Deckers Outdoor Corp (DECK) 2022 Q3 法說會逐字稿

Good afternoon, thank you for standing by. Welcome to the Deckers Brands Third Quarter Fiscal 2022 Earnings Conference Call. (Operator Instructions) I would like to remind everybody that this conference call is being recorded. I'll now turn the call over to Erinn Kohler, VP investor Relations and Corporate Planning. Please go ahead.

下午好，謝謝你的支持。歡迎參加 Deckers Brands 2022 財年第三季度收益電話會議。 （操作員說明）我想提醒大家，這次電話會議正在錄音。我現在將把電話轉給投資者關係和企業規劃副總裁 Erinn Kohler。請繼續。

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. 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 and liquidity position and our potential repurchase of shares.

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》規定的安全港免責義務。今天在本次電話會議上發表的所有陳述，除歷史事實陳述外，均為前瞻性陳述，包括有關變化的陳述在消費者行為、我們品牌的實力和對我們產品的需求方面；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 today's call. I'm excited to review our third quarter results that underscore the momentum of our brands and their continued execution of key strategies as we build the future of Deckers Brands. As we continue to navigate a challenging logistics environment, I reflect on both the exceptional demand for the UGG and HOKA brands and the added pressure we face to keep pace with their growth in a constrained environment. While we don't currently see signs that elevated logistics costs or supply chain bottlenecks will subside anytime soon, we do see value in supporting our strong brands through expediting key product inventory, giving our brands the opportunity to gain market share. Steve will provide a more detailed update on the status of our supply chain network and the actions we're implementing to provide our brands with the best opportunity to thrive in this challenging marketplace now and into the future.

謝謝，艾琳。大家下午好，感謝您加入今天的電話會議。我很高興回顧我們的第三季度業績，這些業績強調了我們品牌的發展勢頭以及他們在我們建立 Deckers Brands 未來時繼續執行關鍵戰略。隨著我們繼續在充滿挑戰的物流環境中航行，我反思了對 UGG 和 HOKA 品牌的特殊需求以及我們在受限環境中跟上它們的增長步伐所面臨的額外壓力。雖然我們目前沒有看到物流成本上升或供應鏈瓶頸會很快消退的跡象，但我們確實看到了通過加快關鍵產品庫存來支持我們強大品牌的價值，讓我們的品牌有機會獲得市場份額。 Steve 將更詳細地介紹我們供應鍊網絡的狀態以及我們正在採取的行動，以便為我們的品牌提供在現在和未來這個充滿挑戰的市場中茁壯成長的最佳機會。

With that said, Decker's third quarter revenue increased 10% over the prior year to $1.188 billion, representing our largest quarter in history. We saw balanced growth across our entire brand portfolio as direct-to-consumer, wholesale and multiple geographies drove impressive results. Performance in the quarter and throughout the year has been the result of our execution on our long-term strategy, including driving HOKA, diversifying UGG, building DTC and developing our international market. More specifically, we have made progress across these key areas as HOKA grew 30% in the quarter despite port congestion and inventory constraints and has grown 54% year-to-date over prior year, contributing half of our total portfolio's incremental revenue.

話雖如此，德克爾第三季度的收入比上一年增長了 10%，達到 11.88 億美元，是我們歷史上最大的一個季度。我們看到整個品牌組合的平衡增長，因為直接面向消費者、批發和多個地區推動了令人印象深刻的結果。本季度和全年的業績是我們執行長期戰略的結果，包括推動 HOKA、多元化 UGG、建立 DTC 和開發我們的國際市場。更具體地說，我們在這些關鍵領域取得了進展，儘管港口擁堵和庫存限制，HOKA 在本季度增長了 30%，並且今年迄今比去年增長了 54%，貢獻了我們總投資組合增量收入的一半。

UGG increased 8% over last year in Q3 and has driven double-digit growth year-to-date, propelled by global adoption of the brand's diverse product assortment. Direct-to-consumer growth outpaced wholesale growth, improving DTC mix to 50% of third quarter revenue, up from 48% last year and 44% 2 years ago. And our international regions contributed a significant portion of global growth year-to-date, increasing 27% over the prior year and outpacing the U.S. increase of 19%. For UGG, our international regions have sold their most diverse offering of UGG products ever, which helped the brand deliver impressive global growth fiscal year-to-date. In addition, with HOKA continuing to expand its share of the global performance market, we believe our portfolio contains 2 of the strongest brands in the footwear industry, with much more promising growth ahead.

UGG 在第三季度比去年增長了 8%，並且在全球採用該品牌的多樣化產品組合的推動下，今年迄今實現了兩位數的增長。直接面向消費者的增長超過批發增長，將 DTC 組合提高到第三季度收入的 50%，高於去年的 48% 和兩年前的 44%。今年迄今為止，我們的國際地區在全球增長中貢獻了很大一部分，比上一年增長了 27%，超過了美國 19% 的增長。對於 UGG，我們的國際地區銷售了有史以來最多樣化的 UGG 產品，這幫助該品牌在本財年迄今實現了令人印象深刻的全球增長。此外，隨著 HOKA 繼續擴大其在全球性能市場的份額，我們相信我們的產品組合包含鞋類行業最強大的兩個品牌，未來的增長前景更加廣闊。

Now let's get into some of the brand highlights, starting with UGG. Global UGG third quarter revenue was $946 million, reflecting an 8% increase versus last year and a 21% increase versus 2 years ago in the brand's largest quarter. These results, when combined with the UGG brand's outstanding first half, equate to fiscal year global revenue growth of 13% above last year and 21% above 2 years ago, reflecting the continued steady growth in the U.S., which is up high single digits on top of last year's mid-teens increase and a strong return to growth within the brand's international region, which has increased north of 20% versus last year and double digits versus 2 years ago, all of which has been fueled by a diverse assortment of compelling UGG products across gender and categories that are being embraced by a broader and younger consumer base.

現在讓我們進入一些品牌亮點，從 UGG 開始。全球 UGG 第三季度收入為 9.46 億美元，與去年同期相比增長 8%，與兩年前相比增長 21%，這是該品牌最大的季度。這些結果與 UGG 品牌上半年的出色表現相結合，相當於本財年全球收入比去年增長 13%，比兩年前增長 21%，反映出美國持續穩定增長，在在去年中期增長的基礎上，該品牌的國際地區實現了強勁的增長，與去年相比增長了 20% 以上，與 2 年前相比增長了兩位數，所有這些都得益於各種引人注目的跨性別和類別的 UGG 產品正在被更廣泛和更年輕的消費者群所接受。

In terms of the UGG brand success, year-to-date the majority of growth has come from categories outside of women's classic boot. This includes continued gains across men's and kids footwear, women's slippers and Fluff as well as apparel and accessories. While these categories are driving the bulk of UGG growth, it is important to note that women's classics have also performed very well this year. Fiscal year-to-date, women's classic boots have driven year-over-year revenue growth, represent a smaller percentage of total brand revenue, and reflect greater style diversity within the category as items outside of the core, such as the Ultra Mini, Classic Clear and Neumel have been key drivers of consumer acquisition this year.

就 UGG 品牌的成功而言，年初至今的大部分增長來自女式經典靴子以外的類別。這包括男鞋和童鞋、女拖鞋和絨毛以及服裝和配飾的持續增長。雖然這些品類推動了 UGG 的大部分增長，但值得注意的是，女性經典款今年的表現也非常出色。本財年迄今為止，女式經典靴子推動了收入的同比增長，佔品牌總收入的比例較小，並反映了該類別中更大的風格多樣性，作為核心以外的項目，例如 Ultra Mini、 Classic Clear 和 Neumel 一直是今年吸引消費者的主要推動力。

The Neumel, with its broad consumer appeal is this year's largest dollar volume style across the entire UGG assortment. The UGG product and design teams have done a great job developing companion versions to build a franchise which continues to be a large driver of Men's growth.

Neumel 具有廣泛的消費者吸引力，是今年整個 UGG 產品系列中美元銷量最大的款式。 UGG 產品和設計團隊在開發配套版本方面做得非常出色，以建立一個繼續成為男士增長的主要動力的特許經營權。

Additionally, our consumer data has shown that the adoption of UGG Men's product skewed younger, as the 18- to 34-year age group represents a larger portion as compared to the brand average. And the Neumel remains a top acquisition style amongst these consumers. Our product teams are actively utilizing these insights to design new styles that will allow UGG to build upon momentum with these target consumers.

此外，我們的消費者數據顯示，UGG Men 產品的採用率偏年輕，因為與品牌平均水平相比，18 至 34 歲的年齡組所佔比例更大。在這些消費者中，Neumel 仍然是一種頂級的收購方式。我們的產品團隊正在積極利用這些洞察力來設計新的款式，讓 UGG 在這些目標消費者中建立勢頭。

Turning to kids' footwear, UGG has driven impressive gains in kids categories over the past few years. We believe this is a strong indicator of brand health as purchasing patterns reflect consumers buying UGG for the family, with the majority of top styles representing popular items from the men's and/or women's product range. These bundled purchases are obviously great for increasing current values and wholesale open to buy but also act as a great avenue to introduce UGG to the next generation of consumers.

談到兒童鞋類，UGG 在過去幾年中推動了兒童類產品的顯著增長。我們認為這是品牌健康的有力指標，因為購買模式反映了消費者為家庭購買 UGG，大多數頂級款式代表男裝和/或女裝產品系列中的熱門商品。這些捆綁購買顯然非常適合增加當前價值和批發開放購買，但也是將 UGG 介紹給下一代消費者的絕佳途徑。

Beyond footwear, UGG has been focused on acquiring new consumers through a compelling apparel assortment. To build awareness in the category, UGG developed its first-ever apparel dedicated marketing campaign, which helped drive a 40% increase in apparel consumer acquisition year-to-date.

除了鞋類，UGG 一直專注於通過引人注目的服裝系列來吸引新消費者。為了在該品類中建立知名度，UGG 開展了其首個專門針對服裝的營銷活動，這有助於推動今年迄今為止服裝消費者購買量增加了 40%。

Our consumers have responded particularly well to ready-to-wear sportswear and outerwear items that contain visual UGG DNA, logo treatment and deliver on the expected feeling of UGG. This was the first season for a number of retailers carrying UGG apparel, many of whom are concentrated in the youth and sports lifestyle channels. These channels have been driving strong performance with UGG footwear for some time now, and we're excited that they are on board to expand into a head-to-toe UGG offering.

我們的消費者對包含視覺 UGG DNA、標誌處理和 UGG 預期感覺的成衣運動服和外套產品反應特別好。這是多家零售商推出UGG服裝的第一季，其中很多都集中在青年和運動生活方式渠道。一段時間以來，這些渠道一直在推動 UGG 鞋類產品的強勁表現，我們很高興他們加入進來，以擴展從頭到腳的 UGG 產品。

On the domestic front, this is the fourth consecutive year UGG has delivered strong year-to-date growth in the U.S., where brand consideration remains at an all-time high among 18- to 34-year-old according to YouGov. The brand's development of a more youthful and diverse product assortment as well as the ongoing U.S. wholesale marketplace management strategy has helped UGG strategically expand within youth and sports lifestyle accounts.

在國內方面，這是 UGG 在美國連續第四年實現年初至今的強勁增長，根據 YouGov 的數據，美國 18 至 34 歲的品牌考慮率保持歷史最高水平。該品牌開發更年輕、更多樣化的產品組合，以及持續的美國批發市場管理戰略，幫助 UGG 在青年和運動生活方式客戶中戰略性地擴張。

While UGG has built market share across its account base, the youth and sports lifestyle accounts have significantly outpaced growth with department stores. Additionally, UGG has driven significant gains in DTC acquisition with 18- to 34-year-olds over the past 2 years, as this age group has grown at a 25% CAGR year-to-date over the same period of fiscal 2020. Critical to this success has been the product adoption among those younger consumers who are purchasing both heritage products like the Classic Short and Mini but also new franchises like the Neumel, Fluff, Tasman and Classic Clear.

雖然 UGG 在其客戶群中建立了市場份額，但青年和運動生活方式客戶的增長速度明顯超過百貨公司。此外，在過去 2 年中，UGG 在 18 至 34 歲的人群中推動了 DTC 收購的顯著增長，因為這一年齡組在 2020 財年同期以 25% 的複合年增長率增長。這一成功得益於年輕消費者對產品的採用，他們既購買了 Classic Short 和 Mini 等傳統產品，也購買了 Neumel、Fluff、Tasman 和 Classic Clear 等新系列產品。

From an international standpoint, regions outside of the U.S. have accounted for approximately half of UGG's growth this year, with EMEA and China driving the majority of gains over last year.

從國際角度來看，美國以外的地區約佔 UGG 今年增長的一半，其中歐洲、中東和非洲和中國推動了去年的大部分增長。

Approximately 3 years ago, UGG implemented a marketplace reset strategy in the EMEA region based on the successful strategy that reignited the brand in the U.S. This involved a reduction of wholesale accounts to the tune of approximately 35% over the last 3 years, allocating and segmenting core product, and elevating brand positioning while also working to create demand for complementary UGG products in new categories.

大約 3 年前，UGG 在 EMEA 地區實施了市場重置戰略，該戰略基於在美國重新點燃品牌的成功戰略。這涉及在過去 3 年中將批發賬戶減少約 35%，分配和細分核心產品，提升品牌定位，同時努力創造對新品類互補UGG產品的需求。

Beyond the marketplace activities in EMEA, the UGG marketing team began localizing global content to more effectively connect with consumers living in European and Asian countries. More recently, UGG developed market-specific collaboration and brought on local influencers to help highlight the brand's compelling product. These actions have helped drive the international turnaround of UGG, which is now delivering growth and high full price sell-through with the brand's most diverse product assortment ever.

除了在 EMEA 的市場活動之外，UGG 營銷團隊開始將全球內容本地化，以更有效地與生活在歐洲和亞洲國家的消費者建立聯繫。最近，UGG 開展了針對特定市場的合作，並聘請了當地有影響力的人來幫助突出該品牌引人注目的產品。這些行動幫助推動了 UGG 的國際化轉型，該品牌現在通過該品牌有史以來最多樣化的產品組合實現了增長和高全價銷售。

Importantly, the return to growth of international UGG regions aligns with our global category growth initiatives, further aiding the brand's diversification into categories outside of women's classic. Fiscal year-to-date, women's core classics and derivatives have moderated to below 40% of international revenue. This is more in line with the U.S. and compares to north of 50% just 3 years ago. With a tightened supply of core product, international regions are driving healthy growth with popular global styles such as the Fluff franchise, Ultra Mini, Classic Clear and the Neumel.

重要的是，國際 UGG 地區的恢復增長與我們的全球品類增長計劃保持一致，進一步幫助該品牌在女士經典之外的品類中實現多元化。本財年迄今為止，女性核心經典和衍生品在國際收入中的佔比已降至 40% 以下。這更符合美國的情況，而 3 年前這一比例還不到 50%。隨著核心產品供應趨緊，國際地區正以流行的全球風格推動健康增長，如 Fluff 系列、Ultra Mini、Classic Clear 和 Neumel。

By highlighting new categories, reducing the supply of core product and tailoring marketing campaigns to local consumers, UGG has begun to expand its audience to younger consumers in both Europe and China. In Europe, this has led to new strategic points of distribution in the youth and sports lifestyle channel. The volume generated with these retail partners is still relatively small, but growing significantly faster than average. And if the U.S. is any indication, these emerging segments can be a big driver of growth and volume in the future.

通過突出新品類、減少核心產品供應和為當地消費者量身定制營銷活動，UGG 已開始將其受眾擴大到歐洲和中國的年輕消費者。在歐洲，這為青年和運動生活方式頻道帶來了新的戰略分銷點。這些零售合作夥伴產生的數量仍然相對較小，但增長速度明顯快於平均水平。如果美國有任何跡象，這些新興細分市場可能成為未來增長和銷量的重要推動力。

Similar to the U.S., we believe younger consumers are leading the UGG brand's increased popularity among international markets. The brand has worked hard to create localized content that resonates with sub-35 age consumers in their respective markets. In Germany, France and the U.K., this age group is driving over 40% of traffic conversion from paid social. In China, this age group is driving DTC growth in key franchises including global styles such as Fluff and the Classic Clear. The UGG team has a lot to be proud of with the progress it has made as the brand continues to drive global growth with a diverse assortment of in-demand product.

與美國類似，我們相信年輕消費者正引領著 UGG 品牌在國際市場上日益普及。該品牌一直在努力創建本地化內容，以在各自市場中與 35 歲以下的消費者產生共鳴。在德國、法國和英國，這個年齡組推動了超過 40% 的付費社交流量轉化。在中國，這個年齡段正在推動 DTC 在主要特許經營中的增長，包括 Fluff 和 Classic Clear 等全球風格。 UGG 團隊以其所取得的進步感到非常自豪，因為該品牌繼續通過各種需求產品來推動全球增長。

Looking ahead, we're excited for UGG to build upon this year's head-to-toe demand with a compelling new rainwear proposition that features two new styles, the Drizlita and the Tasman X, which we believe will help the brand further expand its year-round appeal to consumers around the world. We are already receiving great feedback on the sell-through of this collection of rainwear product and are excited to share more on our year-end call. Congratulations to the UGG team on a great fall season, and we look forward to continued success this spring.

展望未來，我們很高興 UGG 能夠在今年從頭到腳的需求基礎上推出引人注目的全新雨衣主張，其中包括 Drizlita 和 Tasman X 兩種新款式，我們相信這將有助於該品牌進一步擴大其年度- 全面吸引全球消費者。我們已經收到了關於這一系列雨衣產品銷售情況的良好反饋，並很高興在我們的年終電話會議上分享更多信息。祝賀 UGG 團隊在一個偉大的秋季賽季，我們期待在這個春天繼續取得成功。

Shifting to HOKA, global revenue in the third quarter was $185 million, reflecting a 30% increase versus last year and nearly double the volume of 2 years ago. Despite dealing with stockouts and delayed inventory, HOKA performed well in the quarter, driven by global strength in the direct-to-consumer channel, which increased 52% over last year, and continued global wholesale market share gains, particularly among international regions, as unit growth outpaced domestic. Fiscal year-to-date, global HOKA revenue has increased 54% versus last year, reflecting strength across the brand's ecosystem of access point as domestic, international, wholesale and direct-to-consumer continue to drive impressive growth.

轉向 HOKA，第三季度的全球收入為 1.85 億美元，與去年相比增長了 30%，幾乎是兩年前的兩倍。儘管處理了缺貨和庫存延遲的問題，HOKA 在本季度表現良好，這得益於全球直接面向消費者渠道的實力，比去年增長了 52%，以及全球批發市場份額持續增長，特別是在國際地區，因為單位增長超過國內。本財年迄今為止，全球 HOKA 收入與去年相比增長了 54%，這反映了該品牌接入點生態系統的實力，因為國內、國際、批發和直接面向消費者繼續推動令人印象深刻的增長。

From a direct-to-consumer standpoint, we have seen strong global demand for HOKA year-to-date as U.S. search interest increased 74% over the prior year, according to Google Trends. New consumers visiting the European HOKA website during Q3 increased 88% over last year, helping the region maintain the highest DTC growth rate thus far in fiscal '22, and drove a more than 30% increase in conversion rate during China's Double 11 event, demonstrating improved awareness in the region. DTC continues to be a great avenue for HOKA to make connections with consumers, drive replenishment and increased category adoption as it more effectively displays the breadth of the brand's product assortment. We are actively testing and developing the HOKA consumer experience at pop-ups in the U.S. and owned locations in China.

根據谷歌趨勢，從直接面向消費者的角度來看，今年迄今為止，我們看到全球對 HOKA 的強勁需求，因為美國的搜索興趣比上一年增加了 74%。第三季度訪問歐洲 HOKA 網站的新消費者比去年增加了 88%，幫助該地區保持了 22 財年迄今為止的最高 DTC 增長率，並在中國雙 11 期間推動了超過 30% 的轉化率，表明提高了該地區的意識。 DTC 仍然是 HOKA 與消費者建立聯繫、推動補貨和增加類別採用的重要途徑，因為它更有效地展示了品牌產品分類的廣度。我們正在美國的快閃店和中國的自有地點積極測試和開發 HOKA 消費者體驗。

In China, we plan to utilize strategic retail locations to continue building HOKA brand awareness as we develop the marketplace further and create a model for future wholesale partners to leverage. In the U.S., we have seen great engagement from consumers at pop-up locations and are exploring other select cities to test the HOKA experience. At the same time HOKA is building the experience at DTC, the brand continues to build credibility and awareness with consumers through partnerships with strategic retailers. This spring, HOKA will be strategically expanding with key partners to satisfy incremental demand and further augment the brand's market share. We are pleased that our partners have continued to express excitement about the HOKA brand and their desire to expand further, and we look forward to continuing to grow those relationships. At the same time, we remain disciplined in our approach to steadily and sustainably building HOKA to a multibillion-dollar brand over time.

在中國，我們計劃利用戰略性零售地點來繼續建立 HOKA 品牌知名度，同時進一步開發市場並為未來的批發合作夥伴創造可利用的模式。在美國，我們看到消費者在快閃店的積極參與，並正在探索其他選定的城市以測試 HOKA 體驗。在 HOKA 在 DTC 建立體驗的同時，該品牌通過與戰略零售商的合作繼續在消費者中建立信譽和意識。今年春天，HOKA 將與主要合作夥伴進行戰略性擴張，以滿足增量需求並進一步擴大品牌的市場份額。我們很高興我們的合作夥伴繼續表達對 HOKA 品牌的興奮以及他們進一步擴張的願望，我們期待繼續發展這些關係。與此同時，隨著時間的推移，我們堅持以穩健和可持續的方式將 HOKA 打造為價值數十億美元的品牌。

Shifting to product highlights for the third quarter. We launched the Bondi X at the beginning of October. This innovative style combines the signature cushion of a traditional Bondi with a carbon fiber plate to give athletes a more propulsive and efficient ride. The Bondi X launch drove significant traffic to hoka.com, 65% of which were first-time visitors. The style was even named one of the best running shoes according to GQ's 2021 Fitness Awards.

轉向第三季度的產品亮點。我們在 10 月初推出了 Bondi X。這種創新風格將傳統 Bondi 的標誌性坐墊與碳纖維板相結合，為運動員提供更具推進力和效率的騎行體驗。 Bondi X 的推出為 hoka.com 帶來了大量流量，其中 65% 是首次訪問者。根據 GQ 的 2021 年健身大獎，該款式甚至被評為最佳跑鞋之一。

Beyond the Bondi X, the HOKA brand is expanding consumer awareness with two of its newer franchises, the Rincon and the Mach. Both franchises were designed for an audience of consumers under 35 years old. The HOKA team strategically developed Rincon and Mach social content for platforms possessing a higher concentration of this key demographic. As a result, the Rincon and Mach have been key catalysts for the HOKA brands accelerated acquisition of younger consumers, and these franchises are driving superb growth. On the collaboration front, HOKA partnered with global luxury brand Moncler to release a limited edition of the HOKA Mafate Speed 2. This was a great opportunity for HOKA to build global awareness by partnering with a well-known European fashion luxury brand. The collaboration drove significant positive PR for HOKA and sold out in the first hour of availability.

除了 Bondi X，HOKA 品牌還通過其兩個較新的特許經營權 Rincon 和 Mach 擴大了消費者的認知度。這兩個特許經營權都是為 35 歲以下的消費者設計的。 HOKA 團隊戰略性地為這些關鍵人群集中度較高的平台開發了 Rincon 和 Mach 社交內容。因此，Rincon 和 Mach 一直是 HOKA 品牌加速收購年輕消費者的關鍵催化劑，這些特許經營權正推動著驚人的增長。在合作方面，HOKA 與全球奢侈品牌 Moncler 合作發布了 HOKA Mafate Speed 2 限量版。這是 HOKA 通過與歐洲知名時尚奢侈品牌合作建立全球知名度的絕佳機會。此次合作為 HOKA 帶來了顯著的積極公關，並在上市的第一個小時內售罄。

Collaborations like this are a great indicator of the brand's growing appeal beyond its traditional performance roots and into the space of fashion. While fashion is not a top priority for HOKA right now, we see this as an opportunity for the brand to capitalize on more broadly in the future.

像這樣的合作很好地表明了該品牌超越其傳統表演根源並進入時尚領域的吸引力不斷增長。雖然時尚不是 HOKA 目前的首要任務，但我們認為這是該品牌在未來更廣泛地利用的機會。

To close HOKA, I'd like to congratulate the entire team for the brand being named Footwear News Brand of the Year. This is a fantastic accomplishment and speaks to the incredible momentum of HOKA as the brand marches closer to $1 billion in revenue and beyond. We have enormous confidence in the brand's ability to continue building share in a highly competitive marketplace. While we continue to operate in this constrained environment, we are prioritizing the fulfillment of HOKA demand, though carefully balancing stringent quality standards as the brand's growth has required adding further manufacturing capacity. Ramping production of this highly technical performance product will require some additional time, but our measured approach will ensure HOKA is built to become a long-term major player in the performance space while delivering the quality product our consumers expect.

為了關閉 HOKA，我要祝賀整個團隊的品牌被評為年度鞋類新聞品牌。這是一項了不起的成就，並說明了 HOKA 令人難以置信的勢頭，因為該品牌的收入接近 10 億美元甚至更多。我們對該品牌在競爭激烈的市場中繼續建立份額的能力充滿信心。雖然我們繼續在這種受限制的環境中運營，但我們會優先考慮滿足 HOKA 的需求，但會仔細平衡嚴格的質量標準，因為品牌的增長需要進一步增加製造能力。增加這種高技術性能產品的生產將需要一些額外的時間，但我們的謹慎方法將確保 HOKA 成為性能領域的長期主要參與者，同時提供我們消費者期望的優質產品。

With respect to channel performance in the third quarter, global direct-to-consumer revenue increased 13% versus the prior year and plus 42% versus 2 years ago. From a comparable sales perspective, direct-to-consumer increased 11% versus last year, fueled by strength in both retail stores and online. UGG and HOKA drove the majority of the year-over-year dollar volume increases, but DTC demand was robust across the portfolio.

在第三季度的渠道表現方面，全球直接面向消費者的收入比去年同期增長了 13%，比兩年前增長了 42%。從可比銷售額的角度來看，直接面向消費者的銷售額與去年相比增長了 11%，這得益於零售店和在線商店的強勁增長。 UGG 和 HOKA 推動了美元交易量同比增長的大部分，但整個投資組合的 DTC 需求強勁。

Facing bottlenecks during the UGG brand's historical peak period of demand, we took specific actions that benefited UGG DTC, which included encouraging preorders on key styles to help smooth demand, carrying a broader exclusive assortment that provided the option of alternate in-stock products where there were shortages, and offering the option to purchase back ordered products that had incoming inventory. In the constrained supply environment we have experienced this year, our omnichannel capabilities proved advantageous in reducing the impact on the UGG brand's business.

面對 UGG 品牌歷史需求高峰期的瓶頸，我們採取了有利於 UGG DTC 的具體行動，其中包括鼓勵對關鍵款式進行預購以幫助滿足需求，提供更廣泛的獨家分類，提供替代庫存產品的選擇。是短缺，並提供購買有進貨庫存的延期交貨產品的選項。在我們今年經歷的供應受限環境中，我們的全渠道能力證明有利於減少對 UGG 品牌業務的影響。

From a wholesale perspective, global revenue in the third quarter increased 7% versus last year and 14% versus 2 years ago. Growth in the quarter was primarily driven by international UGG and global HOKA, with slight offsets from a reduction in domestic UGG that resulted from earlier shipments of fall products as compared to the prior year. Wholesale comparisons remain unique as macro logistics pressures and bottlenecks continue to alter shipment timing as compared to historical patterns.

從批發的角度來看，第三季度的全球收入與去年相比增長了 7%，與兩年前相比增長了 14%。本季度的增長主要受到國際 UGG 和全球 HOKA 的推動，略微抵消了國內 UGG 的減少，原因是秋季產品的出貨量較上年同期有所下降。與歷史模式相比，由於宏觀物流壓力和瓶頸繼續改變發貨時間，批發比較仍然是獨一無二的。

With that, I'll hand the call over to Steve to provide further details on our third quarter financial results, status of the dynamic supply chain challenges facing our industry and our updated fiscal year 2022 outlook. Steve?

有了這個，我將把電話轉給史蒂夫，以提供有關我們第三季度財務業績、我們行業面臨的動態供應鏈挑戰的狀態以及我們更新的 2022 財年展望的更多細節。史蒂夫?

Thanks, Dave, and good afternoon, everyone. I'd like to echo Dave's remarks regarding the success of our key strategies. With 3 quarters of the year now behind us, including the peak UGG holiday season, we feel great about the strength of our brand portfolio. Throughout the year, UGG has driven global growth with a diverse assortment that is resonating with consumers across multiple categories, including apparel and accessories. At the same time, HOKA continues to build share with compelling performance products across its ecosystem of access point.

謝謝，戴夫，大家下午好。我想附和戴夫關於我們關鍵戰略成功的評論。現在已經過去了 3 個季度，包括 UGG 假日旺季，我們對我們品牌組合的實力感到非常滿意。全年，UGG 以多樣化的產品系列推動了全球增長，這些產品在服裝和配飾等多個類別中引起了消費者的共鳴。與此同時，HOKA 繼續通過其接入點生態系統中引人注目的性能產品建立份額。

The growth delivered by our two largest brands was achieved despite significant supply chain disruption that we expect to remain a headwind for the foreseeable future. While this challenge persists, we have a great deal of confidence in the demand for our brands, bolstered by our omnichannel capabilities, flexible operating model and fortified balance sheet. Ultimately, we believe that prioritizing our long-term strategic goals will allow our brands to remain successful and drive continued market share gains.

儘管我們預計在可預見的未來仍將是逆風，但我們的兩個最大品牌實現了增長，儘管供應鏈出現嚴重中斷。儘管這一挑戰依然存在，但我們對品牌的需求充滿信心，這得益於我們的全渠道能力、靈活的運營模式和強化的資產負債表。最終，我們相信優先考慮我們的長期戰略目標將使我們的品牌保持成功並推動持續的市場份額增長。

Now for the financial specifics of Q3 results. Third quarter fiscal 2022 revenue was $1.188 billion, representing a 10% increase versus last year and a 27% increase versus 2 years ago. Q3 growth was driven by our 2 largest brands, UGG and HOKA, as international UGG increased 29% versus last year, led by a return to growth in our EMEA region and an acceleration in China. And global HOKA increased 30%, aided by a more than 50% increase in DTC. Gross margins for the third quarter were down 470 basis points versus last year to 52.3%. The decrease as compared to last year was due to higher freight costs as ocean container rates have significantly increased. Third-party delivery fees have increased, and we have used a substantial amount of air freight. The increased cost in freight, including all of these components, amounted to approximately $55 million above last year in the quarter.

現在了解第三季度業績的財務細節。 2022 財年第三季度收入為 11.88 億美元，比去年增長 10%，比兩年前增長 27%。第三季度的增長由我們的兩個最大品牌 UGG 和 HOKA 推動，國際 UGG 與去年相比增長了 29%，這主要得益於我們 EMEA 地區的恢復增長和中國的加速。在 DTC 增長超過 50% 的幫助下，全球 HOKA 增長了 30%。第三季度毛利率較去年下降 470 個基點至 52.3%。與去年相比下降是由於海運集裝箱運費大幅上漲導致運費上漲。第三方派送費用增加，我們使用了大量的空運。包括所有這些組成部分在內的運費增加的成本在本季度比去年同期增加了約 5500 萬美元。

SG&A dollar spend for the quarter was $328 million, up 15% from last year's $285 million. Increased spend was primarily driven by greater marketing expense to increase localized content, highlight new categories and fuel brand heat globally as well as higher warehouse expenses as we grow our logistics network and other variable expenses. Our tax rate for the quarter was 20.5%, which compares favorably to the 22.2% last year due to discrete tax benefits and a higher proportion of international revenue.

本季度的 SG&A 美元支出為 3.28 億美元，比去年的 2.85 億美元增長 15%。支出增加主要是由於增加本地化內容、突出新類別和在全球範圍內推動品牌熱度的營銷費用增加，以及隨著我們發展物流網絡和其他可變費用而增加的倉庫費用。由於離散的稅收優惠和較高的國際收入比例，我們本季度的稅率為 20.5%，高於去年的 22.2%。

This resulted in a diluted earnings per share of $8.42 for the quarter, which compares to $8.99 in last year's third quarter. The $0.57 decrease versus last year was primarily driven by lower gross margins that resulted from higher freight costs, higher marketing, warehouse and variable expenses, with partial offsets from the revenue growth of our two largest brands and benefits from a lower tax rate and share count.

這導致本季度每股攤薄收益為 8.42 美元，而去年第三季度為 8.99 美元。與去年相比下降 0.57 美元，主要是由於較高的貨運成本、較高的營銷、倉庫和可變費用導致毛利率下降，部分抵消了我們兩個最大品牌的收入增長以及較低的稅率和股份數量帶來的好處.

Turning to our balance sheet. At December 31, 2021, we ended December with $998 million of cash and equivalents. Inventory, including in-transit, was $551 million, up 80% from $305 million at the same time last year, with the large majority of that increase still in transit and delayed due to port congestion. And we had no outstanding borrowings. During the third quarter, we repurchased approximately $131 million worth of shares at an average price of $369.12. Fiscal year-to-date through December, we have repurchased approximately 736,000 shares, spending a total of $267 million. At December 31, 2021, the company still had $544 million remaining under its stock repurchase authorization.

轉向我們的資產負債表。截至 2021 年 12 月 31 日，我們在 12 月結束時擁有 9.98 億美元的現金和等價物。包括在途庫存在內的庫存為 5.51 億美元，比去年同期的 3.05 億美元增長 80%，其中大部分增長仍在運輸途中，由於港口擁堵而延遲。而且我們沒有未償還的借款。第三季度，我們以平均 369.12 美元的價格回購了價值約 1.31 億美元的股票。截至 12 月的財政年度迄今，我們已回購約 736,000 股股票，總支出為 2.67 億美元。截至 2021 年 12 月 31 日，公司在股票回購授權下仍有 5.44 億美元剩餘。

Before we move into our final outlook update for fiscal year 2022, I'd like to provide an update on the status of our logistics network and the actions we are taking to mitigate future effects on our business. The most material challenge facing our business continues to be prolonged transit times for items produced overseas to reach our warehouses. This has led to a much higher proportion of inventory classified as in-transit. At September quarter end, we noted that approximately 45% of inventory was in transit, which compared to roughly 20% in the prior year at the same point in time.

在我們進入 2022 財年的最終展望更新之前，我想提供有關我們物流網絡狀態的最新信息，以及我們為減輕未來對我們業務的影響而採取的行動。我們業務面臨的最大挑戰仍然是延長海外生產的物品到達我們倉庫的運輸時間。這導致歸類為在途庫存的比例要高得多。在 9 月季度末，我們注意到大約 45% 的庫存在運輸中，而去年同期這一比例約為 20%。

As of December 31, we have not seen improvement, as approximately 50% of our inventory remained in-transit, which compares to roughly 25% in the prior year at 12/31. We do not expect this issue to be resolved near term, and as a result we plan to carry elevated levels of inventory at fiscal 2022 year-end and into fiscal year 2023, placing an emphasis on receiving product into the country of sale at the expense of inventory efficiencies in the short term. We will continue to utilize airfreight where strategically necessary to import products and leapfrog port congestion to maintain share.

截至 12 月 31 日，我們沒有看到任何改善，因為我們大約 50% 的庫存仍在運輸中，而去年 12 月 31 日這一比例約為 25%。我們預計這個問題不會在短期內得到解決，因此我們計劃在 2022 財年末和 2023 財年保持較高水平的庫存，重點是將產品接收到銷售國短期內的庫存效率。我們將繼續在戰略上必要的地方利用空運來進口產品並跨越港口擁堵以保持份額。

More specifically, with the rate of growth our brands are experiencing, particularly HOKA, which has more consistent demand throughout the year as well as a greater percentage of at-once business, aligning sufficient inventory levels with elevated demand has become increasingly difficult. To help offset this issue, we have stepped up our airfreight usage to supplement ocean and port delays, but shipping by air is causing gross margin compression. Our strategy is to prioritize HOKA market share in the ultra-competitive performance footwear space, and as such, we are willing to maintain higher airfreight usage to fulfill this demand. Meanwhile, the HOKA team is actively working through product launch adjustments to best align with the current logistics environment.

更具體地說，隨著我們品牌的增長速度，特別是 HOKA，其全年需求更加穩定，一次性業務的比例更高，使充足的庫存水平與高需求保持一致變得越來越困難。為了幫助抵消這個問題，我們已經增加了空運使用以補充海運和港口延誤，但空運正在導致毛利率壓縮。我們的策略是優先考慮 HOKA 在極具競爭力的高性能鞋履領域的市場份額，因此，我們願意保持更高的空運使用率來滿足這一需求。同時，HOKA 團隊正在積極調整產品發布，以最好地適應當前的物流環境。

On pricing, we spoke last quarter about raising prices on select HOKA styles this spring and taking a look at UGG for the fall of 2022 season. Our product teams have completed a thorough review of their respective brand price elasticity and are continuing to adjust prices on target styles accordingly. While these changes can help offset some of the inflationary pressures on materials, we still expect elevated freight expense to be a near-term headwind above these pricing adjustments. Please note this does not constitute gross margin guidance for next year as pricing and freight are only a few of the many variables that factor into our gross margin forecast.

在定價方面，我們在上個季度談到了今年春季提高精選 HOKA 款式的價格，並看看 2022 年秋季的 UGG。我們的產品團隊已經完成了對各自品牌價格彈性的全面審查，並繼續根據目標款式調整價格。雖然這些變化可以幫助抵消一些對材料的通脹壓力，但我們仍預計運費上漲將成為這些定價調整之上的近期逆風。請注意，這並不構成明年的毛利率指導，因為定價和運費只是影響我們毛利率預測的眾多變量中的一小部分。

From a factory production standpoint, we maintain a network of strategic third-party manufacturers and have been actively seeking additional production lines with existing and potential new partners. Despite ongoing activities, we expect some of our growth in the upcoming fiscal year to be limited by manufacturing capacity constraints. To ensure product quality and integrity, particularly with HOKA, given the complex nature of the brand's high-performance products, it will take time to ramp up additional production. These efforts are made more difficult by the existence of the ongoing pandemic. We will provide a more thorough update on our fiscal year 2023 expectations during our year-end call in May.

從工廠生產的角度來看，我們擁有戰略性第三方製造商網絡，並一直在積極尋求與現有和潛在新合作夥伴的額外生產線。儘管活動正在進行，但我們預計下一財年的部分增長將受到製造能力限制的限制。為了確保產品質量和完整性，尤其是 HOKA，鑑於該品牌高性能產品的複雜性，增加額外產量需要時間。持續的大流行使這些努力變得更加困難。我們將在 5 月的年終電話會議上更全面地更新我們對 2023 財年的預期。

Now with that context in mind and moving to guidance, for the full fiscal year 2022, on revenue, we are narrowing our range to reflect a $20 million increase on the low end and maintaining the high end of our prior guidance, now expecting a range of $3.03 billion to $3.06 billion. This represents growth of approximately 19% to 20% over fiscal year 2021. Gross margin is now expected to be at or slightly below 51.5%. Included in this is our annual spend on freight that is now projected to be $100 million over last year.

現在考慮到這一背景並轉向指導，對於整個 2022 財年的收入，我們正在縮小範圍以反映低端增加 2000 萬美元並保持我們先前指導的高端，現在預計範圍30.3 億美元至 30.6 億美元。這意味著比 2021 財年增長約 19% 至 20%。目前預計毛利率將達到或略低於 51.5%。其中包括我們每年的貨運支出，現在預計將比去年增加 1 億美元。

SG&A is still expected to be approximately 34% of revenue, and we expect our operating margin to land within the prior range at approximately 17.5% of revenue. We now expect a tax rate of approximately 21.5% for the year. And taking these into account, we are narrowing our prior earnings per share expectation to a range of $14.50 to $15.15 for full fiscal year 2022. At this point, our full year guidance does not anticipate additional significant supply chain disruption beyond what we have covered here today, excludes onetime charges, and does not contemplate impact from additional share repurchases. We look forward to providing additional updates on next year during our fourth quarter call in May. Thanks, everyone.

SG&A 仍預計佔收入的 34% 左右，我們預計我們的營業利潤率將落在之前的範圍內，約佔收入的 17.5%。我們現在預計今年的稅率約為 21.5%。考慮到這些因素，我們將之前對 2022 財年的每股收益預期縮小至 14.50 美元至 15.15 美元的範圍。目前，我們的全年指導預計不會出現超出我們在此處所涵蓋的額外重大供應鏈中斷今天，不包括一次性費用，並且不考慮額外股票回購的影響。我們期待在 5 月的第四季度電話會議上提供有關明年的更多更新。謝謝大家。

And I will now hand the call back to Dave for his final remarks.

我現在將把電話交還給戴夫，讓他發表最後的講話。

Thanks, Steve. Our brands have performed exceptionally well this year notwithstanding logistical challenges facing our industry. Fiscal year-to-date, Deckers has delivered revenue growth of 22% above last year and 37% above 2 years ago, while maintaining top-tier operating margins among peers. Our impressive margins have been achieved as we continue investing in the long-term future of our organization and prioritize growing the market share of our exceptional brands, all while navigating headwinds related to the global pandemic and supply chain disruption.

謝謝，史蒂夫。儘管我們的行業面臨物流挑戰，但我們的品牌今年表現異常出色。本財年迄今為止，Deckers 的收入比去年增長了 22%，比兩年前增長了 37%，同時在同行中保持了一流的營業利潤率。隨著我們繼續投資於我們組織的長期未來並優先增加我們卓越品牌的市場份額，同時應對與全球大流行和供應鏈中斷相關的逆風，我們已經實現了令人印象深刻的利潤率。

As I said at the opening, our brands are incredibly well positioned across the globe, but demand continues to outpace our current ability to supply it. And we are managing the business to deliver strong results in this uncertain environment. We have continuously evolved our strategies to mitigate the impacts of the dynamic state of the logistics environment. Key actions we are taking include tightening our product assortments to increase SKU efficiency, raising prices selectively based on assessing the competitive landscape of our brands, utilizing the strength of our balance sheet to carry increased levels of inventory in response to supply chain disruption, optimizing channel mix to fulfill consumer demand and scaling production to support the growth of our brands.

正如我在開幕式上所說，我們的品牌在全球範圍內的定位非常好，但需求繼續超過我們目前的供應能力。我們正在管理業務，以在這種不確定的環境中取得強勁的業績。我們不斷發展我們的戰略，以減輕物流環境動態的影響。我們正在採取的主要行動包括收緊產品組合以提高 SKU 效率、根據評估我們品牌的競爭格局有選擇地提高價格、利用我們的資產負債表優勢來增加庫存以應對供應鏈中斷、優化渠道混合以滿足消費者需求並擴大生產規模以支持我們品牌的發展。

With the realities of the current logistics environment, we recognize that HOKA will remain in chase mode for much of the upcoming year. HOKA has tremendous runway ahead, and we will continue to provide the resources necessary to build HOKA into a major multibillion-dollar player in the performance space.

鑑於當前物流環境的現實，我們認識到 HOKA 將在來年的大部分時間裡保持追逐模式。 HOKA 擁有巨大的發展空間，我們將繼續提供必要的資源，將 HOKA 打造成為表演領域價值數十億美元的主要參與者。

On behalf of the entire leadership team, I'd like to recognize and thank our employees for how well they have managed an intense workload, especially as we all continue to deal with the added stress and struggles caused by the ongoing pandemic. We are doing our best to support our employees and their families through this difficult period of uncertainty.

我謹代表整個領導團隊感謝我們的員工，他們出色地管理了繁重的工作量，尤其是在我們所有人都在繼續應對持續的大流行帶來的額外壓力和掙扎的情況下。我們正在盡最大努力支持我們的員工及其家人度過這個充滿不確定性的艱難時期。

Thank you all for joining us today, and thank you to all of our stakeholders for your continued support. We look forward to sharing more on the bright future of Deckers brand.

感謝大家今天加入我們，並感謝我們所有利益相關者的持續支持。我們期待更多地分享德克斯品牌的美好未來。

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

有了這個，我會將電話轉回接線員進行問答。操作員？

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

（操作員說明）第一個問題來自 BTIG 的 Camilo Lyon。

I wanted to start off the conversation on where you left off on HOKA, if we could. You talked, Dave, you just said that it's going to remain in chase mode. Up 30% is certainly nothing to sneeze at. For sure, it's a fantastic growth rate. But clearly, it seems like you could have done more if you had more product. Can you help us think about what the right run rate is going forward, given everything you said about the lack of inventory availability and the slow build that you expect to see on alternative factory and manufacturing partners to ramp up that production?

如果可以的話，我想從你在 HOKA 上中斷的地方開始談話。你說話了，戴夫，你剛才說它會保持追逐模式。上漲 30% 肯定是不容小覷的。當然，這是一個驚人的增長率。但顯然，如果你有更多的產品，你似乎可以做得更多。鑑於您所說的缺乏庫存可用性以及您希望看到替代工廠和製造合作夥伴提高產量的緩慢建設，您能否幫助我們考慮一下正確的運行率？

Yes. I appreciate the question, and obviously it's a pretty dynamic environment. 30%, as you said, we're proud of that result, considering all the challenges we had getting inventory through the bottlenecks. And obviously, we had to spend a little bit more in air freight to mitigate some of those challenges. And what we've seen, quite honestly, in the last 6 months is the demand for the brand has accelerated from what we thought it was going to be 6 months ago. And so we are in chase mode. It's a good position to be in. It's challenging in this environment. We think we'd be closer to a 50% growth rate on an annual basis. And that could be higher depending on what inventory we can get into the country and get it out to the marketplace to the consumer.

是的。我很欣賞這個問題，顯然這是一個非常動態的環境。 30%，正如你所說，我們為這一結果感到自豪，考慮到我們在通過瓶頸獲取庫存時所面臨的所有挑戰。顯然，我們不得不在空運上多花一點錢來緩解其中的一些挑戰。老實說，在過去 6 個月中，我們所看到的是對該品牌的需求比我們認為的 6 個月前有所加速。所以我們處於追逐模式。這是一個很好的位置。在這種環境中具有挑戰性。我們認為我們的年增長率將接近 50%。這可能會更高，這取決於我們可以進入該國並將其推向市場給消費者的庫存。

But generally speaking, we're pleased with the make-up of the HOKA business globally. We're seeing great traction in the international markets. North America continues to be very strong, strong sell-through. And the challenge is that accelerated demand has put more pressure on the supply chain. So we've had to go secure additional sourcing partners in the Far East. And that doesn't happen overnight, obviously. So with the challenge of slowed inbound into the DC on a regular basis, bringing on new factories to be able to keep up with the increased demand over the next year and beyond, there's a lot going on there, but the bottom line is the demand is exceptional. The teams are doing everything they can to keep the brand heat going and stealing market share.

但總的來說，我們對全球 HOKA 業務的構成感到滿意。我們在國際市場上看到了巨大的吸引力。北美繼續非常強勁，銷售強勁。而挑戰在於，加速的需求給供應鏈帶來了更大的壓力。所以我們不得不在遠東尋找更多的採購合作夥伴。顯然，這不會在一夜之間發生。因此，面對定期放緩入境 DC 的挑戰，引進新工廠以跟上明年及以後不斷增長的需求，那裡有很多事情要做，但最重要的是需求是例外。這些團隊正在盡其所能保持品牌熱度並竊取市場份額。

And as you saw in the quarter, and the year, we're spending money to maintain the sales even at 30%. So we are airfreighting a lot of product. That's a headwind that we've absorbed this year while still delivering guidance of a healthy operating margin at the end of the year, and something we're going to continue to evaluate. But we are taking what I would say is a more cautious but aggressive stance on the HOKA brand and all of our brands. The goal is continuing to drive top line and steal market share where we can. And if we have to pay some more in air freight and short term to enable that growth and continue the dominant pace that HOKA has, we're comfortable doing that. And we're figuring out how do we absorb that but still deliver top-tier results, which is what we're doing, and confident that we can mitigate the challenges going forward.

正如您在本季度和當年看到的那樣，我們正在花錢將銷售額維持在 30%。所以我們空運了很多產品。這是我們今年吸收的不利因素，同時仍會在年底提供健康運營利潤率的指導，我們將繼續評估。但我們對 HOKA 品牌和我們所有的品牌採取了我所說的更加謹慎但激進的立場。我們的目標是繼續推動收入增長並儘可能搶占市場份額。如果我們必須在空運和短期內支付更多費用以實現增長並繼續 HOKA 的主導步伐，我們很樂意這樣做。我們正在弄清楚我們如何吸收這一點，但仍然提供頂級結果，這就是我們正在做的事情，並且相信我們可以緩解未來的挑戰。

Great. Dave, certainly a great position to be in. I guess on that same sort of broader topic in terms of gross margin and pricing actions that you're taking and layering that into how you're diverting products from wholesale to DTC, how do you think about the balance of those inputs to protect the share that you have, but also continue to deliver the growth that you have been experiencing? Is there an added intention to raise price to mitigate the -- what seems to be like well long duration of air freight expenses into next year? And do you expect to favor or prioritize your DTC channel more than you have been, again, to serve that direct customer more so?

偉大的。戴夫，當然是一個很好的職位。我想在你正在採取的毛利率和定價行動方面同樣廣泛的話題，並將其分層到你如何將產品從批發轉移到 DTC，你如何考慮這些投入的平衡，以保護您擁有的份額，同時繼續實現您所經歷的增長？是否還有提高價格的意圖以減輕 - 似乎很長一段時間的空運費用到明年？而且，您是否希望比以往更偏愛或優先考慮您的 DTC 渠道，以便為該直接客戶提供更多服務？

Yes. I mean these are all what you're describing are all the levers that we get to pull in this environment. And the good news is that the strength of the brand gives us the ability to raise prices where we think we can. And to give you a little bit more clarity on that, HOKA started raising prices in December on (inaudible) spring products and on some of the Bondi, Clifton and Rincon. And a lot of that price increase is hitting right now in this quarter and Q1, roughly around 6% to 8% increase across the board. And the HOKA brand is continuing to look at opportunities going into fall and next spring to continue to do that to offset some of the headwinds in supply costs.

是的。我的意思是，您所描述的這些都是我們在這種環境中可以利用的所有槓桿。好消息是，品牌的實力讓我們有能力在我們認為可以的地方提高價格。為了讓您更清楚地了解這一點，HOKA 於 12 月開始提高（聽不清）春季產品以及一些 Bondi、Clifton 和 Rincon 的價格。本季度和第一季度的大部分價格上漲正在發生，總體漲幅約為 6% 至 8%。 HOKA 品牌正在繼續尋找進入秋季和明年春季的機會，以繼續這樣做，以抵消供應成本方面的一些不利因素。

From an UGG perspective, we've been raising prices strategically and surgically over the last couple of years. But we are taking a broader look at the assortment for this coming fall and you're going to see some price increases, mostly on some of our bigger styles, not the Classic Short, but you'll see it in Neumel and Classic Mini and other few areas where we are going to be raising prices. We have a good deal of inventory coming in for UGG which is at the older price, the cost of making that product, which is good for us. So that helps with the logistics headwinds. And then some of the price increases that we think we can put in will also help on the margin going forward.

從 UGG 的角度來看，在過去的幾年裡，我們一直在戰略性地和手術式地提高價格。但是我們正在對即將到來的秋季的分類進行更廣泛的研究，你會看到一些價格上漲，主要是我們一些更大的款式，而不是經典短褲，但你會在 Neumel 和 Classic Mini 和我們將要提高價格的其他幾個領域。我們有大量 UGG 庫存，價格較舊，生產該產品的成本對我們有利。因此，這有助於解決物流逆風。然後我們認為我們可以投入的一些價格上漲也將有助於未來的利潤率。

But I think I just want to make it super clear: we don't see the challenges with supply chain and the bottlenecks at the port getting better for quite some time. And so we're taking that stance going forward that what we're experiencing now is going to continue, and we're planning the business going forward with that in mind, until we see signs that things are opening up, but we have not seen any of those signals yet.

但我想我只想說得非常清楚：在相當長的一段時間內，我們沒有看到供應鏈的挑戰和港口的瓶頸有所改善。因此，我們正在採取這種立場，即我們現在正在經歷的事情將繼續下去，我們正在計劃業務向前發展，直到我們看到事情正在開放的跡象，但我們還沒有還沒有看到任何這些信號。

Yes. Camilo, this is Steve. Just to add to that. You mentioned increasing price to offset. On air, we're not necessarily seeing or looking to offset the air increase.

是的。卡米洛，這是史蒂夫。只是補充一點。你提到提高價格來抵消。在播出時，我們不一定會看到或尋求抵消空氣的增加。

Correct.

正確的。

So the increases that we have are offsetting material inflation and ocean freight, but we see air more as transitory. At what point does that get better? We're not certain, but we won't be able to completely offset the air increase.

因此，我們的增長抵消了物質通脹和海運，但我們認為空運更多是暫時的。什麼時候會好轉？我們不確定，但我們無法完全抵消空氣的增加。

The next question comes from Laurent Vasilescu with Exane BNP.

下一個問題來自 Exane BNP 的 Laurent Vasilescu。

UGG growth 8% in the quarter. I'd have to say that's pretty impressive considering there was a lot of concerns out there. Dave, Steve, could you may be potentially quantify if there was a material shift into 4Q fiscal? Because I think you talked about 50% of the inventory was in transit.

本季度UGG增長8%。考慮到有很多擔憂，我不得不說這非常令人印象深刻。戴夫，史蒂夫，如果第四季度財政出現實質性轉變，您是否可能進行量化？因為我認為您談到了 50% 的庫存在運輸途中。

Yes. So I think, Laurent, kind of you're saying was, is there a shift between quarters. Remember, we haven't talked much about the quarter cadence. So we're really looking at this kind of on a full year basis. I know various models kind of had different scenarios in terms of what -- kind of what was projected for UGG. As we've said, largely the year is being delivered as we've said and expected from an UGG perspective. So -- as we said at the beginning of the year, we expected that there are going to be shipment timing issues between quarters, which is part of the reason that we haven't given quarterly guidance. I think earlier on, we anticipated more growth in the front half of the year. We've seen some of that drift into the back half.

是的。所以我認為，勞倫特，你的意思是，季度之間是否存在轉變。請記住，我們還沒有過多地談論四分之一節奏。因此，我們真的在全年研究這種情況。我知道不同的模型有不同的場景，比如為 UGG 預測的內容。正如我們所說，從 UGG 的角度來看，這一年基本上是按照我們所說和預期的那樣交付的。所以——正如我們在年初所說的那樣，我們預計季度之間會有發貨時間問題，這是我們沒有給出季度指導的部分原因。我認為早些時候，我們預計今年上半年會有更多的增長。我們已經看到其中一些漂移到後半部分。

But I think from how we're seeing the cadence of the year from an UGG perspective, we're still on target with kind of what we've said, and we've seen the cadence of the business kind of continue as we expected. So in good shape, I think I agree with you, I think there was some concern on the performance of UGG in the quarter. I think we've demonstrated the brand has performed well. Demand is still very strong and consumers are seeking the brand out.

但我認為，從 UGG 的角度來看，從我們如何看待今年的節奏來看，我們仍然按照我們所說的那樣實現目標，並且我們已經看到業務的節奏像我們預期的那樣繼續下去.所以狀況良好，我想我同意你的觀點，我認為 UGG 在本季度的表現存在一些擔憂。我認為我們已經證明該品牌表現良好。需求仍然非常強勁，消費者正在尋找品牌。

Yes. And I would add, if your question was do we see inventory delivery shift from Q4 into Q3? No, because we were chasing inventory the majority of the quarter. There was some shift of Q3 and Q2 that we contemplated on the year-to-date results. But I think what's important on the quarter for UGG is just to understand where the growth came from. And a lot of the growth came from international regions, which is something we've been working on in transforming those marketplaces to a younger, more diverse audience and diverse product offering, consolidating wholesale accounts in [Europe], the marketplace, and attracting and having success with a younger consumer with new product franchises such as the Fluff and the Classic Clear and the Tasman.

是的。我想補充一下，如果您的問題是我們是否看到庫存交付從第四季度轉移到第三季度？不，因為我們在本季度的大部分時間都在追逐庫存。我們在今年迄今為止的業績中考慮了第三季度和第二季度的一些變化。但我認為對UGG來說本季度重要的只是了解增長的來源。很多增長來自國際地區，這是我們一直在努力將這些市場轉變為更年輕、更多樣化的受眾和多樣化的產品，整合 [Europe] 的批發賬戶，市場，並吸引和憑藉 Fluff、Classic Clear 和 Tasman 等新產品系列在年輕消費者中取得成功。

So I'm excited about the fact that it's right on strategy. What we've been working on in those regions for the past few years, we're starting to see the results of that. It's very exciting. And it just shows the strength and the global appeal of this brand and the fashion product that we're putting into the assortment.

所以我很高興它在戰略上是正確的。過去幾年我們在這些地區所做的工作，我們開始看到結果。這是非常令人興奮。它只是展示了這個品牌的實力和全球吸引力，以及我們正在投入品類的時尚產品。

That's great to hear. And then I'd love to hear more about HOKA. One on the product launches. For example, the Kawana. I know it's super early. You just launched on the website. Just love to get some read on that assortment. And then I think a few quarters back, you talked about DTC getting to 50% of the company. How do we think about -- I'd love to hear how the stores, the HOKA stores, the pop-ups did in North America and how -- what the early reads are on the HOKA store in Shanghai as we think about store expansion over time for the brand?

聽到這個消息我很高興。然後我很想听到更多關於 HOKA 的信息。一個關於產品發布。例如，川奈。我知道現在超級早。您剛剛在網站上啟動。只是喜歡閱讀該分類。然後我想幾個季度前，你談到 DTC 獲得了公司 50% 的股份。我們如何思考——我很想听聽商店、HOKA 商店、快閃店在北美的表現以及如何——當我們考慮門店擴張時，早期關於上海 HOKA 商店的讀物是什麼隨著時間的推移品牌？

Yes. So just on the product launches, obviously, with the supply chain challenges, the brand team has had to adjust on the fly, the timing of different launches, based on where they can get all the inventory here and time, et cetera. It's early days in the Kawana. We're excited about what that could do from a cross-training perspective and bringing that type of running product to a unique consumer that's looking for that from us. But we'll continue to innovate and expand into different categories as we go forward, but it's early days on that style.

是的。因此，就產品發布而言，顯然，面對供應鏈挑戰，品牌團隊不得不即時調整不同發布的時間，根據他們在哪裡可以獲得所有庫存和時間等等。 Kawana 還處於早期階段。我們很高興從交叉培訓的角度來看它可以做什麼，並將這種類型的跑步產品帶給正在尋找我們的獨特消費者。但隨著我們的前進，我們將繼續創新並擴展到不同的類別，但這種風格還處於早期階段。

I think from a store perspective, we're very pleased with how things have gone so far. The store in New York is far exceeding expectations, and I think that is a good signal when you have awareness of a brand, that you can see strong growth, see people getting familiar with the brand over time. It's early days in China, people still relatively unfamiliar with the brand, but the experience that our stores are providing for the consumer there and giving confidence to our partners in the marketplace is very strong.

我認為從商店的角度來看，我們對迄今為止的進展感到非常滿意。紐約的商店遠遠超出預期，我認為這是一個很好的信號，當你對一個品牌有認識時，你可以看到強勁的增長，看到人們隨著時間的推移逐漸熟悉這個品牌。在中國還處於早期階段，人們對這個品牌還比較陌生，但我們的門店為中國消費者提供的體驗以及給市場合作夥伴的信心是非常強大的。

And so we're pleased with how things are going. But a heavy lift over time to get China to where it needs to be, but we're off to a good start. And then real optimism around what a store concept could do as we expand into the U.S. and Europe over time as well.

所以我們對事情的進展感到滿意。但隨著時間的推移，要讓中國達到它需要達到的目標，這是一項艱鉅的任務，但我們有了一個良好的開端。隨著時間的推移，隨著我們向美國和歐洲的擴張，我們對商店概念的作用感到非常樂觀。

Yes. And then -- this is Steve, Laurent. Just on the DTC mix, I think what you'll see in the quarter is we had strong DTC performance and it was especially strong in December. So we benefited with some short supply out in the wholesale channel, consumers coming directly to us. And I think that starts to demonstrate the strength of our DTC and omni capabilities, not necessarily representative of where the mix will be on a full year basis as it's stronger in this quarter, but a good demonstration of the progress that we're making on that front.

是的。然後——這是史蒂夫，勞倫特。就 DTC 組合而言，我認為您將在本季度看到的是我們的 DTC 表現強勁，而且在 12 月尤其強勁。因此，我們受益於批發渠道的一些供不應求，消費者直接來找我們。我認為這開始展示我們的 DTC 和全方位能力的實力，不一定代表全年的混合情況，因為它在本季度更強勁，但很好地證明了我們正在取得的進展那個前面。

Next question comes from Jonathan Komp with Robert W. Baird.

下一個問題來自 Jonathan Komp 和 Robert W. Baird。

I wanted to ask about the UGG business, the performance. Could you maybe share a little more color on the third quarter DTC performance there? And if you could give some color on U.S. versus international, and just how we should think about the fourth quarter would be helpful.

我想問一下UGG的業務，業績。您能否就那裡的第三季度 DTC 表現分享更多色彩？如果您可以就美國與國際的情況給出一些顏色，以及我們應該如何看待第四季度，將會有所幫助。

Yes. DTC business for UGG was very strong. As Steve said, particularly in the back half of December, we saw a real uptick in that business, and that continues to be a solid driver for us, and just speaks to the consumers' demand for the product. If they can't find it in wholesale where they like to shop, they're coming to our website, and we're doing our best to service them.

是的。 UGG的DTC業務非常強勁。正如史蒂夫所說，特別是在 12 月下半月，我們看到了該業務的真正增長，這對我們來說仍然是一個堅實的推動力，並且正好說明了消費者對產品的需求。如果他們在他們喜歡購物的批發商中找不到它，他們就會訪問我們的網站，我們會盡最大努力為他們提供服務。

Broadly speaking, I'm very pleased with how the UGG brand is evolving and has evolved away from the core classics business. We're still -- we still have a robust and healthy business there. But it's much more diverse across talls and shorts and minis and Tasman and Neumels, et cetera. The Neumel is a runaway story right now. It's the #1 style across men's and women's, doing incredibly well, and it's being adopted globally and in a sports lifestyle channel that is really driving a lot of business. Men's is on the upside, as we've spoken about. Kids' is on the upside. And then when you look at apparel, that business is now starting to contribute to some of the growth, that business is up 50% year-to-date and with still a lot of upside in that category as well.

從廣義上講，我對 UGG 品牌如何發展以及如何脫離核心經典業務感到非常滿意。我們仍然 - 我們仍然在那裡擁有強大而健康的業務。但它在高幫、短褲、迷你、塔斯曼和紐梅爾等方面更加多樣化。 Neumel 現在是一個失控的故事。它是男裝和女裝的第一風格，做得非常好，它正在全球範圍內被採用，並在真正推動大量業務的運動生活方式渠道中得到採用。正如我們已經談到的，男裝處於上漲趨勢。孩子們的產品是好的。然後，當您查看服裝時，該業務現在開始為增長做出貢獻，該業務今年迄今增長了 50%，並且該類別仍有很大的上升空間。

So when you think about where this brand was a few years ago to where it is now, diversified across gender and category and then head to toe, and super pleased with how we're seeing the international regions evolve both in wholesale and e-commerce. So yes, we could have done more business in the quarter with UGG if we had -- we were able to get our hands on more inventory, and that's slowly coming in Q4. But again, the brand is in a very good place. Management of the assortment and the SKUs in the marketplace is very tight and very strong, full price sell-through was there, margins are healthy. A lot of reason to be optimistic for a brand of this size. Certainly not the upside on an annual growth basis that you see with HOKA, but still very strong in the context of the footwear industry.

因此，當您考慮這個品牌幾年前的位置到現在的位置時，跨越性別和類別，然後從頭到腳多樣化，並且對我們看到國際地區在批發和電子商務方面的發展感到非常滿意.所以是的，如果我們有的話，我們本可以在本季度與 UGG 開展更多業務——我們能夠獲得更多庫存，而這將在第四季度緩慢到來。但同樣，該品牌處於一個非常好的位置。市場上的分類和 SKU 管理非常嚴格且非常強大，全價銷售，利潤率健康。有很多理由對這種規模的品牌持樂觀態度。當然不是您在 HOKA 看到的年度增長的上升空間，但在製鞋業的背景下仍然非常強勁。

Yes. That's really helpful. And then maybe one follow-up on the freight picture. The $100 million that you called out, Steve, this year, just any thoughts directionally how that could look going forward? And then in the broader context, is the right way to think about it, I mean, without that $100 million this year, you'd be north of 20% operating margin. So is that still eventually a level you think you can get to once everything normalizes, understanding there's a lot of uncertainty of when that happens?

是的。這真的很有幫助。然後可能會跟進貨運圖片。史蒂夫，今年你提出的 1 億美元，只是有什麼方向性的想法，這會如何展望未來？然後在更廣泛的背景下，是正確的思考方式，我的意思是，如果今年沒有這 1 億美元，你的營業利潤率將超過 20%。那麼，這是否仍然是您認為一旦一切正常化後您可以達到的最終水平，了解何時發生這種情況存在很多不確定性？

Yes. Yes. It's a good question. And clearly, it's something that we're looking at. We, again, haven't given guidance, but I think the way you're looking at it is right in terms of what the impact is. Now we did in the current year, cut back in other areas. So those are probably things we wouldn't necessarily cut back in a normal year. So you're right in terms of the $100 million, if you add that back, you get to kind of a 20%. But we have course corrected during the year and not spent as much on some other areas of the business that we typically would.

是的。是的。這是個好問題。顯然，這是我們正在研究的東西。同樣，我們沒有給出指導，但我認為你看待它的方式是正確的，就影響是什麼。現在我們在今年做了，削減了其他領域。所以這些可能是我們在正常年份不一定會削減的事情。所以就 1 億美元而言，你是對的，如果你把它加回來，你會得到 20%。但我們在這一年裡糾正了路線，並沒有像通常那樣在業務的其他一些領域花費那麼多。

So I would say stay tuned, we'll be able to give you a better picture of what that looks like. And then the other thing is it's just trying to determine when all this begins to normalize. I think a big component of the $100 million is clearly air freight. We're hopeful that things begin to normalize, and so we wouldn't have to use as much airfreight in the future. But still, there's factory disruption, there's still port congestion. And with a brand like HOKA, we're having to use more air than what we even anticipated kind of 3 months ago. So that's something that we're still watching. I think the other thing just to be aware of is the increase in ocean freight. And so I think that's going to take a lot longer than the air to begin to normalize.

所以我想說請繼續關注，我們將能夠讓您更好地了解它的外觀。然後另一件事是它只是試圖確定這一切何時開始正常化。我認為 1 億美元的很大一部分顯然是空運。我們希望事情開始正常化，因此我們將來不必使用盡可能多的空運。但是，工廠中斷，港口擁堵。對於像 HOKA 這樣的品牌，我們不得不使用比我們 3 個月前預期的更多的空氣。所以這是我們仍在關注的事情。我認為需要注意的另一件事是海運的增加。所以我認為這將需要比空氣更長的時間才能開始正常化。

So we'll see how all that shakes out. I think we're going to learn more in the next 3 months, and we'll be able to give you a better perspective of what that looks like in a couple of months on the year-end call.

所以我們將看看這一切是如何發生的。我認為我們將在接下來的 3 個月內了解更多信息，並且我們將能夠在幾個月的年終電話會議上讓您更好地了解情況。

Yes. And I think at that point, we'll be able to share -- I mean, we still need to make some investments in the business to sustain the growth for and from a logistics standpoint, DCs, infrastructure, systems, talent, with this kind of demand and growth ahead of us, there's going to be some additional investments we'll need to make and we'll talk more about that going forward.

是的。我認為到那時，我們將能夠分享——我的意思是，我們仍然需要對業務進行一些投資，以維持物流、配送中心、基礎設施、系統、人才的增長。在我們面前的需求和增長，我們將需要進行一些額外的投資，我們將在未來更多地討論這一點。

So yes, to know that we could have done 20% this year with -- if we had taken out the airfreight makes us feel good, and I'm really proud of the team's ability to adjust this year to still deliver on our operating margin guidance at this point, considering the fact that we had to absorb a $100 million bogey in the year. That just speaks to the flexibility of our model and the capabilities of the leadership team.

所以是的，要知道我們今年可以完成 20% - 如果我們取消空運讓我們感覺良好，我真的為團隊今年能夠調整以仍然實現我們的營業利潤率感到自豪在這一點上的指導，考慮到我們必須在這一年中吸收 1 億美元的柏忌。這恰恰說明了我們模式的靈活性和領導團隊的能力。

The next question comes from Sam Poser of Williams Trading.

下一個問題來自 Williams Trading 的 Sam Poser。

I have a few, and I'm going to read them all. One, I would love for you to give us the sales by wholesale or DTC, whatever you prefer, by brand and update full year guidance by brand, HOKA is expected to hit up 50%-plus on the prior guidance, UGG up high single digit and so on, if you could update that. And I also wanted to know about what the merchandise margin improvements are, exing out all the other stuff and inventory by brand and then transit by brand.

我有一些，我將閱讀它們。一，我希望你給我們批發或DTC的銷售，無論你喜歡什麼，按品牌和按品牌更新全年指導，HOKA預計將在之前的指導基礎上上漲50%以上，UGG上漲高單數字等等，如果你能更新的話。而且我還想知道商品利潤率的提高是什麼，按品牌剔除所有其他東西和庫存，然後按品牌運輸。

Sam, it's Erinn. So I'll provide you with the global wholesale and distributor sales for the third quarter just completed. So for UGG, that was $432.1 million; for HOKA $122.6 million; Teva, $16.3 million; Sanuk was $3.1 million; and then other, largely Koolaburra, $24.2 million.

山姆，是艾琳。因此，我將為您提供剛剛完成的第三季度的全球批發和分銷商銷售情況。所以對於 UGG 來說，這是 4.321 億美元； HOKA 1.226 億美元；梯瓦，1630萬美元； Sanuk 是 310 萬美元；然後是其他的，主要是 Koolaburra，2420 萬美元。

Yes. And then just the guidance by brand, Sam -- this is Steve -- really not a significant change. We've held the top end of the range. So feel comfortable with what we've given before. We've lowered the -- we -- sorry, increased the bottom end of the range. You can attribute that largely to some improvement in the UGG Q3 performance. So there again, ranges consistent with what we've guided to before and pretty consistent with what we said last time as well. And then I...

是的。然後只是品牌的指導，山姆——這是史蒂夫——真的不是一個重大的變化。我們已經佔據了該範圍的最高端。因此，對我們之前給出的內容感到滿意。我們已經降低了——我們——抱歉，增加了範圍的下限。您可以將其主要歸因於 UGG Q3 性能的一些改進。再說一次，範圍與我們之前的指導一致，也與我們上次所說的非常一致。然後我...

And then quickly follow-up on that one. Does that mean that we'd expect a sort of a much larger net sales in Q4 for HOKA to get it up to around that $870 million that you inferred on the last call? That number is going up and going to accelerate in Q4.

然後迅速跟進那個。這是否意味著我們預計 HOKA 第四季度的淨銷售額將達到您在上次電話會議中推斷的 8.7 億美元左右？這個數字正在上升，並將在第四季度加速。

That's how we're looking at it. Yes.

這就是我們的看法。是的。

Based on inventory timing.

基於庫存時間。

And then I asked about merch margin and inventory as well.

然後我還詢問了商品利潤率和庫存。

Yes. So merch margins, I mean, generally speaking, the work that the teams are doing is to absorb additional costs that we're starting to see, whether those are materials or labor embedded into the product cost. So I would say that the margin upside is -- any upside that we see will come in price increases. The regular work that we're doing on merchandise margins is really to maintain the level of margins that we have now versus finding efficiencies and opportunities to increase margin in this environment.

是的。所以商品利潤率，我的意思是，一般來說，團隊所做的工作是吸收我們開始看到的額外成本，無論是材料還是嵌入產品成本的勞動力。所以我會說利潤率上升是 - 我們看到的任何上升都將來自價格上漲。我們在商品利潤率方面所做的常規工作實際上是為了維持我們現在擁有的利潤率水平，而不是在這種環境下尋找提高利潤率的效率和機會。

So -- and we're taking a long-term view of this. As I said, we're reducing SKU counts. We're being more focused, and we're investing and eliminating unnecessary products in the line and trying to make things more efficient, but it's really maintaining margins at this point versus looking for upside in this challenging environment.

所以——我們對此有長遠的看法。正如我所說，我們正在減少 SKU 數量。我們更加專注，我們正在投資和消除生產線中不必要的產品，並試圖提高效率，但在這一點上，它實際上是在保持利潤率，而不是在這個充滿挑戰的環境中尋找上行空間。

And then inventory by brand and in transit by brand?

然後按品牌進行庫存和按品牌運輸？

Yes. I can give you inventory by brand. I don't have the in-transit in front of me, but roughly speaking, so as I said, in total, the in-transit is just above 50%. So 50% of the $551 million is in transit. The $551 million, as it roughly breaks out by brand, is about $350 million on UGG, $130 million on HOKA, $27 million on Teva, $10 million on Sanuk and a little over $26 million on Koolaburra.

是的。我可以按品牌給你庫存。我面前沒有在途，但粗略地說，正如我所說，總的來說，在途剛剛超過50％。因此，5.51 億美元中有 50% 正在運輸中。 5.51 億美元，大致按品牌劃分，UGG 約 3.5 億美元，HOKA 約 1.3 億美元，Teva 約 2700 萬美元，Sanuk 約 1000 萬美元，Koolaburra 約 2600 萬美元。

The next question comes from Paul Lejuez with Citi.

下一個問題來自花旗的 Paul Lejuez。

A couple of questions. Curious when this product comes in, when it does come in late, what sort of cancellation rates you're seeing for each of the brands? And also curious if you have to offer discounts when the product has come in late? Or is it more an environment where your wholesale partners are just taking whatever you've got whenever you get it? That's the first question. Second, you mentioned something earlier, I think, about HOKA new partners. So I just wanted to hear a little bit more detail what's going on there. And on the HOKA wholesale business, curious if you can talk about sales to same customers versus new customers that you've seen in terms of the growth of that business this year.

幾個問題。好奇這個產品什麼時候來，什麼時候來晚，你看到每個品牌的取消率是多少？並且好奇您是否必須在產品遲到時提供折扣？或者它更像是一種環境，您的批發合作夥伴只是在您獲得任何東西時拿走您的任何東西？這是第一個問題。其次，我認為您之前提到了一些關於 HOKA 新合作夥伴的內容。所以我只是想听聽那裡發生的更多細節。在 HOKA 批發業務方面，您是否可以從今年該業務的增長情況來看，您是否可以談論對相同客戶和新客戶的銷售情況。

Sure. What...

當然。什麼...

Cancellation. I'll start with cancellations. Okay, this is Steve. So we're not seeing significant cancellations. I think, to the point you made, we're seeing kind of what we -- we are lower than what we expected in terms of cancellation. So there -- as the brands continue to remain in demand, continue to sell, customers are happy to get product. So we're not seeing anything that we didn't expect. So I think from a cancellation perspective, everything is as we anticipated. And the second question was...

消除。我將從取消開始。好的，這是史蒂夫。所以我們沒有看到明顯的取消。我認為，就您所說的而言，我們正在看到我們 - 在取消方面低於我們的預期。所以那裡 - 隨著品牌繼續保持需求，繼續銷售，客戶很高興獲得產品。所以我們沒有看到任何我們沒有預料到的東西。所以我認為從取消的角度來看，一切都如我們預期的那樣。第二個問題是……

So new partners in Asia. So I think you might be referring to what I said earlier about HOKA retail stores. But the best way to think about that is partners that we have on the distributor model over in Asia, we're seeing very strong demand in those partners outside of China and Japan, we get Australia and some of the Southeast Asia countries. And then in China, what I really meant there is, over time, we will mirror the model that we've established for UGG, with a handful of healthy owned retail stores and then third-party wholesale partners in regions who can run stores for us.

所以亞洲的新夥伴。所以我想你可能指的是我之前所說的關於 HOKA 零售店的內容。但考慮這一點的最佳方式是我們在亞洲的經銷商模式合作夥伴，我們看到中國和日本以外的合作夥伴的需求非常強勁，我們得到了澳大利亞和一些東南亞國家。然後在中國，我真正的意思是，隨著時間的推移，我們將效仿我們為 UGG 建立的模式，擁有少數健康的自有零售店，然後是可以經營商店的地區的第三方批發合作夥伴我們。

So in China, what I was speaking to is having a retail presence and showing that we are investing in the brand and creating a compelling experience for the consumer, that's all good for the distributors, potential partners that we're evaluating at the moment to see how Deckers is getting behind HOKA and gives them a lot of confidence for this brand going forward.

所以在中國，我所說的是擁有零售業務並表明我們正在投資品牌並為消費者創造引人入勝的體驗，這對我們目前正在評估的分銷商和潛在合作夥伴來說都是好事看看 Deckers 如何支持 HOKA 並讓他們對這個品牌的未來充滿信心。

Got it. The other piece was just -- back at the HOKA growth this year, how did it look in terms of sales to existing customers or new doors, new partners? How does that break down?

知道了。另一部分只是——回到今年 HOKA 的增長，它在對現有客戶或新門、新合作夥伴的銷售方面看起來如何？這怎麼破？

Yes. I mean, where we're able to get inventory to our partners, again, sell-through is exceptional, both existing partners, primarily in the run specialty arena. But as we talked about before, DICK'S is continuing to see very strong success. We're continuing to slowly and strategically expand with them as a partner. And so the results and the feedback from all of our wholesale partners, aside from frustration on delivery and timing that the teams had to deal with, is very strong, speaking to the product and the demand for the brand and how awareness is increasing. So all good signs there, and that's on a global level. It's just really truly a matter of keeping up with demand right now, which we see accelerating on a regular basis.

是的。我的意思是，在我們能夠向我們的合作夥伴獲取庫存的情況下，再次，銷售是非常出色的，無論是現有的合作夥伴，主要是在跑步專業領域。但正如我們之前所說，DICK'S 繼續取得巨大成功。作為合作夥伴，我們將繼續與他們一起緩慢而戰略性地擴展。因此，我們所有批發合作夥伴的結果和反饋，除了團隊必須處理的交付和時間方面的挫折外，都非常強烈，與產品和對品牌的需求以及意識如何提高有關。所以那裡有所有好的跡象，這是在全球範圍內。這真的是一個真正跟上需求的問題，我們看到需求定期加速。

The next question comes from Jim Duffy with Stifel.

下一個問題來自 Stifel 的 Jim Duffy。

I wanted to start asking a question about the UGG brand and whether North America weather wasn't super cooperative through the selling season. Has the brand been diversified to the point where the weather just isn't the consideration that it used to be? Or are there other kind of changes to the brand and composition that make you more insulated to weather impacts?

我想開始詢問有關 UGG 品牌的問題，以及北美天氣在銷售季節是否不是超級合作。品牌是否已經多元化到不再像過去那樣考慮天氣的地步？或者品牌和成分是否有其他類型的變化，讓您更不受天氣影響？

Yes, it's a good question. Weather used to be make or break for the UGG brand because we were so reliant on just kind of core products and didn't have a lot of nonweather-related options or fashionable options. So that's changed dramatically. I think weather now is -- it's either a small multiplier up or down a few percentage points is probably the way to think about it. It was warmer than we expected in December, but the strength of the brand and the fashion product -- even though the classics still performed well, but it's really Neumel, Tasman and the Fluff franchise that was driving the upside. And those tend to be less weather resistant for us.

是的，這是個好問題。對於 UGG 品牌來說，天氣曾經是成敗的成敗，因為我們非常依賴某種核心產品，沒有太多與天氣無關的選擇或時尚選擇。所以情況發生了巨大變化。我認為現在的天氣是 - 它是一個小的乘數，上升或下降幾個百分點可能是考慮它的方式。 12 月份比我們預期的要暖和，但品牌和時尚產品的實力——儘管經典仍然表現良好，但真正推動上漲的是 Neumel、Tasman 和 Fluff 特許經營權。而那些對我們來說往往不那麼耐候。

And as weather starting to -- or for the month of January, where weather is cold in the Northeast, we're still continuing to see strong demand for the brand. So we feel really good about the fact that we've kind of mitigated that weather impact and how important it was for our success by having a much more diverse and interesting fashionable product assortment that isn't so weather reliant. And we're going to continue to build on that for sure. And then I think if you look at the rain product that's in now, that's always been a big opportunity for us, and we have finally come to market with, I think, is a very compelling and exciting assortment in that category. We see continued upside there. And so you're going to see us build up to that opportunity across men's, women's and kids as well.

隨著天氣開始 - 或者 1 月份，東北部天氣寒冷，我們仍然繼續看到對該品牌的強勁需求。因此，我們感到非常高興，因為我們已經減輕了天氣的影響，以及通過擁有更加多樣化和有趣的時尚產品分類，而不那麼依賴天氣，這對我們的成功有多麼重要。我們肯定會在此基礎上繼續發展。然後我認為，如果你看看現在的雨產品，那對我們來說一直是一個很大的機會，我認為我們終於進入市場，這是該類別中非常引人注目和令人興奮的品種。我們看到那裡繼續上漲。因此，您將看到我們在男裝、女裝和童裝中也抓住了這一機會。

Understood. Good progress. Steve, a couple of clarifications on your margin commentary. First, the $100 million in freight that you mentioned, is the convention for that comparable to the $40 million that you mentioned with the September quarter report? So effectively, you're planning $60 million incremental? Is that the right way to think about it?

明白了。進展順利。史蒂夫，對您的邊際評論進行了一些澄清。首先，您提到的 1 億美元的運費，是否與您在 9 月季度報告中提到的 4000 萬美元相當？如此有效，您計劃增加 6000 萬美元？這是正確的思考方式嗎？

That is. Yes. So in -- I think you'd asked the question a couple of quarters ago. So yes, in terms of -- we have stepped up the incremental amount. The full year is $100 million for all of freight. So not only the additional air freight but inclusive of the increased rates related to ocean freight.

那是。是的。所以——我想你在幾個季度前就問過這個問題了。所以是的，就 - 我們已經增加了增量。全年運費為 1 億美元。因此，不僅包括額外的空運，還包括與海運相關的運費上漲。

Got it. Okay. And then you made a comment in the prepared remarks, you talked about pricing actions and looking out to fiscal '23, we should not consider this gross margin guidance, but you talked about pricing not being able to fully offset the freight expense. What other variables should we be considering as we think out with that? And is part of the uncertainty and the reason you stop short of providing gross margin guidance is you don't know what type of relief you might get on the freight in fiscal '23?

知道了。好的。然後你在準備好的評論中發表了評論，你談到了定價行動和展望 23 財年，我們不應該考慮這個毛利率指導，但你談到定價無法完全抵消運費。當我們思考這個問題時，我們還應該考慮哪些其他變量？並且是不確定性的一部分，您不提供毛利率指導的原因是您不知道在 23 財年您可能會在貨運上獲得何種類型的救濟？

Yes, good question, Jim, and thanks kind of for asking because we can provide a little clarification. Because it is challenging in the current environment, and that is why we're being careful about it. I think -- and we got the question before, I think Jon asked, just in terms of some of the components of it. We're having to use more airfreight than what we previously anticipated, your first question. And part of that is just with some of the disruption that we're seeing, continued port congestion, and having in-demand brands and especially with HOKA, we need to air freight that in. So that's going to be a continued kind of headwind until we start to see some normalization around the port congestion. We're not seeing any signs of that yet.

是的，很好的問題，Jim，謝謝你的提問，因為我們可以提供一點澄清。因為它在當前環境中具有挑戰性，這就是我們對此保持謹慎的原因。我想——我們之前就問過這個問題，我想 Jon 就問過它的一些組成部分。我們不得不使用比我們之前預期的更多的空運，你的第一個問題。部分原因是我們看到的一些干擾，持續的港口擁堵，以及擁有需求旺盛的品牌，尤其是 HOKA，我們需要空運進來。所以這將是一種持續的逆風直到我們開始看到圍繞港口擁塞的一些正常化。我們還沒有看到任何跡象。

So that is a bit of an unknown as to how long that will continue. So we want to be careful about what we're seeing in respect to when we can expect to see that reduce or normalize, right? So -- and I think, as I said, in 3 months, hopefully we're seeing some improvement, so we can give you a better update. But right now, nothing points to that.

因此，這種情況會持續多久還有些未知。所以我們要小心我們所看到的關於我們什麼時候可以看到減少或正常化，對吧？所以——正如我所說，我認為，在 3 個月內，希望我們能看到一些改進，這樣我們就可以為您提供更好的更新。但現在，沒有任何跡象表明這一點。

I think the other consideration and headwind that we're dealing with as much of the inventory that we brought in this year has put a headwind pressure related to the ocean freight. So we've been inbounding inventory. The increased expense has largely impacted Q3 and beyond, right? The first 2 quarters were still at inventory freight levels that were at lower rates. So that will be a continued headwind for us as we go into FY '23. And again, we'll be able to provide a better perspective on FY '23 in 3 months. But those are the headwinds that we're continuing to face.

我認為我們正在處理的另一個考慮因素和不利因素與我們今年帶來的大部分庫存一樣，給海運帶來了不利壓力。所以我們一直在入庫庫存。增加的費用在很大程度上影響了第三季度及以後，對吧？前兩個季度仍處於較低的庫存運費水平。因此，當我們進入 23 財年時，這對我們來說將是一個持續的逆風。再一次，我們將能夠在 3 個月內為 23 財年提供更好的視角。但這些是我們繼續面臨的不利因素。

As I said in the prepared remarks, we were hopeful that we would see some improvement. We're still seeing a high level, nearly twice what we saw a year ago, with in-transit inventory. So with these costs still where they're at, we're still using air freight and more than what we previously anticipated, it's just really difficult in this environment to be able to give you clear guidance on what that gross margin means.

正如我在準備好的評論中所說，我們希望我們會看到一些改進。我們仍然看到高水平，幾乎是一年前看到的兩倍，在途庫存。因此，由於這些成本仍然存在，我們仍在使用空運，而且比我們之前預期的要多，在這種環境下，很難就毛利率的含義給你明確的指導。

And -- so how that relates to prices -- because we know some of this air will reduce in time, we just don't know when -- we're not pricing that into our product price increases. So we are increasing prices that are offsetting material increases. We are increasing pricing that's setting -- that's helping offset some of the increase in ocean that we expect will continue, but we're not contemplating trying to offset airfreight in that. As we said in the prepared remarks, it's a strategic decision on our part to get product in here to meet demand that's in the market. We want to maintain and grow market share. So that's the strategic levers that we're using and it does come at some gross margin compression, but we're willing to take that. And then as that eases off, we'll be in a better position where you'll see some gross margin expansion.

而且 - 那麼這與價格有何關係 - 因為我們知道其中一些空氣會隨著時間的推移而減少，我們只是不知道何時 - 我們沒有將其定價到我們的產品價格上漲中。因此，我們正在提高價格來抵消材料的上漲。我們正在提高定價 - 這有助於抵消我們預計將繼續的海洋增長，但我們沒有考慮試圖抵消空運。正如我們在準備好的評論中所說，我們的戰略決策是讓產品進入這里以滿足市場需求。我們希望保持和擴大市場份額。這就是我們正在使用的戰略槓桿，它確實會壓縮毛利率，但我們願意接受。然後隨著這種情況的緩解，我們將處於一個更好的位置，你會看到一些毛利率的增長。

Understood. And like part of the point is you'll be consuming inventories brought in at those higher freight rates into fiscal '23.

明白了。就像關鍵的一部分是，您將以更高的運費將庫存消耗到 23 財年。

That's correct. Yes.

這是正確的。是的。

Yes.

是的。

And our last question today comes from Jay Sole with UBS.

我們今天的最後一個問題來自瑞銀的 Jay Sole。

Dave, I just want to ask about HOKA. You mentioned brand awareness is rising, I believe. Can you just talk about from a marketing standpoint, as you look into fourth quarter and a little bit into next fiscal year, what are some of the strategies you have to continue to raise awareness for HOKA, maybe some of the events or some of the opportunities to continue to elevate the brand and raise awareness not just in the U.S. but globally?

戴夫，我只想問一下 HOKA。你提到品牌知名度正在上升，我相信。您能否從營銷的角度談談，當您展望第四季度和下一個財政年度時，您必須繼續提高對 HOKA 的認識的一些策略是什麼，也許是一些事件或一些有機會繼續提升品牌並提高知名度，不僅在美國，而且在全球範圍內？

Yes. Good question, Jay. The need to continue to market this brand is intense. And I think just -- and it's beyond just the amount of dollars you throw at it. The partnerships are crucial. We're really proud of our global IRONMAN partnership, and that's having an impact in all the international regions as well. We're looking to expand that where we can into other opportunities, continuing to work with our athletes, both in insights on product, but also expanding the breadth and the awareness of the brand, and supporting our community around the globe. Those are all part of the things that we do on a regular basis. That's true to our brand and really important for the continued success.

是的。好問題，傑。繼續推銷這個品牌的需求非常強烈。而且我認為只是 - 它不僅僅是你投入的美元數量。夥伴關係至關重要。我們為我們的全球 IRONMAN 合作夥伴關係感到非常自豪，這也對所有國際地區產生了影響。我們正在尋求將其擴展到其他機會，繼續與我們的運動員合作，在產品見解方面，同時擴大品牌的廣度和知名度，並支持我們在全球的社區。這些都是我們定期做的事情的一部分。這對我們的品牌來說是真實的，對於持續成功非常重要。

But over the past year, we brought in a new head of marketing to the brand, [Norma Delaney], who is doing a great job. And she's also embarked on a project where we're looking at bringing on a global -- or we have brought on a global agency of record to take what we're doing from a marketing perspective to the next level. I think we've been very good at events and independent launches of products, but we're looking for, in this new approach going forward, a much more consistent voice and message and look and feel for the brand going forward on a global scale.

但在過去的一年裡，我們為該品牌帶來了一位新的營銷主管，[Norma Delaney]，他做得很好。她還開始了一個項目，我們正在考慮引入一個全球性的 - 或者我們已經引入了一個全球記錄機構，以將我們正在做的事情從營銷角度提升到一個新的水平。我認為我們在活動和產品的獨立發布方面非常出色，但我們正在尋找，在這種新的方法中，在全球範圍內為品牌前進提供更加一致的聲音和信息以及外觀和感覺.

So you'll see that to start to happen in Q1, Q2. We're going to be launching a new updated website with the brand and some of that new creative will start showing on that over the summer, and then we'll continue to build on that. But the regional global teams are very excited about the new partner from a marketing and agency perspective. And then I think this is going to just be another boost to the brand to have an elevated, consistent global marketing story that we can create more consistency across all the product launches and in the markets.

所以你會看到這在第一季度和第二季度開始發生。我們將與該品牌一起推出一個新的更新網站，其中一些新創意將在夏季開始在該網站上展示，然後我們將繼續在此基礎上發展。但從營銷和代理的角度來看，區域全球團隊對新合作夥伴感到非常興奮。然後我認為這將是對品牌的又一次推動，以擁有一個提升的、一致的全球營銷故事，我們可以在所有產品發布和市場上創造更多的一致性。

And then we also signed on, in addition to IRONMAN, sponsorship of the primary sponsor of the UTMB Series going forward. These are very important races in the space, have global reach and they're very -- the pinnacle positioning for both hardcore runners, but also every day runner and fitness enthusiasts.

然後，除了 IRONMAN 之外，我們還簽署了 UTMB 系列主要贊助商的讚助協議。這些是該領域非常重要的比賽，具有全球影響力，而且它們非常——對於鐵桿跑步者、日常跑步者和健身愛好者來說都是巔峰定位。

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

我們的問答環節到此結束，電話會議也結束了。感謝您參加今天的演講。您現在可以斷開連接。