Amer Sports Inc (AS) 2024 Q3 法說會逐字稿

Hello, everyone, and welcome to Amer Sports Third Quarter Fiscal 2024 Earnings Call. Please note that this call is being recorded. (Operator Instructions) I'd now like to hand over to Omar Saad, Vice President of Investor Relations. You may now begin.

大家好，歡迎參加 Amer Sports 2024 財年第三季財報電話會議。請注意，此通話正在錄音。（操作員說明） 現在我想將會議交給投資者關係副總裁 Omar Saad。你現在可以開始了。

Hello, everyone. Thanks for joining Amer's Sports earnings call for the third quarter of fiscal year 2024. Earlier this morning, we announced our financial results for the quarter ended September 30, 2024, and the release can be found on our IR website, investors.amersports.com.

大家好。感謝您參加 Amer Sports 2024 財年第三季財報電話會議。今天早些時候，我們公佈了截至 2024 年 9 月 30 日的季度財務業績，該發布資訊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 financial 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，以了解有關此類非國際財務報告準則財務指標的重要信息，包括與最具可比性的國際財務報告準則財務指標的調節表。

We will begin with prepared remarks from our CEO, James Zheng; and CFO, Andrew Page, followed by a Q&A session, until approximately 9 AM. Eastern. James will cover key operational and brand highlights, Andrew will provide a financial review at both the group and segment level and also walk through our updated guidance.

我們將首先聽取我們的執行長 James Cheng 準備好的演講；財務長 Andrew Page 會面，隨後進行問答環節，直到上午 9 點左右。東。詹姆斯將介紹關鍵的營運和品牌亮點，安德魯將提供集團和細分市場層面的財務審查，並詳細介紹我們更新的指南。

Arc'teryx CEO, Stuart Haselden, will also join for the Q&A session. With that, I'll turn the call over to James.

Arc'teryx 執行長 Stuart Haselden 也將參加問答環節。這樣，我就把電話轉給詹姆斯。

Thanks, Omar. Third quarter was very strong for Amer Sports Group across our operating segments, geographies and the channels. Our premium technical brands are taking market share and creating wide space in sports and outdoor markets around the world. We are executing well against our largest growth opportunities in Arc'teryx and Salomon footwear, while our market-leading Ball & Racquet and Winter Sports Equipment franchise both grew faster than expected.

謝謝，奧馬爾。亞瑪芬體育集團的第三季在我們的營運部門、地區和通路上表現非常強勁。我們的優質技術品牌正在佔領市場份額，並在世界各地的運動和戶外市場上創造廣闊的空間。我們在 Arc'teryx 和 Salomon 鞋類領域的最大成長機會中表現出色，而我們市場領先的球類和球拍以及冬季運動裝備特許經營業務的增長速度都快於預期。

Amer Sports Group generated 17% sales growth in Q3, led by our flagship brand, Arc'teryx. We achieved a very strong 14.4% adjusted operating margin, well above our expectations. We continue to enjoy strong gross margin expansion driven by the pricing power of our brands and a healthy mix shift towards our highest-margin franchise, Arc'teryx.

Amer Sports Group 在我們的旗艦品牌 Arc'teryx 的帶動下，第三季銷售額成長了 17%。我們實現了 14.4% 的調整後營業利潤率，遠高於我們的預期。在我們品牌的定價能力以及向利潤率最高的特許經營商 Arc'teryx 的健康組合轉變的推動下，我們繼續享受強勁的毛利率擴張。

Within our Outdoor Performance segment, Salomon soft goods continues to grow double digits, led by footwear, while Ball & Racquet sales trends improved, reaching double-digit growth in Q3. We believe Amer Sports very uniquely positioned the company within the global sports and outdoor space. and several factors give me confidence for the rest of this year and beyond.

在我們的戶外性能細分市場中，所羅門軟商品以鞋類為主導，繼續實現兩位數增長，而球類和球拍類產品的銷售趨勢有所改善，在第三季度達到兩位數增長。我們相信 Amer Sports 公司在全球體育和戶外領域擁有非常獨特的定位。有幾個因素讓我對今年剩餘時間及以後充滿信心。

First, we own and operate our unique and valuable portfolio of premium outdoor and sports brands. Each one is filled by technical innovation and the positioning at the pinnacle office segment. Our brands have high engagement, conversion and satisfaction with consumers, but are still relatively small player on the global stage with significant room to grow. Second, is a breakout growth story with standout growth and profitability for the outdoor industry, charting new territory with its disruptive DTC model and a unique competitive position.

首先，我們擁有並經營我們獨特且有價值的優質戶外和運動品牌組合。每一款都充滿了技術創新和巔峰辦公領域的定位。我們的品牌對消費者俱有很高的參與度、轉換率和滿意度，但在全球舞台上仍然相對較小，具有巨大的成長空間。其次，是戶外產業的突破性成長故事，具有突出的成長和獲利能力，以其顛覆性的 DTC 模式和獨特的競爭地位開闢了新領域。

Our growing store network, clinical products and the deep community connections allow us to continually attract new consumers to our brands and also have success expanding into newer categories such as footwear and Third, we believe that Salomon, our brand born in the mountains has a unique technical performance position and the design aesthetic within the global sneaker market, but still has low market share and a long runway of growth ahead, especially at this time, when consumers are more open to new sneaker choice than ever before.

我們不斷增長的商店網絡、臨床產品和深厚的社區聯繫使我們能夠不斷吸引新消費者購買我們的品牌，並成功擴展到鞋類等新類別。擁有獨特的優勢。更願意接受新的運動鞋選擇。

Fourth, Wilson and our Winter Sports Equipment brands have long-standing authentic heritage, premium position, high-performance products and the leading market position because they already enjoy strong equipment market share. They will deliver slower long-term growth in their core equipment business but still have large soft goods potential, especially in the Wilson Tennis 360 line.

第四，威爾森和我們的冬季運動裝備品牌擁有悠久的正宗傳統、高端地位、高性能產品和領先的市場地位，因為他們已經享有強大的裝備市場份額。他們的核心設備業務的長期成長將放緩，但仍然擁有巨大的軟商品潛力，尤其是 Wilson Tennis 360 系列。

And the fifth, while other consumer companies face challenge in Great China. In Q3, we generated 56% growth there, continue to well outperform the market. We are seeing strong momentum across all of our three big brands, including strong consumer confidence following the government's stimulus actions.

第五，其他消費公司在大中華區面臨挑戰。第三季度，我們實現了 56% 的成長，並繼續跑贏大盤。我們看到三大品牌的強勁勢頭，包括政府刺激行動後強勁的消費者信心。

I'd like to highlight some of the key reasons behind our standout performance in Great China. Number one, our brands competing one of the healthiest and the fastest growing consumer segment in China, the premium sports and outdoor market. The overall trend in China continues to be very strong, attracting younger consumers, female consumers and even luxury shoppers.

我想強調我們在大中華區表現出色的一些關鍵原因。第一，我們的品牌競爭中國最健康、成長最快的消費族群之一——高端運動和戶外市場。中國的整體趨勢仍然非常強勁，吸引了年輕消費者、女性消費者甚至奢侈品購物者。

Additionally, the China consumer landscape today has evolved into a market of winners and losers, with some brands doing extremely well and others underperforming. Our still small specialized brands are known for their properties, high quality and technical innovations, which resonate with Chinese shoppers. Further and the most important, we believe we have a great team in China. Our deep expertise and a unique scalable operating platform gives us a significant competitive advantage across the portfolio.

此外，當今中國的消費格局已演變為一個贏家和輸家的市場，有些品牌表現出色，而有些品牌則表現不佳。我們的小型專業品牌以其特性、高品質和技術創新而聞名，引起了中國消費者的共鳴。此外，最重要的是，我們相信我們在中國擁有一支優秀的團隊。我們深厚的專業知識和獨特的可擴展營運平台使我們在整個產品組合中具有顯著的競爭優勢。

Now coming on to some key highlights from our segments in Q3. Starting with Technical Apparel, which is led by our fastest and now largest brand Arc'teryx. Arc'teryx delivered another very strong quarter with healthy growth across all regions, channels and categories, especially footwear, women's and hardshell jackets. The brand momentum was most evident in its strong omni-comp performance against a very difficult growth comparison from last year.

現在讓我們來看看第三季我們細分市場的一些關鍵亮點。首先是科技服裝，由我們最快且目前最大的品牌 Arc'teryx 領導。Arc'teryx 又一個非常強勁的季度，在所有地區、通路和品類（尤其是鞋類、女裝和硬殼外套）上都實現了健康成長。該品牌勢頭最明顯的體現在其強勁的全方位表現，而與去年相比增長非常困難。

Arc'teryx is executing well its retail expansion plan, opening 9 net new brand stores globally in Q3, bringing the total owned brand store count to 134. Key new locations include 4 openings in the United States, 2 in Canada, 2 in Australia, 2 in China and 1 in Germany. Arc'teryx opened another brand store at Fashion Island Mall in Newport Beach, California, bringing us to 4 stores in Los Angers, an epicenter market for us. The brand resonates well with LA consumers, giving us confidence that Arc'teryx has large growth potential even in warmer markets.

Arc'teryx 正在出色地執行其零售擴張計劃，第三季在全球淨開設 9 家新品牌店，使自有品牌店總數達到 134 家。主要新開幕地點包括美國 4 家、加拿大 2 家、澳洲 2 家、中國 2 家和德國 1 家。Arc'teryx 在加州紐波特海灘的 Fashion Island Mall 開設了另一家品牌店，使我們在洛杉磯這個中心市場擁有 4 家商店。該品牌與洛杉磯消費者產生了良好的共鳴，讓我們相信 Arc'teryx 即使在溫暖的市場也具有巨大的成長潛力。

Covering down on our commitment to the community. We are hosting our first ever Arc'teryx back country academy in California, this winter, a reflection of the opportunities we see in this region. In Europe, we have opened net 5 new stores this year so far, and we are seeing exciting results, including strong affinity with both and the local. In Paris, local consumers are embracing our store in Le Marais, 13 years of engaging with French and European at our climbing academy in has generated significant brand recognition and appreciation with French consumers even before we open our first store there. We also opened our New York City flagship store at 580 Broadway in September.

掩蓋我們對社區的承諾。今年冬天，我們將在加州舉辦首屆 Arc'teryx 鄉村學院，這反映了我們在該地區看到的機會。在歐洲，今年到目前為止，我們已淨開設 5 家新店，我們看到了令人興奮的成果，包括與雙方和當地的強烈親和力。在巴黎，當地消費者正在歡迎我們在Le Marais 的商店，我們在巴黎的攀岩學院與法國和歐洲人進行了13 年的交流，甚至在我們在那裡開設第一家商店之前，就已經在法國消費者中產生了顯著的品牌認可和讚賞。我們也在 9 月在百老匯 580 號開設了紐約市旗艦店。

This new offer store features our most clinical expression of including shoppable in store for the first time, a large service center facility for care and repair and our unique in-store coffee shop. This unique collection delivers the brand in a slightly new way in the US, taking cues from the success of our retail format in China, present much of the assortment by activity instead of by category, which creates a strong energy and engaging presentation of our products. The store is performing very well relative to our internal expectations in its first few months.

這家新的優惠商店具有我們最臨床的表現，包括首次在店內購物、大型護理和維修服務中心設施以及我們獨特的店內咖啡店。這個獨特的系列以一種稍微新穎的方式在美國展示了該品牌，借鑒了我們在中國零售業態的成功經驗，按活動而不是按類別展示了大部分品種，這為我們的產品創造了強大的能量和引人入勝的展示。相對於我們最初幾個月的內部預期，商店的表現非常好。

Shifting to products. Innovation is at the heart of DNA. Recently, we were clear that our motorized hiking was recognized by Time magazine as one of the best inventions of 2024. Designed to support users in their outdoor pursuit, stands for mountain goat, and is the world's first of power hiking pant. integrate robotics with carbon elements and was engineered by the Arc'teryx advanced concepts team alongside external partner, Escape, which is Google X spin of dedicated to tackling mobility challenges.

轉向產品。創新是 DNA 的核心。最近，我們明確地說明我們的機動健行被《時代》雜誌評為 2024 年最佳發明之一。專為支援使用者的戶外活動而設計，代表山羊，是世界上第一款強力健行褲。將機器人技術與碳元素結合，由 Arc'teryx 先進概念團隊與外部合作夥伴 Escape 共同設計，Escape 是 Google X 的產物，致力於應對行動挑戰。

We believe this technology has the potential to increase accessibility to outdoor sports in a meaningful and scalable way regarding this of physical ability. Also, Arc'teryx footwear continued its elevate trajectory since launching its first in-house line, growing strong double digit across all regions and the channels in Q3.

我們相信，這項技術有潛力以一種有意義且可擴展的方式提高戶外運動的可及性，從而提高身體能力。此外，自推出第一條內部產品線以來，Arc'teryx 鞋類繼續保持其上升軌跡，在第三季度的所有地區和通路中均實現了兩位數的強勁成長。

Arc'teryx continues to be widely successful, including our latest version for cooler and winter temperatures. This is a great example of how we will add new dimensions to our key franchise with ideas and inspiration coming through collaboration with our SA teams. We also introduced a new hike shoe model called which has also delivered strong early results.

Arc'teryx 繼續取得廣泛成功，包括我們針對涼爽和冬季溫度的最新版本。這是一個很好的例子，說明我們如何透過與我們的 SA 團隊合作獲得想法和靈感，為我們的主要特許經營業務增添新的維度。我們還推出了一款新的遠足鞋型號，也取得了強勁的早期成果。

Overall, we are extremely pleased with consumer reception to what we believe is the best line of technical performance footwear designed for mountain And because of the unique position in the marketplace, strong sales in our DTC channels and the enthusiastic interest from key accounts. Our confidence is growing that footwear will become a very sizable and profitable growth avenue for Arc'teryx both in own retail and certain brand-relevant wholesale accounts.

總體而言，我們對消費者對我們認為是專為山地設計的最佳技術性能鞋系列的接受感到非常滿意，因為我們在市場上的獨特地位、我們DTC 渠道的強勁銷售以及主要客戶的熱情興趣。我們越來越有信心，鞋類產品將成為 Arc'teryx 在自有零售和某些品牌相關批發帳戶中非常可觀且盈利的成長途徑。

Women's continued to perform extremely well, growing in very strong double digits, outpacing overall brand growth and represent a near one quarter of sales in Q3. This outperformance was driven by seasonal relevant color and combined with breakout new styles like the pant, we continue to see significant upside in the category as we add more models colorways and style options that resonate with her.

女裝繼續表現出色，以非常強勁的兩位數成長，超過了整體品牌成長，佔第三季銷售額的近四分之一。這一出色表現是由與季節相關的顏色推動的，並與褲子等突破性的新款式相結合，隨著我們添加更多與她產生共鳴的模特配色和款式選項，我們繼續看到該類別的顯著優勢。

Lastly, an update on our cutting-edge community engagement programs. This summer Arc'teryx launches residents in climbing gyms from New York to Paris to San Francisco as part of the brand's summer The investment in brand awareness and activities that feed up the global excitement and the popularity of timing are diving awareness, culture relevancy and position Arc'teryx at the heart of this phenomenon. Our academies continue to generate strong brand and affinity for the including our largest academy in the French Alps in with 650-plus participants ranging from beginners to world-class climbers.

最後，我們介紹了我們前沿的社區參與計劃的最新情況。今年夏天，Arc'teryx 在從紐約到巴黎再到舊金山的攀岩館中推出了居民項目，作為該品牌夏季活動的一部分。意識、文化相關性和地位Arc'teryx 是這現象的核心。我們的學院繼續打造強大的品牌和親和力，其中包括法國阿爾卑斯山最大的學院，擁有 650 多名參與者，從初學者到世界級登山者。

Moving to the Outdoor Performance segment, which also delivered a solid quarter and outperformed our expectations led by Salomon soft goods and Atomic, partially offset by softer trends in Salomon Winter Sports Equipment. The higher-margin fast-growing Salomon footwear franchises do represent a very low share of the global sneaker market.

轉向戶外性能領域，該領域也實現了穩健的季度業績，並超越了我們對所羅門軟商品和 Atomic 的預期，但部分被所羅門冬季運動裝備的疲軟趨勢所抵消。利潤率較高、成長迅速的所羅門鞋類特許經營店在全球運動鞋市場中所佔的份額確實非常低。

Today, Salomon soft goods represent approximately two-third of the Outdoor Performance segment, up significantly from 54% in 2022. We believe Solomon sneakers have an authentic and unique market position with technical features designed for the mountain, but also great for everyday use. Our unique style and technical attributes are resonated with consumers at the time when they are more receptive than ever to wear in new sneaker brands. Long term, we expect Salomon soft goods to grow double digits annually.

如今，所羅門軟製品約佔戶外表現領域的三分之二，較 2022 年的 54% 大幅成長。我們相信所羅門運動鞋擁有真實而獨特的市場地位，其技術特點專為山地設計，但也非常適合日常穿著。當消費者比以往任何時候都更願意穿著新運動鞋品牌時，我們獨特的風格和技術屬性引起了消費者的共鳴。從長遠來看，我們預計所羅門軟商品每年將成長兩位數。

In Q3, Salomon footwear continued to show strong traction in Great China and APAC, where consumers love our footwear offerings that combine a distinct trend look with higher technical features. In China, we have created a new category called outdoor sneakers, which especially resonates with young consumers. Our Salomon contact shop format in China is also working very well. Profitable starting day 1 and 4x more productive per square foot than industry average.

第三季度，所羅門鞋類繼續在大中華區和亞太地區表現出強勁的吸引力，消費者喜歡我們將獨特的潮流外觀與更高技術功能相結合的鞋類產品。在中國，我們創造了一個新品類，叫戶外運動鞋，特別能引起年輕消費者的共鳴。我們在中國的所羅門聯絡店模式也運作良好。第一天開始獲利，每平方英尺的生產效率比產業平均高 4 倍。

We are continuing to expand Salomon shops in Great China, opening 29 net new Salomon shops in Q3, including both own the stores and the partner stores, bringing our total to 165 in Great China. Approximately -- we expect to end 2024 with approximately 200 Salomon stores in China, with the opportunity to grow to several hundred locations over time in just Tier 1 and 2 cities. We have also begun testing the Salomon contact shop format outside China, loading up the new location in APAC and EMEA, including Tokyo, Singapore and shop in Paris.

我們將繼續擴大大中華區的 Salomon 店鋪，第三季淨新開設 29 家 Salomon 店鋪，包括自有店鋪和合作店鋪，使我們在大中華區的店鋪總數達到 165 家。我們預計到 2024 年底，所羅門在中國將擁有約 200 家門市，隨著時間的推移，我們有機會在 1 線和 2 線城市發展到數百家門市。我們也開始在中國境外測試所羅門聯絡店模式，在亞太地區和歐洲、中東和非洲開設新地點，包括東京、新加坡和巴黎商店。

We recently opened our first Salomon flagship in Shanghai, a 5,400 square foot clinical brand expression in the shopping district, which combines both footwear and apparel in a comprehensive offering and highly immersive brand experience. We are also excited to share that we opened a pop-up shop in the heart of New York City in Soho in October. This is our first branch stores in the US and comes ahead of plan to open 1 to 2 permanent New York stores in 2025. Residing in the old Arc'teryx Soho location, the Salomon store is performing very well so far, with strong response from both tourists and the locals.

我們最近在上海開設了第一家所羅門旗艦店，這是一個位於購物區的 5,400 平方英尺的臨床品牌表達，它將鞋類和服裝結合在一起，提供全面的產品和高度沉浸式的品牌體驗。我們也很高興地告訴大家，我們在 10 月於紐約市中心的 Soho 區開設了一家快閃店。這是我們在美國開設的第一家分店，比 2025 年在紐約開設 1 至 2 家常設店的計劃提前。Salomon 店位於 Arc'teryx Soho 舊址，迄今為止表現良好，受到遊客和當地人的強烈反響。

Globally, we plan to end the year with 404 Salomon shops, including both owned and partner stores, that will come from last year. In Europe, Salomon footwear and apparel are performing well, especially driven by strong reorders. And because Salomon is selling so well, this is also driving our higher preorder rate. In both EMEA and North America, Salomon sports style is still early in its long-term development. We have evolved our go-to-market organization in both markets.

在全球範圍內，我們計劃在今年年底開設 404 家 Salomon 商店，其中包括去年的自有商店和合作商店。在歐洲，所羅門鞋類和服裝表現良好，尤其是在強勁的再訂單推動下。由於所羅門的銷售量非常好，這也推動了我們更高的預訂率。在歐洲、中東和非洲和北美，所羅門運動風格仍處於長期發展的早期階段。我們在這兩個市場都發展了進入市場的組織。

We're clearly separating the Winter Sports Equipment sales team from the Salomon footwear team which should help us reach our potential in both categories, given their unique end markets. We continue to be very excited about opportunity to translate our strong brand set into broader commercial success in the US, the largest markets in the world.

我們將冬季運動裝備銷售團隊與所羅門鞋類團隊明確分開，鑑於這兩個類別獨特的終端市場，這應該有助於我們發揮在這兩個類別中的潛力。我們仍然對有機會將我們強大的品牌在全球最大的市場美國轉化為更廣泛的商業成功感到非常興奮。

As we evolve as a company, we are announcing two leadership chains to the Amer Sports executive structure effective January 1, 2025. First, we are pleased to announce that current Chief Product Officer for Salomon has been appointed President and CEO for Salomon. Additionally, Michael Holgate Chief Operating Officer and Executive Officer for Amer Sports has decided to step down from his current position and will return to his former role as an adviser to the Board of Directors of Amer Sports.

隨著公司的發展，我們宣布 Amer Sports 執行結構中的兩條領導鏈將於 2025 年 1 月 1 日生效。首先，我們很高興地宣布，現任所羅門首席產品長已被任命為所羅門總裁兼執行長。此外，Amer Sports 營運長兼執行長 Michael Holgate 已決定辭去目前的職位，並將繼續擔任 Amer Sports 董事會顧問。

We conduct a comprehensive search for the next Salomon CEO, including both internal and external candidates, and conclude that Guang is the right person to take Salomon to the next level. I have worked closely with Guiyang, the last seven months as interim CEO.

我們對下一任所羅門執行長進行了全面的搜尋，包括內部和外部候選人，並得出結論，光是帶領所羅門公司更上一層樓的合適人選。在擔任臨時執行長的過去七個月裡，我與貴陽密切合作。

He has built a strong reputation during his 28 years at Salomon, and is extremely well respected throughout the company and the industry. and rise in the French Alps and avid skier and outdoor Gyang embodies the core values of Salomon. He brings a strong track record of operational excellence and strategic innovation in diverse leadership across Salomon, including sales, product, innovation and both soft goods and the winter sports equipment.

他在所羅門 (Salomon) 工作的 28 年間建立了良好的聲譽，在整個公司和整個行業中受到高度尊重。而崛起於法國阿爾卑斯山且熱衷滑雪和戶外活動的Gyang體現了所羅門的核心價值。他在所羅門的多元化領導層（包括銷售、產品、創新以及紡織品和冬季運動裝備）中擁有卓越營運和戰略創新的良好記錄。

More importantly, Gian was instrumental in the doubling of Salomon footwear sales over the last five years, including creating and developing our key sports car category, which is now operating one-third of Salomon's mix sales. We have the right team and strategy in place. And I have full confidence in Gian to lead Salomon for the next stage of its growth journey.

更重要的是，Gian 在過去五年中使所羅門鞋類銷售額翻了一番，包括創建和開發我們的關鍵跑車類別，該類別目前佔所羅門混合銷售額的三分之一。我們擁有合適的團隊和適當的策略。我對吉安帶領所羅門公司邁向下一階段的成長之旅充滿信心。

Moving on to Ball & Racquet highlights. We are pleased that Ball & Racquet growth trends continue to improve in Q3. Double-digit growth was driven by strong trends in Racquet sport, especially performance boosted by our logic record line and growing tennis popularity in China following gold medal. While still in its early stage, our Tennis 360 strategy is proving to be a key driver for the Wilson franchise, led by apparel and footwear growth, and accelerating expansion of Tennis 360 shops in China.

接下來是球和球拍的亮點。我們很高興球和球拍的成長趨勢在第三季繼續改善。兩位數的成長是由球拍運動的強勁趨勢所推動的，特別是我們的邏輯記錄線和金牌後網球在中國日益普及所推動的業績。儘管仍處於早期階段，但事實證明，我們的 Tennis 360 策略是 Wilson 特許經營權的關鍵驅動力，其中服裝和鞋類的增長以及 Tennis 360 商店在中國的加速擴張為主導。

We saw record sales at our US open shop earlier this fall, and our new line of Roger Federer's premium performance racquet, specs and accessories launched in August has been extremely successful in the first month, driven the strong growth in our key performance racquet segment. potential growth in Q3 as retail inventories normalize and the retail began accelerating refreshment orders. Our collaboration continues to drive brand heat and strong sell-through. With that, I will turn it over to Andrew.

今年初秋早些時候，我們在美國開設的商店創下了創紀錄的銷售額，我們於8 月份推出的羅傑·費德勒高性能球拍、規格和配件的新系列在第一個月就取得了巨大成功，推動了我們關鍵性能球拍細分市場的強勁成長。隨著零售庫存正常化以及零售開始加速刷新訂單，第三季的潛在成長。我們的合作繼續推動品牌熱度和強勁的銷售。這樣，我就把它交給安德魯。

Thanks, James. I'm excited to discuss our strong Q3 performance and a positive revision to our full year 2024 guidance as well as our first look at our outlook for 2025. Before diving in, I'll quickly address a couple of housekeeping items.

謝謝，詹姆斯。我很高興討論我們第三季度的強勁表現、對 2024 年全年指引的積極修訂以及我們對 2025 年前景的首次展望。在深入討論之前，我將快速解決一些內務事項。

First, in Q3, we updated the presentation of our credit card processing fees, which were previously recorded as contra revenue and have now been reclassified as selling, general and administrative expenses. The reclass has no impact on operating profit. We have included a slide in our earnings deck with a schedule of the annual impact since 2021 and the quarterly impact since 2023.

首先，在第三季度，我們更新了信用卡手續費的列報，這些費用以前記錄為備抵收入，現在已重新分類為銷售、一般和管理費用。重新分類對營業利潤沒有影響。我們在收益表中加入了一張幻燈片，其中列出了自 2021 年以來的年度影響和自 2023 年以來的季度影響。

Second, Q3 adjusted operating margin benefited by approximately 100 basis points from $14 million of government subsidies that we received in the third quarter which we previously expected to receive in Q4. We are thrilled with the underlying sales and margin performance of our brand portfolio. The fast growth of our high-margin Arc'teryx franchise is elevating the financial profile of Amer Sports in total. And this dynamic allows us to deliver strong, profitable growth for our shareholders while reinvesting in the many long-term growth opportunities across our portfolio.

其次，第三季調整後的營業利潤率因我們在第三季收到的 1,400 萬美元政府補貼而受益約 100 個基點，而我們之前預計將在第四季度收到這筆補貼。我們對我們品牌組合的基本銷售和利潤表現感到興奮。我們的高利潤 Arc'teryx 特許經營權的快速成長正在提升 Amer Sports 的整體財務狀況。這種動態使我們能夠為股東帶來強勁的獲利成長，同時對我們投資組合中的許多長期成長機會進行再投資。

Amer Sports grew sales 17% in Q3 on both a reported and constant currency basis. The strong group sales performance was led by Technical Apparel while Outdoor Performance and Ball & Racquet Sports also delivered very solid growth. By channel, the group continues to be led by DTC, which grew 41% and led by our Arc'teryx and Solomon footwear.

以報告匯率和固定匯率計算，Amer Sports 第三季銷售額成長了 17%。強勁的集團銷售表現以技術服裝為主導，而戶外運動和球類運動也實現了非常穩健的成長。按通路劃分，該集團繼續以 DTC 為主導，該公司成長了 41%，其中由 Arc'teryx 和 Solomon 鞋類產品主導。

But also in Q3, we saw wholesale trends improve, growing 8% year-over-year, led by Arc'teryx and Wilson. Regional growth was led by Greater China, which increased 56%, followed by Asia Pacific, which grew 47%. Importantly, growth in Americas and EMEA accelerated from 1% each in Q2 to 7% and 4%, respectively, in Q3.

但同樣在第三季度，我們看到批發趨勢有所改善，在 Arc'teryx 和 Wilson 的推動下，年增 8%。地區成長以大中華區為主導，成長了 56%，其次是亞太地區，成長了 47%。重要的是，美洲和歐洲、中東和非洲地區的成長分別從第二季的 1% 加速到第三季的 7% 和 4%。

Turning to profitability. Adjusted gross margin increased 410 basis points to 55.5% in Q3, primarily driven by positive segment, product, regional and channel mix shift, combined with lower discounting actions. Going forward, we expect our highest gross margin franchise, Arc'teryx, to continue to grow significantly faster than the rest of the portfolio and continue to be the biggest underlying driver of our ongoing gross margin expansion.

轉向盈利能力。第三季調整後毛利率成長 410 個基點，達到 55.5%，這主要是由於細分市場、產品、區域和通路組合的積極轉變以及較低的折扣行動所推動。展望未來，我們預計我們毛利率最高的特許經營產品 Arc'teryx 將繼續比投資組合中的其他產品增長得更快，並繼續成為我們持續毛利率擴張的最大潛在驅動力。

Adjusted SG&A expenses as a percentage of revenues increased 210 basis points and represented 42.3% of revenues in Q3, mainly driven by SG&A deleverage at Outdoor Performance due to Greater China and Asia Pacific growth plan investments. Also, Technical Apparel slightly delevered due to investments in opening stores. We will open net 30 new Arc'teryx stores in 2024, the highest ever in 1 year. At this time, we do not expect to significantly increase the number of annual Arc'teryx openings from this run rate.

調整後的 SG&A 費用佔收入的百分比增加了 210 個基點，佔第三季度收入的 42.3%，這主要是由於大中華區和亞太地區增長計劃投資導致 Outdoor Performance 的 SG&A 去槓桿化所致。此外，由於投資開設商店，技術服裝略有去槓桿化。我們將在 2024 年淨開設 30 家 Arc'teryx 專賣店，這是一年來最高的。目前，我們預計 Arc'teryx 的年度空缺數量不會從此運行率大幅增加。

We generated a 280 basis point increase in our adjusted operating margin from 11.6% last year to 14.4% in Q3 2024, above our guidance of approximately 11% to 12%. As mentioned above, our adjusted operating margin benefited by the $14 million early receipt of government subsidy payments. Adjusted corporate expenses were $26 million versus $23 million in Q3 of last year, driven by higher personnel costs. Depreciation and amortization was $71 million, which includes $32 million of ROU depreciation.

2024 年第三季度，我們調整後的營業利潤率從去年的 11.6% 增加到 14.4%，成長了 280 個基點，高於我們約 11% 至 12% 的指引值。如上所述，我們調整後的營業利潤率受益於提前收到的 1,400 萬美元政府補貼。由於人員成本上升，調整後的公司開支為 2,600 萬美元，而去年第三季為 2,300 萬美元。折舊和攤提為 7,100 萬美元，其中包括 3,200 萬美元的 ROU 折舊。

Adjusted net finance costs in the quarter was $45 million, at the low end of the $45 million to $50 million range we guided to on our last call. In the quarter, our adjusted income tax expense was $78 million, which equates to an adjusted effective tax rate of 52%, in line with our guidance of 50% to 55%. Adjusted net income was $71 million in Q3 compared to an adjusted net loss of $13 million in the prior year period. Adjusted diluted earnings per share was $0.14 compared to an adjusted diluted earnings per share of $0.03 last year.

本季度調整後的淨財務成本為 4500 萬美元，處於我們上次電話會議指導的 4500 萬美元至 5000 萬美元範圍的低端。本季度，我們調整後的所得稅費用為 7,800 萬美元，相當於調整後的有效稅率為 52%，符合我們 50% 至 55% 的指導。第三季調整後淨利為 7,100 萬美元，而上年同期調整後淨虧損為 1,300 萬美元。調整後稀釋每股收益為 0.14 美元，去年調整後稀釋每股收益為 0.03 美元。

Turning to segment results. Technical Apparel revenues increased 34% to $520 million led by Artery. Growth was fueled by 40% D2C expansion, including a 20% omni-comp, a great result comparing against a 68% omni-comp in the third quarter of last year. Arc'teryx DTC momentum was fueled by both new and existing consumers across all regions and channels.

轉向細分結果。在 Artery 的帶動下，科技服飾收入成長了 34%，達到 5.2 億美元。40% 的 D2C 擴張推動了成長，其中包括 20% 的全向競爭，與去年第三季 68% 的全向競爭相比，這是一個很好的結果。Arc'teryx DTC 的發展勢頭受到所有地區和通路的新舊消費者的推動。

The Arc'teryx brand continues to experience broad-based strength and is outperforming across every region, channel and category. DTC remains the core growth engine but we also experienced strength in the wholesale channel, which grew 26% for the segment. US wholesale was a standard, especially for Arc'teryx.

Arc'teryx 品牌繼續擁有廣泛的實力，並且在每個地區、通路和類別中都表現出色。DTC 仍然是核心成長引擎，但我們也體驗了批發通路的實力，該細分市場成長了 26%。美國批發是一個標準，尤其是對於 Arc'teryx 來說。

Regionally, Technical Apparel growth was led by Asia Pacific, followed by Greater China and the Americas. Additionally, EMEA returned to growth, driven by a strong DTC performance. Consumer love Arc'teryx in China continues to grow and the brand's very strong performance in APAC continued into Q3. Technical Apparel adjusted operating margin expanded 370 basis points to 20%, driven by higher gross margins from favorable product, channel and regional mix.

從地區來看，科技服裝的成長以亞太地區為主導，其次是大中華區和美洲。此外，在 DTC 強勁表現的推動下，歐洲、中東和非洲地區恢復成長。中國消費者對 Arc'teryx 的喜愛持續成長，品牌在亞太地區的強勁表現持續到第三季。由於有利的產品、通路和區域組合帶來更高的毛利率，技術服裝調整後的營業利潤率擴大了 370 個基點，達到 20%。

The Technical Apparel segment operating margin also benefited 200 basis points from the Q3 receipt of government subsidy payments that were expected in Q4. Outdoor Performance segment revenues increased 8% to $534 million driven by double-digit top line performance in Solomon footwear and apparel and strong DTC channel growth, especially in Asia Pacific and Greater China.

技術服裝部門的營業利潤率也因第三季收到的政府補貼而增加了 200 個基點，而預計第四季將收到政府補貼。戶外性能部門營收成長 8%，達到 5.34 億美元，這得益於 Solomon 鞋類和服裝兩位數的營收業績以及 DTC 通路的強勁成長（尤其是在亞太地區和大中華區）。

This was partially offset by a decline in Solomon Winter Sports Equipment and the wholesale channel. By channel, Outdoor Performance DTC grew by more than 50%, while wholesale declined slightly, driven by continued soft wholesale market conditions in EMEA and North America for Solomon Winter Sports Equipment.

這被所羅門冬季運動裝備和批發管道的下降部分抵消。按通路劃分，Outdoor Performance DTC 成長超過 50%，而批發則略有下降，原因是 EMEA 和北美的 Solomon 冬季運動裝備批發市場狀況持續疲軟。

By region, very strong growth in Greater China and APAC were partially offset by slower sales in EMEA and North America. North America was a tale of two businesses. Strong double-digit growth in soft goods, offset by a more challenging environment for Winter Sports Equipment. As we said last quarter, 2024 will be a slightly softer year for winter sports equipment due to slower trends in North America where ski equipment sales are rebasing after a strong run through and beyond COVID.

按地區劃分，大中華區和亞太地區的強勁成長被歐洲、中東和非洲和北美銷售放緩所部分抵銷。北美是兩個企業的故事。軟商品強勁的兩位數成長被冬季運動裝備更具挑戰性的環境所抵消。正如我們上季度所說，由於北美的趨勢放緩，2024 年冬季運動裝備將略有疲軟，在新冠疫情期間及之後的強勁表現後，滑雪裝備銷售正在重新定位。

This is in addition to cautious orders in EMEA after 2 tough snow seasons in Europe. However, given our great brands and scale advantages, we are taking market share as our businesses are down less than the market. Longer term, although we expect Winter Sports Equipment to be a slower growth business, the industry remains healthy and the consumer demand for ski vacations remains consistent and strong irrespective of weather, especially as results have become adept at making their own snow. Winter Sports Equipment now represents one-third of outdoor performance.

除此之外，在歐洲經歷了兩個艱難的雪季之後，歐洲、中東和非洲地區的訂單也變得謹慎。然而，鑑於我們的品牌和規模優勢，我們正在搶佔市場份額，因為我們的業務下降幅度小於市場。從長遠來看，儘管我們預計冬季運動裝備業務增長較慢，但該行業仍然健康，無論天氣如何，消費者對滑雪度假的需求都保持一致和強勁，尤其是在結果已經變得善於自己造雪的情況下。冬季運動裝備現在佔戶外表現的三分之一。

And long term, we expect this business to grow low single digits annually. Outdoor performance adjusted operating margin contracted 40 basis points from last year's record performance to 17.5% this year. This was driven by higher SG&A due to store and team investments to drive regional acceleration for Solomon in China and APAC, offsetting gross margin gains, which were mainly driven by a favorable region, channel, brand and product mix.

從長遠來看，我們預計該業務每年將以低個位數成長。戶外業績調整後的營業利潤率較去年創紀錄的業績下降了 40 個基點，今年為 17.5%。這是由於商店和團隊投資推動所羅門在中國和亞太地區的區域加速，銷售及管理費用增加，抵消了毛利率的增長，而毛利率的增長主要是由有利的地區、通路、品牌和產品組合推動的。

Moving to Ball & Racquet. Revenue increased 11% to $300 million as inventories normalized in the market and replenishment orders accelerated. Our constant innovation and top-quality products have allowed Wilson to take share during these past few quarters of inventory rebalancing. We are very pleased with the strong rebound and continue to expect Ball & Racquet to grow low to mid-single digits long term.

轉向球和球拍。隨著市場庫存正常化和補貨訂單加速，營收成長 11% 至 3 億美元。我們不斷的創新和優質的產品使威爾森在過去幾季的庫存重新平衡中佔據了份額。我們對強勁的反彈感到非常高興，並繼續預計 Ball & Racquet 的長期成長將達到低至中個位數。

By category, the return to double-digit growth was led by our marquee Racket Sports franchise as well as our small but fast-growing softwood segment. Inflatable balls and golf also returned to growth in Q3. Our Tennis 360 strategy continues to be a key driver for the Wilson franchise, led by footwear and apparel growth, performance rackets, accelerating expansion of Wilson Tennis 360 shops in China as well as Fadel and Pickleball growth.

按類別來看，我們的大型球拍運動特許經營權以及規模雖小但增長迅速的軟木部門引領了兩位數增長的回歸。充氣球和高爾夫球在第三季也恢復了成長。我們的 Tennis 360 策略仍然是 Wilson 特許經營權的關鍵驅動力，其中包括鞋類和服裝的成長、高性能球拍、Wilson Tennis 360 在中國的加速擴張以及 Fadel 和 Pickleball 的成長。

Ball & Racket segment adjusted operating profit margin increased 600 basis points compared to the third quarter of 2023 to 6.9%, primarily driven by an increase in new product launches this year, which carry higher gross margins and supported by lower discounting given the inventory clearance that began last year in Q3.

球與球拍部門調整後營業利潤率較2023 年第三季增長600 個基點，達到6.9%，這主要是由於今年新產品推出的增加，這些新產品的毛利率較高，並且考慮到庫存清理，折扣較低，也推動了新產品的推出。

Looking ahead, we are confident that our market share and flow of innovative products position Ball & Racquet well in Q4 when we face our easiest comparison and also have our strongest pipeline of new products.

展望未來，我們有信心我們的市場份額和創新產品流在第四季度處於領先地位，因為我們面臨著最簡單的比較，同時也擁有最強大的新產品儲備。

Turning to the balance sheet. We ended the quarter with $2 billion of net debt, up from Q2 as we typically draw on our revolver in Q3 to fund inventory builds ahead of our key winter season. Using the midpoint of our 2024 implied adjusted operating profit guidance, our net debt to adjusted non-IFRS EBITDA ratio was approximately 2.8 times at the end of Q3. Deleveraging our balance sheet remains a priority, and our goal is to reduce our leverage ratio to 1.5 times or better over the next few years through both EBITDA expansion and debt paydown.

轉向資產負債表。本季結束時，我們的淨債務為 20 億美元，高於第二季度，因為我們通常在第三季度動用左輪手槍為關鍵冬季之前的庫存建設提供資金。使用我們 2024 年隱含調整後營業利潤指引的中點，我們的淨債務與調整後非國際財務報告準則 EBITDA 比率在第三季末約為 2.8 倍。資產負債表去槓桿化仍然是我們的首要任務，我們的目標是在未來幾年透過 EBITDA 擴張和債務償還將槓桿率降低至 1.5 倍或更高。

Our focus on inventory discipline is paying off as inventories finished Q3 up only 12% year-over-year versus 17% sales growth. Also, I'd like to provide a quick update on our regional sourcing exposures, given the increased market focus on potential US import tariffs. Greater China represents less than 30% of Amer Sports global sourcing.

我們對庫存控制的關注正在得到回報，第三季的庫存年增 12%，而銷售額則成長 17%。此外，鑑於市場越來越關注潛在的美國進口關稅，我想提供有關我們區域採購風險的快速更新。大中華區僅佔 Amer Sports 全球採購量的不到 30%。

And looking at Amer Sports Group in totality, sourcing from China to the US market represents only 10% to 12% of total group revenues. Similar to the last period of rising China tariffs, our Ball & Racquet Sports segment would be most impacted, predominantly tennis rackets, baseball bats and basketball. We have some degree of flexibility to adjust our supply chain, but price increases will be the primary tool we utilize should tariffs occur.

而從Amer Sports Group的整體來看，從中國到美國市場的採購僅佔集團總收入的10%至12%。與上一時期中國關稅上漲類似，我們的球類和球拍類運動產品受到的影響最大，主要是網球拍、棒球棒和籃球。我們有一定程度的彈性來調整我們的供應鏈，但如果關稅發生，價格上漲將是我們使用的主要工具。

Now turning to guidance. Given our strong third quarter results and confidence in our brands and their financial outlook, we are raising our full year guidance for sales, adjusted gross margin and adjusted diluted EPS. As we've said on our previous earnings call, should strong trends continue and better-than-anticipated demand materialized, we will be well positioned to deliver financial performance ahead of our expectations.

現在轉向指導。鑑於我們強勁的第三季業績以及對我們品牌及其財務前景的信心，我們正在提高全年銷售指引、調整後毛利率和調整後攤薄每股收益。正如我們在先前的財報電話會議上所說，如果強勁的趨勢持續下去並且好於預期的需求成為現實，我們將處於有利地位，能夠實現超出我們預期的財務業績。

For the full year, we are raising our revenue guidance to 16% to 17% growth despite greater currency headwinds as a result of the strengthening of the US dollar since the election. This incorporates approximately 34% growth in Technical Apparel, roughly 8% revenue growth in Outdoor Performance and 4% in Ball & Racquet. We are increasing our full year adjusted gross profit margin guidance from approximately 54.5% to 55.3% to 55.5%. However, we are maintaining our full year adjusted operating margin guidance towards the high end of 10.5% to 11%.

儘管自大選以來美元走強導致貨幣阻力加大，但我們仍將全年營收預期成長至 16% 至 17%。其中技術服裝收入成長約 34%，戶外運動收入成長約 8%，球類和球拍收入成長 4%。我們將全年調整後毛利率指引從約 54.5% 提高至 55.3% 至 55.5%。然而，我們維持全年調整後營業利潤率指引，即 10.5% 至 11% 的上限。

Given the strength in our brands, we are choosing to opportunistically accelerate high-return investments to support our key growth opportunities, including marketing and store build-out. Our net finance cost for the year will be $200 million to $210 million, including approximately $15 million of finance cost in the first quarter of 2024 that won't be recurring. We expect to have an effective tax rate on adjusted pretax income of approximately 37% for the full year of 2024. We now expect to achieve full year adjusted diluted EPS in the range of $0.43 to $0.45 per share versus our previous guidance of $0.40 to $0.44 per share.

鑑於我們品牌的實力，我們選擇機會主義地加速高回報投資，以支持我們的關鍵成長機會，包括行銷和商店擴建。我們今年的淨財務成本將為 2 億至 2.1 億美元，其中包括 2024 年第一季約 1,500 萬美元的非經常性財務成本。我們預計 2024 年全年調整後稅前所得的有效稅率約為 37%。我們現在預計全年調整後攤薄每股收益將在 0.43 美元至 0.45 美元之間，而我們先前的指引為每股 0.40 美元至 0.44 美元。

Looking at the segment margins. We expect a 2024 adjusted operating profit margin slightly above 20% for Technical Apparel, high single-digit percentage for Outdoor Performance and low to mid-single digit for Ball & Racquet.

看看分部利潤率。我們預計 2024 年技術服裝的調整後營業利潤率將略高於 20%，戶外性能產品的營業利潤率將達到高個位數，球和球拍產品的營業利潤率將達到中低個位數。

Lastly, as we begin to look beyond this year, we are confident in our initial 2025 outlook and expect to deliver results consistent with our long-term financial algorithm of low double-digit to mid-teens annual revenue growth and 30 to 70-plus basis points of annual adjusted operating margin expansion driven by gross margin expansion.

最後，當我們開始展望今年的未來時，我們對2025 年的初步展望充滿信心，並期望實現與我們的長期財務演算法一致的結果，即年收入增長低兩位數到十幾歲，年收入增長30 到70 以上由毛利率擴張驅動的年度調整後營業利潤率擴張的基點。

We would also like to highlight two below operating income items to consider for 2025. Our effective tax rate will be approximately 37% and we expect net finance costs in the range of $180 million to $190 million. With that, I'll turn it back over to the operator for Q&A.

我們也想強調 2025 年需要考慮的以下兩個營業收入項目。我們的有效稅率約為 37%，預計淨財務成本在 1.8 億至 1.9 億美元之間。這樣，我會將其轉回給操作員進行問答。

(Operator Instructions)

（操作員說明）

Lorraine Hutchinson from Bank of America.

美國銀行的洛林‧哈欽森。

James, can you discuss your views on Chinese consumes. How has it evolved over the course of the year? And then where do you see Amer's biggest opportunity in the region?

James，您能談談您對中國消費的看法嗎？這一年來它的發展如何？那麼您認為 Amer 在該地區最大的機會在哪裡？

Okay. Thank you, Lorraine. And I will say, I mean, the consumer, especially from China markets today, they are -- especially in our segments, they are still looking for and we are pretty lucky the sports segment still booming in China market. And we estimate there is a high single-digit growth across in our sports industry this year in China, and especially outdoor segments grow more than the industry average.

好的。謝謝你，洛林。我想說，我的意思是，消費者，尤其是當今中國市場的消費者，尤其是我們的細分市場，他們仍在尋找，我們很幸運，體育細分市場在中國市場仍然蓬勃發展。我們估計今年中國體育產業將出現高個位數成長，尤其是戶外領域的成長超過產業平均。

And we can tell more and more consumers, especially in Tier 1, Tier 2 cities, they are looking for -- they are really, I mean, treated the kind of outdoor activities become the part of the lifestyle. So the participation level getting higher than our expectation. So it's a very good moment for us, especially Arc'teryx, Salomon sitting in outdoor segment, we can have a clear beneficial from the overall market dynamics.

我們可以告訴越來越多的消費者，特別是在一、二線城市，他們正在尋找——我的意思是，他們真的希望戶外活動成為生活方式的一部分。所以參與程度比我們預期的還要高。所以這對我們來說是一個非常好的時刻，尤其是戶外領域的 Arc'teryx、所羅門，我們可以從整體市場動態中獲得明顯的好處。

Jay Sole from UBS.

瑞銀 (UBS) 的傑伊·索爾 (Jay Sole)。

Great. I guess my first question is on Arc'teryx. What changed over the last 90 days, but has you most excited? Maybe particularly about some of the newer growth drivers? And then secondly, Andrew, you mentioned with respect to the fiscal '25 initial outlook that you're giving some financing costs. Can you just talk about capital allocation priorities, how much free cash you expect to generate? And what you plan to do with that free cash?

偉大的。我想我的第一個問題是關於 Arc'teryx 的。過去 90 天發生了什麼變化，但您最興奮的是？也許特別是一些新的成長動力？其次，安德魯，您提到關於 25 財年的初步前景，您將提供一些融資成本。您能談談資本配置的優先順序，您期望產生多少自由現金嗎？你打算用這些免費現金做什麼？

Jay, it's Stuart. So I'll speak to your question on Arc'teryx. So yes, I think one of the biggest milestones in the last 90 days was our Broadway store opening here in Soho in Manhattan. Really exciting expression of the brand. It represents sort of the evolution of how we're creating the store experience, the retail experience. Importantly, the store also has the first ever dedicated sales floor. And we're learning a lot from that part of the 580 Broadway store that we'll be able to take to other locations as we expand the concept, but it also just included a lot of interesting elements and expanded shop, a really strong expression of our footwear line.

傑伊，我是史都華。那我將回答你關於 Arc'teryx 的問題。所以，是的，我認為過去 90 天內最大的里程碑之一就是我們在曼哈頓 Soho 的百老匯商店開業。品牌的真正令人興奮的表達。它代表了我們如何創造商店體驗、零售體驗的演變。重要的是，該商店還擁有第一個專門的銷售樓層。我們從百老匯580 號商店的那部分學到了很多東西，當我們擴展這個概念時，我們將能夠將其帶到其他地方，但它也只是包含了許多有趣的元素和擴展的商店，這是一個非常強烈的表達我們的鞋類產品線。

And I would say a second point I would highlight is just the ongoing success we see in our footwear business, exciting momentum there. Where we've got new models in the pipeline. We launched our Copac hiking shoe in the third quarter to a lot of enthusiasm from our guests. So we're excited with the momentum that continued in footwear. And then also in women's, we saw over 50% growth in our women's category in the third quarter.

我要強調的第二點是我們在鞋類業務中看到的持續成功以及令人興奮的動力。我們正在醞釀新模型。我們在第三季推出了 Copac 登山鞋，受到了客人的熱烈歡迎。因此，我們對鞋類領域持續的發展勢頭感到興奮。在女裝方面，第三季我們的女裝類別成長了 50% 以上。

So exciting to see acceleration there. We picked up 200 basis points of sales penetration in our women's category. And we feel like we're just getting started in women's. There's a lot of upside. We feel like the potential assortment is much broader than what you see today in the store. A lot of opportunity to evolve our women's line. So yes, those are some of the highlights I would mention today.

看到那裡的加速真是令人興奮。我們的女裝品類銷售滲透率提高了 200 個基點。我們覺得我們在女性領域才剛起步。有很多好處。我們認為潛在的品種比您今天在商店中看到的要廣泛得多。有很多機會發展我們的女裝系列。是的，這些是我今天要提到的一些亮點。

Jay, thanks. This is Andrew. Just following up on capital allocation question. Glad brought that up. It is definitely a priority of ours. As you can see in 2024, we were intentionally focused on growing the business. We opened a net 30 new Arc'teryx stores this year. We expect a similar run rate next year.

傑伊，謝謝。這是安德魯。只是跟進資本配置問題。很高興提出這一點。這絕對是我們的首要任務。正如您在 2024 年所看到的，我們有意專注於發展業務。今年我們淨開了 30 家 Arc'teryx 專賣店。我們預計明年會有類似的運行率。

As we went into 2024, we talked about capital expenditures approaching $300 million, which is our largest expenditure yet, again, focusing on store build-out and implementation of our expanded ERP system in the business. As we go into 2025, I anticipate that we will continue to focus on growing the business. We will continue to focus through our capital expenditures.

進入 2024 年，我們談到資本支出接近 3 億美元，這是我們迄今為止最大的支出，重點是商店擴建和業務中擴展的 ERP 系統的實施。進入 2025 年，我預計我們將繼續專注於業務成長。我們將繼續關注我們的資本支出。

Another key focus is going to be managing our debt carrying costs. As an example, you see our net carrying costs coming down slightly as we've gone through and swapped some of our higher interest rate debt to lower interest rate debt. We've repriced our debt and say what you'll see an annual run rate of almost $10 million next year on the repricing.

另一個重點是管理我們的債務承擔成本。舉例來說，您會看到我們的淨持有成本略有下降，因為我們已經將一些較高利率的債務轉換為較低利率的債務。我們已經重新定價了我們的債務，明年的重新定價年運行率將接近 1000 萬美元。

So we will continue to focus on growing the business. We will continue to focus on delighting our consumers. We will be focused on debt paydown and managing the carrying cost of the business. And we expect free cash flow to increase next year over what you see this year.

因此，我們將繼續專注於發展業務。我們將繼續專注於讓消費者滿意。我們將專注於償還債務和管理業務的持有成本。我們預計明年的自由現金流將比今年增加。

Matthew Boss from JPMorgan.

摩根大通的馬修·博斯。

Congrats on a nice quarter. So Stuart, could you speak to performance versus plan in the third quarter across regions at Arc'teryx? And maybe just any comments on demand you've seen so far in the fourth quarter relative to the 20 comp in the third quarter? And then Andrew, raised gross margin held operating margin. Maybe if you could just elaborate on SG&A investments in the fourth quarter? And how best to think about SG&A relative to sales next year?

恭喜您度過了一個美好的季度。Stuart，您能談談 Arc'teryx 第三季各地區的績效與計畫嗎？也許只是您迄今為止在第四季度看到的相對於第三季 20 家公司的需求評論？然後安德魯提高了毛利率，並維持了營業利潤率。或許您可以詳細說明一下第四季的銷售、管理及行政費用投資？如何最好地考慮與明年銷售相關的銷售及管理費用（SG&A）？

Matt, it's Stuart. Yes. So I'll speak to your first question there on Arc'teryx. So we're really pleased with our performance versus plan overall and by region in the quarter. As you heard in our prepared remarks, we exceeded our expectations in every region and every channel and every product category. So strong momentum across the board.

馬特，這是史都華。是的。我將回答您關於 Arc'teryx 的第一個問題。因此，我們對本季整體和按地區計劃的表現感到非常滿意。正如您在我們準備好的演講中聽到的那樣，我們在每個地區、每個管道和每個產品類別都超出了我們的預期。整體勢頭如此強勁。

And -- as we've seen in prior periods, our APAC business, led by our Japan business has been a standout performer with the highest growth rate of all the regions. So we're really excited for the momentum there. And again, there was a consistent degree of success across the product categories in that region. Our China business was the second fastest-growing followed by North America and Europe. But overall, very pleased with the momentum.

而且，正如我們在前期所看到的，以日本業務為首的亞太地區業務一直表現出色，成長率是所有地區中最高的。因此，我們對那裡的勢頭感到非常興奮。同樣，該地區的各個產品類別都取得了一致的成功。我們的中國業務成長第二快，其次是北美和歐洲。但總的來說，對這種勢頭非常滿意。

High full price sell-throughs, particularly in North America, we saw an acceleration in our full price sell-through and a reduction in our off-price selling in the period. And we're pleased with our comps, our 2-year stock at 88%, we feel is really strong. And I would say the -- if we had more inventory, we would have had even higher comps. And that's probably the opportunity we have as we look into the future, just we left sales on the table, frankly, as we are now chasing inventory across a number of categories. Footwear, in particular, has been far ahead of our expectations.

全價銷售量很高，特別是在北美，我們看到在此期間全價銷售量加速，而特價銷售量減少。我們對我們的比較感到滿意，我們的 2 年庫存率為 88%，我們覺得非常強勁。我想說的是——如果我們有更多的庫存，我們就會有更高的競爭。坦白說，這可能是我們展望未來時所擁有的機會，只是我們把銷售放在桌面上，因為我們現在正在追逐多個類別的庫存。尤其是鞋類，遠遠超出了我們的預期。

We're chasing the Crag model, in particular, has been a really successful model for us and out of stock often. So those are some of the, I think, the headlines by region. And in terms of the Q4 outlook, I think that the guidance that we shared kind of reflects our perspective. And we see, honestly, is a continuation of the strong momentum we've seen through the first three quarters.

我們正在追逐 Crag 型號，尤其是它對我們來說是一個非常成功的型號，並且經常缺貨。我認為這些是按地區劃分的一些頭條新聞。就第四季度的前景而言，我認為我們分享的指導反映了我們的觀點。老實說，我們看到這是前三個季度強勁勢頭的延續。

Okay. Matt, thanks for the question. This is Andrew. We are extremely pleased with our continued gross margin expansion throughout the year. We've continued to deliver high-quality expansion and earnings of the organization, which has allowed us to invest in high return investments. And so as you see, we expanded gross margin in Q4. Some of that's to the bottom line, but additionally, much of that to continued investment.

好的。馬特，謝謝你的提問。這是安德魯。我們對全年毛利率的持續成長感到非常滿意。我們繼續為組織帶來高品質的擴張和獲利，這使我們能夠進行高回報的投資。正如您所看到的，我們在第四季度擴大了毛利率。其中一部分是為了獲利，但另外，大部分是為了持續投資。

Some of the areas that we're going to continue to focus on is our new Arc'teryx stores, Solomon stores in China, which James mentioned as well as Wilson stores in China and the rest of APAC that are doing very well. We're really excited about the expansion of our Tennis 360 concept that is really generating traction with consumers. In addition, talent acquisition, retention and technology are additional areas that we believe will drive sustainable growth for us. As we look into 2025, we continue to remain consistent with our plans to be right around flat leverage in 2025 to start to begin to leverage the business post 2025 into 2026.

我們將繼續關注的一些領域是我們新的 Arc'teryx 商店、詹姆斯提到的中國的所羅門商店以及威爾遜在中國和亞太地區其他地區的商店，這些商店都做得很好。我們對 Tennis 360 概念的擴展感到非常興奮，它真正吸引了消費者。此外，我們相信人才獲取、保留和技術將推動我們的永續成長。展望 2025 年，我們繼續與我們的計劃保持一致，在 2025 年槓桿率保持不變，並開始在 2025 年至 2026 年開始利用業務槓桿。

Paul Lejuez from Citi.

花旗銀行的保羅‧勒胡埃斯 (Paul Lejuez)。

This is Kelly on for Paul. Stuart, could you talk a little bit more about the footwear opportunity and potential to expand into wholesale? Where do you see the biggest opportunities there? And do you have the inventory currently to fulfill demand in that channel? And then just separately, it looks like you're seeing good performance in the Solomon footwear in North America. How are you thinking about that growth specifically in the North America market given some of the challenges you faced gaining traction there as you look to '25?

這是凱利替保羅發言。Stuart，您能多談談鞋類的機會和擴展到批發市場的潛力嗎？您認為最大的機會在哪裡？您目前是否有庫存來滿足該通路的需求？然後，單獨來看，您似乎看到所羅門鞋類在北美的良好表現。考慮到您在展望 25 世紀時所面臨的一些挑戰越來越受到關注，您如何看待北美市場的成長？

Kelly, it's Stuart. So I'll take your first question there. On Arc'teryx footwear, yes, we're definitely looking into the future and thinking about the the broad strategy for expanding our footwear business. And that will include not only our direct-to-consumer channels, but importantly, wholesale. And so we have a number of valued high-quality wholesale points of distribution for our footwear today, but we think it's small in terms of what's possible. We think it's important that we have a strong presence through the wholesale channel, especially for footwear, not only to build brand awareness, but it's also how our guests want to shop for footwear often.

凱利，這是史都華。所以我會回答你的第一個問題。是的，就 Arc'teryx 鞋類而言，我們肯定會展望未來並思考擴大鞋類業務的整體策略。這不僅包括我們的直接面向消費者的管道，而且重要的是批發。因此，我們今天擁有許多有價值的高品質鞋類批發分銷點，但我們認為就可能性而言，這些分銷點很小。我們認為，透過批發管道（尤其是鞋類）擁有強大的影響力非常重要，這不僅可以建立品牌知名度，也是我們的客人經常購買鞋類的方式。

And so -- while we'll continue to have great offerings in our own stores, our own digital points of distribution, wholesale is a critical part of the channel mix. And the inventory planning that's happening now is really obviously aimed into next year, and we have reset our expectations at a higher level in terms of what's possible based on what we've learned in 2024. It's an exciting new part of the business. We've shared previously our penetration of sales had previously been around 6% in footwear. It's jumped up to 10% since we launched the new models beginning in March. Our midterm goals are to see footwear reach 20% of revenues in the coming years. And so we feel like we're on a good trajectory to achieve that.

因此，雖然我們將繼續在自己的商店、自己的數位分銷點提供優質產品，但批發是通路組合的關鍵部分。現在正在進行的庫存規劃顯然是為了明年，我們根據 2024 年的經驗，重新設定了更高水準的預期。這是業務中令人興奮的新部分。我們之前曾分享過，我們在鞋類領域的銷售滲透率約為 6%。自從我們從 3 月開始推出新型號以來，這一數字已經躍升了 10%。我們的中期目標是在未來幾年鞋類佔收入的比例達到 20%。因此，我們覺得我們正處於實現這一目標的良好軌道上。

Gary, this is James. I'll give up the second comments on Salomon development in North America. And first of all, I'd like to say, okay, we are very excited about our innovative product pipeline be built up for Salomon, especially footwear and also the improved this we call outdoor sneakers categories, really comparing to the younger consumers in China and EMEA, we already see a great light. And so for Salomon footwear business in US, I will say we are still on a preliminary stage.

加里，這是詹姆斯。我將放棄所羅門在北美發展的第二個評論。首先，我想說，好吧，我們對所羅門建立的創新產品線感到非常興奮，特別是鞋類以及我們稱之為戶外運動鞋類別的改進，與中國的年輕消費者相比和歐洲、中東和非洲地區，我們已經看到了光明。因此，對於所羅門在美國的鞋類業務，我想說我們仍處於初級階段。

And we are underway to learn how we penetrate the market at the right order. So the pop-up shop we opened in New York City on October 2 is kind of a showcase for the brand ever to really demonstrate how the brand stands for, and the first month performance extremely well. and give us a huge confidence to continue to roll out this kind of a similar recorded footwear contact shop in the United States next year.

我們正在學習如何以正確的順序滲透市場。因此，我們於 10 月 2 日在紐約開設的快閃店是該品牌的一個展示櫃，真正展示了該品牌的代表性，並且第一個月的表現非常出色。給了我們巨大的信心明年繼續在美國推出這種類似的有記錄的鞋類聯絡店。

Meanwhile, we also identify certain key accounts and to try to build up a strong partnership with them besides our long-term partner we also are actively looking for the retailer like a Shoe Paris from West part of the United States, North Stream and all these kind of new retailers for us and to try to give us the right level of the product assortment and also high standard merchandising display overall presentation in this kind of shop and see how the market looks like.

同時，我們也確定了一些關鍵客戶，並試圖與他們建立牢固的合作夥伴關係。一種新的零售商，並嘗試為我們提供適當水平的產品種類以及高標準的商品展示，在此類商店中進行整體展示，並了解市場情況。

And also, we are also working on the community kind of strategy to really help us to build up our overall Salomon footwear awareness in the market in the United States. So on preliminary stage, but we already got a very exciting result from the areas we see a great potential for our Salomon footwear in the United States. So we will keep you guys updated on our overall progress in the future.

此外，我們也正在製定社區策略，以真正幫助我們在美國市場上建立所羅門鞋類的整體知名度。在初步階段，我們已經從我們看到的所羅門鞋類在美國的巨大潛力領域中獲得了非常令人興奮的結果。因此，我們將隨時向大家通報我們未來的整體進展。

Laurent Vasilescu from BNP Paribas.

法國巴黎銀行的洛朗·瓦西萊斯庫。

James, I wanted to ask about Solomon. Great to hear about Gillam's promotion. Can you talk about what brings to the table to lead the brand? What's his vision over the next few years? Salomon soft goods, I think, as you mentioned, two-third of the business.

詹姆斯，我想問所羅門的事。很高興聽到吉勒姆升職的消息。能談談引領品牌的因素是什麼嗎？他對未來幾年的願景是什麼？正如您所提到的，我認為所羅門軟商品佔業務的三分之二。

Can that get to 80% over the next few years? And then, Andrew, I appreciate the commentary around FY '25, around the below the line items like rate just being really high at 37%. If I recall last quarter, you talked about maybe having a better tax rate going forward. Where do you think that tax rate can go over time?

未來幾年這個比例能達到80%嗎？然後，安德魯，我很欣賞 25 財年的評論，圍繞線下項目，例如利率非常高，達到 37%。如果我記得上個季度，您談到未來可能會有更好的稅率。您認為隨著時間的推移，稅率會走向何方？

Lorraine, thank you for your questions. I just put a bit highlights on Guiyang, and Guiyang has been working for Salomon more than 28 years. And his experience in sales, product innovation of across board in Salomon product divisions, and he brings a very strong track record of operational excellence and strategic innovation in diverse leadership. And also, more importantly, in the past decades, also, he built up the so-called new footwear category, what we call the modern outdoor sneakers, and really made tremendous success in the past five years.

洛林，謝謝你的提問。我只是重點介紹貴陽，貴陽已經為所羅門工作了28年多了。他在所羅門產品部門的銷售和產品創新方面擁有豐富的經驗，並且在多元化領導力方面擁有卓越營運和策略創新的良好記錄。而且更重要的是，在過去的幾十年裡，他也建立了所謂的新鞋類，我們稱之為現代戶外運動鞋，並且在過去的五年裡確實取得了巨大的成功。

So I think -- I mean, we have gone through a rigorous selections since April, and we -- eventually, we think Guiyang is the most fit for candidates for us for time being to lead the Salomon to next chapters. And for future, we also deploy a very clear strategic pillars to develop Salomon business. Obviously, for coming three, five years, there are four major areas we will really focus on. One is the footwear focused. We will really accelerate our footwear business across-border in the world, not only from China, EMEA but also in North America.

所以我認為，我的意思是，自四月以來，我們已經進行了嚴格的選拔，最終，我們認為貴陽是最適合我們暫時帶領所羅門公司邁向新篇章的候選人。對於未來，我們也部署了非常明確的策略支柱來發展所羅門業務。顯然，未來三到五年，我們將真正專注於四個主要領域。一是以鞋類為主。我們將真正加速我們在世界各地的跨境鞋類業務，不僅是在中國、歐洲、中東和非洲，還有北美。

Secondly, obviously, we will put a very clear strategy winning in Europe, okay? So -- and we want to build a strong footprint for our business in European markets and find a breakthrough in North America. And thirdly, and we will continue to drive our business through the building up a strong digital platforms. These are kind of key priorities has been put in the place. I think Guiyang also got a very high level of confidence to lead the team to fulfill the steps we want to go for next year.

其次，顯然，我們將制定一個非常明確的贏得歐洲勝利的策略，好嗎？因此，我們希望在歐洲市場建立強大的業務足跡，並在北美找到突破。第三，我們將繼續透過建立強大的數位平台來推動我們的業務。這些都是已經被放在優先位置的關鍵。我認為貴陽隊也有很大的信心來帶領球隊完成我們明年想要走的步驟。

This is Andrew Papes. Thanks for the question. Definitely tax rate is a key initiative of ours. As you can see, we are exiting 2024 with a 50% effective tax rate, especially in the back half of the year. So our rate next year is more than 1,000 basis points better than our exit rate coming out of 2024. We have done a significant amount of work this year to both reduce the nondeductible interest as well as settle outstanding tax constraints that were burdening the business. Going forward, we continue to expect that rate to continue coming down, both again, focusing on the payment of our debt down and inefficient tax structure jurisdictions where it's nondeductible, as well as the management of certain outstanding tax settlements. And so we are definitely not stopping here, but 1,000 basis points improvement is well underway, and we see that number coming down to a more normalized rate in the near future in the coming years.

這是安德魯·帕普斯。謝謝你的提問。毫無疑問，稅率是我們的一項關鍵措施。正如您所看到的，我們將以 50% 的有效稅率結束 2024 年，特別是在今年下半年。因此，我們明年的退出率比 2024 年的退出率高出 1,000 個基點以上。今年我們做了大量工作，既減少了不可扣除的利息，也解決了對企業造成負擔的未決稅收限制。展望未來，我們繼續預期該稅率將繼續下降，再次關注我們的債務償還和不可扣除的低效稅收結構司法管轄區，以及某些未清償稅收結算的管理。因此，我們絕對不會就此止步，但 1,000 個基點的改善正在順利進行，我們預計該數字將在未來幾年的不久的將來下降到更正常化的水平。

Michael Binetti from Evercore.

來自 Evercore 的邁克爾比內蒂。

Andrew, just one quick modeling course correction. I think you said SG&A would be about flat next year. I think Street models have about 40 basis points of SG&A leverage. So I just want to make sure I heard you correctly there, and I have the correctly. And then I guess, it sounds like you pulled forward some investment dollars in the fourth quarter for growth initiatives. And as Stuart just suggested, you maybe taking a little bigger look at the plan for Arc'teryx footwear next year, but the revenue guidance is kind of the same algorithm we've heard from you guys for a while.

安德魯，只是一個快速的建模過程修正。我想你說過明年的銷售管理費用將會持平。我認為街頭模型的 SG&A 槓桿約為 40 個基點。所以我只是想確保我聽到的內容是正確的，而且我的說法是正確的。然後我想，聽起來您在第四季度提前了一些投資資金用於成長計劃。正如斯圖爾特剛剛建議的那樣，您可能會更仔細地審視明年 Arc'teryx 鞋類的計劃，但收入指導與我們一段時間以來從你們那裡聽到的演算法類似。

Seems like you see a few potentials for upside. Could you maybe just -- where do you see the most opportunity for upside to the low double-digit to mid-teens revenue growth framework next year? And maybe just some thoughts on what you assume at the low end and at the high end of that range as we think about starting out our models for next year.

看來您看到了一些上升的潛力。您認為明年低兩位數到中雙位數收入成長框架的最大機會在哪裡？當我們考慮明年開始我們的模型時，也許只是關於您在該範圍的低端和高端的假設的一些想法。

Yes. Michael, good to hear from you. From the standpoint of SG&A, we expect next year SG&A to be flat leverage to this year. With regard to our algorithm and looking at low to mid-teens, consistent with this year. We have consistently said that as demand materializes, we will be able to service that demand in many cases -- in some cases, outperform against our guidance. And that's what we are continuing to look forward to next year as demand materializes, we see our ability to form against that.

是的。邁克爾，很高興收到你的來信。從SG&A的角度來看，我們預計明年的SG&A槓桿率將與今年持平。就我們的演算法而言，我們關注的是中低青少年，與今年一致。我們一直表示，隨著需求的實現，我們將能夠在許多情況下滿足該需求——在某些情況下，表現會超越我們的指導。這就是我們明年繼續期待的，隨著需求的實現，我們看到了我們應對這項需求的能力。

Yes. And I'll just I'll add to that, Michael. We continue to be very excited across the regions we operate. We really feel like we're just getting started in North America, in Europe and Asia Pacific. We have a tremendous business in China that continues to see strong momentum. So there's just exciting channel and region opportunities even with the assortment that we have today, if it didn't change at all. And then we look at the opportunities we have across footwear, across women's, and even when our -- within our core franchises, within our men's outdoor business, there's just a tremendous amount of new ideas coming into our product pipeline that we think will continue to create upside into the future. We feel like the guidance that we've framed is responsible and appropriate given where we are right now.

是的。我只想補充一點，麥可。我們對我們運營的各個地區仍然感到非常興奮。我們真的覺得我們在北美、歐洲和亞太地區才剛起步。我們在中國擁有龐大的業務，並且持續保持強勁的勢頭。因此，即使我們今天擁有的產品種類齊全，如果沒有任何改變的話，仍然存在令人興奮的管道和地區機會。然後，我們著眼於鞋類、女裝領域的機會，甚至當我們的核心特許經營權、男式戶外業務中出現大量新想法進入我們的產品線時，我們認為這些想法將繼續下去創造未來的上升空間。我們認為，鑑於我們目前的處境，我們所製定的指導方針是負責任且適當的。

That concludes our question-and-answer session. I'd now like to hand back over to the management for final remarks.

我們的問答環節到此結束。我現在想將最後的意見交回給管理階層。

Thanks, everyone, for joining. Look forward to seeing you on the next call in about 3 months.

謝謝大家的加入。期待 3 個月後的下一次通話中見到您。

Thank you so much for attending today's conference call. You may now disconnect. Have a wonderful day.

非常感謝您參加今天的電話會議。您現在可以斷開連線。祝你有美好的一天。