Allbirds Inc (BIRD) 2023 Q1 法說會逐字稿

Good afternoon, ladies and gentlemen, and welcome to the Allbirds First Quarter 2023. (Operator Instructions). Now I'd like to turn the call over to Katina Metzidakis, VP of Investor Relations and Business Development at Allbirds.

女士們先生們，下午好，歡迎來到 Allbirds 2023 年第一季度。（操作員說明）。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 Joseph Zwillinger and Tim Brown, Allbirds Co-Founder; and Annie Mitchell, 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 Joseph Zwillinger 和 Allbirds 聯合創始人 Tim Brown；和 Allbirds 首席財務官 Annie Mitchell。

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, including cash flow and adjusted EBITDA expectations, Q2 guidance targets, impact and duration of external headwinds, visitation initiatives, strategic transformation plans and related safer go-to-market strategy, expected profitability, cost savings targets, product plans and expectations, third-party partnership strategy, marketing strategy and other matters referenced in our earnings release issued today. 

在我們開始之前，我想提醒您，我們今天將做出某些符合聯邦證券法意義的前瞻性聲明，包括關於我們財務前景的聲明，包括現金流量和調整後的 EBITDA 預期、第二季度指導目標、外部逆風的影響和持續時間、訪問計劃、戰略轉型計劃和相關的更安全的上市戰略、預期盈利能力、成本節約目標、產品計劃和預期、第三方合作夥伴關係戰略、營銷戰略和我們參考的其他事項今天發布的收益報告。

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. Please refer to our SEC filings, including our annual report on Form 10-K for the year ended December 31, 2022, for a more detailed description of the risk factors that may affect our results. 

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。請參閱我們提交給美國證券交易委員會的文件，包括我們截至 2022 年 12 月 31 日止年度的 10-K 表格年度報告，以更詳細地描述可能影響我們結果的風險因素。

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. You will find additional information regarding these non-GAAP financial measures and the reconciliation of these non-GAAP measures to the most directly comparable GAAP measures to the extent reasonably available in today's earnings release. A supplemental slide presentation is also available in the Investors section of our Allbirds website. Now I'll turn the call over to Joseph Zwillinger to begin the formal remarks.

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。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 措施與最直接可比的 GAAP 措施的調節，在今天的收益發布中合理可用的範圍內。我們 Allbirds 網站的投資者部分還提供補充幻燈片演示。現在我將電話轉給 Joseph Zwillinger 開始正式發言。

Thank you, Katina, and welcome, everyone. We started the year with top and bottom-line results above our expectations as our teams are executing the plan and will continue to be a difficult macro backdrop. The footwear industry saw a heavy promotional cadence in January, followed by a slowdown in spend in February, which was exacerbated during the bank ground in March. Despite the industry headwind and a leaner product launch calendar this quarter versus Q1 '22, demand for Allbirds products exceeded our plans, particularly in March. This top-line performance, coupled with tight expense control, enabled us to deliver bottom-line results and cash flows that were better than expectations. 

謝謝你，卡蒂娜，歡迎大家。由於我們的團隊正在執行計劃，我們在今年年初的最高和最低業績超出了我們的預期，並將繼續成為一個困難的宏觀背景。製鞋業在 1 月份出現了很大的促銷節奏，隨後 2 月份支出放緩，而 3 月份的銀行停工期間加劇了這種情況。儘管與 22 年第一季度相比，本季度存在行業逆風和更精簡的產品發布日曆，但對 Allbirds 產品的需求超出了我們的計劃，尤其是在 3 月份。這種頂線表現，加上嚴格的費用控制，使我們能夠提供好於預期的底線結果和現金流。

On the strategic transformation initiatives we announced on our last earnings call, we are making solid progress against our plan to drive growth with expanded margins. As a reminder, our 4 initiatives include: one, reigniting our products and brands; two, optimizing U.S. distribution of 4-wall profitability in our stores; three, evaluating a transition of international direct go-to-market strategy towards a distributor model to reduce OpEx and overall complexity; and four, improving overall gross margin and managing operating expenses. Let's go through each of these now. 

關於我們在上次財報電話會議上宣布的戰略轉型計劃，我們正在實現以擴大利潤率推動增長的計劃，取得堅實進展。提醒一下，我們的 4 項舉措包括：一，重新點燃我們的產品和品牌；二、優化我們商店中 4-wall 盈利能力的美國分佈；第三，評估國際直接進入市場戰略向分銷商模式的轉變，以降低運營支出和整體複雜性；第四，提高整體毛利率並管理運營費用。現在讓我們逐一分析。

Starting with reigniting our products and brand, our teams are hard at work connecting insights to a recalibrated product line and refined marketing approach, which we expect to begin to bear fruit in early 2024. That said, I'd like to highlight some recent product launches that speak to our dual-pronged strategy focused on both surprising and delighting our core consumers while reinvigorating our core franchises to drive growth and assortment productivity. During Q1, we announced Moonshot, a purpose-led project to create the world's first net 0 carbon share. This net zero carbon footprint compares to our estimate of the industry average of 14 kilograms of carbon-dated equivalent emissions for a typical sneaker and speaks to our core consumer, who cares deeply for the environment as to the next generation of consumers. This announcement was designed to drive brand awareness and was successful in garnering north of 2 billion media impressions. 

從重振我們的產品和品牌開始，我們的團隊正在努力將洞察力與重新校準的產品線和完善的營銷方法聯繫起來，我們預計這將在 2024 年初開始取得成果。也就是說，我想強調一些最近的產品符合我們雙管齊下戰略的新品發布，既要讓我們的核心消費者感到驚喜，又要取悅我們的核心消費者，同時重振我們的核心特許經營權，以推動增長和分類生產力。在第一季度，我們宣布了 Moonshot，這是一個以目標為導向的項目，旨在創造世界上第一個淨 0 碳份額。這一淨零碳足跡與我們對典型運動鞋的行業平均 14 公斤碳測定當量排放量的估計進行了比較，並向我們的核心消費者表達了意見，他們非常關心下一代消費者的環境。該公告旨在提高品牌知名度，並成功獲得了超過 20 億次媒體印象。

Social sentiment was extremely positive, with video views more than double our average organic social posts and engagement rates up almost 200%. We also just launched an extension to our consumer favorite Breeze Valet flat with the new Breezer point for women. The freezer point is a great example of reinvigorating and extending one of our core franchises by adding an elevated aesthetic appropriate for the casualized workspace. And as we mentioned last call, our core consumer skews female relative to industry peers, and we believe we have an opportunity to improve conversion with women through a dedicated product offering focused on meeting her needs. We intend to continue our investment in a similar extension. 

社交情緒非常積極，視頻觀看量是我們平均有機社交帖子的兩倍多，參與率幾乎提高了 200%。我們還剛剛推出了我們消費者最喜歡的 Breeze Valet 公寓的擴展版，配備了新的 Breezer 女式點。冷凍點是一個很好的例子，它通過添加適合休閒工作空間的高級美學來重振和擴展我們的核心特許經營權之一。正如我們在上次電話會議中提到的那樣，我們的核心消費者相對於同行而言更傾向於女性，我們相信我們有機會通過專注於滿足女性需求的專門產品來提高女性的轉化率。我們打算繼續投資類似的擴展。

Overall, the Allbirds brand remains strong. Last quarter, we spoke about the results from a company-sponsored BCG study. There are a few notable takeaways: First, Allbirds had the second-highest Net Promoter Score in our peer group. Next, our consumers have a strong level of brand loyalty and satisfaction, with 96% of shoppers in the past year saying they would consider purchasing from us again. Quality, comfort and design are the 3 main reasons why our consumers recommend that. More recently, in March 2023, LEK published its 2023 U.S. footwear and apparel brand heat Index, which ranks Allbirds as a top 10 casual footwear brand for both men and women. To amplify our product focus on core franchise innovation, we are emphasizing a social-first influencer-led marketing approach, which we expect to drive improved organic traffic and relevance for our recalibrated product line. 

總體而言，Allbirds 品牌依然強勁。上個季度，我們談到了公司贊助的 BCG 研究的結果。有一些值得注意的要點：首先，Allbirds 的淨推薦值在我們的同行組中排名第二。其次，我們的消費者擁有很高的品牌忠誠度和滿意度，過去一年中有 96% 的購物者表示他們會考慮再次向我們購買。質量、舒適度和設計是我們的消費者推薦它的 3 個主要原因。最近，LEK 於 2023 年 3 月發布了 2023 年美國鞋類和服裝品牌熱度指數，將 Allbirds 列為男女休閒鞋類品牌前 10 名。為了擴大我們的產品對核心特許經營創新的關注，我們強調以社會為先的影響者主導的營銷方法，我們希望通過這種方法來推動改進的有機流量和與我們重新校準的產品線的相關性。

Expanding upon our supernatural North Star, our message of supernatural exploration celebrates the fact that our consumers lead active lifestyles, our adventures and aspire to travel the world. We have delivered strong and aligned creative, coupled with an integrated influencer activation, to reinforce the amazing qualities of our core product for travel. This is just a taste of what's to come in the next quarters. Moving now to U.S. distribution. 

在我們超自然的北極星的基礎上，我們的超自然探索信息慶祝這樣一個事實，即我們的消費者過著積極的生活方式、我們的冒險並渴望環遊世界。我們提供了強大且一致的創意，加上集成的影響者激活，以增強我們旅遊核心產品的驚人品質。這只是對接下來幾個季度將要發生的事情的初步了解。現在轉移到美國分銷。

As a reminder, we have slowed the pace of our new store openings to focus on driving 4-wall profitability. We are pleased with our real estate portfolio of 40 full-price stores and 3 outlets in the U.S. In Q2, we opened 1 new store in the U.S., with 2 more to follow later this year. We continue to focus on driving traffic and conversion and are making inroads with several store pilots under the leadership of our new head of stores. 

提醒一下，我們已經放慢了新店開張的步伐，以專注於推動 4 牆的盈利能力。我們對我們在美國擁有 40 家全價店和 3 家直銷店的房地產組合感到滿意。在第二季度，我們在美國開設了 1 家新店，今年晚些時候還將開設 2 家。我們繼續專注於推動流量和轉化，並在我們新的商店負責人的領導下與幾家商店試點取得進展。

Turning to third-party partnerships. We continue to make steady progress with our marquee partners, Dick's Sporting Goods, Nordstrom, REI and Shield. And initial feedback regarding our recalibrated 2024 product pipeline has been positive, with great alignment of the insights they have pulled on their shoppers' perception of our brand.

轉向第三方合作夥伴關係。我們繼續與我們的重要合作夥伴 Dick's Sporting Goods、Nordstrom、REI 和 Shield 取得穩步進展。關於我們重新校準的 2024 產品線的初步反饋是積極的，他們對購物者對我們品牌的看法的見解非常一致。

After working through some slower-moving inventory from Q4 '22, we believe this channel is clean from an inventory perspective. For now, we are targeting our wholesale marketing investments towards in-store communications and staff training to increase sell-through and drive margins. We intend to invest alongside our retail partners to help ensure that our brand and product really stand out. 

在處理了 22 年第四季度的一些流動較慢的庫存之後，我們認為從庫存的角度來看，這個渠道是乾淨的。目前，我們的批發營銷投資目標是店內溝通和員工培訓，以增加銷量和提高利潤率。我們打算與我們的零售合作夥伴一起投資，以幫助確保我們的品牌和產品真正脫穎而出。

Moving now to our third initiative of evaluating a transition away from direct go-to-market strategies in certain international regions. We continue to explore alternatives with the goal of driving unit sales growth and near-term profitability. And we have made meaningful progress in discussions with a number of strong potential distribution partners with embedded distribution in addition to our current footprint in these international regions. In summary, we are pleased that both the level of interest we have generated and the pace of discussions, and we'll update you on our regular quarterly calls as we make additional headway. 

現在轉到我們的第三個舉措，評估在某些國際地區從直接進入市場戰略的轉變。我們繼續探索替代方案，以推動單位銷售額增長和近期盈利能力。除了我們目前在這些國際地區的足蹟之外，我們在與許多具有嵌入式分銷能力的強大潛在分銷合作夥伴的討論中取得了有意義的進展。總而言之，我們很高興我們產生的興趣水平和討論的速度，隨著我們取得更多進展，我們將在定期的季度電話會議上向您通報最新情況。

Overall, demand and brand health remains solid in our international business, with revenue growth of 6.5% in local currency. Similar to last quarter, we are seeing strong momentum in our Asia business, with more than 50% organic revenue growth in Japan, which is a key trend in the market in footwear. We are seeing similarly strong trends in China with accelerating growth since January. 

總體而言，我們國際業務的需求和品牌健康狀況依然穩健，收入以當地貨幣計算增長了 6.5%。與上一季度類似，我們看到亞洲業務的強勁勢頭，日本的有機收入增長超過 50%，這是鞋類市場的一個主要趨勢。我們在中國看到了類似的強勁趨勢，自 1 月以來增長加速。

Finally, our fourth initiative on cost management is progressing very well. We are on track to deliver on our $35 million to $45 million of annualized cost savings target as compared to our run rate at the end of 2022, made up of COGS savings of $20 million to $25 million and SG&A savings of $15 million to $20 million. Starting with actions we are taking to manage cost. We are already seeing meaningful cost benefits from our manufacturing transition. Though it is still early days, we are starting to see significant improvements in costs for products coming off the line from our new factory partner in Vietnam. We expect to see an acceleration in savings throughout the remainder of 2023 as we finalize the factory transition this year. We expect savings from raw materials optimization to begin to hit production later in '23, with the results expected to positively impact COGS in 2024. 

最後，我們關於成本管理的第四項舉措進展順利。與 2022 年底的運行率相比，我們有望實現 3500 萬至 4500 萬美元的年度成本節約目標，其中包括 COGS 節省 2000 萬至 2500 萬美元和 SG&A 節省 1500 萬至 2000 萬美元.從我們正在採取的管理成本的行動開始。我們已經從我們的製造轉型中看到了顯著的成本效益。雖然現在還處於早期階段，但我們開始看到我們在越南的新工廠合作夥伴下線的產品成本有了顯著改善。隨著我們今年完成工廠轉型，我們預計在 2023 年剩餘時間裡會加速節省開支。我們預計原材料優化節省的資金將在 23 年晚些時候開始影響生產，預計結果將對 2024 年的銷貨成本產生積極影響。

The early results lend confidence that we will be able to achieve the $20 million to $25 million of annualized COGS cost savings target on a volume-neutral basis to 2022. Moving to SG&A. We recently undertook a workforce reduction to reflect the reduced complexity created by these strategic initiatives. These moments are difficult, and we have taken steps to provide our departing colleagues with a smooth transition. And for those who remain, our strategy allows us to streamline operations, leaving a highly talented workforce well-positioned to ignite growth for the brand. We estimate that this recent action will deliver approximately $7 million in annualized SG&A savings with full year impact to be reflected beginning in 2024 and lends confidence that we will be able to achieve our $15 million to $20 million of annualized SG&A cost savings target as compared to our run rate at the end of '22. Annie will provide a little more detail on our cash management efforts, but I'll share a couple of high-level points. 

早期的結果讓我們相信，到 2022 年，我們將能夠在數量中立的基礎上實現 2000 萬至 2500 萬美元的年化 COGS 成本節約目標。轉向 SG&A。我們最近進行了裁員，以反映這些戰略舉措所帶來的複雜性降低。這些時刻很艱難，我們已採取措施為即將離任的同事提供平穩過渡。對於那些留下來的人，我們的戰略使我們能夠精簡運營，留下一支才華橫溢的員工隊伍，為推動品牌增長做好準備。我們估計，最近的這一行動將帶來約 700 萬美元的年度 SG&A 成本節約，全年影響將從 2024 年開始體現，並使我們相信，與之前相比，我們將能夠實現 1500 萬至 2000 萬美元的年度 SG&A 成本節約目標。我們在 22 年底的運行率。安妮將提供更多關於我們現金管理工作的細節，但我將分享幾個高層次的觀點。

We ended Q1 with $143 million of cash, reflecting a significant improvement in cash usage in the first quarter versus Q1 of last year. With tightened inventory buys, streamlined expenses and solid demand capture, we expect the cash flow trends will continue to improve throughout the year, and we remain focused on ensuring that we maintain an ample cash cushion to support investments needed to reignite growth and drive sustained profitability. I'm now thrilled to hand the call over to Annie Mitchell. 

我們以 1.43 億美元的現金結束了第一季度，反映出第一季度的現金使用情況與去年第一季度相比有了顯著改善。隨著庫存採購收緊、費用精簡和穩健的需求捕獲，我們預計全年現金流趨勢將繼續改善，我們將繼續專注於確保我們保持充足的現金緩衝，以支持重振增長和推動持續盈利所需的投資.我現在很高興將電話轉給 Annie Mitchell。

Annie began her tenure as our CFO just a few weeks ago, and she's already making a major impact, and I couldn't be happier to have Annie rounding out our executive team with the great depth of industry expertise, Brent. Welcome, Annie. Over to you.

幾週前，安妮開始擔任我們的首席財務官，她已經產生了重大影響，布倫特，安妮以其深厚的行業專業知識完善我們的執行團隊，我感到非常高興。歡迎，安妮。交給你了。

Thank you for the warm welcome, Joey. I'm very excited to join the last at such a pivotal moment for this company and brands that I admire so much. Let's get right to it with an overview of our financial results for the first quarter. 

謝謝你的熱烈歡迎，喬伊。對於我非常欽佩的這家公司和品牌來說，我很高興能在如此關鍵的時刻加入最後一次。讓我們通過第一季度財務業績的概述來開始吧。

Q1 revenue of $54.4 million declined 13% year-over-year, which was better than we expected, driven by improved performance into March, including a $1.2 million impact from FX, revenue would have declined by 9%. Our gross margin was 40.1%, down versus 51.9% in Q1 '22 and was impacted by several factors, including: first, a higher level of promotional activity due to both the ongoing industry-wide promotional environment and elevated markdowns as we work to clear our inventory of colors and styles that are being sunsetted. Second, inventory write-downs related to prior generation products, Third, costs associated with our manufacturing transition; and fourth, a year-over-year shift in channel. We continue to be thoughtful with our discount with an eye were protecting our core franchises. To that end, core franchises such as the Will Runner, Free Runner and Tree Dasher continue to have 85% or higher full price yield in the quarter. 

第一季度收入為 5,440 萬美元，同比下降 13%，好於我們的預期，這得益於 3 月份業績的改善，包括外匯帶來的 120 萬美元影響，收入本應下降 9%。我們的毛利率為 40.1%，低於 22 年第一季度的 51.9%，並受到幾個因素的影響，包括：首先，由於持續的全行業促銷環境和我們努力清貨時降價幅度加大，促銷活動水平更高我們正在淘汰的顏色和款式清單。第二，與上一代產品相關的庫存減記，第三，與我們的製造轉型相關的成本；第四，渠道的同比變化。我們繼續考慮我們的折扣，著眼於保護我們的核心特許經營權。為此，Will Runner、Free Runner 和 Tree Dasher 等核心特許經營權在本季度繼續保持 85% 或更高的全價收益率。

Moving down the P&L. It is worth highlighting that SG&A, excluding depreciation and stock compensation, grew just 3% in the quarter. This represents a meaningful improvement compared to Q1 of 2022 despite 20 additional retail stores and reflects actions we are taking to control cost in the middle of the P&L, including slowing new store growth and tightening discretionary spend. Similar to last quarter, we chose to pull back on overall marketing spend on a year-over-year basis, given the promotional environment. We continue to look for ways to best manage our costs and have made the choice to update our marketing strategy to prioritize our marketing spend to align with the recalibrated product line expected to come to market slightly later in the year. 

向下移動損益表。值得強調的是，不包括折舊和股票補償的 SG&A 本季度僅增長 3%。儘管增加了 20 家零售店，但與 2022 年第一季度相比，這是一個有意義的改善，反映了我們正在採取措施控制損益中間的成本，包括放慢新店增長和收緊可自由支配的支出。與上一季度類似，考慮到促銷環境，我們選擇按年縮減整體營銷支出。我們繼續尋找最佳管理成本的方法，並已決定更新我們的營銷策略以優先考慮我們的營銷支出，以與預計將於今年晚些時候上市的重新校準產品線保持一致。

In Q1, we incurred $3.2 million in restructuring charges associated with our strategic transformation. Taken together, adjusted EBITDA came in at a $21.7 million loss, ahead of our guidance of negative 29% to negative 26%. Turning now to the balance sheet. I am pleased to report that inventory was down 8% compared to Q1 of 2022 and down 6% sequentially versus year-end. The decrease in the end of 2022 was attributable to less on-hand inventory as we continue to buy tighter, particularly for non-core products. A good example of this is our recent riser launch, we're pivoted quickly to buy more tightly. 

第一季度，我們發生了 320 萬美元的與戰略轉型相關的重組費用。總的來說，調整後的 EBITDA 虧損 2170 萬美元，超出了我們 29% 至 26% 的負預期。現在轉向資產負債表。我很高興地報告，與 2022 年第一季度相比，庫存下降了 8%，與年底相比連續下降了 6%。 2022 年底的減少是由於我們繼續收緊採購，特別是非核心產品，因此現有庫存減少。這方面的一個很好的例子是我們最近推出的立管，我們很快就轉向更緊實的購買。

As a result, this more fashion-forward product is trending ahead of our annual sales forecast with room to potentially capture additional upside later in the year as we get more consumer feedback. Overall, we continue to work towards entering 2024 clean from an inventory perspective. 

因此，隨著我們獲得更多消費者反饋，這款更時尚前衛的產品的趨勢超過了我們的年度銷售預測，並有可能在今年晚些時候獲得額外的上漲空間。總體而言，我們將繼續努力從庫存角度進入 2024 年。

With regards to cash, we ended the quarter with approximately $143 million on our balance sheet. Importantly, and as Joey mentioned earlier, our Q1 cash usage was cut in half on a year-over-year basis from $48 million in Q1 2022 to $24 million in Q1 2023. As a reminder, Q1 is typically our highest cash usage quarter. The improvement we saw versus last year's results was driven by the lower inventory that I just mentioned, lower CapEx spend primarily related to slowing the pace of new store openings, a reduction in corporate headcount, tide discretionary spend, and significantly lower inbound shipping costs, which should prove a positive offset to gross margin pressure in coming quarters. 

關於現金，本季度末我們的資產負債表上的現金約為 1.43 億美元。重要的是，正如喬伊之前提到的，我們第一季度的現金使用量同比減少了一半，從 2022 年第一季度的 4800 萬美元減少到 2023 年第一季度的 2400 萬美元。提醒一下，第一季度通常是我們現金使用量最高的季度。與去年的結果相比，我們看到的改善是由於我剛才提到的庫存減少，資本支出減少主要與新店開張速度放緩、公司員工人數減少、潮汐可支配支出以及入境運輸成本顯著降低有關，這應該證明對未來幾個季度的毛利率壓力有積極的抵消作用。

Looking ahead, we expect Q2's cash usage trends to improve versus Q2 2022. Lastly, I'm pleased to announce that we finalized the extension and upsizing of our undrawn revolver with JPMorgan, which extends the maturity through 2026 and provides us with $50 million of committed liquidity, which is $10 million above our prior facility and $150 million of uncommitted incremental liquidity, $15 million above our prior facility. Regarding Q2 guidance, we expect Q2 revenue in the range of $64 million to $69 million, which represents a range of negative 18% to negative 12% year-over-year growth. We expect adjusted EBITDA to be in the range of negative $20 million to negative $23 million. 

展望未來，我們預計第二季度的現金使用趨勢將比 2022 年第二季度有所改善。最後，我很高興地宣布，我們與摩根大通完成了未提取循環貸款的延期和擴大規模，將期限延長至 2026 年，並為我們提供了 5000 萬美元的資金承諾的流動性，比我們之前的貸款高 1000 萬美元，未承諾的增量流動性 1.5 億美元，比我們之前的貸款高 1500 萬美元。關於第二季度的指導，我們預計第二季度收入在 6400 萬美元至 6900 萬美元之間，同比增長負 18% 至負 12%。我們預計調整後的 EBITDA 將在負 2000 萬美元至負 2300 萬美元之間。

We will not be providing annual guidance this time, primarily due to the uncertainty surrounding the timing of our strategic transformation and most notably, the international go-to-market transitions that we are evaluating. From a directional perspective, similar to what we said in Q4, excluding the impact of any potential change in our international so-to-market, we are not anticipating any significant improvement in demand trends. We are maintaining a cautious outlook for the rest of the year given the uncertain macro backdrop and the nature of our transformation plan, including the fact that many of our product and brand initiatives won't kick hold until 2024. As we work towards a clean inventory balance and mix in 2024, we continue to expect gross margin to be pressured as we use markdowns at a more elevated level than is typical for our company. 

這次我們不會提供年度指導，主要是由於圍繞我們戰略轉型時間的不確定性，最值得注意的是，我們正在評估的國際上市轉型。從方向的角度來看，與我們在第四季度所說的類似，排除我們國際市場的任何潛在變化的影響，我們預計需求趨勢不會有任何顯著改善。鑑於不確定的宏觀背景和我們轉型計劃的性質，包括我們的許多產品和品牌計劃要到 2024 年才能實施這一事實，我們對今年剩餘時間的前景保持謹慎。 2024 年的庫存平衡和組合，我們繼續預計毛利率將受到壓力，因為我們在比我們公司通常更高的水平上使用降價。

Before handing it over, I'd like to thank Joey, Tim and the Board for the opportunity to join a company during this watershed moment. I'd also like to thank Mike for helping to ensure a smooth transition and the finance team for their support. I've long admired and have been a big fan of the Allbirds brand and mission, and I firmly believe that the strategic transformation plan the team has put into motion is the best path forward for the company and to maximize shareholder value. I look forward to meeting and working with you all in the future. With that, I'll pass it over to Tim.

在移交之前，我要感謝 Joey、Tim 和董事會讓我有機會在這個分水嶺時刻加入一家公司。我還要感謝 Mike 幫助確保順利過渡，並感謝財務團隊的支持。長期以來，我一直欽佩 Allbirds 品牌和使命，並且一直是它的忠實擁護者，我堅信團隊啟動的戰略轉型計劃是公司前進的最佳途徑，也是實現股東價值最大化的最佳途徑。我期待著在未來與大家見面並一起工作。有了這個，我會把它傳遞給蒂姆。

Thanks, Annie, and welcome to the flock. We are thrilled to have you on the team. As I covered in the last call, I have been focused on 4 key areas as part of our strategic transformation plan. One, evangelizing the Allbirds brand; two, helping to establish key strategic partnerships to grow our awareness; three, working to define our future approach to sustainable innovation in footwear and lastly, continuing to work closely on an area of deep importance to both me and the business culture. I'm energized and excited by this work and the potential it has to support the growth of the business and the long-term expansion of the brand's audience. 

謝謝，安妮，歡迎來到羊群。我們很高興你能加入我們的團隊。正如我在上次電話會議中所述，作為我們戰略轉型計劃的一部分，我一直專注於 4 個關鍵領域。第一，宣傳 Allbirds 品牌；第二，幫助建立重要的戰略夥伴關係以提高我們的意識；第三，努力定義我們未來鞋類可持續創新的方法，最後，繼續在對我和商業文化都非常重要的領域密切合作。這項工作及其支持業務增長和品牌受眾長期擴展的潛力讓我充滿活力和興奮。

One example of the early fruits of this focus is our Moonshot project. As Joey mentioned, this project to create the world's first net zero shoe to market is a category first with the potential to become a long-term commercial franchise for the brand. I will continue to work to champion this spirit of innovation that has been with us since our founding. To support this focus, Joey and I, together with the Board, have made the decision to transition my title from Co-Founder and Co-CEO to Co-Founder and Chief Innovation Officer. I'm looking forward to supporting Joey as he continues to lead the business as our CEO on a day-to-day basis. 

這種關注的早期成果之一就是我們的 Moonshot 項目。正如 Joey 所提到的，這個創造世界上第一款淨零鞋上市的項目是第一個類別，有可能成為該品牌的長期商業特許經營權。我將繼續努力發揚這種自我們成立以來就一直存在的創新精神。為了支持這一重點，喬伊和我以及董事會決定將我的頭銜從聯合創始人兼聯合首席執行官轉變為聯合創始人兼首席創新官。我期待著支持喬伊，因為他將繼續作為我們的首席執行官領導日常業務。

While my role has changed, one thing hasn't and that's my long-term focus and belief in the potential of this brand and business. I know both how far we have come and how much further we can go. From the original Kickstarter campaign to the launch of Allbirds and the world's most comfortable shoe and to the recent launch of innovations like the Moonshot project, we have significant opportunities ahead. With a focus on design, innovation and a clear vision for the role that brands will play in a new sustainable economy, we have significant potential through the strategic transformation underway. 

雖然我的角色發生了變化，但有一件事沒有改變，那就是我對這個品牌和業務潛力的長期關注和信念。我知道我們已經走了多遠，也知道我們還能走多遠。從最初的 Kickstarter 活動到 Allbirds 和世界上最舒適的鞋子的推出，再到最近推出的創新項目，如 Moonshot 項目，我們面臨著重大機遇。通過專注於設計、創新和對品牌在新的可持續經濟中所扮演角色的清晰願景，我們通過正在進行的戰略轉型擁有巨大的潛力。

Finally, a note of thanks to our block. Through the 7 years Allbirds has been in existence, I have seen you meet every challenge with an unrelenting belief in the long-term potential of our work. At each stage of our evolution, we have been met with new challenges and new opportunities. This moment is no different. I know we will work together as one team to continue executing on our plan together with a focus on innovation, execution and staying true to what makes our company great. Thank you.

最後，感謝我們的街區。在 Allbirds 成立的 7 年裡，我看到您以對我們工作的長期潛力的堅定信念迎接每一個挑戰。在我們發展的每個階段，我們都遇到了新的挑戰和新的機遇。這一刻也不例外。我知道我們將作為一個團隊一起工作，繼續執行我們的計劃，同時專注於創新、執行和忠於使我們公司偉大的東西。謝謝。

Thank you. And at this time, we will conduct a question-and-answer session. (Operator Instructions) Our first question comes from Lorraine Hutchinson with Bank of America.

謝謝。此時，我們將進行問答環節。（操作員說明）我們的第一個問題來自美國銀行的 Lorraine Hutchinson。

I wanted to follow up on your comments around inventory. How would you characterize the health of your inventory positioning exiting 1Q? And then what's the outlook on the promotional cadence from here?  (technical difficulty)

我想跟進您對庫存的評論。您如何描述您的庫存定位退出 1Q 的健康狀況？那麼這裡的促銷節奏前景如何？（技術難度）

So I guess in terms of inventory, I'll start it off with just kind of a shape of the inventory and then pass it over to Annie for a little bit more detail. On the shape, I just describe the inventory, maybe cutting it into 2 buckets. First bucket being the prior season, obsolete styles that we plan to sunset and colorways that we also plan to sunset. So in that bucket, that's where you see the predominance of our markdown. And that's where we're working through inventory quite quickly. And as we take price action, we're very encouraged by the movement in sales velocity we're seeing there, which gives us a lot of confidence in our statement around making sure we get cleaned by 24%. 

所以我想就庫存而言，我將從庫存的某種形狀開始，然後將其傳遞給 Annie 以了解更多細節。在形狀上，我只是描述了庫存，可能將其切割成 2 個桶。第一個桶是上一季，我們計劃停用的過時款式和我們也計劃停用的配色。因此，在那個桶中，您可以看到我們降價的優勢。這就是我們正在快速處理庫存的地方。當我們採取價格行動時，我們對在那裡看到的銷售速度的變化感到非常鼓舞，這讓我們對我們關於確保我們被清潔 24% 的聲明充滿信心。

The other bucket is in the core franchises and really mostly a majority in the classic colorways there. And in that bucket, we are maintaining a fairly high full-price yield, and we're really working that from just managing down future receipts that we're buying from the factory. And that you can see reflected in the really improved cash usage quarter over or year-over-year, I should say, for the first quarter.

另一個桶是核心特許經營權，實際上大部分是那裡的經典配色。在那個桶中，我們保持了相當高的全價收益率，我們真的只是通過管理我們從工廠購買的未來收據來實現這一目標。你可以看到，我應該說，第一季度現金使用季度或同比的真正改善反映了這一點。

A couple of notes I would add on top of that. First is that we do feel like our inventory is also clean with our partners as well, which is an improvement compared to last year. As we look forward, we're really focusing on the idea about (inaudible). And so as Joey said, we've done a good job of segmenting these buckets, and now it's really about the focus and execution. Overall, we feel good about our inventory. We have our plan, and this year is going to be about executing that plan.

我會在上面添加一些註釋。首先，我們確實覺得我們的合作夥伴的庫存也很乾淨，與去年相比有所改善。展望未來，我們真正關注的是關於（聽不清）的想法。正如喬伊所說，我們在細分這些桶方面做得很好，現在真正關注的是重點和執行力。總的來說，我們對我們的庫存感覺良好。我們有我們的計劃，今年將執行該計劃。

And as we look at your domestic third-party relationships, are you happy with the number of relationships you have right now? Are you looking for more? Or would you just like to get bigger within those existing third parties?

當我們查看您的國內第三方關係時，您對目前擁有的關係數量滿意嗎？你在尋找更多嗎？或者您只是想在那些現有的第三方中變得更大？

Yes, I think our focus is on showing up fantastically for those consumers that are walking through those doors. So we have great partners in different channels that reach our core consumer in a really effective way. So we're quite happy there. We're in about 100 doors, and there's a lot of room to run within those 4 accounts before we start looking outside that. And I also want to say that I think our focus is not in big growth in the wholesale channel in 2023. We really want to make sure that we come with the recalibrated product line that will start to come in towards the end of this year, but really the most material impact of that is in the first half of '24 and beyond. 

是的，我認為我們的重點是為那些走進這些大門的消費者提供出色的展示。因此，我們在不同渠道擁有出色的合作夥伴，以真正有效的方式接觸我們的核心消費者。所以我們在那裡很開心。我們在大約 100 個門中，在我們開始尋找外部之前，這 4 個帳戶中有很大的運行空間。我還想說，我認為我們的重點不是 2023 年批發渠道的大幅增長。我們真的想確保我們會在今年年底開始推出經過重新校準的產品線，但真正最重大的影響是在 24 世紀上半年及以後。

And when we do that, that's when we really expect to be able to push the gas down. And fortunately, we started that sell-in process with some of these accounts and the feedback on the new product line is really warm. So very encouraging, but early signs there.

當我們這樣做時，就是我們真正希望能夠將氣體壓低的時候。幸運的是，我們從其中一些客戶開始了銷售過程，對新產品線的反饋非常熱烈。非常令人鼓舞，但那裡有早期跡象。

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 make sure I understood the commentary you gave on the January to March cadence in terms of demand. 

偉大的。我只是想確保我理解你對 1 月至 3 月節奏的需求評論。

It sounds like you guys actually saw an acceleration. Is that right? Or how would you talk about the cadence in terms of the top line throughout the quarter?

聽起來你們真的看到了加速。是對的嗎？或者你會如何談論整個季度頂線的節奏？

Yes. So I think just to be clear, I made a couple of comments about the industry overall. And so I think what we saw was actually generally worsening trends in the industry overall sequentially, particularly from January to the second 2 months of the quarter. We outperformed that in terms of our own trends. So relative to that, we did see a continuation of Q4 early on and a little bit of an uptick with a good solid performance in March. And so that was...

是的。所以我想明確一點，我對整個行業發表了一些評論。因此，我認為我們看到的實際上是整個行業整體趨勢普遍惡化，特別是從 1 月到本季度的第二個 2 個月。就我們自己的趨勢而言，我們的表現優於它。因此，相對於此，我們確實在早些時候看到了第四季度的延續，並且在 3 月份表現良好且略有上升。所以那是...

Got it. That's super clear. Maybe one other quick question for you. I just wanted to understand the adjusted EBITDA guidance for the second quarter. It does look like dollars are most of the same, but there is a slight improvement in margin. I think that's seasonally kind of how your business typically runs. But I'm just trying to understand how you guys kind of thought about that guide and what's changing quarter-over-quarter on that metric.

知道了。太清楚了也許還有一個問題要問你。我只是想了解第二季度調整後的 EBITDA 指引。美元看起來確實大部分相同，但利潤率略有改善。我認為這是您的業務通常的季節性運作方式。但我只是想了解你們是如何看待該指南的，以及該指標的季度變化情況。

I'd just say, largely a continuation of the trend. And we're expecting for really the remainder of the year that the backdrop improves materially. And we're really surgically working through inventory this year, and we're going to take the opportunities where we can to move through that efficiently so that we set ourselves up to reignite growth in '24, while we're really effectively managing cash this year. And I can say that is the laser focus of how we're guiding the business. And maybe, Annie, if you want to add some specifics to the guide.

我只想說，這在很大程度上是趨勢的延續。我們預計在今年餘下的時間裡，背景會出現實質性改善。今年我們真的在通過庫存進行外科手術，我們將抓住機會有效地解決這個問題，以便我們在 24 年重振增長，同時我們真正有效地管理現金今年。我可以說這是我們指導業務的重點。安妮，如果你想在指南中添加一些細節，也許可以。

Sure. Yes, it's going to be relatively similar in Q2 compared to what we saw in Q1. We are still seeing, again, that the consumer backdrop is weak. It's a volatile margin environment. And so we really are maintaining our focus on executing our strategic plan, managing our inventory and our cash. And we do expect, again, in Q2 to see significant cash improvement year-over-year. That's really going to be the highlight. While the P&L will stay roughly the same.

當然。是的，與我們在第一季度看到的情況相比，第二季度將相對相似。我們仍然再次看到消費者背景疲軟。這是一個不穩定的保證金環境。因此，我們確實將重點放在執行戰略計劃、管理庫存和現金上。我們確實再次預計，在第二季度，現金同比會有顯著改善。這真的會成為亮點。雖然損益表將大致保持不變。

Our next question comes from Robert Drbul with Guggenheim.

我們的下一個問題來自古根海姆的 Robert Drbul。

Annie, welcome. Best of luck. And I have a couple of questions, if I could. I think the first one is there's a lot of launches that you've done over the last few weeks and few months. I think even the golf shoe launched maybe today or yesterday. Just would love to hear any feedback that you've gotten on some of the newer launches that you've had pricing perspective on, where you place them and how you feel about the pricing opportunity that you have. And then I guess just take it up a higher level, can you talk a little bit more around where you feel the brand is today, the brand equity, the brand heat, the brand recognition and if you're making progress there?

安妮，歡迎。祝你好運。如果可以的話，我有幾個問題。我認為第一個是你在過去幾周和幾個月裡做了很多發布。我認為即使是高爾夫球鞋也可能在今天或昨天推出。只是很想听聽您對一些您有定價觀點的較新產品的反饋，您將它們放在哪里以及您對您所擁有的定價機會的看法。然後我想把它提升到一個更高的層次，你能多談談你對品牌今天的感覺，品牌資產，品牌熱度，品牌認知度以及你是否正在取得進展嗎？

Thanks, Bob. So on the product launches, specifically, I can give you a couple of examples to kind of color it in. All of them are really bought, and I think we reflected this in the last quarter, all of them are bought pretty tight. So when we're looking at a situation where we have elevated inventory that we're trying to work through significantly, we're not betting on any big home runs or huge upticks in demand from new product launches throughout the remainder of this year.

謝謝，鮑勃。因此，在產品發布會上，具體來說，我可以舉幾個例子來說明。所有這些都是真正購買的，我認為我們在上個季度反映了這一點，所有這些都非常緊俏。因此，當我們看到我們正在努力顯著解決庫存增加的情況時，我們不會押註今年剩餘時間內新產品發布的任何大本壘打或需求大幅上升。

And when we have opportunities that really we can see we put into the marketplace and they resonate really strongly. We have ample time to chase, and we have a fairly agile supply chain partner with our manufacturing group in Vietnam. So opportunities to chase when demand presents itself. And the thing I'll highlight, the Gulf faster was today, and that's an example where our customers have just consistently since we started the company, frankly, I said that they play golf and Allbirds and where on the clubhouse and that they would love to have one. 

當我們有真正可以看到的機會時，我們將其投入市場並且它們會產生強烈的共鳴。我們有充足的時間追逐，我們在越南的製造集團擁有相當敏捷的供應鏈合作夥伴。因此，當需求出現時，就有機會追逐。我要強調的是，今天海灣更快，這是一個例子，自從我們成立公司以來，我們的客戶一直在堅持，坦率地說，我說他們打高爾夫球和 Allbirds 以及俱樂部會所的什麼地方，他們會喜歡有一個。

The DASH is the perfect franchise to do that. It is a core franchise product for us, and it just gave us an opportunity to delight a consumer group who really has been asking for it. And so we're only 6 hours into the launch, but so far, tracking really well. And similarly, with the Breezerpoint and the super-light versions of the tree runner and kind of an extension of that on the trainer, those have all performed to expectations and show really good signs. We learn a lot, and then we can chase that in the back part of the year and into '24 when it makes sense. So I'd say that's sort of how I would calibrate you on the product launches specifically. 

DASH 是做到這一點的完美特許經營權。它是我們的核心特許經營產品，它讓我們有機會取悅真正需要它的消費者群體。所以我們距離發射只有 6 個小時，但到目前為止，跟踪非常好。同樣，對於 Breezerpoint 和超輕版本的樹跑者以及訓練師的延伸，這些都達到了預期並顯示出非常好的跡象。我們學到了很多東西，然後我們可以在今年下半年追逐它，並在有意義的時候進入 24 世紀。所以我想說這就是我在產品發佈時具體校准你的方式。

Overall brand health. I'd say the brand health, the fundamentals are quite strong. I would say that the awareness growth is not picking up to the pace that we would have expected. And so I think when you think about some of the points I gave you around what the brand is showing up like for customers who do know about us, incredibly high NPS, lots of repeat purchase intent and good sell-through at high yields on our core franchises. All that speaks to a really good experience. The trick now is really we just got to focus on growing brand awareness and saying all the hellos to our core consumers. And when I look at what we've outlined in terms of the way we expect to show up, there's a couple of elements I'd point you to that I think should lend some good confidence into how we're headed here.

整體品牌健康。我會說品牌健康，基本面非常強勁。我會說意識的增長沒有達到我們預期的速度。所以我認為，當你考慮我給你的一些觀點時，這個品牌對那些了解我們的客戶來說是什麼樣的，令人難以置信的高淨推薦值，大量的重複購買意向和良好的銷售率在我們的高收益核心特許經營權。所有這些都說明了一次非常好的體驗。現在的訣竅是我們真的只需要專注於提高品牌知名度並向我們的核心消費者問好。當我查看我們所概述的我們期望出現的方式時，我會向您指出幾個要素，我認為這些要素應該為我們如何走向這裡提供一些信心。

The first is the consumer who they are, they're quite young, digital-first people, pretty high household income. About 2/3 of our customer base is north of $100,000 household income, really geographically dispersed across the U.S. and skew quite significantly female relative to others in our industry. So that's sort of the backdrop. Less than 15% of the U.S. population has yet to find out about the greatness of Allbirds. So that's now what we got to work on. So we're tightly integrating our creative and marketing approach around core franchises. And we're showing up with this social first and influencer-led approach, which is helping to amplify the message and keep that focus on the core franchise. I gave the example around supernatural exploration, but that's one taste of it, and you should expect a whole bunch more of that. And we'll give you updates on how that progresses in terms of increasing brand awareness as we go.

首先是消費者，他們很年輕，數字優先的人，家庭收入很高。我們大約 2/3 的客戶群的家庭收入在 100,000 美元以上，實際上在地理上分散在美國各地，並且相對於我們行業中的其他人，女性的傾斜度非常大。這就是背景。不到 15% 的美國人尚未發現 Allbirds 的偉大之處。所以這就是我們現在要做的。因此，我們正在圍繞核心特許經營權緊密整合我們的創意和營銷方法。我們正在展示這種社交第一和影響者主導的方法，這有助於擴大信息並將重點放在核心特許經營上。我舉了一個關於超自然探索的例子，但這只是其中的一種，你應該期待更多。隨著我們的進行，我們將向您提供有關在提高品牌知名度方面取得進展的最新進展。

Our next question comes from Janine Stichter with BTIG.

我們的下一個問題來自 BTIG 的 Janine Stichter。

On a little bit more color on some of the strategies you're using to move through the product that you're tuning. And I'm curious if you think you're getting a new customer through this promotional product and ultimately, that's somebody who you can transition to full price.

在您用於移動正在調整的產品的一些策略上多一點顏色。我很好奇你是否認為你通過這個促銷產品獲得了一個新客戶，並且最終，那個人你可以過渡到全價。

Yes, thanks for the question. Yes, we are seeing a pretty good balance where we are getting a lot of new customer acquisition when we do surgical markdowns, and they're accessing the brand at a lower price point. And frankly, they're performing as well or better as our full-price entry customers. And that's been pretty consistent for us over the last 12, 18 months, and that's really encouraging for us because I think promotion is really important to give access to new people who may be on the fence.

是的，謝謝你的提問。是的，我們看到了一個很好的平衡，當我們進行手術降價時，我們會獲得很多新客戶，並且他們會以較低的價格訪問該品牌。坦率地說，他們的表現與我們的全價入門客戶一樣好或更好。在過去的 12 個月、18 個月裡，這對我們來說非常一致，這對我們來說真的很鼓舞人心，因為我認為晉升對於接觸可能持觀望態度的新人來說非常重要。

And as I mentioned earlier, the sales velocity, when we do move some of those products that we're going to sunset in the future in terms of taking them out of the assortment, the velocity is good, and the pickup on that is good. And when you match that with a consistent long-term customer value of those people entering through that entry point, it's an encouraging time for us.

正如我之前提到的，銷售速度，當我們確實移動一些我們將在未來日落時將它們從分類中取出的產品時，速度是好的，而且拾取是好的.當您將其與通過該入口點進入的那些人的一致長期客戶價值相匹配時，這對我們來說是一個令人鼓舞的時刻。

Great. And then maybe just kind of on the flip side. Historically, you haven't been a very promotional brand. So as you clear through some of those products, how do you make sure that your existing customer, who thinks of you as a full-price brand, doesn't become accustomed to the promotion?

偉大的。然後也許只是在另一方面。從歷史上看，你不是一個非常促銷的品牌。因此，當您清理其中一些產品時，您如何確保將您視為全價品牌的現有客戶不會習慣促銷活動？

Yes. Great question, and we are trying to be very thoughtful about that. First of all, I'll tip my hat to our factory partner here who has made tremendous efforts of making a lot of late additions for our spring/summer line for 24. So they're working truly around the clock to make sure we recalibrate that product line. And I say that because the large majority of impact when we really get the new assortment in front of consumers isn't until '24. So we want to pace this out as we work through the inventory, and that allows us to be quite surgical there.

是的。很好的問題，我們正努力對此深思熟慮。首先，我要向我們這裡的工廠合作夥伴致敬，他們付出了巨大的努力，為我們的 24 春夏系列做了很多後期添加。所以他們真正夜以繼日地工作，以確保我們重新校準那個產品線。我之所以這麼說，是因為當我們真正將新品類呈現在消費者面前時，大部分影響要到 24 年才會發生。因此，我們希望在完成清單時逐步解決這個問題，這使我們能夠在那裡進行手術。

And when I say surgical, what I mean is we want to really only focus to the extent we can on products that we will sunset in the future and keep our classic colors and our core franchises really intact at full price. So that's sort of the balance that we're trying to strike and exceptions to that might be on select windows when we run assortment-wide promotions or targeted promotions around different items, and that's really just a tactic to get new consumers into the brand.

當我說外科手術時，我的意思是我們真的只想盡可能地關注我們將在未來日落的產品，並以全價保持我們的經典顏色和我們的核心特許經營權真正完好無損。因此，當我們針對不同商品進行全品類促銷或有針對性的促銷時，這就是我們試圖取得的平衡，而在特定窗口中可能會有例外，這實際上只是一種吸引新消費者進入該品牌的策略。

Our next question comes from Jim Duffy with Stifel.

我們的下一個問題來自 Stifel 的 Jim Duffy。

So let me start on the international business model transition. I know it's a complex process. You said this is something that could influence the annual numbers. Does that suggest you expect some changes could be in place before year-end? Or are we looking at a much longer process?

那麼讓我從國際商業模式轉型開始。我知道這是一個複雜的過程。你說這可能會影響年度數字。這是否表明您預計年底前可能會有一些變化？或者我們正在尋找一個更長的過程？

No, we would expect at least one, if not more, to be done this year and we hope to update you on that soon.

不，我們預計今年至少會完成一項（如果不是更多的話），我們希望盡快向您通報最新情況。

Okay. Great. Maybe that in part answers my next question. Do you expect announcements on a piecemeal kind of country-by-country basis? Or is there certain regions where you'd expect to bundle relationships? How do you foresee that playing out?

好的。偉大的。也許這部分回答了我的下一個問題。您是否期望在逐個國家/地區的基礎上零碎地發佈公告？還是您希望在某些區域捆綁關係？你如何預見這場比賽？

I think what we would like to do is just kind of collect them, and when they happen, we'll announce them on these quarterly calls, Jim.

我想我們想做的只是收集它們，當它們發生時，我們會在這些季度電話會議上宣布它們，吉姆。

Our next question comes from Dana Telsey with Telsey Advisory Group.

我們的下一個問題來自 Telsey Advisory Group 的 Dana Telsey。

On the differentiation between the performance in stores and the performance online, what is the biggest difference you're seeing, whether it's in terms of traffic, price point, how you're managing each? And as you think about optimizing the stores, where are you seeing the most success lately, whether it's some region box size or open-air and closed malls? How are you thinking about it? And then in terms of the product side with promotions, is there a channel where you're using promotions more than another? And with the core franchise that will be expanded by early 2024, what percent do you want that to be of the assortment?

關於實體店業績和線上業績之間的差異，您看到的最大差異是什麼，無論是在流量、價格點方面，還是您如何管理它們？當您考慮優化商店時，您最近在哪裡看到最成功的地方，無論是某些區域的盒子大小還是露天和封閉的購物中心？你怎麼想的？然後就帶有促銷的產品方面而言，是否有一種渠道比其他渠道更多地使用促銷？對於將於 2024 年初擴大的核心特許經營權，您希望它佔該類別的百分比是多少？

Thanks, Dana. All right. I'll try to work through those. I'd say kind of store versus digital on our direct channel, we see generally a consistent customer. It does -- in our store business, it skews a little younger of a consumer, and they tend to be less price sensitive, and we drive kind of one of your later questions there. We drive a higher full-price sell-through inside of our brick-and-mortar. That is really the best expression for the brand. We have the highest NPS in our 4 walls, and we do drive higher full-price sell-through. And then that translates to a great kind of omni experience where those customers cross over and those dual channel customers tend to spend quite a bit more than just single-channel customers, even if they're repeat customers. 

謝謝，達娜。好的。我會努力解決這些問題。我會在我們的直接渠道上說商店與數字，我們通常看到一致的客戶。確實如此——在我們的商店業務中，它偏向於更年輕的消費者，而且他們往往對價格不那麼敏感，我們在那裡提出了你後來的一個問題。我們在實體店內推動更高的全價銷售。這真是品牌最好的體現。我們的 4 面牆擁有最高的淨推薦值，我們確實推動了更高的全價銷售。然後這轉化為一種很棒的全方位體驗，在這種體驗中，這些客戶會交叉，而那些雙渠道客戶往往會比單渠道客戶花費更多，即使他們是回頭客。

So I'd say those are kind of the biggest differences. And then in terms of how we're going about improving productivity in the stores, it's really we're here to sell shoes in the stores and focusing on what we can control in the 4-wall is probably the most important. So our new store leadership team has put a new regional structure in place, really driving good incentive management, good labor productivity and then, of course, focused on making sure everyone walks out with the Parachee or more. 

所以我想說這些是最大的區別。然後就我們如何提高商店的生產力而言，我們真的是來這裡賣鞋的，專注於我們在 4 面牆中可以控制的東西可能是最重要的。因此，我們新的商店領導團隊已經建立了一個新的區域結構，真正推動良好的激勵管理、良好的勞動生產率，然後，當然，專注於確保每個人都帶著 Parachee 或更多。

And so those initiatives have been focused on merchandising in-store visuals and also just general kind of brass tax incentivizing our store fleet of great ambassadors in the stores. So I'd say those are largely. And then lastly, I guess I'll close out with your question on promos. Generally, we do that cross channel, albeit in terms of managing margin inside of those stores, which does tend to have a higher gross margin in terms of relative shape of business. We do like to minimize Sendbax and sometimes we offer local deals to people who are within our community and make sure they get the best experience there and get access to things that might be a little unique versus other consumers.

因此，這些舉措一直專注於店內視覺營銷，以及一般的黃銅稅，以激勵我們在商店中的偉大大使的商店隊伍。所以我想說這些主要是。最後，我想我會以你關於促銷的問題結束。一般來說，我們會跨渠道進行，儘管是在管理這些商店內部的利潤方面，就業務的相對形狀而言，這些商店確實往往具有更高的毛利率。我們確實喜歡盡量減少 Sendbax，有時我們會向社區內的人提供本地優惠，並確保他們在那裡獲得最佳體驗，並獲得與其他消費者相比可能有點獨特的東西。

Our next question comes from Tom Nikic with Wedbush Securities.

我們的下一個問題來自 Wedbush Securities 的 Tom Nikic。

The marketing expense declined quite a bit year-over-year, and I'm assuming that that's a function of not having the right product at the moment and not trying to put marketing dollars when you do exactly as your product where you want it to be, should we think that marketing continues to decline on a year-over-year basis kind of through year-end and then in 2024 when you have the new product lines that you're excited about, then we would see a reinvestment in marketing to reignite growth?

營銷費用同比下降了很多，我假設這是因為目前沒有合適的產品，並且當你完全按照你想要的產品做時，沒有試圖投入營銷資金是的，我們是否應該認為市場營銷在年底前繼續同比下降，然後在 2024 年當您擁有令您興奮的新產品線時，我們會看到市場營銷的再投資重燃增長？

Yes. That is exactly how you should look about marketing. We absolutely plan to align and prioritize our marketing spend this year with the recalibrated product launch that we expect to come at the end of the year. We do expect that our marketing spend will be planned down year-over-year both in absolute and as a percentage of sales. We really want to make sure that we are matching our investments with the product, and we will be -- as a result, is why we've made the decision to hold further spend until we have the product recalibration to justify that higher investment and everything we've seen so far confirms for us that will be the case in 2024.

是的。這正是您應該如何看待營銷。我們絕對計劃將我們今年的營銷支出與我們預計在今年年底推出的重新校準產品保持一致並確定其優先順序。我們確實希望我們的營銷支出無論是絕對值還是佔銷售額的百分比都將逐年下降。我們真的想確保我們的投資與產品相匹配，我們將 - 因此，這就是為什麼我們決定保持進一步支出，直到我們重新校準產品以證明更高的投資是合理的，並且到目前為止，我們所看到的一切都為我們證實了 2024 年的情況。

Our next question comes from Edward Roma with Piper Sandler.

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

It's Abbie on for Ed. So just in terms of the product recalibration, you talked about the golf shoe launch, but can you talk about your thoughts on Allbirds position within the performance category after some of the missteps on running? And what your plan is for the performance product going forward.

艾比替艾德上場。所以就產品重新校準而言，你談到了高爾夫球鞋的發布，但你能談談你對 Allbirds 在跑步中出現一些失誤後在性能類別中的地位的看法嗎？以及您對未來性能產品的計劃是什麼。

Yes. Thanks. I think the best way to characterize it is we saw some, I would say, perhaps more noise than signal in the midst of the pandemic. We saw our DASH franchise come out and just be an absolute blockbuster for us resonate really well. And we read some of those signals as permission from the consumer to get a little bit more technical in terms of performance running. And so we backed that up with some of the products that you saw at the end of last year, things like the flyer that really emphasize the technical running credibility.

是的。謝謝。我認為描述它的最好方法是，我想說，在大流行期間，我們看到了一些可能更多的噪音而不是信號。我們看到我們的 DASH 特許經營權問世，這對我們來說是一個絕對的重磅炸彈，引起了很好的共鳴。我們閱讀了其中一些信號作為消費者的許可，以便在性能運行方面獲得更多技術。因此，我們用你在去年年底看到的一些產品來支持這一點，比如真正強調技術運行可信度的傳單。

And as I think we've been pretty open and candid about that, that just didn't land as well with the consumer. So we really want to pull that back to this active lifestyle. This blend of where consumers fell in love with us and we became famous for with him around this blend of lifestyle and activity kind of in that athleisure space. If we focus on that as the way we show up, the way we message and the products that we brief in, we know that resonates much more strongly with our core consumers, and we see the same thing from feedback in our third parties. 

而且我認為我們對此非常開放和坦誠，但這並沒有得到消費者的青睞。所以我們真的想把它拉回這種積極的生活方式。這種融合了消費者愛上我們的地方，我們因在運動休閒空間中這種生活方式和活動的融合而聞名。如果我們將注意力集中在我們展示的方式、我們傳遞信息的方式和我們介紹的產品上，我們知道這會與我們的核心消費者產生更強烈的共鳴，我們從第三方的反饋中也看到了同樣的事情。

So you'll see a lot less in terms of kind of the hardcore technical running or technical sport. And I think even if you look at the way we've messaged the Gulf Dasher today, you can see it's just as good on the 1 tool as it is in the 19th pole. And so that kind of language where we really talk about that versatility and that style element that layers into something that still delivers on good comfort and good performance. That's the sweet spot for us.

所以你會看到更少的硬核技術跑步或技術運動。而且我認為，即使您查看我們今天向 Gulf Dasher 發送消息的方式，您也可以看到它在 1 工具上的表現與在第 19 極上的表現一樣好。因此，在這種語言中，我們真正談論的是多功能性和風格元素，這些元素層層疊疊，仍能提供良好的舒適性和良好的性能。這對我們來說是最好的地方。

Got it. That makes sense. And then just one more. When you say you'll enter 24 in a clean inventory position, do you have like a dollar amount that you can give us to you consider a healthy position there?

知道了。這就說得通了。然後還有一個。當你說你將在一個乾淨的庫存位置輸入 24 時，你有沒有像你可以給我們的美元金額，你認為那裡是一個健康的位置？

Yes. We won't give specific guidance on that, just kind of align with the overall change in terms of what's going on with the strategic transformation. And I can also tell you that as we noted, the international changeovers are a big element of that. So it's difficult to put it in where that's going to land. But we'll give you updates. And as we do finalize our decision to move in one of those regions to a distributor model, I think we can give you a blueprint and really cover that in more detail.

是的。我們不會就此提供具體指導，只是與戰略轉型的整體變化保持一致。我還可以告訴你，正如我們所指出的，國際轉換是其中的一個重要因素。所以很難把它放在要著陸的地方。但我們會給你更新。當我們最終決定在其中一個地區轉向分銷商模式時，我想我們可以給你一個藍圖，並真正地更詳細地介紹它。

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

（操作員說明）我們的下一個問題來自 Baird 的 Mark Altschwager。

So I mean it sounds like 24 is really going to be the bigger flow of new products. But as I was mentioned a few times on this call, I mean, there has been quite a bit of newness in the last few months here with the Superlight and Tree Runner and the Gulf. And I guess these seem like products that are really aimed right at that core customer. So what kind of marketing muscle are you putting behind that over the spring/summer or anything you're doing differently from a merchandising perspective in the stores? I know you're in early innings with the transformation here, but I'm curious if you're looking at some of these recent launches as a way to get an early read on the strategy to refocus on the core. Or is it really just going to be more about a 24-product flow story?

所以我的意思是，聽起來 24 真的會成為新產品的更大流量。但正如我在這次電話會議上被多次提到的那樣，我的意思是，過去幾個月這裡的 Superlight 和 Tree Runner 以及 Gulf 出現了相當多的新鮮事物。我想這些看起來像是真正針對核心客戶的產品。那麼，在春季/夏季期間，您將投入什麼樣的營銷力量，或者從商店的銷售角度來看，您正在做哪些不同的事情？我知道您在這裡進行轉型的初期階段，但我很好奇您是否正在查看最近發布的一些產品，以此作為一種方式來儘早了解重新關注核心的戰略。或者它真的只是更多關於 24 個產品流程的故事？

Yes, Mark, thanks for the question. It's a great one. These are really good examples of extensions off of core franchises. The reality is that we bought them quite tight, so we don't want to back up the truck with marketing dollars when we don't have the inventory. So in most of these cases, I should say, in some of these cases, we'll see 100% sell-through relatively quickly on some of these examples. And then you'll see things like the Breezer Point and its original kind of the Treebreezer franchise. We will continue to run the integrated marketing campaign and flow that through, and we are seeing solid progress to that.

是的，馬克，謝謝你的提問。這是一個偉大的。這些都是核心特許經營權擴展的很好例子。事實上，我們買得非常緊，所以當我們沒有庫存時，我們不想用營銷資金來支持卡車。因此，在大多數情況下，我應該說，在其中一些情況下，我們會在其中一些示例中相對較快地看到 100% 的銷售。然後您會看到諸如 Breezer Point 及其原始類型的 Treebreezer 特許經營權之類的東西。我們將繼續開展整合營銷活動並將其貫徹到底，我們正在看到這方面的穩步進展。

So these are kind of like good tip-of-the-iceberg examples of where we're headed and how we integrate the marketing against these. And the signs are positive there. That said, as we move through the inventory, we want to make sure that we don't overextend on marketing and make sure that as we use markdown, particularly on some of these slower-moving products from prior seasons that we let that do with some of the heavy lifting for us instead of spending marketing dollars outside these walls.

所以這些有點像很好的冰山一角的例子，說明我們的前進方向以及我們如何將營銷與這些結合起來。那裡的跡像是積極的。也就是說，當我們清理庫存時，我們希望確保我們不會在營銷上過度擴張，並確保在我們使用降價促銷時，特別是在我們允許這樣做的前幾季的一些滯銷產品上為我們承擔一些繁重的工作，而不是在這些牆外花費營銷資金。

And at this time, I would like to turn it back over to Joey for closing remarks.

現在，我想把它轉回給 Joey 作結束語。

Great. Well, I just want to close a couple of things. I want to say first that I'm really incredibly proud of our team's unwavering dedication to successfully executing this strategic transformation with a really unified set of goals around driving growth, particularly in '24 with expanded margins and also focusing on the day-to-day business with a laser focus on cash. I think we all know these big changes don't happen overnight, but as we progress through the plan, the strategy is already demonstrating real tangible value and value creation for Allbirds and our stakeholders and to all of our stakeholders here, we're grateful for your continued support and our commitment to growing into a global and vital generational brand remains steadfast, and I could not be happier with the team of people. I'm surrounded by to achieve these ambitions. Thanks very much, and we will look forward to sharing more with you in the next quarter.

偉大的。好吧，我只想結束幾件事。我想首先說，我真的非常自豪我們的團隊堅定不移地致力於成功執行這一戰略轉型，並圍繞推動增長制定了一套真正統一的目標，尤其是在 24 世紀擴大利潤率並專注於日常工作專注於現金的日常業務。我想我們都知道這些重大變化不會在一夜之間發生，但隨著我們計劃的推進，該戰略已經為 Allbirds 和我們的利益相關者以及我們所有的利益相關者展示了真正的有形價值和價值創造，我們很感激感謝您的持續支持和我們對成長為全球重要的世代品牌的堅定承諾，我對團隊成員感到非常高興。我被包圍來實現這些抱負。非常感謝，我們期待在下個季度與您分享更多。

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

感謝您參加今天的會議。這確實結束了程序。您現在可以斷開連接。