Allbirds Inc (BIRD) 2024 Q2 法說會逐字稿

Good afternoon, ladies and gentlemen, and welcome to the Allbirds' second quarter 2024 conference call. (Operator Instructions)

女士們、先生們，下午好，歡迎參加 Allbirds 2024 年第二季電話會議。 （操作員說明）

Now I would like to turn the call over to Christine Greany of The Blueshirt Group.

現在我想把電話轉給 Blueshirt Group 的 Christine Greany。

Good afternoon, everyone, and thank you for joining us. With me on the call today are Joe Vernachio, CEO, and Annie Mitchell, CFO.

大家下午好，感謝您加入我們。今天與我一起參加電話會議的是執行長 Joe Vernachio 和財務長 Annie Mitchell。

Before we start, I'd like to remind you that we will make certain statements today that are forward-looking within the meaning of the federal securities laws, including statements about our financial outlook, including cash flow and adjusted EBITDA expectations, 2024 full year and Q3 guidance targets, impact and duration of external headwinds, strategic transformation plan and related planned efforts, go-to-market strategy, transitions to a distributor model in certain international markets, anticipated distributor model arrangements, expected profitability, cost savings targets, gross margin estimates, product plan timelines and expectations, marketing strategy and investment, product and brand strategy and other matters referenced in our earnings release issued today.

在開始之前，我想提醒您，我們今天將做出聯邦證券法含義內的某些前瞻性聲明，包括有關我們的財務前景的聲明，包括現金流量和調整後的 EBITDA 預期，2024 年全年和第三季指導目標、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、在某些國際市場向經銷商模式的過渡、預期的經銷商模式安排、預期獲利能力、成本節約目標、毛利率利潤率估計、產品計劃時間表和預期、行銷策略和投資、產品和品牌策略以及我們今天發布的收益報告中提到的其他事項。

These forward-looking statements involve a number of risks and uncertainties that could cause actual results to differ materially. Please also note that these forward-looking statements reflect our opinions only as of the date of this call, and we undertake no obligation to revise any statements to reflect changes that occur after this call. Please refer to our SEC filings, including our Quarterly Report on Form 10-Q for the quarter ended March 31, 2024, for a more detailed description of the risk factors that may affect our results.

這些前瞻性陳述涉及許多風險和不確定性，可能導致實際結果出現重大差異。另請注意，這些前瞻性陳述僅反映我們截至本次電話會議之日的意見，我們沒有義務修改任何陳述以反映本次電話會議後發生的變化。請參閱我們向 SEC 提交的文件，包括截至 2024 年 3 月 31 日的季度 10-Q 表格季度報告，以了解可能影響我們業績的風險因素的更詳細描述。

Also, during this call, we will discuss non-GAAP financial measures that adjust our GAAP results to eliminate the impact of certain items. These non-GAAP items should be used in addition to and not as a substitute for any GAAP results. You will find additional information regarding these non-GAAP financial measures and a reconciliation of these non-GAAP measures to their most directly comparable GAAP measures to the extent reasonably available in today's earnings release.

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

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

現在我將把電話轉給喬，讓他開始正式發言。

Hello, everyone, and thanks for joining us today. We are pleased to report another quarter of strong execution and performance in line with our expectations. Our Q2 results reflect continuing progress both operationally and financially as we set the business on a path to return to top line growth in 2025. We are on a trajectory to reignite our product and brand. But before we talk about this next chapter, let's take a look at what we've accomplished over the past 18 months.

大家好，感謝您今天加入我們。我們很高興地報告另一個季度的強勁執行力和業績符合我們的預期。我們第二季的業績反映了營運和財務方面的持續進展，我們讓業務走上了 2025 年恢復營收成長的道路。但在我們討論下一章之前，讓我們先回顧一下我們在過去 18 個月中所取得的成就。

Since the announcement of our strategic transformation plan, we have reset the business, establishing the foundation for the next phase of Allbirds' journey. Importantly, we have demonstrated our ability to formulate a plan and then execute and deliver on that plan. I'd like to provide a quick recap of our actions since March of 2023.

自從宣布策略轉型計劃以來，我們對業務進行了重新調整，為 Allbirds 下一階段的發展奠定了基礎。重要的是，我們已經證明了我們制定計劃、然後執行和交付該計劃的能力。我想快速回顧一下我們自 2023 年 3 月以來的行動。

Starting with retail stores. We have closed 14 underperforming US locations to bias towards a smaller physical footprint that better serves our footwear product strategy and advances our goal to build a profitable retail fleet.

從零售店開始。我們已經關閉了 14 家表現不佳的美國門市，以縮小實體足跡，更好地服務我們的鞋類產品策略，並推進我們建立獲利零售隊伍的目標。

Next is international. We have successfully transitioned to a distributor model in the five targeted regions where we were previously selling direct. We also opened four new regions where we have the opportunity to partner with leading distributors and leverage our strong brand affinity. We believe this distributor model positions us to achieve profitable and scalable growth internationally.

接下來是國際。我們已在先前直接銷售的五個目標區域成功轉型為經銷商模式。我們還開設了四個新地區，我們有機會與領先的經銷商合作，並利用我們強大的品牌親和力。我們相信這種分銷商模式使我們能夠在國際範圍內實現盈利和可擴展的成長。

Looking at cost of goods. Our shift to a new factory along with material optimizations is enabling us to capture significant COGS savings, driving longer-term gross margin expansion. We're also generating OpEx savings. We have rebuilt the wireframe of the company, and we're operating with greater overall efficiency. We believe this positions us to drive long-term profitability as we scale.

看看商品成本。我們向新工廠的轉移以及材料優化使我們能夠大幅節省銷貨成本，推動長期毛利率擴張。我們還節省了營運支出。我們重建了公司的框架，我們的整體營運效率更高。我們相信，這使我們能夠隨著規模的擴大而推動長期獲利能力。

And turning to our balance sheet. We cut our inventory by more than half and drove improvement in working capital in 2023 versus prior year. We entered 2024 in a very healthy position, and we're carefully managing inventory going forward.

轉向我們的資產負債表。與前一年相比，我們在 2023 年將庫存削減了一半以上，並推動了營運資本的改善。進入 2024 年，我們處於非常健康的狀態，我們正在謹慎管理未來的庫存。

Against that backdrop, we are now prioritizing three main focus areas: making great product, telling compelling stories and providing customers with an engaging shopping experience. Creating great product is paramount to our long-term success. Getting the product engine ignited has been amongst my highest priorities since taking over the product reins last November. After bringing in a new Chief Design Officer in December, we built a road map to evolve our go-forward product and brand strategy.

在此背景下，我們現在優先考慮三個主要重點領域：製造出色的產品、講述引人入勝的故事以及為顧客提供引人入勝的購物體驗。創造出色的產品對於我們的長期成功至關重要。自去年 11 月接手產品以來，啟動產品引擎一直是我的首要任務之一。在 12 月任命了新的首席設計長後，我們制定了路線圖來發展我們的前瞻性產品和品牌策略。

The first critical step was to edit the line to more closely reflect our evolving strategy. As a result, we have limited the number of recent product introductions to just a few launches, all of which have performed well thus far and demonstrates our customer is asking for newness from Allbirds. The Wool Runner 2, Tree Runner Go and Canvas Piper have all met with positive consumer response. Up next is the launch of our Tree Glider in just a few weeks.

第一個關鍵步驟是編輯該產品線，以更緊密地反映我們不斷發展的策略。因此，我們將最近推出的產品數量限制為少數，到目前為止，所有產品都表現良好，這表明我們的客戶正在要求 Allbirds 提供新產品。 Wool Runner 2、Tree Runner Go 和 Canvas Piper 都獲得了消費者的正面回應。接下來，我們的樹滑翔機將在幾週內推出。

We then set out to inject newness as quickly as possible. Using our existing tooling, we swiftly introduced new colors and materials into the product line, which is allowing us to infuse freshness into our offering for the second half of '24 and the first half of 2025. You'll first see this reflected in the fall when we plan to introduce corduroy as well as more rugged versions of our water-resistant collection.

然後我們開始盡快注入新事物。使用我們現有的工具，我們迅速將新的顏色和材料引入產品線，這使我們能夠為 24 年下半年和 2025 年上半年的產品注入新鮮感。以及防水系列的更堅固版本。

Looking ahead to our Fall '25 and Spring '26 collections, we are creating these product lines from the ground up with an elevated design and product architecture that emphasizes Allbirds' lifestyle brand positioning. We are in the intensive phase of designing and developing a robust line of products that we'll begin to launch in the second half of next year.

展望 25 年秋季和 26 年春季系列，我們正在從頭開始創建這些產品線，採用提升的設計和產品架構，強調 Allbirds 的生活方式品牌定位。我們正處於設計和開發強大產品線的緊張階段，我們將在明年下半年開始推出這些產品。

We are very motivated by the progress we are seeing with each sample that arrives from our development center. We have more than 10 new product launches planned across these two seasons. The collections will not only enhance our product range, but also reinforce our dedication to quality, comfort, style and sustainability.

我們對從我們的開發中心送來的每個樣品所取得的進展感到非常鼓舞。我們計劃在這兩個季節推出 10 多個新產品。這些系列不僅將豐富我們的產品範圍，還將加強我們對品質、舒適、時尚和永續發展的奉獻精神。

In preparation for our new product launches in mid-2025, we will be telling compelling marketing stories, utilizing a new brand narrative called Allbirds by Nature. This narrative celebrates the duality of the word nature, connecting our design philosophy inspired by the natural world while also encouraging people to embrace their innate and unique human nature.

為了準備 2025 年中期推出新產品，我們將利用名為 Allbirds by Nature 的新品牌敘事來講述引人入勝的行銷故事。這種敘事頌揚了自然這個詞的二元性，將我們受自然世界啟發的設計理念聯繫起來，同時也鼓勵人們擁抱他們與生俱來的獨特的人性。

Allbirds by Nature will enable us to inspire and engage the consumer with a wide range of topics from product benefits to universal human experiences. For example, Breathable By Nature, will highlight our use of natural and recycled materials and knit constructions that offer exceptional breathability. Comfortable by Nature will showcase the comfort of our shoes while also encouraging people to feel comfortable in their own skin.

Allbirds by Nature 將使我們能夠激發並吸引消費者參與從產品優勢到普遍人類體驗的廣泛主題。例如，「自然呼吸」將突出我們使用天然和再生材料以及提供卓越透氣性的針織結構。 Comfort by Nature 將展示我們鞋子的舒適度，同時鼓勵人們對自己的皮膚感到舒適。

To amplify this narrative, we are prioritizing increased marketing investment starting in the second half of the year, with the phased ramp-up planned to continue throughout 2025. More on this from Annie shortly.

為了強化這一說法，我們優先考慮從今年下半年開始增加行銷投資，並計劃在 2025 年繼續分階段進行。

Our efforts will be centered around driving awareness through an upper funnel strategy that tells the Allbirds brand and product story in a fresh, engaging and consistent manner. Specifically, our initiatives are designed to convey our brand message and product attributes through the lenses of rational, emotional and cultural connections. By incorporating these elements, we are creating a richer, more engaging narrative that resonates with the values and aspirations of the Allbirds consumer.

我們的工作重點是透過上層漏斗策略提高知名度，以新穎、引人入勝且一致的方式講述 Allbirds 的品牌和產品故事。具體來說，我們的舉措旨在透過理性、情感和文化連結的角度傳達我們的品牌訊息和產品屬性。透過整合這些元素，我們正在創造一個更豐富、更有吸引力的敘事，與 Allbirds 消費者的價值觀和願望產生共鳴。

As we bring fresh updated product to the market and amplify our marketing, providing customers with an engaging shopping experience is our other key priority. We are enhancing the in-store consumer journey, starting with an improved assortment presentation, wayfinding and floor displays. In 2025, we plan to take further steps to enhance the consumer experience by making both our stores and websites easier and more enjoyable to shop. You'll hear much more about this in the quarters to come.

當我們將新鮮更新的產品推向市場並擴大行銷力度時，為客戶提供引人入勝的購物體驗是我們的另一個關鍵優先事項。我們正在改善店內消費者的旅程，首先是改進品種展示、尋路和地板展示。 2025 年，我們計劃採取進一步措施，讓我們的商店和網站購物變得更輕鬆、更愉快，從而增強消費者體驗。在接下來的幾個季度中，您將會聽到更多有關此內容的資訊。

As we embark on the next phase of our journey, our track record of execution over the past 18 months gives us confidence in our ability to advance our three main focus areas of making great product, telling compelling stories and providing customers with an engaging shopping experience. We have bolstered our organization with key hires and internal promotions, creating a team that is coalesced around a clear path forward. We're continuing to operate with urgency and remain committed to building shareholder value over the long term. We appreciate your support and look forward to keeping you updated on our progress.

當我們踏上旅程的下一階段時，過去 18 個月的執行記錄讓我們對推進我們的三個主要重點領域的能力充滿信心：製造優質產品、講述引人入勝的故事以及為客戶提供引人入勝的購物體驗。我們透過關鍵人員招募和內部晉升來加強我們的組織，創造了一個圍繞著明確的前進道路團結起來的團隊。我們將繼續緊急運營，並繼續致力於長期建立股東價值。我們感謝您的支持，並期待向您通報我們的最新進展。

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

現在我將把電話轉給安妮討論財務問題。

Thanks, Joe, and good afternoon, everyone. We are pleased to deliver another quarter of performance within or exceeding our expectations, reflecting consistent execution by our team. Net revenue came in within our guidance range, and adjusted EBITDA exceeded the expectations we outlined last quarter. Notably, we delivered another quarter of gross margin expansion and a 25% year-over-year improvement in adjusted EBITDA.

謝謝喬，大家下午好。我們很高興又一個季度的業績達到或超越了我們的預期，這反映出我們團隊的一貫執行力。淨收入在我們的指導範圍內，調整後的 EBITDA 超出了我們上季度概述的預期。值得注意的是，我們的毛利率又實現了季度成長，調整後 EBITDA 年成長 25%。

Q2 revenue totaled $52 million. The results are primarily attributable to lower unit sales, partially offset by higher ASPs within our direct business. The return to full price selling is a critical component of our long-term strategy. However, it is creating a near-term headwind to sales. Additionally, revenue was impacted by our international distributor transition and planned retail store closures.

第二季營收總計 5,200 萬美元。這一結果主要歸因於單位銷售額的下降，部分被我們直接業務中平均售價的上升所抵消。恢復全價銷售是我們長期策略的重要組成部分。然而，它正在為銷售帶來近期的阻力。此外，收入也受到我們的國際經銷商轉型和計劃關閉零售店的影響。

While the transition to a distributor model and the closure of retail doors are reducing our top line and the associated gross profit dollars, these actions are done with intention, as they support our cost management and efficiency efforts and are offset by savings in marketing and SG&A, which I will discuss in a moment.

雖然向經銷商模式的過渡和關閉零售門正在減少我們的營收和相關的毛利，但這些行動是有意為之的，因為它們支持我們的成本管理和效率工作，並被行銷和銷售管理費用的節省所抵消，我稍後將討論這一點。

Second quarter gross margin improved to 50.5%, up 360 basis points sequentially and 770 basis points versus the prior year. The year-over-year expansion is attributable to the continued benefit from a healthier inventory position, lower freight costs and lower promotional activity in the direct business as well as COGS savings captured from our factory shift and materials innovation.

第二季毛利率提高至 50.5%，比上一季成長 360 個基點，比去年同期成長 770 個基點。年比擴張得益於更健康的庫存狀況、更低的貨運成本和直接業務促銷活動的減少以及我們工廠轉移和材料創新帶來的銷貨成本節省。

Year-over-year improvement in gross margin is expected to continue in the second half of 2024, although not at the same magnitude that we've seen year-to-date. We continue to expect Q3 and Q4 gross margin to be in the mid-40s, reflecting the combination of retail store closures, transition to international distributors and planned promotional activity around the holidays.

毛利率預計將在 2024 年下半年繼續實現年比改善，但幅度不會達到今年迄今的水平。我們仍然預計第三季和第四季的毛利率將在 40 多歲左右，這反映出零售店關閉、向國際分銷商轉型以及假期前後計劃的促銷活動的綜合影響。

Looking at SG&A, our teams did great work controlling costs in the quarter. SG&A dollars, excluding stock-based compensation and depreciation and amortization, totaled $28 million, down 22% versus the prior year. The decrease can primarily be traced to lower personnel expenses and occupancy costs. This was partially offset by costs associated with our retail store closures, as planned.

就 SG&A 而言，我們的團隊在本季的成本控制方面做得非常出色。 SG&A 美元（不含股票薪酬以及折舊和攤提）總計 2,800 萬美元，較上年下降 22%。下降主要歸因於人員費用和占用成本的降低。這部分被我們按計劃關閉零售店相關的成本所抵消。

During the quarter, we closed 10 US stores, followed by one additional closure subsequent to quarter end. This brings us to 14 stores year-to-date, putting us at the high end of our plan to close 10 to 15 US stores in 2024. And we continue to evaluate opportunities to optimize our retail fleet. In connection with these store closures, plus one internationally, we incurred onetime cash charges of $3 million in Q2.

本季度，我們關閉了 10 家美國商店，並在季度末後關閉了 1 家商店。今年迄今為止，我們的門市數量已達到 14 家，這使我們處於 2024 年關閉 10 至 15 家美國門市的計劃的高端。由於這些商店的關閉，再加上一家國際商店的關閉，我們在第二季產生了 300 萬美元的一次性現金費用。

Q2 marketing spend totaled $12 million, down 6% year-over-year. As Joe mentioned, in the second half of 2024, we plan to increase our marketing investment to begin driving awareness through top of funnel spend and the lead up to our 2025 product introductions.

第二季行銷支出總計 1,200 萬美元，年減 6%。正如 Joe 所提到的，我們計劃在 2024 年下半年增加行銷投資，開始透過漏斗頂部支出提高認知度，並為 2025 年產品推出做好準備。

While total marketing dollars are expected to be down on a year-over-year basis in Q3 and Q4, we anticipate that our US spend will be up. Recall that under our new distributor model, in-region marketing costs effectively go to 0 following the transition. With five regions now transitioned to distributors, the year-over-year savings are expected to more than offset the investments we're planning to make in our remaining direct markets; the US, UK and EU.

雖然第三季和第四季的營銷總額預計將同比下降，但我們預計我們在美國的支出將會增加。回想一下，在我們新的經銷商模式下，過渡後區域內行銷成本實際上降至 0。隨著五個地區現已轉變為分銷商，預計將同比節省的費用將超過我們計劃在剩餘直接市場進行的投資；美國、英國和歐盟。

Now turning to the balance sheet and cash flow. The company is in strong financial condition with a solid balance sheet. Inventories at the end of Q2 remained healthy, totaling $53 million (sic - see Prepared Remarks, "$54million"). That's down 43% (sic - see prepared Remarks, "42%") year-over-year and down 7% from the end of 2023.

現在轉向資產負債表和現金流量。該公司財務狀況強勁，資產負債表穩健。第二季末的庫存保持健康，總計 5,300 萬美元（原文如此，請參閱準備好的備註，「5,400 萬美元」）。年比下降 43%（原文如此，請參閱準備好的備註「42%」），較 2023 年底下降 7%。

We closed the second quarter with $87 million of cash and cash equivalents and no outstanding borrowings under our $50 million revolver. Operating cash use was $16 million. That's down sequentially from Q1, reflecting our seasonal working capital cadence and up versus the prior year when inventory was a material source of cash due to our cleanup efforts throughout 2023.

第二季結束時，我們擁有 8700 萬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。營運現金使用量為 1600 萬美元。這一數字比第一季連續下降，反映了我們的季節性營運資金節奏，但與前一年相比有所上升，當時由於我們在 2023 年進行了清理工作，庫存成為了現金的重要來源。

Our three focus areas of making great product, telling compelling stories and providing customers with an engaging shopping experience, combined with other strategic actions we are taking this year are positioning the business to return to top line growth in 2025 and set us up to deliver profitability in future years.

我們的三個重點領域是製造優質產品、講述引人入勝的故事以及為客戶提供引人入勝的購物體驗，再加上我們今年採取的其他策略行動，將使我們的業務在2025 年恢復營收成長，並為我們實現盈利做好準備未來幾年。

A foundational step in our plan to restore growth is the return to full price selling. We are committed to this model following a promotional 2023 and pleased to see the benefits begin to manifest, which is reflected in our year-to-date gross margin expansion.

我們恢復成長計畫的一個基本步驟是恢復全價銷售。我們在 2023 年促銷之後致力於這種模式，並很高興看到效益開始顯現，這反映在我們今年迄今的毛利率擴張中。

Looking at other key initiatives. As I just noted, we've taken swift action related to our US retail fleet. And on the international front, we continue to partner with distributors in new regions with Benelux and Scandinavia signed this quarter. We have transitioned the majority of our existing regions to a distributor model.

關注其他關鍵舉措。正如我剛才指出的，我們已針對我們的美國零售車隊採取了迅速行動。在國際方面，我們繼續與新地區的經銷商合作，本季簽署了比荷盧經濟聯盟和斯堪的納維亞半島的經銷商合作協議。我們已將大部分現有區域轉變為經銷商模式。

During the second quarter, we completed transitions in Japan and Australasia. And last week, we announced the transition of China, an important region for our brand. We're pleased to be working with leading distributors who have both regional and industry expertise to help us extend our brand reach and position us to achieve profitable and scalable growth internationally.

第二季度，我們完成了日本和澳洲的轉型。上週，我們宣布了中國的轉型，這是我們品牌的一個重要地區。我們很高興與擁有區域和行業專業知識的領先經銷商合作，幫助我們擴大品牌影響力，並使我們在國際上實現盈利和可擴展的成長。

Moving to guidance. We are reiterating our full year sales outlook, and based on performance year-to-date, we are increasing our gross margin range by 100 basis points and bringing up the bottom end of our adjusted EBITDA range by $3 million.

轉向指導。我們重申全年銷售前景，並根據今年迄今的業績，將毛利率範圍提高 100 個基點，並將調整後 EBITDA 範圍的下限提高 300 萬美元。

Full year net revenue is expected to be in the range of $190 million to $210 million. The full year impact from our retail store closures and international transition is now expected to be in the range of $25 million to $30 million versus our prior expectation of $32 million to $37 million. Let me unpack that for you.

全年淨收入預計在 1.9 億美元至 2.1 億美元之間。我們的零售店關閉和國際轉型對全年的影響目前預計將在 2500 萬美元至 3000 萬美元之間，而我們之前的預期為 3200 萬美元至 3700 萬美元。讓我為您解壓縮。

The impact from retail is higher than anticipated due to the speed at which we've been able to exit leases. The impact from international transition is lower than expected due to the timing of this year's transition, combined with slightly higher initial orders from our distributors.

由於我們退出租約的速度很快，零售業的影響高於預期。由於今年的轉型時間，加上我們經銷商的初始訂單略有增加，國際轉型的影響低於預期。

By geographical market, full year 2024 US net revenue is expected to be in the range of $150 million to $165 million and includes approximately $10 million to $12 million of impact resulting from our US store closures. Full year international net revenue is expected to be between $40 million and $45 million and includes approximately $15 million to $18 million of impact resulting from our transition to a distributor model in certain international markets.

按地域市場劃分，2024 年全年美國淨收入預計將在 1.5 億至 1.65 億美元之間，其中包括美國門市關閉造成的約 1,000 萬至 1,200 萬美元的影響。全年國際淨收入預計在 4,000 萬至 4,500 萬美元之間，其中包括我們在某些​​國際市場向經銷商模式轉型帶來的約 1,500 萬至 1,800 萬美元的影響。

Gross margin is now expected to be in the range of 43% to 46%, up from prior guidance of 42% to 45%. Key drivers include reduced promotional intensity compared to 2023, lower inbound and outbound freight and initial savings from our factory shift to Vietnam and materials innovation.

目前預計毛利率在 43% 至 46% 之間，高於先前指引的 42% 至 45%。主要驅動因素包括與 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。

Full year adjusted EBITDA loss is now expected to be in the range of $75 million to $63 million, which compares to prior guidance for a loss of $78 million to $63 million. While there are a number of dynamics at play on the top line, we remained focused on improving the bottom line, and you can see the results of that this year.

目前預計全年調整後 EBITDA 損失將在 7,500 萬美元至 6,300 萬美元之間，而先前指導的損失為 7,800 萬美元至 6,300 萬美元。儘管營收方面有許多動態在發揮作用，但我們仍然專注於提高利潤，你可以看到今年的結果。

Turning now to Q3 guidance. Third quarter net revenue is expected to be between $40 million and $43 million. This comprises US revenue in the range of $33 million to $35 million and international revenue in the range of $7 million to $8 million. Q3 adjusted EBITDA loss is expected to be between $19 million and $16 million. We're pleased with our first half performance and proud of the way our teams are executing as we enter the next phase of our journey.

現在轉向第三季指引。第三季淨收入預計在 4,000 萬美元至 4,300 萬美元之間。其中包括 3,300 萬至 3,500 萬美元的美國收入和 700 萬至 800 萬美元的國際收入。第三季調整後 EBITDA 損失預計在 1,900 萬美元至 1,600 萬美元之間。我們對上半年的表現感到滿意，並為我們的團隊在進入旅程的下一階段時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, BTIG.

（操作員說明）Janine Stichter，BTIG。

You got Ethan Saghi on for Janine tonight. Just a couple for me. First, just was wondering if you could give a little more color on freight, what you're currently seeing there with spot rates? And just how you're incorporating that into the gross margin guide?

今晚你讓伊森薩吉 (Ethan Saghi) 出演珍妮 (Janine)。對我來說只是一對。首先，只是想知道您是否可以對運費進行更多說明，您目前在即期匯率方面看到了什麼？您如何將其納入毛利率指南？

Ethan, yeah, your question is timely. Similar to others in the industry, freight is a pressure point, but we've considered that in our plans, and we're actively managing this and don't view it as a significant headwind for us.

伊森，是的，你的問題很及時。與業內其他公司類似，貨運是一個壓力點，但我們在計劃中考慮到了這一點，並且我們正在積極管理這一點，並不將其視為我們的重大阻力。

Got it. That's helpful. And then just last one for me. Just are you seeing any differences in how some of your newer launches are resonating with customers in the US versus international markets?

知道了。這很有幫助。然後是我的最後一個。您是否發現您的一些新產品在美國與國際市場的客戶中引起的共鳴有什麼不同？

Yeah. Hi, Ethan, nice to speak with you. Yeah, we are actually seeing strong response to our new launches in all of our markets. Specifically in the United States, the last three launches have met with very, very strong response. They've actually been our strongest launches over the last two years. And internationally, we saw momentum as we were transitioning to the new distributors.

是的。嗨，伊森，很高興與你交談。是的，我們實際上在所有市場上都看到了對我們新產品的強烈反響。特別是在美國，最近的三場發表會引起了非常非常強烈的迴響。它們實際上是我們過去兩年中最強勁的發布。在國際上，我們在向新經銷商過渡時看到了勢頭。

So we were able to hand them a momentum that was moving in a fantastic direction, and they were very pleased with that. And they've continued that. The transitions have moved quite swiftly and efficiently. And they've just stepped basically right into the path that we left for them.

因此，我們能夠為他們提供一種朝著美好方向發展的動力，他們對此感到非常滿意。他們繼續這樣做。過渡進展得相當迅速和有效。他們基本上剛剛踏入了我們為他們留下的道路。

Alex Straton, Morgan Stanley.

亞歷克斯‧斯特拉頓，摩根士丹利。

One for Joe, one for Annie here. Joe, maybe on the positive consumer response you're seeing, you mentioned that a few times, the strong response. Can you just walk me through, like what KPIs are telling you that? And then just bigger picture, how should we think about how that back half of '25, those launches are going to be different, just strategically?

一份給喬，一份給安妮。喬，也許就您所看到的積極的消費者反應而言，您多次提到了強烈的反應。您能否像 KPI 告訴您的那樣，向我介紹一下？然後，從更大的角度來看，我們應該如何考慮 25 年後半段，這些發布將在策略上有所不同？

Sure. Yeah. So the -- I mean let me zoom out a little bit and then give some context to it all. So -- and where these new products fit into our strategy and our go-forward path towards growth. I think it's just really important to first pause on just what we've done to reset the foundation of the business. The work we've done in stores, international, our COGS savings, our OpEx work and the inventory reduction, any one of these in isolation would have been a major accomplishment.

當然。是的。所以——我的意思是讓我縮小一點，然後給這一切提供一些背景。那麼，這些新產品適合我們的策略和我們前進的成長道路。我認為先暫停一下我們為重置業務基礎所做的工作非常重要。我們在國際商店所做的工作、我們的銷貨成本節省、我們的營運支出工作和庫存減少，其中任何一項單獨都將是一項重大成就。

But putting all these together in the time that we've done and getting the results that we're getting, I think just bodes very strongly to how well the team is coalesced around the task at hand and the urgency that we are proceeding with.

但是，在我們完成這些工作的時間內將所有這些放在一起並獲得我們所得到的結果，我認為這強烈預示著團隊圍繞手頭任務的凝聚力以及我們正在進行的緊迫性。

So then layered on top of that now, we have to do these three things, right? We've got to get the product ignited. We've got to get it moving through the pipeline. So part of that is design, which is the most important part of products, right?

那麼現在最重要的是，我們必須做這三件事，對吧？我們必須點燃產品。我們必須讓它通過管道。其中一部分是設計，這是產品最重要的部分，對吧？

All the energy in product comes through design. I have this saying that I use with the team. And that is if a brand is an orange, design is the juice. And if you've ever had an orange with no juice, it's not very good, right? So we are spending a lot of time and energy and momentum in creating that juice that we are going to be using to then apply to a product line and a product offering.

產品的所有能量都來自於設計。我在團隊中使用過這句話。如果品牌是橘子，那麼設計就是果汁。如果你吃過沒有果汁的橘子，那就不太好吃了，對吧？因此，我們花費了大量的時間、精力和動力來創造我們將使用的果汁，然後將其應用於產品線和產品。

And you asked specifically like, what's different about it? I think what's different about it is that we are focused on being who we are. We are a lifestyle footwear brand, and there is so much opportunity and so much breadth and dimension that we can give to that across seasons, across gender and across use occasions that we [didn't] even begun to take this brand where its potential is going.

你特別問，有什麼不同嗎？我認為它的不同之處在於我們專注於成為我們自己。我們是一個生活風格鞋類品牌，我們可以跨季節、跨性別和跨使用場合提供如此多的機會、如此多的廣度和維度，以至於我們甚至沒有開始發揮這個品牌的潛力正在去。

So while we might have one item of a particular model in the line, we will have a collection of those products in the line going forward. And so we've edited the line to make sure we don't feed the near term with products that will go out of the line soon so that we don't end up with inventory problems, and we are working as swiftly as we can to get all of these new products and these new designs that are on brand out into the pipeline, and that's going to be coming in the middle part of next year.

因此，雖然我們的產品線中可能有某一特定型號的產品，但我們未來的產品線將會有這些產品的集合。因此，我們對生產線進行了編輯，以確保我們不會在短期內提供很快就會缺貨的產品，這樣我們就不會出現庫存問題，並且我們正在盡快開展工作將品牌上的所有這些新產品和新設計放入管道中，這將在明年中期推出。

And along with that, we'll be layering on top of that, all the marketing that we'll be adding to the business. And all of that is what engages consumers and gets people excited. At the end of the day, it's about the stuff. It's about the shoe.

除此之外，我們將在此之上分層，我們將添加到業務中的所有行銷。所有這些都是吸引消費者並讓人們興奮的原因。歸根結底，這是關於事情的。是關於鞋子的。

And the KPIs, I think you asked specifically around the KPIs, one of the things that we're really focused on is the new customers, the NCA that's coming in with those new products and the messaging. Paramount to the new products, we have to get new customers into our business. And so we're really focused on that performance.

至於 KPI，我認為您專門詢問了 KPI，我們真正關注的事情之一是新客戶、帶來這些新產品和訊息的 NCA。對於新產品來說，最重要的是我們必須讓新客戶加入我們的業務。所以我們非常關注這種表現。

And then, of course, we're doing all these new products at full price. So there's no discounting associated with it. So making sure that we stay at full price on all these new products is really, really important. So all of this combined, we feel really positive about where we're headed. We think we're just at the very, very beginning of the process.

當然，我們會以全價生產所有這些新產品。所以沒有與之相關的折扣。因此，確保我們以全價購買所有這些新產品非常非常重要。因此，所有這些結合起來，我們對我們的發展方向感到非常積極。我們認為我們正處於這個過程的非常非常開始的階段。

That's great. Super comprehensive. Annie, maybe one for you. Just thinking through the near-term top line trend, I don't think you have much of an improvement built in for the third quarter. So just wondering kind of -- is that what you're seeing quarter-to-date?

那太棒了。超全面。安妮，也許有一個適合你。只要考慮一下近期的營收趨勢，我認為第三季不會有太大的改善。所以只是想知道——這就是您本季至今所看到的情況嗎？

And then just on the third quarter and full year guidance, it seems to imply a pretty big improvement in the top line in the fourth quarter. So can you just walk me through what creates that big inflection, your confidence there?

然後就第三季和全年指導而言，這似乎意味著第四季度的收入有相當大的改善。那麼你能告訴我是什麼造成了這種巨大的轉變，也就是你的信心嗎？

Alex, thanks very much for the question. So when we're looking at Q3, this guide has us relatively similar to where we were in Q1 and Q2 being down about in high 20s. In Q2 specifically, the impact of the transitions for retail international were worth about 4 points for us. However, when we go into Q3, those become bigger impacts.

亞歷克斯，非常感謝你的提問。因此，當我們查看第三季時，本指南顯示的情況與第一季和第二季的情況相對相似，下降幅度約為 20 多歲。具體來說，在第二季度，國際零售業的轉型對我們的影響約為 4 個百分點。然而，當我們進入第三季時，這些影響就會變得更大。

The doors that we closed in Q2 might have been partially through the quarter. We transitioned Japan and Australia near the end of the quarter. We've since transited China. So as a result, that sort of 4 point impact from Q2, actually grows to be closer to 10 points to 15 points.

我們在第二季關閉的大門可能已經部分持續到了本季。我們在本季末過渡到了日本和澳洲。我們從此過境中國。因此，第二季的 4 分影響實際上增長到接近 10 分到 15 分。

And so when we actually look at our same or like-for-like business underneath, it's more like we're down in the mid-teens versus the mid-20s. So there is some improvement in the underlying business. It's just not as obvious because of these transition topics and the impacts they're having on the top line.

因此，當我們實際審視我們的相同或同類業務時，我們會發現我們的業務水平更像是十幾歲左右，而不是二十幾歲左右。所以底層業務有一些改善。由於這些過渡主題及其對營收的影響，這一點並不那麼明顯。

When we look at Q4, it's going to be quite similar in that sense to Q3, where we'll have more of the full impact of all of these transitions. And so we don't necessarily need to have a huge uptick, but we do know that as we're comping over last year, we were quite promotional. We'll have a few more products coming. Joe gave a nice overview in terms of the philosophy behind our product. We're excited and shortly this month, we're actually going to have our next big launch, and that will also carry us into Q4 as well.

當我們看第四季度時，它在這個意義上將與第三季度非常相似，我們將在第三季度中獲得所有這些轉變的更多全面影響。因此，我們不一定需要大幅上漲，但我們確實知道，與去年相比，我們進行了相當大的促銷。我們將推出更多產品。喬對我們產品背後的理念做了很好的概述。我們很興奮，本月不久，我們實際上將推出下一次重大發布，這也將使我們進入第四季度。

Thank you. I'm showing no further questions at this time. I would now like to turn it back to Joe Vernachio for closing remarks.

謝謝。我目前沒有提出任何進一步的問題。現在我想請喬·韋爾納奇奧（Joe Vernachio）發表結束語。

Thank you, everyone, for joining today. We really appreciate your continued support of Allbirds. We look forward to speaking with you again next quarter.

謝謝大家今天的加入。我們非常感謝您對 Allbirds 的持續支持。我們期待下個季度再次與您交談。

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

感謝您參加今天的會議。這確實結束了該程式。您現在可以斷開連線。