Allbirds Inc (BIRD) 2025 Q2 法說會逐字稿

Thank you for standing by and welcome to Allbirds second quarter 2025 earnings conference call.

感謝您的支持，歡迎參加 Allbirds 2025 年第二季財報電話會議。

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

現在我想將電話轉給投資者關係部的 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. During this call, we will be making comments of a forward-looking nature. Actual results may differ materially from those expressed or implied as a result of various risks and uncertainties. For more information about these risks, please review the company's SEC filings, including the section titled risk factors in our report on Form 10-Q for the quarter ending March 31, 2025, for a more detailed description of the risk factors that may affect our results.

大家下午好，感謝大家的參與。今天與我一起參加電話會議的還有執行長喬·維納奇奧 (Joe Vernachio) 和財務長安妮·米切爾 (Annie Mitchell)。在這次電話會議中，我們將發表前瞻性的評論。由於各種風險和不確定性，實際結果可能與明示或暗示的結果有重大差異。有關這些風險的更多信息，請查看公司的 SEC 文件，包括我們截至 2025 年 3 月 31 日的季度 10-Q 表報告中標題為“風險因素”的部分，以獲得可能影響我們結果的風險因素的更詳細描述。

These forward-looking statements are based on information as of August 7, 2025, and except as required by law, we assume no obligation to publicly update or revise our forward-looking statements.

這些前瞻性陳述是基於截至 2025 年 8 月 7 日的信息，除法律要求外，我們不承擔公開更新或修改我們的前瞻性陳述的義務。

Additionally, we will be discussing certain non-GAAP financial measures. These non-GAAP financial measures are in addition to and not a substitute for measures of financial performance prepared in accordance with GAAP. A reconciliation of our non-GAAP measures to the most directly comparable measures can be found to the extent reasonably available in today's earnings release. .

此外，我們也將討論某些非公認會計準則財務指標。這些非 GAAP 財務指標是依照 GAAP 編製的財務績效指標的補充，而非替代。在今天的收益報告中，可以找到我們非公認會計準則指標與最直接可比較指標的合理對照表。。

Now I would like to turn the call over to, Joe to begin the formal remarks. Joe?

現在我想把電話交給喬，讓他開始正式發言。喬？

Good afternoon everyone. Thanks for joining us today. We're pleased to conclude the first half of the year well positioned for what's ahead. Our operating and financial results reflect strong execution among our teams and continued progress on our path to reignite the Allbirds brand.

大家下午好。感謝您今天加入我們。我們很高興地結束了今年上半年的工作，並為未來的發展做好了準備。我們的營運和財務表現反映了我們團隊的強大執行力以及我們在重振 Allbirds 品牌的道路上不斷取得的進展。

In the second quarter, we delivered top line results at the high end of our expectations and adjusted EBITDA exceeded our guidance range. The pace of change and the progress we've made over the past several quarters is significant and has set the stage for growth.

在第二季度，我們實現了超出預期的營收業績，調整後的 EBITDA 超出了我們的指導範圍。過去幾季我們取得的變化速度和進展是顯著的，為成長奠定了基礎。

Over the past year, we've been focusing on strengthening the foundation of our business, making it leaner, more efficient, and better positioned for long-term success. And most recently we took actions to enhance our financial position.

在過去的一年裡，我們一直致力於加強業務基礎，使其更精簡、更有效率，並為長期成功做好更充分的準備。最近，我們採取了行動來改善我們的財務狀況。

With that groundwork firmly in place, we've reignited the engine that powers our future, product, marketing, and the customer experience. What's now coming to life is a carefully sequenced strategy to reintroduce all birds, starting from our roots and building toward a clear, reimagined future as a modern lifestyle footwear brand.

在這項基礎牢固打下的基礎上，我們重新點燃了推動我們未來、產品、行銷和客戶體驗的引擎。現在正在實施的是一項精心策劃的策略，重新引入所有鳥類，從我們的根源開始，並朝著作為現代生活方式鞋類品牌的清晰、重新構想的未來邁進。

Beginning this month and continuing through the end of the year, we plan to drop new products every month and introduce new marketing content every week. We are confident in what the future holds as we turn the page on a new era of growth. The current macro environment creates some uncertainty around consumer spending, but it does not change our conviction in the work we have done and the compelling product marketing and customer experience we're bringing to the market.

從本月開始一直到年底，我們計劃每月推出新產品並每週推出新的行銷內容。當我們翻開新的成長時代時，我們對未來充滿信心。當前的宏觀環境為消費者支出帶來了一些不確定性，但這並沒有改變我們對所做工作以及我們為市場帶來的引人注目的產品行銷和客戶體驗的信念。

The reintroduction of our brand, our products, and our new sensibility began in earnest in July. We started with the Tree Runner NZ, an improved version of our best-selling style. Familiar, but better. Alongside it, the Cruiser, brand new, and also crafted from our signature, eucalyptus-derived Tree material. Shoes for people on the move, traveling in the hot weather, chasing summer daylight.

我們的品牌、產品和新理念的重新推出於 7 月正式開始。我們從 Tree Runner NZ 開始，這是我們最暢銷款式的改良版。熟悉，但更好。除此之外，還有全新的 Cruiser，同樣採用我們標誌性的尤加利樹材料製成。適合在炎熱天氣中旅行、追逐夏日陽光的人們穿的鞋子。

Just this week, we returned to our roots, retelling our origin story through the Wool Runner NZ. As one of our most beloved styles, it continues to be the purest expression of who we are. This relaunch gave the silhouette a fresh perspective, putting Merino wool, breathable, luxurious, and naturally derived, back in the spotlight. With it, we honored both the design and the material that first put Allbirds on the map a decade ago.

就在本週，我們回歸本源，透過 Wool Runner NZ 重述我們的起源故事。作為我們最喜愛的風格之一，它仍然是我們個性的最純粹的表達。這次重新推出的產品為該系列帶來了全新的視角，讓透氣、奢華、天然的美利奴羊毛重新成為人們關注的焦點。透過它，我們向十年前讓 Allbirds 聲名大噪的設計和材料致敬。

Next, we plan to introduce the new Wool Cruiser, in more than 15 colorways. This bold expression of color will come to life through a special collaboration, reinforcing a quality customers have always loved about us, vibrant, joyful color. As we head into autumn, we expect to launch our first-ever Waterproof Collection. Perfectly timed for cold mornings, wet commutes, and slushy sidewalks.

接下來，我們計劃推出新款 Wool Cruiser，有 15 種以上的顏色可供選擇。這種大膽的色彩表達將透過特殊的合作變得生動活潑，強化客戶一直喜愛的品質——充滿活力、令人愉悅的色彩。隨著秋季的到來，我們期待推出我們的第一個防水系列。非常適合寒冷的早晨、潮濕的通勤和泥濘的人行道。

Then in November, we have plans to debut the Kiwi Collection: a slipper, a clog, and a low boot. Footwear designed for life at home and quick trips out, to the mailbox, the market, or a neighbor’s doorstep. Cozy, step-in comfort, and intentionally casual, these styles are made for how people really live during the holidays, not dressed up, but warm, easy, and inviting.

然後在十一月，我們計劃推出 Kiwi 系列：拖鞋、木屐和低筒靴。專為居家生活和快速外出（前往郵箱、市場或鄰居家門口）而設計的鞋類。這些風格舒適、步入式且有意休閒，適合人們在假期期間的真實生活方式，無需盛裝打扮，但溫暖、輕鬆且誘人。

This season, we’re introducing a broader range of new styles and materials than ever before bringing depth, discovery, and innovation across the line. We’re expanding into new textures and finishes like velvet, tweed, and sculpted knit patterns with new drops expected to arrive every few weeks. In total, we expect to launch 19 new styles this season, a major step forward from a year ago.

本季，我們推出了比以往更廣泛的新款式和新材料，為整個系列帶來了深度、發現和創新。我們正在拓展新的紋理和飾面，如天鵝絨、花呢和雕刻針織圖案，預計每隔幾週就會推出新品。總的來說，我們預計本季將推出 19 種新款式，比一年前有了重大進步。

Perhaps the most interesting of these is Remix. We’re once again highlighting our commitment to making better things in a better way with the launch of Remix, a step forward in circularity. In partnership with Blumaka, a leader in foam upcycling, and Circ, a pioneer in textile-to-textile recycling, we’re giving manufacturing waste a second life. On the new Runner and Cruiser platforms we will turn foam scraps, textile waste, and polycotton blends, materials destined for landfill into beautiful, comfortable shoes. We’ve often said that to win in this market, you need a relentless flow of compelling product and we’re delivering on that.

其中最有趣的可能就是 Remix。透過推出 Remix，我們再次強調了我們致力於以更好的方式創造更好的產品的承諾，這是循環性向前邁出的一步。透過與泡沫升級再造領域的領導者 Blumaka 以及紡織品到紡織品回收領域的先驅 Circ 合作，我們讓製造廢料獲得第二次生命。在新的 Runner 和 Cruiser 平台上，我們將把泡沫碎片、紡織廢料和滌棉混紡材料（這些原本要填埋的材料）變成漂亮、舒適的鞋子。我們常說，要想在這個市場上取勝，就需要源源不絕地推出引人注目的產品，而我們正在實現這一點。

Our new product launches are now wrapped in a wave of fresh, marketing content. Breaking through today’s crowded landscape requires both volume and variety, and we’re responding by dramatically scaling our output. Where we once created five to 10 assets per month, we’re now producing over 100. This marks a meaningful shift in our marketing approach, aimed at significantly expanding our reach and impact. These additional assets will significantly fuel our paid media strategies.

我們的新產品發布現在正包裹在一系列新鮮的行銷內容之中。要想在當今擁擠的市場中取得突破，既需要數量，也需要多樣性，而我們對此的回應是大幅擴大產量。我們以前每月創造 5 到 10 個資產，現在則達到 100 多個。這標誌著我們的行銷方式發生了重大轉變，旨在顯著擴大我們的覆蓋範圍和影響力。這些額外的資產將極大地推動我們的付費媒體策略。

Beyond paid media, we’re activating the brand through high-impact PR and experiential efforts. For example, we recently placed ads in TSA security trays across all terminals at Seattle Airport, a strong market for us. We’re also hosting PR events and store activations in New York and San Francisco, supported by tactics like wild postings around our store locations. Together, these immersive and intentional efforts are designed to re-engage our existing consumers and invite new ones into the brand.

除了付費媒體，我們也透過高影響力的公關和體驗式努力來啟動品牌。例如，我們最近在西雅圖機場所有航站樓的 TSA 安全托盤上投放了廣告，這對我們來說是一個強大的市場。我們也在紐約和舊金山舉辦公關活動和商店推廣活動，並透過在商店周圍張貼大量貼文等策略提供支援。總而言之，這些沉浸式和有目的的努力旨在重新吸引我們現有的消費者並邀請新消費者加入品牌。

On the customer experience front we went live with a fully redesigned website in mid-July. The site features modern navigation, richer product detail pages and an updated aesthetic that reflects our brand evolution. We are thrilled with the design and functionality and anticipate this will drive improved dwell times and higher conversion rates.

在客戶體驗方面，我們於 7 月中旬推出了全新設計的網站。該網站具有現代化的導航、更豐富的產品詳情頁面和反映我們品牌發展的更新美學。我們對其設計和功能感到非常興奮，並預計這將縮短停留時間並提高轉換率。

For our in-store shoppers, we’re refreshing our fleet. With relatively modest updates to layout, fixtures, navigation and merchandising, we’ve significantly improved the in-person experience, enhancing the way people shop and engage with the brand.

對於店內購物者，我們正在更新我們的設備陣容。透過對佈局、固定裝置、導航和商品進行相對適度的更新，我們顯著改善了現場體驗，增強了人們購物和與品牌互動的方式。

After completing refreshes at three locations, San Francisco, New York City and the Stanford Shopping Center, we are seeing measurable increases in average daily sales performance. This gives us confidence in our strategy and we plan to continue refreshing additional locations, with more coming in the next few months.

在舊金山、紐約市和史丹佛購物中心三個地點完成更新後，我們看到平均每日銷售業績顯著成長。這讓我們對我們的策略充滿信心，我們計劃繼續更新其他地點，並在未來幾個月內開設更多地點。

Looking further ahead into the first half of 2026, our commitment to our three focus areas remains just as strong. On the product innovation front, two key launches help illustrate what’s next. First, we plan to debut a new material that we have branded Terralux, it’s an innovative material designed to provide leather-like aesthetics and performance. It looks and feels and performs like leather, made using plant proteins, biopolymers and recycled material that would otherwise be put in landfill. Terralux will anchor a curated capsule called the Elevated Collection, designed to meet rising consumer demand for comfort in more refined, style-forward moments. We believe this category represents a significant growth opportunity and anticipate bringing it to market in early 2026.

展望 2026 年上半年，我們對三大重點領域的承諾依然堅定。在產品創新方面，兩款關鍵產品的發表有助於說明下一步的發展方向。首先，我們計劃推出一種名為 Terralux 的新材料，它是一種創新材料，旨在提供類似皮革的美感和性能。它的外觀、感覺和性能都像皮革，採用植物蛋白、生物聚合物和再生材料製成，否則這些材料就會被填埋。Terralux 將推出名為 Elevated Collection 的精選膠囊系列，旨在滿足消費者對更精緻、更時尚的舒適度日益增長的需求。我們相信這一類別代表著一個巨大的成長機會，並預計將於 2026 年初將其推向市場。

Also planned to launch next year is our Airy material, a new upper mesh fabric derived from our popular tree fiber and engineered for lightweight breathability and all-day cooling during the hottest months of the year. It’s another example of how we’re using material innovation to meet consumer demand. These are just two of many innovations in the pipeline, each one advancing our mission to lead in comfort, style and sustainability.

我們還計劃於明年推出 Airy 材料，這是一種新型鞋面網眼面料，取自我們廣受歡迎的樹木纖維，專為在一年中最熱的月份提供輕盈透氣和全天涼爽而設計。這是我們利用材料創新來滿足消費者需求的另一個例子。這只是眾多正在籌備的創新中的兩項，每一項創新都推動了我們在舒適性、時尚性和永續性方面的領先使命。

In late May, we held our spring 2026 sales meeting, where we previewed what’s coming for our external partners. Over the course of two days, we hosted our distributors from around the world, as well as new sales agents representing the US marketplace. The assortment was very well received and it was validating to receive such positive feedback from our trusted partners who have a keen sense of the market.

5 月下旬，我們召開了 2026 年春季銷售會議，預覽了我們外部合作夥伴的未來發展。在為期兩天的時間裡，我們接待了來自世界各地的經銷商以及代表美國市場的新銷售代理商。該系列產品受到了熱烈歡迎，我們很高興收到對市場有著敏銳嗅覺的值得信賴的合作夥伴的正面回饋。

With the product momentum we’re building, we believe we’re now better positioned to advance our wholesale channel strategy. With the broadest assortment Allbirds has ever had, we’re beginning to sell into footwear specialty accounts for spring 2026. We are taking a very deliberate and measured approach to the channel, one that grows over the seasons to come.

憑藉我們正在打造的產品勢頭，我們相信我們現在能夠更好地推進我們的批發通路策略。Allbirds 擁有迄今為止最廣泛的產品種類，並將於 2026 年春季開始向鞋類專賣店銷售產品。我們對這個管道採取了非常謹慎和有分寸的方法，這種方法會隨著未來的季節而不斷增長。

Entering the second half of the year, taking into account the global macro environment, we’re assuming a more conservative view of the top line. However, what’s unchanged is our expectation that the convergence of our initiatives will drive sales growth in the fourth quarter.

進入下半年，考慮到全球宏觀環境，我們對營收的看法更為保守。然而，我們始終堅信，各項措施的整合將推動第四季的銷售成長。

We’ve been talking about this moment for many quarters and now it’s here. Live in the marketplace today is the first wave of our new product, marketing, and customer experience. We invite you to explore the new site, try the new shoes and experience the storytelling. We’re proud of this reintroduction of Allbirds and confident that it marks the beginning of a new chapter that will drive growth, building a strong foundation for sustained profitability and create long-term shareholder value.

我們已經談論這個時刻很多次了，現在它終於到來了。今天在市場上推出的是我們新產品、新行銷和新客戶體驗的第一波。我們邀請您探索新網站、嘗試新鞋並體驗故事敘述。我們為 Allbirds 的重新推出感到自豪，並相信這標誌著新篇章的開始，將推動成長，為持續獲利奠定堅實基礎並創造長期股東價值。

Before turning the call to Annie, I’d like to thank our teams, who have remained laser focused on our plans. We would not have reached this important juncture without their hard work and strong desire to win.

在將電話轉給安妮之前，我想感謝我們的團隊，他們一直專注於我們的計劃。如果沒有他們的辛勤工作和強烈的求勝慾望，我們就不可能到達這一重要關頭。

Thanks Joe and good afternoon, everyone. We continued to deliver strong execution in Q2, with topline results that were in line with our guidance and adjusted EBITDA that exceeded our expectations. Our teams continued to demonstrate financial rigor, prioritizing cost discipline, careful inventory management and cash conservation.

謝謝喬，大家下午好。我們在第二季度持續表現強勁，營收業績符合我們的預期，調整後的 EBITDA 超出了我們的預期。我們的團隊繼續表現出財務嚴謹性，優先考慮成本紀律、謹慎的庫存管理和現金節約。

Looking at the P&L, net revenue for the quarter totaled $40 million, at the high end of our guidance range. Q2 gross margin came in at 40.7% compared to 50.5% a year ago. This is roughly in line with our anticipated cadence for the year and reflects a particularly tough comparison to last year. The year-over-year decline is attributable to the following.

從損益表來看，本季淨收入總計 4,000 萬美元，處於我們預期範圍的高端。第二季毛利率為 40.7%，去年同期為 50.5%。這與我們今年預期的節奏大致相符，並且與去年相比尤其艱難。年比下降的原因如下。

Planned promotional activity; inventory adjustments associated with the transition of the European market; A shift in channel mix from our distributor transitions and store closures; and Increased per unit freight and duty costs. While the tariff landscape continues to evolve, we remain confident in our ability to deliver full year gross margins in the mid-40s.

計劃的促銷活動；與歐洲市場轉型相關的庫存調整；分銷商轉型和商店關閉導致的通路組合轉變；以及每單位運費和關稅成本的增加。儘管關稅情況不斷變化，我們仍然有信心實現 40% 左右的全年毛利率。

We are prepared to mitigate the 20% Vietnam tariff that takes effect this month. There are a couple of key factors enabling us to offset tariff impacts this year. In the second half, we will have a higher mix of new products that have been designed and developed at lower cost. Additionally, beginning in Q4, we expect to go to market with modestly higher prices on select new products. For context, we plan to do this on a scale that still conveys value to the consumer and allows us to stay within our planned pricing architecture.

我們準備降低本月生效的越南20%關稅。有幾個關鍵因素使我們能夠抵消今年的關稅影響。下半年，我們將推出更多種類、設計開發成本更低的新產品。此外，從第四季開始，我們預計將以略高的售價將部分新產品推向市場。就背景而言，我們計劃以一定的規模來實現這一目標，同時仍然向消費者傳達價值，並允許我們保持在計劃的定價架構之內。

Turning now to Q2 expenses, we brought down SG&A by 28% versus prior year. The improvement primarily reflects lower payroll and occupancy costs, driven by our distributor transitions and fewer retail stores. During Q2 we took advantage of opportunities to exit an additional four retail doors. This brings us to nine store closures year-to-date and a current US store count of 21.

現在來看看第二季的支出，與前一年相比，我們將銷售、一般及行政費用 (SG&A) 降低了 28%。這項改善主要反映了薪資和占用成本的降低，這是由於我們的經銷商轉型和零售店減少所致。在第二季度，我們抓住機會，關閉了另外四家零售店。這使得我們今年迄今已關閉 9 家門市，目前美國門市總數為 21 家。

We also announced two new distributor agreements in the quarter, furthering our expansion into new international regions. These new deals cover multiple countries across Central and South America and Southern Europe. Subsequent to quarter end we announced three additional agreements for multiple countries throughout Eurasia. Many of these new distributors are ramping up their Allbirds business starting in the second half of this year.

我們也在本季宣布了兩項新的經銷商協議，進一步向新的國際地區擴張。這些新交易涵蓋中美洲、南美洲和南歐的多個國家。季度末之後，我們宣布與歐亞大陸多個國家達成三項額外協議。許多新經銷商從今年下半年開始加大 Allbirds 業務的力度。

Looking at marketing expense, the second quarter came in at $9 million or 21% of revenue. That’s down to last year when we were investing behind the launch of our Tree Runner Go. In Q2, we started investing in middle funnel and performance marketing initiatives in anticipation of our fall product introductions, which - as Joe noted are just beginning to hit the market. On a full year basis, we anticipate marketing expense on both a dollar basis and as a percentage of sales will increase compared to 2024.

從行銷費用來看，第二季的行銷費用為 900 萬美元，佔營收的 21%。這可以追溯到去年，當時我們正在投資推出 Tree Runner Go。第二季度，我們開始投資中間漏斗和效果行銷計劃，為秋季新品發布做準備。正如 Joe 所說，這些產品才剛開始上市。從全年來看，我們預計行銷費用（以美元計算）和銷售額百分比都將比 2024 年增加。

From a bottom line perspective, Q2 adjusted EBITDA loss improved to $13 million. This exceeded the high end of our guidance range by over $3 million, reflecting our commitment to cost control and driving a healthy, efficient cost structure that will support long term profitable growth.

從底線角度來看，第二季調整後的 EBITDA 虧損改善至 1,300 萬美元。這超出了我們指導範圍的高端300多萬美元，反映了我們對成本控制的承諾，並推動了健康、高效的成本結構，以支持長期盈利增長。

Moving to the balance sheet, we ended the quarter with $33 million of cash and cash equivalents and inventories down 21% versus a year ago. We narrowed our operating cash use to $9 million in Q2. That’s down on a sequential basis, reflecting the seasonal cadence of working capital, as well as the upper funnel marketing investments we made in Q1.

從資產負債表來看，本季末我們的現金和現金等價物為 3,300 萬美元，庫存較去年同期下降 21%。我們將第二季的營運現金使用量縮減至 900 萬美元。這是按環比下降的，反映了營運資本的季節性節奏，以及我們在第一季進行的上層漏斗行銷投資。

As planned, we will be ramping up our marketing investments going into the second half of the year to support our new products. This increased spend, as well as normal working capital fluctuations, will result in higher operating cash use in the third quarter relative to Q2.Looking at the capital structure, we are pleased to have completed a comprehensive financing package, including a new revolving credit facility. This added flexibility will help support our growth plans.

按照計劃，我們將在今年下半年加大行銷投資以支持我們的新產品。支出的增加以及正常的營運資本波動將導致第三季的營運現金使用量相對於第二季增加。從資本結構來看，我們很高興完成了一整套全面的融資方案，其中包括一項新的循環信貸安排。這種增加的靈活性將有助於支持我們的成長計劃。

Turning to guidance. As noted in today’s press release, we’re adjusting our full year revenue outlook and reiterating our adjusted EBITDA guidance. Let me provide some context, starting with the top line. We’re updating our full year outlook for net revenue to a range of $165 million to $180 million, which includes approximately $20 million to $25 million of impact associated with our distributor transitions and store closures. This is $2 million higher than our previous estimate and reflects the incremental door closures in Q2.

轉向指導。正如今天的新聞稿所述，我們正在調整全年收入預期，並重申調整後的 EBITDA 指引。讓我先提供一些背景信息，從最上面一行開始。我們將全年淨收入預期更新為 1.65 億美元至 1.8 億美元，其中包括與經銷商轉型和門市關閉相關的約 2,000 萬至 2,500 萬美元的影響。這比我們之前的估計高出 200 萬美元，反映了第二季逐漸增加的門市關閉數量。

Stripping out the impact of those structural changes, net revenue is expected to grow approximately 3% at the midpoint of our updated guidance range. We’re also introducing third quarter net revenue of guidance of $33 million to $38 million. Our revised full year outlook primarily reflects the uncertain macro environment, as well as our decision to close additional stores in Q2. We’re pleased with the way our initiatives are coming together, giving us confidence in our Q4 outlook, which includes an implied top line growth rate of 17% at the mid-point.

剔除這些結構性變化的影響，預計淨收入將按我們更新後的指導範圍中點增長約 3%。我們也預計第三季淨收入將達到 3,300 萬美元至 3,800 萬美元。我們修改後的全年展望主要反映了不確定的宏觀環境，以及我們在第二季關閉更多門市的決定。我們對各項措施的進展感到滿意，這讓我們對第四季度的前景充滿信心，其中包括預計中期營收成長率為 17%。

Despite the revision to our sales outlook, we are reiterating our full year adjusted EBITDA guidance as we continue to manage the business with financial rigor and discipline. Our full year adjusted EBITDA guidance range remains at negative $65 million to $55 million, and includes an expected third quarter adjusted EBITDA loss in the range of $20 million to $16 million.

儘管我們修改了銷售前景，但我們仍重申全年調整後的 EBITDA 指引，因為我們將繼續以嚴謹的財務紀律來管理業務。我們對全年調整後 EBITDA 的預期範圍仍為負 6,500 萬美元至 5,500 萬美元，其中包括預計第三季調整後 EBITDA 虧損將在 2,000 萬美元至 1,600 萬美元之間。

Approaching the balance of the year, our key initiatives are in flight and we feel good about our positioning from both an operational and financial perspective. We look forward to keeping you updated on our progress as we continue to focus on building toward long-term profitable growth and shareholder value.

接近年底，我們的主要措施正在實施中，從營運和財務角度來看，我們對自己的定位感到滿意。我們期待隨時向您通報我們的進展，我們將繼續致力於實現長期獲利成長和股東價值。

We appreciate your time this afternoon and will now ask the operator to open the call to questions.

感謝您今天下午抽出時間，現在請接線生開始回答您的問題。

(Operator Instructions)

（操作員指示）

Francesco Marmo, Maxim Group.

Francesco Marmo，Maxim 集團。

Hi. Hey, guys. Thank you for taking my question. Do a quick one for me. First of all, I mean, you touched on this, at the end of the opening remarks. But can you give us a bit more color on how the store closure and transition to distributor model process impacting top line and overall profitability compared to your insured expectations?

你好。嘿，大家好。感謝您回答我的問題。幫我快速做一個。首先，我的意思是，您在開場白結束時提到了這一點。但是，您能否向我們詳細介紹一下商店關閉和向經銷商模式轉型的過程對營業收入和整體盈利能力的影響，與您的保險預期相比如何？

Hi, Francisco. Yes, overall, when we went into this year and we're planning the impact from door closures in international transitions, we estimated the impact to be $18 million to $23 million. With the decision to close additional doors in Q2, we're increasing that range by $2 million to now be $20 million to 25 million.

你好，弗朗西斯科。是的，總的來說，當我們進入今年併計劃國際轉型關閉大門帶來的影響時，我們估計影響金額為 1800 萬至 2300 萬美元。由於決定在第二季關閉更多門市，我們將這一範圍增加了 200 萬美元，現在為 2,000 萬至 2,500 萬美元。

As a reminder, the reason why we are pursuing the distributor model for international regions is although it impacts the top line, it is immediately profitable on the bottom line, and additionally has working capital benefits to us.

提醒一下，我們之所以在國際地區推行經銷商模式，是因為雖然它會影響營業收入，但它能立即為盈利帶來收益，而且還能為我們帶來營運資金方面的好處。

We transition to the EU at the end of Q2, which is our last international transition, so we look forward to having more comparable comps year-over-year as we go forward. Retail doors, we've also targeted largely unprofitable doors for these closures and so while we did close the additional doors in Q2 compared to what we were planning to for the year, these were opportunistic, that came up for us, and we decided to pursue them again with the interest of increasing the bottom line. So while this does impact our top line, it serves an effort of the bottom line improvements for year-over-year.

我們將在第二季末過渡到歐盟，這是我們最後一次國際過渡，因此我們期待在未來的年度同比數據更具有可比性。零售門市，我們也針對這些關閉的無利可圖的門市，因此，雖然與全年計劃相比，我們在第二季度關閉了更多的門市，但這些都是機會，對我們來說，我們決定再次追求它們，以增加底線。因此，雖然這確實會影響我們的營收，但它有助於實現逐年改善的利潤。

Thank you. Yeah, this makes perfect sense because, looking at the income statement that benefit at the profitability level in cash terms is actually evident. That's very insightful. Thank you.

謝謝。是的，這完全有道理，因為從損益表中可以看出，以現金形式獲得的獲利水準收益實際上是顯而易見的。這很有見地。謝謝。

And then the second question real quick, if I may, on inventory, you're entering the second half of the year, with a much linear position, which is great. How should we think about your inventory strategy for the remainder of the year, particularly in light of the planned new product launches?

然後第二個問題很快，如果可以的話，關於庫存，你們進入下半年，處於一個非常線性的位置，這很好。我們應該如何考慮您今年剩餘時間的庫存策略，特別是考慮到計劃推出的新產品？

Right. Yes, we have done exceptional inventory management over the past two years. We ended the quarter down 21% year-over-year. And with this last transition of the international market, the EU again as we did at the end of Q2, many of those year-over-year comparisons should now be evening out with all those transitions complete.

正確的。是的，過去兩年我們做了出色的庫存管理。本季我們的銷售額年減了 21%。隨著國際市場（歐盟）的最後一次轉型，就像我們在第二季末所做的那樣，隨著所有轉型的完成，許多同比數據現在應該趨於穩定。

You should expect to see strong inventory management from us, and we've bought appropriately, even with all of these new products, and so you should not expect to see a meaningful increase, or actually an increase at all, in terms of inventory because of the strong overall inventory management. To add a little bit of color, in addition to the traditional open to buy management that we've implemented over the past two years, we've also made operational changes, something as simple as shipped from store.

您應該會看到我們擁有強大的庫存管理，即使有這麼多新產品，我們也進行了適當的採購，因此，由於我們擁有強大的整體庫存管理，您不應該期望看到庫存出現有意義的增加，或者實際上根本不會出現增加。為了增加一點色彩，除了我們在過去兩年中實施的傳統開放購買管理之外，我們還進行了一些營運變革，例如從商店發貨等簡單的事情。

And so as we are buying into these new products, we can put the right amount of product in store, have great assortments, especially where we start to really bring in some beautiful colors. We can make sure the stores are representing the full line the way we want them to, but still have the ability then to use that inventory to fulfill e-com orders.

因此，當我們購買這些新產品時，我們可以在商店中投放適量的產品，並提供豐富的品種，特別是當我們開始真正引入一些美麗的顏色時。我們可以確保商店以我們希望的方式展示全系列產品，但仍有能力使用該庫存來完成電子商務訂單。

So it's a combination again of the rigor of a strong open to buy as well as these operational improvements that we've been making, that give us confidence that even with the volume of new products and styles that will be coming, you can expect to continue to see strong inventory management from us.

因此，這又是強勁的開放購買力和我們一直在進行的營運改進的結合，這讓我們有信心，即使有大量新產品和新款式推出，您仍可以期待我們繼續提供強大的庫存管理。

And Francesco. Hello, this is Joe. I'm glad that you asked that question about inventory because when you're refreshing your line as much as we are and adding so much depth and color and differentiation, it's critical that we keep our arms around the inventory because It is our inventory management that allows us to stay full price and to bring in full price customers and to make this into a growing high margin brand that we are building towards. So thank you for that question. Inventory is something we discuss literally every day here.

還有弗朗西斯科。你好，我是喬。很高興你問了關於庫存的問題，因為像我們這樣不斷更新產品線，增加產品深度、顏色和差異化，控制庫存至關重要。正是庫存管理讓我們能夠保持全價，吸引全價顧客，並使其成為我們正在打造的一個不斷增長的高利潤品牌。謝謝你的提問。庫存是我們每天都會討論的問題。

Yeah, makes sense. Very helpful. Very insightful. Thank you very much.

是的，有道理。非常有幫助。非常有見地。非常感謝。

Thank you.

謝謝。

Alex Straton, Morgan Stanley.

摩根士丹利的亞歷克斯·斯特拉頓。

Great. Thanks so much. Maybe just Annie, a quick follow up on that question. So just to be clear on the sales [guy] introduction, it sounds like your expectations on the core of the business haven't changed. It's just that you have this incremental store closure and distributor dynamic happening, is that right?

偉大的。非常感謝。也許只是安妮，快速跟進一下這個問題。因此，只是為了清楚地介紹銷售人員，聽起來您對業務核心的期望並沒有改變。只是你們正在逐步關閉商店和分銷商，對嗎？

Yes. Hi, Alex. There are two key factors behind the change in top line guidance structural, as you just mentioned with the retail door closures and macro. And the additional door closures that were not initially planned are worth about $2 million incremental, and the rest is really associated with the overall macroeconomy and being, it's really increasingly uncertain over the past few months. So we believe it's prudent to assume a more conservative view of the top line.

是的。你好，亞歷克斯。正如您剛才提到的，營收指導結構變化背後有兩個關鍵因素：零售門市關閉和宏觀因素。而最初未計劃的額外關門金額約為 200 萬美元，其餘部分實際上與整體宏觀經濟有關，而且過去幾個月的不確定性確實越來越大。因此，我們認為對營收採取更保守的看法是明智之舉。

That being said, what we know is that consumers, while they are becoming more choiceful and seeking value, we also know that our customers respond to our brand when we show up with newness and a strong value proposition. And the new product that we're bringing the comfort, quality, and style, we're really excited about what this is going to mean for the consumer and help us to build towards growth.

話雖如此，我們知道，雖然消費者變得更加挑剔並追求價值，但我們也知道，當我們推出新穎的產品和強大的價值主張時，客戶會對我們的品牌做出回應。我們為新產品帶來的舒適性、品質和風格，我們對它對消費者的意義以及它對我們實現成長的幫助感到非常興奮。

So we introduced three new styles in July. We just did another one this week, we'll have a few more this month, and this will continue to build over the course of Q3 and Q4. And so we're building up between now and the end of the year. Additionally, as we look towards the back half of the year, some of those structural impacts do start to lessen in terms of their sequential impact on each of our quarters. But ultimately at the end of the day, we're confident that the convergence of our initiatives will help us to drive year-over-year sales growth in Q4.

因此我們在七月推出了三種新款式。本週我們剛剛又做了一次，本月我們還會做幾次，並且會在第三季和第四季繼續推進。因此，從現在到年底，我們一直在努力建立。此外，展望下半年，一些結構性影響對我們每季的連續影響確實開始減弱。但最終，我們相信，我們各項舉措的整合將有助於我們推動第四季銷售額年增。

Perfect. And maybe just for Joe, just on the transformation plan, bigger picture. Where are you, like furthest along relative to where you thought you'd be when this first all started and then maybe on the other side, what's maybe been a little bit more of a pain point than you thought, just a big picture view on the plan.

完美的。也許只是對喬來說，只是關於轉型計劃，更大的圖像。您現在處於什麼位置？相對於當這一切剛開始時您認為的自己會處於的位置，您現在處於什麼位置？然後也許在另一方面，可能存在比您想像的更多的痛點，這只是對計劃的一個總體看法。

Yeah, thanks for that question, Alex. I'm just so delighted and pleased with where we are in this process. We have moved at light speed to affect all of the different aspects, but most importantly, we've been building towards this, literally this specific moment right now, where all of the product efforts in design and product development and fit and materialization. And on the marketing side, we started at the beginning of the year just waking our customer up with that cards on the table, initiative and then now bringing in a lot more lower funnel, very functional and performance-driven marketing to really wake our customer back up again and get them to remind them of who we are and what we deliver to them.

是的，謝謝你的提問，亞歷克斯。我對我們目前所處的進程感到非常高興和滿意。我們以光速前進，影響著各個方面，但最重要的是，我們一直在朝著這個目標努力，確切地說是現在這個特定的時刻，所有的產品努力都在設計和產品開發、適應性和物化方面進行。在行銷方面，我們從年初就開始主動向客戶展示我們的底牌，喚醒他們，然後引入更多低端行銷管道，更加實用、以績效為導向的行銷，真正喚醒客戶，讓他們記住我們是誰，我們能為他們提供什麼。

And it's coming in earnest. We repeat this number all the time. We have 19 new products coming into the marketplace over the next handful of months. We've only put two or three in the market, depends on how literally just a day ago we put another one in the market and already we're seeing the consumer really gravitate to it. So as an example in our retail stores of our top 15 styles -- it style colors, 12 of them are the new. Products and new colors that we're delivering.

而且它正在認真地到來。我們一直重複這個數字。未來幾個月內，我們將有 19 款新產品進入市場。我們只在市場上推出了兩到三款產品，這取決於就在一天前我們又將一款產品投放到市場上，並且已經看到消費者真正被它吸引。以我們零售店中最受歡迎的 15 種款式和顏色為例，其中 12 種是新款。我們正在提供的產品和新顏色。

So they're just starving for new products and we're going to feed that in the back half of this year and we expect that to really start to accumulate and this build will start in Q3 and should really start to accelerate in Q4. So we're exactly where we wanted it to be at this point. We're actually slightly ahead. We relaunched the website, about three weeks earlier than we had planned to, and it's given our consumers a really great experience.

所以他們只是渴望新產品，我們將在今年下半年滿足他們的這種需求，我們預計這種需求將真正開始積累，這種增長將在第三季度開始，並將在第四季度真正開始加速。所以我們現在正處於我們想要的狀態。我們實際上略微領先。我們重新啟動了該網站，比原計劃提前了大約三週，這為我們的消費者帶來了非常棒的體驗。

The store refreshes have gone really well. All the product is delivering on time. I'd like to come up with something as to what I think we're falling behind on, but I'm really pleased with where we are. We're actually slightly ahead of everything that we had on plan.

商店的翻新工作進展非常順利。所有產品均準時交付。我想提出一些我認為我們在哪些方面落後的問題，但我對我們現在的狀況感到非常滿意。事實上，我們的進展比計劃中所有的事情都略有提前。

Great. Thank you so much. Good luck.

偉大的。太感謝了。祝你好運。

Thank you.

謝謝。

That concludes our Q&A session. I'll now turn the conference back over to Joe Vernachio for closing remarks.

我們的問答環節到此結束。現在我將會議交還給喬·維納奇奧 (Joe Vernachio) 作結束語。

Thank you everybody. Appreciate you joining and have -- enjoy the rest of your summer.

謝謝大家。感謝您的加入，祝您享受剩餘的夏天。

That concludes today's conference. You may now disconnect.

今天的會議到此結束。您現在可以斷開連線。