卡洛馳 (CROX) 2025 Q1 法說會逐字稿

Good day, and welcome to the Crocs Inc first-quarter 2025 earnings conference call. (Operator Instructions) Please note, this event is being recorded. I would now like to turn the conference over to Erinn Murphy, Senior Vice President, Investor Relations and Strategy for Crocs. Please go ahead.

大家好，歡迎參加 Crocs Inc 2025 年第一季財報電話會議。（操作員指示）請注意，此事件正在被記錄。現在，我想將會議交給 Crocs 投資者關係和策略高級副總裁 Erinn Murphy。請繼續。

Good morning and thank you for joining us to discuss Crocs Inc first quarter results. With me today are Andrew Rees, Chief Executive Officer; and Susan Healy, Chief Financial Officer. Following their prepared remarks, we will open the call for your questions, which we ask you to limit to one per caller. Before we begin, I would like to remind you that some of the information provided on this call is forward-looking and accordingly, is subject to the safe harbor provisions of the federal securities laws.

早安，感謝您加入我們討論 Crocs Inc 第一季業績。今天和我一起的還有執行長安德魯·里斯 (Andrew Rees)；以及財務長蘇珊·希利（Susan Healy）。在他們準備好發言之後，我們將開始回答您的問題，但請每位來電者只提出一個問題。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. Please refer to our most recent annual report on Form 10-K, quarterly report on Form 10-Q and other reports by SEC for more information on these risks and uncertainties. Certain financial metrics that we refer to as adjusted or non-GAAP are non-GAAP measures.

這些聲明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。有關這些風險和不確定性的更多信息，請參閱我們最新的 10-K 表年度報告、10-Q 表季度報告以及美國證券交易委員會的其他報告。我們稱為調整後或非 GAAP 的某些財務指標是非 GAAP 指標。

A reconciliation of these amounts to their GAAP counterparts is contained in the press release we issued earlier this morning. All revenue growth rates will be cited on a constant currency basis unless otherwise stated.

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。除非另有說明，所有收入成長率均以固定貨幣為基礎。

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

現在，我將把電話轉給 Crocs Inc 的執行長 Andrew Rees。

Thank you, Aaron, and good morning, everyone. Thank you for joining us today. We're incredibly pleased with the performance we delivered during the first quarter despite what has been an increasingly volatile macroeconomic backdrop since the start of the year. At the enterprise level, revenues of $937 million grew 1% to prior year and came in ahead of our guidance, which called for a revenue decline of approximately 1.5% on a constant currency basis.

謝謝你，亞倫，大家早安。感謝您今天加入我們。儘管今年年初以來宏觀經濟背景日益動盪，但我們對第一季的業績感到非常滿意。在企業層面，9.37 億美元的收入比上年增長了 1%，並且超出了我們的預期，即按固定匯率計算收入下降約 1.5%。

Importantly, both of our brands contributed to this outperformance. Crocs brand revenues of $762 million grew 4% to prior year, led by double-digit growth in international and the North American business performed ahead of plan. HEYDUDE revenues of $176 million, down 10% to prior year, including direct-to-consumer growth of 8%, an acceleration from the fourth quarter. Enterprise adjusted gross margins of 57.8% gained 180 basis points to prior year. Adjusted operating margins of 23.8% came in more than 200 basis points above our guidance, while we continue to make strategic investments to extend our competitive advantages in the future.

重要的是，我們的兩個品牌都為這一優異表現做出了貢獻。Crocs 品牌營收達 7.62 億美元，較上年增長 4%，其中國際業務實現兩位數增長，北美業務表現超出計劃。HEYDUDE 營收為 1.76 億美元，較上年下降 10%，其中直接面向消費者的銷售額成長 8%，較第四季有所加速。企業調整後毛利率為57.8%，較上年同期成長180個基點。調整後的營業利潤率為 23.8%，比我們的預期高出 200 多個基點，同時我們將繼續進行策略性投資，以擴大未來的競爭優勢。

All in, we delivered $3 in adjusted diluted earnings per share, nearly 20% above the high end of our guidance range. During the quarter, we repurchased 607,000 shares while at the same time, we remain well within our net leverage range of between 1 and 1.5 times at quarter end. Before I share more insights from the quarter, I want to take a moment to discuss the dynamic landscape we're operating in, the actions we have taken to best position ourselves to win despite evolving global trade policies and our resulting decisions to withdraw guidance.

總體而言，我們實現了每股 3 美元的調整後攤薄收益，比我們的指導範圍高端高出近 20%。在本季度，我們回購了 607,000 股，同時，我們在季度末的淨槓桿率仍保持在 1 至 1.5 倍的範圍內。在分享本季度的更多見解之前，我想花點時間討論一下我們運營的動態格局、我們在全球貿易政策不斷變化的情況下為贏得勝利而採取的最佳行動以及我們因此撤回指導的決定。

Since joining Crocs over 10 years ago, I have witnessed some extraordinary times from charting our turnaround to the emergence of the Crocs brand as an icon of popular culture to the global COVID-19 pandemic, where retailers shut their doors for months to the acquisition of HEYDUDE and to today, where many companies are grappling with and trying to understand our new global trade environment. Business and consumer uncertainty is extremely high. However, we're being print in the face of this uncertainty and are focused on what we can control, leaning into our clear competitive advantages and applying (inaudible) mindset to how we adapt.

自從十多年前加入 Crocs 以來，我見證了一些非凡的時刻，從規劃我們的轉型，到 Crocs 品牌成為流行文化的標誌，再到全球 COVID-19 大流行，零售商關門數月，到收購 HEYDUDE，再到今天，許多公司都在努力適應並試圖了解我們新的全球貿易環境。企業和消費者的不確定性極高。然而，面對這種不確定性，我們正在印刷並專注於我們能夠控制的事情，依靠我們明顯的競爭優勢，並運用（聽不清楚）心態來適應。

Since we last reported mid-February, the US has implemented a series of incremental tariffs on countries where we source our product. In addition, the daily uncertainty as to the level of these tariffs makes it incredibly hard to plan and predict both short- and long-term impacts to our business. As we sit here today, we have a well-diversified sourcing mix.

自我們上次 2 月中旬報告以來，美國已對我們的產品採購國實施了一系列增量關稅。此外，這些關稅水準每天都存在不確定性，這使得規劃和預測對我們業務的短期和長期影響變得極其困難。今天，我們在這裡擁有多元化的採購組合。

To provide some context our anticipated sourcing mix into the US in 2025 stands at approximately 47% from Vietnam, 17% from Indonesia, 13% each for China and India and 5% each for Mexico and Cambodia. We are mindful that we're in the midst of a 90-day pause from certain reciprocal tariffs, which could further escalate and the impact on our sourcing in the countries previously mentioned.

為了提供一些背景信息，我們預計 2025 年美國的採購結構約為：越南約佔 47%，印尼約佔 17%，中國和印度各佔 13%，墨西哥和柬埔寨各佔 5%。我們注意到，我們正處於某些互惠關稅的 90 天暫停期，這可能會進一步升級，並對我們在前面提到的國家的採購產生影響。

One of the primary reasons we've suspended guidance for 2025 is our ability to predict the financial impact of future tariffs. To provide you with a framework, if we assume 10% incremental tariff on all sourcing destinations into the US, this would translate to a cost of approximately $45 million on an annualized cash basis.

我們暫停 2025 年指引的主要原因之一是我們能夠預測未來關稅的財務影響。為了給您一個框架，如果我們假設對所有進入美國的採購目的地徵收 10% 的增量關稅，這將轉化為年度現金成本約為 4500 萬美元。

If the incremental 145% tariff on China remains in place, along with the 10% on all other sourcing destinations, this would imply a cost of approximately $130 million on an annualized cash basis based on our current sourcing mix. Given the broad range of outcomes that we're facing as a company and as an industry, we're focused on what we can control and on driving long-term value for our brands. In light of the current macroeconomic environment, we have taken swift action to proactively reduce our cost base.

如果對中國繼續徵收 145% 的增量關稅，加上對所有其他採購目的地徵收 10% 的關稅，根據我們目前的採購組合，這將意味著按年現金計算的成本約為 1.3 億美元。鑑於我們作為一家公司和一個行業所面臨的廣泛結果，我們專注於我們能夠控制的事情以及為我們的品牌帶來長期價值。鑑於當前的宏觀經濟環境，我們已迅速採取行動，主動降低成本基礎。

Since we last reported, we have identified approximately $50 million of additional savings to be realized in 2025. And we are continuing to evaluate potential actions for future savings as well as closely managing our inventory levels. While we are encouraged by the performance of our overall business in April, it is challenging to predict how consumers may respond to prolonged uncertainty. It is possible that in the future, we could see softer demand for footwear and other consumer goods, particularly given the potential for increased costs and higher prices across the industry that could further burden an already choiceful consumer.

自上次報告以來，我們已確定將在 2025 年實現約 5,000 萬美元的額外節省。我們將繼續評估未來節省成本的潛在措施，並密切管理我們的庫存水準。雖然我們對 4 月整體業務的表現感到鼓舞，但預測消費者將如何應對長期的不確定性是一項挑戰。未來我們可能會看到鞋類和其他消費品的需求減弱，特別是考慮到整個行業的成本和價格可能增加，這可能會進一步加重已經很挑剔的消費者的負擔。

Despite withdrawing our guidance, one thing is certain, we believe our industry-leading gross margins, low unit cost, well-diversified supply chain, global business model and strong free cash flow position us well to take market share. We are and expect to continue to be very profitable while generating significant free cash flow. We're committed to being transparent with all of our stakeholders as we navigate this current environment.

儘管我們撤回了預期，但有一點是肯定的，我們相信我們行業領先的毛利率、低單位成本、多元化的供應鏈、全球商業模式和強勁的自由現金流使我們佔據有利市場份額。我們目前並預計將繼續保持高獲利，同時產生大量自由現金流。在當前環境下，我們致力於對所有利害關係人保持透明。

Now turning to the performance by brand, starting with Crocs. First, we're continuing to drive global brand relevance through our icon and icon iterations in addition to introducing new clock franchises. During the quarter, Clog growth was led by our classic plug in addition to growth within established franchises such as Echo as well as new franchises such as InMotion. Hype resonated well with notable success in Asia, led by the classic platform, Bay and Crush. In China, The Bay, a height variation of our Clog was relaunched in partnership with global brand ambassador and Chinese celebrity, TJC.

現在來看看各品牌的表現，首先是 Crocs。首先，除了推出新的時鐘系列外，我們還將繼續透過圖標和圖標迭代來推動全球品牌相關性。在本季度，Clog 的成長除了由 Echo 等老牌特許經營權以及 InMotion 等新特許經營權的成長帶動外，還得益於我們的經典插件。Hype 在亞洲引起了強烈反響，取得了顯著成功，其中以經典平台 Bay 和 Crush 最為突出。在中國，The Bay 與全球品牌大使和中國名人 TJC 合作，重新推出了不同高度的 Clog。

This campaign delivered very strong engagement across our key social and digital channels and an influx of traffic to our stores. Second, we are making clear progress towards introducing product for new wearing occasions outside of Clogs. Sandals gained notable share of our business in the quarter led by style sandals and outperformed the overall Crocs brand. The strength was broad-based across our style saddle franchises, including Getaway, our number one franchise Brooklyn and Miami. Year to date, we are seeing very strong sell-throughs across these core style franchises and our strategic accounts at [chase] and receipts.

這項活動在我們主要的社交和數位管道上引起了強烈反響，也為我們的商店帶來了大量客流量。其次，我們在推出適合木屐以外的新穿著場合的產品方面取得了明顯進展。本季度，以時尚涼鞋為主導的涼鞋業務佔據了我們業務的顯著份額，其表現優於整個 Crocs 品牌。我們的各式馬鞍特許經營店均表現出色，其中包括 Getaway、我們的頭號特許經營店布魯克林和邁阿密。今年迄今為止，我們看到這些核心風格特許經營權以及我們在[大通]的策略帳戶的銷售量和收據都非常強勁。

Into 2025, we tightened our sandal assortment, which has resulted in higher productivity per franchise. As a reminder, we see sandals as an avenue for attracting new consumers to our brand. Over the last 12 months, 54% of consumers who purchased sandals, and our own current channels were new to brand. This performance has translated into incremental shelf space with our retail customers.

到 2025 年，我們縮減了涼鞋的品種，從而提高了每個特許經營店的生產力。提醒一下，我們將涼鞋視為吸引新消費者購買我們品牌的途徑。在過去的 12 個月中，54% 購買涼鞋的消費者以及我們目前的管道都是新購買該品牌的。這種業績轉化為我們零售客戶的貨架空間的增加。

We're building on these franchises into the summer and through fresh new colors and styles. Third, we remain laser-focused on our digitally led social-first marketing playbook as this is a key ingredient to sustaining brand heat. During the quarter, we announced some exciting influences, including our spring break activation with Alex Coupa, top-tier podcast host and Style Maven. This campaign featured our key influencers supporting Neon Classics all over Miami, driving more than 2.5 million social impressions over the weekend.

我們將在夏季繼續鞏固這些系列的影響力，推出全新的色彩和風格。第三，我們繼續專注於以數位為主導的社群優先行銷策略，因為這是維持品牌熱度的關鍵因素。在本季度，我們宣布了一些令人興奮的影響，包括與頂級播客主持人和 Style Maven 合作的春假活動。這項活動邀請了我們的關鍵影響者在邁阿密各地支持 Neon Classics，週末的社交曝光量超過 250 萬次。

While we introduced a number of partnerships during the quarter, perhaps the most anticipated drop was our limited release collaboration with Tokyo-based streetwear brand, Vape. This release amassed a substantial wait list ahead of the launch. This release drove an exceptional level of traffic to our website and app while garnering nearly 70% new customer acquisition.

雖然我們在本季推出了多項合作計劃，但最令人期待的或許是與東京街頭服飾品牌 Vape 的限量合作。此版本在發布之前就累積了大量的等待名單。此次發佈為我們的網站和應用程式帶來了異常高的流量，同時獲得了近 70% 的新客戶。

Turning to social commerce. We are continuing to lead into this phenomenon, as consumers are more frequently starting and completing their shopping journeys on social platforms. TikTok Shop scaled nicely in the quarter, and we see it as a halo to our other channels. During the quarter, Crocs brand remained the number one footwear brand on TikTok Shop. And finally, our fourth strategic pillar is to gain market share around the world.

轉向社交商務。我們正在繼續引領這一現象，因為消費者越來越頻繁地在社交平台上開始和完成他們的購物之旅。TikTok Shop 在本季度實現了良好的擴展，我們認為它為我們的其他管道帶來了光環。本季度，Crocs品牌仍然是TikTok Shop上排名第一的鞋類品牌。最後，我們的第四個策略支柱是贏得全球市場份額。

In Q1, we achieved 12% revenue growth in international with balanced growth across wholesale and direct-to-consumer channels. China related in the quarter, growing more than 30% as compared to the prior year. The growth in China was well balanced across channels, including the addition of 40 new partner doors. In April, we secured our second ever Super Brand Day on Tmall. During the multi-day event, 9 of the top 10 footwear styles on the platform for Crocs band.

第一季度，我們的國際收入成長了 12%，批發和直接面向消費者的管道實現了均衡成長。本季與中國相關的銷售額較上年同期成長了 30% 以上。中國市場各通路的成長十分均衡，新增了 40 個合作夥伴。四月份，我們在天貓舉辦了第二次超級品牌日。在為期數天的活動期間，Crocs 平台上十大最受歡迎鞋款中有九種。

Our successful activation was complemented by a celebrity and influencer lead live stream. In the quarter, we also saw robust growth in Western Europe, led by France and Germany. Our North America business came in ahead of expectations and was down 3% to prior year.

名人和有影響力人士主導的直播使我們的活動更加成功。本季度，我們也看到以法國和德國為首的西歐地區強勁成長。我們的北美業務超出預期，比前一年下降了 3%。

Turning to the HEYDUDE brand. We continue to make progress on stabilizing the brand in America and very pleased with how the team has executed to deliver better-than-expected first quarter. First, starting with the HEYDUDE community, we're building a passionate fan base.

轉向HEYDUDE品牌。我們在穩定美國品牌方面繼續取得進展，並且對團隊在第一季的表現優於預期感到非常滿意。首先，從 HEYDUDE 社群開始，我們正在建立一個充滿熱情的粉絲群。

In February, HEYDUDE had its first ever tick-top-shop Super Brand Day, during which HEYDUDE ranked as the number footwear brand across the platform with particular success in our Austin Lift and (inaudible) styles. With an emphasis on [Her] in March, we activated our Sydney Sweeny Times Office in the Lift Fashion Crisis Hotline Campaign, under the Beauty Comfort tagline.

今年 2 月，HEYDUDE 舉辦了第一屆 tick-top shop 超級品牌日，期間 HEYDUDE 成為整個平台上排名第一的鞋類品牌，尤其以 Austin Lift 和（聽不清楚）款式取得了成功。3 月份，我們以「她」為主題，在「美麗舒適」的標語下，啟動了悉尼斯威尼時報辦公室的「提升時尚危機熱線」活動。

The campaign content reached a staggering 8 million consumers, surpassing all internal benchmarks. We also are front and center at the Houston Rodeo talking to the core HEYDUDE consumer and were recognized as the number one brand, dubbed the Grand Champion of the Rodeo for Best Brand experience. Second, we are building the core and adding more. We iterate on our icons, the Wally & Wendy through color materialization and partnerships. The three major platforms include Stretch Shops, Stretch Canvas and Funk Mono.

該活動內容觸及了驚人的 800 萬消費者，超出了所有內部基準。我們也在休士頓牛仔競技會上站在最前線，與 HEYDUDE 的核心消費者進行交流，並被公認為第一品牌，被譽為牛仔競技會最佳品牌體驗總冠軍。其次，我們正在建立核心並添加更多內容。我們透過色彩具體化和合作關係對我們的圖標 Wally 和 Wendy 進行了迭代。三大平台包括Stretch Shops、Stretch Canvas和Funk Mono。

During the quarter, we successfully transitioned out of our legacy Wally sock program and the retail reception of our updated Wally Stretch Socks has been strong. In addition, we released two iterations of our Jelly Roll times HEYDUDE Wally. The second Jelly Roll launch started as an early access exclusive release on TikTok Shop, where it sold out completely within the day. When we launched the call-out on our own DTC, the next day, we saw very high levels of traffic well above expectations.

在本季度，我們成功退出了傳統的 Wally 襪子計劃，更新後的 Wally 彈性襪的零售反應十分強勁。此外，我們也發表了 Jelly Roll 時代的 HEYDUDE Wally 的兩個版本。第二次 Jelly Roll 的推出是在 TikTok Shop 上進行搶先體驗的獨家發布，當天就全部售罄。當我們在自己的 DTC 上發起呼叫時，第二天，我們看到流量水準遠高於預期。

We also leveraged Travis Hunter, Heisman Trophy winner and number two 2025 NFL Draft Pick to launch an improved [Hey 2O] to update an already successful franchise. And finally, against our third strategic pillar, we continue to prioritize brand health as we stabilize the North America market while laying the groundwork for future international growth. We're pleased by the acceleration of our direct-to-consumer channel, up 8% in the quarter. This was supported by a significant improvement versus prior year in our own dotcom growing traction of the TikTok Shop and new retail expansion.

我們還利用海斯曼獎得主、2025 年 NFL 選秀第二順位選手 Travis Hunter 推出了改進版 [Hey 2O]，以更新已經成功的特許經營權。最後，根據我們的第三個策略支柱，我們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。我們很高興看到直接面向消費者的管道在本季加速成長了 8%。這得益於我們自己的網路業務與去年相比取得了顯著改善，TikTok Shop 的吸引力不斷增強，以及新零售擴張。

During the quarter, we opened two premium outlet stores and converted two temporary stores, helping to drive brand awareness and connect consumers with the full expression of our brand. We plan to open approximately 10 stores during the year. ASP for the HEYDUDE brand were up low single digits to last year, our seventh consecutive quarter of positive ASP growth. We also saw full price sales in our own dotcom improved nicely in the quarter, fueled by product newness, including the Austin Lift and the poll.

本季度，我們開設了兩家高端奧特萊斯店，並改造了兩家臨時店，以幫助提高品牌知名度並讓消費者充分了解我們的品牌。我們計劃今年開設約10家商店。去年，HEYDUDE 品牌的平均銷售價格上漲了個位數，這是我們連續第七個季度實現平均銷售價格正成長。我們也看到，受 Austin Lift 和民意調查等新產品的推動，我們自己的網路公司的全價銷售額在本季度也有了良好的成長。

I will now turn the call over to Susan to provide more detail around our financial performance and how we are approaching the remainder of the year.

現在我將把電話轉給蘇珊，讓她更詳細地介紹我們的財務表現以及我們如何應對今年剩餘的時間。

Thank you, Andrew, and good morning, everyone. We delivered strong first quarter results that bested our guidance expectations across all core metrics. First quarter enterprise revenues of $937 million were up 1% to prior year and ahead of our guidance of down 1.5%.

謝謝你，安德魯，大家早安。我們第一季的業績表現強勁，所有核心指標都超出我們的預期。第一季企業營收為 9.37 億美元，比去年同期成長 1%，高於我們預期的下降 1.5%。

Overall, first quarter trends were more volatile than we have seen in recent quarters. Trends were strongest in March, and our business continued to perform well in April. Crocs brand revenue of $762 million was up 4% to prior year. Growth was led by wholesale up 5%, while DTC was up 3%. North America was down 3% to last year, ahead of expectations with DTC and wholesale declines of 2% and 5%, respectively.

整體而言，第一季的趨勢比最近幾季更加不穩定。三月份的趨勢最為強勁，四月我們的業務持續表現良好。Crocs 品牌營收為 7.62 億美元，較上年成長 4%。批發業務成長 5%，而 DTC 業務成長 3%，引領了成長。北美地區較去年同期下降 3%，低於預期，DTC 和批發分別下降 2% 和 5%。

International revenue was up 12%. China led the growth with revenue up more than 30% in the quarter, along with Western Europe with notable outperformance in France and Germany. HEYDUDE brand revenue of $176 million was down 10% to prior year and ahead of our guidance, which called for a revenue decline of 14% to 16%. DTC was up 8%, accelerating from the fourth quarter. Upside to our guidance was driven by better-than-anticipated digital trends.

國際收入成長了12%。中國引領成長，本季營收成長超過 30%，西歐地區（法國和德國）的表現也十分出色。HEYDUDE 品牌營收為 1.76 億美元，較上年下降 10%，高於我們的預期（預期營收下降 14% 至 16%）。DTC 成長 8%，較第四季有所加快。我們的指導意見的上行是由於數字趨勢優於預期。

Wholesale was down 17% in the quarter, including the impact of resetting our Wally Stretch Sox program, which is performing well. Enterprise adjusted gross margin of 57.8% was up 180 basis points to prior year. Crocs brand adjusted gross margin of 60.7% was up 260 basis points to prior year, tied to lower product costs and favorable customer mix.

本季批發額下降了 17%，其中包括重置我們的 Wally Stretch Sox 計劃的影響，該計劃表現良好。企業調整後毛利率為57.8%，較上年上升180個基點。Crocs 品牌調整後毛利率為 60.7%，較上年同期上升 260 個基點，這得益於產品成本降低和客戶結構有利。

HEYDUDE brand adjusted gross margin of 46.6% was down 120 basis points to prior year, driven by deleverage against our supply chain costs. Adjusted SG&A dollars for the quarter increased 8% versus prior year. Adjusted SG&A rate was 34%, up 520 basis points compared to prior year, driven by incremental investment in balance, marketing and DTC to support long-term market share gains.

HEYDUDE 品牌調整後毛利率為 46.6%，較前一年下降 120 個基點，原因是我們供應鏈成本的去槓桿化。本季調整後的銷售、一般及行政費用較上年同期成長 8%。調整後的銷售、一般及行政費用率為 34%，比上年上升 520 個基點，這得益於對平衡、行銷和 DTC 的增量投資，以支持長期市場份額的成長。

Adjusted operating margin of 23.8% was 230 basis points ahead of our guidance of 21.5% and down 330 basis points compared to prior year. Adjusted diluted earnings per share was roughly flat to last year at $3, significantly above our expectations. Our non-GAAP effective tax rate was 17.2%, which reflects the tax impact of intra-entity transactions.

調整後的營業利益率為 23.8%，比我們的預期 21.5% 高出 230 個基點，比去年同期下降 330 個基點。調整後每股攤薄收益與去年基本持平，為 3 美元，遠高於我們的預期。我們的非公認會計準則有效稅率為 17.2%，反映了實體內部交易的稅務影響。

Our inventory balance is healthy and current at $391 million as of March 31 and flat versus prior year. Enterprise inventory turns remained above our goal of 4 times on an annualized basis. Our liquidity position is strong, comprised of $166 million of cash and cash equivalents and $679 million of borrowing capacity on our revolver. During the quarter, we repurchased approximately 607,000 shares of our common stock for a total of $61 million at an average cost of $100 per share.

我們的庫存餘額狀況良好，截至 3 月 31 日為 3.91 億美元，與去年同期持平。企業庫存週轉率仍高於我們設定的 4 倍的年化目標。我們的流動性狀況良好，包括 1.66 億美元的現金和現金等價物以及 6.79 億美元的循環信貸借貸能力。本季度，我們回購了約 607,000 股普通股，總價值 6,100 萬美元，平均每股成本 100 美元。

At the end of Q1, we had just under $1.3 billion remaining on our buyback authorization. We ended the quarter with total borrowings of $1.5 billion and remained within our net leverage target range of 1 to 1.5 times. As Andrew mentioned, we are withdrawing our full year outlook. The primary reason for withdrawing guidance is that at this point, it is extremely difficult to quantify and project the financial outcome of tariffs and the related potential for softer consumer demand across the industry.

截至第一季末，我們的回購授權金額還剩下將近 13 億美元。本季末，我們的總借款額為 15 億美元，並維持在 1 至 1.5 倍的淨槓桿目標範圍內。正如安德魯所提到的，我們正在撤回全年展望。撤回指引的主要原因是，目前，量化和預測關稅的財務結果以及整個產業消費需求疲軟的相關潛力極為困難。

To illustrate the potential tariff impact, if a 10% incremental tariff on all sourcing destinations into the US were in place, this would cost us approximately $45 million on an annualized cash basis. If the incremental 145% tariff on China to remain in place, along with the 10% on all other sourcing destinations, this would imply a cost of approximately $130 million on an annualized cash basis based on our current sourcing mix.

為了說明潛在的關稅影響，如果對美國所有採購目的地徵收 10% 的增量關稅，這將使我們按年現金計算損失約 4500 萬美元。如果對中國繼續徵收 145% 的增量關稅，加上對所有其他採購目的地徵收 10% 的關稅，根據我們目前的採購組合，這將意味著按年現金計算的成本約為 1.3 億美元。

As you would expect, we are pursuing three primary levers to mitigate any potential impact of tariffs in the short and longer term. One, adjusting our sourcing mix into the US; two, further reducing costs; and three, evaluating potential price increases. While we have withdrawn our guidance, we do want to share some context for the near term. First, while much of the second quarter is ahead of us, we are pleased with how both of our brands performed in April; second, we would expect tariffs to have a more adverse impact on HEYDUDE's gross margin rate as compared to the Crocs brand, given relatively higher China sourcing exposure for HEYDUDE.

正如您所料，我們正在採取三個主要手段來減輕關稅在短期和長期內可能產生的影響。一是調整我們在美國的採購結構；二、進一步降低成本；第三，評估潛在的價格上漲。雖然我們已經撤回了指導意見，但我們確實想分享一些近期的背景資訊。首先，雖然第二季度的大部分時間我們都還處於觀望狀態，但我們對兩個品牌在四月份的表現感到滿意；其次，由於 HEYDUDE 在中國的採購量相對較高，我們預計關稅對 HEYDUDE 的毛利率的影響將比 Crocs 品牌更大。

We expect gross margin pressure from tariffs to start in Q2 and expect the largest impact to begin in the second half; third, since we last reported, we have identified an incremental $50 million of cost savings in 2025, and we are continuing to evaluate potential actions for further savings; fourth, we are carefully managing our forward unit inventory levels, but I unfold that incremental tariffs will add higher average unit costs.

我們預計關稅帶來的毛利率壓力將從第二季度開始，並預計最大的影響將在下半年開始；第三，自上次報告以來，我們已確定 2025 年可節省 5000 萬美元的成本，並且我們正在繼續評估進一步節省成本的潛在行動；第四，我們正在謹慎管理我們的遠期單位庫存水平，但我認為增量關稅將增加平均單位成本。

Finally, our capital allocation plans remain unchanged. We plan to pay down debt and opportunistically buy back stock while remaining within our 1 to 1.5 times net leverage target.

最後，我們的資本配置計畫保持不變。我們計劃償還債務並適時回購股票，同時維持 1 至 1.5 倍的淨槓桿目標。

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，聽聽他的最後想法。

Thank you, Susan. While the geopolitical climate has become more volatile since the start of the year, I'm confident that we will chart a winning course led by our talented team, the democratic appeal of our brands and the value and comfort proposition to consumers clearly value. As we have demonstrated in the past, we have a proven track record of coming out of periods of uncertainty, stronger than we entered them.

謝謝你，蘇珊。儘管今年年初以來地緣政治氣候變得更加動盪，但我相信，在我們才華橫溢的團隊、我們品牌的民主吸引力以及消費者明顯重視的價值和舒適主張的帶領下，我們將走上一條成功之路。正如我們過去所證明的那樣，我們擁有走出不確定時期的良好記錄，並且比進入不確定時期時更強大。

And I'm confident that the current reality presents a very strong opportunity to further our competitive advantages and gain market share. At this time, we'll open the call for questions.

我相信，當前的現實為我們進一步增強競爭優勢和贏得市場份額提供了非常好的機會。現在，我們將開始提問。

(Operator Instructions)

（操作員指示）

Anna Andreeva, Piper Sandler.

安娜·安德烈耶娃、派珀·桑德勒。

Great. Thank you so much. Good morning and congrats. Nice results. We had two-part question. First, on gross margins, really strong at the Crocs brand. And I think you mentioned product costs and favorable customer mix. Can you comment on sustainability of those. It sounds like the costing benefit gain maybe accelerated sequentially. So that's the first one.

偉大的。太感謝了。早安，恭喜。效果不錯。我們的問題分為兩部分。首先，就毛利率而言，Crocs 品牌確實非常強勁。我認為您提到了產品成本和有利的客戶組合。您能否評論一下這些的可持續性？聽起來成本效益的提高可能會持續加速。這是第一個。

And secondly, you mentioned pricing as a potential lever. Can you just provide more color on that. Do you see that opportunity more at Crocs versus HEYDUDE? And would this be a global versus a US increase? Thanks so much.

其次，您提到定價是一個潛在的槓桿。您能否對此提供更多詳細資訊？您認為 Crocs 和 HEYDUDE 哪個更有商機？相對於美國而言，這會是全球性的成長嗎？非常感謝。

Great. Thanks, Anna. So on gross margin, yeah, I think we are really pleased with the results in Q1. And look, one of the strengths of this company is our incredible gross margins, which allows us to be very strategic in where we invest. In terms of sustainability, do believe they're sustainable.

偉大的。謝謝，安娜。所以就毛利率而言，是的，我認為我們對第一季的業績非常滿意。而且，這家公司的優勢之一就是我們令人難以置信的毛利率，這使我們能夠在投資方面採取非常有策略的策略。就可持續性而言，確實相信它們是可持續的。

The gross margin uplift or the strength of the gross margins really came from, I think, three things. One was good negotiating with our vendors. So we were able to continue to get some efficiencies in terms of sourcing. Over the last several years, we've made very substantial estimates in our distribution and logistics infrastructure here in the US, in the Netherlands and in other parts of the world. And I think that's really paying off with efficiencies.

我認為，毛利率的提升或毛利率的強勁實際上源自於三件事。一是與我們的供應商進行良好的談判。因此，我們能夠在採購方面持續提高效率。在過去幾年裡，我們對美國、荷蘭和世界其他地區的分銷和物流基礎設施進行了非常大量的評估。我認為這確實能提高效率。

And then we also had really good customer channel mix -- so I think we're pretty confident in the sustainability of that. Ex-tariffs, obviously, I'm sure we're going to talk plenty about that on this call, and I appreciate you not leading with that. So second part of your question around pricing Yeah, absolutely. That's a lever to mitigate sort of incremental costs. And we expect, depending on the level of incremental costs that may come from tariffs and other factors, we do expect the industry to go up in terms of price.

而且我們也擁有非常好的客戶管道組合——所以我認為我們對其永續性非常有信心。顯然，不包括關稅，我相信我們會在這次電話會議上充分討論這個問題，我很感激你沒有以此為開端。所以你的問題的第二部分是關於定價的，是的，絕對的。這是一種減輕增量成本的槓桿。我們預計，根據關稅和其他因素可能帶來的增量成本水平，我們確實預計該行業的價格會上漲。

I would say at this point, we're being super strategic around that. We have probably initiated a very small number of very targeted price increases to really kind of mitigate some selective issues. And we're really in a little bit of a wait-and-see mode but doing a substantial amount of preparatory work to understand where and how we should manage price in the future, but I think it's a level that we expect the industry to use and we will use as well.

我想說，目前我們正對此採取極為策略性的措施。我們可能已經啟動了極少數有針對性的價格上調，以真正緩解一些選擇性問題。我們確實處於一種觀望狀態，但正在做大量的準備工作，以了解未來我們應該在哪裡以及如何管理價格，但我認為這是我們預期行業會使用的水平，我們也會使用。

Thank you so much and good luck on navigating this environment.

非常感謝您，祝您順利度過這個環境。

Jonathan Komp, Baird.

喬納森康普，貝爾德。

Yeah, good morning. I guess I'll combine two questions. First, just obviously, a difficult environment to decide what to communicate externally. But any thoughts on that guiding Q2 revenue or just any more specifics on a short-term basis or sort of commenting on comfort levels of the prior revenue outlook, assuming a stable environment? Just any more color there on the approach? And then secondly, just on the mitigation strategies.

是的，早安。我想我會把兩個問題合併起來。首先，顯然，在這樣的環境下，很難決定要向外界傳達什麼訊息。但是，對於指導第二季度收入有什麼想法，或者只是在短期內有任何更具體的信息，或者在穩定的環境下對之前收入前景的舒適度進行評論？進場時還有更多顏色嗎？其次，僅討論緩解策略。

You mentioned hoping to maybe clarify, are you thinking of scenarios to offset that full $130 million you outlined, including the higher China rate? Or just how you're thinking about the different scenarios and how you're planning your business to offset different potential levels of exposure.

您提到希望澄清一下，您是否考慮過抵銷您概述的全部 1.3 億美元的方案，包括更高的中國稅率？或者只是您如何考慮不同的場景以及如何規劃您的業務以抵消不同程度的潛在風險。

Yeah. Okay. Thanks, John. So with regard to Q2, look, I think we said a couple of times in our prepared remarks, sort of April is behind us now. And like April was strong. We're very satisfied with April. I think the trajectory was consistent with March. And I would say the US consumer, in particular, seems to be holding up well. and then we're seeing sort of continued trajectory in our international business. So the thing that I just think we're super wary and cautious of is we can't predict what's happening sort of day-to-day in the sort of global trade environment.

是的。好的。謝謝，約翰。因此，關於第二季度，我想我們在準備好的發言中已經說過幾次了，四月已經過去了。就像四月一樣強勁。我們對四月非常滿意。我認為軌跡與三月一致。我想說，美國消費者的表現尤其出色。然後我們看到我們的國際業務繼續呈現成長軌跡。所以我認為我們非常警惕和謹慎的事情是，我們無法預測全球貿易環境中每天發生的事情。

And we're really sort of being prudent and protecting ourselves from an unexpected shock that we have no idea that's coming. So I think it's just being prudent and sensible. But I would reiterate, as we sit today, it's -- we feel good. From a mitigation perspective, so we try to give you some bookends in terms of what tariffs might mean to us, right? So that was really kind of the intent. So if you had the 10% across the globe with everything coming in, so just an elevated tariff level in general, that was $45 million.

我們確實很謹慎，保護自己免受未知的意外衝擊。所以我認為這只是謹慎和明智的做法。但我想重申，今天我們坐在一起，感覺很好。從緩解的角度來看，我們試圖給你一些關於關稅對我們意味著什麼的建議，對嗎？所以這確實是一種意圖。因此，如果全球所有進口商品的關稅都達到 10%，那麼整體關稅水準就會提高，那就是 4,500 萬美元。

The $130 million, I think, is a pretty extreme case that would assume that two things happened. One is that the 145% incremental tariffs on China stayed in place, and we continue to import goods from China at the rate which our current plan suggests, right? So I would say right now, with that 145% in place, we are bringing a minimal fractional portion of goods in from China. They're more very selective on the Crocs side and it's almost nonexistent on the HEYDUDE side.

我認為，1.3 億美元是一個非常極端的例子，它假設發生了兩件事。一是繼續對中國徵收 145% 的增量關稅，並且我們繼續按照當前計劃建議的速度從中國進口商品，對嗎？所以我想說，現在，在 145% 的關稅下，我們從中國進口的商品只佔極小一部分。他們對 Crocs 的選擇性更強，而對 HEYDUDE 的選擇性幾乎為零。

So if that remains in place, we were very unlikely to incur that $130 million because we just simply wouldn't bring the goods in. We'd cancel off some orders. And I would say we are rapidly shifting sourcing to other countries. I think we've got a very well diversified sourcing base, so it stands us in good stead. I think the thing that the whole industry is worried about if a reciprocal tariff remains in place relative to Vietnam. That's a huge amount of production for us and everybody else, that would be incredibly hard to mitigate.

因此，如果這種情況持續下去，我們就不太可能花費 1.3 億美元，因為我們根本不會進口貨物。我們會取消一些訂單。我想說的是，我們正在迅速將採購轉移到其他國家。我認為我們擁有非常多樣化的採購基礎，因此這對我們有利。我認為，如果對越南繼續實施互惠關稅，整個產業都會擔心。對我們和其他所有人來說，這都是一個巨大的生產量，而且很難減輕。

Yeah. That's very helpful. Thanks, Andrew.

是的。這非常有幫助。謝謝，安德魯。

[Peter McGavick] Stifel.

[彼得·麥加維克] 史蒂費爾。

Hey. Thanks for taking our question. I wanted to ask about your level of marketing spend. This is an area you've stepped up in previous years to drive significant gross profit growth. How should we think of your approach to spending in marketing in 2025 against the uncertain backdrop?

嘿。感謝您回答我們的問題。我想詢問一下你們的行銷支出水準。這是你們在前幾年加大力度推動毛利大幅成長的領域。在不確定的背景下，我們該如何看待您在 2025 年的行銷支出方式？

Yes. So I think when we finished Q4 in mid-February and announced that those results -- or we announced those results in mid-February, obviously finished Q4 in the end of December. We did talk about -- we were planning a slightly more elevated level of marketing in '25 to support both Crocs and HEYDUDE. And our intent at this point, net of the $50 million of SG&A reductions that we have already enacted and completed is to maintain that level of marketing.

是的。所以我認為，當我們在 2 月中旬完成第四季度並宣布這些結果時 - 或者我們在 2 月中旬宣布了這些結果，顯然在 12 月底完成了第四季度。我們確實談論過——我們計劃在 25 年稍微提高一點行銷水平，以支持 Crocs 和 HEYDUDE。我們目前的目標是，扣除我們已經實施和完成的 5000 萬美元銷售、一般和行政費用削減，維持這一行銷水平。

We think it's incredibly important in even in times that can be uncertain to continue to communicate very proactively engage and connect with our consumers and give them reasons to buy our brands. I -- as we think about our brands, they are both at approachable price points. And even in more uncertain times when the consumer is constrained, we're still -- we still have two brands that I think are very accessible to a very broad range of consumers.

我們認為，即使在充滿不確定性的時期，繼續積極主動地與消費者溝通、互動和聯繫，並讓他們有理由購買我們的品牌，這一點非常重要。我——當我們考慮我們的品牌時，它們都處於可以接受的價格點。即使在消費者受到限制的更不確定的時期，我們仍然——我認為我們仍然有兩個品牌非常適合廣大消費者。

So we will make that level of investment and the profile of that investment is pretty consistent with what you've seen in the past using key celebrities, using ambassadors, creating engagement around events. We talked about some of the events that we ran in Q1 with HEYDUDE, and we've had a very successful Q1 in China, where we've used high-profile celebrities and invested heavily in marketing.

因此，我們將進行這種程度的投資，而這種投資的本質與你過去看到的使用主要名人、使用大使、圍繞活動創造參與度的做法非常一致。我們談到了第一季與 HEYDUDE 合作舉辦的一些活動，我們在中國的第一季取得了非常成功，我們聘請了知名名人並在行銷方面投入了大量資金。

Thank you for that. And then diving deeper on the HEYDUDE refresh positioning with expanded product assortment and new marketing initiatives. Could you just discuss the strategy to balance that new direction while maintaining the brand identity and appeal with the core customer group?

謝謝你。接著透過擴大產品種類和新的行銷舉措，更深入探討 HEYDUDE 的全新定位。您能否討論一下在保持品牌形象和對核心客戶群的吸引力的同時平衡新方向的策略？

Absolutely. So look, I think overall, we're super happy with the last two quarters for HEYDUDE.The brand has performed ahead of expectations for both of those quarters. And so we're very happy with that. And really, that is as a result of exactly what you just said, right? So maintaining a strong commitment to our core consumer with the Wally & Wendy and updating and introducing new styles for that core consumer.

絕對地。所以，我認為總體而言，我們對 HEYDUDE 過去兩個季度的表現非常滿意。該品牌在這兩個季度的表現都超出了預期。因此我們對此感到非常高興。事實上，這正是您剛才所說的結果，對嗎？因此，我們透過 Wally & Wendy 保持對核心消費者的堅定承諾，並針對核心消費者更新並推出新款式。

So we talked in prepared remarks around how we have repositioned the Wally particularly around a Stretch Sox platform. So it took a myriad of disparate styles with different style names and numbers and colors, et cetera, and household them under a coherent program. So it makes it much easier for the consumer to shop. We've also updated the product with additional details and key features.

因此，我們在準備好的發言中討論瞭如何重新定位 Wally，特別是圍繞 Stretch Sox 平台。因此，它採用了具有不同樣式名稱、編號和顏色等的無數不同樣式，並將它們納入一個連貫的程序中。因此，消費者購物變得更加容易。我們也更新了產品，並添加了更多細節和主要功能。

And we also reset the marketplace, pulling back a lot of the old products, resetting our core wholesale partners. So that was a pretty big investment on our partner, said that I think we and they are really pleased with that so far. At the same time, as investing in communication with a younger female consumer using Sydney Sweden as our key ambassador there, launching some new product, the Austin Lift, on TikTok Shop and both of those activities are performing very well. So I think that's really the core Explanada for the really pleasing results in Q4 of last year and Q1 of this year, and we expect that to continue.

我們也重置了市場，撤回了許多舊產品，並重置了我們的核心批發合作夥伴。所以這對我們的合作夥伴來說是一筆相當大的投資，我認為到目前為止我們和他們對此都非常滿意。同時，我們利用瑞典悉尼作為我們在那裡的主要大使，與年輕女性消費者進行溝通，並在 TikTok Shop 上推出一些新產品 Austin Lift，這兩項活動都表現得非常好。所以我認為這確實是 Explanada 在去年第四季和今年第一季取得令人滿意的業績的核心原因，我們預計這種情況將會持續下去。

Thank you.

謝謝。

Laura Champine, Loop Capital.

勞拉·尚皮恩（Laura Champine），Loop Capital。

Thanks for taking my question. This is a quarter where it's tough to know what's best to ask. But let's start with kind of the framework that you've given us for cost impact for tariffs. And I get it that the $130 million is not really reasonable or is not going to happen. But we also are hearing significant cost increases coming out of Southeast Asia as those factories get a lot busier what is a more reasonable expectation of a cost increase. I'm guessing it's somewhere between the $45 million and the $130 million. But is there anything you can do to help us kind of free it up ballpark it?

感謝您回答我的問題。在這個季度裡，很難知道最好問什麼問題。但是，讓我們先從您提供的關稅成本影響框架開始。我明白 1.3 億美元並不合理，或者根本不會發生。但我們也聽說東南亞的成本大幅上漲，因為這些工廠變得更加繁忙，這是更合理的成本上漲預期。我猜大概在 4500 萬美元到 1.3 億美元之間。但是您能做些什麼來幫助我們釋放它的潛力嗎？

I would say, Laura, if we could, we would, right? We're not -- this is not an effort to be obtuse. It's just simply impossible. So what I would say is in terms of cost of goods increases without tariffs coming out of Southeast Asia, we're not seeing that at all. We have a base of five or six key manufacturing partners, each of which operate multiple large facilities for us in multiple countries and have done so for 20 years.

我想說，勞拉，如果可以的話，我們會的，對吧？我們不是——這並不是為了裝傻。這根本就是不可能的。所以我想說的是，就東南亞不徵收關稅導致的商品成本上漲而言，我們根本沒有看到這種情況。我們擁有五到六個主要製造合作夥伴，每個合作夥伴都在多個國家為我們運營多個大型工廠，並且已經運作了 20 年。

So we are not seeing any cost increases coming out of those partners. In fact, in response to an earlier question, we saw some cost decreases from some of those partners going into Q1. So that's not a factor that we're seeing or concerned about.

因此，我們沒有看到這些合作夥伴的成本增加。事實上，在回答先前的問題時，我們發現進入第一季度，部分合作夥伴的成本有所下降。所以這不是我們看到或擔心的因素。

I could imagine the people who have been heavily in China and trying to transfer that volume to new manufacturing partners in Southeast Asia are seeing a pretty high price or pretty high cost, but that doesn't apply to us at this stage. In terms of being able to predict the cost of what you're really talking about is predict the tariff load that we're going to pay on the goods that we bring in from different areas. The -- I have no way of providing you a number there. I would have could.

我可以想像，那些在中國大量生產並試圖將產量轉移給東南亞新製造合作夥伴的人會面臨相當高的價格或成本，但目前這並不適用於我們。就能夠預測成本而言，您真正談論的是預測我們從不同地區進口的商品要支付的關稅負擔。我無法向您提供電話號碼。我本來可以的。

Understood. Just as a follow-on, kind of what's your latest thinking about elasticity demand, like you mentioned price increases. If you could help ballpark that, it would be great. But what's your latest thinking strategically on elasticity of demand as sort of industry-wide price increases go through.

明白了。作為後續問題，您對彈性需求的最新看法是什麼，就像您提到的價格上漲一樣。如果您能幫忙估算一下，那就太好了。但是，隨著整個行業價格上漲，您對需求彈性的最新策略想法是什麼？

Yeah. This category is not in Elastic is a double negative, but so there is elasticity, right? So if prices go up, we would expect volumes to go down and would therefore plan accordingly. What I would say is I would rather increase prices protect margin or -- and have adequate room in the P&L to invest in marketing and consumer communication to drive consumers to our brand, then take margin reductions and have no latitude to communicate effectively with consumers. So I think the -- and so a higher price, higher margin and maybe slightly lesser volume is a much stronger place to be.

是的。這個類別不屬於彈性是雙重否定，但是有彈性，對嗎？因此，如果價格上漲，我們預計銷量會下降，並因此會制定相應的計劃。我想說的是，我寧願提高價格來保護利潤率，或在損益表中留出足夠的空間來投資行銷和消費者溝通，以吸引消費者關注我們的品牌，然後降低利潤率，卻沒有自由與消費者進行有效溝通。所以我認為——更高的價格、更高的利潤率以及可能略低的銷售量才是更有利的。

Understood. Thank you.

明白了。謝謝。

Aubrey Tianello, BNP Parabas.

奧布里‧蒂埃洛 (Aubrey Tianello)，法國巴黎銀行

Hey, good morning. Thanks for taking the question. And really appreciate the framework and all the help on tariffs. I wanted to go back to the comment on not bringing goods in if the 145% tariff remain in place that you look to shift production, what would be the time frame to relocate production out of China? And which parts of the business are still sourced from China? Is it kids, anything specific?

嘿，早安。感謝您回答這個問題。非常感謝該框架和有關關稅的所有幫助。我想回到關於如果 145% 的關稅仍然存在則不會進口貨物的評論，而您希望轉移生產，那麼將生產轉移出中國的時間表是怎樣的？哪些業務部分仍來自中國？是孩子嗎？有什麼特別的嗎？

Yeah. It's not anything specific. So I think we gave you these -- the percentage mix in China. That is more HEYDUDE than it is Crocs. So takes a lot more HEYDUDE than it is Crocs. And in terms of shifting the remaining piece of Crocs, I think that could happen quickly. That could happen. If we got an indication the 145% is going to stay in place for a long time or a large, elevated tariff on China is going to stay in place for a long time, we would shift that within six months.

是的。這並不是什麼具體的事。所以我想我們給了你這些——中國的百分比組合。這比 Crocs 更像 HEYDUDE。因此，與 Crocs 相比，HEYDUDE 要多得多。至於轉移 Crocs 剩餘部分，我認為這可能很快就會發生。這可能會發生。如果我們得到跡象表明 145% 的稅率將長期維持，或者對中國徵收高額關稅將長期維持，我們將在六個月內改變這項政策。

There are capabilities that we get in China that we don't get elsewhere, right? And those will take a little bit longer because they've been manufacturing footwear for a lot longer than some of the places we're talking about. The HEYDUDE piece is also doable within a relatively short time frame. I would say within 12 months, we could shift all of that volume. We might be able to do a little bit quicker and be relatively cautious there.

我們在中國擁有一些在其他地方無法獲得的能力，對嗎？這些都需要更長的時間，因為他們生產鞋類的時間比我們談論的一些地方要長得​​多。HEYDUDE 作品也可以在相對較短的時間內完成。我想說，在 12 個月內，我們可以轉移所有這些數量。我們也許可以做得更快一些，並且相對謹慎一些。

But I wouldn't say it's impacting any particular product. I'm aware that a couple of brands have called out that they're heavily in China for kids, which makes sense because it's lower cost environment. So your lowest margin product you put in the cheapest sourcing place. That is not the case for us. We're confident we will have ample kids supply for our consumers.

但我不會說它會影響任何特定產品。我知道有幾個品牌已經表示他們在中國大力推廣兒童產品，這是有道理的，因為那裡的成本較低。因此，您將利潤最低的產品放在最便宜的採購地點。但對我們來說，情況並非如此。我們有信心為消費者提供充足的兒童產品。

Okay. Thank you.

好的。謝謝。

Rick Patel, Raymond James.

瑞克·帕特爾、雷蒙·詹姆斯。

Thank you. Good morning. Can you double-click on the drivers for -- I'm sorry, for Crocs international growth? Maybe update us on how big the largest regions are today and what you see as the most compelling growth drivers as we think about organic growth versus new distribution?

謝謝。早安.您能否雙擊推動 Crocs 國際成長的因素—抱歉，是推動 Crocs 國際成長的因素？也許您可以告訴我們目前最大的地區有多大，以及當我們考慮有機成長與新分銷時，您認為最引人注目的成長動力是什麼？

Right. Okay. So I think the macro comment or the macro driver is brand penetration. As we look at the Crocs market share in many of our international markets, it is a third of the market share we would see in many of our stronger markets, US, UK, for example, will be two where we have high market share and Australia. So it's really -- it's penetrating the market to the degree which we have penetrated the market elsewhere.

正確的。好的。所以我認為宏觀評論或宏觀驅動因素是品牌滲透。當我們查看 Crocs 在許多國際市場的市場份額時，我們發現它只占我們在許多較強市場中所佔市場份額的三分之一，例如美國、英國和澳洲就是我們擁有較高市場份額的兩個國家。因此，它確實正在滲透到我們滲透到其他市場的程度。

That's the macro driver. In terms of the -- how we're doing that, it's product, it's marketing, it's incremental distribution, it's heavily digitally led. It's leveraging social selling and social commerce. So the playbook that we've operated elsewhere applies most places. In terms of the larger focus areas, China is really important.

這就是巨集驅動程式。就我們如何做到這一點而言，它是產品，它是行銷，它是增量分銷，它在很大程度上是由數位化主導的。它利用社交銷售和社交商務。因此，我們在其他地方實施的策略適用於大多數地方。從更大的關注領域來看，中國確實很重要。

We've been talking about that for some time and continue to see real success in China, clearly gaining market share in a market which is relatively difficult. And we ascribe that to approachable price point, very strong marketing and digital first activation. We are increasingly focused on India where you have a rapidly growing middle class and a very large population. We saw some constraints in India, which we've talked about historically around their import restrictions that they've applied. We have solved all of those.

我們談論這個問題已經有一段時間了，並且在中國取得了真正的成功，在一個相對困難的市場中明顯獲得了市場份額。我們將其歸因於可承受的價格點、非常強大的行銷和數位優先激活。我們越來越關注印度，那裡的中產階級正快速壯大，人口也十分龐大。我們看到印度存在一些限制，我們過去曾討論過他們實施的進口限制。我們已經解決了所有這些問題。

We now have adequate production for both Crocs and HEYDUDE in India to satisfy all of the demand we have in India, but plus export. It's become a more significant manufacturing hub and export market for us as well.

目前，我們在印度有足夠的產量來滿足 Crocs 和 HEYDUDE 在印度的所有需求，此外還滿足出口需求。它也已成為我們更重要的製造中心和出口市場。

And then we're really pleased with the traction that we're seeing in Western Europe. I think we've highlighted historically, the UK has performed very well, but we're seeing really nice traction in France and Germany. And that's again, really about penetrating the market. There's a little bit more wholesale markets, so that's about penetrating new customers getting new presentation in front of the consumers supported by localized marketing. Hopefully that gives you a good -- yes, go ahead.

我們對西歐所取得的進展感到非常高興。我認為我們已經強調過，從歷史上看，英國的表現非常出色，但我們也看到法國和德國也表現出色。這又是關於滲透市場的問題。批發市場稍微多一些，因此這是為了滲透新客戶，透過在地化行銷在消費者面前進行新的展示。希望這能為你帶來好處——是的，繼續吧。

Thank you. And just a follow-up on that. Like is as we think about the importance of marketing investment and the company's strategy to continue leaning in, like how much of that marketing investment is distorted towards white space opportunities for Crocs like in international markets as opposed to trying to turn around HEYDUDE?

謝謝。這只是對此的後續跟進。就像我們思考行銷投資的重要性和公司繼續傾斜的策略一樣，有多少行銷投資被扭曲用於 Crocs 在國際市場的空白機會，而不是試圖扭轉局面？

It's both, I would say. So -- the overall had marketing budget is a little above that of Crocs, but not massively as a percentage of sales, I'm talking about. So obviously, dollars is a lot less, but in terms of percentage of sales. And then I would say for Crocs, we very strategically allocate it to the markets that -- where we see the greatest opportunity. So we've had a sustained level of spending in China, that's definitely paying off. We're ramping up our spending in India, and we have a strong level of activity in Western Europe.

我想說，兩者皆有。所以——整體行銷預算略高於 Crocs，但就銷售額的百分比而言，並不高，我是說。顯然，美元少了很多，但就銷售額的百分比而言。然後我想說，對於 Crocs 來說，我們非常有策略地將其分配到我們認為機會最大的市場。因此，我們在中國保持了持續的支出，這肯定是有回報的。我們正在增加在印度的支出，並且在西歐的業務活動也十分活躍。

Very helpful. Thanks so much.

非常有幫助。非常感謝。

Adrienne Yih, Barclays.

巴克萊銀行的 Adrienne Yih。

Good morning. This is Michael Wu on for Adrienne Yih. Related to the wholesale versus DTC channels. Can you share any details on the relationship or an embedded words, how it would work for distribution in the wholesale channel, if you increase prices in DTC, what happens at the for wholesalers for those who have already placed their orders? And is there any negotiating room with the wholesalers on increasing prices of orders on the ones that they've already placed. Thank you.

早安.我是 Adrienne Yih 的 Michael Wu。與批發和 DTC 管道相關。您能否分享有關這種關係或嵌入詞語的任何細節，它將如何在批發渠道中發揮作用，如果您提高 DTC 的價格，那麼對於那些已經下訂單的批發商來說會發生什麼？在提高批發商已下訂單的價格方面，是否有談判空間？謝謝。

Okay. That's a complicated question. So obviously, in DTC, we have lately to change prices whenever we wish. I would say that's not likely unless we're kind of testing price elasticity. We probably want to keep pricing in the market or a given market, whether that be the US or the UK or China pretty consistent across channels. In terms of changing the price of goods that have already been ordered from a wholesale partner. I think that's what you're really getting with your question.

好的。這是一個複雜的問題。因此顯然，在 DTC 中，我們最近可以隨時更改價格。我想說，除非我們正在測試價格彈性，否則這不太可能。我們可能希望保持市場或特定市場（無論是美國、英國或中國）各個通路的定價一致。就更改已從批發合作夥伴處訂購的商品的價格而言。我想這就是你提問的真正目的。

Look, we have done that in the past when it was an emergency situation or it's a situation we thought that was warranted. I don't think, in this case, we're likely to take that approach. I think we have a little time here to see how things settle out. So I think that's extremely like it's doable, but it's very unlikely we would do that. And so we will be looking for a more coordinated change in pricing across multiple channels at a designated point in time in the future.

你看，過去在緊急情況下或我們認為有必要的情況下，我們就這麼做過。我認為，在這種情況下，我們不太可能採取這種方法。我想我們還有一點時間來看看事情如何解決。所以我認為這極有可能實現，但我們這樣做的可能性很小。因此，我們將尋求在未來的指定時間點在多個管道上實現更協調的定價變更。

Sounds great. Thank you very much.

聽起來很棒。非常感謝。

Ashley Owens, KeyBanc Capital Markets.

KeyBanc 資本市場公司的 Ashley Owens。

Hi. Good morning. So maybe just a follow-up on the wholesale channel in general. We're hearing from others that some of these hires are planning the balance of the year more prudently than initial expectations had suggested -- is it something you're currently seeing with the order book? Or any color you could provide on how that's shaking out or shifting in real time would be helpful.

你好。早安.因此，這可能只是對批發管道的整體跟進。我們從其他人那裡聽說，其中一些僱員正在比最初的預期更加謹慎地規劃今年的剩餘時間——這是您目前在訂單中看到的嗎？或者您可以提供任何有關其如何即時震動或轉變的顏色，這將會很有幫助。

Yes. I'm probably going to reiterate what -- so what I would say is major retailers are wholesale partners, particularly here in the US, are planning their futures conservatively, right? And I think they probably say the same thing that we're saying is April looks pretty good, but I don't know what's going to happen in the future.

是的。我可能會重申——所以我想說的是，主要的零售商和批發合作夥伴，特別是在美國，都在保守地規劃他們的未來，對嗎？我認為他們可能和我們說的是同樣的事情，四月看起來不錯，但我不知道未來會發生什麼。

And if you're a major retailer, the most important thing for you to manage and control is your inventory levels. So they are planning future inventory levels conservatively. So -- and we are seeing that, right? We expected to see that and are seeing that. and frankly, support that, right?

如果您是一家大型零售商，那麼您管理和控制的最重要的事情就是庫存水準。因此，他們正在保守地規劃未來的庫存水準。那麼——我們看到了這一點，對嗎？我們期望看到這一點，也確實看到了這一點。坦白說，支持這一點，對吧？

Generally, the worst thing for a brand is to force a whole bunch of inventory into the channel that's not going to sell. And then as the consumer rebounds at some point in the future, the channel is less selling aged and out-of-date inventory. So we're totally in sync with that, and we'd rather have that dynamic than a different dynamic.

一般來說，對於一個品牌來說，最糟糕的事情就是將一大堆無法銷售的庫存強行推入通路。然後，隨著未來某個時候消費者的反彈，該通路銷售的陳舊和過期的庫存就會減少。所以我們完全與此同步，我們寧願擁有這種動態，而不是不同的動態。

Okay, great. Thank you.

好的，太好了。謝謝。

Tom Nikic, Needham.

湯姆·尼基奇，尼德姆。

Hey, everyone. Thanks for taking my question is about capital allocation. That's maybe a Susan question. But it sounds like the current environment wouldn't change your plans for investment in the business, but does it change the way you think about capital allocation? Would you stockpile more cash, would you prioritize debt paydown versus buyback or vice versa? Just curious if your thought process.

嘿，大家好。感謝您回答我的問題，關於資本配置。這也許是蘇珊的問題。但聽起來當前的環境不會改變您對業務的投資計劃，但它會改變您對資本配置的看法嗎？您會儲存更多現金嗎？您會優先償還債務還是回購債務，還是反過來？只是好奇你的思考過程。

Yeah. Great question, Tom. When we look at our cash flow for the year, first of all, we do model various different scenarios as we've evaluated a range of potential scenarios. One thing stands true. We would continue to generate a significant amount of free cash flow. And so given that, we're still committed to our 1 to 1.5 times leverage range. But within that, we have the opportunity to do both. So both opportunistic share repurchases like we did in Q1 as well as paying down debt.

是的。很好的問題，湯姆。當我們查看年度現金流時，首先，我們會對各種不同的情境進行建模，因為我們已經評估了一系列潛在的情境。有一件事是真的。我們將繼續產生大量的自由現金流。因此，我們仍然致力於 1 至 1.5 倍的槓桿範圍。但在其中，我們有機會做到這兩點。因此，我們既像在第一季那樣進行機會性股票回購，也償還債務。

All right. Thanks very much and best of luck for the rest of the year.

好的。非常感謝，祝您今年餘下的時間一切順利。

Sam Poser, Williams Trading.

威廉斯貿易公司的 Sam Poser。

Thank you very much for taking my question. I've got one that I'll break into three parts. (inaudible) with HEYDUDE in your direct business, like sort of the idea of how much comes from stores versus your own dotcom versus social. Could you give us some idea of that breakout?

非常感謝您回答我的問題。我有一個，我將把它分成三個部分。 （聽不清楚）在您的直接業務中使用 HEYDUDE，例如有多少來自商店、您自己的網路公司和社交。您能給我們講講這次突破的情況嗎？

Yeah. We did not providing that breakout, Sam. So just to give you some qualitative comments if that's helpful, and I'll stop with the last piece to social. With social selling it's something which we have embraced, right? So we've been doing it for several years in China and it's been incredibly successful. TikTok Shop launched their -- TikTok launched their shop in the fall of last year. We put both of our brands in that shop relatively quickly and we've seen tremendous success. We're seeing success in terms of amount of selling that we do, but we're also seeing a very clear halo from that selling on those styles both to our other digital channels and also into store.

是的。我們沒有提供這種突破，山姆。因此，如果有幫助的話，我只是想給你一些定性的評論，然後我就講到社交的最後一部分了。我們已經接受了社交銷售，對嗎？我們已經在中國做了好幾年了，並且取得了令人難以置信的成功。TikTok Shop 於去年秋天推出了他們的商店。我們相對較快地將我們的兩個品牌都引入該商店，並取得了巨大的成功。就銷售量而言，我們看到了成功，但我們也看到這些款式在我們的其他數位管道和商店中的銷售產生了非常明顯的光環。

So we think it's a combination like a perfect storm. In terms of the other components for HEYDUDE, so that's our direct digital business, so that's heydude.com and also Amazon, where we are a three-peat partner with Amazon with HEYDUDE, so we've complete control for those channels. We feel good about the performance. We feel good about our ability to showcase our brand and also introduce new products and story tell around that product while -- the last piece is the retail business, which is our outlet stores that we opened last year.

所以我們認為這是一個完美風暴的組合。就 HEYDUDE 的其他組成部分而言，這是我們的直接數位業務，即 heydude.com 和亞馬遜，我們是亞馬遜和 HEYDUDE 的三連冠合作夥伴，因此我們完全控制這些管道。我們對這次演出感覺很好。我們很高興能夠展示我們的品牌，並推出新產品和圍繞該產品講述故事——最後一部分是零售業務，也就是我們去年開設的直銷店。

Those are performing well. It gives us multiple vehicles, as you well understand, from an outlet business, we can showcase the breadth of our product. We can also have a vehicle to clean up excess inventory -- and then importantly, in some of the markets where the brand is less well known, it's an introduction for the (inaudible) to the brand. So all qualitative, but I hope that helps you understand how we think about those components of our DTC business.

這些都表現良好。正如您所了解的，它為我們提供了多種載體，透過直銷業務，我們可以展示我們產品的廣度。我們還可以有一種工具來清理多餘的庫存——而且重要的是，在一些品牌知名度較低的市場中，它可以作為（聽不清楚）品牌的介紹。所以所有這些都是定性的，但我希望這能幫助您了解我們如何看待 DTC 業務的這些組成部分。

Yes. Thank you. Then secondly, you talked about April maintaining the momentum in April maintained. With -- as some retailers call it Marpril, March and April together because of the shift of Easter, how -- can you give us a little more color on that trend line between March and April in the big picture, and then I'll just ask the other one now. It sounds to me like you're planning the payers like you're being more conservative with the payers you're going to put in the marketplace towards the back half of the year and willing still plan to gain share but willing to give up some unit sales in place of brand. Is that given the uncertainty in the marketplace.

是的。謝謝。其次，您談到四月份保持了四月份的勢頭。由於復活節的轉變，一些零售商將三月和四月合在一起稱為 Marpril，您能否從總體上為我們提供更多關於三月和四月之間趨勢線的信息，然後我現在再問另一個問題。在我看來，您在計劃付款人時似乎對下半年投放市場的付款人持更保守的態度，並且仍願意計劃獲得份額，但願意放棄一些單位銷售額來換取品牌。這是因為市場存在不確定性嗎？

Yeah, that's a fair question. It's a fair summary, Sam, right? Yes. We would prefer to -- so for example, right, if the 145 -- sorry, the 145% tariff remains in place in China, we will cancel lost goods that we were planning to bring in China for HEYDUDE versus bring them in at essentially zero profit, which will take payers down in the marketplace. In addition, if a given retail partner wants to manage down their order book collectively or specifically, we are working with them to do that versus trying to force them to take orders, which they don't need. And sorry, what was the March and April piece?

是的，這是一個公平的問題。這是一個公平的總結，山姆，對吧？是的。我們更願意——例如，如果 145——抱歉，145% 的關稅在中國仍然有效，我們將取消我們計劃為 HEYDUDE 進口到中國的丟失貨物，而不是以基本零利潤進口，這將使市場上的付款人減少。此外，如果某個零售合作夥伴想要集體或具體地管理他們的訂單，我們會與他們合作，而不是試圖強迫他們接受他們不需要的訂單。抱歉，三月和四月的作品是什麼？

Trend line.

趨勢線。

Yeah, I mean I think we said a few times that. the trend is good, right? We feel good about March and April. And -- but we, like anybody else don't really have a crystal ball as to how long that continues.

是的，我想我們已經說過幾次了。這個趨勢是好的，對吧？我們對三月和四月感覺很好。而且——但是，我們和其他人一樣，真的無法預測這種情況會持續多久。

This concludes our question-and-answer session. I would like to turn the conference back over to Chief Executive Officer, Andrew Rees for any closing remarks.

我們的問答環節到此結束。我想將會議交還給執行長安德魯·里斯 (Andrew Rees)，請他發表閉幕詞。

So just to close out, I appreciate everybody's interest in our company, and we look forward to speaking to you again at the end of the next quarter. Thank you.

最後，我感謝大家對我們公司的關注，我們期待在下個季度末再次與您交談。謝謝。

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

會議現已結束。感謝您參加今天的演講。您可以斷開連線。