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，感謝您的耐心等待。歡迎參加 Deckers Brands 2021 財年第四季財報電話會議。 （操作員說明）我想提醒大家，本次電話會議正在錄音。

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

我現在將把電話轉給投資者關係和企業規劃副總裁 Erinn Kohler。

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

大家好，謝謝大家今天加入我們。總裁兼執行長 Dave Powers 接聽電話；和首席財務官史蒂夫·法辛（Steve Fasching）。

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

在開始之前，我想提醒大家公司的安全港政策。請注意，本次電話會議中所做的某些陳述是聯邦證券法含義內的前瞻性陳述，存在相當大的風險和不確定性。這些前瞻性陳述旨在取得 1995 年《私人證券訴訟改革法案》規定的免責責任安全港資格。

All statements made on this call today, other than statements of historical 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.

今天本次電話會議所做的所有陳述（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；我們品牌的實力和對我們產品的需求；我們的產品分配、細分和分銷策略發生變化；我們的行銷計劃和策略的變更；我們的資本配置策略改變； COVID-19 大流行對我們的業務、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；以及我們可能回購的股票。本次電話會議中所做的前瞻性陳述代表了管理階層目前的預期，並基於做出此類陳述時可獲得的資訊。前瞻性陳述涉及許多已知和未知的風險、不確定性和其他因素，這些因素可能導致我們的實際結果與前瞻性陳述預測、假設或暗示的任何結果有重大差異。

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

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

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

有了這個，我現在將把它交給戴夫。

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

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.

在開始討論這個問題之前，我想對美國在結束新冠病毒大流行造成的損失方面所取得的進展表示感謝。然而，世界各國仍在與危險的疫情爆發作鬥爭。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爆發的毀滅性的新冠肺炎 (COVID-19) 疫情的影響。我們的心與過去 1.5 年來受到這場流行病影響的每個人同在。我代表 Deckers 祝福每個人都健康、安全、前進。

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交付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 財年的業績不僅得益於我們領導者卓越的品牌和市場管理，還得益於全球營運、零售和供應鏈團隊，他們使我們能夠滿足對品牌的需求。透過繼續與 HOKA 在全球範圍內積極進取並抓住 UGG 的機遇，我們能夠在充滿挑戰的環境中超出預期，並加快了我們品牌的成長步伐。

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 破紀錄的一年所取得的成果。我們見證了 2021 財年的強勁收官，全年營收較去年增長 19%，超過 25 億美元，每股收益成長 40%，達到 13.47 美元。 21 財年業績的推動因素是HOKA 在全球範圍內的認知度和採用度的提高，因為越來越多的消費者體驗到該品牌創新產品的優勢，消費者積極尋求UGG，因為它獨特地結合了時尚魅力和品牌鮮明的感覺，最好的一流的電子商務能力，使消費者能夠在混亂的實體零售環境中獲得消費者，透過嚴格的市場管理對品牌實力和需求創造進行戰略優先考慮，以及我們員工克服重大宏觀挑戰和營運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.

今年推動業績成長的許多專案都是我們長期策略的結果，在我們過渡到 2022 財年及以後的過程中，這些策略仍然是首要考慮因素。提醒一下，這些措施包括加速全球消費者對HOKA 品牌的採用，透過多樣化的產品供應將UGG 打造成全年的全球生活方式品牌，透過增加直接面向消費者的線上購買和保留來執行我們的數字優先方法。上的重置活動並集中支出支持這些關鍵舉措，以推動最佳投資回報，同時保持頂級盈利水平。

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.

雖然我們相信，繼續致力於我們的長期策略是我們今年成功的主要推動力，但德克斯也從大流行造成的某些情況中受益匪淺。 2021 財年收入超出了我們大流行前的預期，因為我們看到了某些成長機會的加速。由於品牌擴張速度比之前預期的更快，我們現在需要加快關鍵投資，以擴大我們的供應鏈和物流基礎設施，並為我們的團隊提供更多人才，為新的機會做好準備。

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 發展的另一個積極步驟，我們將策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獲利成長。從長遠來看，我們正在對業務的主要驅動力進行投資，包括將HOKA 打造成價值超過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業務達到50%我們的全球收入，跨品牌擴大國際市場，並在鞋類以外尋找機會。

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.

史蒂夫將在稍後的電話會議中提供有關這些投資的更多詳細資訊以及我們的前瞻性收入和利潤預期。同時，我將分享有關品牌和通路層面 2021 財年業績的一些詳細信息，並提供有關 22 財年構建模組的一些背景信息。

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。 2021 財年全球 UGG 營收較去年成長 13%，達 17.17 億美元。該品牌在21 財年的成功主要歸功於美國消費者全年都在積極尋找UGG 產品，根據Google 趨勢，搜尋興趣比2020 財年增長了27%，這導致線上消費者加速成長，該品牌新增了超過250 萬個新產品其全球電子商務資料庫吸引了消費者，並抓住了美國 18 至 34 歲的關鍵消費者，使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，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%。我們相信，為UGG 在美國創造動力的品牌熱度很大程度上源於該品牌策略管理的分銷網絡、真實的公關活動、時尚合作、有針對性的數位行銷以及引人注目的產品，這些產品擴展了UGG 品牌DNA 的時尚相關性新類別。

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 品牌在多元化品種方面取得成功的證據，2021 財年的產品業績是由Fluff 特許經營權的擴張推動的，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； Neumel 特許經營權在男性、女性和兒童的採用率有所提高；推出特別受年輕消費者歡迎的 Ultra Mini 和 Classic Clear 靴子；將 Tasman 發展成為一款時尚拖鞋運動鞋，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，以及具有全年相關性的傳統拖鞋，因為許多人在家工作並尋求我們所說的舒適感UGG的感覺。這些推動今年 UGG 成長的款式佔據了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，但該品牌的性別結構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 來自包含男士和女士產品的訂單的 DTC 收入增長了 88%，包含兒童和女士產品的訂單增長了 117%。隨著全家人的購買量增加，男鞋和童鞋在 UGG 品牌總業務中所佔的比例都有所增加。

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中一直在推動 UGG 品類多元化，但去年國際地區也採用了新品類，例如 Ultra Mini，該品類在其推出時就位居前 5 名。 Classic Clear，以金額計算排名第二的新款式。 Fluff 特許經營量比去年增加了 2.5 倍，運動鞋在亞太地區表現突出。

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.

新品類採用率的提高很大程度上歸功於在地化行銷活動，旨在在國際上建立 UGG 品牌熱度並吸引年輕消費者購買該品牌。我們有針對性的數位行銷努力正在取得成效，21 財年期間，英國和中國 18 至 34 歲訪客的電子商務流量顯著增加。這些早期的成功指標以及我們進一步投資在地化行銷策略的計劃讓我們相信 UGG 將在 2022 財年在該品牌的國際市場上反彈並恢復成長。

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 面臨著一項艱鉅的任務，要創下創紀錄的一年，我們從大流行中受益，使品牌受到了更多關注。然而，根據我們在創造需求方面的計劃投資，我們有信心該品牌能夠透過滿足批發需求來推動2022 財年的營收成長，因為我們用填充產品重置了市場，並滿足了2021 財年因以下原因錯失的一些機會：庫存短缺，保持全球年輕消費者的發展勢頭，並推動21 財年新品牌消費者的重複購買，恢復歐洲、中東和非洲地區銷量損失，目標是超越2020 財年收入並透過DTC 最大限度地捕獲需求，增加當地投資中國將提升品牌並加速收入成長，同時努力推動受益於疫情的傳統拖鞋產品的成長。

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 財年全球營收較去年成長 62%，達到 5.71 億美元。 HOKA 在過去一年的成長證明了該品牌在管理一致的品牌訊息和推出在全球分銷領域引起共鳴的創新產品方面有條不紊的方法。 HOKA 的接入點生態系統持續呈現均衡成長，每個地區和分銷管道的數量均高於去年。 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，並在策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，為該品牌帶來新消費者。由於這些款式推動了消費者的購買，HOKA 成功地推動了更多替代產品的重複購買。這是HOKA 團隊開發的創新產品的成果，這些產品專為速度而設計，例如Carbon X2 和Mach 4、戶外越野跑用的SpeedGoat 和Challenger，以及適合遠足和恢復的Kaha，其中包括ORA 人字拖和拖鞋。

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優質產品外，HOKA 還建立了有意義的合作夥伴關係，以建立其高性能產品與生活方式的相關性。其中一項合作關係包括該品牌最近與 Free People 的合作，這有助於向原本可能不會發現該品牌的消費者展示 HOKA 產品。這並不意味著HOKA品牌轉向時尚，而是該品牌擁抱其高性能產品的時尚屬性並贏得年輕消費者的青睞。除了瞄準年輕人批發分銷之外，HOKA DTC 團隊還優先考慮年輕消費者在線上花費時間和發現品牌的平台上的數位支出。該品牌也一直致力於為可能在其他地方發現 HOKA 的消費者創造無縫補貨體驗。

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.

透過這些努力，HOKA 使 18 至 34 歲的線上消費者數量比去年增加了 156%。我們相信，HOKA 品牌致力於透過將弱勢群體納入 60% 的行銷內容來建立更多元化的戶外社區，這項承諾能夠與年輕消費者產生良好的共鳴。 HOKA 憑藉顛覆性產品創新、情感關聯的包容性行銷以及基於品牌產品品質和接入點生態系統的一致消費者體驗而獲勝。

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.

從區域角度來看，國內和國際在 2021 財年都取得了令人矚目的成長，但國際收入成長率能夠在基數較低的情況下超過國內。正如我們在先前的財報電話會議上談到的那樣，全球總銷量中國際單位的比例繼續向 50-50 的方向發展，但由於使用國際分銷商，收入更傾向於國內。

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.

21 財年，經銷商在國際 HOKA 收入成長中所佔比例最大，高於批發和直接面向消費者的通路。我們認為這不僅是 HOKA 經銷商擴大品牌能力的正面體現，也是我們持續策略性發展品牌在全球分銷的全球成長機會。

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，我們預期HOKA 將持續快速成長，其驅動因素包括透過建立品牌知名度來吸引新消費者、透過產品和品類創新留住現有消費者、獲得批發合作夥伴的市場份額、透過回報建立全球品牌影響力現場活動贊助，重點關注德國和英國等歐洲主要市場，並增加產品投放頻率以保持對消費者的興趣。此外，隨著我們的長期投資，我們將在中國專門投資 HOKA 品牌，以在該地區建立有意義的影響力。這包括建立一支本地市場團隊以及為 HOKA 品牌建立零售業務。

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 向未來邁出了富有成效的步伐，因為該品牌投資了環球特許經營權，該特許經營權與去年相比經歷了強勁增長，將DTC 在整個品牌中的滲透率提高了10 個百分點，直接覆蓋率幾乎翻了一番-逐年增加消費者，加強與戰略批發客戶的合作夥伴關係，為Deckers 的利潤貢獻增量盈利能力，並進一步增強可持續發展目標。展望未來，Teva 致力於成為永續發展領域的領導者，為現代戶外消費者打造全年創新產品，憑藉該品牌的Ember 專營權佔領封閉腳趾領域的市場份額，以DTC 消費者獲取為基礎，並保持較高的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 財年全球營收較去年成長 9%，達到 7,600 萬美元。今年的業績受到疫情爆發時保守訂單的影響，因為我們選擇減少品牌組合策略領域的庫存採購。儘管產品供應稀缺且批發家庭價值管道中斷，但基於高水準的消費者需求，Koolaburra 實現了營收成長和創紀錄的獲利能力。未來一年，我們預計Koolaburra 將在2021 財年直接面向消費者的勢頭基礎上，透過擴大門市數量，繼續擴大與現有批發合作夥伴的市場份額，因為該品牌的消費者購買量比上一年增加了一倍多，進一步透過今年經歷大幅成長的男士產品和女士非靴子類別的成長實現品種多樣化，並透過新產品鄰接的授權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 2021 財年的營收下降至 4,200 萬美元。去年，Sanuk 團隊在調整品牌分銷規模方面取得了巨大進展，重點關注批發通路領導者和自己的直接面向消費者的管道。透過這個過程，該品牌實施了產品細分和獨家策略，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 有機會透過創新、舒適性和永續性來建立忠實的消費者基礎，並繼續為我們公司的整體利潤做出積極貢獻。

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.

就2021財年的通路表現而言，電子商務的強勁推動DTC比上年增長45%，幫助我們將DTC營收組合從去年的35%提高到42%。我們投資組合中的每個品牌都透過國內和國際地區的直接面向消費者的管道實現了成長。全球線上消費者購買量較去年增長 88%，是 2021 財年 DTC 業績的主要驅動力。

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，人們還是抱著購買的意圖進行購物，因為我們看到轉換率增加了 30%。我們認為，較高的購買轉換率可歸因於全通路能力的提高，包括線上購買、店內取貨、行動 POS 系統和路邊提貨，這有助於在我們的商店提供更無縫的體驗。非常感謝我們商店的員工，他們在困難的情況下將消費者安全和積極的體驗作為重中之重。

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財年全球批發收入較去年成長6%。批發成長是由 HOKA 的全球擴張推動的，但被國際 UGG 以及 Teva 和 Sanuk 的全球銷售減少所抵消。 UGG 在國內批發市場表現強勁，但被國際市場的下滑所抵消，而國際市場的下滑是由於市場重置舉措和疫情帶來的宏觀壓力共同造成的。我們看到國際 UGG 批發將在 2022 財年恢復成長，有助於推動全球批發業向前發展。

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.

在將電話轉交給史蒂夫之前，我想花點時間重點介紹我們品牌最近在永續發展方面的一些活動，我們相信這些活動對消費者對我們品牌的熱情產生了積極影響。在德克斯，我們相信行善是做好事的核心，我們打算繼續在這一領域保持領先。在過去的幾個月裡，UGG 宣布了地球日承諾，突顯了該品牌對再生農業的承諾。 UGG 推出了首款 Plant Power Collection，採用碳中和植物材料。 Teva 推出了 TevaForever 計劃，消費者現在可以回收舊涼鞋，將其重生為遊樂場或跑道等新事物。 Sanuk 推出了與衝浪者基金會 (Surfrider Foundation) 合作推出的限量版，採用環保材料，收益有利於衝浪者 (Surfrider) 保護清潔水源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.

我們還舉辦了第二屆「善意藝術」活動，這是一項為期一週的全球捐贈活動，鼓勵我們全球各地的員工自願投入時間來幫助他人。第二次「善意藝術」活動包括超過 3,800 小時的志工服務時間，我們的員工參與度比去年的活動增加了一倍。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社會並開展業務，我們期待在明年及以後在永續發展和服務方面取得進一步進展。

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?

接下來，我會將電話轉交給 Steve，以提供有關我們 2021 財年財務業績的更多詳細資訊以及我們對 2022 財年的初步展望。

Thanks, Dave, and good afternoon, everyone.

謝謝戴夫，大家下午好。

As Dave just 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 剛剛介紹的那樣，2021 財年對於 Deckers 組織來說是出色的一年，隨著我們看到對我們品牌的需求加速成長，我們實現了許多新的里程碑。去年我們品牌的表現得益於我們一直投資的關鍵長期策略，這些策略幫助 Deckers 轉型為數位主導的組織，擁有一系列受需求且有進一步成長機會的品牌組合。

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.

雖然我們的策略為組織的良好表現提供了堅實的基礎，但我們承認，過去的一年充滿了獨特的情況，這些情況有助於我們的品牌受到關注，特別是 UGG 品牌，它能夠推動成長遠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，保持該品牌在大流行之前經歷的加速成長軌跡。

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.

由於公司整體收入成長速度超過了我們跟上投資步伐的能力，我們承認我們需要努力調整基礎設施需求以適應我們不斷發展的組織。我將在稍後的電話會議中提供有關這些計劃投資的更多細節。但首先，讓我們來看看我們第四季和 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.

第四季營收為 5.61 億美元，較上年同期成長 50%，成長的主要動力來自 UGG 和 HOKA。更具體地說，UGG 的成長受到經典靴子、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運輸中斷以及 3 月最後兩週零售店關閉的情況。 HOKA 持續的卓越表現幫助該品牌創造了季度收入記錄，比上年增長 74% 至 1.78 億美元，我們繼續看到強勁的品牌勢頭和令人難以置信的消費者接受度。

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.

本季毛利率為 53.2%，提高了 170 個基點，這是由於全價銷售改善、DTC 業務比例提高以及有利的外幣匯率推動的，但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.

本季的銷售及管理費用為 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%。支出的增加主要是由與收入增加相關的可變支出以及額外的營銷、與績效相關的薪酬和其他項目推動的。這些結果證明了又一個出色的季度，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.

憑藉第四季的強勁表現，我們 2021 財年全年營收達到 25.46 億美元，比上年成長 19%。與前一年相比，業績再次受到 HOKA 和 UGG 品牌成長的推動，HOKA 比上年增長 62%，達到 5.71 億美元，在全球所有地區和分銷渠道都有實力，而 UGG 比上年增長 13%今年達到17.17 億美元，其中美國的成長抵消了國際市場的下滑。在我們的整個品牌組合中，DTC 是成長的主要推動力，由於我們線上業務的強勁，克服了與疫情相關的零售通路的下滑，DTC 比去年成長了 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.

今年毛利率較去年增加 220 個基點，達到 54%。毛利率的成長與有利的管道組合提高了 90 個基點、促銷活動減少（包括清倉減少）、有利的品牌組合（HOKA 在公司總數中所佔比例增加）以及有利的外幣匯率（與運費上漲帶來的抵消。

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.

本年度的 SG&A 支出為 8.7 億美元，比去年的 7.66 億美元成長 14%。支出增加主要是由於增加行銷以利用我們品牌的勢頭並開始為國際 UGG 進行本地化行銷、與補償相關的倉庫和物流成本增加以及為保護員工而採取的安全措施、我們的支出增加電子商務基礎設施支持該管道的成長，並抵消了疫情造成的零售店費用下降和旅行節省。

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.

今年，我們的稅率為 23.7%，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.

這一切導致本年度稀釋後每股收益達到創紀錄的 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，這是由 HOKA 和 UGG 品牌的收入增長、SG&A 槓桿推動的由於收入成長超過了支出成長，DTC 收入組合更加豐富，我們品牌組合中全價銷售的比例更高，有利的外幣匯率（但被較高的稅率略微抵消）。

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 財政年度結束時擁有 10.89 億美元的現金及等價物。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。今年，這些成果使投資資本報酬率超過 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.

第四季度，我們以平均價格 322.87 美元回購了價值約 9,900 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，因為我們基於與疫情相關的不確定性將重點轉向保持資產負債表的實力。通常，在一年中的這個時候，我們會提供全球積壓工作的最新資訊。在過去幾年中，我們不斷表示，不應越來越重視積壓訂單作為未來績效的指標。由於我們的品牌組合和分銷策略的演變，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。著眼於 Deckers 的長期發展，我們精心規劃了 2022 財年，以鞏固現有的堅實基礎，並為持續的收入和盈利能力奠定基礎。對於 2022 年整個財年，我們預計收入將實現中位數至高位數的同比增長率，收入將在 29.5 億美元至 30 億美元之間，其中 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成長的推動下，UGG 在高個位數到低兩位數範圍內成長； Koolaburra 的生長速度在低兩位數範圍內；梯瓦製藥 (Teva) 實現中個位數成長，薩努克 (Sanuk) 與去年基本持平。

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，原因是海運貨櫃和空運運輸成本增加、不利的產品組合轉向低價產品、與批發相關的潛在通路組合阻力填補了UGG和經銷商HOKA的成長以及通貨膨脹的壓力。

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.

由於我們進行關鍵投資以推動長期成長並透過可變支出推動短期機會，SG&A 預計將佔營收的 35.5% 左右。推動 Deckers 發展的策略性支出包括對我們的供應鏈和物流基礎設施的投資，以透過在美國設立額外的配送中心、更大的國際設施以及改進的規劃工具來提高產能，以提高效率；透過增加電子商務功能來提高個人化和增加分析工具來優化數據洞察和行銷投資回報，進一步投資以進一步推進我們的數位轉型；投資中國，播種 HOKA 機遇，重新點燃該地區 UGG 品牌熱度；隨著我們規模的擴大並透過附加功能創造新的機會，我們將進行投資以增強整個組織的人才。推動近期機會的可變支出包括推動 DTC 轉換的數位內容創建、吸引新消費者的有針對性的數位行銷、推動 UGG 成衣成長的投資以及建立 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導代表預期營業利潤率在 17.5% 至 18% 範圍內，這符合我們維持同業領先地位的承諾。與大流行前幾年相比，22 財年的目標營業利潤率代表了有意義的擴張，我們在 19 財年和 20 財年實現了約 16% 的營業利潤率。這表明我們正在經歷 21 財年最近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 個基點的通路組合（DTC 業務比例較大）、50 個基點的品牌組合（隨著我們的 HOKA 組合的增加），並預計我們的全價銷售率將與 21 財年的經歷相似。

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%，預計稀釋後每股收益將在 14.05 美元至 14.65 美元之間。資本支出預計在 6,500 萬至 7,000 萬美元之間，較近年來有所增加，因為我們支持在美國建立新的配送中心，並透過增加 IT 基礎設施進一步加強我們的數位轉型。

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 財年指引不包括任何可能被視為一次性的費用，也沒有考慮額外股票回購的任何影響。我們不會提供正式的季度指引，因為環境仍然高度不確定，大流行中經濟復甦的速度和範圍存在地區差異，整個供應鏈因大流行而持續中斷。此外，由於通路庫存大幅下降，今年正常的訂單和交貨模式發生了變化，預計上半年會有更大的成長，這使得預期的交貨時間進一步複雜化。因此，值得注意的是，專注於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.

為了進一步了解我們如何看待今年上半年，我們預計UGG 和HOKA 的全球批發增長將強勁，因為這兩個品牌都經歷了去年渠道中斷的情況，而且UGG 受益於早期的批發訂單，以填補耗盡的庫存隨著品牌透過提高認知度在網上吸引新消費者以及更多消費者遷移到網上進行補貨，全球HOKA 直接面向消費者的業務持續擴張，由於在家工作的人越來越少以及越來越多的人在家工作以及我們加大了對國際地區本地化內容的投資，隨著世界開放，HOKA 品牌在活動中的影響力不斷增加，營銷成本也隨之增加，我們還增加了在中國建立知名度的支出，增加了在人員方面的支出建立我們的員工隊伍，並利用去年由於招聘和績效凍結而節省的一些費用、倉庫和物流成本的增加，以支持國內和國際業務規模的擴大，以及持續採取的安全措施和較高的貨運成本繼續拖累我們毛利率。整體而言，我們預計上半年營收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。隨著去年現金餘額的增加，我們完成了對策略的徹底審查。基於我們推動股東價值的目標，董事會已批准將公司股票回購授權增加 7.5 億美元。這項增加的授權，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實現我們的戰略計劃和推動股東價值，同時保持實力和流動性的能力的信心。

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 將透過在我們的產品組合中發展多個品牌（​​包括HOKA 成長最快的鞋類品牌之一）來維持相對於同業的競爭地位，不斷發展我們的通路分銷，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導力水平，我們尋求透過為我們的社區和整個世界做出積極貢獻，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在艱難的環境中奉獻的精神，在前所未有的一年中取得了創紀錄的業績。我對未來幾年感到興奮，因為我們將投資支持 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.

謝謝大家。現在我將把電話轉回給戴夫，讓他作最後的演講。

Thanks, Steve.

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 來說是非凡的一年，因為我們公司能夠提高 HOKA 品牌的知名度並在全球範圍內擴展，並利用 UGG 品牌的獨特優勢。我們的長期策略使我們的品牌能夠加速線上消費者獲取，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，以獲取批發市場份額，同時加強我們的數位能力，透過我們的直接管道吸引消費者。我們相信我們的每個品牌都為其各自的目標消費者提供了引人注目的產品。我們品牌的健康發展和對我們產品的興奮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成長，多個品牌預計將實現兩位數成長，這意味著兩年內增加超過 8 億美元的收入。德克斯將在同業中保持領先地位，同時為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.

我們對自己的長期願景充滿信心，即透過我們的直接面向消費者的管道推動更多業務，將 HOKA 品牌打造為超過 10 億美元的收入，並增加我們來自國際市場的業務組合。為了實現這些目標並透過我們的強大品牌組合創造新的機會，我們專注於培養組織內的現有人才以及獲取新人才以增加能力。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，並認識到我們已經為實現 2022 財年的輝煌而付出的努力。感謝我們所有利害關係人的持續支持。

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

這樣，我會將電話轉給接線生進行問答。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?

恭喜您今年圓滿成功。史蒂夫，我想跟進您在演講結束時發表的關於盡快為您的一些批發合作夥伴補充庫存的評論。顯然，我認為人們希望避免去年許多供應鏈中斷的情況。我很好奇，考慮到您提到的較早發貨，您可能不得不在本季保留一些庫存更長一點的時間，您如何考慮任何追逐機會的預期庫存建設？

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。讓我來說一下，謝謝卡米洛，這是一個很好的問題。我們所看到的，我將退後一步來解釋正在發生的事情。我認為，由於庫存較低，我們自己的庫存再次下降了11%，庫存也降低了，正如您提到的，渠道中的庫存較低，我們確實希望在前幾個季度引入更多庫存，而且我們確實希望得到它提供給我們的批發客戶，以便他們在黃金銷售季節有庫存和貨架上的產品。

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.

所以這與我們通常看到的有所不同。我想說，這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的情況很重要，因為我們將看到增長的很大一部分，因為我們預計在上半年真正完成這些批發訂單，因為我們引入了庫存。的庫存，我們會盡快將其發送到我們的批發帳戶，以便他們有庫存。所以我們拭目以待。這也是我們正在應對的挑戰之一。如您所知，整個供應鏈管道出現了嚴重中斷，這是嘗試儘早獲得庫存的另一個原因，以便我們可以避免一些中斷。

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。只是為了補充這一點。今年我們確實比往年提早提交訂單。因此，就生產而言，我們在競爭中處於領先地位，但透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相當有意義的挑戰。我們認為我們可以克服它。但目前庫存需求仍然非常強勁。因此，我們的客戶正在尋找庫存以保持勢頭，但也開始為我們所有品牌建立進入秋季和假期時間範圍的儲備和庫存。

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膨壓力。你們在 UGG 或 HOKA 中嵌入了任何價格嗎？然後，從更長遠的角度來看，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、數位投資方面進行的正確投資，以促進增長和長期機會你面前有。當您從今年起的第二年、第三年和第四年開始利用這些投資時，您如何看待長期息稅前利潤率機會的背景？

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，價格上漲是有選擇性的，但不是廣泛的。因此，我們正在盡可能地按類別尋找機會。絨毛就是一個例子。但總的來說，我們不會全面提價，只是會在今年下半年推出更多精選款式。我認為我們的 DTC 頻道有更大的靈活性，可以在這裡或那裡做一些事情。但季節已滿，庫存正在路上，批發客戶正在期待我們已經確定的價格。但我們擁有可觀的利潤率，並且預計全價銷量將再次實現健康的高水準。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，按照這樣的成長率以及我們去年削減支出的方式，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更強勁。我們的品牌對我們的消費者很重要。它們確實很有意義，無論是在產品層面還是在情感層面。我們看到了一條健康的成長道路，但我們需要投資基礎設施，不僅是為了實現這一點，而且是為了維持它並進一步建造。因此，我們認為 17% 至 18% 的範圍對於能夠繼續實現營收兩位數成長來說是合適的，但我們也必須花錢來推動這一成長。

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.

未來幾年，這可能會有一些好處，我們可以考慮將其貫穿，然後看看今年會如何。但目前，我們認為健康的品牌建立和永續業務的最佳平衡點是在 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。正如戴夫所說，我們已經確定了一個我們認為合適的範圍，從收入和利潤的角度來看，這可以平衡投資及其對永續成長的推動作用。是的，一旦這些投資到位，我們就可以研究一些事情，看看我們可以利用什麼。但我認為，正如戴夫所說，我們現在就需要進行這些投資。讓我們看看它們進展如何，然後我們就能更好地弄清楚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。正如我們過去幾年一直在談論的那樣，我們的營運支出中可變的比例要高得多。因此，我們今年有更大的靈活性，可以透過流動或更快地投資來推動收入成長。因此，我們非常有信心這些是可持續的水平。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，先跟進一下。我想你剛剛提到了兩位數的收入成長。所以我只是想在明年之後跟進一下背景和你的想法，如果你認為這是一個可持續的增長率，也許對這些作品有什麼想法？也許相關的是，史蒂夫，我想你提到了一些基礎設施和分析投資的一些效率，是否有能力突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。我們看到那條路。當然，今年的成長率略高於正常水平，因為特別是 UGG 業務的補充以及我們批發帳戶的庫存補充。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。因此，您會看到成長率可能會在未來一兩年內開始正常化，接近兩位數。是隨著我們開始看到國際市場恢復成長，HOKA 真正在我們的投資中佔據主導地位。

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 2 年籌碼中的槓桿作用而言。很明顯，我們正在經歷的是我們在 21 年看到的一些好處。正如戴夫所提到的，我們受益於收入的加速成長，並且不一定會在 21 財年的收入加速成長中支出。因此，到了 22 年，將會有一些追趕的支出來應對 2 年青少年收入的高成長，我們相信，這為成長奠定了基礎。

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，在我準備好的發言中，我談到了我們如何從兩年前的狀態取得進展。我們正在利用我們在 21 年實現的一些槓桿作用，並在 22 年真正將其傳遞出去，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。將會有一些來自我們兩年前的人才。因此，我們開始確定 SG&A 支出與收入的比例，約 35%、35.5% 的範圍。再次回到之前的問題，讓我們看看事情進展如何。今年是我們營收強勁成長的一年。我們限制了其中一些支出。 '22，我們認為重要的是我們要重新進行那些投資，這些投資為我們繼續我們所看到的成長奠定了基礎。

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。然後再在 HOKA 上再講一講。對於一些較新的批發分銷在國內或全球的表現有何評論？然後看起來未來幾個月將會出現很多新產品，所以對管道和新產品方法的更多評論會下降嗎？

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，無論是新客戶還是現有客戶，銷售量仍然非常強勁。如您所知，我們一直非常有條理。這些團隊在控制戰略分配方面做得很好，沒有太快進入太多的門，迪克的情況就是如此。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。這正在得到回報並且正在發揮作用。

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.

我們正在拓展的地區顯然是支持戶外運動的，所以可以健行。您將開始看到更多的產品，並專注於圍繞生活方式機會進行行銷。因此仍然是高性能產品，但適合生活方式消費者。然後我們將繼續推動全球範圍內的全面成長。每個市場在我們首先推哪個類別以及如何到達那裡方面都略有不同，但這就是目的。

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精彩的產品。我們將在下個季度推出 Clifton 8，我們對此有很大的需求。我們已經在我們的網站上預售它，並且需求是存在的。因此，我們對管道感到非常滿意，當然，假設我們可以將產品送入供應鏈，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.

抱歉，六月的克利夫頓 8 號。

Our next question comes from Jay Sole with UBS.

我們的下一個問題來自瑞銀集團的 Jay Sole。

Dave, 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，我只是想知道你是否可以詳細說明最後一個答案。如果您可以退一步告訴我們，隨著 HOKA 成長為一個更大的品牌，您認為該品牌的成熟度曲線處於什麼位置。如您所見，該品牌目前所處的位置，指南中包含了什麼內容？也許可以帶我們了解您在哪裡看到最大的機會、您希望在今年結束時在哪裡以及您在哪裡看到成長？也許這會是一個很好的起點。

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，我們認為HOKA今年可以達到8億美元。顯然，這是一個持續非常積極的成長機會。我們也談到了這樣一個事實，即從單位的角度來看，國際成長確實正在啟動，這很高興看到全球業務的平衡以及分銷之間的平衡。

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.

我們談論的投資領域以及今年我們開始投資基礎建設的一個領域是中國。這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 團隊來為 HOKA 提供 DTC，但現在是時候開始為中國的 HOKA 團隊配備專門的全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.

今年是 8 億美元。顯然，我們比預期更早邁向了 10 億美元的目標。隨著人們對品牌的了解越來越多，我們將更多消費者，特別是年輕消費者帶入我們的生態系統，真正專注於重複購買並擴展到核心跑步之外的新款式，這種勢頭似乎正在增強。我們認為那裡的公式是正確的。我認為受控的分銷、產品分類以及我們在全球多個市場的多個類別中引起共鳴的事實給了我們很大的信心，我認為在某些方面我們仍處於這個品牌的早期發展階段。

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。我想，傑伊，補充一點，我們所看到的，我們有關於批發分銷的問題。正如戴夫所說，我們看到批發分銷方面取得了巨大進步。正如戴夫也所說，我們看到的是單位的加速。現在你不一定會看到收入比例相同，因為我們的國際業務大部分是透過經銷商實現的。

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，正如戴夫所說，接近 8 億美元的速度比我們之前想像的要快，顯然，我們的目標是 10 億美元，這是一個很大的機會。第一，隨著我們透過直接管道吸引更多客戶，我們看到直接面向消費者管道的採用率更高。在國際方面，我們正在進行的投資將推動國際方面更大的成長加速。然後我們就有了一個可以在未來考慮的通路機會。顯然，我們對 HOKA 的潛力及其發展方向感到非常興奮，我們正處於一個非常好的位置。

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?

我想你們的銷售管理費用（SG&A）會跟著當年的業務流程走嗎？或者我的意思是，我們應該考慮這 35%，我們會看到它在前端的投資負載更大，或者是否會分散更多一點？

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.

它將被分散開來。其中一些需要增加，對嗎？所以你會發現它與收入成長有點不成比例。因此，當我們填補批發管道時，我們將看到更多的收入成長。我們將全年加大投資力度。因此，上半年收入成長更多，全年投資確實增加。

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，您預計 UGG 的批發絕對收入在第二季或第三季以絕對美元計算是否會更高，或者第三季仍然是最大的，只是成長會減少？

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.

從某些方面來說，山姆，由於供應鏈的挑戰，現在很難這麼說。因此，這就是季度指導具有挑戰性的原因之一，因為很難準確地說出產品何時到達以及我們何時可以根據季度末將其取出。因此，我們正在處理的事情之一就是對產品何時到達更有信心，並為此負責。當然，你會看到上半年的成長比過去更大，但具體與第三季和第二季的銷售有何關係，現在做出這個判斷還為時過早。

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。 Sam，我認為另一個挑戰是我們的第三季、第四季表現非常強勁，當你對比 22 年和 21 年的情況時，我們將與後半段一些非常強勁的季度進行比較。因此，當你考慮百分比成長時，從這些角度來看，它確實是前半部分，特別是當我們在今年早些時候試圖填補批發管道時。

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

明白你了。增加的 SG&A 中有多少百分比用於數位行銷？

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。我們將繼續對 HOKA 的全面行銷進行投資，然後在關鍵類別上對 UGG 進行增量行銷支出。因此，作為銷售額的百分比，行銷正在全面上升。所以我不知道我們是否有確切的數字。我們也許可以稍後再進行問答，但這就是我們的想法。因此，成長的很大一部分取決於我們在新領域廣泛增加行銷支出，例如 UGG 服裝，例如男裝和童裝。但其餘的實際上取決於中國的人員數量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?

最後一件事。併購，你在尋找任何人嗎？您談到了打造 HOKA 服裝，並且您說您可能會租用它，您可能會購買它。我知道我不會得到答案，但我還是會問。我看到你和 Cotopaxi 進行了一次合作，非常有趣，無論是你設計的鞋子還是戶外服裝系列本身。您想發表任何評論嗎？

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。我們總是有對話。我們是開放的，但非常有選擇性。我們面臨的最大挑戰是我們今天的有機業務有很多機會。從資源和管理階層的時間角度來看，很難考慮真正做一些重要的事情。在過去的四、五年裡，這種專注對我們很有幫助，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.

但話雖這麼說，我工作的一部分是了解環境中發生的事情，與不同的品牌和公司、早期階段、後期階段進行交談。但現在，我們全神貫注於我們面前的核心有機成長。事實上，由於它與服裝相關，我們現在比以往任何時候都更相信，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，憑藉我們強大的 DTC 管道、供應鏈和全通路能力，我們可以做到這一點。

Our next question comes from Jim Duffy with Stifel.

我們的下一個問題來自吉姆·達菲和斯蒂菲爾。

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?

希望你們一切順利。我想開始做UGG生意，購買頻率不斷增加，非常令人鼓舞。當您考慮今年的成長時，我認識到其中的一個組成部分已被填補，但您能否透過跨產品類別的討論來為國內成長提供一些維度？是否有任何類別是超大驅動程式？

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，正如您所提到的，是兩件事。第一，年輕的消費者已經開始接受該品牌，這是我們一段時間以來一直在努力的事情，我認為該品牌在與該消費者的相關性方面做得非常出色，無論是從溝通還是產品的角度來看。我們發現他們的購買頻率較高。我們以前回購UGG的周期是18到24個月。現在，隨著該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，我們將在此基礎上繼續發展。顯然，Fluff 特許經營權、拖鞋混合型、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不像您在運動鞋或靴子或其他領域看到的那麼大。但對我們來說，卻是非常有意義的。因此，我們將在此基礎上繼續發展。

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.

Ultra Mini 是全面的經典，它正處於讓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。今年秋天還會有大量訂單反對這種做法。我們在 UGG 品牌中提出了一個非常引人注目且令人興奮的雨主張。

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.

然後您將了解 Tasman 等產品的傳統演變，以及我們如何將產品演變為男女和 Neumel 的不同材料和不同使用場合。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 的成長來自非核心產品，然後是男裝和童裝的成長。

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，從性別和類別的角度來看，這是我所見過的對品牌最廣泛的熱情。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。我認為這給了我們更多的機會按分銷管道和消費者對產品進行細分，以確保我們在全球範圍內擁有高銷量和高採用率。所以很難說。我們不再像以前那樣依賴經典，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?

很高興聽到這個消息。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混合中所佔的百分比，以及您是否期望在未來幾年看到巨大的增長？

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成長。但去年我們透過成衣的推出了解到，我們已經觸動了消費者的心弦，它將有趣、時尚的 UGG 品牌 DNA 與舒適感完美結合，我認為這對 UGG 來說是完美的，而且我認為市場空白使我們能夠在全球範圍內佔據重要的市場份額和成長。它依賴零售。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，並透過這些管道和全球選擇性批發分銷來推動業務發展。因此，團隊在定位方面做得非常出色。去年對我們來說確實是一個概念驗證，事實證明它非常成功。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，不僅在基礎設施方面，而且在行銷和接觸全球消費者方面。

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已經被填補。抱歉，22 財年。

That was more related to total company, Jim.

這與整個公司更相關，吉姆。

Our next question comes from Paul Lejuez with Citi.

我們的下一個問題來自花旗銀行的 Paul Lejuez。

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。你談到今年的營收為 8 億美元，預計將達到 10 億美元以上。這顯然是你們的收入。我有點好奇您如何看待該品牌 5 年後的零售規模？其中，無論您考慮的數字有多大，與繼續使用經銷商模式相比，您將真正擁有多少收入？我想與此相關的是，當您談論未來幾年的兩位數成長時，我應該說，您是否考慮將部分經銷商業務帶回內部或內部？

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。這些都是我們不斷與 ELT 和董事會討論的問題。所有這些都是機會。我認為8億美元和10億美元的數字目前不需要經銷商收回。我認為這對我們來說是一個更遠的機會，需要對基礎設施進行適當的投資，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，加上我們目前在中國的超額成長，不斷擴大的品類和服裝潛力，您可以在某個時候將其視為一個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。明白你了。需要澄清的是，我只是想了解，當我們談論供應鏈以及您可能會看到的任何壓力時，您能不能只是說，我只是想了解哪些品牌、哪些渠道影響最大？您如何看待未來幾季這種情況的修復？

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，我想對我們的營運和供應鏈團隊去年的處理方式給予高度讚揚。我們在這種環境下追逐需求的能力取得了成功，然後加速了我們所看到的增長，並在中西部建立了一個新的配送中心，盡快獲得庫存和訂單，他們是現在，他們就像故事中的無名英雄，他們做得非常好。

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，展望未來，風險和機會普遍存在。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，並透過我們的配送中心到達批發帳戶。因此很難準確地說出是哪個品牌、哪個管道等等。我只想說它的基礎更廣泛。我們列出瞭如何優先考慮品牌和管道，以便為我們今年獲得成功提供最佳機會。

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，我想說的是整個供應鏈管道中斷，這並不是我們獨有的。這是你在新聞中看到的，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，我們的工廠處於更好的地位。因此，當我們增加今年的庫存時，我們感覺自己處於更好的位置。仍然會面臨限制和乾擾，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，我們去年的情況如何，但仍然非常注意我們正在處理的問題。

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上。

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

我們的下一個問題來自特爾西諮詢小組的達納·特爾西。

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?

祝賀取得的進展。當您考慮當前環境並進入明年、進入下一個財年時，您如何安排上半年和下半年之間的投資支出？任何新冠肺炎費用會減少？您如何看待分桶，無論是運費、費率、工資或新冠疫情成本？

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 財年並考慮投資的增加時，很明顯，正如我之前所說，我們的收入增長速度快於我們用於建設基礎設施的支出。因此，我認為對於薩姆之前提出的問題，我們確實看到今年投資在增加。因此，引進新人才需要時間，建立一些基礎建設也需要一點時間，但今年我們會產生一些前期成本。因此，當我們再次考慮這些方面時，您將在今年看到與此相關的構建。在行銷方面，我們今年將進行更多的前期行銷，因為我們希望繼續滿足市場的需求。所以你會看到上半年一些行銷增加了投資。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。因此，一般來說，您會看到一些成長，但我們將在上半年更積極支出某些組件。

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。正如您所說，我認為這些確實與中國等地的基礎設施建設和行銷領先有關。但達納，最具挑戰性的一個變數是招聘，因為這是一個競爭激烈的市場。我們在全球範圍內選擇性地尋找頂尖人才。去年我們幾乎一直在凍結招聘，所以我們還有很多工作要做。在這種環境下，人們仍然在家工作，很難決定我們能以多快的速度增加關鍵員工。但要知道我們對此很積極。這是三個月前上任的新任首席人力資源長和團隊的第一要務。正如我所說，憑藉我們品牌的勢頭和業務實力，我們有機會真正在全球範圍內尋找頂尖人才。這是當務之急，我不想著急。但我們迫切需要盡快招募人員。

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?

對你引進的人來說，這是行銷嗎？是服裝商人嗎？您引進的人員的主要優先事項是什麼？

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

中國，行銷，電子商務和數位能力的創意。

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？品牌之間有什麼不同嗎？

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.

今年你不會看到廣泛的價格上漲。可能會有一些基於類別和風格的選擇性的。從定價角度來看，絨毛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，我們認為從價值主張來看，對消費者的主張非常有吸引力。我認為其他一些品牌正在談論提高價格。目前，這還不是我們的廣泛策略。我們將繼續致力於確保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?

只是最後一件事。關於新的批發客戶，你們正在與 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.

沒有那個尺寸。選定的，請考慮 HOKA 生活方式機會和我們今年剛推出的 Free People 等關鍵客戶。但更廣泛地說，我們仍在減少 UGG 的客戶，並將重點放在我們擁有的最重要的策略客戶上。因此，除了我們試圖為 UGG 吸引年輕消費者或進入 HOKA 的新品類機會之外，我們還進行了批發擴張。但整體來說，批發門擴張並不是我們的主要策略。

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

我們的最後一個問題來自法國巴黎銀行的 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演講中提到，您預計上半年收入將佔全年總體指南的更大比例。我知道您沒有提供季度指導，但您能給我們一些基準嗎？我知道，從歷史上看，你們一直認為 1H 收入約佔總收入的 37%。因此，任何能讓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，再次，不提供指導，但當你再次考慮今年的百分比增長時，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，我們的收入成長百分比將如我們預期的那樣發生。但正如戴夫所說，還有很多令人感動的事情。當我們重建庫存，試圖及時獲得庫存，然後在我們的配送中心週轉時，還有很多靜止的情況。它還與批發商合作，讓他們更早提貨。我認為我們處於一個相對較好的位置，他們也在重建庫存水準。因此，如果事情按照我們的預期發展，那麼上半年的百分比成長將會更加強勁。現在，其中一些可能會再次發生變化，這就是為什麼我們還不想提供指導，因為我們在季度的最後兩週內有大量的運輸。這就是它落地的方式。因此，各季度之間的情況變化相對容易。

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 的增長而言，40% 的增長，正如您在準備好的發言中提到的配對數量而言，大約一半是在海外完成的。也許您能給我們一些全年（21 財年）的背景資訊嗎？那麼 40% 的成長是否意味著你們的分銷業務將在歐洲內部進行？

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，我們不這樣做，現階段或今年我們不會這樣看待它。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，前半年的 HOKA 有了更多的增長，再次，因為我們在後半年經歷了更大的季度，再次，百分比術語。

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，會議也結束了。感謝您參加今天的演講。您現在可以斷開連線。