Deckers Outdoor Corp (DECK) 2019 Q4 法說會逐字稿

Good afternoon, and thank you for standing by.

下午好，感謝您的支持。

Welcome to the Deckers Brands Fourth Quarter and Fiscal Year 2019 Earnings Conference Call.

歡迎參加 Deckers Brands 2019 年第四季度和財年收益電話會議。

(Operator Instructions) I would like to remind everyone that this conference call is being recorded.

（操作員說明）我想提醒大家，這次電話會議正在錄音中。

I'll now turn the call over to Erinn Kohler, Senior Director, Investor Relations and Corporate Planning.

我現在將把電話轉給投資者關係和企業規劃高級總監 Erinn Kohler。

Please go ahead.

請繼續。

Thank you, everyone, for joining us today.

謝謝大家，今天加入我們。

On the call is Dave Powers, President and Chief Executive Officer; and Steve Fasching, Chief Financial Officer.

電話會議是總裁兼首席執行官戴夫·鮑爾斯（Dave Powers）；和首席財務官 Steve Fasching。

Before we begin, I would like to remind everyone of the company's safe harbor policy.

在開始之前，我想提醒大家公司的安全港政策。

Please note that certain statements made on this call are forward-looking statements within the meaning of the federal securities laws, which are subject to considerable risks and uncertainties.

請注意，本次電話會議上的某些陳述是聯邦證券法意義上的前瞻性陳述，存在相當大的風險和不確定性。

These forward-looking statements are intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995.

這些前瞻性陳述旨在符合 1995 年《私人證券訴訟改革法案》規定的免責安全港的條件。

All statements made on this call today other than statements of historical facts are forward-looking statements and include statements regarding our anticipated financial performance, including, but not limited to, our projected revenue, margins, expenses, earnings per share, cost savings and operating profit improvement as well as statements regarding our strategies for our products and brands.

除歷史事實陳述外，今天在本次電話會議上發表的所有陳述均為前瞻性陳述，包括有關我們預期財務業績的陳述，包括但不限於我們的預計收入、利潤率、費用、每股收益、成本節約和運營利潤改善以及關於我們的產品和品牌戰略的聲明。

Forward-looking statements made on this call represent management's current expectations and are based on information available at the time such statements are made.

在本次電話會議上做出的前瞻性陳述代表了管理層當前的預期，並基於做出此類陳述時可獲得的信息。

Forward-looking statements involve numerous known and unknown risks, uncertainties and other factors that may cause our actual results to differ materially from any results predicted, assumed or implied by the forward-looking statements.

前瞻性陳述涉及許多已知和未知的風險、不確定性和其他因素，可能導致我們的實際結果與前瞻性陳述預測、假設或暗示的任何結果存在重大差異。

The company has explained some of these risks and uncertainties in its SEC filings, including in the Risk Factors section of its annual report on Form 10-K and quarterly reports on Form 10-Q.

該公司已在其提交給美國證券交易委員會的文件中解釋了其中一些風險和不確定性，包括其 10-K 表格年度報告的風險因素部分和 10-Q 表格季度報告。

Except as required by law or the listing rules of the New York Stock Exchange, the Company expressly disclaims any intent or obligation to update any forward-looking statements.

除法律或紐約證券交易所上市規則要求外，本公司明確表示不承擔更新任何前瞻性陳述的任何意圖或義務。

With that, I'll now turn it over to Dave.

有了這個，我現在把它交給戴夫。

Thank you, Erinn, and good afternoon, everyone.

謝謝你，Erinn，大家下午好。

It gives me a great pleasure to share with you that Deckers has achieved a significant milestone in its history.

很高興與大家分享 Deckers 在其歷史上取得的重要里程碑。

For the full fiscal year 2019, we reached over $2 billion in annual revenue in a very profitable manner.

在整個 2019 財年，我們以非常有利可圖的方式實現了超過 20 億美元的年收入。

This accomplishment is a testament to the hard work that our team has put into our company and I'm very proud of the results this dedication, discipline and focus have been able to produce.

這一成就證明了我們團隊為公司付出的辛勤工作，我為這種奉獻精神、紀律和專注能夠產生的結果感到非常自豪。

In addition to breaking through the $2 billion mark in top line revenue, the organization has successfully delivered on our long-term margin target a year ahead of schedule with solid performance recorded in the fiscal year 2019 results.

除了突破 20 億美元的收入大關外，該組織還提前一年成功實現了我們的長期利潤率目標，並在 2019 財年業績中記錄了穩健的業績。

These results include operating margin well beyond the prior target of 13%; driving more than the committed $100 million of operating profit improvement over the past 2 years; and delivering returns on invested capital above the benchmark 20%.

這些結果包括營業利潤率遠超之前 13% 的目標；在過去 2 年中推動超過承諾的 1 億美元營業利潤增長；並提供高於基準 20% 的投資資本回報。

With the strides that the organization has made, especially in terms of earnings performance and cash generation, we believe that we are now positioned better than ever to invest in our brands and channels within key areas of opportunities for future growth.

隨著該組織取得的進步，特別是在盈利表現和現金產生方面，我們相信我們現在比以往任何時候都處於更好的位置，可以在未來增長機會的關鍵領域投資我們的品牌和渠道。

As a reminder, the areas of focus that we have identified include investments in marketing to build awareness and adoption of the HOKA ONE ONE brand and growing the UGG men's and UGG women's non-core categories as well as investments in technology to enhance e-commerce capabilities to evolve how we engage and grow with our consumers and talent, tools and analytic capabilities that will allow us to maximize the above opportunities.

提醒一下，我們確定的重點領域包括投資營銷以提高 HOKA ONE ONE 品牌的知名度和採用率，發展 UGG 男裝和 UGG 女裝非核心類別，以及投資技術以增強電子商務發展我們如何與消費者和人才、工具和分析能力互動和成長的能力，這將使我們能夠最大限度地利用上述機會。

Today, I will share brand and channel level highlights from our fourth quarter performance and fiscal year 2019 in review before handing the call over to Steve to walk through our financial results in more detail, including an outlook for the first quarter and full fiscal year 2020.

今天，我將分享我們第四季度業績和 2019 財年的品牌和渠道水平亮點，然後將電話轉給史蒂夫，以更詳細地了解我們的財務業績，包括對第一季度和 2020 財年的展望.

To recap the recent performance, revenue in the fourth quarter was $394 million, coming in above the high end of our guidance and 1.6% less than the same period last year, with the decline to last year mainly due to retail store closures.

回顧最近的表現，第四季度的收入為 3.94 億美元，高於我們指引的高端，比去年同期下降 1.6%，與去年同期相比下降主要是由於零售店關閉。

Despite that, non-GAAP EPS came in at $0.85 as compared to $0.50 last year.

儘管如此，非公認會計原則每股收益為 0.85 美元，而去年為 0.50 美元。

For the full year, revenue was a record $2.02 billion, up 6.2%, while operating income increased to $327 million, representing a 16.2% operating margin and earnings per share of $8.84, also a record high.

全年收入達到創紀錄的 20.2 億美元，增長 6.2%，而營業收入增至 3.27 億美元，營業利潤率為 16.2%，每股收益為 8.84 美元，也創歷史新高。

In reviewing our performance over the past 2 years, our revenue has grown over 6% each year, our non-GAAP operating profit dollars have grown 40.5% on an annualized growth rate, and non-GAAP operating margins have increased from 9.2% to 16.2%, representing a 700 basis point expansion, all delivering a 2-year annualized non-GAAP earnings per share growth rate of 52%.

回顧我們過去兩年的表現，我們的收入每年增長超過 6%，我們的非 GAAP 營業利潤美元按年增長率增長 40.5%，非 GAAP 營業利潤率從 9.2% 增加到 16.2% %，代表 700 個基點的擴張，均實現了 2 年年化非 GAAP 每股收益增長率為 52%。

While these results exceeded our initial outlook, as Steve mentioned on our last call, we experienced an exceptional selling environment this year in the third quarter and drove much better-than-expected results than what we would normally plan for.

雖然這些結果超出了我們最初的預期，正如史蒂夫在我們上次電話會議中提到的那樣，但我們在今年第三季度經歷了一個特殊的銷售環境，並推動了比我們通常計劃的要好得多的結果。

Now turning to performance by group.

現在轉向分組表演。

Starting with the Fashion & Lifestyle group, UGG sales declined by 7% in the fourth quarter to $239 million, largely due to retail store closures and international softness, partially offset by strength in domestic wholesale.

從時尚與生活方式集團開始，UGG 銷售額在第四季度下降了 7% 至 2.39 億美元，這主要是由於零售店關閉和國際疲軟，部分被國內批發的強勁勢頭所抵消。

The fourth quarter result was higher than previous guidance, primarily related to earlier shipments of spring product moving out of Q1 fiscal 2020 into Q4 of fiscal 2019.

第四季度業績高於之前的指引，主要與較早的春季產品出貨量從 2020 財年第一季度移至 2019 財年第四季度有關。

For the year, UGG sales increased 2% to $1.533 billion with domestic wholesale and e-commerce accounting for most of the gain.

全年，UGG 銷售額增長 2% 至 15.33 億美元，其中國內批發和電子商務佔大部分收益。

During the year, UGG experienced amplified success with younger consumers, as evidenced by year-round slipper growth aided by the newly introduced Fluff Yeah collection, an expansion of the Tasman; continued demand for the Classic Mini and Mini Bilibo; and accelerated growth of the Neumel franchise, which included incremental purchasing from both male and female consumers.

在這一年裡，UGG 在年輕消費者中取得了更大的成功，這體現在新推出的 Fluff Yeah 系列（塔斯曼的擴張）的幫助下，拖鞋全年增長；對 Classic Mini 和 Mini Bilibo 的持續需求； Neumel 特許經營權的加速增長，其中包括來自男性和女性消費者的增量購買。

The UGG team has been focused on deseasonalizing the business by growing our spring/summer product offering.

UGG 團隊一直專注於通過增加我們的春夏產品供應來淡化業務。

Our recent results underscore the progress we've made on this important front.

我們最近的結果強調了我們在這一重要方面取得的進展。

In fiscal year 2019, UGG successfully redistributed its category mix.

在 2019 財年，UGG 成功地重新分配了其品類組合。

In conjunction with UGG's domestic wholesale allocation and segmentation strategy of women's core classic product, the brand saw increases of over 25% in women's shoe and sandals categories.

結合UGG國內批發佈局和女性核心經典產品的細分策略，該品牌在女鞋和涼鞋品類的增幅超過25%。

Equally important, UGG brand interest in the U.S. is on the rise.

同樣重要的是，UGG 品牌在美國的興趣正在上升。

According to Google trends, interest in UGG over the past year grew by 7%.

根據谷歌趨勢，過去一年對 UGG 的興趣增長了 7%。

During the fiscal year, UGG acquired nearly 1.5 million new customers and 2 owned DTC channels, which we believe is the result of delivering compelling products and marketing that resonate with a more diverse consumer base.

在本財年，UGG 獲得了近 150 萬新客戶和 2 個自有 DTC 渠道，我們認為這是提供引人注目的產品和營銷以與更多樣化的消費者群產生共鳴的結果。

These trends are representative of why we believe in dedicating investment to target customer acquisition and engagement through digital marketing.

這些趨勢代表了我們為什麼相信通過數字營銷致力於目標客戶獲取和參與的原因。

Next, Koolaburra in the fourth quarter grew by 67% to $3.6 million, rounding out a fantastic year as annual revenue more than doubled to $44 million, driven by strong full price sell-through at major accounts.

接下來，Koolaburra 在第四季度增長了 67%，達到 360 萬美元，在主要客戶強勁的全價銷售推動下，年收入增長了一倍多，達到 4400 萬美元，從而完成了一個夢幻般的一年。

We have high confidence in our strategy of focusing on the family value channel for this brand and next year looks even stronger, based on a robust order book.

我們對我們專注於該品牌家庭價值渠道的戰略充滿信心，基於強勁的訂單，明年看起來會更加強勁。

Koolaburra continues to gain market share that is incremental to UGG's business and has already shown the ability to drive profit to our bottom line.

Koolaburra 繼續獲得市場份額，這對 UGG 的業務來說是增量的，並且已經顯示出將利潤推高至我們底線的能力。

Switching gears to our Performance Lifestyle group.

切換到我們的 Performance Lifestyle 組。

For the second consecutive quarter HOKA set a revenue record with the fourth quarter growing by 33% to $67 million.

HOKA 連續第二個季度創下收入記錄，第四季度增長 33% 至 6700 萬美元。

HOKA achieved impressive growth in fiscal '19 with sales increasing 45% to $223 million.

HOKA 在 19 財年實現了令人矚目的增長，銷售額增長 45% 至 2.23 億美元。

The HOKA team's dedication to creative, innovative products rooted in authentic performance continues to be the driver of exceptional results.

HOKA 團隊致力於打造植根於真實性能的創意、創新產品，繼續成為卓越成果的驅動力。

The Bondi, Clifton, Arahi and Gaviota styles represent the core of the HOKA brand.

Bondi、Clifton、Arahi 和 Gaviota 風格代表著 HOKA 品牌的核心。

These core styles have continued to deliver significant growth while the brand also continues to diversify its product offering, capturing new consumers as well as satisfying incremental needs of existing loyal customers.

這些核心款式繼續實現顯著增長，同時該品牌還繼續多樣化其產品供應，吸引新消費者並滿足現有忠實客戶的增量需求。

Since launching in March 2019, the Sky collection has received initial positive feedback from both wholesale accounts and consumers as the brand now expands its reach into the hiking category.

自 2019 年 3 月推出以來，隨著該品牌現在將其業務範圍擴展到徒步旅行類別，Sky 系列已收到批發客戶和消費者的初步積極反饋。

The Sky collection is yet another example of how the brand is expanding its category reach while staying firmly focused on its commitment to delivering authentic performance footwear in the marketplace.

Sky 系列是該品牌如何擴大其品類範圍的又一個例子，同時堅定地專注於在市場上提供正宗高性能鞋履的承諾。

With the continued expansion of category offerings, the seasonality of the HOKA brand is beginning to smooth out throughout the year and the team is strategically planning the timing of product launches.

隨著品類產品的不斷擴大，HOKA品牌的全年季節性開始趨於平穩，團隊正在戰略性地規劃產品發佈時間。

On May 1, 2019, HOKA introduced the Carbon X, establishing its impressive credentials just 4 days later with a record-setting attempt.

2019 年 5 月 1 日，HOKA 推出了 Carbon X，僅 4 天后便憑藉創紀錄的嘗試確立了令人印象深刻的信譽。

I would like to congratulate Jim Walmsley on becoming a new world record holder for the 50-mile distance and doing so while wearing HOKA's Carbon X product.

我要祝賀 Jim Walmsley 成為 50 英里距離的新世界紀錄保持者，並在穿著 HOKA 的 Carbon X 產品時做到了這一點。

Having just launched to consumers worldwide on May 15, the Carbon X is one of HOKA's most innovative products released to date, with a carbon-fiber plate to help athletes accelerate and propel forward combined with PROFLY X foam, our lightest and most resilient foam yet.

Carbon X 於 5 月 15 日剛剛向全球消費者推出，是 HOKA 迄今為止發布的最具創新性的產品之一，其碳纖維板與 PROFLY X 泡沫相結合，可幫助運動員加速和前進，這是我們迄今為止最輕且最具彈性的泡沫.

We are looking forward to seeing more record-breaking performances in this shoe.

我們期待在這款鞋中看到更多破紀錄的表現。

Within the U.S., HOKA's wholesale business was up 30% on the year and the brand is now a top 3 brand in multiple specialty running accounts.

在美國，HOKA 的批發業務同比增長 30%，該品牌現在是多個專業流水賬中排名前三的品牌。

We remain focused on growing our domestic wholesale presence through high-touch premium specialty retailers.

我們仍然專注於通過高接觸優質專業零售商擴大我們的國內批發業務。

The HOKA team is gaining market share within existing distribution through strategic category expansion.

HOKA 團隊正在通過戰略品類擴張在現有分銷中獲得市場份額。

In addition to wholesale, domestic-owned e-commerce continues to add meaningful volume year-over-year as we work to capture incremental replenishment business.

除了批發外，隨著我們努力捕捉增量補貨業務，國內電子商務繼續同比增加有意義的數量。

On the International front, HOKA sales were up 59% for the year with the largest share coming from Europe.

在國際方面，今年 HOKA 的銷售額增長了 59%，其中最大的份額來自歐洲。

As we've noted in the past, Europe remains the largest near-term opportunity for growth, while at the same time the APAC region is beginning to show adoption.

正如我們過去所指出的，歐洲仍然是最大的近期增長機會，而與此同時，亞太地區開始出現採用。

As we work to grow internationally, we are concentrating on building awareness with consumers through authentic performance aligned with our domestic marketplace strategy.

隨著我們努力在國際上發展，我們專注於通過與我們的國內市場戰略相一致的真實表現來建立消費者的意識。

Turning to Teva and Sanuk.

轉向梯瓦和薩努克。

I am pleased with the team's dedication to driving profit to Deckers' bottom line.

我很高興團隊致力於將利潤提高到 Deckers 的底線。

Both brands experienced an increase in gross margin and contribution margin for the second consecutive year.

兩個品牌的毛利率和貢獻率連續第二年增長。

For Teva, sales were up 3% on the year to $137 million, a record high for revenue.

Teva 的銷售額同比增長 3% 至 1.37 億美元，創歷史新高。

Growth was driven by a considerable increase in Japan, as the brand's functional outdoor appeal was complemented by premium fashion collaboration.

增長是由日本的顯著增長推動的，因為該品牌的功能性戶外吸引力得到了高級時裝合作的補充。

In addition to record revenue, Teva's operating profit dollar contribution was its highest on record, increasing over 30% versus the previous year.

除了創紀錄的收入外，梯瓦對營業利潤的貢獻是有記錄以來的最高水平，與上一年相比增長了 30% 以上。

On the product side, the brand recently celebrated its Born in the Canyon launch to commemorate the Grand Canyon's 100th year as a National Park and Teva's 35th anniversary.

在產品方面，該品牌最近慶祝了 Born in the Canyon 的發布，以紀念大峽谷成為國家公園 100 週年和梯瓦 (Teva) 成立 35 週年。

Turning to Sanuk.

轉向薩努克。

Sales for the year were down 9% to $83 million.

全年銷售額下降 9% 至 8300 萬美元。

The result was driven by a high single-digit decline in U.S. wholesale.

這一結果是由美國批發量的高個位數下降推動的。

From a product perspective, revenue was negatively affected by the softness of the Yoga Sling franchise.

從產品角度來看，Yoga Sling 特許經營權的疲軟對收入產生了負面影響。

Over the last year, the brand has been working to diversify its product offering by introducing Chill product, which represents boot and slipper silhouettes.

去年，該品牌一直致力於通過推出代表靴子和拖鞋款式的 Chill 產品來豐富其產品供應。

Early reads of Chill product have been strong in attracting new consumers to the brand, as 75% of online purchasers had previously not owned Sanuk.

Chill 產品的早期閱讀在吸引新消費者加入該品牌方面表現強勁，因為 75% 的在線購買者之前沒有擁有 Sanuk。

Now moving to channel performance.

現在轉向渠道表現。

Total company wholesale revenue increased 6% for the quarter and 10% for the year.

本季度公司總批發收入增長 6%，全年增長 10%。

As mentioned in our third quarter call, the U.S. marketplace allocation and segmentation implementation have been very successful.

正如我們在第三季度電話會議中提到的，美國市場分配和細分實施非常成功。

As a result, we'll be implementing the strategy across Europe in the coming year with the hopes of reigniting the market to drive healthy full price sales in future years.

因此，我們將在來年在整個歐洲實施該戰略，希望能夠重新點燃市場，在未來幾年推動健康的全價銷售。

Shifting to our direct-to-consumer channel, DTC comps decreased 0.5% for the quarter.

轉向我們的直接面向消費者的渠道，本季度 DTC 組合下降了 0.5%。

For the year, the total comp increased 1.9%.

全年，總薪酬增長 1.9%。

Comps for DTC were strong domestically, but challenged internationally.

DTC 的補償在國內很強大，但在國際上卻面臨挑戰。

We believe suppressed DTC comps internationally are largely a result of macro headwinds mentioned on our third quarter earnings call, but we're also actively engaged in enhancing the health of our brands across all markets.

我們認為，國際上抑制的 DTC 組合主要是我們在第三季度財報電話會議上提到的宏觀逆風的結果，但我們也積極致力於提高我們品牌在所有市場的健康狀況。

Overall for the year, total direct-to-consumer sales were flat.

總體而言，直接面向消費者的總銷售額持平。

Fiscal 2019 was another solid year for our online business as we added more than 2 million new customers globally across our brand portfolio.

2019 財年是我們在線業務又一個穩健的一年，因為我們在全球範圍內的品牌組合中增加了超過 200 萬新客戶。

We continue to invest in our digital infrastructure to drive and support online engagement and conversion.

我們繼續投資於我們的數字基礎設施，以推動和支持在線參與和轉換。

As I reflect on the past year, I'm incredibly proud of the organization's achievements that went far beyond what we had targeted, both for fiscal 2019's initial guidance as well as our long-range goals.

當我回顧過去的一年時，我為該組織的成就感到無比自豪，這些成就遠遠超出了我們 2019 財年的初步指導以及我們的長期目標的目標。

I'm delighted by the team's successful accomplishments, including highlights coming from UGG's growth of non-core categories within its offering, complemented by the implementation of our U.S. wholesale allocation and segmentation strategy; HOKA's rapid momentum across various categories within authentic performance footwear and using innovation and brand ethos as a driving force; and continued supply-chain efficiencies and disciplined cost management, delivering increasing levels of profitability and generating further opportunities to fuel growth as we look to the future.

我對團隊的成功成就感到高興，包括 UGG 在其產品中非核心類別的增長的亮點，以及我們實施美國批發分配和細分戰略的補充； HOKA 以創新和品牌精神為驅動力，在正宗高性能鞋履的各個類別中發展迅速；持續的供應鏈效率和嚴格的成本管理，在我們展望未來的過程中提供更高水平的盈利能力並創造更多機會來推動增長。

While we feel favorable marketplace conditions and weather patterns aided our performance this past fiscal year, we believe in our strategies and remain confident in our ability to deliver exceptional levels of performance as we move into the next phase of our growth.

雖然我們認為有利的市場條件和天氣模式有助於我們上一財年的業績，但我們相信我們的戰略，並對我們在進入下一階段增長時提供卓越業績的能力充滿信心。

With that, I'll hand the call over to Steve to provide details on the fourth quarter and fiscal 2019 financial results as well as our initial outlook on the first quarter and full fiscal year 2020.

有了這個，我將把電話交給史蒂夫，以提供有關第四季度和 2019 財年財務業績的詳細信息，以及我們對第一季度和 2020 財年的初步展望。

Thanks, Dave, and good afternoon, everyone.

謝謝，戴夫，大家下午好。

As Dave just walked you through, it was a very exciting year for Deckers as we have achieved a number of significant milestones.

正如 Dave 剛剛向您介紹的那樣，對於 Deckers 來說，這是非常激動人心的一年，因為我們已經取得了許多重要的里程碑。

Now I will take you through our fourth quarter and fiscal 2019 results in greater detail, then provide our initial outlook on the first quarter and fiscal year 2020.

現在我將帶您更詳細地了解我們第四季度和 2019 財年的業績，然後提供我們對第一季度和 2020 財年的初步展望。

Please note throughout this discussion, where I refer to non-GAAP financial measures I'm referring to results before taking into account restructuring and other charges that our management believes are not core to our ongoing operating results.

請注意在整個討論中，我指的是非公認會計準則財務指標，我指的是結果，然後才考慮重組和其他費用，我們的管理層認為這些費用不是我們持續經營業績的核心。

Also note, our non-GAAP results are not adjusted for constant currency with the exception of our direct-to-consumer comparable sales.

另請注意，除了我們的直接面向消費者的可比銷售額外，我們的非公認會計原則結果未針對固定貨幣進行調整。

A reconciliation between our reported GAAP results and the non-GAAP results can be found in our earnings release that is posted on our website under the Investors tab.

我們報告的 GAAP 結果與非 GAAP 結果之間的對賬可以在我們發佈在我們網站上的“投資者”選項卡下的收益發布中找到。

Now to our results.

現在來看我們的結果。

For the fourth quarter, revenue was $394 million, down 1.6% from last year, but above the high end of our guidance range by $20 million.

第四季度的收入為 3.94 億美元，比去年下降 1.6%，但比我們指導範圍的高端高出 2000 萬美元。

The better-than-expected performance was driven by $15 million of earlier-than-anticipated wholesale shipments in the UGG brand delivering spring/summer product into the marketplace ahead of schedule and $5 million in outperformance driven by domestic e-commerce sales for the UGG brand.

業績好於預期的原因是 UGG 品牌早於預期的 1500 萬美元批發出貨量，提前向市場交付了春夏產品，以及 UGG 國內電子商務銷售推動了 500 萬美元的優異表現牌。

Gross margin was 51.6%, up 360 basis points over last year.

毛利率為 51.6%，比去年上升 360 個基點。

The gain in gross margin was due to continued improvement from our supply-chain effort, better full-price selling as we exited the prior quarter with very low levels of seasonal inventory in the marketplace and higher margins attained on closeout sales as the channel is more tightly managed.

毛利率的增長是由於我們的供應鏈工作的持續改善，更好的全價銷售，因為我們退出了上一季度，市場上的季節性庫存水平非常低，並且由於渠道更多，清倉銷售獲得了更高的利潤率管理嚴密。

These gains were partially offset by channel mix changes in the quarter largely due to timing of e-commerce revenue recognition with those sales recorded in Q3 and the negative impact of foreign currency exchange rate fluctuation.

這些收益被本季度的渠道組合變化部分抵消，這主要是由於電子商務收入確認時間與第三季度記錄的銷售額以及外匯匯率波動的負面影響。

Non-GAAP SG&A expense was $170 million for the quarter, down from $173 million last year, with the reduction primarily being driven by reduced retail store expense as compared to prior year quarter.

本季度非 GAAP SG&A 費用為 1.7 億美元，低於去年的 1.73 億美元，主要是由於零售店費用與上年同期相比有所減少。

Non-GAAP EPS came in at $0.85 compared to our guidance range of flat to $0.10 and versus last year of $0.50.

非 GAAP 每股收益為 0.85 美元，而我們的指導範圍為 0.10 美元，而去年為 0.50 美元。

The $0.75 beat to the high end of our guidance resulted from approximately $0.25 from better-than-expected margins, $0.20 due to the early shipment of spring wholesale orders, $0.20 from additional expense savings in the quarter primarily related to retail as well as some unbilled headcount vacancies, and $0.10 from higher-than-expected sales driven by domestic e-commerce in the UGG brand.

超出我們指引的高端 0.75 美元的原因是利潤率好於預期約 0.25 美元，春季批發訂單提前發貨導致 0.20 美元，主要與零售相關的額外費用節省 0.20 美元以及一些未開票員工人數空缺，以及 UGG 品牌的國內電子商務推動的高於預期的銷售額為 0.10 美元。

Now to sum up our fiscal 2019.

現在總結一下我們的2019財年。

Revenue was $2.02 billion, representing over a 6% increase for a second year in a row.

收入為 20.2 億美元，連續第二年增長超過 6%。

The HOKA brand contributed to the bulk of the year-over-year increase, up $70 million, with UGG and Koolaburra both contributing an incremental $26 million over the prior year.

HOKA 品牌貢獻了同比增長的大部分，增加了 7000 萬美元，其中 UGG 和 Koolaburra 都比去年增加了 2600 萬美元。

Gross margin was 51.5%, up 250 basis points over last year.

毛利率為 51.5%，比去年上升 250 個基點。

The gain in gross margin was driven by favorable marketplace conditions in the third quarter contributing to our ability to achieve high full price sell-through of product with minimal discounting and promotional activity, reduced usage of airfreight in the second quarter due to the ability to take advantage of the in-season opportunity to use less expensive freight options for the delivery of certain inventory shipments, and the continued benefit of our supply chain initiatives, which again positively contributed to our gross margin gains in the year.

毛利率的增長是由第三季度有利的市場條件推動的，這有助於我們以最少的折扣和促銷活動實現產品的高全價銷售，第二季度由於能夠採取措施減少了空運的使用利用季節性機會使用較便宜的貨運選項來交付某些庫存貨物，以及我們的供應鏈計劃的持續收益，這再次對我們今年的毛利率增長做出了積極貢獻。

As I mentioned on our last call, we estimate that approximately 100 to 150 basis points of this upside is due to favorable conditions within the year that we were able to capitalize on, and we will not plan for these same conditions to repeat next year.

正如我在上次電話會議中提到的那樣，我們估計大約 100 到 150 個基點的上漲是由於我們能夠利用的年內有利條件，我們不會計劃明年重複這些相同的條件。

However, if variables outside of our immediate control present opportunity within the year, we believe that we are well poised to capture incremental profit as we diligently manage our operation.

然而，如果我們直接控制之外的變量在年內出現機會，我們相信我們已經準備好在努力管理我們的運營時獲得增量利潤。

I will provide a full picture of gross margin guidance for the next fiscal year in a moment.

我將在稍後提供下一財年毛利率指導的全貌。

Non-GAAP SG&A expense for the year was $713 million, up from $695 million last year.

本年度非美國通用會計準則 SG&A 費用為 7.13 億美元，高於去年的 6.95 億美元。

As a percentage of revenue, SG&A improved 120 basis points to 35.3% from 36.5% last year.

SG&A 佔收入的百分比從去年的 36.5% 提高了 120 個基點至 35.3%。

Non-GAAP operating income increased 38% to $327 million from $236 million last year, while operating margin increased 380 basis points to 16.2%.

非美國通用會計準則營業收入從去年的 2.36 億美元增長 38% 至 3.27 億美元，而營業利潤率增長 380 個基點至 16.2%。

As Dave mentioned earlier in the call, we have successfully added over $100 million of operating profit as compared to levels in fiscal 2017 when we set out to execute on our operating profit improvement plan.

正如戴夫早些時候在電話會議中提到的那樣，與 2017 財年我們開始執行我們的營業利潤改善計劃時的水平相比，我們已經成功地增加了超過 1 億美元的營業利潤。

I am confident that as we move into the next phase of our strategic goals, we will be able to maintain healthy levels of profitability while strategically investing in our key initiatives designed to accelerate top line growth.

我相信，隨著我們進入戰略目標的下一階段，我們將能夠保持健康的盈利水平，同時戰略性地投資於旨在加速收入增長的關鍵舉措。

Both GAAP and non-GAAP earnings per share came in at $8.84 compared to our guidance range of $7.85 to $7.95 versus year ago $5.74.

GAAP 和非 GAAP 每股收益均為 8.84 美元，而我們的指導範圍為 7.85 美元至 7.95 美元，而去年同期為 5.74 美元。

The upside to expectation was largely a result of the overperformance in fourth quarter as I just walked through in addition to some differences in tax rate and share count when looking at results on a quarterly basis versus a full year basis.

預期的上升主要是由於第四季度的超常表現，因為我剛剛走過，除了在查看季度業績與全年業績時，稅率和股票數量存在一些差異。

Now turning on to our balance sheet.

現在打開我們的資產負債表。

We ended fiscal 2019 with $590 million in cash compared to $430 million last year.

我們在 2019 財年結束時的現金為 5.9 億美元，而去年為 4.3 億美元。

Our cash balance is net of share repurchased in the fiscal year, which totaled $161 million.

我們的現金餘額扣除了本財年回購的股份，總額為 1.61 億美元。

Inventories were down 7% at $279 million as compared to $300 million last year.

與去年的 3 億美元相比，庫存下降 7% 至 2.79 億美元。

We had no short-term debt outstanding under our credit line and on a pro forma basis our calculated return on invested capital improved to over 20%.

我們的信貸額度下沒有未償短期債務，在備考基礎上，我們計算的投資資本回報率提高到 20% 以上。

We did not repurchase any stock during the fourth quarter and $350 million of our stock repurchase authorization remains available as of March 31, 2019.

我們在第四季度沒有回購任何股票，截至 2019 年 3 月 31 日，我們的 3.5 億美元股票回購授權仍然可用。

Switching gears to our global backlog, inclusive of bulk orders the total as of March 31 was $978 million, which represents a year-over-year increase of about 14%.

轉向我們的全球積壓訂單，包括大宗訂單，截至 3 月 31 日的總訂單為 9.78 億美元，同比增長約 14%。

As a note, last year's backlog was missing significant orders from several major accounts due to later order placements last year.

需要說明的是，去年的積壓訂單缺少來自幾個主要客戶的大量訂單，因為去年下訂單較晚。

If backlog were adjusted to account for this shift in order activity, the year-over-year increase would be more in line with our guided revenue expectations.

如果根據訂單活動的這種轉變對積壓進行調整，那麼同比增長將更符合我們的指導收入預期。

As a reminder, our backlog at March 31 only includes orders from wholesalers and distributors for delivery in April through December and represents less than half of our total revenue for the year.

提醒一下，我們在 3 月 31 日的積壓訂單僅包括批發商和分銷商在 4 月至 12 月交貨的訂單，占我們全年總收入的不到一半。

The figure does not include our company DTC sales, all of the fourth quarter or any future orders that we may book, such as at-once orders or closeout.

該數字不包括我們公司的 DTC 銷售額、所有第四季度或我們可能預訂的任何未來訂單，例如一次性訂單或清倉。

Finally, moving to our outlook for fiscal year 2020.

最後，談談我們對 2020 財年的展望。

As we move forward with our strategic priority, we intend to fuel top line growth through planned investment in key categories of opportunity that we have previously outlined.

隨著我們推進我們的戰略重點，我們打算通過對我們之前概述的關鍵機會類別的計劃投資來推動收入增長。

As we have delivered cost savings ahead of schedule, we still intend to reinvest a portion of these savings into the business to create strong set up for our brands now and in the future.

由於我們提前實現了成本節約，我們仍打算將這些節約的一部分再投資到業務中，為我們現在和未來的品牌建立強大的基礎。

We will target to maintain top-tier level operating margins as compared to our peer group, competitively delivering growth in line with levels of profitability that we have created.

與我們的同行相比，我們的目標是保持頂級水平的營業利潤率，根據我們創造的盈利水平有競爭力地實現增長。

For the fiscal year 2020, we expect revenue to be in the range of $2.095 billion to $2.12 billion, which represents year-over-year growth of 4% to 5%; gross margins to be in the range of 50% to 50.5%.

對於 2020 財年，我們預計收入將在 20.95 億美元至 21.2 億美元之間，同比增長 4% 至 5%；毛利率在 50% 至 50.5% 之間。

This is 100 to 150 basis points lower than fiscal year 2019, which is aligned with the expectations laid out on our prior earnings call.

這比 2019 財年低 100 到 150 個基點，這與我們之前財報電話會議上的預期一致。

The headwinds we expect to experience in fiscal year '20 include currency headwinds of 40 basis points, additional freight expense of 20 basis points and normalized conditions during our peak season resulting in more promotional environment impacting margins up to approximately 90 basis points.

我們預計在 20 財年將遇到的不利因素包括 40 個基點的貨幣逆風、20 個基點的額外運費以及旺季期間的正常化條件，從而導致更多的促銷環境影響利潤率高達約 90 個基點。

As we reinvest in our growth drivers within our brand portfolio, we expect SG&A to be at or slightly better than 36% of sales, all resulting in an expected operating margin in the range of 14.2% to 14.5%.

隨著我們對品牌組合中的增長動力進行再投資，我們預計 SG&A 將達到或略高於銷售額的 36%，所有這些都導致預期營業利潤率在 14.2% 至 14.5% 之間。

We are also projecting an effective tax rate of approximately 21%, which represents an increase over fiscal year 2019 due to onetime benefits received in the year.

我們還預計有效稅率約為 21%，這比 2019 財年有所增加，因為該年獲得了一次性福利。

Therefore we are projecting diluted earnings per share between $8.20 to $8.40.

因此，我們預計每股攤薄收益在 8.20 美元至 8.40 美元之間。

In addition, we expect capital expenditures to be between $35 million and $40 million.

此外，我們預計資本支出將在 3500 萬美元至 4000 萬美元之間。

Our fiscal 2020 guidance excludes any charges that may be considered onetime in nature and does not include the impact of additional share repurchases.

我們的 2020 財年指導不包括任何可能被視為一次性費用的費用，也不包括額外股票回購的影響。

Now with our lower projected operating margin for fiscal year 2020, I think it is important to acknowledge how the range of 14.2% to 14.5% compares to the results delivered in fiscal year 2019 at 16.2%.

現在，由於我們對 2020 財年的預計營業利潤率較低，我認為重要的是要承認 14.2% 至 14.5% 的範圍與 2019 財年 16.2% 的結果相比如何。

Within our gross margin guidance, we are planning for normalized conditions including using airfreight and peak season promotional activity which will unwind approximately 100 to 150 basis points.

在我們的毛利率指導範圍內，我們正在計劃正常化條件，包括使用空運和旺季促銷活動，這將減少大約 100 至 150 個基點。

As foreign currency exchange rates have fluctuated as compared to levels a year ago, we estimate that we will face a headwind this year of approximately 40 basis points.

由於外匯匯率與一年前相比有所波動，我們估計今年我們將面臨約 40 個基點的逆風。

With the remaining difference due to planned investments in marketing and technology designed to improve our connection with consumers, these investments represent roughly 10 to 30 basis points of operating margin, and we will control the related levers of variable spend in order to tightly manage our overall profitability.

由於計劃投資於旨在改善我們與消費者的聯繫的營銷和技術方面的剩餘差異，這些投資約佔營業利潤率的 10 到 30 個基點，我們將控制可變支出的相關槓桿，以嚴格管理我們的整體盈利能力。

As a reminder, our prior strategic long-term target for fiscal 2020 operating margin was 13% and the current anticipated 14.2% to 14.5% is well beyond this earlier goal.

提醒一下，我們之前對 2020 財年營業利潤率的戰略長期目標是 13%，而目前預期的 14.2% 至 14.5% 遠遠超出了之前的目標。

To provide some additional details on our fiscal year 2020 revenue expectations by brand, the following applies: UGG is expected to be up low single digits as growth in domestic wholesale and e-commerce is being offset by the previously discussed order-timing shift out of Q1 fiscal year '20 and into quarter four fiscal year '19, the allocation and segmentation strategy we have set this year for Europe, continued net retail store closures, and again FX headwinds as the result of declining exchange rates.

為了提供有關我們按品牌劃分的 2020 財年收入預期的更多詳細信息，以下內容適用：由於國內批發和電子商務的增長被之前討論的訂單時間轉移所抵消，UGG 預計將增長低個位數。 '20 財年第一季度和 '19 財年第四季度，我們今年為歐洲制定的分配和細分策略，持續的淨零售店關閉，以及由於匯率下降而再次出現的外匯逆風。

Koolaburra is expected to deliver mid-40%s to upper 50%s growth, resulting from continued domestic wholesale expansion in the family value channel.

由於家庭價值渠道的國內批發業務持續擴張，預計 Koolaburra 將實現 40% 至 50% 以上的增長。

HOKA, growing in the mid-20% range, fueled by both U.S. and international expansion.

在美國和國際擴張的推動下，HOKA 在 20% 左右的範圍內增長。

Teva, roughly flat revenue, largely due to growth in wholesale domestically and in Asia Pacific, but offset by a decline in our EMEA wholesale channels with the shift from wholesale to distributer.

Teva 的收入大致持平，這主要是由於國內和亞太地區的批發業務增長，但被我們的 EMEA 批發渠道的下降所抵消，因為我們從批發轉向分銷商。

Sanuk, flat to last year as the brand continues to drive ASPs and a higher proportion of full price sales in an effort to better control the North American marketplace.

Sanuk 與去年持平，因為該品牌繼續推動 ASP 和更高比例的全價銷售，以更好地控制北美市場。

Our DTC comp is expected to be flat to growing positive low single-digits in light of continuing challenging traffic environment in retail as well as an assumption of a more normalized weather season.

鑑於零售業持續充滿挑戰的交通環境以及天氣季節更加正常化的假設，我們的 DTC 組合預計將持平至正增長的低個位數。

Additionally, we expect in-season wholesale cancellations to be in line with reorders.

此外，我們預計季節性批發取消將與重新訂購保持一致。

Now for the first quarter of fiscal 2020, we expect revenue to be in the range of $250 million to $260 million and non-GAAP diluted loss per share of approximately a loss of $1.25 to a loss of $1.15 compared to a loss a year ago of $0.98.

現在，對於 2020 財年第一季度，我們預計收入將在 2.5 億美元至 2.6 億美元之間，非公認會計原則攤薄後每股虧損約為 1.25 美元至 1.15 美元，而一年前的虧損為0.98 美元。

The drivers of the year-over-year variance in EPS include the impact of the shift of the $50 million in revenue mentioned earlier moving out of quarter 1 fiscal year '20 and into quarter 4 fiscal year '19.

每股收益同比差異的驅動因素包括前面提到的 5000 萬美元收入從 20 財年第一季度轉移到 19 財年第四季度的影響。

Adjusting for this shift, earnings per share would be roughly flat to last year as well as timing of SG&A spend within the year.

調整這一轉變後，每股收益與去年以及年內 SG&A 支出的時間安排大致持平。

As a note, we are aware of and continue to monitor tariff decisions and work closely with our supply-chain operations to identify risk-mitigation strategies.

請注意，我們了解並繼續監控關稅決策，並與我們的供應鏈運營部門密切合作，以確定風險緩解策略。

This includes the potential to adjust shipment timing, which could have abnormal effects on the timing of inventory level.

這包括調整髮貨時間的可能性，這可能對庫存水平的時間產生異常影響。

As mentioned on previous calls, we have been actively shifting production outside of China and less than 20% of our global total would be subject to tariff.

正如之前的電話會議所提到的，我們一直在積極將生產轉移到中國以外，全球不到 20% 的產品將受到關稅影響。

We recently joined over 170 other companies in endorsing a memo urging the President to exclude footwear from the next tranche of tariffs.

我們最近與 170 多家其他公司一起簽署了一份備忘錄，敦促總統將鞋類排除在下一批關稅之外。

Our teams will continue to track, update and will make decisions bearing in mind the best interests of all of our stakeholders.

我們的團隊將繼續跟踪、更新並在考慮到我們所有利益相關者的最大利益的情況下做出決策。

With that, I will now hand the call back to Dave to provide more details on our strategic outlook and priorities for the upcoming year.

有了這個，我現在將電話轉回戴夫，以提供有關我們來年戰略前景和優先事項的更多詳細信息。

As Steve mentioned, the upcoming fiscal year is about positioning our brand to drive elevated levels of top line growth in future periods while maintaining top-tier levels of profitability.

正如史蒂夫所提到的，即將到來的財政年度是關於將我們的品牌定位為在未來期間推動更高水平的收入增長，同時保持最高水平的盈利能力。

Our strategies are working.

我們的策略正在奏效。

We have delivered our long-term targets a year early and the organization will remain focused on investing in our strategic growth drivers.

我們提前一年實現了長期目標，該組織將繼續專注於投資於我們的戰略增長動力。

This includes building awareness of the HOKA ONE ONE brand, growing the UGG men's and UGG women's noncore categories, enhancing e-commerce capabilities to evolve how we engage with our consumers as well as investing in analytics and technology that will allow us to maximize the above opportunities.

這包括建立 HOKA ONE ONE 品牌的知名度、發展 UGG 男裝和 UGG 女裝非核心品類、增強電子商務能力以改變我們與消費者互動的方式以及投資分析和技術，使我們能夠最大限度地發揮上述作用機會。

We will deliver strategic growth in these areas by investing in demand creation and leveraging the right marketing tactics at optimized levels.

我們將通過投資於創造需求並在優化水平上利用正確的營銷策略，在這些領域實現戰略增長。

Deckers is adding new capabilities that will amplify personalization within consumer touch points, allowing our brands to build stronger relationships with both new and existing audiences, resulting in an even greater affinity for our brand.

Deckers 正在添加新功能，這些功能將增強消費者接觸點的個性化，使我們的品牌能夠與新老受眾建立更牢固的關係，從而增強我們品牌的親和力。

We've also added competencies that will enhance our ability to measure marketing effectiveness, ultimately empowering our teams to easily shift investment to improve both short- and long-term returns.

我們還增加了能力，以增強我們衡量營銷效果的能力，最終使我們的團隊能夠輕鬆地轉移投資以提高短期和長期回報。

As we look out into fiscal '20, investments in innovation are critical to enable our organization to deliver higher top line growth in the future.

當我們展望 20 財年時，對創新的投資對於使我們的組織在未來實現更高的收入增長至關重要。

I'm excited to share more with the progress we are making with innovation later in the year.

我很高興能在今年晚些時候分享我們在創新方面取得的進展。

With our fiscal 2020 guidance, including operating margins of 14.2% to 14.5%, Deckers remains at top tier levels of profitability among our peer group even with the strategic reinvestment and is dedicated to maintaining this status as we drive healthy revenue growth.

憑藉我們的 2020 財年指導（包括 14.2% 至 14.5% 的營業利潤率），即使進行了戰略再投資，Deckers 仍保持在同行中的最高盈利水平，並致力於在我們推動健康收入增長的同時保持這一地位。

As I reflect on our success in fiscal 2019, I am proud of our financial performance and equally proud of the work our teams have done to operate our business in a sustainably-minded way.

當我回顧我們在 2019 財年取得的成功時，我為我們的財務業績感到自豪，也為我們的團隊為以可持續發展的方式經營我們的業務所做的工作感到自豪。

We have made great progress in advancing our sustainable development goal.

我們在推進可持續發展目標方面取得了巨大進展。

In particular, we are investing in the communities in which we operate globally, promoting diversity and inclusion across our organization and working to preserve the environment for future generations.

特別是，我們正在投資於我們在全球開展業務的社區，促進整個組織的多樣性和包容性，並努力為子孫後代保護環境。

With continued organizational success, we have the ability to be leaders in this space by advancing sustainable business practices to deliver value, both financial and environmental, to all stakeholders.

隨著組織的持續成功，我們有能力通過推進可持續的商業實踐為所有利益相關者提供財務和環境價值，從而成為該領域的領導者。

This has been an exceptional year and I'd like to thank all of our employees, customers, shareholders, board of directors and their families for their support in helping us drive to these levels of performance well ahead of our original plan.

這是不平凡的一年，我要感謝我們所有的員工、客戶、股東、董事會和他們的家人，感謝他們的支持，幫助我們在最初的計劃之前達到這些績效水平。

I believe our results demonstrate the strength of the foundation we've built, our commitment to making improvements in the business and delivering value to all of our stakeholders.

我相信我們的結果證明了我們建立的基礎的實力，以及我們對改進業務和為所有利益相關者創造價值的承諾。

I'm incredibly proud of our accomplishments and look forward to continued success in the years ahead.

我為我們的成就感到無比自豪，並期待在未來幾年繼續取得成功。

With that, I'll turn the call over to the operator for Q&A.

有了這個，我將把電話轉給接線員進行問答。

Operator?

操作員？

(Operator Instructions) The first question comes from Camilo Lyon with Canaccord Genuity.

（操作員說明）第一個問題來自 Canaccord Genuity 的 Camilo Lyon。

Great job on a great year.

在偉大的一年裡做得很好。

You guys have done a great job with the allocation strategy at wholesale as well as the segmentation strategy.

你們在批發分配策略和細分策略方面做得很好。

At the same time, you've been very upfront about the benefit that you've received from a long and cold winter.

同時，您對從漫長而寒冷的冬天中獲得的好處非常坦率。

So as you think and delve deeper into the outlook that you provide, can you just help us understand perhaps by brand, and particularly the UGG brand, how that all fits into this 4% to 5% top line growth figure?

因此，當您思考並深入研究您提供的前景時，您能否幫助我們了解品牌，尤其是 UGG 品牌，這一切如何適應這個 4% 到 5% 的收入增長數據？

In other words for thinking about UGG and the further steps you'll take with the allocation strategy if we have a seasonally warmer winter, how protected are you from that potential relative to this guidance you've laid out?

換句話說，如果我們有一個季節性溫暖的冬季，考慮 UGG 以及您將採取的分配策略的進一步步驟，相對於您制定的本指南，您對這種潛力的保護程度如何？

Yes.

是的。

It's good question, Camilo.

這是個好問題，卡米洛。

I'll try to answer as many of those details as I can.

我會盡量回答這些細節。

I think what we have learned over the last couple of years is planning for what we deem as just kind of a normalized winter and retail environment has served us well and we're going to continue on that strategy.

我認為我們在過去幾年中學到的東西是規劃我們認為正常化的冬季和零售環境，這對我們很有幫助，我們將繼續這一戰略。

That being said, if things are more favorable, we have the inventory in the right places to be able to capture that and then we also have some protection in the downside if we need to be a little bit more promotional.

話雖如此，如果情況更有利，我們將庫存放在正確的位置以便能夠捕捉到這一點，然後如果我們需要進行更多促銷，我們也會在不利的情況下獲得一些保護。

I think what you've seen in the guidance from an UGG perspective and in the margin, where we've put in roughly 100 basis points or 150 basis points decline versus last year, some of that is mitigating in case there is less-than-favorable weather conditions.

我認為您從 UGG 的角度和利潤率的指導中看到的情況，我們與去年相比下降了大約 100 個基點或 150 個基點，如果低於- 有利的天氣條件。

At the same time, the managed growth in North America will be continuing.

與此同時，北美的管理增長將繼續。

It's a healthy environment.

這是一個健康的環境。

It's very healthy from an inventory standpoint and margins, with healthy sell-throughs at wholesale and in our own DTC channels.

從庫存和利潤的角度來看，這是非常健康的，在批發和我們自己的 DTC 渠道中都有健康的銷售。

At the same time, we have work to do internationally, and so what you are seeing is us do, for the U.K. market in particular, is employ the same strategy that worked in North America over the last couple of years, which is a really tightly controlled segmentation and allocation strategy to make sure that we are maintaining a healthy positioning in the market, inventories are clean and we're segmenting the right product at the right level in each of the accounts in that market, and at the same time, investing in some additional marketing to improve brand health in that region.

與此同時，我們在國際上有工作要做，所以你看到的是我們所做的，特別是對於英國市場，採用過去幾年在北美行之有效的策略，這真的是嚴格控制的細分和分配策略，以確保我們在市場上保持健康的定位，庫存乾淨，並且我們在該市場的每個賬戶中以正確的水平細分正確的產品，同時，投資一些額外的營銷，以改善該地區的品牌健康。

So it's a balance going into this year.

所以這是進入今年的平衡。

The UGG brand is in great standing in North America with a little bit of work to do in the European market, but overall, we think this is a healthy projection looking into the head of the year with growth in the right categories, which are noncore women's footwear and men's.

UGG 品牌在北美享有盛譽，在歐洲市場還有一些工作要做，但總的來說，我們認為這是一個健康的預測，展望今年的頭部，在正確的類別（非核心類別）上有所增長女鞋和男鞋。

And we think that if there is a better-than-planned winter with regards to weather and the holiday season, that we'll be well positioned to capture that upside.

我們認為，如果在天氣和假期方面有一個好於計劃的冬季，我們將有能力抓住這一優勢。

Speaking to the other brands real quick, we're super excited about the opportunity that we have developed within the Koolaburra brand, had an exceptional year last year, just over the $40 million mark with high full price sell-throughs and healthy margins and a profitable business for us.

很快就與其他品牌交談，我們對我們在 Koolaburra 品牌中開發的機會感到非常興奮，去年的表現非常出色，剛剛超過 4000 萬美元大關，全價銷售和健康的利潤率以及對我們有利可圖的業務。

Retailers were very pleased and the order book, as you saw or just heard, for this fall is very healthy for that brand and we see it as incremental sales to the UGG brand in new and distant channels from where we distribute UGG.

零售商非常高興，正如您所見或剛剛聽到的那樣，今年秋季的訂單對於該品牌來說非常健康，我們認為這是在我們分銷 UGG 的新的和遙遠的渠道中對 UGG 品牌的增量銷售。

And then obviously the growth, the exceptional results for HOKA, we see that continuing, but that's in a very strategic and controlled manner built for the long-term health of the brand and really driving growth through the existing distribution both internationally and U.S. and then continuing to drive business and data capture through our e-commerce site.

然後很明顯，HOKA 的增長，非凡的結果，我們看到這種情況仍在繼續，但這是以一種非常戰略性和可控的方式為品牌的長期健康而建立的，並通過現有的國際和美國分銷真正推動增長，然後繼續通過我們的電子商務網站推動業務和數據採集。

Yes.

是的。

I think just to add on to that and kind of what you're alluding to, Camilo, is there upside?

我想只是補充一下，卡米洛，你在暗示什麼，有好處嗎？

And I think, as Dave said, there is probably a little bit of upside related to weather related to UGG, right, because that's where we're going to kind of see potential upside.

而且我認為，正如戴夫所說，與 UGG 相關的天氣可能有一點上行空間，對，因為那是我們將看到潛在上行空間的地方。

With the segmentation and allocation strategy that we have been implementing in North America as well as now Europe, that's going to be somewhat limited in terms of what further upside there may be because that's a controlled strategy in terms of how we want to go.

隨著我們一直在北美以及現在的歐洲實施的細分和分配策略，這將在一定程度上受到進一步的上行空間的限制，因為就我們想要的方式而言，這是一個受控的策略。

So I wouldn't -- if weather conditions are similar to what we experienced in FY '19, absolutely there is upside from a revenue perspective and from a margin perspective.

所以我不會——如果天氣條件與我們在 19 財年所經歷的相似，那麼從收入的角度和利潤率的角度來看，絕對有上升空間。

But as I said in the prepared remarks, we're not going to plan to that.

但正如我在準備好的評論中所說，我們不打算這樣做。

So always a little bit of upside, but I'd say, as we've gotten more dialed in with our strategy and allocation and segmentation, not a lot, I would say, in terms of related to UGG.

所以總是有一點好處，但我想說，隨著我們對我們的戰略、分配和細分的了解越來越多，我想說，就與 UGG 相關的方面而言，並不是很多。

Pretty well, as indicated by our backlog, we're booked for the season.

很好，正如我們的積壓所表明的那樣，我們已經預訂了這個賽季。

So there is some kind of further upside, but to bring additional product well above that would be challenging.

因此，還有某種進一步的上漲空間，但要將更多產品帶到遠高於這一水平的產品將是具有挑戰性的。

So overall, a little bit, but don't go too crazy in terms of what you think that further upside could be.

所以總的來說，有點，但就你認為進一步上漲的可能性而言，不要太瘋狂。

So it sounds like on the weather-related UGG product, you're planning for that business to be both conservative and promotionally driven?

所以聽起來在與天氣相關的 UGG 產品上，您打算讓該業務既保守又受促銷驅動？

Correct.

正確的。

There is a more promotional component factored in, and that's part of the gross margin take-back.

考慮到了更多的促銷成分，這是毛利率收回的一部分。

Got it.

知道了。

And then if we could just step back, you talked about hitting your margin targets a year early, you talked about continued supply chain benefits, you're now stepping up your SG&A component to invest behind some of these opportunities that you've called out.

然後，如果我們可以退後一步，您談到提前一年達到您的利潤目標，您談到了持續的供應鏈利益，您現在正在加強您的 SG&A 組件以投資於您所呼籲的一些機會.

Where do you think your margins can settle out at if you did a 16% this year, but you're looking to do kind of low 14%?

如果您今年的利潤率為 16%，您認為您的利潤率可以穩定在哪裡，但您希望達到 14% 的低水平？

What's the right level of operating margin that this business can deliver on a more consistent basis?

該業務可以在更一致的基礎上提供的正確運營利潤率水平是多少？

Yes.

是的。

It's a good question, and it's one that we've talked a lot about.

這是一個很好的問題，也是我們經常討論的問題。

And I think the way we've looked at it, part of delivering our plan a year ahead of schedule, we always had the investment in FY '20.

而且我認為我們看待它的方式，作為提前一年交付計劃的一部分，我們總是在 20 財年進行投資。

And that's why we were able to bring through some of that additional profit.

這就是為什麼我們能夠帶來一些額外的利潤。

So as we were able to capture those savings and improvements in our business a year early, that's why you're seeing that flow through really, and the 16% operating margin.

因此，由於我們能夠提前一年在我們的業務中獲得這些節省和改進，這就是為什麼你會真正看到這種流動，以及 16% 的營業利潤率。

As we look going forward, we also recognize that we're delivering top-tier performance among our peer group.

在展望未來的同時，我們也認識到我們在同行中提供了一流的表現。

And to be competitive, we know we have to make these investments.

為了具有競爭力，我們知道我們必須進行這些投資。

So to sustainably drive top line growth, it's important for us to put those investment dollars in, as Dave talked about, in marketing, in IT, in innovation, to drive some of the product development that's going to help us propel top line growth.

因此，為了可持續地推動營收增長，正如 Dave 所說，將這些投資投入到營銷、IT 和創新方面對我們來說很重要，以推動一些有助於我們推動營收增長的產品開發。

So as we look at it, what we're guiding and some of the factors, that 14.2% to 14.5% is a good number, we believe, for FY '20.

因此，當我們審視它時，我們的指導和一些因素，我們相信，對於 20 財年來說，14.2% 到 14.5% 是一個不錯的數字。

There might be a little bit of upside, and that's kind of how we're looking at the business.

可能會有一點好處，這就是我們看待業務的方式。

So part of this, and over-delivery, is all related to the strategy and the timing of when we were going to make those investments.

因此，其中一部分和超額交付都與我們進行這些投資的策略和時機有關。

And so being able to capture that early in FY '19 is what really drove us above what we would normally expect.

因此，能夠在 19 財年早期捕捉到這一點，才是真正推動我們超出我們通常預期的原因。

Now as we get into kind of the strategy of investment, that's why you're seeing that setback.

現在，當我們進入某種投資策略時，這就是你看到挫折的原因。

Yes.

是的。

And I -- just to add onto what Steve said, I do believe now is the right time to start investing.

而且我 - 只是補充史蒂夫所說的話，我相信現在是開始投資的正確時機。

As you know, over the last 2 or 3 years, we've been working on infrastructure and efficiencies and operationalizing the business, improving SG&A as a percentage of total sales.

如您所知，在過去的 2 或 3 年中，我們一直致力於基礎設施和效率以及業務運營，提高 SG&A 佔總銷售額的百分比。

In the meantime, we have been strengthening the brands and controlling our marketplace.

與此同時，我們一直在加強品牌並控制我們的市場。

And we believe, based off the strength of new categories in UGG, the emergence of the men's business and the strength of HOKA and the success we're seeing in digital marketing, now is the time to really start investing.

我們相信，基於 UGG 新品類的實力、男裝業務的出現、HOKA 的實力以及我們在數字營銷方面所看到的成功，現在是真正開始投資的時候了。

And so we want to make sure that we are fueling future growth for the out-years and that we can continue this top-tier performance, both from an operating perspective but also start returning to higher levels of growth in revenue.

因此，我們希望確保我們能夠在未來幾年推動未來的增長，並且我們可以繼續保持這種頂級表現，無論是從運營角度來看，還是開始恢復到更高的收入增長水平。

Great.

偉大的。

If I can just sneak in the last one.

如果我能偷偷溜進去最後一個。

So Dave, last quarter you alluded to getting near a point of committing to a longer term mid-single-digit growth algorithm on the top line.

所以戴夫，上個季度你提到接近承諾在頂線上採用長期中個位數增長算法的點。

4% to 5% this year.

今年4%到5%。

Are you ready to say that that's where you'd consistently put kind of the longer-term 1- to 3-year top line objective out there?

您是否準備好說這就是您一貫提出的長期 1 至 3 年頂線目標？

Yes.

是的。

I think we delivered 6% the last 2 years in a row, which is better than we guided to and expected to do or planned to do.

我認為我們在過去 2 年連續交付了 6%，這比我們指導的、預期的或計劃的要好。

4% to 5% this year, as you heard, as we've just walked you through, makes sense.

正如您所聽到的，正如我們剛剛向您介紹的那樣，今年 4% 到 5% 是有道理的。

I think mid-single-digit to low -- high single-digit growth over the next 3 years is what we're aiming for.

我認為未來 3 年中個位數到低個位數的高增長是我們的目標。

And that's why you're seeing the investments in the business this year.

這就是為什麼你會看到今年對這項業務的投資。

Yes.

是的。

I think one thing to note too, Camilo, is as we look at the business -- and I think it's important to call out that $15 million that we talked about where we shipped in Q4 versus Q1, it really is FY '20 business.

卡米洛，我認為還有一件事需要注意，那就是當我們審視業務時——我認為重要的是要指出我們在第四季度與第一季度談到的 1500 萬美元的出貨量，這確實是 20 財年的業務。

And so if you were to equalize the 2 years, we would be showing more growth in FY '20, so you'd be removing that from the FY '19 number and putting that $15 million into FY '20.

因此，如果您要平衡這 2 年，我們將在 20 財年顯示出更多的增長，因此您將從 19 財年的數字中刪除它，並將 1500 萬美元投入到 20 財年。

And what you would see is a shift and you would see growth in '20 over the growth that we showed in '19.

你會看到一個轉變，你會看到 20 年的增長超過了 19 年的增長。

So it gets a little skewed because of that early shipment.

因此，由於提早發貨，它有點歪斜。

But what we're showing is growth year-on-year-on-year.

但我們展示的是同比增長。

The next question comes from Jonathan Komp with Baird.

下一個問題來自 Jonathan Komp 和 Baird。

Maybe just a follow-up to some of the discussions there, but maybe just a bigger picture question on the gross margin, I know a very strong year in the low 50%s.

也許只是那裡一些討論的後續行動，但也許只是毛利率的一個更大的問題，我知道在 50% 的低位是非常強勁的一年。

Historically, when you look, a good year was closer to 50%, then a normal or even an unfavorable year was more in the mid-40%s.

從歷史上看，好的年份接近 50%，然後正常甚至不利的年份更多在 40% 的中間。

So could you maybe just step back and kind of highlight a couple of the factors that you think are sustainable in terms of why 50%-plus and maybe building that as the right level going forward?

那麼，您是否可以退後一步，強調一些您認為可持續的因素，即為什麼 50% 以上並可能將其構建為正確的水平？

Yes.

是的。

So I think when you look at the 51.5% that we delivered in FY '19, as we talked about, our ability to get to that level was really driven by a lot of the improvements that we've made in planning, supply chain efficiencies, the work that we've really been talking about really for the last 2 years.

因此，我認為當您查看我們在 19 財年交付的 51.5% 時，正如我們所談到的，我們達到這一水平的能力實際上是由我們在規劃、供應鏈效率方面所做的許多改進所推動的，我們在過去兩年中一直在談論的工作。

The additional components, the kind of the lift from what we're guiding FY '20 to, to FY '19 we'll call kind of a better selling environment, cleaner channel inventory and the nonuse of freight in FY '19.

額外的組件，從我們指導的 20 財年到 19 財年的提升，我們稱之為更好的銷售環境、更清潔的渠道庫存和 19 財年不使用貨運。

So that kind of 100 and 150 basis points setback we're saying in FY '20 are really those components that we do not expect to repeat themselves.

因此，我們在 20 財年所說的那種 100 和 150 個基點的挫折實際上是我們不希望重複的那些組成部分。

They could.

他們可以。

And if they do, we will be able to benefit from them.

如果他們這樣做，我們將能夠從中受益。

But from a more normalized, what we would say, kind of operating mode, we think that 50%, 50.5% range is kind of the right range, which incorporates all the improvements that we've made and using some freight as we identify hot products and try to bring them into market earlier.

但從更規範化的運營模式來看，我們認為 50%、50.5% 的範圍是正確的範圍，其中包含了我們所做的所有改進，並使用了一些我們認為熱門的運費產品，並嘗試更早地將它們推向市場。

So we think there may be a slightly larger freight component, and that's part of also the setback.

因此，我們認為貨運部分可能會稍大一些，這也是挫折的一部分。

I think what's also embedded and not clearly apparent in the guide is that we have a currency fluctuation which is a headwind in FY '20, and we're largely overcoming that with kind of some continued improvement plans that we have for FY '20.

我認為指南中還嵌入但並不明顯的是，我們有一個貨幣波動，這是 20 財年的逆風，我們在很大程度上克服了這一點，我們為 20 財年制定了一些持續改進計劃。

So we think that 50% to 50.5% in a normal operating year is kind of the right level based on all the work that we've been doing for the last couple of years.

因此，基於我們過去幾年所做的所有工作，我們認為正常運營年度的 50% 到 50.5% 是正確的水平。

Yes.

是的。

And I would also add on to that because you referenced prior years of low end 45% and best-in-class kind of 50% range, also keep in mind that we've been working hard to balance and diversify the business.

我還要補充一點，因為你提到了前幾年的低端 45% 和同類最佳的 50% 範圍，還請記住，我們一直在努力平衡和多樣化業務。

So if you think about the UGG business today, it's a much more balanced business with growth in new categories, in men's, we're less reliant on just one item and one category of classics, although that's still important, and we still have the improvements that you've seen over the last couple of years.

因此，如果您考慮今天的 UGG 業務，它是一個更加平衡的業務，新品類的增長，在男裝中，我們不再依賴於一種單品和一種經典款，儘管這仍然很重要，而且我們仍然擁有您在過去幾年中看到的改進。

But in the business mix, which is becoming more important, it's HOKA which has healthy margins.

但在變得越來越重要的業務組合中，HOKA 的利潤率很高。

And over the coming years, the growth in e-commerce is going to be a benefit to margin as well.

在未來幾年，電子商務的增長也將有利於利潤率。

So I think all those things considered, as Steve just mentioned, and the way we've balanced the business, the teams have done a great job there, I think this is the right level.

所以我認為所有這些都考慮到了，正如史蒂夫剛剛提到的，以及我們平衡業務的方式，團隊在那裡做得很好，我認為這是正確的水平。

Okay.

好的。

Great.

偉大的。

That's certainly helpful.

這當然很有幫助。

Maybe one separate question then, a little bit more just looking for perspective on the environment.

那麼也許是一個單獨的問題，更多的是尋找對環境的看法。

Certainly, it looks like seasonal fall/winter goods sold through well this year so far, channel inventories are clean, which you mentioned, and that's supporting the orders for next year.

當然，今年到目前為止，看起來季節性的秋冬商品賣得很好，渠道庫存很乾淨，你提到的，這支撐了明年的訂單。

I want to ask -- I mean certainly there's other pockets of softness that others are reporting, especially some of the department store chains.

我想問一下——我的意思是肯定還有其他人報告的其他軟弱點，尤其是一些百貨連鎖店。

And I'm just wondering, is there any point where you'd see risk that softness in other parts of the business, getting later into the year would potentially risk some of the momentum you're seeing in your own categories or just any broader perspective on that dynamic?

我只是想知道，您是否會看到業務其他部分疲軟的風險，進入今年晚些時候，可能會危及您在自己的類別或任何更廣泛領域中看到的一些勢頭對這種動態的看法？

Yes.

是的。

I've seen some of the recent reports of kind of wholesale department store challenges.

我看到了一些關於批發百貨商店挑戰的最新報導。

I think our performance in those channels over the last 2 quarters has been very strong.

我認為我們在過去兩個季度在這些渠道中的表現非常強勁。

The inventories are clean.

庫存很乾淨。

The sell-throughs have been very healthy.

銷售情況非常健康。

The order book going into the back half of the year is good as well.

進入下半年的訂單也很好。

And I think we're well positioned to be successful in those channels despite some macro challenges they may have.

我認為我們已經做好了在這些渠道取得成功的準備，儘管它們可能面臨一些宏觀挑戰。

We're certainly not immune to those, but I think the strength of our brands, particularly the UGG brand, in the back half of the year bodes well for the success of that business.

我們當然不能倖免於難，但我認為我們品牌的實力，尤其是 UGG 品牌，在今年下半年預示著該業務的成功。

There's obviously an athletic trend going on out there, and we're starting to gain some momentum in sneakers and key areas of that sort, but the innovation in the UGG brand through slippers and hybrid slippers and winter boots has been very strong as well.

顯然有一種運動趨勢正在發生，我們開始在運動鞋和此類關鍵領域獲得一些動力，但 UGG 品牌通過拖鞋、混合拖鞋和冬靴的創新也非常強勁。

So while that athletic trend is going on, we're having success in our own way in different unique categories and capitalizing on that.

因此，儘管這種運動趨勢仍在繼續，但我們正在以自己的方式在不同的獨特類別中取得成功並加以利用。

I think we still have challenges in Europe.

我認為我們在歐洲仍然面臨挑戰。

I think that's one thing we're working through and hence the conservative nature of the guide from a European perspective and cleaning up that marketplace.

我認為這是我們正在努力解決的一件事，因此從歐洲的角度來看，該指南的保守性質並清理了該市場。

If I was to say there's a risk somewhere that we see in the business for the back half of the year, it is the potential there to continue to be soft, particularly with some of the macro level environmental things that are going on in that region, if that makes sense.

如果我要說我們在今年下半年的業務中看到某個地方存在風險，那就是那裡的潛力會繼續疲軟，特別是在該地區正在發生的一些宏觀層面的環境問題的情況下，如果這有意義的話。

Yes.

是的。

I think just one other thing, Jon, and I think Dave, what he just said was kind of spot-on.

我認為只是另一件事，喬恩，我認為戴夫，他剛才所說的有點準確。

I think that, one, there's always risk, right?

我認為，一，總是有風險，對吧？

You're never quite certain what may happen with retailers or other factors that may influence it.

您永遠無法確定零售商或可能影響它的其他因素會發生什麼。

But I think one thing, and it's really demonstrated by our results coming out of this year, is how well our brands have performed with retailers.

但我認為有一件事，我們今年的業績確實證明了這一點，那就是我們的品牌在零售商中的表現如何。

And I think that speaks to the strength of our brands and what we're doing.

我認為這說明了我們品牌的實力以及我們正在做的事情。

I think with our strong backlog, it's showing a commitment on the part of our sales partners and their commitment to our brands that we are resonating with consumers and our products are selling through well.

我認為，憑藉我們強大的積壓，這表明了我們的銷售合作夥伴的承諾以及他們對我們品牌的承諾，我們正在與消費者產生共鳴，並且我們的產品銷售良好。

And that's further demonstrated really by the clean inventory.

清潔庫存進一步證明了這一點。

The next question comes from Sam Poser with Susquehanna.

下一個問題來自 Sam Poser 和 Susquehanna。

First of all, your Teva business, you're getting a lot of press there.

首先，您的梯瓦（Teva）業務，您在那裡受到了很多媒體的關注。

So could you give us some idea, given the switch of Teva over to a distributor model, sort of what the wholesale equivalent sales would look like both in, let's say, the fourth quarter results and in the full year guidance?

那麼，您能否給我們一些想法，考慮到梯瓦（Teva）轉換為分銷商模式，批發等效銷售額在第四季度業績和全年指導中會是什麼樣子？

Yes.

是的。

I mean in terms of switching, we didn't give that number out.

我的意思是在轉換方面，我們沒有給出這個數字。

It's probably about, I would say, kind of $5-ish million.

我會說，這可能大約是 5 億美元左右。

So it's important, I would say, to the brand.

所以我想說，這對品牌很重要。

And they are overcoming that with what we're providing in our guidance.

他們正在通過我們在指導中提供的內容來克服這一點。

And so that's why kind of, again, on the surface what might not look like significant growth, the brand is still growing because they're overcoming really that switch.

這就是為什麼在表面上看起來可能不會顯著增長的品牌仍在增長，因為他們正在克服真正的轉變。

[Just] in Europe.

[只是]在歐洲。

Yes.

是的。

Yes.

是的。

And you'll see positive improvements from a unit perspective as a result of that.

因此，您將從單位的角度看到積極的改進。

But obviously, the revenue hit is being overcome.

但顯然，收入衝擊正在被克服。

And then secondly, two things with HOKA.

其次，HOKA 有兩件事。

Number one, could you talk about other collaborations that you're working on or success or not success of ones you've had recently?

第一，您能否談談您正在開展的其他合作，或者您最近進行的合作是否成功？

And then also as the business grows, I mean sort of what are the step-ups as far as getting more scale to even potentially take margins higher?

然後隨著業務的增長，我的意思是，就擴大規模甚至可能提高利潤率而言，有哪些進步？

Yes.

是的。

I think some of the collaborations that you've seen in engineered garments and a few others, those have been successful at creating energy and excitement for the brand with the broader consumer base.

我認為您在工程服裝和其他一些服裝中看到的一些合作，已經成功地為具有更廣泛消費者群的品牌創造了活力和興奮。

And I think it's important to keep in mind that brands are seeking out HOKA because they want to work with HOKA because of its performance positioning and its authenticity in the running space.

我認為重要的是要記住，品牌正在尋找 HOKA，因為他們希望與 HOKA 合作，因為它的性能定位和在跑步領域的真實性。

They'll continue to do that in a very strategic and selective way.

他們將繼續以非常具有戰略性和選擇性的方式做到這一點。

We're not looking to use collaborations as a huge revenue driver.

我們不希望將合作用作巨大的收入驅動力。

I think that the brand is not in that situation right now.

我認為該品牌現在不在這種情況下。

We still want to stay -- remain true to this core running community and performance-based authenticity of the brand.

我們仍然想留下來——忠於這個核心的跑步社區和品牌的基於性能的真實性。

So we'll use those, and we'll continue to do those at the high end of the distribution chain and using key partners to bring some of that product from a lifestyle perspective to the marketplace, but the real focus remains on the performance categories and continue to expand that.

所以我們將使用這些，我們將繼續在分銷鏈的高端做這些，並使用關鍵合作夥伴將一些產品從生活方式的角度推向市場，但真正的重點仍然是性能類別並繼續擴大。

Right now with your question on growth, we're seeing tremendous success with the current distribution strategy.

現在，隨著您關於增長的問題，我們看到當前的分銷策略取得了巨大的成功。

We think that's right and continuing that for the short term, at least through the next couple of years, and really driving improvements in their e-commerce channel where we can continue to cultivate the lifetime value of that consumer.

我們認為這是正確的，並在短期內繼續這樣做，至少在接下來的幾年內，並真正推動他們的電子商務渠道的改進，我們可以繼續培養該消費者的終身價值。

So we know there's bigger opportunities out there in big box and broader distribution.

所以我們知道在大盒子和更廣泛的分銷中存在更大的機會。

We're keeping an eye on that.

我們正在密切關注這一點。

But we think the right thing right now is to grow this brand strategically in a healthy way with high margins and high sell-through and create some demand and desire for the consumer, versus blowing this out to a broader distribution at this time.

但我們認為，現在正確的做法是以健康的方式戰略性地發展這個品牌，以高利潤和高銷售額，為消費者創造一些需求和慾望，而不是此時將其擴大到更廣泛的分銷渠道。

Well, that wasn't my question.

好吧，那不是我的問題。

My question really was from a production capacity, where you had a big growth, 40% growth, it's going to get to 25%-ish growth next year, and it sounds like -- so at what point do you hit a scale of production, of number of shoes in the market, where you can do even better on price?

我的問題真的來自產能，你有一個很大的增長，40% 的增長，明年將達到 25% 左右的增長，聽起來 - 那麼你在什麼時候達到生產規模，在市場上的鞋子數量中，你可以在價格上做得更好嗎？

I was more talking about from a sourcing perspective like that.

我更多地是從這樣的採購角度談論。

I mean do you have step-ups as far as number of pairs in the market that you would then get better pricing on as the brand grows?

我的意思是，隨著品牌的發展，你會在市場上獲得更好的定價嗎？

Yes.

是的。

We have been working with the same partners over the last few years strategically with a couple of partners that can handle the complexity of the product and the improving innovation of the product over time, and that relationship has been great.

在過去的幾年裡，我們一直在與相同的合作夥伴進行戰略合作，其中有幾個合作夥伴可以處理產品的複雜性並隨著時間的推移不斷改進產品的創新，這種關係一直很好。

And they have the ability to scale up as our business grows.

他們有能力隨著我們業務的增長而擴大規模。

They are seeing the potential of the HOKA brand.

他們看到了 HOKA 品牌的潛力。

They're excited about it.

他們對此很興奮。

They're willing to invest in additional sourcing and production facilities to do that.

他們願意為此投資額外的採購和生產設施。

And that's one of the benefits of a strong platform at Deckers, that we have great partners who see our potential and are willing to invest and grow with us over time.

這是 Deckers 強大平台的好處之一，我們擁有優秀的合作夥伴，他們看到了我們的潛力，並願意隨著時間的推移與我們一起投資和成長。

So that hasn't surfaced as a concern from our supply chain teams and the brand, and I think we're well positioned to sustain this level of growth from a sourcing perspective.

所以這並沒有成為我們的供應鏈團隊和品牌關注的問題，我認為從採購的角度來看，我們已經做好了維持這種增長水平的準備。

And then last two, Europe and Asia, how long will they take to sort of get on the platform, the brand platform that the U.S. is on?

然後最後兩個，歐洲和亞洲，他們需要多長時間才能進入美國所在的品牌平台？

You talked about working on the U.K. And then secondly, how much demand within your guidance like -- I mean how much demand do you think you left on the table last year and sort of how much was in your guidance you perceive you're leaving on -- you'll leave on the table with UGGs, I guess in the U.S. more so than outside the U.S. this year?

你談到了在英國工作。其次，你的指導中有多少需求——我的意思是你認為你去年留下了多少需求，以及你認為你要離開的指導中有多少開——你會帶著UGG離開桌子，我猜今年在美國比在美國以外更重要？

Yes.

是的。

I think this year we just came off a healthy set of meetings last week with the international teams and talking about the game plan for international business.

我認為今年我們剛剛結束了上週與國際團隊的一系列健康會議，並討論了國際業務的遊戲計劃。

Europe and China are very different markets.

歐洲和中國是截然不同的市場。

One is a mono brand market, and one is obviously a complex wholesale market.

一個是單一品牌市場，一個顯然是複雜的批發市場。

So they require different strategies, but both of those will receive attention this year.

因此，它們需要不同的策略，但今年都將受到關注。

I think that you'll see -- start to see a turnaround in the business coming out of this year and going into FY '21, returning back to growth in a healthy way.

我認為你會看到 - 開始看到今年業務出現轉機並進入 21 財年，以健康的方式恢復增長。

The next question comes from Rafe Jadrosich with Bank of America Merrill Lynch.

下一個問題來自美銀美林的 Rafe Jadrosich。

I just wanted to follow up a little bit on Europe.

我只是想對歐洲做一點跟進。

Can you talk about what are the changes you're making in the segmentation strategy?

您能談談您在細分策略中所做的更改嗎？

Will it be similar to the U.S.?

會不會和美國一樣？

Do you have a lot of distribution that you need to close?

你有很多需要關閉的分佈嗎？

And then what would be the revenue impact this year?

那麼今年對收入的影響是什麼？

Yes.

是的。

It's very much similar to what we did in the U.S. And we've been cultivating a little bit of some of the new distribution in the U.K., particularly following what we did with accounts like Foot Locker and Footaction and Urban Outfitters in North America.

這與我們在美國所做的非常相似。我們一直在英國培養一些新的發行版，特別是在我們對北美的 Foot Locker 和 Footaction 和 Urban Outfitters 等賬戶所做的之後。

So we started some of that last year.

所以我們去年開始了其中的一些。

I think the best way to think about it is it requires a pullback of inventory in the marketplace.

我認為考慮它的最佳方式是需要減少市場庫存。

It requires a repositioning of the classic -- core classic business in that marketplace through marketing, PR and events to highlight it in a new way for that consumer, and then segment product by account similar to what we did in North America.

它需要通過營銷、公關和活動來重新定位該市場中的經典核心經典業務，以一種新的方式為消費者突出它，然後像我們在北美所做的那樣按帳戶細分產品。

So we have an existing distribution network there that works very well for us, making sure that they are differentiated from some of the new accounts we're bringing on that are focused on a younger, more sports lifestyle consumer and then augmenting that with the appropriate marketing in both those channels.

因此，我們在那裡有一個非常適合我們的現有分銷網絡，確保它們與我們帶來的一些新賬戶區分開來，這些新賬戶專注於更年輕、更具運動生活方式的消費者，然後通過適當的增強在這兩個渠道中進行營銷。

In all honesty, we pulled back on marketing a little bit last year in order to make sure that we're driving profitability in the right areas.

老實說，我們去年稍微縮減了營銷，以確保我們在正確的領域推動盈利。

Part of the reinvestment in marketing this year is focused on the U.K. marketplace in particular, to bring back heat and energy to that business.

今年營銷再投資的一部分特別關注英國市場，為該業務帶回熱量和能源。

And then a tight controlled distribution with the segment and offering is the formula that we're employing and has worked well in North America.

然後，對細分市場和產品的嚴格控制分佈是我們正在採用的公式，並且在北美運行良好。

And then in terms of HOKA, can you talk about the international opportunity?

然後就 HOKA 而言，您能談談國際機會嗎？

And maybe what's the mix of domestic versus international today?

也許今天國內和國際的混合是什麼？

And then how do you see that changing?

然後你如何看待這種變化？

Yes.

是的。

I think as you saw, we grew 59% internationally last year in HOKA.

我想如你所見，去年我們在 HOKA 的國際市場增長了 59%。

There continues to be incredible upside in that market.

該市場繼續存在令人難以置信的上漲空間。

There is strength and momentum in the European market.

歐洲市場有實力和勢頭。

We have healthy distribution there.

我們在那裡有健康的分佈。

The brand is in a premium positioning.

該品牌處於高端定位。

It's selling through well.

它賣得很好。

And as we expand into new categories, you're going to see continued growth in Europe.

隨著我們擴展到新的類別，您將看到歐洲的持續增長。

China is early, early days.

中國很早，很早。

We don't have awareness there yet.

我們還沒有意識。

We don't have a direct business really established to go after that market in a healthy way yet, so that's down the road.

我們還沒有真正建立一個直接的業務來以健康的方式去追逐那個市場，所以這是在路上。

But we are seeing real strong success year-to-date or so far in Japan where the brand is positioned very well and is seen as a really desirable performance running brand in that marketplace.

但我們在日本看到了今年迄今為止或迄今為止真正取得的巨大成功，該品牌的定位非常好，被視為該市場上非常理想的高性能跑步品牌。

So I think the mix, I'll let Steve speak to the exact mix or what that business looks like today, but we do see international being a significant driver of growth going forward, inclusive of e-commerce in those markets as well.

所以我認為組合，我會讓史蒂夫談談確切的組合或今天的業務是什麼樣的，但我們確實看到國際是未來增長的重要推動力，包括這些市場的電子商務。

Yes.

是的。

I mean roughly on the mix, it's about 2/3 kind of domestic, 1/3 international at this point, with both areas still growing.

我的意思是粗略的混合，目前大約是國內的 2/3，國際的 1/3，這兩個領域仍在增長。

And just the last question from me, you've been pretty aggressive buying back your own stock the last couple of years.

只是我的最後一個問題，過去幾年你一直非常積極地回購自己的股票。

What's sort of the strategy for share repurchase going forward?

未來股票回購的策略是什麼？

I know it's not baked into your guidance or anything, but how should we think about it?

我知道它沒有納入您的指導或任何內容，但我們應該如何考慮呢？

Yes.

是的。

So we don't include any share repurchase in our agreement.

因此，我們的協議中不包括任何股票回購。

As you know, we recently expanded it in January to $350 million.

如您所知，我們最近在 1 月份將其擴大到 3.5 億美元。

We still view share repurchase as a great way to drive value back to our shareholders.

我們仍然認為股票回購是一種將價值回饋給股東的好方法。

We've been more aggressive as of late, really over the last 2 years, we think the $350 million gives us further opportunity.

我們最近變得更加積極，實際上在過去的兩年裡，我們認為 3.5 億美元給了我們更多的機會。

We don't comment specifically on intent to repurchase, but again, see it as a great way.

我們沒有特別評論回購意圖，但再次將其視為一種好方法。

The next question comes from Tom Nikic with Wells Fargo.

下一個問題來自富國銀行的 Tom Nikic。

I just wanted to ask about the DTC channel.

我只是想問一下 DTC 頻道。

I know you're guiding to flat to slightly positive comps, but how should we think about store closures?

我知道您正在指導持平到略微積極的比較，但是我們應該如何考慮關閉商店？

And any quantification around lost revenue related to the store closures would be tremendously helpful.

任何有關與商店關閉相關的收入損失的量化都將非常有幫助。

Yes.

是的。

There is embedded in the guidance a little bit of lost revenue as a result of store closures.

由於商店關閉，指南中包含了一些收入損失。

There will be, net-net, more closures than openings in FY '20.

在 20 財年，淨關閉數量將多於開口數量。

And we're having great e-commerce strength, which is offset by a softness in retail stores.

我們擁有強大的電子商務實力，這被零售店的疲軟所抵消。

So you're seeing that in the guidance for DTC.

因此，您在 DTC 的指南中看到了這一點。

We're continuing to optimize the retail fleet, getting to the right level of stores that we think is best for the brand and the business overall to cover that touch point for the consumer.

我們將繼續優化零售車隊，達到我們認為最適合品牌和整體業務的正確門店水平，以覆蓋消費者的接觸點。

Retail will remain an important part of our strategy going forward, particularly as we're showcasing additional categories on a global scale.

零售仍將是我們未來戰略的重要組成部分，特別是當我們在全球範圍內展示更多類別時。

So we're still in the optimization mode of the retail fleet, but I think we're making great progress, I know we're making great progress.

所以我們仍然處於零售車隊的優化模式，但我認為我們正在取得很大的進步，我知道我們正在取得很大的進步。

What we need to focus now on going forward is improving the experience in the store, driving traffic and leveraging that to help drive the e-commerce business over time.

我們現在需要關注的是改善商店的體驗，增加客流量，並利用它來幫助推動電子商務業務的發展。

Got it.

知道了。

And then just one quick follow-up on the investments this year, which should drive -- I guess SG&A growth is a little bit higher than what we've seen the last few years.

然後對今年的投資進行快速跟進，這應該會推動 - 我猜 SG&A 的增長比我們過去幾年看到的要高一點。

Could you just remind us of what some of the big areas of investment are?

您能否提醒我們一些大的投資領域是什麼？

I would imagine some of it is demand creation for HOKA and just various other initiatives, but just sort of a high-level overview of what the investments are going towards would be great.

我想其中一些是對 HOKA 和其他各種舉措的需求創造，但只是對投資方向的高級概述會很棒。

Yes, happy to do that.

是的，很高興這樣做。

So the biggest investment this year is around marketing.

所以今年最大的投資是圍繞營銷。

It's a combination of really 3 things.

這實際上是三件事的結合。

One is UGG to drive interest and growth in emerging categories as well as, I mentioned earlier, a little bit in the U.K. to reboot that market.

一個是 UGG 推動新興類別的興趣和增長，以及我之前提到的在英國的一點點，以重新啟動該市場。

HOKA is another beneficiary of invested dollars and marketing this year.

HOKA 是今年投資和營銷的另一個受益者。

We're seeing great return on ad spend in the HOKA brand as well as creating awareness and buzz at a high level at the top of the funnel.

我們看到 HOKA 品牌的廣告支出獲得了巨大的回報，並在渠道頂部創造了高水平的知名度和嗡嗡聲。

We're going to continue to invest in that business because we believe there's potential -- tremendous potential upside for the brand, and it's all about getting shoes on feet because we've learned that once you get a shoe, the HOKA brand on someone, they become consumers for a long time, and then we can really build on that.

我們將繼續投資於該業務，因為我們相信該品牌具有潛力——巨大的潛在上升空間，而這一切都是為了讓鞋子站起來，因為我們了解到，一旦你買了鞋子，HOKA 品牌就會出現在某人身上，他們在很長一段時間內成為消費者，然後我們才能真正以此為基礎。

So it's a global approach for both of those brands but really driving awareness of new categories in HOKA for long-term growth.

因此，這對這兩個品牌來說都是一種全球性的方法，但真正推動了 HOKA 對新類別的認識，以實現長期增長。

In addition to that, we're really focused on enhancing our digital marketing capabilities.

除此之外，我們真正專注於增強我們的數字營銷能力。

We're adding some new capabilities this year around personalization for our consumers on our website and social media and then just better data and analytics capabilities from an IT perspective to be able to use some of those real-time insights so we can make quicker, more nimble decisions on marketing and product to market.

今年我們將在我們的網站和社交媒體上為我們的消費者添加一些新功能，然後從 IT 角度提供更好的數據和分析功能，以便能夠使用其中一些實時洞察力，以便我們能夠更快、在營銷和產品上市方面做出更靈活的決策。

So it's a combination of those 3 areas from a marketing and IT perspective and then also investing in innovation across all of our brands.

因此，從營銷和 IT 的角度來看，這是這三個領域的結合，然後還投資於我們所有品牌的創新。

I think you saw the success of one of our most innovative products recently is with the Carbon X, a great example of how the innovation is working within the brand, and feeling excitement and upside potential for all of our brands.

我認為您最近看到了我們最具創新性的產品之一的成功，即 Carbon X，這是創新如何在品牌內發揮作用的一個很好的例子，並為我們所有的品牌感到興奮和上升潛力。

We're going to continue to invest in that area of the business as well.

我們還將繼續投資該業務領域。

This concludes our question-and-answer session, and the conference has also now concluded.

我們的問答環節到此結束，會議也到此結束。

Thank you for attending today's presentation.

感謝您參加今天的演講。

You may now disconnect.

您現在可以斷開連接。