Allbirds Inc (BIRD) 2023 Q4 法說會逐字稿

Good day, and thank you for standing by and welcome to the Allbird's Fourth Quarter 2023 earnings conference call.

美好的一天，感謝您的耐心等待並歡迎參加 Allbird 2023 年第四季度收益電話會議。

(Operator Instructions) Please be advised that today's conference is being recorded.

（操作員指示）請注意，今天的會議正在錄製中。

I would now like to hand the conference over to your first speaker today Christine Greany with The Blueshirt Group.

現在，我想將會議交給今天的第一位演講者、The Blueshirt Group 的 Christine Greany。

Please begin.

請開始。

Good afternoon, everyone, and thank you for joining us.

大家下午好，感謝您加入我們。

With me on the call today are Joey Zwillinger, CEO; Joe Vernachio, COO; and Annie Mitchell, CFO.

今天與我一起參加電話會議的是執行長 Joey Zwillinger；喬‧韋爾納奇奧，營運長；和財務長安妮·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. 2024 guidance targets, impact and duration of external headwinds, strategic transformation plan and related planned efforts go to market strategy plans, transitions to a distributor model in certain international markets, anticipated distributor model arrangements, expected profitability, cost savings targets, gross margin estimates, product plans, time lines and expectations.

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。 2024年指導目標、外部不利因素的影響和持續時間、戰略轉型計劃和相關計劃工作進入市場戰略計劃、在某些國際市場向分銷商模式過渡、預期分銷商模式安排、預期盈利能力、成本節約目標、毛利率估計、產品計劃、時間表和期望。

Third party Perbio strategy, marketing strategy and other matters referenced in our earnings release issued today.

我們今天發布的財報中提到了第三方 Perbio 策略、行銷策略和其他事項。

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 September 30, 2023.

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的義務為了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，包括我們截至2023 年9 月30 日的季度的10-Q 表格季度報告。

For a more detailed description of the risk factors that may affect our results.

有關可能影響我們結果的風險因素的更詳細描述。

Also, during this call, we'll discuss non-GAAP financial measures that adjust our GAAP results to eliminate the impact of certain items.

此外，在這次電話會議中，我們將討論非公認會計原則財務指標，這些指標調整我們的公認會計原則結果，以消除某些項目的影響。

These non-GAAP items should be used in addition to and not as a substitute for any GAAP results.

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。

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, if applicable in today's earnings release.

您將在今天的收益發布中找到有關這些非公認會計原則財務指標的更多信息，以及這些非公認會計原則指標與其最直接可比的公認會計原則指標在合理範圍內的調節表（如果適用）。

With that, I'll turn the call over to Joe to begin the formal remarks.

接下來，我會把電話轉給喬，讓他開始正式講話。

Thanks, Christine, and welcome, everyone.

謝謝克里斯汀，歡迎大家。

As we concluded 2023 with Q4 results at the higher end of our expectations, marking the fourth consecutive quarter of meeting or exceeding our guidance with strong execution towards reshaping the business under our strategic transformation plan.

2023 年第四季的業績超出了我們的預期，這標誌著我們連續第四個季度達到或超越了我們的指導，並根據我們的策略轉型計劃重塑了業務。

This being my last earnings call at the helm of our group is a big moment for me, both professionally and personally, I'm incredibly proud of what Tim and I helped create over the last nine years.

這是我掌舵我們集團的最後一次財報電話會議，對我來說是一個重要時刻，無論是在職業上還是個人上，我對蒂姆和我在過去九年裡幫助創造的東西感到非常自豪。

I am also incredibly pleased with the renewed foundation we've established through our transformation work over the past year, not least of which being the incredible management team we recruited to lead this next chapter of revitalization and growth.

我也對我們透過過去一年的轉型工作所建立的新基礎感到非常滿意，其中最重要的是我們招募了令人難以置信的管理團隊來領導復興和成長的下一個篇章。

Zooming out for a moment, I want to remind everyone about our higher-level opportunity, Allbirds, make shoes that are timeless and versatile and style and innovative.

稍微縮小一下範圍，我想提醒大家注意我們更高層次的機會，Allbirds，生產永恆、多功能、風格和創新的鞋子。

In the nature of materials.

在材料的性質上。

We use blend of our unique approach to design and materials creates a highly differentiated offering that our consumer feels immediately on their slip-on shoes.

我們將獨特的設計方法和材料結合，創造出高度差異化的產品，讓我們的消費者立即感受到他們的一腳蹬鞋。

The consumer we target a group called the change makers, represents approximately 20 million people in the US on applying the sharpest definition.

我們針對的消費者是一個稱為「變革者」的群體，按照最明確的定義，該群體代表了大約 2000 萬美國人。

And when we include closely adjacent demographic group, this group grew to approximately 68 million people, only about 5% of that 68 million target.

當我們將緊鄰的人口群體納入時，該群體人數成長到約 6,800 萬人，僅佔 6,800 萬人目標的 5% 左右。

It purchased our products since our inception and the per capita average of eight pairs of shoes per year.

自我們成立以來，它就購買我們的產品，人均每年購買8雙鞋。

The untapped potential of this group constitutes a tremendous market opportunity for Albert in the US alone, judged by our consumer views and NPS.

從我們的消費者觀點和 NPS 來看，這群人尚未開發的潛力僅在美國就為 Albert 帶來了巨大的市場機會。

We know that people who tried our products with Walter, the challenge.

我們知道，與 Walter 一起嘗試我們產品的人面臨著挑戰​​。

We are tackling now to raise awareness of the brand and compel this group to buy.

我們現在正在努力提高品牌知名度並迫使這群人購買。

We're delivering a great product and storytelling.

我們正在提供出色的產品和故事。

I will get back to product and marketing in a moment as it is the most essential aspect of our transformation to revitalize momentum on the brand this year.

我稍後會回到產品和行銷，因為這是我們今年轉型重振品牌動力的最重要方面。

However, before we can bring our refreshed product line to market as we expect to begin in earnest later, this year and invest behind those introductions with breakthrough marketing, we had to clean up our business in just one year's time.

然而，在我們能夠將更新的產品線推向市場（我們預計將在今年稍後開始）並透過突破性行銷來投資這些產品之前，我們必須在短短一年的時間內清理我們的業務。

We have fundamentally changed and strengthened our underlying operating model.

我們從根本上改變並加強了我們的基本營運模式。

Touching all critical aspects of the business, including our store portfolio, international marketplace, manufacturing efficiency and cost structure.

涉及業務的所有關鍵方面，包括我們的商店組合、國際市場、製造效率和成本結構。

And we closed out 2023 with our inventory in a clean and healthy position in terms of both composition and absolute volume of finished goods across all channels.

2023 年結束時，我們的庫存在所有通路的成品成分和絕對數量方面都處於清潔和健康的狀態。

This new foundation enables us to drive durable profit as we grow in the years ahead.

這個新的基礎使我們能夠在未來幾年的發展中獲得持久的利潤。

I'll give you a quick review of what our flock delivered in the 1st year of our transformation.

我將向您快速回顧我們的羊群在轉型第一年所取得的成果。

First and foremost, we cleaned up inventory clearing through underperforming legacy products and reducing our inventory levels by 51% year over year.

首先也是最重要的是，我們透過表現不佳的舊產品來清理庫存，並將庫存水準年減 51%。

As a result, we entered 2024 with a healthy mix of core franchise goods and the ability to lean into the fresh product innovation coming later this year.

因此，當我們進入 2024 年時，擁有核心特許經營商品的健康組合，並有能力在今年稍後推出新鮮產品創新。

Relatedly, we significantly improved our rate of full year operating cash use and ended the year in a strong cash position, providing us with the financial flexibility to continue executing our strategic transformation plan and now invest in profitable growth.

與此相關的是，我們顯著提高了全年營運現金使用率，並在年底保持了強勁的現金狀況，為我們提供了財務靈活性，可以繼續執行我們的戰略轉型計劃，並現在投資於盈利增長。

The third area of success is cost discipline.

第三個成功領域是成本控制。

We delivered cost of goods and SG&A savings compared to our run rate at the end of 2022, keeping us on track to achieve the 2025 cost reduction targets we had previously communicated.

與 2022 年底的運作率相比，我們實現了商品成本和銷售管理費用 (SG&A) 的節省，使我們有望實現先前傳達的 2025 年成本削減目標。

Fourth, we secured pathways for four of our international regions to transition to a more profitable go-to-market strategy via distributors, Canada and South Korea transitioned in Q3, while Japan and Australia and New Zealand are expected to transition later this year.

第四，我們確保了四個國際地區透過經銷商過渡到利潤更高的進入市場策略的途徑，加拿大和韓國已在第三季過渡，而日本、澳洲和紐西蘭預計將在今年稍後過渡。

The final aspect of improving the operating model is related to our work to balance and optimize the US marketplace.

改進營運模式的最後一個面向與我們平衡和優化美國市場的工作有關。

Related to that, we have signed or anticipate signing agreements to close 10 to 15 underperforming stores in the US, all of which are expected to close during calendar 2024.

與此相關的是，我們已經簽署或預計簽署協議，關閉美國 10 至 15 家表現不佳的商店，所有這些商店預計將在 2024 年期間關閉。

While the groundwork for profitable growth is now laid, there will be short term revenue impact in 2024 as a result of these transformative activities between store closures and the shift to a more capital efficient go to market strategy in the international regions.

雖然獲利成長的基礎已經奠定，但由於關閉商店和國際地區轉向更資本效率的市場策略等變革性活動，2024 年的收入將受到短期影響。

Our guidance for the year contemplates between $32 million to $37 million of revenue impact in 2024.

我們對今年的指導預計 2024 年的收入影響將在 3,200 萬至 3,700 萬美元之間。

Andy will walk through the implications of these actions in detail.

安迪將詳細介紹這些行動的影響。

The important takeaway is that we're doing what's right for the business.

重要的一點是，我們正在做適合業務的事情。

And this part of our journey is in service of driving long term, profitable growth well into the future.

我們旅程的這一部分是為了推動未來的長期獲利成長。

Stores remain a highly effective way to meet new customers and drive omnichannel purchasing and omnichannel purchasing is the most profitable consumer journey we can generate with their lifetime values far surpassing single channel repeat customers.

商店仍然是結識新客戶和推動全通路購買的高效方式，全通路購買是我們可以創造的最具利可圖的消費者旅程，其終身價值遠遠超過單一通路回頭客。

As we focus on renewing brand momentum and driving sustained growth in the US, we are leaning into our most efficient stores in key cities where we want to win.

當我們專注於更新品牌動力並推動美國市場的持續成長時，我們正在向我們希望獲勝的主要城市投入最高效的商店。

The wholesale channel also represents an important vehicle for Albert one that can help us build awareness for the brand while further balancing the marketplace we have always envisioned wholesale as a large portion of our long-term channel mix and continue to see that in the future, offering a major growth vector for us, which we expect to drive solid contribution margin and increase awareness, all coinciding with our objective to introduce consumers to our refreshed product line around our Iacon for our international regions.

批發通路也是 Albert one 的重要工具，可以幫助我們建立品牌知名度，同時進一步平衡市場，我們一直將批發視為我們長期通路組合的很大一部分，並繼續看到在未來，為我們提供了一個主要的成長載體，我們希望能夠推動穩定的邊際貢獻並提高知名度，所有這些都與我們向消費者介紹圍繞Iacon 面向國際地區更新的產品線的目標相一致。

I want to recognize that this is one of the more complex aspects of our transformation plan.

我想認識到，這是我們轉型計劃中較為​​複雜的方面之一。

And to that end, Andy will provide a detailed walk-through on the economics of these transitions and the related P&L impact.

為此，安迪將詳細介紹這些轉型的經濟性以及相關的損益影響。

We have secured partnerships in four key regions with additional regions and process.

我們在四個關鍵地區與其他地區和流程建立了合作夥伴關係。

This was a significant task and one that the team affected quickly while prioritizing a premium brand presentation to consumers in these regions.

這是一項重要的任務，團隊需要快速完成任務，同時優先考慮向這些地區的消費者展示優質品牌。

The distributor model carries multiple benefits, including improved profitability, inventory efficiency, reduce complexity in our U.S. headquarters and improve working capital in the early stages of the transition, there is a short-term headwind to growth, but the benefit is higher quality revenue with greater flow-through to the bottom line.

經銷商模式具有多種好處，包括提高盈利能力、庫存效率、降低我們美國總部的複雜性以及在轉型的早期階段改善營運資金，雖然存在短期增長阻力，但好處是更高質量的收入更大的流量流入底線。

Going forward, we expect to generate an approximately 20% contribution margins and the transition in new international regions through this model, with the capability built to effectively serve distributors in international markets, we are now pursuing opportunities to enter new regions, including Southeast Asia, the Gulf Coast country, and to localizing key regional marketplaces across Continental Europe.

展望未來，我們預計將產生約20%的邊際貢獻，並透過這種模式向新的國際地區轉型，憑藉有效服務國際市場分銷商的能力，我們現在正在尋求進入新地區的機會，包括東南亞、墨西哥灣沿岸國家，以及歐洲大陸主要區域市場的本地化。

We expect to share news of these growth opportunities in the near future in the UK, we expect to maintain a direct distribution model as we see big opportunity to win in London, which we view as a strategically important market for other regions where we have made significant inroads.

我們預計在不久的將來在英國分享這些成長機會的消息，我們預計將維持直接分銷模式，因為我們看到在倫敦獲勝的巨大機會，我們認為倫敦對於我們已開展業務的其他地區具有重要的戰略意義。重大進展。

We will also add wholesale in the UK to drive the growth with the heavy lifting of last year complete and a clean inventory backdrop, our teams have amplified their focus on driving long-term profitable growth.

我們還將在英國增加批發業務，以推動成長。在去年完成的繁重工作和乾淨的庫存背景下，我們的團隊更加重視推動長期獲利成長。

The most critical aspect and the final step in our transformation is to revive brand momentum and reignite top-line growth.

我們轉型中最關鍵的方面和最後一步是重振品牌動力並重新激發營收成長。

The path to do so is through delivery of a relentless flow of compelling product, coupled with resonant stories and change makers with our approach to innovation, leveraging a franchise offense with embellishments and distortions to our icons.

實現這一目標的途徑是提供源源不斷的引人注目的產品，加上引起共鳴的故事和變革者，以及我們的創新方法，利用對我們的圖標進行修飾和扭曲的特許經營進攻。

We intend to drive newness while maintaining high SKU productivity.

我們打算在保持高 SKU 生產力的同時推動創新。

Given we started this transformation in the beginning of 2023 and have typical lead times of 15 to 18 months from concept to consumer.

鑑於我們在 2023 年初開始這項轉型，從概念到消費者的交付週期通常為 15 至 18 個月。

We are on track to begin delivering this refreshed product line in late Q2 of this year.

我們預計在今年第二季末開始交付這項更新的產品線。

Our first test of this strategy was with the release of the wall runner two this past November, which was our most successful launch in over a year.

我們對這項策略的第一次測試是在去年 11 月發布的《牆跑者 2》中，這是我們一年多來最成功的發布。

And while just in initial tests with relatively minor aesthetic adjustments, the success of this product has given us clear indication of how we can differentiate from others in our category and deliver products that our consumers will come back for time and time again, you'll see our first major innovation of 2024 around an icon in April when we plan to launch the trigger on Argo, who will follow that with additional innovations specifically designed to address our opportunity with women change makers in Q three, in conjunction with the new life ingested into the product line.

雖然只是在初步測試中進行了相對較小的美學調整，但該產品的成功向我們清楚地表明了我們如何能夠從我們類別中的其他產品中脫穎而出，並提供我們的消費者會一次又一次回來的產品，您將4 月份，我們計劃在Argo 上啟動觸發器，見證2024 年圍繞圖標的首次重大創新，隨後將推出專門設計的其他創新，以解決我們在第三季度與女性變革者合作的機會，並結合新生命的攝取進入產品線。

You should also expect investments in brand marketing later this year and that growing awareness.

您還應該期待今年稍後對品牌行銷的投資以及不斷提高的意識。

The focus of these investments will be to introduce new consumers to the brand and drive full price sales as they progress through the funnel with mid and longer-term impact extending into 2025.

這些投資的重點將是為該品牌引入新消費者，並在他們通過漏斗的過程中推動全價銷售，並將中長期影響延續到 2025 年。

Our aided awareness is estimated to be just 15% in the US, illustrating the big opportunity to showcase our beloved products to new consumers.

在美國，我們的輔助認知度估計僅為 15%，這說明向新消費者展示我們喜愛的產品是一個巨大的機會。

In support of this effort, we have significantly elevated the horsepower on the creative side of our business.

為了支持這項努力，我們顯著提高了業務創意的馬力。

In December, we appointed Kelly Olmstead as our Chief Marketing Officer as well as Adrian nine and as our Chief Design Officer.

12 月，我們任命 Kelly Olmstead 為首席行銷官，並任命 Adrian 9 為首席設計長。

Both of these individuals bring incredible track record and decades of experience in footwear and apparel.

這兩個人都在鞋類和服裝領域擁有令人難以置信的業績記錄和數十年的經驗。

Adrian helped deliver an enhanced creative vision through his work as an adviser last fall and since joining as our Chief Design Officer, has accelerated our work towards a cohesive approach to our franchise offense.

阿德里安（Adrian）去年秋天作為顧問，幫助實現了增強的創意願景，自加入我們的首席設計官以來，加速了我們為特許經營進攻採取凝聚力的方法的工作。

Kelly is refining the messaging to match the elevated product offering and bolstering efforts with the digital first influencer program to build awareness and relevancy.

凱利正在完善訊息傳遞，以匹配提升的產品供應，並透過數位第一影響者計畫加強努力，以建立知名度和相關性。

With this superb design and marketing leadership in place ahead of our upcoming product cycle.

在我們即將到來的產品週期之前，憑藉著出色的設計和行銷領導力。

We're eager to create the renewed consumer excitement and margin expansion, what we anticipate on the horizon from these leaders, and he has been successful in driving the operating and financial discipline.

我們渴望創造新的消費者興奮和利潤擴張，這是我們對這些領導者的期望，他在推動營運和財務紀律方面取得了成功。

We have demonstrated through her role as our CFO since joining early last year.

自去年初加入以來，她作為財務長的角色就證明了這一點。

And finally, I'll speak about Joe Vernacho, who, as our COO, played an integral role in the success of the first year of our transformation efforts, along with some other longer-term team members, we have assembled the best executive team in the history of the Company with a world-class team in place.

最後，我要談談Joe Vernacho，作為我們的首席營運官，他在我們轉型工作第一年的成功中發揮了不可或缺的作用，與其他一些長期團隊成員一起，我們組建了最好的執行團隊在公司歷史上，擁有世界級的團隊。

I am proud to hand over the reins to Joe to be our next Chief Executive Officer.

我很自豪將權力移交給喬，成為我們的下一任執行長。

Joe and I have developed a strong partnership over the past three years has steadily increased the scope of his responsibility, not only as an exceptional retail operator, but I learned that Joe's appetite and ability to drive positive outcomes has increased with each expansion to, as will be the product executive at heart, but a human center leader who pragmatically focuses on driving outcomes for the company and its shareholders.

喬和我在過去三年中建立了牢固的合作夥伴關係，穩步擴大了他的責任範圍，不僅是作為一名出色的零售運營商，而且我了解到喬的胃口和推動積極成果的能力隨著每次擴張而增強，本質上將是產品主管，但也是以人為本的領導者，務實地專注於為公司及其股東帶來成果。

I'm thrilled to welcome Joe as our next year and as a member of our Board of Directors will sit alongside them and continue to support and rebuilding momentum behind the Aalberts brand.

我很高興歡迎喬作為我們的下一年成員，作為我們的董事會成員，我將與他們並肩作戰，繼續支持和重建 Aalberts 品牌背後的動力。

Joe, congratulations on that.

喬，恭喜你。

Pass it over to you to share a bit about your background and your initial priorities.

將其傳遞給您，分享一些有關您的背景和您最初的優先事項的資訊。

Thank you, Joey.

謝謝你，喬伊。

I'm excited and honored to be stepping into this role and look forward to getting to know our analysts and investors in the upcoming quarters.

我很高興也很榮幸能夠擔任這一職務，並期待在接下來的幾季中結識我們的分析師和投資者。

This transition marks a high point in my career, which began in 1987 at Patagonia and it was during those early years that I developed a passion for creating exceptional products.

這一轉變標誌著我職業生涯的一個高峰，我的職業生涯始於 1987 年，在巴塔哥尼亞，正是在那些早年，我對創造卓越產品產生了熱情。

I honed my skills in product development, operations and merchandising over decades, working with several iconic brands such as Nike, Calvin Klein and The North Face and orchestrated the turnaround at Mountain Hardwear.

幾十年來，我與 Nike、Calvin Klein 和 The North Face 等多個標誌性品牌合作，磨練了產品開發、營運和行銷方面的技能，並精心策劃了 Mountain Hardwear 的扭虧為盈。

I joined Allbirds nearly three years ago, attracted by its potential to become a lasting iconic brand, led by its lifestyle positioning, commitment to sustainability and inherent consumer down since June 2021.

我於近三年前加入 Allbirds，被其成為持久標誌性品牌的潛力所吸引，其生活方式定位、對永續發展的承諾以及自 2021 年 6 月以來固有的消費者下降為主導。

I've had the pleasure of working side-by-side with Joe. Initially, I was tasked with establishing operational excellence across various functions, including distribution, inventory and manufacturing, while leading our global commercial activities in digital stores and wholesale as a key player in our operational transformation, I have been able to apply my turnaround experience to our inventory reduction, international transition and retail optimization.

我很高興與喬並肩工作。最初，我的任務是在各個職能部門（包括分銷、庫存和製造）建立卓越的運營，同時作為我們運營轉型的關鍵參與者，領導我們在數位商店和批發領域的全球商業活動，我已經能夠將我的周轉經驗應用於我們減少庫存、國際轉型和零售優化。

Most recently, I took charge of our product engine where I installed Adrian, as our Chief Design Officer.

最近，我負責我們的產品引擎，並任命阿德里安為首席設計長。

Together, we are building a world-class design team as the year progresses.

隨著時間的推移，我們正在共同打造一支世界級的設計團隊。

We look forward to sharing more about our vision of the 2025 product line as I step into the CEO role, I'm pleased that we have structured the business to deliver profitable growth in the years ahead, consistent with the pillars under our strategic transformation plan in the near term, I will be prioritizing these four areas.

當我擔任執行長時，我們期待更多地分享我們對 2025 年產品線的願景，我很高興我們的業務結構能夠在未來幾年實現盈利增長，這與我們戰略轉型計劃的支柱相一致短期內，我將優先考慮這四個領域。

Number one is product, ensuring we have a steady flow of compelling product that resonates with the consumer is paramount to my strategy.

第一個是產品，確保我們擁有源源不絕的、能引起消費者共鳴的、引人注目的產品，這對我的策略至關重要。

We believe a combination of focusing on our iconic footwear and incorporating seasonal collection is a recipe for delivering more what our consumers love about offers.

我們相信，將重點放在我們的標誌性鞋履和融入季節性系列相結合，是為我們的消費者提供更多喜愛的產品的秘訣。

Number two is brand messaging that delivers a clear connected narrative at both the brand and product level that results in increased consumer awareness.

第二是品牌訊息傳遞，在品牌和產品層面提供清晰的相互關聯的敘述，進而提高消費者的認知度。

Third is developing a robust US marketplace.

第三是發展強大的美國市場。

This includes growing full-price sales in our digital channel, optimizing our own retail performance and steadily growing our wholesale channel with key partners such as REI, Nordstrom and Dick's Sporting Goods.

這包括增加我們數位通路的全價銷售、優化我們自己的零售業績以及與 REI、Nordstrom 和 Dick's Sporting Goods 等主要合作夥伴穩步發展我們的批發通路。

We believe there's tremendous growth opportunity in the wholesale channel for our brands.

我們相信我們品牌的批發管道存在巨大的成長機會。

Fourth is expanding our international business, primarily through distributors.

第四是擴大我們的國際業務，主要是透過經銷商。

Partnering with these in-region experts can help us extend our reach and drive greater brand awareness in both existing and new geographies over time.

隨著時間的推移，與這些地區內的專家合作可以幫助我們擴大影響力，並在現有和新的地區提高品牌知名度。

As you can tell, my priorities are about driving growth.

如您所知，我的首要任務是推動成長。

We have significantly improved our business model and reduced our cost structure over the past year.

過去一年，我們顯著改進了業務模式並降低了成本結構。

And now it's time to regain momentum with our customer and position the brand to return to growth in 2025.

現在是時候與我們的客戶重拾動力，讓品牌在 2025 年恢復成長。

As we turn to this next chapter, we are fortunate to have incredible people across the organization who are passionate about the brand dedicated to our purpose and committed to win.

當我們轉向下一章時，我們很幸運在整個組織中擁有令人難以置信的人才，他們對品牌充滿熱情，致力於我們的目標並致力於獲勝。

Now I'll pass the call to Annie to discuss the financials and our outlook for 2020.

現在我將把電話轉給 Annie，討論我們的財務狀況和 2020 年的前景。

Thanks, Joe, and good afternoon, everyone.

謝謝喬，大家下午好。

We're pleased to report our fourth consecutive quarter of both operational and financial progress.

我們很高興地報告我們連續第四個季度的營運和財務進展。

Our Q4 results came in at the high end of our guided range on the top line and ahead of our expectations on the adjusted EBITDA line.

我們第四季度的業績處於我們指導範圍的高端，並且超出了我們對調整後 EBITDA 線的預期。

We also delivered significant progress across inventory and cash with inventory reduced by half versus a year ago and operating cash use down both sequentially and year over year.

我們在庫存和現金方面也取得了重大進展，庫存比去年同期減少了一半，營運現金使用量連續和年減。

Fourth quarter revenue of $72 million declined 14.5%, reflective of our actions to continue clearing through non-core product and reduced marketing events.

第四季營收為 7,200 萬美元，下降 14.5%，這反映了我們繼續透過非核心產品進行清算和減少行銷活動的行動。

Gross margin came in at 38.0% compared to 43.1% a year ago.

毛利率為 38.0%，去年同期為 43.1%。

This was in line with our expectations and was inclusive of our planned promotional activity, which allowed us to end the year in a healthy inventory position.

這符合我們的預期，並且包含了我們計劃的促銷活動，這使我們能夠在年底保持健康的庫存狀況。

The impact of promotions more than offset cost of goods savings resulting from lower outbound freight.

促銷的影響遠遠抵消了出境運費降低所節省的貨物成本。

Looking at expenses, SG&A, excluding stock-based compensation and depreciation and amortization, came in better than we expected on both the sequential and year-over-year basis.

從支出來看，SG&A（不包括股票薪酬以及折舊和攤提）的環比和年比均優於我們的預期。

This reflects lower personnel expense as well as ongoing cost discipline.

這反映了人員費用的降低以及持續的成本控制。

In 2024.

2024年。

We expect SG&A dollars to be down year over year as we realize the full year impact from previous workforce reductions and capture partial year savings related to 2024 store closures in international transition.

我們預計 SG&A 美元將同比下降，因為我們意識到先前裁員對全年的影響，並考慮了與國際轉型中 2024 年關閉商店相關的部分年度節省。

Turning now to Q4 marketing expense, we were up sequentially from Q3 and which was in line with our plans to increase spend in support of the holiday selling season as well as our whole runner to March.

現在轉向第四季度的營銷費用，我們比第三季度連續增長，這符合我們增加支出以支持假日銷售季以及我們到三月份的整個運行的計劃。

Looking at 2024, we expect marketing spend to be down largely associated with our international transitions with planned incremental investments in the U.S. and the Bakken.

展望 2024 年，我們預計行銷支出將下降，很大程度上與我們的國際轉型以及計劃在美國和巴肯的增量投資有關。

Moving to the balance sheet and cash flow.

轉向資產負債表和現金流量。

We delivered another solid quarter of progress on inventory and cash and ended the year in strong financial condition.

我們在庫存和現金方面又取得了堅實的季度進展，並以強勁的財務狀況結束了這一年。

Year end, inventories totaled $58 million, that's down 51% versus a year ago and reflects the cleanup of non-core colors and styles, which allowed us to enter 2024 with healthy levels and composition.

截至年底，庫存總額為 5800 萬美元，比一年前下降 51%，這反映出非核心顏色和款式的清理，這使我們能夠以健康的水平和成分進入 2024 年。

Our progress on reducing inventories, coupled with strict control of expenses enabled us to narrow our Q4 operating cash use to $4.7 million versus $8.4 million a year ago.

我們在減少庫存方面取得的進展，加上對費用的嚴格控制，使我們能夠將第四季度的營運現金使用量從一年前的 840 萬美元縮小到 470 萬美元。

On a full year basis, operating cash use was $30 million, down significantly from $91 million in 2022.

全年營運現金使用量為 3,000 萬美元，較 2022 年的 9,100 萬美元大幅下降。

We closed the year with $130 million of cash and cash equivalents and no outstanding borrowings on our $50 million revolver, providing us with the runway and financial flexibility to execute our strategic transformation plan after a year in which we converted a significant amount of inventory into cash.

我們在這一年結束時擁有1.3 億美元的現金和現金等價物，並且5000 萬美元的左輪手槍沒有未償還的借款，這為我們在將大量庫存轉換為現金的一年後執行我們的戰略轉型計劃提供了跑道和財務靈活性。 。

We anticipate that the operating cash use will naturally increase in 2024 compared to 2023.

我們預計，與 2023 年相比，2024 年的營運現金使用自然會增加。

We're proud of our strong execution in 2023.

我們為 2023 年的強勁執行力感到自豪。

We did the hard work to achieve our goals and put us on the path to rightsizing our cost structure.

我們付出了艱苦的努力來實現我們的目標，並使我們走上了調整成本結構的道路。

Importantly, we're tracking to the COGS and SG&A savings targets we laid out a year ago.

重要的是，我們正在追蹤我們一年前製定的銷貨成本和銷售管理費用節省目標。

As a reminder, our 2025 target includes $20 million to $25 million of cost of goods savings on a volume neutral basis to 2022 and $15 million to $20 million of SG&A savings on an annualized basis as compared to our run rate at the end of 2022 as you referenced earlier in the call, we're taking actions this year designed to position the business to return to top-line growth in 2025 and set us up to deliver profitability in future years.

提醒一下，我們 2025 年的目標包括到 2022 年按數量中性計算節省 2,000 萬至 2,500 萬美元的貨物成本，與 2022 年底的運行率相比，按年計算節省 1,500 萬至 2,000 萬美元的 SG&A您先前在電話會議中提到，我們今年將採取行動，旨在使業務在2025 年恢復營收成長，並為我們在未來幾年實現盈利做好準備。

Now I'll walk you through the financial impact of two key initiatives.

現在，我將向您介紹兩項關鍵舉措的財務影響。

First, we're optimizing our US store portfolio for the exit of certain underperforming leases.

首先，我們正在優化我們的美國商店組合，以退出某些表現不佳的租賃。

We are focused on four-wall EBITDA profitability and anticipate that a leaner portfolio will enable us to improve fleet profitability, working capital and inventory.

我們專注於四面牆 EBITDA 獲利能力，並預計更精簡的投資組合將使我們能夠提高機隊獲利能力、營運資金和庫存。

Following a rigorous fleet review, we are planning to close 10 to 15 stores in 2024, representing a one-third of the portfolio conjunction with the closures.

經過嚴格的門市審查後，我們計劃在 2024 年關閉 10 至 15 家門市，佔關閉門市數量的三分之一。

We expect to incur onetime cash charges to settle these leases largely in the first half of the year.

我們預計將在今年上半年產生一次性現金費用來結算這些租賃。

Turning now to our international go-to-market strategy.

現在談談我們的國際市場進入策略。

One of our objectives today is to educate our analysts and investors on the modeling implications and related P&L impact resulting from our transition to a distributor model in the majority of our international markets.

我們今天的目標之一是讓我們的分析師和投資者了解我們在大多數國際市場向經銷商模式轉型所產生的建模含義和相關損益影響。

Conceptually, the best way to think about each line item is as follows.

從概念上講，考慮每個行項目的最佳方式如下。

Starting with net sales from a high-level perspective, we are replacing direct sales to the consumer with sales to the distributors at a lower price, similar to a wholesale model following a large initial inventory buy as part of an asset purchase agreement.

從高層次的角度來看，從淨銷售額開始，我們正在以較低的價格向分銷商銷售，取代對消費者的直接銷售，類似於作為資產購買協議一部分的大量初始庫存購買後的批發模式。

Volumes remain low for the first quarter, so and then begin building in the next quarter.

第一季的銷售量仍然較低，因此在下一個季度開始增加。

While the distributors will buy from us each quarter we anticipate volume purchases in Q2 and Q4 will be proportionately higher due to seasonality.

雖然分銷商每季都會向我們購買，但由於季節性原因，我們預計第二季和第四季的採購量將成比例增加。

Margin and profit profile is also similar to a wholesale model and that gross margin is lower than our direct business and SG&A and marketing expense business, we anticipate that gross margin will be approximately 15-percentage-points to 20-percentage-points below total company margin and in-region SG&A and marketing costs will reduce to a nominal amount.

利潤率和利潤狀況也與批發模式類似，毛利率低於我們的直接業務、SG&A 和行銷費用業務，我們預計毛利率將比公司總毛利率低約 15 個百分點至 20 個百分點利潤率以及區域內的銷售、行政管理費用和行銷成本將減少至名目金額。

Taken together, this represents in-region savings of approximately $14 million on an annualized basis.

總而言之，這意味著該地區每年可節省約 1,400 萬美元。

Additionally, our in-region CapEx will be de minimus for added context we will leverage global creative investments at the corporate level and maintaining limited operational costs within our headquarters, which will be included in total company SG&A from a bottom-line perspective, despite lower gross margins with minimal overhead in these regions, they are expected to be immediately profitable and period average contribution margin of approximately 20%.

此外，我們的區域內資本支出將是微不足道的，因為我們將在公司層面利用全球創意投資，並在總部維持有限的營運成本，從底線角度來看，這將包含在公司總體銷售及管理費用中，儘管較低這些地區的毛利率較低，管理費用極低，預計可立即獲利，期間平均貢獻利潤率約為 20%。

Additionally, from a working capital perspective, the new model is expected to unlock inventory efficiency and drive improvement in working capital to further assist with your understanding of our international transition and progress against our strategic transformation.

另外，從營運資金的角度來看，新模型有望釋放庫存效率，推動營運資金的改善，進一步幫助您了解我們的國際轉型和策略轉型的進展。

At the conclusion of this call, we will be posting supplemental materials to our Investor Relations website under quarterly results.

在本次電話會議結束時，我們將在投資者關係網站的季度業績項下發布補充資料。

The financial guidance we're providing today reflects a full year of operations under the new distributor model for two regions, Canada and South Korea, and approximately half of your contributions for other regions transitioning or expected to transition this year to assist with your modeling efforts for the first year of transition, we are also providing a revenue outlook for each of the US and the international geographies for the full year in 2024, revenue is expected to be in the range of $190 million to $210 million.

我們今天提供的財務指導反映了加拿大和韓國這兩個地區在新經銷商模式下全年的營運情況，以及您對其他地區轉型或預計今年轉型的貢獻的大約一半，以協助您的建模工作對於過渡的第一年，我們也提供了美國和國際地區2024 年全年的收入展望，收入預計在1.9 億美元至2.1 億美元之間。

This reflects the headwind of $32 million to $37 million related to our strategic actions to close US stores and transition our international markets to a more profitable distributor model.

這反映了與我們關閉美國商店並將國際市場轉向利潤更高的分銷模式的戰略行動相關的 3200 萬至 3700 萬美元的逆風。

Stepping back and looking at the underlying business, excluding these two near-term headwinds, we believe the inventory cleanup in 2023 will enable us to return to more full-price selling in 2024.

退後一步，看看基礎業務，排除這兩個近期不利因素，我們相信 2023 年的庫存清理將使我們能夠在 2024 年恢復更多全價銷售。

We believe this is the right approach for the brand, but we recognize there may be a natural lag for the consumer after responding to our promotional messages and offers last year to that end, the low end of our guidance reflects trends down in the mid teens.

我們相信這對品牌來說是正確的方法，但我們認識到，去年消費者對我們的促銷信息和優惠作出回應後可能會出現自然滯後，我們指導的低端反映了十幾歲左右的下降趨勢。

The high end of our guidance reflects sales down mid singles, which assumes a modest improvement in consumer response to our new products and storytelling in the second half of the year.

我們指導的高端反映了中單曲銷售的下降，這假設下半年消費者對我們的新產品和說故事的反應略有改善。

Taking a look at revenue by geographical market, full year U.S. revenue is expected to be $150 million to $165 million and includes approximately $7 million to $9 million of impact resulting from our anticipated US store closures.

按地理市場劃分的收入來看，全年美國收入預計為 1.5 億至 1.65 億美元，其中包括我們預計關閉美國商店帶來的約 700 萬至 900 萬美元的影響。

Full year international revenue is expected to be $40 million to $45 million and includes approximately $25 million to $28 million of impact resulting from our anticipated transition to a distributor model in international markets.

全年國際收入預計為 4,000 萬至 4,500 萬美元，其中包括我們預計在國際市場向經銷商模式轉型帶來的約 2,500 萬至 2,800 萬美元的影響。

Gross margin is expected to be in the range of 42% to 45% and reflects a few key factors reduced promotional intensity compared to 2023, lower inbound and outbound freight and initial savings from our factory shift to Vietnam and material innovations.

毛利率預計在 42% 至 45% 之間，反映了與 2023 年相比促銷強度降低、進出境運費降低以及我們的工廠轉移到越南和材料創新帶來的初始節省等幾個關鍵因素。

These benefits are expected to be partially offset by lower gross profit from international regions that have transitioned or are planning to transition to a distributor model in 2024 full year adjusted EBITDA loss is expected to be in the range of $78 million to $63 million.

這些收益預計將被已轉型或計劃轉型為分銷商模式的國際地區的毛利下降所部分抵消，2024 年全年調整後 EBITDA 損失預計將在 7,800 萬美元至 6,300 萬美元之間。

Turning to Q1 guidance, first quarter revenue is expected to be in the range of $37 million to $42 million.

談到第一季指導，第一季營收預計在 3,700 萬美元至 4,200 萬美元之間。

That includes US revenue guidance of $28 million to $31 million and international revenue guidance of $9 million to $11 million.

其中包括 2,800 萬至 3,100 萬美元的美國收入指引和 900 萬至 1,100 萬美元的國際收入指引。

Adjusted EBITDA loss is expected to be in the range of $27 million to $23 million.

調整後的 EBITDA 損失預計在 2,700 萬美元至 2,300 萬美元之間。

As a reminder, during the first quarter, we'll be operating with two of our international regions already transitioned to distributor model, Canada and South Korea.

提醒一下，在第一季度，我們將在兩個已經轉變為經銷商模式的國際地區（加拿大和韓國）開展業務。

For added perspective, as you think about building your full year models, we expect top line trends to remain fairly consistent for the first three quarters of the year with seasonally driven improvements in Q4.

從更深入的角度來看，當您考慮建立全年模型時，我們預計今年前三個季度的營收趨勢將與第四季度季節性驅動的改善保持相當一致。

There are a number of factors driving anticipated trend line, including the transition of at least four international regions, store closures, tough comparisons to promotional activity in 2023 and consumer response to new product introductions as well as marketing investments we intend to make in the second half of the year.

推動預期趨勢線的因素有很多，包括至少四個國際地區的轉變、商店關閉、與 2023 年促銷活動的嚴格比較、消費者對新產品推出的反應以及我們打算在 2023 年進行的營銷投資半年。

Looking further ahead, achieving adjusted EBITDA profitability and positive cash flow on a full year basis remains our North Star.

展望未來，全年實現調整後 EBITDA 獲利能力和正現金流仍然是我們的北極星。

The timing to get there may take longer than anticipated.

到達那裡的時間可能比預期的要長。

We believe the actions we're taking this year will position the business to return to top-line growth in 2025 and feel confident that our transformation work is enabling us to build the operating model needed to drive profitable growth in future years.

我們相信，我們今年採取的行動將使業務在 2025 年恢復營收成長，並相信我們的轉型工作將使我們能夠建立推動未來幾年獲利成長所需的營運模式。

We appreciate your time this afternoon and look forward to reporting to you on our progress throughout 2024.

感謝您今天下午的寶貴時間，並期待向您報告 2024 年我們的進展。

Now I'll ask the operator to open the call for questions.

現在我將要求接線員打開提問電話。

Thank you.

謝謝。

(Operator Instructions)

（操作員說明）

Alex Straton, Morgan Stanley.

亞歷克斯‧斯特拉頓，摩根士丹利。

Hi.

你好。

Thank you for taking my question.

謝謝你回答我的問題。

This is Katie Delahunt on for Alex straighten.

這是凱蒂·德拉亨特 (Katie Delahunt) 為亞歷克斯拉直。

My first question is on we were surprised to see sales decline even when adjusting for store closures and Monash international transition.

我的第一個問題是，即使根據商店關閉和莫納什國際轉型進行調整，我們也驚訝地發現銷售額下降。

What's driving that decline?

是什麼推動了這種下降？

Is it just waiting for the new product to arrive in second half?

難道只是等待下半年新品的到來嗎？

Katy, it's nice to hear your voice again.

凱蒂，很高興再次聽到你的聲音。

And yes, when you're looking at our guidance is there are a number of factors impacting some of the quarterly trends as well as the overall numbers.

是的，當您查看我們的指導時，會發現有許多因素影響某些季度趨勢以及總體數字。

And we talked about the closing of the retail doors that did already start from in Q1 and the international markets and the two new ones will happen midyear.

我們談到了從第一季開始就已經開始關閉的零售大門和國際市場，而兩個新的大門將在年中發生。

And then where we expect there to be a growth to be coming from is the introductions of refreshed and compelling new products that will happen later this year and really as we're ramping up as we move into 2025.

然後，我們預計成長將來自今年稍後推出的更新且引人注目的新產品，實際上，隨著我們進入 2025 年，我們將加強。

And additionally, we are planning to coincide our marketing investment with the launch of those new products so in the first half of the year, we have all of the non-comp impacts and it is starting in the back half of the year with the introduction of new product that gives us excitement as we work our way into 2025.

此外，我們計劃將我們的行銷投資與這些新產品的推出相結合，因此在今年上半年，我們擁有所有非競爭影響，並且從下半年開始推出在我們邁向2025 年的過程中，一系列新產品讓我們興奮不已。

it makes sense.

這說得通。

And then just one was a little on US store closures.

然後只有一個是關於美國商店關閉的一點。

Is there any like specific like demographic trends are driving behind the ones that you're closing, like are they in more suburban markets, a certain size or any trends we should think about there?

是否有任何類似的特定人口趨勢正在推動您關閉的市場，例如它們是否位於更多郊區市場、一定規模或我們應該考慮的任何趨勢？

And yes, I would say the overwhelming theme to think about in the ones that we're closing for the year are really some of the newer ones that were designed with a little bit of a larger store footprint and probably best served with a more robust apparel offering.

是的，我想說的是，我們今年要關閉的商店中要考慮的壓倒性主題確實是一些較新的商店，這些商店的設計面積更大一些，並且可能最好配備更強大的服務。服裝產品。

And as we refocus product line really sharply on those iconic franchises in footwear, we wanted to make sure that the fleet was rightsized for the at go forward product as well as as well as just a great optimize U.S. marketplace that we're in the key cities that we need to win and we can balance out some of those other places with more robust wholesale distribution.

當我們將產品線重新集中在那些標誌性的鞋類特許經營權上時，我們希望確保車隊的規模適合未來的產品，以及我們處於關鍵地位的美國市場的巨大優化我們需要贏得這些城市，我們可以透過更強大的批發分銷來平衡其他一些地方。

Thank you.

謝謝。

Janine Stichter, BTRG.

珍妮·斯蒂克特，BTRG。

Thanks for taking my question was asked about the wholesale distribution.

感謝您提出有關批發分銷的問題。

You talked about it being a long term, a larger portion of your mix, what's needed to reaccelerate that there?

你談到這是一個長期的、佔你組合的很大一部分，需要什麼來重新加速這一點？

How should we think about timing and magnitude?

我們該如何考慮時間和幅度？

And maybe just remind us of where you are in that, what accounts here in and what the go-forward plan might look like?

也許只是提醒我們您處於什麼位置，這裡有哪些帳戶以及未來的計劃可能會是什麼樣子？

Thank you again.

再次感謝你。

Yes, I'll start us off here and then I'll kick it over to Joe. If you want to add something after the go forward?

是的，我將從這裡開始，然後將其交給喬。如果您想在繼續之後添加一些內容？

So you're just context wise, we had some nasty work to accomplish last year, and that was with a robust set of promotions and markdowns to make sure that we had a very healthy inventory to come into the year in 2024.

所以你只是從上下文來看，去年我們有一些令人討厭的工作需要完成，那就是一系列強有力的促銷和降價，以確保我們在 2024 年擁有非常健康的庫存。

So we did that.

所以我們就這麼做了。

And along the same time line, we were also refreshing the product line and moving things through the development cycle, which which really is going to start to hit in earnest in Q2 and beyond in 2024 and we think very, very optimistic about the back half of what's coming as improvement versus '23 and before I'm really excited about 2025.

同時，我們也更新了產品線，並推動了整個開發週期，這確實將在 2024 年第二季及以後開始真正發揮作用，我們對下半年非常非常樂觀與23 年以及之前相比，我對2025 年感到非常興奮。

So when we think about what we want to do with wholesale.

因此，當我們考慮批發業務時。

We want to be great partners there.

我們希望成為那裡的優秀合作夥伴。

And the biggest and most important element for our partners is to drive great sell-through and margin.

對我們的合作夥伴來說，最大和最重要的因素是提高銷售和利潤。

So we want to make sure that the right product on the shelves, and we're showing that fantastically for the consumer when we enter when we when we when we really push the acceleration in that channel.

因此，我們希望確保貨架上有正確的產品，當我們進入該管道時，當我們真正推動該管道的加速時，我們會向消費者出色地展示這一點。

And we do think it's a very big part of our business going forward.

我們確實認為這是我們未來業務的一個非常重要的部分。

We've always envisioned it being a sizable chunk when we had the right product to do that.

我們一直在設想，當我們擁有合適的產品來做到這一點時，它會成為一個相當大的塊。

So that is where we're headed.

這就是我們的前進方向。

But we did want to make sure to be cautious and not and not put product in the channel that we didn't think would resonate strongly with consumers and create a messy marketplace.

但我們確實希望確保保持謹慎，不要將產品放入我們認為不會引起消費者強烈共鳴的管道中，從而造成市場混亂。

So that's the that's the worst thing that could happen.

所以這就是可能發生的最糟糕的事情。

And so we are fairly prudent and cautious about making sure we have pulled back in that channel so that we can then reaccelerate and our partners are great to support us there, too.

因此，我們相當謹慎和謹慎地確保我們已經在該頻道中退出，以便我們能夠重新加速，我們的合作夥伴也非常樂意在那裡支持我們。

Joe, maybe you can just mention who were who were working closely and what you have in store moving parts.

喬，也許你可以只提及誰是誰在密切合作以及你儲存的移動部件。

And overall, I'm Janine, nice to meet you and hello from me as well.

總的來說，我是珍妮，很高興見到你，我也向你問好。

We believe that wholesale is a big component of our overall balanced US marketplace, along with our own digital and our own retail stores.

我們相信，批發以及我們自己的數位商店和零售商店是我們整體平衡的美國市場的重要組成部分。

And we think the opportunity in wholesale is quite significant for us as we move forward.

我們認為，隨著我們的前進，批發的機會對我們來說非常重要。

We purposefully held back last year for all the reasons Joey just described to make sure that we weren't putting product into the marketplace, knowing that we had to move through our own inventory.

去年，出於喬伊剛才描述的所有原因，我們有目的地推遲了採購，以確保我們不會將產品投入市場，因為我們知道我們必須透過自己的庫存進行轉移。

And we're really fortunate that we've got marquee and retailer partners to work with on a lot of brands would on our would be very fortunate to have the portfolio that we have.

我們真的很幸運，我們有很多品牌的大牌和零售商合作夥伴可以合作，我們將非常幸運擁有我們擁有的產品組合。

We are working directly with them and we'll be going on on a roadshow over the next series of months to reintroduce our product strategy.

我們正在與他們直接合作，我們將在接下來的幾個月內進行路演，以重新推出我們的產品策略。

Our ICON strategy our communication strategy to reinvigorate our selling with those retailers, and you should start to see products starting to come on line later in this year and early next year.

我們的 ICON 策略和溝通策略旨在重振我們與這些零售商的銷售，您應該開始看到產品在今年稍後和明年初開始上線。

Thanks.

謝謝。

So much for all the color and best of luck.

所有的顏色就到此為止，祝你好運。

Thank you.

謝謝。

Thank you.

謝謝。

Dylan Carden, William Blair.

迪倫卡登，威廉布萊爾。

Hey, thanks.

嘿，謝謝。

Kind of some boring ones here, but the breakout between retail and digital growth in the quarter and kind of curious how you're thinking about reporting go forward if you're going to start breaking out the wholesale distribution arm and just kind of look to maybe adjust our model

這裡有一些無聊的內容，但是本季度零售和數字增長之間的突破以及有點好奇你如何考慮報告繼續前進，如果你打算開始突破批發分銷部門並且只是期待也許調整我們的模型

and don't for the immediacy we're not going to be changing the way that we are sharing our segments in our estimation for this year, we're looking at guidance for US and international separately.

我們不會立即改變我們在今年的估計中分享細分市場的方式，我們將分別考慮美國和國際的指導。

We did that for the full year for Q1, I we understand that this shift international is going to be meaningful in terms of the modeling.

我們在第一季全年都這樣做了，我知道這種國際化的轉變對於建模將是有意義的。

So for this year, we do anticipate giving us our guidance in terms of reporting No, we do not intend to change our segments.

因此，今年，我們確實預計會在報告方面為我們提供指導。不，我們不打算改變我們的部門。

What quite yet you're not going to be breaking out retail and digital that we normally provide in a wholesale.

然而，您還不會突破我們通常以批發方式提供的零售和數位服務。

Okay.

好的。

Okay.

好的。

And then on gross margin, the guide kind of actually up on the year despite and maybe I could have misheard you, but despite the sort of the lower gross margin associated with that distributor models that simply because the offset on the promotion on cadence are missing there?

然後在毛利率方面，該指南實際上比今年有所上升，儘管也許我聽錯了，但儘管與分銷商模型相關的毛利率較低，這僅僅是因為缺少節奏促銷的抵消那裡？

yeah, so we do we are giving guidance and are expecting there to be margin improvement in 2024 over 2023.

是的，我們確實這樣做了，我們正在提供指導，並預計 2024 年的利潤率將比 2023 年有所改善。

And it's coming from a number of factors and the largest one being exactly as you just called out, the reduced promotional intensity compared to last year.

這是由多種因素造成的，其中最大的一個因素正如你剛才所說，與去年相比，促銷力度有所減弱。

Last year, we ended up doing a significant amount of promotions to rightsize our inventory, and we were very successful at doing that.

去年，我們最終進行了大量促銷活動來調整我們的庫存，我們在這方面非常成功。

As you can see from inventory being cut in half from a year ago.

從庫存比一年前減少一半可以看出。

We've since shifted back to more full-price selling time and the consumers responding when we give them freshness either through new product or color drops.

從那以後，我們又回到了更全價的銷售時間，當我們透過新產品或顏色下降給消費者帶來新鮮感時，消費者就會做出反應。

And so shifting back to full price is the largest.

因此，轉向全價是最大的。

The next is the lower freight expense and some of the initial cost savings from our fast factory shift to Vietnam and the material innovation and a little more color specifically on the freight.

其次是較低的運費以及我們將工廠快速轉移到越南以及材料創新和運費方面的更多色彩所節省的一些初始成本。

And these are result of the proactive efforts that we made last year to drive some savings and the inbound savings are coming from our redesigned shoe boxes and which are allowing for more efficient shipping and outbound savings are coming from a freight tender that we completed in 2023.

這些都是我們去年為節省一些費用而積極努力的結果，入境節省來自我們重新設計的鞋盒，這使得運輸更加高效，出境節省來自我們於 2023 年完成的貨運招標。

But you are correct that's going to be offset by the distributor model and the gross margin, and that is lower.

但你是對的，這將被經銷商模式和毛利率所抵消，而且毛利率較低。

However, with the OpEx and marketing being virtually zero.

然而，營運支出和行銷幾乎為零。

And this is a strategic decision that will overall improve the bottom line.

這是一個將全面提高獲利的策略決策。

And we expect the contribution margin around 20% coming from the international distributor business.

我們預期國際分銷業務的貢獻率約為20%。

Got it.

知道了。

And then sorry, last one and again, apologies if I sort of missed I heard you say it was going pretty quickly, but so the 190 to 10 revenue guide 30 to 37 miles from store closures, 25, 28 from distributor model shift.

然後抱歉，最後一次，再次抱歉，如果我有點錯過了，我聽到你說進展很快，但是因此 190 到 10 的收入指導距離商店關閉 30 到 37 英里，距離經銷商模型轉變 25、28 英里。

The midpoint of those two plus the midpoint of the guide would suggest actually that growth in sales, but the organic guide is sort of down mid 10s down mid-single digits.

這兩者的中點加上指南的中點實際上表明銷售額的成長，但有機指南有點下降了 10 多位數，下降了個位數。

And I know I'm missing something there, but can you tell me how you deal with it and yes, we definitely went through quickly.

我知道我錯過了一些東西，但是你能告訴我你是如何處理它的嗎？是的，我們確實很快就完成了。

We're trying to get a lot of messages across today.

今天我們試圖傳達很多訊息。

The total of retail and international is 32 to 37.

零售和國際的總數為 32 至 37。

That's made up of retail, yes, retail is 7 to 9 million and international is 25 to 28.

這是由零售組成的，是的，零售是 700 到 900 萬，國際是 25 到 28。

So I think there's a little bit double counting that you might have had going on there sounds about right.

所以我認為你可能已經進行了一些重複計算，這聽起來是正確的。

Okay.

好的。

Okay.

好的。

And then so the organic growth is down mid teens to down mid-single.

然後，有機成長就從十幾歲左右下降到單身人士左右。

Is the right way to think about that, correct?

思考這個問題的正確方法是嗎？

That's exactly right.

完全正確。

Okay, okay.

好吧好吧。

Thank you very much.

非常感謝。

Thank you.

謝謝。

(Operator Instructions)

（操作員說明）

Abbie Zvejnieks, Piper Sandler.

艾比·茲維涅克斯，派珀·桑德勒。

Okay.

好的。

I am on one just for Joe. Can you talk about the decision to step down.

我專門為喬準備了一件。能談談辭職的決定嗎？

And then I have a follow-up on SG&A.

然後我會對 SG&A 進行跟進。

Thank you.

謝謝。

Sure.

當然。

And we've been now a year into this transformation, and we're all quite happy with the progress, albeit not necessarily with the overall situation that we find ourselves in here.

我們現在已經進行這一轉變一年了，我們都對進展感到非常滿意，儘管不一定對我們所處的整體情況感到滿意。

And we're in this moment.

我們就在這一刻。

It's incredibly important to have the right leadership team in place, both through the various phases of a transformation.

在轉型的各個階段，擁有合適的領導團隊非常重要。

And Joe and I have been talking about this virtually since he joined the company almost three years ago now, but really in earnest over the last year as an opportunity to and get the best retail execution we possibly possibly could at the helm.

自從喬大約三年前加入公司以來，我和喬就一直在虛擬地談論這個問題，但在過去的一年裡，我們真的很認真地討論過這個問題，認為這是一個機會，讓我們能夠掌舵，獲得最好的零售執行力。

I think the timing is fantastic and Joe has proven to be an exceptionally capable leader and one that I personally thought was best suited to handle the transformation as we go forward here.

我認為時機非常好，事實證明喬是一位非常有能力的領導者，我個人認為他最適合在我們前進的過程中處理轉型。

So that that in particular was was the decision around myself and Joe, but I just want to underscore the fact that that we have we have work to do and that work is predominantly around driving growth.

因此，這尤其是我和喬做出的決定，但我只是想強調這樣一個事實，即我們還有工作要做，而這些工作主要是圍繞著推動成長。

And in order for us to do that.

為了讓我們做到這一點。

We have to get exceptional product teams in place and we have to have exceptional storytelling and we have to have the resources to bring to bear to invest behind those people.

我們必須擁有出色的產品團隊，我們必須有出色的故事敘述能力，我們必須有資源來投資這些人。

And fortunately, throughout this process, being a deliberate and methodical one, we have a balance sheet that's extremely healthy.

幸運的是，在整個過程中，我們深思熟慮、有條不紊，資產負債表非常健康。

And now we have an A-plus team in place and we think we have absolutely everything we need to.

現在我們擁有一支一流的團隊，我們認為我們絕對擁有我們需要的一切。

We need in order to accomplish this next phase, which is all about this return to growth and getting back on offense.

我們需要完成下一階段，這就是恢復成長和恢復進攻。

Maybe just as a follow-up to that for my SG&A question, and have you seen any like green shoots on some of the new products that you've put out recently?

也許只是作為我的 SG&A 問題的後續，您是否看到您最近推出的一些新產品出現了類似的萌芽？

I mean, we know that some of the performance tests didn't really connect with their consumer, but and then the newer product launches, have you seen those green shoots yet?

我的意思是，我們知道一些性能測試並沒有真正與消費者聯繫起來，但是隨著新產品的推出，您看到了那些萌芽了嗎？

Or is this still more of a 2025 story on products now we should see some in advance of that.

或者這更像是 2025 年的產品故事，現在我們應該提前看到一些內容。

I think we've already demonstrated a bit and maybe I'll let Joe speak to it and add a little color now on

我想我們已經演示了一些，也許我會讓喬發言並添加一點顏色

--

--

the we'll run or two is probably the best near-term example of our icon strategy coming to life.

我們將運行一兩次可能是我們的圖標戰略實現的近期最好的例子。

So it was our best launch that we've had in a number of years.

所以這是我們多年來最好的一次發布。

And the consumer really reacted strongly to the messaging and the positioning of that product and coming right behind it will be a product.

消費者對該產品的訊息和定位反應非常強烈，緊隨其後的將是一個產品。

We're calling the tree runner GO, which is kind of a sister product to that with more of a summer expression that we'll be launching in the near future.

我們將“tree runner GO”稱為“Tree runner GO”，它是我們將在不久的將來推出的帶有更多夏季表情的姊妹產品。

And we expect similar if not even greater results.

我們期待類似的結果，甚至更好。

The tree runner itself is our number one product in our in our total offering.

走樹者本身就是我們所有產品中的第一大產品。

We expect this new version of to do quite well, we'll have a couple of more coming out the balance of the year on the product.

我們預計這個新版本會表現得很好，我們將在今年餘下的時間裡推出更多版本。

We're calling the glider, which has a more active slant and is oriented more towards a went a female consumer, and then we've got a really strong Q4 offering coming right behind that.

我們稱之為滑翔機，它具有更積極的傾向，更面向女性消費者，然後我們在其後面提供了非常強大的第四季度產品。

So we're really excited about the offering that we've got coming this year and then the Icon strategy and the distortion of the icons coming through '25, we think are really going to propel our growth and drive full-price sales.

因此，我們對今年推出的產品感到非常興奮，然後是圖標策略和 25 年圖標的扭曲，我們認為這確實會推動我們的成長並推動全價銷售。

Got it.

知道了。

And on just the SG&A piece, can you talk a little bit more about is that the cadence of marketing one, you said some reinvestment in the second half.

就SG&A 而言，您能否多談談行銷節奏，您提到下半年進行了一些再投資。

Does that mean that marketing will grow year-over-year in the second half?

這是否意味著下半年行銷將年增？

Or will it still decline, but just at a lesser rate than the first?

或者它仍然會下降，但速度會比第一次下降？

When we're looking at marketing yeah, overall it would be down sorry, but overall it will be down and largely related to the international transition in terms of the overall timing and cadence of it.

當我們考慮行銷時，是的，總體而言，它會下降，抱歉，但總體而言，它會下降，並且很大程度上與國際轉型的整體時間和節奏有關。

And we do anticipate that each quarter will be down and the exact timing and the investment in marketing will happen in the back half of the year.

我們確實預計每季都會下降，確切的時間和行銷投資將在今年下半年發生。

But we haven't I've articulated it into exactly which month or quarter.

但我們還沒有將其明確地表述為哪個月份或哪個季度。

We want to make sure that we're supporting the product coming to life and it's a while will be in the back half of the year.

我們希望確保我們支持該產品的誕生，而這將在今年下半年進行。

And we do anticipate that each quarter will generally be down with potentially some changes in Q3 and Q4.

我們確實預計每季都會普遍下降，第三季和第四季可能會發生一些變化。

And Annie, maybe I can just add from a high-level perspective on just a slightly different way to think about it.

安妮，也許我可以從高層次的角度補充一點稍微不同的思考。

You can see in the supplemental deck, we put up some specific timing on the international transitions, and that really drives a lot of the overall decline in marketing so that should actually kind of help you pencil out the timing and some of the relative weighting of what you should expect from that decrease related to the switch of the go to market.

你可以在補充甲板上看到，我們對國際轉型提出了一些具體的時間安排，這確實導致了行銷整體下降的很大一部分，所以這實際上應該可以幫助你確定時間安排和一些相對權重。您應該從與進入市場的轉變相關的下降中期待什麼。

And then in the organic go-forward business, we really want to time the investment was in marketing to coincide with this refreshed product line coming out, and we're going to start getting back on offense there and really showcasing some of the strength of this product offering and just make sure we have the opportunity to meet all the new consumers who haven't even heard of Allbirds yet, and that's the biggest opportunity we probably have.

然後在有機前進業務中，我們真的希望在營銷方面進行投資的時間與更新的產品線的推出相一致，我們將開始在那裡進攻並真正展示一些實力並確保我們有機會認識所有尚未聽說過Allbirds 的新消費者，這可能是我們擁有的最大機會。

So that's that's starting in the back half and we'll hopefully get gained strength and continue to accelerate data center clients.

這就是從下半年開始的，我們希望能夠獲得力量並繼續加速資料中心客戶的發展。

Thank you.

謝謝。

Tom Nikic, Wedbush.

湯姆·尼基奇，韋德布希。

Hey, everybody.

嘿，大家。

I think pushed into my question on the Q3 call, you mentioned that you are still confident in getting to adjusted EBITDA profitability and free cash flow positive in 2025.

我認為在第三季電話會議上提出我的問題時，您提到您仍然有信心在 2025 年實現調整後 EBITDA 盈利能力和自由現金流為正值。

I mean, the do you still have confidence in that time line.

我的意思是，你對那個時間線還有信心嗎？

And I guess the reason why I ask is because there isn't much adjusted EBITDA improvement in the guidance for 2024 ourselves and even even working on the cost savings and stuff like that.

我想我問這個問題的原因是因為我們自己在 2024 年的指導中沒有太多調整後的 EBITDA 改進，甚至沒有致力於節省成本之類的事情。

Jim seems like a pretty long bridge across, but just kind of kind of right, right wrap my head around the time line of game profitability.

吉姆似乎是一座相當長的橋樑，但他讓我對遊戲獲利的時間線有了一定的了解。

Achieving adjusted EBITDA profitability does remain our North Star, and we anticipate that it may take longer than initially communicated.

實現調整後的 EBITDA 獲利能力仍然是我們的北極星，我們預計這可能需要比最初傳達的時間更長的時間。

We believe the transformation work that we've done to date, and we'll continue to do in 2024.

我們相信我們迄今為止所做的轉型工作，並將在 2024 年繼續進行。

And we've positioned the business to achieve top line growth in 2025.

我們已將業務定位為在 2025 年實現營收成長。

But this year, the deliberate strategic actions that we're taking are international and US store closures, we'll only see a partial year impact from these due to timing happening over the course of the year.

但今年，我們特意採取的戰略行動是關閉國際和美國商店，由於一年中發生的時間安排，我們只會看到這些措施對全年的部分影響。

And in 2025, we will benefit from the full year of profitability improvement, setting us up to drive long-term profitable growth, supported by the new product and marketing coming online later this year and as we ramp up into 2025.

到 2025 年，我們將受益於全年盈利能力的改善，在今年晚些時候上線的新產品和營銷以及進入 2025 年的過程中，我們將推動長期盈利增長。

Understood.

明白了。

And I guess as we think out to 2025, I mean, I guess there should still be some amount of headwind from a top line headwind from store closures and the international distributor transition drags you kind of wrap around?

我想，當我們展望 2025 年時，我想，商店關閉和國際經銷商轉型等帶來的營收逆風仍然會帶來一些阻力？

That is correct.

那是對的。

And when we do the quarterly comp year over year.

當我們逐年進行季度比較時。

We will continue to have noncomp impacts as we go into 2025.

進入 2025 年，我們將繼續產生非競爭影響。

But remember, these strategic actions actions are being made because they will be impactful and positive on the bottom line.

但請記住，採取這些策略行動是因為它們會對獲利產生影響和正面影響。

And so that's what we're focusing on as we go to 2025 is improving adjusted EBITDA.

因此，到 2025 年，我們重點關注的是改善調整後 EBITDA。

Understood.

明白了。

Thank you very much and best of luck this year.

非常感謝您，祝今年好運。

Thank you.

謝謝。

Dana Telsey, Telsey Advisory Group.

達納‧特爾西，特爾西諮詢小組。

Hi, good afternoon, everyone.

嗨，大家下午好。

As you think about your store base and the closing of 10 to 15, what is the right number of stores that you should have by eliminating these stores?

當您考慮您的商店數量以及關閉 10 到 15 家商店時，請透過消除這些商店您應該擁有多少商店？

What's the revenue impact and what's the cost impact that you see of those?

您認為這些對收入和成本的影響是什麼？

Thank you.

謝謝。

Thanks, Dana.

謝謝，達納。

And the overall impact to the top line this year is seven to $9 million.

今年對營收的整體影響為 700 至 900 萬美元。

That is largely based on about a half average of a half year convention with the door closures.

這很大程度上是基於大約半年的平均關門慣例的一半。

So we do expect the top line to have some non-comp impact as we go in to 2025.

因此，我們確實預計，隨著 2025 年的到來，營收將產生一些非公司影響。

And in terms of the cost savings, we believe that this change this year, again, largely a partial impact will be a range of positive $3 million to $5 million from closing these retail doors.

就節省成本而言，我們相信今年的這項變更在很大程度上會產生部分影響，因為關閉這些零售門將帶來 300 萬至 500 萬美元的正面影響。

And then again, that's approximately on a half-year convention, again, somewhere close, some have already closed and then some will continue to close over the course of Q2 and into a few in Q3.

再說一次，這大約是一個半年的會議，再次，在接近的地方，一些已經關閉，然後一些將在第二季度繼續關閉，並在第三季度進入一些。

Does that help, Dana?

這樣有幫助嗎，達納？

Yes.

是的。

And what is what's the go-forward number of stores that you should have from the existing base after that, what are you looking to regain in terms of doing?

之後您應該從現有基地擁有多少商店，您希望透過做什麼來重新獲得？

And then I think it's hard to put a number on that because as the as the base of customers who are aware of us and our purchasing our product expands, I think there's really big whitespace for the number of stores that could potentially potentially exist.

然後我認為很難給出一個數字，因為隨著了解我們和購買我們產品的客戶群的擴大，我認為可能存在的商店數量確實存在很大的空白。

So we need to revitalize momentum and get some relevance with those new consumers we meet and then we can start thinking about building stores.

因此，我們需要重振勢頭，並與我們遇到的新消費者建立一些聯繫，然後我們就可以開始考慮開設商店。

Again, I think the most important aspect there is just keep maintaining balance and where we should.

再說一次，我認為最重要的方面就是保持平衡以及我們應該在哪裡。

And we expect to have a lot of weapons at our disposal, including a much more robust wholesale offering.

我們預計將擁有大量武器可供使用，包括更強大的批發產品。

We have introduced products on Amazon, which has been really successful for us alongside our RDTC. channel.

我們在亞馬遜上推出了產品，這與我們的 RDTC 一起對我們來說非常成功。渠道。

So as we see the marketplace develop, it's going to be mostly about balance going forward and the rights, the right number of stores should should reveal itself as the business scales and we regain momentum, and that will be a geographic-specific decision.

因此，當我們看到市場的發展時，主要是關於未來的平衡和權利，隨著業務規模的擴大和我們重新獲得動力，適當的商店數量應該會顯現出來，這將是一個針對特定地理區域的決定。

And one we want to maintain with and drive great omnichannel purchase, but but do it in a very balanced way.

我們希望維持並推動全通路購買，但要以非常平衡的方式進行。

Thank you.

謝謝。

Thank you.

謝謝。

And this concludes the Q&A portion.

問答部分到此結束。

I'll now turn the call back over to Joe Vernachio for closing.

現在我將把電話轉回給 Joe Vernachio 結束。

Yeah, thank you, everyone, for joining us today.

是的，謝謝大家今天加入我們。

I'm incredibly energized by the opportunity ahead of us at all Bruce and really personally excited to get to meet and spend time with our analysts and investors in the coming months.

布魯斯（Bruce）對我們面前的機會感到無比興奮，我個人很高興能在未來幾個月與我們的分析師和投資者會面並共度時光。

Thank you very much.

非常感謝。

This concludes today's conference call.

今天的電話會議到此結束。

Thank you for your participation.

感謝您的參與。

You may now disconnect everyone have a wonderful day.

您現在可以斷開連接，祝大家有個愉快的一天。