Birkenstock Holding PLC (BIRK) 2024 Q4 法說會逐字稿

Good morning and thank you for standing by. Welcome to Birkenstock's fourth-quarter and fiscal year 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 Birkenstock 第四季和 2024 財年財報電話會議。（接線生說明）我想提醒大家，本次電話會議正在錄音中。

I will now turn over the call 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 Eric Mossman, Chief Financial Officer of the Birkenstock Group. Klaus Baumann, Chief Sales Officer; David Kahan, President of the Americas; Nico Bouyakhf, President of EMEA; and Alexander Hoff, Vice President of Global Finance will also join us for the Q&A.

大家好，感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；以及勃肯集團財務長 Eric Mossman。克勞斯·鮑曼，首席銷售官；大衛卡漢，美洲區總裁； Nico Bouyakhf，歐洲、中東和非洲地區總裁；全球金融副總裁 Alexander Hoff 也將參加我們的問答。

Today we are reporting the financial results for our fiscal fourth-quarter and full year ending September 30 2024. You may find the press release and supplemental presentation connected to today's discussion on our investor relations website, birkenstock-holdings.com.

今天，我們報告截至 2024 年 9 月 30 日的第四財季和全年財務表現。您可以在我們的投資者關係網站 birkenstock-holdings.com 上找到與今天的討論相關的新聞稿和補充簡報。

We would like to remind you that some of the information provided during the call is forward-looking and accordingly is subject to the safe harbor provision of the federal security laws. These statements are subject to various risks, uncertainties and assumptions which could cause our actual results to differ materially from these statements. These 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.

我們想提醒您，通話期間提供的一些資訊是前瞻性的，因此受到聯邦安全法的安全港條款的約束。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。這些風險、不確定性和假設在今天早上的新聞稿以及我們向 SEC 提交的文件中有詳細說明，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 rates will be cited on a constant currency basis unless otherwise stated. We will also reference certain non IFRS financial information. We use non IFRS measures as we believe they represent the 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，除非另有說明，所有收入成長率都將以固定匯率計算。我們也會參考某些非 IFRS 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. Reconciliations of the IFRS to non IFRS measures can be found in this morning's press release and in our SEC filings.

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。

Before I turn it over to Oliver, I want to draw your attention to the note in our press release in 20F regarding the change in our segment reporting beginning in fiscal 2025. In our fiscal years up to and including 2024, our three reporting segments were the Americas, Europe and AMA which was comprised of two operating segments, Asia Pacific and Middle East Africa and India.

在我將其交給 Oliver 之前，我想提請您注意我們 20F 新聞稿中有關從 2025 財年開始的分部報告變化的說明。在截至 2024 年（包括 2024 年）的財政年度中，我們的三個報告分部是美洲、歐洲和 AMA，後者由亞太地區、中東、非洲和印度兩個營運分部組成。

During the first quarter of fiscal 2025, we have changed our internal organization to merge the Middle East and Africa region with the European operating segment under the leadership of Nico Bouyakhf to create a new reporting segment, Europe, Middle East and Africa or EMEA.

在 2025 財年第一季度，我們對內部組織進行了調整，將中東和非洲地區與 Nico Bouyakhf 領導下的歐洲營運部門合併，創建了一個新的報告部門：歐洲、中東和非洲或 EMEA。

While the India region has been merged with the Asia Pacific operating segment to create a new segment, APAC, which will continue under the leadership of Klaus Baumann.

印度地區已與亞太地區營運部門合併，創建了一個新的亞太地區營運部門，該部門將繼續由 Klaus Baumann 領導。

The change was due to the operational advantages and complementary benefits between the regions. No changes were made to the composition of the Americas operating segment. As a result starting with fiscal 2025, the company has three operating as well as reportable segments, Americas, EMEA and APAC.

這項變化是由於區域之間的經營優勢和利益互補所致。美洲營運部門的組成沒有變化。因此，從 2025 財年開始，該公司擁有三個營運和報告部門：美洲、歐洲、中東和非洲和亞太地區。

Our first quarter 2025 results will be reported under this new segment structure. Prior to the release of our first quarter, 2025 results, we will issue a 6-K with the 2024 quarters and fiscal year and the full fiscal year 2023 recast under the new segment reporting structure to aid in the year-over-year comparison.

我們的 2025 年第一季業績將在這個新的部門結構下報告。在發布 2025 年第一季業績之前，我們將發布 6-K，其中包括根據新的分部報告結構重新制定的 2024 年季度和財年以及 2023 年整個財年，以幫助進行同比比較。

With that. I'll turn it over to, Oliver.

就這樣。我會把它交給奧利佛。

Good morning everybody and thank you for joining today's call. We are proud to report a very strong fiscal 2024 result which came in ahead of our expectations. We are delivering on the commitments we made during our IPO by expanding profitably into the wide space opportunities we identified. Underpenetrated product categories such as (inaudible) silhouettes, orthopedic, professional, outdoor, and the important of (inaudible) region and own region.

大家早安，感謝您參加今天的電話會議。我們很自豪地報告非常強勁的 2024 財年業績，超出了我們的預期。我們正在兌現我們在首次公開募股期間所做的承諾，透過在我們發現的廣闊空間機會中進行獲利擴張。滲透不足的產品類別，例如（聽不清楚）輪廓、矯形、專業、戶外，以及（聽不清楚）地區和自己地區的重要性。

In our first full fiscal year since we completed our IPO in October '23, we delivered 22% revenue growth in constant currency, extending our decade long track record of 20% plus compounded annual revenue growth driven by continued growing demand for our products across all segments, channels and categories. And we are growing profitably.

自2023 年10 月完成IPO 以來，在我們的第一個完整財年中，按固定匯率計算，我們實現了22% 的收入增長，延續了我們十年來20% 的業績記錄，此外，由於各個領域對我們產品的需求持續成長，複合年收入成長也得到了推動。我們正在實現獲利成長。

Our 2024 adjusted EBITDA margin was 30.8%, beating the high end of our expectations. In fiscal year 2024 revenue from coastal silhouettes grew at over twice the rate of the overall group and increased share of business to about one-third. In '24, about half of our TOP20 selling silhouettes were close (inaudible). Our APMA business grew at 42% nearly double the pace of the overall business.

我們 2024 年調整後 EBITDA 利潤率為 30.8%，超出了我們預期的上限。2024 財年，沿海輪廓的收入成長速度是整個集團的兩倍以上，業務份額增加至約三分之一。24 年，我們的 TOP20 暢銷款式中約有一半接近（聽不清楚）。我們的 APMA 業務成長了 42%，幾乎是整體業務成長的兩倍。

Our own retail revenue grew over 2 times the pace of the overall business as we continue to add to our own store fleet, opening 20 new doors globally in fiscal '24. Leveraging the investments we made in our new (inaudible) factory, we launched our newest orthopedics innovations.

隨著我們繼續增加自己的商店數量，24 財年在全球新開了 20 家門市，我們自己的零售收入成長速度是整體業務成長的 2 倍多。利用我們在新（聽不清楚）工廠的投資，我們推出了最新的骨科創新產品。

The blue foot bed for Sneakers expanded and relaunched our professional line including the fully certified (inaudible) 2.0 and expanded our Water Ready Outdoor segment. We also made additional investments in dollars at the hookah allowing us to increase production capacity to meet the growing global demand for all our products.

運動鞋的藍色鞋床擴充並重新推出了我們的專業產品線，包括完全認證的（聽不清楚）2.0，並擴展了我們的 Water Ready Outdoor 細分市場。我們還對水煙進行了額外的美元投資，使我們能夠提高生產能力，以滿足全球對我們所有產品不斷增長的需求。

We increased pairs sold by 14% in fiscal '24, while maintaining discipline distribution to ensure scarcity and strong full price realization of over 90% globally. ASP for the year was up 8%, driven by product mix and targeted price increase. We grew our wholesale business by 23% in fiscal '24.

我們在 24 財年將鞋履銷量增加了 14%，同時保持嚴格的分銷，以確保稀缺性和全球 90% 以上的強勁全價實現。在產品組合和目標物價上漲的推動下，今年的平均售價上漲了 8%。2024 財年我們的批發業務成長了 23%。

Over 90% of the growth came from existing doors as our partners continue to allocate more shelf space to the (inaudible) brand, increasing order size and adding new categories and usage occasion. As consumers are becoming increasingly selective and more intentional in their spending, we are taking share and gaining the attention of our key retail partners and their shoppers.

超過 90% 的成長來自現有門，因為我們的合作夥伴繼續為（聽不清楚）品牌分配更多的貨架空間，增加訂單規模並添加新的類別和使用場合。隨著消費者在消費方面變得越來越挑剔、越來越有意識，我們正在搶佔市場份額，並吸引我們的主要零售合作夥伴及其購物者的注意。

Our D2C business grew 21% and penetration of approximately 40% was consistent with last year. We ended the fiscal year with 67 stores globally, up from 47 at the end of fiscal '23. We grew our membership base by over 30% during the year to over 8 million loyal members, who shop more frequently and spend on average 30% more than (inaudible).

我們的 D2C 業務成長了 21%，滲透率約為 40%，與去年持平。截至本財年，我們在全球擁有 67 家門市，高於 2023 財年末的 47 家。這一年裡，我們的會員基數增加了 30% 以上，忠實會員數量超過 800 萬，他們購物更頻繁，平均消費比去年高出 30%。（聽不清楚）。

We continue to balance growth between B2B and B2C to meet the growing global demand, achieve our profitability goals and maximize our reach, especially into the new targeted consumer groups.

我們繼續平衡 B2B 和 B2C 之間的成長，以滿足不斷增長的全球需求，實現我們的獲利目標並最大限度地擴大我們的影響力，特別是進入新的目標消費群體。

Now let's move to a brief discussion of segment performance for the year. Within our largest segment, the Americas, we experienced strong consumer demand for our brand throughout the year. Revenue in the region was up 19% compared to fiscal '23. We saw a noticeable return to in person shopping at multi-brand retailers in the second half of the year.

現在讓我們簡要討論一下今年的分部業績。在我們最大的細分市場美洲，我們全年都經歷了消費者對我們品牌的強勁需求。與 23 財年相比，該地區的營收成長了 19%。今年下半年，我們看到多品牌零售商的親自購物明顯回歸。

As such, our B2B strengthened throughout the year as many of our strategic partners allocated more space to Birkenstock's and experienced very strong back to school sale group. We have emerged as a must carry brand within our strategic retailer.

因此，我們的 B2B 在這一年中得到了加強，因為我們的許多策略合作夥伴為 Birkenstock 分配了更多空間，並經歷了非常強大的返校銷售團隊。我們已成為我們策略零售商中的必備品牌。

We believe that significant reach with both store count and social media impressions have amplified our consumer demand beyond what we may achieve on our own. In the Americas B2C channel which is almost entirely digital, we delivered revenue growth in the mid 10s. We expanded our physical retail presence, opening four new stores during fiscal '24. We recently opened our first Birkenstock's store and plan to add several additional stores later this year.

我們相信，商店數量和社群媒體印象的顯著影響已經擴大了我們的消費者需求，超越了我們自己所能實現的範圍。在幾乎完全數位化的美洲 B2C 通路中，我們實現了 10 年代中期的營收成長。我們擴大了實體零售業務，在 2024 財年開設了四家新店。我們最近開設了第一家勃肯 (Birkenstock) 商店，並計劃在今年稍後再增加幾家商店。

In Europe, we delivered exceptional growth of 21%, which was broad based across all countries and channels. In the first full year since the completion of our transformation initiatives in the region, we clearly see the benefits of the improved quality in our distribution with double digit unit and ASP growth.

在歐洲，我們實現了 21% 的驚人成長，這一成長在所有國家和通路都有廣泛的基礎。自從我們在該地區完成轉型計劃以來的第一個完整年度中，我們清楚地看到了分銷質量提高的好處，單位數量和平均售價增長了兩位數。

While both close to and sandals grew at double digits for the year, (inaudible) to grew at over 2.5 times faster than sandals, driving a speed higher. We have gained shop space and strategic retail partners and our brand awareness increased an average of 400 basis points in the key markets since we began our transformation in 2022. We saw strength in both the D2C and B2B channels in Europe.

雖然貼身涼鞋和涼鞋今年都以兩位數的速度成長，但（聽不清楚）涼鞋的成長速度比涼鞋快 2.5 倍以上，推動了更高的速度。自 2022 年開始轉型以來，我們獲得了店鋪空間和策略零售合作夥伴，我們的品牌知名度在主要市場平均提高了 400 個基點。我們看到了歐洲 D2C 和 B2B 頻道的實力。

Our focus on better alignment with key strategic retail partners led to increased orders and elevated sell-through performance from these targeted accounts. Our partners continued to widen their budget of assortment to meet the expanding consumer demand. In our B2B orderbook for autumn winter '24, we doubled share of business in shoes compared to last year. Our European B2C business grew at a similar pace as B2B.

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並提高了銷售業績。我們的合作夥伴繼續擴大其品種預算，以滿足不斷擴大的消費者需求。在我們 24 年秋冬的 B2B 訂單中，我們鞋類業務的份額比去年翻了一番。我們的歐洲 B2C 業務成長速度與 B2B 類似。

After several years of retail consolidation in the region, we embarked on our retail expansion strategy in '24. We opened three new stores in the region including our first store in Paris. We have identified several additional locations throughout Europe for additional own retail stores in '25. The APMA region was our fastest growing segment in fiscal '24, growing 42% nearly double the pace of the overall business. We continue to make progress to our penetrating this significant wide space for the business (inaudible), still at only 12% of our overall revenue, we see substantial opportunity for growth and we continue to invest in the segment. Aligned with our road map and commitment to the region, we added 13 new own retail stores bringing our total to 25 in APMA region.

經過該地區幾年的零售整合，我們於 2024 年開始實施零售擴張策略。我們在該地區開設了三家新店，其中包括在巴黎的第一家店。我們已在 25 年在歐洲各地確定了幾個額外的地點，以開設更多自己的零售店。APMA 地區是我們 24 財年成長最快的部分，成長了 42%，幾乎是整體業務成長率的兩倍。我們在滲透這一重要的廣闊業務空間（聽不清楚）方面繼續取得進展，但仍僅占我們總收入的 12%，我們看到了巨大的成長機會，並繼續投資於該領域。根據我們的路線圖和對該地區的承諾，我們新增了 13 家自營零售店，使 APMA 地區的零售店總數達到 25 家。

Additionally, the launch of our online store in the Philippines and the strong performance throughout our digital channel is supporting strong regional B2C growth. We also expanded our strategic partnerships, increasing our mono-brand partner doors by approximately 20% which drives B2B growth in the region.

此外，我們在菲律賓推出的線上商店以及整個數位管道的強勁表現正在支持區域 B2C 的強勁成長。我們還擴大了策略合作夥伴關係，將單一品牌合作夥伴數量增加了約 20%，從而推動了該地區 B2B 的成長。

Greater China made up mid 10s share of APMA revenue. We are still in the early stages of our market roll out there, but are steadily building brand awareness and demand through our increased retail and online presence. We opened our first owned store in (inaudible) in October and will turn our successful popup store in Shanghai into a permanent store later this year.

大中華區佔 APMA 收入的 10% 左右。我們仍處於市場推廣的早期階段，但正在透過增加零售和線上業務穩步建立品牌知名度和需求。我們於 10 月（聽不清楚）開設了第一家自有商店，並將於今年稍後將我們在上海成功的快閃店轉變為永久性商店。

I will now turn it over to Erik to discuss our financial results in more detail.

我現在將把它交給埃里克，更詳細地討論我們的財務表現。

Thanks, Oliver, and good morning, everyone. I'm pleased to share Birkenstock's performance for fourth quarter and full year 2024. Again, we saw very strong growth throughout the year which accelerated into our fiscal year end, allowing us to achieve another year of over 20% top line growth coming in ahead of our expectations.

謝謝奧利佛，大家早安。我很高興與大家分享 Birkenstock 第四季和 2024 年全年的業績。我們再次看到全年非常強勁的成長，並在財政年度結束時加速成長，使我們能夠再實現超過 20% 的收入成長，超出了我們的預期。

First, let's look at revenues. Fourth quarter 2024 revenues were EUR456 million, growth of 22% in constant currency, accelerating from third quarter's growth of 90%. B2B was up 26%, and our B2C performance was up by 18%. This brought our total revenue for fiscal year 2024 to over EUR1.8 billion, up 22% from 2023 and ahead of our expected growth of 20%. B2B revenues were up 23% and B2C were up 21% for the full year.

首先，我們來看看收入。2024 年第四季營收為 4.56 億歐元，以固定匯率計算成長 22%，較第三季 90% 的成長加快。B2B 成長了 26%，B2C 業績成長了 18%。這使得我們 2024 財年的總收入超過 18 億歐元，比 2023 年成長 22%，超出了我們 20% 的預期成長。全年 B2B 營收成長 23%，B2C 營收成長 21%。

Now looking at gross profit. In analyzing our fourth quarter gross profit margin, it's important to note that the prior year quarter was impacted by several noncash end-of-year true-up adjustments and the reclassification of logistics expenses.

現在看毛利。在分析我們第四季的毛利率時，值得注意的是，去年同期受到多項非現金年終調整和物流費用重新分類的影響。

Combined, these elevated Q4 2023 gross margin by approximately 450 basis points. making it not directly comparable to Q4 2024. The adjustment did not impact EBITDA in the period. And importantly, EBITDA margin increased 190 basis points year-over-year in the quarter.

總而言之，2023 年第四季的毛利率提高了約 450 個基點。使其無法直接與 2024 年第四季進行比較。此次調整未對本期 EBITDA 產生影響。重要的是，本季 EBITDA 利潤率年增 190 個基點。

On a reported basis, gross profit margin for the fourth quarter fiscal 2024 was 59%. The remaining 190 basis points of decline in gross margin was a result of a, the expected under-absorption impact from new production capacity, which accounts for around 200 basis points, b, the increase in B2B share relative to last year and c, FX impact, all offset by some pricing initiatives. The gross margin in Q4 2024 represents the more normalized trend.

根據報告，2024 財年第四季的毛利率為 59%。毛利率下降其餘 190 個基點的原因是：a、新產能的預期吸收不足影響，約佔 200 個基點；b、B2B 份額相對於去年增加；c、外匯影響，但全部被一些定價舉措所抵消。2024 年第四季的毛利率代表了更正常化的趨勢。

For the full year, gross profit margin was 58.8%, down 330 basis points from full year 2023. As expected, about 150 basis points of margin decline was the result of the temporary under-absorption costs from the added production capacity, the remaining 180 basis points from a combination of channel mix and other impacts.

全年毛利率為58.8%，較2023年全年下降330個基點。如預期，利潤率下降約 150 個基點是由於新增產能導致成本暫時吸收不足，其餘 180 個基點則是通路組合和其他影響共同造成的。

Selling and distribution expenditures were EUR141 million in the fourth quarter, representing 31% of revenue down 640 basis points year-over-year due to in part logistics reclassification into COGS as well as lower consulting and other expenses relative to those incurred during our IPO last year. For the full fiscal year, selling and distribution expenditures totaled EUR507 million or 28.1% of revenue, down from 29.8% in fiscal year 2023.

第四季銷售和分銷支出為 1.41 億歐元，佔收入的 31%，年減 640 個基點，部分原因是物流重新分類為銷貨成本，以及相對於上次 IPO 期間產生的諮詢和其他費用減少年。整個財年，銷售和分銷支出總計 5.07 億歐元，佔營收的 28.1%，低於 2023 財年的 29.8%。

General and administration expenses were EUR32 million or 7% of revenue in the quarter. Respectively EUR101 million or 5.6% of revenue for the full year 2024, up 20 basis points year-over-year, primarily due to the incremental public company costs.

一般和管理費用為 3,200 萬歐元，佔本季收入的 7%。2024 年全年營收分別為 1.01 億歐元或 5.6%，較去年同期成長 20 個基點，主要是由於上市公司成本增量。

Adjusted EBITDA in Q4 of EUR125 million was up 31% year-over-year and margin of 27.4% was up 190 basis points year-over-year. For the full year, adjusted EBITDA increased 15% to EUR555 million for an EBITDA margin of 30.8% and down 160 basis points year-over-year, largely as a result of the capacity expansion, but coming in ahead of our expected range of 30% to 30.5%.

第四季調整後 EBITDA 為 1.25 億歐元，較去年同期成長 31%，利潤率為 27.4%，年成長 190 個基點。全年調整後 EBITDA 成長 15%，達到 5.55 億歐元，EBITDA 利潤率為 30.8%，年減 160 個基點，主要是由於產能擴張，但超出了我們 30 個基點的預期範圍% 至 30.5%。

Adjusted net profit of EUR55 million in the fourth quarter was up 180%, and adjusted EPS was [EUR0.29], up 107% from a year ago. Fiscal 2024 adjusted net profit of EUR240 million was up 16% from 2023. EPS of EUR1.28 increased 30% year-over-year. Let's now have a closer look at our balance sheet as of September 30, 2024.

第四季調整後淨利為5,500萬歐元，較去年同期成長180%，調整後每股收益為[0.29歐元]，較去年同期成長107%。2024 財年調整後淨利為 2.4 億歐元，較 2023 年成長 16%。每股收益為 1.28 歐元，年增 30%。現在讓我們仔細看看截至 2024 年 9 月 30 日的資產負債表。

Cash and cash equivalents were EUR356 million as of September 30, '24, up from EUR344 million at the end of fiscal 2023. We generated EUR429 million operating cash flow during 2024, up 20% year-over-year. This was driven by the strong EBITDA growth, combined with improved working capital efficiency.

截至 2024 年 9 月 30 日，現金及現金等價物為 3.56 億歐元，高於 2023 財年末的 3.44 億歐元。2024 年，我們產生了 4.29 億歐元的營運現金流，年增 20%。這是由強勁的 EBITDA 成長以及營運資本效率的提高所推動的。

We improved our inventory to sales ratio to 35%, down from 40% in '23. Our DSO for fiscal '24 remained very healthy at '23, in line with a year ago despite a slightly higher B2B mix. During 2024, we spent EUR74 million in capital expenditures and made net repayments of EUR662 million in outstanding loans. Our net leverage was 1.8 times as of September 30, 2024, below our stated target of 2.0 times.

我們將庫存與銷售比率從 2023 年的 40% 提高到 35%。儘管 B2B 組合略有增加，但我們 24 財年的 DSO 在 23 財年仍然非常健康，與一年前一致。2024 年，我們花了 7,400 萬歐元的資本支出，並淨償還了 6.62 億歐元的未償還貸款。截至 2024 年 9 月 30 日，我們的淨槓桿率為 1.8 倍，低於我們設定的 2.0 倍目標。

As we look forward to fiscal 2025, we believe we are well positioned to meet our stable growth and profitability of factors. Our outlook for 2025 is in line with our medium to long-term targets. We expect revenue growth of 15% to 17%, with balanced and healthy euro from both B2C and B2B.

展望 2025 財年，我們相信我們有能力實現要素的穩定成長和獲利能力。我們對 2025 年的展望與我們的中長期目標一致。我們預計營收成長 15% 至 17%，B2C 和 B2B 歐元將保持平衡和健康。

We believe this is the right pace of growth to meet demand within the guide rails or scarcity model and maintain brand health and full price realization. Gross margin should improve year-over-year as we increase utilization and efficiency at our production facilities, moving closer to our 60% target. We expect EBITDA margin in the range of 30.8%, 31.3%, an increase of up to 50 basis points compared to 2024.

我們相信，這是滿足導軌或稀缺模型內的需求並維持品牌健康和全價實現的正確成長速度。隨著我們提高生產設施的利用率和效率，毛利率應該會逐年提高，接近我們 60% 的目標。我們預計 EBITDA 利潤率將在 30.8%、31.3% 之間，較 2024 年增加高達 50 個基點。

Our effective tax rate is projected to be around 30%. We expect to invest approximately EUR80 million in capital expenditures in 2025, primarily related to production capacity and retail store expansion. We plan to use excess cash to continue reducing our outstanding debt. Our target leverage ratio for the end of fiscal 2025 is approximately 1.5 times.

我們的有效稅率預計約為 30%。我們預計 2025 年將投資約 8,000 萬歐元的資本支出，主要與產能和零售店擴張有關。我們計劃使用多餘的現金來繼續減少未償債務。我們到 2025 財政年度結束時的目標槓桿率約為 1.5 倍。

Now I'm happy to hand over back to Oliver.

現在我很高興把工作交還給奧利佛。

Thanks, Erik. Our strength in fiscal '24 and outlook for '25 demonstrate our ability and commitment to deliver on the promises we made during our year. We are delivering strong double-digit revenue growth, excellent margins, exceptional cash generation and expanding into the white space areas we highlighted over a year ago.

謝謝，埃里克。我們在 24 財年的實力和 25 財年的前景表明我們有能力和承諾兌現我們在這一年中所做的承諾。我們正在實現強勁的兩位數收入成長、出色的利潤率、卓越的現金產生能力，並擴展到我們一年多前強調的空白領域。

Our brand strength is evident as our growth continues to outpace our peers globally with strong and increasing demand from our B2B partners and in our growing B2C point. We are investing in our production capabilities to meet the growing demand for our products, while carefully executing on our proven engineered distribution strategy to drive ASP growth, ensure healthy stock levels and maintain strong full price realization.

隨著我們的 B2B 合作夥伴的強勁且不斷增長的需求以及不斷增長的 B2C 點，我們的成長繼續超過全球同行，我們的品牌實力是顯而易見的。我們正在投資我們的生產能力，以滿足對我們產品不斷增長的需求，同時認真執行我們經過驗證的設計分銷策略，以推動平均售價增長，確保健康的庫存水平並保持強勁的全價實現。

We are entering the next chapter of growth as we tap into our largest white space market, the APMA region. We are increasing brand awareness, educating the consumer on the purpose of the Birkenstock footbed and are taking market share by following our prudent flavor of disciplined engineered distribution to support ASP. With our growing retail presence in the region and continued investment in digital, we see a long runway of growth ahead and out.

隨著我們進軍最大的空白市場——APMA 地區，我們正進入新的成長篇章。我們正在提高品牌知名度，教育消費者了解 Birkenstock 鞋床的用途，並透過遵循我們嚴謹的設計分銷風格來支援 ASP，從而搶佔市場份額。隨著我們在該地區的零售業務不斷增長以及對數位化的持續投資，我們看到了未來的長期成長。

F24 draws to a close, so does the year in which we celebrated 250 years of shoemaking, shining a light on our purpose to empower our people to work as nature intended. Many of our wholesale partners used this moment to create special retail placements, allocating additional shelf space for our brands.

F24 即將結束，我們慶祝製鞋 250 週年的這一年也即將結束，這讓我們明白了我們的目標，即讓我們的人民能夠按照自然的方式工作。我們的許多批發合作夥伴利用這一時機創建特殊的零售展示位置，為我們的品牌分配額外的貨架空間。

In our white space region, we were invested to drive awareness, it was great to see the strong appetite for our rich brand heritage. As I've said before, the first 250 years were just the beginning of a much larger and more significant journey.

在我們的空白區域，我們進行了投資以提高知名度，很高興看到人們對我們豐富的品牌傳統的強烈興趣。正如我之前所說，前 250 年只是一個更大、更重要的旅程的開始。

I would 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。

(Operator instructions)

（操作員說明）

Matthew Boss, JPMorgan.

馬修‧博斯，摩根大通。

Great. Thanks and congrats on another nice quarter. So Oliver, you cited 15% to 17% growth is the right pace for a healthy long-term business. I guess why do you think that's the right pace going forward? Or any structural change in drivers relative to the past decade of 20%-plus growth?

偉大的。感謝並祝賀又一個美好的季度。Oliver，您提到 15% 到 17% 的成長對於健康的長期業務來說是正確的速度。我想你為什麼認為這是正確的前進步伐？或者相對於過去十年 20% 以上的成長，驅動因素是否發生了結構性變化？

And just near term, could you give us some color on what you're seeing in the first quarter relative to that 15% to 17% pace as you are cycling the toughest compare at 26% growth a year ago.

就近期而言，您能否給我們一些關於第一季度相對於 15% 至 17% 的增長速度的情況的一些信息，因為您正處於最艱難的時期，即一年前 26% 的增長。

Hello, Matt, thank you for your question. Can we grow faster? Yes, of course. Based on the overall demand, we see, we can definitely grow faster. But Again, we have to think about our whole business for the next decade, not in quarters or years. We have to plan mindfully. That's the core of our business here.

你好，馬特，謝謝你的問題。我們能成長得更快嗎？是的當然。基於整體需求，我們看到，我們肯定可以成長得更快。但同樣，我們必須考慮未來十年的整個業務，而不是幾個季度或幾年。我們必須認真計劃。這是我們這裡業務的核心。

And remember, we are 100% vertically integrated. So we have to think about hiring people, sourcing raw materials, investing in production, and we take the responsibility and well-being for over 6,000 employees globally. It's very serious for us. So quality means for us, not only the quality standards, also in production. Engineered distribution, it's a very qualitatively driven sales organization we are writing. So it's quality comes to different layers, raw materials, all of it.

請記住，我們是 100% 垂直整合的。因此，我們必須考慮僱用人員、採購原材料、投資生產，並為全球 6,000 多名員工承擔責任和福祉。這對我們來說非常嚴重。因此，品質對我們來說不僅意味著品質標準，還意味著生產。精心設計的分銷，這是我們正在編寫的一個非常以品質為導向的銷售組織。所以它的品質取決於不同的層面、原料等等。

So, and just as a comparison, if you grow mid to high teens a year, that means you're doubling your business roughly every five years. And if you think about the whole situation in Birkenstock doubling the output of this organization in the five years time frame, that's a very, very strong growth story. And this is how we operate as a company and that's why we committed to the mid and high-teens growth during the IPO.

因此，作為比較，如果您每年成長到十幾歲，這意味著您的業務大約每五年就會翻一番。如果你考慮一下 Birkenstock 的整體情況，該組織的產量在五年內翻了一番，那就是一個非常非常強勁的成長故事。這就是我們作為一家公司的運作方式，也是我們在 IPO 期間致力於實現中高雙位數成長的原因。

And we think this is the right pace for sustainable long-term growth. And yes, you mentioned the 20-plus. 20-plus was a track record for the last years. And again, there will be periods where we can and will grow faster. But if it's just, if we feel it's right for our core makeup or our core values, then we will do this, absolutely, okay?

我們認為這是可持續長期成長的正確步伐。是的，你提到了 20 多個。 20+是過去幾年的記錄。再說一遍，在某些時期我們能夠而且將會成長得更快。但如果它只是，如果我們覺得它適合我們的核心組成或我們的核心價值觀，那麼我們絕對會這樣做，好嗎？

And regarding Q1, we are seeing globally a very strong holiday season. Given what we've seen this in Q1, we feel very comfortable that Q1 will likely come in the higher end of our 15% to 17% annual revenue growth guidance range. even against the strong comps last year.

關於第一季度，我們在全球範圍內看到了一個非常強勁的假期季節。鑑於我們在第一季所看到的情況，我們非常確信第一季可能會達到我們 15% 至 17% 的年收入成長指引範圍的高端。即使是去年對上強勁的對手。

Remember, last year, there was like a 26% growth. So we do think that ending up at the higher end of our guidance range, will be a strong signal for the brand and the global demand, which is definitely outstripping our supply here.

請記住，去年增長了 26%。因此，我們確實認為，最終達到指導範圍的高端，將對該品牌和全球需求發出強烈信號，而全球需求肯定超過了我們的供應。

I'd agree. Great color. Best of luck.

我同意。顏色很棒。祝你好運。

Paul Lejuez, Citi.

保羅‧勒胡埃斯，花旗銀行。

Hey, thanks, guys. Oliver, can you give a little bit more color on 1Q, just how B2C versus B2B is performing? And how are you thinking about B2B versus B2C in F25 overall, how are you planning the business around that 15% to 17% in each of those segments? And then can you maybe talk about gross margin by quarter, assuming is not up year-over-year, but just wondering when you're looking for gross margin to inflect positive? Thanks.

嘿，謝謝，夥計們。Oliver，您能否對 1Q 進行更多說明，B2C 與 B2B 的表現如何？您如何看待 F25 整體中的 B2B 與 B2C？然後，您是否可以按季度討論毛利率，假設毛利率沒有同比增長，但只是想知道您何時尋求毛利率轉正？謝謝。

Hey, Paul, this is Niko. Thank you for your question. I'm taking the first one on B2C and B2B growth going forward. So what we will see is definitely we'll continue to see a balanced growth between B2C and B2B throughout fiscal 2025. Certainly, with some nuances from quarter-to-quarter as some quarters are more sell-in and some orders are more sell-through driven. Please be reminded that online represents 90% of our B2C currently.

嘿，保羅，這是尼可。謝謝你的提問。第一個主題是關於 B2C 和 B2B 的未來成長。因此，我們將看到的是，在整個 2025 財年，我們肯定會繼續看到 B2C 和 B2B 之間的平衡成長。當然，每個季度之間存在一些細微差別，因為有些季度的銷售量更大，而有些訂單的銷售量更大。請注意，目前我們的 B2C 業務中 90% 都是線上業務。

So in other words, retail is just presenting 10% of our B2C, and we've been executing our retail expansion plan with great success. Recently opened stores are performing really well, and they're performing well from day one. Paris (inaudible) that opened in Q4 is our top-performing store in Europe, Chengdu store is welcoming 4,000 visitors every week, outperforming our expectations.

換句話說，零售業僅占我們 B2C 業務的 10%，而我們一直在執行零售擴張計劃，並取得了巨大成功。最近開業的商店表現非常好，而且從第一天起就表現良好。第四季開業的巴黎（聽不清楚）店是我們在歐洲表現最好的店，成都店每週接待 4,000 名訪客，超出了我們的預期。

And then Austin stores also really outperforming our expectations. Please be assured we have secured more locations, more exciting locations to open this fiscal year. So you hear us more talking about retail expansion, and you'll see retail gaining more weight in our B2C channel.

然後奧斯汀商店的表現也確實超出了我們的預期。請放心，我們已確保在本財年開設更多、更令人興奮的地點。因此，您會聽到我們更多地談論零售擴張，並且您會看到零售在我們的 B2C 頻道中越來越重要。

Our overall view on channel growth is that wonderful fill demand where it occurs. While we really remain disciplined in our distribution for B2B. As you know, 90% of growth is really coming from existing wholesale partners. What they do is they expand our offering. They offer more shelf space and they go with a wider offering to their consumers.

我們對通路成長的整體看法是，當需求發生時，就會產生極佳的滿足需求。雖然我們在 B2B 分銷方面確實保持著嚴格的紀律。如您所知，90% 的成長實際上來自現有的批發合作夥伴。他們所做的就是擴大我們的產品範圍。他們提供更多的貨架空間，並為消費者提供更廣泛的產品。

So this gives us a broader reach to consumers with a broader assortment and let consumers enjoy the full breadth of our brand. We remain disciplined in our distribution for B2B, and this is a high quality and profitable growth with a full price realization that is superior to any other brand out there.

因此，這使我們能夠以更廣泛的產品種類更廣泛地接觸消費者，並讓消費者享受我們品牌的全部內容。我們在 B2B 分銷方面保持嚴格的紀律，這是一種高品質和盈利性的增長，其全價實現優於任何其他品牌。

Thanks. And then, Erik, maybe any color on the gross margin?

謝謝。然後，艾瑞克，也許毛利率有什麼顏色？

Sorry, I didn't get the question at the beginning. Right. Gross margin, if you look at Q4, the gross margin last year had a number of noncash out of period accounting true-ups that impacted the quarterly margin comparison. So these totaled about 450 basis points of which the majority was related to a true-up of internal logistic expenses for the year that were reclassified between COGS and selling and distribution expenses.

抱歉，我一開始沒明白這個問題。正確的。毛利率，如果你看看第四季度，去年的毛利率有一些非現金的期外會計真實數據，影響了季度利潤率比較。因此，這些總計約為 450 個基點，其中大部分與本年度內部物流費用的調整有關，這些費用在銷貨成本和銷售及分銷費用之間重新分類。

There was no impact on the full year gross margin and even more importantly, no impact at all on EBITDA. So this is why we should look at the quarterly trends for gross margin, EBITDA margin in '24 as a guide for '25. And while as we, as you know, we will not be giving quarterly margin guidance. Overall, we have said we expect a modest improvement in gross margin for '25 and EBITDA will go up 50 basis points higher next year.

這對全年毛利率沒有影響，更重要的是，對 EBITDA 沒有任何影響。因此，這就是為什麼我們應該關注 24 年毛利率和 EBITDA 利潤率的季度趨勢，作為 25 年的指南。如您所知，我們不會提供季度利潤指導。總體而言，我們預計 25 年毛利率將略有改善，明年 EBITDA 將上升 50 個基點。

Thank you guys. Good luck.

謝謝你們。祝你好運。

Michael Benetti, Evercore.

邁克爾·貝內蒂，Evercore。

Hey guys, thanks for the detail here. Let me keep going on the gross margin and how we should think about it going forward into 2025. Are there any other unusual items we need to think about as we look out at the quarterly trends? I know there was a big reclassification in 4Q as we roll into 1Q, 2Q? Is that an appropriate baseline to think about a year ago?

嘿夥計們，謝謝你的詳細資料。讓我繼續談談毛利率，以及我們應該如何思考 2025 年的前景。在觀察季度趨勢時，我們還需要考慮其他不尋常的事項嗎？我知道隨著我們進入第一季、第二季度，第四季有一個重大的重新分類？這是一年前考慮的適當基準嗎？

And then on revenues, I guess, to double click a little bit. Thanks for the color on first quarter. You mentioned the tough compares in the quarter. But obviously, the B2C compare is obviously very tough in the first quarter. Anything to think about between the two channels in the fourth quarter as that obviously affects margins.

然後在收入方面，我想，雙擊一下。感謝第一季的色彩。您提到了本季的艱難比較。但顯然，第一季B2C的比較顯然非常艱難。第四季兩個管道之間需要考慮的任何事情，因為這顯然會影響利潤率。

And then finally, on SG&A, I'm just curious if you could speak to the cadence spend this year? Is it hasn't really aligned very closely with revenue growth in the past and can have a pretty material difference on earnings quarter-to-quarter. It started growing in the mid-20s last year and ended the year much, much lower.

最後，關於 SG&A，我很好奇您能否談談今年的支出節奏？它是否與過去的收入成長並沒有真正密切相關，並且可能對季度與季度的收益產生相當大的差異。它從去年 20 年代中期開始成長，到年底卻下降了很多很多。

So I'm curious as SG&A snapped back to mid- to high teens in the first half? Or is it best to think about it as like a high single-digit growth rate in the first half and it accelerates its revenues through the year?

所以我很好奇，SG&A 在上半年又回到了中高位？或者最好將其視為上半年的高個位數成長率並且全年收入加速成長？

Hey, Michael, this is Alexander. Thanks for the question. I will take the first and the third part of your question. And with our numbers in '24, the quarterly cadence, we are quite confident that this is a good basis to model the '25 quarters. So '24 is completely clean. There is no hiccups, no unusual items you need to know about.

嘿，邁克爾，這是亞歷山大。謝謝你的提問。我將回答你問題的第一部分和第三部分。根據我們 24 年的數據，即季度節奏，我們非常有信心這是對 25 個季度進行建模的良好基礎。所以'24是完全乾淨的。沒有任何問題，也沒有您需要了解的異常項目。

And of course, we have some seasonality. I'm sure you are aware of that, especially with the higher B2C penetration, the first and then the fourth quarter, impacting gross margins and also SG&A ratios. But overall, '24 is a good basis to start with for '25. And then maybe just one last thing remark on gross margin. Erik mentioned that we are seeing, yes, a slight uptrend of the margin in '25. This will likely to happen in the back half of the year.

當然，我們有一些季節性。我相信您已經意識到這一點，特別是隨著第一季和第四季 B2C 滲透率的提高，這影響了毛利率和銷售、一般管理費用 (SG&A) 比率。但總的來說，'24 是 '25 的良好基礎。然後也許只是關於毛利率的最後一件事。艾瑞克提到，是的，我們看到 25 年的利潤率略有上升。這很可能會在今年下半年發生。

Okay. The SG&A?

好的。SG&A？

Well, on the SG&A, it's the same cadence and also a good starting point for the '25 quarters. There are fluctuations, but this is just pure seasonality and depending on the channel mix, but SG&A is also a good starting point taking the '24 numbers.

嗯，在 SG&A 方面，這是相同的節奏，也是 25 個季度的良好起點。雖然存在波動，但這只是純粹的季節性因素，並且取決於渠道組合，但 SG&A 也是採用 24 年數字的良好起點。

Okay. Thank you very much. Appreciate it guys.

好的。非常感謝。很欣賞你們。

Dana Telsey, Telsey Group.

達納‧特爾西，特爾西集團。

Hi, good morning, everyone. As you think about, I believe, the payers were up 14% this year, ASP up around 8% this year. How are you thinking of that going forward, especially given the production capacity that's coming more online? What are you looking at? And it also sounds like the traffic in stores, did it continue to accelerate in the current quarter?

嗨，大家早安。正如你所想，我相信今年的付款人增加了 14%，平均售價今年增加了 8% 左右。您如何看待未來的發展，特別是考慮到生產能力將更多地在線化？你在看什麼？聽起來也像商店的客流量，本季是否繼續加速？

What are you seeing, given the increased penetration of stores and the new store openings. And just anything more on wholesale in the Americas, what you're seeing on order trends? Is it still more from existing accounts? Or are there new ones, too? Thank you.

鑑於商店滲透率的增加和新店的開業，您會看到什麼？關於美洲的批發，您對訂單趨勢有何看法？現有帳戶還多嗎？或是還有新的嗎？謝謝。

Hi, Dana, this is Niko. I'm going to take the first part of the question, and then I'll hand over to my team colleague, David, to give us some color on the Americas piece. So on units versus ASP growth, we definitely see volume being a bigger driver of growth than previous years. As you know, finally, we have the capacity to really unlock white space categories such as the APMA on our APAC region, our close or product category, but also other business areas such as Professional.

嗨，達納，我是尼可。我將回答問題的第一部分，然後交給我的團隊同事 David，讓我們對美洲部分做一些闡述。因此，就單位數量與平均售價成長而言，我們確實認為銷售量比前幾年是成長的更大推動力。如您所知，最後，我們有能力真正解鎖空白類別，例如亞太地區的 APMA、我們的封閉或產品類別，以及專業等其他業務領域。

These are all incremental fields of play to our unit growth. Further to that, this increased capacity is also benefiting our B2B business. It really allows us to gain shelf space with existing partners that are widening their assortment offering. Even with that high unit growth, we expect a positive ASP contribution to revenue growth driven by mix predominantly, but also like-for-like pricing going forward

這些都是我們單位成長的增量領域。此外，產能的增加也有利於我們的 B2B 業務。它確實使我們能夠與正在擴大其產品種類的現有合作夥伴一起獲得貨架空間。即使單位數量成長如此之高，我們預計平均售價將對收入成長做出積極的貢獻，這主要是由混合驅動的，而且未來的同類定價也會推動

Dana, hey, this is David. Just to follow up on the back half of that question. As you've heard repeatedly from us, 90% of our growth in revenue comes from not only existing accounts, but existing doors. So that shows that we're getting increased shelf space, increased penetration, increased spread in our collection, mainly in our current points of distribution.

達納，嘿，這是大衛。只是為了跟進該問題的後半部分。正如您多次從我們那裡聽到的那樣，我們 90% 的收入成長不僅來自現有客戶，還來自現有的門。因此，這表明我們的貨架空間、滲透率和產品系列（主要是在我們目前的分銷點）的分佈範圍正在擴大。

The only new points of distribution would be ones that are very, very tactical and strategic. For us, we've spoken about this previously, but most specifically related to sports specialty, where we've, over the last year, established a nice small basis, but very, very disciplined growth in that specific channel

唯一的新分發點將是非常非常具有戰術性和戰略性的分發點。對於我們來說，我們之前已經談到過這一點，但最具體的是與體育專業相關，去年我們在該領域建立了一個不錯的小基礎，但在該特定渠道中非常非常有紀律的增長

Thank you.

謝謝。

Laurent Vasilescu, BNP Paribas.

洛朗·瓦西萊斯庫，法國巴黎銀行。

Oh, good morning, Oliver and Team. Thanks very much for taking my questions. I wanted to ask a three part question, if I may. Last year, for fiscal year '24, you opened 20 stores. How many stores should we assume for this year? And should it be really weighted to Asia?

哦，早上好，奧利佛和團隊。非常感謝您回答我的問題。如果可以的話，我想問一個由三個部分組成的問題。去年，也就是 24 財年，您開設了 20 家商店。我們今年應該假設有多少家店？它真的應該以亞洲為重嗎？

That kind of leads us to the second question. I think, Oliver, you mentioned China is only 15% of your APMA region, so about EUR30 million still very small, but can you talk about the positioning of the brand in China and what do you think is the longer-term opportunity?

這就引出了第二個問題。我想，Oliver，你提到中國祇佔你的APMA地區的15%，所以大約3000萬歐元仍然很小，但你能談談品牌在中國的定位嗎？

And then lastly, you mentioned that the closed tote offering was roughly one-third of the business. Where do you think that goes for FY25 and longer term. Thank you very much.

最後，您提到封閉式手提袋產品約佔業務的三分之一。您認為 25 財年及更長期的情況會是如何？非常感謝。

This is Niko again. Thank you for your question. I'm going to do the first part of it, which is stores related, then over I'm going to hand over to Klaus for the Asia piece. As you know, retail is a massive growth pillar for us. We are currently operating 67 stores, adding and have added 20 stores in 2024. We have plans to open more. We are very disciplined in regards of locations that we go after, but also our return requirements.

這又是尼可。謝謝你的提問。我將負責第一部分，即與商店相關的部分，然後我將把亞洲部分的工作交給 Klaus。如您所知，零售是我們巨大的成長支柱。我們目前經營 67 家門市，預計 2024 年新增 20 家門市。我們計劃開設更多。我們對於我們所追求的地點以及我們的退貨要求都非常嚴格。

Cash payback on investment is, as you know, within 18 months. So yes, we do expand, but we also expand very consciously, if you will. Our aim for fiscal '25 is to increase the door fleet by 50%. So that's a significant growth of our door fleet. And as I said, every store that is opened is performing and has to perform really well from day one. So you see us having some really exciting locations lined up.

如您所知，投資現金回收期為 18 個月。所以，是的，我們確實在擴張，但如果你願意的話，我們也會非常有意識地擴張。我們 25 財年的目標是將門機數量增加 50%。因此，我們的門隊數量顯著增長。正如我所說，每家新開的商店都在表現，而且從第一天起就必須表現得非常好。所以你會看到我們有一些非常令人興奮的地點。

We just opened, in Europe, we just opened (inaudible), we opened Amsterdam, more to come. As I said, Paris is a very, very great success story in Europe, and so there are many others in the other regions. So more to come on that.

我們剛在歐洲開業（聽不清楚），我們在阿姆斯特丹開業，還有更多。正如我所說，巴黎在歐洲是一個非常非常偉大的成功故事，因此其他地區也有許多其他成功故事。所以還有更多的事情要做。

Hello Laurent, Klaus here entering the China question. First of all, it's important to know that we are not new in China. I mean we have a long history there. And yes, we are accelerating now our growth, we are, as you know, we signed up a partner for our B2B mono store development and we are delivering now to six point of sales, and we are operating two owned stores.

你好，勞倫特，克勞斯在這裡進入中國問題。首先，重要的是要知道我們在中國並不陌生。我的意思是我們在那裡有悠久的歷史。是的，我們現在正在加速成長，如您所知，我們與 B2B 單一商店開發簽約了合作夥伴，我們現在正在向六個銷售點提供服務，並且我們正在經營兩家自有商店。

On the digital side, we opened social sales channels as TikTok and the mini-cat program. So looking forward, I mean, we will keep this pace next year, for sure, double the fleet.

在數位方面，我們開闢了TikTok和小貓程式等社交銷售管道。因此，展望未來，我的意思是，我們明年將保持這一速度，當然，機隊數量將增加一倍。

That's great to hear. And on a closed to offering, where do you think that goes for this year and over time?

很高興聽到這個消息。對於已結束的發行，您認為今年以及隨著時間的推移，情況會如何？

Yes. So this is Niko again. So close to offering, as you know, is now of our business and it continues to grow at the pace of more than twice as fast as our sandals. Important to note that sandals is growing double digit. So we grow both areas of the business, while closed-toe is overperforming. It will go more. We haven't set ourselves a target for this one, but you will see an increased share of closed-toe business going forward

是的。這又是尼可。如您所知，現在我們的業務已經非常接近提供產品，而且它的成長速度是我們涼鞋的兩倍以上。值得注意的是，涼鞋的銷售量正在以兩位數的速度成長。因此，我們同時發展這兩個領域的業務，而閉趾鞋則表現出色。它會走得更多。我們還沒有為此設定目標，但您會看到未來閉趾業務的份額不斷增加

Very helpful. Thank you very much.

非常有幫助。非常感謝。

Randy Konik, Jefferies.

蘭迪·科尼克，傑弗里斯。

Yeah, thanks a lot. Good morning. Just to unpack closed-toe a little more. Can you give us some a little flavor on the drivers within that category. Is that the Boston just getting a lot more breadth in the assortment that's driving a lot of that?

是的，非常感謝。早安.只是為了進一步解開封閉腳趾的包裝。您能為我們介紹一下該類別中的驅動程式嗎？難道是波士頓的車型種類變得更加豐富，從而推動了這一趨勢的發展嗎？

Or are there other kind of views that are kind of driving. Can you give us a little more flavor of what's driving closed-toe? And again, do you think that, that could approach 40%, 50% of the mix going forward? And lastly, what is the difference in ASP on average of close to versus sandal? Thanks, guys.

或者有其他類型的觀點是一種駕駛。你能給我們更多關於閉趾駕駛的感受嗎？再說一次，您認為未來該比例可能會接近 40%、50% 嗎？最後，close to 與 sandal 的平均 ASP 有何差異？謝謝，夥計們。

Randy, it's David. First off, there's no copy and paste globally on closed-toe. The beauty of the business is closed toe encompasses everything from clogs to boots, and we're seeing positive momentum across every element of close to. In the US specifically, it has been driven by clogs. The beauty of that is it's not just the Boston. It's also the Tokyo.

蘭迪，我是大衛。首先，閉趾鞋上沒有全域複製和貼上。閉趾鞋產業的魅力在於涵蓋從木底鞋到靴子的所有產品，我們看到閉趾鞋的每個元素都呈現出積極的動力。特別是在美國，它是由木鞋推動的。這樣做的美妙之處在於，這不僅僅是波士頓。這也是東京。

There's a new clog called the lucre, with a convertible strap that you may have seen out at retail that's selling very, very well. And the impact of clogs actually is even spilling over to our XMat slipper, which has been in the line for five to six years and because of the interest in clogs is now having its best season in its entire history.

有一款名為 lucre 的新木鞋，配有可轉換帶子，您可能在零售店見過，賣得非常非常好。事實上，木底鞋的影響甚至蔓延到了我們的 XMat 拖鞋上，這款拖鞋已經上市五到六年了，由於人們對木底鞋的興趣，現在正迎來其整個歷史上最好的季節。

Obviously, from an ASP clogs overall, as do all of closed-toe to have a higher ASP than sandals in general. I don't know what that exact dollar amount is. But clearly, the mix certainly changes the ASP. Again, I think the velocity of it is the sell-throughs it are much higher than they are across the total collection in anything that's close to right now. I think Europe is seeing a bit more of a close to shoe and boot reaction, so I'll pass this to Nico.

顯然，從木鞋整體的ASP來看，所有閉趾鞋的ASP整體上都比涼鞋高。我不知道確切的美元金額是多少。但顯然，這種組合肯定會改變 ASP。再說一次，我認為它的速度是指它的銷售量，它比目前任何接近的總系列中的銷售量都要高得多。我認為歐洲對鞋子和靴子的反應更加密切，所以我會將其傳遞給尼科。

Thank you, David. Yes, indeed. So maybe remember our Q1 last fiscal year, fiscal year '24, where we saw a very, very strong success of launched boot silhouettes. In fact, four out of top 10 in B2C, the top 10 sellers were last shoes, and we launched the Highwood and the press cord at a price point of EUR200, above EUR200, and that, those tires really performed very well.

謝謝你，大衛。是的，確實如此。因此，也許還記得我們上一財年（24 財年）的第一季度，我們看到推出的靴子輪廓取得了非常非常巨大的成功。事實上，B2C 前 10 名中有 4 名，前 10 名賣家都是最後的鞋子，我們以 200 歐元的價格推出了 Highwood 和壓線，高於 200 歐元，而且這些輪胎確實表現得非常好。

So as you can see, we are spare heading, not just closed till, but also boots and layup shoes in our B2C business. what we do is we take the great learnings and the great success into our B2B business. And (inaudible) In '24, the season that we are selling through now with our partners was the first season where we doubled the order intake for laced-up shoes.

正如您所看到的，我們的 B2C 業務中不僅有閒置的商品，還有靴子和上層鞋。我們所做的就是將偉大的經驗和巨大的成功融入我們的 B2B 業務中。（聽不清楚）在 24 年，我們與合作夥伴一起銷售的季節是我們將繫帶鞋訂單量增加了一倍的第一個季節。

And for us, it was quite significant to do that because we shared the great success of our B2C and asked our partners to broaden the range with us and invest into that part of the collection. Now the sell-through now of exactly that order intake is doing really positive. So we see a continuation of the trend of last Q1 with, again, laced-up shoes and Boots really performing well and and overperforming against the rest of the business.

對我們來說，這樣做非常重要，因為我們分享了 B2C 的巨大成功，並要求我們的合作夥伴與我們一起擴大產品範圍並投資於該系列的這一部分。現在，訂單量的銷售情況確實非常樂觀。因此，我們看到上一季趨勢的延續，繫帶鞋和靴子再次表現出色，並且優於其他業務。

Great. Can I ask one more follow-up, maybe more for Erik. In an effort to help us properly calibrate our thoughts between B2C and B2B recognizing that in the first half of '24 B2C (inaudible) B2B, but in the back half, B2B-led B2C. In the 15% to 17% guide, can you just give us some, may qualify, do you think B2B is higher in growth than B2C? At least for the first half or for the whole year. Just give us just any kind of flavor you can give us between the channels and how they should grow relative to the 15% to 17% or higher or lower would be super helpful.

偉大的。我可以再問一個後續問題嗎，也許是問 Erik 的更多問題。為了幫助我們正確校準 B2C 和 B2B 之間的思維，認識到在 24 年的前半段 B2C（聽不清楚）是 B2B，但在後半段，B2B 主導了 B2C。在15%到17%的指導中，您能否給我們一些可能符合條件的信息，您認為B2B的增長是否高於B2C？至少上半年或全年都是如此。只要給我們任何一種你可以在頻道之間給我們的味道，以及它們相對於 15% 到 17% 或更高或更低的成長方式，就會非常有幫助。

It wasn't because of the question. So it's, we don't break it down in detail, as you know, but it's a moderate growth in all areas. So it's a balanced growth to whatever the demand is asking for. And as we have, I think, discussed in the past, the B2B business is as positive for us as B2C business margin-wise.

不是因為這個問題。如您所知，我們不會對其進行詳細細分，但所有領域都在適度成長。因此，無論需求如何，這都是一個平衡的成長。我認為，正如我們過去所討論的那樣，B2B 業務對我們來說與 B2C 業務的利潤率一樣積極。

And therefore, I would overall and for the full year, say yes, it's a moderate growth, it's a moderate plan with no specifics. And obviously, seasonality a bit as we have seen in the quarters this year. But again, overall moderate on both sides. I don't know what that's enough answer.

因此，我會說，總體而言，對於全年而言，這是一個溫和的增長，這是一個沒有具體細節的溫和計劃。顯然，正如我們在今年幾季看到的那樣，有點季節性。但同樣，雙方整體溫和。我不知道什麼是足夠的答案。

This is Megan. I just want to follow up there also. Just a reminder that 40% of is already B2C, which is a pretty sizable business in B2C. And we'll continue to grow both the B2C and the B2B business as we look forward into 2025. On the B2C side, I think we'll be looking at additional stores on the retail side, and that will be probably more toward that half that you'll start to see a greater contribution on the B2C side versus B2B.

這是梅根。我也想跟進那裡。只是提醒一下，40%已經是B2C了，這在B2C中是一個相當大的業務。展望 2025 年，我們將繼續發展 B2C 和 B2B 業務。在 B2C 方面，我認為我們將在零售方面尋找更多商店，這可能會更多，您將開始看到 B2C 方面比 B2B 方面做出更大的貢獻。

Lorraine Hutchinson, Bank of America.

洛琳‧哈欽森，美國銀行。

Thank you. Good morning. I just wanted to step back and talk about the APMA region over the longer term. What percentage of sales do you think it could grow to over time? And can you just talk about your progress on putting the distribution and partnerships in place for continued outsized growth?

謝謝。早安.我只是想退後一步，談談 APMA 地區的長期發展。您認為隨著時間的推移，它會成長到銷售額的多少百分比？您能否談談您在建立分銷和合作夥伴關係以實現持續超額成長方面取得的進展？

This is Klaus. I think we are planning to grow about 30% share. So we are balancing out in the regions. That's the plan. In the growth cadence, we'd like to say that the APMA region should have a double speed of our mature markets. And can you repeat the second question, please?

這是克勞斯。我認為我們計劃增加約 30% 的份額。所以我們正在各個地區保持平衡。這就是計劃。在成長節奏上，我們想說APMA地區的成長速度應該是我們成熟市場的兩倍。您能重複一下第二個問題嗎？

I was just hoping for an update on your progress on building the partnerships and distribution that you need to continue that growth.

我只是希望了解您在建立持續成長所需的合作夥伴關係和分銷方面的最新進展。

Okay. Thank you. As you know, we signed up a partner for China. We are also very much focused on our B2C development right now. And you can see that we are almost doubling the business on and partners for Southeast Asia, mainly a B2B section, very well prepared, and we are in context over here to open more stores. We are operating by ourselves now 25 stores. And in the B2B side, we have 256 stores where we added like 45 stores only this year. So going forward very well.

好的。謝謝。如您所知，我們簽約了中國合作夥伴。我們現在也非常專注於 B2C 的發展。你可以看到我們在東南亞的業務和合作夥伴幾乎翻了一番，主要是B2B部分，準備得非常充分，我們在這裡有條件開設更多商店。我們現在自己經營25家商店。在 B2B 方面，我們有 256 家商店，光是今年我們就增加了 45 家商店。所以進展順利。

So I think it's important for you to understand. It's Oliver again, sorry, that the APMA region is, we're not only focusing on China, okay? So we really try to control the growth in a mindful way and say, okay, double the speed aggressive compared to the rest of the world, that's a good speed for us. It's, we try to establish a very strong Southeast Asian business.

所以我認為你理解這一點很重要。又是奧利佛，抱歉，APMA 地區，我們不只關注中國，好嗎？因此，我們確實嘗試以謹慎的方式控製成長，並說，好吧，與世界其他地區相比，激進的速度加倍，這對我們來說是一個很好的速度。我們試圖建立非常強大的東南亞業務。

We have a very strong business in Australia, a strong business in Japan, where especially our own retail is catching up very, very positive and very, very good. And of course, China has a main focus for a lot of investors, but we try to balance everything moving forward. So don't expect crazy stuff from us in these regions because keep in mind, if political situation change you will ask the questions exactly the other way around.

我們在澳洲擁有非常強大的業務，在日本也擁有強大的業務，尤其是我們自己的零售業正在迎頭趕上，非常非常積極，非常非常好。當然，中國是許多投資者的主要關注點，但我們試圖平衡未來的一切。因此，不要指望我們在這些地區會做出瘋狂的事情，因為請記住，如果政治局勢發生變化，您會以完全相反的方式提出問題。

So mindful way moving forward, double the speed. We grow in this region over 40%. So I would say that's pretty nice speed in this area. And, but don't overwrite this. It's really, it's important and it's, but it's more important to keep it balanced. Thank you.

如此正念前進，速度加倍。我們在該地區的成長率超過 40%。所以我想說在這個領域這是相當不錯的速度。並且，但不要覆蓋這個。這確實很重要，但更重要的是保持平衡。謝謝。

Thank you.

謝謝。

Simeon Siegel, BMO Capital Markets.

西蒙‧西格爾 (Simeon Siegel)，BMO 資本市場。

Thanks. Hey guys, morning or good afternoon. Hope your families have a very happy holidays. Erik or Alexander, just as we think about the model that we can see from the outside, are you comfortable that we're past the restatements, regional P&L, et cetera? And then just higher level. Really great revenue, strong brand residents.

謝謝。嘿夥計們，早安或下午好。希望您的家人度過一個愉快的假期。埃里克或亞歷山大，正如我們思考我們可以從外部看到的模型一樣，您對我們過去的重述、地區損益表等感到滿意嗎？然後只是更高的水平。收入確實很高，品牌居民也很強大。

Can you share some thoughts on how you're thinking about promotional environment at large, maybe its competition versus what you're seeing for you guys? And then just, maybe speak to the, how you clear the last chance on your side versus wholesale clearance. I know there's a breath step element there that we can see versus that you can see.

您能否分享一些關於您如何看待整個促銷環境的想法，也許是它的競爭與您所看到的情況？然後，也許可以談談，與批發清倉相比，你如何清除自己這邊的最後機會。我知道那裡有一個我們可以看到的呼吸步驟元素，而你可以看到。

So any color there, promo environment clearance approaches on relevant. And then how you're thinking about the progression of gross margin next year in the context of lapping (inaudible) when that becomes a good guide to gross margin. Thanks.

因此，任何顏色都與促銷環境間隙相關。然後，當這成為毛利率的良好指南時，您如何在研磨（聽不清楚）的背景下考慮明年毛利率的進展。謝謝。

That sounded like a long question, but thanks, Simon. So let me start with your comment regarding the P&L. It's very clear. It's not a restatement. It's a reclassification of internal logistics costs which can be shown in sales and distribution and can we show on the (inaudible) and some companies do it like this so we sort of cleaned it up from '23.

這聽起來像是一個很長的問題，但謝謝，西蒙。讓我先談談您對損益表的評論。非常清楚。這不是重述。這是內部物流成本的重新分類，可以在銷售和分銷中顯示，我們可以在（聽不清楚）上顯示，有些公司這樣做，所以我們從 23 年開始清理它。

And now as the majority of companies do it. And so it showed in our gross margin. So that's a reclass of internal logistic costs, non-cash impact EBITDA, as you have seen, also no impact. So I think that's important to see to understand.

現在大多數公司都這麼做了。我們的毛利率也反映了這一點。因此，這是內部物流成本的重新分類，對 EBITDA 非現金影響，正如您所看到的，也沒有影響。所以我認為了解這一點很重要。

And to come to your question, yes, we feel fine and we had the first year of being listed used to sort of look at all the details. And then if you see the quality of the numbers and where we came from as a family run company, I think we had a big improvement now. And I'll hand over to David.

回答你的問題，是的，我們感覺很好，我們在上市的第一年就對所有細節進行了研究。然後，如果你看到數字的品質以及我們作為一家家族經營公司的出身，我認為我們現在已經有了很大的進步。我會把工作交給大衛。

Yes, Simeon, hey, I think on the question about the general promotional environment, I think what you're seeing is this bifurcation out there. A lot is promoted, but the few things that people really demand that they're intentionally shopping for are selling through at full price. We're very fortunate that we are one of those brands.

是的，西蒙，嘿，我認為關於整體促銷環境的問題，我認為你看到的是這種分歧。很多東西都在促銷，但人們真正需要、有意購買的少數東西卻以全價出售。我們很幸運我們是這些品牌之一。

As you know, we manage scarcity with such a high level of discipline that the amount of hash, which is the industry term for broken sizes at any given time is mathematically quite small. Having said that, when you have a very developed digital business where you do carry a broad assortment, you are going to see what may be more breadth.

如您所知，我們以如此高水平的紀律來管理稀缺性，以至於散列量（這是任何給定時間的破碎大小的行業術語）在數學上相當小。話雖如此，當你擁有一個非常發達的數位業務並且確實擁有廣泛的品種時，你將會看到什麼可能更廣泛。

But certainly, a very, very low depth in any given style. So specifically to the US, who I know you're referencing with MAP pricing, we managed wholesale so tight our retailers experience in season well over 95% full price realization on our own B2C business, which again is largely digital right now. It's over 90%. So you're going to see a bit more breadth, but certainly not any significant depth whatsoever.

但可以肯定的是，在任何給定的風格中，深度都非常非常低。因此，特別是針對美國，我知道您指的是MAP 定價，我們對批發的管理非常嚴格，我們的零售商在季節中的經驗遠超95%，我們自己的B2C 業務的全價實現率遠超95%，而目前該業務又主要是數位化的。已經超過90%了。所以你會看到更多的廣度，但肯定不會有任何顯著的深度。

That's really great. Really helpful. And then just, Erik, any way to think about when (inaudible) we ramp, we work through that ramp and it starts becoming a benefit to the line item?

那真是太棒了。真的很有幫助。然後，埃里克，有什麼方法可以考慮當（聽不清楚）我們斜坡時，我們通過斜坡工作，它開始成為訂單項目的好處嗎？

Hey, Simeon, this is Alexander. I will take that over Yes, thanks for that part. Overall, we are absolutely pleased with how well the expansion has gone so far, not only in our new factory in (inaudible) but also in the existing built out in (inaudible) and in Portugal. So the expansionary steps we did in '23 and '24 has been the foundation of our unit growth.

嘿，西蒙，這是亞歷山大。我會接手的 是的，謝謝你的部分。總的來說，我們對迄今為止的擴張進展非常滿意，不僅是在（聽不清楚）的新工廠，而且是在（聽不清楚）和葡萄牙的現有工廠。因此，我們在 23 年和 24 年採取的擴張措施是我們單位成長的基礎。

I think that's also important to mention in every single situation that it's not only pressure to margin. It gives us the opportunity to substantially grow in units. And this was clearly a drag, especially in '24 as expected and communicated upfront. This was a peak year of the margin pressure and, with that transitionary year, we are now going into a 25 year where we will see a better absorption as discussed already, primarily in the back half of the year. And, we will also confirm that we expect the full absorption of fixed costs in the third quarter of '26.

我認為在每種情況下都值得一提的是，這不僅僅是保證金的壓力。它為我們提供了大幅增長單位的機會。這顯然是一個拖累，尤其是在 24 年，正如預期和預先溝通的那樣。今年是利潤壓力的高峰年，隨著過渡年的到來，我們現在將進入 25 年，我們將看到我們已經討論過的更好的吸收，主要是在今年下半年。而且，我們還將確認，我們預計固定成本將在 26 年第三季完全吸收。

Great. Thanks a lot guys. Best of luck for the year ahead and great job.

偉大的。非常感謝大家。祝來年好運，工作順利。

Mark Altschwager, Baird.

馬克·阿爾茨瓦格，貝爾德。

Thanks for taking my question and congrats on the strong quarter and year. I wanted to ask about pricing. It looks like price accounted for about half of the 8% ASP increase in 2024. Call it, 4%. Is that a good way to think about 2025 as well? And a similar question on mix. That was also a big driver. Should we expect much of a change there for 2025. Thank you.

感謝您提出我的問題，並祝賀季度和年度的強勁表現。我想問一下定價。看起來價格約佔 2024 年 ASP 成長 8% 的一半。就這樣吧，4%。這也是思考 2025 年的好方法嗎？還有關於混合的類似問題。這也是一個很大的推動力。我們是否應該期待 2025 年會有很大的改變？謝謝。

Hey, Mark, this is Alexander. Thanks for the question. And you're absolutely right. So when you're looking into '25, I think Nico mentioned also that we are expecting approximately two-third unit growth, approximately one-third in ASP growth. And yes, ASP is primarily driven by like-for-like pricing and product mix with consumers continuously buying more into higher price points and premium products.

嘿，馬克，這是亞歷山大。謝謝你的提問。你是完全正確的。因此，當您研究 25 年時，我認為 Nico 也提到我們預計大約三分之二的單位增長，大約三分之一的 ASP 增長。是的，平均售價主要是由同類定價和產品組合驅動的，消費者不斷購買更多更高價位和優質產品。

We mentioned closed toe as an example here. So higher leather share, but also product embellishment are supporting this trend and this will continue into the future. Retail will have on the channel expansion. But overall, in '25, we are not expecting a major influence on ASP from a channel mix.

我們在這裡提到了封閉腳趾的例子。因此，更高的皮革份額以及產品裝飾都支持這一趨勢，並且這種趨勢將持續到未來。零售業將在通路上有所拓展。但總體而言，我們預計 25 年通路組合不會對 ASP 產生重大影響。

Great. Thank you.

偉大的。謝謝。

Sam Poser, Williams Trading.

薩姆·波塞爾，威廉斯貿易公司。

Thank you. Good morning, everybody. Thank you for taking my question and happy holidays. I just want to dig into the B2C business a little bit more, especially in the Americas, but in total. When, in the Americas, the B2C business represents probably around 40-plus percent of the sales.

謝謝。大家早安。感謝您提出我的問題，祝您節日快樂。我只是想更深入地研究 B2C 業務，尤其是在美洲，但總體而言。在美洲，B2C 業務可能佔銷售額的 40% 以上。

And of that, over 90% is digital. Will most of the B2C growth that happens in fiscal '25 happen out of Asia and Europe ex the stores and then those stores that open later drive incrementally. Is that the way to think about it?

其中，90%以上是數位化的。25 財年發生的大部分 B2C 成長是否會發生在亞洲和歐洲（不包括商店），然後那些後來開業的商店會逐步推動？是這樣思考的嗎？

Yes. Hi, Sam, it's Megan. Obviously, we don't, we're not providing by channel, by region. But I think to your, to get to your question, yes, you're right on the B2C side on the US predominantly e-com. And I think that as we look to B2C growth in the US, a lot of the additional growth in B2C will be coming from the additional stores.

是的。嗨，山姆，我是梅根。顯然，我們不提供，我們不按管道、按地區提供。但我認為，對於你的問題，是的，你站在美國以電子商務為主的 B2C 方面。我認為，當我們展望美國 B2C 成長時，B2C 的大部分額外成長將來自新增商店。

And we will see B2C growth contribution coming from the other regions. In particular, we're seeing very strong B2C growth both on the digital side and in the retail side coming from the APMA region, and that will continue to drive B2C growth higher, particularly as we move into the latter part of this year and those stores and the digital channels continue to ramp there.

我們將看到其他地區對 B2C 成長的貢獻。特別是，我們看到來自 APMA 地區的數位方面和零售方面的 B2C 成長非常強勁，這將繼續推動 B2C 成長更高，特別是當我們進入今年下半年和那些商店和數位通路繼續在那裡發展。

And what would you call a mature digital penetration, I guess, in total. Is 40-plus percent mature? Is that like going to be a tough number to get ahead of higher than digitally and you really just need these stores, you need to just open the stores and have them really start producing. And I guess, over the long term, you're going to open 30-plus stores this year. In the long term, how many stores do you foresee owned stores do you foresee globally?

我想，總的來說，你所說的成熟的數位滲透是什麼？百分之四十以上成熟了嗎？這是否會是一個比數位化更困難的數字，你真的只需要這些商店，你只需要開設商店並讓它們真正開始生產。我猜，從長遠來看，今年你們將開設 30 多家商店。從長遠來看，您預計全球有多少家自營店？

Sam, hey, it's David here. First off, we're going to increase our door count physical doors by 50% in 2025. So that's pretty aggressive as far as new door openings. I would say, and again, it's a little bit mathematical. It's a little bit anecdotal. But I would say, once you get to a 40% digital penetration in the market, that becomes pretty much optimized.

山姆，嘿，我是大衛。首先，我們計劃在 2025 年將實體門數量增加 50%。因此，就新的大門開放而言，這是相當激進的。我想說，這有點數學化。這有點軼事。但我想說，一旦市場上的數位滲透率達到 40%，情況就會變得非常優化。

It doesn't mean it's not going to grow. It will grow in revenue dollars, but as far as share of business, it may be slightly above 40% about optimized where it is. And I think we've learned over the last few years from other brands. Once you try to lean into one channel versus the other, it may not serve the purpose that you're seeking it to actually serve, so I think we have a pretty optimal balance around the world.

這並不意味著它不會成長。收入將會成長，但就業務份額而言，優化後的水平可能略高於 40%。我認為過去幾年我們已經向其他品牌學習。一旦你嘗試傾向於一個管道而不是另一個管道，它可能無法達到你尋求它實際服務的目的，所以我認為我們在世界各地有一個相當最佳的平衡。

It might play out a little different by region. It might play out a little different by quarter. But I would say that we have the most healthy balance in the market right now as we open more retail stores and more physical touch points with that brand, that's going to be purely incremental B2C growth on top of the digital growth that we will see.

不同地區的情況可能會略有不同。每個季度的情況可能會有所不同。但我想說的是，隨著我們開設更多零售店和與該品牌更多的實體接觸點，我們目前在市場上擁有最健康的平衡，這將是我們將看到的數位成長之上純粹增量的B2C 增長。

Thanks and a subtle dig to your, to other companies. David, happy holidays again.

感謝您和其他公司的微妙挖掘。大衛，再次祝您節日快樂。

Jeanine Stichter, BTIG.

珍妮·斯蒂克特，BTIG。

Hi, thanks for taking my question. I just wanted to get more color on what you're seeing from a customer lens. Is there any change you're seeing in either repeat purchase behavior or a number of pairs owned? And also curious what you're seeing in terms of the customer demographic. Are you seeing a younger audience? Or I'm just curious what you're seeing there.

您好，感謝您提出我的問題。我只是想讓你從客戶的角度看到更多的色彩。您發現重複購買行為或擁有的鞋履數量有任何變化嗎？並且也很好奇您在客戶群方面所看到的情況。您看到的是年輕觀眾嗎？或者我只是好奇你在那裡看到了什麼。

This is Nico. Thank you for your question. So in regards to repeat purchases, we do have a very strong buildup of our membership base currently 8 million members. There you use your imagination how fast this can still grow. It's growing, has been growing 30% year-on-year with already now members spending 30% than non-members.

這是尼科。謝謝你的提問。因此，就重複購買而言，我們的會員基礎確實非常強大，目前有 800 萬會員。你可以發揮你的想像力，它還能以多快的速度成長。它正在成長，年增了 30%，現在會員的支出已經比非會員高出 30%。

So what we also typically see with members is they sort of transcend into other categories with us, let's say, more expensive categories but also newer categories, such as shoes, laced-up shoes, install business, that is typically adopted much faster than with members than with non-members. We've done a great job in becoming clearer on our member segments.

因此，我們通常在會員中看到的是，他們與我們一起超越了其他類別，比如說，更昂貴的類別，但也有更新的類別，例如鞋子、繫帶鞋、安裝業務，這些類別的採用速度通常比其他類別快得多會員比非會員。我們在會員細分方面做得非常出色。

So you'll see us becoming more personal in how we treat our members. And more exclusive. We have a very, very large amount of product that is exclusively meant for members that is displayed online. And that also typically sells through much, much faster than the rest of the line. So yes, a very healthy growth in membership, a very healthy business with members, but yet to be growing significantly.

因此，您會看到我們對待會員的方式變得更加個人化。而且更獨特。我們有非常非常多的線上展示的專供會員的產品。而且它的銷售速度通常也比該系列的其他產品快得多。所以，是的，會員數量非常健康地增長，會員業務非常健康，但尚未顯著增長。

Great. Thank you for the color and best of luck.

偉大的。謝謝你的顏色，祝你好運。

Jim Duffy, Stifel.

吉姆·達菲，斯蒂菲爾。

Thank you. I want to ask on cash flow and capital allocation. The 1.5 times net leverage guide at the midpoint of adjusted EBITDA implies just modest improvement in the net debt. Can you talk about free cash flow objectives? You've given us CapEx. Is there some sort of offset to cash generation in the working capital lines? Or does that imply some use of cash such as share repurchases? Thanks.

謝謝。我想問一下現金流和資本配置。調整後 EBITDA 中點的 1.5 倍淨槓桿指引意味著淨債務僅略有改善。能談談自由現金流目標嗎？您為我們提供了資本支出。營運資金額度中的現金產生是否有某種抵銷？或者這是否意味著使用某些現金，例如股票回購？謝謝。

Thank you. It's Erik. Happy to take over. Yes, we are comparatively cash rich, which shows the strength of our business, and we hit the target of below 2 times leverage, 1.8 times end of the year. And the goal for next year is around 1.5 times. Going forward, the plan is much the same as it was this year. First of all, invest in the business. That's always first priority.

謝謝。是埃里克。很高興接手。是的，我們現金比較充裕，顯示了我們業務的實力，我們達到了槓桿率低於2倍的目標，年底達到1.8倍。明年的目標是1.5倍左右。展望未來，該計劃與今年大致相同。首先，投資企業。這始終是第一要務。

So if something is needed, if we think it helps the business, we will do it. and around EUR80 million of the plan for current year. Afterwards, continue to pay down our debt. We expect, as I said, 1.5 times leverage end of the year, eventually pay off the US term loan. And everything after this will be a decision made by the Board, obviously. But the strength of our business and the very strong cash flow conversion shows that we are on the right way.

因此，如果需要某件事，如果我們認為這對業務有幫助，我們就會去做。今年計劃的金額約為 8000 萬歐元。之後，繼續還債。正如我所說，我們預計到年底槓桿率將達到 1.5 倍，最終還清美國定期貸款。顯然，此後的一切都將由董事會做出決定。但我們的業務實力和非常強勁的現金流轉換表明我們走在正確的道路上。

Erik, at the midpoint of the EBITDA guide, 1.5 times net leverage guide implies like [EUR980 million] in net debt. at year-end. That's just [EUR25 million] or so better than fiscal '24 year-end. What are you thinking in terms of free cash flow? You've given us the CapEx I'm curious, is there some sort of offset that's impeding the progress on the net debt.

Erik，在 EBITDA 指南的中點，淨槓桿指南的 1.5 倍意味著淨債務約為 [9.8 億歐元]。年底時。這僅比 24 財年末好 [2,500 萬歐元]左右。您對自由現金流有何看法？你給了我們資本支出，我很好奇，是否有某種抵銷措施阻礙了淨債務的進展。

Calculation wise, you are correct. Of course, we have to be free on this, and we just want to be capable of investing in whatever is needed, either build up inventory or invest into the the CapEx, yes, for me, personally, US term loan is the first priority because it's the most expensive one. It's around USD170 million. Plus, as you know, there's another euro term loan debt, there's a bond and everything else will be decided by the Board afterwards

明智地計算，你是正確的。當然，我們必須在這方面自由，我們只是希望能夠投資於任何需要的東西，無論是建立庫存還是投資於資本支出，是的，對我個人來說，美國定期貸款是首要任務因為它是最貴的。約1.7億美元。另外，如您所知，還有另一筆歐元定期貸款債務，還有債券，其他一切都將由董事會隨後決定

Understood. Thank you so much.

明白了。太感謝了。

Erwan Rambourg, HSBC.

埃爾萬拉姆堡，匯豐銀行。

Hi, good afternoon, everyone. Thanks for taking my question and congrats on a great year. I just wanted to come back on APAC to understand if, what are the P&L implications of APAC? Is it gross margin accretive? Is it operating margin dilutive? And just maybe an anecdotal but moving from APM to APAC, is that linked to particular managers or particular synergies by regrouping regions or countries together in a different manner than in the past? Thank you.

嗨，大家下午好。感謝您提出我的問題，並祝賀您度過了美好的一年。我只是想回到亞太地區來了解亞太地區的損益影響是什麼？毛利率會增加嗎？營業利益率是否會攤薄？也許只是一個軼事，但從 APM 轉向亞太地區，這是否與特定管理者或以與過去不同的方式將地區或國家重新組合在一起而產生的特定協同效應有關？謝謝。

Erwan, this is Alexander. I'll take the first part and then hand over to Nico. So to keep it simple on the margin side, with that share of business, of course, you don't get the full leverage if you compare that to a much more bigger business, but we have really nice price points in the regions. Some markets are already quite developed.

埃爾萬，這是亞歷山大。我將承擔第一部分，然後交給尼科。因此，為了保持利潤方面的簡單性，當然，如果您將其與更大的業務進行比較，那麼憑藉該業務份額，您將無法獲得充分的槓桿作用，但我們在這些地區的價格點非常好。一些市場已經相當發達。

And we expect in the mid to long term, no margin pressure from making that region bigger. So it's definitely supporting that margin. But in some markets, to be fair, when starting that up and ramping, you don't have the full profitability in year one or year two, but this is fully built into our plan.

我們預計，從中長期來看，擴大該地區不會帶來利潤壓力。所以它肯定支持這個利潤。但公平地說，在某些市場中，當啟動並擴大規模時，您在第一年或第二年無法獲得全部盈利能力，但這完全納入我們的計劃中。

Thank you, Alexander. Just on the segment change, yes, we decided to realign our segment structure into Americas, EMEA and APAC. Basically, the decision has been taken because we see structural similarities, but also operational advantages between Europe and Middle East, Africa, but also in beyond APAC.

謝謝你，亞歷山大。就細分市場的變化而言，是的，我們決定將我們的細分市場結構重新調整為美洲、歐洲、中東和非洲和亞太地區。基本上，做出這個決定是因為我們看到了歐洲與中東、非洲以及亞太地區以外地區之間的結構相似性和營運優勢。

So Asia Pacific, with India space under the leadership of Klaus Bauman in the new APAC segment, and I will take care responsibility of the EMEA segment. We've just started in Q1 to execute in this new segment formation and will provide all financials and recast segment results with the next quarter's release in February.

因此，亞太地區，印度空間將在克勞斯·鮑曼 (Klaus Bauman) 的領導下進入新的亞太地區業務，我將負責歐洲、中東和非洲 (EMEA) 業務。我們剛剛在第一季開始執行這個新的細分市場，並將在二月發布下個季度時提供所有財務數據和重新調整的細分市場結果。

Thank you. And just to check, I think you said China was a mid-teens contribution to APMA sales. So that's about 2%. Is that Mainland China? Or is that Greater China?

謝謝。我想核實一下，您說過中國對 APMA 銷售的貢獻大約是十幾歲。所以大約是 2%。那是中國大陸嗎？或者說是大中華區？

This is Greater China.

這就是大中華。

Thank you.

謝謝。

Jay Sole, UBS.

傑伊·索爾，瑞銀集團。

Great. Thank you so much. You talked a lot about closed-toe shoes and some of the newer products. You just talked about your injection molded sandal business and how that performed in 4Q and what you expect to see in that business next year?

偉大的。太感謝了。您談論了很多關於閉趾鞋和一些較新產品的內容。您剛才談到了您的注塑涼鞋業務以及其在第四季度的表現以及您預計明年該業務的表現如何？

Hey, Jay, this is Oliver. You're talking about the (inaudible) segment, the outdoor water ready sandals. So we are just working on this new segment. Actually, it was invented to cover the more humidity tropical conditions around Southeast Asia and the APMA region in total. All of a sudden in the US at the outdoor segment and in Europe, this starts performed pretty good.

嘿，傑伊，這是奧利佛。您談論的是（聽不清楚）部分，戶外防水涼鞋。所以我們正在研究這個新的領域。實際上，它的發明是為了覆蓋東南亞和 APMA 地區周圍較為潮濕的熱帶氣候。突然之間，在美國的戶外領域和歐洲，這款車的起步表現相當不錯。

So it's just a new category that will be rolled out globally. There will be also coming up some collaboration styles and some special makeups in some areas where we push and introduce these new wearing occasion in the, let's say, soft hiking, outdoor-ish water ready environment. You may see some of it in REI in the US or globe trotter and some other outdoor doors in Europe.

所以這只是一個將在全球推出的新類別。在某些領域，我們也會推出一些合作款式和一些特殊妝容，我們會在柔軟的健行、戶外防水環境中推動和介紹這些新的穿著場合。您可能會在美國的 REI 或歐洲的 Globe Trotter 和其他一些戶外門中看到其中的一些。

So it's a very promising start for this new category. And that's why we invested in (inaudible) in this kind of manufacturing process because it's technically wise, it's completely different set up than the classical plastics sandals.

因此，對於這個新類別來說，這是一個非常有希望的開始。這就是為什麼我們投資（聽不清楚）這種製造工藝，因為它在技術上是明智的，它的設置與傳統的塑膠涼鞋完全不同。

Got it. Thank you so much.

知道了。太感謝了。

Adrien Duverger, Goldman Sachs.

阿德里安·杜維爾格，高盛。

Hey, good morning and thank you for taking my question. Just a follow-up on the manufacturing that you just mentioned. In terms of your investments and the factory expansion plans, how are they progressing versus your expectation? And how do you expect the additional supply to evolve over the next two to three years. Thank you very much.

嘿，早上好，謝謝你回答我的問題。只是您剛才提到的製造的後續行動。就您的投資和工廠擴建計劃而言，與您的預期相比，進展如何？您預計未來兩到三年內額外供應將如何發展。非常感謝。

Hey, Adrien, I think we touched on that question earlier in the call, but let me just wrap up that here's everything on plan, not only in the new factory, also the other two we are building out. And this is not a plan which is done in 6 or 12 months. We started in '22, and this will last until '26, especially building out gilet. This is absolutely on what we expected so far. The drag on margin is nothing what will continue in '25 and '26. So for now, all good year.

嘿，阿德里安，我想我們在電話會議的早些時候談到了這個問題，但讓我總結一下，這一切都在計劃中，不僅是在新工廠，還有我們正在建造的另外兩個工廠。這不是一個在 6 或 12 個月內完成的計劃。我們從 22 年開始，這將持續到 26 年，特別是在建造馬甲方面。這絕對符合我們迄今為止的預期。利潤率的拖累不會在 25 年和 26 年持續下去。所以現在，一切都好。

Thank you. And we have reached the end of the question and answer session, and this does conclude today's conference. You may disconnect your lines at this time. Have a wonderful day. Thank you for your participation.

謝謝。我們的問答環節已經結束，今天的會議也到此結束。此時您可以斷開線路。祝你有美好的一天。感謝您的參與。