Deckers Outdoor Corp (DECK) 2021 Q4 法說會逐字稿

Good afternoon, and thank you for standing by. Welcome to the Deckers Brands Fourth Quarter Fiscal 2021 Earnings Conference Call. (Operator Instructions) I would like to remind everyone that this conference call is being recorded.

下午好，感謝您的支持。歡迎參加 Deckers Brands 2021 財年第四季度財報電話會議。 （操作員說明）我想提醒大家，這次電話會議正在錄音中。

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

我現在將電話轉給投資者關係和企業規劃副總裁 Erinn Kohler。

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

大家好，感謝大家今天加入我們。電話會議是總裁兼首席執行官戴夫·鮑爾斯（Dave Powers）；和首席財務官 Steve Fasching。

Before we begin, I would like to remind everyone of the company's safe harbor policy. Please note that certain statements made on this call are forward-looking statements within the meaning of the federal securities laws, which are subject to considerable risks and uncertainties. These forward-looking statements are intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995.

在開始之前，我想提醒大家公司的安全港政策。請注意，本次電話會議上的某些陳述是聯邦證券法意義上的前瞻性陳述，存在相當大的風險和不確定性。這些前瞻性陳述旨在符合 1995 年《私人證券訴訟改革法案》規定的免責安全港的條件。

All statements made on this call today, other than statements of historical fact 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 strategies; the impact of the COVID-19 pandemic on our business, our anticipated revenues, brand performance, product mix, gross margins, expenses and liquidity position; and our potential repurchase of shares. 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.

今天在本次電話會議上所做的所有陳述，除歷史事實陳述外，均為前瞻性陳述，包括有關消費者行為變化的陳述；我們的品牌實力和對我們產品的需求；我們的產品分配、細分和分銷策略的變化；我們的營銷計劃和策略的變化；改變我們的資本配置策略； COVID-19 大流行對我們的業務、我們的預期收入、品牌表現、產品組合、毛利率、費用和流動性狀況的影響；以及我們潛在的股票回購。在本次電話會議上做出的前瞻性陳述代表了管理層當前的預期，並基於做出此類陳述時可獲得的信息。前瞻性陳述涉及許多已知和未知的風險、不確定性和其他因素，可能導致我們的實際結果與前瞻性陳述預測、假設或暗示的任何結果存在重大差異。

The company has explained some of these risks and uncertainties in its SEC filings, including in the Risk Factors section of its annual report on Form 10-K and quarterly reports on Form 10-Q. Except as required by law or the listing rules of the New York Stock Exchange, the company expressly disclaims any intent or obligation to update any forward-looking statements.

該公司已在其提交給美國證券交易委員會的文件中解釋了其中一些風險和不確定性，包括其 10-K 表格年度報告的風險因素部分和 10-Q 表格季度報告。除法律或紐約證券交易所上市規則要求外，公司明確表示不承擔更新任何前瞻性陳述的任何意圖或義務。

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

有了這個，我現在把它交給戴夫。

Thanks, Erinn. Good afternoon, everyone, and thank you for joining us today.

謝謝，艾琳。大家下午好，感謝您今天加入我們。

Before diving into the business, I'd like to express my gratitude for the progress towards ending the pandemic's toll in the United States. However, countries around the world are still struggling with dangerous outbreaks. Many of our employees have friends and family members that are currently being impacted by the devastating COVID-19 surge within India, Nepal and other South Asian countries. Our hearts go out to everyone who has been affected by this pandemic over the past 1.5 years. And on behalf of Deckers, I wish for everyone's health and safety moving forward.

在進入這個行業之前，我想對在美國結束大流行病造成的損失方面取得的進展表示感謝。然而，世界各國仍在與危險的疫情作鬥爭。我們許多員工的朋友和家人目前正受到印度、尼泊爾和其他南亞國家毀滅性的 COVID-19 激增的影響。在過去的 1.5 年裡，我們向所有受到這一流行病影響的人表示衷心的感謝。我代表 Deckers 祝愿每個人的健康和安全向前發展。

As I reflect on this past year, I am continually impressed by the tenacity and resiliency of the Deckers organization and the dedication demonstrated by our teams as they continue to deliver exceptional results. FY '21 results were driven by the exceptional brand and marketplace management of our leaders but also by the global operations, retail and supply chain teams who allowed us to fulfill the demand for our brands. By continuing to be aggressive with HOKA globally and capturing the opportunity in UGG, we were able to exceed expectations in a challenging environment and have accelerated the pace of growth for our brands.

當我回顧過去的一年時，Deckers 組織的堅韌和彈性以及我們團隊在繼續取得卓越成果時所表現出的奉獻精神給我留下了深刻的印象。 21 財年的業績是由我們的領導者卓越的品牌和市場管理以及全球運營、零售和供應鏈團隊推動的，他們使我們能夠滿足對我們品牌的需求。通過繼續在全球範圍內積極進取 HOKA 並抓住 UGG 的機會，我們能夠在充滿挑戰的環境中超越預期，並加快了我們品牌的增長步伐。

Today, I'm excited to share the results of a record-breaking year for Deckers. We saw a strong finish to fiscal 2021, with full year revenue increasing 19% versus last year to over $2.5 billion and earnings per share increasing 40% to $13.47. FY '21 performance was driven by expanded awareness and adoption of HOKA around the world as more consumers experience the benefits of the brand's innovative products, consumers actively seeking UGG for its unique combination of fashion appeal and the unmistakable feeling of the brand, best-in-class e-commerce capabilities that enabled consumer acquisition in a disrupted physical retail environment, strategic prioritization of brand strength and demand creation through disciplined marketplace management, and the grit of our employees who overcame significant macro challenges and operational pressures to deliver exceptional results.

今天，我很高興與大家分享 Deckers 創紀錄的一年的成果。我們看到了 2021 財年的強勁收官，全年收入比去年增長 19%，超過 25 億美元，每股收益增長 40%，達到 13.47 美元。 21 財年的業績是由 HOKA 在全球範圍內擴大知名度和採用率推動的，因為越來越多的消費者體驗到品牌創新產品的好處，消費者積極尋求 UGG，因為它獨特地結合了時尚吸引力和品牌明確無誤的感覺，最好的- 一流的電子商務能力，使消費者能夠在中斷的實體零售環境中獲得消費者，通過嚴格的市場管理對品牌實力和需求創造進行戰略優先排序，以及我們員工克服重大宏觀挑戰和運營壓力以取得卓越成果的勇氣。

Many of these items that drove performance during the year were the result of our long-term strategies that remain top of mind as we transition into fiscal 2022 and beyond. As a reminder, these include accelerating consumer adoption of the HOKA brand globally, building UGG as a year-round global lifestyle brand through a diverse product offering, executing our digital-first approach by growing direct-to-consumer acquisition and retention online with a specific focus on gaining closet space with 18- to 34-year-old consumers, tailoring distribution strategies unique to each of our brands in order to properly balance brand health in conjunction with sustainable growth, which includes the recent reset activities for the UGG brand internationally and focusing spend behind these key initiatives to drive optimal returns on investment while maintaining top-tier levels of profitability.

在這一年推動業績的許多項目是我們長期戰略的結果，隨著我們過渡到 2022 財年及以後，這些戰略仍然是我們的首要任務。提醒一下，其中包括加速全球消費者對 HOKA 品牌的採用，通過提供多樣化的產品將 UGG 打造為一個全年無休的全球生活方式品牌，通過增加直接面向消費者的在線獲取和保留來執行我們的數字優先方法特別關注為 18 至 34 歲的消費者贏得壁櫥空間，為我們的每個品牌量身定制獨特的分銷策略，以適當平衡品牌健康與可持續增長，其中包括最近在國際上對 UGG 品牌進行的重置活動並將支出集中在這些關鍵舉措上，以推動最佳投資回報，同時保持最高水平的盈利能力。

While we believe that remaining committed to our long-term strategies was the primary enabler of our success this year, Deckers also uniquely benefited from certain circumstances resulting from the pandemic. Fiscal 2021 revenue exceeded our pre-pandemic expectations as we saw an acceleration of certain growth opportunities. With brands scaling faster than previously anticipated, we now need to accelerate critical investments to scale our supply chain and logistics infrastructure as well as bolster our teams with additional talent to prepare for emerging opportunities.

雖然我們認為，繼續致力於我們的長期戰略是我們今年取得成功的主要推動力，但 Deckers 也獨特地受益於大流行導致的某些情況。 2021 財年的收入超出了我們大流行前的預期，因為我們看到了某些增長機會的加速。隨著品牌的擴張速度比以前預期的要快，我們現在需要加快關鍵投資，以擴大我們的供應鍊和物流基礎設施，並為我們的團隊提供更多人才，為新興機會做好準備。

Fiscal 2022 will be another positive step in the evolution of Deckers Brands as we strategically invest behind core infrastructure needs and seed opportunities that will enable sustainable long-term revenue and earnings growth. Over the long term, we're investing in major drivers of our business, including building HOKA to a $1 billion-plus global performance brand that represents a significant portion of total company revenue, driving our direct-to-consumer business towards 50% of our global revenues, scaling international markets across brands and seeding opportunities beyond footwear.

2022 財年將是 Deckers Brands 發展的又一積極步驟，因為我們戰略性地投資於核心基礎設施需求和種子機會，以實現可持續的長期收入和盈利增長。從長遠來看，我們正在投資於我們業務的主要驅動力，包括將 HOKA 打造為一個價值超過 10 億美元的全球績效品牌，該品牌占公司總收入的很大一部分，推動我們的直接面向消費者的業務達到 50%我們的全球收入、跨品牌擴展國際市場並在鞋類之外播種機會。

Steve will provide more details on these investments as well as our forward-looking revenue and margin expectations later in the call. In the meantime, I will share some details around fiscal 2021 performance at the brand and channel levels as well as provide some context around fiscal '22 building blocks.

史蒂夫將在電話會議稍後提供有關這些投資的更多細節以及我們的前瞻性收入和利潤率預期。同時，我將在品牌和渠道層面分享有關 2021 財年業績的一些細節，並提供有關 22 財年構建模塊的一些背景信息。

Starting with the brand highlights. Global UGG fiscal 2021 revenue increased 13% versus last year to $1.717 billion. The brand's success in FY '21 was primarily due to U.S. consumers actively seeking UGG products all year long with search interest increasing 27% over fiscal 2020, according to Google Trends, which led to accelerated consumer acquisition online as the brand added over 2.5 million new consumers to its global e-commerce database and captured the critical 18- to 34-year age consumer in the U.S., which increased 83% to the elevated fashion appeal of the brand.

從品牌亮點開始。全球 UGG 2021 財年收入比去年增長 13%，達到 17.17 億美元。根據谷歌趨勢，該品牌在 21 財年的成功主要是由於美國消費者全年都在積極尋找 UGG 產品，搜索興趣比 2020 財年增加了 27%，這導致該品牌增加了超過 250 萬個新產品，從而加速了在線消費者獲取消費者訪問其全球電子商務數據庫，並捕獲了美國 18 至 34 歲的關鍵消費者，該品牌的時尚吸引力提高了 83%。

And lastly, more consumers purchased multiple UGG products than ever before as the brand saw an 85% increase in consumers purchasing 2 or more products during the year. We believe much of the brand heat that created momentum for UGG in the U.S. resulted from the brand's strategically managed distribution network, authentic PR activations, fashion collaborations, targeted digital marketing and a compelling product offering that has expanded the fashion relevance of UGG brand DNA across new categories.

最後，購買多種 UGG 產品的消費者比以往任何時候都多，因為該品牌在這一年中購買 2 種或更多產品的消費者增加了 85%。我們認為，在美國為 UGG 創造動力的品牌熱度很大程度上源於該品牌戰略性管理的分銷網絡、真實的公關活動、時尚合作、有針對性的數字營銷和引人注目的產品供應，這些產品擴展了 UGG 品牌 DNA 的時尚相關性。新的類別。

As evidence of the UGG brand's success with a diversified assortment, fiscal 2021 product performance was driven by the expansion of the Fluff franchise as the brand drove demand to both the original Fluff Yeah as well as complementary styles with similar slipper/sandal hybrid attributes; increased adoption of the Neumel franchise among men, women and kids; the introduction of the Ultra Mini and Classic Clear boots, which were particularly popular with younger consumers; development of the Tasman into a fashion slipper sneaker as UGG featured the style in a number of recent collaborations helping to raise the hybrid styles profile; the brand's first-ever ready-to-wear apparel collection, which featured fashionable sportswear and outerwear pieces, and heritage slippers having greater year-round relevancy as many people were working from home and seeking the comfort of what we've referred to as the feeling of UGG. These styles that drove UGG growth this year made up the majority of both the brand's top 10 styles purchased by acquired consumers as well as the top 10 styles purchased by consumers 18 to 34 years old.

作為 UGG 品牌在多元化品類方面取得成功的證據，2021 財年的產品表現受到 Fluff 特許經營權的擴張的推動，因為該品牌推動了對原始 Fluff Yeah 以及具有類似拖鞋/涼鞋混合屬性的互補款式的需求；增加男性、女性和兒童對 Neumel 特許經營權的採用；推出特別受年輕消費者歡迎的 Ultra Mini 和 Classic Clear 靴子；將 Tasman 發展成時尚拖鞋運動鞋，因為 UGG 在最近的許多合作中都採用了這種風格，有助於提升混合風格的形象；該品牌首個成衣系列，其中包括時尚運動服和外套單品，以及傳統拖鞋，因為許多人在家工作並尋求我們所謂的舒適體驗UGG的感覺。這些推動今年 UGG 增長的款式佔該品牌被收購消費者購買的前 10 款款式以及 18 至 34 歲消費者購買的前 10 款款式中的大部分。

While women remain the primary purchasers of UGG products, the brand's mix of gender continues to shift towards men's and kid's products. Part of this shift is due to many consumers purchasing UGG for the whole family. In the U.S., as compared to last year, UGG experienced an 88% increase in DTC revenue from orders containing both men's and women's product and a 117% increase in orders containing both kid's and women's product. With more purchasing for the whole family, both men's and kid's footwear increased as a percentage of total UGG brand business.

雖然女性仍然是 UGG 產品的主要購買者，但該品牌的性別組合繼續轉向男性和兒童產品。這種轉變的部分原因是許多消費者為全家購買 UGG。在美國，與去年相比，UGG 的男裝和女裝訂單的 DTC 收入增長了 88%，同時包含兒童和女裝的訂單增長了 117%。隨著全家人購買量的增加，男鞋和童鞋在 UGG 品牌總業務中的百分比均有所增加。

While the U.S. has been driving UGG category diversification over the past few years, we have been encouraged by the adoption of new categories within international regions over the last year as well, such as the Ultra Mini, which was a top 5 style in its introductory season; the Classic Clear, which was ranked second new style in terms of dollar volume. Fluff franchise volume was 2.5x larger than last year and sneakers were a standout in our Asia Pacific region.

雖然美國在過去幾年一直在推動 UGG 品類多樣化，但我們也對去年在國際地區採用新品類感到鼓舞，例如 Ultra Mini，它是其介紹中排名前 5 位的款式季節; Classic Clear，以美元交易量排名第二的新款式。 Fluff 特許經營量是去年的 2.5 倍，運動鞋在我們的亞太地區表現出色。

Improvements in new category adoption are largely attributable to localized marketing activations meant to build UGG brand heat internationally and attract younger consumers to the brand. Our targeted digital marketing efforts are paying off as UGG experienced a significant increase in e-commerce traffic from visitors aged 18 to 34 in both the U.K. and China during FY '21. These early indicators of success and our plan to further invest behind localized marketing tactics give us confidence that UGG will rebound and return to growth in the brand's international markets during fiscal 2022.

新品類採用的改善主要歸功於本地化營銷活動，旨在在國際上建立 UGG 品牌熱度並吸引年輕消費者加入該品牌。隨著 UGG 在 21 財年期間英國和中國 18 至 34 歲遊客的電子商務流量顯著增加，我們有針對性的數字營銷工作正在取得成效。這些成功的早期指標以及我們進一步投資於本地化營銷策略的計劃讓我們相信，UGG 將在 2022 財年反彈並恢復該品牌國際市場的增長。

UGG has a difficult task ahead in lapping a record year where we benefited from the pandemic driving greater attention to the brand. However, with our planned investments in demand creation, we have confidence the brand can drive top line revenue growth in fiscal 2022 by fulfilling wholesale demand as we reset the marketplace with fill-in product and satisfy some of the missed opportunities in fiscal 2021 due to inventory shortages, maintaining momentum with younger consumers around the world and driving repeat purchases from consumers new to the brand in FY '21, recovering lost volume in EMEA with the goal of lapping fiscal 2020 revenues and maximizing demand capture through DTC, increasing local investments in China to elevate the brand and accelerate revenue growth, all while working to lap growth on heritage slipper products that benefited from the pandemic.

UGG 的任務很艱鉅，要完成創紀錄的一年，我們從大流行中受益，推動了對該品牌的更大關注。但是，通過我們對創造需求的計劃投資，我們有信心該品牌可以通過滿足批發需求來推動 2022 財年的收入增長，因為我們用填充產品重置市場並滿足由於以下原因而在 2021 財年錯失的一些機會庫存短缺，保持與全球年輕消費者的勢頭，並推動 21 財年新品牌消費者的重複購買，恢復歐洲、中東和非洲地區的銷量損失，目標是通過 DTC 提高 2020 財年的收入並最大限度地捕獲需求，增加本地投資中國將提升品牌知名度並加快收入增長，同時努力實現受益於大流行的傳統拖鞋產品的增長。

Shifting attention to HOKA. Global revenue in fiscal 2021 increased 62% versus last year to $571 million. The growth of HOKA over the past year was a testament to the brand's methodical approach to managing a consistent brand message and introducing innovative products that resonate across the global distribution landscape. HOKA continues to exhibit balanced growth across its ecosystem of access points with every region and channel of distribution increasing volume above last year. The increasing scale of HOKA is undeniably impressive. But even more importantly, the brand is growing in the right way and making meaningful progress towards strategic initiatives.

將注意力轉移到 HOKA。 2021 財年的全球收入與去年相比增長了 62%，達到 5.71 億美元。 HOKA 在過去一年的增長證明了該品牌有條不紊地管理一致的品牌信息並推出在全球分銷領域引起共鳴的創新產品。 HOKA 在其接入點生態系統中繼續呈現平衡增長，每個地區和分銷渠道的數量都比去年增加。 HOKA不斷擴大的規模無疑令人印象深刻。但更重要的是，該品牌正在以正確的方式發展，並在戰略舉措方面取得有意義的進展。

In a year of uncertainty, HOKA initially doubled down on key franchises with the goal of amplifying hero styles to bring new consumers to the brand. As these styles drove consumer acquisition, HOKA was successful in driving more repeat purchases in alternate products. This is a result of the HOKA team's development of innovative products built for speed such as the Carbon X2 and Mach 4, the outdoors with the SpeedGoat and Challenger for trail running and the Kaha for hiking and Recovery featuring the ORA flip flops and slides.

在充滿不確定性的一年裡，HOKA 最初在關鍵特許經營上加倍投入，目標是擴大英雄風格，為品牌帶來新的消費者。由於這些款式推動了消費者的購買，HOKA 成功地推動了替代產品的更多重複購買。這是 HOKA 團隊開髮用於速度的創新產品的結果，例如 Carbon X2 和 Mach 4、用於越野跑的 SpeedGoat 和 Challenger 以及配備 ORA 人字拖和滑梯的用於遠足和恢復的 Kaha。

In addition to providing great product for all athletes, HOKA has also created meaningful partnerships to build the lifestyle relevance of its performance products. One such partnership includes the brand's recent launch with Free People, which helps expose HOKA products to consumers who may not otherwise discover the brand. This is not meant to signal a shift towards fashion for the HOKA brand, but rather the brand embracing the fashionable attributes of its performance products and gaining an audience of younger consumers. In addition to targeting youth wholesale distribution, the HOKA DTC team prioritized digital spend on platforms where younger consumers are spending time and discovering brands online. The brand has also been working to create a seamless replenishment experience for consumers who may have discovered HOKA elsewhere.

除了為所有運動員提供出色的產品外，HOKA 還建立了有意義的合作夥伴關係，以建立其性能產品的生活方式相關性。其中一項合作包括該品牌最近與 Free People 的合作，這有助於將 HOKA 產品展示給可能不會發現該品牌的消費者。這並不意味著HOKA品牌轉向時尚，而是該品牌擁抱其性能產品的時尚屬性並獲得年輕消費者的受眾。除了瞄準青年批發分銷外，HOKA DTC 團隊還優先在年輕消費者花費時間和在線發現品牌的平台上進行數字支出。該品牌還一直致力於為可能在其他地方發現 HOKA 的消費者創造無縫的補貨體驗。

Through these efforts, HOKA was able to increase 18- to 34-year-old consumer acquisition online by 156% as compared to last year. We believe the HOKA brand's commitment to building a more diverse outdoor community by including underrepresented groups in 60% of marketing content is resonating well with younger consumers. HOKA is winning with a combination of disruptive product innovation, emotionally connected inclusive marketing and a consistent consumer experience based on the quality of the brand's products and ecosystem of access points.

通過這些努力，HOKA 能夠將 18 至 34 歲的在線消費者購買量比去年增加 156%。我們相信 HOKA 品牌致力於通過在 60% 的營銷內容中包含代表性不足的群體來建立一個更加多元化的戶外社區，這在年輕消費者中產生了良好的共鳴。 HOKA 憑藉顛覆性的產品創新、情感聯繫的包容性營銷以及基於品牌產品質量和接入點生態系統的一致消費者體驗，贏得了勝利。

From a regional standpoint, both domestic and international posted impressive gains in fiscal 2021, but the international revenue growth rate was able to outpace domestic off a lower base. As we've spoken about on prior earnings calls, the mix of international units of the global total continues to move towards the 50-50 split, but revenue is more favored towards domestic because of the use of distributors internationally.

從區域的角度來看，2021 財年國內和國際都取得了可觀的增長，但國際收入增長率能夠在較低的基數上超過國內。正如我們在之前的財報電話會議上談到的那樣，國際單位在全球總數中的比例繼續朝著 50-50 的方向發展，但由於使用國際分銷商，收入更偏向於國內。

In FY '21, distributors drove the largest proportion of international HOKA revenue growth, greater than both wholesale and direct-to-consumer channels. We see this as both a positive reflection of HOKA distributors' ability to scale the brand as well as an opportunity for global growth as we continue to strategically evolve our distribution of the brand around the world.

在 21 財年，分銷商推動了國際 HOKA 收入增長的最大比例，高於批發和直接面向消費者的渠道。我們認為這既是 HOKA 分銷商擴大品牌規模的積極反映，也是我們繼續戰略性地發展我們在全球的品牌分銷的全球增長機會。

Looking ahead to fiscal 2022, we anticipate HOKA growth will continue at a rapid pace, driven by acquiring new consumers by building brand awareness, retaining existing consumers with product and category innovation, gaining market share with wholesale partners, building global brand presence through a return of in-person event sponsorship, focusing on key markets in Europe such as Germany and the U.K. and increasing the frequency of product drops to maintain excitement with consumers. In addition, as we invest for the longer term, we are earmarking investment in China for the HOKA brand to build a meaningful presence in that region. This includes building a team local to the market and creating a retail presence for the HOKA brand.

展望 2022 財年，我們預計 HOKA 將繼續快速增長，這將通過建立品牌知名度來吸引新消費者、通過產品和類別創新留住現有消費者、與批發合作夥伴獲得市場份額、通過回報建立全球品牌影響力來推動面活動贊助，專注於德國和英國等歐洲主要市場，並增加產品下降的頻率以保持消費者的興奮。此外，隨著我們進行長期投資，我們將在中國進行專項投資，讓 HOKA 品牌在該地區建立有意義的影響力。這包括建立市場本地團隊並為 HOKA 品牌建立零售店。

Turning to Teva. Despite relatively flat revenue of $139 million, Teva made productive strides towards the future as the brand invested behind the Universal franchise which experienced strong growth versus last year, increased the penetration of DTC to the total brand by 10 percentage points, nearly doubled direct-to-consumer acquisition year-over-year, strengthened partnerships with strategic wholesale accounts, contributed incremental profitability to Deckers' bottom line and made further enhancement towards sustainability goals. Looking ahead, Teva is focused on being a leader in sustainability, building year-round innovative product for the modern outdoor consumer, taking market share in the closed toe space with the brand's Ember franchise, building on DTC consumer acquisition and maintaining a high proportion of 18- to 34-year-old consumers.

轉向梯瓦。儘管收入相對平穩，為 1.39 億美元，但 Teva 在未來取得了豐碩的進展，因為該品牌投資於環球特許經營權，與去年相比經歷了強勁增長，將 DTC 對整個品牌的滲透率提高了 10 個百分點，直接增加了近一倍- 消費者收購同比增長，加強與戰略批發客戶的合作夥伴關係，為 Deckers 的底線貢獻了增量盈利能力，並進一步增強了可持續發展目標。展望未來，Teva 專注於成為可持續發展的領導者，為現代戶外消費者打造全年創新產品，憑藉品牌的 Ember 特許經營權在封閉腳趾空間中佔據市場份額，以 DTC 消費者獲取為基礎，並保持較高比例18 至 34 歲的消費者。

Moving to Koolaburra. Global revenue in fiscal 2021 increased 9% versus last year to $76 million. Performance this year was influenced by conservative ordering at the onset of the pandemic as we chose to reduce inventory purchases in strategic areas of the brand portfolio. Based on high levels of consumer demand, Koolaburra experienced both top line revenue growth and record profitability despite scarce product availability and disruptions in the wholesale family value channel. For the year ahead, we expect Koolaburra to continue building market share with existing wholesale partners through door count expansion, build on the direct-to-consumer momentum experienced in fiscal 2021 as the brand more than doubled consumer acquisition compared to the prior year, further diversify the assortment through the growth of men's product and women's non-boot categories which experienced outsized growth this year and expand the brand's lifestyle appeal through license opportunities with new product adjacencies.

搬到庫拉布拉。 2021 財年的全球收入與去年相比增長了 9%，達到 7600 萬美元。今年的表現受到大流行開始時保守訂購的影響，因為我們選擇減少品牌組合戰略領域的庫存採購。基於高水平的消費者需求，儘管產品供應稀缺且批發家庭價值渠道中斷，但 Koolaburra 的收入增長和盈利能力均創歷史新高。展望未來一年，我們預計 Koolaburra 將繼續通過擴大門店數量與現有批發合作夥伴建立市場份額，在 2021 財年直接面向消費者的勢頭的基礎上，該品牌的消費者獲取量比上一年增加了一倍以上，進一步通過今年經歷了巨大增長的男士產品和女士非靴子類別的增長來多樣化產品種類，並通過與新產品相鄰的許可機會擴大品牌的生活方式吸引力。

And finally, Sanuk revenue in fiscal 2021 declined to $42 million. Over the last year, the Sanuk team made great progress to rightsize the brand's distribution, focusing on wholesale channel leaders and own direct-to-consumer. Through this process, the brand implemented a product segmentation and exclusive strategy tailoring the consumer experience for each unique access point. With an optimized marketplace, we believe Sanuk has the opportunity to build on its loyal consumer base through innovation and comfort and sustainability and continue as a positive contributor to our total company bottom line.

最後，Sanuk 在 2021 財年的收入下降至 4200 萬美元。去年，Sanuk 團隊在調整品牌分銷規模方面取得了長足進步，重點關注批發渠道領導者和自己的直接面向消費者。通過這個過程，該品牌實施了產品細分和獨家戰略，為每個獨特的接入點量身定制消費者體驗。憑藉優化的市場，我們相信 Sanuk 有機會通過創新、舒適性和可持續性來建立其忠實的消費者基礎，並繼續為我們公司的總利潤做出積極貢獻。

With respect to channel performance in fiscal 2021, the strength of e-commerce drove DTC to increase 45% over the prior year, helping improve our mix of DTC revenue to 42%, up from 35% last year. Every brand in our portfolio experienced growth through the direct-to-consumer channel across both domestic and international regions. Global consumer acquisition online, which increased 88% over last year, was the primary driver of DTC performance in fiscal 2021. This was partially offset by a decline in retail traffic that resulted from macro pandemic pressures.

在 2021 財年的渠道表現方面，電子商務的實力推動 DTC 比上一年增長 45%，幫助我們將 DTC 收入組合從去年的 35% 提高到 42%。我們產品組合中的每個品牌都通過國內和國際地區的直接面向消費者的渠道實現了增長。全球在線消費者購買量比去年增長 88%，是 2021 財年 DTC 業績的主要驅動力。這被宏觀大流行壓力導致的零售流量下降部分抵消。

Despite the reduction in consumer traffic to stores, people were shopping with the intent to purchase as we saw a 30% increase in conversion. We believe this higher rate of purchase conversion can be attributed to improved omnichannel capabilities, including buy online, pickup in-store, mobile POS systems and curbside pickup, which help provide a more seamless experience at our stores. A huge thank you to our store employees who made consumer safety and a positive experience a top priority amidst difficult circumstances.

儘管商店的消費者流量減少了，但由於我們看到轉化率增加了 30%，因此人們購物的意圖是購買。我們認為，這種較高的購買轉化率可歸因於全渠道能力的提高，包括在線購買、店內取貨、移動 POS 系統和路邊取貨，這有助於在我們的商店提供更無縫的體驗。非常感謝我們的商店員工，他們在困難的情況下將消費者安全和積極體驗作為重中之重。

Global wholesale revenue in fiscal year 2021 increased 6% as compared to last year. Wholesale growth was driven by the global expansion of HOKA, with offsets from international UGG as well as global reductions in Teva and Sanuk. UGG experienced strength in domestic wholesale that was more than offset by an international decline, which was due to a combination of marketplace reset initiatives and macro pressures from the pandemic. We see a path for international UGG wholesale to return to growth in fiscal 2022, helping to drive strength in global wholesale moving forward.

2021財年全球批發收入同比增長6%。批發增長由 HOKA 的全球擴張推動，抵消了國際 UGG 以及 Teva 和 Sanuk 的全球減少。 UGG 在國內批發方面的實力被國際下滑所抵消，這是由於市場重置計劃和大流行帶來的宏觀壓力的結合。我們看到了國際 UGG 批發在 2022 財年恢復增長的道路，有助於推動全球批發的實力向前發展。

Before I hand off the call to Steve, I wanted to take a moment to highlight some of our brands' recent activities on the sustainability front, which we believe is having a positive impact on consumers' passion for our brands. Here at Deckers, we believe doing good is core to doing well, and we intend to continue leading in this space. Over the past few months, UGG announced Earth Day commitments which highlighted the brand's commitment to regenerative farming. UGG introduced its first-ever Plant Power Collection, which features carbon-neutral plant-based materials. Teva launched its TevaForever program, where consumers are now able to recycle old sandals that will be reborn into new things such as playgrounds or running tracks. Sanuk introduced a limited edition collaboration with the Surfrider Foundation, using environmentally friendly materials with the proceeds benefiting Surfrider's mission to protect clean water and maintain healthy beaches.

在我把電話轉給史蒂夫之前，我想花點時間強調一下我們品牌最近在可持續發展方面的一些活動，我們認為這對消費者對我們品牌的熱情產生了積極影響。在 Deckers，我們相信做好事是做好事的核心，我們打算繼續在這個領域領先。在過去的幾個月裡，UGG 宣布了地球日承諾，突出了該品牌對再生農業的承諾。 UGG 推出了其首個 Plant Power Collection，該系列採用碳中性植物基材料。 Teva 推出了 TevaForever 計劃，消費者現在可以回收舊涼鞋，這些涼鞋將重生為遊樂場或跑道等新事物。 Sanuk 推出了與 Surfrider Foundation 的限量版合作，使用環保材料，收益有利於 Surfrider 保護清潔水和維護健康海灘的使命。

And we held our second Art of Kindness event, which is a weeklong global giving initiative that encourages our employees across the globe to volunteer time towards causes helping others. This second Art of Kindness event included over 3,800 volunteer hours, and we were able to double employee participation from last year's event. A huge thank you to all employees who participated and helped make a positive impact around the world. Our brands and our company are committed to giving back and doing business in the right way, and we look forward to pushing further progress in sustainability and service over the next year and beyond.

我們舉辦了第二次慈善藝術活動，這是一項為期一周的全球捐贈倡議，鼓勵我們全球的員工自願投入時間幫助他人。第二次善意藝術活動包括超過 3,800 小時的志願服務時間，與去年的活動相比，我們的員工參與度翻了一番。非常感謝所有參與並幫助在世界各地產生積極影響的員工。我們的品牌和公司致力於以正確的方式回饋並開展業務，我們期待在明年及以後推動可持續發展和服務方面的進一步發展。

With that, I'll hand the call over to Steve to provide further details on our fiscal 2021 financial results as well as our initial outlook on fiscal 2022. Steve?

有了這個，我將把電話交給史蒂夫，以提供有關我們 2021 財年財務業績的更多細節以及我們對 2022 財年的初步展望。史蒂夫？

Thanks, Dave, and good afternoon, everyone.

謝謝，戴夫，大家下午好。

As Dave just covered, fiscal year 2021 was an outstanding year for the Deckers organization, reaching a number of new milestones as we saw accelerated demand for our brands. The performance of our brands over the last year was enabled by the key long-term strategies we've been investing behind that have helped transform Deckers into a digitally led organization with a portfolio of brands that are in demand and have further opportunity to grow.

正如 Dave 剛剛報導的那樣，2021 財年對於 Deckers 組織來說是傑出的一年，隨著我們看到對我們品牌的需求加速增長，達到了許多新的里程碑。去年我們品牌的表現得益於我們一直在投資的關鍵長期戰略，這些戰略幫助 Deckers 轉變為一個數字化領導的組織，擁有一系列需求旺盛且有進一步發展機會的品牌組合。

While our strategy has provided a solid foundation for the organization to perform well, we acknowledge that this past year has been full of unique circumstances that have helped put a spotlight on our brands, in particular, with the UGG brand, which was able to drive growth well beyond our pre-pandemic expectations. On the other hand, HOKA was able to overcome supply chain challenges and a disrupted wholesale marketplace to maintain the accelerated growth trajectory the brand has been experiencing prior to the pandemic.

雖然我們的戰略為組織的良好表現奠定了堅實的基礎，但我們承認，過去一年充滿了獨特的環境，這些獨特的環境幫助我們的品牌受到關注，特別是 UGG 品牌，它能夠推動增長遠遠超出我們大流行前的預期。另一方面，HOKA 能夠克服供應鏈挑戰和中斷的批發市場，以保持該品牌在大流行之前經歷的加速增長軌跡。

With total company top line growth accelerating faster than our ability to keep pace with investment, we acknowledge there is work ahead of us to realign infrastructure needs to our evolving organization. I'll provide more detail on these planned investments later in the call. But first, let's get to our fourth quarter and fiscal year 2021 results.

由於公司總收入增長的速度超過了我們跟上投資步伐的能力，我們承認我們還有工作要做，以重新調整基礎設施需求以適應我們不斷發展的組織。稍後我將在電話會議中提供有關這些計劃投資的更多詳細信息。但首先，讓我們來看看我們第四季度和 2021 財年的業績。

Revenue for the fourth quarter was $561 million, up 50% versus the prior year, with the primary drivers of growth being UGG and HOKA. More specifically, growth in UGG was driven by strength in classic boots, winter boots and spring Fluff product, while also benefiting from lapping last year's disruption of wholesale shipments as well as retail store closures in the final 2 weeks of March. Continued exceptional performance with HOKA helped the brand deliver a quarterly revenue record, increasing 74% versus the prior year to $178 million as we continue to see strong brand momentum and incredible consumer adoption.

第四季度收入為 5.61 億美元，同比增長 50%，增長的主要驅動力是 UGG 和 HOKA。更具體地說，UGG 的增長受到經典靴子、冬季靴子和春季 Fluff 產品的強勁推動，同時也受益於去年批發出貨量的中斷以及 3 月最後兩週零售店的關閉。 HOKA 的持續卓越表現幫助該品牌創造了季度收入記錄，與去年同期相比增長 74% 至 1.78 億美元，因為我們繼續看到強勁的品牌勢頭和令人難以置信的消費者採用率。

Gross margin for the quarter was 53.2%, a 170 basis point improvement driven by improved full-price selling, a higher proportion of DTC business and favorable foreign currency exchange rates, partially offset by increased freight and transportation costs.

本季度毛利率為 53.2%，提高了 170 個基點，主要受全價銷售改善、DTC 業務比例增加和有利的外匯匯率推動，部分被貨運和運輸成本增加所抵消。

SG&A for the quarter was $244 million or 43.5% of sales versus last year's $176 million or 47% of sales. The increase in spend was primarily driven by variable spend related to the increased revenue as well as additional marketing, performance-related compensation and other items. These results demonstrate another exceptional quarter as we continue to see consumers seeking out our diverse offering of compelling products across our portfolio of brands.

本季度的 SG&A 為 2.44 億美元，佔銷售額的 43.5%，而去年為 1.76 億美元，佔銷售額的 47%。支出增加的主要原因是與收入增加以及額外營銷、績效相關薪酬和其他項目相關的可變支出。這些結果顯示了另一個特殊的季度，因為我們繼續看到消費者在我們的品牌組合中尋求我們多樣化的引人注目的產品。

With the strength of the fourth quarter, our full fiscal year 2021 revenue came in at $2.546 billion, representing an increase of 19% versus the prior year. Performance as compared to the prior year was again driven by growth in the HOKA and UGG brands as HOKA increased 62% over the prior year to $571 million, with strength across all global regions and channels of distribution, and UGG increased 13% over the prior year to $1.717 billion with growth of the U.S. offsetting international declines. Across our entire portfolio of brands, DTC was the primary driver of growth, increasing 45% over last year due to the strength of our online business, which overcame declines in the retail channel related to the pandemic.

憑藉第四季度的強勁表現，我們 2021 財年的全年收入為 25.46 億美元，比上年增長 19%。與上年相比，業績再次受到 HOKA 和 UGG 品牌增長的推動，HOKA 比上年增長 62% 至 5.71 億美元，在全球所有地區和分銷渠道均表現強勁，UGG 比上年增長 13%年增至 17.17 億美元，美國的增長抵消了國際下滑。在我們的整個品牌組合中，DTC 是增長的主要驅動力，由於我們的在線業務強勁，克服了與大流行相關的零售渠道的下滑，比去年增長了 45%。

Gross margins for the year were up 220 basis points over last year to 54%. The increase in gross margin rate was related to 90 basis points from favorable channel mix, 80 basis points from lower promotional activity including a reduction of closeouts, favorable brand mix as HOKA increased as a percentage of the total company and favorable foreign currency exchange rates with offsets coming from higher freight expense.

今年的毛利率比去年增加了 220 個基點，達到 54%。毛利率的上升與有利的渠道組合提高了 90 個基點、促銷活動減少（包括清盤減少）、有利的品牌組合（因為 HOKA 占公司總數的百分比增加）以及有利的外匯匯率有關來自較高運費的抵消。

SG&A dollar spend for the year was $870 million, up 14% from last year's $766 million. Higher spend was primarily driven by increased marketing to capitalize on momentum in our brands and begin to seed localized marketing for international UGG, increased warehouse and logistics costs related to the compensation as well as safety measures in place to protect our employees, increased spend on our e-commerce infrastructure to support the growth of that channel with offsets from lower retail store expense and travel savings that resulted from the pandemic.

當年的 SG&A 美元支出為 8.7 億美元，比去年的 7.66 億美元增長 14%。較高的支出主要是由於增加營銷以利用我們品牌的勢頭並開始為國際 UGG 進行本地化營銷、增加與補償相關的倉庫和物流成本以及保護我們員工的安全措施、增加我們的支出電子商務基礎設施，以支持該渠道的增長，抵消了因大流行而降低的零售店費用和旅行節省。

For the year, our tax rate was 23.7%, which compares to 19% last year. Taxes were higher this year as a result of a higher proportion of domestic revenue as well as certain discrete items recognized in Q4.

全年，我們的稅率為 23.7%，而去年為 19%。由於國內收入比例較高以及第四季度確認的某些離散項目，今年的稅收較高。

This all resulted in a record diluted earnings per share of $13.47 for the year, which compares to $9.62 in the fiscal year 2020. The more than $3 increase as compared to last year was driven by revenue growth in the HOKA and UGG brands, SG&A leverage as revenue growth exceeded expense growth, a greater mix of DTC revenue, a higher percentage of full-price sales across our portfolio of brands, favorable foreign currency exchange rates, which was slightly offset by a higher tax rate.

這一切都導致本年度每股攤薄收益創紀錄地達到 13.47 美元，而 2020 財年為 9.62 美元。與去年相比，增長超過 3 美元是由 HOKA 和 UGG 品牌的收入增長、SG&A 槓桿推動的由於收入增長超過了支出增長，DTC 收入的更多組合，我們品牌組合中全價銷售的百分比更高，有利的外匯匯率，但被更高的稅率略微抵消。

Turning to our balance sheet. At March 31, 2021, we ended fiscal year 2021 with $1.089 billion of cash and equivalents. Inventory was $278 million, down 11% from $312 million at the same time last year. And due to the repayment in full of our corporate headquarter mortgage, we had no outstanding borrowings. For the year, these results returned invested capital above 30%.

轉向我們的資產負債表。截至 2021 年 3 月 31 日，我們在 2021 財年結束時擁有 10.89 億美元的現金和等價物。庫存為 2.78 億美元，比去年同期的 3.12 億美元下降 11%。由於公司總部抵押貸款已全部償還，我們沒有未償還的借款。全年，這些結果使投資資本回報率超過 30%。

During the fourth quarter, we repurchased approximately $99 million worth of shares at an average price of $322.87. I would note that for the majority of the year, we had paused share repurchase activity as we shifted focus to preserving the strength of our balance sheet based on uncertainty related to the pandemic. Typically, at this point in the year, we would provide an update to our global backlog. Over the last few years, we have continued to signal that less and less emphasis should be placed on backlog as an indicator of future performance. Due to the evolution of our portfolio of brands and distribution strategies, as such, we will no longer be providing backlog.

在第四季度，我們以平均 322.87 美元的價格回購了價值約 9900 萬美元的股票。我要指出的是，在今年的大部分時間裡，我們暫停了股票回購活動，因為我們將重點轉移到基於與大流行相關的不確定性來保持資產負債表的實力。通常，在這一年的這個時候，我們會更新我們的全球積壓工作。在過去的幾年裡，我們繼續表明，越來越少的重點應該放在作為未來業績指標的積壓上。由於我們的品牌組合和分銷策略的發展，我們將不再提供積壓訂單。

Moving to our outlook for fiscal year 2022. As Dave and I have touched on, fiscal 2021 was a year full of unique circumstances, some of which directly benefited our brands. With sights set on the long-term evolution of Deckers, fiscal 2022 was thoughtfully planned to bolster the strong foundation already in place and set the table for sustained revenue and earnings power. For the full fiscal year 2022, we expect a year-over-year top line growth rate of mid to high teens, leading to revenue in the range of $2.95 billion to $3 billion with HOKA growing in the 40% range, reaching an $800 million milestone; UGG growing in the high single digits to low double-digit range, driven by domestic wholesale strength and international returning to growth; Koolaburra growing in the low double-digit range; Teva growing in the mid-single-digit range and Sanuk approximately flat to last year.

轉向我們對 2022 財年的展望。正如戴夫和我所提到的，2021 財年是充滿獨特情況的一年，其中一些直接使我們的品牌受益。著眼於 Deckers 的長期發展，2022 財年經過深思熟慮，旨在鞏固已經建立的堅實基礎，並為持續的收入和盈利能力奠定基礎。對於整個 2022 財年，我們預計中高青少年的收入同比增長率將在 29.5 億美元至 30 億美元之間，HOKA 將增長 40%，達到 8 億美元里程碑;在國內批發實力和國際恢復增長的推動下，UGG在高個位數至低兩位數範圍內增長； Koolaburra 在低兩位數範圍內增長； Teva 在中個位數範圍內增長，而 Sanuk 與去年大致持平。

Gross margin is expected to be approximately 53.3%, which is 70 basis points lower than FY '21 due to increased shipping costs for ocean containers and air usage, unfavorable product mix shifting toward lower-priced items, potential channel mix headwinds related to the wholesale filling for the UGG and distributor growth in HOKA and inflationary pressures.

毛利率預計約為 53.3%，比 21 財年低 70 個基點，原因是海運集裝箱和航空使用的運輸成本增加、不利的產品組合轉向低價商品、與批發相關的潛在渠道組合逆風填補了UGG和分銷商HOKA的增長和通脹壓力。

SG&A is expected to be approximately 35.5% of revenue as we make key investments to drive long-term growth and fuel near-term opportunities with variable spend. Strategic spending to drive the evolution of Deckers includes investment in our supply chain and logistics infrastructure to increase capacity with an additional distribution center in the U.S., larger facilities internationally and improved planning tools to drive efficiencies; investment to further our digital transformation through added e-commerce capabilities to increase personalization and added analytical tools to optimize data insights and returns on marketing investments; investment in China to seed the HOKA opportunity and reignite UGG brand heat in the region; and investment to bolster our talent across the organization as we scale larger and enable emerging opportunities with added capabilities. Variable spending to fuel near-term opportunities include digital content creation to drive DTC conversion, targeted digital marketing to acquire new consumers, investments to drive growth in UGG ready-to-wear and build awareness of HOKA apparel.

SG&A 預計將佔收入的約 35.5%，因為我們進行關鍵投資以推動長期增長並通過可變支出推動近期機會。推動 Deckers 發展的戰略支出包括對我們的供應鍊和物流基礎設施的投資，以通過在美國增加一個配送中心、在國際上擴大設施以及改進規劃工具來提高效率，從而提高產能；通過增加電子商務功能以提高個性化並增加分析工具以優化數據洞察力和營銷投資回報，從而進一步投資我們的數字化轉型；在中國投資以播種 HOKA 機會並重新點燃該地區的 UGG 品牌熱度；和投資，以在我們擴大規模並利用附加能力創造新機會的過程中加強整個組織的人才。推動近期機會的可變支出包括創建數字內容以推動 DTC 轉換、有針對性的數字營銷以獲取新消費者、推動 UGG 成衣增長的投資以及建立 HOKA 服裝的知名度。

Our expense and gross margin guidance represents an expected operating margin in the range of 17.5% to 18%, which aligns with our commitment to remain top tier among our peers. This targeted operating margin for FY '22 represents meaningful expansion when compared to pre-pandemic years, where we had consistently achieved an operating margin of approximately 16% in FY '19 and FY '20. This demonstrates that we are flowing through a portion of recent margin expansion achieved in FY '21 that we intend to preserve as we step into FY '22. These include 90 basis points of channel mix with a larger proportion of DTC business, 50 basis points of brand mix as our mix of HOKA increases and expecting our rate of full-price selling to be similar to that experienced in FY '21.

我們的費用和毛利率指引表示預期營業利潤率在 17.5% 至 18% 之間，這與我們保持同行領先地位的承諾相一致。與大流行前幾年相比，22 財年的這一目標營業利潤率代表了有意義的擴張，我們在 19 財年和 20 財年一直實現約 16% 的營業利潤率。這表明我們正在經歷最近在 21 財年實現的利潤率擴張的一部分，我們打算在進入 22 財年時保留這些利潤。其中包括 90 個基點的渠道組合和更大比例的 DTC 業務，50 個基點的品牌組合，因為我們的 HOKA 組合增加，並預計我們的全價銷售率將與 21 財年相似。

We are also projecting a tax rate of approximately 23%, all resulting in an expected diluted earnings per share in the range of $14.05 to $14.65. Capital expenditure are expected to be in the range of $65 million to $70 million, representing a step-up on recent years as we support the build-out of a new distribution center in the U.S. and further reinforce our digital transformation through added IT infrastructure.

我們還預計稅率約為 23%，所有這些都會導致預期的每股攤薄收益在 14.05 美元至 14.65 美元之間。資本支出預計在 6,500 萬美元至 7,000 萬美元之間，比近年來有所增加，因為我們支持在美國建設一個新的配送中心，並通過增加 IT 基礎設施進一步加強我們的數字化轉型。

Our fiscal 2022 guidance excludes any charges that may be considered onetime in nature and does not contemplate any impact for additional share repurchase. We will not be providing formal quarterly guidance as the environment remains highly uncertain with regional differences in the pace and scope of economic recovery from the pandemic as well as continued disruption across the entire supply chain as a result of the pandemic. In addition, with significantly lower inventory in the channel, the normal order and delivery pattern has shifted this year with a greater increase expected in the first half, further complicating expected timing of delivery. Therefore, it is important to note that a focus on a full year guidance best represents a holistic view of how we are driving full year long-term targets.

我們的 2022 財年指導不包括任何可能被視為一次性費用的費用，並且不考慮對額外股票回購產生任何影響。我們不會提供正式的季度指導，因為環境仍然高度不確定，大流行後經濟復甦的速度和範圍存在地區差異，以及大流行導致整個供應鏈持續中斷。此外，由於渠道庫存明顯下降，今年正常訂單和交貨模式發生了變化，預計上半年增幅較大，預計交貨時間進一步複雜化。因此，重要的是要注意，關注全年指導最能代表我們如何推動全年長期目標的整體觀點。

For further context on how we are looking at the first half of the year, we expect strong global wholesale growth from both UGG and HOKA as both brands lap disruption in the channel from last year and UGG benefits from earlier wholesale orders to fill in depleted inventories, continued expansion of global HOKA direct-to-consumer as the brand acquires new consumers online through increased awareness and more consumers migrate online for replenishment, higher marketing costs to keep UGG top of mind with consumers as less people are working from home as well as a step-up in our investment in localized content for international regions, higher marketing costs for HOKA as the brand increases its presence at events with the world opening up as well as increased spend to begin building awareness in China, increased spend on people as we build our workforce and lap some savings experienced last year due to a hiring and merit freeze, elevated warehouse and logistics costs to support the increased scale of business both domestically and internationally with continued safety measures in place and higher freight costs continuing to be a drag on gross margins. Overall, we anticipate first half revenue will represent a larger percentage of the full year revenue than in prior years.

關於我們如何看待上半年的進一步背景，我們預計 UGG 和 HOKA 的全球批發業務將強勁增長，因為這兩個品牌都在去年的渠道中斷，而 UGG 受益於早期的批發訂單以填補耗盡的庫存, 全球 HOKA 直接面向消費者的持續擴張，因為該品牌通過提高知名度在線獲得新消費者，更多消費者在線遷移以進行補貨，更高的營銷成本使 UGG 成為消費者的首選，因為在家工作的人越來越少以及我們加大了對國際地區本地化內容的投資，HOKA 的營銷成本增加，因為隨著世界的開放，該品牌在活動中的影響力增加，以及增加支出以開始在中國建立知名度，增加對人的支出，因為我們由於招聘和績效凍結、倉庫和物流成本增加以支持增長，去年我們建立了勞動力並節省了一些儲蓄國內和國際業務規模不斷擴大，安全措施持續到位，運費上漲繼續拖累毛利率。總體而言，我們預計上半年收入佔全年收入的比例將高於往年。

And finally, on capital allocation. With the build of our cash balance over the last year, we completed a thorough review of our strategy. Based on our goal to drive shareholder value, the Board of Directors has approved an increase of $750 million to the company's share repurchase authorization. This increased authorization, in conjunction with higher capital expenditure investments supporting our key initiatives, highlights the Board's confidence in management's ability to achieve our strategic plan and drive shareholder value while maintaining strength and liquidity.

最後，關於資本配置。隨著我們去年現金餘額的增加，我們完成了對我們戰略的徹底審查。基於我們提高股東價值的目標，董事會已批准將公司的股票回購授權增加 7.5 億美元。這一增加的授權，加上支持我們關鍵舉措的更高資本支出投資，突顯了董事會對管理層在保持實力和流動性的同時實現我們的戰略計劃和推動股東價值的能力的信心。

Deckers will maintain a competitive position versus peers based on growing multiple brands in our portfolio, including one of the fastest-growing footwear brands in HOKA, evolving our channel distribution with the long-term goal of reaching a 50% mix of DTC, achieving top-tier levels of profitability and leadership in ESG space as we seek to do business in the right way by making positive contributions to our communities and the world at large.

Deckers 將在我們產品組合中不斷增長的多個品牌（包括 HOKA 增長最快的鞋類品牌之一）的基礎上保持與同行的競爭地位，發展我們的渠道分銷，長期目標是達到 50% 的 DTC 組合，實現頂級- ESG 領域的盈利能力和領先水平，因為我們通過為我們的社區和整個世界做出積極貢獻來尋求以正確的方式開展業務。

To close, I'd like to thank our employees for their dedication to managing through tough circumstances to deliver record results in an unprecedented year. I'm excited for the years ahead as we invest behind the evolution of Deckers and capitalize on our strong portfolio of brands.

最後，我要感謝我們的員工致力於在艱難的環境中進行管理，以在前所未有的一年中取得創紀錄的成果。我對未來幾年感到興奮，因為我們投資於 Deckers 的發展並利用我們強大的品牌組合。

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

感謝大家。現在，我將把電話轉回給 Dave，讓他發表最後的講話。

Thanks, Steve.

謝謝，史蒂夫。

Fiscal 2021 was an exceptional year for Deckers as our company was able to build awareness and globally expand the HOKA brand as well as capitalize on the unique tailwinds for the UGG brand. Our long-term strategies enabled our brands to accelerate consumer acquisition online, which helped the company achieve the milestone of delivering a record operating profit of $0.5 billion.

2021 財年對 Deckers 來說是不平凡的一年，因為我們公司能夠建立知名度並在全球範圍內擴展 HOKA 品牌，並利用 UGG 品牌的獨特優勢。我們的長期戰略使我們的品牌能夠加速在線消費者獲取，這幫助公司實現了創紀錄的 5 億美元營業利潤的里程碑。

With strong momentum in our brands, we're going to maintain an aggressive approach to taking market share at wholesale while also strengthening our digital capabilities to acquire consumers through our direct channels. We believe each of our brands has a compelling product offering for their respective target consumers. The health of our brands and the excitement for our products provide a strong setup for the year ahead.

憑藉我們品牌的強勁勢頭，我們將保持積極的態度，在批發市場佔據市場份額，同時加強我們的數字能力，通過我們的直接渠道獲取消費者。我們相信，我們的每個品牌都為其各自的目標消費者提供引人注目的產品。我們品牌的健康和對我們產品的熱情為來年奠定了堅實的基礎。

Our guidance includes mid to high teen revenue growth, with multiple brands expected to grow double digits, implying over $800 million of revenue added over a 2-year period. Deckers will remain top tier among peers while making important investments to the long-term evolution of the organization.

我們的指導包括中高青少年收入增長，預計多個品牌將增長兩位數，這意味著在兩年內增加了超過 8 億美元的收入。 Deckers 將在同行中保持領先地位，同時對組織的長期發展進行重要投資。

We are confident in our long-term vision to drive more business through our direct-to-consumer channels, build the HOKA brand beyond $1 billion in revenue and increase our mix of business from international markets. To achieve these objectives and enable new opportunities with our portfolio of strong brands, we are focused on fostering existing talent within the organization as well as acquiring new talent for added capabilities. I am proud to be leading this organization and greatly appreciate all the work of our employees over the past year and recognize the energy already being put forth to make fiscal 2022 just as great. Thank you to all of our stakeholders for your continued support.

我們對我們的長期願景充滿信心，即通過直接面向消費者的渠道推動更多業務，打造收入超過 10 億美元的 HOKA 品牌，並增加我們在國際市場的業務組合。為了實現這些目標並利用我們強大的品牌組合創造新的機會，我們專注於在組織內培養現有人才，並為增加能力而獲取新人才。我很自豪能夠領導這個組織，並非常感謝我們員工在過去一年中所做的所有工作，並認識到為使 2022 財年同樣出色而投入的精力。感謝我們所有的利益相關者一直以來的支持。

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

有了這個，我將把電話轉給接線員進行問答。操作員？

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

（操作員說明）我們的第一個問題來自 BTIG 的 Camilo Lyon。

Congrats on a strong finish to the year. I wanted to follow up, Steve, on a comment you made just at the end of your remarks regarding infilling some of the wholesale partners of yours with inventory sooner. Clearly, I think there's an anticipation there to avoid some of the supply chain disruptions that many have suffered this past year. I'm curious, how are you thinking about inventory build in anticipation of any chase opportunities given that you'll probably be having to hold on some of that inventory a little bit longer to the season given the earlier shipments that you've spoken about?

祝賀今年取得圓滿成功。史蒂夫，我想跟進您在評論結束時發表的評論，即盡快向您的一些批發合作夥伴補充庫存。顯然，我認為人們期望避免過去一年中許多人遭受的一些供應鏈中斷。我很好奇，鑑於您所說的較早發貨，您可能不得不將一些庫存保留到本季稍長一點的時間，因此您如何考慮庫存增加以期待任何追逐機會?

Yes. Let me, thanks, Camilo, a good question. What we've seen, and I'll take a step back just to kind of explain what's going on. I think with inventories low, our own inventory again down 11% and lower inventories, as you mentioned, kind of lower in the channel, we do want to bring in more inventory in the first couple of quarters, and we do want to get it out to our wholesale customers so that they have it in stock and on shelves during the prime selling season.

是的。讓我，謝謝，卡米洛，一個好問題。我們所看到的，我會後退一步來解釋發生了什麼。我認為由於庫存低，我們自己的庫存再次下降了 11% 並且庫存減少了，正如你提到的，渠道中的庫存有點低，我們確實希望在前幾個季度引入更多庫存，我們確實希望得到它發給我們的批發客戶，以便他們在黃金銷售季節有庫存和上架。

So that is a shift from what we normally see. It may limit, I would say, the chase opportunities. That's why we're seeing kind of a more robust first half. I think that's why it was important to talk about kind of that first half context because we're going to see a significant portion of that growth as we expect to fulfill those wholesale orders really in the first half as we bring inventory in. So we're replenishing our depleted inventory and we're getting that out to our wholesale accounts sooner so that they have it in stock. So we'll see. Again, it's one of the challenges that we're dealing with. As you know, there's significant disruption in the whole supply chain channel, another reason to try to get this inventory in earlier so that we can avoid some of that disruption.

這與我們通常看到的情況有所不同。我想說，它可能會限制追逐機會。這就是為什麼我們看到上半年更加強勁的原因。我認為這就是為什麼談論上半年背景很重要的原因，因為我們將看到增長的很大一部分，因為我們希望在我們引入庫存時真正在上半年完成這些批發訂單。所以我們'正在補充我們耗盡的庫存，我們會盡快將其轉入我們的批發賬戶，以便他們有庫存。所以我們拭目以待。同樣，這是我們正在應對的挑戰之一。如您所知，整個供應鏈渠道存在嚴重中斷，這是我們嘗試更早獲取庫存的另一個原因，這樣我們就可以避免其中的一些中斷。

Yes. And just to add on to that. We did submit orders earlier than usual this year. So we are a little bit ahead of the game as far as production goes, but getting product into the country through the logistics domestically and onto our key accounts poses a pretty meaningful challenge. We think we can overcome it. But the demand for inventory right now is still very strong. So our accounts are looking for inventory to keep the momentum going, but also start building reserves and stocks heading into the fall and holiday time frame as well for all of our brands.

是的。只是為了補充一點。今年我們確實比往常更早地提交了訂單。因此，就生產而言，我們有點領先於遊戲，但是通過國內物流將產品進入該國並進入我們的主要客戶是一個非常有意義的挑戰。我們認為我們可以克服它。但目前對庫存的需求仍然非常旺盛。因此，我們的客戶正在尋找庫存以保持勢頭，同時也開始為我們所有的品牌在秋季和假期時間框架內建立儲備和庫存。

Got it. Two just quick follow-ups. Within that context, Dave and Steve, you mentioned some inflationary pressures impacting gross margin. Is there any price taking that you are embedding in UGG or HOKA? And then just from a longer-term perspective, you talked about the investments that you're making in the business and the right investments to be making in terms of infrastructure, distribution centers, digital investments to further the growth and long-term opportunities that you have in front of you. How do you think about what that looks like in the context of longer-term EBIT margin opportunities as you start to leverage these investments this year in years 2, 3 and 4 from now?

知道了。兩個只是快速跟進。在這種情況下，戴夫和史蒂夫，你們提到了一些影響毛利率的通脹壓力。您是否在 UGG 或 HOKA 中嵌入了任何定價？然後從更長期的角度來看，您談到了您在業務中進行的投資以及在基礎設施、配送中心、數字投資方面進行的正確投資，以促進增長和長期機會你有在你面前。從現在開始在第 2 年、第 3 年和第 4 年開始利用這些投資，您如何看待在長期息稅前利潤機會的背景下會是什麼樣子？

Yes. I can start. So price increases, selectively but not broad-based. And so we're looking at opportunities by categories where we can. Fluff is an example of that. But generally speaking, we're not passing on price increases across the board, just more selective styles going into the back of this year. I think we have more flexibility in our DTC channels to maybe do things here and there. But the season is filled in, the inventory is on its way and the wholesale accounts are expecting the prices that we've already established. But we have healthy margins and we're expecting healthy high full-price sell-throughs again. I'm confident in that.

是的。我可以開始了。因此，價格上漲是有選擇的，但不是廣泛的。因此，我們正在盡可能按類別尋找機會。絨毛就是一個例子。但一般來說，我們並沒有全面傳遞價格上漲，只是在今年下半年推出更多選擇性款式。我認為我們在 DTC 渠道中擁有更大的靈活性，可以在這里和那裡做事。但是這個季節已經到了，庫存在路上，批發賬戶正在期待我們已經確定的價格。但我們有健康的利潤率，我們期待再次健康的高全價銷售。我對此很有信心。

From an investment perspective, yes, with this rate of growth and the way that we pulled back on spend last year, we have some investments we need to make. We think that our brands, the demand for our brands is certainly stronger than it's ever been. Our brands matter to our consumers. They're really meaningful, both on a product but also an emotional level. And we see a healthy path for growth, but we need to invest in the infrastructure to not only allow that, but then to sustain it and build even further. So we think the 17% to 18% range is about right to be able to continue double-digit growth at the top line, but we also have to spend to fuel that.

從投資的角度來看，是的，以這種增長率以及我們去年縮減支出的方式，我們需要進行一些投資。我們認為我們的品牌，對我們品牌的需求肯定比以往任何時候都要強烈。我們的品牌對我們的消費者很重要。它們真的很有意義，無論是在產品上，還是在情感層面上。我們看到了一條健康的增長道路，但我們需要對基礎設施進行投資，不僅可以實現這一點，而且還要維持它並進一步建設。因此，我們認為 17% 到 18% 的區間對於能夠繼續保持兩位數的收入增長來說是正確的，但我們也必須花錢來推動這一點。

Over the out-years, there may be a little upside to that, and we can think about flowing that through, and we'll see how this year goes. But right now, we feel like the right balance from a healthy brand building sustainable business is in the 17% to 18% range.

在過去的幾年裡，這可能會有一點好處，我們可以考慮把它通過，我們會看看今年的情況。但現在，我們認為健康品牌建設可持續業務的正確平衡在 17% 到 18% 的範圍內。

Yes. And I think just to add on to that, Camilo, it's more than just a 1-year investment. So as Dave said, we've kind of targeted a range that we think is appropriate, that kind of balances the investment as well as what it can drive in sustainable growth, both from a revenue and an earnings perspective. And yes, there are some things that we'll be able to look at once these investments are in place to see what we can then leverage. But I think, as Dave said, we need to make these investments now. Let's see how they go, and then we'll be in a better position down the road as to kind of figuring out how we could benefit from some of these investments.

是的。我想補充一點，卡米洛，這不僅僅是一年的投資。因此，正如戴夫所說，我們已經確定了一個我們認為合適的範圍，從收入和收益的角度來看，這可以平衡投資以及它可以推動可持續增長的因素。是的，一旦這些投資到位，我們就能看到一些東西，看看我們可以利用什麼。但我認為，正如戴夫所說，我們現在需要進行這些投資。讓我們看看他們是如何發展的，然後我們將處於更好的位置，以便弄清楚我們如何從其中一些投資中受益。

Yes. And as we've been talking about the last few years, a much higher percentage of our OpEx is variable. So we have a lot more flexibility in the year to either flow through or invest faster to drive top line growth. So we feel pretty confident that these are sustainable levels. And as I said, there might be opportunity for increase as we get into the next couple of years.

是的。正如我們在過去幾年中一直在談論的那樣，我們的運營支出中有很大一部分是可變的。因此，我們在這一年有更大的靈活性，可以通過流動或更快地投資來推動收入增長。所以我們非常有信心這些都是可持續的水平。正如我所說，隨著我們進入未來幾年，可能會有增加的機會。

Our next question comes from Jonathan Komp with Baird.

我們的下一個問題來自 Jonathan Komp 和 Baird。

Maybe, Dave, just first to follow up. I think you just mentioned double-digit top line growth. So I just wanted to maybe follow up the context and your thoughts beyond the next year, if you think that's a sustainable growth rate and maybe any thoughts on the pieces? And maybe relatedly, Steve, I think you mentioned some efficiencies from some of the infrastructure and analytics investments, any ability to break out some of the benefits you expect to see from some of the investments this year?

也許，戴夫，只是第一個跟進。我想你剛剛提到了兩位數的收入增長。所以我只是想跟進下一年之後的背景和你的想法，如果你認為這是一個可持續的增長率，也許對這些部分有什麼想法？也許與此相關，史蒂夫，我認為你提到了一些基礎設施和分析投資的一些效率，是否有能力打破你期望從今年的一些投資中看到的一些好處？

Yes. So I'll answer your first question, Jonathan. Yes. We see that path. Certainly, this year is a little bit of a higher than normalized growth rate because of the fill-in component of particularly the UGG business and refilling the inventories for our wholesale accounts. So 19% is the highest we've ever guided and we're confident in it. But we're mindful that a portion of that is fill-in. So you'll see the growth rates probably start to normalize closer to low double digits over the next year or 2. But at this point, we feel like we have a clear line of sight to be able to continue to grow our brands globally, especially with the return to growth that we're starting to see in international and HOKA really taking hold in the investments that we're making.

是的。所以我會回答你的第一個問題，喬納森。是的。我們看到了那條路。當然，由於特別是 UGG 業務的填充部分和為我們的批發賬戶補充庫存，今年的增長率略高於正常水平。所以 19% 是我們指導過的最高水平，我們對此充滿信心。但我們注意到其中一部分是填充的。所以你會看到未來一兩年的增長率可能會開始正常化，接近兩位數的低位。但在這一點上，我們覺得我們有一個清晰的視野，能夠繼續在全球範圍內發展我們的品牌，尤其是隨著我們開始在國際上看到增長的回報，HOKA 真正掌握了我們正在進行的投資。

Yes. And then, Jon, just on the kind of the leverage that we talked about kind of from a 2-year stack. So clearly, what we're passing through is some benefit that we've seen in '21. So as Dave kind of mentioned, we benefited by an acceleration of revenue and didn't necessarily spend against that revenue acceleration in FY '21. So '22, there will be a bit of that catch-up to spend against really a 2-year stack of high teen revenue growth that, we believe, sets the foundation for growth.

是的。然後，喬恩，就我們談到的那種來自 2 年籌碼的槓桿作用。很明顯，我們正在經歷的是我們在 21 年看到的一些好處。因此，正如戴夫所提到的，我們受益於收入的加速增長，並且不一定會在 21 財年針對收入加速進行支出。因此，在 22 年，將有一些追趕上的支出來應對真正的 2 年高青少年收入增長，我們相信，這為增長奠定了基礎。

In reference, in my prepared remarks where I talked about how we progressed from where we were, say, 2 years ago. We're taking some of that leverage that we achieved in '21 and really passing it through in '22 as we've seen some of those efficiencies. So it's some of the full-price selling. There is going to be some on talent from where we were, say, 2 years ago. And so that's where we start to settle down from a proportion of SG&A spend to revenue in that, call it, roughly kind of 35%, 35.5% range. So again, to the earlier question also, let's see how things go. This is a year where we're coming off the heels of strong revenue growth. We constrained some of that spending. '22, we think it's important that we get back to making those investments that are setting us up for continuing this growth that we're seeing.

作為參考，在我準備好的評論中，我談到了我們如何從兩年前的位置取得進展。我們正在利用我們在 21 年實現的一些影響力，並在 22 年真正通過它，因為我們已經看到了其中的一些效率。所以這是一些全價銷售。將會有一些人才來自我們，比如說，2 年前。所以這就是我們開始從 SG&A 支出到收入的一部分解決的地方，稱之為大約 35% 到 35.5% 的範圍。所以再一次，對於前面的問題，讓我們看看事情進展如何。這是我們擺脫強勁收入增長的一年。我們限制了部分支出。 '22，我們認為重要的是我們要重新進行那些為我們繼續我們所看到的增長做好準備的投資。

Yes. Great. Then just one more on HOKA. Any commentary on how some of the newer distribution in wholesale is faring either domestic or globally? And then it looks like a lot of new products coming up the next few months, so just any more comments on the pipeline and the approach to new product drops?

是的。偉大的。然後在 HOKA 上再講一個。關於一些較新的批發分銷在國內或全球範圍內的表現有何評論？然後看起來在接下來的幾個月裡會有很多新產品出現，所以對管道和新產品下降的方法有更多評論嗎？

Yes. I would say, generally speaking, across the board in new and existing accounts, sell-through continues to be very strong. And as you know, we've been very methodical. The teams have done a great job of controlling strategic distribution, not going to too many doors too fast, which is the case of DICK'S, et cetera. That philosophy is applied globally. And we're focused on healthy full-price sell-through and creating demand. And that is paying off and that's working.

是的。我想說，一般來說，在新的和現有的賬戶中，銷售量仍然非常強勁。如你所知，我們一直非常有條不紊。團隊在控制戰略分佈方面做得很好，不會太快進入太多門，DICK'S 等就是這種情況。這一理念在全球範圍內得到應用。我們專注於健康的全價銷售和創造需求。這是有回報的，而且是有效的。

The areas that we're expanding into is obviously bolstering outdoor, so trail and hike. You're going to start to see a little more product and focus on marketing around lifestyle opportunities. So still performance product but adapted for a lifestyle consumer. And then we're going to continue to drive that growth across the board globally. Each market is a little bit different as to which category we push first and how we get there, but that's the intent.

我們正在擴展的領域顯然是在加強戶外活動，所以徒步旅行。您將開始看到更多產品，並專注於圍繞生活方式機會的營銷。所以仍然是性能產品，但適合生活方式消費者。然後我們將繼續在全球範圍內全面推動這種增長。每個市場對於我們首先推動哪個類別以及我們如何到達那裡都有一些不同，但這就是我們的意圖。

And the pipeline from my perspective is very strong. We have some great launches coming up this year. We have the Clifton 8 launching in the next quarter, which we have a lot of demand. We're already preselling it on our websites and the demand is there. So we feel great about the pipeline, assuming we can get the product to the supply chain, of course, and then expanding into other categories over the next 12 to 18 months. We're very excited about it.

從我的角度來看，管道非常強大。今年我們將推出一些很棒的產品。我們將在下個季度推出 Clifton 8，我們有很多需求。我們已經在我們的網站上預售了它，並且需求就在那裡。所以我們對管道感覺很好，當然，假設我們可以將產品送到供應鏈，然後在接下來的 12 到 18 個月內擴展到其他類別。我們對此感到非常興奮。

Sorry, Clifton 8 in June.

對不起，克利夫頓 8 月。

Our next question comes from Jay Sole with UBS.

我們的下一個問題來自瑞銀的 Jay Sole。

Dave, I was just wondering if you could elaborate on the last answer a little bit. If you could maybe just take a step back and tell us where you see HOKA in the maturity curve of this brand as it grows to a much bigger brand. As you see where the brand is right now, what's baked in the guidance? Maybe take us through geographically where you see the biggest opportunities and where you hope to end the year by and where you see growth from there? And then maybe that would be a great place to start.

戴夫，我只是想知道您是否可以詳細說明最後一個答案。如果您可以退後一步，告訴我們隨著 HOKA 成長為一個更大的品牌，您在該品牌的成熟曲線中看到了什麼。正如您所看到的品牌現在在哪裡，指南中有什麼內容？也許帶我們從地理上看你看到最大機會的地方，你希望年底在哪裡，以及你從那裡看到增長的地方？然後也許這將是一個很好的起點。

Sure. So as we said in the script, we think that HOKA can get to $800 million this year. Obviously, that's continued very aggressive growth opportunities. We also talked about the fact that the international growth is really kicking in from a units perspective, which is great to see the balance of that business globally and the balance across distribution.

當然。所以正如我們在劇本中所說的，我們認為 HOKA 今年可以拿到 8 億美元。顯然，這是繼續非常積極的增長機會。我們還談到了這樣一個事實，即從單位的角度來看，國際增長確實在發揮作用，很高興看到全球業務的平衡和分銷的平衡。

The one area that we talked about investing in and we're starting to invest in infrastructure building this year is China. It's still a relatively small business in China. It's a very exciting market for us to get into. We've been leveraging really the UGG team on the ground there for DTC for HOKA, but it's time to start putting dedicated full-time heads on the HOKA team in China to get after that.

我們談到投資的一個領域是中國，我們今年開始投資基礎設施建設。它在中國仍然是一個相對較小的企業。對我們來說，這是一個非常令人興奮的市場。我們一直在利用當地的 UGG 團隊為 HOKA 提供 DTC，但現在是時候開始在中國的 HOKA 團隊中安排專職專職負責人來實現這一目標了。

So $800 million this year. Obviously, we're on the path to $1 billion earlier than we expected. And the momentum seems to be just building as people become more aware of the brand and we bring more consumers, particularly younger consumers into our ecosystem, really focusing on repeat purchases and expanding into new styles beyond just core running. We think the formula there is right. I think the controlled distribution, the product assortment, the fact that we are resonating in multiple categories, in multiple markets globally gives us a lot of confidence that I see, in some ways, we're still in the early innings for this brand.

所以今年8億美元。顯然，我們比我們預期的要早到 10 億美元。隨著人們對品牌的認識越來越深入，我們將更多消費者，尤其是年輕消費者帶入我們的生態系統，這種勢頭似乎正在形成，真正專注於重複購買，並擴展到不僅僅是核心跑步的新款式。我們認為那裡的公式是正確的。我認為受控的分銷、產品分類、我們在多個類別、全球多個市場中引起共鳴的事實給了我們很大的信心，我看到，在某些方面，我們仍處於這個品牌的早期階段。

Yes. And I think, Jay, just to add on to that, what we're seeing, and we had the question on the wholesale distribution. So as Dave said, we're seeing tremendous progress within our wholesale distribution. As Dave also said, what we're seeing is an acceleration of units. Now you don't necessarily see that in the same proportion on revenue because much of our international is through distributors.

是的。我認為，傑伊，只是補充一下，我們所看到的，我們對批發分銷有疑問。正如戴夫所說，我們在批發分銷方面看到了巨大的進步。正如戴夫所說，我們看到的是單位的加速。現在您不一定會在收入中看到相同的比例，因為我們的大部分國際業務都是通過分銷商實現的。

So when we think about HOKA, and as Dave said, approaching $800 million faster than we previously thought, clearly, $1 billion in our sights, a lot of opportunity. One, as we bring more customers through our direct channels, we're seeing higher adoption through direct-to-consumer channel. On the international front, the investments that we're making will drive greater acceleration of growth on the international front. And then we have a channel opportunity that we can think about kind of down the road. So clearly, very excited about the potential of HOKA and where it can go, and we're sitting in a very great place.

因此，當我們想到 HOKA 時，正如 Dave 所說，接近 8 億美元的速度比我們以前想像的要快，顯然，我們看到了 10 億美元，這是很多機會。一，隨著我們通過直接渠道吸引更多客戶，我們看到通過直接面向消費者的渠道獲得更高的採用率。在國際方面，我們正在進行的投資將推動國際方面的增長更快。然後我們有一個渠道機會，我們可以考慮一下。很明顯，對 HOKA 的潛力和它的發展方向感到非常興奮，我們坐在一個非常好的地方。

Our next question comes from Sam Poser with Williams Trading.

我們的下一個問題來自 Williams Trading 的 Sam Poser。

I guess is your SG&A going to follow the flow of the business in the year? Or I mean, so should we think about that 35%, will we see it more front-end loaded on the investment or is it going to spread out a little more?

我猜你的SG&A會跟隨今年的業務流程嗎？或者我的意思是，我們是否應該考慮這 35%，我們會看到它在前端的投資負荷更大，還是會分散得更多？

It's going to be spread out. Some of it needs to ramp, right? So you will see it a little bit in disproportion to the revenue growth. So we're going to see more revenue growth upfront as we're filling in the wholesale channels. We're going to be ramping investments really throughout the year. So more revenue growth on the front half, a ramping of investments really over the year.

它會被傳播出去。其中一些需要傾斜，對嗎？所以你會看到它與收入增長有點不成比例。因此，隨著我們填補批發渠道，我們將看到更多的收入增長。我們將在全年增加投資。所以上半年的收入增長更多，一年來投資的增加。

Yes. Okay. And then I got 2 more. One, do you expect the wholesale absolute revenue from UGG to be higher in Q2 or Q3 in absolute dollars or is Q3 still going to be the biggest, it's just going to be less growth?

是的。好的。然後我又得到了2個。一，您是否預計第二季度或第三季度來自 UGG 的批發絕對收入以絕對美元計算會更高，還是第三季度仍將是最大的，只是增長會減少？

In some ways, it's hard to call that right now, Sam, because of the supply chain challenges. And so that's one of the reasons that quarterly guidance is challenging because it's hard to say exactly when product is going to arrive and when we can get it out based on the quarter end. So that's one of the things we're kind of dealing with is putting in more confidence into when product can arrive and calling the ball on that. Certainly, you're going to see an increase in the first half bigger than we have in the past, but exactly how that relates to Q3 versus Q2 sales, still a little early to make that call.

在某些方面，由於供應鏈方面的挑戰，Sam 現在很難這麼說。這就是季度指導具有挑戰性的原因之一，因為很難確切地說產品什麼時候到貨，以及我們什麼時候可以根據季度末推出它。所以這就是我們正在處理的事情之一，就是對產品何時到達並對此有更多信心。當然，你會看到上半年的增長比我們過去的要大，但這與第三季度與第二季度的銷售額有什麼關係，現在做出這個決定還為時過早。

Yes. And I think the other challenge, Sam, is we had such a strong Q3, Q4 that when you look at the comparison '22 to '21, right, we're going to be comparing against some very strong quarters in the back half. So when you think about percentage growth, it's really front half loaded in those terms, especially as we're trying to fill that wholesale channel earlier this year.

是的。山姆，我認為另一個挑戰是我們有如此強勁的第三季度、第四季度，以至於當您查看 22 年和 21 年的比較時，對，我們將與後半部分的一些非常強勁的季度進行比較。因此，當您考慮百分比增長時，在這些方面確實是前半部分負載，尤其是當我們試圖在今年早些時候填補該批發渠道時。

Got you. And what percent of the marketing, of that increased SG&A is being put towards digital marketing?

得到你。在增加的 SG&A 中，有多少百分比的營銷被用於數字營銷？

Yes. I mean, I have to get the exact number on that. I mean, it's significant. And we're continuing to invest in marketing across the board for HOKA and then also, but in key categories, incremental marketing spend for UGG. So as a percentage of sales, marketing is going up across the board. So I don't know if we have the exact number of that. We can maybe get into in Q&A later, but that's how we're thinking about it. So a big part of the growth is relying on the fact that we are increasing marketing spend broadly and in new areas, such as apparel in UGG, for example, in men's and kid's. But the rest is really on headcount and resources on the ground in China and infrastructure building.

是的。我的意思是，我必須得到確切的數字。我的意思是，這很重要。我們將繼續為 HOKA 全面投資營銷，然後在關鍵類別中為 UGG 增加營銷支出。因此，作為銷售額的百分比，營銷正在全面上升。所以我不知道我們是否有確切的數字。我們也許可以稍後進入問答環節，但這就是我們的想法。因此，增長的很大一部分依賴於我們在新領域廣泛增加營銷支出的事實，例如 UGG 的服裝，例如男裝和童裝。但其餘的實際上是在中國的員工人數和資源以及基礎設施建設。

And then one last thing. M&A, are you looking at anybody? You talked about building out HOKA apparel and you said you might hire it, you might buy it. I know I'm not going to get an answer, but I'll ask anyway. I saw you did a collab with Cotopaxi, very interesting, both with the shoe you did as well as the outdoor apparel line itself. Any comment you'd like to throw out there?

然後是最後一件事。併購，你在看任何人嗎？你談到打造 HOKA 服裝，你說你可以租用它，你可以買它。我知道我不會得到答案，但我還是會問。我看到你和 Cotopaxi 合作過，非常有趣，你設計的鞋子和戶外服裝系列都如此。您想在那裡發表任何評論嗎？

Yes. No, just good business practice. We're always having conversations. And we're open but very selective. The biggest challenge for us is we have so much opportunity in our organic business today. It's hard to contemplate really doing something significant on top of that from a resource and just management's time perspective. The focus has served us well over the last 4 or 5 years, and we're going to continue down that approach.

是的。不，只是良好的商業慣例。我們總是在交談。我們是開放的，但非常有選擇性。對我們來說最大的挑戰是我們今天的有機業務有很多機會。從資源和管理時間的角度來看，很難考慮真正做一些有意義的事情。在過去的 4 或 5 年裡，我們的重點一直很好，我們將繼續採用這種方法。

But that being said, just part of my job is just knowing what's happening out in the environment, talking to different brands and companies, early stages, late stages. But right now, we're intently focused on the core organic growth that we have in front of us. And as it relates to apparel, actually, we believe more so now than ever that we don't necessarily need an acquisition to allow us to grow that business. Right now, we're focused on building internal talent and capabilities because of the strength of the brand. We think we can do that on top of our strong DTC channel, our supply chain and our omnichannel capabilities.

但話雖如此，我工作的一部分只是了解環境中正在發生的事情，與不同的品牌和公司交談，無論是早期階段還是後期階段。但現在，我們專注於擺在我們面前的核心有機增長。實際上，由於它與服裝有關，我們現在比以往任何時候都更加相信我們不一定需要收購來讓我們發展這項業務。目前，由於品牌的實力，我們專注於培養內部人才和能力。我們認為我們可以在強大的 DTC 渠道、供應鍊和全渠道能力之上做到這一點。

Our next question comes from Jim Duffy with Stifel.

我們的下一個問題來自 Stifel 的 Jim Duffy。

Hope you guys are doing well. I wanted to start on the UGG business, the increasing frequency of purchase, very encouraging. As you're thinking about growth for this year, I recognize a component of it is fill in, but can you provide some dimension to the domestic growth by discussing it across product categories? Are there any categories that are outsized drivers?

希望你們都做得很好。我想開始做UGG生意，購買頻率越來越高，非常鼓舞人心。當您考慮今年的增長時，我承認其中的一部分是填充，但是您能否通過跨產品類別討論來為國內增長提供一些維度？是否有任何類別是超大型驅動程序？

Yes. I think one thing that is really exciting, and as you mentioned it, is the 2 things. One, the younger consumers that have begun to embrace the brand, which is something we've been working on for a while, and I think the brand has done an exceptional job of being relevant for that consumer, both from a communication and product perspective. And we are finding that they're purchasing more often. Our cycle of repurchase for UGG used to be in the 18- to 24-month range. Now we're seeing multiple purchases in the same quarter as the product becomes more relevant year-round. So we're going to continue to build on that. Obviously, the Fluff franchise, that slipper hybrid, indoor/outdoor slipper category is going to continue to be important for us. Although slippers as a total category is not as big as you see in sneakers or boots or other areas. But for us, it's very meaningful. So we're going to continue to build on that.

是的。我認為真正令人興奮的一件事，正如你所提到的，是兩件事。第一，已經開始接受該品牌的年輕消費者，這是我們一直在努力的事情，我認為該品牌在與消費者相關方面做得非常出色，無論是從溝通還是產品的角度.我們發現他們購買的頻率更高。我們對 UGG 的回購週期過去是在 18 到 24 個月的範圍內。現在，隨著產品全年變得更加相關，我們在同一季度看到了多次購買。因此，我們將繼續在此基礎上再接再厲。顯然，Fluff 特許經營，即拖鞋混合、室內/室外拖鞋類別將繼續對我們很重要。儘管拖鞋作為一個總類別並沒有你在運動鞋或靴子或其他領域看到的那麼大。但對我們來說，這是非常有意義的。因此，我們將繼續在此基礎上再接再厲。

Classics across the board, the Ultra Mini is in the early days for us of excitement and growth. The Classic Clear is the style that we launched last year that sold out. And there's big orders against that coming again this fall. We have a really compelling and exciting rain proposition in the UGG brand.

全面的經典，Ultra Mini 正處於我們興奮和成長的早期階段。 Classic Clear 是我們去年推出的款式，現已售罄。今年秋天再次出現反對這種情況的大訂單。我們在 UGG 品牌中有一個非常引人注目且令人興奮的雨天主張。

And then you get into the heritage evolutions of things like the Tasman and how we're evolving that product into different materials and different use occasions for both men and women and the Neumel. So it's a combination of multiple categories, inclusive of apparel. What was exciting about FY '21 is the growth in UGG came from noncore product and then increased growth in men's and kid's.

然後你會了解 Tasman 等產品的傳統演變，以及我們如何將該產品演變成不同的材料和不同的男性和女性使用場合以及 Neumel。所以它是多個類別的組合，包括服裝。 21 財年令人興奮的是 UGG 的增長來自非核心產品，然後是男裝和童裝的增長。

So this is the most broad-based enthusiasm I've ever seen for the brand from a gender and category perspective. It's much more balanced than we used to be, which is by design, which is very exciting for us. And I think it gives us a lot more opportunity to segment product by channel of distribution and consumer to make sure that we're having high sell-through and high rates of adoption across the board globally. So it's tough to put it. We're not relying on the classics like we used to be anymore, and there's a lot more exciting product and innovation going in across all the categories.

因此，從性別和品類的角度來看，這是我所見過的對該品牌最廣泛的熱情。它比我們以前更加平衡，這是設計使然，這對我們來說非常令人興奮。而且我認為它為我們提供了更多按分銷渠道和消費者細分產品的機會，以確保我們在全球範圍內擁有高銷售率和高采用率。所以很難說。我們不再像過去那樣依賴經典，所有類別都有更多令人興奮的產品和創新。

That's great to hear. And can you comment in a little more detail on what you're seeing with the ready-to-wear apparel business. It feels like that's gaining some momentum. Maybe give us a sense for where that stands as a percent of the mix and if you expect to see outsized growth from that in the coming years?

聽到這個消息我很高興。您能否更詳細地評論一下您對成衣業務的看法。感覺這正在獲得一些動力。也許讓我們了解它在組合中所佔的百分比，以及您是否希望在未來幾年看到超大的增長？

Yes. The answer there is yes. You're not going to see outsized growth this year. But what we learned last year with the ready-to-wear launch is that we have struck a nerve with the consumer that is a great combination of fun, fashionable UGG brand DNA and comfortable that I think is perfect for UGG, and I think there's white space in the market for us to be able to have a significant share of market and growth globally. It's relying on retail. It's relying on getting our e-commerce capabilities for apparel improved so that we can fully showcase head-to-toe looks and drive the business through those channels and selective wholesale distribution globally. So the team has done a phenomenal job of positioning ourselves. Last year was really proof of concept for us and it proved to be very successful. We're super bullish about the opportunity over the next 3 to 5 years, and that's one of the areas you're going to see more investment in, both on infrastructure, but also on marketing and reaching global consumers.

是的。答案是肯定的。今年你不會看到大幅增長。但我們從去年的成衣發布中了解到，我們已經觸動了消費者的神經，這是有趣、時尚的 UGG 品牌 DNA 和舒適的完美結合，我認為這對 UGG 來說是完美的，而且我認為有市場上的空白讓我們能夠在全球市場和增長中佔有重要份額。它依賴於零售。它依賴於提高我們的服裝電子商務能力，以便我們能夠充分展示從頭到腳的外觀，並通過這些渠道和全球選擇性批發分銷推動業務發展。因此，團隊在定位自己方面做得非常出色。去年對我們來說確實是概念驗證，並且證明是非常成功的。我們非常看好未來 3 到 5 年的機會，這是您將看到更多投資的領域之一，包括基礎設施、營銷和接觸全球消費者。

Great. And just a point of clarification. I understand some of the strong growth this year is fill in. Dave, did I interpret your comments to Jonathan's question that you see UGG as a double-digit growth business over the intermediate term, looking beyond fiscal '23? I'm sorry, fiscal '22.

偉大的。只是澄清一點。我知道今年的一些強勁增長正在填補。戴夫，我是否解釋了您對喬納森的問題的評論，即您認為 UGG 在中期是一個兩位數的增長業務，超越 23 財年？對不起，22財年。

That was more related to total company, Jim.

這與整個公司有關，吉姆。

Our next question comes from Paul Lejuez with Citi.

我們的下一個問題來自花旗的 Paul Lejuez。

Just shifting back to HOKA. You talked about $800 million this year, $1 billion-plus being in sight. That's obviously revenue to you guys. I'm kind of curious how you're thinking about the size of that brand at retail 5 years down the road? And of that, whatever number you might be thinking about and in terms of how large it can be, how much of that are you going to really kind of own that revenue versus continue to use the distributor model? And I guess related to that, as you talk about that double-digit growth over the next couple of years, do you incorporate an assumption of bringing some of that distributor business back in the house or in-house, I should say?

只是轉移回HOKA。你談到今年 8 億美元，10 億多美元就在眼前。這顯然是你們的收入。我有點好奇你是如何看待這個品牌在 5 年後零售業的規模的？其中，無論您考慮的數字是多少，以及它的規模有多大，與繼續使用分銷商模式相比，您將真正擁有多少收入？我想與此相關，當您談到未來幾年的兩位數增長時，您是否考慮將一些分銷商業務帶回內部或內部，我應該說？

Yes. So I understand the question. Those are all questions that we're noodling on a constant basis with our ELT and Board. All of those are opportunities. I think that the $800 million and the $1 billion number does not require the takebacks of distributors at this point. I think that's a further out opportunity for us that requires the right level of investment in infrastructure and for us to be able to do that correctly. But it's not necessary for us to hit these short-term targets. The longer-term targets, that, along with outsized growth from where we are today in China, down the road, expanded categories, apparel potential, you can see this as a multibillion-dollar brand down the road at some point.

是的。所以我理解這個問題。這些都是我們在 ELT 和董事會中不斷思考的問題。所有這些都是機會。我認為 8 億美元和 10 億美元的數字在這一點上不需要分銷商的收回。我認為這對我們來說是一個進一步的機會，需要對基礎設施進行適當水平的投資，並且我們能夠正確地做到這一點。但我們沒有必要達到這些短期目標。長期目標是，隨著我們今天在中國的大幅增長、擴大類別、服裝潛力，你可以將其視為未來某個時候價值數十億美元的品牌。

Yes. Got you. And just to be clear, I just want to understand, when we talk about the supply chain and any pressures you might be seeing, can you just kind of just, I just want to understand like which brands, which channels is that affecting most right now? And how do you see that kind of fixing itself over the next several quarters?

是的。得到你。澄清一下，我只是想了解，當我們談論供應鍊和您可能會看到的任何壓力時，您能不能只是，我只想了解哪些品牌、哪些渠道對您的影響最大現在？在接下來的幾個季度中，您如何看待這種自我修復？

Yes. The first thing I would say is, I want to give our operation and our supply chain teams a lot of credit for the way they handled last year. This success in our ability to chase demand in this environment and then to ramp up for the growth that we're seeing and standing up a new DC in the Midwest, getting the inventory, the orders in as fast as we can, they're kind of the unsung heroes of the story right now, and they're doing a tremendous job.

是的。我要說的第一件事是，我想對我們的運營和供應鏈團隊去年的處理方式給予高度評價。我們在這種環境下追逐需求的能力取得了成功，然後加快了我們所看到的增長，並在中西部建立了一個新的 DC，盡可能快地獲得庫存和訂單，他們是就像現在故事中的無名英雄一樣，他們正在做著巨大的工作。

What that means going forward, the risk and the opportunities exist broadly speaking across the board. But the biggest challenge for us is really domestic U.S., getting the inventory in over the next couple of months and getting it through our DCs and out to the wholesale account. So it's hard to say precisely which brand, which channel, et cetera. I would just say it's more broad-based. And we have a list of how we're prioritizing brands and channels within that to give us the best opportunity to be successful this year.

這意味著未來，風險和機遇普遍存在。但對我們來說，最大的挑戰實際上是美國國內，在接下來的幾個月內獲得庫存，並通過我們的配送中心將其送到批發賬戶。所以很難準確地說出哪個品牌，哪個渠道等等。我只想說它的基礎更廣泛。我們有一份清單，列出了我們如何在其中優先考慮品牌和渠道，以便為我們提供今年取得成功的最佳機會。

Yes. Paul, and what I would say on the whole supply chain channel disruption, this is not unique to us. This is something that you see, right, in the news, everyone is experiencing. I think we're in a better position than many of our peers because last year, we didn't cut back our orders as dramatically as many of our peers did. And as a result of that, we're in a better position with our factories. So as we're ramping up inventory into the year, we feel we're in better position. Still going to confront constraints and disruption, but we think we're better positioned than most given how, as Dave said, we navigated last year, but still very mindful of what we're dealing with.

是的。保羅，我要說的是整個供應鏈渠道中斷，這不是我們獨有的。這是你看到的，對，在新聞中，每個人都在經歷。我認為我們比許多同行處於更好的位置，因為去年我們沒有像許多同行那樣大幅削減訂單。因此，我們在工廠中處於更好的位置。因此，當我們在今年增加庫存時，我們覺得我們處於更好的位置。仍然會面臨限制和破壞，但我們認為我們比大多數人處於更好的位置，正如戴夫所說，我們去年如何導航，但仍然非常注意我們正在處理的事情。

Yes. And I think that confidence is reflected in our guidance.

是的。我認為這種信心反映在我們的指導中。

Our next question comes from Dana Telsey with Telsey Advisory Group.

我們的下一個問題來自 Telsey 諮詢小組的 Dana Telsey。

Congratulations on the progress. As you think about the current environment and going into next year, going into this next fiscal year, how do you unpack the investment spend between the first half and the second half of the year? Do any of the COVID costs, do they roll off? How do you see it in bucketing, whether it's freight, whether it's rate, wages or COVID costs?

祝賀取得進展。當您考慮當前環境並進入明年，進入下一個財政年度時，您如何解開上半年和下半年之間的投資支出？是否有任何 COVID 費用，它們是否會減少？您如何看待它，無論是運費、費率、工資還是 COVID 成本？

Yes. Good question. And as we think about FY '22 and we think about the ramping of investments, clearly, we're coming, as I said earlier, in a position where revenue was coming in faster than we could spend against it to build infrastructure. So I think to Sam's question earlier, we do see investments ramping in the year. So bringing new talent in is going to take time, putting up some of the infrastructure will take a little bit of time, but there are some upfront costs that we're incurring in the year. So as we think about those aspects, again, you'll see a build in the year related to that. In marketing, we are doing more marketing upfront this year because we want to continue to fuel that demand that's in the marketplace. So you'll see some of the marketing increased investments in the first half of the year. So it's a bit of a mixed bag as you look at the whole year. But generally speaking, it takes some time to build that investment. So generally speaking, you will see a bit of a ramp, but there are components that we're going to spend more aggressively in the first half.

是的。好問題。當我們考慮 22 財年並考慮增加投資時，很明顯，正如我之前所說，我們正處於收入增長速度快於我們用於建設基礎設施的支出的位置。所以我認為對於 Sam 早些時候的問題，我們確實看到今年的投資在增加。因此，引進新人才需要時間，建立一些基礎設施需要一點時間，但我們在這一年會產生一些前期成本。因此，當我們再次考慮這些方面時，您將在這一年看到與此相關的構建。在營銷方面，我們今年將做更多的營銷前期工作，因為我們希望繼續推動市場上的需求。所以你會看到一些營銷在今年上半年增加了投資。因此，從全年來看，情況有點複雜。但一般來說，建立這項投資需要一些時間。所以一般來說，你會看到一些斜坡，但我們將在上半年更積極地花費一些組件。

Yes. And I think those are really related to, as you said, infrastructure building and marketing ahead of the curve in places like China. But the one variable, Dana, that is the most challenging to call is hiring because it's a competitive marketplace out there. We're selective in looking for top talent around the globe. We were pretty much on a hiring freeze all of last year, so we have a lot of catching up to do. And in this environment, people still working from home, it's hard to call the ball on how fast we can ramp up key hires. But know that we're aggressive about it. It's the #1 priority for our new CHRO that came on 3 months ago and the team. And as I said, we have an opportunity with the momentum in our brands and the strength of our business to really find top talent globally. And that's the priority, I don't want to rush it. But we are urgent about bringing on people pretty quick.

是的。正如你所說，我認為這些確實與中國等地的基礎設施建設和營銷有關。但最具挑戰性的一個變量是招聘，因為這是一個競爭激烈的市場。我們在全球範圍內尋找頂尖人才時有選擇性。去年我們幾乎都在凍結招聘，所以我們有很多事情要做。在這種環境下，人們仍然在家工作，很難判斷我們能以多快的速度增加關鍵員工。但要知道我們對此很激進。這是我們 3 個月前上任的新 CHRO 和團隊的第一要務。正如我所說，憑藉我們品牌的勢頭和我們的業務實力，我們有機會在全球範圍內真正找到頂尖人才。這是首要任務，我不想操之過急。但是我們迫切需要盡快吸引人們。

And on the people you're bringing in, is it marketing? Is it merchants for apparel? What's your key priorities in who you're bringing in?

在你引進的人身上，是營銷嗎？是服裝商人嗎？你引進誰的主要優先事項是什麼？

China, marketing, creative for e-commerce and digital capabilities.

中國，營銷，電子商務和數字能力的創意。

And then price increases, will we see any price increases this year? And does it differ at all by brand?

然後價格上漲，今年我們會看到價格上漲嗎？它是否因品牌而異？

You won't see broad-based price increases this year. There might be some selective ones based on category and styles. Fluff is an opportunity for us from a pricing perspective. But generally speaking, we feel good about our prices, and we think the proposition to the consumer is very compelling from a value proposition. Some other brands, I think, are talking about raising prices here and there. At this point, it's not a broad-based strategy of ours. We're continuing to focus on making sure that we have a very compelling offer for our consumer.

今年你不會看到基礎廣泛的價格上漲。可能有一些基於類別和样式的選擇性。從定價的角度來看，Fluff 對我們來說是一個機會。但總的來說，我們對我們的價格感覺良好，並且我們認為對消費者的主張從價值主張中非常引人注目。我認為，其他一些品牌正在到處討論提高價格。在這一點上，這不是我們的廣泛戰略。我們將繼續專注於確保我們為消費者提供非常有吸引力的產品。

Just one last thing. Anything on new wholesale customers, you're expanding with DICK'S, any others that we should be thinking about?

只有最後一件事。關於新批發客戶的任何信息，您正在與 DICK'S 一起擴張，還有其他我們應該考慮的嗎？

Not of that size. Selected ones, think about the HOKA lifestyle opportunity and key accounts like Free People that we are just launching with this year. But more generally, we're reducing accounts for UGG still and focused on the top key strategic accounts that we have. So wholesale expansion other than opportunities where we're trying to get a younger consumer for UGG or get into new category opportunities in HOKA. But generally speaking, wholesale door expansion is not a major strategy of ours.

沒有那麼大。選定的，想想我們今年剛剛推出的 HOKA 生活方式機會和像 Free People 這樣的關鍵客戶。但更一般地說，我們仍在減少 UGG 的賬戶，並專注於我們擁有的頂級關鍵戰略賬戶。因此，除了我們試圖為 UGG 吸引年輕消費者或進入 HOKA 的新類別機會的機會外，批發擴張。但總的來說，批發門擴張並不是我們的主要戰略。

Our final question comes from Laurent Vasilescu with Exane BNP Paribas.

我們的最後一個問題來自 Exane BNP Paribas 的 Laurent Vasilescu。

Steve, I think you mentioned in your prepared remarks that you anticipate first half revenues to represent a larger percentage of your overall full year guide. I understand you're not giving quarterly guidance, but can you just kind of give us kind of benchmarks. I know historically, you've been pretty consistent that your 1H revenues are about 37% of your overall revenue. So any framework on that just for us to understand would be very helpful.

史蒂夫，我認為您在準備好的評論中提到，您預計上半年收入將佔您全年指南的更大比例。我知道您沒有提供季度指導，但您能否給我們一些基準。我知道從歷史上看，您一直非常一致地認為您的 1H 收入約佔總收入的 37%。因此，任何僅供我們理解的框架都會非常有幫助。

Yes. I think the, again, not giving guidance, but when you think about the percentage growth for the year, again, as I said earlier on the Q&A, where we will be lapping very strong Q3 and Q4, the majority of our, large majority of our percentage revenue growth will be occurring as we expect, if things go according to plan in that first half. But again, as Dave said, there's a lot of moving pieces. There's a lot of still as we're rebuilding inventory, trying to get that inventory in, in time and then turned around at our DC. It's also working with wholesalers to have them take product earlier. I think we're in a relatively good place where they're rebuilding their inventory levels as well. So if things play out as we see it, right, that will create much stronger growth on percentage terms in the first half. Now some of that can drift, again, which is why we don't want to give guidance yet because we have a lot of shipping that goes out in those final 2 weeks of quarters. It's just kind of the way it lands. So things can move relatively easy between quarters.

是的。我認為，再一次，沒有給出指導，但是當你考慮到今年的百分比增長時，再次，正如我之前在問答中所說，我們將在第三季度和第四季度表現非常強勁，我們的大多數，絕大多數如果上半年一切按計劃進行，我們的收入增長百分比將如我們預期的那樣發生。但同樣，正如戴夫所說，有很多動人的部分。我們正在重建庫存，試圖及時獲得庫存，然後在我們的 DC 中轉身，還有很多靜止的東西。它還與批發商合作，讓他們更早地拿到產品。我認為我們處於一個相對較好的位置，他們也在重建他們的庫存水平。因此，如果事情如我們所見，對，這將在上半年創造更強勁的百分比增長。現在，其中一些可能會再次漂移，這就是為什麼我們還不想提供指導，因為在最後兩個季度的最後兩週，我們有很多出貨量。這只是它著陸的方式。所以事情可以在兩個季度之間相對容易地移動。

Very helpful. And then as a follow-up question, in terms of HOKA growth, the 40% growth, and as you alluded to in your prepared remarks in terms of the number of pairs, roughly half is done overseas. Maybe can you just kind of give us some context for the full year, fiscal year '21, where did your international revenues fall in terms of dollars? And then does the 40% growth, does it anticipate taking any of your distribution in-house in Europe?

非常有幫助。然後作為一個後續問題，就 HOKA 增長而言，40% 的增長，正如你在準備好的評論中提到的對數量而言，大約一半是在海外完成的。也許你能給我們一些關於 21 財年全年的背景信息，你的國際收入以美元計算在哪裡下降？然後是 40% 的增長，是否預計您的任何分銷都將在歐洲內部進行？

Yes. I'll take the last one first. No, we do not, not at this stage or this year are we looking at it this way. And then in terms of domestic versus international, we don't really break that out. Other than to say, just to give a little bit of color on the half year, I'll say, a little bit more growth on HOKA in the front half, again, as we lap bigger quarters in the back half, again, on percentage terms.

是的。我先拿最後一個。不，我們沒有，不是在這個階段或今年我們是這樣看待它的。然後就國內與國際而言，我們並沒有真正打破這一點。除了說，只是為了給半年增添一點色彩，我會說，HOKA 在前半部分的增長再一次，因為我們在後半部分跑了更大的季度，再一次，在百分比條款。

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

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