卡洛馳 (CROX) 2023 Q1 法說會逐字稿

Good day, and welcome to the Crocs, Inc. First Quarter 2023 Earnings Conference Call. (Operator Instructions). Please note this event is being recorded. I would now like to turn the conference over to Cori Lin, VP of Corporate Finance. Please go ahead, Cori.

美好的一天，歡迎來到 Crocs, Inc. 2023 年第一季度收益電話會議。 （操作員說明）。請注意正在記錄此事件。我現在想將會議轉交給公司財務副總裁 Cori Lin。請繼續，科里。

Good morning, everyone, and thank you for joining us today for the Crocs, Inc. First Quarter 2023 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.

大家早上好，感謝您今天加入我們參加 Crocs, Inc. 2023 年第一季度財報電話會議。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是前瞻性的，因此受聯邦證券法安全港條款的約束。

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 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.

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、Crocs 戰略、計劃、目標、預期、財務或其他方面以及意圖的陳述；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 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.

這些陳述涉及已知和未知的風險、不確定性和其他因素，這些因素可能導致我們的實際結果、業績或成就與前瞻性陳述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，適用法律要求的除外。

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 matters that we refer to as adjusted or non-GAAP are non-GAAP measures.

我們提醒您，所有前瞻性陳述都受到我們 10-K 表格年度報告的風險因素部分以及我們隨後向美國證券交易委員會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存在重大差異。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美國證券交易委員會提交的其他文件，我們稱為調整後或非 GAAP 的某些財務事項是非 GAAP 措施。

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.

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還有首席執行官 Andrew Rees；執行副總裁兼首席財務官 Anne Mehlman。在他們準備好的發言之後，我們將開始徵集您的問題。這時候，我會把電話轉給安德魯。

Thank you, Cori, and good morning, everyone. I'm incredibly pleased with the strength of our brands, our first quarter results and our outlook for 2023. The Crocs and HEYDUDE brands continue to be in high demand, which led to strong double-digit revenue growth. Our teams globally are focused on driving brand health, market share gains and sustainable profitable growth.

謝謝你，Cori，大家早上好。我對我們品牌的實力、我們第一季度的業績以及我們對 2023 年的展望感到非常滿意。Crocs 和 HEYDUDE 品牌的需求量仍然很大，這導致收入實現了兩位數的強勁增長。我們的全球團隊專注於推動品牌健康、市場份額增長和可持續盈利增長。

Looking at the first quarter of 2023, and we'll review our financial results in more detail shortly, but here are a few highlights. Revenues of $884 million grew 36% on a constant currency basis and grew in all brands, regions and channels. Crocs brand revenues grew 22% constant currency with growth in all regions and DTC comparable sales grew 19%. Crocs brand North America revenues grew 10% with DTC comparable growth of 12% and wholesale growth of 5%.

展望 2023 年第一季度，我們將在短期內更詳細地回顧我們的財務業績，但這裡有一些亮點。收入 8.84 億美元，按固定匯率計算增長 36%，所有品牌、地區和渠道均實現增長。 Crocs 品牌收入增長 22%（固定匯率），所有地區均有增長，DTC 可比銷售額增長 19%。 Crocs 品牌北美收入增長 10%，DTC 可比增長 12%，批發增長 5%。

HEYDUDE brand revenues were $235 million, up 15% on a pro forma basis. Adjusted gross margins of 54% and adjusted operating margins of 28% were exceptional. Adjusted diluted EPS increased 27% to $2.61 per share. For the third year in a row, Crocs was named as one of the top 10 most innovative brands by Fast Company. And earlier this week, we published our second annual ESG report and the first report inclusive of the HEYDUDE brand.

HEYDUDE 品牌收入為 2.35 億美元，預估增長 15%。 54% 的調整後毛利率和 28% 的調整後營業利潤率非常出色。調整後的稀釋每股收益增長 27% 至 2.61 美元。 Crocs 連續第三年被 Fast Company 評為十大最具創新品牌之一。本週早些時候，我們發布了第二份年度 ESG 報告和第一份包含 HEYDUDE 品牌的報告。

In summary, 2023 is off to a great start, and I would like to provide updates on the underlying health of our brands, long-term growth drivers for the Crocs brand and HEYDUDE expansion. Both of our brands are incredibly healthy as evidenced by our results and recent external studies. The Crocs brand ranked the #2 casual footwear brand amongst women and #3 amongst men in a recent L.E.K. study for footwear and apparel brand heat.

總而言之，2023 年開局良好，我想提供有關我們品牌基本健康狀況、Crocs 品牌長期增長動力和 HEYDUDE 擴張的最新信息。正如我們的結果和最近的外部研究所證明的那樣，我們的兩個品牌都非常健康。在最近的 L.E.K. 中，Crocs 品牌在女性休閒鞋品牌中排名第 2，在男性中排名第 3。鞋服品牌熱度研究。

The Crocs brand is the #6 favorite footwear brand among teens in Piper Sandlers' Spring 2023, Taking Stock with Teens survey. The brand strengthened the most amongst male teams, increasing mind share significantly compared to prior year. The HEYDUDE brand is gaining momentum in the United States, ranking the #1 casual footwear brand amongst women and men in the L.E.K. study. In the Piper Sandler survey, the HEYDUDE brand took the #8 spot up from the #9 spot last spring.

在 Piper Sandlers 的 2023 年春季青少年盤點調查中，Crocs 品牌在青少年中排名第六。該品牌在男性團隊中的強化程度最高，與去年相比顯著增加了心智份額。 HEYDUDE 品牌在美國發展勢頭強勁，在 L.E.K. 的男女休閒鞋品牌中名列第一。學習。在 Piper Sandler 的調查中，HEYDUDE 品牌從去年春天的第 9 位上升到了第 8 位。

With regards to product innovation, we recently focused on diversifying the clog silhouette. The ECO franchise, which we launched last year, focused on a more male-centric street vibe, but also inclusive of her, has been an early global success. We are driving strong awareness with our typical marketing playbook. We have also innovated with (inaudible) across many of our styles such as a Mega Crush and the Classic platform, Flip and Slide.

在產品創新方面，我們最近專注於木屐款式的多樣化。我們去年推出的 ECO 系列專注於更加以男性為中心的街頭氛圍，但也包括她在內，已經在全球取得了早期的成功。我們通過典型的營銷手冊提高了知名度。我們還通過（聽不清）我們的許多風格進行了創新，例如 Mega Crush 和 Classic 平台、Flip 和 Slide。

Styles with height resonate particularly well in Asia and are helping fuel our success in that region. Turning to sandals. This category is an important growth initiative for Crocs, allowing us to expand into the adjacent $30 billion global sandal category, where we believe are molded technologies, accessible price points, strong go-to-market will allow us to compete effectively in a relatively fragmented market.

高挑款式在亞洲特別受歡迎，並有助於推動我們在該地區取得成功。轉向涼鞋。這一類別是 Crocs 的一項重要增長舉措，使我們能夠擴展到鄰近的價值 300 億美元的全球涼鞋類別，我們相信模製技術、可獲得的價格點、強大的上市能力將使我們能夠在相對分散的市場中有效競爭市場。

We're excited by our incredible Q1 sandal performance, where revenues grew 65% compared to last year. Growth was robust in all regions and was highest in EMEALA where sandal penetration was also the greatest. Our sandal portfolio is well diversified this year, particularly as compared to last year like newness following the Vietnam factory closures in 2021.

我們對我們令人難以置信的第一季度涼鞋業績感到興奮，與去年相比收入增長了 65%。所有地區的增長都非常強勁，在 EMEALA 增長最快，那裡的涼鞋滲透率也最高。今年我們的涼鞋產品組合非常多樣化，特別是與去年相比，在 2021 年越南工廠關閉後，我們的涼鞋產品組合變得更加新鮮。

In our Classic franchise, the 2 strap on the slide continue to be top-selling styles in addition to the newer introduction of the Classic Cozy. New introductions in the Brooklyn franchise, including the Buckle and the Flip as well as the new MegaCrush and Crush sandals, the All-Terrain sandal and the Echo Slide are also performing above expectations. We're also testing dozens of new styles this year, and we'll leverage our test of learn and speed capabilities to expand their opportunities in the future.

在我們的 Classic 系列中，除了新推出的 Classic Cozy 之外，滑梯上的 2 錶帶仍然是最暢銷的款式。 Brooklyn 系列的新品，包括 Buckle 和 Flip 以及新款 MegaCrush 和 Crush 涼鞋、All-Terrain 涼鞋和 Echo Slide 的表現也超出預期。今年我們還測試了數十種新樣式，我們將利用我們對學習和速度能力的測試來擴大未來的機會。

To drive sandal awareness and acquisition, we have a robust marketing calendar this year. During Q1, activations focused on the Classic Sandal and the new opening price point Splash Franchise. Recently, the Brooklyn sandal was featured on The Today Show in the best-selling fashion finds for Spring/Summer segment. Overall, we're pleased with the sandal trajectory.

為了提高涼鞋的知名度和購買量，我們今年制定了強大的營銷日曆。在第一季度，活動主要集中在 Classic Sandal 和新開價點 Splash Franchise。最近，Brooklyn 涼鞋登上了今日秀的春夏暢銷時尚單品。總的來說，我們對涼鞋的軌跡感到滿意。

Over the past 3 quarters, with the average growth of over 45%, and we're confident that sandal revenues will grow to approximately $400 million this year. Asia is another important long-term growth driver for the Crocs brand as the brand is currently underpenetrated relative to the penetration here in the United States. In Q1, Asia revenues grew by 55% constant currency and growth was broad-based. We're particularly encouraged by the green shoots we're seeing in China, while we continue to invest in marketing, newness and digital during the pandemic.

在過去 3 個季度中，平均增長率超過 45%，我們有信心涼鞋收入今年將增長到約 4 億美元。亞洲是 Crocs 品牌的另一個重要的長期增長動力，因為該品牌目前的滲透率低於美國。第一季度，亞洲收入按固定匯率計算增長了 55%，增長范圍廣泛。我們對在中國看到的萌芽感到特別鼓舞，同時我們在大流行期間繼續投資於營銷、創新和數字化。

Q1 revenues grew over 110% constant currency in China. The Crush Clog was the only footwear brand to win the 2022 Best New Products launch award by Tmall. The Corcs brand had the best Q1 growth on Tmall in China amongst leading footwear and apparel brands. Outside of China, we're pleased with the brand momentum throughout the region, including India, South Korea and Australia.

第一季度在中國的收入增長超過 110%（固定匯率）。 Crush Clog是唯一獲得天貓2022年度最佳新品首發獎的鞋履品牌。在領先的鞋類和服裝品牌中，Corcs 品牌在中國天貓上的第一季度增長最快。在中國以外，我們對整個地區的品牌發展勢頭感到滿意，包括印度、韓國和澳大利亞。

Turning to digital, another key Crocs brand growth driver. As the digital marketplace matures and our capabilities grow, we anticipate transitioning some of our e-tail business that sits in our wholesale segment to a direct to digital sale, both across dot-com and on major marketplaces where we will sell directly to the consumer. Global e-tailers are also clearly attempting to manage their inventories more closely.

轉向數字化，這是 Crocs 品牌增長的另一個關鍵驅動力。隨著數字市場的成熟和我們能力的增長，我們預計將我們批發部門的一些電子零售業務轉變為直接數字銷售，無論是在互聯網上還是在我們將直接向消費者銷售的主要市場上.全球電子零售商顯然也在嘗試更緊密地管理他們的庫存。

The combination of these factors, we believe, will long term be very accretive for both brands as we have more brand control, higher ASP realization and higher gross margins. Now to HEYDUDE. We're incredibly pleased with the first year of the acquisition. The financial contribution of HEYDUDE exceeded our expectations with brand revenues of nearly $1 billion, EPS accretion and significant debt paydown in the first year.

我們相信，由於我們擁有更多的品牌控制權、更高的平均售價實現率和更高的毛利率，這些因素的結合將從長遠來看對兩個品牌都非常有利。現在到 HEYDUDE。我們對收購的第一年感到非常滿意。 HEYDUDE 的財務貢獻超出了我們的預期，第一年品牌收入接近 10 億美元，EPS 增加，債務償還顯著。

The foundation is strong as we enter our second year with the brand. With respect to our go-to-market strategy, we've successfully penetrated Crocs strategic accounts, which currently represent approximately 50% of HEYDUDE's wholesale business. We quickly achieved top 5 casual brand status in North America family footwear accounts such as Rack Room and Famous Footwear.

隨著我們進入該品牌的第二個年頭，基礎很牢固。關於我們的上市戰略，我們已經成功滲透到 Crocs 戰略客戶，這些客戶目前約佔 HEYDUDE 批發業務的 50%。我們迅速在 Rack Room 和 Famous Footwear 等北美家庭鞋類客戶中獲得前 5 名休閒品牌地位。

To focus our efforts, we will continue to prioritize these strategic accounts that can elevate the brand's position. We recently took steps to rationalize nonstrategic accounts that were not adequately supporting the brand. From a product perspective, we introduced several new styles as we test and learn what resonates with the consumer. As we seek to expand the brand beyond the iconic Wally and Wendy, several recent introductions have been in the casual sneaker category.

為了集中精力，我們將繼續優先考慮這些可以提升品牌地位的戰略客戶。我們最近採取措施，對未能充分支持品牌的非戰略客戶進行合理化處理。從產品的角度來看，我們在測試和了解什麼能引起消費者共鳴時引入了幾種新樣式。隨著我們尋求將品牌擴展到標誌性的 Wally 和 Wendy 之外，最近推出的幾款休閒運動鞋類別。

The Karina For Women and the newly introduced Sirocco are top-selling styles on heydude.com, and we have early signs of success for the Cody, the Conway, Sanofi. The initial expansion into international is also on track. From a strategy perspective, we plan to go market in the same way as Crocs, meaning if we are direct in a country with Crocs, we will be direct with HEYDUDE.

Karina For Women 和新推出的 Sirocco 是 heydude.com 上最暢銷的款式，我們有 Cody、Conway、Sanofi 的早期成功跡象。向國際的初步擴張也在進行中。從戰略的角度來看，我們計劃以與 Crocs 相同的方式進入市場，這意味著如果我們直接在有 Crocs 的國家/地區，我們將直接與 HEYDUDE。

This year, we plan to test and learn in EMEALA with a few direct markets, U.K., Germany and the Netherlands and a few distributor markets. Our efforts began earlier this month when we shipped our first HEYDUDE e-commerce orders out of our Netherlands distribution center and launched on Amazon. We will continue to provide updates on our progress. Finally, with respect to the integration this year, we have 2 significant initiatives underway, namely implementing ERP and building a new distribution center in Las Vegas.

今年，我們計劃在 EMEALA 與一些直接市場、英國、德國和荷蘭以及一些分銷商市場進行測試和學習。我們的努力始於本月早些時候，當時我們將第一批 HEYDUDE 電子商務訂單從我們的荷蘭配送中心運出並在亞馬遜上推出。我們將繼續提供最新進展。最後，關於今年的整合，我們正在進行 2 項重大舉措，即實施 ERP 和在拉斯維加斯建立新的配送中心。

We anticipate these to be complete towards the end of the year. Both our significant investments required to support the growth of $1 billion-plus brand. We're excited about the progress we have made and the bright future for the HEYDUDE brand. In summary, we have tremendous confidence in and clear evidence as to the underlying strength and growth potential of both the Crocs and HEYDUDE brands.

我們預計這些將在年底前完成。我們都需要大量投資來支持價值超過 10 億美元的品牌的增長。我們為 HEYDUDE 品牌取得的進步和光明的未來感到興奮。總而言之，我們對 Crocs 和 HEYDUDE 品牌的潛在實力和增長潛力充滿信心並有明確的證據。

We remain cautious relative to the consumer confidence in Western markets, and anticipate declining traffic patterns through the year. However, sell-through for both of our brands continues to be robust, and we believe we are benefiting from our democratic price points. Amidst a more challenging economic landscape, we believe we are well positioned to gain share. I will now turn the call over to Anne, who will review our first quarter financial results in more detail.

相對於西方市場的消費者信心，我們仍然持謹慎態度，並預計全年客流量會下降。然而，我們兩個品牌的銷售量仍然強勁，我們相信我們正在從我們的民主價格點中受益。在更具挑戰性的經濟環境中，我們相信我們有能力獲得市場份額。我現在將電話轉給安妮，她將更詳細地審查我們第一季度的財務業績。

Thank you, Andrew, and good morning, everyone. I will begin with a short recap of our first 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 first quarter with $884 million in consolidated revenues, representing 36.2% growth.

謝謝安德魯，大家早上好。我將首先簡要回顧一下我們第一季度的業績。除非另有說明，否則所有收入增長率將以固定貨幣為基礎引用。有關上述非 GAAP 金額與其等效 GAAP 金額的對賬，請參閱今天上午的新聞稿。正如安德魯所概述的那樣，我們第一季度表現出色，綜合收入為 8.84 億美元，增長 36.2%。

We delivered another quarter of top-tier profitability, with adjusted gross margin of 54.2%, adjusted operating margin of 27.9% and adjusted diluted EPS growth of 27.3%. I will now detail our revenue highlights, beginning with the Crocs brand. During the first quarter, we sold 30.7 million pairs of shoes, an increase of 19.7% over last year. The Crocs brand average selling price during Q1 was $21, which was up 2.1% on a constant currency basis, driven by fewer discounts in Asia and improved pricing in EMEALA. ASP declined 0.5% on a reported basis due to unfavorable effect. The addition of HEYDUDE has diversified our product portfolio.

我們又實現了一個季度的頂級盈利能力，調整後的毛利率為 54.2%，調整後的營業利潤率為 27.9%，調整後的攤薄後每股收益增長為 27.3%。我現在將詳細介紹我們的收入亮點，首先是 Crocs 品牌。第一季度，我們售出了 3070 萬雙鞋，比去年同期增長 19.7%。 Crocs 品牌在第一季度的平均售價為 21 美元，按固定匯率計算上漲 2.1%，這是受亞洲折扣減少和 EMEALA 定價提高的推動。由於不利影響，ASP 在報告的基礎上下降了 0.5%。 HEYDUDE的加入豐富了我們的產品組合。

For Q1, Crocs' penetration was just over half of our total revenues. The casual silhouettes of HEYDUDE constituted 27% of total revenues and Crocs brand sandals were approximately 12% of total revenues. From a Crocs brand perspective, Clogs continued to exhibit double-digit growth this quarter. As Andrew mentioned, sandal, an important growth pillar for the future, increased 65% in Q1 with growth in all regions.

對於第一季度，Crocs 的滲透率剛剛超過我們總收入的一半。 HEYDUDE 的休閒款式佔總收入的 27%，Crocs 品牌涼鞋約佔總收入的 12%。從 Crocs 品牌的角度來看，木屐本季度繼續呈現兩位數的增長。正如安德魯所說，涼鞋作為未來重要的增長支柱，在第一季度增長了 65%，在所有地區都有增長。

Finally, Jibbitz continues to create excitement and engagement with consumers globally, growing strong double digits from last year. Now let's review a few Crocs band highlights by region. In North America, the Crocs brand remains very healthy. First quarter revenues increased 10.3% to $351 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 12% on top of 18% comparable sales growth in the first quarter of 2022.

最後，Jibbitz 繼續為全球消費者創造激情和參與度，與去年相比增長了兩位數。現在讓我們按地區回顧一些 Crocs 樂隊的亮點。在北美，Crocs 品牌仍然非常健康。第一季度收入增長 10.3% 至 3.51 億美元。 Crocs 品牌的北美 DTC 渠道是主要的增長動力，DTC 可比銷售額在 2022 年第一季度的可比銷售額增長 18% 的基礎上增長了 12%。

Wholesale revenues increased 6%. The wholesale revenue increase is also evidence that sell-in and sell-out are beginning to normalize as we had anticipated to occur during the first half. International was again the largest growth driver for the Crocs brand in Q1, as we execute on our long-term growth plan to ignite the brand in Asia and EMEALA. International represented 46% of Crocs brand revenues in the quarter.

批發收入增長了 6%。批發收入的增加也表明，正如我們預期的那樣，上半年的銷售和銷售開始正常化。國際再次成為第一季度 Crocs 品牌最大的增長動力，因為我們執行長期增長計劃以在亞洲和 EMEALA 點燃該品牌。本季度國際業務佔 Crocs 品牌收入的 46%。

Crocs band revenues in Asia grew 54.8% to $140 million during the first quarter. Growth was broad-based across countries and channels. China and Australia led to growth with revenues growing in excess of 110%, while Southeast Asia markets and South Korea also had exceptional growth. Crocs band revenues for EMEALA were $157 million, growing 25.1% with broad-based growth.

第一季度，Crocs 樂隊在亞洲的收入增長了 54.8%，達到 1.4 億美元。增長是跨國家和跨渠道的廣泛基礎。中國和澳大利亞引領增長，收入增長超過 110%，而東南亞市場和韓國也有非凡的增長。 EMEALA 的 Crocs band 收入為 1.57 億美元，增長 25.1%，基礎廣泛。

Momentum has been building in several important markets with Q1 revenues increasing strong double digits, driven by the U.K., France and Germany, admits a very uncertain consumer backdrop. Turning to HEYDUDE. Revenues were $235 million, increasing 106% compared to the partial period in Q1 2022 and 15% on a pro forma basis. The DTC channel, which is predominantly e-commerce, led the growth with revenues increasing 141.1% versus last year.

在英國、法國和德國的推動下，幾個重要市場的勢頭一直在增強，第一季度收入強勁增長兩位數，承認消費者背景非常不確定。轉向 HEYDUDE。收入為 2.35 億美元，與 2022 年第一季度的部分時期相比增長 106%，在備考基礎上增長 15%。以電子商務為主的 DTC 渠道引領增長，收入比去年增長 141.1%。

Digital penetration increased 420 basis points to 30.1%. As Andrew noted, the consumer love for the HEYDUDE brand is exceptional, and we remain confident about realizing the full potential the Crocs playbook will have on the brand. Consolidated adjusted gross margins for the first quarter were 54.2%, increasing 30 basis points from last year. Favorability in freight rates were partly offset by higher product costs, higher indices and clearance, and the addition of the HEYDUDE brand.

數字滲透率增加了 420 個基點，達到 30.1%。正如 Andrew 指出的那樣，消費者對 HEYDUDE 品牌的熱愛非同尋常，我們仍然有信心充分發揮 Crocs 劇本對品牌的潛力。第一季度綜合調整後毛利率為 54.2%，較去年同期增長 30 個基點。較高的產品成本、較高的指數和清關率以及 HEYDUDE 品牌的加入部分抵消了運費的優勢。

Currency negatively impacted consolidated gross margins by approximately 85 basis points. Indices and clearance was more normalized this year as last year inventory was extremely lean following the Vietnam shutdowns. Before I provide gross margin detail by brand, we will now disclose distribution and logistics costs that are reported within our cost of goods sold. This is to provide greater transparency and enable better comparison of our gross margins to many peers who report these costs in SG&A.

貨幣對綜合毛利率產生了大約 85 個基點的負面影響。由於去年越南停產後庫存極度減少，今年的指數和清關更加正常化。在我按品牌提供毛利率細節之前，我們現在將披露在我們的商品銷售成本中報告的分銷和物流成本。這是為了提供更大的透明度，並更好地將我們的毛利率與許多在 SG&A 中報告這些成本的同行進行比較。

For the first quarter, distribution and logistics costs totaled $105.1 million or 12% of total revenues. Excluding these costs, our gross margins are exceptional and are one of the structural advantages of our business model that contribute to our industry-leading operating margins. Turning to the brands. Adjusted gross margins for the Crocs brand was 56.3% or 140 basis points higher than prior year. The significant improvement in freight of nearly 600 basis points included reduced air freight of approximately 450 basis points was partly offset by the impact of higher end-of-season clearance of approximately 140 basis points and inflationary cost pressures of approximately 70 basis points.

第一季度，分銷和物流成本總計 1.051 億美元，佔總收入的 12%。排除這些成本，我們的毛利率非常高，是我們商業模式的結構優勢之一，有助於我們行業領先的營業利潤率。轉向品牌。 Crocs 品牌調整後的毛利率為 56.3% 或比上年高出 140 個基點。近 600 個基點的運費顯著改善包括空運減少約 450 個基點，但部分被季末清關率提高約 140 個基點和通脹成本壓力約 70 個基點的影響所抵消。

Currency negatively impacted margins by 115 basis points. HEYDUDE adjusted gross margins were 49.6% as we start to see a reduction in inbound freight rates. As we noted at year-end, we expect HEYDUDE gross margins to sequentially improve over the course of the year as the effect of cost from legacy freight contracts that take time to roll through the P&L and higher inventory storage costs in the short term subside.

匯率對利潤率產生了 115 個基點的負面影響。 HEYDUDE 調整後的毛利率為 49.6%，因為我們開始看到入港運費下降。正如我們在年底指出的那樣，我們預計 HEYDUDE 的毛利率將在年內連續改善，因為遺留貨運合同的成本影響需要時間才能通過損益表，而且短期內庫存存儲成本較高。

During the first quarter of 2023, we leveraged consolidated adjusted SG&A 100 basis points, improving to 26.3% of revenues versus 27.3% last year. This improvement was achieved while still investing in talent and marketing for both brands. Our first quarter adjusted operating income increased 40.8% to $247 million from last year. Consolidated adjusted operating margin increased 130 basis points to 27.9%. Our first quarter non-GAAP diluted earnings per share increased 27.3% to $2.61.

在 2023 年第一季度，我們利用綜合調整後的 SG&A 100 個基點，從去年的 27.3% 提高到收入的 26.3%。在實現這一改進的同時，我們仍在為兩個品牌投資人才和營銷。我們第一季度調整後的營業收入比去年增長 40.8% 至 2.47 億美元。綜合調整後營業利潤率增長 130 個基點至 27.9%。我們第一季度的非 GAAP 攤薄後每股收益增長 27.3% 至 2.61 美元。

Our liquidity position remains strong as we ended the first quarter with $126 million of cash and cash equivalents and ample capacity on our revolving credit facility. We repaid $41 million of debt in the quarter, reducing borrowings to $2.28 billion. At the end of Q1, adjusted gross leverage was approximately 2.1x and net leverage was approximately 2x. We are confident in our ability to achieve gross leverage under 2x by the middle of this year.

我們的流動性狀況依然強勁，因為我們在第一季度結束時擁有 1.26 億美元的現金和現金等價物，並且我們的循環信貸額度有充足的能力。我們在本季度償還了 4100 萬美元的債務，將藉款減少至 22.8 億美元。第一季度末，調整後的總槓桿率約為 2.1 倍，淨槓桿率約為 2 倍。我們有信心在今年年中之前將總槓桿率降至 2 倍以下。

Our inventory balance at March 31, 2023, was $476 million, an increase of 16.8% versus Q1 last year. Crocs brand inventory was $318 million, up 10.3%; and HEYDUDE inventory was $158 million, up 32.6%. Our higher inventory balance reflects higher revenue growth and higher costs within inventory. As we look forward, I would like to share our current outlook for the second quarter and the balance of 2023.

截至 2023 年 3 月 31 日，我們的庫存餘額為 4.76 億美元，比去年第一季度增長 16.8%。 Crocs品牌庫存為3.18億美元，增長10.3%； HEYDUDE庫存為1.58億美元，增長32.6%。我們較高的庫存餘額反映了較高的收入增長和較高的庫存成本。展望未來，我想分享我們目前對第二季度和 2023 年餘下時間的展望。

All numbers will be on a reported basis unless otherwise stated. For Q2, we expect consolidated revenues to grow approximately 6% to 9% at current currency rates as we lap a high Q2 wholesale growth rate in 2022, related to the Vietnam shutdowns in the prior year. We expect Q2 adjusted operating margin to be approximately 26% and adjusted diluted earnings per share of $2.83 to $2.98.

除非另有說明，否則所有數字均以報告為基礎。對於第二季度，我們預計綜合收入按當前匯率計算將增長約 6% 至 9%，因為我們在 2022 年實現了較高的第二季度批發增長率，這與前一年越南停工有關。我們預計第二季度調整後的營業利潤率約為 26%，調整後的攤薄每股收益為 2.83 美元至 2.98 美元。

With our Q1 performance, we are raising our full year 2023 revenue outlook and expect growth of 11% to 14% on a reported basis compared to 2022, resulting in full year revenues of approximately $3.95 billion to $4.05 billion at current currency rates. Revenue for the Crocs brand, we now expect to grow 7% to 9% on a reported basis. We expect the highest growth internationally driven by robust consumer demand.

根據我們第一季度的業績，我們上調了 2023 年全年收入預期，預計與 2022 年相比，報告基礎上將增長 11% 至 14%，按當前匯率計算，全年收入約為 39.5 億美元至 40.5 億美元。我們現在預計 Crocs 品牌的收入將在報告基礎上增長 7% 至 9%。我們預計在強勁的消費者需求的推動下，國際增長最快。

For HEYDUDE, we are maintaining our full year outlook of mid-20% revenue growth on a reported basis. As always, we are focused on best-in-class profitability and now see our adjusted operating margin to be between 26% to 27% for the full year. We are raising our adjusted diluted earnings per share outlook to be between approximately $11.17 to $11.73. In summary, 2023 is off to an excellent start, and we look forward to another record-setting year. At this time, I'll turn the call back over to Andrew for his final thoughts.

對於 HEYDUDE，我們維持全年收入增長 20% 的預期。一如既往，我們專注於一流的盈利能力，現在我們預計全年調整後的營業利潤率將在 26% 至 27% 之間。我們將調整後的稀釋後每股收益預期上調至大約 11.17 美元至 11.73 美元之間。總而言之，2023 年開了個好頭，我們期待著又一個創紀錄的年份。此時，我會將電話轉回給安德魯，聽取他的最後想法。

Thank you, Anne. As we look forward, we're incredibly confident in the strengths of the Crocs and HEYDUDE brands and our ability to drive market share gains and sustainable profitable growth. Our focus remains squarely on navigating current uncertainties and creating long-term shareholder value. Operator, please open the call for questions.

謝謝你，安妮。展望未來，我們對 Crocs 和 HEYDUDE 品牌的優勢以及我們推動市場份額增長和可持續盈利增長的能力充滿信心。我們的重點仍然完全放在應對當前的不確定性和創造長期股東價值上。接線員，請打開電話提問。

(Operator Instructions) Our first question comes from by Abbie Zvejnieks from Piper Sandler.

（操作員說明）我們的第一個問題來自 Piper Sandler 的 Abbie Zvejnieks。

So just on that 2Q guide, can you just talk about what trends you're seeing maybe quarter-to-date, especially in wholesale? I know you noted that more difficult compare. And I guess why you expect a deceleration in Crocs brand revenue? And then give us a little bit more color on that operating margin year-over-year decline of about 400 basis points in 2Q? And like which buckets we should expect to see that deleverage?

那麼就該 2Q 指南而言，您能否談談您可能在本季度看到的趨勢，尤其是在批發方面？我知道你注意到比較困難。我想你為什麼期望 Crocs 品牌收入減速？然後給我們更多關於第二季度營業利潤率同比下降約 400 個基點的顏色？以及我們應該期望看到哪些桶去槓桿化？

So your first question on Q2, so we -- as we guided, we expect consolidated revenues to grow 6% to 9% in current currency rates. And that's as we lap a high Q2 wholesale growth rate in 2022, really related to the Vietnam shutdown. So if you remember back to last year, we had a pretty big Q2 because things -- we had very low inventories in Q1.

所以你關於第二季度的第一個問題，所以我們 - 正如我們所指導的那樣，我們預計合併收入將以當前貨幣匯率增長 6% 至 9%。那是因為我們在 2022 年實現了第二季度的高批發增長率，這確實與越南停工有關。所以如果你還記得去年，我們有一個相當大的第二季度，因為事情 - 我們在第一季度的庫存非常低。

That's really the shift there. Overall, we don't talk a lot about what we're seeing in quarter, but I will say, we're pretty pleased with what we're seeing out of sell-through from both brands in our wholesale channel at this point in time. And then from a Q2 operating margin perspective, if you also remember back to last year, we had just purchased the HEYDUDE brand and had a lot of time to put investment behind that.

那真的是那裡的轉變。總的來說，我們並沒有過多地談論我們在本季度看到的情況，但我要說的是，我們對目前我們批發渠道中兩個品牌的銷售情況感到非常滿意時間。然後從第二季度營業利潤率的角度來看，如果你還記得去年，我們剛剛購買了 HEYDUDE 品牌，並且有很多時間進行投資。

So the first piece is SG&A is ramping up quite a bit from last year because we didn't have the SG&A that we have now to support HEYDUDE; and the second piece is that Q2 is a big marketing quarter for us. And so you will see marketing ramp. So I do expect SG&A to deleverage year-over-year from a Q2 perspective.

所以第一點是 SG&A 比去年增加了很多，因為我們沒有現在擁有的 SG&A 來支持 HEYDUDE；第二點是第二季度對我們來說是一個重要的營銷季度。所以你會看到營銷斜坡。因此，從第二季度的角度來看，我確實預計 SG&A 會同比去槓桿化。

Got it. And maybe one more. Just on the capital allocation strategy once you hit that 2x gross leverage target, I mean, what is your priority on debt paydown versus buybacks, I guess, given the share price?

知道了。也許還有一個。一旦你達到 2 倍的總槓桿率目標，就資本配置策略而言，我的意思是，考慮到股價，你在償還債務和回購方面的優先順序是什麼？

Yes. So we're -- we recommitted to hitting below 2x gross leverage in Q2, which then gives us flexibility, as you mentioned, to either both pay down debt and restart share repurchases. And we generate a lot of free cash flow, and we're committed to doing both. Obviously, debt pay down is very important where our long-term leverage guide is to be below 1x to 1.5x gross. And so -- and with interest rates the way they are, it makes a lot of sense to continue to pay down debt, but we'll also prioritize buying back shares if it make sense from an overall return perspective.

是的。所以我們——我們再次承諾在第二季度將總槓桿率降至 2 倍以下，這給了我們靈活性，正如你提到的，既可以償還債務又可以重啟股票回購。我們產生了大量的自由現金流，我們致力於兩者兼顧。顯然，在我們的長期槓桿率指南低於 1 倍至 1.5 倍毛利率的情況下，償還債務非常重要。因此——在目前的利率水平下，繼續償還債務很有意義，但如果從整體回報的角度來看有意義，我們也會優先考慮回購股票。

And our next question comes from Jonathan Komp from Baird.

我們的下一個問題來自 Baird 的 Jonathan Komp。

Maybe just a little bit of a follow-up first, if I could. And can I follow up and ask about what you're expecting for Crocs' DTC performance? Largely because there's been a lot of volatile U.S.-focused indicators in the last couple of months. So any additional color there would be helpful on the DTC trends you're expecting?

如果可以的話，也許先做一點跟進。我可以跟進並詢問您對 Crocs 的 DTC 性能的期望嗎？主要是因為在過去幾個月中有很多以美國為中心的指標波動較大。那麼任何額外的顏色都會對您期望的 DTC 趨勢有所幫助嗎？

And then, Andrew, maybe just a broader question on the Core Clogs business and largely North America focused. Are you seeing any signs that the Core Clog business should give back some of the volume gains you've had the last few years as you focus more on sandals and other categories?

然後，安德魯，也許只是一個關於 Core Clogs 業務的更廣泛的問題，主要集中在北美。您是否看到任何跡象表明，隨著您更多地關注涼鞋和其他類別，Core Clog 業務應該回饋過去幾年的一些銷量增長？

Yes. Let me -- maybe just I'll hit both of those for you, Jonathan. So if you think about DTC, obviously, DTC performance was very strong in both brands in Q1. That was probably a little bit better than we expected. And I would say, look, we're seeing great traffic trends. We are seeing great traffic trends to Crocs stores, Crocs website and HEYDUDE digital presence. So I think that gives us tremendous confidence that our brands are in demand and consumers are seeking them out in a single branded environment.

是的。讓我——也許我會為你解決這兩個問題，Jonathan。所以如果你考慮 DTC，顯然，第一季度兩個品牌的 DTC 表現都非常強勁。這可能比我們預期的要好一點。我會說，看，我們看到了很好的流量趨勢。我們看到 Crocs 商店、Crocs 網站和 HEYDUDE 數字存在的巨大流量趨勢。所以我認為這給了我們極大的信心，我們的品牌很受歡迎，消費者正在單一品牌環境中尋找它們。

We think those compares probably get harder as each year goes on. We do anticipate consumer softening as the year goes on. I think we saw a little bit of softening as quarter 1 went along. So we're not necessarily baking the same performance we had in Q1 into the rest of our year. I think that's only prudent. And then from a clogs growth perspective, I would say that's been somewhat of a highlight, right?

我們認為，隨著時間的推移，這些比較可能會變得更加困難。隨著時間的推移，我們確實預計消費者會疲軟。我認為隨著第一季度的進行，我們看到了一些軟化。因此，我們不一定會在今年餘下的時間裡表現出與第一季度相同的表現。我認為這只是謹慎的做法。然後從木屐增長的角度來看，我想說這是一個亮點，對吧？

So the way to think about it is we continue to see Classic growth around the world as we continue to get Classic penetration in many of our international markets. And we're also putting a lot of time and effort into diversifying the clog portfolio. I'd call out, in particular, to Echo. I think many of you have seen that in U.S. retail, U.S. wholesale accounts, it's performing particularly well here in the U.S. and in fact, globally.

因此，考慮它的方式是，隨著我們繼續在我們的許多國際市場中獲得 Classic 滲透，我們將繼續看到 Classic 在世界範圍內的增長。我們還投入了大量時間和精力來使木屐產品組合多樣化。我會特別提到 Echo。我想你們中的許多人已經看到，在美國零售、美國批發賬戶中，它在美國乃至全球的表現都特別好。

And then we've also -- I would also call out some of our height clogs, right, the Crush and the Mega Crush performing particularly well in Asia where height is super important. So clogs continue to be, I'd say, a long-term growth story for us, but there is definitely driving more diversification into that core product offering.

然後我們也 - 我還會說出我們的一些高度木屐，對吧，Crush 和 Mega Crush 在高度非常重要的亞洲表現特別好。因此，我想說，木底鞋對我們來說仍然是一個長期增長的故事，但肯定會推動核心產品供應更加多樣化。

Great. And then just one follow-up on Q2 modeling, if I could. Anne, should we expect the SG&A growth to be similar or maybe at a faster rate than Q2? Any further color there? And then given the mix and continued improvements in freight, should we expect that similarly positive gross margin performance in Q2?

偉大的。如果可以的話，然後只是對第二季度建模的後續行動。安妮，我們是否應該期望 SG&A 的增長與第二季度相似或更快？還有別的顏色嗎？然後考慮到運費的組合和持續改善，我們是否應該期待第二季度同樣積極的毛利率表現？

Yes. So I'll start with gross margin. So yes, we expect that gross margin will be up year-over-year in Q2 on an adjusted basis. So I think as we talked about, we expect to see HEYDUDE improve throughout the year. As we see some of that higher freight rates roll off in inventory, we're comping a pretty big air freight spend last year that we're -- we don't have this year. So those are all tailwinds from a gross margin perspective.

是的。所以我將從毛利率開始。所以是的，我們預計第二季度毛利率將在調整後的基礎上同比增長。所以我認為正如我們所討論的那樣，我們希望看到 HEYDUDE 全年都在進步。當我們看到一些較高的運費在庫存中下降時，我們去年的空運支出相當大，而我們今年沒有。因此，從毛利率的角度來看，這些都是順風。

And I think actually from a Q1 perspective, gross margin performed a little bit better than what we expected some of that was DTC mix, but also some pullback in discounting and better pricing in our overseas markets. And then from an SG&A standpoint, we do expect, as I mentioned before, SG&A to ramp into Q2. I think Q2 tends to be one of our higher SG&A spend quarters just given the marketing that we put behind the brand in Q2 into our summer months.

我認為實際上從第一季度的角度來看，毛利率的表現比我們預期的要好一些，其中一些是 DTC 組合，但在我們的海外市場折扣和更好的定價方面也有所回落。然後從 SG&A 的角度來看，正如我之前提到的，我們確實預計 SG&A 會進入第二季度。我認為第二季度往往是我們較高的 SG&A 支出季度之一，只是考慮到我們在第二季度將品牌置於夏季月份的營銷。

Our next question comes from Tom Nikic from Wedbush Securities.

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

I wanted to follow up on HEYDUDE. I know, obviously, you had exceptional growth in 2022, 15% pro forma in Q1 seems a bit more modest than what you had been growing in recent quarters, particularly with the distribution gains and getting into new doors and stuff like that, I guess we kind of would have expected sort of stronger growth. Was there anything -- was it kind of parsing out some of the legacy doors that's kind of holding back HEYDUDE growth or anything like that? Just kind of trying to understand the puts and takes at HEYDUDE.

我想跟進 HEYDUDE。我知道，很明顯，你在 2022 年取得了非凡的增長，第一季度 15% 的備考似乎比你最近幾個季度的增長要溫和一些，尤其是在分銷收益和進入新領域之類的情況下，我猜我們有點期待更強勁的增長。有沒有什麼 - 它是否有點解析了一些阻礙 HEYDUDE 增長或類似東西的遺留門？只是想了解 HEYDUDE 的 puts 和 takes。

Yes. Great question, Tom. So I would say, look, there's a lot going on at HEYDUDE. So let me try and kind of add a little bit more color to that. Firstly, I'd say, we're super confident in our kind of mid-20s growth rate that we've guided for the brand for the full year. And I would say, as we look at the brand trajectory during the quarter, we're also very pleased with that, right? The -- we're seeing increasing consumer awareness, both through our broader distribution, but also our marketing efforts.

是的。好問題，湯姆。所以我會說，看，HEYDUDE 發生了很多事情。因此，讓我嘗試為它添加更多顏色。首先，我要說的是，我們對我們為該品牌全年指導的 20 多歲中期增長率非常有信心。我會說，當我們查看本季度的品牌軌跡時，我們對此也非常滿意，對吧？ - 我們看到消費者意識不斷提高，既通過我們更廣泛的分銷，也通過我們的營銷努力。

We continue to see tremendous customer loyalty from existing customers. I think a statistic we've talked about in the past is the average customer has 4 pairs in their closet. And we clearly see when we attract new customers, they buy incremental pairs relatively quickly. So we see great improving awareness for the brand, we see consumer affinity. And we're pleased with our sell-throughs, both on our DTC environment and also in the wholesale environment.

我們繼續看到現有客戶的巨大客戶忠誠度。我認為我們過去討論過的一個統計數據是，每個顧客的衣櫥里平均有 4 雙。而且我們清楚地看到，當我們吸引新客戶時，他們會相對較快地購買增量對。所以我們看到品牌知名度大大提高，我們看到消費者的親和力。我們對我們的 DTC 環境和批發環境中的銷售情況感到滿意。

As we had talked about in the past, we are constrained, right? So we're constrained with our distribution center and all of our kind of logistics capabilities through this year. So we did anticipate a slowing of the growth, hence our mid-20s guide for the full year and obviously, a little bit slower in Q1. We're definitely constrained. We're making significant investments to relieve those constraints.

正如我們過去所說，我們受到約束，對吧？因此，今年我們的配送中心和我們所有的物流能力都受到了限制。因此，我們確實預計增長會放緩，因此我們全年的 20 年代中期指南，顯然，第一季度略有放緩。我們肯定受到限制。我們正在進行大量投資以解除這些限制。

But they won't come online until the back end of the year and probably won't have an effect until next year. The other thing that's also important to bear in mind as you look to future quarters is the -- we had significant pipeline fills. So we opened a lot of big national accounts last year in Q2 and Q3. So when you open a big national account and you pipeline fill 400, 500, 600 doors, that's a significant amount of volume that you don't anniversary the following year. So you've also got to take that into consideration in Q2 and Q3.

但它們要到今年年底才會上線，而且可能要到明年才會產生效果。在展望未來的幾個季度時，要記住的另一件事也很重要——我們有大量的管道填充。所以我們去年第二季度和第三季度開設了很多大的國民賬戶。因此，當您開設一個大型國民賬戶並通過管道填充 400、500、600 扇門時，這是一個很大的數量，您不會在第二年周年紀念。所以你還必須在第二季度和第三季度考慮到這一點。

And the last thing I'd say is you did reference it in your question, the closure of the smaller customers, right? So we've -- we're rationalizing our customer base, the original owners of HEYDUDE and the agents they used for distribution opened a lot of very small accounts. And we've rationalized a significant number of them. I think you've seen some of that in the press.

我要說的最後一件事是你在你的問題中提到了它，關閉小客戶，對嗎？所以我們 - 我們正在合理化我們的客戶群，HEYDUDE 的原始所有者和他們用於分銷的代理商開設了很多非常小的賬戶。我們已經合理化了其中的大量內容。我想你已經在媒體上看到了一些。

And not a significant drag on the revenue this quarter or for the rest of the year. It's a very small amount of money. But it does mean that we focus all of our time and attention on our big leadership accounts, which we think will do a much better job supporting and elevating the brand. So hopefully, that gives you some real color about what's going on with HEYDUDE.

並且不會對本季度或今年剩餘時間的收入造成重大拖累。這是一筆非常小的錢。但這確實意味著我們將所有時間和注意力都集中在我們的大型領導客戶身上，我們認為這將更好地支持和提升品牌。所以希望這能讓你對 HEYDUDE 的進展有一些真實的了解。

Our next question comes from Jack -- I'm sorry, from Jeff Lick from B. Riley Financial.

我們的下一個問題來自 Jack——對不起，來自 B. Riley Financial 的 Jeff Lick。

Congrats on the quarter. I was just hoping you could give a little more color on China and India, how it unfolded and relative to what your expectations were? And then just a little micro question on HEYDUDE, I was just wondering what your data shows in terms of the indexing in different geographies of the country? Obviously, the brand has always been a little hotter in the middle of the country. And I'm just kind of wondering where -- what inning do you think it is on the coasts?

祝賀這個季度。我只是希望你能對中國和印度多說一點，它是如何展開的，以及相對於你的期望是什麼？然後是關於 HEYDUDE 的一個小問題，我只是想知道您的數據在該國不同地區的索引方面顯示了什麼？顯然，該品牌在國內一直比較火。而且我只是想知道在哪裡 - 你認為它在海岸的哪個局？

Yes. Thanks, Jeff. I appreciate it. So let me start with China and India. I think in our prepared remarks, we called out China had over 110% growth in the quarter. Additionally, we called out that the brand -- we've got an award from Tmall, which we're really pleased to get with the launch of our Crush product. There was an award associated with -- one of the most effective awards -- sorry, launches of a new product, an integrated marketing program that we put together, and we saw exceptional growth on Tmall.

是的。謝謝，傑夫。我很感激。那麼讓我從中國和印度開始。我認為在我們準備好的發言中，我們稱中國在本季度增長了 110% 以上。此外，我們稱讚該品牌——我們獲得了天貓的獎項，我們非常高興通過推出我們的 Crush 產品獲得該獎項。有一個獎項與 - 最有效的獎項之一 - 抱歉，新產品的發布，我們整合的整合營銷計劃，我們在天貓上看到了非凡的增長。

And the key part of your question was, is it a little bit better or worse than we thought? It's better than we thought, right? So we've been investing in China through the pandemic. We've invested in marketing. We've strengthened our team. We really kind of kept our foot on the gas even when the business performance was not what we expected. And as the country is opening up, the consumer is back out shopping, we're seeing very strong performance really across all our channels and in our own digital channels on Tmall, in the stores that we own and also in our partner-operated kind of mono-branded franchise stores.

你問題的關鍵部分是，它比我們想像的好一點還是差一點？比我們想像的要好，對吧？所以我們一直在通過大流行在中國投資。我們投資於營銷。我們加強了我們的團隊。即使業務表現不符合我們的預期，我們也確實保持了良好的狀態。隨著國家的開放，消費者開始不再購物，我們在所有渠道以及我們自己的天貓數字渠道、我們擁有的商店以及合作夥伴經營的商店中都看到了非常強勁的表現單一品牌特許經營店。

So definitely doing better than we thought, and we're really excited because obviously, it's a big market, and we think that has a lot of future potential. India also continues to be strong. And so that's a good market -- a very good market for us. We continued a very strong trajectory in that marketplace. So we're pleased with that. And as we think about Asia broadly, we're also seeing strong performance in -- continued strong performance in South Korea and Australia.

所以肯定比我們想像的要好，我們真的很興奮，因為很明顯，這是一個很大的市場，我們認為它有很大的未來潛力。印度也繼續強大。所以這是一個很好的市場——對我們來說是一個非常好的市場。我們在那個市場上繼續保持著非常強勁的發展軌跡。所以我們對此感到滿意。當我們廣泛考慮亞洲時，我們也看到了強勁的表現——韓國和澳大利亞的持續強勁表現。

Turning to HEYDUDE in the U.S. The traject -- the patent that we see, look, this data is not easy to come by. So I'm going to be sort of qualitative in nature. We definitely see much stronger brand awareness and brand residence in the sort of the heartland of the brand, which is sort of all down through the Midwest, down from Texas, into -- down into (inaudible) down into Florida. That's the heartland of the brand that has the highest awareness, that has the highest kind of consumer resonance.

轉到美國HEYDUDE的軌跡——我們看到的專利，你看，這個數據來之不易。所以我本質上會有點定性。我們肯定會在品牌的中心地帶看到更強的品牌知名度和品牌居住地，從德克薩斯州到中西部，一直到佛羅里達州（聽不清）。那是品牌知名度最高、消費者共鳴最高的中心地帶。

As we've expanded distribution to the coast, we're definitely seeing pretty significant improvements in brand awareness, purchasing and brand relevance on the coasts, but it's off a very low base, right? So the brand awareness on the coast was single digits, mid-single digits. It's now a lot better than that, but it's still very low. So we think we're doing the right things. We think we're on the right path, but that still represents a significant future opportunity.

隨著我們將分銷範圍擴大到沿海地區，我們肯定會看到沿海地區的品牌知名度、購買和品牌相關性有了相當顯著的改善，但它的基數很低，對吧？所以沿海地區的品牌知名度是個位數，中個位數。現在比那好很多，但仍然很低。所以我們認為我們正在做正確的事情。我們認為我們走在正確的道路上，但這仍然代表著未來的重要機遇。

We now have a question from Jay Sole from UBS.

我們現在有來自瑞銀的 Jay Sole 的問題。

I just -- to ask about the HEYDUDE margins. In Q1, you pointed out that the adjusted gross margin was about 49.6% and the operating margin was 32.6%. As you work on the ERP implementation in the new distribution center, presumably the DTC percentage of the business increases, how would you expect those numbers to trend going forward?

我只是 - 詢問 HEYDUDE 利潤率。第一季度，您指出調整後的毛利率約為 49.6%，營業利潤率為 32.6%。當您在新的配送中心實施 ERP 時，DTC 業務的百分比可能會增加，您預計這些數字的未來趨勢如何？

Yes. So I think one thing on the distribution center is our distribution center is more of a support from our wholesale side. So we do have some actual, a little bit easier time servicing some of our DTC business. It's still hard because things don't have to move through that, but we do use some outside 3PL support for DTC. So I actually expect to continue to outperform for HEYDUDE as well.

是的。所以我認為配送中心的一件事是我們的配送中心更多地是我們批發方面的支持。因此，我們確實有一些實際的、更輕鬆的時間來為我們的一些 DTC 業務提供服務。這仍然很困難，因為事情不必通過它，但我們確實使用了一些外部 3PL 支持 DTC。所以我實際上希望 HEYDUDE 也能繼續表現出色。

That's on -- the e-comm side is performing really well and we are opening up a few retail stores from an (inaudible) perspective for HEYDUDE this year that will look similar to Crocs. So we're, Jay, pretty excited and pleased from the DTC side for HEYDUDE and Crocs as well.

那就是 - 電子商務方面表現非常好，我們今年從（聽不清）的角度為 HEYDUDE 開設了一些零售店，看起來與 Crocs 相似。所以我們，Jay，從 DTC 方面對 HEYDUDE 和 Crocs 也感到非常興奮和高興。

Got it. Okay. And if I can ask just one more, just a follow-up on China a little bit. Obviously, a huge growth in China this quarter. But maybe you can tell us what the China growth was last quarter? Obviously, store closures probably impacted that -- or maybe just somehow dimensionalized what the dollar sales were in China this quarter and sort of what you're really expecting for the year from China?

知道了。好的。如果我能再問一個問題，那就是關於中國的一些後續問題。很明顯，本季度中國出現了巨大的增長。但也許你能告訴我們上個季度中國的增長情況如何？顯然，商店關閉可能會影響到這一點——或者可能只是以某種方式確定了本季度中國的美元銷售額以及您對中國今年的實際預期？

Yes. I mean, I can give you for the year, Jay. I don't really have the quarters right here in front of me, but I think China for the year grew around 30% last year. That was much more back half weighted because -- and the way to think about the sort of the impact of the lockdowns in China, they were most severe in Q2, right? So there were constraints in Q1, but the depth of the lockdowns were in Q2. So China grew about 30% last year, round numbers. And then obviously, this is significant growth on top of that. But the growth was muted in Q1.

是的。我的意思是，我可以給你一年的時間，傑伊。我真的沒有眼前的季度，但我認為中國去年增長了 30% 左右。這是更多的後半加權因為 - 以及考慮中國封鎖影響的方式，他們在第二季度最為嚴重，對吧？因此，第一季度存在限制，但鎖定的深度出現在第二季度。因此，中國去年增長了約 30%，整數。然後很明顯，這是最重要的增長。但第一季度增長放緩。

Yes. If you look at '23 versus '21, like on a 2-year basis, we're still upwards of 85% growth from -- and a reported and in a constant like 95% growth. So even on a 2-year basis, the growth in China is very, very strong, by taking out some of the noise of the lockdowns.

是的。如果你看看 23 年與 21 年的對比，就像在 2 年的基礎上，我們仍然有超過 85% 的增長——而且據報導，增長率保持在 95% 左右。因此，即使在 2 年的基礎上，通過消除一些封鎖的噪音，中國的增長也非常非常強勁。

Yes. And we don't break out dollars associated with China. And we've given you kind of really high growth rates. But I would say the dollars are still way below what we think our potential is. So we think we've got a long way to go in China.

是的。而且我們不會打破與中國相關的美元。我們給了你非常高的增長率。但我要說的是，美元仍遠低於我們認為的潛力。所以我們認為我們在中國還有很長的路要走。

Our next question comes from Lura Champine from Loop.

我們的下一個問題來自 Loop 的 Lura Champine。

My understanding is that Q2 operating margins are usually better than Q1. When is the last time they were worse? And maybe tell us what's special about? It sounds like it's SG&A expense that's going to push EBIT margin lower sequentially. Can you be more specific about what's driving that?

我的理解是，第二季度的營業利潤率通常優於第一季度。他們上一次變得更糟是什麼時候？也許告訴我們有什麼特別之處？聽起來好像是 SG&A 費用會壓低 EBIT 利潤率。你能更具體地說明是什麼驅動了它嗎？

Yes. So Laura, it's Anne. So I think normally, our gross margins are lower in Q1 because of the mix of wholesale in Q1, which is a heavy wholesale quarter, which will hold true this year as well. Q2 will have higher gross margins. It's really from an SG&A perspective. And what's really driving from a Q2 perspective is just, again, the investment in HEYDUDE. So Q1, we're still ramping into Q2 from an investment standpoint -- from a HEYDUDE standpoint as we're adding.

是的。勞拉，是安妮。所以我認為通常情況下，我們第一季度的毛利率較低，因為第一季度的批發混合，這是一個大量批發的季度，今年也將如此。 Q2 將有更高的毛利率。這真的是從 SG&A 的角度來看。從第二季度的角度來看，真正推動的只是對 HEYDUDE 的投資。所以第一季度，我們仍然從投資的角度進入第二季度——從我們添加的 HEYDUDE 角度來看。

So that will be an add to that on the SG&A side for HEYDUDE, but also adding -- we always increase marketing for both brands into Q2, that's a really important season from a revenue growth perspective, and it's a higher DTC quarter. So there is more SG&A associated with it. But overall, we feel very comfortable with our 26% operating margin still best-in-class and then raising the year to 26% to 27%.

因此，這將是 HEYDUDE 在 SG&A 方面的一個補充，但也增加了——我們總是將兩個品牌的營銷增加到第二季度，從收入增長的角度來看，這是一個非常重要的季節，而且它是一個更高的 DTC 季度。因此，有更多與之相關的 SG&A。但總的來說，我們對 26% 的營業利潤率仍然是一流的，然後將今年提高到 26% 至 27% 感到非常滿意。

Our next question comes from Jim Duffy from Stifel.

我們的下一個問題來自 Stifel 的 Jim Duffy。

First question is on the guide. You've given us a full year guide by brand. How do you expect the growth splits by brands in the second quarter?

第一個問題在指南上。您為我們提供了按品牌分類的全年指南。您如何看待第二季度各品牌的增長情況？

Yes. I think we expect both brands to grow in the second quarter. It's hard to give a guide by quarter because things are still lumpy from a quarter perspective by brand. I feel confident in the overall revenue growth. And I think we'll see growth from both brands in Q2.

是的。我認為我們預計這兩個品牌都將在第二季度實現增長。很難按季度給出指導，因為從品牌的季度角度來看，情況仍然很不穩定。我對整體收入增長充滿信心。我認為我們將在第二季度看到這兩個品牌的增長。

Okay. And then can you give us an update on the state of HEYDUDE inventory? Have you cleared through that legacy product that you were referencing in the second half of last year? How do you feel about the current inventory positions for the HEYDUDE brand?

好的。然後你能給我們介紹一下 HEYDUDE 庫存的最新情況嗎？您是否清除了去年下半年引用的舊產品？您如何看待HEYDUDE品牌目前的庫存狀況？

Yes. I think we feel good, Jim, about our inventory. And really, it's important to kind of focus on 2 components: one is our in-market inventories. I think we're well positioned in market with good inventories in many of our leading strategic wholesale customers. So -- and our inventory turning is performing well. In terms of the inventory that we hold, I would say we're in good shape relative to our future growth.

是的。吉姆，我認為我們對我們的庫存感覺很好。實際上，重點關注兩個組成部分很重要：一個是我們的市場庫存。我認為我們在許多領先的戰略批發客戶中擁有良好的庫存，在市場上處於有利地位。所以 - 我們的庫存周轉表現良好。就我們持有的庫存而言，我想說相對於我們未來的增長，我們的狀況良好。

So our legacy inventory, we think, puts us in good shape relative to future growth. And any legacy inventory we're working through pretty quickly. So we feel good about where we are, and we think we're on a track record -- on a track trajectory here to get that dealt with pretty quickly this year.

因此，我們認為，相對於未來的增長，我們的遺留庫存使我們處於良好狀態。我們正在快速處理的任何遺留庫存。因此，我們對自己所處的位置感覺良好，並且我們認為我們處於良好的記錄 - 在這裡的軌道軌道上，今年可以很快解決這個問題。

Great. And then I have a few more I'll save for the follow-up session. But one last one. Andrew, you mentioned a little bit of softening as Q1 progressed. We've seen some glimpses of spring weather. Has that brought any lift the business in recent weeks?

偉大的。然後我還有一些我會為後續會議保存。但最後一個。安德魯，隨著第一季度的進展，你提到了一些軟化。我們已經看到了一些春天的天氣。這對最近幾週的業務有任何提升嗎？

Yes. I mean we don't really comment kind of in season. I would say -- because I guess it's been widely reported March was kind of tough from a weather perspective and that it did impact some of our kind of large national wholesale customers. So that was clearly an issue, I think, in Q1. And look, the tax season was not great either, right? So that's the tax refund season when, obviously, a lot of refunds come out and people typically kind of spend that.

是的。我的意思是我們並沒有真正發表評論。我會說——因為我猜據廣泛報導，從天氣的角度來看，3 月有點艱難，它確實影響了我們的一些大型全國批發客戶。所以我認為這顯然是第一季度的一個問題。看，稅收季節也不是很好，對吧？所以這是退稅季節，很明顯，很多退稅都出來了，人們通常會花掉這些錢。

And so that wasn't as strong as it's been in prior years as well. So that's kind of what I was referencing to. I think we've gone through a couple of weeks now with an Easter shift. So I don't think it's crystal clear what's going on through April. But I think we're pretty confident in the traffic that we're seeing to our mono-branded environments. So we clearly can tell that our brands are very strong.

因此，這也沒有前幾年那麼強勁。這就是我所指的。我想我們現在已經經歷了幾個星期的複活節輪班。所以我認為四月份發生的事情還不是很清楚。但我認為我們對我們在單一品牌環境中看到的流量非常有信心。所以我們可以清楚地看出我們的品牌非常強大。

We have a question from Mitch Kummetz from Seaport.

來自 Seaport 的 Mitch Kummetz 提出了一個問題。

Andrew, you mentioned that sandals were up 65% in the quarter. Could you maybe speak to the sell-in versus sell through? How much of this was shipping in your spring order book versus good performance once that product hit retail or in your own direct channel?

安德魯，你提到涼鞋在本季度增長了 65%。您能否談談賣出與賣出？與該產品進入零售或您自己的直接渠道後的良好表現相比，其中有多少是在您的春季訂單中發貨的？

Yes. So in a nutshell, what I'd say is both, Mitch. But let me kind of break that out a little bit. Yes, you're absolutely right. Q1 is a big sell-in quarter, especially for sandals, both here in the U.S. and kind of on a global basis, right? So a large amount of that high growth of 65% is wholesale sell-in. I would also say that sell-through, we'd be very pleased with sell-through, both on our DTC environment and also the sell-through we can monitor with our wholesale customers.

是的。所以簡而言之，我想說的是，米奇。但是讓我稍微打破一下。是的，你完全正確。第一季度是一個大銷售季度，尤其是涼鞋，無論是在美國還是在全球範圍內，對吧？因此，65% 的高增長中有很大一部分是批發銷售。我還要說的是，通過我們的 DTC 環境以及我們可以與批發客戶監控的銷售，我們對銷售非常滿意。

We believe all of the newness that we're bringing to our sandal category is really driving and the marketing we're doing to support it is really driving strong growth in the category. I would also point out that if we looked at the last 3 quarters. So once we got past the void of newness that we had in quarters 1 and 2 of last year, the last 3 quarters, I think 45% is our 3-quarter sandal growth number. So that is, in essence, both sell-in and sell-through. So it's really both. This is an important growth driver for the Crocs brand. And I think we're seeing some real success in this category.

我們相信，我們為涼鞋類別帶來的所有新鮮感都在真正推動我們所做的營銷，以支持它真正推動該類別的強勁增長。我還要指出，如果我們看一下過去 3 個季度。因此，一旦我們克服了去年第 1 季度和第 2 季度，即最後 3 個季度的新鮮感，我認為 45% 是我們第 3 季度的涼鞋增長數字。因此，從本質上講，這既是銷售又是銷售。所以它真的是兩者兼而有之。這是 Crocs 品牌的重要增長動力。我認為我們在這一類別中看到了一些真正的成功。

Okay. That's helpful. And then, I guess, secondly, on the HEYDUDE business, Andrew, you mentioned momentum in some newer franchise and newer styles. I was hoping you might be able to tell us like what percent of the business is the Wally and the Wendy? And beyond those, like what would be the next bigger styles? And how important are those to the business right now?

好的。這很有幫助。然後，我想，其次，關於 HEYDUDE 業務，安德魯，你提到了一些新特許經營權和新風格的勢頭。我希望你能告訴我們 Wally 和 Wendy 佔業務的百分比是多少？除此之外，下一個更大的款式是什麼？現在這些對企業有多重要？

Yes. Look, we don't break out the Wally, Wendy penetration, but it's large, right? You can see that just going to any of our wholesale customers as you look at our website. The brand is anchored around those core silhouettes. Those core silhouettes, Wally and Wendy really typify what the consumer is looking for in the brand. They're easy on enough, they're lightweight, they're comfortable and they come in a wide variety of materials, styles and colors and give the customer a tremendous diversity and choice.

是的。看，我們沒有突破 Wally，Wendy 滲透，但它很大，對吧？當您查看我們的網站時，您可以看到我們的任何批發客戶。該品牌圍繞著這些核心輪廓。 Wally 和 Wendy 這些核心款式真正代表了消費者在該品牌中尋找的東西。它們很容易穿、很輕、很舒適，而且有多種材料、款式和顏色可供選擇，為客戶提供了極大的多樣性和選擇。

I would say -- and they are a large part of the business and will continue to be a large part of the business. Us introducing new styles in new areas is by no means trying to back away from Wally and Wendy, that's super important. But the introductions we've made in what I would call kind of a casual sneaker arena, have been really successful. They're still small to date, but sell-through is high. And they're performing very well. We think that's important for the brand because that's a very large category. If we look at sort of casual sneakers, it's a very large addressable market.

我會說 - 他們是業務的很大一部分，並將繼續成為業務的很大一部分。我們在新的領域推出新的風格，絕不是要背離 Wally 和 Wendy，這一點非常重要。但我們在所謂的休閒運動鞋領域所做的介紹非常成功。迄今為止它們仍然很小，但銷售量很高。他們的表現非常好。我們認為這對品牌很重要，因為這是一個非常大的類別。如果我們看一下休閒運動鞋，那是一個非常大的潛在市場。

Our next question is coming from Aubrey Tianello from BNP Paribas.

我們的下一個問題來自法國巴黎銀行的 Aubrey Tianello。

Just one from me. On the gross margin, curious if anything has changed with respect to the full year outlook. I think you mentioned last call, we should be thinking about 58% for the Crocs brand and then about 55% to 55.5% on a consolidated basis. Is that still the right way to think about it?

就我一個。關於毛利率，好奇全年展望是否有任何變化。我想你在上次電話會議上提到，我們應該考慮 Crocs 品牌的 58%，然後在綜合基礎上考慮 55% 到 55.5%。這仍然是正確的思考方式嗎？

Yes, great question. I think actually, it's going to be on the higher end of that. So I would say consolidated adjusted gross margins, I would expect to be more in the approximately 55.5%. That's really supported. We saw better gross margins in Q1 and rolling that through the year really supports that 26% to 27% adjusted operating margin. Just as we saw better freight costs from a HEYDUDE perspective in Q1 as well as better DTC performance and pricing overseas on the Crocs side.

是的，很好的問題。我認為實際上，它將處於更高端。所以我想說綜合調整後的毛利率，我預計會在大約 55.5% 左右。真是支持啊我們在第一季度看到了更好的毛利率，並且全年滾動確實支持了 26% 至 27% 的調整後營業利潤率。正如我們在第一季度從 HEYDUDE 的角度看到更好的運費以及 Crocs 方面更好的 DTC 性能和海外定價一樣。

We have a question from (inaudible) from Barclays.

我們有一個來自巴克萊銀行（聽不清）的問題。

The new HEYDUDE silhouettes are pretty exciting. And I was wondering if you could talk about consumer interest in them because they seem like there are slightly higher price points than the Wally and Wendy and your ability to get incremental shelf space at your wholesale partners for?

新的 HEYDUDE 輪廓非常令人興奮。我想知道您是否可以談談消費者對它們的興趣，因為它們的價格似乎比 Wally 和 Wendy 略高，以及您在批發合作夥伴處獲得增量貨架空間的能力？

Yes. So I think -- yes, but it's not happened yet. So the short answer is, yes, we will get an incremental shelf space based on them, but it's not significant yet, right? So with these new introductions, the way we kind of approach this is we really want to launch them on our own channels. So it's really the strongest presentation around Carina, the Cody, the Conway and the Sanofi, which are some of the new silhouettes is on DTC, where they've been performing very well.

是的。所以我認為 - 是的，但這還沒有發生。所以簡短的回答是，是的，我們將獲得基於它們的增量貨架空間，但這並不重要，對吧？因此，通過這些新的介紹，我們處理這個問題的方式是我們真的想在我們自己的渠道上發布它們。所以這真的是圍繞 Carina、Cody、Conway 和 Sanofi 的最強大的展示，它們是 DTC 上的一些新輪廓，它們在 DTC 上表現非常好。

There are select kind of leading wholesale accounts that have those. I would say the bulk of the deliveries for those to wholesale will be later in the summer to back-to-school. I would also say, looking to the future, we had a very strong boot season in the HEYDUDE brand last year. We make a lightweight, I would say, democratically priced, very comfortable boot. It performed very well. That was mainly legacy products, and we've done significant updates and improvements to that. And we're very optimistic about our boot season for the back end of this year, too.

有一些精選的領先批發賬戶。我想說批發的大部分交貨將在夏季晚些時候返校。我還要說的是，展望未來，去年 HEYDUDE 品牌的靴子季非常強勁。我想說，我們製造了一款輕便、價格實惠、非常舒適的靴子。它表現得很好。那主要是遺留產品，我們已經對其進行了重大更新和改進。我們對今年年底的靴季也非常樂觀。

And this concludes our question-and-answer session. I would like to turn the conference back over to Andrew Rees for any closing remarks.

我們的問答環節到此結束。我想將會議轉回給 Andrew Rees 作閉幕詞。

Yes. Thank you. I just want to thank everybody for listening in this morning and their interest in our company. We appreciate the questions. Thank you.

是的。謝謝。我只想感謝大家今天早上的收聽以及他們對我們公司的興趣。我們感謝您提出問題。謝謝。

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。