JOUT 10-K & 10-Q changes, risk factors and insider trading
Johnson Outdoors Inc. · Nasdaq · Sporting & Athletic Goods, Nec · CIK 788329 · All filings on SEC.gov
At a glance
What changed in the latest 10-K
Risk Factors
Largest changes
•restrictive actions by foreign governments, including with respect tosee in full comparisontariffstariffs, changes in tariff rates or trade policies (whether those of the United States or of a foreign jurisdiction);
Because our common stock is thinly traded, its market price may fluctuate significantly more than the stock market in general or the stock prices of similar companies, which are exchanged, listed or quoted on NASDAQ or another stock exchange. We believe there are approximatelysee in full comparison5,360,0005,433,000 shares of our Class A common stock held by non-affiliates as ofSeptemberOctober27,3,2024.2025. Thus, our common stock will be less liquid than the stock of companies with broader public ownership, and as a result, the trading price for our shares of common stock may be more volatile. Among other things, trading of a relatively small volume of our common stock may have a greater impact on the trading price for our stock than would be the case if our public float were larger.
Full comparison: every changed paragraph (6)
Our business is impacted by international or cross-border trade, including the import and export of products and goods into and out of the United States and trade tensions among nations. For example, U.S. domestic and global tariff frameworks have increased our costs of producing goods and resulted in additional risks to our supply chain. More tariff changes are also possible. We have developed strategies to mitigate, in part, previously implemented and, in some cases, proposed tariff increases, but there is no assurance we will be able to continue to mitigate the materially adverse impact of tariff increases in substantial part on our financial and operating results. Further, uncertainties about future tariff changes could result in mitigation actions undertaken by us that could prove to be detrimental to our business and our relationships with our customers and suppliers. The scope of the tariffs and the rates at which they are implemented may continue to fluctuate and change in an unpredictable manner that further complicates our ability to implement mitigation actions.
As of SeptemberOctober 27,3, 2024,2025, Helen P. Johnson-Leipold, members of her family and related entities (hereinafter the Johnson Family), held approximately 75% of the voting power of both classes of our common stock taken as a whole. This voting power would permit these shareholders, if they chose to act together, to exert significant influence over the outcome of shareholder votes, including votes concerning the election of directors, by-law amendments, possible mergers, corporate control contests and other significant corporate transactions. Moreover, certain members of the Johnson Family have entered into a voting trust agreement covering approximately 99% of our outstanding class B common shares. This voting trust agreement permits these shareholders, if they continue to choose to act together, to exert significant influence over the outcome of shareholder votes, including votes concerning the election of directors, by-law amendments, possible mergers, corporate control contests and other significant corporate transactions.
Because our common stock is thinly traded, its market price may fluctuate significantly more than the stock market in general or the stock prices of similar companies, which are exchanged, listed or quoted on NASDAQ or another stock exchange. We believe there are approximately 5,360,0005,433,000 shares of our Class A common stock held by non-affiliates as of SeptemberOctober 27,3, 2024.2025. Thus, our common stock will be less liquid than the stock of companies with broader public ownership, and as a result, the trading price for our shares of common stock may be more volatile. Among other things, trading of a relatively small volume of our common stock may have a greater impact on the trading price for our stock than would be the case if our public float were larger.
We have significant foreign operations, for which the functional currencies are denominated primarily in euros, Swiss francs, Hong Kong dollars and Canadian dollars. As the values of the currencies of the foreign countries in which we have operations increase or decrease relative to the U.S. dollar, the sales, expenses, profits, losses, assets and liabilities of our foreign operations, as reported in our consolidated financial statements, increase or decrease, accordingly. Approximately 14%13% of our revenues for the year ended SeptemberOctober 27,3, 20242025 were denominated in currencies other than the U.S. dollar. Approximately 6% were denominated in euros and approximately 6%5% were denominated in Canadian dollars with the remaining 2% denominated in various other foreign currencies. We may mitigate a portion of the impact of fluctuations in certain foreign currencies on our operations through the purchase of foreign currency swaps, forward contracts and options to hedge known commitments denominated in foreign currencies or to reduce the risk of changes in foreign currency exchange rates on foreign currency borrowings.
•restrictive actions by foreign governments, including with respect to tariffstariffs, changes in tariff rates or trade policies (whether those of the United States or of a foreign jurisdiction);
•changes in tariffs, import duties or import or export restrictions;
Management's Discussion & Analysis (MD&A)
New heading “Fiscal 2025 vs. Fiscal 2024”
New heading “Net Income (Loss)”
Removed heading “Fiscal 2023 vs. Fiscal 2022”
Removed heading “Allowance for Credit Losses”
Removed heading “Impairment of Long-Lived Assets and Long-Lived Assets to be Disposed of”
Largest changes
“Impairment of Long-Lived Assets and Long-Lived Assets to be Disposed of”see in full comparison
“The Company’s operating loss was $16,191 in fiscal 2025 compared to an operating loss of $43,522 in fiscal 2024. Fishing operating profit increased by $26,168 from the prior year to a profit of $19,570 due primarily to a goodwill impairment charge in the prior year and increased sales volumes between years, as discussed above. The operating profit for Camping & Watercraft Recreation was $918 compared to a loss of $488 in 2024 which increase was primarily a result of an improved sales mix of products between periods. …”see in full comparison
“The Company evaluates long-lived assets for impairment whenever events or changes in circumstances, such as unplanned negative cash flow indicate that the carrying amount of an asset group may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset group to future undiscounted cash flows expected to be generated by the asset group. If such assets are determined to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets. …”see in full comparison
The Company’s fiscalsee in full comparison20242025 full-year revenuesdecreasedremainedbyessentially11%flat to the prior year. New product successes in the Fishing segment helped to offset sales declines resulting from thepriorexityearofasthemarketCompany'schallengesEureka!continued, and competitive pressures increased, resultingbrand inweakerthedemandpriorandyear.sales across all segments. UnfavorableFavorable overhead absorptiondueandtolower inventory reserve adjustments in thelowercurrentsales volumes, combined with adverse changes in product mixyear contributed to a2.91.2 pointdecreaseincrease in gross margin year over year.InAnaddition8%to the sales and gross margin declines, a 5% increasedecrease in operating expenses between years, driven mainly byathe $11,173 write-off ofgoodwill,goodwill in the prior year, as well as a decrease in promotional spending year over year, contributed to a$55,262$27,331decreaseimprovement in operatingprofitloss in fiscal20242025 from fiscal2023.2024.
Full comparison: every changed paragraph (75)
The Company’s fiscal 20242025 full-year revenues decreasedremained byessentially 11%flat to the prior year. New product successes in the Fishing segment helped to offset sales declines resulting from the priorexit yearof asthe marketCompany's challengesEureka! continued, and competitive pressures increased, resultingbrand in weakerthe demandprior andyear. sales across all segments. UnfavorableFavorable overhead absorption dueand tolower inventory reserve adjustments in the lowercurrent sales volumes, combined with adverse changes in product mixyear contributed to a 2.91.2 point decreaseincrease in gross margin year over year. InAn addition8% to the sales and gross margin declines, a 5% increasedecrease in operating expenses between years, driven mainly by athe $11,173 write-off of goodwill,goodwill in the prior year, as well as a decrease in promotional spending year over year, contributed to a $55,262$27,331 decreaseimprovement in operating profitloss in fiscal 20242025 from fiscal 2023.2024.
Fiscal 2025 vs. Fiscal 2024
Net sales in fiscal 2025 were $592,415 compared to $592,846 in fiscal 2024. Foreign currency exchange had a negligible impact on the current year’s sales versus the prior year.
Net sales for the Fishing business increased by $6,821, or 2% during fiscal 2025 from fiscal 2024. The increase in sales in this segment year over year was mainly due to sales generated by the introduction of new products, particularly in the last half of the current fiscal year.
Camping & Watercraft Recreation net sales decreased $8,564, or 13%, in 2025 from 2024. As previously announced, the Company exited the Eureka! brand in this segment, and completed all remaining sales of Eureka! inventory in the first fiscal quarter of 2025. Excluding the impact of Eureka! sales in the prior year, which accounts for a decrease of approximately $9,432 year over year, sales in this segment increased slightly over the prior year due to success of new Jetboil products introduced into the market by the Company during the year.
Diving net sales increased $1,830, or 2%, year over year. The sales increase was primarily driven by modest improvements in market conditions across certain regions, as well as a favorable foreign currency translation impact on sales in this segment of approximately 1% in 2025 versus the prior year period.
Cost of sales was $384,322, or 64.9% of net sales, on a consolidated basis for fiscal 2025 compared to $391,866, or 66.1% of net sales, in the prior year. Incremental tariffs incurred during the current year were, in large part, capitalized on the balance sheet at October 3, 2025. The decrease in cost of sales as a percent of net sales year over year was driven primarily by the sell-off of remaining Eureka! branded product in the prior year at very low margins.
Gross profit of $208,093 was 35.1% of net sales on a consolidated basis for the year ended October 3, 2025 compared to $200,980, or 33.9% of net sales in the prior year.
Gross profit in the Fishing business increased by $3,451 from the prior year due primarily to the 2% increase in net sales year over year. Material and labor cost increases were largely offset by lower inventory reserves and improved absorption of fixed overhead costs between the periods.
Camping & Watercraft Recreation gross profit decreased by $788 from 2024, where the impact of lower sales volumes was partially offset by an improved product mix in fiscal 2025 after fully exiting the Eureka! brand in early 2025.
The $4,494 increase in gross profit in the Diving segment was largely due to increased sales as well as reduced inventory reserves and selected pricing actions taken in the current year.
Operating expenses decreased from the prior year by $20,218. Key drivers of the expense change were an $11,173 write off of goodwill in the prior year, approximately $3,600 of lower deferred compensation costs between years, and a decrease in promotional spending versus the prior year period.
Operating expenses for the Fishing segment decreased by $22,717 from fiscal 2024 levels. This decrease was due primarily to the $11,173 write off of goodwill in the prior year, as well as approximately $10,000 of lower advertising and promotional spend between years.
Camping & Watercraft Recreation operating expenses decreased by $2,194 from the prior year, mainly due to decreased sales volume related costs between years.
Operating expenses for the Diving business increased by $1,583 year over year due primarily to increased variable compensation costs between periods.
The Company's fiscal 2025 general corporate expenses of $38,612 increased $3,110 from $35,502 in fiscal 2024. Higher variable compensation and health insurance costs over the prior year were partially offset by approximately $3,600 of lower deferred compensation costs due to less favorable market conditions on the Company's deferred compensation plan assets during fiscal 2025. The deferred compensation expenses are entirely offset in "Other (income) expense, net" related to marking the plan assets to market.
The Company’s operating loss was $16,191 in fiscal 2025 compared to an operating loss of $43,522 in fiscal 2024. Fishing operating profit increased by $26,168 from the prior year to a profit of $19,570 due primarily to a goodwill impairment charge in the prior year and increased sales volumes between years, as discussed above. The operating profit for Camping & Watercraft Recreation was $918 compared to a loss of $488 in 2024 which increase was primarily a result of an improved sales mix of products between periods. The operating profit for the Diving business was $1,667 in fiscal 2025, up from an operating loss of $1,244 in fiscal 2024, due primarily to decreased materials costs and a favorable product mix between years.
Interest expense of $224 increased slightly compared to the prior year expense of $152. Interest income of $3,783 decreased from prior year interest income of $4,844 due to the decreased investment balances over the prior year. Net other income of $3,353 in fiscal 2025 decreased from $8,968 in fiscal 2024. The current year net other income included market earnings and dividend income on deferred compensation plan assets of $3,415, partially offset by currency losses of $126. The prior year net other income included the gain on the sale of a building of approximately $1,900 and market earnings and dividend income of $7,049 on deferred compensation plan assets, partially offset by currency losses of $385. The dividends and market gains and losses on deferred compensation plan assets recognized in the Consolidated Statement of Operations in “Other (income) expense, net” are offset as compensation expense in “Operating expenses.”
The Company realized a pretax loss of $9,279 in fiscal 2025 compared to a pretax loss of $29,862 in fiscal 2024. The Company recorded income tax expense of $25,015 in 2025, which equated to an effective tax rate of (269.6)%, compared to a tax benefit of $3,329 in 2024, which equated to an effective tax rate of 11.1%. In fiscal 2025, based on projections for the U.S. tax jurisdictions, the Company determined that it was more likely than not that certain deferred tax assets will not be realized and a valuation allowance balance of $25,880 was reported against the net deferred tax assets for the U.S, resulting in the increase in tax expense over the prior year.
Net Income (Loss)
The Company recognized net loss of $34,294, or $3.35 per diluted common share, in fiscal 2025 compared to net loss of $26,533, or $2.60 per diluted common share, in fiscal 2024 based on the factors discussed above.
Net sales in fiscal 2024 decreased by 11% to $592,846 compared to $663,844 in fiscal 2023. Foreign currency exchange had a negligible impact on the current year’s sales versusyear the priorover year.
Camping & Watercraft Recreation net sales decreased $7,487, or 17%,$19,439 in fiscal 2024 from 2023. Approximately $4,500 of the decrease in net sales from the prior year2023 period was related to the previously disclosed sale of the Military and Commercial Tents product lines during the second fiscal quarter of 2023, with the remainder due primarily to general declines in market demand for camping and watercraft products.
Net sales in the Watercraft Recreation business decreased $11,952, or 29% from the prior year. Sales in this segment were negatively affected by continuing decreased demand in the overall watercraft market compared to the prior year.
Diving net sales decreased $11,441, or 13%, year over year. The sales decrease was due to softening market demand across all geographic regions, partially offset by a favorable foreign currency translation impact on sales in this segment of approximately 1% in 2024 versus the prior year2023 period.
Cost of sales was $391,866, or 66.1% of net sales, on a consolidated basis for fiscal 2024 compared to $419,757, or 63.2% of net sales, in thefiscal prior year.2023. The decrease in total cost of sales dollars was consistent with the decrease in sales year over year. As a percentage of net sales, the increase cost of sales between years was driven primarily by the unfavorable absorption of fixed overhead costs as a result of lower sales volumes between periods.
Gross profit of $200,980 was 33.9% of net sales on a consolidated basis for the year ended September 27, 2024 compared to $244,087, or 36.8% of net sales in thefiscal prior year.2023.
Gross profit in fiscal 2024 in the Fishing business decreased by $28,766 from thefiscal prior year2023 due primarily to the 8% decrease in net sales year over year. While certain material and overhead costs improved year over year as a result of cost savings efforts, it was not enough to overcome unfavorable overhead absorption as a result of the reduced sales volumes between periods, and a product mix that contained lower margin products in thefiscal current year.2024.
Camping gross profit decreased by $1,778 from 2023, mainly due to lower sales volumes than the prior year.
GrossCamping & Watercraft Recreation gross profit in thefiscal Watercraft Recreation segment2024 decreased by $5,531$7,309 from 2023, mainly due primarily to lower sales volumes thanbetween theyears, prioras yearwell and theas lower absorption of fixed overhead related to such sales decrease.
The $6,935 decrease in gross profit in the Diving segment was largely due to sales volume decreases during fiscal 2024 as compared to thefiscal prior year.2023.
Operating expenses increased in fiscal 2024 from thefiscal prior2023 yearlevels by $12,155 despite the decrease in sales volumes. Key drivers of the expense change arewere an $11,173 write off of goodwill in thefiscal current year,2024, approximately $3,800 of higher deferred compensation costs between years, partially offset by lower incentive compensation and professional services expenses between years.
Operating expenses for the Fishing segment increased by $19,156 from fiscal 2023 levels. The increase was due primarily to the $11,173 write off of goodwill in thefiscal current year,2024, as well as approximately $11,000 higher advertising and promotional spend between years offset in part by lower warranty expense and lower sales volume related costs.
Camping & Watercraft Recreation operating expenses decreased in fiscal 2024 by $5,169$8,142 from thefiscal prior year.2023. In addition to decreased sales volume related costs between years, thefiscal prior year2023 included expenses related to the Eureka! product exit of approximately $2,500.
In the Watercraft Recreation segment, operating expenses decreased $2,973 from their levels in fiscal 2023 due primarily to decreased sales volume related expenses in 2024.
The Company's fiscal 2024 general corporate expenses of $35,503 increased $739 from $34,765 in fiscal 2023. More favorable market conditions on the Company's deferred compensation plan assets resulted in approximately $3,800 of higher deferred compensation expense during fiscal 2024 over thefiscal prior year,2023, partially offset by lower incentive compensation and professional services expenses year over year. The deferred compensation expenses are entirely offset by a gain in "Other (income) expense, net" related to marking the plan assets to market.
The Company’s operating loss was $43,522 in fiscal 2024 compared to an operating profit of $11,740 in fiscal 2023. Fishing operating profit decreased by $47,923 in fiscal 2024 to a loss of $6,598 from thefiscal prior year2023 due primarily to lower sales volumes between years, as well as increased operating expenses, as discussed above. The operating profitloss for Camping & Watercraft was $3,848$488 in fiscal 2024 compared to $457a loss $1,320 in fiscal 2023 which increaseimprovement was primarily a result of the lower operating expenses between periods. The operating loss for the Watercraft Recreation business was $4,336 in fiscal 2024 compared to an operating loss of $1,777 in fiscal 2023 due to the changes in sales volumes between periods noted above. The operating loss for the Diving business was $1,244 in fiscal 2024, down from an operating profit of $6,092 in fiscal 2023, due primarily to decreased sales volumes between periods.
Interest expense of $152 in fiscal 2024 was flat as compared to thefiscal prior year2023 expense of $152. Interest income of $4,844 in fiscal 2024 increased slightly from priorfiscal year2023 interest income of $4,543 due to the increase in deposit interest rates year over year, as well as increased cash and investment balances year over the prior year. Net other income of $8,968 in fiscal 2024 decreased from $9,693 in fiscal 2023. TheFiscal current year2024 net other income included the gain on the sale of a building of approximately $1,900 and market earnings and dividend income of $7,049 on deferred compensation plan assets, partially offset by currency losses of $385. In thefiscal prior year,2023, net other income included the gain on the sale of the Military and Commercial Tents product lines of approximately $6,560, and market earnings and dividends on the deferred compensation plan assets of $3,200, partially offset by $114 of currency losses. The dividends and market gains and losses on deferred compensation plan assets recognized in the Consolidated Statement of Operations in “Other (income) expense, net” are offset as compensation expense in “Operating expenses.”
The Company realized a pretax loss of $29,862 in fiscal 2024 compared to pretax income of $25,824 in fiscal 2023. The Company recorded an income tax benefit of $3,329 in 2024, which equated to an effective tax rate of 11.1%, compared to tax expense of $6,290 in 2023, which equated to an effective tax rate of 24.4%.
Fiscal 2023 vs. Fiscal 2022
Net sales in fiscal 2023 decreased by 11% to $663,844 compared to $743,355 in fiscal 2022. Foreign currency exchange had an unfavorable impact of less than 1% on 2023 sales versus fiscal 2022.
Net sales for the Fishing business decreased by $33,655, or 6% during fiscal 2023 from fiscal 2022. The decrease from fiscal 2022 was primarily due to the following key factors: moderating demand during fiscal 2023 from record highs in the prior two fiscal years fueled by the impact of the pandemic; and the effect of customers more tightly managing their inventory levels as the Company transitioned its bow-mount trolling motor product lines.
Camping net sales decreased $25,033, or 36%, in 2023 from 2022, as demand significantly declined from the increased levels seen during the pandemic. Additionally, approximately $6,600 of the decrease in net sales from fiscal 2022 was related to the sale of the Military and Commercial Tents product lines during the second fiscal quarter of 2023. The Company sold these product lines to a third party in an asset sale for a purchase price of $14,990 which closed on March 17, 2023. The net book value of the assets and liabilities sold was approximately $8,350, resulting in a gain on sale of approximately $6,640, which was recorded in Other (income) expense, net in the Company’s accompanying Consolidated Statements of Operations. The purchase price and the net proceeds received by the Company related to this sale were subject to customary purchase price adjustment provisions and Company indemnity obligations set forth in the definitive purchase agreement. Accordingly, during the third and fourth fiscal quarter of fiscal 2023, working capital true-up and purchase price adjustments reduced the purchase price and the final net gain to approximately $6,560.
Net sales in the Watercraft Recreation business decreased $27,172, or 40% as the overall market significantly declined from the elevated levels seen during the pandemic.
Diving net sales increased $6,195, or 8%, year over year. The sales increase was due to increased demand for our products as the global tourism industry continued to recover from the pandemic, as well as the impact of price increases, which were partially offset by an unfavorable foreign currency translation impact on sales in this segment of approximately 1% in 2023 versus fiscal 2022.
Cost of sales was $419,757, or 63.2% of net sales, on a consolidated basis for fiscal 2023 compared to $472,023, or 63.5% of net sales, in fiscal 2022. The decrease in cost of sales was relatively consistent with the decrease in sales year over year and improved slightly as a percentage of net sales as supply chain conditions improved and costs of materials and freight both came down.
Gross profit of $244,087 was 36.8% of net sales on a consolidated basis for the year ended September 29, 2023 compared to $271,332, or 36.5% of net sales in fiscal 2022.
Gross profit in the Fishing business decreased by $7,685 from fiscal 2022 due primarily to the 6% decrease in net sales year over year. Although we experienced improved freight and materials costs over fiscal 2022, those cost savings were nearly offset by unfavorable overhead absorption on reduced sales volumes between periods.
Camping gross profit decreased by $12,120 from 2022, which was mainly attributable to decreased sales volumes as compared to 2022. Additionally, approximately $2,300 of increases in reserves for excess Eureka! tent inventory further brought down gross profit.
Gross profit in the Watercraft Recreation segment decreased by $11,388 from 2022, due primarily to lower sales volumes between years.
The $3,846 increase in gross profit in the Diving segment was due primarily to sales volume increases and pricing actions during fiscal 2023 as compared to fiscal 2022.
Operating expenses increased from fiscal 2022 by $27,325 despite the decrease in sales volumes due to investments in marketing and research & development and higher headcount and deferred compensation costs.
Operating expenses for the Fishing segment increased by $16,423 from fiscal 2022 levels. The increase was due primarily to higher warranty expense and marketing spend between years, as well as strategic investments in additional research and development headcount in fiscal 2023, offset in part by lower sales volume-driven expenses.
Camping operating expenses increased by $838 from fiscal 2022 where increased expenses related to the Eureka! exit more than offset the decline in operating expenses resulting from decreased sales volume-driven expenses between years. During the fourth quarter of 2023, the Company decided to fully exit the Eureka! consumer product lines of the Camping business segment and focus solely on the Jetboil product line. As part of this exit, the Company committed to donating approximately $2,000 in excess Eureka! inventory to a non-profit organization and recognized the contribution expense in the fourth quarter of fiscal 2023. Additionally, the Company incurred costs related to the wind down of this Eureka! branded business which included accruing approximately $500 of exit costs.
In the Watercraft Recreation segment, operating expenses decreased $3,438 from their levels in fiscal 2022 due primarily to decreased sales volume related expenses in 2023.
Operating expenses for the Diving business increased by $2,460 year over year due primarily to increased sales volume related expenses and increased headcount and personnel-related costs between periods.
The Company's fiscal 2023 general corporate expenses of $34,765 increased $11,043 from $23,722 in fiscal 2022. More favorable market conditions on the Company's deferred compensation plan assets resulted in approximately $9,100 of higher deferred compensation expense during fiscal 2023 over fiscal 2022. The deferred compensation expenses were entirely offset by a gain in "Other (income) expense, net" related to marking the plan assets to market. Additionally, professional services costs increased approximately $2,800 year over year.
The Company’s operating profit was $11,740 in fiscal 2023 compared to an operating profit of $66,310 in fiscal 2022. Fishing operating profit decreased by $24,108 to $41,325 from $65,433 in fiscal 2022 due primarily to lower sales volumes between years, as well as increased operating expenses, as discussed above. The operating profit for Camping was $457 compared to $13,415 in 2022 which decrease was primarily a result of the lower sales volumes between periods. The operating loss for the Watercraft Recreation business was $1,777 in fiscal 2023 compared to operating profit of $6,173 in fiscal 2022 due to the changes in sales volumes noted above. Operating profit for the Diving business increased by $1,387 in fiscal 2023 from fiscal 2022, due primarily to increased sales volumes and improved margins.
Interest expense of $152 was flat as compared to the prior year expense of $153. Interest income of $4,543 increased from fiscal 2022 interest income of $807 due to the increase in deposit interest rates year over year, as well as increased cash and investment balances year over year. Net other income of $9,693 in fiscal 2023 increased from net other expense of $8,076 in fiscal 2022. Fiscal 2023 net other income included the gain on the sale of the Military and Commercial Tents product lines of approximately $6,560, and market earnings and dividend income of $3,200 on deferred compensation plan assets, partially offset by currency losses of $114. In fiscal 2022, net other expense included $5,878 of market losses net of dividends on the deferred compensation plan assets, as well as $1,741 of currency losses. The dividends and market gains and losses on deferred compensation plan assets recognized in the Consolidated Statement of Operations in “Other (income) expense, net” are offset as compensation expense in “Operating expenses.”
The Company realized pretax income of $25,824 in fiscal 2023 compared to $58,888 in fiscal 2022. The Company recorded income tax expense of $6,290 in 2023, which equated to an effective tax rate of 24.4%, compared to $14,397 in 2022, which equated to an effective tax rate of 24.4%.
What changed in the latest 10-Q
Risk Factors
There have been no material changes to the risk factors disclosed in our Form 10-K for the fiscal year ending October 3, 2025 as filed with the Securities and Exchange Commission on December 12, 2025.
No wording changes found in this section.
Full comparison: every changed paragraph (0)
Management's Discussion & Analysis (MD&A)
Largest changes
Cost of sales for thesee in full comparisonsixthree months endedAprilJuly 3, 2026 of$208,317$103,796increaseddecreased$23,368$8,932 compared to$184,949$112,728 for thesixthree months endedMarchJune28,27,2025,2025.dueThe decline year over year is driven primarilytoby theincreaserefundinofsalesapproximatelyvolumes$15,000overof IEEPA tariffs received by thepriorCompanyyear to date period as well as higher costs from tariffs on purchased raw materials and components incurred induring the current year quarter which were recognized as a reduction todateCostperiod.ofHighersales.materialThecostsimpactwereof these refunds was offset in part bylower laboradditional costsdrivenrelatedbytoefficienciesincreasedfromsalescostvolumescuttingandinitiatives.higher costs of raw materials.
“Cost of sales for the nine months ended July 3, 2026 of $312,113 increased $14,436 compared to $297,677 for the nine months ended June 27, 2025, due primarily to the increase in sales volumes over the prior year to date period as well as higher costs of raw materials and components incurred in the current year to date period. The cost increases were offset in part by the tariff refunds noted above and lower labor and overhead costs driven by volume efficiencies and cost cutting initiatives implemented by the Company during the current year to date period.”see in full comparison
“Cost of sales for the three months ended April 3, 2026 of $118,992 increased $9,509 compared to $109,483 for the three months ended March 28, 2025, due primarily to the increase in sales volumes over the prior year quarter as well as higher costs from tariffs in the current year second quarter on purchased raw materials and components. Higher material costs were offset in part by lower labor costs driven by efficiencies from cost cutting initiatives.”see in full comparison
“On February 20, 2026, the Supreme Court of the United States ruled that tariffs imposed under the International Emergency Economic Powers Act (IEEPA) were unlawful. Certain of the Company's imports were previously subject to such tariffs under IEEPA. Effective April 20, 2026, the U.S. Customs and Border Protection launched a platform for importers of record to begin submitting IEEPA tariff refund requests. We are unable to estimate any applicable financial effects for any recovery of potential refunds, as the timing and amount of recovery are uncertain. …”see in full comparison
“As discussed in "Note 10 - Contingencies," during the third fiscal quarter, the Company submitted claims for refunds of IEEPA tariffs previously paid on imports in fiscal 2025 and early 2026. Refunds received through July 3, 2026 totaled approximately $15,600, including interest. The Company recognized a benefit in Cost of sales on the accompanying Condensed Consolidated Statements of Operations for $15,015 representing the portion of the refund relating to products previously sold.”see in full comparison
The Company’s provision for income taxes is based upon estimated annual effective tax rates in the tax jurisdictions in which the Company operates. The Company recorded income tax expense ofsee in full comparison$798$8,322 and$2,843,$11,165, respectively, in the three andsixnine month periods endedAprilJuly 3, 2026 which equated to an effective tax rate of7.8%35.8% and31.8%,34.7%, respectively. The effective tax rate was impacted byantheadjustmentIEEPArelatedtarifftorefunds, discussed above, which increased income in theCompany'sU.S.valuationandallowanceoverallon deferredincome taxassets.expense during the period. The Company recorded an expense of$1,854$2,758 during the three months endedMarchJune28,27, 2025, which equated to an effective tax rate of44.6%.26.3%. The Company recordeda benefitexpense of$1,783$975 during thesixnine months endedMarchJune28,27, 2025, which equated to an effective taxbenefitrate of12.1%.(22.8)%.
Full comparison: every changed paragraph (42)
This Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”) includes comments and analysis relating to the results of operations and financial condition of Johnson Outdoors Inc. and its subsidiaries (collectively, the “Company”) as of and for the three and sixnine month periods ended AprilJuly 3, 2026 and MarchJune 28,27, 2025. All monetary amounts, other than share and per share amounts, are stated in thousands.
Forward LookingForward-Looking Statements
Factors that could affect actual results or outcomes include the matters described under the caption “Risk Factors” in Item 1A of the Company’s Form 10-K for the fiscal year ended October 3, 2025 which was filed with the Securities and Exchange Commission on December 12, 2025 and the following: changes in economic conditions, consumer confidence levels and discretionary spending patterns in key markets; uncertainties stemming from political instability or changes in government policy and actions (and its impact on the economies in jurisdictions where the Company has operations); uncertainties stemming from changes in U.S. trade policies, tariffs, and the reaction of other countries to such changes; the global outbreaks of disease which may affect market and economic conditions and may have wide-ranging impacts on employees, customers and various aspects of our operations; the Company’s success in implementing its strategic plan, including its targeted sales growth platforms, innovation focus and its increasing digital presence; litigation costs related to actions of and disputes with third parties, including competitors; the Company’s continued success in its working capital management and cost-structure reductions; the Company’s success in integrating strategic acquisitions; the risk of future writedownswrite-downs of goodwill or other long-lived assets; the ability of the Company’s customers to meet payment obligations; the impact of actions of the Company's competitors with respect to product development or enhancement or the introduction of new products into the Company's markets; movements in foreign currencies, interest rates or commodity costs; fluctuations in the prices of raw materials or the availability of raw materials or components used by the Company; any disruptions in the Company's supply chain as a result of material fluctuations in the Company's order volumes and requirements for raw materials and other components, or the demand for those same raw materials and components by third parties, necessary to manufacture and produce the Company's products including related to shortages in procuring necessary raw materials and components to manufacture and produce such products; the success of the Company’s suppliers and customers and the impact of any consolidation in the industries of the Company's suppliers and customers; the ability of the Company to deploy its capital successfully; unanticipated outcomes related to outsourcing certain manufacturing processes; unanticipated outcomes related to litigation matters; and adverse weather conditions and other factors impacting climate change legislation. Shareholders, potential investors and other readers are urged to consider these factors in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements included herein are only made as of the date of this filing. The Company assumes no obligation, and disclaims any obligation, to update such forward-looking statements to reflect subsequent events or circumstances.
Net sales of $194,480$189,731 for the secondthird quarter of fiscal 2026 increased $26,131,$9,076, or 16%,5%, from the same period in the prior year. The increase between quarterly periods was mainly driven by improved trade conditions, price increases, and strong overall product response in the markets in which we compete, especially in the Fishing segment. Gross margin increased to 38.8%45.3% compared to 35.0%37.6% in the prior year quarter.quarter due in large part to tariff refunds received during the current quarter as discussed below. The sales gain and margin improvement contributed to aan $5,448$11,013 increase in operating income in the current year quarter versus the prior year quarter.
As discussed in "Note 10 - Contingencies," during the third fiscal quarter, the Company submitted claims for refunds of IEEPA tariffs previously paid on imports in fiscal 2025 and early 2026. Refunds received through July 3, 2026 totaled approximately $15,600, including interest. The Company recognized a benefit in Cost of sales on the accompanying Condensed Consolidated Statements of Operations for $15,015 representing the portion of the refund relating to products previously sold.
On February 20, 2026, the Supreme Court of the United States ruled that tariffs imposed under the International Emergency Economic Powers Act (IEEPA) were unlawful. Certain of the Company's imports were previously subject to such tariffs under IEEPA. Effective April 20, 2026, the U.S. Customs and Border Protection launched a platform for importers of record to begin submitting IEEPA tariff refund requests. We are unable to estimate any applicable financial effects for any recovery of potential refunds, as the timing and amount of recovery are uncertain. We will continue to assess and evaluate new information as it becomes available.
The Company’s business is seasonal in nature. The secondthird fiscal quarter traditionally falls within the Company’s primary selling season for its warm-weather outdoor recreation products. The table below sets forth a historical view of the Company’s seasonality during the last three fiscal years.
Net Sales - SecondThird Fiscal Quarter
Consolidated net sales for the three months ended AprilJuly 3, 2026 were $194,480,$189,731, an increase of $26,131,$9,076, or 16%,5%, compared to $168,349$180,655 for the three months ended MarchJune 28,27, 2025. Foreign currency translation had ana negligible impact of less than 1% on current year secondthird quarter consolidated net sales compared to the prior year's secondthird quarter consolidated net sales.
Net sales for the three months ended AprilJuly 3, 2026 for the Fishing business were $159,025,$149,985, an increase of $24,134,$9,306, or 18%,7%, from $134,891$140,679 during the secondthird fiscal quarter of the prior year. The increase in sales in this segment between quarters was mainly due to improved trade conditions, a stronger competitive position in the market,market for Company products and pricing.product pricing increases between periods.
Net sales for the Camping & Watercraft Recreation business were $18,053$16,432 for the secondthird quarter of the current fiscal year, ana increasedecrease of $201,$2,476, or 1%,13%, from the prior year net sales during the same period of $17,852.$18,908. GrowthThe indecline e-commercewas channelsdriven overcameprimarily by the unfavorable impact of a continuing weak endmarketplace marketconditions for watercraftthe recreation products.segment.
Net sales for Diving for the secondthird quarter of fiscal 2026 were $17,315,$23,313, which increased $1,495,$2,112, or 9%,10%, compared to net sales of $15,820$21,201 for the three months ended MarchJune 28,27, 2025. The sales increase over the prior year secondthird quarter was primarily driven by strong sales in the improved market conditionsU.S. and growthAsian in ecommerce.marketplaces. Additionally, foreign currency translation had a favorable impact of approximately 5%2% on sales in this segment in the current year second quarter versus the prior year second quarter.
Consolidated net sales for the sixnine months ended AprilJuly 3, 2026 were $335,415,$525,146, an increase of $59,417,$68,493, or 21.5%,15.0%, compared to $275,998$456,653 for the sixnine months ended MarchJune 28,27, 2025. Foreign currency translation had a negligiblean impact of less than 1% on net sales of the current year to date period compared to the prior year to date period.
Net sales for the sixnine months ended AprilJuly 3, 2026 for the Fishing business were $271,395,$421,380, an increase of $54,032,$63,338, or 25%,18%, from $217,363$358,042 during the prior year to date period. The increase in sales in this segment between year to date periods was mainly due to improved trade conditions, sales generated by thea launchstronger ofcompetitive newposition products,for Company products and pricing.product pricing increases between periods.
Net sales for the sixnine months ended AprilJuly 3, 2026 for the Camping & Watercraft Recreation business were $28,654,$45,086, ana increasedecrease of $1,351,$1,125, or 5%,2%, from the prior year net sales during the same period of $27,303.$46,211 Growthdue inprimarily e-commerce channels overcameto the unfavorable impact of a continuing weak end marketend-market for watercraft recreation products.
Net sales for the sixnine months ended AprilJuly 3, 2026 for the Diving business were $35,289,$58,602, an increase of $3,785,$5,897, or 12%,11%, compared to net sales of $31,504$52,705 for the sixnine months ended MarchJune 28,27, 2025. The sales increase over the prior year to date period was primarily driven by thean improved market conditionsposition and growththe insuccess ecommerce.of new products introduced during the current year to date period. Additionally, foreign currency translation had a favorable impact of approximately 5%3% on sales in this segment versus the prior year to date period.
Cost of sales for the three months ended April 3, 2026 of $118,992 increased $9,509 compared to $109,483 for the three months ended March 28, 2025, due primarily to the increase in sales volumes over the prior year quarter as well as higher costs from tariffs in the current year second quarter on purchased raw materials and components. Higher material costs were offset in part by lower labor costs driven by efficiencies from cost cutting initiatives.
Cost of sales for the sixthree months ended AprilJuly 3, 2026 of $208,317$103,796 increaseddecreased $23,368$8,932 compared to $184,949$112,728 for the sixthree months ended MarchJune 28,27, 2025,2025. dueThe decline year over year is driven primarily toby the increaserefund inof salesapproximately volumes$15,000 overof IEEPA tariffs received by the priorCompany year to date period as well as higher costs from tariffs on purchased raw materials and components incurred induring the current year quarter which were recognized as a reduction to dateCost period.of Highersales. materialThe costsimpact wereof these refunds was offset in part by lower laboradditional costs drivenrelated byto efficienciesincreased fromsales costvolumes cuttingand initiatives.higher costs of raw materials.
Cost of sales for the nine months ended July 3, 2026 of $312,113 increased $14,436 compared to $297,677 for the nine months ended June 27, 2025, due primarily to the increase in sales volumes over the prior year to date period as well as higher costs of raw materials and components incurred in the current year to date period. The cost increases were offset in part by the tariff refunds noted above and lower labor and overhead costs driven by volume efficiencies and cost cutting initiatives implemented by the Company during the current year to date period.
For the three months ended AprilJuly 3, 2026, gross profit as a percentage of net sales increased to 38.8%45.3% compared to 35.0%37.6% in the three month period ended MarchJune 28,27, 2025,2025. mainlyThe asIEEPA atariff resultrefunds noted above drove 7.9 points of improvedimprovement over the prior year period. Improved overhead absorption driven by higher sales volumes between the quarters.quarters, Pricingpricing actions taken by the Company and cost saving initiatives also helped offset the impact of incrementalraw material cost increases and additional tariffs paid in the current quarter.
For the sixnine months ended AprilJuly 3, 2026, gross profit as a percentage of net sales increased to 37.9%40.6% compared to 33.0%34.8% in the sixnine months ended MarchJune 28,27, 2025,2025. mainlyThe asIEEPA atariff resultrefunds improvednoted overheadabove absorptiondrove driven2.9 bypoints higherof salesthe volumesimprovement between the periods. PricingAdditionally, pricing actions taken by the CompanyCompany, improved overhead absorption and cost savings initiatives alsomore helped tothan offset the impact of incrementalhigher tariffsmaterial costs incurred in the current year to date period.period to further drive margin improvement.
Operating expenses were $65,139$67,592 for the three months ended AprilJuly 3, 2026, compared to $53,965$60,597 for the three months ended MarchJune 28,27, 2025. The main drivers of the $11,174$6,995 increase between quarters were higher sales-volume related costs as well as increased variable compensation costs.
Operating expenses were $119,661$187,253 for the sixnine months ended AprilJuly 3, 2026, compared to $106,387$166,984 for the sixnine months ended MarchJune 28,27, 2025. The main drivers of the $13,274$20,269 increase between year to date periods were higher sales-volume related costs, higher variable compensation costs and additional professional services expense in the current year to date period.
Operating profit on a consolidated basis for the three month period ended AprilJuly 3, 2026 was $10,349,$18,343, compared to $4,901$7,330 in the secondthird quarter of the prior fiscal year. As discussed above, the improvement in operating profit between quarters was driven primarily by anthe increasereceipt of the IEEPA tariff refunds offset in salespart andby grossthe marginimpact improvementsof betweenhigher periods.operating expenses.
Operating profit on a consolidated basis for the sixnine month period ended AprilJuly 3, 2026 was $7,437,$25,780, compared to an operating loss of $15,338$8,008 in the prior year to date period. As discussed above, the improvement in operating profit (loss) was driven primarily by the receipt of the IEEPA tariff refunds in addition to an increase in sales and gross margin improvements between periods.
Interest expense was $48$50 and $68$49 for the three months ended AprilJuly 3, 2026 and MarchJune 28,27, 2025, respectively, and $105$155 and $115$164 for the sixnine months ended AprilJuly 3, 2026 and MarchJune 28,27, 2025, respectively.
Interest income was $632$1,199 and $625$927 for the three months ended AprilJuly 3, 2026 and MarchJune 28,27, 2025, respectively, and $1,952$3,151 and $1,658$2,585 for the sixnine months ended AprilJuly 3, 2026 and MarchJune 28,27, 2025, respectively. The current year quarter and year-to-date periods include $310 of interest income received on IEEPA tariff refunds.
Other income was $726$3,778 for the three months ended AprilJuly 3, 2026 compared to $1,300$2,292 in the prior year period. The main driverdrivers of the $574$1,486 decreaseincrease period over period was a $418$913 decreaseincrease in net investment gains and earnings on the assets related to the Company's non-qualified deferred compensation plan in the current year quarter, entirely offset as aan reductionincrease to operating expense.expense Forbetween the same quarters. Additionally, for the three months ended AprilJuly 3, 2026, foreign currency exchange gains were $196$465 compared to foreign currency exchange losses of $21$457 for the three months ended MarchJune 28,27, 2025.
Other income was $332$3,446 for the sixnine months ended AprilJuly 3, 2026 compared to $974$1,318 in the prior year period. The $642$2,128 decreaseincrease was primarily attributable to a $639$1,552 decreaseincrease in net investment gains and earnings on the assets related to the Company's non-qualified deferred compensation plan in the current year-to-date period, entirely offset as aan reductionincrease to operating expense.expense Forbetween the sixsame monthsperiods. ended April 3, 2026,Additionally, foreign currency exchange gains were $128$592 for the nine months ended July 3, 2026, compared to foreign currency exchange gainslosses of $183$274 for the sixnine months ended MarchJune 28,27, 2025.
The Company’s provision for income taxes is based upon estimated annual effective tax rates in the tax jurisdictions in which the Company operates. The Company recorded income tax expense of $798$8,322 and $2,843,$11,165, respectively, in the three and sixnine month periods ended AprilJuly 3, 2026 which equated to an effective tax rate of 7.8%35.8% and 31.8%,34.7%, respectively. The effective tax rate was impacted by anthe adjustmentIEEPA relatedtariff torefunds, discussed above, which increased income in the Company's U.S. valuationand allowanceoverall on deferredincome tax assets.expense during the period. The Company recorded an expense of $1,854$2,758 during the three months ended MarchJune 28,27, 2025, which equated to an effective tax rate of 44.6%.26.3%. The Company recorded a benefitexpense of $1,783$975 during the sixnine months ended MarchJune 28,27, 2025, which equated to an effective tax benefitrate of 12.1%.(22.8)%.
Net income for the three months ended AprilJuly 3, 2026 was $9,409,$14,948, or $0.89$1.42 per diluted common class A and B share, compared to $2,304,$7,742, or $0.22$0.75 per diluted common class A and B share, for the secondthird quarter of the prior fiscal year.
Net income for the sixnine months ended AprilJuly 3, 2026 was $6,109,$21,057, or $0.58$2.00 per diluted common class A and B share, compared to net loss of $12,986,$5,244, or $1.26$0.52 per diluted common class A and B share, during the corresponding period of the prior fiscal year.
Cash and cash equivalents and short term investments totaled $107,876$175,245 as of AprilJuly 3, 2026, compared to $93,951$161,022 as of MarchJune 28,27, 2025. The Company’s debt to total capitalization ratio was 0% as of AprilJuly 3, 2026 and MarchJune 28,27, 2025. The Company’s total debt balance was $0 as of each of AprilJuly 3, 2026 and MarchJune 28,27, 2025. See “Note 11 – Indebtedness” in the notes to the Company’s accompanying condensed consolidated financial statements for further discussion of our credit facilities.
Accounts receivable, net of allowance for credit losses, were $126,852 as of April 3, 2026, an increase of $10,076 compared to $116,776 as of March 28, 2025. The increase is consistent with the increased sales volumes over the prior year quarter.
InventoriesAccounts receivable, net of allowance for credit losses, were $186,900$76,414 as of AprilJuly 3, 2026, a decrease of $5,579 compared to $81,993 as of June 27, 2025. Inventories were $188,263 as of July 3, 2026, an increase of $6,843,$24,531, compared to $180,057$163,732 as of MarchJune 28,27, 2025. The increase isin inventory balances was primarily the result of increased costs and a strategic ramp-up of inventory and safety stock in response to higher sales volumes experienced period over period. Accounts payable were $52,332$53,192 at AprilJuly 3, 2026 compared to $44,323$43,478 as of MarchJune 28,27, 2025. The increase of $8,010$9,714 is consistent with the increase in inventory.inventory between periods.
Cash usedprovided forby operations totaled $50,700$26,994 for the sixnine months ended AprilJuly 3, 2026 compared to $38,566$32,810 during the corresponding period of the prior fiscal year. The increasedecrease in cash usedprovided forby operations over the prior year sixnine month period was due primarily to inventory changes between periods offset in part by higher income in the current year to date period. Depreciation and amortization charges were $10,097$15,015 for the sixnine month period ended AprilJuly 3, 2026 compared to $10,041$15,299 for the corresponding period of the prior year.
Cash used for investing activities totaled $10,475$16,329 for the sixnine months ended AprilJuly 3, 2026 compared to $7,749$10,002 for the corresponding period of the prior fiscal year. The prior year period reflects $12,197 paid to acquire a business, partially offset by proceeds from maturity of investments of $11,826.$14,021. Capital expenditures were $10,496$16,350 in the sixnine months ended AprilJuly 3, 2026, compared to $7,378$11,826 in the prior year to date period. Any additional capital expenditures in fiscal 2026 are expected to be funded by working capital.
Cash used for financing activities totaled $6,897$10,317 for the sixnine months ended AprilJuly 3, 2026 compared to $6,879$10,142 for the sixnine month period ended MarchJune 28,27, 2025 and represents the payment of dividends and purchase of treasury stock for both periods. The Company had no debt during either sixnine month period ended AprilJuly 3, 2026 and MarchJune 28,27, 2025. See Note 11 "Indebtedness" to the accompanying Condensed Consolidated Financial Statements for additional information on our credit facilities.
As of AprilJuly 3, 2026 the Company held approximately $61,795$69,226 of cash, cash equivalents and short-term investments in bank accounts in foreign taxing jurisdictions.
The Company has contractual obligations and commitments to make future payments including under operating leases and open purchase orders. There have been no changes outside of the ordinary course of business in the specified contractual obligations during the quarter ended AprilJuly 3, 2026.
The Company utilizes letters of credit primarily as security for the payment of future claims under its workers compensation insurance. Letters of credit outstanding were approximately $51 and $67 as of AprilJuly 3, 2026 and MarchJune 28,27, 2025, respectively.
The Company’s critical accounting policies and estimates are identified in the Company’s Annual Report on Form 10-K for the fiscal year ending October 3, 2025 in Management’s Discussion and Analysis of Financial Condition and Results of Operations under the heading “Critical Accounting EstimatesEstimates,”, which was filed with the Securities and Exchange Commission on December 12, 2025. There were no significant changes to the Company’s critical accounting policies and estimates during the sixnine months ended AprilJuly 3, 2026.
JOUT insider buying and selling (Form 4)
Since 2026-04-11, insiders reported open-market purchases in 0 Form 4 filings and open-market sales in 3 filings (2 insiders, 3 trade dates, 9,390 shares, about $440.7K). Net open-market shares: -9,390 (purchases minus sales); net value about -$440.7K.Totals add up every open-market (code P and S) line in those filings, using the prices reported in the filings. Awards, option exercises, tax withholding and gifts are listed below but not counted.
| Trade date | Insider | Transaction | Shares | Price | Value |
|---|---|---|---|---|---|
| 2026-08-18 | Stevens Edward A |
Open-market sale | 6,250 | $47.86 | $299.1K |
| 2026-06-30 | Rahman Asad |
Grant/award | 4,398 | — | — |
| 2026-06-11 | Fahey John M Jr |
Open-market sale | 2,000 | $45.80 | $91.6K |
| 2026-05-26 | Fahey John M Jr |
Open-market sale | 1,140 | $43.85 | $50.0K |
Well-known investors holding JOUT (13F)
| Investor | Quarter | Shares | Reported value | % of their 13F | Change vs prior quarter |
|---|---|---|---|---|---|
| Two Sigma Investments | 2026-06-30 | 165,916 | $7.6M | 0.01% | Added 34% |
| First Eagle Investment Management | 2026-06-30 | 160,588 | $7.4M | 0.01% | Added 16% |
| AQR Capital Management (Cliff Asness) | 2026-06-30 | 140,392 | $6.5M | 0.0% | Reduced 6% |
| Renaissance Technologies | 2026-06-30 | 66,900 | $3.1M | 0.0% | Reduced 15% |
| Millennium Management (Israel Englander) | 2026-06-30 | 10,514 | $484.1K | 0.0% | Reduced 71% |