卡洛馳 (CROX) 2022 Q2 法說會逐字稿

Welcome to the Crocs, Inc. Second Quarter 2022 Earnings Conference Call. (Operator Instructions) Please note this event is being recorded.

歡迎來到 Crocs, Inc. 2022 年第二季度收益電話會議。 （操作員說明）請注意正在記錄此事件。

I would now like to turn the conference over to Cori Lin, Vice President of Corporate Finance. Please go ahead.

我現在想將會議轉交給企業財務副總裁 Cori Lin。請繼續。

Good morning, everyone, and thank you for joining us today for the Crocs Second Quarter 2022 Earnings Call. Earlier this morning, we announced our latest quarterly results, and a copy of the press release may be found on our website at crocs.com.

大家早上好，感謝您今天參加 Crocs 2022 年第二季度財報電話會議。今天早上早些時候，我們公佈了最新的季度業績，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. These statements include, but are not limited to, statements regarding the acquisition of HEYDUDE and the benefits thereof. Crocs' strategy; plans; objectives; expectations, financial or otherwise; and intentions future financial results and growth potential; anticipated product portfolio; our ability to create and deliver shareholder value; and statements regarding potential impacts to our business related to the COVID-19 pandemic. These statements involve known and unknown risks, uncertainties and other factors, which may cause our actual results, performance or achievements to be materially different from any future results, performances or achievements expressed or implied by the forward-looking statements. Crocs is not obligated to update these forward-looking statements to reflect the impact of future events, except as required by applicable law. We caution you that all forward-looking statements are subject to risks and uncertainties described in the Risk Factors section of our annual report on Form 10-K and our subsequent filings with the SEC. Accordingly, actual results could differ materially from those described on this call. Please refer to the Crocs annual report on Form 10-K as well as other documents filed with the SEC for more information relating to these risk factors.

我們想提醒您，本次電話會議中提供的一些信息具有前瞻性，因此受聯邦證券法的安全港條款的約束。這些陳述包括但不限於關於收購 HEYDUDE 及其利益的陳述。 Crocs的戰略；計劃；目標；期望，財務或其他方面；以及未來財務業績和增長潛力的意圖；預期的產品組合；我們創造和交付股東價值的能力；以及有關 COVID-19 大流行對我們業務的潛在影響的聲明。這些陳述涉及已知和未知的風險、不確定性和其他因素，可能導致我們的實際結果、業績或成就與前瞻性陳述中明示或暗示的任何未來結果、業績或成就存在重大差異。 Crocs 沒有義務更新這些前瞻性陳述以反映未來事件的影響，除非適用法律要求。我們提醒您，所有前瞻性陳述都受到我們關於 10-K 表格的年度報告的風險因素部分以及我們隨後向 SEC 提交的文件中描述的風險和不確定性的影響。因此，實際結果可能與本次電話會議中描述的結果大不相同。有關這些風險因素的更多信息，請參閱 Crocs 10-K 表格年度報告以及向 SEC 提交的其他文件。

Certain financial metrics that we refer to as adjusted or non-GAAP or non-GAAP measures, a reconciliation of these amounts to their GAAP counterparts is contained in the press release we issued earlier this morning.

我們稱為調整後或非公認會計原則或非公認會計原則措施的某些財務指標，這些金額與其公認會計原則對應物的對賬包含在我們今天上午早些時候發布的新聞稿中。

Joining us on the call today are Andrew Rees, Chief Executive Officer; and Anne Mehlman, Executive Vice President and Chief Financial Officer. Following their prepared remarks, we will open the call for your questions.

今天與我們一起參加電話會議的是首席執行官 Andrew Rees；和執行副總裁兼首席財務官 Anne Mehlman。在他們準備好的評論之後，我們將打開您的問題的電話。

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

這個時候，我會把電話轉給安德魯。

Thank you, Cori, and good morning, everyone. I'm pleased with our very strong second quarter results and the strength of our brands as we continue to navigate a dynamic consumer environment.

謝謝你，Cori，大家早上好。隨著我們繼續在充滿活力的消費環境中航行，我對我們非常強勁的第二季度業績和我們品牌的實力感到滿意。

Both of our brands are incredibly well positioned relative to the core consumer needs of comfort and value. We're very confident that we will continue to gain significant market share, resulting in industry-leading growth, profitability and cash flow.

相對於舒適和價值的核心消費者需求，我們的兩個品牌都處於非常有利的位置。我們非常有信心，我們將繼續獲得可觀的市場份額，從而實現行業領先的增長、盈利能力和現金流。

I want to also thank all of our teams across the world for all of their hard work as they respond to the many opportunities in front of us.

我還要感謝我們在世界各地的所有團隊，感謝他們在我們面前的眾多機會中做出的所有辛勤工作。

Looking at the second quarter of 2022, Anne will review our financial results in more detail shortly, but here are a few highlights. Consolidated revenues of $965 million, growing 56% on a constant currency basis.

展望 2022 年第二季度，安妮很快將更詳細地審查我們的財務業績，但這裡有一些亮點。合併收入為 9.65 億美元，按固定匯率計算增長 56%。

The Crocs brand had another great quarter, growing 19% constant currency, negatively impacted by Russia and the China COVID lockdown, which offset approximately 3 percentage points of growth.

Crocs 品牌又一個出色的季度，固定匯率增長了 19%，受到俄羅斯和中國 COVID 封鎖的負面影響，抵消了大約 3 個百分點的增長。

HEYDUDE exceeded expectations, generating revenues of $232 million and impressive growth, almost doubling compared to last year. In July, we launched a new brand campaign for HEYDUDE that we think is compelling and introduces an updated brand identity.

HEYDUDE 超出預期，創造了 2.32 億美元的收入和令人印象深刻的增長，與去年相比幾乎翻了一番。 7 月，我們為 HEYDUDE 推出了一個新的品牌活動，我們認為該活動引人注目，並引入了更新的品牌標識。

Adjusted operating margin on a consolidated basis remains best-in-class at 30% despite currency, inflation and supply headwinds. Adjusted diluted earnings per share increased $1.01 to $3.24.

儘管存在貨幣、通貨膨脹和供應方面的不利因素，但綜合調整後的營業利潤率仍保持在 30% 的同類最佳水平。調整後的每股攤薄收益增加 1.01 美元至 3.24 美元。

Finally, we're very proud that Crocs recently earned the #3 spot on Forbes list of America's best employers for women.

最後，我們非常自豪 Crocs 最近在《福布斯》美國最佳女性雇主名單中排名第三。

We are particularly pleased with our Q2 results in the context of the overall market. While market data is not as complete and timely as we would like, based on a variety of sources, we believe that the footwear market in the U.S. shrank in the first half of 2022. And may have done a little better globally, but we believe it was a best flat.

在整個市場的背景下，我們對第二季度的業績特別滿意。儘管市場數據並不像我們希望的那樣完整和及時，但基於各種來源，我們認為美國的鞋類市場在 2022 年上半年出現萎縮。全球的表現可能會好一些，但我們相信這是一個最好的公寓。

In the context of a flat to down market, during the first half, constant currency revenues for the Crocs brand grew by 20% and consolidated revenues grew by 52%, driven by the acquisition of HEYDUDE. As you can see, both Crocs, Inc. and the Crocs brand are gaining significant market share.

在市場持平到低迷的背景下，上半年，在收購 HEYDUDE 的推動下，Crocs 品牌的固定貨幣收入增長了 20%，綜合收入增長了 52%。如您所見，Crocs, Inc. 和 Crocs 品牌都在獲得可觀的市場份額。

There are many macroeconomic and external headwinds, including currency, inflation, rising interest rates, weakening consumer sentiment in the U.S. and Europe, the war in Ukraine and China's COVID strategy, making this future very difficult to predict. That said, we believe great brands need to continue to invest in innovation and engage their consumers, and great companies must plan prudently and become more agile.

存在許多宏觀經濟和外部不利因素，包括貨幣、通貨膨脹、利率上升、美國和歐洲消費者信心減弱、烏克蘭戰爭和中國的 COVID 戰略，使得這一未來非常難以預測。也就是說，我們認為偉大的品牌需要繼續投資於創新並吸引消費者，而偉大的公司必須謹慎規劃並變得更加敏捷。

In the light of the current environment, we're very focused on managing the business prudently in order to maintain high levels of profitability and strong cash flow. During our call today, we will outline how Crocs, Inc. will continue to gain market share, both as a result of the growth momentum of HEYDUDE and the growing consumer demand globally for the Crocs brand.

鑑於當前環境，我們非常專注於審慎管理業務，以保持高水平的盈利能力和強勁的現金流。在今天的電話會議中，我們將概述 Crocs, Inc. 將如何繼續獲得市場份額，這既是由於 HEYDUDE 的增長勢頭以及全球消費者對 Crocs 品牌不斷增長的需求。

HEYDUDE is one of the hottest brands in the U.S. footwear market today because of the consumer love of the brand and its products. We're investing rapidly in the capabilities that will allow us to sustain the growth potential of the brand. While we are not yet ready to outline the longer-term potential, we believe it is significant, and we'll easily achieve our short-term goal of $1 billion in sales.

HEYDUDE 是當今美國鞋類市場上最熱門的品牌之一，因為消費者對該品牌及其產品的喜愛。我們正在迅速投資於使我們能夠保持品牌增長潛力的能力。雖然我們還沒有準備好概述長期潛力，但我們相信它意義重大，我們將輕鬆實現 10 億美元銷售額的短期目標。

Our strategy utilizes the proven playbook of investing in great product and digital and social marketing, combined with a disciplined go-to-market and distribution strategy. This will result in robust U.S. growth from expanding wholesale distribution as well as strong digital growth. We're currently planning international growth beginning in 2023. And while small initially, we're confident in the growth potential given initial tests and the versatility of the Wally and Wendy silhouettes.

我們的戰略利用經過驗證的投資於偉大產品和數字和社會營銷的劇本，結合有紀律的進入市場和分銷戰略。這將通過擴大批發分銷以及強勁的數字增長來推動美國的強勁增長。我們目前計劃從 2023 年開始進行國際增長。雖然最初規模很小，但我們對初步測試的增長潛力以及 Wally 和 Wendy 款式的多功能性充滿信心。

The integration of HEYDUDE is going well, including staffing many critical positions as well as completing our brand work to help solidify the brand DNA and the consumer passion for the brand. We've recently unveiled and updated brand identity and positioning, and we'll invest significantly in digital marketing through the back half of the year.

HEYDUDE 的整合進展順利，包括配備許多關鍵職位以及完成我們的品牌工作，以幫助鞏固品牌 DNA 和消費者對品牌的熱情。我們最近公佈並更新了品牌標識和定位，我們將在今年下半年大力投資數字營銷。

The growth of the HEYDUDE brand will continue to be very profitable, thanks to the simplicity of the product, the ability to drive supply chain efficiencies and the SG&A leverage we gain from shared services across both brands.

由於產品的簡單性、提高供應鏈效率的能力以及我們從兩個品牌的共享服務中獲得的 SG&A 槓桿作用，HEYDUDE 品牌的增長將繼續帶來豐厚的利潤。

Turning to the Crocs band. We will continue to gain market share because of our comfort positioning, molded DNA, strong marketing and product innovation pipeline. We have developed deep connections with our consumers, and they love our brand, as evidenced by our own brand metrics and which continue to be very strong, as well as leading industry studies. When we combine the brand awareness and relevance with a very democratic price point, we believe that the brand is very well positioned to thrive when the consumer is looking for comfort and value.

轉向 Crocs 樂隊。由於我們的舒適定位、模製 DNA、強大的營銷和產品創新渠道，我們將繼續獲得市場份額。我們與消費者建立了深厚的聯繫，他們喜歡我們的品牌，我們自己的品牌指標和領先的行業研究證明了這一點，這些指標仍然非常強大。當我們將品牌知名度和相關性與一個非常民主的價格點結合起來時，我們相信當消費者尋求舒適和價值時，該品牌就可以很好地發展壯大。

In addition, Crocs has significant penetration opportunities in key international markets, hence our focus on Asia. Our proven playbook is driving growth in South Korea, India and Southeast Asia, and we're very encouraged by the green shoots we're seeing in China.

此外，Crocs 在主要國際市場擁有巨大的滲透機會，因此我們專注於亞洲。我們久經考驗的劇本正在推動韓國、印度和東南亞的增長，我們對在中國看到的萌芽感到非常鼓舞。

We will continue to create brand pull with our powerful social and digital marketing and a pipeline of new products. We had numerous successful collaborations and licenses, ranging from a second drop of Salehe Bembury, to Cinnamon Toast Crunch cereal, to MCM in China and Lazy Oaf in Europe.

我們將繼續通過強大的社交和數字營銷以及一系列新產品來創造品牌吸引力。我們有許多成功的合作和許可，從第二滴 Salehe Bembury 到 Cinnamon Toast Crunch 麥片，再到中國的 MCM 和歐洲的 Lazy Oaf。

One of our latest marketing innovations was our first-ever virtual store experience in the Metaverse, combining commerce and gamification with the Saweetie collaboration.

我們最新的營銷創新之一是我們在 Metaverse 中的首次虛擬商店體驗，將商業和遊戲化與 Saweetie 合作相結合。

From a product perspective, we expanded our sandal portfolio with a long-awaited Crush sandal debut in the U.S. and top Asian markets. The Crush was recently featured in Vogue in an article entitled: These Ugly-Chic Sandals Have Gotten Me The Most Complements This Summer. Innovations, such as the Crush sandal; and dedicated marketing campaign, such as summer of Crocs, that featured 5 new sandal introductions, are just 2 of the examples of how we're driving growth in the $30 billion sandal market.

從產品的角度來看，我們通過期待已久的 Crush 涼鞋在美國和亞洲頂級市場首次亮相，擴大了我們的涼鞋組合。 The Crush 最近在 Vogue 的一篇題為“這些醜陋別緻的涼鞋讓我今年夏天得到了最多的補充”的文章中出現。創新，例如 Crush 涼鞋；以及專門的營銷活動，例如 Crocs 之夏，推出了 5 款新涼鞋，這只是我們如何推動價值 300 億美元涼鞋市場增長的其中兩個例子。

We were disappointed with our year-to-date sandal revenue decline of 13% constant currency as we over-added to the line to maximize throughput at the factories, and we had delays in newness, and which was also compounded by a poor sandal season in the U.S. Year-to-date, we do however see strong double-digit growth in our icon sandal franchise, and we expect sandals to improve in the back half with more newness and additional marketing.

我們對年初至今的涼鞋收入下降 13% （固定匯率）感到失望，因為我們過度增加生產線以最大限度地提高工廠的吞吐量，而且我們在新品方面出現延誤，而且涼鞋季節不佳也加劇了這種情況然而，在美國，年初至今，我們確實看到我們的標誌性涼鞋專營權實現了兩位數的強勁增長，我們預計涼鞋的後半部分會隨著更多的新品和額外的營銷而有所改善。

As a digital-first company, we also continue to engage our consumers in their preferred channel. In Q2, Crocs brand digital sales grew by 21% constant currency, with balanced growth from new and repeat customers. All of these factors give us confidence in our ability for the Crocs brand to continue to gain market share.

作為一家以數字為先的公司，我們還繼續讓我們的消費者參與到他們喜歡的渠道中。在第二季度，Crocs 品牌數字銷售額增長了 21% 不變貨幣，新客戶和回頭客的增長平衡。所有這些因素都讓我們對 Crocs 品牌繼續獲得市場份額的能力充滿信心。

In terms of managing the company prudently, we must remain agile to be responsive in a shifting consumer landscape. Let me outline some of those key steps.

在審慎管理公司方面，我們必須保持敏捷，以便在不斷變化的消費者環境中做出響應。讓我概述其中一些關鍵步驟。

With uncertainty around the future macroeconomic environment and consumer behavior, we're planning for lower growth in the Crocs brand in the short term. Our assumption is that consumer confidence in the U.S. and key European markets will continue to soften as the year progresses as higher interest rates and high food and energy inflation slow consumption.

由於未來宏觀經濟環境和消費者行為的不確定性，我們計劃在短期內降低 Crocs 品牌的增長。我們的假設是，隨著利率上升以及食品和能源高通脹減緩消費，隨著時間的推移，美國和主要歐洲市場的消費者信心將繼續走軟。

For 2022, we expect Crocs brand revenues to grow approximately 14% to 17% constant currency; or 10% to 13%, including the negative impact of currency of approximately 400 basis points. This will allow us to prudently plan and manage our inventory and investments. Following strong HEYDUDE performance in H1, we now expect 2022 revenues of between $850 million and $890 million, which is nearly $1 billion on a pro forma basis.

對於 2022 年，我們預計 Crocs 品牌收入將增長約 14% 至 17% 不變貨幣；或 10% 至 13%，包括大約 400 個基點的貨幣負面影響。這將使我們能夠謹慎地計劃和管理我們的庫存和投資。繼 HEYDUDE 在上半年的強勁表現之後，我們現在預計 2022 年的收入將在 8.5 億美元至 8.9 億美元之間，在備考基礎上接近 10 億美元。

We will continue to leverage SG&A and keep inventories lean. This will enable us to maintain strong marketing investment and constant consumer engagement and will position us to continue our track record of delivering industry-leading profitability and cash flow generation.

我們將繼續利用 SG&A 並保持庫存精簡。這將使我們能夠保持強大的營銷投資和持續的消費者參與，並使我們能夠繼續保持我們提供行業領先的盈利能力和產生現金流的記錄。

In summary, while we understand the consumer environment is very uncertain right now, Crocs owns 2 incredible brands that are perfectly positioned for this time, and we're managing the company to take significant market share.

總而言之，雖然我們了解目前的消費者環境非常不確定，但 Crocs 擁有 2 個非常適合這個時代的令人難以置信的品牌，我們正在管理該公司以佔據重要的市場份額。

Anne will now review our second quarter financial results in more detail.

安妮現在將更詳細地審查我們的第二季度財務業績。

Thank you, Andrew, and good morning, everyone. I'll begin with a short recap of our second quarter results. All revenue growth rates will be cited on a constant currency basis unless otherwise stated. For a reconciliation of the non-GAAP amounts mentioned to their equivalent GAAP amounts, please refer to our press release.

謝謝你，安德魯，大家早上好。我將首先簡要回顧一下我們第二季度的業績。除非另有說明，否則所有收入增長率均以固定貨幣為基礎引用。有關提到的非公認會計原則金額與其等值公認會計原則金額的對賬，請參閱我們的新聞稿。

As you've already heard, both brands performed well during the second quarter. Amidst many headwinds, we delivered strong revenue growth of 19.4% within the Crocs brand, taking our first half revenue growth to 20.3%. HEYDUDE revenues continue to exceed our expectations and almost doubled from last year.

正如您已經聽說的，這兩個品牌在第二季度的表現都不錯。在諸多不利因素中，我們在 Crocs 品牌中實現了 19.4% 的強勁收入增長，使我們上半年的收入增長達到 20.3%。 HEYDUDE 的收入繼續超出我們的預期，幾乎比去年翻了一番。

Gross margins remained strong, particularly for the Crocs brand, despite freight and FX headwinds, while consolidated SG&A leverage led to another quarter of industry-leading adjusted operating margins of 30.1% and strong adjusted EPS growth.

儘管存在運費和外匯方面的不利因素，但毛利率依然強勁，尤其是 Crocs 品牌，而綜合 SG&A 槓桿導致另一個季度的行業領先調整後營業利潤率達到 30.1%，調整後每股收益增長強勁。

Second quarter consolidated revenues were $965 million, representing 55.6% growth over last year. The Crocs brand had a record-breaking quarter with revenues at an all-time high of $732 million, up 19.4% on top of 88.4% growth last year. The Crocs brand growth rate was negatively impacted by currency of 510 basis points in the quarter. HEYDUDE revenues of $232 million, also a record, were up 96%.

第二季度合併收入為 9.65 億美元，比去年增長 55.6%。 Crocs 品牌的季度營收創歷史新高，達到 7.32 億美元，比去年增長 88.4% 增長 19.4%。 Crocs 品牌增長率在本季度受到 510 個基點的貨幣負面影響。 HEYDUDE 的收入也達到了創紀錄的 2.32 億美元，增長了 96%。

During the second quarter, the Crocs brand sold 32.4 million pairs of shoes, an increase of 11.4% over Q2 2021. The Crocs brand average selling price during Q2 was $22.39, a year-over-year increase of 2.5%, driven primarily by higher pricing and product mix, offset in part by channel mix and currency.

第二季度，Crocs 品牌售出 3240 萬雙鞋，比 2021 年第二季度增長 11.4%。Crocs 品牌第二季度平均售價為 22.39 美元，同比增長 2.5%，主要受更高定價和產品組合，部分被渠道組合和貨幣抵消。

Let's review a few Crocs brand highlights by region. In North America, second quarter revenues increased 7.8% to $423 million on top of over 132.3% growth last year. This growth was driven by digital channels, including our own e-commerce, where we saw strong growth in traffic, evidencing strong consumer demand for the Crocs brand in North America. For the first half, North America revenues grew 12.5% amidst an approximately 3% decline in the U.S. wholesale footwear market, according to NPD.

讓我們按地區回顧一些 Crocs 品牌亮點。在北美，在去年增長超過 132.3% 的基礎上，第二季度收入增長了 7.8% 至 4.23 億美元。這一增長是由包括我們自己的電子商務在內的數字渠道推動的，我們看到了流量的強勁增長，證明了北美消費者對 Crocs 品牌的強勁需求。根據 NPD 的數據，在美國鞋類批發市場下降約 3% 的情況下，上半年北美收入增長了 12.5%。

The Crocs brand in Asia generated second quarter revenues of $149 million or 27.6% growth. Strength in the region was led by India and Southeast Asia distributors with revenues more than doubling versus last year. In Southeast Asia, distributor partners benefited from COVID reopenings and the partial return of tourism to the region. This momentum was partially offset by softness in China due to COVID lockdowns. H1 results for Asia have been consistently strong for 2 years in a row, posting 25.5% growth this year on top of 24.3% growth last year.

亞洲 Crocs 品牌第二季度收入為 1.49 億美元，增長 27.6%。該地區的實力是由印度和東南亞分銷商引領的，其收入比去年增加了一倍多。在東南亞，分銷商合作夥伴受益於 COVID 重新開放和該地區旅遊業的部分回歸。由於 COVID 封鎖，中國的疲軟部分抵消了這一勢頭。亞洲的上半年業績連續兩年保持強勁，今年增長 25.5%，高於去年的 24.3%。

Crocs brand revenues for EMEALA grew 48.4% to $160 million. Growth was particularly strong in the U.K., Germany and with our distributor partners. Similar to Asia, distributors are seeing strong demand and sell-through. Looking at the first half, EMEALA grew 38% on top of 60% for the first half of last year.

EMEALA 的 Crocs 品牌收入增長 48.4% 至 1.6 億美元。英國、德國和我們的經銷商合作夥伴的增長尤其強勁。與亞洲類似，分銷商看到強勁的需求和銷售。看上半年，EMEALA 在去年上半年的 60% 的基礎上增長了 38%。

Turning to HEYDUDE. Revenues exceeded expectations, contributing $232 million and growing 96% from pro forma 2021 revenues. We are excited to see the success of the brand during our first full quarter of ownership and expect the new branding and implementation of the Crocs playbook to fuel future growth.

轉向 HEYDUDE。收入超出預期，貢獻了 2.32 億美元，比 2021 年的備考收入增長了 96%。我們很高興看到該品牌在我們擁有的第一個完整季度取得成功，並期望 Crocs 劇本的新品牌和實施能夠推動未來的增長。

As a reminder, we will continue providing gross margin visibility by brand for the remainder of 2022. Beginning in 2023, gross margin will be reported on a consolidated basis only. Consolidated adjusted gross margins for the second quarter were down 660 basis points from last year to 55.2% due to increased air freight and logistics costs, the addition of HEYDUDE, channel mix and currency. Adjusted gross margin excludes a $34 million inventory write-up in connection with the HEYDUDE acquisition.

提醒一下，我們將在 2022 年剩餘時間內繼續按品牌提供毛利率可見性。從 2023 年開始，毛利率將僅在綜合基礎上報告。由於空運和物流成本增加、HEYDUDE、渠道組合和貨幣的增加，第二季度合併調整後的毛利率比去年下降 660 個基點至 55.2%。調整後的毛利率不包括與 HEYDUDE 收購有關的 3400 萬美元的庫存增記。

At a brand level, adjusted gross margin for the Crocs brand was 57.9%, down 390 basis points, driven primarily by freight headwinds of 445 basis points, including a 340 basis point impact of incremental air freight and 105 basis points of currency, somewhat offset by increased prices and product mix.

在品牌層面，Crocs 品牌的調整後毛利率為 57.9%，下降 390 個基點，主要受到 445 個基點的貨運逆風的推動，其中包括增加空運的 340 個基點和 105 個基點的貨幣影響，在一定程度上被抵消了通過提高價格和產品組合。

HEYDUDE adjusted gross margin was 47.1%. HEYDUDE experienced higher inbound freight rates versus prior year, and we have moved quickly to leverage Crocs' inbound freight contracts, which we expect to result in gross margin improvement in the back half of the year.

HEYDUDE 調整後的毛利率為 47.1%。 HEYDUDE 的入港運費高於去年，我們已迅速採取行動，利用 Crocs 的入港貨運合同，我們預計這將在下半年提高毛利率。

During the second quarter of 2022, we were able to leverage consolidated adjusted SG&A 610 basis points, improving to 25.1% of revenues versus 31.2% last year. Nonrecurring SG&A expenses for second quarter were $8 million, including $6 million of HEYDUDE integration costs. The 610 basis points of leverage was achieved while investing an additional $42 million versus prior year, primarily in marketing and talent.

在 2022 年第二季度，我們能夠利用合併調整後的 SG&A 610 個基點，從去年的 31.2% 提高到收入的 25.1%。第二季度的非經常性 SG&A 費用為 800 萬美元，其中包括 600 萬美元的 HEYDUDE 整合成本。實現了 610 個基點的槓桿率，同時與去年相比額外投資了 4200 萬美元，主要用於營銷和人才。

To support the long-term growth of both brands, we plan to continue leveraging SG&A while maintaining investment in the right areas to stay connected to our consumers. Our flexible SG&A base, coupled with our ability to leverage shared services of supply chain, IT, finance, HR and legal across the brands allows us to remain agile.

為了支持這兩個品牌的長期增長，我們計劃繼續利用 SG&A，同時保持對正確領域的投資，以與我們的消費者保持聯繫。我們靈活的 SG&A 基礎，加上我們利用跨品牌的供應鏈、IT、財務、人力資源和法律共享服務的能力，使我們能夠保持敏捷。

Our second quarter consolidated adjusted operating income of $291 million increased $94 million or 47.9% from last year, including $76 million attributable to HEYDUDE. Adjusted operating margin declined slightly to 30.1% from 30.7% last year as gross margin headwinds were nearly offset by SG&A leverage. Adjusted operating margins would have been favorable to prior year, excluding currency. Our second quarter non-GAAP diluted earnings per share increased 45.3% to $3.24.

我們第二季度的合併調整後營業收入為 2.91 億美元，比去年增加了 9400 萬美元或 47.9%，其中包括 HEYDUDE 的 7600 萬美元。調整後的營業利潤率從去年的 30.7% 小幅下降至 30.1%，因為毛利率逆風幾乎被 SG&A 槓桿所抵消。調整後的營業利潤率將優於上一年，不包括貨幣。我們第二季度非 GAAP 攤薄後每股收益增長 45.3% 至 3.24 美元。

Our liquidity position remains strong as we ended the second quarter with $187 million of cash and cash equivalents and $470 million of borrowing capacity on our revolving credit facility. Given strong cash flow generation in the second quarter, we repaid $110 million of debt during the quarter, reducing borrowings to $2.77 billion and net leverage to 2.6x at the end of Q2.

我們的流動性狀況保持強勁，因為我們在第二季度結束時擁有 1.87 億美元的現金和現金等價物以及 4.7 億美元的循環信貸額度借款能力。鑑於第二季度產生的強勁現金流，我們在本季度償還了 1.1 億美元的債務，在第二季度末將藉款減少至 27.7 億美元，淨槓桿率降至 2.6 倍。

Our inventory balance at June 30, 2022, was $502 million, including $167 million for HEYDUDE. Similar to the industry, our in-transit levels remain elevated as a result of longer transit times.

截至 2022 年 6 月 30 日，我們的庫存餘額為 5.02 億美元，其中包括 HEYDUDE 的 1.67 億美元。與行業類似，由於運輸時間較長，我們的運輸水平仍然較高。

While inventories were up $125 million in the Crocs brand, bear in mind that last year at this time, inventories were exceptionally lean. We also see elevated inventories in the U.S. due to the slowing of our U.S. growth rate relative to what we anticipated. Having traditionally targeted over a 4x inventory turn, we are slightly below that today. However, excluding in-transit inventory, turns exceeded 6x for both brands.

雖然 Crocs 品牌的庫存增加了 1.25 億美元，但請記住，去年這個時候，庫存異常稀少。由於我們的美國增長率相對於我們的預期放緩，我們還看到美國的庫存增加。傳統上，我們的目標是超過 4 倍的庫存周轉率，但我們今天略低於這個目標。但是，不包括在途庫存，兩個品牌的周轉率都超過了 6 倍。

Turning to the future. I would like to share our current outlook for 2022 and the third quarter. All numbers will be on a reported basis unless otherwise stated. Since our prior guidance, we have seen a strengthening U.S. dollar, ongoing shutdowns in China, and we are also anticipating a continued weakening in consumer confidence. As such, we are planning our own DTC more cautiously and are helping manage our inventory and our wholesale partners more tightly.

轉向未來。我想分享我們目前對 2022 年和第三季度的展望。除非另有說明，否則所有數字都將在報告的基礎上進行。自我們之前的指導以來，我們看到美元走強，中國持續停工，我們還預計消費者信心將持續走弱。因此，我們正在更加謹慎地規劃我們自己的 DTC，並幫助我們更緊密地管理我們的庫存和我們的批發合作夥伴。

Given those dynamics for 2022, we are lowering the cross-brand revenue guidance to be approximately $2.6 billion, representing year-over-year growth of between 14% and 17% on a constant currency basis and 10% and 13% on a reported basis. We expect to grow in all regions, with the strongest growth to occur in EMEALA and Asia as the regions continue to experience high consumer demand and COVID reopenings.

鑑於 2022 年的這些動態，我們將跨品牌收入指引下調至約 26 億美元，按固定匯率計算同比增長 14% 至 17%，按報告基準計算同比增長 10% 至 13% .我們預計所有地區都將實現增長，其中最強勁的增長將出現在 EMEALA 和亞洲，因為這些地區繼續經歷高消費需求和 COVID 重新開放。

With respect to HEYDUDE, we continue to gain visibility and confidence in our supply chain. Thus, we are raising our expectations for the full year and now expect HEYDUDE revenues to be between $850 million and $890 million on a reported basis, implying $940 million to $980 million on a pro forma basis. This translates to consolidated revenues growing 47% to 52% to approximately $3.4 billion to $3.5 billion.

關於 HEYDUDE，我們繼續在我們的供應鏈中獲得知名度和信心。因此，我們提高了對全年的預期，現在預計 HEYDUDE 的收入在報告的基礎上將在 8.5 億美元至 8.9 億美元之間，這意味著在備考基礎上為 9.4 億美元至 9.8 億美元。這意味著合併收入增長 47% 至 52%，達到約 34 億至 35 億美元。

We continue to expect that we will have best-in-class adjusted operating margins of approximately 26% to 27% for the full year, implying adjusted operating income of approximately $880 million to $945 million. The net effect of the revenue revision is that expected adjusted diluted earnings per share will be between approximately $9.50 to $10.30.

我們繼續預計全年調整後的營業利潤率約為 26% 至 27%，這意味著調整後的營業收入約為 8.8 億美元至 9.45 億美元。收入修正的淨影響是預期調整後的稀釋後每股收益將在約 9.50 美元至 10.30 美元之間。

For the third quarter of 2022, we expect consolidated revenues to be between $915 million and $955 million, representing 46% to 53% growth from prior year. We expect Crocs brand revenues to grow approximately 15% to 18% on a constant currency basis, or 9% to 12% including the negative impact of currency of 600 basis points. We expect HEYDUDE revenues to be approximately $235 million to $255 million. We expect adjusted operating margin to be between approximately 25% and 26%.

對於 2022 年第三季度，我們預計合併收入將在 9.15 億美元至 9.55 億美元之間，比上年增長 46% 至 53%。我們預計 Crocs 品牌收入將在固定貨幣基礎上增長約 15% 至 18%，或 9% 至 12%，包括 600 個基點的貨幣負面影響。我們預計 HEYDUDE 的收入約為 2.35 億美元至 2.55 億美元。我們預計調整後的營業利潤率將在 25% 至 26% 之間。

As we manage through the shifting operating environment, our commitment to quickly pay down our debt remains unchanged, and we expect to be below 2x gross leverage in the next 12 months, enabling us to repurchase shares should we choose to do so.

隨著我們在不斷變化的經營環境中進行管理，我們快速償還債務的承諾保持不變，我們預計未來 12 個月總槓桿率將低於 2 倍，如果我們選擇這樣做，我們可以回購股票。

In summary, as we navigate the many headwinds, we plan to actively take market share, drive highly profitable growth and reduce leverage.

總而言之，當我們克服諸多不利因素時，我們計劃積極搶占市場份額，推動高利潤增長並降低杠桿率。

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 Andrew，以徵求他的最終想法。

Thank you, Anne. Through the remainder of 2022, the strength of our brands continues to position us perfectly to take significant market share during these uncertain times. Our thoughtful management will drive strong profitability and cash flow and create tremendous shareholder value over the long term.

謝謝你，安妮。到 2022 年剩餘時間，我們品牌的實力將繼續使我們處於完美的位置，以便在這些不確定的時期佔據重要的市場份額。我們周到的管理將推動強勁的盈利能力和現金流，並在長期內創造巨大的股東價值。

Operator, please open the call for questions.

接線員，請打開電話提問。

(Operator Instructions) Our first question comes from Tom Nikic from Wedbush Securities.

（操作員說明）我們的第一個問題來自 Wedbush Securities 的 Tom Nikic。

I just wanted to drill down a little bit on the slowdown that you're expecting for the Crocs brand. I mean, it sounds like a pretty significant step down in Q4, kind of backing into something more like a mid-single-digit growth, mid-single-digit to high single digit in constant FX.

我只是想深入了解一下您對 Crocs 品牌的預期放緩。我的意思是，這聽起來像是第四季度的一個相當重要的下降，有點像中個位數的增長，在恆定外匯中的中個位數到高個位數。

Is -- I just want to make sure I kind of understand what's happening here. Like is it a combination of DTC and wholesale, where you're assuming more conservative assumptions? Is it something that you've been -- you've heard from the wholesale partners? I just kind of want to make sure I understand what exactly is happening in the North American market.

是——我只是想確保我理解這裡發生的事情。就像它是 DTC 和批發的組合，你假設更保守的假設？是你曾經做過的事情——你從批發合作夥伴那裡聽說過嗎？我只是想確保我了解北美市場到底發生了什麼。

Yes. Let me kind of give the sort of high level, Tom, and then I'll hand it over to Anne to give some more specifics.

是的。湯姆，讓我給出一種高水平，然後我會把它交給安妮來提供更多細節。

I think the backdrop, as we talked about a little bit in our prepared remarks, is we're just anticipating that the consumer continues to soften through the remainder of the year, right? As we look at the consumer over the past several months, we've definitely seen very concrete signs that there's some softening.

我認為，正如我們在準備好的評論中談到的那樣，我們只是預計消費者在今年剩餘時間裡會繼續走軟，對吧？當我們觀察過去幾個月的消費者時，我們肯定已經看到了非常具體的跡象，表明有一些軟化。

I think we're very optimistic about back-to-school and feel good about that. But we anticipate, as the drag of high interest rates, high inflation and uncertainty continues to impact the consumer, that they will soften as the year goes on. So we're trying to be more prudent and build that into our expectations.

我認為我們對返校非常樂觀，並且對此感覺良好。但我們預計，隨著高利率、高通脹和不確定性的拖累繼續影響著消費者，隨著時間的推移，它們將減弱。因此，我們正努力變得更加謹慎，並將其納入我們的預期。

By building that into our expectations, we can manage our inventory, we can manage our costs appropriately, so that we kind of orientate towards our #1 priority of maintaining very high levels of profitability and strong cash flow.

通過將其納入我們的預期，我們可以管理我們的庫存，我們可以適當地管理我們的成本，這樣我們就可以定位到我們的第一要務，即保持非常高的盈利水平和強勁的現金流。

And Anne can give you kind of a little bit more color on that as well.

安妮也可以給你更多的色彩。

Yes, thanks, Andrew. I think that's exactly right. When we were thinking about the full year, we've obviously absorbed several headwinds, so about $100 million of currency pressure, which is about 440 basis points. The shutdowns in China and Russia for the full year account for about 180 basis points. So we try to incorporate all of that into our full year from a Crocs' perspective as well as just readjusting where we think the consumer could go. For Q4, we wanted to make sure that we planned prudently so that we could also plan our inventory and cost structure around that.

是的，謝謝，安德魯。我認為這是完全正確的。當我們考慮全年時，我們顯然已經吸收了一些不利因素，即大約 1 億美元的貨幣壓力，大約是 440 個基點。中國和俄羅斯全年停工約180個基點。因此，我們嘗試從 Crocs 的角度將所有這些納入我們的全年，並重新調整我們認為消費者可以去的地方。對於第四季度，我們希望確保我們謹慎地計劃，以便我們也可以圍繞它來計劃我們的庫存和成本結構。

Yes. And maybe I'll come back. On the flip side, we see very strong growth internationally. We don't see some of those same pressures in some of our international markets. And so we're excited about continued growth internationally.

是的。也許我會回來。另一方面，我們看到國際上的增長非常強勁。在我們的一些國際市場中，我們沒有看到同樣的壓力。因此，我們對國際上的持續增長感到興奮。

And then obviously, we've only owned HEYDUDE for a relatively short period of time now, but it continues to perform extremely well above our expectations. And as we look forward, we -- as we talked about, we're gaining a little bit more confidence in security of supply there. So we think there's more upside there, too.

然後很明顯，我們現在只擁有 HEYDUDE 的時間相對較短，但它的表現仍然遠遠超出我們的預期。正如我們所期待的那樣，我們 - 正如我們所談到的那樣，我們對那裡的供應安全有了更多的信心。所以我們認為那裡也有更多的好處。

Understood. If I could just quickly follow up. You made a couple of references to managing cost structure. And despite a more conservative top line, you kind of maintained the margin rate outlook for the year. Can you just kind of talk a little bit about how you're able to kind of maintain the margin rate for the year despite some of these kind of mounting top line headwinds?

明白了。如果我能盡快跟進。您對管理成本結構做了一些參考。儘管收入較為保守，但您仍維持了今年的保證金率前景。您能否稍微談談您如何能夠保持今年的保證金率，儘管存在一些此類日益增長的頂線逆風？

Yes. I think we have a pretty flexible cost structure, and we've adjusted investments to be in line with where we think the top line is growing. And we're obviously still growing our business strong double digits. So it's easy to kind of pull back a little bit and still invest in marketing, which we're still planning on doing at the same rate as we were previously, which is, for the Crocs brand, approximately 8% for the year. So that allows us to kind of take advantage of that.

是的。我認為我們有一個非常靈活的成本結構，我們已經調整了投資以符合我們認為收入增長的方向。而且我們顯然仍在以強勁的兩位數增長我們的業務。所以很容易稍微退後一點，仍然投資於營銷，我們仍計劃以與以前相同的速度進行，即對於 Crocs 品牌，全年約為 8%。所以這讓我們可以利用這一點。

Also, gross margins underlying for the Crocs brand remains strong as well. We have air freight tapering off in the back half of the year. We do have some cost pressures coming in from a gross margin perspective, but we do lose the air freight headwind in the back half of the year as we spent $75 million of that air freight investment program, that's concluding in Q3. And we don't have -- I think we only have about $15 million left.

此外，Crocs 品牌的毛利率也保持強勁。今年下半年，我們的空運逐漸減少。從毛利率的角度來看，我們確實面臨一些成本壓力，但我們確實在今年下半年失去了空運逆風，因為我們花費了 7500 萬美元的空運投資計劃，這將在第三季度結束。我們沒有——我認為我們只剩下大約 1500 萬美元。

And just as a point of strategy, we believe that we maintain -- we create the most future shareholder value by maintaining profitability. So we're not anxious to sacrifice profitability to drive less-profitable growth.

並且作為一個戰略點，我們相信我們保持——我們通過保持盈利能力創造最大的未來股東價值。因此，我們並不急於犧牲盈利能力來推動利潤較低的增長。

The next question comes from Jonathan Komp from Baird.

下一個問題來自 Baird 的 Jonathan Komp。

Maybe just a follow-up as we think about the Crocs progression throughout the year. Could you maybe share a little more specifically on how you're planning, especially in North America, for the fourth quarter?

當我們考慮全年 Crocs 的發展時，也許只是一個後續行動。您能否更具體地分享一下您對第四季度的計劃，尤其是在北美的計劃？

And then as you think of the Crocs brand holding on to the gains from the last couple of years, especially in the Americas, is your confidence in that outlook changed at all? I know you're still projecting a $5 billion long-term target. So I just want to hear how you're thinking about any differently about the Crocs brand.

然後，當您想到 Crocs 品牌在過去幾年中（尤其是在美洲）保持著收益時，您對這種前景的信心是否發生了變化？我知道你仍然在預測 50 億美元的長期目標。所以我只想听聽您對 Crocs 品牌有何不同看法。

Yes. Great question, Jon. So look, the Crocs brand is absolutely holding on to the gains that it achieved over the last couple of years. We're -- in the first half of the year, the Crocs brand grew about 20% globally, it grew in the U.S. marketplace. And the market was flat to down, right? So we're gaining share, we're continuing to gain share. And I think the guidance that we're providing, we anticipate, will also be strong share gain for the Crocs brand. So I think we're definitely holding on to the gains that we have been successful in acquiring for the last couple of years.

是的。好問題，喬恩。所以看，Crocs 品牌絕對保持著過去幾年所取得的成就。我們 - 今年上半年，Crocs 品牌在全球增長了約 20%，它在美國市場增長。市場從平到下跌，對吧？所以我們正在獲得份額，我們正在繼續獲得份額。我認為，我們預計，我們提供的指導也將為 Crocs 品牌帶來強勁的份額增長。所以我認為我們肯定會堅持過去幾年我們成功獲得的收益。

As we look at the Crocs brand, I would say, all of the brand metrics remain extremely strong. So our own internal brand studies are -- give us great confidence that the brand continues to strengthen over what it has been. You can see that in organic search. And we also hear that from our wholesale partners as we discuss the brand and we discuss future strategies and how we're going to continue to gain share of shelf in our major wholesale partners, both here in the U.S. and in key international markets.

當我們審視 Crocs 品牌時，我想說，所有品牌指標都非常強勁。因此，我們自己的內部品牌研究——讓我們非常有信心，該品牌將繼續加強它的實力。您可以在自然搜索中看到這一點。當我們討論品牌和討論未來戰略以及我們將如何繼續在美國和主要國際市場的主要批發合作夥伴中獲得貨架份額時，我們也從批發合作夥伴那裡聽到了這一點。

DTC. If we look at DTC in the first half, particularly in the Americas, I know people are focused on the Americas, that grew 10% on a constant currency basis. So again, significantly better than the market and growing over last year, which was an absolute record for the Crocs brand. I would say we continue to see very strong demand for the core clog that's driving a big part of our revenue growth, and that's particularly here in the U.S. and also internationally.

故障診斷碼。如果我們看看上半年的 DTC，特別是在美洲，我知道人們關注的是美洲，按固定匯率計算，美洲增長了 10%。同樣，明顯好於市場，並且比去年增長，這對 Crocs 品牌來說是絕對的記錄。我想說，我們繼續看到對推動我們收入增長的很大一部分的核心木屐的強勁需求，尤其是在美國和國際上。

So I think everything that we're seeing really supports our long-term thesis. And even given, I think, what is a softer consumer environment today and we're anticipating over the near term, we still have great confidence in our ability to hit the $5 billion Crocs brand growth target that we put out there by 2026. So...

所以我認為我們所看到的一切都真正支持我們的長期論點。我認為，即使考慮到今天的消費環境更加疲軟，而且我們預計在短期內，我們仍然對我們在 2026 年之前實現 50 億美元 Crocs 品牌增長目標的能力充滿信心。所以...

If I could just add, for the full year, we did guide that all the regions would grow. So all of our Crocs regions will grow for the full year.

如果我可以補充一下，全年，我們確實指導所有地區都會增長。因此，我們所有的 Crocs 地區都將全年增長。

Okay. And just to clarify, Anne. That's full year, not specifically to the fourth quarter, which...

好的。只是為了澄清，安妮。那是一整年，而不是具體到第四季度，...

Yes, we didn't guide fourth quarter specifically.

是的，我們沒有具體指導第四季度。

Okay. And then maybe, Andrew, one follow-up on HEYDUDE. Obviously, the message has changed pretty dramatically, even though you've only had it for 1 full quarter here with respect to the longer-term outlook. So I want to maybe just ask more specifically, what you're seeing early on for that brand to give you much more confidence in the potential. And some of the early relationships you've engaged from wholesale partners, what are they seeing? And what type of feedback are you getting?

好的。然後也許，安德魯，關於 HEYDUDE 的後續行動。顯然，這個信息已經發生了相當大的變化，儘管就長期前景而言，您在這裡只使用了整整一個季度。所以我想更具體地問一下，你在早期看到的那個品牌會讓你對潛力更有信心。您與批發合作夥伴建立的一些早期關係，他們看到了什麼？你得到什麼類型的反饋？

Yes. So I think maybe kind of -- I'll try and start at the top, right?

是的。所以我想也許有點——我會嘗試從頂部開始，對吧？

So as we did our consumer research in due diligence and as we speak more and more to the consumer over the last several months once we've owned the brand, we see like a tremendous brand love from the consumers. The consumers absolutely love the brand. They're passionate about it. They talk to everybody about it. The viral component of the brand communication is extraordinary.

因此，當我們在盡職調查中進行消費者研究時，並且在我們擁有品牌後的過去幾個月裡，我們越來越多地與消費者交談，我們看到消費者對品牌的熱愛。消費者絕對喜歡這個品牌。他們對此充滿熱情。他們與每個人談論它。品牌傳播的病毒式成分是非同尋常的。

And we think that's due to what is a relatively unique product. It's lightweight. It's comfortable. It's easy on and off. It comes in hundreds, if not thousands, of different materials and flavors, so they can buy multiple pairs. So there's a tremendous brand and consumer connectivity. That has not been created by brilliant marketing in the past, it's just a product and then finding and loving the product.

我們認為這是因為它是一種相對獨特的產品。它很輕。很舒服。它很容易打開和關閉。它有數百種甚至數千種不同的材料和口味，因此他們可以購買多對。所以有一個巨大的品牌和消費者連接。這不是過去出色的營銷所創造的，它只是一種產品，然後發現並熱愛該產品。

And so as we look at our plans, I think we were cautious initially because we were taking over a founder-led, very entrepreneurial company. It wasn't really clear to us the degree to which we could get supply in the near term. I would say that is achieved. That's gone a lot better than we thought. And so we've been able to shore up their supply, manage the supply and really satisfy a lot of short-term demand. So that was kind of our cautiousness in the short term.

因此，當我們審視我們的計劃時，我認為我們最初是謹慎的，因為我們正在接管一家由創始人領導、非常具有創業精神的公司。我們並不清楚短期內我們能在多大程度上獲得供應。我會說這是實現的。這比我們想像的要好得多。所以我們能夠支撐他們的供應，管理供應，真正滿足大量的短期需求。所以這是我們在短期內的謹慎態度。

As we look to the longer term, and specifically receptivity from sort of major wholesale partners, we're seeing, I would say, exuberant enthusiasm from wholesale partners that are taking on the brand. We've shipped a substantive amount of product to a number of key partners so that they could be in business for back-to-school. And I think the comments that we're hearing are things along the line, it's the standout for our back-to-school. It's really performing above almost any other brand we have in our portfolio.

當我們著眼於長期，特別是主要批發合作夥伴的接受度時，我們看到，我想說的是，正在接受該品牌的批發合作夥伴的熱情洋溢。我們已經向許多主要合作夥伴運送了大量產品，以便他們能夠開展返校業務。而且我認為我們聽到的評論是大勢所趨，這是我們返校時的佼佼者。它的表現確實優於我們產品組合中的幾乎所有其他品牌。

So we're seeing very, very strong performance from that, which obviously then gives us confidence to plan share of shelf in those partners and to plan our growth for the future. We're not yet ready to talk about what we think that looks like. It's very early days. But I think you can be confident that we'll follow the playbook that we followed at Crocs', we'll build a strong and thoughtful domestic business here in the U.S., and we think we're pretty confident the brand has a lot of legs internationally as well. So we're pretty excited.

因此，我們從中看到了非常非常強勁的表現，這顯然使我們有信心計劃在這些合作夥伴中的貨架份額併計劃我們未來的增長。我們還沒有準備好談論我們認為的樣子。現在還很早。但我認為你可以相信我們將遵循我們在 Crocs 所遵循的劇本，我們將在美國建立強大而周到的國內業務，我們認為我們非常有信心該品牌擁有很多在國際上也有腿。所以我們很興奮。

The next question comes from Abbie Zvejnieks from Piper Sandler.

下一個問題來自 Piper Sandler 的 Abbie Zvejnieks。

Just on inventory. Can you just talk about the composition of the inventory and then how we should kind of think about the promotional cadence in the back half, and how that will have an impact on gross margin at all?

就在庫存上。您能否談談庫存的構成，然後我們應該如何考慮後半部分的促銷節奏，以及這將對毛利率產生怎樣的影響？

And then are there any differences in product availability between Crocs and HEYDUDE?

那麼 Crocs 和 HEYDUDE 之間的產品可用性有什麼不同嗎？

So I'll talk about the first part, and then I'll let you to talk about product availability.

所以我會談談第一部分，然後我會讓你談談產品的可用性。

So inventories were up in the Crocs brand. But bear in mind that last year at this time, our inventories were exceptionally lean, especially in the Americas, where we see most of the increases today. So if you exclude the HEYDUDE inventory, Crocs inventory was up about $125 million, about 60%. About 30% of the increase is due to in-transit, and then we have about another 30% due to inflation sitting in inventory resulting from -- that's from the higher freight costs, the FOB and duties that are all sitting in that inventory.

因此，Crocs 品牌的庫存增加了。但請記住，去年這個時候，我們的庫存異常稀少，尤其是在美洲，我們今天看到了大部分的增長。因此，如果排除 HEYDUDE 庫存，Crocs 庫存增加了約 1.25 億美元，約 60%。大約 30% 的增長是由於在途，然後我們還有大約 30% 是由於庫存中的通貨膨脹，這是由於更高的運費成本、FOB 和關稅都在庫存中。

So while it is a little bit heavy, we do think that we'll get back to 4 turns, and we're working really hard to do that, including in-transit. If you exclude in-transit now, we're still turning above 6x.

所以雖然它有點重，但我們確實認為我們會回到 4 回合，我們正在努力做到這一點，包括在運輸途中。如果你現在排除在途，我們仍然高於 6 倍。

And then the remainder of the inventory of increase is really related to HEYDUDE. And that turns very quickly and that's very efficient as that's mostly wholesale. A lot of it is pickup and then related to our e-com business for HEYDUDE.

然後剩下的庫存增加確實與HEYDUDE有關。這很快就變得非常有效，因為這主要是批發。其中很多是撿來的，然後與我們為 HEYDUDE 的電子商務業務有關。

Yes. So Abbie, also embedded in your question was I think was sort of future promotional environment and availability differences between HEYDUDE and Crocs. So let me kind of hit on those.

是的。所以 Abbie，你的問題中也包含我認為 HEYDUDE 和 Crocs 之間未來的促銷環境和可用性差異。所以讓我來談談那些。

So look, I think the -- we've already seen the retail environment, particularly here in the U.S., become more promotional, certainly more promotional than it was last year. I still don't think it's back to sort of pre-pandemic levels.

所以看，我認為 - 我們已經看到零售環境，特別是在美國，變得更具促銷性，當然比去年更具促銷性。我仍然認為它不會回到大流行前的水平。

And as we said on our last call, we think it's important, as a democratic brand, and both of our brands are democratic, they reach a very broad base of consumers, we need to participate in those events. And you saw that at Fourth of July, et cetera. And as we look through the back half of the year, we'll continue that strategy of participating in those key events.

正如我們在上次電話會議上所說，我們認為這很重要，作為一個民主品牌，我們的兩個品牌都是民主的，它們覆蓋了非常廣泛的消費者群，我們需要參與這些活動。你在七月四日看到了，等等。當我們回顧今年下半年時，我們將繼續參與這些關鍵事件的策略。

In terms of inventory availability, I think we have pretty strong availability on the Crocs side associated with our core products. And as you look across wholesale e-com, e-tail and our own stores, which we are very much in stock and trading strongly on our core product. We're still lacking a little newness, particularly I would say within sandals.

在庫存可用性方面，我認為我們在 Crocs 方面與我們的核心產品相關的可用性非常強。當您查看批發電子商務、電子零售和我們自己的商店時，我們的庫存非常充足，並且在我們的核心產品上交易強勁。我們仍然缺乏一點新鮮感，尤其是在涼鞋中。

So we have a strong pipeline of newness through the back half of this year as we catch up from the factory closures back end of last year. And I would say, as we look to '23, we have a record cadence of newness for the Crocs brand in particular. So we think that's particularly important.

因此，隨著我們從去年年底的工廠關閉中趕上來，我們在今年下半年有一個強大的新品管道。我想說的是，當我們展望 23 年時，特別是 Crocs 品牌的新奇節奏創下歷史新高。所以我們認為這特別重要。

On the HEYDUDE side, the key issue for inventory availability is flow-through, right? So we're getting strong shipments from our factories in Asia, and we're investing in our distribution capabilities to provide stronger flow-through to our customers here in the U.S. and abroad.

在 HEYDUDE 方面，庫存可用性的關鍵問題是流通，對嗎？因此，我們在亞洲的工廠獲得了強勁的出貨量，我們正在投資於我們的分銷能力，以便為我們在美國和國外的客戶提供更強大的流通能力。

The next question comes from Sam Poser from Williams Trading.

下一個問題來自 Williams Trading 的 Sam Poser。

I got a whole pile. So I'll start with gross margin. What is the -- can you give some color on the gross margin for HEYDUDE in the quarter? And can you tell us sort of what the gross margin expectation is for the balance of the year or for the full year, gross margin expectation? Are we looking at down 600 basis points or somewhere in that world?

我有一大堆。所以我將從毛利率開始。什麼是 - 您能否對 HEYDUDE 本季度的毛利率有所了解？你能告訴我們今年餘額或全年的毛利率預期是多少，毛利率預期是多少？我們是在看下跌 600 個基點還是在那個世界的某個地方？

Yes. So let me start with the adjusted gross margins were -- for the quarter were impacted by the addition of HEYDUDE, which accounted for about 260 basis points of decline for the quarter. So from that, they were impacted kind of -- HEYDUDE was impacted by 2 pieces: Impacted by heavy wholesale demand in Q2, shifting the channel mix from DTC to wholesale; as well as very high freight rates.

是的。因此，讓我從調整後的毛利率開始——該季度受到 HEYDUDE 的影響，該季度下降了約 260 個基點。因此，他們受到了某種影響—— HEYDUDE 受到了兩方面的影響： 受到第二季度大量批發需求的影響，將渠道組合從 DTC 轉變為批發；以及非常高的運費。

So the inventory we were bringing in was the old shipping contracts for HEYDUDE, which was at very high spot rates. We've now shifted them to our Crocs freight rates, and that will significantly improve in the back half and into next year as we start landing inventory at our freight rates. So that's kind of the HEYDUDE piece. We do believe those were an anomaly, and that will strengthen in the back half.

因此，我們引入的庫存是 HEYDUDE 的舊航運合同，即期匯率非常高。我們現在已經將它們轉移到我們的 Crocs 運費率，隨著我們開始以我們的運費率登陸庫存，這將在下半年和明年顯著改善。這就是 HEYDUDE 的作品。我們確實認為這些是異常情況，並且會在後半部加強。

And then the remainder, from a Crocs standpoint, the underlying margin if you exclude freight was actually up. So the freight and FX were the biggest pressures on the Crocs side. And if you exclude those pieces, we were up. And again, that includes the air freight associated with the air freight investment we made related to Vietnam. As you remember, that was $75 million. I think we said $15 million to $18 million left to spend in Q3.

然後其餘的，從 Crocs 的角度來看，如果不包括運費，基本利潤率實際上是上升的。因此，貨運和外匯是 Crocs 方面最大的壓力。如果你排除這些部分，我們就起來了。同樣，這包括與我們在越南進行的空運投資相關的空運。你還記得，那是 7500 萬美元。我認為我們說第三季度還有 1500 萬到 1800 萬美元的支出。

So that implies that back half margins will be higher than first half margins from a gross margin standpoint. And that would all be in company -- incorporated into our 26% to 27% operating margin guide for the full year, Sam.

這意味著從毛利率的角度來看，後半部分的利潤率將高於上半年的利潤率。山姆，這一切都將在公司中 - 併入我們全年 26% 至 27% 的營業利潤率指南。

So can you give us a gross margin percent for the full year?

那麼你能給我們一個全年的毛利率百分比嗎？

I think we're just not going to guide that piece because we're already giving operating margin percent and EPS guidance.

我認為我們只是不打算指導那部分，因為我們已經給出了營業利潤率百分比和每股收益指導。

Okay. All right. So secondly, Andrew, you hinted at the fact that the -- that -- about newness. And the question is, do you have a newness issue in clogs as well? Like the delay of the Crush clog and those platform clogs when the Baya went away, did you need more newness there? And how quickly is that being corrected if that's an issue?

好的。好的。其次，安德魯，你暗示了一個事實，那就是——關於新奇。問題是，木屐是否也有新奇問題？就像 Crush 木屐的延遲和 Baya 消失時的那些平台木屐一樣，你需要更多的新鮮感嗎？如果這是一個問題，那麼糾正的速度有多快？

Yes. So Sam, good question. So yes, newness has definitely been a problem during the first half of this year, right? Having said, we did achieve 20% growth in Crocs during the first half of this year. But the cadence of our brand is such that we need to bring more newness to the table.

是的。所以山姆，好問題。所以，是的，今年上半年，新鮮度肯定是個問題，對吧？話雖如此，我們確實在今年上半年實現了 Crocs 20% 的增長。但是我們品牌的節奏使得我們需要帶來更多的新鮮感。

I would say it was most pointing in sandals, and that was particularly around the fashion sandals, right? So we lean heavily on our icon sandals, the classic slide, the classic slip, which were frankly easier to produce. And those have done really well. They're up strong double digits over prior trading. But we missed the fashion sandals.

我會說它在涼鞋中最顯眼，尤其是在時尚涼鞋周圍，對吧？所以我們非常依賴我們的標誌性涼鞋、經典涼鞋、經典拖鞋，坦率地說，這些涼鞋更容易生產。這些都做得很好。與之前的交易相比，它們上漲了兩位數。但是我們錯過了時尚涼鞋。

But yes, we also lack some newness in the clog arena. I would say the Crush, which you highlighted in your question, introduced, I would say, tentatively here in the U.S. over the last couple of months. We don't have a huge amounts of supply. You can see that this Crush sandal is already sold out on e-com. And we are currently introducing into the major Asian markets, is doing extremely well. So that formula of height is working very well.

但是，是的，我們在木屐領域也缺乏一些新鮮感。我想說的是，你在問題中強調的 Crush 是過去幾個月在美國試探性推出的。我們沒有大量的供應。您可以看到這款 Crush 涼鞋已經在電子商務上售罄。而我們目前正在引入亞洲主要市場，做得非常好。所以這個高度公式非常有效。

And as we look at the clog newness, we have new clogs in the back half of this year, and we have a number of significant new clog programs early next.

當我們看到木屐的新品時，我們在今年下半年推出了新的木屐，接下來我們將推出一些重要的新木屐計劃。

Okay. And then does that mean -- so in your guidance, and this is for both of you, and then I have one other one. Is the guidance -- given sort of the macro impact and the improvement of newness coming. Is this a discretion is the better part of valor guidance, given the macro? Or I mean, how much of this is the macro versus timing of product and so on and so forth.

好的。然後這是否意味著——在你的指導下，這是給你們兩個的，然後我還有另一個。是指導——考慮到宏觀影響和新事物的改進。考慮到宏觀情況，這是一種自由裁量權是勇氣指導的更好部分嗎？或者我的意思是，其中有多少是產品的宏觀與時間等等。

Look, we just think, Sam, I think we were very clear in our prepared remarks. We just -- I would say, primarily, it's the macro, right? We believe the consumer environment, particularly in the U.S., will soften sequentially as we go through the year. And I think there's lots of evidence and lots of accomplished economists talking about that. And so we think it's prudent to plan for that.

看，我們只是想，山姆，我認為我們在準備好的評論中非常清楚。我們只是 - 我會說，主要是宏觀，對吧？我們相信消費者環境，尤其是美國的消費者環境，將隨著我們這一年的過去而逐步走軟。我認為有很多證據和很多有成就的經濟學家都在談論這一點。因此，我們認為為此進行計劃是明智的。

If we plan in that way, we can maintain our profitability and our cash flow, which is our primary requirement. We are very confident in the Crocs brand, where the Crocs brand sits, the fact that we will continue to gain share in that environment.

如果我們以這種方式計劃，我們可以保持盈利能力和現金流，這是我們的首要要求。我們對 Crocs 品牌（Crocs 品牌所在的位置）非常有信心，我們將繼續在這種環境中獲得份額。

And then lastly, you said that you felt good about -- you felt positive about back-to-school. Can you tell us or give us some indication as to what you're seeing for back-to-school so far to give you that confidence? And any color would be awesome.

最後，你說你感覺很好——你對返校感覺很積極。您能否告訴我們或給我們一些指示，說明到目前為止您所看到的返校情況會給您帶來信心嗎？任何顏色都會很棒。

Yes. I mean, I'm not going to provide specific metrics, Sam. But I think what I would say is as we look across all of our channels, as we look across e-com, e-tail, our own stores and our wholesale customers, we feel like the consumer is out shopping for back-to-school. And we've also seen that in prior recessions, right? So the consumer generally prioritizes their children strongly during a constrained environment. And back-to-school, we feel like is off to a good stat.

是的。我的意思是，我不會提供具體的指標，Sam。但我想我想說的是，當我們審視我們所有的渠道時，當我們審視電子商務、電子零售、我們自己的商店和批發客戶時，我們覺得消費者正在尋找背靠背-學校。我們在之前的經濟衰退中也看到了這一點，對吧？因此，在受限環境中，消費者通常會強烈優先考慮他們的孩子。回到學校，我們覺得自己的數據很好。

The next question comes from Jay Sole from UBS.

下一個問題來自瑞銀的 Jay Sole。

Great. Andrew, I'm just wondering if you can elaborate a little bit further on your comments about HEYDUDE. Given the brand is trending toward $1 billion faster than probably the market expected, and that's sort of like the high bar that you originally said when you made the deal. Have you thought about, bigger picture, what this brand could achieve in terms of growth, revenue growth?

偉大的。安德魯，我只是想知道您是否可以進一步詳細說明您對 HEYDUDE 的評論。鑑於該品牌的增長速度可能比市場預期的要快 10 億美元，這有點像您最初在達成交易時所說的高標準。你有沒有想過，從更大的角度來看，這個品牌在增長和收入增長方面可以實現什麼？

And at the same time, if you can talk about the North America business a little bit. Obviously, there's a lot of new doors that seems like the brand has entered, whether it's like the Famous Footwear family channel type of doors. But how much more new door opportunity is there for HEYDUDE at this point in North America relative to the number of doors it's in right now?

同時，如果你能談談北美業務的話。顯然，有很多新的門似乎品牌已經進入，無論是像 Famous Footwear 家族渠道類型的門。但是，相對於現在的門數量，HEYDUDE 在北美的這一點上還有多少新的門機會？

Yes. So let me take the second bit first, right? So what I would say is we have tentatively shipped new doors, right? So yes, you can see HEYDUDE in places you haven't seen it before, whether it be a, as you said, Famous Footwear, Rack Room Shoes, Academy, et cetera, some Dick's Sporting Goods, et cetera. We have shipped them what we have available, and that is by no means what we consider to be a full assortment or by no means penetrating all of their doors.

是的。所以讓我先說第二點，對吧？所以我要說的是我們已經暫時發貨了新門，對吧？所以，是的，您可以在以前從未見過的地方看到 HEYDUDE，無論是如您所說的著名鞋履、機架室鞋、學院等，一些迪克的體育用品等。我們已經向他們運送了我們現有的東西，這絕不是我們認為的完整分類，也絕不是滲透到他們所有的門。

So I would say the door expansion opportunity is very substantive for HEYDUDE. Not only the door expansion, but the assortment in those doors and the ability to turn quickly. So I think there's lots of runway there.

所以我想說，擴大門的機會對 HEYDUDE 來說是非常實質性的。不僅是門的擴展，還有這些門的分類和快速轉動的能力。所以我認為那裡有很多跑道。

We are taking orders for spring '23. And hopefully, we'll be able to create much more compelling assortments for our major wholesale customers early in '23. It's really a little bit hand-to-mouth today.

我們正在接受 23 年春季的訂單。希望我們能夠在 23 年初為我們的主要批發客戶創造更多引人注目的分類。今天真的是有點手到擒來。

But I would say, as I said earlier, where we're present, the results are very good. They're pleasing to us and I think the wholesale customers are very pleased.

但我想說，正如我之前所說，在我們所在的地方，結果非常好。他們讓我們感到高興，我認為批發客戶非常高興。

In terms of the longer term, it's just early days, Jay, right? As you said, we've achieved or very close to achieving kind of the $1 billion number that we put out there. And really, the reason we put out there, we just wanted people to understand that this is a scale business, this not a small business. And we just wanted people to understand that quickly because, clearly, when we bought the business, we heard from the analysts and investment community, they didn't understand what the brand was and we wanted them to understand that this is a scale brand.

就長期而言，這只是初期，傑伊，對吧？正如你所說，我們已經實現或非常接近實現我們提出的 10 億美元的數字。真的，我們推出的原因是，我們只是想讓人們明白這是一個規模企業，而不是一個小企業。我們只是希望人們能迅速理解這一點，因為很明顯，當我們購買該業務時，我們從分析師和投資界聽到，他們不了解品牌是什麼，我們希望他們了解這是一個規模品牌。

So clearly, we're just getting started. So I think the scale is much bigger than where it is today. But I think it will be kind of well into the next year before we're able to talk about this [model apparently]. We've got a lot of planning to do. We've got a lot of work to do before we're ready to talk about that.

很明顯，我們才剛剛開始。所以我認為規模比現在大得多。但我認為在我們能夠談論這個[模型顯然]之前，它會一直持續到明年。我們有很多計劃要做。在我們準備好討論這個問題之前，我們還有很多工作要做。

Okay. Got it. And maybe I can ask one more just on the Crocs brand. In retrospect now, given that you're lapping a quarter -- you lapped the quarter in Q2 with lots of fiscal stimulus that probably drove a lot of growth. in your DTC business.

好的。知道了。也許我可以再問一個關於 Crocs 品牌的問題。現在回想起來，考慮到你已經過去了一個季度——你在第二季度結束了這個季度，有很多財政刺激措施可能推動了很多增長。在您的 DTC 業務中。

How do you -- how did you see the effect of that on the business in '21? And then what was the impact here in '22 in Q2 in DTC? And sort of how do you see the business trending in a normalized growth rate? Like what's the outlook for DTC growth for Crocs brand in North America?

您如何 - 您如何看待這對 21 年業務的影響？那麼在 22 年第二季度對 DTC 的影響是什麼？您如何看待正常化增長率的業務趨勢？比如 Crocs 品牌在北美的 DTC 增長前景如何？

Yes. I think -- let me start on this one, Jay. I think we actually saw a lot of the stimulus more heavily weighted to Q1. Into Q1, beginning of Q2, I would say, from a stimulus perspective. I think we started to move through that pretty quickly, and I'm really happy with our 10% -- over 10% direct-to-consumer performance in Q2 in North America.

是的。我想——讓我從這個開始，傑伊。我認為我們實際上看到很多刺激措施對第一季度的影響更大。從刺激的角度來看，進入第一季度，第二季度開始。我認為我們很快就開始克服這一點，我對我們在北美第二季度直接面向消費者的 10% - 超過 10% 的表現感到非常滿意。

I will also say we had really good retention rates. Our retention rate was up on our U.S. e-comm. So also speaks to the strength of North America, and also that, that wasn't just stimulus spending coming in from customers because they came back.

我還要說我們的保留率非常好。我們的美國電子商務保留率上升了。這也說明了北美的實力，而且，這不僅僅是來自客戶的刺激性支出，因為他們回來了。

So that, I would say, all leads to the fact that we have a really strong, sustainable direct-to-consumer business in North America. And I don't think that's just stimulus driven. As I said, I think we lapped most of that in Q1.

因此，我想說，這一切都導致我們在北美擁有非常強大、可持續的直接面向消費者的業務。而且我認為這不僅僅是刺激驅動的。正如我所說，我認為我們在第一季度完成了大部分工作。

Yes. The only thing I'd add 2 things, Jay. Is when we comped up. We talked about comping up in the first half for our North American DTC business by 10%. So record performance in '21 driven by stimulus. We grew on that in '22, right? So we didn't shrink, we grew.

是的。傑伊，我唯一要加兩件事的。是我們比賽的時候。我們談到在上半年為我們的北美 DTC 業務增加 10%。因此，在刺激因素的推動下，21 年的業績創紀錄。我們在 22 年就在這基礎上成長，對吧？所以我們沒有縮小，我們成長了。

The second thing I'd say, one of the bigger impacts that we're seeing is actually return of seasonality. And by this, I mean, I think in '21, the constraints -- the availability constraints was so high, consumers bought when available. And I think we're seeing, in '22 and anticipating in the future, we're going back to more kind of seasonal components. So they will buy at the key promotion -- key events, whether it be promotional events or holidays or travel or vacation.

我要說的第二件事，我們看到的更大影響之一實際上是季節性的回歸。我的意思是，我認為在 21 年，限制 - 可用性限制非常高，消費者在可用時購買。而且我認為我們在 22 年看到並期待在未來，我們將回歸到更多種類的季節性成分。所以他們會在關鍵的促銷活動中購買——關鍵事件，無論是促銷活動或假期，還是旅行或假期。

So we're seeing some shifts in the patterns of the business. And we're also planning for those to continue to revert to pre-pandemic patterns.

因此，我們看到業務模式發生了一些變化。我們還計劃讓那些繼續恢復到大流行前的模式。

The next question comes from Jim Chartier from Monness, Crespi & Hardt.

下一個問題來自 Monness, Crespi & Hardt 的 Jim Chartier。

Andrew, you kind of reiterated your expectation for your 2026 outlook for Crocs. A big part of that is the sandals business. I was wondering if you could talk about what kind of reinforces your confidence in that large sandal opportunity? What are you seeing in the performance today?

安德魯，你有點重申了你對 Crocs 2026 年前景的期望。其中很大一部分是涼鞋業務。我想知道你是否可以談談是什麼增強了你對那個大涼鞋機會的信心？你在今天的表演中看到了什麼？

And then you mentioned a lot of innovation for next year. What's the wholesale reception to that innovation for next year? And are wholesalers investing behind the sandal category for you for next year?

然後你提到了明年的很多創新。明年對這項創新的總體接受度如何？批發商是否會在明年為您投資涼鞋類別？

Yes. Thank you, Jim. So a couple of things. One, I would just start the question -- so my answer, sorry, to the question.

是的。謝謝你，吉姆。所以有幾件事。一，我只是開始這個問題——所以我的回答，對不起，這個問題。

Look, we were disappointed in the sandal performance during the first half of the year. We've definitely studied it. We feel like we understand what happened and really lack of newness and lack of supply in some of our key style sandals really hurt us.

看，我們對上半年的涼鞋表現感到失望。我們肯定研究過。我們覺得我們了解所發生的事情，並且我們的一些關鍵款式涼鞋確實缺乏新鮮感和供應不足，這真的傷害了我們。

As we look at the back half of the year, we do see newness accelerating. We do see that accelerating into '23. We've got very strong plans. And so that gives us confidence around reversing that trend of the decline that we saw in the first half.

當我們回顧今年下半年時，我們確實看到新事物在加速發展。我們確實看到這種情況正在加速進入 23 世紀。我們有非常強大的計劃。因此，這讓我們有信心扭轉我們在上半年看到的下跌趨勢。

As we look forward longer term and kind of more strategically, we also feel like we're seeing what we anticipated in this category, which is when times get tough, other brands are retrenching, right? So we do see other brands pulling back on their sandal programs pretty substantially and some shifts in what the consumer is looking for within sandals.

當我們展望更長期和更具戰略性時，我們也覺得我們正在看到我們在這一類別中的預期，即當時代變得艱難時，其他品牌正在裁員，對吧？因此，我們確實看到其他品牌大幅縮減了他們的涼鞋計劃，並且消費者在涼鞋中尋找的東西發生了一些變化。

And I think this was part of the thesis that we laid out. It's a big category. It's an unimportant category to some of the major players. And when times are tough, they're going to deemphasize it, and we feel like we're seeing that. So we feel like there's, a, newness opportunity, there's a competitive opportunity.

我認為這是我們提出的論文的一部分。這是一個很大的類別。對於一些主要參與者來說，這是一個不重要的類別。當時代艱難時，他們會淡化它，我們覺得我們正在看到這一點。所以我們覺得有一個新的機會，有一個競爭的機會。

And I think the other thing is it wasn't a strong sandal season in the U.S. this year. Spring was a little slow in coming. And so we kind of saw some overall softness in the category. So we still feel very strongly about our opportunities within the sandal arena.

我認為另一件事是今年美國的涼鞋季節並不強勁。春天來的有點慢。所以我們在這個類別中看到了一些整體的軟弱。所以我們仍然對我們在涼鞋領域的機會感到非常強烈。

The next question comes from Laura Champine from Loop Capital.

下一個問題來自 Loop Capital 的 Laura Champine。

On the Crocs brand. I mean, I understand that you're taking guidance down for back half growth just on a weaker macro. How does that impact your promotional spend, marketing strategy in the back half? Given that you also have, I think, some product introductions you're excited about as well.

在 Crocs 品牌上。我的意思是，我知道你只是在宏觀疲軟的情況下降低了後半段增長的指導。這對您的促銷支出、後半部分的營銷策略有何影響？鑑於您也有一些產品介紹，我認為您也很興奮。

Yes. That is super important. So we're taking our guidance down to reflect, I think, the macroeconomic environment and our desire to position ourselves strongly. We are protecting all of our marketing activity.

是的。這是超級重要的。因此，我認為我們正在降低我們的指導以反映宏觀經濟環境和我們對自己的強烈定位的願望。我們正在保護我們所有的營銷活動。

So you will see Crocs brand market activity accelerate in the back half. We have a record makeup in terms of collaboration schedule. We're protecting all of our dollars and cents that we plan to spend on marketing, both in the U.S. market, but also importantly, in our major international markets, including China. So we will continue to spend to support the introduction of all of those new products and to engage our consumers very proactively.

所以你會看到 Crocs 品牌的市場活動在後半段加速。我們在合作計劃方面有著創紀錄的構成。我們正在保護我們計劃在美國市場以及包括中國在內的主要國際市場上用於營銷的所有美元和美分。因此，我們將繼續花錢支持所有這些新產品的推出，並非常積極地吸引我們的消費者。

The next question comes from Jim Duffy from Stifel.

下一個問題來自 Stifel 的 Jim Duffy。

Andrew, thanks for mentioning the Crocs North America direct-to-consumer growth, 10% constant currency. Was that a second quarter number? Or is that for the first half of the year?

Andrew，感謝您提到 Crocs 北美直接面向消費者的增長，10% 不變貨幣。那是第二季度的數字嗎？還是今年上半年？

First half.

上半場。

Yes.

是的。

And I'm curious on the digital performance. Can you give us the North America direct-to-consumer number for the second quarter? The digital channel has been challenging for many in North America. And if you could comment on the Crocs brand digital performance in the second quarter as well, that would be helpful.

我對數字性能很好奇。您能給我們提供第二季度北美直接面向消費者的數量嗎？對於北美的許多人來說，數字頻道一直是個挑戰。如果您也可以評論 Crocs 品牌在第二季度的數字表現，那將很有幫助。

Yes. I think we're not going to be disclosing those specific numbers, Jim. But I can tell you it grew and we're very happy with the performance.

是的。我想我們不會透露這些具體數字，吉姆。但我可以告訴你，它成長了，我們對錶現非常滿意。

Yes. Our overall digital growth for the second quarter for the Crocs brand was up 21% in constant currency. And for Q2 for the Crocs brand, we are up 7.5% from a DTC comp perspective. So -- and that obviously, the biggest kind of piece of that is the U.S. [So if you don't] have to grow.

是的。 Crocs 品牌第二季度的整體數字增長按固定匯率計算增長了 21%。對於 Crocs 品牌的第二季度，從 DTC 的角度來看，我們增長了 7.5%。所以 - 很明顯，其中最大的一部分是美國。[所以如果你不這樣做的話]必須增長。

Okay. And then I'm curious within the digital channel, what you're seeing between new and existing customers. Have you seen any falloff in recruitment of new customers, or any falloff in contribution from existing customers? And this question is mostly geared toward North America, if you're willing to share.

好的。然後我對數字渠道感到好奇，你在新客戶和現有客戶之間看到了什麼。您是否看到新客戶的招募有所下降，或現有客戶的貢獻有所下降？如果您願意分享，這個問題主要針對北美。

Yes. So from a North America standpoint, we saw actually retention up plus 30%, and we also saw acquisition up, so double digits. So I wouldn't say that we've seen a fall off in either. And as Andrew talked about in the prepared remarks, we actually see really nice growth. Our e-com growth is growing because of both of those things.

是的。因此，從北美的角度來看，我們看到實際留存率增加了 30%，我們也看到了獲取量增加了兩位數。所以我不會說我們已經看到了兩者的下降。正如安德魯在準備好的評論中所說，我們實際上看到了非常好的增長。由於這兩件事，我們的電子商務增長正在增長。

Okay. Next question. The Board does a very nice job of aligning incentives with strategic objectives. We won't get a view on this until the proxy. But can you give us an idea of some of the key metrics for management compensation in 2022? Where the Board has you focused?

好的。下一個問題。董事會在將激勵措施與戰略目標相結合方面做得非常好。在代理之前，我們不會對此有任何看法。但是，您能給我們介紹一下 2022 年管理層薪酬的一些關鍵指標嗎？董事會的重點在哪裡？

Yes. I would say -- look, you'll see it later, Jim. But our program for incentives and management compensation is very consistent to what it's been in the past. So it's focused on profitability. It's focused on growth. It's focused very strongly on cash flow, which we think is super important. And it does call out kind of specific growth strategies, whether they be digital, whether they be sandals, whether it be Asia.

是的。我會說——看，你以後會看到的，吉姆。但我們的激勵和管理薪酬計劃與過去非常一致。因此，它專注於盈利能力。它專注於增長。它非常關注現金流，我們認為這非常重要。它確實提出了一種具體的增長戰略，無論是數字化的，還是涼鞋的，還是亞洲的。

So -- but it's very consistent with what it is in the past, and we think it works extremely well. Against the whole team here at Crocs focused on the most important aspects to drive shareholder value.

所以 - 但它與過去的情況非常一致，我們認為它運作得非常好。與 Crocs 的整個團隊相比，他們專注於推動股東價值的最重要方面。

Okay. And then last one for me. I just wanted to ask on HEYDUDE. Rick has been in his chair for a couple of quarters now. Can you give us just an update on the vision for positioning of HEYDUDE, both from a branding standpoint and from a merchandising standpoint?

好的。然後給我最後一個。我只是想問一下 HEYDUDE。 Rick 已經在他的椅子上坐了幾個季度了。您能否從品牌的角度和商品的角度向我們介紹 HEYDUDE 的定位願景？

Yes. So you're starting to see a little bit of that, right? So in July, we launched a new brand identity, which is starting to get out there. We think that's been -- well, we actually can see that's been extremely well received by the core consumer. And I think it's more consistent with where we want to take the brand.

是的。所以你開始看到一點點，對吧？因此，在 7 月，我們推出了一個新的品牌標識，並開始推廣。我們認為這是 - 好吧，我們實際上可以看到核心消費者非常接受。而且我認為這更符合我們想要品牌的定位。

We're also doing some brand advertising for the first time in the brand's history. And that's actually early days, but also performing extremely well. We're very happy with that.

我們還在品牌歷史上第一次做一些品牌廣告。這實際上是早期的，但也表現得非常好。我們對此感到非常高興。

And I think Rick and his team, which we're building out rapidly, have started to develop product architecture that will probably be back half of '23 before you start to see some significant evolution in product architecture. And we will continue to develop consumer messaging and brand advertising that will start to play out earlier in '23.

而且我認為 Rick 和他的團隊，我們正在迅速建立起來，已經開始開發產品架構，可能會在 23 年的後半段，在你開始看到產品架構的一些重大演變之前。我們將繼續開發消費者信息和品牌廣告，這些廣告將在 23 年早些時候開始發揮作用。

So we're really happy with how that's going, and I think it will be very, very strong.

所以我們對目前的進展感到非常滿意，我認為它會非常非常強大。

The next question is from Mitch Kummetz from Seaport.

下一個問題來自 Seaport 的 Mitch Kummetz。

I guess I just have a few. Hopefully I can do this quickly. I know a year ago, with HEYDUDE, there were a lot of retailers that were light on products. So do you have any sense as to how much of the year-over-year growth you're seeing there is kind of filling that pipeline? Is there catching up with where they want to be? And do you have any metrics on kind of wholesale sell-through to support kind of what's happening at retail with those partners? And then I got a couple of others.

我想我只有幾個。希望我能很快做到這一點。我知道一年前，有了 HEYDUDE，有很多零售商對產品很輕。那麼，您是否知道您看到的同比增長中有多少正在填補該管道？有沒有趕上他們想去的地方？您是否有任何關於批發銷售類型的指標，以支持與這些合作夥伴在零售業發生的情況？然後我得到了其他幾個。

Yes. So I think the best way of getting at the core of your question is wholesale sell-through. We get that from, obviously, our major partners. We don't get it from all of the smaller partners. But I think the retailers that do stock HEYDUDE would say sell-through is exceptional.

是的。因此，我認為了解您問題核心的最佳方法是批發銷售。顯然，我們是從我們的主要合作夥伴那裡得到的。我們不會從所有較小的合作夥伴那裡得到它。但我認為做 HEYDUDE 庫存的零售商會說銷售情況非常好。

Okay. And then, Andrew, you referenced spring '23 a couple of times, I think, in some remarks. Do you have any sense as to kind of what the order -- spring order book is looking like for the Crocs brand in the U.S.? I'm wondering if that's -- if it's going to be up or down.

好的。然後，安德魯，我想，你在一些評論中提到了 23 年春季。您對美國 Crocs 品牌的春季訂單有什麼看法嗎？我想知道這是 - 是上升還是下降。

And then lastly, on margins. Anne, you talked about kind of the HEYDUDE pressure on gross margins, but I'm guessing that likely helped from an SG&A leverage standpoint. So is there any way you can kind of break out the operating margins by each brand? And that's it.

最後，在利潤上。安妮，你談到了 HEYDUDE 對毛利率的壓力，但我猜從 SG&A 槓桿的角度來看，這可能會有所幫助。那麼有什麼方法可以打破每個品牌的營業利潤率？就是這樣。

Thanks, Mitch. So I'll let Anne talk about operating margins for each brand. But from an order book perspective, look, it's early days on that yet, but we also don't disclose order book ahead of time. We stopped doing that quite a long time ago. So -- but we are selling in spring/summer '23, both here in the U.S. and globally. And we're pretty excited about a lot of the newness that we have to offer our customers.

謝謝，米奇。所以我會讓安妮談談每個品牌的營業利潤率。但是從訂單的角度來看，現在還處於早期階段，但我們也不會提前披露訂單。我們很久以前就停止這樣做了。所以——但我們在 23 年春夏銷售，無論是在美國還是在全球。我們對我們必須為客戶提供的許多新事物感到非常興奮。

Yes. And then from an operating margin standpoint on each brand. Remember, these are unadjusted for HEYDUDE, so that includes a $35 million -- this is going to include a $35 million inventory write-up in Q2 related to the acquisition. So HEYDUDE's operating margins were 17.9%, that's GAAP. Crocs was [30.7%]. And then our consolidated, obviously. And that's a GAAP margin. [And that's in domestic, Mitch.]

是的。然後從每個品牌的營業利潤率的角度來看。請記住，這些都沒有針對 HEYDUDE 進行調整，因此其中包括 3500 萬美元——這將包括與收購相關的第二季度 3500 萬美元的庫存增記。所以 HEYDUDE 的營業利潤率為 17.9%，即 GAAP。鱷魚為 [30.7%]。然後我們的合併，顯然。這就是公認會計原則的利潤率。 [那是在國內，米奇。]

This concludes our question-and-answer session. I would like to turn the conference back over to management for any closing remarks.

我們的問答環節到此結束。我想把會議交還給管理層，以便發表任何結束語。

Really appreciate everybody joining us today, and thank you for your continued interest in Crocs.

非常感謝今天加入我們的每一個人，並感謝您對 Crocs 的持續關注。

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

會議現已結束。感謝您參加今天的演講。您現在可以斷開連接。