Deckers Outdoor Corp (DECK) 2025 Q3 法說會逐字稿

Welcome to the Deckers Brands third-quarter fiscal 2025 earnings conference call.

歡迎參加 Deckers Brands 2025 財年第三季財報電話會議。

(Operator Instructions)

（操作員指令）

I would like to remind everyone that this conference call is being recorded.

我想提醒大家，本次電話會議正在錄音。

I'd now like to turn the call over to Erinn Kohler, VP, Investor relations and Corporate Planning.

現在，我想將電話轉給投資者關係和企業規劃副總裁 Erinn Kohler。

Hello and thank you everyone for joining us today.

大家好，感謝大家今天的參加。

On the call is Stefano Caroti, President and Chief Executive Officer; and Steve Fasching, Chief Financial Officer.

參加電話會議的有總裁兼執行長 Stefano Caroti；以及財務長史蒂夫法辛（Steve Fasching）。

Before we begin, I would like to remind everyone of the company's Safe Harbor policy. Please note that certain statements may 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. All statements made on this call 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 DTC, plans for and the launch timing of new products, marketing plans and strategies, disruptions to our supply chain and logistics, our anticipated revenues, product mix, margins, expenses, inventory levels, promotional activity and our anticipated rate of full price selling, the expected timing of adjustments to certain brand operations, the impacts of the macroeconomic environment on our operations and performance including fluctuations in foreign currency exchange rates and our ability to achieve our financial outlook.

在我們開始之前，我想提醒大家注意公司的安全港政策。請注意，本次電話會議中的某些陳述可能屬於聯邦證券法所定義的前瞻性陳述，具有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所建立的安全港責任規定。本次電話會議中除歷史事實陳述外的所有陳述均為前瞻性陳述，包括有關我們當前和長期戰略目標、資本配置、品牌和市場管理戰略的預期影響、消費者行為變化、實力和業績的陳述我們的品牌、產品需求、產品和通路分銷策略（包括DTC）、新產品的規劃和發佈時間、行銷計畫和策略、我們供應鏈和物流的中斷、我們預期的收入、產品組合、利潤率、費用、庫存水準、促銷活動和我們預期的全價銷售率、對某些品牌營運進行調整的預期時間、宏觀經濟環境對我們的營運和業績的影響（包括外匯匯率波動）以及我們實現財務目標的能力前景。

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 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管理階層目前的預期，並基於做出此類陳述時可用的資訊。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、假設或暗示的結果有重大差異。該公司已在其提交給美國證券交易委員會的文件中解釋了其中一些風險和不確定性，包括其 10-K 表年度報告和 10-Q 表季度報告中的「風險因素」部分。除法律或紐約證券交易所上市規則要求外，本公司明確表示不承擔更新任何前瞻性陳述的意圖或義務。

Please note as previously disclosed, the company effected a six-for-one forward stock split during the second fiscal quarter. The share, per share and resulting financial amounts mentioned on this call have been adjusted to reflect the effectiveness of the stock split.

請注意，如前所述，該公司在第二財政季度進行了六比一的遠期股票分割。本次電話會議中提到的股份、每股金額及由此產生的財務金額均已進行調整，以反映股票分割的有效性。

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

在本次電話會議上，管理階層可能會參考一些未依照美國公認會計原則（包括固定匯率）編製的財務指標。此外，該公司還以固定匯率為基礎報告當前和先前報告期間內營運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反映其核心經營績效的項目。

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

現在我將把發言權交給斯特凡諾。

Thank you, Erinn. Good afternoon, everyone and thank you for joining today's call.

謝謝你，艾琳。大家下午好，感謝大家參加今天的電話會議。

It's great to be here with you today to discuss our superb third quarter, the largest and most profitable in Deckers' history. UGG and HOKA continue to drive our success as both brands are creating unique and innovative products with purpose that are increasingly embraced by consumers worldwide. Highlights of our record third quarter performance include revenue growing 17% over last year to $1.8 billion, gross margins improving to 60.3% and diluted earnings per share increasing 19% to $3.

我很高興今天能和大家一起討論我們優秀的第三季度，這是 Deckers 史上規模最大、利潤最高的季度。UGG 和 HOKA 繼續推動我們的成功，因為兩個品牌都在創造獨特、創新的產品，並且越來越受到全球消費者的歡迎。我們第三季創紀錄的業績亮點包括營收比去年同期成長 17%，達到 18 億美元，毛利率提高至 60.3%，每股攤薄收益成長 19%，達到 3 美元。

We are very proud of the exceptional quarter just completed. Thanks to the hard work of our global teams. I want to especially recognize employees supporting our distribution centers, retail stores, customer and consumer experience, ecommerce, marketing, planning and allocation, merchandizing and sales, who collectively contributed to the successful execution of our largest quarter ever.

我們對剛結束的卓越季度感到非常自豪。感謝我們全球團隊的辛勤工作。我要特別感謝支持我們的配送中心、零售店、客戶和消費者體驗、電子商務、行銷、規劃和分配、商品銷售和銷售的員工，他們共同為我們成功實現有史以來最大的季度做出了貢獻。

Once again, our brands were able to maintain a high degree of full price business while competing with more promotional brand in the global marketplace, choosing to prioritize brand health. As we continue to manage and build our brands and business for the long term, we're even more encouraged by what Deckers has delivered over the last nine months.

再次，我們的品牌能夠在與全球市場上更多的促銷品牌競爭的同時保持高水準的全價業務，選擇優先考慮品牌健康。隨著我們繼續長期管理和建立我們的品牌和業務，Deckers 在過去九個月中取得的成績令我們更加鼓舞。

Our fiscal year to date performance as compared to last year includes significant revenue growth in key areas with HOKA increasing. 29%, UGG growing 15%, international markets rising 28% and balance increases of 19% across the DTC and wholesale channels. The shape of our growth and evolution of our business is directly tied to our long-term strategies and guiding principles which provide the foundation for how we manage our brands to maintain a pull model of demand.

與去年相比，我們今年迄今的財年業績包括關鍵領域的收入顯著增長，其中 HOKA 的收入有所增加。29%，UGG 成長 15%，國際市場成長 28%，DTC 和批發通路餘額成長 19%。我們的業務成長和演變形態與我們的長期策略和指導原則直接相關，這些策略和指導原則為我們如何管理品牌以維持需求拉動模型提供了基礎。

Overall, Deckers third quarter and fiscal year-to-date performance has exceeded our expectations. Our increased revenue outlook for fiscal '25 now calls for 15% growth which would be our fifth consecutive year of growing mid-teens or higher. Steve will provide further details on third quarter performance in this updated outlook later in the call.

總體而言，Deckers 第三季和財年迄今為止的業績超出了我們的預期。我們對 25 財年的營收預期提高了 15%，這將是我們連續第五年實現中等或更高的成長率。史蒂夫將在稍後的電話會議中更新展望，提供有關第三季業績的更多詳細資訊。

But before that, I will share our brand highlights from the third quarter starting with UGG. Global revenue in the third quarter increased 16% versus last year to $1.2 billion. From a channel perspective, UGG delivered balanced revenue growth of 16% versus last year across both direct to consumer and wholesale. UGG DTC channel highlights in the third quarter include strong growth across all global markets, gains with new and existing consumers as the brand experienced double digit increases in both acquisition and retention, a 25% increase in UGG reward members and encouraging progress for UGG brands with growth outpacing total brand growth in the channel.

但在此之前，我將先分享我們第三季的品牌亮點，從 UGG 開始。第三季全球營收較去年同期成長 16%，達到 12 億美元。從通路角度來看，UGG 在直銷和批發兩個通路的收入與去年相比均實現了 16% 的均衡成長。UGG DTC 通路在第三季的亮點包括全球所有市場的強勁成長，新舊消費者的增加，品牌的購買量和保留量均實現了兩位數的成長，UGG 獎勵會員增加了25%，UGG 品牌在成長速度超過通路中品牌整體成長。

In the wholesale channel, UGG experienced growth across all regions with the majority of the increased revenue coming from international markets. Close partnerships with influential retailers continue to elevate the UGG brand and enhance global exposure with target consumers. During the third quarter, UGG collaborated to create special Corner Shop takeovers with Selfridges in London and Nordstrom in New York City.

在批發管道，UGG 在所有地區都實現了成長，大部分成長的收入來自國際市場。與有影響力的零售商的密切合作不斷提升 UGG 品牌，並增強其在目標消費者中的全球知名度。第三季度，UGG 與倫敦的 Selfridges 百貨公司和紐約的 Nordstrom 百貨公司合作，推出了特別的 Corner Shop 收購活動。

Both of these partnerships were activated with on site events and media that drove great brand buzz and connections with consumers. Across the global wholesale marketplace, we believe that UGG was a top performing brand in the holiday quarter highlighted by exceptional levels of full price sell through that drove healthy margins for our partners and lean inventory in the channel exiting the month of December.

這兩個合作都是透過現場活動和媒體啟動的，從而引起了巨大的品牌效應並與消費者建立了聯繫。我們認為，在全球批發市場，UGG 是假日季表現最好的品牌，其亮點是全價銷售量異常高，這為我們的合作夥伴帶來了可觀的利潤，並在12 月結束後解決了管道庫存緊張的問題。

We believe the UGG brand success around the world results from a purposeful product assortment that is informed by consumer insights and infused without brand codes. This approach has driven consistent product performance throughout the fiscal year with progress in key segments including icons we imagined with the Tasman and Ultra Mini franchises continuing to experience strong global adoption from consumers, hybrid versatility as the emerging Golden and Lowmel collections experience rapid sellouts while the weather hybrid collection more than doubled versus the prior year, a new winter lifestyle highlighted by the many different success in the US and EMEA.

我們相信 UGG 品牌在全球的成功源於有目的的產品組合，這種組合是基於消費者洞察，並且不包含品牌代碼。這種方法推動了整個財年產品表現的穩定，並在關鍵領域取得了進展，包括我們想像中的標誌性產品Tasman 和Ultra Mini 系列繼續受到全球消費者的強烈歡迎，混合多功能性，因為新興的Golden 和Lowmel 系列迅速售罄，而天氣混合系列比上年增長了一倍多，一種新的冬季生活方式在美國和歐洲、中東和非洲地區取得了許多不同的成功。

The UGG team continues to build brand heat and relevance through powerful collaborations. During the quarter, UGG was able to reach a new audience and elevate the [online] assortment through the release of two highly sought after collaborations with Los Angeles based fashion brand Gallery Department and UK based, skate brand, Palace.

UGG 團隊繼續透過強大的合作來打造品牌熱度和相關性。在本季度，UGG 與洛杉磯時尚品牌 Gallery Department 和英國滑板品牌 Palace 推出了兩項備受追捧的合作產品，從而吸引了新的受眾，並提升了 [線上] 商品種類。

These partnerships featured iconic styles such as the Tasman and the Ultra Mini, which gained global exposure from being spotted on influential professional athletes and music superstars. The success of these iconic styles is closely linked to the emerging hybrid styles in the assortment. The Goldenstar Clog continued to see strong global growth in the quarter and we saw consumers in the US and in Europe embrace Lowmel as a lifestyle sneaker, lending the style in the UGG brand's top 10 during the third quarter.

這些合作推出了 Tasman 和 Ultra Mini 等標誌性款式，因出現在有影響力的職業運動員和音樂巨星身上而獲得了全球曝光。這些標誌性風格的成功與該系列中新興的混合風格密切相關。本季度，Goldenstar Clog 繼續在全球範圍內保持強勁增長，我們看到美國和歐洲的消費者將 Lowmel 視為一種生活方式運動鞋，使得該款式在第三季度躋身 UGG 品牌前十名。

Adding to our enthusiasm for the UGG sneaker success, we've just added sizing for men's and kids and also launched a companion style, the Lo Lowmel that hits lower to the ankle and is built with greater versatility for warmer months. Another hybrid collection that performed well in the quarter was the UGG brand's weatherized hybrids featured as part of our men's focused marketing campaign starting Post Malone.

我們對UGG 運動鞋的成功充滿熱情，為此，我們剛剛增加了男款和童款的尺碼，同時還推出了配套款式Lo Lowmel，其鞋幫較低，到達腳踝，具有更好的多功能性，適合溫暖的月份。本季表現良好的另一個混合系列是 UGG 品牌的防風雨混合系列，它是我們由 Post Malone 發起的針對男性的行銷活動的一部分。

This campaign drove significant increases in search and engagement with over 3 billion impressions in the US alone for both the product collection and the UGG brand overall. Through high impact out of home content, media placement with Amazon Thursday Night Football, ESPN and Spotify and a 10 day experiential Feel House Pop Up store that culminated with a VIP performance by Post Malone.

這項活動顯著提高了搜尋量和參與度，光是在美國，產品系列和 UGG 品牌的展示量就超過 30 億次。透過高影響力的戶外內容、在亞馬遜週四夜間足球賽、ESPN 和 Spotify 的媒體投放以及為期 10 天的體驗式 Feel House Pop Up 商店，最後以 Post Malone 的 VIP 表演結束。

This campaign represents great progress in our journey to increase connections with male consumers around the world. Even propelling the Tasman weather hybrid to become the UGG brand's number one men's style in China this past quarter, a region where the brand continues to make solid headway.

這次活動代表著我們在加強與全球男性消費者的聯繫方面取得了巨大進步。甚至推動塔斯曼天氣混合款成為上個季度 UGG 品牌在中國的頭號男裝款式，而該品牌在華繼續取得穩步進展。

At the same time, we're seeing strong adoption of our UGG men's product among professional athletes, a group that often shapes the future of fashion. Altogether, this was a splendid quarter for UGG as the brand continues to perform in a league of its own.

同時，我們發現 UGG 男士產品在職業運動員中有著很高的受歡迎程度，而這個群體往往能夠塑造時尚的未來。總而言之，這對 UGG 來說是一個輝煌的季度，因為該品牌繼續保持自己的獨特表現。

Heading into the final stretch of fiscal '25, UGG delivering on the objectives we set for the year with balanced growth across channels driven by outsized growth from international markets and maintain strength in the US. We believe the special brand can continue to deliver sustainable growth through distinctive and ownable category segments that are uniquely UGG. Congratulations to Anne and her entire UGG team on these amazing accomplishments in the bright future ahead.

進入 25 財年的最後階段，UGG 實現了我們為今年設定的目標，在國際市場的高速成長推動下，各通路實現了均衡成長，並保持了在美國市場的強勁勢頭。我們相信，這個特殊品牌能夠透過 UGG 獨有的、可自主擁有的品類細分繼續實現永續成長。恭喜安妮和她的整個 UGG 團隊在未來的光明中取得這些驚人的成就。

As UGG has continued to solidify its positioning as a leading global lifestyle brand, I would like to provide an update regarding the Koolaburra brand. To maintain focus on our most significant organic opportunities, we're planning to phase out the Koolaburra brand standalone product collections and operations. As part of this change, we expect to sunset koolaburra.com at the end of this fiscal year and wind down Koolaburra in the wholesale channel throughout the calendar year 2025.

隨著 UGG 繼續鞏固其作為全球領先生活方式品牌的地位，我想提供有關 Koolaburra 品牌的最新消息。為了繼續專注於我們最重要的有機機會，我們計劃逐步淘汰 Koolaburra 品牌獨立產品系列和營運。作為此項變革的一部分，我們預計將在本財年末關閉 koolaburra.com，並在 2025 日曆年內逐步關閉批發管道中的 Koolaburra。

We'll provide a more complete update on this forthcoming change during our year end call in May as part of our forward-looking guidance for fiscal year 2026.

作為 2026 財年前瞻性指引的一部分，我們將在 5 月的年終電話會議上提供有關這項即將發生的變更的更完整的更新。

Okay. Shifting to the HOKA brand. Global revenue in the third quarter increased 24% versus last year to $531 million. From a channel perspective, HOKA delivered impressive revenue growth versus last year throughout the global marketplace as DTC increased 27% with strong growth across every region and wholesale grew 21% primarily driven by outside increases from international distributor markets as we prepare the marketplace for upcoming key franchise upgrades.

好的。轉向 HOKA 品牌。第三季全球營收較去年同期成長24%，達5.31億美元。從通路角度來看，HOKA 在全球市場的營收較去年同期大幅成長，DTC 成長27%，各地區均實現強勁成長，批發成長21%，主要得益於國際經銷商市場的外部成長，我們正在為即將到來的關鍵市場做好準備特許經營升級。

HOKA DTC channel highlights in the quarter include accelerated growth in the APAC region with China contributing the largest incremental dollar revenue of all international regions, persisting gains in consumer acquisition and retention, the latter of which was particularly strong, indicating a high degree of loyalty from existing consumers, an increased mix of business from trail categories which drove outsized growth in part due to the introduction of the Kaha Frost weather collection.

本季 HOKA DTC 通路亮點包括亞太地區加速成長，中國貢獻了所有國際地區中最大的增量美元收入，消費者獲取和保留持續增長，後者尤為強勁，表明消費者忠誠度高現有消費者，來自越野類別的業務組合的增加，部分由於推出了Kaha Frost 天氣系列而推動了超額成長。

The Kaha Frost collection features the HOKA brand's first cold weather rated styles including a $280 hiking boot and a $200 slipper moccasin both of which are trail ready with a Vibram Megagrip outsole. The consumer response was excellent around the globe driving impressive sell throughs and generating great buzz for the brand including being named the Best Multifunctional Hiking Shoe of 2024 by GOGO Shanghai, an influential annual publication of lifestyle awards in China and a must-have item for a weekend in the mountains by Italia Vogue.

Kaha Frost 系列是 HOKA 品牌首批適合寒冷天氣的款式，包括售價 280 美元的登山靴和​​售價 200 美元的莫卡辛拖鞋，兩款鞋均配備 Vibram Megagrip 外底，適合越野行走。全球消費者的反應非常好，推動了令人印象深刻的銷售量，並為該品牌帶來了巨大的轟動，包括被GOGO 上海評為2024 年最佳多功能健行鞋，GOGO 上海是中國最具影響力的年度生活方式獎項出版物，也是義大利時尚雜誌《Italia Vogue》的山中週末報道。

In the wholesale channel, our primary focus during the quarter was to set the stage for the Bondi 9 launch by moving through existing inventory of the Bondi 8 while also driving high full price sell throughs across the lineup of innovating products we've introduced throughout the year.

在批發管道，我們本季的主要重點是為 Bondi 9 的推出做好準備，透過處理 Bondi 8 的現有庫存，同時推動我們在整個季度推出的創新產品系列的全價高銷售。

as brand awareness and consumer appetite for HOKA continues to build, we're excited to be adding select doors with our strategic partners worldwide in conjunction with the start of our spring 2025 season. During the third quarter, the HOKA team did an ascending job in driving consumer engagement with the brand through events and activations around the world.

隨著 HOKA 的品牌知名度和消費者興趣不斷增強，我們很高興能夠在 2025 年春季開始之際與全球策略合作夥伴一起增加精選門市。第三季度，HOKA 團隊透過在世界各地舉辦活動和活化活動，在推動消費者與品牌互動方面做得非常出色。

Key global moments included HOKA being the second most warm brand at the Foot Locker Cross Country High School National Championships in the US. Hosting HOKA Fly live experiences at the Frankfurt Marathon in Germany and the IRONMAN 70.3 World Championships in Taupo, New Zealand and producing a benchmark consumer experience at the Shanghai Marathon where HOKA was the fifth most worn brand.

全球重要時刻包括 HOKA 在美國 Foot Locker 越野高中全國錦標賽中成為第二大最熱門品牌。在德國法蘭克福馬拉松和紐西蘭陶波 IRONMAN 70.3 世界錦標賽上舉辦 HOKA Fly 現場體驗，並在上海馬拉鬆上打造了標竿消費者體驗，HOKA 是上海馬拉松中穿著最流行的第五大品牌。

As you can tell, our marketing teams are working hard to maintain and build performance credibility while growing global brand awareness through activations in key cities. The HOKA brand's shoe count achievements are made possible by the HOKA product team's laser focus to build product solutions that deliver transformational experiences for consumers around the world.

正如您所看到的，我們的行銷團隊正在努力維護和建立績效信譽，同時透過在主要城市的活動來提高全球品牌知名度。HOKA 品牌的鞋子數量成就得益於 HOKA 產品團隊的高度專注，他們致力於建立產品解決方案，為全球消費者帶來變革性的體驗。

HOKA has two exciting products launching in the fourth quarter which are the Bondi 9 and a 2.0 update to our fastest and most technically advanced race shoe, the Cielo X1. Having just launched a couple of weeks ago, we are very pleased with the early consumer response to the Bondi 9. With the new premium itself, increased stack height, a 3D-molded collar, this franchise has been upgraded from top to bottom, providing a soft yet resilient ride for everyday miles.

HOKA 在第四季度推出了兩款令人興奮的產品，分別是 Bondi 9 和我們速度最快、技術最先進的比賽鞋 Cielo X1 的 2.0 更新版。幾週前剛推出的 Bondi 9，我們對消費者的早期反應感到非常滿意。隨著新款高級版本身的推出、堆疊高度的增加以及 3D 模製領口，該系列產品已從上到下進行了升級，為日常行駛提供柔軟而有彈性的騎行體驗。

The Bondi 9 release is the HOKA brand's most globally integrated launch to date, supported and enhanced by our Everybody Bondi marketing campaign with out of home content on high traffic displays in key cities around the world. A Bondi 9 weeks fitness challenge that culminates in participants completing a nine mile run, partnering with local and global influencers including Decorated US Olympic gymnast, Suni Lee and activations at regional and global events such as the Miami Marathon, Paris Half Marathon and London Winter Run.

Bondi 9 的發布是HOKA 品牌迄今為止在全球範圍內整合程度最高的一次發布，該發布得到了我們的Everybody Bondi 營銷活動的支持和增強，該活動通過在全球主要城市的高流量顯示屏上播放戶外內容。邦迪9 週健身挑戰賽的最終目的是讓參與者完成9 英里長跑，與當地和全球有影響力的人物合作，包括美國奧運體操運動員Suni Lee，並參加邁阿密馬拉松、巴黎半程馬拉松和倫敦冬跑等地區和全球賽事。

While the Bondi 9 represents a significant upgrade to one of our most accessible franchises, we've also enhanced our pinnacle race shoe, the Cielo X1, making it faster and smoother for the highest performing athletes. In the 2.0 version of the Cielo X1, we've tweaked the rocker and geometry to provide greater stability without adding weight, enabling greater speed through the toe transition. Commercially available in February, this is a shoe that we have been testing with our athletes for months now and have high hopes to see on podiums in the future.

Bondi 9 不僅代表我們最容易獲得的系列產品之一的重大升級，而且我們還對我們的頂級競賽鞋 Cielo X1 進行了改進，使其能夠為最高水平的運動員提供更快、更流暢的體驗。在 Cielo X1 2.0 版本中，我們調整了搖桿和幾何形狀，以在不增加重量的情況下提供更高的穩定性，從而實現透過趾部過渡的更快速度。這款鞋將於二月上市，我們已經和運動員一起測試了好幾個月，並寄予厚望，希望它能在未來登上頒獎台。

HOKA has an exciting future ahead with a strong pipeline of new innovations and a growing global marketplace to serve the brand's increasing demand.

HOKA 擁有令人興奮的未來，其擁有強大的創新管道和不斷增長的全球市場，可以滿足品牌日益增長的需求。

Thanks, everyone.

謝謝大家。

I'll now hand it over to Steve to detail our third quarter financial results and provide an update to our fiscal year '25 guidance.

現在我將把時間交給史蒂夫，讓他詳細介紹我們第三季的財務業績，並提供我們 25 財年指引的更新。

Thanks, Stefano, and good afternoon, everyone.

謝謝，斯蒂法諾，大家下午好。

Our record third quarter performance illustrates the continued strength and robust momentum of the UGG and HOKA brands. As Stefano mentioned, UGG delivered another exceptional quarter of results as the brand attracts and maintains consumers around the world with a relevant and elevated product assortment.

我們創紀錄的第三季業績顯示 UGG 和 HOKA 品牌的持續實力和強勁發展勢頭。正如 Stefano 所說，UGG 本季又取得了出色的業績，因為該品牌透過相關且高端的產品組合吸引並留住了世界各地的消費者。

HOKA continues to deliver solid controlled global growth as the brand builds market share with performance products that consumers love. Our team's disciplined long-term approach to managing these brands respective global marketplaces supports our pull model while sustaining exceptional levels of full price selling.

HOKA 憑藉深受消費者喜愛的高性能產品不斷擴大市場份額，並持續實現穩健的全球成長。我們的團隊採用嚴謹的長期方法來管理這些品牌各自的全球市場，支持我們的拉力模式，同時維持卓越的全價銷售水準。

Our results this quarter again demonstrate the power of our model and disciplined marketplace management. Maintaining this flexible operating model, we will continue to build these incredible brands with long term health top of mind.

本季的業績再次證明了我們的模型和嚴格的市場管理的強大力量。保持這種靈活的營運模式，我們將繼續打造這些令人難以置信的品牌，並將長期健康放在首位。

Now let's get to the details of our third quarter results. Third quarter fiscal 2025 revenue was $1.83 billion, representing an increase of 17% versus the prior year on a reported and constant currency basis. Growth in the quarter was primarily driven by UGG increasing 16% versus last year, delivering record quarterly revenue of $1.24 billion with particularly strong demand captured later in the quarter as we maintained favorable inventory on key styles relative to the prior year and consistent strength across the HOKA brand's global marketplace with HOKA growing 24% versus last year to deliver quarterly revenue of $531 million.

現在讓我們來了解一下第三季的業績詳情。2025 財年第三季營收為 18.3 億美元，以報告和固定匯率計算，較上年成長 17%。本季的成長主要得益於UGG 較去年同期成長16%，實現創紀錄的12.4 億美元季度收入，其中，由於我們保持了與去年同期相比有利的主要款式庫存，以及整個季度的持續強勁成長，本季後期的需求尤為強勁。

Further on UGG, I would note that the brand experienced a strong December selling period relative to our last year. Our increased and earlier inventory position aided our ability to fulfil orders during the third quarter on key styles compared to the prior year. Recall that in the third quarter of last year, we sold out of key styles that were later fulfilled in Q4. While this dynamic was a tailwind to our third quarter performance this year, it is highly likely to have an adverse comparison impact on the UGG brand's current quarter.

進一步關於 UGG，我想指出的是，與去年同期相比，該品牌 12 月的銷售表現強勁。與去年同期相比，我們增加且提前的庫存狀況幫助我們在第三季度完成主要款式的訂單。回想一下，去年第三季度，我們的主要款式已售罄，後來在第四季度完成了補貨。雖然這種動態對我們今年第三季的業績有利，但很可能對 UGG 品牌本季的業績產生不利影響。

Gross margin for the third quarter was 60.3%, up 160 basis points from last year's 58.7%. Third quarter gross margin benefited from favorable product mix primarily due to higher margin products within UGG, driving a larger percentage of growth, reduced closeouts to the wholesale channel, higher levels of full price selling for UGG and a small benefit from favorable foreign currency exchange rates with partial offsets from higher freight costs and an increased discounting for HOKA as anticipated primarily related to preparing the marketplace for key model upgrade.

第三季毛利率為60.3%，較去年同期的58.7%上升160個基點。第三季毛利率受益於有利的產品組合，這主要得益於UGG 內部利潤率較高的產品，推動了更大的增長百分比，批發渠道的清倉量減少，UGG 全價銷售水平提高，以及有利的外匯匯率帶來的小幅收益部分抵消了運費上漲和 HOKA 折扣增加的影響，這主要與為關鍵車型升級做好市場準備有關。

While we are proud to deliver this record gross margin, I would caution that the extremely high levels of full price selling and very low levels of wholesale closeouts are abnormal and not something we would normally expect to repeat going forward. Further, though we experienced a small revenue and gross margin benefit from favorable foreign currency exchange rates in the third quarter, we have since seen rates move against us and as a result, expect to face an FX headwind in the upcoming quarter.

雖然我們為實現這項創紀錄的毛利率而感到自豪，但我要提醒的是，極高的全價銷售水平和非常低的批發清倉水平是不正常的，而且我們通常不會期望在未來重複這種情況。此外，儘管第三季有利的外匯匯率為我們帶來了小幅營收和毛利率成長，但此後匯率走勢對我們不利，因此，預計下一季將面臨外匯逆風。

SG&A dollars spent in the third quarter was $535 million, up 25% versus last year's $429 million as we continue investing in key areas of the business. As a percentage of revenue, SG&A was 29.3% which is above last year's rate of 27.5% primarily driven by increased marketing spend, unfavorable impacts from foreign currency exchange rate remeasurement and higher headcount across strategic growth areas of the business. Our tax rate for the quarter was 21.8% which compares to 21.9% for the prior year.

由於我們繼續對業務的關鍵領域進行投資，第三季度的銷售、一般及行政開支為 5.35 億美元，較去年的 4.29 億美元增長 25%。作為收入的百分比，銷售、一般及行政費用為 29.3%，高於去年的 27.5%，這主要由於營銷支出增加、外幣匯率重新計量帶來的不利影響以及業務戰略增長領域的員工人數增加。我們本季的稅率為 21.8%，而去年同期為 21.9%。

These results culminated in diluted earnings per share of $3 for the quarter which is $0.48 above last year's $2.52 diluted earnings per share, representing EPS growth of 19%.

這些結果最終導致本季每股攤薄收益為 3 美元，比去年的每股 2.52 美元攤薄收益高出 0.48 美元，每股收益成長 19%。

Turning to our balance sheet. At December 31, 2024, we ended December with $2.2 billion of cash and equivalents. Inventory was $577 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 12 月 31 日，我們截至 12 月底的現金和等價物為 22 億美元。庫存為 5.77 億美元，比去年同期成長 7%，在此期間，我們沒有未償還借款。

During the third quarter, we repurchased approximately $45 million worth of shares at an average price of $162.85. As of December 31, 2024, the company had approximately $641 million remaining authorized for share repurchase.

第三季度，我們以平均 162.85 美元的價格回購了價值約 4,500 萬美元的股票。截至 2024 年 12 月 31 日，該公司剩餘授權股票回購金額約為 6.41 億美元。

Now moving into our updated guidance for fiscal year 2025. Based on the strong demand experienced in the third quarter, we are raising our full year revenue expectations to just above $4.9 billion which equates to approximately 15% growth, which compares to our prior guidance for growth of approximately 12%. From a brand standpoint, we now expect UGG revenue growth of approximately 10%, up from our prior expectations of mid-single digits as a result of stronger global demand. And with continued execution against our full year expectation, we still expect HOKA to increase approximately 24% versus last year.

現在進入我們 2025 財年的最新指引。基於第三季的強勁需求，我們將全年營收預期上調至略高於 49 億美元，相當於約 15% 的成長，而我們先前預期的成長約為 12%。從品牌的角度來看，由於全球需求強勁，我們現在預計 UGG 收入將成長約 10%，高於我們先前預期的中等個位數成長。由於繼續按照我們的全年預期執行，我們仍然預計 HOKA 將比去年增長約 24%。

While we do not provide quarterly guidance, we acknowledge that with only one quarter left in our fiscal year, this provides visibility into our anticipated fourth quarter growth expectations. And we realize that while we have increased our full year guidance, this update highlights distorted growth rates implied in the fourth quarter for our two largest brands, each for unique reasons.

雖然我們不提供季度指引，但我們承認，由於我們的財政年度僅剩一個季度，這可以讓我們了解預計的第四季度成長預期。我們意識到，雖然我們提高了全年業績預期，但此次更新凸顯了我們兩個最大品牌在第四季度隱含的扭曲成長率，而每個品牌出現扭曲成長率的原因各不相同。

For the UGG brand, as planned, our improved product in stock positioning versus the prior year allowed us to satisfy incremental consumer demand during our third quarter while in the prior year, we ran low on product availability and continued to catch up to fulfil demand through Q4 last year. This year, we believe this demand was captured in Q3. Given how strong UGG has performed year-to-date, we are limited in the fourth quarter by available inventory left to sell.

對於UGG 品牌，正如計劃的那樣，與去年相比，我們改進了產品庫存定位，使我們能夠在第三季度滿足消費者的增量需求，而在去年，我們的產品庫存不足，我們繼續通過以下方式滿足需求：去年第四季。今年，我們相信這項需求在第三季得到了滿足。鑑於 UGG 今年迄今的強勁表現，我們第四季可供銷售的庫存有限。

For HOKA, our guidance implies the fourth quarter to be the largest volume quarter for the brand ever. This is on top of last year's fourth quarter that included a significant amount of sell in to wholesale accounts related to door expansion as we set up fiscal year 2025. And while this creates some year on year variations in the quarterly growth rates, we are still on track to achieve an annual growth rate of 24%.

對於 HOKA，我們的預期是第四季度將成為該品牌有史以來銷量最大的一個季度。這是在去年第四季的基礎上，在我們制定 2025 財年時，包括與門市擴張相關的批發帳戶大量銷售。雖然這會導致季度成長率與去年同期相比有所差異，但我們仍有望實現 24% 的年增長率。

Then with the strong gross margin achieved in the third quarter, we are increasing our full year expectation to now be at or slightly better than 57% as we recognize the exceptional levels of full price selling UGG achieved in the third quarter and continued product mix benefits. But maintain our expectation for continued freight headwinds and a more promotional and closeout environment in the balance of the year as compared to last year's unusually low levels and as mentioned, a headwind from UGG unfavorable foreign currency exchange rates in the fourth quarter.

然後，由於第三季實現了強勁的毛利率，我們將全年預期提高到現在的57% 或略高於57%，因為我們認識到第三季UGG 的全價銷售水平非常出色，並且產品組合優勢持續存在。但是，與去年異常低的水平相比，我們預計今年剩餘時間貨運將繼續面臨逆風，促銷和清倉環境將更加活躍，如前所述，第四季度 UGG 的外匯匯率也面臨不利影響。

SG&A is still expected to be approximately 35%, aligned with our commitment to continue investing responsibly to support the long term sustainable growth of our business. With these adjustments, we now expect an operating margin of approximately 22%. We expect our effective tax rate to be approximately 23.5%. And as a result of our improved revenue and gross margin expectation, we are increasing our diluted earnings per share expectations to now be in the range of $5.75 to $5.80.

預計銷售、一般及行政費用仍約為 35%，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。透過這些調整，我們現在預計營業利潤率約為 22%。我們預計我們的有效稅率約為23.5%。由於我們的收入和毛利率預期提高，我們將每股攤薄收益預期上調至 5.75 美元至 5.80 美元之間。

Please note this guidance excludes any unforeseen charges that may be considered non-recurring to our ongoing business or impact from any future share purchases. Additionally, our guidance assumes no meaningful deterioration of current risks and uncertainties that may include but are not limited to fluctuations in foreign currency exchange rates, changes in consumer confidence and recessionary pressures, inflationary pressures, supply chain disruptions and geopolitical tensions.

請注意，本指引不包括可能被視為對我們的持續業務不經常發生的任何不可預見的費用或任何未來股票購買的影響。此外，我們的指引假設當前風險和不確定性不會顯著惡化，這些風險和不確定性可能包括但不限於外匯匯率波動、消費者信心變化和衰退壓力、通膨壓力、供應鏈中斷和地緣政治緊張局勢。

We are proud of the outstanding third quarter and year-to-date results that our brands have delivered thus far in fiscal year 2025. As our guidance for the full fiscal year indicates, we expect to report Deckers' fifth consecutive year of double digit top line revenue growth while continuing to deliver top tier levels of operating profitability.

我們為我們的品牌在 2025 財年迄今取得的第三季和年初至今的出色業績感到自豪。正如我們對整個財年的預期所示，我們預計 Deckers 將連續第五年實現兩位數的營收成長，同時繼續保持頂級的營運獲利水準。

I remain confident in our in demand brands which benefit from our flexible model and robust financial profile that we believe continue to position us well to drive sustainable growth over the long term.

我對我們的熱門品牌充滿信心，這些品牌受益於我們靈活的模式和強勁的財務狀況，我們相信這將繼續為我們帶來長期可持續增長的良好條件。

With that, I'll now hand the call back to Stefano for his final remarks.

說完這些，我現在將電話交還給斯特凡諾，請他做最後的發言。

Thank you, Steve.

謝謝你，史蒂夫。

This was truly a special quarter, highlighting the strength of our industry leading brands. UGG and HOKA continue to drive consistent full price growth through the purposeful creation of relevant, distinct and innovative products that are meeting the demands of our consumers who are discovering our products in a well-managed global marketplace. I'm confident that we will continue to execute our strategy in the fourth quarter to close another great year for Deckers.

這確實是一個特殊的季度，突顯了我們行業領先品牌的實力。UGG 和 HOKA 透過有針對性地創造相關、獨特和創新的產品來滿足在管理良好的全球市場上發現我們產品的消費者的需求，從而繼續推動全價的持續成長。我相信，我們將在第四季度繼續執行我們的策略，為 Deckers 再創輝煌的一年。

Looking ahead to fiscal '26, our teams have set the foundation for continued growth with an exciting pipeline of products to come. We remain dedicated to our long term strategies of building HOKA to become a leading performance brand through disruptive innovation, growing UGG through the evolution of iconic franchises in the creation of new icons, expanding our DTC business through consumer acquisition and retention, and increasing our international business through the implementation of our successful domestic playbook.

展望26財年，我們的團隊為未來令人興奮的產品線的持續成長奠定了基礎。我們將繼續致力於我們的長期策略，透過顛覆性創新將HOKA 打造成領先的運動品牌，透過創造新標誌來發展標誌性特許經營權來發展UGG，透過消費者獲取和保留來擴大我們的DTC 業務，並增加我們的國際透過實施我們成功的國內策略，我們能夠更好地開展業務。

As we execute against these strategies, we remain committed to maintaining our financial discipline to deliver top tier levels of profitability. And we will continue to be guided by our consumer first mindset, brand led philosophy, emphasis on innovation and globally driven approach.

在執行這些策略時，我們始終致力於維持財務紀律，以實現頂級的獲利水準。我們將持續秉承消費者至上的理念、品牌主導的理念、注重創新和全球驅動的方法。

On behalf of our management team, I want to express our sincere gratitude to all of our employees for their continued efforts to build the future of Deckers.

我謹代表我們的管理團隊，向所有員工表達誠摯的謝意，感謝他們為打造 Deckers 的未來而不斷努力。

Thank you, all for joining us today and thank you to our shareholders for your continued support.

感謝大家今天的出席，也感謝我們股東的持續支持。

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

說完這些，我將把電話轉給接線生進行問答。

(Operator Instructions)

（操作員指令）

Jay Sole, UBS.

瑞銀的傑伊·索爾 (Jay Sole)

Stefano, I'm wondering if you can sort of pull together a couple of the different teams that you brought up in the prepared remarks. One is just how you're managing the brand, particularly HOKA for the long term and protecting the health of the brand even in a promotional environment. And then maybe sort of connected to how you're thinking about fourth quarter, how you're thinking about growth by channel. And then maybe you talked about the Bondi 9 launch and the Cielo -- the next version of the Cielo X1. Can you just talk about some other product launches you have coming beyond March? And if you still think that HOKA is the type of brand that can deliver 20% growth on an annual basis post this fiscal year.

斯蒂法諾，我想知道您是否可以召集您在準備好的演講中提到的幾個不同的團隊。一是如何管理品牌，特別是 HOKA 的長期管理，即使在促銷環境中也要保護品牌的健康。然後可能與您對第四季度的看法、以及您對通路成長的看法有點相關。然後您可能談到了 Bondi 9 的發布和 Cielo——Cielo X1 的下一個版本。您能談談三月後將推出的其他產品嗎？如果你仍然認為 HOKA 是那種能夠在本財年後實現年增長率 20% 的品牌。

Of course. HOKA is a transformational brand. That has the potential of becoming one of the major brands in the athletic footwear space. Our strategy for HOKA has stayed consistent throughout the globe. It's about building awareness and consideration, delivering compelling innovation stories and managing the marketplace for long term and sustainable growth.

當然。HOKA 是一個變革品牌。它有潛力成為運動鞋領域的主要品牌之一。我們對 HOKA 的策略在全球範圍內保持一致。它旨在建立意識和考慮，傳遞引人入勝的創新故事，並管理市場以實現長期可持續成長。

In terms of the Bondi 9, we're very pleased with the Bondi 9 launch so far. It's happening in a controlled retail environment. But we're very, very encouraged with the early response to the Bondi 9. In terms of additional launches, as I mentioned in my preparing marks, the Cielo X1 is launching in February. That's going to be our fastest shoe to date.

就 Bondi 9 而言，我們對迄今為止 Bondi 9 的發布感到非常滿意。它發生在受控的零售環境中。但我們對邦迪 9 號的早期反應感到非常鼓舞。至於其他發布，正如我在準備標記中提到的，Cielo X1 將於二月推出。這將是我們迄今為止最快的鞋子。

It's an upgrade over the previous model that we launched a year ago. We have Clifton 10 launching in April. And as you guys know, Clifton 10 is our biggest franchise. In May, we are launching a new product in the trail category. Not an enormous program, but it's a pinnacle shoe called the Mafate X, which is going to be followed by the Arahi 8, which is a motion control shoe in one of our biggest franchises. So we have a strong lineup of innovation stories hitting in Q4 and in the first half of fiscal '26.

這是我們一年前推出的舊款型號的升級版。我們的 Clifton 10 將於四月推出。正如你們所知，Clifton 10 是我們最大的特許經營權。五月，我們將推出越野系列的新產品。雖然不是一個龐大的項目，但它是一款名為 Mafate X 的頂級鞋款，緊隨其後的是 Arahi 8，這是我們最大特許經營權之一中的一款運動控製鞋。因此，我們在第四季和26財年上半年有一系列強勁的創新故事。

I think I may -- you may have another question.

我想也許──你可能還有其他問題。

Yeah. And I think it was you had kind of talked about how do we think about growth for HOKA. Jay, it's Steve.

是的。我認為您已經談論過我們如何看待 HOKA 的發展。傑伊，我是史蒂夫。

I think this is really as Stefano said about how we manage the marketplace. And it's not about necessarily chasing growth for the sake of increasing growth rates. We are building this brand for the long term. We want to sustain growth for the long term. I think you see us as innovative leaders in the space. And so really, it's about how we continue to grow global market share with the right cadence, right?

我認為這確實就像斯特凡諾所說的那樣，關於我們如何管理市場。這並不一定是為了提高成長率而追求成長。我們正在長期打造這個品牌。我們希望長期保持成長。我認為您將我們視為該領域的創新領導者。所以實際上，這取決於我們如何以正確的節奏繼續擴大全球市場份額，對嗎？

And it's not -- again, it's not trying to do too much too soon. I think what you've seen us do is continue to build this brand. We think the global opportunity exists. You're seeing kind of that demonstrated. We haven't given targets yet for next year. That'll be something that comes up on our next call on the year end as we give guidance out into the future. But this is really about how we continue to build this brand for the long term, continue to build it successfully across the globe.

而且它並不是 — — 再說一遍，它並不是試圖過快地做太多事情。我想您看到我們所做的就是繼續打造這個品牌。我們認為全球機會是存在的。您看到的就是這類證明。我們尚未設定明年的目標。這將是我們在年底下次電話會議上討論的問題，屆時我們將對未來做出指導。但這其實關乎我們如何繼續長期打造這個品牌，如何在全球範圍內繼續成功地打造它。

And so it's not again about necessarily chasing numbers, it's about how we continue just to build the base.

因此，這不一定非要追求數字，而是我們如何繼續建立基礎。

Laurent Vasilescu, BNP Paribas.

法國巴黎銀行的洛朗‧瓦西里萊斯庫 (Laurent Vasilescu)。

I wanted to follow up on Jay's question with regards to the HOKA launches that are coming up. I think Stefano, to your point, you mentioned the Clifton is the largest franchise. I think Arahi is maybe potentially the third largest franchise. I know you don't have any DTC read throughs on that, but I'd just love to get what the reception is from some of your key retail partners.

我想跟進傑伊關於即將推出的 HOKA 產品的問題。我認為斯蒂法諾，就你的觀點而言，你提到克利夫頓是最大的特許經營權。我認為 Arahi 可能是第三大特許經營商。我知道您沒有閱讀過任何 DTC 對此的評論，但我很想了解您的一些主要零售合作夥伴的反應如何。

And then on the domestic growth in 3Q of 11%, just curious to know if there was balance there between the two key brands and how should we think about domestic growth over time? That'd be very helpful.

然後關於第三季 11% 的國內成長，我只是好奇想知道兩個主要品牌之間是否保持平衡，以及我們應該如何看待國內成長？那將會非常有幫助。

Yes. As I said, Bondi has been -- we're very pleased with the Bondi launch. And the reaction to both Clifton and Arahi 8 has been very positive from the trade. Again, we don't have any consumer read just yet, but both models booked well and within our expectations. But again, to Steve's point, we want to manage the environment. We want to drive a pull model and continue to drive the scarcity that we've created so far.

是的。正如我所說，邦迪一直——我們對邦迪的推出感到非常高興。貿易界對 Clifton 和 Arahi 8 的反應都非常正面。再次強調，我們目前還沒有得到任何消費者的回饋，但這兩款機型的銷售量都很好，而且符合我們的預期。但是，正如史蒂夫所說，我們想要管理環境。我們希望推動一種拉動模型，並繼續推動我們迄今為止所創造的稀缺性。

Yeah. I think Laurent, just in terms of and the last part of the question fell off a little bit, but I think it was kind of how are we thinking about kind of growth rates and in between quarters. And I think, just one thing I'll bring up is, at the beginning of this year, we said growth rates between quarters was going to be kind of moving in different directions. It wasn't necessarily going to be consistent across the year. And I think you're seeing that and that's why we called that out in Q4.

是的。我認為，就 Laurent 而言，問題的最後部分有點不著邊際，但我認為這是我們如何看待季度之間的成長率。我想說的一件事是，今年年初，我們說過，各季度之間的成長率將會朝著不同的方向發展。它不一定會在全年保持一致。我想你已經看到了這一點，這就是我們在第四季度提出這一點的原因。

That is not an indication of any change in demand. The demand for these brands is still incredible. This is about how we're managing again the marketplace with the inventory that we have. And you're seeing that kind of with the success that we've had with UGG in Q3. We run a scarcity model. It continues to drive demand and we're -- again, we're not chasing outsized numbers just for the sake of delivering a higher number.

這並不表示需求有任何變化。這些品牌的需求仍然令人難以置信。這是關於我們如何利用現有的庫存再次管理市場。您可以從第三季度我們 UGG 所取得的成功中看到這一點。我們運行一個稀缺模型。它繼續推動需求，而且我們—再說一次，我們不是為了提供更高的數字而追求過大的數字。

This is again, about long term sustainable growth. As it relates to HOKA, I think one of the things that you're seeing in Q4 is a comparison to last year. So as you recall last year, what we talked about was opening up new points of distribution within wholesale. A lot of that sell in happened in Q4. The sell through happened in FY25. So on that dynamic, the comparison does look a little bit distorted as I said in the prepared remarks.

這又與長期可持續成長有關。就 HOKA 而言，我認為您在第四季度看到的事情之一是與去年的比較。正如你去年所記得的，我們談論的是在批發領域開闢新的分銷點。大量的拋售發生在第四季。銷售完成於 FY25 進行。因此，就這種動態而言，正如我在準備好的發言中所說的那樣，比較確實看起來有點扭曲。

So again, this is not about any change in how we're thinking about demand. This is about how we're managing these brands again for the long term. That's why we don't guide quarterly. We're not getting hung up on these quarterly compares. These brands continue to resonate with consumers and are doing incredibly well.

所以，這與我們思考需求的方式的改變無關。這是關於我們如何長期再次管理這些品牌。這就是我們不按季度提供指導的原因。我們並沒有糾結於這些季度比較。這些品牌繼續引起消費者的共鳴並且表現得非常好。

And then beyond the quarters, to your point, Steve, I think 18 months ago, I think it was called out that over time, you can achieve $5 billion to $6 billion in sales as a company. The guide today effectively gets to that range. How do we think about longer term, the opportunity going forward? Could we see a path? And I know you don't do investors, but can we see a path to effectively $7 billion to $8 billion? Are there limitations to the brand put to both brands that couldn't -- that would prevent you to get to that kind of number over time?

然後除了季度之外，正如你所說，史蒂夫，我想 18 個月前就有人說過，隨著時間的推移，一家公司的銷售額可以實現 50 億到 60 億美元。今天的指南有效地達到了這個範圍。我們如何看待長期的未來機會？我們能看見一條路嗎？我知道您不做投資者，但是我們能否看到一條有效達到 70 億到 80 億美元的途徑呢？品牌對這兩個品牌是否有限制，導致無法——從而阻止您隨著時間的推移達到這樣的數字？

I don't think there are any limitations to the brands. The brands are performing very well in the marketplace. UGG is stronger than it's ever been. UGG, remember it used to be a boot and a slipper brand. And now, we're playing in sneakers. We're playing clogs. We're playing in sandals. So the brand is more solid and more balanced than it's ever been across seasons, genders.

我認為品牌沒有任何限制。這些品牌在市場上表現非常良好。UGG 比以往更強大。UGG，記得它曾經是一個靴子和拖鞋的品牌。現在，我們穿著運動鞋踢球。我們正在玩木屐。我們穿著涼鞋玩耍。因此，該品牌在跨季節和性別方面比以往任何時候都更加穩固和平衡。

All our genders are growing in double digits. It's been fantastic. And the HOKA brand has the potential of being one of the major players in the performance space. So I think, yeah, aspirationally, we definitely want to get there over time.

所有性別的數量都在以兩位數的速度成長。這真是太棒了。HOKA 品牌有潛力成為運動表現領域的主要參與者之一。所以我認為，是的，從理想上來說，我們肯定希望隨著時間的推移實現這一目標。

Yeah. And I think Laurent, we're not giving any long-term targets on here, but I think as we've demonstrated this year, right, both brands continue to perform above our level of expectation, but we're not going to let them run away either. So this is again about how do we continue to fulfil the demand that we're seeing in the marketplace. But at the same time, keep control of our brands in the marketplace. And that's what you're going to see us deliver. That hasn't changed.

是的。我認為 Laurent，我們不會在這裡給出任何長期目標，但我認為，正如我們今年所展示的那樣，兩個品牌的表現繼續超出我們的預期，但我們不會讓他們也逃跑了。所以這又是關於我們如何繼續滿足市場上的需求。但同時，我們要保持對市場品牌的控制。這正是您將看到我們實現的目標。這一點沒有改變。

We still have incredible confidence in our ability to grow the brands. But again, we -- I think you would agree are disciplined managers of the marketplace and you see the benefit of that in terms of the growth that we're delivering combined with the gross margins that we're delivering.

我們對於發展品牌的能力仍然充滿信心。但是，我想您會同意，我們是訓練有素的市場管理者，而且您會看到，就我們所實現的增長和所實現的毛利率而言，這樣做的好處是顯而易見的。

So a good question. Nothing's changed on the front of how we're thinking about the opportunity other than we continue to see these brands perform very well with consumers.

這是個好問題。除了我們繼續看到這些品牌在消費者中表現非常出色之外，我們對這機會的看法沒有任何改變。

Laurent, yes, we don't want to be in a position to have to trade brand equity for short term revenue.

洛朗，是的，我們不想為了短期收入而犧牲品牌資產。

And best of luck.

祝你好運。

John Kernan, TD Cowen.

約翰·科南（TD Cowen）。

So maybe just to go back to Laurent's question a bit. How did the 12% growth in the US compare to your expectations? And let me talk to the drivers of that growth. Also within that, how should we think about international growth potential both in Q4 and then where you see the most opportunity internationally into fiscal '26?

因此也許我們只是稍微回顧一下 Laurent 的問題。美國12%的成長率與您的預期相比如何？讓我來談談這種成長的驅動因素。此外，我們應該如何看待第四季的國際成長潛力，以及您認為 26 財年國際上最大的機會在哪裡？

Yeah. The US grew to our expectations. It's our biggest market. As you know, it's two-thirds of our business and they performed super well. So we'll expect international to outpace the US in terms of percentage growth. That's what we said, over time, we'd like international to be 50% of sales and going into Q4 and fiscal '26, yes, we continue to expect international to outpace the US.

是的。美國的成長符合我們的預期。這是我們最大的市場。如您所知，這占我們業務的三分之二，而且表現非常出色。因此，我們預計國際成長速度將超過美國。這就是我們所說的，隨著時間的推移，我們希望國際市場佔銷售額的 50%，進入第四季度和 26 財年，是的，我們繼續預期國際市場將超過美國市場。

Yeah. I think John, just a little bit more color kind of on how we saw a bit of that play out in Q3 and how that is impacting Q4. So it's, to Stefano's point, definitely kind of continuing to see our brands perform well, largely aligned with our expectation. I think some of the timing of that probably happened a little bit earlier than what we anticipated. And so you saw some of those UGG sales especially come forward from our expectations. So it's part of the inventory issue that we're dealing with in Q4 and an inability with the stockouts that you're seeing on our most popular style.

是的。我認為，約翰，我們可以更詳細地介紹我們在第三季度看到的情況，以及這對第四季有何影響。因此，正如 Stefano 所說，我們的品牌肯定會繼續表現良好，這與我們的預期基本一致。我認為某些時間可能比我們預期的要早一些。因此，您會看到部分 UGG 的銷售量超出了我們的預期。因此，這是我們在第四季度處理的庫存問題的一部分，也是我們最受歡迎的款式缺貨的問題。

So that's a bit of a limitation. But again, that's okay because it continues to drive brand heat and demand for our brands. In terms of then how we're thinking about the international growth, again, as we said, a few years ago, continue to grow these brands domestically, but law of large numbers, knowing that the percentage growth would be a little bit less, turning much more focus on the international growth rates.

所以這是一個限制。但話說回來，沒關係，因為它會繼續推動品牌熱度和對我們品牌的需求。至於我們如何看待國際成長，正如我們幾年前所說的那樣，繼續在國內發展這些品牌，但大數定律告訴我們，百分比成長會稍微少一些，並且更加關注國際成長率。

And I think the quarter demonstrated how strong our international business performed. And we're continuing to see these brands resonate extremely well across the globe and in the international markets.

我認為本季證明了我們的國際業務表現多麼強勁。我們不斷看到這些品牌在全球和國際市場上引起強烈反響。

And maybe just one follow up. A lot of questions on top line so far. But the operating margin profile of business is the highest among the sector peers. As you look at HOKA and UGG, what opportunities are left to improve or maintain this level of margin rate while still reinvesting to grow the business?

也許只需一次後續行動。到目前為止，頭條新聞有很多。但該業務的營業利益率在同業中是最高的。當您觀察 HOKA 和 UGG 時，還有哪些機會可以提高或維持此利潤率，同時仍進行再投資以發展業務？

Yeah, good question. And I think the -- again, the power of the scarcity model. People paying full price for these brands. I -- it's -- as these brands get bigger and we've said this in the past, it's going to be difficult to maintain this level of margin. We continue to see pressures, whether it's inflationary pressures or foreign exchange pressures growing. So I think you're seeing some of that impact our Q4.

是的，好問題。我認為——這再次證明了稀缺模型的力量。人們以全價購買這些品牌。我——是的——隨著這些品牌變得越來越大，我們過去也說過，維持這個利潤水準將會很困難。我們繼續看到壓力，無論是通膨壓力還是外匯壓力都在增加。所以我認為你會看到這對我們第四季產生了一些影響。

So as you model out the year, you'll see that we are seeing some impacts related to that including freight. Our ability to maintain these brands will continue to command high gross margin levels, but you are going to have some other factors that will be impacting our ability to maintain these or deliver these.

因此，當您模擬這一年的情況時，您會看到我們看到與此相關的一些影響，包括貨運。我們維護這些品牌的能力將繼續保持較高的毛利率水平，但其他一些因素也會影響我們維護或交付這些品牌的能力。

So stay tuned. We'll continue to evaluate the year. We anticipate some pressures in Q4. But as you point out now, these are incredible brands that are delivering incredible margins. Some of the other macro effects are going to affect everybody, but there will be some pressures in headwinds in kind of the month and year to come.

敬請關注。我們將繼續評估這一年。我們預計第四季會出現一些壓力。但正如你現在指出的，這些都是令人難以置信的品牌，它們正在提供令人難以置信的利潤。其他一些宏觀效應將影響到每個人，但在未來一個月和一年裡，我們仍將面臨一些阻力壓力。

Jonathan Komp, Baird.

喬納森康普，貝爾德。

The commentary on the fourth quarter was really helpful. But the consolidated growth rate looks very low and then the lowest you've seen in a while. So I'm just wondering given the positive commentary you have on consumer demand, as we look forward into 2026, should we be thinking that double digit growth is possible again or just any other context you could provide?

對第四季的評論確實很有幫助。但綜合成長率看起來非常低，並且是一段時間以來的最低水準。因此，我只是想知道，鑑於您對消費者需求的正面評價，當我們展望 2026 年時，我們是否應該認為兩位數的成長再次成為可能，或者您能提供任何其他背景資訊？

Yeah. Sure, Jon.

是的。當然，喬恩。

So again, we aren't giving guidance in terms of next year. In terms of how we think about these brands and how they are resonating with consumers has not changed. We continue to see demand. You see it on our website. If you go to our popular styles, on UGG, you're seeing them sold out. So some of the percentage and this is why we always talk about trying not to get too hung up on quarters because quarters are not an indicative underlying indicator of the health of the brand.

因此，我們不會給出明年的指導。我們如何看待這些品牌以及它們如何與消費者產生共鳴並沒有改變。我們繼續看到需求。您可以在我們的網站上看到它。如果你去 UGG 查看我們熱賣的款式，你會發現它們都已經賣完了。因此，其中一些百分比是為什麼我們總是談論不要太糾結於季度，因為季度並不是品牌健康狀況的指標性潛在指標。

These brands are performing incredibly well with consumers, but again, we're going to control some of that market and we're not going to necessarily try to feed all the demand that's out there. To the prior question, that is what's helping feed some of these exceptionally high level gross margin levels.

這些品牌在消費者中表現得非常好，但同樣，我們將控制部分市場，我們不一定會滿足所有的需求。對於先前的問題，這正是幫助維持這些異常高水準的毛利率的原因。

So I think again, Q4, as we indicated at the beginning of the year, there was going to be some flow of product that was going to impact growth rates within the quarters. That's what's played out. So this is not necessarily a surprise to us. We've increased our outlook on the year given the performance that we've had. And we'll continue to manage the business. We are not looking at the business any differently today than we were a couple of weeks ago or six months ago. These brands are incredible. And that's what we're going to continue to manage.

所以我再次認為，正如我們在年初指出的那樣，第四季將有一些產品流動影響季度內的成長率。這就是已經發生的事。所以這對我們來說不一定是個驚喜。鑑於我們今年的表現，我們提高了對今年的展望。我們將繼續管理該業務。我們今天看待業務的方式與幾週前或六個月前並沒有什麼不同。這些品牌真是令人難以置信。這正是我們要繼續努力的方向。

And if I could just ask one follow up on HOKA. Could you share what you're seeing out there in terms of the competitive dynamics either now or over the next few quarters? And then just updated thoughts on how you're thinking about distribution going forward for HOKA.

我可以問一個有關 HOKA 的後續問題嗎？您能否分享一下目前或未來幾季的競爭態勢？然後您再更新一下您對 HOKA 未來分銷的看法。

Yes. As I said in my preparing, Jonathan, we are going to be very selective and thoughtful in our distribution of HOKA . Yes, we'll be opening a few more doors especially internationally. But we continue to be very thoughtful. In terms of competitive landscape, all brands are offering better products. What is fortunate for us is that we have a strong lineup of great innovation stories that we believe will do well in the marketplace.

是的。正如我在準備中所說的那樣，喬納森，我們將非常謹慎和深思熟慮地分銷 HOKA。是的，我們將開設更多的大門，特別是國際大門。但我們仍然十分深思熟慮。從競爭格局來看，各品牌都在提供更好的產品。對我們來說幸運的是，我們擁有一系列偉大的創新故事，我們相信這些故事將在市場上取得成功。

As I said, Bondi 9 early read is very positive and some of the innovation stories that I mentioned book very well in wholesale for the back for Q4 and the first half of next year.

正如我所說，Bondi 9 的早期閱讀非常積極，我提到的一些創新故事在第四季度和明年上半年的批發業務中表現非常出色。

Paul Lejuez, Citi.

花旗銀行的 Paul Lejuez。

Within the HOKA wholesale channel, can you remind us what percent of your business you would consider specialty running? How that channel performed for you? And then also as you look out to F '26, how many stores do you have, new stores on the HOKA front you have in the pipeline for F '26? And on what pace is that? And any color you can give on where those stores might be opening?

在 HOKA 批發管道中，您能否提醒我們，您認為專業經營佔業務總量的百分比是多少？該頻道對你來說表現如何？那麼當您展望 F '26 時，您有多少家商店，您在 F '26 期間計劃在 HOKA 方面開設多少家新店？那麼速度是多少呢？您能透露一下這些商店可能在哪裡開業嗎？

Yeah. Starting with the stores. Paul, we don't disclose number of stores. Our strategy is about building presence in key cities. And you've -- where we've seen the highest concentration of the brand store so far, London, Paris, New York, LA, Tokyo, Shanghai, Beijing. We've opened stores there this year and they're performing very well.

是的。從商店開始。保羅，我們不會透露商店數量。我們的策略是在重點城市建立影響力。到目前為止，我們看到品牌商店集中度最高的是倫敦、巴黎、紐約、洛杉磯、東京、上海和北京。我們今年在那裡開了店，業績非常好。

So that's where you'll see an expansion of door count -- own and operated door count. We'll be opening a flagship in Shanghai on May 7 next year. And but we don't disclose the number of stores we will be opening. We also will be opening partner stores especially in Asia and as our partners continue to develop the brand in those marketplaces.

所以你會看到門市數量的擴大——自有和經營的門市數量。我們將於明年 5 月 7 日在上海開設旗艦店。但我們不會透露將開設多少家門市。我們也將開設合作商店，尤其是在亞洲，我們的合作夥伴將繼續在這些市場發展我們的品牌。

Your first question was on --

你的第一個問題是關於--

It was HOKA wholesale.

這是HOKA批發。

HOKA wholesale run specialty, we don't disclose the percentage of business we do by channel. But the HOKA brand continues to perform well in that channel. And some of the exclusive we've given that channel like the Skyflow have performed super well.

HOKA 批發經營專業，我們不會透露按通路開展的業務百分比。但 HOKA 品牌在該管道繼續表現良好。我們為該頻道提供的一些獨家產品（例如 Skyflow）表現非常出色。

Yeah. And I think also just to recall because you're referencing kind of the wholesale growth. So I think just recall that a year ago in FY24, we really didn't grow wholesale. So FY25 was the year that we were expanding wholesale doors. So more distribution points. That is what led into that Q4 last year higher wholesale number because we were selling in product that would sell through after April 1.

是的。而且我認為也只是回想一下，因為你提到了批發增長。所以我想回想一下，在一年前的 24 財年，我們的批發業務確實沒有成長。因此，25 財年是我們擴張批發門市的一年。因此有更多的分發點。這就是去年第四季批發額較高的原因，因為我們銷售的產品會在 4 月 1 日之後銷售完畢。

This year, we don't have that dynamic. So we're not increasing our wholesale door count going into FY26 like we were in FY25. So continued expansion, not to the extent this year that you saw last year.

今年，我們不再有這樣的活力。因此，在進入 26 財年時，我們不會像 25 財年那樣增加批發門市數量。因此，擴張仍在繼續，但今年的擴張程度不如去年。

Good luck.

祝你好運。

Samuel Poser, Williams Trading.

塞繆爾·波瑟（Samuel Poser），威廉斯貿易公司（Williams Trading）。

I guess Erinn, I only have two. The Teva and the other since he gave us everything else. And then I have other questions.

我想是的，Erinn，我只有兩個。Teva 和其他的，因為他把其他所有東西都給了我們。我還有其他問題。

Sure, Sam.

當然，薩姆。

I believe you're probably referring to global wholesale and distributor for each brand for the third quarter. So I can provide that. So for the UGG brand, global wholesale and distributor was approximately $468 million. HOKA was approximately $305 million. Teva was approximately $19 million and that leaves other with approximately $24 million.

我相信您可能指的是第三季每個品牌的全球批發和分銷商。所以我可以提供這個。因此對於 UGG 品牌而言，全球批發和分銷商的收入約為 4.68 億美元。霍卡約3.05億美元。Teva 的資產約為 1,900 萬美元，其他資產約為 2,400 萬美元。

And so Steve, you brought up the fact that sort of more normalized markdowns happening in Q4, which you expected more normalized markdowns all year. Given that and I doubt that's happening in HOKA . There's planned markdowns in HOKA as you convert to the Clifton 10. But what -- why should we expect markdowns? I mean unless it happens in March when like you won't have anything left anyway because all our checks are saying everything's selling at full price right now?

史蒂夫，您提到了第四季度出現了更正常化的降價現象，而您預計全年都會出現更正常化的降價現象。有鑑於此，我懷疑這是否會在 HOKA 發生。當您轉換至 Clifton 10 時，HOKA 有計劃降價。但是──我們為什麼應該期待降價呢？我的意思是，除非它發生在三月份，否則你無論如何都不會剩下任何東西，因為我們所有的檢查都表明現在所有東西都以全價出售？

Yeah. So the way we're looking at it, Sam, and again, we'll see how it plays out in Q4. We are anticipating kind of with the product that's sold in Q3. So again, we're looking at year on year comparisons, stronger product selling at full price in Q3 with some of the inventory that's remaining in Q4, an expectation that we might experience some more close outs.

是的。所以，山姆，我們再看看它在第四季的表現。我們對第三季銷售的產品抱持期待。因此，我們再次進行了同比對比，第三季產品以全價銷售更為強勁，而第四季度仍有部分庫存，預計我們可能會經歷更多清倉銷售。

We'll see how that plays out in addition to as you pointed out, we do have some model changeovers. So there's a bit of seasonal close out this year that we anticipate will be higher than it was last year plus with some of the model changeovers. This year, you're going to have some additional closeouts in Q4 of this year to move some of that inventory out.

我們將觀察其如何發揮作用，此外正如您所指出的，我們確實進行了一些模型轉換。因此，我們預計今年的季節性收尾將比去年更高，再加上一些車型的轉換。今年，您將在第四季度進行一些額外的清倉以清除部分庫存。

Also, is there a chance you could give us what the EBIT margin? I know it comes out in the Q, but could you give us the EBIT margin for UGG wholesale, HOKA wholesale and the DTC or do we have to wait for the Q for that?

另外，您能否告訴我們息稅前利潤率是多少？我知道它會在 Q 中出來，但您能給我們 UGG 批發、HOKA 批發和 DTC 的息稅前利潤率嗎，還是我們必須等到 Q 才能獲得？

Yeah. Why don't you wait for the Q? That'll be out early next week. So you don't have to wait too long.

是的。為什麼不等 Q 呢？該消息將於下周初發布。所以您不必等太久。

And then last, I mean I still don't understand it. The operating -- I mean every -- you said the same thing, but you manage the business well. You hit like a record gross margin in the quarter even with the markdowns. So now in Q4, you have -- you're expecting normal, I hate to beat a dead horse here but you're talking about normalized -- more normalized promotional activity.

最後，我的意思是我還是不明白。營運——我的意思是每一個——你說了同樣的話，但你管理業務很好。即使降價，本季的毛利率仍創下了歷史新高。所以現在在第四季度，您有 - 您期待正常的，我不想在這裡重複老生常談，但您正在談論正常化 - 更正常化的促銷活動。

We know about the Clifton and then you have the headwind of -- you have some FX headwind. But you also have bigger international growth, which is I think is an offset. So I mean and more -- and probably more weighted to DTC because of the issue you brought up with HOKA and the big shipments in last year. So why would -- that's a benefit. I'm very confused and FX should also be a benefit on SG&A which you maintained like you called out.

我們了解克利夫頓，然後你遇到了逆風——你遇到了一些 FX 逆風。但你們的國際成長也更大，我認為這是一種抵銷。所以我的意思是——可能更傾向於 DTC，因為你提到了 HOKA 的問題以及去年的大量出貨量。那麼為什麼——這是一個好處。我非常困惑，外匯也應該是銷售、一般和行政費用的一項福利，正如您所說。

Yeah. Just to -- yeah, just needed to kind of move it on, Sam. I think the -- basically, the two issues on the gross margin because you're kind of now talking different margins. But let's stick with gross margin. So the freight issue that we have this Q4 we did not have last year. So we were continuing to benefit last year Q4 with unsustainably low freight rates. And we've called that out, right? Those came in during the year about midpoint -- a little bit earlier than midpoint this year.

是的。只是 — — 是的，只是需要繼續前進，山姆。我認為——基本上，這兩個問題與毛利率有關，因為你現在談論的是不同的利潤率。但我們還是堅持討論毛利率吧。因此，我們今年第四季遇到的貨運問題在去年並不存在。因此，我們去年第四季繼續受益於不可持續的低運費。我們已經把這個說出來啦，對吧？這些都是在年中左右發生的——比今年的年中稍微早一點。

So that is a headwind for us and a fairly significant one, probably in the 150-basis point range the freight hit that we anticipate for Q4. So the other -- the FX, on the gross margin, while you called it out correctly, there is a bit of a benefit in the SG&A. There is a hit related to Q4 as the dollar has strengthened. So that will be another headwind. So again, kind of macro conditions that are impacting our gross margins that we really don't have much control over in that respect.

所以這對我們來說是一個阻力，而且是一個相當顯著的阻力，我們預計第四季度的貨運量將受到 150 個基點的衝擊。因此，另一方面，就毛利率而言，雖然您說得正確，但銷售、一般及行政開支 (SG&A) 確實有一點好處。由於美元走強，第四季度受到了衝擊。所以這將是另一個不利因素。所以，再說一遍，影響我們毛利率的宏觀條件是我們實際上無法控制的。

Can you break out? You just gave us 150 basis points for freight. Could you give us sort of how you're foreseeing the gross margin to play in a range the same way you gave us freight? Could you just give us FX on the headwind side, and could you give us promotions on the headwind side? And then I guess tailwinds on a -- some kind of mix perspective because you've got it?

你能逃出去嗎？您剛剛給了我們 150 個基點的運費。您能否告訴我們，您預計毛利率將在何種範圍內變動，就像您告訴我們運費一樣？您能否只提供我們逆風方面的 FX，您能否給我們逆風方面的促銷訊息？然後我猜順風是某種混合視角，因為你已經擁有它了？

Sure. I think on -- kind of on the FX, call it in the 50-basis point range. And then on the close out promos, could be up to 100 basis points.

當然。我認為——就外匯而言，應該在 50 個基點的範圍內。然後在結束促銷時，可能會高達 100 個基點。

And then on the other side of it, the like mix and geographic and channel mix, I assume those are positive.

另一方面，類似組合、地理和通路組合，我認為都是正面的。

Yeah. They will be but less -- I would call it less than 50 basis points all in.

是的。但會少於 —— 我認為總共少於 50 個基點。

Continued success.

持續的成功。

Chris Nardone, Bank of America.

美國銀行的克里斯‧納多內 (Chris Nardone)。

Can you elaborate some more on the Clifton 10 launch? Just want to confirm if most of the initial sell in will be recognized in the fourth quarter. And if there's any changes to your product segmentation strategy since you have an expanded door count. Then on the Clifton 9, is there any way we can think about the impact to sales and margins from sunsetting that product ahead of the Clifton 10 launch?

能詳細介紹一下 Clifton 10 的發布嗎？只是想確認大部分初始銷售是否會在第四季得到確認。由於門市數量的增加，您的產品細分策略是否發生了任何變化。那麼關於 Clifton 9，我們能否考慮一下在 Clifton 10 推出之前停產該產品會對銷售和利潤產生什麼影響？

Yeah. So just on the margins. A little bit on the Clifton 10. We're going to be flowing that product. So it won't necessarily all be a Q4 event. Some of that will trickle into Q1. We haven't disclosed kind of that. Some of that will be wholesale sell in in Q4. That is included in our guidance and anticipated. Some of the flow will actually also happen in Q1.

是的。因此只是在邊緣。關於 Clifton 10 的一些資訊。我們將會推出該產品。因此，這不一定都是第四季發生的事件。其中一部分將滲透到第一季。我們還沒有透露此類資訊。其中一些將在第四季度批發銷售。這包含在我們的指導和預期中。部分流量實際上也將在第一季發生。

In terms of the margin hits on the Clifton 9, that's embedded. And so in that number I just gave Sam of the around 100 basis points, anticipated as a part of that among other product is part of that Clifton 9 close out. So that's embedded in some of that gross margin movement that we've guided to.

就 Clifton 9 的利潤率而言，這是嵌入式的。因此，在這個數字中，我給了 Sam 大約 100 個基點，預計其中的一部分以及其他產品是 Clifton 9 平倉的一部分。這已經融入我們指導的一些毛利率變動中。

And this concludes today's conference call. Thank you for your participation. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。