卡洛馳 (CROX) 2026 Q1 法說會逐字稿

Good day, and welcome to the Crocs, Inc., first-quarter 2026 earnings conference call. (Operator Instructions) Please note this event is being recorded. I would now like to turn the conference over to Abigail Ritter, Investor Relations and Strategic Finance for Crocs, Inc. Please go ahead.

大家好，歡迎參加 Crocs, Inc. 2026 會計年度第一季財報電話會議。(接線員指示) 請注意，本活動將被錄音。現在我想把電話會議交給 Crocs, Inc. 投資人關係與策略財務部的 Abigail Ritter。請開始。

Good morning, and thank you for joining us to discuss Crocs, Inc., first-quarter 2026 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 you limit to one question.

各位早安，感謝各位參與我們對 Crocs, Inc. 2026 會計年度第一季業績的討論。今天與我一同出席的有執行長 Andrew Rees，以及執行副總裁兼財務長 Patraic Reagan。在他們的準備發言之後，我們將開放提問，並請各位將問題限制為一題。

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 most recent annual report on Form 10-K, quarterly report on Form 10-Q and other reports 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部分資訊屬於前瞻性陳述，因此受聯邦證券法之「安全港」條款保障。這些陳述涉及已知與未知的風險、不確定性及其他因素，可能導致我們的實際結果、表現或成就出現重大差異。有關這些風險與不確定性的更多資訊，請參閱我們最近一期的 Form 10-K 年報、Form 10-Q 季報以及其他向美國證券交易委員會（SEC）提交的報告。

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.

我們所稱的調整後或非 GAAP 的某些財務指標，屬於非 GAAP 衡量指標。這些數字與其 GAAP 對應項目的調節表，已包含在我們今天稍早發布的新聞稿中。除非另有說明，所有營收成長率將以固定匯率基礎（constant currency）呈現。

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

現在我把電話會議交給 Crocs, Inc. 執行長 Andrew Rees。

Thank you, Abbey, and good morning, everyone. Thank you for joining us today. We delivered a better-than-expected first quarter fueled by broad consumer relevance for both of our brands. Patraic will discuss our quarterly performance in more detail, but first, I will share a few financial highlights and a review of our brand strategies.

謝謝你，Abbey，各位早安。感謝各位今天加入我們。在兩大品牌皆具廣泛消費者相關性的帶動下，我們第一季表現優於預期。Patraic 將更詳細說明本季表現，但在此之前，我先分享幾項財務重點以及我們的品牌策略回顧。

For the first quarter of 2026, we delivered better-than-expected enterprise revenue of $921 million with the Crocs brand down 2% and HEYDUDE brand down 13% as we work to return both of our brands to growth. Healthy direct-to-consumer growth, including Crocs brand up 11% despite pulling back on promotional activity and HEYDUDE up 8% despite lower performance marketing spend.

2026 會計年度第一季，我們的企業整體營收達 9.21 億美元，優於預期；其中 Crocs 品牌下滑 2%，HEYDUDE 品牌下滑 13%，我們正努力讓兩大品牌重回成長軌道。直面消費者（DTC）業務維持健康成長：Crocs 品牌在縮減促銷活動的情況下仍成長 11%；HEYDUDE 品牌在降低績效行銷支出的情況下仍成長 8%。

International revenue for the Crocs brand was up 7% on a reported basis, consistent with our expectations despite an unanticipated impact of the war in the Middle East. Best-in-class inventory management with total footwear units down high single digits and overall inventory turning up more than 4 times.

Crocs 品牌的國際營收以報告基礎計算成長 7%，符合我們的預期，儘管中東戰爭帶來了未預期的影響。我們的庫存管理維持同級最佳：鞋類總件數下降高個位數百分比，整體庫存周轉率提升至 4 次以上。

Our powerful value-creation model continues to support meaningful return of cash to shareholders in the form of repurchases. With second quarter repurchase is now underway. To date, we have bought back 800,000 shares.

我們強勁的價值創造模式，持續支持以庫藏股回購的方式向股東返還可觀現金。第二季的回購目前已在進行中。截至目前，我們已回購 80 萬股。

Now turning to a discussion by brand and starting with Crocs. We had a strong start to the year as consumers responded positively to product newness across all categories. We continue to make excellent progress against our five strategic pillars.

接下來按品牌進行討論，先從 Crocs 開始。今年開局強勁，消費者對各品類的新品反應正面。我們在五大策略支柱上持續取得優異進展。

First, we are driving brand relevance globally as the cloud market share leader. During the quarter, our focus clog franchises, Crocband, Crafted, and Echo performed well, enabling diversification of our overall cloud portfolio. The reintroduction of Crocband has been well received with strength seen across channels, colors and iterations.

第一，我們以洞洞鞋（clog）市場市占領導者之姿，推動品牌在全球的相關性。本季，我們的重點洞洞鞋系列 Crocband、Crafted 與 Echo 表現良好，帶動我們整體洞洞鞋產品組合的多元化。Crocband 的重新推出獲得良好回響，各通路、各色系與不同版本皆展現強勁表現。

The Crafted franchise is building globally and consumer response has been strong with canvas and floral embroidery uppers. We continue to scale our existing Echo franchise with new Echo RO colorways and expanded distribution. Within our Classics franchise, we are prioritizing maintaining tight inventory control and driving further segmentation across our key partners in North America.

Crafted 系列正在全球擴展，消費者反應強勁，特別是帆布與花卉刺繡鞋面款式。我們持續擴大既有 Echo 系列規模，推出新的 Echo RO 配色並擴大通路覆蓋。在 Classics 系列方面，我們優先維持嚴格的庫存控管，並在北美主要合作夥伴中推動更進一步的產品分眾。

Second, we are scaling our product pillars outside of clogs through new category expansion. Our sandal business started the year off strong, and we expect this pillar to approach half a billion in revenue this year, up double digits from 2025. Our three core style franchises: Getaway, Brooklyn, and Miami are capturing incremental shelf space and winning with consumers. Earlier this spring, we introduced our personalizable two-strap, Saturday Sandal, across channel and saw exceptional response from both consumers and retailers.

第二，我們透過新品類擴張，擴大洞洞鞋以外的產品支柱。我們的涼鞋業務今年開局強勁，預期今年該支柱營收將接近 5 億美元，較 2025 年呈雙位數成長。我們三大核心風格系列：Getaway、Brooklyn 與 Miami，正在取得更多陳列空間並贏得消費者青睞。今年春季稍早，我們在各通路推出可個人化的雙帶款 Saturday Sandal，並獲得消費者與零售商的熱烈回應。

Moving beyond sandals, we launched the classic Ballet Flat, we saw a notable sellout globally. In response, we're chasing supply, and we further strengthened our assortment within this trending style. Momentum was further amplified by our first quarter LoveShackFancy collaboration was sold out completely.

除涼鞋之外，我們推出經典芭蕾平底鞋（Ballet Flat），並在全球出現顯著售罄。因此我們正加速追補供貨，並在此一流行風格中進一步強化產品組合。動能也因第一季與 LoveShackFancy 的聯名合作全數售罄而進一步放大。

Our broader personalization pillar saw a standout performance within bags and accessories during the quarter led by the Disney collaboration featuring Mickey Mouse on a number of products. We also saw continued strength in elevated EBIT during the quarter.

我們更廣泛的個人化支柱在本季於包款與配件方面表現突出，主要由與迪士尼合作、在多項產品上呈現米奇（Mickey Mouse）的聯名系列帶動。本季我們也看到調整後 EBIT 持續走強。

Third, we are fueling consumer engagement through disruptive social and digital marketing. In February, we kicked off a multiyear global partnership with the LEGO brand by launching the highly disruptive LEGO Brick Clog, which quickly became one of our best-performing partnerships on social media, and drove significant consumer engagement and digital traffic.

第三，我們透過具顛覆性的社群與數位行銷，推動消費者互動。2 月，我們與 LEGO 品牌展開為期多年的全球合作，推出極具話題性的 LEGO Brick Clog，迅速成為我們在社群媒體上表現最佳的合作之一，並帶動顯著的消費者互動與數位流量。

Also in February, we released Charmed to Meet You, our first micro drama miniseries on ReelShorts, a platform where Gen Z consumers are increasingly spending time consuming bite-size content. The launch drove over 10 million views, reinforcing our ability to engage with consumers through bold, innovative and disruptive channels.

同樣在 2 月，我們在 ReelShorts 平台推出《Charmed to Meet You》，這是我們第一部微短劇迷你影集；該平台上 Z 世代消費者正日益投入於觀看短篇內容。此次上線帶來超過 1,000 萬次觀看，強化我們透過大膽、創新且具顛覆性的管道與消費者互動的能力。

Fourth, we continue to create compelling consumer experiences across all channels. Beginning with social commerce, we're continuing to scale and deepen our consumer touch points across both digital and social. In fact, Crocs was recently awarded Top Seller of the Year on TikTok Shop for 2025, underscoring our ability to continue to reach consumers on their preferred social channels.

第四，我們持續在所有通路打造具吸引力的消費者體驗。從社群電商開始，我們持續擴大並深化在數位與社群上的消費者觸點。事實上，Crocs 最近獲頒 TikTok Shop 2025 年度最佳賣家（Top Seller of the Year），凸顯我們持續在消費者偏好的社群通路觸及他們的能力。

In March, we activated at the NBA All-Star week and introduced our updated Echo Clog, the Echo 2.0, a key second half product launch this year. We also released the Ripple, a bold silhouette designed to engage the sneaker community through a number of events from ComplexCon in Hong Kong to our SoHo store in New York City.

3 月，我們在 NBA 全明星週期間進行行銷活動，並推出更新版 Echo Clog——Echo 2.0，這是今年下半年一項關鍵新品上市。我們也推出 Ripple，一款大膽的鞋型輪廓，透過從香港 ComplexCon 到紐約市 SoHo 門市等多場活動，與球鞋社群建立互動。

Globally, we continue to expand our presence on TikTok Shop as this is a critical social selling platform over the medium to long term. During the quarter, we scaled meaningfully in the UK and Malaysia, and looking forward, we were launching in Japan, landing Crocs as a first major footwear brand on the platform in the country.

在全球範圍內，我們持續擴大在 TikTok Shop 的布局，因為這是中長期至關重要的社群銷售平台。本季我們在英國與馬來西亞顯著擴張；展望未來，我們將在日本上線，使 Crocs 成為該國平台上首個主要鞋類品牌。

Fifth and finally, we're continuing to gain market share across the world in our international markets. In the first quarter, we saw broad-based strength across our Tier 1 markets, led by direct-to-consumer channels. We saw outsized growth in our high-priority markets: China, India, Japan and Western Europe.

第五也是最後，我們持續在全球國際市場提升市占率。第一季我們在一級市場（Tier 1 markets）普遍展現強勁表現，主要由直面消費者通路帶動。我們在高優先市場——中國、印度、日本與西歐——看到更為突出的成長。

In China, we hosted our first ever super brand day on Douyin, which not only outperformed our expectations, but also drove strong consumer touch points through celebrity live streaming. In India, performance was led by growth in our digital traffic stimulated by Let Them Talk campaign, which introduced the Echo RO for a local cricketer and celebrity, KL Rahul.

在中國，我們在抖音舉辦了首次超級品牌日，不僅表現超出預期，亦透過名人直播帶動強勁的消費者觸點。在印度，業績主要由「Let Them Talk」活動帶動的數位流量成長所驅動；該活動為當地板球選手與名人 KL Rahul 推出 Echo RO。

In Japan, performance was driven by strengthening brand presence in Tokyo retail with high consumer affinity for personalization in our DTC channels. Lastly, Western Europe saw notable growth across the UK, France and Germany led by digital marketplace performance. Sandal started the year strong in the region, and we see meaningful opportunity to scale this category going forward.

在日本，業績受惠於我們在東京零售端強化品牌能見度，以及消費者在我們 DTC 通路對個人化的高度偏好所帶動。最後，西歐在英國、法國與德國皆出現顯著成長，主要由數位市集表現所帶動。涼鞋品類在該區域年初表現強勁，我們也看到未來擴大此品類規模的重大機會。

During the quarter, we opened approximately 40 monobrand stores in kiosks, including six owned and operated stores internationally. To strengthen our international opportunity further, on April 1, we converted our Malaysia distributor business to a directly owned and operated, which resulted in the absorption of 21 highly productive retail stores. We see this as an opportunity to take further share in this vibrant market in 2026 and beyond.

本季期間，我們在亭式店（kiosk）開設約 40 家單一品牌門市，其中包含 6 家位於海外、由我們自營的門市。為進一步強化國際成長機會，我們於 4 月 1 日將馬來西亞經銷商業務轉為由我們直接持有並自營，因而納入 21 家生產力極高的零售門市。我們視此為在 2026 年及其後於這個充滿活力的市場進一步提升市占的機會。

Now turning to HEYDUDE. The first quarter came in ahead of expectations tied largely to outperformance in DTC despite a significant reduction in performance marketing spend as we continue to deliver against our three-pillar strategic plan.

接著談 HEYDUDE。第一季表現優於預期，主要來自 DTC 的超預期表現，儘管我們大幅降低成效型行銷支出，仍持續推進三大支柱策略計畫的落實。

First, we are building a community laser-focused on our core consumer. During the quarter, we launched several relevant collaborations, including our partnership with the Houston Rodeo. This was supported by retail presence at the rodeo for the third consecutive year as we continue to drive authentic connections with our core HEYDUDE consumer.

第一，我們正在打造一個高度聚焦核心消費者的社群。本季我們推出多項相關聯名合作，包括與休士頓牛仔競技（Houston Rodeo）的合作夥伴關係。我們連續第三年在該牛仔競技活動中設置零售據點作為支持，持續與 HEYDUDE 核心消費者建立真實連結。

In addition, we released collaborations with Chevy, Jelly Roll, and Naruto, while accelerating the growth of our HEYDUDE community through scaling social commerce. In fact, during the quarter, HEYDUDE received the Top Growth Seller of The Year award on TikTok Shop, a nod to the progress and commitment we've made to scale the strategic channel.

此外，我們也推出與 Chevy、Jelly Roll 及《火影忍者》（Naruto）的聯名合作，並透過擴大社群商務規模，加速 HEYDUDE 社群成長。事實上，本季 HEYDUDE 在 TikTok Shop 獲頒「年度最佳成長賣家」獎項，肯定我們在擴大此策略通路方面所取得的進展與投入。

Second, we are building the core and thoughtfully adding more. We're building our leadership within the Slip-On category, led by our icons, the Wally and Wendy. Stretch Sox continues to drive our core business, and we are seeing momentum building in our newest Stretch Jersey franchise. This style, which we formally referred to as a T-shirt for your feet, launched in all channels during the quarter and outperformed expectations.

第二，我們持續深耕核心產品，並審慎地擴充更多品項。我們正以經典款 Wally 與 Wendy 為主力，建立在一腳蹬（Slip-On）品類的領導地位。Stretch Sox 持續帶動核心業務，而我們最新的 Stretch Jersey 系列也正累積成長動能。這個款式我們過去正式稱之為「給雙腳穿的 T 恤」，本季於全通路上市並超出預期。

As we look into spring, we're seeing our sandal business start to gain material traction with key highlights, including the Maui Breeze franchise and sandal extensions of some of our already successful lines, the Austin Slide and the HEY2O Flip. Beyond sandals, we continue to see strong response to our work offering led by the Wally- Comp-toe, and we are excited to expand further into this category as we move throughout the year.

展望春季，我們看到涼鞋業務開始取得實質進展，重點包括 Maui Breeze 系列，以及將部分既有成功產品線延伸至涼鞋款式，例如 Austin Slide 與 HEY2O Flip。除涼鞋外，我們也持續看到工作鞋產品的強勁回應，主要由 Wally-Comp-toe 帶動；隨著年度推進，我們也很期待進一步擴展此品類。

Third, we are focused on stabilizing the North American marketplace. Our first-quarter outperformance signals a meaningful step in our journey to return the brand to growth in the back half of this year. During the quarter, direct-to-consumer revenues increased 8%, led by strength in digital marketplaces. Wholesale declined as anticipated, while we remain laser-focused on managing our in-channel inventory levels.

第三，我們聚焦於穩定北美市場。第一季的超預期表現，代表我們在今年下半年讓品牌重回成長軌道的旅程中邁出重要一步。本季 DTC 營收成長 8%，主要由數位市集的強勁表現帶動。批發如預期下滑，同時我們仍高度專注於管理通路內的庫存水位。

Wholesale sellouts are still below our aspirations, however improved sequentially versus the fourth quarter. Importantly, we're receiving positive feedback from our key partners around new products like our H2O work and sandals offering as well as our core products like Stretch Jersey franchise and new introductions of our Stretch Sox platform.

批發端的終端銷售（sellout）仍低於我們的目標，但相較第四季已有逐季改善。更重要的是，我們從關鍵合作夥伴處收到對新產品的正面回饋，例如 H2O 工作鞋與涼鞋產品，同時也包括核心產品如 Stretch Jersey 系列，以及 Stretch Sox 平台的新款導入。

Turning back to the enterprise, I wanted to address the conflict in the Middle East as it relates to our business. As of today, it's too early to fully quantify the impact. However, we see this affecting Crocs in three ways: one, reduction of revenues from our Middle East distributor business, which has been contemplated within our annual guidance; two, increased raw material and transportation costs associated with elevated oil prices; and three, a broader impact to the global macro economy, which is uncertain at this time. Patraic will speak to our guidance later in the call. which we feel prudently captures the current environment to the best of our ability.

回到集團層面，我想就中東衝突對我們業務的影響做出說明。截至目前，仍為時過早，尚無法完整量化其影響。然而，我們認為這將從三個面向影響 Crocs：第一，中東經銷商業務營收下降，此已納入我們年度財測指引的考量；第二，油價上升帶來原物料與運輸成本增加；第三，對全球總體經濟的更廣泛影響，目前仍不確定。Patraic 稍後將在電話會議中說明我們的指引；我們認為該指引已在能力所及範圍內審慎反映當前環境。

Before concluding, I wanted to highlight the publication of our 2025 Crocs, Inc., Comfort Report being released today. This annual report highlights our commitment to and progress against our purpose: to create a more comfortable world for all.

在結語之前，我想強調我們的《2025 Crocs, Inc. 舒適度報告》（Comfort Report）已於今日發布。這份年度報告呈現我們對使命的承諾與進展：為所有人創造更舒適的世界。

To conclude, we are focused on executing our near-term initiatives to drive diversified growth across both brands, DTC and wholesale as well as domestic and international markets. We believe we have compelling strategies to grow both brands enabled by a clear consumer focus, innovative product and marketing and our global go-to-market capabilities.

總結而言，我們專注於執行短期重點計畫，以推動兩大品牌在 DTC 與批發，以及國內與國際市場的多元化成長。我們相信，憑藉清晰的消費者聚焦、創新產品與行銷，以及全球市場進入（go-to-market）能力，我們具備推動兩大品牌成長的有力策略。

I will now turn the call over to Patraic.

接下來我把電話會議交給 Patraic。

Thank you, Andrew, and good morning, everyone. During the quarter, we made continued progress against both brand strategic initiatives, which I'm confident will continue to lay the groundwork for sustainable long-term growth. We're off to a good start in 2026, finishing Q1 slightly ahead of our expectations on both the top and bottom line. And while we're encouraged by the positive start to the year, we recognize work remains to return the business to growth.

謝謝你，Andrew，各位早安。本季我們在兩大品牌的策略性計畫上持續取得進展，我有信心這將持續為可持續的長期成長奠定基礎。我們在 2026 年有個良好開局，第一季在營收與獲利兩端皆略優於預期。儘管我們對年初的正向開局感到鼓舞，但我們也認知到仍需努力，才能讓業務重回成長。

Now let's move to our results. For the first quarter, we delivered Enterprise revenue of $921 million, down 2% to prior year on a reported basis or down 4% on a constant currency basis. Our results were led by the direct-to-consumer channel for both brands as consumers responded favorably to new product offerings across categories. This was offset by planned wholesale declines as we continue to optimize and manage this channel for long-term profitable growth.

現在讓我們看一下業績結果。第一季我們的集團營收為 9.21 億美元，按報告基礎較去年同期下降 2%，按固定匯率基礎下降 4%。我們的表現主要由兩大品牌的 DTC 通路帶動，消費者對跨品類的新產品供應反應良好。上述表現被計畫性的批發下滑所部分抵銷，因我們持續優化並管理此通路，以實現長期的獲利性成長。

For the quarter, Crocs brand revenue of $767 million was down 2%. Results were led by our International segment, up 7% on a reported basis, including strength in China, India, Japan and Western Europe. North America was down 6% and including DTC, up 5% despite a meaningful reduction in promotional activity, offset in part by wholesale declines.

本季 Crocs 品牌營收為 7.67 億美元，下降 2%。業績主要由國際事業部帶動，按報告基礎成長 7%，其中包含中國、印度、日本與西歐的強勁表現。北美下降 6%；其中 DTC 成長 5%，儘管促銷活動明顯減少，但部分被批發下滑所抵銷。

The HEYDUDE brand delivered revenue of $154 million, down 13% the prior year. D2C was up 8%, driven by outsized digital marketplace performance and new store opening contributions. Notably, this growth was delivered against a continued lower level of performance marketing spend, thus driving higher profitability. The wholesale channel was down 26% as we continue to carefully manage our inventory to sell-through levels consistent with our return-to-growth plan.

HEYDUDE 品牌營收為 1.54 億美元，較去年同期下降 13%。D2C 成長 8%，主要由數位市集的亮眼表現以及新店開幕貢獻所帶動。值得注意的是，這項成長是在成效型行銷支出持續維持較低水準的情況下達成，因此帶動更高的獲利能力。批發通路下降 26%，因我們持續審慎管理庫存，使其銷售去化（sell-through）水準與我們的重返成長計畫一致。

I'll now move to adjusted gross margin. Enterprise adjusted gross margin of 56.9% was down 90 basis points to prior year, driven by 100 basis points of incremental tariff impact as well as product mix, offset in part by brand mix. As Andrew mentioned, we saw accelerated success in our new product offerings in both brands. This success is an important driver of top-line performance and is key to our diversification strategy.

我現在轉到調整後毛利率。企業整體調整後毛利率為56.9%，較去年同期下降90個基點，主要受額外關稅影響增加100個基點以及產品組合影響所致，部分被品牌組合所抵銷。如Andrew所提到，我們在兩個品牌的新產品供應上都看到加速的成功。這項成功是營收表現的重要驅動因素，也是我們多元化策略的關鍵。

As a reminder, select new products come with slightly lower product margins. Crocs brand adjusted gross margin was 59.5%, down 120 basis points and HEYDUDE brand adjusted gross margin was 44.5%, down 210 basis points.

提醒一下，部分新產品的產品毛利率略低。Crocs品牌調整後毛利率為59.5%，下降120個基點；HEYDUDE品牌調整後毛利率為44.5%，下降210個基點。

Moving to expenses. Adjusted SG&A dollars were flat to prior year as we recognized a partial benefit from our 2025 and 2026 cost savings initiatives, offset in part by choiceful direct-to-consumer channel investments aimed at driving revenue.

接著談費用。調整後SG&A金額與去年同期持平，因我們確認了2025與2026年成本節省計畫帶來的部分效益，但部分被我們為推動營收而進行的審慎直營（DTC）通路投資所抵銷。

Adjusted operating margin of 22.3% was down 150 basis points to prior year. This excludes $5 million of specific costs related to the implementation of our cost savings initiatives. Adjusted diluted earnings per share of $2.99 was ahead of our expectations and flat to prior year, and our non-GAAP effective tax rate was 18%.

調整後營業利益率為22.3%，較去年同期下降150個基點。此數字不包含與成本節省計畫導入相關的500萬美元特定成本。調整後稀釋每股盈餘為2.99美元，優於我們預期且與去年同期持平；我們的非GAAP有效稅率為18%。

Now turning to a discussion of our strong balance sheet and exceptional cash flow. We ended the quarter with $131 million of cash and cash equivalents and over $800 million of borrowing capacity on our revolver. Our inventory balance as of March 31 was $398 million, up 2% to prior year, including the impact of higher tariffs.

現在轉向我們強健的資產負債表與卓越的現金流。本季末我們持有1.31億美元的現金及約當現金，且在循環信貸（revolver）上有超過8億美元的借款額度可用。截至3月31日，我們的存貨餘額為3.98億美元，較去年同期增加2%，其中包含較高關稅的影響。

Inventory footwear units were down high single digits to prior year, reflecting our actions to manage inventory flow into the marketplace. Enterprise inventory turns were above our goal of 4 times on an annualized basis.

以鞋類件數計，存貨單位數較去年同期下降高個位數百分比，反映我們為管理存貨流入市場而採取的行動。企業整體存貨周轉率（年化）高於我們每年4次的目標。

While we ended the quarter with $747 million remaining on our existing share repurchase authorization, our powerful value creation engine has enabled our second-quarter repurchases to be underway. Quarter-to-date, we have repurchased 800,000 shares for $74 million, and we continue to deliver against our commitment to return meaningful cash to shareholders. Net leverage ended the quarter at the low end of our target range of 1 to 1.5 times.

雖然在現有庫藏股回購授權下我們仍剩餘7.47億美元，但我們強大的價值創造引擎已使第二季回購正在進行中。截至本季迄今，我們已以7,400萬美元回購80萬股，並持續履行向股東返還可觀現金的承諾。本季末淨槓桿落在我們1至1.5倍目標區間的低端。

Now moving on to our full-year 2026 outlook. Based on our better-than-expected first-quarter results, we now expect enterprise revenue growth for the full year to be up 1% to down 1% on a reported basis, assuming (technical difficulty) as of April 27. Our updated guidance also reflects the country-specific impact from the war in the Middle East as well as related pressure from elevated distribution and logistics costs.

接著談我們2026全年展望。基於第一季結果優於預期，我們目前預期全年企業營收成長（以申報口徑）為年增1%至年減1%，假設（技術問題）截至4月27日。我們更新後的指引亦反映中東戰爭帶來的各國別影響，以及因配送與物流成本居高不下所造成的相關壓力。

Moving on to revenue guidance by brand. For the Crocs brand, we continue to expect revenue to be flat to up 2%, led by international growth and offset in part by declines in North America. Our guidance continues to anticipate direct-to-consumer outperforming wholesale globally as evidenced by our first-quarter results.

接著按品牌說明營收指引。就Crocs品牌而言，我們仍預期營收持平至成長2%，由國際市場成長帶動，並部分被北美下滑所抵銷。我們的指引仍預期直營（DTC）在全球將優於批發通路，第一季結果已顯示此趨勢。

For HEYDUDE, we now expect revenue to be down approximately 5% to 7%, an improvement from our previous guidance of down 7% to 9%. This revenue range embeds our increasing confidence in both direct-to-consumer and wholesale channels returning to growth in the second half of the year.

就HEYDUDE而言，我們目前預期營收約下滑5%至7%，較先前預期下滑7%至9%有所改善。此營收區間反映我們對直營（DTC）與批發通路在下半年恢復成長的信心提升。

We continue to expect adjusted gross margin for the year to be slightly up versus last year despite the impact of tariffs, which are partially offset as a result of cost-saving initiatives, primarily in our supply chain. Adjusted SG&A dollars are implied roughly flat to prior year, in line with our prior guidance as we recognize the benefits of our previously announced cost savings programs while also investing in growth drivers for the business.

我們仍預期全年調整後毛利率將較去年小幅上升，儘管受到關稅影響，但部分將由成本節省措施所抵銷，主要來自供應鏈。調整後SG&A金額隱含與去年大致持平，符合先前指引；我們在確認先前公布的成本節省計畫效益的同時，也持續投資於業務成長驅動因素。

Taken together, we continue to expect adjusted operating margin to expand modestly from the 22.3% level we reported in fiscal year 2025. This excludes approximately $25 million of non-recurring costs.

綜合而言，我們仍預期調整後營業利益率將較2025會計年度所報告的22.3%水準小幅擴張。此數字不包含約2,500萬美元的一次性成本。

Moving to tax. 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%. We are raising our expectations for adjusted diluted earnings per share to be in the range of $13.20 to $13.75. Consistent with our previous guidance policy, this range does not assume any impact from future share repurchases.

接著談稅務。我們預期基礎的非GAAP有效稅率（約等同於實際支付的現金稅）為18%，GAAP有效稅率為23%。我們上調調整後稀釋每股盈餘預期至13.20至13.75美元區間。依照我們先前的指引政策，此區間未假設未來股票回購的任何影響。

For the year, we continue to expect capital expenditures to be in the range of $70 million to $80 million. Regarding capital allocation. As I highlighted earlier, we are committed to, first, investing behind both of our brands to fuel long-term growth. And second, returning our significant free cash flow to shareholders through share repurchases.

就全年而言，我們仍預期資本支出為7,000萬至8,000萬美元。關於資本配置。如我先前強調，我們承諾第一，持續投資於兩個品牌以推動長期成長。第二，透過股票回購將我們可觀的自由現金流返還給股東。

Now turning to our second-quarter outlook. For the second quarter, we expect revenues to be down slightly at currency rates as of April 27. Within this, Crocs brand revenues are expected to be up 1% to 3%, and HEYDUDE revenues are expected to be down 12% to 14%.

現在轉向第二季展望。第二季我們預期營收在截至4月27日的匯率水準下將小幅下滑。其中，Crocs品牌營收預期成長1%至3%，HEYDUDE營收預期下滑12%至14%。

Adjusted operating margin is expected to be approximately 24.7%, which embeds adjusted gross margin down approximately 150 basis points to prior year, driven by the impact of tariffs consistent with the commentary on our last call. Adjusted diluted earnings per share is planned to be in the range of $4.15 to $4.35.

調整後營業利益率預期約為24.7%，其中包含調整後毛利率較去年同期下降約150個基點，主要由關稅影響所致，與我們上次電話會議的說明一致。調整後稀釋每股盈餘規劃在4.15至4.35美元區間。

Finally, before closing, I want to provide an update on the February Supreme Court rulings on tariff refunds. While we believe we are well positioned to collect refunds on the incremental tariffs we paid in 2025 and into this year, we have not currently embedded any upside from this within our guidance.

最後，在結束前，我想更新2月最高法院關於關稅退稅的裁決進展。雖然我們相信在收回我們於2025年及今年迄今所支付的增量關稅退稅方面具備良好條件，但目前我們的指引尚未納入任何來自此項的上行空間。

To close, while we are pleased that our first-quarter results exceeded our expectations, we continue to remain focused on managing the business for long-term profitable growth while generating and deploying our exceptional free cash flow enabled by our best-in-class value creation model.

總結來說，雖然我們很高興第一季結果超出預期，但我們仍專注於以長期獲利成長為目標來經營業務，同時在同業最佳的價值創造模式支持下，持續產生並運用我們卓越的自由現金流。

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

此時，Andrew和我很樂意回答各位的問題。接線員？

(Operator Instructions) Hello, Jonathan. Is your line on mute?

（接線員指示）你好，Jonathan。你的電話線是靜音嗎？

Yeah. Hi. Can you hear me?

是的。嗨。你聽得到我嗎？

Yes.

是的。

Okay. Andrew, could you talk more about the recent trends you're seeing in sell-through for the Crocs brand in North America in both channels and how are you thinking about D2C and particularly looking forward here? And do you see any risk that momentum slows as you get past the core sandal season?

好的。Andrew，你能否多談談你最近在北美市場看到的Crocs品牌在兩個通路的銷售穿透（sell-through）趨勢？以及你對直營（D2C）接下來、尤其是往前看的想法是什麼？另外，當核心涼鞋季過後，你是否看到動能放緩的任何風險？

And then, Patraic, just more broadly, the financial outlook as you get closer to the embedded second-half ramp in revenue and profitability. Just can you highlight the factors that are giving you confidence in the second-half projections here?

接著，Patraic，更宏觀地談一下，隨著你們逐步接近下半年營收與獲利能力的內嵌式加速爬坡，財務展望如何。你能否重點說明，哪些因素讓你們對這裡的下半年預測更有信心？

Thank you, Jonathan. So let me kick that off. So I think -- look, I think the biggest and most important thing, I'll address it for Crocs, but it frankly is also true for HEYDUDE, right, is newness -- the consumer is responding to newness. As we've introduced newness -- and I'll keep my comments focused on Crocs for a second, and I'm sure we'll get to HEYDUDE.

謝謝你，Jonathan。那我先來開個頭。我想——你看，我認為最大、也最重要的一點，我會以 Crocs 來回答，但坦白說這對 HEYDUDE 也同樣適用，對吧？就是「新品」——消費者正在對新品做出回應。隨著我們推出新品——我先把評論聚焦在 Crocs 一下，我相信我們也會談到 HEYDUDE。

As we've introduced units in sandals, in clogs, and I think we talked also in our prepared remarks around ballet flat and other styles, we definitely see the consumer responding. We see them responding here in North America with accelerated demand and strong sell-through. And frankly, we're also seeing response for the Crocs brand and those same new products in many of our international markets.

隨著我們在涼鞋、洞洞鞋（clogs）等品類推出新款，我想我們在事先準備的發言中也提到芭蕾平底鞋與其他款式，我們確實看到消費者的回應。我們在北美看到他們的反應是需求加速、銷售去化（sell-through）強勁。坦白說，我們也在許多國際市場看到 Crocs 品牌以及同樣這些新產品的回應。

So I think that gives us some strong underlying confidence. And I would emphasize, as you alluded to your question -- in your question, some of that newness is in sandals, but some of that is outside of sandals. It's in clogs and it's in other silhouettes. So I think that's really important.

所以我認為這給了我們相當強的基本面信心。我也要強調，正如你在問題中提到的——其中一部分新品是在涼鞋，但也有一部分不在涼鞋。它在洞洞鞋，也在其他鞋型輪廓（silhouettes）。所以我認為這點非常重要。

From a DTC perspective, we're also continuing, as you would hope any company would continue to get better about how we execute our DTC business, whether it be digital, whether it be stores, whether it be selling on TikTok and social selling, that's been a nice driver of consumer engagement.

從 DTC（直營）角度來看，我們也持續——如同你會期待任何公司持續做得更好——在 DTC 業務的執行上精進，不論是數位端、不論是門市端，或是在 TikTok 上銷售與社群銷售，這些都成為帶動消費者互動的一個不錯的驅動因素。

And I think there's evidence of some of our marketing activation, some of our storytelling relative to our GenZ or younger, more influential consumers working. So I think what I would say is we have a lot of confidence around our newness, around the trajectory of our business, despite some headwinds that we do see in the global marketplace.

而且我認為也有證據顯示，我們的一些行銷啟動（activation）、以及相對於 Z 世代或更年輕、更具影響力消費者的品牌敘事正在奏效。所以我想我會說，儘管我們確實看到全球市場存在一些逆風，但我們對新品、對業務走勢仍然非常有信心。

And then I'll let Patraic talk a little bit more to the specific elements of the guide.

接著我讓 Patraic 再多談一些指引（guidance）的具體要素。

Yeah. Jonathan, great question. Let me let me level this up and start just from a strategic standpoint. So we've now effectively communicated the five strategic pillars for Crocs and the three strategic pillars for HEYDUDE over the course of last many quarters.

好的。Jonathan，問得很好。我把層級拉高一點，先從策略面來談。在過去很多個季度裡，我們已經有效地溝通了 Crocs 的五大策略支柱，以及 HEYDUDE 的三大策略支柱。

And I think if you look into what is inherently in that, it is appealing to our consumers driving product newness within those pillars. And a key component of that is diversification, which ultimately, from a product standpoint, translates into new products both within Crocs and within HEYDUDE.

我認為如果你深入看其中內涵，本質上就是在這些支柱之下，以產品新品來吸引消費者。其中一個關鍵組成是多元化（diversification），而從產品角度來看，最終就轉化為 Crocs 與 HEYDUDE 兩個品牌都推出新產品。

And so we're seeing that really come to life in terms of green shoots within both businesses beginning in Q4 last year and accelerating into Q1. And so that's really kind of gives us the basis of confidence in terms of the second half.

因此我們看到這點確實開始落地，兩個業務都出現一些復甦跡象（green shoots），從去年第四季開始，並在第一季加速。所以這基本上就是我們對下半年有信心的基礎。

Now, while we feel great about that, the second component is really going back to last year. And if you recall, during the second half of last year, the team took several strategic actions, but very painful in the moment to pull back on promotions, pull back on paid service, pull back on inventory going into the marketplace for both Crocs, particularly North American, HEYDUDE, more broadly. And in the second half, we start to tap those actions. And as we lap those actions, those also provide a tailwind for us as we get into the half of the year.

現在，雖然我們對此感覺很好，但第二個組成部分其實要回到去年。如果你還記得，去年下半年團隊採取了幾項策略行動，當下非常痛苦，包括收回促銷力度、收回付費投放（paid service）、以及減少向市場投放的庫存——對 Crocs（尤其北美）以及更廣泛的 HEYDUDE 都是如此。而在下半年，我們開始進入這些行動的比較基期（lap）。當我們與這些行動的基期相比時，這些也會在我們進入下半年時提供順風（tailwind）。

So you if you take those two together, number one is continuing on our newness and diversification strategies. And then secondly, combine that with starting to integrate the actions we took last year, we feel really confident in terms of where we're headed from a second half perspective.

所以把這兩點合在一起：第一是持續推進我們的新品與多元化策略。第二是把去年採取的行動納入比較基期的影響結合起來，我們對從下半年角度來看未來的走向非常有信心。

Rick Patel, Raymond James.

Rick Patel，Raymond James。

Can you unpack the impact of higher costs that you alluded to? First, how do we think about how much of a drag freight surcharge is presenting on gross margins for the year? And second, does guidance contemplate an impact from higher resin costs given the increase in oil prices, or do you see this as a 2027 event?

你能否拆解一下你們提到的成本上升所帶來的影響？第一，我們該如何看待運費附加費（freight surcharge）今年對毛利率造成的拖累幅度？第二，鑑於油價上漲導致樹脂成本提高，指引是否已納入更高樹脂成本的影響，還是你們認為那會是 2027 年才會發生的事件？

Yeah, I think maybe -- I think you're obviously alluding -- you're driving at the impact of high oil. Maybe I'll kind of start off by setting this up with what I see as the impacts of Middle East conflict in our business, which are threefold, right?

是的，我想也許——我想你顯然是在影射——你是在問高油價的影響。也許我先從我所看到的中東衝突對我們業務的影響來鋪陳，這些影響有三個面向，對吧？

Number one, we do see some dragging revenue associated with selling directly to our Middle East distributors. They simply can't take the seats at this point, right? And we have embedded that in our guidance. So if you think about our Crocs, it only impacts Crocs. We're maintaining our guidance despite some negative impact from revenue that we anticipated in the Middle East that we have no longer put into our future forecasts.

第一，我們確實看到一些營收拖累，與我們直接銷售給中東經銷商有關。他們目前根本無法接貨，對吧？而我們已把這點納入我們的指引。所以如果你看 Crocs，這只影響 Crocs。儘管中東原先預期的營收出現一些負面影響、而我們也已不再把那部分納入未來預測，但我們仍維持指引不變。

Number two is increasing costs. At this point, the biggest impact of increasing costs is really transportation. So it's fuel surcharges relative to inbound freight and outbound freight in all of our key markets. And that cost is embedded in the guidance we have provided, right?

第二是成本上升。就目前而言，成本上升最大的影響其實是運輸。也就是相對於我們所有主要市場的進口運輸與出貨運輸的燃油附加費。而這些成本已經包含在我們所提供的指引之中，對吧？

The third impact that is -- we don't receive today, but this drags on for a sustained period of time. It is inevitable; it will happen, right, is a slowdown in the macro global economies, right? The global economy is not built to sustain $120 oil, and that will have an impact.

第三個影響——我們今天還沒有感受到，但如果這種情況持續一段時間，這是不可避免、一定會發生的，對吧？——就是全球總體經濟放緩。全球經濟無法承受每桶 120 美元的油價，這會帶來影響。全球經濟並不是為了能長期承受 120 美元油價而設計的，這將產生影響。

We don't really see that impact today. As we look closely at our consumer behavior here in North America, in Europe and in Asia, we're not seeing a discernible trend relative to what is reported as a weak consumer confidence. We're not seeing a discernible trend. But obviously that risk and concern remains.

我們目前其實還沒有看到那樣的影響。當我們仔細觀察北美、歐洲與亞洲的消費者行為時，我們沒有看到相對於外界所報導的疲弱消費者信心，有任何明顯的趨勢變化。我們沒有看到明顯趨勢。但顯然那個風險與擔憂仍然存在。

And then Rick, just to jump in and add a little bit more color and context. First and foremost, as Andrew mentioned, any impact from Middle East is fully contemplated in the guidance that we provided today. And so I think within that, a couple of things.

Rick，我補充一下，提供更多細節與背景。首先，如 Andrew 所提到的，任何來自中東的影響都已完整反映在我們今天提供的指引中。因此我想在這之中，有幾點。

One, really, at Crocs, we pride ourselves on being both agile and resilient. And I think what you see happening with us right now is we're leaning into that agility. We're leaning into that resiliency as we kind of read and react to what's happening in that part of the world.

第一，對 Crocs 而言，我們以同時具備敏捷性與韌性為傲。而我認為你現在看到我們正在做的，就是更倚重這種敏捷性。當我們解讀並因應世界那個地區正在發生的事情時，我們也更倚重這種韌性。

And I think Andrew said in terms of the three buckets, obviously, absolutely true in how we're thinking about it. The only thing I would add is that within our supply chain, we're really on always on offense in supply chain to continue to create and seek out efficiencies that we can either drop to the bottom line or potentially reinvest back in the business.

我認為 Andrew 針對三個面向（three buckets）所說的，顯然完全正確，也確實符合我們的思考方式。我唯一想補充的是，在我們的供應鏈內，我們一直採取主動進攻的姿態，持續創造並尋找效率提升的機會，這些效益我們可以選擇直接反映到最終利潤，或是可能再投資回到業務中。

And then the second component I would say is you heard us talk over the last couple of quarters about some of the cost efficiencies that we're putting in place and going after both within SG&A as well as within COGS. And at the time, we talk about choices that we make within that in terms of accelerating our business or dropping dollars at the bottom line.

第二個部分我想說的是，過去幾個季度你們也聽到我們談到一些正在推動並落實的成本效率措施，涵蓋 SG&A 以及 COGS 兩個面向。當時我們也談到，在這些措施之中，我們會做出取捨：是用來加速業務成長，或是把節省下來的金額直接落到最終利潤。

But it's actions like those that we take that give us the ability to be able to continue to raise our guidance that we did today, despite the fact that we see unanticipated conflicts like the Middle East. So I think it goes in testament to who we are as a company and our ability to be both agile and resilient.

正是因為我們採取了這類行動，才讓我們即使看到像中東這樣出乎預期的衝突，仍然有能力像今天一樣持續上調我們的指引。我認為這也證明了我們作為一家公司的特質，以及我們同時保持敏捷與韌性的能力。

Adrienne Yih, Barclays.

Adrienne Yih，巴克萊。

I guess, first, is just a quick clarifying question on the tariffs. So what level of tariffs are you still embedding in the rest of your guidance? I know that the statutory is collecting 10 % right now. So just the differential between collecting 10 % on, I guess, Section 132, and then what's embedded in the overall guidance?

我想先問一個關於關稅的快速釐清問題。所以在你們其餘的指引中，仍然納入（embed）了什麼水準的關稅？我知道目前法定（statutory）正在徵收 10%。所以我想了解的是：在我猜是第 132 條（Section 132）目前徵收 10% 的情況下，這與你們整體指引中所納入的假設之間的差異是什麼？

And then in terms of inventory into the channel, are you seeing any changes in either conversations or the willingness to buy on the forward order book? Thank you very much.

另外，關於通路端的庫存（inventory into the channel），你們是否看到在對話內容或是對遠期訂單簿（forward order book）的採購意願上有任何變化？非常感謝。

Hey. I'll take the second piece first and then Patraic will give you a chapter and verse on tariffs, which is a complicated situation. So emerging into the channel, I would say very consistent with exactly what we said last quarter and the quarter before. We have put a tremendous amount of time, effort, and money into cleaning up our inventory in channels primarily in North America for brands. We feel really good about where we are.

嗨。我先回答第二個部分，然後 Patraic 會就關稅給你逐章逐節（chapter and verse）的說明，因為那確實是個複雜的情況。所以就通路端庫存而言，我會說與我們上季以及前一季所說的完全一致。我們投入了大量時間、精力與資金，主要是在北美，來清理我們品牌在通路中的庫存。我們對目前的狀況感到非常滿意。

In terms of their posture, we find most of our major wholesale customers being appropriately prudent. So their biggest controllable is inventory and they're managing their inventory closely. And they're certainly not being very assertive with their plans.

就他們的態度而言，我們看到大多數主要的批發客戶都相當審慎、做法也很恰當。他們最大的可控項目就是庫存，因此他們正密切管理庫存。而且他們在規劃上當然也不會非常積極進取。

They are looking to brands to support them with at-once inventory. But we feel great about where we are relative to our inventory levels. And certainly, they are responding to newness and chasing and reordering newness that's selling well.

他們希望品牌方能以現貨（at-once）庫存來支援他們。但就我們自身的庫存水位而言，我們對目前狀況非常有信心。而且可以確定的是，他們對新品反應良好，對於賣得好的新品也會追單並再次下單。

And Adrienne, moving on to the question about tariffs, as Andrew said, chapter and verse on this, quite a few chapters. And we frankly, we continue to see the tariff landscape evolving. And what we're trying to do is, again, as I mentioned on the response to the question earlier, we're trying to continue to adopt and lean into our mentality of being agile and resilient and responsive as we continue to manage it.

Adrienne，接著談關稅的問題，如 Andrew 所說，要逐章逐節來講，確實有不少章節。坦白說，我們仍然看到關稅環境持續演變。我們要做的就是——同樣如我先前回覆另一個問題時提到的——持續採取敏捷、韌性與快速回應的心態，來管理這個議題。

That being said, where we are right now, speaking specifically to Q2, we're essentially managing through a blended rate. If you think about how tariffs have evolved over the past year, we've had a few chapters in terms of how they've been announced, how they've evolved, how they've waited. Then we had the Supreme Court, then we had a response. And so, you what we're trying to do is just be extremely agile in terms of managing our way through that.

話雖如此，就我們目前的位置、特別針對第二季（Q2）而言，我們基本上是在以一個混合稅率（blended rate）來因應與管理。如果你回顧過去一年關稅的演變，我們經歷了幾個「章節」：宣布方式、後續演變、以及暫緩等。接著又有最高法院（Supreme Court），然後又有回應。因此，我們所做的就是在管理過程中保持極高的敏捷性。

So what we do have is, you we have a bit of a blended mix that's in front of us right now. As we get into second half though, what we feel better about -- although around tariffs, we don't feel great about anything, but what we feel better about is that tariffs now become part of our base. And that's really important. It's really important because it takes down the degree of variance that we're managing through because we have those costs now, at least embedded in our base.

所以我們目前面前確實是一個混合組合。但進入下半年時，我們比較有把握的是——雖然談到關稅我們對任何事情都很難說「很有把握」——我們比較有把握的是，關稅現在已成為我們的基礎的一部分（part of our base）。這點非常重要。之所以重要，是因為它降低了我們在管理過程中所面對的波動程度，因為至少這些成本現在已經被納入我們的基礎之中。

And so as we think about second half and as it relates to tariff, while not providing any guidance specifically right now, I mean, how you can think of it as a high level is that if we get some good news related to tariff from the administration, we'll have a bit of tailwinds. If we get more challenging news in terms of escalation, then we'll have a little bit of headwinds.

因此，當我們思考下半年以及關稅的影響時，雖然目前不提供任何具體指引，但你可以用高層次的方式來理解：如果政府在關稅方面帶來一些好消息，我們會有一些順風（tailwinds）。如果在升級（escalation）方面出現更具挑戰性的消息，那我們就會面臨一些逆風（headwinds）。

And I think the more important thing around this is that everything that we know today that is included within tariffs and is embedded in our outlook, is embedded in our guidance, and as we continue to see more clear direction coming through, we'll update and make sure that we're providing clarity to the investment community. Hopefully that answers.

而我認為更重要的是：就我們今天所掌握的一切，凡是已包含在關稅之中的內容，都已納入我們的展望（outlook），也已納入我們的指引（guidance）。隨著我們持續看到更明確的方向，我們會更新並確保向投資社群提供清楚的說明。希望這樣回答了你的問題。

Kendall Toscano, Bank of America.

Kendall Toscano，美國銀行。

So the return to growth in North America, D2C for the Crocs brand was obviously a very positive surprise. It sounds like a lot of that was driven by a strong response to new product offerings. But curious now how you're thinking about the balance of the year and whether that level of growth, 5% for North America D2C is something that continue -- could continue?

北美重回成長，Crocs 品牌的 D2C 顯然是一個非常正面的驚喜。聽起來其中很大一部分是由新品推出後的強勁反應所帶動。但我想了解的是，你們現在如何看待今年剩餘期間的走勢？以及北美 D2C 5% 的成長水準是否有機會延續——也就是說，是否可能持續？

Yeah. I mean what I would say, Kendall, we're obviously not guiding channels by country, et cetera, in terms of giving you specific numbers on that. But what I would say is, look, I think the underlying drivers of that performance, and we agree it was great to see it as an important signal of what we're doing as a brand from a product marketing and distribution perspective, an important signal that it's working.

是的。我的意思是，Kendall，我們顯然不會按國家、按通路等去提供具體數字的指引。但我想說的是，你看，這項表現背後的基本驅動因素——而且我們也同意看到這點很棒——它是一個重要訊號，顯示我們作為品牌在產品、行銷與通路（distribution）層面所做的事情，是一個重要訊號，代表它正在奏效。

We feel like that they're at the fundamental level and should continue, right? So the drivers of the DTC performance, as I alluded to in an earlier question, were I think introduction of newness and it's broad-based newness. It's clogs, it's sandals, it's new products, it's personalization, it's accessories. And we do believe that DTC will continue to outperform wholesale.

我們認為在根本層面上，這些因素是存在的，而且應該會延續，對吧？因此，DTC 表現的驅動因素，如我在先前問題中提到的，我認為是新品的導入，而且是廣泛性的新品。包括洞洞鞋（clogs）、涼鞋（sandals）、新產品、客製化（personalization）、配件（accessories）。而且我們確實相信 DTC 會持續優於批發（wholesale）。

And I think there is also some element of effective execution within that as well, right? So we feel good about it. We think it's an important signal, and we hope it continues, but we're not providing specific guidance at that level.

我認為其中也有一部分來自於有效的執行，對吧？所以我們對此感到樂觀。我們認為這是一個重要訊號，也希望它能持續，但我們不會在那個層級提供具體指引。

Got it. Okay. That's helpful. And then other question was just on gross margin. And the first quarter came in down 90 basis points versus the expectation for flat year-over-year trends. It sounded like the tariff headwind came in in line with the 100 basis points that you expected.

了解。好。這很有幫助。另外一個問題是關於毛利率（gross margin）。第一季的結果比原先預期的年增持平（flat year-over-year trends）低了 90 個基點。聽起來關稅帶來的逆風與你們預期的 100 個基點大致一致。

So curious what drove the downside. Was it all in relation or was it mostly in relation to new product offerings you called out carrying a lower gross margin? And if so, how should we think about the impact of that for the remainder of the year?

很好奇是什麼因素導致下修。這完全是相對因素所致，還是主要與你們提到的新產品組合、其毛利率較低有關？如果是的話，我們應該如何看待這對今年剩餘時間的影響？

Yeah, Kendall, it's a bit of that, and let me elaborate just a bit. So I think, first and foremost, we were really happy with Q1 performance in both brands. And a lot of it really goes back to talking through what we discussed earlier in terms of new products and the green shoots that we're seeing and consumers responding favorably.

是的，Kendall，確實有一部分是那樣，讓我稍微補充說明一下。我想首先也是最重要的，我們對第一季兩個品牌的表現都非常滿意。而其中很大一部分，確實回到我們先前談到的新產品，以及我們看到的初步成效，還有消費者正面回應。

As it gets into the gross margin results for the quarter, there's really two components that were driving that. Number one is new product mix as you alluded to, and important from a strategic standpoint and I want to make sure that I emphasize this, extremely important from a strategic standpoint as we execute on our diversification strategy that new product is hitting for us.

談到本季毛利率結果，主要有兩個驅動因素。第一個是你提到的新產品組合；從策略角度來看這點很重要，我也想特別強調，當我們執行多元化策略時，新產品對我們的帶動極其關鍵。

From that, we can start to look into profitability of new product, et cetera, over the longer arc of time. But first and foremost, from a growth standpoint, important that we're landing from new product and innovation perspective. And so that turned out to be a little bit more headwind than we thought it was going to be when we planned the quarter but not necessarily a bad thing.

在此基礎上，隨著時間拉長，我們就能開始檢視新產品的獲利能力等等。但就成長而言，最重要的是我們在新產品與創新面向能夠成功落地。因此，這對毛利的逆風比我們在規劃本季時預期的稍大一些，但不一定是壞事。

The second component is related to brand mix. And so during the quarter as it relates to what we thought 90 days ago, we saw the HEYDUDE brand outperform our expectations in the quarter which, again, although a drag on gross margin rate within the quarter, it is very much aligned in terms of our return to growth strategy within HEYDUDE and gave us the confidence to actually raise our guidance on HEYDUDE revenue growth for the balance of the year.

第二個因素與品牌組合有關。因此，本季相較於90天前我們的預期，HEYDUDE品牌表現優於預期；這雖然在本季對毛利率形成拖累，但與我們在HEYDUDE的重返成長策略高度一致，也讓我們有信心上調今年剩餘期間HEYDUDE營收成長的指引。

So as you think about the two key components of the margin performance versus what we talked about last in our last quarter call, those are the two key drivers in the quarter.

所以，若你要把本季的毛利表現與我們上次、也就是上一季法說所談的內容做比較，這兩點就是本季的兩個主要驅動因素。

Tom Nikic, Needham.

Tom Nikic，Needham。

I wanted to follow up on North America wholesale. And I recognize that you're not guiding by channel, geography, et cetera. But obviously, it's been negative for quite a few quarters in a row. And I think by the end of this year, depending on how the rest of the year shakes out, it will be something like 30% below peak.

我想追問一下北美批發業務。我知道你們不按通路、地理區域等提供指引。但很明顯，這已經連續好幾季是負成長。我想到了今年年底，視今年其餘時間的走勢而定，可能會比高峰期低大約30%。

But do you feel that given some of the improvements that you've seen in the DTC business that potentially you've got line of sight into the North America wholesale business stabilizing, potentially over the near to medium term?

但你是否覺得，鑑於你們在DTC業務看到的一些改善，你們可能已經能看見北美批發業務在短中期內趨於穩定的能見度？

Yeah. So I think the short answer is yes. right? So we feel like the North American wholesale business is exactly where we expected it to be at this point in time, right? So the work that we've been doing with our partners in the channel is, I would say, moving along exactly as we thought it would, which is rightsizing inventory in the channel, making sure that inventory is turning at the appropriate rate, introducing newness, whether it be sandals, clogs, or other styles.

是的。我想簡短答案是肯定的，對吧？我們認為北美批發業務在此時點的狀態，正如我們所預期。我們與通路夥伴所做的工作，我會說進展完全符合我們的預期：包括在通路端調整到合適的庫存水位、確保庫存以適當速度周轉、導入新品，不論是涼鞋、洞洞鞋或其他款式。

And then also working with them effectively on what they're going to prebook and making sure that we have appropriate inventory to be able to capitalize and maximize that once. So we think it's playing out exactly as we thought it would. And the short answer is, we definitely see it stabilizing. And as we continue to build the brand, diversify the brand, and provide more and more reasons for consumers to purchase, we're quite confident we can grow the business for Crocs in North America.

同時也與他們有效合作，針對他們將要預訂（prebook）的量進行規劃，並確保我們有適當庫存，能在那個時點把握並最大化機會。所以我們認為一切正如預期在發展。簡短答案是：我們確實看到它正在趨於穩定。而隨著我們持續打造品牌、讓品牌更多元，並提供消費者越來越多購買理由，我們相當有信心能在北美推動Crocs業務成長。

Brooke Roach, Goldman Sachs.

Brooke Roach，高盛。

I wanted to follow up on Rick's question on the Middle East. Is there any way you can unpack your expectations for input costs if higher oil prices persist? If oil remains at this level, how long would it take you to begin to see those higher product costs flow through the P&L?

我想延續Rick關於中東的問題。如果油價維持在較高水準，你們能否進一步拆解對投入成本的預期？若油價維持在目前水準，你們需要多久才會開始看到較高的產品成本反映到損益表（P&L）中？

Can you frame the magnitude of the potential cost headwind that you might see and then lay out the key levers that you're thinking about to pull to protect profitability? How important would price be in the situation relative to other levers of opportunity?

你能否說明你們可能面臨的成本逆風幅度，並列出你們為了保護獲利能力所考量的主要槓桿？在這種情況下，相較於其他可用槓桿，價格會有多重要？

Okay. That's a very detailed question, Brooke. So -- and we're not going to provide all that detail. So -- but we can give you some qualitative input that hopefully helps you to understand it a little bit, right? So what I would say is that absolutely, the high oil prices for a sustained period of time does provide some upward cost pressure to the resident component of the business. I actually probably might point you to transportation as a bigger cost pressure to be quite honest. Because if you look at transportation, both in and out, I think that's potentially a bigger impact.

好的。Brooke，這是一個非常細的問題。所以——我們不會提供那麼多細節。不過我們可以給你一些定性的資訊，希望能幫助你更理解，對吧？我會說，油價在較長時間維持高檔，確實會對業務中樹脂（原料）相關部分帶來一些成本上行壓力。但老實說，我可能會把你導向運輸，因為那可能是更大的成本壓力。因為如果你看運輸，不論進出端，我認為那可能影響更大。

But I would say we have a very well diversified supply chain, sourcing engine, transportation, contracts, relationships, et cetera. We're very well equipped to manage this. There are some components that will provide upward cost pressure. But I would also say we've been extremely proactive over a couple of years -- a number of years now, and we'll continue to be proactive about looking for opportunities to save cost in our supply chain, whether that be cost of goods based on country of origin, whether that be tariff optimization due to tariffs -- differential tariffs by country, whether that be investing in automation and robotics within our DCs.

但我會說，我們的供應鏈、採購體系、運輸、合約、合作關係等都非常多元化。我們具備很強的能力來管理這些。確實有一些構成會帶來成本上行壓力。但我也要說，過去幾年——其實是很多年——我們一直非常積極主動，並且會持續主動在供應鏈中尋找節省成本的機會：不論是依原產國來優化產品成本（COGS）、不論是因各國關稅差異而進行關稅最佳化，或是在我們的配送中心（DC）投資自動化與機器人。

We have lots of strategies to mitigate cost. So what I would say is I think Patraic mentioned earlier, we've baked all of that into the guidance we're providing, and I think we're well able to manage this.

我們有很多策略可以緩解成本。所以我會說，正如Patraic先前提到的，我們已把這些因素都納入我們提供的指引中，我認為我們完全有能力管理。

Yeah. Brook, just to add on to Andrew's comments, as you said, at the tail end, everything that we know today has been fully contemplated into our guidance, which is why we alluded to it in prepared remarks. And I think the other thing to think through is as we've gone through the last year in terms of leaning into our agility, flexibility within how we manage the business, we've now got a track record of being and having very demonstratable success in terms of squeezing out efficiencies within both supply chain and within SG&A.

是的。Brooke，補充Andrew的評論，正如你在最後提到的，我們今天所知道的一切都已完整納入我們的指引之中，這也是為什麼我們在事先準備的發言中提到它。另外一點是，過去一年我們在提升營運敏捷性與彈性、管理業務的過程中，已經建立了可追溯的紀錄，並在供應鏈與SG&A方面擠出效率上取得非常明確的成功。

And so while we don't necessarily want to be leaning into those areas based on what's happening in the Middle East, we know that we can. And so I think we're in the same boat as a lot of other companies where we're anxiously waiting to see what happens over the next 30, 60, 90 days or so. And we'll continue to adjust accordingly. So -- but I think the big message here is that all that we know today is reflected in our guidance for 2026.

因此，雖然我們不一定希望因為中東局勢而必須倚重那些領域，但我們知道我們做得到。所以我想我們和許多其他公司一樣，正焦急地等待接下來30、60、90天左右會發生什麼事。我們也會持續視情況調整。所以——但我認為這裡最重要的訊息是：我們今天所知道的一切，都已反映在我們對2026年的指引中。

Anna Andreeva, Piper Sandler.

Anna Andreeva，Piper Sandler。

We wanted to follow up on international wholesale at Crocs. It's come in softer for the past couple of quarters now. And you guys have mentioned controlling the sell-in. Can you just elaborate on that? Is there any more rationalization that's taking place internationally? And just how should we think about the progression in this channel in '26?

我們想跟進一下 Crocs 的國際批發業務。過去幾個季度的表現偏弱一些。而你們也提到在控制 sell-in（進貨/鋪貨）。能否請你們再多說明一下？國際市場是否正在進行更多的通路精簡/合理化？另外，我們應該如何看待 2026 年這個通路的走勢？

And then just a follow-up on gross margin. Should we expect the Crocs brand to continue to pull back on promotions in DTC? You will lap the beginning of those actions, I believe, next month. Obviously, a lot of the newness you guys talked about that's resonating. So just additional color on that.

另外再追問一下毛利率。我們是否應該預期 Crocs 品牌會持續在 DTC 減少促銷？我相信你們下個月就會進入這些措施開始時點的同比基期。顯然，你們提到的許多新品「新鮮感」正引起消費者共鳴。所以想請你們再補充一些相關細節。

Yeah. Thanks, Anna. So what I would say about our Crocs international business is it remains very strong, right? So our overall Crocs international business, we see growing strongly for the remainder of the year. And frankly, we see a multiyear pathway for continued growth in our significant international markets.

是的。謝謝你，Anna。關於我們 Crocs 的國際業務，我想說的是它依然非常強勁，對吧？我們整體 Crocs 國際業務，預期在今年剩餘期間將持續強勁成長。坦白說，我們也看到在重要的國際市場中，未來多年仍有持續成長的路徑。

I was just recently in both Japan and China. I'm really pleased with how our brand is performing in those markets. And we highlighted that in our prepared remarks, very strong growth in both of those markets and obviously, two of the largest international markets.

我最近剛去過日本和中國。我對我們品牌在這些市場的表現非常滿意。我們也在事先準備的發言中提到，日本與中國都呈現非常強勁的成長，而這兩個市場顯然也是最大的國際市場之一。

DTC's growth has been stronger than wholesale. And some of that is a result of the countries where we're seeing the most growth because some of the countries where we're seeing the most growth rely on a DTC driven distribution model and have very strong digital penetration. The consumers have -- the overall digital penetration is really high in those markets. And in most places where we're operating on digital, we manage that ourselves and the DTC revenue.

DTC 的成長一直比批發更強。其中一部分原因在於我們成長最快的國家/地區，採用的是以 DTC 驅動的分銷模式，且數位滲透率非常高。這些市場的消費者——整體數位滲透率確實很高。而在我們以數位方式營運的多數地區，我們是自行管理，並認列為 DTC 收入。

I think the wholesale business has been exactly on track with where we expected. It was one exception. We do see impacts from the Middle East, right? So our business into the Middle East, it is a distributor business. There was a wholesale sale for us. So that's a drag.

我認為批發業務的表現完全符合我們的預期。只有一個例外。我們確實看到中東帶來的影響，對吧？我們在中東的業務是經銷商模式。對我們而言那是一筆批發銷售。所以這會形成拖累。

It was a small drag in Q1 and that it will be a drag through the remainder of the year, and we've anticipated that and built that into our guidance. And then -- so I think those are the things I'd probably highlight from an international perspective, okay?

第一季有小幅拖累，而且在今年剩餘期間都會持續造成拖累；我們已預先預期並將其納入指引。然後——所以我想，從國際角度來看，我大概會強調這些重點，好嗎？

I'll let Patraic address your additional question on gross margin.

我讓 Patraic 來回答你關於毛利率的補充問題。

Yeah. From a gross margin standpoint, as it relates specifically to promotional cadence and overall promotionality. And what we're seeing in -- maybe more broadly in the marketplace is we're still seeing that the consumer is stressed and that retailers are leaning into promotions as a way to drive both traffic and sales.

好的。從毛利率的角度來看，特別是與促銷節奏以及整體促銷程度相關。而我們在——更廣泛地說，在市場上看到的是，消費者仍然承受壓力，零售商也更倚重促銷來帶動人流與銷售。

Now as it relates to us, slightly different in terms of where we are. So as we think back to second half of last year, we made a conscious decision in really both of our brands to pull back on discrete promotional components within both Crocs and HEYDUDE. We are still on that journey as we go through the first half of this year. We expect it as we get into the second half of the year that will continue to function at a more, what we call, normal level of promotionality, which is what we're executing on today.

但就我們而言，情況略有不同，取決於我們所處的位置。回顧去年下半年，我們在兩個品牌（Crocs 與 HEYDUDE）都做出有意識的決定，去減少一些特定/離散的促銷組成。在今年上半年，我們仍在持續推進這段調整旅程。我們預期進入今年下半年後，促銷程度將會維持在我們所稱的「正常」水準，也就是我們目前正在執行的水準。

And so I think the way to think about it is we've been on this journey, which is a multi-quarter journey in terms of pulling back second half. We also feel that effect in the first half of this year, which also has an impact on revenue compares on a year-over-year basis. And we'll start to see that more normalized as we get into the second half of this year.

所以我認為可以這樣理解：我們一直在進行這段調整，而這是一個跨多個季度的過程，從下半年開始逐步收斂促銷。我們在今年上半年也會感受到這個效果，這也會影響到營收的同比比較。而當我們進入今年下半年時，這些狀況會開始更趨於正常化。

Peter McGoldrick, Stifel.

Peter McGoldrick，Stifel。

Andrew, you discussed consumer resilience in Europe, Asia and North America despite Middle East disruption. And in the past, you've given some really helpful commentary around the consumer backdrop. So this commentary sounds like things are holding up better than anticipated. So I'm curious if you could tell us how the consumer backdrop has evolved to today? And what's embedded -- any changes that are embedded in the outlook, if any?

Andrew，你提到儘管中東受到干擾，歐洲、亞洲與北美的消費者仍然表現穩健。過去你也曾就消費者環境提供一些非常有幫助的評論。所以這次的說法聽起來，情況比原先預期更能撐住。我想請問你能否談談，消費者環境到目前為止是如何演變的？以及展望中所隱含的假設是否有任何變化（如果有的話）？

Yeah. Thanks, Peter. Yeah, I think what I said, and I'll just reiterate that. We don't -- I wouldn't say resilience is quite the right word. I said -- we don't see a discernible negative trend. It's probably the way I would say it, right? So given that, I think how our potential to succeed, to do well, to drive sales and profitable sales, I think is good, right?

好的。謝謝你，Peter。是的，我想我剛才說的，我再重申一次。我們——我不會說「韌性」是最貼切的用詞。我說的是——我們沒有看到明顯的負面趨勢。我大概會這樣表達，對吧？因此，我認為我們成功、表現良好、推動銷售以及有利可圖的銷售的潛力是好的，對吧？

So we -- in an environment when the consumer is not discernibly negative, we believe we offer incredible value to the consumer. We have a great roster of new product introductions that are clearly gaining traction with the consumer. And if we offer them a great value, a compelling new product, new colors, new colorways, new augmentations, the ability to personalize their products, we can get them to transact and purchase. So we do feel good about that.

所以在一個消費者沒有明顯轉差的環境中，我們相信我們能為消費者提供極高的價值。我們有一系列非常好的新品上市，顯然正在獲得消費者的青睞。如果我們提供很好的價值、具吸引力的新品、新顏色、新配色、新的延伸/加值，以及讓他們能夠個人化產品的能力，我們就能促使他們完成交易並購買。所以我們對此確實感到樂觀。

I think to sustain $120 oil does provide a drag, a differential drag on some different markets. I think the ones that we are most concerned about or thinking a little bit -- I would say, observing closely would be Western Europe and some parts of Southeast Asia, where we see governments putting in place some degree of energy control measures.

我認為油價維持在 120 美元確實會帶來拖累，而且對不同市場的拖累程度會有所差異。我想我們最關注、或說會更密切觀察的，是西歐以及東南亞的部分地區，因為我們看到一些政府正在推出某種程度的能源管制措施。

So what I would say is that, look, I do appear to be holding up, right? We see that here in North America. We see that in many of our markets. and we continue to succeed. So I think we're focused on doing what we need to do to succeed in this consumer environment.

所以我想說的是，你看，整體看起來確實還撐得住，對吧？我們在北美看到這點。我們在許多市場也看到這點，而且我們持續取得成功。因此，我認為我們會專注於在這樣的消費者環境中，做好我們需要做的事以取得成功。

Aubrey Tianello, BNP Paribas.

Aubrey Tianello，BNP Paribas。

I wanted to follow up on Crocs international. Is the 10% revenue growth for the year that you guided to 90 days ago still the right way to think about it? And then what does guidance assume in terms of FX? I think it was about 100-, 120-basis-point benefit at the enterprise level last time you guided.

我想跟進一下 Crocs 的國際業務。你們 90 天前給出的全年 10% 營收成長指引，現在仍然是正確的看法嗎？另外，指引在匯率（FX）方面的假設是什麼？我記得你們上次給指引時，在企業整體層面大約有 100 到 120 個基點的利多。

Yeah, I'll take that question. So let me just level it up a little bit to -- on the international basis. So international is -- as we continue to talk about, is a key strategic pillar for us. It's a key growth area for us. And within 2026, it will be the first year that Crocs, Inc. is predominantly an international-driven company. So our revenues will be slightly more international this year for the first time than North America, and we feel great about that.

好的，我來回答這個問題。我先把層次稍微拉高一點——從國際面的角度來看。國際業務——正如我們持續在談的——是我們關鍵的策略支柱。也是我們的關鍵成長領域。而在2026年，Crocs, Inc.將首次成為以國際市場驅動為主的公司。因此，今年我們的營收將首次略高於北美、以國際市場為主，我們對此感到非常振奮。

From an international perspective, before I get into guidance, I just want to also just reiterate that we feel like we had a really strong quarter from an international perspective. When we think about our Tier 1 growth countries like China, Japan, et cetera, we're double-digit growth in our key Tier 1 countries. So we continue to see and believe that we've got a lot of white space in those areas.

從國際面的角度，在我談到指引之前，我也想再次重申，我們認為本季在國際市場的表現非常強勁。當我們看待像中國、日本等第一梯隊（Tier 1）的成長國家時，我們在主要Tier 1國家都達到雙位數成長。因此，我們持續看到並相信在那些地區仍有很大的未開發空間。

As it relates to guidance, I think roughly about a quarter ago, we guided to 10% and we're -- I would say that we're still very much in the high single digits to approaching 10% within international. The only area that I would say has given us a little bit of friction is what Andrew alluded to earlier is Middle East. And I think that's how we're thinking about it. So we're very bullish on international and continue to be bullish.

就指引而言，我想大約在一季前，我們給出的指引是10%，而我們——我會說——目前在國際市場仍然非常接近高個位數、並逐步逼近10%。唯一我會說帶來一些阻力的領域，是Andrew先前提到的中東。我想這就是我們目前的思考方式。因此，我們對國際市場非常樂觀，並且會持續保持樂觀。

The other example I would say, just from a quarter standpoint, is you see our continued commitment in terms of the take-back of our Malaysia distributor business. And I was actually in the market towards the end of last year, and I got to see a number of the over 20 stores that come with that take back and we're really excited about this, very productive, very profitable business in an area of the world that has got a high affinity for Crocs.

另外一個例子，從本季的角度來看，是你可以看到我們持續投入、致力於收回馬來西亞經銷商業務的經營權。我其實在去年年底左右到過當地市場，也看了這次收回所包含的20多家門市中的多家，我們對此非常興奮——這是一個非常高產出、非常高獲利的業務，而且該地區對Crocs有很高的喜好度。

And so I think if you think about those few components, Peter, we feel really good about where we are. And as it relates to finally to FX in terms of where we are today versus 90 days ago, the FX is slightly worse, but it's not impacting our guidance and outlook on the year in a meaningful way.

所以，Peter，我想如果你把這幾個要素放在一起看，我們對目前所處的位置感覺非常好。最後，關於匯率（FX），就我們今天相較於90天前的情況而言，匯率稍微更不利一些，但並未以實質方式影響我們對全年指引與展望。

Janine Stitcher, BTIG.

Janine Stitcher，BTIG。

Just on the flat SG&A dollars guide, that includes the cost saving program. Maybe speak to some of the areas you're reinvesting in and some of the benefits you're seeing. And then how we should think about your willingness to reinvest more if you see a return? Or on the flip side, are there areas where you could still pull back?

關於SG&A費用（銷售、一般及行政費用）美元金額持平的指引，其中包含成本節省計畫。能否談談你們在哪些領域再投資，以及目前看到的一些效益？另外，如果你們看到有回報，我們應該如何看待你們願意加大再投資的意願？或者反過來說，是否還有哪些領域你們仍可能縮減？

And then on wholesale, you talked to your retail partners doing more at once. Maybe just speak to your supply chain flexibility in the case that there is more demand on your ability to meet that?

另外在批發（wholesale）方面，你提到你們的零售合作夥伴一次性下更多單（at once）。若需求增加、你們需要更強的供應能力來滿足，能否談談你們供應鏈的彈性？

Yeah. So what I'd say, so I think the most important thing from an SG&A perspective is the couple of different rounds of cost-saving initiatives that we've talked to you about have all been completed, right? So we have attained those cost-saving goals. Some of those are in SG&A, and some of those savings are in cost of goods or in COGS relative to -- go up in gross margin.

好的。我會這麼說：我認為從SG&A的角度來看，最重要的是，我們先前跟各位談過的幾輪成本節省措施都已經完成了，對吧？所以我們已達成那些成本節省目標。其中一部分在SG&A，另外一部分的節省則在銷貨成本（COGS）——並反映為毛利率的提升。

So we've achieved those cost savings. That has given us some flexibility as we go into the year to invest in some critical areas. Those areas are generally some of our DTC capabilities, whether that be physical stores or more likely -- or more importantly, sorry, digital selling. So we're investing in a higher proportion of DTC sales, which carries more SG&A.

因此我們已實現那些成本節省。這也讓我們在進入今年時，能更有彈性地投資一些關鍵領域。這些領域通常是我們的DTC（直面消費者）能力，不論是實體門市，或更可能——更重要的是，抱歉——數位銷售。因此我們正在提高DTC銷售的占比，而這會帶來較高的SG&A。

And -- but also carries some strong gross margin and strong operating profit. We're also investing in marketing for both brands to make sure that we create future demand for a lot of those new product introductions that are working.

而——同時也帶來強勁的毛利率與強勁的營業利益。我們也在為兩個品牌加大行銷投資，以確保能為許多運作良好的新品導入創造未來需求。

So I think -- and in terms of supply chain flexibility, look, I think this is a bit of a balancing act. We're really good at managing our inventory and managing our supply chain. We keep lean inventories, which I think is an overall strength for the company. It allows us to flow a lot of our operating profit through the cash flow and use that to reward shareholders.

所以我想——至於供應鏈彈性，坦白說，這有點像是在做平衡。我們非常擅長管理庫存與供應鏈。我們維持精實庫存，我認為這是公司整體的優勢。這讓我們能把相當多的營業利益轉化為現金流，並用來回饋股東。

And -- but we do also try and forecast some of our newer products and best-selling items to have some backup inventory to lean into at once. And frankly, that's on both brands. I think our entire conversation this morning has been on Crocs. Nobody's asked a single question about HEYDUDE. But those capabilities apply to both, and we are able to capture some nice additional business based on our at-once performance.

而——但我們也會嘗試針對一些較新的產品與暢銷品進行預測，準備一些備用庫存，以便在一次性下單（at once）時能加大供應。坦白說，這適用於兩個品牌。我想我們今天早上的整段對話都在談Crocs。沒有人問任何一個關於HEYDUDE的問題。但這些能力同樣適用於兩者，而我們也能憑藉我們在at-once表現上的能力，捕捉到一些不錯的額外業務。

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

我們的問答環節到此結束。我想把電話會議交回管理層，請他們做任何結語。

Thank you. I would just like to thank everybody for their great questions, their attention and their interest in our incredible company. We appreciate it.

謝謝。我只想感謝大家提出很棒的問題、以及對我們這家卓越公司的關注與興趣。我們非常感謝。

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

本次電話會議已結束。感謝各位參加今天的簡報。您現在可以掛線。