Deckers Outdoor Corp (DECK) 2024 Q3 法說會逐字稿

Good afternoon, and thank you for standing by. Welcome to the Deckers Brands Third Quarter Fiscal 2024 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 2024 財年第三季財報電話會議。 （操作員說明）。我想提醒大家，這次電話會議正在錄音。

I will now turn the conference over to Ms. Erinn Kohler, VP, Investor Relations and Corporate Planning. Thank you. Please go ahead.

我現在將會議交給投資者關係和企業規劃副總裁 Erinn Kohler 女士主持。謝謝。請繼續。

Hello, and thank you, everyone, for joining us today. On the call is Dave Powers, President and Chief Executive Officer; Steve Fasching, Chief Financial Officer; and Stefano Caroti, Chief Commercial Officer. Before we begin, I would like to remind everyone of the company's safe harbor policy.

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；法辛（Steve Fasching），財務長；和首席商務官 Stefano Caroti。在開始之前，我想提醒大家公司的安全港政策。

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.

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 our current and long-term strategic objectives, anticipated impacts from our brand and marketplace management strategies, changes in consumer behavior, strength of our brands, demand for our products, product and channel distribution strategies, including direct-to-consumer, marketing plans and strategies, disruptions to our supply chain and logistics, our anticipated revenues, brand performance, product mix, margins, expenses, inventory levels and promotional activity, the impacts of the macroeconomic environment on our operations and performance, including fluctuations in foreign currency exchange rates and our ability to achieve our financial outlook.

今天本次電話會議所做的所有陳述，除了歷史事實的陳述外，均為前瞻性陳述，包括有關我們當前和長期戰略目標、我們的品牌和市場管理戰略的預期影響、消費者行為的變化、我們的實力的陳述。我們的品牌、產品需求、產品和通路分銷策略，包括直接面向消費者、行銷計劃和策略、供應鏈和物流中斷、我們的預期收入、品牌表現、產品組合、利潤、費用、庫存水準和促銷活動、宏觀經濟環境對我們的營運和績效的影響，包括外幣匯率的波動以及我們實現財務前景的能力。

Forward-looking statements made on today's call also include the expected timing and impact of the company's announced leadership transition and the future composition of the Board of Directors. 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.

今天電話會議上做出的前瞻性陳述還包括公司宣布的領導層換屆的預期時間和影響以及董事會的未來組成。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。

On this call, management may refer to financial measures that were not prepared in accordance with generally accepted accounting principles in the United States, including constant currency. In addition, the company reports comparable direct-to-consumer sales on a constant currency basis for operations that were open throughout the current and prior reporting periods. The company believes that these non-GAAP financial measures are important indicators of its operating performance because they exclude items that are unrelated to and may not be indicative of its core operating results.

在這次電話會議上，管理階層可能會參考未依照美國公認會計原則制定的財務指標，包括固定匯率。此外，該公司還報告了在當前和先前報告期間開放的業務中按固定貨幣計算的可比較直接面向消費者的銷售額。該公司認為，這些非公認會計準則財務指標是其經營績效的重要指標，因為它們排除了與其核心經營績效無關且可能無法表明其核心經營績效的項目。

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 today's call. Before we discuss our third quarter results, I'd like to speak to the leadership announcement we made today. After 11 years at Deckers, I've decided to retire as President and Chief Executive Officer, effective August 1. I will continue to serve as a member of the company's Board of Directors. On a personal note, after 30 years in this industry, I'm looking forward to spending more time with my family, pursuing my other life passions and exploring more ways in which I can make a positive impact on the world. Serving as CEO of Deckers has been a great honor and it's a privilege to work with some of the best talent this industry has to offer. I'm incredibly proud of our accomplishments and our unique culture built on doing good and doing great.

謝謝，艾琳。大家下午好，感謝您參加今天的電話會議。在我們討論第三季業績之前，我想談談我們今天發布的領導層公告。在 Deckers 工作 11 年後，我決定從 8 月 1 日起辭去總裁兼執行長職務。我將繼續擔任公司董事會成員。就我個人而言，在這個行業工作 30 年後，我期待著花更多的時間與家人在一起，追求我的其他生活熱情，並探索更多可以對世界產生積極影響的方式。擔任 Deckers 執行長是我的榮幸，也很榮幸能與該行業最優秀的人才一起工作。我對我們的成就以及我們建立在行善和成就偉大之上的獨特文化感到無比自豪。

Deckers continues to demonstrate exceptional performance, and we have a strong foundation from which to continue driving results, a deep bench of talent and innovative products that are resonating with consumers globally. I believe it's a good time for us to make this transition.

Deckers 繼續展現出卓越的業績，我們擁有繼續推動業績的堅實基礎、深厚的人才儲備和與全球消費者產生共鳴的創新產品。我相信現在是我們進行這轉變的好時機。

We're all thrilled that the Board has selected Stefano Caroti, our Chief Commercial Officer, as Decker's next President and CEO, following a thorough succession planning process. Many of you know him already, but for those of you who don't, Stefano has an extensive industry and experience, and he seamlessly led our omnichannel, regional and HOKA brand operations during some of Decker's most pivotal years. He is passionate about Deckers and its values, and he has been a key member of the executive team, helping to craft and progress consumer-focused marketplace strategy and our inclusive and engaged culture.

我們都很高興董事會在經過全面的繼任規劃流程後選擇我們的商務長 Stefano Caroti 擔任 Decker 的下一任總裁兼執行長。你們中的許多人已經認識他，但對於那些不認識他的人來說，Stefano 擁有豐富的行業和經驗，在Decker 最關鍵的一些年裡，他無縫地領導了我們的全渠道、區域和HOKA 品牌營運。他對 Deckers 及其價值觀充滿熱情，並且一直是執行團隊的關鍵成員，幫助制定和推進以消費者為中心的市場策略以及我們包容和參與的文化。

I know Deckers will be in excellent hands with Stefano at the helm. Over the next 6 months, Stefano and I will continue to execute on Decker's proven strategy. We are invigorated about this next phase of our work together and for Decker's bright future.

我知道在斯特凡諾的帶領下，德克斯將會得到很好的照顧。在接下來的 6 個月中，Stefano 和我將繼續執行 Decker 行之有效的策略。我們對下一階段的合作以及 Decker 的光明未來感到振奮。

Now let's turn our attention to our Q3 performance. I'm glad to be here today discussing another record-breaking quarter for Deckers Brands as our two leading brands continued bucking industry trends to deliver high-quality growth via full-price consumer demand.

現在讓我們把注意力轉向第三季的表現。我很高興今天能在這裡討論 Deckers Brands 又一個破紀錄的季度，因為我們的兩個領先品牌繼續逆行業趨勢，透過全價消費者需求實現高品質成長。

Key highlights of our record-breaking third quarter results include total company revenue increasing 16% to $1.56 billion, DTC revenue increasing 23% representing a quarterly record 55% of total company revenue, total UGG revenue increasing 15% to achieve its first ever $1 billion quarter, total HOKA revenue increasing 22% to $429 million, total company gross margins increasing over 500 basis points to an all-time quarterly high of 58.7%, and diluted earnings per share increasing 44% to $15.11.

我們破紀錄的第三季業績的主要亮點包括公司總營收成長16%，達到15.6 億美元，DTC 營收成長23%，占公司總營收的季度創紀錄的55%，UGG 總營收成長15%，首次達到10 億美元第一季度，HOKA 總營收成長22%，達到4.29 億美元，公司總毛利率成長超過500 個基點，達到58.7% 的季度歷史新高，稀釋後每股收益成長44%，達到15.11 美元。

We believe the success of our brands and company as a whole continues to be the direct result of innovative product that is on trend and resonates with consumers across the globe, decision-making that is guided by our long-term strategic objectives, alignment between product creation, marketing and omnichannel distribution that centers around the consumer and the strong execution of our teams to deliver in real time while remaining focused on the longer-term vision of our marquee brands.

我們相信，我們的品牌和公司作為一個整體的成功仍然是創新產品的直接結果，這些產品是流行趨勢並與全球消費者產生共鳴，決策以我們的長期戰略目標為指導，產品之間的一致性以消費者為中心的創作、行銷和全通路分銷以及我們團隊的強大執行力，以即時交付，同時保持專注於我們知名品牌的長期願景。

We are thrilled by the success of this quarter, but I feel it's important to reflect on how these results represent a continuation of strong year-to-date performance as well as many years of careful strategic execution. Our brands are thinking long term. And while we are happy to produce great quarterly results, we are even more pleased to see the consistency of performance. With the first 3 quarters of this fiscal year behind us, we believe we are on track to deliver mid-teens revenue growth, which would be the fourth consecutive year of revenue growth in the mid-teens or higher.

我們對本季的成功感到興奮，但我認為重要的是要反思這些結果如何代表年初至今強勁業績的延續以及多年來謹慎的策略執行。我們的品牌正在著眼長遠。雖然我們很高興能夠取得出色的季度業績，但我們更高興看到業績的一致性。隨著本財年前三個季度的過去，我們相信我們有望實現中雙位數的收入成長，這將是連續第四年實現中雙位數或更高的收入成長。

Highlights from the first 9 months include global HOKA revenue growing 25% versus last year, led by a near 50% increase in DTC, global UGG revenue increasing 16% versus last year, led by international regions growing close to 30%, and global DTC increasing more than 20%, and total portfolio DTC revenue increasing 28% with robust growth in both consumer acquisition and retention.

前 9 個月的亮點包括全球 HOKA 收入較去年增長 25%，其中 DTC 增長近 50%，全球 UGG 收入較去年增長 16%，其中國際地區增長近 30%，全球 DTC 增長增長超過20%，總投資組合DTC 營收成長28%，消費者獲取與保留均強勁成長。

I'm extremely proud of the collaboration across the Deckers organization to deliver these exceptional results through the first 9 months of fiscal year 2024. We are creating remarkably distinct, relevant and breakthrough product concepts that are deeply rooted in consumer insights and brand DNA. This is distinguishing our brands from the competition. Our strategic execution of brand and marketplace management, combined with our financial discipline, preserves Decker's position of strength as we focus on closing out fiscal year 2024 and plan for the significant opportunity in the years ahead.

我對整個Deckers 組織的合作感到非常自豪，他們在2024 財年的前9 個月取得了這些卓越的成果。我們正在創造非常獨特、相關和突破性的產品概念，這些概念深深植根於消費者洞察和品牌DNA。這使我們的品牌在競爭中脫穎而出。我們對品牌和市場管理的策略執行，加上我們的財務紀律，在我們專注於結束 2024 財年併計劃未來幾年的重大機遇時，保持了 Decker 的優勢地位。

Steve will provide additional color on this quarter's financial performance and our related increased outlook for the full fiscal year. But in the meantime, let's dive into third quarter brand and channel highlights. Starting with UGG. Global UGG revenue for the third quarter was $1.07 billion, representing a 15% increase versus the prior year. Revenue growth was primarily driven by global DTC, which increased 20% in the quarter to represent 62% of total brand revenue, up from 60% last year, aided by international and domestic consumer acquisition increasing 14% and 8%, respectively, and retained consumers increasing 26% and 8% across international and domestic regions, respectively. In addition to driving a significant increase to gross margin, the outsized growth from DTC helped deliver a double-digit increase in the brand's consolidated global average selling price.

史蒂夫將就本季度的財務業績以及我們對整個財年的相關成長前景提供更多資訊。但同時，讓我們深入了解第三季的品牌和通路亮點。從UGG開始。第三季全球UGG營收為10.7億美元，較去年同期成長15%。營收成長主要由全球DTC 推動，該季度成長20%，佔品牌總營收的62%，高於去年的60%，這得益於國際和國內消費者購買量分別成長14% 和8%，並保留了國際和國內地區消費者分別成長 26% 和 8%。除了推動毛利率大幅成長外，DTC 的大幅成長還幫助品牌的綜合全球平均售價實現了兩位數的成長。

As in general, DTC selling results in a much higher ASP and a favorable gross margin relative to the wholesale channel. UGG commended extraordinarily high levels of full-price selling and the brand benefited from select price increases on a few of its most popular styles.

一般來說，與批發通路相比，DTC 銷售可帶來更高的平均售價和有利的毛利率。 UGG 讚揚了極高的全價銷售水平，並且該品牌受益於其一些最受歡迎款式的精選漲價。

The cohesion of product, marketing and consumer targeting, in addition to a reduced SKU count drove focused energy behind key styles which has greatly contributed to the success UGG is experiencing this year, recognizing that there was unmet consumer demand last year and capitalizing on the continued brand momentum driven by that scarcity, the UGG team invested in additional inventory to support its most popular product.

產品、行銷和消費者目標的凝聚力，加上 SKU 數量的減少，推動了對關鍵風格的集中精力，這極大地促進了 UGG 今年的成功，認識到去年消費者需求未得到滿足，並利用持續的在這種稀缺性的推動下，UGG 團隊投資了額外的庫存來支援其最受歡迎的產品。

Helping fuel brand heat and further the conversation with target consumers during the third quarter, UGG's spearheaded meaningful collaborations, most notably with Palace Skateboards, selling out in minutes across key cities like New York, Los Angeles, London and Tokyo. Hosted Pinnacle brand experience field houses in New York, Paris and Seoul, and launched a first of its kind UGGextreme capsule that features fashionable performance products capable of handling winter's most brutal conditions.

第三季度，UGG 率先與 Palace Skateboards 進行有意義的合作，幫助提升品牌熱度並加深與目標消費者的對話，幾分鐘之內就在紐約、洛杉磯、倫敦和東京等主要城市銷售一空。在紐約、巴黎和首爾舉辦了 Pinnacle 品牌體驗場，並推出了首個 UGGextreme 膠囊系列，其中包含能夠應對冬季最嚴酷條件的時尚高性能產品。

These top-of-the-funnel brand activations, combined with community building and social listening across digital platforms help UGG create positive brand buzz and increase opportunities for consumer connections that offer feedback in real time.

這些漏斗頂部的品牌激活，與跨數位平台的社群建立和社交聆聽相結合，有助於 UGG 創造積極的品牌知名度，並增加提供即時回饋的消費者聯繫機會。

This year's coordination between DTC operations and product marketing on social channels elevated the launches of new styles or colors and brought greater traffic and attention to the brand when hot products were being restocked.

今年DTC營運與社群通路產品行銷的配合，增加了新款式、新色彩的推出，在熱門產品補貨時為品牌帶來了更多的流量和關注度。

From a regional standpoint, UGG has maintained high levels of brand heat and demand almost universally across the globe to deliver strong year-to-date growth across the U.S., Europe and Asia. Helping bolster UGG performance in the third quarter, the brand opened a couple of exciting new stores in key markets, including a Shanghai flagship, which offers one of the most contemporary visual expressions of UGG anywhere in the world and the brand's first full-price location in Germany with a new Munich store. Both stores are performing extremely well.

從區域角度來看，UGG 在全球幾乎普遍保持著高水準的品牌熱度和需求，在美國、歐洲和亞洲實現了年初至今的強勁成長。為了幫助提升UGG 在第三季的業績，該品牌在主要市場開設了幾家令人興奮的新店，其中包括一家上海旗艦店，它提供了世界上最現代的UGG 視覺表現形式之一，也是該品牌的第一家全價店在德國慕尼黑開設了一家新店。兩家店的業績都非常好。

In Shanghai, we are seeing average transaction values that are approximately 20% above the average UGG store in China, as well as the conversion rate more than double that of the average. Though early days, the Munich store is experiencing ATVs that are 25% higher than the average European UGG store, with conversion rate well above that of the average UGG store in Germany.

在上海，我們看到平均交易額比中國UGG商店的平均交易額高出約20%，轉換率也是平均的兩倍以上。儘管處於早期階段，慕尼黑店的 ATV 價格比歐洲 UGG 商店的平均水平高出 25%，轉換率也遠高於德國 UGG 商店的平均水平。

Similar to what we often see in markets where new stores opened, Germany's online business for UGG benefited from this additional consumer touch point, posting both the highest online growth rate and highest conversion rate of any European country in the third quarter for the brand.

與我們在新店開業的市場中經常看到的情況類似，UGG 德國的線上業務受益於此額外的消費者接觸點，第三季度該品牌的線上成長率和轉換率均位居歐洲國家之首。

We are pleased to see these new consumer touch points are helping produce positive results in key international markets where we continue to see long-term opportunities for the UGG brand. The success UGG is now experiencing among international regions is a direct result of our thoughtful multiyear marketplace management implementation that fostered the alignment of product creation, localized marketing content and brand-enhancing distribution partners.

我們很高興看到這些新的消費者接觸點正在幫助在主要國際市場取得積極成果，我們在這些市場上繼續看到 UGG 品牌的長期機會。 UGG 目前在國際地區取得的成功是我們深思熟慮的多年市場管理實施的直接結果，該實施促進了產品創造、本地化行銷內容和品牌提升分銷合作夥伴的協調一致。

With the momentum and brand heat UGG has created among international markets, we are even more excited about the global opportunities ahead. From a style perspective, UGG experienced growth and success with key franchises like the Tasman, Ultra Mini and Classic Mini, including the fashion-oriented platform versions of each as well as new introductions that include the Weather Hybrid Collection, Goldenstar Clog and the Lowmel sneaker .

憑藉 UGG 在國際市場上所創造的勢頭和品牌熱度，我們對未來的全球機會更加興奮。從風格角度來看，UGG 憑藉Tasman、Ultra Mini 和Classic Mini 等主要係列產品經歷了成長和成功，其中包括每個系列的時尚平台版本以及包括Weather Hybrid 系列、Goldenstar Clog 和Lowmel 運動鞋在內的新產品。

The Weather Hybrid Collection was positioned as a modern weatherized update to a few of the UGG brand's most popular styles including the Tasman, Neumel and classic boot. Our [PRR] teams partnered with influential NBA star, Jaylen Brown, to highlight the launch, which helped with all gender collection drive strong sell-through among all consumers.

Weather Hybrid 系列的定位是 UGG 品牌一些最受歡迎的款式（包括 Tasman、Neumel 和經典靴子）的現代防風更新。我們的 [PRR] 團隊與頗具影響力的 NBA 球星 Jaylen Brown 合作，重點宣傳了此次發布，這有助於所有性別系列在所有消費者中推動強勁的銷售。

The Goldenstar Clog was somewhat of a surprise hit during the holiday season as it was created to bolster the shoulder seasons outside of winter, complementing the rising Goldenstar sandal. The Lowmel, which we see as the first unmistakably UGG sneaker represented a continuation of our hybrid strategy to redefine categories through UGG DNA.

Goldenstar 木屐在假期期間出乎意料地大受歡迎，因為它是為了支持冬季以外的平季而設計的，與正在崛起的 Goldenstar 涼鞋相得益彰。 Lowmel 被我們視為第一款明顯的 UGG 運動鞋，它代表了我們透過 UGG DNA 重新定義類別的混合策略的延續。

We believe Tasman's adoption of a sneaker versus previously being purchased primarily as an indoor slipper has given UGG permission to play in the sneaker category, in which the Lowmel performed extremely well, selling out quickly across the globe. Both the Goldenstar Clog and Lowmel have been positioned for expansion into the spring and next fall as the UGG brand continues to build connections with consumers through a cohesive year-round product assortment.

我們認為，Tasman 採用運動鞋而非之前主要作為室內拖鞋購買，讓 UGG 獲得了在運動鞋類別中的地位，其中 Lowmel 表現非常出色，在全球範圍內迅速售罄。隨著 UGG 品牌繼續透過有凝聚力的全年產品種類與消費者建立聯繫，Goldenstar Clog 和 Lowmel 都已準備好在春季和明年秋季擴張。

Through the first 9 months of this fiscal year, UGG has delivered undeniably impressive results. The brand has driven exceptional growth in focus areas, including international regions and global DTC and has done so by acquiring and retaining target consumers with full price product. I'd like to congratulate and thank the entire team for their hard work and collaboration that enabled the brand's success in the third quarter and fiscal year-to-date.

在本財年的前 9 個月，UGG 無疑取得了令人印象深刻的業績。該品牌透過以全價產品吸引和留住目標消費者，推動了包括國際地區和全球 DTC 在內的重點領域的顯著成長。我要祝賀並感謝整個團隊的辛勤工作和協作，使該品牌在第三季度和本財年迄今為止取得了成功。

Shifting to HOKA. Global HOKA revenue in the third quarter was $429 million, representing a 22% increase versus the prior year. HOKA has continued to deliver consistent year-over-year growth in volume each quarter this year, reflecting the brand's balanced seasonality and year-round demand. Similar to what HOKA experienced in the first half, third quarter growth was primarily driven by gains in the DTC channel as intended with HOKA diligently managing the wholesale marketplace to drive market share gains with high levels of full price sell-through.

轉向霍卡。 HOKA第三季全球營收為4.29億美元，較上年同期成長22%。 HOKA 今年每季的銷售量持續保持年比持續成長，反映了品牌平衡的季節性和全年需求。與 HOKA 上半年的經驗類似，第三季的成長主要是由 DTC 通路的成長推動的，正如 HOKA 努力管理批發市場以透過高水準的全價銷售來推動市場份額的成長一樣。

More specifically on DTC performance, HOKA revenue in the channel increased 38% in Q3, representing over 40% of total brand revenue which is 5 percentage points higher than last year. DTC growth has been driven by significant increases in consumer acquisition with international and domestic experience growth of 50% and 27%, respectively, and important gains in retained consumers, which increased 55% internationally and 33% in the U.S.

從DTC表現來看，HOKA第三季通路營收成長38%，佔品牌總營收的40%以上，比去年高出5個百分點。 DTC 的成長得益於消費者獲取量的顯著成長，國際和國內體驗分別成長了 50% 和 27%，以及留存消費者的顯著成長（國際和美國分別成長了 55% 和 33%）。

The HOKA brand's DTC business has been strong in every single region this year. but has been particularly powerful in Europe and China, two regions where we have been emphasizing growth in the channel as brand awareness grows. Both regions have benefited from a greater retail presence.

今年，HOKA 品牌的 DTC 業務在各個地區都表現強勁。但在歐洲和中國尤其強大，我們一直強調隨著品牌知名度的提高，通路的成長這兩個地區。這兩個地區都受益於更大的零售業務。

In Europe, HOKA opens its first retail location in Covent Garden, London, during the third quarter, which is performing exceptionally well, and the brand has a location plan to open in Paris in time for the Olympics. In China, HOKA has added four new company-owned locations throughout this year, in which the consumer experience has continued to improve, particularly with a greater focus on key stories and a new capsule collection of apparel that [rounded] our compelling in-store product assortment. Complementing the added stores in China, we continue to see our premiumization efforts online paying off as HOKA has achieved high levels of full price sell-through online, which is a channel that China generally uses for promotion activity.

在歐洲，HOKA在第三季度在倫敦考文特花園開設了第一家零售店，表現非常出色，該品牌還計劃在奧運會期間在巴黎開設零售店。在中國，HOKA 今年新增了四個自營店，消費者體驗持續改善，特別是更加註重關鍵故事和新的膠囊系列服裝，使我們引人注目的店內更加引人注目。產品種類。作為中國新增門市的補充，我們繼續看到我們在線上的高端化努力得到了回報，因為 HOKA 已經實現了高水準的線上全價直銷，這是中國通常用於促銷活動的管道。

One example of this during the third quarter was China's 11.11 event, better known as Single's Day, which is a countrywide event that features widespread discounts across brands, and product categories, known for driving significant consumer traffic online. This year, HOKA benefited from the online traffic despite low levels of promotion and maintain strong full price selling, particularly in comparison to competitive brands.

第三季的一個例子是中國的“11.11”活動，即眾所周知的“光棍節”，這是一項全國性活動，以跨品牌和產品類別廣泛打折為特色，以吸引大量在線消費者流量而聞名。今年，儘管促銷力度不大，但 HOKA 仍受益於線上流量，並保持強勁的全價銷售，特別是與競爭品牌相比。

We are very encouraged by the increasing adoption of HOKA across international markets, particularly in the DTC channel, where we have been focusing our growth efforts while managing the wholesale environment to maintain high levels of full price sell-through. We believe HOKA is still in the early stages of expansion internationally as we continue to build brand awareness in key markets to establish HOKA as a major worldwide player in the performance space.

我們對 HOKA 在國際市場上越來越多的採用感到非常鼓舞，特別是在 DTC 管道，我們一直在集中精力發展業務，同時管理批發環境以維持高水準的全價銷售。我們相信 HOKA 仍處於國際擴張的早期階段，我們將繼續在主要市場建立品牌知名度，將 HOKA 打造成全球表現領域的主要參與者。

Over in the U.S., where we also see a significant opportunity for growth, I want to take a moment to highlight an amazing event that HOKA had a huge impact on during the third quarter. HOKA was a presenting sponsor of the 44th Annual Foot Locker Cross Country National Championships, outfitting thousands of elite high school athletes with complementary footwear and apparel. This event was the center of the U.S. Running World and media for 3 days, driving significant impressions and some of the highest brand engagement we have ever seen for HOKA.

在美國，我們也看到了巨大的成長機會，我想花點時間強調一下 HOKA 在第三季產生巨大影響的令人驚嘆的活動。 HOKA 是第 44 屆 Foot Locker 年度越野全國錦標賽的贊助商，為數千名精英高中運動員提供配套的鞋類和服裝。這項活動連續 3 天成為美國跑步界和媒體的焦點，為 HOKA 帶來了顯著的印象和最高的品牌參與。

On the product front, HOKA continues to develop and refine a compelling assortment of performance products that enable athletes of all kinds to achieve their goals. This morning, HOKA announced the introduction of the all-new Cielo X1 that sits atop the brand's assortment as the ultimate race day shoe for the most discerning athletes. The Cielo X1 was designed with insights and feedback from the HOKA brands roster of elite athletes, incorporating the most advanced geometry, foam compounds and plate technologies to enable record-setting results.

在產品方面，HOKA 不斷開發和完善各種引人注目的性能產品，幫助各類運動員實現他們的目標。今天早上，HOKA 宣布推出全新 Cielo X1，它是該品牌產品系列中的佼佼者，是最挑剔的運動員的終極比賽日鞋。 Cielo X1 的設計參考了 HOKA 品牌精英運動員名單的見解和反饋，融合了最先進的幾何形狀、泡沫化合物和板技術，以實現創紀錄的成績。

Before it was even commercially available, the Cielo X1 has already made its podium debut as HOKA now has an elite member, Kellyn Taylor, won the Rock 'n' Roll San Jose Half Marathon wearing the Cielo X1 qualifying her for the 2024 Olympics Marathon trial for Team USA.

在投入商用之前，Cielo X1 已經首次登上領獎台，HOKA 現在有一位精英會員 Kellyn Taylor，穿著 Cielo X1 贏得了搖滾聖何塞半程馬拉松賽，使她有資格參加 2024 年奧運會馬拉松選拔賽對於美國隊來說。

Beyond the brand's pinnacle performance product, HOKA is also experiencing success with exciting lifestyle-oriented products. These products feature the same quality and comfort expected from a performance HOKA shoe but our package in an everyday wear aesthetic for more versatile wearing occasions.

除了品牌的巔峰性能產品之外，HOKA 還憑藉令人興奮的生活方式導向產品取得了成功。這些產品具有與高性能 HOKA 鞋相同的品質和舒適度，但我們的包裝採用日常穿著美學，適合更多用途的穿著場合。

HOKA Transport has become the brand's go-to casual shoe now sitting within the brand's top 10 best sellers. The HOKA brands captivating collaborations are also furthering its resonance with the lifestyle consumer. They are designed to reach a new audience by partnering with logical yet unexpected brands.

HOKA Transport 已成為該品牌的首選休閒鞋，現已躋身品牌十大暢銷鞋款之列。 HOKA 品牌的迷人合作也進一步加深了與生活方式消費者的共鳴。他們旨在透過與合乎邏輯但意想不到的品牌合作來吸引新的受眾。

Most recently, HOKA partnered with Satisfy Running, a French running apparel brand to co-create an exciting new take on the Clifton LS, which sold out almost instantly. Highlighting the partnership theme of highs and lows Satisfy created a one-of-a-kind community experience that brought together the skateboard, trail and running communities to join in the sprint down the steep hills of San Francisco.

最近，HOKA 與法國跑步服飾品牌 Satisfy Running 合作，共同打造了一款令人興奮的 Clifton LS 新品，該款鞋幾乎立即售空。 Satisfy 強調了高潮和低潮的合作主題，創造了獨特的社區體驗，將滑板、越野和跑步社群聚集在一起，一起衝下舊金山陡峭的山坡。

As we continue building HOKA for the long term, our focus is to remain a top brand in road running, expanding with innovative performance footwear, become a dominant off-road player with disruptive trail and hike products and bring the HOKA experience to the lifestyle consumer while keeping the brand rooted in performance.

隨著我們繼續長期打造HOKA，我們的重點是保持公路跑領域的頂級品牌地位，透過創新的高性能鞋類進行擴張，透過顛覆性的越野和遠足產品成為越野領域的主導品牌，並將HOKA 體驗帶給生活方式消費者同時保持品牌植根於性能。

While we are at different stages of this journey across domestic and international markets, we see significant global opportunities ahead with this powerful brand. We are proud of the consistent momentum HOKA is achieving around the world, our efforts to build brand awareness and drive high full price sell-through continue to bear fruit and have set the stage for a strong finish to the year with another record quarter.

儘管我們正處於國內和國際市場旅程的不同階段，但我們看到了這個強大品牌未來的巨大全球機會。我們為HOKA 在全球範圍內取得的持續發展勢頭感到自豪，我們建立品牌知名度和推動高全價銷售的努力繼續取得成果，並為今年的強勁收尾奠定了基礎，創下了另一個創紀錄的季度業績。

Now moving to our discussion of consolidated channel performance. During the third quarter, performance remained strong across both DTC and wholesale. However, in line with our strategic objectives, DTC remained the fastest-growing channel increasing 23% versus last year to represent a record 55% of the quarter's revenue, up from 52% in the prior year. DTC's success continues to be broad-based across brands with HOKA and UGG DTC increasing 38% and 20%, respectively. Regions with international and domestic DTC increasing 40% and 16%, respectively, and consumers with acquired and retained increasing 13% and 16%, respectively, across all brands.

現在我們開始討論整合通路績效。第三季度，DTC 和批發業務的業績依然強勁。然而，根據我們的策略目標，DTC 仍然是成長最快的管道，與去年相比成長了 23%，佔本季營收的創紀錄的 55%，高於去年的 52%。 DTC 的成功持續遍及各個品牌，HOKA 和 UGG DTC 分別成長了 38% 和 20%。所有品牌中，國際和國內 DTC 分別成長 40% 和 16% 的地區，獲得和保留的消費者分別成長 13% 和 16%。

In addition, as discussed, we are also experiencing strong engagement with our brands, both online and in-store, reflecting the quality of our omnichannel operations and ability to provide a consistent consumer experience. Furthering the success of DTC, we continue to see a double-digit increase in the average selling price through the third quarter, driven by a greater mix of HOKA, which carries the highest ASP in the portfolio. Higher UGG full-price selling, including benefits from select price increases, and favorable foreign currency exchange rates. With respect to consolidated wholesale performance, third quarter revenue increased 9% versus last year, with domestic HOKA and UGG contributing the majority of the incremental dollar volume.

此外，正如所討論的，我們還與我們的品牌在線上和店內進行了密切的互動，這反映了我們全通路營運的品質以及提供一致消費者體驗的能力。進一步推動 DTC 的成功，我們預計第三季平均售價將繼續實現兩位數成長，這得益於 HOKA 組合的擴大（該產品組合中的平均售價最高）。較高的 UGG 全價銷售，包括特定價格上漲的好處以及有利的外幣匯率。就綜合批發業績而言，第三季營收較去年成長 9%，其中國內 HOKA 和 UGG 貢獻了大部分增量銷售額。

We are very pleased with this strong wholesale result, especially considering the tight marketplace management we have been focused on executing during this fiscal year. As a result of these efforts, our brands drove high levels of full price sell-through, entering calendar 2024 with lean channel inventories that have created opportunities for market share gains going forward.

我們對這一強勁的批發業績感到非常滿意，特別是考慮到我們在本財年致力於執行的嚴格市場管理。由於這些努力，我們的品牌推動了高水準的全價銷售，進入 2024 年，通路庫存精益化，為未來增加市場份額創造了機會。

Thanks, everyone. And now I'll hand the call over to Steve to provide more specifics on third quarter performance and an update to our fiscal year 2024 guidance.

感謝大家。現在我將把電話轉給 Steve，以提供有關第三季度業績的更多細節以及我們 2024 財年指導的更新。

Thanks, Dave, and good afternoon, everyone. Our third quarter performance exceeded expectations and demonstrated the continued strength of our brands. As Dave mentioned, UGG delivered strong growth in the quarter at exceptional brand heat continued to capture consumers globally, and we were able to meet incremental demand through our DTC channel in the quarter with expedited shipments of the brand's most popular styles. HOKA drove another quarter of solid growth, led by the DTC channel as we continue to diligently manage the wholesale marketplace, all while driving high levels of full price sell-through. These results are a testament to the exceptional demand for our brands as our compelling and innovative product offerings continue to resonate with consumers globally during the holiday season and well beyond, helping drive phenomenal performance.

謝謝戴夫，大家下午好。我們第三季的業績超出預期，證明了我們品牌的持續實力。正如 Dave 所提到的，UGG 在本季度實現了強勁增長，因為卓越的品牌熱度繼續吸引全球消費者，我們能夠透過本季度的 DTC 管道滿足增量需求，並加快該品牌最受歡迎款式的發貨。在 DTC 通路的帶動下，HOKA 又實現了一個季度的穩健成長，我們繼續努力管理批發市場，同時推動高水準的全價銷售。這些結果證明了對我們品牌的特殊需求，因為我們引人注目的創新產品在節日期間及以後繼續與全球消費者產生共鳴，幫助推動了非凡的業績。

Our disciplined operating approach and robust financial profile have continued to enable our brands and company to execute a strategy that delivers strong results while keeping us positioned to achieve our commitment to driving success over the long term.

我們嚴謹的營運方式和穩健的財務狀況繼續使我們的品牌和公司能夠執行能夠帶來強勁成果的策略，同時使我們能夠實現推動長期成功的承諾。

Now let's get to the specifics of the third quarter financial performance. Third quarter fiscal 2024 revenue was $1.56 billion, representing an increase of 16% versus prior year. On a constant currency basis, revenue grew 15% versus last year. Growth in the quarter was primarily driven by broad-based UGG growth across regions and channels, delivering $1.07 billion of revenue with global DTC increasing 20% as brand heat remains robust with all DTC regions exhibiting a double-digit percentage growth in the period, and continued strong demand across the HOKA ecosystem of access points with particular strength in the DTC channel, which increased 38% versus last year, contributing to the brand's total revenue of $429 million in the quarter. Notably, HOKA's DTC performance for the quarter was aided by global increases in consumer acquisition, which was up 31% versus last year and consumer retention, which was up 35% versus last year.

現在讓我們來了解一下第三季財務業績的具體情況。 2024 財年第三季營收為 15.6 億美元，較上年成長 16%。以固定匯率計算，營收比去年成長 15%。本季的成長主要得益於 UGG 跨地區和通路的廣泛成長，營收達 10.7 億美元，全球 DTC 成長了 20%，品牌熱度依然強勁，所有 DTC 地區在此期間均呈現兩位數百分比成長， HOKA接入點生態系統的需求持續強勁，其中DTC 通路的需求尤其強勁，與去年相比增長了38%，為本季該品牌的總收入貢獻了4.29 億美元。值得注意的是，HOKA 本季的 DTC 業績得益於全球消費者獲取量的成長（比去年增長 31%）和消費者保留率（比去年增長 35%）。

Additionally, I would note that this quarter's revenue growth was aided by a higher percentage of full-price selling as well as the UGG brand select price increases, both of which contributed to dollar growth outpacing unit growth. While we will always manage our brands with the intent to deliver high levels of full price selling, the level we experienced this year, particularly for UGG and its peak season is one we don't expect will always repeat. This dynamic, combined with a larger-than-expected impact from price increases due to the strength of performance from affected styles is part of the catalyst for our increased full year expectations for UGG growth.

此外，我要指出的是，本季的營收成長得益於全價銷售比例的提高以及 UGG 品牌精選價格的上漲，這兩者都推動了美元成長超過單位成長。雖然我們將始終以提供高水準全價銷售為目標來管理我們的品牌，但我們今年所經歷的水平，尤其是 UGG 及其旺季，我們預計不會永遠重複。這種動態，再加上受影響款式的表現強勁而導致價格上漲的影響超出預期，是我們提高全年 UGG 成長預期的催化劑之一。

Gross margins for the quarter was 58.7%, which was up 580 basis points from last year's 53%. As compared to last year, gross margin in the quarter benefited from higher mix of UGG full price selling, freight savings, select pricing action and favorable brand and product mix, favorable channel mix with DTC continuing to grow faster than wholesale, and favorable foreign currency exchange rates.

該季度毛利率為 58.7%，比去年的 53% 上升 580 個基點。與去年相比，本季度的毛利率受益於UGG 全價銷售、運費節省、精選定價行動以及有利的品牌和產品組合、有利的渠道組合（DTC 的增長速度繼續快於批發）以及有利的外匯的更高組合匯率。

While we are exceptionally proud of these remarkable results, we remain mindful that the outsized margin expansion seen this quarter is above normalized levels and it's not something we anticipate will repeat to the same degree. While we do see opportunities to continue to deliver top-tier profitability through our key strategies, items that we anticipate may not repeat in a normalized environment include the extremely low levels of promotional activity achieved for our two major brands, considerable benefits from UGG pricing actions, and very low freight costs that are now on the rise as well as other potential macroeconomic factors such as foreign currency exchange rate fluctuations.

雖然我們對這些顯著的業績感到非常自豪，但我們仍然要注意，本季的利潤率大幅擴張高於正常水平，而且我們預計不會出現同樣程度的情況。雖然我們確實看到了透過我們的關鍵策略繼續提供頂級盈利能力的機會，但我們預計在正常化環境中可能不會重複的項目包括我們兩個主要品牌實現的促銷活動水平極低、UGG 定價行動帶來的可觀收益，以及目前正在上升的非常低的運費以及其他潛在的宏觀經濟因素，例如外幣匯率波動。

SG&A dollar spend in the third quarter was $429 million, up 23% versus last year's $350 million. As a percent of revenue, SG&A was 150 basis points higher than last year, primarily due to investment in talent to support key functions within our growing organization and higher marketing spend. Our tax rate was 21.9%, which is lower than last year's 23.7%. These results, combined with favorable interest income relative to last year and a lower share count drove record diluted earnings per share of $15.11 which compares to last year's $10.48 diluted earnings per share, representing EPS growth of 44%.

第三季的銷售、管理及行政費用支出為 4.29 億美元，比去年的 3.5 億美元成長 23%。 SG&A 佔營收的百分比比去年高出 150 個基點，這主要是由於為支持我們不斷發展的組織內的關鍵職能而進行的人才投資以及更高的行銷支出。我們的稅率是21.9%，低於去年的23.7%。這些業績，加上相對於去年有利的利息收入和較少的股票數量，推動稀釋後每股收益達到創紀錄的15.11 美元，而去年的稀釋後每股收益為10.48 美元，每股收益增長了44 %。

Turning to our balance sheet. At December 31, 2023, we ended this fiscal third quarter with $1.65 billion of cash and equivalents. Inventory was $539 million, down 25% versus the same point in time last year. And during the period, we had no outstanding borrowings.

轉向我們的資產負債表。截至 2023 年 12 月 31 日，我們在第三財季結束時擁有 16.5 億美元的現金及等價物。庫存為 5.39 億美元，比去年同期下降 25%。在此期間，我們沒有未償還的借款。

On inventory specifically, I'd note that with the strong levels of selling that we have seen this year, we are now below normal operating levels for the current size of our organization. And heading into next year, we expect to see incremental inventory investment to keep up with growth. Today's inventory position reflects the upside that has already been captured in the quarter just completed, which could have a small impact on sales in the fourth quarter.

特別是在庫存方面，我要指出的是，由於今年我們看到的強勁銷售水平，我們現在低於我們組織當前規模的正常營運水平。進入明年，我們預計庫存投資將會增加，以跟上成長的步伐。今天的庫存狀況反映了剛完成的季度已經實現的上升趨勢，這可能對第四季度的銷售產生較小的影響。

During the third quarter, we repurchased approximately $100 million worth of shares at an average price of $507.95. As of December 31, 2023, the company had approximately $1.05 billion remaining authorized for share repurchase.

第三季度，我們以平均價格 507.95 美元回購了價值約 1 億美元的股票。截至 2023 年 12 月 31 日，該公司仍有約 10.5 億美元的股票回購授權。

Now moving into our updated guidance for fiscal year 2024. Based on the strong demand experienced in the third quarter, we are increasing our full year revenue guidance to be approximately $4.15 billion, up from our previous guidance of approximately $4.025 billion. This increase now equates to full year growth expectations of approximately 14% versus last year.

現在進入我們更新的 2024 財年指引。基於第三季的強勁需求，我們將全年營收指引從先前約 40.25 億美元的指引上調至約 41.5 億美元。目前這一增長相當於全年增長預期較去年增長約 14%。

From a brand perspective, we now expect UGG revenue growth of low double digits up from our prior expectation of mid-single digits. This full year increase is the result of the strong DTC demand that we experienced and fulfilled in the third quarter. Full year HOKA revenue growth of approximately 25%, with strong third quarter sell-through driving wholesale refill upside in the fourth quarter, reflecting our disciplined marketplace management.

從品牌角度來看，我們現在預期 UGG 營收成長將達到低兩位數，高於我們先前中個位數的預期。全年的成長是我們在第三季經歷並滿足的強勁 DTC 需求的結果。 HOKA 全年營收成長約 25%，第三季強勁的銷售量推動第四季度批發補充裝的成長，這反映了我們嚴格的市場管理。

In addition to our fiscal year 2024 updated revenue outlook, gross margin is now expected to be approximately 54.5%. As UGG experienced high levels of full price selling, including key styles contributing incremental margin from price increases as brand heat continued to drive strong demand. SG&A as a percentage of sales is now expected to be approximately 34.5% as we have identified areas to accelerate spend in Q4 with revenue growth exceeding expectations for fiscal year 2024.

除了我們更新的 2024 財年營收展望外，目前預計毛利率約為 54.5%。 UGG 經歷了高水準的全價銷售，其中包括關鍵款式，隨著品牌熱度繼續推動強勁需求，價格上漲帶來了增量利潤。 SG&A 佔銷售額的百分比目前預計約為 34.5%，因為我們已經確定了第四季度加速支出的領域，收入成長超出了 2024 財年的預期。

We believe this additional spend, part of which represents top-of-funnel marketing opportunities, gives our brands the opportunity to defend their current positions of strength, setting the foundation for the future. Additionally, I would note that some of the third and fourth quarter spending timing dynamics related to unrealized FX gains recorded in Q3 that we expect will be offset in Q4 as rates have recently moved in the opposite direction.

我們相信，這筆額外支出（其中一部分代表了漏斗頂部的行銷機會）使我們的品牌有機會捍衛其當前的優勢地位，為未來奠定基礎。此外，我要指出的是，第三季和第四季的一些支出時機動態與第三季記錄的未實現外匯收益有關，我們預計這些收益將在第四季度被抵消，因為利率最近向相反方向移動。

With these updates, we are increasing our operating margin for the year and now expect it to be approximately 20%, reflecting the improvement in gross margin experienced. Our effective tax rate is now projected to be approximately 22%. And finally, with these updates, we are increasing our diluted earnings per share expectations to now be in the range of $26.25 to $26.50.

透過這些更新，我們正在提高今年的營業利潤率，目前預計約為 20%，反映了毛利率的改善。我們的有效稅率目前預計約為 22%。最後，透過這些更新，我們將攤薄每股收益預期提高至 26.25 美元至 26.50 美元。

Please note, this guidance excludes any charges that may be considered onetime in nature and does not contemplate any impact from additional share repurchases. Additionally, our guidance assumes no meaningful deterioration of current risks and uncertainties, which include, but are not limited to, changes in consumer confidence and recessionary pressures, inflationary pressures, geopolitical tensions, supply chain disruptions and fluctuations in foreign currency exchange rate. This guidance update represents a $3.25 increase on the prior top end of our diluted earnings per share guidance range.

請注意，本指南不包括任何可能被視為一次性的費用，並且不考慮額外股票回購的任何影響。此外，我們的指引假設當前風險和不確定性不會顯著惡化，其中包括但不限於消費者信心變化和衰退壓力、通膨壓力、地緣政治緊張局勢、供應鏈中斷和外幣匯率波動。此次指導更新意味著我們稀釋後每股收益指引範圍的上限值增加了 3.25 美元。

Based on the success that we've seen this year with strong sell-through and high levels of full price selling, there are a few business dynamics related to the fourth quarter that we would like to highlight, including U.S. wholesale shipments that went out at the tail end of the third quarter of this year that have historically occurred in the fourth quarter. Meaningful revenue from UGG closeouts last year that will not repeat this year and low levels of inventory on key styles that have been driving the business this fiscal year.

基於今年我們所看到的強勁銷售和高水平全價銷售所取得的成功，我們想強調一些與第四季度相關的業務動態，包括美國批發出貨量今年第三季末，歷史上發生在第第四季的情況。去年 UGG 清倉帶來的可觀收入今年不會重演，而且主要款式的庫存水準較低，這一直推動本財年的業務發展。

We, of course, still expect to deliver a strong fourth quarter that is now projected to round out Decker's fourth consecutive year of at least mid-teens top line revenue growth, while also consistently delivering exceptional high levels of operating profitability. We would note that some of the benefit to our operating profitability we're seeing are outsized and may not repeat in future years, but we remain dedicated to delivering operating profitability in the top tier among our peer group even as we continue to invest in our organization to enable future growth.

當然，我們仍然期望第四季度業績強勁，目前預計 Decker 將連續第四年實現至少中位數的營收成長，同時持續實現異常高水準的營運獲利能力。我們要指出的是，我們所看到的營運盈利能力的一些好處是巨大的，並且在未來幾年可能不會重複，但我們仍然致力於在同行中實現頂級的運營盈利能力，即使我們繼續投資於我們的業務組織以實現未來的成長。

As we've said in the past, if revenue growth comes faster than our ability to keep pace with investments, some of the related profit expansion may flow through to the bottom line near term. However, we continue to recognize the importance of funding our strategic initiatives moving into next year and maintain a focus on the long-term vision for our brands. We will continue to be disciplined in our approach as we enter our final fiscal quarter and begin planning for next fiscal year.

正如我們過去所說，如果收入成長速度快於我們跟上投資步伐的能力，一些相關的利潤擴張可能會在短期內轉化為利潤。然而，我們仍然認識到為明年的策略舉措提供資金的重要性，並繼續關注我們品牌的長期願景。當我們進入最後一個財政年度並開始規劃下一個財政年度時，我們將繼續嚴格執行我們的方法。

Our largest brands are 2 of the healthiest and most in demand in our industry. With a robust balance sheet and our diligent operating approach, we are well positioned to drive future success and look forward to providing more details on our year-end call.

我們最大的品牌是我們行業中最健康、最受歡迎的兩個品牌。憑藉穩健的資產負債表和勤奮的運作方式，我們有能力推動未來的成功，並期待在年終電話會議上提供更多詳細資訊。

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

感謝大家。現在我將把電話轉給戴夫，讓他作最後的演講。

Thanks, Steve. We are extremely proud of our brand's year-to-date performance, which have produced record revenue and earnings results. As we look beyond fiscal year 2024, I believe we have an incredibly strong innovation pipeline for the UGG and HOKA brands, giving us further confidence in our ability to build upon this year's exceptional growth.

謝謝，史蒂夫。我們對我們品牌今年迄今為止的表現感到非常自豪，它創造了創紀錄的收入和盈利結果。展望 2024 財年之後，我相信我們擁有極其強大的 UGG 和 HOKA 品牌創新管道，這讓我們對自己在今年的卓越增長基礎上再接再厲的能力更加充滿信心。

Thinking into the next few years, we believe HOKA remains our primary growth vehicle with considerable opportunity for both region and category expansion as awareness of the brand's innovative performance product increases further, and continue to position UGG for growth through the development of category hybrids that celebrate heritage brand codes to resonate with target consumers across global markets.

展望未來幾年，我們相信HOKA 仍然是我們的主要成長工具，隨著對該品牌創新性能產品的認識進一步提高，該品牌在區域和品類擴張方面將擁有相當大的機會，並繼續透過開發品類混合產品來推動UGG 的成長。傳統品牌代碼與全球市場的目標消費者產生共鳴。

Decker's strategic focus on marketplace management, omnichannel strategy and flexible operating model continues to be the driving force behind our sustained success. We remain focused on executing against our long-term objectives while continuing to deliver high levels of profitability and driving shareholder value.

Decker 對市場管理、全通路策略和靈活營運模式的策略重點仍然是我們持續成功的驅動力。我們仍然專注於執行我們的長期目標，同時繼續提供高水準的獲利能力並推動股東價值。

Additionally, I'd like to recognize and thank all of our employees across the organization for their consistent and dedicated focus to driving results aligned with our long-term strategic vision. Our employees continue to go above and beyond while upholding Decker's values.

此外，我還要表揚並感謝整個組織的所有員工，他們始終如一地專注於推動符合我們長期策略願景的成果。我們的員工在秉承 Decker 價值觀的同時不斷超越。

Before we turn to Q&A, I want to give Stefano a moment to say a few words. Stefano?

在我們開始問答之前，我想給斯特凡諾一點時間說幾句話。斯特凡諾？

Dave, thank you for the kind introduction, and good afternoon, everyone. It is a privilege to have been named Deckers next CEO. During my tenure here, I have had the chance to grow with Deckers, as we've made significant strides building beautiful and innovative brands that resonate with consumers around the world.

戴夫，謝謝您的熱情介紹，大家下午好。被任命為德克斯下一任執行長是一種榮幸。在我任職期間，我有機會與 Deckers 一起成長，因為我們在打造與世界各地消費者產生共鳴的美麗和創新品牌方面取得了重大進展。

I understand and appreciate the immense efforts it has taken to get us where we are today, and I'm passionate about our people, our organization, and the continuation of our collective success. I believe Deckers is well positioned to continue cutting through a highly competitive marketplace and take advantage of the many opportunities ahead with the support of our dedicated management team and all the good people at Deckers. Over the next 6 months, I look forward to working with Dave, who has become a great mentor, colleague and friend to continue executing on our strategy and ensure a smooth transition.

我理解並感謝我們為取得今天的成就所付出的巨大努力，我對我們的員工、我們的組織以及我們集體成功的延續充滿熱情。我相信，在我們敬業的管理團隊和德克斯所有優秀員工的支持下，德克斯有能力繼續在競爭激烈的市場中脫穎而出，並充分利用未來的眾多機會。在接下來的 6 個月裡，我期待與 Dave 合作，繼續執行我們的策略並確保平穩過渡，Dave 已成為我的良師益友、同事和朋友。

Thanks, Dave. Back to you.

謝謝，戴夫。回到你身邊。

Thanks, Stefano, and thank you, everyone, for joining us on the call today. We look forward to sharing more next quarter as we continue to build towards Decker's exciting future.

謝謝斯特凡諾，也謝謝大家今天加入我們的電話會議。我們期待在下個季度分享更多信息，繼續建立 Decker 令人興奮的未來。

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) Your first question comes from the line of Tom Nikic from Wedbush Securities.

（操作員說明）您的第一個問題來自 Wedbush Securities 的 Tom Nikic。

Dave, congratulations on a great run. and Stefano looking forward to working with you.

戴夫，祝賀你跑得很好。 Stefano 期待與您合作。

So, look, on HOKA, so it kind of sounds like you're embedding a little bit of a reacceleration, I guess, specifically in the wholesale channel in the fourth quarter. Is that just inventory levels being really lean? Is it sell-in of the new products? Is it door expansion with DICK's and Foot Locker, if I could just kind of unpack how to think about the drivers of HOKA wholesale, that would be greatly appreciated?

所以，看，在 HOKA 上，我想，聽起來好像你正在嵌入一點點重新加速，特別是在第四季度的批發管道中。這只是庫存水準真的很低嗎？是新產品的銷售嗎？是用 DICK's 和 Foot Locker 進行門擴展嗎？如果我能解開如何思考 HOKA 批發的驅動程序，那將不勝感激？

Yes, very happy to answer that question. And first of all, I apologize, my voice is a little rough. Fighting with cold at the moment.

是的，很高興回答這個問題。首先，我很抱歉，我的聲音有點沙啞。此刻正與寒冷奮戰。

But yes, HOKA, we had a great quarter for HOKA Q3, as you're hoping the results right on plan, right on strategy. The teams continue to execute at a level globally. And Q4, it's a combination of things. There's a lot of refill orders that will be going into wholesale fulfilling that demand. and getting back in stock as we head into spring. And then as we mentioned before, we have some really exciting new product launches that are coming out in Q4 as well as planned.

但是，是的，HOKA，我們在 HOKA 第三季度度過了一個很棒的季度，因為您希望結果符合計劃、符合策略。這些團隊繼續在全球範圍內執行。第四季度，這是多種因素的結合。有大量的補充訂單將進入批發市場以滿足這一需求。當我們進入春天時，我們就會恢復庫存。正如我們之前提到的，我們計劃在第四季度推出一些非常令人興奮的新產品。

So continue to be in a very strong momentum. Executing on the strategy. Q4 is looking solid for us. No new doors at the end of the year, no net new doors. We'll continue to evaluate that based on how the market performs and how HOKA sells through. And we're very pleased and optimistic about this quarter ahead.

因此，繼續保持非常強勁的勢頭。執行戰略。第四季對我們來說看起來很穩健。年底沒有新門，也沒有淨新門。我們將繼續根據市場表現和 HOKA 的銷售情況來評估這一點。我們對未來這個季度感到非常高興和樂觀。

Sounds good. And just if I could follow up also just one on UGG. Obviously, you've had a couple of great holiday seasons in a row. What do you do for noncore next year?

聽起來不錯。如果我能跟進一下 UGG 的情況就好了。顯然，您已經連續度過了幾個愉快的假期。明年你會為非核心做什麼？

Yes. Well, it's a good question, right? I mean our history has been a little bit volatile. But listen, I think this is a new era for UGG. We have an incredible new leadership team. The innovation pipeline is resonating incredibly well with our global consumers. We're expanding categories beyond our core icon styles and the momentum is real. This is the most exciting quarter I've ever seen for UGG with regard to global brand heat, global sell-through, every region, every channel is performing well with the UGG-brand right now.

是的。嗯，這是個好問題，對吧？我的意思是我們的歷史有點不穩定。但聽著，我認為這是 UGG 的新時代。我們擁有一支令人難以置信的新領導團隊。創新管道與我們的全球消費者產生了令人難以置信的共鳴。我們正在將類別擴展到核心圖示樣式之外，並且勢頭是真實的。這是我所見過的最令人興奮的 UGG 季度，無論是全球品牌熱度、全球銷量，還是每個地區、每個管道，UGG 品牌目前都表現良好。

And we were light on inventory. We have an incredible quarter of growth, but there's still opportunity. And we're going into this coming fall with a position of real strength with healthy inventory levels, clean marketplace. We had some price increases that didn't slow us down. And we still think there's a lot of demand out there to be had. Across the women's, especially a lot of the icons that we were successful in this year.

而且我們的庫存很少。我們的季度成長令人難以置信，但仍然存在機會。我們將在即將到來的秋季，憑藉健康的庫存水準和清潔的市場，佔據真正的優勢地位。我們的價格上漲了一些，但這並沒有讓我們放慢腳步。我們仍然認為存在大量需求。在女裝方面，尤其是我們今年成功的許多偶像。

But with some new introductions like the Lowmel, the Weather Hybrids in men's, we think there's a lot of upside still for this brand. And, we're going to stay the course and manage this marketplace incredibly tight as we have been and prioritize DTC and that formula continues to pay off major dividends for us.

但隨著 Lowmel、男裝 Weather Hybrid 等新產品的推出，我們認為品牌仍有很大的上升空間。而且，我們將堅持到底，像以前一樣嚴格管理這個市場，並優先考慮 DTC，這個公式將繼續為我們帶來主要紅利。

Yes, Tom. And just to add to that, this is Steve. I think the, as we look at the success that we had in Q3, this is where our marketplace management works. We are containing that wholesale channel. We're lowing the, some of the demand over to our DTC channel. And this is really where you're seeing the power of that work. You see it with the gross margin expansion, and so that's a model that we're going to continue to reinforce next year. And we know we're leaving demand on the table. And that's by design. So we continue to build (inaudible) with these brands by controlling that marketplace distribution flowing some of that excess over into DTC and leaving some demand on the table.

是的，湯姆。補充一下，這是史蒂夫。我認為，當我們看到第三季的成功時，這就是我們的市場管理的作用。我們正在遏制該批發管道。我們正在降低對 DTC 管道的部分需求。這確實是你看到這項工作的力量的地方。你可以從毛利率的擴張中看到這一點，所以這是我們明年將繼續強化的模式。我們知道我們正在把需求留在桌面上。這是設計使然。因此，我們透過控制市場分銷，將部分過剩資金流入 DTC 並留下一些需求，繼續與這些品牌建立（聽不清楚）。

And your next question comes from the line of Laurent Vasilescu from BNP Paribas.

您的下一個問題來自法國巴黎銀行的 Laurent Vasilescu。

Dave, I wanted to wish you the best for your future endeavors. You will be missed by many. And Stefano, it's great to have you on the call.

戴夫，我祝福你未來一切順利。很多人都會想念你的。斯特凡諾，很高興您能來電。

I wanted to just follow up -- I wanted to follow up, Dave, on some of the -- there are some targets out there long term. There's that $5 billion to $6 billion target, 50% DTC mix. Is there anything that changes over the long term on these targets that maybe you want to update?

我想跟進——戴夫，我想跟進一些——有一些長期目標。目標是 50 億至 60 億美元，50% DTC 組合。從長遠來看，這些目標是否有任何您想要更新的變化？

And then could you maybe also provide, Steve, I think you maybe kind of alluded to, sometimes you'll overearn with that 20% EBIT margin for fiscal year '24. Is there a right like resting heart rate for EBIT margin for this business long term?

Steve，我想你可能提到過，有時你會在 24 財年獲得 20% 的息稅前利潤率，從而獲得超額收益。從長遠來看，該業務的息稅前利潤率是否有像靜止心率這樣的權利？

Yes, Laurent. Good question. So with regards to long-term strategy, I think it's important to stress, it's particularly (inaudible) coming up that we are still focused on what we've talked about before. So Stefano and I are sitting here saying, hey, there's a major change that needs to happen. It's more about continuing the momentum that quite frankly, Stefano and his team have helped create.

是的，洛朗。好問題。因此，關於長期策略，我認為有必要強調，特別是（聽不清楚）我們仍然專注於我們之前討論過的內容。所以斯特凡諾和我坐在這裡說，嘿，需要一個重大改變。坦白說，更重要的是繼續保持斯特凡諾和他的團隊幫助創造的勢頭。

So the targets that we spoke about before, those are ranges that we've talked about. We think there's potential to get there. It's not a hard target. But the strategy is in place. We have -- the way we're managing the marketplace and the way they're presenting these brands in the market to our consumers, where we're connecting with our consumers, just gives us more confidence especially coming out of a quarter like this, that those targets are achievable. And I think this, the quarterly results represented great examples of how we're migrating closer to DTC and more business through DTC and then building more heat for these brands over time.

因此，我們之前談到的目標是我們討論過的範圍。我們認為有潛力實現這一目標。這不是一個硬目標。但策略已經到位。我們管理市場的方式以及他們在市場上向我們的消費者展示這些品牌的方式，我們與消費者建立聯繫的方式，讓我們更有信心，尤其是在這樣的季度之後，這些目標是可以實現的。我認為，季度業績代表了我們如何向 DTC 靠攏以及透過 DTC 開展更多業務，然後隨著時間的推移為這些品牌打造更多熱度的絕佳範例。

So as we get more consumers into the fold, that will continue, and we remain incredibly excited about the opportunity for HOKA, but also for UGG at the same time. So stay the course, lots to get after still, particularly with the strength of the international markets coming on now, and we're confident we can get there.

因此，隨著我們吸引更多消費者加入，這種情況將會持續下去，我們對 HOKA 和 UGG 的機會仍然感到非常興奮。因此，堅持到底，還有很多事情要做，特別是隨著國際市場的強勁發展，我們有信心實現這一目標。

Yes. then, Laurent, on the operating margin. And we have talked about this before on prior calls. The way we look at the business is kind of a high-teen margin business. And as I've said in the past is when we have an opportunity, when the business runs so well and delivers margins above that like we've seen in Q3, we will let some of that margin run through. We're not out just to spend money for the sake of spending money, we carefully watch where we're placing our investments. And when we see the opportunities to invest, we will take that. And that's the way we approach kind of every year.

是的。然後，勞倫特談到營業利潤率。我們之前在之前的電話會議中已經討論過這一點。我們看待這項業務的方式是一種高利潤業務。正如我過去所說，當我們有機會時，當業務運作良好且利潤率高於我們在第三季所看到的水平時，我們將讓部分利潤流轉。我們不會為了花錢而花錢，我們會仔細觀察我們的投資方向。當我們看到投資機​​會時，我們就會抓住它。這就是我們每年採取的方式。

In a given year, where we're seeing such strong full price selling like we did this year, where our brands and products are in such demand is a perfect case where we can flow through some of that. You've seen that in prior years. But at the same time, as we've indicated in our full year outlook, where we've raised it, we're also looking at where we can continue to invest in our brands because we know the competition is stepping up as well.

在某一年，我們看到像今年一樣強勁的全價銷售，我們的品牌和產品有如此大的需求，這是我們可以進行其中一些的完美案例。你在前幾年已經看到過這一點。但同時，正如我們在全年展望中所指出的那樣，我們也在尋找可以繼續投資我們品牌的地方，因為我們知道競爭也在加劇。

So this provides us an opportunity that when we are performing well, we'll pass through some of that. But at the same time, we're looking at the long-term health of the business, and we'll make the right investments to continue to drive this business forward in the long run. So that's our approach. That's not going to change is working for us, and you can kind of see how that's driving these types of results.

所以這為我們提供了一個機會，當我們表現良好時，我們會經歷一些困難。但同時，我們正在著眼於業務的長期健康發展，我們將進行正確的投資，以繼續推動該業務的長期發展。這就是我們的方法。這對我們來說不會改變，你可以看到這是如何推動這些類型的結果的。

Very clear. And as a follow-up question on the UGG business. Steve, I think you alluded to some timing shifts between 3Q and 4Q. Maybe for the audience, could you quantify that number?

非常清楚。並作為關於UGG業務的後續問題。史蒂夫，我認為您提到了第三季和第四季之間的一些時間變化。或許對觀眾來說，你能量化一下這個數字嗎？

And then going back to Tom's question about next year's noncore, Dave, Steve, Stefano, we are getting that question from investors like, oh, just 15% UGG growth for this year, for this quarter, it's just, it's going to be that much harder. I know you're not prepared to guide for next year, but, any indication on the order book for next fall would be very helpful?

然後回到湯姆關於明年非核心的問題，戴夫、史蒂夫、斯特凡諾，我們從投資者那裡得到了這樣的問題，哦，今年、本季度的UGG 增長只有15%，只是，這將是更難。我知道您不准備為明年提供指導，但是，明年秋天的訂單簿上的任何指示都會非常有幫助嗎？

Yes. So I'll start Laurent. In terms of some of the shifts, what I mentioned in the prepared remarks is, yes, we are seeing where some of the overperformance of Q3 because, again, as you know, we haven't guided orders. Where we did see some earlier wholesale deliveries in Q3 that's slightly impacting our Q4. In terms of our full year, we have raised our full year and that's really a reflection of the strength that we've seen in Q3, because we haven't given quarterly guidance, I know everybody's model is maybe a little bit different. And so it's hard to say specifically kind of how you're looking at it. The way we've looked at it is some of the business that we thought may happen in Q4 did come at us in Q3 as the sell-through was very strong. And so we took advantage of that, and we were able to kind of [shifts] on that front.

是的。那我就從洛朗開始吧。就一些轉變而言，我在準備好的發言中提到的是，是的，我們看到了第三季的一些超額表現，因為，正如你所知，我們沒有指導訂單。我們確實在第三季度看到了一些較早的批發交付，這對我們的第四季度產生了輕微影響。就全年而言，我們提高了全年業績，這確實反映了我們在第三季度看到的實力，因為我們沒有給出季度指導，我知道每個人的模型可能有點不同。所以很難具體地說出你是如何看待它的。我們看待它的方式是，我們認為可能在第四季度發生的一些業務確實在第三季度出現在我們身上，因為銷售量非常強勁。所以我們利用了這一點，並且我們能夠在這方面做出一些[轉變]。

Generally speaking, what you're seeing is, the business has performed better than what we expected. We have flowed that through on our full year lift. And we're seeing Q4 kind of as we've seen it with a little bit of timing. But overall, I think the takeaway is incredible performance in Q3. We flowed that through. We've lifted our full year business is incredibly strong and demand for our brands in there.

一般來說，您看到的是，業務表現比我們預期的要好。我們在全年的提升中已經做到了這一點。我們看到的第四季度有點像我們看到的那樣，但有一點時機。但總的來說，我認為第三季的表現令人難以置信。我們把它貫穿了。我們全年的業務非常強勁，對我們品牌的需求也非常強勁。

Yes. And with regards to coming up into year fall of '24 we're confident. We see UGG now as a growth brand within the portfolio. Will it be double digit, 15% like we just experienced. We will be planning for that, but we still think there's growth to be had. And I think it's important to remind folks that UGG is in a very different position than it has been in the past. And I talked about this in the last call. We used to sell primarily classics, classic short, classic call, different colors, iterations, and a few slippers, to go with that. And the distribution was pretty similar across the marketplace.

是的。對於即將到來的 24 年秋季，我們充滿信心。我們現在將 UGG 視為產品組合中的成長品牌。會不會是兩位數，像我們剛剛經歷的那樣，15%。我們會為此做好計劃，但我們仍然認為還有成長空間。我認為有必要提醒人們，UGG 的處境與過去截然不同。我在上次通話中談到了這一點。我們過去主要銷售經典款、經典短款、經典款、不同顏色、迭代款和一些與之相配的拖鞋。整個市場的分佈非常相似。

UGG is much more diversified now. We're selling boots. We're selling slippers, we're selling new hybrid innovations, and we're starting to sell our versions of sneakers. And at the younger consumer, it's a more diverse consumer, we have segmentation in the marketplace globally. We have a lot of untapped potential in the international markets, and we're going to continue to play this through with the strength of our product innovation pipeline and the strength of our marketing teams to continue to drive this as a growth brand for years to come.

UGG 現在更加多元化。我們是賣靴子的我們正在銷售拖鞋，我們正在銷售新的混合創新產品，並且我們開始銷售我們的運動鞋版本。對於年輕消費者來說，這是一個更加多樣化的消費者，我們在全球市場上進行了細分。我們在國際市場上有很多未開發的潛力，我們將繼續憑藉我們產品創新管道的實力和行銷團隊的實力來發揮這一潛力，多年來繼續推動這個成長品牌。

And your next question comes from the line of Jay Sole from UBS.

您的下一個問題來自瑞銀集團 (UBS) 的傑伊·索爾 (Jay Sole)。

Dave, I wanted to follow up on some of those comments you made about UGG. How much more diversified the product line is today? Can you give us a sense of in the third quarter, what percentage of the business was boots kind of the Classic II and sort of the derivatives of that versus sort of the newer stuff, Neumel, and some of the new version of sneakers and some things that's really kind of different over the last couple of years? And if you could sort of compare that to where that was a couple of years ago? That would be helpful.

Dave，我想跟進您對 UGG 的一些評論。現今的產品線更加多樣化了多少？您能給我們介紹一下第三季度的業務情況嗎？Classic II 的靴子及其衍生產品與較新的產品 Neumel 以及一些新版本的運動鞋和一些產品的比例是多少？過去幾年裡發生了什麼真正不同的事情嗎？您是否可以將其與幾年前的情況進行比較？那會有幫助的。

Yes. I don't have the exact specifics on that, but I will say the Core Classics are really just to maintain business at this point. So it's not like we're purposely trying to shrink those. Those are still healthy. We're just managing that category and that product better in the marketplace. But the growth is coming from some of the newness, the Tazz, the Platform Style, the Ultra Mini, and then, like I said, some of the sneaker versions and the hybrid winter programs.

是的。我沒有具體的細節，但我會說核心經典實際上只是為了維持目前的業務。所以我們並不是故意要縮小這些範圍。那些仍然健康。我們只是在市場上更好地管理該類別和該產品。但成長來自於一些新事物，Tazz、Platform Style、Ultra Mini，然後，就像我說的，一些運動鞋版本和混合冬季項目。

And as you noticed, we launched UGGextreme, which is our first serious foray into more performance products. So, this is a brand that has really broad shoulders. I've always said that. And I think now we're seeing, once we get the right design DNA into these categories that are really innovative and distinct there's really nothing like this product in the marketplace. We have a lot of runway.

正如您所注意到的，我們推出了 UGGextreme，這是我們首次認真涉足更多高性能產品。所以，這是一個肩膀非常寬的品牌。我一直這麼說。我認為現在我們看到，一旦我們將正確的設計 DNA 融入這些真正具有創新性和獨特性的類別中，市場上就真的沒有比這種產品更好的產品了。我們有很多跑道。

And so we're going to continue to innovate, continue to attack these categories with a focused assortment of UGG DNA product and connect with our consumers in a segmented way. And I think there's still tremendous upside there. So last to be confident with the UGG brand. I think this is an indication of the new leadership that Anne has brought to the team and the discipline in the marketplace, as well as our innovation pipeline, and we're optimistic this is going to continue at a healthy pace going forward.

因此，我們將繼續創新，繼續以集中的 UGG DNA 產品品種攻克這些類別，並以細分的方式與我們的消費者建立聯繫。我認為那裡仍然有巨大的上升空間。所以最後要對UGG品牌充滿信心。我認為這表明安妮為團隊帶來了新的領導力、市場紀律以及我們的創新管道，我們樂觀地認為這將繼續以健康的速度向前發展。

Got it. Understood. I'll try to ask it one, a different way. Hopefully, this is okay, but it's just so fast what you've accomplished with UGG. Can you maybe just tell us what, if we just think about the business where it was 5 years ago, mainly boots, what was the total addressable market for that category? And sort of where do you, how would you size the total addressable market for UGG today given the sneakers that you're doing and all the different categories that have emerged.

知道了。明白了。我會嘗試用不同的方式來問它。希望這沒什麼問題，但你用 UGG 完成的事情太快了。您能否告訴我們，如果我們只考慮 5 年前的業務（主要是靴子），那麼該類別的總潛在市場是多少？考慮到你正在做的運動鞋以及已經出現的所有不同類別，你會在哪裡，如何衡量今天 UGG 的整體潛在市場。

I'll let Steve answer that question.

我會讓史蒂夫回答這個問題。

Yes, Jay, it's a good question. Clearly, the addressable market has grown where we were 5 years ago. I think, another way to look at it, and I know what you're trying to kind of get at is, what's the future growth opportunities for UGG, right? I think what we've seen, especially in this last year is how UGG is being adopted for different use cases than it was 5 years ago. And so that total addressable market continues to increase as we are seeing greater adoption around our product.

是的，傑伊，這是個好問題。顯然，目標市場已經比 5 年前有所成長。我想，換個角度來看，我知道你想了解的是，UGG 未來的成長機會是什麼，對吧？我認為我們所看到的，尤其是去年，與 5 年前相比，UGG 被用於不同的用例。因此，隨著我們的產品得到越來越多的採用，總的潛在市場繼續增加。

And so to Dave's point about what we're excited about what we saw in Q3 is we're seeing heritage products resonating consumers. But iterations of that, where we've created newness in categories that consumers are adopting. And so we've also talked about some of the demographic reach. And we're seeing a younger demographic come into the brand with a strong excitement. You've really seen that come through in Q3. It's what's driving some of that DTC performance. .

因此，戴夫指出，我們對第三季看到的情況感到興奮的是，我們看到傳統產品引起了消費者的共鳴。但是，我們在消費者正在採用的類別中創造了新的東西。因此，我們也討論了一些人口影響範圍。我們看到更年輕的人群帶著強烈的興奮進入該品牌。你確實在第三季度看到了這一點。這正是 DTC 效能的推動因素。 。

And then we're seeing it grow internationally. So as you recall, 5 years ago, we talked about how we were going to deliver the progress in North America and then export that success to the international markets. And now what you're seeing is those international markets growing at a faster rate, albeit smaller dollars, but at a faster rate on percentage terms than we're seeing domestic. And that shows you how the consumer is embracing the UGG brand across the globe in different use cases. And through the last couple of years, what we've learned is through some of this casualization, the adoption of UGG, for different use cases. And we're continuing to see that demand grow and that's what gives us excitement about where we can go with this brand.

然後我們看到它在國際上的成長。正如您所記得的那樣，5 年前，我們討論瞭如何在北美取得進展，然後將這種成功出口到國際市場。現在你看到的是，國際市場的成長速度更快，儘管美元規模較小，但以百分比計算，成長速度比我們看到的國內市場更快。這向您展示了全球消費者如何在不同的用例中接受 UGG 品牌。在過去的幾年裡，我們透過這種隨意化、針對不同用例採用 UGG 學到了一些東西。我們不斷看到需求的成長，這讓我們對這個品牌的發展方向感到興奮。

Yes. And the last thing I would say, if you think about this brand 5 years ago, it was a boot brand, and that's, we've had that Sigma attached the UGG brand for quite some time. And I think that those days are in the past. We have products that is resonating in different categories that we never had before. And I'm really excited about the Lowmel that it's our version of a sneaker, and I think that's going to be a bestseller for years to come and start potentially taking share from some of the sneaker brands out there.

是的。我要說的最後一件事，如果你想想這個品牌 5 年前，它是一個靴子品牌，也就是說，我們已經讓 Sigma 附加 UGG 品牌相當長一段時間了。我認為那些日子已經過去了。我們擁有在不同類別中引起共鳴的產品，這是我們以前從未有過的。我對 Lowmel 感到非常興奮，因為它是我們的運動鞋版本，我認為它將成為未來幾年的暢銷產品，並開始有可能從一些運動鞋品牌中奪取市場份額。

And your next question comes from the line of Janine Stitcher from BTIG.

您的下一個問題來自 BTIG 的 Janine Stitcher。

Congrats on the results, and Dave wish you all the best as well. I want to take on the pricing a little bit. Yes, UGG -- can you elaborate on the price increase there? How big was it? When did you take it? And maybe how broad was it in terms of the styles? And then curious about any future opportunities for price increases? And I guess the same question for HOKA. I think you've talked about being pretty happy where the pricing is there, but do you see any opportunities just as some of your peers potentially look at taking that price?

恭喜結果，戴夫也祝你一切順利。我想稍微考慮一下定價。是的，UGG——你能詳細說明一下那裡的價格上漲嗎？有多大？你什麼時候拿的？也許它的風格有多廣？然後對未來價格上漲的機會感到好奇嗎？我想 HOKA 也有同樣的問題。我認為您已經談到對目前的定價感到非常滿意，但是您是否看到了任何機會，就像您的一些同行可能考慮接受這個價格一樣？

Yes. Thanks, Janine, and great question. We are, and we have been, we have been and we'll continue to look at prices strategically. And so some of the decisions we made this year were really just on a handful of styles in UGG, but in really some of our best sellers were proved to be our best sellers. So, that's why you saw the exponential impact of revenue on some of those styles as they perform so well at full price and they added $5 or $10, made a big difference on a lot of units.

是的。謝謝，珍妮，這是一個很好的問題。我們現在、過去、過去、未來都會繼續策略性地審視價格。因此，我們今年做出的一些決定實際上只是針對 UGG 的少數款式，但實際上我們的一些暢銷產品被證明是我們的暢銷產品。所以，這就是為什麼你會看到其中一些款式的收入呈指數級影響，因為它們在全價下表現得非常好，而且增加了 5 或 10 美元，對很多單位產生了很大的影響。

Going forward, we'll continue to evaluate it. We don't see massive price increases broad-based this fall. We're still evaluating that, but it will be selected by market and style if we do that. And then the same approach for HOKA. We're comfortable where the prices are right now. We think we are providing incredible value for the dollar. There's opportunities to raise prices a little bit here and there as we continue to roll out more innovation. But pricing -- growth through pricing is not a strategy of ours. It's pricing appropriately the product in the market for the consumer, and that will drive our decisions.

展望未來，我們將繼續對其進行評估。我們預計今年秋季價格不會大幅上漲。我們仍在評估這一點，但如果我們這樣做，它將根據市場和風格進行選擇。 HOKA 也採用同樣的方法。我們對目前的價格感到滿意。我們認為我們正在為美元提供令人難以置信的價值。隨著我們繼續推出更多創新，有機會稍微提高價格。但定價——透過定價實現成長並不是我們的策略。它為消費者在市場上對產品進行適當定價，這將推動我們的決策。

Yes. And Janine, just to add a little bit on that. As Dave said, it was not across the board. It was very surgical in terms of units that we identified has the potential to absorb a price increase without much consumer resistance. And that was significant. And so, it was not a lot of styles. It was on styles that we knew would do well. And so it was surgical in the sense of those high-performing styles and it drove a big portion.

是的。珍妮，只是補充一點。正如戴夫所說，這並不是一刀切的。就我們認為有潛力在沒有太多消費者阻力的情況下吸收價格上漲的單位而言，這是非常外科手術。這很重要。所以，款式不多。這是我們知道會做得很好的風格。因此，從那些高性能風格的意義上來說，它是外科手術，並且它帶動了很大一部分。

So just in terms to quantify it a little bit, in the quarter, our gross margin from last year was at 580 basis points. I think the other thing that was a big contributor, along with price increases, we didn't get promotional. This was a full strong price sell-through quarter for us. So up that 580 basis points about 340 of it came from not being promotional and the price increases that we experienced in the quarter. So a big driver of the quarter And as Dave said, we're not looking to price increases to kind of continue to drive that. We're going to be very careful about how we place price increases and how we contemplate it. But this year was 1 year that we benefited from it that we will not necessarily see in future periods.

因此，稍微量化一下，本季我們的毛利率較去年為 580 個基點。我認為另一件事是一個很大的貢獻者，除了價格上漲之外，我們沒有得到促銷。對我們來說，這是一個價格強勁的季度。因此，上漲 580 個基點，其中約 340 個基點來自於沒有促銷以及我們在本季經歷的價格上漲。所以這是本季的一個重要推動因素 正如戴夫所說，我們不希望價格上漲來繼續推動這一趨勢。我們將非常謹慎地考慮如何提高價格以及如何考慮它。但今年是我們從中受益的一年，但我們在未來不一定會看到。

Got it. That's helpful color. And just in terms of the gross margin, it's fair to assume that there might be some more promotions in the future as that kind of normalizes the pricing increases to at least a portion of the 580 basis points remains structural?

知道了。這是有用的顏色。僅就毛利率而言，可以公平地假設未來可能會有更多促銷活動，因為這種定價增長正常化至至少 580 個基點的一部分仍然是結構性的？

Yes. Yes.

是的。是的。

And your next question comes from the line of Sam Poser from Williams Trading.

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

So Erinn, we already have UGG and Teva. So could you give me Teva, Sanuk and the other or my favorite question? And then I have other questions because I wish you just give all of it.

Erinn，我們已經有了 UGG 和 Teva。那你能告訴我 Teva、Sanuk 和另一個我最喜歡的問題嗎？然後我還有其他問題，因為我希望你能給出全部。

Sure, Sam. So real quick for the third quarter, total wholesale and distributor for UGG, as you mentioned, you can calc is $403 million. HOKA $252 million. Teva $20 million Sanuk $2 million, and then other largely Koolaburra, $24.5 million.

當然，薩姆。正如您所提到的，第三季 UGG 的批發和分銷總額非常快，您可以計算出 4.03 億美元。 HOKA 2.52 億美元。 Teva 2000 萬美元 Sanuk 200 萬美元，然後是 Koolaburra 2450 萬美元。

Thank you. Okay. Based on what we've seen so far in January, it looks as if, well, first of all, Dave, congratulations. Totally awesome for, we're very -- I'm very happy for you, and I hope it gets to you before you sail out into the sunset of the beach I believe there.

謝謝。好的。根據我們一月份迄今為止所看到的情況，看起來，好吧，首先，戴夫，恭喜你。太棒了，我們非常——我為你感到非常高興，我希望在你駛向我相信的海灘日落之前，它能傳達給你。

Thank you, Sam. I appreciate that.

謝謝你，山姆。我很感激。

We're seeing a lot of sales in your own retail stores around New York. Like there's I'm hearing that like retailers are getting, your wholesale accounts are getting small hits, but are you gearing a lot of what's going on in the fourth quarter for UGG to really more so than usual, like just pushing it to your DTC given that a lot of those orders are, people are just trying to get whatever they can. So you're going to feed yourself a lot more?

我們看到紐約各地你們自己的零售店銷售很高。就像我聽說零售商一樣，你們的批發帳戶受到了小打擊，但你們是否正在為 UGG 第四季度發生的事情做好準備，使其比平時更多，比如將其推送到你們的 DTC鑑於其中很多訂單都是如此，人們只是想盡其所能。所以你要給自己吃更多嗎？

I wouldn't say that we're forcing more inventory purposely away from wholesale into DTC. What I would say is, I think the teams have gotten better at allocating the right amount of inventory for our stores so that we're not missing sales when the customer comes in. And we've been getting through that in the last few years, not having protected some of the inventory in this kind of demand, some of that inventory gets sucked up by DTC or wholesale fill-ins. So we're protecting it better than we have for our stores. And just making sure that we're balancing out across wholesale and retail and e-commerce as best we can for the consumer and how they like to shop.

我不會說我們故意將更多庫存從批發轉移到 DTC。我想說的是，我認為團隊在為我們的商店分配適量的庫存方面做得更好，這樣當顧客進來時我們就不會錯過銷售。過去幾年我們一直在解決這個問題，如果沒有保護此類需求中的部分庫存，部分庫存就會被DTC 或批發填充所吸收。因此，我們對它的保護比對我們商店的保護更好。確保我們盡可能在批發、零售和電子商務之間實現平衡，以滿足消費者和他們喜歡的購物方式。

Just so happens, though, when you have this kind of brand heat and momentum, if there are wholesale partners that are running low on inventory, they're going to go to our stores to find it and their websites to find it. And that's, this is an indication of what happened. But it's also a strong indication of how well our pull model is working. And we have a pull model like that, it does help generally benefit your DTC business a little bit more.

然而，正是這樣，當你擁有這種品牌熱度和勢頭時，如果有庫存不足的批發合作夥伴，他們會去我們的商店尋找它，並去他們的網站尋找它。也就是說，這表明發生了什麼。但這也有力地顯示了我們的拉動模型的運作。我們有這樣的拉動模型，它確實有助於讓您的 DTC 業務整體上受益更多。

And then lastly, you sort of hinted there was a new thing coming from Deckers X Labs. I heard that it might be the, and I've heard from some retailers they've seen some of the product for fall. And I heard it might be under the [on a reborn]. Could you give us some color as to what may be going on over there?

最後，你暗示 Deckers X 實驗室有一個新東西。我聽說這可能是，而且我從一些零售商那裡聽說他們已經看到了一些秋季產品。我聽說它可能在[重生]下。你能給我們一些關於那裡可能發生的事情的資訊嗎？

Yes. Well, I will say it's exciting for us. We established this Deckers Lab Innovation engine a few years ago with the help of Jean-Luc, who is one of the co-founders of HOKA, and that has been quietly building as a force for our pipeline for all of our brands. So some of the innovation you're seeing in UGG and HOKA and we'll soon to see some of that in Teva as well has come from that.

是的。嗯，我會說這對我們來說是令人興奮的。幾年前，我們在 HOKA 聯合創始人之一 Jean-Luc 的幫助下建立了 Deckers Lab 創新引擎，並且一直在悄悄地為我們所有品牌的產品線打造一股力量。因此，您在 UGG 和 HOKA 中看到的一些創新以及我們很快就會在 Teva 中看到的一些創新都來自於此。

And one of the things we uncover is there's an opportunity for a new kind of sneaker brand. So we would put this under the category of super sneaker brand. It's pretty exciting. It's more sophisticated and styling. It's made for really all day wear, but it comes with a lot of the technologies that you would find in a performance running brand.

我們發現的一件事是，存在一種新型運動鞋品牌的機會。所以我們會把它歸類在超級運動鞋品牌的範疇。這非常令人興奮。它更加精緻和時尚。它專為真正全天穿著而設計，但它配備了許多高性能跑步品牌所具備的技術。

So carbon plates, different foams, different -- more modern materials and cleaner lines. A little bit elevated price point, above $200. And obviously, it's early days. We're excited to launch this into the market. I'll let you know the name as soon as what I'm allowed to. But stay tuned in the next few weeks, you'll hear about the soft launch, and then we'll head into March and April in a more robust way and build from there.

所以碳板、不同的泡沫、不同的——更現代的材料和更乾淨的線條。價格有點高，超過200美元。顯然，現在還為時過早。我們很高興將其推向市場。一旦允許，我會盡快告訴你這個名字。但請在接下來的幾週內繼續關注，您將聽到有關軟發布的消息，然後我們將以更強勁的方式進入三月和四月，並從那裡開始構建。

And your last question comes from the line of Jonathan Komp from Baird.

你的最後一個問題來自貝爾德 (Baird) 的喬納森康普 (Jonathan Komp)。

Good afternoon. One more question on UGG. In a different forum, Dave, I think you recently highlighted long-term potential for UGG to still double revenue potentially without a time frame attached. Dave or Stefano, could you maybe share any more insights how you think about those comments in relation to the long-term opportunity for UGG?

午安.還有一個關於UGG的問題。在另一個論壇上，戴夫，我認為您最近強調了 UGG 的長期潛力，即在沒有附加時間框架的情況下仍可能使收入翻倍。 Dave 或 Stefano，您能否分享您對這些評論與 UGG 長期機會的看法？

And then just separately on HOKA, can you share any retailer feedback on the new styles, thinking about the Cielo X, [The Skyroad X], so Skyflow just what are you hearing, especially on some of the premium products you plan to bring out?

然後在 HOKA 上單獨分享零售商對新款式的回饋，例如 Cielo X、[The Skyroad X]，Skyflow 正是您所聽到的，特別是您計劃推出的一些優質產品？

And any thoughts on sustaining leadership are still growing in core run specialty while you eventually thoughtfully expand distribution?

當您最終深思熟慮地擴大分銷時，是否有任何關於維持領導地位的想法仍在核心營運專業領域不斷增長？

Yes, I'm going to let Stefano answer the HOKA question, then I'll come back to the first question.

是的，我要讓 Stefano 回答 HOKA 問題，然後我會回到第一個問題。

Yes. On the Cielo X launch, we launched today literally. So it's a bit early to say on how well it's doing. I look at the results, they're quite encouraging, but it's early days.

是的。關於 Cielo X 的發布，我們今天確實發布了。所以現在說它的表現還太早。我看看結果，它們非常令人鼓舞，但現在還處於早期階段。

Yes. And then regarding the UGG brands, I actually don't remember saying doubling the business at some point, but that's okay. I would say, listen, we still think this is, we see this more than ever as a growth trend. We think that a healthy growth rate for this brand is mid-single digits, and that's in line with managing our marketplace and growing effectively in a smart way.

是的。至於 UGG 品牌，我實際上不記得曾說過在某個時候將業務翻倍，但這沒關係。我想說，聽著，我們仍然認為這是，我們比以往任何時候都更認為這是一種成長趨勢。我們認為品牌的健康成長率為中個位數，這符合管理我們的市場並以明智的方式有效成長。

Does the brand has potential to be doubled at some point. I think if you if we optimize potential in men's, and we start to build our apparel engine a little bit more. Anything is possible. But right now, we're taking this 1 year at a time and really strategically and methodically building it in line with our marketplace strategy.

該品牌是否有潛力在某個時候翻倍？我想如果我們優化男裝的潛力，我們就會開始更多地打造我們的服裝引擎。一切皆有可能。但現在，我們正在利用這一年的時間，真正根據我們的市場策略進行策略性和系統性的建構。

Just one more if I could sneak it in for Steve. Any comments on what bonus or incentive accruals look like in 2024, given the strong performance? And just how to think about that potentially year-over-year and a more normal year for 2025?

如果我能偷偷地幫史蒂夫帶進去的話，就再多一個。鑑於強勁的業績，您對 2024 年的獎金或應計獎勵有何評論？如何看待 2025 年可能會是同比和更正常的一年？

Yes. So good question. So clearly, with the performance that we've got going on in FY '24, we are accruing for an increase in performance-related compensation. That resets back to approved budget levels. So on percentage terms, we're not quantifying dollars. But on percentage terms, clearly, the expectations a couple of months left. But given everything we've seen so far, very strong performance. So there is an increase in performance-related compensation in FY '24. And then we reset that for FY '25.

是的。好問題。很明顯，根據我們在 24 財年取得的業績，我們正在增加與業績相關的薪酬。這將重置回已批准的預算水準。因此，就百分比而言，我們並沒有量化美元。但從百分比來看，顯然距離預期還剩幾個月。但考慮到我們迄今為止所看到的一切，表現非常強勁。因此，24 財年與績效相關的薪酬增加。然後我們將其重置為 25 財年。

Thank you. This concludes today's call. Thank you for participating. You may all disconnect.

謝謝。今天的電話會議到此結束。感謝您的參與。你們都可以斷開連線。