Allbirds Inc (BIRD) 2025 Q3 法說會逐字稿

Good afternoon ladies and gentlemen, and welcome to Allbird's third-quarter 2025 conference call. (Operator Instructions)

女士們、先生們，下午好，歡迎參加 Allbird 2025 年第三季電話會議。（操作說明）

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

現在我想把電話交給藍衫集團的克莉絲汀‧格雷尼。請繼續。

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

各位下午好，感謝各位今天參加我們的節目。與我一起參加電話會議的有執行長 Joe Vernachio 和財務長 Annie Mitchell。

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 June 30, 2025, for a more detailed description of the risk factors that may affect our results.

在本次通話中，我們將發表一些前瞻性的評論。由於各種風險和不確定因素，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，請查看公司向美國證券交易委員會提交的文件，包括截至 2025 年 6 月 30 日的季度報告 10-Q 表格中題為“風險因素”的部分，其中更詳細地描述了可能影響我們業績的風險因素。

These forward-looking statements are based on information as of November 6, 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 11 月 6 日的資訊。除法律要求外，我們不承擔公開更新或修改前瞻性聲明的義務。

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 GAAP measure can be found to the extent reasonably available in today's earnings release.

此外，我們也將討論一些非GAAP財務指標。這些非公認會計準則財務指標是依照公認會計準則編製的財務績效指標的補充，而非替代。在現今的獲利報告中，我們已盡可能提供非GAAP指標與最直接可比較的GAAP指標的調節表。

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

現在我把電話交給喬，讓他開始正式發言。喬？

Good afternoon everyone, thanks for joining us today.

各位下午好，感謝各位今天收看我們的節目。

In the third quarter, we demonstrated continued progress and delivered results consistent with our expectations. We believe that great product is the foundation for revitalizing the brand and rebuilding Allbirds' place in the hearts and minds of consumers. Allbirds holds a truly distinctive position in the market.

第三季度，我們取得了持續進步，並取得了符合預期的業績。我們相信，優質的產品是重振品牌、重建 Allbirds 在消費者心中地位的基礎。Allbirds在市場上佔有非常獨特的地位。

One, we are uniquely positioned to serve through our core principles of comfort, style, and sustainability. It is through this lens that we are laser-focused on returning the brand to growth and driving the business toward profitability.

第一，我們憑藉著舒適、時尚和永續性的核心原則，擁有獨特的優勢來提供服務。正是透過這種視角，我們得以集中精力使品牌重回成長軌道，並推動業務走向獲利。

Since we last spoke in August, we’ve delivered a steady stream of compelling products that consumers are clearly responding to. Enthusiasm for our new styles continues to build, and I’ll share a few examples in a moment.

自從我們上次在八月交談以來，我們持續推出了一系列極具吸引力的產品，消費者也對此反應熱烈。大家對我們新風格的熱情持續高漲，我稍後會分享一些例子。

While the majority of the new products are elevating the brand and performing well, some of our foundational franchises, such as the Original Runner, have been slower to rebuild. This underscores that rebuilding our brand perception is a process that will require sustained execution across multiple product cycles. Importantly, the positive momentum we’re seeing for new product affirms that we’re on the right path.

雖然大多數新產品都在提升品牌形象並取得良好業績，但我們的一些基本特許經營產品，例如 Original Runner，重建速度卻比較慢。這凸顯了重塑品牌形像是一個需要貫穿多個產品週期持續執行的過程。重要的是，我們看到的新產品積極勢頭證實我們走在正確的道路上。

It’s undeniable that the products we’ve introduced over the past several quarters are the strongest we’ve delivered since the early days of the brand. The team has done an outstanding job creating a line that will serve as the foundation for years to come.

毋庸置疑，我們在過去幾季推出的產品是自品牌創立之初以來最強大的產品。團隊出色地打造了一條產品線，這將成為未來幾年發展的基礎。

One of our most successful launches this quarter has been the debut of the Wool Cruiser in September, a court-inspired silhouette introduced in a spectrum of 19 colors. To mark the moment, we teamed up with the Pantone Color Institute to launch five exclusive shades celebrating self-expression.

本季我們最成功的新品發表之一是 9 月推出的 Wool Cruiser，這是一款以網球鞋為靈感的鞋款，共有 19 種顏色可供選擇。為了紀念這一刻，我們與潘通色彩研究所合作推出了五款專屬色調，頌揚自我表達。

What’s interesting is that the most vibrant colors are selling out first. Normally, our natural tones lead in sales, but with the Cruiser, its shades like Blossom and Citron that are leading the pack. These distinctive colors are becoming a form of branding in their own right, instantly signaling Allbirds. Paired with a comfortable, easy-to-wear silhouette and the right price point, the Wool Cruiser is clearly hitting the mark and is poised to become a key franchise for the future.

有趣的是，最鮮豔的顏色總是先售罄。通常情況下，我們的自然色調在銷量上領先，但對於 Cruiser 系列來說，像 Blossom 和 Citron 這樣的色調才是領先者。這些獨特的顏色本身正成為一種品牌標識，能夠立即讓人聯想到 Allbirds。羊毛巡航者係列服裝穿著舒適，版型合身，價格十分合理，顯然正中市場，有望成為未來重要的品牌系列。

Later in September, we launched our first 100% waterproof collection in three silhouettes, and it has quickly become another standout performer. This collection is redefining what waterproof can be, comfortable and stylish while still delivering true performance. In its first month on the market, it is exceeding expectations and proving that Allbirds can offer full waterproof functionality without sacrificing the comfort, style, and sustainability people have come to expect from us.

9 月下旬，我們推出了首個 100% 防水系列，共有三種款式，並迅速成為另一個表現突出的產品系列。該系列產品重新定義了防水性能，既舒適時尚，又兼具真正的防水性能。上市第一個月，它就超出了預期，證明了 Allbirds 能夠在不犧牲人們期望的舒適性、時尚性和可持續性的前提下，提供完全防水的功能。

In our new Relaxed category, designed for life in and around the house, we introduced a Slipper Collection that is a top seller today. To round out the season, we introduced the Kiwi Collection this week: indoor/outdoor styles including a mule, a clog, and a low boot. They’re cozy, easy to slip on and intentionally casual, exactly how people are dressing today. This is an additive collection that builds on our core and shows how much opportunity there is for future growth in this new category for us.

在我們新推出的「休閒」系列中，專為居家生活而設計，我們推出了一款拖鞋系列，目前已成為暢銷產品。為了讓本季畫下圓滿的句號，我們本週推出了 Kiwi 系列：室內/室外款式，包括穆勒鞋、木屐和低筒靴。它們舒適、易於穿脫，而且刻意設計成休閒風格，這正是人們現在的穿衣風格。這是一個在我們核心產品基礎上拓展的系列產品，展現了我們在這個新領域未來發展的巨大潛力。

In the back half of the year, we aligned our marketing efforts to directly support our evolving product engine. We shifted to a steady rhythm of mid and lower funnel marketing, focused not just on driving traffic and conversion, but also on building long-term brand equity.

下半年，我們調整了行銷策略，以直接支援我們不斷發展的產品引擎。我們轉向穩定地推動中下層通路行銷，不僅注重引流和轉化，也著重於建立長期品牌資產。

Our program centers on three priorities: partnering with the right influencers and collaborators to spark awareness, highlighting product utility to drive conversion, and increasing both the volume and variety of content to accelerate growth. We are deploying a deliberate mix of traditional media, performance marketing, PR moments, and brand activations, each reinforcing the other.

我們的計劃以三個優先事項為中心：與合適的影響者和合作者合作以提高知名度，突出產品實用性以推動轉化，以及增加內容的數量和種類以加速增長。我們正在精心結合傳統媒體、效果行銷、公關活動和品牌推廣活動，使它們彼此相互促進。

Notable examples this quarter include our Wool Cruiser launch event with Pantone, a significant increase in influencer activations and strategic celebrity seeding, all helping to create cultural relevance and expand our organic reach.

本季度值得關注的例子包括我們與 Pantone 合作舉辦的 Wool Cruiser 發布會、影響力人物推廣活動的大幅增加以及戰略性的名人推廣，所有這些都有助於創造文化相關性並擴大我們的自然覆蓋範圍。

As we deliver on our product and marketing workstreams, we are also focused on creating a standout experience for our customers both online and in-store. We continue to deliver fresh new floorsets to our retail stores. And importantly, we relaunched our website in July, which transformed the look and feel of the site. Our goal is to refine the customer experience at every moment of the shopping and purchasing journey, from richer storytelling on the home and landing pages to more utility and clarity on our PDPs.

在推廣產品和行銷工作的同時，我們也致力於為線上和線下客戶打造卓越的體驗。我們持續為零售店提供全新的樓層陳列方案。更重要的是，我們在 7 月重新推出了我們的網站，這徹底改變了網站的外觀和感覺。我們的目標是在購物和購買過程的每個環節優化客戶體驗，從首頁和著陸頁更豐富的故事敘述，到產品詳情頁 (PDP) 更實用、更清晰的展示。

We are also redesigning every communication and touch point in the post-purchase experience to ensure it feels thoughtful, seamless, and brand-centric. We are delivering a clearer expression of our values and a greater sense of care with every interaction. In short, we're making it easier and more enjoyable for customers to discover products and complete their purchases.

我們也在重新設計售後體驗中的每一個溝通和接觸點，以確保其感覺周到、流暢且以品牌為中心。我們在每一次互動中都更清楚地表達了我們的價值觀，並展現了更強的關懷。簡而言之，我們正在讓顧客更容易、更愉快地發現產品並完成購買。

With our product flywheel in motion, we are now positioned to begin executing against a renewed wholesale strategy. For Spring 2026, we anticipate the brand will be available in approximately 150 specialty retail stores across the United States. And just last month, we hosted our sales meeting for the Fall 2026 season, welcoming both our international distributors and US sales agencies to experience the new line firsthand. The collection was very well received, and reinforced confidence that both domestic and international channels will contribute to growth as we move into next year.

隨著產品飛輪的運轉，我們現在可以開始執行新的批發策略了。預計到 2026 年春季，該品牌將在美國約 150 家專賣零售店販售。就在上個月，我們舉辦了 2026 年秋季銷售季的會議，歡迎國際經銷商和美國銷售代理商親身體驗新產品系列。該系列產品廣受好評，增強了我們對明年國內外通路都將為成長做出貢獻的信心。

We see this expanded presence in specialty retail as a powerful tool for increasing overall brand awareness and setting the stage for long-term growth.

我們認為，擴大在專業零售領域的影響力是提高整體品牌知名度和為長期成長奠定基礎的有力工具。

We see meaningful opportunities ahead. New collections like Kiwi and standout style introductions like the Cruiser are expanding our product footprint, while utility-driven offerings, such as waterproof styles, help us meet more of our customers' everyday needs.

我們看到了未來充滿機會的前景。Kiwi 等新系列和 Cruiser 等引人注目的款式推出，正在擴大我們的產品範圍，而防水款式等實用型產品，則有助於我們滿足更多客戶的日常需求。

In the near term, we believe we are well positioned to drive improved topline trends in the fourth quarter. The updated guidance we’re providing today reflects sales ranging from flat to high-single-digit growth versus prior year. This outlook takes into account current business trends, an uncertain macro backdrop, and our expectation for a highly competitive holiday shopping period.

短期來看，我們相信我們已做好充分準備，推動第四季度營收成長趨勢的改善。我們今天提供的最新業績指引顯示，銷售額與上年相比持平或實現高個位數成長。這項展望考慮了當前的商業趨勢、不確定的宏觀環境以及我們對競爭激烈的假期購物季的預期。

Throughout the season, we plan to participate in key promotional moments while delivering creative, attention-grabbing messaging to engage consumers and keep Allbirds top-of-mind. Our teams are working with urgency and discipline to accelerate progress on the turnaround in the quarters ahead.

整個賽季期間，我們計劃參與重要的促銷活動，同時發布富有創意、引人注目的訊息，以吸引消費者並保持 Allbirds 在消費者心中的領先地位。我們的團隊正以緊迫感和嚴謹的態度開展工作，以加速未來幾季扭虧為盈的進程。

In parallel, we are taking steps to reduce costs and recognize the need to enhance liquidity, which could include raising capital. We will consider all opportunities to maximize shareholder value.

同時，我們正在採取措施降低成本，並認識到需要增強流動性，其中可能包括籌集資金。我們將考慮所有能最大限度提升股東價值的機會。

We deeply appreciate the dedication and commitment our employees have shown throughout our transformation. Thank you for the important work you’re doing to reignite the Allbirds brand. We are also grateful for the continued support of our shareholders. We remain focused on value creation and look forward to keeping you updated on our progress as we move forward.

我們衷心感謝員工在公司轉型過程中所展現的奉獻精神與敬業精神。感謝您為重振 Allbirds 品牌所做的重要工作。我們也衷心感謝股東們一直以來的支持。我們將繼續專注於創造價值，並期待在未來的發展過程中及時向您報告我們的進展。

Now I’ll ask Annie to review the financials and discuss our guidance.

現在我將請安妮審核財務報表並討論我們的指導方針。

Thank you, Joe, and good afternoon, everyone. We delivered strong third-quarter performance, with bottom line results just ahead of our expectations.

謝謝你，喬，大家下午好。我們第三季業績表現強勁，最終獲利略高於預期。

Third-quarter net revenue totaled $33 million, coming in at the low end of our guidance range. The results reflect strong customer response to many of our new product introductions such as the Wool Cruiser and Waterproof collections, as well as mixed performance from our original icons, all against the backdrop of a challenging macro environment.

第三季淨收入總計 3,300 萬美元，處於我們預期範圍的下限。結果反映出，顧客對我們推出的許多新產品（如羊毛巡航系列和防水系列）的強烈反響，以及我們經典產品的褒貶不一的表現，所有這些都發生在充滿挑戰的宏觀環境背景下。

Gross margin in Q3 came in at 43.2% compared to 44.4% in Q3 of 2024. The year-over-year decline primarily reflects a higher mix of digital and international distributor sales, as well as increased duties in our US business, which partially offset higher average selling prices. For the full year, we anticipate that channel mix and tariff impacts will result in a full-year margin profile similar to Q3, in the low-40s.

第三季的毛利率為 43.2%，而 2024 年第三季的毛利率為 44.4%。年比下降主要反映了數位銷售和國際經銷商銷售佔比增加，以及美國業務關稅增加，這部分抵消了平均售價上漲的影響。我們預計，全年通路組合和資費的影響將導致全年利潤率與第三季類似，在 40% 左右。

Looking at expenses, we continued to demonstrate exceptional cost management during the quarter. Q3 SG&A totaled $22 million, down $9 million or 30% on a year-over-year basis. This improvement was primarily driven by lower personnel expenses, occupancy costs, stock-based compensation expenses, and depreciation and amortization.

從費用來看，我們在本季持續展現了卓越的成本控制能力。第三季銷售、一般及行政費用總計 2,200 萬美元，年減 900 萬美元，降幅達 30%。這項改善主要得益於人員費用、辦公室租金、股票選擇權費用以及折舊和攤提費用的降低。

Q3 marketing expense came in at $12 million, up 19% to last year as we invested behind our new product launches. We continue to expect that full year marketing expense on both a dollar basis and as a percentage of sales will increase compared to 2024.

第三季行銷費用為 1,200 萬美元，比去年成長 19%，因為我們對新產品的推出進行了投資。我們仍然預計，與 2024 年相比，全年行銷費用（無論以美元計算還是按銷售額百分比計算）都將增加。

Our strong gross margin profile and strict cost control enabled us to deliver bottom line performance slightly above the high end of our guidance range, despite topline results that came in at the low end of our expectations.

儘管營收業績低於預期，但我們強勁的毛利率和嚴格的成本控制使我們最終實現了略高於預期範圍上限的淨利潤。

Q3 adjusted EBITDA loss totaled $15.7 million compared to a loss of $16.2 million a year ago. Looking at the balance sheet, we ended the quarter with $24 million of cash and cash equivalents and $12 million of outstanding borrowings under our $50 million dollar asset-backed revolving credit facility. Inventories totaled $43 million at quarter end, down 25% year over year. Operating cash use totaled $15.2 million. That’s up sequentially from Q2 as planned, reflecting higher marketing spend to support our new product launches, as well as our seasonal working capital needs.

第三季調整後 EBITDA 虧損總額為 1,570 萬美元，去年同期虧損為 1,620 萬美元。從資產負債表來看，本季末我們擁有 2,400 萬美元的現金及現金等價物，以及 1,200 萬美元的未償還借款，這些借款來自我們 5,000 萬美元的資產支持循環信貸額度。截至季末，庫存總額為 4,300 萬美元，年減 25%。經營活動現金支出總計1520萬美元。與計劃相比，該數字環比第二季度有所增長，反映了為支持新產品發布而增加的營銷支出，以及我們季節性的營運資金需求。

While the financing steps we took mid-year provided us with added flexibility, we are exploring options to improve our liquidity position in the quarters ahead. We are diligently managing costs and taking immediate actions to capture incremental expense savings across areas such as headcount, occupancy, and technology.

雖然我們年中採取的融資措施為我們提供了更大的靈活性，但我們正在探索各種方案，以改善未來幾季的流動性狀況。我們正在認真控製成本，並立即採取行動，在人員編制、辦公空間和技術等領域逐步節省開支。

Moving now to guidance, we are updating our topline outlook and reiterating the midpoint of our full year guidance range on the bottom line. Full year net revenue is expected to be between $161 million and $166 million. This compares to our prior guidance range of $165 million to $180 million and includes approximately $23 million to $25 million of impact associated with our international distributor transitions and retail store closures.

接下來談談業績展望，我們將更新營收預期，並重申全年淨利預期範圍的中點。預計全年淨收入將在 1.61 億美元至 1.66 億美元之間。這與我們先前給出的 1.65 億美元至 1.8 億美元的預期範圍相比有所擴大，其中包括與國際分銷商轉型和零售店關閉相關的約 2300 萬美元至 2500 萬美元的影響。

We’re also introducing fourth-quarter net revenue guidance of $56 million to $61 million, flat to up 9% versus a year ago.

我們也發布了第四季度淨收入預期，預計為 5,600 萬美元至 6,100 萬美元，與去年同期相比持平或成長 9%。

Looking at adjusted EBITDA, we are tightening our full year guidance range to negative $63 million to $57 million, which compares to our prior range of $65 million to $55 million. For the fourth quarter, we expect adjusted EBITDA loss to be in the range of $16 million to $10 million, a significant improvement compared to $19 million a year ago.

從調整後的 EBITDA 來看，我們將全年預期範圍收窄至 -6300 萬美元至 -5700 萬美元，而我們之前的預期範圍為 6500 萬美元至 -5500 萬美元。我們預計第四季度調整後 EBITDA 虧損將在 1,000 萬美元至 1,600 萬美元之間，與去年同期的 1,900 萬美元相比，這是一個顯著的改善。

We appreciate your time this afternoon. Now I’ll ask the operator to open the call for Q&A.

感謝您今天下午抽出時間。現在我請接線生開啟問答環節。

(Operator Instructions) Alex Straton, Morgan Stanley.

（操作說明）Alex Straton，摩根士丹利。

Perfect, thanks so much. Can we just focus on the third-quarter sales results, came in on the low end of what you were expecting. So maybe what kind of disappointed or came in lower than you thought?

太好了，非常感謝。我們能只專注在第三季的銷售業績嗎？結果低於您的預期。所以，也許是某種程度的失望，或是結果比你預想的還要低？

And then also just with the inflection in the fourth quarter that you're assuming, is that reflective of quarter-to-date trends or how do you get there? And then maybe even going forward, just initial thoughts on '26, like should we carry forward that sales growth into that year or any initial thoughts there? Thanks so much.

另外，您假設的第四季度轉折點，是否反映了本季至今的趨勢，或者您是如何得出這一結論的？然後，或許還可以展望一下未來，對 2026 年的初步想法，例如我們是否應該將銷售成長動能延續到那一年，或是有什麼初步的想法？非常感謝。

Hi, Alex, thanks for your question. Yeah, so it's really kind of a tale of three things. First, we've introduced a lot of new products this quarter, and I'm happy to say that all of that product is working and some of it is exceeding our expectations. In the formal remarks, I outlined a few of those products, but we're really delighted with how the new product is performing.

你好，Alex，謝謝你的提問。是的，所以這其實是一個由三件事組成的故事。首先，本季我們推出了許多新產品，我很高興地說，所有這些產品都運作良好，其中一些產品甚至超出了我們的預期。在正式發言中，我概述了其中的一些產品，但我們對新產品的表現感到非常滿意。

Underneath that, we have some core franchises, particularly the Runner, which has a significant amount of business against it that hasn't yet inflected yet, and there's more work to be done to reactivate that style and that model or -- and/or to add, make up some of those sales in these new products.

在此之下，我們有一些核心特許經營權，特別是 Runner 系列，它還有相當一部分業務尚未得到改善，我們需要做更多的工作來重新激活這種風格和模式，或者——以及/或者，通過這些新產品來彌補一些銷售額。

Even though we -- it feels like these new products have been in the market for a while, it's really only been a handful of months at most, and some of these are literally just weeks. But again, they're performing as planned, if not better than planned, so we're very encouraged by the fact that we've been able to bring in a significant amount of new product that is hitting the market with the consumer.

雖然我們感覺這些新產品已經上市一段時間了，但實際上最多只有幾個月，有些甚至只有幾週。但話說回來，他們的表現符合計劃，甚至比計劃還要好，所以我們非常鼓舞人心，因為我們能夠引進大量新產品，這些產品正在進入市場，受到消費者的歡迎。

But underneath that, the third component to it is that we can see that there are macro environment and macro events taking place that is distracting the consumer. 60% of our sales are through a telephone. It's on their mobile phones. And we know what the distractions are on the phones and trying to break through that with everything that's coming through to people right now is challenging. It's something that we have to continue to work towards.

但除此之外，還有第三個因素，就是我們可以看到，宏觀環境和宏觀事件正在分散消費者的注意力。我們60%的銷售額來自電話。在他們的手機裡。我們知道手機上有哪些幹擾因素，而現在人們接收到的所有資訊都如此之多，想要克服這些幹擾因素確實是一個挑戰。這是我們必須繼續努力的方向。

What we are seeing is that when we communicate to consumers either new products that are right on the mark or a promotion program that is advantageous for them, they are converting. It's in between times, especially when we see a macro event take place where we see the consumer get really quiet and very considered on the purchases that they're making.

我們發現，當我們向消費者傳達正合他們心意的新產品或對他們有利的促銷活動時，他們就會購買。尤其是在發生重大事件的過渡時期，消費者會變得非常冷靜，並且在購買商品時經過深思熟慮。

So those are the three dynamics that are going on that led us to the sales that we're at.

所以，正是這三種動態因素促成了我們目前的銷售表現。

And looking forward, many of those trends continue over into Q4, but when we take a step back and look at how Q3 evolved, we were introducing more product each month and so each month, results got a little bit better and we're seeing that again as we go into Q4 and some of the early trends so far this quarter is that as we've been introducing this new product, hopefully you saw that Waterproof launched on September 30, and we had our Kiwi pack with [cozy at home], just launched this week.

展望未來，許多趨勢將延續到第四季度，但當我們回顧第三季度的發展歷程時，會發現我們每個月都在推出更多產品，因此每個月業績都略有改善。進入第四季度，我們再次看到了這種趨勢。本季的一些早期趨勢是，隨著我們不斷推出新產品，希望大家已經看到，防水產品於 9 月 30 日發布，而我們的 Kiwi 套裝（包含 [cozy at home 的]）也於本週剛發布。

So that is one of the main reasons behind the improvement that we are expecting in Q4 is the building as we continue to put more and more new product into the market.

因此，我們預計第四季度業績將有所改善的主要原因之一是，隨著我們不斷向市場推出越來越多的新產品，公司規模也在擴大。

Another piece when we consider Q4 is the structural changes between international distributor transitions and retail door closures. Really impacted us in the first three quarters of this year. I think Alex, we talked about this previously, the first quarter impacted us by about almost $7 million. Q2 was about $10 million, and Q3, it was about $5 million. And for the last quarter we expect that to be about $2 million to $4 million.

第四季另一個需要考慮的因素是國際經銷商轉型和零售門市關閉之間的結構性變化。今年前三個季度對我們造成了很大的影響。亞歷克斯，我想我們之前也討論過這個問題，第一季對我們造成了近700萬美元的影響。第二季第一季約 1,000 萬美元，第三季約 500 萬美元。我們預計最後一季的營收將在 200 萬至 400 萬美元之間。

As we go into next year, we have two things in our favor. One is again the product momentum that we've been building this the back half of this year, plus all of the fantastic new product coming starting with Spring, Summer '26, and then those structural impacts that I just listed off for this year get smaller and smaller, and so that is why we're optimistic about 2026.

展望明年，我們有兩件事對我們有利。一方面是我們今年下半年一直在累積的產品發展勢頭，另一方面是從 2026 年春季和夏季開始推出的所有精彩新產品，然後我剛才列舉的那些今年的結構性影響會越來越小，所以我們對 2026 年充滿信心。

Tom Forte, Maxim Group.

Tom Forte，Maxim集團。

Hi, everybody. It's actually Francesco Marmo from Maxim. Thanks for taking my question. I was hoping you could add some color around your inventory composition. I mean, absolute terms, it looks relatively lean. I was hoping you could give us some comments around what kind of products on the inventory, especially considering all the new product launches and as we head into the Black Friday period and the holiday season, especially cause I was looking at your new website, and it feels very kind of new product focused and very brand story focused.

大家好。他其實是《Maxim》雜誌的弗朗西斯科·馬爾莫。謝謝您回答我的問題。我希望你能為你的庫存組成增添一些色彩。我的意思是，從絕對意義上講，它看起來相對精簡。我希望您能就庫存產品類型發表一些看法，特別是考慮到所有新產品的推出，以及我們即將迎來黑色星期五和假日季，尤其是因為我瀏覽了您的新網站，感覺它非常注重新產品和品牌故事。

So I was wondering what is your strategy for the Black Friday period? Thank you.

所以我想知道你們在黑色星期五期間的策略是什麼？謝謝。

Great. Francesco, thanks for joining us today. I'll start out by talking a little bit about big picture inventory and then I'll turn it over to Joe to add some color for you.

偉大的。弗朗西斯科，感謝你今天加入我們。我先簡單談談庫存的大局，然後交給喬來補充一些細節給大家。

When you look at our inventory, we ended the quarter at $43 million. That's down 25% year over year, and just up slightly from last quarter. Being down year over year, it's really driven by two things. First is the international transitions. We did our last international transition at the very end of Q2, and that was for the EU region. Now our international transitions are complete. And as you might recall, we've talked about this previously, the international distributors, they pick up the product right at source versus before, for instance, like in the EU, we would be holding all of that inventory until it's sold to the end consumer.

從我們的庫存來看，本季末庫存為 4,300 萬美元。與去年同期相比下降了25%，與上一季相比略有成長。年比下降，主要受兩個因素影響。首先是國際轉型。我們在第二季末完成了最後一次的國際過渡，那是針對歐盟地區。現在我們的國際轉型已經完成。您可能還記得，我們​​之前討論過這個問題，國際分銷商直接從源頭提貨，而以前，例如在歐盟，我們會持有所有庫存，直到賣給最終消費者。

So one is a structural change and the second is really just about continued very strong inventory management. It was a priority for us in '23 and '24 to clean up inventory, which we did successfully. And really, it was in service of all of this new product coming. We want to make sure we were as healthy as possible and had great process and rigor around inventory, knowing that we were excited to invest in all of the new product coming.

所以，一是結構性變革，二是持續維持強勁的庫存管理。2023 年和 2024 年，我們的首要任務是清理庫存，我們也成功地完成了這項任務。實際上，這一切都是為了即將推出的所有新產品服務。我們希望確保自身保持最佳狀態，並擁有完善的庫存管理流程和嚴格的管理措施，因為我們知道，我們非常興奮能夠投資所有即將推出的新產品。

So with that backdrop, Joe, do you want to add some color?

喬，在這樣的背景下，你想添加一些色彩嗎？

Yeah, I mean, I'm glad that you asked about inventory. It's a big focus of ours when you bring in a lot of new products you have to be really cognizant of inventory and make sure you stay focused on that, so that's something that we are very rigorous about and keep our eye on for sure.

是的，很高興你問到庫存狀況。引進大量新產品時，庫存是我們工作的重點，我們必須非常重視庫存，並確保始終關注庫存情況，所以我們在這方面非常嚴格，並且一定會密切關注。

You talked about what the website looks like. I'm glad that you feel that it looks very brand centric and is telling a story. That was our objective. We launched the new site in July and part of it, a big portion of this was to be able to get our story out there, to be able to tell great stories about the product and have a lot more opportunity to share different aspects of the product on the PDP and the landing pages.

你談到了網站的外觀。我很高興你覺得它看起來很有品牌特色，並且講述了一個故事。這就是我們的目標。我們在 7 月推出了新網站，其中很大一部分目的是為了宣傳我們的故事，講述關於產品的精彩故事，並在產品詳情頁和著陸頁上分享產品的不同方面，從而獲得更多機會。

You asked about what our strategy is going intp Q4. We anticipate that it's going to be a competitive marketplace in Q4. We think people are going to be looking for promotions and we have our normal preparation for all the different aspects of Black Friday, Cyber Monday that we will need.

你問我們第四季的戰略是什麼。我們預計第四季市場競爭將非常激烈。我們認為人們會關注促銷活動，我們也為黑色星期五和網路星期一的各個方面做好了充分的準備。

We will have different products that we'll put up and take down in order to create some rhythm to the promotion. We're not going to be [precious] we know we need to compete and we need to be in the market, otherwise, we will lose our share. We've got a very rigorous Black Friday, Cyber Monday plan queued up, and we're going to be executing against it.

我們將擺放和撤下不同的產品，以營造促銷的節奏感。我們不會[嬌生慣養]，我們知道我們需要競爭，我們需要留在市場上，否則，我們將失去我們的份額。我們已經制定了一套非常嚴謹的黑色星期五和網路星期一促銷計劃，並且我們將嚴格執行。

I am showing no further questions at this time. I will now like to turn the call back over to Joe for closing remarks.

我目前沒有其他問題要問。現在我將把電話交還給喬，請他作總結發言。

Thank you, everyone, for joining. We'll see you at the next quarterly review.

謝謝大家的參與。我們下季回顧會議上再見。

This concludes today's conference call. Thank you for participating, and you may now disconnect.

今天的電話會議到此結束。感謝您的參與，您現在可以斷開連接了。