卡洛馳 (CROX) 2018 Q2 法說會逐字稿

Welcome to the Second Quarter 2018 Crocs Incorporated Earnings Conference Call.

歡迎參加 Crocs 公司 2018 年第二季財報電話會議。

My name is Paulette, and I will be your operator for today's call.

我叫保萊特，我將擔任您今天通話的接線生。

(Operator Instructions)

（操作員說明）

I will now turn the call over to Marisa Jacobs, Senior Director of Investor Relations for Crocs.

我現在將把電話轉給 Crocs 投資者關係高級總監瑪麗莎·雅各布斯 (Marisa Jacobs)。

Miss.

錯過。

Jacobs, you may begin.

雅各布斯，你可以開始了。

Good morning, everyone, and thank you for joining us today for the Crocs' second quarter 2018 earnings call.

大家早安，感謝您今天參加 Crocs 2018 年第二季財報電話會議。

Earlier this morning, we announced our second quarter results, and a copy of the press release can be found on our website at crocs.com.

今天早些時候，我們公佈了第二季度業績，新聞稿的副本可以在我們的網站 crocs.com 上找到。

We would like to remind you that some of the information provided on this call is forward-looking and accordingly, is subject to the safe harbor provisions of the federal securities laws.

我們想提醒您，本次電話會議中提供的一些資訊是前瞻性的，因此受到聯邦證券法安全港條款的約束。

These statements include, but are not limited to, statements regarding future revenues, gross margin, SG&A expense, income from operations, adjusted EBITDA and our product pipeline.

這些報表包括但不限於有關未來收入、毛利率、SG&A 費用、營運收入、調整後 EBITDA 和我們的產品線的報表。

Crocs is not obligated to update these forward-looking statements to reflect the impact of future events.

Crocs 沒有義務更新這些前瞻性陳述以反映未來事件的影響。

Adjusted EBITDA is a non-GAAP measure, a reconciliation of this amount to income from operations is contained in the Crocs' investor presentation posted on our website.

調整後 EBITDA 是非 GAAP 衡量標準，該金額與營運收入的對帳包含在我們網站上發布的 Crocs 投資者簡報中。

We caution you that all forward-looking statements are subject to risks and uncertainties described in the Risk Factor section of our Annual Report on Form 10-K.

我們提醒您，所有前瞻性陳述均受到我們 10-K 表年度報告的風險因素部分所述的風險和不確定性的影響。

Accordingly, actual results could differ materially from those described on this call.

因此，實際結果可能與本次電話會議中所述的結果有重大差異。

Please refer to Crocs' Annual Report on Form 10-K as well as other documents filed with the SEC for more information relating to these risk factors.

請參閱 Crocs 的 10-K 表格年度報告以及向 SEC 提交的其他文件，以了解有關這些風險因素的更多資​​訊。

Joining us on the call today are Andrew Rees, President and Chief Executive Officer; and Carrie Teffner, Executive Vice President and Chief Financial Officer.

今天加入我們電話會議的還有總裁兼執行長安德魯‧里斯 (Andrew Rees)；執行副總裁兼財務長 Carrie Teffner。

Following their prepared remarks, we will open the call for your questions.

在他們準備好的發言之後，我們將開始電話詢問您的問題。

At this time, I'll turn the call over to Andrew.

這時候，我會把電話轉給安德魯。

Thank you, Marisa, and good morning, everyone.

謝謝瑪麗莎，大家早安。

Q2 was another strong quarter, with revenues up 4.7% even with significant reduction in our retail store fleet.

第二季度又是一個強勁的季度，儘管我們的零售店數量大幅減少，但營收仍成長了 4.7%。

Clogs and sandals performed well, and LiteRide, our newest franchise, continued to exceed expectations, resulting in another quarter where we exceeded our revenue and gross margin guidance.

木底鞋和涼鞋表現良好，我們最新的特許經營產品 LiteRide 繼續超出預期，導致我們又一個季度超出了我們的收入和毛利率指導。

Our brand continues to strengthen, as social media engagement grew and Crocs benefited from another quarter of increased PR coverage.

隨著社群媒體參與度的提高，Crocs 也受益於公關覆蓋率又增加了一個季度，我們的品牌不斷增強。

At wholesale, we are seeing increased interest from new customers, who would like to add Crocs to their lineup, and our 11.8% DTC comp speaks to growing demand among existing consumers and those who are new to the brand.

在批發方面，我們看到新客戶的興趣不斷增加，他們希望將 Crocs 添加到他們的產品系列中，而我們 11.8% 的 DTC 比較表明現有消費者和新品牌消費者的需求不斷增長。

We feel very good about our Q2 results and we're well positioned for the back half of the year.

我們對第二季的業績感覺非常好，我們為今年下半年做好了準備。

As you saw in the earnings release we issued earlier this morning, Carrie has announced her decision to leave Crocs on April 1 next year.

正如您在我們今天早上發布的財報中看到的那樣，Carrie 宣布她決定在明年 4 月 1 日離開 Crocs。

In anticipation of her departure, we are excited to announce that Anne Mehlman will be joining us as our new EVP and CFO.

考慮到她即將離職，我們很高興地宣布 Anne Mehlman 將加入我們，擔任我們的新任執行副總裁兼財務長。

Her experience as a CFO at Zappos, as well as her prior experience at Crocs, makes her a great choice.

她在 Zappos 擔任財務長的經歷以及之前在 Crocs 的經歷使她成為一個不錯的選擇。

I want to thank Carrie for the contributions she has made to Crocs over the past three years.

我要感謝 Carrie 在過去三年為 Crocs 做出的貢獻。

During that time, we have developed and pursued strategic priorities to put the Company on a sound footing and position it for future success.

在此期間，我們制定並推行了策略重點，為公司奠定了堅實的基礎，並為未來的成功奠定了基礎。

Carrie was there every step of the way, providing tremendous leadership and counsel.

嘉莉全程陪伴左右，提供了優秀的領導與建議。

I couldn't have asked for a better partner.

我找不到比這更好的合作夥伴了。

When Anne joins us on August 24, Carrie will transition to EVP, Finance and Strategic Projects until her departure, to ensure a smooth transition.

當 Anne 於 8 月 24 日加入我們時，Carrie 將過渡到執行副總裁、財務和策略專案直至她離職，以確保平穩過渡。

With respect to our business update, we remain focused on creating great product, strengthening our brand and advancing our three strategic priorities to drive sustainable, profitable revenue growth, improve the quality of our revenues, so that we generate annualized gross margins in the low 50s, and simplify our business to bring our annualized SG&A rate down to the low 40s as a percentage of revenues.

就我們的業務更新而言，我們仍然專注於創造出色的產品、強化我們的品牌並推進我們的三大戰略重點，以推動可持續、盈利的收入增長，提高我們的收入質量，從而使我們的年化毛利率維持在50 左右，並簡化我們的業務，將我們的年化 SG&A 率降至收入的 40 左右。

This morning, I'll update you on the progress we are making on these strategic priorities and across our distribution channels.

今天早上，我將向您介紹我們在這些策略重點以及整個分銷管道方面所取得的進展。

Carrie will then review our second quarter financial results and our latest guidance, and then, we will take your questions.

然後，嘉莉將審查我們第二季的財務表現和最新的指導，然後我們將回答您的問題。

As I mentioned, our first strategic priority is driving sustainable, profitable revenue growth by continuing to deliver great product and strengthening our brand desirability.

正如我所提到的，我們的首要策略重點是透過持續提供優質產品和增強我們的品牌吸引力來推動永續、獲利的收入成長。

With respect to product, in 2016, we narrowed our focus to molded footwear, with an emphasis on clogs and sandals.

在產品方面，2016年，我們將重點縮小到模製鞋類，重點是木底鞋和涼鞋。

This was clearly the right decision.

這顯然是正確的決定。

This product focus is driving meaningful growth.

這種產品重點正在推動有意義的成長。

During the second quarter, we sold 17.8 million pairs of shoes, an increase of 2.4% over last year's second quarter, and we did this with a significantly smaller retail fleet.

第二季度，我們售出了 1,780 萬雙鞋，比去年第二季度成長了 2.4%，而我們的零售團隊規模明顯縮小了。

Our average selling price of footwear increased 2.2% to $18.05.

我們鞋類的平均售價上漲了 2.2%，達到 18.05 美元。

Our clog revenues grew 11.4% and represented 52% of our footwear sales, up from 48.9% in last year's second quarter.

我們的木鞋收入成長了 11.4%，佔鞋類銷售額的 52%，高於去年第二季的 48.9%。

Sales of our iconic Classic clog and Crocband clogs increased, driven by consumer demand for traditional colors along with new seasonal colors, graphics and on trend embellishments.

由於消費者對傳統顏色以及新的季節性顏色、圖案和流行裝飾的需求，我們標誌性的 Classic 木屐和 Crocband 木屐的銷量有所增加。

Sales of Crocs@Work were also up, supported by new styles and more affective account management.

在新款式和更有效的客戶管理的支持下，Crocs@Work 的銷量也有所上升。

We grew our clog revenues in every region.

我們在每個地區的木鞋收入都有所成長。

In North America, our great DTC results were helped in part by high school and college students purchasing Classic clogs to wear at pre and post sporting events.

在北美，我們出色的 DTC 成績在一定程度上得益於高中生和大學生購買經典木鞋在體育賽事前後穿著。

We also continued to strengthen our brand in Europe, generating robust clog silhouette growth following significant reduction of our discount channel business.

我們也持續加強在歐洲的品牌，在大幅減少折扣通路業務後，木鞋輪廓實現了強勁成長。

And in Asia, we're driving increased clog penetration as we continue to prioritize clogs over cut and sew product.

在亞洲，我們繼續優先考慮木底鞋而不是剪裁和縫製產品，從而提高木底鞋的滲透率。

Q2 is a key quarter for sandals and we performed well.

第二季度是涼鞋的關鍵季度，我們表現良好。

Sandals grew 17.9% in the quarter, generating 26.2% of our total footwear revenues, an increase of 300 basis points compared to last year's second quarter.

涼鞋本季成長 17.9%，佔鞋類總營收的 26.2%，比去年第二季成長 300 個基點。

Asia and Europe showed the most meaningful growth, while Americas was hampered by the late start to spring.

亞洲和歐洲表現出最有意義的成長，而美洲則因春季啟動較晚而受到阻礙。

Standouts for the quarter include our sport sandal, Swiftwater, and our women's Capri and Sanrah styles.

本季的亮點包括我們的運動涼鞋 Swiftwater 以及女款 Capri 和 Sanrah 款式。

Since we increased our focus on sandals, we've consistently experienced double-digit growth in this silhouette, and we continue to be excited about the opportunity ahead.

自從我們加大對涼鞋的關注以來，我們的這款鞋款一直實現兩位數的增長，並且我們繼續對未來的機會感到興奮。

Our innovative new LiteRide collection, which launched in March, continues to exceed our expectations.

我們於 3 月推出的創新全新 LiteRide 系列持續超越我們的預期。

To anyone new to the story, LiteRide combines a revolutionary new material with Croslite, to produce an extremely lightweight shoe with a highly-cushioned footbed and clean modern styling.

對於剛接觸這個故事的人來說，LiteRide 將革命性的新材料與 Croslite 相結合，生產出極其輕便的鞋子，具有高度緩衝的鞋床和簡潔的現代風格。

The collection includes clogs, sandals, and athletic silhouettes.

系列包括木底鞋、涼鞋和運動鞋款。

During the second quarter, we expanded our wholesale distribution of the LiteRide collection in addition to featuring the entire collection on our own e-commerce sites and in stores.

在第二季度，除了在我們自己的電子商務網站和商店中展示整個系列之外，我們還擴大了 LiteRide 系列的批發分銷。

Just like last quarter, demand was very strong.

就像上季一樣，需求非常強勁。

With four months of sales now under our belt, we're exceptionally pleased with the rollout.

現在我們已完成四個月的銷售，我們對此次推出感到非常滿意。

In fact, LiteRide has already become one of our top five franchises, and we see significant growth opportunity ahead.

事實上，LiteRide 已經成為我們排名前五的特許經營商之一，我們看到了未來巨大的成長機會。

As we head into the back half of the year, we feel good about our fall/holiday 2018 collection.

進入下半年，我們對 2018 年秋季/假日系列感覺良好。

We have incorporated seasonally appropriate colors and graphics, including a new platform clog, which launched last week.

我們融入了適合季節的顏色和圖形，包括上週推出的新厚底木鞋。

And while it's still very early, we are pleased with the initial feedback from our wholesale accounts on our spring/summer 2019 collection.

雖然現在還為時過早，但我們對批發客戶對 2019 年春夏系列的初步回饋感到滿意。

Our COME AS YOU ARE marketing campaign continues to raise the profile of our brand and drive demand for our product.

我們的「COME AS YOU ARE」行銷活動不斷提升我們的品牌形象並推動對我們產品的需求。

Let me share some metrics with you.

讓我與您分享一些指標。

Interest in Crocs is accelerating and we continue to increase our digital footprint and attract more PR coverage.

人們對 Crocs 的興趣與日俱增，我們不斷擴大數位足跡並吸引更多公關報告。

During the 1st week of June, the number of Google searches for Crocs hit a five year high, and has remained at elevated levels since then.

6 月第一周，Crocs 的 Google 搜尋量創下五年來新高，此後一直保持在較高水平。

And when we launched our first Snapchat filter, over six million people used the Snapchat lens to see themselves in a giant Classic clog hat!

當我們推出第一款 Snapchat 濾鏡時，超過 600 萬人使用 Snapchat 鏡頭看到自己戴著巨大的經典木底帽！

Our on-line musical, featuring Drew Barrymore, is our most viewed content EVER, and the second most widely viewed content Drew has ever posted.

我們的線上音樂劇由德魯·巴里摩爾 (Drew Barrymore) 主演，是我們有史以來觀看次數最多的內容，也是德魯發布的觀看次數第二多的內容。

Our collaboration with A-life, a highly regarded streetwear brand, generated over 400 million PR impressions in just a few months.

我們與備受推崇的街頭服飾品牌 A-life 的合作在短短幾個月內就產生了超過 4 億次公關印象。

And from a financial perspective, our return on ad spend is up almost 50% year-to-date, as we continue to refine our digital marketing capabilities.

從財務角度來看，隨著我們不斷完善數位行銷能力，我們的廣告支出回報率今年迄今成長了近 50%。

The COME AS YOU ARE campaign is continuing to resonate with customers and consumers.

「COME AS YOU ARE」活動持續引起客戶和消費者的共鳴。

It is bringing heightened attention to the Crocs brand and boosting brand consideration.

它提高了人們對 Crocs 品牌的關注度並提高了品牌考慮。

Our second strategic priority is to improve the quality of our revenues.

我們的第二個策略重點是提高收入品質。

Maintaining discipline around our gross margin goes hand-in-hand with our drive to top line growth.

維持毛利率紀律與我們推動營收成長並進。

Over the past two years, we have phased out unproductive product, cleaned up inventory in the channels and took a highly disciplined approach to promotions.

過去兩年，我們淘汰了低效率產品，清理了渠道庫存，並採取了嚴格的促銷方式。

We've delivered meaningful gross margin gains, including a 110 basis point increase in Q2.

我們實現了顯著的毛利率成長，其中第二季毛利率成長了 110 個基點。

With the significant improvements we have made on this front, over the past two years, we expect future gains to be more modest.

隨著過去兩年我們在這方面取得的重大改進，我們預計未來的收益將更加溫和。

Our third strategic priority is to simplify our business, so that we can operate more efficiently and reduce costs.

我們的第三個策略重點是簡化我們的業務，以便我們能夠更有效地運作並降低成本。

We intend to bring our SG&A, as a percent of revenues down to the low 40s.

我們打算將 SG&A 佔收入的百分比降至 40 左右。

We are on track to achieve this, as we continue to execute against our SG&A reduction plan.

隨著我們繼續執行 SG&A 削減計劃，我們有望實現這一目標。

A key component of our SG&A reduction plan was closing 160 stores between 2017 and 2018.

我們的 SG&A 削減計劃的關鍵組成部分是在 2017 年至 2018 年間關閉 160 家門市。

We've done exactly that.

我們已經做到了。

During the quarter, we closed a net 27 stores, ending the second quarter with 398 company operated stores.

本季度，我們淨關閉 27 家門市，截至第二季末，公司營運的門市數量為 398 家。

Outlets, our most profitable format, now represent over half of our store fleet, up from approximately 40% at the end of 2016, while our less profitable full price retail stores now represent about a third of our fleet compared to over 40% at the end of 2016.

奧特萊斯是我們利潤最高的業態，目前占我們商店數量的一半以上，高於2016 年底的約40%，而利潤較低的全價零售店目前占我們商店數量的約三分之一，而2016 年底這一比例超過40%。

Shop-in-shops and kiosk locations make up the balance.

店中店和售貨亭位置彌補了其餘部分。

Although this transition is a headwind to our revenues and gross margin, it is contributing to our growing profitability as we eliminate unproductive SG&A.

儘管這一轉變對我們的收入和毛利率構成不利影響，但隨著我們消除非生產性的銷售、管理及管理費用，它有助於我們不斷增長的獲利能力。

In May, we announced that in connection with our ongoing efforts to simplify the business and improve profitability, we closed our manufacturing facility in Mexico.

五月，我們宣布，為了不斷簡化業務並提高獲利能力，我們關閉了在墨西哥的製造工廠。

In June, we moved ahead with plans to close our manufacturing facility in Italy.

六月，我們繼續實施關閉義大利製造工廠的計畫。

When these closures are complete, we will outsource our entire production to third-party manufacturers.

當這些關閉完成後，我們將把整個生產外包給第三方製造商。

I want to thank each of our Italian employees for their dedication and commitment; they are talented individuals whose contribution to the Company since its earliest days has been greatly appreciated.

我要感謝我們每一位義大利員工的奉獻和承諾；他們都是才華橫溢的人，他們從公司成立之初就為公司做出的貢獻受到了高度讚賞。

Turning to our wholesale, e-commerce and retail distribution channels, I'm pleased with our ongoing progress.

談到我們的批發、電子商務和零售分銷管道，我對我們不斷取得的進展感到滿意。

As we described on our last call, our wholesale channel is made up of e-tail accounts, distributors, and traditional brick-and-mortar accounts and, in certain countries, partner store operators.

正如我們在上次電話中所述，我們的批發管道由電子零售帳戶、分銷商和傳統實體帳戶以及某些國家/地區的合作夥伴商店營運商組成。

The business we do with e-tailers and distributors contributes approximately half of our wholesale revenues, and we expect high single-digit growth from this portion of our wholesale channel.

我們與電子零售商和經銷商開展的業務約占我們批發收入的一半，我們預計這部分批發通路將實現高個位數成長。

We expect the brick-and-mortar accounts and our partner stores, which make up the other half of our wholesale revenues, to grow more modestly.

我們預計，佔批發收入另一半的實體帳戶和合作夥伴商店的成長將更加溫和。

During the second quarter, wholesale revenues increased by 7.2%.

第二季批發收入成長了7.2%。

More wholesale doors carried Crocs and customers allocated more shelf space to our product than at the same time last year.

與去年同期相比，更多的批發門出售 Crocs 商品，客戶為我們的產品分配了更多的貨架空間。

A great example is ABC Mart in Japan, an important multi-brand retailer we began to work with last year in a limited number of doors.

日本的 ABC Mart 就是一個很好的例子，這是一個重要的多品牌零售商，我們從去年開始在有限的商店內與其合作。

Since then, ABC Mart has expanded the placement of Crocs into several hundred of their doors, and more will be added next year.

此後，ABC Mart 已將 Crocs 的展示範圍擴大到數百家門市，明年還將增加更多門市。

Turning to e-commerce.

轉向電子商務。

We had another outstanding quarter with revenues up 23.8%.

我們又度過了一個出色的季度，營收成長了 23.8%。

Results were particularly strong in Asia, where the fastest growing countries grew at 30% to 40% rates.

亞洲的業績尤其強勁，成長最快的國家成長率為 30% 至 40%。

We are benefiting from our highly successful digital marketing activities and the continued migration of consumers to online shopping.

我們受益於我們非常成功的數位行銷活動以及消費者不斷轉向線上購物。

And, since appointing a global head of e-commerce and deepening our bench of local experts, we've delivered a more compelling online experience to our consumers, featured more product exclusive to our DTC channel, and improved our conversion rates.

而且，自從任命了全球電子商務主管並深化了我們的本地專家團隊以來，我們為消費者提供了更具吸引力的線上體驗，推出了更多DTC 管道獨有的產品，並提高了我們的轉化率。

In retail, we delivered a 7.1% comp.

在零售業，我們實現了 7.1% 的複合成長率。

The right product, well-managed inventories and an energized sales force totally focused on delivering a great customer experience, resulted in an outstanding quarter.

正確的產品、管理良好的庫存和充滿活力的銷售團隊完全專注於提供卓越的客戶體驗，從而帶來了出色的季度業績。

Through the first half of 2018, we continued to make significant progress against our strategic priorities.

2018年上半年，我們在策略重點方面持續取得重大進展。

Our spring/summer 2018 collection was a clear winner and LiteRide significantly surpassed our expectations.

我們的 2018 春夏系列明顯獲勝，LiteRide 大大超出了我們的預期。

Our marketing is delivering on two key objectives - elevating our brand positioning and increasing brand consideration to drive sales.

我們的行銷正在實現兩個關鍵目標 - 提升我們的品牌定位和提高品牌考慮度以推動銷售。

We're growing our top line, improving the quality of our revenues and taking cost out of the business.

我們正在增加收入，提高收入品質並降低業務成本。

In short, we're doing exactly what we committed to do.

簡而言之，我們正在做我們承諾要做的事情。

Looking ahead, we're optimistic about the future.

展望未來，我們對未來持樂觀態度。

We will continue to focus on molded footwear, particularly clogs and sandals, which are the best reflection of Crocs DNA and have long-term growth potential.

我們將繼續專注於模壓鞋類，特別是木底鞋和涼鞋，它們是Crocs DNA的最佳體現，具有長期成長潛力。

From a channel perspective, our digital business, whether embedded in our e-commerce or wholesale channels, is expected to drive robust growth.

從通路角度來看，我們的數位業務，無論是嵌入電子商務或批發管道，都有望推動強勁成長。

A reinvigorated network of well-placed, highly-qualified distributors will bring Crocs to more people around the world.

由位置優越、高素質的經銷商組成的重振網絡將把 Crocs 帶給世界各地更多的人。

And lastly, our retail channel will benefit from the elimination of underperforming stores, as our remaining stores effectively showcase our product and our brand.

最後，我們的零售通路將受益於業績不佳商店的淘汰，因為我們剩餘的商店有效地展示了我們的產品和品牌。

With a clear strategy in place and a detailed roadmap to follow, we have returned the Company to top and bottom line growth, and we are generating increased shareholder value.

憑藉明確的策略和可遵循的詳細路線圖，我們使公司恢復了營收和利潤的成長，並創造了更高的股東價值。

Looking ahead, we believe we're well positioned for continued success.

展望未來，我們相信我們已經做好了持續成功的準備。

I'll turn the call over to Carrie now, and she will take you through our second quarter results and discuss our guidance for the third quarter and full year of 2018.

我現在將電話轉給 Carrie，她將帶您了解我們第二季的業績，並討論我們對 2018 年第三季和全年的指導。

Thank you, Andrew.

謝謝你，安德魯。

I appreciate the kind words.

我很欣賞這些客氣話。

I joined Crocs fully aware that it would be a challenge, but knowing that it would also be extremely rewarding.

我加入 Crocs 時充分意識到這將是一個挑戰，但也知道這也會帶來極大的回報。

And, I have not been disappointed thanks to all the fantastic people I've gotten to work with.

而且，感謝與我共事的所有出色的人，我並沒有失望。

The Company is in a great place, and I'm very confident that I'm leaving it in good hands.

公司處於一個非常好的位置，我非常有信心將它交到優秀的人手中。

I've enjoyed getting to know many of you, and I know you will enjoy getting to know Anne.

我很高興認識你們中的許多人，我知道你們也會喜歡認識安妮。

Now let me review our second quarter results.

現在讓我回顧一下我們第二季的業績。

Revenues were $328 million, up $14.8 million or 4.7% from a year ago and above our guidance of $315 million to $325 million.

營收為 3.28 億美元，比去年同期成長 1,480 萬美元，即 4.7%，高於我們 3.15 億美元至 3.25 億美元的指導值。

Store closures and business model changes reduced revenues by approximately $22 million.

商店關閉和業務模式改變使收入減少了約 2200 萬美元。

Excluding the impact of those events, our revenues would have grown by approximately 12%, a clear sign of the underlying strength of our business.

排除這些事件的影響，我們的收入將成長約 12%，這清楚地表明了我們業務的潛在實力。

Currency positively impacted second quarter revenues by $7.7 million versus last year's second quarter.

與去年第二季相比，貨幣對第二季收入產生了 770 萬美元的正面影響。

The positive response to our spring/summer 2018 collection drove solid results across each of our distribution channels as well as our geographic regions.

我們 2018 年春夏系列的正面反應為我們的每個分銷管道和地理區域帶來了堅實的業績。

Wholesale revenues grew 7.2%.

批發收入成長7.2%。

After experiencing strong sell-throughs on their initial spring/summer orders, customers placed additional fill in orders to restock shelves and meet consumer demand.

在最初的春夏訂單銷售強勁後，客戶下達了額外的訂單，以補充貨架上的庫存並滿足消費者的需求。

Looking at retail and e-commerce combined, our DTC comp was a positive 11.8%.

綜合考慮零售和電子商務，我們的 DTC 成長率為 11.8%。

Our retail comp was 7.1%, and comps were positive in every region.

我們的零售競爭率為 7.1%，每個地區的競爭都是正面的。

This was our fourth consecutive quarter of positive comps.

這是我們連續第四個季度取得正面業績。

We continued to close stores, which accounts for the 8% decline in our global retail revenues.

我們繼續關閉商店，這導致我們的全球零售收入下降了 8%。

Specifically, we operated 105 fewer stores during this year's second quarter compared to the same period in 2017.

具體來說，與 2017 年同期相比，我們今年第二季的門市數量減少了 105 家。

Our e-commerce business grew 23.8% during the quarter, representing our fifth consecutive quarter of double-digit e-commerce growth.

我們的電子商務業務在本季成長了 23.8%，這是我們連續第五個季度實現兩位數的電子商務成長。

Along with in demand product and impactful marketing, we are benefiting from better execution.

除了受歡迎的產品和有影響力的行銷之外，我們還受益於更好的執行。

Improved in-stock levels contributed to higher conversion rates, and our use of increasingly sophisticated analytical tools is boosting the effectiveness of our digital marketing, which is translating into higher revenues.

庫存水準的提高有助於提高轉換率，而且我們對日益複雜的分析工具的使用正在提高我們數位行銷的有效性，從而轉化為更高的收入。

From a regional perspective, the following revenue amounts are as reported.

從區域角度來看，報告的收入金額如下。

The Americas generated revenues of $137.8 million in the second quarter, an increase of 1.2% over last year's second quarter, with outstanding results in the retail channel.

美洲第二季營收為1.378億美元，較去年第二季成長1.2%，零售通路成績突出。

Wholesale revenues in the second quarter declined 5.9%.

第二季批發收入下降5.9%。

Our results were impacted by three factors.

我們的結果受到三個因素的影響。

In North America, sandal reorders were muted due to the late start to spring, and some orders which were expected to ship in Q2 did not ship until early Q3.

在北美，由於開春較晚，涼鞋的重新訂單很少，一些預計在第二季度發貨的訂單直到第三季初才發貨。

In South America, a number of countries experienced economic disruptions stemming from the significant depreciation of their respective currencies.

在南美洲，一些國家因各自貨幣大幅貶值而遭受經濟混亂。

Because we expect the currency situation to continue, this has been factored into our guidance for the remainder of the year.

由於我們預計貨幣狀況將持續下去，因此這一點已納入我們今年剩餘時間的指導中。

Our Americas DTC comp was a positive 10.4% with great retail and e-commerce results evidencing robust consumer demand for our clogs and sandals.

我們的美洲 DTC 年成長 10.4%，零售和電子商務業績出色，證明消費者對我們的木底鞋和涼鞋的需求強勁。

Our retail comp was a positive 7.5%, up for the fifth quarter in a row.

我們的零售業績連續第五個季度成長 7.5%。

Total retail revenues grew 1.8%, despite having 15 fewer stores than in last year's second quarter.

儘管門市數量比去年第二季減少了 15 家，但零售總收入仍增加了 1.8%。

E-commerce revenues increased 17.1% due to higher site traffic and higher unit sales per transaction.

由於網站流量增加和每筆交易的單位銷售額增加，電子商務收入增加了 17.1%。

Turning to Asia, second quarter revenues of $128.4 million increased 3% compared to last year's second quarter.

轉向亞洲，第二季營收為 1.284 億美元，較去年第二季成長 3%。

This is a great result for Asia given the significant store closures in the region.

鑑於該地區大量商店關閉，這對亞洲來說是一個很好的結果。

Currency favorably impacted the region by $4.7 million.

貨幣對該地區產生了 470 萬美元的有利影響。

Wholesale revenues increased 9.8%, as we continue to gain traction across the region.

隨著我們在整個地區的持續發展，批發收入成長了 9.8%。

Our Asia DTC comp was a positive 11.6%.

我們的亞洲 DTC 比較為正 11.6%。

Our retail comp for Asia was a positive 2.9%, driven by an increase in average selling prices and units sold as we increased penetration of built for outlet product.

我們在亞洲的零售業績實現了 2.9% 的正成長，這是由於我們提高了直銷產品的滲透率，導致平均售價和銷售數量增加。

Retail revenues declined 21.9% as a result of operating 67 fewer stores compared to the second quarter of 2017.

由於與 2017 年第二季相比減少了 67 家門市，零售收入下降了 21.9%。

E-commerce revenues increased 29.7%, with particularly strong results in our key countries.

電子商務收入成長了 29.7%，在我們的主要國家表現尤為強勁。

In Europe, revenues grew 17.6% to $61.5 million over last year's second quarter.

在歐洲，營收較去年第二季成長 17.6%，達到 6,150 萬美元。

We delivered terrific results across each distribution channel, reflecting the increasing popularity of our brand, better execution and great summer weather.

我們在每個分銷管道都取得了出色的業績，反映出我們品牌的日益受歡迎、更好的執行力和宜人的夏季天氣。

Currency positively impacted the quarter by $3.1 million.

貨幣對本季產生了 310 萬美元的正面影響。

Wholesale revenues grew 25.4% due to high demand for core product and enthusiastic buy-in of LiteRide, and notably stronger results with our European e-tail partners.

由於對核心產品的高需求和 LiteRide 的熱烈買入，以及我們與歐洲電子零售合作夥伴的強勁業績，批發收入增長了 25.4%。

Some customers took additional product in Q2 rather than waiting until Q3 to ensure availability into the fall.

一些客戶在第二季度購買了額外的產品，而不是等到第三季度，以確保秋季的可用性。

Our Europe DTC comp was a positive 18%.

我們的歐洲 DTC 比較為正 18%。

Our retail comp was a positive 16.4%, benefiting from heavy demand as well as better availability of our built for outlet product.

我們的零售業績實現了 16.4% 的正成長，這得益於旺盛的需求以及我們專為直銷產品打造的更好的可用性。

Our retail revenues decreased 7.6%, due to operating 23 fewer stores.

由於減少了 23 家門市，我們的零售收入下降了 7.6%。

Our e-commerce business grew by 28.2%, as we benefited from the strength of the collection, reduced promotional activity and higher traffic driven to the site by more effective marketing.

我們的電子商務業務成長了 28.2%，這得益於產品系列的強大、促銷活動的減少以及更有效的行銷帶來的網站流量增加。

In terms of other items on our P&L, gross margin of 55.3% came in above guidance and 110 basis points above last year's 54.2% rate.

就損益表中的其他項目而言，毛利率為 55.3%，高於指引值，比去年的 54.2% 高出 110 個基點。

We continued to benefit from the shift to molded product and from a more disciplined promotional cadence in our DTC channels.

我們繼續受益於向模製產品的轉變以及 DTC 管道中更嚴格的促銷節奏。

Our SG&A expenses - at $144.3 million - were higher than our guidance by $4 million.

我們的 SG&A 支出為 1.443 億美元，比我們的指引高出 400 萬美元。

This was due to higher nonrecurring charges associated with the closure of our Italy manufacturing facility, which had not been included in our prior guidance, and higher incentive compensation.

這是由於與關閉我們的義大利製造工廠相關的一次性費用較高（該費用未包含在我們先前的指導中）以及較高的激勵薪酬。

Total non-recurring charges in the second quarter were $8.4 million, $7.1 million related to the termination of manufacturing operations in Mexico and Italy and the remaining $1.3 million was associated with our SG&A reduction plan.

第二季的非經常性費用總額為 840 萬美元，其中 710 萬美元與終止墨西哥和義大利的製造業務有關，其餘 130 萬美元與我們的 SG&A 削減計劃有關。

This compares to $1.8 million of non-recurring charges in last year's second quarter.

相較之下，去年第二季的非經常性費用為 180 萬美元。

If we deduct the one-time charges, our SG&A actually declined $2.7 million and improved by 290 basis points as a percentage of revenue.

如果扣除一次性費用，我們的 SG&A 實際上減少了​​ 270 萬美元，佔收入的百分比提高了 290 個基點。

Our income from operations, which includes our nonrecurring charges, was $37.1 million, an increase of 25.9% over last year's second quarter.

我們的營運收入（包括非經常性費用）為 3,710 萬美元，比去年第二季成長 25.9%。

Net income attributable to common stockholders after preferred share dividends and equivalents of $4 million was $30.4 million.

扣除 400 萬美元優先股股利及等值金額後，歸屬於普通股股東的淨利為 3,040 萬美元。

After adjusting for the preferred share participation rights of $5.1 million, adjusted net income available to common stockholders came to $25.3 million.

調整優先股參與權 510 萬美元後，調整後普通股股東可獲得的淨利達 2,530 萬美元。

Our diluted EPS attributable to common stockholders was $0.35, a 75% increase from $0.20 in last year's second quarter.

我們歸屬於普通股股東的稀釋後每股收益為 0.35 美元，比去年第二季的 0.20 美元增加了 75%。

Turning to the balance sheet, we ended the quarter with $171.5 million in cash and no outstanding borrowings on our credit facility.

轉向資產負債表，本季末我們擁有 1.715 億美元現金，且我們的信貸額度沒有未償還借款。

This compares to $157 million in cash and no outstanding borrowings at the end of Q2 2017.

相比之下，截至 2017 年第二季末，該公司擁有 1.57 億美元現金，且無未償還借款。

During Q2, we repurchased approximately 378,000 shares of our common stock for approximately $6 million at an average price per share of $15.55.

第二季度，我們以約 600 萬美元的價格回購了約 378,000 股普通股，每股平均價格為 15.55 美元。

And over the 12 month period ending June 30, we repurchased approximately 6.1 million shares for approximately $66 million, at an average price of $10.86 per share.

在截至 6 月 30 日的 12 個月期間，我們以約 6,600 萬美元的價格回購了約 610 萬股股票，平均價格為每股 10.86 美元。

This leaves approximately $193 million available for future repurchases.

這留下了大約 1.93 億美元可用於未來回購。

Inventory at the end of the second quarter was $129.9 million, a $25.8 million or 16.6% decrease compared to last year's second quarter ending inventory.

第二季末庫存為 1.299 億美元，比去年第二季末庫存減少 2,580 萬美元，成長 16.6%。

This reduction reflects our continued focus on improving the quality of our revenues as well as our lower store count.

這一減少反映出我們繼續致力於提高收入品質以及減少商店數量。

Cash provided by operating activities during the six months ended June 30, 2018 was $40.9 million, an improvement of 3.8% compared to the same period last year.

截至2018年6月30日止六個月，經營活動提供的現金為4,090萬美元，較去年同期成長3.8%。

Before providing our guidance for Q3 and the full year, I want to remind you that our guidance is on an "as-reported" basis, based on current currency rates.

在提供第三季和全年的指導之前，我想提醒您，我們的指導是基於當前匯率的「報告」基礎。

For the third quarter of 2018, we expect revenues of $240 million to $250 million compared to $243.3 million in last year's third quarter.

我們預計 2018 年第三季的營收為 2.4 億至 2.5 億美元，而去年第三季的營收為 2.433 億美元。

This includes the loss of approximately $15 million of revenue associated with our reduced store count and business model changes.

這包括因商店數量減少和業務模式改變而損失的約 1500 萬美元的收入。

Gross margins for the third quarter is expected to be about 50 basis points above last year's 50.8% rate.

第三季的毛利率預計將比去年的 50.8% 高出約 50 個基點。

Our third quarter SG&A is expected to be slightly higher than last year's $120.8 million.

我們第三季的 SG&A 預計將略高於去年的 1.208 億美元。

This includes approximately $6 million of non-recurring charges, consisting of approximately $5 million relating to the closure of our manufacturing operations and $1 million associated with our SG&A reduction plan.

這包括約 600 萬美元的非經常性費用，其中約 500 萬美元與關閉我們的製造業務相關，100 萬美元與我們的 SG&A 削減計劃相關。

Nonrecurring charges in last year's third quarter were $3.6 million.

去年第三季的非經常性費用為 360 萬美元。

Let me now turn to our full year guidance.

現在讓我談談我們的全年指導。

With respect to revenues, we continue to expect a low single-digit increase.

就收入而言，我們仍然預計會有較低的個位數成長。

We are maintaining this guidance despite the strengthening of the U.S. dollar since our last earnings call, which we estimate will reduce our sales in the back half of the year by approximately $11 million as compared to our prior guidance.

儘管自上次財報電話會議以來美元走強，但我們仍維持這一指導意見，我們預計這將使我們今年下半年的銷售額比之前的指導意見減少約 1100 萬美元。

Double-digit e-commerce growth and moderate wholesale growth are expected to more than offset the lower retail revenues associated with store closures.

兩位數的電子商務成長和適度的批發成長預計將足以抵消商店關閉而導致的零售收入下降。

Store closures and business model changes will reduce 2018 revenues by approximately $60 million compared to 2017.

門市關閉和商業模式變化將使 2018 年收入較 2017 年減少約 6,000 萬美元。

Absent those changes, we would expect revenues to be up high single digits for the year.

如果沒有這些變化，我們預計今年的營收將成長高個位數。

We continue to expect our gross margin to increase 70 to 100 basis points over last year's 50.5% rate.

我們繼續預計我們的毛利率將比去年的 50.5% 增長 70 至 100 個基點。

SG&A for the full year is now expected to be slightly higher than our prior guidance of $485 million, reflecting an approximately $3 million increase in non-recurring charges to support the closure of our Italy manufacturing facility.

目前預計全年的銷售、管理及行政費用將略高於我們先前指引的 4.85 億美元，反映出為支持關閉義大利製造工廠而增加的非經常性費用約 300 萬美元。

This compares to our 2017 SG&A of $499.9 million.

相較之下，我們 2017 年的銷售管理及行政費用 (SG&A) 為 4.999 億美元。

For the full year, we now anticipate incurring approximately $18 million of non-recurring charges compared to our prior guidance of $15 million.

對於全年，我們現在預計會產生約 1800 萬美元的非經常性費用，而先前的指導為 1500 萬美元。

Approximately $14 million of this amount relates to the closure of our manufacturing operations, and $4 million relates to the implementation of our SG&A reduction plan.

其中約 1400 萬美元用於關閉我們的製造業務，400 萬美元用於實施我們的 SG&A 削減計劃。

After adjusting for the non-recurring charges and the currency impact, our full year [2018] (corrected by company after the call) SG&A reduction would be approximately $45 million against our SG&A reduction goal of $75 million to $85 million.

在調整非經常性費用和貨幣影響後，我們的 [2018] 全年（由公司在電話會議後更正）SG&A 削減額約為 4500 萬美元，而我們的 SG&A 削減目標為 7500 萬至 8500 萬美元。

We are maintaining our guidance with respect to income from operations at approximately $50 million, compared to $17.3 million last year.

我們將營運收入指引維持在約 5,000 萬美元，而去年為 1,730 萬美元。

And we are maintaining Adjusted EBITDA guidance at approximately $95 million compared to $67 million last year.

我們將調整後 EBITDA 指引維持在約 9,500 萬美元，而去年為 6,700 萬美元。

We define Adjusted EBITDA as income from operations plus depreciation and amortization and nonrecurring charges.

我們將調整後 EBITDA 定義為營運收入加上折舊、攤提和非經常性費用。

2018 Adjusted EBITDA is expected to include approximately $30 million of depreciation and amortization and $18 million of non-recurring charges.

2018 年調整後 EBITDA 預計將包括約 3,000 萬美元的折舊和攤提以及 1,800 萬美元的非經常性費用。

2018 income tax expense is still expected to be approximately $17 million, compared to $7.9 million in 2017.

2018 年所得稅費用預計仍約為 1,700 萬美元，而 2017 年為 790 萬美元。

Looking beyond 2018, we see a clear path to double-digit EBIT margins, which, based on our current level of depreciation and amortization, would translate into a 13% Adjusted EBITDA margin.

展望 2018 年以後，我們看到了實現兩位數 EBIT 利潤率的明確途徑，根據我們目前的折舊和攤銷水平，這將轉化為 13% 的調整後 EBITDA 利潤率。

The strengthening of our brand, our relentless focus on operational improvement and our commitment to drive profitable top line growth is how we will get there.

加強我們的品牌、對營運改善的不懈關注以及對推動利潤成長的承諾是我們實現這一目標的途徑。

At this time, I'll turn the call back over to Andrew for his final thoughts.

此時，我會將電話轉回給安德魯，詢問他的最後想法。

Thank you, Carrie.

謝謝你，嘉莉。

We had a very good second quarter, bringing the first half of our year to a successful close.

我們的第二季表現非常好，為上半年畫上了圓滿的句點。

I want to express my thanks to everyone on the Crocs team.

我想向 Crocs 團隊的每個人表示感謝。

We wouldn't be making this progress without their hard work and continued dedication.

如果沒有他們的辛勤工作和持續奉獻，我們就不會取得這一進步。

The success of our spring/summer 2018 collection validated that there is growing demand for clogs and sandals, and with LiteRide, we are successfully meeting the consumer's desires for product incorporating comfort technology.

我們 2018 年春夏系列的成功證明了對木底鞋和涼鞋的需求不斷增長，透過 LiteRide，我們成功滿足了消費者對融入舒適技術的產品的需求。

Our COME AS YOU ARE marketing campaign is driving brand perception and consideration higher and contributing to revenue growth.

我們的「COME AS YOU ARE」行銷活動正在提高品牌知名度和考慮度，並有助於收入成長。

And our strategic priorities provide the roadmap for future growth in shareholder value as we continue delivering the product our customers and consumers want, simplifying our business, and delivering strong financial results.

我們的策略重點為股東價值的未來成長提供了路線圖，我們將繼續提供客戶和消費者想要的產品、簡化我們的業務並實現強勁的財務表現。

Operator, please open the call for questions.

接線員，請打開電話提問。

(Operator Instructions) And our first question comes from Erinn Murphy from Piper Jaffray.

（操作員說明）我們的第一個問題來自 Piper Jaffray 的 Erinn Murphy。

My first question was around LiteRide.

我的第一個問題是關於 LiteRide 的。

You talked about it consistently exceeding your expectations.

你談到它一直超乎你的預期。

Could you share a little bit more about what kind of customers it's attracting and then, since it's been one of your larger launches that you've done in the last few years, how have the learnings of this launch really shaped how you're thinking about the product development calendar and the launch cadence going forward?

您能否更多地分享它吸引了哪些類型的客戶，然後，由於這是您在過去幾年中所做的較大的發布之一，這次發布的經驗如何真正影響了您的想法關於產品開發日曆和未來的發布節奏？

We're really pleased with the LiteRide launch this year.

我們對今年 LiteRide 的推出感到非常高興。

I think we talked about it last quarter and this quarter and the momentum has continued.

我想我們上個季度和本季都討論過這個問題，而且這種勢頭仍在繼續。

In terms of learnings, I think this is the first time and we talked about it last quarter, it's the first time for a number of years we've really put together a comprehensive launch, globally coordinated, supported by appropriate marketing and coordinating through both our wholesale and DTC channels.

就學習而言，我認為這是第一次，我們在上個季度討論過，這是多年來我們第一次真正進行全面的發布，在全球範圍內進行協調，並得到適當的營銷支持並通過雙方進行協調我們的批發和 DTC 管道。

And I think that was extremely successful in creating a great deal of interest and a great deal of momentum behind the product.

我認為這非常成功地引起了人們對產品的極大興趣和動力。

It was also a relatively large suite of products that we launched at the same time, so it really created an impact in the marketplace.

這也是我們同時推出的一套相對較大的產品，所以它確實在市場上產生了影響。

And we think the U.S. piece or the unique features of the product, the high comfort, the light weight, et cetera, really resonated with consumers.

我們認為美國產品或產品的獨特功能，高舒適度，輕重量等等，確實引起了消費者的共鳴。

So it's been very successful.

所以這是非常成功的。

I think there are a lot of really good learnings from that.

我認為從中可以學到很多非常好的東西。

And I think, as we look into '19 and beyond, we will be looking at other key launches to anniversary this and build up on this.

我認為，當我們展望 19 年及以後時，我們將考慮在周年紀念日上推出其他重要產品，並在此基礎上再接再厲。

I would also emphasize, as we plan LiteRide forward, we see it growing.

我還想強調，隨著我們計劃 LiteRide，我們看到它不斷增長。

This is not a one time deal for us, it's a suite of products that's really resonated with consumers.

這對我們來說不是一次性交易，而是一套真正引起消費者共鳴的產品。

We see it growing in the fall, and we see it growing into next year.

我們看到它在秋天增長，我們看到它增長到明年。

Okay.

好的。

That's helpful.

這很有幫助。

And then, I think Andrew, you had said in the beginning of your prepared remarks, you're starting to see some interest from potential new customers on the wholesale side.

然後，我想安德魯，您在準備好的演講開始時就說過，您開始看到批發方面潛在新客戶的一些興趣。

Can you just expand upon that statement?

您能詳細闡述一下這個說法嗎？

And then, just are there specific characteristics of types of accounts you'd be willing to work with?

然後，您願意使用的帳戶類型是否有特定的特徵？

New accounts that is.

新帳戶就是這樣。

Yes.

是的。

I think the resurgence of the brand and the higher profile that we're getting really globally, both at the consumer level and also at the wholesale customer level, is driving some new customers our way.

我認為品牌的復興以及我們在全球範圍內獲得的更高知名度，無論是在消費者層面還是在批發客戶層面，正在推動一些新客戶的發展。

What I would say is in the U.S., we're, I don't want to get into specific names, we're working closely with some significant mall-based retailers, where we've got some test programs and we look to drive some expansion on those in the back half of this year, into next year, as well as big-box retailers here in the U.S. where we think we've got new placement and significant growth in placement opportunities.

我想說的是，在美國，我們，我不想透露具體名稱，我們正在與一些重要的購物中心零售商密切合作，在那裡我們有一些測試計劃，我們希望推動今年下半年到明年的一些擴張，以及美國的大型零售商，我們認為我們已經獲得了新的安置機會，安置機會顯著成長。

And as we look across the world, we also talked about ABC Mart as an example in our prepared remarks.

當我們放眼世界時，我們在準備好的發言中也以 ABC Mart 為例。

We look across both Europe and Asia, we can see interest from significant family channel players.

我們放眼歐洲和亞洲，可以看到重要的家庭通路參與者的興趣。

So I would say it's kind of a global phenomenon and it gives us, obviously, a great deal of confidence.

所以我想說這是一種全球現象，顯然它給了我們很大的信心。

Okay.

好的。

And you said some retailers here in the U.S. this fall, would that be already embedded in the guidance?

您說今年秋天美國的一些零售商是否已經將這一點納入了指南中？

Yes, absolutely, that's embedded in our current guidance.

是的，絕對如此，這已包含在我們當前的指導中。

And then, just a last question for me and I'll turn it over.

然後，我要問最後一個問題，我會把它轉過來。

I didn't hear you guys mention anything on the work opportunity as well as Jibbitz?

我沒聽到你們提到任何關於工作機會以及 Jibbitz 的事情嗎？

Can you just talk about how both of those categories performed in the quarter?

您能談談這兩個類別在本季的表現嗎？

And kind of how you see the longer term opportunity for both of them?

您如何看待他們兩人的長期機會？

Yes.

是的。

Let me talk about Work because it's obviously bigger in terms of its quantum than Jibbitz.

讓我談談 Work，因為它的量子量顯然比 Jibbitz 大。

So work, I think we've highlighted, consistent with our clog focus, work is primarily our clogs silhouette, obviously with a nonslip outsole for the work environment.

因此，我認為我們已經強調了工作，這與我們對木屐的關注點一致，工作主要是我們的木屐輪廓，顯然帶有適合工作環境的防滑外底。

That continues to perform extremely well.

這繼續表現得非常好。

It's definitely tracking at or ahead of our expectations.

它絕對符合或領先於我們的預期。

We see that category as growing, it's more in the U.S. and Europe and Japan in terms of locations.

我們認為該類別正在成長，就地點而言，更集中在美國、歐洲和日本。

It's less in the developing world, but that's definitely growing for us.

在發展中國家，這個數字較少，但對我們來說，這個數字肯定在成長。

We're happy with its progress and it's where we will continue to put marketing effort and product innovation behind that.

我們對其進展感到滿意，我們將繼續為此投入行銷努力和產品創新。

Jibbitz, obviously this is a brand that's existed within Crocs for some period of time, that's really benefiting from a significant trend towards personalization.

Jibbitz，顯然這個品牌已經在 Crocs 中存在了一段時間，它確實受益於個性化的顯著趨勢。

I think you can see it across many product categories where the consumer is increasingly interested in personalizing and making the product something that's special for them and Jibbitz is our vehicle to do that.

我認為您可以在許多產品類別中看到這一點，其中消費者越來越有興趣個性化並使產品成為對他們來說特別的東西，而 Jibbitz 是我們實現這一目標的工具。

So particularly within our U.S. stores, within our e-commerce environment, that has made great progress.

因此，特別是在我們的美國商店中，在我們的電子商務環境中，這已經取得了很大的進展。

So we're seeing significant growth there but obviously, it's a small but very high margin business.

因此，我們看到了該領域的顯著成長，但顯然，這是一項規模雖小但利潤率非常高的業務。

Our next question comes from Mitch Kummetz from Pivotal Research.

我們的下一個問題來自 Pivotal Research 的 Mitch Kummetz。

So let me start with a follow-up on Erinn's question about new customers.

因此，讓我先跟進 Erinn 關於新客戶的問題。

So it sounds like that's already having some impact on the business but it sounds like you're expanding that into the back half then maybe more so next year.

所以聽起來這已經對業務產生了一些影響，但聽起來你正在將其擴展到後半部分，然後明年可能會更是如此。

Is that an accurate assessment that this becomes more impactful on a go forward basis versus the results that you've reported for the first half?

這是一個準確的評估，表明與您上半年報告的結果相比，這在未來的基礎上變得更具影響力？

Yes, Mitch, I think this is a good way of thinking about that.

是的，米奇，我認為這是一個很好的思考方式。

Obviously, most significant retailers these days will take a trial and expand approach, and I think we're in trial mode with a number of new customers that we're excited about.

顯然，當今最重要的零售商將採取試驗和擴張的方法，我認為我們正處於試驗模式，有許多我們感到興奮的新客戶。

And the potential that would come from that with expansion would be more in '19 then in '18.

19 年擴張帶來的潛力將比 18 年更大。

Okay.

好的。

And then, Carrie, it sounds like there were some orders that were pushed out in the Americas from Q2 to Q3 and there were some others that were pulled forward in Europe from Q3 to Q2.

然後，Carrie，聽起來美洲的一些訂單從第二季度推遲到了第三季度，歐洲的其他一些訂單從第三季度推遲到了第二季度。

Is there any way to quantify that?

有什麼方法可以量化嗎？

Or do those sort of net against each other?

或者說這些網路是互相對抗的嗎？

How do we think about the impact on the quarter and then also in the third quarter?

我們如何看待對本季以及第三季的影響？

Yes, I think it's a fair way to look at it; they relatively offset each other.

是的，我認為這是一種公平的看法；它們相對抵消。

Not huge dollars but enough to make a difference in the quarter.

雖然金額不大，但足以在本季產生影響。

And hence, the reason we felt it was important to call out, especially as we think about the North America performance.

因此，我們認為有必要大聲疾呼，特別是當我們考慮北美的表現時。

And so maybe I would comment a little bit on the wholesale performance in North America just to give it a little bit more color.

因此，也許我會對北美的批發表現發表一些評論，只是為了給它更多的色彩。

As noted in the prepared remarks, overall wholesale has performed extremely well in the quarter, but in the Americas specifically, we had a couple of things going on.

正如準備好的評論中所指出的，本季的整體批發表現非常好，但特別是在美洲，我們發生了一些事情。

In North America, we did have a late start to the spring and I think you've heard that from other folks as well.

在北美，我們的春季確實起步較晚，我想您也從其他人那裡聽說過這一點。

But what we did see with that is once we got shipping sandals, we saw really strong sell-throughs, so we feel really good about that.

但我們確實看到的是，一旦我們拿到運輸涼鞋，我們就看到了非常強勁的銷售量，所以我們對此感覺非常好。

And then we did have that timing shift at the end of the quarter, that kind of shifted from Q2 into Q3.

然後我們確實在季度末發生了時間轉變，從第二季轉移到了第三季。

I think the other important thing to really call out is with respect to Latin America.

我認為真正需要指出的另一件重要事情是拉丁美洲。

And we've had significant currency depreciation in a number of Latin American countries.

許多拉丁美洲國家的貨幣大幅貶值。

And then the economic disruption that has been caused by that.

然後是由此造成的經濟混亂。

So if we think about the first half for wholesale in North America, we're up in North America low single digits, but in LATAM we're down double digits.

因此，如果我們考慮一下北美上半年的批發業務，我們會發現北美地區的批發量出現了低個位數的成長，但在拉丁美洲，我們出現了兩位數的下降。

So that I think that is important to understand, and the currency impact is something that I want to make sure everyone understands as we think about our full year guidance.

因此，我認為理解這一點很重要，當我們考慮全年指導時，我希望確保每個人都理解貨幣影響。

We're calling revenues up low single digits, that's consistent with what we called at, at the end of Q1 when we provided guidance.

我們將收入預測為低個位數，這與我們在第一季末提供指引時的預測一致。

But the U.S. dollar strengthened meaningfully against a number of other currencies since then.

但此後美元兌多種其他貨幣大幅走強。

And so, we're losing approximately $11 plus million of revenue in the back half of the year -- as compared to the guidance that we provided at the end of Q1.

因此，與我們在第一季末提供的指導相比，我們在今年下半年損失了大約 11 美元和 100 萬美元的收入。

And we feel really good about our retail and DTC performance, and have factored that in to offset the revenue decline in the back half associated with currency.

我們對零售和 DTC 業績感到非常滿意，並已將其考慮在內以抵消下半年與貨幣相關的收入下降。

I think the other thing that's important to call out around currency is, in the first half we have benefited year-over-year from currency.

我認為圍繞貨幣的另一件重要的事情是，上半年我們從貨幣中受益。

In the back half, it's a drag for us year-over-year.

在後半段，這對我們來說是一個同比拖累。

So I don't want that to get lost, especially given that more than half of our revenue does come from outside the United States.

所以我不想失去這一點，特別是考慮到我們一半以上的收入確實來自美國以外的地區。

Got it.

知道了。

And then, on the guidance, I think you're seeing moderate wholesale growth for the year.

然後，根據指導，我認為今年批發量將出現溫和成長。

You're up, I want to say like, 6%, 7% through the first half.

我想說，上半場你已經上升了 6%、7%。

I'm not really sure what your definition of moderate is, but are you assuming that the wholesale business is actually down in the back half?

我不太確定你對溫和的定義是什麼，但你是否認為批發業務實際上在後半段下降了？

Or is that just a function of tougher compares?

或者這只是更嚴格比較的結果？

Or is there something else going on?

還是還有其他事情發生？

Yes, everything about wholesale in the back half of the year...

是的，下半年批發的一切...

We've seen good, as you commented, good results in the first half.

正如您所評論的那樣，我們在上半場看到了良好的結果。

I think we see something similar going through Q3.

我認為我們在第三季度看到了類似的情況。

I think we're a little bit softer in Q4, just because of the year-over-year compares.

我認為我們在第四季的表現有點疲軟，只是因為與去年同期相比。

I think that will continue to evolve as we continue to work the order book.

我認為隨著我們繼續處理訂單簿，這種情況將繼續發展。

Yes.

是的。

Obviously the currency is, as Carrie talked about, the currency is going against us for the back half of the year.

顯然，正如嘉莉所說，今年下半年貨幣對我們不利。

That is a factor and we have maintained our revenue guidance despite that.

這是一個因素，儘管如此，我們仍維持了我們的收入指引。

Our next question comes from Jonathan Komp from Baird.

我們的下一個問題來自貝爾德 (Baird) 的喬納森康普 (Jonathan Komp)。

A couple of questions.

有幾個問題。

A little bit of a follow-up, but I just wanted to ask on the revenue outlook overall.

有點後續，但我只是想問整體收入前景。

I know on the underlying basis you've been tending kind of double-digit growth, and for the third quarter, you're implying something slower than that kind of mid- to high single digits underlying.

我知道，從基本面來看，您一直在趨向於兩位數成長，而第三季度，您暗示成長速度將慢於那種中高個位數的基本成長。

And just wanted to maybe fully understand the moving pieces as you see them there?

只是想完全理解您在那裡看到的移動部件？

Yes.

是的。

I think I'll start and then hand it over to Carrie.

我想我會開始然後把它交給嘉莉。

Yes, you're absolutely right, Jonathan, if you look at the first half of the year and you exclude our store closures and our business model changes, across all channels we actually did achieve double-digit underlying growth.

是的，你說得完全正確，喬納森​​，如果你看看今年上半年，排除我們的商店關閉和商業模式變化，我們在所有渠道上實際上確實實現了兩位數的潛在增長。

As we go into the back half of the year, Carrie can give you a little bit more detail, one of the big factors is still that currency.

當我們進入下半年時，嘉莉可以給你更多細節，其中一個重要因素仍然是貨幣。

Yes.

是的。

So specifically to Q3, if we think about the currency, adjust for the business model changes store closures, we're still at mid- to high single digits despite the currency headwind.

因此，具體到第三季度，如果我們考慮貨幣，並根據業務模式變化和商店關閉進行調整，儘管存在貨幣逆風，但我們仍處於中高個位數。

And then, as we go into Q4, we'd be up mid-single digits excluding the business model changes and store closures in Q4.

然後，當我們進入第四季度時，不包括第四季度的商業模式變化和商店關閉，我們的業績將實現中個位數成長。

I think the other thing that is important to think about with respect to Q4 is the business model and store closures have a much bigger impact because Q4 is a smaller base, so it does have a bigger impact.

我認為關於第四季度需要考慮的另一件事是商業模式和商店關閉會產生更大的影響，因為第四季度的基數較小，所以它確實會產生更大的影響。

Okay.

好的。

Great.

偉大的。

That's helpful.

這很有幫助。

And then, specifically on the Americas segment in the wholesale business, I just wanted to follow-up and clarify.

然後，特別是在批發業務的美洲部分，我只想跟進和澄清。

I know last year Q3 and Q4 for the wholesale business in the Americas, you shipped essentially, or you sold essentially, the same dollar amount in Q3 and Q4, which was pretty unusual historically.

我知道去年第三季和第四季美洲的批發業務，您在第三季和第四季基本上出貨或銷售了相同的美元金額，這在歷史上是非常不尋常的。

Q4 usually has been the much lower period.

第四季通常是價格低得多的時期。

And I just wanted to ask is that more reflective of what you expect going forward?

我只是想問這是否更能反映您對未來的期望？

Or was that unique last year?

還是去年是獨一無二的？

Yes, I think you're right.

是的，我認為你是對的。

We definitely saw a significant pickup in the North American wholesale business last Q4.

去年第四季度，我們確實看到了北美批發業務的顯著回升。

That was really the key issue, as we look forward, we think that pattern basically repeats.

這確實是關鍵問題，正如我們展望的那樣，我們認為這種模式基本上會重複。

Yes.

是的。

Okay, great, helpful.

好的，太好了，有幫助。

And then, maybe just last bigger picture question on the margin.

然後，也許只是最後一個更大的問題。

I know you've been talking for some time now about a 13% Adjusted EBITDA margin target and I was hoping to clarify any kind of update in thinking around the timing of when you think that might be achievable?

我知道您已經談論 13% 的調整後 EBITDA 利潤率目標已經有一段時間了，我希望澄清您認為何時可以實現這一目標的任何更新？

Yes.

是的。

I would say, we could have a clear line of sight to achieving that, and I think as we get ready to provide 2019, we'll certainly provide more color on that.

我想說，我們可以有一個清晰的目標來實現這一目標，我認為當我們準備好提供 2019 年時，我們肯定會在這方面提供更多的色彩。

So stay tuned.

所以請繼續關注。

Okay.

好的。

I thought you might take the bait and setting the bar high for your replacement Carrie.

我想你可能會上鉤，並為你的替代嘉莉設定很高的標準。

Our next question comes from Steve Marotta from CL King & Associates.

我們的下一個問題來自 CL King & Associates 的 Steve Marotta。

Carrie, I wanted to just clarify the $95 million in adjusted EBITDA estimated for fiscal '18 excludes the onetime cost associated with SG&A.

Carrie，我想澄清一下，18 財年預計調整後 EBITDA 為 9,500 萬美元，不包括與 SG&A 相關的一次性成本。

Is that accurate?

準確嗎？

That's correct.

這是正確的。

Okay, great.

好的，太好了。

And as it relates, Andrew to the fall and winter assortment, in recent years instead of endeavoring to really delve deeply into fall and winter product, more heavier weight product, there's been some of that on the margin, and I think the goal has been a little bit more to sell further into third quarter on a buy now wear now basis and deliver earlier into spring later in the fourth quarter into the warmer weather markets in order to even out the seasonality a little bit.

正如它所涉及的，安德魯對於秋冬系列，近年來並沒有努力真正深入研究秋冬產品，更重的產品，其中有一些是邊緣化的，我認為目標是在“現買現穿”的基礎上，在第三季進一步銷售，並在第四季稍後進入春季較早的天氣市場，以便稍微平衡季節性。

Is that the same this year in anticipation next year?

預計明年也是如此嗎？

Or do you see a little bit more heavier weight product becoming a larger percentage of the mix in the second half of the year?

或者您認為下半年重量稍重的產品在產品組合中所佔的比例會更大？

Yes.

是的。

I think strategy that we applied last year it definitely worked.

我認為我們去年應用的策略確實有效。

So essentially, we're planning to repeat that, which is exactly what you said.

所以本質上，我們計劃重複這一點，這正是你所說的。

So it sounds longer into the third quarter, and try and deliver in fourth quarter for some warm weather markets.

因此，第三季度聽起來會更長，並嘗試在第四季度為一些溫暖的天氣市場提供服務。

Outsell our clogs throughout the year, which I think have performed extremely well year-round.

全年的銷量都超過了我們的木鞋，我認為木鞋全年的表現都非常好。

I think that the key product that we do offer in the fall/holiday, unique to fall holiday, which has been building over the last couple of years has been in our lined clogs, as we've cleaned up that line and as we presented it more clearly.

我認為我們在秋季/假期提供的關鍵產品，是秋季假期獨有的，在過去幾年中一直在我們的內襯木底鞋中推出，因為我們已經清理了該產品線，並且正如我們所展示的那樣就更清楚了。

So yes, it's clogs, sandals, lined clogs.

所以是的，它是木底鞋、涼鞋、有襯裡的木底鞋。

I also would note that as you think about fall holiday or think about that season for the Crocs brand, we do a lot of business in portions of the world where there is no cooler weather, right?

我還想指出，當您想到秋季假期或 Crocs 品牌的那個季節時，我們在世界上沒有涼爽天氣的部分地區開展了大量業務，對吧？

As you think about Southeast Asia, as you think about Asia so we have a lot of year-round business, and so tailoring our assortment to northern hemisphere is less productive for us.

當你想到東南亞時，正如你想到亞洲一樣，我們全年都有很多業務，因此針對北半球定制我們的品種對我們來說生產力較低。

I think that's something we've corrected and we continue down that path, Steve.

我認為我們已經糾正了這一點，並且我們將繼續沿著這條路走下去，史蒂夫。

Okay.

好的。

I know Andrew you are reticent to speak about quarter-to-date trends and understandably, to the extent that you could speak broadly about back-to-school and what you have seen, again, broadly from an inventory and channel standpoint, from the popularity of the Crocs product and clogs product, and even perhaps the digital activity in the back-to-school period that might be helpful?

我知道安德魯，您不願談論季度至今的趨勢，這是可以理解的，因為您可以廣泛地談論返校以及您所看到的情況，再次，從庫存和渠道的角度，從Crocs 產品和木鞋產品的受歡迎程度，甚至返校期間的數位活動可能會有所幫助？

You mentioned a few things, Steve.

你提到了一些事情，史蒂夫。

So first is, as we kind of look at the overall environment, we feel pretty good about the consumer environment, the retailer environment, here in North America but also in a lot of other places around the world.

首先，當我們審視整體環境時，我們對北美以及世界許多其他地方的消費者環境、零售商環境感覺非常好。

We think the consumer is much more apt to spend, interested in spending, can be enticed to do so.

我們認為消費者更願意花錢、有興趣花錢、可以被吸引去花錢。

We think the vast majority of retailers that we do business with are in much better shape than they were last year.

我們認為與我們有業務往來的絕大多數零售商的狀況都比去年好得多。

As we think about back-to-school specifically, a few things would come up.

當我們具體考慮重返校園時，會出現一些問題。

I think we mentioned in our prepared remarks, we are seeing a particular segment of the market, which is high school and college age students buying the clog, particularly the Classic clog for pre and post sporting events.

我想我們在準備好的發言中提到，我們看到了一個特定的市場部分，即高中和大學年齡的學生購買木鞋，特別是體育賽事前後的經典木鞋。

So that has been a really nice focus for us and has really driven some significant business.

因此，這對我們來說是一個非常好的重點，並且確實推動了一些重要的業務。

So we see that continuing to back-to-school.

所以我們看到繼續返校。

And then we also launched a platform clog last week, which is a platform version of our Classic clog inspired by some collaborations we had last year, and we're excited about that and it's got potential to sell into that younger consumer that's oriented around back-to-school.

然後我們上週還推出了一款平台木鞋，這是我們經典木鞋的平台版本，靈感來自我們去年的一些合作，我們對此感到很興奮，它有潛力銷售給面向背部的年輕消費者-去學校。

So yes, I think we've got a little bit of wind on our back from that perspective, and we generally feel good about the retail environment.

所以，是的，我認為從這個角度來看，我們有一些支持，而且我們總體上對零售環境感覺良好。

Our next question comes from Jim Duffy from Stifel.

我們的下一個問題來自 Stifel 的 Jim Duffy。

Carrie, congratulations to you on a productive and successful leadership tenure.

Carrie，恭喜您在領導任期內富有成效且成功。

Thank you

謝謝

It occurs to me you're stepping down with fairly clear sight lines to the double-digit EBIT margins and low-teens EBITDA margins.

在我看來，你正在以相當清晰的視線走向兩位數的 EBIT 利潤率和低雙位數的 EBITDA 利潤率。

I recognize this could fall into the category of front running Anne's view, but with Andrew on the call, it seems fair game.

我承認這可能屬於安妮的觀點，但在安德魯的呼籲下，這似乎是公平的遊戲。

The question is, how do you guys think about margin opportunities beyond this, is revenue the key lever for further improvement?

問題是，你們如何看待除此之外的利潤機會，收入是進一步改善的關鍵槓桿嗎？

Or can you take the SG&A rate lower?

或者您可以降低 SG&A 費率嗎？

How much is left in the gross margin?

毛利率還剩多少？

Thoughts there would be helpful.

那裡的想法會有幫助。

Yes.

是的。

Maybe I'll start Jim, and then Carrie can add a little color.

也許我會先從吉姆開始，然後嘉莉可以添加一點色彩。

Yes, I think you actually framed the question well which is, as we think about our architecture that gets us to double-digit EBIT margins, it's really been around getting our SG&A down, getting to call the revenues up, and our gross margin up and getting us to a point where we can achieve that with modest revenue growth.

是的，我認為你實際上很好地提出了這個問題，即，當我們考慮我們的架構使我們的息稅前利潤率達到兩位數時，它實際上是圍繞著降低我們的銷售管理費用、提高收入和提高我們的毛利率並讓我們能夠透過適度的收入成長來實現這一目標。

As we then start to accelerate our revenue growth, it will provide leverage, a lot of our SG&A will see leverage from revenue growth, particularly in the wholesale business and obviously if we can drive some retail comps, which we now have, for I think four quarters in a row, you get leverage that way.

當我們開始加速我們的收入成長時，它將提供槓桿作用，我們的許多SG＆A將看到收入成長的槓桿作用，特別是在批發業務中，顯然如果我們能夠推動一些零售競爭，我們現在已經擁有了，因為我認為連續四個季度，你就可以透過這種方式獲得槓桿作用。

So we do see it going a little bit lower as you get revenue growth but that would be the primary leverage.

因此，我們確實看到，隨著收入成長，它會略有下降，但這將是主要槓桿。

Yes.

是的。

I think the only thing I'd add is getting SG&A in the low 40s is the first step to achieving double-digit EBIT margins.

我認為我唯一要補充的是，將 SG&A 控制在 40 左右是實現兩位數 EBIT 利潤率的第一步。

Then it's really what we've driven in the organization and will continue to is the continued focus on operational improvement.

這就是我們在組織中推動並將繼續持續關注營運改善的真正原因。

And we still have opportunities to continue to drive improvement in the business as well as benefit from the leverage as we grow the top line.

我們仍然有機會繼續推動業務改進，並隨著收入的成長而從槓桿中受益。

Great.

偉大的。

That's a good segue in my next line of question, from an optics standpoint, compares begin to get more difficult.

這是我下一個問題的一個很好的延續，從光學的角度來看，比較開始變得更加困難。

You've talked about wholesale distribution expansion opportunities which is encouraging.

您談到了令人鼓舞的批發分銷擴張機會。

Can you speak for a moment about opportunities to build on the positive comps and continue to improve retail productivity?

您能否談談在積極競爭的基礎上繼續提高零售生產力的機會？

And also, maybe touch on some of the progress you're having with analytics and opportunities to leverage that for further digital growth?

另外，也許可以談談您在分析方面取得的一些進展以及利用這些進展實現進一步數位成長的機會？

Yes, let me break that down a little bit.

是的，讓我稍微分解一下。

So we talk about retail, yes, obviously, we're going to start to come up against our positive comp trajectory as the fleet has rationalized and as we've closed our more unproductive stores, as we've repositioned the whole retail fleet to be majority outlet stores on a global basis, we remain confident that we can continue to comp on our compare numbers because I think we have the product, the built for outlet product, we have a much greater focus on driving and managing that outlet business specifically and we feel really confident that we can provide ongoing comps in that environment.

所以我們談論零售，是的，顯然，隨著車隊的合理化，我們關閉了效率較低的商店，我們將整個零售車隊重新定位為作為全球範圍內的大多數直銷店，我們仍然有信心能夠繼續比較我們的比較數字，因為我認為我們擁有專為直銷產品打造的產品，我們更加專注於專門推動和管理直銷業務我們非常有信心能夠在這種環境下提供持續的補償。

As you said from a digital perspective, we've obviously achieved double-digit -- strong double-digit digital growth for a good number of quarters now.

正如您從數字角度所說的那樣，我們顯然已經在許多季度實現了兩位數的強勁數字增長。

We see that continuing as the consumer frankly continues to migrate to that environment, particularly in Asia where we see digital commerce really replacing or in some developing markets, preventing the growth of traditional retail.

我們看到，隨著消費者坦率地繼續遷移到這種環境，特別是在亞洲，我們看到數位商務真正取代了傳統零售，或者在一些發展中市場，阻礙了傳統零售的成長。

It's really skipping in a significant way.

它確實在很大程度上跳過了。

We see that as a strong revenue driver for us and one where as a brand, as a company, we're focused.

我們認為這是我們強大的收入驅動力，也是作為一個品牌、作為一家公司，我們所關注的。

And I think you also referenced the digital marketing efforts where we've put in place new technologies that allow us to target our marketing efforts, to personalize our messaging and we're seeing very dramatic increases in terms of 50%, I think we mentioned in our prepared remarks, increases in our productivity from that.

我認為您也提到了數位行銷工作，我們採用了新技術，使我們能夠有針對性地進行行銷工作，個性化我們的訊息傳遞，我們看到了 50% 的顯著增長，我想我們提到過在我們準備好的發言中，我們的生產力因此而提高。

And I would say that's in its infancy today, so we see that continuing.

我想說這在今天還處於起步階段，所以我們看到這種情況仍在繼續。

I think the only thing I would add to the retail comp comment that Andrew made is that we innovate with product, we're also allows us to bring product to the market at higher price points, right?

我認為我對安德魯所做的零售比較評論唯一要補充的是，我們在產品上進行創新，我們還允許我們以更高的價格將產品推向市場，對嗎？

So that will help, LiteRide it's a great example of that.

所以這會有所幫助，LiteRide 就是一個很好的例子。

And as Andrew indicated earlier, we're going to continue to innovate and look for comfort stories that add unique selling propositions that are worth more to the consumer.

正如安德魯早些時候指出的那樣，我們將繼續創新，尋找舒適的故事，增加對消費者更有價值的獨特銷售主張。

Our next question comes from Jim Chartier from Monness, Crespi and Hardt.

我們的下一個問題來自 Monness、Crespi 和 Hardt 的 Jim Chartier。

First, Andrew, you talked about great returns on advertising.

首先，安德魯，您談到了廣告的巨大回報。

What's the opportunity to continue to grow the ad spend?

繼續增加廣告支出的機會是什麼？

And if you could talk about that maybe by region?

您是否可以按地區來談談？

And then in terms of the new potential new distribution, how do you manage the product segmentation by channel going forward as you add new distribution?

然後，就新的潛在新分銷而言，在新增分銷時，您如何按通路管理產品細分？

Yes.

是的。

So even as we've -- let me deal with ad spend first, so even as we have reduced our SG&A and plan to reduce our SG&A to next year, we have also increased our total investment in marketing.

因此，即使我們已經——讓我先處理廣告支出，即使我們減少了 SG&A 併計劃減少到明年的 SG&A，我們也增加了營銷總投資。

And also skewed more and more of that spend to what we call working dollar.

而且越來越多的支出偏向我們所謂的工作美元。

So less on SG&A headcount and agency fees and more on driving digital and social media.

因此，SG&A 員工人數和代理費的支出較少，而更多的是推動數位化和社群媒體的支出。

So our increases in terms of dollar spend impacting the consumer have grown over the last several years and that has been an important factor in driving the resurgence of the brand.

因此，過去幾年我們對消費者產生影響的美元支出不斷增加，這是推動品牌復興的重要因素。

We intend to continue to do that.

我們打算繼續這樣做。

Yes, and then I'll just add to that on the analytics.

是的，然後我將在分析中添加這一內容。

I think as we've shifted to digital social, obviously the trends are an information and our ability to use that information and make our targeted ad more effective is something that Andrew called out in his prepared remarks in terms of return on ad spending up 50%.

我認為，隨著我們已經轉向數位社交，趨勢顯然是一種訊息，而我們利用這些訊息並使我們的目標廣告更加有效的能力是安德魯在他準備好的演講中指出的，廣告支出回報率高達50 %。

We think there's still opportunity there as we continue to get better at this.

我們認為，隨著我們在這方面不斷進步，仍然存在機會。

Yes.

是的。

And then you also referenced by market, but one of the beauties of all the social digital oriented architecture is it's very scalable and applicable by market.

然後你也被市場引用，但所有面向社交數字的架構的優點之一是它非常可擴展並且適用於市場。

We don't break that out, what that spend looks like by market, but it does allow us to take our message from the U.S. to Europe to Asia, and that sales have been really effective.

我們沒有透露具體的市場支出情況，但它確實使我們能夠將訊息從美國傳達到歐洲再到亞洲，而且銷售確實非常有效。

And we probably see the strongest growth in our spend more oriented towards our Asian markets in the future.

我們可能會看到未來最強勁的支出成長將更多地面向亞洲市場。

In terms of product segmentation, we've gone through years where we've really rationalized product and stabilized our product development engine.

在產品細分方面，我們經歷了這些年，我們真正合理化了產品，穩定了我們的產品開發引擎。

And now, with the introduction of LiteRide and a lot of new product we've brought to market in the last two years, we're getting more and more sophisticated around product segmentation with different lines associated with our outlets, different lines and unique lines on our e-commerce, and also being able to differentiate and SMU across some of our key wholesale partners.

現在，隨著LiteRide 的推出以及過去兩年我們推向市場的許多新產品，我們在產品細分方面變得越來越複雜，包括與我們的網點相關的不同產品線、不同的產品線和獨特的產品線我們的電子商務，並且還能夠在我們的一些主要批發合作夥伴中實現差異化和 SMU。

So we see that as highly productive going forward and we'll do more of it going forward and it allows us to provide more differentiation.

因此，我們認為這在未來是非常有效率的，我們將在未來做更多的事情，它使我們能夠提供更多的差異化。

I would say there is a core of our business, particularly Classic and Crocband, which is like many other brands that have a core, unique franchise,that does show up in every channel.

我想說的是，我們的業務有一個核心，特別是 Classic 和 Crocband，就像許多其他品牌一樣，它們擁有核心、獨特的特許經營權，確實出現在每個管道中。

So that will continue to show up in all of our key channels plus there will be differentiation around it.

因此，這將繼續出現在我們所有的關鍵管道中，而且圍繞著它還會出現差異化。

Where?

在哪裡？

And then, you've previously talked about still a big opportunity to grow the business with an existing distribution.

然後，您之前談到利用現有發行版發展業務仍然是一個巨大的機會。

So how has the demand of shelf space you have with your existing wholesale customers changed versus last year?

那麼，與去年相比，您現有批發客戶的貨架空間需求有何變化？

And then, how much opportunity is there still going forward within the current distribution?

那麼，在目前的發行版中，未來還有多少機會呢？

I would say we have definitely seen growth in shelf space in aggregate.

我想說，我們確實看到了貨架空間總量的成長。

There are key partners that we've grown really rapidly with in terms of shelf space.

我們與一些重要的合作夥伴在貨架空間方面發展得非常迅速。

And others, we have stood still with, they haven't been as forward thinking in our view.

而其他人，我們一直停滯不前，在我們看來，他們沒有那麼具有前瞻性。

But I think that remains, as you look particularly at the developed markets, the U.S. marketplace, we have a lot of distribution and our biggest growth driver is going to be growing representation in that distribution as well as adding select key accounts.

但我認為，當你特別關注已開發市場、美國市場時，我們有許多分銷管道，而我們最大的成長動力將是增加該分銷管道的代表性以及增加精選的關鍵客戶。

So that is still a very important driver.

所以這仍然是一個非常重要的驅動因素。

I think we've made good progress, but we want to make more progress in the future.

我認為我們已經取得了很好的進展，但我們希望在未來取得更多進展。

Our next question comes from Sam Poser from Susquehanna.

我們的下一個問題來自薩斯奎哈納的 Sam Poser。

A few things.

一些東西。

Just details on the expectation for domestic, or North American -- Americas wholesale growth for the back half of the year or by quarter?

只是詳細說明今年下半年或按季度國內或北美批發成長的預期嗎？

You explained it sort of conceptually but can you give us some direction there as to what's built in?

您從概念上解釋了它，但是您能給我們一些關於內建內容的指導嗎？

Yes.

是的。

-- With respect to North America wholesales, we don't guide specifically by region.

-- 對於北美批發，我們不具體地按地區進行指導。

Americas, Americas, America's.

美洲，美洲，美洲。

Yes.

是的。

But we don't guide specifically by regions -- for any other regions.

但我們不會針對任何其他地區專門按地區提供指導。

We've factored in our forecast for America's into our overall guidance for the rest of the year.

我們將對美國的預測納入今年剩餘時間的整體指導中。

And then it is incorporated in, and what we do feel good about is our overall performance in the Americas.

然後它被納入其中，我們確實感到滿意的是我們在美洲的整體表現。

It is going to be muted by LATAM, given the currency headwind.

考慮到貨幣逆風，拉美地區的聲音將會減弱。

And that is factored into our guidance.

這已納入我們的指導中。

Okay.

好的。

And then you're down to 398 stores now.

現在商店數量已減少至 398 家。

Are there more store closures either within the guidance or planned maybe for next year?

明年是否會在指導範圍內或計劃關閉更多商店？

Or are we at the level now -- where are we there?

或者我們現在處於什麼水平——我們在哪裡？

What we would say Sam is there are more store closures in the guidance and plan next year.

我們想說的是，薩姆明年的指導和計劃中有更多商店關閉。

We have completed the plan that we architected and announced and regard that is completed.

我們已經完成了我們制定和宣布的計劃，並認為該計劃已經完成。

Go forward, closures and openings will be kind of normal close of business as we assess the fleet and each store as it comes up for lease, whether we want to continue to operate the stores, relocate, open another one, but as we look at the guidance for the back half of the year and our preliminary view on '19, that will be modest net closings.

展望未來，關閉和開業將是一種正常的營業結束，因為我們評估車隊和每家商店的租賃情況，我們是否想繼續經營商店、搬遷、開設另一家商店，但當我們考慮時今年下半年的指導和我們對19 年的初步看法是，淨關閉量將適度。

So what becomes sort of the optimum, by the end of '19, I know you haven't guided '19, but what should we think of store base by the end of '19?

那麼，到 19 年底，什麼是最佳的，我知道你還沒有指導 19 年，但是到 19 年底，我們應該如何看待商店基地？

Is it like 380 or 350?

是380還是350之類的？

I would say modestly down on what it is today.

對於今天的情況，我會謙虛地說。

I think that's reasonable, Sam.

我認為這是合理的，山姆。

That's the right way to think about it.

這是正確的思考方式。

Okay.

好的。

And then -- are you going to be involved with Singles Day there or are you not involved with that at all.

然後——你會參與那裡的光棍節活動還是根本不參與。

You have talked I believe, not being involved.

我相信你已經說過了，但沒有參與其中。

Is that something that you're going to be involved with that this year?

這是你今年會參與的事情嗎？

No.

不。

Absolutely.

絕對地。

I don't think we talked about not being involved in Singles Day.

我不認為我們談論過不參與光棍節。

If you look at what I would describe as major festivals or major digital events on a global basis, mid-summer festivals, single's day, 12/12, and even Prime Day obviously we just had here in the U.S. and Europe, and other Amazon countries, those are really really important to be involved in.

如果你看看我所描述的全球重大節日或重大數位活動，仲夏節、雙十一、12/12，甚至 Prime Day，顯然我們剛剛在美國、歐洲和其他亞馬遜舉辦了這樣的活動。其中確實非常重要。

What we have looked at is the profitability of those events and how do you transact on those particular events such that you can actually make money.

我們關注的是這些活動的獲利能力，以及如何在這些特定活動上進行交易，以便真正賺錢。

We do believe and as we look, we've seen an erosion in our profitability associated with those events over the last couple of years.

我們確實相信，正如我們所看到的，我們已經看到過去幾年與這些事件相關的盈利能力受到侵蝕。

We see that in competitive brands, and we're looking at a strategy that will maximize the profitability of those events not just the revenue.

我們在競爭品牌中看到了這一點，我們正在尋找一種策略，能夠最大限度地提高這些活動的盈利能力，而不僅僅是收入。

Okay.

好的。

And then my last question is, how do you get to -- I mean what should we think about, sort of a base revenue growth now that the store closures are sort of you'll make his normal decisions and so, can -- are you looking at mid-single-digit revenue growth over the next few year's to get to -- what is the number you're using to get to your margin targets?

然後我的最後一個問題是，你如何實現——我的意思是我們應該考慮什麼，既然商店關閉了，你就會做出正常的決定，所以，可以——是基本收入增長您希望在未來幾年內達到中等個位數的收入成長- 您用來實現利潤目標的數字是多少？

I think the way I would answer that without giving guidance on '19 and beyond is, at this point Sam is really if you look at our underlying performance in '17 and in '18, adjusting for the store closures and business model change, which impacted both years by about $60 million, we've seen moderate to high single digit underlying growth.

我認為，在不給出19 年及以後的指導的情況下，我的回答方式是，在這一點上，如果你看看我們在17 年和18 年的基本業績，根據商店關閉和商業模式變化進行調整，那麼Sam 確實是這樣的。

As we move into 2019, we still have a bit of headwind related to store closures that are for the partial year impact as it goes into 2019.

當我們進入 2019 年時，我們仍然面臨一些與商店關閉相關的不利因素，這是因為進入 2019 年時會產生部分年度影響。

But again, we feel good about that underlying growth and that's really driven by the fact that the clogs and the sandal focus is extremely beneficial to our business.

但同樣，我們對潛在的成長感到滿意，這實際上是由木底鞋和涼鞋的關注對我們的業務極其有利這一事實所推動的。

It's core to our DNA.

它是我們 DNA 的核心。

We've had many quarters of double-digit sandal growth and we feel like that's something we can look at, that continued growth going forward, as well clogs, it's a growing category, we're taking share so we think the underlying growth of this business is absolutely solid.

我們已經經歷了許多季度的兩位數涼鞋增長，我們覺得這是我們可以關注的，未來的持續增長，以及木底鞋，這是一個不斷增長的類別，我們正在佔據份額，所以我們認為潛在的成長這個生意絕對是紮實的。

Yes.

是的。

I know that is a key question for many and some are skeptical about that, but as you look at the track record, we've got two years of producing underlying growth, and I think we have the ammunition from a product to marketing perspective to continue that into the future.

我知道這對許多人來說是一個關鍵問題，有些人對此表示懷疑，但當你查看過往記錄時，我們已經有兩年的時間實現潛在增長，而且我認為從產品到營銷的角度，我們都有足夠的彈藥來實現這一目標。

And I promised that was the last one, but one more.

我保證這是最後一篇，但還有一篇。

You talked about your Adjusted EBITDA but why not just give everybody a non-GAAP reconciliation on the earnings?

您談到了調整後的 EBITDA，但為什麼不直接為每個人提供非 GAAP 收益調整表呢？

Because next year a lot of these charges fall away and then you're going to have bad compares unless we take them out this year and so on.

因為明年很多這些費用都會消失，除非我們今年把它們去掉，否則你的比較就會很糟糕。

So why not just provide a non-GAAP reconciliation, especially when you're talking about basically a non-GAAP EBITDA target?

那麼，為什麼不直接提供非 GAAP 調整表，尤其是當您基本上談論的是非 GAAP EBITDA 目標時？

I know you've talked about this before, Sam, I think what's important is we're explicit about the elements that actually do make up our guidance, and then I think the other element is, it's really important that we meet or exceed the guidance that we give.

我知道你之前已經討論過這個問題，Sam，我認為重要的是我們明確了實際上構成我們指導的要素，然後我認為另一個要素是，我們達到或超過了目標，這一點非常重要。的指導。

So I think all the pieces are there for how people to look at, and that's what's critical.

所以我認為所有的部分都是為了人們如何看待，這才是關鍵。

But I mean you raised your underlying EBIT guidance by $3 million because that should goes from your $50 million operating margin target now goes to -- was it $65 million because of the onetime charges, now it goes to $68 million because of now that -- because of the charges have gone up.

但我的意思是，你將基本息稅前利潤指導提高了300 萬美元，因為這應該從你現在的5000 萬美元營業利潤率目標變為- 是因為一次性費用而達到6500 萬美元，現在是因為現在- 6800 萬美元 -因為收費上漲了。

I mean why not -- I mean it's just you're talking both ways, why not just give it one way especially when you start talking about adjusted EBITDA?

我的意思是為什麼不——我的意思是你只是在說兩種方式，為什麼不只用一種方式，特別是當你開始談論調整後的 EBITDA 時？

I want to say Sam, this is probably something we're not going to agree on.

我想說薩姆，這可能是我們不會同意的事情。

So I think that we probably have to leave it.

所以我認為我們可能必須放棄它。

And we do have a follow-up question from Steven Marotta from CL King and Associates.

我們確實收到了來自 CL King and Associates 的 Steven Marotta 的後續問題。

Carry, very quick question on, maybe it's topical, non-GAAP taxes for the quarter.

進行一個非常簡短的問題，也許這是本季的熱門非公認會計原則稅。

Just a housekeeping standpoint, I know that it was $3 million on the GAAP basis.

僅從內務管理的角度來看，我知道按照 GAAP 計算，該金額為 300 萬美元。

What would it have been when you exclude those items?

如果排除這些項目會怎樣？

On a dollar basis?

以美元為基礎？

On an adjusted -- I have no idea.

調整後——我不知道。

Off the top of my head, I think it is extremely -- it is lower than it normally would be just because we had the release of the valuation allowances and you will see that commentary in the Q when it comes out later this morning, but there is nothing overly unusual in that number.

從我的角度來看，我認為這非常——它比通常情況下要低，只是因為我們釋放了估值津貼，你會在今天早上晚些時候發布的 Q 中看到評論，但是這個數字並沒有什麼異常之處。

So we don't look at the tax on adjusted versus non-adjusted.

因此，我們不考慮調整後和未調整的稅收。

Well, thank you very much everybody for joining us today and for your continued interest in Crocs; we appreciate it.

好的，非常感謝大家今天加入我們，並感謝大家對 Crocs 的持續關注；我們很感激。

Thank you, ladies and gentlemen.

謝謝你們，女士們、先生們。

This concludes today's conference.

今天的會議到此結束。

Thank you for participating, and you may now disconnect.

感謝您的參與，您現在可以斷開連接。