卡洛馳 (CROX) 2025 Q4 法說會逐字稿

Good day, and welcome to the Crocs, Inc. Fourth Quarter and Full Year 2025 Earnings Conference Call. (Operator Instructions) Please note this event is beingrecorded. I would now like to turn the conference over to Erinn Murphy, Senior Vice President, Investor Relations and Strategic Finance for Crocs, Inc. Please go ahead.

大家好，歡迎參加 Crocs 公司 2025 年第四季及全年財報電話會議。（操作說明）請注意，本次活動正在錄影。現在我將把會議交給Crocs公司投資者關係和策略財務高級副總裁Erinn Murphy女士。請開始吧。

Good morning, and thank you for joining us to discuss Crocs, Inc. fourth quarter and full year 2025 results. With me today are Andrew Rees, Chief Executive Officer, and Patraic Reagan, Executive Vice President and Chief Financial Officer. Following their prepared remarks, we will open the call for your questions, which we ask that you limit yourself to one per caller.

早安，感謝各位參加本次會議，共同探討 Crocs 公司 2025 年第四季及全年業績。今天陪同我的是執行長安德魯·里斯，以及執行副總裁兼財務長帕特里克·雷根。在他們發言結束後，我們將開放提問環節，請每位提問者限提一個問題。

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. 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 annual report on Form 10-K filed with the SEC for more information on these risks and uncertainties.

在開始之前，我想提醒各位，本次電話會議中提供的一些資訊屬於前瞻性信息，因此，這些資訊受聯邦證券法安全港條款的約束。這些聲明涉及已知和未知的風險、不確定性及其他因素，可能導致我們的實際結果、績效或成就與預期有重大差異。有關這些風險和不確定性的更多信息，請參閱我們向美國證券交易委員會提交的 10-K 表格年度報告。

Certain financial metrics that we refer to as adjusted or non-GAAP are non-GAAP measures. A reconciliation of these amounts to their GAAP counterparts is contained in the press release we issued earlier this morning. All revenue growth rates will be cited on a constant currency basis, unless otherwise stated. At this time, I'll turn the call over to Andrew Rees, Crocs, Inc. Chief Executive Officer.

某些我們稱為調整後或非GAAP的財務指標是非GAAP指標。這些金額與其 GAAP 對應金額的核對錶已包含在我們今天早上早些時候發布的新聞稿中。除非另有說明，否則所有收入成長率均以固定匯率為基礎。現在，我將把電話交給 Crocs 公司執行長 Andrew Rees。

Thank you, Erinn, and good morning, everyone. Thank you for joining us today. 2025 ended on a strong note, as we reported a better-than-expected holiday season, fueled by new product and authentic consumer connections. Our powerful value creation model drove strong free cash flow, which we returned to shareholders in the form of repurchases and debt paydown.

謝謝你，艾琳，大家早安。感謝您今天蒞臨。 2025 年以強勁的勢頭收尾，我們報告稱，假日季業績超出預期，這得益於新產品的推出和與消費者建立的真誠聯繫。我們強大的價值創造模式帶來了強勁的自由現金流，我們以股票回購和償還債務的形式將這些現金流返還給了股東。

We continue to invest thoughtfully and strategically behind our brands in support of building an even stronger foundation to fuel long-term profitable growth. For the full year of 2025, we delivered revenue of over $4 billion with approximately $3.3 billion from the Crocs Brand and $715 million from HEYDUDE. Crocs Brand grew for the 8th consecutive year. International revenues, which comprise almost half of our Crocs Brand sales grew double digits.

我們將繼續對旗下品牌進行深思熟慮且具有策略意義的投資，以建立更強大的基礎，從而推動長期獲利成長。2025 年全年，我們的收入超過 40 億美元，其中 Crocs 品牌貢獻了約 33 億美元，HEYDUDE 貢獻了 7.15 億美元。Crocs品牌連續第八年實現成長。國際收入佔 Crocs 品牌銷售額的近一半，實現了兩位數的成長。

Direct-to-consumer was over half of our enterprise revenue and grew faster than our wholesale business. Strong free cash flow generation of $659 million enabled us to pay down $128 million in debt and buyback approximately 6.5 million shares for $577 million, representing approximately 10% of our shares outstanding. Before going further into 2025's highlights, I would like to start by taking a moment to reflect on a milestone we recently achieved.

直接面向消費者的業務占我們企業收入的一半以上，且成長速度比批發業務更快。強勁的自由現金流產生，使我們獲得了 6.59 億美元，從而償還了 1.28 億美元的債務，並以 5.77 億美元的價格回購了約 650 萬股股票，約占我們已發行股票的 10%。在深入探討 2025 年的亮點之前，我想先花點時間回顧我們最近的一個里程碑。

Earlier this week, on February 8, we surpassed the 20-year mark as a public company. Since our IPO, we've established ourselves as a world leader in innovative casual footwear for all. In addition to creating one of the greatest and most recognizable icons of our time, the Classic Clog, we have built a powerful and defensible business model that is increasingly diversified across brands, products, channels and geographies, with distribution in over 85 countries.

本週早些時候，2月8日，我們作為一家上市公司已經走過了20個年頭。自上市以來，我們已成為全球領先的創新休閒鞋履製造商，產品面向所有人。除了創造了我們這個時代最偉大、最知名的標誌之一——經典木屐之外，我們還建立了一個強大且具有防禦性的商業模式，該模式在品牌、產品、渠道和地域方面日益多元化，分銷網絡遍布 85 多個國家。

We have emerged as a disruptor in social and digital marketing and commerce while building strong communities of loyal brand fans. In the last 20 years, we have relentlessly served our consumers, selling approximately 1.5 billion pairs of shoes while delivering 14% sales growth on a compound annual growth basis. Our high margins and cash flow generation give us great flexibility to continue to invest in and grow our business while returning a considerable amount of cash to shareholders.

我們已成為社群和數位行銷及商務領域的顛覆者，同時建立了強大的忠實品牌粉絲群。在過去的 20 年裡，我們不懈地為消費者服務，售出了約 15 億雙鞋，並實現了 14% 的複合年增長率。我們較高的利潤率和現金流使我們能夠靈活地繼續投資和發展業務，同時向股東返還相當數量的現金。

Since our IPO, Crocs shares have generated a total shareholder return in excess of 700%, almost 2 times that of the S&P 500 over the same period. While I'm exceptionally proud of these accomplishments and the way we have consistently show up for our consumers, I'm even more energized for what I believe lies ahead for our company.

自 IPO 以來，Crocs 股票已為股東創造了超過 700% 的總回報，幾乎是同期標準普爾 500 指數的 2 倍。雖然我對這些成就以及我們始終如一地為消費者服務感到無比自豪，但我對公司未來的發展前景更加充滿信心。

We will continue to build on our promise of creating a more comfortable world for all through driving innovative casual footwear and personalization at scale across our two uniquely positioned consumer beloved brands. Our diversified revenue streams today are powerful, and we have already built multibillion-dollar plus revenue pillars.

我們將繼續履行承諾，透過旗下兩個備受消費者喜愛的獨特品牌，大規模地推出創新休閒鞋履和個人化服務，為所有人創造一個更舒適的世界。我們如今多元化的收入來源非常強大，我們已經建立了數十億美元以上的收入支柱。

In fact, our digital, international and non-clog product categories each represent a revenue stream in excess of $1.5 billion, which we see as compelling drivers for future growth. We will attack the next 20 years with ambition, decisiveness and agility and stay on the offense by leveraging our product innovation engine, our social disruptive marketing and multichannel distribution.

事實上，我們的數位產品、國際產品和非堵塞產品類別各自創造了超過 15 億美元的收入，我們認為這是未來成長的有力驅動力。未來 20 年，我們將以雄心壯志、果斷和敏捷的態度迎接挑戰，並透過利用我們的產品創新引擎、顛覆性的社群行銷和多通路分銷來保持進攻態勢。

Now turning to the Crocs Brand. We had a strong holiday season with positive consumer response to our new product introductions. International grew double digits and sales in North America outperformed our expectations. While improving the trajectory of North America remains our top priority in 2026, we're making good progress against our five strategic pillars for the Crocs Brand.

現在來說說Crocs品牌。我們度過了一個強勁的假期銷售季，消費者對我們推出的新產品反應積極。國際業務實現了兩位數成長，北美地區的銷售額也超出了我們的預期。儘管改善北美市場的發展軌跡仍然是我們 2026 年的首要任務，但我們在 Crocs 品牌的五大策略支柱方面取得了良好進展。

First, we're driving brand relevance globally as the clog market share leader. During the year, clogs represented 74% of our mix, with sales up slightly to last year, led by strong consumer response to our diversified clog franchises. We scaled existing franchises like our sports-inspired Echo by introducing newness such as the Echo RO. We also introduced the Baya, a platform height style for her, to great success internationally.

首先，身為木屐市場佔有率的領導者，我們正在提升品牌在全球的知名度。今年，木屐占我們產品組合的 74%，銷售額比去年略有成長，這主要得益於消費者對我們多元化木屐品牌的強烈反響。我們透過推出 Echo RO 等新產品，擴大了現有特許經營權的規模，例如我們以運動為靈感的 Echo 系列。我們還推出了 Baya，這是一款專為女性設計的厚底鞋，在國際上取得了巨大成功。

We have seen strong early reads in our DTC channels for our Crafted Clog, which will add a wide variety of upper materializations that we plan to scale in 2026. We're excited about the short- and long-term prospects for this new franchise. During the fourth quarter, our line business was particularly robust in both North America and international, fueled by strong consumer response to newness, including the Unfurgettable Clog.

我們看到，我們的 Crafted Clog 在 DTC 通路的早期閱讀量非常強勁，我們將增加各種鞋面材質，並計劃在 2026 年擴大生產規模。我們對這個新特許經營項目的短期和長期前景都感到興奮。第四季度，我們的產品線業務在北美和國際市場都表現得尤為強勁，這得益於消費者對新品的熱烈反響，包括「難忘木屐」系列。

In North America, we're carefully managing our Classic franchise, focusing on maintaining tight inventory control and driving further segmentation across our key partners. Internationally, the Classic Clog grew nicely in 2025. Second, we're making strong inroads in scaling our product pillars outside of clogs through new category expansion. Sandals had a very good year and represented 13% of our mix, closing in on the $450 million mark.

在北美，我們正在精心管理我們的經典特許經營權，專注於保持嚴格的庫存控制，並推動我們主要合作夥伴的進一步細分。在國際上，經典木屐在 2025 年發展良好。其次，我們正透過拓展新品類，在木屐以外的產品領域取得顯著進展。Sandals 今年表現非常出色，占我們總銷售額的 13%，接近 4.5 億美元大關。

Sales growth was robust in North America, where we not only took market share, but also took advantage of an extended selling season beyond the traditional spring/summer period. In 2025, our style sandals led the way, fueled by strong full-price selling of our Brooklyn, Getaway and Miami franchises. While sandal awareness is roughly half that of clogs, we saw an encouraging mid-single-digit increase in sandal awareness during 2025 versus 2024.

北美地區的銷售成長強勁，我們不僅搶佔了市場份額，而且還利用了超越傳統春夏季銷售期的延長銷售季節。2025 年，我們的時尚涼鞋引領潮流，這得益於我們在布魯克林、蓋特威和邁阿密特許經營店的強勁全價銷售。雖然人們對涼鞋的認知度大約只有木屐的一半，但我們看到，與 2024 年相比，2025 年人們對涼鞋的認知度出現了令人鼓舞的個位數增長。

Looking forward into 2026, we believe continued newness in our existing franchises, along with the introduction of our new Saturday franchise, an updated personalizable two-strap sandal, which underscores an opportunity to gain further market share in this category. Jibbitz, our unique vehicle for self-expression, represented 8% of sales. Within Jibbitz, we have seen continued growth of our elevated charms. Beyond Jibbitz, we have expanded what personalization looks like and introduced a collection of bags, bag charms and accessories.

展望 2026 年，我們相信，現有特許經營店的持續創新，以及週六推出的全新特許經營店——一款升級版的可個性化雙帶涼鞋，將為我們在這個品類中獲得更大的市場份額創造機會。Jibbitz 是我們獨特的自我表達工具，佔銷售額的 8%。Jibbitz 旗下高端飾品系列持續成長。除了 Jibbitz 之外，我們還擴展了個人化的定義，並推出了一系列包款、包飾和配件。

Third, we are fueling consumer engagement through disruptive social and digital marketing. In 2025, we launched many high-impact partnerships. Examples included our multi-year NFL partnership, which continues to scale successfully, the launch of Stranger Things, which promptly sold out, and the Crocs Classic Twilight collab that is currently selling for 3 times the MSRP across the resale marketplaces.

第三，我們正在透過顛覆性的社群和數位行銷來提升消費者參與度。2025年，我們啟動了許多具有重大影響力的合作計畫。例如，我們與 NFL 建立了多年的合作關係，而這種合作關係仍在不斷成功擴張；《怪奇物語》的推出迅速售罄；Crocs Classic 與《暮光之城》的聯名款目前在轉售市場上的售價是建議零售價的 3 倍。

At the end of January, we announced an extremely exciting multiyear global partnership with LEGO, bringing together two icons of self-expression and originality. Last month, we teased our disruptive LEGO Brick Clog at Paris Fashion Week. And next week, this clog will be available to consumers. We have a robust pipeline of new product launches together with LEGO that will be centered around footwear and, of course, Jibbitz.

1 月底，我們宣布與樂高達成一項令人興奮的多年全球合作夥伴關係，將兩個自我表達和原創性的標誌性品牌結合在一起。上個月，我們在巴黎時裝週上展示了我們顛覆性的樂高積木木屐。下週，這款木屐將面向消費者發售。我們與樂高合作，推出了一系列新產品，主要產品是鞋類，當然還有Jibbitz鞋扣。

Rounding out January, we debuted our new omnichannel global brand campaign, Wonderfully Unordinary. We'll continue to create compelling consumer experiences in all our channels. In 2025, we leaned into our first-mover advantage in social commerce, which is a powerful channel to reach consumers and also increase our a commerce engine.

一月底，我們推出了全新的全通路全球品牌推廣活動「非凡之美」。我們將繼續在所有管道中創造引人入勝的消費者體驗。2025年，我們充分利用了我們在社群電商領域的先發優勢，這是一個強大的管道，可以接觸到消費者，並增強我們的電商引擎。

We remain the number 1 footwear brand on TikTok Shop in the US, and we anticipate significant future growth in social selling, including on this platform. In 2025, we launched seven new markets globally with TikTok Shop, and have more on our road map for 2026. Finally, we're continuing to gain market share across the world in our international markets. During 2025, international grew 11% on top of 19% the prior year. Broad-based strength was led by our direct-to-consumer channel, which grew 23%.

我們仍然是美國 TikTok Shop 上排名第一的鞋類品牌，我們預計未來社交銷售（包括在這個平台上的銷售）將實現顯著成長。2025年，我們透過TikTok Shop在全球七個新市場推出服務，2026年我們還有更多市場計畫拓展。最後，我們在國際市場上的全球市場份額持續成長。2025年，國際業務在前一年19%的基礎上成長了11%。整體強勁成長主要得益於我們的直接面向消費者的管道，該通路成長了 23%。

In China, our second largest market, we grew 30% on top of 64% last year, and the country now represents approximately 8% of sales. During the fourth quarter, we had a successful Double 11 shopping festival fueled by strong acceleration of our line clog offerings. We believe we have significant future growth opportunity internationally.

在中國，我們的第二大市場，在去年 64% 的成長基礎上又成長了 30%，目前該國約佔銷售額的 8%。第四季度，我們憑藉緊身褲產品強勁的銷售成長，成功舉辦了雙十一購物節。我們相信我們在國際市場上擁有巨大的未來成長機會。

Our average market share in China, India, Japan, Germany and France represented approximately one-third of the market share we have in our established markets. We ended the year with approximately 2,600 Crocs mono-branded stores and kiosks. In 2026, we plan to continue to expandour footprint internationally and see an opportunity to open between 200 and 250 doors, both in our Tier 1 markets and within distributor markets around the world.

我們在中國、印度、日本、德國和法國的平均市佔率約為我們在成熟市場市佔率的三分之一。到年底，我們擁有約 2600 家 Crocs 單品牌門市和專櫃。2026 年，我們計劃繼續擴大國際業務版圖，並看到在一線市場和世界各地的經銷商市場開設 200 至 250 家門市的機會。

Now turning to HEYDUDE. We prioritized our efforts in 2025 around stabilizing the brand in North America with a renewed focus on our core consumer. While we're doing the work to return the brand to growth, we're encouraged by the progress we have made in 2025. Let me share more about what gives me conviction in our strategic plan.

現在轉向 HEYDUDE。2025 年，我們將工作重點放在穩定北美品牌形像上，並重新聚焦核心消費者。在我們努力讓品牌重回成長軌道的同時，我們對 2025 年的進展感到鼓舞。讓我再詳細說說是什麼讓我對我們的策略計畫充滿信心。

First, we are building a community laser-focused on our core consumer. Our HEYDUDE Country campaign plays into our brand affinities, including music, travel and pre- and post-sport, while appealing to our laid-back no-fuss consumer. We're also building our community through social platforms.

首先，我們正在建立一個以核心消費者為中心的社群。我們的 HEYDUDE Country 活動迎合了我們的品牌偏好，包括音樂、旅行以及運動前後，同時吸引了我們隨和、不拘小節的消費者。我們也正在透過社交平台建立我們的社區。

In 2025, HEYDUDE was the number two footwear brand on TikTok Shop. We're encouraged that our brand awareness ended the year at 39%, a healthy 9 percentage point gain from one year ago. We have also seen an uptick in brand purchase intent amongst our core male consumer. Second, our product direction is clear. We are building the core and thoughtfully adding more.

2025年，HEYDUDE是TikTok Shop上排名第二的鞋類品牌。令人鼓舞的是，我們的品牌知名度在年底達到了 39%，比一年前增加了 9 個百分點。我們也發現，核心男性消費者對品牌的購買意願上升。其次，我們的產品方向很明確。我們正在建立核心部分，並謹慎地添加更多內容。

We are strengthening our leadership within the slip-on category, led by our icons, the Wally & Wendy. In January, we launched our Stretch Jersey across all channels, following a successful test during the holiday quarter. This product, that we finally refer to as a “T-shirt for your feet” is already appealing to both him and her. Stretch Sox is continuing to perform well in its second year with favorable consumer and retailer response.

我們正在鞏固我們在套腳鞋領域的領先地位，而我們的標誌性產品 Wally & Wendy 正是這一地位的領導者。1 月份，我們在假期季節成功測試後，面向所有渠道推出了彈性針織布料。這款我們最終稱之為「腳穿的T卹」的產品，已經吸引了他和她的目光。Stretch Sox 進入第二年，繼續保持良好表現，並獲得了消費者和零售商的正面回饋。

As we look into the Spring, we will scale our sandals across various price points and expand our successful HEY2O program that caters to a broad range of outdoor activities important to our target consumer. We also see an opportunity to significantly grow our already successful work program as we bring comfort and safety to hard-working Americans.

展望春季，我們將擴大涼鞋的銷售規模，涵蓋各種價格點，並擴展我們成功的 HEY2O 項目，該項目旨在滿足我們目標消費者重視的各種戶外活動的需求。我們也看到了一個機會，可以大幅發展我們已經非常成功的就業計劃，為辛勤工作的美國人帶來舒適和安全。

Third, we're focused on stabilizing the North America marketplace in the back half of 2025. We took two decisive actions; one, accelerated returns and markdown allowances to our retailers to improve inventory health while elevating our brand presentation at wholesale; and two, we pulled back on unproductive performance marketing.

第三，我們致力於在 2025 年下半年穩定北美市場。我們採取了兩項果斷措施；一是加快向零售商退貨和降價，以改善庫存狀況，同時提升我們在批發市場的品牌形象；二是減少無效的效果營銷。

While these two actions constrained our revenue growth by approximately $45 million in the second half of 2025, they have been effective in cleaning up the channel and establish a more profitable foundation for future growth. The fourth quarter was the 10th consecutive quarter of positive ASP growth year-on year, supported by channel and product mix.

雖然這兩項措施使我們在 2025 年下半年的收入成長減少了約 4,500 萬美元，但它們有效地清理了管道，並為未來的成長奠定了更有利可圖的基礎。第四季是平均售價連續第十個季度同比增長，這得益於通路和產品組合的改善。

In conclusion, we're focused on driving the next chapter of our growth story. We believe we have compelling strategies to grow both of our brands, driven by a clear consumer focus, innovative product and marketing and our multichannel global go-to-market capabilities. I'm incredibly confident in our talented team's abilities to continue to execute against these strategies. I will now turn the call over to Patraic.

總之，我們正專注於開啟公司發展歷程的下一個篇章。我們相信，憑藉清晰的消費者導向、創新的產品和行銷以及我們的多通路全球市場推廣能力，我們擁有強大的策略來發展我們的兩個品牌。我對我們才華橫溢的團隊繼續執行這些策略的能力充滿信心。現在我將把通話轉給帕特里克。

Thank you, Andrew, and good morning, everyone. During 2025, we made significant progress against several strategic initiatives that I'm confident will lay the groundwork for sustainable long-term growth. Looking back, we took several decisive actions to build upon our already strong foundation.

謝謝你，安德魯，大家早安。2025年，我們在幾項策略舉措方面取得了重大進展，我相信這些舉措將為可持續的長期成長奠定基礎。回顧過去，我們採取了一些果斷措施，鞏固了我們已有的堅實基礎。

These actions included; one, recalibrating our promotional activity in Crocs Brand DTC channels; two, managing sell-in across wholesale for the Crocs Brand; three, reducing unproductive performance marketing spend within HEYDUDE; and four, accelerating wholesale cleanup actions for HEYDUDE.

這些措施包括：一、調整 Crocs 品牌 DTC 通路的促銷活動；二、管理 Crocs 品牌在批發管道的銷售；三、減少 HEYDUDE 內部無效的效果行銷支出；四、加快 HEYDUDE 的批發清理行動。

In addition, we effectively executed our $50 million cost savings program and actioned $100 million of additional cost savings for 2026 as we previously communicated. Now let's dig into our results. For the full year, enterprise revenue of just over $4 billion was down approximately 2% to prior year.

此外，我們有效執行了 5,000 萬美元的成本節約計劃，並按照我們先前溝通的內容，為 2026 年額外節省了 1 億美元。現在讓我們深入分析一下結果。全年企業收入略高於 40 億美元，比前一年下降約 2%。

Crocs Brand revenue of $3.3 billion was up 1% to prior year, driven by DTC up 3%, partially offset by wholesale, which was down 1%. Growth was driven by units, up 2% to prior year to a total of 129 million pairs sold, while brand ASPs were roughly flat to prior year.

Crocs 品牌營收為 33 億美元，比上年成長 1%，其中 DTC 成長 3%，但批發業務下降 ​​1%，部分抵銷了這一成長。成長主要由銷量推動，比上年增長 2%，總銷量達 1.29 億雙，而品牌平均售價與上年基本持平。

North America was down 7% to prior year at $1.7 billion. This was tied to both the decision to pull back on promotional activity in our DTC channels earlier in the year as well as carefully managing our sell-in to the North American market. For North America, DTC and wholesale revenues were down 5% and 9%, respectively, as we work to better manage channel sell-in.

北美地區較去年同期下降7%，至17億美元。這與今年稍早我們決定減少在 DTC 通路的促銷活動以及謹慎管理我們在北美市場的銷售都有關係。北美地區的 DTC 和批發收入分別下降了 5% 和 9%，因為我們正在努力更好地管理通路銷售。

To reiterate Andrew's comments, expansion in international markets is one of our key strategic pillars, and we are pleased to report another year of double digit growth. Revenue was up 11% versus prior year to $1.6 billion, led by DTC up 23% and wholesale up 5%.

正如安德魯所說，拓展國際市場是我們的關鍵策略支柱之一，我們很高興地宣布，又一年實現了兩位數的成長。營收較上年增長 11% 至 16 億美元，其中 DTC 業務成長 23%，批發業務成長 5%。

We gained market share in China, which grew revenues by 30% to last year with balanced growth across partner comparable store sales, digital and new store openings. Importantly, we also saw another year of double-digit growth in Western Europe, while Japan returned to growth.

我們在中國獲得了市場份額，收入比去年增長了 30%，合作夥伴同店銷售額、數位業務和新店開業均實現了均衡成長。值得注意的是，西歐經濟連續第二年實現了兩位數成長，而日本經濟也恢復了成長。

Turning to HEYDUDE. During the year, we took aggressive actions to stabilize the brand in North America. As such, revenue was $715 million, down 14% from prior year. DTC revenues were up 3%, supported by strength in digital marketplaces and the addition of 23 new retail stores, offset in part by the impact of lower performance marketing spend. Wholesale revenues were down 27% as we accelerated our cleanup actions and more aggressively managed sell-in.

轉向 HEYDUDE。年內，我們採取了積極的措施來穩定品牌在北美的市場地位。因此，營收為 7.15 億美元，比上年下降 14%。DTC 營收成長 3%，這得益於數位市場的強勁表現和新增 23 家零售店，但部分被效果行銷支出減少的影響所抵消。由於我們加快了清理行動並更積極管理銷售，批發收入下降了 27%。

For the year, ASPs were up 4% to just under $32, while unit volume was 22 million pairs, down 17% to prior year. Now switching to the fourth quarter, we delivered enterprise revenue of approximately $958 million, down 4% to prior year and a 3 percentage point improvement from the third quarter. This performance was fueled by both brands, particularly during the holiday season in North America.

今年平均售價上漲 4% 至略低於 32 美元，而銷量為 2,200 萬雙，較上年下降 17%。現在進入第四季度，我們實現了約 9.58 億美元的企業收入，比去年同期下降 4%，比第三季度增長 3 個百分點。這項業績的取得主要得益於這兩個品牌的共同努力，尤其是在北美假期季節。

Crocs Brand revenue of $768 million was up slightly on a reported basis, led by 11% international revenue growth, supported by strength in China, Japan, Western Europe and India. The HEYDUDE brand delivered revenue of $189 million, which was down 18% to prior year.

Crocs品牌營收按報告數據略有成長，達到7.68億美元，其中國際營收成長11%，主要得益於中國、日本、西歐和印度市場的強勁表現。HEYDUDE 品牌營收為 1.89 億美元，較上年下降 18%。

For HEYDUDE, DTC was roughly flat to prior year and wholesale was down 42%, in part driven by the planned cleanup actions we took in the quarter. I'll now move to adjusted gross margin. For the year, enterprise adjusted gross margin was 58.3%, down 50 basis points from last year. This was primarily driven by 130 basis point tariff headwind.

對於 HEYDUDE 而言，DTC 業務與去年同期基本持平，批發業務下降了 42%，部分原因是由於我們在本季度採取了計劃內的清理措施。接下來我將討論調整後的毛利率。本年度，企業調整後毛利率為 58.3%，較上年下降 50 個基點。這主要是關稅上漲130個基點所致。

The overall decrease in gross margin was offset in part by lower negotiated sourcing costs. Crocs Brand adjusted gross margin was 61.3%, down 30 basis points from prior year, while HEYDUDE brand adjusted gross margin was 44.8%, down 290 basis points.

毛利率整體下降的部分被較低的採購成本所抵銷。Crocs 品牌的調整後毛利率為 61.3%，較前一年下降 30 個基點；而 HEYDUDE 品牌的調整後毛利率為 44.8%，下降 290 個基點。

Moving to fourth quarter. Enterprise adjusted gross margin of 54.7% was down 320 basis points to prior year, driven by a 300 basis point tariff headwind. Crocs Brand adjusted gross margin was 57.8% and HEYDUDE brand adjusted gross margin was 39.7%. For the year, adjusted SG&A dollars increased 7% to prior year, largely tied to 2024 investments in talent, marketing and DTC, which anniversaried into the first half of 2025.

進入第四節。受關稅上漲300個基點的影響，企業調整後毛利率為54.7%，較上年同期下降320個基點。Crocs 品牌的調整後毛利率為 57.8%，HEYDUDE 品牌的調整後毛利率為 39.7%。本年度調整後的銷售、一般及行政費用比上年增長 7%，主要與 2024 年在人才、營銷和 DTC 方面的投資有關，這些投資的周年紀念日延續到了 2025 年上半年。

In the fourth quarter, SG&A dollars were down to prior year, reflecting the benefits of our $50 million cost savings program. Full year adjusted operating margin of 22.3% was down 330 basis points from prior year. In the fourth quarter, adjusted operating margin of 16.8% was down 340 basis points from prior year, excluding approximately $14 million of specific discrete costs primarily associated with a recent reduction in force.

第四季度，銷售、一般及行政費用較上年同期下降，反映了我們 5,000 萬美元成本節約計畫的成效。全年調整後營業利益率為 22.3%，較上年下降 330 個基點。第四季度，經調整後的營業利潤率為 16.8%，比上年同期下降了 340 個基點，其中不包括約 1,400 萬美元的特定離散成本，這些成本主要與近期裁員有關。

Full year adjusted diluted earnings per share of $12.51, decreased 5% to prior year, and our non-GAAP effective tax rate was 17%. Now turning to a discussion of the balance sheet and cash flow. We ended the year in a strong liquidity position with $130 million of cash and cash equivalents and over $900 million of borrowing capacity on our revolver.

全年調整後稀釋每股盈餘為 12.51 美元，較上年下降 5%，非 GAAP 實際稅率為 17%。現在我們來討論一下資產負債表和現金流量表。年底時，我們的流動性狀況良好，擁有 1.3 億美元的現金及現金等價物，循環信貸額度超過 9 億美元。

Our inventory balance as of December 31 was $369 million, an increase of 4% versus prior year on a dollar basis, including the impact of higher tariffs and product mix. It is important to note that inventory units were down high single digits to prior year, reflecting our actions to manage inventory flow into the marketplace.

截至 12 月 31 日，我們的庫存餘額為 3.69 億美元，以美元計算比上年增長 4%，其中包括關稅上漲和產品組合變化的影響。值得注意的是，庫存單位較上年同期下降了近個位數，這反映了我們為管理流入市場的庫存流動所採取的措施。

Enterprise inventory turns were above our goal of 4 times on an annualized basis, continued competitive strength of our business model. In 2025, we generated free cash flow of $659 million, which enabled us to repurchase 6.5 million shares for a total of $577 million, ending the year with $747 million remaining on our existing share repurchase authorization. We also repaid $128 million of debt, which puts us at the low end of our net leverage target range of 1 times to 1.5 times. Specifically, in the fourth quarter, we repurchased 2.2 million shares of our common stock for a total of $180 million at an average cost of approximately $84 per share.

企業庫存週轉率全年計算超過了我們設定的 4 倍目標，這反映了我們商業模式的持續競爭力。2025 年，我們產生了 6.59 億美元的自由現金流，這使我們能夠回購 650 萬股股票，總計 5.77 億美元，到年底時，我們現有的股票回購授權還剩 7.47 億美元。我們也償還了 1.28 億美元的債務，這使我們的淨槓桿率達到了 1 倍至 1.5 倍的目標範圍的下限。具體來說，在第四季度，我們以每股約 84 美元的平均成本，回購了 220 萬股普通股，總計 1.8 億美元。

Before turning to guidance, I wanted to provide an update on our cost savings initiatives for 2026. As we previously communicated, we have identified $100 million of cost savings, which include organizational simplification, deliberately reducing spend in noncritical areas and further optimizing and modernizing our supply chain. We expect these savings to be relatively balanced between our cost of goods sold and SG&A.

在給予指導意見之前，我想先介紹一下我們 2026 年的成本節約計畫的最新進展。正如我們之前所溝通的那樣，我們已經確定了 1 億美元的成本節約方案，其中包括簡化組織結構、刻意減少非關鍵領域的支出以及進一步優化和現代化我們的供應鏈。我們預計這些節省將在我們的銷售成本和銷售、管理及行政費用之間保持相對平衡。

Now moving on to our full year 2026 outlook. For the full year, we expect enterprise revenue growth to be in the range of up slightly to down 1% on a reported basis, assuming currency rates as of February 9. As you think about the shape of the year, I want to remind you all that the accelerated strategic actions we took in 2025 were largely second half weighted and as such, will continue to have an outsized impact on the first half of the year. Said another way, we expect our year-over-year enterprise revenue growth on a reported basis in the second half to outpace the first half.

接下來，我們將展望2026年全年狀況。假設匯率以 2 月 9 日為準，我們預期全年企業營收成長將在略微上升至下降 1% 之間。當大家思考今年的發展趨勢時，我想提醒大家，我們在 2025 年採取的加速策略行動主要集中在下半年，因此，這些行動將繼續對上半年產生巨大的影響。換句話說，我們預計下半年以報告基準計算的企業收入年增率將超過上半年。

For the Crocs Brand, we expect revenue on a reported basis to be flat to up 2%, led by approximately 10% international growth, offset by declines in North America as we anniversary the strategic actions we took in the second half of 2025. We anticipate the year-over-year revenue rate in North America to improve slightly from 2025 run rate as our guidance anticipates that the DTC channel outperforms the wholesale channel.

對於 Crocs 品牌，我們預計報告收入將持平或增長 2%，其中國際市場增長約 10%，但北美市場將下滑，以抵消我們在 2025 年下半年採取的戰略行動週年紀念日的影響。我們預計北美地區的年收入成長率將比 2025 年的預期略有提高，因為我們的預測是 DTC 通路的表現將優於批發通路。

For HEYDUDE, we expect revenue on a reported basis to be down approximately 7% to 9%. We expect the HEYDUDE brand to return to growth in the second half of 2026 as we anniversary the impact from the strategic actions we took that started in 2025, primarily in the second half.

對於 HEYDUDE，我們預計其報告收入將下降約 7% 至 9%。我們預計 HEYDUDE 品牌將在 2026 年下半年恢復成長，屆時我們將迎來 2025 年開始實施的策略行動（主要是在下半年）的影響週年紀念日。

DTC is expected to outperform the wholesale channel and improve throughout the year. We expect adjusted gross margin for the year to be up slightly to prior year despite an anticipated approximate 80 basis points of incremental tariff pressure for the full year, which we expect to materialize in the first half. Based on current tariff rates and sourcing mix, we now see an unmitigated tariff headwind of approximately $80 million on an annualized basis, which is down from our previously provided figure of $90 million.

預計 DTC 通路的表現將優於批發通路，並且全年都會持續改善。儘管預計全年將面臨約 80 個基點的額外關稅壓力（預計上半年將出現這種情況），但我們預計全年調整後的毛利率將比去年略有上升。根據目前的關稅稅率和採購組合，我們現在看到的未緩解的關稅不利因素約為每年 8000 萬美元，低於我們之前提供的 9000 萬美元的數字。

We believe our diversified sourcing mix and nimble supply chain position us well as we enter 2026. Adjusted SG&A dollars are anticipated to be roughly flat to prior year as we recognize the benefits of our previously announced cost savings programs, offset by investment in the direct-to-consumer channel.

我們相信，多元化的採購組合和靈活的供應鏈將使我們在進入 2026 年時處於有利地位。經調整後的銷售、一般及行政費用預計與上年基本持平，因為我們已落實先前宣布的成本節約計劃，但對直接面向消費者管道的投資抵消了部分影響。

Taken together, we expect adjusted operating margin to expand modestly from the 22.3% level in 2025. This excludes approximately $25 million of specific discrete costs related to the implementation of our cost savings initiatives. We expect the underlying non-GAAP effective tax rate, which approximates cash taxes paid to be 18% and the GAAP effective tax rate to be 23%.

綜合來看，我們預計到 2025 年，調整後的營業利潤率將從 22.3% 的水平小幅增長。這不包括與實施我們的成本節約計劃相關的約 2500 萬美元的特定離散成本。我們預計，以非GAAP準則計算的實際稅率（近似於已繳納的現金稅款）為18%，以GAAP準則計算的實際稅率為23%。

We expect our adjusted diluted earnings per share to be in the range of $12.88 to $13.35. Consistent with our previous guidance philosophy, this range reflects future debt repayment but does not assume the impact from potential future share repurchases. We are committed to maintaining net leverage in the range of 1 times to 1.5 times while deploying excess cash flow towards opportunistically buying back shares. For the year, we are planning capital expenditures to be in the range of $70 million to $80 million. Now moving on to Q1.

我們預計調整後稀釋每股收益將在 12.88 美元至 13.35 美元之間。與我們先前的業績指引理念一致，該區間反映了未來的債務償還，但並未考慮未來潛在股票回購的影響。我們致力於將淨槓桿率維持在 1 倍至 1.5 倍的範圍內，同時將多餘的現金流用於擇機回購股票。今年，我們計劃的資本支出在 7,000 萬美元到 8,000 萬美元之間。現在進入第一季。

For the first quarter, we expect revenues to be down 3.5% to 5.5% at currency rates as of February 9. Crocs Brand revenues are expected to be down low single digits. We expect growth to be led by international with a quarterly growth rate modestly below our full year run rate. For HEYDUDE, we expect revenue to be in the range of down 15% to 18%.

預計第一季營收將以 2 月 9 日的匯率計算下降 3.5% 至 5.5%。預計 Crocs 品牌收入將出現個位數下滑。我們預計國際業務將引領成長，季度成長率將略低於全年成長率。對於 HEYDUDE，我們預計其收入將下降 15% 至 18%。

Given the dynamics I spoke to earlier, the percentage decline for HEYDUDE's first half revenue is anticipated to be similar for the first quarter. Adjusted operating margin is expected to be approximately 21.5%. In the first quarter, we anticipate adjusted gross margin to be flat despite the continued impact of incremental tariffs.

鑑於我之前提到的動態，預計 HEYDUDE 上半年的收入下降百分比與第一季類似。調整後的營業利潤率預計約為 21.5%。儘管持續受到增量關稅的影響，我們預計第一季調整後的毛利率將保持不變。

Given the visibility we have today, our Q1 incremental tariff headwind is estimated to be approximately 100 basis points, while the Q2 headwind is expected to be closer to 200 basis points. Adjusted diluted earnings per share is planned in the range of $2.67 to $2.77. Before we move to the question-and-answer portion of our call, I wanted to close by reiterating our confidence heading into 2026. We are already seeing positive signs as we continue to execute on the fundamental strategic pillars for both Crocs and HEYDUDE.

根據我們目前掌握的情況，預計第一季的增量關稅阻力約為 100 個基點，而第二季的阻力預計將接近 200 個基點。經調整後的稀釋每股收益預計在 2.67 美元至 2.77 美元之間。在進入問答環節之前，我想重申我們對 2026 年的信心。隨著我們繼續執行 Crocs 和 HEYDUDE 的基本策略支柱，我們已經看到了積極的跡象。

In summary, we are doing what we have said we will do, and we are managing our brands for the long term. As Andrew mentioned, while we have accomplished much in the first 20 years as a public company, we are even more excited about what the future holds.

總而言之，我們正在做我們說過要做的事情，我們正在進行品牌的長期管理。正如安德魯所說，雖然作為一家上市公司，我們在前 20 年裡取得了許多成就，但我們對未來更加充滿期待。

At this time, Andrew and I are happy to take your questions.

此時，我和安德魯很樂意回答您的問題。

(Operator Instructions)

（操作說明）

Jonathan Komp, Baird.

喬納森康普，貝爾德。

Hi, good morning. Thank you. I'm hoping you might unpack the North America Crocs outlook a bit here. Could you share a little bit more drivers for the first quarter. And as you think about the shape of the year, is there potential to get to back towards growth later in the year? And any visibility you have there would be great. Thank you.

您好，早安。謝謝。我希望你能在這裡稍微分析一下北美 Crocs 的發展前景。能否再分享一下第一季的驅動因素？展望今年的經濟形勢，今年稍後是否有可能恢復成長？如果你能在那裡獲得任何曝光機會，那就太好了。謝謝。

Thanks, John. I'll let Patraic give you some shaping for the year, and then I'll give you kind of strategic rationale.

謝謝你，約翰。我會先請派崔克來跟你們介紹今年的大致規劃，然後再提供給你們一些策略依據。

Yes. So John, as you heard in prepared remarks, we feel that for North America, we'll see run rate improvement as we move throughout the year. But for the full year, what we're really thinking is slight improvement from what we saw in 2025. Just as a reminder, what we did in the second half of last year, was really beginning to take some strategic actions so that we would improve our outlook as we got into 2026.

是的。所以約翰，正如你在事先準備好的演講稿中聽到的那樣，我們認為，隨著賽季的進行，北美地區的勝率將會提高。但就全年而言，我們真正認為的情況是比 2025 年略有改善。再次提醒大家，我們在去年下半年所做的，實際上是開始採取一些策略行動，以便我們在進入 2026 年時能夠改善我們的前景。

And with that, what you'll see in first half is kind of continuing to lap those un-anniversaried actions. And then as we get into the back half of 2026, we'll start to see some slight improvement as we go through the year.

因此，上半場你會看到一些繼續重複那些未慶祝週年紀念日的活動。然後到了 2026 年下半年，隨著年數的增加，我們將開始看到一些輕微的改善。

And I think what I'd add to that, John, is, look, it's a very clear priority for us to return the Crocs Brand to growth in North America. As an element of context, I would also remind everybody that the Crocs Brand in 2026 will actually be bigger internationally than it is in the US, and we're very confident in about a 10% growth rate for our international business. What we think is going to return Crocs North America to growth is really kind of three strategic pillars.

約翰，我想補充的是，對我們來說，讓 Crocs 品牌在北美重回成長軌道是一個非常明確的優先事項。作為背景訊息，我還想提醒大家，到 2026 年，Crocs 品牌在國際上的規模實際上將超過在美國的規模，我們對國際業務 10% 左右的成長率非常有信心。我們認為能夠讓 Crocs 北美業務重回成長軌道的，實際上是三大戰略支柱。

Number one is Clog iterations and innovation, right? So we are managing the inventory, the Classic Clog carefully in the marketplace. We've pulled back on discounting, particularly on the Classic Clog on our digital channels, which is creating some of the headwind but we are introducing a significant number of new innovative products into the marketplace that are Clog-based, right?

第一要務是不斷迭代和創新，對吧？因此，我們正在謹慎地管理市場上的經典木屐庫存。我們已經減少了折扣，尤其是在我們的數位管道上對經典木屐的折扣，這造成了一些不利影響，但我們正在向市場上推出大量基於木屐的創新產品，對吧？

So our Crafted Clog, we're introducing the Crocband, and we're also introducing a 2.0 version of our very successful Echo franchise later in the year. In addition, diversification. So growth of Sandals and growth outside of Clogs, including slippers and personalization. We took market share in slippers last year. We're very confident we'll continue to take -- sorry, took market share in Sandals last year. Very confident we're going to continue to take market share in 2026 in Sandals.

所以，除了我們的 Crafted Clog 系列，我們還將推出 Crocband，並且在今年稍後還將推出我們非常成功的 Echo 系列的 2.0 版本。此外，還要進行多元化投資。因此，涼鞋的成長以及木屐以外的成長，包括拖鞋和個人化。去年我們在拖鞋市場佔有了一席之地。我們非常有信心繼續下去——抱歉，是去年在 Sandals 搶佔市場份額。我們非常有信心在2026年繼續擴大Sandals的市場佔有率。

And then the last thing is really disruptive, I would say, social and digital selling. We continue to outperform and be the number 1 and 2 brand footwear brand on TikTok shop, and we're very confident that our digital prowess and our ability to ignite the I would say, innovative channels and reach our consumers extremely effectively will allow us to continue to lead. So that's what we're doing to address it. And I think we've given you what I describe as a very prudent guidance for this year.

最後一點，我認為是真正顛覆性的，那就是社交和數位銷售。我們在TikTok商店繼續保持領先地位，穩居鞋類品牌第一和第二名，我們非常有信心，憑藉我們的數位化實力以及我們開拓創新管道並高效觸達消費者的能力，我們將能夠繼續保持領先地位。所以，這就是我們正在採取的應對措施。我認為我們已經為今年提供了非常審慎的指導。

That's great, very helpful. Thank you.

太好了，很有幫助。謝謝。

Adrienne Yih, Barclays.

艾德琳伊，巴克萊銀行。

It really is nice to see the improvement in holiday and then the expansion for this year. Andrew, I was wondering if you can help just to follow on your comments from the last question. Can you help contextualize the amount of newness that you're bringing to market this year, both Crocs and HEYDUDE. We saw a lot of it at FFANY. So that was very promising.

很高興看到假期安排有所改善，而且今年的假期規模也有所擴大。安德魯，我想請教一下，能否就你上次問題的回答做個補充說明？您能否幫忙解釋一下今年 Crocs 和 HEYDUDE 這兩個品牌在市場上推出的新品數量？我們在 FFANY 展會上看到了很多這樣的例子。所以這很有希望。

But just kind of contextualizing that with regard to how much newness you've brought to the market in the past couple of years and how this year is quite differentiated? And then kind of just following on that, I mean, I have to ask about AI-specific investments. How much of your CapEx are you allocating to tech investments to support AI? And do you have any benefit of that kind of playing into the guidance this year? Thank you very much.

但我想結合過去幾年你們為市場帶來的許多創新，以及今年與往年截然不同的特質來談談這個問題？然後，順便提一下，我想問關於人工智慧領域的投資。您將多少資本支出分配給支援人工智慧的技術投資？那麼，今年你從這種參與指導方針的方式中獲得了什麼好處嗎？非常感謝。

Yes. So yes, let me try and add a little color to the newness point, and then I'll hit on AI. So from a newness perspective, I did add up in my response to John, a fair amount of context there. But I think there's probably -- two critical pillars for Crocs in terms of newness. They are the diversification of our Cloud franchise. So adding those other clog pillars. We've been particularly excited about The Crafted because it adds a materialized upper to our cloud, which we think broadens the wearing occasion.

是的。所以，是的，讓我試著為「新穎性」這一點增添一些色彩，然後我再談談人工智慧。所以從新穎性的角度來看，我在回覆約翰時確實補充了不少背景資訊。但我認為，就創新而言，Crocs可能有兩大關鍵支柱。它們是我們雲端業務多元化的體現。所以，再加上其他那些堵塞的柱子。我們對 Crafted 系列尤其感到興奮，因為它為我們的雲朵鞋款增加了一個實體鞋面，我們認為這拓寬了穿著場合。

I would add the Clog category continues to grow around the world. We can see it being a very on-trend silhouette and a strong growth category. And we are, by far, the market share leader in that category. So we can exploit that growth on a global basis. And then from a sale perspective, I think there's two aspects there. One is core Style franchises.

我想補充一點，木屐這一品類在全球持續成長。我們可以看到，這是一種非常流行的廓形，也是一個成長強勁的類別。而且，我們在該類別中遙遙領先於市佔率領導者。因此，我們可以在全球範圍內利用這種成長。從銷售的角度來看，我認為這裡有兩個面向。其中之一是核心風格特許經營權。

So Getaway, Miami and Brooklyn will continue to grow in scale, and we've added patents within those franchises. We've added colors, and we broadened those franchises, and we think they have global growth trajectory. But we're also introducing and we're quite excited about some of the early reads a very compelling two-strap -- and we look at -- we've got early reads on that in Asia and here in North America, and we're quite excited about that.

因此，Getaway、邁阿密和布魯克林將繼續擴大規模，並且我們在這些特許經營店中增加了專利。我們增加了色彩，擴大了這些特許經營權，我們認為它們具有全球成長潛力。但我們也正在推出一款非常引人注目的雙肩帶腕錶，我們對一些早期的試讀報告感到非常興奮——我們看到——我們在亞洲和北美都有一些早期的試讀報告，我們對此感到非常興奮。

Obviously, two-strap is a very popular sandal silhouette, and we think that's a nice growth opportunity, which we add into our Sandal mix. From a HEYDUDE perspective, again, a lot of newness there. We introduced already this year Stretch Jersey, which is we kind of talk about it as a sweat shirt for your feet, T-shirt for your feet, very flexible, very lightweight and super comfortable. It's a bit of a lower price point than our Stretch Sox as well. So as an entry-level option for consumers. We're excited about that. The runway of that product or that franchise within HEYDUDE.

顯然，雙帶涼鞋是一種非常流行的涼鞋款式，我們認為這是一個很好的成長機會，因此我們將其添加到我們的涼鞋系列中。從 HEYDUDE 的角度來看，那裡有很多新東西。我們今年已經推出了彈性針織布料，我們把它比喻成腳上的運動衫、腳上的T卹，非常靈活、非常輕巧、超級舒適。它的價格也比我們的彈性襪低一些。因此，對於消費者來說，這是一個入門級的選擇。我們對此感到興奮。HEYDUDE旗下該產品或該系列產品的銷售管道。

And then we're also building on Sandals for HEYDUDE, our work program is working really well for HEYDUDE. So there's a lot of newness. And I think what we're trying to get at is it more than last year, I think, yes, it's definitely more than last year, and we're very confident. From an AI perspective, it's not really CapEx as much, right? So we are experimenting with a whole host of AI applications, whether they be on the front end in terms of marketing, in terms of product development, in terms of product creation.

此外，我們也在 Sandals 的基礎上為 HEYDUDE 開展工作，我們的工作計劃對 HEYDUDE 來說非常有效。所以有很多新東西。我認為我們想要表達的是，今年比去年好，是的，肯定比去年好，我們對此非常有信心。從人工智慧的角度來看，這其實並不算是資本支出，對吧？因此，我們正在嘗試各種人工智慧應用，無論是在行銷的前端，還是在產品開發和產品創造的前端。

We're also looking at efficiency opportunities more in the supply chain and the back end of the business. A lot of it, frankly, is SG&A investment. It's investment in people, it's investment in talent, it's investment in key capabilities and leveraging, frankly, other people's CapEx investments. I don't think we're ready to declare breakthroughs based on AI yet, but I think we are leaning in and experimenting to a high degree. And when we see breakthroughs, we'll be happy to let you know about them.

我們也關注供應鏈和業務後端提高效率的機會。坦白說，其中很多都是銷售、管理及行政費用。這是對人才的投資，是對關鍵能力的投資，坦白說，也是對其他人資本支出投資的運用。我認為我們還不能斷言人工智慧取得了突破性進展，但我們正在大力投入並進行大量的試驗。一旦取得突破，我們會很高興地通知您。

Yes. And just to put a just to put a bow on this one, sorry. So one of the reasons that we're going after the $100 million in terms of cost savings, that we've been talking about now for a couple of quarters is to give us flexibility as we identify what Andrew mentioned earlier in terms of all the experimentation we're doing in the space. So definitely, we're not embedding anything from an upside standpoint into the P&L for the year for AI initiatives, but we are actively in the space.

是的。最後，為了給這件事畫上句號，抱歉。因此，我們追求節省 1 億美元成本的目標（我們已經討論了好幾個季度了）的原因之一，是為了讓我們在確定 Andrew 之前提到的所有實驗目標時，能夠擁有更大的靈活性。所以，從收益的角度來看，我們肯定不會將人工智慧計畫的任何收益計入今年的損益表，但我們正在積極參與這個領域。

Fantastic. Well, we love to see the trends moving in your direction. Good luck.

極好的。我們很高興看到趨勢朝著你們的方向發展。祝你好運。

Rick Patel, Raymond James.

Rick Patel，Raymond James。

Thank you. Good morning, everyone. Question on Crocs guidance for North America in 2026. Can you talk about the assumptions underpinning the new guide as we think about pricing versus units? Just any color on pricing in particular and any changes that have been made in any on the horizon? And also pulling back on promotions, factor and continued ASP improvements and driving a slight improvement in margin for the year.

謝謝。各位早安。關於 Crocs 2026 年北美市場指南的問題。在考慮定價與單位數量時，您能否談談新指南背後的假設？能否提供一些關於價格方面的信息，以及近期或未來可能出現的價格變動？同時，減少促銷活動、保理和持續提高平均售價，從而推動全年利潤率略有提高。

So okay, I think Patraic gave you pretty clear color to the North American Crocs guidance. I think your specific question is really about pricing. I would say there are no significant price changes implied in the North American guidance. We have taken select price increases on select products are probably more internationally than North American -- and we have taken some price increases on select products within HEYDUDE. But I would say price is not a material driver of our intended 2026 performance.

好的，我想Patraic已經非常清楚地向你介紹了北美Crocs的指導方針。我認為你具體的問題其實是關於價格的。我認為北美地區的業績指引並未暗示任何重大的價格變動。我們對部分產品進行了選擇性提價，這種漲價在國際上可能比在北美更為普遍——而且我們在 HEYDUDE 內部也對部分產品進行了提價。但我認為價格並不是我們2026年預期業績的主要驅動因素。

In terms of promo pullback, the other piece that you highlighted, the key thing there is just the anniversarying of the strategic decisions that we made sort of mid last year. So those will anniversary through to the first half of 2026, and will represent some drag to our sales trajectory during that period, which we have embedded in the guidance we provided.

關於促銷撤回，你提到的另一點，關鍵在於我們去年年中所做的策略決策的周年紀念日。因此，這些週年紀念日將持續到 2026 年上半年，並將在此期間對我們的銷售軌跡造成一定拖累，我們已將此因素納入我們提供的指導意見中。

Thanks very much.

非常感謝。

Tom Nikic, Needham.

湯姆·尼基奇，尼德姆。

Hey, thanks very much for taking my question. So I just wanted to clarify something on the gross margin. So I think you said flat in Q1 with a 100 basis point tariff headwind. Can you just kind of clarify what the offsets are in Q1? And I think you said a bigger tariff headwind in Q2. So given that Q1 is flat, should we assume Q2 down and then getting better in the back half?

嘿，非常感謝您回答我的問題。所以我想澄清一下關於毛利率的一些問題。所以，我想你之前說過第一季業績持平，但面臨100個基點的關稅阻力。能否請您解釋一下 Q1 中的偏移量分別是什麼？我想你之前也說過第二季關稅方面的阻力會更大。鑑於第一季表現平穩，我們是否應該假設第二季下滑，然後在下半年有所改善？

Yes. So it's a great question and obviously, a lot going in the space. So first, let me start off by saying, obviously, we're guiding up slightly on the full year, and that is a result of all the hard work that we're doing within supply chain to really kind of build out efficiencies as it relates to not just tariffs, but just continuing our focus on being as efficient as we can in the space. I heard Andrew mention price is not a big component within what we're planning to do this year in terms of margin expansion. So it's all really kind of centered around the work that's going on.

是的。所以這是一個很好的問題，顯然，這個領域有很多事情正在發生。首先，我想說的是，很顯然，我們對全年業績的預期略有上調，這是因為我們在供應鏈方面付出了巨大的努力，真正提高了效率，不僅體現在關稅方面，還體現在我們持續專注於盡可能提高效率。我聽安德魯提到，價格不是我們今年計畫擴大利潤率的主要因素。所以這一切其實都是圍繞著正在進行的工作展開的。

So with that as a backdrop, as it relates to the first half or the first quarter in your question, really need to think about it as a bit Q4 to Q1 to Q2. And why I say that is you heard us talk about the slightly higher-than-expected tariffs in Q4. The fact of the matter is, this is obviously -- it's a challenge to kind of predict from a flow standpoint. And so we saw a little bit higher than expected in Q4 as we flowed inventory through. We've actually seen a little bit lower than we expected 90 days ago as it relates to Q1.

所以，以此為背景，就你問題中的前半部分或第一季而言，確實需要把它看作是第四季度到第一季到第二季之間的過渡。我之所以這麼說，是因為你們都聽到了我們談論第四季關稅略高於預期的情況。事實上，從流量的角度來看，這顯然是一個預測的挑戰。因此，隨著庫存週轉，我們在第四季度看到的銷售量略高於預期。就第一季而言，我們看到的實際結果比90天前預期的要低。

And so we wanted to be transparent with you all in terms of the 100 basis point headwind that we're seeing, that's actually below what we were thinking just 90 days ago. And then Q2, we think is closer to what a real run rate as it relates to tariffs. And so that's roughly up about 20 basis points of headwind.

因此，我們想坦誠地告訴大家，我們目前面臨的 100 個基點的不利因素，實際上低於我們 90 天前的預期。我們認為，第二季的數據更接近關稅方面的實際運作速度。所以，這大約相當於增加了 20 個基點的逆風。

And then as we get through Q1, Q2, with that nuance, we start to get into the second half and then all of this is in the base as long as there's no changes from a tariff policy standpoint, everything is in the base, and then we get to a much more normalized run rate. So hopefully, that gives you a little bit more context around the challenge that we've gotten in this space.

然後，隨著我們進入第一季、第二季度，考慮到這些細微差別，我們開始進入下半年，只要關稅政策方面沒有變化，所有這些都將納入基準，一切都將納入基準，然後我們將達到一個更正常的運行率。希望這能讓您對我們在這個領域遇到的挑戰有更深入的了解。

Very helpful. Thanks very much and best of luck this year.

很有幫助。非常感謝，祝您今年一切順利。

Aubrey Tianello, BNP Paribas.

奧布里·蒂亞內洛，法國巴黎銀行。

Hey, good morning. Thanks for taking the questions. I wanted to ask on the cost savings program. Last quarter, you mentioned it was too early to say how much of the $100 million will drop through to the bottom line. I would love to know if there are any updates on how you're thinking about flow-through and what's included in the guide? Thanks.

嘿，早安。謝謝您回答問題。我想諮詢一下成本節約計劃。上個季度，您提到現在判斷這 1 億美元中有多少最終會轉化為利潤還為時過早。我很想知道您在流程管理方面是否有任何最新進展，以及指南中包含哪些內容？謝謝。

Yes. So great question. As you heard a little bit earlier, one is we're just continually focusing on being as efficient as we can. And so part of that is that we're building these cost savings initiatives into our plan so that we're able to fuel investment. We spoke a little bit earlier about what we're doing with AI. We're doing these programs to both be able to capitalize on some of those opportunities and frankly, things that we may catch an edge on that we don't have visibility to just yet.

是的。問得好。正如你剛才聽到的，其中一點就是我們一直在努力提高效率。因此，其中一部分工作是將這些節約成本的舉措納入我們的計劃，以便我們能夠為投資提供動力。我們之前稍微談到了我們正在利用人工智慧做些什麼。我們進行這些項目，既是為了抓住一些機遇，坦白說，也是為了抓住一些我們目前還無法預見的、可能讓我們獲得優勢的機會。

So we're reserving a little bit of flexibility into what we're doing as well as flowing dollars to the bottom line. And so where we are right now we're planning SG&A flattish to the year, as you've seen. So certainly, some of the programs that we've put in place around org efficiency around spend efficiency is cutting through from that standpoint.

因此，我們在營運中保留了一些彈性，同時也確保資金能夠轉化為利潤。所以，正如你所看到的，我們目前計劃將銷售、一般及行政費用（SG&A）維持在全年基本不變。因此，從這個角度來看，我們圍繞組織效率和支出效率實施的一些計劃確實取得了成效。

And as you see our gross margin guide, some of the cost efficiency work that we're doing there is helping to offset some of the headwinds that we talked about tariffs, et cetera, and we're flowing that into our gross margin outlook. So that being said, all of that is embedded into the guide for the year, and we'll continue to work through this as we make our way through 2026, but we feel great about where the work is to date.

正如您在我們的毛利率指南中看到的那樣，我們正在進行的一些成本效益工作有助於抵消我們之前提到的關稅等不利因素，我們將這些因素納入了我們的毛利率預期。綜上所述，所有這些都已納入年度指南，我們將在 2026 年繼續推進這項工作，但我們對目前的工作進展感到非常滿意。

Peter McGoldrick, Stifel.

Peter McGoldrick，Stifel。

Yes, thanks for taking my question. As we think about the double-digit international Crocs brand outlook, can you help us think about the regional brand development? You showed some nice commentary on China growing from an 8% base. I'm curious to know about the other regions as well and countries as we think of the 2026 embedded outlook. Thank you.

是的，謝謝您回答我的問題。在展望 Crocs 品牌兩位數國際成長前景時，您能否幫助我們思考區域品牌發展的問題？你對中國從8%的基數成長發表了一些精彩的評論。我也想了解其他地區和國家的情況，因為我們都在思考 2026 年的嵌入式展望。謝謝。

Great. Thank you, Peter. So -- so yes, let me just kind of give you some details, but also put it all in context. So during 2025, we grew international 11% top of 19% prior year. So it's been a sustained double-digit growth driver for us. From China, you already highlighted that you captured that, but we grew 30% in '25, and we continue to be confident that we can grow across all of our channels in China. It's a tricky market in China right now. But clearly, our brand is resonating and we have the ability to continue to grow.

偉大的。謝謝你，彼得。所以——是的，讓我跟你講講細節，同時也把所有事情放在背景中。因此，在 2025 年，我們的國際業務成長了 11%，高於上一年的 19%。因此，它一直是推動我們實現兩位數持續成長的主要動力。從中國市場來看，您已經強調了我們取得了成功，但我們在 2025 年實現了 30% 的成長，我們仍然有信心在中國的所有管道中實現成長。目前中國市場情勢複雜。但很顯然，我們的品牌引起了共鳴，我們有能力繼續成長。

Other markets where we've seen strong growth, and we expect to see strong growth in '26 are Japan returned to growth in we've been putting considerable time and effort in Japan over the last couple of years. It's a big footwear market large population, highly affluent population. So we're excited to see that return to growth, and we think we're on the right trajectory there.

其他一些市場，例如日本，我們已經看到強勁成長，並且預計在 2026 年將繼續保持強勁成長。日本市場已經恢復成長，過去幾年我們在日本投入了大量的時間和精力。這是一個鞋類市場龐大、人口眾多、人口高度富裕的國家。所以我們很高興看到成長勢頭恢復，並且我們認為我們正走在正確的道路上。

Western Europe is also performing well. UK, France and Germany, in particular, again, double digit growth in '25, and we're confident about continued performance there into '26. And look, India is also important to us. We've been focusing on and making some strategic investments in India in terms of setting us up for future sustained growth, and we're excited about the prospects for India in '26, but also, frankly, for the medium to long term.

西歐的表現也相當不錯。英國、法國和德國尤其如此，2025 年再次實現了兩位數的成長，我們有信心這些國家在 2026 年繼續保持良好的表現。而且，印度對我們來說也很重要。我們一直專注於印度市場，並對其進行了一些策略性投資，以期為未來的持續成長奠定基礎。我們對印度在 2026 年的發展前景感到興奮，坦白說，對中長期發展前景也充滿信心。

Very good. Thank you.

非常好。謝謝。

Brooke Roach, Goldman Sachs.

Brooke Roach，高盛集團。

Good morning. And thank you for taking our question. Andrew, I wanted to dive a bit deeper on the North America wholesale channel. How are conversations trending regarding shelf space preservation and order books for the year? And how do you view the health of the consumer in that channel amidst the competitive environment? Thank you.

早安.感謝您回答我們的問題。安德魯，我想更深入地了解北美批發管道。關於貨架空間保留和年度訂單量的討論趨勢如何？在競爭激烈的市場環境下，您如何看待該通路中消費者的健康狀況？謝謝。

Yes. Let me take that in reverse order. So health of the consumer, I would say, I think our view on the consumer is that they remain bifurcated, right? So the higher-end consumer, I think, has plenty of disposable income and is shopping the lower-end consumer, I think, is still a bit tentative. So -- and we think that likely continues through 2026. There has been plenty of talk about tax rebates and things like that. That has not been a significant factor for us historically. -- and let's see what happens.

是的。讓我反過來說。所以，關於消費者的健康，我認為我們對消費者的看法仍然是兩極化的，對吧？所以，我認為，高端消費者有很多可支配收入，並且正在積極購物；而低端消費者，我認為，仍然有些猶豫不決。所以——而且我們認為這種情況可能會持續到 2026 年。關於退稅之類的事情，已經有很多討論了。從歷史經驗來看，這並非對我們影響重大的因素。 ——讓我們拭目以待。

And the market remains super competitive. So if I took both of our brands from a shelf space perspective, I would say we've been, I think, fairly clear about we're working hard to make sure that both of our brands have the right inventory in the right retailers, and we're well positioned relative to our future consumer demand. We're working hard from a Crocs perspective to make sure that our classic our key core franchise is appropriately positioned but also getting new products into the marketplace that we talk about diversifying The Club franchise.

市場競爭仍異常激烈。因此，如果我從貨架空間的角度來看待我們的兩個品牌，我認為我們已經相當清楚地表明，我們正在努力確保我們的兩個品牌在合適的零售商處擁有合適的庫存，並且我們針對未來的消費者需求做好了充分的準備。從 Crocs 的角度來看，我們正在努力確保我們的經典核心特許經營權得到適當的定位，同時也將新產品推向市場，我們正在談論的是使 The Club 特許經營權多元化。

So we feel good about where we are from a Crocs perspective, but that does represent a drag to sell-in as we articulated in our guidance. HEYDUDE, we worked really hard and spend quite a lot of money in the back half of last year to rightsize inventories. And we think with that, right, we look at sell-out relative to our inventories on hand and they are at parity at this point. So we're excited to be at that point and be able to strategically rebuild the business from a wholesale perspective for HEYDUDE.

所以從 Crocs 的角度來看，我們對目前的狀況感到滿意，但正如我們在指導方針中所述，這確實會阻礙銷售。嘿，夥計，去年下半年我們非常努力，也花了很多錢來調整庫存規模。我們認為，就目前而言，銷售情況與庫存情況是持平的。所以我們很高興能走到這一步，能夠從批發的角度對 HEYDUDE 進行策略性重建。

So and I think the other thing I'd just say is an overlay, it's all about newness, right? So when we introduce new products that resonate with consumers, we can see really nice trajectory in terms of sell-out and sell-in. And the consumer is definitely receptive to newness. And so that's the important driver of success in this business.

所以，我覺得還有一點要補充的是，一切都關乎新穎性，對吧？因此，當我們推出能引起消費者共鳴的新產品時，我們可以看到銷售和進貨方面都出現了非常好的趨勢。消費者絕對樂於接受新事物。所以，這就是這個產業成功的關鍵驅動因素。

Thanks so much.

非常感謝。

Anna Andreeva, Piper Sandler.

安娜·安德烈耶娃，派珀·桑德勒。

Great. Thank you so much for taking our questions. Congrats, nice results. Just wanted to follow up on the actions at HEYDUDE between the wholesale cleanup and the performance marketing change. Andrew, I think you just said the cleanup actions are fully behind us. Can you talk about if you're adding more partners in wholesale to the brand at this stage? And just what are those conversations looking like? And just as a follow-up on Crocs. As you guys think about the adjacent categories, I think you said with Sandals, penetration was still at 13%, which I think implies mid-single-digit growth category and you called out strength in the US. Can you talk about how international performed? And how do you think about that penetration over time? Thank you.

偉大的。非常感謝您抽空回答我們的問題。恭喜，成績不錯。想跟進一下 HEYDUDE 在批發業務清理和效果行銷變革之間採取的行動。安德魯，我想你剛才說過清理工作已經徹底結束了。您能否談談目前階段是否會增加品牌在批發領域的合作夥伴？那麼，這些對話究竟是什麼樣的呢？還有一點關於Crocs鞋的後續問題。當你們考慮相鄰類別時，我想你們提到 Sandals 的滲透率仍然為 13%，我認為這意味著這是一個中等個位數成長的類別，而且你們也指出了美國市場的強勁表現。能談談國際賽的表現嗎？那麼，您如何看待這種滲透率隨時間的變化呢？謝謝。

All right. So a lot of questions there. Let me try and hit some of them and kind of double-click on the important ones. So I think we've talked about the HEYDUDE cleanup. So I think you've got that. I guess the derivative question there was, are we adding more partners? I would say we're not really adding significant more partners for HEYDUDE, but we do think there is significant growth in key partners. So I think that will come through more shoes on our shelves and more shoes in more stores, right? But we've got to earn our way back to that growth pathway and -- but we're very focused on that. So then I think the second piece was around Sandals.

好的。所以這裡有很多問題。讓我試著點擊其中一些，然後雙擊重要的那些。所以我覺得我們已經討論過 HEYDUDE 的清理工作了。所以我覺得你已經明白了。我想由此引申出的問題是，我們是否要增加更多合作夥伴？我認為我們並沒有為 HEYDUDE 增加大量合作夥伴，但我們確實認為關鍵合作夥伴的數量會有顯著成長。所以我認為這將體現在我們的貨架上擺放更多鞋子，更多商店裡賣更多鞋子，對吧？但我們必須努力重回成長軌道，而且——我們非常專注於此。所以我覺得第二部分是關於涼鞋的。

So 13% overall share for sandals grew nicely in North America last year. We're confident in growth next year. We took market share. Our growth was significantly above the market for North America. And I would say growth in sandals internationally was slower than North America last year, but we have, I think, strong aspirations for sandal growth internationally in 2026. And part of that was by design, right?

去年，涼鞋在北美的整體市佔率成長了13%，表現良好。我們對明年的成長充滿信心。我們搶佔了市場份額。我們的成長速度遠高於北美市場平均。我認為去年國際涼鞋市場的成長速度慢於北美，但我們相信，到 2026 年，國際涼鞋市場將會強勁成長。其中一部分是刻意安排的，對吧？

So we were very much focused in some of our key developing markets on really penetrating the market with the Classic Clog and landing our icon. And so when you've got relatively small footprints in some of these key markets, you've got to be strategic about what you put on the shelf, but we do think there is a nice Sandal growth available to us in key markets like India, Southeast Asia, where we're confident about future trajectory 2026 and beyond.

因此，我們在一些重要的發展中市場非常注重用經典木屐真正打入市場，並確立我們的標誌性地位。因此，當你在一些關鍵市場的份額相對較小時，你必須對上架的產品進行策略性考慮，但我們確實認為，在印度、東南亞等關鍵市場，Sandal 品牌還有很好的成長空間，我們對 2026 年及以後的未來發展軌跡充滿信心。

And then, Anna, I just want to jump back to HEYDUDE for a moment. So number one, as you saw in the prepared remarks, we are calling HEYDUDE return to growth in the second half of this year. And so that goes back to all of the strategic actions that we took in the back half of 2025 will then start to bear fruit in terms of where we're going with the brand. And I just want to reiterate, we feel very confident about the trajectory there. The other component is in terms of just cleanup.

然後，安娜，我想稍微回到 HEYDUDE 的話題。第一，正如你們在準備好的發言稿中所看到的，我們預計 HEYDUDE 將在今年下半年恢復成長。因此，我們在 2025 年下半年採取的所有策略行動，都將在品牌發展方向上開始取得成果。我只想再次強調，我們對未來的發展軌跡非常有信心。另一個面向就是清理工作。

Cleanup is continuing to make progress. And everything that we're looking at from a KPI standpoint related to inventory, inventory on hand, sell-out rate versus sell-in rate is all moving in the right direction. And so we feel like a little bit more than six months into the efforts, what we're seeing looks very positive, and we're bullish on where we're going. But we also know that we've got to finish the play. Part of finishing that play is the work that remains to be done in the first half of the year.

清理工作正在持續取得進展。從關鍵績效指標 (KPI) 的角度來看，與庫存、現有庫存、售罄率與售入率相關的所有指標都在朝著正確的方向發展。因此，經過六個多月的努力，我們感覺到目前的情況非常積極，我們對未來的發展方向充滿信心。但我們也知道，我們必須把這齣戲演完。完成這部劇的一部分工作，就是今年上半年還需要完成的工作。

Alright. Thank you so much. Terrific. Best of luck.

好吧。太感謝了。了不起。祝你好運。

Jim Chartier, Monness, Crespi, Hardt.

吉姆·查蒂爾、莫內斯、克雷斯皮、哈特。

Good morning. Thanks for the question. Can you talk about the performance of HEYDUDE stores and what the store opening plan is for 2026?

早安.謝謝你的提問。您能談談 HEYDUDE 門市的業績以及 2026 年的門市開設計畫嗎？

Yes. I would say, look, we're pleased with the performance of our HEYDUDE stores. As you know, the majority of stores, in fact, almost all the stores opened are really outlet stores. We think that's a pretty unique opportunity to do multiple jobs for the brand, which is keep our inventories clean and fresh, as well as benefit from strong graphic in the outlet malls to drive commercial success.

是的。我想說，我們對 HEYDUDE 門市的表現非常滿意。如您所知，絕大多數商店，實際上幾乎所有新開的商店，都是奧特萊斯店。我們認為這是一個非常獨特的機會，可以為品牌做多件事，既能保持庫存的清潔和新鮮，又能利用奧特萊斯購物中心的強大視覺效果來推動商業成功。

So we're pleased with the stores. I think we opened 23 stores last year, a to a total of 75 at year-end. Our opening rate in 2026, we probably a little bit less than that. But we think our stores do a really nice job in terms of generating strong commercial outcomes as well as broadening consumers' perspective about the brand.

所以我們對這些門市很滿意。我認為我們去年新開了 23 家門市，到年底總共達到了 75 家。我們預計 2026 年的開幕率會略低於這個數字。但我們認為，我們的門市在創造強勁的商業成果以及拓寬消費者對品牌的認知方面做得非常出色。

Thank you. Great. And then international wholesale, it looks like it was up about low single digits in constant currency over the last three quarters. Anything to highlight as to why that channel has slowed? And then what kind of opportunity do you see for international sale going forward?

謝謝。偉大的。然後是國際批發市場，過去三個季度以固定匯率計算，似乎只增加了個位數百分比左右。有什麼特別的原因可以解釋為什麼這個頻道播放速度變慢了嗎？那麼，您認為未來國際銷售有哪些發展機會？

Yes. I think as we highlighted, the growth in international driven by DTC and that is really two components. One is our digital prowess, which is extends across the globe and also store openings. Stores we have and store openings on an international basis, that's where we've focused our store openings. As we look at a lot of international wholesale the vast majority of their sales go into our distributors. So there's any real story about why it slowed, but we're confident in future international wholesale growth.

是的。我認為正如我們所強調的，國際市場的成長是由 DTC 驅動的，而這實際上包含兩個面向。一是我們強大的數位化能力，這種能力遍及全球，也拓展了門市業務。我們目前在國際間擁有門市並計劃開設新店，這就是我們開設新店的重點。我們觀察到許多國際批發商，發現他們絕大部分的銷售額都流向我們的經銷商。所以，目前還沒有關於其增速放緩的真正原因，但我們對未來的國際批發業務成長充滿信心。

Great. Thanks and best of luck.

偉大的。謝謝，祝你好運。

Mitch Kummetz, Seaport Research.

米奇‧庫梅茨，海港研究公司。

Yes, thanks for taking my questions. I guess, first question, I just wanted to drill down a little bit more on the comment of HEYDUDE returning to growth in the back half. I mean how much of that is just lapping kind of the $45 million cleanup that took place in the back half of '25 versus other factors? And I'm curious if you can speak to kind of what you're seeing in terms of the fall order book from a wholesale perspective.

是的，謝謝您回答我的問題。我想問的第一個問題是，我想更深入地探討 HEYDUDE 在下半年恢復成長的評論。我的意思是，這其中有多少只是2025年下半年耗資4500萬美元的清理工作帶來的剩餘收益，又有多少是其他因素造成的？我很想知道您能否從批發角度談談您目前看到的秋季訂單情況。

Yes, Mitch, great question. So as we mentioned earlier, it's been some great progress that we've made in terms of HEYDUDE, and we continue to feel really bullish about where the brand is going. As it relates to the $45 million in the second half of 2025. We felt it was important to quantify as best we could the actions that we took and what resulted in coming out of the marketplace.

是的，米奇，問得好。正如我們之前提到的，HEYDUDE 已經取得了巨大的進展，我們對該品牌的未來發展方向仍然充滿信心。關於 2025 年下半年的 4500 萬美元。我們認為，盡可能量化我們採取的行動以及由此產生的市場結果非常重要。

And so as we think about now is we've been doing the hard work at cleaning up inventory. We're doing the hard work of kind of looking at our consumer base. And as a note, our awareness for the HEYDUDE brand has improved 9 percentage points from 30% to 39% just in the last six months or so. So we feel like we're gaining a lot of traction as it relates to consumer, as it relates to product, product newness.

所以我們現在所想的是，我們一直在努力清理庫存。我們正在努力研究我們的消費者群體。另外值得一提的是，在過去的六個月左右，我們對 HEYDUDE 品牌的認知度提高了 9 個百分點，從 30% 提高到 39%。因此，我們感覺在消費者、產品以及產品新穎性方面都獲得了極大的關注。

And so as you think about the second half, part of that obviously will be lapping what we took out, but we're also excited about what we see in terms of product newness coming and continuing to sell in from a greater breadth standpoint on the products that we introduced in the back half of last year and into the first half of this year.

因此，在考慮下半年時，一部分顯然是彌補我們去年下半年的損失，但我們也對即將推出的新產品感到興奮，並希望從更廣泛的角度繼續銷售我們在去年下半年和今年上半年推出的產品。

And can you say if you've got a positive fall order book?

請問你們秋季訂單狀況如何？

Yes. We don't comment on our order book, Mitch. We haven't done it for many years now.

是的。米奇，我們不對訂單情況發表評論。我們已經很多年沒這麼做了。

All right. That's fair. And then a second question, just on the SG&A, thinking about the shape of the year, I know that you said dollars flat year-over-year. Do you expect that to be kind of consistent across the quarters? Or would you expect kind of the the dollar spending to kind of mirror the sales growth per quarter?

好的。這很合理。第二個問題，關於銷售、一般及行政費用，考慮到今年的情況，我知道您說過美元與去年持平。你認為這種情況在各季度都會保持相對穩定嗎？或者您預期美元支出會與每季的銷售成長大致同步？

Yes. I mean it's the -- as we think about the shape of SG&A through the year, obviously, we've got cyclicality in our business as it relates to quarters. And so as we go through from an SG&A standpoint, we see that kind of ebb and flow as a percentage of sale. From an SG&A perspective, Q1 will be up slightly as we kick off the year. And as we work our way through, we'll start to see a bit more traction from these programs that we're putting in.

是的。我的意思是——當我們考慮全年的銷售、一般及行政費用結構時，顯然，我們的業務具有季度週期性。因此，從銷售、一般及行政費用（SG&A）的角度來看，我們可以看到其佔銷售額的百分比有這種波動。從銷售、管理及行政費用（SG&A）的角度來看，由於新年伊始，第一季將略有成長。隨著我們逐步推進，我們將開始看到我們正在實施的這些計劃取得更大的成效。

In addition to I just want to stress again, I know I said it earlier, but I just want to reiterate, it's the $100 million that we're targeting or we've targeted, actually, we've identified and are in the process of delivering. It is one, yes, through the lens of dropping some to the bottom line, but it is really focused on giving ourselves investment flexibility as we make our way through the year.

此外，我還要再次強調，我知道我之前說過，但我還是要重申，我們的目標是 1 億美元，或者說我們已經確定了目標，實際上，我們已經確定了目標金額，並且正在努力實現這個目標。是的，從削減成本的角度來看，這確實是一種削減成本的方式，但實際上，它的目的是讓我們在這一年中擁有更大的投資彈性。

When you think about the complexion of '25 to '26, what we're seeing is we're re-pivoting both brands, and we are reserving the flexibility to deploy some of those savings back into the P&L to accelerate Crocs Brand, HEYDUDE and some of the other areas that we're experimenting from an investment standpoint. I mentioned AI earlier, but there's a bunch of others. So that's a little bit more color in terms of how we're thinking about things.

展望 2025 年至 2026 年的發展前景，我們看到的是，我們正在對兩個品牌進行重新調整，並且我們保留了靈活性，可以將部分節省下來的資金重新投入損益表，以加速 Crocs 品牌、HEYDUDE 以及我們從投資角度正在嘗試的其他一些領域的發展。我之前提到了人工智慧，但還有很多其他方面。這樣就讓我們對事物的思考方式有了更清楚的認識。

Okay. That's helpful. Thanks and good luck.

好的。那很有幫助。謝謝，祝你好運。

We have time for one more question and the final question goes to Jonathan Comp with Baird.

我們還有時間再問一個問題，最後一個問題交給貝爾德的喬納森·康普。

Thanks for sneaking me in one more. Just any more color as we think about first half and back half progression from an operating profit standpoint, it looks like Q1 implied the first half, you're down year-over-year for operating profit. Second half looks like it could be implied up double digits. So any more color just as we think about the shape and anything that would be helpful for modeling. Thank you.

謝謝你偷偷讓我再看一次。從營業利潤的角度來看，我們再來看看上半年和下半年的發展。看起來第一季的情況預示著上半年的業績，營業利潤年減。下半場看起來很有可能以兩位數的優勢獲勝。所以，當我們思考形狀以及任何有助於建模的顏色時，就更需要考慮這些顏色了。謝謝。

Yes, John, I think you're hitting it. As you think about the collection of the year, similar to '25, it's -- there's a big first half, second half story. Second half of last year, we've talked quite a bit about the actions that we took that impacted second half of last year, that's -- we're rounding that out in the first half of 2026. And so you'll see some of the headwinds from a revenue standpoint. And so if you think about that, trajectory of '25 into '26. How you're thinking about the year in terms of -- from an EBIT standpoint is how we're thinking about it as well. So there's really a bit of a first half, second half story.

是的，約翰，我覺得你說得對。當你回顧今年的系列作品時，會發現它和 2025 年的系列作品一樣，分為上半部和下半部的兩個主要故事。去年下半年，我們已經談了很多關於去年下半年我們採取的行動，這些行動對去年下半年產生了影響，現在——我們將在 2026 年上半年對此進行總結。因此，從收入角度來看，你會看到一些不利因素。所以，如果你仔細想想，2025 年到 2026 年的發展軌跡。你們對這一年的預期──從息稅前利潤（EBIT）的角度來看──也是我們看待這一年的方式。所以，這其實是一個分為前半部和後半部的故事。

Okay. Thanks again.

好的。再次感謝。

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

我們的問答環節到此結束。我謹將會議交還給安德魯·里斯，請他作總結發言。

Yes. Just want to say thank you very much for joining us today. I appreciate everybody's interest in our company and the thoughtful questions. So thank you very much, and have a great day.

是的。非常感謝您今天能來。感謝大家對我們公司的關注與提出寶貴的問題。非常感謝，祝您今天過得愉快。

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

會議到此結束。感謝各位參加今天的報告會。您現在可以斷開連線了。