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Zach Bacon for Justin Kleber

Research Analyst at Baird

Zach Bacon is an Equity Research Associate at Baird, supporting senior analyst Justin Kleber in covering U.S. consumer and retail companies. He participates in company earnings calls, including for Academy Sports & Outdoors, contributing to fundamental analysis, financial modeling, and investment recommendations. Publicly available information confirms his active role on Baird research calls but does not provide verified quantitative performance metrics, rankings, or a detailed prior career history. Specific securities licenses, FINRA registrations, and formal professional designations for Bacon are not disclosed in accessible regulatory or professional databases, suggesting he operates in a junior or support capacity within Baird’s equity research team.

Zach Bacon for Justin Kleber's questions to Academy Sports & Outdoors (ASO) leadership

Question · Q3 2026

Zach Bacon, on behalf of Justin Kleber, asked about the Q4 guidance implying SG&A dollars are below Q3, which is unusual for the normal sequential trend, inquiring about the drivers and sustainability of this dynamic. He also asked about the plan to resume buybacks in Q4, given the implied strong free cash flow, and how this buyback plan compares to Q1.

Answer

CFO Carl Ford stated that Q4 SG&A at the midpoint implies 100 basis points of leverage, driven by a focus on efficiency and not undertaking numerous price changes in November and December. He also mentioned a sale leaseback of a property in Q4 of the prior year as a component. Regarding buybacks, Carl clarified that they are not embedded in the guidance. He reiterated the capital allocation philosophy: first, stability (cash, ABL); second, investing in the company (including inventory management); and third, returning capital to shareholders through a nominal dividend and buybacks. He noted that the stock is attractively priced and the company generates good cash flow.

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