Columbia Sportswear Co (COLM) 2021 Q4 法說會逐字稿

Greetings. Welcome to the Columbia Sportswear Fourth Quarter 2021 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, Vice President of Investor Relations. Thank you. You may begin.

問候。歡迎參加 Columbia Sportswear 2021 年第四季度財務業績電話會議。 （操作員說明）請注意，本次會議正在錄製中。我現在將把會議轉交給您的主持人，投資者關係副總裁安德魯伯恩斯。謝謝你。你可以開始了。

Good afternoon, and thank you 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哥倫比亞運動服裝公司第四季度業績。除了收益發布之外，我們還提供了一份 8-K，其中包含詳細的首席財務官評論和財務審查演示文稿，解釋了我們的結果。該文件也可在我們的投資者關係網站investor.columbia.com 上找到。

With me on the call today 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.

今天與我通話的是董事長、總裁兼首席執行官蒂姆·博伊爾；執行副總裁兼首席財務官吉姆·斯旺森；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。這些陳述是真誠地表達的，並被認為具有合理的依據。然而，每項前瞻性陳述都存在許多風險和不確定性，實際結果可能與預測結果大相徑庭。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。

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 changes in our expectations.

我們警告說，前瞻性陳述本質上不如歷史信息可靠。我們不承擔任何義務在本次電話會議之後更新任何前瞻性陳述，以使前瞻性陳述符合實際結果或我們預期的變化。

I'd also like to call 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 of Management's rationale for referencing these non-GAAP measures, please refer to the supplemental financial information section and financial tables included in our fourth quarter 2021 earnings release and the 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公認會計準則財務指標，包括固定貨幣淨銷售額。有關非 GAAP 財務措施和結果的更多信息，包括 GAAP 與非 GAAP 措施的對賬以及管理層引用這些非 GAAP 措施的理由的解釋，請參閱我們的補充財務信息部分和財務表格2021 年第四季度收益發布以及我們的首席財務官評論和財務審查的附錄。

Following our prepared remarks, we will host a Q&A period. (Operator Instructions)

在我們準備好的評論之後，我們將舉辦問答環節。 （操作員說明）

Now I'll turn the call over to Tim.

現在我將把電話轉給蒂姆。

Thanks, Andrew, and good afternoon. I hope everyone is well. As I look at our record fourth quarter and full year 2021 results, it's clear our strategy is excelling. This extraordinary financial performance demonstrates that our brand portfolio is resonating with consumers, and we are well positioned to benefit from consumer and outdoor trends. While I'm excited about our results, I'm even more optimistic about our ability to realize the tangible growth opportunities that we have ahead of us.

謝謝，安德魯，下午好。我希望每個人都很好。當我查看我們創紀錄的第四季度和 2021 年全年業績時，很明顯我們的戰略非常出色。這種非凡的財務表現表明我們的品牌組合正在引起消費者的共鳴，我們處於有利地位，可以從消費者和戶外趨勢中受益。雖然我對我們的結果感到興奮，但我對我們實現我們面前的切實增長機會的能力更加樂觀。

Fourth quarter results exceeded the financial outlook that we provided in October. We saw positive momentum across our business throughout the quarter, overpowering any regional weather trends that occurred. I'd like to thank our worldwide employees. Their tremendous hard work and perseverance enabled the company to navigate operational challenges and achieve this record financial performance.

第四季度業績超出了我們在 10 月份提供的財務展望。我們在整個季度看到了我們業務的積極勢頭，壓倒了發生的任何區域天氣趨勢。我要感謝我們的全球員工。他們的巨大辛勤工作和毅力使公司能夠應對運營挑戰並實現創紀錄的財務業績。

During the quarter, net sales upside versus plan was primarily driven by our DTC brick-and-mortar and e-commerce businesses. Even as consumers return to in-store shopping this holiday season, our e-commerce sales continued to grow rapidly.

在本季度，與計劃相比，淨銷售額上升主要是由我們的 DTC 實體和電子商務業務推動的。即使消費者在這個假期回到店內購物，我們的電子商務銷售額仍繼續快速增長。

In our wholesale business, Fall '21 sell-through rates have been exceptional. Despite our best efforts to deliver product to our retail partners, wholesale sales were constrained by supply chain disruptions. Our retail partners are well positioned to exit the season with clean inventory positions.

在我們的批發業務中，21 年秋季的銷售率非常出色。儘管我們盡最大努力向零售合作夥伴提供產品，但批發銷售仍受到供應鏈中斷的限制。我們的零售合作夥伴已準備好以乾淨的庫存狀況結束本季。

Orders for our spring and Fall '22 product line have been phenomenal as retailers strive to meet demand for our products. Gross margin performance in the quarter was better than planned as high demand and lean inventory in the marketplace resulted in a highly favorable full price selling environment.

隨著零售商努力滿足對我們產品的需求，我們的春季和秋季 '22 產品線的訂單非常驚人。本季度的毛利率表現好於計劃，因為市場的高需求和稀少的庫存導致了非常有利的全價銷售環境。

The combination of net sales growth, gross margin expansion and SG&A leverage fueled an 18.7% operating margin in the quarter. This was the highest fourth quarter operating margin performance since 2004. We exited the year with cash and short-term investments of $895 million and no bank borrowings.

淨銷售額增長、毛利率擴張和 SG&A 槓桿作用共同推動了本季度 18.7% 的營業利潤率。這是自 2004 年以來第四季度的最高營業利潤率表現。我們以 8.95 億美元的現金和短期投資退出這一年，並且沒有銀行借款。

Our profitable growth trajectory and fortress balance sheet have given our Board of Directors the confidence to approve a 15% increase to our quarterly cash dividend. For the year, we generated 25% net sales growth, expanded operating margin by 890 basis points and delivered 229% earnings per share growth compared to 2020.

我們的盈利增長軌跡和堡壘資產負債表使我們的董事會有信心批准將我們的季度現金股息增加 15%。今年，與 2020 年相比，我們實現了 25% 的淨銷售額增長，將營業利潤率擴大了 890 個基點，每股收益增長了 229%。

Mountain Hardwear was our fastest-growing brand in 2021, with full net year sales increasing 33% followed by Colombia, which increased 28%. Growth was broad-based by channel with our DTC business growing 33% and wholesale growing 18% for the year. In 2021, our global DTC business represented 47% of net sales, including our e-commerce business, which represented 18% of total net sales.

Mountain Hardwear 是我們 2021 年增長最快的品牌，全年淨銷售額增長 33%，其次是哥倫比亞，增長 28%。各渠道增長基礎廣泛，全年我們的 DTC 業務增長 33%，批發業務增長 18%。 2021年，我們的全球DTC業務占淨銷售額的47%，其中電子商務業務佔總淨銷售額的18%。

We achieved an important milestone with full year 2021 net sales and diluted earnings per share coming in 3% and 10% above 2019 levels, respectively. As we begin 2022, consumer demand for our products is incredibly strong. The Columbia brand's differentiated innovation, value proposition and outdoor heritage uniquely positioned the company to unlock its vision to be the #1 outdoor brand in the world.

我們實現了一個重要的里程碑，2021 年全年淨銷售額和每股攤薄收益分別比 2019 年水平高出 3% 和 10%。 2022 年開始之際，消費者對我們產品的需求異常強勁。 Columbia 品牌的差異化創新、價值主張和戶外傳統使公司能夠實現其成為世界第一戶外品牌的願景。

Columbia's successful Omni-Heat Infinity launch is a clear example of the brand's ability to deliver compelling product to consumers globally. Across our emerging brand portfolio, we see phenomenal growth potential with SOREL leading the charge. SOREL is anticipated to be our fastest-growing brand in 2022 reflecting robust demand for this unstoppable function-first fashion footwear brand.

Columbia 成功推出的 Omni-Heat Infinity 是該品牌向全球消費者提供引人注目的產品的一個明顯例子。在我們新興的品牌組合中，我們看到了 SOREL 引領潮流的驚人增長潛力。 SOREL 預計將成為我們在 2022 年增長最快的品牌，反映出對這個不可阻擋的功能至上的時尚鞋履品牌的強勁需求。

Mountain Hardwear's resurgence is underway with product innovation and distribution expansion fueling continued growth in 2022. At prAna, we expect continued growth as new leadership sharpens the brand's focus on the opportunities ahead.

Mountain Hardwear 的複興正在進行中，產品創新和分銷擴張推動了 2022 年的持續增長。在 prAna，我們預計隨著新領導層加強品牌對未來機遇的關注，公司將繼續增長。

Exceptional wholesale sell-through rates in 2021 and lean retail inventory levels exiting the year are fueling robust spring and Fall '22 wholesale orders. Combined with our expectation for continued DTC growth, our 2022 net sales outlook calls for 16% to 18% growth. Our top priority in 2022 is navigating this dynamic environment to maximize near-term sales while continuing to invest back into the business to drive long-term profitable growth. I'll provide more details regarding our 2022 financial outlook later in the call.

2021 年異常的批發銷售率和今年退出的精益零售庫存水平正在推動強勁的 22 年春季和秋季批發訂單。結合我們對 DTC 持續增長的預期，我們 2022 年的淨銷售額展望要求增長 16% 至 18%。我們在 2022 年的首要任務是駕馭這種動態環境，以最大限度地提高近期銷售額，同時繼續投資於業務以推動長期盈利增長。我將在稍後的電話會議中提供有關我們 2022 年財務前景的更多詳細信息。

Now I'll quickly review our fourth quarter 2021 financial performance and reference year-over-year comparisons versus fourth quarter 2020, unless otherwise noted. Fourth quarter net sales increased 23% primarily driven by higher consumer demand for our products as we anniversaried year pandemic disruptions.

現在，除非另有說明，否則我將快速回顧我們 2021 年第四季度的財務業績以及與 2020 年第四季度的參考同比比較。第四季度淨銷售額增長了 23%，這主要是由於我們紀念年度大流行中斷，消費者對我們產品的需求增加。

Our DTC business increased 33% and wholesale increased 13%. Within our DTC business, brick-and-mortar increased 39% and e-commerce increased 25%. Compared to pre-pandemic fourth quarter 2019 results, our DTC brick-and-mortar business increased 8% and DTC e-commerce increased 76%.

我們的 DTC 業務增長了 33%，批發業務增長了 13%。在我們的 DTC 業務中，實體店增長了 39%，電子商務增長了 25%。與大流行前的 2019 年第四季度業績相比，我們的 DTC 實體業務增長了 8%，DTC 電子商務增長了 76%。

Even though supply chain disruptions constrained growth in wholesale, Fall '21 sell-through exceeded our expectations. Our retail partners are well positioned to exit the season with minimal carryover inventory. Gross margin expanded 160 basis points to 52.2%. Combined with SG&A leverage, our operating margin expanded 520 basis points compared to fourth quarter 2020. Diluted earnings per share increased 66% to $2.39.

儘管供應鏈中斷限制了批發的增長，但 21 年秋季的銷售量超出了我們的預期。我們的零售合作夥伴已準備好以最少的結轉庫存退出本季。毛利率擴大 160 個基點至 52.2%。結合 SG&A 槓桿，我們的營業利潤率與 2020 年第四季度相比擴大了 520 個基點。稀釋後每股收益增長 66% 至 2.39 美元。

I'll 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 rates unless otherwise noted. U.S. net sales increased 27% in the fourth quarter and 28% for the full year. In the quarter, U.S. DTC net sales increased low 40% and wholesale increased low double digit percent.

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。對於本次審查，除非另有說明，否則我將參考固定貨幣淨銷售額增長率。美國第四季度淨銷售額增長 27%，全年增長 28%。本季度，美國 DTC 淨銷售額增長低 40%，批發增長低至兩位數百分比。

Our U.S. DTC brick-and-mortar business generated positive same-store sales growth compared to fourth quarter 2019 levels. This notes the first positive same-store sales performance over 2019 since the pandemic began.

與 2019 年第四季度的水平相比，我們的美國 DTC 實體業務實現了正的同店銷售增長。這標誌著自大流行開始以來 2019 年的首次積極同店銷售業績。

In order to support our retail partners during the peak Black Friday/Cyber Monday sales period, we made the decision to constrain U.S. e-commerce marketing to slow online demand and prioritize wholesale shipments. Had we not prioritized wholesale shipments during this period, our e-commerce sales would have been even higher.

為了在黑色星期五/網絡星期一銷售高峰期支持我們的零售合作夥伴，我們決定限制美國電子商務營銷以減緩在線需求並優先考慮批發發貨。如果我們在此期間不優先考慮批發出貨，我們的電子商務銷售額會更高。

Overall, U.S. wholesale shipments performed largely in line with the outlook provided on the last call as supply chain constraints limited upside potential during the quarter.

總體而言，由於供應鏈限制限制了本季度的上行潛力，美國批發出貨量的表現與上次電話會議提供的前景基本一致。

Turning to international markets. During the fourth quarter, most regions experienced favorable recovery trends. With that said, government efforts to contain the virus impacted store traffic and consumer demand in China and in Japan. Latin America, Asia Pacific region, or LAAP, fourth quarter and full year net sales increased 8%.

轉向國際市場。在第四季度，大多數地區都出現了有利的複蘇趨勢。話雖如此，政府遏制病毒的努力影響了中國和日本的商店客流量和消費者需求。拉丁美洲、亞太地區或 LAAP，第四季度和全年淨銷售額增長 8%。

China grew mid-teens percent in the quarter, primarily reflecting higher Fall '21 wholesale shipments, and to a lesser extent, DTC growth. Lower store traffic resulting from COVID-19-related government restrictions and unseasonably warm weather, tempered DTC brick-and-mortar performance in the quarter. We remained focused on driving growth and enhancing the consumer experience in this important market.

中國在本季度增長了 10% 左右，主要反映了 21 年秋季批發出貨量的增加，以及在較小程度上，DTC 的增長。由於與 COVID-19 相關的政府限制和異常溫暖的天氣導致商店客流量下降，這削弱了本季度 DTC 實體店的表現。我們仍然專注於推動增長和提升這一重要市場的消費者體驗。

For the year, China grew low 20%. Korea grew low-teens percent in the quarter as favorable winter weather contributed to healthy DTC growth and solid demand for outerwear and hiking products. For the year, Korea grew low double-digit percent.

全年，中國僅增長了 20%。由於有利的冬季天氣有助於健康的 DTC 增長以及對外套和登山產品的穩定需求，韓國在本季度的增長率僅為 10%。這一年，韓國增長了兩位數的低百分比。

We recently appointed Tony Bae as General Manager of Korea. He brings over 20 years of experience building consumer connections, leading marketplace management and driving commercial growth strategies. I look forward to Tony's leadership as we capitalize on Korea's revitalized outdoor industry growth.

我們最近任命 Tony Bae 為韓國總經理。他擁有 20 多年建立消費者聯繫、領導市場管理和推動商業增長戰略的經驗。在我們利用韓國振興的戶外產業增長時，我期待托尼的領導。

Japan was down slightly in the quarter. Consumer demand modestly recovered following the most recent State of Emergency declaration that was in place through the end of September. For the year, Japan grew low single-digit percent. LAAP distributor markets were up low 20%, driven by higher Fall '21 wholesale order shipments compared to elevated Fall '20 cancellations in the prior year.

日本在本季度略有下降。在 9 月底發布的最新緊急狀態聲明之後，消費者需求小幅回升。今年，日本增長了個位數的低百分比。 LAAP 分銷商市場低至 20%，這是由於 21 年秋季批發訂單出貨量高於去年 20 年秋季取消量。

For the year, LAAP distributor markets were down mid-teens percent as distributors worked through carryover inventory positions. Europe, Middle East, Africa region, or EMEA, fourth quarter net sales increased 33%, driven by robust growth in both the Europe-direct and our EMEA distributor business.

今年，LAAP 分銷商市場下降了 10% 左右，因為分銷商通過結轉庫存頭寸工作。歐洲、中東、非洲地區或 EMEA，第四季度淨銷售額增長了 33%，這得益於歐洲直銷業務和我們的 EMEA 分銷商業務的強勁增長。

For the year, EMEA increased 25%. Europe-direct grew low 30% in the quarter, fueled by strong recovery in consumer demand across our DTC and wholesale businesses. For the year, Europe-direct grew low 20%. Our EMEA distributor business was up high 30% in the quarter and the full year.

這一年，歐洲、中東和非洲地區增長了 25%。在我們的 DTC 和批發業務的消費者需求強勁復甦的推動下，本季度歐洲直接增長了 30%。全年，歐洲直航增長率低至 20%。我們的 EMEA 分銷商業務在本季度和全年都增長了 30%。

Fourth quarter growth was driven by later shipments of higher Fall '21 wholesale orders and higher spring '22 orders. Canada net sales increased 14% in the fourth quarter, primarily driven by improved DTC performance and higher Fall '21 wholesale shipments. For the year, Canada net sales increased 18%.

第四季度的增長是由較高的 21 年秋季批發訂單和較高的 22 年春季訂單出貨量推動的。加拿大第四季度淨銷售額增長 14%，主要受 DTC 業績改善和 21 年秋季批發出貨量增加的推動。這一年，加拿大的淨銷售額增長了 18%。

All right. Looking at performance by brand. Columbia brand net sales increased 28% in the fourth quarter and 27% for the full year. During the quarter, growth was broad-based across outerwear, sportswear and to a lesser extent, footwear. We successfully executed our largest product innovation launch in the company's history, Omni-Heat Infinity. The launch featured a global multichannel marketing campaign that included traditional, social and digital media outlets. You may have seen our Omni-Heat Infinity commercials during NFL games broadcast on FOX and the NFL Network.

好的。按品牌看業績。哥倫比亞品牌第四季度淨銷售額增長 28%，全年增長 27%。在本季度，外套、運動服和鞋類的增長基礎廣泛。我們成功推出了公司歷史上最大的產品創新產品 Omni-Heat Infinity。此次發布以包括傳統、社交和數字媒體渠道在內的全球多渠道營銷活動為特色。您可能已經在 FOX 和 NFL 網絡上播放的 NFL 比賽期間看到了我們的 Omni-Heat Infinity 廣告。

Omni-Heat Infinity has been covered extensively by U.S. media outlets with over 50 earned placements and combined media coverage surpassing 700 million impressions. As we mentioned on the last call, Omni-Heat Infinity will be the first Columbia product to reach the surface of the moon. Columbia partnered with Intuitive Machines to be part of their Nova-C lunar lander. The launch is scheduled for later this year.

Omni-Heat Infinity 已被美國媒體廣泛報導，獲得了 50 多個廣告位，綜合媒體報導超過 7 億次展示。正如我們在上次電話會議中提到的，Omni-Heat Infinity 將是哥倫比亞第一個到達月球表面的產品。 Columbia 與 Intuitive Machines 合作，成為他們 Nova-C 月球著陸器的一部分。發射定於今年晚些時候。

On the product partnership front, we saw a successful launch of our Star Wars - Boba Fett Collection in December, inspired by the most notorious bounty hunter in the galaxy and infused with Columbia DNA, this collaboration created significant buzz for our brand. The launch helped drive the highest sales volume hour in columbia.com history.

在產品合作方面，我們看到在 12 月成功推出了我們的星球大戰 - Boba Fett 系列，其靈感來自銀河系中最臭名昭著的賞金獵人，並註入了哥倫比亞的 DNA，這種合作為我們的品牌帶來了巨大的轟動。此次發布幫助推動了 columbia.com 歷史上最高的銷售額小時。

Since our partnership with Disney and Lucasfilm began, Star Wars collections have generated close to 3 billion earned media impressions. This week, the USA Curling team is sweeping the ice in style wearing Colombia as the official uniform jersey. We work closely with all members of the team to customize jerseys, jackets, pants and accessories.

自從我們與迪士尼和盧卡斯影業開始合作以來，《星球大戰》系列已經產生了近 30 億次贏得的媒體印象。本週，美國冰壺隊穿著哥倫比亞隊的官方球衣橫掃冰場。我們與團隊的所有成員密切合作，定制球衣、夾克、褲子和配飾。

Technology elements include both our Omni-Wick for accelerated moisture evaporation and Omni-Heat Infinity to stay warm in between matches. Best of luck to the entire USA Curling team. I'm pleased to announce that the Columbia brand made Forbes Halo 100 list.

技術元素包括我們用於加速水分蒸發的 Omni-Wick 和用於在比賽之間保持溫暖的 Omni-Heat Infinity。祝整個美國冰壺隊好運。我很高興地宣布，哥倫比亞品牌進入了福布斯 Halo 100 榜單。

The inaugural list was put together using consumer feedback on over 2,000 brands to measure the impact these companies are creating for customers. Columbia debuted at #25 on the list and was ranked #1 in terms of perceptions of brand values and trust. We attribute the success to Columbia's approachability across a broad demographic of consumers. Our focus on durability and innovation clearly resonates with consumers of all backgrounds.

首份名單是根據消費者對 2,000 多個品牌的反饋匯總而成的，以衡量這些公司為客戶創造的影響。哥倫比亞在榜單上排名第 25 位，在品牌價值和信任度方面排名第一。我們將成功歸功於哥倫比亞在廣泛的消費者群體中的平易近人。我們對耐用性和創新的關注顯然引起了各種背景的消費者的共鳴。

Turning to our emerging brand portfolio. SOREL Brands net sales increased 9% in the quarter and for the full year. In the quarter, net sales growth was led by strong performance of the winter style category.

轉向我們的新興品牌組合。 SOREL Brands 本季度和全年的淨銷售額增長了 9%。本季度，淨銷售額增長由冬季風格類別的強勁表現引領。

In addition to SOREL's DTC e-commerce focus, the brand is fostering strategic retail partnerships to elevate the brand at wholesale. During the quarter, Zappos.com launched in a first-of-its-kind, pop-up sneaker shop with SOREL as the exclusive partner. We noted an immediate uptick in sales in the first week.

除了 SOREL 的 DTC 電子商務重點之外，該品牌還在培養戰略零售合作夥伴關係，以提升品牌在批發方面的地位。在本季度，Zappos.com 以 SOREL 作為獨家合作夥伴，開設了首家彈出式運動鞋店。我們注意到第一周的銷售額立即上升。

On the marketing front, SOREL recently wrapped up Season 4 of its popular podcast The Step which features unstoppable women. The podcast has been ranked within the top 20 entrepreneurial podcasts on Apple and has reached over 12 million people. SOREL's successful evolution to a year-round function-first fashion footwear brand is evident in the breadth of popular non-insulated styles.

在營銷方面，SOREL 最近結束了其受歡迎的播客 The Step 的第 4 季，該節目以不可阻擋的女性為特色。該播客已躋身 Apple 的前 20 名創業播客之列，受眾人數已超過 1200 萬人。 SOREL 成功演變為全年功能性至上的時尚鞋履品牌，這一點在廣受歡迎的非絕緣款式中可見一斑。

To put this in perspective, in 2021, only 15% of SOREL's North America sales were in the insulated winter utility boots that used to define the brand. 85% of sales were in the non-insulated boots, wedges, heels, sneakers and sandals. The brand's success in the hypercompetitive multibillion-dollar sneaker category speaks to SOREL's brand heat and trend-setting designs.

從這個角度來看，到 2021 年，SOREL 在北美的銷售額中只有 15% 來自用於定義該品牌的絕緣冬季實用靴。 85% 的銷售額來自非絕緣靴、坡跟鞋、高跟鞋、運動鞋和涼鞋。該品牌在競爭激烈、價值數十億美元的運動鞋類別中的成功說明了 SOREL 的品牌熱度和引領潮流的設計。

I encourage you to check out SOREL's first ever TV commercial on YouTube. The ad spotlights, the Spring '22 kinetic line and features in all-female cast and female-led production crew, titled [Keep Moving], the commercial shows the spirit of the SOREL brand.

我鼓勵您在 YouTube 上查看 SOREL 的第一個電視廣告。廣告聚焦於 Spring '22 動感系列，並以全女性演員和女性主導的製作團隊為特色，標題為 [Keep Moving]，廣告展示了 SOREL 品牌的精神。

This has been an amazing transformation for a brand that we paid less than $10 million for over 20 years ago. Today, we see a clear path for SOREL to be a $1 billion brand. With this goal in mind, we're investing in demand creation and product to fuel growth in 2022 and beyond. We anticipate SOREL's growth rate to accelerate in 2022 as our factory partners scale capacity.

對於一個我們在 20 多年前支付不到 1000 萬美元的品牌來說，這是一次了不起的轉變。今天，我們看到了 SOREL 成為價值 10 億美元品牌的清晰道路。考慮到這一目標，我們正在投資於需求創造和產品，以推動 2022 年及以後的增長。隨著我們的工廠合作夥伴擴大產能，我們預計 SOREL 的增長率將在 2022 年加速。

For the year, we anticipate SOREL's net sales growth to approach 30%. prAna net sales decreased 7% in the quarter, but were up 8% for the full year. Lower net sales reflect the impact of delayed Fall '21 receipts and a soft DTC e-commerce business. We are encouraged by Fall '21 sell-through rates with our wholesale partners.

今年，我們預計 SOREL 的淨銷售額增長將接近 30%。 prAna 本季度淨銷售額下降 7%，但全年增長 8%。較低的淨銷售額反映了 21 年秋季收據延遲和 DTC 電子商務業務疲軟的影響。我們對批發合作夥伴的 21 年秋季銷售率感到鼓舞。

During the quarter, prAna had strong sales with its popular Stretch Zion product platform as the brand transitions to its new high-performance, sustainable ReZion fabric. In 2022, we expect continued focus and growth in all channels as new leadership sharpens the brand's focus.

在本季度，隨著品牌過渡到其新的高性能、可持續的 ReZion 面料，prAna 憑藉其廣受歡迎的 Stretch Zion 產品平台實現了強勁的銷售。 2022 年，隨著新領導層加強品牌的關注度，我們預計所有渠道將繼續受到關注和增長。

Mountain Hardwear net sales increased 30% in the quarter and 33% for the year. I'd like to congratulate the Mountain Hardwear team. The brand's success in 2021 is not just about the growth rate, it's about the quality of that growth that's most encouraging. The success of new products and distribution expansion with strategic retail partners fueled high-quality growth and the strongest growth -- gross margin performance in over a decade.

Mountain Hardwear 本季度淨銷售額增長 30%，全年增長 33%。我要祝賀 Mountain Hardwear 團隊。該品牌在 2021 年的成功不僅與增長率有關，還與最令人鼓舞的增長質量有關。新產品的成功和與戰略零售合作夥伴的分銷擴張推動了高質量的增長和最強勁的增長——十多年來的毛利率表現。

In the quarter, net sales growth was led by strong Fall '21 wholesale performance in addition to healthy DTC gains. By category, strong sell-through was broad-based across snow sports, sportswear and the popular StretchDown collections.

在本季度，淨銷售額增長主要得益於強勁的 21 年秋季批發業績以及健康的 DTC 收益。按品類劃分，雪上運動、運動服和流行的 StretchDown 系列產品銷量強勁。

The brand added over 350 new points of distribution in this season with strong sell-through performance noted at top retailers. In 2022, we expect continued Mountain Hardwear net sales growth. Management is keenly focused on solidifying the brand's identity, growing brand awareness and building on the successes of '21. We are also investing in talent to further strengthen the brand team and scale the business.

該品牌在本季增加了 350 多個新的分銷點，在頂級零售商中表現強勁。 2022 年，我們預計 Mountain Hardwear 的淨銷售額將繼續增長。管理層敏銳地專注於鞏固品牌的身份、提高品牌知名度並在 21 年的成功基礎上再接再厲。我們還在人才方面進行投資，以進一步加強品牌團隊並擴大業務規模。

I'll now discuss our 2022 financial outlook. This outlook and commentary includes forward-looking statements. Please see our CFO commentary and financial review presentations for additional details and disclosures related to these statements. Our 2022 outlook contemplates 16% to 18% year-over-year net sales growth.

我現在將討論我們 2022 年的財務展望。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。我們的 2022 年展望預計淨銷售額同比增長 16% 至 18%。

I'd note that wholesale orders for our 2022 product line support even stronger growth, and we are purchasing inventory to meet this higher demand. We are calibrating the forecast we are giving you today to reflect ongoing supply chain bottlenecks, which are anticipated to continue.

我會注意到，我們 2022 年產品線的批發訂單支持更強勁的增長，我們正在購買庫存以滿足這種更高的需求。我們正在校准我們今天為您提供的預測，以反映持續存在的供應鏈瓶頸，預計這些瓶頸將繼續存在。

To the extent we can mitigate these supply chain constraints, we see potential upside to our financial outlook. We expect net sales growth to be broad-based across our brands, regions and channels with SOREL anticipated to be the fastest-growing brand in the portfolio. From a category perspective, we expect the year-over-year growth rate of footwear to outpace apparel.

在我們可以減輕這些供應鏈限制的範圍內，我們認為我們的財務前景有潛在的上行空間。我們預計我們的品牌、地區和渠道的淨銷售額增長將廣泛，SOREL 預計將成為該產品組合中增長最快的品牌。從品類的角度來看，我們預計鞋類的同比增長率將超過服裝。

We worked with our factory partners to successfully expand footwear capacity in 2022 across both the SOREL and the Columbia footwear businesses. Even with this additional footwear capacity, we will not be able to fulfill all the demand in the marketplace during the year. We are continuing to work with our factory partners to further expand capacity for 2023 and beyond.

我們與工廠合作夥伴合作，在 2022 年成功擴大了 SOREL 和 Columbia 鞋類業務的鞋類產能。即使有了這些額外的鞋類產能，我們也無法在年內滿足市場上的所有需求。我們將繼續與我們的工廠合作夥伴合作，進一步擴大 2023 年及以後的產能。

Our 2022 net sales outlook includes the benefit of pricing additions we've taken to mitigate inflationary pressure. Price increases varied by market and product category. In the U.S. on average, we increased pricing by a mid-single-digit percent for our Spring '22 product line and a high single to low double-digit percent for our Fall '22 product line. In this inflationary environment pricing power is critical to profitable growth.

我們的 2022 年淨銷售額展望包括我們為減輕通脹壓力而採取的增加定價的好處。價格上漲因市場和產品類別而異。在美國，平均而言，我們將 Spring '22 產品線的定價提高了中個位數百分比，並將我們的 Fall '22 產品線的定價從高個位數百分比提高到低兩位數百分比。在這種通脹環境下，定價能力對盈利增長至關重要。

Gross margin is expected to contract approximately 160 basis points to approximately 50%. The decline in gross margin performance compared to '21 reflects continued elevated freight costs; the potential for more normalized promotion and trade terms across our DTC and wholesale businesses; a higher proportion of wholesale sales, which generally carry lower margin than DTC; partially offset by price increases we've taken to mitigate the impact of higher product input costs.

毛利率預計將收縮約 160 個基點至約 50%。與 21 年相比，毛利率的下降反映了貨運成本的持續上漲；在我們的 DTC 和批發業務中實現更規範化的促銷和貿易條款的潛力；較高比例的批發銷售，其利潤率通常低於 DTC；部分被我們為減輕產品投入成本增加的影響而採取的價格上漲所抵消。

Our 2022 gross margin outlook of 50% represents the second highest gross margin performance in our company's history just behind our record 2021 performance. We expect SG&A expenses to grow at a slightly slower rate than net sales, inclusive of strategic investments we're making to drive long-term profitable growth.

我們 2022 年 50% 的毛利率前景是我們公司歷史上第二高的毛利率表現，僅次於我們創紀錄的 2021 年表現。我們預計 SG&A 費用的增長速度將略低於淨銷售額，包括我們為推動長期盈利增長而進行的戰略投資。

On the technology front, we're investing in our digital and analytics capabilities to leverage consumer data, enhance the consumer experience across our platforms and drive efficiencies across the organization. We're investing to enhance our supply chain capabilities to expand distribution capacity, improve inventory management and adapt to shifts in our sales mix.

在技術方面，我們正在投資於我們的數字和分析能力，以利用消費者數據，增強我們平台上的消費者體驗並提高整個組織的效率。我們正在投資以增強我們的供應鏈能力，以擴大分銷能力、改善庫存管理並適應我們銷售組合的轉變。

Demand creation investments are expected to increase as a percent of sales to 6% compared to 5.9% in 2021. We're also investing to grow our DTC store fleet. In North America, our current plans call for opening approximately 15 new stores. Our store growth plans include opening several branded stores with an updated format that we're testing. These stores are an authentic Columbia brand brick-and-mortar experience, showcasing a wider range of products, including premium and entry point product.

預計需求創造投資佔銷售額的百分比將從 2021 年的 5.9% 增加到 6%。我們還在投資以擴大我們的 DTC 商店車隊。在北美，我們目前的計劃是開設大約 15 家新店。我們的商店增長計劃包括開設幾家採用我們正在測試的更新格式的品牌商店。這些商店是真正的哥倫比亞品牌實體店體驗，展示了更廣泛的產品，包括優質和入門產品。

Compared to the Columbia flagship stores that we closed in 2020, these smaller format stores are in non-high street locations with lower rents and better economics. We expect operating margin to be in the range of 13% to 13.5% compared to 14.4% in 2021.

與我們在 2020 年關閉的哥倫比亞旗艦店相比，這些規模較小的商店位於非商業街位置，租金較低且經濟性較好。我們預計營業利潤率將在 13% 至 13.5% 之間，而 2021 年為 14.4%。

I'd note that the high end of our 2022 range is 50 basis points above our 2019 operating margin of 13%. This improvement is net of an incremental 50 basis point investment in demand creation, higher freight expenses and inflationary pressures. We remain committed to expanding operating margin over time but year-to-year fluctuations are not always linear. We have a strong track record of improving profitability over the last decade.

我會注意到，我們 2022 年範圍的高端比我們 2019 年 13% 的營業利潤率高出 50 個基點。這一改善不包括在需求創造、更高的運費和通脹壓力方面增加的 50 個基點投資。我們仍然致力於隨著時間的推移擴大營業利潤率，但每年的波動並不總是線性的。在過去十年中，我們在提高盈利能力方面有著良好的記錄。

This operating performance results in diluted earnings per share outlook of $5.50 to $5.80. With the tremendous momentum we see across our business, I believe it's important for the investment community to have an opportunity to dive deeper into the brand strategies and products that were fueling this growth.

這種經營業績導致每股攤薄收益前景為 5.50 美元至 5.80 美元。憑藉我們在整個業務中看到的巨大發展勢頭，我認為投資界有機會深入研究推動這一增長的品牌戰略和產品非常重要。

We are currently planning to host our first-ever Analyst Day at our campus here in Portland this Fall. I look forward to sharing the date and the details as we finalize our plans.

我們目前計劃今年秋天在我們位於波特蘭的校園舉辦我們的第一個分析師日。我期待在我們最終確定計劃時分享日期和細節。

In summary, I'm confident we have the right strategy to unlock the significant growth opportunities we see across the business, and we are investing in our strategic priorities to drive global brand awareness and sales growth through increased focused demand creation investments; enhance consumer experience and digital capabilities in all of our channels and geographies, expand and improve global direct-to-consumer operations with supporting processes and systems and invest in our people and optimize our organization across our portfolio of brands. That concludes our prepared remarks. We welcome your questions for the remainder of the hour.

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，通過增加重點需求創造投資來推動全球品牌知名度和銷售增長；增強我們所有渠道和地區的消費者體驗和數字能力，通過支持流程和系統擴展和改進全球直接面向消費者的運營，並投資於我們的員工並優化我們在品牌組合中的組織。我們準備好的發言到此結束。在剩下的時間裡，我們歡迎您提出問題。

(Operator Instructions) Our first question comes from the line of Bob Drbul with Guggenheim Securities.

（操作員說明）我們的第一個問題來自古根海姆證券公司的 Bob Drbul。

I have 2 questions, Tim. The first one is -- I don't know if you could take it or Jim would take it. But as you think about the guidance in the full year '22 expectations at this point, can you talk a little bit about the order book, what really -- what transpired for the spring period? I don't know if you could give us any of the rates, but really what you're seeing, how booked you are for Fall on the wholesale side?

我有 2 個問題，蒂姆。第一個是——我不知道你能接受還是吉姆接受。但是，當您考慮此時對 22 年全年預期的指導時，您能否談談訂單簿，春季期間到底發生了什麼？我不知道您是否可以給我們任何價格，但實際上您所看到的，您在批發方面的秋季預訂量如何？

And I guess just when you think about in your guidance, if you could maybe just help us understand the DTC assumptions either in your stores for the full year or even the digital success that you've had lapping that, that would be helpful.

而且我想就在您在指導中考慮時，如果您可以幫助我們了解您全年商店中的 DTC 假設，或者甚至是您已經獲得的數字成功，那將很有幫助。

Certainly. Well, as it relates to the order book, the order book is grown significantly and substantially over the last period. So it gives us a lot of confidence in terms of the guidance that we gave you today for the full year. Now we did -- we assume that there will be continued pressure on logistics and potentially closures of factories, et cetera, during the year.

當然。好吧，由於它與訂單簿有關，因此訂單簿在上一時期顯著且顯著增長。因此，就我們今天為您提供的全年指導而言，它給了我們很大的信心。現在我們做到了——我們假設今年物流和工廠可能關閉等壓力將持續存在。

So our anticipated revenues are lower than what we're buying inventory for. So we expect that there's an opportunity across all the brands and geographies that we can exceed the guidance today that we gave you. But that's based on our confidence in the order book, which we have in hand.

因此，我們的預期收入低於我們購買庫存的目的。因此，我們希望在所有品牌和地區都有機會超越我們今天給您的指導。但這是基於我們對我們手頭的訂單簿的信心。

As it relates to the DTC business, also very strong. And remembering that we're dealing with lower traffic rates in almost every place that we do business. The traffic occasionally as in the case of Japan, has been mandated closed nearly half of last year. So we're dealing with traffic numbers that are down, but the brick-and-mortar business has been robust and quite solid. And I think it's a testament to the brand and also the outdoor experience that people, in many cases, are trying for the first time.

因為它涉及到DTC業務，也很強大。請記住，我們幾乎在我們開展業務的每個地方都在處理較低的流量。交通偶爾會像日本一樣，去年已被強制關閉近一半。因此，我們正在處理下降的流量數字，但實體業務一直強勁且相當穩固。我認為這是對品牌的證明，也是人們在許多情況下第一次嘗試的戶外體驗。

Our digital business was also quite good, and the investments that we're making in that area of the business are going to be quite large over the next 12-months and probably beyond to give ourselves the opportunity to become a better supplier in that area. And all this with the background that we consider ourselves really to be a wholesale supplier. And so we expect our business will be good with our wholesale partners as well.

我們的數字業務也相當不錯，我們在該業務領域的投資在未來 12 個月內將非常大，甚至可能超過讓我們有機會成為該領域更好的供應商.所有這一切都是在我們認為自己真正是批發供應商的背景下進行的。因此，我們希望我們的批發合作夥伴的業務也會很好。

Got it. And Tim, just a follow-up question. So I think the BW Collection launched, I don't know if it was yesterday or recently. I was just wondering if you had any sort of comments on how that started? And are we expecting an LC collection for Luke Combs anytime soon?

知道了。蒂姆，只是一個後續問題。所以我覺得BW Collection推出了，不知道是昨天還是最近。我只是想知道你是否對它是如何開始的有任何評論？我們是否期待Luke Combs 的LC 收藏很快？

Actually -- well, let me answer the first question about Bubba, who's been a terrific ambassador for the brand. He's a true outdoor person, and I think our affiliation with him and the affiliation and affinity that our PFG customer have with NASCAR has been is spectacular.

實際上 - 好吧，讓我回答關於 Bubba 的第一個問題，他一直是該品牌的出色大使。他是一個真正的戶外人，我認為我們與他的關係以及我們的 PFG 客戶與 NASCAR 的關係和親和力是驚人的。

So we expect that's going to continue and we'll have more of these capsule collections for both Bubba in the future and also, we're going to be launching Luke Combs hunting collection, beginning with sometime later in this fall. And with the expectations there is that's going to also be a significant interest to fans of Luke's. And it's been exciting stuff. I've seen several of the samples. It looks really cool.

所以我們預計這種情況會繼續下去，我們將在未來為 Bubba 提供更多這樣的膠囊系列，而且，我們將推出 Luke Combs 狩獵系列，從今年秋天晚些時候開始。有了期望，盧克的粉絲也會對此產生重大興趣。這是令人興奮的事情。我看過幾個樣本。它看起來真的很酷。

Our next question comes from the line of Laurent Vasilescu with BNP Paribas Exane.

我們的下一個問題來自法國巴黎銀行 Exane 的 Laurent Vasilescu。

Congrats on a really strong finish to the year. I'd love to ask about the first half guidance with regards to high teens to low 20% growth. I think -- remind me, but I think you guys talked about Spring '22 wholesale to be up over 30%. Is that still the case as we think about the top line? Is it how do you square away with that with regards to DTC component for the first half?

祝賀今年取得了非常強勁的成績。我很想問一下關於青少年高到 20% 低增長的上半年指導。我想 - 提醒我，但我認為你們談到 Spring '22 批發價格上漲了 30% 以上。當我們考慮頂線時，情況仍然如此嗎？關於上半年的 DTC 組件，您如何解決這個問題？

So yes, Laurent, your recollection is correct. We talked in October about our order book for the Spring season for wholesale business being plus 30% as we saw orders continue to come in and improve. As Tim touched on, given the supply chain disruptions and delays, we've softened our forecast a bit given the challenges from a supply chain perspective. And when you take that combined with the growth that we anticipate from a direct-to-consumer perspective, that's what gets you to that high teen, low 20%.

所以，是的，勞倫特，你的記憶是正確的。我們在 10 月份談到了我們春季批發業務的訂單增加了 30%，因為我們看到訂單繼續進來並有所改善。正如蒂姆所說，鑑於供應鏈中斷和延遲，鑑於供應鏈角度的挑戰，我們已經稍微軟化了我們的預測。當你把它與我們從直接面向消費者的角度預期的增長結合起來時，這就是讓你達到高青少年、低 20% 的原因。

I think if you were to imply growth in there, you're going to get growth for the DTC business in the low double-digit range. It will be a bit better than that as we've adjusted that wholesale business for some of the supply chain disruptions.

我認為，如果您要暗示那裡的增長，那麼 DTC 業務的增長將達到兩位數的低位。這會比這好一點，因為我們已經針對一些供應鏈中斷調整了批發業務。

Okay. Very helpful. And then I think on your Slide 18 or 19, you're calling for gross margin to be down 300 bps in the first half. I'd love to know if you could -- Jim, if you could possibly parse out, like is that all due to supply chain constraints, incremental freight? And how do we think about that 1H EPS range that you're calling for $0.90 to $1.10. Are you assuming that we go back to the historical rate where 2Q is a lost quarter and then most of the -- all the EPS would be driven in the first quarter?

好的。很有幫助。然後我認為在您的幻燈片 18 或 19 中，您要求上半年毛利率下降 300 個基點。我很想知道你是否可以-- 吉姆，如果你可以分析一下，就像這一切都是由於供應鏈限制，增加運費？我們如何看待您要求的 0.90 美元至 1.10 美元的 1H EPS 範圍。您是否假設我們回到歷史水平，第二季度是一個虧損的季度，然後大部分——所有的每股收益都將在第一季度推動？

Let me touch on the gross margin contraction first for a moment. You'll recall ocean freight surcharges, we began to see those increase at a pretty significant rate dated back to the mid part of 2021. And so as we continue to see those elevated costs in the first part of this year, we've not seen those abate all that much. We're going up against, obviously, a difficult comp.

讓我先談談毛利率的收縮。你會記得海運附加費，我們開始看到這些費用以相當可觀的速度增長可以追溯到 2021 年中期。因此，隨著我們在今年上半年繼續看到這些成本上漲，我們還沒有看到那些減少了那麼多。顯然，我們要面對一個困難的比賽。

And so of that 300 basis points of gross margin contraction in the first half, our ocean freight impact alone will be north of that. It will be 350-ish in that order of magnitude. So there's some other puts and takes in our overall gross margin. And then as it pertains to the outlook between Q1 and Q2, I don't think we've provided a lot of detail on that other than to say that we believe we'll be modestly profitable in the second quarter.

因此，在上半年毛利率收縮 300 個基點中，僅我們的海運影響就將超出該範圍。在那個數量級上，它將是 350-ish。因此，我們的整體毛利率還有其他一些看跌期權。然後因為它與第一季度和第二季度之間的前景有關，我認為我們沒有提供很多細節，只是說我們相信我們將在第二季度實現適度盈利。

Okay. Very helpful. And my last question here on innovation. Great to hear about Infinity. You had Black Dot, you had ZERO last year. Should we brace ourselves for more technology coming forward?

好的。很有幫助。我最後一個關於創新的問題。很高興聽到 Infinity 的消息。你有黑點，去年你有零。我們是否應該為更多技術的出現做好準備？

Yes. We've launched a new technology as it relates to heating that's applicable to lighter weight knits and fleece -- we're calling it [Helix]. It's quite dramatic in terms of its appearance on the exterior of the garments. And we're pretty excited about that because it really opens up more technology to probably one of our largest product categories, which is fleece and lightweight knits. So that's going to be exciting. It's well received and we're looking forward to having it be part of the showcase when we talk about the brand -- all the brands and the innovation we have loaded into the products during our September Investor Day.

是的。我們推出了一項與加熱有關的新技術，適用於重量較輕的針織物和羊毛——我們稱之為 [Helix]。它在服裝外部的外觀非常引人注目。我們對此感到非常興奮，因為它確實為我們最大的產品類別之一——羊毛和輕質針織物——開闢了更多技術。所以這將是令人興奮的。它很受歡迎，當我們談論品牌時，我們期待它成為展示的一部分——所有品牌和我們在 9 月投資者日期間加載到產品中的創新。

Our next question comes from the line of Mitch Kummetz with Seaport Global.

我們的下一個問題來自 Seaport Global 的 Mitch Kummetz。

I wanted to follow up on Bob's question earlier about the order books because you guys have referenced Spring not only again today, but on the last call. And I would imagine you're pretty far into getting your Fall orders. Could you give us any numbers behind that? I mean is that order book up double digits? Is that a fair assumption?

我想跟進 Bob 早些時候關於訂單簿的問題，因為你們不僅今天再次引用了 Spring，而且在最後一次通話中也提到了 Spring。我想你離拿到秋季訂單還差得很遠。你能告訴我們這背後的數字嗎？我的意思是那個訂單是兩位數的嗎？這是一個公平的假設嗎？

Yes. I mean Jim might give you more specifics. But again, the order book was incredibly strong and we received it much earlier globally than we have in the past. So it's just a testament to the brand strengths and customers realizing that they'll need to give us their orders earlier and in order to help us all avoid the issues we've had in the past with logistics.

是的。我的意思是吉姆可能會給你更多的細節。但同樣，訂單非常強勁，我們在全球範圍內收到的訂單比過去要早得多。因此，這只是品牌實力的證明，客戶意識到他們需要更早地給我們下訂單，以幫助我們避免過去在物流方面遇到的問題。

Yes. And Mitch, just to add a little more color to that. As Tim touched on, orders came in substantially earlier than they ordinarily do. We're effectively 100% booked for the Fall season, and that was in part due to the fact that with longer lead times from a logistics standpoint, where we're getting our purchase orders in sooner to compensate for a portion for those facts.

是的。還有米奇，只是為了增加一點色彩。正如蒂姆所說，訂單的到來比平時要早得多。我們實際上是 100% 預訂了秋季，部分原因是從物流的角度來看，交貨時間更長，我們可以更快地收到採購訂單，以彌補這些事實的一部分。

And then as it relates to the overall growth in net order book, it's well above a 20% level in the orders that we see today.

然後，由於它與淨訂單的整體增長有關，遠高於我們今天看到的訂單的 20% 水平。

Okay. And given the strength of that order book, the fact that you guys raised prices, I think you said high single digits to low double digits in the U.S. It doesn't sound from that -- those numbers that there was a whole lot of pushback to that.

好的。鑑於那份訂單的力量，你們提價的事實，我認為你們在美國說的是高個位數到低兩位數。這聽起來不是——這些數字有很多阻力到那個。

Well, nobody likes price increases, and I wouldn't say people were thrilled at it, but we got a much larger order book than we had. And so we assume that the pricing power that the brands have, will carry those additional charges.

好吧，沒有人喜歡漲價，我不會說人們對此很興奮，但我們得到的訂單比我們擁有的要大得多。因此，我們假設品牌擁有的定價權將承擔這些額外費用。

And no, it's -- it looks like it's going to be a terrific year barring any particular unknown, more COVID problems or logistical issues, which appear that, in many respects, they're moderating certainly later in the year.

不，它是 - 看起來這將是一個了不起的一年，除非出現任何特定的未知、更多的 COVID 問題或後勤問題，這些問題似乎在許多方面，它們在今年晚些時候肯定會緩和。

And then, Tim, lastly, you mentioned that you expect SOREL as your fastest-growing brand this year approaching 30% year-over-year. Again, I assume that is reflected in the order books as well. And do you expect more of that growth on a percentage basis to come in the first half, just given the reception that you're getting to the Spring/Summer product in that brand?

然後，蒂姆，最後，您提到您預計 SOREL 是您今年增長最快的品牌，同比增長接近 30%。同樣，我認為這也反映在訂單簿中。鑑於您對該品牌的春夏產品的接受度，您是否預計上半年會有更多的百分比增長？

Well, I think there'll still be very nice growth in the back half of the year, but it's been incredible the response to the SOREL brand, and it's really rotation away from being a purely winter brand to being a brand that's year round, which will be a big part of its future growth.

嗯，我認為今年下半年仍然會有很好的增長，但是對 SOREL 品牌的反應令人難以置信，而且它真的從一個純粹的冬季品牌轉變為一個全年的品牌，這將是其未來增長的重要組成部分。

And there's a number of things about the footwear business. Unfortunately, right now, the constraint on availability of product is hurting us, but the footwear business in general looks to be very important to the company's future. And SOREL will lead the way there with its highly differentiated product designs.

還有很多關於鞋類業務的事情。不幸的是，目前，對產品供應的限制正在傷害我們，但總體而言，鞋類業務似乎對公司的未來非常重要。 SOREL 將以其高度差異化的產品設計引領潮流。

Our next question comes from the line of Mauricio Serna with UBS.

我們的下一個問題來自瑞銀的毛里西奧·塞爾納 (Mauricio Serna)。

Congratulations on the results. I wanted to ask about if you could speak a little bit more about the outdoor category and tailwinds that you see for 2022? I mean how much like growth -- underlying growth of the category are you seeing?

祝賀結果。我想問一下您是否可以多談談您在 2022 年看到的戶外類別和順風？我的意思是增長有多像——你看到了這個類別的潛在增長嗎？

And then maybe if you could talk a little bit more. I mean, you talked about the price increases that you're taking in the first half and second half. I mean how does that reflect the anticipated cost inflation that you're seeing in your businesses?

然後也許你能多說一點。我的意思是，您談到了上半年和下半年的價格上漲。我的意思是，這如何反映您在業務中看到的預期成本膨脹？

Certainly. Well, we talk about the outdoor business and the importance of that, especially it's the offer of safety for families that want to go outside and have a place where they can be with their -- and be comfortable outdoors without a mask, perhaps. But what we're really seeing is an acceleration of the already begun casualization of the workplace, casualization of how people are living their lives.

當然。好吧，我們談論戶外業務及其重要性，尤其是為想要外出並擁有可以與他們在一起的地方的家庭提供安全保障-也許可以在不戴口罩的情況下在戶外感到舒適。但我們真正看到的是已經開始的工作場所休閒化的加速，人們生活方式的隨意化。

And I think the fact that the outdoor apparel industry has been a real beneficiary of that, is really supercharged when people actually use the products outdoors. So we would expect that, that's going to continue to be a tailwind for the company. for all the brands, not just the Columbia brand.

而且我認為戶外服裝行業一直是真正的受益者，當人們實際在戶外使用這些產品時，這一點真的很重要。因此，我們預計，這將繼續為公司帶來順風。適用於所有品牌，而不僅僅是哥倫比亞品牌。

And then as it relates to the latter part of that question regarding the price increases and the inflationary pressure, as I noted earlier, as you seen our outlook, our first half gross margin being down 300 basis points, we were able to offset through pricing increases at that mid-single-digit level, the effects of cost increases in our input costs.

然後，正如我之前提到的，由於它與關於價格上漲和通脹壓力的問題的後半部分有關，正如您看到我們的前景一樣，我們上半年的毛利率下降了 300 個基點，我們能夠通過定價來抵消在那個中個位數的水平上增加，成本對我們的投入成本的影響增加。

So when you think of raw materials and labor, but we weren't able to -- at the time we finalized prices for Spring '22, we hadn't yet had visibility to the increases in these ocean freight surcharges. And then as we got to the Fall season, we had better visibility, both to the product input costs as well, that ocean freight, and we've priced accordingly in order to offset those pressures for the season.

因此，當您想到原材料和勞動力時，但我們無法 - 在我們最終確定 22 年春季的價格時，我們還沒有看到這些海運附加費的增加。然後當我們進入秋季時，我們對產品投入成本以及海運都有更好的可見性，我們已經相應地定價以抵消季節的這些壓力。

Got it. And then just if I could have one follow-up on the operating margin outlook. Assuming next year, things get better and maybe the cost environment improves. Could we assume that the company recovers those 160 basis points and that would imply like even operating margins in the long run being closer to 15%?

知道了。然後，如果我可以對營業利潤率前景進行一次跟進。假設明年，情況會好轉，也許成本環境會有所改善。我們是否可以假設該公司恢復了這 160 個基點，這意味著從長遠來看甚至會接近 15% 的營業利潤率？

There's a lot of dependencies in that equation, particularly as it relates to ocean freight and those types of costs. We've done a lot of work over the course of the past few months. As we look at renewing our ocean freight contracts, we expect some degree of normalization in the latter part of '22.

在這個等式中有很多依賴關係，特別是當它與海運和這些類型的成本有關時。在過去的幾個月裡，我們做了很多工作。當我們考慮更新我們的海運合同時，我們預計 22 年下半年會出現某種程度的正常化。

Frankly, though, as we look out further into '23 and beyond, we do believe that certain of the product costs, inflationary pressures that we've seen that they're transitory in nature. You'd see that in the case of certain of the commodity and raw materials, those fluctuate from time to time and that they're at elevated levels currently. And as ocean freight goes down or normalizes more over time.

不過，坦率地說，隨著我們對 23 年及以後的進一步展望，我們確實相信某些產品成本、我們所看到的通脹壓力本質上是暫時的。您會看到，就某些商品和原材料而言，它們會不時波動，並且目前處於較高水平。隨著海運費的下降或隨著時間的推移越來越正常化。

We've taken advantage of the strength of our brands, the pricing power that we have. And that should -- as those events occur, that should put us in a stronger place from an overall gross margin and operating margin perspective.

我們利用了我們品牌的優勢和我們擁有的定價能力。這應該 - 隨著這些事件的發生，從整體毛利率和營業利潤率的角度來看，這應該讓我們處於更有利的位置。

Our next question comes from the line of Paul Lejuez with Citigroup.

我們的下一個問題來自花旗集團的 Paul Lejuez。

It's Tracy Kogan filling in for Paul. I had 2 questions. The first was, I was wondering how your retail business trended by month and whether you saw any improvement in traffic in the tourist traffic at your factory outlet locations after the borders opened in November?

是特蕾西·科根（Tracy Kogan）代替保羅。我有 2 個問題。第一個是，我想知道你們的零售業務按月趨勢如何，以及在 11 月邊境開放後，你們工廠直銷店的遊客流量是否有任何改善？

And then secondly, I think you guys talked about opening some new smaller concept branded stores this year after closing a few in '21. And I was wondering if you could give us a sense of the new store economics of these stores versus the existing fleet? And then longer term, with this new store format in mind, what your ultimate fleet size might be?

其次，我認為你們在 21 年關閉了幾家之後，今年談到了開設一些新的小型概念品牌店。我想知道您是否可以讓我們了解這些商店與現有車隊相比的新商店經濟狀況？然後從長遠來看，考慮到這種新的商店形式，您的最終車隊規模可能是多少？

Certainly. Well, as it relates to the traffic in the tourist stores, those still have not come back to pre-pandemic levels. In fact, they're quite anemic. I mean, it's a real testament to the power of the brands that our DTC business contributed so mightily to the fourth quarter results. But traffic is still lagging in those markets where we typically would have international tourists present.

當然。好吧，因為它與旅遊商店的客流量有關，那些還沒有回到大流行前的水平。事實上，他們很貧血。我的意思是，這真實地證明了我們的 DTC 業務對第四季度業績做出如此巨大貢獻的品牌力量。但是，在我們通常會有國際遊客出現的那些市場中，交通仍然滯後。

As it relates to the new format, these are stores which we're taking the learnings from our existing cadre of branded stores where we've enhanced the mix -- the merchandise mix to include not only our premium products, but also some of our opening price point items, which had not been present in the kind of depth that they had been previously.

由於它與新格式相關，這些商店是我們從現有的品牌商店骨幹中學習的，我們在這些商店中增強了組合——商品組合不僅包括我們的優質產品，還包括我們的一些開盤價點項目，這些項目沒有像以前那樣深入。

And again, as we said, we're really a wholesale company. So we don't really release the details of the metrics that we would -- that a normal retailer would. So we can talk to you about the general trends in those businesses, but we don't release all the metrics.

再說一次，正如我們所說，我們真的是一家批發公司。因此，我們不會像普通零售商那樣真正發布我們會發布的指標細節。因此，我們可以與您討論這些業務的總體趨勢，但我們不會發布所有指標。

And then, Tracy, to your question regarding overall trends on the quarter by month. Our -- what we saw in the D2C business across both stores and e-commerce was strong growth really across all 3 months. There wasn't front weighted per se. We saw that strong revenue all the way through the month of December.

然後，特蕾西，回答你關於逐月整體趨勢的問題。我們 - 我們在商店和電子商務的 D2C 業務中看到的是整個 3 個月的強勁增長。本身沒有前加重。我們在整個 12 月份都看到了強勁的收入。

Our next question comes from the line of Jim Duffy with Stifel.

我們的下一個問題來自 Jim Duffy 和 Stifel。

Great quarter guys. I wanted to ask about the North America business. It seemed to decouple from any weather-related influence, and that's not historically been the pattern. I'm curious how you explain that. Is there a meaningful change in the merchandise assortment that would explain that? Or is it really just consumer behavioral differences?

偉大的四分之一傢伙。我想問一下北美業務。它似乎與任何與天氣有關的影響脫鉤，而這在歷史上並非如此。我很好奇你是怎麼解釋的。商品分類是否有有意義的變化可以解釋這一點？還是真的只是消費者行為差異？

Well, I think there are a number of things at play. Obviously, there was so much media coverage of the shortages that consumers would generally prepared to come earlier to the stores. And then the company's largest launch of any innovation was our Omni-Heat Infinity launch, which kicked off in early October. And I think there was -- those 2 things converged to give us really a great environment.

嗯，我認為有很多事情在起作用。顯然，媒體對短缺的報導如此之多，以至於消費者通常會準備早點到商店。然後，該公司最大的創新發布是我們的 Omni-Heat Infinity 發布，該發佈於 10 月初開始。我認為有——這兩件事融合在一起，為我們提供了一個非常棒的環境。

And then it doesn't hurt when in late December and January have all these cleanup storms that just drive consumers who need the product into the stores to get it. So I think it was a terrific result, and but it was at least as much about the new products that we're offering as it was almost anything else.

然後，在 12 月下旬和 1 月，所有這些清理風暴只會驅使需要該產品的消費者進入商店購買，這並沒有什麼壞處。所以我認為這是一個了不起的結果，但它至少與我們提供的新產品一樣多，幾乎與其他任何東西一樣。

Understood. And then I also wanted to talk about the promotional backdrop, fairly benign in the fourth quarter. Just your thoughts in the context of the order book and views to consumer spending patterns, what the glide path might look like towards a more normalized promotional environment. Any thoughts there? Maybe you can speak to how that's contemplated in the guidance for 2022.

明白了。然後我還想談談第四季度相當良性的促銷背景。只是您在訂單簿背景下的想法和對消費者支出模式的看法，滑行路徑可能看起來像一個更正常的促銷環境。有什麼想法嗎？也許您可以談談 2022 年指南中的設想。

Certainly. Well, it's clearly present in the gross margin guidance we've given you that the expectations are that there'll be more normalized activity throughout the year. We're hopeful, obviously, that we've over -- been too cautious there, but that's what our view shows us is that there'll be more activity there than there certainly was this year.

當然。好吧，我們提供給您的毛利率指南中清楚地表明，預計全年會有更多的正常化活動。顯然，我們希望我們已經結束了——那裡過於謹慎，但這就是我們的觀點向我們展示的，那裡的活動肯定會比今年更多。

Yes. I might add something as well, Jim, and that's -- as we sit here in the month of January, I mean consumer trends, the full price selling environment we've been in is continued. So we're continuing to see good healthy margins in the D2C space with not much in the way of promo and markdowns. This would typically be the time of year where you'd see those a bit deeper.

是的。吉姆，我也可能會添加一些東西，那就是 - 當我們在一月份坐在這裡時，我的意思是消費趨勢，我們一直處於的全價銷售環境仍在繼續。因此，我們繼續在 D2C 領域看到良好的健康利潤率，而促銷和降價的方式並不多。這通常是一年中你會更深入地看到這些的時間。

And as Tim touched on, we planned some degree of normalization through the balance of the year. With that said, we're not contemplating that our margins and our promotional levels go back to where they were 2 years ago. So we're still planning for better overall margins, but coming off of some of the peaks and highs that we've seen as strong as the full price selling environment has been over the last several months.

正如蒂姆所說，我們計劃在今年餘下時間實現某種程度的正常化。話雖如此，我們並沒有考慮讓我們的利潤和促銷水平回到兩年前的水平。因此，我們仍在計劃提高整體利潤率，但要擺脫過去幾個月的全價銷售環境所經歷的一些高峰和高點。

Our next question comes from the line of Alex Perry with Bank of America.

我們的下一個問題來自美國銀行的 Alex Perry。

Congrats on a really strong quarter. Just first, I was just wondering -- I was just wondering if there was any way to sort of quantify sort of how much the supply chain disruptions limited upside in the quarter? And would you characterize that as more of a 4Q, 1Q shift?

祝賀一個非常強勁的季度。首先，我只是想知道——我只是想知道是否有任何方法可以量化供應鏈中斷在多大程度上限制了本季度的上行空間？您是否會將其描述為更多的 4Q、1Q 轉變？

And then I think in the prepared remarks, you made a statement that wholesale orders for 2022 supported even stronger growth versus maybe what you guided to. So it seems like maybe you left some 2022 orders on the table. Is there a possibility to meet some of that extra demand?

然後我認為在準備好的評論中，你發表了一項聲明，即 2022 年的批發訂單支持了比你所指導的更強勁的增長。所以看起來你可能在桌面上留下了一些 2022 的訂單。是否有可能滿足一些額外的需求？

Well, as it relates to the first part of that question, Alex, in terms of quantifying what Q4 could have been that's difficult to do. We were a bit light in our shipments from a wholesale standpoint relative to the outlook coming into the quarter. On a global basis, though, we're talking single-digit millions of dollars, a bit higher in the case of the U.S., just given port congestion and challenges from a supply chain perspective.

好吧，因為它涉及到這個問題的第一部分，亞歷克斯，在量化第四季度可能很難做到的方面。從批發的角度來看，相對於進入本季度的前景，我們的出貨量有點清淡。然而，在全球範圍內，我們談論的是數百萬美元，在美國的情況下要高一些，只是考慮到港口擁堵和供應鏈方面的挑戰。

Perhaps a different way of looking at it as well is if you go back -- dated back to our outlook at the midpoint of the year and where we finished, there's about $100 million delta between where we were in July and where we finished the year. And effectively, that's a lot of the -- it's not been cancellations because we've not seen cancellations, order demand from our wholesale customers have been very high. So a lot of that orders that have shifted out into Q1. Some of those will result in cancellations and with the favorable weather that we've had, certainly, it provides some upside to us given the environment we're operating in.

也許另一種看待它的方式是，如果你回過頭來——追溯到我們在年中的展望和我們完成的地方，我們在 7 月的地方和我們完成的地方之間有大約 1 億美元的增量.實際上，這很多——不是取消，因為我們沒有看到取消，我們批發客戶的訂單需求非常高。所以很多訂單已經轉移到第一季度。其中一些將導致取消，並且由於我們所擁有的有利天氣，當然，鑑於我們所處的環境，它為我們提供了一些好處。

And then, Alex, I missed the second part of that question.

然後，亞歷克斯，我錯過了這個問題的第二部分。

Yes. I think maybe in Tim's prepared remarks, he said wholesale orders for 2022 support even stronger growth which sort of implied that maybe there are some orders left on the table. Is there -- was that the right way of characterizing that? Or is there a possibility we can meet...

是的。我認為也許在蒂姆準備好的講話中，他說 2022 年的批發訂單支持更強勁的增長，這暗示著可能還有一些訂單留在桌面上。有沒有——這是描述它的正確方式嗎？或者有沒有可能見面……

Yes, I'd characterize the demand a little bit differently in that we're buying inventory to support that higher order book and to fulfill those orders. Now given the constraints that we're seeing in the supply chain, the delays, we've softened our outlook a little bit to contemplate, and we've seen some of that experience during the last several months.

是的，我對需求的描述略有不同，因為我們正在購買庫存以支持更高的訂單並完成這些訂單。現在考慮到我們在供應鏈中看到的限制和延誤，我們已經稍微軟化了我們的前景以進行考慮，並且在過去幾個月中我們已經看到了其中的一些經驗。

So we're factoring that into our guidance. In terms of being able to quantify that, it's really difficult to do. We did provide a projection on our operating cash flow, which you'll note it's down pretty significantly year-on-year if you compare '21 to '22.

因此，我們將其納入我們的指導。就能夠量化這一點而言，這真的很難做到。我們確實提供了對我們的經營現金流量的預測，如果您將 21 年與 22 年進行比較，您會注意到它與去年同期相比大幅下降。

That's my CFO commentary and a lot of that is going to be reflective of inventory growth in contemplation of both the growth in the business and the expectation that eventually, we see some normalization in the supply chain, and we've produced certain of the -- some of our Spring '23 production and see some of that inventory come into the year as well.

這是我的首席財務官的評論，考慮到業務的增長和最終我們看到供應鏈正常化的預期，其中很多將反映庫存增長，我們已經產生了某些- - 我們的一些 23 年春季生產，並且看到其中一些庫存也進入了這一年。

That's incredibly helpful. And then just a follow-up question. How are you just thinking higher level about the health of the U.S. consumer in 2022 as you lap stimulus benefits and expanded unemployment benefits?

這非常有幫助。然後只是一個後續問題。當您享受刺激福利和擴大失業福利時，您如何看待 2022 年美國消費者的健康狀況？

Well, I think that there's significant pricing pressure -- pricing power within the brands that we have. And in periods of economic turmoil, which if those -- if the stimulus does not continue and there are other impacts, it will be slightly disruptive. But we've done very well in periods of tough economic times. It's really a testament to the brands, all of them to the strengths of our brands and our ability to manage in a thoughtful way based on the balance sheet we have, which we can put to use at this time.

好吧，我認為存在巨大的定價壓力——我們擁有的品牌內的定價能力。在經濟動盪時期，如果刺激措施不繼續並且還有其他影響，那將具有輕微的破壞性。但在經濟困難時期，我們做得很好。這確實是對品牌的證明，所有這些都證明了我們品牌的優勢以及我們根據我們擁有的資產負債表以深思熟慮的方式進行管理的能力，我們現在可以使用這些資產負債表。

Our next question comes from the line of Camilo Lyon with BTIG.

我們的下一個問題來自 BTIG 的 Camilo Lyon。

This is Mackenzie Boydston on for Camilo. My first question is about China. So you posted low 20% growth this quarter, definitely impressive given some of the macro challenges there. But would just love to hear you talk about your strategy how you're kind of thinking about China going into this year?

這是 Camilo 的 Mackenzie Boydston。我的第一個問題是關於中國的。因此，您在本季度發布了 20% 的低增長，考慮到那裡的一些宏觀挑戰，這絕對令人印象深刻。但是很想听聽你談論你的戰略，你是如何看待今年進入中國的？

Yes. We've been very open about the fact that we've underperformed in China. It's a huge market -- we've been clear we believe it is the largest single geographic area for the company in terms of opportunities. It's great to see a turnaround in that market. We think we have the beginnings of a great growth there. We have a new management team in place, as I think we've told you, and we have a high degree of confidence that we've got the right approach there to get ourselves in a better position.

是的。對於我們在中國表現不佳的事實，我們一直非常開放。這是一個巨大的市場——我們很清楚，就機會而言，我們相信這是公司最大的單一地理區域。很高興看到該市場出現好轉。我們認為我們在那裡開始了巨大的增長。正如我想我們已經告訴你的那樣，我們有一個新的管理團隊，我們非常有信心，我們在那裡有正確的方法來讓自己處於更好的位置。

The brand is -- the Columbia brand, which is really the only one that we have in that market is very strong. It's been there for a long time, and it's now as our team in China likes to say it's reawakening the brand. So we would expect that you'll see continued strong growth there, especially based on the investments we've made in the digital arena, both in people and processes.

這個品牌是——哥倫比亞品牌，它是我們在那個市場上真正擁有的唯一一個非常強大的品牌。它已經存在了很長時間，現在就像我們在中國的團隊喜歡說的那樣，它正在重新喚醒這個品牌。因此，我們預計您將在那裡看到持續強勁的增長，特別是基於我們在數字領域所做的投資，包括人員和流程。

Great. And then my second question is just about footwear. So I know you mentioned in your prepared remarks about not being able to fully meet the demand for footwear this year. Could you just talk about the state of your manufacturing operations and footwear today? And when would you expect to see that start to normalize?

偉大的。然後我的第二個問題是關於鞋類的。所以我知道你在準備好的評論中提到不能完全滿足今年對鞋類的需求。您能談談您今天的製造業務和鞋類的狀況嗎？你預計什麼時候會開始正常化？

Certainly. Well, I personally have been talking about the promise of footwear since we went public in 1998, and we're now beginning to see just how important that can be with both the Columbia product and the SOREL product, just the demand is literally outstripping our ability to supply it. So we would have growth in footwear, obviously, in revenue and in supply in '22, which is going to be quite higher than it was in '21 but it's still not enough to cover all the demand that we see out there for the product.

當然。嗯，自 1998 年我們上市以來，我個人一直在談論鞋類的承諾，我們現在開始看到哥倫比亞產品和 SOREL 產品的重要性，只是需求確實超過了我們的供應它的能力。因此，很明顯，22 年的鞋類收入和供應量都會增長，這將比 21 年高得多，但仍然不足以滿足我們對該產品的所有需求.

And that demand is really quite strong in every market that we operate. So we believe that we are in a position where we will be able to cover that -- the full demand for the company's footwear products in '23, but it's taken us some time to get ourselves in that position.

在我們經營的每個市場中，這種需求確實非常強勁。因此，我們相信我們處於能夠滿足這一點的位置——23 年對公司鞋類產品的全部需求，但我們花了一些時間才能讓自己處於這個位置。

Ladies and gentlemen, we have reached the end of the question-and-answer session. I will now turn the call over to Tim Boyle for closing remarks.

女士們，先生們，問答環節到此結束。我現在將把電話轉給蒂姆·博伊爾（Tim Boyle）做結束語。

Well, thank you very much for listening in. We're really proud of the way our employees and the teams concluded this year. It was -- if you would have told us at the beginning of the year that we'd be in this position, we would likely not have believed you.

嗯，非常感謝您的收聽。我們為我們的員工和團隊今年結束的方式感到非常自豪。是的——如果你在年初告訴我們我們會處於這個位置，我們可能不會相信你。

But we really want to make sure that you understand as much as possible about the business and importantly, the products that we make across all of our brands. So we're looking forward to welcoming you here in September to show you the full breadth of our product offering and the products that we make. So thank you very much.

但我們真的希望確保您盡可能多地了解業務，更重要的是，了解我們在所有品牌中生產的產品。因此，我們期待著在 9 月份歡迎您來到這裡，向您展示我們提供的所有產品和我們生產的產品。所以非常感謝。

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

今天的會議到此結束，此時您可以斷開線路。感謝您的參與，祝您有美好的一天。