#1AMERICA'S MOST TRUSTED COMPANIES 2022 Newsweek statista Vista Outdoor Inc. (NYSE:VSTO) BRINGING THE WORLD OUELL Investor Presentation Summer 2023 INVESTOR'S BUSINESS DAILY BEST ESG COMPANIES ENVIRONMENTAL, SOCIAL & GOVERNANCE CONSUMER GOODS Forbes 2021 AMERICA'S BEST MID-SIZE EMPLOYERS POWERED BY STATISTA O VISTA OUTDOOR World's Top 50 Procurement Organizations 2022 Procurement Helped Create Shareholder Value Despite Inflation and Supply Shortages#2Forward Looking Statements Some of the statements made and information contained in these materials, excluding historical information, are "forward-looking statements," including those that discuss, among other things: our plans, objectives, expectations, intentions, strategies, goals, outlook or other non-historical matters; projections with respect to future revenues, income, earnings per share or other financial measures for Vista Outdoor; and the assumptions that underlie these matters. The words "believe," "expect," "anticipate," "intend," "aim," "should" and similar expressions are intended to identify such forward-looking statements. To the extent that any such information is forward-looking, it is intended to fit within the safe harbor for forward-looking information provided by the Private Securities Litigation Reform Act of 1995. Numerous risks, uncertainties and other factors could cause our actual results to differ materially from the expectations described in such forward-looking statements, including the following: risks related to the separation of our Outdoor Products and Sporting Products segments, including that the process of exploring the transaction and potentially completing the transaction could disrupt or adversely affect the consolidated or separate businesses, results of operations and financial condition, that the transaction may not achieve some or all of the anticipated benefits with respect to either business and that the transaction may not be completed in accordance with our expected plans or anticipated timelines, or at all; impacts from the COVID-19 pandemic on Vista Outdoor's operations, the operations of our customers and suppliers and general economic conditions; supplier capacity constraints, production or shipping disruptions or quality or price issues affecting our operating costs; the supply, availability and costs of raw materials and components; increases in commodity, energy, and production costs; seasonality and weather conditions; our ability to complete acquisitions, realize expected benefits from acquisitions and integrate acquired businesses; reductions in or unexpected changes in or our inability to accurately forecast demand for ammunition, accessories, or other outdoor sports and recreation products; disruption in the service or significant increase in the cost of our primary delivery and shipping services for our products and components or a significant disruption at shipping ports; risks associated with diversification into new international and commercial markets, including regulatory compliance; our ability to take advantage of growth opportunities in international and commercial markets; our ability to obtain and maintain licenses to third-party technology; our ability to attract and retain key personnel; disruptions caused by catastrophic events; risks associated with our sales to significant retail customers, including unexpected cancellations, delays, and other changes to purchase orders; our competitive environment; our ability to adapt our products to changes in technology, the marketplace and customer preferences, including our ability to respond to shifting preferences of the end consumer from brick and mortar retail to online retail; our ability to maintain and enhance brand recognition and reputation; others' use of social media to disseminate negative commentary about us, our products, and boycotts; the outcome of contingencies, including with respect to litigation and other proceedings relating to intellectual property, product liability, warranty liability, personal injury, and environmental remediation; our ability to comply with extensive federal, state and international laws, rules and regulations; changes in laws, rules and regulations relating to our business, such as federal and state ammunition regulations; risks associated with cybersecurity and other industrial and physical security threats; interest rate risk; changes in the current tariff structures; changes in tax rules or pronouncements; capital market volatility and the availability of financing; foreign currency exchange rates and fluctuations in those rates; general economic and business conditions in the United States and our markets outside the United States, including as a result of the war in Ukraine and the imposition of sanctions on Russia, the COVID-19 pandemic, conditions affecting employment levels, consumer confidence and spending, conditions in the retail environment, and other economic conditions affecting demand for our products and the financial health of our customers. You are cautioned not to place undue reliance on any forward-looking statements we make. A more detailed description of risk factors that may affect our operating results can be found in Part 1, Item 1A, Risk Factors, of our Annual Report on Form 10-K for fiscal year 2023 and in the filings we make with Securities and Exchange Commission (the "SEC") from time to time. We undertake no obligation to update any forward-looking statements, except as otherwise required by law. 2#3Vista Outdoor Overview BRINGING THE WORLD OUTSIDE GIRO GIRO#4Our Purpose To be known as a passionate outdoor company with the brands, products, and culture that unite people around a shared love and responsibility for the outdoors. Our Vision To build powerhouse brands that empower people to achieve their goals and live their best outdoor lives. Our Commitments To invest in our people & communities, create safe environments, lead through innovation and promote responsible stewardship in everything we do. OVISTA OUTDOOR 4#5Proven Value Creation Mindset and Framework 5 Strategic Pillars 1 2 3 4 Talent and Culture Invest in talent and foster our culture of agility, efficiency and innovation. Systematically leverage specialized expertise across the brands. Organic Growth Identify and capture opportunities for organic growth and market share expansion. Centers of Excellence Leverage our shared resources, expertise and scale to achieve a level of excellence that would be out of reach for our individual brands. Acquisitions Acquire complimentary businesses that we can take to the next level in terms of sales and profitability. 5 Capital Allocation Maintain a strong balance sheet and cash flow generation to provide financial flexibility and value creation. Our Difference Makers #1 Global Player in Ammunition Commercial, Law Enforcement, Military, International – proven innovator Leadership Economics Market leading positions with strong differentiation and competitive moat(s) Focus on the Core Consumer Broad base - fishing, hunt/shoot, cycle, snow, golf, hike and camping/outdoor cooking Leading Brands 41 brands in the Outdoor Industry across multiple categories provide diversification Best in Class Capabilities Center(s) of Excellence, E-Commerce, M&A, Capital Deployment Best Place to Work in the Industry Pay for Performance Compensation systems, Founder's Mentality Culture, Brand Resource Center, Leadership Development Pipeline OVISTA OUTDOOR 5#6Strong Brands Positioned for Long-Term Success ~$3B+ leading global designer, manufacturer and marketer of sporting and outdoor lifestyle products #1 Sporting Products #1 Commercial U.S. Law Enforcement Ammunition Ammunition FEDERAL Remington® HEVI-SHOT CCI #1 GPS & Rangefinders Bushnell GOLF #2 Launch Monitors Outdoor Recreation #1 Bike/Hike Hydration Packs CAMELBAK #1 Bike Bottles FORESIGHT CAMELBAK БРОАТО #1 Fly Fishing Gear & Apparel SIMMS. #2 Stoves & Accessories CAMP CHEF Action Sports #1 Helmets BELL FOX > GIRO #2 Snow Goggles GIRO #1 Motocross Protection FOX #2 Outdoor Accessories #1 Hunting & Shooting Accessories GIRO ® Bushnell SBLACKHAWK PRIMOS HUNTING SPEAK THE LANGUAGE Snow Helmets SPEER OVISTA OUTDOOR 6#7Q1 FY24 Brand Highlights Successful quarter across strategic initiatives and new product launches for many brands LAUNCHED NEW ADDITIONS TO THE CHILLBAK COOLER COLLECTION AND THE HIKING HYDRATION PACK LINE CAMELBAK CAMELBAK QUIETK XXL PRO VERTICAL SMOKER RELEASE LAUNCHED ITS FIRST "STORE-IN-STORE" CONCEPT WITHIN BASS PRO SHOPS CAMP CHEF VARIABLE POWER OUTPUT TECHNOLOGY INTRODUCTION GRAND OPENING OF BRICK-AND- MORTAR RETAIL EXPERIENCE IN BENTONVILLE, AR OVISTA OUTDOOR QUIETKAT RECEIVED 9 AWARDS AT THE 2023 FLY FISHING SHOW CONSUMER CHOICE FOX FOX AWARDS JORDAN JUDD ANNOUNCED AS THE NEW PRESIDENT OF SIMMS SIMMS SIRIMS#8Financial Overview BRINGING THE WORLD OUTSIDE 8#9Q1 FY24 - Core Themes 1 We delivered results as expected and previously communicated, despite market challenges 2 Our restructuring and profit improvement initiatives for Outdoor Products are taking hold and having a meaningful impact 3 Our Sporting Products business is performing as expected in a normalizing market by focusing on what we can control and remaining disciplined in our strategy 6#10Q1 FY24 Financial Results Sales decline driven by lower shipments across nearly all categories in Sporting Products and declines in the organic Outdoor Products businesses Adjusted EBITDA margins decreased due to lower gross profit, partially offset by decreased selling costs, in both Sporting Products and the organic Outdoor Products businesses Strong Adjusted Free Cash Flow of $75 million in Q1 OVISTA OUTDOOR ($ in millions, except per share data) Q1 FY23 Q1 FY24 YoY% Sales $803 $693 (14%) Gross Profit $293 $227 (23%) Operating Expense $110 $125 14% Op Expense % sales 14% 18% 437 bps Operating Income $183 $101 (45%) Operating Margin % 23% 15% -823 bps EBITDA $203 $126 (38%) EBITDA Margin % 25% 18% -704 bps Other (Inc)/Exp $0 $1 Interest Expense $6 $16 157% Net Income Tax Rate Earnings Per Share $135 $65 (51%) 24% 23% -127 bps $2.31 $1.12 (52%) Free Cash Flow $110 $75 (32%) All results, except for Sales and Gross Profit, are shown on an as adjusted basis, a non-GAAP financial measure. See reconciliation tables for details. In addition, amounts included in the table may differ due to rounding 10#11Q1 FY24 Financial Results Sales (1) (1) Adj. EBITDA Adj. EPS Adj. FCF (1) Sales declined 14% to $693M Organic sales declined 24% to $611M Sporting Products: -26% to $377M Outdoor Products: +8% to $317M Organic(1): -20% to $235M Adj. EBITDA $126M; 18% Margin Adj. Organic EBITDA $116M; 19% Margin Sporting Products: 31% Margin Outdoor Products: 8% Margin Organic: 6% Margin Adj. EPS of $1.12 Q1 FY24 profitability largely impacted by lower volume and price in Sporting Products and increased SG&A from acquired businesses, partially offset by lower corporate G&A expense Adj. FCF of $75M Free cash flow down 32% over prior year period Sales(2) $377 $317 Outdoor Sporting O VISTA OUTDOOR Adj. EBITDA (1)(3) $115 Adj. EPS $2.31 $2.16 $24 Outdoor Sporting $0.99 $1.12 Q1 FY23 ■GAAP Q1 FY24 Non-GAAP (1) Non-GAAP financial measure, see reconciliation table for details; (2) Does not equal the above total sales amount due to rounding (3) Excludes Corporate expenses Q4 Adj. FCF -32% YoY 1 I $110 $75 475 Q1 FY23 Q1 FY24 11#12Q1 FY24 Segment Update Sales Gross Profit 0 ■ Outdoor Products ■Sporting Products Adj. EBITDA (1)(2) 0 ■ Outdoor Products Sporting Products ■ Outdoor Products ■Sporting Products SPORTING PRODUCTS $377M -26% YoY • Lower shipments across nearly all categories as channel inventory has normalized • Previously announced termination of Lake City contract OUTDOOR PRODUCTS Total $317M +8% YoY Organic(¹) $235M -20% YoY • Decrease in organic sales volume due to high levels of channel inventory • Organic sales are declining less YoY sequentially $132M -34% YoY $115M Margin: 31% • Decline caused by lower Gross Profit Partially offset by decreased selling costs • Lower volume and price $95M +3% YoY • Increase driven by acquisitions . · Partially offset by decreased volume from organic businesses Total $24M Margin: 8% Organic $14M Margin: 6% • Decline caused by lower Gross Profit across all businesses O VISTA OUTDOOR (1) Non-GAAP financial measure, see reconciliation table for details; (2) Excludes negative EBITDA related to Corporate expenses 12#13Strong Balance Sheet Positions Company for Long-Term Growth Net Debt-to-Adjusted EBITDA of 1.7x is within the target range of 1-2x Liquidity Profile ($M) $336 Total Debt Outstanding Less: Cash $ 995M $ 63M Net Debt and Net Debt / LTM Adjusted EBITDA (1) ($M) $1,254 $263 Net Debt $ 932M $1,153 $242 $974 $932 $187 LTM Adj. EBITDA (1) $ 545M Net Debt to Adj. EBITDA 1.7x $121 $553 1.7x 1.7x 1.6x 1.7x Total Debt Outstanding Senior Notes (Mar 2029) $995M 0.7x $500M ABL Revolver (March 2026) $290M Q1 FY23 Q2 FY23 Q3 FY23 Unused Credit Capacity Q4 FY23 Cash On Hand Q1 FY24 Term Loan $205M Q1 FY23 Q2 FY23 Net Debt Q3 FY23 Q4 FY23 Q1 FY24 Net Debt / LTM Adjusted EBITDA OVISTA OUTDOOR (1) Non-GAAP financial measure. See reconciliation table for details 13#14Reaffirming FY24 Outlook Reiterating FY24 outlook and anticipate that Sporting Products sales and profitability will continue to normalize, while Outdoor Products experiences pressures in Q2 FY24 with an expected return to organic growth in the second half Revenue Adj. EBITDA Margin (1) Adj. Earnings Per Share Adj. Free Cash Flow VISTA OUTDOOR $2.85B to $2.95B 17.75% to 18.75% $4.50 to $5.00 $290M to $340M Key Assumptions SPORTING PRODUCTS $1.475B to $1.525B 26.75% to 27.75% Tax rate expected to be approximately 23.5% Interest expense of $65M $75M - OUTDOOR PRODUCTS $1.375B to $1.425B 12.00% to 13.00% OVISTA OUTDOOR CapEx expected to be approximately 1.5% of sales (1) Vista Outdoor has not reconciled EBITDA margin guidance to GAAP net income margin guidance because Vista Outdoor does not provide guidance for net income, which is a reconciling item between GAAP net income margin and non-GAAP EBITDA margin. Accordingly, a reconciliation to net income is not available without unreasonable effort. 14#15Separation Overview BRINGING THE WORLD OUTSIDE Gronesant 15#16Compelling Strategic Rationale for Separation Enhanced Strategic Focus with Supporting Resources Tailored Capital Allocation Priorities Strengthened Ability to Attract and Retain Top Talent Compelling Value for Shareholders Expanded Strategic Opportunities Dedicated resources and a strategic focus on specific operational needs and growth drivers Operation with a capital allocation strategy that is tailored to its specific business model and growth strategies Greater ability to attract and retain top talent that is ideally suited to execute each company's strategic and operational objectives Offer differentiated and compelling investment opportunities based on each company's particular business model Enable Outdoor Products to further cement reputation as acquirer of choice and enhance Sporting Products' ability to secure attractive partnerships 90 OVISTA OUTDOOR |000 ☑ | ☐ 16#17Positioned to Win as Two Separate Companies Creates two focused, market-leading companies; separation to be complete in CY2023 Q4 Sporting Products Outdoor Products Bushnell GOLF CAMELBAK CAMP CHEF GIRO ® Bushnell FORESIGHT ВРОАТв QUIETKAT ALL TERRAIN ALL ELECTRIC FEDERAL ) CCI ESTATE BELL BALLIANT ALLIANT POWDER" Key Brands Technically Superior by Design Remington® SPEER FOX CHEVI-SHOT Investment Thesis Market-leading ammunition business, generating attractive cash flow in all environments SIMMS. Stone GLACIER Diversified platform proven to be an acquirer of choice in the attractive outdoor category LTM Sales Capital Structure and Allocation Leadership $1.6 Billion • Debt repayment and expected dividend payout of ~20- 30% of free cash flow Long-term total leverage target of 1.0x to 2.0x EBITDA To be led by current CEO of Sporting Products, Jason Vanderbrink and Vista Outdoor interim CFO, Andy Keegan $1.3 Billion . • Majority of capital directed to organic growth, acquisitions, and opportunistic share repurchases Long-term total leverage target <2.0x EBITDA To be led by recently announced CEO of Outdoor Products, Eric Nyman O VISTA OUTDOOR 17#18Separation Will Unlock Significant Value Today, VSTO trades at a significant valuation discount to peers (~5x FY24E EBITDA), even though we are on par to outperform on many key operational and financial metrics We believe aggregate valuation of the two standalone companies will be much higher than our current valuation ~$2.8B+| Valuation today ~5x FY24E EBITDA FY20-FY24E CAGR³ FY24E Market EV/FY24E EBITDA Multiples Revenue Adj. EBITDA Adj. EBITDA % VSTO OP 12% 20% 13% Outdoor Products Double-digit $175M FY24E Adj. EBITDA¹ OP Peers² 14% 14% 16% VSTO SP 15% 48% 27% Sporting Products $409M FY24E Adj. EBITDA¹ Mid-single digit SP Peers² 4% 10% 19% Outdoor Products Diversified and high growth end markets Clean capital structure Accretive M&A Sporting Products Market leadership and operational scale Strong free cash flow generation Focused on debt repayment and capital return to shareholders Separation Into Two Industry-leading Companies Two focused, industry leading companies without the conglomerate overhang Each as industry-leading platforms, with their own competitive advantages and leadership economics Allows for clearer benchmarking to the right industry peers, and the expansion of our investor community Source: CapitallQ as of August 1st, 2023 OP Comps include Yeti Fox Factory, Topgolf Callaway, Thule Traeger, Acushnet, Helen of Troy; SP Comps include Olin, Sturm Ruger & Company, Smith & Wesson Excludes EBITDA related to Corporate expenses (1) (2) (3) Peer Group Revenue and EBITDA CAGRS are calculated utilizing simple median of the Peer Group for each segment Reflects FY20-FY24E CAGR for VSTO Segments and is Pro Forma to exclude Savage Arms Sales and EBITDA. Peer Group CAGRS are reflected from CY19-CY23E O VISTA OUTDOOR 18#19Differing Growth Opportunities OP TAM $130B+ Outdoor Products • · Top tier outdoor products company Strong organic growth annually driven by innovation Attractive acquisition pipeline to drive further growth SP TAM $10B+ Sporting Products • Leading manufacturer in U.S. commercial market Major U.S. manufacturer of primers Strategic capacity expansion & Remington scale drive growth opportunities • 18M+ new users entered the market in the past several years Innovation in hunting calibers O VISTA OUTDOOR ALEX 19#20Sporting Products Overview BRINGING THE WORLD OUTSIDE Remington Er Rig 20#21FEDERAL AMERICANAGE O VISTA OUTDOOR EDERAL Key Takeaways: 1 Major U.S. ammunition and primer manufacturer with a portfolio of 5 leading brands 2 Innovation leader in an iconic industry, well-positioned to weather industry cycles 3 Millions of diverse Americans participating in shooting sports and consuming ammunition at record levels 4 Market dynamics have shifted with more normalized inventory, sanctions on imports, and industry consolidation 21#22Sporting Products Well Positioned for Long-term Success Focusing on what we can control as significant increase in baseline participation points to long-term industry health, despite normalizing from pandemic highs 1 Optimistic about Hunting and Shooting Industry 18 million new users entered market in last several years and the competitive shooting market continues to grow. NICS has processed >1M checks per month for 47 consecutive months as of June while hunting participation remains strong with more than 15 million licensed deer hunters in U.S. DANGER! RU No standing an pets or convey Injury Will 2 New Products Driving Demand Remington Remington Remington Remington Remington Remington. Remington..... Remington Remingha Penins Remington- Remington Alyson Remington Remington mington Remington Remington Remington Remington Pemban Expanded caliber offerings with Federal's Terminal Ascent and added offerings to iconic Remington Core-Lokt lineup for hunters looking for a modern design and non-lead options 3 Large Domestic Manufacturing Wins 4 Historically large domestic manufacturers gain share in normalizing market as customers consolidate to trusted vendors and imports lose ground Efficiency Gains through Collaboration Instituting best practices across factories through collaboration on key learnings and process improvements to drive efficiency O VISTA OUTDOOR Remington Remington Remington Arming Remington Remington Remington Remingt 22#23Q1 FY24 Sporting Products Update Strong start to FY24 despite macroeconomic pressures and market normalization. Sales and EBITDA in-line with our previously communicated expectations Revenue $377M -26% YoY Gross Profit $132M -34% YoY Adj. EBITDA (1) $115M -37% YoY OVISTA OUTDOOR ZL 2% 1% 8 Premier STS Light Target VELOCITY 1145 PPS Remington STS HT TARGET (1) Non-GAAP financial measure. See reconciliation table for details Remington FEDERAL > ESTATE CARTRIDG CHEVI-SHOT ALLIANT POWDER Technically Superior by Design CCi SPEER 23#24Outdoor Products Overview BRINGING THE WORLD OUTSIDE Gronesant 24#25VD SCATTAN Key Takeaways: 1 Diversified portfolio of leading brands with size and scale 2 New product innovation to drive strong growth 3 Strategic acquisitions to increase our TAM and growth opportunities 4 Centers of Excellence to achieve levels of performance out of reach for any one brand on its own 25#26TAM Expansion: Outdoor Products Leadership positions in our Core categories... • Scale and Leadership Economics drive our growth flywheel, with #1 or #2 Brands across our categories • Best in class Talent, Culture, and Operating Model combine to build a World Class Outdoor Products Platform ...Gives us the right to expand TAM • • New product development engine creates opportunities in new, expansive categories Strategic M&A adds new Outdoor Industry verticals Outdoor Products share of Core categories $900M $3.6B Golf Outdoor Accessories = Total $15.0B (1) $3.4B $2.0B $1.2B $3.9B Hydration Outdoor Fishing Cooking Action Sports = Outdoor Products share of core category = Open core categories opportunity Core + Immediate Adjacencies Outdoor Products Market, US ~$30B (2) Total Outdoor Products Addressable Market, Global ~$100B+ (3) Source: (1) Core defined as categories that our OP Brands have leadership and/or meaningful positions today (2) Represents all categories that Vista is currently playing in today, US only (3) Includes additional adjacent outdoor categories; international geographies include EU, Australia, and Asia (Japan, China and Korea only) OVISTA OUTDOOR 26#27Q1 FY24 Outdoor Products Update Sales increase driven by acquisitions partially offset by decreased volume in the organic businesses Revenue Total Organic (1) $317M $235M +8% YoY -20% YoY copilot Gross Profit $95M +3% YoY (1) Adj. EBITDA Total Organic $24M $14M Margin: 8% Margin: 6% OVISTA OUTDOOR (1) BELL FOX GIRO Action Sports Revenue $116M KRASH +29% Raskuliz Blackburn QUIET KAT CAMELBAK ® Bushnell Outdoor Accessories Revenue $53M -22% SBLACKHAWK PRIMOS SPEAK THE LANGUAGE FORESIGHT SPORTS Outdoor Recreation Revenue Bushnell $147M +10% SIMMS CAMP CHEF Non-GAAP financial measure. See reconciliation table for details. Numbers may not tie due to rounding. Outdoor Accessories includes approximately 19 brands. FIBER ENERGY PRODUCTS Leading the Industry with Premium Al-Natural Wood Heating and Griling Pellet Fuel STONE GLACIER 27#28SUPPLEMENTAL: Segment Financial Highlights & Trends O VISTA OUTDOOR 28#29Financial Trends by Segment: FY20-FY23 ($ in millions) $ 1,758 FY23 Revenue O $ 1,322 ■ Outdoor Products ■Sporting Products FY23 Gross Profit(1) $387 ) ■ Outdoor Products Sporting Products $654 SPORTING PRODUCTS(3) - Business Segment Trends Revenue $1,738 $1,758 $1,120 $847 FY20 FY21 FY22 FY23 OUTDOOR PRODUCTS - Business Segment Trends Revenue $1,307 $1,322 $1,106 $884 FY20 FY21 FY22 FY23 OVISTA OUTDOOR FY23 EBITDA (1)(2) $125 O $577 ■ Outdoor Products ■Sporting Products Gross Profit(1) EBITDA (1)(2) $712 $654 $626 $577 $312 $246 $132 $86 FY20 FY21 FY22 FY23 FY20 FY21 FY22 FY23 Gross Profit (1) EBITDA (1)(2) $399 $387 $321 $207 $176 $222 $125 $84 FY20 FY21 FY22 FY23 FY20 FY21 FY22 FY23 (1) Excludes negative Gross Profit and EBITDA related to Corporate expenses, (2) Non-GAAP financial measure, see reconciliation table for details; (3) Excludes divestitures 29#30O VISTA OUTDOOR APPENDIX: Non-GAAP Reconciliation 30#31Non-GAAP Financial Measures In addition to the results prepared in accordance with GAAP, we are providing the information below on a non-GAAP basis, including, adjusted operating expenses, adjusted operating income, adjusted taxes, adjusted net income and adjusted diluted earnings per share (EPS). Vista Outdoor defines these measures as, operating expenses, operating income, taxes, net income, and EPS, excluding, where applicable, the impact of costs incurred for transition costs, executive transition costs, planned separation costs, restructuring, contingent consideration and post-acquisition compensation. Vista Outdoor management is presenting these measures so a reader may compare operating expenses, income from operations, taxes, net income, and EPS excluding these items, as the measures provide investors with an important perspective on the operating results of the Company. Vista Outdoor management uses this measurement internally to assess business performance, and Vista Outdoor's definition may differ from those used by other companies. OVISTA OUTDOOR Three months ended June 25, 2023 (in thousands except per share amounts) As reported Transition costs Executive transition costs Planned separation costs Restructuring Post-acquisition compensation As adjusted Gross Profit $ 226,757 Operating Expenses $ 134,571 Operating income Other Income/ (Expense) Interest Expense 92,186 (541) $ (16,218) Tax Rate 23.0 % (3,002) (658) 3,002 Net Income 58,100 2,282 EPS (1) 0.99 658 (3,224) 3,224 500 2,450 (834) (1,405) 834 1,405 634 1,405 22.7% $ 65,371 $ 1.12 $ 226,757 $ 125,448 $ 101,309 $ (541) $ (16,218) (1) As reported net income per share and adjusted net income per share are both calculated based on 58,541 diluted weighted average shares of common stock. Three months ended June 26, 2022 (in thousands except per share amounts) Gross Profit Operating Expenses Operating income Other Income/ (Expense) As reported $ 293,470 $ 121,045 $ 172,425 $ $ Interest Expense (6,310) Tax Rate Net Income (14.5) % $ 126,015 $ EPS (1) 2.16 Transaction costs (2,086) 2,086 1,571 Contingent consideration 112 (112) (84) Transition costs (272) 272 204 Post-acquisition compensation (4,332) 4,332 3,672 Planned separation costs (4,300) 4,300 3,225 As adjusted $ 293,470 $ 110,167 $ 183,303 $ (1) As reported net income per share and adjusted net income per share are both calculated based on 58,381 diluted weighted average shares of common stock.. $ (6,310) 24.0 % $ 134,603 $ 2.31 31#32Non-GAAP Financial Measures Free Cash Flow Free cash flow is defined as cash provided by operating activities less capital expenditures. Vista Outdoor management believes that free cash flow provides investors with an important indication of the cash generated by our business for debt repayment, share repurchases and acquisitions after making the capital investments required to support ongoing business operations. Vista Outdoor management uses free cash flow to assess overall liquidity. Adjusted free cash flow is defined as free cash flow eliminating the cash impact of the following items that are adjusted in our presentation of reported income to adjusted net income: transaction costs, transition costs, planned separation costs, post-acquisition compensation, restructuring and executive transition costs. Vista Outdoor management believes that adjusted free cash flow enhances investors' understanding of the liquidity of our ongoing operations. Adjusted free cash flow is also used by Vista Outdoor to assess employees' performance and determine their annual incentive payments. Vista Outdoor's definition of adjusted free cash flow may differ from those used by other companies. During the fourth quarter of fiscal year 2023, we modified our definition of adjusted free cash flow to no longer adjust for applicable tax amounts. All periods presented have been adjusted for this modification. OVISTA OUTDOOR Adjusted Free Cash Flow (in thousands) Cash provided by operating activities Capital expenditures Free cash flow Transaction costs Transition costs Planned separation costs Post acquisition compensation Restructuring Executive transition Adjusted free cash flow Three months ended June 25, 2023 June 26, 2022 $ 73,701 $ (7,616) 66,085 107,577 (4,910) Projected year ending March 31, 2024 $323,351-374,851 ~(42,750-44,250) $ 102,667 $280,601-330,601 3,217 1,663 116 1,663 2,629 4,300 2,629 83 83 83 2,241 2,241 2,783 2,783 $ 75,484 110,383 $290,000-340,000 32#33Non-GAAP Financial Measures Adjusted EPS guidance, excluding the impact of costs incurred to date for transition costs, executive transition costs, planned separation costs, restructuring, and post-acquisition compensation, is a non-GAAP financial measure that Vista Outdoor defines as EPS excluding the impact of these items. Vista Outdoor management is presenting this measure so a reader may compare EPS, excluding these items, as this measure provides investors with an important perspective on the operating results of the Company. Vista Outdoor management uses this measurement internally to assess business performance, and Vista Outdoor's definition may differ from those used by other companies OVISTA OUTDOOR Current FY24 Full-Year Adjusted EPS Guidance EPS guidance including transition costs, executive transition costs, planned separation costs, restructuring, and post-acquisition compensation Transition costs Executive transition costs Planned separation costs Restructuring Post-acquisition compensation Adjusted EPS guidance Low High $ 4.38 $ 4.88 0.04 0.04 0.01 0.01 0.04 0.04 0.01 0.01 0.02 0.02 $ 4.50 $ 5.00 33#34Non-GAAP Financial Measures Adjusted EBITDA is defined as Net Income before other income, interest, taxes, and depreciation and amortization, excluding the non-recurring and non-cash items referenced above. We calculated "Adjusted EBITDA margins" as Adjusted EBITDA divided by net sales. Vista Outdoor management believes adjusted EBITDA margin provides investors with an important perspective on the Company's core profitability and helps investors analyze underlying trends in the Company's business and evaluate its performance on an absolute basis and relative to its peers. Adjusted EBITDA margin should be considered in addition to, and not as a substitute for, GAAP net income margin. Vista Outdoor's definition may differ from that used by other companies. Twelve months ended June 25, 2023 (in thousands) Segment operating income (1) Depreciation and amortization Adjusted segment EBITDA Adjusted segment EBITDA margin Three months ended June 25, 2023 Sporting Products Outdoor Sporting Outdoor Total Total Products Products Products $108,464 6,399 $114,863 30.5% $6,524 17,578 $24,102 7.6% $114,988 23,977 $138,965 $484,610 25,104 $509,714 31.4% $41,260 68,600 $109,860 8.2% $525,870 93,704 $619,574 (in thousands) Three months ended June 26, 2022 Sporting Outdoor Products Three months ended September 25, 2022 Sporting Outdoor Total Total Products Products Products Three months ended December 25, 2022 Sporting Outdoor Products Total Products Products Segment operating income (1) Depreciation and amortization Adjusted segment EBITDA Adjusted segment EBITDA margin $176,086 6,382 $182,468 35.7% $27,686 11,807 $39,493 13.5% $203,772 18,189 $221,961 $133,552 6,398 $139,950 32.4% $29,729 15,543 $45,272 13.0% $163,281 21,941 $185,222 $117,935 6,171 $124,106 30.9% $13,475 17,598 $31,073 8.8% $131,410 23,769 $155,179 $124,659 6,136 $130,795 31.6% Three months ended March 31, 2023 Sporting Outdoor Products ($8,468) 17,881 $9,413 2.9% Fiscal year ended March 31, 2023 Sporting Outdoor Total Total $116,191 24,017 $140,208 Products $552,232 25,087 $577,319 32.8% Products $62,422 62,829 $125,251 9.5% $614,654 87,916 $702,570 (in thousands) Three months ended June 27, 2021 Sporting Outdoor Products Three months ended September 26, 2021 Sporting Outdoor Three months ended December 26, 2021 Sporting Outdoor Total Total Total Products Products Products Products Products Three months ended March 31, 2022 Sporting Products Fiscal year ended March 31, 2022 Outdoor Total Products Segment operating income (1) Depreciation and amortization Adjusted segment EBITDA $124,705 6,506 $131,211 36.0% $42,945 8,768 $51,713 17.3% $167,650 15,274 $182,924 $175,519 6,368 $181,887 40.4% $42,724 9,128 $51,852 15.8% $218,243 15,496 $233,739 $149,671 6,304 $155,975 33.9% $42,277 11,537 $53,814 16.1% $191,948 17,841 $209,789 $150,520 6,424 $156,944 33.8% $36,548 12,594 $49,142 14.3% $187,068 19,018 $206,086 Sporting Products $600,415 25,602 $626,017 Outdoor Total Products $164,494 42,027 $206,521 $764,909 67,629 36.0% 15.8% $832,538 Adjusted segment EBITDA margin Fiscal year ended March 31, 2021 Sporting Outdoor (in thousands) Segment operating income (1) Depreciation and amortization Adjusted segment EBITDA Adjusted segment EBITDA margin Total Products Products $222,713 23,292 $246,005 $137,943 37,934 $175,877 $360,656 61,226 $421,882 22.0% 15.9% t have provided (1) We do not calculate GAAP net income at the segment level, but have provided segment operating income and operating income margin as a relevant measurement of profitability. Segment operating income does not include interest expense and taxes as well as other non-cash and non-recurring items. Segment operating income is reconciled to our consolidated net income in the segment income to consolidated net income reconciliation table included in this release. OVISTA OUTDOOR 34#35Non-GAAP Financial Measures Organic sales & adjusted organic EBITDA Reconciliation: Organic sales and adjusted organic EBITDA is a non-GAAP measure of sales growth excluding the impacts of acquisitions from year-over-year comparisons. Sales and EBITDA are considered inorganic for the twelve months after acquisition. We believe this measure provides investors with a supplemental understanding of underlying sales trends by providing sales growth on a consistent basis. This measure is used in assessing achievement of management goals for at-risk compensation OVISTA OUTDOOR Organic Sales Reconciliation (in thousands) Sporting Products Outdoor Products Sales, net Less Sporting Products acquisitions Less Outdoor Products acquisitions Sporting Products organic sales, net Outdoor Products organic sales, net Organic sales, net Organic EBITDA Reconciliation (in thousands) Sporting Products Outdoor Products Corporate Adjusted EBITDA Less Sporting Products acquisitions Less Outdoor Products acquisitions Adjusted Sporting Products organic EBITDA Adjusted Outdoor Products organic EBITDA Three months ended June 25, 2023 June 26, 2022 $376,593 $510,626 316,740 $693,333 291,986 $802,612 (82,168) $376,593 $510,626 234,572 $611,165 291,986 $802,612 Three months ended June 25, 2023 $114,863 June 26, 2022 $182,468 24,102 39,493 (12,729) (19,342) $126,236 $202,619 (10,014) $114,863 $182,468 14,088 39,493 Adjusted Corporate EBITDA (12,729) (19,342) Adjusted organic EBITDA $116,222 $202,619 Adjusted organic Sporting Products EBITDA Margin 30.5% 35.7% Adjusted organic Outdoor Products EBITDA Margin Adjusted organic EBITDA Margin 6.0% 13.5% 19.0% 25.2% 35#36Non-GAAP Financial Measures Adjusted EBITDA is defined as Net Income before other income, interest, taxes, and depreciation and amortization, excluding the non-recurring and non-cash items referenced above. We calculated "Adjusted EBITDA margins" as Adjusted EBITDA divided by net sales. Vista Outdoor management believes adjusted EBITDA margin provides investors with an important perspective on the Company's core profitability and helps investors analyze underlying trends in the Company's business and evaluate its performance on an absolute basis and relative to its peers. Adjusted EBITDA margin should be considered in addition to, and not as a substitute for, GAAP net income margin. Vista Outdoor's definition may differ from that used by other companies. Three months ended June 25, Twelve months ended June 25, Three months ended June 26, Three months ended September (in thousands) 2023 2023 (in thousands) 2022 25, 2022 Three months ended December 25, 2022 Three months ended March 31, Fiscal year ended 2023 March 31, 2023 Net Income Other income, net $58,100 541 ($77,632) Net Income $126,015 $93,456 $65,147 (1,583) Other income, net (741) (639) ($294,335) (744) ($9,717) (2,124) Interest expense, net 16,218 69,225 Interest expense, net 6,310 13,934 18,953 20,120 59,317 Income tax (provision) benefit 17,327 37,607 Income tax (provision) benefit 40,100 24,519 13,225 (17,464) 60,380 Depreciation and amortization 24,927 97,700 Depreciation and amortization 19,316 22,984 24,791 24,998 92,089 Inventory step-up 9,528 Inventory step-up 3,036 5,043 1,449 9,528 Transaction costs 6,019 Transaction costs 2,086 5,779 180 60 8,105 Transition costs 3,002 7,786 Transition costs 272 400 831 3,553 5,056 Executive transition costs 658 6,289 Executive transition costs 5,631 5,631 Planned separation costs 3,224 25,606 Intangibles impairment 374,355 Planned separation costs 4,300 7,687 10,247 4,448 26,682 Restructuring Post-acquisition compensation 834 1,405 13,945 3,936 Contingent consideration Adjusted EBITDA $126,236 (27,395) $545,386 Intangibles impairment Restructuring Post-acquisition compensation Contingent consideration 374,355 374,355 13,111 13,111 4,332 3,269 3,530 (4,268) 6,863 Adjusted EBITDA margin 18.2% 18.4% Adjusted EBITDA Adjusted EBITDA margin (112) $202,619 25.2% (11,313) (4,977) (11,105) (27,507) $163,010 20.9% $136,331 18.1% $119,809 $621,769 16.2% 20.2% Three months ended June 27, Three months ended September (in thousands) Net Income 2021 $102,725 26, 2021 $139,540 Three months ended December 26, 2021 $118,137 Three months ended March 31, 2022 $112,824 Fiscal year ended March 31, 2022 $473,226 Other income, net Interest expense, net 5,679 5,928 6,695 6,962 25,264 Income tax (provision) benefit 35,253 45,270 34,115 33,094 147,732 Depreciation and amortization 16,244 16,439 19,327 20,330 72,340 Inventory step-up 384 1,247 744 2,375 Transaction costs 948 2,162 1,930 1,776 6,816 Transition costs 99 170 513 608 1,390 Post-acquisition compensation 547 1,245 2,780 4,415 8,987 Contingent consideration 956 956 Adjusted EBITDA $161,879 $210,754 Adjusted EBITDA margin 24.4% 27.1% $185,700 23.4% $180,753 22.4% $739,086 24.3% 36 OVISTA OUTDOOR#37Non-GAAP Financial Measures Adjusted EBITDA is defined as Net Income before other income, interest, taxes, and depreciation and amortization, excluding the non-recurring and non-cash items referenced above. We calculated "Adjusted EBITDA margins" as Adjusted EBITDA divided by net sales. Vista Outdoor management believes adjusted EBITDA margin provides investors with an important perspective on the Company's core profitability and helps investors analyze underlying trends in the Company's business and evaluate its performance on an absolute basis and relative to its peers. Adjusted EBITDA margin should be considered in addition to, and not as a substitute for, GAAP net income margin. Vista Outdoor's definition may differ from that used by other companies. Three months ended June 25, (in thousands) Segment operating income Corporate costs and expenses (1) Operating Income Other income, net Interest expense, net Income tax Net Income (in thousands) Segment operating income Corporate costs and expenses (1) Operating Income Other income, net Interest expense, net Income tax Net Income (in thousands) Segment operating income Corporate costs and expenses (1) Operating Income Other income, net Interest expense, net Income tax Net Income OVISTA OUTDOOR 2023 $114,988 (22,802) $92,186 (541) (16,218) (17,327) $58,100 Three months ended June 26, 2022 Three months ended September 25, 2022 Three months ended December Three months ended March 31, Fiscal year ended March 31, 2023 25, 2022 2023 $203,772 (31,347) $163,281 (32,113) $131,410 (34,724) $116,191 (408,614) $614,654 (506,798) $172,425 $131,168 $96,686 ($292,423) $107,856 741 639 (6,310) (13,934) (40,100) (24,519) $126,015 $93,456 (18,953) (13,225) $65,147 744 (20,120) 17,464 2,124 (59,317) (60,380) ($294,335) ($9,717) Fiscal year ended Fiscal year ended March 31, 2022 March 31, 2021 $764,909 $360,656 (118,687) (87,694) $646,222 $272,962 11,996 (25,264) (25,574) (147,732) 6,628 $473,226 $266,012 I non-recurrin (1) Includes corporate overhead and certain non-recurring items as described in the schedules to these slides. 37