Callaway Golf Co (CALY) 2026 Q2 法說會逐字稿

Good day and welcome to the Callaway Golf Company Second Quarter 2026 Financial Results Conference Call. (Operator Instructions) Please note this event is being recorded. I would now like to turn the conference over to Mr. Patrick Burke, Senior Vice President of Investor Relations and Treasurer. Please go ahead.

各位好，歡迎參加 Callaway Golf Company 2026 年第二季財務業績電話會議。(接線員指示) 請注意，本活動將被錄音。現在我想把會議交給投資人關係與財務主管資深副總裁 Patrick Burke 先生。請開始。

Good afternoon, and welcome to Callaway Golf Company's Second Quarter Earnings Conference Call. I'm Patrick Burke, Senior Vice President of Investor Relations and Treasury. Joining me on today's call are Chip Brewer, our President and Chief Executive Officer; and Brian Lynch, our Chief Financial Officer and Chief Legal Officer.

各位下午好，歡迎參加 Callaway Golf Company 第二季財報電話會議。我是 Patrick Burke，投資人關係與財務部門資深副總裁。今天與我一同出席的有：我們的總裁兼執行長 Chip Brewer，以及我們的財務長兼法務長 Brian Lynch。

Earlier today, the company issued a press release announcing its second quarter 2026 financial results. Our earnings presentation as well as the earnings press release are both available on our Investor Relations website under the Financial Results tab. Aside from revenue, the financial numbers reported and discussed on today's call are non-GAAP measures.

今天稍早，公司已發布新聞稿，公布 2026 年第二季財務結果。我們的財報簡報以及財報新聞稿皆可於投資人關係網站的「財務結果」分頁中取得。除營收外，今天電話會議中所報告與討論的財務數字皆為非 GAAP 指標。

We identify these non-GAAP measures in the presentation and reconcile the measures to the corresponding GAAP measures in accordance with Regulation G. Please note that this call will include forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from management's current expectations.

我們在簡報中標示這些非 GAAP 指標，並依據 Regulation G 將其與相對應的 GAAP 指標進行調節。

Please review the Safe Harbor statements contained in the presentation and the press release for a more complete description. With that, I would like to turn the call over to Chip.

請查閱簡報與新聞稿中的「安全港」聲明，以取得更完整的說明。接下來，我想把電話會議交給 Chip。

Thank you, Patrick. Good afternoon, everyone, and thank you for joining our call today. I'm pleased to report that our company delivered a strong second quarter and a very solid first half. These results show that we are building momentum as a focused pure-play golf company, and our performance reflects healthy market conditions, strong product acceptance, meaningful gross margin improvement and disciplined execution across the business.

謝謝你，Patrick。各位下午好，感謝大家今天加入我們的電話會議。我很高興向各位報告，我們公司第二季表現強勁，上半年也相當穩健。這些結果顯示，作為一家聚焦的純高爾夫公司，我們正在累積動能；我們的表現反映了健康的市場環境、產品獲得強勁認可、毛利率顯著改善，以及全公司範圍內有紀律的執行。

I want to thank our teams for their continued focus and contributions. These teams are executing well in a dynamic environment and managing the business with the right balance of confidence, agility and discipline. I'd also like to remind everyone of the significant transformation our company has accomplished over the last year.

我要感謝我們的團隊持續專注並做出貢獻。這些團隊在動態環境中執行得很到位，並以恰當的自信、敏捷與紀律來經營業務。我也想提醒大家，我們公司在過去一年完成了重大的轉型。

In late May of last year, we completed the sale of Jack Wolfskin. And then in January of this year, we completed the sale of a 60% interest in Topgolf. Since the beginning of this year, we announced a new $200 million share repurchase program and then repurchased approximately $42 million worth of our stock in both Q1 and Q2.

去年 5 月下旬，我們完成了 Jack Wolfskin 的出售。而在今年 1 月，我們完成了出售 Topgolf 60% 權益的交易。自今年年初以來，我們宣布了一項新的 2 億美元庫藏股回購計畫，並在第一季與第二季各回購了約 4,200 萬美元的公司股票。

We also paid off in full our $1.2 billion of term loan debt and our $258 million of convertible notes. These moves returned us to a cash-generating pure-play golf company with a terrific balance sheet and a clear capital allocation strategy aimed at steadily returning capital to shareholders.

我們也已全數償還 12 億美元的定期貸款債務，以及 2.58 億美元的可轉換公司債。這些舉措使我們回到一家能產生現金流的純高爾夫公司，擁有極佳的資產負債表，以及清晰的資本配置策略，目標是穩步向股東返還資本。

We are now only six months into this renewed journey as a pure play, but we're showing clear progress strengthening the business and delivering against our stated financial and capital allocation goals. And based on the strengths of our business and our history of performance in this space, this is a journey that we are confident in going forward.

我們作為純高爾夫公司的全新旅程才剛滿六個月，但已清楚展現出強化業務並達成我們所宣示之財務與資本配置目標的進展。基於我們業務的優勢以及在此領域的歷史表現，我們對未來持續推進這段旅程充滿信心。

Turning to our results. Q2 revenue was $612 million, up 2% year-over-year, and adjusted EBITDA was $125 million, up 36% versus the prior year. Both of these results were ahead of expectations as we exceeded the midpoint of our Q2 guidance by approximately $15 million in revenue and $22 million in adjusted EBITDA.

接著談談我們的業績。第二季營收為 6.12 億美元，年增 2%；調整後 EBITDA 為 1.25 億美元，較去年同期成長 36%。這兩項結果皆優於預期：相較於我們第二季財測區間中點，營收約高出 1,500 萬美元，調整後 EBITDA 約高出 2,200 萬美元。

The revenue upside was driven by healthy market conditions as well as continued strength in the equipment segment, especially in golf balls. The adjusted EBITDA upside reflected the flow-through from the revenue beat as well as continued progress on our gross margin initiatives.

營收優於預期主要受健康的市場環境帶動，以及裝備事業部持續強勁，尤其是高爾夫球品類。調整後 EBITDA 的超預期，反映了營收超標帶來的利潤流入效應，以及我們在毛利率改善措施上的持續進展。

For the first half, revenue increased 6% and adjusted EBITDA increased 33%, highlighting the operating leverage and execution benefits of our more focused golf platform. We believe this performance was better than the broader market across both the Callaway and Travis Mathew brands. Gross margin expanded 460 basis points in Q2 and 360 basis points in the first half.

上半年營收成長 6%，調整後 EBITDA 成長 33%，凸顯我們更聚焦的高爾夫平台所帶來的營運槓桿與執行效益。我們認為，無論是 Callaway 或 Travis Mathew 品牌，這樣的表現都優於整體市場。第二季毛利率擴張 460 個基點，上半年擴張 360 個基點。

This reflects continued progress against our margin initiatives and the benefits of portfolio actions designed to improve the long-term quality of our revenue and earnings. This gross margin improvement is a step in the right direction and a testament to the cost management and margin improvement projects that we have been focused on over the last year and that will continue to be a focus for us going forward.

這反映了我們在毛利率改善措施上的持續進展，以及為提升長期營收與獲利品質而進行的產品組合調整所帶來的效益。毛利率的改善是朝正確方向邁進的一步，也證明了我們過去一年專注推動的成本管理與毛利率提升專案的成效，且未來仍將是我們的重點。

Turning to market conditions. Healthy golf participation and sell-through data continues to be supported by a committed and enthusiastic player base. Consumer interest in the game and overall participation trends remain positive, just as they have been for several years now. In the US, rounds played through Q2 are up approximately 4% year-to-date.

接著談市場狀況。健康的高爾夫參與度與終端銷售（sell-through）數據，持續受到投入且熱情的球友族群所支撐。消費者對這項運動的興趣與整體參與趨勢仍然正向，正如過去幾年一樣。在美國，截至第二季的累計打球回合數（rounds played）年初至今約成長 4%。

Similarly, we estimate that golf equipment sell-through at key accounts was up low to mid-single digits for both the quarter and year-to-date. In the UK and Europe, we estimate that our trade partner sell-through is up low to mid-single digits year-to-date, but that the rounds played are down simply due to unfavorable weather year-over-year. In Japan, the market was up low to mid-single digits in Q2 and is now up slightly for the full year, while market conditions in Korea remained down approximately 10%.

同樣地，我們估計主要客戶的高爾夫裝備終端銷售在本季與年初至今皆為低至中個位數成長。在英國與歐洲，我們估計貿易夥伴的終端銷售年初至今為低至中個位數成長，但打球回合數因天候不佳而較去年同期下滑。在日本，市場第二季為低至中個位數成長，全年目前則小幅成長；而韓國市場狀況仍約下滑 10%。

Using this data as a backdrop, for the year-to-date, we appear to have grown our golf equipment revenue faster than the market in all major regions. And as you step back and think more deeply about this data, in the face of dynamic global macroeconomic and political conditions, low consumer confidence readings, increased gas prices, increased golf equipment pricing and the World Cup, one can't help but be impressed by the resilience of the golf consumer.

以這些數據為背景，年初至今，我們的高爾夫裝備營收在所有主要地區的成長速度似乎都快於市場。而當你退一步更深入思考這些數據，在全球總體經濟與政治環境動盪、消費者信心偏低、油價上升、高爾夫裝備價格上調以及世界盃等因素之下，不禁令人對高爾夫消費者的韌性印象深刻。

Now turning to look at our business by segment. In Golf Equipment, the portfolio continues to show strength across several important categories. In golf ball, the Chrome Tour family and Super Soft franchises continue to resonate with consumers, and our share progress continues to validate the investments we've made in product performance, manufacturing capabilities and green grass distribution.

接著按事業部來看我們的業務。在高爾夫裝備方面，我們的產品組合在數個重要品類持續展現強勁表現。在高爾夫球方面，Chrome Tour 系列與 Super Soft 產品線持續獲得消費者青睞；而我們市占率的進展也持續驗證了我們在產品性能、製造能力以及草地球場（green grass）通路佈局上的投資。

Our Q2 golf ball revenue was up 15% with our first half up 8%, even with intentionally reducing volume via the elimination of low-margin SKUs to support improved efficiency. Our June 2026 US market share established another record high for us, up 250 basis points year-over-year to just over 23% overall and with Oncore share just over 24%.

第二季高爾夫球營收年增 15%，上半年年增 8%；即便我們為提升效率，透過淘汰低毛利 SKU 而有意降低出貨量。我們在 2026 年 6 月的美國市場占有率再創新高，較去年同期提升 250 個基點，整體略高於 23%，其中 Oncore 的市占率略高於 24%。

In clubs, the Quantum family of woods and irons has continued to receive positive market feedback. The Quantum driver with Tri force technology demonstrates the strength of our product engine and its performance has been encouraging. In the US, both our year-to-date driver and total wood share is approximately 25% of 110 basis points and 120 basis points, respectively.

在球桿方面，Quantum 系列木桿與鐵桿持續獲得市場正面回饋。搭載 Tri force 技術的 Quantum 開球木桿展現了我們產品研發引擎的實力，其性能表現令人鼓舞。在美國，我們年初至今的開球木桿與整體木桿市占率皆約為 25%，分別提升 110 個基點與 120 個基點。

Within the woods category, high-lofted fairways have been a particularly strong area for the industry overall and for Callaway. Building on this and leveraging our tradition of innovation, last Friday, we announced the addition of a new approach to high-lofted fairways we call mini spinners, available on seven, nine and 11 wood. These clubs are easier to hit and for many consumers, a more effective approach to high-lofted fairways. They will be shipping to retail later this month, and we anticipate a positive reaction.

在木桿類別中，高仰角球道木一直是整個產業以及 Callaway 表現特別強勁的領域。在此基礎上並運用我們一貫的創新傳統，上週五我們宣布新增一種我們稱為「迷你旋球（mini spinners）」的高仰角球道木新打法概念，適用於 7 號木、9 號木與 11 號木。這些球桿更容易擊打，且對許多消費者而言，是更有效的高仰角球道木解決方案。本月稍晚將開始出貨至零售通路，我們預期市場反應正面。

In the putter segment, MyGolfspa recently named the Odyssey AI Dual Square to Square number seven, the best overall Zero Torque putter of 2026 as well as the best Zero Torque putter for long puts. Recognition like this is another proof point of our ability to develop and bring differentiated technology to market. Turning to the Apparel and Gear segment. The Callaway brand performed roughly in line with expectations, while TravisMathew maintained its strong start to the year and performed slightly ahead of expectations.

在推桿（putter）領域，MyGolfspa 近期將 Odyssey AI Dual Square to Square 評為 2026 年第七名、整體最佳的 Zero Torque 推桿，同時也是長推距離最佳的 Zero Torque 推桿。這類肯定再次證明我們具備開發並將差異化技術推向市場的能力。接著談到服飾與裝備（Apparel and Gear）部門。Callaway 品牌表現大致符合預期，而 TravisMathew 延續年初以來的強勁開局，表現略優於預期。

At TravisMathew, consumer response to the women's offering remains positive, and the brand continues to gain ground in the important men's golf category, supported by clearer product pillars, more focused marketing and exciting new products. We are in the early innings of this men's product merchandising strategy shift.

在 TravisMathew 方面，消費者對女裝產品的反應仍然正面，而品牌在關鍵的男士高爾夫品類持續擴大市占，這得益於更清晰的產品支柱、更聚焦的行銷以及令人振奮的新產品。我們仍處於這項男裝商品策略轉型的早期階段。

But based on the consumer reaction thus far, I'm optimistic regarding its potential. Accordingly, in the first half of this year, the TravisMathew business grew in its direct-to-consumer business and also had strong performance with key wholesale partners.

但基於目前為止的消費者反應，我對其潛力感到樂觀。因此，今年上半年 TravisMathew 的直營消費者（DTC）業務成長，同時與主要批發合作夥伴的表現也相當強勁。

One additional area that we are at liberty to discuss now is the planned closure of four TravisMathew stores that were not hitting our financial targets. These stores will close in Q4 of this year, and the financial charges for these closures was included in our Q2 financials.

另外一項我們現在可以對外說明的事項，是計畫關閉四家未達成財務目標的 TravisMathew 門市。這些門市將於今年第四季關閉，相關關閉費用已納入我們第二季財報。

This will leave us with a stronger and more profitable retail fleet of 61 stores going into 2027. Similar to our previously mentioned SKU rationalization across both the Callaway and TravisMathew brands, this is another strong example of us making disciplined long-term decisions as we refocus on our core business.

這將使我們在邁入 2027 年時，保有更強健且更具獲利能力的零售門市組合，共 61 家門市。類似於我們先前提到在 Callaway 與 TravisMathew 兩個品牌同步進行的 SKU 精簡，這也是我們在重新聚焦核心業務之際，做出有紀律的長期決策的另一個有力例證。

Turning to tariffs. These continue to be a dynamic area, but have been a tailwind for us relative to our expectations going into the year. We have also recently begun receiving refunds for the IEPA tariffs with more expected in the future.

接著談關稅。關稅仍是變動性很高的領域，但相較於我們年初的預期，對我們形成了順風。我們近期也開始收到 IEPA 關稅的退稅，未來預期還會有更多。

Brian will add more color on actual and forecast tariffs in his section. It is worth calling out, though, to protect inter-year comparability and to provide what we believe is a cleaner look at our performance, we made the decision to back out the AEPA refunds from our non-GAAP numbers and forecasts.

Brian 將在他的段落中補充更多關於實際與預測關稅的細節。不過值得特別指出的是，為了維持跨年度可比性，並提供我們認為更能清楚呈現營運表現的視角，我們決定在非 GAAP 數字與預測中剔除 AEPA 退稅的影響。

Now moving to our forward guidance. Given the strength of our first half performance and the continued resilience we are seeing in the golf market, we are increasing our full year revenue forecast by $15 million at the midpoint.

現在談到我們的前瞻指引。鑑於上半年表現強勁，以及我們在高爾夫市場持續看到的韌性，我們將全年營收預測在中位數上調 1,500 萬美元。

This increase reflects the $15 million Q2 outperformance and a $5 million organic increase in our second half outlook, partially offset by a $5 million negative adjustment due to updated FX rates. On the bottom line, we are increasing the midpoint of our full year EBITDA guidance by $31 million. This represents a Q2 beat, improved second half tariff estimates based on the new 301 tariff rates, the flow-through from the increase in second half organic revenue and modestly better gross margin expectations.

這項上調反映第二季優於預期 1,500 萬美元，以及我們對下半年展望的 500 萬美元有機成長上修，部分被因更新外匯匯率所帶來的 500 萬美元負向調整所抵銷。在獲利端，我們將全年 EBITDA 指引中位數上調 3,100 萬美元。這包括第二季優於預期、基於新的 301 關稅稅率而改善的下半年關稅估計、下半年有機營收上調帶來的利潤傳導效應，以及略為更佳的毛利率預期。

As you look at our financial results and expectations, I think it's clear that we are anticipating a good year and that the core business is strengthening. The first half speaks for itself with results that we believe outperform the market and show that our profitability initiatives are working.

從我們的財務結果與預期來看，我認為很清楚我們預期今年會是不錯的一年，且核心業務正在走強。上半年的表現不言自明：我們認為結果優於市場，並顯示我們的獲利能力提升措施正在奏效。

For the second half, it's worth reminding everyone that, as mentioned on our previous two calls, we are expecting our revenues and profit in the second half of the year to be impacted by strategic initiatives designed to enhance long-term profitability.

至於下半年，值得再次提醒各位，如同我們在前兩次電話會議中提到的，我們預期下半年營收與獲利將受到一些旨在提升長期獲利能力的策略性措施影響。

This includes extending product life cycles in our iron business by pushing a significant launch out of this year into next, rationalizing lower-margin portions of our business and increasing our investment in fitting. While these actions will negatively impact the back half of this year, they represent a deliberate, disciplined approach to driving sustainable margin expansion, revenue growth and stronger free cash flow over time.

這包括透過將鐵桿業務的一項重要新品上市由今年延後至明年，以延長產品生命週期；精簡業務中毛利較低的部分；以及增加我們在客製化配桿（fitting）方面的投資。雖然這些行動將對今年下半年造成負面影響，但它們代表我們以審慎且有紀律的方式，推動可持續的毛利率擴張、營收成長，以及隨時間推進更強勁的自由現金流。

In closing, we are encouraged by the fact that the game of golf remains healthy. Our brands and products are resonating well with both consumers and retail partners, thus allowing us to grow faster than the market for the first six months of the year and our profitability initiatives are bearing fruit.

最後，我們對高爾夫運動仍維持健康感到鼓舞。我們的品牌與產品在消費者與零售合作夥伴之間都獲得良好共鳴，使我們在今年前六個月能以快於市場的速度成長，而我們的獲利能力提升措施也已見成效。

And perhaps more importantly, as we are now six months into our return to being a focused pure-play golf company, we are both enjoying and benefiting from the added focus that our new structure provides. This gives us increased confidence that we will be able to further strengthen our business going forward, and we're energized by these prospects. With that, I'll turn the call over to Brian to review our financial results in more detail.

或許更重要的是，當我們回到聚焦的純高爾夫公司（pure-play golf company）定位已滿六個月，我們不僅享受，也受益於新架構所帶來的更高專注度。這讓我們更有信心未來能進一步強化業務，我們也對這些前景充滿動能。接下來我把電話交給 Brian，請他更詳細地回顧我們的財務結果。

Thank you, Chip, and good afternoon, everyone. We are pleased with our second quarter results and encouraged by the progress we have made on our transformation back to a pure-play golf company. In the first six months of this year, we have significantly improved the profitability of our business, fortified our capital structure and started returning capital to shareholders. While there is more work to be done, we are energized by the progress to date and excited by what lies ahead.

謝謝你，Chip，各位下午好。我們對第二季的結果感到滿意，也對我們在轉型回純高爾夫公司過程中所取得的進展感到鼓舞。在今年前六個月，我們顯著提升了業務獲利能力、強化了資本結構，並開始向股東返還資本。雖然仍有更多工作要做，但我們對目前為止的進展充滿動能，也對未來感到期待。

Now let's turn to our financial results in more detail. Please note that on today's call, I will be discussing our non-GAAP financial results from continuing operations unless otherwise noted. We have provided in our earnings release today a reconciliation of these non-GAAP results to the GAAP results, and we provided additional information about the discontinued operations.

現在讓我們更詳細地說明財務結果。請注意，除非另有說明，今天的電話會議中我將討論來自持續營運的非 GAAP 財務結果。我們已在今日的財報新聞稿中提供這些非 GAAP 結果與 GAAP 結果的調節表，並提供了更多關於終止營運的資訊。

With that said, second quarter consolidated net sales increased 2% year-over-year to $612 million. This performance reflected a 4% increase in Golf Equipment net sales, driven by strength across both clubs and balls. Golf Goods net sales decreased 4%, primarily due to the timing of shipments between Q1 and Q2 and FX headwinds in Asia, while TravisMathew grew slightly in the quarter.

在此背景下，第二季合併淨銷售額年增 2%，達 6.12 億美元。此表現反映高爾夫裝備（Golf Equipment）淨銷售額成長 4%，主要由球桿與球類的強勁表現帶動。高爾夫軟性商品（Golf Goods）淨銷售額下滑 4%，主要因第一季與第二季之間出貨時點差異，以及亞洲地區的外匯逆風；TravisMathew 則在本季小幅成長。

Q2 gross margin increased 460 basis points to 48.5%, driven primarily by continued progress on our gross margin initiatives, including select price increases, cost reductions and rationalizing select lower-margin business. with tariffs providing a slight positive impact to the year-over-year increase.

第二季毛利率上升 460 個基點至 48.5%，主要受惠於我們毛利率提升措施的持續進展，包括部分產品漲價、成本降低，以及精簡部分低毛利業務；同時關稅對年增幅帶來些微正面影響。

Excluding the tariff benefit, Q2 gross margin increased 440 basis points year-over-year. The improvement was broad-based with gross margin expansion in both the Golf Equipment and Soft Goods segments. Q2 operating expenses increased approximately $1 million or less than 1% as cost of living increases and inflationary pressures in the Golf Equipment and Soft Goods segments were largely offset by a $4 million or 13% decrease in corporate overhead expenses, primarily due to the company's strategic transformation and related cost savings initiatives.

若排除關稅帶來的利益，第二季毛利率仍年增 440 個基點。改善幅度相當全面，高爾夫裝備與軟性商品兩個部門皆出現毛利率擴張。第二季營業費用增加約 100 萬美元、或不到 1%；高爾夫裝備與軟性商品部門的生活成本上升與通膨壓力，大多被公司總部管理費用減少 400 萬美元（降幅 13%）所抵銷，該減少主要源自公司的策略性轉型及相關節省成本措施。

Adjusted EBITDA of $125 million increased 36% year-over-year. This improvement was driven primarily by higher net sales, improved gross margins and corporate cost savings with tariffs providing a slight incremental benefit in the quarter.

調整後 EBITDA 為 1.25 億美元，年增 36%。此改善主要由較高的淨銷售額、毛利率提升以及公司成本節省所帶動，而關稅在本季提供了些許額外助益。

Moving to liquidity. We ended the quarter in a net cash position. As of June 30, 2026, we had $74 million of outstanding debt, including $23 million of finance leases and $278 million of cash and cash equivalents. Total available liquidity, which consists of cash on hand and availability under our credit facilities, was $775 million at the end of the second quarter of 2026 compared to $1.16 billion at the same time last year, a decrease of $387 million, which is primarily due to cash used for our debt paydown of $1.4 billion in the first half of 2026.

接著談流動性。我們在本季末處於淨現金部位。截至 2026 年 6 月 30 日，我們有 7,400 萬美元未償債務，其中包括 2,300 萬美元的融資租賃，並持有 2.78 億美元的現金及約當現金。總可用流動性（由手上現金及我們信貸額度下的可用額度所組成）在 2026 年第二季末為 7.75 億美元，較去年同期的 11.6 億美元減少 3.87 億美元，主要原因是 2026 年上半年我們用於償還 14 億美元債務的現金支出。

During the quarter, our $258 million of convertible notes matured on May 1, and we settled the notes in cash. Additionally, on May 29, we paid in full the remaining $163 million outstanding under our Term Loan B facility. We also continued to return cash to shareholders and have now repurchased 5.9 million shares through June for a total cost of approximately $84 million.

本季期間，我們 2.58 億美元的可轉換公司債於 5 月 1 日到期，我們以現金結清該等票據。此外，5 月 29 日我們已全額償還 Term Loan B 融資項下剩餘未償 1.63 億美元。我們也持續向股東返還現金，截至 6 月已回購 590 萬股，總成本約 8,400 萬美元。

Broken down by quarter, we repurchased approximately $42 million of stock in the first quarter and approximately $42 million in the second quarter. As of June 30, 2026, we had approximately $120 million of repurchase authority remaining under our current program.

按季度拆分，我們在第一季回購約 4,200 萬美元股票，在第二季回購約 4,200 萬美元。截至 2026 年 6 月 30 日，我們在現行計畫下仍剩約 1.2 億美元的回購授權額度。

Looking ahead, Callaway Golf's capital allocation priorities remain unchanged as we focus on: one, reinvesting in our business; two, maintaining a healthy balance sheet; and three, returning capital to shareholders through the $200 million stock repurchase program authorized earlier this year.

展望未來，Callaway Golf 的資本配置優先順序維持不變，我們聚焦於：第一，對業務再投資；第二，維持健全的資產負債表；第三，透過今年稍早核准的 2 億美元股票回購計畫向股東返還資本。

As we continue to generate free cash flow in excess of our business needs, we will work with our Board to balance cash needed to reinvest in the business and returning capital to shareholders. We still expect to end the year in a net cash leverage position.

隨著我們持續產生超過業務需求的自由現金流，我們將與董事會合作，在業務再投資所需現金與向股東返還資本之間取得平衡。我們仍預期年底將處於淨現金槓桿部位。

With regard to future share repurchases, no decisions on the magnitude or timing of repurchases have been made at this point. However, based on our expected continued performance and subject to market conditions and buying opportunities from time to time, we plan to continue to steadily return capital to shareholders at some level while maintaining a strong balance sheet. And to be clear, the purpose of the share repurchases is not only to reduce dilution from equity awards, but also to reduce share count meaningfully over time.

關於未來的股票回購，目前尚未就回購規模或時點作出任何決定。然而，基於我們預期的持續表現，並視市場狀況及不時出現的買進機會而定，我們計畫在維持強健資產負債表的同時，以某種程度持續穩定地向股東返還資本。需要澄清的是，股票回購的目的不僅是降低股權獎酬造成的稀釋，也是在時間推移下實質降低流通股數。

Next, I want to give a quick update on tariffs following the expiration on July 24, of the temporary 10% global minimum tariffs under Section 122 of the Trade Act of 1974 and the implementation of new Section 301 forced labor tariffs, which took effect the following day and range between 10% and 12.5%, depending on the country.

接下來，我想在《1974 年貿易法》第 122 條下的臨時 10% 全球最低關稅於 7 月 24 日到期，以及新的第 301 條強迫勞動關稅於隔日生效（依國家不同介於 10% 至 12.5%）之後，快速更新一下關稅情況。

The tariff situation remains dynamic, and there is some speculation additional tariffs under Section 301 or otherwise will be forthcoming. Since we don't actually know if such additional tariffs will be implemented or when or in what amount, our guidance today incorporates only the forced labor tariffs under Section 301 that began on July 25.

關稅情勢仍在變動，且市場上有一些揣測，未來可能還會推出第 301 條或其他額外關稅。由於我們實際上並不知道這類額外關稅是否會實施、何時實施或金額為何，因此我們今天的指引僅納入 7 月 25 日開始的第 301 條強迫勞動關稅。

We had previously assumed tariffs would increase to 20% once the temporary tariffs expired, so the recently announced Section 301 tariffs are upside versus our previous guidance. We now expect that the full year gross tariff expense for 2026 will be approximately $43 million, a net improvement of approximately $7 million compared to our prior guidance. The full year gross tariff expense in 2025 was $34 million.

我們先前假設臨時關稅到期後關稅將提高至 20%，因此近期公布的第 301 條關稅相較於我們先前的指引屬於正向因素。我們目前預期 2026 年全年關稅總費用約為 4,300 萬美元，較先前指引淨改善約 700 萬美元。2025 年全年關稅總費用為 3,400 萬美元。

We continue to believe that we have the opportunity to obtain refunds for tariffs paid up to just under $50 million in the aggregate over the course of the refund program. We have applied for both Phase 1 and Phase 2 refunds, representing approximately $11 million and $32 million, respectively, and have received all of the Phase 1 refunds to date and almost $7 million of the Phase 2 refunds.

我們仍相信，在退款計畫期間，我們有機會就已支付的關稅合計取得接近 5,000 萬美元的退款。我們已申請第一階段與第二階段退款，金額分別約為 1,100 萬美元與 3,200 萬美元；截至目前我們已收到全部第一階段退款，以及第二階段退款中將近 700 萬美元。

We expect to receive the balance of the Phase 2 refunds in the second half of this year. There also should be another almost $7 million to apply for in Phase 3, which brings our refund potential to approximately $50 million, consistent with what we discussed last quarter.

我們預期將在今年下半年收到第二階段退款的餘額。此外，第三階段應還有將近 700 萬美元可申請，這使我們的退款潛力約為 5,000 萬美元，與我們上季討論的一致。

One final point for the sake of clarity. On a GAAP basis, we recognized $10.8 million in Q2 for the tariff refunds. We excluded those refunds from our non-GAAP results to give a clearer picture of period-over-period results.

為了清楚起見，最後補充一點。按 GAAP 基礎，我們在第二季認列了 1,080 萬美元的關稅退款。我們將這些退款自非 GAAP 結果中排除，以更清楚呈現期間對期間的結果。

The almost $7 million of Phase 2 refunds we received were recognized in Q3. We will continue to account for additional refunds as we receive them, and we will continue to exclude the refunds from our non-GAAP results. The cost pressures we discussed last quarter from broader geopolitical activity continue.

我們收到的第二階段將近 700 萬美元退款已在第三季認列。我們將在收到更多退款時持續進行會計處理，並將持續把退款自非 GAAP 結果中排除。我們上季提到、源自更廣泛地緣政治活動的成本壓力仍在持續。

As a reminder, these include increases in certain commodities and strategic metals such as tungsten, which have increased multiples over 2025 costs. In addition, conflict in the Middle East has led to increased petrochemical-based cost pressures, including increased energy costs for us and our suppliers and increased petrochemical-based raw material costs, primarily those used in golf balls. These cost pressures are included in the guidance we provided today.

提醒一下，這些包括某些大宗商品與策略性金屬（例如鎢）的上漲，其價格相較 2025 年成本已上升數倍。此外，中東衝突導致以石化為基礎的成本壓力增加，包括我們與供應商的能源成本上升，以及以石化為基礎的原物料成本上升，主要是用於高爾夫球的材料。這些成本壓力已納入我們今天提供的指引中。

Now turning to our full year and third quarter 2026 outlook. Given our strong first half results and general health of the golf market, we now expect full year 2026 net sales of $2.045 billion to $2.070 billion, an increase of approximately $15 million at the midpoint. The increase reflects the flow-through of our Q2 net sales beat as well as an additional $5 million organic raise in the second half of the year, partially offset by approximately $5 million of additional foreign exchange risk.

現在談我們 2026 年全年與第三季展望。鑑於我們上半年強勁的結果以及高爾夫市場的整體健康狀況，我們目前預期 2026 年全年淨銷售額為 20.45 億至 20.70 億美元，中位數上調約 1,500 萬美元。此上調反映第二季淨銷售額優於預期的延續效應，以及下半年額外 500 萬美元的有機上調，部分被約 500 萬美元的額外外匯風險所抵銷。

As a reminder, our net sales in the second half of this year will be impacted by fewer new product launches compared to 2025 as well as the continued rationalization of select lower-margin business. We continue to believe these actions will strengthen our business and support higher overall margins over the long term.

提醒一下，今年下半年我們的淨銷售額將受到新產品上市數量較 2025 年更少，以及持續精簡部分低毛利業務的影響。我們仍相信這些行動將強化我們的業務，並在長期支持更高的整體利潤率。

With regard to EBITDA, we are increasing our adjusted EBITDA expectations to $246 million to $260 million, an increase of $31 million at the midpoint of guidance. This increase represents the following: $21 million of the increase is related to the flow-through of the non-tariff Q2 EBITDA exceed, plus an additional $3 million from the flow-through of our improved net sales outlook and a slightly improved gross margin outlook, plus an additional $7 million from the revised tariff estimates I discussed earlier.

就 EBITDA 而言，我們將調整後 EBITDA 預期上調至 2.46 億至 2.60 億美元，指引中位數上調 3,100 萬美元。此上調包含以下因素：其中 2,100 萬美元與第二季非關稅因素帶來的 EBITDA 超預期延續效應相關；另有 300 萬美元來自淨銷售展望改善的延續效應及毛利率展望小幅改善；再加上我先前提到的關稅估計修正帶來的額外 700 萬美元。

As a reminder, lower dividend income will be an approximate $12 million year-over-year headwind to adjusted EBITDA in the second half. This is due to the excess cash we held in the back half of last year generated from the business and the sale of Jack Wolfskin, which we subsequently used along with proceeds from the Topgolf sale to pay down $1.4 billion of debt in the first half of this year. While this reduces EBITDA versus last year, it is a net benefit to free cash flow given the higher cost of debt relative to the yield we are earning on cash.

提醒一下，下半年較低的股利收入將對調整後 EBITDA 造成約 1,200 萬美元的年對年逆風。這是因為去年下半年我們持有的超額現金來自業務產生的現金以及出售 Jack Wolfskin 的所得，而我們隨後在今年上半年將該等現金與出售 Topgolf 的所得一併用於償還 14 億美元債務。雖然這會使 EBITDA 低於去年，但考量債務成本高於我們持有現金所賺取的收益率，對自由現金流而言是淨利多。

Turning to cash flow and margins. We expect 2026 capital expenditures of approximately $40 million. While we are not providing specific free cash flow guidance, we do expect the increase in our adjusted EBITDA to generally flow through to additional cash flow.

接著談現金流與利潤率。我們預期 2026 年資本支出約為 4,000 萬美元。雖然我們不提供具體的自由現金流指引，但我們確實預期調整後 EBITDA 的提升，整體而言將轉化為額外的現金流。

For gross margin, a reminder that due to the seasonality of our business, gross margins are meaningfully lower in the second half compared to the first half. In addition, while we continue to expect improvement year-over-year, we anticipate second half gross margins to increase less than the first half due to the lower volumes related to the change in launch cadence we mentioned earlier.

就毛利率而言，提醒一下，由於我們業務具有季節性，與上半年相比，下半年的毛利率會明顯較低。此外，雖然我們仍預期年對年會改善，但由於先前提到的上市節奏變更導致銷量較低，我們預期下半年毛利率的增幅將小於上半年。

And lastly, remember that our cost savings initiatives began in the second half of 2025, which will affect year-over-year second half comparisons. As a result, while we expect corporate overhead expenses to decrease for the full year, second half corporate overhead expenses will likely increase compared to last year due to cost of living and other inflationary pressures.

最後，請記得我們的成本節省措施於 2025 年下半年開始，這將影響年對年下半年的比較。因此，雖然我們預期全年公司管理費用將下降，但由於生活成本及其他通膨壓力，下半年公司管理費用相較去年可能會增加。

Now turning to Q3 guidance. For Q3, we are forecasting net sales of $415 million to $435 million and adjusted EBITDA of $10 million to $20 million. The year-over-year increase in revenue primarily reflects the change in launch cadence, tougher second half comparisons following 8% US sell-through growth last year and FX headwinds.

接著談第三季指引。第三季我們預估淨銷售額為 4.15 億至 4.35 億美元，調整後 EBITDA 為 1,000 萬至 2,000 萬美元。營收年對年增加主要反映上市節奏的變更、去年美國終端銷售（sell-through）成長 8% 之後下半年比較基期較高，以及匯率逆風。

The year-over-year decrease in adjusted EBITDA is primarily driven by the flow-through of our lower revenue, lower dividend income and cost of living increases, partially offset by continued gross margin improvement and more favorable tariffs.

調整後 EBITDA 年對年下降主要由較低營收的傳導效應、較低的股利收入以及生活成本上升所致，部分被毛利率持續改善與較有利的關稅所抵銷。

Over the past year, we have greatly simplified our business and strategy. We have sold our Jack Wolfskin business and 60% of our Topgolf business. We have returned to a pure-play golf company and significantly improved our profitability. We have also significantly improved our capital structure, having paid down $1.4 billion in debt and eliminated recourse to Callaway for the Topgolf debt, resulting in a net cash position.

過去一年，我們大幅簡化了業務與策略。我們已出售 Jack Wolfskin 業務以及 Topgolf 業務 60% 的股權。我們已回到純高爾夫公司定位，並顯著提升獲利能力。我們也大幅改善資本結構，已償還 14 億美元債務，並消除 Topgolf 債務對 Callaway 的追索權，使我們達到淨現金部位。

And our shareholder value creation strategy is straightforward. That is grow revenue over time faster than the golf market, continue to improve the profitability of our business, generate cash and return capital to shareholders.

而我們的股東價值創造策略很直接。也就是：長期讓營收成長快於高爾夫市場、持續提升業務獲利能力、創造現金並回饋資本給股東。

We are excited by our progress over the last six months and look forward to creating additional shareholder value by continuing to execute upon this strategy. With that said, I will turn the call back over to the operator for Q&A.

我們對過去六個月的進展感到振奮，並期待持續執行這項策略，以創造更多股東價值。話說到這裡，我把電話交回給接線員進行問答。

(Operator Instructions)

（接線員指示）

Simeon Gutman, Morgan Stanley.

Simeon Gutman，摩根士丹利。

Nice quarter. I wanted to ask about the industry and competitive launch calendar. You're making some changes this year in the back half and into next year. And it sounds like a couple of competitors are as well. And it feels like they're healthy for the industry, so maybe less new introductions or on a more staggered schedule.

這一季表現不錯。我想問一下產業與競爭對手的產品上市行事曆。你們今年下半年到明年做了一些調整。聽起來也有幾家競爭對手同樣如此。而且感覺這對產業是健康的，也就是可能新品推出更少，或採取更錯開的時程。

Can you talk about your outlook for that? And is that in response to industry pushing up against any inflationary limitations or maybe just too much innovation at once and trying to make it easier on the consumer?

你能談談你們對此的展望嗎？這是否是因應產業面臨通膨限制，或只是一次推出太多創新，想讓消費者更容易消化？

Hey,Simeon, thank you. This is Chip. We certainly have taken a look at our launch cadence over the last several years and made the decision to lengthen some of our product life cycles. And this is all in response to our desire to continue to increase the profitability of our business.

嗨，Simeon，謝謝。我是 Chip。我們確實檢視了過去幾年的上市節奏，並決定延長部分產品的生命週期。這完全是為了回應我們希望持續提升業務獲利能力的目標。

So we believe that in certain instances, when we can lengthen the product life cycles, we can increase the overall profitability of that product through the life cycle. It's certainly a balancing act there, Simeon, because the market also does respond well to new innovation and new launches and the energy that comes with those.

因此我們相信，在某些情況下，當我們能延長產品生命週期時，就能在整個生命週期中提升該產品的整體獲利能力。這當然需要取得平衡，Simeon，因為市場也確實對新創新、新上市以及隨之而來的動能反應良好。

But longer life cycles as we are executing in the iron category, we think is the right thing for our business and will be positive for the market. And you are correct. There are others that are making similar decisions out there, which I do believe will be a positive for the market in the long run.

但就像我們在鐵桿品類所執行的那樣，較長的生命週期，我們認為對公司是正確的做法，也會對市場帶來正面影響。而你說得沒錯。確實也有其他公司做出類似決策，我相信長期而言這會對市場有利。

Okay. And then the follow-up, the third quarter outlook, even taking into account the adjustments you've made to your calendar, did that change at all vis-a-vis the last quarter or so? Or is the outlook almost identical or if not better than what you were thinking about before?

好的。接著追問，第三季展望方面，即使考量你們對行事曆所做的調整，和上一季左右相比有任何變化嗎？或者展望幾乎相同，甚至比你們先前的想法更好？

We raised the organic outlook about $5 million in revenue for the second half of the year.

我們把下半年有機展望的營收上調了約 500 萬美元。

Matthew Boss, JP Morgan Securities.

Matthew Boss，摩根大通證券。

So Chip, on the resilience of the golf industry, can you speak to underlying revenue growth that you saw in the second quarter outside of strategic actions or any timing shifts? And then to that point on the back half and the raise, could you just walk through the drivers of the constant currency revenue guidance raise that you just cited?

Chip，關於高爾夫產業的韌性，你能談談第二季在排除策略性動作或任何時點移轉後，你們看到的基本面營收成長嗎？另外，延伸到下半年與上調的部分，你能否說明一下你剛提到的以固定匯率計的營收指引上調，其驅動因素是什麼？

Sure. So first half, Matt, we saw the market in general up low to mid-single digits. We saw rounds play up approximately 4%, and that really extended through the first half and Q2. We were really pleased with that because the market is up nicely in what could have been a challenging time.

當然。上半年，Matt，我們看到整體市場大致成長低到中個位數百分比。我們看到打球回合數（rounds played）約成長 4%，而且這個趨勢確實延續到上半年與第二季。我們對此非常滿意，因為在原本可能是具挑戰性的時期，市場仍有不錯的成長。

And that's consistent with what we've historically seen from the golf consumer. They're not sensitive to mild economic disturbances or even mild recessions and the long-term tailwinds that we see in golf seem to be clearly intact.

這也符合我們過去對高爾夫消費者的觀察。他們對輕微的經濟擾動，甚至輕微衰退並不敏感，而我們在高爾夫所看到的長期順風因素似乎仍明顯完好。

As we look into the second half of our year, obviously, we're heavily impacted by the change in our launch quantity and over -- on a year-over-year basis, and that accounts for most of the change in the year-over-year revenue. There's a little bit of noise around FX.

展望下半年，顯然我們受到上市數量變更的影響很大，且在年對年的比較上，這占了營收年對年變化的大部分。另外還有一些匯率方面的雜訊。

There's a little bit of organic growth uptick that we put into this forecast vis-a-vis our previous one. But it's worth reminding everybody that last year, the market was up considerably during the second half. So it had -- it was a second half-driven year. and the market was up roughly 8% in the second half of last year.

相較於我們先前的預測，這次我們在預測中加入了一點有機成長上修。但也值得提醒大家，去年市場在下半年大幅成長。因此那是一個由下半年帶動的一年，而去年下半年市場約成長 8%。

So we're also dealing with tougher comps in the second half of the year. We expect the year to be a good one. We expect the second half comps for the market to be positive on a two-year stack basis, but a little bit slower potentially than we saw in the first half.

所以我們也正面臨下半年較嚴峻的比較基期。我們預期今年會是表現不錯的一年。我們預期以兩年疊加（two-year stack）來看，下半年市場的比較基期仍為正成長，但可能會比上半年稍微放緩。

Great. And then, Brian, maybe just a follow-up. Could you speak to the drivers of gross margin expansion in the second quarter and how best to think about puts and takes between pricing and mix in the back half of the year?

很好。接著 Brian，或許再追問一下。你能談談第二季毛利率擴張的驅動因素，以及下半年在定價與產品組合之間，該如何看待各項正負因素的影響嗎？

Sure, Matt. We are very pleased with our gross margin initiatives this year. I won't speak for Chip, but we've made improvements a little faster than I was expecting with 460 basis point improvement in Q2 and 360 basis points for the full year.

當然可以，Matt。我們對今年推動毛利率的各項措施感到非常滿意。我不替 Chip 發言，但我們的改善速度比我原先預期的還要快一些，第二季毛利率提升了 460 個基點，全年提升了 360 個基點。

We still expect gross margin to be up meaningfully year-over-year, but the rate of improvement will slow down in the second half versus the first. And that's really related to what Chip just talked about with fewer new product launches, which typically have higher margins and then also some due to seasonality and less volumes in the second half, so less for overhead absorption.

我們仍預期毛利率將顯著年增，但下半年相較上半年，改善速度會放緩。這主要與 Chip 剛提到的因素有關：新產品上市數量較少（新產品通常毛利較高），另外也有部分是季節性影響，以及下半年銷量較低，導致製造費用分攤（overhead absorption）較少。

And then really, one of the main things was that the market was better than we expected and the consumer hung in better than we expected. So that does provide some sales leverage and allowed us to be a little less promotional.

此外，最主要的一點是市場表現比我們預期更好，消費者的韌性也比我們預期更強。因此帶來了一些銷售槓桿效益，也讓我們可以少做一些促銷。

John Keypour, Goldman Sachs.

John Keypour，高盛。

Very nice quarter. Just wondering. I guess the 4Q sales guide was a little bit softer than I think we were expecting. I mean I get that 3Q looked better. So there's some phasing issues. I'm just wondering if we could go over the -- what shapes that phasing exactly and why that kind of shift from what was perceived before?

這一季表現很不錯。我想請教一下。我猜第四季的銷售指引似乎比我們原先預期的稍微疲弱一些。我的意思是，我理解第三季看起來更好。所以可能有一些時點（phasing）上的問題。我想請問能否再說明一下——到底是什麼因素造成這個時點分配，以及為什麼會相較先前市場認知出現這樣的轉移？

Yes. We hadn't provided any quarterly forecast for the second half previously. So what you're seeing in our current guide where we start to provide it by quarter is just the impact of the launch timing on a year-over-year basis. So nothing meaningfully forecast different between the various quarters other than the timing of launches year-over-year. And obviously, we believe we're on track for a positive year.

好的。我們先前並沒有提供下半年按季度拆分的預測。所以你現在在我們最新指引中看到按季度提供的內容，主要反映的是產品上市時點在年對年比較下的影響。因此，除了上市時點在年對年上的差異之外，各季度之間並沒有任何實質上不同的預測假設。而且很明顯，我們相信我們正朝著全年正成長的方向前進。

And then lastly, just on the full year guide, the high end of the sales range wasn't raised. I'm just wondering, I guess, what conservatism is being baked into that number, that high-end number? And what would you need to see to kind of push that a bit higher?

最後再問一下全年指引：銷售區間的上緣並沒有上調。我想了解，上緣數字裡面大概納入了哪些保守假設？以及你們需要看到什麼情況，才會把上緣再往上推一些？

Well, it was, in a sense, raised by $5 million. So we gave you the full second quarter beat, and then we took it up 5% organically. It was just that the FX rates offset that $5 million increase, but the underlying business on a currency-neutral basis did go up by $5 million.

嗯，某種程度上，上緣其實是提高了 500 萬美元。我們把第二季的超預期表現完整反映進去，並且在有機成長的基礎上上調了 5%。只是匯率（FX）變動抵銷了這 500 萬美元的增加；但若以固定匯率（currency-neutral）來看，基本面業務確實增加了 500 萬美元。

Anna Glaessgen, B. Riley Securities.

Anna Glaessgen，B. Riley Securities。

First, I wanted to ask on golf ball, a nice 15% growth in the quarter. Was there anything like onetime in there? I'm just trying to understand drivers behind that growth?

首先我想問一下高爾夫球（golf ball），本季成長 15% 很不錯。裡面是否有任何一次性因素？我想更了解這個成長背後的驅動因素？

Hi, Anna, yes, we had a terrific quarter in golf ball and a terrific first half. So first half being up 8%. A little bit of timing between quarters just in terms of when we normally ship green grass and -- but nothing onetime in any of the results, all just fundamental improvement. We've made great investments in the ball business over the last several years, green grass distribution, product manufacturing capabilities, and we're seeing the results of those.

嗨，Anna，是的，我們高爾夫球業務本季表現非常出色，上半年也非常亮眼。所以上半年年增 8%。季度之間在出貨時點上有一點差異，主要是我們通常出貨到 green grass（球場專業通路）的時間點——但結果中沒有任何一次性因素，完全是基本面改善。過去幾年我們在球類業務投入了很多，包括 green grass 通路佈局、產品製造能力等，我們正在看到這些投資的成果。

Perfect. And then I just wanted to ask on the split or the implied margin between 3Q and 4Q in the back half. The sales decline is pretty comparable between the two quarters, as we've already discussed, not having the same launch cadence.

了解。接著我想問一下下半年第三季與第四季之間的拆分，或隱含的利潤率差異。如同我們已經討論過的，兩季的銷售下滑幅度相當接近，因為沒有相同的新品上市節奏。

But it feels like the margin degradation in the fourth quarter is a little bit heavier. Maybe could you explain maybe it speaks to like the cost of living increases embedded in the corporate expenses, maybe that falls more in the fourth quarter, but anything to understand there?

但感覺第四季的利潤率下滑更明顯一些。能否說明一下？是否與公司費用中包含的生活成本上升（cost of living increases）有關，可能更多落在第四季，或是還有其他因素可以幫助我們理解？

The gross margin is somewhat just -- there's less volume typically in the fourth quarter, which would affect the gross margins. But I think the way Chip explained the first half -- the second half is right.

毛利率方面，某種程度上只是——第四季通常銷量較少，這會影響毛利率。但我認為 Chip 對上半年——以及下半年的說明是正確的。

Noah Zakskin, KeyBanc Capital Markets.

Noah Zakskin，KeyBanc Capital Markets。

I guess, first, maybe just another one on kind of the gross margin improvement in the quarter. Is there any way to kind of think about -- I think, Brian, you mentioned maybe some of the work kind of came together faster than expected. So wondering if there's any way to kind of think about what inning you're in there on maybe the structural margin improvements? And then just how to think about maybe the magnitude of the structural margin improvement opportunity?

我想先再問一題關於本季毛利率改善。有沒有什麼方式可以理解——Brian，我記得你提到有些工作比預期更快到位。所以想請問，若以結構性毛利率改善來看，你們大概進行到哪個階段（inning）？另外，結構性毛利率改善的機會幅度大概可以怎麼思考？

Yes. We're very pleased with our progress to date, as we mentioned, it's been very exciting, and I'm glad it's working. It will continue to be a focus of ours going forward. But we're already getting back close to the high watermark levels for 2017 to 2019 in gross margins.

有的。我們對目前為止的進展非常滿意；如同我們提到的，這非常令人振奮，我也很高興它確實奏效。未來我們仍會持續把這件事作為重點。不過，我們的毛利率已經回到接近 2017 到 2019 年的高水位。

And back then, they had more favorable FX rates and no tariffs. So our future rates will depend somewhat on the FX rates and tariffs. But other than that, we'll continue to work on it as we can, but we're not providing any specific long-term guidance at this point.

而在那段期間，匯率更有利，也沒有關稅。因此，未來的水準在某種程度上仍取決於匯率與關稅。除此之外，我們會在可行範圍內持續推進，但目前不提供任何具體的長期指引。

Okay. Very helpful. And maybe just one on TravisMathew. Obviously, you mentioned you closed, I think, a couple of stores. How are you thinking about the long-term opportunity of the business? And has anything changed there?

了解。非常有幫助。再問一題關於 TravisMathew。很明顯你們提到關了，我想是幾家門市。你們如何看待這個業務的長期機會？有任何改變嗎？

Yes. Noah, the -- I'm really pleased with the TravisMathew results. So that business grew during the quarter. We've had a successful launch of the women's category that continues to do well. And year-to-date, really pleased with impact of our revised men's strategy where we've changed some of our focus, our product pillars, our merchandising strategy. And we've seen nice results both direct-to-consumer and that wholesale there. So I feel great about the outlook for Travis, I have seen some really positive results year-to-date.

是的。Noah，我對 TravisMathew 的表現非常滿意。該業務在本季仍有成長。我們成功推出女裝品類，而且持續表現良好。此外，就年初至今而言，我們也很滿意調整後的男裝策略所帶來的影響：我們改變了一些重點、產品支柱（product pillars）以及商品策略（merchandising strategy）。我們在直營（direct-to-consumer）與批發（wholesale）兩個渠道都看到不錯的成果。因此我對 Travis 的前景感到非常樂觀，年初至今已看到一些非常正面的結果。

We are planning to close four stores in Q4. We've announced two of those stores now, and that's why we're at liberty to discuss it at this point. But that shouldn't be thought of as anything different than what we've been doing very tentatively over the last year.

我們計畫在第四季關閉四家門市。目前已公告其中兩家，因此我們現在可以對外討論。但這不應被解讀為與過去一年我們相對審慎所做的調整有任何不同。

And that's being disciplined and focused in our approach to improving the long-term structure and profitability of our business. Things such as SKU rationalization, portfolio change and this attention to the store portfolio, all fall in the same ilk, and we're optimistic that those will provide great value to the shareholder as we continue to implement them.

這代表我們在改善業務長期結構與獲利能力的做法上，保持紀律並聚焦。像是 SKU 精簡（SKU rationalization）、產品組合調整（portfolio change），以及對門市組合的關注，都屬於同一類的措施；我們樂觀地認為，隨著持續推動落地，這些將為股東帶來很大的價值。

Joseph Altabello, Raymond James.

Joseph Altabello，Raymond James。

I guess, Chip, I just wanted to follow up on the answer you gave to Noah regarding the four Travis stores getting closed. I think I heard you say that the charges in the second quarter were included in adjusted EBITDA. Is that correct?

Chip，我想跟進一下你先前對 Noah 關於關閉四家 Travis 門市的回答。我想我聽到你說第二季的費用已包含在調整後 EBITDA 裡。是這樣嗎？

That's correct. We left those are in our financial results, both GAAP and non-GAAP.

沒錯。我們把那些都保留在財務結果中，GAAP 與非 GAAP 都包含。

And how much were they?

那金額是多少？

I don't know that we broke that out, but roughly $1.5 million.

我不確定我們是否有把它單獨拆出來，但大約是 150 萬美元。

So not too meaningful. And then second, you mentioned incremental commodity cost pressures in the second half, which is obviously reflected in the guide. The EBITDA guide for the second half on an operational basis, still up $3 million. How much additional commodity cost pressures is baked into that number?

所以影響不算太大。第二，你提到下半年會有額外的大宗商品成本壓力，這顯然已反映在指引中。下半年以營運基礎來看，EBITDA 指引仍增加 300 萬美元。那個數字裡已納入多少額外的大宗商品成本壓力？

I don't know whether, again, we're going to break that out specifically for you, but we have, to the best of our ability, baked in the cost pressures that we see at this point in time. Obviously, dynamic. The price of oil is a major factor in that, and the price of oil seems to be fairly volatile, although improved today.

我不確定我們是否會再為你特別拆分說明，但我們已在能力所及範圍內，把目前看到的成本壓力納入。當然，這是動態變化的。油價是其中一個主要因素，而油價似乎相當波動，雖然今天有所改善。

And we're comfortable that we're going to be able to manage through it. We wanted to call out that they do exist and that they -- but also want to call out that we're working through them and are comfortable with our ability to do it at the current levels.

我們有信心能夠妥善因應並管理過去。我們想特別指出這些壓力確實存在，但也想強調我們正在處理，且在目前水準下對自身的應對能力感到有把握。

Arpine Kocharyan, UBS.

Arpine Kocharyan，UBS。

I did want to go back to the full year guidance upgrade, nice uptick there in EBITDA, up something like, I think, $31 million, if I'm not mistaken, at midpoint and certainly more than sort of the Q2 beat. But more importantly, flow-through also is pretty healthy. I wanted to -- I was wondering if you could give a little bit more color on that bridge and whether -- and to maybe frame for us kind of what would be an upside scenario to that outlook? I know you're probably looking at a lot of volatility.

我想回到全年指引上調這件事，EBITDA 有不錯的上修，若我沒記錯，以中位數來看大概上調了 3,100 萬美元，而且顯然高於第二季超預期的幅度。更重要的是，落到 EBITDA 的流轉率也相當健康。我想請你們多補充一些這個橋接（bridge）的細節，以及——也許幫我們框架一下，在這個展望下，什麼情況會構成上行情境？我知道你們可能正面對很多波動。

You just talked about input costs being something that's really tough to write pinpoint here given how volatile that has been. But as we think about sort of revenue that you think you can do in the back half and sort of this healthy flow-through that you're looking at and maybe try to bridge that sort of full year upside versus the strong performance we saw in the quarter.

你剛才提到投入成本在目前這麼波動的情況下，很難精準預估。但當我們思考你們下半年可達成的營收，以及你們所預期的這個健康流轉率時，能否試著把全年上行的部分，與本季看到的強勁表現做個橋接？

Sure. Brian, why don't you do the bridge, and then I'll take the latter part of this.

當然。Brian，你來說明一下橋接，然後我再回答後半段。

For Eeva, you're correct, it is up $31 million at the midpoint. And that represents the $21 million of the Q2 EBITDA beat. There's $21 million of that, that we're giving. And then there was -- we talked about that $5 million organic revenue raise. So there's about $3 million that flows through to EBITDA. And then there was a $7 million improvement in our tariff estimates based on the new rates.

Eeva，你說得沒錯，以中位數來看確實上調了 3,100 萬美元。其中包含第二季 EBITDA 超預期的 2,100 萬美元。這 2,100 萬美元我們納入了指引。另外，我們也提到有 500 萬美元的有機營收上調。因此大約有 300 萬美元會流轉到 EBITDA。再來，根據新稅率，我們對關稅估計改善了 700 萬美元。

Upsides and potential risk in the second half, we think that we're fairly balanced on both upside and potential risk. It's certainly -- our guidance reflects the best information we have at this time. And I think it's -- you mentioned as well that this is a fairly dynamic environment right now with macroeconomic and political factors that are almost changing daily.

至於下半年的上行與潛在風險，我們認為兩者大致平衡。我們的指引反映了目前所掌握的最佳資訊。而且你也提到，現在的環境相當動態，宏觀經濟與政治因素幾乎每天都在變化。

So there's potentially a wider range of outcomes than normal in the second half. We've shown our ability to manage through this. We feel really good about the strengthening of the business that we've delivered and the resilience of our markets. So we feel really good. But we think the guidance is balanced in terms of risk and opportunity.

因此下半年的結果區間可能比平常更寬。我們已展現出能在這種情況下管理應對的能力。我們對今年以來所帶來的業務強化，以及市場的韌性，感到非常有信心。所以我們感覺很好。但我們認為這份指引在風險與機會之間是平衡的。

Great. That's super helpful. I was hoping if you could comment at all on maybe July retail trends here in terms of just sell-through as well as what you're seeing from green grass versus other channels. Anything you could give us in terms of sort of current in the quarter demand trends?

很好。這非常有幫助。我想請你們評論一下 7 月的零售趨勢，例如銷售消化（sell-through），以及你們看到的綠草（green grass）通路相較於其他通路的表現。就本季目前的需求趨勢，你們能提供任何觀察嗎？

Sure. We've certainly factored into our guidance, the July results. We saw a little bit of softening in the market around World Cup. It improved subsequent to that. We have factored that all into our guidance. And I guess that's all I have on that at this stage.

當然。我們已把 7 月的結果納入指引。在世界盃期間，我們看到市場稍微轉弱。之後有所改善。我們已把這些都反映在指引中。我想目前就只能補充到這裡。

And this will conclude our question-and-answer session. I would like to turn the conference back over to Mr. Chip Brewer for any closing remarks. Please go ahead.

問答環節到此結束。我想把電話會議交回給 Chip Brewer 先生作結語。請開始。

Thank you, everybody, for tuning in. We're proud of our results and the progress we've made strengthen the business year-to-date. We look forward to updating you again at the end of Q3. Thanks for dialing in.

感謝各位收聽。我們對本次成果以及今年迄今在強化業務方面取得的進展感到自豪。我們期待在第三季結束時再次向各位更新。感謝撥冗參與。

The conference is now concluded. Thank you for attending today's presentation. You may now disconnect.

本次電話會議到此結束。感謝各位參加今天的簡報。您現在可以掛線。