Allbirds Inc (BIRD) 2021 Q3 法說會逐字稿

Good afternoon, ladies and gentlemen, and welcome to the Allbirds Third Quarter 2021 Conference Call. (Operator Instructions) Now I would like to turn the call over to Kyle Khasigian, Head of Strategic Finance and Investor Relations at Allbirds. You may begin.

下午好，女士們，先生們，歡迎來到 Allbirds 2021 年第三季度電話會議。 （操作員說明）現在我想將電話轉給 Allbirds 戰略財務和投資者關係主管 Kyle Khasigian。你可以開始了。

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。今天和我通話的是喬伊·茲維林格；和蒂姆布朗，Allbirds 的聯合創始人和聯合首席執行官；和 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 Q4 and fiscal year financial outlook as well as our preliminary outlook for 2022 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.

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，包括關於我們第四季度和財政年度財務展望以及我們對 2022 年的初步展望和我們今天發布的收益報告中提到的其他事項。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。

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 Form 8-K filed today for a more detailed description of the risk factors that may affect our results.

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。請參閱我們向美國證券交易委員會提交的文件以及我們今天提交的收益發布和表格 8-K，以更詳細地描述可能影響我們結果的風險因素。

Also, during this call, we may discuss non-GAAP financial measures, which 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，在本次電話會議期間，我們可能會討論非 GAAP 財務指標，這些指標會調整我們的 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 will 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 thank you all for joining Allbirds' first earnings call. We are thrilled to have this platform to help us further advance our mission and discuss our plans for durable and profitable growth over the coming decades.

謝謝，凱爾，感謝大家參加 Allbirds 的第一次財報電話會議。我們很高興擁有這個平台來幫助我們進一步推進我們的使命並討論我們在未來幾十年內實現持久和盈利增長的計劃。

I would also like to take a moment to express our gratitude to the Allbirds team as well as members of the finance community and our investors, who helped us shape a successful IPO. And we're, of course, pleased to speak with you on the heels of a strong quarter, one that marked continued reacceleration of our business as we emerged from the idiosyncrasies of COVID.

我還想花一點時間對 Allbirds 團隊以及金融界的成員和我們的投資者表示感謝，他們幫助我們成功地完成了 IPO。當然，我們很高興在一個強勁的季度之後與您交談，這標誌著隨著我們擺脫 COVID 的特質，我們的業務繼續重新加速。

When Tim and I started this business in 2015, we held the view that climate change was our most formidable and existential crisis and as a result, believed that consumers would eventually connect their purchase decisions with their values on the environment. Yet most in the footwear and apparel industries continued to rely on synthetics. Within that tension, we saw opportunity. But we didn't want to make sustainable products for the sake of being good for the planet. We wanted to make incredible products because they are sustainable. We put this purpose at the heart of our business and link it to everything we do, but most notably, our R&D investments and our distribution model.

當蒂姆和我在 2015 年開始這項業務時，我們認為氣候變化是我們最可怕的生存危機，因此，我們相信消費者最終會將他們的購買決定與他們對環境的價值觀聯繫起來。然而，大多數鞋類和服裝行業仍然依賴合成材料。在這種緊張局勢中，我們看到了機會。但我們不想為了對地球有益而生產可持續產品。我們想製造令人難以置信的產品，因為它們是可持續的。我們將此目標作為我們業務的核心，並將其與我們所做的一切聯繫起來，但最值得注意的是，我們的研發投資和我們的分銷模式。

These strategic choices have helped to create important and structural advantages that we believe will allow us to outmaneuver competitors well into the future. When we innovate, we harness some of nature's most abundant and high-quality materials to make products that feel different and perform better than the synthetics and leathers that the industry has historically relied on. We then connect this product engine to a vertical distribution model that allows us to reach consumers effectively while shrinking go-to-market timelines and enabling us to deliver fantastic value and a great shopping experience to consumers, all while preserving our advantaged gross margins.

這些戰略選擇有助於創造重要的結構性優勢，我們相信這些優勢將使我們能夠在未來戰勝競爭對手。當我們進行創新時，我們利用自然界中最豐富和最優質的材料來製造比該行業歷來依賴的合成材料和皮革感覺不同且性能更好的產品。然後，我們將此產品引擎連接到垂直分銷模式，使我們能夠有效地接觸消費者，同時縮短上市時間，使我們能夠為消費者提供卓越的價值和出色的購物體驗，同時保持我們優勢的毛利率。

Since launching the business in 2016, these strategic choices have enabled a strong and differentiated foundation. We have served over 4 million customers since we sold our first shoe in 2016, and we have maintained a Net Promoter Score greater than 80 in each quarter since Q1 2019. In fact, we logged a global cross-channel NPS of 86 in the first half of 2021.

自 2016 年開展業務以來，這些戰略選擇奠定了強大且差異化的基礎。自 2016 年售出第一雙鞋以來，我們已為超過 400 萬客戶提供服務，自 2019 年第一季度以來，我們每個季度的淨推薦值都保持在 80 以上。事實上，我們在第一季度的全球跨渠道 NPS 為 86 2021 年的一半。

And that wonderful customer experience has led to strong repeat engagement, with customer cohorts of a year or more coming back for a second purchase at a rate of 43%. This repeat purchase rate is notable for both the consistency of the high repeat rate and because it comes from the narrow assortment we have had to date.

這種美妙的客戶體驗帶來了強大的重複參與，一年或更長時間的客戶群體以 43% 的速度再次購買。這種重複購買率的顯著之處在於高重複率的一致性，以及因為它來自我們迄今為止所擁有的狹窄分類。

As we expand our product offering, we're excited by the opportunity to utilize this expanded assortment, coupled with our technology and data advantage, to grow repeat purchases. We are also energized by how many people have yet to learn about our brand. Our aided brand awareness is low, just 11% in the U.S. as of Q1 2021. With revenues in the trailing 12 months of $260 million, we have a tremendous runway in the global footwear and apparel industries, estimated as of 2020 at $366 billion and $1.5 trillion, respectively. And we are executing this atop a brand platform built around the most important consumer trend of this generation, climate change.

隨著我們擴大產品供應，我們很高興有機會利用這種擴大的產品種類，再加上我們的技術和數據優勢，增加重複購買。我們也為有多少人還沒有了解我們的品牌而感到振奮。我們的輔助品牌知名度很低，截至 2021 年第一季度在美國僅為 11%。過去 12 個月的收入為 2.6 億美元，我們在全球鞋類和服裝行業擁有巨大的發展空間，預計截至 2020 年為 3660 億美元，分別為 1.5 萬億美元。我們正在圍繞這一代最重要的消費趨勢——氣候變化——建立的品牌平台上執行此操作。

Now we simply need to reach more customers. Because of our disciplined approach and product craftsmanship, we have consistently achieved contribution profit in excess of CAC within the initial month of purchase for each annual cohort since inception. And given technology advances over the past decade, our vertical distribution model, coupling a digital heritage with a growing fleet of brick-and-mortar stores, is the right way to do this. We've done this successfully against the backdrop of an industry that has principally relied on wholesale for the past 50-plus years.

現在我們只需要接觸更多的客戶。由於我們嚴謹的方法和產品工藝，自成立以來，我們一直在購買的第一個月內為每個年度隊列實現超過 CAC 的貢獻利潤。鑑於過去十年的技術進步，我們的垂直分銷模式，將數字遺產與不斷增長的實體店隊伍相結合，是實現這一目標的正確方式。在過去 50 多年主要依賴批發的行業的背景下，我們成功地做到了這一點。

We opened our first store in 2017. And despite the slowdown of this channel during the pandemic, we now operate a fleet of 35 stores globally, with 23 in the U.S. Each store has strong stand-alone 4-wall economics, but we have come to learn that it is our omnichannel repeat customers who are the most valuable to us. These customers spend 1.5x when compared to digital-only repeat customers, giving us more reason to continue our store expansion.

我們於 2017 年開設了第一家門店。儘管在大流行期間這一渠道放緩，但我們現在在全球運營著 35 家門店，其中 23 家在美國。每家門店都有強大的獨立 4 壁經濟，但我們來了了解對我們來說最有價值的是我們的全渠道回頭客。與僅使用數字產品的回頭客相比，這些客戶的支出是 1.5 倍，這讓我們有更多理由繼續擴大門店。

Now zooming out, over these past 5 years, we haven't cut corners and have been focused on building a strong foundation for the future. While we always envisioned building a global lifestyle brand, we opted to make shoes first. And now that we have gained consumers' trust, we believe they will now embrace our material innovations applied to apparel categories.

現在縮小，在過去的 5 年裡，我們沒有偷工減料，一直專注於為未來打下堅實的基礎。雖然我們一直設想打造一個全球生活方式品牌，但我們選擇先做鞋。既然我們已經贏得了消費者的信任，我們相信他們現在會接受我們應用於服裝類別的材料創新。

We have been almost 100% vertical in our sales model, and we made early investments in our global reach, deploying technology, establishing supply chains and placing teams on the ground in each of our core international markets. This disciplined approach, coupled with the authenticity of our brand ethos, is how we have built the foundation that we expect to rely upon to grow at a healthy clip for decades to come, which brings me to our growth algorithm.

我們的銷售模式幾乎 100% 垂直化，我們在全球範圍內進行了早期投資，部署技術，建立供應鏈並在每個核心國際市場部署團隊。這種嚴謹的方法，加上我們品牌精神的真實性，是我們如何建立我們期望在未來幾十年以健康的速度增長的基礎，這讓我想到了我們的增長算法。

We're driving the top line primarily through 3 areas: one, our growing store portfolio; two, international expansion; and three, product innovation, which fuels new customer growth and increases the lifetime value of existing customers. I'll briefly go into each of these.

我們主要通過 3 個領域來推動收入增長：第一，我們不斷增長的商店組合；二、國際擴張；三是產品創新，推動新客戶增長，提高現有客戶的生命週期價值。我將簡要介紹其中的每一個。

On the first growth pillar, our real estate portfolio is highly productive and is an efficient means with which to acquire customers. Our stores generate strong returns on invested capital and have attractive payback periods. And when we open new stores, it drives increased brand awareness, provides a halo effect on the overall business, and hence, we improve the efficacy of our marketing spend. These impacts, along with lower return rates and more efficient transportation, means that growth in physical retail also drives margin expansion. We have a strong pipeline of new stores ahead, and ultimately, we see white space for hundreds of stores over time.

在第一個增長支柱上，我們的房地產投資組合生產力很高，是獲取客戶的有效手段。我們的商店在投資資本方面產生了可觀的回報，並且具有有吸引力的投資回報期。當我們開設新店時，它會提高品牌知名度，對整體業務產生光環效應，從而提高營銷支出的效率。這些影響，以及更低的退貨率和更高效的運輸，意味著實體零售的增長也推動了利潤率的增長。我們未來擁有強大的新店渠道，最終，隨著時間的推移，我們會看到數百家商店的空白。

On international expansion, it's important to note that we planted flags early in key markets across Europe and Asia. With that foundation established and relatively low sales penetration in these markets, we have line of sight to attractive growth as a result, particularly in the digital channel. And as is true as we shift the channel mix, as we grow international, we expect to expand gross margins due to our pricing architecture and an efficient logistics network.

在國際擴張方面，值得注意的是，我們很早就在歐洲和亞洲的主要市場樹立了旗幟。隨著這些市場的基礎建立和相對較低的銷售滲透率，我們看到了具有吸引力的增長，特別是在數字渠道中。正如我們改變渠道組合一樣，隨著我們國際化的發展，由於我們的定價架構和高效的物流網絡，我們預計將擴大毛利率。

Underpinning the opportunity to drive growth in our retail and international businesses is an incredible product pipeline, led by footwear with a growing and important apparel offering. Our robust R&D engine means that we're continually innovating. In our short history, we've proven that our material and innovation platform creates a powerful flywheel, enabling us to build winning franchises while empowering us to expand into new categories. More on this from Tim shortly.

推動我們零售和國際業務增長的機會是一個令人難以置信的產品線，以鞋類為主導，提供不斷增長的重要服裝產品。我們強大的研發引擎意味著我們不斷創新。在我們短暫的歷史中，我們已經證明我們的材料和創新平台創造了一個強大的飛輪，使我們能夠建立成功的特許經營權，同時使我們能夠擴展到新的類別。蒂姆很快就會對此進行更多介紹。

We are ideally positioned to execute against our strategic road map because of our amazing Allbirds flock. We are fortunate to have world-class teams who are energized by our mission and the potential ahead. The team's attention is now focused on achieving our medium-term targets. These include revenue growth of 20% to 30% annually, gross margin of over 60% and adjusted EBITDA margin in the mid- to high teens, rising to north of 20% over the long term. Simultaneously, we intend to reduce our CO2 emissions by 95% by 2030, helping us to drive towards our company mission while unlocking profitable growth.

由於我們驚人的 Allbirds 群，我們處於執行戰略路線圖的理想位置。我們很幸運擁有世界級的團隊，他們為我們的使命和未來的潛力而充滿活力。團隊的注意力現在集中在實現我們的中期目標上。其中包括每年 20% 至 30% 的收入增長、超過 60% 的毛利率以及中高位調整後的 EBITDA 利潤率，從長遠來看，該利潤率上升到 20% 以上。同時，我們計劃到 2030 年將二氧化碳排放量減少 95%，幫助我們實現公司使命，同時實現盈利增長。

We're pleased with our year-to-date performance in 2021 and feel great about our positioning as we wrap up the year and look ahead to 2022 and beyond. Different governments have responded to the pandemic with varying techniques, ranging from severe isolation and lockdowns, to more permissive approaches. New variants are bound to emerge and government response will continue to evolve, but we hope and believe that the worst is behind us. And as the world emerges from an environment marked by the most depressed retail traffic we've seen in decades, we believe the macro recovery that's underway will buoy our prospects as we flex our product innovation engine, see recovery in our existing fleet of stores and unlock our new store pipeline.

我們對 2021 年年初至今的表現感到滿意，並對我們的定位感到滿意，因為我們結束了這一年並展望 2022 年及以後。不同的政府已經用不同的技術來應對這種流行病，從嚴格的隔離和封鎖到更寬鬆的方法。新的變種必然會出現，政府的應對措施將繼續發展，但我們希望並相信最壞的情況已經過去。隨著世界擺脫我們幾十年來最蕭條的零售流量環境，我們相信正在進行的宏觀復甦將提振我們的前景，因為我們會靈活運用我們的產品創新引擎，看到我們現有商店的複蘇和解鎖我們的新商店管道。

And briefly on Q3 results, which Mike will walk through in more detail, I will note that this quarter was headlined by 33% top line growth year-over-year, reflecting solid execution by our teams and robust global demand for the Allbirds brand. Revenue was strong across channels and geographies, with particular strength in U.S. retail as consumers return to in-store shopping. We opened 4 new stores in the U.S. in Q3 and another 2 in the fourth quarter, bringing us to 35 locations globally, which is where we will end the year. And on the international front, we grew sales by 10% despite a choppier recovery from COVID across some of our core regions outside the U.S.

簡要介紹第三季度的業績，邁克將更詳細地介紹，我會指出，本季度的收入同比增長 33%，反映了我們團隊的穩健執行和全球對 Allbirds 品牌的強勁需求。各個渠道和地區的收入都很強勁，隨著消費者重返店內購物，美國零售業尤其強勁。我們在第三季度在美國開設了 4 家新店，在第四季度又開設了 2 家，將我們帶到全球 35 個地點，這是我們今年年底的目標。在國際方面，儘管我們在美國以外的一些核心地區從 COVID 中復蘇較為緩慢，但我們的銷售額增長了 10%。

Our team has navigated a difficult supply chain environment well, and we felt well positioned to capture demand for a holiday season that is shaping up to be quite strong, particularly in the U.S.

我們的團隊很好地駕馭了艱難的供應鏈環境，我們感覺自己已經做好了把握假期旺季的需求，尤其是在美國。

With that, let me turn it over to Tim to talk to you about product innovation and what lies ahead for the brand.

有了這個，讓我把它交給蒂姆來和你談談產品創新和品牌的未來。

Thanks, Joey, and hello, everyone. It feels great to be holding our first public earnings call and welcoming our new shareholders. Allbirds started with an initial insight born out of a frustration with over-logoed, overly synthetic products and a conviction that there is a better way. We launched the Wool Runner in March of 2016 to prove that comfort, design and sustainability aren't mutually exclusive and that fashion shouldn't just feel good, it should also do good. Our blueprint from day 1 has been to build franchises. We start with one great product and increasingly bring energy and excitement to the mix through colors, materials and partnerships.

謝謝，喬伊，大家好。舉行我們的第一次公開收益電話會議並歡迎我們的新股東感覺很棒。 Allbirds 最初的洞察力源於對過度標識、過度合成產品的挫敗感，並堅信有更好的方法。我們於 2016 年 3 月推出了 Wool Runner，以證明舒適、設計和可持續性並不是相互排斥的，時尚不應該只是讓人感覺良好，它也應該做得很好。從第一天開始，我們的藍圖就是建立特許經營權。我們從一個偉大的產品開始，並通過顏色、材料和合作夥伴關係越來越多地為混合帶來活力和興奮。

The Wool Runner and all of our product franchises since start with a deep understanding of our customer. We then leverage our internal capability in natural and sustainable material R&D to create differentiated product experiences, whether they be the amazing soft and cozy comfort in our wool products or the light and breezy feel from our tree products.

The Wool Runner 和我們所有的產品專營權從對我們客戶的深入了解開始。然後，我們利用我們在天然和可持續材料研發方面的內部能力來創造差異化的產品體驗，無論是我們的羊毛產品令人驚嘆的柔軟和舒適，還是我們的樹木產品的輕盈和微風的感覺。

Each utilizes a unique minimalist design philosophy that has created a distinct family of products that represent a new language for sustainable design that highlights beautiful natural materials rather than flash and logos, something uniquely Allbirds and recognizable on the street when you see someone wearing our shoes.

每一款都採用獨特的極簡主義設計理念，創造了一個獨特的產品系列，代表了一種可持續設計的新語言，突出美麗的天然材料而不是閃光和徽標，這是 Allbirds 的獨特之處，當您看到有人穿著我們的鞋子時，在街上就能認出。

The combination of our distribution model and our product engine has allowed us to build a real structural advantage in footwear, not only establishing ourselves as a leader in sustainability, but also gaining authority for both comfort and performance. It's exceptionally difficult to surpass the threshold in footwear and achieve scale. But once you do that, the customer trusts you to enter other categories. And we've seen that innovators come to us as a partner of choice. Because we've earned credibility with our customers, we're now ideally positioned to be able to connect new apparel offerings to our footwear franchises.

我們的分銷模式和產品引擎的結合使我們能夠在鞋類領域建立真正的結構優勢，不僅使我們成為可持續發展的領導者，而且在舒適性和性能方面也獲得了權威。超越鞋類的門檻並實現規模化異常困難。但是一旦你這樣做了，客戶就會信任你進入其他類別。我們已經看到創新者作為首選合作夥伴來到我們這裡。因為我們贏得了客戶的信任，所以我們現在處於理想的位置，能夠將新的服裝產品與我們的鞋類專營權聯繫起來。

Overall, apparel is a small percentage of the business today at just under 10%, but that's intentional. Our approach is to build the business methodically and carefully to increase basket size and help drive repeat purchasing. And we saw a great response in the quarter to our product innovation, with strong traction from the Wool Piper Mid, Sugar Rover and our performance apparel launch in August, an exciting new collection to complement our performance footwear offering.

總體而言，服裝僅佔當今業務的一小部分，不到 10%，但這是故意的。我們的方法是有條不紊地、謹慎地建立業務，以增加購物籃大小並幫助推動重複購買。我們在本季度看到了對我們的產品創新的巨大反響，Wool Piper Mid、Sugar Rover 和我們 8 月份推出的性能服裝的強大牽引力，這是一個令人興奮的新系列，以補充我們的性能鞋類產品。

We continue to be very excited about our growing community marketing program called the Allgood Collective or AGC. Since the beginning, we've understood that what's good for our community is good for our business, and this strategy puts local ambassadors tied to our growing retail footprint at the center of our product creation process, while simultaneously driving brand engagement and awareness. We now have a series of weekly AGC run clubs in operation in Los Angeles, Atlanta, Seattle, San Francisco, London, Tokyo and Auckland, alongside supporting events showcasing our growing roster of performance products.

我們繼續對我們不斷發展的名為 Allgood Collective 或 AGC 的社區營銷計劃感到非常興奮。從一開始，我們就明白，對我們的社區有益的事情對我們的業務也有好處，這一戰略將與我們不斷增長的零售足跡聯繫在一起的本地大使作為我們產品創造過程的中心，同時推動品牌參與度和知名度。我們現在在洛杉磯、亞特蘭大、西雅圖、舊金山、倫敦、東京和奧克蘭開設了一系列每週 AGC 跑步俱樂部，以及展示我們不斷增長的性能產品名冊的支持活動。

We have attracted a growing number of local influencers and community leaders who are using the Allbirds store network to host events. The AGC is also an emerging catalyst for new product testing, product launches and brand content, like our recent Trail shoe launch that featured a series of AGC athletes.

我們吸引了越來越多使用 Allbirds 商店網絡舉辦活動的當地影響者和社區領袖。 AGC 也是新產品測試、產品發布和品牌內容的新興催化劑，例如我們最近推出的一系列 AGC 運動員的 Trail 鞋。

Our product partnerships remain a key focus. Product-specific partnerships with Braulio Amado and our continuing work with adidas and Jeff Staple are examples of our partners bringing incredible energy and amplification to existing franchises and our sustainable thought leadership.

我們的產品合作夥伴關係仍然是重點。與 Braulio Amado 的特定產品合作夥伴關係以及我們與阿迪達斯和 Jeff Staple 的持續合作是我們的合作夥伴為現有特許經營權和我們可持續的思想領導力帶來令人難以置信的能量和放大的例子。

In Q4, we were also excited to release a Marshawn Lynch Get Schooled content drop that underlined the potential of sustainability and climate change to be a powerful connector to new audiences. Advertising is also an important way that we amplify all of the great organic reach that our product and brand marketing efforts create for the brand. As we have evolved over the past few years, we have made a concerted effort to diversify our media mix and now feel like we have an effective and healthy balance through our paid marketing funnel.

在第 4 季度，我們還很高興地發布了 Marshawn Lynch Get Schooled 內容投放，強調了可持續發展和氣候變化成為與新受眾建立強大聯繫的潛力。廣告也是我們擴大產品和品牌營銷工作為品牌創造的所有巨大有機影響力的重要方式。隨著我們在過去幾年的發展，我們齊心協力使我們的媒體組合多樣化，現在感覺我們通過付費營銷渠道實現了有效和健康的平衡。

One important outcome of that effort to diversify our spend is that recent privacy changes and resulting increases in cost of impressions and social media channels have had a limited impact on our business.

使我們的支出多樣化的努力的一個重要結果是，最近的隱私變化以及由此導致的印象和社交媒體渠道成本的增加對我們的業務影響有限。

In the end, we know that people don't buy sustainable products, they buy great products. But to us, the very best products are inherently sustainable. We have spent the last 5 years building a product platform that marries product innovation through natural materials and a purpose-driven brand that meets consumers where they are headed, not where they are.

最後，我們知道人們購買的不是可持續產品，而是優質產品。但對我們來說，最好的產品本質上是可持續的。在過去的 5 年中，我們建立了一個產品平台，通過天然材料將產品創新與目標驅動的品牌結合起來，以滿足消費者的目標，而不是他們所在的地方。

On deck in the next 24 to 36 months, we have the most exciting product pipeline in the history of the company. We can look forward to multiple new lifestyle and performance product launches and new material platforms as we see the benefit of historical investments in team and R&D and momentum from our increasing prominence in the footwear and apparel category as a leading partner for a global network of sustainable material innovators.

在接下來的 24 到 36 個月內，我們將擁有公司歷史上最令人興奮的產品線。我們可以期待多個新的生活方式和性能產品的發布和新材料平台，因為我們看到了對團隊和研發的歷史投資的好處，以及我們在鞋類和服裝類別中作為全球可持續發展網絡的領先合作夥伴日益突出的勢頭。材料創新者。

Now over to Mike to discuss Q3 financials and our full year outlook.

現在請邁克討論第三季度的財務狀況和我們的全年展望。

Thanks, Tim, and hello, everyone. I'll start by echoing the sentiment you heard from Joey and Tim about starting our life as a public company. We're thrilled to be here, we appreciate your interest in Allbirds, and we're looking forward to spending more time with our analysts and shareholders going forward.

謝謝蒂姆，大家好。我將首先回應您從喬伊和蒂姆那裡聽到的關於開始我們作為上市公司的生活的觀點。我們很高興來到這裡，感謝您對 Allbirds 的興趣，我們期待在未來與我們的分析師和股東共度更多時間。

I'll also echo what Joey said earlier. We're pleased to report strong Q3 results across the P&L, highlighted by revenue growth of 33%, above our medium-term annual target of 20% to 30%, continued gross margin expansion of 120 basis points and continued leverage in the marketing line of the P&L.

我也會附和 Joey 之前所說的話。我們很高興地報告整個損益表的第三季度業績強勁，其中收入增長 33%，高於我們 20% 至 30% 的中期年度目標，毛利率持續擴大 120 個基點，營銷線的槓桿率持續上升損益表。

I'll take a few minutes to walk you through the P&L and explain the drivers of our Q3 performance. Net revenue increased 33% year-over-year to $63 million. As Joey and Tim mentioned, this growth was primarily driven by strong U.S. performance and from new product introductions. Breaking down our net revenue growth a bit further, orders were the main driver of the 33% increase. In addition, we saw a strong 13% increase in average order value.

我將花幾分鐘時間帶您了解損益表，並解釋我們第三季度業績的驅動因素。淨收入同比增長 33% 至 6300 萬美元。正如喬伊和蒂姆所提到的，這種增長主要是由強勁的美國表現和新產品的推出推動的。進一步細分我們的淨收入增長，訂單是增長 33% 的主要驅動力。此外，我們看到平均訂單價值強勁增長了 13%。

Looking at net revenue by geography, our net revenue in the U.S. increased by 42%, reflecting strength in both physical retail and digital. We continue to see a notable uptick in the retail channel as consumers continue to return to stores. Net revenue in our international markets grew by 10%. And in some regions, particularly in China, Japan and New Zealand, our momentum was slowed somewhat by the COVID resurgence.

從地域來看，我們在美國的淨收入增長了 42%，這反映了實體零售和數字零售的實力。隨著消費者繼續返回商店，我們繼續看到零售渠道的顯著增長。我們在國際市場的淨收入增長了 10%。在某些地區，特別是在中國、日本和新西蘭，我們的勢頭因 COVID 死灰復燃而有所放緩。

Finally, to close out our commentary on Q3 2021 net revenue growth, I would like to point out that the 2-year increase in net revenue was 40% when comparing to Q3 2019. I share this because we believe it's a helpful data point for investors as we begin to lap COVID.

最後，為了結束我們對 2021 年第三季度淨收入增長的評論，我想指出，與 2019 年第三季度相比，淨收入兩年增長了 40%。我分享這一點是因為我們相信這是一個有用的數據點投資者在我們開始研究 COVID 時。

Turning to gross profit. We delivered Q3 gross margins of 54.1%. That's an improvement of 120 basis points from Q3 2020. This improvement reflects our ability to make steady progress towards our medium-term target of 60% or greater gross margin. The biggest drivers of gross margin expansion in Q3 were improvements in product COGS and a favorable year-over-year mix of higher gross margin products, including our newly launched performance apparel. Those positives were partially offset by higher warehouse costs and pressure on logistics costs more broadly.

轉向毛利。我們實現了 54.1% 的第三季度毛利率。這比 2020 年第三季度提高了 120 個基點。這種提高反映了我們朝著 60% 或更高毛利率的中期目標穩步推進的能力。第三季度毛利率增長的最大驅動因素是產品銷貨成本的改善以及較高毛利率產品的有利同比組合，包括我們新推出的性能服裝。這些積極因素被更高的倉庫成本和更廣泛的物流成本壓力部分抵消。

I'll pause here for just a second and state the obvious. We are mindful of the macro headwinds around supply chain and logistics costs, especially with the latest COVID variant news. Of course, this is a fluid situation. And like everyone in the industry, we'll monitor it closely as we have been since the pandemic started.

我將在這裡暫停一秒鐘並說明顯而易見的事情。我們注意到圍繞供應鍊和物流成本的宏觀逆風，尤其是最新的 COVID 變種新聞。當然，這是一個不穩定的情況。和業內的每個人一樣，我們將像自大流行開始以來一樣密切監視它。

In that context, looking at gross margin for the balance of 2021, I will share that we are experiencing higher-than-normal holiday season outbound shipping surcharges in the current quarter. However, even with some headwinds, we still expect to achieve full year gross margin year-over-year improvement of approximately 150 to 200 basis points in 2021. That translates to an expected full year 2021 gross margin of 52.9% to 53.4%. As we march towards 60%-plus gross margins, we are focused on the annual gross margin progress we've been making and believe we will continue to make.

在這種情況下，看看 2021 年剩餘的毛利率，我將分享我們在本季度經歷高於正常假日季節的出境運輸附加費。然而，即使有一些不利因素，我們仍預計 2021 年全年毛利率將同比提高約 150 至 200 個基點。這意味著 2021 年全年毛利率預計為 52.9% 至 53.4%。隨著我們向 60% 以上的毛利率邁進，我們專注於我們一直在取得的年度毛利率進展，並相信我們將繼續取得進展。

Indeed, we are proud of the progress we have made since 2018 when our gross margin was 46.9%. At the midpoint, we would end 2021 at an improvement of over 600 basis points from 2018 to 2021.

事實上，我們為自 2018 年以來所取得的進步感到自豪，當時我們的毛利率為 46.9%。在中點，我們將在 2021 年結束時從 2018 年到 2021 年提高超過 600 個基點。

Moving down the P&L below gross margin. Q3 2021 SG&A totaled $33 million and increased by 64% year-over-year. Let me unpack SG&A a bit for you. First, it's important to note that SG&A includes the operating cost of our stores, such as labor and occupancy as well as preopening expenses. Indeed, in Q3 2021, the increase in store expenses was the biggest driver of the increase in our total SG&A.

將損益降低至毛利率以下。 2021 年第三季度 SG&A 總額為 3300 萬美元，同比增長 64%。讓我為你解開 SG&A 的包裝。首先，重要的是要注意 SG&A 包括我們商店的運營成本，例如人工和占用以及開業前費用。事實上，在 2021 年第三季度，商店費用的增加是我們總 SG&A 增加的最大驅動力。

Compared to Q3 2020, we had 11 more stores in Q3 2021, an increase in the number of stores of over 50%. In Q3 2021 alone, we expanded our store portfolio by 4 new stores in Manhattan on the Upper West Side, in L.A. in Century City, in the Bay Area in Palo Alto and our first store in Atlanta. One last note on store expenses is that we had approximately $300,000 of preopening costs in Q3 2021.

與 2020 年第三季度相比，我們在 2021 年第三季度增加了 11 家門店，門店數量增長超過 50%。僅在 2021 年第三季度，我們就在曼哈頓上西區、洛杉磯世紀城、帕洛阿爾托灣區和亞特蘭大第一家門店擴大了門店組合。關於商店費用的最後一點說明是，我們在 2021 年第三季度的開業前成本約為 300,000 美元。

Closing out SG&A, another significant driver over the -- of the year-over-year increase was approximately $2 million of incremental costs we incurred in preparing to be a public company. We expect to see another $3 million of public company costs in Q4 '21, bringing the full year 2021 total to an estimated $5 million.

關閉 SG&A，同比增長的另一個重要驅動因素是我們為準備成為上市公司而產生的大約 200 萬美元的增量成本。我們預計 21 年第四季度的上市公司成本將再增加 300 萬美元，使 2021 年全年的總成本達到約 500 萬美元。

Looking now at marketing spend. We achieved more than 500 basis points of leverage relative to Q3 2020 as our teams focused on scaling marketing efficiency while maintaining strong sales growth. Bringing all that together, adjusted EBITDA in the third quarter of 2021 was negative $6.3 million compared to negative $3.8 million in the third quarter of 2020. When you factor out the $2 million of public company costs in the quarter, adjusted EBITDA decreased by only about $0.5 million year-over-year.

現在看看營銷支出。相對於 2020 年第三季度，我們實現了超過 500 個基點的槓桿率，因為我們的團隊專注於擴大營銷效率，同時保持強勁的銷售增長。綜上所述，2021 年第三季度調整後 EBITDA 為負 630 萬美元，而 2020 年第三季度為負 380 萬美元。當您考慮到本季度 200 萬美元的上市公司成本時，調整後 EBITDA 僅下降約同比增長 50 萬美元。

I'll finish up my commentary on our Q3 financials with a quick look at the balance sheet and cash flow. We ended the quarter with $65 million of cash and cash equivalents and $40 million of availability under our revolving credit facility. Capital expenditures in the quarter totaled $6.2 million, primarily driven by new store openings. As you can see on the balance sheet, the big mover this quarter was inventory, which totaled $99 million, up 55% from Q3 last year.

我將通過快速瀏覽資產負債表和現金流來結束對我們第三季度財務狀況的評論。我們在本季度結束時擁有 6500 萬美元的現金和現金等價物，以及循環信貸額度下的 4000 萬美元可用資金。本季度的資本支出總額為 620 萬美元，主要由新店開業推動。正如您在資產負債表上看到的，本季度最大的推動力是庫存，總額為 9900 萬美元，比去年第三季度增長 55%。

Given the macro supply chain and logistics environment, we felt it was prudent to take advantage of our strong balance sheet and increase our inventory positions. We were well inventoried in Q3 and continue to be so in Q4 and into the first half of 2022. I think this is a good place to touch on supply chain broadly before moving on to guidance.

鑑於宏觀供應鍊和物流環境，我們認為利用我們強大的資產負債表並增加我們的庫存頭寸是謹慎的。我們在第三季度的庫存充足，並且在第四季度和 2022 年上半年繼續保持這種狀態。我認為這是在繼續指導之前廣泛接觸供應鏈的好地方。

From a production perspective, it's important to note that Vietnam accounts for only about 50% of our manufacturing, with more of our production in the north than the south. Thus far, we have not experienced any government-mandated manufacturing shutdowns in Vietnam. Through careful planning, secondary sourcing and regional diversification, our teams have definitely navigated the challenging environment, positioning us to meet demand throughout the holiday season and over the coming quarters. Huge kudos to our supply chain team.

從生產的角度來看，值得注意的是，越南僅占我們製造業的 50% 左右，我們的生產在北方多於南方。到目前為止，我們在越南還沒有經歷過任何政府強制關閉的製造工廠。通過仔細規劃、二次採購和區域多元化，我們的團隊無疑已經駕馭了充滿挑戰的環境，使我們能夠滿足整個假期和未來幾個季度的需求。非常感謝我們的供應鏈團隊。

I'll wrap up my remarks by sharing our outlook going forward. For full year 2021, we expect net revenue to be between $270 million and $272 million, which equates to an increase of 23% to 24% versus full year 2020. On a 2-year basis, that's a 39% to 40% increase when compared to full year 2019. Looking at the bottom line, we expect full year 2021 adjusted EBITDA of negative $15 million to negative $17 million, including an estimated $5 million of public company cost.

我將通過分享我們未來的展望來結束我的發言。對於 2021 年全年，我們預計淨收入將在 2.7 億美元至 2.72 億美元之間，這相當於比 2020 年全年增長 23% 至 24%。以 2 年為基礎，增長 39% 至 40%與 2019 年全年相比。從底線來看，我們預計 2021 年全年調整後的 EBITDA 為負 1500 萬美元至負 1700 萬美元，其中包括估計的 500 萬美元上市公司成本。

Backing out the public company cost, full year 2021 adjusted EBITDA would be negative $10 million to negative $12 million. On an apples-to-apples basis, that would be an improvement of 22% to 35% when compared to full year 2020's adjusted EBITDA of negative $15.4 million.

剔除上市公司成本，2021 年全年調整後的 EBITDA 將為負 1000 萬美元至負 1200 萬美元。與 2020 年全年調整後的 EBITDA 為負 1540 萬美元相比，按蘋果對蘋果計算，這將提高 22% 至 35%。

Looking around the corner to 2022, we'll be providing detailed guidance on our Q4 earnings call in February 2022. As a reminder, our seasonality skews towards Q4 and the gifting season. So on an ongoing basis, we plan to provide detailed annual guidance on the Q4 call each year. That being said, with this call occurring off cycle due to the IPO, we did want to share with investors and analysts our preliminary thoughts on the top line next year.

展望 2022 年，我們將在 2022 年 2 月的第四季度財報電話會議上提供詳細指導。提醒一下，我們的季節性偏向第四季度和送禮季節。因此，我們計劃在每年的第四季度電話會議上提供詳細的年度指導。話雖這麼說，由於首次公開募股，這個電話發生在周期外，我們確實想與投資者和分析師分享我們對明年收入的初步想法。

In short, we feel we have great momentum in our business, and we are confident that in 2022 we can grow net revenue at the high end of our medium-term target of 20% to 30%. Our preliminary 2022 net revenue expectation is approximately $350 million, which would represent a 60% 2-year growth rate, a significant acceleration over the 2-year growth rate in 2021.

簡而言之，我們覺得我們的業務發展勢頭很好，我們有信心在 2022 年將淨收入增長到 20% 至 30% 的中期目標的高端。我們初步預計 2022 年的淨收入約為 3.5 億美元，相當於 60% 的 2 年增長率，比 2021 年的 2 年增長率顯著加快。

In closing, I would just like to share that we continue to feel confident about how the business is positioned and our ability to capitalize on the opportunities ahead of us. Through careful investments, we have built a solid infrastructure across people, supply chain and technology, that we believe positions us to profitably grow the business and create shareholder value.

最後，我想分享一下，我們對業務的定位以及我們利用面前機會的能力仍然充滿信心。通過謹慎的投資，我們在人員、供應鍊和技術方面建立了堅實的基礎設施，我們相信這將使我們能夠盈利地發展業務並創造股東價值。

With that, I'll turn the call back to the operator to start Q&A.

有了這個，我會把電話轉回給接線員開始問答。

(Operator Instructions) Our first question comes from the line of Lorraine Hutchinson from Bank of America.

（操作員說明）我們的第一個問題來自美國銀行的 Lorraine Hutchinson。

You spoke about the strength in the quarter driven by physical retail. Can you talk a little bit about the performance of the digital channel and how you expect this to play out over holiday and then into 2022?

您談到了本季度由實體零售推動的實力。你能談談數字頻道的表現，以及你預計這將如何在假期和 2022 年發揮作用嗎？

Yes. Hey, Lorraine. Thanks. Yes, the recovery in the U.S. has been particularly strong in retail as we noted. But digital also has been strong. And as we've kind of noted in the remarks, the way that these interoperate is where the power is. And we are seeing that in play, and we're seeing some really good pickup on digital and we see that continuing through into the early parts of Q4 here, including this past weekend. So very optimistic, and that's both with existing customers and new customer acquisitions. So we feel quite good about how that's performing.

是的。嘿，洛林。謝謝。是的，正如我們所指出的，美國零售業的複蘇尤其強勁。但數字化也一直很強勁。正如我們在評論中提到的那樣，這些互操作的方式就是力量所在。我們看到了這一點，我們看到了數字方面的一些非常好的回升，我們看到這種情況一直持續到第四季度的早期，包括上週末。非常樂觀，現有客戶和新客戶收購都是如此。所以我們對它的表現感覺很好。

Our next question comes from the line of Kimberly Greenberger from Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Kimberly Greenberger。

I'm wondering, look, considering everything that's going on in supply chain and looking at your inventory levels, do you think it's perhaps even prudent to carry more inventory through the year next year, for example, just to sort of guard against some of the things that we're seeing in supply chain? I'm just interested to hear your inventory management philosophy. And any more specific color or comments you could provide about the performance apparel launch and the consumer reception here in the quarter would be helpful.

我想知道，考慮到供應鏈中發生的所有事情並查看您的庫存水平，您是否認為明年攜帶更多庫存甚至是謹慎的做法，例如，只是為了防止一些我們在供應鏈中看到的東西？我只是想听聽您的庫存管理理念。您可以提供有關本季度性能服裝發布和消費者接待的任何更具體的顏色或評論都會有所幫助。

Great to hear your voice. I'll start on the inventory and supply chain piece, and I'll turn it over to Tim on the performance apparel piece. Well, like it's certainly something we'll continue to monitor really closely and consider about how much inventory to hold through '22. Again, our supply chain team, we think, has done a fabulous job helping us navigate through a lot of these like recent challenges.

很高興聽到你的聲音。我將從庫存和供應鏈部分開始，然後將性能服裝部分交給蒂姆。好吧，就像我們肯定會繼續密切監視並考慮到 22 年要持有多少庫存一樣。同樣，我們認為，我們的供應鏈團隊做得非常出色，幫助我們應對了許多類似最近的挑戰。

I would say if we were going to, we would probably really lean into our core products, core colors, core sizes, the stuff that we know there's a nice long tail on and long life on. But it's certainly something we're going to monitor pretty closely. And now, after the transaction, we obviously have a really strong balance sheet. We're in a great place to be able to use that to our advantage to continue to meet demand and grow business.

我會說，如果我們打算這樣做，我們可能真的會傾向於我們的核心產品、核心顏色、核心尺寸，以及我們知道有一個很好的長尾和長壽命的東西。但這肯定是我們將密切關注的事情。現在，在交易之後，我們顯然擁有一個非常強大的資產負債表。我們處於一個很好的地方，可以利用它來繼續滿足需求並發展業務。

Hi, Kimberly. We're thrilled with how the performance apparel launch has been received. It's another big step for us into the performance space. We're still only 1.5 years into that journey. We have a couple of products. We launched the Dasher 1.5 years ago. It's going really, really well.

你好，金伯利。我們很高興收到性能服裝的推出。這是我們進入表演領域的又一大步。我們仍然只有 1.5 年的旅程。我們有幾個產品。我們在 1.5 年前推出了 Dasher。真的，真的很好。

We've added the Trail shoe, which, in my opinion, is I think possibly the best product we've ever made, the most technically advanced. And then to be able to further our strategy of connecting these footwear franchises to our apparel offering, I think you see that in the performance apparel.

我們添加了 Trail 鞋，在我看來，我認為它可能是我們做過的最好的產品，技術上最先進的。然後為了能夠進一步推進我們將這些鞋類特許經營權與我們的服裝產品聯繫起來的戰略，我想你會在性能服裝中看到這一點。

Again, it's still footwear first. That's still the focus of the majority of our innovation efforts, but we saw an ability in the performance apparel to leverage the material innovation and poured it into apparel and do something that, quite frankly, the rest of the category is not doing in natural materials. So we see the product as really differentiated.

同樣，它仍然首先是鞋類。這仍然是我們大部分創新工作的重點，但我們看到了性能服裝利用材料創新的能力，並將其註入服裝中，坦率地說，該類別的其他產品在天然材料中沒有做到這一點.因此，我們認為該產品確實與眾不同。

But again, we'll end the year with apparel at something like 10% of the business. We're going to build that very methodically and slowly, with a strategy to increase repeat purchase rates, increase basket size and do that sort of step by step. But we're really, really pleased by our initial sort of -- initial launch there and how it's been received.

但同樣，我們將在今年年底以服裝佔業務的 10% 左右。我們將非常有條不紊地緩慢地構建它，並製定提高重複購買率的策略，增加購物籃的大小，並逐步做到這一點。但是我們對我們最初的形式感到非常非常高興 - 在那里首次發布以及它是如何被接收的。

Our next question comes from the line of Matthew Boss from JPMorgan.

我們的下一個問題來自摩根大通的 Matthew Boss。

And congrats on your first quarter out of the gate. So on the top line, Joey, could you speak to your product pipeline, maybe what you're most excited about looking forward? And then, Mike, near term, you delivered 40% growth in the third quarter relative to 2019. And guidance at the midpoint, I think, embeds this moderation to 34% in the fourth quarter. Maybe could you just speak to business trends that you're seeing into holiday relative to some of the assumptions that are embedded in your near-term guide?

並祝賀你在第一季度走出大門。那麼最重要的是，喬伊，您能否談談您的產品管道，也許您最期待的是什麼？然後，邁克，短期內，您在第三季度實現了相對於 2019 年的 40% 的增長。我認為，中點的指導將這種放緩嵌入到第四季度的 34%。也許您可以談談您在假期中看到的與您近期指南中包含的一些假設相關的商業趨勢嗎？

Do you want to start with that one?

你想從那個開始嗎？

Well, why don't you start, you can start with product, and I'll talk about the...

好吧，你為什麼不開始，你可以從產品開始，我會談談......

Sure. So hey, Matt, so yes, the product pipeline, so I think you've heard us share previously that -- and Tim mentioned it already today, it is -- the next 2 years is the most exciting aspect of the product pipeline that we've ever created as a company. And the innovations that we're doing on the material side, they just take a long time. And so as we're working those through the innovation cycle, we can't yet put that into the front part of our kind of go-to-market product development cycle.

當然。所以嘿，馬特，所以是的，產品管道，所以我想你之前已經聽到我們分享過——蒂姆今天已經提到過，它是——接下來的兩年是產品管道中最令人興奮的方面我們曾經創建過一家公司。而我們在物質方面所做的創新，它們只是需要很長時間。因此，當我們在整個創新周期中進行這些工作時，我們還不能將其置於我們進入市場的產品開發週期的前面部分。

Well, now, a lot of those innovations are coming through, and we can now use those and harvest that and turn them into fantastic products, as Tim mentioned, with a big focus on footwear and then also coupling that with great material innovation that we think translates into apparel.

好吧，現在，很多創新正在通過，我們現在可以使用這些創新，並收穫它們並將它們變成出色的產品，正如蒂姆所提到的，重點關注鞋類，然後將其與我們的偉大材料創新相結合認為轉化為服裝。

And so how we do that? So we think about the use occasions significantly. We really try to balance lifestyle and performance and have a nice offering that's balanced across those types of uses. And I would also say that the cadence is something that's come into sharper focus for us.

那麼我們如何做到這一點？因此，我們對使用場合進行了重大考慮。我們真的試圖平衡生活方式和性能，並提供在這些類型的用途中平衡的優質產品。我還要說，節奏是我們更加關注的焦點。

And what we've seen throughout this year and particularly in the past, in Q3, but also in the early parts of Q4, when we have a great product cadence -- and this doesn't need to be a brand-new innovation. This can be small things like the fluff collection that we introduced recently, that speaks to the brand really well, and it's a great cozy comfort right for the moment. When we can do things like that, even if they're small, it engages our customer base so significantly, and it just drives really attractive engagement and lift into our existing customer LTV. And so we see a lot of that in the future.

我們在今年全年，特別是在過去，在第三季度，以及在第四季度的早期看到的情況，當我們有一個很好的產品節奏時——這不需要是一個全新的創新。這可以是一些小東西，比如我們最近推出的絨毛系列，它對品牌的影響非常好，而且現在是一種非常舒適的舒適感。當我們可以做這樣的事情時，即使它們很小，它也會極大地吸引我們的客戶群，它只會推動真正有吸引力的參與並提升到我們現有的客戶 LTV。所以我們在未來會看到很多這樣的情況。

I think we've grown a lot of discipline in our go-to-market. And we've also, as you can see from what we've done in this past quarter, we really buffered some lead times to make sure that we can deliver through what is a challenging supply chain environment. So it's not just the innovation and design side, it's also just the execution side and making sure we're getting these to customers at the right time in the right place, which is always the trick in our business.

我認為我們在進入市場方面已經建立了很多紀律。而且，正如您從我們在過去一個季度所做的事情中所看到的那樣，我們還確實緩衝了一些交貨時間，以確保我們能夠在充滿挑戰的供應鏈環境中交付。因此，這不僅僅是創新和設計方面，還只是執行方面，並確保我們在正確的時間、正確的地點將這些交付給客戶，這始終是我們業務的訣竅。

Great. Thanks, Joey. And to answer the question then on the 2-year, Matt. I mean look, in a business our size, I think there's always going to be a little bit of noise kind of when you look at that 2-year. We feel like it lands roughly within the range. I actually step back and I look at it, for the full year of 2020, the 2-year will be 39% to 40%. We feel really good about that growth, especially with a lot of the COVID volatility, especially the stuff we mentioned in international.

偉大的。謝謝，喬伊。然後在 2 年回答這個問題，馬特。我的意思是看，在我們這種規模的企業中，我認為當你看 2 年時，總會有一點噪音。我們覺得它大致落在該範圍內。我實際上退後一步看了一下，2020 年全年，2 年將是 39% 到 40%。我們對這種增長感覺非常好，尤其是在 COVID 波動很大的情況下，尤其是我們在國際上提到的那些東西。

And then, for me, at that approximately $350 million for 2022, we feel really good about the acceleration over the course of full year '22 on the 2-year. So I'll just say, we've given that 20% to 30% medium-term revenue target range on an annual basis. We're really focused on hitting that year-over-year and really delivering the long term -- the medium- and long-term growth. And we look at the quarter, certainly, we want to try to deliver consistently, but we're really focused on that annual piece.

然後，對我來說，在 2022 年大約 3.5 億美元的情況下，我們對第 2 年 22 年全年的加速感到非常滿意。所以我只想說，我們已經給出了每年 20% 到 30% 的中期收入目標範圍。我們真的專注於實現同比增長並真正實現長期 - 中長期增長。我們看一下這個季度，當然，我們希望嘗試始終如一地交付，但我們真的專注於那個年度作品。

Our next question comes from the line of Mark Altschwager from Baird.

我們的下一個問題來自 Baird 的 Mark Altschwager。

And congrats on your first report here. Mike, I was hoping you could give us a bit more color on how you're thinking about gross margin for Q4. I think the annual guide that you gave does imply a fairly wide range for Q4 specifically. So maybe just talk about the factors that might drive you towards the upper end there versus the lower end based on what you're seeing today.

並祝賀你在這裡的第一份報告。邁克，我希望你能給我們更多關於你如何考慮第四季度毛利率的信息。我認為您提供的年度指南確實暗示了第四季度的範圍相當廣泛。所以也許只是根據你今天看到的情況來談談可能推動你走向高端而不是低端的因素。

And similar question, just as we think about 2022, I think some of the freight pressures may be intensifying had been in the early part of the year. But just any update there and the various levers that you're using to offset.

類似的問題，就像我們考慮 2022 年一樣，我認為一些貨運壓力可能會在今年年初加劇。但只是那裡的任何更新以及您用來抵消的各種槓桿。

Yes. Thanks for the question, Mark. So yes, on Q4 gross margin, look, I think the reality is it's our highest-volume quarter of the year. Folks have looked at the seasonality of the business as we shared in the roadshow and as we shared in the S-1. So I think the range may not be quite as wide, if you look at it on a full year basis, because Q4 does have the bulk of the volume in there.

是的。謝謝你的問題，馬克。所以是的，在第四季度的毛利率上，看，我認為現實是我們今年銷量最高的季度。正如我們在路演和 S-1 中分享的那樣，人們已經關注了業務的季節性。因此，如果您以全年為基礎看，我認為範圍可能不會那麼寬，因為第四季度確實有大部分交易量。

And then the factors that play in there are some of the stuff that I mentioned on the call. We're certainly feeling warehousing pressure. We're feeling some outbound shipping pressures. So I think there's a host of factors that are kind of moving along there.

然後是我在電話會議中提到的一些因素。我們當然感到倉儲壓力。我們感受到一些出境運輸壓力。所以我認為有很多因素正在推動那裡。

On your point about what we can do to offset it, we actually already took one step in Q3, where we took a modest price increase on our core items, so from $95 to $98. That was very well-received from a customer perspective. We didn't really see any drop-off in demand when we did that. So that's one step we took to kind of mitigate some of these costs. And that obviously will carry over into 2022 as well for us.

關於我們可以做些什麼來抵消它，我們實際上已經在第三季度邁出了一步，我們的核心產品價格適度上漲，從 95 美元增加到 98 美元。從客戶的角度來看，這很受歡迎。當我們這樣做時，我們並沒有真正看到需求下降。所以這是我們為減輕其中一些成本而採取的一步。顯然，這對我們來說也將延續到 2022 年。

We're not going to get specifically, right now, into 2022 gross margin guidance and the factors. I mean you're right, it's a pretty volatile environment. we're monitoring it really closely. But we'll keep updating analysts and investors when we get that detailed guidance in Q4 on the Q4 call, I should say, when appropriate.

我們現在不打算具體討論 2022 年的毛利率指導和因素。我的意思是你是對的，這是一個非常不穩定的環境。我們正在密切關注它。但是，當我們在第四季度獲得第四季度電話會議的詳細指導時，我們將繼續更新分析師和投資者，我應該說，在適當的時候。

Our next question comes from the line of Bob Drbul from Guggenheim Securities.

我們的下一個問題來自古根海姆證券公司的 Bob Drbul。

Just a quick question for me, is essentially on the pricing we just mentioned, Mike. I think the Trail Runners are sort of at the higher end of your pricing spectrum. And I think Tim called it out a little bit in terms of his excitement around it. Can you just talk about the success at these higher price points that you're seeing? And then the second question is, can you talk a little bit more about like the new store openings that you've done and how they've opened versus your plan and what you're seeing there?

對我來說只是一個簡單的問題，基本上是關於我們剛剛提到的定價，邁克。我認為 Trail Runners 在您的定價範圍內處於較高端。而且我認為蒂姆出於對它的興奮而將其稱為了一點。你能談談你所看到的這些更高價格點的成功嗎？然後第二個問題是，您能否多談談您開設的新店以及它們是如何開張的與您的計劃以及您在那裡看到的情況？

Yes. I think these are both good Joey questions, Bob. So I'm going to turn it over to him to answer those.

是的。我認為這些都是喬伊的好問題，鮑勃。所以我要把它交給他來回答這些問題。

Yes, sure. Thanks, Bob. So we have historically seen that when we introduce products with a technical edge to it, customers' willingness to pay goes up significantly. And we've seen this before on a materials basis. We've also seen it when we weatherproof products. Our Mizzle line is part of the Wool Runner franchise, and we add a weatherized treatment to it for wintertime and it's a fantastic producer for us, particularly in the colder-weather months. And people want to pay more for it. So that's one aspect.

是的，當然。謝謝，鮑勃。所以我們從歷史上看，當我們推出具有技術優勢的產品時，客戶的支付意願會顯著提高。我們之前已經在材料基礎上看到過這一點。我們在防風雨產品中也看到了這一點。我們的 Mizzle 系列是 Wool Runner 系列的一部分，我們在冬季為其添加了防風化處理，這對我們來說是一個了不起的生產商，尤其是在天氣較冷的月份。人們願意為此付出更多。這是一方面。

The Dasher is another proof point for us. And the Trail further extends it. And so we're really, really pleased with the response. And that's a technical performance.

Dasher 是我們的另一個證明點。小徑進一步延伸了它。因此，我們對響應非常非常滿意。這是技術性能。

We've also seen that, as Mike just mentioned, when we move from $95 to $98 on some of our core products, there was really no perceivable volume impact. And so we know we can continue to do this. And I would just say, back to the previous question, we have a lot of exciting newness coming in the next 2 years and more so than you would kind of consider for a mature company, so meaning that a larger percentage of the sales that will contribute in the next couple of years, is going to come from products that don't exist today, that we don't sell today.

正如邁克剛才提到的，我們還看到，當我們的一些核心產品從 95 美元提高到 98 美元時，實際上並沒有明顯的銷量影響。所以我們知道我們可以繼續這樣做。我只想說，回到上一個問題，我們在未來 2 年會有很多令人興奮的新事物，而且比你對一家成熟公司的考慮要多，這意味著更大比例的銷售額將未來幾年的貢獻，將來自今天不存在的產品，我們今天不銷售。

And so as we do that, we have an opportunity to really cement our premium brand and premium price position with consumers, and we expect this to go really well based on what we've seen so far. And on new stores versus plans that's said this year...

因此，當我們這樣做時，我們有機會真正鞏固我們在消費者中的優質品牌和優質價格地位，根據我們迄今為止所看到的情況，我們預計這會非常順利。關於新店與今年所說的計劃......

Yes. Just how the new stores have been performing so far...

是的。到目前為止，新店的表現如何……

Yes, really positive. I think we've obviously recalibrated expectations. We're in this kind of, what we would call, the kind of messy middle zone of COVID, where we're neither in the shelter-in-place nor are we completely emerged from COVID. And so we've recalibrated just to take a conservative approach when we underwrite our stores in these new leases. And what's happening is we're getting really attractive lease terms, given that we're looked at as a tenant that is a traffic driver to multi-property owners. So we're getting great terms, and we're still underwriting conservatively for sales calls on these leases, and we're outperforming them significantly. And that's really encouraging.

是的，非常積極。我認為我們顯然已經重新調整了預期。我們處於這種我們稱之為 COVID 混亂的中間地帶，我們既不是就地避難所，也沒有完全擺脫 COVID。因此，當我們在這些新租約中承保我們的商店時，我們進行了重新調整，只是為了採取保守的方法。正在發生的事情是，我們正在獲得非常有吸引力的租賃條款，因為我們被視為租戶，是多物業所有者的交通驅動因素。所以我們得到了很好的條款，我們仍然保守地承保這些租約的銷售電話，我們的表現明顯優於它們。這真的很令人鼓舞。

And I say that in particular because some of the news on physical retail traffic is that it's still not coming back in the way that people have hoped. And as travel bans lifted and people -- the border for the U.S., in particular, opened up in the early part of November, we kind of expected to see a bunch of traffic recover, particularly the key metro areas, and we really haven't seen that as much. And despite all that, the stores are performing fantastically, and we're really encouraged with it. And that was a big driver of some of the growth you're seeing in this past quarter, and we would expect it to continue into Q4.

我之所以這麼說，特別是因為有關實體零售流量的一些消息是，它仍然沒有以人們希望的方式回歸。隨著旅行禁令的解除和人們——尤其是美國邊境在 11 月初開放，我們有點預計會看到大量交通恢復，尤其是關鍵的都會區，而我們真的沒有沒見過那麼多。儘管如此，這些商店的表現非常出色，我們對此感到非常鼓舞。這是您在過去一個季度看到的一些增長的重要推動力，我們預計它將持續到第四季度。

Our next question comes from the line of Erinn Murphy from Piper Sandler.

我們的下一個問題來自 Piper Sandler 的 Erinn Murphy。

Can you hear me okay?

你能聽到我的聲音嗎？

Yes. We can. Hi, Erinn.

是的。我們可以。嗨，艾琳。

2 questions for me

我有 2 個問題

(technical difficulty)

（技術難度）

trend in international in Q3, some -- Asia was a little bit weaker, but talk about Europe? And then into the fourth quarter, are you seeing any change in trend with the new variants, particularly in the European market? And then if I can ask one follow-up to Bob. Any price increases planned in your 2022 preliminary guide of $350 million?

第三季度國際趨勢，一些——亞洲有點弱，但談歐洲？然後進入第四季度，您是否看到新變體的趨勢有任何變化，尤其是在歐洲市場？然後，如果我可以向 Bob 詢問一個後續問題。您在 2022 年 3.5 億美元的初步指南中計劃提價嗎？

So Erinn, we definitely heard the second question. I think I picked up on the first question. Let me attempt just to say it back to make sure I followed it. I think you're asking the trend we saw international, Q3 into Q4, are we seeing any impact from the latest COVID variants? Is that the first question?

所以 Erinn，我們肯定聽到了第二個問題。我想我回答了第一個問題。讓我試著把它說回來，以確保我遵循它。我認為您是在問我們從第三季度到第四季度看到的國際趨勢，我們是否看到最新的 COVID 變體有任何影響？這是第一個問題嗎？

You got it. I apologize for my receptivity. Yes.

你說對了。我為我的接受能力道歉。是的。

No worries. No worries at all. The short answer is we felt, like I said on the call, we felt a little bit of choppiness in international because of COVID in Q3. So we haven't noted anything right now in the business in the last, like week or 2, different than what we were kind of feeling in Q3. I think, overall, we feel pretty good about the momentum, especially when you look at the 2-year stacks on the international side of the business. So we're not overly concerned right now. But clearly, we're monitoring it very closely.

不用擔心。完全不用擔心。簡短的回答是，就像我在電話會議上所說的那樣，由於第三季度的 COVID，我們在國際上感到有點不穩定。因此，我們在過去一周或第二週的業務中沒有註意到任何與我們在第三季度的感覺不同的東西。我認為，總的來說，我們對這種勢頭感覺非常好，尤其是當您查看國際業務方面的 2 年堆棧時。所以我們現在並不過分擔心。但很明顯，我們正在非常密切地監控它。

Like Joey said, like when you're talking about we're in this middle point of COVID, that's certainly true kind of in the U.S. and it's even a little bit different in other parts of the world. So if there's material updates to give there, we'll obviously kind of follow up and let you know as we get into end of the quarter and into the beginning of next year.

就像喬伊說的，就像你說的我們正處於 COVID 的中間點，這在美國肯定是真的，在世界其他地方甚至有點不同。因此，如果那裡有重大更新，我們顯然會跟進，並在我們進入本季度末和明年年初時通知您。

The second question is easier to answer, which is, is there any additional price increase built into the $350 million estimated 2022 net revenue? The short answer is no. No move above the $98. But some of what Joey was talking about, about the new product launches and how we've been able to take more price on these more technical products, some of that will continue into 2022 with some of the new product launches. And you'll see that come as we launch the items, and that's factored in now into how we're thinking about the overall revenue growth for next year.

第二個問題更容易回答，即 2022 年估計的 3.5 億美元淨收入中是否包含任何額外的價格上漲？最簡潔的答案是不。在 98 美元上方沒有移動。但喬伊所說的一些內容，關於新產品的發布，以及我們如何能夠為這些技術含量更高的產品採取更高的價格，其中一些將隨著一些新產品的發布而持續到 2022 年。當我們推出這些產品時，你會看到這一點，現在我們正在考慮明年的整體收入增長。

Our next question comes from the line of Edward Yruma from KeyBanc Markets.

我們的下一個問題來自 KeyBanc Markets 的 Edward Yruma。

And congrats on the IPO. 2 quick ones for me. I guess first, some other shoemakers are complaining that they're going to miss some of the key running selling season because their core products are getting delayed, that would normally drop in January and February. I guess are you seeing some of those delays? And does that factor into the guidance?

並祝賀首次公開募股。 2個快速的給我。我想首先，其他一些製鞋商抱怨他們將錯過一些關鍵的銷售季節，因為他們的核心產品被推遲了，通常會在 1 月和 2 月下降。我想您是否看到其中的一些延遲？這是否會影響指導？

And then second, it seems like you guys did a great job clearing out some of the dead stock shoes you had during the Black Friday, Cyber Monday sales. I guess any sense on how clean inventory is and kind of how those promotions went?

其次，你們似乎在清理黑色星期五、網絡星期一銷售期間的一些死貨鞋方面做得很好。我想對庫存的清潔程度以及這些促銷活動的進展有什麼感覺嗎？

Yes. Thanks, Ed. I appreciate the questions. So the good news on your first question is we just don't see any issues with the product drop cadence. We've taken the kind of -- we've had some foresight early on this year to really buffer all lead times. So that is why we noted a big increase in inventory in Q3. That's not just for Q4 inventory. That's also for stuff happening in H1 '22. So we feel like we're in a fantastic situation, and everything that we have planned for the road map for the first half of next year and frankly, into the second, we feel really good about and the position very strong. So no issues to report on there and no complaints. So we feel good there.

是的。謝謝，埃德。我很欣賞這些問題。因此，關於您的第一個問題的好消息是，我們沒有看到產品下降節奏有任何問題。我們已經採取了那種——我們在今年早些時候有一些遠見，以真正緩衝所有的交貨時間。這就是為什麼我們注意到第三季度庫存大幅增加的原因。這不僅適用於第四季度的庫存。這也適用於 22 年上半年發生的事情。所以我們覺得我們處於一個非常好的情況，我們為明年上半年的路線圖計劃的一切，坦率地說，到第二年，我們感覺非常好，而且位置非常強大。所以沒有問題可以報告，也沒有投訴。所以我們在那裡感覺很好。

And then on the second question, yes, I'll take the opportunity just to talk about this past weekend. We obviously don't have everything in quite yet given the recency of it. But it was a really, really good holiday shopping season for us in the first part, in Black Friday, Cyber Monday. And we've always had a very premium brand attitude around pricing. We also, because of the vertical retail model that we have in terms of distribution, we control how we show up. There's no leakage in pricing. So we really have the opportunity to show up in a premium way every time we do something.

然後關於第二個問題，是的，我會藉此機會談談上週末的情況。鑑於它的新近性，我們顯然還沒有完全掌握一切。但對於我們來說，在黑色星期五、網絡星期一的第一部分，這是一個非常非常好的假日購物季。我們一直對定價持非常優質的品牌態度。此外，由於我們在分銷方面的垂直零售模式，我們控制了我們的展示方式。定價沒有洩漏。因此，每次我們做某事時，我們確實有機會以優質的方式出現。

So we know as we grow and we expand the assortment, we really need to have an escape valve for our designers to take risk and to innovate and really push the boundaries because our product is what is going to win in the long run. And so we want our team and our product team to take risks. And we want to give them an outlet to -- if there's anything slow moving, that we can sell it to consumers and do that in an attractive model, that's also mindful of margin.

所以我們知道，隨著我們的成長和產品種類的擴展，我們確實需要為我們的設計師提供一個安全閥來承擔風險、創新並真正突破界限，因為從長遠來看，我們的產品將贏得勝利。所以我們希望我們的團隊和我們的產品團隊承擔風險。我們想給他們一個出口——如果有什麼進展緩慢，我們可以把它賣給消費者，並以有吸引力的模式做到這一點，這也要注意利潤。

And so previously, we built the muscle with -- we started to build the muscle with an outlet store in the Bay Area. That's one aspect of how we reach a different set of consumers with that. And then in this case, we were really surgical, looking at inventory and looking at slow-moving inventory, where we have odds and ends on sizes and whatnot. And we put those on the digital offering for Cyber Monday. And the response from consumers with relatively shallow discounts was quite exceptional. And so we're really encouraged at how we're kind of toning this muscle as we go forward, which will be something that's important as we start to take risk and broaden the assortment.

因此，之前，我們建立了肌肉——我們開始在灣區的一家直銷店建立肌肉。這是我們如何接觸不同的消費者的一個方面。然後在這種情況下，我們真的是外科手術，查看庫存並查看滯銷庫存，我們在尺寸和諸如此類的東西上有零碎的東西。我們將它們放在網絡星期一的數字產品中。而打折幅度相對較小的消費者的反響也非同尋常。所以我們真的很受鼓舞，因為我們在前進的過程中如何鍛煉這塊肌肉，當我們開始冒險並擴大產品種類時，這將是很重要的事情。

Our next question comes from the line of Sharon Zackfia from William Blair.

我們的下一個問題來自 William Blair 的 Sharon Zackfia。

I guess a question on marketing. You got a lot of leverage in the quarter on marketing. I mean how are you thinking about leaning into marketing during the holiday season? Is that something where we should see meaningful leverage again? And then secondarily, on the performance apparel launch, I know you've had it for like 3 minutes. But are you finding that to be a good kind of customer acquisition tool, bringing new customers into the brand? Or is that really, at this point, kind of further monetizing and getting more share of closet of your current customer base?

我猜是關於營銷的問題。你在本季度的營銷方面有很大的影響力。我的意思是您如何考慮在假期期間進行營銷？我們應該再次看到有意義的槓桿作用嗎？其次，在性能服裝發布會上，我知道你已經擁有了大約 3 分鐘。但是您是否發現這是一種很好的客戶獲取工具，可以為品牌帶來新客戶？或者，在這一點上，這真的是進一步貨幣化並在您當前客戶群的壁櫥中獲得更多份額嗎？

I think we'll do a 3-person weave to answer. I'll start on one comment on the marketing, then turn it to Joey to talk about the holiday piece, then I'll share a little about the consumer behavior that we started to see and how it shows up in the numbers on the performance apparel, and Tim may want to talk a little bit more about the target customer there.

我想我們會做一個 3 人編織來回答。我將從市場營銷方面的一條評論開始，然後轉給 Joey 談論假期片，然後我將分享一些關於我們開始看到的消費者行為以及它如何顯示在績效數字中的內容服裝，蒂姆可能想多談談那裡的目標客戶。

So on the first part, on the marketing leverage, just remember, a part of what's driving that as a percent of sales and what we saw in Q3 and will continue into Q4 is the fact that we have more stores on a year-over-year basis. We have 10 more stores in Q3 this year than we did Q3 last year. Right now, with the 4 more stores we've opened in Q4 thus far, we'll end this year with 35 stores. We ended 2020 with 22 stores.

因此，在第一部分，關於營銷槓桿，請記住，推動銷售佔銷售額百分比的部分原因以及我們在第三季度看到並將持續到第四季度的部分原因是我們一年比一年擁有更多的商店 -年為基礎。今年第三季度，我們的門店數量比去年第三季度多 10 家。目前，到目前為止，我們在第四季度又開設了 4 家門店，今年年底我們將擁有 35 家門店。到 2020 年底，我們擁有 22 家門店。

So a pretty significant increase in the number of stores, great vehicle for acquiring new customers with no like marketing dollars kind of going against it. So that's sort of the macro, I would say, on the leverage we're seeing, with marketing as a percent of sales. Then there is a second part of that question, and I'll let Joey answer. That was about, specifically, like how are we thinking about the marketing spend, maybe more on the digital side, Joey, into Q4.

因此，商店數量顯著增加，這是獲得新客戶的絕佳工具，而營銷資金則不會與之背道而馳。我想說，這就是我們所看到的槓桿作用的宏觀，營銷佔銷售額的百分比。然後是這個問題的第二部分，我會讓喬伊回答。具體來說，就是我們如何考慮營銷支出，也許更多的是在數字方面，喬伊，到第四季度。

Yes, I would say, but broader than digital, to get to it, Mike, I would just point to one of the comments that Tim made earlier in the call. We've taken a really methodical approach to diversifying the media mix, and we're trying to balance the right portion of spend with the right portion of the funnel. Meaning, are we generating awareness, are we generating consideration or purchase, or are we focused on reengagement? And we've really tried to balance, particularly at that upper edge of the funnel, and diversified the spend, and we continue to see great value out of the varying channels within the media mix.

是的，我會說，但比數字更廣泛，邁克，我只想指出蒂姆早些時候在電話會議中發表的評論之一。我們採取了一種非常有條理的方法來使媒體組合多樣化，並且我們正在努力平衡正確的支出部分和渠道的正確部分。意思是，我們是在產生意識，我們是在產生考慮或購買，還是我們專注於重新參與？我們真的試圖平衡，特別是在漏斗的上邊緣，並使支出多樣化，我們繼續從媒體組合中的不同渠道中看到巨大的價值。

And part of the reason we're able to do that and also understand what's happening within our media mix and as that relates to output from a sales perspective is because of the data orientation of the company. And so we take every dollar that we spend and we analyze that in multiple different ways. And because we have every transaction happening between the consumer and our company, we are able to do a fairly sophisticated multi-touch attribution model, and that really helps us inform where to spend the dollars.

我們能夠做到這一點並了解我們的媒體組合中正在發生的事情以及從銷售角度與輸出相關的部分原因是因為公司的數據導向。因此，我們將花費的每一美元都拿走，並以多種不同的方式對其進行分析。而且因為我們在消費者和我們公司之間進行了每筆交易，所以我們能夠建立一個相當複雜的多點觸控歸因模型，這真的有助於我們知道在哪里花錢。

And that ranges from off-line spend, like TV on a linear broadcast basis, all the way down to the really highly trackable bottom-of-funnel things on search and social. And so I think we're in a really good place. We feel like that leverage is going to continue. And we're going to have a really effective return on ad spend throughout the rest of this year, and we hope that continues.

範圍從線下支出，如線性廣播的電視，一直到搜索和社交方面真正高度可追踪的漏斗底部。所以我認為我們處在一個非常好的地方。我們覺得這種影響力將繼續存在。在今年剩下的時間裡，我們將在廣告支出方面獲得真正有效的回報，我們希望這種情況繼續下去。

Great. Thanks, Joey. I'll just touch one piece really briefly, like performance apparel, and then turn it over to Tim to answer that part, Sharon. So I mentioned on the call that we saw a 13% increase in average order value in Q3. Part of what drove that was apparel broadly, not just performance apparel. But we are seeing larger order sizes now as people -- whether we relaunch some stuff on shirts or the performance apparel sells, that's one of the ways that's showing up in the metrics that we saw in the quarter.

偉大的。謝謝，喬伊。我只是簡單地觸摸一件，比如表演服裝，然後把它交給蒂姆來回答那部分，莎倫。所以我在電話會議上提到，我們看到第三季度的平均訂單價值增長了 13%。推動這一趨勢的部分原因是服裝，而不僅僅是性能服裝。但我們現在看到更大的訂單規模——無論是我們重新推出襯衫上的一些東西還是銷售性能服裝，這都是我們在本季度看到的指標中出現的一種方式。

And certainly, that type of behavior, while apparel is still a small percent of the mix overall, that type of behavior is part of what we've considered when we think about 2022 guidance. But Tim, maybe you want to talk a little more broadly about the consumer and what we're seeing there.

當然，這種行為，雖然服裝在整體組合中仍然只佔一小部分，但這種行為是我們在考慮 2022 年指導時考慮的一部分。但是蒂姆，也許你想更廣泛地談談消費者以及我們在那裡看到的情況。

Sure. I mean I think, in really simple terms, I think when you make a pair of shoes, people trust you to make the apparel that goes with it. And connecting our performance footwear offering to our performance apparel is at the core of the strategy. And we're also able to leverage material platforms, that in some cases have taken a long time to create, Wool and Tree, and then offer them up in apparel products, we think are very differentiated.

當然。我的意思是我認為，用非常簡單的術語來說，我認為當你製作一雙鞋時，人們相信你會製作與之相配的服裝。將我們的高性能鞋履產品與我們的高性能服裝聯繫起來是該戰略的核心。我們還能夠利用材料平台，在某些情況下需要很長時間才能創建 Wool 和 Tree，然後在服裝產品中提供它們，我們認為它們是非常差異化的。

Again, one of the founding principles of the whole brand, quite frankly, is that we're in the early stages of a transformational shift in the category from synthetics, cheap synthetics and plastics derived from oil, to natural materials. And Allbirds was founded on the idea that we can do this well differently and better than the competition. And before, apparel was just the start of really understanding how to do that in apparel. We'll continue to focus on footwear, but we see apparel as another asset in our journey to kind of fully realize Allbirds as a lifestyle brand.

同樣，坦率地說，整個品牌的創始原則之一是，我們正處於從合成材料、廉價合成材料和石油衍生塑料到天然材料的轉型轉變的早期階段。 Allbirds 的成立是基於這樣一種理念，即我們可以在這方面做得與競爭對手不同，做得更好。而在此之前，服裝只是真正了解如何在服裝中做到這一點的開始。我們將繼續專注於鞋類，但我們將服裝視為我們將 Allbirds 完全實現為生活方式品牌的另一項資產。

Our next question comes from the line of John Kernan from Cowen.

我們的下一個問題來自 Cowen 的 John Kernan。

And congrats on the IPO and the strong quarter out of gate. And just on the confidence in the high end of the revenue targets, those medium-term targets, 20% to 30% next year, it's great to hear. Any detail on how we should think about channel mix, geography and even at a category level on getting to that 30%-type growth next year?

並祝賀首次公開募股和強勁的季度。就收入目標的高端信心，那些中期目標，明年 20% 到 30%，很高興聽到。關於我們應該如何考慮渠道組合、地理甚至在品類層面上實現明年 30% 的增長的任何細節？

Yes. I would say the stuff that you've seen drive the north of 30% the last couple of quarters. Those are the types of things that will continue into 2022, right? So when you think about the biggest drivers, we know the retail recovery in the U.S., both within existing stores and opening new stores, that's a huge driver of it. The white space we see internationally and the ability, most of those markets, as you know, John, don't even have a clean non-COVID year. So we see a lot of opportunity kind of within those markets.

是的。我想說的是，您在過去幾個季度中看到的東西推動了 30% 的北部。這些是將持續到 2022 年的事情類型，對吧？因此，當您考慮最大的驅動因素時，我們知道美國零售業的複蘇，無論是在現有商店中還是在開設新店中，這是一個巨大的推動力。我們在國際上看到的空白和能力，如你所知，約翰，大多數市場甚至沒有一個乾淨的非 COVID 年。因此，我們在這些市場中看到了很多機會。

And then it's a lot of the stuff the guys have both been talking about when it comes to new product launches and our ability to acquire new customers and grow LTV with those. Those really are the big drivers of what we expect to see. So for us, what will give us real confidence in it is we know that stuff is working really well right now. And we believe it will continue to work as we kind of go into next year.

然後，當涉及到新產品發布以及我們獲得新客戶並通過這些產品發展 LTV 的能力時，這兩個傢伙都在談論很多東西。這些確實是我們期望看到的主要驅動力。所以對我們來說，真正讓我們對它充滿信心的是，我們知道這些東西現在運行得非常好。我們相信，隨著我們進入明年，它將繼續發揮作用。

And just remember that $350 million is in the high end, is a preliminary number. We'll give a little bit more color and a little more -- a little more info on that once we get through Q4 here, which, again, is our peak season. So we're happy to talk a little bit more with it -- more with you about it on the Q4 call in February.

請記住，3.5 億美元屬於高端，是一個初步數字。一旦我們在這裡度過第四季度，我們將提供更多顏色和更多信息，這又是我們的旺季。因此，我們很高興與它進行更多討論——在 2 月份的第四季度電話會議上與您進行更多討論。

Got it. My follow-up is just maybe on the medium-term margin targets, the adjusted EBITDA margin reaching mid- to high teens. Like what's the biggest driver of gross margin expansion as we go forward?

知道了。我的後續行動可能只是中期利潤率目標，調整後的 EBITDA 利潤率達到中高水平。就像我們前進時毛利率擴張的最大驅動力是什麼？

Yes. So the biggest drivers of the gross margin expansion, there's really 3 things that are going to get us there over the medium term. So the first is our biggest sources of growth, like I just referenced, physical retail and international. Those are also both gross margin-accretive. So that's a big factor. About half of the improvement we expect to see over time is going to come from that.

是的。因此，毛利率擴張的最大驅動力，確實有 3 件事可以讓我們在中期內實現這一目標。所以第一個是我們最大的增長來源，就像我剛才提到的，實體零售和國際。這些也都可以增加毛利率。所以這是一個很大的因素。隨著時間的推移，我們期望看到的大約一半的改進將來自於此。

The second piece that's going to come is we just assume, over the course of the medium term, which, again, we're defining as 5 years here, we think what we're going to see is some sort of normalization of logistics costs. So I'm not saying we'll go all the way back to 2019 or pre-COVID levels, but we don't think we'll be at the exceptionally elevated levels we are in today. So we'll get the normalization there.

即將到來的第二部分是我們只是假設，在中期過程中，我們再次將其定義為 5 年，我們認為我們將看到的是某種物流成本的正常化.所以我並不是說我們會一直回到 2019 年或 COVID 之前的水平，但我們認為我們不會達到今天的異常高水平。所以我們將在那裡進行標準化。

And then the last piece of it is we're going to get it through some of the stuff we talked about on the call, right, launching new products that come at a higher gross margin, that really warrant that higher price and have the great technical features that customers are looking for and then getting it sort of the old-fashioned way. I mean if you think about it, that's another 25 to 50 basis points from that third category. And we've proven the track record to be able to do that over the last few years. Like I said on the call, we'll have seen over 600 basis points if we hit the midpoint of that 2021 gross margin guidance.

然後最後一點是我們將通過我們在電話會議上談到的一些內容來解決它，對，推出具有更高毛利率的新產品，這確實保證了更高的價格並具有出色的客戶正在尋找的技術特性，然後以老式的方式獲得它。我的意思是，如果你仔細想想，那是第三類的另外 25 到 50 個基點。在過去的幾年裡，我們已經證明了能夠做到這一點的記錄。就像我在電話會議上所說的那樣，如果我們達到 2021 年毛利率指導的中點，我們將看到超過 600 個基點。

Our next question comes from the line of Dana Telsey from Telsey Advisory.

我們的下一個問題來自 Telsey Advisory 的 Dana Telsey。

As you talked a little about in the gross margin portion about decrease in product costs, can you expand on that a little bit? And what are you seeing there? How long do you see that lasting? And with physical retail, what do you think is the appropriate size of the store as you grow your product assortment? And how do you think of the cadence of store openings going into next year?

正如您在毛利率部分談到產品成本降低時所說的那樣，您能稍微擴展一下嗎？你在那裡看到了什麼？你認為這能持續多久？對於實體零售，您認為隨著產品種類的增加，商店的合適規模是多少？您如何看待明年開店的節奏？

Yes. So I'll start on the first one, and then Joey can take the physical retail one. So on the gross margin, again, a lot of it really is coming as we get bigger, as we have more size, as we have more scale. I think that's the big part of it. And then a lot, like it's really a lot like engineering the products and continuing to improve them. So that's really what the story is there.

是的。所以我將從第一個開始，然後 Joey 可以進行實體零售。因此，在毛利率方面，隨著我們的規模越來越大、規模越來越大、規模越來越大，很多毛利率確實會到來。我認為這是其中很大一部分。然後很多，就像真的很像設計產品並繼續改進它們。所以這就是真正的故事。

And honestly, things like scale and this continuous improvement, those will only grow, and we'll have more power with that as we go forward. So it's definitely one of the contributors. It's part of that third bucket that I was just walking John through, Dana, the improvements in the gross margin over time. So Joey, do you want to cover more our physical retail?

老實說，諸如規模和這種持續改進之類的東西只會增長，隨著我們的前進，我們將擁有更大的力量。所以它絕對是貢獻者之一。這是我剛剛帶約翰走過的第三個桶的一部分，Dana，隨著時間的推移毛利率的提高。那麼喬伊，你想更多地介紹我們的實體零售嗎？

Yes, on retail, yes, physical retail, we -- I mentioned earlier, we're in the fortunate situation of just being viewed as a great traffic driver for multi-property landlords. And what we've done as a result of that is really work to take the right size and learn throughout this past 18 months about how we fit -- how we do the retail layout between footwear and apparel and how we create a service model that's really exceptional for our customers.

是的，在零售方面，是的，實體零售，我們——我之前提到過，我們處於幸運的境地，被視為多物業業主的重要交通驅動因素。因此，我們所做的就是努力選擇合適的尺碼，並在過去 18 個月中學習我們的合身方式——我們如何在鞋類和服裝之間進行零售佈局，以及我們如何創建一種服務模式對我們的客戶來說真的很特別。

And so we have found a really nice space where we can have great fitting rooms and fit all this service layout into a box that's around 2,500 feet. That's kind of the go-forward. And you may see flagships that are bigger, in the 4,000-plus, and you may see smaller markets with slightly smaller stores, of course. But you can think generally in that 2,500, maybe up to 3,000 square feet, as the right size.

所以我們找到了一個非常好的空間，在那裡我們可以擁有很棒的試衣間，並將所有這些服務佈局都裝進一個大約 2,500 英尺的盒子裡。這就是一種前進。當然，您可能會看到更大的旗艦店，超過 4,000 家，當然，您可能會看到較小的市場和稍小的商店。但是您通常可以認為 2,500，也許高達 3,000 平方英尺，作為合適的尺寸。

And then in terms of pacing, we'll give numbers annually on that. And we expect to give everyone here a figure for 2022 when we reach the call in February. But I would say, just at a high level, we're going to be more than we did this year. This year, we did 13 new openings. We will be more next year. And we're trying to be thoughtful about maintaining what we think is just an exceptional customer experience. Our retail stores in the U.S., but really broadly across the fleet, is over 90 in NPS, and that reflects the fantastic customer experience. And the way that we keep that is with great people.

然後在節奏方面，我們每年都會給出數字。我們希望在 2 月份接到電話會議時，給這裡的每個人一個 2022 年的數字。但我想說，在高水平上，我們會比今年做得更多。今年，我們開了 13 家新店。明年我們會更多。我們正在努力考慮保持我們認為只是卓越的客戶體驗。我們在美國的零售店，但實際上是在整個車隊中，NPS 超過 90 家，這反映了出色的客戶體驗。我們保持這一點的方式是與偉大的人在一起。

We treated our people fantastically during COVID, and our employer brand has improved significantly as a result of that. The word of mouth does spread, and we're a very attractive company to come work for in retail. And what we've seen is it's the human capital that drives that fantastic experience, and we need great assistant store leaders to get promoted up to store leaders. And that human capital consideration is something that we work on pretty hard.

在 COVID 期間，我們出色地對待了員工，因此我們的雇主品牌得到了顯著改善。口碑確實傳播開來，我們是一家非常有吸引力的公司，可以為零售業工作。我們所看到的是，推動這種美妙體驗的是人力資本，我們需要優秀的助理店長才能晉升為店長。人力資本考慮是我們非常努力的工作。

And that's probably the most significant limiting factor. It's not whether we can get the right deal. There's plenty of deals out there for us to do on the real estate side. It's about picking the right ones, being smart about the markets that we go into and then being opportunistic on the specific deals that we pick up based on what comes available and making sure we have the human capital to support it. So that's kind of the high level on how we think about it.

這可能是最重要的限制因素。不是我們能不能得到合適的交易。在房地產方面有很多交易可供我們做。這是關於選擇正確的，對我們進入的市場保持聰明，然後根據現有的情況對我們選擇的具體交易採取機會主義態度，並確保我們有人力資本來支持它。這就是我們如何看待它的高水平。

And again, we'll give more when we get into that in the next year. And one thing, maybe just to remind you, not you specifically, Dana, but everyone, the model that we're working on and the reason why we think this is so powerful is that when we go into these markets, it's the store halo that creates something so powerful. I mentioned, in my earlier remarks, but it's important enough to mention again, when we get in there, the marketing efficiency improves.

再一次，當我們在明年開始時，我們會付出更多。有一件事，也許只是為了提醒你，不是特別是你，Dana，而是每個人，我們正在研究的模型以及我們認為它如此強大的原因是，當我們進入這些市場時，它是商店光環創造瞭如此強大的東西。我在前面的發言中提到過，但重要的是再次提到，當我們進入那裡時，營銷效率會提高。

We often find that customers come in for the first time, they have lower return rates because they get to try it on in the store and make sure it fits right there. And then they often go home and because that experience is so good, they buy a second time on digital. And those omnichannel repeat customers are spending 1.5x what our digital-only repeat customers are. So you can see what happens when you translate NPS into -- and great product experience, what that turns into in terms of repeat engagement.

我們經常發現客戶是第一次進來，他們的退貨率較低，因為他們可以在商店試穿並確保它適合那裡。然後他們經常回家，因為這種體驗非常好，他們第二次購買數字產品。而這些全渠道回頭客的花費是我們純數字回頭客的 1.5 倍。因此，您可以看到當您將 NPS 轉化為出色的產品體驗時會發生什麼，以及在重複參與方面會變成什麼。

And I would just say that's, in a nutshell, I hope everyone walks away from the fact, understanding from this -- from our earlier remarks, we still think we have roughly around 10%, 11% aided awareness in the U.S. And the NPS is exceptionally high. And when people come and meet the product, meet the company, they love us, and we just need to meet more people. So that's the journey that we're on. And I think this is -- that's why the future is so bright, what we're really optimistic about '22 and beyond.

我只想說，簡而言之，我希望每個人都遠離這個事實，理解這一點——從我們之前的評論來看，我們仍然認為我們在美國有大約 10%、11% 的輔助意識和 NPS異常高。當人們來認識產品、認識公司時，他們就會愛我們，而我們只需要認識更多的人。這就是我們正在進行的旅程。我認為這就是——這就是為什麼未來如此光明，我們對 22 年及以後真正樂觀的原因。

All right. So operator, we're out of time. I know Joey has a closing comment. I just want to cover one very quick thing while we're all still on the call just for a second. Kyle and I have gotten a couple of questions even while we've been on the call about the share count that is in the earnings release. So just to be clear, remember, this is the share count as of 9/30, so the end of Q3, which is the pre-IPO share count.

好的。接線員，我們沒時間了。我知道喬伊有一個結束評論。我只想在我們都還在通話中的時候快速介紹一件事情。凱爾和我已經收到了幾個問題，即使我們一直在電話會議上討論收益發布中的股票數量。所以為了清楚起見，請記住，這是截至 9 月 30 日的股票數量，也就是第三季度末的股票數量，這是 IPO 前的股票數量。

So we're happy to answer any model questions or clean-up questions from analysts or investors, kind of tied to that. But we did get a couple of questions kind of offline about that, but then I would just kind of say that on the call, just so we're on the same page, looking at that the same way. All right, that's the last of my boring finance stuff. Joey, why don't you take us home and then close out our first earnings call?

因此，我們很樂意回答分析師或投資者提出的任何模型問題或清理問題，與此相關。但我們確實收到了一些關於這個問題的離線問題，但我會在電話會議上這樣說，這樣我們就在同一個頁面上，以同樣的方式看待這個問題。好吧，這是我無聊的財務工作中的最後一個。喬伊，你為什麼不帶我們回家然後結束我們的第一次財報電話會議？

Sure. Thanks, Mike. Well, thanks, everyone. And as we've mentioned, we're thrilled to be on this stage and to continue along to grow alongside you all, our investors, analysts and other stakeholders. And we couldn't be happier with this foundation we've built in the last 5 years. And we just wanted to take this opportunity to close with a note of congrats to the Allbirds team that created the business and just a big kudos and to take this stage to thank everyone. So thank you all. I look forward to speaking with you next quarter.

當然。謝謝，邁克。嗯，謝謝大家。正如我們已經提到的，我們很高興能站在這個舞台上，並繼續與你們所有人、我們的投資者、分析師和其他利益相關者一起成長。我們對過去 5 年建立的這個基礎感到非常滿意。我們只是想藉此機會向創建業務的 Allbirds 團隊表示祝賀，並藉此機會感謝大家。所以謝謝大家。我期待在下個季度與您交談。

Thank you, ladies and gentlemen, for your participation in today's conference. This does conclude the program. You may now disconnect. Good day.

女士們，先生們，感謝你們參加今天的會議。這確實結束了程序。您現在可以斷開連接。再會。