Deckers Outdoor Corp (DECK) 2024 Q4 法說會逐字稿

Good afternoon, and thank you for standing by. Welcome to the Deckers Brand's Fourth 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 Brand 2024 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; Steve Fasching, Chief Financial Officer; and Stefano Caroti, Chief Commercial 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；法辛（Steve Fasching），財務長；和首席商務官 Stefano Caroti。

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

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

All statements made on this call today, other than statements of historical facts are forward-looking statements, and include statements regarding our current and long-term strategic objectives, anticipated impact 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 impact 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（除歷史事實陳述外）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。 、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 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. 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.

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

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。有了這個，我現在將把它交給戴夫。

Thanks, Erinn. Good afternoon, everyone, and thank you for joining us today. I am thrilled to be here sharing and celebrating Decker's incredible achievements in fiscal year 2024. For the full year, we delivered revenue growth of 18% versus last year, nearly reaching $4.3 billion of annual revenue, gross margin of 55.6%, a 530 basis point increase over last year, operating margin of 21.6% and earnings per share of $29.16, representing a 51% and nearly $10 increase over last year. These extraordinary results are a testament to the success of our long-term strategies and the execution of our hard-working employees.

謝謝，艾琳。大家下午好，感謝您今天加入我們。我很高興能在這裡分享和慶祝Decker 在2024 財年取得的令人難以置信的成就。為基礎）營業利潤率較去年增長 51%，營運利潤率為 21.6%，每股收益為 29.16 美元，較去年增長 51%，增長近 10 美元。這些非凡的成果證明了我們長期策略的成功以及我們辛勤工作的員工的執行力。

Over the past 4 years, Decker's revenue has grown at a compound annual growth rate of 19%, adding over $2 billion of incremental revenue. We also substantially expanded profitability as earnings per share has grown at a CAGR of 32%. With the scale of our organization's growth, we are continuing to bolster our foundation through investments that support the long-term success of our leading brands. HOKA and UGG have become 2 of the strongest and most in-demand brands in the footwear space. They are continuing to win with consumers by our infusing performance and fashion into products that embrace their respective brand codes.

在過去 4 年裡，Decker 的收入以 19% 的複合年增長率成長，增加了超過 20 億美元的增量收入。我們也大幅提高了獲利能力，每股盈餘的複合年增長率為 32%。隨著我們組織規模的成長，我們將繼續透過投資來鞏固我們的基礎，以支持我們領先品牌的長期成功。 HOKA 和 UGG 已成為鞋類領域最強大、最受歡迎的兩個品牌。透過我們將性能和時尚融入包含各自品牌代碼的產品中，他們繼續贏得消費者的青睞。

Building on the outstanding progress we have made over the last few years, our teams are laser-focused on the significant opportunities that lie ahead as we seek to build HOKA into a multibillion-dollar global player in the performance athletic space, grow UGG with premium products and elevated experiences that enhance consumer connections, expand DTC through engagement, acquisition and retention gains and advance our international markets through targeted investments. Our robust and innovative product pipeline comprised of relevant and distinct products is amplified by our marketplace management strategies and gives us the confidence to continue progressing on these initiatives as we create the future of Deckers.

憑藉著過去幾年取得的傑出進展，我們的團隊專注於未來的重大機遇，力求將 HOKA 打造成性能運動領域價值數十億美元的全球企業，以優質的產品發展 UGG產品和提升體驗，增強消費者聯繫，透過參與度、獲取和保留收益擴大DTC，並透過有針對性的投資推進我們的國際市場。我們強大而創新的產品線由相關且獨特的產品組成，透過我們的市場管理策略得到了放大，這使我們有信心在創造 Deckers 的未來時繼續推進這些舉措。

Steve will provide further specifics about our fiscal year 2025 expectations as well as our fiscal year 2024 financial performance. But first, I would like to share some of the brand and channel highlights. Starting with the brand highlights. Global HOKA revenue in fiscal year 2024 was $1.8 billion, representing an increase of 28% versus the prior year. For the year, HOKA growth was driven by increased brand awareness with the U.S. rising to approximately 40% and international regions, on average, reaching just over 20%. Global DTC, which increased 40% versus last year, market share gains with key global wholesale partners and, most importantly, success with new performance innovations across the road, trail and lifestyle product categories. From a brand awareness standpoint, these are significant strides for HOKA.

Steve 將提供有關我們 2025 財年預期以及 2024 財年財務業績的更多細節。但首先，我想分享一些品牌和通路亮點。從品牌亮點開始。 HOKA 2024 財年全球營收為 18 億美元，較前一年成長 28%。今年，HOKA 的成長得益於品牌知名度的提高，其中美國地區上升至約 40%，國際地區平均上升至 20% 多一點。全球 DTC 與去年相比增長了 40%，在全球主要批發合作夥伴中的市場份額有所增加，最重要的是，在公路、越野和生活方式產品類別中的新性能創新取得了成功。從品牌知名度的角度來看，這些都是 HOKA 的重大進步。

Across the board, HOKA is experiencing significant gains on both the season over season and a year-over-year standpoint. Aligned with our strategy to solidify HOKA as a global player, international regions are driving particularly strong gains in awareness, increasing more than 80% versus the prior year. Global consumers who identify as runners remain our highest awareness group and continue to see strong increases, but we are also seeing really powerful growth among consumers who are more general fitness oriented. While HOKA is increasing its awareness across all age groups, growth is strongest among 18- to 34-year-olds globally with brand awareness among this influential age group nearly doubling year-over-year.

總體而言，HOKA 在逐季和逐年的角度上都取得了顯著的進步。與我們鞏固 HOKA 作為全球參與者的策略一致，國際地區的認知度增長尤為強勁，與前一年相比增長了 80% 以上。全球跑步者的消費者仍然是我們認知度最高的群體，並且持續強勁增長，但我們也看到更注重健身的消費者的強勁增長。雖然 HOKA 正在提高所有年齡層的知名度，但全球 18 至 34 歲人群的增長最為強勁，這一有影響力的年齡段的品牌知名度同比幾乎翻了一番。

We believe the continued progress introducing HOKA to new consumers around the world has resulted from our increased investments in brand marketing through the expansion of the FLY HUMAN FLY campaign, including greater out-of-home digital and physical assets, dedicated and enhanced sponsorship of both globally recognized and local running events such as UTMB with HOKA becoming the new title sponsor, enriched engagement with social media across various platforms, and a greater retail footprint that allows for community building activities like our HOKA (inaudible).

我們相信，將 HOKA 介紹給世界各地的新消費者的持續進展是由於我們透過擴大 FLY HUMAN FLY 活動增加了品牌行銷投資，包括增加戶外數位和實體資產、對兩者的專門和加強贊助。的本地跑步賽事，如UTMB，HOKA 成為新的冠名贊助商，豐富了跨平台社交媒體的參與度，以及更大的零售足跡，允許開展像我們的HOKA 這樣的社區建設活動（聽不清） 。

We are pleased to see these investments paying off not only through increased awareness across markets, but also by growing brand consideration and purchase intent, some of which is happening in real time. We are proud of the great progress our teams are making, but also recognize that HOKA still has plenty of room to grow awareness, consideration and ultimately, market share across all global regions.

我們很高興看到這些投資不僅透過提高整個市場的認知度來獲得回報，還透過提高品牌考慮和購買意願（其中一些是即時發生的）來獲得回報。我們為我們的團隊取得的巨大進步感到自豪，但也認識到 HOKA 仍有很大的空間來提高認知度、考慮度並最終提高全球所有地區的市場份額。

HOKA has an amazing opportunity ahead as the brand continues to win with consumers around the world, and we look forward to facing this challenge head-on through a relentless focus on product innovation and authentic consumer engagement.

隨著 HOKA 品牌繼續贏得世界各地消費者的青睞，該品牌面臨著絕佳的機遇，我們期待透過不懈地關注產品創新和真正的消費者參與來直面這項挑戰。

From a channel perspective, HOKA continues to excel across its ecosystem of global access points. Recall at the outset of fiscal year 2024, we noted the brand's focus on building full price market share with existing points of wholesale distribution through a pull model and increasing the mix of DTC through consumer acquisition and retention gains. The result of our disciplined marketplace management strategy achieved both goals with HOKA delivering record gross margins as the brand benefited from maintaining exceptionally high levels of full price selling despite operating in a more promotional marketplace and shifting mix to DTC, which increased to 38%, up from 34% in the prior year.

從通路角度來看，HOKA 在其全球接入點生態系統中繼續表現出色。回顧 2024 財年伊始，我們注意到品牌的重點是透過拉動模式利用現有批發分銷點建立全價市場份額，並透過消費者獲取和保留收益來增加 DTC 的組合。我們嚴格的市場管理策略的結果實現了這兩個目標，HOKA 創造了創紀錄的毛利率，因為儘管在促銷力度更大的市場中運營並將產品組合轉向DTC，但該品牌仍然受益於保持極高水準的全價銷售，DTC 成長至38%，較去年的 34% 。

I would also note that the HOKA brand's strong growth through full-price selling in the wholesale channel was accomplished primarily through market share gains with existing distribution and greater efficiency with recently opened doors relative to locations that were eliminated.

我還要指出的是，HOKA 品牌透過批發管道的全價銷售實現了強勁增長，這主要是透過現有分銷的市場份額增長以及最近開業相對於被淘汰的地點提高的效率來實現的。

Regarding HOKA DTC, revenue growth was driven by global increases in acquired and retained consumers, which expanded 32% and 44%, respectively. We remain encouraged by the growth across markets, with the U.S. continuing to deliver strong increases in alignment with the global averages and international regions increasing more than 50% in both acquisition and retention. These consumer growth figures are leading indicators of HOKA brand adoption, highlighting the brand's ability to both expand the scope of HOKA consumers and retain existing consumers through consistent product innovations that delivered an unmatched wearing experience.

至於 HOKA DTC，營收成長是由全球新增和保留消費者的成長所推動的，分別成長了 32% 和 44%。我們仍然對各個市場的成長感到鼓舞，美國繼續實現與全球平均水平一致的強勁增長，而國際地區的收購和保留率均增長了 50% 以上。這些消費者成長數據是 HOKA 品牌採用率的領先指標，突顯品牌有能力透過持續的產品創新提供無與倫比的穿著體驗，擴大 HOKA 消費者範圍並留住現有消費者。

As we continue to introduce HOKA to new consumers around the world, we view branded retail stores in key cities as an important consumer engagement vehicle. Just a few weeks ago, HOKA opened its second European retail store in Paris, France. Though only open for a short time, we have been very encouraged by the consumer feedback, conversion and broad product adoption. We were excited for HOKA to have a footing in this important market, particularly as the location expects to see high traffic during the upcoming summer Olympics.

隨著我們不斷向世界各地的新消費者介紹 HOKA，我們將主要城市的品牌零售店視為重要的消費者參與工具。就在幾週前，HOKA 在法國巴黎開設了第二家歐洲零售店。儘管只開放了很短的時間，但消費者的回饋、轉換和廣泛的產品採用讓我們深受鼓舞。我們很高興 HOKA 能夠在這個重要市場立足，特別是因為該地區預計在即將到來的夏季奧運會期間將出現高流量。

On the product front, HOKA is driving growth and consumer acquisition through innovative updates and new introductions across a diverse assortment of footwear. The HOKA brand's fiscal year 2024 performance was primarily driven by road running favorites like the Clifton and Bondi franchises, stability staples like the Arahi and Gaviota, both of which received updates during the year, trail conquers like the Speedgoat, Challenger and Stinson franchises and everyday performance lifestyle shoes like the Transport, Solimar and the Kawana. We expect these styles will continue to contribute to the growth of HOKA moving forward, but are also really excited about the brand's ongoing efforts to constantly infuse new innovations into the product assortment.

在產品方面，HOKA 透過創新更新和推出各種鞋類產品來推動成長和吸引消費者。 HOKA 品牌2024 財年的業績主要由Clifton 和Bondi 等備受喜愛的公路跑系列、Arahi 和Gaviota 等穩定主打產品（這兩款產品均在年內得到更新）、Speedgoat、Challenger 和Stinson 等越野跑系列以及日常產品推動。我們預計這些款式將繼續為 HOKA 的發展做出貢獻，但我們也對品牌不斷努力不斷將新創新融入產品種類感到非常興奮。

Back in February, we highlighted the launch of the all-new Cielo X1, which represents the pinnacle of the HOKA brands race offering. We have been in awe of the consumer response to this incredible shoe, which sold out almost immediately in the initial launch colorway. While we don't expect to drive significant volumes on this very specific ultra performance shoe, we're excited and encouraged by the consumer demand validating HOKA in this category. Our progress in this more niche category is designed to emphasize the brand's performance routes even as we expand the consumer aperture to more commercial styles.

早在二月份，我們就重點介紹了全新 Cielo X1 的推出，它代表了 HOKA 品牌比賽產品的巔峰之作。我們對消費者對這款令人難以置信的鞋子的反應感到敬畏，它在最初推出的配色中幾乎立即售罄。雖然我們預計這款非常特殊的超高性能鞋不會大幅增加銷量，但消費者的需求驗證了 HOKA 在這一類別中的表現，我們對此感到興奮和鼓舞。我們在這個更利基的類別中取得的進展旨在強調品牌的性能路線，即使我們將消費者的視野擴展到更多的商業風格。

With respect to these broader, more commercially focused products, we have been impressed by the consumer response to our latest update of the MAC franchise, the Mach 6. This completely redesigned silhouette was upgraded with a supercritical foam midsole and strategic rubber coverage on the outsole for greater durability while remaining our lightest Mach to date. Sell-through of this versatile and responsive style at our wholesale partners and in our DTC channel has been exceptional with the Mach 6 becoming a top 5 style across all of Deckers since its launch.

對於這些更廣泛、更注重商業的產品，消費者對我們最新更新的MAC 系列Mach 6 的反應給我們留下了深刻的印象。的戰略橡膠覆蓋進行了升級提高耐用性，同時保持我們迄今為止最輕的馬赫數。這款多功能且反應靈敏的款式在我們的批發合作夥伴和 DTC 通路中的銷售情況非常出色，自推出以來，Mach 6 成為 Deckers 所有產品中排名前 5 的款式。

Innovation is the HOKA brand's top priority, continuing to develop groundbreaking products that energize consumers around the world. We are fortunate to have a phenomenal roster of HOKA athletes, who we will continue partnering with to drive greater athlete enhanced innovations into our most pinnacle products while also further developing the assortment to segment and differentiate HOKA distribution as we continue to scale. The recently launched Skyward X is the perfect example of new product innovation that benefits our segmentation efforts. This all-new style was developed as our first carbon-plated shoe that is designed for everyday runs with maximum cushion. The Skyward X has a revolutionary suspension system to pair with its convex carbon plate that gives the runner cushion for impact with a natural spring forward. This style helps elevate the HOKA assortment, sitting above other Maximum Cushion styles from both a price point and performance perspective.

創新是 HOKA 品牌的首要任務，不斷開發突破性的產品，為世界各地的消費者註入活力。我們很幸運擁有一群出色的HOKA 運動員，我們將繼續與他們合作，推動更多運動員增強創新融入我們最頂尖的產品中，同時隨著我們不斷擴大規模，進一步開發產品種類，以細分和差異化HOKA 分銷。最近推出的 Skyward X 是新產品創新的完美範例，有利於我們的細分市場工作。這款全新款式是我們首款鍍碳鞋，專為日常跑步而設計，具有最大的緩衝性能。 Skyward X 擁有革命性的懸吊系統，與其凸面碳板搭配，為跑者提供自然彈簧向前衝擊的緩衝。此款式有助於提升 HOKA 產品系列，從價格和性能角度來看均優於其他 Maximum Cushion 款式。

This allows HOKA to widen distribution on other styles while the Skyward X is targeted for specific accounts like run specialty, top strategic performance stores and our DTC channel.

這使得 HOKA 能夠擴大其他款式的分銷範圍，而 Skyward X 則針對特定客戶，例如經營專賣店、頂級策略績效商店和我們的 DTC 管道。

As we methodically open new access points for HOKA over the next year, we continue to fine-tune differentiated assortments across geographic markets and channels of distribution. I could not be prouder of the HOKA team's incredible results over the last year. We are pleased to now have a proven industry leader like Robin Green, who joined us in February leading the team and are looking forward to the positive impact we believe she can have to drive HOKA into its next phase of growth.

隨著我們在明年有條不紊地為 HOKA 開設新的接入點，我們將繼續調整跨地域市場和分銷管道的差異化產品組合。我對 HOKA 團隊去年取得的令人難以置信的成績感到無比自豪。我們很高興現在擁有像 Robin Green 這樣久經考驗的行業領導者，她於 2 月加入我們，領導團隊，並期待她能帶來積極影響，我們相信她能夠推動 HOKA 進入下一階段的成長。

Moving on to UGG. Global revenue in fiscal year 2024 was $2.2 billion, representing an increase of 16% versus the prior year. For the year, UGG growth derived from the key initiatives set forth at the outset of FY '24, as aligned product, marketing and commercial execution drove global increases in DTC acquisition and retention and expansion in international markets. These results are a testament of our powerful product engine and disciplined product management strategy.

繼續說UGG。 2024財年全球營收為22億美元，較上年成長16%。今年，UGG 的成長源自於 24 財年伊始製定的關鍵舉措，一致的產品、行銷和商業執行推動了 DTC 收購、保留以及國際市場擴張的全球成長。這些結果證明了我們強大的產品引擎和嚴格的產品管理策略。

The UGG brand continues to maintain important relationships with valued wholesale partners while delivering strong results through the segmentation and differentiation of global marketplaces. With the allocation of core products driving high levels of full price sell-through and lean inventories in the marketplace, UGG has become a leading brand in wholesale, while funneling upside demand to the DTC channel.

UGG 品牌繼續與重要的批發合作夥伴保持重要關係，同時透過全球市場的細分和差異化取得強勁業績。隨著核心產品的配置推動了市場上高水準的全價銷售和精益庫存，UGG 已成為批發領域的領導品牌，同時將上升的需求輸送到 DTC 通路。

For the year, this contributed to global gains in both DTC acquisition and retention, which increased 18% and 17%, respectively, contributing to the UGG brand's 22% increase in global DTC revenue. This is a truly impressive result for our DTC channel and speaks to the work our brand, marketing and PR teams have been doing to maintain high levels of brand heat year-round from seeding products with global and regional influencers, creating compelling product collaborations with prominent brands and showing up on the runway at fashion weeks around the world to deepening consumer connections through elevated brand experiences like the Feel House or a recent Formula 1 activation.

今年，這推動了全球 DTC 獲取量和保留量的成長，分別成長了 18% 和 17%，推動 UGG 品牌全球 DTC 營收成長 22%。對於我們的DTC 管道來說，這是一個真正令人印象深刻的結果，並說明了我們的品牌、行銷和公關團隊一直在努力保持高水準的品牌熱度，透過與全球和區域影響力人士播種產品，與知名品牌建立引人注目的產品合作品牌並出現在世界各地時裝週的 T 台上，透過 Feel House 或最近的一級方程式活動等提升的品牌體驗加深與消費者的聯繫。

The UGG team has consistently developed interesting and on-brand content to stay top of mind with consumers. We believe the continued focus of our teams are working with local individuals across global markets has helped UGG connect and resonate more effectively with international consumers. Whether it be partnering (inaudible) or the collaboration with (inaudible) expanding access to influential retailers in Europe, these efforts have helped establish UGG in its healthiest position to date across influential international markets.

UGG 團隊不斷開發有趣的品牌內容，以牢牢抓住消費者的心。我們相信，我們的團隊持續專注於與全球市場上的當地個人合作，這有助於 UGG 更有效地與國際消費者建立聯繫並產生共鳴。無論是合作（聽不清楚）還是與（聽不清楚）合作擴大與歐洲有影響力的零售商的接觸，這些努力都幫助 UGG 在有影響力的國際市場上建立了迄今為止最健康的地位。

This contributed to UGG delivering an international growth rate of more than 2x that of the double-digit revenue growth from the U.S. market. The success of these initiatives drove significant shifts in the composition of UGG revenue aligned with our long-term strategy, with DTC increasing to a record 50% of mix and international increasing to 37% of mix, up from approximately 30% 3 years ago. Both of these shifts were margin accretive and when combined with exceptionally high levels of full price selling and benefits from select price increases, resulted in record high gross margin for the UGG brand in fiscal year 2024.

這使得 UGG 的國際成長率超過美國市場兩位數收入成長率的 2 倍。這些舉措的成功推動了 UGG 收入組成的重大轉變，與我們的長期策略保持一致，DTC 收入佔收入比例增加到創紀錄的 50%，國際收入比例從 3 年前的約 30% 增加到 37%。這兩項轉變都增加了利潤，再加上極高的全價銷售水準以及部分漲價帶來的好處，導致 UGG 品牌在 2024 財年的毛利率創下歷史新高。

Of course, this is all underpinned by the UGG brand's ongoing creation of compelling products that are resonating around the world. What impresses me most about the UGG brand's performance in fiscal year 2024 is that the brand drove a 16% increase in revenue through single-digit unit growth with significantly fewer SKUs than the prior year. UGG was able to achieve this because of the increased global alignment on the brand product assortment, creating efficiencies on marketing stories and inventory purchasing.

當然，這一切的基礎是 UGG 品牌不斷創造出在世界各地引起共鳴的引人注目的產品。 UGG 品牌在 2024 財年的表現給我印象最深的是，該品牌透過個位數的單位成長推動了營收成長 16%，而 SKU 則明顯少於上一年。 UGG 之所以能夠實現這一目標，是因為品牌產品種類的全球一致性不斷增強，從而提高了行銷故事和庫存採購的效率。

Last year, we spoke about the UGG team's focus to reimagine iconic styles, and that is exactly what we saw play out during FY '24, and what we continue to see consumers excited about in the upcoming fiscal year. The UGG product team continues to delight consumers by creating threads that connect new styles to existing icons.

去年，我們談到了 UGG 團隊致力於重新構想標誌性款式，這正是我們在 24 財年看到的結果，也是我們在即將到來的財年中繼續看到消費者興奮的事情。 UGG 產品團隊透過創建將新款式與現有圖標連接起來的線索，繼續取悅消費者。

Over the last couple of years, we've seen this take shape with the Ultra Mini inspired by the Classic Mini; Platform Classics inspired by the Original Classics; and the Tazz inspired by the Tasman. These are just a few examples of product evolutions that have helped UGG build the shoulder seasons outside of fall and winter, attracting new consumers while remaining rooted in the brand's heritage.

在過去的幾年裡，我們看到了這一點在受 Classic Mini 啟發的 Ultra Mini 中逐漸成形。受原創經典啟發的平台經典；以及受塔斯曼啟發的 Tazz。這些只是產品演變的幾個例子，這些演變幫助 UGG 打造了秋冬以外的平季，吸引了新消費者，同時保持了品牌傳統的根基。

Keeping an eye on the future, UGG continues to build upon franchises that are reimagining of existing icons in new categories. The Golden Collection is one we continue to be very excited about. UGG first introduced the Goldenstar sandal a couple of years ago, which is a strappy sandal inspired by the original classic boot. This style has continued to blossom on its own and we're also seeing great enthusiasm for new adjacent styles in the collection, including the GoldenGlow sandal, a water-friendly colorful version of the original Goldenstar, which has become an instant hit and the Goldenstar Clog, which was spotted on basketball Superstar, Caitlin Clark, shortly after shoes drafted first overall to the WNBA.

UGG 著眼於未來，繼續以特許經營為基礎，在新的類別中重新構想現有的標誌。黃金系列是我們繼續感到非常興奮的一個。 UGG 幾年前首次推出了 Goldenstar 涼鞋，這是一款繫帶涼鞋，靈感來自最初的經典靴子。這種風格繼續蓬勃發展，我們也看到了對該系列中新的相鄰款式的極大熱情，包括 GoldenGlow 涼鞋，這是原版 Goldenstar 的防水彩色版本，現已風靡一時，而 Goldenstar在籃球巨星凱特琳·克拉克(Caitlin Clark) 被WNBA 選為狀元秀後不久，人們就發現了木底鞋(Clog) 的身影。

Outside of the Golden Collection, UGG is developing compelling new products in the slip-on shoe and sneaker category, which includes the Lowmel, a sneaker silhouette inspired by the original (inaudible) boot that continues to sell out quickly as new inventory comes into the marketplace and venture days, a rugged outdoor take on the original Tasman, which sold out quickly in China and was recently worn by Formula One Star Pierre Gasly at the Miami Grand Prix.

除了Golden Collection 之外，UGG 還在套穿鞋和運動鞋類別中開發引人注目的新產品，其中包括Lowmel，這是一款受原始（聽不清楚）靴子啟發的運動鞋輪廓，隨著新庫存的進入，該款運動鞋繼續快速售罄。加斯利(Pierre Gasly) 在邁阿密大獎賽上也曾戴過這款鞋。

These emerging franchises, along with complementary styles give us confidence that UGG will continue to capitalize on high levels of brand heat and demand to deliver strong performance for years to come. Congratulations to the UGG team on another excellent year.

這些新興的特許經營權以及互補的風格讓我們相信 UGG 將繼續利用高水準的品牌熱度和需求，在未來幾年提供強勁的業績。恭喜 UGG 團隊又取得了輝煌的一年。

Moving to our discussion of consolidated channel performance. Deckers' fiscal year 2024 results reflected the success of our omnichannel marketplace management strategies that continue to preserve our brand's premium positioning around the world. By tightly managing marketplace inventory, we were able to drive strong full price sell-through, increase market share and capture upside demand in our direct-to-consumer channel. This led to outstanding DTC growth, which for fiscal year 2024, increased revenue 27% versus last year by adding nearly $400 million of incremental business.

接下來我們討論整合通路績效。 Deckers 2024 財年的表現反映了我們全通路市場管理策略的成功，該策略持續保持我們品牌在全球的高端定位。透過嚴格管理市場庫存，我們能夠推動強勁的全價銷售，增加市場份額並抓住直接面向消費者管道的上升需求。這導致了 DTC 的顯著成長，在 2024 財年，透過增加近 4 億美元的增量業務，營收比去年成長了 27%。

DTC represented 43% of total company revenue, which is up from 40% in the prior fiscal year. DTC gains resulted from strength across brands with HOKA and UGG DTC increasing 40% and 22%, respectively. Regions with international and domestic DTC increasing 37% and 22%, respectively, and consumers with acquired and retained increasing 21% and 24%, respectively, across all brands. On a DTC comparable basis, revenue increased 25% versus last year, reflecting positive engagement and conversion of demand for the great products that our brands are bringing to market across both online and in-store direct-to-consumer touch points.

DTC 占公司總營收的 43%，高於上一財年的 40%。 DTC 的成長得益於各品牌的實力，HOKA 和 UGG DTC 分別成長了 40% 和 22%。所有品牌的國際和國內 DTC 地區分別成長 37% 和 22%，獲得和保留的消費者分別成長 21% 和 24%。在 DTC 可比基礎上，營收比去年增長了 25%，反映出我們的品牌透過線上和店內直接面向消費者的接觸點將優質產品推向市場的積極參與和需求轉化。

From a wholesale perspective, fiscal year 2024 revenue increased 13% versus last year. Growth was primarily driven by high levels of full-priced global demand for the UGG and HOKA brands, which resulted in healthy sell-through at our valued partners as we maintain lean inventories in the wholesale marketplace.

從批發角度來看，2024財年營收較去年成長13%。成長主要得益於全球對 UGG 和 HOKA 品牌全價的高需求，這導致我們在批發市場保持精益庫存的同時，在我們尊貴的合作夥伴中實現了健康的銷售。

We are entering fiscal year 2025 in a position of strength because of the successful execution of our omnichannel brand and marketplace management strategy. As our brand teams continue to delight consumers with unique and innovative products, our commercial teams will continue to execute on this strategy, working with our fantastic partners to maintain our brand's premium positioning in their respective marketplaces. With that, I'll hand it over to Steve to provide further details on our fourth quarter and full fiscal year 2024 results as well as our initial outlook on fiscal year 2025. Steve?

由於我們的全通路品牌和市場管理策略的成功執行，我們在進入 2025 財年時處於有利地位。隨著我們的品牌團隊繼續以獨特和創新的產品取悅消費者，我們的商業團隊將繼續執行這項策略，與我們出色的合作夥伴合作，以維持我們品牌在各自市場中的優質定位。接下來，我將把它交給 Steve，以提供有關我們第四季度和 2024 財年全年業績的更多詳細信息，以及我們對 2025 財年的初步展望。

Thanks, Dave, and good afternoon, everyone. As you've just heard, Deckers' performance in fiscal year 2024 was exceptional as we drove our fourth consecutive year of double-digit top line growth and delivered top-tier levels of profitability. Deckers has added over $1.1 billion of incremental revenue in 2 years, driven by the strength of the HOKA and UGG brands as innovative and consumer-obsessed product creation continues to resonate globally.

謝謝戴夫，大家下午好。正如您剛剛聽說的，Deckers 在 2024 財年的業績非常出色，我們連續第四年實現了兩位數的營收成長，並實現了頂級的獲利水平。隨著創新和消費者癡迷的產品創造繼續在全球引起共鳴，在 HOKA 和 UGG 品牌實力的推動下，Deckers 在 2 年內增加了超過 11 億美元的增量收入。

Our flexible operating model and disciplined approach to marketplace management has allowed us to capitalize on these high levels of brand heat while maintaining exceptional levels of full price selling leading to our record earnings in fiscal year 2024.

我們靈活的營運模式和嚴格的市場管理方法使我們能夠利用這些高水平的品牌熱度，同時保持卓越的全價銷售水平，從而在 2024 財年創造創紀錄的收益。

Our dedication to our long-term strategic initiatives continues to be the foundation for our success, as we remain committed to driving profitable growth over the long term. With that, let's get into a recap of our fourth quarter and full fiscal year 2024 results.

我們對長期策略計劃的奉獻仍然是我們成功的基礎，因為我們仍然致力於推動長期獲利成長。接下來，讓我們回顧一下我們第四季和 2024 財年的業績。

For the fourth quarter, revenue came in at $960 million, representing an increase of 21% versus the prior year. Performance in the quarter was driven by HOKA and UGG, which saw increases of 34% and 15%, respectively. On HOKA, the brand delivered its first ever $0.5 billion quarter as DTC maintained momentum with volume continuing to grow quarter-over-quarter and wholesale reaccelerated from both a percentage and volume perspective as the brand benefited from key product launches and the wholesale fill-in activity.

第四季營收為 9.6 億美元，較上年成長 21%。本季業績由 HOKA 和 UGG 推動，分別成長 34% 和 15%。在HOKA 上，該品牌實現了有史以來第一個5 億美元的季度銷售額，DTC 保持了增長勢頭，銷量繼續環比增長，而且由於該品牌受益於關鍵產品的推出和批發補充，從百分比和銷量的角度來看，批發業務都重新加速。

For UGG, the brand delivered an exceptional quarter as DTC was able to maintain momentum from Q3, delivering another strong increase despite some inventory shortages on certain key products and wholesale drove growth versus last year despite selling significantly fewer units as the brand was able to replace the majority of last year's closeout volume with full price shipments into a depleted marketplace and international strength was maintained.

對於UGG 來說，該品牌的季度業績表現出色，因為DTC 能夠保持第三季度的勢頭，儘管某些關鍵產品存在一些庫存短缺，但仍實現了強勁增長，儘管由於該品牌能夠更換產品，銷量大幅減少，但與去年相比，批發推動了成長。

Gross margin in the fourth quarter was 56.2%, a 620 basis point increase from the prior year. The improved gross margin primarily relates to extraordinary benefits from higher mix above full price selling, including lower closeouts, select price increases as well as favorable brand and product mix and freight savings.

第四季毛利率為56.2%，較上年同期成長620個基點。毛利率的增加主要與高於全價銷售的更高組合帶來的非凡收益有關，包括較低的清倉率、精選價格上漲以及有利的品牌和產品組合以及運費節省。

SG&A for the fourth quarter was $395 million, representing 41.2% of revenue, which compares to last year's $290 million and a 36.7% of revenue. SG&A as a percentage of revenue was up 450 basis points year-over-year, primarily as we accelerated top of funnel marketing spend to build longer-term awareness and our strong fiscal 2024 results drove higher performance-related compensation. These results, coupled with higher interest income and a lower share count from our share repurchase program drove diluted earnings per share of $4.95, which compares to $3.46 in the prior year period, representing a 43% increase.

第四季的SG&A 為3.95 億美元，佔營收的41.2%，去年同期為2.90 億美元，佔營收的36.7%。 SG&A 佔營收的百分比年增 450 個基點，主要是因為我們加快了漏斗頂部行銷支出以建立長期意識，並且我們強勁的 2024 財年業績推動了更高的績效相關薪酬。這些結果，加上利息收入的增加和股票回購計劃帶來的股票數量的減少，使得稀釋後每股收益達到 4.95 美元，與去年同期的 3.46 美元相比，增長了 43%。

With the strength of our fourth quarter, Deckers delivered exceptional full year fiscal 2024 results, which includes revenues increasing 18% versus last year to a record $4.288 billion. As compared to last year, revenue growth was driven by robust HOKA growth across regions and channels led by strong DTC growth of 40% as the brand continues to gain awareness across its well-managed ecosystem of access points and broad-based UGG growth as the brand grew 16% and eclipsed $2.2 billion of revenue primarily through DTC and international strength.

憑藉第四季的強勁表現，Deckers 交付了出色的 2024 財年全年業績，其中營收較去年增長 18%，達到創紀錄的 42.88 億美元。與去年相比，營收成長是由 HOKA 跨地區和通路的強勁成長推動的，其中 DTC 成長 40%，該品牌繼續透過其管理良好的接入點生態系統和廣泛的 UGG 成長獲得知名度。和國際實力，該品牌成長了16%，收入超過22 億美元。

Gross margins for the year were 55.6%, up 530 basis points versus last year. The increase in gross margin was primarily related to favorable UGG full price selling, freight savings, select pricing benefits as well as favorable brand and product mix and favorable channel mix with DTC growth outpacing wholesale.

全年毛利率為55.6%，較去年上升530個基點。毛利率的成長主要與有利的UGG全價銷售、運費節省、精選定價優勢以及有利的品牌和產品組合以及有利的通路組合（DTC成長超過批發）有關。

SG&A dollar spend for the year was $1.46 billion, up 24% versus the prior year's $1.17 billion. SG&A represented 34% of revenue, which is 170 basis points above last year's rate. The SG&A increase as compared to last year was driven primarily by investment in talent to support key functions within our growing organization and higher performance compensation, higher marketing spend, including strategic spend to amplify HOKA awareness in leading international markets, and infrastructure investments and related depreciation to support the continued growth of our organization. This all resulted in a full fiscal year 2024 operating margin of 21.6%, which is 360 basis points above last year, reflecting the improvement in gross margin experienced partially offset by the normalization of our rate of SG&A spend.

本年度的 SG&A 美元支出為 14.6 億美元，比上年的 11.7 億美元成長 24%。 SG&A 佔營收的 34%，比去年高出 170 個基點。與去年相比，SG&A 成長的主要原因是對人才的投資，以支持我們不斷發展的組織內的關鍵職能，以及更高的績效薪酬、更高的營銷支出（包括用於增強HOKA 在領先國際市場的知名度的策略支出）以及基礎設施投資和相關折舊支持我們組織的持續發展。這一切使得 2024 財年的營業利潤率為 21.6%，比去年高出 360 個基點，反映出毛利率的改善被我們的 SG&A 支出率正常化部分抵銷。

As illustrated by our results, we continue delivering top-tier levels of profitability. And while we are pleased with these results, we remain mindful that the outsized margin expansion experienced particularly from historically low levels of promotion and discounting may not repeat to the same degree in future periods. For the year, our effective tax rate was 22.4%, which is flat to last year. Our strong performance, along with higher interest income and a lower share count from share repurchase activity culminated in a record diluted earnings per share of $29.16, which represents a 51% increase over last year's $19.37.

正如我們的業績所表明的那樣，我們繼續提供頂級水平的盈利能力。雖然我們對這些結果感到滿意，但我們仍然注意到，特別是在歷史上較低水平的促銷和折扣中經歷的大幅利潤擴張在未來可能不會以同樣的程度重複。今年，我們的有效稅率為22.4%，與去年持平。我們強勁的業績，加上利息收入的增加和股票回購活動帶來的股票數量的減少，最終使每股攤薄收益達到創紀錄的 29.16 美元，比去年的 19.37 美元增長了 51%。

Turning to our balance sheet. At March 31, 2024, we ended the year with $1.5 billion of cash and equivalents. Inventory was $474 million, down 11% versus the same point in time last year. And during the period, we had no outstanding borrowings. During the fourth quarter, we repurchased approximately $104 million worth of shares at an average price of $875.01 per share. For the entire fiscal year 2024, we repurchased over 700,000 shares for approximately $415 million at an average per share price of $580.44. At March 31, 2024, the company still had approximately $942 million remaining under its stock repurchase authorization.

轉向我們的資產負債表。截至 2024 年 3 月 31 日，我們年底擁有 15 億美元的現金及等價物。庫存為 4.74 億美元，比去年同期下降 11%。在此期間，我們沒有未償還的借款。第四季度，我們以每股 875.01 美元的平均價格回購了價值約 1.04 億美元的股票。在 2024 整個財年，我們以約 4.15 億美元的價格回購了超過 70 萬股股票，平均每股價格為 580.44 美元。截至2024年3月31日，該公司仍有約9.42億美元的股票回購授權。

Now moving to our outlook. For the full fiscal year 2025, we expect top line revenue growth of approximately 10% versus the prior year to $4.7 billion, with HOKA as the main driver of growth increasing approximately 20% versus the prior year through consumer acquisition and retention gains in our DTC channel, expanding strategically through key partners while maintaining disciplined marketplace management and maintaining a dedicated focus on growing awareness and market share internationally.

現在轉向我們的展望。對於2025 年整個財年，我們預計營收將比上年增長約10%，達到47 億美元，其中HOKA 作為增長的主要驅動力，透過DTC 的消費者獲取和保留收益，比上年增長約20 %管道，透過主要合作夥伴進行策略性擴張，同時維持嚴格的市場管理，並專注於提高國際知名度和市場份額。

UGG increasing mid-single digits, driven primarily by international expansion and managing a healthy U.S. marketplace, which includes prioritizing our DTC channel as we focus on maintaining the brand's pull model. Gross margins are expected to be approximately 53.5%, which is down 210 basis points versus last year as we are anticipating a more normalized promotional environment with lower full price selling than the exceptional levels achieved in fiscal year 2024 and higher freight costs.

UGG 成長了中個位數，這主要是由國際擴張和管理健康的美國市場推動的，其中包括優先考慮我們的 DTC 管道，因為我們專注於維持品牌的拉動模型。毛利率預計約為 53.5%，比去年下降 210 個基點，因為我們預計促銷環境將更加正常化，全價銷售將低於 2024 財年實現的特殊水平，而且運費將更高。

SG&A is expected to be approximately 34% of revenue as we continue reinforcing our foundation and supporting key growth initiatives, which includes increased levels of marketing spend, primarily related to our continued focus to expand global HOKA awareness, investment in talent to bolster integral teams supporting the growth of our organization and IT and warehouse investments. We expect an operating margin of approximately 19.5%, reflecting our commitment to deliver top-tier levels of profitability while continuing to invest for the long-term growth of our brands. We are projecting an effective tax rate in the range of 22% to 23%, with this all resulting in an expected diluted earnings per share in the range of $29.50 to $30.

隨著我們繼續鞏固基礎和支持關鍵增長計劃，SG&A 預計將佔收入的 34% 左右，其中包括增加營銷支出水平，這主要與我們持續關注擴大全球 HOKA 意識、投資人才以支持整體團隊支持有關。的組織以及IT 和倉庫投資的成長。我們預計營業利潤率約為 19.5%，反映出我們致力於提供頂級獲利水平，同時繼續投資於我們品牌的長期成長。我們預計有效稅率在 22% 至 23% 範圍內，這一切將導致預計稀釋後每股收益在 29.50 美元至 30 美元範圍內。

Capital expenditures are expected to be in the range of $115 million to $125 million, which is above last year as we invest in supply chain and warehouse capabilities, capital IT projects, retail refreshments, including opening select new strategic locations and updates to office facilities. 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 rates.

資本支出預計在 1.15 億至 1.25 億美元之間，高於去年，因為我們投資於供應鏈和倉庫能力、資本 IT 項目、零售更新，包括開設選定的新戰略地點和更新辦公設施。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的變化和衰退壓力、通膨壓力、地緣政治緊張局勢、供應鏈中斷和外幣匯率波動。

Looking ahead, we remain focused on executing against our strategic initiatives and delivering towards the full fiscal year. Per normal course, we will not be providing formal quarterly guidance. However, given we are more than halfway through the first quarter, we wanted to provide some context around our expectations for the quarter ending June 30. These include revenue growth in the high teens as we continue to refill depleted channel inventory that is pulling forward demand this year, and HOKA has maintained strong momentum in the DTC channel.

展望未來，我們仍然專注於執行我們的策略性舉措並在整個財年實現目標。按照正常情況，我們不會提供正式的季度指引。然而，鑑於第一季已過半，我們希望提供一些有關我們對截至6 月30 日的季度的預期的背景信息。數的成長今年以來，HOKA在DTC通路保持強勁勢頭。

Gross margin slightly above the full fiscal year guided rate as we benefit from reduced UGG promotion activity relative to last year in this quarter, select price increases on popular UGG style that we begin to lap in the second quarter and the largest proportion of HOKA revenue contribution.

毛利率略高於整個財年指導率，因為本季度我們受益於與去年相比減少的 UGG 促銷活動，我們在第二季度開始流行的 UGG 款式的精選價格上漲以及 HOKA 收入貢獻的最大比例。

I would additionally note that beyond the first quarter, our gross margin will be up against exceptional levels of full price selling for the UGG brand. And thus, we do not expect the favorability relative to last year to continue beyond Q1. Regarding SG&A, our dollar growth rate in the first quarter is planned significantly higher as we front-load investments to support our growing organization. The higher earlier planned spending is driven by investments in marketing to launch brand campaigns that are further supporting some of the demand shifts we are seeing as well as some earlier FX remeasurement headwinds resulting from the recent strengthening of the U.S. dollar. Thanks, everyone. And with that, I'll now hand off the call to Dave for his closing remarks.

我還想指出的是，在第一季之後，我們的毛利率將達到 UGG 品牌全價銷售的特殊水平。因此，我們預計相對於去年的好感度不會持續到第一季之後。關於SG&A，我們計劃第一季的美元成長率顯著提高，因為我們預先進行了投資以支持我們不斷發展的組織。早期計劃支出增加的原因是為品牌活動而進行的行銷投資，這些投資進一步支持了我們所看到的一些需求變化，以及近期美元走強導致的一些早期外匯重新衡量的阻力。感謝大家。現在，我將把電話交給戴夫，讓他發表結束語。

Thanks, Steve. I am so proud of the tenacity that our teams have consistently demonstrated to outperform expectations while continuously evolving in a dynamic consumer environment. As I near the end of my tenure leading the Deckers organization, I could not be prouder of how far we have come over the last 8 years. Our company has transformed into a leading portfolio of consumer favorite brands. We have experienced explosive growth by incredible and still increasing brand heat across HOKA and UGG.

謝謝，史蒂夫。我為我們的團隊在動態的消費者環境中不斷發展的同時不斷表現出超越預期的堅韌感到自豪。當我領導 Deckers 組織的任期即將結束時，我對我們在過去 8 年裡的進步感到無比自豪。我們公司已轉變為消費者喜愛的領導品牌組合。 HOKA 和 UGG 的品牌熱度令人難以置信且仍在不斷增加，我們經歷了爆炸性增長。

Our organization has proven to be incredibly resilient, and we have worked with agility to continuously deliver outstanding results.

事實證明，我們的組織具有令人難以置信的彈性，我們敏捷地工作，並不斷交付出色的成果。

The company's success is largely attributable to our aligned long-term strategies, our highly effective leaders across the organization and hard-working and caring employees that continue to execute as we transform the business. Deckers is in an excellent position to continue on this path as Stefano steps into the role of CEO in just a few months. He has been a key contributor to our successful transformation and knows what it takes to lead Deckers on this continued journey. He and I are continuing to work together to ensure a smooth transition.

公司的成功很大程度上歸功於我們一致的長期策略、整個組織高效的領導者以及在我們業務轉型過程中繼續執行的勤奮和關懷的員工。隨著斯特凡諾在短短幾個月內就任首席執行官，德克斯處於繼續這條道路的絕佳位置。他是我們成功轉型的關鍵貢獻者，並且知道如何帶領 Deckers 繼續這趟旅程。他和我將繼續共同努力，以確保順利過渡。

Together, we are deeply committed to fostering Deckers' collaborative and inspiring culture inclusive of encouraging authenticity, teamwork and a common goal to do good and to do great. This has cultivated a strong and growing team of exceptionally talented long-time employees and critical new hires across our global organization, which are the driving force behind our iconic brands, and I believe we'll continue to galvanize the pathway for future success.

我們共同堅定致力於培育 Deckers 的協作和鼓舞人心的文化，包括鼓勵真誠、團隊合作以及行善和成就偉大的共同目標。這在我們的全球組織中培養了一支由才華橫溢的長期員工和關鍵新員工組成的強大且不斷壯大的團隊，他們是我們標誌性品牌背後的驅動力，我相信我們將繼續為未來的成功開闢道路。

On behalf of our executive leadership team and Board of Directors, I'd like to once again thank our employees for all their dedication to Deckers' values and delivery of yet another full year of record results. Thank you to all of our stakeholders for their continued support along the way. With that, I'll turn the call over to the operator for Q&A. Operator?

我謹代表我們的執行領導團隊和董事會，再次感謝我們的員工對 Deckers 價值觀的奉獻以及全年再創紀錄的業績。感謝所有利害關係人一路以來的持續支持。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 Laurent Vasilescu with BNP Paribas.

（操作員說明）我們的第一個問題來自法國巴黎銀行的 Laurent Vasilescu。

Dave, I wanted to ask about HOKA. HOKA DTC was 38% of the mix for the year, which implies 4Q wholesale grew 40%. So I think you mentioned wholesale or maybe Steve, you had mentioned the wholesale fill in what was called out for the quarter. First quarter is also benefiting -- what are you seeing in the wholesale channel? Are retailers reordering across the Board? Or may be selective? How should we think about HOKA wholesale growth for the year itself?

戴夫，我想問一下 HOKA 的事。 HOKA DTC 佔全年產品組合的 38%，這意味著第四季度批發量成長了 40%。所以我認為你提到了批發，或者史蒂夫，你提到了批發填寫本季的內容。第一季也受益－您在批發管道看到了什麼？零售商是否全面重新訂購？或可能是選擇性的？我們該如何看待 HOKA 今年的批發成長？

Yes. Good question, Laurent. We're still seeing healthy demand from our wholesale partners. There was a little bit pull-forward and sell-throughs are strong, so that kind of pulled forward mentality is still in place. It's right in line with our pull-forward model. So we keep our wholesale channels tight, and we try to drive more revenue to DTC. And we're going to continue that playbook going into '25 and beyond.

是的。問得好，勞倫特。我們仍然看到批發合作夥伴的健康需求。有一點拉動，銷售也很強勁，所以那種拉動的心態仍然存在。這與我們的前拉模型是一致的。因此，我們保持批發管道緊張，並努力為 DTC 帶來更多收入。我們將繼續這個劇本進入 25 年及以後。

Remember, last year, we maintained net new stores across wholesale. So in the wholesale channel. In FY '25, we'll be opening select stores with select strategic partners, more focused on our international marketplace. But we still have opportunity in international run specialty. In U.S. run specialty, we're regularly generally 1 or 2 in market share. So just still optimizing that channel, but we have room to grow in our international strategic (inaudible) partners as well.

請記住，去年我們在批發領域保持了淨新開店。所以在批發通路。在 25 財年，我們將與精選的策略合作夥伴一起開設精選商店，更加專注於我們的國際市場。但我們在國際跑專業方面仍有機會。在美國經營的專業領域，我們的市佔率通常為 1 或 2。因此，我們仍在優化該管道，但我們的國際策略（聽不清楚）合作夥伴也有成長的空間。

So, yes. The marketplace is still strong. The demand is out there from the consumer. We're upgrading our pull model. And in addition to that, we have DTC, which we are expecting to grow faster than wholesale as we try to bolster that business and we get more interest in the brand awareness increasing globally, which will help drive that model as well. Stefano, do you want to add anything there?

所以，是的。市場依然強勁。需求來自消費者。我們正在升級我們的拉模型。除此之外，我們還有DTC，我們預計DTC 的成長速度會比批發更快，因為我​​們試圖加強該業務，並且我們對全球品牌知名度的提高更感興趣，這也將有助於推動該模式。 Stefano，你想補充什麼嗎？

Yes, Laurent, to build on what Dave just said, (inaudible) performed very well. (inaudible) not huge volumes there, but has performed super, super well, beyond our expectations. And Mach 6 has performed and is performing very, very well, and it's now a top 3 style not just for HOKA but also for Deckers.

是的，勞倫特，在戴夫剛才所說的基礎上，（聽不清楚）表現得非常好。 （聽不清楚）銷售量不是很大，但表現非常非常好，超出了我們的預期。 Mach 6 已經表現得非常非常好，現在它不僅是 HOKA 的前三名，也是 Deckers 的前三名。

And Skyward X, which we just launched a couple of weeks ago, the early results are very, very encouraging across the globe.

Skyward X 是我們幾週前剛推出的，早期結果在全球範圍內非常非常令人鼓舞。

That's great to hear, Stefano. And then on HOKA International, I think you called it out, Dave, the $1.8 billion in sales, is it fair to assume that HOKA International is about 30% of the mix. And if that's the case, where do you think that goes this year over time? And what region are you most excited about for FY '25?

很高興聽到這個消息，斯特凡諾。然後，關於 HOKA International，我認為戴夫，您指出了這一點，18 億美元的銷售額，可以公平地假設 HOKA International 約佔其中的 30%。如果是這樣的話，您認為隨著時間的推移，今年的情況會是如何？ 25 財年您對哪個地區最感興趣？

Yes, you're right. It's roughly around 30%. We do see that creeping up over time. We haven't given hard targets on that, but we are going to be focusing more energy on building awareness. As I said, (inaudible) expansion, bolstering up our DTC engines in those markets. From a volume perspective, you'll definitely see upside in Europe. China is still a small market for us with tremendous upside and a lot of exciting things going on there. But from a dollar percentage increase, it's still going to be led by Europe in the short term.

你是對的。大約是30%左右。我們確實看到這種情況隨著時間的推移而逐漸增加。我們還沒有為此設定硬性目標，但我們將把更多精力放在提高意識上。正如我所說，（聽不清楚）擴張，增強了我們在這些市場的 DTC 引擎。從成交量的角度來看，您肯定會看到歐洲的上漲空間。中國對我們來說仍然是一個小市場，但有著巨大的上升空間，而那裡正在發生許多令人興奮的事情。但從美元漲幅來看，短期內仍將由歐洲引領。

I was in Asia last week together with Rob and Anne and the 2 leadership teams, there's definitely significant potential for both brands in China and the rest of Asia.

上週我與 Rob 和 Anne 以及兩個領導團隊一起去了亞洲，這兩個品牌在中國和亞洲其他地區絕對有巨大的潛力。

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。

I just want to ask about your guiding to mid-single-digit growth for this year on top of, obviously, a really big year last year. What gives you the confidence that you will continue to build on the big growth you've seen not just last year but over the last couple of years as we think about fiscal '25?

我只是想問一下，在去年的基礎上，今年的成長將達到中個位數。當我們考慮 25 財年時，是什麼讓您有信心繼續在去年以及過去幾年的大幅成長的基礎上繼續發展？

Yes. I've been here now coming up on 12 years. And this is (inaudible) brand. The demand with the consumer, the 18- to 24-year-old consumer, the broad-based health of all of our channels, retail stores, e-commerce sites, wholesale partners globally. And essentially, what you're seeing is the marketplace pull model that we put in place in North America a few years ago, now that's activated in our international regions.

是的。我在這裡已經 12 年了。這是（聽不清楚）品牌。消費者的需求，18 至 24 歲的消費者，我們全球所有通路、零售店、電子商務網站、批發合作夥伴的廣泛健康狀況。從本質上講，您所看到的是我們幾年前在北美實施的市場拉動模型，現在該模型已在我們的國際區域中啟動。

So you're seeing brand heat and consideration among consumers in new international markets, increasing and very strong, and our pull model is still working. So we like to keep things a little bit scarce. And that led to some of the success we saw in this past Q4, where people were still looking for some of our reimagined icons like the Taaz and the Ultra Mini. Normally, we would see those tail off at the beginning of January and February, but those are still strong and starting to become year-round styles.

因此，您會看到新的國際市場中消費者的品牌熱度和考慮度不斷增加且非常強勁，而我們的拉動模式仍然有效。所以我們喜歡讓東西有點稀缺。這導致我們在過去的第四季度取得了一些成功，人們仍在尋找我們重新設計的一些圖標，例如 Taaz 和 Ultra Mini。通常情況下，我們會在一月初和二月初看到這些風格逐漸減弱，但這些風格仍然強勁，並開始成為全年風格。

The other significant thing last year, we -- we sold low single-digits growth in units, but 18% revenue sales on top of that. So we're seeing a very healthy full price business. There's less markdown, there's less assortment in the channel. So we have the right styles for the right consumer in the right locations.

去年另一件重要的事情是，我們的銷售量實現了低個位數成長，但除此之外，銷售收入成長了 18%。因此，我們看到了非常健康的全價業務。降價減少了，通路中的品種也減少了。因此，我們在正確的地點為正確的消費者提供正確的款式。

And then we're also seeing great success in new franchises like the Goldenstar and venture days. And so that, combined with just the brand heat, the health of the marketplace, the way that the consumer is reacting to our localized marketing activations and our store elevation, we see a lot of optimism for the UGG brand going forward. But you're going to see continued growth in DTC and a real focus on upside in international.

然後我們也看到金星和風險日等新特許經營權取得了巨大成功。因此，結合品牌熱度、市場的健康狀況、消費者對我們在地化行銷活動的反應方式以及我們的商店升級，我們對 UGG 品牌的未來充滿了樂觀的態度。但你會看到 DTC 的持續成長，以及國際市場上行空間的真正關注。

Yes, Jay, this is Steve. Just to kind of add on to that. And I think it's important and Dave touched on it here. But what we saw in FY '24 was fairly significant dollar increase and not so much on the unit side. So because we benefited from full price selling, less closeout, some of our channel mix, that drove a big proportion of the dollar increase. And while we had some unit increases, what gives us confidence going forward in that mid-single-digit guidance is that we're continuing to see more and more consumers engaged in the brand.

是的，傑伊，這是史蒂夫。只是為了補充一點。我認為這很重要，戴夫在這裡談到了這一點。但我們在 24 財年看到的是相當顯著的美元成長，但單位方面的成長幅度並不大。因此，因為我們受益於全價銷售、減少清倉以及我們的一些通路組合，這推動了美元成長的很大一部分。雖然我們的銷售量有所增加，但讓我們對中個位數指引充滿信心的是，我們繼續看到越來越多的消費者參與品牌。

So demand continues to increase. And so we won't necessarily -- in the guidance we gave, we're expecting that kind of same level of gross margin. But what we do see is with the demand that's out there, and some of what we delivered in Q4, the consumer response to the product that Dave mentioned, just be continued to see in the marketplace around the UGG brand. And that's what's giving us confidence going forward.

所以需求持續增加。因此，在我們給予的指引中，我們不一定會期望毛利率達到相同水準。但我們確實看到的是市場上的需求，以及我們在第四季度交付的一些產品，消費者對 Dave 提到的產品的反應，將繼續在 UGG 品牌周圍的市場上看到。這就是讓我們對前進充滿信心的原因。

Got it. That makes sense. If I can follow up on that. Can you just maybe dimensionalize a little bit and help us understand how UGG is growing by telling us sort of how you think about growth of sort of the classics versus all the -- what I would call the relatively new stuff since the last few years or so. How do you see the growth rates in those 2? But how is that driving the UGG brand?

知道了。這就說得通了。如果我能跟進的話。你能不能稍微具體一點，告訴我們你如何看待經典款的增長與過去幾年以來我所說的相對較新的東西的增長，從而幫助我們了解 UGG 的增長方式？ 所以。您如何看待這兩個國家的成長率？但這是如何推動 UGG 品牌發展的呢？

Yes. Classics, it's funny to ask that because it used to be all of our conversations and the majority of our business. And we've been able to just maintain that as a steady, healthy premium well-positioned part of our business, roughly around 25%, 30%, steady sell-through, steady margin, good handle on inventory and flow -- where we're seeing the exciting thing -- the excitement come from is all these reimagine classics that we're talking about. So iterations of the Tasman, iterations of the Lowmel, the Ultra Mini, the Ultra platform. Those styles are broad-based. They are resonating extremely well with younger consumers. They're showing up on influencers in a very powerful way.

是的。經典，問這個問題很有趣，因為它曾經是我們所有的談話和我們的大部分業務。我們能夠將其維持為穩定、健康的溢價，是我們業務中定位良好的一部分，大約在 25%、30% 左右，穩定的銷售量，穩定的利潤率，良好的庫存和流量控制——我們看到了令人興奮的事情——興奮來自於我們正在談論的所有這些重新想像的經典。因此，Tasman 的迭代、Lowmel、Ultra Mini、Ultra 平台的迭代。這些風格基礎廣泛。它們與年輕消費者產生了非常好的共鳴。他們以一種非常有力的方式出現在有影響力的人面前。

And then we have a men's business that is starting to show some signs of excitement as well in similar styles. So that's really where the growth is being driven from. And we have an incredible pipeline of product that evolves these styles over the next 18, 24 months that I think is just a phenomenal assortment, some of the most exciting product in the market.

然後我們的男裝業務也開始以類似的風格顯示出一些令人興奮的跡象。所以這確實是成長的動力所在。我們擁有令人難以置信的產品線，可以在未來 18、24 個月內持續發展這些風格，我認為這是一個非凡的品種，是市場上最令人興奮的產品之一。

And then we're also innovating around hybrid slipper/sandal models with increased comfort under foot that I think are going to be really well received. So I think (inaudible) team have done a great job on editing the assortment, getting us out of styles that (inaudible) really focusing on UGG DNA across any styles that we do and then a really powerful PR and social media engine to drive it all. And so this is a brand that's in a great place right now. It's very healthy. And we believe that this brand has room to grow and continue at this pace.

然後，我們還圍繞混合拖鞋/涼鞋模型進行創新，提高腳部舒適度，我認為這會非常受歡迎。所以我認為（聽不清楚）團隊在編輯品種方面做得很好，讓我們擺脫了（聽不清楚）真正專注於我們所做的任何款式中UGG DNA 的風格，然後有一個非常強大的公關和社交媒體引擎來驅動它全部。所以這個品牌現在處於一個很好的位置。這是非常健康的。我們相信這個品牌有發展空間並繼續以這種速度發展。

Our next question comes from John Kernan with TD Cowen.

我們的下一個問題來自 John Kernan 和 TD Cowen。

Congrats on a phenomenal year. Just curious how you're thinking about UGG and HOKA, the international opportunity, both from a top line perspective and channel perspective and then also how the margin profile of the business internationally can evolve?

恭喜您度過了非凡的一年。只是好奇您如何看待 UGG 和 HOKA 的國際機遇，無論是從營收角度還是通路角度，以及國際業務的利潤狀況如何發展？

Yes, of course, John. Our business currently is 2/3 U.S. and 1/3 international, as you know. And the 1/3 of international, 50% comes from Europe, roughly 35% comes from Asia Pacific and the balance is Canada and Latin America. Clearly, we see a lot of opportunity internationally. And while we expect the U.S. to continue to grow, long term, we would want international to grow faster. We are, as you heard from Dave, in terms of brand awareness, we are well behind where we are in the U.S. for HOKA and roughly 20 points behind. So we've been investing more. We've been investing faster internationally to accelerate that growth.

是的，當然，約翰。如您所知，我們目前的業務 2/3 在美國，1/3 在國際。國際市場的 1/3，50% 來自歐洲，約 35% 來自亞太地區，其餘的則是加拿大和拉丁美洲。顯然，我們在國際上看到了許多機會。雖然我們預計美國將繼續長期成長，但我們希望國際成長更快。正如您從 Dave 那裡聽到的那樣，就品牌知名度而言，我們遠遠落後於 HOKA 在美國的水平，大約落後 20 個百分點。所以我們一直在加大投資。我們一直在加快國際投資以加速成長。

And also in terms of distribution, we intend to selectively expand our distribution with key partners while carefully monitoring the productivity of the doors that we expanded. So there's definitely a lot of upside for us internationally, both in terms of top line as well as margin.

在分銷方面，我們打算選擇性地擴大與主要合作夥伴的分銷，同時仔細監控我們擴大的門的生產力。因此，無論是在營收或利潤率方面，我們在國際上肯定有很大的上升空間。

Yes. And then, John, just -- this is Steve. On the margin question, we really -- we look at the business and clearly, what we experienced in FY '24 was extraordinary with gross margin expansion. And as you've seen in what we have guided, we don't necessarily expect all of that same benefit in FY '25.

是的。然後，約翰，這是史蒂夫。關於利潤率問題，我們確實 - 我們審視了業務，很明顯，我們在 24 財年經歷的毛利率擴張非常出色。正如您在我們的指導中所看到的，我們不一定期望在 25 財年獲得所有相同的收益。

So on a comparable basis, as we look at it, continued performance of strong margins, likely moving back to a more normalized level, as we've indicated in our guidance. But generally, no significant change in margins that we're achieving as we're kind of moving into a more normalized environment.

因此，在可比的基礎上，正如我們所看到的那樣，強勁的利潤率持續表現良好，可能會回到更正常化的水平，正如我們在指導中指出的那樣。但總的來說，隨著我們進入一個更正常化的環境，我們實現的利潤率並沒有重大變化。

Got it. (inaudible) good word here to use. I guess the other extra thing the DTC segment contribution margin has (inaudible) the last several years. It's -- I think it's over 900 basis higher than wholesale now. Where do you think the profitability -- is it sustainable at the high 30% level at DTC? And do you expect this continued margin mix shift to continue for the direct-to-consumer channel?

知道了。 （聽不清楚）這裡用得好。我猜 DTC 細分市場貢獻邊際的另一項額外成果（聽不清楚）是過去幾年的成果。我認為現在比批發價高出 900 多個基點。您認為 DTC 的獲利能力在 30% 的高水準上是否可持續？您預計直接面向消費者的管道會繼續出現這種持續的利潤結構轉變嗎？

Yes. Again, we benefited in all channels with what we saw in FY '24. And so clearly, with some normalization, a bit of a setback. But again, it's still delivering even in normalized exceptional levels of profitability. So the way we're seeing the profile or the framework, not significant change again as we normalize. But as Stefano indicated and Dave has indicated, we're always looking at how we can drive a higher proportion of our DTC business, which overall does have a positive accretive impact on the business.

是的。同樣，我們在所有管道中都受益於我們在 24 財年所看到的情況。很明顯，在正常化的情況下，會出現一些挫折。但同樣，即使在正常化的異常獲利水準下，它仍然能夠實現盈利。因此，當我們正常化時，我們查看配置文件或框架的方式不會再次發生重大變化。但正如 Stefano 和 Dave 所指出的，我們一直在研究如何推動 DTC 業務的更高比例，總體而言，這確實對業務產生了積極的增值影響。

Now it doesn't happen overnight, right? And so with some of the wholesale expansion that we our forecasting in FY '25, that does take some of the growth. So the other thing that we benefited from was a bit of a step-up in our proportion of DTC business in '24 versus '23, and that's because we were running the scarcity model in wholesale. And so we were able to fuel more of that demand over into the DTC channel. That fueled some of our gross margin expansion as we open up a little bit more wholesale in FY '25, again being very strategic and thoughtful about it. That will put some pressure on the DTC growth. But as Dave said, we're still looking to move a higher proportion to DTC, but it won't necessarily be the same step function that you saw in FY '24.

現在這不是一朝一夕就能發生的，對吧？因此，隨著我們在 25 財年預測的一些批發擴張，這確實需要一些成長。因此，我們受益的另一件事是，與 23 年相比，我們在 24 年 DTC 業務的比例有所上升，這是因為我們在批發中運行稀缺模型。因此，我們能夠將更多需求轉移到 DTC 管道。這推動了我們毛利率的擴張，因為我們在 25 財年增加了一些批發業務，再次對此進行了非常策略性和深思熟慮的考慮。這將對 DTC 的成長帶來一定壓力。但正如 Dave 所說，我們仍然希望提高 DTC 的比例，但這不一定是您在 24 財年看到的相同的階躍函數。

Got it. Well, congrats on a phenomenal year, Dave, best of luck, and I'll turn it over.

知道了。好吧，恭喜戴夫度過了非凡的一年，祝你好運，我會扭轉局面的。

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。

Let's do it, and then we can go on to the other stuff. (inaudible).

讓我們這樣做，然後我們可以繼續其他的事情。 （聽不清楚）。

Sam. So what I'll provide for you, I think you're asking about the full year -- I'll give you a full year...

薩姆.所以我會為你提供什麼，我想你問的是全年——我會給你全年......

For the quarter. Could you just give us Q4 just so really clear on either wholesale or DTC by brand (inaudible).

對於本季。您能否給我們第 4 季提供的批發或按品牌 DTC 的詳細資訊（聽不清楚）。

Sure, I can give you a fourth quarter. So fourth quarter fiscal '24 that we just completed. So this is going to be a global wholesale and distributor combined by brand. For UGG was about $139 million. For HOKA was about $350 million. For Teva, $46 million, Sanuk about $5 million (inaudible).

當然，我可以給你第四季。我們剛完成了 24 財年第四季的工作。所以這將是一個按品牌組合的全球批發和分銷商。 UGG 的銷售額約為 1.39 億美元。 HOKA 的成本約為 3.5 億美元。 Teva 為 4,600 萬美元，Sanuk 約 500 萬美元（聽不清楚）。

Okay. All right. Dave, congratulations, first of all, on -- as you go to the beach and the sunset (inaudible). And -- so let's talk about UGG. You delivered a lot of product early last year, it did exceptionally well both in the store -- both in your own DTC and at your wholesale accounts. And then most retailers and yourselves were basically sold out come Thanksgiving. So that leaves a monster upside, still potentially leaving a lot of demand on the table in December. What -- how do we think about that especially that month of December that all -- everybody was looking at the numbers going. There's no business being done, but there was no inventory in the market.

好的。好的。戴夫，首先，恭喜你——當你去海灘和日落時（聽不清楚）。那我們來談談 UGG。去年年初，你們交付了很多產品，無論是在商店還是在你們自己的 DTC 和批發帳戶中，它們都表現得非常好。然後大多數零售商和你們自己在感恩節時基本上都賣完了。因此，這留下了巨大的上漲空間，12 月仍有可能留下大量需求。我們如何看待這個問題，尤其是 12 月份，每個人都在關注數字。沒有生意可做，但市場上也沒有庫存。

So could you tell us how this mid-single digit works when it looks like you have a ton of white space and arguably one of the largest consumer -- direct-to-consumer volume months of the year?

那麼，當你看起來有大量空白並且可以說是一年中最大的消費者——直接面向消費者的銷售月份之一時，你能告訴我們這個中位數是如何運作的嗎？

Yes. I think what we're experiencing now and you start in fourth quarter is a lot of that demand that we missed in December came to us in Q4. And so when we got back in stock in some of those styles, people still wanted them. And so they were buying them in January, February, March and still are. So I wouldn't say that we missed whatever opportunity we missed in December, it's all lost. We did fulfill some of that demand over the last 3 to 4 months.

是的。我認為我們現在正在經歷的情況是，從第四季度開始，我們在 12 月錯過的大量需求在第四季度來到了我們。因此，當我們重新獲得其中一些款式的庫存時，人們仍然想要它們。所以他們在一月、二月、三月購買它們，現在仍然如此。所以我不會說我們錯過了 12 月錯過的任何機會，一切都已經失去了。在過去的三到四個月裡，我們確實滿足了部分需求。

That being said, yes, there's opportunity this year. We're excited about the assortment. And I also mentioned, we think we can maintain high levels of full price sales. But it's still going to be a challenging environment out there. I think that the way we're pegging the business with the assortment, we don't have necessarily any new price increases this year. And I think maintaining a tight rein on wholesale and driving it to DTC, I think that's about right, the way we pegged it and the way we're looking at the business going into it now.

話雖這麼說，是的，今年有機會。我們對這個品種感到很興奮。我還提到，我們認為我們可以保持高水準的全價銷售。但這仍然是一個充滿挑戰的環境。我認為，按照我們將業務與品種掛鉤的方式，今年我們不一定會出現任何新的價格上漲。我認為保持對批發的嚴格控制並將其推向 DTC，我認為這是正確的，我們固定它的方式以及我們現在看待業務的方式。

Yes. I think also, Sam, this is Steve. Just on that, too, the other consideration is we did expedite product in Q3, and that sold through on DTC, so through e-commerce. This year, we're going to be expanding some of the amount that wholesale is ordering. Again, we'll be very careful and strategic about it. But that will put some of the pressure on the DTC growth, right? And so again, going back to my earlier answer to one of the previous questions, a big piece of the revenue beat on UGG was this full price selling channel mix shift. And so you're not necessarily going to have that same benefit in FY '25 that we had in '24.

是的。我也想，山姆，這是史蒂夫。就這一點而言，另一個考慮因素是我們在第三季度確實加快了產品的生產速度，並透過 DTC（即透過電子商務）進行銷售。今年，我們將擴大部分批發訂購量。同樣，我們對此將非常謹慎和具有戰略性。但這會給 DTC 的成長帶來一些壓力，對嗎？再次回到我之前對先前問題之一的回答，UGG 收入成長的一個重要原因是全價銷售管道組合的轉變。因此，您不一定會在 25 財年獲得與 24 財年相同的收益。

Comping an 18% growth, there's no cakewalk.

要達到 18% 的成長並非易事。

No, I appreciate that, but I have (inaudible) got a few things up your sleeve there that could do a lot more than what you anticipated. Let me just ask you this, at the beginning -- you beat your -- the high end of initial revenue guidance by 8.5%, your initial EPS guidance by 35%, you beat your gross margin by 310 and you beat your EBIT margin by 360 basis points based on what your initial guidance was last year. Is there -- are you guiding this year sort of relatively differently? Are you looking at the world the same way? Are you looking at it differently than you did a year ago at this time?

不，我很欣賞這一點，但我（聽不清楚）已經為您準備了一些可以做比您預期更多的事情。讓我問你這個問題，一開始，你的初始收入指導值超出了8.5%，初始每股收益指導值超出了35%，你的毛利率超出了310%，你的息稅前利潤率超出了8.5%。今年的指導是否相對不同？你看待世界的方式也一樣嗎？您現在的看法與一年前有什麼不同嗎？

Yes. Sam, I think the way we're looking at it is we're not going to get the same benefits in FY '25 that we got in '24. Again, so that -- the difference between the revenue change and the unit change is one that's really important to understand because what we benefited from in '24 was full-price selling, combined with price increases, combined with running a scarcity model that drove more traffic into DTC. So we won't have the same level of benefit on price increases in FY '25 that we had in '24. We'll see what the promotional environment looks like, that's always a hard one to determine, especially in the current environment, a lot of uncertainty you're hearing what some other companies are saying. So that's one that we will continue to carefully watch. We're being served well with kind of a controlled marketplace. So we'll continue to look at it.

是的。 Sam，我認為我們看待這個問題的方式是，我們不會在 25 財年獲得與 24 財年相同的福利。再說一遍，收入變化和單位變化之間的差異是非常重要的，因為我們在 24 年受益的是全價銷售，加上價格上漲，再加上運行稀缺模型，推動了更多流量進入 DTC。因此，我們在 25 財年的價格上漲方面不會獲得與 24 財年相同水準的收益。我們將看看促銷環境是什麼樣子，這總是很難確定，特別是在當前環境下，你聽到其他一些公司所說的話存在著許多不確定性。因此，我們將繼續密切關注這一點。受控的市場為我們提供了良好的服務。所以我們將繼續關注它。

But I don't think the set-up to your point, is the same. I think there were more factors that we knew we could benefit from in '24 than in '25, but again, we'll manage through '25, and we'll see how it turns out.

但我不認為你的觀點的設定是相同的。我認為我們知道我們可以從 24 年受益的因素比 25 年更多，但同樣，我們將度過 25 年，我們將看看結果如何。

(inaudible) success and good luck as you walk off into the sunset.

（聽不清楚）當您走向夕陽時，成功並祝您好運。

Our next question comes from Janine Stichter with BTIG.

我們的下一個問題來自 BTIG 的 Janine Stichter。

To start out a question on HOKA. You mentioned seeing awareness from non-runner everyday athletes and more casual styles. So how do you think about just further segmenting the assortment and the (inaudible) while still keeping your heritage. And then one for Steve, on SG&A. You're flipping to basically a flat SG&A rate this year after a year of deleverage. Just how to think about where you are in that reinvestment cycle. I know you've been (inaudible) a little bit of catch-up on SG&A. And if you do see upside to your revenue guide on revenues, how do you think about further reinvestment in here?

首先在 HOKA 上提出一個問題。您提到看到非跑步日常運動員和更休閒風格的意識。那麼，您如何考慮在保留您的傳統的同時進一步細分品種和（聽不清楚）。然後是 Steve 的一篇關於 SG&A 的文章。經過一年的去槓桿化之後，今年的銷售及管理費用率基本上持平。只是如何思考您在再投資週期中的位置。我知道您在 SG&A 方面（聽不清楚）有所追趕。如果您確實看到收入指南的好處，您如何看待這裡的進一步再投資？

Yes. Thanks, Janine. On the consumer breadth of HOKA, it's pretty exciting, right? And one thing I can guarantee you that we will always prioritize our performance business first. And so we are -- there's no doubt, we are a performance innovation-driven company. And that's going to be our priority. We'll always prioritize the specialty run accounts. We will always prioritize that -- the hard core running and trail-running consumer. But we obviously have been adopted in a pretty substantial way from a lifestyle perspective. And that's because of the performance that's built into the product. It's not just that they look good, but they feel good. And now they become something that these consumers, they not only want the product, they need the product. They need the next color. They need the next version of the Bondi, the Clifton, the Arahi and now the Mach.

是的。謝謝，珍妮。就 HOKA 的消費者廣度而言，這相當令人興奮，對吧？我可以向您保證的一件事是，我們將始終優先考慮我們的績效業務。毫無疑問，我們是一家績效創新驅動的公司。這將是我們的首要任務。我們將始終優先考慮專業運行帳戶。我們將始終優先考慮核心跑步和越野跑消費者。但從生活方式的角度來看，我們顯然已經在很大程度上被採用了。這是因為產品內建的效能。他們不僅看起來很好，而且感覺很好。現在它們成為了這些消費者的東西，他們不僅想要產品，而且需要產品。他們需要下一種顏色。他們需要下一代 Bondi、Clifton、Arahi 以及現在的 Mach。

So that will just expand over time. As we segment the line over time, I mean, as you know, we've been doing this from day 1 is innovation that's appropriate to the channel segmenting by channel and consumer, particularly as we get into (inaudible) and there is -- I also believe there's just a generalized trend out there that running is kind of becoming the new streetwear. Those looks are adopted by more consumers now than they ever have been, and we see that continuing. And we welcome those consumers into the brand, but they will be buying performance product from us, not lifestyle design products.

因此，隨著時間的推移，這種情況只會擴大。當我們隨著時間的推移對產品線進行細分時，我的意思是，正如您所知，我們從第一天起就一直在這樣做，這是適合按管道和消費者進行管道細分的創新，特別是當我們進入（聽不清楚）並且有 -我還相信跑步正在成為新的街頭服飾，這是一種普遍的趨勢。現在，這些外觀比以往任何時候都受到更多消費者的青睞，而且我們看到這種情況仍在繼續。我們歡迎這些消費者加入品牌，但他們將從我們這裡購買功能性產品，而不是生活方式設計產品。

And then, Janine, just on the SG&A. So I think in terms of where we landed FY '24, the 34% spend to revenue and the guide equivalent for FY '25, we think that's kind of the appropriate level, we'll see. It is increasing from where we've been in the past couple of years as we've made investments and continue to make investments, and I called it out in the script in terms of building talent, infrastructure, distribution. So as we're growing and continue to grow at a slightly faster pace than what we anticipated, there's still a bit of a catch-up that you're seeing. I think as we continue to look at the year, we'll manage accordingly. I think that has served us well. We haven't gotten ahead of the growth, but we're carefully monitoring to keep pace with it. And that's some of the increases that you've seen really over the last couple of years.

然後，Janine，關於 SG&A。因此，我認為就我們 24 財年的目標而言，即 34% 的支出佔收入以及 25 財年的指導水平，我們認為這是適當的水平，我們拭目以待。隨著我們進行投資並繼續進行投資，它比我們過去幾年的情況有所增加，我在劇本中在人才建設、基礎設施和分銷方面指出了這一點。因此，隨著我們的成長，並且繼續以比我們預期稍快的速度成長，您仍然會看到一些追趕的情況。我認為，當我們繼續展望這一年時，我們將進行相應的管理。我認為這對我們很有幫助。我們尚未領先於成長，但我們正在仔細監控以跟上成長的步伐。這就是過去幾年中您確實看到的一些增長。

Our last question for today comes from Jonathan Komp with Baird.

我們今天的最後一個問題來自喬納森·康普和貝爾德。

I wanted to ask about HOKA. If I could just ask a near-term question. It looks like DTC was up in the low 20s in the fourth quarter year-over-year, and you're assuming DTC outgrows for fiscal 2025. So are you assuming a little bit of a reacceleration? And if so, could you maybe talk about the drivers? And -- when you think about the product launch strategy for HOKA this year, could you just give insight to some of the shifts there. I know we haven't seen the next version of a few of your key icons or your biggest styles like Clifton and Bondi, -- so just how should we think about the product launch cadence or cycle?

我想問一下HOKA的事。如果我能問一個近期的問題就好了。看起來 DTC 在第四季度同比增長了 20 多歲，並且您假設 DTC 的增長將在 2025 財年超出 那麼。如果是這樣，您能談談司機嗎？而且，當您思考 HOKA 今年的產品發布策略時，您能否深入了解其中的一些變化。我知道我們還沒有看到您的一些關鍵圖標或您最大的風格（例如 Clifton 和 Bondi）的下一個版本，那麼我們應該如何考慮產品發布節奏或週期？

Yes, I'll tackle (inaudible) DTC versus wholesale. Generally, yes, we will see a slight increase in the rate of DTC growth the way we're looking at it, and that contemplates a little bit lower wholesale, but it's not dramatic on one end or the other. But as we -- as our awareness increases and as we have more international distribution, opening select retail stores, that does drive more traffic and a healthy business to our DTC channel. We convert at a very high rate when people come to our website. And then we have just a growing repeat business from our existing customer base, and the new launch cadence, as you mentioned, brings eyeballs to the site as well. So we are -- and that's by design, we're strategically trying to grow DTC a little bit faster over time because we know that's good for us long term, good for margins, good for health of the marketplace, and that pull model is working extremely well.

是的，我將討論（聽不清楚）DTC 與批發的問題。一般來說，是的，按照我們的看法，我們會看到 DTC 成長率略有上升，考慮到批發量會稍微降低，但無論從哪一方面來看，這都不會太顯著。但隨著我們意識的提高以及我們擁有更多的國際分銷、開設精選零售店，這確實為我們的 DTC 管道帶來了更多的流量和健康的業務。當人們造訪我們的網站時，我們的轉換率非常高。然後，我們現有客戶群的回頭客業務不斷增長，正如您所提到的，新的發布節奏也為該網站帶來了眼球。所以我們——這是按照設計的，我們策略性地嘗試隨著時間的推移更快地增長DTC，因為我們知道這對我們的長期發展、對利潤率、對市場的健康都有好處，而且拉動模型是工作得非常好。

So you'll see this year that we've modeled it out a little bit better in DTC than wholesale, but on a regional basis, wholesale will be very strong, too.

所以你會看到今年我們在 DTC 中的模型比批發好一點，但在區域基礎上，批發也將非常強大。

Yes. And what I would add, John, just to that is just to be careful about kind of relying too much on a quarter performance. We are managing this for the long run. So again, when you have depleted inventory in the channel, that might impact your wholesale growth in one quarter as you're refilling that. It's not necessarily indicative of the longer-term views, back to Dave's point, as we look at growth, clearly, our focus is on trying to grow DTC faster, which is kind of what we are doing and growing the proportion of that. I wouldn't rely too much just on one quarter or a dynamic in that quarter because there are other factors that affect the short term, but we're looking at the long term.

是的。約翰，我要補充的是，要小心過度依賴季度業績。從長遠來看，我們正在對此進行管理。同樣，當您耗盡渠道中的庫存時，當您補充庫存時，可能會影響您一個季度的批發增長。這不一定代表長期觀點，回到戴夫的觀點，當我們考慮成長時，顯然，我們的重點是嘗試更快地成長 DTC，這就是我們正在做的事情，並增加了其中的比例。我不會過度依賴一個季度或該季度的動態，因為還有其他因素會影響短期，但我們正在著眼於長期。

Yes, I think that's a really good point to keep in mind. We are not in a consistent model of new introductions of products (inaudible), right? It's been changing a little bit year-over-year. We're starting to formalize that a little bit more. But sometimes when you see a drop in sales, say, credit card data, you've got to look at what's in the market, when do we drop things? What were we selling last year full price versus markdown? And -- that's why I think if you look at the long view of the year when we have multiple drops over the year, our innovation engine and the pipeline hits the marketplace, it's best to look at that over a 12- to 18-month period versus 3 months because there's so many puts and takes from new introductions this year, last year, markdowns, et cetera. So I think Steve is spot on, on that point.

是的，我認為這是一個值得牢記的好點。我們沒有採用一致的新產品推出模式（聽不清楚），對吧？與去年同期相比，情況發生了一些變化。我們開始將其正式化一點。但有時當你看到銷售額下降時，例如信用卡數據，你必須看看市場上有什麼，我們什麼時候會放棄東西？去年我們以全價和降價銷售什麼？這就是為什麼我認為，如果你從長遠來看，我們在這一年中有多次下降，我們的創新引擎和管道進入市場，那麼最好從 12 到 18 個月的時間來看。三個月，因為今年、去年的新產品、降價等等都有許多的投入和損失。所以我認為史蒂夫在這一點上是正確的。

Yes. And 2 new products, John, we have a couple of big programs hitting the market (inaudible) early next year. Speedgoat is our biggest franchise, a new Speedgoat 6 with the market in June. Skyflow is a new run specialty exclusive and DTC exclusive that it's going to hit the market in July. That's a sizable program for us. And Bondi, which is our second biggest show, will hit Q4 next year, an updated Bondi and the (inaudible). I'm very excited about how it's been received by our partners.

是的。還有 2 個新產品，約翰，我們有幾個大型專案將於明年初推出市場（聽不清楚）。 Speedgoat 是我們最大的特許經營產品，全新 Speedgoat 6 將於 6 月上市。 Skyflow 是一款新推出的專業獨家產品和 DTC 獨家產品，將於 7 月上市。這對我們來說是一個相當大的計劃。 Bondi 是我們的第二大節目，將於明年第四季推出，更新的 Bondi 和（聽不清楚）。我對我們的合作夥伴的反應感到非常興奮。

That's great. And Dave, best of luck.

那太棒了。戴夫，祝你好運。

This will conclude our question-and-answer session. And with that, we will conclude today's conference call. Thank you all for your participation. You may now disconnect.

我們的問答環節到此結束。我們將結束今天的電話會議。感謝大家的參與。您現在可以斷開連線。