Allbirds Inc (BIRD) 2023 Q3 法說會逐字稿

Good afternoon, everyone, and welcome to the Allbirds third-quarter 2023 earnings call. (Operator Instructions) This conference call is being recorded and may not be reproduced in whole or in part without written permission from the company. Now I'll turn it over to Christine Greany from The Blueshirt Group. Please go ahead.

大家下午好，歡迎參加 Allbirds 2023 年第三季財報電話會議。 （操作說明）本次電話會議正在錄音中，未經本公司書面許可，不得全部或部分複製。現在我將把它交給 Blueshirt Group 的 Christine Greany。請繼續。

Good afternoon, everyone, and thank you for joining us. With me on the call today 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執行長 Joey Zwillinger；和財務長安妮·米切爾。

Before we start, I'd like to remind you 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, Q4 guidance targets, impact, and duration of external headwinds, simplification initiatives, strategic transformation plan, and related planned efforts, go to market strategy plan to transition to a distributor model, and 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，包括有關我們財務前景的聲明，包括現金流和調整後的 EBITDA 預期、第四季度指導目標、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、過渡到分銷商模式的市場戰略計劃以及某些國際市場、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、行銷策略以及我們今天發布的收益報告中引用的其他事項。

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 June 30, 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，我們不承擔修改任何陳述以反映本次電話會議後發生的變化的義務。請參閱我們向 SEC 提交的文件，包括截至 2023 年 6 月 30 日的季度 10-Q 表格季度報告，以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 adjusts 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 measures to the extent reasonably available in today's earnings release. Now I'll turn the call over to Joey to begin the formal remarks.

此外，在這次電話會議中，我們將討論非公認會計原則財務措施，這些措施調整我們的公認會計原則結果，以消除某些項目的影響。這些非 GAAP 項目應作為任何 GAAP 結果的補充，而不是取代任何 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 指標的調整表（在合理範圍內）。現在我將把電話轉給喬伊，讓他開始正式講話。

Thanks, Christine. Good afternoon, everyone, and welcome. We delivered Q3 results in line with the expectations we provided in August as well as another quarter of solid progress under our strategic transformation plan. Our flock is executing well across the board, which we believe is setting up Allbirds to achieve sustainable and profitable growth, and in doing so create durable shareholder value.

謝謝，克里斯汀。大家下午好，歡迎光臨。我們交付的第三季業績符合我們 8 月提供的預期，並且在我們的策略轉型計劃下又取得了堅實的進展。我們的團隊在各方面都表現良好，我們相信這將使 Allbirds 實現可持續和盈利的成長，並以此創造持久的股東價值。

During the third quarter we achieved another set of material proof points that are driving the business forward and positioning the company to hit our 2025 targets with positive full-year adjusted EBITDA and positive cash flow.

在第三季度，我們取得了另一組重要的證據，這些證據正在推動業務向前發展，並使公司能夠以正的全年調整後 EBITDA 和正現金流實現我們的 2025 年目標。

First, we made significant progress against cleaning up inventory, ending the quarter with just under $80 million of inventory on the balance sheet that represents a sequential decline of 14% from Q2 and a year-over-year decline of 37%.

首先，我們在清理庫存方面取得了重大進展，本季末資產負債表上的庫存略低於 8,000 萬美元，比第二季環比下降 14%，年減 37%。

This is notable given the cautious consumer spending environment and makes us confident that we can effectively clean up the marketplace to enable us to focus on our fresh and innovative new product as we entered 2024 with plans to drive resonance with the consumer through a better product mix and key upgrades to our core franchises.

考慮到謹慎的消費者支出環境，這一點值得注意，並使我們有信心能夠有效清理市場，使我們能夠在進入2024 年時專注於新鮮和創新的新產品，併計劃通過更好的產品組合引起消費者的共鳴以及我們核心特許經營權的關鍵升級。

Another critical metric we use to measure our progress during this transformational year is cash. We closed Q3 with $132 million, reflecting minimal operating cash use of $5 million in the quarter, which was required to meet our seasonal working capital needs leading up to holiday.

我們用來衡量這項轉型年進展的另一個關鍵指標是現金。我們第三季的營收為 1.32 億美元，反映出該季度營運現金使用量最低為 500 萬美元，這是為了滿足假期前的季節性營運資金需求。

Next, we captured savings from our strategic sourcing efforts, keeping us on track to achieve the upper end of our cost of goods sold, savings targets of approximately $20 million to $25 million versus 2022 on a volume-neutral basis. We also continue to drive towards our $15 million to $20 million G&A savings targets with notable progress made via our international transitions.

接下來，我們從策略採購工作中節省了成本，使我們能夠實現銷售成本的上限，與 2022 年相比，在銷售中性的基礎上節省約 2,000 萬至 2,500 萬美元的目標。我們也持續努力實現 1,500 萬至 2,000 萬美元的一般管理費用節省目標，並透過國際轉型取得了顯著進展。

While working down inventory, we also kept things fresh for our consumer with the launch of our updated Courier and the Vista Racer. These two models are really the final chapter of product that we had developed pre-transformation. We decided to keep these in the line but buy them tight and for only a limited timeframe to drive freshness in a period where we knew our primary intent would be to work down inventory.

在減少庫存的同時，我們也推出了更新版 Courier 和 Vista Racer，為消費者帶來新鮮感。這兩款車型確實是我們轉型前開發的產品的最終章。我們決定保留這些產品，但在有限的時間內嚴格購買，以在我們知道我們的主要目的是減少庫存的時期內提高新鮮度。

The Wool Runner 2 that dropped last week is more aligned with the focus for the next generation of product from Allbirds. This fresh take on our original icon features new innovations and upgrades, including improved comfort, a more durable upper and a streamlined aesthetic. And the launch is supported by a marketing campaign aimed at connecting with our core consumers in a far more resonant way.

上週發布的 Wool Runner 2 更符合 Allbirds 下一代產品的重點。這款對我們原創標誌的全新演繹具有新的創新和升級，包括更高的舒適度、更耐用的鞋面和流線型美感。此次發布得到了一項行銷活動的支持，旨在以更具共鳴的方式與我們的核心消費者建立聯繫。

We're thrilled with the step change this represents, and it validates the strategy we have for product, given that after just a few days of selling, the Wool Runner 2 is our highest sales velocity launch of the year. We look forward to bringing more innovation like this to the market in 2024.

我們對這所代表的階梯變化感到非常興奮，並且它驗證了我們的產品策略，因為經過幾天的銷售，Wool Runner 2 是我們今年銷售速度最高的產品。我們期待 2024 年將更多此類創新推向市場。

As we approach another holiday selling season with consumers exercising caution around spending, we're prepared for an early and highly promotional holiday period industry-wide and prioritize getting inventory to a healthy position in early 2024 with an elevated pace of unit sales through 2023.

隨著我們即將迎來另一個假日銷售季節，消費者對支出保持謹慎，我們已為整個行業的提早且高度促銷的假日期間做好準備，並優先考慮在2024 年初使庫存達到健康水平，並在2023 年之前提高單位銷售速度。

We intend to remain competitive on price with reduced marketing spend. In fact, Q4 will mark our fourth consecutive quarter of moderated marketing spend, which is expected to be down more than 15% for the full year in '23 versus 2022.

我們打算透過減少行銷支出來維持價格競爭力。事實上，第四季將標誌著我們連續第四個季度調整行銷支出，預計 23 年全年行銷支出將比 2022 年下降 15% 以上。

Outside of marquee selling events such as Black Friday, Cyber Monday, our promotions and markdowns generally focus on non-core styles and those we expect to sunset or replace with next-generation versions.

除了黑色星期五、網路星期一等大型銷售活動之外，我們的促銷和降價通常集中在非核心款式以及我們預計將淘汰或替換為下一代版本的款式。

This approach has helped us maintain full price brand integrity. And we expect to increase full price selling when we bring new and more innovative product offerings to market next year. Indeed, we're looking forward to a number of activities in 2024 across product and marketing that we expect will generate momentum with our consumer.

這種方法幫助我們保持全價品牌完整性。當我們明年向市場推出新的、更具創新性的產品時，我們預計會增加全價銷售。事實上，我們期待 2024 年在產品和行銷方面開展一系列活動，預計這些活動將為我們的消費者帶來動力。

Zooming out and taking a look at the shape of the transformation, 2023 has been a year of diagnosing and fixing, most notably our cost structure, inventory position, and go-to-market model by region, while also recalibrating our assortment to drive more resonance with our core consumer in '24 and beyond. Having done this heavy lifting, we believe we'll enter 2024 with a strengthened foundation and a right-sized cost structure.

縮小範圍並審視轉型的形態，2023 年是診斷和修復的一年，最顯著的是我們的成本結構、庫存狀況和按地區劃分的上市模式，同時也重新調整我們的產品組合以推動更多與我們24 年及以後的核心消費者產生共鳴。完成這項繁重的工作後，我們相信進入 2024 年時，我們將擁有更堅實的基礎和適當規模的成本結構。

This will enable us to allocate resources and effort towards driving growth from our most profitable products and through our most profitable channels and regions, setting us up to improve our bottom line year over year. The actions we're taking now give us confidence that even in a challenging environment, we can achieve our goal of positive adjusted EBITDA and positive cash flow in 2025.

這將使我們能夠分配資源和精力，透過我們最有利可圖的產品並透過我們最有利可圖的管道和地區推動成長，從而使我們能夠逐年提高我們的利潤。我們現在採取的行動讓我們相信，即使在充滿挑戰的環境中，我們也能在 2025 年實現正調整 EBITDA 和正現金流的目標。

Now, I'll walk through some updates on the four pillars of our transformation plan, starting with product and brand. In Q4, we're continuing to flow in updated and refreshed core assortments. As I noted earlier, the Wool Runner 2, a fresh take on the biggest icon in the history of our brand just launched last week. And we'll soon introduce a capsule for her that reflects our new gender differentiated approach and shows how our refocused consumer insights work translates into great product.

現在，我將從產品和品牌開始介紹我們轉型計劃的四大支柱的一些更新。在第四季度，我們將繼續推出更新和更新的核心品種。正如我之前提到的，Wool Runner 2 是我們上週剛推出的品牌歷史上最偉大標誌的全新演繹。我們很快就會為她推出一款膠囊，反映我們新的性別差異化方法，並展示我們重新聚焦的消費者洞察工作如何轉化為出色的產品。

In 2024 we're looking forward to launching more innovative assortments with an emphasis on our core franchises, along with key upgrades to those silhouettes, like we did with the Wool Runner 2. As we embarked on our transformation efforts, we knew that product development cycles would limit our ability to drive substantial newness in 2023. So while we are eager to bring these upgrades to the line in Q4, this is really just a taste of what's to come in 2024 and beyond.

2024 年，我們期待推出更多創新品種，重點關注我們的核心系列，並對這些款式進行關鍵升級，就像我們對 Wool Runner 2 所做的那樣。當我們開始轉型工作時，我們知道產品開發週期將限制我們在2023 年推動實質創新的能力。因此，雖然我們渴望在第四季度將這些升級帶入生產線，但這實際上只是2024 年及以後即將發生的事情的一個嘗試。

As I touched on earlier, throughout this year we've deliberately pulled back on marketing spend and remained focused on being as efficient as possible while we transition and clean up our inventory. Our new influencer program is beginning to build with a material portion of our marketing mix. And we're pleased with the early outcomes to drive awareness and consideration, particularly with women.

正如我早些時候提到的，今年全年我們刻意削減了行銷支出，並在轉型和清理庫存時繼續專注於盡可能提高效率。我們新的影響者計劃正開始利用我們行銷組合的重要部分來建立。我們對提高認識和考慮（尤其是女性）的早期成果感到高興。

We believe our upcoming holiday campaign will resonate well, and we expect the newness, color assortment, and promotional cadence to deliver results within the guided range for the quarter, enabling us to finish our transitional year with both marketing spend and inventory reducing at a greater rate than sales.

我們相信我們即將到來的假期活動將引起良好的反響，我們預計新穎性、顏色分類和促銷節奏將在本季度的指導範圍內取得成果，使我們能夠以更大的營銷支出和庫存減少來完成過渡年。率高於銷售額。

Turning to our second pillar, optimizing the US distribution and store profitability. When we developed our transformation plan, this pillar was focused on optimizing our US stores and slowing the pace of openings. We've completed all of the 2023 store openings under the previously committed leases and have no further 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。當我們制定轉型計劃時，這一支柱的重點是優化我們的美國商店並放慢開業速度。我們已經根據先前承諾的租約完成了 2023 年的所有門市開業，並且沒有進一步開業的計劃。

We've since widened the aperture to optimize our US distribution more broadly with a continuing focus on improving store profitability. Q3 in-store traffic remained challenging for the retail industry broadly. And we experienced this as well. Given the consumer headwinds affecting the landscape, we expect this to persist in Q4 and have reflected that in our guidance. Our work in stores across merchandising and marketing, staff training, and labor scheduling are beginning to show improvements in store operations. But there is still work to do here.

此後，我們擴大了範圍，更廣泛地優化我們的美國分銷，並持續專注於提高商店盈利能力。第三季店內客流量對整個零售業來說仍然充滿挑戰。我們也經歷過這一點。考慮到消費者面臨的不利因素影響了前景，我們預計這種情況將在第四季度持續存在，並已在我們的指導中反映出來。我們在商店的銷售和行銷、員工培訓和勞動力調度方面的工作開始顯示出商店營運的改善。但這裡仍有工作要做。

In the digital ecosystem, as we seek to optimize our US distribution, we'll be launching on a leading digital marketplace in the coming weeks. We expect this platform to drive an incremental, profitable revenue stream, and we'll share additional details at launch.

在數位生態系統中，當我們尋求優化我們的美國分銷時，我們將在未來幾週內在領先的數位市場上推出。我們預計該平台將推動增量、獲利的收入流，我們將在發佈時分享更多細節。

Looking at wholesale. This remains a key channel for our future and one that provides us with the opportunity to profitably raise brand awareness, while also providing a unique view into what our consumers truly crave. Informed by these insights, we're collaborating closely with our partners to ensure that we're appropriately represented until we have an assortment that we believe will best resonate with consumers.

看批發。這仍然是我們未來的關鍵管道，它為我們提供了提高品牌知名度並獲利的機會，同時也為我們的消費者真正渴望的東西提供了獨特的視角。根據這些見解，我們正在與合作夥伴密切合作，以確保我們得到適當的代表，直到我們擁有我們認為最能引起消費者共鳴的產品組合。

And we expect lower sales from this channel in the second half of this year and into the first half of 2024. We intend to utilize a pull versus a push strategy focusing on sell-through to ensure we're showing up in the right way before expanding door count. As we bring our new assortments to market through 2024, we anticipate re-accelerating growth in this channel in the second half and are speaking with new potential partners to selectively broaden the number of accounts.

我們預計今年下半年到 2024 年上半年該通路的銷售額將會下降。我們打算採用拉動而非推動策略，重點關注銷量，以確保我們在之前以正確的方式出現。擴大門數。隨著我們在 2024 年將新品種推向市場，我們預計下半年該管道將重新加速成長，並正在與新的潛在合作夥伴進行對話，以選擇性地擴大帳戶數量。

Now, on to our third pillar, transitioning our direct go-to-market strategy towards a distributor model in international markets. This is the most complex activity within our transformation plan and we believe has the potential to move the needle on profitability quickly. We're incredibly pleased with the progress we've made on this front and expect to have additional news soon.

現在，我們的第三個支柱是將我們的直接進入市場策略轉變為國際市場的經銷商模式。這是我們轉型計劃中最複雜的活動，我們相信有潛力快速提高獲利能力。我們對這方面取得的進展感到非常滿意，並希望很快能收到更多消息。

During the third quarter, we finalized the previously-announced agreements with third-party distributors in Canada and South Korea, and those regions are now transitioned, including personnel, stores, and inventory. Additionally, we recently signed LOIs for two additional important regions with distributors in both Japan and Australia, New Zealand.

第三季度，我們敲定了先前宣布的與加拿大和韓國第三方經銷商的協議，這些地區現在已經完成了過渡，包括人員、商店和庫存。此外，我們最近也與日本和澳洲、紐西蘭的經銷商簽署了另外兩個重要地區的意向書。

We're thrilled to be partnering with high-quality organizations that have extensive brand building and distribution capabilities in their respective regions. The transitions are expected to occur by mid-year 2024. Three quarters into this strategy, we're pleased to have four regions with clear transition pathways towards a profitable and scalable structure.

我們很高興與在各自地區擁有廣泛品牌建立和分銷能力的高品質組織合作。預計過渡將於 2024 年年中完成。在該策略實施三個季度後，我們很高興看到四個地區擁有明確的過渡路徑，以實現盈利和可擴展的結構。

We anticipate selectively opening up distribution in new regions, beginning in the second half of 2024, to further capitalize on this distribution model, which similar to wholesale, requires no capital investment from us. We expect that this opportunity will not only deliver additional profit to us, but also drive volume expansion to support additional manufacturing cost savings through SKU productivity. At the same time, we believe the distributor model will drive increased brand awareness internationally and provide greater access to both new and existing customers.

我們預計從 2024 年下半年開始，將選擇性地在新地區開放分銷，以進一步利用這種類似於批發的分銷模式，不需要我們進行任何資本投資。我們預計這個機會不僅能為我們帶來額外的利潤，還能推動銷售擴張，透過 SKU 生產力來支持額外的製造成本節約。同時，我們相信經銷商模式將提高國際品牌知名度，並為新舊客戶提供更多機會。

As a reminder, initially, the move from direct model to a distributor model will result in a decline in revenue for the impacted regions. But we expect strong flow-through to the bottom line, making this higher-quality revenue. Annie will provide more color around the economic model shortly.

提醒一下，最初，從直接模式轉向經銷商模式將導致受影響地區的收入下降。但我們預期強勁的利潤流入將帶來更高品質的收入。安妮很快就會圍繞經濟模型提供更多色彩。

Moving to our fourth and final pillar, improving overall gross margins and managing operating expenses. We are firmly on track to achieve our stated goals to capture $20 million to $25 million of COGS savings and $15 million to $20 million of SG&A savings by 2025, as compared to our run rate at the end of 2022.

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營運費用。我們堅定地朝著實現既定目標邁進，即與 2022 年底的運行率相比，到 2025 年實現 2000 萬至 2500 萬美元的 COGS 節省和 1500 萬至 2000 萬美元的銷售管理費用節省。

We continue to ramp up shipments from our new manufacturer in Vietnam during Q3 and expect the transition to fully take shape by year-end, with P&L benefits beginning in 2024. We now expect that our work in this area will allow us to deliver the high end of the expected cost of goods savings range by 2025.

我們在第三季度繼續增加越南新製造商的出貨量，預計過渡將在年底前完全形成，並從2024 年開始實現損益效益。我們現在預計，我們在這一領域的工作將使我們能夠實現高目標到 2025 年，預計商品成本節省範圍結束。

Additionally, as we continue to work through inventory, bring new products to market and reduce the depth of promotions, we believe this will allow us to move the consumer back towards the full price model, improving gross margin.

此外，隨著我們繼續清理庫存、將新產品推向市場並減少促銷深度，我們相信這將使我們能夠讓消費者回歸全價模式，從而提高毛利率。

Entering the final stretch of the year, we're pleased with the progress under each of the four pillars and remain confident that our transformation plan is positioning us to improve capital efficiency and drive profitability.

進入今年的最後階段，我們對四大支柱下的進展感到滿意，並仍然相信我們的轉型計劃將使我們能夠提高資本效率並提高盈利能力。

We are fortunate to have an experienced team who has embraced a highly disciplined operational approach. This enabled us to take decisive action in 2023 to lay the groundwork for improved year-over-year profitability in 2024 with a path to our first expected calendar year of positive adjusted EBITDA and cash flow in 2025.

我們很幸運擁有一支經驗豐富的團隊，他們採用高度紀律的營運方法。這使我們能夠在 2023 年採取果斷行動，為 2024 年同比盈利能力的提高奠定基礎，並有望在 2025 年實現第一個調整後 EBITDA 和現金流正值的預期日曆年。

We've significantly improved our inventory position, heading into the important holiday selling season. We have excitement building for 2024 product launches. We are well on our way to transforming our international business. And we have institutionalized rigor across the organization.

我們已經顯著改善了庫存狀況，進入了重要的假期銷售季節。我們對 2024 年的產品發表充滿期待。我們正穩步推動國際業務轉型。我們在整個組織內將嚴格製度化。

Our path is clear. And after approaching the end of year one of this transformation, we're acting with discipline to drive long-term growth via products, regions, and channels that have the greatest potential to deliver elevated levels of profit. We appreciate the support of our analysts and shareholders and believe the progress we're making will compound into strong shareholder returns in the future.

我們的道路是明確的。在接近這項轉型的第一年年底後，我們正在嚴格行事，透過最有潛力提高利潤水準的產品、地區和管道來推動長期成長。我們感謝分析師和股東的支持，並相信我們所取得的進步將在未來轉化為強勁的股東回報。

Now, over to Annie to walk through specifics on the quarter and commentary on the shape of the remainder of this year.

現在，安妮將詳細介紹本季的具體情況以及對今年剩餘時間的情況的評論。

Thanks, Joey. We're pleased to report another quarter of operating and financial progress. Q3 results came in within our expected range on the top line, exceeded expectations we provided on the bottom line. And for the third quarter in a row, we delivered solid improvement across our key metrics of inventory, cash, and costs.

謝謝，喬伊。我們很高興地報告又一個季度的營運和財務進展。第三季的業績在我們的頂線預期範圍內，超出了我們對底線的預期。我們連續第三季在庫存、現金和成本等關鍵指標上取得了顯著改善。

Third quarter revenue of $57.2 million declined 21% versus a year ago and largely reflects our strategic actions to clear through legacy inventory, as well as planned declines in wholesale revenue to ensure we are set up to drive high sell-through with our fresh and updated assortment in 2024.

第三季收入為5,720 萬美元，比去年同期下降21%，這在很大程度上反映了我們清理遺留庫存的戰略行動，以及計劃中批發收入的下降，以確保我們能夠通過新鮮和更新的產品推動高銷量2024 年的品種。

Gross margin came in at 43.5% that compares to 44.8% a year ago and primarily reflects higher promotional activity as we continue to work down non-core styles and colors, leading up to our new product introductions planned for 2024.

毛利率為 43.5%，而一年前為 44.8%，主要反映了促銷活動的增加，因為我們繼續減少非核心款式和顏色，從而計劃在 2024 年推出新產品。

Before we get to next year, we're focused on ensuring that we engage and delight the consumer this holiday season, which means increased promotional activity versus a year ago. Simply put, as you heard from Joey, we intend to be competitive on price. As a result, we anticipate that fourth quarter gross margin will be below 40%.

在明年之前，我們的重點是確保在這個假期吸引並取悅消費者，這意味著與一年前相比，促銷活動增加。簡而言之，正如您從喬伊那裡聽到的那樣，我們打算在價格上具有競爭力。因此，我們預計第四季毛利率將低於40%。

Turning now to expenses. We brought down SG&A, excluding depreciation and stock-based compensation by $1.8 million or 5% versus a year ago. This came in better than we expected and can be traced to our careful cost control, most notably the ongoing tightening of discretionary expenses. As we talked about last quarter, we continue to expect that Q4 SG&A dollars will be up both on a sequential and a year-over-year basis.

現在轉向費用。我們將 SG&A（不含折舊和股票薪酬）比一年前降低了 180 萬美元，即 5%。這比我們預期的要好，這可以追溯到我們謹慎的成本控制，最值得注意的是持續收緊可自由支配費用。正如我們上季度談到的那樣，我們繼續預計第四季度的銷售、管理及行政費用將環比和同比增長。

Marketing expenses reflect a planned decline of $2.5 million or 19.6% compared to Q3 2022. Looking at Q4 marketing spend, we continue to expect a modest uptick from Q3 levels as we support the Wool Runner 2 launch and the holiday sales push.

與2022 年第三季相比，行銷費用計畫減少250 萬美元，即19.6%。從第四季的行銷支出來看，我們繼續預計，由於我們支持Wool Runner 2 的發布和假期銷售推動，行銷支出將較第三季的水平略有上升。

In Q3, we incurred $1.2 million in restructuring charges associated with our strategic transformation, an increase of $0.5 million compared to Q3 2022. Taken together, our top-line results and careful cost control drove a better than expected adjusted EBITDA loss of $19 million in Q3.

第三季度，我們因策略轉型而產生了120 萬美元的重組費用，與2022 年第三季相比增加了50 萬美元。總而言之，我們的頂線業績和謹慎的成本控制推動了2020 年調整後EBITDA 損失優於預期，達到1,900 萬美元。Q3。

Moving to the balance sheet and cash flow. I'm pleased to report another quarter of solid progress against two of our key benchmarks. First, I'll talk about inventory. We ended the quarter with inventory levels down 37% versus a year ago and down 32% from year-end.

轉向資產負債表和現金流量。我很高興地報告，根據我們的兩個關鍵基準，又一個季度取得了紮實的進展。首先，我要談談庫存。本季結束時，我們的庫存水準比去年同期下降了 37%，比去年年底下降了 32%。

The improvement reflects more selective and disciplined buys and our commitment to achieve a healthier composition and clean position by year-end. Indeed, we expect to end the year with inventory levels of approximately $70 million, reflecting a year-over-year decline of approximately 40%.

這項改進反映了更選擇性和紀律性的購買，以及我們致力於在年底前實現更健康的成分和乾淨的位置的承諾。事實上，我們預計年底庫存水準約為 7,000 萬美元，年減約 40%。

Now let's look at cash. At the close of Q3, we had $132 million of cash on the balance sheet. Our aggressive actions to bring down inventory levels and reduce operating expenses allowed us to narrow our operating cash use versus a year ago.

現在讓我們來看看現金。截至第三季末，我們的資產負債表上有 1.32 億美元的現金。我們採取積極行動降低庫存水準並減少營運費用，使我們能夠比一年前縮小營運現金使用。

Through the third quarter, operating cash use was just $5 million compared to $18 million a year ago. We also delivered significant improvement for the year-to-date period, with operating cash use narrowing to $25 million versus $82 million. We anticipate that operating cash usage will increase slightly in Q4 compared to Q3 levels.

截至第三季度，營運現金使用量僅為 500 萬美元，去年同期為 1,800 萬美元。今年迄今，我們的營運現金使用量從 8,200 萬美元縮減至 2,500 萬美元。我們預計第四季的營運現金使用量將較第三季略有增加。

Before turning to guidance, I'd like to share some data points to help you understand the financial implications from our transition to third-party distributors in international markets. Starting at a high level, prior to the transition to a distributor model, Allbirds had a presence in the following six international regions, representing approximately 26% of total revenue for the nine-month period ending September 30. Australia and New Zealand combined, Canada, China, Europe, including both the EU and UK, Japan, and South Korea.

在轉向指導之前，我想分享一些數據點，以幫助您了解我們向國際市場的第三方經銷商轉型的財務影響。從高水準開始，在過渡到經銷商模式之前，Allbirds 已在以下六個國際地區開展業務，約佔截至 9 月 30 日的九個月期間總收入的 26%。澳洲和紐西蘭合計、加拿大、中國、歐洲，包括歐盟和英國、日本和韓國。

During the third quarter, we completed the previously announced transition of our Canadian and South Korean businesses to local distributors in those countries. This encompasses Allbirds' e-commerce, bricks and mortar, and wholesale businesses across both regions. The transaction was recorded in Q3 as a non-operating loss on the sale of business totaling $2.3 million and is excluded from adjusted EBITDA in the quarter.

在第三季度，我們完成了先前宣布的將加拿大和韓國業務向這些國家的當地經銷商的過渡。這包括 Allbirds 在兩個地區的電子商務、實體店和批發業務。該交易在第三季記錄為業務出售的非經營虧損，總額為 230 萬美元，且不包括在該季度調整後的 EBITDA 中。

Next, after quarter-end we signed LOIs with the distributors in two additional regions: Japan and Australia, New Zealand. Those transitions are expected to be completed mid-year in 2024, as noted in our press release today. The New Zealand agreement is contingent upon the employee consultation process, which is standard in that country.

接下來，季末後，我們與另外兩個地區的經銷商簽署了意向書：日本和澳洲、紐西蘭。正如我們今天的新聞稿所述，這些過渡預計將於 2024 年年中完成。紐西蘭協議取決於員工諮詢流程，這是該國的標準流程。

For added perspective, Canada and South Korea combined represented approximately 4% of total company revenue year to date in 2023. And Japan and Australia, New Zealand combined represented approximately 8% of total company revenues year to date in 2023, so very good progress on this strategic pillar three quarters into the transformation, with four regions and approximately 12% of the overall business in transition to a simpler model that we believe is better positioned to grow.

從更深入的角度來看，加拿大和韓國合計約佔 2023 年迄今公司總收入的 4%。日本和澳洲、紐西蘭合計約佔 2023 年迄今公司總收入的 8%，因此在這一戰略支柱已經進行了四分之三的轉型，其中四個地區和約12% 的整體業務正在轉型為更簡單的模式，我們認為這種模式更有利於成長。

Now we'll turn to some additional data points that underscore the benefits of the distributor model. First, we'll be selling products directly to the distributors at a lower price versus our prior direct sale to the consumer at full retail. While this will result in initial impact to revenue, we anticipate that the expertise and local knowledge of our distributors will help drive brand visibility and growth over the coming years.

現在我們將轉向一些額外的數據點，這些數據點強調了經銷商模型的好處。首先，我們將以比之前以完全零售方式直接向消費者銷售產品的價格更低的價格直接向經銷商銷售產品。雖然這將對收入產生初步影響，但我們預計經銷商的專業知識和本地知識將有助於推動未來幾年的品牌知名度和成長。

Next, under this model of selling directly to distributors, gross margin will naturally be below both DTC and typical wholesale margins. Because this model requires lower operating expense, we anticipate strong flow-through from gross profit to the bottom line. As each region transitions, we expect them to be immediately profitable.

其次，在這種直接向經銷商銷售的模式下，毛利率自然會低於DTC和典型的批發毛利率。由於這種模式需要較低的營運費用，因此我們預計從毛利潤到淨利潤的流量將強勁。隨著每個地區的轉型，我們預計它們將立即獲利。

Turning now to Q4 guidance, our expectations assume a few key factors. One, we're prepared for a cautious consumer and a highly promotional environment this holiday season. We know the consumer will be looking for great products at great price points. And we have a targeted promotional plan to ensure we are competitive throughout the quarter.

現在轉向第四季的指導，我們的預期假設了一些關鍵因素。第一，我們為謹慎的消費者和這個假期的促銷環境做好了準備。我們知道消費者會尋找價格優惠的優質產品。我們有一個有針對性的促銷計劃，以確保我們在整個季度都具有競爭力。

Second, it's important to note that this promotional stance will impact both sales and gross profit.

其次，值得注意的是，這種促銷立場將影響銷售額和毛利。

Third, the outlook we're providing today also reflects a full quarter of revenue under the new pricing model for Canada and South Korea. This results in a $2.5 million negative impact to revenue in Q4.

第三，我們今天提供的前景也反映了加拿大和韓國在新定價模式下的整個季度的收入。這對第四季的收入造成 250 萬美元的負面影響。

For the fourth quarter, revenue is expected to be in the range of $66 million to $72 million, representing year-over-year comparisons of negative 22% to negative 15%. Adjusted EBITDA loss is expected to be in the range of negative $26 million to negative $23 million.

第四季的營收預計在 6,600 萬美元至 7,200 萬美元之間，年減 22% 至負 15%。調整後 EBITDA 損失預計在負 2,600 萬美元至負 2,300 萬美元之間。

Given the progress we're making within all of our strategic pillars, especially the international piece of the transformation, we expect to return to full-year guidance in 2024 on our call in March. We also anticipate that we'll be positioned to provide increased granularity around top line expectations and the related impact of the international transition to help you most effectively model the business going forward. Now I'll ask the operator to open the call for Q&A.

鑑於我們在所有策略支柱方面取得的進展，尤其是轉型的國際部分，我們預計將根據 3 月的電話會議，在 2024 年恢復全年指引。我們也預計，我們將圍繞營收預期和國際轉型的相關影響提供更詳細的信息，以幫助您最有效地為未來的業務建模。現在我將要求接線員打開電話進行問答。

(Operator Instructions) Bob Drbul, Guggenheim.

（操作員說明）Bob Drbul，古根漢。

Hi, good afternoon. I guess, just two quick questions for me. And the first one is just, on the inventory side, can you just expand more in terms of the quality of the inventory, the newness of the inventory? And then, I think the second piece is just love to hear a little bit more about the product changes in women's and overall what you guys are planning as you think through some of the newness heading into next year. Thanks.

嗨，下午好。我想，對我來說只有兩個簡單的問題。第一個是，在庫存方面，你能在庫存的品質、庫存的新鮮度方面進行更多的擴展嗎？然後，我認為第二篇文章只是想聽聽更多關於女裝產品變化的信息，以及你們在思考明年的一些新事物時總體上的計劃。謝謝。

Hi, Bob, thanks for your question on inventory. It's definitely part of -- I'm most excited about in terms of our progress. So I really appreciate you asking about it. We're absolutely pleased with the progress that we've made, cleaning the marketplace and moving our inventory composition toward core products. That's really been the effort this year in 2023 to make sure that we end the year with the right composition.

嗨，鮑勃，感謝您提出有關庫存的問題。這絕對是我們取得的進展最讓我興奮的一部分。所以我真的很感謝你問這個問題。我們對我們所取得的進展感到非常滿意，清理了市場並將我們的庫存結構轉向核心產品。這確實是 2023 年我們所做的努力，以確保我們以正確的組合結束這一年。

Year to date, inventories are down 32%. And we expect to end the year down about 40% year over year. With that, we do -- by doing all the heavy lifting already this year, we expect to exit the year well-positioned to bring in fresh and updated product for 2024. And I know that Joey is excited to talk a little bit about that.

今年迄今為止，庫存下降了 32%。我們預計今年年底將年減約 40%。有了這個，我們透過今年已經完成的所有繁重工作，預計在今年結束時處於有利位置，為 2024 年帶來新鮮和更新的產品。我知道 Joey 很高興談論這一點。

Yeah. Thanks, Bob. So I think the Wool Runner 2 is probably a great example to start with. I would say, at the high level, we're looking at moving to a franchise offense, and this is what we've been speaking about all year.

是的。謝謝，鮑伯。所以我認為《Wool Runner 2》可能是一個很好的起點。我想說，在高層，我們正在考慮轉向特許進攻，這就是我們一整年都在談論的內容。

The core franchises have an opportunity if we embellish them correctly and merchandise effectively to really create a lot of brand equity around the silhouette and drive a lot of growth with our existing consumer. And I think will resonate just much more strongly with a broader base, given that some of these icons are what we became famous for.

如果我們正確地裝飾它們並有效地進行銷售，核心特許經營權就有機會真正圍繞輪廓創造大量的品牌資產，並推動我們現有消費者的大量成長。我認為，鑑於其中一些圖標正是我們出名的原因，因此會引起更廣泛的基礎的強烈共鳴。

So first and foremost, it's a focus on core. And I think Wool Runner 2 being the highest sales volume launch that we've done this year and even some months prior than that is a really good example of taking that icon and slightly updating it to make sure we deliver amazing quality, durability, and communicate the value of what we're doing with the brand personality that we did through some of the marketing work, it's going to work better.

因此，首先也是最重要的，它是對核心的關注。我認為Wool Runner 2 是我們今年甚至之前幾個月推出的銷量最高的產品，這是一個很好的例子，我們採用了該圖標並對其進行了稍微更新，以確保我們提供令人驚嘆的質量、耐用性和透過我們透過一些行銷工作所做的品牌個性來傳達我們正在做的事情的價值，它會發揮更好的作用。

And that's what we saw in this launch, being the best one so far. So that's one of the core insights. And I think in that we'll be trimming out some of the lower productivity SKUs as we focus the effort on our core franchises.

這就是我們在這次發布中看到的，也是迄今為止最好的一次。這是核心見解之一。我認為，當我們將精力集中在我們的核心特許經營上時，我們將削減一些生產力較低的 SKU。

And then as you alluded to in your question, one of the other key insights that we found is that within our target demographic, our target consumer, we do have higher awareness with women than we do with men. And the consideration, on the other hand, is flipped there where our consideration is a bit lower with women.

正如您在問題中提到的，我們發現的其他關鍵見解之一是，在我們的目標群體、目標消費者中，我們對女性的認識確實比對男性的認識更高。另一方面，我們對女性的考慮度稍低一些。

And so what we do understand is that the brand is beloved by both genders. But in particular, there is stronger resonance currently as you track from have you heard about us to are you going to buy the product with men.

因此，我們確實了解該品牌深受男女喜愛。但特別是，當您追蹤從您是否聽說過我們到您是否會與男性購買該產品時，目前會產生更強烈的共鳴。

So that's the work that we're doing in terms of sharpening up the product offering both on a color and trim perspective, which you'll see a little bit of in this quarter, but also in terms of extending some of those core franchises to be a little bit more feminine to resonate more strongly with her. So that's overall, the two key aspects I'd draw you to. I'd say, materially, we're going to start in Q2 next year and continue throughout the rest of 2024, and of course, beyond that too.

因此，這就是我們正在做的工作，從顏色和裝飾角度加強產品供應，您將在本季度看到一些，並且還將其中一些核心特許經營權擴展到變得更有女人味一點，以便與她產生更強烈的共鳴。總的來說，這就是我吸引您注意的兩個關鍵方面。我想說，從實質上講，我們將從明年第二季開始，並在 2024 年剩餘時間內繼續進行，當然，也會超出這個範圍。

Thank you. Good luck.

謝謝。祝你好運。

Alex Straton, Morgan Stanley.

亞歷克斯‧斯特拉頓，摩根士丹利。

Great, thanks for taking my question. Hi, Joey, Annie, good to speak to you again. I have one quick high level question and then a more specific guidance question for Annie. So maybe, Joey, the first one for you, the strategic transformation plan has been underway for a few quarters now. Where do you think you've made the most progress or already seeing results?

太好了，感謝您提出我的問題。嗨，喬伊，安妮，很高興再次與你們交談。我有一個快速的高級問題，然後是給安妮的一個更具體的指導問題。所以，喬伊，第一個對你來說，策略轉型計畫可能已經進行了幾個季度了。您認為您在哪些方面取得了最大進展或已經看到成果？

And then maybe on the other end, what has proven more challenging than you thought when you started this journey? Then for Annie, just you have a wide revenue guidance range into the fourth quarter. Can you just walk us through what that accounts for on the low end and the high end? Thanks a lot.

也許在另一端，什麼比你開始這段旅程時想像的更具挑戰性？那麼對安妮來說，第四季的收入指引範圍很寬。您能否向我們介紹一下低端和高端的具體情況？多謝。

Alex, thanks. Okay, so let's do it in order. I'd say, I'll zoom back and just put it in perspective on how I would characterize what we've done in the last few quarters here as we entered this transformation to help answer that question. So I'd say at the top level, this year is one where we've fundamentally altered the cost structure in such a way that we can be profitable at a much smaller top-line level.

亞歷克斯，謝謝。好吧，那我們就按順序來吧。我想說的是，我會回顧過去，並以正確的視角來描述我們在過去幾個季度所做的事情，因為我們進入了這一轉變，以幫助回答這個問題。所以我想說，在最高層面，今年我們從根本上改變了成本結構，這樣我們就可以在更小的頂線水平上實現盈利。

And we've talked a lot about the work that we've done on cost of goods and some of the G&A streamlining and the go-to-market in international regions. That has not been a trivial amount of work. And execution has been excellent on those elements.

我們已經談論了很多關於我們在商品成本以及一些一般管理費用精簡和國際地區市場進入方面所做的工作。這並不是一項微不足道的工作。且在這些要素上的執行力非常出色。

And so while you don't get to see that benefit in the P&L necessarily as we burn through the inventory that we currently have on the balance sheet. That is probably the most important element of what we've accomplished this year. Along the way, we started the year with, I would call it, an unhealthy level of inventory and an unhealthy mix of inventory, and we've gotten ourselves on track to really fix that.

因此，當我們消耗資產負債表上目前的庫存時，您不一定會在損益表中看到這種好處。這可能是我們今年所取得的成就中最重要的部分。一路走來，我們在年初的時候，我稱之為不健康的庫存水準和不健康的庫存組合，我們已經走上了真正解決這個問題的軌道。

So we expect to end the year and enter 2024 in a really healthy position as it comes to inventory. And that's going to allow us to then inflect our gross margin in such a way that we can take the benefits of all those cost savings that we've done throughout the year and also win the customer and the consumer back to a full price selling model by lightning the markdown intensity and driving the new innovation from the recalibrated product assortment that we introduced in the marketplace at full price.

因此，我們預計到年底並進入 2024 年，庫存狀況將處於非常健康的狀態。這將使我們能夠以這樣的方式改變我們的毛利率，這樣我們就可以利用我們全年所做的所有成本節約的好處，並贏得客戶和消費者回到全價銷售模式通過閃電般的降價強度，並透過我們以全價引入市場的重新校準的產品種類推動新的創新。

And so that gives us a great focus in 2024 to drive fairly significant gross margin expansion, particularly in the direct channel. And that I would say, just like zooming out is the big thing and I'd say, and the thing we're probably most proud of that we can sit here and hammer down today.

因此，我們在 2024 年重點關注推動相當顯著的毛利率擴張，特別是在直接管道方面。我想說，就像縮小是一件大事一樣，我想說，我們可能最自豪的事情是我們今天可以坐在這裡敲定。

Of course, when we think about the look forward, it's product. We haven't yet brought all of this fresh and new innovative product that we have on the road map to market. So the proof points aren't quite there yet. But I'll say we are off to a really good start with what we've shown for the Wool Runner 2.

當然，當我們考慮未來時，它是產品。我們尚未將路線圖上的所有這些新鮮創新產品推向市場。所以證據點還沒有完全存在。但我要說的是，我們在 Wool Runner 2 中展示的內容已經有了一個非常好的開始。

And I think it's a really good testament to the type of changes and updates we're going to be bringing to market. And the results speak for themselves as far as we're seeing internally and sharing with you today. So pretty encouraged by that, albeit that's the one that just has the longest lead time, given the product development lifecycles for making footwear. So that's the one that we're still plugging away at and really can't give you as many proof points as we can on the cost side.

我認為這很好地證明了我們將向市場推出的更改和更新類型。就我們今天在內部看到並與您分享的結果而言，結果是不言而喻的。對此感到非常鼓舞，儘管考慮到製鞋的產品開發生命週期，這是交貨時間最長的一個。因此，這就是我們仍在努力解決的問題，但我們確實無法在成本方面為您提供盡可能多的證據。

When we're looking at our top line for Q4 and the guidance given, specifically the range, and it primarily reflects the macro-driven pressures that's affecting traffic and sales industry-wide. Adding on top of that, of course, is a continuation of our transformation work, which of course, is progressing extremely well and setting us up to engage with the consumer in fresh, new, and innovative ways in 2024.

當我們查看第四季度的營收和給予的指導時，特別是範圍，它主要反映了影響整個行業流量和銷售的宏觀驅動壓力。當然，最重要的是我們轉型工作的延續，當然，轉型工作進展非常順利，並使我們能夠在 2024 年以新鮮、新穎和創新的方式與消費者互動。

Combined with that is, of course, we're planning for a highly promotional environment this holiday season. We know that consumer is going to be looking for a great product at a great price point. And we want to ensure that we're going to be competitive throughout the quarter.

當然，除此之外，我們也計劃在這個假期營造一個高度促銷的環境。我們知道消費者會尋找價格優惠的優質產品。我們希望確保我們在整個季度都具有競爭力。

Great, thanks a lot. Good luck, guys.

太好了，非常感謝。祝大家好運。

Thanks, Alex.

謝謝，亞歷克斯。

Thanks Alex.

謝謝亞歷克斯。

Janine Stichter, BTIG.

珍妮‧史蒂克特 (Janine Stichter)，BTIG。

Hi, everyone, good afternoon. I want to dig in a little bit more into as you think about the optimal channels of distribution for the brand. First off, on the wholesale side, it sounds like you're considering re-ramping that business in the back half of next year. So I'd just be curious to understand the types of potential new partners that you're looking at, what you think that brings you both from a new customer acquisition and a brand awareness standpoint.

大家好，下午好。當你思考品牌的最佳通路時，我想深入探討。首先，在批發方面，聽起來您正在考慮在明年下半年重新擴大業務。因此，我很想了解您正在尋找的潛在新合作夥伴的類型，以及您認為從新客戶獲取和品牌知名度的角度來看，這會為您帶來什麼。

And then on the retail business, I'd just love your thoughts on if you're exploring any potential store closures and just what the profitability of the fleet looks like right now, if there's any major variances in performance that should be called out. Thank you.

然後在零售業務方面，我很想知道您是否正在考慮關閉任何潛在的商店，以及目前車隊的盈利能力如何，是否存在任何需要指出的重大績效差異。謝謝。

Okay. Thanks, Janine. I will tackle the first part of that. And maybe on the retail side, Annie can jump in. So I mean, when you ask the question about optimal, I think it's a good way to frame it. What we've always envisioned is that we want to be a very effective omnichannel retailer. And we are a brand first. We want to delight consumers where they want to shop the best.

好的。謝謝，珍妮。我將解決第一部分。也許在零售方面，安妮可以介入。所以我的意思是，當你問有關最優的問題時，我認為這是一個很好的框架方式。我們一直的願景是成為一家非常有效率的全通路零售商。我們首先是一個品牌。我們希望讓消費者在他們想要購物的地方感到滿意。

And one of the examples that we gave today is an impending launch on a digital ecosystem or digital marketplace in the US, just as an example of making sure that when we have product that we can segment to the right channels, that we're going to deliver that and make sure we capture opportunity to meet consumers where they want to be met.

我們今天給出的例子之一是即將在美國的數位生態系統或數位市場上推出，這只是一個例子，以確保當我們擁有可以細分到正確管道的產品時，我們將實現這一目標並確保我們抓住機會在消費者想要的地方與他們見面。

So what does that look like if you fast forward way down the line? I think it's a little hard to say exact percentages, but there's a very material portion of our business that should be in wholesale. And we think about that as a very profitable and brand-building exercise for us where it lifts awareness, and frankly, you can trade some of the gross margin between direct and wholesale for some of that marketing that you otherwise would spend to drive awareness.

那如果你快轉的話會是什麼樣子呢？我認為很難說出確切的百分比，但我們的業務中有很大一部分應該是批發的。我們認為這對我們來說是一項非常有利可圖的品牌建設活動，它可以提高知名度，坦率地說，您可以用直銷和批發之間的一些毛利率換取一些營銷費用，否則您將花費這些費用來提高知名度。

So that's very important for us, and anticipate building that, as we noted, particularly starting in 2H '24. But we expect that to grow much more significantly.

因此，這對我們來說非常重要，正如我們所指出的，預計將建立這一點，特別是從 2H '24 開始。但我們預計這一成長將更加顯著。

And in terms of the different channels, there's a whole sequence that we'd like to undergo in order to build an effective marketplace, working with some smaller accounts that drive perhaps leading indicator of trend for consumers onto other premium segments of the wholesale marketplace like we have in department stores and outdoor and sporting goods.

就不同管道而言，為了建立一個有效的市場，我們希望經歷一系列的過程，與一些較小的帳戶合作，這些帳戶可能會將消費者的領先趨勢指標推向批發市場的其他高端細分市場，例如我們在百貨公司以及戶外和體育用品中都有銷售。

And I think in some of those channels, there's other non-competitive accounts that we're talking to and are pretty excited about the opportunity to work with. So we'll give you more detail as we get into 2024 and give you a picture for what we expect for the year, but that's generally how we're thinking about it.

我認為在其中一些管道中，還有其他非競爭性客戶正在與我們交談，並且對有機會合作感到非常興奮。因此，當我們進入 2024 年時，我們將向您提供更多詳細信息，並為您提供我們對這一年的預期的圖片，但這通常是我們的想法。

Really helpful. Thank you.

真的很有幫助。謝謝。

Janine, when it comes to retail, we've paused opening new retail doors this year. We're done with all the doors that we're going to open. We don't currently have any closures planned at this time. But we will continually analyze and evaluate our retail fleet's performance and options.

珍妮，說到零售，我們今年暫停了開設新的零售店。我們已經完成了所有要打開的門。我們目前沒有任何關閉計劃。但我們將不斷分析和評估我們零售車隊的表現和選擇。

As Joey mentioned, our focus is to drive growth by focusing on our most profitable products, channels, and regions. And for retail, that profitability comes from us executing on the initiatives that we've already started to put in place.

正如 Joey 所提到的，我們的重點是透過專注於利潤最高的產品、通路和地區來推動成長。對於零售業來說，獲利能力來自於我們執行已經開始實施的措施。

And also let's go back to why do we have stores to begin with? We do have a retail footprint because we operate in an ecosystem for our consumer. And these stores are the best expression of our brand to that consumer. It helps us to grow awareness, and as well, as we combine with our distribution around wholesale. We expect that the stores will enjoy more traffic and offer more compelling assortment as consumers start to know and understand and love our brand.

讓我們回到為什麼我們要有商店？我們確實擁有零售足跡，因為我們在一個為消費者服務的生態系統中運作。這些商店是我們品牌向消費者的最佳表達。它有助於我們提高意識，同時也有助於我們與批發分銷相結合。我們預計，隨著消費者開始認識、理解和喜愛我們的品牌，商店將享受更多客流量並提供更引人注目的品種。

Perfect. Thanks so much.

完美的。非常感謝。

Cristina Fernández, TAG.

克里斯蒂娜·費爾南德斯，TAG。

Thank you for taking my questions. I wanted to ask first on international. It seems like the business took a step down in the quarter. It might just be the function of the year-over-year comparison. But wanted to see if you can talk about what demand trends are you seeing in some of your major international markets and what is the level of promotional activity you're seeing there? Is it similar to the US or is it better? Thanks.

感謝您回答我的問題。我想先問國際。該業務似乎在本季有所下滑。這可能只是同比比較的功能。但想看看您是否可以談談您在一些主要國際市場中看到的需求趨勢以及您在那裡看到的促銷活動的水平如何？與美國相似還是更好？謝謝。

Great. Thanks for your question. And to clarify within Q3 because we transitioned both Canada and South Korea in the month of September, the transition of those from the direct model to the distributor was worth $750,000 on the top line. Said in another way, if we'd continue to operate them, our sales for the quarter would have been higher by $750,000.

偉大的。謝謝你的提問。在第三季澄清一下，因為我們在 9 月在加拿大和韓國進行了轉型，從直接模式到分銷商模式的轉型價值為 75 萬美元。換句話說，如果我們繼續經營它們，我們本季的銷售額將會增加 75 萬美元。

When we look at the overall trends across the regions, we're seeing that Asia is performing year over year in Q3 slightly better than some of the other geographies. This is largely tied to worldwide macro events, and it really differs by geography. But I would say that China and Japan were definitely some of our better performing overall international geographies.

當我們審視各地區的整體趨勢時，我們發現亞洲第三季的年比表現略優於其他一些地區。這在很大程度上與全球宏觀事件有關，而且確實因地理位置而異。但我想說，中國和日本絕對是我們整體表現較好的國際地區之一。

And the promotional intensity is reasonably consistent across regions. There's a little plus or minus here or there, but generally pretty consistent. And I would say that as we have some of these conversations with distributor partners, what we're finding is that the brand is positioned incredibly strongly and these partners are pretty eager to invest capital behind the brand. And I'm quite optimistic and excited about what they can bring to the business.

而且各地區的促銷力道也相當一致。這裡或那裡有一些加號或減號，但總體上相當一致。我想說的是，當我們與經銷商合作夥伴進行一些對話時，我們發現該品牌的定位非常強大，而這些合作夥伴非常渴望在該品牌背後投資資本。我對他們能為業務帶來的東西感到非常樂觀和興奮。

Thank you. And then the second question I had is related to some of the pricing actions you took on the core franchises, the original models, for Tree Runner and Wool Runner. What reception did you see to those price decreases? And is the strategy to keep those in the lineup? Or will you sunset those styles as Wool Runner 2 and Tree Runner 2 to get -- I guess to get further along?

謝謝。我的第二個問題與你們對《Tree Runner》和《Wool Runner》的核心系列、原始模型採取的一些定價行動有關。您對這些降價有何看法？保留這些人的策略是什麼？或者你會放棄這些風格，像是《Wool Runner 2》和《Tree Runner 2》，以取得更進一步的發展嗎？

Yeah. Thanks for the question. Just in general on pricing, what we're working towards sometime in 2024 is going to be some very clear and distinct price tiers, ranging for the bulk of the business between $98 and $138 per pair in the footwear business.

是的。謝謝你的提問。就定價而言，我們正在努力在 2024 年某個時候制定一些非常明確且獨特的價格等級，鞋類業務的大部分業務價格範圍在每雙 98 美元到 138 美元之間。

And sharpening those price points is really something we'd like to do, driven from the insights that we've seen and the data that we have in terms of where we drive the most volume from our business, particularly when positioned in that active life territory, not promoting heavily technical running-oriented gear that might push you above that $140 threshold.

提高這些價格點確實是我們想做的事情，這是根據我們所看到的見解和我們所擁有的數據驅動的，這些數據表明我們在哪些方面可以從我們的業務中獲得最大的銷量，特別是當處於活躍的生活中時領域，而不是推銷技術性很強的跑步裝備，這些裝備可能會讓你超過 140 美元的門檻。

So that's where we expect to sit. And I would say that the most important element of those pricing changes was that it is in the lead up to the launch of the Wool Runner 2. We wanted to make sure there was space between those two models and segment them.

這就是我們期望坐的地方。我想說，這些定價變化中最重要的因素是，它是在 Wool Runner 2 推出之前推出的。我們希望確保這兩個型號之間有空間，並對它們進行細分。

Similar thing is going to -- we'll do when we introduce new capsules for the Tree Runner in that Tree Runner 2 orientation, so same kind of thinking. And as those new generations grow the business, we would expect that at some point, we would sunset the original models, albeit in some cases we might not do it immediately.

類似的事情將會發生——當我們在《Tree Runner 2》中為《Tree Runner》引入新的膠囊時，我們也會做同樣的事情，所以同樣的想法。隨著這些新一代的業務發展，我們預計在某個時候，我們會淘汰原來的模型，儘管在某些情況下我們可能不會立即這樣做。

Thanks.

謝謝。

Mark Altschwager, Baird.

馬克·阿爾茨瓦格，貝爾德。

Good afternoon, thanks for taking my questions. First off, maybe just a modeling question for Annie. Just with respect to the Q4 revenue guidance, can you give us a breakdown with what you expect for US versus international? I know there were some comments in the prepared remarks on the distributor changes, but if you could maybe simplify it for us a little bit, that would be helpful.

下午好，感謝您回答我的問題。首先，也許只是安妮的建模問題。就第四季的營收指引而言，您能否向我們詳細介紹一下您對美國與國際市場的預期？我知道在準備好的關於分銷商變更的評論中存在一些評論，但如果您能為我們簡化一點，那將會有所幫助。

Yes. And to be clear, are you looking for year-over-year growth?

是的。需要明確的是，您是否正在尋求同比增長？

Correct.

正確的。

Yeah. We anticipate that both the US and our international business, for the ones that we continue to operate directly, will be roughly in line with each other, so no major differentiation between the two growth rates. When we look at the impact from the exit of Canada and Korea in terms of a direct model, that is worth three points on the top line.

是的。我們預計，對於我們繼續直接經營的業務，美國業務和我們的國際業務將大致保持一致，因此兩者的成長率不會有重大差異。當我們從直接模型的角度來看加拿大和韓國退出的影響時，這在頂線上值得三分。

So our guidance of down 22 to down 15, within there is three points from moving Canada and South Korea from the direct model to the distributor model. But in terms of the overall trend, both the US and international are moving in the same direction.

因此，我們的指導意見是下降22至下降15，其中加拿大和韓國從直營模式轉向經銷商模式有3個要點。但從整體趨勢來看，美國和國際都在朝著同一個方向發展。

That's really helpful. Thank you. And then, switching gears, was hoping if you could give us some additional context on what you're planning from a promotional standpoint over holiday. I guess, you've done a great job cleaning up the inventory, at least it looks that way on the balance sheet.

這真的很有幫助。謝謝。然後，轉換話題，希望您能從假期促銷的角度為我們提供一些額外的背景資訊。我想，你在清理庫存方面做得很好，至少在資產負債表上看起來是這樣。

So I mean, are these promotions meant to still clean up some older product? Or is this more about staying top of mind during this transition period? And I guess, do you worry that the promotional plans might curb the ability to return to full price selling as the new product starts to roll in, in 2024? Thank you.

所以我的意思是，這些促銷活動是否仍然意味著清理一些舊產品？或者這更多的是為了在這個過渡時期保持首要考慮？我想，您是否擔心促銷計劃可能會限制 2024 年新產品開始上市時恢復全價銷售的能力？謝謝。

Yeah. It's a good question, Mark. So I think you shouldn't see anything too wild from us over the promotional cadence here. I think we're trying to line up. What we're seeing in the market is that people are starting to promote pretty early, maybe even earlier than what we saw last year from when the start of this cadence comes in industry wide.

是的。這是個好問題，馬克。所以我認為你不應該看到我們這裡的促銷節奏太瘋狂。我想我們正在努力排隊。我們在市場上看到的是，人們很早就開始促銷，甚至可能比我們去年看到的整個行業開始促銷的時間還要早。

And we found if you're not competitive in that moment, then you're leaving opportunity on the table. And it's really our objective to get to a really healthy place by the start of next year. We still have a little bit of work to do, as Annie guided you all, to trying to end the year around 40% down year over year in terms of inventory on the balance sheet.

我們發現，如果你在那一刻沒有競爭力，那麼你就會錯失機會。我們的目標是在明年初實現真正健康的目標。正如安妮指導大家的那樣，我們還有一些工作要做，力爭在年底資產負債表上的庫存年減 40% 左右。

So it's still a little bit of work to do there. And that includes a pretty big event, as you well know, Black Friday, Cyber Monday, and around that, we'll do some other select discounting. And that will be to trim the tail of any remaining styles or colors that we don't expect to support in the future, and maybe over some of the big events, offering a broader assortment that includes some of our core styles. So I do think the way we've handled this, this year has allowed us to maintain that full price brand integrity.

所以這方面還有一些工作要做。其中包括一個相當大的活動，如您所知，黑色星期五、網路星期一，圍繞著這些活動，我們將進行其他一些精選折扣。這將是修剪我們不希望在未來支援的任何剩餘樣式或顏色的尾部，也許在一些大型活動中，提供更廣泛的分類，包括我們的一些核心樣式。所以我確實認為今年我們處理這個問題的方式使我們能夠保持全價品牌的完整性。

Predominantly, our promotional opportunities for consumers have been around styles that we no longer intend to support, and particularly on a colorway basis. Even in styles that we support, there are colors that move really slow, we don't expect to bring back.

我們向消費者提供的促銷機會主要圍繞著我們不再打算支持的款式，特別是在配色方面。即使在我們支援的樣式中，也有一些顏色變化非常緩慢，我們不希望恢復。

And so that's a helpful aspect to how we've managed the promotional cadence. I feel like we've been fairly surgical, despite the fact that we've had to increase the depth of promotion as well as to some degree, their frequency.

因此，這對於我們如何管理促銷節奏很有幫助。我覺得我們的做法相當精準，儘管事實上我們必須增加促銷的深度以及某種程度的頻率。

And as we get into next year, that's going to be a helpful foundation for us to win people back. The approach that we're taking is essentially based on two factors. One is that we'll have a much better assortment and new innovation coming to market. That's generally the best way to get a consumer back to full price.

當我們進入明年時，這將成為我們贏回人們的有用基礎。我們採取的方法主要基於兩個因素。一是我們將有更好的品種和新的創新進入市場。這通常是讓消費者恢復全額的最佳方式。

And then secondarily, we left some room this year by going fairly deep on our markdowns to work through the inventory that we can lighten the discount intensity. And so, we may have the same frequency, but the depth will be much shallower.

其次，我們今年透過相當深入的降價來處理庫存，從而減輕折扣強度，從而留出了一些空間。所以，我們可能有相同的頻率，但深度會淺得多。

And that's going to give us an opportunity to build some brand momentum, as well as inflect on gross margin in a fairly material way when you compound that with the cost savings we got from manufacturing changes.

這將使我們有機會建立一些品牌動力，並以相當實質的方式影響毛利率，當你將其與我們從製造變革中節省的成本結合起來時。

It's really helpful. Thank you, and best of luck.

這真的很有幫助。謝謝你，好運。

Thanks, Mark.

謝謝，馬克。

Tom Nikic, Wedbush Securities.

韋德布希證券公司的湯姆‧尼基奇 (Tom Nikic)。

Hey, everybody, thanks for taking my question. Obviously, there's been a big pullback in marketing this year, given the transition of the product assortment. But how should we think about the need to reinvest in marketing, I guess, in 2024 and beyond when you have the new products that you're developing in place and using marketing to reignite the top line?

嘿，大家好，謝謝你提出我的問題。顯然，由於產品種類的轉變，今年的行銷活動出現了大幅下滑。但我想，在 2024 年及以後，當您擁有正在開發的新產品並利用行銷來重新點燃營收時，我們應該如何考慮對行銷進行再投資的必要性？

Thanks, Tom. There so when we have the fresh product assortment coming, and particularly if we're using promotion less as a lever, price as less of a lever, we're going to want to spend on marketing and invest behind strength.

謝謝，湯姆。因此，當我們推出新鮮產品時，特別是如果我們減少促銷作為槓桿，減少價格作為槓桿，我們將希望在行銷上投入資金並投資於實力。

What we want to do is focus that on the core franchises, so that we continue to build a lot of equity around those core models, and that's the work we're embarking on. So that is one element that we'll look at in 2024 and beyond.

我們想要做的是將重點放在核心特許經營上，以便我們繼續圍繞這些核心模型建立大量股權，這就是我們正在進行的工作。這是我們在 2024 年及以後關注的因素。

I would say that another key factor for you to consider is the model still over the coming years will be intended to drive leverage on our marketing as a percent of sales. And a large part of that is about the channel mix in the business.

我想說，您需要考慮的另一個關鍵因素是，未來幾年的模型仍將旨在提高我們的行銷佔銷售額的百分比。其中很大一部分與業務中的通路組合有關。

So as we shift to international from direct distributors, that's a much more significant leverage because we don't support those markets with marketing dollars anymore, and similarly, on the wholesale side, just has a much smaller marketing spend as a percent of the overall sales. So that's one aspect of driving leverage in the long term.

因此，當我們從直接分銷商轉向國際市場時，這是一個更重要的槓桿，因為我們不再用行銷資金支持這些市場，同樣，在批發方面，行銷支出佔總數的百分比要小得多銷售量。因此，從長遠來看，這是推動槓桿的一方面。

And then, finally, I'll just say that our brand has tremendous amounts of affinity with our core consumer. And people do really love the brand. We've seen that in all the work we do consistently with consumers, mirrored by the NPS scores we collect and the fact that we found consistently that people have a very high degree of desire to come back and consider buying again from us.

最後，我只想說，我們的品牌與我們的核心消費者有著巨大的親和力。人們確實很喜歡這個品牌。我們已經看到，在我們與消費者開展的所有工作中，我們收集的 NPS 分數以及我們始終發現人們非常願意再次購買我們產品的願望都反映了這一點。

So given that it creates this opportunity, where we do have opportunities to work with either people or brands that we can partner with in the future, and some of those opportunities, it's hard to sometimes predict how well they come off, but some of them can be really catalytic.

因此，考慮到它創造了這個機會，我們確實有機會與我們未來可以合作的人或品牌合作，其中一些機會，有時很難預測它們的效果如何，但其中一些機會可以真正起到催化作用。

And given that we have such a differentiated offering to the marketplace and a differentiated message, we get to go in the doors with some pretty compelling opportunities and rest assured that we're working on those very regularly.

鑑於我們向市場提供瞭如此差異化的產品和差異化的信息，我們將獲得一些非常引人注目的機會，並且請放心，我們正在定期致力於這些機會。

Thanks very much, [and best of luck to you].

非常感謝，[祝你好運]。

Krista Zuber, TD Cowen.

克里斯塔·祖伯，TD·考恩。

Hi, thanks for taking our question. This is Krista on for John Kernan. Two questions, first, just a modeling question on the distributor economics. Just a clarification on the transition impact to revenues. I think you're guiding to -- I think it's $2.5 million impact to revenues in Q4 for Canada and South Korea.

您好，感謝您提出我們的問題。這是約翰‧克南 (John Kernan) 的克里斯塔 (Krista)。有兩個問題，第一，關於經銷商經濟學的建模問題。只是澄清過渡對收入的影響。我認為您的指導是——我認為這對加拿大和韓國第四季的收入產生了 250 萬美元的影響。

Should that be the run rate we use for the next few quarters until we anniversary the transition? And should we expect the Australia, New Zealand, and Japan revenue impact to be roughly double than that since their representation of revenue is somewhat higher? And I have one follow-up. Thanks.

這應該是我們在接下來的幾個季度使用的運行率，直到我們過渡週年紀念日嗎？我們是否應該預期澳洲、紐西蘭和日本的收入影響大約是這數字的兩倍，因為它們的收入佔比較高？我還有一個後續行動。謝謝。

Great. Thank you for the question, really appreciate it. The impact for Canada and Korea in Q4 is very much related to it being the first full quarter that they are on the distributor model. So no, we would not expect that to be the overall runway going forward. We do, as we get into 2024, plan on giving additional color and guidance for the full year related to how this is going to overall impact the business.

偉大的。謝謝你的提問，我真的很感激。第四季對加拿大和韓國的影響很大程度上與它們採用分銷商模式的第一個完整季度有關。所以不，我們不希望這成為未來的整體跑道。進入 2024 年，我們確實計劃為全年提供額外的色彩和指導，以了解這將如何對業務產生整體影響。

When we think about the way that we're going to sell into these distributors, pricing will vary based on the exact quantity and mix. But directionally, a good way to think about the revenue per unit is that we're going to sell in with a gross margin that's naturally below both DTC and typical wholesale margins.

當我們考慮向這些經銷商銷售產品的方式時，定價將根據確切的數量和組合而有所不同。但從方向上看，考慮每單位收入的一個好方法是，我們將以自然低於 DTC 和典型批發利潤的毛利率進行銷售。

And we do anticipate very strong flow-through to the bottom line based on the low operating expenses in this model. And therefore, we expect to generate contribution margins north of 20% with this new international model.

基於此模型的低營運費用，我們確實預計將有非常強勁的利潤流入。因此，我們預計透過這種新的國際模式將產生超過 20% 的邊際貢獻。

Okay, great. Thanks. And then just one philosophical question on the margin profile long term. Just would love to get your thoughts on how you see the long-term gross margin and adjusted EBITDA margin potential within the construct of the execution of this transformation plan. Thank you.

好的，太好了。謝謝。然後是一個關於長期利潤狀況的哲學問題。只是想了解您如何看待執行此轉型計劃的長期毛利率和調整後的 EBITDA 利潤率潛力。謝謝。

Yeah. We're not going to want to go into too many long-term details when we're in the throes of this. I can tell you, we still target a gross margin in our direct business in the US of targeting 60% gross margin, and a lot of the work we've done so far is tracking towards that.

是的。當我們陷入困境時，我們不想討論太多長期細節。我可以告訴你，我們在美國的直接業務的毛利率目標仍然是60%，而且我們迄今為止所做的許多工作都是朝著這個目標邁進。

So that's an important element there. And you can see gross margin naturally transition across the channels, albeit at different levels. But the cost savings that we're generating this year are certainly applicable across channel.

所以這是一個重要的因素。您可以看到毛利率在不同管道之間自然過渡，儘管水平不同。但我們今年節省的成本肯定適用於整個通路。

So that's the most I'd probably say at this point. And we'll think about how to get back to you all in terms of what we expect for next year, what we expect for 2025, and give you a longer-term picture as we get into 2024 and beyond.

這就是我此時最想說的話。我們將考慮如何向大家回饋我們對明年的期望、對 2025 年的期望，並在進入 2024 年及以後時向你們提供更長期的願景。

Great. Thanks. Best of luck.

偉大的。謝謝。祝你好運。

This concludes the question-and-answer session. I would now like to turn it back to management.

問答環節到此結束。我現在想把它轉回給管理階層。

Thanks, everyone. I'll just close with a few comments. I should just say, our team is laser focused on profitability and driving high-quality sales, even if it does mean sacrificing growth at times. And while we do that, we do intend to seek growth opportunities across products and channels that drive elevated levels of profit.

感謝大家。我將以一些評論作為結束。我只想說，我們的團隊專注於盈利能力和推動高品質銷售，即使這有時確實意味著犧牲成長。在我們這樣做的同時，我們確實打算在產品和通路中尋找成長機會，以提高利潤水平。

And the incremental progress we're making is building on an already strong brand foundation. And we expect it to compound into strong shareholder returns in the future.

我們正在取得的漸進進步是建立在已經強大的品牌基礎上的。我們預計它將在未來轉化為強勁的股東回報。

So thanks for your continued interest in Allbirds as we move through quarter after quarter through this transformation and do the great work we're doing. And we look forward to wrapping up the year with you and looking out to '24 in a few months. Thanks.

因此，感謝您對 Allbirds 的持續關注，我們每個季度都在經歷這一轉型，並做出了我們正在做的偉大工作。我們期待與您一起結束這一年，並展望幾個月後的 24 週年。謝謝。

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。這確實結束了該程式。您現在可以斷開連線。