Amer Sports Inc (AS) 2023 Q4 法說會逐字稿

Good morning. My name is Krista, and I'll be your conference operator today. At this time, I would like to welcome everyone to the Amer Sports fourth-quarter 2023 earnings conference call. (Operator Instructions)

早安.我叫克里斯塔，今天我將擔任你們的會議接線生。此時此刻，我歡迎大家參加 Amer Sports 2023 年第四季財報電話會議。 （操作員說明）

Thank you. I would now like to turn the conference over to Omar Saad, Vice President of Finance and Investor Relations. Omar, you may begin your conference.

謝謝。現在我想將會議交給財務和投資者關係副總裁 Omar Saad。奧馬爾，你可以開始你的會議了。

Hi, everyone. Thanks for joining Amer Sports fourth-quarter and fiscal year 2023 earnings call, which is our first earnings call as a public company on the New York Stock Exchange. Earlier this morning, we announced our fourth-quarter and full-year 2023 results. The release can be found on our IR website, investors.amersports.com.

大家好。感謝您參加 Amer Sports 第四季和 2023 財年財報電話會議，這是我們作為紐約證券交易所上市公司的第一次財報電話會議。今天早些時候，我們公佈了 2023 年第四季和全年業績。新聞稿可在我們的投資者關係網站 Investors.amersports.com 上找到。

A quick reminder to everyone that today's call will contain forward-looking statements within the meaning of the federal securities laws. These forward-looking statements reflect our current expectations and beliefs only and are subject to certain risks and uncertainties that could cause actual results to differ materially. Please see the Safe Harbor statement in our earnings release and SEC filings.

快速提醒大家，今天的電話會議將包含聯邦證券法意義內的前瞻性陳述。這些前瞻性陳述僅反映我們目前的預期和信念，並受到某些風險和不確定性的影響，可能導致實際結果出現重大差異。請參閱我們的收益發布和 SEC 文件中的安全港聲明。

We will also discuss certain non-IFRS financial measures. Please refer to our earnings release for important information regarding such non-IFRS financial measures, including reconciliations to the most comparable IFRS measures.

我們也將討論某些非 IFRS 財務指標。請參閱我們的收益發布，以了解有關此類非 IFRS 財務指標的重要信息，包括與最具可比性 IFRS 指標的調節表。

We will begin with prepared remarks from our CEO, James Zheng; and CFO, Andrew Page, followed by a Q&A session until 9:00 AM Eastern. Our three segment leaders will also join for the Q&A portion of the call: CEO of Arc'teryx, Stuart Haselden; CEO of Salomon, Franco Fogliato; and CEO of Wilson, Joe Dudy.

我們將首先聽取我們的執行長 James Cheng 準備好的演講；財務長安德魯佩奇 (Andrew Page) 出席，隨後進行問答環節，直至東部時間上午 9:00。我們的三位部門領導也將參加電話會議的問答部分：Arc'teryx 執行長 Stuart Haselden；所羅門公司執行長 Franco Fogliato；威爾遜執行長喬杜迪 (Joe Dudy)。

With that, I'll turn the call over to James.

這樣，我就把電話轉給詹姆斯。

Thanks, Omar. I'm very proud to lead Amer Sports's first earnings call as a New York Stock Exchange-listed company. Amer Sports may be new to the US equity market, but we come from a long and rich heritage in sports and outdoor activities.

謝謝，奧馬爾。我非常自豪能夠主持 Amer Sports 作為紐約證券交易所上市公司的首次財報電話會議。 Amer Sports 可能是美國股票市場的新手，但我們在體育和戶外活動方面有著悠久而豐富的傳統。

Our brands are loved and trusted by millions worldwide. Whether used by elite competitors, weekend warriors, or aspirational enthusiasts, our equipment, footwear, and apparel deliver the best technical quality and performance. We are excited about the opportunity to drive growth across our three segments: technical apparel, outdoor performance, and the ball-and-racket sports.

我們的品牌深受全球數百萬人的喜愛與信賴。無論是菁英選手、週末勇士或有抱負的愛好者使用，我們的裝備、鞋類和服裝都能提供最佳的技術品質和性能。我們很高興有機會推動我們三個領域的成長：技術服裝、戶外表現和球拍運動。

Although 2023 was another strong year of sales growth and margin expansion for Amer Sports, we are still in the early stage of our profitable growth inflection, following our transformation to our decentralized brand-direct operating model in 2020. This transformation has been critical to unlock the value of our portfolio, led by our high-growth flagship brand, Arc'teryx. Several factors give us confidence for the future.

儘管2023 年是Amer Sports 銷售成長和利潤擴張的又一個強勁年份，但繼2020 年轉型為去中心化品牌直營營運模式之後，我們仍處於盈利增長拐點的早期階段。這一轉型對於解鎖業務至關重要。以我們高成長的旗艦品牌 Arc'teryx 為首的產品組合的價值。有幾個因素讓我們對未來充滿信心。

First, we operate a unique portfolio of premium outdoor and sports brands, each positioned at the pinnacle of their respective markets. Second, our brands have high engagement and satisfaction with consumers around the world but are still relatively small players in those large global outdoor and sports markets.

首先，我們經營獨特的優質戶外和運動品牌組合，每個品牌都處於各自市場的頂峰。其次，我們的品牌對世界各地的消費者俱有很高的參與度和滿意度，但在全球大型戶外和運動市場中仍然是相對較小的參與者。

Third, the premium segment of outdoor sports markets remains healthy and growing, especially in Greater China and the Americas, where we continue to outperform peers. Fourth, our highest-margin brand, bridgings, channels, and categories are growing the fastest, and we have assembled a strong and experienced management team that's energized and motivated to drive value creation for our stakeholders.

第三，戶外運動市場的高端細分市場保持健康和成長，尤其是在大中華區和美洲，我們的表現繼續優於同業。第四，我們利潤率最高的品牌、橋接、通路和品類成長最快，我們組建了一支強大且經驗豐富的管理團隊，他們充滿活力、積極主動，為利害關係人創造價值。

Before I review the performance of our brand segments, I want to zero in on what I see as our path forward. First, we believe Arc'teryx is a breakout growth story, with unprecedented growth and profitability for the outdoor industry. It's truly charting new territory with its disruptive DTC models and a very strong competitive position. The growth and the profitability of this franchise will fuel Amer Sports for years to come.

在回顧我們品牌細分市場的表現之前，我想先把我所看到的我們的前進道路歸零。首先，我們相信 Arc'teryx 是一個突破性的成長故事，為戶外產業帶來了前所未有的成長和獲利能力。它以其顛覆性的 DTC 模型和非常強大的競爭地位真正開闢了新領域。該特許經營權的增長和盈利能力將在未來幾年為 Amer Sports 提供動力。

Second, Salomon, Wilson, and all our other brands are very strong, have long-standing authentic heritage, premium positioning with their respective segments, and amazing products. Although they are early in their growth inflection, we are building very strong foundation for future growth for these brands across categories and key geographies.

其次，所羅門、威爾遜和我們所有其他品牌都非常強大，擁有悠久的正宗傳統、各自細分市場的高端定位以及令人驚嘆的產品。儘管它們還處於成長轉折點的早期，但我們正在為這些品牌跨類別和關鍵地區的未來成長奠定堅實的基礎。

Third, we believe our unique expertise in Greater China and our success embedding top talent in our brand teams in this important growth region give us a clear competitive advantage across all brands in our portfolio.

第三，我們相信，我們在大中華區的獨特專業知識以及我們在這個重要成長地區的品牌團隊中成功地融入頂尖人才，使我們在我們投資組合中的所有品牌中擁有明顯的競爭優勢。

Before I turn over to Andrew to discuss our company results, margins, the balance sheet, and guidance, I will provide a review of our three brand segments; first, technical apparel, led by Arc'teryx. Revenues grew 26% to $550 million in Q4, driven by 42% direct-to-consumer growth, including a 33% omni-comp. This was partially offset by a 5% decline in wholesale, which was expected and primarily related to the supply chain-related sales shift from Q3 into Q4 in 2022, which created a more difficult comparison. For the full year 2023, technical apparel grew 45%, driven by 57% DTC growth, including a 55% omni-comp.

在我向安德魯討論我們公司的表現、利潤率、資產負債表和指導之前，我將回顧我們的三個品牌細分市場：首先是技術服裝，由 Arc'teryx 領導。第四季營收成長 26%，達到 5.5 億美元，這得益於 42% 的直接面向消費者成長，其中包括 33% 的全能營收成長。這被批發額下降 5% 部分抵消，這是預期的，主要與供應鏈相關的銷售從 2022 年第三季度轉移到第四季度有關，這造成了更困難的比較。 2023 年全年，在 DTC 成長 57%（包括 55% 的綜合成本）的推動下，技術服裝成長了 45%。

Arc'teryx continues to experience very strong brand momentums across all regions, channels, consumer segments, and product categories. And in both stores and online, the DTC channel experienced strong traffic and conversion trends. The brand achieved key milestones in its DTC evolution in 2023, including premium flagship openings in Osaka, Beijing, Toronto and, most recently, our 20,000-square-foot store in Shanghai that's taking the brand's retail presentation to new heights.

Arc'teryx 在所有地區、通路、消費者群體和產品類別中持續展現出非常強勁的品牌動能。在商店和網路上，DTC 通路都經歷了強勁的流量和轉換趨勢。該品牌於 2023 年在 DTC 發展過程中實現了重要里程碑，包括在大阪、北京、多倫多開設高級旗艦店，以及最近在上海開設 20,000 平方英尺的商店，將品牌的零售展示推向新的高度。

Arc'teryx is also doubling down on innovation, including a significant new footwear launch, with the first fully in-house designed and developed footwear for the mountain athlete. Arc'teryx continues to drive deep relationships in mountain communities through global academies and hosts more than 25,000 participants at Whistler, [Shang Antong], Chamonix, Squamish, and Yangshuo academies across 2023.

Arc'teryx 也加倍創新，包括推出重要的新款鞋類產品，這是第一款完全由內部設計和開發的專為山地運動員設計和開發的鞋類產品。 Arc'teryx 繼續透過全球學院推動山區社區的深厚關係，並於 2023 年在惠斯勒、[尚安通]、霞慕尼、斯闊米甚和陽朔學院接待超過 25,000 名參與者。

Regionally, technical apparel grew 30% in both Greater China and the Americas. Technical apparel grew more than 40% in APAC, where we are evolving the operating model to accelerate DTC expansion. Importantly, in Q4, Arc'teryx also posted outsized growth in key opportunity areas, including women's footwear and hard goods and accessories.

從地區來看，大中華區和美洲的科技服裝成長了 30%。科技服裝在亞太地區成長了 40% 以上，我們正​​在改進營運模式以加速 DTC 擴張。重要的是，第四季度，Arc'teryx 在關鍵機會領域也實現了大幅成長，包括女鞋、耐用品和配件。

Turning to outdoor performance. Revenue grew 2% in Q4 to $523 million, driven by strong top- and bottom-line performance in our winter sports equipment franchise, partially offset by an expected deceleration in Salomon footwear in the wholesale channel. DTC experienced strong growth, while wholesale declined due to the challenging comparison versus Q4 2022 mentioned above.

轉向戶外表演。第四季營收成長 2%，達到 5.23 億美元，這得益於我們冬季運動裝備特許經營業務強勁的營收和利潤表現，但部分被批發通路所羅門鞋類的預期減速所抵消。 DTC 經歷了強勁增長，而批發由於與上述 2022 年第四季度相比具有挑戰性而下降。

Regionally, Greater China and APAC experienced healthy increases, partially offset by declines in the Americas and the EMEA. Although wholesalers in the Americas and EMEA remain cautious with pre-orders as they focus on maintaining lean inventories and rely more on refreshment orders, Salomon continues to enjoy strong demand at retail. The brand performed well in both own retail and partner stores, including DTC up a very strong double digit, with all regions and formats showing solid gains.

從地區來看，大中華區和亞太地區經歷了健康成長，但部分被美洲和歐洲、中東和非洲地區的下降所抵消。儘管美洲和歐洲、中東和非洲的批發商對預訂保持謹慎態度，因為他們專注於維持精益庫存並更多地依賴刷新訂單，但所羅門仍然享有強勁的零售需求。該品牌在自有零售店和合作夥伴商店中均表現良好，其中 DTC 的增幅非常強勁，達到了兩位數，所有地區和業態均呈現強勁增長。

There continued to be signs that Salomon footwear is generating strong brand heat in key sneak communities. Our new sports style line was ranked as the number one close brand on Stock X last year. Also worth noting is the strong winter sports equipment performance in Q4, particularly in APAC, Greater China, and EMEA, aided by favorable weather conditions, strong result for bookings, and timely inventory deliveries.

持續有跡象表明，Salomon 鞋類在主要運動鞋社群中產生了強勁的品牌熱度。去年，我們的新運動風格系列在 Stock X 上排名第一。另外值得注意的是，由於有利的天氣條件、強勁的預訂結果和及時的庫存交付，冬季運動裝備在第四季度表現強勁，尤其是在亞太地區、大中華區和歐洲、中東和非洲地區。

For the full year 2023, outdoor performance grew 18%, growing in all regions, driven by the 146% growth in Greater China and the 44% growth in APAC. By channel, DTC led growth at the plus 42%.

2023 年全年，在大中華區 146% 成長和亞太地區 44% 成長的推動下，所有地區的戶外表現成長了 18%。按通路劃分，DTC 的成長率領先 42%。

Key brand highlights from 2023 include: number one, Salomon becoming an official partner for the 2026 Milan Cortina Olympic Games, including supplying 25,000 volunteers and torch bearers with Salomon apparel, footwear, and accessories; second, the launch of Salomon's first low running super shoe, the Phantasm 2, which sold out in 30 days; and the third, the successful Salomon athlete, Courtney Dauwalter, the best trail runner on the planet and the first human even to win the Western States 100, The Hardrock 100, and the UTMB in a single season. And 2024 start with the splash when Salomon launches Welcome Back to Earth brand campaign during the Super Bowl.

2023 年的主要品牌亮點包括：第一，所羅門成為 2026 年米蘭科爾蒂納奧運會的官方合作夥伴，包括為 25,000 名志工和火炬手提供所羅門服裝、鞋類和配件；其次，推出Salomon首款低跑超級鞋Phantasm 2，30天內售空；第三位是成功的所羅門運動員考特尼·道瓦爾特(Courtney Dauwalter)，他是地球上最好的越野跑運動員，也是第一個在單賽季贏得西部州100、硬石100 和UTMB 的人。 2024 年，所羅門公司在超級盃期間推出「歡迎回到地球」品牌活動，引起轟動。

In winter sports equipment, Atomic reinforced its global leadership in alpine skis and achieved number two position in the global ski boots market. Our star athlete, [Michael Schuffling], had an exceptional year, breaking the 24-year-old record for most World Cup victories of all time and now has 93 wins.

在冬季運動裝備方面，Atomic鞏固了其在高山滑雪領域的全球領先地位，並在全球滑雪靴市場上取得了第二名的位置。我們的明星運動員 [Michael Schuffling] 度過了非凡的一年，打破了 24 年來世界盃勝利次數最多的紀錄，目前已取得 93 場勝利。

Moving to ball-and-racket, where revenues declined 3% to $242 million in Q4. Ball-and-racket had promising growth in EMEA and Greater China. This growth wasn't enough to offset declines in its largest channel, US wholesale. From a category perspective, the growth in sportswear, golf, and balls wasn't enough to offset weakness in baseball and the racket.

轉向球類產品，第四季營收下降 3% 至 2.42 億美元。球拍在歐洲、中東和非洲和大中華區的成長前景廣闊。這一增長不足以抵消其最大渠道美國批發的下滑。從品類角度來看，運動服、高爾夫和球類的成長不足以抵消棒球和球拍的疲軟。

The US sports equipment market was significantly hampered in 2023 due to elevated inventories across the industry that have spilled over from 2022. In Q4, we made the strategic decision to take the promotional actions necessary for ball-and-racket to begin 2024 with healthier inventory levels.

由於從2022 年開始溢出的整個行業庫存增加，美國運動器材市場在2023 年受到嚴重阻礙。在第四季度，我們做出了戰略決策，採取必要的促銷行動，使球拍在2024 年開始時擁有更健康的庫存水準。

Wilson continues to be a market share leaders in its core business of tennis, baseball, and balls, and we remain confident in the brand's long-term outlook. Some of Wilson's key highlights over the past year include launching the first-ever 3D printed basketball, which debuted at the 2023 NBA All-Star Game contest, and expanding the brand's retail footprint with new Wilson stores in Santa Monica, Minneapolis Mall of America, Garden State Plaza, The Galleries in Houston, as well as additional stores in China and Korea. Wilson's strength in tennis continues as 32% of the competitors at the recent Australian Open compete using a Wilson racket, making us the number one racket at the tournament.

威爾森在網球、棒球和球類核心業務中繼續保持市場份額領先地位，我們對該品牌的長期前景仍然充滿信心。 Wilson 在過去一年中的一些重要亮點包括推出首款3D 列印籃球（該籃球在2023 年NBA 全明星賽上首次亮相），以及在美國明尼阿波利斯購物中心聖莫尼卡開設新Wilson 商店，擴大品牌的零售足跡。花園州廣場、休士頓的 The Galleries 以及中國和韓國的其他商店。威爾遜 (Wilson) 在網球領域的優勢仍在延續，在最近的澳大利亞網球公開賽上，32% 的參賽者使用威爾遜 (Wilson) 球拍進行比賽，這使我們成為賽事中排名第一的球拍。

For the full year 2023, ball-and-racket grew 7%, led by double-digit gains in DTC, Greater China, and APAC.

2023 年全年，球拍成長了 7%，其中 DTC、大中華區和亞太地區實現了兩位數成長。

With that, I will turn it over to Andrew to discuss our company results and outlook.

接下來，我將把它交給安德魯，討論我們公司的表現和前景。

Thanks, James. Amer Sports continues to enjoy the financial benefits of our transformation to a brand-direct operating model. Our strong and authentic brands resonate with consumers and position us well to navigate the challenging macro crosscurrents in 2023.

謝謝，詹姆斯。 Amer Sports 持續享受我們向品牌直接營運模式轉型帶來的經濟利益。我們強大而真實的品牌能夠與消費者產生共鳴，使我們能夠很好地應對 2023 年充滿挑戰的宏觀逆流。

With revenue growth above 20% for the full year and continued gross and operating margin expansion, we continue to win with our consumers. Our full-year and Q4 results all came in at or above the high end of the ranges we pre-announced in our flash results in January. Q4 results decelerated from Q3, which we expected due to supply chain bottlenecks in the second half of 2022, which caused a meaningful shift of sales from Q3 into Q4, creating much harder comparisons.

全年營收成長超過 20%，毛利率和營業利潤率持續成長，我們持續贏得消費者的青睞。我們的全年和第四季度業績均達到或高於我們在一月份的快訊業績中預先宣布的範圍的上限。第四季的業績較第三季有所放緩，這是我們預期的，因為2022 年下半年出現供應鏈瓶頸，這導致銷售從第三季度轉移到第四季度，從而使比較變得更加困難。

Looking at the second half in total, our underlying sales and margin trends remained healthy. We also experienced a capital structure transformation following our IPO last month. We retired approximately $4 billion worth of shareholder loans, and we refinanced the remaining $1.8 billion of third-party loans to more favorable terms and extended maturity to 2031.

整體來看下半年，我們的基本銷售和利潤率趨勢保持健康。上個月首次公開募股後，我們也經歷了資本結構轉型。我們償還了價值約 40 億美元的股東貸款，並對剩餘 18 億美元的第三方貸款進行了再融資，以獲得更優惠的條款，並將期限延長至 2031 年。

Digging in deeper, starting with our top line. For the fourth quarter, revenue rose 10% to $1.3 billion. For the full year 2023, group revenue grew 23%. D2C continued to grow at a very strong double-digit rate, led by Arc'teryx, while wholesale revenues for the group fell 4%, with all three segments experiencing declines due to the comparison issues mentioned above.

深入挖掘，從我們的頂線開始。第四季營收成長 10%，達到 13 億美元。 2023 年全年，集團營收成長 23%。在 Arc'teryx 的帶領下，D2C 繼續以非常強勁的兩位數成長率成長，而該集團的批發收入下降了 4%，由於上述比較問題，所有三個細分市場均出現下降。

D2C expanded 37% in Q4, led by technical apparel in the Americas and Greater China. In wholesale, high inventory levels at retail in the Americas and EMEA were a drag on shipments in the ball-and-racket and outdoor performance segments.

D2C 在第四季度增長了 37%，其中美洲和大中華區的技術服裝領漲。在批發方面，美洲和歐洲、中東和非洲零售業的高庫存水準拖累了球拍和戶外運動領域的出貨量。

In Q4, regional growth was led by a 45% increase in Greater China, where all three brand segments experienced solid growth, followed by 22% growth in APAC, albeit off a small base. The Americas grew mid-single digits, led by D2C's strength, partially offset by declines in our wholesale channel.

第四季度，區域成長由大中華區 45% 的成長帶動，其中所有三個品牌細分市場都實現了穩健成長，其次是亞太地區的 22% 成長，儘管基數較小。在 D2C 實力的帶動下，美洲地區實現了中位數成長，但部分被我們批發管道的下滑所抵消。

Turning to profitability. Adjusted gross profit margin rose 170 basis points to 52.2% in Q4 versus Q4 2022, primarily driven by our highest gross margin business, Arc'teryx, growing at a faster rate than our other franchises. This was partially offset by heavily promotional environment in ball-and-racket. Lower logistics costs, improved sourcing performance, and channel and regional mix also drove gross margin expansion.

轉向盈利能力。與 2022 年第四季相比，第四季調整後毛利率上升 170 個基點，達到 52.2%，這主要是由於我們毛利率最高的業務 Arc'teryx 的成長速度快於我們其他特許經營業務。這被球拍領域的大力促銷環境所部分抵消。較低的物流成本、改善的採購績效以及通路和區域組合也推動了毛利率的成長。

In Q4, strong gross profit gains were offset by SG&A deleverage. Adjusted SG&A as a percentage of revenue increased 410 basis points on slower sales growth and represented 42.6% of revenues in the quarter. This drove the 220-basis-point decline in our Q4 adjusted operating profit percentage to 10.4%. The key areas of expense growth included variable selling expenses, additional headcount, variable marketing expenses, higher rent costs driven by store openings, and strategic investments in IT.

第四季度，強勁的毛利成長被銷售管理、行政管理去槓桿化所抵銷。由於銷售成長放緩，調整後的 SG&A 佔營收的百分比增加了 410 個基點，佔本季營收的 42.6%。這導致我們在第四季度調整後營業利潤百分比下降 220 個基點至 10.4%。費用成長的關鍵領域包括可變銷售費用、額外員工、變動行銷費用、開店導致的租金成本上升以及 IT 策略投資。

Our Q4 adjusted net income declined a loss of $41 million compared with $46 million of income in Q4 2022, driven primarily by increased interest expense on higher variable interest compared to 2022.

與 2022 年第四季的收入 4,600 萬美元相比，我們在第四季度調整後淨利潤減少了 4,100 萬美元，這主要是由於與 2022 年相比，可變利息較高，利息支出增加。

Adjusted diluted EPS fell to an $0.11 loss in the fourth quarter as compared to $0.12 of income in the fourth quarter of 2022. For the full year of 2023, we generated a $0.35 adjusted diluted loss per share as compared to an $0.08 loss per share in the prior year.

第四季調整後稀釋每股盈餘降至0.11 美元虧損，而2022 年第四季營收為0.12 美元。2023 年全年，我們產生了0.35 美元調整後稀釋每股虧損，而2022 年第四季每該股虧損為0.08 美元。前一年。

Excluding PPA, our fourth-quarter adjusted net income would have been a loss of $31 million or an $0.08 per share loss. For the full year of 2023, adjusted net income excluding PPA would have been a loss of $92 million.

如果不包括 PPA，我們在第四季度調整後的淨利潤將虧損 3,100 萬美元，即每股虧損 0.08 美元。 2023 年全年，不包括 PPA 的調整後淨利將虧損 9,200 萬美元。

Turning to the balance sheet and cash flow. As I mentioned, we improved our capital structure using the IPO proceeds to retire our EUR1.3 billion shareholder loan. We also refinanced $2 billion of debt in the form of: EUR700 million term loan, a USD500 million term loan, and an $800 million senior secured notes.

轉向資產負債表和現金流量。正如我所提到的，我們利用 IPO 收益償還了 13 億歐元的股東貸款，改善了我們的資本結構。我們也以以下形式為 20 億美元債務進行再融資：7 億歐元定期貸款、5 億美元定期貸款和 8 億美元優先擔保票據。

Following our IPO and debt restructuring, our net debt to adjusted EBITDA is down several turns to approximately 3 times. We aim to bring that down below 2 times over the next few years through both EBITDA expansion and debt paydown.

在我們的 IPO 和債務重組之後，我們的淨債務與調整後 EBITDA 比率下降了幾圈，降至約 3 倍。我們的目標是在未來幾年透過 EBITDA 擴張和債務償還將其降至 2 倍以下。

Based on current interest rates, our net finance costs will run in the range of $45 million to $50 million per quarter, a meaningful improvement from 2023.

根據當前利率，我們每季的淨財務成本將在 4,500 萬美元至 5,000 萬美元之間，比 2023 年有顯著改善。

Inventories finished 2023 in a healthy position, up 21% from the end of 2022, below our revenue growth of 23% for the full year. Our goal is to grow inventories at a rate that is in line or below revenue growth.

2023 年庫存處於健康狀態，較 2022 年底成長 21%，低於我們全年 23% 的營收成長。我們的目標是以與收入成長一致或低於收入成長的速度增加庫存。

Turning to the future. We are happy to share our five-year financial algorithm, which consists of low double-digit to mid-teens annual sales growth, 300 basis points of gross margin expansion, and 30 to 70 basis points of annual adjusted operating margin expansion. The group-level top-line algorithm reflects mid- to high-teens sustainable growth for technical apparel, high-single to low-double-digit annual expansion for outdoor performance, and a mid-single-digit long-term growth rate for ball-and-racket.

展望未來。我們很高興分享我們的五年財務演算法，其中包括低兩位數到中位數的年銷售額增長、300 個基點的毛利率擴張以及 30 至 70 個基點的年度調整後營業利潤率擴張。集團層面的營收演算法反映了技術服裝中位數到高位數的可持續成長、戶外運動領域高個位數到低兩位數的年度擴張以及球類運動中個位數的長期成長率。 -和球拍。

Turning to the near-term guidance. We are off to a solid start in 2024 and continue to enjoy healthy mixed-shift benefits led by our fastest-growing, high-margin Arc'teryx business.

轉向近期指導。我們將在 2024 年取得良好的開端，並繼續享受由我們成長最快、高利潤的 Arc'teryx 業務帶來的健康的混合班制效益。

Given the difficult comparison from the strong growth at the beginning of 2023, we expect revenue growth for the group in the range of 6% to 8% in Q1, which will be our slowest growth quarter of the year. This incorporates greater than 30% growth in technical apparel, flattish revenues in outdoor performance, and a low-double-digit decline in ball-and-racket.

鑑於與 2023 年初的強勁成長難以比較，我們預計集團第一季的營收成長將在 6% 至 8% 之間，這將是我們今年成長最慢的季度。其中包括技術服裝超過 30% 的成長、戶外運動收入持平以及球和球拍的低兩位數下降。

We expect Q1 adjusted gross profit margin to be approximately 53.5%, driven primarily by mixed-shift benefits, and an adjusted operating margin of 9% to 10%.

我們預計第一季調整後毛利率約為 53.5%，主要由混合輪班效益推動，調整後營業利潤率為 9% 至 10%。

Our net finance costs for the quarter will be $100 million to $110 million, and our effective tax rate will be in the range of 25% to 35%. This equates to adjusted diluted EPS in the range of a $0.01 loss to $0.02 earnings per share. Keep in mind that net finance cost for the quarter includes approximately $60 million of non-recurring items associated with the early extinguishment of debt, related hedge contract exit cost, and the higher interest rate on the prior debt for the first 45 days of the quarter. This non-recurring net finance cost will negatively impact Q1 EPS by $0.08 to $0.09 per share. Going forward, we expect recurring net finance costs to be in the range of $45 million to $50 million on a quarterly basis.

我們本季的淨財務成本將為 1 億至 1.1 億美元，有效稅率將在 25% 至 35% 之間。這相當於調整後的攤薄每股收益在 0.01 美元虧損至 0.02 美元每股收益之間。請記住，本季的淨財務成本包括約 6,000 萬美元的與提前消除債務相關的非經常性項目、相關對沖合約退出成本以及本季度前 45 天先前債務的較高利率。這項非經常性淨財務成本將對第一季每股收益產生 0.08 美元至 0.09 美元的負面影響。展望未來，我們預計每季經常性淨財務成本將在 4,500 萬美元至 5,000 萬美元之間。

For the segments, we expect an adjusted operating profit of slightly above 20% for technical apparel, mid-single digits for outdoor performance, and low- to mid-single digits for ball-and-racket.

對於這些細分市場，我們預計技術服裝的調整後營業利潤將略高於20%，戶外性能產品的調整後營業利潤將達到中個位數，球拍產品的調整後營業利潤將達到中位數。

Turning to the full year, we expect mid-teens revenue growth for the group, which incorporates greater than 20% growth in technical apparel, 8% to 10% growth in outdoor performance, and low- to mid-single-digits growth in ball-and-racket.

展望全年，我們預計該集團的收入將實現十幾歲左右的增長，其中技術服裝增長超過 20%，戶外性能增長 8% 至 10%，球類產品增長中低個位數。- 和球拍。

We expect more than 100 basis points of adjusted gross margin expansion to 53.5% to 54.0% in 2024, driven primarily by mixed shift. This will be partially offset by SG&A deleverage.

我們預計，2024 年調整後毛利率將成長 100 個基點以上，達到 53.5% 至 54.0%，這主要是由混合轉型推動的。這將被 SG&A 去槓桿化部分抵消。

We expect adjusted operating margin of 10.5% to 11%. For the segments, we expect adjusted operating margin of slightly above 20% for technical apparel, high-single digits for outdoor performance, and mid-single digits for ball-and-racket.

我們預計調整後營業利益率為 10.5% 至 11%。對於這些細分市場，我們預期科技服飾的調整後營業利潤率將略高於20%，戶外運動產品的調整後營業利潤率將達到高個位數，球拍產品的調整後營業利潤率將達到中個位數。

You should assume full-year net financing expenses of $240 million to $250 million, or approximately $180 million to $190 million excluding the non-recurring items that I mentioned above of $600 million in the first quarter, and an effective tax rate of 25% to 35%. This equates to a range of $0.30 to $0.40 of adjusted diluted EPS based on 510.1 million fully diluted share counts.

你應該假設全年淨融資費用為2.4 億至2.5 億美元，或大約為1.8 億至1.9 億美元，不包括我上面提到的第一季6 億美元的非經常性項目，以及25% 的有效稅率35%。這相當於基於 5.101 億股完全稀釋股數調整後的稀釋每股收益為 0.30 美元至 0.40 美元。

We are assuming $250 million to $260 million of depreciation and amortization, which includes $100 million to $110 million of ROU depreciation.

我們假設折舊和攤提為 2.5 億至 2.6 億美元，其中包括 1 億至 1.1 億美元的 ROU 折舊。

CapEx is expected to be approximately $300 million, an increase of $120 million over 2023 to support new store expansion, our SAP implementation, and distribution and logistics investments.

資本支出預計約 3 億美元，比 2023 年增加 1.2 億美元，用於支持新店擴張、SAP 實施以及分銷和物流投資。

With that, I'll turn it back to the operator for Q&A.

這樣，我會將其轉回給接線員進行問答。

(Operator Instructions) Matthew Boss, JPMorgan.

（操作員指示）Matthew Boss，摩根大通。

Great. Thanks, and congrats on your first quarter out of the gate. So two-part question. Maybe first, could you just elaborate on the momentum that you're seeing at the Arc'teryx brand across regions or channels just supporting the first quarter guidance of more than 30% technical apparel revenue growth?

偉大的。謝謝，並恭喜您第一季的表現。所以分為兩部分的問題。首先，您能否詳細說明您所看到的 Arc'teryx 品牌跨地區或跨渠道的勢頭，支持第一季技術服裝收入增長超過 30% 的指導？

And then for Andrew, could you just help bridge the embedded top-line progression from 6% to 8% revenue growth in the first quarter to mid-teens growth for the full year?

那麼對於安德魯來說，您能否幫助將第一季營收成長 6% 至 8% 的嵌入式營收成長與全年的中雙位數成長聯繫起來？

Hey, Matt. It's Stuart. So I'll speak to your first question there. So fourth quarter ended very strong for Arc'teryx. We saw results that exceeded our expectations to end the year, and we've seen that momentum carry forward into the first quarter. We're actually seeing sequential strengthening in our underlying KPIs in our -- across our direct-to-consumer business. So traffic and conversion in both our stores and our digital websites, performing very well. We're in a very strong in-stock position from an inventory standpoint. So the combination of those things are leading us to the guidance that we shared with you.

嘿，馬特。是斯圖爾特。所以我將在那裡回答你的第一個問題。因此，Arc'teryx 第四季的表現非常強勁。到年底我們看到的結果超出了我們的預期，我們看到這種勢頭延續到了第一季。實際上，我們看到我們的直接面向消費者業務的基本 KPI 不斷加強。因此，我們的商店和數位網站的流量和轉換率都表現得非常好。從庫存角度來看，我們的庫存狀況非常強勁。因此，這些因素的結合引導我們找到了與您分享的指導。

Hey, thanks, Matt. This is Andrew. As you think about the progression of our quarters, like i said in my prepared remarks, Q1 is going to be our lowest growth quarter, given the comparison issues that we talked about exiting 2022 that carried over into the first quarter of 2023.

嘿，謝謝，馬特。這是安德魯。當你思考我們季度的進展時，就像我在準備好的發言中所說的那樣，考慮到我們談到的2022 年退出並延續到2023 年第一季的比較問題，第一季將是我們成長最低的季度。

While we have been given cadence for the full year, what I will tell you is that you could expect each of the -- the rest of the year is mid-double -- mid-teens up for the rest of the year to equate to the full-year guidance of mid-teens and Q4 being our strongest quarter of this year from a growth perspective, again, coming off for easy compare, in 2023, for all the reasons that we talked about.

雖然我們已經給出了全年的節奏，但我要告訴你的是，你可以預期今年剩餘時間裡的每一個——中雙——中十幾歲的時間都相當於出於我們討論的所有原因，從成長角度來看，中青少年和第四季度的全年指引是我們今年最強勁的季度，再次，在2023 年，我們可以輕鬆進行比較。

Hey, Matt. It's Omar. I'll just add one thing. So the comparisons get 20 points easier going from the first quarter to the fourth quarter. But also, the Arc'teryx store openings, we're opening more new, larger Arc'teryx stores this year than we have in any year in the past, including some of the key openings -- store openings late in 2023 and in the first half of 2024, so well before the key winter season, which is going to just drive a much bigger kind of conversion and revenue volume in the back half for that brand, which is already growing at a fast rate. Thanks.

嘿，馬特。是奧馬爾。我只補充一件事。因此，從第一節到第四節，比較起來容易了 20 個百分點。而且，Arc'teryx 商店的開業，我們今年將開設比過去任何一年都更多、規模更大的 Arc'teryx 商店，其中包括一些關鍵的新店——2023 年末和 2023 年末開業的商店。2024 年上半年，在關鍵的冬季到來之前，這將在下半年推動該品牌更大的轉換和收入量，而該品牌已經在快速成長。謝謝。

Great color. Best of luck.

顏色很棒。祝你好運。

Lorraine Hutchinson, Bank of America.

洛琳‧哈欽森，美國銀行。

Thank you. Good morning. Can you talk about the drivers of the decline in outdoor margin that you're guiding to in the first quarter, and then what changes to lead to the nice expansion embedded in the guidance for the year?

謝謝。早安.您能否談談您在第一季指導的戶外利潤率下降的驅動因素，然後是哪些變化導致了今年指導中的良好擴張？

Yeah. So when you think about the outdoor performance, there is meaningful investment built into the first half of this year. As you know that business is primarily D2C driven in Greater China, but outside of Greater China, the meaningful wholesale business, we will continue to invest in the business -- the footwear business related to outdoor performance and especially into North America.

是的。因此，當你考慮戶外表現時，你會發現今年上半年進行了有意義的投資。如您所知，大中華區的業務主要是D2C驅動的，但在大中華區之外，有意義的批發業務，我們將繼續投資該業務——與戶外性能相關的鞋類業務，尤其是北美地區。

The other phenomenon in there is winter sports equipment is part of outdoor performance. And as you know, we talked about winter sports equipment having a strong fourth quarter, which is primarily weather driven in the sense that, weather got bad, early people bought early, and that's created a softer first quarter that's -- so footwear within outdoor performance is performing really, really well when a sports equipment, which is part of outdoor performance, is having a softer first quarter coming off a really strong fourth quarter.

另一個現像是冬季運動裝備是戶外表演的一部分。如你所知，我們談到了冬季運動裝備第四季度的強勁表現，這主要是天氣驅動的，因為天氣變壞，人們提早購買，這導致了第一季的疲軟——所以戶外鞋類當運動器材（戶外表現的一部分）在第四季表現強勁而第一季表現疲軟時，性能表現就非常非常好。

Lorraine, did you have another one?

洛林，你還有另一份嗎？

No, thank you.

不，謝謝。

Brooke Roach, Goldman Sachs.

布魯克·羅奇，高盛。

Good morning, and thank you for taking our question. I was hoping you could elaborate on the outlook for North America growth for both the outdoor performance and ball-and-racket segments as you move throughout the year. How are you thinking about the idiosyncratic growth opportunity, given the momentum of your brand across footwear? And what trends are you seeing with your partners as they manage through inventory and current demand levels? Thank you.

早安，感謝您提出我們的問題。我希望您能詳細闡述北美戶外表演和球拍領域全年的成長前景。鑑於您的品牌在鞋類領域的發展勢頭，您如何看待這種特殊的成長機會？當您的合作夥伴管理庫存和當前需求水準時，您看到了哪些趨勢？謝謝。

Hi, this is Franco. Thanks for the question. At the beginning of accelerating North America, we see definitely some consciousness from the retailers into pre-orders, but we're seeing also strong in-season reorders. We've seen that in Q4 as well as when we entered the year.

嗨，這是佛朗哥。謝謝你的提問。在北美加速發展之初，我們確實看到零售商對預訂有一定的意識，但我們也看到了強勁的當季再訂購。我們在第四季度以及進入今年時都看到了這一點。

We announced late last year that we have recruited a new leader for our Americas business, a gentleman that used to run the Oka brand for North America. We believe there are plenty of opportunities, in particular, creating this unique competitive advantage through the outdoor sneakers, as well as there is a strong demand for an outsider brand into this specialty channel. So we're excited about the opportunity.

去年年底，我們宣佈為我們的美洲業務招募了一位新領導者，他是一位曾經負責北美 Oka 品牌運營的紳士。我們相信有很多機會，特別是透過戶外運動鞋創造這種獨特的競爭優勢，並且對外部品牌進入這個專業管道有強烈的需求。所以我們對這個機會感到很興奮。

And from a Wilson perspective involving racket sports, again, we continue to be a market leader in almost every category that we participate in. We continue to win with our trade accounts. We obviously have talked about the excess inventory in the trade accounts and that our insights would suggest that you're going to see some of that trend and some of the retail that's moving through inventory in the first half of the year and that return to a more normalized cadence in the back half of the year.

從威爾遜涉及球拍運動的角度來看，我們仍然是我們參與的幾乎每個類別的市場領導者。我們繼續透過我們的貿易帳戶獲勝。顯然，我們已經討論過貿易帳戶中的庫存過剩問題，我們的見解表明，您將看到一些這種趨勢，以及一些零售業在今年上半年通過庫存進行轉移，並恢復到下半年節奏更加正常化。

But the thing that's important to us is that we continue to be category leaders in each of the categories that we participate in. We continue to get strong insights from our retail partners. And as that channel normalizes, we think we're going to continue to be a winner there.

但對我們來說重要的是，我們繼續成為我們參與的每個類別中的類別領導者。我們繼續從零售合作夥伴那裡獲得深刻的見解。隨著該管道的正常化，我們認為我們將繼續成為那裡的贏家。

Yeah. I would add -- this is Omar -- one of the things that gives us confidence early on in the year is seeing that gross margin actualization rate for the Wilson brand really pop back up again now that our inventories are clean. Yes, the retailers aren't -- the industry is not right where we want it to be, but we feel in really good shape in terms of how our brand is performing in the market share there. Thanks.

是的。我想補充一點——這是奧馬爾——今年年初給我們帶來信心的一件事是看到威爾遜品牌的毛利率實現率確實再次回升，因為我們的庫存是乾淨的。是的，零售商不是——這個行業沒有達到我們想要的水平，但就我們的品牌在市場份額中的表現而言，我們感覺狀態非常好。謝謝。

Paul Lejuez, Citigroup.

保羅‧勒胡埃斯，花旗集團。

Hi. Just a follow-up on the -- I'm sorry this is Kelly on for Paul. Thanks for taking our question. Just want to follow up on the ball-and-racket acceleration that's implied in your full-year guidance. Is that something you see based on your order books or is this something related to some of the new innovation that you plan on putting out, particularly in the baseball category? Anything you could elaborate there.

你好。只是一個後續——我很抱歉這是凱利為保羅代言的。感謝您提出我們的問題。只是想跟進全年指導中隱含的球和球拍加速情況。這是您根據訂單簿看到的東西，還是與您計劃推出的一些新創新相關，特別是在棒球類別中？您可以在那裡詳細說明任何內容。

And then just -- if we could just get an update on what's going on in China. I know you have very strong performance there, but the macro has been volatile. So if you could just provide any additional color, that'd be helpful. Thank you.

然後，如果我們能夠了解中國正在發生的事情的最新情況。我知道你們在那裡的表現非常強勁，但宏觀經濟一直不穩定。因此，如果您可以提供任何額外的顏色，那將會很有幫助。謝謝。

Yeah. Hi, this is Joe Dudy, the CEO of Wilson. So I'll comment on the Wilson question first. What we're really seeing is that the participation is still strong in our categories and the sell-through, from feedback from our retailers, is positive too, so it's working through the inventories.

是的。大家好，我是喬杜迪，威爾遜公司的執行長。所以我先評論一下威爾森的問題。我們真正看到的是，我們的品類中的參與度仍然很高，而且從零售商的反饋來看，銷售量也很積極，因此它正在透過庫存發揮作用。

But as you stated, we have great product launches, especially in tennis and baseball, our two largest categories, especially in North America. And we recently just launched the Blade tennis racket, which is our number one selling tennis racket, and the expectations have been exceeding our outlook so far, so we're confident in that.

但正如您所說，我們推出了很棒的產品，特別是在網球和棒球這兩個我們最大的類別中，尤其是在北美。我們最近剛推出了 Blade 網球拍，這是我們銷量第一的網球拍，到目前為止，我們的預期已經超出了我們的預期，所以我們對此充滿信心。

And then the baseball market -- the new season really starts in June, July, and we have new product launches there. And one of the things we're doing is we went through over the COVID period, we ended up moving our bat product launches to two-year product launches, and we're moving those back starting this year to one-year product launches to create that newness in the marketplace. So we have a lot of confidence.

然後是棒球市場——新賽季在六月、七月真正開始，我們在那裡發布了新產品。我們正在做的事情之一是，我們經歷了新冠疫情期間，我們最終將蝙蝠產品的發佈時間推遲到了兩年一次的產品發佈時間，並且從今年開始我們將把這些產品發佈時間推遲到了一年一次的產品發佈時間。在市場上創造新鮮感。所以我們有很大的信心。

And I'd just add that we got, out of the gates, really strong last year. We grew 14% across the board and Q1 of 2023. That's not a sustainable number. It was replenishing and probably getting the inventories too high. So the comps, as we get through the rest of the year, will be easier from the ball sports perspective.

我想補充一點，去年我們的表現非常強烈。 2023 年第一季我們的整體成長率為 14%。這不是一個可持續的數字。它正在補貨，可能庫存過高。因此，當我們度過今年剩餘的時間時，從球類運動的角度來看，比賽將會變得更加容易。

James?

詹姆士？

So we see a very positive growth for our business in China market, and we believe our brands have a very good competitive advantage in China, given the foundational infrastructure we build that. And in China, we -- I mean, even the overall economy still face level of challenge.

因此，我們看到我們在中國市場的業務出現了非常積極的成長，我們相信，鑑於我們建立的基礎設施，我們的品牌在中國擁有非常好的競爭優勢。在中國，我的意思是，即使是整體經濟也仍然面臨一定程度的挑戰。

But the category we are sitting, and still, I mean, very -- I would say they're still unchanged, so all the brands, especially Arc'teryx and Salomon, really perform extremely well in 2023. And also, the beginning of the year, we also see a great improvement from our business. So we still see a very good progress in -- of our business in China market.

但我們現在所處的類別，我的意思是，非常——我想說它們仍然沒有變化，所以所有品牌，尤其是 Arc'teryx 和 Salomon，在 2023 年的表現確實非常好。而且，這一年，我們的業務也取得了很大的進步。因此，我們在中國市場的業務仍然取得了非常好的進展。

Thank you.

謝謝。

Alex Straton, Morgan Stanley.

亞歷克斯‧斯特拉頓，摩根士丹利。

Perfect. Thanks for taking the question. I wanted to focus on technical apparel, the full-year guidance for over 20% growth. Can you just walk us through what you're assuming for DTC China and North America specifically or any color? And then also what's driving the -- it looks like a deceleration throughout the year, given 1Q is at 30%? Thanks a lot.

完美的。感謝您提出問題。我想專注於技術服裝，全年指導成長超過 20%。您能否向我們介紹一下您對 DTC 中國和北美的具體假設或任何顏色的假設？那麼，考慮到第一季的成長率為 30%，是什麼推動了這一趨勢——看起來全年都在減速？多謝。

Hey, Alex. It's Stuart. So we're really pleased with the balanced growth that we're seeing regionally across North America and China. Both regions grew at a similar pace, both in the fourth quarter and through the initial portion of the first quarter. So we're seeing just broad-based regional strength for the brand, and we're also really happy with what we're seeing in Europe and Asia outside of China.

嘿，亞歷克斯。是斯圖爾特。因此，我們對北美和中國地區的平衡成長感到非常滿意。在第四季和第一季初期，兩個地區的成長速度相似。因此，我們看到了該品牌廣泛的區域實力，而且我們對在中國以外的歐洲和亞洲看到的情況也非常滿意。

So in the underlying strength of the business, as I mentioned in the earlier question, is really from the fundamentals of our D2C business. So traffic conversion increases, we're actually seeing also reductions in markdown rate and return rate. And it's both within our retail stores, as well as our e-commerce business, so broad-based strength.

因此，正如我在前面的問題中提到的，業務的潛在優勢實際上來自我們 D2C 業務的基本面。因此，流量轉換增加了，我們實際上也看到了降價率和退貨率的下降。這不僅體現在我們的零售店內，也體現在我們的電子商務業務中，基礎廣泛。

And we see that also connected to a really strong and healthy inventory position, stronger than we've been in prior periods, just given the supply chain challenges that we had related to COVID going back 18 months. But overall, really healthy position.

我們看到，這也與真正強大和健康的庫存狀況有關，考慮到我們在 18 個月前因新冠疫情而面臨的供應鏈挑戰，庫存狀況比之前的時期還要強勁。但總的來說，情況確實很健康。

And as we look forward for the full-year guide versus the Q1 guide, we're going to plan the business in a responsible manner. We're going to plan the sales and the inventory in a place that we feel is appropriate for the business. If demand materializes above these levels, we're in a position where we can capture higher sales levels. The inventory position we have will afford that. But we're planning our expenses and our capital investments in a place that we see as responsible, and that's connected to that 20% full-year guide. Thank you.

當我們期待全年指南與第一季指南時，我們將以負責任的方式規劃業務。我們將在我們認為適合業務的地方規劃銷售和庫存。如果需求量高於這些水平，我們就能獲得更高的銷售水平。我們的庫存狀況足以滿足此要求。但我們正在我們認為負責任的地方規劃我們的開支和資本投資，這與 20% 的全年指導相關。謝謝。

Ike Boruchow, Wells Fargo.

艾克·博魯喬（Ike Boruchow），富國銀行。

Hey, guys. Good morning. Two for me, one specific to the guide and one bigger picture. Just on the guide, maybe to Stuart, can you give us specifically what's embedded in your guidance on door expansion this year? And then if you're able to, can you talk about what comp -- your omni-comp you're baking in for both the first quarter and the full year?

大家好。早安.對我來說有兩個，一個是針對指南的，另一個是更大的圖片。就指南而言，也許是斯圖爾特，您能給我們具體介紹一下今年門擴展指南中包含的內容嗎？然後，如果可以的話，您能談談您在第一季和全年的綜合情況嗎？

And then to the team, just more detail on how the brands are positioned in China today. How do you think about them? How are they different? That would be really interesting to hear. Thanks.

然後向團隊提供更多有關品牌在當今中國的定位的詳細資訊。你覺得他們怎麼樣？它們有何不同？聽到這真的很有趣。謝謝。

Yeah. Ike, it's Stuart, so I'll start with your first question there. So we're planning to open a net of around 30 doors in Arc'teryx this year. And we'll see more than half of those stores in North America. So we're excited for a number of the new locations that we're opening and planning across the -- across all our regions. But we'll see important flagships in Europe, as well as North America. We just opened a 7,000-square-foot flagship in Covent Garden this past week. We'll open flagships in Toronto and also in New York City, a part of the projections that I just mentioned.

是的。艾克，我是斯圖爾特，所以我將從你的第一個問題開始。因此，我們計劃今年在 Arc'teryx 開設約 30 家門市。我們將看到其中一半以上的商店位於北美。因此，我們對我們在所有地區開設和規劃的許多新地點感到興奮。但我們將在歐洲和北美看到重要的旗艦店。上週我們剛在考文特花園開設了一家 7,000 平方英尺的旗艦店。我們將在多倫多和紐約市開設旗艦店，這是我剛才提到的預測的一部分。

And then from an omni-comp standpoint, I think we've shared mid-teens overall for the full year. And so pretty confident with that level of growth.

然後從全方位的角度來看，我認為我們全年的整體業績都在十幾歲左右。對這種增長水平非常有信心。

And James, on the different brand positioning in China?

和詹姆斯，在中國的品牌定位有何不同？

Yeah. I'll just add on certain points here for Arc'teryx business. Arc'teryx has really been positioned at the pinnacle in all those segments. And after four years cultivation, I mean, we really made Arc'teryx become the best sporting goods brand in China in terms of the quality of the retail environment we created in the market, as well as the productivity by stores, and we really outperformed in the industries.

是的。我將在此補充有關 Arc'teryx 業務的某些要點。 Arc'teryx 在所有這些領域確實處於頂峰。經過四年的培育，我的意思是，我們真的讓Arc'teryx成為中國最好的體育用品品牌，無論是我們在市場上創造的零售環境的質量，還是商店的生產力，我們的表現都非常出色。在工業領域。

And I'll just give you an example. Recently, in January, middle of January, we just opened a 20,000-square-foot flagship store in Shanghai, four-story, independent buildings. Within 30 days, the sales revenue already reached USD3.2 million. So it's a -- I mean, I think, when you have a chance to visit China and really look at the store, I mean, Arc'teryx stores, it's a big position as a kind of the level of the premiums. I mean, not only premium but also at the luxury segment, and we are -- our product is on par with a brand like Moncler in China market.

我舉個例子。最近，一月中旬，我們剛在上海開了一家20000平方英尺的旗艦店，四層，獨立建築。 30天內，銷售收入已達320萬美元。所以，我的意思是，我認為，當你有機會訪問中國並真正考察這家商店時，我的意思是，Arc'teryx 商店，作為一種溢價水平，這是一個很大的地位。我的意思是，不僅是高端產品，而且是奢侈品領域的產品，我們的產品與中國市場上的 Moncler 等品牌不相上下。

Got it. Thank you very much.

知道了。非常感謝。

Michael Binetti, Evercore ISI.

邁克爾·比內蒂，Evercore ISI。

Hey, guys. Thanks for taking our questions. Congrats on the first quarter out of the gate here. I guess a few on, and coming into the year, are the Wilson inventory issues past us at this point? And then on the cold weather, I know it's been a little bit unfavorable weather. Any sense of -- from the channels of competitors that might have inventory stuffing the channel that might be cleared or any consideration you added to your gross margin expectations for the year if we do see some competitor clearing?

大家好。感謝您回答我們的問題。恭喜第一季順利完成。我想，進入今年，威爾遜的庫存問題現在已經過去了嗎？然後說到寒冷的天氣，我知道天氣有點不利。是否有任何感覺——從競爭對手的渠道來看，可能有庫存堆積在可能被清理的渠道中，或者如果我們確實看到一些競爭對手清理，您在今年的毛利率預期中添加了任何考慮因素？

Yeah. Thanks, Michael. This is Andrew. We still -- we talked about this a lot, but we feel really good about how we exited 2023 with our inventory in Wilson. As a matter of context, we cleared about $90 million of inventory in Wilson that was deemed desirable to move through a slower moving in the second half of 2023. And so as we step into 2024, we feel good about it.

是的。謝謝，麥可。這是安德魯。我們仍然 - 我們對此進行了很多討論，但我們對威爾遜的庫存如何結束 2023 年感到非常滿意。就具體情況而言，我們在威爾遜清理了約 9000 萬美元的庫存，這被認為是在 2023 年下半年實現緩慢增長的理想選擇。因此，當我們步入 2024 年時，我們對此感覺良好。

And as Omar alluded to earlier, you can meaningfully see the step-up in realized gross profit per product sold as soon as we got into 2024, which is an indicator in our minds, number one, of the heat our brand, how our retail partners appreciate us and the fact that moving through and the promotional environment was, as it related to our product, really meaningfully tied to getting through December.

正如奧馬爾之前提到的，進入2024 年，您可以有意義地看到每件產品銷售的實現毛利的上升，這是我們心目中的第一個指標，表明我們的品牌熱度、我們的零售如何合作夥伴對我們表示讚賞，事實上，由於與我們的產品相關，因此活動和促銷環境與度過 12 月確實具有重要意義。

So we're moving our product at strong gross margins now. We definitely do continue to feel the excess inventory in the market with our retail partners, but again, we believe that we are positioned primely as that moves through.

因此，我們現在正在以強勁的毛利率銷售我們的產品。我們確實繼續感受到與我們的零售合作夥伴一起的市場庫存過剩，但我們再次相信，隨著這種情況的發生，我們處於有利地位。

And to your point about what we've embedded in our plan, we've embedded in our plan that the first half of 2024 will continue to drive towards normalization and you start to see more normalized rates in the back half of 2024.

至於您關於我們在計劃中嵌入的內容的觀點，我們在計劃中嵌入了 2024 年上半年將繼續推動正常化，並且您將在 2024 年下半年開始看到更多的正常化率。

And maybe, Joe and Franco, you guys could give a quick summary of what your retail partners and what you're hearing in the market and what your retail partners are telling you, starting with Franco and then Joe.

喬和弗朗哥，也許你們可以快速總結一下您的零售合作夥伴以及您在市場上聽到的情況以及零售合作夥伴告訴您的內容，從弗朗哥開始，然後是喬。

Yeah, thanks for the question. It's -- we're seeing inventory normalizing. We're very happy when we stand out there, from a Salomon perspective, in particular with footwear. We saw -- we know retail has been very conscious on their booking for 2024, and this is really translating in the very strong replenishment business we're seeing at the beginning of the year, which was a continuation of Q4.

是的，謝謝你的提問。我們看到庫存正在正常化。從所羅門的角度來看，當我們脫穎而出時，尤其是在鞋類方面，我們感到非常高興。我們看到，我們知道零售業對 2024 年的預訂非常有意識，這確實轉化為我們在年初看到的非常強勁的補貨業務，這是第四季度的延續。

So we're very pleased with where we stand at the moment. We'd like to think that the wholesale will be a little happier, will be in a longer term or in a much better position in the short term with some pain. But we're continuing to eat market shares.

所以我們對目前的處境非常滿意。我們認為批發市場會更快樂一些，長遠來看會更好，或是在短期內處於更好的位置，但會帶來一些痛苦。但我們仍在繼續蠶食市場份額。

Joe?

喬？

Yes. And for Wilson, what we're hearing back is that the consumer -- we know that the wholesalers, from a trade perspective, are being more cautious on their replenishments and waiting until they have stronger visibility. But what we're hearing from them also is that they're seeing the consumers are waiting closer until they need the product. There's not a fear of it maybe being out of stock. So they're waiting closer to say the baseball season starts until the weather breaks for golf.

是的。對威爾森來說，我們聽到的回饋是消費者——我們知道批發商從貿易角度來看，在補貨方面更加謹慎，並等待他們有更強的知名度。但我們從他們那裡聽到的是，他們看到消費者正在等待，直到他們需要該產品。不用擔心它可能缺貨。因此，他們正在等待棒球賽季開始的消息，直到天氣轉好才能打高爾夫球。

So we're positive, and we see, again, that the participation rates are surely really staying robust and strong, so we expect that consumer demand to come. And then some of the feedback we're getting from our retailers in our leading categories is we continue to outperform the competition in the sell-through. So we're excited, and it shows that strength in our position in the marketplace for Wilson.

因此，我們持積極態度，我們再次看到，參與率確實保持強勁，因此我們預計消費者需求將會到來。然後，我們從領先類別的零售商那裡得到的一些反饋是，我們在銷售方面繼續優於競爭對手。所以我們很興奮，這表明了我們在 Wilson 市場中的地位。

Michael, did you have a follow up?

邁克爾，你有後續行動嗎？

I'm curious, you said bigger picture, the gross margin expansion for the year is from mixed effects. I'm curious, Stuart, is it -- how should we think about gross margin in the Arc'teryx brand? As you put the offense in, any opportunities to expand the gross margins within the brand?

我很好奇，你說從更大的角度來看，今年的毛利率擴張是混合效應的結果。我很好奇，斯圖爾特，我們應該如何考慮 Arc'teryx 品牌的毛利率？當您投入進攻時，是否有機會擴大品牌內的毛利率？

Yeah. We're pleased with how our margins are performing, gross margins and operating margins. So we do see the opportunity for some modest expansion over the course of the year that we expect to flow through, and we expect to grow operating profits faster than we'll grow top line.

是的。我們對我們的利潤率、毛利率和營業利潤率表現感到滿意。因此，我們確實看到了我們預計在這一年中進行適度擴張的機會，並且我們預計營業利潤的成長速度將快於收入的成長速度。

Thank you.

謝謝。

Jay Sole, UBS.

傑伊·索爾，瑞銀集團。

Great. Thank you. Andrew, just want to ask you about working capital. And can you just give us a little -- a reminder about how you expect working capital to develop this year, next year, and sort of compare it to 2022 and 2023, kind of explain the differences? Thank you.

偉大的。謝謝。安德魯，只是想問你有關營運資金的問題。您能否給我們一些提示，提醒我們您預計今年、明年的營運資金將如何發展，並將其與 2022 年和 2023 年進行比較，解釋一下其中的差異？謝謝。

I think as you think about working capital this year, you'll start to see our working capital efficiency improve this year, especially as it relates to 2022. Obviously, we were building inventory in 2023, exiting 2022, because of the fact that supply chain was pretty erratic. So we built inventory up in 2023. We held it a little bit longer than we needed to. And so you'll start to see it start to drive efficiency in 2024.

我認為，當您考慮今年的營運資本時，您將開始看到我們今年的營運資本效率有所提高，尤其是與2022 年相關的情況。顯然，我們在2023 年建立庫存，並在2022 年退出，因為供應量鏈條非常不穩定。因此，我們在 2023 年建立了庫存。我們持有的時間比我們需要的時間要長一些。因此，到 2024 年，您將開始看到它開始提高效率。

And as you get out of 2024, I think that we start to get to a more normalized rate in 2025. But we're going to grow inventory -- obviously, our biggest working capital element is inventory. We're going to keep inventory right in line with revenue growth as we move through the year as a key performance indicator for us. And obviously, with the refinance, we're going to be able to keep more of our cash to continue to invest in the business as our finance charges go down.

隨著 2024 年的結束，我認為我們將在 2025 年開始達到更正常化的水平。但我們將增加庫存——顯然，我們最大的營運資本要素是庫存。我們將在全年中保持庫存與收入成長一致，作為我們的關鍵績效指標。顯然，透過再融資，隨著我們的財務費用下降，我們將能夠保留更多現金繼續投資於業務。

Got it. Okay. And then you gave some CapEx guidance. Are you giving any sort of free cash flow guidance or operating cash flow guidance for the year?

知道了。好的。然後您提供了一些資本支出指導。您是否提供了本年度任何類型的自由現金流量指導或經營現金流量指導？

Yeah. So we haven't given free cash flow guidance. And we were just very, very early on and trying to understand where the financing was going to be, and so we haven't given free cash flow guides. I'd like to get through the first quarter and really start to see where we're going to come out with regard to stabilizing my interest rates, FX hedging programs, all of those things trying to get them up, squeeze it all in one quarter is a lot.

是的。所以我們沒有給出自由現金流指導。我們只是非常非常早地試圖了解融資的方向，所以我們沒有給出自由現金流指南。我想度過第一季度，真正開始看看我們在穩定利率、外匯對沖計劃以及所有這些試圖讓它們上升的事情上會取得什麼成果，將其全部壓縮在一起四分之一很多。

And you guys -- in the guidance that even the tax rate is a range, so we're still trying to narrow down the cash tax rate given the jurisdiction of the various debt and interest deductibility, et cetera.

你們——在指導方針中，即使稅率也是一個範圍，所以考慮到各種債務和利息扣除等的管轄範圍，我們仍在努力縮小現金稅率。

Got it. Thanks, Omar. Thank you.

知道了。謝謝，奧馬爾。謝謝。

John Kernan, TD Cowen.

約翰·克南，TD·考恩。

Excellent. Thank you, and congrats on a nice quarter out of the gate. Stuart, did you talk to Arc'teryx in China? Obviously, it's the biggest region for technical apparel and Arc'teryx. Just curious how we should think about the growth rate in China both in 2024 and within the long-term algo.

出色的。謝謝，並祝賀您度過了一個愉快的季度。 Stuart，你有和中國的 Arc'teryx 談過嗎？顯然，這是技術服裝和 Arc'teryx 最大的區域。只是好奇我們應該如何考慮 2024 年和長期演算法中中國的成長率。

Yeah, John. Hey, it's Stuart. So yeah, our China business has been really strong. It's -- in 2023, it was just over 40% of the total. It is our largest region by sales and by profits. We enjoy slightly higher gross margins as a result of the price advantage that we have in China.

是的，約翰。嘿，這是史都華。是的，我們的中國業務非常強勁。到 2023 年，這一比例略高於總數的 40%。從銷售額和利潤來看，這是我們最大的地區。由於我們在中國的價格優勢，我們的毛利率略高。

The growth rates, what I would tell you, have been pretty consistent between North America and China certainly in the latter part of 2023 and certainly into the beginning of 2024. We want to have balanced growth regionally, and so we're very focused on setting the business up to achieve that.

我想告訴你的是，北美和中國之間的成長率在 2023 年下半年和 2024 年初都相當一致。我們希望實現區域平衡成長，因此我們非常專注於為實現這一目標而開展業務。

And so I think we gave a little color in the prepared remarks around the pace of growth that we're seeing in China, and we could see -- we have seen a sequential acceleration into Q1 from Q4, and that acceleration has been consistent with North America and China. So the stores that we operate there are the most productive of any region in the world.

因此，我認為我們在準備好的評論中圍繞我們在中國看到的增長速度做了一些說明，我們可以看到- 我們已經看到從第四季度到第一季度的連續加速，並且這種加速與北美和中國。因此，我們在那裡經營的商店是世界上任何地區中生產力最高的。

We've been focused on a strategy there of opening fewer stores that are larger and more productive. The stores that will open in North America, we're very happy with and very productive, but the China stores are tending to be larger and more revenue per unit. And we shared some of that in the -- certainly in the IPO process and with the disclosure to date. So I'll leave it there.

我們一直專注於在那裡開設更少的商店、規模更大、生產力更高的策略。我們對將在北美開設的商店非常滿意並且非常富有成效，但中國的商店往往規模更大，單位收入也更高。我們在 IPO 過程中以及迄今為止的披露中分享了其中的一些內容。所以我會把它留在那裡。

Excellent. Thank you.

出色的。謝謝。

Laurent Vasilescu, BNP Paribas.

洛朗·瓦西萊斯庫，法國巴黎銀行。

Good morning. Thank you very much for taking my question. I wanted to ask first a modeling question. Andrew, in 4Q, DTC was up 37%, while wholesale was down 4%. Could you probably share with us how we think -- we should think about those two channels for the first quarter as well as the full year?

早安.非常感謝您回答我的問題。我想先問一個建模問題。安德魯，第四季度，DTC 上漲了 37%，而批發則下降了 4%。您能否與我們分享我們的想法—我們應該考慮第一季和全年的這兩個管道？

And then a bigger picture question on footwear. Could you maybe share with the audience how big Salomon footwear was for 2023? Where can it go over the next few years? And are there any key learnings that you can share from Salomon's success in footwear that could extend into Arc'teryx? Thank you very much.

然後是關於鞋類的更大問題。您能否與觀眾分享 Salomon 鞋類 2023 年的尺寸有多大？未來幾年它能走向何方？您是否可以從 Salomon 在鞋類領域的成功中分享一些可以延伸到 Arc'teryx 的重要經驗？非常感謝。

First to Franco on Salomon footwear.

首先是佛朗哥 (Franco) 所羅門 (Salomon) 鞋履。

Yeah. We see in Q1, in particular, the pressure remaining. We said earlier, the pressure on the order book is there from a wholesale perspective, but DTC performance is very strong at the moment. And we see that momentum in DTC to continue in Q1, as well as the strong momentum in Asia. So we're very confident we're off to a good start of the year.

是的。我們尤其在第一季看到了仍然存在的壓力。我們之前說過，從批發角度來看，訂單壓力是存在的，但目前 DTC 的表現非常強勁。我們看到 DTC 的這一勢頭將在第一季持續下去，亞洲也將保持強勁勢頭。因此，我們非常有信心今年會有一個好的開始。

Yeah, so thanks. And then as you think about D2C versus wholesale, obviously, wholesale was down for all the reasons we talked [about in] the fourth quarter, very promotional environment, excess inventory. We do not anticipate wholesale to be down like that as you move forward. In fact, we believe that wholesale will be, for us, for the full year, up high single digits, and D2C will continue to be up around in the 30s%, like at low 30%. And that's how (inaudible) are blended.

是的，所以謝謝。然後，當你考慮 D2C 與批發時，顯然，由於我們在第四季度談到的所有原因，促銷環境非常好，庫存過剩，批發量下降了。隨著您的前進，我們預計批發不會有這樣的下滑。事實上，我們相信全年批發業務將實現高個位數成長，而 D2C 將繼續成長 30% 左右，例如低至 30%。這就是（聽不清楚）混合的方式。

That's very helpful. If I could squeeze one more in, how do we think about China for this year, Andrew, if you can give some color on that in terms of growth rate?

這非常有幫助。如果我可以再插話一下，安德魯，我們如何看待今年的中國，您能否從成長率方面給出一些解釋？

With regard to the China the region? We still expect China to be at a very strong growth rate. Again, when we talk about disciplined planning, you're going to see us plan a number in the high 20s%, low 30s%. But we will have the inventory to be able to service it if the demand is there.

關於中國地區？我們仍然預期中國將保持非常強勁的成長速度。同樣，當我們談論嚴格的規劃時，您會看到我們計劃的數字在高 20% 和低 30% 之間。但如果有需求，我們將擁有庫存來滿足需求。

Thank you very much.

非常感謝。

Jonathan Komp, Baird.

喬納森康普，貝爾德。

Yeah, hi. Hello, I want to follow up on the five-year targets. For technical apparel, the targets imply reaching well above $3 billion of revenue over the next five years. So Stuart, I'm just wondering as you think about Arc'teryx, the long-term opportunity, how do you size up the potential, and what are some of the key drivers you're looking forward to in the near term here?

是的，嗨。你好，我想跟進一下五年目標。對於科技服裝而言，目標意味著未來五年收入遠超過 30 億美元。 Stuart，我只是想知道，當您考慮 Arc'teryx 的長期機會時，您如何評估潛力，以及您近期期待的一些關鍵驅動因素是什麼？

Hey, Jonathan. So yeah, we're very excited for the prospects for the brand globally. We're -- we see a long runway in every region. In North America, we ended the year just under 50 stores. We see the potential for over 200, and we see exciting additional store runway in Europe and Asia, both in China and outside of China. So the very concrete objective way we're seeing the success in our store strategy is probably the easiest way to think about how we see the revenue development towards the five-year targets occurring.

嘿，喬納森。所以，是的，我們對該品牌在全球的前景感到非常興奮。我們在每個地區都看到了一條很長的跑道。截至年底，我們在北美的門市數量略低於 50 家。我們看到了超過 200 家的潛力，並且在歐洲和亞洲、中國境內和中國境外都看到了令人興奮的額外商店跑道。因此，我們看到商店策略成功的非常具體的客觀方式可能是思考我們如何看待五年目標收入發展的最簡單方法。

We're equally bullish on our digital business. In North America, our digital business is about the same size as our retail business. It's an exciting omni-channel strategy that we have, where the channels are really closely intertwined. So we capture demand and fulfill that demand in a very cross-channel manner in North America, as well as Europe and Asia. Our business in China is more weighted towards retail, and so the store business there is a bigger part of the overall mix.

我們同樣看好我們的數位業務。在北美，我們的數位業務與零售業務的規模大致相同。我們擁有令人興奮的全通路策略，其中通路確實緊密地交織在一起。因此，我們在北美、歐洲和亞洲捕捉需求並以跨渠道的方式滿足該需求。我們在中國的業務更側重於零售，因此商店業務在整體業務中所佔的比例更大。

But we also see the continued focus on product innovation. So while we have an exciting channel expansion story, the investments that we're making and the leadership position that we have in the market, and product innovation is critical to how we see our success developing as well. So the footwear launch that we have happening this week -- tomorrow, we'll actually launch three new footwear models, the first of which that have been designed in our Portland footwear design center, is emblematic of our commitment to innovation and the success that we're creating through that strategy.

但我們也看到了對產品創新的持續關注。因此，雖然我們有一個令人興奮的通路擴張故事，但我們正在進行的投資和我們在市場中的領導地位以及產品創新對於我們如何看待我們的成功發展也至關重要。因此，我們本週舉行的鞋類發布會- 明天，我們實際上將推出三款新鞋款，其中第一款是在我們的波特蘭鞋類設計中心設計的，這象徵著我們對創新的承諾和成功我們正在透過該策略進行創造。

So I would see the -- certainly, the channel expansion, product innovation, and then the third one I would highlight is really investment in our brand and our community strategy. So the brand is very undeveloped or the awareness levels are quite low in most of the geographies where we operate. And so how we're able to drive brand awareness will also drive engagement with the brand, traffic conversion to our channels. So we see the investments that we're making across our brand and community activities as a third element of how we will achieve the targets that you mentioned.

所以我會看到——當然，通路擴張、產品創新，然後我要強調的第三個是對我們的品牌和社群策略的真正投資。因此，在我們經營的大多數地區，該品牌仍很不發達，或者認知度很低。因此，我們如何提高品牌知名度也將推動品牌的參與度以及我們通路的流量轉換。因此，我們將我們在品牌和社區活動中進行的投資視為我們實現您提到的目標的第三個要素。

Operator, I think we have time for one -- oh sorry, Andrew, you had something --

接線員，我想我們還有時間——哦，對不起，安德魯，你有事——

Yeah. Hey, I just -- I want to go back and correct a comment. So on the last question, I think this is an important comment for all of you guys for my correction. Wholesale for the full year will be up mid-single digits -- I think I said high-single digits -- so mid-single digits for the whole year. Retail, up right around 30%, and then the first quarter, as you think about, it wholesale will be down slightly to flat to last year. I remember last year was a very strong wholesale first quarter, and D2C will be up around 20%.

是的。嘿，我只是——我想回去糾正一個評論。所以關於最後一個問題，我認為這對你們所有人來說都是一個重要的評論，需要我的糾正。全年的批發量將增長到中個位數——我想我說的是高個位數——所以全年的批發量將增長到中個位數。零售成長約 30%，然後第一季度，正如你所想，批發將略有下降，與去年持平。我記得去年第一季批發非常強勁，D2C 會上漲 20% 左右。

So i think it's -- I just want to make sure that you guys update your models to reflect that.

所以我認為——我只是想確保你們更新你們的模型以反映這一點。

Operator, time for one more?

接線員，還有時間嗎？

[Yuren Lu], CICC.

[盧玉仁]，中金公司。

Yeah, thank you for taking my question. I just have a long-term question for Arc'teryx. As you have mentioned that Arc'teryx expansion, the D2C expansion in North America is a very important strategy for us. I was just wondering, while we are very glad to hear our new flagship store also in North America recently, what has been the changing part of our D2C expansion? And what are our unique strengths that make us doing better than our competitors? Thank you.

是的，謝謝你回答我的問題。我有一個長期問題想問 Arc'teryx。正如您所提到Arc'teryx的擴張，在北美的D2C擴張對我們來說是一個非常重要的策略。我只是想知道，雖然我們很高興最近在北美開設了新旗艦店，但我們的 D2C 擴張發生了哪些變化？我們有哪些獨特的優勢讓我們比競爭對手做得更好？謝謝。

Yeah. Hey, Yuren, it's Stuart. So yeah, North America, we see an exciting story emerging. D2C story, as you've repositioned the brand from primarily wholesale to now primarily direct-to-consumer over the last three years, and we're seeing exciting trends in Canada and in the United States. We're probably a little farther ahead in Canada as it's our home market, but we're really bullish on the United States as well.

是的。嘿，尤仁，我是史都華。所以，是的，在北美，我們看到了一個令人興奮的故事正在出現。 D2C 故事，在過去三年中，您將品牌從主要批發重新定位為現在主要直接面向消費者，並且我們在加拿大和美國看到了令人興奮的趨勢。我們在加拿大可能會領先一點，因為它是我們的本土市場，但我們也非常看好美國。

So we'll open a couple of flagships that I mentioned. In Toronto, we'll open an 8,000-square-foot flagship on Bluer Street. In New York City, we're going to open a 14,000-square-foot flagship in the heart of Soho on Broadway that we're super excited about. That will happen in July in the summer. But the overall momentum that we're seeing across every part -- every region where we're operating in North America is pretty exciting, and it's quite balanced as i mentioned between our retail strategies and our e-commerce strategies.

因此，我們將開設我提到的幾家旗艦店。在多倫多，我們將在 Bluer Street 開設一家 8,000 平方英尺的旗艦店。在紐約市，我們將在百老匯 Soho 中心開設一家 14,000 平方英尺的旗艦店，對此我們感到非常興奮。這將在夏天的七月發生。但我們在北美營運的每個地區看到的整體勢頭都非常令人興奮，正如我所提到的，我們的零售策略和電子商務策略之間非常平衡。

And as you asked the question, how are we winning market share and how are we distinguishing ourselves in the market, we view Arc'teryx as the pinnacle competitor in the outdoor space. We believe we have the very best products, the highest level of innovation, the highest level of quality that separates our products based on the merits of its performance.

當您問我們如何贏得市場份額以及如何在市場上脫穎而出時，我們將 Arc'teryx 視為戶外領域的巔峰競爭對手。我們相信，我們擁有最好的產品、最高水準的創新和最高水準的質量，這些都使我們的產品因其性能優勢而脫穎而出。

And we complement that with what we believe is really the only vertical brand in the outdoor space. And so we are building community where we open stores. We are engaging with our customers in a way we do not see other brands doing. And when you listen to how other brands talk about how they develop their business, they talk about their stores as a transactional platform. We operate our stores as a part of the communities where we operate, and we want to engage in those communities.

我們用我們認為真正戶外空間中唯一的垂直品牌來補充這一點。因此，我們正在建立開設商店的社區。我們正在以其他品牌沒有的方式與客戶互動。當你聽到其他品牌如何談論他們如何發展業務時，他們會說他們的商店是交易平台。我們將商店作為我們經營所在社區的一部分來運營，我們希望參與這些社區。

A good example of this is our reBIRD strategy, where we not only want to sell you a jacket, we want to help you maintain it. We want to help you clean it properly. We want to help sure that it's repaired when it needs it. And then when you're ready for a new jacket, you're going to trade it in, and we're going to keep that jacket in service with another guest through our reBIRD program. So we believe this creates a very distinct business model that is separated in the marketplace today and is part of the success that we're achieving.

我們的 reBIRD 策略就是一個很好的例子，我們不僅想向您出售一件夾克，還想幫助您維護它。我們希望幫助您正確清潔它。我們希望幫助確保它在需要時得到修復。然後，當您準備好購買新夾克時，您可以將其以舊換新，我們將透過 reBIRD 計劃讓另一位客人繼續使用該夾克。因此，我們相信，這創造了一種非常獨特的商業模式，在當今的市場中脫穎而出，也是我們所取得的成功的一部分。

Great. Perfect.

偉大的。完美的。

That's all the time we have for questions today. I will now turn the call back over to Omar for closing remarks.

這就是我們今天提問的全部時間。我現在將把電話轉回給奧馬爾，讓他發表結束語。

Thanks, everyone, for joining. We'll see you after next quarter.

謝謝大家的加入。我們下個季度後見。

This concludes today's conference call. Thank you for your participation, and you may now disconnect.

今天的電話會議到此結束。感謝您的參與，您現在可以斷開連接。