Columbia Sportswear Co (COLM) 2022 Q4 法說會逐字稿

Greetings. Welcome to Columbia Sportswear Fourth Quarter 2020 Financial Results Conference Call. (Operator Instructions) Please note, this conference is being recorded. I will now turn the conference over to your host, Andrew Burns. You may begin.

問候。歡迎來到 Columbia Sportswear 2020 年第四季度財務業績電話會議。 （操作員說明）請注意，正在錄製此會議。我現在將會議轉交給主持人安德魯·伯恩斯 (Andrew Burns)。你可以開始了。

Good afternoon, and thanks for joining us to discuss Columbia Sportswear Company's fourth quarter results. In addition to the earnings release, we furnished an 8-K containing a detailed CFO commentary and financial review presentation explaining our results. This document is also available on our Investor Relations website, investor.columbia.com.

下午好，感謝您加入我們討論 Columbia Sportswear Company 的第四季度業績。除了收益發布外，我們還提供了一份 8-K，其中包含詳細的 CFO 評論和解釋我們結果的財務審查報告。本文件也可在我們的投資者關係網站 investor.columbia.com 上獲取。

With me today on the call are Chairman, President and Chief Executive Officer, Tim Boyle; Executive Vice President and Chief Financial Officer, Jim Swanson; and Executive Vice President and Chief Administrative Officer, Peter Bragdon. This conference call will contain forward-looking statements regarding Columbia's expectations, anticipations or beliefs about the future. These statements are expressed in good faith and are believed to have a reasonable basis. However, each forward-looking statement is subject to many risks and uncertainties, and actual results may differ materially from what is projected. Many of these risks and uncertainties are described in Columbia's SEC filings. We caution that forward-looking statements are inherently less reliable than historical information. We do not undertake any duty to update any of the forward-looking statements after the date of this conference call to conform the forward-looking statements to actual results or any changes in our expectations.

今天與我通話的有董事長、總裁兼首席執行官蒂姆·博伊爾 (Tim Boyle)；執行副總裁兼首席財務官 Jim Swanson；執行副總裁兼首席行政官 Peter Bragdon。本次電話會議將包含有關哥倫比亞大學對未來的期望、預期或信念的前瞻性陳述。這些陳述是真誠表達的，並被認為具有合理的基礎。然而，每份前瞻性陳述都受到許多風險和不確定性的影響，實際結果可能與預測結果存在重大差異。哥倫比亞向美國證券交易委員會提交的文件中描述了其中許多風險和不確定性。我們警告說，前瞻性陳述本質上不如歷史信息可靠。我們不承擔在本次電話會議日期後更新任何前瞻性陳述以使前瞻性陳述與實際結果或我們預期的任何變化相符的義務。

I'd also like to point out that during the call, we may reference certain non-GAAP financial measures, including constant currency net sales. For further information about non-GAAP financial measures and results, including a reconciliation of GAAP to non-GAAP measures and an explanation for management's rationale for referencing these non-GAAP measures, please refer to the supplemental financial information section and financial tables included in earnings release and appendix of our CFO commentary and financial review.

我還想指出，在電話會議期間，我們可能會參考某些非 GAAP 財務指標，包括不變貨幣淨銷售額。有關非 GAAP 財務措施和結果的更多信息，包括 GAAP 與非 GAAP 措施的調節以及管理層參考這些非 GAAP 措施的理由的解釋，請參閱補充財務信息部分和收入中包含的財務表格我們的首席財務官評論和財務審查的發布和附錄。

Following our prepared remarks, we will host a Q&A period through which we limit each caller to 2 questions so that we can get to everyone by the end of the hour. Now I'll turn the call over to Tim.

在我們準備好的評論之後，我們將舉辦一個問答環節，在此期間我們將每個來電者限制為 2 個問題，以便我們可以在一小時結束前與所有人聯繫。現在我會把電話轉給蒂姆。

Thanks, Andrew, and good afternoon, everyone. I'm incredibly proud of the financial performance and accomplishments that our global workforce delivered in 2022. For the year, net sales grew 11% to a record $3.5 billion. On a constant currency basis, net sales increased 14%. I'd like to thank our dedicated employees whose tremendous efforts enabled these results. We achieved these results, while navigating numerous supply chain challenges. We know there's a strong demand for our products, and our recent financial performance could have even been higher absent the product delivery delays we experienced.

謝謝，安德魯，大家下午好。我為我們全球員工在 2022 年取得的財務業績和成就感到無比自豪。這一年，淨銷售額增長了 11%，達到創紀錄的 35 億美元。按固定匯率計算，淨銷售額增長 14%。我要感謝我們敬業的員工，他們付出了巨大的努力才取得了這些成果。我們取得了這些成果，同時應對了眾多供應鏈挑戰。我們知道對我們的產品有強烈的需求，如果沒有我們經歷的產品交付延遲，我們最近的財務業績甚至可能更高。

Columbia and SOREL led the charge, with both brands generating record net sales and double-digit constant currency growth in 2022. Geographically, we have broad-based momentum. Our largest market, the U.S., grew 12%. On a constant currency basis, International growth highlights include Europe Direct surging 31% on the year and Canada growing 19%. By channel, our growth in 2022 is relatively balanced with both our wholesale and DTC business generating double-digit constant currency growth.

Columbia 和 SOREL 引領潮流，這兩個品牌都在 2022 年實現了創紀錄的淨銷售額和兩位數的持續貨幣增長。從地域上看，我們擁有廣泛的發展勢頭。我們最大的市場美國增長了 12%。在固定匯率基礎上，國際增長亮點包括歐洲直飛年增長 31% 和加拿大增長 19%。通過渠道，我們在 2022 年的增長相對平衡，我們的批發和 DTC 業務都產生了兩位數的持續貨幣增長。

Our global DTC e-commerce business grew 10% constant currency and represented 18% of total net sales. I believe these results are proof that our strategies are working. Looking at the current environment, the threat of a recession is weighing on the market. In these times, our strong financial position is a strategic advantage. We exited year with over $400 million in cash and no bank borrowings. We're entering 2023 in a position of strength with positive momentum in many markets around the world.

我們的全球 DTC 電子商務業務以固定匯率計算增長了 10%，占淨銷售額的 18%。我相信這些結果證明我們的策略正在發揮作用。從目前的環境來看，經濟衰退的威脅正在打壓市場。在這些時候，我們強大的財務狀況是一種戰略優勢。當年我們以超過 4 億美元的現金退出，沒有銀行借款。進入 2023 年，我們將在全球許多市場中以積極的勢頭進入強勢地位。

The Columbia brand's iconic innovation, value proposition and democratic product offering are enabling us to capitalize on the popularity of outdoor activities. Differentiated innovations like Omni-Heat Infinity and the recently introduced Omni-Heat Helix are separating Columbia from the competition and fueling its growth trajectory.

Columbia 品牌的標誌性創新、價值主張和民主產品供應使我們能夠利用戶外活動的流行。 Omni-Heat Infinity 和最近推出的 Omni-Heat Helix 等差異化創新正在使 Columbia 從競爭中脫穎而出，並推動其發展軌跡。

SOREL's function-first fashion footwear is resonating with consumers. We believe SOREL is on its way to $1 billion in sales and becoming the next global footwear force. Our products have earned us a loyal base of consumers and we're making focused demand creation investments to create even deeper consumer connections and unlock growth. We have amazing strategic wholesale partners and a powerful direct-to-consumer business that's helping us create the marketplace in the future.

SOREL 功能至上的時尚鞋類正在引起消費者的共鳴。我們相信 SOREL 的銷售額將達到 10 億美元，並成為下一個全球鞋類力量。我們的產品為我們贏得了忠實的消費者基礎，我們正在進行有針對性的需求創造投資，以建立更深層次的消費者聯繫並推動增長。我們擁有出色的戰略批發合作夥伴和強大的直接面向消費者的業務，這將幫助我們在未來創造市場。

As we begin the year, one of our top priorities is to reduce our inventory position and align it with demand. I'm confident in our ability to perform this task effectively and profitably over the year. Our business model, strong financial position and strategies are well suited to manage this process. Our product offering includes a large percentage of evergreen styles that do not change season to season. This reduces our exposure to promotional pricing.

今年年初，我們的首要任務之一是減少庫存並使其與需求保持一致。我相信我們有能力在一年內有效並盈利地完成這項任務。我們的商業模式、強大的財務狀況和戰略非常適合管理這一過程。我們的產品包括大部分不會隨季節變化的常青款式。這減少了我們在促銷定價方面的風險。

Given our strong balance sheet, we can be patient as to when and where we sell our product. We expect to continue utilizing our fleet of outlet stores to profitably liquidate remaining excess inventories. Columbia Sportswear is positioned to deliver another year of profitable growth in 2023. The top end of our financial outlook contemplates 6% net sales growth and a 12.2% operating margin. I will provide more details on the key drivers and assumptions influencing this outlook later in the call. I will now review our fourth quarter 2022 financial performance.

鑑於我們強大的資產負債表，我們可以耐心等待何時何地銷售我們的產品。我們希望繼續利用我們的直銷店隊伍來清算剩餘的過剩庫存以盈利。 Columbia Sportswear 有望在 2023 年實現又一年的盈利增長。我們的財務展望的最高端預計淨銷售額增長 6%，營業利潤率 12.2%。我將在稍後的電話會議中提供有關影響這一前景的關鍵驅動因素和假設的更多詳細信息。我現在將回顧我們 2022 年第四季度的財務業績。

Net sales grew 4% or 8% on a constant currency basis. This was within the financial outlook we provided in October and reflects strong execution in a challenging environment. Gross margin contracted 180 points and was -- assuming 180 basis points and was roughly in line with our outlook. The largest driver of contraction was higher promotional activity in the marketplace as we lapped an exceptionally low promotional environment in the prior year.

按固定匯率計算，淨銷售額增長 4% 或 8%。這在我們 10 月份提供的財務展望範圍內，反映了在充滿挑戰的環境中的強勁執行力。毛利率收縮 180 點，假設為 180 個基點，大致符合我們的預期。收縮的最大驅動因素是市場上更高的促銷活動，因為我們在前一年度過了異常低的促銷環境。

SG&A expenses increased 5% and represented 34.6% of net sales compared to 34% in the prior year. We incurred $35.6 million in noncash prAna impairment charges during the quarter, which impacted diluted earnings per share by $0.43. Diluted earnings per share decreased 15% to $2.02. I will now review fourth quarter and full year net sales growth by region and brand. For this review, I'll reference constant currency net sales growth to illustrate underlying growth in each market.

SG&A 費用增加了 5%，占淨銷售額的 34.6%，而上一年為 34%。我們在本季度產生了 3560 萬美元的非現金 prAna 減值費用，這對每股攤薄收益產生了 0.43 美元的影響。每股攤薄收益下降 15% 至 2.02 美元。我現在將按地區和品牌回顧第四季度和全年的淨銷售額增長。在這篇評論中，我將參考不變的貨幣淨銷售額增長來說明每個市場的潛在增長。

All regions outside the U.S. were unfavorably impacted by foreign exchange rates. U.S. net sales increased 2% in the fourth quarter and 12% for the year. In the quarter, we generated high single-digit percent DTC growth balanced across our brick-and-mortar and e-commerce businesses.

美國以外的所有地區都受到匯率的不利影響。美國第四季度淨銷售額增長 2%，全年增長 12%。在本季度，我們的實體店和電子商務業務實現了高個位數百分比的 DTC 增長。

U.S. wholesale net sales decreased mid-single-digit percent. Wholesale performance in the quarter was unfavorably impacted by a greater portion of all 22 orders shipping in the third quarter this year relative to last year. Looking at the third and fourth quarters combined, second half U.S. wholesale net sales increased high single-digit percent, reflecting healthy retailer demand for our products. With that said, we note supply chain disruptions, resulting delivery delays tempered our Fall '22 performance. We were unable to maximize early-season full price sales, and we experienced higher order cancellations resulting from the late receipt of inventories.

美國批發淨銷售額下降了中個位數百分比。本季度的批發業績受到今年第三季度發貨的所有 22 份訂單中比去年同期發貨的比例更大的不利影響。縱觀第三季度和第四季度的總和，下半年美國批發淨銷售額實現了高個位數百分比增長，反映出零售商對我們產品的健康需求。話雖如此，我們注意到供應鏈中斷，導致交貨延遲影響了我們 22 年秋季的表現。我們無法最大限度地實現早季全價銷售，而且由於庫存接收延遲，我們的訂單取消率更高。

As we move into Spring '23, our on-time delivery percentage is greatly improved and is approaching pre-pandemic service levels. U.S. Fall '22 retail sell-through trends were generally positive. With the season almost complete, sell-through is tracking roughly in line with Fall '21, which was exceptionally strong. Turning to our international business. Latin America, Asia Pacific region or LAAP, net sales increased 11% in the quarter and 13% for the full year. China was up mid-single-digit percent for the quarter led by strong dtc.com performance. For the year, China declined mid-single-digit percent, primarily reflecting the impact of government efforts to contain COVID-19 outbreaks.

隨著我們進入 Spring '23，我們的準時交付率大大提高，並接近大流行前的服務水平。美國秋季 '22 零售銷售趨勢總體上是積極的。隨著本季接近尾聲，銷售率與異常強勁的 21 年秋季大致一致。轉向我們的國際業務。拉丁美洲、亞太地區或 LAAP，本季度淨銷售額增長 11%，全年增長 13%。在強勁的 dtc.com 表現的帶動下，中國本季度增長了中個位數百分比。今年，中國下降了中個位數百分比，主要反映了政府為遏制 COVID-19 疫情所做的努力的影響。

I'd like to thank our team in China who overcame numerous supply chain and COVID-related challenges. I'm encouraged by the emerging momentum I see in this market as we start 2023. I believe the investments in talent and operational improvements we've made over the last several years position us to accelerate the business as China reopens. We know we have powerful brand recognition in China and that this market represents one of our largest geographic growth opportunities.

我要感謝我們在中國的團隊，他們克服了無數供應鍊和 COVID 相關的挑戰。從 2023 年開始，我在這個市場上看到的新興勢頭令我感到鼓舞。我相信，我們在過去幾年中對人才的投資和運營改進使我們能夠在中國重新開放時加快業務發展。我們知道我們在中國擁有強大的品牌知名度，而且這個市場是我們最大的地域增長機會之一。

Japan increased high single-digit percent in the quarter and high teens percent for the full year. For the quarter, net sales growth was led by DTC as traffic recovered and consumers embrace Columbia's products.

日本在本季度實現了高個位數百分比增長，全年實現了高十幾位數百分比增長。本季度，隨著流量恢復和消費者接受 Columbia 的產品，DTC 引領淨銷售額增長。

Korea grew low single-digit percent in the quarter and high single-digit percent for the full year. There is sustained interest in outdoor products and activities in that market, and we are positioned for growth, continued growth in 2023. Our new leadership in Korea is focused on managing the marketplace to optimize our DTC store fleet and retail partners distribution to further elevate the brand and drive productivity across all channels.

韓國在本季度實現低個位數百分比增長，全年實現高個位數百分比增長。該市場對戶外產品和活動有著持續的興趣，我們已做好準備，在 2023 年實現增長，持續增長。我們在韓國的新領導層專注於管理市場，以優化我們的 DTC 商店車隊和零售合作夥伴分銷，以進一步提升品牌並推動所有渠道的生產力。

The LAAP distributor markets were up low 80% for the quarter and high 70% for the full year. Growth in the quarter reflects higher Fall '22 and Spring '23 orders as well as favorable timing of shipments. With robust growth in 2022, our LAAP distributor business has returned to pre-pandemic sales levels. Europe, Middle East, Africa region, or EMEA, net sales increased 32% for the quarter and 26% of the year. Europe Direct grew low 30% in the quarter and for the full year, including strong demand across all channels. I'm extremely proud of our team and the progress they've made growing our business in Europe while improving profitability.

LAAP 分銷商市場本季度上漲了 80%，全年上漲了 70%。本季度的增長反映了更高的 Fall '22 和 Spring '23 訂單以及有利的發貨時間。隨著 2022 年的強勁增長，我們的 LAAP 分銷商業務已恢復到大流行前的銷售水平。歐洲、中東、非洲地區或 EMEA，本季度淨銷售額增長 32%，全年增長 26%。 Europe Direct 在本季度和全年僅增長了 30%，包括所有渠道的強勁需求。我為我們的團隊以及他們在提高盈利能力的同時發展我們在歐洲的業務所取得的進步感到非常自豪。

If you'll remember in 2015, Europe Direct represented just over EUR 100 million in annual net sales and generated an operating loss. In 2022, we surpassed EUR 300 million and its profitability is accretive to our consolidated operating margin. Our products, marketing and marketplace strategies are yielding powerful results. Europe Direct is expected to be one of our fastest-growing markets in 2023.

如果您還記得 2015 年，Europe Direct 的年淨銷售額剛剛超過 1 億歐元，並產生了運營虧損。 2022 年，我們的收入超過 3 億歐元，其盈利能力增加了我們的綜合營業利潤率。我們的產品、營銷和市場策略正在產生強大的效果。預計 Europe Direct 將成為 2023 年我們增長最快的市場之一。

Our EMEA distributor business was up high 30% in the quarter and up low teens percent for the full year. Growth in the quarter was driven by favorable timing of Fall '22 and Spring '23 shipments compared to last year. As we previously noted, we paused taking any new advanced orders for the Russian market for early next year.

我們的 EMEA 分銷商業務在本季度增長了 30%，全年增長了十幾%。與去年相比，22 年秋季和 23 年春季出貨的有利時機推動了本季度的增長。正如我們之前指出的那樣，我們在明年初暫停接受俄羅斯市場的任何新的預購訂單。

Our outlook for our EMEA distribution business does not include sales for Russia, but contemplates healthy growth in other distributor markets which will help offset a portion of these lost sales. Canada net sales were up 23% in the quarter and 19% for the full year. In the quarter, growth was led by wholesale, which benefited from favorable timing of Fall '22 shipments compared to last year. We are well positioned for continued growth in Canada. Columbia and SOREL have high brand awareness and excellent market positions. In fact, Columbia has been voted the #1 trusted sportswear brand for 7 years in a row in the University of Victoria Brand Index.

我們對 EMEA 分銷業務的展望不包括俄羅斯的銷售額，但考慮到其他分銷商市場的健康增長，這將有助於抵消部分銷售損失。加拿大本季度淨銷售額增長 23%，全年增長 19%。本季度，增長由批髮帶動，這得益於與去年相比 22 年秋季出貨的有利時機。我們為在加拿大的持續增長做好了充分準備。 Columbia和SOREL品牌知名度高，市場地位優越。事實上，Columbia 已連續 7 年在維多利亞大學品牌指數中被評為值得信賴的運動裝品牌第一名。

Looking at performance by brand. Columbia brand net sales increased 13% in the fourth quarter and 16% for the full year. During the quarter, growth was relatively balanced across apparel and footwear. Following last year's launch of Omni-Heat Infinity, we were able to build on the momentum this season, launching an expanded collection for Fall '22. Our worldwide marketing campaign focused on how the technology works and why it matters. One campaign featured a partnership with Eagles' star quarterback Jalen Hurts.

按品牌查看性能。哥倫比亞品牌第四季度淨銷售額增長 13%，全年增長 16%。本季度，服裝和鞋類的增長相對平衡。繼去年推出 Omni-Heat Infinity 之後，我們得以在本季的勢頭上再接再厲，推出了 22 年秋季的擴展系列。我們的全球營銷活動側重於該技術的工作原理及其重要性。其中一項活動的特色是與老鷹隊的明星四分衛賈倫赫茨合作。

Jalen's timely content was also featured in a number of NFL broadcast pods. Good luck in the Super Bowl, Jalen.

Jalen 的及時內容也出現在許多 NFL 廣播節目中。杰倫，祝你在超級碗中好運。

We also utilized micro to macro influencers, like YouTube sensation Dude Perfect, in the campaign. The Dude Perfect team visited the Columbia store at the American Dream Mall, tested out the Omni-Heat Infinity jackets on the slopes and the content was featured on the Jimmy Kimmel Show. The Omni-Heat Infinity technology received numerous accolades during the quarter. Several styles, including the Platinum Peak and Ballistic Ridge jackets were featured in this season's best of lists from Outside Magazine, Gear Patrol and SKI Magazine.

我們還在活動中利用了微觀到宏觀的影響者，例如 YouTube 紅人 Dude Perfect。 Dude Perfect 團隊參觀了位於美國夢購物中心的 Columbia 商店，在斜坡上測試了 Omni-Heat Infinity 夾克，其內容在 Jimmy Kimmel 秀中亮相。 Omni-Heat Infinity 技術在本季度獲得了無數讚譽。包括 Platinum Peak 和 Ballistic Ridge 夾克在內的多種款式入選了 Outside Magazine、Gear Patrol 和 SKI Magazine 的本季最佳單品。

We successfully introduced Omni-Heat Helix, our new disruptive poly fleece visible technology. Helix was a small targeted launch in our DTC business for Fall '22, and we're excited to build on this unique technology in the seasons ahead. On the product collaboration front, we saw the successful launch of our newest Star Wars collection, inspired by the Clone Wars animated series.

我們成功推出了 Omni-Heat Helix，這是我們全新的顛覆性聚絨可見技術。 Helix 是 22 年秋季在我們的 DTC 業務中推出的一個小型有針對性的產品，我們很高興在未來的季節中以這種獨特的技術為基礎。在產品合作方面，我們看到了受克隆人戰爭動畫系列啟發的最新星球大戰系列的成功推出。

Our latest collaboration includes references to Obi-Wan Kenobi and Anakin Sykwalker, among others. The collection incorporates Omni-Heat Infinity thermal-reflected technology to help fans overcome the harsh winter elements wherever in the Galaxy they are.

我們最新的合作包括對 Obi-Wan Kenobi 和 Anakin Sykwalker 等人的參考。該系列採用 Omni-Heat Infinity 熱反射技術，幫助粉絲們在銀河系的任何地方克服嚴酷的冬季元素。

Shift to our emerging brands. SOREL brand net sales decreased 9% in the quarter and increased 11% for the full year. In the quarter, net sales were unfavorably impacted by a greater portion of Fall '22 orders shipping in the third quarter as well as higher order cancellations.

轉向我們的新興品牌。本季度 SOREL 品牌淨銷售額下降 9%，全年增長 11%。在本季度，淨銷售額受到第三季度 Fall '22 訂單出貨量較大以及訂單取消率較高的不利影響。

Early season sell-through was challenged given delivery delays. As product availability improved, consumer demand for the brand was evident on sorel.com, which generated robust growth in December. Growth categories, including sneakers and sandals, were top performers in the quarter. SOREL's consumer base is passionate about the brand. The SOREL team remains laser-focused on bringing a relentless growth of compelling products to its unstoppable consumers.

由於交貨延遲，早期銷售率受到挑戰。隨著產品可用性的提高，消費者對該品牌的需求在 sorel.com 上顯而易見，該網站在 12 月份實現了強勁增長。包括運動鞋和涼鞋在內的增長類別在本季度表現最佳。 SOREL 的消費者群對品牌充滿熱情。 SOREL 團隊始終專注於為其不可阻擋的消費者帶來引人注目的產品的不懈增長。

In 2023, the brand has exciting product partnerships and shop-in-shops planned with key retail partners. We expect SOREL to be our fastest-growing brand in 2023. While supply chain constraints help that growth in '22, we are confident that SOREL can grow even faster in the years ahead.

2023 年，該品牌計劃與主要零售合作夥伴建立令人興奮的產品合作夥伴關係和店中店。我們預計 SOREL 將成為我們在 2023 年增長最快的品牌。雖然供應鏈限制有助於 22 年的增長，但我們相信 SOREL 在未來幾年可以增長得更快。

prAna net sales decreased 6% in the quarter, but were up 1% for the full year. Sales declines in the quarter were driven by softness in the wholesale business, which was impacted by late product deliveries partially offset by DTC growth. The clients, the HBO Max reality series sponsored by prAna debuted in January. Hosted by Jason Momoa and product ambassadors, Chris Sharma and Meagan Martin, the series features climbers taking on various challenges as they compete for $100,000 prize and a prAna sponsorship.

prAna 淨銷售額在本季度下降了 6%，但全年增長了 1%。本季度銷售額下降的原因是批發業務疲軟，這是受到產品交付延遲的影響，部分被 DTC 增長所抵消。客戶端，由 prAna 贊助的 HBO Max 真人秀系列於 1 月首次亮相。該系列由 Jason Momoa 和產品大使 Chris Sharma 和 Meagan Martin 主持，登山者在爭奪 100,000 美元獎金和 prAna 贊助的過程中接受各種挑戰。

We believe this series has a unique opportunity to raise awareness on the product as we reestablish the brand's roots in key activities like climbing. The prAna team remains focused on repositioning the brand in the marketplace to energize growth.

我們相信這個系列有一個獨特的機會來提高對產品的認識，因為我們重新建立了品牌在攀岩等關鍵活動中的根基。 prAna 團隊仍然專注於在市場上重新定位品牌以促進增長。

Mountain Hardwear net sales decreased 9% in the quarter, but increased 5% for the year. Similar to our other emerging brands, net sales were impacted by late product deliveries, which drove higher order cancellations. I will now discuss our initial 2023 financial outlook.

Mountain Hardwear 本季度淨銷售額下降 9%，但全年增長 5%。與我們的其他新興品牌類似，淨銷售額受到產品交付延遲的影響，導致更高的訂單取消率。我現在將討論我們最初的 2023 年財務展望。

This outlook and commentary include forward-looking statements. Please see our CFO commentary and financial review presentations for additional details and disclosures related to these statements. We remain focused on achieving the long-term growth algorithm we laid out at our Investor Day in September. As we noted, growth will never be perfectly linear and we are not immune to near-term macro headwinds. Our 2023 outlook contemplates 3% to 6% net sales growth.

本展望和評論包括前瞻性陳述。請參閱我們的首席財務官評論和財務審查演示文稿，了解與這些報表相關的更多詳細信息和披露。我們仍然專注於實現我們在 9 月份投資者日制定的長期增長算法。正如我們所指出的，增長永遠不會是完全線性的，我們也不能免受近期宏觀逆風的影響。我們的 2023 年展望預計淨銷售額將增長 3% 至 6%。

The positive momentum we've experienced in '22 is expected to be tempered by consumer spending headwinds and retailer caution as they manage their inventory positions. While our initial 2023 outlook is below the 3-year growth CAGR we outlined at the Investor Day, our confidence in our long-term growth opportunity has not wavered.

我們在 22 年經歷的積極勢頭預計將受到消費者支出逆風和零售商在管理庫存頭寸時的謹慎態度的影響。雖然我們最初的 2023 年前景低於我們在投資者日概述的 3 年復合年增長率，但我們對長期增長機會的信心並未動搖。

Since our IPO in 1988, we've generated a 9% net sales growth CAGR and look to improve this in the future. We anticipate gross margin expansion of 60 basis points to approximately 50%. We expect SG&A expenses to grow faster than net sales growth. While others are cash-constrained and limiting their investment spend, we're using our strong financial position and profitability to strengthen our competitive position.

自 1988 年首次公開募股以來，我們實現了 9% 的淨銷售額複合年增長率，並期待在未來提高這一水平。我們預計毛利率將增長 60 個基點至約 50%。我們預計 SG&A 費用的增長速度將快於淨銷售額增長。當其他人現金緊張並限制他們的投資支出時，我們正在利用我們強大的財務狀況和盈利能力來加強我們的競爭地位。

We will continue to invest in our strategic priorities to support the long-term profitable growth. On the digital front, we're investing in consumer data and analytics that will ultimately fuel membership enhancements and build stronger connections with our consumers. More broadly, we're investing in digital capabilities across the business to be more agile and adaptive. When it comes to supply chain capabilities, we are investing in people, processes and systems to improve supply and demand planning, drive inventory efficiency and support growth.

我們將繼續投資於我們的戰略重點，以支持長期盈利增長。在數字方面，我們正在投資於消費者數據和分析，最終將推動會員資格的增強並與我們的消費者建立更牢固的聯繫。更廣泛地說，我們正在投資於整個企業的數字能力，以提高敏捷性和適應性。在供應鏈能力方面，我們正在對人員、流程和系統進行投資，以改進供需規劃、提高庫存效率並支持增長。

This outlook contemplates maintaining our demand creation spend as a percent of sales at 5.9%, consistent with 2022. We may adjust this level of spend depending on market conditions. We expect operating margin to be in the range of 11.6% to 12.2%. Operating margin performance will not always be linear year-to-year and we remain firmly committed to improving operating margin over time. This operating performance leads to a diluted earnings per share range of $5.15 to $5.55.

這一前景考慮將我們的需求創造支出佔銷售額的百分比維持在 5.9%，與 2022 年一致。我們可能會根據市場情況調整這一支出水平。我們預計營業利潤率將在 11.6% 至 12.2% 之間。營業利潤率表現並不總是每年呈線性關係，我們仍然堅定地致力於隨著時間的推移提高營業利潤率。這一經營業績導致每股攤薄收益為 5.15 美元至 5.55 美元。

We anticipate strong operating cash flow of at least $500 million in 2023 as our inventory levels normalize. In summary, I'm confident we have the right strategies in place to unlock the significant growth opportunities we see across the business. We are investing in our strategic priorities to accelerate profitable growth; create iconic products that are differentiated, functional and innovative; drive brand engagement with increased open creation investments; enhance consumer experiences by investing in capabilities to delight and retain customers; amplify marketplace excellence that is digitally-led omnichannel and global; and to empower talent that is driven by our core values.

隨著我們的庫存水平恢復正常，我們預計到 2023 年將有至少 5 億美元的強勁運營現金流。總之，我相信我們有正確的戰略來釋放我們在整個業務中看到的重大增長機會。我們正在投資於我們的戰略重點，以加速盈利增長；創造具有差異化、功能性和創新性的標誌性產品；通過增加開放創作投資來推動品牌參與；通過投資於取悅和留住客戶的能力來增強消費者體驗；擴大以數字為主導的全渠道和全球化的卓越市場；並賦予受我們核心價值觀驅動的人才。

That concludes my prepared remarks. We'll welcome your questions. Operator, could you help us with that, please?

我準備好的發言到此結束。我們歡迎您提出問題。接線員，你能幫我們一下嗎？

(Operator Instructions) Our first question is from Bob Drbul with Guggenheim.

（操作員說明）我們的第一個問題來自古根海姆的 Bob Drbul。

Two questions. I'll stick to the request, Andrew. The -- on '23, Tim, can you talk more about your order book visibility, the cancellations that you had in the spring, just sort of how much of the book is termed up for sort of Fall of '23? So that's my first question. And then the second question is just could you spend a little more time on China? Curious in terms of monthly trends or the reopening trends and how you feel like category inventories are overall and sort of how you think about '23 in aggregate within the guidance that you gave us today.

兩個問題。我會堅持要求的，安德魯。 - 在 23 年，蒂姆，你能多談談你的訂單可見性，你在春天取消的訂單，只是有多少訂單被稱為 23 年秋季的訂單嗎？這是我的第一個問題。然後第二個問題是你能不能多花點時間在中國？對月度趨勢或重新開放趨勢以及您對類別庫存的總體感覺以及您如何在今天給我們的指導下對 23 年的整體看法感到好奇。

Certainly, yes. Thanks, Bob. Well, as it relates to the order book, as you know, we concluded our Spring order back -- much earlier in the year, and we're in the process of shipping it now. In fact, we're in great shape. We've brought our service levels nearly back to pre-pandemic levels, and we're shipping like crazy right now. We've had no substantial cancels and don't expect any, the Spring book. .

當然，是的。謝謝，鮑勃。好吧，正如你所知，這與訂單有關，我們在今年早些時候結束了春季訂單，我們現在正在發貨。事實上，我們的狀態很好。我們已經將我們的服務水平幾乎恢復到大流行前的水平，而且我們現在正在瘋狂發貨。我們沒有實質性的取消，也不希望有任何取消，Spring book。 .

As it relates to the Fall book, that's also nearly complete, and we're buying -- we're matching the Fall order book against our inventory levels that exist today, style by style, color by color, and we've done some purchasing to map, to balance the book and the -- and our inventory so that they're in sync. So -- and we don't expect Fall cancels. Frankly, the only reason we receive such significant cancels this year versus prior periods is because our deliveries from Asia were significantly later than they had been in past periods.

因為它與秋季訂單有關，它也接近完成，我們正在購買——我們正在將秋季訂單與我們今天存在的庫存水平相匹配，逐個樣式，逐個顏色，我們已經做了一些購買地圖，平衡賬簿和 - 以及我們的庫存，以便它們同步。所以——我們預計秋季不會取消。坦率地說，與往年相比，我們今年收到如此大量取消訂單的唯一原因是我們從亞洲的交貨時間明顯晚於過去。

So we're expecting great things. We're approaching the business appropriately from an investment standpoint and we're excited about the possibilities that are before us. As it relates to China, if you remember, we've been pretty open that we've underperformed there historically. We've come from a great position and we lost our way a bit. The team that we have there today is exceptional in building a great business. And so we expect that, that business will -- once we get fully opened here, and that's where we're headed, certainly, that the business is going to really, really grow.

所以我們期待著偉大的事情。我們正在從投資的角度適當地處理業務，我們對擺在我們面前的可能性感到興奮。就中國而言，如果你還記得的話，我們一直很坦誠，我們在歷史上表現不佳。我們來自一個很好的位置，我們有點迷路了。我們今天的團隊在建立偉大的企業方面表現出色。因此，我們預計，一旦我們在這裡全面開業，這就是我們前進的方向，那麼業務將會真正、真正地增長。

And I'm convinced it's going to be, if not the greatest geographic sales area we have, certainly among the best. So in general, as it relates to '23, I'm bullish. We've always said that we expect high levels of growth. We're a growth company. And I think this gives us the opportunity with our balance sheet and weakness of certain of our competitors that will have a great opportunity to grow in '23 and beyond.

而且我相信，即使不是我們擁有的最大地理銷售區域，也肯定是最好的。所以總的來說，因為它與 23 年有關，我看好。我們一直說我們期待高水平的增長。我們是一家成長型公司。我認為這給了我們機會，我們的資產負債表和我們某些競爭對手的弱點將有很好的機會在 23 世紀及以後發展。

The next question comes from Laurent Vasilescu with BNP Paribas.

下一個問題來自法國巴黎銀行的 Laurent Vasilescu。

Tim, it's great to hear that you're bullish for 2023. In the CFO commentary, it talks about Columbia, the brand itself being up high single digits for the year as part of the guidance. And then you have some other commentary saying that footwear is going to grow fastest -- faster than apparel, excuse me. Within Columbia, the brand, growing high single digits, can you maybe parse out how much do you think apparel is going to grow this year versus footwear overall?

蒂姆，很高興聽到你對 2023 年持樂觀態度。在首席財務官的評論中，它談到了哥倫比亞，作為指導的一部分，該品牌本身在今年實現了高個位數增長。然後你有一些其他評論說鞋類將增長最快 - 比服裝更快，對不起。在 Columbia，該品牌以高個位數增長，您能否分析一下您認為今年服裝與鞋類整體增長的幅度是多少？

Laurent, this is Jim. We do anticipate that footwear as a category is going to outpace the growth of apparel. And that would be inclusive of both the SOREL brand and Columbia. And then when you think about the high single-digit rate of growth for the Columbia brand, by and large, that's the case across all markets except the EMEA distributor market, which, of course, we'll be lapping the Russia shipments that we had in '22 that we did not have contemplated in our outlook for '23.

洛朗，這是吉姆。我們確實預計鞋類作為一個類別的增長速度將超過服裝。這將包括 SOREL 品牌和 Columbia。然後當你想到 Columbia 品牌的高個位數增長率時，總的來說，除 EMEA 分銷商市場外，所有市場都是如此，當然，我們將超越我們的俄羅斯出貨量我們在 22 年的展望中沒有考慮到 23 年的情況。

Okay. Very helpful. And then it's good to see, Jim, that you have first half commentary, your top line is expected to be mid-single digits. So in line with the full year. Any puts and takes we should we think about first quarter, second quarter, like any shifts there that we should think about? Because I think you're calling out gross margins to be down in the first quarter. Just curious to know -- sorry, Andrew, it's 3 questions now. But how do we think about gross margins being down in the first quarter? Can it be in the magnitude of 100 to 200 basis points?

好的。很有幫助。然後很高興看到，吉姆，你有上半場評論，你的頂線預計是中個位數。所以與全年一致。我們應該考慮第一季度、第二季度的任何投入和投入，就像我們應該考慮的任何轉變一樣？因為我認為你是在呼籲第一季度毛利率下降。只是想知道——抱歉，安德魯，現在有 3 個問題。但是我們如何看待第一季度毛利率下降呢？它可以在100到200個基點的數量級嗎？

Yes. I think the way I would think about Q1, Q2, the key call out is what we've included in the CFO commentary, and that's that we would expect gross margin to be down in Q1, that in part being reflective of the fact that we're lapping the exceptionally low promotional levels from a D2C perspective last year. Aside from that, Laurent, I would expect that the first quarter from a growth standpoint should outpace the second quarter related to what Tim was describing earlier, the fact that our spring inventory receipts for '23 are much more timely than they were a year ago. And so we're getting those wholesale shipments out sooner as well. So that will drive a little bit of a timing variance on the top line. But those should be the biggest variables.

是的。我認為我對第一季度、第二季度的看法，關鍵是我們在首席財務官評論中包含的內容，那就是我們預計第一季度毛利率會下降，這在一定程度上反映了這樣一個事實去年，從 D2C 的角度來看，我們正在應對異常低的促銷水平。 Laurent，除此之外，我預計從增長的角度來看，第一季度應該會超過第二季度，這與 Tim 之前描述的有關，事實上我們 23 年的春季庫存收據比一年前及時得多.因此，我們也將更快地批發出這些貨物。因此，這將在頂線上帶來一點時間差異。但這些應該是最大的變數。

And then also included in the CFO commentary, we did make a comment that Q2 is typically our lowest volume quarter. And given that being a low volume quarter, we do anticipate Q2 being roughly breakeven. So that will -- if you do the math, you kind of back into what that would imply in terms of Q1 earnings.

然後在 CFO 的評論中，我們確實評論說第二季度通常是我們銷量最低的季度。鑑於這是一個低銷量的季度，我們確實預計第二季度大致收支平衡。所以這將 - 如果你進行數學計算，你就會回到這對第一季度收益的暗示。

Up next we have Mitch Kummetz with Seaport Research.

接下來我們有來自 Seaport Research 的 Mitch Kummetz。

Maybe just a continuation on the gross margin discussion. So you expect it to be up 60 bps for the year. I would imagine that better freight has a big impact on that. So is there any way, Jim, you could just kind of walk us through the year-over-year impact in timing of the freight improvement that you expect to see over the course of 2023?

也許只是毛利率討論的延續。所以你預計它今年會上漲 60 個基點。我想更好的貨運對此有很大的影響。那麼，吉姆，有沒有什麼辦法可以讓我們了解一下您預計在 2023 年期間看到的貨運改善時間的同比影響？

Yes. We -- just big picture, Mitch. We've been looking back at 2022, inbound freight had nearly a 200 basis point -- 170, 180 basis point impact unfavorably to our gross margin. Part of 2021, the tail end of '21 was also impactful from an unfavorable standpoint. So the weight of the inbound freight is probably a little bit more heavily weighted Q1, Q2, Q3, and then it will start to abate a bit in Q4 and normalize. So that's the way I would think about that.

是的。我們 - 只是大局，米奇。我們一直在回顧 2022 年，入境貨運對我們的毛利率產生了近 200 個基點 - 170、180 個基點的不利影響。從不利的角度來看，2021 年的一部分，21 年的尾聲也具有影響力。所以進港運費的權重可能在Q1、Q2、Q3稍微偏重一點，然後在Q4開始略有下降並正常化。這就是我考慮的方式。

I think the offsets to keep in mind on why you're only seeing 60 basis points of gross margin improvement relative to what those end up freight benefits are, are the fact that we are continuing to lap the early part of last year in which the promotional environment was extremely low. And so we anticipate that normalization. And then with the elevated inventory levels that we have and as we work through that inventory through the combination of our outlet channels and from a wholesale closeout perspective, that will have some impact on margin as well. So those are effectively the 2 major offsets to the inbound freight benefit.

我認為要記住為什麼你只看到相對於最終運費收益的毛利率提高 60 個基點的抵消是我們繼續超越去年年初的事實促銷環境極低。因此，我們期待這種正常化。然後，隨著我們的庫存水平升高，當我們通過我們的出口渠道和批發清倉的角度來處理庫存時，這也會對利潤率產生一些影響。因此，這些實際上是對入境貨運收益的兩大抵消。

Okay. And then secondly, on the late deliveries, the delays, delivery delays and the order cancellations that kind of became of that, is there any way to either kind of quantify the impact that, that had on the fourth quarter or maybe back half combined? Or maybe better yet, I mean, as you lap that, and I think, Tim, you said that you're not expecting any order delays or any real cancellations for Fall '23 as you lap those delays with an order book that doesn't have cancellations to it. Is there any way to kind of quantify kind of what you pick up as you lap that kind of easy comparison?

好的。其次，關於延遲交貨、延誤、交貨延遲和訂單取消，是否有任何方法可以量化對第四季度或後半部分的影響？或者也許更好，我的意思是，當你把它放在一邊時，我想，蒂姆，你說過你不希望 23 年秋季有任何訂單延遲或任何真正的取消，因為你用一個沒有的訂單簿來處理這些延遲沒有取消。有沒有什麼方法可以量化你在進行這種簡單比較時所獲得的東西？

I think the way to think about it in terms of the incremental cancellations that we incurred above and beyond what we expected. I think if you just look at the high end of the revenue guidance that we provided in October relative to where we landed. The delta there is going to be entirely related to cancellations in North America across our U.S. and Canada business. Aside from that, trying to quantify the full effect of cancellations, it would be tough to get that into that level of detail.

我認為根據我們發生的超出我們預期的增量取消來考慮它的方式。我想如果你只看一下我們在 10 月份提供的相對於我們登陸的收入指導的高端。那裡的三角洲將完全與我們美國和加拿大業務在北美的取消有關。除此之外，試圖量化取消的全部影響，很難將其納入詳細程度。

Obviously, you're seeing it in the inventory balance because, by and large, the increase in our inventory is effectively that cancellations plus, to some degree, earlier receipt of our spring inventory. And then as we get into this next year, Mitch, we're planning for kind of more of a normalized shipping pattern knowing that from a supply perspective, as Tim touched on, we're in much better shape going into '23 now.

顯然，您會在庫存餘額中看到它，因為總的來說，我們庫存的增加實際上是取消加上在某種程度上提前收到我們的春季庫存。然後，當我們進入明年時，米奇，我們正在計劃一種更多的標準化運輸模式，因為我們知道從供應的角度來看，正如蒂姆談到的那樣，我們現在進入 23 年的情況要好得多。

The next question is coming from Paul Lejuez with Citigroup.

下一個問題來自花旗集團的 Paul Lejuez。

It's Tracy Kogan filling in for Paul. My 2 questions. I guess the first is on your inventory. If you could just give us a little more detail there on where you think you have too much in terms of brands and categories. And then I guess, secondly, what are you seeing on the AUC side for this year, the product costing side? And are you expecting any additional price increases?

Tracy Kogan 代替了 Paul。我的2個問題。我想第一個在你的庫存上。如果你能給我們更多的細節，說明你認為你在品牌和類別方面有太多的地方。然後我想，其次，你在今年的 AUC 方面看到了什麼，產品成本方面？您是否期待任何額外的價格上漲？

I'll let Jim talk about the specifics around the inventory, but I can tell you maybe begin with the cost expectations. About half of our inflationary pressure was inbound freight. So we've seen healthy degree of moderation. In fact, even rollbacks costs there. So that's a tailwind for us. Additionally, there appears to be a moderation in the cost increases we were experiencing in raw materials in the components of our products. Labor rates have also increased some substantially, but those are not going to roll back.

我會讓吉姆談談庫存的具體細節，但我可以告訴你也許可以從成本預期開始。大約一半的通脹壓力來自入境貨運。所以我們看到了健康的節製程度。事實上，即使回滾也有成本。所以這對我們來說是順風。此外，我們在產品組件的原材料方面經歷的成本增長似乎有所緩和。勞動力價格也大幅上漲，但不會回落。

So I think our expectations are that the price increases at the higher rate that we saw them in '21 and '22 will moderate, and there'll be some opportunity for us to expand our gross margins as we've guided. Jim can talk a little bit about the components of the current inventory.

因此，我認為我們的預期是，我們在 21 年和 22 年看到的更高速度的價格上漲將會放緩，我們將有機會按照我們的指導擴大毛利率。吉姆可以談談當前庫存的組成部分。

Yes. Tracy, to talk through the composition of inventory a bit. And certainly, we're more elevated than where we ordinarily like to be from an inventory perspective. I think when you get under the hood of our inventory and look at the actual composition of the inventory, we're still comfortable with overall quality. There's certainly more of it but, by and large, the predominant side of it, its current future season-based inventory, we're much earlier received on the spring season.

是的。特蕾西，稍微談談庫存的構成。當然，從庫存的角度來看，我們比我們通常希望達到的水平更高。我認為當你深入了解我們的庫存並查看庫存的實際構成時，我們仍然對整體質量感到滿意。肯定有更多，但總的來說，它的主要方面，即當前未來基於季節的庫存，我們在春季收到的要早得多。

We are carrying over a fair amount of inventory as we've previously spoken about. There's a large proportion of our product lineup that is evergreen product that carries over season-to-season. And much of that has been offered as part of our Fall '23 product mix that we've sold into our wholesale customers. So we're in good shape as it relates to having sold in a lot of that inventory already. And then to the degree there is aged or excess inventory that's remaining, we've adjusted our inventory buys for our outlets and shifted that back more towards moving through excess and liquidation as opposed to made-for product.

正如我們之前所說，我們正在結轉相當數量的庫存。我們的產品系列中有很大一部分是四季皆宜的常青產品。其中大部分已作為我們出售給批發客戶的 Fall '23 產品組合的一部分提供。因此，我們處於良好狀態，因為這與已經售出大量庫存有關。然後，就剩餘的陳舊或過剩庫存而言，我們已經調整了我們為門店購買的庫存，並將其更多地轉向通過過剩和清算而不是為產品製造。

And then more specifically around composition of inventory, the focal point in terms of where we're seeing the growth in that is predominantly in North America. And I think that's a good thing in that we've got that where we've got the greatest ability from an outlet perspective to be able to move through that inventory profitably.

然後更具體地圍繞庫存構成，我們看到的增長主要集中在北美。而且我認為這是一件好事，因為我們已經擁有了從出口角度來看我們擁有最大能力的能力，能夠通過該庫存盈利。

The next question is coming from Mauricio Serna with UBS.

下一個問題來自瑞銀的 Mauricio Serna。

I just wanted to ask if we could get maybe a little bit more detail on the U.S. growth expectation for the first quarter, maybe in terms of the wholesale versus DTC. What are you seeing also like in the DTC trends of your business so far? And maybe you could provide a little bit more detail on the rationale of what cost you guys to take that impairment charge on the prAna business? Just a little more detail on that would be very helpful.

我只是想問一下我們是否可以獲得有關美國第一季度增長預期的更多細節，也許是批發與 DTC 方面的。到目前為止，您在業務的 DTC 趨勢中還看到了什麼？也許你可以提供更多細節，說明你們在 prAna 業務上承擔減值費用的理由是什麼？就此提供更多詳細信息將非常有幫助。

Yes, certainly. Well, when I think about the first half of 2023, I'm mindful that we had some of our largest customers had almost no Columbia inventory in their stores during the first several months of '22. Our deliveries were that impacted. So the expectations are that we'll have a nice solid Q1 to fill these stores up to where they should be, and we'll have a good start after '23. Our DTC growth should be solid as well. Although if you remember, we're really focused on being a wholesale company. So we don't give a lot of detail around -- that a normal retailer would give. It's just not as much a focus for the company as the wholesale portion of the business.

是的，當然了。好吧，當我想到 2023 年上半年時，我注意到我們的一些最大客戶在 22 年的頭幾個月裡幾乎沒有 Columbia 庫存。我們的交付受到了影響。因此，我們的期望是，我們將有一個很好的穩定的 Q1 來填補這些商店到他們應該的位置，並且我們將在 23 年後有一個良好的開端。我們的 DTC 增長也應該是穩健的。不過，如果您還記得的話，我們真的專注於成為一家批發公司。因此，我們不會提供很多細節——普通零售商會提供的細節。對於公司來說，這不像業務的批發部分那麼重要。

And then as it relates to the rationale of the prAna business, we're very bullish on the prAna brand. And as you know, we talked a lot about the reset going on in their product. We just believe it's taking longer than we anticipated and wanted to make sure that we were prepared to give ourselves the time to turn that brand around.

然後因為它涉及到 prAna 業務的基本原理，我們非常看好 prAna 品牌。如你所知，我們談了很多關於他們產品中正在進行的重置。我們只是相信它花費的時間比我們預期的要長，並且希望確保我們準備好給自己時間來扭轉這個品牌。

Yes. And Mauricio, I'd just add, there's a lot of factors that go into the impairment. Some of it is what Tim is describing in the form of the brand's underperformance in our minds relative to the plan that we set upon acquisition. And then to a degree, looking at market multiples, looking at interest rates, certain of those factors have also influenced the impairment charge that we took in the quarter.

是的。毛里西奧，我只想補充一點，有很多因素會導致損傷。其中一些是蒂姆所描述的，相對於我們在收購時制定的計劃，該品牌在我們心目中的表現不佳。然後在某種程度上，看看市場倍數，看看利率，其中某些因素也影響了我們在本季度採取的減值費用。

The next question is coming from Alex Perry with Bank of America.

下一個問題來自美國銀行的 Alex Perry。

Just first, can you maybe talk through what is embedded in your guidance in terms of wholesale versus D2C? I think at the Investor Day, you talked about modest 1H wholesale growth. Is that sort of the case in how you're thinking about the full year?

首先，您能否談談批發與 D2C 方面的指南中嵌入的內容？我想在投資者日，你談到了適度的 1H 批發增長。您對全年的看法是否屬於這種情況？

Yes. I think to the degree we provided detail from a channel perspective, it's a little bit higher level, Alex, but we are anticipating after an incredibly solid year from a wholesale perspective in 2022 that the D2C business would outpace wholesale growth in '23. So a couple of factors there. One, continued investment in what we're making in from a digital and e-commerce perspective. And then as you think about the brick-and-mortar side of our business, we did add a fair amount of new stores in '22. So we'll be lapping the opening and the annualization of those stores in '23 plus we've got a handful of new stores also planned from a growth standpoint.

是的。我認為，就我們從渠道角度提供的細節而言，它的水平有點高，亞歷克斯，但我們預計，在 2022 年從批發角度來看，D2C 業務將在 23 年超過批發增長。所以有幾個因素。第一，從數字和電子商務的角度繼續投資我們正在做的事情。然後當你想到我們業務的實體方面時，我們確實在 22 年增加了相當數量的新店。因此，我們將在 23 年完成這些商店的開業和年化，此外，從增長的角度來看，我們還計劃了一些新商店。

That's really helpful. And then I think a lot of people have asked about your sort of balance sheet inventory, but I wanted to ask sort of about your -- how you're thinking about channel inventories. How are you sort of viewing that both for you and others that you compete with? Do you feel like channel inventories are in a good place? Or do you think that retailers will be carrying over inventory into sort of Fall '23?

這真的很有幫助。然後我想很多人都問過你的資產負債表庫存，但我想問的是你——你是如何考慮渠道庫存的。您如何看待您和您與之競爭的其他人？你覺得渠道庫存好嗎？還是您認為零售商會將庫存轉移到 23 年秋季？

Yes. So we monitor something in the range of 85% of our North American retail customers' inventories so we can gauge how we're doing there from a sell-through perspective on our brands. And what we're seeing is generally average to slightly better than average sell-through performance when you compare with prior periods, including pre-pandemic prior periods. So we can't see visibility on other brands, but as it relates to ours, we're in a good position and -- when that would be approximately where we've been in the past.

是的。因此，我們監控了 85% 的北美零售客戶庫存，這樣我們就可以從我們品牌的銷售角度來衡量我們在這方面的表現。當您與前期（包括大流行前的前期）進行比較時，我們所看到的通常平均略好於平均銷售業績。因此，我們看不到其他品牌的知名度，但就我們的品牌而言，我們處於有利地位，而且 - 當這與我們過去的情況大致相同時。

So weather plays a big portion in the second half business and the residual inventories. So as you can see in the great cold weather that's going through North America today, it's making up a very big impact on the liquidation for our retailers. So our expectation is once winter is done, that will be a good, solid, clean position with our merchandise.

因此，天氣在下半年業務和剩餘庫存中起著很大的作用。因此，正如您在今天席捲北美的寒冷天氣中所看到的那樣，它對我們零售商的清算產生了非常大的影響。因此，我們的期望是，一旦冬天結束，我們的商品就會有一個良好、堅實、乾淨的位置。

Next question is coming from Alex Douglas with Cowen.

下一個問題來自 Alex Douglas 和 Cowen。

So I just wanted to go back to the question on Fiscal '23 gross margins and maybe how that's broken down. Is there any more detail that you could provide on maybe specifically the impacts from freight and promotions? And maybe the kind of cadence throughout the year would be very helpful.

所以我只想回到關於 23 財年毛利率的問題，也許是如何細分的。關於運費和促銷的影響，您是否可以提供更多詳細信息？也許全年的節奏會非常有幫助。

Yes. And if you reference the CFO commentary we provided, there's a bullet point list there, but I can speak a little bit in terms of the relative weighting of these. So lower inbound freight costs, that will be a -- we anticipate. We've built into our guidance a very significant element of benefit there. And in 2022, I mentioned, it was about 180 basis point headwind to us in gross margin. And that was also a headwind to us in the latter part of '21. And with freight rates coming down basically where they were in advance of escalation we saw in those costs, we should be getting most of that back in '23. And that's built into the outlook that we've provided.

是的。如果你參考我們提供的 CFO 評論，那裡有一個要點列表，但我可以就這些的相對權重說一點。所以降低入境運費，這將是一個 - 我們預計。我們在我們的指南中內置了一個非常重要的好處元素。我提到，到 2022 年，我們的毛利率將下降約 180 個基點。在 21 世紀後期，這對我們來說也是一個不利因素。隨著運費基本上下降到我們在這些成本中看到的升級之前的水平，我們應該在 23 年收回大部分運費。這已融入我們提供的前景中。

To a lesser degree, there is some favorable channel mix shift. Our D2C business is anticipated to outpace growth across the rest of the business. And then the big offset in here is going to be the expectation around promotional levels coming back down to more normalized levels and is also working through getting our inventory clean. So there's a sizable benefit from an inbound freight standpoint that's going to be offset to a pretty good degree given promotion levels and clearing through the inventory.

在較小程度上，存在一些有利的渠道組合轉變。我們的 D2C 業務預計將超過其他業務的增長速度。然後這裡的最大抵消將是對促銷水平回到更正常水平的期望，並且也在努力清理我們的庫存。因此，從入站貨運的角度來看，有相當大的好處，考慮到促銷水平和庫存清算，這種好處將在相當大的程度上被抵消。

We have reached the end of the question-and-answer session. And I will now turn the call over to management for closing remarks.

我們已經結束了問答環節。我現在將把電話轉給管理層作結束語。

Great. Thank you very much for listening in. We're looking forward to a great '23, being able to update you as we go along during our next quarterly call. So thanks for listening. We'll talk to you soon.

偉大的。非常感謝您的收聽。我們期待著一個偉大的 23 年，能夠在我們下一個季度電話會議期間為您提供最新信息。所以謝謝你的聆聽。我們會盡快與您聯繫。

This concludes today's conference, and you may disconnect your lines at this time. Thank you for your participation.

今天的會議到此結束，此時您可以斷開您的線路。感謝您的參與。