Allbirds Inc (BIRD) 2022 Q3 法說會逐字稿

Good afternoon, ladies and gentlemen, and welcome to the Allbirds Third Quarter 2022 Conference Call. (Operator Instructions).

女士們先生們，下午好，歡迎來到 Allbirds 2022 年第三季度電話會議。 （操作員說明）。

Now I'd like to turn the call over to Katina Metzidakis, VP of Investor Relations and Business Development at Allbirds.

現在我想把電話轉給 Allbirds 投資者關係和業務發展副總裁 Katina Metzidakis。

Good afternoon, everyone, and thank you for joining us. With me on the call today are Joey Zwillinger and Tim Brown, Allbirds' co-Founders and co-CEOs; and Mike Bufano, Allbirds' Chief Financial Officer.

大家下午好，感謝您加入我們。今天和我一起打電話的是 Allbirds 的聯合創始人兼聯合首席執行官 Joey Zwillinger 和 Tim Brown；和 Allbirds 的首席財務官 Mike Bufano。

Before we start, I'd like to remind you that we will make certain statements today that are forward-looking within the meaning of the federal securities laws, including statements about our financial outlook, 2022 and medium-term guidance target, impact and duration of external headwinds, our Simplification Initiatives and other matters referenced in our earnings release issued today. These forward-looking statements involve a number of risks and uncertainties that could cause actual results to differ materially. Please also note that these forward-looking statements reflect our opinions only as of the date of this call, and we undertake no obligation to revise any statements to reflect changes that occur after this call.

在我們開始之前，我想提醒您，我們今天將發表某些符合聯邦證券法含義的前瞻性聲明，包括關於我們的財務前景、2022 年和中期指導目標、影響和持續時間的聲明外部不利因素、我們的簡化計劃以及我們今天發布的收益報告中提到的其他事項。這些前瞻性陳述涉及許多可能導致實際結果大不相同的風險和不確定性。另請注意，這些前瞻性陳述僅反映我們截至本次電話會議之日的意見，我們沒有義務修改任何陳述以反映本次電話會議後發生的變化。

Please refer to the SEC filings, including our quarterly report on Form 10-Q for the quarter ended September 30, 2022, for a more detailed description of the risk factors that may affect our results.

請參閱 SEC 文件，包括我們截至 2022 年 9 月 30 日的季度 10-Q 表季度報告，以更詳細地描述可能影響我們業績的風險因素。

Also during this call, we will discuss non-GAAP financial measures that adjust our GAAP results to eliminate the impact of certain items. These non-GAAP items should be used in addition to and not as a substitute for any GAAP results. Unless otherwise noted, we will be speaking to adjusted net revenue, which is a non-GAAP financial measure, when referring to net revenue during today's call.

同樣在此次電話會議中，我們將討論調整我們的 GAAP 結果以消除某些項目影響的非 GAAP 財務措施。這些非 GAAP 項目應該用於補充而不是替代任何 GAAP 結果。除非另有說明，否則在今天的電話會議中提到淨收入時，我們將談到調整後的淨收入，這是一種非 GAAP 財務指標。

During today's call, we will also be referring to our active customers. Active customers are defined as the total number of unique customers who have made at least one purchase in the preceding 12-month period, measured from the last date of such period. You will find additional information regarding these non-GAAP financial measures and a reconciliation of these non-GAAP measures to their most directly comparable GAAP measures to the extent reasonably available in today's earnings release.

在今天的電話會議中，我們還將提到我們的活躍客戶。活躍客戶的定義是在過去 12 個月內至少進行過一次購買的唯一客戶總數，從該期間的最後一天開始計算。在今天的收益發布中合理可用的範圍內，您將找到有關這些非 GAAP 財務措施的更多信息，以及這些非 GAAP 措施與其最直接可比的 GAAP 措施的調節。

Now I'll turn the call over to Joey to begin the formal remarks.

現在我將電話轉給喬伊開始正式發言。

Thank you, Katina, and good afternoon, everyone. I'd like to start us off today by taking a moment to commemorate the 1-year anniversary of our IPO, which is a critical step in building Allbirds into a defining global brand for this century. And what a year it's been. Despite the external headwinds and uncertainty, it's been a year full of wins, including cutting-edge materials innovations, a deep pipeline of new style introductions, the addition of our new third-party channel and the launch of our ReRun program to enable a circular economy for our products. And through it all, we remain on track to deliver on all commitments from our Sustainability Principles and Objectives Framework that we outlined in our S-1, and we continue to lead the conversation on sustainability in the footwear and apparel industries. I could not be more proud of what our brand stands for, the incredibly passionate team and culture we've built and our fiercely loyal customer base. Needless to say, Tim and I remain tremendously optimistic about the future of Allbirds.

謝謝你，卡蒂娜，大家下午好。今天，我想先花點時間紀念我們首次公開募股 1 週年，這是將 Allbirds 打造成本世紀具有決定性意義的全球品牌的關鍵一步。這是多麼美好的一年啊。儘管存在外部逆風和不確定性，但這一年充滿了勝利，包括尖端材料創新、大量新款式推出、我們新的第三方渠道的增加以及我們 ReRun 計劃的啟動以實現循環我們產品的經濟性。通過這一切，我們將繼續履行我們在 S-1 中概述的可持續發展原則和目標框架中的所有承諾，並且我們將繼續引領鞋類和服裝行業關於可持續發展的對話。我為我們的品牌所代表的意義、我們建立的令人難以置信的熱情團隊和文化以及我們極其忠誠的客戶群感到無比自豪。不用說，蒂姆和我對 Allbirds 的未來仍然非常樂觀。

Before digging into the quarter, I want to provide a bit of context on the consumer environment as I see it. Back in Q2, thanks to our direct relationship with our customers and sophisticated data platform, we believe we were early to identify changes in demand signals. Our diagnosis of the market is playing out as we expected, and we entered the third quarter prepared for the demand environment. Thanks to these insights, coupled with some great work from our team, I am proud to report that we exceeded our Q3 net revenue and adjusted EBITDA guidance target while taking market share and delivering on our sustainability goals.

在深入探討本季度之前，我想提供一些關於我所看到的消費者環境的背景信息。回到第二季度，由於我們與客戶的直接關係和復雜的數據平台，我們相信我們很早就發現了需求信號的變化。我們對市場的診斷正如我們預期的那樣發揮作用，我們進入了第三季度，為需求環境做好了準備。由於這些見解，再加上我們團隊的一些出色工作，我很自豪地報告，我們超過了第三季度的淨收入和調整後的 EBITDA 指導目標，同時獲得了市場份額並實現了我們的可持續發展目標。

Since we last spoke, we are seeing increased choppiness in the external environment, in addition to worsening FX headwinds and extended COVID lockdowns in certain areas of China. We expect Q4 to be negatively impacted by persistent inflation and high levels of promotional activity, which will impact our U.S. business, along with a weaker consumer backdrop in Europe and worsening FX headwinds. In fact, we are preparing for a scenario in which consumer headwinds worsen in the coming months and as the full impact of these myriad market dynamics are fully digested by consumers.

自我們上次發言以來，除了外匯逆風惡化和中國某些地區因 COVID 封鎖延長外，我們還看到外部環境更加動盪。我們預計第四季度將受到持續通脹和高水平促銷活動的負面影響，這將影響我們的美國業務，以及歐洲消費者背景疲軟和外匯逆風惡化。事實上，我們正在為未來幾個月消費者逆風惡化的情況做準備，因為這些無數市場動態的全部影響已被消費者完全消化。

We've taken this complex operating environment as an opportunity to streamline processes and optimize our cost structure and continue to execute against the Simplification Initiatives announced during Q2 while also investing in a customer experience that we believe best positions our business for continued growth with meaningful adjusted EBITDA improvement in 2023 and beyond.

我們已將這種複雜的運營環境視為簡化流程和優化成本結構的機會，並繼續執行第二季度宣布的簡化計劃，同時還投資於我們認為最能使我們的業務持續增長的客戶體驗，並進行有意義的調整2023 年及以後的 EBITDA 改善。

On the balance sheet, the high-quality evergreen nature of our inventory has allowed us to tighten our open to buy, something we'll continue to do going forward, targeting increased turns to free up working capital and increased margin from lower holding costs. Despite a cautious outlook on consumer demand given the economy, we expect a meaningful increase to inventory turns in 2023 as these initiatives fully take hold. These points validate my belief that the actions we took last quarter were the right things to do at the right time.

在資產負債表上，我們庫存的高質量常青性質使我們能夠收緊我們的購買開放，我們將繼續這樣做，目標是增加周轉率以釋放營運資金並通過降低持有成本提高利潤率。儘管鑑於經濟形勢對消費者需求前景持謹慎態度，但隨著這些舉措的全面實施，我們預計 2023 年庫存周轉率將顯著增加。這些觀點證實了我的信念，即我們上個季度採取的行動是在正確的時間做的正確的事情。

Looking ahead to holiday season, we expect the external environment to be the most promotional we've experienced since launching the company in 2016. Despite that, we have prepared a great product road map alongside the right mix of inventory, and we've coupled that with a strong holiday marketing campaign. Taken together, I feel confident as we head into this all-important season despite the noisy external environment.

展望假日季節，我們預計外部環境將是我們自 2016 年成立公司以來經歷過的最具促銷性的環境。儘管如此，我們已經準備了一個偉大的產品路線圖以及正確的庫存組合，我們已經結合通過強大的假日營銷活動。總而言之，儘管外部環境嘈雜，但在我們進入這個至關重要的賽季時，我感到很有信心。

And while we are taking a more conservative approach to planning our business, we continue to prudently invest behind our 3 growth initiatives: one, expanding and energizing our product portfolio; two, growing our store fleet; and three, scaling our international business.

雖然我們在規劃我們的業務時採取更保守的方法，但我們繼續審慎地投資於我們的 3 項增長計劃：第一，擴大和激發我們的產品組合；第二，擴大我們的商店隊伍；第三，擴大我們的國際業務。

Starting with product, we are incredibly proud of our recent launch of plant leather, a first-of-its-kind innovation performing similarly to bovine leather but with a 100% plastic-free material. This is a key point of differentiation from other leather alternatives. Our first product with plant leather was on a new silhouette called the Pacer, which provides our customers with an elevated sneaker style, expanding the use occasions where consumers can select a pair of Allbirds. We also have good product flow for holiday that we expect our customers to love.

從產品開始，我們為最近推出的植物皮革感到無比自豪，這是首創的創新產品，其性能與牛皮相似，但採用 100% 不含塑料的材料。這是區別於其他皮革替代品的關鍵點。我們的第一款植物皮革產品出現在名為 Pacer 的新鞋型上，它為我們的客戶提供了一種更高級的運動鞋款式，擴大了消費者可以選擇一雙 Allbirds 的使用場合。我們也有良好的假期產品流，我們希望我們的客戶喜歡。

Moving to stores, our owned retail channel grew net revenue 53% year-over-year. We opened 8 new stores during the quarter, including 6 in the U.S. It's important to note that nearly half our current store fleet is still in the ramp-up phase, which has historically taken around 4 quarters to reach revenue maturity. However, that sales ramp is taking longer right now given the macro headwind. Our stores remain a powerful acquisition tool, allowing us to gain leverage on marketing spend to lower customer acquisition costs, increase the penetration of valuable omnichannel repeat customers and are ultimately the best expression of our brand. Our U.S. stores maintain an impressive score for NPS of above 90, which we believe positively correlates to repeat purchase and the health of the Allbirds brand.

轉向商店，我們自有零售渠道的淨收入同比增長 53%。我們在本季度開設了 8 家新店，其中 6 家在美國。需要注意的是，我們目前的門店數量中有將近一半仍處於增長階段，從歷史上看，這需要大約 4 個季度才能達到收入成熟期。然而，鑑於宏觀逆風，目前銷售增長需要更長的時間。我們的商店仍然是一個強大的獲取工具，使我們能夠利用營銷支出來降低客戶獲取成本，增加有價值的全渠道回頭客的滲透率，並最終成為我們品牌的最佳體現。我們在美國的商店保持著令人印象深刻的 NPS 得分 90 以上，我們認為這與重複購買和 Allbirds 品牌的健康狀況呈正相關。

That said, we continue to be negatively impacted by traffic levels that remain below pre-COVID levels. The slow traffic recovery appears to be consistent across our industry. And though we believe that we will recover the majority of this traffic, the timing of that recovery is unclear given the operating environment.

也就是說，我們繼續受到低於 COVID 前水平的流量水平的負面影響。緩慢的流量恢復似乎在我們的行業中是一致的。儘管我們相信我們將恢復大部分流量，但鑑於運營環境，恢復的時間尚不清楚。

Wrapping up on retail, even in a choppy environment, we continue to see an overall uplift in omnichannel sales in markets with stores above what we see in e-comm-only regions.

總結零售業，即使在動蕩的環境中，我們繼續看到市場中全渠道銷售的整體增長，其商店高於我們在純電子商務地區看到的水平。

Turning now to third party. I am happy to report that we are tracking ahead of our expectations with strong early sell-throughs. We are thrilled to have added REI as our most recent retail partner, along with our 20 million-plus co-op members. REI's belief in the transformational power of nature and their dedication to climate action aligns perfectly to our goal of making better footwear and apparel products in a better way.

現在轉向第三方。我很高興地報告說，我們正以強勁的早期銷售量超前於我們的預期。我們很高興將 REI 添加為我們最近的零售合作夥伴，以及我們超過 2000 萬的合作社成員。 REI 對大自然的變革力量的信念及其對氣候行動的奉獻完全符合我們以更好的方式製造更好的鞋類和服裝產品的目標。

I'm also pleased to announce that we will be furthering our partnership with Dick's Sporting Goods beyond the company's Public Lands banner. In the coming weeks, we will enter DSG's newest House of Sport format, which delivers a fantastic customer experience, in 3 doors, and intend to expand to other DSG core format stores beginning in Q1. We are taking a methodical approach to develop unique and compelling stories for customers with each of our marquee partners.

我也很高興地宣布，我們將在公司的 Public Lands 旗幟之外進一步加強與 Dick's Sporting Goods 的合作夥伴關係。在接下來的幾週內，我們將進入 DSG 最新的 House of Sport 格式，在 3 扇門中提供出色的客戶體驗，並打算從第一季度開始擴展到其他 DSG 核心格式商店。我們正在採取一種有條不紊的方法，與我們的每個重要合作夥伴一起為客戶開發獨特且引人入勝的故事。

Our Center Stage activation at Nordstrom was a great example of this as is the holiday activation that we currently have in REI flagships. At just over 100 doors, we have a long runway of potential growth ahead of us in third party.

我們在 Nordstrom 的 Center Stage 活動就是一個很好的例子，我們目前在 REI 旗艦店的假日活動也是如此。在剛剛超過 100 個門的情況下，我們在第三方方面的潛在增長還有很長的路要走。

Similar to our direct retail strategy, a key tenet of our third-party strategy is to use the channel to meet consumers who have not yet heard about our wonderful brand and fantastic products. We believe that our third-party footprint is already increasing new customer acquisition and brand awareness. In fact, we have found very little overlap between our direct channel customers and those of our third-party partners, providing a fantastic runway and opportunity for brand discovery.

與我們的直接零售戰略類似，我們第三方戰略的一個關鍵原則是利用渠道與尚未聽說過我們出色品牌和出色產品的消費者見面。我們相信我們的第三方足跡已經在增加新客戶的獲取和品牌知名度。事實上，我們發現我們的直接渠道客戶與第三方合作夥伴的客戶之間幾乎沒有重疊，這為品牌發現提供了絕佳的跑道和機會。

As we noted last quarter, the journey we take to achieve our strategic and financial goals may shift, but the destination looks the same. In a time of significant volatility, we continuously evaluate our channel strategy to determine the optimal balance between third-party and owned retail stores. As we plan growth across our channels, including digital, stores and third party, we will be conscious of and deliberate on the balance between top line growth, profitability and importantly, capital efficiency. I look forward to providing more updates on upcoming calls as we continue along our journey and methodically grow the marketplace for our products.

正如我們在上個季度指出的那樣，我們實現戰略和財務目標的旅程可能會發生變化，但目的地看起來是一樣的。在劇烈波動的時期，我們不斷評估我們的渠道戰略，以確定第三方和自有零售店之間的最佳平衡。當我們計劃跨渠道（包括數字、商店和第三方）的增長時，我們將意識到並考慮收入增長、盈利能力和重要的資本效率之間的平衡。隨著我們繼續我們的旅程並有條不紊地發展我們的產品市場，我期待在即將到來的電話會議上提供更多更新。

Turning quickly to our international business. Revenues grew nearly 11% despite an approximate 1,500 basis points year-over-year headwind from FX. Though we remain confident in the long-term demand in our international markets, as we mentioned last quarter, we are primarily focused on 5 key geographies as we continue to navigate this choppy macro environment: the U.K., Germany, Canada, Japan and China. As an example of this focus at work, we are experiencing strong momentum in the U.K. despite the overall environment being challenged in Europe. During Q3, we saw over 20% growth in local currency, driven by solid comps in our established Allbirds stores in London and positive initial response to our new King's Road store. We also opened Selfridges shop-in-shop, which is increasing brand awareness and driving sales.

迅速轉向我們的國際業務。儘管外匯逆風同比增長約 1,500 個基點，但收入仍增長了近 11%。儘管我們對國際市場的長期需求仍然充滿信心，但正如我們上個季度所提到的，我們主要關注 5 個關鍵地區，因為我們將繼續應對這種動蕩的宏觀環境：英國、德國、加拿大、日本和中國。作為這種工作重點的一個例子，儘管歐洲的整體環境受到挑戰，但我們在英國的發展勢頭強勁。在第三季度，我們看到當地貨幣增長了 20% 以上，這得益於我們在倫敦建立的 Allbirds 商店的穩固競爭以及對我們新的國王路商店的積極初步反應。我們還開設了 Selfridges 店中店，以提高品牌知名度並推動銷售。

In closing, I am proud of the work we are doing to build Allbirds into a generation-defining brand and remain confident we can simultaneously drive efficiency into the business. Thank you for taking the time to be with us on the call today. And with that, I'll turn it over to Tim.

最後，我為我們為將 Allbirds 打造成一代定義品牌所做的工作感到自豪，並堅信我們可以同時提高業務效率。感謝您今天抽出時間與我們通話。有了這個，我會把它交給蒂姆。

Thanks, Joey, and good afternoon, everyone. As we look at what's happening in the world, never has it felt more important to emphasize our sustainability goals. We recently published our 2021 sustainability report, and I'm proud to highlight that while growing our revenue by 27% in 2021, we actually reduced our average product carbon footprint by 12%.

謝謝，喬伊，大家下午好。當我們審視世界上正在發生的事情時，強調我們的可持續發展目標從未像現在這樣重要。我們最近發布了 2021 年可持續發展報告，我很自豪地強調，在 2021 年我們的收入增長 27% 的同時，我們實際上將平均產品碳足跡減少了 12%。

Our teams are energized by our goal to cut our already low per product carbon footprint in half by 2025 and drive it to near 0 by 2030. In support of this long-term plan, we are proud to have made groundbreaking tangible progress and set a new industry standard for others to follow. We've done this by focusing on 3 key areas, regenerative agriculture, renewable materials and responsible energy use, which have helped make 2021 a banner year towards meeting our brand promise for consumers.

我們的團隊因我們的目標而充滿活力，即到 2025 年將本已很低的單位產品碳足跡減少一半，到 2030 年將其降至接近零。為支持這一長期計劃，我們很自豪取得了突破性的切實進展，並設定了供其他人遵循的新行業標準。為此，我們專注於 3 個關鍵領域，即再生農業、可再生材料和負責任的能源使用，這使 2021 年成為實現我們對消費者的品牌承諾的標誌性一年。

In regenerative agriculture, we partnered with Supplier New Zealand Merino and other brands to pave the way for regenerative wool in New Zealand through the ZQRX framework. To date, nearly 500 growers have signed up, representing 15% of New Zealand's farmland, committing to work with nature to continuously improve human, animal and environmental outcomes.

在再生農業方面，我們與供應商新西蘭美利奴羊毛和其他品牌合作，通過 ZQRX 框架為新西蘭的再生羊毛鋪平道路。迄今為止，已有近 500 名種植者簽約，佔新西蘭農田的 15%，承諾與大自然合作，不斷改善人類、動物和環境的成果。

In renewable materials, we introduced our Tree Dasher 2 running shoe, reducing its carbon footprint by 5% by introducing a midsole that was 21% lighter and removing unnecessary components.

在可再生材料方面，我們推出了 Tree Dasher 2 跑鞋，通過引入重量減輕 21% 的中底並移除不必要的組件，將碳足跡減少了 5%。

And on renewable energy, in 2021, we procured 100% of our energy from renewable sources to meet our electricity use at manufacturers in the U.S. and Vietnam. And across the globe, our manufacturing partners worked to install on-site solar at their facilities.

在可再生能源方面，2021 年，我們從可再生資源中採購了 100% 的能源，以滿足美國和越南製造商的用電量。在全球範圍內，我們的製造合作夥伴致力於在其設施中安裝現場太陽能。

In addition, we increased our share of ocean shipping, which has a significantly lower carbon footprint than shipping by air, from 80% in 2020 to 84% in 2021 to over 90% this quarter. In addition to carrying a lower carbon footprint, ocean shipping has real benefits for our gross margin. This signifies the essence of our model. The more sustainable we are, the better our business is. These are just a few of the many things we're up to, and I encourage all of you to take a look at our latest sustainability report to see how we continue to lead the conversation in sustainable footwear.

此外，我們增加了海運的份額，海運的碳足跡明顯低於空運，從 2020 年的 80% 增加到 2021 年的 84%，再到本季度的 90% 以上。除了碳足跡較低外，海運對我們的毛利率也有實實在在的好處。這標誌著我們模型的本質。我們的可持續性越強，我們的業務就越好。這些只是我們正在做的許多事情中的一小部分，我鼓勵大家看看我們最新的可持續發展報告，看看我們如何繼續引領可持續鞋類的對話。

Turning to product. Q3 was a big materials innovation quarter for Allbirds. We launched plant leather, a first-of-its-kind leather alternative that is 100% plastic-free, 100% vegan and exclusively contains natural materials like plant oils and agricultural by-products. We also launched 2 lighter-weight materials, woven wool and canvas, which make up a growing and robust suite of materials that we worked hard to build. Moving forward, we will continue to inject these into our new and existing product franchises to expand and enhance the Super Natural Comfort experiences we offer.

轉向產品。第三季度是 Allbirds 的重要材料創新季度。我們推出了植物皮革，這是一種首創的皮革替代品，100% 不含塑料，100% 純素，並且只含有植物油和農業副產品等天然材料。我們還推出了 2 種重量更輕的材料，編織羊毛和帆布，它們構成了我們努力構建的不斷增長且堅固的材料套件。展望未來，我們將繼續將這些注入我們新的和現有的產品特許經營權中，以擴展和增強我們提供的 Super Natural Comfort 體驗。

Looking across our broader product portfolio, we have made meaningful progress in both performance and lifestyle this quarter. We remain very happy with our performance footwear portfolio. In fact, the Flyer was just recognized by Men's Health as a top running sneaker for 2022. We continue to see the Flyer franchise as another important step forward in building our performance credibility.

縱觀我們更廣泛的產品組合，本季度我們在性能和生活方式方面都取得了有意義的進步。我們對我們的高性能鞋類產品組合仍然非常滿意。事實上，Flyer 剛剛被 Men's Health 評為 2022 年最佳跑步運動鞋。我們繼續將 Flyer 系列視為我們在建立績效可信度方面邁出的又一重要步驟。

In lifestyle, our new Pacer silhouette, which is available in limited supply and plant leather, broadens our lifestyle repertoire with a true court style shoe, providing additional use occasions for our consumers. We intentionally launched the Plant Pacer with limited supply, and we are encouraged by the media and consumer reaction. We will continue to invest in growing this new franchise moving forward.

在生活方式方面，我們全新的 Pacer 款式限量供應並採用植物皮革，以真正的球場風格鞋款拓寬了我們的生活方式，為我們的消費者提供了更多的使用場合。我們有意推出限量供應的 Plant Pacer，媒體和消費者的反應讓我們感到鼓舞。我們將繼續投資發展這個新的特許經營權。

Continued style innovation will be paramount to our next phase of growth and play a key role as we move into third party. I'm also excited about our strong product pipeline going into holiday, including our recently launched cold weather run collection, which combines our best-selling water-repellant Mizzle material and performance footwear as well as our new fluff wool collection, which is perfect for gifting and at the heart of our recently launched holiday campaign focused on our core brand offering of Super Natural Comfort.

持續的風格創新對我們下一階段的增長至關重要，並在我們進入第三方時發揮關鍵作用。我也對即將進入假期的我們強大的產品線感到興奮，包括我們最近推出的寒冷天氣跑步系列，它結合了我們最暢銷的防水 Mizzle 材料和高性能鞋類，以及我們新的絨毛羊毛系列，非常適合禮品和我們最近推出的假日活動的核心，重點是我們的核心品牌 Super Natural Comfort。

In closing, amidst all the volatility, we are continuing to do the hard work and material innovation and product creation and remain focused on leading the conversation on sustainability in the footwear space with great products made from super natural materials.

最後，在所有的波動中，我們將繼續努力工作，進行材料創新和產品創造，並繼續專注於用超天然材料製成的優質產品引領鞋類領域的可持續發展對話。

With that, I'll turn it over to Mike.

有了這個，我會把它交給邁克。

Thanks, Tim, and good afternoon, everyone. I'd like to start by adding my thanks to our teams for focusing on controlling what we can control. Their execution led to a solid financial outcome in the quarter. Adjusted net revenue increased 15% to $72 million, 19% when excluding the impact of FX.

謝謝，蒂姆，大家下午好。首先，我想感謝我們的團隊專注於控制我們可以控制的事情。他們的執行為本季度帶來了穩健的財務成果。調整後淨收入增長 15% 至 7,200 萬美元，排除外匯影響後增長 19%。

Let me break down the growth drivers. Starting with geographies, we saw balanced growth, with the U.S. up 17% and international up 11%, 26% when adjusted for FX.

讓我分解一下增長動力。從地域開始，我們看到了均衡增長，美國增長 17%，國際增長 11%，經匯率調整後增長 26%。

Looking at channels, third party was a significant growth driver and represented a mid-single-digit percent of revenue mix. We continue to expect third party to be an EBITDA-accretive growth driver in 2023. Looking at revenue growth through our customer lens, in our direct business, orders increased 16% and average order value was up 2%.

從渠道來看，第三方是一個重要的增長動力，佔收入組合的中個位數百分比。我們繼續預計第三方將成為 2023 年 EBITDA 增長的增長動力。從我們的客戶角度來看收入增長，在我們的直接業務中，訂單增長了 16%，平均訂單價值增長了 2%。

I'd like to go deeper and provide some granularity on active customers, which we view as a good indication of the health of our brand and business. In Q3, active customers increased 12% on a year-over-year basis, roughly in line with the trend we saw in Q1 and Q2. In addition to strong growth in active customers, we have seen steady increases in spend per customer. We saw gains across active customers in both digital and retail. As you'd expect with more stores in 2022, retail was the bigger driver. As Joey noted, our stores build brand awareness, efficiently acquire new customers, increase repeat rates of existing customers and drive omnichannel customer LTV. We view our consistent growth in active customers as a strong indicator of brand health and an important proof point that our growth pillars are helping us build a durable business for the medium and long term.

我想更深入地提供一些關於活躍客戶的詳細信息，我們認為這是我們品牌和業務健康狀況的良好指標。第三季度，活躍客戶同比增長 12%，與我們在第一季度和第二季度看到的趨勢大致一致。除了活躍客戶的強勁增長外，我們還看到每位客戶的支出穩步增長。我們看到了數字和零售領域活躍客戶的收益。正如您對 2022 年更多商店的預期，零售是更大的推動力。正如 Joey 指出的那樣，我們的商店建立了品牌知名度，有效地吸引了新客戶，提高了現有客戶的重複率並推動了全渠道客戶的 LTV。我們將活躍客戶的持續增長視為品牌健康的有力指標，也是我們的增長支柱正在幫助我們建立中長期持久業務的重要證明。

Moving on to adjusted gross margin. Q3 came in consistent with expectations at 47.6%. Business segment mix away from our gross margin accretive international business, an increase in third-party sales and COVID-related cost headwinds were partially offset by increased ocean shipping and a modest early benefit from our Simplification Initiatives. We also experienced modest pressure from our previously discussed strategic increase in promotional activity, which partially offset some of the benefit of our price increase. We continue to believe that we need to respond to this highly competitive environment and meet customers where they are. Importantly, customers that we have acquired through promotions continue to behave similarly to prior cohorts.

繼續調整後的毛利率。第三季度與預期一致，為 47.6%。業務部門組合遠離我們毛利率增長的國際業務，第三方銷售的增加和 COVID 相關的成本逆風被增加的海運和我們的簡化計劃的適度早期收益部分抵消。我們之前討論的促銷活動的戰略性增加也給我們帶來了適度的壓力，這部分抵消了我們價格上漲帶來的一些好處。我們仍然相信，我們需要應對這種競爭激烈的環境，並在客戶所在的地方與他們會面。重要的是，我們通過促銷獲得的客戶的行為繼續與之前的同類群組相似。

Finally, our adjusted EBITDA was negative $12.7 million. We benefited from tight SG&A control tied to the Simplification Initiatives as well as lower marketing spend. Marketing decreased both sequentially and on a year-over-year basis due to increased efficiencies in our digital channels and the shift of some marketing spend from Q3 into Q4. Again, we feel really good about delivering this result in Q3.

最後，我們調整後的 EBITDA 為負 1270 萬美元。我們受益於與簡化計劃相關的嚴格 SG&A 控制以及較低的營銷支出。由於我們數字渠道效率的提高以及一些營銷支出從第三季度轉移到第四季度，營銷活動環比和同比均有所下降。同樣，我們對在第三季度取得這一成果感到非常滿意。

Moving to the balance sheet. We ended Q3 with $127 million of inventory, which was up 3% from the end of Q2. In-transit inventory accounted for over 1/3 of that inventory but has come down slightly compared to Q2. Included in that $127 million is about $5 million of end-of-life products that we're continuing to liquidate as part of the Simplification Initiatives. We feel good about the makeup of our inventory, the vast majority of which is core evergreen footwear.

轉到資產負債表。我們以 1.27 億美元的庫存結束了第三季度，比第二季度末增長了 3%。在途庫存佔該庫存的 1/3 以上，但與第二季度相比略有下降。在這 1.27 億美元中，包括大約 500 萬美元的報廢產品，作為簡化計劃的一部分，我們將繼續清算這些產品。我們對我們庫存的構成感到滿意，其中絕大多數是核心常青鞋類。

As mentioned during our last call, we have begun to buy tighter on core footwear as we plan for a more uncertain consumer demand backdrop in 2023. Tighter buying, coupled with our selective promotional strategy, is expected to reduce inventory levels and improve turns.

正如我們在上次電話會議中提到的那樣，由於我們計劃在 2023 年的消費者需求背景更加不確定，因此我們已經開始收緊核心鞋類的採購。收緊採購，加上我們有選擇的促銷策略，預計將降低庫存水平並提高周轉率。

With mid-teens revenue growth this year, a structural slowdown in SG&A spending due to the Simplification Initiatives and improved inventory turns, we expect free cash flow to improve and believe our Q3 ending cash position of $181 million is more than ample to fund our growth initiatives for the foreseeable future.

隨著今年中期收入增長，由於簡化計劃和改善庫存周轉率導致 SG&A 支出結構性放緩，我們預計自由現金流將改善，並相信我們第三季度末的現金頭寸為 1.81 億美元，足以為我們的增長提供資金可預見的未來的舉措。

Before leaving Q3, I would like to provide an update on the Simplification Initiatives announced last quarter. These initiatives have set us up to continue delivering top line growth while keeping us on a path to reach our profitability and cash generation targets. I'll walk through the initiatives and provide updates on each.

在離開第 3 季度之前，我想提供有關上個季度宣布的簡化計劃的最新情況。這些舉措使我們能夠繼續實現收入增長，同時讓我們走上實現盈利和現金生成目標的道路。我將介紹這些舉措並提供每項舉措的最新情況。

The first initiative is investing in our supply chain to reduce both cost and our carbon footprint. Later this year, we will commence production with a new factory partner. The full impact of this change will flow through the P&L in 2024, but we expect to significantly decrease our landed product cost on a run rate basis in early 2023. I'm also pleased to report that just last week in the U.S., we successfully transitioned to our automated distribution centers and new dedicated returns processor. Taken together, these changes have already provided greater logistics cost predictability for Q4, and we would expect to see a positive impact on gross margin in 2023.

第一項舉措是投資於我們的供應鏈，以降低成本和碳足跡。今年晚些時候，我們將與新的工廠合作夥伴一起開始生產。這一變化的全部影響將體現在 2024 年的損益表中，但我們預計將在 2023 年初顯著降低按運行率計算的到岸產品成本。我也很高興地報告，就在上週，我們在美國成功地過渡到我們的自動化配送中心和新的專用退貨處理器。總而言之，這些變化已經為第四季度提供了更大的物流成本可預測性，我們預計 2023 年將對毛利率產生積極影響。

The second initiative is streamlining our organizational structure and reducing SG&A to free up resources to continue to invest in areas that are critical for demand generation. We are on track to deliver the previously communicated corporate SG&A savings target of $4 million to $5 million in 2022 and $13 million to $15 million on an annualized basis starting in 2023.

第二項舉措是精簡我們的組織結構並減少 SG&A，以釋放資源以繼續投資於對需求生成至關重要的領域。我們有望在 2022 年實現先前傳達的企業 SG&A 節省 400 萬至 500 萬美元的目標，並從 2023 年開始實現每年 1300 萬至 1500 萬美元的節省目標。

The third initiative is the onetime liquidation of end-of-life inventory, which is proceeding as we expected. Overall, we are on track with the Simplification Initiatives and continue to expect the total nonrecurring net costs associated with them to be $18 million to $24 million. To echo what Joey said earlier, it is clear to us that these actions were the right thing to do at the right time.

第三項舉措是一次性清算報廢庫存，正如我們預期的那樣進行。總的來說，我們正在推進簡化計劃，並繼續預計與之相關的非經常性淨成本總額為 1800 萬至 2400 萬美元。為了回應喬伊之前所說的話，我們很清楚這些行動是在正確的時間做的正確的事情。

I'd like to now turn to our guidance targets for the rest of 2022, which exclude any nonrecurring revenue and costs associated with the Simplification Initiatives. Our 2022 annual guidance target ranges remain unchanged. We continue to expect adjusted net revenue of $305 million to $315 million, up 10% to 14% versus 2021, 13% to 17% excluding the impact of FX. This implies a Q4 range of $92 million to $102 million, which when compared to Q4 2021 is a range of minus 5% to plus 5%. We expect the U.S. and international to grow at roughly similar rates in Q4.

我現在想談談我們 2022 年剩餘時間的指導目標，其中不包括與簡化計劃相關的任何非經常性收入和成本。我們的 2022 年度指導目標範圍保持不變。我們繼續預計調整後的淨收入為 3.05 億美元至 3.15 億美元，比 2021 年增長 10% 至 14%，不包括外匯影響的增長 13% 至 17%。這意味著第四季度的範圍為 9200 萬美元至 1.02 億美元，與 2021 年第四季度相比，範圍為負 5% 至正 5%。我們預計美國和國際在第四季度將以大致相似的速度增長。

For adjusted gross profit, we continue to expect a range of $150 million to $157.5 million. The midpoints of our revenue and gross profit targets represent an adjusted gross margin of 49.6%.

對於調整後的毛利，我們繼續預計在 1.5 億美元至 1.575 億美元之間。我們的收入和毛利目標的中點代表調整後的毛利率為 49.6%。

We also continue to expect adjusted EBITDA of negative $42.5 million to negative $37.5 million.

我們還繼續預計調整後的 EBITDA 為負 4250 萬美元至負 3750 萬美元。

One model update is that we are now expecting to open 22 net new stores, up from 16 to 17, as a few projects finished faster than anticipated. By the end of 2022, we expect to have 57 total stores, 42 in the U.S. and 15 internationally. These additional openings will modestly pressure Q4 adjusted EBITDA.

一個模型更新是，我們現在預計將淨開設 22 家新店，從 16 家增加到 17 家，因為一些項目的完成速度快於預期。到 2022 年底，我們預計將擁有 57 家門店，其中美國 42 家，國際 15 家。這些額外的職位空缺將對第四季度調整後的 EBITDA 造成適度壓力。

Speaking of Q4, like everyone else leading a consumer business right now, we're parsing through all the crosscurrents that are impacting spending this holiday season. I'd like to share a few thoughts on how we're viewing Q4 and what we're doing in response.

說到第四季度，就像現在領導消費者業務的其他所有人一樣，我們正在分析影響這個假期消費的所有逆流。我想就我們如何看待第四季度以及我們正在做的回應分享一些想法。

In our business, Q4 is historically the highest sales volume quarter of the year, with November and December alone accounting for over 25% of full year sales in 2021. So far in the quarter, consumer spending habits and traffic have been notably choppy, especially in the U.S. Our read is that the impact of high inflation and recession fears is creating more cautious behavior, and we believe consumers will buy closer to need as they wait for promotions this holiday season. This is different than last year when spending started earlier because of headlines about supply chain delays.

在我們的業務中，第四季度歷來是一年中銷量最高的季度，僅 11 月和 12 月就佔 2021 年全年銷售額的 25% 以上。本季度到目前為止，消費者的消費習慣和流量明顯起伏不定，尤其是在美國，我們的解讀是，高通脹和經濟衰退擔憂的影響正在催生更加謹慎的行為，我們相信消費者在等待這個假期的促銷活動時會在更接近需要的地方購買。這與去年不同，去年由於有關供應鏈延遲的頭條新聞，支出開始得更早。

Q4 guidance targets assume an improvement versus our quarter-to-date trends. We feel confident in that improvement because we have what we believe to be our best holiday marketing and product campaign in our company's 7-year history. We have to meet consumers where they are right now and factor in the competitive environment so our broader marketing strategy for the season includes an enhanced promotional calendar. Depending on how the holiday season plays out, we could end the year at full price sell-through of 80% to 85%. That remains much better than industry peers, but below the 85% to 90% we communicated on the Q2 call. I'd also like to remind everyone that in the retail channel, we will begin lapping weeks that were pressured by Omicron later this quarter.

第 4 季度的指導目標假設與我們季度至今的趨勢相比有所改善。我們對這種改進充滿信心，因為我們認為這是我們公司 7 年曆史上最好的假日營銷和產品活動。我們必須滿足消費者的需求，並考慮到競爭環境，因此我們本季更廣泛的營銷策略包括增強促銷日曆。根據假日季節的情況，我們可能會以 80% 至 85% 的全價銷售率結束今年。這仍然比業內同行好得多，但低於我們在第二季度電話會議上溝通的 85% 到 90%。我還想提醒大家，在零售渠道中，我們將在本季度晚些時候開始度過 Omicron 施加壓力的幾週。

Finally, there are several additional external macro factors we are considering as we look at the quarter. One, we continue to see increasingly negative FX headwinds. Indeed, our current Q4 estimate is that the year-over-year FX impact is now $4 million to $5 million, which is a couple of million worse than what we factored in the guidance last quarter. Given the volatility in rates, there is potential for further headwinds in the next 2 months.

最後，在我們審視本季度時，我們正在考慮幾個額外的外部宏觀因素。第一，我們繼續看到越來越多的負面外匯逆風。事實上，我們目前對第四季度的估計是，與去年同期相比，外匯影響現在為 400 萬至 500 萬美元，這比我們在上一季度的指導中考慮的要差幾百萬美元。鑑於利率的波動性，未來兩個月可能會出現進一步的不利因素。

Two, we continue to see volatility in our China business due to the consumer spending ripple effects of rolling COVID lockdowns.

第二，由於滾動 COVID 鎖定的消費者支出連鎖反應，我們繼續看到我們中國業務的波動。

And three, there is risk that U.S. consumer spending does not bounce back and could moderate further. Taken together, we believe all these factors create increased risk of Q4 results coming in at the lower end of our guidance target ranges.

第三，美國消費者支出可能不會反彈並可能進一步放緩。總而言之，我們認為所有這些因素都會增加第四季度業績處於我們指導目標範圍下限的風險。

In closing, while this is a really tough operating environment, we continue to feel confident about how we are positioning our business for the future and our ability to become better operationally, deliver on our Sustainability Initiatives and take share. Through our thoughtful approach to our supply chain, operating structure and processes, we have built a stronger and leaner infrastructure. We believe these actions, coupled with our 3 growth pillars and our intense focus on cash management, position us to drive the business towards our medium-term profitability targets and create shareholder value.

最後，雖然這是一個非常艱難的運營環境，但我們仍然對我們如何為未來定位我們的業務以及我們改善運營、實施可持續發展計劃和分享的能力充滿信心。通過我們對供應鏈、運營結構和流程的深思熟慮的方法，我們建立了一個更強大、更精簡的基礎設施。我們相信這些行動，加上我們的三大增長支柱和我們對現金管理的高度關注，將使我們能夠推動業務實現中期盈利目標並創造股東價值。

Thanks for your time. Operator, please open the line for Q&A.

謝謝你的時間。接線員，請打開Q&A線路。

(Operator Instructions) Our first question comes from Mark Altschwager with Baird.

（操作員說明）我們的第一個問題來自 Baird 的 Mark Altschwager。

This is Amy on for Mark tonight. We've seen you take the footwear assortment in a few different directions this year with the Flyer launch earlier in the performance running category, now the Pacer as a new lifestyle shoe. Where are you focusing on now in the product development pipeline? Should we expect to see more in terms of on the lifestyle side or on the performance side?

這是艾米今晚為馬克做的。我們已經看到您今年將鞋類產品轉向了幾個不同的方向，早期推出的 Flyer 屬於高性能跑步類別，現在的 Pacer 是一款全新的生活方式鞋。您現在在產品開發流程中關注的重點是什麼？我們應該期待在生活方式方面還是在性能方面看到更多？

Yes. Thank you for the question. We'll continue to stay laser-focused on the idea of Super Natural Comfort across all the products that we're making. The majority of our product focus and innovation focus remains on the lifestyle space. We're really excited and pleased with the launch of the Pacer, our most recent court shoe style franchise, that has performed well and also introduces a new natural material platform and plant leather that we feel really excited about.

是的。感謝你的提問。我們將繼續專注於我們正在生產的所有產品的超自然舒適理念。我們的大部分產品重點和創新重點仍然放在生活方式領域。我們對 Pacer 的推出感到非常興奮和高興，這是我們最新的宮廷鞋風格特許經營權，它表現良好，還引入了我們感到非常興奮的新天然材料平台和植物皮革。

We still remain in the early days of our journey into performance. The dasher, our original franchise, is at the core of that offering, and the Tree Dasher 2 continues to perform really, really well for us as an entry-level running product. The Flyer pushed that even further with the new material technology in SweetFoam, again, that we feel really good about. And overall, the performance is about 1/4 of the business, and we'll continue to build that and build credibility with that over time and expand the use case. We continue to think that there's a great white space in the category for natural materials and for the consumer trend around our sustainability purpose. So lots more to come, and we're really, really excited about the product road map looking forward into '23.

我們仍處於性能之旅的早期階段。我們最初的特許經營權 Dasher 是該產品的核心，而 Tree Dasher 2 作為入門級跑步產品繼續為我們表現得非常非常好。 Flyer 再次通過 SweetFoam 中的新材料技術進一步推動了這一點，我們對此感到非常滿意。總的來說，性能大約佔業務的 1/4，我們將繼續構建它並隨著時間的推移建立可信度並擴展用例。我們仍然認為，天然材料和圍繞我們的可持續發展目標的消費趨勢在類別中有很大的空白。未來還會有更多，我們對展望 23 年的產品路線圖感到非常非常興奮。

Great. And then switching gears, can you talk a little bit more about how you're thinking about your own promotional activity? We noticed the buy 1 get 1 15% off on the site that's a bit different than your past promotional strategy. Are you seeing customers react to an increased promotional cadence? Or is this just coming ahead of what you expect to happen in 4Q?

偉大的。然後換檔，你能多談談你是如何考慮自己的促銷活動的嗎？我們注意到網站上的買一送一優惠 15%，這與您過去的促銷策略有點不同。您是否看到客戶對增加的促銷節奏做出反應？還是這只是在您預期的第四季度發生之前？

Yes. I think we -- thanks. This is Joey. We've really signaled this early on that we anticipated a very significant increase in the overall environment for promotion. And I think if you look around the industry, it certainly panned out that way. So -- and we're feeling it, and Mike alluded to the fact that we're expecting perhaps even a slight uptick in the promotional activity we'll do as a result of meeting the moment and making sure we're competitive for the consumer in this super promotional environment. So we're elevating that to a certain degree.

是的。我想我們——謝謝。這是喬伊。我們確實很早就發出了這一信號，我們預計整體晉升環境會出現非常顯著的增長。而且我認為，如果您環顧整個行業，肯定會以這種方式淘汰。所以 - 我們感覺到了，Mike 提到了這樣一個事實，即我們期待我們會做的促銷活動可能會略有增加，因為我們會遇到這個時刻並確保我們在競爭中具有競爭力消費者在這個超級促銷環境中。所以我們將其提升到一定程度。

That said, I'll reiterate, we feel really good about the balance that we're making in terms of meeting the consumer where they are for the moment, meeting the industry and still being best-in-class in terms of the premium nature of how we're approaching discounts and promotions. So feeling generally pretty good about that, and it's all on track with what we kind of signaled to you all at the last quarterly call.

也就是說，我要重申，我們對我們在滿足消費者目前所處的位置、滿足行業需求以及在保費性質方面仍然是同類最佳方面所取得的平衡感到非常滿意我們如何處理折扣和促銷活動。因此，總體上感覺很好，而且這一切都與我們在上一個季度電話會議上向大家發出的信號一致。

Our next question comes from Lorraine Hutchinson with Bank of America.

我們的下一個問題來自美國銀行的 Lorraine Hutchinson。

You spoke last quarter about your simplification program setting you up for significant adjusted EBITDA improvement in 2023. As we're getting closer to '23, can you provide some numbers or guardrails around your goals or targets for EBITDA?

您在上個季度談到了您的簡化計劃，為 2023 年調整後的 EBITDA 顯著改善做好準備。隨著我們越來越接近 23 世紀，您能否提供一些圍繞您的 EBITDA 目標或目標的數字或護欄？

Yes. Lorraine, it's Mike. We'll get into that more on the next call after Q4 in part just really thinking through the fact that it's a pretty volatile demand environment right now. So when we look at it, we think we're making material improvements, especially on the gross margin side. We iterated the $13 million to $15 million of structural SG&A savings that are coming on that as well on the corporate side. So in the world of the middle, the P&L and the things that we can have the most direct control over, we feel like we're making really good progress there.

是的。洛林，是邁克。我們將在第四季度之後的下一次電話會議上更多地討論這一點，部分只是真正考慮到目前需求環境非常不穩定的事實。因此，當我們審視它時，我們認為我們正在做出重大改進，尤其是在毛利率方面。我們重複了 1300 萬至 1500 萬美元的結構性 SG&A 節省，這些節省在企業方面也同樣存在。因此，在中間世界，損益表和我們可以最直接控制的事情，我們覺得我們在那裡取得了非常好的進展。

The one other factor that will play into that for us as well when we look at 2023 EBITDA is the fact that we do believe the third-party channel as EBITDA accretive. So once we have a better handle around exactly how much we're going to expect out of that channel and how much we can potentially expand it in '23, that will also play into it as well. So we look forward to talking a little bit more about that when we get into more detail on '23 in the next call.

當我們審視 2023 年 EBITDA 時，另一個對我們也有影響的因素是，我們確實相信第三方渠道會增加 EBITDA。因此，一旦我們更好地了解了我們對該渠道的期望值以及我們在 23 年可能將其擴展多少，這也將發揮作用。因此，當我們在下一次電話會議中詳細了解 '23 時，我們期待更多地討論這個問題。

And then maybe as a follow-up, I'll just ask for some more details around the comments you made of improving marketing efficiency a bit further.

然後，也許作為後續行動，我將詢問有關您就進一步提高營銷效率所做的評論的更多詳細信息。

Yes. Do you want to start on that, Joey?

是的。你想開始嗎，喬伊？

Sure, yes. So I think what we're really referring to is the continued path towards getting leverage on marketing. And part of that, of course, comes from channel shift and while we still have our brick-and-mortar fleet in its infancy in terms of, as we mentioned, about half of it still in the ramp-up phase before hitting revenue and overall target maturity on profitability. So it's a little bit of that mix shift.

當然，是的。所以我認為我們真正指的是繼續利用營銷的途徑。當然，其中一部分來自渠道轉移，雖然我們的實體車隊仍處於起步階段，但正如我們提到的那樣，其中約一半仍處於增長階段，然後才能達到收入和盈利能力的總體目標成熟度。所以這是一種混合轉變。

And then it's also just being really balanced through the funnel and making sure we're optimizing our -- both our creative and our media mix. And as we've said before, we've done a really nice job as a team to navigate through a whole bunch of IDFA challenges that we were well ahead of and were able to continue to drive good leverage throughout the P&L on marketing despite the fact that we continued to invest in the brand.

然後它也只是通過漏斗真正平衡並確保我們正在優化我們的 - 我們的創意和媒體組合。正如我們之前所說，我們作為一個團隊做得非常好，克服了我們遙遙領先的一大堆 IDFA 挑戰，並且能夠繼續在整個 P&L 營銷中發揮良好的槓桿作用，儘管事實上，我們繼續投資於品牌。

Our next question comes from Bob Drbul with Guggenheim Securities.

我們的下一個問題來自古根海姆證券公司的 Bob Drbul。

Just a couple of questions. On the store fleet, can you talk a little more around some of your older stores, more established stores, your more mature stores -- if that's the right word to use, mature stores, but just in terms of what you're seeing there in terms of volume and/or markets? And then on the brand itself, have you guys done any more recent evaluations on sort of aided awareness, unaided awareness, progress that you think you're making with the brand? That would be helpful.

只是幾個問題。關於商店車隊，你能多談談你的一些老店、更成熟的商店、更成熟的商店嗎——如果這是正確的詞，成熟的商店，但就你在那裡看到的而言在數量和/或市場方面？然後關於品牌本身，你們最近有沒有對輔助意識、獨立意識、你認為你在品牌方面取得的進步進行過任何評估？那會很有幫助。

Bob, I'll start on the stores. Joey alluded to it. It's a tough environment out there overall in retail, as you well know. So the pre-'19 stores are not all the way back up to the same level of traffic they were before COVID. But we feel pretty good overall about how those stores are performing right now, and they're certainly serving the role that we talked about, which is they really help us drive brand awareness. They drive LTV for our omnichannel customer and deliver sort of the best customer experience that we can offer kind of going forward. So that's how we're viewing it on the retail side. Tim or Joe, do you want to jump in on the brand question?

鮑勃，我將從商店開始。喬伊暗示了這一點。眾所周知，零售業整體環境艱難。因此，'19 之前的商店並沒有完全恢復到 COVID 之前的相同流量水平。但我們對這些商店目前的表現總體感覺非常好，而且它們肯定在發揮我們談到的作用，即它們真正幫助我們提高品牌知名度。他們為我們的全渠道客戶推動 LTV，並提供我們可以提供的最佳客戶體驗。這就是我們在零售方面的看法。蒂姆或喬，你想插手品牌問題嗎？

Yes. I'll just be really quick, Bob, on that. It's not a metric that I'd say is reliable quarter-to-quarter in general, which is why we don't really share it all the time. But I can tell you that directionally, we're making great progress, and it continues on a trend line basis to increase. And when we look at specific cities where we have retail stores, that really helps drive it a lot. So when we focus on certain concentrations of our target consumers in certain cities and we infill that region with stores, it does a really nice job for us.

是的。鮑勃，我會很快的。這不是一個我認為通常每個季度都可靠的指標，這就是為什麼我們不會一直分享它的原因。但我可以在方向上告訴你，我們正在取得很大進展，並且它繼續在趨勢線的基礎上增加。當我們查看我們擁有零售店的特定城市時，這確實有助於推動它的發展。因此，當我們專注於某些城市中目標消費者的某些集中度，並在該地區開設商店時，這對我們來說非常好。

And of course, too much -- too early to tell on the third party actual quantitative impact of that. But being in 100 doors is kind of a drop in the bucket in the market that we play in. But obviously, you'd expect, as we've outlined in the strategy of why we're doing this, to really significantly uptick on aided awareness there.

當然，太多了——現在判斷第三方的實際量化影響還為時過早。但是，進入 100 家門對我們所處的市場來說只是九牛一毛。但很明顯，正如我們在戰略中概述的那樣，你會期望真正顯著提高在那裡幫助意識。

Our next question comes from Edward Yruma with Piper Sandler.

我們的下一個問題來自 Edward Yruma 和 Piper Sandler。

I guess, first, you've expanded the SKU count pretty materially, and it sounds like you're going to continue to innovate. How do you think about editing SKUs, making sure they're right assortment, given that I think historically your variation was largely color-driven?

我想，首先，你們已經大大擴展了 SKU 數量，而且聽起來你們將繼續創新。你如何看待編輯 SKU，確保它們是正確的分類，鑑於我認為歷史上你的變化主要是顏色驅動的？

And then as a follow-up, on the 5% I think that was incremental growth from wholesale, how should we think about the gross margin impact understanding that it is EBITDA positive? And if wholesale continues to grow, how we should be thinking about that medium-term model implication.

然後作為後續行動，在 5% 上，我認為這是批發的增量增長，我們應該如何考慮毛利率影響，理解它是 EBITDA 積極的？如果批發繼續增長，我們應該如何考慮中期模型的影響。

Thanks for the questions. I'll jump on the first one and then pass it over to Mike on the second one. So as you noted, as we increase the SKU count, there's an inevitability that we need to be a little bit more seasonal with some of those offerings to deliver a balance of freshness to the consumer, being seasonally relevant and then also managing inventory very prudently. It's going to drive some promotional activity and markdowns for us. Markdowns is a better way to put that. So that is the normal cycle that we expect to continue to deliver, and that's all within kind of that premium brand positioning that we expect to navigate our markdown site discounts and to a certain extent, in our physical retail stores.

感謝您的提問。我會跳到第一個，然後在第二個上將其傳遞給邁克。正如您所指出的，隨著我們增加 SKU 數量，我們不可避免地需要對其中一些產品更具季節性，以便為消費者提供新鮮度的平衡，與季節性相關，然後還要非常謹慎地管理庫存.它將為我們推動一些促銷活動和降價促銷活動。降價是一種更好的表達方式。因此，這是我們希望繼續提供的正常週期，而這一切都在我們希望通過我們的降價網站折扣以及在一定程度上在我們的實體零售店中導航的優質品牌定位。

So we're managing that carefully, and we're also trying to be very smart about how we keep the overall marketplace very clean when we interact with third parties in this, which is why we're taking kind of that marquee strategic account approach to building the third-party marketplace for us because we really want to maintain as much control over price and how we show up to the consumer cross-channel as effectively as we can.

因此，我們對此進行了謹慎的管理，並且在與第三方互動時，我們也試圖非常聰明地了解如何保持整個市場的清潔，這就是為什麼我們採用那種大型戰略客戶方法為我們建立第三方市場，因為我們真的想保持對價格的盡可能多的控制，以及我們如何盡可能有效地跨渠道展示給消費者。

And I'll take your second part of the question there, Ed, on third party. Just a couple of things there. First, remember, because we're starting these relationships new with some of these retail partners in Q3 and Q4, there's a little bit of load-in, right, into the stores, into the sales there. That's part of why we called that out as a bit unique for the quarter.

Ed，關於第三方，我會回答你問題的第二部分。那裡只有幾件事。首先，請記住，因為我們在第三季度和第四季度開始與其中一些零售合作夥伴建立新的關係，所以有一點加載，對，進入商店，進入那裡的銷售。這就是為什麼我們稱其為本季度有點獨特的部分原因。

In terms of the gross margin impact, it wasn't one of the biggest drivers on a year-over-year basis. It was a little bit of a headwind. But the stuff that we laid out in the call were the things that we felt really like moved gross margin on that landed us in this environment, we feel pretty good about where gross margin landed for the quarter, especially very much in line with our expectations coming into the quarter.

就毛利率影響而言，它並不是同比增長的最大推動因素之一。這有點逆風。但是我們在電話會議中提出的內容是我們覺得真正讓我們處於這種環境中的毛利率提高的事情，我們對本季度毛利率的下降情況感到非常滿意，尤其是非常符合我們的預期進入本季度。

Your question on the model implications in the medium term, again, much like my response to Lorraine earlier, I think that's something we'll take on a little bit when we get into the Q4 call, we have a better sense on the ultimate size of the third-party business in 2023 and we can lay that out. And I'll just ground again, we've talked about our gross margin objective and our gross margin targets. That's been focused on the direct business. So third party, we would probably break that a little bit differently over time and give you visibility onto both.

你關於中期模型影響的問題，就像我之前對洛林的回應一樣，我認為這是我們在進入第四季度電話會議時會採取的一些措施，我們對最終規模有更好的認識2023 年的第三方業務，我們可以對其進行佈局。我再說一遍，我們已經討論了我們的毛利率目標和我們的毛利率目標。這一直集中在直接業務上。所以第三方，隨著時間的推移，我們可能會以不同的方式打破它，讓你看到兩者。

Our next question comes from Matthew Boss with JPMorgan.

我們的下一個問題來自摩根大通的 Matthew Boss。

So Joey, could you speak to any changes in consumer demand that you saw by region as the third quarter progressed? And on the projection for flat revenues at the midpoint for the fourth quarter, could you speak to the choppier trends that you cited? Maybe elaborate on the opportunity for improvement in the back half of the quarter. And then just, Mike, is there a time line you see as reasonable for a return to the medium-term revenue target?

那麼喬伊，你能談談隨著第三季度的進展，你看到的各地區消費者需求的任何變化嗎？關於第四季度中點收入持平的預測，你能談談你提到的動盪趨勢嗎？也許詳細說明本季度後半段的改進機會。然後，邁克，您認為回歸中期收入目標是否合理的時間表？

Thanks. So I guess the first one, in terms of the distribution of kind of trends across geographies as Q3 progressed into Q4, there was -- I think we called it pretty clearly in our European market, and that has gone about as we expected. I think that consumer is increasingly pressured by kind of the inflation that they're seeing, particularly on energy prices, and we expect that to continue through the holidays. So that's reasonably consistent with what we said with one of the notable bright spots coming in the U.K., as we mentioned earlier in the call.

謝謝。所以我猜第一個，就第三季度進入第四季度的趨勢分佈而言，有 - 我認為我們在歐洲市場上非常清楚地稱呼它，並且已經按照我們的預期進行。我認為消費者越來越受到他們所看到的通貨膨脹的壓力，尤其是能源價格，我們預計這種情況將持續到假期。因此，正如我們在電話會議前面提到的那樣，這與我們對英國出現的一個顯著亮點之一所說的話相當一致。

China was a different story, and that was really underpinned by rolling COVID lockdowns that seemed to persist the longest than anywhere in the world. We've seen that lighten up already. Early indications there show some green shoots in terms of the consumer reaction on their big festival on Double 11. So good start to that. It hasn't fully eclipsed yet. So it's a little early to call there.

中國是另一回事，這確實得到了 COVID 封鎖的支持，這種封鎖似乎持續時間比世界上任何地方都長。我們已經看到這種情況減輕了。早期跡象顯示，消費者對雙 11 盛大節日的反應出現了一些新芽。這是一個良好的開端。它還沒有完全消失。所以現在打電話還為時過早。

And then the U.S., I think as we said earlier in that call -- or in the last call, we were starting to see some pullback on consumer demand, which is why we adjusted our outlook for the year. And I would say that has largely continued into this period. Our expectation, if you look at kind of the 2-year stack, is that it's reasonably consistent. But right now, if you look at where the consumer is at, I think when you look at the situation in the industry last year with a lot of companies reporting that they couldn't get the supply into the mix that they were looking for versus this year where there's a lot of inventory outstanding, things are going to look a little bit different in the trends. And so we are expecting that consumers are going to be a little bit more backloaded than they were last year in their spending and are lining up all of our marketing and product flow to meet that moment.

然後是美國，我認為正如我們早些時候在那次電話會議或上次電話會議中所說的那樣，我們開始看到消費者需求有所回落，這就是我們調整今年前景的原因。我想說這在很大程度上一直持續到這個時期。如果你看一下 2 年的堆棧，我們的期望是它相當一致。但是現在，如果你看看消費者在哪裡，我想當你看看去年這個行業的情況時，很多公司報告說他們無法將供應納入他們正在尋找的組合今年有很多未清庫存，趨勢看起來會有些不同。因此，我們預計消費者的支出將比去年多一點，並且正在調整我們所有的營銷和產品流程來迎接這一時刻。

And then on your question on the medium-term targets, Matt, if you look at the business this year, excluding the impact of FX, the upper end of the range is 17%. So really just a hair below the 20%, the lower end of the medium-term guidance target range, which given record-high inflation, a war, COVID lockdowns in our second biggest and fastest-growing country, we feel pretty good about the revenue outcome we're driving towards in '22. And we'll talk a little bit more about '23, like I said earlier, on the next call and some of the drivers we have in place to move the business forward.

然後關於中期目標的問題，馬特，如果你看看今年的業務，不包括外彙的影響，範圍的上限是 17%。因此，考慮到創紀錄的高通脹、戰爭、我們第二大和增長最快的國家的 COVID 封鎖，中期指導目標範圍的下限僅略低於 20%，我們對我們正在推動 22 年的收入結果。就像我之前說的那樣，在下一次電話會議上，我們將更多地討論 23 年，以及我們為推動業務向前發展而採取的一些驅動因素。

Our next question comes from Ashley Helgans with Jefferies.

我們的下一個問題來自 Jefferies 的 Ashley Helgans。

It's Blake on for Ashley. Just wanted to ask a little bit more on the U.S. consumer expectation in Q4. I know you said you've seen some slowdown there. I believe you also said you expect some improvement versus the quarter-to-date based on holiday strategy. Just wanted to make sure I heard that correctly. And kind of what gives you more confidence in the holiday period? And if you could just give a little bit more color on the consumer expectations there for the U.S. in Q4.

布萊克替阿什莉上場。只是想多問一下美國消費者對第四季度的預期。我知道你說過你在那裡看到了一些放緩。我相信您還說過，根據假期策略，您預計與本季度迄今相比會有一些改善。只是想確保我沒聽錯。是什麼讓你對假期更有信心？如果你能在第四季度對美國消費者的期望給出更多的顏色。

Yes, Blake. Happy to do it. So in terms of how -- the reason we have the confidence for the balance of the quarter, really, again, to reiterate, this is the best holiday marketing calendar, best execution actually of our creative in the holidays by far, I think. A few folks on this call actually sent us an email when that stuff launched last week and the way the execution has kind of shown up in people's inboxes and driving activity. And that's backed with a really strong product pipeline as well right now during the holiday season.

是的，布萊克。很高興這樣做。因此，就如何 - 我們對本季度餘額充滿信心的原因，真的，再次重申，這是最好的假期營銷日曆，我認為到目前為止我們在假期中的創意實際上是最好的執行。這個電話會議上的一些人實際上在上週推出這些東西時給我們發了一封電子郵件，以及執行方式在人們的收件箱和駕駛活動中出現的方式。在假期期間，這也得到了非常強大的產品線的支持。

And then in addition, like Joey and I have both referenced, we know we have to meet consumers where they are, be a little bit more promotional right now. For a brand that historically hasn't done a lot of that, we typically see a nice response from customers when we do that. So that's why we have confidence in getting there.

此外，就像喬伊和我都提到的那樣，我們知道我們必須在消費者所在的地方與他們會面，現在要多做一些促銷活動。對於一個歷史上沒有做過很多這樣的品牌，當我們這樣做時，我們通常會看到客戶的良好反應。這就是為什麼我們有信心到達那裡。

In terms of adding more on what we're seeing in the U.S. consumer, again, Joey and I have covered it a little bit in the call. Our sense of it is the recession fears are really hanging over folks right now. The inflation impact is real. The fluctuations in gas prices are real for people right now. And our read of it is people are waiting until a little bit closer to the holiday, things get a little bit more promotional. They're buying a little closer to need where last year, there's a lot of pent-up demand, a lot of pent-up personal balance sheets. And that's why we really feel like it was important for us to put our best foot forward with everything we're doing on the marketing, product and promotional side through the holiday.

就增加更多我們在美國消費者中看到的內容而言，喬伊和我在電話會議中也做了一些介紹。我們的感覺是，經濟衰退的恐懼現在確實籠罩著人們。通脹影響是真實存在的。汽油價格的波動現在對人們來說是真實存在的。我們讀到的是人們在等到假期臨近一點，促銷活動就會多一點。他們購買的東西更接近去年的需求，有很多被壓抑的需求，很多被壓抑的個人資產負債表。這就是為什麼我們真的覺得在整個假期期間，我們在營銷、產品和促銷方面所做的一切都全力以赴對我們來說很重要。

That makes a lot of sense. And then I wanted to ask on the store strategy. It sounds like that's still making great progress, adding more stores. I know you mentioned that you haven't seen some of those older stores make a full traffic recovery. Just wanted to touch base there because, obviously, e-comm has grown so much and now you're shifting into wholesale. So really, how big of the deal is it if you don't get that full traffic recovery? Do you feel like maybe there is some leeway there given the growth in wholesale and direct to consumer?

這很有意義。然後我想問一下商店策略。聽起來這仍在取得很大進展，增加了更多商店。我知道你提到過你還沒有看到一些老店完全恢復客流量。只是想在那裡打個基礎，因為很明顯，電子商務已經發展得如此之快，現在你正在轉向批發。所以說真的，如果您沒有獲得完全的流量恢復，那又有什麼大不了的呢？鑑於批發和直接面向消費者的增長，您是否覺得那裡可能有一些迴旋餘地？

Yes. I think Joey and I will tag team this one because I think there's kind of a number side of that and a strategy side of that a little bit. So I'll take a little bit of the number. To your question on getting back to the pre-COVID levels and how important is that, I mean, those stores are best-in-class productivity. Like pre-COVID, I mean the kind of like per square foot productivity anybody would want. So of course, we'd love to get back to those levels, and that would be fantastic if we get there.

是的。我認為 Joey 和我會標記這個團隊，因為我認為其中有一些數字方面，還有一點戰略方面。所以我會拿一點數字。關於回到 COVID 之前的水平以及這有多重要的問題，我的意思是，這些商店的生產力是一流的。就像 COVID 之前一樣，我的意思是那種任何人都想要的每平方英尺生產力。所以當然，我們很樂意回到那些水平，如果我們能回到那裡那就太棒了。

But again, we feel pretty good overall about the role the stores are playing and even to those stores that were pre-'19. Where at the sales levels they are now are very strong sales and profitability levels, we feel pretty good about that part of it. Joey, do you maybe want to comment a little bit more on the part of the question around how we think about this mix of digital, owned retail and third party coming together?

但同樣，我們對商店所扮演的角色總體感覺非常好，甚至對那些 19 年前的商店也是如此。他們現在的銷售水平是非常強勁的銷售和盈利水平，我們對這部分感覺非常好。喬伊，你是否想就我們如何看待數字、自有零售和第三方結合在一起的問題部分發表更多評論？

Yes. I think all of this needs to be thought of as a system. And it's our -- we're building a very smart marketplace with distribution to fuel what is increasingly a fantastic product engine to deliver products that customers are going to really want. So as we add incremental doors in our third party, as an example, we really do expect that to drive great awareness for the brand. They may transact with that retailer. They may also just learn about the brand and come back to our direct channel. But we expect, even if they're buying in our retail partner's 4 walls, that is going to translate to great, what we would consider, new customer acquisition inside of our direct channel.

是的。我認為所有這些都需要被視為一個系統。這是我們的——我們正在建立一個非常智能的市場，通過分銷來推動越來越出色的產品引擎，以提供客戶真正想要的產品。因此，當我們在第三方中添加增量門時，例如，我們確實希望這能提高品牌知名度。他們可以與該零售商進行交易。他們也可能只是了解了這個品牌，然後回到我們的直接渠道。但我們預計，即使他們購買了我們零售合作夥伴的 4 面牆，這也將轉化為偉大的，我們會考慮，在我們的直接渠道內獲得新客戶。

And that's going to buoy, not just our digital but also our physical doors. So all of this is how we expect this to work going forward. And that's fairly similar with how we think about our physical stores and their interaction with our digital channel and our own direct channel. So all of this really needs to work hand in glove. And so far, so good, and that's why we're taking a methodical approach to building the marketplace as we have.

這不僅會支撐我們的數字門，還會支撐我們的實體門。所以所有這一切都是我們期望它向前發展的方式。這與我們對實體店及其與我們的數字渠道和我們自己的直接渠道的互動的看法非常相似。所以所有這一切真的需要密切合作。到目前為止，一切都很好，這就是為什麼我們正在採取有條不紊的方法來建立我們現有的市場。

Our next question comes from Alex Straton with Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Alex Straton。

Great. I just wanted to talk about that end-of-life inventory that you're adjusting numbers for. Is the majority of that apparel? Or is there any other part of the composition that we should be aware of? And then I was just wondering, do you still have more access to clear there and when you expect to kind of be done with clearing that?

偉大的。我只想談談您正在調整數字的報廢庫存。大部分是那件衣服？或者我們應該注意構圖的任何其他部分？然後我只是想知道，您是否仍然有更多的權限在那裡清除以及您希望什麼時候完成清除？

Yes, the majority of it -- overall majority is apparel. Of the $127 million we have on the balance sheet right now, about $5 million of that is stuff that we're still clearing through. The first time we've done something like this. We're pleased with the progress the team has made so far. I don't know if I can give you an exact end date, whether that all happen in Q4, some might bleed into Q1, maybe into Q2 next year. It's an interesting marketplace out there to be doing this in. But we're really making good progress on that and happy with what we've seen thus far.

是的，其中大部分 - 總體上大部分是服裝。在我們目前資產負債表上的 1.27 億美元中，大約有 500 萬美元是我們仍在清理的東西。我們第一次做這樣的事情。我們對團隊迄今取得的進展感到滿意。我不知道我是否可以給你一個確切的結束日期，是否所有這些都發生在第四季度，有些可能會流入第一季度，也許會流入明年的第二季度。這是一個有趣的市場，可以在那裡做這件事。但我們確實在這方面取得了很好的進展，並且對我們迄今為止所看到的感到滿意。

Great. Okay. That's super helpful. Maybe one quick follow-up is just it's encouraging to hear that you guys are expanding your wholesale partnerships. I was just wondering if you could give us some color kind of on how you select those partners and what you're looking for as you assess which ones are the right ones to enter.

偉大的。好的。這非常有幫助。也許一個快速的跟進就是聽到你們正在擴大你們的批發合作夥伴關係是令人鼓舞的。我只是想知道您是否可以給我們一些顏色，說明您如何選擇這些合作夥伴以及在評估哪些合作夥伴是合適的進入時您正在尋找什麼。

Yes. I mean thanks for the question. We do believe that taking a pretty concentrated approach with very good partners on the premium end of retail distribution for our category is the right move, particularly as we start here. And we've really chosen one marquee partner in, I would call it, 4, maybe 5 different channels. And we're trying to show up in a very premium way with a brand expression that is unique and we think resonant with that consumer. And we're also trying to keep it narrow enough on the number of partners that we take on that we can really differentiate with our assortment across those.

是的。我的意思是謝謝你的問題。我們確實相信，在我們類別的高端零售分銷領域與非常優秀的合作夥伴採取非常集中的方法是正確的舉措，尤其是當我們從這裡開始時。我們真的選擇了一個大型合作夥伴，我稱之為 4 個，也許 5 個不同的渠道。我們正試圖以一種非常優質的方式展示一種獨特的品牌表達方式，我們認為這會引起消費者的共鳴。而且我們還試圖將合作夥伴的數量限制在足夠窄的範圍內，這樣我們才能真正區分我們在這些合作夥伴中的分類。

Having still a reasonably lean assortment relative to the rest of our industry and some of our competitors, we think that's a pretty important and smart approach to concentrate that. So a couple of key partners, focus on a great brand expression, focus on driving great sell-through and great margins for our partners, and then allow that sell-through to indicate strong sell-in in the future seasons. So that's the kind of -- that's the build that we're taking, and we're certainly happy to update a little bit more as we round Q4 and get into next year conversation.

相對於我們行業的其他公司和我們的一些競爭對手，我們的產品組合仍然相當精簡，我們認為這是一種非常重要且明智的方法來集中精力。因此，幾個主要合作夥伴專注於出色的品牌表達，專注於為我們的合作夥伴帶來高銷量和高利潤，然後讓這種銷量表明未來季節的強勁銷量。所以這就是 - 這就是我們正在採用的構建方式，我們當然很高興在我們圍繞第四季度進行更新並進入明年的對話時進行更多更新。

(Operator Instructions) Our next question comes from Dylan Carden with William Blair.

（操作員說明）我們的下一個問題來自 Dylan Carden 和 William Blair。

Just curious, I think some of the focus here on stores has to do with the fact that you've come sort of a long way quickly. And if you're not kind of seeing that volume return from pre-pandemic levels and you're pulling forward some openings this year, I guess, what guardrails do you kind of have in place? And is the cadence that you've seen this year something that you expect to kind of carry into next year? If the environment remains choppy and particularly with wholesale expanding your reach and awareness, does that change some of the calculations you're making around kind of the extent of the retail expansion?

只是好奇，我認為這裡對商店的一些關注與你已經走了很長一段路的事實有關。而且，如果您沒有看到這種數量從大流行前的水平回升，並且今年您正在推進一些空缺，我想，您有什麼樣的護欄？你今年看到的節奏是你希望明年延續的節奏嗎？如果環境仍然動盪不安，尤其是隨著批發業務擴大您的業務範圍和知名度，這是否會改變您圍繞零售業務擴張程度所做的一些計算？

Yes. Thanks for the question. So as we mentioned, half are still in the ramp-up phase. So obviously, not fully clear on how quickly those get to revenue maturity, and we've noted that given the depressed traffic that we're seeing across the industry, it's just still a little bit of uncertainty there. So we certainly are -- and again, we're not going to give anything super specific in terms of guidance for next year now. But what we can say is, and alluded to in earlier part of the call, we are taking not just into account top line, but we're really focused on the profitability of the channel to drive the right mix. And we're thinking about capital efficiency in an era of greater uncertainty with where the consumer is at. All of this channel mix is going to be something that we're taking into important consideration.

是的。謝謝你的問題。因此，正如我們提到的，一半仍處於加速階段。很明顯，還不完全清楚這些收入成熟的速度有多快，而且我們注意到，鑑於我們在整個行業看到的低迷流量，那裡仍然存在一些不確定性。所以我們當然是——而且，我們現在不會就明年的指導給出任何超級具體的信息。但我們可以說的是，並且在電話的前面部分提到，我們不僅考慮收入，而且我們真正關注渠道的盈利能力以推動正確的組合。我們正在考慮在消費者所處的不確定性更大的時代的資本效率。所有這些渠道組合都將成為我們正在考慮的重要因素。

And maybe I'll just end in saying pre-COVID levels, I will say, were very exceptional for the industry. They were kind of at levels that, frankly, were tough for us to even handle inside of the store footprint that we had. So that's just one thing to consider when thinking about pre-COVID versus today, particularly when we have infill in some of those markets with other stores that take a little bit of the heat off some of those original ones. So it's just another thing to keep in mind as we think about apples-to-apples given the nascency of the overall fleet.

也許我最後會說 COVID 之前的水平，我會說，對於這個行業來說是非常特殊的。坦率地說，它們的水平對我們來說甚至很難處理我們所擁有的商店足跡。因此，這只是在考慮 COVID 之前與今天的對比時要考慮的一件事，特別是當我們用其他商店填充其中一些市場時，這些商店會減少一些原始市場的熱度。因此，考慮到整個艦隊的初期，我們在考慮同類產品時要記住的另一件事。

Fair enough. And I guess it's a related question. The marketing leverage you saw was nice in the quarter. Is that sales mix predominantly? Or is there anything else to add there as far as how sustainable that is?

很公平。我想這是一個相關的問題。您在本季度看到的營銷槓桿很好。這種銷售組合占主導地位嗎？或者就可持續性而言，還有什麼要補充的嗎？

Yes. It's mostly sales mix and a little bit the efficiency on the digital side, Dylan. So there's nothing really else notable there.

是的。這主要是銷售組合，還有一點是數字方面的效率，迪倫。所以那裡沒有其他值得注意的地方。

I am showing no further questions at this time. I'd now like to turn it back to Joey for closing remarks.

我現在沒有進一步的問題。我現在想把它轉回給 Joey 作結束語。

Guys, thanks very much for tuning in. We're proud of the team's efforts given how choppy the environment has been. And I just want to say thank you to all the Flock here at Allbirds. Thank you all for tuning in, and we look forward to giving you another update at the end of the year.

伙計們，非常感謝您的收聽。考慮到環境的動盪，我們為團隊的努力感到自豪。我只想對 Allbirds 的所有 Flock 說聲謝謝。感謝大家收看，我們期待在年底為您提供另一個更新。

Thank you for your participation in today's conference. This concludes the program. You may now disconnect.

感謝您參加今天的會議。程序到此結束。您現在可以斷開連接。