Columbia Sportswear Co (COLM) 2022 Q1 法說會逐字稿

Good afternoon, ladies and gentlemen, and welcome to Columbia Sportswear First Quarter 2022 Financial Results Conference Call. (Operator Instructions)

下午好，女士們，先生們，歡迎來到 Columbia Sportswear 2022 年第一季度財務業績電話會議。 （操作員說明）

It is now my pleasure to turn the floor over to your host, Andrew. Sir, the floor is yours.

現在我很高興將發言權交給您的主持人安德魯。先生，地板是你的。

Good afternoon, and thanks for joining us to discuss Columbia Sportswear Company's first quarter results.

下午好，感謝您加入我們討論哥倫比亞運動服裝公司的第一季度業績。

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.

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 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.

今天與我通話的還有董事長、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。

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.

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 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 of management's rationale for referencing these non-GAAP measures, please refer to the supplemental financial information section and financial tables included in our first quarter '22 earnings release and the appendix of our CFR commentary and financial review. (Operator Instructions)

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原則的財務指標，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'22 年第一季度收益發布以及我們的 CFR 評論和財務審查的附錄。 （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.

謝謝，安德魯，下午好。我希望每個人都很好。

Before reviewing our financial performance, I'd like to take a moment to focus on the Russian government's tragic and unjustified invasion of Ukraine. Our hearts go out to the people of Ukraine and those impacted by this humanitarian crisis. Since the invasion, we have made it a priority to work with multiple aid organizations to deliver products and other support to refugees from Ukraine as well as displaced persons within Ukraine. We have also matched all employee donations to nonprofits delivering humanitarian aid.

在回顧我們的財務表現之前，我想花點時間關注俄羅斯政府對烏克蘭的悲慘和無理入侵。我們的心向烏克蘭人民和受這場人道主義危機影響的人們致敬。自入侵以來，我們已將與多個援助組織合作為來自烏克蘭的難民以及烏克蘭境內的流離失所者提供產品和其他支持作為優先事項。我們還將所有員工捐款與提供人道主義援助的非營利組織相匹配。

Columbia Sportswear does not have any direct operations in Russia and has operated in that market through a contract with a third-party international distributor on an advanced order basis. During the first quarter, we paused taking any new orders from this distributor.

Columbia Sportswear 在俄羅斯沒有任何直接業務，而是通過與第三方國際分銷商簽訂的合同在該市場開展業務。在第一季度，我們暫停從該分銷商處接受任何新訂單。

Turning to our financial performance in the quarter. 2022 is off to a great start. First quarter net sales increased 22% year-over-year and diluted earnings per share increased 23%. Our strong financial performance demonstrates that our brands are resonating with consumers and our strategies are excelling.

轉向我們在本季度的財務業績。 2022 年開了個好頭。第一季度淨銷售額同比增長 22%，攤薄後每股收益增長 23%。我們強勁的財務表現表明我們的品牌正在引起消費者的共鳴，我們的戰略也很出色。

I'd like to thank our worldwide employees. Their diligent work and perseverance has enabled the company to navigate operational challenges and achieve another quarter of record net sales performance. Business momentum was broad-based with growth across brands -- all brands, channels and geographies.

我要感謝我們的全球員工。他們的勤奮工作和毅力使公司能夠應對運營挑戰，並實現另一季度創紀錄的淨銷售業績。業務發展勢頭廣泛，跨品牌增長——所有品牌、渠道和地區。

SOREL and Columbia led the charge, growing 37% and 22%, respectively. SOREL's compelling new sneaker styles and a resurgence in the wedge category contributed to phenomenal demand and brand heat. Columbia's success is rooted in the brand's differentiated innovation, value proposition and authentic outdoor heritage.

SOREL 和 Columbia 領先，分別增長 37% 和 22%。 SOREL 引人注目的新運動鞋款式和坡跟鞋類的複興促成了驚人的需求和品牌熱度。 Columbia 的成功植根於該品牌的差異化創新、價值主張和真正的戶外傳統。

During the quarter, Columbia continued its long history of innovation with several new product technologies, including the ODX mesh fabric in outerwear and TECHLITE Plush cushioning in footwear.

在本季度，Columbia 延續了其悠久的創新歷史，推出了多項新產品技術，包括外套中的 ODX 網眼面料和鞋類中的 TECHLITE Plush 緩衝墊。

For the purpose of our revised financial outlook, we have removed any future sales to our Russia-based distributor. Despite removing these sales, we are reiterating our net sales forecast.

出於我們修訂財務展望的目的，我們已經取消了對我們位於俄羅斯的分銷商的任何未來銷售。儘管取消了這些銷售額，但我們重申了我們的淨銷售額預測。

Since our last call, our Fall '22 order book has strengthened in many other global markets. Based on our encouraging start to '22 and lower share count, we are increasing our full year earnings and diluted earnings per share outlook. We remain focused on unlocking the tremendous growth opportunities we see across our brand portfolio while mitigating the impact of inflationary pressures and supply chain constraints. We are also investing back into the business to drive favorable long-term results. I'll provide more detail regarding our updated outlook later in the call.

自我們上次致電以來，我們在許多其他全球市場中的 22 年秋季訂單有所增加。基於我們對 22 年令人鼓舞的開端和較低的股票數量，我們正在增加我們的全年收益和稀釋後的每股收益前景。我們仍然專注於釋放我們在品牌組合中看到的巨大增長機會，同時減輕通脹壓力和供應鏈限制的影響。我們還在重新投資該業務，以推動有利的長期業績。我將在稍後的電話會議中提供有關我們更新的前景的更多詳細信息。

The confidence we have in our business is reflected in our elevated share repurchase activity. During the quarter, we repurchased $217 million of common stock, representing a 4% reduction in shares outstanding since December 31. At the April board meeting, our board approved a $500 million increase to our share repurchase authorization.

我們對業務的信心反映在我們增加的股票回購活動中。在本季度，我們回購了 2.17 億美元的普通股，自 12 月 31 日以來流通股減少了 4%。在 4 月的董事會會議上，我們的董事會批准將我們的股票回購授權增加 5 億美元。

Even with this elevated share repurchase activity, our fortress balance sheet remains intact. We exited the quarter with cash and short-term investments of $610 million and no bank borrowing.

即使股票回購活動增加，我們的堡壘資產負債表仍然完好無損。我們以 6.1 億美元的現金和短期投資退出本季度，沒有銀行借款。

Now I'll quickly review our first quarter '22 financial performance in more detail. Our first quarter net sales were generally in line with our internal plan. When combined with strong gross margin performance and lower-than-planned SG&A expenses, diluted earnings per share exceeded our expectations.

現在，我將快速更詳細地回顧一下我們 22 年第一季度的財務業績。我們第一季度的淨銷售額總體上符合我們的內部計劃。再加上強勁的毛利率表現和低於計劃的 SG&A 費用，攤薄後的每股收益超出了我們的預期。

First quarter net sales growth was broad-based. Both our DTC and wholesale businesses increased 22%. Within our DTC business, brick-and-mortar increased 22% and e-commerce increased 21%.

第一季度淨銷售額增長基礎廣泛。我們的 DTC 和批發業務均增長了 22%。在我們的 DTC 業務中，實體店增長了 22%，電子商務增長了 21%。

Gross margin contracted 170 basis points, with the largest driver being higher freight expenses. Gross margin performance was ahead of our internal plan, primarily driven by a favorable full price selling environment.

毛利率收縮 170 個基點，最大的驅動因素是運費上漲。毛利率表現優於我們的內部計劃，主要受有利的全價銷售環境推動。

SG&A leverage was able to partly offset gross margin pressure, resulting in only a 30-basis point decline in operating margin compared to first quarter '21. Diluted earnings per share increased 23% to $1.03.

SG&A 槓桿能夠部分抵消毛利率壓力，與 21 年第一季度相比，營業利潤率僅下降了 30 個基點。每股攤薄收益增長 23% 至 1.03 美元。

I will now review first quarter '22 financial performance and reference year-over-year comparisons versus the first quarter of '21, unless otherwise noted. U.S. net sales increased 23% with our DTC and wholesale businesses both increasing low 20%. Favorable weather early in the quarter fueled strong late-season cold weather product sales. As the quarter progressed, the combination of lean Spring '22 inventories at retail and the anniversary of prior year government stimulus resulted in sales growth moderating in March.

除非另有說明，我現在將回顧 22 年第一季度的財務業績和參考與 21 年第一季度的同比比較。美國的淨銷售額增長了 23%，我們的 DTC 和批發業務均增長了 20%。本季度初的有利天氣推動了季末寒冷天氣產品的強勁銷售。隨著季度的推進，Spring '22 零售業的精益庫存和上一年政府刺激措施的周年紀念日相結合，導致 3 月份的銷售增長放緩。

Our U.S. DTC business comped positively across all channels. Traffic levels in our brick-and-mortar stores continued to improve as consumers return to in-store shopping. We achieved an important milestone in the first quarter with our U.S. outlet stores traffic returning to pre-pandemic levels.

我們的美國 DTC 業務在所有渠道中都取得了積極的競爭。隨著消費者重返店內購物，我們實體店的客流量持續改善。我們在第一季度實現了一個重要的里程碑，我們的美國直銷店客流量恢復到大流行前的水平。

U.S. wholesale growth reflects higher shipments of our robust Spring '22 order book. Sales growth would have been even higher had it not been for later receipts and shipments of Spring '22 product. Overall, these delays were largely in line with our expectations.

美國批發增長反映了我們強勁的 22 年春季訂單出貨量增加。如果不是後來 Spring '22 產品的收貨和發貨，銷售增長會更高。總體而言，這些延誤在很大程度上符合我們的預期。

It's too early in the season to get a good read on Spring '22 sell-through at our retail partners as many are still processing our shipments. With that said, we've been pleased with our recent DTC sell-through. We anticipate being well positioned with merchandise to meet consumer demand during the important spring holidays and summer sales months.

在我們的零售合作夥伴處了解 22 年春季的銷售情況還為時過早，因為許多合作夥伴仍在處理我們的貨物。話雖如此，我們對最近的 DTC 銷售感到滿意。在重要的春季假期和夏季銷售月份，我們預計將在商品方面處於有利地位，以滿足消費者的需求。

From my review of international markets, I'll reference constant currency net sales growth rates. During the first quarter, most regions continued to see favorable recovery trends. Latin America, Asia Pacific region or LAAP, net sales increased 14%. China was flat in the quarter as favorable cold weather sales were offset by the impact of recent mandatory quarantines related to the continued COVID-19 outbreak in that region. While the recent surge in virus cases creates near-term uncertainty, long term, we remain focused on driving growth and enhancing the consumer experience in this important market. Japan increased mid-teens percent reflecting favorable weather this year and the lapping of state of emergency declarations, which hindered sales in the prior year. Korea grew high teens percent, reflecting favorable weather and strong outerwear performance. LAAP distributor markets were up mid 60%, driven by shipment of higher Spring '22 orders. Europe, Middle East, Africa region, or EMEA, net sales increased 42%. This was driven by robust growth in both the Europe-direct and EMEA distributor business.

根據我對國際市場的回顧，我將參考固定貨幣淨銷售額增長率。一季度，大部分地區繼續呈現良好的複蘇趨勢。拉丁美洲、亞太地區或LAAP，淨銷售額增長14%。中國在本季度持平，因為有利的寒冷天氣銷售被最近與該地區持續爆發的 COVID-19 爆發相關的強制隔離的影響所抵消。雖然最近病毒病例的激增造成了近期的不確定性，但從長期來看，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。日本增長了 10% 左右，這反映了今年有利的天氣和緊急狀態聲明的實施，這阻礙了上一年的銷售。韓國的增長率高達 10%，這反映了有利的天氣和強勁的外套表現。受 Spring '22 訂單出貨量增加的推動，LAAP 分銷商市場增長了 60%。歐洲、中東、非洲地區或 EMEA，淨銷售額增長了 42%。這是由歐洲直接和 EMEA 分銷商業務的強勁增長推動的。

Europe-direct grew high 30%, fueled by a strong recovery in consumer demand across our wholesale and DTC businesses. Our performance in Europe-direct markets has been encouraging, and we've seen minimal impact from the Russia-Ukraine conflict in these markets to date.

在我們批發和 DTC 業務的消費者需求強勁復甦的推動下，歐洲直航增長了 30%。我們在歐洲直接市場的表現令人鼓舞，迄今為止，我們看到俄羅斯-烏克蘭衝突對這些市場的影響微乎其微。

Our EMEA distributor business was up low 60%, driven by shipments of higher Spring '22 orders. The bulk of our Spring '22 shipments to our Russia-based distributor occurred in fourth quarter '21. A small portion of these Spring '22 shipments occurred in the first quarter '22 prior to the onset of the conflict.

在 22 年春季訂單出貨量增加的推動下，我們的 EMEA 分銷商業務增長了 60%。我們向俄羅斯經銷商的大部分 22 年春季發貨發生在 21 年第四季度。這些 22 年春季裝運的一小部分發生在衝突爆發前的 22 年第一季度。

Canada net sales increased 27% with broad-based growth across DTC and wholesale. Growth was led by our DTC brick-and-mortar business which benefited from the anniversary of prior year temporary store closures.

加拿大的淨銷售額增長了 27%，DTC 和批發業務的基礎廣泛增長。增長由我們的 DTC 實體業務引領，該業務受益於上一年臨時關閉商店的周年紀念日。

Looking at performance by brand. I thought I'd break from tradition and start with SOREL this quarter, given its outstanding performance. Net sales increased 37% despite supply challenges, driven by strong wholesale and DTC performance.

按品牌看業績。鑑於 SOREL 的出色表現，我想我會打破傳統，從本季度開始使用 SOREL。儘管供應面臨挑戰，但在強勁的批發和 DTC 業績的推動下，淨銷售額增長了 37%。

In addition to favorable cold weather product sales, we continue to see year-round styles gain traction. The Kinetic Impact lace sneaker was the #1 style in terms of units sold on sorel.com, highlighting the brand's growing presence in the multibillion-dollar sneaker category.

除了有利的寒冷天氣產品銷售，我們繼續看到全年款式獲得牽引力。 Kinetic Impact 蕾絲運動鞋在 sorel.com 上的銷量排名第一，突顯了該品牌在價值數十億美元的運動鞋類別中日益增長的影響力。

As consumers return to in-person social activities, SOREL has seen a tremendous resurgence in their wedge category led by the Out 'N About collection. SOREL recently partnered with LA-based Alfred Coffee to create a limited-edition collection, both SOREL and Alfred keep people moving forward and this collab was designed for those people on the go. The collection is inspired by Alfred's 2 most popular beverage, their world-famous Iced (technical difficulty)

隨著消費者回歸面對面的社交活動，SOREL 看到了由 Out 'N About 系列引領的楔形產品類別的巨大復蘇。 SOREL 最近與總部位於洛杉磯的 Alfred Coffee 合作創建了一個限量版系列，SOREL 和 Alfred 都讓人們不斷前進，這個合作是為那些忙碌的人設計的。該系列的靈感來自 Alfred 的 2 種最受歡迎的飲料，他們舉世聞名的 Iced（技術難度）

We see a clear path for SOREL to be $1 billion brand, and we are investing in demand creation and product to fuel that growth.

我們看到 SOREL 成為價值 10 億美元的品牌的明確道路，我們正在投資於需求創造和產品以推動這一增長。

Turning to the Columbia brand. Net sales increased 22% in the first quarter. Growth was broad-based across outerwear, footwear and sportswear. On the innovation front, our Spring '22 product line includes the launch of several new differentiated technologies and products. We introduced OutDry Extreme mesh fabric which features next-to-skin comfort, ultimate breathability, superior waterproofness and no added PFCs.

轉向哥倫比亞品牌。第一季度淨銷售額增長了 22%。外套、鞋類和運動裝的增長基礎廣泛。在創新方面，我們的 Spring '22 產品線包括推出幾種新的差異化技術和產品。我們推出了 OutDry Extreme 網眼面料，具有貼身舒適、極致透氣性、卓越防水性和無添加 PFC 的特點。

In footwear, we launched TECHLITE Plush, our pinnacle cushioning experience. This responsive extra-light foam provides long-lasting cushioning while an elevated midsole design improves heel-to-toe transition and maximizes comfort over uneven terrain.

在鞋類方面，我們推出了 TECHLITE Plush，我們的巔峰緩震體驗。這種反應靈敏的超輕泡棉可提供持久的緩震效果，而升高的中底設計可改善腳跟到腳趾的過渡，並在不平坦的地形上最大限度地提高舒適度。

We've also combined 2 of our top warm weather technologies in the new PFG Terminal Deflector Ice hoodie. It utilizes Omni-Shade Sun Deflector to deflect sunlight and Omni-Freeze ZERO Ice to cool and wick moisture away from the body. Applied to our new lightweight fabric, these 2 technologies deliver game-changing sun protection and cooling performance.

我們還在新款 PFG Terminal Deflector Ice 連帽衫中結合了我們的兩項頂級溫暖天氣技術。它利用 Omni-Shade Sun Deflector 來偏轉陽光，並利用 Omni-Freeze ZERO Ice 來冷卻和吸走身體上的水分。這兩項技術應用於我們的新型輕質面料，可提供改變遊戲規則的防曬和冷卻性能。

On the product partnership front, Columbia partnered with Kith, a New York-based boutique, to launch an exciting spring collection in select U.S. and international markets. The collection featured iconic Columbia products and technologies interpreted through the Kith design lens.

在產品合作方面，Columbia 與總部位於紐約的精品店 Kith 合作，在特定的美國和國際市場推出了令人興奮的春季系列。該系列以通過 Kith 設計鏡頭詮釋的標誌性哥倫比亞產品和技術為特色。

The collaboration honored our outdoor heritage while engaging a younger audience. Several of the top styles sold out online within an hour, attesting to the equity of the Columbia brand in that space.

此次合作尊重了我們的戶外傳統，同時吸引了年輕觀眾。幾個頂級款式在一個小時內就在網上售罄，證明了哥倫比亞品牌在該領域的地位。

Columbia celebrated International Women's Day by highlighting women who inspire us, from the employees and our women's leadership initiative to our founder, tough mother, Gert Boyle. Gert's fierce spirit, no nonsense humor and high standards still guide us to this day. Columbia continued our partnership with nonprofit GirlTrek, which aims to unite black women by creating opportunities for them to walk together.

哥倫比亞慶祝國際婦女節，突出了激勵我們的女性，從員工和我們的女性領導力倡議到我們的創始人、堅強的母親格特博伊爾。格特的兇猛精神、不廢話的幽默和高標準仍然指引著我們走到今天。哥倫比亞繼續與非營利組織 GirlTrek 建立合作夥伴關係，該組織旨在通過為黑人女性創造一起行走的機會來團結她們。

In February, Columbia-sponsored athlete, Bubba Wallace, kicked off the NASCAR season with a second-place finish at the Daytona 500. At the event, Columbia hosted an interactive booth showcasing Bubba's #23 car wrapped in an Omni-Heat Infinity paint scheme as well as our recently released Bubba Wallace collection. Bubba collaborated with our product team to select fabrics, colorways and design details to create a distinct collection inspired by his lifestyle and race team.

2 月，哥倫比亞贊助的運動員 Bubba Wallace 在 Daytona 500 中以第二名的成績拉開了 NASCAR 賽季的序幕。在活動中，哥倫比亞舉辦了一個互動展台，展示了 Bubba 的 23 號賽車，該賽車採用了 Omni-Heat Infinity 油漆方案以及我們最近發布的 Bubba Wallace 系列。 Bubba 與我們的產品團隊合作，選擇面料、配色和設計細節，以他的生活方式和賽車隊為靈感，打造出獨特的系列。

The booth also featured a life-sized replica of intuitive machines, lunar lander, which utilizes Omni-Heat Infinity technology. The lunar lander will carry that technology and Columbia branding to the moon in the coming months.

展台還展示了一個真人大小的直觀機器複製品，即月球著陸器，它利用了 Omni-Heat Infinity 技術。月球著陸器將在未來幾個月內將該技術和哥倫比亞品牌帶到月球上。

Columbia will be the primary sponsor on Bubba's car in 3 races this year. At the recent Bristol Motor Speedway dirt race, Bubba's car featured a retro-inspired theme, capturing the essence of iconic Columbia styles with neon colors and bold color blocking. Congrats Bubba on the strong start to the season.

哥倫比亞將在今年的 3 場比賽中成為 Bubba 賽車的主要贊助商。在最近的布里斯托爾賽道越野賽中，Bubba 的賽車採用了復古風格的主題，以霓虹色和大膽的色塊捕捉了哥倫比亞標誌性風格的精髓。祝賀 Bubba 在本賽季的強勢開局。

We would also like to applaud another one of our Columbia ambassadors, Luke Combs, who recently won Country Artist of the Year at the iHeart music awards. Luke and his wife are avid outdoors people, and we're excited to partner with him on an upcoming hunting collection.

我們還要為我們的另一位哥倫比亞大使 Luke Combs 鼓掌，他最近在 iHeart 音樂獎上獲得了年度鄉村藝術家獎。 Luke 和他的妻子是戶外運動愛好者，我們很高興能與他合作推出即將推出的狩獵系列。

I'd like to congratulate Columbia-sponsored athlete, Cassie Sharpe, who won silver in the women's halfpipe competition at the Winter Olympics. This is an especially incredible achievement as Cassie spent most of the last year recovering from an injury.

我要祝賀哥倫比亞贊助的運動員 Cassie Sharpe 在冬季奧運會女子半管比賽中獲得銀牌。這是一個特別令人難以置信的成就，因為卡西去年大部分時間都在從傷病中恢復過來。

Our sponsorship of the USA Curling team is off to a tremendous start. The Columbia uniforms and our logo were prominent throughout several weeks of Olympics competition, and the events captured the attention of new and avid Curling fans alike.

我們對美國冰壺隊的讚助有了一個巨大的開端。在數週的奧運會比賽中，哥倫比亞隊的製服和我們的標誌一直很突出，這些賽事吸引了新的和狂熱的冰壺球迷的注意。

I would also like to announce the hiring of Pri Shumate as the Chief Marketing Officer for the Columbia brand. Pri has extensive background in driving demand creation in multiple consumer categories, and we're excited to have her leading the marketing efforts of the largest brand in our portfolio.

我還想宣布聘請 Pri Shumate 擔任 Columbia 品牌的首席營銷官。 Pri 在推動多個消費類別的需求創造方面擁有廣泛的背景，我們很高興她能夠領導我們產品組合中最大品牌的營銷工作。

Shifting back to our emerging brands. prAna net sales increased 4%. Sales growth in the quarter was constrained by late receipt of Spring '22 inventory.

轉向我們的新興品牌。 prAna 淨銷售額增長 4%。本季度的銷售增長受到 22 年春季庫存延遲接收的限制。

Recently, prAna and SOREL teamed up for an apparel and footwear collab. This new collection includes sneaker and sandal styles that feature the iconic design and comfort that SOREL is known for and an elevated active apparel collection with prAna sustainability ethos.

最近，prAna 和 SOREL 聯手進行了服裝和鞋類合作。這個新系列包括運動鞋和涼鞋款式，採用 SOREL 聞名的標誌性設計和舒適性，以及具有 prAna 可持續發展精神的高級運動服裝系列。

Mountain Hardwear net sales increased 5% in the quarter. Sales growth was constrained by late receipt of Spring '22 inventory, resulting in some shipments moving into the second quarter. As a result, we anticipate Mountain Hardwear second quarter net sales growth to exceed first quarter performance.

Mountain Hardwear 本季度淨銷售額增長 5%。銷售增長受到 Spring '22 庫存延遲接收的限制，導致一些出貨量進入第二季度。因此，我們預計 Mountain Hardwear 第二季度的淨銷售額增長將超過第一季度的業績。

For Spring '22, Mountain Hardwear introduced the new Kor AirShell collection. This ultralight ultra-packable stretch layer keeps wind and water out, while it's super breathable fabrics provide a near weightless feel.

22 年春季，Mountain Hardwear 推出了新的 Kor AirShell 系列。這款超輕超可壓縮彈力層可防止風和水進入，而它的超透氣面料提供近乎失重的感覺。

I'll now discuss our updated 2022 financial outlook. This outlook and commentary includes forward-looking statements. Please see our Form 8-K and CFO commentary and financial review presentation for additional details and disclosures related to these statements.

我現在將討論我們更新的 2022 年財務展望。本展望和評論包括前瞻性陳述。請參閱我們的 8-K 表格和 CFO 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。

The operating environment remains dynamic with significant growth opportunities as well as ongoing supply chain and inflationary pressures. We are reiterating our 16% to 18% year-over-year net sales growth outlook. We have removed any future sales to our Russian-based distributor from our outlook. This equates to about a 2% headwind to full year consolidated net sales. We were able to offset this headwind given that our Fall '22 order book has strengthened in many other global markets since our last call.

經營環境仍然充滿活力，擁有巨大的增長機會以及持續的供應鍊和通脹壓力。我們重申我們的淨銷售額同比增長 16% 至 18% 的前景。我們已經從我們的展望中刪除了對我們俄羅斯經銷商的任何未來銷售。這相當於全年合併淨銷售額約 2% 的逆風。鑑於自上次電話會議以來我們在許多其他全球市場的 22 年秋季訂單有所增加，我們能夠抵消這一不利因素。

As we noted when we gave our initial 2022 financial outlook, we have calibrated the forecast we are giving you today to reflect ongoing supply chain bottlenecks as well as economic and market uncertainties. To the extent we can mitigate these supply chain constraints or market conditions allow, we see potential upside to our financial outlook.

正如我們在給出最初的 2022 年財務展望時指出的那樣，我們已經校準了今天給您的預測，以反映持續的供應鏈瓶頸以及經濟和市場的不確定性。在我們可以緩解這些供應鏈限製或市場條件允許的情況下，我們認為我們的財務前景有潛在的上行空間。

Gross margin is expected to contract approximately 130 basis points to approximately 50.3%. We expect SG&A expenses to grow at slightly slower rate than net sales, inclusive of strategic investments we're making to drive long-term profitable growth. We expect operating margin to be in the range of 13.2% to 13.6% compared to 14.4% in 2021.

毛利率預計將收縮約 130 個基點至約 50.3%。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。我們預計營業利潤率將在 13.2% 至 13.6% 之間，而 2021 年為 14.4%。

Based on our year-to-date share repurchases, we now expect our diluted share count for the year to be 63.6 million shares. This results in a diluted earnings per share outlook of $5.70 to $6, up $0.20 from our prior outlook.

根據我們年初至今的股票回購，我們現在預計我們今年的稀釋股數為 6360 萬股。這導致稀釋後的每股收益預期為 5.70 美元至 6 美元，比我們之前的預期增加了 0.20 美元。

For the second quarter, we anticipate mid-single-digit net sales growth and near breakeven earnings. This lower level of sales growth reflects the removal of Fall '22 shipments to our Russia-based distributor as well as the impact of the rise of COVID-19 cases in China. Quarantines and closures across several regions in China have reduced near-term consumer demand in that market.

對於第二季度，我們預計淨銷售額將實現中位數增長和接近盈虧平衡的收益。這種較低的銷售增長水平反映了 22 年秋季對我們位於俄羅斯的分銷商的出貨量以及中國 COVID-19 病例增加的影響。中國多個地區的隔離和關閉減少了該市場的近期消費需求。

As we highlighted on our last call, we will be hosting an Investor Day at our campus here in Portland this fall. The date a has been set for September 22. We look forward to showcasing the brand, the strategies and exciting products that are fueling our growth.

正如我們在上次電話會議中強調的那樣，今年秋天我們將在波特蘭的校園舉辦投資者日活動。日期定為 9 月 22 日。我們期待展示品牌、戰略和令人興奮的產品，這些都是推動我們發展的動力。

In summary, I'm confident we have the right strategies in place to unlock the significant growth opportunities we see across the business. And we're investing in our strategic priorities that will drive brand awareness and sales growth through increased focused demand creation investments; enhance consumer experience and digital capabilities in all 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.

總之，我相信我們制定了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；在我們的品牌組合中投資於我們的員工並優化我們的組織。

That concludes my prepared remarks. We welcome your questions for the remainder of the hour. Operator, could you help us with that?

我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。接線員，你能幫幫我們嗎？

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

（操作員說明）第一個問題來自古根海姆的 Bob Drbul。

Tim, can you -- I think you talked about the order books improving since the last time we talked. Can you elaborate a little bit more on that? And I think just in terms of how you see the inventory flow -- your inventories that you have on hand, but where you see retail inventories are, if you could give us a little more color on that, that would be helpful.

蒂姆，你能 - 我想你談到了自我們上次談話以來訂單簿有所改善。你能詳細說明一下嗎？我認為就你如何看待庫存流動而言——你手頭的庫存，但你看到零售庫存的位置，如果你能給我們更多的顏色，那會很有幫助。

Certainly. Drbul, we take the bulk of our orders for seasons well in advance. So as an example, for Fall '22, we took the bulk of the orders in, call it, October, November, December and, to a certain extent, January. But we take orders beyond that period, clearly during the season itself, so we have visibility to the order book all the way through. And it was quite strong and strengthened all the way through the order-taking cycle, so we feel very comfortable where we are with the book. We also know that based on the amount of inventory we were able to deliver for Fall '21 and the late winter weather in early '22 that we're going to have a very receptive group of retail partners and consumers looking for winter merchandise.

當然。 Drbul，我們提前接受了大部分季節的訂單。例如，對於 22 年秋季，我們將大部分訂單稱為 10 月、11 月、12 月以及在一定程度上是 1 月。但是我們在那個時期之後接受訂單，顯然是在季節本身，所以我們一直都能看到訂單。它在接單週期的整個過程中都非常強大和加強，所以我們對這本書感到很自在。我們還知道，根據我們能夠為 21 年秋季交付的庫存量和 22 年初的冬末天氣，我們將有一群非常樂於接受的零售合作夥伴和消費者尋找冬季商品。

And Bob, geographically, that growth in the order book, I'd say there's a high concentration of growth that's focused in North America, where we've been stronger, as well as in our European direct business.

而鮑勃，從地理上看，訂單簿中的增長，我想說的是，增長高度集中在北美，我們在北美以及我們的歐洲直接業務。

Got it. Okay. And I guess just in the inventory that you have on hand, can you just tell us like with the increase in the order book, how are you approaching your DTC, your outlet stores a little bit more on the inventory as you think about the rest of the year?

知道了。好的。而且我想就在您手頭的庫存中，您能否告訴我們，隨著訂單的增加，您如何接近您的 DTC，您的直銷店在您考慮其餘部分時會在庫存中存儲更多年度？

Yes. We're buying what our customers want from us, what our wholesale customers want from us, and we're buying merchandise also for the stores. But we have the ability to put that merchandise, if it was required, into the outlet stores later in the season. So we have a number of levers we can pull in the event that we've got inventory back up for whatever reason.

是的。我們從客戶那裡購買我們想要的東西，我們的批發客戶從我們這裡購買的東西，我們也在為商店購買商品。但是，如果需要，我們有能力在本季晚些時候將這些商品放入直銷店。因此，我們有許多槓桿可以在我們因任何原因恢復庫存的情況下使用。

Up next, we have Jim Duffy with Stifel.

接下來，我們有 Stifel 的 Jim Duffy。

I want to start with the question on the footwear business. First off, congratulations on the SOREL momentum. Can you speak to the gender mix within SOREL and how that's changing? Is it one gender or the other that's really driving the momentum? And then the strong footwear outlook for the year, is that led by SOREL? Or is it balanced, and Columbia is participating as well? And then Lastly, I guess, what's the impediment to securing more capacity? Is it simply that the larger brands are getting the priority as capacity comes online?

我想從關於鞋類業務的問題開始。首先，祝賀 SOREL 的發展勢頭。您能否談談 SOREL 內部的性別組合以及這種變化如何？真正推動這種勢頭的是一種性別還是另一種性別？那麼今年強勁的鞋類前景是由 SOREL 領導的嗎？還是平衡了，哥倫比亞也參與其中？最後，我想，確保更多容量的障礙是什麼？只是隨著產能的上線，大品牌獲得了優先權嗎？

Certainly. Well, let me tell you it's spread quite evenly across the 2 brands, but SOREL is by far the fastest growing, and it is primarily women's product. I may have the numbers wrong, but the scale is about right. This is probably in the neighborhood of 70%, 75% women's product in SOREL. And especially in the first quarter, we had the benefit of some winter merchandise, but it's really the sneakers and the wedges that are leading for SOREL what's happening here. So we're very excited about that brand and the possibilities for it. Columbia's product line has been led with the new bridge, which is a hiking style, one that's been very popular throughout the pandemic and before. It's one of our mainstays. And it's a terrific style and done very, very well for the company across the board.

當然。好吧，讓我告訴你它在兩個品牌中的分佈相當均勻，但 SOREL 是迄今為止增長最快的，它主要是女性產品。我可能有錯誤的數字，但規模是正確的。這可能是 SOREL 中 70%、75% 的女性產品。尤其是在第一季度，我們受益於一些冬季商品，但真正引領 SOREL 發展的真正是運動鞋和坡跟鞋。所以我們對這個品牌及其可能性感到非常興奮。哥倫比亞的產品線以新橋為主導，這是一種徒步旅行風格，在整個大流行期間和之前都非常流行。這是我們的支柱之一。這是一種了不起的風格，對整個公司來說都做得非常非常好。

And then as it relates to enough inventory, we're concerned specifically in the wedges for SOREL, there are specialty factories that need to build that merchandise. So it's more narrow for the company than, we'd say, the opportunities for the sneaker business, which is factories are much more -- there are more factories able to make that kind of product. But we're building relationships and strengthening our relationships with our Asian partners on footwear production, and we expect that in '23, we'll have as much as we want, which is frankly more than today.

然後因為它與足夠的庫存有關，我們特別關注 SOREL 的楔子，有一些專業工廠需要生產這種商品。因此，對於公司而言，它比我們所說的運動鞋業務的機會更窄，因為工廠更多——有更多的工廠能夠生產這種產品。但我們正在與亞洲合作夥伴在鞋類生產方面建立關係並加強我們的關係，我們預計在 23 年，我們將擁有我們想要的盡可能多的東西，坦率地說，這比今天要多。

Yes, Jim, and just one other comment. As it relates to our full year outlook for footwear, the mid-20% growth, and it's relatively balanced across both Columbia footwear and SOREL. In the prior quarter, when we reported, I think we indicated that SOREL would be up in the -- at or near the 30%. That's come down a little bit, and that's mostly -- or that's entirely supply-side effects with the anticipation of some of our fall '22 production being a little bit late relative to the market. If it happens to get in a little bit earlier. Certainly, what we're seeing from a consumer demand standpoint, and you see it in the first quarter, where demand is quite strong but balanced growth between the 2 brands.

是的，吉姆，還有另一條評論。由於它與我們對鞋類的全年展望相關，即 20% 的中期增長，並且在 Columbia 鞋類和 SOREL 之間相對平衡。在上一季度，當我們報告時，我認為我們表示 SOREL 的漲幅將達到或接近 30%。這已經下降了一點，這主要是 - 或者這完全是供應方面的影響，因為我們預計我們 22 年秋季的一些生產相對於市場來說有點晚了。如果它碰巧提前一點。當然，從消費者需求的角度來看，我們在第一季度看到了這一點，需求相當強勁，但兩個品牌之間的增長平衡。

The next question is coming from Laurent Vasilescu with Exane.

下一個問題來自 Laurent Vasilescu 和 Exane。

I want to ask about China. China is a mid-single-digit percentage of your overall sales. What are you baking into the 2Q guide of mid-singles for China? And maybe for overall for the year in your revised guide? And then I would love to hear if you're seeing -- I know China is an important hub for supply chain, if you're seeing any disruptions or are you seeing that the factories remain open with the strict COVID policies in China?

我想問一下中國。中國占您總銷售額的個位數百分比。你對中國中單的第二季度指南有什麼看法？也許在您的修訂指南中全年總體上？然後我很想听聽您是否看到-我知道中國是供應鏈的重要樞紐，您是否看到任何中斷，或者您是否看到工廠在中國嚴格的 COVID 政策下仍然開放？

Certainly. Well, we all know that there's been quite an amount of closures of almost everything in certain sections of China. And so we're not immune from that. Our headquarters are in Shanghai and our distribution center is in Shanghai. So we've been hampered there certainly of late by the zero-tolerance policy.

當然。好吧，我們都知道，在中國的某些地區，幾乎所有東西都關閉了很多。所以我們也不能倖免。我們的總部在上海，我們的配送中心在上海。因此，我們最近肯定受到零容忍政策的阻礙。

We expect that China still will be a very important marketplace for the company and we're treating it as such. Although the current opportunities that we expect to happen in that market are baked into the guidance we've given you today.

我們預計中國仍將是該公司非常重要的市場，我們也將其視為如此。儘管我們期望在該市場中發生的當前機會已納入我們今天為您提供的指導中。

As it relates to the supply chain, we have a very small amount of finished goods merchandise that enters the U.S. from China. But China is still a significant provider of componentry and raw materials for the company to be used in construction and other markets around the world. So we have some visibility on the supply side for our factories. And what we've given you today would indicate where we expect the final deliveries of merchandise to be.

由於它與供應鏈有關，我們有非常少量的成品商品從中國進入美國。但中國仍然是該公司在全球建築和其他市場使用的零部件和原材料的重要供應商。因此，我們對工廠的供應方有一定的了解。我們今天給您的信息將表明我們預計商品的最終交付地點。

Yes. And then as it relates specifically to Q2, that's the one quarter where I would anticipate China being the most impacted. As you look at the first quarter on a constant currency basis, we were flat. We had a really solid January, February. So we were really encouraged by consumer demand early in the year, but as the quarantines and lockdowns begin to take effect, that had a pretty detrimental impact on parts of our business in different geographies. So we've taken the Q2 down quite significantly. And then obviously, there's a fair amount of uncertainty, and we've baked in that into our outlook as well as best as we can.

是的。然後因為它與第二季度特別相關，這是我預計中國受影響最大的一個季度。當您以固定貨幣計算第一季度時，我們持平。我們有一個非常穩定的一月，二月。因此，我們在年初受到消費者需求的鼓舞，但隨著隔離和封鎖開始生效，這對我們在不同地區的部分業務產生了相當不利的影響。所以我們已經大大降低了第二季度的水平。然後很明顯，存在相當多的不確定性，我們已盡我們所能將其納入我們的前景。

Okay. Very helpful. And then with 2Q, you're guiding revenues mid-singles, gross margins down 200. So on a year-over-year basis, it looks like gross profit will be equal to last year. And then last year, 2Q you'd expect $0.61 in EPS. So I'm just trying to understand how to square away why you would have minimum EPS contribution in 2Q. Is there something like onetime expense that you're baking into the SG&A or just outsized profitability from China? Just trying to figure that out to understand the 1H EPS guide.

好的。很有幫助。然後在第二季度，您將指導收入中單，毛利率下降 200。因此，與去年同期相比，毛利潤看起來將與去年持平。然後在去年第二季度，您預計每股收益為 0.61 美元。因此，我只是想了解如何解決您在第二季度的每股收益貢獻最小的原因。是否有像一次性費用這樣的東西你正在投入 SG&A 或只是從中國獲得超額利潤？只是想弄清楚這一點以了解 1H EPS 指南。

I think, Laurent, it's effectively when you look at our Q2 outlook at plus 5% on the top line, this is really a function of the top line in change in our outlook relative to what we've previously provided because we previously indicated that the first half would be up high teen to low 20% and pretty balanced between the first and second quarter. And with us having removed sales to our Russian distributor from our outlook, coupled with what we just spoke of related to downward revisions to our China business, those are fundamentally the 2 most significant changes we've made to our outlook. Aside from that, in the first half, we've actually increased our outlook from a gross margin standpoint as we've seen slightly lesser effect from ocean freight relative to what we've previously estimated and continued strong oil price environment in which we're not as promotional. So I think it's really a function of that top line and fixed operating costs of the business that create that breakeven point that you see in the second quarter.

我認為，勞倫特，當你看到我們的第二季度前景在頂線上增加 5% 時，這實際上是頂線相對於我們之前提供的前景變化的函數，因為我們之前曾表示上半年將從高位到低位 20%，並且在第一季度和第二季度之間相當平衡。由於我們已經從我們的前景中刪除了對俄羅斯分銷商的銷售，再加上我們剛剛談到的與中國業務下調相關的內容，這些基本上是我們對前景做出的兩個最重大的改變。除此之外，在上半年，我們實際上從毛利率的角度增加了我們的前景，因為我們看到海運的影響相對於我們之前的估計和持續強勁的油價環境略小一些。不像促銷。因此，我認為這確實是該業務的收入和固定運營成本的一個功能，創造了您在第二季度看到的盈虧平衡點。

The next question is coming from Jonathan Komp with R. W. Baird.

下一個問題來自 Jonathan Komp 和 R. W. Baird。

Maybe more of a near-term question, when you look at the U.S. or your Europe-direct business, any insight to what you're seeing from consumer behaviors more recently? And then when we think to the back half and the higher sales growth rate relative to Q2, could you maybe just bridge some of the pieces to think about to the higher overall revenue growth rate?

也許更多的是一個短期問題，當您查看美國或您的歐洲直接業務時，您對最近從消費者行為中看到的內容有何見解？然後，當我們考慮到後半部分和相對於第二季度更高的銷售增長率時，您是否可以將一些考慮因素與更高的整體收入增長率聯繫起來？

Yes, go ahead.

好，去吧。

Yes, as it relates specifically to the U.S., Europe from a direct-to-consumer standpoint more recently, we saw solid demand throughout the first quarter. As we begin to lap certain of the economic stimulus, certainly, you'd expect that growth would be a little bit more subdued, and it was for us, but we didn't go backwards. It was relatively on par with the elevated levels we achieved last year, which we're incredibly pleased by that. Europe, likewise, very strong demand throughout the quarter in the DTC business. And then as we've planned it for the balance of the year and as we've previously discussed, we've moderated some of that growth that's factored into the outlook that we've provided and how we've thought about that from -- in the back half of the year.

是的，因為最近從直接面向消費者的角度來看，它與美國、歐洲特別相關，我們看到整個第一季度的需求都很強勁。當我們開始實施某些經濟刺激措施時，當然，你會期望增長會更加低迷，這對我們來說是這樣，但我們並沒有倒退。這與我們去年取得的高水平相當，我們對此感到非常高興。同樣，歐洲在整個季度對 DTC 業務的需求也非常強勁。然後，正如我們為今年餘下時間計劃的那樣，正如我們之前討論過的那樣，我們已經緩和了一些增長，這些增長已納入我們提供的前景以及我們如何考慮這一點 - - 下半年。

Yes. I just might comment that the growth in the outdoor business during the pandemic was very significant, and we expect that, that's going to continue to grow, and people will spend more time outdoors as well as the casualization of the workplace. So I know we're out here in the hinterland on the West, but there's not many neckties in our building.

是的。我只想評論說，大流行期間戶外業務的增長非常顯著，我們預計這種增長將繼續增長，人們將在戶外度過更多時間以及工作場所的休閒化。所以我知道我們在西部的腹地，但我們大樓裡沒有多少領帶。

Yes, there's a lot fewer here as well. But maybe as a follow-up question for the Investor Day, since it will be your first, I know you've signaled you have a pathway to $1 billion or more of sales for SOREL. But are you planning to sort of lay out longer-term financial targets for the whole business? And when we think of the Columbia brand, can you share kind of the main drivers that you see directionally for some of the growth drivers after 2022?

是的，這裡也少了很多。但也許作為投資者日的後續問題，因為這將是你的第一個問題，我知道你已經表明你有一條通往 SOREL 10 億美元或更多銷售額的途徑。但是您是否打算為整個業務制定長期財務目標？當我們想到哥倫比亞品牌時，您能否分享一下您對 2022 年之後的一些增長驅動力有方向性的主要驅動力？

Yes, certainly, we'll be much more expansive when we get to the Investor Day, but we will have presentations from all of the brands during that period. And they will be focused primarily on the products that we're providing and how we expect our products to evolve and go forward with the consumer.

是的，當然，當我們到達投資者日時，我們會更加廣泛，但在此期間我們將有來自所有品牌的演示。他們將主要關注我們提供的產品以及我們期望我們的產品如何發展並與消費者一起前進。

We're also going to talk about specifically as it relates to the Columbia brand, the increased demand creation spend and focus that we're going to be talking about. So we've talked for every quarter really about the increased investment and demand creation, and we'll be able to show you our plans as it relates to that.

我們還將專門討論與哥倫比亞品牌有關的需求創造支出的增加和我們將要討論的重點。因此，我們每個季度都在討論增加投資和創造需求，我們將能夠向您展示我們與此相關的計劃。

We believe that we've got the right product and the right investment in infrastructure to provide a very large growth for the company. We just need to supercharge the brand awareness on all brands but specifically on the Columbia brand.

我們相信我們擁有正確的產品和對基礎設施的正確投資，可以為公司提供非常大的增長。我們只需要增強所有品牌的品牌知名度，尤其是哥倫比亞品牌。

Yes. And then, John, I think to your question on long term, certainly, we look to include in that Investor Day, our point of view in how we're driving growth across each of the brands and what that equates to from an overall growth and earnings algorithm perspective.

是的。然後，約翰，我認為你的問題是長期的，當然，我們希望在那個投資者日中包括我們對如何推動每個品牌的增長的觀點，以及這相當於整體增長的意義和收益算法的觀點。

Next, we have John Kernan with Cowen.

接下來是John Kernan 和Cowen。

This is Krista Zuber on for John. I just wanted to circle back first on the SG&A, and then I have 1 follow-up. So the prior guidance, if I understand it was for first half SG&A to grow at a slightly slower pace than sales, and obviously has been revised to somewhat faster than sales growth. Could you just give us a sense of what -- for the second half, I guess, of '22, is it potentially possible then to have some leverage in order to get to the full year guide, which is, I guess, modest leverage for the full year?

這是約翰的克里斯塔祖伯。我只是想先回到 SG&A，然後我有 1 個跟進。因此，之前的指導，如果我理解上半年 SG&A 的增長速度略低於銷售額，顯然已經修改為略快於銷售額增長。您能否讓我們了解一下——我猜，在 22 年下半年，是否有可能獲得一些槓桿以達到全年指南，我猜，這是適度的槓桿全年？

Yes. We do have modest SG&A leverage planned for the full year. There's a slight increase in our SG&A outlook for the year. And that's going to be mostly related to inflationary pressure. And with an inflationary pressure, that's impacting many facets of our business and the least of which is wage pressure, and we've made wage adjustments in the business. And certainly, you're seeing that as it relates to ocean freight, and we've also seen increases in oil prices that are equating to fuel surcharges. Much of that is up in our gross margin, but it's effectively the inflationary pressure that's impacting that SG&A line.

是的。我們確實為全年計劃了適度的 SG&A 槓桿。我們今年的 SG&A 前景略有增加。這主要與通脹壓力有關。由於通貨膨脹壓力，這影響了我們業務的許多方面，其中最小的是工資壓力，我們已經對業務進行了工資調整。當然，您會看到這與海運有關，而且我們還看到油價上漲等同於燃油附加費。其中大部分是我們的毛利率上升，但實際上是通脹壓力影響了 SG&A 線。

Okay. Great. And then just on the pricing actions, I think I recall that for the first half, you were looking for, at least for Spring '22, was sort of a mid-single-digit pricing increase and then planning sort of high single to low double for Fall '22. I guess any sort of pushback? Or what's the reception been so far? And do you anticipate further increases into 2023 as you start to build orders initially for Spring 2023?

好的。偉大的。然後就定價行為而言，我想我記得上半年，至少在 22 年春季，您一直在尋找中個位數的定價增長，然後計劃從高單到低22 年秋季的兩倍。我想有什麼回擊嗎？或者到目前為止的接待情況如何？當您開始為 2023 年春季建立訂單時，您是否預計到 2023 年會進一步增加？

Yes. Well, we don't -- obviously, we don't have any consumer reaction to Fall '22 yet, but the reaction from our dealers, which we take as a [plebiscite] for the consumer was quite good, and that's reflected in the strength of our order book. For Spring '22, the modest increases have not yet been impactful. And so our expectation is that consumers are expecting inflation across the product categories that they buy, and they've been responsive so far.

是的。好吧，我們沒有——顯然，我們還沒有任何消費者對 22 年秋季的反應，但我們的經銷商的反應，我們認為這是對消費者的 [公民投票]，反應非常好，這反映在我們的訂單簿的實力。對於 Spring '22，適度的增長尚未產生影響。因此，我們的預期是，消費者預計他們購買的產品類別會出現通貨膨脹，並且到目前為止他們一直在做出反應。

Next, we have Mitch Kummetz with Seaport Global.

接下來是 Seaport Global 的 Mitch Kummetz。

Got a couple. First off on gross margin. So you guys obviously raised your outlook in the -- for the first half. And Jim, I think you mentioned that was largely due to ocean freight and full price is becoming better than previously expected. I haven't been able to do the math on the back half yet as to what's implied. But any changes to your gross margin on the back half? And any thoughts on how you view full-price selling promotions, ocean freight, things like that in terms of the back half versus maybe what you're thinking off the last quarter?

有一對。首先是毛利率。所以你們顯然提高了上半年的前景。吉姆，我想你提到這主要是由於海運和全價變得比以前預期的要好。我還無法計算出後半部分的含義。但是後半部分的毛利率有什麼變化嗎？關於你如何看待全價銷售促銷、海運等關於後半部分的想法與你對上個季度的想法有何看法？

I think the changes in the back half are going to be pretty modest. Most of what we changed in the gross margin outlook is going to be in the first part of the year due to the 2 factors I talked about in terms of the ocean freight and the less promotional effect.

我認為後半部分的變化將非常溫和。由於我談到的海運和促銷效果較小這兩個因素，我們對毛利率前景的大部分改變將在今年上半年發生。

And as we look out at the balance of the year here, we're normalizing the effect of promotions and building in a bit promotions as we lap those. We also, in the last month or so here, finalized our ocean freight contracts. So that gives us some confidence in expectation of not only securing allocation on directly with the same ship lines, which is a bit inverted relative to the freight forwarders that we had to book through last year. So it should be more efficient for us.

當我們在這裡查看今年的餘額時，我們正在使促銷的效果正常化，並在我們進行促銷時建立一些促銷活動。我們還在過去一個月左右的時間裡敲定了我們的海運合同。因此，這讓我們有信心期望不僅可以直接使用相同的航線確保分配，這與我們去年必須預訂的貨運代理相比有點顛倒。所以它對我們來說應該更有效率。

And then with regard to the rate in those negotiations, we've been, over the course of the last several months, our ocean freight rate has been 4x what you would consider kind of normal or prior levels. And with the negotiations, we'll be in much better shape.

然後關於這些談判中的費率，在過去的幾個月裡，我們的海運費率一直是您認為的正常或之前水平的 4 倍。通過談判，我們的狀態會好很多。

We certainly won't be back down to pre-inflationary rate increases. But much further below where we are today. So that will be an offset as a gross margin tailwind, particularly as we get out into the fourth quarter. And that's essentially where we've looked at it when we last gave an outlook in February.

我們當然不會回到通脹前的加息水平。但遠低於我們今天的水平。因此，這將抵消毛利率的順風，尤其是當我們進入第四季度時。這基本上就是我們在二月份最後一次給出展望時所研究的地方。

I think your prior thinking on pricing for fall was that the increases would offset the cost, with ocean freight being one of them. I assume the pricing hasn't changed. So are you now thinking that you more than offset those costs? Or is it -- are you now seeing maybe more inflationary pressures on kind of wages and raw materials that are maybe offsetting any benefits from ocean freight versus kind of your prior thoughts?

我認為你之前對秋季定價的想法是，漲價會抵消成本，海運就是其中之一。我認為定價沒有改變。那麼您現在是否認為您不僅僅可以抵消這些成本？或者是 - 您現在是否看到可能抵消海運帶來的任何好處的工資和原材料的通脹壓力，而不是您之前的想法？

As you know, we're seeing increases across the board in the SG&A functions as well as the cost of labor, et cetera. So...

如您所知，我們看到 SG&A 職能以及勞動力成本等方面的全面增長。所以...

Yes. If we're just isolating strictly on the product -- on the product input costs, excluding freight, we've covered those increase -- those -- we've more than covered those increases with price. And so with freight coming down in the latter part of the year with our new ocean contracts that will provide a bit of a tailwind. So we would anticipate that third quarter continues to be a bit of a margin headwind overall. But by the time we get to the fourth quarter, knowing that, that ocean freight is playing a little bit more in our favor, that our fourth quarter gross margins are actually better year-on-year than last year.

是的。如果我們只是嚴格隔離產品——產品投入成本，不包括運費，我們已經涵蓋了這些增長——那些——我們已經超過了價格的增長。因此，隨著我們新的海運合同在今年下半年貨運量下降，這將提供一點順風。因此，我們預計第三季度總體上仍將是一個不利因素。但是到第四季度時，我們知道海運對我們有利，我們第四季度的毛利率實際上比去年同期要好。

Okay. And then just a quick question on SOREL. Tim, you highlighted, obviously, you led with it with your brand discussion. You talked about it being $1 billion opportunity. You highlighted wedges and sneakers. Is there any way you can say what the split is these days between kind of spring, summer versus fall holiday in terms of the mix and what that opportunity might be over time?

好的。然後只是一個關於 SOREL 的簡短問題。蒂姆，很明顯，你強調了你的品牌討論。你談到這是 10 億美元的機會。你突出了坡跟鞋和運動鞋。你有什麼辦法可以說出這些天在春季、夏季和秋季假期之間的區別是什麼，以及隨著時間的推移這種機會可能是什麼？

Well, certainly, the winter product that SOREL is so famous for has historically been the exclusive product that they've made is so expensive that we can't offset completely with spring with the pricing on those sneakers. But the opportunity globally really to increase the revenue on SOREL is going to be led by the sneaker and the more fashion styles. So today, I have to get back to you with a more accurate split. But certainly, the future will be much higher women's component and much higher sneaker and fashion footwear.

好吧，當然，SOREL 如此出名的冬季產品在歷史上一直是他們製造的獨家產品，價格如此昂貴，以至於我們無法通過這些運動鞋的定價完全抵消春季。但在全球範圍內真正增加 SOREL 收入的機會將由運動鞋和更多時尚款式引領。所以今天，我必須用更準確的拆分來回复你。但可以肯定的是，未來的女性成分會更高，運動鞋和時尚鞋履也會更高。

The next question is coming from Camilo Lyon with BTIG.

下一個問題來自 BTIG 的 Camilo Lyon。

This is Mackenzie Boydston on for Camilo. My first question is just on supply chain. I know you talked about ocean freight costs kind of alleviating in the back half. But in terms of actual abilities you're seeing at the ports, can you kind of talk about where that kind of stands today? Has it improved? Has it worsened since relative to last quarter?

這是 Camilo 的 Mackenzie Boydston。我的第一個問題只是關於供應鏈。我知道你談到海運成本在後半部分有所緩解。但就你在港口看到的實際能力而言，你能談談今天這種情況嗎？有改善嗎？自上一季度以來，情況是否惡化了？

There's been modest improvement, but it's still far and away overall logistics lead times are far greater than they were relative to where we were just over a year ago. And the way we've thought about that as we look out at the balance of the year, it's really keeping it relatively stable with maybe some modest improvement, which is part of the reason why when we think about our outlook for the year and the order book that we've taken from our wholesale customers and the revenue forecast we put out there, we have adjusted that in part just due to certain of the uncertainty and risk associated with the supply chain and just overall economic environment.

有了適度的改善，但與一年多前相比，總體物流交貨時間仍遠未達到。我們在查看今年的餘額時考慮到這一點的方式，它確實保持了相對穩定，可能會有一些適度的改善，這就是為什麼當我們考慮今年的展望和我們從批發客戶那裡獲得的訂單和我們在那裡發布的收入預測，我們已經對其進行了調整，部分原因是與供應鍊和整體經濟環境相關的某些不確定性和風險。

Perfect. And then in terms of I think I saw in the CFO presentation, $20 million of incremental SG&A investments that you'll be making. Can you just kind of talk about in detail kind of what those would be? Think there'll be some digital, but just any color there would be helpful.

完美的。然後就我認為我在首席財務官的演講中看到的，你將進行 2000 萬美元的增量 SG&A 投資。你能詳細談談那些會是什麼嗎？認為會有一些數字，但任何顏色都會有幫助。

Yes. There's a handful of investments that are included in that $20 million, and it's going to be comprised of the combination of digital incremental demand creation as we bring our demand creation up to 6%. And then we've got some retail stores, branded stores that we're opening in the year that are also contributing to that. From a digital perspective, I would say that digital is kind of far reaching across the company. But predominantly, we want to make sure that we're focused on the product, on the marketing, on the consumer. So amongst the tools and capabilities is capturing an improved level of information around the consumer and being able to have data and analytic capabilities to be able to feed that back into our product engineer and marketing team. So that's an example of one of many digital-based investments that we're focused on.

是的。這 2000 萬美元中包含少數投資，它將由數字增量需求創造的組合組成，因為我們將需求創造提高到 6%。然後我們有一些零售店，我們在這一年開設的品牌店也對此做出了貢獻。從數字的角度來看，我會說數字在整個公司範圍內影響深遠。但主要是，我們希望確保我們專注於產品、營銷和消費者。因此，在這些工具和功能中，可以捕獲更高級別的消費者信息，並能夠擁有數據和分析能力，以便能夠將其反饋給我們的產品工程師和營銷團隊。這是我們關注的眾多基於數字的投資之一。

Next, we have Mauricio Serna with UBS.

接下來，我們有瑞銀的毛里西奧·塞爾納 (Mauricio Serna)。

Great. I wanted to ask -- I don't know if you have talked about or giving a figure about the revenue impact from supply chain constraints and specifically in the U.S. wholesale business. And also, I wanted to ask about the gross margin outlook. In the CFO commentary, it mentions that one of the factors that would drive the decline or the contraction in gross margin is on favorable regional mix shift. So I'm trying to understand where would that be coming. From what I can recall also, it says that the U.S. and Canada are the markets that will likely outperform in terms of sales growth.

偉大的。我想問一下——我不知道您是否討論過或提供了有關供應鏈限制特別是美國批發業務對收入的影響的數字。而且，我想問一下毛利率前景。在首席財務官的評論中，它提到導致毛利率下降或收縮的因素之一是有利的區域組合轉變。所以我試圖了解這會發生在哪裡。我還記得，它說美國和加拿大是可能在銷售增長方面表現出色的市場。

Yes. I think on the region and mix or region and channel mix side of your question, part of that is due to the fact that our wholesale business is growing at a faster rate than our direct-to-consumer business on the year, and that's implied in the outlook, and that's a little bit lower of a gross margin, so that's going to be part of the channel component of that.

是的。我認為在您的問題的地區和組合或地區和渠道組合方面，部分原因是我們的批發業務今年的增長速度快於我們的直接面向消費者的業務，這是隱含的在前景中，這比毛利率低一點，所以這將成為其中渠道組成部分的一部分。

And then as you think about the region, I think our -- as we look at our region mix, our highest gross margin region is going to be in the Latin America, Asia Pacific region. And that's just given the higher concentration of retail-based businesses there relative to North America and Europe. And with North America and Europe growing at a faster rate, again, that's going to create a little bit of a mix shift. And then on the front part of that question as it relates to the supply chain, Mauricio, could you ask that one more time? I kind of missed the context of it.

然後當您考慮該地區時，我認為我們 - 當我們查看我們的地區組合時，我們最高毛利率的地區將在拉丁美洲，亞太地區。這只是因為相對於北美和歐洲，那裡的零售業務更加集中。隨著北美和歐洲以更快的速度增長，這將再次產生一些混合轉變。然後在與供應鏈有關的問題的前面部分，毛里西奧，你能再問一次嗎？我有點錯過了它的上下文。

Yes. If you gave out any figures of what was the revenue impact from supply chain constraints in U.S.?

是的。如果您提供任何有關美國供應鏈限制對收入影響的數據？

Yes, nothing specific. And to the degree there are timing shifts, it's -- these are shifts of spring deliveries that are coming in quite a bit later than last year, knowing that we've been impacted by later or longer logistics time frames, coupled with the Vietnamese factory closures last year. So we've got revenue shifting effectively out of Q1 into Q2.

是的，沒有什麼特別的。並且在一定程度上存在時間變化，這是 - 這些春季交貨的變化比去年晚了很多，因為我們知道我們受到了延遲或更長的物流時間框架的影響，再加上越南工廠去年關閉。因此，我們的收入有效地從第一季度轉移到了第二季度。

We've previously provided an indication that our spring order book was up at or near the 30% level. And you can see we delivered 20-plus percent in the quarter. So that gives you a little bit of an indication of some of the shift. And then part of the reason why, as you look at our second quarter outlook, it's plus 5%, you'll not necessarily see that catch-up and that's in part because we've reduced the Q2 outlook for the combination of the Russia business and backing those sales out, coupled with the reduction in our China business.

我們之前已經提供了一個跡象，表明我們的春季訂單達到或接近 30% 的水平。你可以看到我們在本季度交付了 20% 以上。所以這給了你一些轉變的跡象。然後部分原因，當您查看我們的第二季度前景時，它增加了 5%，您不一定會看到追趕，部分原因是我們降低了俄羅斯合併的第二季度前景業務和支持這些銷售，再加上我們中國業務的減少。

Got it. Understood. And sorry, just very -- one quick last follow-up. On China, is your guidance, I mean, just trying to understand the guidance implies that at some point in Q3, things normalize? Or like what is the time frame that the company is considering in its guidance?

知道了。明白了。抱歉，非常 - 最後一次快速跟進。關於中國，我的意思是，你的指導是否只是試圖理解指導意味著在第三季度的某個時候，事情會正常化？或者像公司在其指導中考慮的時間框架是什麼？

Well, we're certainly looking at the second quarter as being the most challenged. And that's due in part because we've got our wholesale dealers, they've not been able -- many of them have not been able to operate either. So we're not likely to ship the bulk or the remaining of our wholesale order book. As we get out into the third and fourth quarter, there's a lot of uncertainty. We have -- we'd certainly contemplate a recovery in that market, but not necessarily where we planned it coming into the year.

好吧，我們當然認為第二季度是最具挑戰性的。這部分是因為我們有我們的批發經銷商，他們沒有能力——他們中的許多人也無法經營。因此，我們不太可能發運我們批發訂單的大部分或剩餘部分。隨著我們進入第三和第四季度，存在很多不確定性。我們已經 - 我們當然會考慮該市場的複蘇，但不一定會在我們計劃進入今年的地方。

Up next, we have Alex Perry with Bank of America.

接下來，我們有美國銀行的亞歷克斯·佩里。

So I just wanted to ask a little bit on -- to give some more color on the phasing of the sales guidance. So the first quarter came in well above, but Q2 comes down quite a bit. And then it seems like the back half comes up a bit. The 2Q guide, is that all Russia and China? Is there something else sort of embedded in there? And then what are the assumptions in the rebound in the back half?

所以我只是想問一點——為銷售指導的分階段提供更多的色彩。所以第一季度遠遠高於，但第二季度下降了很多。然後似乎後半部分出現了一點。 2Q指南，都是俄羅斯和中國嗎？裡面還有其他東西嗎？那麼後半場反彈的假設是什麼？

So as it relates to Q2, the takedown, it's almost entirely related to those 2 factors between Russia and China. To a lesser degree, there might be some timing shifts as we begin receiving and shipping our fall season in that June time frame, but that would be much smaller.

因此，當它與第二季度有關，即下架時，它幾乎完全與俄羅斯和中國之間的這兩個因素有關。在較小程度上，隨著我們在 6 月的時間框架內開始接收和運送我們的秋季季節，可能會有一些時間變化，但這會小得多。

And then, Alex, as it relates to the back half of the year, we do anticipate that our fall deliveries -- our fall inventory receipts and shipments are much earlier than they were last year, albeit not back to what we would consider normal levels. But with that in mind, that would skew revenue growth pretty heavily to the third quarter, still growing in the fourth quarter. And that's really going to be the acceleration of growth, if you will, in the back half of the year, a lot of that is just going to be driven by the strength of the overall wholesale order book. Our D2C business has grown at a more modest rate in the back half of the year.

然後，亞歷克斯，因為它與今年下半年有關，我們確實預計我們的秋季交付——我們的秋季庫存收貨和發貨比去年早得多，儘管沒有回到我們認為的正常水平.但考慮到這一點，這將嚴重影響第三季度的收入增長，第四季度仍在增長。這真的將是增長的加速，如果你願意的話，在今年下半年，其中很大一部分將是由整體批發訂單的實力推動的。我們的 D2C 業務在今年下半年以較為溫和的速度增長。

I also might point out that Q2 is our lowest quarter of the year from a revenue standpoint. So any slight changes in mix will be impactful.

我還可以指出，從收入的角度來看，第二季度是我們一年中最低的季度。因此，任何輕微的混合變化都會產生影響。

Great. And then could you just give us a little more color on maybe how the DTC business has trended in the quarter? I think you may have called out some moderation in growth in March. Was that mostly sort of stimulus comp?

偉大的。然後，您能否就 DTC 業務在本季度的趨勢向我們提供更多信息？我認為您可能已經在 3 月份呼籲放緩增長。那主要是一種刺激補償嗎？

And then what is sort of embedded in the Q2 guidance in terms of DTC? Are you sort of assuming that, that sort of trend rate, the moderation you saw in March sort of continues? Or what's sort of embedded in terms of DTC, I guess, both for the second quarter and for the balance of the year?

那麼就 DTC 而言，Q2 指南中嵌入了哪些內容？你是不是假設，那種趨勢率，你在 3 月份看到的溫和趨勢會繼續下去？或者，我猜第二季度和今年餘下時間的 DTC 是什麼？

Yes. Well, as you know, we consider ourselves to be a wholesale company. So we don't provide many of the matrix details that a retailer would provide. But we're seeing solid numbers of our own DTC business, and it's impacted as well by the delivery issues that we've been talking about during the call. So the expectation is that the business will continue to be -- continue to grow. And when we present our merchandise in our own stores the way we'd like to have it presented everywhere, we see great results.

是的。好吧，如您所知，我們認為自己是一家批發公司。因此，我們不提供零售商會提供的許多矩陣細節。但我們看到我們自己的 DTC 業務數量可觀，而且它也受到我們在電話會議期間一直在談論的交付問題的影響。因此，期望業務將繼續 - 繼續增長。當我們在自己的商店以我們希望的方式展示我們的商品時，我們會看到很好的結果。

Yes. And Alex, maybe just a little bit more color. I mean, January and February were exceptional months aided, I think, in part by cold weather and speaking specifically to U.S. D2C. And then March, as we begin to lap the stimulus, we did -- business did not contract. So we held our own. So we're quite encouraged by that known increase in volume during that stretch. And then just in the last 2 weeks, as we've begun to get further away from when those stimulus checks are written and out to the public, we've seen business be quite healthy and strong. I think that's a testament to getting our -- more recently getting our spring product out to retail and on the floor for the consumer.

是的。和亞歷克斯，也許只是多一點顏色。我的意思是，1 月和 2 月是特殊的月份，我認為部分原因是寒冷的天氣和專門針對美國 D2C 的講話。然後三月，當我們開始實施刺激措施時，我們做到了——業務沒有收縮。所以我們堅持自己的。因此，我們對在那段時間已知的交易量增加感到非常鼓舞。然後就在過去的兩周里，隨著我們開始遠離那些刺激性支票被寫入並向公眾發布的時間，我們看到業務相當健康和強勁。我認為這證明了我們 - 最近將我們的春季產品推向零售市場並為消費者提供服務。

(Operator Instructions) Up next, we have Paul Lejuez with Citigroup.

（操作員說明）接下來，我們有花旗集團的 Paul Lejuez。

Can you just quantify what the size of the Russia business was in the second quarter of last year? And is that business typically greater in 2Q versus the quarters in the back half? And any quantification you can provide there? And then also, I think you mentioned in your presentation, there were some year-over-year unfavorable changes to bad debt. And just curious if you can talk a little bit more about what drove that.

您能否量化一下去年第二季度俄羅斯業務的規模？與後半季度相比，第二季度的業務通常更大嗎？你可以在那裡提供任何量化嗎？然後，我認為你在演講中提到，壞賬同比發生了一些不利的變化。只是好奇你能不能多談談是什麼推動了這一點。

Yes. As it relates to Russia, we'll be done in the quarterly breakdown of that. There was an indication that Tim provided in the prepared remarks that it equates to 2% impact on our full year outlook on a -- for a full year basis. I would say that the second quarter is typically the most significant shipping quarter into the Russian distributor because that's when we ship the bulk of our fall product. So it will have a disproportionate impact, which you see that in the outlook that we're providing.

是的。由於它與俄羅斯有關，我們將在季度細分中完成。有跡象表明，蒂姆在準備好的評論中表示，這相當於對我們全年的全年展望產生 2% 的影響。我會說第二季度通常是俄羅斯分銷商最重要的出貨季度，因為那是我們出貨大部分秋季產品的時候。因此，它將產生不成比例的影響，您可以在我們提供的前景中看到這一點。

And then as it relates to the unfavorable comparisons on bad debt, that's going to largely relate to the fact that in 2020, we booked up reserves for bad debts in light of the risks from the credit environment in the midst of the pandemic.

然後，由於它與對壞賬的不利比較有關，這在很大程度上與以下事實有關：鑑於大流行期間信貸環境的風險，我們在 2020 年計提了壞賬準備金。

In '21, we released some of those reserves because things didn't pan out as bad as we thought they would. So we're just lapping against more difficult comps, having released reserves last year and more of kind of a normalized environment, if you will, this year.

在 21 年，我們釋放了其中的一些儲備，因為事情並沒有我們想像的那麼糟糕。因此，我們只是在應對更困難的比賽，去年釋放了儲備金，如果你願意的話，今年會有更多的正常化環境。

And where are your current reserves relative to like a pre-pandemic sort of level?

相對於大流行前的水平，您當前的儲備在哪裡？

They're on par with where we were from a pre-pandemic perspective, and that will be in our -- maybe -- I think it's in the release document. If you go back into the balance sheet there, you'll see it's on par with where we were back in 2019.

從大流行前的角度來看，它們與我們所處的位置相當，這將在我們的——也許——我認為它在發布文件中。如果你回到那裡的資產負債表，你會發現它與我們在 2019 年的情況相當。

(Operator Instructions) Okay. We have no further questions in queue. I'd like to turn the floor back to management for closing remarks.

（操作員說明）好的。我們在隊列中沒有其他問題。我想將發言權轉回管理層以結束髮言。

Well, thank you all for listening in. We're very anxious to show you the products and plans for the future of the business in September right here in Portland. So we hope you can all make it. Thank you for your attention.

好吧，謝謝大家的收聽。我們非常渴望在 9 月份在波特蘭向您展示公司未來的產品和計劃。所以我們希望你們都能做到。感謝您的關注。

Thank you, ladies and gentlemen. This does conclude today's conference call. You may disconnect your phone lines at this time and have a wonderful day. Thank you for your participation.

謝謝你們，女士們，先生們。這確實結束了今天的電話會議。你可以在這個時候斷開你的電話線，度過美好的一天。感謝您的參與。