Birkenstock Holding PLC (BIRK) 2024 Q3 法說會逐字稿

Good morning, and thank you for standing by. Welcome to bargain stocks third quarter of fiscal 2024 earnings conference call. (Operator Instructions) I would like to remind everyone that this conference call is being recorded.

早安，感謝您的支持。歡迎參加 2024 財年第三季財報電話會議。（操作員說明）我想提醒大家，本次電話會議正在錄音。

I will now turn the call over to Megan Kulick, Director of Investor Relations.

我現在將把電話轉給投資者關係總監梅根·庫利克 (Megan Kulick)。

Hello, and thank you, everyone, for joining us today. On the call are Oliver Reichert, Director of Birkenstock Holding PLC and Chief Executive Officer of the Birkenstock Group; and Erik Massmann, Chief Financial Officer of the Birkenstock Group. Klaus Baumann, Chief Sales Officer; David Kahan, President of Americas; Tiffany Wu, Managing Director of Greater China; Alexander Hoff, Vice President Global Finance, will join us for the Q&A.

大家好，謝謝大家今天加入我們。參加電話會議的有勃肯控股有限公司 (Birkenstock Holding PLC) 董事兼勃肯集團 (Birkenstock Group) 首席執行官 Oliver Reichert；以及勃肯集團首席財務長 Erik Massmann。克勞斯·鮑曼，首席銷售官；大衛‧卡漢 (David Kahan)，美洲區總裁； Tiffany Wu，大中華區董事總經理；全球財務副總裁 Alexander Hoff 將與我們一起參加問答。

Please keep in mind that our fiscal year ends on September 30, thus our third quarter of fiscal 2024 ended on June 30, 2024. You may find the press release and (technical difficulty) supplemental presentation connected to today's discussion on our Investor Relation website birkenstock-holding.com. We would like to remind you that some of the information provided during this call is forward-looking and accordingly is subject to the safe harbor provisions of the federal securities laws.

請記住，我們的財政年度於 9 月 30 日結束，因此我們的 2024 財年第三季於 2024 年 6 月 30 日結束。您可以在我們的投資者關係網站 birkenstock-holding.com 上找到與今天的討論相關的新聞稿和（技術難度）補充演示。我們想提醒您，本次電話會議中提供的一些資訊是前瞻性的，因此受到聯邦證券法安全港條款的約束。

These statements are subject to various risks, uncertainties and assumptions which could cause our actual results to differ materially from these statements. The risks, uncertainties and assumptions are detailed in this morning's press release as well as in our filings with the SEC, which can be found on our website at birkenstock-holding.com.

這些陳述受到各種風險、不確定性和假設的影響，可能導致我們的實際結果與這些陳述有重大差異。今天早上的新聞稿以及我們向 SEC 提交的文件中詳細介紹了風險、不確定性和假設，這些文件可以在我們的網站 birkenstock-holding.com 上找到。

We undertake no obligation to revise or update any forward-looking statements or information except as required by law. During the call, all revenue growth rate will be cited on a constant currency basis, unless otherwise stated, we will also refer to certain non-IFRS financial information. We use non-IFRS measures as we believe they represent operational performance and underlying results of our business more accurately.

除法律要求外，我們不承擔修改或更新任何前瞻性陳述或資訊的義務。在電話會議期間，所有收入成長率都將以固定貨幣為基礎引用，除非另有說明，我們也將參考某些非國際財務報告準則的財務資訊。我們使用非國際財務報告準則來衡量標準，因為我們相信它們更準確地代表了我們業務的營運績效和基本結果。

The presentation of this non-IFRS financial information is not intended to be considered by itself or as a substitute for the financial information prepared and presented in accordance with IFRS. Reconciliation of IFRS to non-IFRS measures can be found in this morning's press release and in our SEC filing.

本非國際財務報告準則財務資訊的列報本身無意被視為或取代根據國際財務報告準則編制和列報的財務資訊。IFRS 與非 IFRS 措施的調節可以在今天早上的新聞稿和我們向 SEC 提交的文件中找到。

With that, I'll turn the call over to Oliver.

這樣，我就把電話轉給奧利佛。

Good morning, everybody, and thank you for joining today's call. It was great seeing many of you in June during the most recent roadshow. We thank you for your love for the brand and kind support. We are happy to be here today to discuss another exceptional record setting quarter of our company. We achieved the highest quarterly revenue in our history. This was driven by the unbreakable and growing demand for products across all segments, channels and categories.

大家早安，感謝您參加今天的電話會議。很高興在六月最近的路演中見到你們中的許多人。我們感謝您對品牌的熱愛與支持。我們很高興今天能在這裡討論我們公司另一個創下紀錄的季度。我們實現了歷史上最高的季度收入。這是由所有細分市場、通路和類別對產品牢不可破且不斷增長的需求所推動的。

As promised during our IPO and secondary offering, with delivering mid to high teens revenue growth, gross margin of 60% and adjusted EBITDA margins of 30%-plus. As promised expanding into the white space opportunities, we identified closed-toe silhouettes, orthopedics, professional, outdoor, the importance of my region and own retail.

正如我們在 IPO 和二次發行期間所承諾的那樣，收入將實現中高位成長，毛利率達到 60%，調整後 EBITDA 利潤率達到 30% 以上。正如承諾的擴展到白色空間的機會，我們確定了封閉腳趾輪廓、矯形、專業、戶外、我所在地區和自己零售的重要性。

Now let's have a look at third quarter. Birkenstock achieved 19% revenue growth in constant currency. As it's super brand we are taking share at and gaining the attention of our key retail partners and their consumers. Consumers are becoming increasingly selective and more intentional in their spending, and looking for more physical touch points with the product. They are seeking brand, they love and Birkenstock one of these global super brand.

現在讓我們來看看第三季。以固定匯率計算，勃肯 (Birkenstock) 的營收成長了 19%。作為超級品牌，我們正在搶佔主要零售合作夥伴及其消費者的份額並獲得他們的關注。消費者在消費時變得越來越有選擇性、更有目的性，並尋找更多與產品的實體接觸點。他們正在尋求品牌，他們喜愛勃肯這些全球超級品牌之一。

Our 19% revenue growth in the quarter was driven by 23% growth in our B2B business and 14% growth in our D2C business, well outpacing our peers. Birkenstock as a product need to be seen and touch, and we benefited from this shift towards more in-person shopping. This movement is validated through increasing sell-through rates and reorders at our key retail partners.

我們本季 19% 的營收成長是由 B2B 業務成長 23% 和 D2C 業務成長 14% 推動的，遠遠超過了同業。Birkenstock 作為一種產品需要被看到和觸摸，我們從這種轉向更多面對面購物的轉變中受益。這項措施透過我們主要零售合作夥伴的售貨率和再訂購率的提高得到了驗證。

Accordingly, our B2B business was a bigger part of our third quarter than it has ever been. We continue to see growth in revenue from our key wholesale accounts with over 90% of our B2B growth coming from within existing doors. Our partners increased order size and added new categories and did a great job presenting our brand to the new consumers.

因此，我們的 B2B 業務在第三季所佔的比例比以往任何時候都更大。我們繼續看到主要批發客戶的收入成長，超過 90% 的 B2B 成長來自現有業務。我們的合作夥伴增加了訂單規模並添加了新的類別，並出色地向新消費者展示了我們的品牌。

Younger consumers prefer to shop in store. A trend we are seeing more and more. 12,400 wholesale doors are an important brand touch point for consumers. With a limited, but steadily growing fleet of 64 owned retail stores worldwide, we rely on our B2B business for its reach, predictability and margin strength.

年輕消費者更喜歡在商店購物。我們越來越多地看到這種趨勢。 12,400家批發門是消費者重要的品牌接觸點。我們在全球擁有 64 家自營零售店，數量有限但穩定成長，我們依賴 B2B 業務的覆蓋範圍、可預測性和利潤實力。

Secondly, the B2B business of a super brand like Birkenstock decreases risk with a very, very healthy margin. While ASP was up year over year, volume was a bigger contributor to revenue growth this quarter, given the strong B2B growth and the additional capacity provided by our factory expansion. As promised, we will never compromise our engineered distribution model and are maintaining our disciplined approach to relative market capacity to keep supply comfortably under demand.

其次，像勃肯這樣的超級品牌的 B2B 業務以非常非常健康的利潤來降低風險。雖然平均售價較去年同期上漲，但考慮到 B2B 的強勁成長以及我們工廠擴建帶來的額外產能，銷售量對本季營收成長的貢獻更大。正如所承諾的那樣，我們永遠不會妥協我們的工程分銷模式，並將維持我們對相對市場容量的嚴格方法，以保持供應輕鬆滿足需求。

As mentioned, retail remains an important white space opportunity for us. We continue to selectively add to our footprint globally, adding seven new stores in the third quarter, bringing the total to 64. Our digital business continues to perform well, with double-digit growth in the quarter. We continued to add to our fast-growing membership program, which grew 36% year over year to 6.9 million members.

如前所述，零售業對我們來說仍然是一個重要的空白機會。我們繼續選擇性地擴大全球足跡，第三季新增 7 家門市，使門市總數達到 64 家。我們的數位業務繼續表現良好，本季實現了兩位數的成長。我們持續擴大快速成長的會員計劃，會員人數年增 36%，達到 690 萬名。

These members are highly engaged, spending more frequently and spending over 25% more per transaction than nonmembers. We saw continued shift towards closer silhouettes, including clocks, and premium products during the quarter. Sales from closed-toe silhouettes grew more than double the rate of the overall brand in the quarter, and revenue share increased 400 basis points year over year.

這些會員參與度很高，消費頻率更高，每筆交易的支出比非會員高出 25% 以上。我們看到本季繼續朝著更緊密的輪廓轉變，包括時鐘和優質產品。該季度閉趾鞋款的銷售成長是整個品牌的兩倍多，營收份額較去年同期成長 400 個基點。

We continue to generate significant momentum and compelling top-line performance from our new style and have excellent new products in the pipeline in each category enrich. At the same time, the momentum with our core silhouettes remains very strong. Revenue from our top five silhouettes, most of which have been around close to 50 years, was up 24% in the quarter. This highlights the continued commercial relevance these iconic models and most recognizable styles.

我們繼續透過我們的新風格產生巨大的動力和引人注​​目的頂線業績，並在每個類別豐富的管道中擁有優秀的新產品。與此同時，我們的核心輪廓的勢頭仍然非常強勁。我們排名前五的款式（其中大多數已有近 50 年歷史）的收入在本季度增長了 24%。這凸顯了這些標誌性款式和最知名款式的持續商業相關性。

Now let's move to our discussion of segment performance. Within our largest segment in the Americas, strong consumer demand for our brand continued in the third quarter. Revenue in the region was up 15%, compared to the same period a year ago. Our B2B channel was especially strong in the quarter. We saw particularly strength in department store accounts, which were up over 25%. Many drove meaningful brand exposure with 250 year anniversary statement displays in which they allocated more space to Birkenstock support the initiatives.

現在讓我們開始討論部門績效。在我們最大的美洲市場中，第三季消費者對我們品牌的需求持續強勁。與去年同期相比，該地區的收入成長了 15%。我們的 B2B 通路在本季尤其強勁。我們看到百貨公司帳戶尤其強勁，成長了 25% 以上。許多人透過 250 週年紀念聲明展示來推動有意義的品牌曝光，在展示中他們分配了更多空間來支持勃肯 (Birkenstock) 的舉措。

They celebrated the rich heritage of the brand and also included expansionary product such as close to premium executions. Full price realization remained very strong at 95%. This resulted in continued strong replenishment orders and backlog into '25. We carefully manage business to support our relative [scarcity] model across our wholesale partners and our stock to sales ratios remain very healthy.

他們頌揚了品牌的豐富傳統，也包括了擴展產品，例如接近優質的產品。全價實現率仍然非常強勁，達到 95%。這導致補貨訂單和積壓訂單持續強勁，直至 25 年。我們精心管理業務，以支援批發合作夥伴的相對[稀缺]模式，我們的庫存與銷售比率仍然非常健康。

New points of distribution in the Americas accounted for single digit percentage of revenue growth. Newly opened doors were focused on specialty retailers in the whitespace areas we identified, including professional outdoor and running specialty retailers. Where the benefits of our footbed as a recovery is finding strong end-use demand.

美洲的新分銷點佔收入成長的個位數百分比。新開幕的商店主要集中在我們確定的空白區域的專業零售商，包括專業戶外和跑步專業零售商。我們的鞋床作為復甦的好處是找到強勁的最終用途需求。

As mentioned earlier, we saw a noticeable shift to in-person shopping during the quarter with increased traffic at our own stores and increased sell-through at our B2B partners. Still growth in the third quarter in our D2C channel was up in the high single digits. Our own store retail sales were up over 60%, driven by strong close-toe and premium product sales.

正如前面提到的，我們看到本季明顯轉向面對面購物，我們自己商店的客流量增加了，我們的 B2B 合作夥伴的銷量也增加了。我們的 D2C 通路第三季的成長仍然達到高個位數。在強勁的貼頭產品和優質產品銷售的推動下，我們自己的商店零售額增長了 60% 以上。

Within our own retail fleet of currently eight stores in the US, we view the 6,600 wholesale doors as a key asset in which we can connect with consumers. The results speak for themselves. Consumers want to shop for Birkenstock, and we have the ability to interact with them wherever they are searching for brands, be it online or in-store.

在我們目前在美國擁有 8 家商店的零售隊伍中，我們將 6,600 個批發門視為我們與消費者建立聯繫的關鍵資產。結果不言而喻。消費者想要購買 Birkenstock，無論他們在網路上或店內搜尋品牌，我們都能夠與他們互動。

We opened three new owned retail stores in the US during the third quarter, including our newest flagship in Austin. We plan to open additional stores in Boston and Nashville over the coming months. To continue to be selective in our retail expansion, looking for the right markets and the ideal location to allow for the 12 to 18 month payback require. We will continue to leverage the strength of our B2B partners to connect with Birkenstock trends in person more broadly.

第三季度，我們在美國新開了三家零售店，其中包括我們在奧斯汀的最新旗艦店。我們計劃未來幾個月在波士頓和納許維爾開設更多商店。繼續有選擇性地進行零售擴張，尋找合適的市場和理想的地點，以滿足 12 至 18 個月的投資回收期要求。我們將繼續利用 B2B 合作夥伴的力量，更廣泛地與勃肯 (Birkenstock) 趨勢建立聯繫。

In our second largest segment, Europe, we delivered another exceptional quarter with growth of 19% and the (technical difficulty) by continued strong consumer demand across the region. Birkenstock continues to grow double digits and to take share in a market that remains soft. While we realized strong double digit growth across the whole region, we saw the best performance in those countries where we recently faced our distributors and replaced them with our own distribution, such as France and Belgium.

在我們的第二大細分市場——歐洲，我們迎來了一個出色的季度，成長了 19%，而該地區持續強勁的消費者需求也解決了（技術難題）。勃肯 (Birkenstock) 繼續實現兩位數成長，並在依然疲軟的市場中佔據份額。雖然我們在整個地區實現了兩位數的強勁增長，但我們在最近面對我們的分銷商並用我們自己的分銷商取代它們的國家/地區看到了最好的表現，例如法國和比利時。

We saw strength in both the D2C and B2B channels, but similar to the Americas B2B on pace to double digit growth of D2C in the third quarter. Our focus on better alignment with key strategic retail partners led to increase orders and strong sales performance from these targeted accounts. As we saw in the Americas, over 90% of the growth in B2B came from within existing doors.

我們看到了 D2C 和 B2B 頻道的強勁勢頭，但與美洲 B2B 類似，第三季 D2C 的成長速度達到了兩位數。我們致力於與主要策略零售合作夥伴更好地保持一致，從而增加了這些目標客戶的訂單和強勁的銷售業績。正如我們在美洲看到的那樣，B2B 領域 90% 以上的成長來自現有業務。

Our partners continued to add to the business of assortment to meet the expanding consumer demand. Birkenstock continues to be one of the top-performing brands across the region for our wholesale partners. Similar to the Americas, we saw a move towards more in-store purchases in the quarter. This is why it is so important that we continue to balance a very strong, stable and profitable B2B business with our D2C business, and increase our own retail fleet. With our engineered distribution, we can easily adapt to any changes in consumer spending patterns to meet market demand.

我們的合作夥伴不斷增加品種業務，以滿足不斷擴大的消費者需求。對於我們的批發合作夥伴來說，勃肯 (Birkenstock) 仍然是該地區表現最好的品牌之一。與美洲類似，我們看到本季店內購買有所增加。這就是為什麼我們繼續平衡非常強大、穩定和盈利的 B2B 業務與 D2C 業務並增加我們自己的零售隊伍如此重要。透過我們精心設計的分銷，我們可以輕鬆適應消費者支出模式的任何變化，以滿足市場需求。

Within Europe, we saw very strong consumer adoption of new models coming out of parts of our factory. that (inaudible) have strong sell throughs of up to 90%, and were sold out in many sizes and colors.

在歐洲，我們看到消費者對我們工廠部分地區生產的新車型的採用非常強烈。 （聽不清楚）銷量高達 90%，多種尺寸和顏色均已售罄。

Lastly, I want to congratulate the team on the successful launch of our new line of sneakers foot beds and installed during Paris Fashion Week on the recent opening of our newest European flagship store in Paris, located in the heart of the historic Marais.

最後，我要祝賀我們的團隊成功推出了新的運動鞋腳床系列，並在巴黎時裝週期間安裝在我們最近在巴黎開設的最新歐洲旗艦店（位於歷史悠久的瑪萊區的中心）。

APMA our fastest-growing segment in the third quarter of fiscal 2024. With revenue growth of 41%, driven by strong growth in both volume and ASP growth in the region was largely driven by our D2C channel. We added four new own retail stores, including three in India and one in Japan. Bringing the total APMA region into '23.

APMA 是我們 2024 財年第三季成長最快的部門。該地區銷量和平均售價的強勁增長主要是由我們的 D2C 管道推動的，收入增長了 41%。我們新增了四家自有零售店，其中三家位於印度，一家在日本。將整個 APMA 區域帶入 '23。

We also saw a healthy increase in B2B in third quarter of fiscal 2024, which was driven by an expansion within our mono-brand partners stores in the addition of 10 newly opened stores. Demand in APMA is broad based and like other regions has benefited from closed-toe silhouettes, including clocks, which more than doubled compared to the same quarter last year.

我們也看到 2024 財年第三季 B2B 業務實現健康成長，這是由於我們的單一品牌合作夥伴商店內新增 10 家新開商店的擴張所推動的。APMA 的需求基礎廣泛，與其他地區一樣，也受益於包括鐘錶在內的閉趾款式，與去年同期相比增長了一倍多。

We saw particularly strong growth from our two largest markets in the region, Japan and Australia. Greater China, which currently makes up less than 15% of the APMA revenue grew over 25%. In the quarter and remains an important expansionary markets (inaudible). We are still in the early stages of our market rollout there and are starting to see the benefits of our efforts already.

我們看到該地區兩個最大的市場日本和澳洲的成長尤其強勁。目前佔 APMA 收入不到 15% 的大中華區成長了 25% 以上。本季仍是重要的擴張市場（聽不清楚）。我們仍處於在那裡市場推廣的早期階段，並且已經開始看到我們努力的好處。

We had a very successful opening of our Shanghai pop-up store in April and has generated significant brand awareness and interest. (inaudible) more than tripled in the third quarter and business took was a top five brand in our category in the most recent [618 event] on technology.

四月份，我們在上海的快閃店非常成功地開業，並產生了顯著的品牌知名度和興趣。 （聽不清楚）第三季成長了兩倍多，在最近的技術 [618 事件] 中，業務量是我們類別中排名前五的品牌。

I will now turn it over to Eric to discuss our financial results in more detail. Thank you.

我現在將把它交給埃里克，更詳細地討論我們的財務表現。謝謝。

Thanks, Oliver, and good morning, everyone. I'm very pleased to share Birkenstock's performance in the third quarter of fiscal 2024. The health and strength of our brand, again clearly reflected in our third quarter results. Birkenstock has cemented its position as one of the few must-carry brands in the wholesale channel and also our D2C channels. They continue to grow as consumers become more intentional in their purchases.

謝謝奧利佛，大家早安。我很高興與大家分享 Birkenstock 在 2024 財年第三季的表現。我們品牌的健康和實力再次清楚地反映在我們第三季的業績中。Birkenstock 鞏固了其作為批發管道和 D2C 管道中為數不多的必備品牌之一的地位。隨著消費者購買時變得更加有意，它們會繼續增長。

Let's have a look into the detail of third quarter results. Third quarter Fiscal 2024 revenue was EUR565 million, growing 19% versus the prior year on a constant currency basis. We once again generated double-digit growth across all segments and channels, demonstrating the desirability and resilience of our brand. B2B was up 23% in constant currency, and our D2C performance was up by 14% versus prior year.

讓我們來看看第三季業績的詳細情況。2024 財年第三季營收為 5.65 億歐元，以固定匯率計算比上年成長 19%。我們再次在所有細分市場和通路上實現了兩位數的成長，展現了我們品牌的吸引力和韌性。以固定匯率計算，B2B 成長了 23%，D2C 業績比去年成長了 14%。

Gross profit margin of third quarter fiscal '24 was 59.5%, up 320 basis points sequentially. It was down 220 basis points compared to prior year's gross profit margin. Our ongoing capacity expansion accounted for about 120 basis points of the decline compared to prior year third quarter. The remaining 100 basis points is primarily due to the shift in mix from D2C to B2B compared to a year ago.

2024 財年第三季毛利率為 59.5%，較上一季成長 320 個基點。與前一年相比，毛利率下降了 220 個基點。與去年第三季相比，我們持續的產能擴張造成了約 120 個基點的下降。剩下的 100 個基點主要是由於與一年前相比，組合從 D2C 轉向 B2B。

As we have said in the past, our gross profit margin will vary from quarter to quarter based on channel mix as DTC yields a higher gross margin than B2B. Conversely, B2B yield slightly higher EBITDA margin given slower selling and distribution expense. Adjusted selling and distribution expenditure were EUR149 million, representing 26.4% of revenue in the third quarter, down 220 basis points year over year due to the increased B2B penetration, offset partially by our retail store investments.

正如我們過去所說，我們的毛利率將根據通路組合而因季度而異，因為 DTC 的毛利率高於 B2B。相反，由於銷售和分銷費用放緩，B2B 的 EBITDA 利潤率略高。調整後的銷售和分銷支出為 1.49 億歐元，佔第三季收入的 26.4%，由於 B2B 滲透率的增加，同比下降 220 個基點，但被我們的零售店投資部分抵消。

Adjusted general administrative expenses were EUR25 million for 4.5% of revenue, up 160 basis points year over year, primarily due to the incremental public company costs. Third quarter adjusted EBITDA of EUR186 million was the strongest quarterly EBITDA in the company's history and up 15% versus third quarter of fiscal 2023.

調整後一般管理費用為 2,500 萬歐元，佔營收的 4.5%，較去年同期成長 160 個基點，主要是因為上市公司成本增加。第三季調整後 EBITDA 為 1.86 億歐元，是公司史上最強勁的季度 EBITDA，比 2023 財年第三季成長 15%。

We came out of Q3 with an adjusted EBITDA margin of 33%. This was down 140 basis points from the prior year, impacted from the same temporary and onetime items we discussed with regard to gross profit margin as well as the additional costs of expanding our retail and D2C presence and incremental public company costs, partially offset by the mix shift to higher B2B revenue. Adjusted net profit of EUR92 million was up 14% and adjusted earnings per share was EUR0.49, up 11% from a year ago.

第三季調整後 EBITDA 利潤率為 33%。這比前一年下降了 140 個基點，受到我們討論的毛利率方面的相同臨時和一次性項目的影響，以及擴大零售和 D2C 業務的額外成本以及增量上市公司成本，部分被混合轉向更高的B2B 收入。調整後淨利為 9,200 萬歐元，較去年同期成長 14%，調整後每股收益為 0.49 歐元，較去年同期成長 11%。

Let's now have a look at our balance sheet as of June 30, 2024. Cash and cash equivalents were EUR404 million as of June 30, 2024, up from EUR176 million at the end of the second quarter. In the third quarter of fiscal 2024, inventory was EUR619 million or about 36% of last 12 months revenue down from 40% in the year-ago third quarter. We generated EUR281 million in operating cash flow in the quarter, up 19% year over year.

現在讓我們來看看截至 2024 年 6 月 30 日的資產負債表。截至 2024 年 6 月 30 日，現金及現金等價物為 4.04 億歐元，高於第二季末的 1.76 億歐元。2024 財年第三季度，庫存為 6.19 億歐元，約佔過去 12 個月營收的 36%，低於去年同期第三季的 40%。本季我們產生了 2.81 億歐元的營運現金流，較去年同期成長 19%。

Total cash flow was EUR229 million in the quarter, up 93% from the same quarter last year due to the growth in operating cash flow, lower capital expenditures and financing costs. As we have said before, we will continue to do leverage using cash generated from operations. Our net leverage was 2.1x as of June 30, 2024.

由於營運現金流成長、資本支出和融資成本下降，本季總現金流為2.29億歐元，較去年同季成長93%。正如我們之前所說，我們將繼續使用營運產生的現金進行槓桿操作。截至 2024 年 6 月 30 日，我們的淨槓桿率為 2.1 倍。

Earlier this month, we completed the paydown of approximately $50 million of loans in conjunction with our refinancing and replacement of our credit facilities we announced from May 28. This week, we notified our lenders of our intent to repay an additional $100 million of our US term loan on September 3. We remain committed to reaching a net leverage ratio of 2x by the end of the year, and we'll use free cash flow to reduce debt for the foreseeable future.

本月早些時候，我們完成了約 5,000 萬美元貸款的償還，同時我們也從 5 月 28 日起宣布了再融資和信貸安排更換。本週，我們通知貸方，我們打算在 9 月 3 日額外償還 1 億美元的美國定期貸款。我們仍然致力於在今年年底前達到 2 倍的淨槓桿率，並且在可預見的未來，我們將利用自由現金流來減少債務。

Capital expenditures totaled [EUR15 million] in the third quarter, bringing the total amount invested year to date to EUR50 million, mainly related to our production capacity expansion and new (inaudible). As we said during our most recent roadshow, we expect capital expenditures to come in below 100 million for the fiscal year.

第三季資本支出總計[1500萬歐元]，使年初至今的投資總額達到5000萬歐元，主要與我們的產能擴張和新項目有關（聽不清楚）。正如我們在最近的路演中所說，我們預計本財年的資本支出將低於 1 億美元。

With that, I'll hand over back to Oliver.

這樣，我就把事情還給奧利佛。

Thanks, Eric. Let me summarize our discussion. Our exceptional results during the third quarter and first nine months of fiscal 2024 demonstrate our ability to deliver on the promises we made during our IPO and secondary road shows. We are delivering strong double digit revenue growth, strong margins and cash generation, and expanding into new white space areas.

謝謝，埃里克。讓我總結一下我們的討論。我們在 2024 財年第三季和前九個月的出色業績證明了我們有能力兌現 IPO 和二次路演期間所做的承諾。我們正在實現強勁的兩位數收入成長、強勁的利潤和現金生成，並擴展到新的空白領域。

We are executing on our proven engineered distribution strategy to drive both volume and ASP growth to meet the growing consumer demand for our products, for both classics as well as new emerging products and across all segments and channels. We also have the ability to meet our customers wherever they seek to interact with our brands, be that online or in-store.

我們正在執行經過驗證的設計分銷策略，以推動銷售和平均售價的成長，以滿足消費者對我們產品不斷增長的需求，無論是經典產品還是新興產品以及所有細分市場和通路。我們也能夠滿足客戶在任何地方尋求與我們的品牌互動的需求，無論是在網路上還是在店內。

Our growth continues to significantly outpace our peers in the Americas and Europe, with strong and increasing momentum from our B2B partners and in our D2C footprint. We are entering the next chapter of growth as we tapped into our largest white space market APMA region. We are increasing brand awareness, educating the consumer on the purpose of the business of footbed and are taking market share by following our playbook of disciplined engineered distribution to support ASP.

憑藉我們的 B2B 合作夥伴和 D2C 足跡的強勁且不斷增長的勢頭，我們的成長繼續顯著超過美洲和歐洲的同行。隨著我們進入最大的空白市場 APMA 地區，我們正在進入下一個成長篇章。我們正在提高品牌知名度，教育消費者了解鞋墊業務的目的，並透過遵循我們嚴格的工程分銷手冊來支援 ASP，從而搶佔市場份額。

With our growing leadership team in the region, continuous investment in digital and retail partnerships, we see a long runway for growth ahead in (inaudible). We are confirming our fiscal year 2024 guidance for total revenue growth in constant currency of 20% and adjusted EBITDA margin of 30% to 30.5%. We remain fully committed to our medium and long-term target of mid to high tenns revenue growth, gross profit margin of 60% and adjusted EBITDA margin over 30%.

隨著我們在該地區不斷壯大的領導團隊，以及對數位和零售合作夥伴關係的持續投資，我們看到了未來成長的漫長道路（聽不清楚）。我們確認 2024 財年的指導方針是，以固定匯率計算，總營收成長 20%，調整後 EBITDA 利潤率為 30% 至 30.5%。我們仍全力實現營收中高端成長、毛利率60%、調整後EBITDA利潤率30%以上的中長期目標。

I'd now kindly ask the operator to open our Q&A session.

我現在請接線生開始我們的問答環節。

Thank you. (Operator Instructions) Simeon Siegel, BMO Capital Markets.

謝謝。（操作員說明）Simeon Siegel，BMO 資本市場。

Thanks. Hey, everyone. Because I know the stock may not reflect it right now, but congrats on really impressive top line growth online, really ongoing margin, strengthen the brand health there. I mean that was very impressive. Oliver, could you speak to how units in like for like ASP performed versus your expectations, the revenue show that you're clearly enjoying really strong customer demand.

謝謝。嘿，大家。因為我知道該股票現在可能無法反映這一點，但祝賀在線上真正令人印象深刻的營收成長，真正持續的利潤率，加強了那裡的品牌健康。我的意思是這非常令人印象深刻。Oliver，您能否談談 ASP 等單位的表現與您的預期相比如何，收入表明您顯然正在享受真正強勁的客戶需求。

And if I'm thinking about it correctly, I think the overall number may still overshadow some of important channel nuance that you're talking about. So revenues basically hit consensus while beating adjusted EBITDA margins and this was on the strong B2B outperformance. So I'm just wondering, could you help me understand, as I guess, in line revenues on higher wholesale mix suggest you're actually outperforming your internal units.

如果我的想法是正確的，我認為總數可能仍然掩蓋了您正在談論的一些重要管道的細微差別。因此，收入基本上達到了共識，同時超過了調整後的 EBITDA 利潤率，這得益於 B2B 的強勁表​​現。所以我只是想知道，你能否幫助我理解，正如我猜測的那樣，更高的批發組合的線上收入表明你實際上優於你的內部部門。

And then maybe just reflect on the strong customer demand, you beat the profit margin. So perhaps remind us how you're thinking about both channels, health and trajectory. And then just lastly, if I can, maybe for Eric, any color you can share just on comfort for guidance, perhaps both Q4 and beyond. It's tough macro out there, but you're still posting industry-leading growth. So curious any puts and takes to keep in mind. Thank you.

然後，也許只要考慮一下強勁的客戶需求，您就可以超越利潤率。因此，也許請提醒我們您是如何考慮渠道、健康狀況和軌蹟的。最後，如果可以的話，也許對艾瑞克來說，您可以分享任何關於舒適度的顏色以供指導，也許是第四季度及以後。宏觀經濟形勢嚴峻，但你們仍然實現了行業領先的成長。非常好奇任何要記住的投入和投入。謝謝。

Hi, Simeon, thanks for the question, and the good one. You're thinking about that the right way? Our units sold were very strong and like for like, ASP was up. So yeah, with a higher B2B mix, we hit our revenue growth expectations and importantly saw improved margins as well.

嗨，西蒙，謝謝你提出這個問題，而且這個問題很好。你的想法是對的嗎？我們的銷售量非常強勁，平均售價也上漲了。所以，是的，隨著 B2B 組合的提高，我們達到了營收成長預期，重要的是，我們也看到了利潤率的提高。

Our B2B business is a very profitable business. It has higher EBITDA margins than our D2C business. And importantly, it is very predictable and less risky. Birkenstock has not seen any consumer spending softness or anything like that, we are selling more units at higher ASP and we continue to grow and take share. I think that's really the most important part of the story.

我們的B2B業務是一項非常賺錢的業務。它的 EBITDA 利潤率高於我們的 D2C 業務。重要的是，它是非常可預測的並且風險較小。勃肯 (Birkenstock) 沒有看到任何消費者支出疲軟或類似的情況，我們以更高的平均售價出售更多單位，並且我們繼續增長並佔據份額。我認為這確實是故事中最重要的部分。

And then as I said in my prepared comments, we saw some movement to in-person shopping during the quarter. We're happy about this. To be honest, our brand benefits from in-person shopping, the foot bed needs to be seen and touch. And that's how we create our fans, and this is how we create new fans.

正如我在準備好的評論中所說，我們看到本季出現了一些親自購物的趨勢。我們對此感到高興。說實話，我們的品牌受益於親自購物，腳床需要看得見、摸得著。這就是我們創造粉絲的方式，也是我們創造新粉絲的方式。

The good news here in either channel, we have very strong EBITDA margins. Our brand remains very strong. We have full price realization over 90% globally. Consumer engagement, we grew online member in the third quarter by over 30%. And our stock to sale ratio are the healthiest in the industry. So I think we have really very, very good. And maybe, David, you can add some color on this.

好消息是，無論是哪種管道，我們的 EBITDA 利潤率都非常強勁。我們的品牌仍然非常強大。我們在全球的全價實現率超過 90%。消費者參與度方面，我們第三季的線上會員成長了 30% 以上。我們的庫存與銷售比率是業界最健康的。所以我認為我們真的非常非常好。大衛，也許你可以為此添加一些色彩。

Yes. Thanks, Oliver. Simeon, first off, great question and I appreciate it coming from use (technical difficulty)

是的。謝謝，奧利佛。西蒙，首先，這是一個很好的問題，我很感激它的使用（技術難度）

Please stand by. Ladies and gentlemen, let me get the speaker back.

請稍候。女士們先生們，讓我把揚聲器拿回來。

And and the speaker line is reconnected. Please go ahead.

並重新連接揚聲器線。請繼續。

Are we back?

我們回來了嗎？

Back, loud and clear. Thank you.

回來了，響亮清晰。謝謝。

Okay, excellent story for being disconnected. And thank you all over again, Simeon, great question. I appreciate it coming from you. Since you've really been ahead of the curve and really trying to understand the dynamics of the channel mix and especially due to see. The way I look at this is retail is really quite simple. It's always been the right product at the right time in the right place. And in Q3, we did start to see the consumer is choosing the right place being more in a physical environment.

好吧，關於斷開連接的精彩故事。再次感謝你，西蒙，很好的問題。我很感激你的來信。因為您確實處於領先地位，並真正嘗試了解頻道組合的動態，尤其是由於看到。我對零售業的看法其實非常簡單。它始終是在正確的時間、正確的地點提供正確的產品。在第三季度，我們確實開始看到消費者更多地在物理環境中選擇正確的地方。

The beauty, the magic of engineered distribution is we're able to shift our allocations to best meet the demand wherever the consumer may be seeking to make the purchase. And as Oliver mentioned in his opening, I believe the biggest driver in the quarter was the quality and breadth of our assortment and how it was presented with our major strategic partners.

精心設計的分銷的美妙之處在於，我們能夠改變我們的分配，以最好地滿足消費者在任何地方尋求購買的需求。正如奧利佛在開場白中提到的那樣，我相信本季最大的推動因素是我們產品種類的品質和廣度，以及如何向我們的主要策略合作夥伴展示這些產品。

They did a wonderful job of celebrating our brands 250th anniversary and sharing the brand in a very, very, very visible and compelling manner. We had explosive growth in year-on-year sell-throughs with all partners ranging from small mom-and-pop stores to the major chains.

他們出色地慶祝了我們品牌 250 週年，並以非常非常明顯和引人注目的方式分享了我們的品牌。我們與從小型夫妻店到大型連鎖店的所有合作夥伴的銷售額同比都出現了爆炸性增長。

And I'll also add, we're starting to see an emerging use consumer, and don't mistake this for a trendy team thinking, this is quite different. It's an emerging demographic that's really embracing our brand. And while some of the styles have been around for 50 years, it's new to them. And they're obviously digitally savvy, but data shows that even if 80% of their purchase decisions as data -- as digital facilitation. They're looking to shop largely in physical multi-brand environments.

我還要補充一點，我們開始看到新興的使用消費者，不要誤認為是流行的團隊思維，這是完全不同的。這是一個真正擁抱我們品牌的新興人群。雖然有些款式已經存在了 50 年，但對他們來說還是新鮮事。他們顯然精通數位化，但數據顯示，即使他們 80% 的購買決策都是數據——作為數位化便利。他們希望主要在實體多品牌環境中購物。

And remember the more we win in these environments where the brand is validated the more it creates this flywheel where the demand escalates across all categories, all geographies and all channels. It's a virtual foot bed flywheel and the lifetime value of every consumer no matter where they make the initial purchase in any given quarter goes far beyond the mix of how that quarter breaks down D2C or B2B. So that's how we look at it. Also remember, we're at 40% overall digital penetration, which means we show a lot of white space for physical store expansion, which you're going to start to see over the next couple of quarters.

請記住，我們在品牌經過驗證的環境中贏得的勝利越多，它就越能創造出飛輪，使所有類別、所有地區和所有管道的需求不斷升級。這是一個虛擬的腳床飛輪，每個消費者的終身價值，無論他們在任何特定季度的何處進行首次購買，都遠遠超出了該季度 D2C 或 B2B 細分的組合。這就是我們的看法。另請記住，我們的整體數位滲透率為 40%，這意味著我們為實體店擴張提供了大量空白，您將在接下來的幾個季度開始看到這一點。

If I may add the on your last comment, Simeon. Yeah, we are very super confident with our guidance for the remainder of the year and seeing all the demand and the very positive sell through data, it's safe to say we were on the high end of our range.

如果我可以添加你最後的評論，西蒙。是的，我們對今年剩餘時間的指導非常有信心，並且看到所有需求和非常積極的銷售數據，可以肯定地說我們處於範圍的高端。

Great. Thanks a lot, guys. Nice job again and best luck for the rest of year.

偉大的。非常感謝，夥計們。再次幹得好，祝今年餘下的時間一切順利。

Thank you.

謝謝。

Laurent Vasilescu, BNP Paribas.

洛朗·瓦西萊斯庫，法國巴黎銀行。

Good morning. Thank you very much for taking my question. Erik, you ended the quarter with over EUR400 million in cash on the balance sheet, generated EUR229 million of free cash flow in the quarter. Leverage is down to 2.1 times, well on your way to 2 times target for year end. How should we think about use of cash in the future, especially with the bulk of your large capital investments in production expansion behind you? And then I have a quick follow-up after that.

早安.非常感謝您回答我的問題。Erik，本季結束時，您的資產負債表上有超過 4 億歐元的現金，本季產生了 2.29 億歐元的自由現金流。槓桿率降至 2.1 倍，可望實現年底 2 倍的目標。我們應該如何考慮未來現金的使用，尤其是在你們支持生產擴張的大量資本投資的情況下？之後我會進行快速跟進。

Thanks, Laurent. Yeah, you're right. The majority of large investments have been done and it's behind us in Pasewalk and Arouca and expanding Gorlitz. And so it shows, especially this quarter, it shows our very strong cash flow. We've said we will reduce our leverage. We will be at 2x end of the year, but we will go further down.

謝謝，洛朗。是的，你是對的。大部分大型投資已經完成，我們在帕塞沃克和阿魯卡以及擴大格爾利茨的投資已經完成。因此，它表明，特別是在本季度，我們的現金流非常強勁。我們已經說過我們將減少槓桿。到今年年底我們將達到 2 倍，但我們將進一步下降。

Obviously, the goal is to have no debt, and as you know, it's related to the transaction in 2021 for us, no need to have debt on the balance sheet. But we did even say earlier this week -- we notified the banks to pay down another $100 million beginning of September. So this will continue the trend. And still there will be enough cash left over for the relevant investments into the business, which is obviously building out the own shops and further expand into the factories if needed. And the strong cash situation just gives us a lot of optionalities we will look for.

顯然，我們的目標是沒有債務，正如你所知，這與我們2021年的交易有關，資產負債表上不需要有債務。但我們甚至在本週稍早說過——我們通知銀行在 9 月初再支付 1 億美元。因此，這種趨勢將會持續下去。而且仍然會有足夠的現金用於對業務的相關投資，這顯然是在建造自己的商店，並在需要時進一步擴展到工廠。強勁的現金狀況為我們提供了很多選擇。

Erik, that's very clear and great to hear. And then as a follow-up, Oliver, David, there are obviously a lot of questions about the US consumer. Can you maybe shed light on what you're seeing with your US consumer? How did trends progress in the quarter? And more importantly, any color on quarter-to-date trends? And then going forward, should we expect a double-digit growth in the Americas region for 4Q and then high level for next year if you can share on that?

艾瑞克，這很清楚，很高興聽到。接下來，奧利佛、大衛，顯然有很多關於美國消費者的問題。能否透露一下您對美國消費者的看法？本季的趨勢進展如何？更重要的是，本季至今的趨勢有何變化？那麼展望未來，我們是否應該預期美洲地區第四季度將實現兩位數成長，然後明年實現高水準成長（如果您可以分享這一點）嗎？

Yeah, we see increasing consumer demand for the brand. I know that on the macro environment, the consumer is probably challenged, but as we've said for the past year, that just means that consumer purchases are being much more intentional. People are shopping. They're shopping for the products they want, the brands that they want, and the most relevant products like Birkenstock, that we're selling through at full price.

是的，我們看到消費者對該品牌的需求不斷增長。我知道，在宏觀環境下，消費者可能會受到挑戰，但正如我們在過去一年中所說的那樣，這只是意味著消費者的購買變得更加有意。人們正在購物。他們購買他們想要的產品、他們想要的品牌，以及我們以全價銷售的勃肯鞋 (Birkenstock) 等最相關的產品。

We see demand continuing to escalate, like we said, where the ultimate point of transaction is where the consumer purchases, that may shift from week-to-week and quarter-to-quarter, that's less important than making sure we have the right product and making sure that we're always maintaining, which we are, the relative scarcity in the market. Our sell-throughs and our metrics in every wholesale partner are a true outlier compared to the overall market.

正如我們所說，我們看到需求繼續升級，最終的交易點是消費者購買的地方，這可能會每週、每季度發生變化，這比確保我們擁有合適的產品更重要並確保我們始終保持市場的相對稀缺性。與整個市場相比，我們每個批發合作夥伴的銷售量和指標都是真正的異常值。

Thank you. And the next question will be from Paul Lejuez from Citi. Paul, your line is live.

謝謝。下一個問題將由花旗銀行的 Paul Lejuez 提出。保羅，您的線已接通。

Hey, thanks, guys. Curious if maybe you could talk about your sell-through within the B2B business, maybe compare that to how each region performed in terms of what you reported on B2B revenue increases. And then second, would love to hear more about your traffic versus ticket trend within the Americas DTC channel? Thanks.

嘿，謝謝，夥計們。我想知道您是否可以談談您在 B2B 業務中的銷售情況，也許可以將其與每個地區在 B2B 收入成長方面的表現進行比較。其次，想了解更多有關美洲 DTC 頻道內的流量與門票趨勢的資訊嗎？謝謝。

Yeah, it's a good question. We are a sell-through, not a sell-in company wherever we're selling our product and it's very consistent across the EU and the Americas. So suffice to say, while we don't share proprietary sell-throughs from our retail partners. Our sell-throughs were quite ahead of our actual sell-in percent, which means our stock-to-sales ratios are incredibly healthy.

是的，這是一個好問題。無論我們在哪裡銷售我們的產品，我們都是一家直銷公司，而不是一家內銷公司，而且這一點在歐盟和美洲都非常一致。可以這麼說，雖然我們不分享零售合作夥伴的專有銷售量。我們的售出率遠高於實際售出率，這意味著我們的庫存與銷售比率非常健康。

Traffic continues to be strong on our own direct-to-consumer website. Our membership was up 30% plus in the quarter year-on-year. Those members tend to spend 25% more. So we're seeing incredible demand. It's just a matter of where the consumer actually makes that purchase. We can be a little bit less specific and a bit more agnostic to it, mainly because we have an incredible business model where the net profitability by channel is not as much of a concern as it might be for some other peers.

我們自己的直接面向消費者的網站的流量仍然強勁。本季我們的會員數量年增了 30% 以上。這些會員的支出往往多出 25%。所以我們看到了令人難以置信的需求。這只是消費者實際在哪裡進行購買的問題。我們可以稍微不那麼具體，也更不可知，主要是因為我們有一個令人難以置信的商業模式，其中通路的淨利潤不像其他一些同行那麼令人擔憂。

All right. David, just a follow-up on the sell-through. Can you maybe talk about what your order books look like for the spring?

好的。大衛，只是銷售情況的後續行動。能談談您春季的訂單狀況嗎？

I don't think that we can give guidance on our backlog, but suffice to say, if we're saying that we believe that we have confidence in our guidance, that backlog certainly is what gives us that confidence because of course DTC is a bit more variable. B2B, we have firm order books that are significantly showing incredible positive results.

我不認為我們可以就我們的積壓工作提供指導，但足以說，如果我們說我們相信我們對我們的指導有信心，那麼積壓工作肯定會給我們帶來信心，因為 DTC 當然是一個多變一點。B2B，我們的訂單簿顯著地顯示出令人難以置信的積極成果。

And also it's the breadth of the results. It's the growth in all categories like closed-toe, clogs versus just the sandal order book. And that's across all regions. So we can't give backlog guidance, but suffice to say, confidence in the guidance would tend to say we have a backlog that gives us that confidence.

這也是結果的廣度。這是所有類別的成長，例如閉趾鞋、木底鞋，而不僅僅是涼鞋訂單簿。這適用於所有地區。因此，我們不能提供積壓的指導，但足以說明，對指導的信心往往表明我們有積壓的工作給了我們這種信心。

Yeah. And Paul just adding here that we're targeting the higher-end of the guidance. So that should give -- this should give you like a pretty good feeling where we are and where do we feel the business is going. So --

是的。保羅在這裡補充說，我們的目標是指導的高端。所以這應該會給你一種非常好的感覺，我們現在在哪裡，我們覺得業務的發展方向。所以--

Jay Sole, UBS.

傑伊·索爾，瑞銀集團。

Great. Thank you so much. Maybe if you can update us a little bit about the factory capacity at this point. Like what percentage of factory capacity are you using? Is it a constraint at all on your ability to deliver the units you want to the marketplace to meet the demand that you feel is appropriate? If you can just kind of review where you are from that standpoint, that would be super helpful? Thank you.

偉大的。太感謝了。也許您可以向我們介紹一下目前工廠產能的最新情況。例如您使用的工廠產能的百分比是多少？這是否會限制您向市場交付您想要的產品以滿足您認為適當的需求的能力？如果你能從這個角度回顧一下你現在的處境，那會非常有幫助嗎？謝謝。

Hey, Jay, it's Alexander. Yeah, where we stand, actually, with a capacity expansion, we are very pleased of how we have done the expansion so far. We are still ramping stuff. We are adding equipment and machineries and that will last approximately until mid of fiscal year '25.

嘿，傑伊，我是亞歷山大。是的，實際上，在產能擴張方面，我們對迄今為止的擴張方式感到非常滿意。我們仍在增加東西。我們正在增加設備和機械，這大約會持續到 25 財年中期。

We already commented on our last earnings call that the faster we grow, the earlier we will see a positive return from that investment. However, again, we will not compromise on engineered distribution on scarcity. So production is something we manage closely and in a very disciplined way and that is not something we will compromise.

我們已經在上次財報電話會議上評論道，我們成長越快，我們就能越早看到投資的正回報。然而，我們不會在稀缺性的工程分配上妥協。因此，生產是我們以非常嚴格的方式密切管理的事情，這不是我們會妥協的事情。

So having said that, we won't just ramp-up production for the sake of eliminating the temporary margin impact. I think what we already said for '24 that we can confirm this year, that we still expect to have a full year margin drag of 150 basis points.

話雖如此，我們不會只是為了消除暫時的利潤影響而提高產量。我認為我們已經在 24 年說過的話，今年可以確認，我們仍然預計全年利潤率將下降 150 個基點。

As said before, this is a transitionary year, '24, for us with the largest impact on margins and we expect a better absorption in '25, especially in the back half of the year when we've installed all machines in Pasewalk and we can also confirm that our current plans are still in place to get a full absorption of that effect in the third quarter of '26. So to sum it up, everything on plan so far and we have green lights from our end.

如前所述，對我們來說，24 年是一個過渡年，對利潤率的影響最大，我們預計25 年會有更好的吸收，特別是在今年下半年，當我們在Pasewalk 安裝了所有機器時，我們也可以確認我們目前的計劃仍然有效，以便在 26 年第三季完全吸收這種影響。總而言之，到目前為止，一切都按計劃進行，我們已經獲得了綠燈。

Matthew Boss, JPMorgan.

馬修‧博斯，摩根大通。

Great. Thanks. So Oliver, maybe if you put all this together, could you elaborate on current demand trends for the brand globally, across geographies? Maybe so far in the fourth quarter just relative to the mid-teens implied revenue growth forecast for the fourth quarter? And then larger picture, just demand signals that you're seeing from your wholesale partners across categories?

偉大的。謝謝。那麼奧利佛，也許如果你把所有這些放在一起，你能否詳細說明當前全球、跨地區品牌的需求趨勢？也許到目前為止，第四季只是相對於第四季的隱含營收成長預測？然後從更大的角度來看，只是您從不同類別的批發合作夥伴看到的需求訊號？

Hi, Matt, thank you for the question. Yeah, of course. We're not allowed to give you any forward-looking statements, but we are aware of our order book for the next year. And as I said, everything looks double-green, maybe triple-green. So it's really we're very, very pleased with the results.

嗨，馬特，謝謝你的提問。是的，當然。我們不允許向您提供任何前瞻性陳述，但我們知道明年的訂單。正如我所說，一切看起來都是雙綠的，也許是三綠的。所以我們真的對結果非常非常滿意。

It's growing. We still try to fulfill the demand by keeping our scarcity. So it's really, it's a very, very good thing. We had a bit of weather issue in some areas, and we always see the weather issue, especially in the summer, hitting our DTC business from time-to-time. We have a rainy week in June. We will see it simply in our results there. So that's something that happen every year, every season.

它正在增長。我們仍然試圖透過保持稀缺性來滿足需求。所以這真的是一件非常非常好的事情。我們在某些​​地區遇到了一些天氣問題，而且我們總是會看到天氣問題，尤其是在夏天，不時地影響我們的 DTC 業務。六月我們經歷了一個下雨的一週。我們將在我們的結果中簡單地看到它。所以這是每年、每個季節都會發生的事。

But overall, honestly, we're super confident. We are super strong, demand is there, consumers' are happy with the brand. Our activations we had with the 250 years of brand celebrity we had in the celebration, we had in the wholesale doors went very, very nice, very smoothly accepted.

但總的來說，老實說，我們非常有信心。我們非常強大，需求就在那裡，消費者對這個品牌感到滿意。我們在慶祝活動中與250週年品牌名人一起進行的活動，我們在批發門口進行的活動非常非常好，非常順利地被接受了。

So that's another reason why a lot of traffic in our wholesale doors, because they pretty -- did events and showed up with a very nice presentation in the walls and product was there. So the outlook from our side is super positive for the full year and for next year of course. So I can't see no clouds. All good.

這就是為什麼我們的批發門口人流量很大的另一個原因，因為他們舉辦了一些活動，並在牆上展示了非常漂亮的產品，並且產品就在那裡。因此，我們對全年和明年的前景非常樂觀。所以我看不到雲。一切都好。

Micheal Binetti, Evercore.

邁克爾·比內蒂，Evercore。

Hey guys, thanks for taking our question here. So I had just a couple. First, I guess, on Americas, total market up 15%. So to sum it up, you feel great on wholesale, the stores, I think you gave a large growth rate, maybe 60%, I think, you said, Oliver.

嘿夥計們，感謝您在這裡提出我們的問題。所以我只有幾個。首先，我猜想，在美洲，整個市場成長了 15%。總而言之，你對批發、商店感覺很好，我認為你給了很大的成長率，也許是 60%，我認為，你說，奧利佛。

And you mentioned a bunch of times though separately that shopping in-store is a big trend. It seems like the math on maybe why Americas decelerated from one quarter to the next, was it related to the digital business in the Americas. But I think, David, you said you are pretty happy with the traffic to the website.

您多次單獨提到，店內購物是一種大趨勢。這似乎是關於為什麼美洲從一個季度到下一個季度減速的數學問題，這是否與美洲的數位業務有關。但我認為，大衛，你說過你對網站的流量非常滿意。

So I was a little confused on where maybe the slowdown was, maybe, on the digital side, if you could square that for us. And I'd be curious to hear if you guys were actively prioritizing inventory towards the wholesale channel or if there were stock outs on any places in DTC due to the engineered distribution strategy?

所以我有點困惑，也許是數字方面的放緩，如果你能為我們解決這個問題。我很想知道你們是否積極優先考慮批發管道的庫存，或者是否由於精心設計的分銷策略而在 DTC 的任何地方出現缺貨？

Yeah. Part of engineered distribution strategy is you have a playbook, but like an NFL quarterback, you call audibles during the game and you try to figure out where you can best meet the demand yet not oversell the demand. It's just constant, I mean, it's an art and a science and at some points, could you be sold out at wholesale? Yeah. Could you be sold out in DTC? Yeah. You try to do your best managing it.

是的。精心設計的分銷策略的一部分是你有一個劇本，但就像 NFL 四分衛一樣，你在比賽期間發出聲音，並試圖找出哪裡可以最好地滿足需求，但又不會過度銷售需求。它是不變的，我的意思是，它是一門藝術和一門科學，在某些時候，你會被批發賣光嗎？是的。DTC 能賣完嗎？是的。你盡力管理它。

I don't think there was any -- again, the demand, if you look at the total market, it was exponentially up year-on-year. The truth of the matter is where the actual purchase was consummated shifted to some degree. And if you follow every one of our retail partners, you're seeing the same thing. You're also seeing some of those demographic shifts leading that.

我認為沒有任何需求——如果你看看整個市場，你會發現需求比去年同期呈指數級增長。事實是，實際購買的地點發生了某種程度的變化。如果您關注我們的每位零售合作夥伴，您都會看到同樣的事情。您也看到了一些人口變化導致的結果。

So I can't say this strongly enough. We're a little bit more agnostic to the actual endpoint of distribution. If the demand is there, the demand is there. And again somebody purchases our product, it's not a one-time purchase, it's a lifetime consumer. So if that first purchase happens, just happens to happen in a wholesale partner, suffice to say, the lifetime value of that consumer across channels, especially when they become one of our members, is quite significant.

所以我不能說得夠強烈。我們對實際的分發終點有點不可知。如果有需求，那就有需求。再次有人購買我們的產品，這不是一次性購買，而是終身消費者。因此，如果第一次購買發生，恰好發生在批發合作夥伴身上，足以說明，該消費者跨通路的終身價值，特別是當他們成為我們的會員時，是相當重要的。

Okay. And then just to help us with our models here as we look at the fourth quarter, I want to make sure I heard something you said on the -- two questions on the gross really quick. I think you said maybe the implied factory deleverage for the year at about 150 basis points, I think that would imply a pretty meaningful step up in the year-over-year deleverage in the gross margin in the fourth quarter relative to the third quarter if I'm right.

好的。然後，當我們回顧第四季度時，為了幫助我們建立模型，我想確保我很快就聽到了您所說的關於總體的兩個問題。我想你說今年隱含的工廠去槓桿化程度可能約為 150 個基點，我認為這將意味著第四季度毛利率相對於第三季度的去槓桿化將出現相當有意義的提升，如果我是對的。

And then maybe is it a good rule of thumb to use going forward? You said I think you said that the DTC versus B2B mix in the quarter was about 100 basis point drag to your gross margin in third quarter. Is that about right? Two points of year-over-year mix shift is about 100 basis points of gross margin or 50 basis points per point of mix shift?

那麼也許這是一個可以繼續使用的良好經驗法則？您說過，我想您說過，本季的 DTC 與 B2B 組合對第三季的毛利率造成了約 100 個基點的拖累。是這樣嗎？兩個百分點的同比混合轉變是毛利率約 100 個基點還是每個混合轉變點 50 個基點？

Yeah, Michael, on the first question. It's Alexander. Hi. On the first question -- sorry.

是的，邁克爾，關於第一個問題。這是亞歷山大。你好。關於第一個問題——抱歉。

Yeah, go ahead, Alexander. Go ahead.

是的，繼續吧，亞歷山大。前進。

Okay. Yeah, you're absolutely right that, of course, our gross margin will fluctuate with the DTC, implied DTC mix shift. So that's a simple math. But again, as we said before, that's just the impact on ASP and gross margin, essentially, we have a slightly higher EBITDA margin there. So I think we need to look at the big picture and not only at one KPI here.

好的。是的，你說得完全正確，我們的毛利率當然會隨著 DTC（隱含的 DTC 混合變化）而波動。這是一個簡單的數學計算。但正如我們之前所說，這只是對 ASP 和毛利率的影響，本質上，我們的 EBITDA 利潤率略高。所以我認為我們需要著眼於大局，而不僅僅是一個關鍵績效指標。

I mean, Michael, it's crystal clear, the reflects from the market is always like, oh, DTC is going down. That somehow get a bigger impact on margin. This is just not true with us. We have a very, very healthy B2B business. Our margins are, the EBITDA margin, as I mentioned before in my first answer, they are higher than the DTC margins.

我的意思是，邁克爾，這很清楚，市場的反映總是這樣，哦，DTC 正在下降。這在某種程度上對利潤率產生了更大的影響。這對我們來說並非如此。我們的 B2B 業務非常非常健康。我們的利潤率是 EBITDA 利潤率，正如我之前在第一個答案中提到的，它們高於 DTC 利潤率。

So, yeah, there's a slight impact in the wholesale, in the gross profit margin, in the margins, in the gross profit margins, yes. But in the end, we do care. And that's the basic idea of engineered distribution. It's about getting the maximum EBITDA per pair. And that's definitely the case, the way how we execute the B2B business.

所以，是的，批發、毛利率、利潤率、毛利率都會受到輕微影響，是的。但最終，我們確實關心。這就是工程分發的基本想法。這是為了獲得每雙鞋的最大 EBITDA。我們執行 B2B 業務的方式確實如此。

So for us, it's really not that important where do we reach our customer. It's important to be there and to be there with the right product at the right size. And the more we have a touch point with the customer, wherever we created lifetime connection with this fan, and he will be with us. Could be wholesale door, it could be our own online, could be our own retail stores. Just think for a moment if we had a bigger owned retail fleet, this impact or this slight decline of DTC revenues in one territory would be swallowed by owned retail because the owned retails are growing like hell.

所以對我們來說，從哪裡接觸到客戶其實並不那麼重要。重要的是要以合適的尺寸提供合適的產品。我們與客戶的接觸點越多，無論我們在哪裡與這位粉絲建立終身聯繫，他都會和我們在一起。可能是批發門，也可能是我們自己的網路店，也可能是我們自己的零售店。試想一下，如果我們擁有更大的自有零售車隊，那麼某一地區 DTC 收入的這種影響或輕微下降將被自有零售所吞噬，因為自有零售正在瘋狂增長。

Our owned retail was up like 60%. I mean this is you know there you see that even within ourselves, we can see what's going on and we are super confident that we will reach the consumer for the future as well, which is really the case. Brand fees is high, we are there. We have a few thousand wholesale partners out there doing a good job, growing as hell with us. The overall growth rates are very strong and the biggest message is our B2B business model is super, super healthy. So margins are super strong. The EBITDA margin, which is our key topic here, is the strongest. So nothing to worry about.

我們自有零售業成長了約 60%。我的意思是，你知道，即使在我們自己內部，我們也可以看到正在發生的事情，我們也非常有信心我們也將在未來接觸到消費者，事實確實如此。品牌費很高，我們就在那裡。我們有數千個批發合作夥伴，他們做得很好，與我們一起成長。整體成長率非常強勁，最重要的訊息是我們的 B2B 業務模式非常非常健康。所以利潤率非常高。EBITDA 利潤率是我們這裡的關鍵主題，也是最強的。所以沒什麼好擔心的。

I appreciate it. We're still trying to learn how your model moves with the different lines here. So thanks for hanging with us on some of the details here.

我很感激。我們仍在嘗試了解您的模型如何隨著不同的線條移動。感謝您與我們一起討論這裡的一些細節。

That's your model. It's not our model.

那是你的模型。這不是我們的模型。

You can send yours over.

你可以把你的寄過來。

I forgot it. It's all in my -- it's not written down.

我忘了。這一切都在我的──沒有寫下來。

Mark Altschwager, Baird.

馬克·阿爾茨瓦格，貝爾德。

Great. Thank you for taking the question. Great to see the ongoing momentum. I guess, first, I was hoping you could provide us some updated thoughts on the pricing actions you're planning for the 2025 products. And then separately, really nice momentum in closed-toe. I was hoping you could give us some more detail on the trends you're seeing in some of the other product adjacencies, including some early reads from the recent EVA clog launch and this athlete recovery positioning. I think that's opening up some opportunities for new distribution. So just any more color on what you're seeing there would be very helpful. Thank you.

偉大的。感謝您提出問題。很高興看到持續的勢頭。我想，首先，我希望您能為我們提供一些關於您計劃的 2025 年產品定價行動的最新想法。然後單獨來看，封閉腳趾的動力非常好。我希望您能給我們更多關於您在其他一些產品相關產品中看到的趨勢的詳細信息，包括最近發布的 EVA 木鞋和這款運動員恢復定位的一些早期解讀。我認為這為新的發行帶來了一些機會。因此，只要為您所看到的內容添加更多顏色就會非常有幫助。謝謝。

Yeah. On the product side, the new product introductions have been really, really encouraging across all categories. So don't lose sight. We're also introducing new sandals. We introduced the one-strap sandal called the Catalina that had very good sell-throughs. The Boston clog is great, but there are other clogs. We introduced the clog called the Lutry that had incredibly strong sell-throughs. In closed-toe, we're continuing to gain momentum and I'm sure you see the exposure out at retail.

是的。在產品方面，所有類別的新產品推出都非常非常令人鼓舞。所以不要失去視力。我們還推出了新款涼鞋。我們推出了一款名為 Catalina 的單帶涼鞋，銷量非常好。波士頓木鞋很棒，但還有其他木鞋。我們推出了一款名為 Lutry 的木鞋，這款木鞋的銷售量非常強勁。在封閉式腳趾方面，我們正在繼續獲得動力，我相信您會在零售中看到這種情況。

Yeah. On the EVA and PU side, our new healthcare product, the Birki Air 2.0, which is probably the best product that's ever been developed for a true healthcare professional, that's getting out in the market and being met with a strong response. And then we take the DNA of that and we interpret it into the Birki Flow, which is a more broader outdoor product, which, yeah, we're finding athletes for operate sport use, is finding an incredibly strong response.

是的。在 EVA 和 PU 方面，我們的新醫療保健產品 Birki Air 2.0 可能是為真正的醫療保健專業人士開發的最佳產品，它正在推出市場並得到了強烈的反響。然後我們將其 DNA 融入 Birki Flow 中，這是一種更廣泛的戶外產品，是的，我們正在尋找適合運動用途的運動員，並找到了令人難以置信的強烈反應。

So every product that we've delivered is expanding our breadth. Remember what we said, over 90% of our growth in revenue is coming from existing doors. So what that means is we're expanding our assortments in those doors. If you see us out at retail anywhere, you're seeing very, very broad assortments growing across all categories. And our growth in leather has been two times the growth rate of our price point like synthetic side. So consumers, despite all the challenges, are trading up with us and the retailers are looking to expand.

因此，我們提供的每一款產品都在擴展我們的廣度。請記住我們所說的，我們 90% 以上的收入成長都來自現有的門。這意味著我們正在擴大這些門的品種。如果您在任何地方的零售店看到我們，您會發現所有類別的產品種類都在不斷增長。我們的皮革成長速度是合成材料價格成長速度的兩倍。因此，儘管面臨種種挑戰，消費者仍在與我們交易，零售商也尋求擴張。

Thank you. The next question will be from Sharon Zackfia from William Blair. Sharon, your line is live.

謝謝。下一個問題將由威廉·布萊爾的莎朗·扎克菲亞提出。莎倫，您的線路已上線。

Hi. Thanks for taking the question. I wanted to ask about Europe where you've seen kind of accelerating momentum with the wholesale transformation you've done there. Can you talk about what you're seeing with ASPs as a result, particularly kind of with a more premium-priced product and with closed-toe? And I think you took some pretty decent price increases in Europe as well. Are you seeing any kind of consumer sensitivity to those increases? Thanks.

你好。感謝您提出問題。我想問歐洲，你們看到那裡的大規模轉型正在加速發展。您能否談談您對 ASP 的看法，特別是價格較高的產品和封閉式腳趾產品？我認為歐洲的價格也出現了相當可觀的上漲。您是否發現消費者對這些成長有任何敏感度？謝謝。

Hi. Thank you for the question. The truth is we don't see any slowdown in consumer demand. It's really, it's an ongoing very, very huge demand. The price sensitivity is a bit misleading maybe because if you go into the different wholesale doors, you have to see the fact that Birkenstock is now getting wider and deeper within these doors.

你好。謝謝你的提問。事實是，我們沒有看到消費者需求有任何放緩。這確實是一個持續非常非常巨大的需求。價格敏感度可能有點誤導，因為如果你進入不同的批發門，你必須看到這樣一個事實：勃肯 (Birkenstock) 現在在這些門內變得越來越寬、越來越深。

So the comparability between the different styles and the different executions of the models are really, it's an emotional thing. If you want to buy this pair and it's $5 more than the other execution on the left side, on the right side of it, it simply don't count. And we see that the price increases we were executing in '25, there's no impact. So it's really all good. Consumer demand is high, and it's a very, very strong demand out there.

因此，不同風格和模型不同執行之間的可比性確實是一件情感上的事情。如果你想買這雙鞋，而它比左邊的其他款式貴 5 美元，那麼右邊的價格根本不算數。我們看到我們在 25 年執行的價格上漲沒有產生任何影響。所以這真的一切都很好。消費者的需求很高，而且是非常非常強烈的需求。

And very important, in all price points, don't only focus on the higher price points. Overall, whenever you come to the brand, you increase for whatever reason, your next buy is more expensive than the last one. It's the same, David mentioned it, in our membership program, in the online, people are coming to us multiple times and whenever they acquire a new pair, it's a higher price point.

非常重要的是，在所有價位中，不要只專注於較高的價位。總的來說，每當你來到這個品牌時，無論出於什麼原因，你都會增加，你的下一次購買比上一次更貴。大衛提到，在我們的會員計畫中，在網路上，人們多次來找我們，每當他們購買一雙新鞋時，價格都會更高。

So ASP is not only driven by price increases, it's also driven by material executions, channels and, of course, geographies as well. But the good news is we're growing in every single thing. So -- and that's the biggest benefit you can have and this is like the biggest proof that the demand out there is super, super strong.

因此，平均售價不僅受到價格上漲的推動，還受到材料執行、管道，當然還有地理位置的推動。但好消息是我們在每件事上都在成長。所以——這是你可以獲得的最大好處，這就像是需求超級非常強勁的最大證據。

Sam Poser, Williams Trading.

薩姆·波塞爾，威廉斯貿易公司。

Thank you. I've got a handful. Oliver, I know you guys don't normally talk about this, but can you give us the details on the channel sales by geography, especially in the Americas, and that would include wholesale, in the Americas wholesale, the stores and digital, on how those trended year-over-year? It's just to give everybody clarity. I understand this is, you did this pre-IPO, but haven't done it since. But it would be greatly helpful here just so we can get further understanding of where things stand. And then I have a couple of other follow-ups.

謝謝。我有一把。奧利弗，我知道你們通常不會談論這個，但是您能否向我們提供按地理位置劃分的渠道銷售的詳細信息，特別是在美洲，其中包括批發，在美洲批發，商店和數字，在這些同比趨勢如何？只是為了讓大家清楚。我的理解是，你在首次公開募股前做了這件事，但此後就沒有這樣做了。但這將非常有幫助，這樣我們就可以進一步了解情況。然後我還有其他一些後續行動。

Sam, you know, we can't share this information with you. I mean, we're talking about the third quarter here.

山姆，你知道，我們不能與你分享這些資訊。我的意思是，我們正在談論第三季。

Correct.

正確的。

So look at the first two quarters and maybe it's the right time after the full year that we can sit and talk about the overall. But we do not share any of this information here. And to be super honest, Sam, I think it won't help you and it won't give you any insight other than a mix between this and this month and this and this quarter will not -- it will probably distract some of the major learnings and not treat them in the right way.

因此，看看前兩個季度，也許是在全年之後我們可以坐下來討論整體的合適時機。但我們不會在這裡分享任何此類資訊。說實話，山姆，我認為這不會對你有幫助，也不會給你任何洞察力，除了這個和這個月、這個和這個季度的混合之外，它不會——它可能會分散一些人的注意力。

David, do you want to add something here because it's mainly talking about your territory?

大衛，你想在這裡添加一些東西嗎，因為它主要談論你的領土？

Yeah. Sam, obviously, this is on your mind. As the person running the region, I tend to be a little bit more agnostic to the channel. I care way more about the product and the consumer demand being met, and I think that changes from quarter-to-quarter.

是的。山姆，顯然，這在你的腦海裡。作為該地區的負責人，我傾向於對該管道更加不可知。我更關心產品和滿足的消費者需求，我認為這種情況每季都會改變。

I don't think anything is changing too dramatically. But again, having said that, our business model, as Oliver said, our B2B model is unique. It's not just an outlier. I think there are a few brands on Earth that have a B2B model like us where our go-in margin is our maintained margin. So net-net, at the end of the day, feeding the consumer where they're purchasing and the impact that that has becomes more important to me than trying to follow a business model because I also know that where that emerging youth consumer is shopping today may not be where they're going to shop in five years.

我認為沒有什麼發生太大的變化。但話又說回來，我們的商業模式，正如奧利佛所說，我們的 B2B 模式是獨一無二的。這不僅僅是一個異常值。我認為地球上有一些品牌像我們一樣擁有 B2B 模式，而我們的進入利潤就是我們的維持利潤。因此，歸根結底，在消費者購買的地方提供服務，這對我來說比嘗試遵循商業模式更重要，因為我也知道新興的年輕消費者在哪裡購物五年後他們可能不會再去今天購物了。

And if they're coming into contact with our brand right now where they want to see us, I'm making sure that the product is there as long as it's being represented in a powerful manner to that consumer and we're always maintaining, as you know, that relative scarcity. So I think the consumer himself or herself is becoming a bit more, a bit less channel-centric and a bit more searching for the brand and searching for the products they want wherever they can come into contact with it.

如果他們現在在他們想要看到我們的地方接觸我們的品牌，我會確保產品在那裡，只要它以強有力的方式向消費者展示，並且我們始終保持，如你所知，相對稀缺。因此，我認為消費者自己正在變得越來越以管道為中心，越來越多地尋找品牌，並在任何可以接觸到的地方尋找他們想要的產品。

Yeah. Okay. Well, I have two more things. But I just want to say, I'm not questioning the way you do it. I'm just trying to get color on the quarter more for the investors that might not necessarily understand it as well. That being said, Erik.

是的。好的。嗯，我還有兩件事。但我只是想說，我並不是質疑你的做法。我只是想為那些可能不一定理解的投資者提供更多有關本季的資訊。話雖這麼說，埃里克。

Sam, we're out of time. We're up against time, but you can get one more, okay? You can get one more, make it good.

山姆，我們沒時間了。我們時間緊迫，但你可以再拿一份，好嗎？你可以再買一份，讓它好起來。

I know. All right. Well, I'm going to have two. What's the percent of scarcity you're currently running? And two, what is the swing between the gross margin and the SG&A by channel? So for instance, SG&A is X basis points lower in wholesale, but as is SG&A lower and the opposite in direct-to-consumer where the gross margin is higher and the SG&A is higher.

我知道。好的。好吧，我要兩個。您目前運行的稀缺性百分比是多少？第二，按通路劃分的毛利率和銷售及管理費用之間的波動是多少？例如，批發業務的 SG&A 較低 X 個基點，但 SG&A 較低，而直接面向消費者的業務則相反，毛利率較高，SG&A 較高。

I'll let one of the finance guys answer that. But if you're looking at what percentage of the demand we're filling, I wouldn't put my finger on it, but it's not anywhere close to what people are searching for in the brand. And I'll say demand is not a finite measure. If I say 70%, maybe it's 70%, but there's no way we're coming anywhere near the demand of what people are seeking with the product.

我會讓一位財務人員來回答這個問題。但如果你想知道我們滿足了多少比例的需求，我不會指出這一點，但這與人們在該品牌中尋找的東西相差甚遠。我想說的是，需求並不是一個有限的衡量標準。如果我說 70%，也許就是 70%，但我們根本無法滿足人們對產品的需求。

On SG&A?

關於SG&A？

Yeah, just a quick note, Sam. As you can see from our presentation that we gave out a positive EBITDA effect of 30 bps according to our channel mix versus prior year. And we also addressed in our gross margin a 100 bps negative effect. That gives you 130 positive in SG&A, and that should help to make that math.

是的，只是簡單說明一下，山姆。正如您從我們的演示中看到的，根據我們的渠道組合，與前一年相比，我們給出了 30 個基點的 EBITDA 正效應。我們也解決了毛利率 100 個基點的負面影響。這樣您的 SG&A 值為 130，這應該有助於進行數學計算。

Dana Telsey, Telsey Group.

達納‧特爾西，特爾西集團。

Hi. Good morning, everyone. You've mentioned a number of times, all of you, about the increase in physical touch points that consumers are making -- where they're making their purchases. As you think about it globally, where did you see the biggest differential that way? On your store opening plan, are there any changes that you're looking at to accelerate this? And what are the learnings from your stores that you're putting into some of the B2B and wholesale that helped to drive that conversion? Thank you.

你好。大家早安。你們所有人都多次提到消費者物理接觸點（他們進行購買的地方）的增加。當你在全球範圍內思考時，你發現最大的差異在哪裡？在您的開店計劃中，您是否希望做出任何改變來加速這一進程？您從商店中汲取了哪些經驗教訓，並將其投入到一些有助於推動轉化的 B2B 和批發業務中？謝謝。

So globally, Dana, thank you for the question. Globally, it's a bit frightening for us, too. It's everywhere the same thing. Whenever we open up a physical touch point with the brand and we are measuring like the interaction with the guests, the interaction about the footbed, conversation about teaching, it's not about not just -- don't forget, we're not a footwear company, we're the footbed company. So we're selling footbeds.

在全球範圍內，達納，謝謝你提出的問題。在全球範圍內，這對我們來說也有點可怕。到處都是同樣的事情。每當我們與品牌建立實體接觸點時，我們都會衡量與客人的互動、關於鞋床的互動、關於教學的對話，這不僅僅是——別忘了，我們不是鞋類製造商公司，我們是鞋床公司。所以我們賣的是鞋墊。

So it's really something that -- that's the difference. And people love to come to us and see the product and touch it and feel it because quality is just a word. If you see and feel the quality, that's a differentiation from all the rest. And if you have somebody in front of you explaining the benefits of the footbed, talking about the second-best solution next to barefoot walking, the impact is dramatically high. And it leads into a higher price point once we create a sale and, of course, we create a fan that comes back with his friends, family, relatives.

所以這確實是——這就是區別。人們喜歡來找我們看產品、觸摸它、感受它，因為品質只是一個字。如果您看到並感受到質量，那就是與其他產品的區別。如果有人在你面前解釋鞋墊的好處，談論僅次於赤腳行走的第二佳解決方案，那麼影響力會非常大。一旦我們進行銷售，當然，我們創造了一個與他的朋友、家人、親戚一起回來的粉絲，它就會導致更高的價格點。

So the lifetime value of this contact, in our opinion, is super high. Honestly, we have a lot of very, very good, talented wholesale partners executing it as good as we do it by ourselves. So in the end of the day, if the business model is comparable, and don't forget, our EBITDA margin is higher, we do not prefer to push everybody into our own channels. This is not what we're doing.

因此，在我們看來，這種連結的終身價值是非常高的。老實說，我們有很多非常非常優秀、才華橫溢的批發合作夥伴，他們的執行效果就像我們自己做的一樣好。因此，歸根結底，如果商業模式具有可比性，並且不要忘記，我們的 EBITDA 利潤率更高，我們不希望將每個人推入我們自己的管道。這不是我們正在做的事情。

During the road show, we constantly said we're not seeking to destroy or kill or minimize wholesale. This is not what we're doing. Every single qualitatively driven touch point with the brand is a good one. Whenever we open up a store and we are making sure we're doing it the right way, we are super, super positively surprised about the results all over the world. It could be India, it could be China, it could be Southeast Asia, Vietnam, Thailand, Munich, Paris, wherever. The results are super strong.

在路演期間，我們不斷地表示，我們並沒有尋求破壞、殺害或最大程度地減少批發。這不是我們正在做的事情。與品牌的每一個品質驅動的接觸點都是一個很好的接觸點。每當我們開設一家商店並確保我們以正確的方式開展業務時，我們都會對世界各地的結果感到非常非常驚訝。可能是印度，可能是中國，可能是東南亞、越南、泰國、慕尼黑、巴黎，無論哪裡。結果超級強勁。

People are coming in, buying very expensive shoes, coming back and so on. So it's really a very, very vivid combination. And as David said before, in the end, let's say, in 10, 20 years, we don't even probably talk about the difference of a wholesale door or an owned operated door because it's a touch point with the brand. And if the quality of the contact is good, we can harvest it, if not, we have to improve it. But right now, everything is super strong, super good, reaction, in numbers, ASP growth, everything is in the right direction and the product performs for itself. That's the major thing. 90% plus full price realization, a very healthy warehouse situation. It's -- yeah, for us, it's crystal clear.

人們進來，買非常昂貴的鞋子，然後回來等等。所以這確實是一個非常非常生動的組合。正如大衛之前所說，最後，比如說，在 10、20 年內，我們甚至可能不會談論批發門或自營門的區別，因為這是與品牌的接觸點。如果接觸的品質好，我們就可以收穫，如果不好，我們就必須改進它。但現在，一切都超級強勁、超級好、反應、數字、平均售價成長，一切都在朝著正確的方向發展，產品本身也表現出色。這是最重要的事。 90%以上全價變現，倉庫狀況非常健康。是的，對我們來說，這是非常清楚的。

Thank you. Louise Singlehurst, Goldman Sachs.

謝謝。路易絲·辛格赫斯特，高盛。

Hi. Good afternoon, everyone. Thank you for taking my question. I know we're short on time, so I'll keep it brief. You must be delighted with the B2B in the US, particularly that 90% growth coming from existing doors. I just wanted to check, and I know you've had a few questions on the channel mix, should we be expecting as we go into the back end, the fourth quarter and, obviously, early '25, for this same kind of shift in mix between B2B and DTC? And then I also wanted to check did DTC have any impact from product shortages? And should that get easier as the new capacity comes on board? Thank you.

你好。大家下午好。感謝您回答我的問題。我知道我們的時間很短，所以我會保持簡短。您一定對美國的 B2B 感到高興，尤其是 90% 的成長來自現有業務。我只是想檢查一下，我知道你們對渠道組合有一些疑問，當我們進入後端、第四季度，顯然是 25 年初時，我們是否應該期待這種同樣的轉變B2B 和 DTC 的混合體？然後我還想看看DTC是否受到產品短缺的影響？隨著新產能的加入，這是否會變得更容易？謝謝。

Thanks, Louise. I think, again, the mix of DTC versus B2B is near impossible to call in certainty looking a quarter or a year ahead. I think what we're seeing from a consumer standpoint, shifting to more physical retail is certainly happening. It's happening in Europe, it's happening across the US, and I see that continuing. I think we do our best to try to make sure that if somebody does obviously come to our digital site that we're not short on product. And we also try to make sure that on our own website, there might be less of a degree of scarcity than there is at the retail side.

謝謝，路易絲。我再次認為，展望未來一個季度或一年，DTC 與 B2B 的結合幾乎不可能確定。我認為從消費者的角度來看，轉向實體零售肯定正在發生。這種情況正在歐洲發生，也正在美國各地發生，而且我認為這種情況仍在繼續。我認為我們會盡最大努力確保如果有人明顯來到我們的數位網站，我們並不缺少產品。我們也努力確保在我們自己的網站上，稀缺程度可能低於零售方面。

It's just constantly balancing and monitoring this on a day-to-day basis. But having said that, the consumer shift, and I think you're seeing this in what retailers are reporting also, has been somewhat more physical than digital over the last quarter. And I see that continuing to some degree, although there's no certainty to it. The only certainty is when somebody wants our product, they're searching for it very aggressively. And wherever they can purchase it, they're looking to purchase it. That's the biggest positive impact to everything.

它只是每天不斷地平衡和監控這一點。但話雖如此，上個季度消費者的轉變（我認為您在零售商的報告中也看到了這一點）在某種程度上更多的是實體而非數字。我認為這種情況在某種程度上仍在繼續，儘管還不確定。唯一可以確定的是，當有人想要我們的產品時，他們會非常積極地尋找它。無論哪裡可以購買，他們都會尋求購買。這是對一切事物最大的正面影響。

Jim Duffy, Stifel.

吉姆·達菲，斯蒂菲爾。

Thank you. I wanted to talk about product and assortment. Really encouraging to see the uptake of closed-toe styles. As you look into next year, can you talk about SKU count and color proliferation? And I'm curious how you manage that complexity in your B2B channel.

謝謝。我想談談產品和品種。看到閉趾款式的流行真是令人鼓舞。展望明年，您能談談 SKU 數量和顏色擴散嗎？我很好奇你們如何管理 B2B 頻道的複雜性。

Thank you for the question, Jim. The truth is, we don't see any complexity that's really outstripping our intelligence. It's more like it's a very, very good sign that we're getting wider and deeper in the doors, in the wholesale doors. So if you go to a big wholesale door, you may find us in the sport athletic environment, you may find us in the outdoor environment, you may find us in the high-fashion areas, female or male, kids, wherever, could be in the mall, could be in the like orthopedic environment.

謝謝你的提問，吉姆。事實是，我們沒有看到任何真正超越我們智力的複雜性。這更像是一個非常非常好的跡象，表明我們在批發門方面越來越寬、越來越深。所以如果你去一個大的批發門口，你可能會在體育運動環境中找到我們，你可能會在戶外環境中找到我們，你可能會在高級時裝區找到我們，無論是女性還是男性，兒童，無論在哪裡，都可以在商場裡，可能是在類似骨科的環境。

So we fit in every single niche. And, yeah, we deliver a lot of new products in these new wide category segments, as we promised, prior to the IPO. And as we said in the presentation and in the previous remarks, the growth rates, the sell-throughs are very encouraging. And we will develop this step-by-step, as always, very mindful, globally relevant. And this is what we're doing, this is what we're executing. We deliver best-in-class margins. We deliver best-in-class growth rates and that's what we're doing. So no naughty things, no crazy stuff, just step-by-step.

所以我們適合每一個細分市場。是的，正如我們在 IPO 之前所承諾的那樣，我們在這些新的廣泛類別細分市場中提供了許多新產品。正如我們在演講和先前的評論中所說，成長率和銷售量都非常令人鼓舞。我們將一如既往地一步一步地發展這一點，非常謹慎，與全球相關。這就是我們正在做的事情，這就是我們正在執行的事情。我們提供一流的利潤率。我們提供一流的成長率，這就是我們正在做的事情。所以沒有頑皮的事情，沒有瘋狂的事情，只是一步一步來。

I wasn't accusing you of naughty things. I'm more curious about as you grow the closed-toe.

我並沒有指責你的壞事。我更好奇你的封閉腳趾的生長情況。

I feel already accused, Jim. I feel already accused, sorry.

我感覺自己已經被指責了，吉姆。我覺得自己已經被指責了，抱歉。

I'm more curious, as you grow the closed-toe franchise and you work with specific B2B channel partners, do you have allocation strategies where you're segmenting distribution of certain products with some retailers and not others? Could you just please speak about that a little bit and how that works as the product range expands?

我更好奇的是，當您發展封閉式特許經營權並與特定的 B2B 通路合作夥伴合作時，您是否有分配策略，將某些產品的分銷與一些零售商而不是其他零售商進行細分？您能簡單談談這一點以及隨著產品範圍的擴大它是如何運作的嗎？

Every single style, every single category is allocated by a retail partner. It doesn't matter if it's a closed-toe shoe, a premium product or an entry-price product, there's nothing where we don't have our finger on, on that, on the dial with how much people can have versus where we think the demand should be met.

每個款式、每個類別均由零售合作夥伴分配。無論是閉趾鞋、高端產品還是入門級產品，我們都在關注這一點，在刻度盤上，人們可以擁有多少，而我們可以擁有多少人認為需求應該得到滿足。

So absolutely every category. And the more we do that, the more we introduce products that get validated in the right places. If you introduce a new outdoor EVA product, you can have it on your own website. But when it also shows up in the leading outdoor specialty retailers like you might have in your area, it validates the product. We do that across every category.

所以絕對是每個類別。我們做得越多，就越能推出在正確的地方得到驗證的產品。如果您推出新的戶外 EVA 產品，您可以將其放在您自己的網站上。但當它也出現在您所在地區的領先戶外專業零售商中時，它就驗證了該產品。我們在每個類別中都這樣做。

And it's not necessarily the same allocation for the wholesale partner. It is really allocation door by door because our wholesale partner close to the coastline will get a different allocation than the one closer to the mountains. Sounds weird, but that's what we're doing. It's very precise. It's very detailed and that's what we try to execute globally.

批發合作夥伴的分配​​不一定相同。這實際上是挨家挨戶的分配，因為我們靠近海岸線的批發合作夥伴將獲得與靠近山脈的批發合作夥伴不同的分配。聽起來很奇怪，但這就是我們正在做的事情。這是非常精確的。它非常詳細，這就是我們試圖在全球範圍內執行的內容。

And the outcome is very encouraging because that, in detail, this creates this 90% plus full price realization thing. If you deliver EVAs into the mountains, you may find yourself in a big sale momentum one day and you may have a problem with your inventory. So be wise, be smart and just be precise as possible. That's what we are executing.

結果非常令人鼓舞，因為具體來說，這創造了 90% 以上的全價實現。如果您將 EVA 運送到山上，有一天您可能會發現自己處於大銷售勢頭中，並且您的庫存可能會出現問題。所以要明智、聰明、盡量精確。這就是我們正在執行的。

Thank you. This does conclude today's Q&A session, and this also concludes today's conference call. You may disconnect your lines at this time. Have a wonderful day. Thank you for your participation.

謝謝。今天的問答環節到此結束，今天的電話會議也到此結束。此時您可以斷開線路。祝你有美好的一天。感謝您的參與。