Allbirds Inc (BIRD) 2024 Q1 法說會逐字稿

Good afternoon and thank you for standing by.

下午好，感謝您的支持。

At this time, I would like to welcome everyone to Allbirds First Quarter 2024 earnings conference call.

此時此刻，我歡迎大家參加 Allbirds 2024 年第一季財報電話會議。

(Operator Instructions) Thank you.

（操作員說明）謝謝。

I would now like to turn the call over to Christine Greene, Investor Relations.

我現在想將電話轉給投資者關係部的克里斯汀‧格林 (Christine Greene)。

Please go ahead.

請繼續。

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 Joe Vernachio, CEO; and Annie Mitchell CFO.

今天與我一起參加電話會議的是執行長 Joe Vernachio；和安妮米切爾財務長。

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 planned transition to a distributor model in certain international markets, anticipated distributor model arrangements and expected profitability, cost savings targets, gross margin estimates, product time lines and expectation.

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、策略轉型計畫和相關計畫工作、進入市場策略計畫在某些國際市場過渡到經銷商模式、預期經銷商模式安排和預期獲利能力、成本節約目標、毛利率估計、產品時間軸和期望。

Third party partnership 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的第三方合作夥伴策略、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.

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。

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.

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。

Please refer to our SEC filings, including our annual report on Form 10 K for the year ended December 31st, 2023.

請參閱我們向 SEC 提交的文件，包括截至 2023 年 12 月 31 日的年度 10 K 表格年度報告。

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.

應使用這些非 GAAP 項目。

In addition to and not as a substitute for GAAP results, we 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.

除了而非替代GAAP 結果之外，我們還將在今天的收益發布中找到有關這些非GAAP 財務指標的更多信息，以及這些非GAAP 指標與其最直接可比的GAAP 指標的調節表（在今天的收益發布中合理可用的範圍內）。

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

現在我將把電話轉給喬，讓他開始正式發言。

Hello, I'm pleased to be here today, hosting my first earnings call as CEO.

大家好，我很高興今天來到這裡，主持我作為執行長的第一次財報電話會議。

I've been in the seat for nearly 60 days, and it's been gratifying to see that our teams are coalesced around our Transformation Plan leaning into the tasks at hand and operating with purpose.

我擔任這個職位已經近 60 天了，很高興看到我們的團隊圍繞我們的轉型計劃團結起來，專注於手頭的任務並有目的地運作。

Today's headline is that we know what needs to be done and we're executing with urgency.

今天的標題是，我們知道需要做什麼，並且正在緊急執行。

We're pleased to share that first quarter results were in line with expectations, highlighted by our ability to achieve significant improvement in gross margin and narrow our adjusted EBITDA loss, despite a 28% sales decline.

我們很高興地告訴大家，第一季業績符合預期，儘管銷售額下降了 28%，但我們仍能夠實現毛利率的顯著改善並縮小調整後 EBITDA 損失。

We're delivering strong execution against the key pillars under our strategic transformation plan, which are reigniting product and brand, optimizing our US distribution and store profitability, transitioning to a distributor model in international markets and improving cost and capital efficiency.

我們正在針對戰略轉型計劃的關鍵支柱提供強有力的執行力，這些支柱包括重振產品和品牌、優化我們的美國分銷和商店盈利能力、向國際市場的分銷商模式過渡以及提高成本和資本效率。

We made substantial progress in this 1st year of our transformation with our initiatives across stores, distributor transitions and cost reductions well underway and generating benefits.

我們在轉型的第一年取得了實質進展，門市、經銷商轉型和成本削減等措施順利進行並產生了效益。

We have set up 2024 as a year to regain top line momentum through improved product and storytelling and position the brand for growth in 2025.

我們將 2024 年定為透過改進產品和講故事來重新獲得營收動力的一年，並為品牌在 2025 年的成長做好準備。

Among our strategic imperatives is the return to full price selling after a year of promotional activity.

我們的策略要務之一是在一年的促銷活動之後恢復全價銷售。

We recognized this shift will create near-term impact to sales, but we know it's the right decision for long-term health of the brand.

我們認識到這一轉變將對銷售產生短期影響，但我們知道這對品牌的長期健康發展是正確的決定。

In Q1, we had just one promotion, a planned event in March.

在第一季度，我們只進行了一次促銷活動，即計劃在三月舉行的活動。

Going forward, you can expect to see a similar cadence of limited promotion connected to consumer-driven moments throughout the year as we start to deliver a more robust offering of fresh updated product later this year, we believe the consumer will respond.

展望未來，隨著我們在今年稍後開始提供更強大的新鮮更新產品，您可以預期全年都會看到與消費者驅動的時刻相關的類似有限促銷節奏，我們相信消費者會做出回應。

We are laser focused on creating a cohesive icon strategy that celebrates and innovate upon the core franchises that Aalberts is known for and our customers love.

我們專注於創建一個有凝聚力的圖標策略，以慶祝和創新 Aalberts 聞名且深受客戶喜愛的核心特許經營權。

It has been encouraging to see some green shoots when we have brought new most recently, we introduced the latest edition of our runner franchise.

當我們最近推出新產品時，看到一些新芽令人鼓舞，我們推出了最新版本的跑步者係列。

The tree runner go fish to draws inspiration from one of our best-selling silhouettes with new innovations and upgrades.

樹跑者去釣魚，從我們最暢銷的款式之一中汲取靈感，進行了新的創新和升級。

It's still early for consumer feedback has been extremely positive with our customers responding well to the style color and comfort and our limited color drop to date leaves opportunity to bring additional newness in the coming months.

現在還為時過早，消費者的反饋非常積極，我們的客戶對款式顏色和舒適度反應良好，而且我們迄今為止有限的顏色下降為未來幾個月帶來更多新意留下了機會。

Initial conversion rates have been robust in both men's and women's and for the two week period subsequent to launch, it's the highest performing product we have seen in almost two years following the success of our renter to launch last November.

男裝和女裝的初始轉換率都很強勁，在推出後的兩週內，這是自去年 11 月我們的租賃者成功推出後近兩年來我們看到的表現最好的產品。

This tells us that our franchise offense strategy is resonating, and we have more to come for fall and holiday.

這告訴我們，我們的特許經營進攻策略正在引起共鳴，我們在秋季和假期還會推出更多策略。

Importantly, we are moving as quickly as possible to advance the product pipeline in 2025.

重要的是，我們正在盡快推進 2025 年的產品線。

The work being done now will be in market midyear, and we are thrilled with how our design direction is taking shape.

現在正在進行的工作將於年中投入市場，我們對設計方向的形成感到非常興奮。

We will be designing through consumer-led insights and storms and anchoring on core colors to meet the needs of our consumers throughout their day, their week and across the all through a very focused brand plan with a healthy inventory position and rejuvenated product design.

我們將透過以消費者為主導的洞察和風暴進行設計，並以核心顏色為基礎，透過一個非常集中的品牌計劃、健康的庫存狀況和煥然一新的產品設計，滿足消費者全天、每週以及整個過程的需求。

We are beginning to sharpen our brand position and marketing message.

我們開始強化我們的品牌地位和行銷訊息。

In the short term, we plan to keep our spend efficient as we begin to flow and updated product offerings during the second half of the year, we expect to make incremental investments in upper funnel marketing, broaden brand awareness and reach new customers.

短期內，我們計劃在下半年開始流動和更新產品，從而保持支出效率，我們預計將在漏斗上層行銷方面進行增量投資，擴大品牌知名度並吸引新客戶。

In parallel with our efforts to reignite our product and brand, we are taking actions to create a healthy, balanced US marketplace, which includes optimizing our store profitability and distribution.

在努力重振我們的產品和品牌的同時，我們正在採取行動創建一個健康、平衡的美國市場，其中包括優化我們商店的獲利能力和分銷。

We are on track with the store optimization initiative that we outlined last quarter.

我們正在實施上季概述的商店優化計劃。

We closed three US stores in Q1 and plan to close 10 to 15 underperforming US locations this year.

我們在第一季關閉了 3 家美國門市，並計劃今年關閉 10 至 15 家表現不佳的美國門市。

As we focus on maximizing the productivity of our remaining stores, we're encouraged that our efforts to drive conversion, including new visual merchandising strategies and enhanced selling culture are beginning to gain traction.

當我們專注於最大限度地提高剩餘商店的生產力時，我們為推動轉換所做的努力（包括新的視覺行銷策略和增強的銷售文化）開始獲得關注而感到鼓舞。

Wholesale is another critical channel where we can reach both new and existing customers in the near term, we will continue to be conservative to ensure that we don't over assort before we have a portfolio of resident products.

批發是我們可以在短期內接觸新客戶和現有客戶的另一個關鍵管道，我們將繼續保持保守態度，以確保在擁有常駐產品組合之前不會過度分類。

You've heard us say this previously but it bears repeating.

您之前已經聽我們說過這一點，但值得重複一遍。

We are fortunate to have exceptional partners in the wholesale channel, including Dick's Sporting Goods, Nordstrom and Aria.

我們很幸運在批發管道擁有出色的合作夥伴，包括 Dick's Sporting Goods、Nordstrom 和 Aria。

We intentionally pulled back the brand's presence in these doors in 2023 as we wanted to ensure that we could show up in this channel with a clean book of inventory and compelling product, we're now positioned to become better partners to them.

我們有意在 2023 年撤回該品牌在這些管道的存在，因為我們希望確保我們能夠以乾淨的庫存和引人注目的產品出現在這個管道中，我們現在準備好成為他們更好的合作夥伴。

We're moving forward with a long-term game plan to strengthen these relationships and deliver a compelling product offering that will excite our customers.

我們正在推動一項長期計劃，以加強這些關係，並提供令人信服的產品，讓我們的客戶興奮不已。

The decision to add Amazon as an additional digital marketplace last year is bearing fruit and outpacing our expectations.

去年將亞馬遜添加為額外數位市場的決定正在取得成果，並且超出了我們的預期。

This is a profitable extension of our reach and allows Allbirds to meet our customers where they are turning out to international.

這是我們業務範圍的一次有利可圖的延伸，讓 Allbirds 能夠滿足我們的國際客戶。

We have made substantial progress in a short period of time with our transition to a distributor model.

透過向經銷商模式的轉變，我們在短時間內取得了實質進展。

Canada and South Korea transitioned in Q3 of last year.

加拿大和韓國在去年第三季進行了轉型。

While Japan and Australia.

而日本和澳洲。

New Zealand are on track to transition in the next few months.

紐西蘭預計在未來幾個月內實現轉型。

Additionally, we are pursuing opportunities to localize key regional marketplaces throughout continental Europe.

此外，我們正在尋求機會將整個歐洲大陸的主要區域市場在地化。

We're also entering new regions and recently announced distribution agreements in the Gulf countries and Southeast Asia.

我們也進入了新的地區，並最近宣布了在海灣國家和東南亞的分銷協議。

By the end of 2024, we expect to have a much stronger expression of the Aalberts brand across key international geographies.

到 2024 年底，我們預計 Aalberts 品牌將在主要國際地區得到更強有力的表達。

Most importantly, we will be utilizing the knowledge, local marketplace expertise and wholesale capabilities of our distributors to drive scalable growth over the coming years.

最重要的是，我們將利用經銷商的知識、當地市場專業知識和批發能力來推動未來幾年的可擴展成長。

As Andy talked about last quarter.

正如安迪在上個季度談到的那樣。

We view 2024 as a stair-step as we transition these markets at different times throughout the year and make the trade-off necessary to generate high quality revenue that allows for stronger flow-through to the bottom line underlying all of our strategic actions, we're taking this cost discipline.

我們將2024 年視為一個階梯，因為我們將在一年中的不同時間過渡這些市場，並進行必要的權衡以產生高品質的收入，從而為我們所有戰略行動的底線提供更強勁的資金流，我們我們正在採取這種成本紀律。

We are rebuilding the wire frame of the company, making significant progress across the cost structure, inventory and cash to lay the groundwork to achieve profitability.

我們正在重建公司的框架，在成本結構、庫存和現金方面取得重大進展，為實現盈利奠定基礎。

This year, we'll begin to realize COGS savings resulting from our factory shifts and materials innovation, while also capturing operating expense savings from our workforce reductions, international transitions and store closures more on this shortly from Manny, our key areas of focus within our transformation pillars where our teams are executing this year are as follows returning our brand to full-price selling, creating a cohesive icon product strategy, refreshing our brand position and message, building a balanced U.S. marketplace across digital retail storefronts and wholesale, executing our international transitions and continuing to rightsize our cost structure.

今年，我們將開始實現工廠轉移和材料創新帶來的銷貨成本節省，同時還透過減少勞動力、國際轉型和關閉商店來節省營運費用，曼尼（Manny）將在不久的將來對此進行更多介紹，這是我們的重點關注領域我們的團隊今年執行的轉型支柱如下：將我們的品牌恢復全價銷售，制定有凝聚力的圖標產品戰略，刷新我們的品牌地位和信息，在數字零售店面和批發領域建立一個平衡的美國市場，執行我們的國際市場轉型並繼續調整我們的成本結構。

As I said earlier, we have our plan and we're executing with urgency.

正如我之前所說，我們已經制定了計劃，並且正在緊急執行。

We greatly appreciate the dedication of our teams and the support of our shareholders during this transformational time and Aalberts, we look forward to keeping you updated on our progress and driving value for all our stakeholders.

我們非常感謝我們團隊在這段轉型時期的奉獻精神和股東的支持，Aalberts 期待向您通報我們的最新進展以及為所有利害關係人帶來的價值。

In the quarters and years to come.

在未來的幾個季度和幾年裡。

Now I'll turn the call over to Andy to discuss the financial detail.

現在我將把電話轉給安迪討論財務細節。

And good afternoon, everyone.

大家下午好。

We're pleased to report a fifth consecutive quarter of operational and financial progress under our strategic transformation plan.

我們很高興地報告根據我們的策略轉型計劃連續第五個季度實現營運和財務進展。

Our first quarter performance reflects strong execution by our team with revenue meeting and adjusted EBITDA exceeding our guidance.

我們第一季的業績反映了我們團隊的強勁執行力，營收會議和調整後的 EBITDA 超出了我們的指導。

Notably, we delivered significant gross margin expansion and a 4% improvement in adjusted EBITDA on a 28% sales decline.

值得注意的是，我們的毛利率大幅成長，調整後 EBITDA 提高了 4%，而銷售額卻下降了 28%。

Q1 revenue totaled $39 million, primarily reflecting a few key factors lower overall demand levels and our strategic decision to return to full-price selling as well as the anticipated impact from our international distributor transition and retail store closures.

第一季營收總計 3,900 萬美元，主要反映了整體需求水準下降的幾個關鍵因素、我們恢復全價銷售的策略決策以及國際經銷商轉型和零售店關閉的預期影響。

Gross margin came in at 46.9%.

毛利率為46.9%。

That reflects 680 basis points of expansion versus a year ago as we start to realize the benefits from our strategic actions.

這反映了我們開始意識到策略行動帶來的好處，與一年前相比成長了 680 個基點。

This includes initial product cost savings related to our factory shifts and materials innovation, a healthier inventory position and a return to full price selling in our direct channel.

這包括與我們的工廠轉移和材料創新相關的初始產品成本節省、更健康的庫存狀況以及在我們的直接管道中恢復全價銷售。

Looking at the remainder of the year, we expect gross margin to be in the mid 40s with some moderation in Q4 due to planned seasonal promotions.

展望今年剩餘時間，我們預計第四季度的毛利率將在 40 多歲左右，但由於計劃中的季節性促銷活動，毛利率將有所放緩。

We also saw improvement in operating expenses, SG&A dollars, excluding stock-based compensation and depreciation and amortization totaled $32 million, down 1% versus prior year.

我們還看到營運費用、SG&A 美元（不包括股票薪酬以及折舊和攤提）的改善，總額為 3,200 萬美元，比上年下降 1%。

The results can primarily be traced to lower payroll and occupancy costs as well as ongoing cost discipline.

結果主要可以歸因於工資和占用成本的降低以及持續的成本控制。

This was partially offset by costs associated with our retail store closures and distributor transitions as planned.

這部分被我們按計劃關閉零售店和分銷商轉型相關的成本所抵消。

During the quarter, we closed three corporate stores in the US.

本季度，我們關閉了美國的三家企業商店。

We expect to close the next tranche of US stores in Q2 and early Q3, putting us squarely on track with our previously communicated plan for 10 to 15 closures in 2024.

我們預計將在第二季和第三季初關閉下一批美國商店，從而使我們完全按照先前傳達的 2024 年關閉 10 至 15 家商店的計劃走上正軌。

In connection with the store closings, we incurred onetime cash charges of $2 million in the quarter and expect to incur additional charges this year.

由於商店關閉，我們在本季一次性產生了 200 萬美元的現金費用，預計今年還會產生額外費用。

We expect to begin capturing incremental savings from our strategic actions around store closures and distributor transitions in the second half of the year, Q1 marketing expense came in at $8 million, step down sequentially and year over year in line with our plan to maintain conservative spend until we begin to flow in an expanded offering of new product in the second half of the year.

我們預計下半年將開始透過圍繞門市關閉和經銷商轉型的策略行動實現增量節省，第一季行銷費用為 800 萬美元，按我們維持保守支出的計劃逐年減少直到今年下半年我們開始提供更多新產品。

Additionally, and to a lesser degree, lower Q1 spend is reflective of our international distributor transition.

此外，在較小程度上，第一季支出的下降反映了我們的國際經銷商轉型。

We continue to expect full year marketing spend to be down versus 2023 with planned incremental investments in the US in the back half of 2024.

我們繼續預計全年行銷支出將比 2023 年下降，並計劃在 2024 年下半年在美國增加投資。

Moving to the balance sheet and cash flow, we are pleased to have a solid balance sheet as we progress through our strategic transformation.

轉向資產負債表和現金流，我們很高興在策略轉型過程中擁有穩健的資產負債表。

Inventories at the end of Q1 totaled $61 million.

第一季末的庫存總額為 6,100 萬美元。

That's down 45% versus a year ago and up 5% from year end, reflecting healthy levels of and competition following our successful reset in 2023.

與一年前相比下降 45%，與年底相比成長 5%，反映出我們在 2023 年成功重置後的健康水準和競爭。

We closed the quarter with $102 million of cash and cash equivalents and no outstanding borrowings under our $50 million revolver.

本季結束時，我們擁有 1.02 億美元的現金和現金等價物，並且 5000 萬美元的循環貸款下沒有未償還的借款。

Operating cash use was $26 million in the quarter and reflects a few key factors.

本季營運現金使用量為 2,600 萬美元，反映了幾個關鍵因素。

First, as a reminder, our working capital needs peak in Q1, which is the lowest revenue quarter of the year.

首先，提醒一下，我們的營運資金需求在第一季達到峰值，這是一年中收入最低的季度。

Next, we used approximately $4 million of cash to build inventory, including new products such as the three RenTelco as well as color updates to existing franchises.

接下來，我們使用了大約 400 萬美元現金來建立庫存，包括新產品（例如三個 RenTelco）以及現有特許經營的顏色更新。

And lastly, we deployed approximately $2 million to exit underperforming leases For added perspective and understanding of our cash flows in 2024.

最後，我們部署了約 200 萬美元來退出表現不佳的租賃，以增加對 2024 年現金流的看法和理解。

I want to highlight some important nuances that have a bearing on our full year cash use.

我想強調一些影響我們全年現金使用的重要細微差別。

First, when we transition to a new distributor, they purchase all of our inventory and assets in the region, which resulted in an initial infusion of cash.

首先，當我們轉向新的經銷商時，他們購買了我們在該地區的所有庫存和資產，這導致了最初的現金注入。

Next, we are beginning to see cost of goods benefits flow through the P&L and remain on track to achieve our savings target of $20 million to $25 million by 2025 on a volume neutral basis versus 2022.

接下來，我們開始看到商品成本效益流經損益表，並繼續按計劃實現到 2025 年（與 2022 年相比，數量中性）節省 2000 萬至 2500 萬美元的目標。

So we are buying inventory at a lower average cost compared to last year.

因此，與去年相比，我們以較低的平均成本購買庫存。

Therefore, inventory will continue to be a source of cash this year.

因此，庫存仍將是今年的現金來源。

Importantly, we continue to have runway and financial flexibility to execute our strategic transformation plan.

重要的是，我們繼續擁有跑道和財務靈活性來執行我們的策略轉型計劃。

We finished the quarter with inventories down 45%, gross margin, up 680 basis points and over $100 million of cash.

本季結束時，我們的庫存下降了 45%，毛利率上升了 680 個基點，現金超過 1 億美元。

We are reiterating our full year guidance as follows.

我們重申全年指引如下。

Revenue is expected to be in the range of $190 million to $210 million.

預計收入在 1.9 億至 2.1 億美元之間。

As we previously communicated, this reflects a headwind of $32 million to $37 million related to our strategic actions to close certain underperforming US stores and transition our existing international markets to more profitable distributor model.

正如我們之前所傳達的，這反映了與我們關閉某些表現不佳的美國商店並將我們現有的國際市場轉變為利潤更高的分銷商模式的戰略行動相關的3200 萬至3700 萬美元的逆風。

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.

全年國際收入預計為 4,000 萬至 4,500 萬美元，其中包括我們預期轉型帶來的約 2,500 萬至 2,800 萬美元的影響。

So distributor model in international markets.

所以國際市場上的經銷商模式。

Gross margin is expected to be in the range of 40% 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 shipped to Vietnam and material innovation.

毛利率預計在 40% 至 45% 範圍內，反映了與 2023 年相比促銷強度降低的幾個關鍵因素、較低的進出境運費以及我們工廠運往越南和材料創新的初始節省。

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

這些收益預計將被國際地區較低的毛利率所部分抵消，因為我們計劃在 2024 年轉向分銷商模式，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 Q2 guidance, second quarter revenue is expected to be in the range of $48 million to $53 million.

至於第二季指引，第二季營收預計在 4,800 萬美元至 5,300 萬美元之間。

That includes US revenue guidance of $35 million to $37 million and international revenue guidance of $13 million to $16 million.

其中包括 3,500 萬至 3,700 萬美元的美國收入指引和 1,300 萬至 1,600 萬美元的國際收入指引。

Adjusted EBITDA loss is expected to be the range of $20 million to $17 million.

調整後的 EBITDA 損失預計在 2000 萬美元至 1700 萬美元之間。

We're pleased with our solid start to the year and proud of the way our teams are executing as we continue on our path to transform the business and deliver long-term shareholder value.

我們對今年的良好開局感到滿意，並為我們團隊在繼續推進業務轉型和提供長期股東價值的道路上的執行方式感到自豪。

With that, I'll ask the operator to open the call to questions.

之後，我將要求接線員開始提問。

(Operator Instructions) Janine Stichter, BBIG.

（操作員說明）Janine Stichter，BBIG。

Please go ahead, everyone, and good afternoon.

請大家繼續，下午好。

I wanted to ask first off about the Warner too immature and Argo.

我首先想問華納的《Argo》太不成熟了。

It sounds like you've had to kind of early successful relaunches of prior product.

聽起來您必須儘早成功地重新推出先前的產品。

So any learnings from that?

那麼從中可以學到什麼嗎？

And maybe help us contextualize how important those were in terms of overall value?

也許可以幫助我們了解這些對整體價值的重要性？

And then anything you learned from those two launches that you'll be carrying forward into your strategy?

那麼您從這兩次發佈中學到了什麼，並將其運用到您的策略中？

Thank you.

謝謝。

Yes, hi, Tom.

是的，嗨，湯姆。

Thanks for turning the call and your question on the the tree runner go represents a really important step in our icon strategy on.

感謝您撥打電話，您對 Tree runner Go 的問題代表了我們圖標策略中非常重要的一步。

It's an example of how we're leaning into the runner franchise and just designed a different version of the shoe for the slightly different use occasion on not only is it attracting new customers.

這是一個例子，說明我們如何向跑步者專營權傾斜，並為略有不同的使用場合設計了不同版本的鞋子，這不僅是為了吸引新客戶。

And but it's also really important for us to prove to ourselves that we can add to these franchises and lift the entire franchise and that we have not seen any cannibalization within the franchise for across the line.

但對我們來說，向自己證明我們可以增加這些特許經營權並提升整個特許經營權，並且我們沒有看到特許經營權內出現任何跨線蠶食，這一點也非常重要。

And so this is the very early sign that our long term Eikon strategy is the right one and is one that will lift our entire business.

因此，這是我們的長期 Eikon 策略是正確的並將提升我們整個業務的早期跡象。

Now we just need to bring through all the rest of the product that we have in our pipeline.

現在我們只需要完成管道中所有其餘的產品。

Okay.

好的。

And then as you think about marketing support for some of that newer product in the back half of the year?

然後，當您考慮下半年對某些新產品的行銷支援時？

Just wanted to clarify, I think you have talked about building expense in the U.S.?

只是想澄清一下，我想您已經談到了在美國的建築費用？

I mean, should we still expect it to be down year over year just to a lesser degree?

我的意思是，我們是否仍然應該預期它會逐年下降，只是幅度較小？

Or would you expect it to start increasing on a year-over-year basis?

或者您預計它會開始逐年增加嗎？

And to name and when thinking about marketing spend and timing.

以及在考慮行銷支出和時機時的名稱。

And yes, we do anticipate overall marketing spend to be down and easy each quarter and for the full year will happen in the back half of the year as we'll start to get some of the savings from the next set of international transitions.

是的，我們確實預計每個季度和全年的整體行銷支出都會下降且輕鬆，這將在今年下半年發生，因為我們將開始從下一組國際轉型中獲得一些節省。

But that will be offset by the incremental investment that we plan to make really putting that towards upper funnel and driving awareness, especially as we bring some of these new products to market later this year and into 2025.

但這將被我們計劃進行的增量投資所抵消，我們計劃將其真正投入到上層管道並提高意識，特別是當我們在今年晚些時候和 2025 年將其中一些新產品推向市場時。

That's helpful color.

這是有用的顏色。

Thanks very much and best of luck.

非常感謝，祝你好運。

Thank you.

謝謝。

Alex Straton, Morgan Stanley.

亞歷克斯‧斯特拉頓，摩根士丹利。

Great.

偉大的。

Thanks for taking my questions.

感謝您回答我的問題。

I've got one for John and one for Andy.

我有一本給約翰，一本給安迪。

So Joe, welcome.

所以喬，歡迎。

I know you're newer to the CEO role.

我知道您是執行長職位的新人。

Maybe talk to us about what KPI.'s you're monitoring to measure success at the organization right now.

也許可以和我們談談您現在正在監控哪些 KPI 來衡量組織的成功。

And as you execute this turnaround and then for any maybe on the full year guidance, looks like it embeds an improvement in the revenue trend from the first quarter level.

當你執行這一轉變時，然後對於任何可能的全年指導，看起來它都反映了第一季收入趨勢的改善。

Can you just talk to us about what gives you confidence there and whether you believe the first quarter was more or less or maybe the same confidence in your ability or Allbirds to return to top line growth next year?

您能否與我們談談是什麼給了您信心？

Thanks a lot.

多謝。

Yes, I'll take that first part.

是的，我將接受第一部分。

Thank you.

謝謝。

On Allbirds DNA is to be a full-price brand.

Allbirds 的 DNA 就是成為一個全價品牌。

And I would say one of our number one KPI eyes is is our full-price selling and starting in January coming off of liquidating our inventory and getting our inventory healthy last year.

我想說，我們的首要關鍵績效指標之一是我們的全價銷售，並從一月份開始清理我們的庫存並保持去年的庫存健康。

I'm really happy with the results that we've seen returning back to full price and bringing back our customer as a full-price customer and especially against some of these new products like we just saw with the tree runner go, I would say that that's one of our key four indicators that were watching closely.

我對我們看到的恢復全價並將我們的客戶帶回全價客戶的結果感到非常滿意，尤其是針對我們剛剛在樹跑者身上看到的一些新產品，我想說這是我們密切關注的四個關鍵指標之一。

Great.

偉大的。

And to your question about sort of the cadence of quarterly sales year over year, but we anticipate that Q2 and Q3 will be relatively similar to Q1 in terms of year-over-year growth as we get into Q4, we do expect an uptick and there's a few reasons are a few puts and takes across each quarter between now and the end of the year we will continue to close doors largely in Q2 and in early Q3.

對於您關於季度銷售同比節奏的問題，但我們預計，隨著進入第四季度，第二季度和第三季度的同比增長將與第一季度相對相似，我們確實預計會有所上升，並且有幾個原因，從現在到今年年底，每季都會有一些看跌期權和看跌期權，我們將繼續在第二季和第三季初大部分關門。

And then in midyear, we anticipate transitioning and the additional international geographies, the bulk of those will be headwinds on the top line.

然後在年中，我們預計會出現轉型和更多的國際地區，其中大部分將成為營收的阻力。

But as we get farther into the year is when we will be bringing some of those additional products to market.

但隨著今年的深入，我們將把其中一些額外產品推向市場。

And then again, putting the marketing dollars behind them to support those launches.

然後，再次投入行銷資金來支持這些產品的發布。

So a couple of things dampening the top line and then to be offset by our overall commitment and strategy around product and brand.

因此，有一些因素削弱了營收，然後被我們圍繞產品和品牌的整體承諾和策略所抵消。

Great.

偉大的。

Thanks a lot.

多謝。

(Operator Instructions) Dylan Carden, William Blair.

（操作員說明）迪倫卡登、威廉布萊爾。

Thanks.

謝謝。

And I guess some modeling Thanks for all the color on the cash flow statement.

我猜是一些模型，感謝現金流量表上的所有顏色。

Did you in that mentioned CapEx for the year.

您是否在其中提到了今年的資本支出？

I did not mention CapEx.

我沒有提到資本支出。

And the main reason why I did not is that it's going to be extremely minimal since we've stopped opening doors.

我沒有這樣做的主要原因是，自從我們停止開門以來，這將是極小的。

That was really the place where we used to spend CapEx.

這確實是我們過去花費資本支出的地方。

And so it will be almost immaterial for the rest of the year.

因此，在今年剩下的時間裡，這幾乎無關緊要。

If you run rate first quarter, is that the right way to kind of think about it or even lower than that?

如果你計算第一季的利率，這是正確的思考方式還是比這個更低？

If I were to look at Q1 in terms of OpEx, Caemi to make CapEx, excuse me, I think that's fair to use that as a general run rate.

如果我從營運支出、Caemi 的角度來看待第一季的資本支出，對不起，我認為將其用作一般運行率是公平的。

Yes, And do you anticipate you're going to give the store closures for the year?

是的，您預計今年會關閉商店嗎？

Do you anticipate at the end of this to have any international owned stores on once you kind of we at that business.

一旦您了解我們的業務，您是否預計最終會開設任何國際專賣店？

Yes, so if we look at our overall retail base internationally, and we will continue to operate stores, specifically in the UK.

是的，所以如果我們看看我們在國際上的整體零售基礎，我們將繼續經營商店，特別是在英國。

And we will continue to look at our overall European marketplace and evaluate the potential for stores in conjunction with our shift to a distributor model in some portions of the EU.

我們將繼續關注整個歐洲市場，並結合我們在歐盟某些地區轉向經銷商模式來評估商店的潛力。

Got it.

知道了。

And last one on OpEx come this time kind of taking the guidance $15 million to $20 million steady state revenue kind of leaves you at 90% of revenue, $190 million or so in operating expense.

最後一個是關於營運支出的，這次採用 1500 萬到 2000 萬美元的穩態收入指導，這樣你就佔了收入的 90%，運營費用約為 1.9 億美元。

I guess as you think of the model, those are probably some moving pieces there.

我想當你想到這個模型時，這些可能是一些移動的部分。

But maybe as you engage more of a wholesale model, what's the right level of dollar amount potentially for this sort of business that you envision as far as sort of how you're going to drive leverage I don't know if you're still sort of providing that 2026 or so some positive margin target.

但也許當你更多地採用批發模式時，對於你設想的此類業務，就你將如何提高槓桿率而言，潛在的正確美元金額水平是多少，我不知道你是否仍然如此某種程度上提供了2026 年左右的一些積極的利潤目標。

But yes, just trying to think about sort of your cost structure as you've kind of radically changed the business for a little bit different distribution capacity.

但是，是的，只是想考慮一下您的成本結構，因為您已經從根本上改變了業務，以獲得一點不同的分銷能力。

And we feel good about the work that we've done to rightsize our overall cost structure and you mentioned there's a little bit of timing impact there.

我們對我們為調整整體成本結構所做的工作感到滿意，您提到那裡有一點時間影響。

And there is for the full year of 2024, we expect SG&A dollars to be down versus prior year and the expected decline will come from the full year benefit of previous workforce reductions and partial year savings related to 2024 store closures and effectively zero OpEx in the international regions that have to transition to a distributor model.

對於 2024 年全年，我們預計 SG&A 美元將比上年下降，預期下降將來自之前裁員的全年效益以及與 2024 年關閉商店相關的部分年度節省以及實際上零運營支出必須過渡到經銷商模式的國際地區。

So all of that will then have the full year impact as we go into 2025.

因此，當我們進入 2025 年時，所有這些都將對全年產生影響。

Go ahead.

前進。

No they don't ruin your flow.

不，它們不會破壞你的流程。

And just as a quick reminder, this year, in the second half of the year, we will have more OpEx savings than we do in the first half due to the timing of those store closures and the international transitions.

快速提醒一下，今年下半年，由於這些商店關閉和國際轉型的時間安排，我們將比上半年節省更多的營運支出。

And I kind of say simply when I think about our OpEx, we've strengthened our operating model and lowered our cost structure, positioning the business to grow and achieve profitability at a smaller scale.

我簡單地說，當我想到我們的營運支出時，我們加強了營運模式並降低了成本結構，使業務能夠在較小的規模上成長並實現盈利。

Got it.

知道了。

And last one for me.

最後一張給我。

If I kind of map out the guide.

如果我繪製出指南。

You gave some sort of cadence there a little bit, but it looks like kind of a fourth quarter inflection and The United States business.

你在那裡給出了一些節奏，但看起來有點像第四季度的轉折點和美國業務。

And I guess does that just follow from product introduction, marketing spend kind of a I don't know what you want to say sort of a reintroduction around holiday.

我想這只是產品介紹、行銷支出（我不知道你想說什麼）在假期期間重新推出的結果。

Is that kind of what your thinking as far as sort of what might drive that low double digit declines to maybe something closer to flat, and I compare that on a static basis.

這就是你對可能導致低兩位數下降到接近持平的原因的想法嗎？

I mean, I think I think you did.

我的意思是，我想我認為你做到了。

I think you did a really good job of listing out almost exactly what the back half of the year looks like for us as its product introductions.

我認為您做得非常好，幾乎準確地列出了我們今年下半年的產品介紹。

So a little bit of an inflection in our marketing spend on and gain just gaining some base momentum in our business platform on.

因此，我們的行銷支出和收益略有變化，只是在我們的業務平台上獲得了一些基本動力。

Thanks for all the detail.

感謝您提供所有詳細資訊。

Thanks, Dan.

謝謝，丹。

As there are no further questions at the queue at this time.

因為此時隊列中沒有其他問題。

This concludes our Q&A session.

我們的問答環節到此結束。

I would like to turn the call over back to Joe, our CEO, for brief closing remarks.

我想將電話轉回給我們的執行長喬，讓他發表簡短的結束語。

Well, thank you, everyone, for joining, and we'll look forward to seeing you next quarter.

好的，謝謝大家的加入，我們期待下個季度見到你們。

Ladies and gentlemen, this concludes today's conference call.

女士們、先生們，今天的電話會議到此結束。

Thank you for your participation and you may now disconnect.

感謝您的參與，您現在可以斷開連接。