Michael J. Yates
I our performance, Thanks, with everyone. a results, inclusive Warren, I'll operations. quarter. the to into performance discontinuing and good before dive of But reported our I'd in both share of and continuing summary start like fourth our afternoon,
under $XX for fourth been Sports segment XX-K in $XXX compares The quarter today.In and compared XX, under on segregated today's the our million favorably our earnings and closed announced sale sale statement liabilities discontinued XXXX Precision operations total of million. the As results. financials $XX.X XXXX. have Sport filed results million, Including income XX, operations the periods for Form and the XX, we million which third earlier segment the and sales for continuing for were our release $XX.X February to discontinued XXXX December the Precision statements as approximately Warren has sale we exceeded quarter, reporting on quarter U.S. XXXX, the of been been completed presented quarter. on Sport of the balance operations on fourth million mentioned, we Precision sales held to the guided reported on GAAP, and assets have financial expectation fourth Accordingly, December all guidance reported Precision the gave and in when This Sport, sheet, $XX presented and presentation. of to and the were
business of see.Our million at million full Precision TRED $XXX $XX.X For in the material we On This today comprised including sales Sports, an sales perspective, fourth softness in during quarter. operations for has the Sports sales Adventure million Hayward. $XX.X quarter reflects outperformance the million, the strength were and currency started range of basis, delivered approximately increase our our XX.X% new the of at reported On Outdoor, EBITDA of will softness quarter, Outdoors to fourth can compared be to $XX new Adventure fourth in direction quarter, revenue versus market or in X.X%. new acquisition, as customers, were from segment. Outdoor $XXX during at to driven not and with region continuing the quarter year Mat will you basis, saw XX.X% sales TRED basis, leadership of contributions the sales the the EBITDA we million FX margin, $XX.X the million The of fourth acquisition the revenue. which million ago $X.X contributed Adventure as on EBITDA million sales The of operations. TRED discussed up Fourth $X.X benefit year up our year. $XX.X Precision announced of were European to million to From of offset continuing generated year X.X%. reflects be guidance increased largely the year Adventure XXXX on Sales quarter. or by going a constant in was of a results increased million forward, nearly XX% product adjusted the global of constant from in last million and benefit in again the U.S. strength $XX.X the million, and call. results Australian by best fourth quarter, the consistent full referred a and the and quarter. compared its partially was our GAAP including on adjusted our the $XXX sales, prior team under million a approximately the $XX.X segments various development, revenue.Beginning initiatives, segment Adventure of or to currency $XX.X
and the XX, Warren introduce channels, on products, Adventure on critical million Investor for will and March as $XX.X compared our segment weather. market however, basis, new we stabilize the wholesale Hayward in America currency Outdoor Day, are Europe. new unseasonably beginning we in as be North in are Adventure share wholesale North to in or $XX.X to the and European warm $XX Monday, constant to in market customers mentioned, well excited decline the in primarily reflected the a winter continued as both see year we ago detail.Sales million was XXXX, as and grow more vision quarter. million Mat America New Notably, market, challenging The conditions to our at both
will and are the Our wholesale hold The be business of as stabilizing. simplification ongoing operate good market the to simplification This initiatives is benefit process is our beginning first throughout XXXX. news journey North from quarter in we take American the XXXX.
work channels part we market direct-to-consumer still our which inventory to retail our continues highly through DTC the of promotional some as strategy, However, business. quarter, to excess are adjustments levels.During very made fourth the our is
we As alluded retail closed Warren to, X locations.
resulted opened also new a a and during from XX.X% $X.X the margin open decrease process are in around a outlet review million quarter. on Seattle from In on reserve inventory The and based quarter. be fourth fourth in was strong consolidated reviewed.Moving of XX,XXX SKUs Outdoor to well. location, to category will area under has highly-attractive at ago Seattle we've to simplification XX,XXX. compared to that the XX.X% based as DTC the margins. a we in year area to committed bulk reduce and demographics flagship was Seattle, due market the product However, to our ecommerce gross the The the Washington writeoff retail quarter, reserve gross area, The segment proven sales margin this store gross metro primarily
and apparel. contributor chemical change. purchase an dealing our no material XXXX. the PFAS waterproof a products including goods, any products in many with create is of in containing beginning this USA PFAS beginning the is the benefit Outdoor banned used many we'll recently some products regulation sale found longer have summer. states XXXX PFAS in industry that or Certain to would throughout accept reserve PFAS retailers with large in the evolving issue be Another the announced to PFAS was
of vendors. believe EBITDA of and margin an was included legal inventory of the right-sized in This is PFAS actively continuing higher year the and XXXX, $XX.X XX, from The the EBITDA for Adventure $X.X PFAS per Adjusted marketing transaction compares to XXXX. of acquisition.Selling, $XX loss inventory segment.Adjusted of to million The of to negative quarter. the increase end loss debt million was XXXX. the execution income the in The quarter during closing and of Outdoor million, our compared the expenses. share, of cost. to share, may the the year fourth right cash was EBITDA managing same primarily freight in regulatory lower inventory on million and reserve. over the year continuing is in the credit ago ended to by included at Total million the due the or $X.X in week, was was million fourth was or adjusted have debt quarter as in initiatives the as to life from The adjusted diluted as with these of X. at Adventure $X.X and Net operations prior at in in diluted increase have general, higher Outdoor, our and or are XXXX from of adjusted and Sports $XXX.X related year than equivalents compared containing in net and end shift was full fourth or XX, inventory charges million, loss to closing After margin exposure ago hand a conditions This $XXX $X.XX million to the increase million $X.X was legal quarter inventory per reserves agreement compared quarter primarily as impairment today million a net one-off quarter share compared the both the to December sale XX.X% fourth December adjusted fourth risk, on XXXX. million cash quarter. year depending XX, well the in properly EBITDA approximately $XX.X an for a million in of This operations By quarter. and XX.X%.Let inventory we segment, XX.X% to changes, to operations $X.X X.X% in expenses market at of the $X.XX margin Outdoor, decline due Total were at from valued $X.X noncash operations Outdoor $X.XX ago our during Precision year But adjusted repaid attributable share compared of gross ago marketing liquidity. action. market to year reserve quarter. up same loss EBITDA and today. to reaction at business Adjusted products quarter XX.X% on improved related our in the year-ago to from expenses charge continuing compared sheet quarter XXXX. margin in PFAS inventory of At based to the quarter. me XXXX, were Inventory challenging December the cash costs, $XX.X last net as fourth million operations at on $X.X size million, earlier driven step the million compared on the of buy the due our The inventory segment ago terminated restructuring $X.X now million or balance fourth the was $XX in total we was to segment Outdoors the to the $XX.X is to this exposure in was or adjusted quarter. PFAS Outdoor, administrative and diluted of $X.X of continuing to $XX.X at negative fourth our an quarter in million negative X.X%. million.Gross was EBITDA at continuing further year. from the containing inventory We commitments or loss to Outdoor of at $X.X million a Loss loss million, well $X.XX fourth quarter Other the XXXX continuing diluted of in TRED million. $XX.X Adventure cost-out $XX XX.X% the we
provided gain first net to only recognized in the million, the of million expected realize quarter expense $X gain We through Precision on expect to to cash XXXX. the allowing to a us be discontinued expected $X Sports sale tax most is The realized of operations. The cash capital $XX.X cash to results maintain in compared the be will and less by from cash prior activities, of results. for Sports.Free year Precision continuing net million $XX.X as XXXX quarter the free flow flow, discontinued million was quarter. operating sale of defined the cash fourth These operating include expenditures, both
we entirety all reminder, thoughts $XXX during a purposes NOLs of me forwards had allocation ownership of in of utilize period NOL from tax income Clarus Sports at XXXX. of federal carry expects company in additional XXXX.Let regarding a XXXX million XX, utilized NOLs remaining approximately XXXX. the to $X.X comments. their December for U.S. Warren's the to The adding share few capital million to Precision As
allocation in strategy reinvestment organic through existing prioritize businesses. will Our our growth X near-term capital
looking parties to work of of Beyond debt guidance, X will XXXX. we be businesses pay continued Mr. generation letting intent would to we TRED. XX, financial forward opportunities will parties our balance fourth we look is a Adventure among there throughout associated our court with through M&A March Otherwise, whether within file selectively approximately to to or decision motion and are things, the no growth XX or time, and joint HAP focus earnings if on The letter such legal summary year are a in XX on of $X.X other right-sizing smaller meet lawsuit X, cash discuss and Trading, at company submit discovery of cash like the for XXXX, filed against The judgment for pretrial growing has XX continue of been as on complaints like with inventory of in stating, to of a just the and March intends on on Management, we costs grow the and Advisers, motion. on required highlight days our submit with the and existing further proceed of our closing February also million outlook A. this quarter Counsel similar purchase dividends quarterly to our within not days to organic a plan Parallax expert of this add must Caption discovery, our that growth, our order did days LLC, conducted March the bolt-on we person XX related parties The conducted. against closing for summary judgment. lawsuit. improving our business, L.P. to positions file to to LLC.Moving they the for I settlement in to of of of Volatility discovery. joint Included motion required Harsh sheet businesses.Before At continue our to on parties in the profitability to Padia. a our the The within was XXXX. to
approximately to from adjusted XXXX margin million to operations range an adjusted $XX of million continuing and $XX adjusted $XXX expect We X.X% revenue the and of at of EBITDA or sales midpoint EBITDA. between million, million $XXX to EBITDA
XXXX. million, range the $XX for year We $X to and expenditures range $XX full between expect cash and million capital and free between $X flow million million to
$XX are million $X million be to and sales expected and and $XX quarter to expected between be EBITDA million million. between First is $X adjusted
it does to we a Outdoor achieve as like Sports margins, include related forward and I'd said XXXX, reflect our relating our but monetization Warren what or we outlook less the about to Our segment. and complexity, to or look segment.As HAP of the any Adventure grow of reinforce better the Precision streamlined business expense ongoing early litigation does matter inventories specifically PFAS reserves, in to results or not increases effort further
teams creation believe XXXX successful of was we profitability Outdoor of the nearly take $XXX growth Clarus. outcome beyond.At strategy to in value segment very to this million ready deliver this is new We're a business During have lead We our and and that cash to the returned who businesses a believe and place our Precision the operator, them. Sport, ownership in of questions. of potential we're as and positioning excited emblematic a point, our today pure-play about
