Vista Outdoor Inc. (NYSE:VSTO) Q2 2024 Earnings Call Transcript
Vista Outdoor Inc. (NYSE:VSTO) Q2 2024 Earnings Call Transcript November 2, 2023
Operator: Thank you all for joining. I would like to welcome you all to the second quarter fiscal year 2024 Vista Outdoor Earnings Conference Call. My name is Brika and I will be your moderator for today's call. [Operator Instructions]. I would now like to pass the conference over to your host, Tyler Lindwall, Vice President of Investor Relations. Please go ahead.
Tyler Lindwall: Thank you operator and good morning to everyone joining us for our second quarter fiscal year 2024 earnings call. With me this morning is Gary MacArthur, Interim Chief Executive Officer, Jason Vanderbrink, CEO of Sporting Products; Eric Nyman, CEO of Outdoor Products; 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, reflecting future events, and their potential effect on our operating and financial performance, 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 and we are under no obligation to provide updates to these forward-looking statements.
These forward-looking statements are subject to the risks and uncertainties that face Vista Outdoor and industries in which we operate and actual results may differ materially from these forward-looking statements. 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 are conciliation of non-GAAP financial measures. Gary, I'll turn it over to you.
Gary McArthur: Thank you, Tyler, and good morning, everyone. I would like to thank all of you for joining us today as we discuss our second quarter fiscal year 2024 results. For the next few minutes, I'm going to focus my comments on the sale of the Sporting Products segment and then turn the time over to Jason to provide an update on Sporting Products, then, Eric, to do the same for Outdoor Products. Recently, we branded as Revelyst and to trade under the stock ticker GEAR, followed by Andy, who will provide our Q2 results and guidance. 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 Czechoslovakia Group or CSG for $1.91 billion.
We believe that this outcome provides great value is the best strategic alternative for maximizing value to stockholders due to the payment of approximately $750 million of cash consideration and locking uncertainty of value for stockholders in the near term .Long term, this outcome jump starts our compelling vision for Revelyst, by capitalizing its balance sheet with cash to accelerate its capital allocation strategy and puts us in a position to hit the ground running as a successful independent company. The Sporting Products business will remain headquartered in Anoka, Minnesota and will led by Jason Vanderbrink and his team and the business will stay true to its long standing heritage of manufacturing and selling our iconic American Brands in America.
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