Deckers Outdoor Corp (DECK) 2025 Q2 法說會逐字稿

Good afternoon and thank you for standing by. Welcome to the Deckers Brands second-quarter fiscal 2025 earnings conference call. (Operator Instructions) Following the presentation, we will conduct a question-and-answer session. (Operator Instructions) I would like to remind everyone that this conference call is being recorded. I will now turn the call over to Erinn Kohler, VP, Investor Relations and Corporate Planning.

下午好，感謝您的支持。歡迎參加 Deckers Brands 2025 財年第二季財報電話會議。 （操作員說明） 示範結束後，我們將進行問答環節。 （操作員說明）我想提醒大家，本次電話會議正在錄音。我現在將把電話轉給投資者關係和企業規劃副總裁 Erinn Kohler。

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

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

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

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

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, capital allocation, anticipated impacts from our brand and marketplace management strategies, changes in consumer behavior, strength and performance of our brands, demand for our products, product and channel distribution strategies, including direct-to-consumer, plans for and the launch timing of new products, marketing plans and strategies, our supply chain and logistics, our anticipated revenues, 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、資本配置、我們品牌和市場管理策略的預期影響、消費者行為變化的陳述、我們品牌的實力和表現、對我們產品的需求、產品和通路分銷策略（包括直接面向消費者）、新產品的規劃和發佈時間、行銷計畫和策略、我們的供應鏈和物流、我們的預期收入、產品組合、利潤率、費用、庫存水準和促銷活動、宏觀經濟環境對我們的營運和業績的影響，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 the 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.

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。

Also, during the second quarter, the company effected a six for one forward stock split as referenced in the company's release on September 13, 2024. The share per share and resulting financial amounts mentioned on this call have been adjusted to reflect the effectiveness of the stock split, including prior period metrics.

此外，在第二季度，該公司實施了6 比1 的遠期股票分割，如該公司2024 年9 月13 日發布的新聞稿中所述。此產生的財務金額已進行調整，以反映該計劃的有效性股票分割，包括前期指標。

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 Stefano.

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（包括固定貨幣）所製定的財務指標。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，這些非公認會計原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，我現在將把它交給斯特凡諾。

Thank you, Erinn. Good afternoon, everyone and thank you for joining today's call. I'm delighted to report on our impressive second quarter results today. And with this being my first call as CEO, I'd like to share my approach to driving Decker's continued success.

謝謝你，艾琳。大家下午好，感謝您參加今天的電話會議。我很高興今天報告我們令人印象深刻的第二季業績。這是我作為執行長的第一次電話會議，我想分享我推動 Decker 持續成功的方法。

The business has come a long way over the past few years, and we are executing on the long-term strategy established throughout my tenure with Deckers. As we look ahead, we're honing on four guiding principles to help us build upon our recent wins and amplify the power of our brands and organization, while remaining true to our proven fundamentals.

在過去的幾年裡，我們的業務取得了長足的進步，我們正在執行我在 Deckers 任職期間制定的長期策略。展望未來，我們正在磨練四項指導原則，以幫助我們在最近取得的勝利的基礎上再接再厲，增強我們品牌和組織的力量，同時保持我們經過驗證的基本原則。

Starting off, our consumer-first mindset harnesses insights and feedback to create distinctive products that resonate with a growing audience. Next, our brand less philosophy for product creation and marketplace positioning leverages our unique brand codes for consistent, elevated experiences that prioritize long-term brand health.

首先，我們以消費者至上的心態利用洞察和回饋來創造出能與越來越多的受眾產生共鳴的獨特產品。接下來，我們的產品創造和市場定位的無品牌理念利用我們獨特的品牌代碼來提供一致、提升的體驗，優先考慮長期品牌健康。

Third, we're innovation forward, committed to creating leading edge performance technologies and unique designs that deliver tangible consumer benefits. And finally, we're globally driven, aiming to diversify and build international markets for a more balanced business expanding regionally and strategically through various channels.

第三，我們不斷創新，致力於創造領先的性能技術和獨特的設計，為消費者帶來實際的利益。最後，我們以全球為導向，旨在實現多元化並建立國際市場，透過各種管道實現區域和策略上更加平衡的業務擴張。

In this new leadership role, I intend to build upon our established foundation. These guiding principles have fueled our successful years, and we are enforcing them as cornerstones of our future growth. With our strong operating model and strategic focus on key opportunities for UGG and HOKA. We're well-positioned to drive long-term brand health, prosperity, and sustained success.

在這個新的領導角色中，我打算在我們既定的基礎上再接再厲。這些指導原則為我們成功的歲月提供了動力，我們正在將它們作為我們未來發展的基石來執行。憑藉我們強大的營運模式和對 UGG 和 HOKA 關鍵機會的策略關注。我們處於有利位置，可以推動品牌的長期健康、繁榮和持續成功。

Now let's dive into the highlights of our second quarter, which include revenue growing 20% versus last year to $1.3 billion, healthy gross margins of 55.9%, and diluted earnings per share increasing 39% to $1.59, compared to last year's $1.14 per share. These excellent results reflect the continued strength of our full-price demand enabled by innovative products that resonate with consumers, disciplined global marketplace management, and thoughtful product segmentation.

現在讓我們深入了解第二季度的亮點，其中包括營收較去年增長20%，達到13 億美元，毛利率達到55.9%，攤薄後每股收益增長39%，達到1.59 美元，而去年為每股1.14美元。這些出色的業績反映了我們全價需求的持續強勁，這得益於與消費者產生共鳴的創新產品、嚴格的全球市場管理和深思熟慮的產品細分。

Key revenue drivers behind Decker's first half growth of 21% versus last year include HOKA increasing 32%, UGG growing 13%, total company international increasing 28%, and total company B2C and wholesale, both growing more than 20% above last year. With this impressive first half growth, the HOKA brand achieved an exciting milestone, eclipsing $2 billion in revenue over the trailing 12-month period for very first time. I'd like to congratulate our entire global team for their tireless efforts in building the special brand.

Decker 上半年營收較去年成長 21%，其主要驅動因素包括 HOKA 成長 32%、UGG 成長 13%、公司國際總營收成長 28%，以及公司 B2C 和批發總營收均比去年成長 20% 以上。憑藉上半年令人印象深刻的成長，HOKA 品牌實現了令人興奮的里程碑，過去 12 個月內的收入首次超過 20 億美元。我要祝賀我們整個全球團隊為打造這個特殊品牌所做的不懈努力。

Overall, Decker's first half results demonstrate our team's execution around the globe. Our brands are well-positioned for the holiday season and on track to achieve an increased outlook for the full fiscal year. Steve will provide more specifics later on in the call. But first, I will share a few brand and marketplace highlights from the first half of fiscal 2025.

總體而言，Decker 上半年的業績證明了我們團隊在全球範圍內的執行力。我們的品牌已為假期季節做好了充分準備，並有望實現整個財年前景的改善。史蒂夫將在稍後的電話會議中提供更多細節。但首先，我將分享 2025 財年上半年的一些品牌和市場亮點。

Beginning with brand highlights. Global HOKA revenue in the first half increased 32% versus last year. HOKA performance continues to be driven by the strength of full-price demand across multiple categories around the globe. The HOKA team has continued to refine their multi-category offense, which is powered by core focus to win the road, dominate trail, and develop fitness and performance lifestyle.

從品牌亮點開始。上半年HOKA全球營收較去年成長32%。 HOKA 的業績持續受到全球多個類別全價需求強勁的推動。 HOKA 團隊不斷完善其多類別進攻，以核心焦點為動力，以贏得公路、主宰越野，並發展健身和高性能生活方式。

HOKA has made great progress in each of these areas through the first half of the fiscal year. Specific to the role category, HOKA continues to deliver healthy growth in heritage franchises like Clifton and Bondi, while bolstering the assortment with significant newness incorporating technical advancements that are being well-received by consumers and wholesale partners. We're especially encouraged by the early reads of the brand's most suited introductions Skyflow and Mach X 2.

本財年上半年，HOKA 在上述各領域都取得了巨大進展。具體到角色類別，HOKA 繼續在 Clifton 和 Bondi 等傳統特許經營業務中實現健康成長，同時透過重大新穎性和技術進步來增強品種，受到消費者和批發合作夥伴的好評。我們對品牌最適合的產品 Skyflow 和 Mach X 2 的早期閱讀感到特別鼓舞。

Skyflow which, as a reminder, was introduced in mid-July as a co-exclusive with our specialty partners NBTC channel has received high marks for ride, fit, and feel. Positive global feedback from our partners has highlighted the Skyflow's additional contribution to the existing HOKA road offering. Mach X 2 incorporates updated geometry inspired by the HOKA brands Pinnacle road racing shoe, the Cielo 1 as well as an upgraded plate in a more aggressive rocker profile, which results in a lighter and faster shoe.

提醒一下，Skyflow 於 7 月中旬作為與我們的專業合作夥伴 NBTC 頻道共同獨家推出的產品，在騎行、貼合度和感覺方面獲得了很高的評價。我們合作夥伴的正面全球回饋凸顯了 Skyflow 對現有 HOKA 公路產品的額外貢獻。 Mach X 2 採用了受 HOKA 品牌 Pinnacle 公路賽車鞋 Cielo 1 啟發的更新幾何形狀，以及更具攻擊性的搖桿輪廓的升級板，從而使鞋子更輕、更快。

HOKA celebrated this launch with a Mach Speed Challenge on Strava, leveraging the brand's new Fifth Avenue flagship store in New York City for consumer engagement with additional activations at the Berlin Marathon and the upcoming Frankfurt Marathon in Oxford Half.

HOKA 在Strava 上舉辦馬赫速度挑戰賽來慶祝此次發布，利用該品牌位於紐約市的新第五大道旗艦店與消費者互動，並在柏林馬拉松和即將在牛津半場舉行的法蘭克福馬拉鬆上開展額外活動。

In the trail category, HOKA continued to see broad adoption on the versatile transfer franchise, complemented by two powerful updates during the most recent quarter, including the six additional SpeedGoat, our most popular trail franchise. In the Tecton X3, our commercialized version of the Tecton X prototype worn by the last two champions of the HOKA-sponsored UTMB race.

在林道類別中，HOKA 繼續在多功能轉會專營權上得到廣泛採用，並在最近一個季度進行了兩次強大的更新，包括新增的 6 個 SpeedGoat（我們最受歡迎的林道專營權）。 Tecton X3 是 HOKA 贊助的 UTMB 比賽的最後兩位冠軍所佩戴的 Tecton X 原型的商業化版本。

For those of you unfamiliar, UTMB refers to Ultra-Trail Mont Blanc, the pinnacle event of a global trail running competition, a grueling 106-mile ultra marathon through the French Alps with over 30,000 feet of elevation game.

對於那些不熟悉的人來說，UTMB 指的是 Ultra-Trail Mont Blanc，這是全球越野跑比賽的巔峰賽事，是一項穿越法國阿爾卑斯山、海拔超過 30,000 英尺的艱苦的 106 英里超級馬拉鬆比賽。

Just two months ago, our very own senior manager of HOKA Product Engineering and amateur athlete, Vincent Bouillard, won UTMB in his first attempt at the race, becoming on the fifth runner ever to break the 20-hour mark. His victory is an inspiring story, which is emblematic of the HOKA brand's accessibility and the passion our people have for what they do, proving that even those who aren't full-time athletes can compete at the highest levels.

就在兩個月前，我們的 HOKA 產品工程高級經理兼業餘運動員 Vincent Bouillard 在首次參加 UTMB 比賽時贏得了冠軍，成為有史以來第五位打破 20 小時大關的選手。他的勝利是一個鼓舞人心的故事，象徵著 HOKA 品牌的可及性和我們的員工對他們所做的事情的熱情，證明即使那些不是全職運動員的人也可以參加最高水平的比賽。

Okay. Moving on to HOKA brand's regional market performance in the first half. HOKA continued to experience solid growth around the globe. Our focus to build awareness in underpenetrated international markets is doing results as international revenue growth outpaced the brand's healthy growth in the US.

好的。再來看HOKA品牌上半年的區域市場表現。 HOKA 在全球持續實現穩健成長。隨著國際收入成長超過了該品牌在美國的健康成長，我們在滲透不足的國際市場上建立知名度的重點正在取得成效。

Through the first six months of the fiscal year, HOKA drove particularly strong international growth across all channels with DTC outpacing wholesale. We continue to see great progress across all the key international geographies as HOKA gain market share the road into our categories within Europe according to Circana, engage with local consumers through elevated community building activations at the brand's retail locations in Paris, London, Tokyo, and Shanghai. And increased share of shoe counts at key long distance running events across Asia.

在本財年的前六個月，HOKA 在所有通路上推動了特別強勁的國際成長，DTC 的成長超過了批發。根據Circana 的數據，隨著HOKA 在進入我們的歐洲品類道路上獲得市場份額，我們在所有主要國際地區繼續取得巨大進展，並透過在巴黎、倫敦、東京和東京等地的品牌零售店加強社區建設活動來與當地消費者互動。亞洲主要長跑賽事中鞋子數量的比例也有所增加。

At the same time, the US delivered balanced growth across DTC and wholesale, aligned with our strategy for this fiscal year. Within DTC, HOKA continued to drive growth through increases in consumer acquisition and retention. While in wholesale, HOKA benefited from select or increases with key partners who experienced a positive back-to-school season with HOKA, saw great early reads with consumer engagement and new accounts, and kept brand specialty front of mind with a successful co-exclusive launch of the Skyflow. HOKA has exciting renovations ahead and we anticipate continued success and growth for the brand through the holiday and beyond.

同時，美國在 DTC 和批發領域實現了平衡成長，這與我們本財年的策略是一致的。在 DTC 內，HOKA 透過增加消費者獲取和保留繼續推動成長。在批發方面，HOKA 受益於關鍵合作夥伴的精選或增加，這些合作夥伴與HOKA 一起經歷了積極的返校季節，透過消費者參與和新客戶看到了精彩的早期閱讀，並透過成功的聯合獨家品牌保持了品牌特色推出 Skyflow。 HOKA 即將進行令人興奮的翻新工程，我們預計品牌在假期及以後將繼續取得成功和成長。

Shifting to UGG. I could not be more pleased with the UGG brands year-to-date results. Global revenue in the first half increased 13% over last year. UGG performance was driven by success across key initiatives, including evolving and elevating iconic franchises to resonate with today's consumers, which is reflected of the year-round momentum for the brand's most popular models.

轉向UGG。我對 UGG 品牌今年迄今的業績感到非常滿意。上半年全球營收較去年成長13%。 UGG 的業績是由關鍵舉措的成功推動的，包括發展和提升標誌性特許經營權以引起當今消費者的共鳴，這反映了該品牌最受歡迎的款式全年的增長勢頭。

Building icons highlighted by the increased adoption of the Golden and Lowmel franchises across shoulder seasons, and amplifying International, which delivered growth above the global brand average. The Tasman and Ultra Mini franchises continue to experience full price demand from consumers around the world, enhanced by our product team's dedicated focus to keep this franchise special.

透過跨季節增加 Golden 和 Lowmel 特許經營權來打造標誌，並擴大國際化，實現高於全球品牌平均水平的成長。 Tasman 和 Ultra Mini 特許經營權繼續受到世界各地消費者的全價需求，我們的產品團隊致力於保持該特許經營權的特殊性，從而增強了這一需求。

UGG team has done this by allocating core colors and champion new seasonal colors, building complementary silhouettes like weather hybrids and platform variations and driving heat through aspirational collaborations, including recent launches with Collina Strada and Gallery Department. UGG is experiencing momentum with the Golden and Lowmel franchises.

UGG 團隊透過分配核心顏色並倡導新的季節性顏色、建立互補的輪廓（例如天氣混合和平台變化）以及透過理想的合作（包括最近與Collina Strada 和Gallery Department 推出的產品）來推動熱度，從而做到了這一點。 UGG 憑藉 Golden 和 Lowmel 特許經營權取得了良好的發展勢頭。

In the first half, both of these landed in the brand's top 10 styles rig by revenue, each contributing meaningful year-over-year growth. Additionally, both of these styles are driving consumer acquisition, an encouraging sign for the UGG brand's continued evolution.

上半年，這兩款產品均躋身該品牌收入前十名的款式，均實現了顯著的同比增長。此外，這兩種款式都在推動消費者的購買，這對於 UGG 品牌的持續發展來說是一個令人鼓舞的跡象。

We give both franchises as highly wearable around with opportunities for expansion coming to the product segment for spring '25. The UGG brand is also expanding its reach to male consumers, focused to win with product that infuses the comfort expected of UGG with confidence and style.

我們為這兩個特許經營權提供了高度可穿戴的機會，並為 25 年春季的產品領域提供了擴展的機會。 UGG 品牌也正在擴大其對男性消費者的影響力，專注於透過將 UGG 所期望的舒適感、自信和風格融入產品中來獲勝。

Recently, UGG announced Grammy nominated musical artists Post Malone as an ambassador for men's business. UGG will activate this partnership as part of a global campaign, including digital videos and a field house experience in Los Angeles.

近日，UGG 宣布葛萊美提名音樂藝術家 Post Malone 擔任男士業務大使。 UGG 將激活這一合作夥伴關係，作為全球活動的一部分，其中包括數位視訊和洛杉磯的現場體驗。

Moving into some regional highlights for the first half as we head into the peak UGG season. As expected, growth in the first half has been led by international regions, which have maintained high levels of demand through lean inventory management.

隨著我們進入 UGG 旺季，我們將進入上半年的一些地區亮點。正如預期的那樣，上半年的成長由國際地區引領，這些地區透過精益庫存管理保持了高需求水準。

Europe season is bearing last year's trend, with the earlier start to UGG season and consumer demand. This has driven exceptional DTC growth in the region with first half revenue nearly doubling compared to two years ago. Postal performance was also robust, fueled by premium partnerships that elevate brand presentation and enhance consumer experience.

歐洲季節延續了去年的趨勢，隨著UGG季節的提前開始和消費者需求的增加。這推動了該地區 DTC 的強勁增長，上半年收入與兩年前相比幾乎翻了一番。在優質合作關係的推動下，郵政業績也表現強勁，提升了品牌形象並增強了消費者體驗。

Turning to Asia, despite a more pressured consumer environment, UGG continue to perform well through the first half across wholesale and DTC. The UGG brands business in the region has continued to benefit from the success of transitional styles that resonate year-round, especially with the emergence of the Golden Collection.

轉向亞洲，儘管消費環境壓力更大，UGG 上半年在批發和 DTC 領域繼續表現良好。該地區的 UGG 品牌業務繼續受益於全年引起共鳴的過渡風格的成功，尤其是隨著 Golden Collection 的出現。

In the US, UGG continues to perform well, with the majority of first half revenue growth coming from wholesale sell-in as we allocate more product to the channel and our partners are looking to get into stock earlier. Wholesale sell-through was strongest among accounts that primarily serve younger consumers, as UGG remains a popular brand among the 18- to 34-year-old cohort. I want to thank and congratulate the entire global UGG team for their accomplishments thus far in fiscal 2025.

在美國，UGG 繼續表現良好，上半年收入成長的大部分來自批發銷售，因為我們向通路分配了更多產品，而我們的合作夥伴希望更早進貨。由於 UGG 仍然是 18 至 34 歲人群中的熱門品牌，因此在主要服務年輕消費者的帳戶中批發銷售最為強勁。我要感謝並祝賀整個全球 UGG 團隊在 2025 財年迄今所取得的成就。

Looking ahead, UGG is well positioned to maintain consumer demand through the peak holiday season with an attractive and elevated product assortment. Although, we expect a more promotional environment than the exceptionally low levels experienced last year, we're confident UGG will maintain premium levels of full price selling as it delights consumers this holiday season.

展望未來，UGG 已做好充分準備，透過有吸引力且豐富的產品種類，在整個假期旺季維持消費者需求。儘管我們預計促銷環境會比去年的極低水平更加強勁，但我們相信 UGG 將保持全價銷售的優質水平，因為它在這個假期期間讓消費者感到高興。

Moving to Decker's first half channel highlights in the global marketplace. Aligned with our strategy, revenue growth in the first half has been well balanced across DTC and wholesale. Beginning with DTC, first half global revenue for the channel increased 22% versus last year on a reported basis and 19% on a comparable basis.

轉向 Decker 上半年在全球市場的通路亮點。根據我們的策略，上半年 DTC 和批發業務的收入成長非常平衡。從 DTC 開始，該頻道上半年的全球收入在報告基礎上比去年增長了 22%，在可比較基礎上增長了 19%。

HOKA continues to drive most of the incremental revenue over the prior year, increasing $100 million with broad strength across the United States, international markets, online, and within the brand's relatively limited fleet of retail stores. UGG DTC also drove strong results in first half across both digital and physical consumer touch points, overall, increasing 11% over last year and contributing an incremental $25 million of revenue.

HOKA 繼續推動去年大部分增量收入的成長，憑藉在美國、國際市場、線上以及該品牌相對有限的零售店群內的廣泛實力，增加了 1 億美元。 UGG DTC 上半年在數位和實體消費者接觸點方面也取得了強勁的業績，總體比去年增長了 11%，貢獻了 2,500 萬美元的增量收入。

As expected, strength in the UGG brand was primarily driven by international markets, with the U.S. also contributing to the growth. From a global wholesale perspective, revenue for the channel increased 20% versus last year.

正如預期的那樣，UGG 品牌的實力主要受到國際市場的推動，其中美國也為成長做出了貢獻。從全球批發的角度來看，該通路的收入比去年增長了 20%。

Both HOKA and UGG drove meaningful wholesale growth increasing 33% and 14%, respectively. Regionally, international outpaced domestic from a growth rate perspective. But both regions delivered meaningful incremental revenue above the prior year.

HOKA 和 UGG 都帶動了批發量的顯著增長，分別增長了 33% 和 14%。從地區來看，從成長率的角度來看，國際成長率超過國內。但這兩個地區都比上年實現了顯著的增量收入。

In all, our teams have continued to maintain a healthy global marketplace, allowing HOKA and UGG to sustain high levels of consumer demand. Thanks, everyone. I'll now hand it over to Steve to address our second quarter financial results and provide an update to our fiscal year 2025 guidance.

總而言之，我們的團隊繼續維持健康的全球市場，使 HOKA 和 UGG 能夠維持高水準的消費者需求。謝謝大家。我現在將把它交給 Steve 來討論我們第二季度的財務業績，並提供我們 2025 財年指導的更新。

Thanks, Stefano, and good afternoon, everyone. We are encouraged by the continued momentum HOKA and UGG experienced through the first half of fiscal year 2025. Both brands continue to benefit from their respective well-executed marketplace management strategies that are driving healthy sell-through.

謝謝斯特凡諾，大家下午好。我們對 HOKA 和 UGG 在 2025 財年上半年的持續發展勢頭感到鼓舞。

HOKA delivered another quarter of exceptional growth as demand for its innovative performance products remained robust across the global marketplace. UGG again demonstrated broad-based growth across regions and channels by continuing to captivate consumers with exciting products that feature recognizable brand codes, elevating brand presence globally.

由於全球市場對其創新性能產品的需求依然強勁，HOKA 又實現了一個季度的出色成長。 UGG 繼續以具有知名品牌代碼的令人興奮的產品吸引消費者，從而提升品牌在全球的影響力，再次展現了跨地區和跨渠道的廣泛增長。

Our record second quarter revenue illustrates the exceptional ongoing demand for our brands, and we look forward to carrying this momentum forward as we enter our largest and most complex fiscal quarter. While we continue to operate in a dynamic consumer environment, our disciplined and nimble operating approach, coupled with our flexible spend model and strong financial framework continues to enable our brands to capture market share opportunities and progress towards delivering long-term sustainable growth.

我們創紀錄的第二季營收說明了對我們品牌的持續需求，我們期待在進入最大、最複雜的財政季度時繼續保持這一勢頭。雖然我們繼續在充滿活力的消費環境中運營，但我們紀律嚴明、靈活的運營方式，加上靈活的支出模式和強大的財務框架，繼續使我們的品牌能夠抓住市場份額機會，並在實現長期可持續成長方面取得進展。

Now, let's get into the details of our second quarter results. Second quarter fiscal 2025 revenue was $1.311 billion, representing an increase of 20% versus the prior year on both a reported and constant currency basis. Growth in the quarter was primarily driven by HOKA, which increased 35% versus last year to deliver record quarterly revenue of $571 million as a result of exceptional demand across the brand's global marketplace.

現在，讓我們詳細了解第二季業績。 2025 財年第二季營收為 13.11 億美元，以報告和固定匯率計算，較上年成長 20%。本季的成長主要是由 HOKA 推動的，由於該品牌全球市場的巨大需求，該季度收入較去年增長了 35%，達到創紀錄的 5.71 億美元。

The HOKA brands growth in the quarter benefited from a high concentration of new product launches during the quarter as well as some earlier wholesale and distributor shipments relative to the prior year. UGG grew 13% versus last year, delivering broad-based growth across all regions and channels as the brand continues to resonate with consumers globally and also benefited from earlier wholesale shipments in the US.

HOKA 品牌本季的成長得益於本季度新產品發布的高度集中以及相對於上一年的一些批發和分銷商發貨的提前。 UGG 與去年相比成長了 13%，在所有地區和通路中實現了廣泛的成長，該品牌繼續與全球消費者產生共鳴，並受益於美國早期的批發發貨。

Across both HOKA and UGG, we continue to see retailers looking to get product on their shelves earlier than in prior years in response to strong consumer demand for our brands. During the second quarter, our distribution center teams were highly affected in managing increased shipment volumes to our wholesale partners, particularly at the tail end of the quarter. We expect this incremental benefit in the second quarter will impact some of our third quarter growth as we continue to manage the marketplace tightly to maintain a pull model.

在 HOKA 和 UGG 中，我們不斷看到零售商希望比往年更早將產品上架，以滿足消費者對我們品牌的強勁需求。在第二季度，我們的配送中心團隊在管理向批發合作夥伴增加的出貨量方面受到了很大影響，特別是在季度末。我們預計第二季的增量收益將影響我們第三季的部分成長，因為我們將繼續嚴格管理市場以維持拉動模型。

Gross margin for the second quarter was 55.9%, up 250 basis points from last year's 53.4%. Second quarter gross margins benefited from favorable brand and product mix as both our highest margin brand, HOKA, and our higher margin products within UGG and HOKA drove a larger percentage of growth and reduced closeouts to the wholesale channel, with partial offsets from increased freight and channel mix with an increased proportion of distributor business resulting from earlier shipments to our global partners.

第二季毛利率為55.9%，較去年同期的53.4%上升250個基點。第二季的毛利率受益於有利的品牌和產品組合，因為我們利潤率最高的品牌HOKA 以及UGG 和HOKA 中利潤率較高的產品推動了更大比例的成長，並減少了批發管道的清倉，部分抵消了運費的增加和由於較早向我們的全球合作夥伴發貨，分銷商業務比例增加，渠道組合也隨之增加。

SG&A dollar spend in the second quarter was $428 million, up 19% versus last year's $358 million as we continue investing in key areas of the business. As a percentage of revenue, SG&A was slightly below last year at 32.7%.

隨著我們繼續在關鍵業務領域進行投資，第二季的 SG&A 美元支出為 4.28 億美元，比去年的 3.58 億美元成長了 19%。 SG&A 佔營收的百分比略低於去年的 32.7%。

Our tax rate for the quarter was 24%, which compares to 23.8% for the prior year. These results culminated in diluted earnings per share of $1.59 for the quarter, which is $0.45 above last year's $1.14 diluted earnings per share, representing EPS growth of 39%.

我們本季的稅率為 24%，而前一年的稅率為 23.8%。這些結果最終導致本季稀釋後每股收益達到 1.59 美元，比去年的 1.14 美元稀釋後每股收益高出 0.45 美元，每股收益成長 39%。

Turning to our balance sheet. At September 30, 2024, we ended September with $1.23 billion of cash and equivalents. Inventory was $778 million, up 7% 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 2024 年 9 月 30 日，我們截至 9 月份的現金及等價物為 12.3 億美元。庫存為 7.78 億美元，比去年同期成長 7%。在此期間，我們沒有未償還的借款。

During the second quarter, we repurchased approximately $104 million worth of shares at an average price of $152.09. As of September 30, 2024, the company had approximately $685 million remaining authorized for share repurchase.

第二季度，我們以平均價格 152.09 美元回購了價值約 1.04 億美元的股票。截至 2024 年 9 月 30 日，該公司仍有約 6.85 億美元的股票回購授權。

Now, moving into our updated guidance for fiscal year 2025. We are increasing our expectations for revenue growth, which is now expected to be approximately 12% above last year to $4.8 billion, which compares the prior guidance of approximately $4.7 billion.

現在，進入我們更新的 2025 財年指引。

From a brand standpoint, we now expect HOKA to increase approximately 24% versus last year, reflecting the continued strength of demand around the globe, and we still expect UGG to grow mid-single digits. With the strong gross margin achieved in the first half, we are increasing our full year expectation to now be in the range of 55% to 55.5%, recognizing brand and product mix benefits and maintaining our expectation for freight headwinds and a more promotional environment in the second half relative to last year's exceptionally low levels.

從品牌角度來看，我們現在預計 HOKA 將比去年增長約 24%，反映出全球需求的持續強勁，我們仍然預計 UGG 將實現中個位數成長。隨著上半年實現強勁的毛利率，我們將全年預期提高至 55% 至 55.5%，認識到品牌和產品組合的優勢，並維持對貨運逆風和更多促銷環境的預期。的水平異常低。

SG&A is now expected to be approximately 35%, aligned with our commitment to continue investing responsibly to support the long-term sustainable growth of business. With these adjustments, we now expect an operating margin in the range of approximately 20% to 20.5%.

目前，SG&A 預計約為 35%，這符合我們繼續負責任地投資以支持業務長期可持續成長的承諾。經過這些調整，我們現在預計營業利潤率約為 20% 至 20.5%。

We are updating our effective tax rate to be in the range of 23% to 23.5%, and as a result of our improved revenue and gross margin expectations, we are increasing our diluted earnings per share expectations to now be in the range of $5.15 to $5.25. Please note, this guidance excludes any unforeseen charges that may be considered non-recurring to our ongoing business or impact from any future share repurchases.

我們正在將有效稅率更新為 23% 至 23.5%，由於收入和毛利率預期有所改善，我們將攤薄後每股收益預期提高至目前的 5.15 美元至 5.15 美元之間。請注意，本指南不包括任何不可預見的費用，這些費用可能被視為對我們正在進行的業務不經常發生或任何未來股票回購的影響。

Additionally, our guidance assumes no meaningful deterioration of current risks and uncertainties, which may include, but are not limited to, changes in consumer confidence and recessionary pressures, inflationary pressures, fluctuations in foreign currency exchange rates, supply chain disruptions and geopolitical tensions.

此外，我們的指引假設當前風險和不確定性不會出現實質惡化，這些風險和不確定性可能包括但不限於消費者信心的變化和衰退壓力、通膨壓力、外幣匯率波動、供應鏈中斷和地緣政治緊張局勢。

Our powerful brands, coupled with our strategic marketplace management and robust financial profile gives us the conviction to achieve our updated outlook for fiscal year 2025 even in the face of macro pressures impacting the broader retail space.

我們強大的品牌，加上我們的策略市場管理和穩健的財務狀況，使我們有信心實現 2025 財年的最新展望，即使面對影響更廣泛零售領域的宏觀壓力。

With our incredible first half performance by the HOKA and UGG brands, two of the strongest in our industry, I am confident in the strength of our model, as we are well positioned to continue gaining market share and deliver sustainable future growth. Thanks, everyone. I'll now hand the call back to Stefano for his final remarks.

憑藉我們行業中最強的兩個品牌 HOKA 和 UGG 上半年令人難以置信的表現，我對我們模式的實力充滿信心，因為我們處於有利地位，可以繼續獲得市場份額並實現可持續的未來增長。謝謝大家。現在我將把電話轉回給斯特凡諾，讓他作最後的演講。

Thank you, Steve. HOKA and UGG delivered outstanding first half results, thanks to our disciplined marketplace management and pull model strategy, maintaining strong consumer demand. As HOKA has now surpassed $2 billion in trailing 12 months revenue, we're focused on growing global rent awareness to reach the next $2 billion. Our aspiration remains for HOKA to become a leading performance athletic brand through meaningful innovation.

謝謝你，史蒂夫。 HOKA 和 UGG 在上半年業績表現出色，這要歸功於我們嚴格的市場管理和拉動模型策略，保持了強勁的消費者需求。由於 HOKA 過去 12 個月的收入現已超過 20 億美元，我們致力於提高全球租金意識，以達到下一個 20 億美元。我們仍然希望 HOKA 透過有意義的創新成為領先的高性能運動品牌。

At the same time, UGG is focused on delivering growth through the evolution and elevation of iconic franchises while also building new icons. As we continue building both of these powerful brands, we'll prioritize the long-term health and success of our portfolio.

同時，UGG 致力於透過標誌性特許經營的演變和提升來實現成長，同時打造新的標誌。當我們繼續打造這兩個強大的品牌時，我們將優先考慮我們產品組合的長期健康和成功。

For the Deckers organization overall, we remain focused to continue executing our long-term strategies, remaining true to our fundamentals, and prioritizing our guidance principles outlined earlier. This approach will enable us to continue driving growth and delivering value for years to come.

對於整個 Deckers 組織來說，我們仍然專注於繼續執行我們的長期策略，忠於我們的基本原則，並優先考慮先前概述的指導原則。這種方法將使我們能夠在未來幾年繼續推動成長並創造價值。

To conclude, I'd like to express my appreciation for our dedicated employees who continue to execute our strategies while upholding Decker's values, including our company's focus to do good and do great. I would note that among other things, Deckers was recently recognized by Newsweek as one of America's greenest companies for the third consecutive year.

最後，我要對我們敬業的員工表示感謝，他們在堅持德克爾價值觀的同時繼續執行我們的策略，包括我們公司致力於行善和成就偉大的價值觀。我要指出的是，除此之外，德克斯最近連續第三年被《新聞周刊》評為美國最環保的公司之一。

Further, I'd like to thank our valued retail partners who continue to champion and elevate our brands on this growth journey and our shareholders for their continued support. On behalf of our management team, thank you for joining us today. With that, I'll turn the call over to the operator for Q&A. Operator?

此外，我還要感謝我們尊貴的零售合作夥伴，他們在這成長歷程中持續支持和提升我們的品牌，並感謝我們的股東的持續支持。我謹代表我們的管理團隊感謝您今天加入我們。這樣，我會將電話轉給接線生進行問答。操作員？

(Operator Instructions) Jay Sole, UBS.

（操作員說明）Jay Sole，UBS。

Great. Thank you so much. I want to ask about HOKA. Obviously, the rate in the guidance, very strong growth. Just talk about the impact of some the higher priced styles that you've introduced this year, the Skyward X, the Cielo X1.

偉大的。太感謝了。我想問一下HOKA的事。顯然，該比率在指導下成長非常強勁。只要談談您今年推出的一些價格較高的款式（Skyward X、Cielo X1）的影響。

And just talk about not just what those are doing for top line growth, but also what they're doing for the brand and how it's allowing you to continue to expand this brand and extend it into new ways and new channels? Thank you so much.

不僅要談論那些為營收成長所做的事情，還要談論他們為品牌所做的事情，以及它們如何讓您繼續擴展這個品牌並將其擴展到新的方式和新的管道？太感謝了。

Yeah, thanks, Jay. All our Pinnacle products that we introduced this past year, over the past six months have performed even better than we expected. And I'm referring to Cielo X1, the Skyward X and most recently, Tecton X. So, for the first time, we have really cracked the $200 and above price point. So, we're very, very pleased with the performance of our Pinnacle innovation styles.

是的，謝謝，傑伊。我們去年推出的所有 Pinnacle 產品在過去六個月的表現甚至比我們預期的還要好。我指的是 Cielo X1、Skyward X 以及最近的 Tecton X。因此，我們對 Pinnacle 創新風格的表現非常非常滿意。

Yes. I think Jay, and this is Steve. Just to kind of add on to that. This is part of our strategy that you've heard us talk about kind of for -- now for several quarters and a couple of years, as we continue to penetrate the market and expand distribution, this is where -- and to your point, those new styles become really important. So, as we continue to resonate in a performance community, we're also with some of our expanded distribution able to use some of that existing product as we move out into bigger box distribution.

是的。我想是傑伊，這是史蒂夫。只是為了補充一點。這是我們策略的一部分，您已經聽到我們談論過，現在已經有幾個季度和幾年了，隨著我們繼續滲透市場並擴大分銷，這就是您的觀點，這些新風格變得非常重要。因此，隨著我們繼續在性能社群中引起共鳴，當我們進入更大的盒子發行版時，我們的一些擴展發行版也能夠使用一些現有產品。

And so to Stefano's point, where we're seeing success with these new styles is very encouraging, you're seeing how it's not only growing top line, but it's also improving a margin profile for the brand. And that's some of what you're seeing come through in Q2 and some of the encouragement that we're seeing that gives us an increased outlook from a margin standpoint on the full year outlook on the gross margin.

因此，對於斯特凡諾來說，我們看到這些新款式的成功非常令人鼓舞，你會看到它不僅增加了收入，而且還改善了品牌的利潤狀況。這是您在第二季度看到的一些情況，以及我們看到的一些鼓勵，從利潤率的角度來看，我們對全年毛利率的前景有了更高的展望。

So, many things, I think, working in concert, everything that we've talked about before. This is just a continued how we're playing out that HOKA strategy. How we continue to build the brand, build elevated performance product that continues to resonate with consumers in that run specialty channel. That also allows us to expand distribution in other points where we can have existing product that has also continued to resonate with product.

所以，我認為，很多事情，我們之前討論過的一切，都是協同作用的。這只是我們繼續實施 HOKA 策略的方式。我們如何持續打造品牌，打造高性能產品，並持續與該專業通路的消費者產生共鳴。這也使我們能夠擴大在其他地方的分銷，在這些地方我們可以擁有持續與產品產生共鳴的現有產品。

So, everything we're playing out. And I think even as you're seeing with the results encouraged by some better-than-expected performance within Q2. So, really encouraged. And I think Q2, again, just demonstrates the strength of the brand and how well it's resonating with consumers.

所以，我們正在玩的一切。我認為，即使您看到第二季度的一些好於預期的表現所鼓舞的結果。所以，真的很受鼓舞。我認為第二季再次證明了該品牌的實力以及它與消費者的共鳴程度。

Got it. Steve, Stefano, thank you so much. Very helpful.

知道了。史蒂夫、斯特凡諾，非常感謝你們。非常有幫助。

Jonathan Komp, Baird.

喬納森康普，貝爾德。

Yeah. Hi. Good afternoon. If I could ask a follow-up on HOKA. You raised guidance to 24%. Just given that the first half, the growth was 32%, could you give us a little more detail on how you're planning in the second half? And any more perspective on how we should think about channel or geography performance would be helpful?

是的。你好。午安.我可否詢問 HOKA 的後續情況。您將指引提高至 24%。上半年成長了32%，您能給我們詳細介紹下半年的計畫嗎？關於我們應該如何思考通路或地理表現的更多觀點會有幫助嗎？

Yeah. Thanks Jon, it's Steve again. I'll take the first part, and Stefano, if you want to jump in on it, too. But I think, again, it's how we played out the year. So, if you think about what we said at the beginning of the year, remember that we said the majority of our growth was going to come in the first half of the year, and that's really what's played out.

是的。謝謝喬恩，又是史蒂夫。我會講第一部分，斯特凡諾，如果你也想參與的話。但我再次認為，這就是我們這一年的表現。因此，如果你想想我們在年初所說的話，請記住我們說過我們的大部分成長將在今年上半年實現，而這確實是事實。

So we knew in the case of HOKA, as we were bringing out new styles, there would be strong sell-in. I think we're we've said in the first question, kind of encouraged with the sell-through of that product and how it's resonating with consumers.

因此，我們知道，就 HOKA 而言，當我們推出新款式時，銷量將會強勁。我想我們在第一個問題中已經說過，該產品的銷售量以及它如何與消費者產生共鳴，這讓我們感到鼓舞。

But what we knew is by selling that in and some of the wholesale expansion. So as we increase the number of doors that we were selling to in the first half, that was going to create higher percentage growth in the first half, right? We start to see that settle back down a little bit in the second half, which is playing out exactly again to what we thought.

但我們所知道的是透過銷售和一些批發擴張。因此，當我們增加上半年銷售的門數量時，上半年的成長率將會更高，對嗎？我們開始看到下半場的情況有所回落，這與我們的想法完全一致。

I think what has encouraged us is slightly better performance that we're anticipating. And then to your point, that's what's giving us the confidence to increase our outlook on HOKA going now to 24%. But again, we want to control that distribution too, right?

我認為讓我們感到鼓舞的是我們預期的表現稍微好一點。然後就你的觀點而言，這讓我們有信心將 HOKA 的前景提高至 24%。但同樣，我們也想控制該分佈，對吧？

So it's not just chasing everything. It's very thoughtful; it's very strategic. How we think about who we're going to go in with and kind of what doors we get to select with those partners.

所以它不僅僅是追逐一切。考慮得非常周到；這是非常具有戰略意義的。我們如何考慮我們將與誰一起進入以及我們可以與這些合作夥伴一起選擇哪些門。

So that's kind of where we're at. I think the other thing, and Stefano mentioned it also is very encouraged by how well we're doing internationally. So not only do we continue to gain share in the domestic marketplace, we are very encouraged by the progress that we're making on the international front.

這就是我們現在的處境。我認為另一件事，斯特凡諾提到，我們在國際上的表現也讓我們深受鼓舞。因此，我們不僅繼續擴大在國內市場的份額，而且對我們在國際市場上的進展感到非常鼓舞。

And specific to international, we still have plenty of runway, both in around specialty and run-focused accounts. What is very, very encouraging is that some of the new accounts we have recently opened, whether it's Shoe Palace and JV here in the US or even existing distribution with additional doors are performing very, very well with the brand, both here in the US as well as internationally.

具體到國際業務，我們仍然有足夠的空間，無論是在專業帳戶還是以營運為重點的帳戶上。非常非常令人鼓舞的是，我們最近開設的一些新客戶，無論是在美國的 Shoe Palace 和 JV，還是在美國的現有分銷渠道，該品牌的表現都非常非常好以及國際上。

Okay. Great. And then, Steve, one more follow-up, just the modeling for the back half on the gross margin. I want to follow-up there. I understand the assumptions that you're embedding but are you seeing sort of any signs of a pullback in full price selling at this point? Just curious sort of what you observed in the marketplace. Or is that more of a forward-looking assumption that you're baking into the guidance? Thank you.

好的。偉大的。然後，史蒂夫，還有一個後續行動，只是毛利率後半段的建模。我想跟進那裡。我理解您所嵌入的假設，但您目前是否看到全價銷售出現回調的跡象？只是對您在市場上觀察到的情況感到好奇。或者這更像是您正在納入指南的前瞻性假設？謝謝。

Yeah, good question. It's a bit more of a forward assumption. We're still early, right? And we know things I think are probably a little bit more challenged approaching this holiday season, generally macro speaking. And so we are being a little bit more cautious with our assumption around the promotion that we anticipate we will see. I think there's a couple of things that we're also considering in some of that expectation in the second half gross margin.

是的，好問題。這更像是一個前瞻性的假設。我們還早，對吧？我們知道，我認為，從宏觀角度來看，接近這個假期，事情可能會面臨更大的挑戰。因此，我們對我們預計將會看到的促銷活動的假設更加謹慎。我認為在下半年毛利率的一些預期中，我們也在考慮一些事情。

One is we've got more product in the channel this year than we did a year ago. So recall that Q3 last year, many of our wholesale partners were running out of product. Some of that increased growth that you saw in Q2 is up selling into that channel. So we know that there's a little bit more product sitting in the channel. So we'll see, again, still very early on in the holiday season kind of how that plays out.

一是我們今年通路中的產品比一年前更多。所以回想一下去年第三季度，我們的許多批發合作夥伴的產品都已經賣完了。您在第二季度看到的成長成長部分來自於該通路的銷售量增加。所以我們知道通路中還有更多的產品。因此，我們將在假期初期再看看情況如何。

And then on the HOKA front, as we're going to have some new product introductions in Q4 and Q1 of FY 2026, we anticipate there may be some inventory that in a normal course, you'll promote some of the older styles to move through that inventory as you bring in some of the new products.

然後在 HOKA 方面，由於我們將在 2026 財年第四季度和第一季度推出一些新產品，我們預計可能會有一些庫存，在正常情況下，您將推廣一些舊款式來移動當您引入一些新產品時，請通過該庫存。

Very helpful. Thank you.

非常有幫助。謝謝。

Laurent Vasilescu, BNP Paribas.

洛朗·瓦西萊斯庫，法國巴黎銀行。

Hey, good afternoon. And thank you very much for taking my questions, Stefano. I'd love to ask about HOKA International. I think on the fourth quarter call, it was commented that international for HOKA is about 30% of the business. Clearly, there's a lot of momentum there.

嘿，下午好。非常感謝您回答我的問題，斯特凡諾。我想諮詢一下 HOKA International 的情況。我想在第四季度的電話會議上，有人評論說 HOKA 的國際業務約佔業務的 30%。顯然，那裡有很大的動力。

Stefano, where do you want HOKA International to go over time? And maybe can you give -- for the audience, can you kind of frame like what innings you are in terms of Europe versus Japan versus China? That would be very helpful for the audience.

Stefano，隨著時間的推移，您希望 HOKA International 走向何方？也許你可以給觀眾——你能描述一下歐洲、日本和中國的比賽是哪幾局嗎？這對觀眾來說是非常有幫助的。

Great question, Laurent. International is between two and three years behind the US. And we've adopted the same playbook internationally that has been so successful here. Brand awareness and consideration is in the awareness is in the mid-20s and in the US, we are in the mid-40s. So, plenty of upside for us internationally across all regions, from China to Europe and also to our distribution businesses.

好問題，勞倫特。國際比美國落後兩到三年。我們在國際上採用了同樣在這裡取得成功的策略。品牌意識和考慮度是 20 多歲，而在美國，我們是 40 多歲。因此，從中國到歐洲，以及我們的分銷業務，我們在國際上的所有地區都有很大的上升空間。

Recently, we have sponsored the Challenge Roth, which is the biggest triathlon in the world, in Germany, and we see fantastic feedback from consumers in the German market. UTMB, we have extensive relationship with UTMB. We're now the main sponsor, the title sponsor, and that relationship has also generated a lot of interest behind the brand in the trail space.

最近，我們在德國贊助了世界上最大的鐵人三項挑戰賽羅斯挑戰賽，我們看到了德國市場消費者的良好回饋。 UTMB，我們與UTMB有著廣泛的關係。我們現在是主要贊助商、冠名贊助商，這種關係也引起了該品牌在越野領域的濃厚興趣。

So, plenty of upside for us across the globe with existing and newer partners. And of course, our DTC business continues to thrive there as well. So, very happy with our progress across the globe.

因此，我們在全球範圍內與現有和新的合作夥伴都有很多優勢。當然，我們的 DTC 業務在那裡也繼續蓬勃發展。因此，我們對我們在全球範圍內取得的進展感到非常高興。

And to your question about where do we expect the business to be. Ideally, long-term, I'd like to see a 50/50 split between the US and international.

至於你關於我們期望業務發展到什麼程度的問題。理想情況下，從長遠來看，我希望看到美國和國際之間的比例是 50/50。

Yes. And I think, Laurent -- again, this is Steve. Just as we think about that international opportunity is that as we're seeing improved performance, it's global. But what we were really impressed with was the performance and growth of the international business in Q2.

是的。我想，勞倫特——這又是史蒂夫。正如我們認為國際機會一樣，當我們看到業績改善時，它是全球性的。但真正令我們印象深刻的是第二季國際業務的表現和成長。

I think it really demonstrates what we've been talking about for a couple of years is how we really focused initially years ago on the North American market, make our product and brands relevant in North America and then export that success internationally. And that's what you're seeing come through right now.

我認為這確實表明了我們幾年來一直在談論的問題是我們如何真正專注於幾年前的北美市場，使我們的產品和品牌在北美具有相關性，然後將這種成功出口到國際。這就是你現在看到的情況。

So, really encouraged with how our brands are resonating with consumers on a global front and really impressed with the performance of our brands internationally, especially kind of in Q2 and the first half of this year.

因此，我們的品牌如何在全球範圍內與消費者產生共鳴，我們的品牌在國際上的表現給我們留下了深刻的印象，尤其是在第二季和今年上半年。

That's wonderful. Thank you, Stefano, thank you, Steve. I would love to follow-up. I think, Steve, I think you mentioned you were teasing there's new products for 4Q, if I remember it correctly from the last call, I think the Clifton 10 comes out in the fourth quarter.

太棒了。謝謝你，斯特凡諾，謝謝你，史蒂夫。我很樂意跟進。我想，史蒂夫，我想你提到過你在開玩笑說第四季度會有新產品，如果我上次通話中沒記錯的話，我認為克利夫頓 10 將在第四季度推出。

I think you mentioned just a few seconds ago that we should see some new products with 1Q 2026. How do we think about the product extension, the brand extension into other footwear categories or maybe into apparel in a bigger way?

我想您就在幾秒鐘前提到，我們應該在 2026 年第一季看到一些新產品。

Yes. First of all, we delivered a very impressive amount of newness to the market over the last few months, including Skyflow, Skyward X, Mach 6, Mach X2, and Tecton X3, Speedgoat 6, which is our biggest trail franchise, have all been upgraded or new products.

是的。首先，在過去的幾個月裡，我們向市場推出了大量令人印象深刻的新品，包括 Skyflow、Skyward X、Mach 6、Mach X2 和 Tecton X3、Speedgoat 6（我們最大的越野車系列）升級或新產品。

In the lifestyle space that we just introduced [TSUBO], which is an archive product Mafate Speed Lite, which is a brand new product that is a complete sold out in the marketplace. And one excel the amount of newness innovation we have been delivering especially in Q2. Hence also the very, very strong Q2 has been very, very impressive.

在生活方式領域，我們剛剛介紹了[TSUBO]，這是一款存檔產品Mafate Speed Lite，這是一款在市場上完全售空的全新產品。尤其是在第二季度，我們提供的新穎創新數量非常多。因此，非常非常強勁的第二季也非常非常令人印象深刻。

We have upgrades to our two biggest products, Bondi and Clifton. The Bondi update is hit in January and Clifton is going to hit in April. In addition to that, we have our fast issue we updated. Cielo X1 will be updated to a new product in February.

我們對兩個最大的產品 Bondi 和 Clifton 進行了升級。 Bondi 更新將於 1 月發布，Clifton 更新將於 4 月發布。除此之外，我們也更新了快速問題。 Cielo X1將於2月更新為新品。

And we have our first foray into cold weather with the Kaha Frost about to hit the market any day. So our pipeline is very, very robust. And the reaction from the trade has been very positive.

我們首次涉足寒冷天氣，Kaha Frost 即將上市。所以我們的管道非常非常強大。業界的反應非常正面。

That's wonderful to hear. Best of luck with the holiday season.

很高興聽到這個消息。祝假期好運。

Sam Poser, Williams Trading.

薩姆·波塞爾，威廉斯貿易公司。

Thank you very much. Officially welcome to your first call. I had -- Erinn, can we just -- can you give me the DTC for each brand, please? Then I'll get to the other stuff.

非常感謝。正式歡迎您的第一次來電。我有 - Erinn，我們可以 - 你能給我每個品牌的 DTC 嗎？然後我會處理其他事情。

Yeah. Hi, Sam. So for the second quarter just completed, what I can provide is global wholesale and distributor by brand. And so again, for Q2 for UGG, that global wholesale and distributor combined would be approximately $512 million. For HOKA, that's approximately $362 million; for Teva, that's approximately $12 million; for our other brands, which is predominantly Koolaburra, would be approximately $25 million. And then that leaves approximately $2 million for the Sanuk brand, which, as a reminder, would be a partial quarter as we completed the sale of that brand in about mid-August.

是的。嗨，山姆。所以對於剛完成的第二季度，我能提供的是按品牌劃分的全球批發和分銷商。同樣，UGG 第二季的全球批發和分銷總額約為 5.12 億美元。對 HOKA 來說，這大約是 3.62 億美元；對 Teva 來說，這大約是 1200 萬美元；我們的其他品牌（主要是 Koolaburra）的費用約為 2500 萬美元。然後，剩下大約 200 萬美元用於 Sanuk 品牌，提醒一下，這將是部分季度，因為我們在 8 月中旬左右完成了該品牌的銷售。

Thank you very much. Okay. I have three, sorry. Can you give us some idea what the US sales were for UGG and for HOKA? And then how much of the gross margin headwind is freight versus promotions?

非常感謝。好的。我有三個，抱歉。您能否告訴我們 UGG 和 HOKA 在美國的銷售額是多少？那麼，貨運與促銷對毛利率的影響有多大呢？

And then number three or three is how much like -- how big is the markdown impact of the Clifton 9 and the Bondi 8 as you move out of that over the next few months? And how much of -- how much of that do you anticipate of the Clifton 9, Clifton 10 was shipped in Q3 and how much of the Bondi will ship in Q3 and the Clifton will ship in Q4, excuse me.

第三或第三個問題是，當您在接下來的幾個月內擺脫 Clifton 9 和 Bondi 8 的降價影響時，其降價影響有多大？請問，您預計 Clifton 9、Clifton 10 在第三季的出貨量是多少，Bondi 將在第三季出貨多少，Clifton 將在第四季出貨多少。

Yes, Sam, that's a lot of detail on kind of modeling questions, so I'll approach it more from a high level. We don't necessarily break out to your kind of your first question. We just don't give out kind of that level of detail.

是的，Sam，這是關於建模問題的許多細節，所以我將從更高的層次來處理它。我們不一定會回答您的第一個問題。我們只是不提供這種程度的細節。

On the second one related to freight, the -- what we've said is pretty consistent with kind of what we've said is we would begin to experience freight headwinds in Q2. We did. We think the freight headwinds was kind of in that 70-basis point area, so a headwind of about 70 basis points.

關於第二個與貨運相關的問題，我們所說的與我們所說的非常一致，即我們將在第二季度開始經歷貨運逆風。我們做到了。我們認為貨運逆風在 70 個基點區域，因此逆風約為 70 個基點。

Now, as the numbers indicate, right, we were an improvement of 250. So that other really came from kind of product mix and an improving margin based largely on kind of the product mix within both HOKA and UGG as well as some of the of the composition product that we sold.

現在，如數字所示，我們提高了 250。

So then to your point and from a higher level, how we're thinking about kind of the gross margin pressures that we'll experience in the second half. We have not given specifics in terms of how much we think to kind of each style that will be replaced in the quarter. There will be a normal course of promotion as we always do. And you've seen in the past when we do updated models. Remember, Clifton and Bondi are the two biggest -- some of the two big styles within that.

那麼，就您的觀點而言，從更高的層面來看，我們如何考慮下半年我們將經歷的毛利率壓力。我們還沒有具體說明我們對本季將被替換的每種款式的看法。我們將像往常一樣進行正常的晉升過程。您過去已經看到我們更新模型的情況。請記住，克利夫頓和邦迪是其中兩個最大的風格——其中的兩個大風格。

So we're careful about inventory management as we've demonstrated over the years, but we always know there's going to be some, and we'll promote it. We're not saying kind of to what level that will be. That will be dependent on how much inventory we have and how we're approaching kind of the launch of those dates.

因此，正如我們多年來所展示的那樣，我們對庫存管理非常謹慎，但我們始終知道會有一些庫存管理，我們將推廣它。我們並不是說會達到什麼水準。這將取決於我們有多少庫存以及我們如何接近這些日期的推出。

So we'll play it out. But there is, to that point, some recognition that we are going to be increasing promotion this year. That's embedded in that second half gross margin decline that we're guiding to. So we'll see again how it plays out.

那我們就來玩一玩吧。但到目前為止，人們已經意識到我們今年將加強促銷。這是我們指導的下半年毛利率下降的一部分。因此，我們將再次看看結果如何。

We're making some assumptions. We're trying to read what's going on from a macro event. We're trying to anticipate what inventory levels will be, we're encouraged that actually product has been selling in and selling through well, which is contributing to a little bit better expectation on our margin, which is why we're increasing our gross margin assumptions for the year. But we'll see how things play out.

我們正在做一些假設。我們試圖從宏觀事件中了解正在發生的事情。我們正在嘗試預測庫存水平，我們感到鼓舞的是，實際上產品一直在銷售並且銷售良好，這有助於我們對利潤率有更好的預期，這就是我們增加毛利率的原因本年度的利潤率假設。但我們會看看事情會如何發展。

I got one last thing on tariffs. Can you give us some idea of how you're thinking about tariffs going forward given what's going to happen less than two weeks ago?

我得到了關於關稅的最後一件事。鑑於不到兩週前將發生的情況，您能否告訴我們您如何考慮未來的關稅？

Yeah. I think it's an interesting question. We'll see. It's not clear, right? I think you're hearing a lot of noise before an election, who knows how all that is going to come out. So really too early for us to see. But if there were tariffs that had impacted us, that's something that we'd have to take into consideration that's not necessarily figured into our guidance right now.

是的。我認為這是一個有趣的問題。我們拭目以待。這還不清楚，對吧？我認為選舉前你會聽到很多噪音，誰知道結果會如何。所以我們現在看到還為時過早。但如果關稅對我們產生了影響，我們就必須考慮這一點，但目前不一定納入我們的指導。

Thank you very much. Continued success.

非常感謝。持續成功。

All right. Thanks, Sam.

好的。謝謝，山姆。

Dana Telsey, Telsey Group.

達納‧特爾西，特爾西集團。

Hi. Good afternoon, everyone, and congratulations on the nice results. Just wanted to focus on the earlier wholesale shipments. Is it from all categories of wholesale accounts? Does it differ by brand at all in terms of what you're seeing? And does it differ by international -- by international and domestic?

你好。大家下午好，祝賀取得了良好的成績。只是想專注於早期的批發發貨。是來自所有類別的批發帳戶嗎？就您所看到的而言，它是否因品牌而異？國際和國內的情況有什麼不同嗎？

And just lastly, on the moderation in growth for UGG going to mid-single digits from the 13% and 14% in the first and second quarter of this year. Given the newness that you have, could there be upside to that number? And how you're thinking of new product introductions for UGG for the balance of the year? Thank you.

最後，UGG 的成長放緩，從今年第一季和第二季的 13% 和 14% 降至中個位數。考慮到你所擁有的新鮮感，這個數字還有上升空間嗎？您如何看待今年餘下時間推出 UGG 新產品？謝謝。

All right. Thanks, Dana. I'll try to attack that a little bit. So it is a little bit different by brands, right? So I think it's important for the dynamics that we're seeing. And again, we indicated that the beginning of this year that we expected to see earlier wholesale shipments.

好的。謝謝，達納。我會嘗試稍微攻擊一下。所以不同品牌的情況有點不同，對吧？所以我認為這對於我們所看到的動態很重要。我們再次表示，今年年初我們預計會看到更早的批發發貨。

So first, if we look at the UGG brand, one of the things that we encountered last year was some earlier shipments but then quickly selling through that product. And it helped contribute to a stronger DTC performance for ourselves.

首先，如果我們看看 UGG 品牌，我們去年遇到的情況之一是一些較早的發貨，但隨後透過該產品迅速銷售。它有助於為我們自己帶來更強勁的 DTC 績效。

This year, as we approach growth with the UGG brand, we have given our partners an opportunity to participate in some of that growth. That has contributed with the success of what happened last year as well as continued strong demand for our brands, wholesalers continuing to want that product earlier.

今年，當我們實現 UGG 品牌的成長時，我們為合作夥伴提供了參與部分成長的機會。這促成了去年所取得的成功以及對我們品牌的持續強勁需求，批發商繼續希望更早獲得該產品。

So that's contributing to that percentage increase that you're seeing in Q2 because, one, they are continuing to want product earlier; and two, as their participating in our growth with the brand, you're seeing that higher percentage in Q2. We think that is going to impact kind of the back half as there is more inventory sitting in the channel.

因此，這導致了您在第二季度看到的百分比增長，因為，第一，他們繼續想要更早的產品；第二，隨著他們參與我們品牌的成長，你會看到第二季的比例更高。我們認為這將對下半年產生影響，因為通路中有更多庫存。

To your question on upside, sure, there's always some. We'll see. I think we are prepared with some inventory with upside opportunities. But again, we operate in a very controlled marketplace. So we'll be careful about how we work that growth really into the back half should it be there. We are very disciplined again in our marketplace management.

對於你的問題，當然，總是有一些。我們拭目以待。我認為我們已經準備好一些有上漲機會的庫存。但同樣，我們在一個嚴格控制的市場中運作。因此，我們將謹慎對待如何將這種增長真正發揮到後半段（如果有的話）。我們在市場管理方面再次非常嚴格。

Then as it relates to growth with HOKA, there, as you recall, what we said is last year, we were very tight with expanded distribution, right? So we were careful about how many more doors we were opening. This year, we have spoken to increasing the number of door counts, right? So again, as we've seen demand globally increase for the brand, we are opening points of distribution.

然後，當它與 HOKA 的成長相關時，正如你所記得的那樣，我們去年說過，我們對擴大分銷非常嚴格，對吧？所以我們對要打開多少扇門非常小心。今年，我們已經談到增加門的數量，對嗎？因此，隨著我們看到全球對該品牌的需求不斷增加，我們正在開設分銷點。

Again, so far fewer than many of our peers because we are very controlled in that distribution. But what you've seen in the first half is we are opening up more points of distribution, again, very controlled. That is contributing to a sell-in to those accounts and doors, right? So that is lifting that percentage growth in the first half of the year.

再說一次，到目前為止，我們的數量遠遠少於我們的許多同行，因為我們在這種分佈上控制得很好。但你在上半年看到的是，我們正在開放更多的分銷點，同樣，非常受控。這有助於賣出這些帳戶和門，對嗎？因此，這提高了今年上半年的百分比成長。

So that's where you start to see some moderation of growth in the second half because you're starting to see kind of that inventory sitting in those expanded outlets. So much of the expansion happened in the first half as it relates to HOKA.

因此，這就是下半年你開始看到成長放緩的地方，因為你開始看到這些擴張的商店中有一些庫存。大部分擴展發生在上半場，因為它與 HOKA 有關。

So that's when you look at it on a full year basis. It's what we said at the beginning of the year on a percentage basis. The majority of our growth would come in the first half, and you'd start to see growth moderate. So falling below that annual guide number in the second half as we control the marketplace and took advantage of early demand and strong demand for our product.

這就是你以全年為基礎來看待它的時候。這是我們在年初所說的百分比。我們的大部分成長將出現在上半年，你會開始看到成長放緩。因此，由於我們控制了市場並利用了早期需求和對我們產品的強勁需求，下半年的產量低於年度指引值。

And we'll see how it plays out, right? Always a little bit of room for some upside, but a lot of uncertainty as we heard in some of the prior questions, how we're thinking about back half kind of the retail calendar this year versus prior years. So we'll see but encouraged with how we started much in line with what we thought from percentages and a little bit better with the first half performance.

我們會看看結果如何，對吧？總是有一些上行空間，但正如我們在之前的一些問題中聽到的那樣，存在著許多不確定性，我們如何考慮今年零售日曆與往年相比的後半部分。因此，我們會看到我們的開局與我們對百分比的看法非常一致，並且與上半場的表現相比會更好一些，但我們對此感到鼓舞。

Rick Patel, Raymond James.

瑞克·帕特爾，雷蒙德·詹姆斯。

Thank you. Good afternoon and I'll add my congrats on the strong execution. Can you double click on your performance in Asia? Obviously, China is top in line with a lot of investors given the tough backdrop there. Curious if you're seeing any changes in performance or you need to make any changes in strategy that are worth calling out? And then also, how do we think about the contribution of Asia to your growth as we think about the rest of this year

謝謝。下午好，我要對強大的執行力表示祝賀。可以雙擊一下你在亞洲的表現嗎？顯然，考慮到中國的嚴峻形勢，許多投資者認為中國排名第一。是否想知道您是否看到了性能方面的任何變化，或者您需要對策略進行任何值得呼籲的改變？然後，當我們思考今年剩餘時間時，我們如何看待亞洲對你們成長的貢獻

Specifically China, we're very pleased with what Olivier and team have done in China market. Our brands are performing well in a challenging economic climate. And they connect very well with consumers, their communities.

特別是在中國，我們對 Olivier 和團隊在中國市場所做的工作感到非常滿意。我們的品牌在充滿挑戰的經濟環境中表現良好。他們與消費者及其社區有著良好的連結。

HOKA is now top 5 in terms of shoe counts and major races and UGG continues to perform well throughout the country with various styles as a result of local collaborations and influencer relationships. And as the brands continue to perform, we are able now also to secure greater footprint in major malls with our stores.

HOKA 目前在鞋款數量和主要賽事方面已躋身前 5 名，而 UGG 憑藉當地合作和影響力關係，以各種風格繼續在全國表現出色。隨著品牌的持續表現，我們現在也能夠透過我們的商店在主要購物中心獲得更大的足跡。

So we're very pleased with our China performance, which in contrast to what is happening with other brands in the marketplace. As regards to Asia, Asia continues to grow at strong double digits for us, and that's the hope for the upcoming few months and seasons.

因此，我們對我們在中國的表現非常滿意，這與市場上其他品牌的表現形成鮮明對比。至於亞洲，亞洲對我們來說繼續以兩位數的強勁增長，這是未來幾個月和幾季的希望。

Yes, Rick. And just to kind of add on to that. I think as we've said, Stefano said kind of earlier in the call, as we think about international, right, a couple of years, generally speaking, behind what we're seeing in North America.

是的，瑞克。只是為了補充這一點。我認為正如我們所說，斯特凡諾在電話會議的早些時候就說過，當我們考慮國際時，對吧，一般來說，比我們在北美看到的情況晚了幾年。

In Europe, we're further along, I would say, than we are in Asia-Pacific. And so really encouraged again by the strength that we saw in Europe in the first half of the year, and especially Q2, very encouraged with what we're seeing in Asia-Pacific and China.

我想說，在歐洲，我們比在亞太地區走得更遠。今年上半年，特別是第二季度，我們在歐洲看到的實力再次令人鼓舞，我們在亞太地區和中國看到的情況也非常鼓舞。

I think the thing to note and remember here is we're very small in China. And we're well aware of what other brands are saying and some of the challenges that they are encountering in China. We're fortunate to be very small. And a lot of what we're doing is to build community within China.

我認為這裡需要注意並記住的是我們在中國的規模很小。我們非常了解其他品牌的看法以及他們在中國遇到的一些挑戰。我們很幸運，我們很小。我們正在做的很多事情都是在中國建立社區。

So, a lot of sponsorship, bringing people in, activities and so forth. And so we have the benefit of being small and now really beginning to resonate with those consumers and grow that brand. So, a good time be us growing a brand that's very small in China. But again, Asia-Pacific is a little bit behind Europe in terms of where we're at in distribution.

因此，需要大量贊助、吸引人員參與、開展活動等等。因此，我們擁有規模較小的優勢，現在真正開始與這些消費者產生共鳴並發展品牌。因此，我們現在正值發展一個在中國規模很小的品牌的好時機。但同樣，就我們的分銷情況而言，亞太地區也稍微落後於歐洲。

The other thing to remember is distribution is a little bit different in China. We're more direct in China than we are anywhere else. So, it's about retail experiences. We have more stores in China than we do anywhere else.

另一件需要記住的事情是，中國的發行方式略有不同。我們在中國比在其他任何地方都更直接。所以，這與零售體驗有關。我們在中國的門市比其他地方都多。

So, very small, but growing and very encouraged by how we're resonating with consumers there. And in part, that's about the marketing and the low utilization that we're doing to resonate with consumers there.

所以，雖然規模很小，但正在不斷成長，我們與那裡的消費者產生共鳴，這讓我們深受鼓舞。在某種程度上，這與我們為引起消費者共鳴而進行的行銷和低利用率有關。

Very helpful. Thanks so much.

非常有幫助。非常感謝。

Adrienne Yih, Barclays.

艾德麗安‧易 (Adrienne Yih)，巴克萊銀行。

Great. Thank you very much and let me add my congratulations. Stefano, I was wondering if you can address when you were talking about sort of the expansion in the US, what is the door growth strategy with the U.S. national retail partners, specifically Dick's and Foot Locker, I think you're targeting, let's call it, 500, maybe half of what Dixon has and then a much smaller footprint in Foot Locker.

偉大的。非常感謝，請容許我表達我的祝賀。 Stefano，我想知道當您談論在美國的某種擴張時，您是否可以解決與美國國家零售合作夥伴（特別是Dick's 和Foot Locker）的門增長戰略是什麼，我認為您的目標是，讓我們打電話它有 500 個，也許是 Dixon 的一半，而 Foot Locker 的足跡要小得多。

And then, Steve, can you talk a little bit to sort of maybe not numbers if you don't give it, but the demand creation budget, how you are investing in HOKA versus UGG and where you're deploying those dollars? Thank you very much.

然後，史蒂夫，如果您不提供的話，您能否談談可能不是數字，而是需求創造預算，您如何投資 HOKA 與 UGG，以及您將這些資金部署在哪裡？非常感謝。

Thanks Adrienne. It's not our practice to provide door counts related to specific wholesale relationships. We are very selective in our expansion. We continue to be very diligent about the way we manage the marketplace.

謝謝艾德麗安。我們的做法不提供與特定批發關係相關的門數。我們在擴張時非常有選擇性。我們繼續非常努力地管理市場。

We are looking door productivity before we expand, and when we perform, we open few more doors. So, that has been our strategy. That's what we continue to do with the likes of DSG and Foot Locker others.

在擴張之前，我們會考慮生產力，而當我們有所表現時，我們會再打開幾扇門。所以，這就是我們的策略。這就是我們繼續與 DSG 和 Foot Locker 等公司合作的方向。

Yes. And I think then the second part of your question in terms of how we think about spend and demand creation, and it's a good question. We -- as we're performing better, and you've seen some gross margin expansion, we are taking a portion of that to continue our investment in demand creation.

是的。我認為你問題的第二部分是我們如何看待支出和需求創造，這是一個很好的問題。我們——隨著我們的表現更好，而且你已經看到了毛利率的一些增長，我們將拿出一部分來繼續投資於創造需求。

And so with two of the best-performing brands in the space across the globe, it's important, right, for us to continue to be able to invest behind these brands. So in terms of your question is kind of where, clearly, a lot going on with our top two brands.

因此，對於全球範圍內表現最好的兩個品牌來說，我們能夠持續投資這些品牌是很重要的。因此，就你的問題而言，顯然我們的兩個頂級品牌正在發生很多事情。

Stefano mentioned in his prepared remarks, one of the things that we've done with UGG and Post Malone, HOKA, and some of our sponsorship with UTMB and some marathons and so forth. I think we're going to continue to do that. What we're also doing is creating more localized content.

Stefano 在他準備好的演講中提到了我們與 UGG 和 Post Malone、HOKA 所做的事情之一，以及我們對 UTMB 和一些馬拉松賽事的贊助等等。我認為我們將繼續這樣做。我們還在做的就是創造更多在地化內容。

So, as we're seeing improvements and growth in our international markets, we are creating more localized content. So, overall, what you're seeing is an increase in our marketing spend as a percent to revenue, over the last couple of years. That's afforded to us with some of the gross margin improvements that we're seeing.

因此，當我們看到國際市場的改善和成長時，我們正在創建更多在地化的內容。因此，總體而言，您看到的是過去幾年我們的行銷支出佔收入的百分比有所增加。這為我們帶來了我們所看到的一些毛利率的改善。

So, as demonstrated by our outlook and improved guidance with the improved gross margin, we've taken a portion of that to increase our SG&A, and that's really going behind variable marketing spend to create further demand for our brands.

因此，正如我們的前景和隨著毛利率提高而改進的指導所證明的那樣，我們已經採取了其中的一部分來增加我們的SG&A，這實際上是在可變營銷支出的背後，為我們的品牌創造了進一步的需求。

So, that's how we operate. We're very financially disciplined. We look at it. Where given an opportunity, we'll take that, opportunity, but we're firmly behind backing our brands, increasing local content to resonate with consumers across the globe. And I think you see that paying off

所以，這就是我們的運作方式。我們在財務上非常自律。我們看看它。只要有機會，我們就會抓住機會，但我們堅定地支持我們的品牌，增加本地內容以與全球消費者產生共鳴。我想你會看到回報

Excellent. Very helpful. Thank you.

出色的。非常有幫助。謝謝。

This concludes the question-and-answer session as well as today's call. We thank you for participating. You may now disconnect your lines.

問答環節和今天的電話會議到此結束。我們感謝您的參與。現在您可以斷開線路。