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，感謝您的耐心等待。歡迎參加 Deckers Brands 2022 年第四季財報電話會議。 （接線員指示）我想提醒大家，此通話正在錄音。

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

現在我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，謝謝大家今天加入我們。總裁兼執行長 Dave Powers 接聽電話；和首席財務官史蒂夫·法辛（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，本次電話會議中所做的某些陳述是聯邦證券法含義內的前瞻性陳述，存在相當大的風險和不確定性。這些前瞻性陳述旨在取得 1995 年《私人證券訴訟改革法案》規定的免責責任安全港資格。

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.

今天本次電話會議中除歷史事實陳述外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；我們品牌的實力和對我們產品的需求；我們的產品分配、細分和分銷策略發生變化；我們的行銷計劃和策略的變更；我們的資本配置策略改變； 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、庫存和流動資金狀況；以及我們可能回購的股票。

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.

本次電話會議中所做的前瞻性陳述代表了管理階層目前的預期，並基於做出此類陳述時可獲得的資訊。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，這些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有重大差異。

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.

該公司在其向 SEC 提交的文件中解釋了其中一些風險和不確定性，包括其 10-K 表年度報告和 10-Q 表季度報告的風險因素部分。除法律或紐約證券交易所上市規則要求外，該公司明確否認有任何更新任何前瞻性陳述的意圖或義務。

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

有了這個，我現在將把它交給戴夫。

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破紀錄的 2022 財年業績，其中包括許多重大成就。 Deckers 首次實現年收入超過 30 億美元，而我們在達到 20 億美元僅三年後就實現了這一目標。總的來說，我們 2022 財年的營收為 31.5 億美元，比前一年成長 24%，比 2 年前成長近 50%。與我們推動營收成長和健康獲利的承諾一致，Deckers 的營業利潤率略低於 18%。最後，我們的每股盈餘為 16.26 美元，比去年和兩年前分別成長 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.

當我回顧過去兩年來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，並且我對未來的發展感到更加興奮。當然，如果沒有我們敬業的員工和卓越的領導團隊在困難的供應鏈環境中合作交付，同時繼續專注於長期執行，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的長期策略非常契合，即推動 HOKA 的優質成長、進一步多元化和提升 UGG 品牌、加強和建立我們的 DTC 業務並釋放我們國際市場的全部潛力。

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 財年在這些策略舉措方面取得的進展包括： HOKA 營收比上一年增長56%，達到近9 億美元，佔投資組合總收入的28%，高於去年的22 %，兩年內成長17%前。實現 UGG 收入多元化，並突顯品牌圍繞核心業務的成功，女性經典以外的品類目前佔品牌年度收入的 65% 以上，比 5 年前增長了 10 個百分點以上。 DTC 收入比前一年增加 14%，比兩年前增加 65%。並擴大我們的國際業務，與去年相比成長了 25%，與兩年前相比成長了 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.

我再次為我們的組織感到自豪，我們的辛勤工作使我們能夠在極其複雜的物流環境中取得這些卓越的成果。

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，我們將憑藉優勢開展業務，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 未來將實現令人難以置信的成長，我對消費者對我們品牌的需求以及我們團隊即使在複雜的宏觀環境中實現我們目標的能力也充滿信心。史蒂夫將在稍後的電話會議中提供有關我們前瞻性期望的更多詳細資訊。

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，我將分享有關 2022 財年品牌和通路績效的一些詳細信息，以及推動我們在 2023 財年前進的戰略的一些背景信息。

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。 2022 財年全球 UGG 營收較去年成長 15%，達 19.82 億美元。這是 UGG 連續第二年實現兩位數成長。 2022 財年的成功得益於消費者持續採用該品牌多樣化的產品組合，所有主要品類均較上年增長了兩位數。男士鞋類在過去 3 年增加了約 1 億美元後，現已增長至超過 3 億美元。服裝和配件合計比去年增長 47%，目前佔品牌組合的 6% 以上，銷售額超過 1 億美元。女性經典作品繼續透過新穎性推動美元成長。

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 產品種類與該品牌在創新現有特許經營的同時開發新特許經營的能力直接相關。

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，Ultra Mini 被視為運動鞋的替代品，因為它支持較低的腳踝高度，因此具有更好的全年穿著性。

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Ultra Mini對於UGG品種來說還是很新的，但它已經成為新獲得和保留的消費者中排名前5的DTC款式，而且它僅位於18至34歲消費者中排名前5的款式之外。

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 是另一種 UGG 款式，年輕消費者將其作為運動鞋的替代品。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、新的印花和標誌處理，添加新的輕質和可持續材料選擇（例如我們的UGGplush 混合材料），將這種傳統風格發展成為新興的特許經營品牌。推出時尚領先平台版本Tazz。最近，推出了一款創新雨鞋 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報道，包括 TikTok 上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 品牌進一步多元化和淡季化的關鍵驅動力。

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.

從全通路市場管理的角度來看，UGG品牌今年的策略重點符合預期，國內批發透過多樣化的產品組合帶動了可觀的成長，同時補充了通路庫存，國際地區的成長率首次超過美國成長率四年來，全球直接面向消費者的業務在比上一年增長30% 以上的基礎上實現了中個位數的成長。

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 全通路市場管理，儘管物流挑戰影響了產品的交付時間和可用性，但該品牌仍能夠推動所有通路的強勁成長。

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，正如剛結束的第四季所證明的那樣，需求仍然相當高。 UGG 在第四季度的表現遠遠超出了我們的預期，因為批發商接受的交貨時間比正常情況要晚，而且 DTC 購物者在假期旺季過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Google趨勢，在 2022 整個財年，我們看到了許多對 UGG 需求有利的指標，包括美國的搜尋興趣比去年增長 9%，比兩年前增長 20%。 18歲至34歲仍是UGG品牌最大的消費者年齡層。以Tasman、Neumel 和拖鞋組合為首的同時增量購買多種產品，突顯了我們的UGG 的所有口號，以及該品牌在每個地區的忠誠度計劃註冊人數的增加，截至年底，全球會員數量已接近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 獎勵計劃的規模不斷擴大，我想強調幾個強調這些忠實消費者價值的關鍵指標，例如在該計劃開展的所有地區，會員收入約佔收入的 40% 或更多已經存在超過1 年，會員的消費比非忠誠消費者高出約40% 至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 財年是 UGG 品牌又一個強勁的一年，我要感謝團隊的辛勤工作和奉獻精神，以實現連續多年的卓越成長。

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.

繼過去兩年 UGG 實現成長之後，我們將重點放在保持全球市場上創紀錄的品牌熱度水平上。為此，我們希望透過嚴格的策略性全球市場管理來提升品牌，優先考慮DTC 的消費者體驗以建立忠誠度，編輯以擴大品種，推動更少但更強大的產品故事，並透過創新的時尚合作吸引新消費者。我對 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策略目標取得進展。

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.

繼續前往霍卡。 2022 財年全球營收較去年成長 56%，達到 8.92 億美元。隨著供應量的改善，第四季度實現了強勁增長，HOKA 又創下了創紀錄的業績，未來還有很多令人興奮的道路。

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，從而實現了每個地區所有管道的成長。更具體地說，從通路角度來看，全年 HOKA 全球批發加速成長，較上年增長 55%，目前銷量已超過該品牌 2021 財年的全部業務，全球直接面向消費者增長 58%與去年相比，獲得和保留的消費者數量大幅增加。

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 的快速成長和消費者的採用，分銷管理仍然是提高新消費者認知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，我要指出的是，2022 財年的大部分成長來自現有經營的專業零售商和戶外零售商的市佔率擴張，而不是開設新的分銷點。雖然 HOKA 與策略合作夥伴開設了新的經銷店，甚至在某些情況下擴大了這些帳戶的門數，但該品牌在擴張方面仍然保持嚴格的紀律。

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擁有一群優秀的批發合作夥伴，他們持續支持品牌的策略願景，提高了品牌在核心消費者中的可信度和認知度，幫助擴大了HOKA所觸及的消費者範圍。

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.

除此之外，我想就 HOKA 品牌在未來一年及以後的批發增長機會提供更多背景信息，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 已成長為第一或第二品牌，但我們在美國和海外的一些地區發現了幾個區域成長機會。與過去兩年內開設的策略合作夥伴一起擴大銷量，有機會隨著時間的推移增加門數，並透過新的策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.

我想強調的這些新策略關係之一就是 Foot Locker。 HOKA 和 Foot Locker 多年來一直表現出共同的興趣，並在此期間制定了一個符合雙方利益的分銷計劃。我們很高興從今年夏天開始在有限數量的 Foot Locker 門市中開設 HOKA，目的是在 HOKA 現有分銷管道缺乏的關鍵市場中增加該品牌在年輕消費者中的曝光度。

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.

根據我們與 UGG 的合作經驗，Foot Locker 團隊對其消費者有著清晰的認識，並相信這一寶貴的合作夥伴關係可以對 18 至 34 歲受眾中的 HOKA 認知度產生相當大的影響。

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管道不斷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.

2022 財年，HOKA 全球直接面向消費者的收購量比前一年增加了 50%，留存率比前一年增加了 62%。雖然獲取新消費者是我們擴大 HOKA 知名度的一個重要指標，但提高客戶留任率是維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.

最終，DTC 是 HOKA 能夠最好地展示該品牌創新產品種類（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 推動多次購買以及跨品類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購買點，但 HOKA 品牌的數位行銷活動也推動了目標消費者的 DTC 購買。 HOKA 品牌的數位化策略特別關注 18 至 34 歲的消費者，成功地將這些消費者的數量比去年增加了 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 也看到消費者對該品牌快閃零售店的熱烈反響。紐約是我們表現最強勁的城市，但我們也對最近在芝加哥開設的快閃店以及搬遷到洛杉磯（在加州威尼斯開設了一家商店）感到興奮。

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 可以透過展示品牌產品的廣度並推動社區參與，在零售店提供優質體驗。

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，我們認為有機會在世界各地的主要城市開設有限數量的永久辦事處，包括到 2023 財年底在紐約市開設我們在美國的第一個辦事處。

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 品牌的新策略批發分銷、有針對性的數位行銷活動以及主要市場的快閃零售店旨在透過提高認知度來加速全球消費者的獲取。

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 分銷的綜合方法將繼續為該品牌提供良好服務，推動 HOKA 接入點生態系統的全球平衡成長。

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 繼續開發各種旨在激發所有人內心運動員的產品。該品牌的包容性產品管理方法包括不斷發展的傳統特許經營權，以供所有類型的運動員使用，透過新的創新來提高表現，並透過新的類別擴大消費者群體。

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 個戰略方面取得了進展，它既是傳統 Bondi 風格的演變，又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 開創了先河，這是該品牌排名第一的越野鞋中最輕且抓地力最強的版本。採用低調外底重塑 Mach，提供柔軟的緩衝墊和快節奏騎行體驗，專為速度而設計，適合日常訓練。 Anacapa 系列顛覆了身高分類，這是一款高性能登山鞋，具有運動鞋般的舒適度。並推出全新 Kawana，旨在從健身房鍛鍊到日常跑步再到休閒服裝無縫過渡。

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，專為所有類型的運動員而設計，為性能跑步者、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們提供服務。

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成長，我們預計將在2023 財年繼續實現這一成長勢頭，因為該品牌將在今年稍後推出其首個大型全球行銷活動，從而與現有批發合作夥伴繼續擴大市場份額，擴大新消費者的認知度夏季，透過我們的直接面向消費者的管道推動採購和補貨活動，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 財年全球營收較去年成長 17%，達到創紀錄的 1.63 億美元。今年的成長得益於該品牌在運動涼鞋領域的領先地位以及在封閉式腳趾類別中不斷擴大份額的進步，其中 Hurricane 和 ReEmber 系列的成功凸顯了這一點。

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 Teva 22 財年的大部分成長，但該品牌能夠與上一財年的 DTC 成長相提並論。 DTC 的成功得益於留存消費者的顯著增加，該品牌希望在來年複製這一點。

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。由於疫情相關瓶頸導致批發配送中斷，2022 財年全球營收較去年下降 9% 至 6,900 萬美元。儘管如此，Koolaburra 品牌的 DTC 業務比去年增長了 35%，目前 DTC 銷售規模是 2 年前的 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 2022 財年全球營收成長 3%，達到 4,300 萬美元。我們對該品牌在全價業務組合和高價位商品增加的推動下取得的業績感到滿意。

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.

2022財年通路業績方面，批發和DTC均較上年實現兩位數成長，體現了我們全通路品牌管理的實力。

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%，五分之四的品牌今年實現兩位數增長。批發美元的成長主要是由全球 HOKA 的勢頭推動的，因為該品牌不斷獲得市場份額，為國內 UGG 帳戶轉售市場庫存，並且受益於過去幾年的市場重置活動，UGG 品牌的國際市場恢復成長清理了歐洲、中東和非洲地區的分銷以及中國在地化的產品和行銷策略。

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.

整體而言，批發收入佔總收入的61%，高於去年的58%，但低於兩年前的65%。我們希望透過批發推動持續成長，與展示我們品牌並吸引世界各地新消費者的一流合作夥伴合作。

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，今年的營收比去年成長了 14%，比兩年前成長了 65%，達到 12 億美元。我們在實體零售和線上零售領域都取得了同比增長，因為我們在上一年關閉了零售店，而在線零售領域我們將投資重點放在吸引新消費者並提高保留率上。

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 業務正在全球範圍內跨多個品牌增長，國內和國際DTC 比去年增長了兩位數，而且我們的5 個品牌中有4 個在去年通過HOKA 和UGG 會計實現的非凡在成長的基礎上實現了成長絕大多數美元交易量的成長。

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?

接下來，我將把電話轉給 Steve，以提供有關我們第四季度和 2022 財年財務業績的更多詳細信息，以及我們對 2023 財年的初步展望。

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。正如您剛剛聽說的，我們公司在 2022 財年的業績非常出色，儘管全球供應​​鏈中斷導致成本增加，但我們的營收成長超過 20%，並保持了高位營業利潤率。

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.

在我們品牌需求強勁的推動下，Deckers 在2 年內增加了超過10 億美元的收入，特別是HOKA（連續3 年增長超過50%）和UGG（連續3 年增長超過50%）和UGG（連續3年增長了兩位數）回溯幾年。

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.

我們的長期策略持續為推動獲利成長提供堅實的基礎，我們很自豪能夠維持卓越的營業利潤率水準。我們相信，透過對關鍵策略的持續投資，德克斯能夠推動長期獲利成長。

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和 2022 財年的業績。第四季營收為 7.36 億美元，比上年成長 31%。成長得益於 HOKA 庫存可用性的改善，使該品牌能夠實現創紀錄的 2.83 億美元季度收入和高於我們指導範圍上限的全年收入。

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.

業績好於預期，因為我們看到假期季節延長，消費者願意等待需求旺盛的產品延遲 DTC 發貨，而且由於 UGG 品牌持續強勢，客戶更傾向於持有更多商品，導致批發取消數量減少。季節性庫存水平，以對沖未來一年可能發生的潛在供應鏈中斷。因此，我們預計這將影響今年秋天的 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.

第四季毛利率為48.7%，較去年同期下降450個基點。毛利率較低主要與約490 個基點的運費影響有關，主要是由於航空使用量增加和海運費率上漲、批發增長超過DTC 造成的不利渠道組合以及不利的外幣匯率，部分抵消了HOKA 利潤受益於價格上漲的影響和有利的品牌組合。

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.

本季的銷售及管理費用為 2.77 億美元，佔營收的 37.7%，而去年為 2.44 億美元，佔營收的 43.5%。支出增加主要與員工人數增加、行銷和績效相關薪酬有關。

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，導致稀釋後每股收益比去年翻了一倍多，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.

我們第四季的業績突顯了我們的品牌在 2022 財年所展現的卓越業績，Deckers 的營收首次超過 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 整個財年，營收較去年成長 24%，達到 31.5 億美元。過去 2 年，我們公司的總收入增加了超過 10 億美元，比 2020 財年增加了近 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 的表現出色。

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.

與前一年相比，營收成長是由我們兩個最大的品牌推動的，UGG 成長了15%，達到19.82 億美元，成長主要是由美國的批發補充和品牌國際地區恢復成長所推動，正如我們在財年伊始所暗示的那樣2022 年。

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.

今年毛利率較去年下降 300 個基點至 51%。毛利率下降與貨運下降約 370 個基點有關，主要是由於航空使用量增加、海運貨櫃費率上升以及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HOKA 收入、清倉減少以及有利的外幣匯率。

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，我們的貨運成本比前一年高出 1 億多美元，不包括運輸量增加的影響。

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.

本年度的 SG&A 支出為 10.43 億美元，比上年的 8.7 億美元成長 20%。 SG&A 佔 2022 財年收入的 33.1%，而 2021 財年為 34.2%。規模並提高倉儲成本，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.

這使得 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% 之間的上限。儘管貨運成本遠高於我們年初的預期，但我們仍然能夠透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.

今年，我們的稅率為20%，比去年的23.7%好。今年的稅收較低，主要是由於第四季度確認的某些離散稅收優惠以及國際收入比例較高。

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.

憑藉這些業績，Deckers 再次創下了每股攤薄收益 16.26 美元的紀錄，而 2021 財年為 13.47 美元。與去年相比成長 2.79 美元，主要是由於： 全球 UGG 和 HOKA 收入成長（扣除行銷增加後）；較低的稅率；股票數量減少，反映出我們迄今為止最積極的年度股票回購的好處；外幣匯率對淨收入有利，部分抵消了空運利用和海運費率上升帶來的貨運成本上升、員工數量增加帶來的薪酬成本上升、倉儲成本增加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，我們年終現金及等價物為 8.44 億美元。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% 的銷售增長更加吻合。由於2022財年下半年海運費率大幅上漲，該清單包括約5,000萬美元的嵌入增量海運費。期間，我們沒有短期借款。今年，這些成果使投資資本報酬率超過 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.

第四季度，我們以平均價格 292.51 美元回購了價值約 9,000 萬美元的股票。在 2022 整個財年，我們以約 3.57 億美元的價格回購了超過 100 萬股股票，平均價格為 341.77 美元。截至2022年3月31日，該公司仍有4.54億美元的股票回購授權。

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.

在展望 2023 財年之前，我想先介紹我們物流網絡的最新狀況，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、與卡車運輸稀缺和海運貨櫃短缺相關的港口瓶頸是我們 2022 財年業務受到的最重大影響，我們預計在 2023 財年開始時，其中一些壓力將持續存在。

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，延誤和豬肉積壓有所改善，但考慮到我們業務規模的擴大、當前或未來新冠疫情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，我們仍保持謹慎態度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，我們繼續優先考慮在銷售國接收庫存，因此預計2023 財年庫存餘額將保持在較高水平。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，我們成功地與現有合作夥伴建立了額外的生產線，並引進了新的合作夥伴。我們相信，這將支持我們繼續推動品牌成長的計劃，並預計，隨著我們進入 2023 財年及以後，這項新生產將使我們開始看到能力和產能的擴大。

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，我們看到了一些溫和的做法。從海運角度來看，我們預計這將成為上半年毛利率的不利因素，因為我們已經超越了去年上半年的較低成本。此外，我們一直在監測材料的通膨壓力，但相信我們在 2022 財年第四季度對 HOKA 實施的提價以及計劃從 2022 年秋季開始對 UGG 的提價可以減輕海運和材料通膨的影響。

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，我們預計將在 2023 財年繼續使用空運，但幾乎完全針對 HOKA 品牌，因為我們將努力填補因工廠中斷造成的生產缺口。雖然我們將透過減少 UGG 方面的空運來節省成本，但我們仍然預計在年內使用 HOKA 空運，但我們不打算透過定價行動來彌補這一點。

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，包括提前下訂單和搶佔需求商品的庫存，在這種破壞性的情況下增加關鍵款式的庫存。期間，利用空運對HOKA 進行策略定位，以獲取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，但我們相信這些決策有助於推動長期獲利的營收成長。

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.

轉向我們的觀點。對於 2023 年整個財年，我們預計營收年增 10% 至 11%，營收將在 34.5 億美元至 35 億美元之間，其中 HOKA 的成長將在 30% 的中高範圍內，達到12 億美元的低端里程碑。 UGG 的成長幅度較低，佔 2022 財年第四季的批發收入，我們預計將在即將到來的秋季銷售完畢。批發和 DTC 的成長速度相似，反映了所有品牌策略成長舉措的影響。

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51.5%，比去年高出50個基點。與去年相比，預計空運量將減少，並且受益於 HOKA 和 UGG 的部分價格上漲，同時受到外幣匯率的不利影響以及海運費上漲的持續影響。

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 預計約佔營收的 34%。支出增加主要與以下方面有關： 對人才和能力的投資，以擴大業務並維持市場競爭力；加強行銷以建立全球 HOKA 知名度並擴大品牌的消費者吸引力；隨著市場開放，旅行也會增加。

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.

根據這些毛利率和SG&A 預期，我們預計營業利潤率將在17.5% 至18% 之間，與2022 財年的水平相似，儘管與供應鏈相關的成本壓力持續存在，但仍比大流行前的水平高出約150 至200 個基點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%。所有這些導致預計稀釋後每股收益在 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 億至 1.1 億美元之間，這比往年有所增加，因為我們擴展了基礎設施以適應我們不斷發展的組織。主要投資領域包括增加倉庫空間、資本 IT 項目、更新某些現有零售店以及為 HOKA 和 UGG 開設策略性新店。

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 財年指引不包括任何可能被視為一次性的費用，也沒有考慮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不會出現明顯惡化，其中包括但不限於COVID-19 大流行對我們的營運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、通膨壓力、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，供應鏈中斷仍在影響，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成長並在所有四個季度實現盈利。但季度節奏可能與去年不同，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.

造成季度同比差異的一些因素包括，由於海運費增加，預計今年上半年的毛利率將低於去年；計劃在上半年增加營銷投資，以支持 HOKA 推出其產品第一個重大的全球活動，伴隨著新產品的推出以及與投資我們的勞動力和增加員工人數相關的更高的人才成本。

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

由於這些影響和美元走強，我們預計第一季的獲利能力將低於去年。

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

謝謝大家。現在我將把電話轉回給戴夫，讓他作最後的演講。

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 來說又是非凡的一年，我們的品牌組合實現了超過 20% 的營收和獲利成長。我們繼續推動實現我們的長期願景，將HOKA 打造成價值數十億美元的高性能運動領域的主要參與者，進一步使UGG 品牌的產品、地理和季節性組合多樣化，透過消費者獲取和保留來發展我們的DTC 業務，並推動透過策略投資開拓國際市場。這些策略繼續有利於我們組織的重點，並作為指導我們強大品牌組合持續發展的北極星，同時保持頂級的獲利水準。

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.

我們始終如一地交付卓越成果，這往往掩蓋了我們組織在我們開展業務的社區中不斷做好事和取得偉大成就的進展。我們在Deckers Gives 的幫助下取得了巨大進步，我們的員工在2022 財年貢獻了超過14,000 個小時的志願服務時間。從2 年的12% 提高到了21%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和辛勤工作，他們繼續推動 Deckers 走向未來。感謝我們所有利害關係人的持續支持。

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.

在我轉接電話之前，我想確認我們早些時候宣布，溫迪·楊（Wendy Yang）將從本月底起辭去績效生活方式總裁的職務。我謹代表整個 Deckers 團隊感謝 Wendy 在過去 7 年中的領導和貢獻。 HOKA 和 Teva 迄今為止處於最有利的地位，我對我們繼續保持積極勢頭的能力充滿信心。我期待與這支才華洋溢的團隊一起共創未來，並祝福溫蒂一切順利。

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.

在公司進行領導搜尋期間，我們的全通路總裁 Stefano Caroti 將暫時承擔 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.

當我們現在準備好再次提問時，我想說我對 Deckers 組織以及我們過去幾年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加令人興奮，我期待與我們的團隊一起踏上未來的旅程。

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

這樣，我會將電話轉給接線生進行問答。

(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. .

恭喜今年取得如此出色的成績。戴夫、史蒂夫，我想問定價問題。當我們考慮今年 10% 到 11% 的成長時，我們聽到很多品牌都在提高定價。我們是否應該假設今年的定價為高個位數？任何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，我認為最好的考慮方式是全面考慮，全球所有品牌今年的價格上漲約 6% 至 8%。這是按品牌、風格、地區進行的手術，但我們認為這適合該品牌。這給我們帶來了優勢，可以抵消運費帶來的利潤率方面的一些不利因素，並且符合市場預期，並且仍然具有競爭力。我們將一如既往地繼續評估並尋找機會。但整體來說，一般在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。我的第二個後續問題是關於 HOKA 30 多歲的成長。您能否告訴我們目前 DICK'S Sporting Goods 有多少家店的最新情況？當你說Foot Locker的門數量有限時，你能給我們一些護欄嗎？對此，我們如何看待批發與直接面向消費者的成長？我想你提到過，批發仍然是驅動因素，但只是試圖在全年業績公佈後圍繞它設置一些護欄。 。

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，這與 HOKA 品牌迄今為止的管理方式是一致的，非常具有策略性，並且對於我們的發展速度以及我們與哪些客戶一起成長非常深思熟慮。迪克體育用品，那裡的生意非常非常強勁。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積極擴張。

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.

正如您在劇本中聽到的，我們也剛剛在幾家商店開設了 Foot Locker。雖然還為時過早，但我們希望——正如我們一直以來所說的那樣，我們希望透過銷售取勝。我們希望在正確的地點與正確的合作夥伴為我們的消費者提供服務，並隨著時間的推移建立高品質的永續業務。

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客戶。儘管在某些情況下，我們可能是排名第一的跑步品牌，並在該通路中擁有 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 以及現在的 Foot Locker 討論過的主要合作夥伴，我們將與他們一起策略性地發展，建立強大的永續業務，並隨著時間的推移瞄準正確的消費者。

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.

那麼 DTC 顯然是一個主要焦點。我們與 HOKA 合作打造的快閃店讓我們感到非常興奮。我們看到了這些地點在全球範圍內進行策略性成長的機會，同時我們也審視了我們的市場策略，以增強我們在批發領域建立的意識，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面性和令人興奮的地方。

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.

有很多理由令人興奮。我們在批發、電子商務和零售領域都有機會，我們將全面審視這三個管道，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。

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.

但我要說的是，我們對我們在全球的生產力感到非常自豪。我認為這真正證明了品牌的實力，是的，我們正在銷售，但我們的銷售實力才是真正令我們興奮的地方。

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?

我想先問一下 UGG 品牌。僅考慮今年較低的個位數指引。您能否量化一下您所說的大規模時間影響？以及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，當您考慮實現這一目標的構建模組時，考慮到您的評論，您是否可以分享更多的色彩，一些品牌多元化和國際化的加強，您所看到的是什麼讓您對潛在的成長充滿信心？

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。我先走了。因此，在 UGG 上，當你再次考慮我們在第四季度所做的事情時，你是對的，再次證明了品牌的表現有多強大，品牌的相關性有多強。我們也確實看到了策略夥伴、批發客戶，他們在知道自己不會在第四季售完庫存的情況下進行庫存管理。

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，他們很樂意將其帶入我們的 23 財年，我們預計將在該財年出售。我們確實認為這更多是對第三季、第四季的影響。你是對的。因此，潛在的成長更多是中個位數，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 還有很多值得興奮的地方。我的意思是，在這種環境和我們遇到的一些供應鏈挑戰下，連續兩年實現兩位數成長。還有很大的上升空間。但短期內我們會採取更謹慎的態度，以確保我們能夠適當地從新冠疫情中恢復過來。

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.

但當你看看 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。女鞋的銷量仍然在增長，無論是經典款還是延伸款以及一些時尚款，特別是在春夏季。男裝、童裝和服裝今年及以後都有兩位數的成長機會。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.

我們的行銷和產品管理團隊中出現了一些新的領導層，我們很快就會任命一位新的領導層，以擴大創新管道。有很多值得興奮的事情，但我們希望透過策略性、深思熟慮的方式來做到這一點，並與我們在該地區的商業領導者合作，以一種高水平和一致的方式真正進攻市場。

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成長概況的更廣泛的問題。我知道在新冠疫情爆發之前，你談到了你所看到的幾年——我認為這是低兩位數的綜合收入增長。當你展望今年之後的任何想法。這種演算法是否正確，尤其是在今年定價略有下降之後，然後與此掛鉤，這是 G&A 投資的 1 年提升嗎？預計今年之後會獲得什麼槓桿作用？

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這個問題的好方法。同樣，我們正處於充滿不確定性的一年，因此有很多工作需要解決。但我認為我們正在沿著這些思路思考。所以，是的，這是繼兩年顯著收入成長後的投資一年，我們今年將努力完成。但我認為總的來說，你所說的這是一個很好的思考方式，然後我們將看看今年的進展如何。

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。該業務還需要進行大量投資。我的意思是，你會考慮國際成長，建立零售足跡以擴展到 HOKA 並提升我們在 UGG、服裝資源、IT 資源等領域的競爭力。今年我們進行了一些投資。我們將根據業務的成長繼續這樣做。因此，希望這些供應鏈逆風及其成本在未來一兩年內消退，我們也可以將其中一些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.

我是麥肯齊·博伊斯頓 (Mackenzie Boydston) 替卡米洛 (Camilo) 發言。我的第一個問題是更籠統的問題，您的批發合作夥伴如何看待後半個季度，以及他們的觀點與 90 天前相比是否發生了變化？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良好的服務，解決了供應鏈中斷和缺乏可用性（庫存可見性）的問題。

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，但我對我們團隊應對挑戰的方式感到自豪。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，他們希望盡快獲得盡可能多的產品。這就是對話的真正目的。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。然後是毛利率。我認為它比我們建模的壓縮程度要大一些。因此，只需了解本季毛利率的看跌期權和看跌期權。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，因為知道上半年仍將面臨挑戰，但只是想了解一下明年的毛利率會如何[闡述] ] 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，麥肯齊，關於第四季度的熱門，你是對的，多一點，這實際上是由貨運推動的。而且，在貨運中，有海運組合，但也有更多的空運，因為我們使用空運引入 HOKA 產品，這確實有助於推動本季度 HOKA 銷售額的成長。

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.

因此，這是能夠獲得該產品的一個重要因素。沒有那個運費。然後我們確實希望減少空運使用量。因此，進入 23 財年，今年的庫存狀況會更好，我們預計我們將需要使用更少的空運，這將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。另外，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，但我們的供應團隊做了令人難以置信的工作，為我們在越南及其他地區為 HOKA 品牌找到了更多產能。我們可能會在本財年下半年看到這種影響開始顯現，這應該有助於我們最終達到滿足需求的地步。但我們現在仍處於追逐模式，這很棒。但我們因此失去了一些機會。

Our next question comes from Jay Sole with UBS.

我們的下一個問題來自瑞銀集團的 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?

Dave，您提到了歐洲和 HOKA 零售業。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 方面，你們一直在非常努力地工作——該公司一直在非常努力地重置這項業務。看來今年有望爆發。但問題是，您是否看到一些宏觀因素擾亂了這一點？

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，對於 HOKA 零售，您的願景是什麼？聽起來比較新。什麼樣的－讓我們了解一下您看到的商店格式是什麼樣的？潛力有多大？ 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。很好的問題。歐洲總經理 Marco 以及他和團隊在 UGG 方面的進步讓我感到非常興奮。這是一個多年的旅程。他們在清理市場和創造經典產品稀缺方面做得非常出色，向年輕消費者推出了 Fluff 等款式和特許經營產品。所以可以說，我們在美國一直以來採用的策略正在發揮作用。

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宏觀經濟挑戰。我們仍然樂觀。我們仍然從我們的客戶那裡聽到積極的回應，事實上他們仍然相信 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，這一點已納入指南中。

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.

但可以說的是，該品牌正在那裡復興。我們在個別市場上還有工作要做。例如，我們希望真正優化德國。我們十二月份在市場參觀市場。品牌實力雄厚。但我們需要提高我們在消費者面前的形像以及我們在 DTC 中的表現。但好消息是，我們在美國看到了許多圍繞著年輕消費者被該品牌所吸引的趨勢，我們在那裡也看到了這一點。我們認為 UGG 品牌未來的發展勢頭非常強勁。

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.

對於 HOKA 零售業來說，現在還處於早期階段。我們進入零售業其實是為了進攻中國市場。所以我們在中國地區開設了最初的幾家商店。我們在紐約和洛杉磯開設了快閃店，我們剛在芝加哥開了一家。一切都超出了預期，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.

它們的設計規模較小，但它們給了我們很大的信心，我們可以透過零售為 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，我們正在將它們納入我們多個類別的品牌中，將它們帶到網路上，從而最大限度地提高終身價值。

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，我們希望一夜之間擁有 200 家 HOKA 商店」。但他們將發揮戰略作用，將品牌的全部內容帶給我們已確定的關鍵城市的消費者，然後我們將最大限度地利用其中一些關鍵城市的機會，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約翰·克南和考恩。

Congrats on a phenomenal year.

恭喜您度過了非凡的一年。

Thank you.

謝謝。

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?

因此，也許只是退一步考慮毛利率，對於整個行業的每個人來說，成本都上升了，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改變嗎？如果其中一些成本在商品、運輸和貨運方面結構性地仍然較高。我們如何看待我們所處的新的通膨環境？

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。我想這是──這是史蒂夫，約翰。這是一個大問題，我認為沒有人確切知道這一切是如何發生的。我認為我們應該看到改進，但我認為我們不會很快看到這種情況，對嗎？這確實是我們建模的內容。

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，我們假設今年的海運量與去年相比不會顯著改善。儘管去年上半年，我們並沒有通過這些較高庫存水準的庫存支出。因此，23 財年將是花費更高海運費的一整年。我們正在使用定價來抵消其中的大部分。因此，我們能夠透過一些價格上漲來提振一些。正如我們在準備好的演講中所說，我們並沒有利用價格上漲來抵消空氣的影響。

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，隨著我們的進入和供應鏈中斷的改善，隨著我們減少空運使用量，利潤率應該會提高。正如我們再次所說，我們計劃今年使用的空運量少於去年。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.

那麼在通貨膨脹方面，我們還沒有看到太多的影響，儘管我們知道它即將到來，對嗎？因此，我們一直在預期會出現混亂和一定程度的通貨膨脹。這就是我們提前引入更多庫存的原因。這就是為什麼您會看到我們的庫存略高於歷史水平。但正如我們在多年比較中指出的那樣，我們的庫存成長仍然與銷售成長一致。

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。透過現在擁有庫存，我們可以透過材料通膨從中受益。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一種阻力。再次，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.

因此，要回答你的問題，我認為現在了解這一切的長期結果還為時過早。我們認為，正如我們今天所知道的那樣，該指導方針將大部分因素考慮在內。改善。

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? .

我想後續可能是，您談到 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能。當你開始到達那裡時，你能從頻道的角度談談它是什麼樣子嗎？批發，感覺批發方面的機會比較多。您已經談過 DTC 部分了。隨著 HOKA 的收入擴大到數十億美元，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，有兩件事需要考慮。一是品類機會。因此，我們確實將 HOKA 視為一個性能品牌，並且是一個跨多個類別的性能品牌。顯然，我們植根於跑步，這就是我們的真實性的來源。但我們在健行、健身和其他類別的道路上從頭到腳都是相關且重要的。因此，當你想到這個品牌所擁有的廣度和肩膀時，我們看到了一個價值數十億美元的機會。

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.

從通路的角度來看，聽著，我們今天可以點亮批發業務，並在一夜之間大幅提高這項業務的業績。但我們希望確保它是可持續的。在第一方數據對於成功至關重要的環境中，我們正在盡一切努力同時推動 DTC 業務的健康發展。

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，我們可能會考慮 50-50 的分割，因為在國際上，批發方面有更多的機會，而這只是取決於市場，而不是今天的 DTC。但我們非常清楚，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。但最終，我們希望這些流量最終能到達我們的網站和商店。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。我們有能力實現這一目標。我們將長期致力於此。我們希望看到它成為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。約翰，我也認為，正如我們之前所說，相對而言，HOKA 的品牌知名度仍然較低。

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，我們可以策略性地利用這些批發帳戶來建立品牌知名度。然後我們確實看到他們直接來找我們的轉換率很高。所以這是建立品牌知名度的好方法，利用這些關係建立策略夥伴關係，真正將品牌帶到消費者面前。

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 品牌中討論過的另一個機會是忠誠度計劃。我相信現在有近 600 萬消費者參與了我們的 UGG 忠誠度計劃。這些都是我們最好的消費者。他們購物最頻繁。他們比沒有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 管道的實力。

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銀行的 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?

今年您給出的息稅前利潤率指引與您去年實現的目標相似。我很好奇您如何看待每個品牌，以及您預期 HOKA 與 UGG 與去年相比會發生什麼變化？或者如果你認為他們兩個都是一致的？

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.

第二個問題，我只是很好奇，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？任何沿著這些思路的評論。

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。我先走了。只是談論我們提供的類似 22 年的毛利率指引。正如我們所討論的，毛利率有所改善，但也有一些投資。正如我們一直所說的那樣，我們已經將營運模式轉變為更具可變性。因此，當我們看到一些不利因素時，我們可以靈活地應對如何抵消其中一些不利因素，這正是我們在 22 財年所做的，以實現一年前的目標。

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褲帶。因此，進入一年後，我們可以獲得一些毛利率的改善，這讓我們有機會對業務進行一些投資。我們已經說過，而且你以前也聽過我說過，我們正在尋找我們品牌的長期機會。因此，我們希望確保提供適當的投資水準。

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.

即使取得了這些結果，正如我們所說，它們在我們的同行中也是最好的。所以我們很靈活，我們很靈活。我們有一個很好的變數模型，可以讓我們做到這一點。因此，當我們可以擴大一點利潤時，我們將抓住這些機會，以確保我們對業務進行長期投資。

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，所以只要順著清單往下看，我會說我們的能力很好，對嗎？我們擁有所有品牌所需的工廠產能，尤其是 HOKA，預計下半年產能將持續增加。所以這樣很好。

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，對嗎？我們必須在產品創建的交付週期和購買產品的交付週期中加入緩衝。但事實是——顯然，從庫存離開工廠到我們的配送中心的時間仍然比我們希望的要長。

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。事情進展得更快一些。但我希望我錯了。我個人認為，在秋季庫存開始再次增加之前，會有一段平靜期。因此，我對這種情況將持續下去持樂觀態度，但我有點緊張，因為當我們進入銷售旺季時，情況會再次陷入困境。

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.

庫存和庫存的可見性以及庫存何時到達的時間，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必須根據庫存可用性重新平衡訂單。因此，團隊必須經歷很多繁重的工作。

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.

我們還沒有看到太多的改進，因為港口面臨的挑戰是我們不知道哪個貨櫃將在何時進入。但是，從我們 DC 的角度來看，在物流方面，我們過去幾年的投資正在獲得回報。在穩定歐洲和中西部一些較新的資料中心方面，我們還有一些工作要做，但我們很高興這些工作正在進行中，並且我們正在為持續成長做好準備。

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，我認為希望運輸交貨時間和港口的瓶頸能夠稍微緩解。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.

然後我想補充一點，我們正在密切關注與[西海岸]港口工人的勞動合約談判。所以這只是我們正在非常仔細觀察的其他事情。再說一遍，為什麼我們會比平常更早引入庫存。所以需要密切注意一些事情。

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。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。現在的環境仍然非常不確定，可能比一年前甚至去年——兩年前更不確定。所以我很高興我們有這些庫存。我們現在只需要把它推向市場並繼續追求它。

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

只是對庫存進行快速跟進。能簡單說明一下品牌增加了哪些條目嗎？ 。

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。我們沒有提供那個。我們可以說的是，大品牌與平均是一致的。因此，隨著我們預計會出現某種幹擾並帶來更多的產品，我們的銷量也會增加。

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，我想早些時候您談到 HOKA 仍處於追逐模式，並預計下半年庫存可用性會更好。那麼，當我們對今年進行建模時，我們是否應該認為 HOKA 在下半年的成長會更強一點？還是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的結果，我們正在追逐。這就是為什麼我們看到——我們拿到了庫存，然後將其投放到市場上，並且我們仍在將其中一些庫存投放到市場上。

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，球隊仍在出售明年春季的門票。就是這樣——我們正在等著看它是什麼樣子。但我想說的一點是，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會比第一季強很多。現在還處於早期階段。但我們認為今年的成長率為 30% 至 35% 是正確的。它有可能比這個更高。但在今年年初的不確定環境中，我們認為這是發布指示的正確方式。

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，我可以快速問你一個問題嗎？只是我認為[庫存]比以前低得多，而且資產負債表上有相當多的現金。我知道您今年正在投資，並且您提到了庫存增加之類的問題。但是，我們如何看待回購，並考慮到目前的估值，您是否願意在回購方面採取更激進的態度？

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。這是個好問題。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完成的一年。正如我所說，這是我們有史以來最激進的股票回購，價格高於目前的價格。很明顯，我們正在密切關注並積極討論這個問題。但是，是的，我們認識到我們的價格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。您現在可以斷開連線。