卡洛馳 (CROX) 2024 Q4 法說會逐字稿

Good morning, and welcome to the Crocs fourth quarter 2024 earnings call.

早安，歡迎參加 Crocs 2024 年第四季財報電話會議。

(Operator Instructions).

（操作員指令）。

Please note this event is being recorded.

請注意，該事件正在被記錄。

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

現在，我想將會議交給投資者關係和企業策略高級副總裁 Erinn Murphy。

Please go ahead.

請繼續。

Good morning and thank you for joining us to discuss Crocs Inc. fourth quarter and full year results.

早安，感謝您加入我們討論 Crocs Inc. 第四季和全年業績。

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) 和首席財務官蘇珊·希利 (Susan Healy)。

Following their prepared remarks, we will open the call for your questions.

在他們發表完準備好的發言後，我們將開始回答大家的提問。

(Operator Instructions).

（操作員指令）。

Before we begin, I would like to remind you of 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.

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

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

這些聲明涉及已知和未知的風險、不確定性和其他因素，可能會導致我們的實際結果、績效或成就有重大差異。

Please refer to our annual report on Form 10-K and other reports filed with the SEC for more information on these risks and uncertainties.

有關這些風險和不確定性的更多信息，請參閱我們的 10-K 表年度報告和向美國證券交易委員會提交的其他報告。

Certain financial metrics that we refer to as adjusted or non-GAAP are non-GAAP measures.

我們稱之為調整後或非 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.

我們今天早上發布的新聞稿中包含了這些金額與 GAAP 金額的對帳。

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

除非另有說明，所有收入成長率均以固定貨幣計算。

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

現在，我將把電話轉給 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. 2024 was another record year for our company, fueled by our employees, our brand strategies and are deepening connections with our consumers.

感謝您今天加入我們。 2024 年是我們公司又創紀錄的一年，這得益於我們的員工、我們的品牌策略以及與消費者不斷加深的聯繫。

For the full year of 2024, we delivered revenue growth of 4% to prior year, achieving $4.1 billion in total revenues.

2024 年全年，我們的營收較前一年成長 4%，總營收達到 41 億美元。

This performance was supported by adjusted gross margins of 58.8%, a 230-basis point gain over the prior year.

這一業績得益於 58.8% 的調整後毛利率，較上年同期增長了 230 個基點。

With our adjusted operating margins of 25.6% and strong deployment of our free cash flow, we delivered adjusted diluted EPS of $13.17, 9% above the prior year.

我們的調整後營業利潤率為 25.6%，且強勁部署了我們的自由現金流，因此我們實現調整後攤薄每股收益 13.17 美元，較上年增長 9%。

By brand Crocs Brand revenues of $3.3 billion grew 10% with International up 19% and North America up 3%. 2024 marked the seventh consecutive year of Crocs Brand revenue growth in North America. [Stated] revenues of $824 million with direct-to-consumer channel inflecting back to growth for the fourth quarter.

按品牌劃分，Crocs 品牌營收為 33 億美元，成長 10%，其中國際成長 19%，北美成長 3%。 2024年是Crocs品牌在北美連續第七年營收成長。 [聲明]營收為 8.24 億美元，第四季直接面向消費者的管道重新恢復成長。

Our strong cash flow generation of $923 million allowed us to pay down $323 million in debt and buy back approximately 4.3 million shares for $551 million.

我們強勁的 9.23 億美元現金流使我們能夠償還 3.23 億美元的債務，並以 5.51 億美元的價格回購約 430 萬股股票。

Susan will provide more detail on our fourth quarter full year results and guidance for 2025.

蘇珊將提供有關我們第四季度全年業績和 2025 年指引的更多詳細資訊。

But first, I would like to walk through our individual brand strategies and notable highlights for 2024.

但首先，我想介紹一下我們各自的品牌策略和 2024 年的值得關注的亮點。

Our Crocs Brand is governed by four strategic pillars.

我們的 Crocs 品牌由四大策略支柱主導。

One, drive brand relevance through icon iterations; two, gain market share outside of clogs through new wearing occasions; three, fuel disruptive and authentic social and digital marketing; and four, gain share in markets around the world.

一、透過圖標迭代推動品牌相關性；二、透過新的穿著場合，贏得木屐以外的市佔率；三、推動顛覆性的、真實的社交和數位行銷；第四，贏得全球市場份額。

First, we are driving relevance globally as the clog authority.

首先，我們作為堵塞問題的權威機構，正在推動全球相關性的提升。

In 2024, our Classic Clog was named one of the greatest shoes of all time by Footwear News, a testament to the iconic nature of our Hero style.

2024 年，我們的 Classic Clog 被《Footwear News》評為有史以來最偉大的鞋子之一，證明了我們英雄風格的標誌性。

In January, our original classic clog went on display at the Museum of Modern Arts in New York City.

今年一月，我們原創的經典木屐在紐約現代藝術博物館展出。

This is part of a broader exhibit showcasing iconic products that have made an impact on consumer and culture.

這是更廣泛的展覽的一部分，展示對消費者和文化產生影響的標誌性產品。

Overall, for the year, Clogs grew 10%, led by the Classic Clog with outsized growth internationally.

整體而言，今年木屐銷量成長了 10%，其中，經典木屐銷量最高，國際市場增幅龐大。

We continue to deliver icon iterations and introduce new clog franchises.

我們將繼續推出圖標迭代並推出新的木屐系列。

Today, we have six major franchises within clogs.

如今，我們在木屐領域擁有六大主要特許經營權。

Overall, Clogs made up 75% of our sales mix during the year.

總體而言，木屐占我們全年銷售組合的 75%。

Our Eco Clog is now a top three franchise and continues to usher in a younger male consumer.

我們的 Eco Clog 現在已成為前三名的特許經營品牌，並繼續吸引更年輕的男性消費者。

During the holiday season, our Classic Clog was a standout with strength in both adults and kids.

在節日期間，我們的 Classic Clog 無論是在成人或兒童中都表現出色。

The classic platform clog and other high iterations drove robust results in several of our markets across Asia.

經典的平台木屐和其他高迭代在我們位於亞洲的多個市場帶來了強勁的業績。

We have a strong pipeline plan for 2025.

我們針對 2025 年制定了強而有力的管道計畫。

Our In-motion clog combines two of our most innovative technologies, light ride, and our free feel technology, delivering incredible value and lightweight comfort for just $60.

我們的 In-motion 木屐融合了我們兩項最具創新性的技術，即輕便騎行技術和自由感覺技術，只需 60 美元即可提供令人難以置信的價值和輕便的舒適感。

Based on the success of our DTC test last fall, we're scaling in motion clog globally and in select wholesale distribution in North America.

基於去年秋季 DTC 測試的成功，我們正在全球擴大運動木屐的規模並在北美擴大精選批發分銷範圍。

Importantly, we've partnered with NFL Player, George Kittel; and his wife, Claire, as spokespersons for this launch as we lean into the pre and post sport comfort.

重要的是，我們與 NFL 球員喬治·基特爾合作；和他的妻子克萊爾作為這次發表會的代言人，我們更重視運動前和運動後的舒適感。

In addition, we are further scaling the Echo franchise through a new-to-market the Echo Wave, this is currently selling in our own channels and plan for select athletic specialty retailers this spring.

此外，我們正在透過新上市的 Echo Wave 進一步擴大 Echo 特許經營權，該產品目前正在我們自己的管道上銷售，並計劃今年春季在精選運動專業零售商處銷售。

Second, we're continuing to fortify our product pillars outside of the clog through new wearing occasions.

其次，我們將繼續透過新的穿著場合來強化木屐以外的產品支柱。

During the holiday quarter, the Cozy Slipper was a standout performer, and we could not keep the product in stock as demand surpass supply.

在假日季，舒適拖鞋表現突出，由於需求超過供應，我們無法保持該產品的庫存。

Sandals remain an important focus for our brand to drive strategic diversification and new wearing occasions.

涼鞋仍然是我們品牌推動策略多元化和新穿著場合的重要關注點。

During 2024, our sellouts were up mid-teens to prior year in North America market.

2024 年，我們在北美市場的銷售量比去年同期成長了 15% 左右。

This was particularly impressive against the domestic sandal market that we estimate was down.

與我們預期低迷的國內涼鞋市場相比，這一表現尤其令人印象深刻。

We introduced the Getaway, a brand-new multi-silouette franchise, which exceeded expectations.

我們推出了 Getaway，一款全新的多輪廓系列產品，其效果超出了預期。

Our new style sandal franchise, Miami, also performed well.

我們的新款涼鞋專營店 Miami 也表現不俗。

We brought new materialization to our beloved Brooklyn franchise, including in the Brooklyn woven, the Brooklyn Hill, and of course, are personalizable Brooklyn for You.

我們為我們心愛的布魯克林系列注入了新的內容，包括布魯克林編織、布魯克林山，當然還有可個性化的布魯克林。

Overall, sandals grew 3% to prior year, and growth was strong in most of our international Tier 1 markets with the exception of India, which continue to face supply challenges.

總體而言，涼鞋銷量較上年增長 3%，除印度外，我們大多數國際一級市場都實現了強勁增長，而印度仍面臨供應挑戰。

On balance, Sandals represent 13% of our sales mix.

整體而言，涼鞋占我們銷售額的 13%。

In 2025, we are leaning into Getaway, Brooklyn and Miami franchises with fresh new colors and styles.

2025 年，我們將以全新的色彩和風格進軍 Getaway、Brooklyn 和 Miami 特許經營店。

The retailer's response has been exceptionally strong, particularly here in North America.

該零售商的反應非常強烈，尤其是在北美。

Our personalization engine Jibbitz grew 6%, led by our international markets with strong product wins in elevated and licensed product.

我們的個人化引擎 Jibbitz 成長了 6%，這主要得益於我們在國際市場上的高端產品和授權產品的強勁成長。

Our Jibbitz consumer remains one of our most valuable, as we see them continuing to purchase with higher frequency.

我們的 Jibbitz 消費者仍然是我們最有價值的消費者之一，因為我們看到他們繼續以更高的頻率購買。

Our strategic priorities within Jibbitz are centered around driving higher penetration in digital and wholesale channels, enhancing speed to market and continually introducing fresh new product.

Jibbitz 的策略重點集中在提高數位和批發通路的滲透率、加快產品上市速度和不斷推出新產品。

In 2025, we're bringing newness across colors and textures to market and innovating within back-straps.

2025 年，我們將把色彩和紋理的新穎性推向市場，並在背帶​​方面進行創新。

We recently shipped approximately 600 new Jibbitz fixtures into North American wholesale to bring our personalization value proposition to a broader consumer base.

我們最近向北美批發市場運送了大約 600 套新的 Jibbitz 燈具，以便將我們的個人化價值主張傳遞給更廣泛的消費者群體。

We're committed to remaining a leader in this space.

我們致力於繼續保持該領域的領先地位。

Third, we remain laser-focused on our digitally led social-first marketing playbook. 2024 included some of our biggest consumer moments on record.

第三，我們仍然專注於以數位為主導的社交優先行銷策略。 2024 年見證了我們有史以來最重大的一些消費者時刻。

We launched a Tmall Global Brand Day, established ourselves as a leading footwear brand on TikTok shop, along with executed the best ever October and created unique consumer moments during the year through our partnerships.

我們推出了天貓國際品牌日，將自己打造為TikTok商店的領先鞋類品牌，同時透過合作夥伴關係，實現了有史以來最好的十月份，並在一年內創造了獨特的消費者時刻。

In the fourth quarter, Bluey and Mickey and Friends drove particular excitement amongst our youngest fan base.

在第四節中，《Bluey》和《Mickey and Friends》在我們最年輕的粉絲群中引起了特別的興奮。

And finally, against our fourth pillar, we're focused on gaining market share around the world.

最後，針對我們的第四個支柱，我們專注於在全球獲得市場份額。

In North America, we grew 3% to prior year, our seventh consecutive year of growth.

在北美，我們比前一年成長了 3%，這是我們連續第七年成長。

International grew 19% on top of 23% last year.

國際業務在去年 23% 的基礎上又成長了 19%。

In China, we grew 64% to prior year with the fourth quarter accelerating from the third quarter.

在中國，我們的業務較上年同期成長了 64%，其中第四季的成長速度比第三季更快。

This included the Double 11 Festival, we, our expectations.

包括雙11，包括我們，包括我們的期待。

China now represents our second largest market after the US making up 6% of revenues.

中國現在是我們繼美國之後的第二大市場，占我們收入的 6%。

Our 2024 growth in China was balanced, reflecting positive comp store sales, digital growth, and new store growth.

我們 2024 年在中國的成長是均衡的，反映了積極的同店銷售額、數位成長和新店成長。

We saw robust growth in Western Europe, led by strong double-digit growth in France and Germany, while solidifying market share gains in South Korea despite a challenging backdrop.

我們看到西歐市場成長強勁，其中法國和德國實現了強勁的兩位數成長，同時儘管面臨挑戰，韓國的市場份額仍然鞏固。

We ended the year with approximately 2,200 Crocs mono brand doors, including approximately 1,800 partner doors and 390 owned and operated stores.

截至年底，我們擁有約 2,200 家 Crocs 單一品牌門市，其中包括約 1,800 家合作門市和 390 家自有及經營門市。

In 2025, we plan to continue expanding our footprint internationally and see the greatest new door opportunities across growth markets, including China, India, Southeast Asia, and the Middle East.

2025 年，我們計劃繼續擴大我們的國際影響力，並在中國、印度、東南亞和中東等成長型市場尋找最大的新機會。

In addition, owned and operated store growth will be focused on premium outlet doors in China, Western Europe, North America, and Japan.

此外，自有和經營店的成長將集中在中國、西歐、北美和日本的高端直營店。

As we think about our growth opportunities beyond 2025, we believe we can continue to fuel growth in North America through iterating on our icon and expanding wearing occasions.

當我們思考 2025 年以後的成長機會時，我們相信我們可以透過迭代我們的標誌和擴大穿著場合來繼續推動北美的成長。

With that said, we see the majority of our dollar growth coming from international.

話雖如此，我們發現美元成長大部分來自國際市場。

We're in the earlier phase of establishing clog relevance and see ample opportunity for market share gains.

我們正處於建立堵塞相關性的早期階段，並看到了充足的市場份額成長機會。

Our average market share in major countries, including China, India, Japan, Germany, and France represents approximately 1/4 of the market share we've achieved in our more established markets, the US, UK, and South Korea.

我們在中國、印度、日本、德國和法國等主要國家的平均市場份額約占我們在更成熟的市場（美國、英國和韓國）的市場份額的 1/4。

All in, we have confidence in low double-digit growth of our international business on a constant currency basis over the medium term.

整體而言，我們對中期國際業務以固定匯率計算實現低兩位數成長充滿信心。

Turning now to the HEYDUDE brand.

現在來談談 HEYDUDE 品牌。

We are pleased with the progress we've made in 2024 as we prioritize brand health, elevated pricing as a result of pulling back on discounting and drove better segmentation with our wholesale partners.

我們對 2024 年的進展感到滿意，因為我們優先考慮品牌健康，透過減少折扣來提高價格，並與我們的批發合作夥伴實現更好的細分。

We ended the year on a high note with the fourth quarter revenue accelerating sequentially from the third quarter and flat to prior year.

我們以高調結束了這一財年，第四季的營收比第三季連續成長，與去年同期持平。

This was led by strong improvements in our digital trends, as new products were supported by fresh and compelling marketing content.

這是由於我們的數位趨勢強勁改善所致，因為新產品得到了新鮮且引人注目的行銷內容的支持。

Overall, our direct-to-consumer channel was up 7% to prior year marking the first positive inflection in five quarters.

總體而言，我們的直接面向消費者的管道較上年增長了 7%，這是五個季度以來的首次正增長。

Zooming out, our three strategic pillars for HEYDUDE are focused on one, creating the HEYDUDE brand community through connecting with youth female culture, while maintaining a strong connection with the male fan base; two, build the core, a Wendy and Wally and add more; three, stabilize and accelerate North America, while laying the groundwork for future international growth.

放眼望去，我們對HEYDUDE的三大戰略支柱都集中在：一是透過對接青年女性文化，打造HEYDUDE品牌社區，同時與男性粉絲群保持緊密聯繫；二、打造核心，一個溫迪和沃利並添加更多；三、穩定且加速北美，同時為未來的國際成長奠定基礎。

Starting with building a HEYDUDE community.

從建立 HEYDUDE 社群開始。

We are assembling a strong roster of high-profile influencers, including style icon and actress, Sydney Sweeney; award-winning music artist, Jelly Roll; and our recently announced partnership with Heisman Trophy winner, Travis Hunter.

我們正在組建一批強大的高調影響者名單，包括時尚偶像和演員 Sydney Sweeney；獲獎音樂藝術家 Jelly Roll；以及我們最近宣布與海斯曼獎得主特拉維斯亨特建立合作關係。

In looking at our social channels, we expanded our community, bringing our total following to 2.4 million consumers across leading platforms.

透過審視我們的社交管道，我們擴大了我們的社區，使我們在主要平台上的總追隨者達到 240 萬消費者。

During the holiday season, we saw exceptional HEYDUDE brand engagement on TikTok.

在節慶期間，我們看到 HEYDUDE 品牌在 TikTok 上的參與度異常高。

In December, the HEYDUDE brand was ranked the number three footwear brand across all brands on the TikTok shop.

12月，HEYDUDE品牌在TikTok店所有品牌中排名第三的鞋類品牌。

While it's still early days, our strategy to capitalize on the younger female consumer to unlock broader brand awareness and relevance is starting to build.

雖然還處於早期階段，但我們利用年輕女性消費者來提升品牌知名度和相關性的策略已開始成形。

During the fourth quarter, we saw 160% growth in new customers in the female 18- to 24-year-old demographic, fueled in part by the product successes in the Wendy slipper and Austin Lift.

第四季度，我們發現 18 至 24 歲女性族群的新客戶數量增加了 160%，這在一定程度上得益於 Wendy 拖鞋和 Austin Lift 等產品的成功。

Turning to our second pillar, build the core and add more.

轉向我們的第二個支柱，建立核心並添加更多內容。

We focus on our core Wendy and Wally assortment on three major platforms.

我們專注於三大平台上的核心 Wendy 和 Wally 產品系列。

Stretch Socks, Stretched Canvas and We iterate on these icons through color and materialization and partnerships.

彈性襪、彈性帆布，我們透過顏色、物化和合作關係對這些圖標進行迭代。

One example was the launch of our Wendy and Wally slipper during the holiday season.

其中一個例子是我們在節日期間推出的Wendy 和 Wally 拖鞋。

We introduced it as a DTC exclusive, bolstered by a strong social and digital marketing campaign featuring Sydney Sweeney.

我們將其作為 DTC 獨家產品推出，並藉助 Sydney Sweeney 等強大的社交和數位行銷活動進行推廣。

Within two days, we sold out completely.

兩天之內，產品就全部銷售一空。

The slipper outperformance was noticed by our wholesale partners, and we launched in select accounts.

我們的批發合作夥伴注意到了拖鞋的優異表現，因此我們在部分帳戶中推出了該產品。

As we mentioned on our Q3 call, we're investing behind the Austin Lift and the Paul franchises based on the success we saw in 2024.

正如我們在第三季電話會議上提到的那樣，基於我們在 2024 年看到的成功，我們將對 Austin Lift 和 Paul 特許經營權進行投資。

In the fourth quarter, Austin Lift and Paul emerged as top franchises online.

第四季度，Austin Lift 和 Paul 成為線上頂級特許經營商。

In the next few weeks, you will see exciting new marketing around the Austin Lift as we build upon our early success on this franchise.

在接下來的幾週內，您將看到圍繞 Austin Lift 的令人興奮的新行銷活動，我們在此特許經營的早期成功基礎上再接再厲。

Finally, we're continuing to prioritize brand health as we stabilize the North America market while laying the groundwork for future international growth.

最後，我們將繼續優先考慮品牌健康，穩定北美市場，為未來的國際成長奠定基礎。

In the fourth quarter, we installed improved full price selling with ASP growth of 7%, marking the fifth consecutive quarter of ASP growth.

第四季度，我們實施了改進的全價銷售，平均售價成長了 7%，這是平均售價連續第五個季度成長。

During 2024, we opened 38 premium outlet stores, which is helping to drive brand awareness and connect consumers with the full expression of our brand.

2024 年，我們開設了 38 家高端直銷店，有助於提高品牌知名度並讓消費者充分了解我們品牌的內涵。

Based on the performance of these stores, we're planning to open an additional 10 stores in 2025.

根據這些門市的表現，我們計劃在 2025 年再開設 10 家門市。

We have confidence in the long-term potential of HEYDUDE.

我們對 HEYDUDE 的長期潛力充滿信心。

The continued green shoots we are seeing give us positive reinforcement of the opportunities for durable future growth.

我們看到的持續復甦跡象為我們未來持久成長的機會提供了積極的助力。

I will now turn the call over to Susan to provide more details around our financial performance and our outlook.

現在，我將把電話轉給蘇珊，讓她提供有關我們的財務表現和前景的更多詳細資訊。

Thank you, Andrew, and good morning, everyone.

謝謝你，安德魯，大家早安。

We delivered strong 2024 results capped off by a better-than-expected fourth quarter, which saw an acceleration in revenue growth from the third quarter despite an incremental $11 million currency headwind versus our plan.

我們取得了強勁的 2024 年業績，其中第四季度表現優於預期，儘管與我們的計劃相比，貨幣逆風增加了 1,100 萬美元，但營收成長較第三季有所加速。

Starting with the fourth quarter.

從第四季開始。

Enterprise revenues of $990 million were up 4% to prior year.

企業營收為 9.9 億美元，較上年成長 4%。

Crocs Brand revenues of $762 million were up 5% to prior year.

Crocs品牌營收為7.62億美元，較上年成長5%。

Growth was led by DTC, which was up 6%, while wholesale was up 4%.

成長主要由 DTC 推動，成長了 6%，而批發業務則成長了 4%。

North America was flat to last year, slightly ahead of our expectations supported by 2% growth in our direct-to-consumer channel, offset by wholesale declines.

北美市場與去年持平，略高於我們的預期，這得益於我們直接面向消費者的通路成長了 2%，但批發業務的下滑抵消了這一成長。

During the holiday season, we saw strength during Black Friday, particularly on digital as well as in the week leading up to Christmas as the consumer reverted to more normal holiday shopping patterns.

在假期期間，我們看到了「黑色星期五」的強勁表現，尤其是在數位領域以及聖誕節前一周，因為消費者恢復了更正常的假期購物模式。

International revenue was up 14%.

國際收入成長了14%。

China led the growth with revenue up 25% in the quarter, accelerating from the prior quarter.

中國引領成長，本季營收成長 25%，成長高於上一季。

HEYDUDE brand revenues of $228 million were flat to prior year, led by DTC up 7%.

HEYDUDE 品牌營收為 2.28 億美元，與上年持平，其中 DTC 成長 7%。

Upside to our guidance was driven by improved digital trends.

我們的預期上漲是由於數位化趨勢的改善。

Wholesale was down 8% in the quarter and also better than our plan.

本季批發業務下降了 8%，也優於我們的計畫。

Enterprise adjusted gross margins of 57.9% were up 220 basis points to prior year.

企業調整後毛利率為57.9%，較上年上升220個基點。

Crocs Brand adjusted gross margin of 60.9% was up 140 basis points to prior year, tied to product mix and lower fulfillment costs.

Crocs 品牌調整後毛利率為 60.9%，較上年同期上漲 140 個基點，這與產品組合和較低的履行成本有關。

HEYDUDE brand adjusted gross margin of 47.7% was up 220 basis points to prior year, driven by fulfillment efficiencies and higher ASPs, partially offset by product cost.

HEYDUDE 品牌調整後毛利率為 47.7%，較上年上升 220 個基點，這得益於履行效率和更高的平均售價，但部分被產品成本所抵消。

This performance was significantly better than our expectations.

這一表現明顯好於我們的預期。

Adjusted SG&A dollars for the quarter increased 23% versus prior year.

本季調整後的銷售、一般及行政開支較上年同期增加 23%。

Adjusted SG&A rate was 37.7%, up 610 basis points compared to prior year, driven by continued investment in DTC, talent, and marketing to support long-term market share gains.

調整後的銷售、一般及行政開支率為 37.7%，較上年上升 610 個基點，這得益於對 DTC、人才和行銷的持續投資，以支持長期市場份額的成長。

Adjusted operating margin of 20.2% was down 390 basis points compared to prior year and above our expectations.

調整後的營業利益率為 20.2%，較前一年下降 390 個基點，高於我們的預期。

Adjusted diluted earnings per share decreased 2% to $2.52, and our non-GAAP effective tax rate was 16.1%, which excludes the current period tax impact of intra-entity transactions.

調整後每股攤薄收益下降 2% 至 2.52 美元，我們的非 GAAP 有效稅率為 16.1%，其中不包括企業內部交易的當期稅收影響。

During the quarter, we repurchased approximately 2 million shares for a total of $225 million and also repaid $75 million of debt.

本季度，我們回購了約 200 萬股，總額為 2.25 億美元，同時償還了 7,500 萬美元的債務。

Now turning to the full year.

現在轉向全年。

We delivered enterprise revenue growth of 4% to prior year, achieving $4.1 billion in total revenues.

我們的企業收入比上年增長了 4%，總收入達到 41 億美元。

Crocs brand revenues were $3.3 billion, growing 10% to prior year, with DTC growing 11% and wholesale growing 9%.

Crocs 品牌營收為 33 億美元，較上年成長 10%，其中 DTC 成長 11%，批發成長 9%。

The growth was volume driven with units increasing 6% versus last year to a total of 127 million pairs of shoes sold, while brand ASPs increased 2% to $25.52. ASPs were driven by favorable pricing, channel mix and product mix.

成長主要由銷量推動，銷量較去年同期成長 6%，共售出 1.27 億雙鞋，而品牌平均售價成長 2%，至 25.52 美元。平均售價受優惠的定價、通路組合和產品組合的推動。

North America revenues grew 3% versus the prior year to $1.8 [million].

北美營收較上年成長 3%，達到 180 萬美元。

Growth was led by DTC, up 6%, while wholesale was down 1%.

成長主要由 DTC 推動，成長 6%，而批發則下降 1%。

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

北美實體店基礎成長率達到個位數。

International revenues grew 19% versus prior year to $1.4 billion, led by 25% DTC growth and 17% wholesale growth.

國際營收較前一年成長 19%，達到 14 億美元，其中 DTC 成長 25%，批發成長 17%。

China grew 64% on top of last year's triple-digit growth rate, while Western Europe grew 18%, led by France and Germany.

中國在去年三位數成長率的基礎上又成長了64％，而以法國和德國為首的西歐則成長了18％。

In aggregate, our international Tier 1 markets grew 20% during 2024.

總體而言，我們的國際一級市場在 2024 年成長了 20%。

Turning to HEYDUDE.

轉向 HEYDUDE。

Revenues were $824 million, down 13% from prior year.

營收為 8.24 億美元，較上年下降 13%。

Wholesale revenues were down 20% and DTC revenues were down 4%.

批發收入下降了 20%，DTC 收入下降了 4%。

For the year, ASPs were up 6% to $30.54, while unit volume was $27 million or down 18% to prior year.

今年，平均售價上漲 6% 至 30.54 美元，而單位銷量為 2,700 萬美元，較上年下降 18%。

Enterprise adjusted gross margin for the year was 58.8%, up 230 basis points from last year.

全年企業調整後毛利率為58.8%，較去年同期上升230個基點。

Crocs brand adjusted gross margin was 61.6% or 140 basis points higher than prior year.

Crocs 品牌調整後毛利率為 61.6%，較前一年高出 140 個基點。

The primary drivers of margin expansion were lower freight and fulfillment costs and favorable product mix.

利潤率擴大的主要驅動力是較低的運費和履行成本以及有利的產品組合。

HEYDUDE brand adjusted gross margin was 48.1% or 190 basis points higher than prior year.

HEYDUDE品牌調整後毛利率為48.1%，較前一年高出190個基點。

The primary drivers of margin expansion were higher ASP, favorable channel mix and lower freight costs.

利潤率擴大的主要驅動力是平均售價上漲、有利的通路組合和較低的運費。

Adjusted SG&A dollars for the year increased 20% versus prior year.

本年度調整後的銷售、一般及行政開支較上年增加 20%。

Adjusted SG&A rate was 33.2%, up 450 basis points compared to prior year.

調整後的銷售、一般及行政支出率為 33.2%，較上年上升 450 個基點。

Adjusted operating margin of 25.6% was down 210 basis points from 27.7% in the prior year, driven by planned investments in SG&A.

調整後的營業利益率為 25.6%，較上年的 27.7% 下降 210 個基點，主要原因是計劃對銷售、一般及行政開支進行投資。

Adjusted diluted earnings per share increased 9% to $13.17. Our non-GAAP effective tax rate was 16%.

調整後每股攤薄收益成長 9% 至 13.17 美元。我們的非公認會計準則有效稅率為 16%。

Our inventory balance as of December 31 was $356 million, a decline of 7% versus prior year.

截至 12 月 31 日，我們的庫存餘額為 3.56 億美元，比上年下降 7%。

Enterprise inventory turns were above our goal of 4 times on an annualized basis.

企業庫存週轉率高於我們年化4倍的目標。

Our liquidity position remains strong, comprised of $180 million of cash and cash equivalents and $809 million of borrowing capacity on our recently upsized $1 billion revolver.

我們的流動性狀況依然強勁，包括 1.8 億美元的現金和現金等價物，以及最近增加的 10 億美元循環信貸額度的 8.09 億美元借貸能力。

We generated $923 million of free cash flow in 2024, enabling us to repurchase stock and pay down debt.

我們在 2024 年產生了 9.23 億美元的自由現金流，使我們能夠回購股票並償還債務。

During the year, we repurchased approximately 4.3 million shares for a total of $551 million.

本年度，我們回購了約 430 萬股，總額達 5.51 億美元。

Earlier this month, the Board of Directors approved an upsized share repurchase authorization of an additional $1 billion, bringing our current authorization to approximately $1.3 billion.

本月初，董事會批准將股票回購授權增加 10 億美元，使我們目前的授權金額達到約 13 億美元。

We also repaid $323 million of debt during the year, reducing borrowings to approximately $1.3 billion.

我們還在年內償還了 3.23 億美元的債務，將借款減少至約 13 億美元。

We ended the year at the low end of our net leverage target range of 1 time to 1.5 times.

截至年底，我們的淨槓桿率處於 1 倍至 1.5 倍目標範圍的低端。

Before turning to guidance, I would like to address the topic of tariffs.

在談到指導之前，我想談談關稅問題。

Our guidance embeds an additional 10% tariff on goods imported from China into the US beginning February 4 as well as the anticipated additional 25% tariff on goods importing from Mexico beginning in March and assumes these will stay in place for the remainder of the year.

我們的指引包括從 2 月 4 日起對從中國進口到美國的商品徵收額外 10% 的關稅，以及從 3 月開始對從墨西哥進口的商品徵收額外 25% 的關稅，並假設這些政策將在今年剩餘時間內保持不變。

We do not have any production in Canada.

我們在加拿大沒有任何生產。

In 2025, we expect the share of enterprise imports into the US from China to be approximately 15%, with Crocs at 10% and HEYDUDE at 27%.

我們預計，2025 年美國從中國進口的企業份額將達到約 15%，其中 Crocs 為 10%，HEYDUDE 為 27%。

Our exposure to Mexico is expected to be under 4% and for the Crocs brand only.

預計我們在墨西哥的業務敞口將低於 4%，且僅限於 Crocs 品牌。

For the enterprise, we estimate an approximate $11 million headwind to gross profit from these additional tariffs or roughly 25 basis points to our margin rate.

對於企業而言，我們估計這些額外關稅將為毛利帶來約 1,100 萬美元的不利影響，或使我們的利潤率下降約 25 個基點。

For the full year 2025, we expect enterprise revenue growth to be up approximately 2% to 2.5% on a reported basis, assuming currency rates as of February 10.

對於 2025 年全年而言，我們預期企業營收成長率將達到約 2% 至 2.5%（假設匯率截至 2 月 10 日）。

This includes an anticipated $60 million currency headwind to the prior year.

其中包括預計比上年同期多 6,000 萬美元的貨幣逆差。

On a constant currency basis, we expect enterprise revenue growth to be up approximately 3.5% to 4%.

以固定匯率計算，我們預期企業收入將成長約 3.5% 至 4%。

For the Crocs Brand, we expect revenue growth of approximately 4.5%, led by international growth.

對於 Crocs 品牌，我們預計營收成長約為 4.5%，主要由國際成長推動。

In North America, we expect growth for the full year to be slightly up; and for International, we expect growth to be up approximately 10%.

在北美，我們預計全年成長將略有上升；對於國際業務，我們預計成長率約為 10%。

For HEYDUDE, we expect revenue to be down approximately 7% to 9% for the year.

對於 HEYDUDE，我們預計今年的營收將下降約 7% 至 9%。

We expect direct-to-consumer growth in 2025 to come from improving digital trends and our new retail store contribution.

我們預計，2025 年直接面向消費者的成長將來自於數位化趨勢的改善和我們新零售店的貢獻。

Our outlook does not contemplate wholesale growth, as we expect the wholesale channel to take longer to turn than our direct-to-consumer channel.

我們的展望並不考慮批發成長，因為我們預期批發管道的轉變時間會比直接面向消費者的管道更長。

We expect enterprise adjusted gross margin for the year to be down slightly, impacted in part by foreign currency and tariffs.

我們預計今年企業調整後的毛利率將略有下降，部分原因是受到外匯和關稅的影響。

We expect mid-teens adjusted SG&A growth in the first half of the year versus prior year and low single-digit adjusted SG&A growth in the back half.

我們預計，今年上半年調整後的銷售、一般及行政開支將比去年同期增長 15% 左右，而下半年調整後的銷售、一般及行政開支將比去年同期增長 10% 左右。

Included in this is an uptick in our enterprise marketing spend from 9% to 10% as a percent of revenue.

其中包括我們的企業行銷支出佔收入的百分比從 9% 上升到 10%。

Taken together, we expect our adjusted operating margin to be approximately 24% for the full year.

綜合來看，我們預計全年調整後的營業利潤率約為 24%。

This includes an anticipated negative impact from both foreign currency and tariffs of approximately 60 basis points.

其中包括預計外匯和關稅將帶來的約 60 個基點的負面影響。

Beyond 2025, we are committed to maintaining an adjusted operating margin at or above 24%, assuming a normalized currency and tariff environment.

2025 年後，假設貨幣和關稅環境正常化，我們致力於將調整後的營業利潤率維持在 24% 或以上。

We expect adjusted diluted earnings per share in the range of $12.70 to $13.15. Consistent with our previous guidance policy, this range reflects future debt repayment but does not assume any impact from future share repurchases.

我們預計調整後的每股攤薄收益在 12.70 美元至 13.15 美元之間。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，但不假設未來股票回購的任何影響。

We are committed to our 1 time to 1.5 times net leverage range while redeploying excess cash flow towards share buybacks opportunistically.

我們致力於將淨槓桿率控制在 1 倍至 1.5 倍之間，同時適時將過剩現金流重新部署用於股票回購。

We expect our underlying non-GAAP effective tax rate, which approximates cash taxes paid to be 18% and the GAAP effective tax rate to be approximately 21.5%.

我們預計我們的基本非 GAAP 有效稅率（近似於支付的現金稅）為 18%，而 GAAP 有效稅率約為 21.5%。

Our 2025 anticipated tax rate is lower than our previously communicated 20% long-term tax rate due to forecasted business mix for the year.

由於預測了 2025 年的業務組合，我們預計的 2025 年稅率將低於我們先前公佈的 20% 的長期稅率。

We expect 2025 capital expenditures to be in the range of $80 million to $100 million.

我們預計 2025 年的資本支出將在 8,000 萬至 1 億美元之間。

Turning to guidance for the first quarter.

談到第一季的指引。

We expect enterprise revenues to be down approximately 3.5% at currency rates as of February 10.

我們預計，以 2 月 10 日的匯率計算，企業收入將下降約 3.5%。

This includes an anticipated $19 million currency headwind.

其中包括預計的 1900 萬美元的貨幣逆風。

On a constant currency basis, we expect enterprise revenue growth to be down approximately 1.5%.

以固定匯率計算，我們預期企業收入成長將下降約 1.5%。

We expect the Crocs Brand to be flat to down approximately 1% led by mid-single-digit international growth.

我們預計 Crocs 品牌的銷售額將持平至下降約 1%，主要受中等個位數國際成長的帶動。

We expect North America to be down mid-single digits, including the negative impact of the Easter shift.

我們預計北美的銷售額將下降中等個位數，其中包括復活節變化帶來的負面影響。

We expect HEYDUDE revenue to be down approximately 14% to 16% tied to wholesale declines, offset in part by growth in DTC.

我們預計 HEYDUDE 的營收將下降約 14% 至 16%，原因是批發業務下降，但 DTC 業務的成長將部分抵消這一下降影響。

Adjusted gross margins are expected to be up slightly for the enterprise.

預計該企業的調整後毛利率將小幅上升。

Adjusted operating margin is expected to be approximately 21.5%.

調整後的營業利潤率預計約為21.5%。

This includes an anticipated negative impact from foreign currency and tariffs of 80 basis points.

其中包括預計外匯和關稅將帶來的80個基點的負面影響。

Adjusted diluted earnings per share is expected to be in the range of $2.38 to $2.52.

調整後每股攤薄收益預計在 2.38 美元至 2.52 美元之間。

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 the company does best: delivering growth with industry-leading margins that generate significant cash flow.

最後，我們正在做出短期決策，我們認為這些決策符合公司和股東的長期利益，我們將繼續專注於公司最擅長的領域：實現行業領先利潤率的成長，從而產生可觀的現金流。

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

現在我將把電話轉回給安德魯，聽取他的最終想法。

Thank you, Susan.

謝謝你，蘇珊。

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

我們的公司計劃保持一致，我們將專注於三個主要槓桿來推動長期持久的成長。

Ignite our icons across both brands to drive awareness and global relevance for new and existing consumers; two, drive market share gains across our Tier 1 markets through strategic investment behind DTC, talent and marketing; and three, attract new consumers to our brand through methodically diversifying our product range and usage occasions.

點燃我們兩個品牌的標誌，以提高新舊消費者的認知度和全球影響力；二、透過對DTC、人才和行銷的策略投資，推動我們在一線市場的市佔率成長；第三，透過有條不紊地多樣化我們的產品範圍和使用場合來吸引新的消費者關注我們的品牌。

While the geopolitical climate has become more volatile since the onset of the year, we continue to execute our brand strategies, invest in our people and maintain a nimble mindset.

儘管今年年初以來地緣政治氣候變得更加不穩定，我們仍繼續執行我們的品牌策略，投資於我們的人才並保持靈活的思維方式。

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

現在，我們將開始回答問題。

(Operator Instructions) Jonathan Komp, Baird.

（操作員指示）喬納森·康普，貝爾德。

If I could ask about the Crocs Brand in North America.

我可以詢問有關北美的 Crocs 品牌嗎？

I know you mentioned down mid-single digits in the first quarter and up slightly for the year.

我知道您提到第一季的銷售額下降了中個位數，而全年銷售額則略有上升。

Could you just talk a little bit more about what you're seeing, maybe the health of the brand and the drivers of that inflection after the first quarter?

您能否再多談談您所看到的情況，例如品牌的健康狀況以及第一季之後轉變的驅動因素？

And then just one follow-up, Susan, on the SG&A outlook.

然後蘇珊，還有一個關於銷售、一般和行政費用前景的後續問題。

I know you mentioned second half growth, I think you said low single digits.

我知道您提到了下半年的成長，我認為您說的是低個位數。

Could you just talk about the step-down in the growth rate of the G&A spend and how we should think about that going forward?

您能否談談一般及行政費用成長率的下降以及我們未來應該如何考慮這個問題？

Great.

偉大的。

Thanks, Jon.

謝謝，喬恩。

So let me take the Crocs Brand, Susan can give you some incremental insight into the SG&A growth.

因此，讓我來談談 Crocs 品牌，蘇珊可以為您提供一些有關銷售、一般及行政開支 (SG&A) 成長的漸進式見解。

So as we think about the Crocs Brand in North America, I think it's also important to kind of step back.

因此，當我們思考北美的 Crocs 品牌時，我認為退一步思考也很重要。

Crocs Brand has grown for seven consecutive years in North America and the business is triple what it used to be prior to that time frame.

Crocs 品牌在北美已連續七年實現成長，業務量是之前的三倍。

I would say we're very confident in the products that we have coming to market in North America, as we look at both our clog innovation, as we look both at our sandals.

我想說，我們對在北美市場上推出的產品非常有信心，因為我們既關注木屐的創新，也關注我們的涼鞋。

We had a nice sandal year last year in North America with strong sellouts, and we're optimistic based on the feedback that we've gotten from retailers with our product portfolio for 2025.

去年，我們在北美的涼鞋銷售非常好，根據零售商對我們 2025 年產品組合的回饋，我們對此感到樂觀。

I think it's important also to think about the consumer environment.

我認為考慮消費者環境也很重要。

And when we think about the consumer environment, there's a healthy dose of uncertainty.

當我們考慮消費者環境時，存在著大量的不確定性。

So we are taking a prudent approach in terms of how we think about the growth of the brand.

因此，我們在考慮品牌發展方面採取了審慎的態度。

And I would say, as we think about the sort of multiyear trajectory, we're very confident in our product pipeline, our marketing engine to continue to drive growth in North America.

我想說，當我們思考多年的發展軌跡時，我們對我們的產品線和行銷引擎非常有信心，我們將繼續推動北美的成長。

And Jonathan, regarding your second question on SG&A.

喬納森，關於你關於銷售、一般和行政費用的第二個問題。

So just as a reminder, our SG&A dollars are going into the key areas that we think will fuel future growth, which are DTC investments, including marketplaces and new retail stores, along with talent and marketing.

因此，提醒一下，我們的銷售、一般和行政費用將投入到我們認為將推動未來成長的關鍵領域，即 DTC 投資，包括市場和新零售店，以及人才和行銷。

To your question about the first and second half, as you know, 2024 was an investment year for us and the cadence of those investments were back-half weighted.

對於您關於上半年和下半年的問題，如您所知，2024 年對我們來說是投資年，而這些投資的節奏是後半年加權的。

So as we begin to lap those second half investments in 2024, that's why we say mid-single -- low single digits increase in SG&A for the second half of 2025, as we complete our two-year investment cycle.

因此，當我們在 2024 年開始進行下半年的投資時，這就是為什麼我們說 2025 年下半年的銷售、一般和行政費用將出現中等個位數到低個位數的增長，因為我們完成了兩年的投資週期。

Yes.

是的。

Maybe I'll just take this opportunity to sort of talk about kind of the overall arc of SG&A because I expect that will be a series of questions coming up on this call.

也許我會藉此機會談論銷售、一般及行政開支的整體情況，因為我預計這將是本次電話會議中提出的一系列問題。

I think -- and if you think about the growth in our SG&A and the sort of multiyear trajectory of our business, over the past five years, the Crocs Inc. company has gone from one brand to two brands, it's gone from $1 billion in revenue to in excess of $4 billion of revenue and that very rapid growth, particularly in the early part of that five-year period resulted in extraordinary SG&A leverage and very, very high levels of profitability.

我認為——如果您考慮一下我們的銷售、一般和行政費用 (SG&A) 的增長以及我們業務的多年發展軌跡，在過去五年中，Crocs Inc. 公司從一個品牌發展到兩個品牌，收入從 10 億美元增長到超過 40 億美元，而且一般和行政費用的增長，特別是在這五年初期，帶來了非凡的銷售率、非常高和行政費用的水平。

In the last two years, we've been focused on making key investments in what we believe are critical capabilities, infrastructure talent and also elevating our marketing investment to drive kind of future sustainable growth.

在過去的兩年裡，我們一直專注於對我們認為的關鍵能力、基礎設施人才進行重點投資，並加強行銷投資，以推動未來的永續成長。

So this has resulted in SG&A deleverage in '24, further deleverage that we're telling you about in '25, but we're committed to maintaining that 24% operating margin level for the future.

因此，這導致了24年的銷售、一般和行政費用去槓桿化，以及25年的進一步去槓桿化，但我們致力於在未來維持24%的營業利潤率水準。

And I think if you kind of step back and look at our peers and look at the industry, which we compete, 24% operating margin is an extraordinary level of profitability.

我認為，如果你退一步看看我們的同業和我們所競爭的行業，24% 的營業利潤率是一個非凡的盈利水平。

And I would also say we've been extremely proactive in taking that high level of profitability, resulting in high levels of cash flow and returning that proactively to shareholders.

我還要說，我們一直非常積極主動地實現高水準的獲利，從而產生高水準的現金流，並積極地將其返還給股東。

So hopefully, that kind of gives everybody the context and the perspective that we have on the business and how we think that reward shareholders in the long run.

所以希望，這可以讓每個人都了解我們對業務的背景和看法，以及我們如何從長遠角度回報股東。

Chris Nardone, Bank of America.

美國銀行的克里斯‧納多內 (Chris Nardone)。

Great.

偉大的。

Just a follow-up on Crocs North America.

這只是對 Crocs North America 的後續報導。

Can you maybe discuss how wholesale sell-through is trending relative to your expectations?

您能否討論批發銷售趨勢與您的預期如何？

And is the confidence you have in your order books for the year and if there's an improvement in wholesale embedded in your guidance?

您對今年的訂單有信心嗎？

Yes.

是的。

I mean I think we -- from a wholesale perspective and North America perspective, I would kind of go back to some of the things that I said to Jon, which was, number one, look, we have, I think, a very strong pipeline of products across three major product categories, both clogs, sandals and Jibbitz.

我的意思是，從批發和北美的角度來看，我會回顧我對喬恩說過的一些事情，第一，看，我認為我們擁有非常強大的產品線，涵蓋三大產品類別，包括木屐、涼鞋和 Jibbitz。

We ended the 2024 year, I think, with a very successful wholesale season.

我認為，我們以一個非常成功的批發季結束了 2024 年。

We have clean inventories in the market.

我們在市場上有乾淨的庫存。

We're confident in our marketing engine that will drive continued consumer takeaway from wholesale.

我們對我們的行銷引擎充滿信心，它將推動消費者繼續從批發中獲益。

I think we're strategically well positioned with our wholesale customers.

我認為我們在批發客戶方面處於戰略有利的位置。

We don't really talk about sell-throughs on an in-quarter basis.

我們實際上並不討論按季度計算的銷售情況。

We never have.

我們從來沒有。

As we think about our order books and so our wholesale customers' reaction to the product we're bringing to market into '25, we're very happy with the order books that we see at this stage, which run essentially all the way through to -- into third quarter.

當我們考慮我們的訂單以及我們的批發客戶對我們在 25 年推向市場的產品的反應時，我們對現階段看到的訂單感到非常滿意，這些訂單基本上一直持續到第三季。

And when you think about the first quarter, it's helpful to be mindful of a couple of factors.

當你思考第一季時，記住以下幾個因素會很有幫助。

So Q1 is our toughest comparison in North America tied to the timing of wholesale as Easter shifts into the second quarter of this year.

因此，由於今年復活節進入第二季度，第一季是北美與批發時間相關的最艱難的比較。

This is going to drive Crocs Brand North America sales growth down in Q1 and up in Q2.

這將導致 Crocs 品牌北美銷售成長在第一季下降，在第二季上升。

And then we also see about a 100-basis point headwind to DTC growth in Q1 from lapping the leap year.

然後，我們也看到，由於閏年的原因，第一季 DTC 成長將面臨約 100 個基點的阻力。

Okay.

好的。

And then just a quick follow-up.

然後只是快速的跟進。

You bought back a lot of stock last quarter.

上個季度你回購了很多股票。

Just want to gauge your appetite to continue leaning into share repurchases given where the stock is trading?

只是想根據股票交易情況來衡量您是否有興趣繼續回購股票？

Are there still more opportunities to pay down debt and potentially move below your current leverage target?

是否還存在更多機會來償還債務並有可能低於目前的槓桿率目標？

Yes.

是的。

So let me address that then, Chris, is, we plan -- we're committed to our long-term leverage target of 1 time to 1.5 times.

那麼，克里斯，讓我來回答這個問題，我們計劃 - 我們致力於實現 1 倍到 1.5 倍的長期槓桿目標。

That's unchanged.

這一點沒有變化。

But as you can see in Q4, we plan to do both.

但正如您在第四季度看到的，我們計劃同時進行這兩項工作。

We did about 75% share repurchase, and 25% debt repay down.

我們回購了約75%的股票，並償還了25%的債務。

And that mix is obviously influenced by the opportunity we see in our stock.

這種組合顯然受到我們在股票中看到的機會的影響。

And we do have a $1.3 billion repurchase authorization.

我們確實有 13 億美元的回購授權。

You can see our Board upsized that by $1 billion earlier this month.

您可以看到，本月初我們的董事會將該金額增加了 10 億美元。

So we are committed to do both.

因此，我們致力於做好這兩件事。

We are committed to that leverage target, but you can look at our Q4 balance and take confidence in how we see great opportunities in our stock as an investment.

我們致力於實現這一槓桿目標，但您可以看看我們第四季度的餘額，並相信我們會看到股票作為一項投資的巨大機會。

Adrienne Yih, Barclays.

巴克萊銀行的 Adrienne Yih。

Nice to see the progress at the end of the year.

很高興看到年底的進展。

Andrew, my question for you on kind of as we look out two to three years, how should we be thinking about the opportunities for Crocs in North America?

安德魯，我想問您的是，展望未來兩到三年，我們該如何看待 Crocs 在北美的機會？

What drives further growth there?

推動其進一步成長的因素有哪些？

And I know in past calls, we've talked about sort of more of that international growth is going to spur the Crocs Brand.

我知道，在過去的電話會議中，我們討論過國際業務的成長將如何促進 Crocs 品牌的發展。

And then for HEYDUDE, where kind of given the success on the DTC in the fourth quarter, but then going back to negative sales growth in the fiscal year, how comfortable are you with the turn and the investments that you are making into that to support the brand growth?

然後對於 HEYDUDE 來說，考慮到第四季度 DTC 的成功，但是財年又回到了負銷售成長，你對這種轉變以及為支持品牌成長而進行的投資感覺如何？

Great.

偉大的。

Thank you, Adrienne.

謝謝你，艾德麗安。

So a lot there.

那裡有很多。

So let me start with international versus North American growth for the Crocs Brand.

因此，讓我先從 Crocs 品牌的國際成長與北美成長開始說起。

So I think super clear, and it's embedded in your question, that we think the easiest growth for the Crocs Brand is internationally, right?

所以我認為非常清楚，而且它包含在你的問題中，我們認為 Crocs 品牌最容易的成長是在國際上，對嗎？

And that is really based on our degree of penetration and market share in some of these major markets.

這實際上是基於我們在某些​​主要市場的滲透程度和市場份額。

As we look at our international markets, and I think we put a nice page in our latest investor deck, we can see more developed international markets like the UK or South Korea and also if you compare it to the US compared to less developed international markets.

當我們審視國際市場時，我認為我們在最新的投資者平台中對此做了很好的介紹，我們可以看到英國或韓國等更加發達的國際市場，如果與美國進行比較，還可以看到欠發達的國際市場。

And in the less developed markets like China, France, Japan, even Germany, we have about 1/4 of the market share that we have in the developed markets.

在中國、法國、日本甚至德國等欠發達市場，我們的市佔率約為已開發市場的 1/4。

That is based on the degree of marketing effort, et cetera, that we put in those markets over time.

這取決於我們在一段時間內在這些市場投入的營銷努力程度等等。

We've got to make choices over time.

我們必須隨著時間的推移做出選擇。

And we think that there is a long and relatively straightforward runway in those markets.

我們認為，這些市場擁有漫長而相對簡單的發展道路。

So that's where the majority of growth will come in the short term and the easiest growth, we believe.

因此我們認為，短期內大部分成長都將來自這一領域，而這也是最容易實現的成長。

In North America, we're well penetrated from a clog perspective.

在北美，從堵塞的角度來看，我們的滲透率很高。

We do have a growing and emerging sandal business, and over time, we do believe we can drive innovation into incremental product categories that will yield growth in North America.

我們的涼鞋業務確實正在不斷成長，隨著時間的推移，我們確實相信我們可以推動創新進入增量產品類別，從而實現北美的成長。

But to yield substantive growth in North America, we really have to do penetrate new wearing occasions.

但為了在北美實現實質成長，我們必須開拓新的穿著場合。

And we've got a nice pipeline of innovation there.

我們在那裡擁有良好的創新管道。

But as yet, I would say it's not fully proven.

但到目前為止，我想說這還沒有完全被證實。

So I think for us to talk about acceleration in North America, we have to prove that first.

因此我認為，要談論北美的加速發展，我們必須先證明這一點。

And I can assure you, we're doing that work, and hopefully, we'll have some great results to showcase in that arena in the coming future.

我可以向你們保證，我們正在做這項工作，並且希望在未來的某一天，我們能在這個領域取得一些出色的成果。

So hopefully, that kind of gives you the balance of Crocs.

所以希望這能帶給你 Crocs 的平衡。

But -- and having said that, that's still a very healthy brand that yields a coherent growth and high levels of profitability go forward.

但是——話雖如此，這仍然是一個非常健康的品牌，可以實現持續成長並實現高水準的利潤。

From a HEYDUDE perspective, I think you're curious about the future guide and our performance in Q4 relative to Q1 guide, right?

從 HEYDUDE 的角度來看，我想您對未來的指南以及我們第四季度相對於第一季指南的表現感到好奇，對嗎？

So the piece that I think it would be helpful to, look, we're really pleased with the performance of the brand in Q4.

因此，我認為這會很有幫助，看，我們對該品牌在第四季度的表現非常滿意。

It was led by product, it was led by marketing and particularly DTC and our ability to drive consumer takeaway in our DTC channel.

它是由產品主導的，是由行銷主導的，特別是 DTC 和我們在 DTC 管道中推動消費者外送的能力。

That being said, we know we want to provide, I think, really very prudent guidance for this year so that we can perform well against it.

話雖如此，我們知道我們希望為今年提供非常審慎的指導，以便我們能夠取得良好的業績。

So I think, hopefully, we're doing that.

所以我認為，希望我們能夠做到這一點。

I would say, as we kind of look at the trajectory of the brand, we've done this before at Crocs.

我想說，當我們回顧品牌的發展軌跡時，我們之前在 Crocs 就做過這樣的事情。

We've really turned around that brand and from a brand that was going nowhere years ago to a brand that's incredibly successful today.

我們確實扭轉了這個品牌，將它從幾年前毫無前途的品牌轉變為如今非常成功的品牌。

We know the playbook.

我們知道劇本。

We're seeing a lot of the green shoots, so we're very confident with what we're seeing and where we're going.

我們看到了許多復甦的跡象，因此，我們對所看到的以及未來的發展方向非常有信心。

So -- and I would say, lastly, from a HEYDUDE perspective, look, we think this is a great brand.

所以——最後我想說，從 HEYDUDE 的角度來看，我們認為這是一個很棒的品牌。

We think it's well positioned against the consumer.

我們認為它對消費者而言具有良好的定位。

It hasn't met our short-term expectations, but we remain extremely confident in its long-term potential, its ability to further penetrate the US market and leverage internationally.

它還沒有達到我們的短期預期，但我們對它的長期潛力、進一步滲透美國市場和國際影響力的能力仍然非常有信心。

Jim Duffy, Stifel.

吉姆·達菲（Jim Duffy），斯蒂費爾（Stifel）。

A quick mention of appreciation for the very clear disclosures on tariff assumptions.

簡要提一下，對關稅假設的非常明確的披露表示讚賞。

Andrew, starting on the HEYDUDE brand.

安德魯 (Andrew) 開始創立 HEYDUDE 品牌。

Can you speak to the state of engagement with wholesale partners?

能談談與批發合作夥伴的合作狀況嗎？

Is the distribution footprint now stable?

現在分佈足跡是否穩定？

How do you see changes to shelf space?

您如何看待貨架空間的變化？

What's the willingness of wholesale partners to engage with new product offerings where you're seeing success in DTC?

在 DTC 領域取得成功後，批發合作夥伴參與新產品的意願有多大？

Yes.

是的。

Great.

偉大的。

So yes, I would say we don't anticipate significant changes in our distribution strategy from this point forward.

所以是的，我想說從現在起我們預計我們的分銷策略不會有重大變化。

There are incremental customers we'd like to attract.

我們希望吸引更多的客戶。

There are shelf space we'd like to increase.

我們希望增加貨架空間。

But in terms of who we are engaged?

但就我們與誰交往而言？

I think we're engaged with a lot of the right people and the potential effort to add to that in the future.

我認為我們已經與許多合適的人才進行了合作，並且有潛力在未來繼續做出努力。

In terms of the degree of enthusiasm and conversation and connectivity with some of those key partners, I would say they are very much engaged with HEYDUDE.

就熱情程度、對話和與一些關鍵合作夥伴的聯繫而言，我想說他們非常熱衷於 HEYDUDE。

For some of them, HEYDUDE a top five brand, right?

對他們中的一些人來說，HEYDUDE 是排名前五的品牌，對嗎？

So it's a brand that they are supportive of, they wish to succeed.

因此，這是他們支持的品牌，他們希望品牌能夠成功。

But I would also say -- and I would say they are seeing the benefits of the work that we've done associated with product and marketing, particularly some of the ambassadors and celebrities that we're using to grow our interest of the brand, they can see the connectivity of the brand with the consumer on TikTok and some of the social sites.

但我還要說——我想說他們看到了我們在產品和行銷方面所做工作的好處，特別是我們用來提升品牌興趣的一些大使和名人，他們可以看到品牌與 TikTok 和一些社交網站上的消費者之間的聯繫。

But I would also say there is work to be done, and that work is called out in our guidance.

但我也想說，還有很多工作要做，這些工作已經在我們的指導下提及。

We do not see -- contemplated in our guidance today is not wholesale growth in North America.

我們沒有看到——我們今天的指導中考慮的不是北美的全面成長。

There is still work to be done relative to cleaning up inventories in the channel.

清理渠道庫存仍有工作要做。

In fact, we'll be taking some returns in the first quarter of aged inventory and replacing it with new and current inventory.

事實上，我們將在第一季退回一些陳舊庫存，並用新的現有庫存替換。

So that's a proactive step that we're taking that is also embedded in our guidance.

因此，這是我們採取的主動措施，也已融入我們的指導中。

So there's still work to be done.

因此，還有很多工作要做。

But I would say our partners are shoulder to shoulder doing that work with us.

但我想說，我們的合作夥伴正在與我們並肩進行這項工作。

Great.

偉大的。

Then Susan, just a quick one on the outlook.

那麼蘇珊，我們簡單談談前景。

Can you comment on working capital considerations in '25?

您能評論一下 25 年的營運資金考量嗎？

We're very focused on free cash flow.

我們非常關注自由現金流。

Any reason to think free cash flow couldn't again exceed $800 million?

有什麼理由認為自由現金流不可能再超過 8 億美元？

Yes.

是的。

So Jim, we don't -- as you know, we don't specifically guide free cash flow.

所以吉姆，如你所知，我們不會專門指導自由現金流。

I mean we're really pleased with the free cash flow generation ability of both our brands and our ability to convert that into share repurchases and debt paydown for our investors.

我的意思是，我們對我們兩個品牌的自由現金流創造能力以及將其轉化為股票回購和為投資者償還債務的能力感到非常滿意。

When it comes to your models, I know -- I think we give you all the components you need to derive that.

當涉及到您的模型時，我知道——我認為我們為您提供了推導模型所需的所有組件。

So we get happy to take any questions off-line.

因此我們很樂意解答任何線下問題。

You mentioned the inventory turns kind of exceeded your goal of four times in 2025 do you expect -- or excuse me, 24, do you expect reinvestment in inventory in '25?

您提到庫存週轉率在 2025 年超過了四倍的目標，您預計——或者對不起，24，您預計 25 年會對庫存進行再投資嗎？

We're really pleased where we ended up on both brands and our strategies will be consistent with the growth we've planned for the brand.

我們對最終選擇這兩個品牌感到非常高興，我們的策略將與我們為品牌規劃的成長保持一致。

As Andrew said, we've got some strategies around HEYDUDE.

正如安德魯所說，我們針對 HEYDUDE 制定了一些策略。

But overall, we're very pleased with how clean we ended up the quarter in both brands.

但總體而言，我們對兩個品牌本季的乾淨狀況感到非常滿意。

Bob Drbul, Guggenheim.

古根漢的鮑勃·德布爾。

Just two questions for me.

我只有兩個問題。

The first one just on the commitment to 24% operating margins, when you think about sort of the increase in marketing spend and sort of flexibility around the SG&A line or marketing spend within that, can you just talk about how you're approaching it in that 24% commitment?

第一個問題是關於 24% 營業利潤率的承諾，當您考慮行銷支出的增加以及銷售、一般和行政費用或其中的行銷支出的靈活性時，您能否談談您如何實現 24% 的承諾？

And then the second question I have is just on HEYDUDE.

我的第二個問題是關於 HEYDUDE 的。

Will Travis Hunter be wearing those shoes at the draft?

崔維斯亨特會穿著這雙鞋參加選秀嗎？

Is that part of the deal?

這是交易的一部分嗎？

So let me do the second piece first.

因此讓我先做第二部分。

I'm not going to make any predictions about what he's going to be wearing at the draft.

我不會對他在選秀時會穿什麼做出任何預測。

You may have noticed he was wearing HEYDUDE at his Heisman Trophy ceremony.

您可能注意到他在海斯曼獎杯頒獎典禮上穿著 HEYDUDE。

And I would say, look, our engagement Travis Hunter is like our engagement with the other music leaders and actors or actresses that we've engaged with.

我想說，看，我們與特拉維斯·亨特的合作就像我們與其他音樂領袖和演員的合作一樣。

It's first based on a genuine connection with the brand.

它首先基於與品牌的真正聯繫。

He was an individual that loved the brand, wore the brand and obviously, he's been playing group most recently here in Boulder, Colorado.

他熱愛這個品牌，穿著這個品牌的衣服，顯然，他最近一直在科羅拉多州博爾德參加團體演出。

So we're very familiar with him.

所以我們對他非常熟悉。

So when we look for celebrities and ambassadors that we're going to engage with that authenticity is super important, and he absolutely has that.

因此，當我們尋找要合作的名人和大使時，真實性極為重要，而他絕對做到了這一點。

We hope he goes very high in the draft and goes to a large media market because that would be helpful.

我們希望他在選秀中能取得高分並進入大型媒體市場，因為這將會很有幫助。

So going back to your other question, so 24% commitment.

所以回到你的另一個問題，承諾率為 24%。

We have lots of flexibility within this business.

我們在這個業務中擁有很大的靈活性。

We have been very proactive in terms of making investments.

我們在投資方面一直非常積極主動。

I know that was not always popular.

我知道這並不總是受歡迎的。

And just I want to highlight where those investments have gone and how that relates to the future.

我只想強調這些投資的去向以及與未來的關係。

The first is into DTC, right?

第一個是進入 DTC，對嗎？

So we've opened more stores.

因此我們開設了更多商店。

Those stores are extraordinarily profitable, and we will continue to kind of lean into some store openings.

這些商店的利潤非常高，我們將繼續傾向於開設一些商店。

Most of the stores we open are premium outlets, which as everybody, I think, understands its extraordinary profitable.

我們開設的大多數商店都是高端商店，我想每個人都知道這會帶來極高的利潤。

We're also shifting our digital business to be marketplace and some of those marketplaces have a higher run rate of SG&A associated with them, but that is where the consumer is going.

我們也將我們的數位業務轉向市場，其中一些市場的銷售、一般及行政費用的運作率較高，但這正是消費者的去向。

I think a great example of that is TikTok shop.

我認為 TikTok 商店就是一個很好的例子。

We saw great results for both brands on TikTok shop in the fourth quarter.

第四季度，我們看到兩個品牌在 TikTok 商店都取得了出色的成績。

We think that will be a growing channel for us as -- and its sort of a parallel to what we see in Asia, and particularly China, where consumer spending is shifting from digital marketplaces to social marketplaces.

我們認為這將成為我們的一個成長管道——這與我們在亞洲，特別是中國看到的情況類似，那裡的消費者支出正在從數位市場轉向社交市場。

And that does carry some higher SG&A.

這確實會帶來更高的銷售、一般及行政費用 (SG&A)。

So we've kind of thought that through and projected that forward.

因此，我們對此進行了仔細思考，並進行了預測。

We have also increased our marketing spend from what was probably several years ago, you still run about 7%, 7.5% of sales.

與幾年前相比，我們也增加了行銷支出，但仍佔銷售額的 7% 到 7.5% 左右。

We're planning it in 2025 at 10% of sales.

我們計劃在 2025 年實現銷售額的 10%。

So we've been proactive in terms of both investing at a higher level in HEYDUDE given where the brand is and the future potential we see in that brand, but also investing at a higher level in Crocs because we have more scale Tier 1 markets around the world that require more marketing support, and we think have actually also more opportunities for growth.

因此，我們積極主動地對 HEYDUDE 進行更高層次的投資，考慮到該品牌的現狀和未來的潛力，同時也對 Crocs 進行更高層次的投資，因為我們在全球擁有更多規模較大的一級市場，需要更多的營銷支持，而且我們認為實際上也有更多的成長機會。

And then other aspects of that investment is also talent capabilities, et cetera, and you can imagine what that is across.

然後投資的其他方面還包括人才能力等等，你可以想像它的意義。

Now having said that, some of that is also flexible, right, as we can make different decisions over time based on the opportunities that we see in front of us.

現在說了這麼多，其中一些也是靈活的，對吧，因為我們可以根據我們面前看到的機會隨著時間的推移做出不同的決定。

So I think we feel pretty comfortable with the 24% floor at this point.

因此我認為我們對目前 24% 的底線感到相當滿意。

And we just wanted to provide that clarity for you all.

我們只是想為大家提供清晰的解釋。

Anna Andreeva, Piper Sandler.

安娜·安德烈耶娃，派珀·桑德勒。

Great.

偉大的。

Congrats on a nice end to the year.

祝賀這一年圓滿結束。

We had a question on gross margins.

我們對毛利率有疑問。

You mentioned up slightly in the first quarter, then down slightly for the year, which makes sense just given the tariffs and the FX, but you saw some positives with product costing and also other efficiencies.

您提到第一季略有上漲，然後全年略有下降，考慮到關稅和外匯，這是有道理的，但您看到產品成本和其他效率方面有一些積極因素。

So can you talk about sustainability of those?

那麼您能談談這些的可持續性嗎？

And what did you see in terms of promotional counter at both brands during the fourth quarter?

您在第四季看到這兩個品牌的促銷櫃檯狀況如何？

And what are you expecting with promo activities as the year unfolds?

您對今年的促銷活動有何期待？

And then we had a quick follow-up as well.

然後我們也進行了快速的跟進。

Right.

正確的。

So when we talk about gross margin, in particular, and I think you asked about the shaping across the year.

因此，當我們特別談論毛利率時，我想您會問到全年的走勢。

From an enterprise basis, just at a high level, we're expecting gross margins to be down slightly for the year, but that embeds 60 basis points impact of foreign exchange and tariffs.

從企業基礎來看，從較高層面來看，我們預計今年的毛利率將略有下降，但這已經包含了外匯和關稅 60 個基點的影響。

So therefore, gross margin would actually be up slightly without that impact.

因此，即使沒有這種影響，毛利率實際上會略有上升。

And as we're thinking about the full year, Q1 would be up, and we expect Q2 to be down the most on a year-on-year basis, in part based on the heavier impact of FX and tariffs.

而從全年來看，我們預期第一季的銷售額將會上升，而第二季的銷售額則是年減幅度將會最大，部分原因是外匯和關稅的影響更為嚴重。

Yes.

是的。

From a promo perspective -- sorry, you want to follow-up on that, and then I'll pick up the promos for you.

從促銷的角度來看 - 抱歉，您想跟進這一點，然後我會為您挑選促銷品。

No.

不。

Please go ahead.

請繼續。

Okay.

好的。

So from a promo perspective, I think there's probably a couple of big things going on here.

因此，從促銷的角度來看，我認為這裡可能發生幾件大事。

Number one is we believe the consumers kind of -- and as Susan referenced in her prepared remarks, returning to kind of more normalized shopping patterns.

首先，我們相信消費者——正如蘇珊在準備好的發言中提到的那樣，會回歸到更正常化的購物模式。

And by that, we mean shopping patterns relative to sort of prepandemic.

我們指的是相對於疫情前的購物模式。

And in terms of the promo environment in Q4.

就第四季的促銷環境而言。

Look, we had great gross margin and gross margin improvement in Q4.

你看，我們的第四季的毛利率和毛利率都有很大的提高。

So that was very encouraging.

這非常令人鼓舞。

I would say the promo as dynamic as we think about it around the world.

我想說，正如我們所想，這項促銷活動在世界各地都極具活力。

It was a little bit greater in some places and a little bit less in other places.

有的地方稍微多一點，有的地方稍微少一點。

So pretty dynamic.

非常有活力。

It generally came out where we expected.

通常情況下，它都會按照我們的預期出現。

I think the one thing we did see is we did see the consumer migrating incrementally to lower price and more promo products.

我想我們確實看到的一件事是，我們確實看到消費者逐漸轉向價格更低、促銷力道更大的產品。

So they definitely were feeling a little pressure.

所以他們肯定感受到了一點壓力。

And as we kind of think about 2025, we think we're -- we planned it prudently relative to we think what we think the of the consumer is.

當我們思考 2025 年時，我們認為我們 — — 我們根據消費者的狀況進行了審慎的規劃。

Okay.

好的。

That's super helpful.

這非常有幫助。

I appreciate it.

我很感激。

And just as a follow-up, can you guys provide a little bit more color on what's the expectation for the HEYDUDE recovery in the back half, just given the sharp decline expected for the first quarter.

作為後續問題，考慮到預計第一季將大幅下滑，你們能否進一步說明 HEYDUDE 在下半年的復甦預期？

You mentioned the new stores are highly profitable, and you're getting a new consumer through that.

您提到新店利潤很高，而且您透過新店獲得了新的消費者。

But anything else you can share on the performance of the new stores and are you planning to open any additional doors in '25?

但是您還可以分享有關新店表現的其他資訊嗎？

Okay.

好的。

Thank you, Anna.

謝謝你，安娜。

So I don't think there's a lot more that we're going to say around the pace of recovery, the timing of recovery.

因此，我認為，關於復甦速度和復甦時機，我們不會透露太多。

I would think what we'd say is, we're on track with where we believe we would be at this time, right?

我想我們會說的是，我們目前正按照我們認為的軌道前進，對嗎？

And the ways we can monitor that and see that is growing HEYDUDE community, strong engagement with the core customer, incrementally attracting our, I would say, new customers, specifically in the sort of younger female arena from a demographic perspective.

我們可以透過監控和觀察來發現 HEYDUDE 社群的不斷壯大，與核心客戶的緊密互動，從而逐步吸引新客戶，特別是從人口統計角度來看年輕女性客戶。

We see traction on DTC.

我們看到了 DTC 的吸引力。

We plan a positive -- we have embedded in our guidance is positive DTC growth in 2025 based on digital growth, but also based on those stores.

我們制定了一個積極的計劃——我們的指導方針中已經包含了一個積極的 DTC 增長，到 2025 年，這一增長不僅基於數位化增長，也基於這些商店。

We do plan on opening about 10 more new premium outlet stores in 2025 to add to the 38 that we opened in '24.

我們確實計劃在 2025 年開設大約 10 家新的高檔直銷店，使我們在 2024 年開設的 38 家店的基礎上再增加 10 家。

We are not embedding wholesale growth, as we said, within that trajectory.

正如我們所說，我們並沒有將全面成長嵌入這一軌跡。

And I think we've also -- I would highlight, I think we've guided really prudently, which I think you probably would expect us to do.

而且我認為我們還—我想強調的是，我認為我們已經非常謹慎地進行了指導，我想您可能也期望我們這樣做。

And we're confident in our trajectory today, and we're super confident in the long-term trajectory.

我們對目前的發展軌跡充滿信心，對長期的發展軌跡也非常有信心。

Laura Champine, Loop Capital.

勞拉‧尚皮恩 (Laura Champine)，Loop Capital。

When I think about the 24% long-term operating income guide, what's your pricing philosophy there?

當我考慮 24% 的長期營業收入指南時，您的定價理念是什麼？

And how much would you use pricing to offset cost increases?

您將用多少定價來抵銷成本增加？

Yes.

是的。

That's a really great question, actually, Laura.

事實上，這是一個非常好的問題，蘿拉。

So as we think about -- how we think about pricing for both of our brands from a philosophical perspective is we want to price to the market and a market is a country, right?

因此，當我們思考——從哲學角度考慮我們兩個品牌的定價時，我們希望根據市場來定價，而市場就是一個國家，對嗎？

So we have to think very long and hard about how each individual item is priced in each bucket.

因此，我們必須認真思考每個物品在每個桶中的定價。

And that is dictated by comparative prices, so competition, what other people will think it's charging for a product that would be competing for the wearing occasion we're competing for, but also the strength and the trajectory of our brand, right?

這是由比較價格決定的，所以競爭，其他人會認為它對與我們競爭的穿著場合競爭的產品收取的費用，以及我們品牌的實力和發展軌跡，對嗎？

So pricing has driven some really nice, I would say, actually incredible gross margin improvement on Crocs over the last several years.

所以我想說，在過去幾年裡，定價推動了 Crocs 毛利率的大幅提升，實際上是令人難以置信的提升。

And -- but at this point, we don't -- we're not planning significant price increases in the short term, but we don't necessarily know what's going to happen in the longer term.

但就目前而言，我們還沒有計劃在短期內大幅提高價格，但我們不一定知道長期內會發生什麼。

So we do look at pricing very closely.

所以我們確實非常仔細地考慮定價。

We think it's a very, very important lever, and we think we're well priced today.

我們認為這是一個非常非常重要的槓桿，而且我們認為今天的定價很合理。

So we're not planning a lot of price growth in the short term, but we continue to remain, I would say, very nimble relative to what that might entail.

因此，我們不打算在短期內大幅提高價格，但我想說，我們會繼續保持非常靈活的應對措施，以應對可能出現的價格上漲。

Got it.

知道了。

And then looking at HEYDUDE's ASP up 7%, I think, in the quarter, what is that on top of year-on-year?

然後看看 HEYDUDE 的平均售價上漲了 7%，我想，本季與去年同期相比成長了多少？

I don't have that number to hand.

我手邊沒有這個號碼。

But what I can say is the drivers of the ASP increase has principally been reduction in discounting.

但我可以說的是，平均售價上漲的主要原因是折扣的減少。

So as we look at, particularly our DTC channels, I think we've had six quarters now of sustained ASP increases.

因此，特別是從我們的 DTC 管道來看，我認為我們的平均售價已經連續六個季度持續上漲。

And the driver of that has principally been reducing discounting versus absolute price increases.

而其主要驅動因素是減少折扣而不是絕對價格上漲。

Tom Nikic, Needham.

湯姆·尼基奇，尼德姆。

I wanted to follow up on HEYDUDE, specifically on the product development side.

我想跟進 HEYDUDE，特別是在產品開發方面。

Hey Tom, we're having a real hard time hearing you.

嘿，湯姆，我們真的聽不清楚你說什麼。

Can you get closer to the mic?

你能離麥克風近一點嗎？

Okay.

好的。

Sorry about that.

很抱歉。

I want to follow up on HEYDUDE and specifically on the product development side.

我想跟進 HEYDUDE 的情況，特別是產品開發方面。

I know that there's a big opportunity to sort of diversify the brand and extend beyond the core Wendy and Wally, like how far along do you feel like you are in that process?

我知道，這是一個實現品牌多元化、拓展核心溫蒂和沃利以外的領域的巨大機會，您覺得您在這過程中進展到哪一步了？

I don't know if you want to use the innings metaphor or whatever, but just -- if you give us thoughts on the product development and product expansion journey that you're on, that would be great.

我不知道您是否想使用局數比喻或其他什麼，但是——如果您能告訴我們您對您正在進行的產品開發和產品擴展之旅的想法，那就太好了。

Yes.

是的。

So I think what I'd say to start with is, look, the most important element of the product strategy for HEYDUDE is the core at this point, right?

所以我認為首先要說的是，看，HEYDUDE 產品策略中最重要的元素是核心，對嗎？

The Wendy and Wally is a very large part of the business.

溫蒂和沃利 (Wendy and Wally) 佔了我們業務的很大一部分。

We also think it's the future -- the short-term future driver of growth.

我們也認為這是未來——短期未來成長的動力。

And we drive growth off the Wendy and Wally.

我們依靠溫迪和沃利推動成長。

We've replatformed the Wendy and Wally on to kind of three major platforms which I think gives the consumer a lot more understanding of where the products that they love are and what other versions are available, so it's much easier to navigate the product architecture.

我們已經將 Wendy 和 Wally 轉移到了三大主要平台上，我認為這可以讓消費者更好地了解他們喜歡的產品在哪裡以及還有哪些其他版本可供選擇，因此可以更輕鬆地瀏覽產品架構。

That is kind of -- that transition is in place kind of as we speak.

正如我們所說，這種轉變正在進行中。

We add opportunities -- future opportunities for the consumer to engage in those platforms, through color, through materialization and through collaborations and also unique and limited supply product.

我們增加了機會——未來為消費者提供參與這些平台的機會，透過顏色、透過物化、透過合作以及獨特和限量供應的產品。

In terms of extending beyond that, we are in the very early innings.

從延續這一點來看，我們還處於非常早期的階段。

We do have some great examples.

我們確實有一些很好的例子。

If you look at the Austin Lift, which is a shoe that we will lean into here in the first quarter, with -- it performed extremely well in the '24 and particularly in the fourth quarter.

如果你看一下 Austin Lift，這是我們將在第一季重點關注的一款鞋，它在 24 年，尤其是在第四季度的表現非常出色。

We're leaning into it more in the first quarter with a really exciting program coming out featuring Sydney Sweeney.

我們在第一季將更加關注這個問題，並推出由 Sydney Sweeney 主演的非常精彩的節目。

So we're excited about that.

我們對此感到很興奮。

So that is a part of the more.

所以這是更多的一部分。

We have a boot business on the Bradley, which actually performed extremely well in the fourth quarter, too.

我們的布拉德利靴業務在第四季度的表現實際上也非常出色。

The is a shoe for men.

這是一款男士鞋。

It's really a derivative of the Wally wall, but it has some slightly different comfort characteristics and some elevated materials and up, but that's also performing well.

它實際上是 Wally 牆的衍生品，但具有一些略微不同的舒適特性和一些高級材料，但性能也很好。

So I think those are all kind of good examples of extending the Wendy and Wally, but back to your kind of core question, we're in the very early innings, probably the first innings, but the strength of those extensions will be based on the strength of the core.

所以我認為這些都是延續溫蒂和沃利的很好的例子，但回到你的核心問題，我們正處於非常早期的階段，可能是第一階段，但這些延續的強度將取決於核心的強度。

So that's where we're focused today.

這就是我們今天關注的重點。

This concludes our question.

我們的問題到此結束。

Okay.

好的。

I think we're out of time at this point.

我認為我們現在已經沒有時間了。

So I just wanted to -- I know we didn't get to a few people that we haven't gotten to that question, we apologize for that, and we'll pick them up in after calls.

所以我只是想——我知道我們沒有聯繫到幾個人，我們還沒有回答這個問題，我們對此表示歉意，我們會在通話後再聯繫他們。

But I did want to thank everybody for their attention and their support of our brands and our company.

但我確實想感謝大家對我們的品牌和公司的關注和支持。

So we appreciate it.

所以我們對此表示感謝。

The conference has 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。