Deckers Outdoor Corp (DECK) 2022 Q4 法說會逐字稿

Good afternoon, and thank you for standing by. Welcome to the Deckers Brands' Fourth Quarter Fiscal 2022 Earnings Conference Call. (Operator Instructions) I would like to remind everyone that this call is being recorded.

下午好，感謝您的支持。歡迎參加 Deckers Brands 2022 財年第四季度財報電話會議。 （操作員說明）我想提醒大家，這個電話正在被錄音。

I'll now turn the call over to Erinn Kohler, VP investor Relations and Corporate Planning.

我現在將把電話轉給投資者關係和企業規劃副總裁 Erinn Kohler。

Hello, and thank you, everyone, for joining us today. On the call is Dave Powers, President and Chief Executive Officer; and Steve Fasching, Chief Financial Officer.

大家好，感謝大家今天加入我們。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. 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. These forward-looking statements are intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995.

在開始之前，我想提醒大家公司的安全港政策。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。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 changes in consumer behavior; strength of our brands and demand for our products; changes to our product allocation, segmentation and distribution strategies; changes to our marketing plans and strategies; changes to our capital allocation strategy; the impact of the COVID-19 pandemic on our business and supply chain; our anticipated revenues, brand performance, product mix, gross margins, expenses, inventory and liquidity position; and our potential repurchase of shares.

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，包括有關消費者行為變化的陳述；我們的品牌實力和對我們產品的需求；我們的產品分配、細分和分銷策略的變化；我們的營銷計劃和策略的變化；改變我們的資本配置策略； COVID-19 大流行對我們的業務和供應鏈的影響；我們的預期收入、品牌表現、產品組合、毛利率、費用、庫存和流動性狀況；以及我們潛在的股票回購。

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. 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.

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。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. 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.

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。除法律或紐約證券交易所上市規則要求外，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。

Thanks, Erinn. Good afternoon, everyone, and thank you for joining us today. I'm excited to share our record-breaking fiscal year 2022 results, which include a number of significant achievements. The first time Deckers delivered over $3 billion in annual revenue, and we did so just 3 years after reaching $2 billion. In total, we delivered fiscal 2022 revenue of $3.15 billion, an increase of 24% over the prior year and nearly 50% above 2 years ago. Aligned with our commitment to driving top line growth and healthy profitability, Deckers delivered an operating margin just shy of 18%. And lastly, we delivered earnings per share of $16.26, which represents a 21% and 69% increase over last year and 2 years ago, respectively.

謝謝，艾琳。大家下午好，感謝您今天加入我們。我很高興與大家分享我們創紀錄的 2022 財年業績，其中包括一些重大成就。 Deckers 第一次實現了超過 30 億美元的年收入，而我們在達到 20 億美元後僅 3 年就做到了。總體而言，我們在 2022 財年實現了 31.5 億美元的收入，比上年增長 24%，比兩年前增長近 50%。根據我們對推動收入增長和健康盈利能力的承諾，Deckers 的營業利潤率接近 18%。最後，我們的每股收益為 16.26 美元，分別比去年和兩年前增長了 21% 和 69%。

As I reflect on this incredible expansion and evolution of our business over the past 2 years, I look forward to seeing our brands build up this momentum, and I'm even more excited about the runway ahead. Of course, none of this would be possible without our dedicated employees and exceptional leadership team collaborating to deliver in a difficult supply chain environment while remaining focused on executing for the long term.

當我回顧過去 2 年我們業務令人難以置信的擴張和發展時，我期待看到我們的品牌建立這種勢頭，我對未來的跑道更加興奮。當然，如果沒有我們敬業的員工和卓越的領導團隊合作，在困難的供應鏈環境中交付，同時保持長期專注於執行，這一切都不可能實現。

Because of these efforts, our performance this year was well aligned with our long-term strategies to drive quality HOKA growth, further diversify and elevate the UGG brand, strengthen and build our DTC business and unlock the full potential of our international markets.

由於這些努力，我們今年的業績與我們推動高質量 HOKA 增長、進一步多元化和提升 UGG 品牌、加強和建立我們的 DTC 業務以及釋放我們國際市場的全部潛力的長期戰略非常吻合。

More specifically, our progress in these strategic initiatives in fiscal 2022 includes: growing HOKA revenue by 56% over the prior year to nearly $900 million, which represents 28% of the total portfolio revenue, up from 22% last year and 17% 2 years ago. Diversifying UGG revenue and highlighting the brand's success around the core with categories outside of women's classics now representing more than 65% of annual brand revenue, up more than 10 percentage points from 5 years ago. Increasing DTC revenue by 14% versus the prior year and 65% versus 2 years ago. And expanding our international business, which grew 25% versus last year and 34% versus 2 years ago.

更具體地說，我們在 2022 財年在這些戰略舉措中取得的進展包括： HOKA 收入比上一年增長 56% 至近 9 億美元，佔投資組合總收入的 28%，高於去年的 22% 和兩年後的 17%前。多元化 UGG 收入並突出品牌核心的成功，女性經典之外的類別現在佔品牌年收入的 65% 以上，比 5 年前增加了 10 個以上。 DTC 收入與去年相比增加了 14%，與兩年前相比增加了 65%。並擴大我們的國際業務，與去年相比增長了 25%，與兩年前相比增長了 34%。

Again, I'm proud of our organization for the hard work that enabled accomplishing these exceptional results while navigating an extremely complicated logistics environment.

再次，我為我們組織的辛勤工作感到自豪，因為他們在極其複雜的物流環境中導航時取得了這些非凡的成果。

Looking ahead to fiscal year 2023, we are operating from a position of strength and leveraging the lessons learned over the last 18 months.

展望 2023 財年，我們正處於強勢地位，並利用過去 18 個月的經驗教訓。

Deckers has incredible growth ahead, and I have the utmost confidence in the consumer demand for our brands and our team's proven ability to deliver on our goals, even amidst a complex macro environment. Steve will provide more details on our forward-looking expectations later in the call.

Deckers 未來的增長令人難以置信，我對消費者對我們品牌的需求以及我們團隊實現目標的能力充滿信心，即使在復雜的宏觀環境中也是如此。史蒂夫將在電話會議稍後提供有關我們前瞻性預期的更多細節。

In the meantime, I will share some details about fiscal 2022 brand and channel performance as well as some context around strategies propelling us forward in fiscal 2023.

同時，我將分享一些關於 2022 財年品牌和渠道表現的細節，以及一些推動我們在 2023 財年向前發展的戰略背景。

Starting with the brand highlights. Global UGG fiscal 2022 revenue increased 15% versus last year to $1.982 billion. This is the second consecutive year of UGG driving double-digit growth. Success in fiscal 2022 was driven by continued consumer adoption of the brand's diverse product assortment as all major categories increased double digits over the prior year. Men's footwear grew to over $300 million after adding approximately $100 million over the last 3 years. Apparel and accessories combined increased 47% over last year, now representing more than 6% of brand mix and more than $100 million. And women's classics continue to drive incremental dollar growth through newness.

從品牌亮點開始。全球 UGG 2022 財年收入比去年增長 15%，達到 19.82 億美元。這是 UGG 連續第二年推動兩位數增長。 2022 財年的成功得益於消費者對該品牌多樣化產品組合的持續採用，因為所有主要類別都比上一年增長了兩位數。在過去 3 年增加約 1 億美元後，男士鞋類增長到 3 億多美元。服裝和配飾的總和比去年增長了 47%，現在佔品牌組合的 6% 以上，超過 1 億美元。女性經典繼續通過新穎性推動美元增長。

Consumers adopting a broader assortment of UGG products is directly related to the brand's ability to develop new franchises while innovating existing franchises.

消費者採用更廣泛的 UGG 產品種類與品牌在創新現有特許經營權的同時開發新特許經營權的能力直接相關。

The Ultra Mini is a great example of the latter. First introduced in the second half of 2020 as a companion style related to the brand's core Classic Mini and Classic Short, the Ultra Mini has been viewed as something of a sneaker alternative with its greater year-round wearability as it supports a lower ankle height profile.

Ultra Mini 就是後者的一個很好的例子。 Ultra Mini 於 2020 年下半年首次推出，作為與品牌核心 Classic Mini 和 Classic Short 相關的配套款式，因其支持較低的腳踝高度輪廓而被視為一種運動鞋替代品，具有更好的全年耐磨性.

While still very new to the UGG assortment, the Ultra Mini has already become a top 5 DTC style among both newly acquired and retained consumers, and it was just outside of the top 5 styles among consumers aged 18 to 34 years old.

雖然對於 UGG 品類來說仍然很新，但 Ultra Mini 已經成為新收購和留存消費者中的前 5 名 DTC 款式，而在 18 至 34 歲的消費者中，它只是排在前 5 名款式之外。

The Tasman is another UGG style that younger consumers are wearing as a sneaker alternative. The original Tasman has been around for many years now, but the UGG product team has developed this heritage style into a burgeoning franchise through the infusion of fresh colors, new prints and logo treatments, adding new lightweight and sustainable material options such as our UGGplush blend of upcycled wool and plant-based lyocell for the Tasman LTA. The introduction of the Tazz, a fashion leading platform version. And most recently, the launch of an innovative rain clog, the Tasman X.

Tasman 是年輕消費者作為運動鞋替代品穿著的另一種 UGG 款式。最初的 Tasman 已經存在很多年了，但 UGG 產品團隊通過注入新鮮的色彩、新的印花和徽標處理，將這種傳統風格發展成一個新興的特許經營權，並添加了新的輕質和可持續材料選擇，例如我們的 UGGplush 混合為 Tasman LTA 提供升級再造的羊毛和植物性萊賽爾纖維。推出時尚領先的平台版Tazz。最近，推出了創新的雨鞋 Tasman X。

We are particularly excited about the initial response of the Tasman X, which was featured as part of a broader rain campaign during the fourth quarter and received positive coverage in a number of fashion publications, including a few organic consumer unboxing viral videos on TikTok. With its versatility, year-round relevance and broad consumer appeal, we believe the Tasman franchise can continue to be a key driver of further diversifying and de-seasonalizing the UGG brand.

我們對 Tasman X 的初步反應感到特別興奮，它是第四季度更廣泛的降雨活動的一部分，並在許多時尚出版物中得到了積極的報導，包括 TikTok 上的一些有機消費者拆箱病毒視頻。憑藉其多功能性、全年相關性和廣泛的消費者吸引力，我們相信 Tasman 特許經營權可以繼續成為 UGG 品牌進一步多樣化和去季節性化的關鍵驅動力。

From an omnichannel marketplace management perspective, the UGG brand strategic priorities for the year played out as expected, with domestic wholesale driving impressive growth through a diverse product assortment while refilling the channel inventories, international region's growth rate exceeding the U.S. growth rate for the first time in 4 years and global direct-to-consumer increasing mid-single digits on top of the more than 30% increase from the prior year.

從全渠道市場管理來看，UGG品牌今年的戰略重點如期發揮，國內批發通過多樣化的產品組合帶動了可觀的增長，同時補充了渠道庫存，國際地區的增長率首次超過美國的增長率在 4 年內，全球直接面向消費者的業務在比上年增長 30% 以上的基礎上增加了中個位數。

These results are a testament to UGG omnichannel marketplace management as the brand was able to drive strong growth across all channels despite logistics challenges impacting the timing of deliveries and availability of products.

這些結果證明了 UGG 全渠道市場管理，因為該品牌能夠推動所有渠道的強勁增長，儘管物流挑戰影響了交付時間和產品的可用性。

This also speaks to the consumer demand for UGG overall, which remains quite high as evidenced in the fourth quarter just completed. UGG performed well beyond our expectations in the fourth quarter as wholesalers accepted later-than-normal deliveries and DTC shoppers waited beyond the peak holiday season for availability of key items that have been out of stock.

這也說明了消費者對 UGG 的整體需求，正如剛剛完成的第四季度所證明的那樣，這一需求仍然很高。 UGG 在第四季度的表現遠遠超出我們的預期，因為批發商接受了比正常交貨時間晚的交貨，而 DTC 購物者在假期旺季之後等待缺貨的關鍵商品的供應。

Across the full fiscal year 2022, we saw a number of favorable indicators for UGG demand, including U.S. search interest increasing 9% over last year and 20% over 2 years ago, according to Google Trends. 18- to 34-year olds remaining the UGG brand's largest age bracket of consumers. Incremental purchases of multiple products at the same time, led by Tasman, Neumel and slipper combinations, highlighting our UGG for all mantra and an increase in the brand's loyalty program enrollment across every region with nearly 6 million global members at year-end.

根據谷歌趨勢，在整個 2022 財年，我們看到了許多對 UGG 需求有利的指標，包括美國搜索興趣比去年增長 9%，比兩年前增長 20%。 18 至 34 歲的人群仍然是 UGG 品牌最大的年齡段消費者。以 Tasman、Neumel 和拖鞋組合為首的同時增加購買多種產品，突出了我們的 UGG for all 口號，以及該品牌在每個地區的忠誠度計劃註冊人數增加，截至年底全球會員人數接近 600 萬。

As the size and scale of the UGG rewards program continues to grow, I want to highlight a few key metrics that emphasize the value of these loyal consumers, such as that members account for approximately 40% or more of revenue in all regions where the program has existed for more than 1 year and that members spend approximately 40% to 50% more than nonloyalty consumers.

隨著 UGG 獎勵計劃的規模和規模不斷擴大，我想強調一些強調這些忠誠消費者價值的關鍵指標，例如會員在計劃實施的所有地區佔收入的大約 40% 或更多已經存在超過 1 年，並且會員的花費比非忠誠消費者高出大約 40% 到 50%。

Fiscal 2022 was another strong year for the UGG brand, and I'd like to thank the team for their hard work and dedication to delivering back-to-back years of exceptional growth.

2022 財年對於 UGG 品牌來說又是一個強勁的一年，我要感謝團隊的辛勤工作和致力於實現連續多年的非凡增長。

On the heels of the growth UGG delivered over the last 2 years, we are placing an emphasis on maintaining the record levels of brand heat across global markets. To do this, we expect to elevate the brands through disciplined and strategic global marketplace management, prioritize the consumer experience at DTC to build loyalty, edit to amplify the assortment, driving fewer but more powerful product stories and attracting new consumers through innovative fashion collaborations. I'm proud of the great work the UGG team has delivered and look forward to continued progress towards our strategic goals in the upcoming year.

在過去 2 年 UGG 實現增長之後，我們將重點放在保持全球市場創紀錄的品牌熱度上。為此，我們希望通過紀律嚴明和戰略性的全球市場管理提升品牌，優先考慮 DTC 的消費者體驗以建立忠誠度，編輯以擴大分類，推動更少但更強大的產品故事，並通過創新的時尚合作吸引新的消費者。我為 UGG 團隊所做的出色工作感到自豪，並期待在來年繼續朝著我們的戰略目標前進。

Moving on to HOKA. Global revenue in fiscal 2022 increased 56% versus last year to $892 million. With improved supply, enabling the delivery of strong growth in the fourth quarter, HOKA drove yet another year of record-breaking results with plenty of exciting runway ahead.

繼續前往 HOKA。 2022 財年的全球收入與去年相比增長了 56%，達到 8.92 億美元。隨著供應的改善，在第四季度實現了強勁的增長，HOKA 推動了又一年的創紀錄業績，前方有大量令人興奮的跑道。

The HOKA team continues to build a balanced business across the brand ecosystem of access points, which has enabled growth in every region across all channels. More specifically, from a channel perspective, for the full year, HOKA global wholesale accelerated, increasing 55% versus the prior year, with volume that is now larger than the brand's entire business in fiscal 2021 and global direct-to-consumer increased 58% versus last year with strong gains in acquired and retained consumers.

HOKA 團隊繼續在接入點的品牌生態系統中建立平衡的業務，從而在每個地區的所有渠道中實現增長。更具體地說，從渠道角度來看，HOKA 全年全球批發業務加速增長，同比增長 55%，2021 財年的銷量已超過該品牌的整體業務，全球直接面向消費者的業務增長了 58%與去年相比，獲得和保留的消費者增長強勁。

With the rapid growth and consumer adoption of HOKA, distribution management remains a critical component of driving awareness with and attracting new consumers.

隨著 HOKA 的快速增長和消費者採用，分銷管理仍然是提高知名度和吸引新消費者的關鍵組成部分。

On the wholesale front, I would note that the majority of growth in fiscal 2022 came from market share expansion with existing run specialty and outdoor retailers versus opening new points of distribution. While HOKA has opened new distribution with strategic partners and even expanded door counts with these accounts in certain instances, the brand continues to be highly disciplined about expansion.

在批發方面，我注意到 2022 財年的大部分增長來自現有專業和戶外零售商的市場份額擴張，而不是開設新的分銷點。雖然 HOKA 已經與戰略合作夥伴開設了新的分銷渠道，甚至在某些情況下通過這些賬戶擴大了門數，但該品牌在擴張方面繼續保持高度自律。

HOKA has a superb group of wholesale partners who have continued to support the brand's strategic vision, enhanced the brand credibility and awareness with core consumers and helped broaden the scope of consumers that HOKA reaches.

HOKA擁有一批優秀的批發合作夥伴，他們持續支持品牌的戰略願景，提升品牌在核心消費者中的可信度和認知度，幫助拓寬HOKA的消費者範圍。

Further to that point, I'd like to provide a little more context around the HOKA brand's growth opportunity at wholesale in the upcoming year and beyond, which includes core to our brand strategy, building market share and run specialty. While in certain locations, HOKA has grown to the #1 or #2 brand, we have identified several regional growth opportunities within pockets of the U.S. as well as overseas. Volume expansion with strategic partners that have opened in the last 2 years with the opportunity to increase door counts over time and opening a select number of doors with new strategic accounts.

此外，我想提供更多關於 HOKA 品牌在未來一年及以後的批發增長機會的背景信息，其中包括我們品牌戰略的核心、建立市場份額和經營專業。雖然在某些地區，HOKA 已成長為 #1 或 #2 品牌，但我們已經在美國和海外地區發現了幾個區域增長機會。與過去 2 年開設的戰略合作夥伴一起擴大銷量，並有機會隨著時間的推移增加門數，並通過新的戰略客戶開設選定數量的門。

One of these new strategic relationships I'd like to highlight is Foot Locker. HOKA and Foot Locker have shown mutual interest for several years now, and over that time created a distribution plan that aligns the interest of both parties. We are excited to be opening HOKA in a limited number of Foot Locker doors beginning this summer with the intent to increase the brand's exposure with the young consumers in key markets where HOKA is lacking presence with existing distribution.

我想強調的這些新戰略關係之一是Foot Locker。 HOKA 和 Foot Locker 多年來一直表現出共同利益，並在此期間制定了一個符合雙方利益的分配計劃。我們很高興從今年夏天開始在有限數量的 Foot Locker 門中開設 HOKA，以增加該品牌在 HOKA 現有分銷中缺乏影響力的關鍵市場的年輕消費者中的曝光率。

We know from our experience with UGG that the Foot Locker team has a clear perspective on their consumer and believe this valuable partnership can have a considerable impact on HOKA awareness with the 18- to 34-year-old audience.

我們從與 UGG 合作的經驗中了解到，Foot Locker 團隊對其消費者有著清晰的認識，並相信這種寶貴的合作夥伴關係可以對 18 至 34 歲的觀眾對 HOKA 的認識產生相當大的影響。

Complementing the HOKA wholesale business, the brand's direct-to-consumer channel has continued to acquire new consumers as well as drive repeat purchases with existing consumers.

作為 HOKA 批發業務的補充，該品牌的直接面向消費者的渠道繼續吸引新消費者，並推動現有消費者的重複購買。

In fiscal 2022, HOKA global direct-to-consumer acquisition increased 50% versus the prior year, and retention increased 62% versus the prior year. While acquiring new consumers is an important metric as we expand HOKA awareness, increasing customer retention is a critical component of maintaining brand strength and building loyalty.

在 2022 財年，HOKA 全球直接面向消費者的購買量比上年增長了 50%，留存率比上年增長了 62%。雖然獲得新消費者是我們擴大 HOKA 知名度的重要指標，但提高客戶保留率是保持品牌實力和建立忠誠度的關鍵組成部分。

Ultimately, DTC is where HOKA can best showcase the breadth and newness of the brand's innovative product assortment, including apparel, and provide a convenient consumer experience to drive repeat purchases.

歸根結底，DTC 是 HOKA 最能展示品牌創新產品組合（包括服裝）的廣度和新穎性的地方，並提供便利的消費者體驗以推動重複購買。

Over the last year, HOKA drove more than 40% increase in the number of consumers making multiple purchases as well as those purchasing across multiple categories.

去年，HOKA 推動了多次購買以及跨多個類別購買的消費者數量增加了 40% 以上。

Though wholesale remains the primary acquisition point for new consumers, the HOKA brand's digital marketing activations are also driving DTC acquisition with targeted consumers. With specific focus on the 18- to 34-year-old consumer, the HOKA brand's digital tactics have been successful in growing the mix of these consumers by 2 percentage points over the last year and 6 percentage points over 2 years ago.

儘管批發仍然是新消費者的主要獲取點，但 HOKA 品牌的數字營銷活動也推動了目標消費者的 DTC 獲取。 HOKA 品牌的數字策略特別關注 18 至 34 歲的消費者，成功地將這些消費者的組合比去年增加了 2 個百分點，比兩年前增加了 6 個百分點。

HOKA is also seeing a fantastic consumer response of the brand's pop-up retail locations. New York has been our strongest performer, but we're also excited about the recently opened pop-up store in Chicago and a relocation in Los Angeles, where we opened a store in Venice, California.

HOKA 還看到消費者對該品牌的快閃零售店的反響非常好。紐約一直是我們表現最強勁的，但我們也對最近在芝加哥開設的快閃店和在洛杉磯的搬遷感到興奮，我們在加利福尼亞州的威尼斯開設了一家商店。

We believe HOKA can deliver a premium experience at retail locations by showcasing the breadth of the brand's product offering and driving community engagement.

我們相信 HOKA 可以通過展示品牌產品供應的廣度和推動社區參與，在零售地點提供優質體驗。

Over the longer term, we see an opportunity to open a limited number of permanent locations in key cities around the world including our first U.S. location in New York City by the end of fiscal 2023.

從長遠來看，我們看到了在全球主要城市開設數量有限的永久地點的機會，包括到 2023 財年末我們在紐約市的第一個美國地點。

The HOKA brand's new strategic wholesale distribution, targeted digital marketing activations and pop-up retail stores in key markets are collectively designed to accelerate consumer acquisition around the world through increased awareness.

HOKA 品牌的新戰略批發分銷、有針對性的數字營銷活動和主要市場的彈出式零售店旨在通過提高認知度來加速全球消費者獲取。

Our integrated approach to managing HOKA distribution continues to serve the brand well in driving balanced global growth across the HOKA ecosystem of access points.

我們管理 HOKA 分銷的綜合方法繼續為品牌提供良好的服務，推動整個 HOKA 接入點生態系統的全球平衡增長。

On the product front, HOKA continues to develop an assortment designed to ignite the inner athlete within all humans. The brand's inclusive approach to product management includes evolving heritage franchises, to be accessible to all types of athletes, elevating performance through new innovations and expanding the consumer audience through new categories.

在產品方面，HOKA 繼續開發一系列旨在激發所有人內心運動的產品。該品牌對產品管理的包容性方法包括不斷發展的傳統特許經營權，讓所有類型的運動員都可以使用，通過新的創新提升表現，並通過新的類別擴大消費者受眾。

HOKA made progress in all 3 of these strategies in fiscal '22 by introducing the Bondi X, which is both an evolution of the heritage Bondi style and an elevation of performance with the addition of a propulsive carbon plate to the brand's most cushioned ride.

HOKA 在 22 財年推出了 Bondi X，在所有這 3 項戰略中都取得了進展，這既是傳統 Bondi 風格的演變，又是通過在該品牌最緩衝的騎行中添加推進碳板來提升性能。

Trailblazing with the all-new Speedgoat 5, the lightest and most grippy version of the brand's #1 trail shoe. Reinventing the Mach using a lower profile outsole that delivers soft cushion with an uptempo ride built for speed and capable of being an everyday trainer. Disrupting the height category with the Anacapa franchise, which is a performance hiking shoe that features sneaker-like comfort. And launching the all-new Kawana, which is designed to seamlessly transition from gym workouts to daily runs to casual wear.

全新 Speedgoat 5 開創先河，這是該品牌 #1 越野鞋的最輕、最抓地力的版本。使用低調外底重塑 Mach，提供柔軟的緩衝墊和快節奏的騎行，專為速度而設計，能夠成為日常訓練師。 Anacapa 系列打破了身高類別，這是一款性能登山鞋，具有運動鞋般的舒適感。並推出全新的 Kawana，旨在從健身房鍛煉無縫過渡到日常跑步再到休閒裝。

In all, HOKA continues to develop a compelling product assortment that is built with all types of athletes in mind, serving the spectrum of performance runners, to extreme hikers and trail explorers as well as those looking for everyday all-day comfort.

總而言之，HOKA 繼續開發引人注目的產品系列，該系列產品專為各種類型的運動員而設計，服務於各種性能跑步者、極限徒步旅行者和越野探險者以及尋求日常全天舒適的人。

I want to congratulate the HOKA team on delivering another phenomenal year of growth, which we expect to continue in fiscal 2023 through continued market share gains with existing wholesale partners, expanded awareness with new consumers as the brand launches its first major global marketing campaign later this summer, driving acquisition and replenishment activity through our direct-to-consumer channel and introducing innovative products with the brand signature HOKA ride.

我要祝賀 HOKA 團隊又實現了驚人的增長一年，我們預計將在 2023 財年繼續通過現有批發合作夥伴的市場份額持續增長，隨著該品牌在今年晚些時候推出其首次重大全球營銷活動，擴大新消費者的認知度夏季，通過我們的直接面向消費者的渠道推動收購和補充活動，並推出具有品牌標誌性 HOKA 騎行的創新產品。

Turning to Teva. Global revenue in fiscal 2022 increased 17% versus last year to a record $163 million. Growth this year was driven by the brand's leadership in sports sandals and progress building share in closed toe categories, highlighted by the success of the Hurricane and the ReEmber franchise.

轉向梯瓦。 2022 財年的全球收入與去年相比增長了 17%，達到創紀錄的 1.63 億美元。今年的增長是由該品牌在運動涼鞋領域的領先地位和在封閉鞋頭類別中不斷擴大份額推動的，Hurricane 和 ReEmber 特許經營權的成功突出了這一點。

While wholesale drove the majority of growth for Teva in FY '22, the brand was able to comp the exceptional DTC growth experienced in the prior fiscal year. Success at DTC was driven by a significant increase in retained consumers, which the brand will look to replicate in the upcoming year.

雖然批發推動了梯瓦在 22 財年的大部分增長，但該品牌能夠彌補上一財年經歷的異常 DTC 增長。 DTC 的成功得益於留存消費者的顯著增加，該品牌希望在來年復制這一點。

Shifting to Koolaburra. Global revenue in fiscal 2022 decreased 9% versus last year to $69 million due to the disruption of wholesale deliveries that resulted from pandemic-related bottlenecks. Despite this, the Koolaburra brand's DTC business increased 35% over last year and is now 3x the size of DTC volume 2 years ago.

轉移到庫拉布拉。由於與大流行相關的瓶頸導致批發交付中斷，2022財年的全球收入與去年相比下降了9%至6900萬美元。儘管如此，Koolaburra 品牌的 DTC 業務比去年增長了 35%，現在是 2 年前 DTC 業務量的 3 倍。

And finally, Sanuk global revenue in fiscal year 2022 increased 3% to $43 million. We are pleased with the brand's performance driven by a greater mix of full price business and an increase in higher price point items.

最後，Sanuk 在 2022 財年的全球收入增長了 3%，達到 4300 萬美元。我們對該品牌的表現感到滿意，這得益於全價業務的更大組合和更高價位商品的增加。

With respect to channel performance in fiscal year 2022, both wholesale and DTC drove double-digit growth over the prior year, reflecting the strength of our omnichannel brand management.

在 2022 財年的渠道表現方面，批發和 DTC 均比上一年實現了兩位數的增長，反映了我們全渠道品牌管理的實力。

For the year, global wholesale revenue increased 31% over last year and 39% over 2 years ago with 4 out of 5 brands posting double-digit increases this year. Wholesale dollar growth was primarily driven by the momentum of global HOKA as the brand continues to gain market share, reselling the marketplace inventories for domestic UGG accounts and the UGG brand's international markets returning to growth, benefiting from the marketplace reset activities over the past few years that cleaned up distribution in EMEA and localized product and marketing strategies in China.

今年，全球批發收入比去年增長 31%，比兩年前增長 39%，今年 5 個品牌中有 4 個實現了兩位數的增長。批髮美元增長主要受全球 HOKA 勢頭的推動，因為該品牌繼續獲得市場份額，轉售國內 UGG 賬戶的市場庫存以及 UGG 品牌的國際市場恢復增長，受益於過去幾年的市場重置活動清理了歐洲、中東和非洲地區的分銷渠道，並在中國本土化了產品和營銷策略。

Overall, wholesale revenue represented 61% of total revenue, which is up from 58% last year, but down from 65% 2 years ago. We expect to drive continued growth through wholesale, working with best-in-class partners who are showcasing our brands and attracting new consumers around the world.

總體而言，批發收入佔總收入的 61%，高於去年的 58%，但低於兩年前的 65%。我們希望通過與展示我們品牌並吸引全球新消費者的一流合作夥伴合作，通過批發推動持續增長。

From a direct-to-consumer standpoint, revenue for the year increased 14% over last year and 65% over 2 years ago to $1.2 billion. We experienced year-over-year gains in both physical retail as we lap closures during the prior year and online where we have focused our investments to drive new consumer acquisition and increase retention.

從直接面向消費者的角度來看，今年的收入比去年增長了 14%，比兩年前增長了 65%，達到 12 億美元。我們在實體零售方面都經歷了同比增長，因為我們在上一年關閉了網絡，我們將投資集中在推動新的消費者獲取和提高保留率上。

Importantly, our DTC business is growing globally and across multiple brands as both domestic and international DTC increased double digits over last year, and 4 out of our 5 brands experienced growth on top of the exceptional increases achieved in the prior year with HOKA and UGG accounting for the vast majority of dollar volume gains.

重要的是，我們的 DTC 業務在全球和多個品牌中都在增長，因為國內和國際 DTC 均比去年增長了兩位數，我們 5 個品牌中有 4 個在 HOKA 和 UGG 會計去年實現的非凡增長的基礎上實現了增長為絕大多數的美元交易量收益。

With that, I'll hand the call over to Steve to provide further details on our fourth quarter and fiscal 2022 financial results as well as our initial outlook on fiscal year 2023. Steve?

有了這個，我將把電話轉給史蒂夫，以提供有關我們第四季度和 2022 財年財務業績的更多細節，以及我們對 2023 財年的初步展望。史蒂夫？

Thanks, Dave, and good afternoon, everyone. As you've just heard, our company's performance in fiscal year 2022 was outstanding as we drove top line growth above 20% and maintained top-tier operating margin in the high teens despite increased costs resulting from global supply chain disruption.

謝謝，戴夫，大家下午好。正如您剛剛聽到的那樣，儘管全球供應鏈中斷導致成本增加，但我們公司在 2022 財年的表現非常出色，因為我們將收入增長超過 20%，並在十幾歲的時候保持了一流的營業利潤率。

Deckers has added just over $1 billion to revenue in 2 years, driven by the strength of demand for our brands, specifically HOKA, which has grown more than 50% for 3 consecutive years and UGG, which has increased double digits in back-to-back years.

由於對我們品牌的需求強勁，特別是連續 3 年增長超過 50% 的 HOKA 和連續三年增長兩位數的 UGG，Deckers 的收入在 2 年內增加了超過 10 億美元。回到幾年。

Our long-term strategies have continued to provide a strong foundation for driving profitable growth, and we are proud to maintain exceptional operating margin levels. We believe that with continued investment behind our key strategies, Deckers can drive profitable growth over the long term.

我們的長期戰略繼續為推動盈利增長奠定堅實的基礎，我們為保持卓越的營業利潤率水平而感到自豪。我們相信，隨著我們關鍵戰略的持續投資，Deckers 可以長期推動盈利增長。

We're excited about the year ahead. But first, let's get into our fourth quarter and fiscal year 2022 results. For the fourth quarter, revenue was $736 million, up 31% versus the prior year. Growth was driven by improved HOKA inventory availability that allowed the brand to deliver both record quarterly revenue of $283 million and full year revenue that was above the high end of our guidance range.

我們對未來的一年感到興奮。但首先，讓我們來看看我們第四季度和 2022 財年的業績。第四季度收入為 7.36 億美元，同比增長 31%。增長得益於 HOKA 庫存可用性的改善，這使該品牌能夠實現創紀錄的 2.83 億美元的季度收入和高於我們指導範圍高端的全年收入。

Better-than-expected outperformance as we saw an extension of the holiday season with consumers willing to wait for delayed DTC shipments of product in high demand and fewer wholesale cancellations due to the continued strength of the UGG brand as accounts showed a preference to hold greater levels of key seasonal inventory as a hedge against future potential supply chain disruption that could occur in the upcoming year. And as a result, we expect this to impact UGG orders in this coming fall.

表現好於預期，因為我們看到假日季節延長，消費者願意等待 DTC 延遲發貨，需求量很大的產品，以及由於 UGG 品牌的持續強勢導致批發取消減少，因為賬戶顯示偏好持有更多關鍵季節性庫存水平作為對沖未來一年可能發生的潛在供應鏈中斷的風險。因此，我們預計這將影響今年秋季的 UGG 訂單。

Gross margin in the fourth quarter was 48.7%, a 450 basis point decrease from the prior year period. The lower gross margin was primarily related to an approximate 490 basis point freight impact, primarily from increased air usage and higher ocean rates, unfavorable channel mix as wholesale growth outpaced DTC and unfavorable foreign currency exchange rates with partial offsets from HOKA margins benefiting from price increases and favorable brand mix.

第四季度毛利率為 48.7%，比去年同期下降 450 個基點。毛利率下降主要與約 490 個基點的貨運影響有關，主要是由於航空使用量增加和海運費上漲，由於批發增長超過 DTC 導致渠道組合不利，以及不利的外匯匯率部分抵消了 HOKA 利潤率受益於價格上漲和有利的品牌組合。

SG&A for the quarter was $277 million or 37.7% of revenue versus last year's $244 million or 43.5% of revenue. The increased spend was primarily related to higher head count, marketing and performance-related compensation.

本季度的 SG&A 為 2.77 億美元，佔收入的 37.7%，而去年為 2.44 億美元，佔收入的 43.5%。增加的支出主要與更高的員工人數、營銷和績效相關的薪酬有關。

These results, along with the lower tax rate and share count, resulted in diluted earnings per share more than doubling last year's at $2.51.

這些結果，加上較低的稅率和股票數量，導致每股攤薄收益比去年增加一倍多，達到 2.51 美元。

Our fourth quarter results underscore the exceptional performance demonstrated by our brands throughout fiscal year 2022, where Deckers eclipsed $3 billion of revenue for the first time.

我們的第四季度業績突顯了我們品牌在整個 2022 財年所表現出的卓越表現，其中 Deckers 的收入首次超過 30 億美元。

For the full fiscal year 2022, revenue increased 24% versus last year to $3.15 billion. Our company added over $1 billion in top line revenue over the last 2 years, delivering a nearly 50% increase over fiscal year 2020.

2022 財年全年，收入比去年增長 24%，達到 31.5 億美元。我們公司在過去 2 年中增加了超過 10 億美元的收入，比 2020 財年增長了近 50%。

As compared to our guidance, revenue was $90 million above the high end, primarily due to outperformance in UGG.

與我們的指導相比，收入比高端高出 9000 萬美元，這主要是由於 UGG 的出色表現。

Revenue growth versus the prior year was driven by our 2 largest brands as UGG increased 15% to $1.982 billion, with growth primarily driven by wholesale refill in the U.S. and a return to growth within the brand's international regions as we signaled at the outset of fiscal year 2022. And HOKA increased 56% to $892 million, with growth driven by all global regions and channels of distribution.

與上一年相比，收入增長由我們的兩個最大品牌推動，UGG 增長 15% 至 19.82 億美元，增長主要是由美國的批發補充和品牌國際地區的恢復增長推動的，正如我們在財政年度開始時所暗示的那樣2022 年。HOKA 增長 56% 至 8.92 億美元，增長受到全球所有地區和分銷渠道的推動。

Gross margins for the year were down 300 basis points versus last year to 51%. The decrease in gross margin was related to an approximate 370 basis point decrease from freight, primarily due to increased air usage and higher ocean container rates and unfavorable channel mix as wholesale growth outpaced direct-to-consumer, with partial offsets from a greater mix of HOKA revenue, fewer closeouts and favorable foreign currency exchange rates.

今年的毛利率與去年相比下降了 300 個基點至 51%。毛利率下降與貨運減少約 370 個基點有關，這主要是由於航空使用量增加和海運集裝箱運費增加，以及由於批發增長超過直接面向消費者的不利渠道組合，部分抵消了更大的組合HOKA 收入、更少的清算和有利的外幣匯率。

For the full fiscal year, we incurred freight costs that were more than $100 million above the prior year, excluding the impact of higher volumes.

在整個財年，我們的運費成本比上一年高出 1 億多美元，不包括銷量增加的影響。

SG&A dollar spend for the year was $1.043 billion, up 20% versus the prior year $870 million. SG&A represented 33.1% of revenue in fiscal year 2022 as compared to 34.2% in fiscal year 2021. Higher dollar spend was primarily related to increased marketing to build global awareness of the UGG and HOKA brands, increased compensation costs for added head count to support our scaling organization and higher warehouse costs to support the growth of our brands.

當年的 SG&A 美元支出為 10.43 億美元，比上年的 8.7 億美元增長 20%。 SG&A 佔 2022 財年收入的 33.1%，而 2021 財年為 34.2%。美元支出增加主要是因為增加營銷以建立 UGG 和 HOKA 品牌的全球知名度，增加補償成本以增加員工人數以支持我們擴大組織規模和提高倉庫成本，以支持我們品牌的發展。

This resulted in a full year 2022 operating margin of 17.9%, which is at the high end of our original guidance range of between 17.5% and 18%. Despite the freight cost being well above what we anticipated at the outset of the year, we were able to deliver this operating margin result through disciplined management of variable expenses.

這導致 2022 年全年營業利潤率為 17.9%，處於我們最初指導範圍 17.5% 至 18% 之間的高端。儘管運費成本遠高於我們年初的預期，但我們能夠通過對可變費用的嚴格管理來實現這一營業利潤率結果。

For the year, our tax rate was 20%, which compares favorably to last year's 23.7%. Taxes were lower this year, primarily as a result of certain discrete tax benefits recognized in the fourth quarter and a higher proportion of international revenue.

全年，我們的稅率為 20%，與去年的 23.7% 相比有優勢。今年的稅收較低，主要是由於第四季度確認了某些離散的稅收優惠以及國際收入的比例較高。

With these results, Deckers delivered another record diluted earnings per share of $16.26, which compares to $13.47 in fiscal year 2021. This result is more than $1 above the high end of our guidance range due to the strength of our fourth quarter. The $2.79 increase as compared to last year was primarily driven by: global UGG and HOKA revenue growth, net of increased marketing; a lower tax rate; a lower share count, reflecting the benefit of our most aggressive annual share repurchase to date; and favorable foreign currency exchange rates on net revenue, with partial offsets from higher freight costs from both airfreight utilization and climbing ocean rates, higher compensation costs with increased head count, greater warehouse costs and variable expense growth in line with revenue growth.

憑藉這些結果，Deckers 實現了創紀錄的每股攤薄收益 16.26 美元，而 2021 財年為 13.47 美元。由於第四季度的強勁表現，這一結果比我們指導範圍的高端高出 1 美元以上。與去年相比增加了 2.79 美元，主要是由於：全球 UGG 和 HOKA 收入增長，扣除營銷增加；較低的稅率；股票數量減少，反映了我們迄今為止最積極的年度股票回購的好處；有利的外幣匯率對淨收入的影響，部分抵消了空運利用率和海運費上漲導致的更高運費、員工人數增加導致的更高補償成本、更高的倉庫成本以及與收入增長一致的可變費用增長。

Turning to our balance sheet. At March 31, 2022, we ended the year with $844 million of cash and equivalents. Inventory was $507 million, up 82% from $278 million at the same point in time last year and up 63% versus 2 years ago, more closely aligned with the sales growth of 48% for the same period. And due to the significant increase of ocean freight rates in the second half of fiscal year 2022, this inventory includes approximately $50 million of embedded incremental ocean freight. And during the period, we had no short-term borrowings. For the year, these results returned invested capital above 35%.

轉向我們的資產負債表。截至 2022 年 3 月 31 日，我們以 8.44 億美元的現金和等價物結束了這一年。庫存為 5.07 億美元，比去年同期的 2.78 億美元增長 82%，比兩年前增長 63%，與同期 48% 的銷售額增長更為接近。由於 2022 財年下半年海運費率大幅上漲，該庫存包括約 5000 萬美元的嵌入式增量海運。在此期間，我們沒有短期借款。全年，這些結果使投資資本回報率超過 35%。

During the fourth quarter, we repurchased approximately $90 million worth of shares at an average price of $292.51. For the entire fiscal year 2022, we repurchased over 1 million shares for approximately $357 million at an average price of $341.77. At March 31, 2022, the company still had $454 million remaining under its stock repurchase authorization.

在第四季度，我們以平均 292.51 美元的價格回購了價值約 9000 萬美元的股票。在整個 2022 財年，我們以約 3.57 億美元的平均價格回購了超過 100 萬股股票，平均價格為 341.77 美元。截至 2022 年 3 月 31 日，公司在股票回購授權下仍有 4.54 億美元剩餘。

Before moving to our outlook for fiscal year 2023, I'd like to provide an update on the status of our logistics network and the actions we are taking to mitigate any macro supply chain impacts on our business. Prolonged transit lead times, port bottlenecks related to trucking scarcity and ocean container shortages were the most material impacts to our business in fiscal year 2022, and we expect some of these pressures will continue as we begin fiscal year 2023.

在談到我們對 2023 財年的展望之前，我想提供有關我們物流網絡狀態的最新信息，以及我們為減輕宏觀供應鏈對我們業務的影響而採取的行動。過境交貨時間延長、與卡車運輸稀缺相關的港口瓶頸和海運集裝箱短缺是對我們 2022 財年業務的最大實質性影響，我們預計在 2023 財年開始時，其中一些壓力將繼續存在。

While I'm pleased to report that delays and pork backlog have improved, we remain cautious given the scaling size of our business, risks that current or future COVID outbreaks or other global events have a domino effect across the supply chain and the potential for port labor disruption to occur later this summer.

雖然我很高興地報告延遲和豬肉積壓情況有所改善，但鑑於我們業務規模的擴大、當前或未來 COVID 爆發或其他全球事件對整個供應鏈產生多米諾骨牌效應的風險以及港口的潛力，我們仍然保持謹慎今年夏天晚些時候將發生勞動力中斷。

As such, we continue to prioritize receiving inventory into the country of sale and thus, expect inventory balances to remain elevated during fiscal year 2023. Given the momentum of our brands and our strong balance sheet, we are comfortable carrying higher levels of inventory to ensure demand will be fulfilled.

因此，我們繼續優先考慮將庫存接收到銷售國，因此，預計 2023 財年庫存餘額將保持較高水平。鑑於我們品牌的發展勢頭和強勁的資產負債表，我們可以放心地持有更高水平的庫存以確保需求將得到滿足。

From a factory production standpoint, we have been successful in securing additional production lines with existing partners as well as onboarding new partners. We believe this will support our plan to continue fueling the growth of our brands and anticipate that this new production will allow us to begin to see expanded capabilities and capacities as we ramp into fiscal 2023 and beyond.

從工廠生產的角度來看，我們已經成功地與現有合作夥伴確保了額外的生產線以及新合作夥伴的加入。我們相信這將支持我們繼續推動品牌增長的計劃，並預計隨著我們進入 2023 財年及以後，這種新的生產將使我們開始看到擴大的能力和產能。

On the cost front, we continue to see higher prices across the supply chain. But in some cases, we have seen some moderation. From an ocean freight perspective, we anticipate this to be a headwind to the first half gross margins as we lapped last year's first half lower cost. Additionally, we have been monitoring inflationary pressures on materials, but believe that impacts from ocean freight and materials inflation can be mitigated by the price increases we implemented for HOKA in the fourth quarter of fiscal 2022 and planned increases for UGG beginning in fall of 2022.

在成本方面，我們繼續看到整個供應鏈的價格上漲。但在某些情況下，我們已經看到了一些緩和。從海運的角度來看，我們預計這將成為上半年毛利率的逆風，因為我們超過了去年上半年的較低成本。此外，我們一直在監測材料的通脹壓力，但相信海運和材料通脹的影響可以通過我們在 2022 財年第四季度對 HOKA 實施的價格上漲以及從 2022 年秋季開始對 UGG 的價格上漲進行緩解。

Beyond that, we continue to anticipate using airfreight in fiscal 2023, but almost exclusively for the HOKA brand as we will work to fill production gaps caused by factory disruption. While we will experience savings from less air on the UGG side, we still anticipate using HOKA airfreight during the year, which we do not intend to cover through pricing action.

除此之外，我們繼續預計在 2023 財年使用空運，但幾乎只針對 HOKA 品牌，因為我們將努力填補因工廠中斷造成的生產缺口。雖然我們將因 UGG 方面的空運減少而節省成本，但我們仍預計年內使用 HOKA 空運，我們不打算通過定價行動來覆蓋。

With all that in mind, we have taken concrete steps to mitigate the impacts on our business from persistent supply chain disruption, including placing orders and taking possession of inventory earlier for in-demand items, carrying greater levels of inventory on key styles during this disruptive period, using airfreight to strategically position HOKA for the global market share gain and improving our supply chain logistics capabilities.

考慮到所有這些，我們已採取具體措施來減輕持續的供應鏈中斷對我們業務的影響，包括下訂單和更早地為有需求的商品獲取庫存，在這種破壞性期間為關鍵款式提供更高水平的庫存期間，利用空運戰略定位 HOKA 以獲得全球市場份額並提高我們的供應鏈物流能力。

While some of these strategies will increase costs and reduce certain efficiencies in the short term, we believe these decisions support driving profitable top line growth over the longer term.

雖然其中一些策略會在短期內增加成本並降低某些效率，但我們認為這些決策有助於推動長期盈利的收入增長。

Shifting to our outlook. For the full fiscal year 2023, we expect year-over-year top line revenue growth of 10% to 11%, leading to revenue in the range of $3.45 billion to $3.5 billion, with HOKA growing in the mid- to high 30% range, reaching the $1.2 billion milestone on the low end. UGG growing low single digits, accounting for the wholesale revenue that shifted into the fourth quarter of fiscal year 2022 that we anticipate will sell through during the upcoming fall season. And wholesale and DTC growth at a similar rate, reflecting the impact of strategic growth initiatives across all brands.

轉向我們的前景。對於整個 2023 財年，我們預計收入將同比增長 10% 至 11%，導致收入在 34.5 億美元至 35 億美元之間，HOKA 將在 30% 的中高範圍內增長，在低端達到 12 億美元的里程碑。 UGG 增長低個位數，占到 2022 財年第四季度的批發收入，我們預計將在即將到來的秋季銷售。批發和 DTC 的增長速度相近，反映了戰略增長計劃對所有品牌的影響。

Gross margin is expected to be approximately 51.5%, which is 50 basis points higher than last year. The increase over last year anticipates less airfreight and benefits from select price increases within HOKA and UGG with headwinds from foreign currency exchange rates and continued impacts from higher ocean rates.

毛利率預計約為 51.5%，比去年高 50 個基點。與去年相比的增長預計將減少空運，並受益於 HOKA 和 UGG 的特定價格上漲，以及外匯匯率的逆風和更高的海運費的持續影響。

SG&A is expected to be approximately 34% of revenue. Higher spend is primarily related to: investments in talent and capabilities to scale the business and remain competitive in the marketplace; increased marketing to build global HOKA awareness and broaden the brand's consumer appeal; and increased travel as markets open up.

SG&A 預計約佔收入的 34%。更高的支出主要與：對人才和能力的投資以擴大業務規模並保持市場競爭力；增加營銷以建立全球 HOKA 意識並擴大品牌的消費者吸引力；隨著市場的開放，旅行增加。

With these gross margins and SG&A expectations, we expect an operating margin in the range of 17.5% to 18%, which is similar to fiscal 2022 levels and approximately 150 to 200 basis points above pre-pandemic levels despite persistent cost pressures related to supply chain disruptions and aligns with our commitment to remain top tier among our peer group even as we continue investing behind long-term initiatives. We are projecting a tax rate of approximately 22% to 23%. All of this results in an expected diluted earnings per share in the range of $17.40 to $18.25.

憑藉這些毛利率和 SG&A 預期，我們預計營業利潤率在 17.5% 至 18% 之間，與 2022 財年水平相似，比大流行前水平高出約 150 至 200 個基點，儘管與供應鏈相關的成本壓力持續存在即使我們繼續投資於長期計劃，也符合我們在同行中保持領先地位的承諾。我們預計稅率約為 22% 至 23%。所有這些導致每股預期攤薄收益在 17.40 美元至 18.25 美元之間。

Capital expenditures are expected to be in the range of $100 million to $110 million, which is elevated versus prior years as we scale infrastructure to align with our growing organization. Key areas of investment include additional warehouse space, capital IT projects and refreshing certain existing retail stores as well as opening strategic new locations for HOKA and UGG.

資本支出預計將在 1 億美元至 1.1 億美元之間，隨著我們擴展基礎設施以適應我們不斷發展的組織，這與往年相比有所增加。主要投資領域包括額外的倉庫空間、資本 IT 項目和更新某些現有零售店以及為 HOKA 和 UGG 開設戰略性新地點。

Our fiscal 2023 guidance excludes any charges that may be considered onetime in nature and does not contemplate any impact for additional share repurchases. Additionally, our guidance assumes no meaningful deterioration of current risks and uncertainties, which include, but are not limited to, further impacts of the COVID-19 pandemic on our operations and economic conditions, including supply chain disruptions, constraints and related expenses, labor shortages, inflationary pressures, changes in consumer confidence and geopolitical tensions.

我們的 2023 財年指導不包括任何可能被視為一次性的費用，並且不考慮對額外股票回購的任何影響。此外，我們的指導假設當前風險和不確定性沒有顯著惡化，其中包括但不限於 COVID-19 大流行對我們的運營和經濟狀況的進一步影響，包括供應鏈中斷、限制和相關費用、勞動力短缺、通脹壓力、消費者信心變化和地緣政治緊張局勢。

With continued uncertainty in the world and disruptions still impacting the supply chain, we will not be providing quarterly guidance. But similar to last year, we expect to drive full year growth and be profitable in all 4 quarters. But the quarterly cadence will likely be different than last year as we expect more pressure in the first half of the year compared to last.

由於世界持續存在不確定性，供應鏈仍受到影響，我們將不會提供季度指導。但與去年類似，我們預計將推動全年增長並在所有 4 個季度實現盈利。但季度節奏可能會與去年不同，因為我們預計今年上半年的壓力將比去年更大。

Some of the items driving quarterly differences year-over-year include lower gross margins expected in the first half of the year as compared to last year due to higher ocean freight expense, planned increases to marketing investments in the first half to support HOKA launching its first major global campaign alongside new product introductions and higher talent costs related to investing in our workforce and adding head count.

與去年同期相比，導致季度差異的一些因素包括：由於海運費用較高，預計上半年毛利率將低於去年，上半年計劃增加營銷投資以支持 HOKA 推出其第一次重大的全球活動，以及與投資我們的勞動力和增加員工人數相關的新產品介紹和更高的人才成本。

With these impacts and a strengthening U.S. dollar, we expect lower profitability in the first quarter as compared to last year.

鑑於這些影響和美元走強，我們預計第一季度的盈利能力將低於去年。

Thanks, everyone. I'll now hand the call back to Dave for his final remarks.

感謝大家。我現在將電話轉回給戴夫，讓他發表最後的講話。

Thanks, Steve. Fiscal year 2022 represented another phenomenal year for Deckers as our portfolio of brands delivered revenue and earnings growth above 20%. We continue to drive progress towards our long-term vision to build HOKA into a multibillion-dollar major player in the performance athletic space, further diversify the UGG brand's product, geographic and seasonal mix, grow our DTC business through consumer acquisition and retention and drive international markets through strategic investments. These strategies continue to benefit our organization's focus and act as the North Star guiding the continued development of our portfolio of powerful brands while maintaining top-tier levels of profitability.

謝謝，史蒂夫。 2022 財年對 Deckers 來說是又一個非凡的一年，因為我們的品牌組合實現了超過 20% 的收入和盈利增長。我們將繼續推動實現我們的長期願景，將 HOKA 打造成在性能運動領域價值數十億美元的主要參與者，進一步多樣化 UGG 品牌的產品、地理和季節性組合，通過消費者獲取和保留來發展我們的 DTC 業務，並推動通過戰略投資進入國際市場。這些戰略繼續有利於我們組織的重點，並充當北極星，指導我們強大品牌組合的持續發展，同時保持一流的盈利水平。

Our consistent delivery of exceptional results often overshadows the progress our organization continues to make in doing good and doing great in the communities where we operate. We have made great progress with Deckers Gives as our employees contributed more than 14,000 volunteer hours in fiscal year 2022. And our DEI initiatives, as we've improved bipart representation among our leadership teams to 21%, which is up from 12% 2 years ago.

我們始終如一地提供卓越的成果往往掩蓋了我們的組織在我們經營所在社區繼續做好事和做得很好的進展。我們在 Deckers Gives 方面取得了長足進步，因為我們的員工在 2022 財年貢獻了超過 14,000 小時的志願服務時間。我們的 DEI 計劃，因為我們已將領導團隊中的雙向代表性提高到 21%，高於 2 年的 12%前。

I'd like to thank our employees for their dedication and hard work that continues to drive Deckers into the future. Thank you to all of our stakeholders for your continued support.

我要感謝我們的員工的奉獻精神和辛勤工作，他們繼續推動 Deckers 走向未來。感謝我們所有的利益相關者一直以來的支持。

Before I turn over the call, I'd like to acknowledge our announcement earlier that Wendy Yang will be stepping down from her role as President of Performance Lifestyle effective as of the end of this month. On behalf of the entire Deckers team, I want to thank Wendy for her leadership and contributions over the past 7 years. With HOKA and Teva in their strongest positions to date, I am confident in our ability to continue our positive momentum. I look forward to the future with this talented team and wish Wendy the best.

在我接聽電話之前，我想確認一下我們早些時候宣布的 Wendy Yang 將從本月底開始辭去 Performance Lifestyle 總裁一職。我代表整個 Deckers 團隊，感謝 Wendy 在過去 7 年中的領導和貢獻。 HOKA 和 Teva 迄今為止處於最強的位置，我對我們繼續保持積極勢頭的能力充滿信心。我期待著這支才華橫溢的團隊的未來，並祝 Wendy 一切順利。

While the company conducts a leadership search, Stefano Caroti, our President of Omnichannel, will assume Wendy's responsibility on an interim basis. Wendy will remain with the company in a consulting role through August 15, 2022, to ensure a smooth transition.

在公司進行領導力搜索的同時，我們的全渠道總裁 Stefano Caroti 將臨時承擔 Wendy 的職責。 Wendy 將在 2022 年 8 月 15 日之前繼續在公司擔任諮詢職務，以確保順利過渡。

As we are now ready to take questions, again, I would like to say how proud I am of the Deckers organization and our accomplishments over the past few years. We have delivered impressive results and have built a strong foundation for the future. Our future opportunities are more exciting than ever, and I look forward to the journey ahead with our team.

當我們現在準備好回答問題時，我想說我為 Deckers 組織和我們在過去幾年中取得的成就感到多麼自豪。我們取得了令人矚目的成果，並為未來奠定了堅實的基礎。我們未來的機會比以往任何時候都更令人興奮，我期待與我們的團隊一起前行。

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

有了這個，我會把電話轉給接線員進行問答。接線員？

(Operator Instructions) Our first question comes from Laurent Vasilescu with Exane BNP Paribas.

（操作員說明）我們的第一個問題來自 Exane BNP Paribas 的 Laurent Vasilescu。

Congrats on such a great finish to the year. Dave, Steve, I wanted to ask about pricing. When we think about the 10% to 11% growth for the year, we're hearing a lot of brands take up pricing. Should we assume that there's high single-digit pricing for this year? Any guardrails on that would be very helpful. .

祝賀今年取得如此出色的成績。戴夫，史蒂夫，我想問一下定價。當我們想到今年 10% 到 11% 的增長時，我們聽到很多品牌都在定價。我們是否應該假設今年會有高個位數的定價？任何關於它的護欄都會非常有幫助。 .

Yes, great question. Generally speaking, I would say the best way to think about it is across the board, across all brands globally, there's about a 6% to 8% increase on prices heading into this year. And it's been surgical by brand, by style, by region, but we think that that's right for the brand. It gives us upside to offset some of the headwinds in margin from freight charges and is in line with expectations in the market and still competitive. And we're going to continue to evaluate that and look for opportunities, as we always do. But across the board, it's generally around 6% to 8%.

是的，很好的問題。一般來說，我會說最好的考慮方式是全面考慮，在全球所有品牌中，今年價格將上漲約 6% 至 8%。並且按品牌、風格和地區進行了手術，但我們認為這對品牌來說是正確的。它使我們有上行空間來抵消運費帶來的一些不利因素，並且符合市場預期並且仍然具有競爭力。我們將像往常一樣繼續評估並尋找機會。但總體而言，它通常在 6% 到 8% 左右。

Very helpful. And then my second follow-up question is with regards to HOKA's growth of high 30s. Can you give us any update on how many doors you're currently at DICK'S Sporting Goods? When you said limited number of doors at Foot Locker, can you just give us some guardrails? And on that, like how do we think about wholesale versus direct-to-consumer growth? I think you mentioned, right, wholesale still be the driver, but just trying to put some guardrails around that after the full year's results. .

非常有幫助。然後我的第二個後續問題是關於 HOKA 的 30 多歲的增長。你能告訴我們你目前在 DICK'S Sporting Goods 有多少門的最新消息嗎？當你說Foot Locker的門數量有限時，你能給我們一些護欄嗎？關於這一點，比如我們如何看待批發與直接面向消費者的增長？我想你提到了，對，批發仍然是驅動力，但只是想在全年業績之後設置一些護欄。 .

Yes. I would say consistent with the way the HOKA brand has been managed to date, very strategic and very thoughtful on how fast we go and which accounts we grow with. DICK's Sporting Goods, the business there is very, very strong. But we're still in less than 20% of the total doors and not really looking to expand that aggressively anytime soon.

是的。我想說的是與 HOKA 品牌迄今為止的管理方式一致，非常具有戰略性並且非常周到地考慮我們的發展速度以及我們與哪些客戶一起成長。 DICK的體育用品，那裡的生意非常非常強大。但我們仍然只佔總門數的不到 20%，並且並不真正希望在短期內大舉擴張。

And as you heard in the script, we also have just opened Foot Locker in a handful of stores as well. So early days, but we want to -- as we said all along, we want to win with sell-through. We want to be in the right locations with the right partners for our consumers and build a quality sustainable business over time.

正如你在劇本中聽到的那樣，我們也剛剛在少數幾家商店開設了 Foot Locker。如此早期，但我們想要 - 正如我們一直所說的那樣，我們希望通過銷售獲勝。我們希望與合適的合作夥伴在合適的地點為我們的消費者服務，並隨著時間的推移建立高質量的可持續業務。

So we are looking to expand wholesale, but it's really more in the accounts we're already in. We still see a lot of upside in the run specialty channel. Even though in some cases we may be the #1 running brand and have 20% market share in that channel, there's still a lot of upside there globally.

因此，我們正在尋求擴大批發業務，但實際上更多的是我們已經擁有的賬戶。我們仍然看到 run 專業渠道有很多上行空間。儘管在某些情況下，我們可能是排名第一的跑步品牌並在該渠道中擁有 20% 的市場份額，但在全球範圍內仍有很大的上升空間。

And then the key partners that we've talked about with REI, DICK'S and now Foot Locker, we're going to grow strategically with them in a way that builds a strong sustainable business and targets the right consumers over time.

然後是我們與 REI、DICK'S 和現在的 Foot Locker 討論過的主要合作夥伴，我們將與他們一起戰略性地發展，以建立強大的可持續業務並隨著時間的推移瞄準合適的消費者。

So -- and then DTC is obviously a main focus. And the pop-up stores that we've done with HOKA, we're very excited about those. We see an opportunity for those locations to grow around the globe strategically as well as we look at our marketplace strategy to augment the awareness that we're building in wholesale, but -- to create a really powerful experience for our consumers and get them to understand the full breadth and the excitement of this brand.

所以 - 然後 DTC 顯然是一個主要焦點。還有我們與 HOKA 合作的快閃店，我們對此感到非常興奮。我們看到了這些地點在全球範圍內戰略性發展的機會，並且我們著眼於我們的市場戰略，以增強我們在批發方面建立的意識，但是 - 為我們的消費者創造真正強大的體驗並讓他們了解這個品牌的全部廣度和興奮。

So lots of reasons to be excited. We have opportunities in wholesale, e-commerce and retail, and we're going to look holistically across the 3 of those channels to decide going forward what's the best way to build this brand in a sustainable and strong way going forward.

有很多理由感到興奮。我們在批發、電子商務和零售方面有機會，我們將全面審視這三個渠道，以決定未來以可持續和強大的方式建立這個品牌的最佳方式是什麼。

But I will say we're very proud of the productivity of the doors we're in globally. I think that's a true testament to the strength of the brand, where, yes, we're selling in, but the strength of our sell-through is what's really exciting for us.

但我會說，我們為我們在全球範圍內的門的生產力感到非常自豪。我認為這是對品牌實力的真實證明，是的，我們正在銷售，但我們的銷售實力對我們來說真正令人興奮。

Our next question comes from Jonathan Komp with Baird.

我們的下一個問題來自 Jonathan Komp 和 Baird。

I want to maybe ask first on the UGG brand. Just thinking about the low single-digit guidance for the year. Can you maybe just quantify the wholesale timing impact that you called out? And whether or not you'd be sort of mid-single-digit underlying?

我想先問問UGG品牌。想想今年的低個位數指導。您能否僅量化您所說的批發時間影響？你是否會成為中等個位數的底層證券？

And then when you think about the building blocks for that, could you maybe just share more color given the commentary you had, some of the brand diversification and strengthening in international, what you're seeing to give you confidence in that underlying growth?

然後，當您考慮其構建模塊時，您是否可以根據您的評論分享更多色彩，一些品牌多樣化和國際化的加強，您所看到的讓您對潛在增長充滿信心？

Yes. Sure, Jon. This is Steve. I'll go first. So on the UGG, you're right, when you consider what we did in the fourth quarter, again, demonstration of how strong the brand performed, how relevant the brand was. We also did see strategic partners, wholesale accounts who took inventory in knowing that they weren't going to sell it through in the fourth quarter.

是的。當然，喬恩。這是史蒂夫。我先走。所以在 UGG 上，你是對的，當你考慮我們在第四季度所做的事情時，再次證明了品牌的表現有多強大，品牌的相關性如何。我們也確實看到戰略合作夥伴、批發客戶在知道他們不會在第四季度將其出售時進行盤點。

So as we expect, they'll carry it in -- knowing that there are supply chain disruptions, they're happy to carry it into our fiscal year '23, which we expected to sell through. We do see that more as an impact in kind of Q3, Q4. And you're right. So the underlying growth on that is more mid-single digits versus the low single digits that we were kind of thinking previously.

因此，正如我們所期望的那樣，他們將把它帶入 - 知道存在供應鏈中斷，他們很高興將它帶入我們預計會銷售的 23 財年。我們確實認為這更多地是對第三季度、第四季度的影響。你是對的。因此，潛在的增長更多的是中個位數，而不是我們之前認為的低個位數。

Yes. And there's still a lot to be excited about UGG. I mean, double-digit growth 2 years in a row in this environment and some of the supply chain challenges we've had. There's still a lot of upside. But we are taking a little bit more of a cautious approach in the shorter term to kind of make sure that we're resetting appropriately coming out of COVID.

是的。 UGG 還有很多令人興奮的地方。我的意思是，在這種環境下連續兩年實現兩位數的增長以及我們面臨的一些供應鏈挑戰。仍有很大的上升空間。但我們在短期內採取了更加謹慎的態度，以確保我們在 COVID 後進行了適當的重置。

But when you look at the UGG brand, I mean, we're attracting a younger and more fashionable and diversified consumer. There is still growth in women's footwear, both in classics and extensions and some of the fashions, particularly in spring and summer. Men's, kids and apparel, those all have double-digit growth opportunities into this year and beyond. We're excited about the reset and the positive results in Europe and Asia.

但當你看到 UGG 品牌時，我的意思是，我們正在吸引更年輕、更時尚、更多元化的消費者。女士鞋履在經典款和延伸款以及一些時尚產品方面仍有增長，尤其是在春季和夏季。男裝、童裝和服裝，今年及以後都有兩位數的增長機會。我們對歐洲和亞洲的重置和積極成果感到興奮。

We've got some new leadership in the team in marketing and product management, and we'll be bringing on a new leader soon, ramping up the innovation pipeline. There's just a lot to be excited about, but we want to do this strategically, thoughtfully and in partnership with our commercial leaders in the regions to really attack the marketplace in an elevated and consistent manner.

我們在營銷和產品管理團隊中獲得了一些新的領導，我們將很快帶來新的領導，加快創新渠道。有很多令人興奮的事情，但我們希望戰略性地、深思熟慮地做到這一點，並與我們在該地區的商業領導者合作，以一種提升和一致的方式真正進軍市場。

Yes. That's really helpful. And then maybe a broader question on your total top line growth profile. I know before COVID, you talked about several years where you saw -- and I think it was low double-digit combined revenue growth. Any thoughts as you look out beyond this year. Is that sort of the right algorithm, especially after this year when pricing falls off a bit and then tied into that, is this sort of a 1-year step up in the G&A investment? And what do you expect to get leverage after this year?

是的。這真的很有幫助。然後可能是關於您的總收入增長概況的更廣泛的問題。我知道在 COVID 之前，您談到了您所看到的幾年——我認為這是低兩位數的綜合收入增長。展望今年以後的任何想法。這種算法是否正確，尤其是在今年價格有所下降然後與之掛鉤的情況下，這種算法在 G&A 投資中是否會增加 1 年？您預計今年之後會獲得什麼影響？

Yes. Thanks, Jon. And I think that's a good way to look at it now. Again, we're in a year of a lot of uncertainties, so a lot to work through. But I think we're thinking along those lines. And so yes, this is a year of investment coming on the heels of 2 years of significant top line growth, kind of we'll work through this year. But I think generally, how you said it is kind of a good way to think about it, and then we'll see how this year progresses.

是的。謝謝，喬恩。我認為這是現在看待它的好方法。再說一次，我們正處於充滿不確定性的一年，所以有很多工作要做。但我認為我們正在沿著這些思路思考。所以是的，這是繼 2 年收入顯著增長之後的投資年，我們今年會努力完成。但我認為總的來說，你所說的這是一種很好的思考方式，然後我們將看看今年的進展情況。

Yes. And there is a lot of investments still to make in the business, too. I mean you think about the international growth, setting up retail footprint to expand into HOKA and elevate our game in UGG, apparel resources, IT resources, et cetera. And we've made some investments this year. We're going to continue to do that in line with the growth of the business. So hopefully, these supply chain headwinds, the cost side of that subsides over the next year or 2 and we can reinvest some of those savings back into the business, too.

是的。此外，該業務還有很多投資要做。我的意思是你考慮國際增長，建立零售足跡以擴展到 HOKA 並提升我們在 UGG、服裝資源、IT 資源等方面的遊戲。今年我們進行了一些投資。我們將根據業務的增長繼續這樣做。因此，希望這些供應鏈逆風，其成本方面在未來一兩年內消退，我們也可以將部分節省的資金重新投資到業務中。

Our next question comes from Camilo Lyon with BTIG.

我們的下一個問題來自 BTIG 的 Camilo Lyon。

This is Mackenzie Boydston on for Camilo. My first question is just more generally, how your wholesale partners are viewing back half quarters and if their views have changed at all from, say, 90 days ago? Just any thoughts on discussions with your partners would be really helpful.

這是 Camilo 的 Mackenzie Boydston。我的第一個問題更籠統地說，您的批發合作夥伴如何看待後半個季度，以及他們的觀點是否與 90 天前相比發生了變化？與您的合作夥伴討論的任何想法都會非常有幫助。

Yes. I mean, the partnerships are still very healthy. We work really hard on these relationships with our key partners, and I think that served us well over the last couple of years with supply chain disruptions and lack of availability -- visibility on inventory.

是的。我的意思是，合作夥伴關係仍然非常健康。我們非常努力地與我們的主要合作夥伴建立這些關係，我認為這在過去幾年中為我們提供了很好的服務，因為供應鏈中斷和缺乏可用性 - 庫存可見性。

I think it's an ongoing challenge, but I'm proud of the way our teams are managing through it. And we haven't heard any real major issues from any of our wholesale partners. Obviously, they want as much product they can get as fast as they can. So that's really what the conversations are about. It's more about how can we get it versus, hey, we want to do cancellations. We're not seeing any of that at all.

我認為這是一個持續的挑戰，但我為我們的團隊通過它進行管理的方式感到自豪。而且我們還沒有從我們的任何批發合作夥伴那裡聽到任何真正的重大問題。顯然，他們想要盡可能快地獲得盡可能多的產品。所以這就是談話的真正內容。更多的是關於我們如何獲得它而不是，嘿，我們想要取消。我們根本沒有看到這些。

Yes.

是的。

Perfect. That's helpful. And then just on gross margin. I think it compressed a little bit more than we were modeling. So just understanding maybe the puts and takes to gross margin this quarter. And then maybe is it safe to say that Q4 is maybe the trough for gross margin contraction, knowing that it will still be challenged in the first half, but just trying to understand how it -- how next year gross margins kind of [set out] versus this year?

完美的。這很有幫助。然後只是毛利率。我認為它比我們建模時壓縮得更多。因此，只需了解本季度的看跌期權和毛利率即可。然後也許可以肯定地說第四季度可能是毛利率收縮的低谷，因為它知道上半年仍將受到挑戰，但只是想了解它 - 明年的毛利率如何[列出] 與今年相比？

Yes. So I think on that -- Mackenzie, on the Q4 hit, you're right, a little bit more, and that was really driven by freight. And that -- and within the freight, there was the ocean combination, but there was also more airfreight as we used air to bring in the HOKA product, which really helped drive the top line on the HOKA sales for the quarter.

是的。所以我認為 - Mackenzie，在第四季度的命中，你是對的，更多一點，這真的是由貨運驅動的。而且 - 在貨運方面，有海運組合，但也有更多的空運，因為我們使用空運來引入 HOKA 產品，這確實有助於推動本季度 HOKA 銷售的收入。

So that was an important element to be able to get that product in. As we said, going forward, our expectation is we will incur some headwinds with ocean freight in the first half of the year as we're lapping a year that didn't have that freight. And then we do expect to reduce our airfreight usage. So sitting on a better inventory position this year going into FY '23, our expectation is that we'll need to use less airfreight, which should help margins this year versus last year.

所以這是能夠獲得該產品的一個重要因素。正如我們所說，展望未來，我們的預期是，我們將在今年上半年遇到一些海運方面的逆風，因為我們正在過去一年。沒有那個運費。然後我們確實希望減少我們的空運使用量。因此，進入 23 財年，今年的庫存狀況會更好，我們的預期是我們需要減少空運，這應該有助於今年與去年相比的利潤率。

Yes. And the other thing I would add just on a little color on HOKA. We're still in a chase mode on -- demand is still exceeding supply, but our supply teams have done an incredible job finding more capacity for us in Vietnam and beyond for the HOKA brand. And we're going to see the effects of that start to kick in probably in the second half of this fiscal year, which should help us finally get us to the point where we're caught up to the demand. But we're still in chase mode right now, which is great. But we're missing some opportunities because of this.

是的。另一件事我會在 HOKA 上添加一點顏色。我們仍處於追逐模式 - 需求仍然超過供應，但我們的供應團隊完成了令人難以置信的工作，為我們在越南及其他地區為 HOKA 品牌尋找更多產能。我們將看到這種影響可能會在本財年下半年開始發揮作用，這應該有助於我們最終達到滿足需求的程度。但我們現在仍處於追逐模式，這很棒。但我們因此錯過了一些機會。

Our next question comes from Jay Sole with UBS.

我們的下一個問題來自瑞銀的 Jay Sole。

Dave, you mentioned Europe and HOKA retail. I want to maybe see if we can dive into those topics a little bit. Europe, specifically on UGG, you've been working really hard -- the company has been working really hard on resetting that business. It seems like it's poised to break out this year. And -- but the question is, do you see some of the macro factors disrupting that?

戴夫，你提到了歐洲和 HOKA 零售。我想看看我們是否可以深入探討這些主題。歐洲，特別是在 UGG 上，你一直在努力工作——公司一直在努力重置業務。今年似乎要爆發了。而且 - 但問題是，您是否看到一些宏觀因素破壞了這一點？

And secondly, on HOKA retail, so what's your vision? It sounds relatively new. What kind of -- give us an idea what kind of store format you see? What the potential is? And what the objective is there with HOKA retail?

其次，關於 HOKA 零售，您的願景是什麼？聽起來比較新。什麼樣的——給我們一個想法，你看到什麼樣的商店格式？潛力是什麼？ HOKA 零售的目標是什麼？

Yes. Great question. Really excited about, Marco, the GM of Europe, and the progress that he and the team have made around UGG. It has been a multiyear journey. They've done a great job of cleaning up the marketplace and creating a scarcity around classics, introducing styles like the Fluff and that franchise to younger consumers. So the playbook, so to speak, that we've been employing in the U.S. is working.

是的。好問題。真的很興奮，Marco，歐洲的總經理，以及他和團隊在 UGG 方面取得的進展。這是一個多年的旅程。他們在清理市場和創造經典商品稀缺方面做得非常出色，向年輕消費者介紹了 Fluff 等風格和特許經營權。因此，可以說，我們在美國一直採用的劇本正在發揮作用。

It's unfortunate that we've had supply chain challenges last year, and now we have a macroeconomic challenge going on in that region. We're still optimistic. We're still hearing positive responses from our accounts and the fact that they are still believing in UGG and want the inventory, we can get it. But it is going to dampen our opportunities a little bit, and that's embedded into the guidance.

不幸的是，我們去年遇到了供應鏈挑戰，現在我們在該地區面臨著宏觀經濟挑戰。我們仍然很樂觀。我們仍然從我們的客戶那裡聽到積極的回應，而且他們仍然相信 UGG 並想要庫存，我們可以得到它。但這會稍微削弱我們的機會，這已包含在指導中。

But suffice to say, the brand is on a resurgence there. We have work to do in individual markets. We're looking to really optimize Germany, as an example. We were in the market in December visiting the market. The brand is strong. But we need to raise our game on how we look in front of the consumer and how we show up in DTC a little bit. But the good news is a lot of the trends that we're seeing in the U.S. around a younger consumer gravitating to the brand, we're seeing that there as well. And we think that we have a really strong run for the UGG brand going forward.

但可以說，該品牌正在那裡復甦。我們在個別市場有工作要做。例如，我們正在尋求真正優化德國。我們在 12 月的市場上參觀了市場。品牌很強大。但是我們需要提高我們在消費者面前的表現以及我們在 DTC 中的表現方式。但好消息是我們在美國看到的許多趨勢都是圍繞年輕消費者對品牌的吸引力，我們也在那裡看到了這一點。我們認為 UGG 品牌的未來發展勢頭非常強勁。

With regards to HOKA retail, it's definitely early days. We got into retail really as a way to attack the China market. So we opened our first few stores in the China region. We opened pop-ups here in New York and L.A., and we just opened one in Chicago. All exceeding expectations, all doing great.

關於 HOKA 零售業，這絕對是早期階段。我們進入零售業實際上是為了進軍中國市場。因此，我們在中國地區開設了最初的幾家門店。我們在紐約和洛杉磯開了快閃店，我們剛剛在芝加哥開了一家。一切都超出預期，一切都做得很好。

And they're smaller formats by design, but they're giving us great confidence that we can do some meaningful business through retail for HOKA. But the real objective is to just engage with our consumers and create further our ecosystem. So we're driving them into our brands across multiple categories, bringing them online, maximizing lifetime value.

它們在設計上是較小的格式，但它們讓我們充滿信心，我們可以通過零售為 HOKA 做一些有意義的業務。但真正的目標是與我們的消費者互動並進一步創建我們的生態系統。因此，我們正在將它們帶入我們的多個類別的品牌中，將它們帶到網上，最大限度地提高生命週期價值。

So we're not looking at this as, "Hey, we want 200 HOKA stores overnight." But they will play a strategic role in bringing the full breadth of the brand to consumers in key cities that we have identified, and then we're going to maximize the opportunity in some of these key cities and then see where we go from there.

因此，我們不會將其視為“嘿，我們想要一夜之間擁有 200 家 HOKA 商店”。但他們將在將品牌的全部廣度帶給我們已確定的主要城市的消費者方面發揮戰略作用，然後我們將最大限度地利用其中一些主要城市的機會，然後看看我們的發展方向。

Our next question comes from John Kernan with Cowen.

我們的下一個問題來自 John Kernan 和 Cowen。

Congrats on a phenomenal year.

祝賀非凡的一年。

Thank you.

謝謝你。

So maybe just step back on the gross margin, for everyone across the whole sector, costs have risen here, whether it's raw materials, ocean, air, on the freight side. Just wondering how the long-term gross margin outlook, has it changed at all? If some of these costs remain structurally higher on the commodity and transportation and freight side. How do we think about this new inflationary environment that we're in?

所以也許只是退回毛利率，對於整個行業的每個人來說，這裡的成本已經上升，無論是原材料、海運、空運，還是貨運方面。只是想知道長期毛利率前景有什麼變化嗎？如果其中一些成本在商品和運輸和貨運方面仍然結構性更高。我們如何看待我們所處的這種新的通貨膨脹環境？

Yes. I think it's -- this is Steve, John. It's a big question, and I think no one knows for certain how all this plays out. I think an expectation is we should see improvement, but I don't think we're going to see that anytime soon, right? And that's really what we've modeled in.

是的。我想是——這是史蒂夫，約翰。這是一個很大的問題，我認為沒有人確切地知道這一切是如何發生的。我認為期望是我們應該看到改進，但我認為我們不會很快看到這一點，對吧？這就是我們真正建模的內容。

So on that, from a gross margin perspective, we're assuming ocean freight does not significantly improve this year versus last. Although last year in the first half, we were not expensing through the inventory at these higher levels of inventory. So FY '23 will be a full year of expensing that higher ocean freight. We're using pricing to offset most of that. So we're able to pick up a little bit through some of the pricing increases. We're not using, as we said in the prepared remarks, price increases to offset the air.

因此，從毛利率的角度來看，我們假設今年海運與去年相比沒有顯著改善。儘管去年上半年，我們並沒有通過這些更高水平的庫存來支出費用。因此，23 財年將是花費較高海運費用的一整年。我們正在使用定價來抵消其中的大部分。因此，我們能夠通過一些價格上漲來回升一點。正如我們在準備好的評論中所說，我們沒有使用價格上漲來抵消空氣。

So as we move in and supply chain disruption improves, margins should improve as we reduce our air freight usage. And as we said, again, we're planning to use less airfreight this year than what we used last year. So I think that's kind of one dynamic.

因此，隨著我們進入市場並改善供應鏈中斷，隨著我們減少空運使用量，利潤率應該會提高。正如我們所說，我們計劃今年使用比去年更少的空運。所以我認為這是一種動態。

Then on inflation, we haven't yet seen too much of that impact, although we know it's coming, right? So we've been anticipating disruption, some inflation. That's why we're bringing more inventory in earlier. That's why you're seeing our inventory sit a little bit higher than where it has been in historic levels. But as we call out on a multiyear comparison, our inventory growth is still in line with sales growth.

然後在通貨膨脹方面，我們還沒有看到太多的影響，儘管我們知道它即將到來，對吧？因此，我們一直在預期會出現中斷，一些通貨膨脹。這就是為什麼我們要更早地引入更多庫存。這就是為什麼您會看到我們的庫存比歷史水平略高。但正如我們在多年比較中指出的那樣，我們的庫存增長仍與銷售增長保持一致。

So that's something that we'll keep an eye on. We're able to benefit a little of that through materials inflation by having the inventory now. But it is something that we're going to keep a close eye on because that is something that we expect could present itself as a headwind. And again, we'll look at pricing structure then.

所以這是我們將密切關注的事情。通過現在擁有庫存，我們可以通過材料通脹從中受益。但這是我們將密切關注的事情，因為我們預計這可能會成為逆風。再一次，我們將看看定價結構。

So to answer your question, I think it's too early to know long term how all this plays out. We think the guidance, as best we know today, factors most of this in. And then hopefully, we start to see some improvement longer term, but our expectation isn't that you're going to see anything improve much in our current fiscal year '23.

所以要回答你的問題，我認為從長遠來看這一切如何發展還為時過早。我們認為，正如我們今天所知道的那樣，該指南將大部分因素考慮在內。然後希望我們開始看到長期的改善，但我們的預期並不是你會在我們當前的財政年度中看到任何改善23 年。

I guess maybe one follow-up is, you talked about HOKA becoming a multibillion-dollar brand. I think there's a lot of people that believe in that potential. Can you talk to what it looks like from a channel perspective as you start to get there? Wholesale, it feels like there's more opportunity on the wholesale side. You talked to the DTC piece already. How do we think about wholesale and DTC as HOKA scales to multi-billion dollars in revenue? .

我想也許一個後續行動是，你談到 HOKA 成為一個價值數十億美元的品牌。我認為有很多人相信這種潛力。當你開始到達那裡時，你能從渠道的角度談談它的樣子嗎？批發，感覺批發方面有更多的機會。你已經和 DTC 談過了。隨著 HOKA 的收入達到數十億美元，我們如何看待批發和 DTC？ .

Yes. I think there's -- well, there's 2 things to think about. One is the category opportunity. So we really see HOKA as a performance brand and a performance brand across multiple categories. We're obviously rooted in running, and that's where our authenticity comes from. But we're relevant and important in trail and hike and getting into fitness and other categories down the road, head to toe. So when you think about the breadth and the shoulders that this brand has, we see a multibillion-dollar opportunity.

是的。我認為有 - 嗯，有兩件事要考慮。一是品類機會。所以我們真的把HOKA看作一個性能品牌，一個跨多個品類的性能品牌。我們顯然植根於跑步，這就是我們真實性的來源。但我們在小徑和遠足以及從頭到腳進入健身和其他類別的道路上都是相關和重要的。因此，當您考慮該品牌的廣度和影響力時，我們看到了數十億美元的機會。

From a channel perspective, listen, we could light up wholesale today and dramatically increase the results of this business overnight. But we want to make sure it's sustainable. And in this environment where first-party data is critical for success, we're doing everything we can to drive a healthy DTC business at the same time.

從渠道的角度來看，聽著，我們今天可以點亮批發，並在一夜之間大幅增加這項業務的業績。但我們要確保它是可持續的。在這種第一方數據對成功至關重要的環境中，我們正在盡一切努力同時推動健康的 DTC 業務。

So right now, we're looking at probably a 50-50 split because internationally, there's more opportunities in wholesale and that's just depending on the market than DTC today. But we're very conscious of the fact that we're leveraging wholesale to introduce the brand and create awareness and have healthy sell-through in the right accounts. But at the end of the day, we want that traffic to ultimately end up in our website and our stores. And we believe that that's the right model.

所以現在，我們可能會看到 50-50 的比例，因為在國際上，批發機會更多，這取決於市場，而不是今天的 DTC。但是我們非常清楚我們正在利用批發來介紹品牌並提高知名度並在正確的客戶中實現健康的銷售。但歸根結底，我們希望這些流量最終流入我們的網站和商店。我們相信這是正確的模式。

We have the resources. We have the capabilities to make that happen. And we're in this for the long haul. We want to see this to be a multibillion-dollar brand that is meaningful against some of the top performance brands in the world over time.

我們有資源。我們有能力做到這一點。我們是長期的。我們希望看到這是一個價值數十億美元的品牌，隨著時間的推移，它對世界上一些頂級性能品牌來說是有意義的。

Yes. And I think also, John, on that, as we've said before, brand awareness of HOKA, relatively speaking, is still low.

是的。我也認為，約翰，在這一點上，正如我們之前所說，相對而言，HOKA 的品牌知名度仍然很低。

Still low.

仍然很低。

And so we can strategically use these wholesale accounts to build that brand awareness. And then we do see a high conversion rate down the road where they come to us direct. So this is -- it's a great way to build brand awareness, using these relationships in a strategic partnership to really get the brand out there in front of consumers.

因此，我們可以戰略性地使用這些批發賬戶來建立品牌知名度。然後我們確實看到了他們直接來找我們的高轉化率。所以這是 - 這是建立品牌知名度的好方法，利用這些關係在戰略合作夥伴關係中真正讓品牌出現在消費者面前。

Yes. And one other opportunity that we've talked about within the UGG brand is the loyalty program. We have now almost 6 million consumers, I believe, in our UGG loyalty program. Those are our best consumers. They shop most frequently. They spend more money than somebody who's not in loyalty program. And this is an emerging opportunity for HOKA as well down the road that we can use to kind of further bolster the strength of our DTC channel.

是的。我們在 UGG 品牌中談到的另一個機會是忠誠度計劃。我相信，我們現在有近 600 萬消費者加入了我們的 UGG 忠誠度計劃。這些是我們最好的消費者。他們購物最頻繁。他們比不參加忠誠度計劃的人花更多的錢。這對 HOKA 來說也是一個新興的機會，我們可以利用它來進一步增強我們 DTC 渠道的實力。

Awesome. Congrats on a great year and outperforming most of your peers in the industry. .

驚人的。恭喜您度過了美好的一年，並超越了業內大多數同行。 .

All right. Thanks, John.

好的。謝謝，約翰。

Thank you, John.

謝謝你，約翰。

Our next question comes from Paul Lejuez with Citi.

我們的下一個問題來自花旗的 Paul Lejuez。

The EBIT margin guidance that you gave for the year is similar to what you achieved this past year. I'm curious how you're thinking about each brand and where you expect HOKA versus UGG to shake out versus this prior year? Or if you're looking at both of them as being kind of in line?

您提供的本年度息稅前利潤率指導與您去年取得的相似。我很好奇您是如何看待每個品牌的，以及您預計 HOKA 與 UGG 與去年相比會在哪些方面脫穎而出？或者，如果您認為他們兩個都符合要求？

And then second question, I'm just curious, just from a very high level, which parts of your supply chain right now are getting better, staying the same, getting worse? Any comments along the -- along those lines.

然後第二個問題，我只是好奇，從一個非常高的層面來看，你們供應鏈的哪些部分現在正在變得更好、保持不變、變得更糟？沿著這些線的任何評論。

Sure, Paul. I'll go first. Just speaking about kind of the gross margin guidance that we've provided similar to what we had in '22. So as we talked about, some improvements on the gross margin, but then also some investment. So as we've always said, we have shifted our operating model to be more variable. So that gives us flexibility in terms of when we see some headwinds to how we can potentially offset some of those headwinds, which is exactly what we did in FY '22 to deliver at the high end of what we gave a year ago.

當然，保羅。我先走。只是談到我們提供的與 22 年類似的毛利率指導。因此，正如我們所談到的，毛利率有所提高，但也有一些投資。因此，正如我們一直所說，我們已經改變了我們的運營模式，使其更具可變性。因此，當我們看到一些不利因素時，我們可以靈活地抵消其中一些不利因素，這正是我們在 22 財年所做的，以實現我們一年前提供的高端產品。

So what we also know is that we tightened our belt. And so going into a year where we can get some -- a little bit of gross margin improvement, it gives us an opportunity to also make some investments in the business. And what we've said and you've heard me say it before is we are looking at the long-term opportunities for our brand. And so we want to make sure that we're providing the right level of investment.

所以我們也知道，我們勒緊了腰帶。因此，進入我們可以獲得一些 - 毛利率提高一點的一年，它讓我們有機會也對業務進行一些投資。我們之前說過，你也聽過我說過的是，我們正在尋找我們品牌的長期機會。所以我們要確保我們提供了正確的投資水平。

And even with these results, as we say, these are among the best in our peer group. So we're flexible, we're nimble. We've got a nice variable model that allows us to do that. And so we'll take these opportunities then when we can expand a little bit of margin to also make sure we're investing in the business for the long term.

正如我們所說，即使有這些結果，這些也是我們同行中最好的。所以我們很靈活，我們很靈活。我們有一個很好的變量模型可以讓我們做到這一點。因此，當我們可以擴大一點利潤以確保我們對業務進行長期投資時，我們將抓住這些機會。

Yes. And then, Paul, to answer your questions on supply chain, so just going down the list, I would say our capacity is good, right? We have the factory capacities that we need for all the brands, but particularly HOKA increasing going into the second half of the year. So that's good.

是的。然後，保羅，回答你關於供應鏈的問題，所以從名單上看，我想說我們的能力很好，對吧？我們擁有所有品牌所需的工廠產能，尤其是 HOKA 在下半年不斷增加。所以這很好。

Shipping times is still a challenge, right? We've had to put buffers into our lead times for product creation and then when we put our buys in. So there's a level of uncertainty that comes with that, but we're managing that through that well. But it is -- from the time inventory leaves the factory to our DCs is still longer than we would like, obviously.

運輸時間仍然是一個挑戰，對吧？我們必須在產品創建的交付週期中以及當我們投入購買時加入緩衝。因此存在一定程度的不確定性，但我們正在通過這一點很好地管理它。但它是 - 從庫存離開工廠到我們的配送中心的時間顯然仍然比我們想要的要長。

Port bottlenecks, and particularly in Long Beach, we're seeing a little bit of improvement there. Things are coming in a little bit faster. But I hope I'm wrong. I personally think there's just a lull before we come into the fall inventory starting to ramp up again. So I'm optimistic that that will continue, but I'm a little nervous that when we get into peak selling season, that's going to jam up again.

港口瓶頸，特別是在長灘，我們看到那裡有一些改善。事情進展得有點快。但我希望我是錯的。我個人認為在我們進入秋季庫存開始再次增加之前只是一個平靜期。所以我樂觀地認為這種情況會持續下去，但我有點擔心當我們進入銷售旺季時，這種情況會再次出現堵塞。

Inventory and visibility of that inventory and timing as to when it's going to come in, still a challenge for our teams. Their customer experience and the sales team are having to rebalance orders against inventory availability. So that's just a lot of heavy lifting that the teams have to go through.

該庫存的庫存和可見性以及何時進入的時間，對我們的團隊來說仍然是一個挑戰。他們的客戶體驗和銷售團隊不得不根據庫存可用性重新平衡訂單。所以這只是團隊必須經歷的大量繁重工作。

We don't see a lot of improvement on that yet still because the challenge with the port is we don't know which container is going to come in and when. But -- and then on the logistics side of it from our DC perspective, the investments we've made in the last couple of years are paying off. We have a little bit of work to do in just stabilizing some of the newer DCs in Europe and the Midwest, but we're excited that we have these underway and we're gearing up for continued growth.

我們還沒有看到很多改進，因為港口的挑戰是我們不知道哪個集裝箱會在什麼時候進來。但是 - 然後從我們 DC 的角度來看，在物流方面，我們在過去幾年中所做的投資正在獲得回報。在穩定歐洲和中西部的一些較新的 DC 方面，我們還有一些工作要做，但我們很高興我們正在進行這些工作，我們正在為持續增長做準備。

So I think the hope there is that the shipping lead times and the bottlenecks at the port abide a little bit. And I think other than that, we're in really good shape.

因此，我認為希望航運提前期和港口的瓶頸能夠得到一點遵守。我認為除此之外，我們的狀態非常好。

And then I think just also to add, we are keeping a close eye on the labor contract negotiations with [West Coast] port workers. So that's just something else that we're very carefully watching. And again, why we're bringing in inventory earlier than what we normally do. So something just to keep a close eye on.

然後我想還要補充一點，我們正在密切關注與[西海岸]港口工人的勞動合同談判。所以這只是我們非常仔細地觀察的另一件事。再說一次，為什麼我們比平時更早地引入庫存。所以只是要密切關注。

Yes. And I do think, and I really believe that bringing this inventory early and carrying a little bit is going to serve us well because we need the inventory in the marketplace to be able to sell it. And it's a very uncertain environment right now still, probably more uncertain than it was a year and even last year ago -- 2 years ago. So I'm excited that we have this inventory coming in. We're in good place. We just need to get it out to the marketplace now and just keep going after it.

是的。而且我確實認為，而且我真的相信，儘早帶來這些庫存並攜帶一點點會對我們有好處，因為我們需要市場上的庫存才能出售它。現在仍然是一個非常不確定的環境，可能比一年前甚至去年 - 兩年前更加不確定。所以我很高興我們有這個庫存進來。我們處於良好的位置。我們現在只需要把它推向市場，然後繼續追趕它。

Just a quick follow-up on the inventory. Can you just say what entry increases by brand? .

只是對庫存的快速跟進。你能說一下品牌增加了什麼進入嗎？ .

Yes. We didn't provide that. What we can say is it's consistent with -- the larger brands is consistent with the average. So increasing as we anticipate kind of disruption and bringing more in. But again, on a 2- and 3-year comparison to sales is in line with our sales growth.

是的。我們沒有提供。我們可以說是一致的——大品牌與平均水平一致。因此，隨著我們預計會出現某種破壞並帶來更多收益，因此會增加。但是，再次與 2 年和 3 年的銷售額進行比較，這與我們的銷售額增長是一致的。

Our next question comes from Tom Nikic with Wedbush Securities.

我們的下一個問題來自 Wedbush Securities 的 Tom Nikic。

Dave, just -- I think earlier you were talking about still being in chase mode for HOKA and expecting inventory availability to be better in the back half of the year. So as we kind of model the year, should we think that the growth is a little bit stronger for HOKA in the second half of the year? Or am I kind of off base here?

戴夫，只是 - 我想你之前在談論 HOKA 仍處於追逐模式，並預計今年下半年的庫存可用性會更好。那麼作為我們今年的模型，我們是否應該認為HOKA下半年的增長會更強一些？或者我在這裡有點偏離基地？

Yes. I was referring more to Q4 results, we were chasing. That's why we saw the -- we got the inventory and we aired it in, and that got into the marketplace, and we're still getting some of that inventory out to the marketplace.

是的。我更多地指的是第四季度的結果，我們正在追逐。這就是為什麼我們看到了——我們得到了庫存，我們把它播出了，然後進入了市場，我們仍然把一些庫存放到了市場上。

Right now, the teams are still out selling for next spring. So it's – we are waiting to see what that looks like. But the point I was trying to make is that if the sales increases -- if the sales orders increase, we have the capacity to meet them.

目前，這些團隊仍在為明年春天進行銷售。所以它 - 我們正在等待看看它是什麼樣子。但我想說的是，如果銷售額增加——如果銷售訂單增加，我們就有能力滿足它們。

But right now, I wouldn't necessarily say that Q2 is going to be that much stronger than Q1. It's early days on that. But we think pegging ourselves a 30% to 35% growth for the year is right. There's potential that it could be higher than that. But early in the year in an uncertain environment, we think this is the right way to place the guidance.

但現在，我不一定會說第二季度會比第一季度強得多。現在還為時過早。但我們認為將今年的增長率定為 30% 到 35% 是正確的。它有可能比這更高。但在年初的不確定環境中，我們認為這是放置指導的正確方式。

Understood. And Steve, if I can ask you a quick one. Just I think the [stock] is much lower than it had been, and you've got quite a bit of cash on the balance sheet. And I know that you're investing this year and you said something about like elevated inventory. But like how do we think about buyback and your willingness to sort of maybe get a little bit more aggressive on the buyback in light of the valuation where it is today?

明白了。史蒂夫，如果我可以問你一個快速的。只是我認為[股票]比以前低得多，而且你的資產負債表上有相當多的現金。而且我知道您今年正在投資，並且您說過諸如庫存增加之類的事情。但是，就像我們如何看待回購一樣，鑑於目前的估值，您是否願意在回購方面變得更加激進？

Yes. A good question. And as you know, we don't necessarily comment on current activity. But I can speak to the year we just completed. And as I said, it's the most aggressive share repurchase that we have ever done at prices higher than where we currently sit. So clearly, this is something that we're watching very closely, active discussion on. But yes, we recognize where our price is at and where the company is going. So that is something that we take into account.

是的。一個好問題。如您所知，我們不一定對當前活動發表評論。但我可以談談我們剛剛完成的那一年。正如我所說，這是我們有史以來以高於我們目前所處位置的價格進行的最激進的股票回購。很明顯，這是我們正在密切關注和積極討論的事情。但是，是的，我們認識到我們的價格在哪里以及公司的發展方向。所以這是我們考慮的事情。

This concludes our question-and-answer session as well as the conference for today. Thank you for attending today's presentation. You may now disconnect.

我們的問答環節以及今天的會議到此結束。感謝您參加今天的演講。您現在可以斷開連接。