卡洛馳 (CROX) 2024 Q2 法說會逐字稿

For the Safe Harbor provisions of the federal securities laws. 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.

對於聯邦證券法的安全港條款。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。

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.

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 that we refer to as adjusted or non-GAAP are non-GAAP measures. A reconciliation of these amounts to their GAAP counterparts is contained in the press release we issued earlier this morning. All revenue growth rates will be cited on a constant currency basis, unless otherwise stated at this time,

我們稱為調整後或非 GAAP 的某些財務指標是非 GAAP 指標。我們今天早上早些時候發布的新聞稿中包含了這些金額與公認會計原則對應金額的調節表。除非此時另有說明，所有收入成長率都將以固定匯率計算，

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

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. Before we discuss the quarter, I'd like to start by welcoming Susan Healy to her first Crocs Inc. Earnings Call. We reported second quarter revenue of more than $1.1 billion, which represents the highest quarterly achievement in the company's history and exceeded our guidance. Coupled with robust adjusted gross margin expansion of 330 basis points adjusted earnings per share grew by 12% to $4.01 even as we accelerated strategic investments.

謝謝你，艾琳，大家早安。感謝您今天加入我們。在我們討論本季之前，我首先歡迎 Susan Healy 參加她的第一次 Crocs Inc. 財報電話會議。我們報告第二季度收入超過 11 億美元，這是公司歷史上最高的季度業績，超出了我們的指導。加上調整後毛利率強勁成長 330 個基點，調整後每股盈餘成長 12%，達到 4.01 美元，儘管我們加快了策略投資。

This performance resulted in record free cash flow for Crocs Inc. which we utilized to pay down $200 million in debt and repurchased $175 million of our common stock. Our enterprise initiatives remain consistent, and we've focused on three primary levers to fuel durable long-term growth one, ignite icons across both of our 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.

這一業績為 Crocs Inc. 帶來了創紀錄的自由現金流，我們用它償還了 2 億美元的債務，並回購了 1.75 億美元的普通股。我們的企業舉措保持一致，我們專注於三個主要槓桿來推動持久的長期增長，一是點燃我們兩個品牌的標誌，以提高新老消費者的認知度和全球相關性二是推動我們整個品牌的市場佔有率成長一級市場透過人才、行銷、數位和零售方面的策略性投資，三級市場透過有條不紊地多樣化我們的產品範圍和使用場合，吸引新消費者加入我們的品牌。

Starting with the Crocs brand, the investments we are making in product and marketing are enabling us to win with consumers around the world. During the quarter, we saw further growth in global brand awareness and desirability. We have continued to evolve our partnership model with a clear intent to drive engagement, build consumer love and ultimately, fuel brand heat.

從 Crocs 品牌開始，我們在產品和行銷方面的投資使我們能夠贏得世界各地消費者的青睞。本季度，我們看到全球品牌知名度和需求度進一步成長。我們不斷發展我們的合作夥伴模式，明確旨在推動參與度、建立消費者喜愛度並最終激發品牌熱度。

During the second quarter, we celebrated SpongeBob's 25th anniversary by creating a SpongeBob and Patrick plug with the official announcement unveiled on the Las Vegas Theater. Along with this, we released a number of partnerships that range from Pringles to Naruto, to Treasures, a K-pop brand and Minions.

在第二季度，我們透過創建海綿寶寶和派翠克插件來慶祝海綿寶寶誕生 25 週年，並在拉斯維加斯劇院發布了官方公告。除此之外，我們還發布了一系列合作夥伴關係，從品客薯片 (Pringles) 到火影忍者 (Naruto)，再到韓國流行品牌 Treasures 和小小兵 (Minions)。

We continue to push into sneaker and lifestyle opportunities as exemplified through our Salehe, Juniper sneaker release was sold out within minutes at $140 and we've seen on secondary shopping platforms for multiples of the original price, a testament to the strong consumer response.

我們繼續推動運動鞋和生活方式的機會，例如我們的Salehe、Juniper 運動鞋發佈在幾分鐘內就以140 美元的價格售罄，我們在二級購物平台上看到價格是原價的數倍，這證明了消費者的強烈反應。

Looking at product overall, growth in the second quarter was once again led by our icon, the Classic Clog. As we prioritize durable growth, we have built several successful franchises that aim at expanding into new usage occasions to drive new and repeat purchases.

從整體產品來看，第二季的成長再次由我們的標誌性經典木鞋引領。當我們優先考慮持久成長時，我們已經建立了幾個成功的特許經營權，旨在擴展到新的使用場合，以推動新的和重複的購買。

The sandal category strengthened in the quarter as the consumer reacted favorably to the newness that we have brought to the market this year. In particular, our style sales are performing well across both new franchises like the Getaway and Miami as well as established franchises like the Brooklyn. We introduced a debatable version of the classic Brooklyn as well as a woven style, leveraging our molded DNA. The growth of our Gibix business during the quarter was led by strong double-digit growth in Asia which was also our highest penetration by geography.

由於消費者對我們今年推向市場的新品反應良好，本季涼鞋類別有所加強。特別是，我們的款式銷售在 Getaway 和邁阿密等新特許經營店以及布魯克林等老牌特許經營店中均表現良好。我們利用我們塑造的 DNA，引入了經典布魯克林的有爭議的版本以及編織風格。本季 Gibix 業務的成長是由亞洲兩位數的強勁成長帶動的，亞洲也是我們滲透率最高的地區。

Our Gibix consumer continues to be one of our most valuable consumers, and we see them purchasing with higher frequency and average order value. Our strategic priorities within Gibix are centered around driving higher penetration in digital and wholesale channels, enhancing speed to market and continually introducing product freshness.

我們的 Gibix 消費者仍然是我們最有價值的消費者之一，我們看到他們的購買頻率和平均訂單價值更高。 Gibix 的策略重點是提高數位和批發管道的滲透率、加快上市速度並不斷引入產品新鮮度。

Moving to a review of our business by geography. We saw broad-based strength led by our Tier 1 markets. The North America market performed ahead of our expectations and gained market share with revenue growth of 3% versus the prior year. Strength was driven by better at-once demand from our retail partners and solid DTC channel growth.

接下來按地理位置回顧我們的業務。我們看到了以一級市場為主導的廣泛實力。北美市場的表現超出了我們的預期，並獲得了市場份額，收入較上年增長了 3%。我們的零售合作夥伴更好的一次性需求以及穩健的 DTC 通路成長推動了我們的實力。

For the first half, our North American revenues grew 6% against a broader market that was essentially flat. International revenue grew 22% versus prior year supported by exceptional growth in China and Australia. China grew over 70% on top of triple-digit growth last year. While there is evidence in the market that the Chinese consumer is becoming more cautious, we see our accessible, authentic and personalizable brand position as a clear competitive advantage.

上半年，我們的北美營收成長了 6%，而大市場則基本持平。在中國和澳洲的強勁成長的推動下，國際收入較上年增長 22%。中國在去年三位數成長的基礎上實現了超過 70% 的成長。儘管市場有證據顯示中國消費者變得更加謹慎，但我們認為我們平易近人、真實且個人化的品牌定位是一個明顯的競爭優勢。

Coming off the strength of our Super Brand Day in the first quarter, we have emerged as the #1 women's footwear brand on Tmall in the days that followed. This momentum drove outsized strength in the midsummer festival, where Crocs led the conversation and took notable share on Tmall and Douyin despite more promotional period for the industry at large.

憑藉第一季超級品牌日的強勁表現，我們在接下來的幾天裡成為天貓排名第一的女鞋品牌。這種勢頭在仲夏節期間帶來了巨大的力量，儘管整個行業的促銷期更長，但 Crocs 仍引領話題，並在天貓和抖音上佔據了顯著份額。

For the first time ever, Crocs emerge as a top 10 overall fashion brand on Tmall during the festival and was one of only two footwear brands mentioned in the top 10 fashion rankings. Our direct markets within Europe registered double-digit growth in the quarter led by the UK and Germany and we continue to see ample opportunity for growth in the future.

Crocs 首次在節日期間躋身天貓綜合時尚品牌前十名，並且是進入前十時尚排行榜的僅有的兩個鞋類品牌之一。我們在歐洲的直接市場在本季以英國和德國為首實現了兩位數的成長，我們繼續看到未來充足的成長機會。

Turning to the HEYDUDE brand. We remain focused on solidifying the business in North America and establishing the Wendy and Wally as iconic franchises for the consumer. We have made progress in improving the health of our underlying business in North America, exemplified by pricing on digital up versus prior year, solid recovery in gross margins and our inventories turning in excess of 4 times.

轉向 HEYDUDE 品牌。我們仍然專注於鞏固北美業務，並將溫蒂和沃利打造成消費者的標誌性特許經營店。我們在改善北美基礎業務的健康狀況方面取得了進展，例如數位定價較上年上漲、毛利率穩步復甦以及庫存週轉超過 4 倍。

That said, our wholesale business HEYDUDE remains challenging, and we expect that to continue through the second half of the year.

儘管如此，我們的批發業務 HEYDUDE 仍然面臨挑戰，我們預計這種情況將持續到今年下半年。

As we shared in the first quarter earnings call, sell-in and sell-out are down versus last year, and we'll focus on energizing the brand through improved marketing effectiveness and new product introductions. During the quarter, we brought new HEYDUDE partnerships to the market, including Corona, a four-piece collection with the iconic beverage brand featuring our Wally, Wendy and Hudson styles. Our lead partnership, Denim & Dudes, marked the first HEYDUDE collaboration with international reach.

正如我們在第一季財報電話會議上分享的那樣，銷售量和銷售量比去年有所下降，我們將專注於透過提高行銷效率和推出新產品來為品牌注入活力。本季度，我們向市場推出了新的 HEYDUDE 合作夥伴關係，其中包括 Corona，這是一個四件套系列，與標誌性飲料品牌以我們的 Wally、Wendy 和 Hudson 風格為特色。我們的主要合作夥伴 Denim & Dudes 標誌著 HEYDUDE 的首次合作具有國際影響力。

From a product perspective, we're bringing more focus around our core across the Wendy and Wally and we're leaning into three primary offerings Stretch [Subs], Stretch Canvas and [FunkMono]. While leading from the core is our focus, we'll make calculated bets with key sneaker and boot styles that the brand is also known for.

從產品角度來看，我們將更多的注意力集中在 Wendy 和 Wally 的核心上，我們傾向於三個主要產品：Stretch [Subs]、Stretch Canvas 和 [FunkMono]。雖然從核心出發是我們的重點，但我們將在該品牌聞名的關鍵運動鞋和靴子款式上進行精心設計。

As we look into 2025, we see an opportunity to optimize our SKU count while still improving our channel segmentation and bringing new innovations to market. For example, we introduced the comp this quarter, leveraging our Wendy and Wally DNA and added cushion and height retailing for $85. We initially tested this product in DTC and will bring it to wholesale in time for back-to-school.

展望 2025 年，我們看到了優化 SKU 數量的機會，同時仍改善我們的通路細分並向市場帶來新的創新。例如，我們本季推出了這款產品，利用我們的 Wendy 和 Wally DNA，並增加了緩衝墊和高度，零售價為 85 美元。我們最初在 DTC 中測試了該產品，並將在返校時及時進行批發。

From a distribution perspective, we opened 13 new HEYDUDE outlet locations in the quarter, bringing our total year-to-date openings to 90. We are pleased with our new stores and see growing consumer engagement and shopping across genders and ages as consumers can experience the full breadth of the line.

從分銷角度來看，我們在本季度開設了13 家新的HEYDUDE 直銷店，使年初至今新開店總數達到90 家。購物體驗不斷增長線路的全寬度。

During the quarter, we also introduced HeyMakerz, our personalization proposition within our direct channels. These stations are creating buzz in our stores as consumers explore self-expression with the brand. For the year, we plan to open approximately 30 outlet stores. On the wholesale side, we will continue to optimize our account base and focus on improving customer segmentation.

在本季度，我們還在直接管道中推出了 HeyMakerz，這是我們的個人化主張。隨著消費者探索品牌的自我表達，這些網站在我們的商店中引起了轟動。今年，我們計劃開設約30家直營店。在批發方面，我們將繼續優化我們的客戶群，並專注於改善客戶細分。

Internationally, we're making progress in our direct markets in Europe as we build the brand in the UK and Germany. We're also introducing the HEYDUDE brand in Australia this quarter. and have plans to expand into select distributor markets in 2025.

在國際上，隨著我們在英國和德國打造品牌，我們在歐洲的直接市場取得了進展。本季我們也將在澳洲推出 HEYDUDE 品牌。並計劃在 2025 年擴展到選定的經銷商市場。

We're working on elevating our reach and effectiveness of our marketing to drive bigger brand moments, geared at accelerating awareness and creating community. We plan to introduce the brand in a methodical and consistent way and get more shoes on feet.

我們正在努力提高行銷的影響力和有效性，以推動更大的品牌時刻，旨在提高知名度並創建社群。我們計劃以有條不紊、一致的方式推出品牌，並讓更多的鞋子上腳。

In addition to igniting our icons and focusing on the core, we're bringing her to the center of the conversation. We believe female youth culture is one driver of influence and brand connectivity and plan to accelerate our influence opportunity as we move into the fall. We plan to significantly accelerate our marketing investment and effectiveness in the second half of this year to drive more brand heat for HEYDUDE.

除了點燃我們的偶像並專注於核心之外，我們還將她帶到了對話的中心。我們相信女性青年文化是影響力和品牌連結性的驅動因素之一，並計劃在進入秋季時加速我們的影響力機會。我們計劃在今年下半年大幅加快行銷投入和效果，為HEYDUDE帶來更多的品牌熱度。

Before turning the call over to Susan to review our financial results, I want to call out the publication of our 2023 Crocs, Inc. company report released in June. This annual report highlights our commitment to and progress on our purpose to create a more comfortable world for all through action-orientated ambitions of inclusivity, climate stability, circularity and community. I encourage you to check out the report for more information against these initiatives.

在將電話轉給 Susan 審查我們的財務表現之前，我想提一下我們 6 月發布的 2023 年 Crocs, Inc. 公司報告。本年度報告強調了我們對透過包容性、氣候穩定性、循環性和社區等以行動為導向的雄心為所有人創造一個更舒適的世界的承諾和進展。我鼓勵您查看該報告，以了解針對這些舉措的更多資訊。

I will now turn the call over to Susan to walk through our financials for the quarter.

我現在會把電話轉給蘇珊，讓她了解我們本季的財務狀況。

Thank you, Andrew, and good morning, everyone before I review the quarter, I'd like to say what an honor it is to have the opportunity to serve as the CFO of Crocs, Inc. This is a company with strong financial performance brought to life by its culture, brands, people and purpose. I look forward to working with Andrew and our talented management team to further advance the company's strategic and financial goals as well as to get to know many of you in the investment community in the weeks ahead.

謝謝安德魯，大家早上好，在我回顧本季度之前，我想說，有機會擔任 Crocs, Inc. 的首席財務官是多麼榮幸。宗旨來實現生活。我期待與安德魯和我們才華橫溢的管理團隊合作，進一步推進公司的策略和財務目標，並在未來幾週內結識投資界的許多人。

Now for a review of our second quarter financial performance. We generated over $1.1 billion in consolidated revenues in the quarter, growing 5% over last year, led by the Crocs brand. Adjusted gross margin improved 330 basis points from prior year to 61.4% and adjusted operating margin was 29.3%, resulting in adjusted earnings per share of $4.01.

現在回顧我們第二季的財務表現。在 Crocs 品牌的帶動下，我們本季的綜合營收超過 11 億美元，比去年成長 5%。調整後毛利率較前一年提高 330 個基點，達到 61.4%，調整後營業利益率為 29.3%，調整後每股收益為 4.01 美元。

Our second quarter results exceeded the high end of our guidance for the enterprise for the Crocs brand, revenues were $914 million, growing 11% to prior year driven by DTC growth of 14% and wholesale growth of 9%. The growth came from a mix of volume in ASP with units increasing 6% versus last year to a total of 35 million pairs of shoes sold and brand ASP increasing 4% to $25.96.

我們第二季的業績超出了我們對 Crocs 品牌企業指引的上限，營收為 9.14 億美元，比上年同期成長 11%，這得益於 DTC 成長 14% 和批發成長 9%。這一增長得益於平均售價的綜合銷量，鞋履銷量比去年增長了 6%，達到 3500 萬雙，品牌平均售價增長了 4%，達到 25.96 美元。

As Andrew noted, North America revenues came in ahead of our expectations, growing 3% versus the prior year to $489 million. Growth was led by DTC, which was up 7%, while wholesale was down 4%. Underlying North American brick-and-mortar growth was up mid-single digits. International revenue of $425 million was up 22% from prior year, led by DTC growth of 28% and wholesale growth of 18%. China led the way, growing over 70% on top of triple-digit revenue growth last year, and we also saw exceptional growth in Australia.

正如安德魯指出的那樣，北美收入超出了我們的預期，比前一年增長了 3%，達到 4.89 億美元。成長由 DTC 帶動，成長了 7%，而批發則下降了 4%。北美實體店的潛在成長達到了中個位數。國際營收為 4.25 億美元，較上年成長 22%，其中 DTC 成長 28%，批發成長 18%。中國一馬當先，在去年三位數的收入成長基礎上成長了 70% 以上，澳洲也取得了非凡的成長。

In addition, our direct European markets grew by strong double digits turning to HEYDUDE. Revenues were $198 million, down 17.5% from last year and within our guidance range. Consistent with our strategy to strengthen the HEYDUDE brand for the long term, brand ASPs were up 7% and to $30.76, while volumes were lower. We sold 6 million pairs of shoes, 23% below last year. Wholesale revenues were down 24% from last year, since which time we have strategically reduced our account base and rightsized channel inventories.

此外，我們的直接歐洲市場以兩位數的強勁成長轉向 HEYDUDE。收入為 1.98 億美元，比去年下降 17.5%，在我們的指導範圍內。與我們長期強化 HEYDUDE 品牌的策略一致，品牌平均售價上漲了 7%，達到 30.76 美元，但銷量卻有所下降。我們賣出了 600 萬雙鞋，比去年下降了 23%。批發收入比去年下降了 24%，從那時起我們就策略性地減少了客戶基礎並調整了通路庫存。

The DTC channel was down 8% supported by retail contribution, offset by digital contraction as a result of prioritizing brand health through higher ASPs. Consolidated adjusted gross margin for the second quarter was 61.4%, up 330 basis points from last year. Crocs brand adjusted gross margin was 64.1% or 210 basis points higher than the prior year. The primary drivers of margin expansion were favorable product costs, lower freight costs and higher international pricing.

在零售貢獻的推動下，DTC 通路下降了 8%，但由於透過提高 ASP 優先考慮品牌健康而導致數位化收縮，從而抵消了這一影響。第二季綜合調整後毛利率為61.4%，較去年同期成長330個基點。 Crocs 品牌調整後毛利率為 64.1%，較前一年高出 210 個基點。利潤率擴張的主要驅動力是有利的產品成本、較低的貨運成本和較高的國際定價。

HEYDUDE brand gross margin was 49.1% and 200 basis points higher than prior year, driven by lower freight costs, channel mix and higher ASPs partially offset by investments in infrastructure. Our second quarter adjusted SG&A dollars increased 19% to prior year. Our SG&A rate was 32% up 420 basis points compared to prior year, driven by continued investment in talent, marketing and DTC to support long-term market share gains.

HEYDUDE 品牌的毛利率為 49.1%，比前一年高出 200 個基點，這得益於較低的貨運成本、通路組合和較高的平均售價，部分被基礎設施投資所抵消。我們第二季調整後的 SG&A 美元比去年同期成長了 19%。在人才、行銷和 DTC 持續投資以支持長期市場份額成長的推動下，我們的 SG&A 率為 32%，比上年增長 420 個基點。

Our second quarter adjusted operating margin declined 100 basis points to 29.3% compared to 30.3% for the same period last year but was favorable to our expectations on higher gross margin and revenue. Second quarter adjusted diluted earnings per share increased 12% to $4.01. Non-GAAP effective tax rate was 17.8%. Our inventory balance as of June 30 was $377 million, a decline of 14% versus this time last year.

我們第二季調整後的營業利潤率下降了 100 個基點，至 29.3%，而去年同期為 30.3%，但有利於我們對更高毛利率和收入的預期。第二季調整後稀釋每股盈餘成長 12% 至 4.01 美元。非 GAAP 有效稅率為 17.8%。截至 6 月 30 日，我們的庫存餘額為 3.77 億美元，比去年同期下降 14%。

Both of our brands achieved inventory turns above our goal of 4 times on an annualized basis. Our liquidity position remains strong, comprised of $168 million of cash and cash equivalents and $559 million of borrowing capacity on our revolver.

我們兩個品牌的年庫存週轉率都高於我們目標的 4 倍。我們的流動性狀況依然強勁，包括 1.68 億美元的現金和現金等價物以及 5.59 億美元的左輪融資能力。

During the quarter, we repaid approximately $200 million of debt, reducing borrowings to approximately $1.5 billion. We ended the quarter within our long-term net leverage target range of 1 to 1.5 times. We completed $175 million of share buybacks during the quarter repurchasing 1.2 million shares at an average price of $149.53 per share. We currently have $700 million remaining on our share repurchase authorization. In the second half of 2024, we plan to continue to buy back stock and pay down debt, enabled by our best-in-class free cash flow generation.

本季度，我們償還了約 2 億美元的債務，將借款減少至約 15 億美元。本季結束時，我們的長期淨槓桿率目標範圍為 1 至 1.5 倍。我們在本季完成了 1.75 億美元的股票回購，以每股 149.53 美元的平均價格回購了 120 萬股股票。目前我們的股票回購授權還剩 7 億美元。 2024 年下半年，我們計劃透過一流的自由現金流產生能力繼續回購股票並償還債務。

Now turning to 2024 guidance. We are reaffirming our full year top line guidance range and raising our operating margin and EPS expectations to reflect the beat in Q2 partially offset by continuing investment in talent and marketing in the back half of the year.

現在轉向 2024 年指導。我們重申全年營收指引範圍，並提高營業利潤率和每股盈餘預期，以反映第二季的成長，但下半年對人才和行銷的持續投資部分抵消了這一成長。

We are maintaining our full year revenue outlook of 3% to 5% growth despite $11 million of incremental FX headwind underscoring the underlying strength of our business. Our guidance assumes currency rates as of June 30. For the Crocs brand, we continue to expect revenue growth between 7% and 9%, led by international. For HEYDUDE, we continue to expect revenues to contract between 8% to 10% and expect wholesale to be negative for the year and DTC trends to be better than wholesale as we communicated last quarter.

儘管 1,100 萬美元的增量外匯逆風凸顯了我們業務的潛在實力，但我們仍維持全年營收成長 3% 至 5% 的預期。我們的指導假設截至 6 月 30 日的匯率。對於 HEYDUDE，我們繼續預期營收將收縮 8% 至 10%，並預計今年批發業務將出現負成長，而 DTC 趨勢將優於我們上季溝通的批發業務。

We are raising our guidance for consolidated adjusted operating margins from approximately 25% to more than 25% for the year. We are maintaining our guidance for enterprise gross margin as well as Crocs and HEYDUDE brand gross margins to be up for the year versus 2023.

我們將今年綜合調整後營業利潤率的指導從約 25% 提高到 25% 以上。我們維持企業毛利率以及 Crocs 和 HEYDUDE 品牌毛利率的指引，預計今年將較 2023 年上升。

We remain focused on investing behind brand accretive and strategic SG&A initiatives which we believe will drive second half SG&A dollar growth to be above the first half. We are raising our 2024 adjusted diluted earnings per share guidance from a range of $12.25 to $12.73 to a range of $12.45 to $12.90.

我們仍專注於投資品牌增值和策略性銷售及行政管理 (SG&A) 計劃，我們相信這些計劃將推動下半年銷售及管理費用 (SG&A) 美元增長高於上半年。我們將 2024 年調整後稀釋每股盈餘指引從 12.25 美元至 12.73 美元上調至 12.45 美元至 12.90 美元。

Our updated full year range balances the strength we saw in Q2, along with appropriate caution around consumer spending trends and the geopolitical landscape as well as the timing of our SG&A investments. Consistent with our previous guidance policy, this range reflects future debt repayment, but does not assume any impact from future share repurchases.

我們更新的全年範圍平衡了我們在第二季度看到的實力，以及對消費者支出趨勢和地緣政治格局以及我們的銷售、管理和行政管理投資時機的適當謹慎。與我們先前的指導政策一致，這個範圍反映了未來的債務償還，但沒有假設未來股票回購的任何影響。

We are maintaining our expectations of underlying non-GAAP effective tax rate, which approximates cash taxes paid to be approximately 18% and the GAAP effective tax rate to be 21.5%. Our annual capital expenditures are now planned between $100 million to $110 million, down from $120 million to $130 million tied to the cash timing of select operational projects.

我們維持對基本非 GAAP 有效稅率的預期，即支付的現金稅約為 18%，GAAP 有效稅率為 21.5%。我們的年度資本支出目前計劃在 1 億至 1.1 億美元之間，從與選定營運項目的現金時間相關的 1.2 億至 1.3 億美元減少。

Turning to our guidance for Q3. We expect consolidated revenues to be in the range of down 1.5% to up 0.5% at currency rates as of June 30, with the Crocs brand growing 3% to 5%, led almost entirely by international growth.

轉向我們對第三季的指導。我們預計，截至 6 月 30 日，以匯率計算，綜合收入將下降 1.5% 至成長 0.5%，其中 Crocs 品牌成長 3% 至 5%，幾乎完全由國際成長帶動。

We expect HEYDUDE revenue to be down between 14% to 16% in the quarter, showing modest sequential improvement versus Q2. Embedded in our HEYDUDE guidance is the impact of lapping significant discounting on our marketplace for most of Q3 last year as well as timing of wholesale orders.

我們預計 HEYDUDE 本季營收將下降 14% 至 16%，與第二季相比，季減略有改善。我們的 HEYDUDE 指南中包含了去年第三季大部分時間我們的市場大幅折扣以及批發訂單時間安排的影響。

We expect SG&A spend to be up in the low to mid-20% range in Q3. With talent and marketing investments elevated versus the year-to-date trend. We expect adjusted operating margin to be approximately 24.5% and adjusted diluted earnings per share to be between $2.95 and $3.10.

我們預計第三季的 SG&A 支出將成長 20% 左右。與今年迄今的趨勢相比，人才和行銷投資有所增加。我們預計調整後營業利潤率約為 24.5%，調整後稀釋每股收益將在 2.95 美元至 3.10 美元之間。

As we look to the fourth quarter for the HEYDUDE brand, we expect revenue growth to be supported by: one, easing comparisons two, the timing of wholesale shipments three, the contribution from new retail stores four, sell-in to new international distributors and five, lapping last year's pricing reset on digital late in Q3.

當我們展望HEYDUDE 品牌第四季時，我們預期營收成長將受到以下因素的支持：一、比較的緩和；二、批發出貨的時機；三、新零售店的貢獻；四、銷售給新的國際經銷商；以及第五，在第三季末對數位版進行了去年的定價重置。

In summary, we had a record second quarter. We have clear plans to invest further in our business to fuel long-term profitable growth, and I am confident in our ability to achieve our 2024 objectives. I will now turn the call back over to Andrew for his final thoughts.

總而言之，我們的第二季創歷史新高。我們有明確的計劃，進一步投資我們的業務，以推動長期獲利成長，我對我們實現 2024 年目標的能力充滿信心。我現在將把電話轉回給安德魯，詢問他的最後想法。

Thank you, Susan. We're pleased by the results our teams have delivered through the first half, including our ability to pay down debt and return significant capital to shareholders.

謝謝你，蘇珊。我們對我們的團隊在上半年的成果感到高興，包括我們償還債務和向股東返還大量資本的能力。

We believe the strategic investments that we're making in talent and marketing will set our brands up for durable long-term share gains.

我們相信，我們在人才和行銷方面進行的策略投資將為我們的品牌帶來持久的長期份額收益。

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 to ask a question, (Operator Instructions).

我們現在將開始問答環節來提出問題（操作員說明）。

Jonathan Komp of Baird.

貝爾德公司的喬納森·康普。

Yeh, hi, thank you. Good morning.I wanted to ask about the second half revenue outlook. Could you maybe talk, Andrew about your assumptions and what you're seeing in terms of the Core North America cross sell throughs and how you're expecting that to trend? And then Susan, just to follow up on the fourth quarter, hey, dude outlook. I know you highlighted I think it was four or five reasons for this for the inflection in year-over-year performance can you maybe just talk about the underlying assumptions in terms of the sell through rates or the consumer end demand that's needed to hit the guidance in Q4 for HEYDUDE?

是的，你好，謝謝你。早安。安德魯，您能否談談您的假設以及您在北美核心交叉銷售方面所看到的情況以及您預計其趨勢如何？然後蘇珊，只是跟進第四季度，嘿，夥計展望。我知道您強調過，我認為這是造成同比業績變化的四五個原因，您能否談談銷售率或達到目標所需的消費者最終需求方面的基本假設？

So look, before I start, obviously, we're really thrilled we had an exceptional Q2, we're thrilled to announce those results today. In terms of the back half, Crocs. We're obviously not adjusting our overall expectations for the Crocs brand. But and we had an exceptional first half for the Crocs brand. As we look at the back half in North America, I think we're very satisfied with the share gains that we've achieved in the first half. We've grown about 6% on through the first half.

所以，在我開始之前，顯然，我們真的很高興我們有一個出色的第二季度，我們很高興今天宣布這些結果。後半部分，Crocs。我們顯然不會調整對 Crocs 品牌的整體期望。但是，我們的 Crocs 品牌上半年表現出色。當我們回顧北美的下半年時，我認為我們對上半年所取得的份額成長非常滿意。上半年我們的成長率約為 6%。

That's against a market that is approximately flat. So substantial share gains. In the back half, we are more cautious, right? I think we definitely see the US consumer behaving cautiously. We think our brand is well positioned relative to a cautious consumer environment, we accelerate exceptional value we give the consumer exceptional value, but we are planning the back half in North America from a Crocs revenue perspective, approximately flat.

這是相對於大致持平的市場而言的。如此可觀的份額收益。後半段我們更加謹慎，對嗎？我認為我們肯定看到美國消費者表現謹慎。我們認為，相對於謹慎的消費者環境，我們的品牌處於有利地位，我們加速卓越價值，為消費者提供卓越價值，但從 Crocs 收入的角度來看，我們正在計劃北美後半段收入大致持平。

And I'll let Susan talk about HEYDUDE and I'll maybe add something.

我會讓 Susan 談談 HEYDUDE，我也許會補充一些內容。

So when you think about HEYDUDE in the back half of the year, you've got to really think about Q3 and Q4 in tandem. So we expect Q3 wholesale to be down to last year and below Q2 versus last year, and we anticipate Q4 sell-in to be up. Part of what's driving that is the fact that last year, we had some orders that we shipped in Q3, and we deliberately did that to get them ahead of our planned ERP implementation just to avoid any potential disruption.

因此，當你在下半年考慮 HEYDUDE 時，你必須真正同時考慮第三季和第四季。因此，我們預計第三季的批發量將下降至去年水平，並低於去年第二季的水平，我們預計第四季的銷售量將會上升。造成這種情況的部分原因是去年我們有一些訂單在第三季發貨，我們故意這樣做是為了讓它們先於我們計劃的 ERP 實施，以避免任何潛在的干擾。

And so when you look at Q4, then you're going to see one is you're going to see more normalized wholesale flow between Q3 and Q4. And then there's also some other sort of [noncomp] compares, things like our rollout of retail stores, which are ramping up this year or sell into new international distributors. And then you're also lapping last year's pricing reset in digital, which took place late in Q3.

因此，當您查看第四季度時，您會發現第三季度和第四季度之間的批發流量將更加標準化。然後還有一些其他類型的[非比較]比較，例如我們推出的零售店，這些商店今年正在增加或出售給新的國際分銷商。然後，您還回顧了去年第三季末發生的數位定價重置。

Thank you.

謝謝。

Adrienne Yih of Barclays.

巴克萊銀行的艾德麗安葉 (Adrienne Yih)。

Yes, and thank you very much and congrats on the nice quarter. I guess my question is on the SG&A, the talent and brand accretive marketing. Can you give us examples of what has worked thus far in the year-to-date period, where you're placing those incremental investments in the third quarter and when you do you see the type of payback, the return on that ad spend and the talent investment. Thank you very much.

是的，非常感謝您並祝賀這個美好的季度。我想我的問題是關於 SG&A、人才和品牌增值行銷。您能否給我們舉例說明今年迄今採取的措施，您在第三季度進行了增量投資，以及何時看到投資回收的類型、廣告支出的回報以及人才投資。非常感謝。

Yeah, Adrian, I would say these are long-term investments we're making. Our company, as it stands today, is exceptionally profitable. Our full year guide for EBIT is now 25.5%. This is an exceptional number. And we've grown extremely rapidly over the last several years, both organically and across that and also through the acquisition of HEYDUDE.

是的，阿德里安，我想說這些是我們正在進行的長期投資。我們公司目前的獲利能力非常出色。我們的全年息稅前利潤指南目前為 25.5%。這是一個特殊的數字。在過去的幾年裡，我們無論是有機成長還是跨領域成長，以及透過收購 HEYDUDE，都取得了極其迅速的成長。

At this time, we are making a series of investments in talent to enable us to grow in the future. Some examples around that would be enhancing our international teams for Crocs, where we're growing very rapidly in Asia and also in Europe, investing in our marketing functions for both Crocs and HEYDUDE in terms of talent.

目前，我們正在對人才進行一系列投資，以使我們能夠在未來成長。一些例子是加強我們 Crocs 的國際團隊，我們在亞洲和歐洲發展非常迅速，在人才方面投資於 Crocs 和 HEYDUDE 的營銷職能。

We've historically made some meaningful investments in terms of distribution infrastructure, and we're actually seeing some nice benefits from efficiency of our distribution infrastructure. And I think that really the big one is really marketing, right? We see a consumer that's obviously, I think, somewhat cautious here in the United States. We're a little concerned about the cautiousness of the consumer in China as well.

我們在歷史上在分銷基礎設施方面進行了一些有意義的投資，並且我們實際上看到了我們的分銷基礎設施的效率帶來了一些很好的好處。我認為真正重要的是行銷，對吧？我認為，我們在美國看到的消費者顯然有些謹慎。我們也有點擔心中國消費者的謹慎態度。

And we believe it's extremely important in these environments to engage the consumer. So we're offering our marketing investment I guess, Crocs, but we're also meaningfully upping our marketing investment against HEYDUDE, where we've obviously got new talent in place in terms of HEYDUDE leadership and I think we've got some really great ideas and a strong point of view about how we can bring that brand to life.

我們相信，在這些環境中吸引消費者極為重要。因此，我想，Crocs，我們正在提供行銷投資，但我們也有意義地增加了針對 HEYDUDE 的行銷投資，顯然我們在 HEYDUDE 領導力方面擁有了新的人才，我認為我們確實擁有一些真正的人才。我們如何將這個品牌變成現實的偉大想法和強烈觀點。

Jim Duffy of Stifel.

斯蒂菲爾的吉姆·達菲。

With respect to the guide for the remainder of the year, the fiscal third quarter guide, I think, more cautious than most had expected. Can you, Andrew, speak to what you saw across July and key considerations in your outlook for the back-to-school season? And then also perhaps speak to tactical strategies, product flow and considerations as it relates to holiday.

就今年剩餘時間的指導而言，我認為第三財季的指導比大多數人的預期更為謹慎。安德魯，您能談談您在 7 月所看到的情況以及您對返校季展望的主要考慮因素嗎？然後也許還會談論與假期相關的戰術策略、產品流程和注意事項。

Yes, I mean thanks, Jim.

是的，我的意思是謝謝，吉姆。

In terms of sort of inter-quarter, we don't really give any perspective on that, we never have. But what I would say the consumer is behaving cautiously. We anticipated that. We expected that. as we kind of thought about this year, and that is definitely true. So we think it's definitely prudent to plan the rest of our year that way, and we've done that from a Crocs perspective.

就季度間而言，我們並沒有真正給出任何觀點，我們從來沒有。但我想說的是，消費者的行為是謹慎的。我們預料到了這一點。我們預料到了。正如我們今年的想法，這絕對是事實。因此，我們認為以這種方式計劃今年剩餘時間絕對是明智的，而且我們是從 Crocs 的角度這樣做的。

And then obviously, there's a lot going on with the HEYDUDE guide between Q3 and Q4 I think Susan thoroughly elucidated what that looks like. So it's not really inter-quarter trends that we're calling out because I note that we really haven't changed our four-year perspective. We expected this and have planned accordingly.

顯然，第三季度和第四季度之間的 HEYDUDE 指南發生了很多事情，我認為蘇珊徹底闡明了它的樣子。因此，我們所說的並不是真正的季度間趨勢，因為我注意到我們確實沒有改變我們的四年視角。我們預料到了這一點，並做出了相應的計劃。

Rick Patel of Raymond James.

雷蒙德詹姆斯的里克帕特爾。

Thank you. Good morning and great to have you on for the Crocs brand, can you talk about how the B2C strategy on Amazon may be affecting how results are being reported as you think about wholesale versus direct-to-consumer? And just given the lumpiness of the results, implied for the third quarter. Can you provide additional color on what you might be seeing in terms of changes in the trend line for the wholesale channel versus three months ago?

謝謝。早安，很高興邀請您來介紹 Crocs 品牌，您能談談亞馬遜上的 B2C 策略如何影響您在考慮批發與直接面向消費者時報告結果的方式嗎？考慮到第三季業績的不穩定。您能否提供有關批發通路趨勢線與三個月前相比可能發生的變化的更多資訊？

Yeah, So I think maybe I'll hit them. The second bit first, right? So I think I think there's a couple of times, but what I would say, and I'm not showing you in terms of lumpiness, what are you referring to Rick?

是的，所以我想也許我會打他們。首先是第二位，對嗎？所以我想我認為有幾次，但我想說的是，我不會向你展示塊狀的東西，你指的是里克嗎？

I'm just talking about the sequential slowing that's embedded in the third quarter guidance?

我只是在談論第三季度指導中包含的連續放緩？

Yeah, So I think that's pretty simple, right? So as we think about the first half for the Crocs brand in North America with 6% growth, right, against a market that was approximately flat to significant market share gains. In the back half, we're guiding the Crocs spend to be approximately flat. So that's I don't think that's lumpiness, but that's a distinct change in first half to second half, and that is due to anticipated consumer softness.

是的，所以我認為這很簡單，對吧？因此，當我們想到上半年 Crocs 品牌在北美的成長率為 6% 時，對吧，而市佔率則大致持平或顯著成長。在後半段，我們預期 Crocs 的支出大致持平。所以我不認為這是不穩定的，但這是上半年到下半年的明顯變化，這是由於預期的消費者疲軟所致。

So I think that's the piece. And I think that's only prudent, right? We want to plan our business that way to ensure that we keep inventories clean and fresh in the channel. We want to make sure that we don't get over inventory and not pouring our cash into inventory versus returning it to shareholders. So that's, I think, just prudent planning.

所以我認為這就是作品。我認為這只是謹慎的做法，對嗎？我們希望以這種方式規劃我們的業務，以確保我們保持通路中的庫存清潔和新鮮。我們希望確保我們不會超出庫存，也不會將現金投入庫存而不是將其返還給股東。所以我認為這只是謹慎的計劃。

And then your first part of the question was the Amazon trajectory. Look, I think Amazon continues to be a really important global partner perspective associated with. We want to be on the marketplaces where the customer shops. That is Amazon in the US and in fact, in many parts around the world. And we have we are shifting sometimes how we manage the marketplace in terms of 1P versus 3P, I don't think that changes -- that change in terms of where it shows up in our P&L will be phasing out as we go through the back half of this year.

然後你問題的第一部分是亞馬遜的發展軌跡。看，我認為亞馬遜仍然是一個非常重要的全球合作夥伴。我們希望進入客戶購物的市場。這就是美國的亞馬遜，事實上，在世界許多地方也是如此。我們有時會改變我們在 1P 與 3P 方面管理市場的方式，我不認為這種變化——這種在我們的損益表中出現的變化將隨著我們經歷後面的過程而逐步消失。

Chris Nardone of Bank of America.

美國銀行的克里斯·納爾多內。

So regarding your Crocs brand international business. Can you discuss where you're seeing some of the momentum and what countries are driving the biggest impact to your back half growth expectations? Then quickly on HEYDUDE International, if you could also remind us what percentage of your business this year will come from outside of the US and then Andrew, what gives you confidence that you can avoid some of the gray market issues that impacted the brand previously with this newer international rollout? Thank you.

關於您的 Crocs 品牌國際業務。您能否討論一下您在哪些方面看到了一些勢頭以及哪些國家對您的後半成長預期影響最大？然後快速在 HEYDUDE International 上，如果您還可以提醒我們今年您的業務將有多少比例將來自美國以外的地區，然後安德魯，是什麼讓您有信心避免之前影響該品牌的一些灰色市場問題這個新的國際推廣？謝謝。

Three questions there, right? So international for Crocs, right? So obviously, that is a key driver of our growth has been for the past couple of years at this point. And that's really the fundamental thing that we're doing there is penetrating underpenetrated markets like China, for example, like in Australia, for example, and also in parts of Western Europe.

三個問題，對吧？ Crocs 如此國際化，對嗎？顯然，這是過去幾年我們成長的關鍵驅動力。這確實是我們正在做的最根本的事情，就是滲透像中國這樣的未充分滲透的市場，例如澳大利亞，以及西歐部分地區。

So the fundamental driver is that we've got markets around the world that are large and substantive where the brand is underpenetrated, and we're now able to invest talent, invest marketing and drive that penetration. The key markets that have been driving growth like China is our one and probably our greatest long-term potential, and we've made substantial investments to enable that.

因此，根本驅動力是我們在全球範圍內擁有龐大且實質的市場，而這些市場的品牌滲透率還不夠高，而我們現在能夠投資人才、投資行銷並推動滲透率。像中國這樣一直推動成長的關鍵市場是我們的市場，而且可能是我們最大的長期潛力，我們已經進行了大量投資來實現這一目標。

Growth Australia has been also a very strong driver of growth. We called that out a couple of times. I think in the prepared remarks, we referenced China is up 70% during quarter two, which is on triple-digit growth last year. We continue to expect strong growth in China, but we are also calling out the fact that the Chinese consumer is clearly more conservative than they have been in the past.

澳洲的成長也是成長的強大推動力。我們曾多次呼籲這一點。我認為在準備好的發言中，我們提到中國在第二季度成長了 70%，去年是三位數的成長。我們繼續預期中國將出現強勁成長，但我們也指出，中國消費者顯然比過去更保守。

We think our brand is well positioned against that. In terms of other important markets, I would say at some of our key Western European direct markets, the UK. Germany, et cetera, have also performed well, yielding strong double-digit growth. And if we look longer term, we're also super excited about our potential in India, which we think is a rapidly emerging market. We're making also very coherent investments in that marketplace.

我們認為我們的品牌在這方面處於有利地位。就其他重要市場而言，我想說的是我們一些主要的西歐直接市場，即英國。德國等國也表現出色，實現了兩位數的強勁成長。如果我們放眼長遠，我們對印度的潛力也感到非常興奮，我們認為印度是一個快速且新興的市場。我們也在該市場進行了非常一致的投資。

All right. So the other parts of your question are HEYDUDE international. We don't break out the percentage that is HEYDUDE international in terms of percent of the business. But I think I have talked about it before. What I would say is our model internationally is essentially going to be mirror Crocs.

好的。所以你問題的其他部分是 HEYDUDE 國際的。我們沒有詳細說明 HEYDUDE 國際業務所佔的百分比。但我想我之前已經談過這個問題了。我想說的是，我們的國際型號本質上是鏡像 Crocs。

So we're going to be direct where Crocs is direct, and we're going to use distributors, we're distributors, our proxies distributors in terms of where we put I would say, planted flags for HEYDUDE, right? And bear in mind, from a HEYDUDE perspective, we're starting off with brand awareness that is essentially zero in these international countries. We will planted flags in the UK. we're planting flags in Germany. We're planting a new flag in Australia. We think that's going to be a nice market for HEYDUDE.

因此，我們將在 Crocs 直接銷售的地方進行直接銷售，我們將使用分銷商，我們是分銷商，我們的代理分銷商，我想說的是，為 HEYDUDE 插上旗幟，對嗎？請記住，從 HEYDUDE 的角度來看，我們一開始的品牌知名度在這些國際國家中基本上是零。我們將在英國插上旗幟。我們正在德國插旗。我們正在澳洲插上一面新國旗。我們認為這對 HEYDUDE 來說將是一個很好的市場。

So those are direct markets. And that means that we're opening e-commerce, we're selling wholesale and we're participating in the market directly leveraging our Crocs team. The second thing we've done is we've initiated new distribution agreements with a range of distributors, and Susan called out part of our Q4 benefit is we'll be doing some initial shipments to a range of new international distributors, which will get up and running in 2025. Hopefully, that gives you everything you need, Chris

所以這些都是直接市場。這意味著我們正在開放電子商務，我們正在批發銷售，我們正在直接利用我們的 Crocs 團隊參與市場。我們做的第二件事是我們與一系列分銷商啟動了新的分銷協議，蘇珊指出我們第四季度收益的一部分是我們將向一系列新的國際分銷商進行一些初始發貨，這將獲得將於 2025 年啟動並運行。

Tom Nikic of Wedbush.

韋德布希的湯姆·尼基奇。

Hey, good morning, everyone. Thanks for taking my question and Susan, welcome aboard and look forward to updating you on.

嘿，大家早安。感謝您提出我的問題，蘇珊，歡迎加入並期待為您提供最新消息。

I want to ask on the HEYDUDE side. I know, obviously, it's got a new brand President, parent who obviously, is very familiar with the enterprise overall. Can you just talk a little bit about what I guess, what Terence brings to the table for the HEYDUDE brand, like how he can help rejuvenate and reinvigorate the brand and essentially like what part he'll play in getting HEYDUDE back to a growth trajectory. Thank you.

我想問 HEYDUDE 方面。我知道，顯然，它有一位新的品牌總裁，顯然，他對整個企業非常熟悉。您能否簡單談談我的猜測，Terence 為 HEYDUDE 品牌帶來了什麼，例如他如何幫助振興和重振品牌，以及他將在讓 HEYDUDE 回到成長軌道方面發揮什麼作用。謝謝。

Great. Thank you. Tom Yeah,

偉大的。謝謝。湯姆 是的，

Look, we're thrilled to have Terence back. I would say it's going to be 90 days at this point. So -- but we're thrilled to have him back. We all love working with him when he was here initially and we're very impressed by the trajectory he was able to drive it at Stanley, where he was for a period of time while he was not with us. So we're thrilled to have him back. Also, I would also emphasize, he's leading what we believe is a strong management team within our HEYDUDE business.

看，我們很高興特倫斯回來。我想說此時將是 90 天。所以——但我們很高興他回來了。當他最初來到這裡時，我們都很喜歡與他一起工作，他在史丹利的表現給我們留下了深刻的印象，他在史丹利工作了一段時間，而他並不和我們在一起。所以我們很高興他回來了。此外，我還要強調，他領導著我們認為 HEYDUDE 業務中強大的管理團隊。

So we think we've got sit all of the pieces in place. And in terms of, I think what he's able to do. He's driving really, I think, three or four key things. One is definitely sharpening the brand's focus on their icon, the Wendy and the Wally. So driving investment focus, energy and innovation into the Wendy and Wally. He is focusing our attention on North America, which is obviously the biggest market.

所以我們認為我們已經把所有的部分都就位了。就我而言，我認為他能夠做什麼。我認為他確實推動了三到四件關鍵的事情。其中之一肯定是加強該品牌對其標誌性產品溫迪和沃利的關注。因此，將投資重點、活力和創新帶入 Wendy 和 Wally。他將我們的注意力集中在北美，這顯然是最大的市場。

But if we can leverage brand heat in North America around the world, it also gives us opportunities internationally and he's really shifting the marketing energy and the focus to the female consumer. If we can drive, we believe the younger female consumer derives youth culture if we can engage and energize a female, younger female consumer, we know that's going to spread passion for the brand to a much broader range of consumers and drive the brand overall.

但如果我們能夠利用北美在全球範圍內的品牌熱度，這也為我們提供了國際機會，他確實將行銷精力和焦點轉移到了女性消費者身上。如果我們能夠推動，我們相信年輕女性消費者會衍生出青年文化，如果我們能夠吸引年輕女性消費者並為其註入活力，我們知道這會將品牌的熱情傳播給更廣泛的消費者，並整體推動品牌發展。

And I would say, lastly, we're also arming with significant firepower, right? Embedded in our guidance in the back half is an increase in our marketing investment that's substantial. So, we will support Terence and the innovation he's able to bring to the HEYDUDE brand and really be able to drive that in the future.

最後我想說，我們還配備了強大的火力，對吧？我們下半年的指導中包含了我們行銷投資的大幅增加。因此，我們將支持 Terence 以及他為 HEYDUDE 品牌帶來的創新，並真正能夠在未來推動這項發展。

Sam Poser of Williams Trading.

威廉斯貿易公司的薩姆·波塞爾。

Tom. Good morning. Thank you for taking my questions. I've gotI have three that I'm going to merge into one since we're allowed to ask one. Number one, Walmart, how long have you been selling to walmart.com or what's going on there? Number two, can you just talk about promotional activities you saw in the quarter and then promotional activity you're anticipating in the back half of the year for both brands. And then lastly, how much is lapping Barbie affecting the domestic guidance in North American guidance for the Crocs brand for the back half of the year?

湯姆.早安.感謝您回答我的問題。我有三個，我要把它們合併成一個，因為我們可以要求一個。第一，沃爾瑪，您向 walmart.com 銷售產品多久了，或者那裡發生了什麼？第二，您能否談談您在本季度看到的促銷活動以及您預計在下半年針對這兩個品牌的促銷活動。最後，芭比娃娃對 Crocs 品牌下半年北美指導的國內指導影響有多大？

Got it. Okay. Three questions, Sam, right. Number one, we have been present on walmart.com for several years now. And our philosophy is unchanged on this, which is we believe our brands, particularly the Crocs brand, which is a highly democratic brand should be represented where the consumer is shopping, walmart.com is the second largest marketplace in the US market relative to Amazon as Flipkart is in India.

知道了。好的。三個問題，山姆，對。第一，我們已經在 walmart.com 上露面好幾年了。我們的理念沒有改變，那就是我們相信我們的品牌，特別是Crocs 品牌，這是一個高度民主的品牌，應該在消費者購物的地方得到體現，walmart.com 是美國市場相對於亞馬遜的第二大市場就像印度的 Flipkart 一樣。

So we think those are important platforms for the brand to be represented on. But obviously, the product needs to be appropriately segmented relative to the consumer that's shopping on those marketplaces. So hopefully, that kind of answers that question. In terms of promotional activity, what are you getting at that Sam? What are you trying to elicipate?

所以我們認為這些都是品牌展示的重要平台。但顯然，產品需要根據在這些市場上購物的消費者進行適當的細分。希望這能回答這個問題。就促銷活動而言，您從 Sam 那裡得到了什麼？你想擺脫什麼？

Well, I'm just asking, really, it's more about the US guidance, but I mean, are you seeing you talk about a weaker consumer. So I'm wondering if you need to get if you're anticipating needing to get more promotional? Or I'm just how you're looking at the marketplace and then how do you look towards Crocs and HEYDUDE responding to that?

好吧，我只是問，實際上，這更多的是關於美國的指導，但我的意思是，你是否看到你在談論消費者的疲軟。所以我想知道如果您預計需要獲得更多促銷活動，是否需要獲得？或者我只是你如何看待市場，然後你如何看待 Crocs 和 HEYDUDE 對此的反應？

Yeah, I think So what I would say is, look, the market is more promotional than it was sort of last year, I would say, and certainly more promotional than it was coming out of the pandemic I would say it's kind of returning from my perspective to what it was pre pandemic, which is key promotional periods is super important, and the marketplace gets pretty down and dirty during those key promotional periods.

是的，我想所以我想說的是，看，市場比去年更加促銷，我想說，當然比大流行後的促銷力度更大，我想說，這有點像是從大流行中回來的我對大流行前的情況的看法，即關鍵促銷期非常重要，在這些關鍵促銷期，市場變得相當低迷和骯髒。

As we've talked about with an accessible brand, we believe you have to participate in those promotional periods to get your fair share of consumer spending. And we've been doing that, and we'll continue to do that. I'm not sure at this point, we're anticipating an increasing trajectory of promotions in the back half. That is not the reason for the difference in terms of anticipated growth rate first half to back half.

正如我們所討論的平易近人品牌，我們相信您必須參與這些促銷期才能獲得公平的消費者支出份額。我們一直在這樣做，並將繼續這樣做。我目前還不確定，我們預計後半段的晉升軌跡將會增加。這並不是上半年和下半年預期成長率有差異的原因。

So I think we kind of see it as status quo and we see our strategy as status quo. Hope that helps. In terms of your specific question about Barbie, Look, it was a nice performing product, and we really enjoyed the advent of pink being a really great color last year, and we have a lot of color in our brands. It was great. But the specific Barbie collab and comping that or not comping that is not driving any impact on our business

所以我認為我們將其視為現狀，我們將我們的策略視為現狀。希望有幫助。就你關於芭比娃娃的具體問題而言，你看，這是一款表現出色的產品，我們非常喜歡去年粉紅色作為一種非常出色的顏色的出現，我們的品牌中有很多顏色。太棒了。但特定的芭比娃娃合作和合作或不合作不會對我們的業務產生任何影響

Laura Champine of Loop.

Loop 樂隊的勞拉·尚平 (Laura Champine)。

Thanks for taking my question. It's really about the long-term prospects for HEYDUDE with kind of a short-term kicker of when do you think your new leadership there should be able to make a material impact? And the growth trajectory of HEYDUDE, but also how has your experience with HEYDUDE over the last nine months, call it, influence your thoughts on the long-term growth potential of the brand.

感謝您提出我的問題。這確實關係到 HEYDUDE 的長期前景，但也有一個短期問題，即您認為您的新領導層何時應該能夠產生實質影響？ HEYDUDE 的成長軌跡，以及過去九個月您對 HEYDUDE 的體驗，如何影響您對該品牌長期成長潛力的看法。

Yes, great question, Laura. So what I would say is we are extremely bullish against long-term perspective or projections for HEYDUDE as bullish as we were when we bought the brand. Obviously, over the last several months, it has not performed as we had hoped it would particularly here in the US marketplace.

是的，很好的問題，勞拉。所以我想說的是，我們非常看好 HEYDUDE 的長期前景或預測，就像我們購買該品牌一樣。顯然，在過去的幾個月裡，它的表現並沒有像我們希望的那樣，尤其是在美國市場。

And I think we've talked at some length about some of the things that I think we did wrong associated with that. That does not change our long-term perspective on the brand.

我認為我們已經詳細討論了一些我認為我們做錯的相關事情。這不會改變我們對該品牌的長期看法。

We think the value proposition that the brand brings to the table, lightweight, comfortable, easy on enough product that is extremely compelling from a to the consumer that we can make in many different colors, fabrications, flavors, et cetera with a really effective consumer engagement strategy and marketing strategy, we think, has a lot of potential against today's consumers.

我們認為該品牌帶來的價值主張是，輕盈、舒適、易於使用的產品對消費者來說非常有吸引力，我們可以用許多不同的顏色、面料、口味等來生產，並與真正有效的消費者一起使用。

And really, everything we continue to kind of learn about the brand and the innovation we can bring in certain areas in the product line is reinforcing that. So I would also note, despite the brand not meeting our current ambitions. It's making an extremely solid contribution to our overall financial picture in terms of revenues, margin and profitability.

事實上，我們對品牌的不斷了解以及我們在產品線某些領域可以帶來的創新正在強化這一點。所以我還要指出，儘管該品牌沒有達到我們目前的目標。它在收入、利潤和盈利能力方面為我們的整體財務狀況做出了極其堅實的貢獻。

So but not reaching our ambition for the brand. And I think we're very confident in the team we have in place, the strategy we have in place that we will be able to reach full ambition for the brand. So I think we're as in a nutshell, we're as confident and is enthusiastic about the brand as we were when we bought it.

但還沒有達到我們對品牌的抱負。我認為我們對我們現有的團隊和我們所製定的策略非常有信心，我們將能夠實現品牌的全部雄心。所以我認為簡而言之，我們對這個品牌充滿信心和熱情，就像我們購買它時一樣。

Ashley Owens of KeyBanc Capital Markets.

KeyBanc 資本市場的 Ashley Owens。

Hi. Thanks for taking the question. I just want to touch on gross margins about we've seen some pretty solid expansion in both brands for the first half of the year. Just how should we be thinking about modeling that for the balance, if we're still seeing similar levels of expansion in the back half as we did in the first half on just any puts and takes, you could provide color on would be helpful. Thanks.

你好。感謝您提出問題。我只想談談毛利率，我們看到這兩個品牌在今年上半年都實現了相當穩健的擴張。我們應該如何考慮建模以實現平衡，如果我們在後半部分仍然看到與上半部分類似的擴展水平，那麼您可以提供顏色會有所幫助。謝謝。

Yes, Susan will answer that.

是的，蘇珊會回答這個問題。

So at the enterprise level, we expect gross margins to be up for the year-end for the second half, but not at the same rate as the first half, basically due to the harder compares. So if we kind of look at it brand by brand for Crocs, we expect it to be up slightly year-over-year as we start to anniversary some bigger freight gains from last year. And on the HEYDUDE side, we're expecting Q3 margins to fully recover when we compare it to two years ago.

因此，在企業層面，我們預期下半年毛利率將會上升，但增幅不會與上半年相同，這主要是因為比較難度更高。因此，如果我們逐一品牌地檢視 Crocs 的品牌，我們預計隨著我們開始紀念去年貨運量的大幅成長，它將比去年同期略有上升。在 HEYDUDE 方面，與兩年前相比，我們預計第三季的利潤率將完全恢復。

Mitch Kummetz of Seaport.

海港的米奇·庫梅茨。

Yes, thanks for taking my question. Andrew, how is the Spring '25 order book coming together? And do you expect HEYDUDE North America spring orders to be up or down? And then just as a follow-up to Jonathan's question earlier, Susan, you mentioned the wholesale order shift. Can you quantify that perhaps? Thank you.

是的，感謝您提出我的問題。 Andrew，25 年春季訂單簿進度如何？您預計 HEYDUDE 北美春季訂單會增加還是減少？然後，作為喬納森之前問題的後續，蘇珊，你提到了批發訂單的轉變。你能量化一下嗎？謝謝。

Yes, thanks, Mitch.

是的，謝謝，米奇。

I think, look, we don't comment consistently on future order books. But I would say, look, we're satisfied with, obviously, as you're well aware, we're out selling Spring '25 currently I would say, retailers, as you would expect, buying somewhat cautiously given that the current trajectory of the business and what they see for the remainder of the year, that's really a domestic comment.

我認為，看，我們對未來訂單的評論並不一致。但我想說，看，我們很滿意，顯然，正如你所知道的，我們目前已經售完 25 年春季的產品。

As we look at our Crocs order book, domestically and globally and the strength of our Spring '25 line. We're happy with where it's at, and we'll obviously get into '25 and we'll tell you more about that in the future. From a HEYDUDE perspective, we're excited about the line that we're bringing to the table in Spring '25.

當我們查看我們的 Crocs 國內和全球訂單以及我們的 Spring '25 系列的實力時。我們對目前的情況感到滿意，顯然我們會進入 25 年，我們會在未來告訴你更多相關資訊。從 HEYDUDE 的角度來看，我們對 25 年春季推出的產品線感到非常興奮。

And we're getting a lot of positive feedback against some of the innovation that's embedded within our product strategy, and we plan to support that with really compelling marketing and drive consumer engagement.

我們的產品策略中包含的一些創新得到了很多積極的反饋，我們計劃透過真正引人注目的行銷來支持這一點，並推動消費者參與。

And on the specifics about the orders that we shipped earlier last year in Q3, we don't break that out specifically, but that is definitely embedded in our guidance of being down 14% to 15% and when you think about the impact that has on the year-over-year compares for Q4, that's part of what's providing that lift that the implied guidance gives you for the full year.

關於我們去年第三季早些時候發貨的訂單的具體情況，我們沒有具體說明這一點，但這肯定包含在我們下降 14% 至 15% 的指導中，當你考慮到影響時與第四季度的同比相比，這是隱含指導為您帶來全年提升的部分原因。

Jay Sole of UBS.

瑞銀集團的傑伊·索爾。

Great. Thank you. Andrew, I'm just wondering if you can elaborate a little bit on the China business. You made a few comments, but China for Crocs brand being up 70% on top of triple digit growth last year. Can you just talk about your progress in that market, where you're pleased, maybe whether there's more opportunity? And what kind of growth do you expect going forward? Thank you.

偉大的。謝謝。安德魯，我只是想知道你能否詳細說明一下中國業務。您發表了一些評論，但 Crocs 品牌在中國的成長在去年三位數成長的基礎上成長了 70%。您能否談談您在該市場的進展，您對此感到滿意，也許是否有更多機會？您預計未來會有什麼樣的成長？謝謝。

Yeah,I think we're really, we talked a lot about it over the last 18 months. We're really excited by the trajectory that we're seeing in China. At the heart of it is we've driven brand relevance. We've made the Crocs brand and particularly the Clog and personalization of the Clog relevant to the Chinese consumer. We've done that mostly through, I would say, digital and social marketing, and we've really established a very strong platform in the Chinese market.

是的，我想我們真的，在過去 18 個月裡我們談論了很多。我們對在中國看到的發展軌跡感到非常興奮。其核心是我們推動了品牌相關性。我們讓 Crocs 品牌，特別是 Clog 以及 Clog 的個人化與中國消費者息息相關。我想說，我們主要是透過數位和社交行銷來做到這一點的，而且我們確實在中國市場建立了一個非常強大的平台。

That's driven strong growth across our channels, right? That's driven strong growth very strong growth in triple-digit growth last year and 70% in Q2, as you highlighted in your question, across channels.

這推動了我們整個通路的強勁成長，對吧？正如您在問題中所強調的那樣，這推動了去年跨通路的三位數成長和第二季 70% 的強勁成長。

So that's been both digital. So it's a Tmall, Douyin and all the other digital platforms. It's what we book as wholesale, which is two franchise partners that then sell through mono-branded stores.

所以這都是數位化的。所以它是天貓、抖音和所有其他數位平台。這就是我們以批發方式預訂的，即兩個特許經營合作夥伴，然後透過單一品牌商店進行銷售。

So those mono-branded stores are seeing comp store gains, those franchise partners are also opening more stores. So that's been driving the wholesale growth. and we've had some modest incremental growth in our retail fleet, where we're focusing on both what we call energy stores in the major metropolitan areas, China sorry, Shanghai and Beijing and a couple of other Tier 1 cities and also Tier 1 outlets, which we think are also important in the Chinese market. So growth across all channels.

因此，那些單一品牌商店正在看到比較商店的收益，那些特許經營合作夥伴也在開設更多商店。這一直在推動批發成長。我們的零售隊伍有了一些適度的增量增長，我們重點關注主要大都市區的能源商店，對不起，中國，上海和北京以及其他幾個一級城市和一級城市奧特萊斯，我們認為這在中國市場也很重要。因此，所有管道都在成長。

As we look forward, while we're not quantifying kind of future growth expectations, our anticipation is we will see sustained growth over multiple years in the Chinese market. We're still very much underpenetrated relative to the size of the market. And we think that growth will come across all channels.

展望未來，雖然我們沒有量化未來的成長預期，但我們預計中國市場將在多年內持續成長。相對於市場規模，我們的滲透率仍然很低。我們認為成長將遍及所有管道。

But I think the largest component of the growth will come from our wholesale sales as our partners open more stores and we drive more store penetration across the Chinese market. Our anticipation is we'll penetrate sort of Tier 1, Tier 2 cities in the next two to three years. We're not anticipating a lot of business below 2 tier cities. We want to really keep the quality of our business high and focused on the higher demographic portion of the market.

但我認為成長的最大組成部分將來自我們的批發銷售，因為我們的合作夥伴開設了更多商店，我們在中國市場上推動了更多商店的滲透。我們的預期是，我們將在未來兩到三年內滲透到一些一、二線城市。我們預計二線城市以下的業務不會很多。我們希望真正保持我們的業務品質高，並專注於市場中較高的人口部分。

Jim Duffy of Stifel.

斯蒂菲爾的吉姆·達菲。

Thanks for taking the follow up. Two quick ones, if I may. With sandals in the more sneaker like product, what are the important read-throughs on DTC adoption? And how is that translating to wholesale engagement. And then secondly, on capital allocation, cash flow has always been one of the hallmarks of the model, net leverage now within your targeted range. Is there any shift in priority between reducing leverage and increasing the share buyback? Thanks.

感謝您的跟進。如果可以的話，兩個快點。由於涼鞋更像是運動鞋產品，因此採用 DTC 時需要注意哪些重要內容？這如何轉化為批發參與？其次，在資本配置上，現金流一直是這個模型的標誌之一，淨槓桿率現在在您的目標範圍內。降低槓桿率和增加股票回購之間的優先順序是否有任何轉變？謝謝。

Okay. All right. So I'm going to hit sound on sneakers and then Susan can hit capital allocation. So from a sandal perspective, we've been happy with our sandal performance during Q2. We saw, I think, some strengthening relative to the Q1.

好的。好的。所以我要在運動鞋上敲響聲音，然後蘇珊可以敲定資本分配。因此，從涼鞋的角度來看，我們對第二季涼鞋的表現感到滿意。我認為，我們看到相對於第一季有所加強。

That's driven by some kind of a fashion-orientated samples. So we made introductions of a couple of new collections that have been performing well. The Getaway, which is a comfort fashion sandal and the Miami, which is more of a fashion sandal.

這是由某種以時尚為導向的樣品所驅動的。所以我們推出了幾個表現良好的新系列。 Getaway 是一款舒適時尚涼鞋，而Miami 則更像是一款時尚涼鞋。

Those have been performing well, and we've been kind of chasing some inventory. We've also driven some innovation into the Brooklyn, which has been a long-standing franchise, that's a wedge or elevated fashion sandal. We've introduced a couple of new models in there that have been performing well, including a personalized sandal where the consumer can add charms to the sandal to really dress it. Up.

這些產品表現良好，我們一直在追逐一些庫存。我們也在布魯克林推出了一些創新，這是一款長期特許經營的坡跟涼鞋或高跟時尚涼鞋。我們在那裡推出了一些表現良好的新款式，其中包括一款個性化涼鞋，消費者可以為涼鞋添加魅力，使其真正適合穿著。向上。

So we think that's been performing well in our penetrated markets or key Tier 1 markets. And we're confident that sandals continue to drive a long-term growth trajectory for the brand. The sneaker orientated product is really all about testing and experimentation we did introduce at Juniper with Salehe during the quarter. We highlighted that in the prepared remarks. It's small very, very small, but it's really the sort of pinnacle offering and we continue to experiment and test a whole range of kind of sneaker orientated silhouette, that's a longer-term strategy, but it's important that we continue to innovate in that arena.

因此，我們認為這在我們的滲透市場或主要一級市場中表現良好。我們相信涼鞋將繼續推動該品牌的長期成長軌跡。以運動鞋為導向的產品實際上是關於我們在本季與 Salehe 在瞻博網路引入的測試和實驗。我們在準備好的發言中強調了這一點。它很小，非常小，但它確實是一種巔峰產品，我們繼續實驗和測試一系列以運動鞋為導向的輪廓，這是一個長期策略，但重要的是我們在這個領域繼續創新。

Let me hand it over to Susan for capital allocation.

讓我把它交給蘇珊進行資金配置。

Yes. So Jim, you asked about debt paydown and share buyback. I mean, the short answer is we like both and we're planning to do both in the back half of the year, we're fortunate to have a business with very strong cash flow, and we're also within our net leverage target range of 1 to 1.5 times. So that gives us the flexibility to deploy capital both ways. And in answer to your question, no change at this point to that target, like we really like where we are from that cash flow and liquidity stand.

是的。吉姆，您詢問了債務償還和股票回購的問題。我的意思是，簡短的回答是我們兩者都喜歡，我們計劃在今年下半年同時做這兩件事，我們很幸運擁有一家擁有非常強勁現金流的業務，而且我們也在我們的淨槓桿目標之內範圍為1至1.5倍。因此，這使我們能夠靈活地雙向部署資本。回答你的問題，目前該目標沒有改變，就像我們真的很喜歡我們的現金流和流動性狀況一樣。

Our next question is a follow up from Baird.

我們的下一個問題是貝爾德的後續問題。

Thank you. Just one more follow-up. I wanted to ask a bigger picture question around the philosophy for the the SG&A investments and obviously this year's a year in which you're planning to grow revenue 3% to 5% and yet you're spending almost 20% higher SG&A for the year. So could you just maybe remind us your overall philosophy and as we look out, it is the hope that these investments drive is it faster revenue growth and any color there in terms of and the overall strategy takes yet?

謝謝。只是還有一個後續行動。我想就 SG&A 投資理念提出一個更宏觀的問題，顯然今年您計劃將收入增長 3% 至 5%，但今年的 SG&A 支出卻增加了近 20% 。那麼，您能否提醒我們您的整體理念，正如我們所看到的，希望這些投資能夠推動收入成長更快，以及整體策略採取的任何色彩嗎？

Yes, great. Great question, John. So obviously, we're starting off, I would say we're starting off from a base of extremely high profitability, right? So even this year with that, distorted investment profile that you just highlighted in your question, we will achieve kind of 25.5% in terms of EBIT margin, an extraordinary level relative to our peers in the industry which we're in. And obviously, that's due to the very high gross margins we experienced on our Crocs brand and also the efficiency of our business model.

是的，太好了。好問題，約翰。很明顯，我們正在開始，我想說我們是從極高的獲利能力基礎開始的，對吧？因此，即使今年您在問題中強調了扭曲的投資狀況，我們的息稅前利潤率仍將達到 25.5%，相對於我們所在行業的同行來說，這是一個非凡的水平。我們的Crocs 品牌毛利率非常高，而且我們的業務模式也非常有效率。

In terms of philosophy going forward, I think there will be periods of time when we choose to invest in SG&A both variable and SG&A because most of our marketing is variable and can be turned on and off at any point in time and where we will make investments in talent and people and infrastructure and capabilities that we think will be important for the future.

就未來的理念而言，我認為在一段時間內，我們會選擇投資可變的SG&A 和SG&A，因為我們的大部分行銷都是可變的，可以在任何時間點以及我們將在哪裡進行開啟和關閉。

The intent of those investments is to support and sorry, support and guarantee or no guarantees not work. but assure a long-term growth. So, we're trying to build a company and a brand that has long-term growth potential and can continue to grow for many years to come. So, I would say there will be periods of time when we distort in SG&A, there were periods of time when we leverage SG&A, and that's kind of how we think about it from a long-term philosophy perspective.

這些投資的目的是支持和抱歉，支持和保證或不保證不起作用。但保證長期成長。因此，我們正在努力打造一家具有長期成長潛力並能夠在未來多年持續成長的公司和品牌。所以，我想說，有時我們會扭曲 SG&A，有時我們會利用 SG&A，這就是我們從長期哲學角度思考的方式。

Okay. This concludes our question-and-answer session.

好的。我們的問答環節到此結束。

I would add, (multiple speakers) and I just want to say like I covered, okay, scenario has Sorry, jump the gun a little bit there. Thanks, everybody, for their thoughtful questions. And thank you, everybody, for joining us today and their interest in our company. So we appreciate it.

我想補充一點，（多個發言者）我只想說，就像我講過的那樣，好吧，場景有對不起，先說一點。謝謝大家提出的深思熟慮的問題。感謝大家今天加入我們以及他們對我們公司的興趣。所以我們很感激。

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。