBER: 0001616318-23-000163 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 91 CONFORMED PERIOD OF REPORT: 20230924 FILED AS OF DATE: 20231102 DATE AS OF CHANGE: 20231102 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Vista Outdoor Inc. CENTRAL INDEX KEY: 0001616318 STANDARD INDUSTRIAL CLASSIFICATION: ORDNANCE & ACCESSORIES, (NO VEHICLES/GUIDED MISSILES) [3480] IRS NUMBER: 471016855 STATE OF INCORPORATION: DE FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-36597 FILM NUMBER: 231373351 BUSINESS ADDRESS: STREET 1: 1 VISTA WAY CITY: ANOKA STATE: MN ZIP: 55303 BUSINESS PHONE: 763-433-1000 MAIL ADDRESS: STREET 1: 1 VISTA WAY CITY: ANOKA STATE: MN ZIP: 55303 10-Q 1 vsto-20230924.htm 10-Q vsto-20230924
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
 
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 24, 2023
 TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                    to                  
Commission file number 1-36597
vistaoutdoora15.jpg
Vista Outdoor Inc.
(Exact name of Registrant as specified in its charter)
Delaware
47-1016855
(State or other jurisdiction of incorporation or organization)
(I.R.S. Employer Identification No.)
1 Vista Way
Anoka
MN
55303
(Address of Principal Executive Offices)
(Zip Code)

Registrant's telephone number, including area code: (763) 433-1000
Securities registered pursuant to Section 12(b) of the Act:
Title of Each ClassTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $.01VSTONew York Stock Exchange
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes     No 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes     No 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filerNon-accelerated filerSmaller reporting companyEmerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes     No 
As of October 30, 2023, there were 58,071,728 shares of the registrant's common stock outstanding.




TABLE OF CONTENTS
1


PART I— FINANCIAL INFORMATION
ITEM 1.    FINANCIAL STATEMENTS
VISTA OUTDOOR INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited)
(Amounts in thousands except share data)September 24, 2023March 31, 2023
ASSETS  
Current assets:  
Cash and cash equivalents$39,954 $86,208 
Net receivables397,038 339,373 
Net inventories689,989 709,897 
Income tax receivable13,084  
Other current assets47,824 60,636 
Total current assets1,187,889 1,196,114 
Net property, plant, and equipment213,978 228,247 
Operating lease assets98,709 106,828 
Goodwill465,709 465,709 
Net intangible assets707,857 733,176 
Deferred charges and other non-current assets, net72,657 68,808 
Total assets$2,746,799 $2,798,882 
LIABILITIES AND STOCKHOLDERS' EQUITY  
Current liabilities:  
Current portion of long-term debt$150,000 $65,000 
Accounts payable128,951 136,556 
Accrued compensation51,726 60,719 
Accrued income taxes 6,676 
Federal excise, use, and other taxes33,509 38,543 
Other current liabilities153,265 146,377 
Total current liabilities517,451 453,871 
Long-term debt787,538 984,658 
Deferred income tax liabilities42,771 40,749 
Long-term operating lease liabilities97,651 103,313 
Accrued pension and postemployment benefits24,323 25,114 
Other long-term liabilities51,321 59,384 
Total liabilities1,521,055 1,667,089 
Commitments and contingencies (Notes 12 and 15)
Common stock — $.01 par value:
Authorized — 500,000,000 shares
Issued and outstanding — 58,062,364 shares as of September 24, 2023 and 57,085,756 shares as of March 31, 2023
579 570 
Additional paid-in capital1,653,407 1,711,155 
Accumulated deficit(128,006)(230,528)
Accumulated other comprehensive loss(76,035)(80,802)
Common stock in treasury, at cost — 5,902,075 shares held as of September 24, 2023 and 6,878,683 shares held as of March 31, 2023
(224,201)(268,602)
Total stockholders' equity1,225,744 1,131,793 
Total liabilities and stockholders' equity$2,746,799 $2,798,882 
See Notes to the Condensed Consolidated Financial Statements.
2

VISTA OUTDOOR INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(unaudited)
 Three months endedSix months ended
(Amounts in thousands except per share data)September 24, 2023September 25, 2022September 24, 2023September 25, 2022
Sales, net$676,808 $781,678 $1,370,141 $1,584,290 
Cost of sales467,938 518,804 934,514 1,027,946 
Gross profit208,870 262,874 435,627 556,344 
Operating expenses:  
Research and development12,203 11,154 24,283 19,051 
Selling, general, and administrative120,882 120,553 243,373 233,701 
Operating income75,785 131,167 167,971 303,592 
Other (expense) income, net (Note 5)(1,174)741 (1,715)741 
Interest expense, net(16,643)(13,934)(32,861)(20,244)
Income before income taxes57,968 117,974 133,395 284,089 
Income tax provision(13,546)(24,519)(30,873)(64,619)
Net income $44,422 $93,455 $102,522 $219,470 
Earnings per common share:  
Basic$0.77 $1.65 $1.78 $3.88 
Diluted$0.76 $1.62 $1.75 $3.78 
Weighted-average number of common shares outstanding:    
Basic58,041 56,553 57,757 56,520 
Diluted58,299 57,814 58,426 58,098 
Net income (from above)$44,422 $93,455 $102,522 $219,470 
Other comprehensive income (loss), net of tax:
Pension and other postretirement benefit liabilities:
Reclassification of net actuarial loss for pension and postretirement benefit plans recorded to net income, net of tax (expense) of $(176) and $(352) for the three and six months ended September 24, 2023, respectively, and $(221) and $(442) for the three and six months ended September 25, 2022, respectively
562 694 1,124 1,388 
Change in derivatives, net of tax (expense) benefit of $(657) and $(1,150) for the three and six months ended September 24, 2023, respectively, and $92 and $781 for the three and six months ended September 25, 2022, respectively
2,098 (287)3,672 (278)
Change in cumulative translation adjustment, net of tax (expense) of $0 and $0 for the three and six months ended September 24, 2023, respectively, and $0 and $(167) for the three and six months ended September 25, 2022, respectively
(693)(1,398)(29)(1,871)
Total other comprehensive income (loss)1,967 (991)4,767 (761)
Comprehensive income $46,389 $92,464 $107,289 $218,709 
See Notes to the Condensed Consolidated Financial Statements.
3

VISTA OUTDOOR INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)
 Six months ended
(Amounts in thousands)September 24, 2023September 25, 2022
Operating Activities:  
Net income $102,522 $219,470 
Adjustments to net income to arrive at cash provided by operating activities:
Depreciation24,470 23,317 
Amortization of intangible assets25,336 18,983 
Amortization of deferred financing costs 4,154 2,518 
Impairment of long-lived assets2,802  
Change in fair value of contingent consideration (11,425)
Deferred income taxes514 (124)
Gain on foreign exchange(240)(741)
Loss on disposal of property, plant, and equipment69 551 
Share-based compensation2,680 14,756 
Changes in assets and liabilities:
Net receivables(57,128)(25,601)
Net inventories13,541 (36,042)
Accounts payable(5,104)10,092 
Accrued compensation(8,859)(26,233)
Accrued income taxes(17,125)4,313 
Federal excise, use, and other taxes(5,027)(1,261)
Pension and other postretirement benefits685 944 
Other assets and liabilities24,250 (115)
Cash provided by operating activities107,540 193,402 
Investing Activities:
Capital expenditures(13,425)(12,957)
Acquisition of businesses, net of cash received (761,170)
Proceeds from the disposition of property, plant, and equipment137 43 
Cash used in investing activities(13,288)(774,084)
Financing Activities:
Proceeds from credit facility102,000 465,000 
Repayments of credit facility(162,000)(165,000)
Proceeds from issuance of long-term debt 350,000 
Debt issuance costs (60)(15,905)
Payments on long-term debt(55,000) 
Payments made for contingent consideration(8,585) 
Proceeds from exercise of stock options 39 181 
Payment of employee taxes related to vested stock awards(16,200)(8,889)
Cash (used in) provided by financing activities(139,806)625,387 
Effect of foreign exchange rate fluctuations on cash
(700)(1,224)
Increase (decrease) in cash and cash equivalents(46,254)43,481 
Cash and cash equivalents at beginning of period 86,208 22,584 
Cash and cash equivalents at end of period$39,954 $66,065 
Supplemental Cash Flow Disclosures:
Non-cash investing activity:
Capital expenditures included in accounts payable$1,731 $2,681 
Contingent consideration in connection with business combinations
$ $11,400 
See Notes to the Condensed Consolidated Financial Statements.
4

VISTA OUTDOOR INC.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
(unaudited)
(Amounts in thousands except share data)SharesAmountAdditional
Paid-In
Capital
Accumulated DeficitAccumulated
Other
Comprehensive
Loss
Treasury
Stock
Total
Equity
Balance, March 31, 202357,085,756 $570 $1,711,155 $(230,528)$(80,802)$(268,602)$1,131,793 
Comprehensive income— — — 58,100 2,800 — 60,900 
Exercise of stock options2,410 — (55)— — 94 39 
Share-based compensation— — 3,307 — — — 3,307 
Restricted stock vested and shares withheld901,094 — (57,520)— — 41,483 (16,037)
Other8,390 9 (329)— — 320  
Balance, June 25, 202357,997,650 $579 $1,656,558 $(172,428)$(78,002)$(226,705)$1,180,002 
Comprehensive income — — — 44,422 1,967 — 46,389 
Share-based compensation— — (627)— — — (627)
Restricted stock vested and shares withheld10,111 — (579)— — 430 (149)
Employee stock purchase plan5,029 — (59)— — 191 132 
Other49,574 — (1,886)— — 1,883 (3)
Balance, September 24, 202358,062,364 $579 $1,653,407 $(128,006)$(76,035)$(224,201)$1,225,744 
Balance, March 31, 202256,093,456 $560 $1,730,927 $(220,810)$(76,679)$(309,599)$1,124,399 
Comprehensive income— — — 126,015 230 — 126,245 
Exercise of stock options9,150 — (212)— — 359 147 
Share-based compensation— — 7,257 — — — 7,257 
Restricted stock vested and shares withheld413,089 — (25,892)— — 17,156 (8,736)
Other8,387 5 (321)— — 316  
Balance, June 26, 202256,524,082 $565 $1,711,759 $(94,795)$(76,449)$(291,768)$1,249,312 
Comprehensive income— — — 93,455 (991)— 92,464 
Exercise of stock options4,000 — (123)— — 157 34 
Share-based compensation— — 7,499 — — — 7,499 
Restricted stock vested and shares withheld1,276 — (72)— — 55 (17)
Employee stock purchase plan6,002 — (76)— — 235 159 
Other31,555 1 (1,237)— — 1,236  
Balance, September 25, 202256,566,915 $566 $1,717,750 $(1,340)$(77,440)$(290,085)$1,349,451 
See Notes to the Condensed Consolidated Financial Statements.
5

VISTA OUTDOOR INC.
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited)
Six Months Ended September 24, 2023
(Amounts in thousands except per share data and unless otherwise indicated)
1. The Company and Basis of Presentation
Nature of Operations—Vista Outdoor Inc. (together with our subsidiaries, "Vista Outdoor", "we", "our", and "us", unless the context otherwise requires) is a leading global designer, manufacturer, and marketer of outdoor recreation and shooting sports products. We operate through two reportable segments, Sporting Products and Outdoor Products. We are headquartered in Anoka, Minnesota and have manufacturing and distribution facilities in the United States, Canada, Mexico, and Puerto Rico along with international customer service, sales and sourcing operations in Asia and Europe. We have a robust global distribution network serving customers in over 100 countries. Vista Outdoor was incorporated in Delaware in 2014.
Basis of Presentation—Our unaudited condensed consolidated financial statements have been prepared in accordance with the requirements of the Securities and Exchange Commission ("SEC") for interim reporting. As permitted under those rules, certain disclosures and other financial information that normally are required by accounting principles generally accepted in the United States have been condensed or omitted. Management is responsible for the unaudited condensed consolidated financial statements included in this report, which in the opinion of management, include all adjustments necessary for a fair presentation of our financial position, results of operations, and cash flows for the periods and dates presented. These unaudited condensed consolidated financial statements should be read in conjunction with our consolidated financial statements and notes included in our Annual Report on Form 10-K for the fiscal year ended March 31, 2023 (“fiscal year 2023”), which was filed with the SEC on May 25, 2023.
Change in Presentation—In connection with our preparation of the condensed consolidated financial statements for the three and six months ended September 24, 2023, we changed the presentation of "Earnings before interest and income taxes" to "Operating income" within the consolidated statements of comprehensive income. This correction did not affect previously reported net income and is immaterial to the previously issued financial statements.
New Accounting Pronouncements—Our accounting policies are described in Note 1 of the audited consolidated financial statements in our Annual Report on Form 10-K for fiscal year 2023, which was filed with the SEC on May 25, 2023. Such significant accounting policies are applicable for periods prior to the following new accounting standards.
Accounting Standards Adopted During this Fiscal Year—In September 2022, the FASB issued ASU 2022-04, Liabilities—Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations, which requires a buyer in a supplier finance program to disclose qualitative and quantitative information about its program to allow a user of the financial statements to understand the program’s nature, activity during the period, changes from period to period, and potential magnitude. The amendments in ASU 2022-04 are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2022, with the exception for the amendment on roll-forward information, which is effective for fiscal years beginning after December 15, 2023. The guidance should be applied retrospectively, except for the amendment on roll-forward information, which should be applied prospectively. This ASU was effective for us in the first quarter of fiscal year 2024, with the exception of the amendment on roll-forward information, which will be effective for us in our Form 10-K for fiscal year 2025. We adopted this ASU during the first quarter of fiscal 2024 and the adoption did not have an impact on our condensed consolidated financial statement disclosures.
2. Fair Value of Financial Instruments
The following section describes the valuation methodologies we use to measure our financial instruments at fair value on a recurring basis:
Derivative Financial Instruments
Hedging instruments (See Note 5, Derivative Financial Instruments) are re-measured on a recurring basis using broker quotes, daily market foreign currency rates and interest rate curves as applicable and are therefore categorized within Level 2 of the fair value hierarchy.
Contingent Consideration
In connection with some of our acquisitions, we recorded contingent consideration liabilities that can be earned by the sellers upon achievement of certain milestones. The liabilities are measured on a recurring basis and recorded at fair value, using a discounted cash flow analysis or a Monte Carlo simulation analysis in a risk-neutral framework with assumptions for volatility, market price of risk adjustment, risk-free rate, and cost of debt, utilizing revenue projections for the respective earn-
6

out period, corresponding targets and approximate timing of payments as outlined in the purchase agreements. The inputs used to calculate the fair value of the contingent consideration liabilities are considered to be Level 3 inputs due to the lack of relevant market activity and significant management judgment. Changes in the fair value of the contingent consideration obligation results from changes in discount periods and rates, and changes in probability assumptions with respect to the likelihood of achieving the performance targets. The fair value adjustments are recorded in selling, general, and administrative in the condensed consolidated statements of comprehensive income. As of September 24, 2023, the estimated fair values of contingent consideration payable related to our acquisitions of QuietKat, Stone Glacier, and Fox Racing are $5,769, and $5,920 and $0, respectively. Cash payouts during fiscal year 2024 related to our Fox Racing and QuietKat liabilities. See Note 4, Acquisitions, for additional information regarding the Fox Racing acquisition.
Contingent consideration liabilities are reported under the following captions in the condensed consolidated balance sheets:
September 24, 2023March 31, 2023
Other current liabilities$8,604 $8,586 
Other long-term liabilities3,085 11,688 
Total$11,689 $20,274 
Following is a summary of our contingent consideration liability Level 3 activity during fiscal year 2024:
Balance, March 31, 2023$20,274 
Payments made(8,585)
Balance, September 24, 2023$11,689 
Disclosures about the Fair Value of Financial Instruments
The carrying amount of our receivables, inventory, accounts payable, and accrued liabilities as of September 24, 2023 and March 31, 2023 approximates fair value because of the short maturity of these instruments. The carrying values of cash and cash equivalents as of September 24, 2023 and March 31, 2023 are categorized within Level 1 of the fair value hierarchy. 
The table below discloses information about carrying values and estimated fair value relating to our financial assets and liabilities:
September 24, 2023March 31, 2023
Carrying
amount
Fair
value
Carrying
amount
Fair
value
Fixed-rate debt (1)$500,000 $419,000 $500,000 $404,000 
Variable-rate debt (2)445,000 445,000 560,000 560,000 
(1) Fixed rate debt —In fiscal year 2021, we issued $500,000 aggregate principal amount of 4.5% Senior Notes which will mature on March 15, 2029. These notes are unsecured and senior obligations. The fair value of the fixed-rate debt is based on market quotes for each issuance. We consider these to be Level 2 instruments. See Note 12, Long-term Debt, for additional information on long-term debt, including certain risks and uncertainties.
(2) Variable rate debt— The carrying value of the amounts outstanding under our 2022 ABL Revolving Credit Facility and 2022 Term Loan approximates the fair value because the interest rates are variable and reflective of market rates as of September 24, 2023. The fair value of this debt is categorized within Level 2 of the fair value hierarchy based on the observable market borrowing rates. See Note 12, Long-term Debt, for additional information on our credit facilities, including certain risks and uncertainties.
We measure certain nonfinancial assets at fair value on a nonrecurring basis if certain indicators are present. These assets include long-lived assets that are written down to fair value when they are held for sale or determined to be impaired. See Note 3, Leases, for discussion of ROU asset impairments. Significant assumptions were used to estimate fair value of the ROU assets, which was categorized within Level 3 of the fair value hierarchy.
7

3. Leases
We lease certain warehouse and distribution space, manufacturing space, office space, retail locations, equipment, and vehicles. All of these leases are classified as operating leases. Operating lease assets and liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. We use our incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments. These rates are assessed on a quarterly basis. The operating lease assets also include any lease payments made less lease incentives. Leases with an initial term of twelve months or less are not recorded on the balance sheet. For operating leases, expense is recognized on a straight-line basis over the lease term. Variable lease payments associated with our leases are recognized upon occurrence of the event, activity, or circumstance in the lease agreement on which those payments are assessed. Tenant improvement allowances are recorded as leasehold improvements with an offsetting adjustment included in our calculation of its right-of-use asset.
Many leases include one or more options to renew, with renewal terms that can extend the lease term up to five years. The exercise of lease renewal options is at our sole discretion. The depreciable life of assets and leasehold improvements are limited by the expected lease term.
The amounts of assets and liabilities related to our operating leases were as follows:
Balance sheet captionSeptember 24, 2023March 31, 2023
Assets:
Operating lease assetsOperating lease assets$98,709 $106,828 
Liabilities:
Current:
Operating lease liabilitiesOther current liabilities$15,562 $16,351 
Long-term:
Operating lease liabilitiesLong-term operating lease liabilities97,651 103,313 
Total lease liabilities$113,213 $119,664 
The components of lease expense are recorded to cost of sales and selling, general, and administrative expenses in the condensed consolidated statements of comprehensive income. The components of lease expense were as follows:
Three months endedSix months ended
September 24, 2023September 25, 2022September 24, 2023September 25, 2022
Fixed operating lease costs (1)
$7,168 $7,089 $14,269 $12,894 
Variable operating lease costs1,035 995 2,245 1,458 
Operating and sub-lease income(238)(156)(430)(307)
Net lease costs$7,965 $7,928 $16,084 $14,045 
(1) Includes short-term leases, which are immaterial.
The weighted average remaining lease term and weighted average discount rate is as follows:
September 24, 2023March 31, 2023
Weighted average remaining lease term (years):
Operating leases9.319.71
Weighted average discount rate:
Operating leases8.48 %8.43 %
8

The approximate minimum lease payments under non-cancelable operating leases as of September 24, 2023 are as follows:
Remainder of fiscal year 2024$13,280 
Fiscal year 202521,289 
Fiscal year 202619,457 
Fiscal year 202716,985 
Fiscal year 202814,646 
Thereafter83,047 
Total lease payments168,704 
Less imputed interest(55,491)
Present value of lease liabilities$113,213 
Supplemental cash flow information related to leases is as follows:
Six months ended
September 24, 2023September 25, 2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows - operating leases$13,474 $10,409 
Operating lease assets obtained in exchange for lease liabilities:
Operating leases6,629 29,744 
ROU asset re-measurements(6,195)634 
As part of integrating our recent acquisitions, we made a strategic decision to close an office location which is actively being marketed for sublease. Accordingly, during the second fiscal quarter of 2024, we recognized a ROU asset impairment of $2,802, reducing the carrying value of the lease asset to its estimated fair value.
4. Acquisitions
During the second quarter of fiscal year 2023, we acquired Simms Fishing Products (Simms), a premium fishing brand and leading manufacturer of waders, outerwear, footwear and technical apparel. We finalized the purchase price allocation during the fourth quarter of fiscal year 2023, and no significant changes were recorded from the original estimation. The results of this business are reported within the Outdoor Recreation operating segment and the Outdoor Products reportable segment.
During the second quarter of fiscal year 2023, we acquired Fox (Parent) Holdings, Inc. (“Fox Racing”), a leader in motocross industry and a growing brand in the mountain bike category. We finalized the purchase price allocation during the fourth quarter of fiscal year 2023, and no significant changes were recorded from the original estimation. The results of this business are reported within the Sports Protection operating segment and the Outdoor Products reportable segment.
Fiscal year 2023 Fox Racing supplemental pro forma data:
Fox's net sales of $57,379 and net income of $4,805 for the three months ended September 25, 2022, are included in our consolidated results in the Outdoor Products reportable segment.
The following unaudited pro forma financial information presents our results as if the Fox Racing acquisition had occurred on April 1, 2021:
Three months ended September 25, 2022Six months ended September 25, 2022
Sales, net$809,357 $1,690,145 
Net income94,611 218,657 
9

The unaudited supplemental pro forma data above includes the following significant non-recurring adjustments to net income to account for certain costs which would have been incurred if the Fox Racing acquisition had been completed on April 1, 2021:
Three months ended September 25, 2022Six months ended September 25, 2022
Fees for advisory, legal, and accounting services (1)$(4,051)$(5,965)
Inventory step-up, net (2)(2,515)(2,515)
Interest (3)3,197 10,627 
Depreciation (4)180 719 
Amortization (5)1,176 4,245 
Management Fees (6)(133)(530)
Income tax provision (benefit) (7)39 (2,142)
(1) During the three months and six months ended September 25, 2022, we incurred a total of $4,051 and $5,965 in acquisition related costs, including legal and other professional fees, all of which were reported in selling, general, and administrative expense in the condensed consolidated statements of comprehensive income. This adjustment is to show the results as if those fees were incurred during the first quarter of fiscal year 2022.
(2) Adjustment reflects the increased cost of goods sold expense resulting from the fair value step-up in inventory, which was expensed over inventory turns.
(3) Adjustment for the estimated interest expense and debt issuance amortization expense on $580,000 in borrowings from Vista's 2022 ABL Revolving Credit Facility and 2022 Term Loan, used to finance the acquisition of Fox Racing. The interest rate assumed for purposes of preparing this pro forma financial information is 5.58%. This rate is the weighted average interest rate for our borrowings under the 2022 ABL Revolving Credit Facility and 2022 Term Loan as of September 25, 2022.
(4) Adjustment for depreciation related to the revised fair-value basis of the acquired property, plant and equipment and change in estimated useful lives.
(5) Adjustment for amortization of acquired intangible assets.
(6) Represents an adjustment for management fees historically charged by the previous owner of Fox Racing under the terms of their management agreement.
(7) Income tax effect of the adjustments made at a blended federal, state, and international statutory rate adjusted for any non-deductible acquisition costs.
5. Derivative Financial Instruments
Commodity Price Risk
We use designated cash flow hedges to hedge our exposure to price fluctuations on lead we purchase for raw material components in our ammunition manufacturing process that are designated and qualify as effective cash flow hedges. The effectiveness of cash flow hedge contracts is assessed quantitatively at inception and qualitatively thereafter considering the transactions critical terms and counterparty credit quality.
The gains and losses on these hedges are included in accumulated other comprehensive loss and are reclassified into earnings at the time the forecasted revenue or expense is recognized. The gains or losses on the lead forward contracts are recorded in inventory as the commodities are purchased and in cost of sales when the related inventory is sold. As of September 24, 2023, we had outstanding lead forward contracts on approximately 2.8 million pounds of lead. In the event the underlying forecasted transaction does not occur, or it becomes probable that it will not occur, the related change in fair value of the derivative instrument would be reclassified from accumulated other comprehensive loss and recognized in earnings. The asset related to the lead forward contracts is immaterial and is recorded as part of other current assets.
Foreign Exchange Risk
In the normal course of business, we are exposed to gains and losses resulting from fluctuations in foreign currency exchange rates relating to transactions of our international subsidiaries. We use designated cash flow hedges and non-designated hedges in the form of foreign currency forward contracts as part of our strategy to manage the level of exposure to
10

the risk of fluctuations in foreign currency exchange rates and to mitigate the impact of foreign currency translation on transactions that are denominated primarily in British Pounds, Euros, and Canadian Dollars.
Cash Flow Hedging Instrument
We use foreign currency forward contracts designated as qualifying cash flow hedging instruments to help mitigate our exposure on our foreign subsidiaries' inventory purchases and intercompany transactions, which is different than their functional currency. Certain U.S. subsidiaries also hedge a portion of their future sales in Canadian Dollars. These contracts generally mature within 12 months to 15 months from their inception. As of September 24, 2023, the notional amounts of our foreign currency forward contracts designated as cash flow hedge instruments were approximately $13,348. The effectiveness of cash flow hedge contracts is assessed quantitatively at inception and qualitatively thereafter considering the transactions critical terms and counterparty credit quality.
Foreign Currency Forward Contracts Not Designated as Hedging Instruments
As of September 24, 2023, we have no remaining foreign currency forward contracts not designated as cash flow hedge instruments.
In addition, during the three and six months ended September 24, 2023 and September 25, 2022, we recorded net foreign currency translation losses and (gains) of $715 and $(146), respectively, and, $476 and $(146), respectively.
Interest Rate swaps
During fiscal year 2023, we entered into floating-to-fixed interest rate swaps in order to mitigate the risk of changes in our interest rates on our outstanding variable-rate debt. We will receive variable interest payments from the counterparty lenders in exchange for fixed interest rate payments made by us. As of September 24, 2023, we had the following interest rate swaps outstanding:
NotionalFair ValuePay FixedReceive FloatingMaturity Date
Non-amortizing swap$50,000 $358 4.910%5.383%Feb 2026
Non-amortizing swap25,000 69 4.650%5.327%Mar 2026
The amount paid or received under these swaps is recorded as an adjustment to interest expense. All unrealized gains and losses as shown as of September 24, 2023 will be recognized in the condensed consolidated statements of comprehensive income in interest expense within the next two fiscal years, at their then-current value.
The following table summarizes the fair value of our derivative instruments as well as the location of the asset and/or liability on the condensed consolidated balance sheets as of September 24, 2023 and consolidated balance sheets as of March 31, 2023:
Asset derivatives
fair value as of
Derivatives designated as cash flow hedging instrumentsBalance sheet locationSeptember 24, 2023March 31, 2023
Interest rate swap contractDeferred charges and other non-current assets, net$427 $ 
Total$427 $ 
Derivatives not designated as hedging instruments:
Foreign currency forward contractsOther current assets$ $91 
Total$ $91 
11

Liability derivatives
fair value as of
Derivatives designated as cash flow hedging instrumentsBalance sheet locationSeptember 24, 2023March 31, 2023
Foreign currency forward contractsOther current liabilities$545 $3,252 
Interest rate swap contractOther current liabilities 1,760 
Total$545 $5,012 
The following tables summarize the net effect of all cash flow hedges for each of our derivative contracts on the condensed consolidated financial statements for the three and the six months ended September 24, 2023 and September 25, 2022, respectively:
Gain (loss) recognized in other comprehensive income
Three months endedSix months ended
Derivatives designated as cash flow hedging instruments:September 24, 2023September 25, 2022September 24, 2023September 25, 2022
Foreign currency forward contracts$403 $ $242 $ 
Lead forward contracts130 (416)275 (1,030)
Interest rate swap contracts1,121  2,392  
Total$1,654 $(416)$2,909 $(1,030)

Gain (loss) reclassified from other comprehensive income into earnings
Three months endedSix months ended
Derivatives designated as cash flow hedging instruments:LocationSeptember 24, 2023September 25, 2022September 24, 2023September 25, 2022
Foreign currency forward contractsCost of Sales$(789)$ $(1,189)$ 
Foreign currency forward contractsOther expense, (income), net(539) (1,218) 
Lead forward contractsCost of Sales96 (37)290 29 
Interest rate swap contractsInterest expense, net131  204  
Total$(1,101)$(37)$(1,913)$29 
12

6. Revenue Recognition
The following tables disaggregate our net sales by major product category:
Three months ended
September 24, 2023September 25, 2022
Sporting ProductsOutdoor ProductsTotalSporting ProductsOutdoor ProductsTotal
Sporting Products (1)$349,500 $— $349,500 $432,489 $— $432,489 
Outdoor Accessories (2)— 60,696 60,696 — 73,995 73,995 
Action Sports (3)— 138,904 138,904 — 150,761 150,761 
Outdoor Recreation (4)— 127,708 127,708 — 124,433 124,433 
Total$349,500 $327,308 $676,808 $432,489 $349,189 $781,678 
Geographic Region:
United States$310,992 $242,208 $553,200 $396,302 $229,657 $625,959 
Rest of the World38,508 85,100 123,608 36,187 119,532 155,719 
Total$349,500 $327,308 $676,808 $432,489 $349,189 $781,678 
Six months ended
September 24, 2023September 25, 2022
Sporting ProductsOutdoor ProductsTotalSporting ProductsOutdoor ProductsTotal
Sporting Products (1)$726,092 $— $726,092 $943,116 $— $943,116 
Outdoor Accessories (2)— 114,052 114,052 — 142,080 142,080 
Action Sports (3)— 255,298 255,298 — 240,818 240,818 
Outdoor Recreation (4)— 274,699 274,699 — 258,276 258,276 
Total$726,092 $644,049 $1,370,141 $943,116 $641,174 $1,584,290 
Geographic Region:
United States$654,765 $470,727 $1,125,492 $877,381 $432,112 $1,309,493 
Rest of the World71,327 173,322 244,649 65,735 209,062 274,797 
Total$726,092 $644,049 $1,370,141 $943,116 $641,174 $1,584,290 
(1) Sporting Products includes the Ammunition operating segment.
(2) Outdoor Accessories includes the Outdoor Accessories operating segment.
(3) Action Sports includes the operating segments: Sports Protection and Cycling.
(4) Outdoor Recreation includes the operating segments: Hydration, Outdoor Cooking, Golf, Fishing, and our Stone Glacier business.
We sell our products in the U.S. and internationally. A majority of our sales are concentrated in the U.S. See Note 16, Operating Segment Information, for information on international revenues.
For the majority of our contracts with customers, we recognize revenue for our products at a point in time upon the transfer of control of the products to the customer, which typically occurs upon shipment and coincides with our right to payment, the transfer of legal title, and the transfer of the significant risks and rewards of ownership of the product. For our contracts that include bundled and hardware and software sales, revenue related to delivered hardware and bundled software is recognized when control has transferred to the customer, which typically occurs upon shipment. Revenue allocated to unspecified software update rights is deferred and recognized on a straight-line basis over the estimated period they are expected to be provided.
13

Typically, our contracts require customers to pay within 30-60 days of product delivery with a discount available to some customers for early payment. In some cases, we offer extended payment terms to customers. However, we do not consider these extended payment terms to be a significant financing component of the contract because the payment terms are less than a year.
In limited circumstances, our contract with a customer may have shipping terms that indicate a transfer of control of the products upon their arrival at the destination rather than upon shipment. In those cases, we recognize revenue only when the product reaches the customer destination, which may require us to estimate the timing of transfer of control based on the expected delivery date. In all cases, however, we consider our costs related to shipping and handling to be a cost of fulfilling the contract with the customer.
The total amount of revenue we recognize for the sale of our products reflects various sales adjustments for discounts, returns, refunds, allowances, rebates, and other customer incentives. These sales adjustments can vary based on market conditions, customer preferences, timing of customer payments, volume of products sold, and timing of new product launches. These adjustments require management to make reasonable estimates of the amount we expect to receive from the customer. We estimate sales adjustments by customer or by product category on the basis of our historical experience with similar contracts with customers, adjusted as necessary to reflect current facts and circumstances and our expectations for the future. Sales taxes, federal excise taxes, and other similar taxes are excluded from revenue.
For the immaterial amount of our contracts that have multiple performance obligations, which represent promises within an arrangement that are distinct, we allocate revenue to all distinct performance obligations based on their relative stand-alone selling prices (“SSPs”). When available, we use observable prices to determine SSPs. When observable prices are not available, SSPs are established that reflect our best estimates of what the selling prices of the performance obligations would be if they were sold regularly on a stand-alone basis. We allocate revenue and any related discounts to these performance obligations based on their relative SSPs.
Incentives in the form of cash paid to the customer (or a reduction of a customer cash payment to us) typically are recognized as a reduction of sales unless the incentive is for a distinct benefit that we receive from the customer, e.g., advertising or marketing.
We pay commissions to some of our employees based on agreed-upon sales targets. We recognize the incremental costs of obtaining a contract as an expense when incurred because our sales contracts with commissions are a year or less.
7. Earnings Per Share
The computation of basic earnings per share ("EPS") is based on the weighted average number of shares that were outstanding during the period. The computation of diluted EPS is based on the number of basic weighted average shares outstanding plus the number of common shares that would be issued assuming the exercise of all potentially dilutive common shares, such as common stock to be issued upon exercise of options, contingently issuable shares and restricted stock units, using the treasury stock method.
In computing EPS for the periods presented, earnings, as reported for each respective period, is divided by the number of shares below:
Three months endedSix months ended
(Amounts in thousands except per share data)September 24, 2023September 25, 2022September 24, 2023September 25, 2022
Numerator:
Net income $44,422 $93,455 $102,522 $219,470 
Denominator:
Weighted-average number of common shares outstanding basic:58,041 56,553 57,757 56,520 
Dilutive effect of share-based awards (1)258 1,261 669 1,578 
Diluted shares 58,299 57,814 58,426 58,098 
Earnings per common share:  
Basic$0.77 $1.65 $1.78 $3.88 
Diluted$0.76 $1.62 $1.75 $3.78 
(1) Potentially dilutive securities, which were not included in the computation of diluted earnings per share, because either the effect would have been anti-dilutive, or the options’ exercise prices were greater than the average market price of the
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common stock were 13 and 122 for the three and six months ended September 24, 2023, respectively, and 290 and 293 for the three and six months ended September 25, 2022, respectively.
8. Receivables
Our trade accounts receivables are recorded at net realizable value, which includes an appropriate allowance for estimated credit losses. We maintain an allowance for credit losses related to accounts receivable for future expected credit losses resulting from the inability or unwillingness of our customers to make required payments. We estimate the allowance based upon historical bad debts, current customer receivable balances, age of customer receivable balances and the customers' financial condition, and in relation to a representative pool of assets consisting of a large number of customers with similar risk characteristics. The allowance is adjusted as appropriate to reflect differences in current conditions as well as changes in forecasted macroeconomic conditions. Receivables that do not share risk characteristics are evaluated on an individual basis, including those associated with customers that have a higher probability of default.
Net receivables are summarized as follows:
September 24, 2023March 31, 2023
Trade receivables$406,003 $349,424 
Other receivables12,162 8,899 
Less: allowance for estimated credit losses and discounts(21,127)(18,950)
Net receivables$397,038 $339,373 
Walmart represented 11% and 10% of our total trade receivables balance as of September 24, 2023 and March 31, 2023, respectively.
The following provides a reconciliation of the activity related to the allowance for estimated credit losses for the six months ended September 24, 2023:
Balance, March 31, 2023$18,950 
Provision for credit losses2,430 
Write-off of uncollectible amounts, net of recoveries(253)
Balance, September 24, 2023$21,127 
9. Inventories
Current net inventories consist of the following:
September 24, 2023March 31, 2023
Raw materials$203,262 $199,225 
Work in process62,718 63,652 
Finished goods424,009 447,020 
Net inventories$689,989 $709,897 
We consider inventories to be long-term if they are not expected to be sold within one year. Long-term inventories are presented on the balance sheet net of reserves within deferred charges and other non-current assets and totaled $52,513 and $45,929 as of September 24, 2023 and March 31, 2023, respectively.
10. Accumulated Other Comprehensive Loss (AOCL)
The components of AOCL, net of income taxes, are as follows:
September 24, 2023March 31, 2023
Derivatives$129 $(3,543)
Pension and other postretirement benefits liabilities(70,325)(71,449)
Cumulative translation adjustment(5,839)(5,810)
Total AOCL
$(76,035)$(80,802)
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The following tables detail the amounts reclassified from AOCL to earnings as well as the changes in derivatives, pension and other postretirement benefits, and foreign currency translation:
Three months ended September 24, 2023Six months ended September 24, 2023
DerivativesPension and other postretirement benefits liabilitiesCumulative translation adjustmentTotalDerivativesPension and other postretirement benefits liabilitiesCumulative translation adjustmentTotal
Beginning balance in AOCL$(1,969)$(70,887)$(5,146)$(78,002)$(3,543)$(71,449)$(5,810)$(80,802)
Change in fair value of derivatives1,654 — — 1,654 2,909 — — 2,909 
Income tax impact on derivative instruments(657)— — (657)(1,150)— — (1,150)
Net losses reclassified from AOCL1,101 — — 1,101 1,913 — — 1,913 
Net actuarial losses reclassified from AOCL (1)— 562 — 562 — 1,124 — 1,124 
Net change in cumulative translation adjustment— — (693)(693)— — (29)(29)
Ending balance in AOCL$129 $(70,325)$(5,839)$(76,035)$129 $(70,325)$(5,839)$(76,035)
(1) Amounts related to our pension and other postretirement benefits that were reclassified from AOCL were recorded as a component of net periodic benefit cost for each period presented, net of tax.
Three months ended September 25, 2022Six months ended September 25, 2022
 DerivativesPension and other postretirement benefits liabilitiesCumulative translation adjustmentTotalDerivativesPension and other postretirement benefits liabilitiesCumulative translation adjustmentTotal
Beginning balance in AOCL$(347)$(70,381)$(5,721)$(76,449)$(356)$(71,075)$(5,248)$(76,679)
Change in fair value of derivatives(416)— — (416)(1,030)— — (1,030)
Income tax impact on derivative instruments92 — — 92 781 — — 781 
Net losses/(gains) reclassified from AOCL
37 — — 37 (29)— — (29)
Net actuarial losses reclassified from AOCL (1)— 694 — 694 — 1,388 — 1,388 
Net change in cumulative translation adjustment— — (1,398)(1,398)— — (1,871)(1,871)
Ending balance in AOCL$(634)$(69,687)$(7,119)$(77,440)$(634)$(69,687)$(7,119)$(77,440)
(1) Amounts related to our pension and other postretirement benefits that were reclassified from AOCL were recorded as a component of net periodic benefit cost for each period presented. See Note 13, Employee Benefit Plans.
11. Goodwill and Intangible Assets
The carrying value of goodwill by reportable segment was as follows:
Sporting ProductsOutdoor ProductsTotal
Balance, March 31, 2023$86,105 $379,604 $465,709 
Balance, September 24, 2023$86,105 $379,604 $465,709 
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Intangible assets by major asset class consisted of the following:
 September 24, 2023March 31, 2023
 Gross
carrying
amount
Accumulated
amortization
TotalGross
carrying
amount
Accumulated
amortization
Total
Trade names$113,915 $(34,395)$79,520 $113,915 $(30,848)$83,067 
Patented technology36,854 (17,781)19,073 36,854 (16,313)20,541 
Customer relationships and other530,281 (171,620)358,661 530,237 (151,272)378,965 
Total
681,050 (223,796)457,254 681,006 (198,433)482,573 
Non-amortizing trade names250,603 — 250,603 250,603 — 250,603 
Net intangible assets
$931,653 $(223,796)$707,857 $931,609 $(198,433)$733,176 
The net increase in gross intangible assets during the second quarter of fiscal year 2024 was due to the impact of foreign exchange rates. Amortization expense was $12,629 and $10,947 for the three months ended September 24, 2023 and September 25, 2022, respectively, and was $25,336 and $18,983 for the six months ended September 24, 2023 and September 25, 2022, respectively.
As of September 24, 2023, we expect amortization expense related to these assets to be as follows:
Remainder of fiscal year 2024$25,302 
Fiscal year 202550,586 
Fiscal year 202647,577 
Fiscal year 202746,127 
Fiscal year 202840,957 
Thereafter246,705 
Total$457,254 
12. Long-term Debt
Long-term debt consisted of the following:September 24, 2023March 31, 2023
2022 ABL Revolving Credit Facility$295,000 $355,000 
2022 Term Loan150,000 205,000