Allbirds Inc (BIRD) 2023 Q2 法說會逐字稿

Good afternoon, ladies and gentlemen, and welcome to the Allbirds Second Quarter 2023 Conference Call.

女士們、先生們，下午好，歡迎參加 Allbirds 2023 年第二季度電話會議。

(Operator Instructions) I would now like to turn the call over to Christine Greany of The Blueshirt Group. Please go ahead.

（操作員說明）我現在想將電話轉給 Blueshirt Group 的 Christine Greany。請繼續。

Good afternoon, everyone, and thank you for joining us. With me today on the call are Joey Zwillinger, CEO; and Annie Mitchell, Chief Financial Officer.

大家下午好，感謝您加入我們。今天與我一起參加電話會議的是首席執行官 Joey Zwillinger；和首席財務官安妮·米切爾。

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, Q3 guidance targets, impact and duration of external headwinds, simplification initiatives, strategic transformation plan and related planned efforts, go-to-market strategy, planned transition to a distributor model in certain international markets, anticipated distributor model arrangements, expected profitability, cost savings targets, gross margin estimates, product plans and expectations, third-party partnership strategy, marketing strategy and other matters referenced in our earnings release issued today.

在開始之前，我想提醒您，我們今天將做出聯邦證券法含義內的某些前瞻性聲明，包括有關我們的財務前景的聲明，包括現金流和調整後的 EBITDA 預期、第三季度指導目標、外部不利因素的影響和持續時間、簡化舉措、戰略轉型計劃和相關計劃工作、進入市場戰略、計劃在某些國際市場過渡到分銷商模式、預期分銷商模式安排、預期盈利能力、成本節約目標、毛利率利潤率估計、產品計劃和預期、第三方合作夥伴策略、營銷策略以及我們今天發布的收益報告中提到的其他事項。

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 quarterly report on Form 10-Q for the quarter ended March 31, 2023 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風險和不確定性，可能導致實際結果出現重大差異。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。請參閱我們向 SEC 提交的文件，包括截至 2023 年 3 月 31 日的季度 10-Q 表格季度報告，了解可能影響我們業績的風險因素的更詳細說明。

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 a reconciliation of these non-GAAP measures to their most directly comparable GAAP measure to the extent reasonably available in today's earnings release.

此外，在本次電話會議中，我們將討論調整我們的 GAAP 結果以消除某些項目的影響的非 GAAP 財務措施。這些非 GAAP 項目應作為任何 GAAP 結果的補充，而不是替代任何 GAAP 結果。您將在今天的收益發布中找到有關這些非 GAAP 財務指標的更多信息，以及這些非 GAAP 指標與其最直接可比的 GAAP 指標的調節表（在合理範圍內）。

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

現在我將把電話轉給喬伊，讓他開始正式講話。喬伊？

Thank you, Christine, and welcome, everyone. We are pleased to report another quarter of top and bottom line results above our expectations during a transformational time for Allbirds. We laid out a road map for our strategic transformation back in March. And now 2 quarters into our work, we have gained traction and are solidly on track to drive towards profitability expectations. We don't currently have a store in Missouri, but we believe in the Show-Me State model. We are sharply focused on reporting sustained and durable cash flow and profit and will not rest until we achieve our goals.

謝謝克里斯汀，歡迎大家。我們很高興地報告，在 Allbirds 的轉型時期，又一個季度的營收和利潤業績超出了我們的預期。我們早在三月份就制定了戰略轉型路線圖。現在，我們的工作已經進行了兩個季度，我們已經取得了進展，並正在穩步實現盈利預期。我們目前在密蘇里州沒有商店，但我們相信“Show-Me State”模式。我們非常專注於報告持續和持久的現金流和利潤，並且在實現目標之前不會休息。

We continue to make progress on laying the groundwork to drive profitable growth. We are reducing inventory levels, working with our suppliers on cost of goods savings, trimming overhead and streamlining working capital to grow profitably in our international markets. This past quarter marks incremental progress on all of those dimensions. First, inventory levels declined approximately 24% on a year-over-year basis, ending the quarter below $95 million for the first time in 2 years. This is the result of prudent financial and inventory planning and our balanced approach to meeting the consumer where they are on price while maintaining brand integrity.

我們繼續在為推動盈利增長奠定基礎方面取得進展。我們正在降低庫存水平，與供應商合作節省貨物成本，削減管理費用並精簡營運資金，以在國際市場上實現盈利增長。上個季度標誌著所有這些方面都取得了逐步進展。首先，庫存水平同比下降約 24%，本季度末庫存水平兩年來首次低於 9500 萬美元。這是審慎的財務和庫存規劃以及我們在保持品牌完整性的同時滿足消費者價格需求的平衡方法的結果。

Next, we continued our strategic sourcing effort. And between materials optimization and factory footprint management, we are confident that we are trending towards the upper end of the target range of cost of goods savings of $20 million to $25 million in 2025 versus 2022 on a volume-neutral basis. Also on cost management, we are pleased to be able to reaffirm our range of expected SG&A cost savings of $15 million to $20 million by 2025 versus 2022.

接下來，我們繼續進行戰略採購工作。在材料優化和工廠佔地面積管理之間，我們有信心在數量中性的基礎上，2025 年與2022 年相比，我們正朝著目標範圍的上限邁進，即2025 年與2022 年相比，貨物成本節省2000 萬至2500 萬美元。同樣在成本管理方面，我們很高興能夠重申，到 2025 年，與 2022 年相比，我們預計 SG&A 成本節省將達到 1500 萬美元至 2000 萬美元。

And lastly, we closed the quarter with $140 million of cash, reflecting significantly improved operating cash usage versus a year ago and our commitment to driving capital efficiency over the long term.

最後，我們在本季度結束時擁有 1.4 億美元的現金，這反映出運營現金使用量較一年前顯著改善，以及我們對長期提高資本效率的承諾。

Most recently, we executed on another material proof point under our transformation work. We announced today the signing of 2 letters of intent with international distributors as part of our plan to transition select overseas regions from a direct go-to-market model to a third-party distributor model, encompassing an omnichannel scope, aimed in part at driving volume via wholesale distribution. These first 2 transitions are in Canada and South Korea, and we anticipate announcing additional geographies in the coming quarters.

最近，我們在轉型工作中執行了另一個材料證明點。我們今天宣布與國際分銷商簽署兩份意向書，作為我們計劃的一部分，將選定的海外地區從直接進入市場模式轉變為第三方分銷商模式，涵蓋全渠道範圍，部分目的是推動通過批發分銷的數量。前兩個過渡地點位於加拿大和韓國，我們預計在未來幾個季度宣布更多地區。

Transitioning our international model is one of the 4 key pillars under our strategic transformation plan. As a reminder, those include: one, reigniting product and brand; two, optimizing U.S. distribution and four-wall profitability in stores; three, evaluating a transition of our international direct go-to-market strategy towards a distributor model; and four, improving overall gross margin and leverage on operating expenses.

轉變我們的國際模式是我們戰略轉型計劃的四大關鍵支柱之一。提醒一下，這些包括：第一，重新點燃產品和品牌；二、優化美國分銷和門店四牆盈利能力；三、評估我們的國際直接進入市場戰略向分銷商模式的轉變；第四，提高整體毛利率和運營費用槓桿。

I'll take you through a brief update on each of these strategies and how we're progressing, starting with product and brand.

我將向您介紹每項策略的簡要更新以及我們的進展情況，從產品和品牌開始。

Our product team remains laser-focused on recalibrating our assortment with a focus on revitalizing our core franchises and driving more of the business from these models, while also delivering important innovation to engage with our loyal consumers. With an incredibly strong NPS of 86 in the quarter, we continued to deliver a wonderful experience, which helps to build confidence in our ability to reconnect with our core consumer and drive greater brand momentum over the long term. To be clear, we expect this to begin meaningfully taking shape next year in the spring of 2024.

我們的產品團隊仍然專注於重新調整我們的產品組合，重點是振興我們的核心特許經營權並通過這些型號推動更多業務，同時提供重要的創新來吸引我們的忠實消費者。本季度 NPS 高達 86，令人難以置信，我們繼續提供美妙的體驗，這有助於增強我們與核心消費者重新建立聯繫的能力的信心，並在長期內推動更大的品牌動力。需要明確的是，我們預計這一舉措將於明年 2024 年春季開始有意義地形成。

We've delivered thoughtful innovation and select newness this year with measured inventory buys to help delight our customers. There are several noteworthy callouts. Our recent core franchise extension of the Golf Dasher has met with solid demand and rave reviews from our consumers around the golf world, with PGA Tour players organically finding our products and playing with them in tournaments, having a much more comfortable round, I suspect.

今年，我們通過謹慎的庫存採購提供了深思熟慮的創新和精選新品，以幫助取悅我們的客戶。有幾個值得注意的標註。我們最近對Golf Dasher 的核心特許經營權的擴展滿足了高爾夫世界各地消費者的強勁需求和好評，我懷疑PGA 巡迴賽球員有機地找到我們的產品並在錦標賽中使用它們，我懷疑這一輪比賽會更加舒適。

We dropped our SuperLight collection in April, our lightest-ever sneaker that was perfect for travel and also boasts our lowest carbon footprint to date. Last month, we debuted our Artist Series, a string of collaborations with artists designed to amplify creative voices and reach new consumers. The first in our series is a limited edition Riser, created in partnership with London-based fashion designer, Olivia Rubin. In the future, you will see us increase focus towards our core franchises with this and other collaborations.

我們於四月份推出了 SuperLight 系列，這是我們有史以來最輕的運動鞋，非常適合旅行，並且還擁有迄今為止最低的碳足跡。上個月，我們推出了藝術家系列，這是與藝術家的一系列合作，旨在擴大創意聲音並吸引新消費者。我們系列中的第一款是限量版 Riser，是與倫敦時裝設計師 Olivia Rubin 合作打造的。未來，您將看到我們通過此次合作和其他合作更加關注我們的核心特許經營權。

Most recently, we launched the Tree Flyer 2. While a very high-quality technical running shoe, the past couple of years have taught us that our consumers look to us most for versatility in their active lives rather than for support during marathons. In addition to buying this update tightly from an inventory perspective, we have introduced important aesthetic changes that elevate the product for lifestyle occasions and have matched the marketing message and approach to meet our consumers' needs better.

最近，我們推出了Tree Flyer 2。雖然這是一款非常高品質的技術跑鞋，但過去幾年告訴我們，我們的消費者最看重的是他們在積極生活中的多功能性，而不是馬拉松期間的支持。除了從庫存角度嚴格購買此更新之外，我們還引入了重要的美學變化，以提升產品的生活方式場合，並匹配營銷信息和方法，以更好地滿足消費者的需求。

We have additional innovation we plan to deliver to consumers in the second half of this year, including a key update to the Wool Runner. This will be the first significant and highly visible change to this hero franchise that launched our business in 2016 when it was broadly described as the most comfortable shoe in the world. The Wool Runner 2 will have a modernized aesthetic and deliver superior comfort and durability.

我們計劃在今年下半年向消費者提供更多創新，包括對 Wool Runner 的關鍵更新。這將是我們於 2016 年推出業務的英雄系列的第一個重大且高度可見的變化，當時它被廣泛描述為世界上最舒適的鞋子。 Wool Runner 2 將具有現代化的美感，並提供卓越的舒適度和耐用性。

Q4 will also begin our execution against the gender differentiated product strategy with a capsule for her. This will be just a taste of what's ahead in the coming year, leaning into novelty materials and trends to drive further differentiation and seasonally right expression. While we are exercising disciplined inventory management and more measured buys from new launches this year, we are still bringing excitement and newness to consumers, and we're pleased to see sell-through trending on plan and in some cases, ahead of our expectations.

Q4也將開始執行性別差異化的產品策略，為她推出膠囊。這只是來年的一個嘗試，傾向於新穎的材料和趨勢，以推動進一步的差異化和季節性的正確表達。雖然我們今年正在實行嚴格的庫存管理，並更加謹慎地購買新產品，但我們仍然為消費者帶來興奮和新鮮感，我們很高興看到計劃中的銷售趨勢，在某些情況下，超出了我們的預期。

Looking further ahead, we are pleased by the consumer and industry response to our release of the M0.0NSHOT project, further cementing our leadership and sustainability with the world's first net zero-carbon shoe. While small in volume, we anticipate this project will pave the way for important collaborations that have the potential to catalyze momentum in 2024 and beyond.

展望未來，我們對消費者和行業對我們發布的 M0.0NSHOT 項目的反應感到高興，進一步鞏固了我們通過世界上第一款淨零碳鞋的領導地位和可持續性。雖然規模較小，但我們預計該項目將為重要合作鋪平道路，這些合作有可能在 2024 年及以後推動發展勢頭。

To showcase all of this newness and to drive traffic, we continue to employ a social-first, influencer-led marketing approach. Building on the success of our Supernatural Exploration campaign this spring, we will be expanding our influencer programs throughout the second half of 2023 and leading up to the holiday selling season. We anticipate that this refined marketing approach, coupled with compelling price offers during consumer-led promotional windows, like Back To School and Labor Day, will help continue our execution during this transition year.

為了展示所有這些新鮮事物並增加流量，我們繼續採用社交優先、影響者主導的營銷方法。在今年春季“超自然探索”活動取得成功的基礎上，我們將在 2023 年下半年以及假日銷售季之前擴大我們的影響者計劃。我們預計，這種精緻的營銷方法，加上在消費者主導的促銷窗口（例如返校節和勞動節）期間提供引人注目的價格優惠，將有助於我們在這個過渡年繼續執行。

Turning to our second pillar, optimizing U.S. distribution and store profitability. We know that brick-and-mortar, both our own and third party, is an important way to reach new consumers and also increase spend among our valuable omnichannel consumers. During Q2, we opened 2 full-priced U.S. stores in Greenwich, Connecticut and in Walnut Creek in the SF Bay Area, bringing our total U.S. store count to 44 at quarter end. Subsequent to the close of Q2, we opened one additional U.S. store in Columbus, Ohio. As a reminder, these 3 locations were opened against early 2022 lease timing, and we currently have no further U.S. openings planned.

轉向我們的第二個支柱，優化美國分銷和商店盈利能力。我們知道，無論是我們自己的還是第三方的實體店，都是接觸新消費者並增加有價值的全渠道消費者支出的重要方式。第二季度，我們在康涅狄格州格林威治和舊金山灣區核桃溪開設了 2 家全價美國商店，使我們的美國商店總數在季度末達到 44 家。第二季度結束後，我們在俄亥俄州哥倫布市又開設了一家美國商店。提醒一下，這 3 個地點是在 2022 年初租賃時間開設的，目前我們沒有在美國開設更多地點的計劃。

On the international front, we opened a new location in Hamburg, Germany during Q2, marking our last overseas store opening planned for 2023.

在國際方面，我們第二季度在德國漢堡開設了新店，這是我們計劃於 2023 年開設的最後一家海外店。

Returning to the U.S. store base, traffic remains challenging, and we expect this to persist through the end of the year. As we work to optimize our U.S. store profitability, we are underway in a number of initiatives designed to help establish a consistent selling and performance culture across the organization. This includes new visual messaging, more targeted merchandising strategies that bring greater excitement and energy to our floor sets.

回到美國商店基地，客流量仍然充滿挑戰，我們預計這種情況將持續到今年年底。在我們努力優化美國商店盈利能力的過程中，我們正在進行多項舉措，旨在幫助在整個組織內建立一致的銷售和績效文化。這包括新的視覺信息、更有針對性的營銷策略，為我們的地板帶來更大的興奮和活力。

In wholesale, we made substantial progress working down existing inventory so that we exit this year in a healthy position. Promotional levels remain somewhat elevated, but have trended lower over the past couple of months. We are fortunate to be working with marquee partners who understand our priority to recalibrate our product lineup, closely manage inventory levels and move at a very measured pace as we bring newness to the channel.

在批發方面，我們在減少現有庫存方面取得了實質性進展，使我們今年能夠以健康的狀態退出。促銷水平仍然有所提高，但在過去幾個月中呈下降趨勢。我們很幸運能夠與重要的合作夥伴合作，他們了解我們的首要任務是重新調整我們的產品陣容，密切管理庫存水平，並在我們為渠道帶來新鮮感時以非常謹慎的速度前進。

One noteworthy example of the strength of our third-party relationships is the opening of our Selfridges carbon concept pop-up store in mid-July, located in a premier location in London Oxford Street. This 6-week immersive experience highlights our mutual commitment to sustainability, while delivering style and comfort to their global taste-making shoppers. The buzz has been tremendous, bringing visibility to our brand in the U.K., enhancing our credibility and paving the way for future collaborations and partnerships.

我們強大的第三方關係的一個值得注意的例子是我們的 Selfridges 碳概念快閃店於 7 月中旬開業，該店位於倫敦牛津街的黃金地段。這個為期 6 週的沉浸式體驗凸顯了我們對可持續發展的共同承諾，同時為全球品味購物者提供時尚和舒適的體驗。反響熱烈，提高了我們品牌在英國的知名度，提高了我們的信譽，並為未來的合作和夥伴關係鋪平了道路。

Now on to our third pillar, transitioning our direct go-to-market strategy towards the distributor model and international markets. We believe today's announcement of our expected transition to distributors in Canada and South Korea will mark the beginning of a more profitable path to growth for the Allbirds brand in overseas markets. We've been searching for the right partners with strong merchandising capabilities to drive the right products for the right channels as well as the ability to connect with the local consumer, enhance brand equity and fuel customer engagement.

現在我們的第三個支柱，將我們的直接進入市場策略轉向分銷商模式和國際市場。我們相信，今天宣布的預計過渡到加拿大和韓國的經銷商將標誌著 Allbirds 品牌在海外市場的更有利可圖的增長之路的開始。我們一直在尋找具有強大營銷能力的合適合作夥伴，以便為合適的渠道提供合適的產品，並能夠與當地消費者建立聯繫，增強品牌資產並促進客戶參與。

The goal of this strategic shift towards the distributor model is multifaceted and is designed to position the Allbirds brand for long term and scalable growth internationally. First, we believe these partnerships will help us build upon our global brand equity by leveraging regional expertise and wholesale capabilities to resonate with local consumers in each respective geography. We're very excited about the cumulative years of experience these distributors will bring to our operations and the growth plans they are committed to helping us attain, which we anticipate will generate unit sales growth in excess of what we might achieve on our own in the short and midterm.

這種向分銷商模式的戰略轉變的目標是多方面的，旨在使 Allbirds 品牌在國際上實現長期和可擴展的增長。首先，我們相信這些合作夥伴關係將幫助我們利用區域專業知識和批發能力與各個地區的當地消費者產生共鳴，從而建立我們的全球品牌資產。我們對這些經銷商積累的多年經驗以及他們致力於幫助我們實現的增長計劃感到非常興奮，我們預計這將帶來超過我們自己在短期和中期。

A secondary benefit of this strategic shift is to reduce overall complexity and lower operating expenses to improve profitability. Lastly, the adoption of this model positions us to free up cash tied up in inventory internationally and reduce our overall inventory balance.

這一戰略轉變的第二個好處是降低整體複雜性並降低運營費用，從而提高盈利能力。最後，採用這種模式使我們能夠釋放國際庫存中的現金，並減少我們的總體庫存餘額。

As a directional blueprint, based on the signed letters of intent, we anticipate that these arrangements in Canada and South Korea will be multiyear in duration, and we plan to include volume minimums and marketing commitments. We expect our business under these international partnerships to deliver gross margins below our U.S. wholesale business, but anticipate equal or higher contribution margin and anticipate strong cash flow dynamics with expected title transfer from us to our distributor partners, ex factory.

作為一個方向性藍圖，根據已簽署的意向書，我們預計加拿大和韓國的這些安排將持續多年，並且我們計劃包括最低數量和營銷承諾。我們預計這些國際合作夥伴關係下的業務毛利率將低於我們的美國批發業務，但預計貢獻率將相同或更高，並預計強勁的現金流動態，預計所有權將從我們轉移到我們的經銷商合作夥伴（工廠出廠）。

Looking ahead, we are impressed by the caliber of potential partners we are hearing from in other international markets. This includes distributors with deep industry expertise who have a high regard for the Allbirds brand and are eager to collaborate. Our ongoing discussions in other countries gives us confidence that we'll be able to announce additional transitions in future quarters.

展望未來，我們從其他國際市場聽到的潛在合作夥伴的能力給我們留下了深刻的印象。其中包括具有深厚行業專業知識的經銷商，他們高度重視 Allbirds 品牌並渴望合作。我們在其他國家/地區正在進行的討論讓我們相信，我們將能夠在未來幾個季度宣布更多的過渡。

Moving to our fourth and final pillar, improving overall gross margins and managing operating expenses. We made continued progress in Q2, and entering the second half of the year, we are on track to deliver the cost savings targets we outlined previously. This includes $20 million to $25 million in savings on COGS and $15 million to $20 million of savings in SG&A by 2025 compared to our run rate at the end of 2022. Annie will provide additional context to these shortly.

轉向我們的第四個也是最後一個支柱，提高整體毛利率並管理運營費用。我們在第二季度取得了持續進展，進入下半年，我們有望實現我們之前概述的成本節約目標。與2022 年底的運行率相比，這包括到2025 年，銷貨成本(COGS) 節省2,000 萬至2,500 萬美元，銷售管理及管理費用(SG&A) 節省1,500 萬至2,000 萬美元。安妮將很快提供更多背景信息。

But before I pass it over to her, I want to note how well our flock is performing. Their resolute spirit, hard work and resilience in the face of big change has allowed us to make such important progress thus far in our transformation. Our teams are aligned on our core objectives, focused on superior execution and energized by the opportunity to win as we work collectively to take Allbirds into our next phase of growth. I'm proud to see everyone stacking hands and doing the tough work that transformations like this require.

但在我把它交給她之前，我想指出我們的羊群表現得有多好。他們面對巨大變革時的堅定精神、辛勤工作和韌性，使我們在轉型中取得瞭如此重要的進展。我們的團隊在我們的核心目標上保持一致，專注於卓越的執行力，並在我們共同努力將 Allbirds 帶入下一階段的增長過程中，通過獲勝的機會而充滿活力。我很自豪地看到每個人都齊心協力，做著這樣的轉型所需的艱苦工作。

We are entering the second half of the year with confidence in our trajectory and a relentless focus on managing cash and achieving our goal of positive adjusted EBITDA in 2025. As always, underpinning both our near-term objectives and long-term vision is our unwavering commitment to create better things in a better way.

進入今年下半年，我們對自己的發展軌跡充滿信心，並堅持不懈地專注於管理現金，並實現2025 年調整後EBITDA 為正值的目標。一如既往，我們堅定不移地支撐著我們的近期目標和長期願景。致力於以更好的方式創造更好的事物。

Now I'll turn the call over to Annie to discuss the financials.

現在我將把電話轉給安妮討論財務問題。

Thanks, Joey. Our second quarter results reflect ongoing progress with our transformation work with significant improvement across the key benchmarks we laid out in March, including lower inventory levels, reduced usage of operating cash and cost control.

謝謝，喬伊。我們第二季度的業績反映了我們轉型工作的持續進展，我們在 3 月份制定的關鍵基准上取得了顯著改善，包括降低庫存水平、減少運營現金的使用和成本控制。

Q2 revenue of $70.5 million, declined 10% year-over-year and came in ahead of our expectations. Excluding an estimated $700,000 impact from FX, Q2 revenue would have been $71.2 million, which would have represented a 9% decline year-over-year. We delivered significant expansion in gross margin for Q2, which came in at 42.8%. That's up 6.7 percentage points compared to Q2 2022 and reflects a few key factors.

第二季度收入為 7050 萬美元，同比下降 10%，超出了我們的預期。排除外匯帶來的約 70 萬美元的影響，第二季度收入將為 7,120 萬美元，同比下降 9%。第二季度毛利率大幅增長，達到 42.8%。與 2022 年第二季度相比，這一數字上升了 6.7 個百分點，反映了一些關鍵因素。

First, inventory write-downs were significantly lower on a year-over-year basis. Second, we captured some benefit from lower inbound freight expense. And lastly, we benefited from an increased mix of higher-margin sales in Asia. These factors more than offset the impact of higher promotional activity in the second quarter of 2023 versus the second quarter of 2022. We're pleased with the continued progress towards our $20 million to $25 million COGS reduction target for 2025 versus 2022. In Q2, we largely completed the transition to our new manufacturing partner in Vietnam, and our material optimization initiatives are continuing to progress.

首先，庫存減記同比顯著降低。其次，我們從入境運費降低中獲得了一些好處。最後，我們受益於亞洲高利潤銷售組合的增加。這些因素完全抵消了 2023 年第二季度與 2022 年第二季度相比更多促銷活動的影響。我們對 2025 年與 2022 年相比 COGS 削減 2000 萬至 2500 萬美元的目標持續取得進展感到高興。我們基本完成了向越南新製造合作夥伴的過渡，我們的材料優化計劃正在繼續取得進展。

Moving to expenses. SG&A, excluding depreciation and stock-based compensation, increased just $4.5 million compared to Q2 2022. That reflects a continued improvement in trend as we focus on careful cost control, most notably, the ongoing tightening of discretionary expenses. Looking at the second half, we anticipate that SG&A dollars in Q3 will be flat to up slightly from Q2 levels. Additionally, we anticipate that Q4 SG&A dollars will be up on both a sequential and a year-over-year basis, primarily reflecting our larger store portfolio.

轉向開支。與2022 年第二季度相比，SG&A（不包括折舊和股票薪酬）僅增加了450 萬美元。這反映了趨勢的持續改善，因為我們專注於謹慎的成本控制，最值得注意的是，可自由支配費用的持續收緊。展望下半年，我們預計第三季度的銷售管理費用將與第二季度持平或略有上升。此外，我們預計第四季度的銷售、管理及行政費用將環比和同比增長，這主要反映了我們更大的商店組合。

Marketing expenses declined $3.3 million or 21% compared to Q2 2022. In the first half of the year, we made the strategic decision to pull back on marketing as we focus on our transformation plan and navigated the promotional environment. Looking ahead, we are preparing to support our recalibrated product lines in Q4 and into 2024 with new campaigns. Entering the second half, we expect Q3 marketing dollars to decline slightly from Q2 levels, followed by a modest uptick from third quarter into the fourth quarter.

與 2022 年第二季度相比，營銷費用下降了 330 萬美元，即 21%。上半年，我們做出了減少營銷的戰略決策，因為我們專注於轉型計劃並應對促銷環境。展望未來，我們準備通過新的活動來支持第四季度和 2024 年重新調整的產品線。進入下半年，我們預計第三季度營銷費用將較第二季度略有下降，隨後從第三季度到第四季度將小幅上升。

In Q2, we incurred $1 million in restructuring charges associated with our strategic transformation. A combination of better-than-expected top line performance and careful cost control drove an adjusted EBITDA loss of $18.3 million in Q2. That's ahead of our guidance for negative $20 million to $23 million and represents an improvement of 12% versus a year ago.

第二季度，我們因戰略轉型而產生了 100 萬美元的重組費用。好於預期的營收業績和謹慎的成本控制相結合，導致第二季度調整後 EBITDA 虧損 1,830 萬美元。這超出了我們負 2000 萬至 2300 萬美元的指導，比一年前提高了 12%。

Turning now to the balance sheet and cash flow. I am pleased to report that we made significant improvement within both areas. First, you know that we've been laser-focused on inventory. We ended the quarter with inventory levels down approximately 24% compared to Q2 of 2022 and down 21% from year-end. The improvement reflects more selective and disciplined buys, resulting in lower levels of inventory on hand. Looking at the remainder of 2023, we expect to see ongoing progress from quarter-to-quarter, ending the year with a healthier composition and clean position.

現在轉向資產負債表和現金流。我很高興地報告，我們在這兩個領域都取得了顯著的進步。首先，您知道我們一直非常關注庫存。截至本季度末，我們的庫存水平比 2022 年第二季度下降了約 24%，比年底下降了 21%。這一改善反映出採購更加選擇性和嚴格，從而導致手頭庫存水平降低。展望 2023 年剩餘時間，我們預計每個季度都會取得持續進展，以更健康的結構和乾淨的狀況結束今年。

Now let's look at cash. At the close of Q2, we had $140 million in cash on the balance sheet. We dramatically cut our operating cash use during the second quarter, generating positive cash flow of close to $1 million compared to negative operating cash flow of $24 million a year ago. The improvement can be traced to our aggressive actions to bring down inventory levels and reduce operating expenses. For added perspective, our working capital needs typically peak in the first and third quarters as we prepare for the spring and holiday selling seasons. Looking at the balance of the year, we anticipate seasonally higher working capital needs in Q3 compared to Q2 with a moderating trend in Q4.

現在讓我們看看現金。截至第二季度末，我們的資產負債表上有 1.4 億美元的現金。第二季度我們大幅削減了運營現金使用量，產生了接近 100 萬美元的正現金流，而一年前為 2400 萬美元的負運營現金流。這種改善可以追溯到我們為降低庫存水平和減少運營費用而採取的積極行動。從另一個角度來看，我們的營運資金需求通常在第一季度和第三季度達到峰值，因為我們正在為春季和假日銷售季節做準備。縱觀今年的剩餘情況，我們預計第三季度的營運資金需求將比第二季度季節性增加，而第四季度的趨勢將有所放緩。

Moving to guidance. we are maintaining a cautious outlook given the extensive transformation work we have underway, including our methodical approach to rightsizing existing inventory to enable us to drive healthy growth in 2024 and beyond. We are providing the following outlook for the third quarter of 2023, which reflects the ongoing work we are doing to execute against our transformation plan.

轉向指導。鑑於我們正在進行的廣泛轉型工作，包括我們有條不紊地調整現有庫存規模，以使我們能夠在 2024 年及以後推動健康增長，我們對前景保持謹慎態度。我們對 2023 年第三季度做出以下展望，這反映了我們為執行轉型計劃而正在進行的工作。

Q3 revenue is expected to be in the range of $56 million to $61 million, representing year-over-year comparisons of negative 23% to negative 16%. The deceleration in trend from Q2 to Q3 can largely be traced to dynamics around promotional intensity levels as well as the lapping of significant sell-in to the third-party channel last year. Adjusted EBITDA loss is expected to be in the range of $20 million to $23 million.

第三季度收入預計在 5600 萬美元至 6100 萬美元之間，同比下降 23% 至 16%。從第二季度到第三季度的趨勢減速很大程度上可以歸因於促銷強度水平的動態以及去年第三方渠道的大量銷售。調整後的 EBITDA 損失預計在 2000 萬美元至 2300 萬美元之間。

Looking ahead, we anticipate that our expected shift to a distributor model in Canada and South Korea will benefit working capital and the profitability of these markets on a go-forward basis. The agreements contemplated by the letters of intent we signed with the distributors in these 2 geographies are expected to be completed in the second half of the year. To that end, we expect to be in a position on our next earnings call to provide a framework for how the transitions will strengthen our financial model over the long term.

展望未來，我們預計，我們預期在加拿大和韓國轉向分銷商模式將有利於這些市場的營運資金和盈利能力。我們與這兩個地區的經銷商簽署的意向書所設想的協議預計將在今年下半年完成。為此，我們預計能夠在下一次財報電話會議上提供一個框架，說明轉型將如何長期加強我們的財務模式。

The transformation plan we laid out in March is designed to reignite growth, improve capital efficiency and drive improved profitability. While the majority of our product and branding initiatives will be coming to market in 2024, you can expect to see us continue to aggressively manage inventory, cash and costs in both the near and long term.

我們在三月份制定的轉型計劃旨在重振增長、提高資本效率並提高盈利能力。雖然我們的大部分產品和品牌計劃將於 2024 年上市，但您可以期望看到我們在短期和長期內繼續積極管理庫存、現金和成本。

Now I'll ask the operator to open the call for Q&A.

現在我將要求接線員打開電話進行問答。

(Operator Instructions) Our first question comes from the line of Matthew Boss from JPMorgan.

（操作員說明）我們的第一個問題來自摩根大通的 Matthew Boss。

It's Amanda Douglas, on for Matt. So Joey, with 2Q inventories finishing down 24% year-over-year, could you speak to the composition of inventory levels, maybe how best to break apart core franchise inventory levels relative to progress you've made on clearing through some of the obsolete styles? And then just what level of promotional activity have you contemplated in your forward guidance?

阿曼達·道格拉斯 (Amanda Douglas) 替補馬特 (Matt)。因此，喬伊，第二季度庫存同比下降了 24%，您能否談談庫存水平的構成，也許如何最好地根據您在清理一些過時庫存方面取得的進展來分解核心特許經營庫存水平風格？那麼您在前瞻性指導中考慮了何種程度的促銷活動？

Amanda, thanks for the question. So the way that we've been approaching markdowns and our promotions in terms of what assortment we're putting in is primarily focused on kind of eliminating the long tail of product that is outside of the core franchise and then perhaps even deeper when you get to seasonal colors that are no longer relevant.

阿曼達，謝謝你的提問。因此，我們在投放商品種類方面進行降價和促銷的方式主要集中於消除核心特許經營範圍之外的產品長尾，然後當您獲得不再相關的季節性顏色。

So far, I'm quite pleased at the progress that the team has been making in terms of selecting which assortment and managing the depth of markdown or promotion that we're offering there. And so where that lands us is a position where in Q2, a very significant portion of the inventory that we moved within the Tree Flyer franchise, which you may recall from the last couple of quarters we noted was a bit high and outside of what we would consider a core franchise.

到目前為止，我對團隊在選擇品種和管理我們提供的降價或促銷深度方面取得的進展感到非常高興。因此，我們在第二季度的處境是，我們在Tree Flyer 特許經營權內轉移的庫存的很大一部分，您可能還記得我們在過去幾個季度中註意到的庫存有點高，超出了我們的預期。會考慮核心特許經營。

So as we transition to a much more measured buy and a different positioning on the Tree Flyer 2, we wanted to sunset that first-generation product. And so alongside that, some of the other ancillary products that we will no longer support going forward, plus some of the more kind of flashy seasonal colors. So far so good in terms of the look-back.

因此，當我們轉向更加謹慎的購買和對 Tree Flyer 2 的不同定位時，我們希望淘汰第一代產品。除此之外，我們今後將不再支持其他一些輔助產品，以及一些更華麗的季節性顏色。就回顧而言，到目前為止一切順利。

And in terms of the look-forward, again, I think we're seeing a really nice methodical pacing to this. And you can see that as we flex things like pulling marketing spend back 21% and moving inventory down 24% in the quarter, that's pretty significant progress and much better than the trend on sales. So that is something that we expect to be able to continue. And while as Annie noted, continuing to deliver some positive news in terms of sequential gross margin on that.

就展望而言，我認為我們再次看到了一個非常好的有條理的節奏。您可以看到，當我們在本季度採取諸如將營銷支出削減 21% 和庫存下降 24% 等措施時，這是相當顯著的進步，並且比銷售趨勢要好得多。因此，我們希望能夠繼續這樣做。正如安妮指出的那樣，在連續毛利率方面繼續傳遞一些積極消息。

Our next question comes from the line of Dana Telsey from Telsey Advisory Group. Please go ahead. Dana, your line is open.

我們的下一個問題來自 Telsey Advisory Group 的 Dana Telsey。請繼續。達納，您的線路已開通。

The next question comes from the line of Alex Straton from Morgan Stanley.

下一個問題來自摩根士丹利的 Alex Straton。

Great. A couple for me. Just on the second quarter guide. It looks like it's embedding a deceleration in the underlying revenue growth trend. So I'm just wondering, is that a function of what you're seeing so far quarter-to-date? Or is that just some conservatism on your part? Any help there with how you thought that through? And then I think just second, on the promo question. I'm wondering if you could speak to like the broader environment. And Joey, I think you also said it trended lower in the last couple of months. If you have any sense for what drove that and kind of how it panned out that way.

偉大的。給我一對。就在第二季指南上。看起來它正在將減速嵌入到潛在的收入增長趨勢中。所以我只是想知道，這是您迄今為止所看到的情況的一個函數嗎？或者這只是你的一些保守主義？對你的想法有什麼幫助嗎？然後我想其次，關於促銷問題。我想知道您是否可以談談更廣泛的環境。喬伊，我想你也說過過去幾個月它呈下降趨勢。如果你知道是什麼推動了這一切，以及它是如何發展成這樣的。

Sure. I'll follow up on that one and maybe Annie can give a little color on the Q3 guide.

當然。我會跟進這個問題，也許安妮可以為第三季度指南提供一些顏色。

The decelerating trend that we are expecting from Q2 and into Q3 is a number of factors. First is that elevated promotional activity that we had in Q2 that enabled us to clear through so much of that inventory. We do believe there was some level of a pull forward of demand from Q3 into Q2. The other major topic that we're looking at is in Q3 last year, we had a major sell-in moments with our 3P. And so as we're ramping up our presence in that channel last year, therefore, we're up against a tough comparison year-over-year.

我們預計第二季度和第三季度的減速趨勢是由多種因素造成的。首先是我們在第二季度開展的促銷活動增多，使我們能夠清理掉大量庫存。我們確實相信需求從第三季度到第二季度存在一定程度的拉動。我們關注的另一個主要話題是去年第三季度，我們的 3P 經歷了一次大的銷售時刻。因此，當我們去年加大在該渠道的影響力時，我們面臨著逐年艱難的比較。

Yes. And on the promo environment, Alex, it's an interesting situation. We would have expected at this point for it to subside a bit. But what we're seeing in the overall industry is continued elevated promotional cadence, both frequency and depth, in terms of the discount rate, and we're seeing that kind of anecdotally as well as in the numbers that we look at weekly. And in some ways, I think it's a good thing for us because we're able to really surgically use promo and markdowns on our sale page to drive pretty solid conversion and allow us to be competitive on a price basis with an industry that's a bit over inventoried, while also moving very importantly through the inventory that we don't want to support when we start to reignite growth in '24. So fortunately, we're able to be quite opportunistic during this period and maintain a very premium brand integrity with the way we show it for consumers because of that environment.

是的。在促銷環境中，亞歷克斯，這是一個有趣的情況。我們預計此時它會有所減弱。但我們在整個行業中看到的是，在折扣率方面，促銷節奏、頻率和深度都在持續提高，我們在每週查看的數據中也看到了這種軼事。在某些方面，我認為這對我們來說是一件好事，因為我們能夠真正在銷售頁面上使用促銷和降價來推動相當穩定的轉化，並使我們能夠在價格基礎上與一個有點競爭的行業競爭。庫存過剩，同時也非常重要地通過庫存，當我們在 24 年開始重新點燃增長時，我們不想支持這些庫存。幸運的是，在這種環境下，我們能夠在這段時期抓住機會，並通過向消費者展示的方式保持非常優質的品牌完整性。

Our next question comes from the line of Cristina Fernández of Telsey Advisory Group.

我們的下一個問題來自特爾西諮詢集團的克里斯蒂娜·費爾南德斯。

I'm filling in for Dana today. I wanted to see if you can talk about your core styles, how are those performing, and how is the full price selling on those styles?

今天我來代替達納。我想看看您是否可以談談您的核心款式，這些款式的表現如何，以及這些款式的全價銷售情況如何？

Cristina, the core franchises, as we've noted, if you go from noncore to core, you're going to get higher full price sell-through, and the trends are going to be better. And when you go from your seasonal colors and particularly the very high pop ones, which are short duration life cycles for us towards more classic neutrals, again, the sell-through gets better. So that is the trend we're seeing.

克里斯蒂娜，核心特許經營權，正如我們所指出的，如果你從非核心轉向核心，你將獲得更高的全價銷售量，而且趨勢也會更好。當你從季節性顏色，特別是非常流行的顏色（對我們來說生命週期較短）轉向更經典的中性色時，銷售量會再次變得更好。這就是我們看到的趨勢。

That said, I think we've had a couple of franchises that have been iconic for the brand and have been around for quite a long time now. And so one of the key focal areas for us in 2024 is to revitalize some of these core franchises with updated tooling and in many cases, a lot of new designs on the upper, both reinforcing from a quality perspective, but also -- and when I say quality, I mean, the actual comfort and the durability of the product as well as modernizing the aesthetic.

也就是說，我認為我們已經擁有了幾個對該品牌具有標誌性的特許經營權，並且已經存在了相當長的時間。因此，我們 2024 年的關鍵重點領域之一是通過更新的工具以及在許多情況下鞋面的大量新設計來重振其中一些核心特許經營權，這既從質量角度進行了強化，而且 - 當我說的質量，是指產品的實際舒適度和耐用性以及現代化的審美。

And that is going to be a pretty important update for us in Q4 this year in terms of the Wool Runner, and we will have subsequent revitalization of those core franchises in 2024. I would say that's given a lot of optimism inside this building in terms of how we're set up for the coming quarters as we get into 2024 and beyond.

對於我們今年第四季度的 Wool Runner 來說，這將是一個非常重要的更新，我們將在 2024 年對這些核心特許經營權進行後續復興。我想說，這讓這座建築內部充滿了樂觀情緒進入2024 年及以後，我們如何為未來幾個季度做好準備。

And then a second question. I'm not sure how much you can share on the shift to the distributor model. But at least on the ones that you signed the LOI, will the distributors be running the stores in Canada? And are there any like onetime sort of costs here in the second half that we should expect as those deals get closed?

然後是第二個問題。我不確定您能分享多少關於向分銷商模式的轉變。但至少在您簽署意向書的那些產品上，經銷商會在加拿大經營商店嗎？隨著這些交易的完成，下半年我們是否應該預期會出現一次性成本？

Yes. Let me give you a bit of high-level color and then Annie can fill in for that as well. So in general, just to be clear, when we make a transition, what we expect is that we'll have a decline in revenue on a volume-neutral basis, but we will be supported by an immediate benefit to profitability and cash flow. And what we're also looking for in these partners is the ability to drive additional volume due to their footprint within the wholesale marketplace in their regions.

是的。讓我給你一些高級的色彩，然後安妮也可以補充。因此，總的來說，需要明確的是，當我們進行轉型時，我們預計收入會在銷量中性的基礎上下降，但我們將得到盈利能力和現金流的直接好處的支持。我們還希望這些合作夥伴能夠因其在其所在地區批發市場的足跡而增加銷量。

So that's the overall expectation, which -- because we have not invested in infrastructure for wholesale inside of these international markets, we would expect some really interesting growth opportunities. And we're very pleased with the partners that we're having conversations with and in particular, the 2 that we're mentioning today that we're through the LOI phase with. So that's the kind of -- that is the high level. And maybe, Annie, if you want to fill in any details for accounting of that.

這就是總體預期，因為我們沒有投資這些國際市場內部的批發基礎設施，所以我們預計會出現一些非常有趣的增長機會。我們對正在與之對話的合作夥伴感到非常滿意，特別是我們今天提到的兩個正在與我們完成意向書階段的合作夥伴。這就是高水平。也許，安妮，如果您想填寫任何詳細信息以進行核算。

Absolutely. So to go back to the first part of your question, yes, we do anticipate that our partners in South Korea and in Canada will take over existing operations across e-comm and retail, and we'll have the opportunity to grow the business with potential wholesale partners as well. In terms of impact, we do expect that any impact from the transition in terms of revenue in Q3 will be de minimis. But we do look forward to walking you through more details on these transactions in our next earnings call.

絕對地。因此，回到你問題的第一部分，是的，我們確實預計我們在韓國和加拿大的合作夥伴將接管電子商務和零售領域的現有業務，我們將有機會與以及潛在的批發合作夥伴。就影響而言，我們確實預計過渡對第三季度收入的影響將是微乎其微的。但我們確實期待在下一次財報電話會議上向您介紹有關這些交易的更多細節。

Our next question comes from the line of James Duffy from Stifel.

我們的下一個問題來自 Stifel 的 James Duffy。

I have a question about the big-picture objectives for the international market transition. So international currently contributing at a loss. Upon transition, do the international businesses under a distributor relationship immediately contribute a positive profitability?

我有一個關於國際市場轉型的總體目標的問題。所以國際目前處於虧損狀態。轉型後，分銷商關係下的國際業務是否會立即貢獻正盈利？

Yes. That is the expectation we have. So upon transition, we would expect virtually an immediate flip to profitable contribution and also a really nice positive impact from working capital. And just to note, these relationships, the way we expect them to happen, there will be from the partners a minimum marketing commitment. There will also be a minimum volume commitment that they agreed to in our arrangements. And they will pick up inventory from us, ex factory, with a -- which will be a positive improvement in terms of the working capital cycle on an ongoing basis.

是的。這就是我們的期望。因此，在轉型後，我們預計幾乎會立即轉變為盈利貢獻，並且營運資本也會產生非常好的積極影響。需要注意的是，這些關係，按照我們期望的方式發生，合作夥伴將做出最低限度的營銷承諾。他們在我們的安排中也同意了最低數量的承諾。他們將從我們工廠獲取庫存，這將在持續的基礎上對營運資金周期產生積極的改善。

Excellent. That seems a meaningful beneficial transition. And then with respect to the big picture objective to be EBITDA positive by fiscal '25, I presume the assumption is that the international business is profitable. Would you foresee the domestic business to be contributing profitably as well at that objective? Or is that not the framework?

出色的。這似乎是一次有意義且有益的轉變。然後，關於到 25 財年實現 EBITDA 為正的總體目標，我認為假設是國際業務是盈利的。您是否預計國內業務也會為實現這一目標做出盈利貢獻？或者這不是框架？

Annie, why don't you fill in color here? And just to be clear, that is on a -- as we referenced that, that's on a calendar year basis to be adjusted EBITDA and cash flow profitable for the full year. But in terms of the segment breakdown, do you want to give a little color for Jim?

安妮，你為什麼不在這裡填上顏色呢？需要明確的是，正如我們所提到的，這是在日曆年的基礎上調整全年的 EBITDA 和現金流盈利。但在細分方面，你想給吉姆一點顏色嗎？

Sure. Yes, moving each of our international businesses to distributor will definitely be positive. As Joey has mentioned, we see the immediate benefit, and we also see it over the long term. We have additional work to do between now and then to ensure that our overall business is profitable by the end of 2025. And I can let you know that our team is in lockstep to -- and we are all marching towards that full year 2025 to have a positive cash flow and positive adjusted EBITDA in that year.

當然。是的，將我們的每項國際業務轉移給經銷商肯定是積極的。正如喬伊所提到的，我們看到了立竿見影的好處，也看到了長期的好處。從現在到那時，我們還有更多工作要做，以確保我們的整體業務到 2025 年底實現盈利。我可以讓您知道，我們的團隊正在步調一致，朝著 2025 年全年目標邁進該年擁有正的現金流和正的調整後EBITDA。

Our next question comes from the line of Bob Drbul from Guggenheim.

我們的下一個問題來自古根海姆的鮑勃·德布爾（Bob Drbul）。

Just a couple of questions for me. The first one is just on the store optimization, can you just expand a little bit more sort of the progress that you've made, sort of how you've approached it, and sort of where you see the opportunities the remainder of the year into next year? And then Annie, when you think about the cost savings program, have there been any sort of low-hanging fruit surprises that you've found as you've dug in a little bit more in the last few months?

只是問我幾個問題。第一個是關於商店優化，您能否稍微擴展一下您所取得的進展，您如何實現這一目標，以及您在今年剩餘時間裡看到的機會進入明年？然後，安妮，當您考慮成本節約計劃時，您在過去幾個月的努力中是否發現了任何唾手可得的驚喜？

Thanks, Bob. So on the first part of your question, I would say kind of zooming out, the most important thing for our store fleets to do is to control what they can control within their four-walls. And so our objective in the stores is to be -- is to have that segment not only contribute what it does from a marketing perspective and a customer experience perspective, shifting customers to that omnichannel, a very valuable omnichannel customer shopping journey, but it's also to be profitable on a four-wall basis and accretive to our overall profitability. So that's the overall framing.

謝謝，鮑勃。因此，關於你問題的第一部分，我想說的是，我們的商店隊伍要做的最重要的事情是控制他們在四堵牆內可以控制的內容。因此，我們在商店的目標是——讓該細分市場不僅從營銷角度和客戶體驗角度做出貢獻，將客戶轉移到全渠道，這是一個非常有價值的全渠道客戶購物旅程，而且還在四壁基礎上實現盈利並增加我們的整體盈利能力。這就是整體框架。

And when I say control what they can control in the four walls, significantly, putting our resources around training and development, lowering attrition of the store fleet and the staff there and then driving conversion and units per transaction for every time someone walks in the door. And so those, we're starting to see some sequential improvement quarter-over-quarter, and I expect that to continue over time. And as we drive to a more new product and freshness style of marketing and put that recalibrated product line into place, particularly with the materiality of that coming in 2024, we would expect to start lifting traffic as well.

當我說控制他們在四堵牆內可以控制的東西時，重要的是，將我們的資源用於培訓和開發，降低商店隊伍和員工的流失，然後每次有人走進門時推動轉化和每筆交易的單位。因此，我們開始看到季度環比的一些連續改善，我預計這種情況將隨著時間的推移而持續下去。隨著我們轉向更新的產品和新鮮的營銷方式，並將重新調整的產品線落實到位，特別是考慮到 2024 年即將推出的實質性產品，我們預計流量也會開始增加。

So that's kind of how we framed it for the team. Pretty happy with the early progress. The team is doing a great job and are working methodically to get the building blocks in place such that when traffic comes significantly, we hold on that conversion and drive continued expansion to AOV.

這就是我們為團隊制定的框架。對早期的進展非常滿意。該團隊做得非常出色，並且正在有條不紊地工作，以確保構建模塊就位，以便在流量顯著增加時，我們能夠保持這種轉換並推動 AOV 的持續擴張。

In terms of overall cost savings, the major savings this year comes from the workforce reduction that we had done in Q2. As you would expect, there are a number of other areas across the P&L and especially in OpEx, where we are really reviewing our discretionary spend. And we've come up with a plan, and we're executing against it. And as you can imagine, coming up with the plan is sort of the easier part. It's the execution that matters, and this is where the team is really coming together to make sure that we are all driving towards a more profitable business going forward.

就總體成本節省而言，今年的主要節省來自我們在第二季度進行的勞動力削減。正如您所料，損益表中還有許多其他領域，尤其是運營支出，我們正在真正審查我們的可自由支配支出。我們已經制定了一個計劃，並且正在按照它執行。正如你可以想像的那樣，制定計劃是比較容易的部分。執行力才是最重要的，這才是團隊真正團結起來的地方，以確保我們都在朝著更有利可圖的業務前進。

Our next question comes from the line of Edward Yruma from Piper Sandler.

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

I guess first on new products. I know you said in the last call, you'll see a lot more in the second half. Just trying to understand cadence on when that gets released. And maybe a little bit of a click down. I thought you guys were exiting technical runs, and we noticed you dropped the new Free Flyer 2. So I'm just trying to understand that. And then as a bigger picture question, where should we expect marketing expenses to kind of reramp into some of these new product introductions?

我想首先是新產品。我知道你在上次通話中說過，下半場你會看到更多。只是想了解發佈時的節奏。也許還可以點擊一下。我以為你們正在退出技術運行，我們注意到你們放棄了新的 Free Flyer 2。所以我只是想了解這一點。然後，作為一個更大的問題，我們應該期望營銷費用在哪些方面重新調整到這些新產品的推出中？

Thanks, Ed. So in terms of the recalibrated products, just to kind of clarify the way you framed that question. I would say the second half of this year, we'll have some additional products, but probably at the same measured pace that we did in the first half with, I would call it, disciplined inventory buys that will give us a good forward-leading read into rebuying those into 2024. The more material changes that we were able to make starting early this year aren't really going to take place in any significant quantity until 2024, albeit we should see the benefits of a more gender differentiated approach in Q4 and also the first revitalization of the core franchise with the Wool Runner in November time frame.

謝謝，艾德。因此，就重新校準的產品而言，只是為了澄清您提出該問題的方式。我想說，今年下半年，我們將推出一些額外的產品，但可能會以與上半年相同的步伐進行，我稱之為嚴格的庫存購買，這將為我們帶來良好的前景-引導人們閱讀到2024 年重新購買這些產品。我們從今年年初開始能夠做出的更多實質性改變直到2024 年才會真正發生重大變化，儘管我們應該看到性別差異化方法的好處第4 季度，也是11 月時間框架內《羊毛奔跑者》核心系列的首次復興。

So that is -- I'd say that's -- it's trending a little bit more in the direction that you described, but the materiality of those changes are really going to hit home in 2024 for consumers.

所以，我想說的是，它的趨勢有點朝著你所描述的方向發展，但這些變化的重要性將在 2024 年真正讓消費者感受到。

And then on TF2, we're about halfway through the year here. And frankly, as we saw some of the trends in TF1, we already had purchased some of the TF2 and that was fully through development. And the important thing is while we may have stealth technology and technical running componentry and performance in our products, we can still take that aesthetic and position it more in that active lifestyle crossover space and expect to see better results when it's positioned more effectively versus what we did in Tree Flyer 1, which was a little more hardcore technical running performance and our consumer just wasn't ready for that from us. So that's a big part of the learning. The inventory buy, in this case, is quite measured. I think the colors are fantastic and do great for the lifestyle occasion, and the messaging has improved. So happy with how that is set up despite the fact that it kind of has the similar aesthetic from the TF1.

然後是《軍團要塞2》，我們已經過半了。坦率地說，正如我們看到 TF1 中的一些趨勢一樣，我們已經購買了 TF2 的一些內容，並且這完全是通過開發完成的。重要的是，雖然我們的產品可能擁有隱形技術和技術運行組件和性能，但我們仍然可以採用這種美學，並將其更多地定位在積極的生活方式跨界空間中，並期望在與其他產品相比更有效地定位時看到更好的結果。我們在Tree Flyer 1 中做到了這一點，這是一個更硬核的技術運行性能，但我們的消費者還沒有準備好接受我們的這一點。所以這是學習的一個重要部分。在這種情況下，庫存購買是相當謹慎的。我認為這些顏色非常棒，非常適合生活方式場合，而且信息傳遞也得到了改善。儘管事實上它與 TF1 具有相似的美感，但我對它的設置非常滿意。

And then your last one on marketing spend, I will say we're definitely managing this and making those trade-offs with -- between markdowns and marketing cadence and really want to save a lot of dry powder in terms of new product, particularly when we revitalize the core franchises. But maybe some specifics, Annie can drill in to help you all actually put some numbers to paper, too.

然後是關於營銷支出的最後一個，我會說我們肯定會管理這一點，並在降價和營銷節奏之間進行權衡，並且真的希望在新產品方面節省大量乾粉，特別是當我們重振核心特許經營權。但也許有些細節，安妮也可以深入研究，幫助你們真正把一些數字寫在紙上。

Absolutely. As you may recall, we were down in our marketing spend, both in Q1 and Q2 by $2 million and $3 million, respectively, compared to the prior year. And we did that, as Joey said, to be really prudent as we really wanted to make sure that we are allowing the promos and the margin impact from that to drive conversion. In terms of Q3 marketing dollars, we do expect them to decline slightly from Q2 levels, followed by a modest uptick from Q3 and into Q4. And we'll do that as we want to make sure that we capture the opportunity to drive greater conversion and full price sell-through as the product line improves in the back half of the year.

絕對地。您可能還記得，與上一年相比，我們第一季度和第二季度的營銷支出分別減少了 200 萬美元和 300 萬美元。正如喬伊所說，我們這樣做是為了非常謹慎，因為我們真的想確保我們允許促銷和由此產生的利潤影響來推動轉化。就第三季度的營銷費用而言，我們確實預計它們將比第二季度的水平略有下降，然後從第三季度到第四季度略有上升。我們會這樣做，因為我們希望確保隨著下半年產品線的改進，我們抓住機會推動更大的轉化和全價銷售。

(Operator Instructions) Our next question comes from the line of Dylan Carden of William Blair.

（操作員說明）我們的下一個問題來自威廉·布萊爾的迪倫·卡登。

Great. And apologies, I've missed some of this call. But I'm just curious what it might take, as far as sort of an internal infrastructure standpoint, if you wanted to more fully ramp North America wholesale? And is that sort of something that you're thinking about here as you kind of assess the landscape and sort of where you've come from after this last year?

偉大的。抱歉，我錯過了一些電話。但我只是好奇，就內部基礎設施的角度而言，如果您想更全面地擴大北美批發業務，可能需要什麼？當你評估去年之後的情況和你來自哪裡時，你是否正在考慮這樣的事情？

Yes, it's a great question, Dylan. We are building the appropriate infrastructure both from an IT perspective, a personnel perspective on the sales team as well as the necessary kind of product seasonal muscle that is required to enter that -- into that channel effectively. The one thing that I would say is holding us back is not infrastructure. It's that we really want to drive sell-through and margin for our partners, and that is the only way that you're going to be successful in that channel. We would much rather have high sell-through first and then have a pull strategy where the retailers are really crying for more. And that is then the time that we would like to methodically expand inside of those accounts with more doors and more SKUs and then select other accounts as well.

是的，這是一個很好的問題，迪倫。我們正在從 IT 角度、銷售團隊人員角度以及有效進入該渠道所需的產品季節性力量方面構建適當的基礎設施。我要說的是阻礙我們前進的一件事不是基礎設施。我們確實希望為我們的合作夥伴提高銷量和利潤，這是您在該渠道取得成功的唯一途徑。我們寧願先有高銷量，然後再採取拉動策略，讓零售商真正渴望更多。那時我們希望有條不紊地在這些帳戶內部擴展更多的門和更多的 SKU，然後也選擇其他帳戶。

The time that that's really going to be effective for us to drive that approach isn't going to be in any material quantity of growth until 2H '24, and that is a bit of a hangover from the fact that we're putting a lot of change in recalibrating our product portfolio to hit those seasonal selling windows. We're just a little bit behind schedule on that and want to make sure we see the sell-through in our own channels before we put it to the partners.

直到 2024 年 2 月，我們才能真正有效地推動這種方法，實現實質性的增長，這是我們投入大量資金這一事實的一個後遺症。重新調整我們的產品組合以適應季節性銷售窗口的變化。我們在這方面稍微落後於計劃，並希望確保在將其交給合作夥伴之前，我們能在自己的渠道中看到銷售情況。

Yes, all that makes sense. And again, with the same caveat, any update on Golf? I know it's small and sort of more of a test, but just kind of curious if it emboldens you as far as sort of category extension, brand extension?

是的，這一切都有道理。再次，同樣的警告，高爾夫有什麼更新嗎？我知道它很小，更像是一個測試，但只是有點好奇它是否會讓你有勇氣進行品類延伸、品牌延伸？

Yes. The way to think about the Golf Dasher is more of the dasher than an entry into golf. It's one of those things where we know we have an absolutely star product there. But the resources required to really fully get into golf isn't something we're ready to undertake. And so the idea with that (inaudible) quench the thirst of customers who have been asking for this for years. And it's an amazing product. As I said, you might have missed it, but there's tour players playing in PG events with these on their feet right now, and it's just a phenomenal shoe. And I think it speaks to the breadth and the idea of franchise expansion and core franchise management that we expect to bring to all of the key core franchises to make sure that they continue to bring energy to consumers.

是的。考慮高爾夫衝刺者的方式更多的是衝刺者，而不是進入高爾夫領域。這是我們知道我們擁有絕對明星產品的事情之一。但我們還沒有準備好投入真正全面參與高爾夫運動所需的資源。因此，這個想法（聽不清）滿足了多年來一直要求這樣做的顧客的渴望。這是一個了不起的產品。正如我所說，你可能錯過了，但現在有巡迴賽球員穿著這雙鞋參加 PG 賽事，這真是一雙非凡的鞋。我認為這說明了特許經營擴張和核心特許經營管理的廣度和理念，我們希望將其引入所有關鍵的核心特許經營，以確保它們繼續為消費者帶來活力。

(Operator Instructions) Our next question comes from the line of John Kernan from TD Cowen.

（操作員說明）我們的下一個問題來自 TD Cowen 的 John Kernan。

This is Alex Douglas, on for John. I just had one additional question on the international business. It looks like it's outpaced the domestic business for the last 3 quarters and inflected positively in Q2, which was nice to see. Is there like any specific callouts there that you guys would have from a either a product perspective, brand perspective or consumer behavior perspective that would be driving that? Or is that more just a function of broader market dynamic?

我是亞歷克斯·道格拉斯，替約翰發言。我剛剛還有一個關於國際業務的問題。看起來它在過去三個季度的表現都超過了國內業務，並且在第二季度出現了積極的變化，這是很高興看到的。你們是否從產品角度、品牌角度或消費者行為角度有任何具體的標註來推動這一點？或者這只是更廣泛市場動態的函數？

Yes. Thanks for the question. I think it's largely the latter. I mean, first of all, the international business in each geography is coming off a smaller base. The second thing is that there is a lot of idiosyncrasies by market. If you think back to the first half of '22, there was a number of regions with pretty severe COVID lockdowns still at that time. And so we're lapping some kind of unique backdrop in terms of the way those regions were -- how the retail environment was in those regions, frankly. So we saw some extreme and stellar growth inside of a couple of regions that had those lapping periods even though we pulled back on marketing spend pretty significantly and really drove towards a really nice business in those as we started to explore some of those transitions.

是的。謝謝你的提問。我認為很大程度上是後者。我的意思是，首先，每個地區的國際業務基礎都較小。第二件事是市場有很多特質。如果你回想一下 22 年上半年，當時有許多地區的新冠疫情封鎖仍然相當嚴格。因此，我們正在根據這些地區的情況來研究某種獨特的背景——坦率地說，這些地區的零售環境是怎樣的。因此，儘管我們大幅削減了營銷支出，並且在我們開始探索其中一些轉型時，確實在這些地區實現了非常好的業務，但我們還是在一些經歷過這些過渡期的地區看到了一些極端而顯著的增長。

(Operator Instructions) All right. Well, I'm showing no further questions at this time. I'd like to turn the call back over to management for closing remarks.

（操作員指示）好的。好吧，我現在沒有提出任何進一步的問題。我想將電話轉回管理層以供結束語。

Thanks, Haley. I'll just close by noting that we are spending every waking moment focused on driving sustained and durable profit for the future chapter of Allbirds. It is not going to happen overnight, but rest assured that this is our myopic focus, and we are working in all the right areas with the urgency you all would expect.

謝謝，海莉。最後我要指出的是，我們每時每刻都專注於為 Allbirds 的未來篇章帶來持續和持久的利潤。這不會在一夜之間發生，但請放心，這是我們短視的焦點，我們正在所有正確的領域以你們所有人所期望的緊迫性開展工作。

Appreciate your continued support, and we look forward to speaking with you next quarter to update you on our continued progress. Thank you.

感謝您的持續支持，我們期待下個季度與您交談，向您介紹我們的持續進展的最新情況。謝謝。

This concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。