卡洛馳 (CROX) 2023 Q3 法說會逐字稿

Welcome to the Crocs, Incorporated Third Quarter 2023 Earnings Call. (Operator Instructions). Please note this event is being recorded.

歡迎參加 Crocs, Incorporated 2023 年第三季財報電話會議。 （操作員說明）。請注意此事件正在被記錄。

I would now like to turn the conference over to Erinn Murphy, Senior Vice President of Investor Relations and Corporate Strategy. Please go ahead.

我現在想將會議交給投資者關係和企業策略高級副總裁艾琳墨菲 (Erinn Murphy)。請繼續。

Good morning, everyone, and thank you for joining us today for the Crocs Inc. Third Quarter 2023 Earnings Call. Earlier this morning, we announced our latest quarterly results, and a copy of the press release and our slide presentation may be found on our website at crocs.com.

大家早安，感謝您今天參加 Crocs Inc. 2023 年第三季財報電話會議。今天早些時候，我們宣布了最新的季度業績，您可以在我們的網站 crocs.com 上找到新聞稿和幻燈片簡報的副本。

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, the benefit therefor, Crocs strategies, plans, objectives, expectations, financial or otherwise, and intentions, future financial results and growth potential, anticipated product portfolio and our ability to create and deliver shareholder value.

我們想提醒您，本次電話會議中提供的一些資訊是前瞻性的，因此受到聯邦證券法安全港條款的約束。這些聲明包括但不限於有關我們的供應鏈挑戰、成本通膨、收購 HEYDUDE、由此帶來的好處、Crocs 戰略、計劃、目標、期望、財務或其他方面以及意圖、未來財務業績和增長的聲明潛力、預期的產品組合以及我們創造和交付股東價值的能力。

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.

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、績效或成就與前瞻性陳述明示或暗示的任何未來結果、績效或成就有重大差異。 Crocs 沒有義務更新這些前瞻性聲明以反映未來事件的影響，除非適用法律要求。

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 Crocs' annual report on Form 10-K, as well as other documents filed with the SEC, for more information regarding these risk factors.

我們提醒您，所有前瞻性陳述都受到風險和不確定性的影響，如我們 10-K 表格年度報告的風險因素部分以及我們隨後向 SEC 提交的文件中所述。因此，實際結果可能與本次電話會議中所述的結果有重大差異。請參閱 Crocs 的 10-K 表格年度報告以及向 SEC 提交的其他文件，以了解有關這些風險因素的更多資​​訊。

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

我們稱為調整後或非 GAAP 的某些財務指標是非 GAAP 指標。我們今天早上早些時候發布的新聞稿中包含了這些金額與公認會計原則對應金額的調節表。

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

今天加入我們電話會議的是執行長安德魯·里斯 (Andrew Rees)；執行副總裁兼財務長 Anne Mehlman。在他們準備好的發言之後，我們將開始電話詢問您的問題。

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

這時，我會將電話轉給安德魯。

Thank you, Erinn, and good morning, everyone. Let me start by welcoming Erinn Murphy, our new SVP of Investor Relations and Corporate Strategy. And by thanking Cori Lin, as she transitions to a new role within Crocs and for her dedication to leading Investor Relations over the past 3 years.

謝謝你，艾琳，大家早安。首先，我要歡迎我們新任投資者關係和企業策略資深副總裁艾琳‧墨菲 (Erinn Murphy)。感謝 Cori Lin 在 Crocs 擔任新職務，並感謝她在過去 3 年裡致力於領導投資者關係。

We delivered strong third quarter results, with quarterly revenues over $1 billion, exceeding the high end of guidance, led by double-digit growth in the Crocs brand, partially offset by high single-digit decline in the HEYDUDE brand. I'm pleased by our team's agility as we continue to operate in an increasingly challenging macro environment. We drove strong 18% direct-to-consumer revenue growth at the enterprise level and once again delivered industry-leading margins with 28% adjusted operating margins.

我們第三季業績強勁，季度收入超過 10 億美元，超出了指導上限，這主要得益於 Crocs 品牌兩位數的增長，但 HEYDUDE 品牌的個位數大幅下滑部分抵消了這一影響。我對我們團隊的敏捷性感到高興，因為我們繼續在充滿挑戰的宏觀環境中運作。我們在企業層面推動了直接面向消費者的營收強勁成長 18%，並再次以 28% 的調整後營業利潤率實現業界領先的利潤率。

Anne will review our financial results in more detail shortly, but here are a few highlights from the third quarter.

安妮很快就會更詳細地審查我們的財務業績，但以下是第三季的一些亮點。

Revenues of over $1 billion grew 6% on a constant currency basis. North America revenues up 8% and global DTC comparable sales up 15% with strong full price selling. HEYDUDE brand revenues were $247 million, with DTC growth of 15%, offset by declines in wholesale.

以固定匯率計算，營收超過 10 億美元，成長 6%。由於全價銷售強勁，北美營收成長 8%，全球 DTC 可比銷售額成長 15%。 HEYDUDE 品牌營收為 2.47 億美元，DTC 成長 15%，但被批發業務下降所抵銷。

During the quarter, we took decisive action around HEYDUDE to maintain price integrity and elevate our marketplace management strategy to ensure long-term brand health. I will elaborate on our strategy in a moment.

本季度，我們圍繞 HEYDUDE 採取了果斷行動，以保持價格完整性並提升我們的市場管理策略，以確保品牌的長期健康發展。我稍後將詳細闡述我們的策略。

I want to start my comments today with our views on the macroeconomic backdrop and the health of the consumer. We are operating with greater uncertainty than we started the year, with persistent inflation, higher interest rates, the resilient -- and continues to show up during key shopping events such as back-to-school, which was strong for both brands.

我今天想先談談我們對宏觀經濟背景和消費者健康的看法。我們的營運不確定性比年初更大，持續的通貨膨脹、更高的利率、彈性——並且在返校等關鍵購物活動期間繼續出現，這對兩個品牌來說都很強勁。

In September, trends softened across the footwear industry, and we are seeing consumers pull back in between peak shopping events. Against this backdrop, we're focused on making the right decisions for the health of our brands, keeping a tight control of inventory and investing behind initiatives to support profitable long-term growth. We believe we are well positioned in the current economic backdrop and see our value-orientated (sic) [oriented] price points as a durable competitive advantage.

9 月份，整個鞋類產業的趨勢趨於疲軟，我們看到消費者在高峰購物活動期間有所回撤。在此背景下，我們專注於為我們品牌的健康做出正確的決策，嚴格控制庫存並投資於支持獲利性長期成長的措施。我們相信，我們在當前的經濟背景下處於有利地位，並將我們以價值為導向的（原文如此）[導向]價格點視為持久的競爭優勢。

Moving on to our brand highlights. Let's begin with the Crocs brand. We continue to see broad-based consumer love for the Crocs brand. In Piper Sandler's Fall 2023, Taking Stock with Teens survey, Crocs was the #6 favorite footwear brand among U.S. teens, registering a new record-high mind share with balanced contribution across all genders.

接下來是我們的品牌亮點。讓我們從 Crocs 品牌開始。我們繼續看到消費者對 Crocs 品牌的喜愛。在 Piper Sandler 的 2023 年秋季青少年調查中，Crocs 是美國青少年最喜歡的鞋類品牌中排名第六的品牌，其心智佔有率創下新高，所有性別的貢獻均衡。

With respect to product innovation, our strategy to diversify our clog offering, grow sandals and leverage personalization is working. We demonstrated double-digit growth in clogs, with outsized momentum with our height-orientated offerings, including the Crush and Mega Crush styles. As we look at our broader assortment, I want to call out the Echo franchise, which has developed into a sizable business across clogs and sandals. In September, we introduced the Echo Boot, which is off to a good start.

在產品創新方面，我們的木鞋產品多樣化、涼鞋品種增加和個人化的策略正在發揮作用。我們的木底鞋業務實現了兩位數的成長，其中包括 Crush 和 Mega Crush 款式等高度導向產品的強勁勢頭。當我們審視更廣泛的產品類別時，我想提及 Echo 特許經營權，該特許經營權已發展成為涵蓋木鞋和涼鞋的規模龐大的業務。 9 月份，我們推出了 Echo Boot，這是一個好的開始。

Turning to Sandals. In Q3, Sandals revenues grew 6% on top of nearly 20% growth in 2022, and a 35% growth on a trailing 12-month basis. We had a solid back-to-school season for sandals in all 3 regions, with EMEALA as a standout region in the quarter. In fact, we were the #1 stand-alone Flip-Flop brand on Amazon U.K. during the month of August, growing 37% over last year.

轉向涼鞋。第三季度，Sandals 營收在 2022 年近 20% 的成長基礎上成長了 6%，在過去 12 個月的基礎上成長了 35%。我們在所有 3 個地區的涼鞋返校季表現強勁，其中 EMEALA 是本季表現最出色的地區。事實上，8 月我們是英國亞馬遜上排名第一的獨立人字拖品牌，比去年增長了 37%。

Globally, the Classic and Brooklyn remain our leading sandal franchises, followed by the Crush. This quarter, we proactively destocked our Classic sandals as we prepared to relaunch a new version of this franchise in 2024. In Q4, we'll also test the Getaway, our newest sandal innovation. The Getaway is built around our newest proprietary material innovation known as [Free Field] Technology and will initially come to market with 4 styles.

在全球範圍內，Classic 和 Brooklyn 仍然是我們領先的涼鞋系列，其次是 Crush。本季度，我們積極清理了 Classic 涼鞋的庫存，準備在 2024 年重新推出該系列的新版本。在第四季度，我們還將測試我們最新的涼鞋創新產品 Getaway。 Getaway 圍繞著我們最新的專有材料創新（稱為「自由場」技術）打造，最初將有 4 種款式上市。

For 2023, we expect our sandal business to be approximately $400 million. From a marketing perspective, Q3 has some of our biggest wins to date. In July, our Barbie collaboration, which featured clogs, sandals and Jibbitz, sold out quickly ahead of the blockbuster movie launch, and we restocked the collection twice during the quarter. It was our #1 licensed property in the quarter.

到 2023 年，我們預計涼鞋業務約為 4 億美元。從行銷角度來看，第三季取得了迄今為止我們最大的勝利。 7 月份，我們推出的芭比系列產品以木鞋、涼鞋和 Jibbitz 為特色，在大片上映前迅速售空，我們在本季度兩次補貨。這是我們本季排名第一的許可財產。

In August, we dropped our fourth Lightning McQueen adult clog with a very strong unveil on TikTok, garnering approximately 38 million views, our best-performing TikTok ever.

8 月，我們在 TikTok 上推出了第四款閃電麥坤成人木鞋，獲得了約 3800 萬次瀏覽，這是我們有史以來表現最好的 TikTok。

Finally, in September, we launched Shrek globally online and with select retail partners. This launch [garnered] over 300 million global media impressions and helped land Crocs as the #3 on [high-piece] rankings. These partnerships, among several others, drove new consumers to our brand and to our social channels. In fact, we crossed the 2 million follower mark on Instagram in September and recently crossed the 2 million follower mark on TikTok.

最後，我們在 9 月與精選的零售合作夥伴在全球範圍內在線推出了《怪物史萊克》。此次發布[獲得]了超過 3 億次全球媒體曝光，並幫助 Crocs 躋身[高款]排名第三位。這些合作夥伴關係以及其他合作夥伴關係吸引了新消費者使用我們的品牌和社交管道。事實上，我們在 9 月在 Instagram 上突破了 200 萬粉絲大關，最近在 TikTok 上突破了 200 萬粉絲大關。

In October, we celebrated our biggest Croctober yet, with a fan-inspired Crocs Classic Cowboy boot generating significant buzz, garnering 6.2 billion global media impressions through the month-long celebration, with the boot almost completely selling out globally in a few days. At $120 per pair, this was our highest price point Croctober shoe to date, and gives us confidence in the permission our brand has with consumers.

10 月份，我們慶祝了迄今為止最大的Croctober，一款受粉絲啟發的Crocs 經典牛仔靴引起了巨大轟動，在為期一個月的慶祝活動中獲得了62 億次全球媒體印象，幾天之內這款靴子在全球幾乎全部售罄。每雙 120 美元，這是我們迄今為止 Croctober 鞋的最高價位，這讓我們對我們的品牌獲得消費者的認可充滿信心。

Asia is another important long-term growth driver for the Crocs brand, as the brand is currently underpenetrated relative to the U.S. In Q3, Asia revenues grew by 29% in constant currency. Growth was again broad-based, with strong brand momentum across the region. We've continued to invest in talent in the region.

亞洲是 Crocs 品牌的另一個重要的長期成長驅動力，因為該品牌目前相對於美國而言滲透率較低。第三季度，以固定匯率計算，亞洲收入增長了 29%。成長再次實現廣泛基礎，整個地區的品牌勢頭強勁。我們繼續對該地區的人才進行投資。

During Q3, we welcomed Carol Chen, our new SVP and General Manager of APAC, who joined us following a 22-year career at Nike. Drilling down into China. We had another exceptional quarter of growth, where Q3 revenues increased over 90% in constant currency, ahead of our expectations. Crocs' rising popularity in China has created a [passionate] following with a hashtag known as Dongmen or Crocs followers. We now have close to 60 million Dongmen hashtags on RED, up from approximately 40 million at the end of Q2.

第三季度，我們迎來了新任高級副總裁兼亞太區總經理 Carol Chen，她在 Nike 工作了 22 年，加入我們。深入中國。我們又經歷了一個出色的季度成長，以固定匯率計算，第三季營收成長了 90% 以上，超出了我們的預期。 Crocs 在中國日益流行，創造了一群[熱情的]追隨者，其標籤被稱為「東門」或「Crocs 追隨者」。目前，小紅書上有近 6,000 萬個東門主題標籤，高於第二季末的約 4,000 萬個。

In the quarter, we had a particularly successful big brand [A] campaign, which leveraged the introduction of the Siren Silhouette, a Tmall first launch. Revenue during this campaign bested our internal targets handily, driven by our traffic and record high average order value, which underscored our strategy to drive quality business through new product introductions.

在本季度，我們開展了一場特別成功的大品牌 [A] 活動，該活動利用了天貓首次推出的 Siren Silhouette 的推出。在我們的流量和創紀錄的高平均訂單價值的推動下，此次活動期間的收入輕鬆超過了我們的內部目標，這突顯了我們透過新產品推出推動優質業務的策略。

Finally, on the sustainability front, Crocs is taking steps to further its circularity ambitions with the recent launch of our new retail take-back partner program. Piloting this week in 45 of our U.S. retail stores, we're inviting consumers to give all Crocs new life, by dropping Crocs in any condition in collection bins at participating stores. Through this effort, Crocs is working to keep shoes on feet for those who need them, and keep shoes out of landfills.

最後，在永續發展方面，Crocs 正在採取措施，透過最近推出的新零售回收合作夥伴計劃，進一步推進其循環利用目標。本週，我們在美國 45 家零售店進行了試點，邀請消費者將任何狀況下的 Crocs 放入參與商店的收集箱中，為所有 Crocs 賦予新生命。透過這項努力，Crocs 致力於為有需要的人提供鞋子，並將鞋子遠離垃圾掩埋場。

Turning to HEYDUDE. I remain confident in the brand health metrics that underscore how beloved this brand is with consumers. This fall, HEYDUDE was the #7 favorite footwear brand in the Piper Sandler Taking Stock With Teens survey, taking the highest share we have seen to date. In underpenetrated markets like the Northeast, mind share almost tripled among the teen demographic. Despite a tough footwear backdrop, we're pleased with the performance of our strategic accounts during the back-to-school season. Strategic wholesale now represents 50% of our brand sales mix, up from 39% last year.

轉向 HEYDUDE。我對品牌健康指標仍然充滿信心，這些指標突顯了該品牌深受消費者喜愛的程度。今年秋天，HEYDUDE 成為 Piper Sandler 青少年調查中最受歡迎的鞋類品牌第七名，佔據了迄今為止最高的份額。在東北地區等滲透率較低的市場，青少年的心智份額幾乎增加了兩倍。儘管鞋類市場情況嚴峻，但我們對返校季期間戰略客戶的表現感到滿意。策略批發現在占我們品牌銷售組合的 50%，高於去年的 39%。

In Q3, sell-out from our strategic accounts was up 28% year-over-year, offset by the rationalization of our nonstrategic accounts. From a product perspective, we're focused on new style introductions that create heat and drive new consumers to our brand, while working down our carryover inventory. During the back-to-school season, top-selling styles included core icons like the Wally Sox Micro in Black alongside our updated icons like the Wendy Funk Mono in Electric Pink. We also saw continued strength in our Sirocco sneaker, which rounded out our top selling styles.

第三季度，我們的策略客戶的銷售量年增 28%，但被我們的非策略客戶的合理化所抵銷。從產品角度來看，我們專注於推出新款式，以創造熱量並吸引新消費者購買我們的品牌，同時減少我們的結轉庫存。在返校季節，最暢銷的款式包括黑色 Wally Sox Micro 等核心標誌，以及電粉色 Wendy Funk Mono 等更新標誌。我們也看到 Sirocco 運動鞋的持續強勢，它完善了我們最暢銷的款式。

In the third quarter, we dropped our second Massimo collaboration with sell-through rates of greater than 60%, attracting an influx of younger consumers to our buyer file. In September, there was tremendous excitement around our first-ever collegiate collection, which featured 12 schools alongside several NIL athletes who will act as brand ambassadors. We had strong consumer feedback as several schools sold out of the collection in the first 5 days.

第三季度，我們放棄了與 Massimo 的第二次合作，其售出率超過 60%，吸引了大量年輕消費者湧入我們的買家檔案。 9 月份，我們的首個大學系列引起了極大的關注，其中包括 12 所學校以及幾位 NIL 運動員，他們將擔任品牌大使。我們收到了強烈的消費者回饋，因為有幾所學校的收藏在前 5 天內就已經售空了。

In August, we inked a long-term partnership with Dude Perfect, a content group that is known for its humor and iconic trick shots. Dude Perfect has amassed a powerful social community with approximately 90 million followers across YouTube, TikTok and Instagram, and believes in coming together in good times, a brand ethos consistent with HEYDUDE. Leveraging our consumer insights that over 50% of our buyers give HEYDUDEs as gifts, Dude Perfect will be the face of our Happy Holi-Dudes holiday programming.

8 月，我們與 Dude Perfect 簽署了長期合作夥伴關係，Dude Perfect 是一個以其幽默和標誌性特技鏡頭而聞名的內容組織。 Dude Perfect 在 YouTube、TikTok 和 Instagram 上累積了強大的社交社區，擁有約 9000 萬粉絲，並堅信共度美好時光，這也是 HEYDUDE 一貫的品牌精神。根據我們的消費者洞察，超過 50% 的買家將 HEYDUDE 作為禮物贈送，Dude Perfect 將成為我們 Happy Holi-Dudes 節日節目的代言人。

As I reflect on where we are as a brand, I remain as confident in the long-term opportunities as I was when we acquired HEYDUDE. We believe that the brand's versatility, the product's easy on and off nature, iconic silhouettes and the permission to expand into new categories and regions remains unparalleled.

當我反思我們作為一個品牌所處的位置時，我對長期機會仍然充滿信心，就像我們收購 HEYDUDE 一樣。我們相信，該品牌的多功能性、產品的易穿脫性、標誌性的輪廓以及擴展到新類別和地區的許可仍然是無與倫比的。

That said, I acknowledge that there have been several growing pains this past year, some of our own doing and others tied to the macro backdrop. I want to take the time to share our learnings and our recent actions designed to bring the brand to a healthy [pull] market.

也就是說，我承認去年出現了一些成長的煩惱，其中一些是我們自己造成的，有些則與宏觀背景有關。我想花時間分享我們的經驗教訓以及我們最近為將品牌帶入健康的[拉動]市場所採取的行動。

In 2022, we accelerated growth within our strategic accounts, and we did it fast. The intent of this decision was to build brand awareness and secure shelf space with our most important retail partners. We've delivered on both of these goals. As evidenced in our recent brand health tracker, aided awareness of the HEYDUDE brand in North America is now at 32% in Q3, up from 18% in Q1. That said, we recognize the need to be better around driving effective segmentation alongside new product introductions to sustain this broader customer base. There was also more carryover inventory in our legacy customers than we had expected, which further diluted our offerings.

2022 年，我們加速了策略客戶的成長，而且速度很快。該決定的目的是與我們最重要的零售合作夥伴建立品牌知名度並確保貨架空間。我們已經實現了這兩個目標。正如我們最近的品牌健康追蹤器所證明的那樣，HEYDUDE 品牌在北美的輔助認知度第三季為 32%，高於第一季的 18%。也就是說，我們認識到需要更好地推動有效的細分以及新產品的推出，以維持更廣泛的客戶群。我們的老客戶的結轉庫存也比我們預期的要多，這進一步稀釋了我們的產品。

Year-to-date, we've made considerable progress in cleaning up our inventory and are pleased that our HEYDUDE inventory ended down 41% from Q3 last year. We've also made several key hires over the past 12 months to fortify our efforts in North America marketplace management, including hiring a GM of North America, VP of Global Category and Channel Management and other talents in product design, wholesale sales and consumer insights. We're already seeing the benefits of the augmented team and believe this collective impact will build as we move throughout 2024.

今年迄今為止，我們在清理庫存方面取得了相當大的進展，並且很高興我們的 HEYDUDE 庫存比去年第三季下降了 41%。在過去的12 個月裡，我們還聘請了幾名關鍵人員，以加強我們在北美市場管理方面的努力，包括聘請北美總經理、全球品類和通路管理副總裁以及產品設計、批發銷售和消費者洞察方面的其他人才。我們已經看到了增強團隊的好處，並相信隨著我們在 2024 年前進，這種集體影響將會不斷增強。

As we've talked about on our previous calls, we are anniversarying last year's pipeline fill, which impacted Q3 by approximately $60 million, and we expect to be approximately $50 million headwind in Q4, unchanged from our former outlook. What has changed since we last updated you in July, retailers are more cautious around our HEYDUDE brand and at-once demand was lighter than we previously expected. For the industry, post back-to-school wholesale market has been soft, as consumers have pulled back and football has been down double digits. Our HEYDUDE brand, which has limited history with retailers, has seen a more restricted open to buy as we look into the spring season.

正如我們在之前的電話會議中談到的那樣，我們正在慶祝去年的管道填充，這對第三季度產生了約6000 萬美元的影響，我們預計第四季度將面臨約5000 萬美元的阻力，與我們之前的預期相同。自從我們上次在 7​​ 月向您通報情況以來，情況發生了變化，零售商對我們的 HEYDUDE 品牌更加謹慎，而且需求量比我們之前預期的要少。對該行業來說，返校後批發市場一直疲軟，因為消費者減少了，足球比賽也出現了兩位數的下滑。我們的 HEYDUDE 品牌在零售商中的歷史有限，隨著我們展望春季，購買的機會更加有限。

In sharp contrast, our spring order book for Crocs brand are strong for the first half of 2024, reflecting the ongoing momentum we see in the Crocs brand. Taking the environment aside, we made an important pivot to our digital pricing strategy in September. Specifically, we made the decision to stop price matching with the gray market goods that are selling on Amazon, forfeiting near-term sales to prioritize long-term market health. We know it's the right decision for the brand going forward. Already, we are seeing immediate positive impacts, with ASP up over $10 on Amazon and the pivot has been acknowledged by our wholesale partners.

與此形成鮮明對比的是，我們的 Crocs 品牌 2024 年上半年春季訂單強勁，反映出我們在 Crocs 品牌中看到的持續成長勢頭。撇開環境不談，我們在 9 月對數位定價策略做出了重要調整。具體來說，我們決定停止與亞馬遜上銷售的灰色市場商品進行價格匹配，放棄近期銷售，以優先考慮長期市場健康狀況。我們知道這是品牌未來發展的正確決定。我們已經看到了即時的正面影響，亞馬遜上的平均售價上漲了 10 美元以上，而且這一轉變已得到我們的批發合作夥伴的認可。

While this will hinder sales growth in Q4 and possibly into the first half of next year, we believe this will set us up for a much cleaner marketplace as we move throughout 2024, as well as protect the brand. Unauthorized inventory levels have improved versus where they were in June. And based on our current visibility, we expect gray market goods to be in a substantially better position in the first half of 2024. While we are not guiding to 2024, we would expect HEYDUDE wholesale revenues in North America to remain negative through Q2, tied in part to macro and in part due to our decision to pull back on promotional activity, prioritizing brand health and marketplace management.

雖然這將阻礙第四季甚至明年上半年的銷售成長，但我們相信，這將為我們在 2024 年邁向更乾淨的市場奠定基礎，並保護品牌。未經授權的庫存水準較 6 月有所改善。根據我們目前的能見度，我們預計 2024 年上半年灰色市場商品的狀況將明顯好轉。雖然我們沒有對 2024 年進行指導，但我們預計 HEYDUDE 在北美的批發收入到第二季度仍將保持負數，與部分是由於宏觀因素，部分是由於我們決定減少促銷活動，優先考慮品牌健康和市場管理。

Beyond this year, I would like to provide some of the building blocks and how we're thinking about HEYDUDE's growth agenda. First, we are adopting an omnichannel approach to drive engagement and meet consumers where they shop. In addition to strengthening our digital capabilities and staying disciplined with our strategic wholesale partners, we'll explore brand accretive opportunities. To that end, we are in the early days of developing an outlet retail strategy for the HEYDUDE brand, leveraging Croc's successful retail playbook. We have opened our first outlet locations and expect to have 5 locations by the end of the year.

今年之後，我想提供一些建置模組以及我們如何考慮 HEYDUDE 的成長議程。首先，我們採用全通路方法來提高參與度並在消費者購物時與他們見面。除了加強我們的數位能力並與我們的策略批發合作夥伴保持紀律外，我們還將探索品牌增值機會。為此，我們正在利用 Croc 成功的零售策略為 HEYDUDE 品牌制定直銷零售策略。我們已經開設了第一家直營店，預計今年底將開設 5 家直營店。

Second, we're remaining laser-focused on winning with our U.S. strategic wholesale partners through improved segmentation and differentiation. In 2024, we are focused on strengthening our family channel partners, further tapping into the sporting goods channel where we have ample white space, and elevating our approach with [more base] specialty. We also expect to start 2024 with a much cleaner account base, having shuttered over 50% or 600 accounts during the year. We have also pulled back on digital rights for accounts that fall outside of our strategic accounts.

其次，我們仍然專注於透過改進細分和差異化來贏得美國戰略批發合作夥伴的青睞。 2024 年，我們的重點是加強我們的家庭通路合作夥伴，進一步開拓我們擁有充足空白空間的體育用品管道，並透過[更多基礎]專業提升我們的方法。我們也預計 2024 年伊始，帳戶基礎將更加乾淨，年內關閉了超過 50% 或 600 個帳戶。我們也取消了不屬於我們策略帳戶的帳戶的數位版權。

Third, international. We have set up a few test markets in Europe and are laying the groundwork to expand in new international markets in the next 2 to 3 years. We will use an approach that is consistent with our Crocs playbook, go direct to markets where we are direct for Crocs, and utilize distribution partners in markets where we are indirect with Crocs.

第三，國際化。我們已經在歐洲建立了一些測試市場，並正在為未來 2 至 3 年內拓展新的國際市場奠定基礎。我們將採用與 Crocs 策略一致的方法，直接進入我們直接銷售 Crocs 的市場，並在我們間接銷售 Crocs 的市場中利用分銷合作夥伴。

In summary, our Crocs brand has never been stronger, and we remain steadfast on executing our global long-term strategy. With HEYDUDE, we're focused on protecting profitability and elevating marketplace management, even if that comes at the expense of near-term revenues, in an effort to support consistent profitable growth in the long term.

總而言之，我們的 Crocs 品牌從未如此強大，我們仍然堅定地執行我們的全球長期策略。透過 HEYDUDE，我們專注於保護獲利能力和提升市場管理，即使這會以犧牲短期收入為代價，以努力支持長期的持續獲利成長。

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的財務表現。

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.

謝謝你，安德魯，大家早安。我將首先簡短回顧一下我們第三季的業績。除非另有說明，否則所有收入成長率均以固定匯率計算。有關提及的非公認會計原則金額與其同等公認會計原則金額的調節表，請參閱今天上午的新聞稿。

We had a strong third quarter with over $1 billion in consolidated revenues, representing approximately 6% growth year-over-year. We delivered another quarter of industry-leading margins with adjusted gross margins of 57.4%, adjusted operating margin of 28.3% and adjusted diluted EPS growth of 9%. Our portfolio is diversified from a brand, channel and geography perspective. On a trailing 12-month basis and in Q3, Crocs brand revenues were 75% of total revenues, and HEYDUDE brand revenues were 25%. Channel mix was well balanced, with wholesale revenues representing 53% of TTM revenues and DTC at 47%.

我們的第三季表現強勁，合併收入超過 10 億美元，較去年同期成長約 6%。我們又一個季度實現了業界領先的利潤率，調整後毛利率為 57.4%，調整後營業利潤率為 28.3%，調整後稀釋每股收益成長為 9%。我們的產品組合從品牌、通路和地理的角度來看是多元化的。從過去 12 個月的數據來看，第三季度，Crocs 品牌營收佔總營收的 75%，HEYDUDE 品牌營收佔 25%。通路組合非常平衡，批發收入佔 TTM 收入的 53%，DTC 佔 47%。

Finally, approximately 33% of total TTM revenues and 40% of Crocs brand TTM revenues were from international markets. During the third quarter, Crocs brand revenues were $799 million, growing 11% relative to prior year and driven by strong DTC growth of 18.4%. The brand sold 29 million pairs of shoes, a decrease of 4% from last year. The unit decline came almost entirely from our EMEALA region, tied to the corrective actions we took last quarter to curtail a significant African distributor that we believe was diverting goods to the U.S. gray market.

最後，大約 33% 的 TTM 總收入和 40% 的 Crocs 品牌 TTM 收入來自國際市場。第三季度，Crocs 品牌營收為 7.99 億美元，較去年同期成長 11%，主要得益於 18.4% 的 DTC 強勁成長。該品牌共售出 2,900 萬雙鞋，較去年下降 4%。單位數量的下降幾乎完全來自我們的歐洲、中東和非洲地區，這與我們上季度為限制一家重要的非洲經銷商而採取的糾正措施有關，我們認為該經銷商正在將貨物轉移到美國灰色市場。

The Crocs brand average selling price during Q3 was $27.25, which was up 15% on a constant currency basis, driven by product mix, fewer DTC promotions, international price increases and channel mix. Within the Crocs brand, clogs grew double digits and continued to generate demand with newer products such as Echo, Mega Crush and Height in Asia. Kids is also developing into a solid category for the brand and took significant share during the back-to-school season, representing approximately 20% of footwear revenues.

Crocs 品牌第三季的平均售價為 27.25 美元，在產品組合、DTC 促銷活動減少、國際價格上漲和通路組合的推動下，以固定匯率計算上漲了 15%。 Crocs 品牌中的木底鞋成長了兩位數，並繼續透過 Echo、Mega Crush 和 Height 等新產品在亞洲產生需求。童裝也正在發展成為該品牌的穩固品類，並在返校季佔據了顯著份額，約佔鞋類收入的 20%。

Sandals increased 6% in Q3. As Andrew mentioned, sandal growth was lighter in Q3 as we destocked the classic franchise ahead of relaunching an updated line in 2024. Finally, Jibbitz continues to create excitement and engagement with consumers around the world, growing 15% from last year with growth across all 3 regions, but particularly strong in Asia.

第三季涼鞋成長了 6%。正如Andrew 所提到的，涼鞋在第三季度的增長較輕，因為我們在2024 年重新推出更新的產品線之前減少了經典系列產品的庫存。最後，Jibbitz 繼續為世界各地的消費者帶來興奮和參與，與去年相比成長了15%，所有產品均實現成長3 個地區，但亞洲尤其強勁。

Now let's discuss a few Crocs brand highlights by region. In North America, third quarter revenues increased 8% to $481 million. We gained significant market share in a declining U.S. footwear market. North America DTC comparable sales were up 10.2%. Wholesale revenues decreased 1% as double-digit brick-and-mortar wholesale growth was offset by declines to Amazon as we evolve our distribution model on Amazon. This shift negatively impacted unit growth and positively impacted ASP growth in our North America region.

現在讓我們按地區討論幾個 Crocs 品牌亮點。在北美，第三季營收成長 8%，達到 4.81 億美元。我們在不斷下滑的美國鞋類市場中獲得了顯著的市場份額。北美 DTC 可比銷售額成長 10.2%。隨著我們在亞馬遜上發展分銷模式，實體批發的兩位數成長被亞馬遜的下滑所抵消，批發收入下降了 1%。這一轉變對北美地區的銷售成長產生了負面影響，並對平均售價成長產生了積極影響。

As we look into 2024, we are pleased with the strength of our spring order book for North America wholesale.

展望 2024 年，我們對北美批發春季訂單的強勁勢頭感到滿意。

Crocs Brands Q3 revenues in Asia grew 29% to $175 million, and growth was broad-based across countries and channels. Australia led the growth, with revenues increasing triple digits, and China grew over 90% versus last year. South Korea and Southeast Asia each saw strong double-digit growth rates in the quarter. Crocs brand revenues for EMEALA were $143 million, up 3% from the third quarter of 2022. This quarter, we saw robust double-digit growth in the U.K. and France. This strength was somewhat offset by Germany, which weakened during the quarter against a tough economic backdrop.

Crocs Brands 第三季在亞洲的營收成長了 29%，達到 1.75 億美元，成長在各國和通路都有廣泛的基礎。澳洲引領成長，營收成長了三位數，而中國較去年成長了 90% 以上。韓國和東南亞本季均實現了兩位數的強勁成長率。 Crocs 品牌在歐洲、中東和非洲地區的營收為 1.43 億美元，較 2022 年第三季成長 3%。本季度，我們在英國和法國實現了兩位數的強勁成長。這一強勢在某種程度上被德國所抵消，德國在本季經濟嚴峻的背景下走弱。

As previously mentioned, we terminated a relationship with a significant distributor servicing Africa in Q2. In Q3, we saw an $8 million revenue headwind from this corrective action, and we expect to see a $13 million headwind in Q4, bringing the year to a cumulative $29 million revenue headwind.

如前所述，我們在第二季終止了與一家為非洲提供服務的重要經銷商的關係。在第三季度，我們看到這項糾正措施帶來了 800 萬美元的收入逆風，我們預計第四季將出現 1,300 萬美元的逆風，使全年收入逆風累計達到 2,900 萬美元。

Turning to HEYDUDE. Q3 revenues were $247 million, a decrease of 9% from last year. During Q3, the brand sold 8.3 million pairs of shoes, a decrease of 11% over last year. HEYDUDE average selling price during Q3 was $29.68, a 3% higher than prior year as channel mix into DTC and product mix in wholesale was partially offset by double-digit pricing declines on e-commerce. As a reminder, our average selling price is a basic average and not adjusted for channel dynamics.

轉向 HEYDUDE。第三季營收為 2.47 億美元，較去年下降 9%。第三季度，該品牌售出 830 萬雙鞋，比去年下降 11%。 HEYDUDE 第三季的平均售價為 29.68 美元，比去年同期高出 3%，因為 DTC 的通路組合和批發的產品組合被電子商務兩位數的定價下降所部分抵消。提醒一下，我們的平均售價是基本平均值，並未根據通路動態進行調整。

Wholesale revenues were down 20% from Q3 last year, as we continue to let pipeline fill and as lower consumer footfall led to retailers taking a more conservative approach to at-once orders. The DTC channel, which is predominantly e-commerce, led the growth with revenues increasing 15% from last year. Consolidated adjusted gross margins for the third quarter were 57.4%, increasing 230 basis points from last year, driven by favorability in ocean freight rates and the absence of air freight, as well as lower promotional activity in the Crocs brand. These were both partially offset by higher overhead and fulfillment costs associated with our HEYDUDE distribution network inefficiency.

批發收入較去年第三季下降了 20%，因為我們繼續讓通路填滿，並且消費者客流量減少導致零售商對一次性訂單採取了更保守的做法。以電子商務為主的 DTC 管道引領了成長，營收比去年成長了 15%。第三季綜合調整後毛利率為 57.4%，比去年增加 230 個基點，主要得益於海運價格的優惠和空運的缺乏，以及 Crocs 品牌促銷活動的減少。這些都被我們的 HEYDUDE 分銷網絡效率低下帶來的更高的管理費用和履行成本所部分抵消。

Turning to the brands. Adjusted gross margin for the Crocs brand was 62.1% or 460 basis points higher than prior year. Key drivers of this improvement include 340 basis points from lower freight, fewer year-over-year promotions partially offset by product mix. HEYDUDE adjusted gross margins were 42.8%, down 600 basis points from prior year. Approximately 500 basis points of margin headwind came from higher levels of discounting in our digital channels. Distribution and logistics inefficiencies also remain headwinds. Offsetting these headwinds, we saw lower inbound freight in the quarter.

轉向品牌。 Crocs 品牌的調整後毛利率為 62.1%，比前一年高出 460 個基點。這項改善的主要驅動因素包括運費降低 340 個基點、年比促銷活動減少（部分由產品組合抵銷）。 HEYDUDE 調整後毛利率為 42.8%，較前一年下降 600 個基點。大約 500 個基點的利潤逆風來自我們數位管道更高水準的折扣。分銷和物流效率低下也仍然是不利因素。我們看到本季入境貨運量下降，抵銷了這些不利因素。

During the third quarter, consolidated adjusted SG&A represented 29.1% of revenues, which is 190 basis points higher than last year, as we invested more in talent and marketing for both brands to support our growth trajectory, and we annualized additional investment for HEYDUDE. Our third quarter consolidated adjusted operating income was $296 million, an increase to prior year by 8%, and consolidated adjusted operating margins increased 40 basis points, remaining best-in-class at 28.3%. Our third quarter non-GAAP diluted earnings per share increased 9% to $3.25. Our continued strong free cash flow generation enabled us to repay approximately $90 million of debt in Q3, reducing borrowings to approximately $2 billion. At the end of Q3, our gross leverage was approximately 1.7x as we ended the third quarter with $127 million of cash and cash equivalents.

第三季度，合併調整後的銷售及管理費用佔營收的29.1%，比去年高出190 個基點，因為我們在兩個品牌的人才和行銷方面投入更多，以支持我們的成長軌跡，並且我們對HEYDUDE 進行了年度額外投資。我們第三季的綜合調整後營業收入為 2.96 億美元，較上年同期成長 8%，綜合調整後營業利潤率成長 40 個基點，仍處於同類最佳水平，為 28.3%。我們第三季非 GAAP 攤薄每股收益成長 9% 至 3.25 美元。我們持續強勁的自由現金流產生使我們能夠在第三季償還約 9,000 萬美元的債務，將借款減少至約 20 億美元。截至第三季末，我們的總槓桿率約為 1.7 倍，第三季末我們的現金和現金等價物為 1.27 億美元。

During Q3, we resumed our share repurchase activity and completed $150 million of share buybacks, repurchasing 1.4 million shares at an average price of $107.85. We currently have $900 million remaining on our share repurchase authorization. We will continue to balance debt repayment and share repurchases, and remain committed to our long-term net leverage target of 1 to 1.5x.

第三季度，我們恢復了股票回購活動，完成了 1.5 億美元的股票回購，以平均價格 107.85 美元回購了 140 萬股股票。目前我們的股票回購授權還剩 9 億美元。我們將繼續平衡債務償還和股票回購，並繼續致力於實現 1 至 1.5 倍的長期淨槓桿目標。

Our inventory balance at September 30, 2023, was $390 million, a decline of 24% to last year. Crocs brand inventory was $279 million, down 14% to prior year, and HEYDUDE inventory was $111 million, a decrease of 41% to prior year. Inventory turns continue to improve, and we are very pleased with the health of our inventory.

截至 2023 年 9 月 30 日，我們的庫存餘額為 3.9 億美元，比去年下降 24%。 Crocs品牌庫存為2.79億美元，比上年下降14%，HEYDUDE庫存為1.11億美元，比上年下降41%。庫存週轉率持續改善，我們對庫存的健康狀況感到非常滿意。

As we look forward, I would like to share our current outlook for the fourth quarter and full fiscal 2023. All numbers will be on a reported basis, unless otherwise stated. While we are very pleased by our consolidated results in the first 9 months of the year and the standout performance of our Crocs brand, we recognize our HEYDUDE performance has fallen short of expectations. As Andrew mentioned, we took actions during Q3 to prioritize longer-term marketplace health. As such, we are reducing our expectations for Q4 and the full year.

展望未來，我想分享我們目前對第四季和 2023 財年的展望。除非另有說明，所有數據都將基於報告。雖然我們對今年前 9 個月的綜合業績以及 Crocs 品牌的出色表現感到非常滿意，但我們認識到 HEYDUDE 的表現未達到預期。正如安德魯所提到的，我們在第三季採取了行動，優先考慮長期市場健康。因此，我們降低了對第四季和全年的預期。

For fiscal 2023, we now expect consolidated Crocs Inc. revenue growth to be 10% to 11% compared to 2022, down from the prior range of 12.5% to 14.5% growth and resulting in full year revenues of approximately $3.905 billion to $3.940 billion. From a brand perspective, our expectation for the Crocs brand remain unchanged at 12% to 13% revenue growth, despite a tougher FX headwind than we previously projected.

對於 2023 財年，我們目前預計 Crocs Inc. 的合併收入較 2022 年增長 10% 至 11%，低於之前 12.5% 至 14.5% 的增長範圍，全年收入約為 39.05 億美元至 39.40 億美元。從品牌角度來看，儘管外匯逆風比我們之前預期的更為嚴峻，但我們對 Crocs 品牌營收成長的預期仍保持在 12% 至 13% 不變。

For HEYDUDE, we are lowering our full year revenue outlook to up approximately 4% to 6% on a reported basis, down from our prior range of 14% to 18% growth. This translates to a contraction of 4% to 6% on the 2022 pro forma revenues of $986 million. As always, we are focused on best-in-class profitability. We continue to expect our consolidated gross margins to be greater than 55.5%, led by the Crocs brand. Given the confidence we have in our brands long term, we are making a conscious effort to continue to invest across the enterprise and we now expect full year adjusted operating margins of approximately 27%.

對於 HEYDUDE，我們將全年營收預期從報告基礎上的成長 14% 至 18% 下調至約 4% 至 6%。這意味著 2022 年預計收入 9.86 億美元將減少 4% 至 6%。一如既往，我們專注於一流的獲利能力。我們繼續預計以 Crocs 品牌為首的綜合毛利率將超過 55.5%。鑑於我們對品牌的長期信心，我們正在有意識地努力繼續在整個企業進行投資，目前預計全年調整後營業利潤率約為 27%。

Our adjusted diluted earnings per share outlook moved to $11.55 to $11.85, down from our prior guidance range of $11.83 to $12.22. For Q4, we expect consolidated revenues to be between $903 million and $938 million, implying a contraction of 1% to 4% from last year. Within the brands, we expect Crocs to grow 4% to 7% and HEYDUDE to be down 20% to 25%. We expect Q4 adjusted operating margin to be approximately 21% and adjusted diluted earnings per share of $2.05 to $2.35.

我們調整後的稀釋每股收益展望從先前的指導範圍 11.83 美元到 12.22 美元下調至 11.55 美元到 11.85 美元。對於第四季度，我們預計合併收入將在 9.03 億美元至 9.38 億美元之間，這意味著比去年收縮 1% 至 4%。在這些品牌中，我們預計 Crocs 將成長 4% 至 7%，而 HEYDUDE 將下降 20% 至 25%。我們預計第四季調整後營業利潤率約為 21%，調整後稀釋每股收益為 2.05 美元至 2.35 美元。

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

此時，我會將電話轉回給安德魯，詢問他的最後想法。

Thank you, Anne. As we look forward, our focus remains squarely on sustaining brand health, investing behind market share gains and supporting durable revenue and profit growth. I remain confident in our brands, our leadership and a significant opportunity ahead of us to take share in the casual footwear market.

謝謝你，安妮。展望未來，我們的重點仍然是維持品牌健康、投資於市場份額的成長以及支持持久的收入和利潤成長。我對我們的品牌、我們的領導力以及我們在休閒鞋市場佔據份額的重大機會仍然充滿信心。

At this time, we'll open the call for questions.

此時，我們將開放提問。

(Operator Instructions) Our first question comes from Jonathan Komp from Baird.

（操作員說明）我們的第一個問題來自 Baird 的 Jonathan Komp。

I want to ask first on HEYDUDE. Maybe, Anne, if you could clarify the fourth quarter outlook, just broad expectations for the 2 channels. And for your strategic accounts in wholesale, are you losing shelf space? Or what should we make of the reported revenue trend there? And then maybe, Andrew, more broadly for 2024. I want to get your thoughts. I know when you bought the brand you talked about revenue north of $1 billion for 2024. Is that still a realistic possibility? Or has that been pushed out a while? And when you think about the factors to drive sell-throughs, how would you rank order sort of the biggest opportunities into next year?

我想先問HEYDUDE。也許，安妮，如果你能澄清第四季度的前景，只是對兩個管道的廣泛預期。對於您的批發策略客戶來說，您是否正在失去貨架空間？或者我們應該如何看待報告的收入趨勢？安德魯，也許更廣泛地說是 2024 年。我想聽聽你的想法。我知道，當您購買該品牌時，您談到 2024 年的收入將超過 10 億美元。這仍然是現實的可能性嗎？還是已經被延後了一段時間了？當您考慮推動銷售的因素時，您會如何對明年最大的機會進行排序？

Let me talk about Q4 shelf space. Anne will then give you some updates on the channel expectations for HEYDUDE and then I'll come back and talk about '24. So from a Q4 perspective, we don't believe we're losing shelf space. In fact, we're not losing shelf space in our strategic accounts. We have ample evidence for that. We're taking down our sell-in expectations to allow us to lower in-channel inventories. We're doing that in a number of ways. One, proactive cancellation of prior orders, so that there's less inventory flowing into the channel. We're also supporting our wholesale partners with some inventory cleanup that includes [so] both returns and also some markdown funding so they can clean their inventories in the fourth quarter of this year. The strategic accounts in the Q3 were up 28% in terms of their sellout. And we think they will continue to grow in terms of sellout. And the brand will gain share in the fourth quarter.

先說Q4的貨架空間。然後 Anne 將為您提供有關 HEYDUDE 頻道期望的一些最新信息，然後我會回來談論“24”。因此，從第四季度的角度來看，我們認為我們不會失去貨架空間。事實上，我們並沒有失去戰略客戶的貨架空間。我們有充分的證據證明這一點。我們正在降低銷售預期，以降低通路內庫存。我們正在透過多種方式做到這一點。第一，主動取消先前的訂單，從而減少流入渠道的庫存。我們還支持我們的批發合作夥伴進行一些庫存清理，其中包括退貨和一些降價資金，以便他們可以在今年第四季清理庫存。第三季策略客戶的銷售量成長了 28%。我們認為他們的銷量將繼續增長。該品牌將在第四季度獲得份額。

And then, John, for your question on clarifying HEYDUDE growth. So our full year HEYDUDE guidance on a reported basis is 4% to 6%. On a pro forma basis, it's to shrink 4% to 6%. So that implies that our Q4 growth for HEYDUDE -- our Q4 would be a negative 20 to negative 25, is the revenue guide. And then when you think about channels -- that -- as we've talked about, it's still -- that implies negative wholesale and then we expect DTC to be slightly better than that.

然後，約翰，關於澄清 HEYDUDE 成長的問題。因此，根據報告，我們的 HEYDUDE 全年指引值為 4% 至 6%。按預計，將縮減 4% 至 6%。因此，這意味著我們 HEYDUDE 第四季的成長——我們的第四季將是負 20 到負 25，這是收入指南。然後，當你考慮渠道時——正如我們所討論的，它仍然意味著負批發，然後我們預計 DTC 會比這稍微好一些。

And then from a '24 perspective, the last part of your question, John. Yes, I think we're very confident the brand will be north of $1 billion in 2024. We do anticipate that wholesale sales, which is obviously predominantly North America, will be down in the first part of the year, but we're confident that DTC will be up and overall will drive growth for the full year.

然後從 24 世紀的角度來看，你問題的最後一部分，約翰。是的，我認為我們非常有信心該品牌在 2024 年的銷售額將超過 10 億美元。我們確實預計批發銷售額（顯然主要是北美）將在今年上半年下降，但我們有信心DTC 將會上升，總體而言將推動全年的成長。

And is it possible, Andrew, just your thinking today? I know it's early, but in terms of the biggest contributors to the sell-through whether it's some of the distribution capacity, new products, new geographies? How are you thinking about sort of the biggest drivers as they line up, sitting here today?

安德魯，這有可能只是你今天的想法嗎？我知道現在還為時過早，但就銷售量的最大貢獻者而言，是否是一些分銷能力、新產品、新地區？當今天坐在這裡的最大的車手們排隊時，您有何感想？

So I think -- there's a few things going on. One is, I think, account rationalization. So as we think of sellout, sellout at our strategic accounts has been strong, as we highlighted the 28% growth in Q3 -- we published the growth rates that we've seen in prior quarters. So the strategic accounts, HEYDUDE is performing well with those accounts. We have rationalized a significant number of our nonstrategic accounts or legacy accounts, about 50%, we'll close over 600 doors by the time we get to the end of the year.

所以我認為——有一些事情正在發生。我認為，一是帳戶合理化。因此，當我們想到銷售時，我們策略客戶的銷售一直很強勁，因為我們強調了第三季 28% 的成長——我們公佈了我們在前幾個季度看到的成長率。因此，HEYDUDE 的策略客戶在這些客戶方面表現良好。我們已經合理化了大量的非策略帳戶或遺留帳戶，大約佔 50%，到今年年底我們將關閉 600 多個帳戶。

We've also rationalized the digital selling for the nonstrategic accounts. There was, I think, a very long list of accounts that historically had the rights to sell digitally. They have all been revoked, apart from our core strategic accounts. So we -- I think we're doing the hard work to get a significant reset for the brand in the North American marketplace with our wholesale partners. We do anticipate our wholesale partners to plan their overall business pretty conservatively in this consumer environment, both through the fourth quarter of this year and into first part of next year.

我們也合理化了非策略性帳戶的數位銷售。我認為，有一長串歷史上有權進行數位銷售的帳戶。除了我們的核心策略帳戶外，它們都已被撤銷。因此，我認為我們正在努力與我們的批發合作夥伴一起在北美市場上對該品牌進行重大重置。我們確實預期我們的批發合作夥伴會在這種消費環境下相當保守地規劃他們的整體業務，從今年第四季到明年上半年。

And I think we also are very focused on driving improved product differentiation and segmentation across our wholesale partners with both new product introductions. I think we feel very confident about the pipeline of new products that we have. And you've seen us start to ramp up the licensing and collaboration engine that we use on Crocs in HEYDUDE. You've seen a couple of those. We talked about it in Anne's prepared remarks, and that will accelerate through the back half of this year into next year.

我認為我們也非常注重透過新產品的推出來推動批發合作夥伴的產品差異化和細分化。我認為我們對我們擁有的新產品系列非常有信心。您已經看到我們開始加強在 HEYDUDE 的 Crocs 上使用的許可和協作引擎。你已經見過其中幾個了。我們在安妮準備好的演講中談到了這一點，這將在今年下半年到明年加速。

And then just last one, Anne, if I could, on the fourth quarter operating margin target. Could you just comment there? Are you embedding any change in promotional activity for the Crocs brand and the gross margin there? And G&A, are you changing the expectations at all for the slightly more challenging top line environment here?

最後一個，安妮，如果可以的話，關於第四季營業利潤率目標。你能在那裡發表評論嗎？您是否在 Crocs 品牌的促銷活動和毛利率中嵌入了任何變化？ G&A，您是否會改變對這裡更具挑戰性的營收環境的期望？

So a couple of things. I would say we're really pleased overall with our Crocs gross margins, and we reaffirmed our gross margin guidance for the year. So we actually think from a promotional standpoint, year-over-year promotions, we're planning flat to last year. We'll participate in normal promotional periods, but we don't see -- we don't anticipate any big change. And then from an SG&A standpoint, we do think it's really important to invest for the future and not try to manage one quarter from a profitability standpoint. So we do expect to continue to invest SG&A, and that's how you get to the overall profitability guidance.

有幾件事。我想說，我們對 Crocs 的毛利率總體感到非常滿意，並且我們重申了今年的毛利率指導。因此，我們實際上從促銷的角度來看，逐年促銷，我們計劃與去年持平。我們將參加正常的促銷期，但我們預計不會有任何重大變化。然後，從SG&A的角度來看，我們確實認為為未來投資非常重要，而不是試圖從獲利的角度來管理一個季度。因此，我們確實希望繼續投資 SG&A，這就是獲得整體獲利指引的方式。

Our next question comes from Jim Duffy from Stifel.

我們的下一個問題來自 Stifel 的 Jim Duffy。

I wanted to ask a few questions on HEYDUDE. I guess, Andrew, I'll ask you a Monday morning quarterback the HEYDUDE business. [So I mean] you built a lot of awareness for the brand, generated a lot of cash, successfully paid down a lot of debt from the HEYDUDE deal. If you had to do it over again, what would you have done differently? And maybe would that give us some context for the extent of the marketplace challenge and maybe size the spring order declines to give us context for that impact?

我想問一些關於 HEYDUDE 的問題。我想，安德魯，我會問你周一早上四分衛 HEYDUDE 的事情。 [所以我的意思是]你為這個品牌建立了很多知名度，產生了大量現金，並成功償還了 HEYDUDE 交易中的大量債務。如果你必須重來一次，你會採取什麼不同的做法？也許這會給我們一些關於市場挑戰程度的背景信息，或者可能為我們提供有關這種影響的背景信息？

That's a good question, it was well framed, Jim. As we kind of look at the brand, we've grown it over 60% from a top line perspective since we've earned it. We've generated over approximately $472 million of EBIT since we've owned it. It's had strong cash flow, and it's been accretive from day one. So I think while there are some short-term challenges, it's been a great addition to our portfolio.

這是一個很好的問題，它的框架很好，吉姆。當我們審視這個品牌時，從收入角度來看，自從我們贏得這個品牌以來，我們已經將其成長了 60% 以上。自從我們擁有它以來，我們已經產生了超過約 4.72 億美元的息稅前利潤。它擁有強勁的現金流，並且從第一天起就一直在增值。因此，我認為雖然存在一些短期挑戰，但它對我們的投資組合來說是一個很好的補充。

In terms of the challenges, I think we've really focused on kind of 3 key areas. One is getting stronger control of in-market inventory. And I think the rationale here, so the Monday morning quarterback perspective, we sold in a lot of inventory in 2022 into the market. We wanted to penetrate the sort of broad-based national accounts very quickly. And so -- sorry, [this is] asking me to move closer to the mic. We wanted to penetrate the broad-based national accounts for 2 reasons. We wanted to capture the shelf space. We also wanted to leverage the presence of the product on the shelf in the regions where the brand has not historically been distributed, to raise brand awareness. I think that's worked extremely well. We've definitely captured shelf space, and we've raised brand awareness. We talked in our prepared remarks is how we believe the awareness of the brand is now 32% on a national basis, up from 18% earlier in the year.

就挑戰而言，我認為我們真正關注的是 3 個關鍵領域。一是加強對市場庫存的控制。我認為這裡的理由是，所以在周一早上四分衛的角度來看，我們在 2022 年向市場出售了大量庫存。我們希望很快滲透到基礎廣泛的國民帳戶。所以 - 抱歉，[這是]要求我靠近麥克風。我們想要滲透基礎廣泛的國民帳戶有兩個原因。我們想要佔領貨架空間。我們也希望利用該品牌歷史上從未分銷過的地區貨架上的產品來提高品牌知名度。我認為這非常有效。我們確實佔領了貨架空間，並且提高了品牌知名度。我們在準備好的演講中談到，我們認為該品牌在全國範圍內的認知度目前為 32%，高於今年早些時候的 18%。

But I think the level of inventory was too high. So really, what we're doing is proactively lowering in-channel inventories, working with our strategic accounts to clean up that inventory and putting them in a stronger sell-through and a more profitable position. That's painful in terms of sell-in, which is what you see showing up in our Q4 guidance and what you see in our anticipated Spring '24 order book.

但我認為庫存水準太高了。事實上，我們正​​在做的是主動降低通路內庫存，與我們的策略客戶合作清理庫存，並使它們處於更強勁的銷售和更有利可圖的地位。就銷售而言，這是令人痛苦的，這就是您在我們的第四季度指導中看到的以及我們預期的 24 年春季訂單簿中看到的。

The second thing is improving segmentation and differentiation, such that all of our key customers that may trade in some cases in the same mall or in the same center, can continue to grow their businesses collectively. So as we get a stronger innovation and stronger product pipeline, we believe we can effectively do that.

第二件事是改善細分和差異化，這樣我們所有在某些情況下可能在同一商場或同一中心進行交易的主要客戶都可以繼續共同發展業務。因此，當我們獲得更強大的創新和更強大的產品線時，我們相信我們可以有效地做到這一點。

And the third thing is taking control of pricing, particularly in the digital realm. We've talked about when we show up on Amazon in the gray market. We've seen a lot of price pressure from that. Historically, we had a strategy where we thought we could compete from a price perspective and make sure we captured our fair share. That was dragging down overall pricing in the market. So we pivoted from that perspective. That's given up quite a bit of revenue expectation in the short term, but it's raised our ASPs, raised our profitability.

第三件事是控制定價，特別是在數位領域。我們已經討論過我們何時出現在亞馬遜的灰色市場上。我們已經看到了很大的價格壓力。從歷史上看，我們有一個策略，我們認為我們可以從價格角度競爭，並確保我們獲得公平的份額。這拖累了市場的整體定價。所以我們從這個角度出發。這在短期內放棄了相當多的收入預期，但它提高了我們的平均售價，提高了我們的獲利能力。

It's obviously much more supportive of our wholesale customers. And we're hoping that, that gray market inventory sells down quickly, and we can reset the digital market. So those are probably the 3 big buckets from a sort of Monday morning quarterback perspective. And we're very confident that those will put us in a great position to continue to accelerate this brand in the long term.

這顯然更加支持我們的批發客戶。我們希望灰色市場庫存能夠迅速售完，這樣我們就可以重置數位市場。因此，從週一早上四分衛的角度來看，這些可能是 3 個大桶。我們非常有信心，這些將使我們處於有利地位，並且能夠繼續長期加速這個品牌的發展。

And a question just on the HEYDUDE profit pool, outlook into fiscal '24. Do you still see HEYDUDE gross margin of 50% as achievable in fiscal '24? It looks like the inventories are tight and perhaps maybe even there's less clearance than this year. Do you think that the HEYDUDE profit pool will be in decline in fiscal '24?

還有一個關於 HEYDUDE 利潤池、24 財年展望的問題。您仍然認為 HEYDUDE 在 24 財年可以達到 50% 的毛利率嗎？看起來庫存很緊張，甚至清倉量可能比今年還要少。您認為 HEYDUDE 的利潤池在 24 財年會下降嗎？

So first, I just want to comment that I think both inventory -- inventories for both brands are in really good shape. So I would say that's -- we're very pleased there. And as you mentioned, HEYDUDE inventory was down about 40% for the quarter. We're not ready to guide for next year at this point, but we do expect that HEYDUDE gross margins will improve next year as we have less ASP pressure from the gray market. As well as, as we've talked about, we'll have better distribution and logistics as we open up our distribution center in Q1 of next year.

首先，我只想評論說，我認為兩個品牌的庫存狀況都非常好。所以我想說的是——我們對此非常滿意。正如您所提到的，HEYDUDE 本季度庫存下降了約 40%。目前我們還沒有準備好明年的指導，但我們確實預計 HEYDUDE 的毛利率明年將會改善，因為我們來自灰色市場的平均售價壓力較小。此外，正如我們所討論的，隨著我們在明年第一季開設配送中心，我們將擁有更好的配送和物流。

Our next question comes from Abi Zvejnieks from Piper Sandler.

我們的下一個問題來自 Piper Sandler 的 Abi Zvejnieks。

Just on the gross margin piece, I know you maintained the 55.5% or greater than 55.5%, but that could still imply some, like, year-over-year pressure on the gross margin line item. And since you're not planning for a different promotional strategy at Crocs, can you just help us unpack what would lead to pressure on gross margin on a year-over-year basis?

就毛利率而言，我知道你們維持了 55.5% 或高於 55.5%，但這仍然可能意味著毛利率項目存在一些同比壓力。既然您沒有計劃在 Crocs 採取不同的促銷策略，您能否幫助我們分析哪些因素會導致毛利率同比受到壓力？

So can you -- so from a pressure on gross margin, I'm not completely sure that I understand the question, Abi. I think for the overall 55 5 guide, that would imply that gross margins for the fourth quarter will be up versus last year -- for overall consolidated -- by I think a couple of hundred basis points. So maybe you can give me what you're thinking through.

你也可以－－所以，由於毛利率的壓力，我不完全確定我是否理解這個問題，Abi。我認為，對於整體 55 5 的指導，這意味著第四季度的毛利率將比去年（整體合併）增加數百個基點。所以也許你可以告訴我你的想法。

Yes, I guess, just like what -- like what's driving that pressure year-over-year?

是的，我想，就像是什麼──例如是什麼在逐年推動這種壓力？

Specifically focused on the Crocs side. Again, that will be helped -- overall, we've had freight tailwinds all year and more full price selling on the Crocs side, which will be slightly offset year-over-year from the HEYDUDE side, as those gross margins will decline in Q4 as we've seen all year as we have a subpar distribution and logistics strategy, just given where we are and so we can get into next year. But overall, we do expect gross margins to be up year-over-year in Q4.

特別關注 Crocs 方面。同樣，這將有所幫助——總體而言，我們全年都有貨運順風，Crocs 方面的全價銷售也更多，這將與HEYDUDE 方面的同比略有抵消，因為這些毛利率將在2019 年下降。正如我們全年所見，第四季度我們的分銷和物流策略低於標準，鑑於我們所處的位置，我們可以進入明年。但總體而言，我們確實預計第四季的毛利率將同比上升。

And then just on the HEYDUDE D to C expectations for 4Q. I know you said it's better than wholesale, but can you just give any color on what you're seeing? I know maybe the pricing controls are impacting that. But just any color.

然後是 HEYDUDE D 到 C 對第四季度的期望。我知道你說過這比批發更好，但是你能對你所看到的給出一些顏色嗎？我知道也許定價控制正在影響這一點。但任何顏色都可以。

(technical difficulty) We have raised prices, particularly on the Amazon component, which shows up in DTC because it's a 3P model, if you remember, [correct]. So we've, we're no longer competing with the gray market. So ASPs are up. Even in the last few weeks, we can see ASPs up on average $10 a pair, which is obviously very significant. That has given up some market share. The gray market is taking a little bit greater share in the market. But we think net-net, with some newness and excitement that we'll inject into the market, that we overall can grow our DTC business.

（技術難度）我們提高了價格，特別是亞馬遜組件的價格，它出現在 DTC 中，因為它是 3P 模型，如果你還記得的話，[正確]。所以我們不再與灰色市場競爭。所以ASP 上升了。即使在過去幾週，我們也可以看到平均每雙的售價上漲了 10 美元，這顯然是非常顯著的。這已經放棄了一些市場份額。灰色市場正在佔據更大的市場份額。但我們認為，憑藉我們將向市場注入的一些新鮮感和興奮感，我們總體上可以發展我們的 DTC 業務。

We also highlighted in our prepared remarks, we've opened -- we will have opened by the end of the quarter 5 outlet stores -- those are proper outlet stores. You may remember, we had a number of clearance stores in, I would say, lower quality centers around the country, where we're looking to liquidate some of the aged inventory that we bought at the acquisition. We have opened 5 proper outlet stores that showcase full-price goods at the front of the store, do have some liquidation capability and also, I think, showcase the brand and all of the various components of the brand. So those will also be in the DTC number for the quarter, and that will be obviously be a noncomp component.

我們還在準備好的發言中強調，我們已經開設了——我們將在本季末開設 5 家直銷店——這些都是真正的直銷店。您可能還記得，我們​​在全國各地品質較低的中心設有許多清倉店，我們希望在那裡清算我們在收購時購買的一些陳舊庫存。我們開設了 5 家正規的直營店，在店前展示全價商品，確實具有一定的清算能力，而且我認為還展示了品牌以及品牌的所有各個組成部分。因此，這些也將出現在本季的 DTC 數字中，這顯然是一個非補償組成部分。

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 know you've got a lot going on at HEYDUDE domestically, but in the past, you've kind of talked about expanding internationally, given how underpenetrated the brand is there. Do your plans to expand internationally get put on hold now? Or do you kind of pump the brakes a little bit, given the challenges that you're seeing in the domestic market?

我知道你在 HEYDUDE 在國內做了很多事情，但在過去，考慮到該品牌在那裡的滲透率有多低，你曾談論過國際擴張。您的國際擴張計劃現在被擱置了嗎？或者考慮到國內市場面臨的挑戰，您是否會稍微踩一下煞車？

We've talked about in the past, we've reshaped the international business. When we bought the brand, their distribution strategy was distributor orientated. So they had a portfolio of about 35 distributors across the world, most of which were doing a poor job. We've terminated most of those distributors. There are 2 that continue to do a good job. I think we've highlighted this in the past, the distributor in Italy and the distributor in Spain. Those are both -- they can succeed in those markets. Those are some of the tougher markets, in my view, for a U.S.-centric brand to perform, I think it gives you evidence that the brand can perform more poorly -- sorry, perform well across a broader range of international markets. We are putting some time and effort into, I would say, experiments as we try and understand which are the right markets to penetrate internationally. We know brand awareness is very, very low but we are putting time, effort and some resources against that. It will take kind of 2 to 3 years, but it does start next year.

我們過去談過，我們重塑了國際業務。當我們購買該品牌時，他們的分銷策略是以經銷商為導向的。因此，他們在全球擁有約 35 個分銷商，其中大多數都表現不佳。我們已經終止了大多數經銷商的合約。有 2 家繼續做得很好。我想我們過去已經強調過這一點，義大利的經銷商和西班牙的經銷商。這些都是——他們可以在這些市場取得成功。在我看來，對於一個以美國為中心的品牌來說，這些都是一些更艱難的市場，我認為這給了你證據表明該品牌的表現可能會更差——抱歉，在更廣泛的國際市場上表現良好。我想說，我們正在投入一些時間和精力進行實驗，試圖了解哪些是適合滲透到國際市場的市場。我們知道品牌知名度非常非常低，但我們正在投入時間、精力和一些資源來應對這個問題。這將需要兩到三年的時間，但明年就會開始。

The next question comes from Sam Poser from Williams Trading.

下一個問題來自 Williams Trading 的 Sam Poser。

I have -- I want to follow up on Monday morning quarterbacking here a little bit, Andrew. (technical difficulty) being at the HEYDUDE business now.

我想在周一早上跟進這裡的四分衛，安德魯。 （技術難度）現在在 HEYDUDE 業務。

I think I wouldn't say it quite like that, but I think in essence, you end up in the same place now, right? So yes, we're certainly cutting supply into the wholesale arena, to ensure that supply is pegged at or below demand, right? So that is a demand-based environment. I think as we sold in -- historically, we didn't know where demand was going to be, but I do think we now have a much stronger lens on that. So yes, that is a reasonable way of saying it.

我想我不會這麼說，但我認為本質上，你現在最終還是在同一個地方，對吧？所以，是的，我們肯定會削減批發領域的供應，以確保供應與需求掛鉤或低於需求，對嗎？這是一個基於需求的環境。我認為，從歷史上看，當我們出售時，我們不知道需求會在哪裡，但我確實認為我們現在對此有了更強大的視角。所以是的，這是一個合理的說法。

If you had to do it all over again, would you have grown the business as quickly as you did last year?

如果你必須重來一次，你的業務發展速度還會像去年一樣快嗎？

I probably would have done, but probably would have hoped that we could have had, I would say, stronger segmentation between the accounts such that we could give everybody the opportunities to succeed and they weren't competing against each other. I do think it was important to grab shelf space, which we were able to do very effectively. Obviously, it's not great if you're a public company to have one year of great growth and the next year of flat to contracting growth. But net-net, I think we've put ourselves in a good position from a brand and consumer perspective. So I probably would do it, but probably do it in a better way and maybe slightly moderated.

我可能會這樣做，但我可能會希望我們能夠在帳戶之間進行更嚴格的細分，這樣我們就可以為每個人提供成功的機會，並且他們不會相互競爭。我確實認為搶佔貨架空間很重要，我們能夠非常有效地做到這一點。顯然，如果你是一家上市公司，一年的成長強勁，而下一年的成長則持平或萎縮，那就不太好了。但是，我認為從品牌和消費者的角度來看，我們已經處於有利的位置。所以我可能會這麼做，但可能會以更好的方式去做，也許會稍微溫和一點。

Is the Las Vegas distribution center up and running now? What's the timeline on that?

拉斯維加斯配送中心現在已啟動並運行嗎？這方面的時間表是什麼？

Yes, this is Anne. So we have -- we're mo (technical difficulty)

是的，這是安妮。所以我們有－我們是mo（技術難度）

(technical difficulty) percent in your strategic wholesale accounts. But what were the -- was -- how much of that was at the -- how much of that was on sale? I mean, did the ASPs go down to drive that, given the gray market and the amount of inventory in the marketplace?

（技術難度）佔您的策略批發帳戶的百分比。但是，其中有多少是在出售的？我的意思是，考慮到灰色市場和市場上的庫存量，平均售價是否會下降從而推動這一趨勢？

The ASPs in the strategic wholesale accounts were actually up over the prior year. They were strong. So that wasn't a sell -- that wasn't a -- that wasn't a promotional. Obviously, there are promotions during back-to-school, but that wasn't more promotional than the year before. The compression on ASPs was really on digital, on Amazon and on our own dot-com. So the -- yes, so hopefully, that answers your question.

策略性批發帳戶的平均售價實際上比前一年有所上升。他們很堅強。所以這不是銷售——這不是——這不是促銷。顯然，返校期間有促銷活動，但並不比前一年更多。 ASP 的壓縮實際上是在數位、亞馬遜和我們自己的網路上進行的。所以——是的，希望這能回答你的問題。

The next question comes from Rick (sic) [Rak] Patel from Raymond James.

下一個問題來自雷蒙德詹姆斯 (Raymond James) 的里克 (原文如此) [Rak] Patel。

I'm looking for additional color on the distribution of HEYDUDE. So can you paint a picture for what HEYDUDE distribution looked like earlier this year, perhaps in terms of number of doors, and where you expect it to shrink to as the brand rightsizing goes on? And then as you think about 2024 and leaning into some of the growth areas and higher quality points of the business, where do you see this distribution evolving to?

我正在尋找有關 HEYDUDE 發行版的更多資訊。那麼，您能否描繪一下今年早些時候 HEYDUDE 分銷的情況，也許是從門的數量來看，以及您預計隨著品牌規模調整的進行，它會縮小到什麼程度？然後，當您考慮 2024 年並傾向於業務的一些成長領域和更高品質點時，您認為這種分佈將向何處發展？

Yes. I think I'll probably go back further than the beginning of this year. What I'd say is when we bought the brand, the brand had about 1,300 points of distribution. That was regional and very much orientated towards small mom-and-pop accounts, right? So of that 1,300 doors, we've closed over 600 (technical difficulty) large national chains. And as we kind of think about the HEYDUDE brand, we see the HEYDUDE brand essentially being sold almost everywhere that the Crocs brand is sold. So I think about the primary chains, we're talking about family footwear. We're talking about sporting goods. We're talking about mall-based specialty. And then I want to say also some sort of (technical difficulty) we're all doors, and there are a few of those customers we are partial doors. So we've got expansion opportunity. So it's been a pretty dramatic reshaping of the overall customer portfolio. And I think the future growth comes from a number of things, what comes from some customers (technical difficulty) from accelerating sell-through with that demand perspective that Sam highlighted. So hopefully, that answers your question, Rak.

是的。我想我可能會比今年年初回溯得更久。我想說的是，當我們購買該品牌時，該品牌擁有大約 1,300 個分銷點。這是區域性的，而且非常面向小型夫妻店帳戶，對吧？因此，在這 1,300 個門中，我們已經關閉了 600 多個（技術難度）大型全國連鎖店。當我們思考 HEYDUDE 品牌時，我們發現 HEYDUDE 品牌幾乎在 Crocs 品牌銷售的所有地方都有銷售。所以我想到了主要的連鎖店，我們談論的是家庭鞋類。我們正在談論體育用品。我們談論的是基於商場的專業。然後我還想說某種（技術難度）我們都是門，其中有些客戶我們是部分門。所以我們有擴張的機會。因此，這是對整體客戶組合的相當戲劇性的重塑。我認為未來的成長來自許多因素，來自一些客戶（技術難度）透過薩姆強調的需求視角加速銷售。希望這能回答你的問題，Rak。

That's very helpful. And can you also talk about what your fourth quarter operating margin expectations are by brand? And then what should we extrapolate from fourth quarter operating margins overall, as we think about what the potential could be in 2024?

這非常有幫助。您能否談談您對各品牌第四季營業利潤率的預期？那麼，當我們思考 2024 年的潛力時，我們應該從第四季的整體營業利潤率推斷出什麼呢？

So we don't guide on fourth quarter operating margins by brand. Obviously, I think it will be -- we've had strong operating margins in both of our brands. Our overall operating margin guide of 27% remains and is best-in-class. I wouldn't extrapolate Q4 to other quarters. As you said, we're going to invest in SG&A, and so that we can continue to support from a marketing perspective and a consumer perspective, the long-term growth potential of both of our brands and not manage for a quarter. But I think 27% operating margin overall, I feel really good about that, [overall].

因此，我們不會以品牌預測第四季的營業利潤率。顯然，我認為我們的兩個品牌都擁有強勁的營業利潤率。我們的整體營業利潤率指導值仍維持在 27%，並且處於同類最佳水準。我不會將第四季的情況推斷到其他季度。正如您所說，我們將投資SG&A，這樣我們就可以繼續從行銷角度和消費者角度支持我們兩個品牌的長期成長潛力，而不是管理一個季度。但我認為整體營業利潤率為 27%，我對此感覺非常好，[整體]。

Our next question comes from Laura Champine from Loop.

我們的下一個問題來自 Loop 的 Laura Champine。

I first wanted to ask more about this guide for Q4 for HEYDUDE, just because it's such a significant downgrade from what we previously expected. If you bucket the change, how much of it is due to decisions that Crocs made to control distribution? And how much of it is something that happened to you, meaning wholesale customers ordering less and this sort of glut of inventory in the resale channel?

我首先想詢問有關 HEYDUDE 第四季度指南的更多信息，因為它與我們之前的預期相比有很大的降級。如果你將這項變更進行統計，其中有多少是由於 Crocs 為控制分銷而做出的決定？其中有多少是發生在您身上的事情，意味著批發客戶的訂購量減少以及轉售管道中的庫存過剩？

It's a little bit of both, right? I think what I'd say as we work with our wholesale customers, I think they're pretty cautious about the way the consumer is reacting right now, particularly post back-to-school. We talked about that in prepared remarks. And honestly, I think that extends well into next year. So I think they are being cautious. So fewer -- they're looking to buy less inventory and put themselves in a stronger position. It is also proactive cancellations and returns that we're taking, to clean up inventories for key customers to put them in a much stronger inventory position and a higher profit perspective.

兩者都有一點，對吧？我認為，當我們與批發客戶合作時，我認為他們對消費者目前的反應方式非常謹慎，尤其是在返校後。我們在準備好的發言中討論了這一點。老實說，我認為這種情況會持續到明年。所以我認為他們很謹慎。如此之少——他們希望購買更少的庫存，並使自己處於更有利的地位。我們也採取主動取消和退貨的方式，為主要客戶清理庫存，使他們處於更強大的庫存狀況和更高的利潤前景。

And it is also a lower digital selling expectation based on not competing with some of the competitive sources on a price perspective. So we're seeing higher margins, higher ASPs, but less revenues. So it's really a combination of all those factors.

而且，由於在價格方面不與某些競爭性來源競爭，數位銷售預期也較低。因此，我們看到利潤率更高、平均售價更高，但收入卻更少。所以這實際上是所有這些因素的結合。

If retailers who are fairly new to the brand are canceling orders and repositioning for lower inventories this Q4, what gives you the confidence that this brand can grow in 2024?

如果剛接觸該品牌的零售商在第四季度取消訂單並重新定位以降低庫存，那麼是什麼讓您對該品牌在 2024 年實現成長充滿信心？

The sellout that we're seeing, so the consumer takeaway, right? So as we look at our data from our major retail customers, both in Q3, which you kind of can see, 28% increase in sellout. And we look at the week-to-week data that we get right now, we are selling more units to the consumer than we sold last year. So the consumer is taking away more goods. The sell-in, which is our revenue, we're rightsizing inventory, but the consumer takeaway continues to grow.

我們看到的銷售一空，所以消費者外賣，對嗎？因此，當我們查看主要零售客戶的數據時，您可以看到，在第三季度，銷售量增加了 28%。我們查看現在獲得的每週數據，我們向消費者銷售的產品數量比去年多。因此，消費者正在拿走更多的商品。銷售量是我們的收入，我們正在調整庫存規模，但消費者的外送持續成長。

And then as we try to shape the year, do you think that Q1 looks like Q4? Meaning for HEYDUDE, do you think that there'll still be some trend off with revenues down in this 20% range, or should we see sort of immediate improvement because this is a Q4 issue?

然後，當我們嘗試塑造這一年時，您認為第一季看起來像第四季度嗎？對於 HEYDUDE 來說，您認為收入下降 20% 的範圍內是否仍會出現一些趨勢，或者我們應該看到立即的改善，因為這是第四季度的問題？

Laura, I don't think we're ready to guide specifically for next year yet. We'll guide in -- during our normal time periods. But we did say that we believe wholesale will be negative in the first half of next year. But we haven't kind of given shape to that as we work through kind of our spring order books and our expectations.

勞拉，我認為我們還沒有準備好專門為明年提供指導。我們將在正常時間內進行引導。但我們確實說過，我們相信明年上半年批發量將會出現負數。但在我們處理春季訂單和我們的期望時，我們還沒有確定這一點。

Our next question comes from Jeff Lick from B. Riley Financial.

我們的下一個問題來自 B. Riley Financial 的 Jeff Lick。

Andrew, I was wondering if you could maybe just opine. It strikes me that HEYDUDE -- the similarities between HEYDUDE and Crocs -- are -- there's an awful lot of them. And when you joined Crocs back in the early to mid-2000s, it just seems like there's quite a lot of parallels here to where HEYDUDE is now and where Crocs was then. And I was just wondering if you could kind of talk through your thought process and how you might use that as a blueprint. And then lastly, has the thought that, hey, maybe we should just focus on maximizing profitability as opposed to revenue. Has that kind of entered into the equation now?

安德魯，我想知道你是否可以發表意見。讓我印象深刻的是 HEYDUDE——HEYDUDE 和 Crocs 之間的相似之處——有很多。當你在 2000 年代初期到中期加入 Crocs 時，你會發現 HEYDUDE 現在的情況和當時的 Crocs 似乎有很多相似之處。我只是想知道你是否可以談談你的思考過程以及如何將其用作藍圖。最後，我想，嘿，也許我們應該只專注於利潤最大化，而不是收入最大化。現在這種情況已經納入考慮範圍了嗎？

So I would agree and disagree, Jeff. I think that there is a very, very important parallel between the 2 brands and the work that we did to improve dramatically the performance of Crocs. There are a couple of parallels, right?

所以我會同意或不同意，傑夫。我認為這兩個品牌和我們為大幅提高 Crocs 性能所做的工作之間存在著非常非常重要的相似之處。有一些相似之處，對吧？

One was managing the in-market inventories much more closely, which I clearly -- I think we've clearly articulated here that we're really trying to get on top of for HEYDUDE. I think the second is driving brand heat or demand, I think as Sam would say, for the brands through marketing, through limited supply, through licenses, collaborations and really kind of, I would say, event-driven opportunities to drive the consumers to the brand. And we can accelerate and do more of that for HEYDUDE, which is definitely a parallel to Crocs.

其中之一是更密切地管理市場庫存，我清楚地——我認為我們已經在這裡清楚地闡明了我們確實正在努力為 HEYDUDE 做好準備。我認為第二個是推動品牌熱度或需求，我認為正如薩姆所說，對於品牌來說，透過行銷、透過有限供應、透過授權、合作以及真正的，我想說的是，事件驅動的機會來推動消費者品牌。我們可以為 HEYDUDE 加速並做更多的事情，這絕對與 Crocs 類似。

I would say way back when, in the consumer's mind, Crocs was incredibly [polled], right? So I think we just kind of, to use the Piper Sandler teen's survey as a proxy, right? I think back then Crocs was #38 on that list, right? So Crocs is now #6, HEYDUDE is not #38. HEYDUDE is #7, right? So it is a brand that resonates very strongly with a broad base of consumers. So I think that's a huge difference in terms of kind of what we're looking at here.

我想說的是，很久以前，在消費者心目中，Crocs 的[民意調查]令人難以置信，對吧？所以我認為我們只是使用 Piper Sandler 青少年的調查作為代理，對吧？我想當時 Crocs 在名單上排名第 38，對吧？因此 Crocs 現在排名第 6，HEYDUDE 不再排名第 38。 HEYDUDE 是#7，對吧？因此，這是一個與廣大消費者產生強烈共鳴的品牌。所以我認為，就我們在這裡看到的內容而言，這是一個巨大的差異。

And then in terms of maximizing for profitability, Jeff, we're maximizing for the long-term health of the brand. Certainly prioritizing profitability from a gross margin standpoint, but not maximizing for profitability overall. We think it's really important for us to invest. We made a conscious decision to continue to invest in Q4. We certainly could maximize for short-term profitability, but we don't actually think that gets us the best long-term outcome.

然後，就獲利最大化而言，傑夫，我們正在最大化品牌的長期健康發展。當然，從毛利率的角度來看，優先考慮獲利能力，但並不是整體獲利能力最大化。我們認為投資對我們來說非常重要。我們有意識地決定在第四季繼續投資。我們當然可以最大化短期獲利能力，但實際上我們並不認為這會為我們帶來最好的長期結果。

Due to time constraints, this concludes our question-and-answer session. I would like to turn the conference back over to management for any closing remarks.

由於時間有限，我們的問答環節到此結束。我想將會議轉交管理層發表閉幕詞。

I just want to thank everybody for joining us this morning and their continued interest in our company, and I wish everybody a happy holiday season, when it comes around.

我只想感謝大家今天早上加入我們以及他們對我們公司的持續關注，並祝大家節日快樂。

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。您現在可以斷開連線。