Allbirds Inc (BIRD) 2021 Q4 法說會逐字稿

Good afternoon, ladies and gentlemen, and welcome to the Allbirds Fourth Quarter and Full Year 2021 Conference Call. (Operator Instructions)

下午好，女士們，先生們，歡迎來到 Allbirds 2021 年第四季度和全年電話會議。 （操作員說明）

Now I would like to turn the call over to Kyle Khasigian, VP of Finance at Allbirds.

現在我想把電話轉給 Allbirds 的財務副總裁 Kyle Khasigian。

Good afternoon, 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.

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

Before we start, I would 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 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.

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陳述，包括關於我們的財務前景和今天發布的收益報告中提到的其他事項的陳述。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。

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.

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 measures to their most direct 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 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。

Kyle, thanks, and hello to everyone on the call. We are pleased to report a strong finish to a successful year for Allbirds, headlined by annual sales growth of 27% and 43% 2-year basis including record-breaking sales performance in Q4.

凱爾，謝謝，並向電話中的每個人問好。我們很高興地報告，Allbirds 以 27% 的年銷售額增長和 2 年 43% 的年銷售額增長，包括第四季度創紀錄的銷售業績，為 Allbirds 成功的一年畫上了圓滿的句號。

Underpinning this success is our continued brand momentum across multiple geographies. We believe that this brand [heat] atop a healthy consumer spending backdrop positions us to accelerate our growth rate for a second year in a row in 2022, with year-over-year sales growth projected between 28% and 32% at or above the high end of our medium-term targets.

支撐這一成功的是我們在多個地區持續的品牌發展勢頭。我們相信，在健康的消費者支出背景下，這個品牌 [熱] 使我們能夠在 2022 年連續第二年加快增長速度，預計銷售額同比增長將在 28% 至 32% 之間，達到或高於我們中期目標的高端。

We are also laser-focused on generating meaningful and durable profitability. We saw great progress here as well in 2021, with adjusted EBITDA coming in ahead of our expectations for the fourth quarter and full year, continuing our disciplined march towards our long-term profitability targets.

我們還專注於創造有意義和持久的盈利能力。我們在 2021 年也取得了長足的進步，調整後的 EBITDA 超出了我們對第四季度和全年的預期，繼續朝著我們的長期盈利目標邁進。

Given this is the close of our fiscal year, I'd like to remind everyone of the core elements that underpin our value creation model, the integration of unique advantages in product, distribution and brand in this enormous market.

鑑於這是我們財政年度的結束，我想提醒大家，支撐我們價值創造模式的核心要素，在這個巨大的市場中整合產品、分銷和品牌的獨特優勢。

We put natural material innovation at the center of our product engine, unlocking magical consumer experiences across lifestyle and performance while fulfilling our brand promise of treading lighter on the planet.

我們將天然材料創新置於產品引擎的核心，在生活方式和性能方面解鎖神奇的消費者體驗，同時履行我們在地球上輕踩的品牌承諾。

Many people still know us well for the iconic product that we launched the company with in 2016, the Wool Runners. In 2018, we added Tree as our second hero material. Both of these have been successful. In fact, one of the most exciting developments in 2021 was seeing Tree surpass Wool as our top-selling material. This is an example of the multiyear growth opportunity from each material platform that we create, with more in store in the coming years.

許多人仍然對我們非常了解我們，因為我們在 2016 年推出了該公司的標誌性產品 Wool Runners。 2018 年，我們添加了樹作為我們的第二個英雄材料。這兩項都取得了成功。事實上，2021 年最令人興奮的發展之一就是樹超越羊毛成為我們最暢銷的材料。這是我們創建的每個材料平台的多年增長機會的一個例子，未來幾年還會有更多的機會。

Our go-to-market process is vertical, making it unique in the footwear industry. This model unlocks significant value for us. In fact, for a third year in a row, we acquired over 1 million new customers. It also helps to protect our premium brand position, enabling our 27% year-over-year growth while maintaining 97% full price yield in 2021.

我們的上市流程是垂直的，這使其在製鞋行業獨樹一幟。這個模型為我們釋放了重要的價值。事實上，我們連續第三年獲得了超過 100 萬的新客戶。它還有助於保護我們的優質品牌地位，使我們能夠實現 27% 的同比增長，同時在 2021 年保持 97% 的全價收益率。

And it helped deliver a great experience, too. Our average Net Promoter Score for 2021 was 85, and our physical retail experience is especially strong at an NPS of 88. This is an important indicator of future purchasing tests. And in 2021, we continued this trend with more than 40% of customers that are at least 1 year in age purchasing again. And those customers who came back spent 30% more in their second year than they did in their first.

它也有助於提供出色的體驗。我們 2021 年的平均淨推薦值是 85，我們的實體零售體驗尤其強勁，NPS 為 88。這是未來購買測試的重要指標。到 2021 年，我們延續了這一趨勢，超過 40% 的至少 1 歲以上的客戶再次購買。那些回來的客戶在第二年的花費比第一年多 30%。

The power is not just in the vertical nature of our distribution but in the omnichannel approach. In 2021, we opened 13 new doors, expanding our portfolio to 35 locations globally. We ended the year with omnichannel repeat customers representing 14% of those who purchased twice or more. This is an important metric as we continue to see these omnichannel repeat customers of at least 1 year old spend 1.5x when compared to single channel repeat customers, hence, our focus on expanding the fleet.

力量不僅在於我們分銷的垂直性質，還在於全渠道方法。 2021 年，我們開設了 13 家新大門，將我們的產品組合擴展到全球 35 個地點。到年底，我們的全渠道回頭客佔購買兩次或兩次以上的客戶的 14%。這是一個重要的指標，因為我們繼續看到這些至少 1 歲的全渠道回頭客與單渠道回頭客相比花費 1.5 倍，因此，我們專注於擴大機隊。

This is not just true in the U.S., but also in our key international locations, and our early investment in a global infrastructure is paying off. Our international business continues to grow quickly at elevated gross margins and now accounts for 24% of our total business.

這不僅在美國如此，在我們的主要國際地點也是如此，我們對全球基礎設施的早期投資正在獲得回報。我們的國際業務繼續以較高的毛利率快速增長，目前占我們總業務的 24%。

In 2021, China was our single largest country of sales outside the U.S. for the first time, and we are optimistic that the Chinese consumer is increasingly aware of the environmental impact of consumption, positioning our brand for future success in that region.

2021 年，中國首次成為我們在美國以外最大的單一銷售國家，我們樂觀地認為，中國消費者越來越意識到消費對環境的影響，從而為我們的品牌在該地區未來的成功奠定了基礎。

Of course, our product engine and distribution model would be nothing without our brand. We are purpose native, meaning that we started with an approach that aligned our financial outcomes with the positive environmental impact such that the more market share we earn, the better our planet will be. And 2021 was a great year in terms of us extending our leadership in the industry on this topic.

當然，如果沒有我們的品牌，我們的產品引擎和分銷模式將一事無成。我們是有目的的本地人，這意味著我們從一種方法開始，將我們的財務成果與積極的環境影響相結合，這樣我們獲得的市場份額越大，我們的星球就會變得更好。 2021 年是我們在這個主題上擴大我們在行業中的領導地位的偉大一年。

Tim will talk more about some of our brand highlights, but I'd like to remind everyone of the sustainability principles and objectives framework that we released during our IPO in November. Introducing this framework was a major milestone on our journey to cement Allbirds as a sustainable leader in consumer products.

蒂姆將更多地談論我們的一些品牌亮點，但我想提醒大家我們在 11 月首次公開募股期間發布的可持續發展原則和目標框架。引入這個框架是我們鞏固 Allbirds 作為消費品可持續領導者的旅程中的一個重要里程碑。

Relatedly, in 2021, we also launched the Allbirds Flight Plan, a set of initiatives aimed at reducing our per unit carbon dioxide equivalent emissions by 50% by the end of 2025 and by 95% by 2030, all while targeting to grow rapidly and expand margins.

與此相關的是，我們還於 2021 年推出了 Allbirds 飛行計劃，這是一系列旨在到 2025 年底將我們的單位二氧化碳當量排放量減少 50% 和 2030 年減少 95% 的舉措，同時旨在快速增長和擴大邊距。

We believe our sales will have expanded by multiples between 2020 and 2030. But to put our goals in context, we estimate that we will emit approximately 40% less CO2 in 2030 than we did in 2020 on absolute terms if we achieve these goals.

我們相信，我們的銷售額在 2020 年至 2030 年期間將成倍增長。但結合我們的目標而言，如果我們實現這些目標，我們估計 2030 年的二氧化碳排放量絕對值將比 2020 年減少約 40%。

In 2021, as part of this plan, we surpassed our annual carbon reduction goal and dropped the average carbon footprint of our top 10 products by 14% year-over-year. These carbon reduction initiatives are aligned with our financial goals, and in fact, are a large part of the reason we expect to grow so quickly. In 2022, we aim to reduce the average carbon footprint of our top 10 products by an additional 6%, and we'll update you on progress along the way.

2021 年，作為該計劃的一部分，我們超過了年度碳減排目標，我們的十大產品的平均碳足跡同比下降了 14%。這些碳減排計劃與我們的財務目標相一致，事實上，這也是我們期望增長如此之快的主要原因。 2022 年，我們的目標是將前 10 種產品的平均碳足跡再減少 6%，我們將在此過程中向您通報最新進展。

To bring this all together, I'll reiterate 3 outcomes that embody the effectiveness of our strategy. In 2021, we grew sales by 27%, grew gross profit by 30% and reduced carbon emissions on our top 10 products by volume by 14%. That is what Allbirds is all about, profit and purpose coming together. When we improve our impact, our business gets better.

為了將這一切結合在一起，我將重申體現我們戰略有效性的 3 個結果。 2021 年，我們的銷售額增長了 27%，毛利潤增長了 30%，我們的前 10 種產品的碳排放量減少了 14%。這就是 Allbirds 的意義所在，將利潤和目標結合在一起。當我們提高影響力時，我們的業務就會變得更好。

Now to the fourth quarter, our biggest quarter ever and an appropriate end to a strong 2021. We reported top line results ahead of our targets with growth of 23% versus a strong Q4 in 2020 and 43% versus Q4 2019. This quarterly growth rate marks an acceleration of our 2-year growth rate from the 40% we posted in the third quarter. We experienced a notable strength in the U.S., punctuated by a strong holiday season.

現在到第四季度，這是我們有史以來最大的季度，也是強勁的 2021 年的適當結束。我們報告的頂線業績超過了我們的目標，與 2020 年第四季度的強勁增長和 2019 年第四季度相比增長 23% 和 43%。這個季度增長率標誌著我們在第三季度公佈的 40% 的 2 年增長率有所加快。我們在美國經歷了顯著的實力，並被強勁的假期打斷。

Consumers had a positive reaction to product offerings, particularly our Fluff footwear collection, our slippers that we call the Dwellers, the rerelease of Smallbirds for kids and on the apparel side, to our comfy and cozy loungewear.

消費者對產品反應積極，尤其是我們的 Fluff 鞋履系列、我們稱之為 Dwellers 的拖鞋、Smallbirds 重新發布的兒童和服裝方面，以及我們舒適舒適的家居服。

The peak period of Black Friday through Cyber Monday was exceptional for us and included 2 record sales days, demonstrating the power of our omnichannel model. We also delivered a superior customer experience on these high-volume days, evidenced by our stellar NPS scores.

從黑色星期五到網絡星期一的高峰期對我們來說非常特殊，其中包括 2 個創紀錄的銷售日，展示了我們全渠道模式的力量。我們還在這些高容量的日子裡提供了卓越的客戶體驗，我們出色的 NPS 分數證明了這一點。

On Black Friday, more than 10 of our U.S. stores were in what we refer to as the 100 club, meaning they recorded an NPS of 100 on an incredibly high-volume day. This doesn't come easy, and we want to recognize the excellence of our store leadership has demonstrated this year.

在黑色星期五，我們的 10 多家美國商店都在我們所說的 100 俱樂部中，這意味著他們在異常高銷量的一天記錄了 100 的 NPS。這並非易事，我們希望表彰今年我們商店領導力所表現出的卓越表現。

During December, our scores grappled with COVID exposures that forced us to temporarily shut down a number of locations in the U.S., and we also saw the Omicron surge impact international markets. Cyber Monday was the first time we utilized markdowns on old models and colors as well as on styles with broken size runs, and we were encouraged by our consumers' reaction, including full price sales that alone would have been our biggest day ever.

在 12 月，我們的分數與 COVID 風險作鬥爭，這迫使我們暫時關閉了美國的一些地點，我們還看到 Omicron 的激增影響了國際市場。網絡星期一是我們第一次對舊型號和顏色以及尺寸破損的款式進行降價促銷，我們對消費者的反應感到鼓舞，包括全價銷售，這將是我們有史以來最大的一天。

We previously noted that we successfully navigated a very tough supply chain environment throughout Q2 and Q3 with full continuity of our manufacturing operations while pulling forward critical inventory that we were able to weaponize during the holidays. This strength has continued in Q4. We have yet to face a government-mandated shutdown in any of our manufacturing operations. We are, of course, contending with ongoing bottlenecks and inbound transportation that are facing the entire industry. And Mike will unpack the deliberate increases we've taken on inventory to mitigate possible impacts of an elongated supply chain.

我們之前指出，我們在整個第二季度和第三季度成功地駕馭了一個非常艱難的供應鏈環境，我們的製造業務完全連續，同時推進了我們能夠在假期武器化的關鍵庫存。這種力量在第四季度繼續存在。我們的任何製造業務都還沒有面臨政府強制關閉的情況。當然，我們正在與整個行業面臨的持續瓶頸和入境運輸作鬥爭。邁克將解開我們故意增加庫存的包裝，以減輕供應鏈延長可能帶來的影響。

The many successes and strong financial outcomes of 2021 are a result of investment in our people, the Flock, and continued belief in the power and potential of our product engine, our brand and our distribution model.

2021 年的許多成功和強勁的財務成果是對我們的員工、Flock 的投資以及對我們的產品引擎、我們的品牌和我們的分銷模式的力量和潛力的持續信念的結果。

In 2020 and 2021, we were named one of America's Best Startup Employers by Forbes, taking the top spot in 2020.

在 2020 年和 2021 年，我們被福布斯評為美國最佳創業雇主之一，在 2020 年位居榜首。

The magnetism of our brand for top talent is augmented by our investment in culture and our mission. And while we felt the benefits of this throughout 2021, it has accelerated since our IPO in November. We expect our strong employer brand to create tailwinds for us for many years to come.

我們對文化和使命的投資增強了我們品牌對頂尖人才的吸引力。雖然我們在整個 2021 年都感受到了這一點的好處，但自 11 月我們的首次公開募股以來，它已經加速了。我們希望我們強大的雇主品牌能夠在未來很多年為我們創造順風。

In total, our 2021 performance gives us tremendous confidence in our business and keeps us firmly on track to achieve our medium-term financial targets of 20% to 30% revenue growth, more than 60% gross margin and mid- to high teens adjusted EBITDA margin.

總體而言，我們 2021 年的業績使我們對我們的業務充滿信心，並使我們堅定不移地實現我們的中期財務目標，即收入增長 20% 至 30%、毛利率超過 60% 和經調整 EBITDA 達到中高水平利潤。

As we turn to 2022, we're excited to add a tool that we expect to be incremental to our core operating and value creation model. Beginning in Q2, we will selectively enter third-party retail relationships to build brand awareness and to establish greater credibility in the performance category, all while accelerating our ability to drive top and bottom line growth.

當我們轉向 2022 年時，我們很高興能添加一個工具，我們希望該工具會增加我們的核心運營和價值創造模型。從第二季度開始，我們將有選擇地進入第三方零售關係，以建立品牌知名度並在績效類別中建立更大的可信度，同時加快我們推動收入和利潤增長的能力。

We've talked previously about the fact that our Aided Brand Awareness in the U.S. is 11%, leaving us unknown to a vast majority of Americans. In the relationships we choose to engage with, we expect our presence in their multi-brand environment to be additive to our vertical business and the Allbirds brand more broadly.

我們之前談到過我們在美國的輔助品牌知名度為 11% 的事實，這讓絕大多數美國人不為人知。在我們選擇與之建立的關係中，我們希望我們在他們的多品牌環境中的存在能夠增加我們的垂直業務和更廣泛的 Allbirds 品牌。

Many of these partnerships will also be instrumental in educating runners about the quality of our performance product offering. Fortunately, we have experience in this via partnerships we've successfully engaged in previously. As an example, we've worked with Nordstrom on 2 separate occasions and saw excellent uplift in our Aided Brand Awareness and a positive halo into our direct sales channel.

其中許多合作夥伴關係也將有助於讓跑步者了解我們提供的高性能產品的質量。幸運的是，通過我們之前成功建立的合作夥伴關係，我們擁有這方面的經驗。例如，我們曾兩次與 Nordstrom 合作，並看到我們的輔助品牌意識得到了極大的提升，並為我們的直銷渠道帶來了積極的光環。

Before anyone gets ahead of us on this, I want to note that while we believe this will be incremental to our business, in 2022, we expect that sales from these partnerships will be modestly accretive. And in terms of profitability, the overall impact will be slightly dilutive to overall gross margin and be cash flow neutral to positive as we support these early efforts with a small team internally.

在有人在這方面領先於我們之前，我想指出，雖然我們相信這將增加我們的業務，但在 2022 年，我們預計這些合作夥伴的銷售額將適度增長。就盈利能力而言，整體影響將略微稀釋整體毛利率，並且現金流中性至正數，因為我們在內部通過一個小團隊支持這些早期努力。

I'll close my section with a note on the overall trends we are seeing in the marketplace. Some companies enjoyed a significant bump during the peak of COVID. We were not one of those companies. We believe that in many cases, the significant help these tailwinds provided has been underestimated and similarly, how quickly these tailwinds may recede as COVID dissipates.

我將以關於我們在市場上看到的總體趨勢的說明來結束我的部分。一些公司在 COVID 高峰期間經歷了顯著的增長。我們不是那些公司之一。我們認為，在許多情況下，這些順風提供的重大幫助被低估了，同樣，隨著 COVID 消散，這些順風可能會以多快的速度消退。

In contrast to this, we are seeing consumer demand shift in our favor as the world tires of restrictions related to the pandemic. This leaves us even more confident than ever that we will continue to accelerate our growth and profitability with notable progress expected in 2022.

與此相反，隨著世界對與大流行相關的限制措施感到厭倦，我們看到消費者需求轉向對我們有利。這讓我們比以往任何時候都更有信心，我們將繼續加快增長和盈利，預計 2022 年將取得顯著進展。

Now I'll pass it over to Tim to talk product and then over to Mike for specifics on our financials.

現在我將把它交給 Tim 來討論產品，然後交給 Mike 來了解我們的財務細節。

Thanks, Joey. Allbirds is still a young brand with a tremendous runway hit. We have a great deal of confidence in the product and material innovation platform we built to meet what we believe is a transformational consumer shift in our category towards natural materials.

謝謝，喬伊。 Allbirds 仍然是一個年輕的品牌，在跑道上大受歡迎。我們對我們建立的產品和材料創新平台充滿信心，以滿足我們認為我們類別中向天然材料轉變的消費者轉變。

2021 was a solid year for product with our best product cadence and selection of the year coming in Q4. You heard Joey say we acquired over 1 million new customers to the brand, which is a testament to our ability to consistently create products with groundbreaking natural materials, building product franchises that resonate with consumers around the globe.

2021 年對於產品來說是堅實的一年，我們的最佳產品節奏和選擇將在第四季度到來。您聽說 Joey 說我們為該品牌獲得了超過 100 萬新客戶，這證明了我們能夠始終如一地使用開創性的天然材料創造產品，建立與全球消費者產生共鳴的產品特許經營權。

While we know that sustainability is becoming an increasingly important part of purchase consideration, especially among younger consumers, our focus remains on creating great products with differentiated consumer benefits built from our natural material innovation.

雖然我們知道可持續性正在成為購買考慮中越來越重要的一部分，尤其是在年輕消費者中，但我們的重點仍然是創造具有差異化消費者利益的優質產品，這些產品源於我們的天然材料創新。

One future innovation we've expressed our excitement publicly is a plant-based leather alternative. We also plan to introduce a new-to-the-world mid-sole technology that will fuel our lifestyle and performance product pipeline. Combining these novel materials across product franchises like the Lounger, Runner and Dasher, along with continued activation through color and collaboration is at the core of our product strategy.

我們公開表示興奮的一項未來創新是植物皮革替代品。我們還計劃推出一種全新的中底技術，為我們的生活方式和性能產品線提供動力。在 Lounger、Runner 和 Dasher 等產品系列中結合這些新材料，並通過顏色和協作持續激活是我們產品戰略的核心。

From my nearly decade-long career as a professional athlete, I know the bar for making performance products is a high one. Forging this path is not going to happen overnight. In a short space of time, Allbirds has earned credibility in a highly competitive arena, and we're just getting started. Simply put, we continue to believe that natural materials can create better-performing products for athletes, including runners of all levels in this journey.

從我近十年的職業運動員生涯來看，我知道製作高性能產品的門檻很高。打造這條道路不會一蹴而就。在很短的時間內，Allbirds 在競爭激烈的舞台上贏得了信譽，而我們才剛剛起步。簡而言之，我們仍然相信天然材料可以為運動員創造性能更好的產品，包括這一旅程中各個級別的跑步者。

In 2021, we expanded our presence in the performance category with The Trail Runner SWT and performance apparel launches. And we're thrilled to be embarking on another significant chapter in our performance story this year.

2021 年，我們推出了 The Trail Runner SWT 和性能服裝，擴大了我們在性能類別中的影響力。我們很高興能在今年的業績故事中開啟另一個重要的篇章。

The first notable step on that part is the arrival of the Dasher 2 just yesterday, a meaningful upgrade to an already successful franchise that was born from the deep level of engagement we have with our customers and the ongoing feedback they impart to us. This upgrade brings a streamlined look, less carbon, less weight, introduces reflectivity with improved fit and greater traction.

這方面的第一個值得注意的步驟是 Dasher 2 就在昨天的到來，這是對已經成功的特許經營權的一次有意義的升級，這種特許經營權源於我們與客戶的深度參與以及他們向我們提供的持續反饋。此次升級帶來了流線型外觀、更少的碳、更輕的重量，引入了反射率，改進了貼合性和更大的牽引力。

As we look forward to a greatly expanded product portfolio across all our categories, you should expect to see consistent technical upgrades and versions of our performance footwear products. This will lead us to naturally wind down early versions at times they can select pricing actions as we have done with the Dasher 1 in recent weeks and the lead-up to yesterday's launch. We look forward to sharing more in future calls on our performance pipeline and the consumer trends that are reshaping the footwear and apparel industry.

由於我們期待在我們所有類別中大幅擴展產品組合，您應該會看到我們高性能鞋類產品的一致技術升級和版本。這將導致我們自然而然地結束早期版本，有時他們可以選擇定價行為，就像我們最近幾週對 Dasher 1 所做的那樣，以及在昨天發布之前。我們期待在未來分享更多關於我們的績效管道和正在重塑鞋履和服裝行業的消費趨勢的電話。

In addition to performance, we also made big strides on the lifestyle front in 2021 with new product introductions across both footwear and apparel. In Q4, we leveraged our positioning and comfort and brought new energy to our Smallbirds, Fluff and Dwellers franchises, all of which performed well during the holiday season.

除了性能之外，我們還在 2021 年的生活方式方面取得了長足的進步，推出了鞋類和服裝的新產品。在第四季度，我們利用我們的定位和舒適度，為我們的 Smallbirds、Fluff 和 Dwellers 特許經營權帶來了新的活力，所有這些特許經營權在假期期間都表現良好。

In apparel, we launched a Sweats product that has been well received by our customers and embodies our key differentiator, leveraging unique natural materials to deliver next-to-skin comfort, a hallmark of the Allbirds brand, which we expect will help us win long term.

在服裝方面，我們推出了一款深受客戶好評的 Sweats 產品，體現了我們的關鍵差異化優勢，利用獨特的天然材料提供貼身舒適，這是 Allbirds 品牌的標誌，我們預計這將幫助我們贏得長久學期。

We've brought tremendous excitement to the brand through our partnerships and collaborations in the past year. A great example of this is our Marshawn Lynch series, which brought humor and a grounded sensibility to the complex topic of sustainability. This series generated viral content around our core purpose and enabled us to educate, entertain and connect our unique purpose to culture. You'll see more of this from Allbirds in the year ahead.

通過過去一年的合作和合作，我們為品牌帶來了巨大的興奮。一個很好的例子是我們的 Marshawn Lynch 系列，它為可持續發展這個複雜的話題帶來了幽默和紮根的感覺。該系列圍繞我們的核心目標產生了病毒式內容，使我們能夠教育、娛樂並將我們的獨特目標與文化聯繫起來。在接下來的一年裡，你會從 Allbirds 看到更多這樣的東西。

Another 2021 partnership highlight was the Allbirds Adidas FUTURECRAFT. This provocative partnership drove substantial traffic to our site and sold out within hours.

2021 年的另一個合作亮點是 Allbirds Adidas FUTURECRAFT。這種挑釁性的合作夥伴關係為我們的網站帶來了大量流量，並在數小時內售罄。

Another moment I'll point to is from last Earth Day in April, when we open-sourced our carbon emissions calculator on freethefootprint.com, empowering other brands to take ownership of their carbon emissions.

我要指出的另一個時刻是從 4 月的上一個地球日開始，當時我們在 freethefootprint.com 上開源了我們的碳排放計算器，使其他品牌能夠擁有自己的碳排放權。

We'll continue to tap into partnerships and thought leadership as a way to amplify not only our product franchises, but also our thought leadership and sustainability.

我們將繼續利用合作夥伴關係和思想領導力來擴大我們的產品特許經營權，以及我們的思想領導力和可持續性。

Relatedly, last week, we were excited to announce the official launch of Allbirds ReRun, our resale platform. This launch has 2 key components: the U.S. digital marketplace with slightly imperfect and gently used products and an in-store trade-in program. Allbirds ReRun is a small step on our circularity journey that allows us to extend the lives of our products while also acquiring new customers.

與此相關的是，上週，我們很高興地宣布正式推出我們的轉售平台 Allbirds ReRun。此次發布有 2 個關鍵組成部分：美國數字市場，產品略有不完善且使用率低，以及店內以舊換新計劃。 Allbirds ReRun 是我們循環之旅的一小步，它使我們能夠在延長產品壽命的同時獲得新客戶。

As our product assortment grows, we are placing an emphasis on community with our growing collective of Allbirds' ambassadors, which we call the Allgood Collective, or AGC. The AGC brings together a cross-section of young leaders and influential everyday athletes, connected with the red thread of our sustainability purpose to engage with our customers through in-store events, run clubs and digital content.

隨著我們產品種類的增加，我們將重點放在社區，包括我們不斷壯大的 Allbirds 大使集體，我們稱之為 Allgood 集體或 AGC。 AGC 匯集了不同領域的年輕領導者和有影響力的日常運動員，與我們可持續發展目標的紅線相連，通過店內活動、跑步俱樂部和數字內容與我們的客戶互動。

The AGC also provides another mechanism to explain the provenance of the materials we use in our products, our carbon methodology and unique material innovation behind our performance forward products.

AGC 還提供了另一種機制來解釋我們在產品中使用的材料的來源、我們的碳方法以及我們性能前沿產品背後的獨特材料創新。

As I mentioned, our product lineup was solid in 2021. But as we enter 2022, we believe we are on a trajectory for the most compelling product road map in the history of the company, and we look forward to revealing more of that story as the year unfolds.

正如我所提到的，我們的產品陣容在 2021 年是穩固的。但隨著我們進入 2022 年，我們相信我們正處於公司歷史上最引人注目的產品路線圖的軌道上，我們期待著揭示更多的故事，因為一年展開。

Now I'll turn the call to Mike to discuss the financials.

現在我將把電話轉給邁克討論財務問題。

Thanks, Tim. I'm excited to walk you through our Q4 and full year results. Our strong materials and product innovation engine, authentic purpose-led brand, deep connection with customers and an omnichannel distribution model all came together to deliver fourth quarter net revenue, gross profit and adjusted EBITDA performance above our guidance targets.

謝謝，蒂姆。我很高興帶您了解我們的第四季度和全年業績。我們強大的材料和產品創新引擎、真正以目的為導向的品牌、與客戶的深度聯繫以及全渠道分銷模式共同實現了第四季度的淨收入、毛利潤和調整後的 EBITDA 業績，高於我們的指導目標。

In the press release, we noted the drivers of the year-over-year change in each line of the P&L. I'll use my prepared remarks to add some color starting at the top of the P&L and breaking down what drove our accelerating top line and record revenue performance of $97 million in Q4.

在新聞稿中，我們指出了損益表各行同比變化的驅動因素。我將使用我準備好的評論從損益表頂部開始添加一些顏色，並分解推動我們在第四季度加速收入和創紀錄的 9700 萬美元收入表現的原因。

In Q4, orders increased 6%, and average order value was up 17%. For the full year, orders increased 13% and AOV increased 11%. Our strong product launches, which attracted new customers and delighted repeat customers were the big factor here. The other contributor to the growth in AOV was a small price increase we took in August. Our internal analysis shows that we saw effectively no drop off in demand, which speaks to the power of our brand and the quality of our products.

第四季度，訂單增長 6%，平均訂單價值增長 17%。全年訂單增長 13%，AOV 增長 11%。我們強大的產品發布吸引了新客戶並讓回頭客高興是這裡的重要因素。 AOV 增長的另一個因素是我們在 8 月採取的小幅提價。我們的內部分析表明，我們實際上沒有看到需求下降，這說明了我們品牌的力量和產品的質量。

Looking at revenue by geography. For the full year, we saw balanced growth with 26% growth in the U.S. and 29% in international. In the quarter, the U.S. grew faster at 25%, with international at 14%.

按地理位置查看收入。全年，我們看到平衡增長，美國增長 26%，國際增長 29%。本季度，美國增長更快，達到 25%，國際增長 14%。

The last view of revenue I'll share is by channel. In Q4, we are pleased with the growth in both digital and physical retail. Physical retail was the biggest driver of Q4 growth. That being said, in December, the Omicron surge shifted shopping habits and drove a notable uptick in digital, especially in the U.S. This builds on the point Joey made earlier about how our omnichannel model allowed us to have a strong holiday season. We were able to meet our customers wherever they wanted to engage with Allbirds, and our supply chain had us in a position to meet that demand.

我要分享的最後一個收入視圖是按渠道。在第四季度，我們對數字和實體零售的增長感到滿意。實體零售是第四季度增長的最大推動力。話雖如此，在 12 月，Omicron 的激增改變了購物習慣，並推動了數字市場的顯著增長，尤其是在美國。這建立在 Joey 早些時候關於我們的全渠道模式如何讓我們擁有一個強勁的假日季節的觀點之上。我們能夠在客戶希望與 Allbirds 合作的任何地方與他們會面，而我們的供應鏈使我們能夠滿足這種需求。

I want to provide a bit more color on how the channels performed for full year 2021. We won't get this level of detail each quarter because we believe geography is the more instructive way to look at our revenue growth. That being said, we know for some of you, the channel data is helpful on how you think about our business, so we're including more detail for this year-end call.

我想提供更多關於渠道在 2021 年全年的表現的信息。我們不會在每個季度都獲得這種詳細程度，因為我們認為地理是查看我們收入增長的更有指導意義的方式。話雖如此，我們知道你們中的一些人，渠道數據有助於您如何看待我們的業務，因此我們將在今年年終電話會議中提供更多詳細信息。

In 2021, digital grew 16% to $225 million and accounted for over 80% of sales. Said simply, we remain a digitally led business.

2021 年，數字業務增長 16%，達到 2.25 億美元，佔銷售額的 80% 以上。簡單地說，我們仍然是一家以數字為主導的企業。

The 2 drivers of digital growth come back to what we shared during the road show. One, we continue to consistently and profitably acquire new customers with the digital channel remaining far and away the largest source of new customer acquisition. Two, we delight repeat customers of new products, colors and styles. Our product innovation, combined with our data-driven personalized marketing drove strong repeat purchase behavior, as you heard from Joey.

數字增長的兩個驅動力又回到了我們在路演中分享的內容。第一，我們繼續持續不斷地以盈利的方式獲取新客戶，而數字渠道仍然是新客戶獲取的最大來源。第二，我們取悅新產品、顏色和款式的回頭客。正如您從 Joey 那裡聽到的那樣，我們的產品創新與數據驅動的個性化營銷相結合，推動了強烈的重複購買行為。

In 2021, physical retail more than doubled, growing 112% to $52 million. We opened 13 new stores in 2021 going from 22 to 35 stores, and the class of 2021 contributed 43% of the total physical retail dollar growth this year.

2021 年，實體零售額翻了一番多，增長 112%，達到 5200 萬美元。我們在 2021 年開設了 13 家新店，從 22 家增加到 35 家，2021 年類別貢獻了今年實體零售總額增長的 43%。

The 22 stores opened before 2021 contributed the rest of the dollar growth in physical retail. Within this group of stores, the 7 U.S. stores opened in 2019 and prior saw a nice bounce back from the depths of COVID, with 63% year-over-year growth in Q4 in spite of the Omicron surge in December. These stores continue to work their way back towards pre-COVID sales levels and also saw a marked improvement in four-wall profitability in 2021 when compared to 2020.

2021 年之前開業的 22 家門店貢獻了實體零售的其余美元增長。在這組商店中，7 家美國商店於 2019 年開業，之前從 COVID 的深度反彈，儘管 Omicron 在 12 月飆升，但第四季度的同比增長 63%。這些商店繼續努力恢復到 COVID 之前的銷售水平，與 2020 年相比，2021 年的四壁式盈利能力也顯著提高。

Looking forward on U.S. retail. We previously shared pro forma U.S. new store targets of $3.5 million to $4.5 million in gross sales and low 20% four-wall EBITDA margins. When adjusted for the estimated impact of COVID, the performance of our U.S. store fleet, especially the classes of 2020 and 2021, continue to give us confidence in these targets.

期待美國零售業。我們之前分享了預估美國新店的總銷售額目標為 350 萬至 450 萬美元，四壁式 EBITDA 利潤率僅為 20%。根據 COVID 的估計影響進行調整後，我們美國商店車隊的表現，尤其是 2020 年和 2021 年類別的業績，繼續讓我們對這些目標充滿信心。

I'll keep moving down the P&L. In Q4, gross profit was $49 million, an increase of 24% and gross margin expanded by 45 basis points to 50.2%. For the full year, gross profit was $147 million, an increase of 30% and ahead of our guidance target while gross margin expanded by 145 basis points to 52.9%, in line with our gross margin guidance target of 52.9% to 53.4%.

我將繼續向下移動損益表。第四季度，毛利潤為 4900 萬美元，增長 24%，毛利率擴大 45 個基點至 50.2%。全年毛利潤為 1.47 億美元，增長 30%，高於我們的指導目標，而毛利率擴大 145 個基點至 52.9%，符合我們 52.9% 至 53.4% 的毛利率指導目標。

For both Q4 and the full year, the year-over-year improvement in gross profit and gross margin was driven by a faster growth in physical retail and international, both of which are gross margin accretive. The other tailwinds here were the price increase, a decrease in product costs and favorable product mix. These tailwinds were partially offset by headwinds in logistics costs, both inbound and outbound, and distribution center costs. Altogether, these headwinds created an estimated 200 basis points year-over-year drag on gross margin for both Q4 and the full year.

對於第四季度和全年而言，毛利潤和毛利率的同比改善是由實體零售和國際業務的更快增長推動的，這兩者都增加了毛利率。這裡的其他順風是價格上漲、產品成本下降和有利的產品組合。這些順風部分被入站和出站物流成本以及配送中心成本的不利因素所抵消。總而言之，這些不利因素對第四季度和全年的毛利率造成了估計 200 個基點的同比拖累。

Staying on the subject of COVID headwinds, I'll wrap up on gross margin by providing color on the impact that Omicron had on our business in December and how that affected Q4 gross margin. One, we saw choppiness in physical retail traffic with some of that demand shifting to digital. Two, given the channel shift compared to our expectations, U.S. digital made up a greater percentage of sales mix versus physical retail, which is gross margin accretive. Three, labor issues in our East Coast DC led to excess cost in that facility and forced us to ship volume at a higher cost to us from our West Coast DC. These factors landed us at the low end of our gross margin guidance target range.

停留在 COVID 逆風的主題上，我將通過提供有關 Omicron 在 12 月對我們業務的影響以及這如何影響第四季度毛利率的顏色來總結毛利率。第一，我們看到實體零售流量出現波動，其中一些需求轉向數字化。第二，考慮到與我們預期相比的渠道轉變，與實體零售相比，美國數字在銷售組合中所佔的比例更大，而實體零售可以增加毛利率。第三，我們東海岸 DC 的勞動力問題導致該設施成本過高，並迫使我們以更高的成本從我們的西海岸 DC 向我們發貨。這些因素使我們處於毛利率指導目標範圍的低端。

In spite of the COVID headwinds for the year, we delivered a 145 basis point improvement in gross margin and have now improved our gross margin by 600 basis points from 2018 through the end of 2021.

儘管今年出現了 COVID 逆風，但我們的毛利率提高了 145 個基點，現在從 2018 年到 2021 年底，我們的毛利率提高了 600 個基點。

Moving below gross profit, the drivers of change of SG&A and marketing are discussed in our earnings release. On marketing, I did want to proactively address the likely question around the impact of Apple's privacy changes. As we've shared in the past, we have built a diversified marketing mix and are not overly dependent on Facebook or any other single media channel for our ad spend. While ad costs are increasing in certain segments of our spend, our Q4 digital advertising costs were in line with our expectations.

低於毛利潤，SG&A 和營銷變化的驅動因素在我們的收益發布中進行了討論。在營銷方面，我確實想主動解決有關 Apple 隱私更改影響的可能問題。正如我們過去所分享的，我們建立了多元化的營銷組合，並且不會過度依賴 Facebook 或任何其他單一媒體渠道來進行廣告支出。雖然我們支出的某些部分的廣告成本正在增加，但我們的第四季度數字廣告成本符合我們的預期。

I'll wrap up the P&L walk with adjusted EBITDA, which improved markedly in both Q4 and the full year. We were adjusted EBITDA positive in Q4 and delivered an improvement of 24% on a full year basis, narrowing our adjusted EBITDA loss to $11.7 million. This adjusted EBITDA performance exceeded the high end of our guidance targets by $3.3 million, primarily due to the flow-through of the sales upside and some favorability in SG&A. Knocking out approximately $4 million of public company costs, our full year 2021 adjusted EBITDA loss would have been a 48% improvement versus 2020 on an apples-to-apples basis.

我將用調整後的 EBITDA 來結束損益表，這在第四季度和全年都有顯著改善。我們在第四季度調整後的 EBITDA 為正，全年增長 24%，將調整後的 EBITDA 虧損收窄至 1170 萬美元。調整後的 EBITDA 業績超出我們指導目標的高端 330 萬美元，這主要是由於銷售上行空間的流動和 SG&A 的一些有利因素。剔除約 400 萬美元的上市公司成本，我們 2021 年全年調整後的 EBITDA 虧損將比 2020 年改善 48%。

Turning now to inventory. We ended the year with $107 million of inventory on the balance sheet. That's an increase of 8% from the end of Q3, so I want to walk through it.

現在轉向庫存。今年年底，我們的資產負債表上有 1.07 億美元的庫存。這比第三季度末增加了 8%，所以我想了解一下。

In this logistics environment, we separate out the noise from higher freight costs and elongated shipping times due to ongoing supply chain disruptions by looking at those factors separately from our on-hand inventory. We feel that this cut of the data gives us a cleaner view of what's happening and better informs our planning.

在這種物流環境中，我們通過將這些因素與我們的現有庫存分開來看，將噪音與更高的運費成本和由於持續的供應鏈中斷導致的運輸時間延長分開。我們認為，這些數據讓我們更清楚地了解正在發生的事情，並更好地為我們的計劃提供信息。

Using that lens, we saw our inventory on hand at our distribution centers and in our stores decreased meaningfully in the quarter. That means that all of the sequential increase in inventory was attributable to a combination of higher in-transit inventory given the extended lead times as well as the impact of higher inbound freight costs. For added context, a year ago, in-transit was about 20% of our finished goods inventory, and this year, it's almost 1/3.

使用這個鏡頭，我們看到我們在配送中心和商店的庫存在本季度顯著減少。這意味著庫存的所有連續增加都歸因於由於交貨時間延長而導致的在途庫存增加以及入境貨運成本增加的影響。補充一點，一年前，在途產品約占我們成品庫存的 20%，而今年，幾乎是 1/3。

As I mentioned earlier, we believe our strong inventory position contributed to our ability to meet consumer demand in Q4. In this environment, we believe it's prudent to maintain a somewhat elevated inventory position to meet accelerating demand into 2022. To summarize how we hold our Q4 and full year 2021 financial results in the midst of another year of unprecedented challenges for our industry, we are pleased that we grew net revenue by 27% while continuing to improve our profitability as evidenced by a 30% year-over-year improvement in gross profit, a 145 basis point improvement in gross margin and a 24% year-over-year improvement in adjusted EBITDA.

正如我之前提到的，我們相信我們強大的庫存狀況有助於我們在第四季度滿足消費者需求。在這種環境下，我們認為保持較高的庫存狀況以滿足 2022 年加速需求是明智之舉。總結我們在行業面臨前所未有的又一年挑戰之際如何保持我們的第四季度和 2021 年全年財務業績，我們是很高興我們的淨收入增長了 27%，同時繼續提高我們的盈利能力，這體現在毛利潤同比增長 30%、毛利率同比增長 145 個基點和同比增長 24%調整後的 EBITDA。

Now let's turn to 2022. I'll start with a couple of notes on what's included in our 2022 guidance targets. One, as Joey talked about, while we believe the expanded retail partnerships will be incremental to our business over time, in 2022, we expect them to be only modestly accretive to net revenue and to be adjusted EBITDA neutral to positive. Two, I'd like to provide an update on 2022 pricing. Despite the fact that some of the cost headwinds our industry is facing may prove to be transitory, we believe taking deliberate pricing actions in 2022 is prudent. After experiencing effectively no drop-off in demand after taking a small price increase last year, we have confidence that our premium brand positioning and quality products will allow us to take price in the coming months. At this time, we estimate the pricing actions will add approximately 1% to 3% to 2022 net revenue growth depending on timing and elasticity. Again, both these items are factored into the following guidance targets.

現在讓我們轉向 2022 年。我將從一些關於我們 2022 年指導目標中包含的內容的註釋開始。一，正如喬伊所說，雖然我們相信隨著時間的推移，擴大的零售合作夥伴關係將增加我們的業務，但在 2022 年，我們預計它們只會適度增加淨收入，並將 EBITDA 中性調整為正數。第二，我想提供 2022 年定價的更新。儘管我們行業面臨的一些成本逆風可能被證明是暫時的，但我們認為在 2022 年採取謹慎的定價行動是謹慎的。在經歷了去年小幅提價後需求實際上沒有下降後，我們有信心我們的優質品牌定位和優質產品將使我們能夠在未來幾個月內採取價格。目前，我們估計定價行動將為 2022 年的淨收入增長增加約 1% 至 3%，具體取決於時間和彈性。同樣，這兩個項目都被納入以下指導目標。

For net revenue, we're raising our 2022 guidance target from $350 million to a range of $355 million to $365 million. NAV represents growth versus 2021 of 28% to 32% and growth versus 2020 of 62% to 66%. That's an acceleration on both a 1-year and 2-year basis and at the high end is above our medium-term target of 20% to 30%.

對於淨收入，我們將 2022 年的指導目標從 3.5 億美元提高到 3.55 億美元至 3.65 億美元的範圍。資產淨值與 2021 年相比增長 28% 至 32%，與 2020 年相比增長 62% 至 66%。這在 1 年和 2 年的基礎上都有所加速，並且在高端高於我們 20% 至 30% 的中期目標。

This net revenue guidance target assumes we will open 16 to 17 new stores in 2022, primarily in the U.S. In 2022, we expect to spend $25 million to $30 million in CapEx, primarily on those new stores.

這一淨收入指導目標假設我們將在 2022 年開設 16 至 17 家新店，主要在美國。到 2022 年，我們預計將主要在這些新店上花費 2500 萬至 3000 萬美元的資本支出。

Next, we are establishing our 2022 guidance target for gross profit at a range of $187.5 million to $195 million. At the midpoint of our net revenue and gross profit guidance target ranges, gross margin would be 53.1%, a 27 basis point improvement from 2021.

接下來，我們將 2022 年的毛利潤指導目標設定在 1.875 億美元至 1.95 億美元之間。在我們的淨收入和毛利潤指導目標範圍的中點，毛利率將為 53.1%，比 2021 年提高 27 個基點。

One note here. Consistent with my comments earlier about cost inflation, we are not factoring in any sort of normalization in logistics or distribution center costs in 2022. Indeed, for these items, our guidance target assumes another 200 basis points of gross margin headwinds compared to 2021.

這裡有一個註釋。與我之前關於成本膨脹的評論一致，我們沒有考慮到 2022 年物流或配送中心成本的任何形式的正常化。事實上，對於這些項目，我們的指導目標假設與 2021 年相比毛利率再下降 200 個基點。

For adjusted EBITDA, we are establishing our 2022 guidance target at a range of minus $13 million to minus $9 million. The midpoint of that range represents an improvement versus 2021 of 6%. As a reminder, this includes $8 million of expected public company costs, a $4 million year-over-year increase.

對於調整後的 EBITDA，我們將 2022 年的指導目標設定在負 1300 萬美元至負 900 萬美元之間。該範圍的中點與 2021 年相比提高了 6%。提醒一下，這包括 800 萬美元的預期上市公司成本，同比增長 400 萬美元。

Finally, our 2022 targets are not just financial targets. As Joey mentioned earlier, in 2022, we aim to reduce the average carbon footprint of our top 10 products by an additional 6%.

最後，我們的 2022 年目標不僅僅是財務目標。正如 Joey 之前提到的，我們的目標是在 2022 年將我們前 10 種產品的平均碳足跡再減少 6%。

If we achieve these 2022 guidance targets, we will continue to make meaningful progress towards our medium-term targets of 20% to 30% net revenue growth, 60%-plus gross margin, mid- to high teens adjusted EBITDA margin and a 50% reduction in our carbon footprint per unit by 2025 and a 95% reduction by 2030.

如果我們實現這些 2022 年指導目標，我們將繼續朝著實現 20% 至 30% 的淨收入增長、60% 以上的毛利率、中高青少年調整後 EBITDA 利潤率和 50% 的中期目標取得有意義的進展到 2025 年減少我們的單位碳足跡，到 2030 年減少 95%。

Looking quickly at Q1. We are providing a net revenue guidance target range of $60 million to $62 million. That represents growth versus Q1 2021 of 21% to 25% and growth versus Q1 2020 of 42% to 47%, with the high-end representing an acceleration on the 2-year when compared to Q4. After experiencing a bit of Omicron choppiness early in January, trends improved later in the month and into February thus far, setting us up for a strong start to the year.

快速查看 Q1。我們提供的淨收入指導目標範圍為 6000 萬美元至 6200 萬美元。這表示與 2021 年第一季度相比的增長為 21% 至 25%，與 2020 年第一季度相比的增長為 42% 至 47%，與第四季度相比，高端代表了 2 年的加速。在 1 月初經歷了一點 Omicron 波動之後，趨勢在本月晚些時候和 2 月有所改善，為今年的強勁開局奠定了基礎。

For adjusted EBITDA, we are providing a Q1 guidance target at a range of minus $13 million to minus $11 million, including an estimated $2 million of public company cost. I'd like to remind you that Q1 is historically our lowest sales quarter of the year, which affects the absolute EBITDA dollars in the quarter. Per our full year guidance target range of minus $13 million to minus $9 million, we expect EBITDA to build throughout the year.

對於調整後的 EBITDA，我們提供的第一季度指導目標在負 1300 萬美元至負 1100 萬美元之間，包括估計的 200 萬美元上市公司成本。我想提醒您，從歷史上看，第一季度是我們今年銷售額最低的季度，這會影響該季度的絕對 EBITDA 美元。根據我們負 1300 萬美元至負 900 萬美元的全年指導目標範圍，我們預計 EBITDA 將在全年建立。

We're excited about the year ahead and look forward to providing updates on progress on future calls. With that, let's open things up to Q&A.

我們對未來的一年感到興奮，並期待提供有關未來電話會議進展的最新信息。有了這個，讓我們打開問答。

(Operator Instructions) Our first question or comment comes from the line of Jim Duffy from Stifel.

（操作員說明）我們的第一個問題或評論來自 Stifel 的 Jim Duffy。

Nice work in the fourth quarter. Wanted to start by talking about the fourth quarter marketing spend, that came in a little higher than I expected. You mentioned performance marketing was aligned with your expectations. Could you step-up top of the funnel marketing investments in the fourth quarter? And then I have a follow-up.

第四節表現不錯。想先談談第四季度的營銷支出，這比我預期的要高一點。您提到績效營銷符合您的期望。您能否在第四季度加大渠道營銷投資的力度？然後我有一個跟進。

Yes. We ended up with a little bit slightly higher spend, especially early in the quarter because we saw customers moving up their demand ahead of the holiday season. And then as we got into December, we did a little bit more remarketing on repeat customers, which we think help land the overall quarter in a good spot on marketing. And the point on me, in line with our expectations is the rates we are paying across the different channels on performance marketing.

是的。我們最終的支出略有增加，尤其是在本季度初，因為我們看到客戶在假期前提高了他們的需求。然後當我們進入 12 月時，我們對回頭客進行了更多的再營銷，我們認為這有助於使整個季度在營銷方面處於有利地位。對我來說，與我們的預期一致的是，我們在不同渠道為績效營銷支付的費率。

I see. Okay. And then through the lens of marketing strategy, I wanted to talk about your decision to embrace wholesale. Has there been some sort of change in consumer response to marketing that's inspiring new direction here? Or was this kind of a card you had in your back pocket and had anticipated playing in 2022, even through the IPO process?

我懂了。好的。然後通過營銷策略的角度，我想談談你決定接受批發的決定。消費者對營銷的反應是否發生了某種變化，從而激發了新的方向？或者，即使在 IPO 過程中，您的後兜里也有這種牌，並預計會在 2022 年發揮作用？

Yes. Jim, this is Joey. We've been pretty up-front about this. We've talked about awareness as a really important indicator for our future growth and being at 11% in the U.S., which is our biggest market, of course, and highest brand awareness, that's something we got to work in every day. So awareness is one aspect that we're focused on. And as we mentioned, it's also about credibility with performance.

是的。吉姆，這是喬伊。我們對此一直很坦率。我們已經談到知名度是我們未來增長的一個非常重要的指標，並且在美國，這是我們最大的市場，當然也是最高的品牌知名度，這是我們每天都必須努力的事情。所以意識是我們關注的一個方面。正如我們所提到的，這也與性能的可信度有關。

It's about 25% of the mix, and it's not something we take for granted that we're going to build that overnight. And so showing up in the right places in front of the right consumers is something that's important. But as we said, first of all, a couple of points to remind you of when you're thinking about this, Jim. One is that it's incremental to the core model. So meaning that additional sales and EBITDA are all going to be accretive to kind of the medium-term targets that we've set out there.

它約佔組合的 25%，我們不會想當然地認為我們將在一夜之間建立它。因此，在正確的消費者面前出現在正確的位置是很重要的。但正如我們所說，首先，當你考慮這個問題時，有幾點要提醒你，Jim。一是它是核心模型的增量。因此，這意味著額外的銷售額和 EBITDA 都將增加我們在那裡設定的中期目標。

And further, we actually think that this will accelerate our ability to capture the demand in our core channels. So that halo, we've seen it before. And I think it's kind of -- it's something we can really bank on that, that should translate to great owned channel sales, and we're focused on a lot of execution there.

此外，我們實際上認為這將加快我們在核心渠道中捕捉需求的能力。所以那個光環，我們以前見過。而且我認為這有點 - 這是我們真正可以依靠的東西，這應該轉化為巨大的自有渠道銷售，我們專注於那裡的大量執行。

And I'll just reiterate that we're doing it really slowly and methodically. And we tried to make that clear as we introduced this topic that this is about working with third parties that we think show up great in front of the right consumers. And it should be just purely brand additive. And we've also done this with a differentiated mix in our product assortment, and that's an important element here that we haven't had all of the weapons that we have today in our product assortment to enable this. And so this is absolutely not what I would say as reactive, very proactive and deliberate strategy, and one we're going to do very slow and expect to be quite incremental to the model.

我只是重申一下，我們正在緩慢而有條不紊地做這件事。我們在介紹這個主題時試圖澄清這一點，這是關於與我們認為在合適的消費者面前表現出色的第三方合作。它應該只是純粹的品牌添加劑。我們還通過產品組合中的差異化組合做到了這一點，這是一個重要的因素，我們還沒有我們今天在產品組合中擁有的所有武器來實現這一點。因此，這絕對不是我所說的被動、非常主動和深思熟慮的策略，我們將做的非常緩慢，並期望對模型有很大的增量。

Understood. No doubt we're going to get questions about this, but can you share a little detail on just the scope of it and who some of those channel partners might be? Mike, maybe you could speak to what's embedded in -- get deliberate about what's embedded in the 2022 revenue numbers?

明白了。毫無疑問，我們會對此提出疑問，但您能否分享一下它的範圍以及其中一些渠道合作夥伴可能是誰的一些細節？邁克，也許你可以談談嵌入的內容 - 仔細考慮 2022 年收入數字中嵌入的內容？

I think what we'll do, Jim, for now is, the reason we want to introduce this is we're going to some up in some fantastic partners. And this is something we've been working on for a while. And so we want to make sure that we can share it with this community very proactively, but we don't want to get ahead of ourselves here. This is something we're going to do, like slow, and methodical as a word I'll probably repeat a few times into the future.

我想我們現在要做的，吉姆，我們想要介紹這個的原因是我們要找一些很棒的合作夥伴。這是我們一直在努力的事情。所以我們想確保我們可以非常主動地與這個社區分享它，但我們不想在這裡超越自己。這是我們要做的事情，就像一個詞一樣緩慢，有條不紊，我可能會在未來重複幾次。

This isn't about near-term financial results. This is about building a brand and continuing to build what is a really strong brand, not a sales strategy. That's how we think about ourselves. We're really a brand first. And so that's something we're going to do just real slowly and consider this like a very early heads up and something we'll certainly share a lot. And there's not -- if we're nothing else, we're going to be transparent about this. So we'll share more as this unfolds.

這與近期財務業績無關。這是關於建立品牌並繼續建立真正強大的品牌，而不是銷售策略。這就是我們對自己的看法。我們真的是品牌第一。所以這就是我們要慢慢做的事情，並認為這是一個非常早期的提醒，我們肯定會分享很多東西。而且沒有——如果我們什麼都不是，我們將對此保持透明。因此，隨著事情的發展，我們將分享更多信息。

All right. Let's move on to the next question. And we'll chat with you more on the follow-up, Jim. Thanks for the question.

好的。讓我們繼續下一個問題。吉姆，我們將在後續工作中與您進行更多交談。謝謝你的問題。

Our next question or comment comes from the line of Lorraine Hutchinson from Bank of America.

我們的下一個問題或評論來自美國銀行的 Lorraine Hutchinson。

I wanted to ask a question about flow-through. If sales growth does continue to outpace your expectations, what's your confidence in that flowing through to reach breakeven adjusted EBITDA sooner than the previous goal of 2023?

我想問一個關於流通的問題。如果銷售增長確實繼續超出您的預期，那麼您有什麼信心比之前的 2023 年目標更快地達到盈虧平衡調整後 EBITDA？

Yes. So some of the upside that we saw in Q4, like I mentioned in the prepared remarks was that sales upside flowing through the bottom line. We're obviously pleased with how that worked. I think it's reasonable to assume some of that in the future. I'd say we want to continue to invest towards the future. So I don't know if that will be the same with that level of flow-through that you saw happen in Q4.

是的。因此，正如我在準備好的評論中提到的那樣，我們在第四季度看到的一些好處是銷售增長通過底線流動。我們顯然對它的工作方式感到滿意。我認為在未來假設其中的一些是合理的。我想說我們要繼續投資於未來。因此，我不知道這是否與您在第四季度看到的那種流通水平相同。

And when I look at sort of the broader question on this path to adjusted EBITDA, we were very pleased to be in the bottom line in this quarter and for the full year when we look at Q4. We feel like it's a good improvement we're putting out there right now, especially with the headwinds of public company costs. So we think we're really on the right path and the right pace here, and we're building this business for the long term.

當我在調整 EBITDA 的這條道路上看到更廣泛的問題時，我們很高興在本季度和全年看到第四季度時都處於盈利狀態。我們覺得這是我們現在正在推出的一個很好的改進，尤其是在上市公司成本不利的情況下。因此，我們認為我們真的走在正確的道路上，步伐正確，我們正在長期建立這項業務。

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

我們的下一個問題或評論來自摩根士丹利的 Kimberly Greenberger。

Mike, I wanted to ask about store revenues. You talked about some nice recovery here in 2021. When you look at those stores that were open pre-COVID, can you help us understand what the run rate in volume looks like compared to 2019 run rate? Are we still down 30%, 40%, 50%? And are we on an improving trajectory?

邁克，我想問一下商店的收入。您談到了 2021 年的一些不錯的複蘇。當您查看那些在 COVID 之前營業的商店時，您能否幫助我們了解與 2019 年的營業率相比，營業量的運行率如何？我們仍然下降 30%、40%、50% 嗎？我們是否處於改善的軌道上？

Yes. The latter part, I think, is really what you should focus on because we feel like we run a very good trajectory with those stores, plus that class of 2020, all of which opened during COVID and '21, so we feel like it gives us -- continues to give us confidence in that $3.5 million to $4.5 million new store sales target.

是的。我認為，後一部分確實是您應該關注的，因為我們覺得我們與這些商店的發展軌跡非常好，再加上 2020 年的那一班，所有這些都在 COVID 和 21 年期間開業，所以我們覺得它給了我們——繼續讓我們對 350 萬至 450 萬美元的新店銷售目標充滿信心。

We're not going to get any more granular right now on like the class of '19 and breaking things out by cohort because there's just so much noise in there with COVID and new stores and everything going on there. What I would just share, like I said in the prepared remarks, they've made a really strong recovery and they're working right all the way back to those pre-COVID levels. And that continues to give us confidence in retail channel is a really good use of our capital.

我們現在不會像 19 年級那樣更細化，也不會按隊列劃分，因為那裡有太多的噪音，有 COVID 和新商店以及那裡發生的一切。就像我在準備好的評論中所說的那樣，我只想分享的是，他們已經取得了非常強勁的複蘇，並且他們一直在努力回到 COVID 之前的水平。這繼續讓我們對零售渠道充滿信心，這是對我們資本的一種非常好的利用。

Excellent. Okay. Great. And then, Joey, just a follow-up for you on the wholesale strategy. Can you just articulate for us what are the criteria that you are looking for in some of the select wholesale partners that you are looking at here in 2022?

優秀的。好的。偉大的。然後，喬伊，只是對批發策略的跟進。您能否為我們闡明您在 2022 年在這裡尋找的一些精選批發合作夥伴中尋找的標準是什麼？

Yes. It's a great question. Thanks. So a couple of things that when we are thinking about the landscape, we had 5 years under our belt of a lot of inbounds that we've chosen not to enter into. And so when we think about it today, it's really about awareness and credibility. And let me unpack a little bit of what I mean on that.

是的。這是一個很好的問題。謝謝。因此，當我們考慮景觀時，我們有 5 年的時間來處理許多我們選擇不進入的入站。因此，當我們今天考慮它時，它實際上是關於意識和可信度。讓我解釋一下我的意思。

So these partners need to be very brand additive to us. We're going to show up in premium locations with -- even within premium retailers. So this is focused on showing up in front of the right people and meeting a lot of new people. With that 11%, we're showing up for the first time for a lot of customers who are going to walk through the doors of these select partnerships. So that's very important for us to crisply convey our message and do it with a robust assortment.

所以這些合作夥伴需要成為我們的品牌附加值。我們將出現在優質地點——甚至在優質零售商中。因此，重點是出現在合適的人面前並結識很多新朋友。有了這 11%，我們第一次出現在許多將要走進這些精選合作夥伴的大門的客戶面前。因此，對於我們來說，清晰地傳達我們的信息並通過強大的分類來做到這一點非常重要。

And so noting that a lot of people found out about us for the first time when we went in and did the Nordstrom partnership, some of those people don't know the breadth of the assortment that we've now grown and increasing the use performance.

因此請注意，當我們進入 Nordstrom 合作夥伴關係時，很多人第一次發現了我們，其中一些人不知道我們現在已經發展並提高了使用性能的產品種類的廣度.

And so secondly, on the credibility side, there's a little bit on the style side that we're looking for, and that's where you can get partners that really add something meaningful from a style curation and convey that well to customers. But the biggest aspect of credibility we're trying to gain here is in performance. And this can be really important when a consumer is walking into a store and thinking about running for the first time in a long time and asking what's going to be a great entry-level running shoe that's going to be safe for the body, not create any injuries. They rely on the sales associates at select retailers to inform them of what's the best in the market, what's new and where the best technology is. And so that's something we're really leaning into the strategy to make sure that we show up in the right way for those kind of runners and consumers.

其次，在可信度方面，我們正在尋找一些風格方面的東西，這就是你可以找到真正從風格策劃中添加一些有意義的東西並將其很好地傳達給客戶的合作夥伴。但我們在這裡試圖獲得的最大可信度是性能。當消費者走進商店並考慮在很長一段時間內第一次跑步並詢問什麼將是一款對身體安全而不是創造的出色入門級跑鞋時，這一點非常重要任何傷害。他們依靠選定零售商的銷售人員來告知他們市場上最好的產品、新產品以及最好的技術在哪裡。所以這就是我們真正傾向於策略的東西，以確保我們以正確的方式出現在那些跑步者和消費者面前。

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

我們的下一個問題或評論來自 Piper Sandler 的 Erinn Murphy。

Great. I wanted to focus a little bit more on product innovation. And curious, I guess, for Tim and Joey, what's the right balance between upgrading existing franchises like we're seeing with the Dasher 2 right now versus creating brand-new franchises altogether?

偉大的。我想更多地關注產品創新。我猜想，對於蒂姆和喬伊來說，好奇的是，升級現有特許經營權（就像我們現在在 Dasher 2 中看到的那樣）與完全創建全新特許經營權之間的正確平衡是什麼？

And then just secondarily, have the supply chain or logistics pressures, have they created any meaningful shift of product launches? Curious on if Q1 is seeing any revenue shift out of Q1 into Q2 just based on maybe product availability to the market.

其次，是否存在供應鍊或物流壓力，它們是否造成了產品發布的任何有意義的轉變？好奇第一季度是否會看到任何收入從第一季度轉移到第二季度，這可能只是基於市場上的產品可用性。

Yes. Thanks, Erinn. I'll take the last part of that and then pass it over to Tim on the innovation product side. So for the last part, there hasn't been meaningful changes. We've really navigated this in a great way and then a lot of thoughtful forward planning on timing, including buffering our lead times quite substantially, given the environment that we're in with ocean shipping.

是的。謝謝，艾琳。我將採取最後一部分，然後將其傳遞給創新產品方面的蒂姆。所以對於最後一部分，沒有有意義的變化。鑑於我們所處的海運環境，我們確實以一種很好的方式駕馭了這一點，然後在時間上進行了許多深思熟慮的前瞻性計劃，包括大幅緩沖我們的交貨時間。

So it's not a lot of meaningful thing, but we have done some moves which have pushed some product introductions into Q2, which isn't meaningful from an overall annual revenue perspective but does, of course, shift some things between quarters, which I hope you guys are expecting given our size and nascency of the company. So that's a small thing.

所以這不是什麼有意義的事情，但我們已經做了一些舉措，將一些產品推出推到了第二季度，這從整體年收入的角度來看沒有意義，但當然會在季度之間轉移一些東西，我希望鑑於我們公司的規模和初期，你們期待著。所以這是一件小事。

And I'll pass it over to Tim on the core of your question.

我將把你問題的核心交給蒂姆。

Yes, sure. Thanks for the question, Erinn. From the beginning with our lifestyle products, the focus on continuous improvement has been there. We've upgraded every aspect of the product from the beginning. We'll continue to do that.

是的，當然。謝謝你的問題，艾琳。從我們的生活方式產品開始，就一直專注於持續改進。我們從一開始就升級了產品的各個方面。我們將繼續這樣做。

What you won't see is version upgrades in the lifestyle, but what you're seeing is we add material platforms looking it to 2022, we're able to offer and extend and augment existing franchises in really powerful ways. And I think it will lead to greatly increased product cadence and merchandising cadence through '22, which we're really excited about.

你不會看到生活方式的版本升級，但你看到的是我們添加了期待 2022 年的材料平台，我們能夠以非常強大的方式提供、擴展和增強現有的特許經營權。而且我認為這將導致到 22 年的產品節奏和銷售節奏大大提高，我們對此感到非常興奮。

Performance is a different story. For the first time, our second version of the Dasher is, a couple of days ago, is really proud moment. And it shows sort of how far we've come, really advanced methods of make, really noble feature upgrades. And you should expect that to be quite consistent sort of focus for us across all our performance franchises, and we'll add more of those to this year.

性能是另一回事。第一次，我們的第二個版本的 Dasher 是，幾天前，真是令人驕傲的時刻。它顯示了我們已經走了多遠，非常先進的製作方法，非常高尚的功能升級。您應該期望這將成為我們所有性能特許經營權的一致關注點，我們將在今年增加更多關注點。

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

我們的下一個問題評論來自 William Blair 的 Sharon Zackfia。

Ask about wholesale, which I guess a lot of us are asking about. I appreciate the color there. I'm also curious, though, in addition to awareness and credibility, if there's any psychographic or geographic area that you think wholesale can be particularly impactful for you with. And I didn't catch whether this was a North American strategy or a global strategy. And then I know you mentioned you've done some before with Nordstrom. Do you have anything you can share on kind of what the capture rate is of those customers then converting over -- coming over to the Allbirds ecosystem at some point?

詢問批發，我想我們很多人都在問。我很欣賞那裡的顏色。不過，除了意識和可信度之外，我也很好奇，如果有任何心理或地理區域你認為批發對你特別有影響。而且我不知道這是北美戰略還是全球戰略。然後我知道你提到你之前在 Nordstrom 做過一些事情。你有什麼可以分享的關於這些客戶的捕獲率是多少然後轉換 - 在某個時候進入 Allbirds 生態系統？

Sharon, thank you. So on the geographic approach here, we're going to start for the most part in the U.S., and you'll see a little bit in Europe. And I think Asia will follow that well behind. And there's just some dynamics in each of these marketplaces that make us want to crawl before we run here.

莎倫，謝謝。所以在這裡的地理方法上，我們將從美國開始，你會在歐洲看到一些。我認為亞洲將緊隨其後。這些市場中的每一個都有一些動態，讓我們在跑到這里之前想要爬行。

And in terms of the psychographics, it's not just psychographics. I mean with 11%, we have a lot of just basic demographics to hit. And of course, we're also looking to reach the consumer that we see shifting back demand, particularly as COVID restrictions kind of loosen, people are looking for style and versatility in their footwear again, and we're seeing that demand shift back really nicely.

就心理統計而言，不僅僅是心理統計。我的意思是 11%，我們有很多基本的人口統計數據要打。當然，我們也希望接觸到我們看到需求回落的消費者，特別是隨著 COVID 限制有所放鬆，人們再次在他們的鞋類中尋找款式和多功能性，我們看到需求真的回落了很好。

We want to show up when those customers are coming back and thinking about upgrading their wardrobe this year. And so we want to show up in particular places that meet new people and just meet people that are well within our psychographic target that, frankly, just don't know about us yet.

我們希望在這些客戶今年回來並考慮升級他們的衣櫥時出現。所以我們想出現在特定的地方，結識新朋友，只結識那些完全符合我們心理目標的人，坦率地說，只是還不了解我們。

And on the capture rate, yes, the capture rate, I mean, we did -- the 2 partnerships we did with Nordstrom earlier, Sharon, were too small to really give us a great read on that. It's something we'll obviously sharpen as we do this. And we've focused a lot on loyalty, and our CRM efforts are very data driven. And that's for our own channel. We expect to deploy some of those same tools to the extent possible with some of our third-party partnerships.

關於捕獲率，是的，捕獲率，我的意思是，我們做到了——我們之前與 Nordstrom 建立的兩個合作夥伴關係，Sharon，太小了，無法真正讓我們很好地了解這一點。在我們這樣做時，我們顯然會加強這一點。我們非常關注忠誠度，我們的 CRM 工作非常受數據驅動。這是我們自己的頻道。我們希望通過我們的一些第三方合作夥伴關係盡可能部署其中一些相同的工具。

And of course, with an expanded assortment, we're not going to give our entire breadth of product line to every retailer. We need to show up at the right mix in the right retailer for the consumer who's walking through those doors. And so a lot of that, obviously when you think about our own channel of the primary major driver of our business, the best stuff is going to be there. And that's something we'll stay true for a very long time.

當然，隨著產品種類的增加，我們不會將我們的整個產品線提供給每個零售商。我們需要在正確的零售商中為走進這些門的消費者展示正確的組合。很明顯，當你考慮到我們自己的渠道是我們業務的主要驅動力時，其中很多，最好的東西就會在那裡。這是我們將在很長一段時間內保持真實的事情。

Just one follow-up question. Do you have any assurances that you could have these retailers maintain the pricing architecture that you want them to maintain and we won't see 20% off sales lines?

只是一個後續問題。您是否有任何保證可以讓這些零售商維持您希望他們維持的定價架構，並且我們不會看到 20% 的銷售線折扣？

Yes, that would be really disappointing to us. And given the fact that we've built this business for over 5 years fully direct, it allows us to enter into these conversations where we don't need these retailers to build our business. This is incremental to the core strategy. And so if we're fine that we're doing business with partners that are not supporting our brand-building efforts and price is a critical one there, that would be really disappointing for us. And that's a lot of the reason why we're going to move slowly and methodically.

是的，那會讓我們非常失望。鑑於我們已經完全直接建立這項業務超過 5 年的事實，它使我們能夠進入這些對話，我們不需要這些零售商來建立我們的業務。這是對核心戰略的增量。因此，如果我們與不支持我們的品牌建設工作的合作夥伴開展業務並且價格是關鍵之一，那對我們來說真的很令人失望。這就是為什麼我們要緩慢而有條不紊地採取行動的很多原因。

We don't want to expand doors or anything without maintaining full price. And as we said, 97% full price yield for the year last year, fairly impressive number for the industry and really high, maybe even unhelpfully high, frankly, but high enough that we want to maintain our premium brand position and we would never enter into a relationship, particularly this early in the journey with someone who we thought might degrade that.

我們不想在不保持全價的情況下擴大門或任何東西。正如我們所說，去年 97% 的全價收益率，對於行業來說是相當可觀的數字，而且真的很高，坦率地說，甚至可能是無濟於事的高，但足夠高，我們想要保持我們的優質品牌地位，我們永遠不會進入進入一段關係，特別是在旅程的早期與我們認為可能會降低這種關係的人。

Our next question or comment comes from the line of Dana Telsey from Telsey Group.

我們的下一個問題或評論來自 Telsey Group 的 Dana Telsey。

Two things. As you think about the path of logistics costs for the balance of the year, how do you break it out either between the first half and the second half of the year and what it means for inventory levels?

兩件事情。當您考慮今年餘下時間的物流成本路徑時，您如何在上半年和下半年之間分解它，以及它對庫存水平意味著什麼？

And secondly, on the product innovation portion, how do you think of -- when we sit here a year from now, what are the highlights going to be of product innovation? And will you have any limited addition inventory for any of these new wholesale partners? Or will it be all the same inventory?

其次，關於產品創新部分，您如何看待——一年後我們坐在這裡，產品創新的亮點是什麼？您是否會為這些新的批發合作夥伴提供任何有限的額外庫存？還是都是相同的庫存？

Yes. So on the logistics cost piece, so we said it's a 200 basis point headwind for the full year, Dana. So I would say that's probably going to be a little bit more front-loaded than back-loaded across the year. The price increase, you'll start to see some of that show up relatively soon. But it's going to have a greater impact, obviously, kind of like as the year goes on along the way.

是的。所以在物流成本方面，我們說這是全年 200 個基點的逆風，Dana。所以我會說這可能會比全年更多的前置負載。價格上漲，你會很快看到其中一些出現。但顯然，隨著時間的推移，它會產生更大的影響。

And just remember on that whole logistics cost piece, it's 200 basis points in 2022 and on top of 200 basis points in 2021 on a full year basis, so it's 400 basis points in aggregate. That's part of why we're moving forward on the price increase to balance that. So that's how we think about that.

請記住，在整個物流成本方面，2022 年為 200 個基點，而 2021 年全年為 200 個基點，因此總計為 400 個基點。這就是我們推動價格上漲以平衡這一點的部分原因。所以我們就是這麼想的。

In terms of inventory, the comments that I made in the prepared remarks, I think that's really the extent that we're going to share there. A lot of what we saw happened in Q4 was really about in-transit times and the increased freight costs. I think the reality is those things are staying with us, right? That's why we're not being -- we're continuing to put the trends forward within 2022. And then the inventory that we had on hand really did help us meet the demand in Q4. So we think it's prudent to have the inventory position we do right now.

在庫存方面，我在準備好的評論中發表的評論，我認為這確實是我們將在那里分享的程度。我們在第四季度看到的很多情況都與運輸時間和運輸成本增加有關。我認為現實是那些東西一直在我們身邊，對吧？這就是我們不存在的原因——我們將在 2022 年繼續推動趨勢。然後我們手頭的庫存確實幫助我們滿足了第四季度的需求。因此，我們認為擁有我們現在所做的庫存狀況是謹慎的做法。

Just to the first part of the question on product. I'll point you towards the prepared remarks that hit the real highlights there: the plant leather and a new midsole technology. These are multiyear efforts that are going to land this year that we're beyond excited about. And that will kind of [magic sauce] across existing franchises. We'll also add new franchises. These materials will impact both performance and lifestyle. And in the case of the plant leather, it's a category-leading innovation that we suspect will be a real headline and a great story for us.

只是關於產品問題的第一部分。我將向您指出準備好的評論，這些評論觸及了那裡的真正亮點：植物皮革和新的中底技術。這些多年的努力將在今年落地，我們對此感到非常興奮。這將是現有特許經營權中的一種[魔法醬]。我們還將添加新的特許經營權。這些材料將影響性能和生活方式。就植物皮革而言，這是一項領先的創新，我們懷疑它會成為真正的頭條新聞，對我們來說是一個偉大的故事。

As we've touched on the performance, you should expect to see us add a lot in performance to serve different running moments. We're really excited by the potential there and the tailwinds of a running community that they're starting to demand natural materials in these products, and no one is really doing that. So that's really exciting. All that will add up to increased merchandising cadence across color, materials that will allow us within our digital ecosystem to serve different products to different customers.

當我們談到性能時，您應該期望看到我們為不同的跑步時刻增加了很多性能。我們對那裡的潛力和跑步社區的順風感到非常興奮，他們開始在這些產品中要求天然材料，而沒有人真正這樣做。所以這真的很令人興奮。所有這些都將增加跨顏色和材料的銷售節奏，這將使我們能夠在我們的數字生態系統中為不同的客戶提供不同的產品。

We're excited about this, really it's expanding. We're 5, 6 years into this journey and starting to build out our product portfolio through our emotional territory of comfort to serve different products to different people in different moments. So that's very exciting.

我們對此感到興奮，實際上它正在擴大。我們已經走過了 5、6 年的旅程，並開始通過我們舒適的情感領域來構建我們的產品組合，以便在不同的時刻為不同的人提供不同的產品。所以這非常令人興奮。

And then lastly, apparel is a journey. We continue to see that as something that can augment footwear franchises, increase average order value, repeat purchase rate. This strategy is working. And we're very, very excited about the potential for apparel to build on these franchises, too. And lots to come. Like I sort of said, the most exciting road map we have in the history of the company in the next year or 2.

最後，服裝是一段旅程。我們繼續將其視為可以增加鞋類特許經營權、增加平均訂單價值和重複購買率的東西。這個策略正在奏效。我們也對服裝在這些特許經營權的基礎上發展的潛力感到非常非常興奮。還有很多事情要做。就像我說的那樣，我們在公司歷史上擁有的最激動人心的路線圖是在未來一兩年。

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

我們的下一個問題或評論來自摩根大通的 Matthew Boss。

Great. So on fourth quarter revenues, could you just help walk through the drivers of the 900 basis points upside versus your forecast, maybe what you're seeing from your customer file in terms of new customers to the brand relative to larger order values from your existing base? And then Mike, just on 2022, is there a way to help bridge the 300 basis points of revenue growth acceleration that you've embedded relative to the performance you saw this year?

偉大的。因此，關於第四季度的收入，您能否幫助了解與您的預測相比，900 個基點上漲的驅動因素，也許您從客戶檔案中看到的新客戶與品牌相對於您現有的更大訂單價值根據？然後邁克，就在 2022 年，有沒有辦法幫助您實現相對於您今年所見業績的 300 個基點的收入增長加速？

Yes. I'll -- let me try to take those piece by piece. So I'll start with the last one. I think it's the easiest. We raised the range from $350 million to $355 million to $365 million. That's really a combination primarily of 2 factors. Some of the upside that we saw in Q4 carrying over into 2022. And the rest of it really is the price increase, which we're estimating a 1% to 3% impact, again, depending on timing elasticity. So I think that kind of hopefully unpacks that pretty there, Matt.

是的。我會——讓我試著把這些一點一點地拿走。所以我將從最後一個開始。我認為這是最簡單的。我們將範圍從 3.5 億美元提高到 3.55 億美元再到 3.65 億美元。這實際上主要是兩個因素的組合。我們在第四季度看到的一些上行空間延續到 2022 年。其餘的確實是價格上漲，我們再次估計 1% 到 3% 的影響，具體取決於時間彈性。所以我認為那種希望能解開那個漂亮的東西，馬特。

In terms of what drove the Q4 net revenue beat, it really starts first -- but it was the strongest product pipeline that we had all year. We felt great about what we had in front of the customer in Q4. And so a really positive response to that.

就推動第四季度淨收入增長的原因而言，它確實首先開始——但它是我們全年擁有的最強大的產品線。我們對第四季度在客戶面前所擁有的東西感覺很好。因此，對此做出了非常積極的回應。

The second piece is the omnichannel model really works for us. Like Joey referenced, like I referenced, we're able to win across wherever customers were, and then we saw like Omicron sort of having an impact in physical retail. We saw that shift kind of go over to digital business. So we felt like it was really the combination of those 2 things, the great product and the omnichannel model all sitting on top of really strong brand position is what led to the upside within the quarter.

第二部分是全渠道模型確實適合我們。就像 Joey 提到的，就像我提到的那樣，我們能夠在客戶所在的任何地方贏得勝利，然後我們看到 Omicron 對實體零售產生了某種影響。我們看到這種轉變轉向了數字業務。所以我們覺得這真的是這兩件事的結合，偉大的產品和全渠道模式都位於真正強大的品牌地位之上，是導致本季度上漲的原因。

Then in terms of breaking it down in terms of like new customer acquisition, AOV, those sorts of things, I went through in the prepared remarks, the increase in orders, the increase in AOV and some of the drivers within AOV. I don't want to go any deeper on that in terms of like a quarter-by-quarter like NCA trend or repeat rate trend. We shared some of the full year numbers in the prepared remarks, so I think that gives you a good sense of how things would have played out in the quarter.

然後在新客戶獲取，AOV之類的方面進行分解，我在準備好的評論中進行了介紹，訂單的增加，AOV的增加以及AOV內部的一些驅動因素。我不想更深入地討論 NCA 趨勢或重複率趨勢等逐季變化。我們在準備好的評論中分享了一些全年的數字，所以我認為這讓你很好地了解了本季度的情況。

Great. And then maybe just a follow-up on profitability. Could you just walk through the puts and takes that's built into the 53.1% gross margin forecast for this year? More so, any material call-outs for -- on cadence between the first versus second half of the year? And is there any change to your low 60s medium-term target if we think about drivers from here?

偉大的。然後也許只是對盈利能力的跟進。您能否簡單介紹一下今年 53.1% 毛利率預測中所包含的看跌期權？更重要的是，關於今年上半年和下半年之間的節奏的任何實質性呼籲？如果我們從這裡考慮驅動因素，您的 60 歲中期目標是否有任何變化？

So I'll start with the second part of that. Definitely no change on the 60%. I think Joey and I talked about that both in the script that, that's definitely kind of the medium-term target that we're trying to hit here, and the fact that we improved by 145 basis points in 2021 in spite of those headwinds, and we've improved 600 basis points over the last 3 years continues to give us confidence in that target. So we feel really good about where that's coming together.

所以我將從第二部分開始。 60% 絕對沒有變化。我認為喬伊和我在劇本中都談到了這一點，這絕對是我們試圖在這裡實現的中期目標，儘管有這些不利因素，我們在 2021 年還是提高了 145 個基點，我們在過去 3 年中提高了 600 個基點，這繼續讓我們對該目標充滿信心。因此，我們對它們的結合感覺非常好。

In terms of the puts and takes on the gross margin side, we have the 200 basis points headwind from logistics costs, both inbound and outbound, as well as warehousing. That's really being offset by the channel shift. So a very similar story to what you saw in 2021, the channel and region shift, the benefit of new products and product mix shift and then in this case, the pricing as well will offset that. That's one more reason why we felt it was really important to have this balance between the top line growth, continuing to make the material improvements we are in gross profit and gross margin and then make material improvements on the bottom line as well.

就毛利率方面的看跌期權而言，我們有來自入站和出站物流成本以及倉儲的 200 個基點的逆風。這確實被渠道轉移所抵消。因此，與您在 2021 年看到的情況非常相似，渠道和地區的轉變，新產品的好處和產品組合的轉變，然後在這種情況下，定價也將抵消這一點。這也是為什麼我們認為在收入增長之間取得平衡非常重要的另一個原因，繼續使我們在毛利潤和毛利率方面取得重大進展，然後也在底線上作出重大改進。

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

我們的下一個問題或評論來自古根海姆的 Bob Drbul。

I think the first one is you called out China, but just wondering if you could just give us a little more color in terms of what shoes are doing well there. Is it lifestyle performance? And I don't know if apparel is doing anything for you there. I'd be curious for a little more color on that side.

我認為第一個是你提到了中國，但只是想知道你是否可以給我們更多的顏色，看看那裡的鞋子做得很好。是生活表現嗎？我不知道服裝是否對你有任何幫助。我會很好奇那一邊的顏色多一點。

And then I think you talked a lot about growing -- I mean the Boston market was the study that you highlighted a lot. Just curious if maybe give us an update on that market or any other examples of some of the markets that you're getting some traction in and you're encouraged by.

然後我認為你談到了很多關於增長的問題——我的意思是波士頓市場是你經常強調的研究。只是好奇是否可以向我們提供有關該市場的最新信息或您正在獲得一些牽引力並受到鼓勵的某些市場的任何其他示例。

Thanks, Bob. So on China, we called that out intentionally. This is an interesting marketplace right now where I'd say a lot of brands within our industry are seeing a lot of struggle, frankly, in that region. We put up really impressive high double-digit growth in that region last year. And as we noted, surpassed our previously highest single country sales. So we're really encouraged by the process. I'll couch that by saying it's still a smaller part of the business in the U.S. is our dominant focus. But as we scale, when we position the brand correctly in China, you know things can move very quickly, and we're really focused there on building a great team and positioning the brand effectively in front of the consumers.

謝謝，鮑勃。所以在中國，我們故意提出了這一點。現在這是一個有趣的市場，坦率地說，我想說我們行業內的很多品牌都在該地區經歷了很多掙扎。去年，我們在該地區實現了令人印象深刻的兩位數增長。正如我們所指出的，超過了我們之前最高的單一國家銷售額。所以我們對這個過程感到非常鼓舞。我會說它仍然是美國業務的一小部分是我們的主要關注點。但隨著我們規模的擴大，當我們在中國正確定位品牌時，你知道事情會進展得非常快，我們真的專注於建立一支優秀的團隊並將品牌有效地定位在消費者面前。

And as the government and other key influencers in that region shifting to a kind of greener consumption trend, we think we're in a fantastic position to accelerate there. And in terms of product, I think it's pretty consistent, frankly, across our portfolio of countries.

隨著該地區的政府和其他主要影響者轉向一種更綠色的消費趨勢，我們認為我們處於加速發展的有利位置。在產品方面，坦率地說，我認為在我們的國家/地區組合中是非常一致的。

And then on the U.S., look, there's still some noise going into our store reads in geography, given what's happening in COVID and how we've gone through, I think, 3 spikes in 2021 of COVID cases. So it's still quite a noisy environment to read through a general retail traffic and idiosyncratic stuff.

然後在美國，看，考慮到 COVID 發生的事情以及我認為 2021 年 COVID 病例的 3 次高峰，我們的商店在地理上仍然存在一些噪音。因此，閱讀一般的零售流量和特殊的東西仍然是一個相當嘈雜的環境。

But Boston is a great one to point to, and we note that because we're now in 2 separate regions in Boston, and you'll see us add more in the near future into that marketplace. We see a great resonance for our product there.

但波士頓是一個值得指出的好地方，我們注意到，因為我們現在在波士頓的兩個不同地區，你會看到我們在不久的將來在這個市場上增加更多。我們在那裡看到了我們產品的巨大共鳴。

We've added a store in Cambridge, which is just down the road, and you've seen almost no cannibalization, really great incremental lift to the business in that region. And that omnichannel impact that we mentioned in the prepared remarks around those repeat customers spending 1.5x versus single channel that's still killing it for us there. So that's the model, and that's the core of what we're doing, Bob.

我們在劍橋增加了一家商店，就在這條路上，你幾乎沒有看到自相殘殺，這對該地區的業務產生了巨大的增量提升。我們在準備好的評論中提到的全渠道影響圍繞那些回頭客花費 1.5 倍而不是單渠道仍然在為我們扼殺牠。這就是模型，這就是我們所做工作的核心，Bob。

I think we have time for a couple more questions in the queue. We're okay going a few minutes over, if you all are. Thanks for the flexibility. We know it went long in prepared remarks, but there's a lot to get through at the end of the year.

我想我們還有時間在隊列中提出更多問題。我們沒關係再過幾分鐘，如果你們都是。感謝您的靈活性。我們知道它在準備好的評論中花了很長時間，但到年底還有很多事情要做。

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

我們的下一個問題或評論來自 Baird 的 Mark Altschwager。

I guess following up on the store traffic for a moment. Just first, can you give us some color on your expected pace of store openings through the year in 2022? And then in the broader context of building brand awareness, any anecdotes you can share on what you're seeing in the market performance for the stores that you've opened in the back half of 2021?

我想暫時跟踪一下商店的流量。首先，您能否為我們提供一些關於您在 2022 年全年開店的預期速度？然後在建立品牌知名度的更廣泛背景下，您可以分享您在 2021 年下半年開設的商店的市場表現中看到的任何軼事嗎？

Yes. In terms of pace of opens, it's going to be pretty even across the quarter, and we can talk a little bit more on the follow-up call, Mark, if there's specific questions you have in your model, but we always like to try to get them open if we can ideally kind of Q1, Q2, Q3 before we get into the busy holiday season.

是的。就打開速度而言，整個季度都會相當平穩，我們可以在後續電話會議上多談一點，馬克，如果你的模型中有具體問題，但我們總是喜歡嘗試如果我們能在進入繁忙的假日季節之前最好地進行 Q1、Q2、Q3 的測試，就可以讓它們開放。

In terms of the second part of the question, just about brand awareness and store openings, I think to Joey's point, it's obviously an interesting environment with COVID and all the different surges. So we're not quite getting a new update right now on the market performance trend market-by-market in the U.S. or how we're kind of look at total business, but we're certainly hearing that as a question. And something we'll definitely kind of follow through with investors over time. And just kind of keep going back to the, for us, this power of the omnichannel model came together in Q4 and how we saw the ability to overall meet demand from the customer. Joey referenced the value of that 14% of repeat customers who spend 50% more than people who repeat just in one channel, and that's why we keep going back to it's really important for us to have this balance across the channels and pursue the strategy.

關於問題的第二部分，關於品牌知名度和開店，我認為在喬伊看來，這顯然是一個有趣的環境，有 COVID 和所有不同的激增。因此，我們現在還沒有得到關於美國市場表現趨勢的新更新，或者我們如何看待整體業務，但我們肯定聽到這是一個問題。隨著時間的推移，我們肯定會與投資者一起跟進。對我們來說，繼續回到第四季度，全渠道模型的這種力量結合在一起，以及我們如何看待整體滿足客戶需求的能力。 Joey 提到了 14% 的回頭客的價值，他們的消費比僅在一個渠道重複的人多 50%，這就是為什麼我們不斷回顧，在渠道之間保持這種平衡並追求戰略對我們來說非常重要。

Our next question or comment comes from the line of Edward Yruma from KeyBanc Capital.

我們的下一個問題或評論來自 KeyBanc Capital 的 Edward Yruma。

I guess just would like to dig down a little bit on The Tree Dasher 2. I know this is the first time you guys have really done kind of a rethink of a product. I know you're mostly iterative with your other products. From a margin perspective, are there any changes? I know you lightened up the product, were you able to take any cost out?

我想只是想深入了解一下 The Tree Dasher 2。我知道這是你們第一次真正重新思考產品。我知道您主要對其他產品進行迭代。從利潤的角度來看，有什麼變化嗎？我知道你減輕了產品的重量，你能拿出任何成本嗎？

And as a follow-up, as we think about the model transition, I know it was planned as you guys have expected with the discount of the initial model. Any learnings from that as you think about releasing new products?

作為後續行動，當我們考慮模型轉換時，我知道它是按照你們的預期計劃的，初始模型的折扣。當您考慮發布新產品時，從中學到了什麼？

I would say Tim is much more prepared to answer the second half of that question. Tim will do a much better answer than I will add.

我想說蒂姆更願意回答這個問題的後半部分。蒂姆的回答會比我補充的要好得多。

In terms of the margin question, if you look at the Dasher 2, we launched at a higher price point than where the Dasher was -- Dasher 1 was, and we continue to always sort of cost engineer. One of the things we referenced in the release around the improvement in gross margin in 2021 was product cost savings.

就利潤問題而言，如果你看一下 Dasher 2，我們以比 Dasher 更高的價格推出 - Dasher 1，我們繼續一直在做成本工程師。我們在新聞稿中提到的關於 2021 年毛利率提高的一件事是節省了產品成本。

And that's a great example, right, whether it's on current products or when we do new generations of products, we're always kind of looking to continue to be able to make improvements in those products over time and improve the margin profile. But Tim, why don't you get more to the heart of this question on the movement of the product itself.

這是一個很好的例子，對，無論是在當前產品上還是在我們生產新一代產品時，我們總是希望能夠隨著時間的推移繼續改進這些產品並提高利潤率。但是蒂姆，你為什麼不更深入地了解這個關於產品本身運動的問題的核心。

This is an exciting [moment]. I think, for us, we're able to really flow through everything we've learned. Remember, the Dasher was our first-ever performance product. It was a very successful franchise, really performing out of the gate. But we knew quite quickly, there was a bunch of things we could improve on, and fit traction, reflectivity.

這是一個激動人心的[時刻]。我認為，對我們來說，我們能夠真正地通過我們所學到的一切。請記住，Dasher 是我們的第一款高性能產品。這是一個非常成功的特許經營權，確實表現出色。但我們很快就知道，有很多東西我們可以改進，適合牽引力和反射率。

And just -- it speaks also to our growing innovation capability that we're able to flow advanced methods of make into this product. And you'll see that through this year with the addition of new performance franchises. There's a real momentum here for us in the performance category. We continue to believe we can win and do something that no one has really done with natural materials there to create better product experiences. So the Dasher 2 is just a start for us. But again, you should expect to see that consistently for us from here on in.

只是——這也說明了我們不斷增長的創新能力，我們能夠將先進的製造方法融入到這個產品中。隨著新的性能特許經營權的增加，您將在今年看到這一點。在性能類別中，我們有真正的動力。我們仍然相信我們可以贏得併做一些沒有人真正用天然材料做過的事情，以創造更好的產品體驗。所以 Dasher 2 對我們來說只是一個開始。但同樣，您應該期望從現在開始為我們始終如一地看到這一點。

All right. We have one more question in the queue, which we'll try to answer quickly. And thanks again, everybody, for your flexibility and going over with us a few minutes here. We'll try to get to this one quickly if we can now.

好的。我們在隊列中還有一個問題，我們會盡快回答。再次感謝大家的靈活性，並在這裡與我們一起討論幾分鐘。如果我們現在可以的話，我們將嘗試盡快完成這一任務。

Our final question is from the line of Brian McNamara from Berenberg Capital Markets.

我們的最後一個問題來自 Berenberg Capital Markets 的 Brian McNamara。

With upgraded 2022 full year guidance, including pricing of 1% to 3%, I'm curious how much pricing was contemplated in your prior guidance? And secondly, I'm curious if you could talk to the split between your sales to new and existing customers and how we should think about that in terms of that mix in 2022?

隨著 2022 年全年指導的升級，包括 1% 至 3% 的定價，我很好奇您之前的指導中考慮了多少定價？其次，我很好奇您是否可以談談您對新客戶和現有客戶的銷售額之間的差異，以及我們應該如何考慮 2022 年的這種組合？

Yes. There was no pricing contemplated in the last guidance we gave. We were only a couple of months into having taken the modest price increase, Brian. So if that had been factored in, we would have shared the context like we did in the call today. So definitely new news, especially as we saw the macro environment.

是的。我們提供的上一份指導中沒有考慮定價。布賴恩，我們只花了幾個月的時間就接受了適度的價格上漲。因此，如果考慮到這一點，我們將像今天在電話會議中那樣分享上下文。所以絕對是新消息，尤其是當我們看到宏觀環境時。

Then in terms of thinking about that split between new and repeat customers, that's not something we're really kind of breaking out as you think about the guidance and sort of the going forward. So we feel good about that for sure.

然後就考慮新客戶和回頭客之間的分歧而言，當您考慮指導和未來的發展時，這並不是我們真正會爆發的事情。所以我們肯定對此感覺良好。

And then going back to the sort of on the overall guidance point for us, we definitely see what we saw happen in 2021, both on the full year basis and in Q4 and now what we're seeing into Q1 and for the full year of 2022. This is an acceleration in the business, especially in the top line. We feel really good about the position we're entering the year, and we're excited to have a great year in 2022.

然後回到我們的總體指導點，我們肯定會看到我們在 2021 年看到的情況，包括全年和第四季度，現在我們看到第一季度和全年的情況2022. 這是業務的加速，尤其是在收入方面。我們對進入這一年的職位感覺非常好，我們很高興在 2022 年有一個偉大的一年。

I'm showing no additional questions in the queue at this time.

我目前沒有在隊列中顯示其他問題。

Yes. Maybe I'll just close out, operator. Thanks. I appreciate all the thoughtful questions then. Hopefully, we've conveyed everyone the strength of the underlying business and how this translated to our financial output, both for Q4 but also for the full year '21 and our continued growth and expectations for '22. So I think I'll point to the momentum.

是的。也許我會關閉，操作員。謝謝。我很感激所有深思熟慮的問題。希望我們已經向每個人傳達了基礎業務的實力，以及這如何轉化為我們的財務產出，無論是第四季度還是 21 年全年以及我們對 22 年的持續增長和預期。所以我想我會指出勢頭。

What's most exciting for us is the product lineup that we are coming to, Tim alluded to it a couple of times, and also the team to deliver against these goals. We're really eager to execute against our impact and our financial targets and start this year with a lot of optimism for the growth in our brand this year. So thanks again, and look forward to talking with you guys next quarter.

對我們來說最令人興奮的是我們即將推出的產品陣容，蒂姆曾多次提到它，以及實現這些目標的團隊。我們非常渴望執行我們的影響力和財務目標，並從今年開始對今年我們品牌的增長充滿樂觀。再次感謝，期待下個季度與你們交談。

Ladies and gentlemen, thank you for participating in today's conference. This concludes the program. You may now disconnect. Everyone, have a wonderful day.

女士們，先生們，感謝你們參加今天的會議。程序到此結束。您現在可以斷開連接。大家，有一個美好的一天。