卡洛馳 (CROX) 2022 Q3 法說會逐字稿

Hello, welcome to the Crocs, Inc. Third Quarter 2022 Earnings Call. (Operator Instructions) Please note, today's event is being recorded. I now would like to turn the conference over to your host today, Ms Cori Lin. Ms. Lin, please go ahead.

您好，歡迎來到 Crocs, Inc. 2022 年第三季度財報電話會議。 （操作員說明）請注意，今天的活動正在錄製中。我現在想把今天的會議交給你的主持人，Cori Lin 女士。林女士，請繼續。

Good morning, everyone, and thank you for joining us today for the Crocs Third 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. 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 our supply chain challenges, cost inflation, the acquisition of HEYDUDE and the benefits thereof. Crocs' strategies, 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.

大家早上好，感謝您今天參加 Crocs 2022 年第三季度財報電話會議。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。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我們的供應鏈挑戰、成本膨脹、收購 HEYDUDE 及其收益的陳述。 Crocs 的戰略、計劃、目標、期望、財務或其他方面以及意圖；未來的財務業績和增長潛力；預期的產品組合；我們創造和交付股東價值的能力以及關於 COVID-19 大流行對我們業務的潛在影響的聲明。

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. Certain financial metrics that we refer to as co-adjusted or co- 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. 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. At this time, I'll turn the call over to Andrew.

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。我們稱為共同調整或共同非公認會計原則或非公認會計原則措施的某些財務指標。我們今天上午早些時候發布的新聞稿中包含了這些金額與其 GAAP 對應金額的對賬。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。這個時候，我會把電話轉給安德魯。

Thank you, Cori, and morning, everyone. I'm incredibly pleased with the strength of our brands and the third quarter results we released this morning. Consumer demand for both the Crocs and HEYDUDE brands is exceptional and led to strong double-digit revenue growth. As we continue to navigate a dynamic macro environment, our teams remain focused on driving market share gains and executing our long-term growth strategies for sustainable profitable growth. Looking at the third quarter of 2022, Anne will review our financial results in more detail shortly, but here are a few highlights. Consolidated revenues of $985 million grew 63% on a constant currency basis. Crocs brand revenues grew 20% constant currency with growth in all regions and DTC comparable sales grew 18%. HEYDUDE brand revenues were $269 million, representing revenue growth of 87% versus prior year.

謝謝你，Cori，大家早上好。我對我們品牌的實力以及我們今天早上發布的第三季度業績感到非常滿意。消費者對 Crocs 和 HEYDUDE 品牌的需求異常旺盛，導致收入實現兩位數的強勁增長。隨著我們繼續在動態的宏觀環境中航行，我們的團隊仍然專注於推動市場份額的增長並執行我們的長期增長戰略以實現可持續的盈利增長。展望 2022 年第三季度，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。按固定匯率計算，合併收入為 9.85 億美元，增長 63%。 Crocs 品牌收入增長 20%（按固定匯率計算），所有地區均增長，DTC 可比銷售額增長 18%。 HEYDUDE 品牌收入為 2.69 億美元，收入同比增長 87%。

Adjusted operating margins of 28% were best-in-class. Adjusted diluted EPS increased 20% to $2.97 per share, significant deleveraging within the quarter with net leverage of 2.4x. Moving to our brand highlights for the quarter. Let's begin with the Crocs brand. In Piper Sandler's fall 2022; "Taking Stock With Teens" survey, the Crocs brand increased to the #5 favorite footwear brand among teens, up from #6 in fall of 2021. The brand also continued to strengthen with men's and kids, ranking as the #5 and #4 brand, respectively, within the NPD retail tracking service for fashion footwear in terms of dollar value of sales for September in the United States. These results were achieved as we continue to raise the bar in marketing activations and product innovations. Our partnership with Salehe Bembury continues to be very successful as we released 3 new colors this quarter, all of which sold out instantly in the U.S. In EMEA, our partnership with high fashion designer, Christian Cowan, featured custom Jibbitz charms that can be converted into wearable accessories such as a necklace and a hair clips, elevating our customization to new heights.

調整後的營業利潤率為 28%，為同類最佳。調整後的稀釋後每股收益增長 20% 至每股 2.97 美元，本季度內顯著去槓桿化，淨槓桿率為 2.4 倍。轉到我們本季度的品牌亮點。讓我們從 Crocs 品牌開始。在派珀·桑德勒（Piper Sandler）的 2022 年秋季； “與青少年一起評估”調查顯示，Crocs 品牌從 2021 年秋季的第 6 位上升至青少年最喜愛的鞋履品牌第 5 位。該品牌在男裝和童裝方面也繼續走強，分別位列第 5 和第 4 位品牌分別在 NPD 時尚鞋類零售跟踪服務中，以 9 月份在美國的銷售額美元價值計算。這些成果是隨著我們不斷提高營銷活動和產品創新的標準而實現的。我們與 Salehe Bembury 的合作繼續非常成功，因為我們在本季度發布了 3 種新顏色，所有這些顏色在美國立即售罄。在歐洲、中東和非洲，我們與高級時裝設計師 Christian Cowan 合作推出了可以轉換成的定制 Jibbitz 吊飾項鍊和髮夾等可穿戴配件，將我們的定制提升到新的高度。

In China, we teamed up with prominent fashion ambassadors Fan Chengcheng and Nana to launch a global Crush collection. As a fan-centric brand, we continue to demonstrate our versatility, partnering with convenience store 7-Eleven and relaunching our Adult Lightning McQueen Clog for the fourth time at fans request. (inaudible) marketing activations with product innovations is one of our core competencies and how we continue to build brand relevance. New product introductions include any hight for her in the crush collection that is now global. A new molded silhouette for him with the Echo clog. Early access events on the Crocs app for the Echo clog generating significant app downloads, strong DTC sellout as well as much excitement with our specialty footwear retailers.

在中國，我們與知名時尚大使范丞丞和娜娜聯手推出了全球 Crush 系列。作為一個以粉絲為中心的品牌，我們繼續展示我們的多功能性，與便利店 7-11 合作，並應粉絲的要求第四次重新推出我們的成人閃電麥昆木屐。 （聽不清）通過產品創新進行營銷活動是我們的核心競爭力之一，也是我們如何繼續建立品牌相關性的方式。新產品介紹包括她在現在全球範圍內的美眉系列中的任何高點。 Echo 木屐為他打造全新造型。 Crocs 應用程序上 Echo clog 的早期訪問活動產生了大量的應用程序下載、強勁的 DTC 銷售以及我們的專業鞋類零售商的極大興奮。

In the sandal arena, we elevated comfort with the Miller slide that targets the recovery segment combining the comfort of LiteRide foam with modern silhouette. Our rapid pace of both product and marketing innovation hit an all-time record in September, and we plan to sustain a high level of innovation and new product introduction through the holiday season and into 2023.

在涼鞋領域，我們通過針對恢復部分的 Miller 滑梯提高了舒適度，將 LiteRide 泡沫的舒適性與現代輪廓相結合。我們在產品和營銷創新方面的快速步伐在 9 月創下歷史新高，我們計劃在假期期間和 2023 年保持高水平的創新和新產品推出。

From a cross-brand perspective, clogs continue to exhibit strong double-digit growth this quarter. Sandals, an important growth pillar for the future increased nearly 20% in Q3. We're confident that sandals will deliver strong back half growth as we experienced exceptional growth internationally and see high sandal penetration in markets such as India, Southeast Asia and the Middle East. Finally, Jibbitz continues to create excitement and engagement with consumers globally growing double digits from last year. We continue to drive digital growth, one of our most important initiatives. We saw a strong 22% constant currency growth and digital penetration increased to 37.4% with growth across all regions, driven by increases in new customers, combined with repeat purchasing from existing customers. We launched more robust technical capabilities to enable enhanced personalization, and we expanded new marketplaces, including selling on Douyin in China.

從跨品牌的角度來看，木屐在本季度繼續呈現強勁的兩位數增長。作為未來重要增長支柱的涼鞋在第三季度增長了近 20%。我們相信涼鞋將帶來強勁的後半部增長，因為我們在國際上經歷了非凡的增長，並看到涼鞋在印度、東南亞和中東等市場的高滲透率。最後，Jibbitz 繼續為全球消費者創造興奮和參與，與去年相比增長了兩位數。我們繼續推動數字增長，這是我們最重要的舉措之一。我們看到強勁的 22% 的恆定貨幣增長和數字滲透率提高到 37.4%，所有地區的增長都受到新客戶增加以及現有客戶重複購買的推動。我們推出了更強大的技術能力以增強個性化，並擴展了新的市場，包括在中國的抖音上進行銷售。

Turning to HEYDUDE. The brand is one of the fastest-growing casual footwear brands in the U.S. market today, and we now expect revenues to exceed $1 billion in 2023, a full year earlier than previously committed. In Piper Sandler's Fall Taking Stack with Teens Survey, HEYDUDE ascended to the #7 favorite footwear brand among teens, up from #8 in the fall of 2021 and #9 in the spring of 2022. We're also seeing early evidence of success with our marketing campaigns as the Piper study noted increased HEYDUDE mind share in the Northeast and the South regions of the United States.

轉向 HEYDUDE。該品牌是當今美國市場上增長最快的休閒鞋類品牌之一，我們現在預計 2023 年的收入將超過 10 億美元，比之前承諾的提前整整一年。在 Piper Sandler 與青少年一起進行的秋季堆疊調查中，HEYDUDE 從 2021 年秋季的第 8 位和 2022 年春季的第 9 位上升到青少年最喜愛的鞋類品牌第 7 位。我們也看到了成功的早期證據Piper 研究指出，我們的營銷活動增加了 HEYDUDE 在美國東北部和南部地區的心智份額。

We're excited about the rebrand that went live in July, and we've seen consideration increase by 5 percentage points in our recent brand study. The brands recently featured in the Wall Street Journal article entitled, The Beer Koozie-Like Shoe That Is Selling Out Across America. We're excited to have acquired the rights to HEYDUDE.com this past quarter, which should make it even easier for our fans to purchase directly from our website. HEYDUDE also began its influence the strategy with a portfolio of partners. Going forward, we'll continue to implement a successful marketing playbook for the HEYDUDE brand.

我們對 7 月份上線的品牌重塑感到興奮，在我們最近的品牌研究中，我們看到考慮因素增加了 5 個百分點。這些品牌最近出現在《華爾街日報》的文章中，題為“在美國暢銷的啤酒 Koozie-Like 鞋”。我們很高興在上個季度獲得 HEYDUDE.com 的權利，這將使我們的粉絲更容易直接從我們的網站購買。 HEYDUDE 還通過一系列合作夥伴開始影響該戰略。展望未來，我們將繼續為 HEYDUDE 品牌實施成功的營銷手冊。

From a product perspective, the HEYDUDE brand is continuing to expand wearing occasions as we enter colder seasons with products such as the Brit, Denny and the Scott boots. Additionally, the introduction of the Axl is testing the relevance of the HEYDUDE brand in the sneaker category. Our iconic core silhouettes to Wally and Wendy continue to grow on be in demand as we introduce new colors, prints and elevated products to include (inaudible).

從產品的角度來看，隨著我們進入寒冷的季節，HEYDUDE 品牌繼續擴大穿著場合，推出了 Brit、Denny 和 Scott 靴子等產品。此外，Axl 的推出正在測試 HEYDUDE 品牌在運動鞋類別中的相關性。我們為 Wally 和 Wendy 設計的標誌性核心輪廓隨著我們推出新的顏色、印花和升級產品（聽不清）而繼續受到需求的增長。

With the addition of HEYDUDE, we have diversified our product portfolio. For Q3, clog penetration was just over half of our total revenues. The casual silhouettes of HEYDUDE diversified our overall revenue base to constitute 27% total revenues. And sandals were approximately 9% of enterprise revenues.

隨著 HEYDUDE 的加入，我們的產品組合更加多樣化。對於第三季度，堵塞滲透率剛剛超過我們總收入的一半。 HEYDUDE 的休閒款式使我們的整體收入基礎多樣化，佔總收入的 27%。涼鞋約佔企業收入的 9%。

In summary, we have tremendous confidence and clear evidence as to the underlying strength and growth potential for both crops and the HEYDUDE brands.

總之，對於作物和 HEYDUDE 品牌的潛在實力和增長潛力，我們有極大的信心和明確的證據。

Before turning the call over to Anne, I want to provide an update on what we're seeing in the macro environment. Pressures remain from widespread inflation, elevated interest rates and a strong U.S. dollar. China Zero COVID strategy and the war in Ukraine. During the pandemic, inventories were operating at historically lean levels caused by supply chain delays and Vietnam factory closures. In recent months, we've seen high levels of promotions in response to elevated inventory levels, particularly in the United States. The combination of these factors are pressuring margins and making near-term performance more difficult to predict. However, even facing an uncertain macro environment, we are raising our guidance for 2022 and remain confident in continuing to gain significant market share and achieving our long-term revenue targets for both brands while generating best-in-class profitability.

在將電話轉給安妮之前，我想提供有關我們在宏觀環境中看到的最新情況。普遍通脹、高利率和強勢美元的壓力依然存在。中國零 COVID 戰略和烏克蘭戰爭。在大流行期間，由於供應鏈延遲和越南工廠關閉，庫存處於歷史低位。最近幾個月，我們看到了針對庫存水平升高的大量促銷活動，尤其是在美國。這些因素的結合正在給利潤率帶來壓力，並使近期業績更難以預測。然而，即使面臨不確定的宏觀環境，我們仍將提高對 2022 年的指導，並有信心繼續獲得可觀的市場份額，實現兩個品牌的長期收入目標，同時創造一流的盈利能力。

I will now turn the call over to Anne, who will review our third quarter financial results in more detail.

我現在將把電話轉給安妮，她將更詳細地審查我們第三季度的財務業績。

Thank you, Andrew, and good morning, everyone. I will begin with a short recap of our third 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 this morning's press release. As Andrew outlined, we had an exceptional third quarter with $985 million in consolidated revenues, representing 63% growth. In spite of several headwinds to margins, we delivered another quarter of industry-leading adjusted operating margins of 27.9% and adjusted EPS growth of 20.2%. I will now detail our revenue highlights by brand, beginning with the Crocs brand.

謝謝你，安德魯，大家早上好。我將首先簡要回顧一下我們第三季度的業績。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 GAAP 金額與其等值 GAAP 金額的對賬，請參閱今天上午的新聞稿。正如安德魯概述的那樣，我們第三季度的合併收入為 9.85 億美元，增長了 63%，表現非常出色。儘管利潤率面臨一些不利因素，但我們又實現了行業領先的 27.9% 的調整後營業利潤率和 20.2% 的調整後每股收益增長。我現在將按品牌詳細介紹我們的收入亮點，從 Crocs 品牌開始。

During the third quarter, we sold 30.3 million pairs of shoes, an increase of 19.2% over Q3 of 2021. The Crocs brand average selling price during Q3 was $23.33, which is flat on a constant currency basis and declined 4.5% on a reported basis due primarily to unfavorable FX.

第三季度，我們售出了 3030 萬雙鞋，比 2021 年第三季度增長 19.2%。Crocs 品牌在第三季度的平均售價為 23.33 美元，按固定匯率計算持平，報告顯示下降 4.5%主要是由於不利的外匯。

Let's now review a few Crocs brand highlights by region. In North America, the Crocs brand remains strong and gained share. Third quarter revenues increased 1.8% to $445 million. The North America DTC channel for the Crocs brand, an indicator of underlying consumer demand, was the key growth driver with DTC comparable sales up 13% on top of 70% comparable sales growth in 2021. Wholesale sell-in was down 15%. However, wholesale sellout was up high single digits as we continue to partner with major wholesale accounts to carefully manage market level inventories.

現在讓我們按地區回顧一些 Crocs 品牌亮點。在北美，Crocs 品牌保持強勢並獲得了份額。第三季度收入增長 1.8% 至 4.45 億美元。 Crocs 品牌的北美 DTC 渠道是潛在消費者需求的指標，是主要增長動力，DTC 可比銷售額在 2021 年可比銷售額增長 70% 的基礎上增長了 13%。批發銷售額下降了 15%。然而，由於我們繼續與主要批發客戶合作以謹慎管理市場水平的庫存，批發銷售量上升了個位數。

International was the largest growth driver for the Crocs brand in Q3 as we execute on our long-term growth plan to ignite the brand in Asia and EMEALA. International now represents nearly 40% of Crocs brand revenues. Cross-brand revenues in Asia grew 82.3% to $138 million during the quarter. This strong growth was broad-based across India, Southeast Asia, Japan and South Korea. Additionally, the green shoots in China continue despite headwinds from the continued COVID lockdowns with revenues increasing more than 30% compared to last year. Crocs brand revenues for EMEALA were $132 million, growing 45.6% with distributors, brick-and-mortar wholesale partners and e-commerce driving the growth. Momentum continued from Q2, strong growth in our top direct markets, the U.K. and Germany.

國際是第三季度 Crocs 品牌的最大增長動力，因為我們執行長期增長計劃以在亞洲和 EMEALA 點燃該品牌。國際現在佔 Crocs 品牌收入的近 40%。本季度亞洲跨品牌收入增長 82.3% 至 1.38 億美元。這種強勁的增長遍及印度、東南亞、日本和韓國。此外，儘管持續的 COVID 封鎖帶來不利因素，但中國的萌芽仍在繼續，與去年相比，收入增長了 30% 以上。 EMEALA 的 Crocs 品牌收入為 1.32 億美元，增長 45.6%，分銷商、實體批發合作夥伴和電子商務推動了增長。從第二季度開始，勢頭繼續，我們的主要直接市場英國和德國強勁增長。

Turning to HEYDUDE. Revenues continued to exceed expectations, contributing $269 million for our portfolio and growing 87% from Q3 2021 revenues. The momentum of the HEYDUDE brand has been exceptional and we remain confident about realizing the full potential the Crocs play up will have on the brand. 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.

轉向 HEYDUDE。收入繼續超出預期，為我們的投資組合貢獻了 2.69 億美元，比 2021 年第三季度的收入增長了 87%。 HEYDUDE 品牌的發展勢頭非常強勁，我們仍然有信心充分發揮 Crocs 對品牌的潛力。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。

Consolidated adjusted gross margins for the quarter were down 910 basis points from last year to 55.1%. Approximately half of the compression is related to the addition of the HEYDUDE brand. Adjusted gross margin for the cross was 57.5% or 670 basis points lower to prior year, driven by the impact of inflationary cost pressures of approximately 200 basis points and 270 basis points of higher freight and inventory handling costs, of which we estimate 150 basis points to be transitory.

本季度綜合調整後毛利率較去年下降 910 個基點至 55.1%。大約一半的壓縮與添加 HEYDUDE 品牌有關。受通脹成本壓力約 200 個基點以及貨運和庫存處理成本增加 270 個基點（我們估計其中 150 個基點）影響的影響，交叉股的調整後毛利率比上年下降 57.5% 或 670 個基點是暫時的。

Currency negatively impacted margins by 115 basis points. In addition, we also saw a more normalized promotional environment in our North America business, although that was mostly offset by higher ASPs in Asia and EMEALA.

貨幣對利潤率造成 115 個基點的負面影響。此外，我們還看到我們北美業務的促銷環境更加正常化，儘管這主要被亞洲和 EMEALA 較高的 ASP 所抵消。

HEYDUDE adjusted gross margins were 48.8%, this gross margin represents the continued effect of costs from legacy freight contracts that take time to roll through the P&L and higher inventory storage costs in the short term as we work to expand DC capabilities to support a larger business. To that end, we have signed a lease to open a significantly larger new facility in Las Vegas, which we anticipate will come on stream in Q4 of 2023 to efficiently support our growth aspirations.

HEYDUDE 調整後的毛利率為 48.8%，該毛利率代表了傳統貨運合同成本的持續影響，這些成本需要時間才能通過損益表以及短期內更高的庫存存儲成本，因為我們正在努力擴大 DC 能力以支持更大的業務.為此，我們已經簽署了一份租約，將在拉斯維加斯開設一個更大的新設施，我們預計該設施將於 2023 年第四季度投產，以有效支持我們的增長願望。

During the third quarter of 2022, we leveraged consolidated adjusted SG&A 420 basis points, improving to 27.2% of revenues versus 31.4% last year. This improvement was achieved while still investing in marketing and talent related to HEYDUDE as well as marketing in the Crocs brand. Nonrecurring SG&A expenses for the third quarter were $9 million, primarily related to HEYDUDE's integration costs of approximately $7 million.

在 2022 年第三季度，我們利用綜合調整後的 SG&A 420 個基點，從去年的 31.4% 提高到收入的 27.2%。這一改進是在投資與 HEYDUDE 相關的營銷和人才以及 Crocs 品牌營銷的同時實現的。第三季度的非經常性 SG&A 費用為 900 萬美元，主要與 HEYDUDE 約 700 萬美元的整合成本有關。

To support the long-term growth of our portfolio, we will continue to invest in key areas like marketing and talent, while maintaining our efficient SG&A structure. Our flexible SG&A base, coupled with our ability to leverage shared services across the portfolio allows us to remain fluid in a dynamic operating environment. Our third quarter adjusted operating income increased 33.8% to $274 million from last year, including $79 million attributable to HEYDUDE.

為了支持我們投資組合的長期增長，我們將繼續投資於營銷和人才等關鍵領域，同時保持我們高效的 SG&A 結構。我們靈活的 SG&A 基礎，加上我們在整個投資組合中利用共享服務的能力，使我們能夠在動態的運營環境中保持靈活。我們第三季度調整後的營業收入比去年增長 33.8% 至 2.74 億美元，其中包括 HEYDUDE 的 7900 萬美元。

Consolidated adjusted operating margin declined 490 basis points to 27.9% from 32.8% last year. Our third quarter non-GAAP diluted earnings per share increased $0.50 or 20.2% to $2.97.

綜合調整後營業利潤率從去年的 32.8% 下降 490 個基點至 27.9%。我們第三季度非 GAAP 攤薄後每股收益增加 0.50 美元或 20.2% 至 2.97 美元。

Our liquidity position remains strong as we ended the third quarter with $143 million of cash and cash equivalents. Through strong cash flow generation we repayed in the quarter fully repaying the balance due on our revolver and making our first prepayment on the Term Loan B, reducing borrowings to $2.62 billion and net leverage to approximately 2.4x at the end of Q3.

我們的流動性狀況保持強勁，因為我們在第三季度結束時擁有 1.43 億美元的現金和現金等價物。通過產生強勁的現金流，我們在本季度償還了我們的左輪手槍到期餘額，並首次提前償還了定期貸款 B，在第三季度末將藉款減少至 26.2 億美元，淨槓桿率降至約 2.4 倍。

Through EBITDA growth and debt repayment, we remain focused on deleveraging to under 2x by the middle of 2023. Our inventory balance at September 30, 2022, was $514 million, an increase of $301 million versus last year, inclusive of HEYDUDE. The addition of HEYDUDE added $190 million of inventory with approximately half of the inventory in transit. The Crocs brand had $324 million in inventory, an increase of 52.6% over prior year. Our higher inventory reflects revenue growth higher cost in inventory and a very low level of inventory last year due to limited availability with the factory closures and elongated transit times related to the pandemic.

通過 EBITDA 增長和債務償還，我們仍然專注於到 2023 年中期將去槓桿率降至 2 倍以下。截至 2022 年 9 月 30 日，我們的庫存餘額為 5.14 億美元，比去年增加了 3.01 億美元，包括 HEYDUDE。 HEYDUDE 的加入增加了 1.9 億美元的庫存，其中大約一半的庫存在運輸中。 Crocs 品牌的庫存為 3.24 億美元，同比增長 52.6%。我們較高的庫存反映了收入增長，庫存成本增加，以及去年由於工廠關閉和與大流行相關的運輸時間延長導致可用性有限，庫存水平非常低。

Looking to close out the year, I would like to share our current outlook for 2022. All numbers will be on a reported basis, unless otherwise stated. After outperforming in Q3, we are raising our full year 2022 revenue guidance for the Crocs brand to be between $2.605 billion and $2.63 billion, representing constant currency growth of approximately 17%. We continue to expect the strongest growth to occur in Asia and EMEALA as the regions continue to experience high growth in consumer demand.

展望結束這一年，我想分享我們目前對 2022 年的展望。除非另有說明，否則所有數字都將在報告的基礎上進行。在第三季度表現出色之後，我們將 Crocs 品牌的 2022 年全年收入指引提高至 26.05 億美元至 26.3 億美元之間，相當於約 17% 的固定匯率增長。我們繼續預計亞洲和歐洲、中東和非洲地區將出現最強勁的增長，因為這些地區的消費需求繼續保持高速增長。

With respect to HEYDUDE, we are maintaining our full year guide and are confident in our revenue expectations of between $850 million to $890 million on a reported basis, implying $940 million to $980 million on a pro forma basis. This translates to consolidated revenues growing 49% to 52% to approximately $3.455 billion to $3.52 billion.

關於 HEYDUDE，我們維持全年指引，並對我們報告的收入預期在 8.5 億美元至 8.9 億美元之間充滿信心，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 49% 至 52%，達到約 34.55 億美元至 35.2 億美元。

As always, we are focused on best-in-class profitability and therefore, are raising our adjusted operating margins to be approximately 27% for the full year. We are raising the bottom end of our adjusted diluted earnings per share outlook to be between approximately $9.95 to $10.30. This includes the impact of higher interest rates and lower tax rate with our full year non-GAAP tax rate now expected to be 21%.

與往常一樣，我們專注於一流的盈利能力，因此，我們將調整後的全年營業利潤率提高到約 27%。我們將調整後的稀釋每股收益前景的底端提高到大約 9.95 美元至 10.30 美元之間。這包括更高利率和更低稅率的影響，我們的全年非公認會計原則稅率現在預計為 21%。

After repaying $350 million of debt year-to-date, we remain committed to using excess cash flow to repay debt. Through consistent debt repayment and EBITDA growth, we will achieve below 2x gross leverage by mid-2023.

在今年迄今償還了 3.5 億美元的債務後，我們仍然致力於利用多餘的現金流來償還債務。通過持續的債務償還和 EBITDA 增長，我們將在 2023 年年中實現低於 2 倍的總槓桿率。

In summary, we delivered a strong Q3 and look forward to finishing out another record-setting year.

總而言之，我們實現了強勁的第三季度業績，並期待完成另一個創紀錄的一年。

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. As we close out the year and look forward, we remain incredibly confident in the strength of the Crocs and HEYDUDE brands and our management team that continues to drive strong growth, profitability and cash flow. Our focus remains squarely on navigating current uncertainties and creating tremendous long-term shareholder value.

謝謝你，安妮。在我們結束這一年並展望未來之際，我們對 Crocs 和 HEYDUDE 品牌的實力以及我們的管理團隊仍然充滿信心，他們將繼續推動強勁的增長、盈利能力和現金流。我們的重點仍然是駕馭當前的不確定性並創造巨大的長期股東價值。

Operator, please open the call for questions.

接線員，請打開電話提問。

(Operator Instructions) And the first question comes from Jonathan Komp with Baird.

（操作員說明）第一個問題來自 Jonathan Komp 和 Baird。

I want to ask about inventory. Sorry if I missed this, but it looked like the Crocs total inventory might have been down sequentially. So I wanted to just clarify that, both on hand in terms of the inventory Crocs sale as well as do you have a sense where your wholesale partners sit today? And then related to that gross margin, Anne, I'm wondering kind of in the 55% range is a safe assumption for fourth quarter. And if you could talk about the promotional level you're embedded in the outlook here.

我想問一下庫存。抱歉，如果我錯過了這個，但看起來 Crocs 的總庫存可能已經連續下降。因此，我想澄清一下，就庫存 Crocs 銷售而言，您是否知道您的批發合作夥伴今天的位置？然後與毛利率相關，安妮，我想知道在 55% 的範圍內是第四季度的安全假設。如果您可以在這裡談論您嵌入前景的促銷級別。

Why don't, John, I kind of tackle the wholesale partners, and Anne will give you the details on our inventory and talk about gross margin. So from a wholesale partner perspective, it's actually something we've been super focused on. We want to maintain healthy inventories in the channel, I believe that gives us greatest control over our brand. You probably saw in North America in our prepared remarks, North America was down from a wholesale perspective but sellout was up over the same period last year. So therefore, we destocked in the wholesale environment. And we continue to work closely with our major U.S. wholesale products and our global distributors to manage their inventory levels very closely. We think that's super important to maintaining brand health. And let me pass it up to Anne.

為什麼不呢，約翰，我有點解決批發合作夥伴的問題，安妮會給你我們庫存的詳細信息並談論毛利率。因此，從批發合作夥伴的角度來看，這實際上是我們一直非常關注的事情。我們希望在渠道中保持健康的庫存，我相信這使我們能夠最大程度地控制我們的品牌。您可能在我們準備好的評論中看到北美，從批發的角度來看，北美是下降的，但銷售量比去年同期有所上升。因此，我們在批發環境中去庫存。我們將繼續與我們的主要美國批發產品和全球分銷商密切合作，以非常密切地管理他們的庫存水平。我們認為這對保持品牌健康非常重要。讓我把它轉給安妮。

Yes. Our consolidated inventory balance was $514 million, and that included -- so that was up about $300 million from last year. That's inclusive of HEYDUDE. HEYDUDE was about $190 million of inventory. So if you take that out, we're pretty close to flat sequentially, not quite from a Crocs standpoint. The Crocs brand inventory -- yes, sorry, actually were down a little bit from Q2. The Crocs brand had $324 million in inventory. And that really -- inventory reflects the revenue growth that we've had over last year, higher cost in inventory. And then obviously, we had a very low level of inventory last year due to the pandemic.

是的。我們的綜合庫存餘額為 5.14 億美元，其中包括 - 比去年增加了約 3 億美元。這包括 HEYDUDE。 HEYDUDE 的庫存約為 1.9 億美元。所以如果你把它拿出來，我們在順序上非常接近平坦，從 Crocs 的角度來看並不完全。 Crocs 品牌庫存——是的，抱歉，實際上比第二季度有所下降。 Crocs 品牌有 3.24 億美元的庫存。這真的 - 庫存反映了我們去年的收入增長，庫存成本更高。然後很明顯，由於大流行，我們去年的庫存水平非常低。

And then from a gross margin standpoint, we are still maintaining our best-in-class gross margins. Last year was obviously a high watermark for gross margins. We are starting to see freight rates come down and we're building out infrastructure for both brands. So we called out, we think 150 basis points of transitory costs will start to dissipate, but that's probably not going to happen until next year. And then we guided that our long-term operating margins long term will be greater than 26%. This year, we guided 27% but we didn't give a guide for gross margins in Q4. We do anticipate the promotional environment that we saw in Q3 to continue into Q4 and be relatively promotional and especially compared to last year where there was a lot less promotions in the market.

然後從毛利率的角度來看，我們仍然保持著一流的毛利率。去年顯然是毛利率的高水位。我們開始看到運費下降，我們正在為這兩個品牌建設基礎設施。所以我們呼籲，我們認為 150 個基點的暫時性成本將開始消散，但這可能要到明年才會發生。然後我們指導我們的長期營業利潤率長期將大於 26%。今年，我們指導了 27%，但我們沒有給出第四季度毛利率的指導。我們確實預計我們在第三季度看到的促銷環境將持續到第四季度並且相對促銷，尤其是與去年市場促銷活動較少的去年相比。

Okay. That's really helpful. And then one follow-up, just broader question as you look forward to 2023 amid the current macro uncertainty. Any feedback that you're getting in terms of things that might influence your outlook for the Crocs brand, thinking through North America, the potential to hold gains that you've had as well as the international performance to continue some of the recent strength? Just any color or feedback directionally understanding you're not guiding at this point.

好的。這真的很有幫助。然後是一個後續問題，只是更廣泛的問題，因為您在當前宏觀不確定性中期待 2023 年。就可能影響您對 Crocs 品牌前景的事情而言，您有任何反饋，考慮北美，保持您已經獲得的收益的潛力以及國際表現以延續近期的一些實力？只是任何顏色或反饋都可以定向地理解你此時沒有指導。

Yes, yes. Like I think what I would say a couple of things is pace of innovation is super important, right? We've seen us be able to accelerate on the Crocs side, accelerate both product innovation and marketing innovation through the quarter. We think that's had a very positive effect. We showed a lot of new product to our major wholesale customers for next year. And we have a -- I would say, a very strong pipeline of innovation on the Crocs side and the HEYDUDE side. So we think that's really important in this environment. We think our brands, both of our brands are in given the macroeconomic environment, very approachable price points. And the benefits of the strong growth we've seen on Crocs for the last several years, is we've acquired a lot of new customers. And we are -- as we look at our analytics, we're able to retain those customers and continue to communicate with them continue to sell to them. So we're bullish and very positive about the prospects for next year.

是的是的。就像我認為我要說的幾件事是創新的步伐非常重要，對吧？我們已經看到我們能夠在 Crocs 方面加速，在本季度加速產品創新和營銷創新。我們認為這產生了非常積極的影響。我們為明年的主要批發客戶展示了很多新產品。我們在 Crocs 方面和 HEYDUDE 方面有一個非常強大的創新管道。所以我們認為這在這種環境中非常重要。我們認為我們的品牌，我們兩個品牌都處於宏觀經濟環境中，價格非常平易近人。過去幾年我們在 Crocs 上看到的強勁增長的好處是，我們獲得了很多新客戶。而且我們 - 當我們查看我們的分析時，我們能夠留住這些客戶並繼續與他們溝通，繼續向他們銷售。因此，我們對明年的前景持樂觀態度和非常積極的態度。

And the next question comes from Abigail Zvejnieks with Piper Sandler.

下一個問題來自 Abigail Zvejnieks 和 Piper Sandler。

Congrats on the quarter. The EBIT margin control this quarter, like despite all of the industry headwinds like FX and promotion is really impressive. So can you just talk about the flexibility you have on SG&A that allows you to manage to this level of profitability? And then on the North America wholesale, how much of the reduced sell-in was intentional versus any changes in demand from your wholesale partners?

祝賀本季度。儘管存在外彙和促銷等所有行業逆風，但本季度的息稅前利潤率控制確實令人印象深刻。那麼，您能否談談您在 SG&A 上的靈活性，使您能夠管理到這種盈利水平？然後在北美批發市場，與批發合作夥伴的需求變化相比，有多少是有意減少的銷售？

Yes. So I'll talk to SG&A, and then I'll let Andrew talk to wholesale. So yes, we're really pleased with the EBIT contribution. We continue to generate best-in-class operating margins. From an SG&A standpoint, we did leverage SG&A in the quarter. We're really able to, especially with the addition of the HEYDUDE brand, able to leverage our overall shared service and enterprise cost. But we also continue to invest dollars in marketing, talent and digital. I think that's really important. So we'll continue to strategically support the growth of both brands while maintaining that efficient SG&A rate and investing in marketing so that we can continue to connect with our consumers.

是的。所以我會和 SG&A 談談，然後我會讓 Andrew 和批發商談談。所以是的，我們對 EBIT 的貢獻非常滿意。我們繼續創造一流的營業利潤率。從 SG&A 的角度來看，我們確實在本季度利用了 SG&A。我們真的能夠，特別是在加入 HEYDUDE 品牌後，能夠利用我們的整體共享服務和企業成本。但我們也繼續在營銷、人才和數字方面投入資金。我認為這真的很重要。因此，我們將繼續戰略性地支持兩個品牌的增長，同時保持有效的 SG&A 率並投資於營銷，以便我們能夠繼續與消費者建立聯繫。

Yes. And I think one other thing I'd add to that is that the benefit of both brands give us leverage of our shared services, which is particularly important. So from a wholesale perspective, I think the better word is probably disciplined versus intentional, Abby. I think what we -- as we approach our kind of wholesale partner management, we try and be really disciplined in terms of what inventory did they hold and making sure that they're seeing strong sell-throughs. As I mentioned, U.S. wholesale sellout was up high single digits. So that's over the same period last year. So we had actually strong consumer demand and strong sell-out. But I think what we're seeing is our wholesale customers are being really prudent in terms of how they manage their business in terms of managing their overall inventory levels and we're not going to play the game of forcing inventory into them and getting them overstocked. We believe we have greatest control over our brand by managing our ourselves.

是的。我想我要補充的另一件事是，兩個品牌的好處使我們能夠利用我們的共享服務，這一點尤為重要。所以從批發的角度來看，我認為更好的詞可能是自律而不是故意，艾比。我認為我們 - 當我們接近我們的批發合作夥伴管理時，我們嘗試並在他們持有的庫存方面真正遵守紀律，並確保他們看到強勁的銷售。正如我所提到的，美國批發銷售量高達個位數。所以這與去年同期相比。所以我們實際上有強勁的消費者需求和強勁的銷售。但我認為我們所看到的是，我們的批發客戶在管理整體庫存水平方面的業務管理方面非常謹慎，我們不會玩強迫庫存進入他們並獲得他們的遊戲積壓。我們相信，通過管理我們自己，我們可以最大程度地控制我們的品牌。

And the next question comes from Tom Nikic with Wedbush Securities.

下一個問題來自 Wedbush Securities 的 Tom Nikic。

In regards to the North America inventory destocking in the wholesale channel, do you have any thought as to how long that's going to take? I'm assuming that there's kind of more of that coming in Q4, which is why the Crocs brand is expected to have a little bit slower growth in Q4 versus the rest of the year. But do you think it will persist into 2023 as well?

關於北美批發渠道去庫存，你有沒有想過這需要多長時間？我假設第四季度會有更多的增長，這就是為什麼 Crocs 品牌在第四季度的增長預計會比今年剩餘時間稍慢。但你認為它也會持續到 2023 年嗎？

Yes. I think -- Tom, I'd probably say pretty similar to what I said in response to Abby's question. We're going to continue to be super disciplined. And will likely result in more sell-out from wholesale than sell-in in Q4 probably. That's the way we're looking at it. In terms of next year, I'm not sure. I think the inventory in the industry, the heavy inventories that a lot of our wholesale customers see from a range of brands. I think most people have been pretty clear that they're going to be aggressive in the holiday season, and we factored that promotional environment into our guidance. So I think people will deal with a lot of it this year. So I think we'll have to take next year as it comes. But I think what's important for us is to focus on what we can control, and we know we can control pace of innovation. We can control, innovative and pace of marketing and driving sell-out for the brand. And if we continue to drive sell-out for the brand, we know our brand is incredibly profitable for our wholesale partners, and we're very convinced that they will continue to purchase.

是的。我想——湯姆，我可能會說與我在回答艾比的問題時所說的非常相似。我們將繼續保持超級紀律。並且可能會導致第四季度的批發銷售量超過銷售量。這就是我們看待它的方式。至於明年，我不確定。我認為行業的庫存，我們的許多批發客戶從一系列品牌中看到的大量庫存。我認為大多數人都非常清楚他們將在假日季節變得積極，我們將這種促銷環境納入我們的指導。所以我認為人們今年會處理很多事情。所以我認為我們將不得不接受明年的到來。但我認為對我們來說重要的是專注於我們可以控制的事情，我們知道我們可以控制創新的步伐。我們可以控制、創新和營銷的節奏，推動品牌的銷售。如果我們繼續推動該品牌的銷售，我們知道我們的品牌對我們的批發合作夥伴來說是非常有利可圖的，我們非常相信他們會繼續購買。

Understood. And if I could just follow up on the Sandal business. I know you had a tough Sandal business in the first half of the year, and it sounds like there was a pretty good inflection in the third quarter. Should we assume that when we get to kind of spring/summer 2023, you've got a little bit more innovation in the pipeline relative to what you had in 1H 22? And thus, we should see kind of a better sandal business year-over-year in 2023?

明白了。如果我能跟進涼鞋業務。我知道你今年上半年的涼鞋業務很艱難，聽起來第三季度出現了很好的轉折。我們是否應該假設當我們到達 2023 年春夏時，相對於 1H 22 中的創新，你們在管道中獲得了更多的創新？因此，我們應該在 2023 年看到比去年同期更好的涼鞋業務嗎？

Yes, you should. In short, Tom, the answer to that is yes. We've seen the Sandal business inflect, as you pointed out, 20% growth in Q2 -- in Q3, sorry. That has been largely driven by innovation, introducing new products. We also commented -- we're also seeing very strong growth in parts of the world that have very strong sale penetration. So we call out India, Southeast Asia and parts of the Middle East, they have much higher sandal penetration, and we're seeing strong growth. So part of the weakness we saw earlier was we weren't seeing such some growth in those areas. And as we look to next year, I would say we've gotten very good feedback on the innovation that we're bringing to market and we anticipate some of those regional impacts continuing to support strong selling growth.

是的你應該。簡而言之，湯姆，答案是肯定的。正如您所指出的，我們已經看到涼鞋業務在第二季度增長了 20% - 在第三季度，抱歉。這主要是由創新和推出新產品推動的。我們還評論說——我們也看到世界上銷售滲透率非常高的地區增長非常強勁。所以我們提到印度、東南亞和中東部分地區，它們的涼鞋滲透率要高得多，而且我們看到了強勁的增長。因此，我們之前看到的部分弱點是我們沒有看到這些領域的增長。當我們展望明年時，我想說我們已經獲得了關於我們推向市場的創新的非常好的反饋，我們預計其中一些區域影響將繼續支持強勁的銷售增長。

And the next question comes from Sam Poser with Williams Trading.

下一個問題來自 Williams Trading 的 Sam Poser。

I've got a handful here. I just want to follow up on next spring. Your -- the destocking -- would it be okay to say that you pushed a little more than you would have -- the hindsight being 2020, you maybe push some more goods into the first half of the year than you wanted to and now you become more disciplined since then? And then when we look at next spring, I would assume that generally, there's going to be a lot more newness and innovation than there was this past spring. So it's not really apples-to-apples from a product perspective. Is that an accurate assessment at all?

我這裡有一把。我只想在明年春天跟進。你的——去庫存——可以說你推的比你本來的多一點——事後看來，到 2020 年，你可能會在上半年推一些比你想要的更多的商品，現在你從那以後變得更有紀律？然後當我們看到明年春天時，我會假設一般來說，會比去年春天有更多的新鮮感和創新。所以從產品的角度來看，這並不是真正的蘋果對蘋果。這是一個準確的評估嗎？

I think in the second part of what you said, Sam, is an accurate assessment, lot of innovation coming. We've shown our customers a lot of new products and across the spectrum within clogs, within sandals, within personalization. So I think they're pretty excited about that. So the fact that it will not be comparable to last spring from an innovation cadence perspective, I think that's completely accurate. Yes. In terms of kind of commented on sell-in and sell-out kind of through the year, I think we're focused on looking forward and making sure that our inventories are rightsized and that we're managing the brand effectively both in this country, but also across the globe.

山姆，我認為你所說的第二部分是一個準確的評估，很多創新即將到來。我們已經向我們的客戶展示了許多新產品，包括木屐、涼鞋和個性化產品。所以我認為他們對此非常興奮。因此，從創新節奏的角度來看，它無法與去年春天相提並論，我認為這是完全準確的。是的。就全年銷售和售罄的評論而言，我認為我們專注於展望並確保我們的庫存規模合理，並且我們在這個國家有效地管理品牌，但也遍布全球。

Okay. Cool. Well, I've got 2 more. Are you working on any personalization with HEYDUDE down the road? I mean, because one of the great things about Crocs is the personalization of the Jibbitz, I don't expect Jibbitz on HEYDUDE, but are you working -- is there personalization coming to that brand in any sense?

好的。涼爽的。嗯，我還有2個。您是否正在與 HEYDUDE 進行任何個性化設計？我的意思是，因為 Crocs 的一大優點是 Jibbitz 的個性化，我不希望 Jibbitz 出現在 HEYDUDE 上，但是你在工作嗎？這個品牌有個性化嗎？

Yes. So I think it shows up differently from a did, Sam, but in a way, yes. So I think personalization behavior is more around kind of SMUs and getting short run special product, either for wholesale customers or for particular consumer segments that we want to target through our direct-to-consumer. So we will definitely make product and market it to discrete segments. There's not a sensible vehicle to sort of put a Jibbitz on. We do think there's opportunities with leases and things like that, but that's a little bit down the road.

是的。所以我認為它的表現與做的不同，Sam，但在某種程度上，是的。因此，我認為個性化行為更多地圍繞 SMU 和獲得短期特殊產品，無論是針對批發客戶還是針對我們希望通過直接面向消費者的目標的特定消費者群體。因此，我們肯定會製造產品並將其推向離散的細分市場。沒有合適的工具可以裝上 Jibbitz。我們確實認為租約和類似的東西有機會，但這有點遠。

And then I think the other way that we can create kind of short-term demand for specific styles within HEYDUDE is collaboration, right? So -- and we will have a cadence of collaborations and an opportunity to use the HEYDUDE brand in that fashion over time. That will take a little time to work out but we think there's lots of opportunity to do that. So the broad spectrum of our kind of marketing playbook and the way we can engage with consumers we think, is extremely applicable and we're probably already seeing us starting to utilize that to promote the HEYDUDE brand.

然後我認為我們可以在 HEYDUDE 內部創造對特定風格的短期需求的另一種方式是合作，對吧？所以——隨著時間的推移，我們將有一系列合作，並有機會以這種方式使用 HEYDUDE 品牌。這需要一點時間來解決，但我們認為有很多機會可以做到這一點。因此，我們廣泛的營銷策略以及我們認為與消費者互動的方式非常適用，我們可能已經看到我們開始利用它來推廣 HEYDUDE 品牌。

I got 2 more. The growth of either brand vis-a-vis store expansion versus breadth and depth of product within existing distribution. Can you give us some color? I know it's regional differences on this, but can you give us some color on that? And I'll just give you my last 2. One, I heard there's a new HEYDUDE stores opened down south somewhere, and I wonder what your plans are there. And then Anne, I wanted to answer John's question, are 55% a good number to use for Q4 gross margin?

我還有2個。任一品牌相對於門店擴張的增長與現有分銷中產品的廣度和深度。你能給我們一些顏色嗎？我知道這是區域差異，但你能給我們一些顏色嗎？我只給你我最後的 2 個。第一，我聽說南方某處新開了一家 HEYDUDE 商店，我想知道你的計劃是什麼。然後安妮，我想回答約翰的問題，55% 是用於第四季度毛利率的好數字嗎？

All right. So a lot there. That was 3 actually, Sam. Let me just try and -- so I think the core question you're asking is about sort of growth in wholesale distribution, doors versus penetration. For Crocs, what I would say is, look, we continue to look for sensible incremental orders, but we're in a lot of places and that applies to the U.S. and a lot of our international market. But if there is a new incremental channel, we think makes sense and allows us to reach our consumer groups, we will actually -- we will absolutely take it on. So the majority of Crocs growth is going to be more driven by share of shelf or more shelf space and faster sell-through. For HEYDUDE in the past 6 months since we've owned it, we've actually expanded distribution quite a lot already but there is clearly more to come in '23 and beyond, and there is international on top of that, plus it's also share of shelf, like the places where we've expanded distribution we really have minimal shelf presence, and we envisage a lot greater shelf presence for the brand in the future. So it's both.

好的。那裡有很多。山姆，實際上是 3。讓我嘗試一下 - 所以我認為你要問的核心問題是關於批發分銷的增長，門與滲透。對於 Crocs，我想說的是，看，我們繼續尋找明智的增量訂單，但我們在很多地方，這適用於美國和我們的許多國際市場。但是，如果有一個新的增量渠道，我們認為有意義並允許我們接觸我們的消費者群體，我們實際上會 - 我們絕對會接受它。因此，Crocs 的大部分增長將更多地受到貨架份額或更多貨架空間和更快銷售的推動。對於 HEYDUDE，在我們擁有它後的過去 6 個月裡，我們實際上已經擴大了很多分銷渠道，但顯然在 23 年及以後還會有更多的內容，除此之外還有國際業務，而且它也是共享的貨架，就像我們擴大分銷的地方一樣，我們確實很少有貨架存在，我們設想未來品牌的貨架存在更多。所以兩者兼而有之。

The HEYDUDE store that we opened, yes, we opened 2 small clearance stores, and that's simply a vehicle to help release some of the aged inventory in the warehouse as we've taken over the brand. There's clearly some aged inventory, and we're looking to try and clear that out in a sensible fashion. I'm very much aware that the liquidation channels for the footwear industry are essentially full at this stage. So the clearance stores, they're not a precursor to a store strategy for HEYDUDE at this stage that is still in the works. And then over to Anne for gross margin.

我們開的HEYDUDE店，是的，我們開了2個小清倉店，這只是我們接管品牌後幫助釋放倉庫中一些陳舊庫存的工具。顯然有一些陳舊的庫存，我們正在嘗試以一種明智的方式將其清除。我很清楚，現階段製鞋行業的清算渠道基本上是滿的。因此，清倉商店並不是 HEYDUDE 現階段仍在製定中的商店戰略的先驅。然後交給安妮的毛利率。

All right. Thanks, Sam. I think with gross margins for Q4, we're not trying to be coy about not guiding. We're trying to make sure that we have room in order to perform and do what we need to do for the holiday season. We've talked a lot about -- we will participate and gain our -- and keep our share of wallet. We think that's really important, especially when the consumer shopping during holiday. But we do feel like we're confident in being able to hit our guidance for the year, and we feel like we've actually increased our operating margin guide to approximately 27% per year which implies operating margins for Q4 of approximately 21% to 23%. So within there, you can get a range of gross margin guide, and that gives us enough flexibility to participate in whatever promotion environment that we think is appropriate.

好的。謝謝，山姆。我認為對於第四季度的毛利率，我們並不想對不指導而害羞。我們正在努力確保我們有空間來執行和做我們需要為假期做的事情。我們已經談了很多 - 我們將參與並獲得我們的 - 並保留我們的錢包份額。我們認為這非常重要，尤其是當消費者在假期購物時。但我們確實覺得我們有信心能夠達到我們今年的指導，並且我們覺得我們實際上已經將我們的營業利潤率指導提高到每年約 27%，這意味著第四季度的營業利潤率約為 21% 至23%。因此，在那裡，您可以獲得一系列毛利率指南，這給了我們足夠的靈活性來參與我們認為合適的任何促銷環境。

Just one last one for you Anne, and I don't have a follow up to that. In 2019, you had about a 400 basis point gap between the Q3 gross margins and the Q4 gross margins being lower. I mean is 3 -- I mean like if we look back at these historical differences between the quarters, is that accurate? Or is the thing just changed so much, it's very hard to tell given that in the last 2 years, that's been much tighter than that?

安妮只給你最後一個，我沒有後續行動。 2019 年，第三季度毛利率和第四季度毛利率之間的差距約為 400 個基點。我的意思是 3 - 我的意思是，如果我們回顧這些季度之間的這些歷史差異，是否準確？還是事情發生了很大的變化，很難說在過去的兩年裡，這比那要緊得多？

Yes, it's a really hard read to make. Yes, Sam, to your point, I think 2019 was a really long time ago, and the brand is in a much different place, including our product line and the mix of products that we sell. I don't think that's necessarily a key indicator of performance and how we should look at seasonality going forward.

是的，這真的很難讀。是的，山姆，就你的觀點而言，我認為 2019 年是很久以前的事了，品牌處於一個非常不同的地方，包括我們的產品線和我們銷售的產品組合。我認為這不一定是績效的關鍵指標，也不一定是我們應該如何看待未來的季節性因素。

And the next question comes from Laura Champine with Loop Capital Markets.

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

I was really impressed with the growth in APAC and EMEA during the quarter. I'm hoping you can talk a little bit more to the drivers of that? And also when we can expect international growth to become a meaningful part of the HEYDUDE story?

本季度亞太地區和歐洲、中東和非洲地區的增長給我留下了深刻的印象。我希望你能多和司機多談談？還有什麼時候我們可以期待國際增長成為 HEYDUDE 故事的重要組成部分？

Thank you, Laura. Yes, we were really thrilled about the international growth as well. Obviously, you know from a long-range plan perspective, particularly APAC growth is a very important driver of that long-range plan. So the drivers were pretty broad-based. I'd really start with brand. We saw continued strengthening of the brand and brand perception in all of those major markets. Our own internal brand study show really good trajectory. And if you kind of look externally, if you follow kind of futile trends and that kind of stuff by market, you can see that from an external perspective. So the brand is in really great shape and continuing to strengthen. And then I think very specifically, if you remember, through the pandemic, we really kept our distributors very lean on inventory and they're starting to build their inventories again seeing strong growth and anticipating strong growth. So distributors were important. But we also saw strong growth from major wholesale partners and strong digital growth. So it's really very broad-based both across Asia and across EMEA. I think we also called out in our prepared remarks, despite cover lockdowns and a very difficult environment to operate in China. We continue to see green shoots in the China market and in fact, have 30%-plus growth in Q3 in that market off a small base.

謝謝你，勞拉。是的，我們也對國際增長感到非常興奮。顯然，從長期計劃的角度來看，您知道，特別是亞太地區的增長是該長期計劃的一個非常重要的驅動力。因此，驅動程序的基礎非常廣泛。我真的會從品牌開始。我們看到所有這些主要市場的品牌和品牌認知度都在持續加強。我們自己的內部品牌研究顯示出非常好的軌跡。如果你從外部看，如果你按照市場上的那種徒勞的趨勢和那種東西，你可以從外部的角度看到這一點。因此，該品牌的狀態非常好，並且還在繼續加強。然後我特別想，如果你還記得，在大流行期間，我們真的讓我們的分銷商非常依賴庫存，他們開始再次建立庫存，看到強勁的增長並期待強勁的增長。所以分銷商很重要。但我們也看到主要批發合作夥伴的強勁增長和強勁的數字增長。因此，它在亞洲和整個歐洲、中東和非洲地區的基礎都非常廣泛。我認為我們在準備好的講話中也呼籲，儘管有掩護封鎖和在中國經營的環境非常困難。我們繼續看到中國市場的萌芽，事實上，第三季度該市場在一個很小的基礎上實現了 30% 以上的增長。

And then from a HEYDUDE perspective, in terms of international, we're going to sort of put our toe in the water next year with international. We think it's an important part of the long-term growth trajectory for HEYDUDE, but we're going to start with some presence in Europe. We're going to focus on really 2 major countries. The U.K. and Germany, those will be direct markets, where we'll go direct to major brick-and-mortar wholesalers. And we will also start a number of major distributors out of our kind of European headquarters. So that's really our toe in the water for international we've been preparing the groundwork doing some research, et cetera. We're very optimistic about that, but we want to make sure that we set the brand up for success, and we do that in a very disciplined and sequential fashion.

然後從 HEYDUDE 的角度來看，在國際方面，我們將在明年與國際合作試水。我們認為這是 HEYDUDE 長期增長軌蹟的重要組成部分，但我們將從在歐洲的一些業務開始。我們將重點關注兩個主要國家。英國和德國將是直接市場，我們將直接進入主要的實體批發商。我們還將在歐洲總部設立一些主要分銷商。所以這真的是我們在國際水中的腳趾，我們一直在準備基礎工作，做一些研究等等。我們對此非常樂觀，但我們希望確保我們為成功建立品牌，並且我們以非常有紀律和連續的方式做到這一點。

Got it. Given that a somewhat significant portion of the growth, the Crocs brand specifically came from distributors, and my understanding is that's a much lower-margin business. How much did the channel shift negatively impact your gross margin in Q3?

知道了。鑑於增長的很大一部分，Crocs 品牌專門來自分銷商，我的理解是這是一個利潤率低得多的業務。渠道轉移對您第三季度的毛利率產生了多大的負面影響？

Yes, that's a great question, Laura. We did see strong distributor growth, but we also saw a strong direct market growth and our direct-to-consumer growth was very, very strong. So actually, the mix shift was pretty flat overall just because direct-to-consumer was so strong in the quarter.

是的，這是一個很好的問題，勞拉。我們確實看到了強勁的分銷商增長，但我們也看到了強勁的直接市場增長，我們的直接面向消費者的增長非常非常強勁。所以實際上，由於直接面向消費者的業務在本季度非常強勁，因此整體上的混合轉變相當平緩。

And the next question comes from Jim Duffy with Stifel.

下一個問題來自 Stifel 的 Jim Duffy。

A quick question on the HEYDUDE guide, and then a couple of questions on average selling prices. With respect to had results very strong in the third quarter, clearly good momentum. I was surprised you didn't increase the guide for the HEYDUDE brand. Is that your typical conservatism? Are there product inventory flow challenges? Or is it seasonality that we're seeing in the implied fourth quarter guide?

關於 HEYDUDE 指南的快速問題，然後是關於平均售價的幾個問題。就第三季度業績非常強勁，顯然勢頭良好。我很驚訝你沒有增加 HEYDUDE 品牌的指南。這是你典型的保守主義嗎？是否存在產品庫存流挑戰？還是我們在隱含的第四季度指南中看到的季節性？

Yes. I think a couple of things I'd say about that, Jim. I think one of the things we did call out as we look into next year, when we initially bought the brand, we wanted to make sure that everybody understood this was a scale business and we said, look, the brand we think could be more than $1 billion by 2024. But in fact, it's sort of pretty obvious that we will achieve that next year. So we'll achieve that kind of $1 billion mark by 2023. And I think if you look across sort of footwear brands, historically, it would be one of the faster brands in terms of time from kind of 0 to $1 billion. So it's obviously a very high-growth brand. As we look specifically at the fourth quarter.

是的。吉姆，我想我會說幾件事。我認為我們在明年調查時確實呼籲的一件事是，當我們最初購買該品牌時，我們希望確保每個人都明白這是一項規模業務，我們說，看，我們認為品牌可能更多到 2024 年將超過 10 億美元。但事實上，很明顯我們將在明年實現這一目標。因此，到 2023 年，我們將達到 10 億美元的大關。我認為，如果你看一下各種鞋類品牌，從歷史上看，它會是從 0 到 10 億美元的時間更快的品牌之一。所以它顯然是一個非常高增長的品牌。當我們具體看第四季度時。

Look, we've never owned this business through the fourth quarter before. We can look at the historical performance, but a lot different from how it was back then. So we believe it's just sensible to be prudent, I would say, versus conservative, and we'll see how the brand performs through the fourth quarter. We just -- we don't have great intelligence. And obviously, it's a bit of a different consumer shopping environment. So I think we're just being prudent in terms of how we manage it. And I think the third thing that I'd call out is we are a little bit infrastructure constrained from a HEYDUDE perspective, the warehouse and facilities that we bought or took over in the Las Vegas area are very small. We've done our best to expand them in the short term, but they will be restricted in terms of how much we can grow the business based on that infrastructure. But we have signed a lease for a substantively bigger facility, which will also be in the Las Vegas area, and that will open likely in the fourth quarter of next year. So -- we've also just got to make sure we kind of manage the business to -- within the constraints that we have.

看，我們在第四季度之前從未擁有過這項業務。我們可以看看歷史表現，但與當時的情況有很大不同。因此，我們認為謹慎行事是明智之舉，我想說，與保守相比，我們將看到該品牌在第四季度的表現如何。我們只是——我們沒有高智商。顯然，這是一個有點不同的消費者購物環境。所以我認為我們只是在如何管理它方面保持謹慎。而且我認為我要指出的第三件事是，從 HEYDUDE 的角度來看，我們的基礎設施有點受限，我們在拉斯維加斯地區購買或接管的倉庫和設施非常小。我們已盡最大努力在短期內擴展它們，但在我們可以基於該基礎設施發展業務的程度方面，它們將受到限制。但我們已經簽署了一份更大的設施的租約，該設施也將位於拉斯維加斯地區，可能會在明年第四季度開放。所以——我們還必須確保在我們擁有的限制範圍內管理業務。

And then, Andy, I get a lot of questions around customer overlap between Crocs and HEYDUDE from your D2C data files. Can you share what you see in terms of Crocs and HEYDUDE brand customer overlap?

然後，安迪，我從你的 D2C 數據文件中收到了很多關於 Crocs 和 HEYDUDE 之間客戶重疊的問題。您能分享一下您對 Crocs 和 HEYDUDE 品牌客戶重疊的看法嗎？

Yes. I think I talked a little bit about this maybe last quarter. But as we look at -- if you look at the HEYDUDE consumer, they clearly have Crocs in their closet, right? So there is definitely a customer overlap, but they are buying the shoes for a different purpose, right? They see the wearing occasions as distinct. So we don't, today, see a lot of trade-off between the brands and consumer purchasing, but the customers do own -- the HEYDUDE customers do own Crocs. They have a higher share of that closet than the average consumer. As we look at where we think HEYDUDE is taking share from because obviously it's taking a lot of share in the marketplace, there are discrete brands that we can see that are clearly losing share. And then we also think that there is a little bit kind of in lower end athletic when you look at the $60 price point for sort of an athletic shoe, which is really just a casual shoe from the consumer's perspective, we think we're taking share of that. So yes, there is overlap, but the consumer is purchasing for a different wearing occasions.

是的。我想我可能在上個季度談到了這個問題。但正如我們所看到的——如果你看看 HEYDUDE 的消費者，他們的衣櫥裡顯然有 Crocs，對吧？所以肯定有客戶重疊，但他們購買鞋子的目的不同，對吧？他們認為穿著場合是不同的。因此，今天我們並沒有看到品牌和消費者購買之間有很多權衡，但客戶確實擁有 - HEYDUDE 客戶擁有 Crocs。他們在衣櫥中的份額高於普通消費者。當我們看到我們認為 HEYDUDE 正在從哪裡獲得份額時，因為顯然它在市場上佔據了很多份額，我們可以看到一些獨立的品牌顯然正在失去份額。然後我們還認為，當你看到某種運動鞋的 60 美元價位時，它有點低端運動鞋，從消費者的角度來看，這實際上只是一種休閒鞋，我們認為我們正在採取份額。所以是的，有重疊，但消費者是為不同的穿著場合購買的。

Okay. And then last one, if I may. Thinking about average selling prices. First, can you give us a simplified or tidy way to think about the timing and amount of price increases in international markets? And then related to average selling prices, maybe speak to key product drivers looking into spring 2023 and the expected product mix influence to ASP?

好的。然後最後一個，如果可以的話。考慮平均售價。首先，您能否給我們一個簡化或簡潔的方式來思考國際市場價格上漲的時間和數量？然後與平均售價相關，也許與展望 2023 年春季的主要產品驅動因素以及預期的產品組合對 ASP 的影響有關？

Yes. Jim, so within the quarter, our ASPs were down and that was basically currency, right, was the majority of that decrease. We also talked about in prepared remarks that North America promotions were up, forcing down ASPs a little bit in the U.S., and that was offset by overseas markets. And that was price increases that we've taken previously, as well as just continued pullback in discounts, especially in Asia as we see the brand really gain traction there, similar to what we saw in North America a few years ago.

是的。吉姆，所以在這個季度內，我們的平均售價下降了，這基本上是貨幣，對，是下降的大部分。我們還在準備好的評論中談到了北美促銷活動的增加，這迫使美國的 ASP 略有下降，而這被海外市場所抵消。這就是我們之前採取的價格上漲，以及折扣的持續回落，特別是在亞洲，因為我們看到該品牌在那裡真正獲得了吸引力，類似於我們幾年前在北美看到的情況。

We -- I think those dynamics are -- we don't have any large price increases that we've announced from a Crocs standpoint. So I would say right now, we look at pricing market by market, we try to understand where the consumer is going. But overall, we feel like we offer a really compelling value both domestically and internationally at the price points we're at. And then from a mix perspective. I'll let Andrew talk about that and what he anticipates for next year.

我們 - 我認為這些動態是 - 從 Crocs 的角度來看，我們沒有宣布任何大幅漲價。所以我現在要說，我們逐個市場地查看定價，我們試圖了解消費者的去向。但總的來說，我們覺得我們在國內和國際上都以我們所處的價位提供了非常引人注目的價值。然後從混合的角度來看。我會讓安德魯談談這個以及他對明年的預期。

Yes, I think there's probably puts and takes, hopefully netting to essentially flat, right? So we are introducing a range of products that are at a higher price point. We've got a number of clubs that are a higher price point. We recently introduced the Echo, which is performing extremely well in specialty channels and also in our DTC channels, and that's at a higher price point. But also as we increase sandals penetration, that's at a slightly lower price point. So I think there's puts and takes. And we feel like that kind of puts us in a good position.

是的，我認為可能有看跌期權，希望淨值基本持平，對吧？因此，我們推出了一系列價格更高的產品。我們有許多價格更高的俱樂部。我們最近推出了 Echo，它在專業頻道和我們的 DTC 頻道中表現非常出色，而且價格更高。但是，隨著我們提高涼鞋的滲透率，價格會略低一些。所以我認為有投入和投入。我們覺得這讓我們處於一個很好的位置。

And the next question comes from Mitch Kummetz with Seaport.

下一個問題來自 Seaport 的 Mitch Kummetz。

On the margins, Anne, I know you don't really want to commit to a gross margin for Q4, but I guess what jumps at to me is the 21% to 23% op margin. that's down quite a bit from what it's been trending through the first part of the year also on a year-over-year basis, is expected to be down a lot more. So if gross margin -- let me ask it this way. Is there anything on the SG&A side that we should be thinking about less leverage, more spending that would create such a big difference in the op margin?

在利潤方面，安妮，我知道你真的不想承諾第四季度的毛利率，但我想對我來說跳躍的是 21% 到 23% 的運營利潤率。這與今年上半年的趨勢相比下降了很多，而且同比也下降了很多，預計還會下降更多。因此，如果毛利率 - 讓我這樣問。在 SG&A 方面，我們是否應該考慮減少槓桿、增加支出，從而在運營利潤率上產生如此大的差異？

Yes. I think it's better to look at full year and long term. Our full year rate is far and away best in class at adjusted we're really pleased with that, and our long-term rate is still 26% plus. So I wouldn't get too wrapped up in one quarter's dynamics. And that's -- I think we're really confident that we're going to continue to take share in Q4 and deliver those 26% plus long-term operating margins.

是的。我認為最好從全年和長期來看。我們的全年利率在調整後是同類中最好的，我們對此感到非常滿意，而且我們的長期利率仍然是 26% 以上。所以我不會太糾結於四分之一的動態。那就是 - 我認為我們非常有信心我們將繼續在第四季度佔據份額並實現 26% 以上的長期營業利潤率。

Okay. And then just a couple of quick questions on HEYDUDE. Back into $233 million, $273 million for the fourth quarter. And I appreciate that this is your first Q4 owning the business. But I am curious, I know that Q3 was up 87%. That implied range for Q4. Do you know how much that is up year-over-year versus pro forma Q4 last year?

好的。然後只是幾個關於 HEYDUDE 的快速問題。回到 2.33 億美元，第四季度為 2.73 億美元。我很欣賞這是您擁有該業務的第一個第四季度。但我很好奇，我知道第三季度上漲了 87%。第四季度的隱含範圍。您知道與去年第四季度的備考相比，同比增長了多少嗎？

Yes, it definitely decelerates. I want to say, offhand, it's between 20% and 30% around those ranges from a pro forma perspective. But I will just point out, as Andrew mentioned, especially with Holiday, that's a very big direct-to-consumer right, where we sell directly to the consumer. And as we mentioned, we have logistics constraints with our DC. So we announced that we're opening up a new distribution center in Las Vegas, but that won't be ready until Q3 next year. So we are fighting kind of through logistics as well for Q4.

是的，它肯定會減速。我想說，從備考的角度來看，這些範圍在 20% 到 30% 之間。但我只想指出，正如 Andrew 所提到的，尤其是在 Holiday 中，這是一項非常大的直接面向消費者的權利，我們直接向消費者銷售。正如我們所提到的，我們的配送中心存在物流限制。所以我們宣布我們將在拉斯維加斯開設一個新的配送中心，但這要到明年第三季度才能準備好。因此，我們也在為第四季度通過物流進行戰鬥。

Okay. And then lastly on HEYDUDE, Andrew, could you talk a little bit about the difference in performance men's versus women's? I don't know if you're seeing much difference in how that's doing? And also, kids, I talked to some retailers that seem to be adding kids later in the year that didn't already have it. So can you talk a little bit how that's developing?

好的。最後在 HEYDUDE 上，Andrew，你能談談男性與女性在表現上的差異嗎？我不知道您是否看到這樣做的方式有很大不同？而且，孩子們，我與一些零售商進行了交談，這些零售商似乎在今年晚些時候增加了尚未擁有的孩子。那麼你能談談這是如何發展的嗎？

I couldn't get the last part of your question, Mitch. You said you talked to some retailers that are?

我無法理解你問題的最後一部分，米奇。你說你和一些零售商談過？

That seem to be adding kids in the back half of this year or for holiday that didn't seem to have it before. So it feels to me like maybe that's a newer business on HEYDUDE. Can you talk a little bit about that development?

這似乎是在今年下半年或以前似乎沒有的假期增加孩子。所以在我看來，這可能是 HEYDUDE 的一項新業務。你能談談那個發展嗎？

Yes. Yes. So look, we're learning a tremendous amount about this brand as we go along, right? We are seeing probably greater strength on the met side of the business. through resume. We've seen good performance on the women's side of the business, but we've also seen a couple of soft spots, we would end by very clearly what they were close by, and we think it's essentially around product and some of the textiles and some of the product to market. We think the brand has tremendous resonance with women, but we need to kind of enhance the product range there a little bit.

是的。是的。所以看，隨著我們的發展，我們正在學習大量關於這個品牌的知識，對吧？我們在業務的滿足方面可能會看到更大的實力。通過簡歷。我們已經看到女性業務的良好表現，但我們也看到了一些軟弱點，我們會以非常清楚的方式結束，我們認為這基本上是圍繞產品和一些紡織品並將部分產品推向市場。我們認為該品牌與女性產生了巨大的共鳴，但我們需要稍微擴大產品範圍。

Our vision is that the HEYDUDE brand will continue to be men's, women's and kids brand, and we will be merchandising and generating product to achieve that. But definitely, I think historically, we've seen men's business perform a little bit better than women's. Kids has always been a good part of the business. But yes, we are expanding distribution to some key retailers and adding kids to the portfolio. So you've seen that, and we'll continue to see that.

我們的願景是 HEYDUDE 品牌將繼續成為男裝、女裝和兒童品牌，我們將通過銷售和生產產品來實現這一目標。但毫無疑問，我認為從歷史上看，我們已經看到男性的業務表現比女性的要好一些。孩子們一直是業務的重要組成部分。但是，是的，我們正在將分銷範圍擴大到一些主要零售商，並將兒童添加到產品組合中。所以你已經看到了，我們將繼續看到這一點。

And this concludes the question-and-answer session. Now I would like to return the over to management for any closing comments.

問答環節到此結束。現在，我想將所有結束評論歸還給管理層。

I would just like to thank everybody for joining us on the call today and their continued interest in our 2 incredible brands. So thank you.

我只想感謝大家今天加入我們的電話會議，感謝他們對我們兩個令人難以置信的品牌的持續興趣。所以謝謝。

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

謝謝你。會議現已結束。感謝您參加今天的演講。您現在可以斷開線路。