Vista Outdoor Inc. (NYSE:VSTO) Q3 2018 Earnings Conference Call Transcript

Feb 08, 2018 • 09:00 am ET

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Vista Outdoor Inc. (NYSE:VSTO) Q3 2018 Earnings Conference Call Transcript

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Presentation
Operator
Operator

Good day and welcome to the Vista Outdoor's Q3 Fiscal Year 2018 Earnings Call. Today's conference is being recorded.

At this time, I would like to turn the conference over to Michael Pici, VP of Investor Relations. Please go ahead.

Executive
Michael Pici

Thank you. Good morning and thank you for joining us for our third quarter fiscal year 2018 earnings call. With me this morning is Chris Metz, Vista Outdoor Chief Executive 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 the 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 vistaoutdoor.com, which supplement our comments this morning and include a reconciliation of non-GAAP financial measures. With that said, I will turn the call over to you, Chris.

Executive
Christopher T. Metz

Thank you, Mike. And good morning, everyone. I appreciate you joining us on our third quarter earnings call. It's an exciting time to be at Vista Outdoor. Over the last four months, I've taken the opportunity to better understand the industry and our market dynamics and also to define and launch several new key initiatives and work streams that will position us for future success. We've made good progress in all of these areas and delivered a solid third quarter in a continuously challenging market. I'll provide more details on our results in a moment.

In our last call, I shared with you some initial observations and significant changes that needed to take place and I believe this still hold true. To achieve our vision for Vista to be the best platform in outdoor sports and recreation, we need to nurture authentic and exciting brands that can be scaled and leveraged within our portfolio all of the same to delivering shareholder returns. We said, we would, and we are implementing change, acting decisively, and moving quickly. In order to get the Company on solid financial footing for the future, we're prioritizing profit improvement through cost reduction and margin expansion, as well as cash generation.

During the quarter, we focused on our organizational structure to reduce costs, drive accountability and ownership into the brands and to provide business centered support. In the last few months, we began to streamline corporate level functions, illuminating positions both at corporate and the businesses while focusing on improving the business operations.

As you know, last week, our CFO, Stephen Nolan left the Company. Following his departure, we have named our Vice President for FP&A, Anneliese Rodrigues as Interim Principal Financial Officer. We're fortunate that we have a