卡洛馳 (CROX) 2024 Q3 法說會逐字稿

Good day and welcome to the Crocs third quarter 2024 earnings conference call.

美好的一天，歡迎參加 Crocs 2024 年第三季財報電話會議。

(Operator Instructions) Please note this event is being recorded.

（操作員說明）請注意此事件正在被記錄。

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

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

Please go ahead.

請繼續。

Good morning and thank you for joining us to discuss Crocs Inc third quarter results.

早安，感謝您加入我們討論 Crocs Inc 第三季業績。

With me today are Andrew Rees, Chief Executive Officer; and Susan Healy, Chief Financial Officer.

今天與我在一起的有首席執行官安德魯·里斯 (Andrew Rees)；和財務長蘇珊希利。

Following their prepared remarks, we will open the call for your questions which we ask that you limit to one per caller.

在他們準備好的發言之後，我們將開始詢問您的問題，我們要求您限制每個來電者只提出一個問題。

Before I begin, I would like to remind you that some of the information provided on this call is forward-looking and accordingly is subject to the safe harbor provisions of the federal securities laws.

在開始之前，我想提醒您，本次電話會議中提供的一些資訊是前瞻性的，因此受到聯邦證券法安全港條款的約束。

These statements include but are not limited to statements regarding our strategy, plans, objectives, expectations and intentions including our financial outlook.

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（包括我們的財務前景）的聲明。

These statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements to differ materially.

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向 SEC 提交的報告，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.

我們稱為調整後或非 GAAP 的某些財務指標是非 GAAP 指標。

A reconciliation of these amounts to their GAAP counterparts is contained in the press release we issued earlier this morning.

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。

All revenue growth rates will be cited on a constant currency basis unless otherwise stated.

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.

謝謝你，艾琳，大家早安。

Thank you for joining us today.

感謝您今天加入我們。

We reported third quarter results that exceeded our guidance in terms of sales and profitability on an enterprise basis.

我們報告的第三季業績在企業銷售額和獲利能力方面超出了我們的指導。

Consolidated enterprise revenues of $1.1 billion grew 2% to prior year, led by 5% growth in DTC.

綜合企業收入為 11 億美元，比上年增長 2%，其中 DTC 增長了 5%。

By brand, Crocs Brand grew 8% with international up 17% and North America up 2%.

按品牌劃分，Crocs 品牌成長 8%，其中國際品牌成長 17%，北美品牌成長 2%。

HEYDUDE revenues contracted 17% slightly below our expectations.

HEYDUDE 收入收縮 17%，略低於我們的預期。

Adjusted diluted EPS of $3.60 a share increased 11%.

調整後攤薄每股收益為 3.60 美元，成長 11%。

Today, I will be covering the following topics.

今天，我將討論以下主題。

I will first share deeper insights into our third quarter results along with what we're seeing from a broader consumer perspective, I will then elaborate on HEYDUDE's strategic priorities and what gives me confidence around the brand's longer-term growth prospects, touching on some of the early wins we're seeing in the business today.

我將首先分享對我們第三季度業績的更深入見解以及我們從更廣泛的消費者角度看到的情況，然後我將詳細闡述HEYDUDE 的戰略重點以及是什麼讓我對該品牌的長期增長前景充滿信心，並談到了一些我們今天在行業中看到的早期勝利。

Finally, Susan will review our financial performance, our updated 2024 outlook and our preliminary thoughts on 2025.

最後，Susan 將回顧我們的財務表現、更新的 2024 年展望以及我們對 2025 年的初步想法。

Now, turning to third quarter insights, starting with the Crocs Brand.

現在，我們來談談第三季的見解，首先從 Crocs 品牌開始。

The investments we are making in product and marketing enable us to win with consumers around the world.

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。

All three of our product pillars, clogs, sandals and personalization grew during the third quarter led by our icon, the Classic Clog.

在我們的標誌性經典木屐的引領下，我們的三大產品支柱——木底鞋、涼鞋和個人化產品在第三季度都實現了成長。

In August, Footwear News named our Classic Clog one of the greatest shoes of all time embracing the personalization platform that our Clog provides.

八月，《Footwear News》將我們的 Classic Clog 評為有史以來最偉大的鞋子之一，因為我們的 Clog 提供了個人化平台。

We launched our live life fully loaded campaign during the back-to-school season.

我們在返校季期間推出了「生活滿載」活動。

This campaign created high consumer engagement in our stores and online both for our Classic Clog as well as our Jibbitz business as consumers were able to fuel their love for self-expression.

這項活動為我們的 Classic Clog 和 Jibbitz 業務在我們的商店和網路上創造了很高的消費者參與度，因為消費者能夠激發他們對自我表達的熱愛。

We're continuing to iterate on our clog by introducing new silhouettes and building durable franchises.

我們將繼續迭代我們的木鞋，引入新的款式並打造持久的特許經營權。

The Echo franchise which has developed a breadth of products across clogs, sandals, boots and sneakers continues to bring in new largely male explorer consumer to our brand.

Echo 特許經營權已開發出木底鞋、涼鞋、靴子和運動鞋等多種產品，繼續為我們的品牌帶來以男性探險家為主的新消費者。

As we look into the spring, we're excited to bring the Echo Wave, a molded mule and the Echo search market, both new innovations are priced under $100.

展望春天，我們很高興能推出 Echo Wave、模製騾子和 Echo 搜尋市場，這兩項新創新產品的價格均低於 100 美元。

Another example of how we have iterated on the clog is our InMotion franchise.

我們如何迭代木鞋的另一個例子是我們的 InMotion 特許經營權。

We have seen successful results in our tests of this franchise on our DTC channels ahead of a scaled rollout in 2025.

在 2025 年大規模推出之前，我們在 DTC 管道上對該特許經營權的測試取得了成功。

This new innovation features our proprietary LiteRide foam footbed along with our Free Feel Technology.

這項新的創新採用了我們專有的 LiteRide 泡棉鞋墊以及 Free Feel 技術。

By applying the learnings from a quick to market DTC Cozzzy slipper launch last year, we're able to scale the offering this fall across expanded colorways and with our wholesale partners at an incredible value of

透過應用去年 DTC Cozzzy 拖鞋快速推向市場的經驗教訓，我們能夠在今年秋天擴大產品範圍，擴大色彩設計，並與我們的批發合作夥伴一起以令人難以置信的價值

[$49.99].

[49.99 美元]。

Sell out has been strong out of the gate and we're chasing replenishment.

銷售一開始就很強勁，我們正在尋求補貨。

In addition to our mainline product, we bought many exciting partnerships to life during the quarter.

除了我們的主線產品之外，我們在本季度還購買了許多令人興奮的合作關係。

These included a bath and body works collection featuring a Classic Clog and a Cozzzy sandal pre-gibbeted with four mystery scent Gibbets charms.

其中包括沐浴和身體產品系列，其中包括經典木屐和 Cozzzy 涼鞋，預先鑲嵌有四個神秘香味 Gibbets 吊飾。

We also introduced Batman and Squishmallow and of course, our Croc Times Mcdonald's Happy Meal.

我們還介紹了蝙蝠俠和 Squishmallow，當然還有我們的 Croc Times 麥當勞開心樂園餐。

As a natural extension of our first collaboration with Mcdonald's.

這是我們與麥當勞首次合作的自然延伸。

We designed and introduced a Mcdonald's Times Crocs Happy Meal with a curated assortment of 17 limited edition Classic Clog key chains and a sticker pack for personalization.

我們設計並推出了麥當勞 Times Crocs 開心樂園餐，其中包含 17 個限量版 Classic Clog 鑰匙鍊和個人化貼紙包。

We launched a Happy Meal first in China and saw fantastic results.

我們首先在中國推出了開心樂園餐，並且取得了令人矚目的成績。

Within the first 48 hours, over 400,000 Crocs Happy Meals were sold, generating over [10 billion] brand impressions.

在最初的 48 小時內，就售出了超過 40 萬份 Crocs 開心樂園餐，產生了超過 [100 億] 的品牌印象。

Since then, we have launched a Happy Meal in over 40 countries driving significant brand momentum and heat.

自此，我們在 40 多個國家推出了開心樂園餐，大大推動了品牌動能與熱度。

Last week, we celebrated the seventh annual Crocs Day on October 23, our very owned fan-inspired holiday within the month of Croctober.

上週，我們於 10 月 23 日慶祝了第七屆年度 Crocs 日，這是我們在 Croctober 月份內由粉絲啟發的專屬節日。

With a much-awaited debut, we celebrated the release of Pet Crocs, available alongside matching Classic line Clog, allowing dogs and dog parents to coordinate their looks in lockstep.

我們慶祝 Pet Crocs 推出了備受期待的首次亮相，與配套的 Classic 系列 Clog 一起發售，讓狗和狗父母能夠協調一致的外觀。

Our Pet Crocs, designed in partnership with BARK.

我們的寵物 Crocs 鞋是與 BARK 合作設計的。

We're available globally on our own dotcom and in select retail stores.

我們在全球範圍內透過我們自己的網路和精選零售店銷售。

The release was a huge success.

該版本獲得了巨大成功。

Fan-inspired festivities did not stop there.

粉絲們的慶祝活動並沒有就此結束。

This year, we released a Crocs costume, which is in the form of a life-sized iconic Classic Clog fully loaded with Jibbitz Charms.

今年，我們發布了一款 Crocs 服裝，它是真人大小的標誌性經典木屐，上面充滿了 Jibbitz Charms。

And just like your favorite pair of Crocs clogs, this costume is available in both left and right versions, making a perfect pairing opportunity with friends.

就像您最喜歡的 Crocs 木底鞋一樣，這款服裝有左右版本可供選擇，是與朋友完美搭配的機會。

In September, we achieved another step forward towards our circularity goals with the launch of a limited edition Keep It Going Classic Clog.

9 月，我們推出限量版 Keep It Going Classic Clog，朝著循環目標又邁出了一步。

The new clogs featured 25% post-consumer recycled content from the shoes collected through our all Crocs new live consumer take back program with the remaining construction of the shoe containing up to 25% bio-based Crocs Lite material.

新木鞋採用了 25% 的消費後回收材料，這些材料來自透過我們的所有 Crocs 新現場消費者回收計劃收集的鞋子，而鞋子的其餘結構則含有高達 25% 的生物基 Crocs Lite 材料。

Now for a review of the Crocs Brand business by geography.

現在按地域回顧 Crocs 品牌業務。

The North American market performed well with revenue growth of 2% versus prior year, led by DTC.

北美市場表現良好，在 DTC 的帶動下，營收較上年增長 2%。

In North America, the consumer has reverted to pre-pandemic shopping patterns, shopping closer to need and concentrating spend around key shopping events and holidays.

在北美，消費者已恢復到疫情前的購物模式，在更接近需求的地方購物，並將支出集中在重要的購物活動和假期期間。

We saw a solid back-to-school season.

我們看到了一個堅實的返校季。

But since Labor Day, we have seen the consumer pull back.

但自勞動節以來，我們看到消費者的退縮。

We anticipate the consumer environment being relatively muted in the US until Black Friday/Cyber Monday holiday period.

我們預計，在黑色星期五/網路星期一假期之前，美國的消費環境將相對平靜。

Our overall international revenues grew 17% versus prior year, supported by notable growth in Australia, China, France and Germany.

在澳洲、中國、法國和德國顯著成長的推動下，我們的整體國際收入較上年增長了 17%。

Our China business grew over 20% on top of more than 90% growth last year in the third quarter, with approximately two-thirds of the growth driven by mono brand partnered stores.

我們的中國業務在去年第三季超過 90% 的成長基礎上成長了 20% 以上，其中約三分之二的成長是由單一品牌合作商店推動的。

As we shared during our second quarter call, the industry was more promotional during the mid-season festival.

正如我們在第二季度電話會議中分享的那樣，該行業在中秋節期間的促銷能力更大。

It is clear that Chinese consumer is being far more conservative in their purchase behavior and we have seen even more pronounced pullback within key Tier 1 cities like Shanghai and Beijing.

很明顯，中國消費者的購買行為更加保守，我們在上海和北京等主要一線城市看到了更明顯的回落。

In light of the broader macroenvironment in China, we're taking a more cautious view for the rest of the year.

鑑於中國更廣泛的宏觀環境，我們對今年剩餘時間持更加謹慎的看法。

Despite this backdrop, our brand continues to gain share in China, which we believe is a direct result of our accessible authentic and personalizable brand positioning, serving as a meaningful competitive advantage.

儘管有這種背景，我們的品牌在中國的份額仍在不斷增加，我們相信這是我們平易近人、真實且個性化的品牌定位的直接結果，成為一種有意義的競爭優勢。

Turning to HEYDUDE.

轉向 HEYDUDE。

Our third quarter results came in slightly below our guidance with revenues declining 17%.

我們第三季的業績略低於我們的指導，收入下降了 17%。

Before I provide further detail on the quarter, I want to start by sharing the progress we've made towards building HEYDUDE into a consistent and profitable growth brand.

在提供有關本季度的更多詳細資訊之前，我想先分享我們在將 HEYDUDE 打造成持續盈利的成長品牌方面所取得的進展。

In September of last year, we made a pivot to prioritize brand health, clean up channel inventory while rightsizing our account base and began building a fleet of premium outlet stores to showcase the best expression of our brand.

去年 9 月，我們專注於品牌健康，清理通路庫存，同時調整我們的客戶群規模，並開始建立一系列優質直銷店，以展示我們品牌的最佳表現。

Since then, we've elevated ASPs, shuted more than 50% of our accounts, improved inventory turns to 4 times a year and opened 29 premium outlet stores.

從那時起，我們提高了平均售價，關閉了 50% 以上的帳戶，將庫存週轉率提高到每年 4 倍，並開設了 29 家優質直銷店。

In addition, we invested in talent across the brand, while accelerating our market investment as we work towards driving higher awareness and relevance to generate brand heat.

此外，我們也對整個品牌的人才進行了投資，同時加快了市場投資，努力提高知名度和相關性，以產生品牌熱度。

We strongly believe this is the right decision to build a solid foundation for profitable growth at HEYDUDE.

我們堅信，這是為 HEYDUDE 的獲利成長奠定堅實基礎的正確決定。

While we recognize HEYDUDE performance this year has not yet reflected these investments and actions, let me share a little bit more about what has given me confidence.

雖然我們意識到 HEYDUDE 今年的表現尚未反映出這些投資和行動，但讓我更多地分享是什麼給了我信心。

As we spoke about last quarter, we sharpened our strategy to focus on three strategic imperatives, driving used [female] culture and creating a HEYDUDE brand community, build in the core, our Wally & Wendy and adding more, then stabilize and accelerate North America.

正如我們在上個季度談到的那樣，我們強化了戰略，專注於三個戰略要務，推動二手[女性]文化和創建HEYDUDE 品牌社區，建立核心，我們的Wally & Wendy 並添加更多，然後穩定並加速北美市場。

Against these imperatives, we've seen the following green shoots.

針對這些迫切需要，我們看到了以下的萌芽。

First, we believe the female youth culture is a key driver of influence, brand connectivity and a catalyst to build community.

首先，我們相信女性青年文化是影響力、品牌連結性和建立社群的催化劑的關鍵驅動力。

In August, we were thrilled to announce Sydney Sweeney as our global brand ambassador and our Director of Dudes.

八月，我們很高興宣布 Sydney Sweeney 擔任我們的全球品牌大使和 Dudes 總監。

This partnership has generated the best performing content HEYDUDE had seen to date, and we have plans to ignite further content with Sydney Sweeney.

此次合作產生了 HEYDUDE 迄今為止表現最好的內容，我們計劃與 Sydney Sweeney 一起激發更多內容。

During the quarter, we launched TikTok Shop, and we did an excellent response, bringing a new younger consumer.

本季度，我們推出了 TikTok Shop，取得了很好的迴響，帶來了新的年輕消費者。

In fact, on select launch days, our brand emerged as the number one global key account on TikTok Shop.

事實上，在特定的發布日，我們的品牌成為 TikTok Shop 上全球第一大客戶。

HEYDUDE's number of TikTok followers surpassed Instagram in the quarter, further underscoring our opportunity to reach younger audience.

HEYDUDE 的 TikTok 粉絲數量在本季度超過了 Instagram，進一步凸顯了我們吸引年輕受眾的機會。

We were also named the official comfort shoe of Barstool Sports in time for our refreshed collegiate collection.

我們也及時被任命為 Barstool Sports 的官方舒適鞋，以配合我們更新的大學系列。

Second, we are focused on our icons, the Wendy & Wally.

其次，我們專注於我們的標誌性產品：Wendy & Wally。

Our three core offerings include stretch socks, Stretch Canvas,

我們的三大核心產品包括彈性襪、彈性帆布、

[Funk Mama].

[放克媽媽]。

During the quarter, we iterated four offerings through our collaboration engine, successfully infusing Beetlejuice and Sponge Bob to name a few.

在本季度，我們透過協作引擎迭代了四種產品，例如成功注入了 Beetlejuice 和 Sponge Bob 等。

In October, we announced a long-term partnership with country music singer, Jelly Roll.

十月，我們宣布與鄉村音樂歌手 Jelly Roll 建立長期合作關係。

Our initial collab with this same dates featured our Wally slit, which sold out in minutes.

我們與同一日期的最初合作以 Wally 開衩為特色，幾分鐘之內就售空了。

Since the launch, we've seen the product show up in the secondary platforms were up to $6,000.

自推出以來，我們看到該產品出現在二級平台上的價格高達 6,000 美元。

As we discussed in our Q2 call, the comforts the new product innovation, that is an extension of our Wendy & Wally DNA with added cushioning and height.

正如我們在第二季電話會議中討論的那樣，新產品創新帶來舒適感，這是我們 Wendy & Wally DNA 的延伸，增加了緩衝性和高度。

In the third quarter, we began scaling this across select global accounts.

第三季度，我們開始在選定的全球帳戶中擴展這一規模。

As we look beyond our core, we're seeing very healthy demand signs in our women's Austin Lift and a men's pull silhouette with plans to scale them in 2025.

當我們超越核心業務時，我們看到女式 Austin Lift 和男士拉力款式的需求跡象非常健康，併計劃在 2025 年擴大規模。

Third, we're hyper-focused on stabilizing the North America market to drive a sustainable foundation from which to grow.

第三，我們高度重視穩定北美市場，以推動永續成長的基礎。

We've streamlined our account base and are focused on building relationships across our strategic retailers similar to that of Crocs.

我們精簡了我們的客戶群，並專注於在我們的策略零售商之間建立類似於 Crocs 的關係。

We have worked to improve our inventory position in channel and improve ASPs across digital.

我們努力改善通路庫存狀況，並提高數位領域的平均售價。

In the third quarter, our digital ASPs were up 10% to last year, and we saw improving weeks of supply across our key strategic accounts.

第三季度，我們的數位平均售價比去年成長了 10%，我們的關鍵策略客戶的供應週數有所改善。

Our premium outlet stores are performing in line with our expectation.

我們的優質直銷店的表現符合我們的預期。

While we are encouraged by these early positive indicators, HEYDUDE's recent performance and the current operating environment are signaling it will take longer than we initially planned for the business to turn the corner.

雖然我們對這些早期的積極指標感到鼓舞，但 HEYDUDE 最近的業績和當前的營運環境表明，該業務需要比我們最初計劃更長的時間才能扭轉局面。

We continue to have confidence about the long-term potential of the brand and the green shoots we are seeing give us positive reinforcement around our opportunity.

我們仍然對品牌的長期潛力充滿信心，我們看到的萌芽為我們帶來了積極的機會。

I'm incredibly proud of the HEYDUDE team and the urgency of which they've executed against our sharpened strategy.

我為 HEYDUDE 團隊以及他們根據我們的強化策略執行的緊迫性感到無比自豪。

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.

謝謝你，安德魯，大家早安。

Our third quarter results exceeded the high end of our enterprise guidance on the top and bottom line supported by a combination of better underlying operating performance, a lower-than-expected tax rate and lower share count.

在更好的基本經營業績、低於預期的稅率和較低的股票數量的支持下，我們第三季的業績超出了我們的企業指導的上限和底線。

For the Crocs Brand, revenues were $858 million growing 8% to prior year, and channel growth was balanced with DTC and wholesale each growing 8%.

Crocs 品牌的營收為 8.58 億美元，比上年成長 8%，通路成長與 DTC 和批發各成長 8% 保持平衡。

The growth was volume-driven with units increasing 11% versus last year last year to a total of 32.1 million pairs of shoes sold, while brand ASPs decreased 3% to $26.48. ASPs were below last year tied largely to product mix and slight price erosion.

成長是銷量驅動的，去年鞋履銷量比去年增加了 11%，達到 3,210 萬雙，而品牌平均售價下降了 3%，至 26.48 美元。平均售價低於去年主要與產品組合和價格輕微下滑有關。

North America revenues grew 2% versus the prior year to $491 million.

北美地區營收較上年成長 2%，達到 4.91 億美元。

Growth was led by DTC which was up 4%, while wholesale was down 2%.

成長由 DTC 帶動，成長了 4%，而批發則下降了 2%。

Underlying North American brick-and-mortar growth was up mid single-digits.

北美實體店的基本成長呈現中個位數成長。

International revenues of $367 million grew 17% versus prior year, led by DTC growth of 18% and wholesale growth of 15%.

國際營收為 3.67 億美元，較上年成長 17%，其中 DTC 成長 18%，批發成長 15%。

In China, we saw growth in excess of 20% on top of last year's 90%-plus growth rate while our direct European markets continued to show healthy growth in the quarter, led by Germany and France.

在中國，我們的成長率在去年 90% 以上的基礎上成長了 20% 以上，而我們的直接歐洲市場在本季繼續呈現健康成長，以德國和法國為首。

Turning to HEYDUDE, revenues were $204 million, down 17% from last year.

至於 HEYDUDE，營收為 2.04 億美元，比去年下降 17%。

Wholesale revenues were down 23% and DTC revenues were down 9%.

批發收入下降 23%，DTC 收入下降 9%。

While we did plan for wholesale declines in the third quarter, our guidance anticipated stabilization of DTC.

雖然我們確實計劃在第三季減少批發量，但我們的指導預期 DTC 會趨於穩定。

To support the strategies Andrew outlined earlier, we changed our investment strategy around performance marketing, shifting investments towards brand marketing, which impacted our digital performance negatively.

為了支持安德魯之前概述的策略，我們改變了圍繞效果行銷的投資策略，將投資轉向品牌行銷，這對我們的數位績效產生了負面影響。

We believe we are making the right decisions for the long-term health of the brand, highlighted by the continued strengthening of our ASPs, up 4% to $30.94 in the quarter.

我們相信，我們正在為品牌的長期健康做出正確的決定，尤其是我們的平均售價持續走強，本季上漲 4% 至 30.94 美元。

Concurrently, volumes were lower with 7 million pairs of shoes sold, 21% below last year.

與此同時，鞋履銷量有所下降，售出 700 萬雙，比去年下降 21%。

Consolidated adjusted gross margin for the third quarter was 59.6%, up 220 basis points from last year.

第三季綜合調整後毛利率為59.6%，較去年同期成長220個基點。

Crocs Brand adjusted gross margin was 62.5% or 40 basis points higher than prior year.

Crocs 品牌調整後毛利率為 62.5%，較前一年高出 40 個基點。

The primary drivers of margin expansion were favorable product costs and select international price increases, offset in part by channel mix.

利潤率擴張的主要驅動力是有利的產品成本和部分國際價格上漲，但通路組合在一定程度上抵消了這種影響。

HEYDUDE brand adjusted gross margin was 47.9% or 510 basis points higher than prior year, driven primarily by freight, favorable channel mix and pricing.

HEYDUDE 品牌調整後毛利率為 47.9%，比前一年高出 510 個基點，這主要是由貨運、有利的通路組合和定價推動的。

Overall, adjusted gross margin was below expectations as the channel mix benefit was not as favorable as expected given softer than anticipated digital trends in the quarter.

整體而言，由於本季數位趨勢弱於預期，通路組合效益不如預期，調整後毛利率低於預期。

Our third quarter adjusted SG&A dollars increased 19% to prior year.

我們第三季調整後的 SG&A 美元比去年同期成長了 19%。

Our adjusted SG&A rate was 34.2%, up 510 basis points compared to prior year, driven by continued investment in talent, marketing, digital and retail to support long-term market share gains.

在人才、行銷、數位和零售方面持續投資以支持長期市場份額成長的推動下，我們調整後的銷售及管理費用率為 34.2%，比上年增長 510 個基點。

Our third quarter adjusted operating margin was 25.4%, down 290 basis points from 28.3% in the prior year, driven by planned investments and SG&A.

在計畫投資和 SG&A 的推動下，我們第三季調整後營業利潤率為 25.4%，比去年同期的 28.3% 下降 290 個基點。

Third quarter adjusted diluted earnings per share increased 11% to $3.60. Our non-GAAP effective tax rate was 12.6%.

第三季調整後稀釋每股盈餘成長 11% 至 3.60 美元。我們的非 GAAP 有效稅率為 12.6%。

Our lower-than-expected tax rate was largely tied to cash tax savings from the refinancing of our intercompany debt that occurred in the quarter.

我們低於預期的稅率很大程度與本季度公司間債務再融資所節省的現金稅有關。

Our inventory balance as of June 30 was $367 million, a decline of 6% versus this time last year.

截至 6 月 30 日，我們的庫存餘額為 3.67 億美元，比去年同期下降 6%。

Both of our brands achieved inventory turns above our goal of 4 times on an annualized basis.

我們兩個品牌的年庫存週轉率都高於我們目標的 4 倍。

Our liquidity position remains strong, comprised of $186 million of cash and cash equivalents and $559 million of borrowing capacity on our revolver.

我們的流動性狀況依然強勁，包括 1.86 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 $110 million debt, reducing borrowings to approximately $1.4 billion. Year-to-date,

本季度，我們償還了約 1.1 億美元的債務，將借款減少至約 14 億美元。今年迄今，

we have repaid $248 million of debt, and we ended the quarter at the lower end of our long-term net leverage target range of 1 to 1.5 times.

我們已經償還了 2.48 億美元的債務，本季結束時，我們的槓桿率處於長期淨槓桿目標範圍的下限，即 1 至 1.5 倍。

Enabled by our best-in-class free cash flow generation, we also completed $151 million of share buybacks during the quarter, repurchasing 1.1 million shares at an average price of approximately $135 per share.

憑藉我們一流的自由現金流產生能力，我們還在本季完成了 1.51 億美元的股票回購，以每股約 135 美元的平均價格回購了 110 萬股股票。

Year-to-date, we have completed $326 million of share buybacks, reproducing 2.3 million shares.

今年迄今為止，我們已完成了 3.26 億美元的股票回購，回購了 230 萬股。

We currently have $549 million remaining on our share repurchase authorization.

目前我們的股票回購授權還剩 5.49 億美元。

Now, turning to 2024 guidance.

現在，轉向 2024 年指導。

Based on our third quarter results and the visibility we have heading into the fourth quarter, we are adjusting our full year outlook.

根據我們第三季的業績和進入第四季的前景，我們正在調整全年展望。

Our full year enterprise revenue growth is now approximately 3% versus 3% to 5% prior assuming currency rates as of September 30.

截至 9 月 30 日，我們的全年企業收入成長率約為 3%，而先前假設的匯率為 3% 至 5%。

For the Crocs Brand, we are narrowing our revenue range from 7% to 9% growth to approximately 8%.

對於 Crocs 品牌，我們將營收成長幅度從 7% 至 9% 縮小至 8% 左右。

For HEYDUDE, we're lowering our revenue range from down 8% to 10% to down approximately 14.5% based on lower than previously assumed sellouts in both wholesale and digital.

對於 HEYDUDE，我們將收入範圍從下降 8% 至 10% 下調至約 14.5%，因為批發和數位銷售量均低於先前假設的水平。

We are maintaining our guidance for consolidated adjusted operating margins of more than 25% for the year, powered by our strong adjusted gross margins which we continue to plan up to prior year across the enterprise.

我們維持今年綜合調整後營業利潤率超過 25% 的指導，這得益於我們強勁的調整後毛利率，我們繼續計劃在整個企業內實現上一年的目標。

Resulting in part from our lower-than-expected annual tax rate and incremental share repurchase in the quarter, we are raising our 2024 adjusted diluted earnings per share from $12.45 to $12.90 to the high end of our prior range at $12.82 to $12.90. Consistent with our previous guidance policy, this range reflects future debt repayment but does not assume any impact from future share repurchases.

由於我們低於預期的年度稅率和本季增量股票回購，我們將 2024 年調整後稀釋每股收益從 12.45 美元上調至 12.90 美元，上調至之前區間的上限 12.82 美元至 12.90 美元。與我們先前的指導政策一致，該範圍反映了未來的債務償還，但並未假設未來股票回購的任何影響。

We are now expecting an underlying non-GAAP effective tax rate, which approximates cash taxes paid to be approximately 16% and the GAAP effective tax rate to be approximately 21%.

我們現在預計基本的非 GAAP 有效稅率約為 16% 的現金稅，而 GAAP 有效稅率約為 21%。

We are lowering our annual capital expenditures guidance from $100 million to $110 million to $90 million to $100 million, tied to the cash timing of select operational profit.

我們將年度資本支出指引從 1 億美元至 1.1 億美元降低至 9,000 萬美元至 1 億美元，與特定營運利潤的現金時間掛鉤。

Turning to our guidance for Q4.

轉向我們對第四季的指導。

We expect consolidated revenues to be in the range of flat to up slightly at currency rates as of September 30.

我們預計，截至 9 月 30 日，以匯率計算，合併收入將持平至小幅成長。

We expect the Crocs Brand to grow approximately 2%, like double-digit international growth.

我們預計 Crocs 品牌將成長約 2%，國際成長達到兩位數。

Our fourth quarter international growth rate is below our year-to-date growth rate based on, one, a more cautious consumer in China and two, ongoing regulatory pressure in India, which is impacting our ability to meet demand.

我們第四季的國際成長率低於今年迄今的成長率，一是中國消費者更謹慎，二是印度持續的監管壓力，影響了我們滿足需求的能力。

Turning to North America.

轉向北美。

We expect a slightly negative fourth quarter, which includes our expectations of a more choiceful consumer as well as the timing of wholesale shipments between quarters.

我們預計第四季度的業績將略有下降，這包括我們對消費者更加挑剔的預期以及季度之間批發發貨的時間表。

For the second half, North America is expected to be flat to prior year, in line with our previous expectations.

下半年，北美地區預計將與去年同期持平，這與我們先前的預期一致。

We expect Q4 DTC to remain positive.

我們預計第四季度 DTC 將保持樂觀。

For HEYDUDE, we expect revenue to be down between 4% and 6% in the quarter, below the former implied range of up low to mid-teens.

對於 HEYDUDE，我們預計本季營收將下降 4% 至 6%，低於先前隱含的低至中雙位數的區間。

The largest driver of our lower revenue outlook is tied to lower-than-expected sellouts on both digital and wholesale.

我們收入前景較低的最大驅動因素與數位和批發銷售低於預期有關。

Our assumptions around our non-comp drivers including retail stores and our international distributor sell-ins are in line with our former forecast.

我們對非競爭驅動因素（包括零售店和國際經銷商銷售）的假設與我們先前的預測一致。

Adjusted gross margins are expected to be up for the enterprise with Crocs Brand up slightly and HEYDUDE slightly down versus prior year.

調整後的毛利率預計將有所上升，其中 Crocs 品牌較上年略有上升，HEYDUDE 略有下降。

We expect adjusted SG&A spend to be in the [high-teen] range in Q4 and adjusted operating margin to be approximately 19.5%.

我們預計第四季度調整後的 SG&A 支出將在[高青少年]範圍內，調整後的營業利潤率將約為 19.5%。

Adjusted diluted earnings per share is expected to be between $2.20 to $2.28.

調整後攤薄每股收益預計在 2.20 美元至 2.28 美元之間。

While we are not guiding to 2025 yet, I want to provide some preliminary shaping for your models based on the visibility we have thus far.

雖然我們還沒有為 2025 年提供指導，但我想根據迄今為止的可見性為您的模型提供一些初步的塑造。

For Crocs, we expect revenue growth in 2025 to be led by international.

對 Crocs 來說，我們預計 2025 年的營收成長將由國際業務帶動。

As a reminder, we will be negatively impacted by the timing of Easter moving back into Q2.

提醒一下，我們將因復活節回到第二季的時間而受到負面影響。

This will have an outsized impact in our North America region in the first quarter in addition to lapping leap year.

除了閏年之外，這也將對第一季的北美地區產生巨大影響。

For HEYDUDE, next year is about brand stabilization.

對 HEYDUDE 來說，明年是品牌穩定的一年。

As Andrew shared, we are seeing green shoots around the brand receptivity from a broadening group of consumers but note that financial results will lag the marketing momentum we are currently seeing.

正如安德魯所分享的那樣，我們看到越來越多的消費者群體對品牌的接受度出現了萌芽，但我們注意到財務業績將落後於我們目前看到的行銷勢頭。

With the visibility we have into 2025, we expect the first quarter to be sequentially down from the fourth quarter tied to wholesale.

鑑於我們對 2025 年的了解，我們預計第一季的批發量將比第四季連續下降。

In 2025, we plan to continue to invest behind talent, marketing, digital and retail in order to create sustainable long-term growth, which will put incremental pressure on our EBIT margin rate versus 2024.

2025年，我們計劃繼續在人才、行銷、數位和零售方面進行投資，以創造可持續的長期成長，這將為我們的息稅前利潤率（與2024年相比）帶來增量壓力。

In closing, we are making near-term decisions that we believe are in the best long-term interest of the company and our shareholders, and we will continue to focus on what our company does best, delivering growth with industry-leading margins that generate significant free cash flow.

最後，我們正在做出我們認為符合公司和股東最佳長期利益的近期決策，我們將繼續專注於我們公司最擅長的領域，以行業領先的利潤率實現成長，從而產生大量的自由現金流。

I will now turn the call back over to Andrew for his final thoughts.

我現在將把電話轉回給安德魯，詢問他的最後想法。

Thank you, Susan.

謝謝你，蘇珊。

Our company's initiatives remain consistent, and we'll focus on three primary levers to fuel durable long-term growth.

我們公司的舉措保持一致，我們將重點放在三個主要槓桿來推動持久的長期成長。

One, ignite our icons across both brands to drive awareness and global relevance for new and existing consumers.

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。

Two, drive market share gains across our Tier 1 markets through strategic investment behind talent, marketing, digital and retail.

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。

And three, attract new consumers to our brands through methodically diversifying our product range and usage occasions.

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。

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

此時，我們將開放提問。

(Operator Instructions) Jonathan Komp, Baird.

（操作員說明）Jonathan Komp，Baird。

Yeah.

是的。

Hi. good morning.

你好。早安.

Thank you.

謝謝。

I'll stick with one topic here.

我在這裡只討論一個主題。

I want to ask about Crocs North America.

我想問一下 Crocs 北美的情況。

Could you just give a little more detail?

能提供更多細節嗎？

Susan, I know you mentioned a shift in Q4 on wholesale, but expectations for DTC to remain positive.

蘇珊，我知道您提到了第四季度批發業的變化，但對 DTC 的預期仍然樂觀。

Could you just remind us of some of the moving parts for DTC and what's driving the forecast?

您能否提醒我們 DTC 的一些變化因素以及推動預測的因素是什麼？

And then, maybe a bigger picture question as we look forward into 2025, what role will North America play in the total Crocs outlook for 2025?

然後，當我們展望 2025 年時，也許會有一個更大的問題：北美將在 2025 年 Crocs 的整體前景中扮演什麼角色？

And what are some of the drivers that you see, Andrew?

安德魯，你看到的司機有哪些？

Right.

正確的。

So let's do it in that order, Jonathan.

所以讓我們按這個順序來做吧，喬納森。

Susan will give you the mechanics around the remainder of this year, and I'll touch on the bigger picture.

蘇珊將向您介紹今年剩餘時間的機制，我將談論更大的前景。

Great.

偉大的。

Thanks John.

謝謝約翰。

When we think about North America, we are unchanged in our expectation that North America will be flat for the second half.

當我們考慮北美時，我們對北美下半年將持平的預期沒有改變。

And we were really pleased with the underline performance in the third quarter of the Crocs Brand in North America.

我們對 Crocs 品牌在北美第三季的出色表現感到非常滿意。

But for the full back half, our expectations are unchanged.

但對於後衛，我們的期望並沒有改變。

So by channel, fourth quarter DTC is expected to be positive, offset by wholesale, which is planned down as retailers took product earlier in Q3 than we planned.

因此，從通路來看，第四季度的 DTC 預計為正值，但被批發所抵消，由於零售商在第三季度比我們計劃更早購買產品，批發計劃被減少。

And overall, we're mindful of current consumer shopping patterns as well as macro headwinds in the fourth quarter, and we're taking a prudent approach.

總的來說，我們注意到當前的消費者購物模式以及第四季的宏觀阻力，並且我們正在採取謹慎的態度。

Yeah.

是的。

So if we step back to the big picture, so North America this year, based on all the guidance we provided for the fourth quarter will grow about 2.5% for the year.

因此，如果我們回到大局，那麼根據我們為第四季度提供的所有指導，今年北美地區全年將成長約 2.5%。

And so, what role does this play within our overall business?

那麼，這在我們的整體業務中扮演什麼角色？

So the North American business, as we look at it, is a well-managed stable business.

因此，在我們看來，北美業務是一個管理良好、穩定的業務。

It's highly profitable.

這是非常有利可圖的。

It's cash generative.

這是現金生成。

And it really is, obviously, a large business and the absolute size of it.

顯然，它確實是一個龐大的企業及其絕對規模。

So it generates the income, the cash flow that we can use to fund, one is the international growth for Crocs, but also some of the investments we're making in HEYDUDE.

因此它產生了收入，即我們可以用來資助的現金流，其中之一是 Crocs 的國際成長，還有我們對 HEYDUDE 的一些投資。

It's balanced across channels.

它在各個管道之間保持平衡。

So we have a wholesale business.

所以我們有批發業務。

We have a retail business.

我們有零售業務。

We have a digital business.

我們有數位業務。

We've made some strategic shifts over the past year within digital, going more to 3P on our Amazon platform.

去年，我們在數位領域做出了一些策略轉變，更多地轉向亞馬遜平台上的 3P。

We think that's been highly productive, and we think that will be attractive in the future.

我們認為這是非常高效的，我們認為這在未來將具有吸引力。

And we think about the business as really being very well positioned to continue the role that it's playing today.

我們認為該業務確實處於非常有利的位置，可以繼續發揮其今天所扮演的角色。

We're confident that over the short to longer-term, we'll be able to grow the business modestly, and it plays an important role in our overall portfolio.

我們相信，從短期到長期來看，我們將能夠適度發展業務，並且它在我們的整體投資組合中發揮重要作用。

Jim Duffy, Stifel.

吉姆·達菲，斯蒂菲爾。

Thank you.

謝謝。

Good morning.

早安.

Multipart question on HEYDUDE.

關於 HEYDUDE 的多部分問題。

First, you mentioned streamlining the account base for HEYDUDE.

首先，您提到精簡 HEYDUDE 的帳戶基礎。

Can you elaborate on those distribution actions?

能詳細說明一下這些分發操作嗎？

And then, I'm hoping you can speak to HEYDUDE brand operating profitability and your willingness to continue to invest against profitability to strive for brand inflection.

然後，希望您能談談HEYDUDE品牌的營運獲利能力，以及您是否願意繼續針對獲利能力進行投資，爭取品牌轉折點。

Okay.

好的。

Great.

偉大的。

So from an account base perspective, we really talked about this almost a year ago now, where we cut off some of the smaller customers to really focus back on the large national strategic accounts or alliance partners as we call, where we want to make sure that we have adequate segmentation and differentiation, and we can grow with a broad base of accounts.

因此，從客戶群的角度來看，我們幾乎一年前就真正討論過這個問題，我們切斷了一些較小的客戶，真正專注於我們所說的大型國家戰略客戶或聯盟合作夥伴，我們希望確保我們有足夠的細分和差異化，並且我們可以透過廣泛的客戶基礎來成長。

We do keep a lot of what we can kind of call smaller, more strategic, well-positioned or regional customers we think are important in terms of reaching select consumers and also giving a broader consumer base in some attractive points of distribution.

我們確實保留了許多我們認為規模較小、更具策略性、定位良好或區域性的客戶，這些客戶對於吸引特定消費者以及在一些有吸引力的分銷點提供更廣泛的消費者基礎而言非常重要。

So that has happened probably just a year ago at this point.

所以這可能發生在一年前的此時。

So we feel really good with where we are from an account base perspective.

因此，從客戶基礎的角度來看，我們對自己的現狀感到非常滿意。

In terms of profitability, there's a couple of key drivers there as we think about the future.

就獲利能力而言，當我們思考未來時，有幾個關鍵驅動因素。

One is gross margin.

一是毛利率。

You've seen us start to elevate gross margins from a low in '23 to some substantial improvements in '24 based on some of the infrastructure investments we've made, based on some pricing decisions we've made that have impacted gross margin in the past.

您已經看到我們開始將毛利率從 23 年的低點提高到 24 年的一些實質改善，這是基於我們所做的一些基礎設施投資，基於我們做出的一些影響毛利率的定價決策。過去。

We think long-term gross margin is around 50%.

我們認為長期毛利率在50%左右。

We're not going to get there in the next couple of quarters, but that's in the mid-term.

我們不會在接下來的幾個季度內實現這一目標，但那是在中期。

We think that's a very strong place for a brand to be.

我們認為這對一個品牌來說是一個非常強大的地方。

And then obviously, we're investing substantially in SG&A.

顯然，我們在銷售、管理及行政費用上進行了大量投資。

So we're investing at an elevated rate in terms of marketing.

因此，我們在行銷方面加大了投資。

You saw a lot of the activities.

你看到了很多活動。

We talked about them on our prepared remarks.

我們在準備好的發言中討論了它們。

I think you've seen them on social media and in the press, especially in this quarter.

我想您已經在社交媒體和媒體上看到了它們，尤其是在本季。

We're investing in marketing to engage younger consumer to pivot to a more female-orientated consumer and also to create broader awareness for the brand.

我們正在行銷方面進行投資，以吸引年輕消費者轉向以女性為導向的消費者，並為該品牌創造更廣泛的知名度。

We're also making SG&A investments to fuel growth, both in our outlet stores that we've opened this year in North America and also preparing for our international growth.

我們也進行SG&A投資以推動成長，無論是我們今年在北美開設的直營店，還是為我們的國際成長做準備。

So I think what this tells you is that we're supremely confident in the long-term growth potential of HEYDUDE.

所以我認為這告訴你我們對 HEYDUDE 的長期成長潛力充滿信心。

We're prepared to make these investments.

我們準備好進行這些投資。

We're confident they will pay off.

我們相信他們會得到回報。

And frankly, the broader financial profile of the Crocs Inc business allows us to do this, and we think they are prudent investments that will pay off for shareholders in the medium to long term.

坦白說，Crocs Inc 業務更廣泛的財務狀況使我們能夠做到這一點，我們認為這是謹慎的投資，將在中長期為股東帶來回報。

Okay.

好的。

Just to follow up on that, Andrew.

只是為了跟進此事，安德魯。

In the context of valuing Crocs Inc, many people are looking at the contribution of the Crocs Brand profitability and trying to isolate that for valuation purposes.

在對 Crocs Inc 進行估值的背景下，許多人都在關注 Crocs 品牌盈利能力的貢獻，並試圖將其隔離出來以用於估值目的。

So additional perspective on the HEYDUDE brand profitability would, I think help people get to that assessment of the size of the different profit pools?

因此，我認為對 HEYDUDE 品牌獲利能力的額外視角會幫助人們評估不同利潤池的規模嗎？

Yeah.

是的。

I mean, I guess, I would encourage our investors to look at the totality, right?

我的意思是，我想，我會鼓勵我們的投資者關注整體，對吧？

So our total company is highly profitable, highly cash generative.

因此，我們整個公司獲利能力很強，現金產生能力很強。

And as you think about investing in the company, I would encourage people to look at the totality and look at the future potential of those cash flow streams and the optionality that provides us to continue to deleverage and reduce risk within the company, but also return cash to shareholders in a sustainable basis.

當你考慮投資公司時，我鼓勵人們關注整體，關注這些現金流的未來潛力，以及為我們提供繼續去槓桿化和降低公司內部風險的選擇性，同時也能獲得回報可持續地向股東提供現金。

I think that's a pretty good investment profile.

我認為這是一個相當不錯的投資概況。

And then with the outlook for HEYDUDE, have you at all tempered the SG&A investment plans?

那麼，對於 HEYDUDE 的前景，您是否對 SG&A 投資計劃進行了調整？

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I would say no, we haven't.

我會說不，我們沒有。

I got back to what I said in my first answer, we're extremely confident around the mid to long-term potential of the HEYDUDE brand -- and as we analyze each of the investments we're making, we feel that they will provide a very strong return.

我回到我在第一個答案中所說的，我們對 HEYDUDE 品牌的中長期潛力非常有信心——當我們分析我們正在進行的每一項投資時，我們認為它們將提供非常強勁的回報。

Adrienne Yih, Barclays.

艾德麗安‧易 (Adrienne Yih)，巴克萊銀行。

Thank you very much.

非常感謝。

Andrew, you had talked about the back-to-school season being kind of back to the highs are high and the lows are, I guess, a toppy background.

安德魯，你曾談到返校季節有點回到高點，我想，低點是一個頂部的背景。

I'm wondering if you can talk about how you operate in that environment?

我想知道您是否可以談談您在那種環境下是如何運作的？

How you think the retail channel partners are managing through that?

您認為零售通路夥伴如何應對這個問題？

And if you think that we're pulling up some sales for holiday?

如果您認為我們會提高假期銷售額？

And then my last question is how long does it take for the sell-through to work through itself?

我的最後一個問題是，銷售需要多長時間才能完成？

Do you think that you're having -- you have the spring order book some futures?

你認為你有——你有春季訂單預訂一些期貨嗎？

Can you give us some color on that?

你能為我們提供一些資訊嗎？

Yes.

是的。

I suspect you've heard others talk about this, and you're probably as our retail partners report in a week or so a month or so, you'll hear a lot more about this.

我懷疑您已經聽過其他人談論過這個問題，並且您可能會像我們的零售合作夥伴報告的那樣，在一周左右或一個月左右的時間內，您會聽到更多有關此問題的信息。

But look, I do think the consumers return to a more traditional shopping pattern.

但看，我確實認為消費者回歸了更傳統的購物模式。

We will say it's kind of pre-pandemic.

我們會說這是大流行前的情況。

They're going to shop when they need it.

他們會在需要的時候去購物。

They're going to shop at key events, whether they be holidays or promotional.

他們會在重要活動期間購物，無論是假期還是促銷活動。

And in some cases, they need a little extra incentive to transact.

在某些情況下，他們需要一點額外的誘因才能進行交易。

So I think that's what we were familiar with before we got into the lack of supply-oversupply components of the pandemic.

因此，我認為這就是我們在陷入疫情缺乏供應過剩的情況之前所熟悉的情況。

I think they're back there -- they've been getting back there over the last year or so.

我認為他們又回到了那裡——他們在過去一年左右的時間裡一直回到那裡。

We're anticipating that into the fourth quarter.

我們預計第四季會出現這種情況。

And I think our retail partners, certainly in this country are pretty adapt.

我認為我們的零售合作夥伴，當然在這個國家，非常適應。

I mean they're highly sophisticated.

我的意思是他們非常複雜。

They're seeing this happen.

他們正在看到這種情況發生。

They have probably more data than we do to really understand this.

他們可能擁有比我們更多的數據來真正理解這一點。

So I think they're pretty adapt in there and they're transitioning pretty quickly, and I think they'll do a good job.

所以我認為他們非常適應那裡並且他們過渡得很快，我認為他們會做得很好。

And in terms of order books, we're pretty prudent.

在訂單方面，我們非常謹慎。

We try to make sure our order books are very much lined up with expected sell-out.

我們盡力確保我們的訂單與預期的銷售情況非常一致。

We think the timing that sellout was a little bit shifted, but we try to calculate the aggregate sellout.

我們認為售罄的時間有點改變，但我們嘗試計算總售罄。

We don't want excess inventories in the market.

我們不希望市場上出現過多的庫存。

And I think we're on top of that for Crocs.

我認為我們在 Crocs 方面處於領先地位。

As we've talked about from a HEYDUDE perspective, we have had excess inventories in the market, and we've been aggressively trying to work those down this year, and we've made good progress, but frankly, not quite all the progress we want to make.

正如我們從 HEYDUDE 的角度談到的那樣，我們市場上有過剩的庫存，今年我們一直在積極努力減少庫存，我們已經取得了良好的進展，但坦率地說，並不是所有的進展我們想做。

Chris Nardone, Bank of America.

克里斯·納爾多內，美國銀行。

Thank you, guys.

謝謝你們，夥計們。

Good morning.

早安.

Can you just elaborate a little bit more on your confidence in growing your Crocs North America direct-to-consumer business in the fourth quarter, maybe based on what you're seeing quarter to date?

您能否根據您迄今為止所看到的情況，詳細說明您對第四季度 Crocs 北美直接面向消費者業務成長的信心？

Then switching your Amazon business to a 3P model, I think you fully lapped that now.

然後把你的亞馬遜業務轉向3P模式，我想你現在已經完全接受了。

Can you just elaborate on the rationale around doing that?

能詳細說明一下這樣做的理由嗎？

And just how you view your Amazon business relative to like your crocs.com business?

您如何看待您的亞馬遜業務相對於您的 crocs.com 業務？

Yeah.

是的。

I would say that's a hard question to answer, Chris.

我想說這是一個很難回答的問題，克里斯。

So look, I think, all the plans that we put in place for our Crocs North America DTC business, we feel great about it, right?

所以，我認為，看看我們為 Crocs 北美 DTC 業務制定的所有計劃，我們感覺很棒，對吧？

We feel great about the product line.

我們對產品線感覺很好。

We feel great about our holiday planning.

我們對我們的假期計劃感覺很好。

We feel great about our back-end logistics, et cetera, but growing that business and comping is based on all those things going well and our product line up on marketing.

我們對後端物流等感覺很好，但業務的成長和競爭是基於所有這些事情的順利進行以及我們在行銷方面的產品線。

So we feel really good about it.

所以我們對此感覺非常好。

I would say that's a combination of obviously our stores, which are predominantly premium outlet stores, a combination of our dot-com business and also our marketplace business.

我想說，這顯然是我們的商店（主要是優質直銷店）的結合，是我們的網路業務和市場業務的結合。

And so, we feel really good about it.

所以，我們對此感覺非常好。

And fingers crossed, everything will play out how we think it's going to play out, but there's, obviously, some uncertainty there.

祈禱一切都會如我們所想的發展，但顯然存在一些不確定性。

And I would also say we try to plan it prudently as well.

我還想說，我們也會嘗試謹慎地規劃。

We've got backup plans for if things don't go 100% to our expectations.

如果事情沒有 100% 達到我們的預期，我們有備用計劃。

Big picture on Amazon.

亞馬遜上的大圖。

I would say, look, Amazon is a super important customer.

我想說，看，亞馬遜就是一個超級重要的客戶。

We're a broad democratic brand.

我們是一個廣泛的民主品牌。

We want to reach our consumers where they are.

我們希望接觸到消費者所在的地方。

They're clearly on Amazon.

他們顯然在亞馬遜上。

They start a lot of their shopping on Amazon, their initial searches on Amazon when they're looking for a pair of Crocs but also many other things.

他們開始在亞馬遜上進行大量購物，當他們尋找一雙 Crocs 鞋以及許多其他東西時，他們最初會在亞馬遜上搜尋。

And from participating on that very important marketplace, both here in North America and other parts around the world, we think this is an opportunity for us to have more emphasis on our brand, a little bit better control of the products that we bring to market, et cetera.

透過參與北美和世界其他地區這個非常重要的市場，我們認為這是一個機會，可以讓我們更加重視我們的品牌，更好地控制我們推向市場的產品等等。

And so, we're liking the transition we think is productive, and I think the consumer is enjoying it too.

因此，我們喜歡我們認為富有成效的轉變，而且我認為消費者也很享受它。

Thanks, Andrew.

謝謝，安德魯。

And just one quick follow-up on the operating margin outlook.

這只是對營業利潤率前景的快速跟進。

I think you mentioned it should be a little bit lower next year.

我想你提到明年應該會低一點。

Just wanted to hear your rationale about balancing investment spend to grow both of these brands for the long term, but also trying to maintain an operating margin around the mid 20% range, close to your longer-term 26%-plus target?

只是想聽聽您關於平衡投資支出以長期發展這兩個品牌的理由，同時也試圖將營業利潤率維持在 20% 左右，接近您 26% 以上的長期目標？

So I can take that one.

所以我可以接受那個。

We're really planning on continuing to invest.

我們確實計劃繼續投資。

We see revenue generating opportunities for both brands.

我們看到這兩個品牌都有創收機會。

We look, as Andrew said, very disciplined about what we see the return on investment and when we see these opportunities, we're investing.

正如安德魯所說，我們對投資回報非常嚴格，當我們看到這些機會時，我們就會進行投資。

2024 has been an investment year.

2024年是投資年。

We're very early in the planning process for next year, but we're going to continue to invest behind talent, marketing, digital and retail.

我們很早就開始了明年的規劃，但我們將繼續在人才、行銷、數位和零售方面進行投資。

And as we said, that's going to put incremental pressure on our EBIT margin rate versus 2024, and we'll give you more guidance about 2025 on our fourth quarter call.

正如我們所說，與 2024 年相比，這將對我們的息稅前利潤率帶來增量壓力，我們將在第四季度電話會議上為您提供有關 2025 年的更多指導。

Yeah.

是的。

And I would say, big picture, Chris, look, I would say mid-20s, I think we'll be above 25% according to our guidance for this year.

我會說，從大局來看，克里斯，你看，我會說，根據今年的指導，20 多歲左右，我們將超過 25%。

We've been significantly above that in recent years.

近年來我們的表現已經明顯高於這個水準。

These are extraordinary levels of profitability.

這些都是非凡的獲利水準。

If you look at our competitive base, there are very few players that come close.

如果你看看我們的競爭基礎，你會發現很少球員能接近。

Nobody is above.

上面沒有人。

So we've got to balance maintaining high levels of profitability and cash flow generation, which obviously underpin our overall valuation.

因此，我們必須平衡保持高水準的獲利能力和現金流生成，這顯然支撐著我們的整體估值。

We're actually investing in attractive mid to long-term growth opportunities, and we'll toggle backwards and forwards between those.

我們實際上正在投資有吸引力的中長期成長機會，我們將在這些機會之間來回切換。

Bob Drbul, Guggenheim Securities.

鮑勃‧德布爾，古根漢證券公司。

Hi.

你好。

Good morning.

早安.

Two questions actually.

其實有兩個問題。

The first one is can you talk about the change in the investment marketing strategy for HEYDUDE in the quarter?

第一個是可以談談HEYDUDE本季投資行銷策略的變化嗎？

And what KPIs you're seeing?

您看到的 KPI 是什麼？

And the second question is can you just clarify for Crocs, for North America, do you expect growth in North America market for 2025?

第二個問題是，您能否為 Crocs 澄清一下，對於北美，您預計 2025 年北美市場會成長嗎？

Okay.

好的。

Two different questions.

兩個不同的問題。

So the first one actually is a super important question, Bob.

所以第一個問題其實是一個非常重要的問題，鮑伯。

Glad you asked it.

很高興你問了。

So one of the key decisions that we made in the third quarter is we pulled back on performance marketing for the HEYDUDE brand.

因此，我們在第三季做出的關鍵決定之一是取消 HEYDUDE 品牌的效果行銷。

As we've looked at the multiyear trajectory, our level of performance marketing had been creeping up.

當我們審視多年的發展軌跡時，我們的績效行銷水準一直在穩步上升。

I would say the marginal ROI was still positive, but they were not where we wanted them to be.

我想說，邊際投資報酬率仍然是正值，但並未達到我們想要的水平。

And we wanted to push more of a marketing investment into the brand and into the long-term future of the brand.

我們希望對品牌和品牌的長期未來進行更多的行銷投資。

So we made a pretty distinct pullback in performance marketing.

因此，我們在效果行銷方面做出了相當明顯的調整。

So that's ad dollars, Google Search, or all of those kinds of things that you can spend money on a short-term basis, you can measure the returns.

所以這就是廣告費、谷歌搜索，或者所有你可以短期花錢的東西，你可以衡量回報。

But if your marginal return dips to a level that you don't really feel comfortable with -- so we pulled back on that.

但如果你的邊際回報下降到一個讓你感到不舒服的水平——那麼我們就會收回這一點。

And then we used that money to fund Sydney Sweeny, Jelly Roll, Barstool Sports, some of the TikTok activations that we've been doing, starting up the TikTok shop.

然後我們用這筆錢資助 Sydney Sweeny、Jelly Roll、Barstool Sports 以及我們一直在做的一些 TikTok 活動，開設了 TikTok 商店。

And we think that will be much more attractive from a brand return and investment perspective over the long term.

我們認為，從長遠來看，從品牌回報和投資的角度來看，這將更具吸引力。

That has had a short-term impact, and it's probably the biggest explanator for our miss in Q3 from a HEYDUDE revenue perspective and also the biggest expenditure for the reduction in new for guide for HEYDUDE.

這產生了短期影響，從 HEYDUDE 收入的角度來看，這可能是我們第三季業績不佳的最大原因，也是 HEYDUDE 新指南減少的最大支出。

That's the biggest dollar change, and we think it's the right thing to do in the long term.

這是最大的美元變化，我們認為從長遠來看這是正確的做法。

And then your question on Crocs, I think it was a clarification on North American.

然後你關於 Crocs 的問題，我認為這是對北美的澄清。

Yeah, we think we will grow modestly slightly for North America Crocs in 2025.

是的，我們認為 2025 年北美 Crocs 的銷量將會小幅成長。

That is our current plan.

這是我們目前的計劃。

But I would say the real value creator and the value driver for Crocs is international growth.

但我想說的是，Crocs 真正的價值創造者和價值驅動力是國際成長。

You've seen that come through for the last two years, and we are very confident that will continue into 2025.

您已經看到了過去兩年的情況，我們非常有信心這種情況將持續到 2025 年。

Rick Patel, Raymond James.

瑞克·帕特爾，雷蒙德·詹姆斯。

Good morning.

早安.

I was hoping you can expand upon what you just ended with in terms of Crocs international growth potential in 2025.

我希望您能進一步闡述 Crocs 2025 年國際成長潛力。

So given the slowdown that you're seeing in China that you expect to continue, how should we think about the building blocks of growth next year?

因此，考慮到中國經濟放緩且預計將持續下去，我們應該如何考慮明年成長的基石？

In which market you have the most confidence in to do the heavy lifting?

您最有信心在哪個市場承擔重任？

So thank you, Rick.

所以謝謝你，瑞克。

So what I would say is we've definitely seen a slowdown in China, but I would point out, we are still growing in China, and we still intend to grow in China next year, right?

所以我想說的是，我們肯定看到了中國的成長放緩，但我要指出的是，我們仍在中國成長，而且我們明年仍打算在中國成長，對嗎？

So it's not the 80%, 90% growth that we saw in '23.

所以這不是我們在 23 年看到的 80%、90% 的成長。

We grew 20%-plus growth in Q2 -- sorry, Q3 that we just reported, but we do intend to continue to grow in China are really underpinned by a lot of the mono brands store openings that we've done in China.

我們在第二季度實現了 20% 以上的增長——抱歉，我們剛剛報告了第三季度，但我們確實打算繼續在中國實現增長，這確實是受到我們在中國開設的許多單一品牌商店的支撐。

So we've grown our digital business successfully.

因此，我們成功地發展了我們的數位業務。

We've opened select retail stores.

我們開設了精選零售店。

We operate ourselves, and we also work with a range of brand partners who opened mono brand stores.

我們自己經營，也與一系列開設單一品牌商店的品牌合作夥伴合作。

I think we've opened -- by the end of the year, we'll have close to 400 mono brand stores, and we've opened in excess of 150 stores year to date.

我想我們已經開業了——到今年年底，我們將擁有近 400 家單一品牌商店，而今年迄今為止我們已經開設了超過 150 家商店。

Obviously, as those have grown open through the year, that will provide growth for next year as well as we think our positioning in the marketplace are accessible price points, personalization, comfort, et cetera, is going to be a competitive positioning.

顯然，隨著這些設施在今年的開放，這將為明年帶來增長，而且我們認為我們在市場上的定位是可承受的價格點、個性化、舒適度等，這將是一個有競爭力的定位。

So we will grow in China.

所以我們會在中國成長。

In addition to China, I think we're confident around India.

除了中國之外，我認為我們對印度也充滿信心。

We have, I think, a very attractive business model in India that has been impeded recently with the

我認為，我們在印度有一個非常有吸引力的商業模式，但最近由於

[BIS].

[國際清算銀行]。

Everybody knows what that is.

每個人都知道那是什麼。

That's the Indian government has been imposing some restrictions associated with we need to make your products in India.

印度政府一直在實施一些與我們在印度生產產品相關的限制。

We will have production up and running for both Crocs and HEYDUDE in India next year.

明年我們將在印度生產並運行 Crocs 和 HEYDUDE。

It started this year, but it reached supply to fund market next year.

今年開始，明年就達到基金市場供應。

So we're confident about India.

所以我們對印度充滿信心。

We've talked quite a bit about how our key direct markets in Western Europe continued to be successful.

我們已經多次討論了我們在西歐的主要直接市場如何繼續取得成功。

Germany and France, we anticipate that continuing.

德國和法國，我們預計這種情況會持續下去。

So those are some of the key drivers.

這些是一些關鍵驅動因素。

We've had great success in Australia for the last couple of years.

過去幾年我們在澳洲取得了巨大的成功。

We see that as probably a little bit more stable for the next couple of years, but that's obviously an active business as is South Korea.

我們認為未來幾年可能會更加穩定，但這顯然是一個活躍的業務，韓國也是如此。

I would say, to be frank, Japan remains a work in progress.

坦白說，我想說，日本的工作仍在進行中。

We're focused on resetting the business and focusing on the Classic Clog and personalization in that market, with evidence that is starting to get traction.

我們專注於重新調整業務，並專注於該市場的經典木鞋和個人化，有證據表明，這一點已開始受到關注。

But that obviously is a very big market with big long-term potential.

但這顯然是一個非常大的市場，具有巨大的長期潛力。

So I think there are plenty of growth engines to support our international aspirations from a Crocs perspective.

因此，我認為從 Crocs 的角度來看，有許多成長引擎可以支持我們的國際願景。

Sam Poser, Williams Trading.

薩姆·波塞爾，威廉斯貿易公司。

Good morning.

早安.

Thank you for taking my questions.

感謝您回答我的問題。

So can we talk about HEYDUDE?

那我們可以談談 HEYDUDE 嗎？

And I mean, Andrew, you reiterate your confidence in it.

我的意思是，安德魯，你重申了你對此的信心。

I guess my question is, how did this all evolve and what happened different than what you thought was going to happen that was under your control that you have to fix?

我想我的問題是，這一切是如何演變的，以及發生的事情與您認為將要發生的事情不同，並且在您的控制之下，您必須解決？

And how long -- and what specifically other than switching marketing and cleaning up are you doing to start driving sales again?

除了轉變行銷方式和清理工作之外，您還需要多長時間才能再次開始推動銷售？

It looks to me like you have some good stuff going on as far as partners and so on, but the consumer is not responding.

在我看來，就合作夥伴等而言，你們正在做一些好事，但消費者沒有回應。

And that's not -- let's take macro out of the picture, let's say, what's under your control?

那不是——讓我們把宏觀因素排除在外，比方說，什麼在你的控制之下？

Okay.

好的。

So let me start with the last part of your question, then we can go back to the first part and you can kind of just clarify.

讓我從你問題的最後一部分開始，然後我們可以回到第一部分，你可以澄清一下。

So the last part, I think, is you're getting at what are we doing, why do we think that will help the situation, if you like?

所以我認為最後一部分是你要了解我們正在做什麼，如果你願意的話，為什麼我們認為這有助於解決問題？

So the things that we're doing are multi-pronged.

所以我們正在做的事情是多管齊下的。

So one is marketing, which you highlighted.

其中之一就是行銷，您強調了這一點。

So I think a pretty significant pivot in the marketing agenda to engage a broader set of consumers, drive brand awareness, drive brand relevance, pivot towards a younger female consumer, which drives culture in this country, certainly.

因此，我認為行銷議程中的一個相當重要的重點是吸引更廣泛的消費者，提高品牌知名度，提高品牌相關性，轉向年輕的女性消費者，這當然會推動這個國家的文化。

And we think culture in this country drives culture and resonance in other countries around the world.

我們認為這個國家的文化帶動了世界其他國家的文化和共鳴。

That's very, very important.

這非常非常重要。

And I think you talked about that or you mentioned that.

我認為你談到這一點或你提到過這一點。

Second is, I would say, wholesale management.

我想說，第二是批發管理。

So that is reducing in market inventories, working proactively with all of our alliance partners to make sure they have the right product at the right time, they have adequate differentiation.

因此，這就是減少市場庫存，並積極與我們所有的聯盟夥伴合作，確保他們在正確的時間擁有正確的產品，他們有足夠的差異化。

And I think we're making some good strides there but there is still work to be done.

我認為我們正在這方面取得一些良好的進展，但仍有工作要做。

So I think there's more work to be done, but we bring the right things and they will pay off in the longer term.

所以我認為還有更多的工作要做，但我們帶來了正確的東西，從長遠來看它們會得到回報。

Number three is building, I would say, complementary channels of distribution, premium outlet stores.

我想說，第三點是建立互補的通路、優質直銷店。

We've opened chain of premium stores.

我們開設了連鎖高級商店。

I think about 29 year-to-date to the end of September.

我認為今年迄今到 9 月底大約有 29 個。

We'll open another 11 in the fourth quarter.

我們將在第四季再開設 11 個。

They are performing well.

他們表現得很好。

That is a very attractive investment from our perspective.

從我們的角度來看，這是一項非常有吸引力的投資。

And it allows the consumers that are in those centers to see the breadth of the brand.

它讓這些中心的消費者能夠看到品牌的廣度。

We see a much better balance in those environments between Wally & Wendy between male and female.

我們發現沃利和溫蒂之間的環境在男性和女性之間取得了更好的平衡。

We also have a kids business in those environments.

我們也在這些環境中開展兒童業務。

So we think that's a very valuable consumer exposure mechanism.

所以我們認為這是一個非常有價值的消費者曝光機制。

Third thing is laying the groundwork for international growth.

第三件事是為國際成長奠定基礎。

We opened up four direct markets, two in the quarter.

我們開闢了四個直接市場，其中兩個是在本季開放的。

So as you might remember, we're now present in the UK, in Germany, India and Australia as direct markets.

您可能還記得，我們​​現在在英國、德國、印度和澳洲作為直接市場開展業務。

They are all small.

它們都很小。

And when I say present in direct market, that means we have wholesale distribution, we have a digital presence.

當我說存在於直接市場時，這意味著我們有批發分銷，我們有數位存在。

We don't have any retail presence in these markets, just too small at this stage.

我們在這些市場沒有任何零售業務，現階段規模太小。

But I would say what we're seeing, while the numbers are small and we expect them to be small is a relatively positive reception from those consumers, and that's a pretty diverse set of consumers from the UK to Germany to India to Australia.

但我想說的是，我們所看到的，雖然數字很小，而且我們預計它們也很小，但這些消費者的反應相對積極，從英國到德國，從印度到澳大利亞，這是一個相當多樣化的消費者群體。

In addition, the international business in Spain and Italy continues to perform well through a distributor, and we have a range of incremental distributors that we will ship in Q4 and Q1 essentially.

此外，西班牙和義大利的國際業務繼續透過經銷商表現良好，我們擁有一系列增量經銷商，我們基本上將在第四季和第一季出貨。

They're opening orders, so they'll be starting up the business.

他們正在開訂單，所以他們將開始開展業務。

So I would say it's the marketing, but it's building all the platforms that will enable future growth in the future.

所以我想說這是行銷，但它正在建立所有能夠實現未來成長的平台。

And now, let's come back to what we're getting at the beginning of your question.

現在，讓我們回到問題開始時得到的內容。

Well, I mean, I wrote about this a long time ago.

嗯，我的意思是，我很久以前就寫過這個問題。

At the end of fiscal '20 -- end of calendar '22 and the beginning of '23, you shifted a ton of product into marketplace.

在 20 財年末——22 日曆末和 23 年初，您將大量產品轉移到市場上。

So I guess the question is this, how overstated were the sales last year?

所以我想問題是，去年的銷售額被誇大了多少？

And what's the right starting point to think about?

正確的思考起點是什麼？

And how much of just filling shelf space and things you did back then caused what happened now?

僅僅填滿貨架空間和你當時所做的事情在多大程度上導致了現在發生的事情？

And should you have taken a more measured growth approach and maybe you would be ahead of where you are today?

如果您採取更謹慎的成長方法，也許您會領先於今天的水平？

And what decisions were made that your -- what decisions were made that caused this?

您做出了哪些決定導致了這種情況？

And then, I know you're confident, but just lowered numbers and I don't know what next -- we'll see what happens next year, but I just want to get a little more meat on the bone as to what happened that was in your control versus

然後，我知道你很有信心，但只是降低了數字，我不知道接下來會發生什麼——我們會看看明年會發生什麼，但我只是想更多地了解發生了什麼那是在你的控制之下

--

--

Yeah.

是的。

I think you said some of it.

我想你已經說了一些。

We definitely grew too fast, right?

我們確實成長得太快了，對吧？

So out of the gate when we bought the brand, nobody knew how high was up.

因此，當我們購買該品牌時，沒有人知道它的價格有多高。

We didn't know how high was up and our customers didn't either, right?

我們不知道高度有多高，我們的客戶也不知道，對吧？

So they were constantly out of stocking, they wanted more product, we shipped some product.

所以他們經常缺貨，他們想要更多的產品，我們運送了一些產品。

And I think if you think about this '22 into '23 time frame, in retrospect, we absolutely ship too much products.

我認為，如果你考慮一下 22 到 23 年間的時間框架，回想起來，我們絕對運送了太多的產品。

So if you're asking what decisions we made that were wrong, that was wrong, that was wrong, right?

所以如果你問我們做了哪些決定是錯的，那是錯的，那是錯的，對嗎？

And then the other thing I think that we did not do well is the initial marketing activities were ineffective.

然後我認為我們做得不好的另一件事是最初的行銷活動沒有效果。

We spent money, but they were ineffective.

我們花了錢，但沒有效果。

They were not sufficiently effective.

他們的效率不夠高。

They weren't focused at the right consumer, and they weren't creating the resonance and impact that we wanted.

他們沒有關注正確的消費者，也沒有產生我們想要的共鳴和影響。

I think the third thing is the process of integrating the brand and putting in place all of the infrastructure, whether that be DCs, whether that be systems and capabilities because it came with very little of that.

我認為第三件事是整合品牌和落實所有基礎設施的過程，無論是資料中心、系統和功能，因為它幾乎沒有配備這些基礎設施。

We knew that, but that took us time.

我們知道這一點，但這花了我們時間。

It probably took us a little bit longer than we'd hoped, and that delayed some of the, I would say, offensive investments that we're now making around stores and international.

這可能比我們希望的要長一些，而且我想說，這推遲了我們現在圍繞商店和國際市場的一些進攻性投資。

So that's taken longer than we thought.

所以這花費的時間比我們想像的還要長。

Now that being said, we bought a business that was approximately $600 million in revenue, and it is now high $800 million, almost $900 million -- sorry, $800 million-ish in revenue.

話雖這麼說，我們收購了一家年收入約 6 億美元的企業，現在收入高達 8 億美元，幾乎是 9 億美元——抱歉，收入約為 8 億美元。

So it's substantially bigger.

所以它要大得多。

It is less profitable on an EBIT percentage perspective because we've invested for what we think is the longer-term growth potential, but it has been profitable all along.

從息稅前利潤百分比的角度來看，它的利潤較低，因為我們投資的是我們認為的長期成長潛力，但它一直是有利可圖的。

It's been accretive all along and is generated cash, and we paid down the debt associated with the investment.

它一直在增值並產生現金，我們還清了與投資相關的債務。

We paid down a lot of the debt associated with the investment.

我們償還了與投資相關的大量債務。

So it has not gone if that's what you're kind of trying to get at as we would have hoped and expected, but that doesn't change our confidence around the future.

因此，如果這就是我們所希望和期望的那樣，它還沒有消失，但這並沒有改變我們對未來的信心。

The team that we have in place strategies and activities that we have deployed and our willingness to support that team, those strategies and activities.

我們已經部署的團隊、我們部署的策略和活動以及我們支援該團隊、這些策略和活動的意願。

So I just want to make sure we're super clear about that.

所以我只是想確保我們對此非常清楚。

That is what we're going to do, and we're very confident that we'll be a positive outcome for investors.

這就是我們要做的事情，我們非常有信心為投資者帶來正面的成果。

Jay Sole, UBS.

傑伊·索爾，瑞銀集團。

Great.

偉大的。

Thank you so much.

太感謝了。

Andrew, if we could just talk about the Crocs Brand big picture.

安德魯，我們能否談談 Crocs 品牌的整體情況。

Obviously, talking about a little bit of growth in North America next year.

顯然，談論的是明年北美的一點成長。

But beyond that, what's the plan to drive growth?

但除此之外，推動成長的計畫是什麼？

I mean do you see an opportunity to raise brand awareness?

我的意思是，您是否看到了提高品牌知名度的機會？

Are there new wholesale doors you get into?

您有新的批發門嗎？

I mean can you open it more maybe of your own stores and your direct-to-consumer channel, new categories you can get into or market share gains in existing categories?

我的意思是，您能否更多地開放自己的商店和直接面向消費者的管道、您可以進入的新類別或現有類別的市場份額收益？

Just tell us how growth should trend big picture.

請告訴我們成長的整體趨勢如何。

And why maybe we'll see growth accelerate beyond -- in North America beyond whatever rate you expect to get in 2025?

為什麼我們會看到北美地區的成長加速超出您預期的 2025 年成長率？

Yeah.

是的。

That's a great question, Jay.

這是一個很好的問題，傑伊。

I would say, look, in the very short term, sort of the one, two year time frame, the primary growth driver for Crocs will be the international business, right?

我想說，看，在很短的時間內，大約一年、兩年的時間框架內，Crocs 的主要成長動力將是國際業務，對吧？

I just want to make sure, we reiterate that.

我只是想確認一下，我們重申這一點。

And that's a big and attractive business, right?

這是一項規模龐大且有吸引力的業務，對嗎？

And the underlying strategic issue there is that our penetration in those large international markets is a fraction what it is here in the US.

根本的策略問題是，我們在這些大型國際市場的滲透率只是美國的一小部分。

That's not your question.

那不是你的問題。

Your question is what drives growth in North America.

你的問題是推動北美成長的因素。

I don't think there is a huge amount of distribution growth.

我認為發行量不會有大幅成長。

I think we are the places we want to be.

我認為我們就是我們想去的地方。

There are other places we could go.

我們還有其他地方可以去。

There are mass resellers that were not represented in.

還有一些沒有代表的大規模經銷商。

I just don't think that's the right place for our brand as we want to continue to maintain a democratic, but elevated positioning for our brand.

我只是認為這不是我們品牌的正確位置，因為我們希望繼續保持我們品牌的民主但更高的定位。

So I don't think we're going to go there.

所以我認為我們不會去那裡。

We do think there is continued digital growth and development as the consumer goes more and more digital.

我們確實認為，隨著消費者越來越數位化，數位化將會持續成長和發展。

We do think there is growth in personalization.

我們確實認為個人化有所成長。

We think there's growth in sandals.

我們認為涼鞋的銷量有所成長。

We had a nice funnel growth here in North America in '24.

24 年，我們在北美實現了良好的漏斗式成長。

We think that continues into '25 and has long-range potential.

我們認為這種情況會持續到 25 年，並​​且具有長期潛力。

And we do think there's an opportunity for us to play in a broader set of, I would say, silhouettes wearing occasions.

我們確實認為我們有機會在更廣泛的場合中發揮作用，我想說的是，剪影穿著場合。

You have seen us experiment there.

你已經看到我們在那裡進行實驗了。

We will continue to experiment there, but I wouldn't say we are today have a Slam Dunk winner in that arena, but we think we can get there over time.

我們將繼續在那裡進行實驗，但我不會說我們今天在那個競技場上有一個灌籃冠軍，但我們認為隨著時間的推移我們可以實現這一目標。

So for the sort of 12 to 24 month time frame, we're really thinking about North America is that cash cow funding that international growth while we continue to experiment and engage our consumers in incremental growth opportunities from the silhouette and product perspective.

因此，在12 到24 個月的時間範圍內，我們真正考慮的是北美是為國際成長提供資金的搖錢樹，同時我們繼續從輪廓和產品的角度進行試驗並讓我們的消費者參與增量成長機會。

Anna Andreeva, Piper Sandler.

安娜·安德烈娃，派珀·桑德勒。

Great.

偉大的。

We wanted to follow up just on the overall profitability of the business given investments at HEYDUDE.

我們只想追蹤 HEYDUDE 投資後業務的整體獲利能力。

Can you guys talk about what guardrails do you have in place at the consolidated level to offset some of these investments?

你們能否談談你們在綜合層面上採取了哪些防護措施來抵消其中一些投資？

Andrew, I think you mentioned 25% is the right level for the business.

Andrew，我認為您提到 25% 對於企業來說是合適的水平。

Are there additional opportunities at the Crocs side of things, either with pricing or maybe OpEx management as we think about next year?

正如我們明年所考慮的那樣，Crocs 方面是否還有其他機會，無論是定價還是營運支出管理？

Thanks so much.

非常感謝。

Thanks for the question, Anna.

謝謝你的提問，安娜。

This is Susan.

這是蘇珊。

One thing I think it's really important to emphasize here is how disciplined we are about our investments.

我認為這裡需要強調的一件事非常重要，那就是我們對投資的嚴格要求。

We've mentioned increasing our SG&A, which we continue to plan to do into next year.

我們已經提到增加我們的銷售及管理費用，我們計劃明年繼續這樣做。

But you mentioned guardrails and KPIs, there's a lot of scrutiny around making sure we're making the right investments.

但你提到了護欄和關鍵績效指標，為了確保我們做出正確的投資，我們進行了大量的審查。

And as Andrew indicated, and talking about HEYDUDE, when we find that need pivot, we do that pretty readily and pretty nimbly as we did with the marketing investment on HEYDUDE, pivoting from performance to brand when we saw a better opportunity there.

正如安德魯所指出的，在談論HEYDUDE 時，當我們發現需要轉向時，我們會非常輕鬆且靈活地做到這一點，就像我們對HEYDUDE 的營銷投資所做的那樣，當我們看到那裡有更好的機會時，從性能轉向品牌。

So we're super disciplined about it.

所以我們對此非常自律。

But we said we're including 2024 as an investment year and 2025 will continue to be an investment year, that will create incremental EBIT margin pressure.

但我們表示，我們將 2024 年納入投資年，而 2025 年將繼續作為投資年，這將帶來增量的 EBIT 利潤率壓力。

So the 25% guidance that Andrew reiterated was for this year.

因此，安德魯重申的 25% 指導方針是針對今年的。

And next year, we would expect to be below that.

明年，我們預計會低於這個水平。

This concludes our question-and-answer session.

我們的問答環節到此結束。

I would like to turn the conference back over to Andrew Rees, Chief Executive Officer for any closing remarks.

我想將會議轉回執行長安德魯·里斯 (Andrew Rees) 發表閉幕詞。

I just want to conclude by thanking everybody for their continued interest in our company.

最後，我想感謝大家對我們公司的持續關注。

We appreciate you spending time with us today.

我們感謝您今天與我們共度時光。

Thank you.

謝謝。

The conference is now concluded.

會議現已結束。

Thank you for attending today's presentation.

感謝您參加今天的演講。

You may now disconnect.

您現在可以斷開連線。