Vista Outdoor (VSTO) 2023年年度报告「NYSE」.pdf

1、 VISTA OUTDOOR ANNUAL REPORT|FY 2023Dear Shareholder:Fiscal Year 2023 was one of the most transformative years in our companys history.We made portfolio-shifting acquisitions,navigated challenging marketplace conditions and instituted earnings improvement measures.Through it,we continued to operate

2、from a position of strength and display great resilience.Sales for the fiscal year topped$3 billion.We had solid margins and free cash flow,even as we navigated a market that has seen multiple inflationary pressures and higher input costs.We paid down$260 million in debt in the back half of the year

3、,and our leverage ratio ended the year at 1.6 times,well within our long-term target of 1-2 times.Our top capital allocation priority continues to be debt reduction and we will continue to prioritize maintaining a strong balance sheet.SEPARATIONOur solid Fiscal Year 2023 performance supports our str

4、ategy to separate our two segments into two independent,publicly traded companies.We continue to believe the spinoff of our Outdoor Products segment is the best way to unlock shareholder value and we are working hard to be ready to spin later this year.Key to completing the spin this calendar year w

5、ill be establishing the Outdoor Products senior leadership team,seeing a more stable macro-economic environment and improving Outdoor Products financial performance.Upon completion of the spin,each company will have a dedicated strategic focus,tailored capital allocation approaches and its own set o

6、f competitive advantages.The spin will unlock shareholder value that wouldnt be possible otherwise.Our company currently trades at about five times Enterprise Value to Fiscal Year 2024 EBITDA,in-line with ammunition and sporting company peers,while pure-play outdoor products focused peers tend to tr