Vista Outdoor Inc. (NYSE:VSTO) Q4 2023 Results Conference Call May 4, 2023 9:00 AM ET

Company Participants

Tyler Lindwall - VP, IR

Gary McArthur - Interim CEO

Jason Vanderbrink - CEO, Sporting Products

Jeff McGuane - President, Action Sports

Andy Keegan - VP and Interim CFO

Conference Call Participants

Eric Wold - B. Riley Securities

Matt Koranda - Roth MKM

Mark Smith - Lake Street Capital Markets

Operator

Ladies and gentlemen, hello and welcome to the Fourth Quarter Fiscal Year 2023 Vista Outdoor Earnings Conference Call. My name is Maxine, and I'll be coordinating the call today. [Operator Instructions]

I will now hand you over to Tyler Lindwall, Vice President, Investor Relations to begin. Tyler, please go ahead, when you’re ready.

Tyler Lindwall

Thank you, operator, and good morning to everyone joining us for our fourth quarter fiscal year 2023 earnings call. With me this morning is Gary McArthur, Interim Chief Executive Officer; Jason Vanderbrink, CEO, Sporting Products; Jeff McGuane, President of Action Sports; and Andy Keegan, Vice President and Interim Chief Financial Officer.

Before we begin, I'd like to remind everyone that during today's call, we will be making several forward-looking statements, and we make these statements under the safe harbor provisions of the Private Securities Litigation Reform Act. These forward-looking statements reflect our best estimates and assumptions based on our understanding of information known to us today. These forward-looking statements are subject to the risks and uncertainties that face Vista Outdoor and industries in which we operate. We encourage you to review today's press release and Vista Outdoor's SEC filings for more information on these risk factors and uncertainties.

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

Gary, I'll turn it over to you.

Gary McArthur

Thank you, Tyler, and thank you all for joining us this morning as we discuss our fourth quarter and fiscal year 2023 results.

This is my second earnings call as Vista Outdoor’s interim CEO, and I am excited to share with you the strides we have made since we last spoke in early February. Let me begin by thanking all Vista Outdoor employees for their hard work during the quarter and year. As a result of the worsening economic environment with increasing inflation, decreasing consumer demand, and increasing federal fund rates, which resulted in reduced forecasts and increased discount rates, during the fourth quarter, as part of our annual impairment testing, we took a non-cash goodwill and indefinite lived tradenames impairment of $374 million. My remarks for the remainder of this call exclude that impairment.