Allbirds Inc (BIRD) 2022 Q1 法說會逐字稿

Thank you for standing by, and welcome to the Allbirds First Quarter 2022 Earnings Call. (Operator Instructions)

感謝您的支持，歡迎參加 Allbirds 2022 年第一季度財報電話會議。 （操作員說明）

I would now like to hand the conference over to your speaker today, Kyle Khasigian. Please go ahead.

我現在想把今天的會議交給你的發言人凱爾·哈西吉安。請繼續。

Good afternoon, everyone, and thank you for joining us. With me on the call today are Joey Zwillinger and Tim Brown, Allbirds' Co-Founders and Co-CEOs and Mike Bufano, Allbirds' Chief Financial Officer.

大家下午好，感謝您加入我們。今天與我通話的還有 Allbirds 的聯合創始人兼聯合首席執行官 Joey Zwillinger 和 Tim Brown 以及 Allbirds 的首席財務官 Mike Bufano。

Before we start, I would 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, medium-term targets, time line for achievement of lifetime sales milestones, duration of external headwinds and other matters referenced in our earnings release issued today. 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 as well as our earnings release and annual report on Form 10-K for the year ended December 31, 2021, for a more detailed description of the risk factors that may affect our results.

在開始之前，我想提醒您，我們今天將做出某些符合聯邦證券法含義的前瞻性聲明，包括關於我們的財務前景、中期目標、實現終身銷售的時間表的聲明我們今天發布的收益報告中提到的里程碑、外部不利因素的持續時間和其他事項。這些前瞻性陳述涉及許多可能導致實際結果出現重大差異的風險和不確定性。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。請參閱我們提交給美國證券交易委員會的文件以及截至 2021 年 12 月 31 日止年度的 10-K 表格收益發布和年度報告，以更詳細地描述可能影響我們業績的風險因素。

Also, during this call, we will discuss adjusted EBITDA and adjusted EBITDA margin, which are 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 financial measures to their most directly comparable GAAP measures in today's earnings release.

此外，在本次電話會議中，我們將討論調整後的 EBITDA 和調整後的 EBITDA 利潤率，它們是非 GAAP 財務指標，可調整我們的 GAAP 結果以消除某些項目的影響。這些非公認會計原則項目應作為任何公認會計原則結果的補充而不是替代。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 財務指標與其最直接可比的 GAAP 指標的對賬。

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

現在我將把電話轉給喬伊開始正式發言。

Thanks, Kyle, and good afternoon, everyone. We are pleased to deliver strong first quarter results, which includes robust net revenue growth of 26% compared to 2021 and 49% versus 2020 along with adjusted EBITDA in line with our expectations.

謝謝，凱爾，大家下午好。我們很高興提供強勁的第一季度業績，其中包括與 2021 年相比強勁的淨收入增長 26%，與 2020 年相比增長 49%，以及符合我們預期的調整後 EBITDA。

The top line accelerated on both a 1- and 2-year basis as we focused on controlling the controllables against a volatile backdrop. Macro trends are creating both headwinds and tailwinds right now. Our U.S. business continues to show strength in both digital and physical retail. And as people go back to work, demand for our core lifestyle offering is increasing. As we have mentioned previously, we believe our brand is more resonant the further COVID recedes in the rearview mirror. At the same time, certain international regions have run into demand headwinds towards the end of the first quarter and have extended into Q2, particularly in China and the EU. The quarter was highlighted by 35% sales growth in our U.S. business, demonstrating the power of our digital-savvy omnichannel model, which is further buoyed by a post-pandemic retail recovery, improved pricing and resonant new product.

由於我們專注於在動蕩的背景下控制可控因素，因此收入在 1 年和 2 年的基礎上都在加速。宏觀趨勢目前正在創造逆風和順風。我們的美國業務在數字和實體零售方面繼續表現出實力。隨著人們重返工作崗位，對我們核心生活方式產品的需求也在增加。正如我們之前提到的，我們相信我們的品牌在後視鏡中越遠，就越能引起共鳴。與此同時，某些國際地區在第一季度末遇到了需求逆風，並已延續到第二季度，特別是在中國和歐盟。本季度我們的美國業務銷售額增長了 35%，彰顯了我們精通數字的全渠道模式的強大力量，大流行後零售業復甦、定價改善和新產品引起了共鳴。

International sales grew 3% in the quarter, reflecting headwinds in consumer spending in the EU due to Russia's invasion of Ukraine and in China due to COVID restrictions. Coupling the slowdowns in Europe and China with a strengthening dollar in some of our international markets, most notably in Europe and Japan. These headwinds created a drag on revenue estimated to be approximately $2 million in the quarter, which would have represented an additional 15% year-over-year growth in our international business.

本季度國際銷售額增長 3%，反映出由於俄羅斯入侵烏克蘭和中國因 COVID 限製而導致的歐盟消費者支出逆風。在我們的一些國際市場，尤其是在歐洲和日本，將歐洲和中國的放緩與美元走強相結合。這些不利因素拖累了本季度估計約為 200 萬美元的收入，這意味著我們的國際業務將同比增長 15%。

As we look at the balance of 2022, we are managing to a more conservative outlook to reflect what we believe are transitory factors affecting our international business. We believe that the impact of full year revenue will be approximately $15 million to $20 million, which is reflected in the guidance we're providing today. More on this from Mike, but in short, despite the external pressures that have changed our sales outlook for the year in our international business, we expect to deliver strong top line growth of 21% to 24% in 2022, well within our range of our medium-term revenue growth target of 20% to 30%.

當我們審視 2022 年的餘額時，我們正在設法採取更加保守的前景，以反映我們認為影響我們國際業務的暫時性因素。我們認為全年收入的影響將約為 1500 萬至 2000 萬美元，這反映在我們今天提供的指導中。 Mike 對此提供了更多信息，但簡而言之，儘管外部壓力改變了我們今年國際業務的銷售前景，但我們預計 2022 年收入將實現 21% 至 24% 的強勁增長，遠在我們的範圍內我們的中期收入增長目標為 20% 至 30%。

Underpinning this outlook is our confidence in the purpose-driven lifestyle brand and durable operating model we have built, setting us up for decades of strong growth and profitability despite these short-term factors. As a reminder, our 3 growth pillars are to deliver product innovation, grow our store portfolio and scale our international business.

支撐這一前景的是我們對我們建立的以目標為導向的生活方式品牌和持久運營模式的信心，儘管存在這些短期因素，但我們仍保持了數十年的強勁增長和盈利能力。提醒一下，我們的 3 個增長支柱是提供產品創新、擴大我們的商店組合和擴大我們的國際業務。

I'm going to turn things over to Tim to speak to product innovation, and I'll jump back to provide color on the other 2.

我將把事情交給蒂姆來談談產品創新，我會跳回去為其他 2 提供顏色。

Thanks, Joey, and hello to everyone. I'm excited to share with you today our progress across product, brand and sustainability. On our last earnings call, we told you we were entering 2022 on a trajectory towards what we believe is the most compelling product road map in our history. And we're already starting to see that unfold across our lifestyle and performance portfolios. There are several highlights thus far in 2022.

謝謝，喬伊，大家好。今天我很高興與您分享我們在產品、品牌和可持續發展方面取得的進展。在我們上次的財報電話會議上，我們告訴您，我們正在進入 2022 年，我們認為這是我們歷史上最引人注目的產品路線圖。我們已經開始在我們的生活方式和績效組合中看到這種情況。到目前為止，2022 年有幾個亮點。

First, our latest collaboration with adidas dropped in early April to a phenomenal consumer response. We sold through more than 90% of our inventory in 3 days' time. We're extremely proud of this ultra-light running shoe, which carries our lowest carbon footprint yet and includes sustainable performance innovations from heel-to-toe. In lifestyle, our core tree franchises have shown great performance heading into the spring and summer months. We've also launched a new summer collection headlined by the Sugar Sliders and Zeffers, 2 seasonal product offerings that leverage our SweetFoam material platform and reinforce our strategy to deliver supernatural comfort, rain or shine.

首先，我們與阿迪達斯的最新合作在 4 月初出現了驚人的消費者反應。我們在 3 天內售出了 90% 以上的庫存。我們為這款超輕跑鞋感到非常自豪，它具有我們迄今為止最低的碳足跡，並包括從腳跟到腳趾的可持續性能創新。在生活方式方面，我們的核心樹木特許經營權在春季和夏季月份表現出色。我們還推出了以 Sugar Sliders 和 Zeffers 為主題的全新夏季系列，這兩種季節性產品利用了我們的 SweetFoam 材料平台，強化了我們提供超自然舒適度的戰略，無論風雨無阻。

We also continued our strategy to use apparel as a compelling reengagement tactic, celebrating our unique material innovations. A great example of this was our recent extension of our successful [switch franchise into a switch shoe] leveraging [sustained] platform. We continue to build out our performance offering with the rollout of the Tree Dash 2 to positive consumer response. In our Trail Runner franchise, we're building heat through bold new colors and limited editions. And finally, the headline this week is the launch of the Tree Flyer, our third performance shoe and our latest best-performing and most visually bold design yet. We are currently in the midst of a comprehensive launch in conjunction with our Allgood Collective run community.

我們還繼續我們的戰略，將服裝作為一種引人注目的重新參與策略，慶祝我們獨特的材料創新。這方面的一個很好的例子是我們最近利用 [持續] 平台成功地擴展了我們的 [switch 特許經營權到 switch shoe]。隨著 Tree Dash 2 的推出，我們將繼續構建我們的性能產品，以獲得積極的消費者反應。在我們的 Trail Runner 專營權中，我們通過大膽的新顏色和限量版來製造熱度。最後，本週的頭條新聞是 Tree Flyer 的發布，這是我們的第三款高性能鞋，也是我們迄今為止性能最好、視覺上最大膽的設計。我們目前正與我們的 Allgood Collective 運行社區一起全面推出。

This is happening through run clubs, activations and content, anchored in our idea of supernatural comfort and performance. designed to perform equally well on a first run, on race day or anything in between. The Tree Flyer has gone through extensive development and testing both in our innovation lab and on the road with countless iterations developed to perfect the shoe. The shoe has been road tested by more than 100 runners over 6,000 miles across a wide array of conditions and climates to validate its remarkable performance attributes. We are incredibly excited about this launch, and as our first high-performance product expected to meaningfully increase our credibility in this category.

這是通過跑步俱樂部、活動和內容實現的，這些活動基於我們對超自然舒適和性能的理念。旨在在第一次跑步、比賽日或介於兩者之間的任何情況下表現同樣出色。 Tree Flyer 已經在我們的創新實驗室和公路上進行了廣泛的開發和測試，並進行了無數次迭代以完善鞋子。該鞋款經過 100 多名跑者在各種條件和氣候條件下超過 6,000 英里的道路測試，以驗證其卓越的性能屬性。我們對此次發布感到非常興奮，作為我們的第一個高性能產品，有望顯著提高我們在該類別中的可信度。

The core of what makes the Tree Flyer so special is SweetFoam, a first of its kind midsole technology. The result is a shoe made for runners of all stripes with our highest rebound rate yet at 70%. While midsoles are usually made from petroleum and logan at 100% synthetic, SweetFoam leverages plant-based oils, enabling a 20% reduction in carbon footprint versus petroleum-based synthetic alternatives. Tree Flyer's bouncy airy SweetFoam midsoles are 30% more responsive, 25% lighter and require less energy to manufacture than our existing SweetFoam. A strong testament to Allbirds' commitment to sustainable innovation and relentless improvement while continuing to tap into the design white space of reductive design to provide style versatility for even the best runners.

讓 Tree Flyer 如此特別的核心是 SweetFoam，這是同類中的首創技術。結果是一款專為各式各樣的跑步者設計的鞋，具有我們迄今為止最高的回彈率，達到 70%。雖然中底通常由 100% 合成的石油和洛根製成，但 SweetFoam 使用植物油，與基於石油的合成替代品相比，碳足跡減少了 20%。與我們現有的 SweetFoam 相比，Tree Flyer 的彈性透氣 SweetFoam 中底的響應速度提高了 30%，重量減輕了 25%，並且製造所需的能源更少。 Allbirds 對可持續創新和不懈改進的承諾的有力證明，同時繼續利用簡約設計的設計空白，為即使是最優秀的跑步者提供風格多樣性。

The launch of the flyer is another important step on our journey in the performance category. As a full or professional athlete, I know the bar is high and this will take time, built through a patient innovation engine centered on the consumer. When Joe and I got together in 2015, we saw an opportunity to create a lifestyle and performance brand that could deliver a powerful combination of comfort and design anchored in our environmental purpose and natural material innovation.

傳單的發布是我們在性能類別之旅中邁出的又一重要一步。作為一名全職或職業運動員，我知道標準很高，這需要時間，這是通過以消費者為中心的耐心創新引擎建立的。當喬和我在 2015 年聚在一起時，我們看到了創建生活方式和性能品牌的機會，該品牌可以提供以我們的環保目的和天然材料創新為基礎的舒適和設計的強大組合。

Consumer insights support this today. The mix of elite runners in the sport is declining. Marathon times are falling with the average finish time having slowed by 40 minutes over the last 25 years. Recreational running full of joy is on an upswing, driven by a new generation of runners who are running to stay healthy rather than to compete.

今天，消費者洞察力支持這一點。這項運動中精英跑者的比例正在下降。在過去的 25 年裡，馬拉鬆比賽的平均完成時間已經減少了 40 分鐘。在新一代跑步者的推動下，充滿樂趣的休閒跑步正在興起，他們跑步是為了保持健康而不是為了競爭。

An increasing number of our core Allbirds customers are runners, and 29% of those runners are between 18 and 24, a demographic that index is high on their desire for sustainability. In short, we believe that Allbirds' brand ethos and purpose make us uniquely positioned to meet this growing consumer group where they are.

越來越多的 Allbirds 核心客戶是跑步者，其中 29% 的跑步者年齡在 18 到 24 歲之間，這一人口統計表明他們對可持續發展的渴望很高。簡而言之，我們相信 Allbirds 的品牌精神和宗旨使我們處於獨特的位置，可以滿足他們所在的這個不斷增長的消費群體。

As a challenger brand, we're values-driven, we are not overly branded and we bring joy and exuberance to the category, and we are highly differentiated by a natural material innovation engine that is delivering products like the flyer. A great line for one performance running credit from last week's launch sums this up. The flyer is a huge step forward for Allbirds in the performance team, and they've managed to do it with mostly sustainable materials and a low carbon footprint, which is a feat in itself.

作為一個挑戰者品牌，我們以價值為導向，我們沒有過度品牌化，我們為該類別帶來歡樂和繁榮，並且我們通過提供像傳單一樣的產品的天然材料創新引擎高度差異化。從上週的發布中獲得的一項性能表現的出色表現總結了這一點。傳單是表演團隊中 Allbirds 向前邁出的一大步，他們已經設法使用大部分可持續材料和低碳足跡來做到這一點，這本身就是一項壯舉。

This progress extends beyond our performance ambitions to our overall company mission. Back in 2016, Time Magazine named Allbirds one the world's most comfortable shoe. Since that time, we've continued to deliver innovation and this year, time honors again by naming us to their prestigious list of the TIME 100 Most Influential Companies of 2022, specifically calling out our work in the performance category. We are energized and excited about what lies ahead and look forward to sharing more in future calls.

這一進展超出了我們的績效目標，延伸到了我們的整體公司使命。早在 2016 年，《時代》雜誌就將 Allbirds 評為世界上最舒適的鞋子之一。從那時起，我們繼續提供創新，今年，我們再次榮登其久負盛名的 2022 年 TIME 100 最具影響力公司名單，特別強調了我們在績效類別中的工作。我們對未來的發展充滿活力和興奮，並期待在未來的電話會議中分享更多信息。

Now I'll turn it back to Joey to cover our remaining 2 growth drivers of stores and international.

現在我將把它轉回 Joey 來介紹我們剩下的 2 個商店和國際增長驅動力。

Thanks, Tim. I'll start with international, where our rate of growth in Q1 was slowed by the macro factors I discussed earlier. In Europe, Russia's invasion of Ukraine and the resulting humanitarian crisis has had an indirect influence on our business via the impact of inflation on the psyche of the European consumer and petroleum prices. Despite this, we believe our store and digital model of vertical retail is working there, particularly in our 2 focus regions in Europe being the U.K. and Germany. As I'll mention later, we are bolstering this approach through third-party partnerships.

謝謝，蒂姆。我將從國際開始，我們在第一季度的增長率因我之前討論的宏觀因素而放緩。在歐洲，俄羅斯入侵烏克蘭以及由此引發的人道主義危機通過通貨膨脹對歐洲消費者心理和石油價格的影響，間接影響了我們的業務。儘管如此，我們相信我們的垂直零售商店和數字模式正在那裡發揮作用，特別是在我們在歐洲的兩個重點地區，即英國和德國。正如我稍後將提到的，我們正在通過第三方合作夥伴關係來支持這種方法。

In China, COVID restrictions have slowed sales in stores via 4 shutdowns and slowed overall demand in the region. We believe these to be transitory impacts on our business in China, but we are preparing for extended restrictions of varying severity through the remainder of 2022. We continue to view the scale-up of our international business as an important element of our growth algorithm. Having invested early in regions like Europe and Asia, we believe we have established a broad foundation from which to grow as we strive to elevate our brand awareness into a consumer set that is at least as large as the opportunity in the U.S.

在中國，新冠疫情的限制通過 4 次停工減緩了商店的銷售，並減緩了該地區的整體需求。我們認為這些對我們在中國的業務的影響是暫時的，但我們正準備在 2022 年剩餘時間內擴大不同程度的限制。我們繼續將擴大國際業務視為我們增長算法的重要組成部分。在早期投資於歐洲和亞洲等地區後，我們相信我們已經建立了一個廣闊的發展基礎，我們努力將我們的品牌知名度提升到至少與美國機會一樣大的消費者群體中。

Now I'll turn to our third growth pillar, the store portfolio and our broader distribution strategy. Our retail footprint is highly productive and serves as an efficient means to acquire new customers. Opening new stores drive increased brand awareness and provides a halo effect on the overall business, including an increase in the absolute number and mix of repeat customers who shop with us both digitally and in stores. This journey tends to produce our most profitable customer, our multichannel repeat customer, who from our company's inception through this past quarter, now averages spend of 1.6x more than those who purchased multiple times in a single channel. In the first quarter, U.S. retail grew well in excess of 150% year-over-year and was our biggest driver of growth. With the successful opening of 4 new stores in Q1, highlighted by a flagship in Manhattan's Flatiron District, we now have 27 U.S. locations.

現在我將轉向我們的第三個增長支柱，即商店組合和我們更廣泛的分銷策略。我們的零售足跡非常高效，是獲取新客戶的有效手段。開設新店可提高品牌知名度並為整體業務帶來光環效應，包括增加通過數字渠道和實體店購物的回頭客的絕對數量和組合。這一旅程往往會產生我們最賺錢的客戶，我們的多渠道回頭客，從我們公司成立到上個季度，他們現在的平均支出是在單一渠道中多次購買的客戶的 1.6 倍。第一季度，美國零售額同比增長超過 150%，是我們最大的增長動力。隨著第一季度 4 家新店的成功開業，以曼哈頓熨斗區的旗艦店為亮點，我們現在在美國擁有 27 家分店。

In addition to new store openings, we are seeing performance continue to strengthen in stores opened in 2021 and earlier. Based on the Q1 performance of these stores and our expectations for the balance of 2022, we continue to have strong conviction in achieving our previously shared pro forma U.S. new store targets of $3.5 million to $4.5 million in gross sales and low 20% 4-Wall EBITDA margins. We also saw strength during Q1 in the U.S. e-commerce, reinforcing the power and durability of our omnichannel model. When we zoom out and look at the core elements that underpin our operating and value creation model, we have tremendous confidence that we're set up to win in the coming years.

除了新店開業外，我們看到 2021 年及更早開業的門店的業績繼續增強。基於這些門店的第一季度業績和我們對 2022 年剩餘時間的預期，我們繼續堅信實現我們之前共享的美國新門店總銷售額 350 萬至 450 萬美元的預估目標和 20% 的低 4-Wall EBITDA 利潤率。我們還在第一季度看到了美國電子商務的實力，增強了我們全渠道模型的力量和耐用性。當我們縮小並查看支撐我們運營和價值創造模式的核心要素時，我們對我們將在未來幾年取得勝利充滿信心。

Allbirds is not just distinguished by materials and product innovation that Tim spoke to, but also our modern vertically-led omnichannel strategy. I'm not aware of any substantial brand that we compete with that has even 50% of its distribution by a vertical model. And we sit here today at greater than 99% being conducted in this manner. With the product assortment we have now and the exciting pipeline to come, we believe this is an incredible foundation where we can now layer in select third-party distribution. These additional consumer touch points can be another powerful and profitable elements to catalyze additional growth in our vertical retail strategy by increasing brand awareness across our target consumer segment. We are pleased to share that our first 2 partnerships are live as of Q2 with Zalando in Europe and with Public Lands, a banner of DICK's Sporting Goods here in the U.S., and we are excited to announce additional partnerships soon.

Allbirds 的特點不僅在於 Tim 談到的材料和產品創新，還有我們現代垂直主導的全渠道戰略。我不知道我們與之競爭的任何重要品牌甚至有 50% 的分銷是通過垂直模式進行的。我們今天坐在這裡，超過 99% 都是以這種方式進行的。憑藉我們現在擁有的產品分類和即將推出的令人興奮的管道，我們相信這是一個令人難以置信的基礎，我們現在可以在其中分層選擇第三方分銷。這些額外的消費者接觸點可以成為另一個強大且有利可圖的元素，通過提高我們目標消費者細分市場的品牌知名度來促進我們垂直零售戰略的額外增長。我們很高興地分享，我們的前 2 個合作夥伴關係在第二季度與歐洲的 Zalando 和在美國的 DICK 體育用品公司的旗幟 Public Lands 合作，我們很高興很快宣布更多的合作夥伴關係。

Early indicators on sell-through are positive with U.S. aided brand awareness in the low double digits, we view third-party as a highly effective way to build awareness and drive credibility while accelerating top and bottom line growth. Finally, we're pleased at the early performance of our ReRun platform, which allows us to resell lightly used shoes often to a different consumer than the ones we target for our core distribution model. This program also reaffirms our core brand promise by delivering on circularity in addition to our innovation work on natural materials.

早期的銷售指標是積極的，美國幫助品牌知名度處於兩位數的低位，我們認為第三方是建立知名度和提高可信度同時加速收入和利潤增長的一種非常有效的方式。最後，我們對 ReRun 平台的早期表現感到高興，這使我們能夠經常將輕度使用過的鞋子轉售給與我們的核心分銷模式所針對的消費者不同的消費者。除了我們在天然材料方面的創新工作外，該計劃還通過提供可循環性來重申我們的核心品牌承諾。

With the product engine humming, this distribution model of the future sets us up to hit a milestone of $1 billion in lifetime sales in the second quarter. This is a remarkable accomplishment in just 6 years. and we are grateful to our flock for their hard work and dedication in getting us to this point. We are navigating a volatile environment, executing well and remain heads down on the growth strategies Tim and I outlined today with a focus on staying on course against our profitability targets while building long-term shareholder value.

隨著產品引擎的嗡嗡聲，這種未來的分銷模式讓我們在第二季度達到 10 億美元的終生銷售額里程碑。這在短短 6 年內取得了非凡的成就。我們感謝我們的羊群為使我們達到這一點而付出的辛勤工作和奉獻精神。我們正在一個動蕩的環境中駕馭，執行良好，並繼續關注蒂姆和我今天概述的增長戰略，重點是在實現我們的盈利目標的同時建立長期股東價值。

With that, Mike will review the financials and discuss our outlook in greater detail.

有了這個，邁克將審查財務狀況並更詳細地討論我們的前景。

Thanks, Joey. We're pleased to deliver strong Q1 performance, especially given the external headwinds, which picked up after our last call on February 23. Joey discussed the regions and channels, so I'll just add some color on the other drivers of the 26% net revenue growth in the quarter.

謝謝，喬伊。我們很高興能提供強勁的第一季度業績，特別是考慮到外部不利因素，在我們於 2 月 23 日的最後一次電話會議後有所回升。喬伊討論了地區和渠道，所以我只是為 26% 的其他驅動因素添加一些顏色本季度淨收入增長。

In Q1, orders increased 10% and average order value was up 17%. This strength is primarily attributable to new product launches and refreshes as well as price increases. We executed a price increase in March, which we use as an opportunity to establish a pricing structure that signals value to consumers along both materials and use occasions with advanced technologies and our performance products generally commanding a premium. This is our second price increase in the past several months with effectively no observable impact on overall demand. We believe our premium brand positioning and product quality enable us to maintain this pricing architecture that premium brands like Allbirds will come out of this period much stronger by taking stock of the current inflationary environment and thoughtfully revising their pricing architectures. Before wrapping up on pricing, I would also like to note that as we've done in the past, in Q1, we utilized promotion surgically. You will continue to see us do this in the future to drive growth and effectively manage inventory. In 2021, this approach helped us realize 97% full price yield.

第一季度，訂單增長 10%，平均訂單價值增長 17%。這種優勢主要歸因於新產品的推出和更新以及價格上漲。我們在 3 月份執行了提價，我們以此為契機建立定價結構，在材料和使用場合與先進技術和我們的性能產品普遍獲得溢價的情況下向消費者發出價值信號。這是我們在過去幾個月中的第二次提價，實際上對整體需求沒有明顯影響。我們相信，我們的優質品牌定位和產品質量使我們能夠維持這種定價架構，通過評估當前的通貨膨脹環境並仔細修改其定價架構，像 Allbirds 這樣的優質品牌將在這一時期變得更加強大。在結束定價之前，我還想指出，正如我們過去所做的那樣，在第一季度，我們手術式地利用了促銷。您將在未來繼續看到我們這樣做，以推動增長並有效管理庫存。 2021 年，這種方法幫助我們實現了 97% 的全價收益率。

Turning now to Q1 gross profit, which was up 26% to $33 million with gross margin at 51.9%, down 10 basis points to last year. Positive drivers of gross margin were mix shift to physical retail and higher-margin products as well as pricing. These positives were more than offset by the impact of the external headwinds, which intensified as we moved through the quarter. Specifically, we estimate a total of 420 basis points of year-over-year headwinds spread across 3 factors: One, macro-driven logistics and distribution center cost headwinds were an estimated 350 basis points year-over-year. two, unfavorable FX rates had a negative 50 basis point impact year-over-year. and three, the lower mix of sales in our margin-accretive international business when compared to Q1 2021 impacted gross margin by approximately 20 basis points year-over-year.

現在轉向第一季度毛利潤，增長 26% 至 3300 萬美元，毛利率為 51.9%，比去年下降 10 個基點。毛利率的積極推動因素是向實體零售和利潤率更高的產品以及定價的轉變。這些積極因素被外部不利因素的影響所抵消，隨著我們在本季度的推進，這種不利因素加劇了。具體而言，我們估計全年逆風總計 420 個基點，分佈在 3 個因素上：一，宏觀驅動的物流和配送中心成本逆風估計同比增長 350 個基點。第二，不利的外匯匯率同比產生了 50 個基點的負影響。第三，與 2021 年第一季度相比，我們增加利潤的國際業務中較低的銷售組合對毛利率的影響同比下降了約 20 個基點。

Moving down the P&L. SG&A deleveraged in the quarter. As you saw in the release, we have 17 more stores compared to Q1 2021 and opened 4 stores in the quarter, so store-level SG&A and start-up costs were the primary drivers here along with approximately $2 million of public company costs. On the marketing front, in Q1, the combination of increased marketing efficiency and channel mix drove 360 basis points of leverage. Pulling all that together, Q1 adjusted EBITDA came in within our guidance target range at negative $12.2 million.

向下移動損益表。 SG&A 在本季度去槓桿。正如您在新聞稿中看到的那樣，與 2021 年第一季度相比，我們的門店增加了 17 家，並在本季度開設了 4 家門店，因此門店級別的 SG&A 和啟動成本以及大約 200 萬美元的上市公司成本是這裡的主要驅動力。在營銷方面，第一季度，營銷效率的提高和渠道組合的結合推動了 360 個基點的槓桿率。綜上所述，第一季度調整後的 EBITDA 在我們的指導目標範圍內，為負 1220 萬美元。

Taking a quick look at the balance sheet. Inventory was up 11% from year-end as we continue to navigate the logistics environment and stay ahead of the demand curve. Breaking that down further, industry-wide extended lead times as well as higher inbound freight costs have resulted in higher levels of in-transit inventory on the balance sheet. At the close of Q1, in-transit was up 15% from year-end and accounted for about 1/3 of our total inventory.

快速瀏覽資產負債表。由於我們繼續駕馭物流環境並保持領先於需求曲線，庫存比年底增長了 11%。進一步細分，全行業延長的交貨時間以及更高的入境貨運成本導致資產負債表上的在途庫存水平更高。第一季度末，在途產品較年底增長 15%，約占我們總庫存的 1/3。

I'd like to now share some thoughts on the impact of the external headwinds and how we're thinking about our guidance targets. Until we have more certainty around the length and severity of the external headwinds, we are incorporating a more cautious outlook into our updated 2022 guidance targets, particularly in the second quarter. We believe this is the prudent approach because we are facing the strongest headwinds in our gross margin accretive international business. To be transparent about how we define cautious outlook, our guidance targets assume that the Ukraine crisis and its ripple effects, the impact of COVID restrictions on our China business, and unfavorable FX rates all will continue to some degree through the balance of 2022. We estimate a $15 million to $20 million impact on international net revenue from these external headwinds with about 2/3 of that impact due to the Ukraine crisis and China's COVID restrictions and 1/3 due to FX rates.

我現在想分享一些關於外部逆風的影響以及我們如何考慮我們的指導目標的想法。在我們對外部逆風的長度和嚴重程度有更多確定性之前，我們將更加謹慎的前景納入我們更新的 2022 年指導目標，特別是在第二季度。我們認為這是一種謹慎的做法，因為我們在毛利率增長的國際業務中面臨著最強大的逆風。為了讓我們如何定義謹慎的前景保持透明，我們的指導目標假設烏克蘭危機及其連鎖反應、COVID 限制對我們中國業務的影響以及不利的匯率都將在一定程度上持續到 2022 年剩餘時間。我們估計這些外部不利因素對國際淨收入的影響為 1500 萬至 2000 萬美元，其中約 2/3 是由於烏克蘭危機和中國的 COVID 限制，1/3 是由於匯率造成的。

With that estimated impact taken into account, our updated 2022 net revenue guidance target is $335 million to $345 million which is up 21% to 24% versus 2021, including an estimated year-over-year FX impact of 150 to 200 basis points. Factoring out FX, this target is solidly in the middle of our medium-term range of 20% to 30%. Compared to 2020, this range represents an acceleration on a 2-year basis to 53% to 57%. We're also taking a cautious outlook when it comes to gross profit and updating our 2022 guidance target to $170 million to $177.5 million. At the midpoint of our net revenue and gross profit targets, this represents a gross margin target of 51.1%.

考慮到這一估計影響，我們更新後的 2022 年淨收入指導目標為 3.35 億美元至 3.45 億美元，與 2021 年相比增長 21% 至 24%，其中包括 150 至 200 個基點的估計同比外匯影響。排除外匯因素，這個目標完全位於我們 20% 至 30% 的中期範圍的中間。與 2020 年相比，這一範圍在 2 年內加速至 53% 至 57%。在毛利潤方面，我們也對前景持謹慎態度，並將我們的 2022 年指導目標更新為 1.7 億美元至 1.775 億美元。在我們的淨收入和毛利潤目標的中點，這代表了 51.1% 的毛利率目標。

Compared to our prior gross margin guidance target, there are 2 factors to unpack here. One, the biggest driver of the change is less demand from our gross margin accretive international business, especially China, which is our highest gross margin market. Two, our prior full year gross margin guidance target factored in an estimated 200 basis points year-over-year impact of external headwinds on logistics and distribution center costs. We are now estimating the impact of these external headwinds to be 250 to 300 basis points, driven by FX rates and increased outbound shipping costs due to fuel surcharges, a byproduct of Russia's invasion of Ukraine. Recall that we estimate the impact of these external headwinds was 200 basis points in 2021, so we are now looking at a total of 450 to 500 basis points of impact over a 2-year period.

與我們之前的毛利率指導目標相比，這裡有兩個因素需要解開。一，變化的最大驅動力是我們毛利率增長的國際業務的需求減少，特別是中國，這是我們毛利率最高的市場。第二，我們之前的全年毛利率指導目標考慮到外部不利因素對物流和配送中心成本的同比影響估計為 200 個基點。我們現在估計這些外部不利因素的影響為 250 至 300 個基點，主要受外匯匯率和由於燃料附加費（俄羅斯入侵烏克蘭的副產品）導致的出境運輸成本增加的推動。回想一下，我們估計這些外部逆風的影響在 2021 年為 200 個基點，因此我們現在正在考慮在 2 年內總共產生 450 至 500 個基點的影響。

Looking at our updated 2022 adjusted EBITDA guidance target of negative $25 million to negative $21 million, I'll just note that we have tightened our balance of year SG&A spending to partially offset the impact of the external headwinds. In addition, recall that the 2022 target includes an estimated $8 million of public company costs.

看看我們更新的 2022 年調整後 EBITDA 指導目標，即負 2500 萬美元至負 2100 萬美元，我只想指出，我們已經收緊了年度 SG&A 支出餘額，以部分抵消外部不利因素的影響。此外，請回想一下，2022 年的目標包括估計 800 萬美元的上市公司成本。

The impact of the external headwinds is estimated to be most acute in Q2. Our Q2 net revenue guidance target is $75 million to $79 million, up 10% to 16% versus Q2 2021, including an estimated year-over-year FX impact of 225 to 300 basis points. Compared to 2020, this range represents growth of 48% to 56%. Our Q2 adjusted EBITDA guidance target is negative $14 million to negative $11 million, including an estimated $2 million of public company cost.

據估計，外部逆風的影響在第二季度最為嚴重。我們第二季度的淨收入指導目標為 7500 萬美元至 7900 萬美元，與 2021 年第二季度相比增長 10% 至 16%，包括估計的 225 至 300 個基點的同比外匯影響。與 2020 年相比，這一範圍代表了 48% 至 56% 的增長。我們第二季度調整後的 EBITDA 指導目標為負 1400 萬美元至負 1100 萬美元，包括估計的 200 萬美元上市公司成本。

Appreciating that, that there are a lot of moving parts here, let me add a few more thoughts to help you model out the year. We won't necessarily give this color on an ongoing basis, but feel it's helpful given the external environment. First, for the full year, U.S. net revenue is targeted to grow in the upper 20% range and acceleration on a 1- and 2-year basis. Second, full year international net revenue is targeted to grow mid-single digits. Excluding the impact of FX rates, full year international net revenue is targeted to grow in the low teens.

很感激，這裡有很多活動的部分，讓我再補充一些想法來幫助你塑造這一年。我們不一定會持續提供這種顏色，但考慮到外部環境，我們覺得它很有幫助。首先，全年美國淨收入的目標是在 20% 以上的範圍內增長，並在 1 年和 2 年的基礎上加速增長。其次，全年國際淨收入的目標是增長中個位數。排除外匯匯率的影響，全年國際淨收入的目標是在十幾歲以下增長。

Third, in the second half, total net revenue growth is targeted to be in the middle of our medium-term target range of 20% to 30%, driven by a strong product pipeline, more retail stores and the increased velocity of our omnichannel flywheel in the U.S. In addition, the back half of the year is further augmented by the introduction of sales via our select third-party partners and the incremental sales, awareness and profitability this channel provides. Fourth, second half adjusted EBITDA is targeted to be roughly breakeven as we focus on tightly managing costs and responsibly growing the business in 2022 and into the future.

第三，在強大的產品線、更多零售店和全渠道飛輪速度加快的推動下，下半年的總淨收入增長目標在我們的中期目標範圍 20% 至 30% 的中間此外，通過我們精選的第三方合作夥伴推出的銷售以及該渠道提供的增量銷售、知名度和盈利能力，進一步增強了今年下半年的業績。第四，下半年調整後 EBITDA 的目標是大致收支平衡，因為我們專注於在 2022 年和未來嚴格管理成本並負責任地發展業務。

And finally, one last model housekeeping note. For full year 2022, we anticipate that stock-based compensation will be approximately $22 million and that depreciation and amortization will be approximately $18 million.

最後，最後一張模型家政筆記。對於 2022 年全年，我們預計基於股票的薪酬約為 2200 萬美元，折舊和攤銷約為 1800 萬美元。

Let me close by reiterating our belief that the external headwinds we're facing right now are largely transitory. We remain confident in our ability to achieve our medium-term targets of 20% to 30% net revenue growth, gross margins north of 60% in our direct vertical channels and adjusted EBITDA margins in the mid- to high teens. This confidence is grounded in a few factors. On the top line, it's the excitement we feel about our new product road map, especially in footwear. The performance of our U.S. business, particularly the omnichannel flywheel that's accelerating with the broader U.S. retail recovery, our conviction that our international business will return to its historical growth rates once the external headwinds pass and the potential for third party to be a significant lever of EBITDA accretive growth. When we look at gross margin, our track record of improvement gives us confidence in getting to 60% plus gross margin in our direct vertical channels.

最後，讓我重申我們的信念，即我們現在面臨的外部逆風在很大程度上是暫時的。我們仍然有信心實現我們的中期目標，即淨收入增長 20% 至 30%，直接垂直渠道的毛利率超過 60%，調整後的 EBITDA 利潤率達到中高水平。這種信心基於幾個因素。最重要的是，我們對我們的新產品路線圖感到興奮，尤其是在鞋類方面。我們美國業務的表現，尤其是隨著美國零售業的廣泛復甦而加速的全渠道飛輪，我們堅信一旦外部不利因素過去，我們的國際業務將恢復到歷史增長率，第三方有可能成為重要的槓桿EBITDA 增值增長。當我們查看毛利率時，我們的改善記錄使我們有信心在我們的直接垂直渠道中達到 60% 以上的毛利率。

We have a clear path to hit this target through growth in our gross margin accretive retail international businesses, our strong pricing power, the continued introduction of new higher-margin products and the easing of at least a portion of the 450 to 500 basis points of logistics cost headwinds we have faced over the past 2 years. Finally, we are committed to profitable and responsible growth through a disciplined approach to SG&A balancing the top and bottom lines.

我們有一條明確的道路來實現這一目標，即通過增長我們的毛利率增值零售國際業務、我們強大的定價能力、不斷推出新的利潤率更高的產品以及放寬 450 至 500 個基點中的至少一部分我們在過去 2 年面臨的物流成本逆風。最後，我們致力於通過嚴格的 SG&A 方法平衡頂線和底線，實現盈利和負責任的增長。

With that, let's open things up to Q&A.

有了這個，讓我們打開問答。

(Operator Instructions) Your first question is from Matthew Boss with JPMorgan.

（操作員說明）您的第一個問題來自摩根大通的 Matthew Boss。

Great. So as we think about the new fiscal year guidance relative to the past, it implies second half sales growth and acceleration, I think, up to the mid-20s or low 20s CAGR. So I guess what gives you confidence in the second half reacceleration? What are the drivers that you think remain in the back half of the year in terms of your confidence as we move forward?

偉大的。因此，當我們考慮相對於過去的新財年指導時，它意味著下半年的銷售增長和加速，我認為，達到 20 年代中期或 20 年代低的複合年增長率。所以我猜是什麼讓你對下半場的重新加速充滿信心？就我們前進的信心而言，您認為下半年還有哪些驅動因素？

Matt, thanks for the question. Yes, going back to what we said on the script, there's really a few things there. One, we do have a strong product pipeline, some of which is rolling out now. We'll continue to roll out through the balance of the year. So we feel good about having that tailwind behind us. In addition, we are going to have more stores, which is certainly going to help the growth on a year-over-year basis. Coming along with more stores then is that increased velocity in the omnichannel flywheel that we're seeing, and you saw that even show up in our U.S. business results in Q1. And then lastly, we are going to continue to have a little bit more on the third-party side. So while it's still a relatively small overall sales volume, it does help on a year-over-year basis in the back half of the year.

馬特，謝謝你的問題。是的，回到我們在劇本上所說的內容，那裡確實有幾件事。一，我們確實擁有強大的產品線，其中一些正在推出。我們將在今年餘下時間繼續推出。所以我們對有順風順水感覺很好。此外，我們將擁有更多商店，這肯定會有助於同比增長。隨之而來的是更多商店，我們看到的是全渠道飛輪的速度增加，你看到這甚至出現在我們第一季度的美國業務業績中。最後，我們將繼續在第三方方面提供更多信息。因此，雖然它的整體銷量仍然相對較小，但它確實在下半年有所幫助。

Great. And then maybe just one follow-up on the margin front. From a promotional or pricing perspective, you noted that you'll continue to utilize promotions. Is -- are you seeing anything from the competitive backdrop from the promotional landscape, any pushback from your customer base on pricing? Just any larger picture thoughts on pricing and promotional activity would be helpful.

偉大的。然後可能只是邊緣前沿的一個後續行動。從促銷或定價的角度來看，您指出您將繼續使用促銷活動。是 - 您是否從促銷環境的競爭背景中看到了任何東西，您的客戶群對定價有任何抵制嗎？任何關於定價和促銷活動的大局觀都會有所幫助。

Yes. I'll touch on the price piece of it, then Joey, if you want to add anything on the sort of broader competitive landscape. Like I said in the comments on the call, Matt, this is now the second price increase we took. We took a more modest one last year in August. The one was a little bit more substantial. We haven't really been able to observe any overall drop off in demand. It's pretty early. That went in obviously in like early March. And I think that just speaks to the power of the brand, the quality of the products, things like the high Net Promoter Score, tell you that people really value overall what you're giving them. So we're not seeing a ton of pushback in that regard on the price increase. Again, early days. how we're holding that. Joey, I don't know if there's anything you'd want to add on the broader landscape when it comes to markdown or promote.

是的。如果你想在更廣泛的競爭格局中添加任何東西，我會談談它的價格部分，然後是喬伊。就像我在電話評論中所說的那樣，馬特，這是我們第二次提價。去年八月，我們採取了更溫和的方式。一個更重要一點。我們還沒有真正觀察到需求的整體下降。時間還早。這顯然是在三月初發生的。而且我認為這只是說明了品牌的力量、產品的質量、高淨推薦值之類的東西，告訴你人們真的很重視你給他們的東西。因此，我們在這方面並沒有看到對價格上漲的大量抵制。再次，早期。我們是如何持有的。喬伊，我不知道在降價或促銷方面您是否想在更廣闊的領域添加任何內容。

Yes, I do think -- I mean we've seen some increase in promotional activity across the industry. And maybe there's a little bit of impact on our business. But by and large, we're -- what we see with -- when we've used -- selectively used promotions in the past, the customers that we acquire have been fantastic and really match the LTV curves for everything that we've seen from our full price customers. And so we do think that it's a really interesting lever as we scale to make sure that we can selectively continue to selectively use them and do it in a way that's brand accretive. So we're really just heads down and focused on our business and making sure we manage our inventory to a really clean position and keep using that as a great lever.

是的，我確實認為 - 我的意思是我們已經看到整個行業的促銷活動有所增加。也許對我們的業務有一點影響。但總的來說，我們 - 我們所看到的 - 當我們使用 - 過去有選擇地使用促銷活動時，我們獲得的客戶非常棒，並且真正符合我們所擁有的一切的 LTV 曲線從我們的全價客戶那裡看到。所以我們確實認為這是一個非常有趣的槓桿，因為我們擴大規模以確保我們可以有選擇地繼續有選擇地使用它們並以一種品牌增值的方式來做。因此，我們真的只是低頭專注於我們的業務，並確保我們將庫存管理到一個非常乾淨的位置，並繼續將其用作一個很好的槓桿。

Your next question comes from Alex Straton with Morgan Stanley.

您的下一個問題來自摩根士丹利的 Alex Straton。

I just got a couple for you. The first is on how you guys talked about the second quarter guidance in the press release, it says that you expect the majority of the kind of [downward version] from the full year to be in the second quarter. Can you just walk me through what exactly that means? Does that mean what happens that you are assuming in the second quarter that kind of fall off in the back half?

我剛給你買了一對。首先是關於你們如何在新聞稿中談論第二季度的指導，它說你預計全年的大部分[向下版本]將在第二季度。你能告訴我這到底是什麼意思嗎？這是否意味著你假設在第二季度會發生什麼情況？

Yes. I think most of that commentary is related to where we're seeing the biggest impact to our business, which is in the international segment. And if you look at the impact on the invasion in Ukraine, we saw that happen kind of for the bulk of it in March so far, and that continued to extend into April and to today. But we already see signs of that impact on consumer demand receding to a certain degree. So I think relative to the status of that conflict, we do see trends already returning to somewhat of a positive direction. And in China, the restrictions from COVID, people have been in their homes locked up inside for 45 days now. And so this is -- that's in Shanghai specifically. Obviously, that's starting to extend to different locations. And we've modeled in some impact of that continuing for the remainder of the year, but not to the severity that we have that we've seen, and we think that that's going to be -- a bulk of that is going to impact in Q2 just because of the timing of when those occurred.

是的。我認為大部分評論都與我們看到對我們的業務產生最大影響的地方有關，即在國際領域。如果你看看對烏克蘭入侵的影響，我們看到到目前為止，大部分都發生在 3 月，並且一直持續到 4 月和今天。但我們已經看到這種對消費者需求的影響在一定程度上減弱的跡象。所以我認為相對於那場衝突的狀況，我們確實看到趨勢已經回到了積極的方向。而在中國，由於新冠病毒的限制，人們現在已經在家中被鎖了 45 天。這就是——特別是在上海。顯然，這開始擴展到不同的位置。我們已經模擬了這種情況在今年剩餘時間裡的持續影響，但沒有達到我們所看到的嚴重程度，我們認為這將是——其中大部分將影響在第二季度，只是因為這些發生的時間。

And then the last piece, Alex, is just the FX rates. So we're using the latest forecast we have from all of your peers on the banking side and factor that into the guidance that we provided as well.

最後一點，亞歷克斯，只是外匯匯率。因此，我們正在使用銀行方面所有同行的最新預測，並將其納入我們提供的指導中。

Great. That makes sense. Maybe one more quick one is just on your inventory composition. How are you guys feeling about where it stands? Are you being impacted by any of the lockdowns in China or in other regions right now?

偉大的。那講得通。也許更快速的一個只是在您的庫存構成上。你們對它的位置感覺如何？您現在是否受到中國或其他地區的任何封鎖的影響？

So yes, I'll kick that. This is Joey. The supply chain impact for upstream is -- we've continued to navigate this really well. And this has been a strength for us over the past year navigating through a really tumultuous environment in Asia, in particular, with varying degrees of shutdowns. We've effectively moved out all of our footwear production from China. So we have really no Tier 1 facilities operating in that country to manufacture footwear. And so as a result of that, we don't see much impact to our supply chain in terms of these recent restrictions in that region. So most of our production is now split between Vietnam and Korea, which are faring really well, and the government has responded effectively in terms of combating COVID and applying much less stringent restrictions there. So really good there. The story is really on the demand side in China from an upstream perspective and what's happening in that conflict.

所以，是的，我會踢那個。這是喬伊。對上游供應鏈的影響是——我們繼續很好地駕馭這一點。在過去的一年裡，這對我們來說是一個優勢，我們在亞洲真正動蕩的環境中航行，特別是在不同程度的停工下。我們已經有效地將我們所有的鞋類生產從中國轉移出去。所以我們真的沒有在那個國家生產鞋類的一級工廠。因此，就該地區最近的這些限製而言，我們認為對我們的供應鏈沒有太大影響。因此，我們的大部分生產現在都在越南和韓國之間進行，這兩個國家的情況非常好，而且政府在抗擊 COVID 和在當地實施的限制寬鬆得多方面做出了有效的反應。那裡真的很好。從上游的角度來看，這個故事實際上是在中國的需求方面，以及這場衝突中正在發生的事情。

Your next question comes from Lorraine Hutchinson with Bank of America.

您的下一個問題來自美國銀行的 Lorraine Hutchinson。

This is Chris Nardone on for Lorraine. So a couple of quick questions. So it sounds like you're expecting roughly breakeven EBITDA during the back half of this year. So given what you know today, do you still remain confident reaching breakeven or better adjusted EBITDA on a full year basis next year? And can you just talk through how your partnerships with Zalando and Public Lands will contribute to this outlook?

這是洛林的克里斯·納多內。所以幾個快速的問題。因此，聽起來您預計今年下半年的 EBITDA 大致收支平衡。因此，鑑於您今天所了解的情況，您是否仍然有信心在明年全年實現盈虧平衡或更好的調整後 EBITDA？您能否談談您與 Zalando 和 Public Lands 的合作夥伴關係將如何促成這一前景？

Yes. So just to clarify on your first question, Chris, I don't know given 2023 guidance on EBITDA. So I think that's probably is in some of the analyst models and the consensus models. I think if you do look at the back half of the year, though, getting to breakeven on adjusted EBITDA is a big milestone for us in the back half of 2022. And I'd say we'll continue to update investors on the path forward from there. I think overall, the message that I do want people to kind of really understand, I touched on this a bit in my 2022 guidances. We're looking at this as a path of like responsible growth, balancing the top line and the bottom line of the P&L. That means -- there are so many external headwinds we're facing, we are being a bit more cautious on some of the spend that we're doing on the SG&A side, and we'll continue to balance across those. I just want to make sure that message kind of lands loud and clear.

是的。因此，為了澄清你的第一個問題，克里斯，我不知道 2023 年有關 EBITDA 的指導。所以我認為這可能存在於一些分析師模型和共識模型中。不過，我認為，如果您確實看一下下半年，那麼在調整後的 EBITDA 上實現盈虧平衡對我們來說是 2022 年下半年的一個重要里程碑。我想說，我們將繼續向投資者通報最新進展從那裡向前。我認為總的來說，我確實希望人們真正理解的信息，我在 2022 年的指導中談到了這一點。我們將此視為一條負責任的增長之路，平衡損益表的頂線和底線。這意味著 - 我們面臨著如此多的外部不利因素，我們對我們在 SG&A 方面所做的一些支出更加謹慎，我們將繼續在這些方面保持平衡。我只是想確保這種信息能夠響亮而清晰。

In terms of the impact on third party, I think Joe and I both touched on this, but we really view third party as a profitable marketing channel for us. It should have good flow through as the business continues to ramp up. So I think that both helps the back half story, though the overall impact on the business is pretty small. But if that business accelerates, we do really expect it to have a positive impact on the overall financial profile in 2023 and beyond.

在對第三方的影響方面，我認為 Joe 和我都談到了這一點，但我們確實認為第三方對我們來說是一個有利可圖的營銷渠道。隨著業務的持續增長，它應該有良好的流動性。所以我認為這兩者都有助於後半部分的故事，儘管對業務的整體影響很小。但如果該業務加速發展，我們確實預計它將對 2023 年及以後的整體財務狀況產生積極影響。

Your next comes from Bob Drbul with Guggenheim.

您的下一個來自古根海姆的 Bob Drbul。

Two questions for me. I think the first one is, can you talk a little bit on sort of brand awareness and any progress that you think you're making? And I think the second one is similar around. Can you just talk to interest levels in sustainable fashion, sustainable footwear in terms of changes that you're seeing or any data around that level in the category would be pretty helpful to us?

我有兩個問題。我認為第一個問題是，您能談談品牌知名度以及您認為自己正在取得的任何進展嗎？我認為第二個是相似的。您能否就您所看到的變化或該類別中有關該級別的任何數據對我們非常有幫助，談談對可持續時尚、可持續鞋類的興趣水平？

Sure. So yes, I think awareness is not a figure that we would recommend looking at on a month-to-month or a quarterly basis. But kind of directionally, over time, what we're looking to do is increase from low double digits, which we kind of suggested we grew from 2020 to 2021, got up into low double digits. We're continuing to see that trend really positively. And this is all about using that flywheel of distribution and then great brand great brand building techniques around partnerships and other campaigns that we're running. It's all about methodically building that with stores, with great marketing. And as we're doing that, not only good awareness lift, but also good awareness lift in the right vector. So that means that people think that we're aligned to what we're positioning the brand around supernatural comfort as well as our leadership position in sustainability. And so all that's trending really well.

當然。所以是的，我認為意識不是我們建議按月或按季度查看的數字。但在某種程度上，隨著時間的推移，我們希望做的是從低兩位數增加，我們有點建議我們從 2020 年到 2021 年增長到兩位數。我們繼續看到這種趨勢非常積極。這一切都是關於使用分銷的飛輪，然後圍繞合作夥伴關係和我們正在開展的其他活動使用偉大的品牌建立偉大的品牌技術。這一切都是關於通過商店有條不紊地建立它，並進行出色的營銷。當我們這樣做時，不僅有良好的意識提升，而且在正確的向量中也有良好的意識提升。所以這意味著人們認為我們與我們圍繞超自然舒適度以及我們在可持續發展方面的領導地位定位品牌一致。因此，所有這些趨勢都非常好。

Of course, if you look at specific geographies, there is variance across those. And often, where you see the highest the highest concentration of stores, you'll see the highest concentration or the highest level of aided awareness. And that speaks to that third-party strategy where when we selectively layer in those partnerships, not only is that just great for top line and bottom line growth because of the great EBITDA flow-through, but it also just lifts awareness. And we expect that to really catalyze better efficiency on our marketing for our direct channel. So that's kind of the overall picture on awareness.

當然，如果您查看特定的地理區域，就會發現它們之間存在差異。通常，在您看到最高濃度的商店的地方，您會看到最高濃度或最高水平的輔助意識。這說明了第三方戰略，當我們有選擇地加入這些合作夥伴關係時，這不僅對收入和利潤增長非常有利，因為 EBITDA 流通量很大，而且它也只是提高了知名度。我們希望這能夠真正促進我們直接渠道的營銷效率更高。這就是意識的整體情況。

And then I would just say maybe I'll hand it over to Tim in a minute for some highlights on what we've done in the past quarter, over the past few months in terms of brand awareness. But we continue to see that consumers are gravitating towards brands that speak environmental values. We do not believe that they will buy products just because of that. They have to be phenomenal products. And every bit of our energy is focused on making great products, not just sustainable ones, but we do increasingly believe that, that fantastic products do also have to be sustainable. And we see that in the consumer data and that has continued to grow as we build this business, frankly, faster than we've even expected. So you'll see us double down on marketing campaigns that speak to this and really emphasize that through every kind of touch point, whether it's in-store, in third party or on our digital platform.

然後我只想說，也許我會在一分鐘內將它交給蒂姆，以了解我們在過去幾個月中在品牌知名度方面所做的一些亮點。但我們繼續看到，消費者正被具有環保價值的品牌所吸引。我們不相信他們會因此而購買產品。它們必須是非凡的產品。我們的每一點精力都集中在製造出色的產品上，而不僅僅是可持續的產品，但我們越來越相信，出色的產品也必須是可持續的。而且我們在消費者數據中看到了這一點，並且隨著我們建立這項業務，坦率地說，這比我們預期的還要快。因此，您會看到我們在營銷活動上加倍投入，並通過各種接觸點真正強調這一點，無論是在店內、第三方還是在我們的數字平台上。

Yes. I'll just add, reinforcing the point that the Tree Flyer, a recent product release from last week is powered by a sustainable material innovation, but it is better. So I think all that consumer research is saying, yes, sustainability matters, but it's only in service of better product experiences. And that's our focus. And I think in performance and in the flyer, I think, is a great example of us executing that at a very high level.

是的。我要補充一點，強調上週最近發布的 Tree Flyer 是由可持續材料創新驅動的，但它更好。所以我認為所有消費者研究都在說，是的，可持續性很重要，但它只是為更好的產品體驗服務。這就是我們的重點。我認為在性能和傳單中，我認為這是我們在非常高的水平上執行的一個很好的例子。

Your next question comes from Mark Altschwager with Baird.

您的下一個問題來自與 Baird 的 Mark Altschwager。

Thanks for all the detail this afternoon. So the midpoint of the revenue guidance was reduced $20 million. I think you estimated the impact of international as $15 million to $20 million. So could you just clarify, I mean, has there been any change to your underlying revenue outlook for the U.S.? It seems like you saw some really nice momentum in the quarter. I guess I'm wondering if you're seeing any signs that rising energy prices, stock market volatility, et cetera, is impacting demand for the brand domestically?

感謝今天下午提供的所有細節。因此，收入指導的中點減少了 2000 萬美元。我認為您估計國際的影響為 1500 萬至 2000 萬美元。那麼您能否澄清一下，我的意思是，您對美國的基本收入前景是否有任何變化？似乎您在本季度看到了一些非常好的勢頭。我想我想知道您是否看到任何跡象表明能源價格上漲、股市波動等正在影響國內對該品牌的需求？

I'll start on that, Mark, and then turn it to Joey to talk a little about the consumer because the short answer is, no, we haven't seen any sort of drop off in our expectation in the U.S. We feel really great about that 35% growth that we saw. That tells us this long-term thesis is intact. That's what gives us confidence around the medium-term targets. Your question on we lowered the midpoint by $20 million. Like I said in the script, we estimate the impact is $15 million to $20 million, and we are taking a cautious outlook because we're dealing with just some like open-ended situations here with these external headwinds. So that hopefully marries up kind of the model on the math question there, if you, but I'll turn it to Joey to talk a little bit about the consumer landscape in the U.S.

馬克，我將從這個開始，然後讓喬伊談談消費者，因為簡短的回答是，不，我們在美國的期望沒有任何下降。我們感覺非常好大約是我們看到的 35% 的增長。這告訴我們這個長期的論點是完整的。這就是讓我們對中期目標充滿信心的原因。你關於我們的問題將中點降低了 2000 萬美元。就像我在劇本中所說的那樣，我們估計影響是 1500 萬到 2000 萬美元，我們對前景持謹慎態度，因為我們正在處理一些像這些外部逆風的開放式情況。因此，如果您願意，希望能與那裡的數學問題模型結合起來，但我會把它轉給喬伊，談談美國的消費者格局。

Just supporting the statements that Mike just made, the U.S. consumer has already taken a little bit of a hit in terms of consumer confidence that we just see and not in our business necessarily, but in the macro numbers. And so when we look at our business internally, we actually see much more tailwinds than we see impact from inflation or anything that we're reading about in the newspapers.

僅僅支持邁克剛剛發表的聲明，美國消費者已經在消費者信心方面受到了一些打擊，我們只是看到了這一點，而不是在我們的業務中，而是在宏觀數據中。因此，當我們從內部審視我們的業務時，我們實際上看到的順風比我們看到的通貨膨脹或我們在報紙上讀到的任何東西的影響要多得多。

People are coming back to stores. We're seeing that traffic pick up markedly and that gives us the confidence to kind of reaffirm and restate that we can hit those near-term unit economics that we mentioned in the formal remarks.

人們正在回到商店。我們看到流量顯著回升，這讓我們有信心重申和重申我們可以達到我們在正式評論中提到的那些近期單位經濟。

And lastly, I'd say, as people get out and about and activity picks up, as travel picks up, we have the product that people want. We are this perfect blend of performance, comfort, versatility and style, and we are meeting the moment. And that's to the point that I made earlier, the fact that as COVID recedes in the rearview mirror, this is -- we're much better of a choice.

最後，我想說的是，隨著人們外出活動和活動的增加，隨著旅行的增加，我們擁有人們想要的產品。我們是性能、舒適性、多功能性和風格的完美結合，我們正在迎接這一刻。這就是我之前所說的一點，隨著 COVID 在後視鏡中的消退，這是我們更好的選擇。

So whereas COVID restrictions create some headwinds when we come out of it, we see just significant tailwinds that give us a lot of confidence in the U.S. consumer today. And we've seen this historically in international markets. When restrictions get lifted, the business picks up significantly and in a sustained fashion. And again, that speaks to some of our confidence despite ongoing restrictions in international markets that we think there's going to be some pickup in the back half.

因此，儘管當我們擺脫 COVID 限制時會產生一些不利因素，但我們看到的只是顯著的順風，讓我們對當今的美國消費者充滿信心。我們在國際市場上已經看到了這一點。當限制解除時，業務會以持續的方式顯著回升。再一次，這說明了我們的一些信心，儘管國際市場持續受到限制，我們認為後半部分將會有所回升。

And as a follow-up, a lot of product introductions in recent months with the Trail and the Dasher 2 and the apparel, which you spoke to. Can you give us some color on new versus repeat customers that are purchasing those new innovations? What does that mix look like relative to historical product introductions?

作為後續行動，最近幾個月推出了很多產品，包括 Trail 和 Dasher 2 以及您與之交談的服裝。你能給我們一些關於購買這些新創新的新客戶和回頭客的顏色嗎？與歷史產品介紹相比，這種組合是什麼樣的？

Yes, Mark, we don't give that out on a quarterly basis. I would just member, we're only a 6-year-old brand here. So we're still acquiring a bunch of new customers doing that at a very healthy and very profitable clip. But just by the nature of things over time, more of our sales are going to continue to come from repeat customers.

是的，馬克，我們不會每季度發布一次。我只是會員，我們在這裡只有 6 年的歷史。因此，我們仍在以非常健康且非常有利可圖的方式獲得一批新客戶。但隨著時間的推移，隨著時間的推移，我們更多的銷售額將繼續來自回頭客。

And I think Tim and the team do a really nice job on the product side of balancing new products that bring in new customers that launches into some of those new categories like you referenced, but also bringing excitement and news and energy into the core of the product pipeline. And that's always our -- how we think about the balance on the product pipeline.

我認為蒂姆和團隊在產品方面做得非常好，平衡了新產品，這些新產品帶來了新客戶，這些新客戶推出了你提到的一些新類別，同時也將興奮、新聞和能量帶入了核心產品管線。這一直是我們 - 我們如何看待產品管道的平衡。

Your next question comes from Dana Telsey with Telsey Advisory Group.

您的下一個問題來自 Telsey 諮詢小組的 Dana Telsey。

As you think about the price increases that you've taken so far, are you anticipating any additional price increases as we go through the balance of the year? And does it differ by category? And then, secondly, with the new gross margin guide for the year of 51%, how much of an international gross margin headwind is built in, given, I believe, that the first quarter was only around 20 basis points?

當您考慮到目前為止您已經採取的價格上漲時，您是否預計在我們度過今年的餘額時會出現任何額外的價格上漲？它是否因類別而異？其次，鑑於今年新的毛利率為 51%，考慮到第一季度僅為 20 個基點左右，國際毛利率逆風有多少？

Thanks, Dana. I'll take the first one and pass it over to Mike on margins. For pricing, by and large, the action that we took in March is what we anticipate for the full year, but that's really an architecture that we set up. And if you kind of parse through what we did there, there's varying levels of price across materials. So we are differentiating to the consumer, specifically on the quality and price value that consumers should expect by material.

謝謝，達娜。我會拿第一個，然後把它傳給 Mike。對於定價，總的來說，我們在 3 月份採取的行動是我們對全年的預期，但這確實是我們建立的架構。如果你仔細分析一下我們在那裡所做的事情，就會發現各種材料的價格水平不同。因此，我們正在與消費者進行差異化，特別是消費者對材料的期望質量和價格價值。

And then similarly on the performance versus lifestyle set when we add in technical features on our performance product, those are going to have an elevated price as we're packing a lot more technology and cost into the build. So that architecture has now been established as we layer in new products like the Flyer as we're doing, that will fit into that architecture.

同樣，當我們在性能產品上添加技術特性時，性能與生活方式設置的對比，隨著我們將更多的技術和成本打包到構建中，這些特性的價格將會提高。因此，隨著我們正在做的像 Flyer 這樣的新產品的分層，現在已經建立了這種架構，這將適合該架構。

So some of that impact and that pricing change will flow through new products as well. And you can see that the Flyer at $160 is the most expensive product that's kind of a core offering that we've ever introduced in the line.

因此，其中一些影響和定價變化也將通過新產品傳播。您可以看到售價 160 美元的 Flyer 是最昂貴的產品，它是我們在該系列中推出的核心產品。

Yes. So there's no plan for any further price increase in 2022. And then on your gross margin question, Dana, you go back the way I kind of walked through and unpacked the 2 factors versus our prior gross margin guidance. The bigger driver here is less demand from international. And when I talked about the other external headwinds, that's up to 200 basis points in our prior guidance. Now it's 250 to 300 basis points.

是的。因此，沒有計劃在 2022 年進一步提價。然後關於你的毛利率問題，Dana，你回到我走過的方式，並解開這兩個因素，而不是我們之前的毛利率指導。這裡更大的驅動因素是國際需求減少。當我談到其他外部不利因素時，這在我們之前的指導中高達 200 個基點。現在是 250 到 300 個基點。

So if the midpoint gross margin is now about 200 basis points lower. You can kind of hold in your head that roughly kind of 1/3 of it comes from the stuff that's on the logistics and distribution center side and the rest of it is coming from the international demand being lower than what we would have been thinking in the last guidance target.

因此，如果中點毛利率現在降低約 200 個基點。您可能會認為，其中大約 1/3 來自物流和配送中心方面的東西，其餘來自國際需求低於我們的預期最後一個指導目標。

Got it. And then just on the third-party distribution, cost to get that up and running, any way that we should think about how we should think about that? And should we expect more third-party partners to be added this year? Or is it the 2 this year?

知道了。然後只是在第三方發行版上，啟動和運行它的成本，我們應該如何考慮我們應該如何考慮？我們是否應該期望今年會增加更多的第三方合作夥伴？還是今年的2？

No. You'll hear more from us in the subsequent months. We are going to be selective and really methodical about how we grow this, and we don't expect a particularly material impact to 2022. But we do think that, that will start to really provide a catalyst in and of itself and then also haloing into the direct business starting in '23. So these partners that you'll hear us announce in the coming months are really important partners that we're going deep and we think they're all strategic brand-building partners for us.

不會。在接下來的幾個月裡，您會收到更多關於我們的消息。我們將有選擇地、有條不紊地發展它，我們預計到 2022 年不會產生特別重大的影響。但我們確實認為，這將開始真正提供催化劑，然後也會產生光環從 23 年開始進入直接業務。因此，您將在未來幾個月聽到我們宣布的這些合作夥伴是我們正在深入研究的非常重要的合作夥伴，我們認為他們都是我們的戰略品牌建設合作夥伴。

So that is -- so that's kind of like -- that's the high level. And again, Mike touched on earlier that these are just really nice awareness boost and great catalysts for growth in this another consumer touch point. And in terms of the cost to stand it up, look, we've built this business into multi-hundreds of millions of dollars of sales from just a direct channel, and we've created a product engine that could support much more than that.

這就是--這有點像--這是高水平。再一次，邁克早些時候談到，這些都是非常好的意識提升和另一個消費者接觸點增長的巨大催化劑。就維持它的成本而言，看，我們已經把這項業務從一個直接渠道變成了數億美元的銷售額，我們創造了一個產品引擎，可以支持的遠不止這些.

And so the cost to layer on a third-party partnership like this is really just a very small sales organization and the operations behind that to make that work. So we've largely laid the groundwork from an infrastructure perspective, whether that be finance or technology. And there's just a really thin layer to add. And that's why we're quite confident in the flow-through to EBITDA is going to be very attractive and provide really nice bottom line growth for us as well.

因此，建立像這樣的第三方合作夥伴關係的成本實際上只是一個非常小的銷售組織及其背後的運營。因此，我們在很大程度上從基礎設施的角度奠定了基礎，無論是金融還是技術。而且只需要添加一個非常薄的層。這就是為什麼我們非常有信心流入 EBITDA 將非常有吸引力，並為我們提供非常好的底線增長。

Your next question comes from Jim Duffy with Stifel.

您的下一個問題來自 Stifel 的 Jim Duffy。

I wanted to ask a little bit more about store performance versus 2019. I recognize there's a lot of newness in the store fleet, but can you speak to trends you're seeing in urban versus more suburban or smaller market locations? And then specific to the European business, was the March pressure that you saw in retail productivity, digital? Or did it really come through in both channels?

我想問更多關於商店表現與 2019 年相比的情況。我承認商店隊伍中有很多新事物，但你能談談你在城市與更郊區或更小的市場地點看到的趨勢嗎？然後具體到歐洲業務，您在零售生產力方面看到的 3 月份壓力是數字化嗎？或者它真的在兩個渠道中都通過了？

So on stores, there is really a lot of noise to compare all the way back to 2019. I think we had probably just a handful of stores, all in dense urban environments at that point. And so as I think everyone can attest to now that's in retail, the densest urban environments, high street locations have had the slowest recovery in general as a result of COVID and restrictions and people's changing locations and behaviors.

因此，在商店方面，與 2019 年相比，確實存在很多噪音。我認為我們可能只有幾家商店，當時都在密集的城市環境中。因此，我認為每個人現在都可以證明，在零售業、最密集的城市環境中，由於 COVID 和限制以及人們不斷變化的位置和行為，高街位置的總體恢復速度最慢。

And we were -- we adapted to that pretty quickly. So during COVID, we started signing leases in lifestyle centers in suburban malls and whatnot. Those have performed really, really well. And those have proven to be much more resilient regardless of the consumer behaviors or restrictions in the regions and whatnot.

我們 - 我們很快就適應了。因此，在 COVID 期間，我們開始在郊區購物中心之類的生活方式中心簽訂租約。那些表現得非常非常好。事實證明，無論該地區的消費者行為或限制如何，這些都更具彈性。

So we are continuing to -- we are continuing to focus on those types of real estate transactions when we're signing leases, and we're seeing quite a bit of positive uplift in those as we start up new stores as well. But that said, looking at the Flatiron launch that we just did about a month ago, it's been a really, really fantastic launch for us for a new store and gives us a lot of confidence in the comeback for Manhattan, which is, I think, a really nice bellwether for a lot of urban environments.

因此，我們將繼續——當我們簽署租約時，我們將繼續關注這些類型的房地產交易，而且隨著我們開設新店，我們也看到了這些交易的積極提升。但話雖如此，看看我們大約一個月前剛剛推出的 Flatiron，對於我們來說，這是一個非常非常棒的新店發布，讓我們對曼哈頓的複出充滿信心，我認為，對於許多城市環境來說，這是一個非常好的領頭羊。

And if you couple that with our store in SoHo, we're just seeing a nice trend, and that gives us a lot of confidence to hit on those targets we mentioned.

如果你把它與我們在 SoHo 的商店結合起來，我們只是看到了一個不錯的趨勢，這給了我們很大的信心來實現我們提到的那些目標。

And the Europe impact, if it's retail or e-com, I mean...

歐洲的影響，如果是零售或電子商務，我的意思是......

Yes, the mix is really heavily slanted to digital in Europe at the moment. And so it's hard to parse it out completely. There was also quite a bit of heavy restrictions on some of the stores during periods. But that said, I would say it's kind of broad-based, just an impact of the consumer based on incredibly high gas prices, what that does to the psyche of the consumer. And we've seen that really peak and then start to show some resilience again.

是的，目前在歐洲，這種組合確實非常傾向於數字化。所以很難完全解析出來。期間對一些商店也有相當多的嚴格限制。但話雖如此，我想說這是一種廣泛的基礎，只是基於令人難以置信的高油價對消費者的影響，這對消費者的心理有什麼影響。我們已經看到了真正的高峰，然後又開始表現出一些彈性。

Your next question comes from Dylan Carden with William Blair.

您的下一個問題來自 Dylan Carden 和 William Blair。

Just curious, Mike, in thinking about sort of back half breakeven on the EBITDA level. A lot here is sort of beyond your control as it relates to international outlook and status quo. What levers do you have that you feel are within your reach? I mean, is that a factor of third-party acceleration, retail maturity, marketing leverage more broadly? I guess what control do you have in your confidence level there?

只是好奇，邁克，在考慮 EBITDA 水平的後半部分盈虧平衡。這裡有很多東西是你無法控制的，因為它與國際視野和現狀有關。你有哪些你覺得觸手可及的槓桿？我的意思是，這是第三方加速、零售成熟度、更廣泛的營銷槓桿的一個因素嗎？我猜你對那裡的信心水平有什麼控制？

Yes. I'd go back to the comments I gave about the top line kind of basically getting into the media -- the middle part of our medium-term range of 20% to 30%. And the drivers behind that, again, are the product portfolio we have in place there, the retail -- having more retail stores on a year-over-year basis, that's going to certainly help the increase in the velocity of that omnichannel flywheel that we continue to see.

是的。我會回到我給出的關於基本上進入媒體的頂線的評論——我們中期範圍 20% 到 30% 的中間部分。而這背後的驅動力，再次是我們在那裡的產品組合，零售——每年都有更多的零售店，這肯定會有助於提高全渠道飛輪的速度我們繼續看。

And then the fact that third-party will certainly kind of help with that as well as we go through back half of the year. So I think all of that is the biggest thing that kind of gives us factor or gives us confidence. I think the next factor then, Dylan, is also the fact that like if things were going to accelerate beyond this cautious outlook that we're talking about on this call.

然後是第三方肯定會在這方面提供幫助的事實，以及我們在今年下半年經歷的事實。所以我認為所有這些都是給我們因素或給我們信心的最重要的事情。迪倫，我認為下一個因素也是這樣一個事實，即如果事情會加速超出我們在這次電話會議上討論的這種謹慎前景。

I do think you hit on a couple of the key ones, especially like if the retail recovery in the U.S. is an even faster pace, more broadly than what we're starting to see now. That obviously has a lot of benefits for Allbirds. You know our model well. So I think we have some confidence in that, if that got there.

我確實認為你提到了幾個關鍵問題，特別是如果美國的零售復甦速度更快，比我們現在開始看到的更廣泛。這顯然對 Allbirds 有很多好處。你很了解我們的模型。所以我認為我們對此有一定的信心，如果能做到的話。

The other thing I would just tell you when we think about -- you started out with EBITDA breakeven. It's not solely just a sales growth story for EBITDA breakeven. I referenced again in the full year EBITDA guidance. We have trimmed back a little bit on our SG&A spend, which I think is the responsible thing to do in an environment like this.

當我們想到另一件事時，我只想告訴你——你從 EBITDA 盈虧平衡開始。這不僅僅是 EBITDA 盈虧平衡的銷售增長故事。我在全年 EBITDA 指導中再次提及。我們已經削減了一些 SG&A 支出，我認為這是在這樣的環境中負責任的做法。

I do think if necessary, there's more we would revisit there, and it's not a pullback in marketing, makes you feel really good our marketing efficiency and our marketing spend and what we're doing brand building wise. But I think a business even our size, there are levers we can certainly pull as we balance that top and bottom line and get to the responsible growth we've talked about.

我確實認為，如果有必要，我們會重新審視那裡的更多內容，這不是營銷方面的倒退，讓您對我們的營銷效率和營銷支出以及我們在品牌建設方面所做的事情感到非常好。但我認為，即使是我們這樣規模的企業，當我們平衡頂線和底線並實現我們所說的負責任的增長時，我們當然可以拉動槓桿。

Your next question comes from John Kernan with Cowen.

您的下一個問題來自 John Kernan 和 Cowen。

Mike, maybe you could talk to the flow of inventory as the year goes on. It's up 70% year-over-year, it was up 80% in the fourth quarter. As the comparison is kind of easier, how should we think about the growth of inventory on the balance sheet?

邁克，也許你可以談談隨著時間推移的庫存流動。同比增長 70%，第四季度增長了 80%。由於比較容易一些，我們應該如何看待資產負債表上的庫存增長？

Yes. I mean the big -- the 2 big X factors there are certainly the length of time of in-transit inventory. We have started to see that come down a little bit though obviously, the different like news on China on a day-to-day basis could have some effect on overall ocean shipping pace. So that's certainly something we're watching really closely.

是的。我的意思是大 - 兩個大 X 因素肯定是在途庫存的時間長度。我們已經開始看到這種情況有所下降，但很明顯，每天關於中國的不同類似新聞可能會對整體海運速度產生一些影響。所以這肯定是我們正在密切關注的事情。

And then if that has any impact then on the actual kind of shipping cost itself, I think those are the first 2 big factors. I think, demand-wise, clearly, we're going to be in a position where we're going to continue to sell through the product we have, balance that with the new product launches. So we're not giving sort of formal guidance on what we expect to happen with inventory over the course of the year. But I think those dynamics I just laid out, we should be in a position where as the laps do get easier to plan on the inventory side, we should start to see that come down.

然後，如果這對實際的運輸成本本身有任何影響，我認為這是前兩個重要因素。我認為，從需求角度來看，顯然，我們將處於繼續通過現有產品銷售的位置，並與新產品的推出保持平衡。因此，我們沒有就我們預計在一年中的庫存會發生什麼提供正式的指導。但我認為我剛剛列出的那些動態，我們應該處於這樣一個位置，隨著圈數在庫存方面的計劃變得更容易，我們應該開始看到這種情況下降。

Got it. My next question is just a follow-up on the long-term gross margin outlook. There's been quite a bit of inflation since the IPO. There's a lot of product cost inflation, freight inflation, labor inflation in stores in D.C. I'm just curious -- has the amount of inflation change -- that's changed, has it changed the way you're thinking about long-term gross margin potential?

知道了。我的下一個問題只是對長期毛利率前景的跟進。自首次公開募股以來，通貨膨脹率相當高。華盛頓的商店有很多產品成本通脹、運費通脹、勞動力通脹。我只是好奇——通脹的數量是否發生了變化——這已經改變了，它是否改變了你對長期毛利率的思考方式潛在的？

Is there anything structural here that will prevent you from achieving the prior gross margin targets that you put out? Obviously, I think investors across this sector right now are really concerned. You look at valuations across the group, they are at levels we haven't seen in a long time, and I think there's concerns about the structural margin expansion story across the whole sector. So maybe you can talk to how you're going to offset some of these inflationary headwinds as we go forward.

這裡是否有任何結構性因素會阻止您實現之前提出的毛利率目標？顯然，我認為這個行業的投資者現在真的很擔心。你看看整個集團的估值，它們處於我們很長時間以來從未見過的水平，我認為整個行業的結構性利潤率擴張故事令人擔憂。因此，也許你可以談談在我們前進的過程中如何抵消這些通脹阻力。

Yes. I think there's 2 pieces in there, John. So the part where the question started, you're right. I do think there's more inflation than when we were on the road show last summer. I also think we've taken more price. And like I said earlier in the call, we've been able to pass that through successfully.

是的。我想裡面有兩塊，約翰。所以問題開始的部分，你是對的。我確實認為通貨膨脹比我們去年夏天在路演時要高。我也認為我們已經採取了更高的價格。就像我之前在電話會議中所說的那樣，我們已經能夠成功地通過它。

We have a tremendously strong brand that commands the price and great products that people love and come back and repeat for. And that's an advantage a lot of others don't have. And I think people who believe in the long-term story for Allbirds anchor it in those beliefs, right, the unique position of the brand and the quality of the products. And I think that helps us offset some of that.

我們擁有一個非常強大的品牌，它控制著人們喜愛、回頭和重複購買的價格和優質產品。這是很多其他人沒有的優勢。而且我認為相信 Allbirds 長期故事的人將其錨定在這些信念上，對，品牌的獨特地位和產品質量。我認為這有助於我們抵消其中的一部分。

And then to Joey's point, the thoughtfulness with which we're launching new products, launching in different categories, the higher margin we get from those products. I think those are huge factors in all this. So even in like kind of new news from the time of the road show. The other thing, again, I tried to do a little bit of my mini gross margin walk, probably at the end of the call there.

然後就喬伊而言，我們推出新產品、推出不同類別的周到考慮，我們從這些產品中獲得的利潤就越高。我認為這些都是影響這一切的重要因素。因此，即使是路演時的類似新消息。另一件事，我試著做一點我的迷你毛利率走，可能在電話結束時。

But if we think about the factors, it will take us from where we are today in the direct channels to where we'll be over time. Again, the growth in the gross margin accretive retail and international businesses. That's a big one. The strong pricing power fee that's certainly a significant factor. The introduction of these new higher-margin products.

但是，如果我們考慮這些因素，它將把我們從我們今天在直接渠道中的位置帶到我們隨著時間的推移會達到的位置。再次，毛利率增長的零售和國際業務。這是一個很大的。強大的定價權費用無疑是一個重要因素。推出這些新的利潤率更高的產品。

And then when we look at that overall inflation story versus 2 years ago, announcing 450 to 500 basis points of these logistics cost headwinds over the past 2 years. I've said this repeatedly. We don't have to get all of that back, but we get part of that back over the next few years. That's another big step forward as well in our ability to hit that 60%-plus gross margin.

然後，當我們查看與 2 年前相比的總體通脹情況時，宣布過去 2 年這些物流成本逆風下降了 450 到 500 個基點。我已經反复說過這句話。我們不必收回所有這些，但我們會在接下來的幾年中收回其中的一部分。這也是我們實現 60% 以上毛利率的又一大進步。

Your next question comes from Tom Nikic with Wedbush.

您的下一個問題來自於 Wedbush 的 Tom Nikic。

Mike, I guess some modeling minutia. When we think about the gross margins for the year, like how do we kind of think of the quarterly cadence for the remainder of the year? Historically, you've kind of had this sort of, I guess, head and shoulders kind of thing, where you saw seasonal spikes in Q2 and Q3. Should we assume that you're kind of more like in that 51%, 52%-ish range for the remainder of the year?

邁克，我猜一些建模細節。當我們考慮今年的毛利率時，我們如何看待今年剩餘時間的季度節奏？從歷史上看，我猜你有過這種頭肩頂的情況，你在第二季度和第三季度看到了季節性高峰。我們是否應該假設您在今年剩餘時間裡更像是在 51%、52% 的範圍內？

Yes. Well, first off, Tom, welcome to the call. Welcome to the coverage group. We're happy to have you on. Looking forward to spend more time with you as we go forward.

是的。嗯，首先，湯姆，歡迎來電。歡迎加入報導組。我們很高興有你。期待在我們前進的過程中與您共度更多時光。

If you look at what our historical seasonality of gross margin has been to your point, I think that's probably a pretty decent indicator, though I would tell you there's certainly pressure in Q2 on gross margin, both because I think the external impacts on sales and then some of the ripple effects those have in the gross margin are most acute in Q2.

如果你看看我們對毛利率的歷史季節性，我認為這可能是一個相當不錯的指標，儘管我會告訴你第二季度毛利率肯定存在壓力，因為我認為外部影響對銷售和那麼毛利率中的一些連鎖反應在第二季度最為嚴重。

So to your point, in the back part of the year, we were at 51.9% in Q1. I think the back part of the year, obviously, is going to have to be below that to get to the 51.1%. And I think it probably looks fairly similar across the 3 quarters, Q2, Q3 and Q4.

因此，就您而言，在今年下半年，我們在第一季度的佔比為 51.9%。我認為，顯然，今年下半年必須低於該水平才能達到 51.1%。而且我認為它可能在 3 個季度（第二季度、第三季度和第四季度）看起來非常相似。

Got it. And I think -- and thank you very much for the well wishes. I'm happy to be aboard. As far as store growth goes, I think last call, you said 16 to 17 stores, is that still the plan for this year? And does some of the stuff that you're seeing in the international markets change your desire or willingness to open stores in international markets?

知道了。我想——非常感謝你的祝福。我很高興能上船。至於門店增長，我想上次電話，你說16到17家門店，今年還是這個計劃嗎？您在國際市場上看到的一些東西是否會改變您在國際市場開店的願望或意願？

So I'll start on the guidance point. It's still 16 to 17, now it's heavily weighted towards the U.S. And Joey and I, I think, have beaten the drum loud on this call that we're happy with the results we've seen in the U.S. overall in Q1, and we feel good about the balance of the year and certainly feel good about retail. So it doesn't change our perspective on 2022 on the store target.

所以我將從指導點開始。現在仍然是 16 到 17 點，現在它對美國的影響很大。我認為，喬伊和我在這次電話會議上大聲敲打著鼓聲，我們對第一季度在美國看到的整體結果感到滿意，而且我們對今年的平衡感覺良好，當然對零售感覺良好。所以它不會改變我們對 2022 年商店目標的看法。

Joey, maybe you want to touch a little bit more on international and the different levers of growth, maybe reiterate some of what you shared earlier in the call.

喬伊，也許你想多談談國際和不同的增長槓桿，也許重申你在電話會議早些時候分享的一些內容。

I think we've continued to skew very heavily to the U.S. store portfolio, and we will do that for the foreseeable future. We do have opportunities in different regions. And sometimes that does require a different format in terms of a lower cost build-out just based on whether the lease structure is on the shorter term as it is in China, typically, those are 3-year leases versus the 5 or 10 that we can do in Europe versus the 10-plus in the U.S. with options to extend.

我認為我們繼續非常傾向於美國商店組合，我們將在可預見的未來這樣做。我們在不同地區確實有機會。有時，這確實需要不同的格式來降低成本，這取決於租賃結構是否像在中國那樣較短，通常是 3 年的租約，而我們的租約是 5 年或 10 年可以在歐洲做，而在美國可以做 10 多個，並且可以選擇擴展。

So it's all about how the lease dynamics play, how the halo across omnichannel impacts the go-to-market strategy in each region. And we're trying to be dynamic and be rightsized for each of the regions that we play in.

因此，這完全取決於租賃動態如何發揮作用，全渠道的光環如何影響每個地區的上市策略。我們正在努力為我們所在的每個地區保持活力並調整規模。

All right. Carmen, I think we have time for one more question.

好的。卡門，我想我們還有時間再問一個問題。

We'll take our final question from Ashley Helgans at Jefferies.

我們將向 Jefferies 的 Ashley Helgans 提出最後一個問題。

It's [Blake] on for Ashley. You've answered most of them. I just wanted to ask on -- one on international. I believe you said that most of the top line impact was due to China versus Europe. Could you just confirm that and I didn't know if you could quantify anymore?

阿什利是[布萊克]。你已經回答了大部分。我只是想問一個關於國際的問題。我相信您說過，大部分收入影響是由於中國對歐洲的影響。您能否確認一下，我不知道您是否可以再量化？

Yes. First off, welcome to you, Ashley and [Blake] as well. Happy to have you on the coverage group, happy to have you on the call as well. So looking forward to working with you and the team a little bit more going forward.

是的。首先，也歡迎您，Ashley 和 [Blake]。很高興有您加入報導組，也很高興有您接聽電話。因此，期待與您和團隊進一步合作。

Just to clarify the comment I made, I think what we're trying to convey there was that the bulk of the impact was from the combination of China and Ukraine. We didn't break out the difference between those 2 factors. And the other factor then was the impact of FX. So that was the other piece.

只是為了澄清我的評論，我認為我們試圖傳達的是，大部分影響來自中國和烏克蘭的結合。我們沒有打破這兩個因素之間的差異。另一個因素是外彙的影響。所以那是另一塊。

So I think what I -- let me pull up my own script here just for a second. We had talked about the fact that -- let me find it. Yes, about 2/3 of the impact is due to Ukraine crisis and China's COVID restrictions and 1/3 due to FX rates. So that was what we had shared in the recorded remarks, and we're not breaking out any more between Ukraine and China.

所以我想我- 讓我在這里拉一下我自己的腳本。我們曾經討論過——讓我找到它。是的，大約 2/3 的影響是由於烏克蘭危機和中國的 COVID 限制，1/3 是由於匯率造成的。這就是我們在錄音講話中分享的內容，我們不會再在烏克蘭和中國之間爆發任何衝突。

Got it. And then last one was just on marketing. I know you've talked about it already. But should we expect the ratio as a percentage of sales to stay around 22% for the rest of the year? And then I didn't know if you could also maybe talk about how much of that in terms of dollars is U.S. versus international?

知道了。然後最後一個只是關於營銷。我知道你已經談過了。但是，我們是否應該期望該比率佔銷售額的百分比在今年剩餘時間內保持在 22% 左右？然後我不知道您是否也可以談談以美元計，美國與國際之間有多少？

Yes. We don't break out the dollar piece on that in U.S. versus international. And on the leverage point, we have gotten leverage on marketing in the last couple of years and certainly did in Q1. We continue to expect to get leverage and the drivers of that leverage are increased marketing efficiency. I think our marketing teams have done a phenomenal job of driving marketing efficiency.

是的。我們不會在美國與國際之間打破美元。在槓桿點上，我們在過去幾年中獲得了營銷槓桿，並且在第一季度肯定做到了。我們繼續期望獲得槓桿作用，而這種槓桿作用的驅動因素是提高營銷效率。我認為我們的營銷團隊在提高營銷效率方面做得非常出色。

Number two, the channel mix certainly helps us raising awareness, both through our own direct retail channels. And then as we ramp up on third party, that's certainly going to drive awareness for us with no incremental marketing spend. And then the last piece of it is just the pace of growth overall is going to be the big -- another big driver towards that. So we feel good that we'll continue to get leverage on that line.

第二，渠道組合無疑有助於我們提高知名度，無論是通過我們自己的直接零售渠道。然後，隨著我們在第三方方面的增加，這肯定會在不增加營銷支出的情況下提高我們的知名度。最後一點就是整體增長的速度將是最大的——另一個重要的推動力。所以我們感覺很好，我們將繼續在這條線上獲得影響力。

All right. Well, thank you so much, everybody.

好的。嗯，非常感謝大家。

Yes. Thanks, everyone.

是的。感謝大家。

I will hand back to you for closing remarks.

我將交還給你結束髮言。

We'll just close out with a couple of comments. I think we've outlined really clearly that particularly in China as well as in Europe, the world and people in those regions are dealing with some really unfortunate circumstances, whether it be restrictions around COVID or the conflict in Ukraine. And we feel this internally as well.

我們將以幾條評論結束。我認為我們已經非常清楚地概述了，特別是在中國以及歐洲，世界和這些地區的人們正在處理一些非常不幸的情況，無論是圍繞 COVID 的限制還是烏克蘭的衝突。我們在內部也有這種感覺。

Our people in Shanghai are directly affected from this. And yet we know that these things will pass. And we focus on what we can control right now. We have a beautiful product road map that's coming out, encourage everyone to get their hands on a pair of Flyers on May 17 when we launch those, and that's just a good starting point for us and what we have on the road map coming forward.

我們上海的人直接受到了影響。然而我們知道這些事情都會過去的。我們專注於我們現在可以控制的事情。我們有一個漂亮的產品路線圖即將發布，鼓勵每個人在 5 月 17 日發布這些宣傳單時獲得一對傳單，這對我們來說只是一個很好的起點，也是我們未來路線圖的一個很好的起點。

And I think that coupled with the strong distribution model and the strength we've shown in the U.S. gives us a ton of confidence in our long-term model and being able to hit all the financial outcomes that we said, and we've pointed to you guys to as well as just in general on the confidence that this is a brand that really stands for something meaningful that resonates with consumers, and we're just excited to keep building this business.

我認為，再加上強大的分銷模式和我們在美國展示的實力，讓我們對我們的長期模式充滿信心，能夠實現我們所說的所有財務成果，我們已經指出對你們以及總體而言，相信這是一個真正代表有意義的東西並引起消費者共鳴的品牌，我們很高興能繼續建立這項業務。

So thanks again, and look forward to talking with you all in the quarter.

再次感謝，並期待在本季度與大家交談。

And with that, ladies and gentlemen, we conclude today's conference call. Thank you for participating, and you may now disconnect.

女士們，先生們，我們結束今天的電話會議。感謝您的參與，您現在可以斷開連接。