卡洛馳 (CROX) 2023 Q4 法說會逐字稿

Good morning, and welcome to the Crocs Fourth Quarter 2023 Earnings Conference Call.

早安，歡迎參加 Crocs 2023 年第四季財報電話會議。

(Operator Instructions) Please note this event is being recorded. I would now like to turn the conference over to Erinn Murphy, Senior Vice President of Investor Relations and Corporate Strategy. Please go ahead.

（操作員說明）請注意此事件正在被記錄。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, and thank you for joining us to discuss Crocs Inc. fourth quarter and full year results. With me today are Andrew Rees, Chief Executive Officer; and Anne Mehlman, Executive Vice President, Incoming Crocs Brand President and current Chief Financial Officer. Following their prepared remarks, we will open the call for your questions, which we ask you to limit to 1 per caller.

早安，感謝您加入我們討論 Crocs Inc. 第四季和全年業績。今天與我在一起的有首席執行官安德魯·里斯 (Andrew Rees)； Anne Mehlman，執行副總裁，新任 Crocs 品牌總裁兼現任財務長。在他們準備好發言後，我們將開始電話詢問您的問題，我們要求您將每個來電者的問題限制為 1 個。

Before we begin, I 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 strategies, plans, objectives, expectations and intentions, including our financial outlook.

在我們開始之前，我想提醒您，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策略、計劃、目標、期望和意圖的聲明，包括我們的財務前景。

These statements involve known and unknown risks uncertainties and other factors, which may cause our actual results, performance or achievements to differ materially. Please refer to our annual report on Form 10-K and other reports filed with the SEC for more information on these risks and uncertainties. Certain financial metrics that we refer to as adjusted or non-GAAP are non-GAAP measures.

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、績效或成就有重大差異。請參閱我們向 SEC 提交的 10-K 表格年度報告以及其他報告，以了解有關這些風險和不確定性的更多資訊。我們稱為調整後或非 GAAP 的某些財務指標是非 GAAP 指標。

A reconciliation of these amounts to their GAAP counterparts is contained in the press release we issued earlier this morning. All revenue growth rates will be cited on a constant currency basis unless otherwise stated. At this time, I'll turn the call over to Andrew Rees, Crocs Inc.'s Chief Executive Officer.

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。除非另有說明，否則所有收入成長率均以固定匯率計算。此時，我會將電話轉給 Crocs Inc. 執行長 Andrew Rees。

Thank you, Erinn, and good morning, everyone. Thank you for joining us today. 2023 was a record year for the Crocs enterprise, and we're starting off 2024 from a position of strength. Our teams are focused on continuing to drive market share gains and sustainable profitable growth. We ended the year strong, delivering better-than-expected fourth quarter.

謝謝你，艾琳，大家早安。感謝您今天加入我們。 2023 年對 Crocs 企業來說是創紀錄的一年，我們將從 2024 年開始，保持強勢地位。我們的團隊專注於繼續推動市場份額的成長和可持續的獲利成長。我們以強勁的業績結束了這一年，第四季的業績優於預期。

Let me start by sharing a few highlights from the full year of 2023. Total revenues grew 12% year-on-year to almost $4 billion, driven by [19%] direct-to-consumer growth at the enterprise level. Crocs brand revenues surpassed the $3 billion mark, increasing 14% versus last year. HEYDUDE brand revenues were approximately $950 million and delivered over $200 million in operating income. We expanded our gross margins and once again delivered industry-leading margins with adjusted operating margins of almost 28%, exceeding our guidance.

首先讓我分享 2023 年全年的一些亮點。在企業層面直接面向消費者成長 [19%] 的推動下，總營收年增 12%，達到近 40 億美元。 Crocs 品牌營收突破 30 億美元大關，比去年成長 14%。 HEYDUDE 品牌收入約 9.5 億美元，營業收入超過 2 億美元。我們擴大了毛利率，並再次實現了行業領先的利潤率，調整後的營業利潤率接近 28%，超出了我們的指導。

We grew our adjusted diluted earnings per share by 10% versus last year to $12.03. Our strong cash flow generation allowed us to repay $666 million of debt and we resumed our share repurchase program during the year. Finally, we're pleased to see that Crocs Inc. achieved the #20 spot on Fortune's 2023 top 100 fastest-growing companies.

與去年相比，我們調整後的稀釋每股收益成長了 10%，達到 12.03 美元。強勁的現金流使我們能夠償還 6.66 億美元的債務，我們在這一年恢復了股票回購計劃。最後，我們很高興看到 Crocs Inc. 在《財星》2023 年成長最快的 100 家公司中名列第 20 位。

Before I provide strategic updates by Brand, I want to speak to the recently announced executive transitions. Michelle Poole, Crocs Brand President, will be retiring from the company. Following a distinguished 32-year career in the footwear industry, the last decade of which had a tremendous impact on Crocs.

在提供品牌策略更新之前，我想先談談最近宣布的高階主管變動。 Crocs 品牌總裁 Michelle Poole 將從公司退休。 Crocs 在製鞋行業擁有 32 年的傑出職業生涯，其中最後十年對 Crocs 產生了巨大影響。

Michelle will remain in her role through early May and transitioned to a special adviser through early 2025. In keeping with our succession planning, I'm pleased to promote our current CFO, Anne Mehlman, to Crocs Brand President. Many of you had the opportunity to work closely with Anne and know she brings a strategic and consumer-focused commercial lens to our leadership. I have strong confidence in her commercial acumen, deep knowledge of the Crocs business and global mindset. Anne will remain CFO until a replacement is named an active search for her successor is already underway.

米歇爾將繼續擔任她的職位直至 5 月初，並在 2025 年初過渡為特別顧問。根據我們的繼任計劃，我很高興將我們現任首席財務官 Anne Mehlman 提升為 Crocs 品牌總裁。你們中的許多人都有機會與安妮密切合作，並知道她為我們的領導層帶來了策略性和以消費者為中心的商業視角。我對她的商業頭腦、對 Crocs 業務的深入了解和全球思維充滿信心。安妮將繼續擔任財務官，直到任命替代者為止，目前正在積極尋找繼任者。

Moving on to our performance against our key strategic pillars, starting with the Crocs brand. We continue to invest in our Crocs brand through our socially led digitally first marketing playbook and product innovation, naming a few of our accomplishments this year. Our marketing wins ranged from creating high to mainstream moments, including the MSCHF Yellow boot, Aespa, a K-pop brand that featured our Stomp Lined Clog and we ended the year unveiling our [Mega] Clog the perfect friend to Lightning McQueen.

接下來，從 Crocs 品牌開始，我們將根據我們的關鍵策略支柱來闡述我們的業績。我們繼續透過社會主導的數位化行銷策略和產品創新對 Crocs 品牌進行投資，列舉了我們今年取得的一些成就。我們的行銷勝利包括創造高端到主流時刻，包括MSCHF 黃色靴子、Aespa（一個以我們的Stomp 內襯木鞋為特色的韓國流行品牌），以及我們在年底推出的[Mega] 木鞋，它是閃電麥昆的完美朋友。

Complex, a leading culture publication set at best. Crocs cannot stop going viral in 2023. We celebrated our most successful Croctober yet fueled by the span inspired Crocs [Cowboy] boot that sold out in 24 hours.

複雜，充其量是領先的文化出版物。 2023 年，Crocs 的火爆勢頭勢不可擋。我們慶祝了迄今為止最成功的 Croctober，受跨度啟發的 Crocs [牛仔] 靴子的推動，該靴子在 24 小時內售罄。

We were awarded collection of the Year by Footwear News for the Salehe Bembury Times Crocs Pollex Clog partnership. Moving on to product. Innovation and ongoing diversification remain important areas of focus. While we've had great success creating consumer moments through partnerships and collaborations, our core franchises are our fundamental growth engines and all three of our product pillars: Clogs, Sandals and personalization, grew double digits in 2023.

我們因與 Salehe Bembury Times Crocs Pollex Clog 的合作夥伴關係而被《Footwear News》評為年度系列。轉向產品。創新和持續多元化仍然是重要的關注領域。雖然我們透過合作夥伴關係和合作在創造消費者時刻取得了巨大成功，但我們的核心特許經營是我們的基本成長引擎，我們的所有三個產品支柱：木底鞋、涼鞋和個人化，在2023年都實現了兩位數成長。

Clogs grew 12%, supported by solid growth in both our core Classic as well as new Clog franchises, fueled by height and product innovation. Sandal surpassed the $400 million mark, growing 29% versus last year and now makes up 13% of our Crocs sales mix.

木底鞋成長了 12%，這得益於我們的核心經典鞋和新木底鞋特許經營權的穩健增長，以及高度和產品創新的推動。 Sandal 的銷售額突破了 4 億美元大關，比去年增長了 29%，目前佔 Crocs 銷售組合的 13%。

We gained market share across our 4 Sandal segments that we prioritized every day, style, Sports Street and adventure. Beyond the revenue milestone, the sandals category brings diversification not only to our overall product mix, but to our customer mix. In 2023, 61% consumers that purchase sandals on owned e-comm channels were new to the brand.

我們在日常優先考慮的 4 個涼鞋細分市場（風格、運動街頭和冒險）中獲得了市場份額。除了收入里程碑之外，涼鞋類別不僅為我們的整體產品組合帶來了多元化，也為我們的客戶組合帶來了多元化。 2023 年，在自有電商通路購買涼鞋的消費者中有 61% 是該品牌的新消費者。

These consumers shop more frequently, carried a higher average order value and purchase multiple silhouettes. Our sandal consumers skew more female versus our other buyers. Our Jibbitz business grew 17% to over $0.25 billion, making up approximately 9% of our total mix. We continue to view personalization as a mega consumer trend and see opportunity to further grow our Jibbitz penetration in 2024, notably through improved wholesale execution, deeper international penetration, and increased speed to market.

這些消費者購物更頻繁，平均訂單價值更高，並且購買多種款式。與其他買家相比，我們的涼鞋消費者中女性較多。我們的 Jibbitz 業務成長了 17%，達到超過 2.5 億美元，約占我們總業務的 9%。我們仍然將個人化視為一種巨大的消費趨勢，並看到了在 2024 年進一步提高 Jibbitz 滲透率的機會，特別是透過改進批發執行、更深的國際滲透以及加快上市速度。

We're elevating our franchise management capabilities and have built several sustainable multiproduct platforms, including the Echo, Brooklyn and Crush to name a few. Each of these franchises catered to unique customer groups and diversified wearing occasions. The Echo franchise, which has developed a breadth of products across Clogs, sandals, boots and now sneakers is bringing in a largely male explorer consumer.

我們正在提升我們的特許經營管理能力，並建立了多個可持續的多產品平台，包括 Echo、Brooklyn 和 Crush 等。這些特許經營店均迎合了獨特的客戶群和多樣化的穿著場合。 Echo 專營權開發了一系列產品，涵蓋木底鞋、涼鞋、靴子，現在又增加了運動鞋，吸引了主要是男性探險家消費者。

In fact, 71% of consumers who shopped our Echo franchise on our owned e-comm channel in 2023 with new consumers. We're becoming faster and more agile, and we see opportunities to further capitalize on these attributes in 2024. In the fourth quarter, we tested slippers in four colorways and we're able to get to these to market 60% faster than our normal product cycle.

事實上，2023 年在我們自有的電子商務管道上購買 Echo 專營權的消費者中有 71% 是新消費者。我們變得更快、更敏捷，我們看到了在2024 年進一步利用這些屬性的機會。在第四季度，我們測試了四種配色的拖鞋，我們能夠比正常情況下將這些拖鞋推向市場的速度加快60%產品週期。

This test sold out in 2.5 weeks, and we're building this into our full line to 2024. We're expanding our speed-to-market capabilities across other areas of our product portfolio, including emerging new franchise such as the Getaway assortment. As we think about distribution, I'm pleased by the broad-based growth of the Crocs brand for the year.

該測試在 2.5 週內售罄，我們正在將其構建到 2024 年的全系列中。我們正在將我們的產品上市速度擴展到產品組合的其他領域，包括新興的新特許經營產品，例如 Getaway 品種。當我們考慮分銷時，我對今年 Crocs 品牌的廣泛成長感到高興。

For 2023, North America grew 8% and international grew 23%. In fact, fourth quarter represented our 12th consecutive quarter of strong double-digit growth outside of North America. Globally, South Korea and the U.K. grew double digits and Australia and China each grew triple digits. While we reported a record revenue in China, it still only represents 4% of revenues, underscoring the untapped potential we have in the region.

2023 年，北美成長 8%，國際成長 23%。事實上，第四季是我們在北美以外地區連續第 12 個季度實現兩位數的強勁增長。在全球範圍內，韓國和英國實現了兩位數成長，澳洲和中國分別實現了三位數成長。儘管我們在中國的收入創歷史新高，但仍僅佔收入的 4%，突顯了我們在該地區尚未開發的潛力。

We continue to see our organic plan base in China grow as evidenced by our hashtag known as Dong Men or Clog followers. We now have 70 million Dong Men hashtags on [red], highlighting the consumer engagement and excitement for the brand. Three weeks ago, I had the opportunity to visit several of our Tier 1 countries in Asia alongside our broader leadership team. It is evident that the brand's trajectory is taking hold across the region.

我們繼續看到我們在中國的有機計劃基礎不斷增長，我們的主題標籤「東門」或「木鞋追隨者」就證明了這一點。現在，我們在[紅色]上有 7000 萬個東門主題標籤，突出了消費者對該品牌的參與和興奮。三週前，我有機會與我們更廣泛的領導團隊一起訪問了亞洲的幾個一級國家。顯然，該品牌的發展軌跡正在整個地區紮根。

The Asian consumer is embracing personalization at a rate higher than other parts of the world. Another anecdote that gives me confidence broadly in our international growth agenda is at South Korea, our most established market in the region carries the highest market share of any discrete market globally. It is one of the best representations of our core strategies across Clogs, sandals and personalization. This strong market position highlights the potential upside of opportunity across our other international markets.

亞洲消費者接受個人化的速度高於世界其他地區。另一個讓我對我們的國際成長議程充滿信心的軼事是在韓國，我們在該地區最成熟的市場在全球任何離散市場中擁有最高的市場份額。它是我們在木底鞋、涼鞋和個人化方面的核心策略的最佳體現之一。這一強大的市場地位凸顯了我們其他國際市場的潛在上昇機會。

The Crocs brand has entered 2024 with momentum. From a product perspective, we expect to deliver more height for her, street for him and drive personalization at scale. We expect sandals to continue to gain as a percentage of sales, driven by newness as we relaunched the Classic Sandal 2.0 and scale our recently introduced Getaway sandal franchise.

Crocs 品牌勢頭強勁地進入了 2024 年。從產品的角度來看，我們希望為女性提供更高的身高，為男性提供更高的街道，並大規模推動個人化。隨著我們重新推出 Classic Sandal 2.0 並擴大我們最近推出的 Getaway 涼鞋專營權，我們預計涼鞋在銷售額中所佔的百分比將繼續增長。

From a sustainability perspective, I'm incredibly pleased to announce that we achieved our 2023 goal to reach 20% bio-based Crocs light material across our portfolio. A significant milestone on our journey to 50% bio-based Crocs lite by 2030. We also saw promising results in our pilot shoe recycling program that we launched in late October, and we now plan to expand this initiative to all stores. We will share more on these and many other initiatives in our midyear comfort report.

從永續發展的角度來看，我非常高興地宣布，我們實現了 2023 年的目標，即在我們的產品組合中使用 20% 的生物基 Crocs 輕質材料。這是我們在 2030 年實現 50% 生物基 Crocs lite 目標的重要里程碑。我們在 10 月下旬啟動的試點鞋類回收計畫中也看到了可喜的成果，現在我們計劃將該計畫擴展到所有商店。我們將在年中舒適度報告中分享更多關於這些和許多其他舉措的資訊。

Turning to HEYDUDE. We generated almost $950 million of revenue and over $200 million in operating income in 2023. This year had its share of learnings, but I'm very confident that the HEYDUDE brand benefits from the lightweight, comfortable, easy on enough and value remain top of mind with consumers.

轉向 HEYDUDE。到 2023 年，我們實現了近 9.5 億美元的收入和超過 2 億美元的營業收入。今年我們吸取了教訓，但我非常有信心 HEYDUDE 品牌受益於輕便、舒適、方便，並且價值仍然處於領先地位與消費者心意相通。

While our brand awareness significantly improved year-over-year, reaching 32% in the second half. It is still low by any global brand standard, but our brand [love] and affinity are high. As we talked about in our third quarter call, we made a number of strategic pivots in September, which impacted our sell-in within the wholesale channel, curtail small and nonstrategic accounts and focus our efforts around improving full price sell-through in digital. We're pleased with the initial impact of our decisions as evidenced by improved gross margins and healthy channel inventories and expect sell-in and sell-through to normalize as we move throughout the second half of 2024 and prioritize returning to a full market position.

而我們的品牌知名度較去年同期顯著提升，下半年達32%。以任何全球品牌標準來看，它仍然很低，但我們的品牌[愛]和親和力很高。正如我們在第三季電話會議中談到的那樣，我們在9 月做出了一些戰略重點，這影響了我們在批發管道內的銷售，減少了小型和非戰略客戶，並將我們的努力集中在提高數位領域的全價銷售上。我們對我們的決定的初步影響感到滿意，毛利率的提高和渠道庫存的健康證明了這一點，並預計隨著我們在2024 年下半年進入並優先恢復完整的市場地位，銷售和銷售將正常化。

In the fourth quarter and on a full year basis, we gained market share among our key strategic accounts, underscoring our confidence in the brand's underlying demand with consumers. In 2023, the HEYDUDE brand gained approximately 200 basis points of U.S. market share versus 2022 in the casual fashion category according to Circana's retail tracking service.

在第四季度和全年的基礎上，我們在關鍵策略客戶中獲得了市場份額，這突顯了我們對該品牌的消費者潛在需求的信心。根據 Circana 的零售追蹤服務，與 2022 年相比，2023 年 HEYDUDE 品牌在休閒時尚類別的美國市佔率增加了約 200 個基點。

During the first quarter, the HEYDUDE brand had some big moments with Dude Perfect as the face of a happy (inaudible) holiday programming, leveraging our consumer insights -- we know that 50% of our buyers give HEYDUDE'S as gifts, and we saw evidence of this during the fourth quarter.

在第一季度，HEYDUDE 品牌度過了一些重要時刻，利用我們的消費者洞察，Dude Perfect 作為快樂（聽不清）假期節目的代言人- 我們知道50% 的買家將HEYDUDE'S 作為禮物贈送，我們看到了證據第四季的這一情況。

Looking forward, we plan to create consumer moments through scaling our collaborations and partnerships. We recently collaborated with active Chase Stokes from the popular Outer Bank Netflix show to launch the (inaudible). Later in Q1, we'll be expanding our collegiate program to more schools during March Madness to deepen consumer engagement.

展望未來，我們計劃透過擴大合作和夥伴關係來創造消費者時刻。我們最近與流行的 Outer Bank Netflix 節目中活躍的 Chase Stokes 合作推出了（聽不清楚）。在第一季晚些時候，我們將在瘋狂三月期間將我們的大學計劃擴展到更多學校，以加深消費者的參與。

From a product perspective, during the fourth quarter, our icons, the Wally and Wendy were top sellers. Our Bradley boot rounded out our top three selling styles overall with exceptional sell-through as consumers responded to its compelling price point, [life weight] and attractive styling despite a soft overall industry boot season.

從產品角度來看，第四季度，我們的標誌性產品 Wally 和 Wendy 是最暢銷的產品。我們的 Bradley 靴子憑藉出色的銷量躋身整體銷量前三名，因為消費者對其極具吸引力的價格點、[實際重量]和有吸引力的款式做出了反應，儘管整個行業靴子季節疲軟。

Once again, our seasonal Ugly sweater Christmas styles were standouts. As we move into 2024, we're focused on continuing to invest in core and expect the Wally and Wendy franchises to remain the lion's share of our offerings, driven by newness in color, graphic and heights. We will capitalize on our successful sneaker franchises, including the Carina and the Sirocco, and build on our fashion boot offering in the fall.

我們的季節性醜陋毛衣聖誕款式再次脫穎而出。進入 2024 年，我們將專注於繼續投資核心業務，並預計在色彩、圖形和高度方面的新穎性推動下，《Wally》和《Wendy》系列將繼續在我們的產品中佔據最大份額。我們將利用我們成功的運動鞋特許經營權，包括 Carina 和 Sirocco，並在秋季推出我們的時尚靴子產品。

We're taking a focused approach to how we allocate inventory by account and expect to see more evidence of account and channel segmentation as we move throughout the year. From a distribution perspective, we're in the early days of implementing our outlet retail strategy for the HEYDUDE brand, leveraging Croc's successful retail playbook. On the HEYDUDE side, we opened five outlet locations in the second half and have been pleased with the results thus part. We plan to open up 30 outlet stores in 2024 spread throughout the year. For context, retail is roughly 1/3 of our North American business for the Crocs brand and is highly profitable.

我們正在採取集中的方法來按帳戶分配庫存，並期望隨著全年的發展，看到更多帳戶和管道細分的證據。從分銷角度來看，我們正處於實施 HEYDUDE 品牌直銷零售策略的早期階段，利用 Croc 成功的零售策略。在 HEYDUDE 方面，我們在下半年開設了 5 家直營店，並對目前的結果感到滿意。我們計劃在 2024 年全年開設 30 家直營店。就背景而言，零售業約佔 Crocs 品牌北美業務的 1/3，且利潤豐厚。

Turning to wholesale. While our spring order books are down versus last year, as we discussed on our November call, we expect sell-in and sell-through to normalize as we move throughout the back half of the year. As it relates to international, we remain in test mode in a few direct markets in Europe. -- as well as in several distributor markets, leveraging the success of the Crocs [Brown] playbook. This will lay the groundwork to expand its new international markets in the next 2 to 3 years.

轉向批發。雖然我們的春季訂單量較去年有所下降，但正如我們在 11 月的電話會議上所討論的那樣，我們預計隨著下半年的發展，銷售量和銷售量將趨於正常化。就國際而言，我們仍在歐洲的一些直接市場處於測試模式。 ——以及在多個經銷商市場，利用 Crocs [Brown] 策略的成功。這將為未來2至3年拓展新的國際市場奠定基礎。

We're coming into the year from a position of strength. While there are question marks around the global macro backdrop and the broader consumer health, I'm confident in our brands, our people and our purpose and are looking forward to another year of outsized share gains, industry-leading profitability and top-tier cash flow generation. And will now review our financial results in more detail.

我們將以強勢的姿態進入新的一年。儘管全球宏觀背景和更廣泛的消費者健康狀況仍存在疑問，但我對我們的品牌、員工和目標充滿信心，並期待新的一年實現大幅份額增長、行業領先的盈利能力和頂級現金流量的產生。現在將更詳細地審查我們的財務表現。

Thank you, Andrew, and good morning, everyone. I'm very pleased by our fourth quarter results, which exceeded the high end of our guidance across all metrics. We generated $960 million in consolidated revenues growing 1.5% over last year led by the Crocs brand. We delivered top-tier profitability with adjusted gross margin up 240 basis points to 55.7%, adjusted operating margin of 24.1% and adjusted earnings per share of $2.58, ahead of our guidance of $2.05 to $2.35.

謝謝你，安德魯，大家早安。我對我們第四季度的業績感到非常滿意，該業績超出了我們所有指標指導的上限。在 Crocs 品牌的帶動下，我們的綜合收入比去年增長了 1.5%，達 9.6 億美元。我們實現了頂級獲利能力，調整後毛利率成長 240 個基點，達到 55.7%，調整後營業利潤率為 24.1%，調整後每股收益為 2.58 美元，高於我們 2.05 美元至 2.35 美元的指導值。

Our strong profitability and focus on net working capital enabled us to repay $277 million of debt in the fourth quarter. We also repurchased $25 million of stock in the fourth quarter at an average cost of $86.34 per share. As discussed earlier in January at the ICR conference, we made a change to our segment reporting that will now be reflected in our 10-K. Our reportable operating segments will now be the Crocs brand and the HEYDUDE brand. We plan to continue sharing our progress against our strategic growth pillars, key country callouts and channel dynamics.

我們強勁的獲利能力和對淨營運資本的關注使我們能夠在第四季度償還 2.77 億美元的債務。我們也在第四季度回購了價值 2,500 萬美元的股票，平均成本為每股 86.34 美元。正如一月份早些時候在 ICR 會議上討論的那樣，我們對分部報告進行了更改，現在將反映在我們的 10-K 中。我們的可報告經營分部現在將是 Crocs 品牌和 HEYDUDE 品牌。我們計劃繼續分享我們在策略成長支柱、關鍵國家和通路動態方面的進展。

Turning to the Crocs brand in the fourth quarter. Revenues were $732 million growing 10% relative to prior year, driven by strong DTC growth of 12% and wholesale growth of 7%. Brand ASPs were up 12% to $26.76 led by both channel and product mix, higher international pricing and lower discounting. The brand sold 27 million pairs of shoes, a decrease of 1% to Q4 last year or up 5% excluding the impact of the termination of our African distributor.

轉向第四季的 Crocs 品牌。在 DTC 強勁成長 12% 和批發成長 7% 的推動下，營收為 7.32 億美元，較上年成長 10%。在通路和產品組合、更高的國際定價和更低的折扣的帶動下，品牌平均售價上漲 12%，達到 26.76 美元。該品牌售出 2,700 萬雙鞋，較去年第四季下降 1%，排除非洲經銷商終止的影響，則成長 5%。

For the year, the brand sold 120 million units, up 3.5% versus last year and ASP growth of 10%. Now let's review the Crocs brand highlights by country and channel. In the quarter, North America revenues of $471 million were up 3% from 2022 as strong DTC growth of 7% was partially offset by a 5% decline in wholesale. The decline in wholesale revenues reflect a full quarter of impact from our E-TAIL distribution model change, partially offset by double-digit growth in our brick-and-mortar wholesale.

該品牌全年銷量為 1.2 億台，較去年增長 3.5%，平均售價成長 10%。現在讓我們按國家和渠道回顧 Crocs 品牌亮點。本季度，北美地區營收為 4.71 億美元，較 2022 年成長 3%，DTC 7% 的強勁成長被批發業務 5% 的下降部分抵銷。批發收入的下降反映了我們 E-TAIL 分銷模式變化的整個季度的影響，部分被我們實體批發的兩位數增長所抵消。

Crocs brand in the fourth quarter was led by international with revenues up 25% driven by DTC, which grew 37% in the quarter against 2022. In fact, all 6 of our Tier 1 markets grew in the fourth quarter. China, India, Japan, South Korea, the U.S. and Western Europe. As Andrew noted, 2 of our countries grew triple digits for the year, Australia and China.

Crocs 品牌第四季的國際營收在 DTC 的推動下成長了 25%，該季度較 2022 年成長了 37%。事實上，我們的所有 6 個一級市場在第四季度都實現了成長。中國、印度、日本、韓國、美國和西歐。正如安德魯指出的那樣，澳洲和中國這兩個國家今年實現了三位數的成長。

China was a record revenue year, ending the year at $120 million. In Western Europe, we saw strong double-digit growth in the U.K. and France, while Germany ended the year flattish despite a tough macro backdrop.

中國的收入創歷史新高，年終收入達 1.2 億美元。在西歐，英國和法國實現了兩位數的強勁成長，而德國儘管宏觀背景嚴峻，但年末表現平淡。

Turning to HEYDUDE. Revenues were $228 million down 19% from last year, but ahead of our guidance. During Q4, the brand sold 7.4 million pairs of shoes, a decrease of 18% from last year as we lapped pipeline fill and as we took decisive actions to reduce channel inventories. HEYDUDE average selling price during Q4 was roughly flat to last year at $30.65.

轉向 HEYDUDE。營收為 2.28 億美元，比去年下降 19%，但高於我們的指引。第四季度，該品牌售出 740 萬雙鞋，比去年下降 18%，因為我們完成了管道填充並採取果斷行動減少通路庫存。 HEYDUDE 第四季的平均售價與去年基本持平，為 30.65 美元。

Relative to Q3, our e-commerce ASPs were up 15% as we pulled back on price matching online. We continue to make progress against great goods cleanup and expect to be in a substantially better position exiting the first half of 2024.

與第三季相比，由於我們取消了線上比價，我們的電子商務平均售價上漲了 15%。我們繼續在貨物清理方面取得進展，預計 2024 年上半年將處於更好的位置。

Wholesale revenues were down 28% from Q4 last year. as we lap 2022 pipeline fill, rightsized our nonstrategic wholesale accounts and faced a more challenging wholesale environment. The DTC channel contracted 9% as we forfeited sales for better pricing and margin. Consolidated adjusted gross margin for the fourth quarter was 55.7%, up 240 basis points from last year as freight was a key tailwind for both brands.

批發收入較去年第四季下降 28%。隨著 2022 年管道填充結束，我們調整了非策略性批發帳戶規模，並面臨更具挑戰性的批發環境。由於我們為了更好的定價和利潤而放棄了銷售，DTC 通路收縮了 9%。第四季綜合調整後毛利率為 55.7%，比去年增長 240 個基點，貨運是這兩個品牌的主要推動力。

Crocs brands adjusted gross margin was 59.5% or 340 basis points higher than prior year. The increase in adjusted gross margin is attributable to approximately 240 basis points of freight tailwind, increases in international pricing and favorable promotions and customer mix, partially offset by negative currency impact of 100 basis points.

Crocs 品牌調整後毛利率為 59.5%，較前一年高出 340 個基點。調整後毛利率的成長歸因於約240個基點的貨運順風、國際定價的增加以及有利的促銷和客戶組合，但部分被100個基點的負面貨幣影響所抵銷。

HEYDUDE brand adjusted gross margin for the quarter was 45.5% and came in better than expected. The margin decrease of 170 basis points from Q4 2022 was driven by excess distribution costs and product mix. This was partially offset by reduced rates and storage costs.

HEYDUDE品牌本季調整後毛利率為45.5%，優於預期。由於分銷成本和產品組合過剩，利潤率較 2022 年第四季下降了 170 個基點。這被費率和存儲成本的降低部分抵消。

Our Q4 adjusted SG&A at 31.6% of revenues deleveraged by 430 basis points compared to prior year. For full year 2023, adjusted SG&A deleveraged 200 basis points to 28.7%. The significant increase in adjusted SG&A rate for the quarter and the full year is attributable to continued marketing investment, talent and infrastructure to support future growth and durable market share gains.

我們在第四季調整後的 SG&A 佔營收的 31.6%，與去年相比去槓桿化了 430 個基點。 2023 年全年，調整後的 SG&A 去槓桿化 200 個基點至 28.7%。本季和全年調整後的 SG&A 率顯著增加，歸因於持續的營銷投資、人才和基礎設施，以支持未來的成長和持久的市場份額成長。

Taking these drivers together, our fourth quarter adjusted operating margin declined 190 basis points to 24.1% compared to 26% for the same period last year. In Q4, the company recorded a onetime GAAP tax benefit of approximately $112 million, primarily related to the closing of our HEYDUDE activity in Hong Kong and the related transfer of our intellectual property.

綜合考慮這些因素，我們在第四季度調整後營業利潤率下降了 190 個基點，降至 24.1%，而去年同期為 26%。第四季度，公司錄得約 1.12 億美元的一次性 GAAP 稅收優惠，主要與結束我們在香港的 HEYDUDE 活動以及相關的智慧財產權轉讓有關。

Fourth quarter adjusted diluted earnings per share decreased 2.6% to $2.58 when reflecting our non-GAAP tax rate of 19.6%. For the full year, our adjusted diluted earnings per share increased 10% to $12.03. We ended the year with clean inventory on our balance sheet and in the channel. Our inventory balance on December 31, 2023, was $385 million, a decline of 18% against this time last year.

第四季調整後攤薄每股收益下降 2.6%，至 2.58 美元，反映出我們 19.6% 的非公認會計準則稅率。全年調整後稀釋每股盈餘成長 10%，達到 12.03 美元。到了年底，我們的資產負債表和通路中的庫存都是乾淨的。截至 2023 年 12 月 31 日，我們的庫存餘額為 3.85 億美元，比去年同期下降 18%。

The Crocs brand inventory balance was $281 million, down 7% from last year and roughly flat to Q3 2023. HEYDUDE inventory was down 38% from last year to $104 million and down 6% versus Q3. We ended 2023 with a strong liquidity position comprised of $149 million of cash and cash equivalents and $570 million of borrowing capacity on our revolver. Through strong cash flow generation and diligent management of net working capital, we have reduced total borrowings to $1.7 billion and our net leverage to approximately 1.3x. Since acquiring HEYDUDE in February 2022, we have repaid $1.2 billion in debt and resumed our share repurchase activity in the second half of 2023.

Crocs 品牌庫存餘額為 2.81 億美元，比去年下降 7%，與 2023 年第三季大致持平。HEYDUDE 庫存比去年下降 38%，至 1.04 億美元，比第三季下降 6%。截至 2023 年末，我們擁有強大的流動性頭寸，包括 1.49 億美元的現金和現金等價物以及 5.7 億美元的左輪融資能力。透過強勁的現金流產生和對淨營運資本的勤奮管理，我們已將總借款減少至 17 億美元，並將淨槓桿率減少至約 1.3 倍。自 2022 年 2 月收購 HEYDUDE 以來，我們已償還 12 億美元債務，並於 2023 年下半年恢復了股票回購活動。

On a full year basis, we repurchased $175 million of stock at an average price of $104 per share. Our strong liquidity position and best in cash flow generation will enable us to continue to pay down debt and buy back stock in 2024. In February, we successfully refinanced our Term Loan B and achieved a 75 basis point reduction in borrowing rate from SOFR plus 3% and to SOFR plus 2.25%, with no change to our leverage covenants or maturity date.

全年我們以每股 104 美元的平均價格回購了價值 1.75 億美元的股票。我們強大的流動性狀況和最佳的現金流產生能力將使我們能夠在2024 年繼續償還債務併回購股票。2 月份，我們成功為定期貸款B 進行了再融資，並將SOFR 加3 的借款利率降低了75 個基點% 和 SOFR 加 2.25%，我們的槓桿契約或到期日沒有變動。

Now turning to the future, I would like to share our current outlook for Q1 and then full year 2024. For Q1, we expect consolidated revenues to be down 1.5% to up 0.5% at year-end currency rates, with the Crocs brand growing between 6% to 8%. We expect HEYDUDE revenue to be down 20% to 23% as we lap pipeline fill from last year and given our aforementioned spring order book trends. We expect adjusted operating margin to be approximately 22% and adjusted diluted earnings per share of $2.15 to $2.25. For the full year 2024, we are reiterating our revenue outlook of 3% to 5% growth, assuming year-end currency rates.

現在轉向未來，我想分享我們目前對第一季和 2024 年全年的展望。對於第一季度，我們預計綜合收入按年底匯率計算將下降 1.5% 至增長 0.5%，隨著 Crocs 品牌的增長6 % 至8% 之間。考慮到我們前面提到的春季訂單趨勢，我們預計 HEYDUDE 的收入將下降 20% 至 23%，因為我們去年的管道填充情況已經結束。我們預計調整後營業利潤率約為 22%，調整後稀釋每股收益為 2.15 美元至 2.25 美元。對於 2024 年全年，我們重申我們的收入前景為 3% 至 5%（假設年末匯率）。

For Crocs brand revenues, we expect to grow 4% to 6% with growth led by international. For HEYDUDE brand revenues, we continue to expect growth to be flat to slightly up. In terms of shaping, we expect HEYDUDE sales trends to improve throughout the year. We expect gross margin improvement over 2023 at the enterprise level.

對於 Crocs 品牌收入，我們預計將成長 4% 至 6%，其中國際業務帶動成長。對於 HEYDUDE 品牌收入，我們繼續預期成長將持平或略有上升。塑造方面，我們預期HEYDUDE全年銷售趨勢將有所改善。我們預計 2023 年企業層面的毛利率將會有所改善。

We expect stable Crocs brand gross margins and expect HEYDUDE gross margin to be up for the year as we start to realize the benefit of our newly opened Las Vegas DC and our planned ERP implementation. We expect to reinvest these dollars into brand accretive and strategic SG&A investments resulting in consolidated adjusted operating margins for the year of approximately 25%. Following our tax structure changes for full year 2024, we expect our underlying non-GAAP tax rate, which approximate cash taxes paid to be approximately 18% and GAAP tax rate of 21.5%.

我們預計 Crocs 品牌毛利率穩定，並預計 HEYDUDE 毛利率今年將有所上升，因為我們開始意識到新開設的拉斯維加斯 DC 和計劃實施的 ERP 的好處。我們預計將這些資金再投資於品牌增值和策略性 SG&A 投資，從而使今年的綜合調整後營業利潤率達到約 25%。在我們 2024 年全年的稅收結構發生變化後，我們預計我們的基本非 GAAP 稅率（即支付的現金稅約為 18%）和 GAAP 稅率為 21.5%。

We anticipate non-GAAP diluted earnings per share to be approximately $12.05 to $12.50 in 2024. This range incorporates our recent tax changes in Term Loan B refinancing, but does not assume any impact from potential future share repurchases. We also expect to incur $10 million of onetime charges, primarily in the first quarter related to the completion of our distribution and logistics projects for HEYDUDE. To support growth for both brands, we expect to invest approximately $120 million to $130 million in capital expenditures in 2024 and continue to expect best-in-class cash flow generation. At this time, I'll turn the call back over to Andrew for his final thoughts.

我們預計 2024 年非 GAAP 攤薄每股收益約為 12.05 美元至 12.50 美元。該範圍包含我們最近對定期貸款 B 再融資的稅收變化，但不假設未來潛在股票回購的任何影響。我們也預計將產生 1000 萬美元的一次性費用，主要是在第一季與完成 HEYDUDE 的分銷和物流項目相關的費用。為了支持這兩個品牌的成長，我們預計 2024 年將投資約 1.2 億至 1.3 億美元的資本支出，並繼續期望產生一流的現金流。此時，我會將電話轉回給安德魯，詢問他的最後想法。

Thank you, Anne. Crocs, Inc. had a record-breaking year in 2023. As we move into 2024, we are on the offense and proactively making the decision to invest incrementally in our business to set ourselves up for continued durable market share gains while delivering top-tier total shareholder returns.

謝謝你，安妮。 Crocs, Inc. 在2023 年迎來了破紀錄的一年。進入2024 年，我們積極主動，主動做出決定，對我們的業務進行增量投資，為持續持久的市場份額增長做好準備，同時提供頂級產品股東總回報。

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

此時，我們將開放提問。

We will now begin the question-and-answer session. (Operator Instructions) Our first question will come from Tom Nikic of Wedbush Securities.

我們現在開始問答環節。 （操作員指示）我們的第一個問題將來自 Wedbush Securities 的 Tom Nikic。

I wanted to ask about HEYDUDE. I know you gave some of the reasons why we should expect better performance from HEYDUDE over the course of the year, but -- it seems like you're kind of digging yourself into a pretty big hole in Q1 and you kind of need pretty significant amount of reacceleration the remainder of the year. I guess, kind of the confidence in that reacceleration stem from order books or like feedback you've gotten from wholesale partners? And I guess, just on the wholesale front, I think, obviously, last year was a much choppier year than you had expected for the HEYDUDE brand. And I guess like one of the wholesale partners seen lately that's gotten more comfortable to help drive that reacceleration in the HEYDUDE brand that you're expecting.

我想問一下 HEYDUDE 的事。我知道你給了一些理由，說明為什麼我們應該期待HEYDUDE 在這一年裡有更好的表現，但是——看起來你在第一季度給自己挖了一個相當大的坑，你需要相當大的投入今年剩餘時間內的再加速量。我想，對這種重新加速的信心是來自於訂單簿還是來自批發合作夥伴的回饋？我想，就批發而言，我認為去年顯然比您對 HEYDUDE 品牌的預期要波動得多。我想就像最近看到的一位批發合作夥伴一樣，他們更願意幫助推動 HEYDUDE 品牌的重新加速，正如您所期望的那樣。

Yes. Thanks, Tom. Yes. I think I'll hit the start of this, then Anne can pick it up at the end with a few sort of points around how we think the year will play out for HEYDUDE. So I think the first thing you've got to do is you've got to separate sell-in from sell-out, right? So yes, I absolutely -- you can see that the HEYDUDE brand has been choppy from us from a sell-in perspective.

是的。謝謝，湯姆。是的。我想我會從這裡開始，然後安妮可以在最後講一些關於我們認為 HEYDUDE 今年將如何發展的觀點。所以我認為你要做的第一件事就是必須把賣出和賣出分開，對嗎？所以，是的，我絕對——你可以看到，從銷售的角度來看，HEYDUDE 品牌對我們來說一直不穩定。

And didn't play out as we thought it would during the full year. And you heard us on our Q3 call, talk about how we're going to pivot or how we pivoted some of our kind of strategic actions. But if you kind of step all the way back, to sell out and the consumer takeaway that we see for the brand because that is what our wholesale partners experience, right?

全年的表現並沒有像我們想像的那樣。您在第三季的電話會議上聽到我們談論我們將如何調整或我們如何調整某些策略行動。但如果你退一步說，我們看到該品牌的銷售和消費者外賣，因為這就是我們的批發合作夥伴的經歷，對嗎？

So I think we can see a few things that are very, very clear. The underlying sellout for the HEYDUDE brand has been strong, right? It is a top-performing brand for many of our wholesale partners, and it ranks highly in their brand stack. The HEYDUDE brand during 2023 gained market share in the fashion casual category, actually substantial market share, we believe, based on the Circana data about 200 basis points. So it was one of the larger market share gains, and that's in terms of consumer takeaway. And then we can also see that our underlying DTC business.

所以我認為我們可以看到一些非常非常清楚的事情。 HEYDUDE 品牌的潛在銷售量一直很強勁，對嗎？對於我們的許多批發合作夥伴來說，它是表現最好的品牌，並且在他們的品牌堆疊中排名很高。 HEYDUDE 品牌在 2023 年在時尚休閒類別中獲得了市場份額，根據 Circana 數據約 200 個基點，我們認為實際上是相當大的市場份額。因此，這是較大的市場份額增長之一，而且是在消費者外賣方面。然後我們還可以看到我們底層的DTC業務。

Now we've changed some pricing strategies and dynamics in our DTC business, which is causing us to give up some revenue but also to drive higher margins. So in essence, what we see is we kind of read through to the consumer that we are selling more pairs to more consumers and gaining market share. And so that's kind of the important read. Now we acknowledged that in the back half of '22, early part of '23, we put too many pairs into the market.

現在，我們改變了 DTC 業務的一些定價策略和動態，這導致我們放棄一些收入，但也提高了利潤率。因此，從本質上講，我們看到的是，我們向消費者傳達了這樣的訊息：我們正在向更多的消費者出售更多的鞋子並獲得市場份額。所以這是一本很重要的書。現在我們承認，在 22 年下半年、23 年初，我們向市場投入了太多的貨幣對。

So we sold more in than we should have done. We also have gone through the process of cleaning up our account base because I think we had too many accounts with too much inventory kind of competing against each other. So I think we've got real clarity on who our strategic partners are. And I would say, as we talk to those strategic partners, and frankly, you've heard from a number of them, those that are public, they are really bullish on the brand. So that's kind of what we see from a consumer lens.

所以我們賣出的東西比我們應該做的多。我們也經歷了清理帳戶基礎的過程，因為我認為我們有太多帳戶，庫存太多，相互競爭。所以我認為我們已經非常清楚我們的策略夥伴是誰。我想說，當我們與這些策略夥伴交談時，坦白說，你已經從他們中的許多人那裡聽說過，他們非常看好這個品牌。這就是我們從消費者角度看到的情況。

I think the second piece I'd say that drives trajectory for the business is before I hand it over to Anne, is that outlet business, right? So we opened up those five outlet stores in the back end of last year. We're very pleased with the performance of those stores and will open more this year. And as you go through the year, the cumulative revenues and profit that you get from those stores is substantial, and we'll continue to build that business in the future and the sort of benchmark we gave you to kind of get your head around it was the retail business for Crocs North America is about 1/3 of the total business. So it's very substantial, and we think that exists for HEYDUDE too.

我認為我要說的推動業務發展軌蹟的第二件事是在我將其交給安妮之前，是直銷業務，對吧？所以我們在去年年底開設了這五家直營店。我們對這些商店的業績非常滿意，今年將開設更多商店。當你度過這一年時，你從這些商店獲得的累積收入和利潤是巨大的，我們將在未來繼續發展這項業務，以及我們為你提供的那種基準，讓你能夠理解它Crocs北美的零售業務約佔總業務的1/3。所以它非常重要，我們認為 HEYDUDE 也存在這種情況。

Yes. And Tom, just to give you a little context on the shape in a little bit more detail. So embedded in our full year guidance of flat to slightly up for HEYDUDE. We are assuming that wholesale right now is down for the year in our guidance, although we do assume it improves every quarter throughout just as we look at the trajectory. In Q1, we would expect a similar channel dynamic to what we saw in Q4 and then we really start to see the benefit of retail contribution start to impact us in Q2 and beyond.

是的。湯姆，只是為了更詳細地向您提供有關形狀的一些背景資訊。因此，我們對 HEYDUDE 的全年指導意見是持平或略有上升。我們假設現在的批發量在我們的指導中是下降的，儘管我們確實假設在我們觀察軌跡時每個季度都會有所改善。在第一季度，我們預期通路動態與第四季度類似，然後我們真正開始看到零售貢獻的好處開始在第二季及以後影響我們。

So I would say '24 is really about from a wholesale perspective, focusing on sell-out as Andrew mentioned, making sure we have the right inventory in the market and letting that really be a pull market and wholesale revenue will be what it is, and that's incorporated into our guidance.

所以我想說，'24'實際上是從批發的角度來看的，正如安德魯提到的那樣，專注於銷售，確保我們在市場上擁有合適的庫存，並讓這真正成為一個拉動市場，批發收入將是這樣的，這已納入我們的指導中。

A quick follow-up on HEYDUDE. Just where -- sorry if you mentioned this during the prepared remarks, if I had missed it, but where are we at in terms of cleaning up the gray market and all that?

HEYDUDE 的快速跟進。抱歉，如果你在準備好的發言中提到了這一點，如果我錯過了，但我們在清理灰色市場等方面處於什麼位置？

Yes. I think we're making great progress. We see substantial dips in the gray market from sort of earlier in '23. We're not done yet. We think it will take through the first half of '24 to complete that, but certainly solid progress.

是的。我認為我們正在取得很大進展。我們看到灰色市場較 2023 年早些時候大幅下滑。我們還沒完成。我們認為這需要 24 年上半年才能完成，但肯定會取得紮實的進展。

The next question comes from Jonathan Komp of Baird.

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

I want to ask about Crocs North America. Could you just share your current thoughts on the health of the business? Any thoughts on the trajectory in 2024 here and maybe include with that Jibbitz in your view there? I know you mentioned penetration increases for the year.

我想問一下 Crocs 北美的情況。您能否分享一下您目前對業務健康狀況的看法？對 2024 年的發展軌跡有什麼想法嗎？也許還包括您認為的 Jibbitz？我知道您提到了今年的滲透率成長。

And then just one separate question, more for Anne. As we think about the margin guidance for the year. It looks like you're implying pretty significant SG&A deleverage for the Crocs brand. I want to just see if you can give any more color there, if that's the case and further give detail on what's driving that?

然後是一個單獨的問題，更多關於安妮的問題。當我們考慮今年的利潤指導。看來您暗示 Crocs 品牌的銷售及行政費用（SG&A）去槓桿化相當大。我想看看你是否可以在那裡提供更多的顏色，如果是這樣的話，並進一步詳細說明是什麼推動了這一點？

Yes, John. So I think the Crocs brand continues to be very well positioned in North America. Obviously, it's our largest business, and it is a scale business. We have substantial market share were well penetrated from a wholesale perspective, from a retail perspective and from a digital perspective. But we do see -- we're very happy with the performance of the Crocs brand in the market in '23. We see -- we are very positive, I would say, indications of continued support from our wholesale partners.

是的，約翰。因此，我認為 Crocs 品牌在北美仍然處於非常有利的地位。顯然，這是我們最大的業務，而且是規模業務。我們擁有大量的市場份額，從批發角度、零售角度和數位角度都得到了很好的滲透。但我們確實看到——我們對 Crocs 品牌在 23 年的市場表現非常滿意。我想說，我們非常積極地看到，有跡象表明我們的批發合作夥伴將繼續提供支援。

We have a strong pipeline of product innovation that we'll bring to market. We have a strong pipeline of licensed products, collaborations that we'll bring to market during the year. In fact, I spent mostly yesterday afternoon reviewing new products. So super excited about that. So I think the brand is well positioned. I think it also does -- and if you rightly call out, we do think we have incremental penetration opportunity for Jibbitz.

我們擁有強大的產品創新管道，將推向市場。我們擁有強大的授權產品和合作管道，我們將在今年將其推向市場。事實上，昨天下午我大部分時間都在審查新產品。對此非常興奮。所以我認為這個品牌的定位很好。我認為這也是如此——如果你正確地指出，我們確實認為我們為 Jibbitz 提供了增量滲透的機會。

We see the consumer dynamic with personalization being incredibly positive. As you saw in '23, it grew above the overall growth of the business and gained penetration -- we think we see opportunities in the wholesale market where, look, it is a more difficult product to display and sell in the wholesale market, but we have some creative solutions that we'll be testing and rolling out. We also are bringing the time lines into Jibbitz dramatically so that we can respond to, I would say, kind of social trends much more quickly. So we're super excited about using personalization to create ongoing consumer engagement.

我們看到個人化的消費者動態非常正面。正如您在23 年所看到的，它的成長超過了業務的整體成長並獲得了滲透——我們認為我們在批發市場看到了機會，看起來，它是一種更難以在批發市場展示和銷售的產品，但是我們有一些創造性的解決方案，我們將對其進行測試和推出。我們還將時間軸戲劇性地引入 Jibbitz，以便我們能夠更快地響應社會趨勢。因此，我們對使用個人化來創造持續的消費者參與感到非常興奮。

Yes. And just as a reminder, that North America in 2023 grew 8.3% on a constant currency basis and 3% in Q4. So pretty good results out of the North America scale Crocs business. I think from an SG&A perspective, as we talked about in ICR we are going to invest some of our margin improvements in SG&A this year. We think it's really important. And that goes for both brands. Just to give you context, we do expect higher SG&A dollar growth in the first half versus the second half because we're still anniversarying some larger investments on both brands that we made in 2023.

是的。提醒一下，以固定匯率計算，2023 年北美地區經濟成長 8.3%，第四季成長 3%。 Crocs 北美規模業務取得了相當不錯的業績。我認為，從 SG&A 的角度來看，正如我們在 ICR 中所討論的那樣，我們今年將把部分利潤改善投資於 SG&A。我們認為這非常重要。這對於兩個品牌來說都是如此。只是為了向您提供背景信息，我們確實預計上半年的 SG&A 美元增長將高於下半年，因為我們仍在慶祝 2023 年對這兩個品牌進行的一些較大投資。

So SG&A growth is up mid-20% in both Q1 and Q2. So just something to keep in mind. And I -- why we're not going to guide specifically from a both brand perspective on investments, the investments that we're making across the board are really on the marketing side. [Talent] in both brands on Crocs, it's really focused on our international markets, which we expect to drive the growth this year. And then on HEYDUDE, some of that is related to our outlet store investment. And that's the biggest pieces and then some technology associated with both brands.

因此，第一季和第二季的 SG&A 成長率均達到 20% 左右。所以需要記住一些事情。我 - 為什麼我們不打算從兩個品牌的角度具體指導投資，我們全面進行的投資實際上是在行銷方面。 [人才] 在 Crocs 的兩個品牌中，它真正專注於我們的國際市場，我們預計這將推動今年的成長。然後在 HEYDUDE 上，其中一些與我們的直銷店投資有關。這是最大的部分，然後是與兩個品牌相關的一些技術。

Next question comes from Rick Patel of Raymond James.

下一個問題來自雷蒙德·詹姆斯的里克·帕特爾。

Congrats to Anne on the new role and all the best to Michelle on your new chapter. Just wanted to ask a question about the long-term potential for growth. So with total revenues being guided up 3% to 5% here, -- how should we think about the potential to hit $5 billion of revenue by 2026. Just hoping you could add some color on the building blocks there.

恭喜安妮擔任新角色，祝福米歇爾開啟新篇章。只是想問一個有關長期成長潛力的問題。因此，隨著這裡的總收入增長 3% 到 5%，我們應該如何考慮到 2026 年收入達到 50 億美元的潛力。只是希望您能為那裡的構建模組添加一些色彩。

Thanks, Rick. And I assume you're referring to the $5 billion for Crocs that we guided some years ago?

謝謝，瑞克。我想您指的是幾年前我們為 Crocs 投資 50 億美元的資金？

Correct.

正確的。

Yes. Okay. So yes, because I think -- so a number of years ago, we guided, we thought that the fact the Crocs could be a $5 billion brand. And I think at that point, we set out -- we thought that could happen by 2026. I think where we are today is we absolutely still firmly believe the Crocs is a scale business, the Crocs brand and can easily be $5 billion. And we look at the pillars that we're using to drive that growth, which is Asia, digital, Clogs, sandals and personalization, and we see really kind of solid progress against all of those pillars.

是的。好的。所以是的，因為我認為——所以幾年前，我們認為 Crocs 可以成為一個價值 50 億美元的品牌。我認為從那時起，我們就開始了——我們認為這可能會在2026 年實現。我認為我們今天的處境是，我們絕對仍然堅信Crocs 是一家規模企業、Crocs 品牌，可以輕鬆達到50 億美元。我們著眼於推動成長的支柱，即亞洲、數位、木底鞋、涼鞋和個人化，我們看到所有這些支柱都取得了切實的進展。

In fact, I would say more than solid progress. We've seen sort of incredible progress over the last several years against those pillars. I think quite a few things have changed since we provided that guidance around global supply chain. We had to pull back out of Russia because of all the issues that you're well aware of. And frankly, currency as well cost us about $200 million in top line. So I don't think that it's realistic to achieve the $5 billion by 2026.

事實上，我想說的不僅僅是紮實的進步。在過去的幾年裡，我們在這些支柱方面取得了令人難以置信的進展。我認為自從我們提供有關全球供應鏈的指導以來，很多事情都改變了。由於你們都很清楚的所有問題，我們不得不從俄羅斯撤軍。坦白說，貨幣也讓我們損失了約 2 億美元的收入。所以我認為到 2026 年實現 50 億美元不太現實。

But -- and so we're really focused on driving continued growth in a profitable and sustainable way and probably take a little bit longer. But I think it still drives incredible shareholder returns and value creation for shareholders. And in terms of operating margins, this will be the first year, I think, we're deviating from the or projecting to deviate from the 26%. We still think the operating margins for our company are in the mid-20s, but will not be every single year above the 26% mark. We think it's very prudent to invest incremental dollars from time to time to create the capabilities that allow us to grow in the future. So to give you a perspective in the long term.

但是，因此我們真正專注於以盈利和可持續的方式推動持續成長，並且可能需要更長的時間。但我認為它仍然為股東帶來令人難以置信的股東回報和價值創造。就營業利潤率而言，我認為這將是我們偏離或預計偏離 26% 的第一年。我們仍然認為我們公司的營業利潤率在 20 多歲左右，但不會每年都高於 26%。我們認為，不時地投入增量資金來創造使我們能夠在未來發展的能力是非常謹慎的。所以為了給你一個長期的視野。

The next question comes from Abbie Zvejnieks of Piper Sandler.

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

Just on the Crocs brand, are there -- is there any color you can give on quarter-to-date trends? And the Crocs brand being guided to 6% to 8% versus 4% to 6% for the year. What are you seeing that gives you confidence in that number? And does that assume just the continuation of trends that you're seeing so far? Is there any improvement contemplated in getting to that 6% to 8% for the quarter.

就 Crocs 品牌而言，您能對本季最新趨勢給予什麼顏色嗎？ Crocs 品牌今年的銷售額預計為 6% 至 8%，而今年則為 4% 至 6%。您看到什麼讓您對這個數字充滿信心？這是否假設您目前所看到的趨勢會持續下去？本季達到 6% 到 8% 的目標是否有任何改善？

Yes. I think -- obviously, we got a bit of a brand color and can give us some of the more specifics. I would say it's a continuation of the trends from last year basically. We see -- we don't give a lot of in quarter color. But if you think about some of the big drivers that have really been propelled in the brand, so Asia and international growth has been super important. We see cloud growth, (inaudible) and Jibbitz growth from a product perspective, important. And as you know, we have visibility to bookings. So we feel real confident around our wholesale bookings. And we see solid sell-out for the brand. So I'd say it's continuation mostly.

是的。我認為——顯然，我們有一些品牌色彩，可以給我們一些更具體的資訊。我想說這基本上是去年趨勢的延續。我們看到——我們並沒有給出很多四分之一的顏色。但如果你考慮該品牌真正推動的一些重要驅動因素，那麼亞洲和國際成長就變得非常重要。從產品角度來看，我們認為雲端成長（聽不清楚）和 Jibbitz 成長非常重要。如您所知，我們可以查看預訂情況。因此，我們對批發預訂充滿信心。我們看到該品牌的銷售強勁。所以我想說這主要是延續。

Yes. And just January, we don't really comment on trends in our quarter, but January is a very small piece of our overall quarter when you think about it is pretty immaterial for us as a business.

是的。就在一月份，我們並沒有真正評論本季的趨勢，但一月份只是我們整個季度的一小部分，因為你認為它對我們作為一個企業來說非常無關緊要。

Got it. That's helpful. And just one follow-up, more of a housekeeping question. Since you've changed the reporting segments, is there any way you can tell us kind of what 4Q would have looked like under the old reporting segment?

知道了。這很有幫助。只是一個後續問題，更多的是一個內務問題。既然您已經更改了報告分部，您是否可以透過任何方式告訴我們在舊報告分部下第四季會是什麼樣子？

Yes. So as we did change our reporting segments. So our new reporting segments are HEYDUDE brand and Crocs brand as we think that reflects how we should look at the business. So as reported, North America grew 3% in Q4. International grew 25%, led by Asia Pac, which was up 36% and [EMEA] was up 16%. And -- for the year, operating profit dollars across all regions increased double digits versus prior year, and the strongest growth came from Asia and EMEA . So this will be the last time we'll give the information as our segments have now changed, but that gives you some -- a full year picture.

是的。正如我們確實改變了我們的報告部門。因此，我們新的報告部門是 HEYDUDE 品牌和 Crocs 品牌，因為我們認為這反映了我們應該如何看待業務。據報道，北美第四季成長了 3%。國際成長 25%，其中亞太地區成長 36%，[歐洲、中東和非洲] 成長 16%。今年，所有地區的營業利潤均較上年增長兩位數，其中成長最強勁的是亞洲和歐洲、中東和非洲地區。因此，這將是我們最後一次提供信息，因為我們的細分市場現已發生變化，但這為您提供了一些全年情況。

The next question comes from Jim Duffy of Stifel.

下一個問題來自 Stifel 的 Jim Duffy。

Hope you guys are doing well. Two questions. First, can you speak to the outlook for international markets, specifically, which are the markets you're excited about for '24? Certainly, China is on that list? Are there others that you would highlight? And likewise, in the international landscape market, do you expect to be more challenging?

希望你們一切順利。兩個問題。首先，您能談談國際市場的前景嗎？具體來說，您對 24 世紀哪些市場感到興奮？當然，中國也在這個名單上？您還有其他要強調的嗎？同樣，在國際景觀市場上，您預期會更具挑戰性嗎？

Yes. Absolutely, Jim. So I think let me start with the sort of highlights. China is probably top of the list, as you rightly pointed out. We've kind of a multiyear investment effort and focus on China and really thrilled that they've started to pay off in 2023 with triple-digit growth, so essentially doubling the business during that year from a top line perspective. Obviously, it improved dramatically from a bottom line perspective as well.

是的。當然，吉姆。所以我想讓我從一些亮點開始。正如您正確指出的那樣，中國可能位居榜首。我們在中國進行了多年的投資努力並專注於中國，我們非常高興他們在2023 年開始以三位數的增長獲得回報，因此從營收角度來看，那一年的業務基本上翻了一番。顯然，從獲利角度來看，它也有了顯著改善。

But we're just getting started in China, right? So 4% of our overall revenues, if you look at sort of other global brands, the benchmark of sort of Greater China is substantially higher than that, maybe 4 to 5x higher than that.

但我們在中國才剛開始，對吧？所以我們總收入的 4%，如果你看看其他一些全球品牌，大中華區的基準遠高於這個數字，可能比這個高 4 到 5 倍。

So I would say second -- we're seeing great trajectory in parts of Western Europe, particularly the U.K., we're probably on a 2- to 3-year very strong growth trajectory in that market. And it's also an important market for influence across the European marketplace. We're seeing a strong trajectory in France also. I would say thirdly, North Korea -- sorry, South Korea has been a very steady growth driver for us. And I think I mentioned in my prepared remarks, is actually when we isolate our countries around the world is our highest market share performance even above the United States, but we've seen future opportunities, continued growth opportunities in South Korea.

所以我要說的是，我們在西歐部分地區，尤其是英國，看到了良好的發展軌跡，我們可能在該市場上處於 2 到 3 年非常強勁的成長軌跡。它也是在整個歐洲市場具有影響力的重要市場。我們在法國也看到了強勁的發展軌跡。第三，北韓——抱歉，韓國一直是我們非常穩定的成長動力。我想我在準備好的發言中提到，實際上當我們孤立我們世界各地的國家時，我們的市場份額表現最高，甚至超過了美國，但我們看到了未來的機會，韓國的持續增長機會。

Australia has performed very strongly. We've seen a real turnaround in the business there. And so those are probably the highlights. I think the more challenging markets, Japan remains a slightly more challenging market. I think we're shifting focus to that market because it is a large market, and we do anticipate growth in the future, but we've got some work to do. And I think we're very, very optimistic about India in the long range, and we're putting substantial investments into that market a little bit like we did around China, but there are a number of kind of short-term issues around sourcing that are creating some, I think, some headwinds in the very short term. But I think in the long term, India will be a big success.

澳洲表現非常強勁。我們看到那裡的業務發生了真正的轉變。這些可能是亮點。我認為，在更具挑戰性的市場中，日本仍然是一個稍微更具挑戰性的市場。我認為我們正在將重點轉移到這個市場，因為這是一個很大的市場，我們確實預計未來會成長，但我們還有一些工作要做。我認為，從長遠來看，我們對印度非常非常樂觀，我們正在對該市場進行大量投資，就像我們在中國所做的那樣，但圍繞採購存在許多短期問題我認為，這會在短期內造成一些阻力。但我認為從長遠來看，印度將會取得巨大成功。

Very helpful. Andrew. Anne soon, you'll be above the fray on questions like this, but I do have a question on the tax rate outlook. It came in a little bit lower than I expected. Is that reflective of geographic mix of the profit pools, I guess, what I'm after here is that a sustained -- do you view a structurally sustainable tax rate? Or is there a onetime dynamic related to that?

很有幫助。安德魯。安妮，很快你就會擺脫對此類問題的爭論，但我確實有一個關於稅率前景的問題。它比我預期的要低一些。我想，這是否反映了利潤池的地理組合，我在這裡追求的是持續的——你認為結構上可持續的稅率嗎？或者是否存在與此相關的一次性動態？

Yes. Thanks, Jim. Yes, I'm very excited to turn [tracking] over to tax -- tracking back over somebody else. But I think our tax rate -- so at the end of Q4, we moved our HEYDUDE IP from Hong Kong, where we don't have operations to Singapore and Netherlands. And that created that onetime benefit of $112 million that we backed out for the purposes of adjusted EPS. So you could have a better idea of our true underlying tax rate for the current year. That does have underlying benefits for this year. So that's how we get to the 18%. So it reflects some geographical mix, but also just the restructure in our tax structure. Right now, we're saying we think 18% is right for this year. I would still use 20% long term, and so we have a better picture going forward.

是的。謝謝，吉姆。是的，我很高興能夠將[追蹤]交給稅務部門—追蹤其他人。但我認為我們的稅率 - 因此在第四季度末，我們將 HEYDUDE IP 從香港（我們在香港沒有業務）轉移到了新加坡和荷蘭。這創造了 1.12 億美元的一次性收益，我們為了調整每股收益而取消了該收益。這樣您就可以更了解我們今年的真實基本稅率。這確實對今年有潛在的好處。這就是我們達到 18% 的方法。因此，它反映了一些地理組合，但也反映了我們稅收結構的重組。現在，我們認為今年 18% 是合適的。從長遠來看，我仍會使用 20%，因此我們對未來有更好的了解。

The next question comes from Chris Nardone of Bank of America.

下一個問題來自美國銀行的 Chris Nardone。

Can you talk about the underlying assumptions in your outlook for the relatively stable gross margins for your core Crocs business this year? I'm just trying to understand what would be holding that back from expanding on the mid-single-digit growth. And if margins do come in better, are you expecting to spend against that strength? Or will you allow some level of flow through to the bottom line this year?

您能否談談您對今年 Crocs 核心業務毛利率相對穩定的展望的基本假設？我只是想了解是什麼阻礙了中個位數的成長。如果利潤率確實有所提高，您是否預計會在這種情況下進行支出？或者今年你會允許一定程度的資金流入盈虧底線嗎？

Yes, that's a great question. So obviously, we're really pleased with our Crocs gross margins for the year, they expanded nicely after what was a tougher 2022 on some -- we had some significant freight tailwinds. We think that's pretty normalized at this point. So we think that just given all of the puts and takes, you've got currency, you've got freight, you've got mix from a channel perspective, pricing and product mix. We think that at about where we were last year is a fairly good place to be.

是的，這是一個很好的問題。顯然，我們對今年 Crocs 的毛利率非常滿意，在經歷了一些艱難的 2022 年後，它們的毛利率有了很好的增長——我們的貨運順風順水。我們認為目前這已經很正常了。因此，我們認為，只要考慮到所有的看跌期權和看跌期權，你就有了貨幣，你就有了運費，你就從渠道、定價和產品組合的角度得到了組合。我們認為去年的水平已經是一個相當不錯的水平了。

So on revenue growth, that's not necessarily -- we tend to see margin expansion on revenue growth as your operating margin because you leverage your SG&A. This year, we've made the conscious decision to take those dollars and really invest as Andrew talked about, we're investing in India and some of our other international markets as well as talent and really focused on that long-term sustainable growth.

因此，就收入成長而言，這並不一定——我們傾向於將收入成長的利潤率擴張視為您的營業利潤率，因為您可以利用 SG&A。今年，我們有意識地決定利用這些資金進行真正的投資，正如安德魯所說，我們正在投資印度和其他一些國際市場以及人才，並真正專注於長期可持續成長。

If we exceed what we said, if we have good investments, we will make the call whether we should continue to invest for the long term or let that flow through to an operating margin perspective.

如果我們超出了我們所說的範圍，如果我們有良好的投資，我們將決定是否應該繼續長期投資，或將其轉化為營業利潤率。

Got it. That's very helpful. And then just as a quick follow-up. Can you provide an assessment of how the [Red Sea] disruption is impacting your business today? And just trying to gauge what you're underwriting for freight rates this year in your initial full year margin outlook.

知道了。這非常有幫助。然後作為快速跟進。您能否評估[紅海]中斷對您目前業務的影響？只是想在最初的全年利潤展望中評估今年您承保的運費。

Yes. So right now, from a Red Sea perspective, we're really seeing an impact from our -- it's mostly our EMEA business at this point, and we're seeing a couple of weeks delay. Overall from a shipping time perspective, we haven't seen a material change to our freight rates at this point. So I would say I don't know what's going to happen this year. Obviously, we don't know how this is going to play out. But at this point, it's not been a material impact to our business.

是的。因此，現在，從紅海的角度來看，我們確實看到了我們的影響力——目前主要是我們的歐洲、中東和非洲業務，我們看到了幾週的延遲。整體而言，從運輸時間的角度來看，目前我們的運費尚未有重大變化。所以我想說我不知道今年會發生什麼。顯然，我們不知道事情會如何發展。但目前，這還沒有對我們的業務產生重大影響。

The next question comes from Jeff Lick of B. Riley Financial.

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

I'd extend my congratulations on incredibly well-deserved promotion and increase in role. Andrew, I was wondering if you take a step back and look at 2019 as a starting point where in North America was $640 million at the Crocs brand and international was $590 million. Obviously, there's way more people internationally than in the U.S., and I think there's an argument to be made that the Crocs brand might even resonate a little better with certain countries and populations than the U.S. So I'm just wondering if all the things that you had done leading up to the pandemic, customization, social influencing the speed to market with distribution.

我對您當之無愧的晉升和職位提升表示祝賀。 Andrew，我想知道您是否退後一步，以 2019 年為起點，Crocs 品牌在北美的銷售額為 6.4 億美元，國際銷售額為 5.9 億美元。顯然，國際上的人數比美國多得多，而且我認為有一種觀點認為，Crocs 品牌甚至可能比美國更能在某些國家和人群中產生共鳴，所以我只是想知道是否所有這些你們在大流行、客製化、社交影響以及分銷的上市速度方面所做的工作。

Obviously, you did that in the U.S. first. If you use the U.S. as a kind of a leading indicator I'm wondering kind of where you're at, like what you're seeing internationally? And do -- would you disagree that international should be at least as big, if not bigger, than the U.S.?

顯然，你首先在美國做到了這一點。如果您使用美國作為領先指標，我想知道您處於什麼位置，就像您在國際上看到的那樣？您是否不同意國際市場至少應該與美國一樣大（如果不是更大的話）？

And then I guess the critics might say, well, "Gee, the U.S. is going to come back "-- that obviously hasn't happened. I was wondering maybe you could speak to like what people are missing as to -- if anything, the U.S. has accelerated, just the dynamics between the U.S. and international, what you could give us there?

然後我猜批評者可能會說，「哎呀，美國要回來了」——這顯然沒有發生。我想知道也許你可以談談人們所缺少的東西——如果有的話，美國已經加速了，只是美國和國際之間的動態，你能為我們提供什麼？

Yes, I think like honestly, Jeff, I think it's a great way of thinking about it, right? So just to sort of paint the picture for everybody. What we saw, the Crocs brand really started in flat in the U.S. marketplace -- sort of late '18 into '19 and then grew dramatically through the pandemic. I think a lot of people outside of the company kind of put that down to, well, that was the pandemic and people we're happy to wear Crocs at home, but they're not happy to where Crocs when they're back out in the real world, right?

是的，我認為老實說，傑夫，我認為這是一個很好的思考方式，對吧？所以只是為每個人描繪一幅圖畫。我們看到，Crocs 品牌在美國市場起步時確實表現平平——大概是 18 世紀末到 19 世紀，然後在大流行期間急劇增長。我認為公司以外的許多人都把這歸因於，嗯，那是因為流行病，我們很高興在家穿 Crocs，但外出時他們不高興穿 Crocs。在現實世界中，對嗎？

So I think at this point, hopefully, that has proven to be incorrect in that people are happy and excited to work Crocs out in the real world. And I think what's happening there is we're engaging in the consumer. We're excited in the consumer with innovative new product with a high comfort product with a high-value product with a product that can be personalized in many different ways, and it's pretty exciting and the customer is engaged in it.

所以我認為，在這一點上，希望這已經被證明是不正確的，因為人們很高興和興奮地在現實世界中使用 Crocs。我認為我們正在與消費者互動。我們對創新的新產品、高舒適度的產品、高價值的產品、可以以多種不同方式進行個人化的產品感到興奮，這非常令人興奮，客戶也參與其中。

So that's grown that business dramatically. We've seen that trajectory repeated in a number of our international markets. So if we look at markets like the U.K., we saw probably in our third year of very accelerated growth. So we're seeing that trajectory play out. And so -- and then as I highlighted an earlier question and Anne, in our prepared remarks, we actually have the highest market share in the Korean marketplace as of today. So even above the U.S. So that's to your point around there might be some places in the world, whether Crocs brand actually resonate even better than in the U.S., easy on and up being a kind of key component there where culturally, there are many markets where people take their shoes off when they go into a building or go into somebody's home.

因此，該業務急劇增長。我們已經看到這種軌跡在我們的許多國際市場上重演。因此，如果我們看看像英國這樣的市場，我們可能會在第三年看到非常加速的成長。所以我們看到這個軌跡正在發揮作用。因此，當我強調了先前的問題和安妮在我們準備好的演講中時，我們實際上在韓國市場上擁有最高的市場份額。因此，即使在美國之上，這就是您的觀點，在世界上的某些地方，Crocs 品牌是否真的比美國更能引起共鳴，輕鬆和向上是那裡的關鍵組成部分，在文化上，有很多市場人們在進入建築物或進入別人家時會脫鞋。

So I think that's a viable thesis. We're not guiding the international business, just to be clear, then be bigger than the U.S. business. I mean, I think when we did our $5 billion plan, we were pretty clear that a lot of our growth will come out of Asia and that international will be super important. And you've seen that in the last like 6 quarters, the international business has grown very strongly. So we can concur.

所以我認為這是一個可行的論文。我們不是在指導國際業務，只是要明確一點，那就是比美國業務更大。我的意思是，我認為當我們制定 50 億美元計劃時，我們非常清楚我們的大部分成長將來自亞洲，而國際市場將非常重要。您已經看到，在過去的 6 個季度中，國際業務成長非常強勁。所以我們可以同意。

The next question comes from Sam Poser of Williams Trading.

下一個問題來自威廉斯貿易公司的薩姆·波瑟。

I have two. For Anne, can you talk about the evolving demand planning, especially with the HEYDUDE brand in order to get to the pull model that you're working towards? And how that is working within the Crocs brand and how you and your new role intend to make that work further work.

我有兩個。對於 Anne，您能否談談不斷變化的需求規劃，尤其是 HEYDUDE 品牌的需求規劃，以便實現您正在努力實現的拉動模型？以及這在 Crocs 品牌中是如何發揮作用的，以及您和您的新角色打算如何使這項工作進一步發揮作用。

And then for Andrew. Andrew, you talked about it in the prepared remarks about promoting Anne to this position. Could you just expand on why she is -- you went through a long process here. It wasn't quick from what I gathered. But can you sort of go into sort of some more nuanced discussion of why she ended up being the best person for the job in your view?

然後是安德魯。安德魯，你在準備好的關於將安妮提升到這個職位的評論中談到了這一點。你能否詳細解釋一下她的原因——你在這裡經歷了一個漫長的過程。從我收集到的資訊來看，這並不快。但你能更細緻地討論為什麼她最終成為你認為最適合這份工作的人選嗎？

You mean other than she is awesome.

你的意思是除了她之外其他都很棒。

Other than she is awesome.

除了她以外，其他都很棒。

I'll let Anne answer the first question.

我請安妮回答第一個問題。

Andrew is thinking of a good answer for you, Sam now. I'm kidding. So yes, so on the demand planning front, so for both HEYDUDE and from a Crocs perspective, we have key account planning. We look very thoughtfully at our big accounts, and we plan strategically what sellout is and then that obviously drive sell-in. As we talked about on HEYDUDE, a couple of the key differences we were making. And remember, when we bought HEYDUDE, we didn't really have the infrastructure in place.

安德魯現在正在為你想一個好的答案，山姆。我在開玩笑。所以，是的，在需求規劃方面，對於 HEYDUDE 和 Crocs 的角度來看，我們都有大客戶規劃。我們非常仔細地審視我們的大客戶，並從策略上規劃什麼是售出，然後這顯然會推動售入。正如我們在 HEYDUDE 上討論的那樣，我們正在做出一些關鍵的改變。請記住，當我們購買 HEYDUDE 時，我們並沒有真正擁有適當的基礎設施。

So these are new tools and skills that we're implementing. We worked really hard to do that last year. So we're also looking at making sure that, as Andrew mentioned, that we have the right product in the right accounts and that we're thoughtful about seating product in the right place and also depth -- and where we put things.

這些是我們正在實施的新工具和技能。去年我們非常努力地做到這一點。因此，正如安德魯所提到的，我們也在考慮確保我們在正確的客戶中擁有正確的產品，並且我們考慮將產品放置在正確的位置和深度 - 以及我們放置東西的位置。

So we're really focused on, as you mentioned, letting it be a pull model. And if we are a little bit short on some things, and it sells out fast, then that's great and that's more demand for next year. So that's kind of how we're thinking about it. That's how we think about it existing on the croc side.

因此，正如您所提到的，我們真正專注於讓它成為拉動模型。如果我們的某些東西有點短缺，而且很快就賣完了，那就太好了，明年的需求就會增加。這就是我們的想法。這就是我們對鱷魚方面存在的看法。

Great. So your second question, so look, I mean my flippant answer is important, right? Like we have great confidence in Anne both the knowledge of the business, the commercial acumen, her understanding of kind of the consumer trends beyond her abilities as a CFO. So that's important. I would say this transition is part of the succession planning that we've been doing for some time. We do it for all of our senior leaders. We do that in conjunction with the board, as you'd expect. And we have a very thorough process around this. So it's definitely something we take very seriously, and we think this is this Michelle is retiring and we wish in well.

偉大的。所以你的第二個問題，所以聽著，我的意思是我輕率的回答很重要，對嗎？我們對 Anne 的業務知識、商業頭腦以及她對消費趨勢的理解都充滿信心，這超出了她作為財務長的能力。所以這很重要。我想說，這次過渡是我們一段時間以來一直在進行的繼任計畫的一部分。我們為所有高階領導者這樣做。正如您所期望的那樣，我們與董事會一起這樣做。我們對此有一個非常徹底的流程。所以這絕對是我們非常認真對待的事情，我們認為米歇爾即將退休，我們對此表示良好的祝愿。

I mean, she's done an amazing job. And as I also said in my prepared remarks, she's been doing this in the [foreign] industry for a long time and have some other things that she would like to spend a bit more time doing. So I think it's a very natural transition and very well planned.

我的意思是，她做得非常出色。正如我在準備好的發言中所說的那樣，她在[外國]行業從事這項工作已經很長時間了，而且她還想花更多時間做一些其他事情。所以我認為這是一個非常自然的過渡並且經過精心策劃。

And just I have a quick follow-up for Anne. It was somebody else's question about comfort that the HEYDUDE business would grow in the back half of the year. How much of the sort of the way this looks like it's going to flow is retailers and you overreacted put too much product into the marketplace at the beginning of last year, given sort of the way things were in the middle of this year when they were writing spring, retailers over -- probably overreacted and may not have written enough. And now they're sort of seeing what's going on and then that's starting to normalize as the orders move throughout the year. Am I thinking about that correctly?

我對安妮有一個快速的跟進。這是別人問的關於HEYDUDE下半年業務成長的舒適度的問題。這種情況看起來有多少是零售商的反應，去年年初你們反應過度，在市場上投入了太多的產品，考慮到今年年中的情況。寫春天的時候，零售商們可能反應過度了，可能寫得不夠。現在他們已經看到了正在發生的事情，然後隨著全年訂單的變化，這種情況開始正常化。我的想法正確嗎？

I think mostly Sam. Yes, that's mostly a very thoughtful understanding of the marketplace.

我認為主要是薩姆。是的，這主要是對市場的深思熟慮的理解。

Next question comes from Aubrey Tianello of BNP Paribas.

下一個問題來自法國巴黎銀行的 Aubrey Tianello。

I wanted to follow up on Crocs North America. You mentioned changing the distribution model with Amazon. Could you maybe give a little more detail on what's changing, how those changes flow the P&L and also what the time frame is for that?

我想跟進 Crocs 北美地區的情況。您提到改變亞馬遜的分銷模式。您能否更詳細地說明正在發生的變化、這些變化如何影響損益表以及變化的時間範圍？

Yes, great question. So as we talked about in our third call, I think kicking a step back, really at the highest level globally, we are trying to have more brand control in global marketplaces where our brand is sold. So we talked about marketplaces that's on a digital front and those PDMs on or others. And so the best way to do that is for us to sell directly to the consumer on those marketplaces. So it's a direct-to-consumer sale versus a wholesale sale. So the dynamics of how it flows through the P&L, it's a higher gross margin, higher SG&A, higher revenue. But it's really not that's not the focus point.

是的，很好的問題。因此，正如我們在第三次電話會議中談到的那樣，我認為退一步說，實際上在全球最高水平上，我們正​​在努力在銷售我們品牌的全球市場上擁有更多的品牌控制權。因此，我們討論了數位化領域的市場以及 PDM 或其他領域的市場。因此，最好的方法就是我們在這些市場上直接向消費者銷售產品。因此，這是直接面向消費者的銷售，而不是批發銷售。因此，它在損益表中的流動方式是更高的毛利率、更高的銷售管理費用、更高的收入。但其實這不是重點。

The focus is just controlling our brand and how consumers -- how it shows up to the consumer and making sure that we provide a consistent and best experience for our consumer. I would say this distribution model perform has been performing in line with our expectations, these changes. And so we will expect to continue down the path this year.

重點是控制我們的品牌以及如何向消費者展示，並確保我們為消費者提供一致且最佳的體驗。我想說這個分配模型的表現一直符合我們的預期，這些變化。因此，我們預計今年將繼續沿著這條道路走下去。

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。我想將會議轉回安德魯·里斯（Andrew Rees）發表閉幕詞。

I just wanted to express our sincere appreciation for everybody joining us today and their interest in our company. So thank you so much, and have a great day.

我只是想對今天加入我們的每個人以及他們對我們公司的興趣表示誠摯的謝意。非常感謝您，祝您有美好的一天。

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

會議現已結束。感謝您參加今天的演示，您現在可以斷開連接了。