From another post:
Q2, 2021 earnings report for Vista Outdoor.
CEO, Chris Metz:
Number four, we've cleaned inventory in all retail and wholesale locations, despite us producing flat out for six months. There's no buildup of inventory at any of our customers. In fact, every one of them would like significantly more simply because consumer demand continues to outpace our ability to supply. The number five backlog. We currently have over a year's worth of orders for ammunition in excess of a billion dollars. This is unprecedented for our company. With demand far outstripping supply and inventory levels in the channel at all time lows, we see strong demand continuing.