DICK'S Sporting Goods Inc (DKS) 2022 Q1 法說會逐字稿

Hello, everyone, and welcome to the First Quarter 2022 DICK'S Sporting Goods, Inc. Earnings Conference Call. My name is Victoria, and I will be coordinating your call today. (Operator Instructions)

大家好，歡迎參加迪克體育用品公司2022年第一季財報電話會議。我是維多利亞，今天將由我來主持本次會議。 （操作說明）

I'll now pass you over to your host, Nate Gilch, Senior Director of Investor Relations, to begin. Please go ahead.

現在我將把發言權交給主持人，投資者關係高級總監內特·吉爾奇，請他開始。請開始吧。

Good morning, everyone and thank you for joining us to discuss our first quarter 2022 results. On today's call will be Lauren Hobart, our President and Chief Executive Officer; and Navdeep Gupta, our Chief Financial Officer. A playback of today's call will be archived in our Investor Relations website located at investors.dicks.com for approximately 12 months.

各位早安，感謝各位參加本次2022年第一季業績電話會議。今天出席會議的有我們的總裁兼執行長Lauren Hobart和財務長Navdeep Gupta。本次電話會議的錄音將在我們位於investors.dicks.com的投資者關係網站存檔約12個月。

As a reminder, we will be making forward-looking statements, which are subject to various risks and uncertainties that could cause our actual results to differ materially from these statements. Any such statements should be considered in conjunction with cautionary statements in our earnings release and risk factor discussions in our filings with the SEC, including our last annual report on Form 10-K and cautionary statements made during this call. We assume no obligation to update any of these forward-looking statements or information.

再次提醒，我們將作出一些前瞻性陳述，這些陳述受多種風險和不確定因素的影響，可能導致我們的實際業績與這些陳述有重大差異。任何此類陳述應結合我們在盈利報告中發布的警示性聲明以及我們向美國證券交易委員會（SEC）提交的文件（包括我們最近的10-K表格年度報告）中的風險因素討論以及本次電話會議中作出的警示性聲明一併考慮。我們不承擔更新任何此類前瞻性陳述或資訊的義務。

As required by new accounting rules adopted in the current period, our first quarter GAAP earnings per diluted share assumes share of settlement of our convertible senior notes issued in Q1 2020, which excludes the after-tax interest expense and includes the total shares underlying these notes. Given our intent to settle the principal portion of these notes in cash and the shares that will be delivered by our bond hedged settlements, we do not expect the notes to have a dilutive effect at settlement. Accordingly, we believe that reflecting the notes as debt more closely aligns with the underlying economics of the transaction, which is reflected in our non-GAAP earnings per diluted share. For additional details on this or to find a reconciliation of any non-GAAP financial measure referenced on today's call, please refer to our Investor Relations website.

根據本期採用的新會計準則，我們第一季GAAP稀釋後每股收益已計入2020年第一季發行的可轉換優先票據的結算份額，該份額不包括稅後利息支出，但包含這些票據所對應的全部股份。鑑於我們計劃以現金結算這些票據的本金部分，並將透過債券對沖結算交付股份，我們預計這些票據在結算時不會產生稀釋效應。因此，我們認為將這些票據反映為債務更符合該交易的實際經濟效益，這已反映在我們的非GAAP稀釋後每股盈餘中。有關此方面的更多詳情或查找今天電話會議中提及的任何非GAAP財務指標的調節表，請訪問我們的投資者關係網站。

And finally, for your future scheduling purposes, we are tentatively planning to publish our second quarter 2022 earnings results on August 23, 2022.

最後，為了方便您日後安排時間，我們暫定於 2022 年 8 月 23 日發布 2022 年第二季財報。

With that, I will now turn the call over to Lauren.

接下來，我將把通話交給勞倫。

Thank you, Nate, and good morning, everyone. We are pleased with our first quarter results as our team continued to move with agility and execute well in a highly dynamic environment. Before diving into the results of the quarter, I think it's important to recognize that over the past 2 years, we have demonstrated our ability to adeptly manage through the pandemic and other challenges and we are confident in our continued ability to adapt quickly and execute through uncertain macroeconomic conditions, while keeping our athletes at the heart of every decision we make.

謝謝內特，大家早安。我們對第一季的表現感到滿意，我們的團隊在瞬息萬變的環境中繼續保持敏捷的行動和出色的執行力。在深入探討本季業績之前，我認為有必要強調，在過去的兩年裡，我們已經展現了應對疫情和其他挑戰的卓越能力，我們有信心繼續快速適應並有效應對不確定的宏觀經濟環境，同時始終將運動員的利益放在我們所有決策的核心位置。

With that context, I do want to take a moment to address the adjustments we made to our 2022 outlook this morning. Like everyone else, we have been carefully monitoring the rapidly evolving macroeconomic environment and assessing our expectations based on our experience running our business across economic cycles. With this perspective, we believe it's appropriate to be cautious and are, therefore, lowering our outlook for the year.

有鑑於此，我想花點時間談談我們今天上午對2022年展望所做的調整。和大家一樣，我們一直在密切關注瞬息萬變的宏觀經濟環境，並根據我們以往在不同經濟週期中經營業務的經驗來評估我們的預期。基於此，我們認為保持謹慎是恰當的，因此下調了我們對今年的展望。

To be clear, we expect our performance will continue to meaningfully exceed 2019 levels, reflecting the strength of our core strategies and the changes we've made in our business over the past 5 years. DICK'S is the clear market leader, and we are well positioned to extend our lead and build on our competitive advantages in the years ahead. We continue to closely watch the macro landscape and have the flexibility in our business to remain nimble.

需要明確的是，我們預期業績將繼續顯著超越2019年的水平，這體現了我們核心策略的穩健性以及過去五年我們在業務方面所做的變革。 DICK'S 是當之無愧的市場領導者，我們已做好充分準備，在未來幾年擴大領先優勢並鞏固競爭優勢。我們將繼續密切關注宏觀經濟形勢，並憑藉業務的靈活性保持敏捷性。

Now getting back to our results. As we announced earlier this morning, we delivered sales of $2.7 billion in the first quarter. This included a comparable store sales decline of 8.4%, which followed a 117% increase in comp sales in the same period of the prior year. This also reflected the anniversary of significant stimulus payments as well as anticipated sales normalization in certain categories.

現在回到我們的業績。正如我們今天早些時候宣布的那樣，我們第一季的銷售額為27億美元。其中，同店銷售額下降了8.4%，而去年同期同店銷售額成長了117%。這同時也反映了大規模刺激性補貼發放週年紀念日以及某些品類銷售預期中的正常化趨勢。

Importantly, sales continued to run substantially above pre-COVID levels, up 41% versus Q1 2019 and sequentially accelerated from last quarter. These top line results reinforce our strong conviction that the shift in consumer behavior over the past 2 years is indeed structural. Consumers have made lasting lifestyle changes, with an increased focus on health and fitness and greater participation in sports and outdoor activities. Our business is squarely at the center of these secular trends and the actions we have taken over the past 5 years to transform our company have given us significant competitive advantages across all aspects of our business.

值得注意的是，銷售額持續遠超新冠疫情前的水平，較2019年第一季成長41%，並較上一季環比加速成長。這些營收數據進一步印證了我們先前堅定的信念：過去兩年消費者行為的轉變確實具有結構性意義。消費者的生活方式發生了持久性改變，他們更加重視健康和健身，並更積極地參與運動和戶外活動。我們的業務正處於這些長期趨勢的核心，過去五年我們為公司轉型所採取的各項舉措，使我們在業務的各個方面都獲得了顯著的競爭優勢。

Our increasingly differentiated product assortment, combined with our disciplined and more sophisticated promotional strategies, continues to drive strong merchandise margin growth. During the quarter, we expanded our merchandise margin rate by 143 basis points versus 2021.

我們日益多元化的產品組合，加上我們嚴謹且更成熟的促銷策略，持續推動商品毛利率的強勁成長。本季度，我們的商品毛利率較2021年同期增加了143個基點。

Before continuing, let me underscore this critical point that is not always appreciated about our transformation. The content of the product that we carry today is very different from the products we carried 5 years ago. It's higher heat and more narrowly distributed than what you'll find in the market as a whole, and therefore, it is not as susceptible to promotion. In addition, the tools we have today to surgically adjust pricing are significantly more sophisticated than they were several years ago. With these fundamental changes, we are very confident that the majority of our merchandise margin rate expansion that we've driven over the past 2 years is sustainable.

在繼續之前，我想強調一個關於我們轉型的重要觀點，這常常被人們忽略。我們今天銷售的產品與五年前的產品截然不同。現今的產品熱度更高，銷售管道也更加狹窄，因此，促銷活動的效果不如以往顯著。此外，我們現在用於精準定價的工具也比幾年前先進得多。基於這些根本性的變化，我們非常有信心，過去兩年我們所取得的大部分商品毛利率成長都是可持續的。

Led by our structurally higher sales and merchandise margin compared to pre-COVID levels, we achieved double-digit EBT margin of over 12% and non-GAAP earnings per diluted share of $2.85, both significantly ahead of any pre-COVID first quarter in our history. We entered 2022 in a position of tremendous strength and we're focused on enhancing our existing strategy to further strengthen our core business and drive long-term profitable growth.

得益於銷售額和商品毛利率較疫情前水準顯著提高，我們實現了超過12%的兩位數EBT毛利率和非GAAP稀釋後每股收益2.85美元，這兩項數據均遠超疫情前公司歷史上任何一個第一季。進入2022年，我們擁有強勁的實力，並將專注於強化現有策略，進一步鞏固核心業務，推動長期獲利成長。

Our approach is centered on our best-in-class omnichannel platform, which features our stores as a hub. During the first quarter, our stores enabled over 90% of total sales, serving both our in-store athletes and providing over 800 forward points of distribution for omnichannel fulfillment through ship from store, in-store pickup or curbside. We also continue to invest in an enhanced service model and lean into highly engaging experiences to better serve our athletes and reinforce their loyalty.

我們的核心策略是打造一流的全通路平台，並將門市作為樞紐。第一季度，門市貢獻了超過90%的總銷售額，不僅服務到店的顧客，還透過800多個配送點，為全通路訂單履行提供門市出貨、店內自提或路邊取貨等服務。此外，我們還將持續投資於優化服務模式，並致力於打造高度互動的體驗，以更好地服務顧客，增強顧客忠誠度。

Our digital capabilities remain core to our omnichannel success and we are continuing to prioritize investments in technology and data science. Furthermore, we remain focused on maintaining our strong culture, putting our teammates, athletes and communities at the center of everything we do. This work continues to have a positive impact, as we were recently awarded back-to-back annual certification by Great Place to Work. I spend a lot of time visiting our stores and distribution centers and the positive energy and sense of community from the teams I meet is fantastic. Our strong dedicated team and our ability to attract and retain talent are key competitive advantages for us.

我們的數位化能力仍然是我們全通路成功的核心，我們將繼續優先投資於技術和數據科學。此外，我們始終致力於維護我們強大的企業文化，將我們的團隊成員、運動員和社區置於我們一切工作的中心。這項工作持續產生正面影響，我們最近連續兩年榮獲「卓越職場」認證。我經常走訪我們的門市和配送中心，與我接觸的團隊所展現的正向能量和社區意識令我印象深刻。我們強大的敬業團隊以及我們吸引和留住人才的能力是我們關鍵的競爭優勢。

Next, within merchandising, our relationships with key brands remain stronger than ever. Our assortment is on trend and we are providing our athletes with enhanced access to the hottest styles across a wide range of categories from the top brands in sports. Importantly, we also are ensuring that we have products at prices that address the needs of all athletes. For example, through DSG, our largest vertical brand, we offer high-quality, fashion-forward product at a tremendous value across men's, women's and youth. Our key lifestyle vertical brands, including CALIA and VRST, are also resonating strongly with our athletes and we continue to invest in and grow these brands.

其次，在商品銷售方面，我們與各大品牌的合作關係比以往任何時候都更加牢固。我們的產品系列緊跟潮流，為運動員提供更多管道，讓他們接觸到頂級運動品牌的各類熱門款式。更重要的是，我們也確保產品價格能滿足所有運動員的需求。例如，透過我們最大的垂直品牌DSG，我們為男裝、女裝和青少年提供高品質、時尚前衛且極具性價比的產品。我們主要的生活方式垂直品牌，包括CALIA和VRST，也深受運動員的喜愛，我們將繼續投資並發展這些品牌。

Lastly, our new concepts, including DICK'S House of Sport, Golf Galaxy Performance Center, Public Lands and Going, Going, Gone!, are delivering promising early results. Today, we are really excited to open our third House of Sport store in Minnetonka, Minnesota. House of Sport has exceeded our expectations and has been a great example of the power of elevated service, community engagement and merchandise presentations. We look forward to continuing to refine and grow these concepts, while pulling key learnings into our core DICK'S and Golf Galaxy chains.

最後，我們的新概念，包括 DICK'S House of Sport、Golf Galaxy Performance Center、Public Lands 和 Going, Going, Gone!，都取得了令人鼓舞的初步成果。今天，我們非常興奮地宣布，我們在明尼蘇達州明尼通卡市開設了第三家 House of Sport 門市。 House of Sport 的表現超越了我們的預期，完美展現了優質服務、社區參與和商品陳列的強大力量。我們期待繼續完善和發展這些概念，同時將關鍵經驗融入我們核心的 DICK'S 和 Golf Galaxy 連鎖店中。

In closing, we remain confident in our strategies and our ability to deliver long-term sales and earnings growth. DICK'S has a unique and powerful position in the marketplace. Sports and an active lifestyle are important in all times and now more than ever as we help families get outside together and lead active and healthy lives. Our teammates are united behind our common purpose, which is to create confidence and excitement by personally equipping all athletes to achieve their dreams, especially during these times of uncertainty.

最後，我們依然對我們的策略以及實現長期銷售和獲利成長的能力充滿信心。 DICK'S 在市場中擁有獨特且強大的地位。運動和方面的生活方式在任何時代都至關重要，而現在更是如此，我們致力於幫助家庭一起走出戶外，擁有積極健康的生活。我們的團隊成員團結一致，朝著共同的目標努力，那就是透過為所有運動員提供個人化的裝備，幫助他們實現夢想，從而激發他們的信心和熱情，尤其是在當前充滿不確定性的時期。

Before concluding, I want to thank all of our teammates for their hard work and unwavering dedication to our business. I'll now turn the call over to Navdeep to review our financial results and outlook in more detail.

在結束演講之前，我要感謝我們所有團隊成員的辛勤付出和對公司事業的堅定奉獻。現在我將把電話交給納夫迪普，讓他更詳細地介紹我們的財務表現和展望。

Thank you, Lauren, and good morning, everyone. Let's begin with a brief review of our first quarter results. Consolidated sales decreased 7.5% to approximately $2.7 billion. Comparable store sales decreased 8.4% following a 117% increase in comp sales in the same period last year. As Lauren indicated, comps were impacted as we anniversaried significant stimulus payments from the prior year quarter. And in addition, we saw the anticipated sales normalization in certain categories that surged throughout the pandemic. And as part of this year-over-year anniversary, transactions declined by 6.4% and average ticket declined by 2%.

謝謝勞倫，大家早安。我們先來簡單回顧一下第一季的業績。合併銷售額下降7.5%，約27億美元。同店銷售額下降8.4%，去年同期同店銷售額成長了117%。正如勞倫所指出的，同店銷售額受到影響，是因為我們正處於去年同期發放的大量刺激性補貼的周年紀念日。此外，我們也看到某些在疫情期間銷售激增的品類出現了預期的銷售正常化。受此影響，交易量下降了6.4%，平均客單價下降了2%。

Importantly, our sales continue to run significantly above pre-COVID levels. Compared to 2019, consolidated sales increased 41% and sequentially accelerated from the most recent quarter. Gross profit in the first quarter was $984.7 million or 36.7% of net sales and declined 83 basis points versus last year. This decline was driven by 103 basis points increase in supply chain-related costs and a deleverage on fixed occupancy cost of 94 basis points from the sales decrease. These items were partially offset by continued merchandise margin rate expansion. For the quarter, merchandise margin increased 143 basis points as we continue to see the benefits from our increasingly differentiated product assortment, combined with our disciplined and more sophisticated promotional strategies and clearance pricing. We also saw favorable sales mix.

值得注意的是，我們的銷售量持續顯著高於新冠疫情前的水平。與2019年相比，合併銷售額成長了41%，並且較上一季環比成長加快。第一季毛利為9.847億美元，佔淨銷售額的36.7%，較去年同期下降83個基點。毛利下降的主要原因是供應鏈相關成本增加103個基點，以及銷售額下降導致固定租金成本槓桿率下降94個基點。這些不利因素被商品毛利率的持續成長部分抵銷。本季度，商品毛利率成長了143個基點，這得益於我們日益多元化的產品組合、更加嚴謹和成熟的促銷策略以及清倉定價策略帶來的持續收益。此外，我們也看到了有利的銷售組合。

SG&A expenses were $615.3 million or 22.79% of net sales and deleveraged 195 basis points compared to last year, primarily due to the decrease in sales. The increase in SG&A expense dollar is driven by our investment in advertising and hourly wage rates. These items were partially offset by lower incentive compensation expense and $17 million of income associated with changes in the investment values of our deferred compensation plans, which is fully offset by the investment loss recognized in other expense line. In addition, SG&A also included approximately $13 million of COVID-related safety costs in the prior year quarter.

銷售、管理及行政費用為6.153億美元，佔淨銷售額的22.79%，較上年同期下降195個基點，主要原因是銷售額下降。銷售、管理及行政費用的增加主要源自於我們在廣告和時薪上的投入。這些項目被較低的激勵性薪酬支出以及與遞延薪酬計畫投資價值變動相關的1700萬美元收入部分抵消，而這部分收入又被其他費用項目中確認的投資損失完全抵消。此外，銷售、管理及行政費用還包括去年同期約1,300萬美元與新冠疫情相關的安全成本。

Driven by our structurally higher sales and merchandise margin compared to pre-COVID levels, EBT was $331.9 million or 12.29% of net sales. In total, we delivered non-GAAP earnings per diluted share of $2.85. This compares to a non-GAAP earnings per diluted share of $3.79 last year and $0.62 in 2019.

得益於銷售額和商品毛利率較疫情前水準顯著提高，稅前利潤（EBT）為3.319億美元，佔淨銷售額的12.29%。總而言之，我們實現了每股非GAAP收益2.85美元。相較之下，去年同期每股非GAAP收益為3.79美元，2019年為0.62美元。

Now looking to our balance sheet. We ended Q1 with approximately $2.25 billion of cash and cash equivalent and no borrowings on our $1.6 billion unsecured credit facility. Our quarter-end inventory levels increased 40% compared to Q1 of last year, with product flow improving as the quarter progressed. Looking ahead, we feel good about our overall inventory levels for Q2 and are prepared to continue navigating a dynamic global supply chain environment through the rest of the year.

現在來看我們的資產負債表。第一季末，我們持有約22.5億美元的現金及現金等價物，且未動用16億美元的無擔保信貸額度。與去年同期相比，我們季度末的庫存水準成長了40%，隨著季度的推進，產品流通情況有所改善。展望未來，我們對第二季的整體庫存水準感到滿意，並已做好準備，在今年餘下的時間裡繼續應對瞬息萬變的全球供應鏈環境。

Turning to our first quarter capital allocations, net capital expenditures were $53.9 million and we paid $46.1 million in quarterly dividends. During the quarter, we exchanged $100 million at approximately 17% of the outstanding principle of our convertible senior notes for cash and unwound the corresponding portion of convertible note hedge and warrants for 1.8 million shares of our common stock. Following this exchange, we have approximately $475 million in aggregate principal amount outstanding. We also repurchased 417,000 shares of our stock for $42 million at an average price of $101.39.

第一季資本配置方面，淨資本支出為5,390萬美元，季度股利支付為4,610萬美元。本季度，我們以約佔未償可轉換優先票據本金17%的價格，將1億美元票據兌換為現金，並解除了相應部分的可轉換票據套期保值和認股權證，換取了180萬股普通股。此次兌換後，我們未償還票據本金總額約4.75億美元。此外，我們也以平均每股101.39美元的價格，回購了41.7萬股股票，總額為4,200萬美元。

Now let me wrap up with our outlook for 2022. We are pleased with the start of our year and continue to see meaningful growth above 2019 levels. However, as Lauren mentioned, we have been carefully monitoring the economic environment and there are many puts and takes at play. With an increasingly uncertain macroeconomic backdrop, geopolitical environment and a dynamic global supply chain, we believe it is prudent to adopt an appropriately cautious outlook for the year. Thus, we are adjusting our 2022 guidance range.

現在，讓我總結一下我們對2022年的展望。我們對年初的業績感到滿意，並預計今年將持續實現高於2019年水準的顯著成長。然而，正如勞倫所提到的，我們一直在密切關注經濟環境，其中有許多不確定因素。鑑於宏觀經濟背景、地緣政治環境以及瞬息萬變的全球供應鏈日益不確定，我們認為採取謹慎的展望是審慎之舉。因此，我們調整了2022年的業績預期範圍。

For the year, we now expect non-GAAP earnings per diluted share in the range of $9.15 to $11.70 and a comparable store sales in the range of negative 8% to negative 2%. EBT is expected to be in the range of $1.05 billion to $1.35 billion, with EBT margins expected to be approximately 10% at the midpoint. This includes additional risk in supply chain-related costs and higher wage rates as well as greater than originally anticipated normalization of promotional landscape over the balance of the year. As a reminder, this also includes approximately $55 million of pretax interest expense associated with our $1.5 billion long-term debt.

我們目前預計全年非GAAP稀釋後每股盈餘為9.15美元至11.70美元，同店銷售額為-8%至-2%。預計稅前利潤（EBT）為10.5億美元至13.5億美元，稅前利潤率預計約為10%（取中間值）。這其中包含了供應鏈相關成本和工資水準上漲所帶來的額外風險，以及促銷活動在剩餘時間內比預期更為顯著的正常化。此外，還要提醒的是，這其中還包括與我們15億美元長期債務相關的約5,500萬美元稅前利息支出。

Our earnings guidance assumes an effective tax rate between 23% and 24%, and is based on an approximately 88 million average diluted shares outstanding. In addition, our plan now includes a minimum of $300 million of share repurchases, the effect of which is included in our EPS guidance. Importantly, we are continuing to invest in our business for long term, and for the year, expect the net capital expenditure of $340 million to $365 million.

我們的獲利預期基於23%至24%的有效稅率，並以約8,800萬股平均稀釋後流通股為基準。此外，我們的計畫新增了至少3億美元的股票回購，其影響已計入每股盈餘預期。重要的是，我們將繼續對業務進行長期投資，預計全年淨資本支出為3.4億美元至3.65億美元。

In closing, we are pleased with the results of our first quarter. And while we recognize we are in an uncertain economic environment, DICK'S is a clear market leader, and we remain structurally stronger and more profitable company today compared to pre-COVID. And at the midpoint of our updated outlook, we expect sales to increase approximately 35% versus 2019 and EBT margin of approximately 10%, doubling our 2019 EBT rate. Our financial position is strong, ending Q1 with approximately $2.25 billion of cash and cash equivalents, and we remain confident in our strategy and our ability to drive sales and profitability growth over the long term.

最後，我們對第一季的業績感到滿意。儘管我們意識到當前經濟環境充滿不確定性，但迪克體育用品公司（DICK'S）依然是市場領導者，與新冠疫情前相比，公司結構更加穩健，盈利能力也更強。根據我們更新後的預期，預計銷售額將比2019年成長約35%，稅前利潤率（EBT利潤率）約為10%，是2019年EBT利潤率的兩倍。我們的財務狀況良好，第一季末持有約22.5億美元的現金及現金等價物，我們對自身的策略以及長期推動銷售額和盈利能力增長的能力充滿信心。

This concludes our prepared comments. Thank you for your interest in DICK'S Sporting Goods. Operator, you may now open the line for questions.

我們的發言到此結束。感謝您對迪克體育用品的關注。接線員，現在可以開始接受提問了。

(Operator Instructions) And our first question comes from Simeon Gutman at Morgan Stanley.

（操作說明）我們的第一個問題來自摩根士丹利的西蒙古特曼。

I would like to follow up on the revision. I think the midpoint, it's about a 16% cut, and Navdeep, you mentioned a few factors. Can you talk to us about the current environment? What's changing as we speak? Sales, gross margin, can you talk about the inventory balance? It looks like you're carrying a good amount going into the year. Are you already seeing that elevated promotion? Are you seeing in line with what's in your guidance? So that's my first question.

我想就修訂後的業績進行後續詢問。我認為中間值大約是下調16%，Navdeep，您提到了一些因素。您能談談當前的市場環境嗎？目前有哪些變化？銷售額、毛利率，以及庫存餘額？看起來你們年初的庫存量比較充足。你們是否已經看到了預期中的促銷力道？實際情況是否符合你們的預期？這是我的第一個問題。

Thanks, Simeon. It's Lauren. I think those are all very important questions, and I'll try and parse them all out and answer all of them. We have had, as you know, a fantastic, a very good Q1. We're pleased with our Q1. And we had anticipated increases in our freight cost, in our labor costs and in our product costs as we went into the quarter and we were accurate in our forecasting of those expenses.

謝謝，西蒙。我是勞倫。我認為這些都是非常重要的問題，我會盡量逐一解答。如您所知，我們第一季的業績非常出色，我們對第一季的表現感到滿意。我們預料到本季貨運成本、人工成本和產品成本都會上漲，而我們對這些費用的預測是準確的。

There's 2 things that have changed that are driving our approach to the guidance for the rest of the quarter. First is that the consumer is going through an awful lot right now. So obviously, macroeconomic trends are challenging, inflation is putting pressure on the consumer at the gas pump and in grocery store, we all know. And then there's this geopolitical environment that is very, very challenging. At the same time, we see that the expenses of those 3 line items, so freight, labor and perhaps product input costs, are accelerating more quickly than we had anticipated. And so we want to be appropriately cautious as we look forward to the year.

有兩個因素改變了我們對本季剩餘時間業績指引的預期。首先，消費者目前面臨巨大的挑戰。顯而易見，宏觀經濟趨勢充滿挑戰，通膨給消費者在加油站和超市購物時都帶來了壓力，我們都知道這一點。其次，地緣政治環境也極具挑戰性。同時，我們發現運費、人力成本以及產品投入成本這三項支出成長超出預期。因此，展望未來，我們希望保持謹慎的態度。

However, I want to be very clear that we are not seeing any meaningful trends that are different from what we saw in Q1 and we believe our inventory at plus 40% actually is very healthy and we are very pleased with it. In fact, there are areas where if we could have more, we would have more. There's been some disruption in terms of when inventory is flowing in. But we had anticipated that certain categories, like fitness and outdoor equipment would normalize this year. And they have normalized as we expected. We are still chasing products in certain categories and our inventory is healthy. We are not anticipating any significant markdown risk.

然而，我想非常明確地指出，我們並未看到任何與第一季截然不同的顯著趨勢，我們認為目前庫存水準高於第一季40%，情況非常健康，我們對此非常滿意。事實上，在某些領域，如果庫存允許，我們也會增加庫存。庫存到貨時間方面確實出現了一些波動，但我們先前預期某些品類，例如健身器材和戶外裝備，今年的庫存水準會恢復正常。而這些品類的庫存水準也如我們預期的那樣恢復了正常。我們仍在努力補貨某些類別的產品，但整體庫存狀況良好。我們預計不會有任何重大降價風險。

To answer your other question, our -- the promotional environment, we are not seeing a change in the promotional environment. We will obviously continue to monitor that and we will be surgically addressing price changes as we absorb some of the cost increases. But the marketplace has not shifted dramatically in any meaningful way. We are just being appropriately cautious as we look toward a lot of things that are outside of our control when we look at the rest of the year.

關於您提出的另一個問題，我們目前並未看到促銷環境有任何變化。當然，我們會繼續密切關注市場動態，並在消化部分成本上漲的同時，謹慎調整價格。但市場整體並未出現任何實質的劇烈波動。展望今年剩餘時間，考慮到許多我們無法控制的因素，我們只是保持謹慎的態度。

Okay. The follow-up is the confidence that the industry or your business won't revert further, and we've been talking about this question for 2 years. But is there any categories that you can point to that -- in which consumption is holding or growing at the structurally higher level? Because we're at a much higher water level, as you mentioned, 30%, 40%, even at the midpoint, I think Navdeep said. So which categories are showing us that we won't see that level of reversion?

好的。接下來的問題是，您對產業或貴公司不會進一步衰退的信心，這個問題我們已經討論了兩年了。您能否指出一些消費類別，在這些類別中，消費量保持穩定或成長在結構性高位？因為正如您所提到的，我們現在的水位很高，30%、40%，甚至在中間水平，我想納夫迪普也說過。那麼，哪些類別顯示我們不會再看到這種程度的衰退呢？

Yes. Across the board, you're absolutely right. If you look at the last 2 years and look at the consumer, every single category in our business has -- virtually everyone except for hunt, has rebaseline meaningfully higher than our pre-pandemic volume. And that reflects the fact that the consumer is outdoors more. They are running, they are walking, they are playing golf. The pandemic-surging categories that we've all been talking about and we expected to normalize are fitness, outdoor equipment, which will include things like bikes and paddles and golf. And those 3 normalize as we expected them to normalize, but we believe they all have long-term growth potential.

是的，您說的完全正確。回顧過去兩年，看看消費者，我們業務的幾乎所有類別——除了狩獵用品——的銷量都顯著高於疫情前的水平。這反映出消費者更參與戶外活動。他們跑步、散步、打高爾夫。我們一直在討論的、疫情期間銷量激增並預計會恢復正常的品類包括健身器材、戶外裝備（包括自行車、槳板和高爾夫用品）。這三類品類的銷售恢復正常的情況與我們的預期一致，但我們相信它們都具有長期成長潛力。

So we are not changing our outlook on any aspect of our business. We actually think in these types of times, people need to get outside. They need to be active. They want to be with their families, and we are well positioned to serve the needs of these athletes.

因此，我們不會改變對業務任何方面的看法。事實上，我們認為在這樣的時期，人們需要走出戶外，積極活動，與家人共度時光，而我們完全有能力滿足這些運動員的需求。

Our next question comes from Adrienne Yih at Barclays.

下一個問題來自巴克萊銀行的艾德琳·伊赫。

Great. Lauren, I want to stay on the promo topic because we as well did not see promos this quarter. I guess my question really is the notion that, say, a partnership with Nike, where you're sort of their premier partner, let's just call it, for lack of a better term. Is that causing other competing brands to actually offer you their best and highest heat product as well, so thereby elevating the entire brand and product platform? That's my first question.

好的。勞倫，我想繼續聊聊促銷的話題，因為我們這季也沒看到什麼促銷活動。我真正想問的是，比如說，和耐吉建立合作關係，你們算是他們的頂級合作夥伴，姑且這麼稱呼吧。這是否會促使其他競爭品牌也向你們提供他們最優質、最熱門的產品，從而提升整個品牌和產品平台的水平？這是我的第一個問題。

Yes. So our partnership with Nike is at an all-time high, as is our partnership with all of our strategic partners. And I think that's a result, not just of a situational moment in time with certain partners, but the fact that we have invested so much in our stores and in our experience, such that brands who are rooted in sport want to actually showcase their product and their brand in our stores.

是的。我們與耐吉的合作關係正處於歷史最高水平，我們與所有策略夥伴的合作關係也是如此。我認為這不僅是與某些合作夥伴在特定時期內取得的成就，更是因為我們對門市和顧客體驗進行了大量投資，使得那些根植於運動領域的品牌都希望在我們的門市展示他們的產品和品牌。

So yes, across the board, we are getting access to higher heat and more pristine premier product that's high in consumer demand. And that's a big part of our strategy, and that has been driving our results.

所以，是的，總體而言，我們正在獲得更高的加熱溫度和更優質的產品，這些產品也深受消費者歡迎。這是我們策略的重要組成部分，也是我們業績成長的關鍵所在。

Great. And then for Navdeep, a couple of quick ones. Inventory at the end of the quarter was up 40%. You're comfortable with that. What portion of that is cost inflation, like AUC increase? And what portion of that is in transit? So effectively, I'm trying to get to units, so yes.

好的。接下來是給Navdeep的幾個簡短問題。季度末庫存增加了40%。你覺得這個數字可以接受嗎？其中有多少是成本上漲，例如平均在用面積（​​AUC）的增加？又有多少是運送途中的？所以，我實際上是想了解具體的庫存量，是的。

Yes. Adrienne, maybe before I go into the details, I think one of the ways to think about the inventory is to also look at what was happening to our inventory position as we were going through 2021. If you look at it, as we called out last year, our inventory position continued to build as we went into the year. So what you're comparing Q1 versus Q1 last year, especially our inventory starts and in-stock levels last year in...

是的。艾德琳，在我詳細解釋之前，我想先說明一點：思考庫存問題的一個方法是回顧我們在2021年全年的庫存狀況。正如我們去年提到的，我們的庫存水準在2021年持續成長。所以，你需要比較今年第一季和去年第一季的數據，特別是去年的庫存起始量和庫存水準…

(technical difficulty)

（技術難題）

Hello, everybody, and thank you for standing by. We have reconnected with the speakers. Adrienne, if you would like to go ahead.

大家好，感謝大家的耐心等待。我們已經重新連線了演講嘉賓。艾德琳，請你開始吧。

I think that you were in the middle of your discussion on last year's inventory?

我想你們當時正在討論去年的庫存狀況吧？

Yes. Sorry, I'll start back again. So we apologize. I don't know what happened on the line here. We were -- we seem to be connected here at our end and somehow lost the connection. So Adrienne, back to your question, the way we are looking at inventory. We are looking at inventory trends versus 2019 internally because as we talked about in 2021, our inventory levels were building through the year. So the better comparison for inventory is compared to 2019. So our sales are up 41%. Our inventory is up 32%.

是的。抱歉，我重新開始。我們深表歉意。我不知道線路這邊發生了什麼事。我們這邊似乎連結正常，但不知何故斷開了。艾德琳，回到你的問題，我們目前對庫存的分析方式是：我們內部將庫存趨勢與 2019 年進行比較，因為正如我們在 2021 年討論的那樣，我們的庫存水平在全年都在增加。因此，與 2019 年進行比較較為合適。我們的銷售額成長了 41%，庫存成長了 32%。

In terms of the balance between in transit as well as unit versus the prices, I would say, yes, we have a little bit elevated levels of in-transit inventory, not necessarily associated with buying the product ahead for the balance of the year. It's much more of -- to do with the product that we expected to receive in Q1 that is slightly delayed. So that's the reason we have a little bit of elevated levels of in-transit inventory. And it's a balance between unit increase versus AUR increases.

就運輸中庫存和單位數量與價格之間的平衡而言，我認為，是的，我們的運輸中庫存水準略高，但這並不一定與我們提前採購今年剩餘時間所需的產品有關。更多的是與我們預計在第一季收到的產品略有延遲有關。這就是我們運輸中庫存水準略高的原因。這需要平衡單位數量成長和平均單位需求成長之間的關係。

Our next question comes from Kate McShane at Goldman Sachs.

下一個問題來自高盛的凱特·麥克沙恩。

I wanted to ask about average ticket, which I think you mentioned was down about 2%. Is there any way to parse out that in terms of how much was price inflation versus how much was the change in mix away from maybe some bigger ticket items during the quarter?

我想問平均客單價，我記得您提到過下降了大約 2%。有沒有辦法分析一下，這其中有多少是價格上漲造成的，又有多少是由於本季商品組合的變化，例如減少了一些高價商品的銷售？

Yes. Kate, we haven't given the details on that one. But the way -- the easiest way to think about it is it's a combination. Yes, as you expected and as you called out, that as the COVID surge in categories like fitness and the outdoor equipment normalize, that does put a little bit of a pressure on the ticket size, and that is balanced against the overall AUR increases, inflation related that we have seen.

是的，凱特，我們還沒有透露具體細節。但最簡單的理解方式是，這是一個綜合因素。正如你所預料和指出的，隨著健身和戶外裝備等品類受新冠疫情影響的激增逐漸消退，客單價確實會受到一些壓力，而我們看到的整體平均房價上漲（與通貨膨脹有關）則在一定程度上抵消了這種壓力。

Okay. And then my follow-up question is, we've heard a lot about adverse weather, whether it be in apparel or auto part retail and just how it affected sales in the first quarter. I know you have some weather-sensitive categories like apparel and team sports in the quarter. Were there any markdowns related to that? And if so, could merch margins have been higher in the quarter?

好的。我的後續問題是，我們聽說了很多關於惡劣天氣對服裝和汽車零件零售業的影響，尤其是對第一季銷售的影響。我知道你們有一些對天氣比較敏感的品類，像是服裝和團隊運動用品。你們是否因為天氣原因進行了降價促銷？如果有的話，你們的商品利潤率是否有可能更高？

Yes. Kate, we -- it's Lauren. We had -- we did not see a significant weather impact in any of the key categories, certainly didn't drive any markdown behavior. The main category that experienced an impact from the colder and wetter spring was golf. But as I said, that met our expectations of normalizing.

是的。凱特，我們——我是蘿倫。我們沒有看到天氣對任何主要品類產生顯著影響，當然也沒有導致任何降價。受春季寒冷潮濕天氣影響最大的類別是高爾夫。但正如我所說，這符合我們預期的正常化趨勢。

Our next question comes from Robert Ohmes at Bank of America.

下一個問題來自美國銀行的羅伯特·奧姆斯。

My follow-up question would be maybe more for Navdeep. I was hoping to get more thoughts on what is implied in the, maybe, the midpoint of guidance. The -- I think, Lauren, you said that the consumer is still doing well into 2Q. Does the midpoint of guidance sort of assume the consumer is going to do less well as we move through the year?

我的後續問題或許更想問納夫迪普。我希望了解績效指引中點所蘊含的意義。勞倫，我想你之前說過，消費者在第二季依然表現良好。業績指引中點是否暗示著，隨著年內時間的推移，消費者表現會逐漸下滑？

And then also, merchandise margins, really good in the first quarter. Should we expect merchandise margins to look less good kind of sequentially through the year? And then also, you've highlighted these expenses coming through higher than expected. Would you be planning them to accelerate, growth and expenses, to accelerate year-over-year as well?

此外，第一季的商品毛利率表現非常出色。我們是否應該預期商品毛利率會在接下來的幾個月逐漸下降？另外，您也提到支出高於預期。您是否計劃加快成長，使支出較去年同期成長？

And also just a clarification on the 2Q to date being similar to 1Q, is that a same-store sales meaning? So should we sort of look for minus 8% to 9% comps in 2Q?

另外，關於第二季迄今與第一季相似的數據，是指同店銷售額嗎？那我們是否應該預期第二季同店銷售額會下降8%到9%？

So Robert, that was a very in-depth question. Maybe I'll begin with the last question. So one, we're not giving an inter-quarter guidance here. So what we -- the sentiment that Lauren called out is that we are not seeing a material change in the trends of the business. It has much more to do with the customer and not trying to imply anything in terms of the expectations for Q2.

羅伯特，你問的問題非常深入。或許我先回答最後一個問題。首先，我們不提供季度業績指引。正如勞倫所指出的，我們目前沒有看到業務趨勢發生實質變化。這與客戶有關，我們並非暗示對第二季業績有任何預期。

So I'll address 3 big questions that you asked. One is the kind of what is our implied midpoint expectations on the sales. Like Lauren said, Q1, we were pleased with our Q1 performance. The business reaccelerated versus 2019 and especially if you look at where we finished in Q4. So we feel really good about the trends of the business and the core categories in Q1. And like Lauren called out again, like we're not seeing a meaningful change in the trajectory of the business in the month of May.

我會回答你們提出的三個重要問題。首先是銷售額的預期中位數是多少。正如勞倫所說，我們對第一季的業績感到滿意。與2019年相比，尤其是與第四季相比，業務成長明顯加快。因此，我們對第一季的業務趨勢和核心品類都非常樂觀。正如勞倫再次指出的，我們預計五月的業務發展軌跡不會有顯著變化。

The takedown in our guidance on the top line expectation is purely coming out of we being appropriately cautious about the outlook on what is happening in kind of the overall economic landscape. The pressure that our consumer and the consumer in general has is something that we wanted to not ignore and wanted to address that upfront. And that has been kind of included in our sales guidance.

我們下調營收預期完全是出於對整體經濟情勢的謹慎考量。我們不想忽視消費者以及所有消費者所面臨的壓力，並希望提前解決這個問題。這一點已體現在我們的銷售預期中。

As we think about the other 2 elements that we called out, we have -- we anticipated that the freight expenses would be elevated. There will be inflation as well as there will be wage pressures. But what we are seeing is that these costs have gotten more pronounced in the last 3 months since we gave the original guidance. The fuel prices continue to remain elevated as well as are continuing to go up. So we wanted to acknowledge these risks that we are seeing from a cost structure perspective and we incorporated that in our guidance.

當我們考慮之前提到的另外兩個因素時，我們預料到貨運成本會上升。通貨膨脹和薪資上漲的壓力也會存在。但我們發現，自從我們最初發布業績指引以來的三個月裡，這些成本的影響更加顯著。燃油價格持續高企，而且還在持續上漲。因此，我們希望從成本結構的角度正視這些風險，並將這些因素納入了我們的績效指引中。

And the last piece, like we called out, right, we anticipated, again, a little bit of normalization of the promotions in the back half of the year. And now we feel that there may be a higher propensity of the promotions in the back half of the year. Again, we are not seeing anything. It's just being cautious about the overall economic landscape and kind of anticipating what might be happening. And potentially, as Lauren called out, we may be seeing -- we are seeing some increase in input costs. And we may decide not to pass all of those costs to our athletes as well, just trying to do the right thing between the athlete as well as the long-term potential of our business. So that is the third piece that has been contemplated into our guidance.

最後一點，就像我們之前提到的，我們預計下半年促銷活動會逐漸恢復正常。現在我們感覺下半年促銷活動可能會更頻繁。當然，我們目前還沒有看到任何跡象表明促銷活動會持續進行。我們只是對整體經濟狀況保持謹慎，並預測可能出現的情況。正如勞倫所提到的，我們可能會看到投入成本增加。我們可能會決定不把所有這些成本轉嫁給運動員，努力在運動員的利益和我們業務的長期發展之間找到平衡。這是我們在績效指引中考慮的第三個因素。

Yes. Robby, I just want to build on one thing, which is that our merch margin forecast going forward still assumes, even in the new guidance, that we are going to maintain the majority of our merch margin gains over the past few years.

是的。羅比，我只想補充一點，那就是即使在新的指導方針中，我們未來的商品利潤率預測仍然基於這樣一個假設：我們將保持過去幾年商品利潤率成長的大部分。

Our next question comes from Paul Lejuez at Citi.

我們的下一個問題來自花旗銀行的保羅‧萊朱茲。

Can you talk about private label penetration and performance during the quarter? And then are there any places where private label is not gaining share within your business?

您能否談談本季自有品牌產品的市場滲透率和業績表現？此外，貴公司業務中是否存在自有品牌市佔率成長緩慢的情況？

And then just secondly, if you could just talk about your -- specifically, about apparel and footwear performance and inventory, where you saw strength, where you saw weakness and how you feel about inventories in those categories specifically?

其次，能否請您具體談談服裝和鞋類的業績和庫存情況，您認為哪些方面表現強勁，哪些方面表現疲軟，以及您對這些類別的庫存有何看法？

Yes. Paul, our vertical brand did extremely well in Q1. And I would point specifically to how pleased we are with the DSG line, and the fact that, that does provide an opening price point with really wonderful fashion is doing incredibly well, as is our new VRST line and our CALIA line. So really, really pleased. And there's not an area I can point to where I think vertical brands are not gaining share across the business.

是的，保羅，我們的垂直品牌在第一季表現非常出色。我特別要指出我們對DSG系列的滿意之處，它以極具競爭力的價格提供精美時尚的服飾，銷量也非常好。我們的新VRST系列和CALIA系列同樣表現優異。我們真的非常滿意。而且我認為，垂直品牌在公司各個業務領域都在擴大市場佔有率。

From an apparel and footwear performance standpoint in the quarter, footwear did really, really well for all the reasons that we've been talking about and inventory in that category is good. And again, if we could chase more, we would chase more. On the apparel side, we did have some inventory challenges during the quarter, just making sure that we have the right product, the right season product in stock. But we are planning to buy around anything that came in late, so it's not a markdown risk for us, and we believe that by back-to-school apparel should be getting better.

從本季的服裝和鞋類業績來看，鞋類表現非常出色，原因正如我們之前提到的，而且該品類的庫存狀況良好。當然，如果可以的話，我們還是會繼續進貨。服裝方面，本季我們在庫存方面確實遇到了一些挑戰，主要是確保庫存中有合適的、當季的產品。但我們計劃在補貨到貨之前進行補貨，所以這不會給我們帶來降價風險，而且我們相信，到返校季時，服裝銷售情況應該會有所好轉。

Our next question comes from Christopher Horvers at JPMorgan.

我們的下一個問題來自摩根大通的克里斯多福·霍弗斯。

So I just want to follow up on the merchandise margin point. If I could characterize what you said, you basically, at this point, you have passed through input cost pressures and have essentially at least maintained your gross margin rate. Going forward, you're saying there could be some input cost absorption where it causes degradation in your merchandise margin.

所以我想就商品毛利率這一點再補充一下。如果我能概括一下您剛才所說的，基本上，您目前已經度過了投入成本壓力期，並且至少基本上維持了毛利率。展望未來，您提到投入成本的吸收可能會導致商品毛利率下降。

So my follow-up is that if you look on a sort of stack basis versus 2019, merchandise margins did decelerate relative to what you experienced in the fourth quarter. Can you talk about what drove that?

所以我的後續問題是，如果從整體數據與 2019 年同期相比來看，商品毛利率確實比第四季下降。您能談談造成這種情況的原因嗎？

I'll start off and pass it over to Navdeep to answer your last question. I want to be -- I want to clarify one thing. We have passed some input cost pressures on to consumers, specifically in hardlines, a little bit in softlines, but we have not been passing through all of our input cost pressures. We have been benefiting from some of our improved assortment, our mix and the fact that we're not promotional. So our merch margins are not reflecting the -- even though they're so strong, it's not reflecting the fact that we've passed 100% of the cost forward.

我先來回答，然後把最後一個問題交給Navdeep來回答。我想澄清一點。我們確實把一些投入成本的壓力轉嫁給了消費者，尤其是在硬線產品方面，軟線產品方面也有一部分，但我們並沒有把所有的投入成本都轉嫁出去。我們受益於產品組合的最佳化和不搞促銷活動。所以，儘管我們的商品利潤率很高，但並沒有反映出我們已經把100%的成本轉嫁給了消費者。

Now as we look to the future, if costs continue to increase at an accelerated rate, we may have to start passing higher cost increases on. And at that point, we're going to be down at the really specific data-driven pricing optimized level in terms of what the consumer will bear versus what our margin will absorb. And so I just want to clarify that. And then Navdeep, if you can answer the latter part of the question.

展望未來，如果成本持續加速成長，我們可能必須將更高的成本上漲轉嫁給消費者。到那時，我們將不得不根據具體的數據進行定價優化，以平衡消費者能夠負擔的成本和我們利潤所能負擔的成本。所以我想澄清一下這一點。 Navdeep，你能回答一下問題的後半部嗎？

Yes. Chris, I think there are 2 ways to think about it. Like if you compare it versus -- in fourth quarter of last year, we had called out that we were not promotional. So when you -- and considering how promotional fourth quarter typically is, that benefit was included in our Q4 expectation. We are very pleased with the performance that we have seen from the merchandise margin expansion, especially when you look at it compared to 2019.

是的，克里斯，我認為可以從兩個角度來看這個問題。例如，如果你把它和去年第四季的情況進行比較——我們當時已經明確表示沒有進行促銷活動。考慮到第四季通常是促銷旺季，這部分收益已經計入了我們第四季的預期業績中。我們對商品毛利率擴張的表現非常滿意，尤其是與2019年相比。

Like Lauren called out, we expect to be able to maintain a vast majority of the merchandise margin gains that we have seen over the last 2 years into this year, and that has been contemplated in our guidance as well. We do anticipate that the promotional landscape will not remain as benign as it has been for the last few years. But our expectation is also not that the promotional landscape goes back to where it used to be pre-COVID levels. So it's somewhere -- it's going to be landing somewhere between the 2, and that's the piece that we will continue to watch out.

正如勞倫所指出的，我們預計能夠將過去兩年所取得的大部分商品利潤率成長延續到今年，這一點也已納入我們的業績預期。我們確實預計促銷環境不會像過去幾年那麼溫和。但我們也不認為促銷環境會恢復到疫情前的水準。因此，它最終會介於兩者之間，而這正是我們將持續關注的重點。

Okay. So just that -- just so I understand. So then really in the fourth quarter, it was just a lack of normal promotion in the holiday season that caused an extra benefit, where in the first quarter you didn't have sort of that year-to-year effect?

好的。所以，我只是想確認一下。那麼，第四季之所以出現額外收益，是因為假日季促銷活動減少，而第一季則沒有這種年比影響？

Exactly. Q1 is not as promotional of a quarter as you typically expect, right, compared to fourth quarter. And that's kind of -- we still were able to expand our merchandise margin, even when compared to Q1 of 2021. And when you look at the merchandise margin expansion versus 2019, we are very pleased with the trajectory that we are holding.

沒錯。與第四季度相比，第一季的促銷強度通常不如預期，對吧。即便如此，我們仍然能夠擴大商品毛利率，即使與2021年第一季相比也是如此。而且，如果將商品毛利率的成長與2019年進行比較，我們對目前的成長動能非常滿意。

Got it. And then my quick follow-up is the 100 bps of -- was that all freight? Obviously, diesel sort of mid-quarter -- to your points in the prepared remarks, diesel really ripped higher, up 70% year-over-year mid-quarter. So is that all that impact? And sort of how are you thinking about modeling that on a go-forward basis?

明白了。接下來我想快速問一下，這100個基點──全部是貨運價格嗎？顯然，柴油價格在季度中期也出現了上漲——正如您在準備好的發言稿中提到的，柴油價格確實大幅上漲，季度中期比去年同期上漲了70%。這就是全部的影響嗎？您打算如何對未來的走勢進行建模？

Yes. I would say there are -- the biggest one is freight, no questions about it. There are 2 pieces, fuel is what we called out as well as like when you think of the fixed expenses and the deleverage that you get when you have a negative 8.5% comp, that is also included. But the vast majority, I would say, was driven by the freight pressures that we saw.

是的。我認為最大的影響因素是運費，這點毋庸置疑。還有兩方面，燃油成本是我們重點提到的，以及固定支出和-8.5%的年減所帶來的槓桿效應。但我認為，絕大部分影響因素還是來自我們所看到的運費壓力。

Maybe -- sorry, I'll add to this, that this was not a surprise to us. When you look at that decline, it was more of a year-over-year. We, like Lauren called out, both these expenses, the wage rate pressure as well as the freight pressure that we saw in Q1 was more in line with our internal expectation, what we thought was there will be some normalization, which we are not expecting right now in the back half.

或許——抱歉，我還要補充一點，這對我們來說並不意外。從同比來看，這主要是同比下降。正如勞倫指出的那樣，我們第一季看到的工資上漲壓力和貨運壓力，都與我們的內部預期相符，我們原本以為情況會有所好轉，但目前看來，下半年不太可能出現這種情況。

Our next question comes from Warren Cheng at Evercore ISI.

我們的下一個問題來自 Evercore ISI 的 Warren Cheng。

I just wanted to ask about your confidence that the majority of the merchandise margin rate expansion is sustainable. So you've talked about some of these tools you've developed to surgically adjust pricing. You've developed some new clearance concepts. Have these tools and concepts been tested in an inventory clearance environment? So as in 1Q, as some of the pandemic winter categories normalize, were there pockets of inventory or situations where you actually had to clear inventories because it hasn't really happened much in the last couple of years? And if so, can you just talk about the -- how some of these tools are changing the realizations that you're getting on these excess inventories?

我想問一下您對大部分商品毛利率擴張的可持續性是否有信心。您之前提到過一些您開發的精準調整價格的工具，也開發了一些新的清倉策略。這些工具和策略是否在庫存清倉環境下進行測試？例如在第一季度，隨著一些受疫情影響的冬季商品類別逐漸恢復正常，是否出現過庫存積壓或需要清倉的情況？因為這種情況在過去幾年並不常見。如果確實存在這種情況，您能否談談這些工具是如何影響您處理這些過剩庫存的收益的？

Yes. Thanks, Warren. We have -- we didn't have a substantial amount of clearance with some of those normalized categories that you're referencing because, as I said before, we are going to buy around healthy, good inventory. So it doesn't -- it's not like we started marking things down. That said, our clearance levels are really, really healthy and improved. And that's partly because of our digital marketing tools and the fact that we can be very surgical. We've moved away from any sort of site-wide and store-wide offers to much more specifically targeted either personalized offers or category-led offers.

是的，謝謝，華倫。我們並沒有像你提到的那些常規品類那樣進行大規模的清倉，因為正如我之前所說，我們會確保庫存充足且品質良好。所以，我們並沒有開始大幅降價。話雖如此，我們的清倉水平確實非常健康，而且有所提升。這部分要歸功於我們的數位行銷工具，以及我們能夠精準定位目標群。我們不再採用全站或全店範圍的促銷活動，而是轉向更精準的個人化優惠或品類專屬優惠。

And then we are having a lot of success with our Going, Going, Gone! concept, where we can get clearance products, both out of the DICK'S store so that we can bring new fresh product in there, but also in Going, Going, Gone! Once we've consolidated the clearance, we can offer it online easier because we don't have safety stock issues at higher prices without having to let it sort of sit for a long, long time. So generally speaking, our tools are really strong.

此外，我們的「清倉甩賣」概念也取得了巨大成功。我們不僅能從迪克體育用品店（DICK'S）清倉甩賣，以便引進新鮮商品，還能在「清倉甩賣」專區銷售。清倉商品集中處理後，我們可以更輕鬆地在線上銷售，因為無需擔心高價積壓庫存，也避免了商品長期滯銷的問題。總而言之，我們的銷售策略非常有效。

Yes. Warren, I'll add one more color to what Lauren said. Back to your initial part of the question, which is the confidence that we can hold on to the vast majorities. Again, if you think back to 2019, hunt's penetration has significantly gone down. The vertical brand penetration has significantly gone up and vertical brands, just to remind, 600 to 800 basis points higher margin rate as well as our approach to marketing has significantly changed. So we no longer are doing big promotions that we used to do back in 2019. And those are all structural capabilities that we have developed over the last 3 years that give us tremendous confidence in addition to kind of the price optimization capabilities we have built.

是的，華倫，我再補充一點勞倫剛才說的。回到你最初的問題，也就是我們能否維持絕大多數市場佔有率的信心。再說一遍，如果你回顧2019年，亨氏的市場滲透率顯著下降，而垂直品牌的滲透率則顯著上升。順便提一下，垂直品牌的利潤率提高了600到800個基點。此外，我們的行銷策略也發生了顯著變化。我們不再像2019年那樣進行大規模促銷活動了。這些都是我們在過去三年建立的結構性能力，再加上我們所建構的價格優化能力，都讓我們信心倍增。

That's very helpful. And my follow-up is, are you seeing any evidence of trade down, either the private brands are doing really well? Are you seeing those private brands take share from national brands or new customers coming in? Just any thoughts on trade-down behavior that you might have observed in the first quarter.

這很有幫助。我的後續問題是，您是否觀察到任何消費降級的跡象？例如自有品牌表現特別好？您是否看到這些自有品牌從全國性品牌手中搶佔市場份額，或者有新客戶湧入？關於您在第一季觀察到的消費降級行為，您有什麼看法？

Yes. I don't think that would be an accurate thing to say that we're watching trade down. I actually think in some ways, it's notable that our Gold customer penetration has actually increased, and our sales from that group have been positive, which is evidence, I think, of the fact that people are still spending on categories that are important to them and the fact that our assortment has become so much more premium and attractive and high heat.

是的。我認為說我們正在目睹消費下滑並不準確。事實上，我認為在某些方面，值得注意的是，我們的黃金客戶滲透率實際上有所提高，而且該群體的銷售額也實現了正增長。我認為這證明，人們仍然在他們重視的品類上消費，也證明我們的產品系列變得更加高端、更具吸引力、更受追捧。

At the same time though, at the opening price point, we have -- we've been having success with things like DSG brand, it's accelerated. But I don't think that -- I wouldn't view that as a trade down. I just think it's the right product for this time in people's lives right now. So it's kind of a bifurcated answer.

但同時，就初始定價而言，我們——例如DSG品牌——已經取得了成功，而且成長速度還在加快。但我並不認為——我不會把這看成是降級。我只是覺得，就目前人們的生活階段而言，這是一款合適的產品。所以，答案有點矛盾。

Our next question comes from Sam Poser at Williams Trading.

我們的下一個問題來自 Williams Trading 公司的 Sam Poser。

I have 2. One is on the prior guidance you gave, I mean, you sort of gave real direction on the overall gross margin and SG&A. You said that SG&A would likely lever versus '19 by 150 bps. And I think around 640 bps, the gross margin would end up above '19. So could you update those numbers for us?

我有兩個問題。第一個是關於您先前給予的績效指引，您當時對整體毛利率和銷售、管理及行政費用（SG&A）給出了明確的方向。您提到SG&A費用可能會比2019年增加150個基點。我認為毛利率最終會比2019年高出約640個基點。您能否更新一下這些數據？

Yes, Sam. I think our -- I think we have given an appropriate level of guidance today and so I won't go into the details. And maybe if there are modeling questions, we can take that off-line. But I would say that there are three big drivers, just to reiterate, as we talk about the updated guidance, especially when it came to profitability.

是的，山姆。我認為我們今天給的指引已經夠恰當，所以我就不贅述細節了。如果涉及模型方面的問題，我們可以私下討論。但我還是要重申，在談到更新後的指引時，尤其是在獲利能力方面，有三個主要驅動因素。

The first and foremost is the currently updated expectations for the top line range. So that's been contemplated. The freight pressures just -- and supply chain pressures, which kind of sit between -- which sits primarily in our gross profit line. And then the wage pressure, which if you think about it, is predominantly in our store labor line and that will be on an SG&A line. So that's being contemplated. Potentially, there are other inflationary pressures as well, but we have taken some actions as part of the revised guidance that are kind of offsetting the pressures that we are seeing in other lines.

首先，也是最重要的，是我們目前更新的營收預期。我們已經考慮到了這一點。貨運壓力和供應鏈壓力，主要體現在我們的毛利中。其次是薪資壓力，仔細想想，這主要體現在我們的門市人工成本中，而這部分成本將計入銷售、管理及行政費用（SG&A）。我們也在考慮這些因素。此外，可能還有其他通膨壓力，但我們已在修訂後的業績指引中採取了一些措施，以抵銷其他方面所面臨的壓力。

And then during the crisis, you guys did a good job of sort of adjusting to better face your consumers and we're able to internally overcome a lot of the macro craziness that's going on. This is a little bit different coming the other way. What are -- I understand you're sort of being prudent about what could happen. But I guess the question I have is what are the -- what are you doing to sort of raise your own game to overcome these macro pressures that you would -- that caused you to adjust your guidance?

在危機期間，你們做得很好，調整策略以更好地應對消費者，我們也能夠從內部克服許多宏觀層面的衝擊。現在情況有所不同。我知道你們對可能發生的情況比較謹慎。但我真正想問的是，為了應對這些導致你們調整業績指引的宏觀壓力，你們正在採取哪些措施來提升自身實力？

Yes. Sam, I will agree with you that I think our team did an incredible job managing through crisis, and we found a few things about our business. One is that we have somewhat of a -- maybe an overstatement, but a natural hedge within our business, such that when people stop playing team sports in that case, they still wanted to get outside with their families. And so we saw other businesses increase. And then similarly, when people started to go back onto the field, you see those businesses normalize. So generally speaking, I think we're in a great lane in terms of the products that we carry.

是的，薩姆，我同意你的看法，我認為我們的團隊在應對危機方面做得非常出色，我們也從中發現了一些業務方面的問題。首先，我們的業務在某種程度上——或許有些誇張——具有天然的對沖優勢，也就是說，即使人們停止參與團隊運動，他們仍然希望與家人一起外出。因此，我們看到其他行業的業務有所成長。同樣地，當人們開始重返運動場時，這些行業的業務也恢復了正常。所以總的來說，我認為就我們所銷售的產品而言，我們處於一個非常有利的位置。

We are being prudent. Looking forward, we just -- the consumer is going through an awful lot right now. And frankly, it's getting more challenging every single day. And so we will work like heck to pull every lever that we have to drive sales and to manage expenses, and you can expect us to do that. But we want to be appropriately cautious, given how rapidly some costs are accelerating and that the consumer is really in a very challenged state right now.

我們正在採取謹慎的態度。展望未來，我們—消費者現在面臨巨大的挑戰。坦白說，這種情況每天都在加劇。因此，我們將竭盡全力，動用一切手段來促進銷售和控製成本，這一點大家可以放心。但鑑於某些成本成長速度之快，以及消費者目前面臨的嚴峻挑戰，我們希望保持適當的謹慎。

Our next question comes from Michael Baker at D.A. Davidson.

下一個問題來自 D.A. Davidson 律師事務所的 Michael Baker。

Two questions. One, just on the comp, it's fair to say that the new guidance range down -- I think it was down 2% to down 8%. That does anticipate some change in the consumer environment because you're not seeing it yet. But again, I guess you're saying in your guidance, you are assuming some of it, but the second part of that question is, I presume that you still -- you are still running within your previous guidance of 5% to down 4%, because you're not seeing any change, you're just taking it down based on what you think might -- or being cautious on what could happen. Is that the right interpretation of the change in the top line?

兩個問題。第一，就業績比較而言，新的業績指引範圍有所下調──我記得是下降2%到8%。這確實預示著消費環境將會發生一些變化，因為目前還沒有看到這種變化。但我想您在業績指引中也做了一些假設。第二個問題是，我假設您仍然維持之前5%到4%的業績指引，因為您目前還沒有看到任何變化，只是根據您認為可能出現的情況——或者說出於謹慎考慮——下調了指引。我對營收變化的理解是否正確？

Michael, I think you said it perfectly. That is exactly that our new guidance anticipates, that there's a lot of things that we can't control going forward. But we are still operating and expect -- within our guidance range on the comp side is absolutely our old guidance, and we are expecting to -- everything we can control, we feel really, really positive about.

邁克爾，我覺得你說得非常到位。這正是我們新的業績指引所預期的，未來有很多事情是我們無法控制的。但我們仍在運營，並且預期──在同業比較方面，我們的指引範圍與先前的指引完全一致，而且我們預期──所有我們能夠控制的事情，我們都感到非常非常樂觀。

Okay. Yes. That makes sense. One other question, if I could ask specifically about the golf business. I think you said quickly in there at one point that, that business wasn't as strong. And maybe that was weather related, but you had anticipated that. I guess what's your outlook for the golf business for the year? If there was a weather impact, now that the weather seems to have gotten a little bit better, do we expect that business to get better? Just curious how you're thinking about that category.

好的，是的，這說得通。還有一個問題，我想具體問問高爾夫業務。我記得您剛才快速提到過，這項業務表現不佳。也許這與天氣有關，但您也預料到了。我想問您對今年高爾夫業務的展望如何？如果天氣確實造成了影響，那麼現在天氣似乎有所好轉，我們是否預期這項業務會好轉？我只是好奇您對這方面的看法。

Yes. Golf is a category that we think has tremendous growth in the long term. Rounds played are still really, really strong. The new consumers who have come into the game have not dropped it and are buying new products. So I think there's going to be some normalization, which we expected. The weather shifts don't bother me at all because that happens every year, one either snowing in December or maybe snowing in April, I don't know. But long term, we have a lot of confidence in the golf business.

是的。我們認為高爾夫是一個長期成長潛力巨大的領域。目前的打球人數依然非常強勁。新加入高爾夫運動的消費者並沒有放棄，他們還在購買新的高爾夫產品。所以我認為市場會逐漸趨於正常化，這也在我們的預料之中。天氣變化對我來說完全不是問題，因為這種情況每年都會發生，例如十二月下雪，或是四月下雪，誰知道呢。但從長遠來看，我們對高爾夫產業充滿信心。

Makes sense. And I'll just say your Golf Galaxy offering, the club fitting, I took advantage of that, tremendous offer. Appreciate it.

有道理。另外，我想說一下你們高爾夫銀河提供的球桿訂製服務，我體驗了一下，非常棒。謝謝。

Michael, wonderful. Thank you. We appreciate that. Thank you.

邁克爾，太好了。謝謝。我們非常感激。謝謝。

Our next question comes from John Kernan at Cowen.

我們的下一個問題來自 Cowen 公司的 John Kernan。

So from what we're hearing from a lot of the softline vendors, apparel footwear vendors, the athletic brands, there's plans for an acceleration and in some cases, a meaningful acceleration in their North American businesses as we get into the back half of the year. Can you talk to that opportunity and what you're seeing in that market? How you're buying to that trend as we get into the back half?

根據我們從許多軟線供應商、服裝鞋帽供應商和運動品牌中了解到的情況，他們計劃在今年下半年加速發展北美業務，在某些情況下，甚至會顯著成長。您能否談談這一機會以及您在該市場觀察到的情況？隨著下半年的到來，您將如何順應這股趨勢進行採購？

John, we do see and we guided originally to the fact that we think the year is going to start off -- sequentially accelerate as the year goes on. I mentioned in my remarks that softlines, in particular on the apparel side, have had some supply chain challenges and that we're bullish as we look at more back-to-school in the rest of the year. So I think the consumer is there and the product is good, and we are absolutely buying into these trends.

約翰，我們確實看到了這一點，而且我們最初的預期也是，我們認為今年年初會開局良好，並且隨著時間的推移會逐步加速增長。我在演講中提到，軟線產品，尤其是服裝類產品，在供應鏈方面遇到了一些挑戰，但我們對今年剩餘時間的返校季充滿信心。所以我認為消費者是有需求的，產品也很好，我們完全認同這些趨勢。

Got it. And then maybe just on the -- if we look at the high end and the low end of guidance, the down 8% to down 2% and then the $9.15 to $11.70 on EPS, what do you think is the biggest swing factor in the guidance, both from a sales and margin standpoint? What gets you to the high end? And what's the scenario where we're more towards the low end from a macro standpoint? Go ahead.

明白了。那麼，如果我們看一下業績指引的上限和下限，也就是下降8%到下降2%，以及每股收益9.15美元到11.70美元的區間，您認為影響績效指引的最大因素是什麼？無論是從銷售額還是利潤率的角度來看？是什麼因素導致您給予的指引上限？又是什麼情況導致指引偏低？請繼續。

John, I would say the biggest overriding factor is comp sales. The -- if we continue to see that the consumer is holding up well, and we are not -- and it's not getting impacted by this cumulative impact of inflation, gas prices, commodity prices increasing, if the consumer continues to hold well, that, to me, would be a good indication of how our business will do. And so to me, that is the biggest factor that we are looking into. The cost, yes, we know those will continue to remain elevated. Those have already been incorporated. And so the biggest factor is going to be the top line expectations.

約翰，我認為最重要的因素是同店銷售。如果我們持續看到消費者保持良好的消費習慣（而我們目前的情況並非如此），並且沒有受到通貨膨脹、油價上漲和商品價格上漲等累積因素的影響，那麼在我看來，這將很好地預示著我們業務的未來走向。因此，這是我目前關注的最重要的因素。至於成本，我們知道成本會繼續居高不下，這些因素我們已經考慮了。所以，最重要的因素將是營收預期。

Got it. And then maybe just one quick follow-up there. When you look at -- simplistically look at inventory growth on the balance sheet on a dollar basis versus where we are from a top line growth perspective, pretty much across the industry, what gives you such confidence that we're not going to be over-inventoried into the back half of the year right now? And this goes to the vendors and the retailers, inventory is clearly trending above sales trends at this point.

明白了。那可能還有一個後續問題。簡單來說，如果只看資產負債表上的庫存成長（以美元計）和營收成長（幾乎整個產業都是如此），是什麼讓您如此確信我們不會在今年下半年出現庫存過剩的情況？這個問題也適用於供應商和零售商，目前庫存成長明顯高於銷售成長。

Go ahead, Navdeep.

請繼續，納夫迪普。

Yes. I think to me, this is where -- on the confidence that our merchandising team come from and the supply chain team. They have a very good pulse on the business, and we have perfected this art on -- as we called out at the beginning of the last 2 years on the upside, and we are very, very careful about thinking about different scenarios, what are the potential, where are the categories where the business could be impacted. And as you expect, that we are doing all of these internal evaluations a lot, discussing about different scenarios. And to me, the confidence that we have in our team is probably the biggest indicator of the overall confidence that we have on our inventory position. Yes.

是的。我認為，這源自於我們對商品團隊和供應鏈團隊的信心。他們對業務脈搏有著非常敏銳的把握，而且我們已經將這種能力發揮到了極致——正如我們在過去兩年年初提到的，我們非常謹慎地考慮各種不同的情況，包括潛在的風險以及哪些品類可能會受到影響。正如您所預期的，我們一直在進行大量的內部評估，討論各種不同的情況。對我來說，我們對團隊的信心可能是我們對整體庫存狀況信心的最重要指標。是的。

And I think the fact that wherever we are -- where we are right now, the inventory is not toxic. We don't plan to create any level of risk with toxicity, and we can manage through and buy around any inventory we have. So this does not concern us.

我認為，無論我們身處何地——就目前而言——庫存並無風險。我們不打算製造任何有毒風險，而且我們能夠妥善管理並回購現有庫存。因此，我們並不擔心這個問題。

Our next question comes from Joe Feldman at Telsey Advisory Group LLC.

我們的下一個問題來自 Telsey Advisory Group LLC 的 Joe Feldman。

I want to go back to -- on the gross margin line, I know we've talked about merch margin a lot, but you actually mentioned that occupancy costs deleveraged quite a bit. And I just was curious as to what drove that. Was it simply just the sales? Or are you actually seeing rents going up? Or was there incremental pressure related to the real estate side of things?

我想回到毛利率這個話題上來。我知道我們之前討論過很多次商品毛利率，但您剛才提到租金成本的槓桿作用顯著下降。我很好奇是什麼原因導致了這種情況。僅僅是銷售額的成長嗎？還是租金漲了？或者房地產方面還有其他壓力？

No, Joe, it's all driven by sales. So -- and at a minus 8.5% comp and 7.5% sales decline, it's all being driven by sales decline. To answer your question, the flexibility that we have in our real estate portfolio and the strength that we have in terms of our financial performance and the strong balance sheet, we actually feel really good about the opportunity that we have to be able to drive more efficiencies in our occupancy costs.

不，喬，一切都取決於銷售額。所以－在同店銷售額下降8.5%，銷售額下降7.5%的情況下，所有問題都源自於銷售額的下降。回答你的問題，鑑於我們房地產投資組合的靈活性、我們財務業績的穩健以及強勁的資產負債表，我們對能夠進一步降低租金成本、提高效率的機會感到非常樂觀。

Got it. That's great to hear. And then kind of a bigger picture question I had was, as you think -- or as we all start to think about what's the right level of operating profit going forward or operating margin, EBIT margin, if you will, I mean, how should we think about that? I think we all agree it's probably not going back to pre-COVID levels. It's also probably not going to be at the peak of last year, 16.5%. But 3 months ago, we all thought it was going to be more like 13-ish, and now we're thinking it's 10-ish. So I'm just kind of curious if you can give us any kind of help around that to think about the future?

明白了，很高興聽到這個消息。接下來我想問一個更宏觀的問題，就是，您認為──或者說我們所有人都在思考──未來合理的營業利潤率或營業利潤率、息稅前利潤率（EBIT利潤率）應該是多少？我們該如何看待這個問題？我想我們都同意，它不太可能恢復到疫情前的水平。也可能不會達到去年16.5%的高峰。但三個月前，我們都認為它會在13%左右，而現在我們認為會在10%左右。所以我很想知道，您能否就此給我們一些建議，幫助我們思考未來？

Thank you, everybody. Unfortunately, we lost connection with the speakers. (Operator Instructions)

謝謝大家。很遺憾，我們與揚聲器的連接中斷了。 （操作說明）

(technical difficulty)

（技術難題）

Hello, everybody. We have the connection with the speakers again. Please continue the Q&A.

大家好。我們已再次連線演講嘉賓。請繼續問答環節。

Joe, this is Navdeep. I don't know where we got dropped off. I'll try to probably rephrase the last part of my sentence. Basically, what we are saying is that structurally, there's nothing that we believe is going to hold us back from achieving kind of the profitability levels that we saw in 2021. What -- the thing that is at play is the macroeconomic conditions. So to me, that's the piece that we will continue to look to. And structurally, our merchandising margin is really strong, our e-commerce business continues to be really strong, and it's very profitable. So structurally, when you think about it, we are very optimistic about the long-term sales and the profitability of our business.

喬，我是納夫迪普。我不知道我們剛才怎麼斷線了。我試著重新整理我剛才那句話。總而言之，我們想說的是，從結構上看，我們認為沒有什麼能阻止我們達到2021年的獲利水準。真正起作用的是宏觀經濟環境。所以，在我看來，這是我們會繼續關注的重點。從結構上看，我們的商品銷售利潤率非常高，我們的電商業務也持續強勁，而且獲利能力很強。所以，從結構上看，我們對公司的長期銷售額和獲利能力非常樂觀。

This concludes our Q&A session. I would now like to pass back over to Lauren Hobart, President and CEO, for any final remarks.

問答環節到此結束。現在我想把麥克風交給總裁兼執行長勞倫·霍巴特，請她作最後的總結發言。

Thank you, and thank you all for your interest in DICK'S Sporting Goods. We apologize for some of the technical glitches on this call, but hopefully, you were able to hear the confidence that we have in our business. We look forward to seeing you next quarter. Thank you.

感謝您，也感謝各位對迪克體育用品公司的關注。對於本次電話會議中出現的一些技術故障，我們深表歉意，但希望您能感受到我們對自身業務的信心。期待下個季度與您再次相聚。謝謝。

Thank you, everybody, for joining today's call. You may now disconnect.

感謝各位參加今天的電話會議。現在可以掛斷電話了。