卡洛馳 (CROX) 2024 Q1 法說會逐字稿

Good day, and welcome to the Crocs Inc. First Quarter Earnings Call. (Operator Instructions) Please note this event is being recorded. I would now like to turn the conference over to Erinn Murphy, Vice President of Investor Relations and Strategy. Please go ahead.

美好的一天，歡迎參加 Crocs Inc. 第一季財報電話會議。 （操作員說明）請注意此事件正在被記錄。現在我想將會議交給投資者關係和策略副總裁艾琳墨菲 (Erinn Murphy)。請繼續。

Good morning, and thank you for joining us to discuss Crocs, Inc. first quarter results. With me today are Andrew Rees, Chief Executive Officer; and Anne' Mehlman, Executive Vice President, Croc's Brand President and Chief Financial Officer. Following their prepared remarks, we will open the call for your questions, which we ask that you limit to 1 per caller.

早安，感謝您加入我們討論 Crocs, Inc. 第一季業績。今天與我在一起的有首席執行官安德魯·里斯 (Andrew Rees)；和 Anne' Mehlman，執行副總裁、Croc's 品牌總裁兼財務長。在他們準備好的發言之後，我們將開始詢問您的問題，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 on this call is forward-looking and accordingly, is subject to the safe harbor provisions of the federal securities laws.

在我們開始之前，我想提醒您，本次電話會議中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。

These statements include, but are not limited to, statements regarding our strategy, plans, objectives, expectations and intentions, including our financial outlook. 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 quarterly report on Form 10-Q and other reports filed with the SEC for more information on these risks and uncertainties.

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。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-Q 表格季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。

Certain financial metrics, as 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. All revenue growth rates will be cited on a constant currency basis unless otherwise stated.

某些財務指標（我們稱之為調整後的或非公認會計原則）是非公認會計原則衡量標準。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。

At this time, I'll turn the call over to Andrew Rees, Crocs, Inc. Chief Executive Officer.

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. We reported very strong first quarter results, which well exceeded our guidance on both the top and bottom line. Revenue grew by 7% to prior year for the enterprise, led by outsized Crocs brand growth of 16% and HEYDUDE brand also performed ahead of guidance. Adjusted gross margins of 56% improved 180 basis points versus prior year, and we grew our adjusted earnings per share by 16% and to $3.02.

謝謝你，艾琳，大家早安。感謝您今天加入我們。我們報告了非常強勁的第一季業績，遠遠超出了我們對營收和利潤的指導。該公司的收入比上年增長了 7%，其中 Crocs 品牌增長了 16%，HEYDUDE 品牌的表現也超出了預期。調整後毛利率為 56%，比前一年提高了 180 個基點，調整後每股收益成長了 16%，達到 3.02 美元。

Our growth strategy remains consistent, and we are focused on 3 primary initiatives from an enterprise perspective to fuel durable and consistent growth. One, ignite our icons across both brands to drive awareness and global relevance for new and existing consumers; two, drive market share gains across our Tier 1 markets through strategic investment behind talent, marketing, digital and retail; and three, attract new consumers to our brands through methodically diversifying our product range and usage occasions.

我們的成長策略保持一致，從企業角度專注於 3 項主要舉措，以推動持久、持續的成長。第一，點燃我們兩個品牌的標誌，提高新舊消費者的認知度和全球相關性；第二，透過人才、行銷、數位和零售方面的策略性投資，推動一級市場的市場佔有率成長；第三，透過有條不紊地多樣化我們的產品範圍和使用場合，吸引新消費者使用我們的品牌。

Before I discuss more detail on the quarter, I want to start by saying how pleased I am to announce the hiring of Susan Healy as Executive Vice President and Chief Financial Officer. Susan is a seasoned financial professional and a Wall Street veteran with broad exposure to the consumer sector, including Ulta Beauty, where we served as the SVP of Finance for 5 years.

在討論有關本季度的更多細節之前，我首先想說的是，我非常高興地宣布聘請蘇珊希利 (Susan Healy) 擔任執行副總裁兼財務長。 Susan 是一位經驗豐富的金融專業人士和華爾街資深人士，廣泛涉足消費領域，包括 Ulta Beauty，我們在該領域擔任了 5 年的財務高級副總裁。

Most recently, Susan served as a public company CFO for IAA, a global marketplace for automotive buyers and sellers. We have a deep finance bench, and I'm excited about Susan's leadership and expertise. I look forward to working with her and for the investment community to get to know her in coming months.

最近，Susan 擔任 IAA（汽車買家和賣家的全球市場）上市公司的財務長。我們擁有深厚的財務人才，我對蘇珊的領導能力和專業知識感到興奮。我期待與她合作，也期待投資界在未來幾個月內了解她。

Starting with the Crocs brand, our socially led digital-first marketing playbook continues to win with consumers across the world. And the first quarter was no exception. In the U.S., we ranked in the top 10 footwear brand in the Piper Sandler taking stock with Team Spring Survey, taking the #7 spot and maintaining our mind share year-over-year.

從 Crocs 品牌開始，我們以社會為主導的數位優先行銷策略繼續贏得世界各地消費者的青睞。第一季也不例外。在美國，我們在 Piper Sandler 的 Team Spring Survey 評估中名列前 10 名鞋類品牌，排名第七，並與去年同期相比保持了我們的心智份額。

This marks over 4 years of being a top 10 brand for the U.S. teen consumer. The democratic nature of our brand allows us to create a broad array of consumer moments that drive brand affinity and engagement through our partnership model.

這標誌著連續 4 年多成為美國青少年消費者十大品牌。我們品牌的民主本質使我們能夠創造廣泛的消費者時刻，透過我們的合作夥伴模式提高品牌親和力和參與度。

During the quarter, our successful range from Toy Story and Hello Kitty to Clog, a Chinese streetwear brand. Our Toy Story Collection was one of the most successful licensing partnerships to date with global offering available across select wholesale partners and our own DTC.

本季度，我們成功推出了從《玩具總動員》和《Hello Kitty》到中國街頭服飾品牌 Clog 的系列產品。我們的《玩具總動員》系列是迄今為止最成功的授權合作夥伴之一，在精選的批發合作夥伴和我們自己的 DTC 中提供全球產品。

In addition, we launched our second collaboration with Simone Rocha, a luxury brand. Our 7-Style collection was priced between $175 and $225. It launched in 20 markets and sold out globally almost immediately.

此外，我們也與奢侈品牌Simone Rocha展開了第二次合作。我們的 7-Style 系列價格在 175 美元至 225 美元之間。它在 20 個市場推出後幾乎立即在全球銷售一空。

As we think about product, we continue to prioritize our 3 pillars: clogs, sandals and personalization. Growth in our first quarter was led by our classic clogs and we are seeing both new and existing consumers come to the brand through our icons.

當我們考慮產品時，我們繼續優先考慮我們的三大支柱：木底鞋、涼鞋和個人化。我們第一季的成長是由我們的經典木鞋帶動的，我們看到新舊消費者都透過我們的標誌來到品牌。

Our Kids business was another highlight with double-digit growth in the quarter. We continue to create multi-product franchises that broaden usage occasions for the consumer. Building on the success of our Echo Franchise, we launched the Echo Storm, a fully-molded sneaker. This launch in our DTC channel as well as Foot Locker and JD Sports during the quarter and performed well.

我們的兒童業務是本季實現兩位數成長的另一個亮點。我們持續創造多產品特許經營權，擴大消費者的使用場合。在 Echo 系列取得成功的基礎上，我們推出了 Echo Storm，一款全模壓運動鞋。本季產品在我們的 DTC 頻道以及 Foot Locker 和 JD Sports 上推出，並且表現良好。

In fact, 59% of our Echo Storm purchases and our own dot-com with new consumers. Just in time for NBA All Star weekend, we further expanded visibility of our Echo Franchise through the Crocs NBA slide and players like Nikola Jokic to Steph Curry were spotted wearing them.

事實上，我們 59% 的 Echo Storm 採購都是透過我們自己的網路與新消費者進行的。恰逢 NBA 全明星週末，我們透過 Crocs NBA 拖鞋進一步擴大了 Echo 系列的知名度，尼古拉·約基奇 (Nikola Jokic) 和斯蒂芬·庫裡 (Steph Curry) 等球員都穿著它們。

During the first quarter, we rolled out 2 new sandal franchises, the 2.0 Version of our Classic Slide and Two Trap and the Getaway. The Getaway leverages our newest proprietary material known as free-fill technology.

在第一季度，我們推出了 2 個新涼鞋系列，分別是 Classic Slide 和 Two Trap and the Getaway 的 2.0 版本。 Getaway 利用我們最新的專有材料（稱為自由填充技術）。

Within this franchise, we have seen positive momentum with the strappy and the flip styles and have found that these resonate with a broad consumer segment. For the year, we continue to expect sandals to grow in excess of our overall growth and increase in penetration.

在這個系列中，我們看到了繫帶和翻蓋款式的積極勢頭，並發現這些款式與廣泛的消費者群體產生了共鳴。今年，我們繼續預計涼鞋的成長將超過我們的整體成長和滲透率的成長。

Our personalization vehicle Jibbitz grew double digits in the quarter, led by growth in Asia. We continue to see ample white space for personalization and our strategy is focused around 3 pillars: number one, driving higher penetration within digital and wholesale. Two, continuing to create product freshness through our elevated Jibbitz, including Metallic, texture and [shimmering] and free speed to market.

在亞洲成長的帶動下，我們的個人化工具 Jibbitz 在本季實現了兩位數成長。我們繼續看到充足的個人化空白空間，我們的策略重點圍繞著三大支柱：第一，推動數位和批發領域的更高滲透率。第二，透過我們提升的 Jibbitz 持續創造產品新鮮度，包括金屬色、質感和[閃爍]以及免費上市速度。

Moving on to distribution strategy. We are pleased by the broad-based strength across geography and particularly in several of our Tier 1 markets. The North American market was well ahead of expectations and took meaningful market share during the quarter. North America revenues grew 9% versus the prior year, supported by underlying strength in wholesale sellout and better-than-expected trends in our DTC channels.

繼續討論分銷策略。我們對跨地域、特別是我們的幾個一級市場的廣泛實力感到高興。北美市場遠遠超出預期，並在本季度佔據了可觀的市場份額。由於批發銷售的潛在實力和我們的 DTC 通路好於預期的趨勢，北美收入比上一年增長了 9%。

International grew 24% versus prior year. And once again, we saw triple-digit growth in China and Australia. Our direct markets in Western Europe grew double digits, led by growth in the U.K., France and Germany. We continue to have significant opportunity in China, and we remain bullish on our long-term growth prospects.

國際業務較上年增長 24%。我們再次看到中國和澳洲的三位數成長。在英國、法國和德國的成長帶動下，我們在西歐的直接市場實現了兩位數成長。我們在中國仍然擁有重大機遇，並且仍然看好我們的長期成長前景。

During the quarter, we won our First-ever Super Brand Day on Tmall and announced our 2 new brand ambassador for 2024, [Liu Yuxin] and (inaudible). Liu Yuxin announcement came ahead of International Women's Day and featured a classic Geo Clog. This campaign drove substantial reach and continue to create buzz with the domain community. (inaudible) played into our Clog relevance with a robust campaign on Super brand A, generating 1 million views during a 1-hour live stream and drove Crocs to the #1 spot within the women's footwear category on Tmall.

本季度，我們在天貓贏得了首個超級品牌日，並宣布了 2024 年的 2 位新品牌大使：[劉雨欣] 和（聽不清楚）。劉雨欣在國際婦女節之前宣布了這一消息，並以經典的 Geo Clog 為特色。該活動擴大了影響範圍，並繼續在域名社區中引起轟動。 （聽不清楚）在超級品牌A 上開展了一場強有力的宣傳活動，增強了我們的Clog 相關性，在1 小時的直播中產生了100 萬次觀看次數，並推動Crocs 在天貓女鞋類別中排名第一。

Our corporate responsibility efforts continue to progress. We are expanding our Old Crocs New Life consumer Takeback program to all Crocs stores in the U.S. This fall, we're furthering our circularity commitment by repurposing materials from well-loved Crocs in the form of a new limited edition Classic Clog. As it relates to the HEYDUDE brand, our focus for 2024 is on solidifying the business and establishing the Wally and Wendy as iconic franchises for the consumer.

我們的企業責任努力不斷取得進展。我們正在將 Old Crocs New Life 消費者回收計劃擴大到美國所有 Crocs 商店。由於它與 HEYDUDE 品牌相關，我們 2024 年的重點是鞏固業務並將 Wally 和 Wendy 打造成消費者的標誌性特許經營權。

We have worked to maintain price integrity on digital, improved channel inventories and create more segmentation across wholesale partners. Our overall first quarter performance largely played out as we expected. We strengthened March, driving slight upside to our guided revenue range. That said, performance around Easter and into April has fallen short of expectations with sellout rates softening in wholesale.

我們努力保持數位價格的完整性，改善通路庫存，並在批發合作夥伴之間建立更多細分。我們第一季的整體業績基本上符合我們的預期。我們三月的表現有所增強，推動我們的指導收入範圍小幅上行。儘管如此，復活節前後和四月的表現仍低於預期，批發銷售率疲軟。

Based on the visibility, we have quarter-to-date and given the choppy retail environment, we're taking a more prudent approach around trends for the balance of the year. As we have discussed, our focus is on making sure we end the year with sell-in and sellout trends converging, and we have better segmented inventory in the channel. Before I discuss a few Q1 highlights, I'd like to touch on our recent leadership announcement.

根據可見性，我們得到了季度至今的數據，並考慮到動盪的零售環境，我們對今年剩餘時間的趨勢採取了更加謹慎的態度。正如我們所討論的，我們的重點是確保年底銷售和售出趨勢趨同，並且我們在通路中擁有更好的細分庫存。在討論第一季的一些亮點之前，我想先談談我們最近的領導層公告。

Several weeks ago, we announced a new brand President for HEYDUDE, who we see as a strong leader for the next phase of growth for the brand. We are thrilled to be welcoming back Terence Reilly to our Crocs Inc. family.

幾週前，我們宣布了 HEYDUDE 的新品牌總裁，我們認為他是該品牌下一階段成長的強大的領導者。我們很高興歡迎特倫斯·賴利 (Terence Reilly) 回到 Crocs Inc. 大家庭。

Terence started last week and brings with him a best-in-class reputation from brands, including Stanley and Crocs. In addition to providing global leadership perspectives, he has a proven-track record of creating and executing ground building playbooks by leveraging iconic products, driving brand relevance and ultimately building communities.

Terence 於上週入職，並為 Stanley 和 Crocs 等品牌帶來了一流的聲譽。除了提供全球領導視角外，他在利用標誌性產品、推動品牌相關性並最終建立社群來創建和執行基礎建設手冊方面擁有良好的記錄。

Now turning to Q1 highlights. HEYDUDE was the #8 preferred footwear brand in the Piper Sandler, Taking Stock with Teen Survey this spring, consistent with this rank last year.

現在轉向第一季的亮點。 HEYDUDE 是 Piper Sandler 今年春季青少年調查中排名第八的首選鞋類品牌，與去年的排名一致。

From a product perspective, we continue to establish our Wendy and Wally icons through color, graphic, height, which proved successful during the quarter. In Q1, we expanded our collegiate program to 5 additional schools just in time for March Madness. We also launched the Big Lebowski, an online exclusive, the unique collaboration so in process sellout with 80% of consumers need to brand.

從產品角度來看，我們繼續透過顏色、圖形、高度來建立我們的溫迪和沃利圖標，這在本季度被證明是成功的。在第一季度，我們將大學計畫擴展到另外 5 所學校，正好趕上「瘋狂三月」。我們還推出了 Big Lebowski，這是一款線上獨家產品，這種獨特的合作方式使得 80% 的消費者都需要品牌化。

Our sneaker franchise gained a new addition with the Hudson for Him and Hudson Lift for Her. We chose to introduce the new silhouettes in our own DTC channels and with an exclusive wholesale partner. We saw the Hudson Lift quickly become a hit for our younger female consumers who continue to choose height while maintaining a brand promise of lightweight comfort.

我們的運動鞋系列新增了 Hudson for Him 和 Hudson Lift for Her。我們選擇透過我們自己的 DTC 管道並與獨家批發合作夥伴一起推出新款式。我們看到 Hudson Lift 迅速受到年輕女性消費者的歡迎，她們在繼續選擇高度的同時保持了輕便舒適的品牌承諾。

From a distribution perspective, we opened 6 new outlet locations with the HEYDUDE brand. Overall performance is in line with our expectations, and we plan to open it approximately at 30 outlets this year.

從分銷角度來看，我們開設了 6 個 HEYDUDE 品牌的新直營店。整體表現符合我們的預期，今年計畫開店約30家。

On the wholesale side, we're pleased with the work we have done to clean up our account base. Our go-forward focus is around improved customer segmentation. Finally, we have introduced a brand to the U.K. and Germany, supported by dedicated digital sites as well as placement with key wholesale partners in both markets during Q1.

在批發方面，我們對清理客戶群所做的工作感到滿意。我們未來的重點是改善客戶細分。最後，我們在第一季向英國和德國推出了一個品牌，並得到了專門數位網站以及兩個市場主要批發合作夥伴的支持。

These launches were supported by key influencer and media events. While we're starting to see the awareness of the brand internationally, our priority in 2024 is around improving the long-term health of the North American market, as we build our core offering and drive heat for the brand. We have laid plans to continue to invest behind marketing, talent, digital and retail to further support our market share opportunity.

這些發布得到了主要影響者和媒體活動的支持。雖然我們開始看到品牌在國際上的知名度，但我們 2024 年的首要任務是改善北美市場的長期健康狀況，因為我們將建立我們的核心產品並推動品牌的熱度。我們已製定計劃繼續在行銷、人才、數位和零售方面進行投資，以進一步支持我們的市場份額機會。

While our near-term plans for HEYDUDE are taking longer to play out, our record Q1's performance led by Crocs, showcases, the diversification of our portfolio and enabled us to raise our earnings per share outlook for the year. We will continue to make [offensive] investments fueled by strong gross margins to set ourselves up for long-term growth and durable market share gains. I will now turn the call over to Anne to walk through our financials for the quarter.

雖然我們對 HEYDUDE 的近期計劃需要更長的時間才能實現，但 Crocs 引領的第一季創紀錄業績展示了我們投資組合的多元化，並使我們能夠提高今年的每股收益預期。我們將繼續在強勁毛利率的推動下進行[進攻性]投資，為長期成長和持久的市佔率成長做好準備。我現在將把電話轉給安妮，讓她了解我們本季的財務狀況。

Thank you, Andrew, and good morning, everyone. I am extremely pleased with our first quarter results, which exceeded the high-end guidance across all metrics. We generated $939 million in consolidated revenues growing almost 7% over last year, led by the Crocs brand. For the quarter, adjusted gross margin gained 180 basis points to 56% and adjusted operating margin was 27.1%. Adjusted earnings per share of $3.02 came in well ahead of our guidance of $2.15 to $2.25.

謝謝你，安德魯，大家早安。我對我們第一季的業績非常滿意，所有指標都超越了高端指導。在 Crocs 品牌的帶動下，我們的綜合收入達到 9.39 億美元，比去年增長了近 7%。本季度，調整後毛利率成長 180 個基點，達到 56%，調整後營業利益率為 27.1%。調整後每股收益為 3.02 美元，遠高於我們 2.15 美元至 2.25 美元的指引。

For the Crocs brand, revenues were $744 million, growing 16% relative to prior year, driven by DTC growth of 19% and a wholesale growth of 14%. Brand ASPs were up 11% to $23.36. The brand sold 32 million pairs of shoes, an increase of 3% versus last year.

Crocs 品牌的營收為 7.44 億美元，較上年增長 16%，這主要得益於 DTC 增長 19% 和批發增長 14%。品牌平均售價上漲 11% 至 23.36 美元。該品牌售出 3,200 萬雙鞋，比去年增長 3%。

By geography, North America revenues were ahead of our expectations and gained market share, growing 9% versus the prior year to $383 million. Growth was led by DTC at 13% and wholesale was up 5%, driven by strong double-digit growth in brick-and-mortar.

從地理來看，北美地區的收入超出了我們的預期，並擴大了市場份額，比上年增長 9%，達到 3.83 億美元。在實體店兩位數強勁成長的推動下，DTC 成長 13%，批發成長 5%。

During the quarter, our North American wholesale partners opted to take product earlier than we had previously anticipated based on the strong solid performance of the Crocs brand. International revenues of about $361 million were up 24% from 2023, led by DTC growth of 37% and wholesale growth of 20%. As Andrew noted, Australia and China grew triple digits again this quarter. We saw strong double-digit growth in our direct markets in Western Europe with growth led by the U.K., France and Germany.

在本季度，由於 Crocs 品牌的強勁表現，我們的北美批發合作夥伴選擇比我們之前預期的更早提貨。國際營收約 3.61 億美元，較 2023 年成長 24%，其中 DTC 成長 37%，批發成長 20%。正如安德魯指出的那樣，澳洲和中國本季再次實現三位數成長。我們在西歐直接市場實現了兩位數的強勁成長，其中英國、法國和德國的成長帶動了成長。

Turning to HEYDUDE. Revenues were $195 million, ahead of our guidance but down 17% from last year. The brand sold 7 million pairs of shoes, a decrease of 21% from last year, as we last pipeline fill and focused on improving our full price selling. HEYDUDE average selling price was $27.68, up 5% from last year. Relative to Q4, our Q1 marketplace ASPs were up 10%, a continued tailwind from reduced price matching online.

轉向 HEYDUDE。營收為 1.95 億美元，高於我們的指引，但比去年下降 17%。該品牌售出了 700 萬雙鞋，比去年下降了 21%，因為我們上次通路已滿，並專注於改善全價銷售。 HEYDUDE 平均售價為 27.68 美元，比去年上漲 5%。與第四季度相比，我們第一季的市場平均售價上漲了 10%，這是在線價格匹配減少的持續推動力。

Wholesale revenues were down 20% from last year as we focused on continued inventory management in the channel. The DTC channel was down 11% as a result of prioritizing brand health through higher ASPs. Consolidated adjusted gross margin for the first quarter was 56%, up 180 basis points from last year. Crocs brand adjusted gross margin was 58.1% or 180 basis points higher than prior year. During the quarter, the primary drivers of margin expansion were lower inbound freight and favorable product costs coupled with select price increases internationally and lower discounting.

由於我們專注於通路中的持續庫存管理，批發收入比去年下降了 20%。由於透過提高平均售價來優先考慮品牌健康，DTC 通路下降了 11%。第一季綜合調整後毛利率為 56%，較去年同期成長 180 個基點。 Crocs 品牌調整後毛利率為 58.1%，較前一年高出 180 個基點。本季度，利潤率擴張的主要驅動力是入境運費下降和有利的產品成本，以及國際上特定價格的上漲和較低的折扣。

HEYDUDE brand adjusted gross margin came in at 47.8%, in line with our expectations but 180 basis points below prior year, driven by investment in distribution and logistics partially offset by reduced rates. Our first quarter adjusted SG&A dollars increased 16% to prior year. Our SG&A rate was 28.8% and up 250 basis points compared to prior year, driven by continued investment in talent, marketing and DTC to support long-term market share gains.

HEYDUDE 品牌調整後毛利率為 47.8%，符合我們的預期，但比去年同期低 180 個基點，這是由於分銷和物流投資的推動，部分被費率下降所抵消。我們第一季調整後的 SG&A 美元比去年同期成長了 16%。在人才、行銷和 DTC 持續投資以支持長期市佔率成長的推動下，我們的 SG&A 率為 28.8%，比上年上升 250 個基點。

Our first quarter adjusted operating margin declined 80 basis points to 27.1% compared to 27.9% for the same period last year, but was favorable to our expectations on higher gross margins and favorable revenue, leveraging our cost base. First quarter adjusted diluted earnings per share increased 16% to $3.02 and our non-GAAP tax rate was 17.2%. We ended the quarter with clean inventory on our balance sheet and in our channel.

我們第一季調整後的營業利潤率下降了 80 個基點，至 27.1%，而去年同期為 27.9%，但有利於我們對更高毛利率和有利收入的預期，利用我們的成本基礎。第一季調整後攤薄每股收益成長 16%，達到 3.02 美元，非 GAAP 稅率為 17.2%。本季結束時，我們的資產負債表和通路中的庫存都是乾淨的。

Our inventory balance on March 31, 2024, was $392 million, a decline of 18% against this time last year. We are pleased that both brands achieved inventory turns at our goal of 4x. Our liquidity position remains strong, comprised of $159 million of cash and cash equivalents and $484 million of borrowing capacity on our revolver. As a reminder, Q1 is a high net working capital quarter, and we typically limit buyback and debt paydown activity. As a result, we ended the quarter with total borrowings of $1.7 billion and remain with our net leverage target of 1 to 1.5x. In 2024, we intend to buy back stock and pay down debt, enabled by our best-in-class cash flow generation.

截至 2024 年 3 月 31 日，我們的庫存餘額為 3.92 億美元，比去年同期下降 18%。我們很高興兩個品牌的庫存週轉率達到了我們 4 倍的目標。我們的流動性狀況依然強勁，包括 1.59 億美元的現金和現金等價物以及 4.84 億美元的左輪融資能力。提醒一下，第一季是淨營運資本較高的季度，我們通常會限制回購和債務償還活動。因此，本季末我們的借款總額為 17 億美元，並維持 1 至 1.5 倍的淨槓桿目標。到 2024 年，我們打算透過我們一流的現金流產生來回購股票並償還債務。

Now turning to guidance. For Q2, we expect consolidated revenues to be up 1% to 3% at currency rates as of March 31, with the Crocs brand growing 7% to 9%, but almost entirely by international growth. As I mentioned earlier, several of our North American wholesale partners opted to take product earlier in Q1. We expect HEYDUDE revenue to be down between 19% to 17%, extrapolating the trends we are seeing quarter-to-date.

現在轉向指導。對於第二季度，我們預計截至 3 月 31 日的合併收入將成長 1% 至 3%，其中 Crocs 品牌成長 7% 至 9%，但幾乎完全來自國際成長。正如我之前提到的，我們的幾個北美批發合作夥伴選擇在第一季早些時候購買產品。根據我們本季迄今所看到的趨勢，我們預計 HEYDUDE 的營收將下降 19% 至 17%。

We expect adjusted operating margin to be approximately 26.5% and adjusted diluted earnings per share of $3.40 to $3.55.

我們預計調整後營業利潤率約為 26.5%，調整後稀釋每股收益為 3.40 美元至 3.55 美元。

For the full year 2024, we are raising our underlying earnings per share outlook supported by the strength in Q1. We are maintaining our revenue outlook of growth between 3% and 5%, assuming quarter-end currency rates. For the Crocs brand, we now expect revenues to grow between 7% and 9% from our prior expectation of 4% to 6% and with growth continuing to be led by international.

對於 2024 年全年，在第一季的強勁表現的支持下，我們上調了基本每股收益預期。假設季末匯率不變，我們維持營收成長 3% 至 5% 的預期。對於 Crocs 品牌，我們現在預計收入將從之前的 4% 至 6% 增長 7% 至 9% 之間，並且增長繼續由國際市場引領。

For HEYDUDE, we expect revenues to contract down 10% to down 8%, below our former expectation of flat to slightly up. We expect HEYDUDE sales trends to improve each quarter and expect the sell-in and sell-through dynamic to normalize into Q4. As we discussed in our Q4 call, we expect wholesale to be negative for the year and DTC trends to be better than wholesale. As it relates to retail, we plan to open approximately 30 stores in 2024, 6 of which were opened during Q1.

對於 HEYDUDE，我們預期營收將收縮 10% 至 8%，低於我們先前持平至小幅成長的預期。我們預計 HEYDUDE 每個季度的銷售趨勢都會改善，並預計第四季度的銷售和售出動態將正常化。正如我們在第四季度電話會議中討論的那樣，我們預計今年批發市場將出現負成長，而 DTC 趨勢將優於批發市場。就零售而言，我們計劃在 2024 年開設約 30 家門市，其中 6 家是在第一季開業的。

We expect gross margin to be up for 2024 versus 2023 at the enterprise level. Based on the strength in Q1, we now expect Crocs brand gross margin to be up for the year and continue to expect HEYDUDE gross margin to be up for the year. We plan to invest into brand accretive and strategic SG&A initiatives, resulting in consolidated adjusted operating margins for the year of approximately 25%. For full year 2024, we still expect our underlying non-GAAP tax rate, which approximates cash taxes paid to be approximately 18% and GAAP tax rate to be 21.5%.

我們預計 2024 年企業層面的毛利率將比 2023 年上升。基於第一季的強勁表現，我們現在預計 Crocs 品牌今年的毛利率將上升，並繼續預計 HEYDUDE 今年的毛利率將上升。我們計劃投資於品牌增值和策略性SG&A計劃，從而使今年的綜合調整後營業利潤率達到約25%。對於 2024 年全年，我們仍然預期我們的基本非 GAAP 稅率（相當於支付的現金稅約為 18%，GAAP 稅率為 21.5%）。

We are raising our non-GAAP diluted earnings per share to a range of $12.25 to $12.73 in 2024 from $12.05 to $12.50 previously. This range incorporates future debt repayment, but does not assume any impact from future share repurchases. Our annual capital expenditure guidance of $120 million to $130 million remains unchanged, and we continue to expect exceptional cash flow generation. At this time, I'll turn the call back over to Andrew for his final thoughts.

我們將 2024 年非 GAAP 攤薄每股收益從先前的 12.05 美元至 12.50 美元提高至 12.25 美元至 12.73 美元。此範圍包含未來的債務償還，但不承擔未來股票回購的任何影響。我們 1.2 億至 1.3 億美元的年度資本支出指引保持不變，我們仍然預計將產生出色的現金流。此時，我會將電話轉回給安德魯，詢問他的最後想法。

Thank you, Anne. We are pleased with our strong first quarter results and believe that our brands and strategies can and will continue to win. With the investments we have made in talent and marketing, I'm confident in driving long-term market share gains. At this time, we'll open the call for questions.

謝謝你，安妮。我們對第一季的強勁業績感到滿意，並相信我們的品牌和策略能夠並將繼續獲勝。透過我們在人才和行銷方面的投資，我有信心推動長期市場份額的成長。此時，我們將開放提問。

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

（操作員說明）第一個問題來自 Jonathan Komp 和 Baird。

I'll just ask maybe a 2-part question. Andrew, if you could talk a little bit more about HEYDUDE, if you've been able to isolate some of the recent softness, maybe what's related to the environment or background versus anything new brand specific? And how should we think about D2C trending within the new guidance for HEYDUDE here?

我只會問一個由兩個部分組成的問題。 Andrew，如果你能多談談 HEYDUDE，如果你能夠分離出最近的一些軟性，也許什麼與環境或背景相關，而不是與新品牌特定的東西相關？我們應該如何考慮 HEYDUDE 新指南中的 D2C 趨勢？

And then just separately, Crocs North America, could you comment on what you're seeing in the D2C performance and how you're feeling about the pipeline looking forward there?

另外，Crocs North America，您能否評論一下您在 D2C 表現中所看到的情況以及您對未來的管道有何看法？

Great. Thank you, Jonathan. So yes, I think what I'd say on HEYDUDE is we had really -- we had a good Q1. We came in slightly ahead of our expectations and the guidance we provided. It was solid. But what we've seen from Easter into April is really a softening of our wholesale sellout, which has made us nervous. I think part of that is maybe lack of promotion. We tried to be less promotional during the Easter period than we were the prior Easter.

偉大的。謝謝你，喬納森。所以，是的，我想我想說的是 HEYDUDE 我們確實有一個很好的第一季。我們的表現稍微超出了我們的預期和我們提供的指導。它很堅固。但從復活節到四月，我們看到批發銷售確實有所疲軟，這讓我們感到緊張。我認為部分原因可能是缺乏促銷。我們在復活節期間盡量減少促銷活動，而不是之前的復活節。

Easter early is also always tough, so I think we might have made some missteps relative to what we were going to do relative to the market. But we can see continued softness, and we are concerned about the robustness of the consumer market. So as we've talked about our goal for 2024 for HEYDUDE wholesale is to get sell-in and sell-out and balance to get our inventories down in the channel and make sure that we're driving a really healthy business for our wholesale partners. So I think at this point, it's prudent to take down our expectations and manage the business accordingly. I'll let Anne hit on the DTC trends.

復活節提前也總是很艱難，所以我認為我們可能在市場方面犯了一些錯誤。但我們可以看到持續的疲軟，我們對消費市場的穩健性感到擔憂。因此，正如我們所討論的，HEYDUDE 批發 2024 年的目標是實現銷售和銷售平衡，以減少通路中的庫存，並確保我們為批發合作夥伴推動真正健康的業務。因此，我認為在這一點上，謹慎的做法是降低我們的期望並相應地管理業務。我會讓 Anne 來談談 DTC 的趨勢。

Yes. And Jonathan, just to answer your specific question around retail contribution for HEYDUDE. So as we think about just the HEYDUDE guidance, just to give you a little bit more flavor there, so the building blocks for the year, right, we're opening approximately 30 stores, and we expect that revenue contribution to build throughout the year. And then obviously, that's supported by a strong pipeline of new products and new product introduction.

是的。喬納森（Jonathan），只是回答您有關 HEYDUDE 零售貢獻的具體問題。因此，當我們考慮 HEYDUDE 指導時，只是為了給您更多一點風味，所以今年的基石，對吧，我們將開設大約 30 家商店，我們預計全年收入貢獻將增加。顯然，這得到了強大的新產品管道和新產品推出的支持。

But at the highest level, we still expect wholesale to be down for the year but -- and DTC to perform better than wholesale. And then when you kind of think through that and Q4 will be the strongest in terms of revenue growth because of that retail contribution. We will also easier [lack] wholesale comparisons, and then we will realize some selling ahead of select international markets. So just as you're thinking through your HEYDUDE kind of revenue trend for the year.

但從最高水準來看，我們仍然預期今年批發量將下降，但 DTC 的表現將優於批發量。然後，當您仔細考慮這一點時，由於零售貢獻，第四季度的收入成長將是最強勁的。我們也將更容易[缺乏]批發比較，然後我們將在選定的國際市場之前實現一些銷售。正如您正在思考 HEYDUDE 今年的收入趨勢一樣。

And then on the Crocs side for DTC, we saw 13% growth from a DTC perspective in Q1, which in North America, which was definitely better than our expectations. That was really supported by really good product and continued pipeline of that.

然後在 Crocs 的 DTC 方面，從 DTC 的角度來看，我們在第一季看到了 13% 的成長，這在北美，這絕對好於我們的預期。這確實得到了非常好的產品和持續的管道的支持。

I feel great about the pipeline for product kind of coming out of Q1. We do expect Q2 to be more muted for North America growth as Q1 was supported by the Easter shift Andrew talked about as well as leap year, so we had an extra day there.

我對第一季推出的產品種類感到非常滿意。我們確實預計第二季北美的成長將更加溫和，因為第一季受到安德魯談到的復活節轉變以及閏年的支持，所以我們在那裡多了一天。

Great. And best of luck Anne in the new role.

偉大的。祝安妮在新角色中好運。

Thanks Jon.

謝謝喬恩。

The next question comes from Adrienne Yih with Barclays.

下一個問題來自巴克萊銀行的 Adrienne Yih。

Congratulations on a nice start to the year. I guess my first question is on the forward order book. You talked about seeing sort of earlier deliveries or earlier shipments, that's typically a channel that's improving on visibility. And I get that it shifts from one place to the other. But generally speaking, is the quality of the conversation and everything that you're hearing about fall and beyond sort of starting to get more optimistic?

恭喜您今年有一個好的開始。我想我的第一個問題是關於遠期訂單簿的。您談到看到某種提前交貨或提前發貨，這通常是提高可見度的管道。我知道它從一個地方轉移到另一個地方。但總的來說，談話的品質以及你聽到的有關秋季及以後的一切是否開始變得更加樂觀？

And then my second follow-up is, I can't believe I'm asking this, -- but your inventory is down 18%, very, very clean. What would need to happen sort of as you're looking at the channel and I know there's a lot of consumer uncertainty for you to start kind of working that down 18% back to maybe a more normalized level? Or is it at a normalized level?

然後我的第二個後續行動是，我不敢相信我會問這個，--但是你們的庫存下降了 18%，非常非常乾淨。當你查看管道時，需要發生什麼，我知道消費者存在著許多不確定性，你才能開始將 18% 的價格下降到更正常的水平？還是處於正常水平？

Great. Adrienne, so what do I say for -- I think you're trying to get at, what is the reason for the pull forward and how are our customers or how our big retailers are feeling about the back end of the year. I think really, I probably answer that in 2 pieces. I think the reason for the pull forward was they were seeing strong sell-through on the Crocs product. They're not seeing strong sell-through on all of their brands. So they wanted more product earlier.

偉大的。艾德麗安，那麼我該說什麼——我想你想了解，提前的原因是什麼，我們的客戶或我們的大型零售商對今年年底的感受如何。我想，我真的可以分成兩個部分來回答這個問題。我認為提前的原因是他們看到 Crocs 產品的強勁銷售。他們並沒有看到所有品牌的銷售都強勁。所以他們希望儘早獲得更多產品。

I think they have probably underestimated kind of the Easter shift, and we're trying to pull stuff in earlier. So I think it's a closer in assessment of the market than then kind of saying that we're off to the braces, and this is going to be a strong market for the rest of the year. I think it's really a sort of quarter-to-quarter adjustment. What I would say is from a -- we feel great about our order books, our order books are definitely solid for both brands, and they support the underlying guidance that we provided. But I would not say that channel is super buoyant about the back end of the year yet. I think we're looking for more definitive signals.

我認為他們可能低估了復活節的轉變，我們正在努力早點把東西拉進來。因此，我認為這是對市場的更接近的評估，而不是說我們已經做好了準備，今年剩餘時間這將是一個強勁的市場。我認為這實際上是一種季度調整。我想說的是——我們對我們的訂單簿感覺很好，我們的訂單簿對於兩個品牌來說絕對是可靠的，並且它們支持我們提供的基本指導。但我不會說該頻道在今年年底非常活躍。我認為我們正在尋找更明確的訊號。

Yes. And then the inventory question and welcome, by the way. But the inventory question is really related to -- so the 18% down. We feel really good about inventory. We think that's the right level because we're at kind of 4x turns for both brands, which is where we target inventory turns. For the rest of the year, I don't expect it to be down 18%. Q1 last year, we were still cleaning up some of our inventories on the HEYDUDE side. And then even on the Crocs side, we were still kind of just starting to see transit times return to normal.

是的。順便說一下，然後是庫存問題和歡迎。但庫存問題確實與——所以 18% 的下降有關。我們對庫存感覺非常好。我們認為這是正確的水平，因為兩個品牌的周轉率都達到了 4 倍，這就是我們的目標庫存週轉率。今年剩餘時間裡，我預計不會下降 18%。去年第一季度，我們仍在清理 HEYDUDE 方面的一些庫存。即使在 Crocs 方面，我們仍然剛開始看到運輸時間恢復正常。

So I actually expect that to be much flatter year-over-year. in Q2 and then moving throughout the year. So the best way to kind of look at it for us is to model about 4x turns.

所以我實際上預計這一情況會比去年同期更加平穩。在第二季度，然後全年移動。因此，對我們來說觀察它的最佳方法是對大約 4 倍的轉彎進行建模。

Next question comes from Jim Duffy with Stifel.

下一個問題來自 Jim Duffy 和 Stifel。

I have a question on Crocs and then one on HEYDUDE margins. Starting on the Crocs brand, can you speak to the regions responsible for the more optimistic view on brand revenue and the factors behind the changes in Crocs margin assumptions?

我有一個關於 Crocs 的問題，還有一個關於 HEYDUDE 利潤的問題。從 Crocs 品牌開始，您能談談對品牌收入持更樂觀看法的地區以及 Crocs 利潤率假設變化背後的因素嗎？

Jim, so on the Crocs revenue assumptions, obviously, as we move through, we had a better Q1 than anticipated really on the North America side. And then as we get into Q2, we definitely have pretty good visibility into order books, and we can also see DTC trends. So I would say -- I think the other thing is we're really seeing our international markets do very well, as we talked about China, Australia, but also some strength in Europe, so that gives us confidence, and that's really what led to the revenue raise.

吉姆，所以根據 Crocs 的收入假設，顯然，隨著我們的進展，我們在北美方面的第一季比預期的要好。然後，當我們進入第二季時，我們對訂單簿肯定有很好的了解，我們也可以看到 DTC 趨勢。所以我想說——我認為另一件事是我們確實看到我們的國際市場表現非常好，正如我們談到的中國、澳大利亞，而且歐洲也有一些實力，這給了我們信心，這確實是導致以增加收入。

On the gross margin side, we saw a couple of things. One, we saw some better full price selling in which supports that overall gross margin. We also have seen a little bit of input cost pressure relief on the Crocs side. And so we've seen our costs as we negotiate those kind of in the first quarter come down. And so we've taken those assumptions for the remainder of the year as we kind of look through that. So those are really supporting the higher gross margin assumptions on the Crocs side.

在毛利率方面，我們看到了一些事情。第一，我們看到一些更好的全價銷售，這支撐了整體毛利率。我們也看到 Crocs 方面的投入成本壓力有所緩解。因此，當我們在第一季進行此類談判時，我們已經看到我們的成本下降。因此，我們在今年剩餘時間內採取了這些假設，因為我們對此進行了研究。因此，這些確實支持了 Crocs 方面較高的毛利率假設。

Got it. And can you speak to the HEYDUDE margin revenue for 2024. Does the lower revenue come with incremental margin pressure? Or is there some place where you have savings as an offset? And then, Anne, the GAAP charges for the HEYDUDE ERP implementation is new. Can you talk about that effort, the timing, the rationale and so forth?

知道了。能談談 HEYDUDE 2024 年的利潤率收入嗎？或是有什麼地方可以用儲蓄來抵銷嗎？ Anne，HEYDUDE ERP 實施的 GAAP 收費是新的。您能談談這項努力、時間安排、理由等等嗎？

Sure.

當然。

Yes. So from a margin -- we're not anticipating incremental margin pressure from the lower revenue, some of the revenue reduction for HEYDUDE. I think we -- the margin is sort of playing out our pricing, promotional strategy, our channel mix is playing out pretty much where we thought it would be.

是的。因此，從利潤率來看，我們預期收入下降不會帶來額外的利潤壓力，HEYDUDE 的部分收入減少。我認為我們的利潤率在某種程度上反映了我們的定價、促銷策略，我們的通路組合幾乎符合我們的預期。

And obviously, the reduction is really coming from wholesale revenues and so as our DTC revenues are obviously higher margin than wholesale revenues, we don't see a margin reduction. We think our margin guide is good for HEYDUDE, and I'll let Anne talk about the ERP.

顯然，下降實際上來自批發收入，因此，由於我們的 DTC 收入的利潤率明顯高於批發收入，因此我們沒有看到利潤率下降。我們認為我們的保證金指南對 HEYDUDE 有好處，我會讓 Anne 談談 ERP。

Yes. And one thing supporting those gross margins that kind of I'll talk about that relates to the ERP is actually, we've implemented that -- or we've taken live the new HEYDUDE Las Vegas warehouse, which is shipping our distribution center. And so that, obviously, throughout the year, will support us being more efficient on the HEYDUDE side for storage and things like that. From that is also related to -- we implemented that new DC, and we also implemented technology for HEYDUDE. And so we took an impairment on the other piece related to that technology implementation. As we are now live on technology for HEYDUDE. So really excited about that.

是的。我將討論的與 ERP 相關的支援毛利率的一件事實際上是，我們已經實施了這一點，或者我們已經啟用了新的 HEYDUDE 拉斯維加斯倉庫，該倉庫正在運送我們的配送中心。因此，顯然，全年將支援我們在 HEYDUDE 方面提高儲存等方面的效率。這也與我們實作了新的 DC 以及 HEYDUDE 的技術有關。因此，我們對與該技術實施相關的另一部分進行了減損。因為我們現在正在使用 HEYDUDE 的技術。對此我真的很興奮。

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

下一個問題來自美國銀行的 Chris Nardone。

For HEYDUDE, do you mind just clarifying if your 2Q guidance reflects the trend you're seeing quarter-to-date? Or if there's an improvement embedded in the guidance? Then as a follow-up longer term, I recognize Terence just took over the President's role last week. But do you envision major strategic shifts in how you'll run the brand? And if so, can you elaborate on maybe some of his early plans?

對於 HEYDUDE，您介意澄清一下您的第二季指引是否反映了您本季至今所看到的趨勢嗎？或指南中是否包含改進？然後，作為長期的後續行動，我認識到特倫斯上週剛接任總統一職。但您是否預期品牌營運方式會發生重大策略轉變？如果是這樣，您能否詳細說明他的一些早期計劃？

Yes. So let me talk through HEYDUDE guidance and then I'll -- Andrew will talk through the other piece. So on HEYDUDE guidance, it reflects the current trends that we are seeing. So we are not anticipating an improvement for Q2 at this time.

是的。因此，讓我談談 HEYDUDE 的指導，然後我 - 安德魯將談論另一部分。因此，HEYDUDE 的指導反映了我們所看到的當前趨勢。因此，我們目前預計第二季不會有改善。

Great. Thank you, Anne. So Terence has obviously been on board essentially 1.5 weeks at this point. So I think it's not fair to him to have articulated a new strategy. But I would say we do not anticipate dramatic strategy shifts. I think as we've been working together on kind of the key pillars within this strategy, we're very much aligned that it's going to be really about the Wally and Wendy our iconic franchise.

偉大的。謝謝你，安妮。所以特倫斯顯然已經在船上待了 1.5 週了。所以我認為制定新的策略對他來說是不公平的。但我想說的是，我們預計不會有重大的策略轉變。我認為，由於我們一直在這一戰略的關鍵支柱上共同努力，所以我們非常一致，這將是關於我們標誌性系列的《沃利和溫迪》。

We think that franchise is incredibly relevant to a broad base of consumers. And really, what we need to do is a better job around engaging the consumer and making the HEYDUDE brand and that franchise, those iconic franchises more relevant for more consumers. And I think that's the same strategy we put in place for Crocs a number of years ago where we wanted to make the classic relevant for more consumers around the world, which is what we've done. So we don't see a major strategy shift from a product perspective, from a marketing perspective or from a distribution channel perspective.

我們認為特許經營與廣大消費者有著極為密切的關係。事實上，我們需要做的是更好地吸引消費者，讓 HEYDUDE 品牌和特許經營權，這些標誌性的特許經營權與更多消費者更相關。我認為這與我們多年前為 Crocs 制定的策略相同，我們希望讓經典產品與世界各地更多的消費者相關，而這就是我們所做的。因此，從產品角度、行銷角度或分銷管道角度來看，我們沒有看到重大策略轉變。

Okay. Got it. And then just as a quick follow-up. Can you just talk about your confidence in the gray market issues on Amazon abating by midyear, which was your prior message? Any change to that?

好的。知道了。然後作為快速跟進。您能否談談您對亞馬遜灰色市場問題的信心到年中有所減弱，這是您之前的訊息？有什麼改變嗎？

So we're still seeing a headwind from gray market for HEYDUDE on Amazon. We anticipate that will continue through the first half of the year and that headwind is embedded in the guidance that we provided.

因此，我們仍然看到亞馬遜 HEYDUDE 灰色市場的阻力。我們預計這種情況將持續到今年上半年，而這種逆風已包含在我們提供的指導中。

The next question comes from Laura Champine with Loop Capital.

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

I'd like to drill down into what's happening with the HEYDUDE Direct business. I mean I think you mentioned a shift to more full price selling. I'm wondering what happened with units in that business? And I'm also wondering how long you would expect that business to be pressured by a shift in your ASP goals?

我想深入了解 HEYDUDE Direct 業務的進展。我的意思是，我認為您提到了轉向更全價銷售。我想知道該業務中的單位發生了什麼事？我還想知道您預計該業務會因 ASP 目標的轉變而受到壓力多久？

Yes. So you're essentially right, Laura. So as we've raised prices in our HEYDUDE Direct business, which is mostly on Amazon, where we're a 3P seller for HEYDUDE. We have seen a drop in units. We expected that. And I think net-net, that's been productive for the brand and productive for our margin ends, but we have seen a drop in unit sales.

是的。所以你基本上是對的，蘿拉。因此，我們提高了 HEYDUDE Direct 業務的價格，該業務主要在亞馬遜上，我們是 HEYDUDE 的 3P 賣家。我們看到單位數量下降。我們預料到了。我認為淨淨，這對品牌和我們的利潤率都富有成效，但我們看到單位銷售量有所下降。

I would say, as we're introducing new products and our marketing is kicking in for HEYDUDE, there's some evidence that, that will mitigate over time.

我想說的是，當我們推出新產品並且我們的行銷活動正在為 HEYDUDE 啟動時，有一些證據表明，隨著時間的推移，這種情況將會緩解。

Got it. And is over time -- I mean, is an improvement in the direct business implied in your full year guidance for HEYDUDE or not?

知道了。隨著時間的推移，我的意思是，您對 HEYDUDE 的全年指導是否暗示了直接業務的改善？

So I would say what we have said is that our full year guidance that our direct business, which includes our Marketplace business, our own dot-com as well as our retail business will outperform our wholesale business this year. And so that's included in our full year guidance.

所以我想說的是，我們所說的是，我們的全年指導是，我們的直接業務，包括我們的市場業務、我們自己的網路業務以及我們的零售業務，今年的表現將優於我們的批發業務。因此，這已包含在我們的全年指導中。

Next question comes from Rick Patel with Raymond James.

下一個問題來自里克·帕特爾和雷蒙德·詹姆斯。

Guidance for operating margins was maintained at 25% for the year despite plans for the first half to shake out a little bit ahead of that. Can you just provide color on what you think could weigh on margins as we think about the back half in terms of perhaps the timing of investments or SG&A deleverage just given your updated sales guidance for the next few quarters?

儘管上半年計劃提前一些調整，但全年營業利潤率指引仍維持在 25%。您能否就您認為可能影響利潤率的因素提供一些信息，因為我們考慮到下半年的投資時機或 SG&A 去槓桿化（剛剛考慮到您對未來幾個季度的最新銷售指導）？

Yes. I think I'm really pleased with our operating margins. Obviously, they well outperformed in Q1. So we're maintaining approximately 25%, but obviously, that implies a little bit higher approximately 25% if you look at our EPS guidance. I feel very good about the factors there, which are really supported by high gross margins allows us to invest in our business. We're anticipating quite a bit of investment. So I feel very confident in that approximately 25% operating margin.

是的。我想我對我們的營業利潤率非常滿意。顯然，他們在第一季的表現明顯優於其他公司。因此，我們維持在 25% 左右，但顯然，如果您查看我們的 EPS 指導，這意味著大約 25% 稍高一些。我對那裡的因素感覺非常好，這些因素確實得到了高毛利率的支持，使我們能夠投資於我們的業務。我們預計會有相當多的投資。所以我對大約 25% 的營業利潤率非常有信心。

And can you also talk about what's implied in guidance for the Crocs brand as we think about ASPs versus units going forward? I'm just curious how we should extrapolate the very strong performance in 1Q.

當我們考慮未來的 ASP 與單位時，您能否談談 Crocs 品牌的指導中隱含的內容？我只是好奇我們應該如何推斷第一季的強勁表現。

Yes. I think from a Crocs brand perspective, obviously, we don't guide based on that. We saw nice unit and ASP growth in Q1. We don't have any more planned price increases currently for this year. We had a little bit of international price increases flowing through in Q1 and which will flow through to Q2 that should actually abate a little bit in Q3 and Q4. So I think I feel confident in the guidance that we provided. That's kind of all the color where we need to give at this point.

是的。我認為從 Crocs 品牌的角度來看，顯然我們不會以此為基礎來指導。我們在第一季看到了單位和平均售價的良好成長。目前我們今年沒有更多的漲價計畫。我們在第一季度經歷了一些國際價格上漲，並將持續到第二季​​度，實際上應該在第三季和第四季有所減弱。因此，我認為我對我們提供的指導充滿信心。這就是我們此時需要提供的所有顏色。

And the next question comes from Jim Chartier with Monness, Crespi, Hardt.

下一個問題來自 Jim Chartier 和 Monness、Crespi、Hardt。

I was wondering if you could talk about HEYDUDE performance on your own e-commerce site versus the marketplace business, if there's any meaningful difference between the two? And if so, what drove the divergence?

我想知道您是否可以談談 HEYDUDE 在您自己的電子商務網站上與市場業務上的表現，兩者之間是否有任何有意義的區別？如果是這樣，是什麼導致了這種分歧？

Yes. We don't obviously give -- we obviously don't break that out. But just a little bit of color, we're happy to provide. Because we're able to introduce a lot of new products more quickly and our own dot-com we give you some limited drops on our own dot-com. I think we had corona running last week, which was a collaboration that we did for HEYDUDE. We did the Lebowski earlier, and we've also had some new product introductions and testing that we do pull forward styles that we think is going to be exciting to the continue and contest in that environment for releasing them more broadly. Yes, our own dot-com has been performing better than the marketplace, and we anticipate that trend will continue.

是的。我們顯然不會給予——我們顯然不會打破這一點。但我們很樂意提供一點點顏色。因為我們能夠更快地推出許多新產品和我們自己的網絡，所以我們在我們自己的網絡上為您提供一些有限的優惠。我想我們上週舉辦了 Corona 活動，這是我們為 HEYDUDE 所做的合作。我們之前做了Lebowski，我們還推出了一些新產品並進行了測試，我們確實推出了一些風格，我們認為這些風格對於在這種環境下繼續和競爭以更廣泛地發布它們將是令人興奮的。是的，我們自己的網路公司的表現一直好於市場，我們預計這種趨勢將持續下去。

Great. And then -- and I think you mentioned for fourth quarter could benefit for HEYDUDE from sell-in ahead of some international markets. Are those just the U.K. and Germany? Or are there additional markets that you're planning for next year?

偉大的。然後，我認為您提到第四季度 HEYDUDE 可能會從一些國際市場之前的拋售中受益。只有英國和德國嗎？或者您明年計劃開拓其他市場？

Yes, that's a great question. So we do have some select distributors that we sell to and that we will be selling to. So the U.K. and Germany are direct -- more direct markets for us. So it's really -- that's really a comment around the distributor revenue for HEYDUDE.

是的，這是一個很好的問題。因此，我們確實有一些精選的經銷商，我們向他們出售產品，並將向他們出售產品。所以英國和德國對我們來說是直接的——更直接的市場。這確實是關於 HEYDUDE 經銷商收入的評論。

And the next question comes from Mitchel Kummetz with Seaport Research.

下一個問題來自海港研究中心的米切爾‧庫梅茲 (Mitchel Kummetz)。

On HEYDUDE, the change in the outlook there, is it fair to say that you've taken expectations down for both DTC and wholesale, but more so on the wholesale side?

關於 HEYDUDE，那裡的前景發生了變化，可以公平地說，您降低了對 DTC 和批發的期望，但在批發方面更是如此？

Yes. Mitch, yes, I think wholesale definitely, that's been kind of the biggest gap with where we've seen our expectations originally versus the performance in March and April. I will say for Q3, we also -- HEYDUDE overall revenue is planned to be down year-over-year, which is a big change driven largely by negative wholesale. We do expect it to be sequentially better than Q2, but we do expect that kind of negative wholesale in Q3. So I think that's a fair assumption.

是的。米奇，是的，我認為總體而言，這與我們最初的預期與 3 月和 4 月的表現相比存在最大差距。我想說的是，對於第三季度，我們也 - HEYDUDE 的整體收入計劃同比下降，這是一個主要由負批發推動的重大變化。我們確實預計它會比第二季更好，但我們確實預計第三季會出現這種負批發。所以我認為這是一個合理的假設。

That's helpful. And then as far as the back half goes for HEYDUDE, I think the revised guide does assume kind of flattish sales, which would be a pretty big step up from the first half. Does that reflect better sellout rates in wholesale? Or is that primarily just DTC kicking in with the outlet stores, maybe some sell-in the fourth quarter for spring? Can you maybe just kind of walk through that, the assumptions around that?

這很有幫助。然後就 HEYDUDE 的後半部分而言，我認為修訂後的指南確實假設銷量持平，這將比前半部分邁出相當大的一步。這是否反映了批發銷售率較好？或者這主要只是DTC在直銷店中發揮作用，也許在第四季春季會有一些銷售？能否簡單介紹一下相關的假設？

Yes, absolutely. I think there's kind of 3 things really driving that. We [lack] easier wholesale comparisons in the back half from a sell-in perspective. The contribution from retail really builds and then the third piece, as I just mentioned to Jim, starting to realize sell in ahead of select international market launches. Those are international distributors that take place in Q4.

是的，一點沒錯。我認為有三件事真正推動了這一點。從銷售角度來看，我們在後半段[缺乏]更容易的批發比較。零售業的貢獻確實有所增加，然後是第三部分，正如我剛才向吉姆提到的那樣，開始在選定的國際市場推出之前實現銷售。這些是第四季度發生的國際分銷商。

So those are the 3 big pieces that really drive that change. If you look at it, I need to say this, but if you look at it on a 2-year basis, just because we had a little bit of lumpiness the year before, you can see that it's a little bit smoother than what it looks like on a year-over-year basis.

這些才是真正推動這項變革的三大因素。如果你看一下它，我需要這麼說，但是如果你以兩年為基礎來看它，僅僅因為我們前一年有一塊塊狀，你可以看到它比它更平滑一點看起來與去年同期相比。

The next question comes from Sam Poser with Williams Trading.

下一個問題來自 Williams Trading 的 Sam Poser。

Andrew, I've got a question. You said in regard to the change in the guidance on HEYDUDE that you were concerned about the robustness of the consumer. Can you discuss that on how that relates to both HEYDUDE and to Crocs?

安德魯，我有一個問題。您表示，關於 HEYDUDE 指南的變化，您擔心消費者的穩健性。您能討論一下這與 HEYDUDE 和 Crocs 有何關係嗎？

Yes. Yes. I mean if we look at -- so what I'm referring to there is if you look at kind of industry data, so the market data for the footwear market, it is clearly down I would say, mid- to high double -- single digits in the first quarter of the year, and we see that continuing week-on-week, right? So there are some brands that are doing better than the market. Crocs is one of them.

是的。是的。我的意思是，如果我們看一下——所以我指的是，如果你看一下行業數據，那麼鞋類市場的市場數據，我會說，它顯然下降了，中高兩倍——今年第一季的成長率為個位數，而且我們看到這種情況每週都在持續，對嗎？所以有些品牌的表現比市場好。卡駱馳就是其中之一。

There are others that are also well, well-known that it's doing substantially better than market. At this point, HEYDUDE is not doing better than the market, right? So they are definitely on different trajectories relative to the underlying market. I think the underlying market is a reflection of the consumer is spending less money on footwear.

還有其他一些公司也眾所周知，它的表現遠遠好於市場。在這一點上，HEYDUDE 的表現並不比市場好，對嗎？因此，相對於基礎市場，它們肯定處於不同的軌跡。我認為潛在市場反映了消費者在鞋類上花的錢減少了。

But they're spending more money on the stuff they really like. So wouldn't -- I mean I guess the question is, what do you guys need to do to, I guess, what was different than what you anticipated with the HEYDUDE brand? And then what do you -- rather than have it be just the market as you've done lots of good collabs and things like that, that have performed well, both with Crocs and with HEYDUDE, what do you guys have to do that can overcome that because you're overcoming that weak consumer with the Crocs brand, but you're not overcoming the weak consumer with the HEYDUDE brand?

但他們會在自己真正喜歡的東西上花更多的錢。所以不會——我的意思是我想問題是，你們需要做什麼，我想，HEYDUDE 品牌與你們預期的有什麼不同？然後你會做什麼——而不是只是讓市場成為這樣，因為你已經做了很多很好的合作以​​及類似的事情，無論是與Crocs 還是與HEYDUDE 都表現良好，你們還需要做什麼才能做到這一點？

Exactly. So product and marketing, right? So we are optimistic about our pipeline of new product introductions for HEYDUDE, but some of them are unproven at this stage. And most of the new products is really Wally and Wendy, but we are new derivatives of. But I think in the Crocs, there will be improved marketing. And so driving brand relevance making the HEYDUDE brand relevant to more consumers.

確切地。那麼產品和行銷，對嗎？因此，我們對 HEYDUDE 的新產品推出管道持樂觀態度，但其中一些產品現階段尚未得到證實。而且大部分新產品確實是Wally和Wendy，但我們是新的衍生性商品。但我認為 Crocs 的營銷將會有所改善。因此，提高品牌相關性，使 HEYDUDE 品牌與更多消費者相關。

The next question comes from Tom Nikic with Wedbush.

下一個問題來自 Tom Nikic 和 Wedbush。

I wanted to ask about the outlet flows that you're opening. How are those stores being sorted, but is it mostly clearance and liquidation product? Is it specially made for the channel? Is the product being sold there? Any different than what you're selling in the wholesale channel? Just I just kind of love to hear what -- how you're thinking about merchandising...

我想問一下你們正在打開的出口流量。這些商店是如何排序的，但主要是清倉和清算產品嗎？是專門為頻道製作的嗎？那裡有賣產品嗎？與您在批發通路銷售的產品有什麼不同嗎？只是我只是想聽聽你對推銷的看法......

Yes. Great. Good question, Tom. So as we talked about, we've got 11 outlet stores opened at this point or through the end of March 6 that we opened in the first quarter 5 that we opened last year. The stores, the format is pretty consistent with kind of a lot of other footwear brands, I would say. The front of the store is essentially full-size runs. So the consumer actually can drive consumer satisfaction, they can definitely find a product that they want and in their size.

是的。偉大的。好問題，湯姆。正如我們所說，截至 3 月 6 日，我們在去年第一季開設了 5 家直銷店，目前已開業 11 家。我想說，商店的形式與許多其他鞋類品牌非常一致。商店的前面基本上都是全尺寸的。因此，消費者實際上可以提高消費者滿意度，他們絕對可以找到他們想要的、尺寸合適的產品。

Those full size ones will be a combination of newer products, sometimes even current product and also some slightly older products that we happen to have in the quality assortment of. And then in the back of the store is a essentially clearance product. And so it provides 2 vehicles for us. It provides one vehicle to educate the consumer about the HEYDUDE brand, allow them to find a product that they can buy and take away and enjoy and hopefully become a HEYDUDE brand fan. And then the back of the story allows us to liquidate old product at much higher prices that we'll be able to liquidate elsewhere and give the consumer incredible value in the back of the store.

這些全尺寸產品將是較新產品的組合，有時甚至是當前產品以及我們碰巧在品質分類中擁有的一些稍微舊的產品。然後在商店的後面是一個基本上清倉的產品。所以它為我們提供了 2 輛車。它提供了一種工具來教育消費者有關 HEYDUDE 品牌的信息，讓他們找到可以購買、帶走和享受的產品，並希望成為 HEYDUDE 品牌的粉絲。然後，故事的背後使我們能夠以更高的價格清算舊產品，我們將能夠在其他地方清算這些產品，並在商店後面為消費者提供令人難以置信的價值。

So I would say we're really happy with the way the store is working, and we've opened in a combination of markets. We've opened the markets that I would describe as sort of HEYDUDE heartland. We've also opened in markets that are a little bit more nascent for HEYDUDE. So we're using the stores to introduce new customers to the brand. And we're kind of happy that both are working.

所以我想說，我們對商店的運作方式非常滿意，而且我們在多個市場中開設了商店。我們已經開放了我將其描述為 HEYDUDE 中心地帶的市場。我們也開拓了對 HEYDUDE 來說還比較新興的市場。因此，我們利用商店向該品牌介紹新客戶。我們很高興兩者都在工作。

And the next question comes from Jay Sole with UBS.

下一個問題來自瑞銀集團的 Jay Sole。

Great. Andrew, I'm hoping -- can you elaborate a little bit on the performance of Crocs in China because triple digit growth is really strong. If I'm correct, I believe it's kind of low seasonality quarter, in China. So was there anything maybe related to timing or something that could have boosted that number? And then how are you thinking about spring? Do you think you can maintain really strong growth through the peak spring and summer seasons. And if you can tell us about that, that would be super helpful.

偉大的。安德魯，我希望您能詳細介紹一下 Crocs 在中國的表現，因為三位數的成長非常強勁。如果我沒猜錯的話，我相信中國現在是季節性較低的季度。那麼是否有任何可能與時間相關或可能增加這個數字的因素呢？那你對春天有什麼看法呢？您認為您可以在春季和夏季的高峰季節保持真正強勁的成長嗎？如果您能告訴我們這一點，那就非常有幫助了。

Yes, that's a great question. Yes, the first quarter is not our sort this quarter in China, you're exactly right. It's a sort of counter seasonal quarter. It does build through the quarter. I think the one thing that is different this year, that we did call out in our prepared remarks is we did win a Super Brand Day on Tmall. For those of you not familiar, that's a process you go through to bid on that and to get selected.

是的，這是一個很好的問題。是的，第一季不是我們中國這個季度的情況，你說得完全正確。這是一種反季節的季度。它確實在整個季度都在增長。我認為今年不同的一件事是，我們在準備好的演講中確實指出，我們確實在天貓贏得了超級品牌日。對於那些不熟悉的人來說，這是您競標並被選中的過程。

We were selected because of our brand heat, we were able to showcase the brand and really -- so that was a noncomp event and a substantial noncomp event in Q1, which is very productive. We do believe we'll be able to maintain a very, very strong growth rate in China through Q2 and the remainder of the year. That is driven by a growing digital presence and a growing consumer following, but also incremental store openings.

我們之所以被選中是因為我們的品牌熱度，我們能夠展示我們的品牌，而且真的——所以這是第一季度的一場非比賽活動，也是一次實質性的非比賽活動，非常富有成效。我們確實相信，我們將能夠在第二季和今年剩餘時間內在中國保持非常非常強勁的成長率。這是由不斷增長的數位存在和不斷增長的消費者追隨者以及不斷增加的商店開張所推動的。

We will plan to open a significant number of franchise partner stores with our partners this year. So we'll have incremental wholesale distribution in the China market, which will drive, I think, a very strong business for us.

今年我們計劃與合作夥伴一起開設大量特許經營合作店。因此，我們將在中國市場進行增量批發分銷，我認為這將為我們帶來非常強勁的業務。

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。

Thank you very much, everybody, for joining us and your interest in our brand. I just want to highlight that this is Anne's last earnings call. She may be happy about that, may not be happy about that, but Anne with the announcement and the joining of Susan Healy, who will join us on June 3, will be moving over to her full-time role as Crocs brand President. So I want to thank Anne for all her incredible contributions over the last 6 years. So thank you, Anne.

非常感謝大家加入我們以及對我們品牌的興趣。我只是想強調這是安妮的最後一次財報電話會議。她可能對此感到高興，也可能不高興，但隨著這一消息的宣布以及將於 6 月 3 日加入我們的 Susan Healy，Anne 將轉而擔任 Crocs 品牌總裁的全職職務。因此，我要感謝 Anne 在過去 6 年裡所做的所有令人難以置信的貢獻。謝謝你，安妮。

Thank you.

謝謝。

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

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。