Topgolf Callaway Brands Corp (MODG) 2019 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to the Callaway Golf Fourth Quarter and Full Year 2019 Financial Results Conference Call.

女士們，先生們，感謝您的支持，歡迎參加卡拉威高爾夫第四季度和 2019 年全年財務業績電話會議。

(Operator Instructions) Please be advised that today's conference is being recorded.

（操作員說明）請注意，今天的會議正在錄製中。

(Operator Instructions) I would now like to hand the conference over to your speaker today, Patrick Burke, Head of Investor Relations.

（操作員說明）我現在想將會議移交給您今天的演講者，投資者關係主管帕特里克·伯克（Patrick Burke）。

Thank you.

謝謝你。

Please go ahead.

請繼續。

Thank you, Mike, and good afternoon, everyone.

謝謝你，邁克，大家下午好。

Welcome to Callaway's Fourth Quarter and Annual 2019 Earnings Conference Call.

歡迎參加卡拉威 2019 年第四季度和年度收益電話會議。

I'm Patrick Burke, the company's Head of Investor Relations.

我是公司投資者關係主管帕特里克·伯克。

Joining me on today's call are Chip Brewer, our President and Chief Executive Officer; Brian Lynch, our Chief Financial Officer; and Jennifer Thomas, our Chief Accounting Officer.

和我一起參加今天電話會議的是我們的總裁兼首席執行官 Chip Brewer；我們的首席財務官 Brian Lynch；和我們的首席會計官詹妮弗·托馬斯。

Today, the company issued a press release announcing its fourth quarter and annual 2019 financial results.

今天，該公司發布了一份新聞稿，宣布了其 2019 年第四季度和年度財務業績。

A copy of the press release and the associated presentation are available on the Investor Relations section of the company's website at www.ir.callawaygolf.com.

新聞稿和相關演示文稿的副本可在公司網站 www.ir.callawaygolf.com 的投資者關係部分獲得。

Most of the financial numbers reported and discussed on today's call are based on U.S. generally accepted accounting principles.

在今天的電話會議上報告和討論的大多數財務數據都是基於美國公認的會計原則。

In the few instances where we report non-GAAP measures, we have reconciled the non-GAAP measures to the corresponding GAAP measures at the back of the presentation in accordance with Regulation G.

在我們報告非 GAAP 措施的少數情況下，我們根據 G 條例將非 GAAP 措施與演示文稿後面的相應 GAAP 措施進行了核對。

Please note that this call will include forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from management's current expectations.

請注意，本次電話會議將包括涉及風險和不確定性的前瞻性陳述，這些風險和不確定性可能導致實際結果與管理層當前的預期存在重大差異。

We encourage you to review the safe harbor statements contained in the presentation and the press release for a more complete description.

我們鼓勵您查看演示文稿和新聞稿中包含的安全港聲明，以獲得更完整的描述。

Please note in connection with our prepared remarks, there is an accompanying PowerPoint presentation that may make it easier for you to follow the call today.

請注意，與我們準備好的評論有關，隨附的 PowerPoint 演示文稿可能會讓您更容易地跟進今天的電話會議。

This earnings presentation is available for download on the Callaway Investor Relations website under the Webcast & Presentations tab.

此收益演示文稿可在 Callaway 投資者關係網站的網絡廣播和演示文稿選項卡下下載。

Also on the same tab, you can choose to join the webcast to listen to the call and view the slides.

同樣在同一選項卡上，您可以選擇加入網絡廣播以收聽電話並查看幻燈片。

As a webcast participant, you are able to flip through the slides.

作為網絡廣播參與者，您可以翻閱幻燈片。

I would now like to turn the call over to Chip.

我現在想把電話轉給 Chip。

Thanks, Patrick.

謝謝，帕特里克。

Good afternoon, everybody, and thank you for joining us for today's call.

大家下午好，感謝您加入我們今天的電話會議。

Starting on Page 4 of the presentation.

從演示文稿的第 4 頁開始。

I'm pleased to announce another record year, a year of strong financial growth and significant strategic progress.

我很高興地宣布又一個創紀錄的年份，強勁的財務增長和重大戰略進展的一年。

Market conditions as a whole were positive for 2019, and we once again grew our business faster than the market while simultaneously strengthening it via strategic and tactical reinvestments.

2019 年的整體市場狀況是積極的，我們的業務增長再次快於市場，同時通過戰略和戰術再投資加強了它。

For the quarter, we enjoyed continued strong performance in our golf equipment business, continued double-digit growth in the TravisMathew's business as well as continued positive sell-through trends in our Jack Wolfskin business in its core market.

本季度，我們的高爾夫設備業務表現持續強勁，TravisMathew 業務持續實現兩位數增長，以及 Jack Wolfskin 業務在其核心市場的持續積極銷售趨勢。

These results reflect the strength of our team, our brands and our long-term strategy as we are seeing key investments and other initiatives meaningfully impact the growth and the long-term earnings potential of our business.

這些結果反映了我們團隊、品牌和長期戰略的實力，因為我們看到關鍵投資和其他舉措對我們業務的增長和長期盈利潛力產生了有意義的影響。

As is my custom, I'd like to take this chance to thank the Callaway team for delivering these results.

按照我的習慣，我想藉此機會感謝 Callaway 團隊提供這些結果。

The team should be proud of what we have accomplished.

團隊應該為我們所取得的成就感到自豪。

I'm also sure they understand we have a lot more to do and like me, are motivated to continue to improve.

我也確信他們明白我們還有很多事情要做，並且像我一樣，有動力繼續改進。

Turning to Slide 5. Let's now take a look at our operating performance by business segment.

轉到幻燈片 5。現在讓我們按業務部門來看看我們的經營業績。

In the golf equipment segment, our revenues were up 33% for the quarter and 7.3% for the year.

在高爾夫設備領域，我們本季度的收入增長了 33%，全年增長了 7.3%。

We saw revenue growth in every major market.

我們看到每個主要市場的收入都有增長。

The second half of 2019 benefited from more product launches relative to the same period in 2018.

與 2018 年同期相比，2019 年下半年受益於更多產品發布。

We were pleased with the quality of our launches and are also pleased with our field inventory positions going into 2020.

我們對我們發布的質量感到滿意，也對我們進入 2020 年的現場庫存狀況感到滿意。

Overall, for the year, market conditions were good, delivering an approximate 3% growth on a global basis.

總體而言，今年市場狀況良好，全球增長約 3%。

Consistent with our track record, we grew our golf equipment revenues faster than the overall market at approximately 8.5% growth on a currency-neutral basis for the full year.

與我們的業績記錄一致，我們的高爾夫設備收入增長速度快於整體市場，在貨幣中性基礎上全年增長約 8.5%。

During the year, we demonstrated strength across the breadth of our club lineup and are proud to be able to claim the #1 market share position in clubs in both the U.S. and Europe and the #1 foreign brand but #2 overall position in Japan.

在這一年中，我們在俱樂部陣容的廣度上展示了實力，並為能夠在美國和歐洲的俱樂部中獲得第一的市場份額以及在日本排名第一但總體排名第二的外國品牌而感到自豪。

In the U.S., we also had the #1 selling driver and fairway wood models and the #1 selling iron brand.

在美國，我們還擁有銷量第一的發球木桿和球道木桿型號以及銷量第一的鐵桿品牌。

Globally, Callaway was the #1 driver on major worldwide tours, and Odyssey was the #1 putter.

在全球範圍內，卡拉威是全球主要巡迴賽中排名第一的發球手，而奧德賽則是排名第一的推桿。

Our golf ball business had another strong year with our market share setting new records.

我們的高爾夫球業務又迎來了強勁的一年，我們的市場份額創下新紀錄。

Building for the future, we have been aggressively reinvesting in our Chicopee manufacturing facility.

為未來建設，我們一直在積極地對我們的 Chicopee 製造工廠進行再投資。

And I'm pleased to report that the conversion is now substantially complete, and we are phasing in this new capacity and capabilities.

我很高興地報告說，轉換現已基本完成，我們正在逐步引入這種新的容量和功能。

While we work through this transition, we continue to experience a little higher manufacturing costs, but we remain excited about the long-term capabilities and direction of this facility as well as our golf ball business overall.

雖然我們正在努力完成這一過渡，但我們仍然會經歷更高的製造成本，但我們仍然對該設施的長期能力和方向以及我們的整體高爾夫球業務感到興奮。

I'm convinced that this investment will set us up for sustained success and a differentiated and compelling product positioning going forward.

我相信，這項投資將使我們能夠持續取得成功，並在未來實現差異化和引人注目的產品定位。

Stay tuned for more on this as we go through the year.

在我們度過這一年的時候，請繼續關注這方面的更多信息。

While on the subject of the Chicopee ball plant transformation, our media group produced what I believe is a great documentary on the plant's conversion and the impact of this plant on the New England town in which it operates.

在談到 Chicopee 球廠改造的主題時，我們的媒體組製作了一部我認為是關於工廠改造以及該工廠對其運營所在的新英格蘭小鎮的影響的精彩紀錄片。

This documentary airs live on The Golf Channel, February 18 at 10:30 p.m.

這部紀錄片將於 2 月 18 日晚上 10:30 在高爾夫頻道直播。

Eastern Standard Time and will be available on our social feeds shortly thereafter.

東部標準時間，此後不久將在我們的社交媒體上提供。

I invite all of you to tune in, and I believe you will enjoy what is certainly a true feel-good story of U.S. manufacturing evolution and resilience.

我邀請你們所有人收聽，我相信你們會喜歡這個關於美國製造業發展和復原力的真實故事。

Turning to Slide 6 on the product side.

轉到產品側的幻燈片 6。

We entered the year energized by one of the strongest overall lineups I've ever been part of.

我們進入了由我曾經參與過的最強大的整體陣容之一所激勵的一年。

The hero product for 2020 is the MAVRIK line of woods, hybrids and irons.

2020 年的主打產品是 MAVRIK 系列木桿、混合桿和鐵桿。

This line features more in-depth and robust applications of AI technology as well as high-strength multi-material constructions.

該產品線具有更深入、更強大的人工智能技術應用以及高強度多材料結構。

As those of you who have followed us know, we believe we are establishing a first-mover advantage by leading in AI.

跟隨我們的人都知道，我們相信我們正在通過引領人工智能建立先發優勢。

I'll even go as far to say that within a few years, if you're not using this approach, it will be difficult to stay competitive.

我什至會說，在幾年內，如果你不使用這種方法，就很難保持競爭力。

We are also launching the new Stroke Lab Black putters, including a Triple Track version where, as our marketing slogan says, "Sometimes things just line up." It's early in the launch process, but market reaction to all these products has been positive thus far, and we are optimistic for another year of product leadership.

我們還推出了新的 Stroke Lab Black 推桿，包括 Triple Track 版本，正如我們的營銷口號所說，“有時事情只是排隊。”目前還處於發布過程的早期階段，但到目前為止，市場對所有這些產品的反應都是積極的，我們對又一年的產品領先地位持樂觀態度。

Later this quarter into Q2, we will be launching our 2020 versions of Chrome Soft and Chrome Soft X golf balls.

本季度晚些時候到第二季度，我們將推出 2020 年版本的 Chrome Soft 和 Chrome Soft X 高爾夫球。

These balls will leverage the investments we have made over the last several years to deliver new standards in performance.

這些球將利用我們在過去幾年中所做的投資來提供新的性能標準。

Again, although we have not delivered this product yet, we are encouraged by our internal and external testing, including both tour and consumer feedback.

同樣，雖然我們還沒有交付這個產品，但我們對我們的內部和外部測試感到鼓舞，包括旅遊和消費者反饋。

Within the golf equipment segment, we are continuing to invest in R&D resources, especially AI, as well as tour and customer-facing initiatives such as fitting capabilities and B2B systems.

在高爾夫設備領域，我們將繼續投資研發資源，尤其是人工智能，以及巡迴賽和麵向客戶的計劃，例如試衣能力和 B2B 系統。

We are also in the final stages of completing the Chicopee facility upgrade and are in the process of building out and transitioning to an 800,000 square foot centralized North America DC as well as upgrading and consolidating our DCs in Japan, China and the U.K.

我們也處於完成 Chicopee 設施升級的最後階段，正在建設和過渡到一個 800,000 平方英尺的集中式北美 DC，以及升級和整合我們在日本、中國和英國的 DC。

Taking a step back and looking at the big picture, we believe the golf equipment market remains in a healthy position with a significant stable market, improved structural dynamics over the last several years, an exciting global tour creating interest in the game and potential upside demand drivers such as Topgolf.

退一步看大局，我們認為高爾夫裝備市場仍處於健康狀態，市場顯著穩定，過去幾年結構動態改善，令人興奮的全球巡迴賽激發了人們對比賽的興趣和潛在的上行需求Topgolf 等司機。

We assume predictable and well-structured market where our leadership positions, scale and operating acumen can continue to drive moderate growth and meaningful cash flows.

我們假設市場可預測且結構良好，我們的領導地位、規模和經營敏銳度可以繼續推動適度增長和有意義的現金流。

Turning to Slide 7 and looking at the soft goods segment performance.

轉到幻燈片 7，看看軟商品部門的表現。

Last year's revenues surged due to the acquisition of Jack Wolfskin as well as strong performance across the majority of our brand and business portfolio.

由於收購 Jack Wolfskin 以及我們大部分品牌和業務組合的強勁表現，去年的收入激增。

TravisMathew is worthy of a special call out here as that business continues to deliver double-digit growth.

TravisMathew 值得在這里特別呼籲，因為該業務繼續實現兩位數的增長。

And we remain energized about its future, including its strong domestic business, developing international prospects and the exciting new launch of the Cuater brand of golf shoes introduced in Q4 of last year.

我們仍然對其未來充滿活力，包括其強大的國內業務、發展的國際前景以及去年第四季度推出的令人興奮的 Cuter 品牌高爾夫球鞋的新推出。

The Jack Wolfskin business had another solid quarter and delivered full year financial results consistent with our previously communicated expectations.

Jack Wolfskin 業務又一個穩健的季度實現了全年財務業績，與我們之前傳達的預期一致。

Most importantly, the consumer appears to be reacting positively to the product innovation and brand investments that have been implemented in its core markets of Central Europe.

最重要的是，消費者似乎對在中歐核心市場實施的產品創新和品牌投資反應積極。

With this, we continue to see promising results in the direct-to-consumer business, highlighted by double-digit growth in their e-com business.

有了這個，我們繼續看到直接面向消費者的業務取得可喜的成果，特別是他們的電子商務業務實現了兩位數的增長。

In addition, the sell-through in at once business for the fall/winter 2019 product range has been at or above plan.

此外，2019年秋冬產品系列的一次銷售業務已達到或高於計劃。

The Jack Wolfskin China business was a little softer for us last year.

去年，傑克狼皮中國業務對我們來說有點軟弱。

But during the year, we hired a new design team for this market, and we are encouraged by the potential impact this change should make in the trajectory of that market starting in the fall of 2020.

但在這一年中，我們為這個市場聘請了一個新的設計團隊，這一變化將從 2020 年秋季開始對該市場的發展軌跡產生的潛在影響令我們感到鼓舞。

We are also in process of making additional investments to strengthen and grow the global Jack Wolfskin business long term and to realize the increased estimate for synergies discussed in our last call, that being at least $15 million by 2022.

我們還在進行額外投資，以長期加強和發展全球 Jack Wolfskin 業務，並實現我們上次電話會議中討論的對協同效應的增加估計，即到 2022 年至少達到 1500 萬美元。

These include the establishment of an apparel and soft goods sourcing center of excellence; a Jack Wolfskin North America organization based out of Park City, Utah with a planned soft launch of the Jack Wolfskin brand in Q2 of this year; and the assumption of the Japan Jack Wolfskin business from its distributor in March of this year.

其中包括建立卓越的服裝和軟商品採購中心；位於猶他州帕克城的 Jack Wolfskin 北美組織，計劃在今年第二季度推出 Jack Wolfskin 品牌；並於今年 3 月從其經銷商處接管日本 Jack Wolfskin 業務。

Both of these growth initiatives are planned conservatively at present.

目前，這兩項增長計劃都是保守計劃的。

We will be in investment mode for 2020 with low revenue expectations in the first year.

我們將在 2020 年處於投資模式，第一年的收入預期較低。

However, both are anticipated to be profitable in year 2, and both offer significant upside if and when we get the consumer positioning and messaging correct.

然而，預計兩者都將在第 2 年實現盈利，並且如果我們獲得正確的消費者定位和信息傳遞，兩者都會提供顯著的上行空間。

With the purchase of the remaining equity in the Japan Callaway apparel business mid last year, we were also making investments in this business aimed at both cost savings and regional growth initiatives for the Callaway apparel brand throughout Asia.

隨著去年年中收購日本卡拉威服裝業務的剩餘股權，我們還對該業務進行了投資，旨在為卡拉威服裝品牌在整個亞洲節省成本並採取區域增長計劃。

We were also investing in numerous IT projects to best manage and optimize our apparel business across the globe.

我們還投資了許多 IT 項目，以最好地管理和優化我們在全球的服裝業務。

As I hope you can see, our soft goods business is a large and rapidly growing segment of our company.

我希望您能看到，我們的軟商品業務是我們公司的一個龐大且快速增長的部門。

We are confident in and excited about the long-term outlook and potential here.

我們對這裡的長期前景和潛力充滿信心和興奮。

To lead our efforts here, we will also plan to hire an EVP of global soft goods and apparel, and we are fairly far along in this important process.

為了領導我們在這方面的工作，我們還計劃聘請一位全球軟商品和服裝執行副總裁，我們在這個重要的過程中已經走得很遠了。

Turning to Slide 8 and our 2020 outlook.

轉向幻燈片 8 和我們的 2020 年展望。

We are projecting market conditions to be flat to slightly up on a global basis, and we expect our revenues to grow faster than the market at approximately 4%.

我們預計全球市場狀況將持平或略有上升，我們預計我們的收入增長速度將快於市場，約為 4%。

Our guidance here reflects our best estimate of the impact of the coronavirus.

我們在這裡的指導反映了我們對冠狀病毒影響的最佳估計。

Needless to say, this situation is very uncertain right now.

不用說，這種情況現在非常不確定。

We are still assessing the potential impact, and there's a lot we just can't know yet.

我們仍在評估潛在影響，還有很多我們還不知道。

We believe it will certainly have an impact on our supply chain, near-term demand for our products in China as well as potential demand in the markets outside of China, particularly neighboring markets.

我們相信這肯定會對我們的供應鏈、我們產品在中國的近期需求以及中國以外市場，特別是周邊市場的潛在需求產生影響。

Given the lack of visibility, we are really guessing on the financial impact at this point.

鑑於缺乏可見性，我們現在真的在猜測財務影響。

However, I can confirm we have adjusted our forecast down over the last week or so by approximately $25 million in revenue and $12.5 million on an EBITDA basis.

但是，我可以確認我們在過去一周左右的時間裡將我們的預測下調了大約 2500 萬美元的收入和 1250 萬美元的 EBITDA 基礎。

This estimate assumes our suppliers' factories get up and running slower than normal but ramp up to some sense of normalcy by the end of the month and the consumer demand in China returns to some set or normalcy by the end of March.

這一估計假設我們的供應商工廠的開工和運行速度比正常情況要慢，但到月底會恢復到某種程度的正常狀態，而中國的消費者需求到 3 月底會恢復到一定的水平或正常狀態。

Across all of our businesses, we believe we are well positioned comparatively to manage through this.

在我們所有的業務中，我們相信我們相對而言處於有利地位，可以通過這一點進行管理。

As we work through this challenging situation, our thoughts and prayers are with the people of China, including our employees, customers and their families in that region as well as those affected by the virus globally.

在我們度過這一充滿挑戰的形勢之際，我們的思念和祈禱與中國人民同在，包括我們在該地區的員工、客戶和他們的家人，以及全球受病毒影響的人們。

We hope and pray for a speedy resolution.

我們希望並祈禱盡快解決問題。

We also believe in the resilience of the Chinese people, and we retain our optimistic view on the value and importance of this market over the medium to long term.

我們也相信中國人的韌性，我們對這個市場在中長期的價值和重要性保持樂觀的看法。

Our 2020 EBITDA forecast also reflects $3 million of incremental year-over-year tariff expense and $10 million of FX headwinds.

我們對 2020 年 EBITDA 的預測還反映了 300 萬美元的同比關稅費用增量和 1000 萬美元的外匯逆風。

We believe we can and will continue to lead the golf equipment business by also developing and growing a strong soft goods business and that the 2 portions of our business will benefit from each other while providing us both higher long-term growth rates and scale that will benefit our shareholders.

我們相信我們能夠並且將繼續通過發展和發展強大的軟商品業務來引領高爾夫設備業務，我們的兩個業務將相互受益，同時為我們提供更高的長期增長率和規模，這將讓我們的股東受益。

We have been delivering and over the long term, expect to continue to deliver scale-based operating leverage improvements, the timing of which is being balanced by the fact that we are also continuing to find high-return investments in all of our businesses.

我們一直在交付，並且從長遠來看，預計將繼續交付基於規模的運營槓桿改進，其時機與我們還在繼續在所有業務中尋找高回報投資的事實相平衡。

2020 is a year of above-average reinvestment.

2020年是再投資高於平均水平的一年。

We identify approximately $6 million of these as onetime in nature.

我們確定其中大約 600 萬美元是一次性的。

But there is more embedded in our forecast, where we have low or negative return this year, but we expect high returns in future years.

但我們的預測中包含更多內容，我們今年的回報率很低或為負，但我們預計未來幾年會有高回報。

We believe our ability and commitment to make these long-term investments will differentiate us and pave the way for long-term success, including growth above that of the golf industry overall and over the long term, improved operating leverage based on economies of scale.

我們相信，我們進行這些長期投資的能力和承諾將使我們與眾不同，並為長期成功鋪平道路，包括高於高爾夫行業的整體增長和長期增長，基於規模經濟提高運營槓桿。

Our reinvestment strategy has served us well thus far, and we believe that it will continue to do so going forward.

到目前為止，我們的再投資策略對我們很有幫助，我們相信它將繼續這樣做。

We hope and believe our results over the last 8 years give us some credibility in this regard.

我們希望並相信我們過去 8 年的成果在這方面給了我們一些可信度。

In conclusion, while coronavirus, tariffs and foreign currency are all providing unusual and hopefully temporary headwinds, we are still looking forward to another strong year of operational and financial performance in 2020.

總而言之，儘管冠狀病毒、關稅和外匯都帶來了不尋常的、可能是暫時的不利因素，但我們仍然期待 2020 年又一個強勁的運營和財務表現年。

Financially, we're pleased to be forecasting increased profitability on a GAAP basis, strong free cash flow generation and what I believe is compelling financial performance when considering the beforementioned macro factors.

在財務方面，我們很高興在 GAAP 基礎上預測盈利能力的提高、強勁的自由現金流產生以及我認為在考慮上述宏觀因素時令人信服的財務業績。

I believe this speaks to the fundamental operating strength of our business.

我相信這說明了我們業務的基本運營實力。

On the strategy side, we're pleased to have strong internal investment opportunities, which we are confident we can exit against and that will continue to move us down a strategic path that makes us a much larger and diverse company with higher embedded growth prospects and a significantly higher long-term earnings outlook.

在戰略方面，我們很高興擁有強大的內部投資機會，我們相信我們可以退出，這將繼續推動我們走上戰略道路，使我們成為一家更大、更多元化的公司，具有更高的嵌入式增長前景和長期盈利前景顯著提高。

Brian, over to you.

布萊恩，交給你了。

Thank you, Chip.

謝謝你，奇普。

As Chip mentioned, we are very pleased with our 2019 results.

正如奇普所說，我們對 2019 年的業績感到非常滿意。

Following 2 record sales years in 2017 and 2018, we were able to achieve 37% sales growth and 25% adjusted EBITDA growth while absorbing a $31 million negative sales impact from changes in foreign currency rates as well as $5 million related to incremental tariffs.

在 2017 年和 2018 年的兩個創紀錄的銷售年之後，我們能夠實現 37% 的銷售增長和 25% 的調整後 EBITDA 增長，同時吸收了 3100 萬美元的外匯匯率變化帶來的負面銷售影響以及與關稅增加有關的 500 萬美元。

In addition, the acquisition of Jack Wolfskin in 2019 was an important part of our long-term strategy of transforming Callaway into a premium golf equipment and active lifestyle company.

此外，2019 年收購 Jack Wolfskin 是我們將 Callaway 轉變為優質高爾夫設備和積極生活方式公司的長期戰略的重要組成部分。

As we look forward to 2020, we are pleased with our operational outlook, but we are facing some macro factors that will have a significant impact on our financial results.

展望 2020 年，我們對運營前景感到滿意，但我們面臨一些將對我們的財務業績產生重大影響的宏觀因素。

The most notable factor is the coronavirus outbreak, which will affect our sales in Asia and our supply side overall.

最顯著的因素是冠狀病毒的爆發，這將影響我們在亞洲的銷售和我們的整體供應方。

Our financial guidance today reflects our best estimate on -- of the impact of the virus, but the impact is very difficult to estimate with any degree of certainty.

我們今天的財務指導反映了我們對病毒影響的最佳估計，但這種影響很難有任何確定性的估計。

As Chip mentioned, our heartfelt thoughts and prayers are with the people in China and around the globe who are affected by this outbreak.

正如奇普所說，我們與受此次疫情影響的中國和全球人民同在，我們衷心的思念和祈禱。

As we enter 2020, we are also facing headwinds from changes in foreign currency rates and incremental tariffs.

隨著我們進入 2020 年，我們還面臨著外匯匯率變化和關稅增加的不利因素。

And as Chip mentioned, 2020 is an investment year for our business as we make the investments necessary to grow both our golf equipment and apparel businesses.

正如奇普所說，2020 年是我們業務的投資年，因為我們進行必要的投資以發展我們的高爾夫設備和服裝業務。

We have attempted to quantify the estimated impact of all these items in our press release we issued today, and I will comment further later in my remarks.

我們試圖在今天發布的新聞稿中量化所有這些項目的估計影響，我將在稍後的評論中進一步評論。

But first, I will comment on our specific financial results for the fourth quarter and full year of 2019.

但首先，我將評論我們 2019 年第四季度和全年的具體財務業績。

When discussing our non-GAAP results today, we exclude noncash purchase accounting adjustments related to the OGIO, TravisMathew and Jack Wolfskin acquisitions.

在今天討論我們的非公認會計原則結果時，我們排除了與 OGIO、TravisMathew 和 Jack Wolfskin 收購相關的非現金采購會計調整。

And we also exclude other nonrecurring transaction and transition expenses related to the acquisitions and other nonrecurring advisory fees.

我們還排除了與收購相關的其他非經常性交易和過渡費用以及其他非經常性諮詢費用。

We exclude these items because that is how we evaluate our performance.

我們將這些項目排除在外，因為這是我們評估績效的方式。

A reconciliation of this non-GAAP information to the corresponding GAAP information is included with the earnings release we issued today.

我們今天發布的收益報告中包含了此非 GAAP 信息與相應 GAAP 信息的對賬。

Turning to Slide 10.

轉到幻燈片 10。

We are now reporting -- we are reporting consolidated full year 2019 net sales of $1.701 billion compared to $1.243 billion in 2018, an increase of $458 million or 37% and a record for net sales.

我們現在正在報告——我們報告的 2019 年全年合併淨銷售額為 17.01 億美元，而 2018 年為 12.43 億美元，增加了 4.58 億美元或 37%，創下了淨銷售額的記錄。

The 37% growth was primarily driven by the Jack Wolfskin business, which contributed $356 million in net sales in 2019.

37% 的增長主要由 Jack Wolfskin 業務推動，該業務在 2019 年貢獻了 3.56 億美元的淨銷售額。

Including the Jack Wolfskin business, net sales increased 8% for 2019.

包括 Jack Wolfskin 業務在內，2019 年的淨銷售額增長了 8%。

This increase is driven by the strength of the 2019 golf equipment line as well as continued double-digit growth in the TravisMathew business.

這一增長是由 2019 年高爾夫設備系列的實力以及 TravisMathew 業務的持續兩位數增長推動的。

In 2019, changes of foreign currency exchange rates negatively impacted net sales by $31 million overall, including $18 million with regard to the Jack Wolfskin business.

2019 年，外匯匯率的變化對淨銷售額產生了 3100 萬美元的負面影響，其中包括與 Jack Wolfskin 業務相關的 1800 萬美元。

Non-GAAP gross margin was 45.8% in 2019 compared to 46.5% in 2018.

2019 年非美國通用會計準則毛利率為 45.8%，而 2018 年為 46.5%。

This 70 basis point decrease is primarily attributable to the negative impact of foreign currency, increased tariff expense as well as the current year of golf equipment product mix with more premium golf clubs with more advanced technology and higher costs.

這 70 個基點的下降主要是由於外彙的負面影響、關稅費用的增加以及本年度高爾夫設備產品組合與更先進的技術和更高成本的高級高爾夫球桿的組合。

These increases were partially offset by the TravisMathew and Jack Wolfskin businesses, which were accretive on a gross margin basis.

這些增長被 TravisMathew 和 Jack Wolfskin 業務部分抵消，這些業務在毛利率的基礎上增加。

Non-GAAP operating expense was $617 million in 2019 compared to $445 million in 2018.

2019 年非 GAAP 運營費用為 6.17 億美元，而 2018 年為 4.45 億美元。

This $172 million increase is comprised of $155 million from the addition of Jack Wolfskin operating expense and $17 million of investments in the golf equipment and TravisMathew businesses as well as normal inflationary pressures.

這 1.72 億美元的增長包括 1.55 億美元，來自 Jack Wolfskin 運營費用的增加以及對高爾夫設備和 TravisMathew 業務的 1700 萬美元投資以及正常的通脹壓力。

Non-GAAP operating income for 2019 was $163 million compared to non-GAAP operating income of $133 million in 2018, an increase of $30 million or 23%, which is primarily related to the Jack Wolfskin, TravisMathew and golf equipment businesses and was partially offset by the negative effect of foreign currency and increased tax expense.

2019 年非美國通用會計準則營業收入為 1.63 億美元，與 2018 年非美國通用會計準則營業收入 1.33 億美元相比，增加 3000 萬美元或 23%，主要與 Jack Wolfskin、TravisMathew 和高爾夫設備業務相關，並被部分抵消受外彙的負面影響和增加的稅收費用。

Non-GAAP other expense was $33 million in 2019 compared to non-GAAP other expense of $2 million in 2018.

2019 年非美國通用會計準則其他費用為 3300 萬美元，而 2018 年非美國通用會計準則其他費用為 200 萬美元。

The higher other expense in 2019 resulted from a $34 million increase in interest expense, which is primarily related to the Jack Wolfskin acquisition financing.

2019 年其他費用較高的原因是利息費用增加了 3400 萬美元，這主要與 Jack Wolfskin 收購融資有關。

Non-GAAP fully diluted earnings per share was $1.10 in 2019 versus non-GAAP fully diluted earnings per share or $1.08 in 2018.

2019 年非 GAAP 完全攤薄每股收益為 1.10 美元，而 2018 年非 GAAP 完全攤薄每股收益為 1.08 美元。

This non-GAAP increase was driven by the sales increases in the golf equipment and TravisMathew businesses as well as the addition of the new Jack Wolfskin business, all mostly offset by increased interest expense.

這種非公認會計原則的增長是由高爾夫設備和 TravisMathew 業務的銷售增長以及新 Jack Wolfskin 業務的增加推動的，所有這些都被增加的利息支出所抵消。

Adjusted EBITDA increased $42 million to $210 million in 2019 compared to $168 million in 2018.

與 2018 年的 1.68 億美元相比，2019 年調整後的 EBITDA 增加了 4200 萬美元至 2.1 億美元。

Again, we are pleased with this result given the adverse headwinds from changes in foreign currency rates and increased tariff expense.

鑑於外匯匯率變化和關稅費用增加帶來的不利影響，我們再次對這一結果感到滿意。

Turning to Slide 11.

轉到幻燈片 11。

Consolidated fourth quarter 2019 net sales were $312 million compared to $181 million in 2018, an increase of $131 million or 72% and a record for net sales.

2019 年第四季度合併淨銷售額為 3.12 億美元，與 2018 年的 1.81 億美元相比，增加了 1.31 億美元或 72%，創下了淨銷售額的記錄。

In fact, 14 of the last 15 quarters have been record sales for that quarter.

事實上，過去 15 個季度中有 14 個季度創下了該季度的銷售記錄。

The 72% growth was primarily driven by the addition of the Jack Wolfskin business, which contributed $81 million in the fourth quarter.

72% 的增長主要是由於 Jack Wolfskin 業務的增加，該業務在第四季度貢獻了 8100 萬美元。

Changes in foreign currency exchange rates negatively impacted fourth quarter 2019 net sales by $1 million.

外匯匯率的變化對 2019 年第四季度的淨銷售額產生了 100 萬美元的負面影響。

On a constant currency basis and excluding the Jack Wolfskin business, fourth quarter 2019 net sales increased 28%.

按固定匯率計算，不包括 Jack Wolfskin 業務，2019 年第四季度的淨銷售額增長了 28%。

This increase was driven by increased sales in the golf equipment business led by the recent third and fourth quarter product launches and continued double-digit growth in the TravisMathew business.

這一增長是由最近第三季度和第四季度的產品發布帶動的高爾夫設備業務的銷售額增加以及 TravisMathew 業務的持續兩位數增長推動的。

Non-GAAP gross margins were 42.4%, a 370 basis point increase compared to the fourth quarter of 2018.

非美國通用會計準則毛利率為 42.4%，與 2018 年第四季度相比增加了 370 個基點。

This increase is primarily attributable to the Jack Wolfskin and TravisMathew businesses, which were accretive to our gross margins in the fourth quarter.

這一增長主要歸功於 Jack Wolfskin 和 TravisMathew 業務，這些業務增加了我們第四季度的毛利率。

The negative impact from tariffs partially offset some of these increased margins.

關稅的負面影響部分抵消了這些增加的利潤。

Non-GAAP operating expense was $148 million in the fourth quarter of 2019, which is a $38 million increase compared to $110 million in the fourth quarter of 2018.

2019 年第四季度非 GAAP 運營費用為 1.48 億美元，與 2018 年第四季度的 1.1 億美元相比增加了 3800 萬美元。

This increase is due to the addition in 2019 of $41 million in operating expenses from the Jack Wolfskin business.

這一增長是由於 Jack Wolfskin 業務在 2019 年增加了 4100 萬美元的運營費用。

Non-GAAP loss from operations was $16 million in the fourth quarter of 2019 compared to non-GAAP loss from operations of $40 million for the same period in 2018, a $24 million or 60% improvement, which is primarily due to the Jack Wolfskin business and new product launches for the golf equipment business, both partially offset by increased tariff expense.

2019 年第四季度非美國通用會計準則運營虧損為 1600 萬美元，而 2018 年同期非美國通用會計準則運營虧損為 4000 萬美元，增加了 2400 萬美元或 60%，這主要是由於 Jack Wolfskin 業務以及高爾夫設備業務的新產品發布，都被增加的關稅費用部分抵消。

Non-GAAP other expense was $9 million in the fourth quarter of 2019 compared to non-GAAP other income of $200,000 in the same period the prior year.

2019 年第四季度非 GAAP 其他費用為 900 萬美元，而去年同期非 GAAP 其他收入為 200,000 美元。

The higher other expense in 2019 resulted primarily from the $7 million increase in interest expense primarily related to the Jack Wolfskin purchase financing.

2019 年其他費用較高主要是由於主要與 Jack Wolfskin 購買融資相關的利息費用增加了 700 萬美元。

The 2018 other income also includes $4 million of purchase price hedging gains reflected in the fourth quarter related to the Jack Wolfskin acquisition, which was completed in January of 2019.

2018 年的其他收入還包括 400 萬美元的購買價格對沖收益，反映在第四季度與 Jack Wolfskin 的收購相關，該收購於 2019 年 1 月完成。

Non-GAAP loss per share was $0.26 versus non-GAAP loss per share of $0.32 in the fourth quarter of 2018.

非 GAAP 每股虧損為 0.26 美元，而 2018 年第四季度非 GAAP 每股虧損為 0.32 美元。

This non-GAAP increase is primarily attributable to the Jack Wolfskin business and the new back half product launches in golf equipment business, partially offset by increased interest expense.

這一非公認會計原則的增長主要歸因於 Jack Wolfskin 業務和高爾夫設備業務中新後半部產品的推出，部分被利息支出的增加所抵消。

Adjusted EBITDA increased $25 million to a loss of $6 million in the fourth quarter of 2019 compared to a loss of $31 million in the fourth quarter of 2018.

與 2018 年第四季度的虧損 3100 萬美元相比，調整後的 EBITDA 在 2019 年第四季度增加了 2500 萬美元至虧損 600 萬美元。

Turning to Slide 12.

轉到幻燈片 12。

I will now cover certain balance sheet and cash flow items.

我現在將介紹某些資產負債表和現金流項目。

Available liquidity, which represents additional availability under our credit facilities plus cash on hand was $303 million at the end of the fourth quarter of 2019 compared to $271 million at the end of the fourth quarter of 2018.

截至 2019 年第四季度末，可用流動性（即我們的信貸額度加上手頭現金）為 3.03 億美元，而 2018 年第四季度末為 2.71 億美元。

Our consolidated net accounts receivable were $140 million, an increase of 97% compared to $71 million at the end of the fourth quarter of 2018, which is primarily attributable to the addition of the Jack Wolfskin business in 2019.

我們的綜合應收賬款淨額為 1.4 億美元，與 2018 年第四季度末的 7100 萬美元相比增長了 97%，這主要歸功於 2019 年增加了 Jack Wolfskin 業務。

Days sales outstanding in the core business decreased from 62 days to 58 days.

核心業務的銷售天數從 62 天減少到 58 天。

We remain comfortable with the overall quality of our accounts receivable at this time.

目前，我們對應收賬款的整體質量感到滿意。

Our inventory balance increased by 35% to $457 million at the end of the fourth quarter of 2019.

到 2019 年第四季度末，我們的庫存餘額增加了 35%，達到 4.57 億美元。

This increase was primarily due to the addition of the Jack Wolfskin business, additional inventory to support our growing soft goods business and inventory needed to support an overall larger golf equipment business.

這一增長主要是由於增加了 Jack Wolfskin 業務、支持我們不斷增長的軟商品業務的額外庫存以及支持整體更大的高爾夫設備業務所需的庫存。

We remain comfortable with the quality of our inventory at this time.

我們目前對我們的庫存質量感到滿意。

Capital expenditures for the full year of 2019 were $55 million, a year-over-year increase of $18 million compared to 2018 due mainly to continued investments in our golf ball plant and the addition of the Jack Wolfskin business.

2019 年全年的資本支出為 5500 萬美元，與 2018 年相比同比增加 1800 萬美元，主要是由於對我們的高爾夫球廠的持續投資以及 Jack Wolfskin 業務的增加。

Depreciation and amortization expense was $35 million in 2019 compared to $20 million in 2018, including an additional $13 million from the addition of Jack Wolfskin.

2019 年的折舊和攤銷費用為 3500 萬美元，而 2018 年為 2000 萬美元，其中包括因加入 Jack Wolfskin 而額外增加的 1300 萬美元。

I'll now comment on our 2020 GAAP guidance.

我現在將評論我們的 2020 GAAP 指南。

Turning to Slide 13.

轉到幻燈片 13。

The 2020 full year projection set forth below are based on the company's best estimates at this time.

下面列出的 2020 年全年預測是基於公司目前的最佳估計。

They include the estimated impact of certain factors, including the coronavirus, which is estimated to have a negative impact of $25 million on sales and $13 million on EBITDA; changes in foreign currency rates, which is estimated to have a negative impact of $9 million on sales and $10 million on EBITDA; and incremental tariff expense of $3 million on cost of goods sold and EBITDA.

它們包括某些因素的估計影響，包括冠狀病毒，估計對銷售額產生 2500 萬美元的負面影響，對 EBITDA 產生 1300 萬美元的負面影響；外匯匯率的變化，估計會對銷售額產生 900 萬美元的負面影響，對 EBITDA 產生 1000 萬美元的負面影響；商品銷售成本和 EBITDA 增加 300 萬美元的關稅費用。

For the sake of simplicity, I will refer to these items collectively as the macro factors.

為簡單起見，我將這些項目統稱為宏觀因素。

The global golf equipment market continues to be a healthy market, and we believe we can continue to grow our golf equipment business from a revenue and EBITDA perspective in 2020.

全球高爾夫設備市場仍然是一個健康的市場，我們相信我們可以在 2020 年從收入和 EBITDA 的角度繼續發展我們的高爾夫設備業務。

We also expect sales growth from our soft goods business.

我們還預計我們的軟商品業務的銷售增長。

The 2 segments were originally estimated to grow at similar rates, but due to the macro factors, we now estimate the golf equipment segment may grow slightly faster in 2020.

最初估計這兩個細分市場將以相似的速度增長，但由於宏觀因素，我們現在估計高爾夫裝備細分市場在 2020 年可能會略微加快增長。

On the soft goods side, we expect sales growth from our TravisMathew and Jack Wolfskin businesses, including limited sales for Jack Wolfskin in North America and Japan mostly in the back half of the year.

在軟商品方面，我們預計 TravisMathew 和 Jack Wolfskin 業務的銷售將增長，包括 Jack Wolfskin 在北美和日本的銷售有限，主要是在今年下半年。

From a profit perspective, 2020 will be an investment year on the soft goods side of the business as we invest in the warehouse consolidation side, on new market expansion for Jack Wolfskin, continued infrastructure investments from TravisMathew and some incremental investments in Asia for continued expansion of the Callaway apparel business.

從利潤的角度來看，2020 年將是業務軟商品方面的投資年，因為我們投資於倉庫整合方面、Jack Wolfskin 的新市場擴張、TravisMathew 的持續基礎設施投資以及亞洲的一些增量投資以持續擴張卡拉威服裝業務。

As seen on Slide 14, 2020 net sales are estimated to be in the range of $1.75 billion to $1.78 billion, an increase of 3% to 5% over 2019.

如幻燈片 14 所示，2020 年淨銷售額估計在 17.5 億美元至 17.8 億美元之間，比 2019 年增長 3% 至 5%。

This assumes a flat to slightly improving golf market.

這假設高爾夫市場持平或略有改善。

The company currently estimates that changes in foreign currency rates will negatively impact 2020 by approximately $9 million in net sales.

該公司目前估計，外匯匯率的變化將對 2020 年的淨銷售額產生約 900 萬美元的負面影響。

We estimate that full year gross margins will be 46.3%, which is 120 basis points higher than 2019.

我們估計全年毛利率為 46.3%，比 2019 年高出 120 個基點。

This increase is being driven primarily by a positive mix benefit of the margin-accretive apparel business and higher golf equipment gross margins associated with this even year cycle of product launches.

這一增長主要是由於增加利潤的服裝業務的積極組合效益以及與產品推出這一偶數年周期相關的更高的高爾夫設備毛利率。

In 2020, the company expects that gross margins will be negatively impacted by $5 million in nonrecurring costs related to the warehouse consolidation projects in North America, Asia and Europe.

該公司預計，2020 年毛利率將受到與北美、亞洲和歐洲倉庫整合項目相關的 500 萬美元非經常性成本的負面影響。

The gross margin in 2019 was negatively impacted by $13 million of purchase accounting adjustments and nonrecurring costs related to the Jack Wolfskin acquisition.

2019 年的毛利率受到 1300 萬美元的採購會計調整和與 Jack Wolfskin 收購相關的非經常性成本的負面影響。

The 2020 gross margins will also be affected by the macro factors described above.

2020年毛利率也將受到上述宏觀因素的影響。

The company estimates that its full year 2020 operating expenses will be $680 million, approximately $46 million higher than 2019 operating expenses.

該公司估計其 2020 年全年運營費用為 6.8 億美元，比 2019 年的運營費用高出約 4600 萬美元。

This increase is being driven primarily by the continued investing in the company's soft goods business, which include new market expansion for Jack Wolfskin, continued infrastructure and brand investment for TravisMathew, and investment in Asia to grow all the company's apparel brands.

這一增長主要是由於對公司軟商品業務的持續投資，其中包括 Jack Wolfskin 的新市場擴張、TravisMathew 的持續基礎設施和品牌投資，以及為發展公司所有服裝品牌而在亞洲進行的投資。

Normal inflationary pressures and ongoing investment in the golf equipment business are also contributing to the increase.

正常的通脹壓力和對高爾夫設備業務的持續投資也促成了這一增長。

2020 operating expenses will include approximately $6 million in noncash amortization expense and a small amount of nonrecurring IT expense compared to $18 million of purchase accounting and transaction -- and transition expenses related to the Jack Wolfskin acquisition.

2020 年的運營費用將包括約 600 萬美元的非現金攤銷費用和少量的非經常性 IT 費用，而採購會計和交易費用為 1800 萬美元，以及與 Jack Wolfskin 收購相關的過渡費用。

The macro factors are expected to have a positive impact on operating expenses primarily related to FX.

宏觀因素預計將對主要與外匯相關的運營費用產生積極影響。

We estimate our capital expenditures in 2020 to be approximately $55 million.

我們估計 2020 年的資本支出約為 5500 萬美元。

Depreciation and amortization expense is estimated to be approximately $43 million in 2020.

到 2020 年，折舊和攤銷費用估計約為 4300 萬美元。

We do expect capital expenditures to begin to normalize towards the end of 2020 as the multiyear ball plant project comes to an end and the warehouse consolidation project is completed.

隨著多年球廠項目的結束和倉庫整合項目的完成，我們確實預計資本支出將在 2020 年底開始正常化。

The company estimates full year 2020 earnings per share of $0.82 to $0.94.

該公司估計 2020 年全年每股收益為 0.82 美元至 0.94 美元。

The company's 2020 earnings per share estimates assume an effective tax rate of approximately 18%, which is slightly higher than 2019.

該公司對 2020 年每股收益的估計假設有效稅率約為 18%，略高於 2019 年。

These estimates also assume a base of 97 million fully diluted shares in 2020, approximately flat with 2019.

這些估計還假設 2020 年完全稀釋的股票為 9700 萬股，與 2019 年大致持平。

The company estimates full year 2020 adjusted EBITDA of $190 million to $205 million.

該公司估計 2020 年全年調整後 EBITDA 為 1.9 億美元至 2.05 億美元。

These estimates include the reduction in expenses related to purchase accounting and nonrecurring acquisition costs and the impact of the macro factors discussed above and in the press release.

這些估計包括與採購會計和非經常性採購成本相關的費用減少，以及上述和新聞稿中討論的宏觀因素的影響。

The 2020 first quarter projections set forth are based on the company's best estimates at this time.

提出的 2020 年第一季度預測是基於公司目前的最佳估計。

They include the estimated impact of certain factors, including the coronavirus, foreign exchange and the tariffs discussed above.

它們包括某些因素的估計影響，包括冠狀病毒、外彙和上述關稅。

For the sake of simplicity, these will be referred to collectively as the Q1 macro factors.

為簡單起見，這些將統稱為 Q1 宏觀因素。

As depicted on Slide 14, the company estimates first quarter 2020 net sales to be approximately flat to slightly down in 2020 compared to 2019 primarily as a result of the Q1 macro factors.

如幻燈片 14 所示，該公司估計，與 2019 年相比，2020 年第一季度的淨銷售額在 2020 年大致持平或略有下降，這主要是由於第一季度的宏觀因素。

This assumes a flat to slightly improving overall golf market and a slightly later launch date for the new Chrome Soft golf balls when compared to the ERC Soft golf ball launched in 2019.

這假設與 2019 年推出的 ERC Soft 高爾夫球相比，整體高爾夫市場持平或略有改善，並且新 Chrome Soft 高爾夫球的發布日期稍晚。

The company estimates its first quarter 2020 gross margin will be approximately 10 basis points higher than the same period in 2019.

該公司估計其 2020 年第一季度的毛利率將比 2019 年同期高出約 10 個基點。

This increase is being driven primarily by positive expenses of the margin-accretive apparel business and higher golf equipment gross margins associated with the even year cycle of product launches.

這一增長主要是由於增加利潤的服裝業務的正支出以及與產品推出的偶數年周期相關的較高的高爾夫設備毛利率。

From the first quarter of 2020, the company expects that gross margin will be negatively impacted by $1 million in nonrecurring costs related to the warehouse consolidation projects in North America, Asia and Europe.

從 2020 年第一季度開始，該公司預計毛利率將受到與北美、亞洲和歐洲倉庫整合項目相關的 100 萬美元非經常性成本的負面影響。

The gross margin in 2019 was negatively impacted by $5 million of purchase accounting adjustments and nonrecurring costs related to the Jack Wolfskin acquisition.

2019 年的毛利率受到 500 萬美元的採購會計調整和與 Jack Wolfskin 收購相關的非經常性成本的負面影響。

2020 gross margins will also be affected by the Q1 macro factors described above.

2020年毛利率也將受到上述第一季度宏觀因素的影響。

The company estimates that its first quarter 2020 operating expenses will be approximately $7 million higher than 2019 operating expenses.

該公司估計，其 2020 年第一季度的運營費用將比 2019 年的運營費用高出約 700 萬美元。

This increase is being driven primarily by normal inflationary pressures and the aforementioned strategic investments.

這一增長主要是由正常的通脹壓力和上述戰略投資推動的。

The 2020 operating expenses will include approximately $1 million in noncash amortization expense and a small amount of nonrecurring IT expense compared to $6 million of purchase accounting and transaction -- and transition fees related to the Jack Wolfskin acquisition.

2020 年的運營費用將包括約 100 萬美元的非現金攤銷費用和少量的非經常性 IT 費用，而採購會計和交易費用為 600 萬美元，以及與 Jack Wolfskin 收購相關的過渡費用。

The macro factors are expected to have a positive benefit on operating expenses primarily related to FX.

宏觀因素預計將對主要與外匯相關的運營費用產生積極影響。

The company estimates first quarter 2020 earnings per share of $0.41 to $0.47.

該公司估計 2020 年第一季度每股收益為 0.41 美元至 0.47 美元。

The company's first quarter 2020 earnings per share estimate assumes an effective tax rate of approximately 18% compared to 16.5% in the same period in 2019.

該公司對 2020 年第一季度每股收益的估計假設有效稅率約為 18%，而 2019 年同期為 16.5%。

These estimates also assume a base of 97 million fully diluted shares in the first quarter of 2020.

這些估計還假設 2020 年第一季度完全稀釋的股票為 9700 萬股。

The company estimates first quarter 2020 adjusted EBITDA of $72 million to $79 million compared to $79 million for the first quarter of 2019.

該公司估計，2020 年第一季度調整後的 EBITDA 為 7200 萬美元至 7900 萬美元，而 2019 年第一季度為 7900 萬美元。

These estimates include the reduction in expenses related to purchase accounting and nonrecurring acquisition costs and the impact of the macro factors discussed above and in the press release.

這些估計包括與採購會計和非經常性採購成本相關的費用減少，以及上述和新聞稿中討論的宏觀因素的影響。

That concludes our prepared remarks today.

今天我們準備好的發言到此結束。

We will now open the call for questions.

我們現在將打開問題的電話。

(Operator Instructions) Your first question comes from Susan Anderson from B. Riley FBR.

（操作員說明）您的第一個問題來自 B. Riley FBR 的 Susan Anderson。

I was wondering, can you talk about the investments maybe you're making in Jack Wolfskin, the brand, this year across supply chain, distribution, et cetera?

我想知道，你能談談你今年在供應鏈、分銷等方面對 Jack Wolfskin 品牌所做的投資嗎？

And then how should we think about the cadence of investments on the quarters as we go throughout the year?

那麼我們應該如何考慮全年的季度投資節奏呢？

And then maybe too, if you could remind us what percent of Jack Wolfskin is in China?

然後也許還有，如果你能提醒我們 Jack Wolfskin 在中國的比例是多少？

Sure.

當然。

Hey, Susan.

嗨，蘇珊。

So the investments that we're making around the Jack Wolfskin are multifaceted right now, and they really overlap on our entire soft goods and apparel business in many ways.

因此，我們現在圍繞 Jack Wolfskin 進行的投資是多方面的，它們在很多方面確實與我們的整個軟商品和服裝業務重疊。

So there's a supply chain center of excellence, which is sourcing, quality and administrative functions that is integral for us to realize the synergy investments that we have mentioned across our entire soft goods supply chain.

因此，有一個卓越的供應鏈中心，即採購、質量和管理職能，這對於我們實現我們在整個軟商品供應鏈中提到的協同投資來說是不可或缺的。

So that is one significant one.

所以這是一個重要的問題。

We're doing the -- building out the organization for North America launch of the Jack Wolfskin brand, which will be based out of Park City.

我們正在為 Jack Wolfskin 品牌的北美推出建立組織，該品牌將位於帕克城之外。

We're building out the organizational structure in Japan for that business, and then we're making certain IT and distribution-related investments in Jack Wolfskin within its primary markets, which are China and Central Europe.

我們正在日本為該業務建立組織結構，然後我們在其主要市場（中國和中歐）內對 Jack Wolfskin 進行某些與 IT 和分銷相關的投資。

So considerable amount of activity around that, which we're excited about.

圍繞這一點開展了大量活動，我們對此感到興奮。

We think we have a high confidence level in our ability to execute those internal investments.

我們認為我們對執行這些內部投資的能力有很高的信心。

In terms of the cadence of when they will hit among the quarters, Brian, do you have any feel for that?

就他們何時會在四節中擊球的節奏而言，布賴恩，你對此有什麼感覺嗎？

(inaudible) broken down.

（聽不清）壞掉了。

Yes.

是的。

Susan, they probably ramp a little and they probably start a little slowly in Q1 but then probably ramp pretty quickly between Q2 and Q4.

蘇珊，他們可能會稍微增加一點，他們可能在第一季度開始有點慢，但在第二季度和第四季度之間可能會很快增加。

Great.

偉大的。

That's helpful.

這很有幫助。

And then if I could have a follow-up.

然後，如果我可以進行跟進。

So the launch of the TravisMathew brand of golf shoes, maybe if you could talk a little bit about the response by the wholesale partners and consumers maybe a little bit early on but then also the distribution right now.

所以 TravisMathew 品牌高爾夫球鞋的推出，也許你能談談批發合作夥伴和消費者的反應，也許早一點，然後是現在的分銷。

And then I think you talked about the growth expectations across all the segments and brands.

然後我認為您談到了所有細分市場和品牌的增長預期。

It sounds like you're expecting all the segments to be up in brands.

聽起來您期望所有細分市場都在品牌中。

But are there any ones that should be directionally higher than the others?

但是有沒有應該在方向上高於其他的？

Sure.

當然。

The Cuater shoe line was launched really on a limited basis in Q4.

Cuter 鞋履系列實際上是在第四季度有限推出的。

It was primarily launched direct to consumer with just a small amount of wholesale in that quarter, and the market reaction was very favorable.

該產品主要是直接面向消費者推出，該季度僅少量批發，市場反應非常好。

As you imagine, it's part of the TravisMathew family.

正如您想像的那樣，它是 TravisMathew 家族的一部分。

That brand has quite a bit of momentum behind it.

這個品牌背後有相當大的動力。

And both consumers reacted favorably to it, great feedback, good sell-through, and the wholesale partners had success in their offerings that they've had.

兩位消費者都對它做出了積極的反應，良好的反饋，良好的銷售，批發合作夥伴在他們的產品中取得了成功。

It'll be a broader launch in Q2 of this year to wholesale.

這將是今年第二季度更廣泛的批發產品。

It's still fairly select in this distribution and it's still relatively modest revenue expectations for this year but off to an excellent start and one of the many initiatives across our soft goods and apparel line that creates good opportunity.

它在這種分佈中仍然是相當有選擇的，今年的收入預期仍然相對適中，但開局良好，是我們的軟商品和服裝系列的眾多舉措之一，創造了良好的機會。

The rest of our -- we report out in 2 segments right now, golf equipment, and soft goods and apparel.

我們的其餘部分——我們現在分兩個部分報告，高爾夫設備，以及軟商品和服裝。

We believe both of those segments will be up this year.

我們相信這兩個部分今年都會上升。

And within each segment, a little bit different growth rate by individual categories within it, which gets pretty detailed right now.

在每個細分市場中，各個類別的增長率略有不同，現在已經非常詳細了。

Travis is obviously a strong growth opportunity for us, and we anticipate that continuing.

Travis 對我們來說顯然是一個強大的增長機會，我們預計這種情況會持續下去。

And then, Susan, the last question and answer is on the China business for Jack Wolfskin.

然後，蘇珊，最後一個問題和答案是關於 Jack Wolfskin 的中國業務。

Jack Wolfskin China is about 20% of their revenues, and China in total is about 5% of our total company revenues.

Jack Wolfskin 中國約佔他們收入的 20%，而中國總共約占我們公司總收入的 5%。

Your next question comes from Michael Swartz from SunTrust Robinson Humphrey.

您的下一個問題來自 SunTrust Robinson Humphrey 的 Michael Swartz。

Just maybe starting off with Brian.

也許只是從布賴恩開始。

It looks like in the fourth quarter gross margin came in a bit below what your guidance had implied for the full year.

看起來第四季度的毛利率略低於你對全年的指導。

So maybe just a little color on maybe what caught you off guard during the quarter.

因此，也許只是在本季度讓您措手不及的事情上加了一點顏色。

Sure, Michael.

當然，邁克爾。

I'm somewhat expecting this question.

我有點期待這個問題。

Yes, full year guidance for -- or gross margin non-GAAP was 46.7% versus what we've delivered, was 40.8%.

是的，全年指導——或非公認會計準則毛利率為 46.7%，而我們提供的為 40.8%。

That was 90 basis points short of that.

那比那個少90個基點。

There's a couple of things that were going on.

有幾件事正在發生。

One, there is just a little different mix of the products sold during the quarter than we had estimated with a little bit more lower-margin products in the mix.

第一，本季度銷售的產品組合與我們估計的略有不同，其中低利潤率的產品略多一些。

And then during the quarter, we also had an opportunity to sell some older and lower-margin inventory without impacting our first quarter launches, which is evidenced by the higher-than-expected sales in the fourth quarter.

然後在本季度，我們也有機會在不影響我們第一季度發布的情況下出售一些較舊且利潤率較低的庫存，這從第四季度高於預期的銷售額中得到證明。

And so overall, it left us in a better overall position as we move into 2020, and there was probably a little bit of FX in there as well.

因此，總體而言，隨著我們進入 2020 年，它讓我們處於更好的整體位置，而且可能還有一點外匯。

Okay.

好的。

That's helpful.

這很有幫助。

And then, Chip, I know it's early.

然後，奇普，我知道現在還早。

But maybe anything you can provide color-wise on the launch of MAVRIK and maybe the response you've seen relative to prior launches, whether that's Rogue or Epic?

但是，也許您可以在 MAVRIK 的發布中提供任何顏色方面的信息，或者您所看到的與之前發布相關的反應，無論是 Rogue 還是 Epic？

Yes.

是的。

It's very early, Michael, but we're pleased with the feedback we're hearing across the golf club product line.

邁克爾，現在還為時過早，但我們對我們在整個高爾夫球桿產品線中聽到的反饋感到滿意。

So we've got majority of our golf sticks lineup in the field now and feedback has been very strong from consumers as well as wholesale consistent with what we hoped it would be.

因此，我們現在在該領域擁有大部分高爾夫球桿陣容，並且來自消費者和批發商的反饋非常強烈，與我們希望的一致。

And it's strong across the line, particularly on the irons, I would say.

我會說，它在整個線上都很強大，尤其是在鐵桿上。

But the irons just launched last weekend, so we're working on very small data right now.

但是鐵桿上週末剛剛推出，所以我們現在正在處理非常小的數據。

But no comparative data for you but positive feedback on the lineup.

但沒有比較數據給你，但對陣容有積極的反饋。

And we think we're in good position to continue to lead in the golf equipment segment, particularly on the club side, where we've established strong leadership positions over the last several years.

而且我們認為我們處於有利位置，可以繼續在高爾夫設備領域保持領先地位，尤其是在俱樂部方面，我們在過去幾年中建立了強大的領導地位。

Your next question comes from Joe Altobello from Raymond James.

您的下一個問題來自 Raymond James 的 Joe Altobello。

First question, I wanted a little more color on the OpEx ramp you guys are looking for this coming year.

第一個問題，我想為你們在來年尋找的 OpEx 斜坡增加一點色彩。

How much of that is selling versus G&A?

與 G&A 相比，其中有多少是銷售？

And maybe how much of that is behind Jack?

也許傑克背後有多少？

I think you mentioned Jack had about $155 million of OpEx last year.

我想你提到傑克去年的運營支出約為 1.55 億美元。

How much is that number going up versus the [big dips]?

與[大跌]相比，這個數字上升了多少？

OpEx.

運營支出。

Its year-over-year OpEx.

其同比運營支出。

Yes.

是的。

Just from a, I guess, function perspective, there's going to be growth in both selling and admins, right?

我想，從功能的角度來看，銷售和管理都會有增長，對吧？

So as we build infrastructures, obviously, there is pieces of both of those, maybe a little more on the selling but definitely in both of those functions.

因此，當我們建立基礎設施時，顯然，這兩者都有，可能在銷售上多一點，但肯定在這兩個功能中。

And in terms of Jack, how much does that go up next year?

就傑克而言，明年會上漲多少？

We're not breaking out Jack specifically, and it's -- Joe, it's starting to get a little tougher as we integrate the soft goods businesses to kind of look at that by brand.

我們並沒有專門打破傑克，它是 - 喬，隨著我們整合軟商品業務以按品牌看待它，它開始變得更加艱難。

But obviously, there definitely is infrastructure spend for the new markets, and then we continue to invest in systems as well.

但顯然，新市場肯定會有基礎設施支出，然後我們也會繼續投資於系統。

So there definitely is -- some of that investment is related to those activities.

所以肯定有——其中一些投資與這些活動有關。

And if you just look at operating expenses in 2020 versus '19, there'll be the normal inflationary pressures, and you'd probably say half of that relates to, just the normal inflation and increase in our business.

如果你只看 2020 年與 19 年的運營費用，就會出現正常的通脹壓力，你可能會說其中一半與正常通脹和我們業務的增長有關。

Then there'll be another piece that is normal increased investment as we grow and have a larger organization.

然後，隨著我們的成長和擁有更大的組織，將會有另一部分正常增加投資。

And then there's another piece that is probably related to -- we have additional investments that Chip referred to in our soft goods business where you don't see any revenue against that yet.

然後還有另一件可能與 - 我們有額外的投資，Chip 在我們的軟商品業務中提到了這些投資，你還沒有看到任何收入。

So it's definitely an investment year next year.

所以明年肯定是投資年。

Your next question comes from Brett Andress from KeyBanc Capital Markets.

您的下一個問題來自 KeyBanc Capital Markets 的 Brett Andress。

Brian, if you could help me with the 2020 guide a little.

布賴恩，如果你能幫助我完成 2020 年指南的話。

In the press release, you have the starting point as $182 million for adjusted EBITDA.

在新聞稿中，調整後 EBITDA 的起點為 1.82 億美元。

But then you reported $210 million of adjusted EBITDA this year, so we all have our models based off $210 million.

但是你今年報告了 2.1 億美元的調整後 EBITDA，所以我們都有基於 2.1 億美元的模型。

So is a bridge to a non-GAAP number essentially with adding back the $5 million in gross margin and the $6 million in OpEx onetime?

那麼，通過一次性增加 500 萬美元的毛利率和 600 萬美元的運營支出，是通往非 GAAP 數字的橋樑嗎？

Yes.

是的。

So let me just -- yes, part of this is, last year, we were reporting non-GAAP, and this year, it's moving to GAAP.

所以讓我 - 是的，其中一部分是，去年，我們報告了非公認會計原則，而今年，它正在轉向公認會計原則。

But if you look at just sort of EBITDA is not actually GAAP.

但是，如果您只看某種 EBITDA，實際上並不是 GAAP。

If you look at that, we're guiding to $190 million to $205 million versus $182 million last year.

如果你看一下，我們的指導價為 1.9 億至 2.05 億美元，而去年為 1.82 億美元。

Now if you add back sort of the -- what we call -- people refer to onetime, you would get a guide of $196 million to $211 million for 2020 versus $210 million for last year.

現在，如果你加上人們曾經提到的那種——我們所說的——，你會得到 2020 年 1.96 億美元至 2.11 億美元的指導，而去年為 2.1 億美元。

So that's your $210 million, and that would equate to the $196 million to $211 million.

所以這是你的 2.1 億美元，這相當於 1.96 億美元到 2.11 億美元。

Then you add into that our estimated impact for the coronavirus, which is $13 million; estimated impact for FX, $10 million; estimated impact for tariffs of $3 million; and if you were -- that would equate to essentially $222 million to $237 million guided for 2020 versus the $210 million last year, which is up 6% to 13% on sales estimate of up 3% to 5%.

然後你加上我們對冠狀病毒的估計影響，即 1300 萬美元；對外彙的估計影響，1000 萬美元；對關稅的估計影響為 300 萬美元；如果你是 - 這將相當於 2020 年的指導價基本為 2.22 億美元至 2.37 億美元，而去年為 2.1 億美元，銷售額預計增長 3% 至 5%，增長 6% 至 13%。

And Brett, just to clarify, that $6 million of onetime expense that's in 2020 is the $5 million of warehouse expense, mostly up in margin, and then there's about $1 million of IT onetime expenses as we're implementing new projects.

布雷特，澄清一下，2020 年 600 萬美元的一次性費用是 500 萬美元的倉庫費用，大部分是在利潤上，然後在我們實施新項目時大約有 100 萬美元的 IT 一次性費用。

Remember that extra $5 million, that's -- or $4 million to $5 million, that's purchase price is because it's amortization, doesn't flow through to EBITDA, but it will impact your EPS one time, right?

請記住，額外的 500 萬美元，也就是 400 萬到 500 萬美元，這是購買價格，因為它是攤銷，不會流向 EBITDA，但它會一次影響您的每股收益，對吧？

That's why that's $0.09 versus the $6 million on the EBITDA side.

這就是為什麼這是 0.09 美元，而 EBITDA 方面是 600 萬美元。

Got it.

知道了。

And then, Chip, you mentioned you expect the global golf business to be flat to slightly up in 2020.

然後，奇普，您提到您預計 2020 年全球高爾夫業務將持平或略有上升。

Could you maybe walk through your outlook by market?

您能否按市場介紹一下您的前景？

What are you expecting in the U.S., U.K., Japan, et cetera?

您對美國、英國、日本等國有何期待？

Sure.

當然。

I guess I can.

我想我可以。

It gets a little fuzzy as we go through by market, but the U.S. is starting off the year quite solid.

當我們通過市場時，它變得有點模糊，但美國在今年開始時相當穩健。

Q4 was quite good.

Q4相當不錯。

The market grew faster than what we're saying for our total global forecast last year and it remains quite strong entering this year.

市場的增長速度超過了我們去年對全球總體預測的預測，今年進入市場仍然相當強勁。

So that market's quite good.

所以這個市場很好。

The Asian markets were down last year, Japan being the largest of those markets.

去年亞洲市場下跌，日本是其中最大的市場。

And the coronavirus is likely to have a bigger impact in the Asian markets than it would in the U.S. So the Japanese market is probably going to be flat to a little bit down this year depending on how the consumer reacts.

冠狀病毒對亞洲市場的影響可能比對美國的影響更大。因此，日本市場今年可能會持平或略有下降，具體取決於消費者的反應。

Europe is very weather dependent.

歐洲非常依賴天氣。

It was up last year 4% or something like that, but I think it will likely fall in line with the U.S. forecast of flat to slightly up this year.

去年上漲了 4% 左右，但我認為它可能會符合美國對今年持平或小幅上漲的預測。

And your next question comes from Daniel Imbro from Stephens Inc.

您的下一個問題來自 Stephens Inc. 的 Daniel Imbro。

Brian, just first a clarifier, similar to the maybe math you just walked through on the EBITDA guide, as we look at the adjusted EPS guidance -- or the GAAP EPS guidance, could you walk us through what maybe a like-for-like adjusted number would have been if you added back the same buckets you just called out?

布賴恩，首先澄清一下，類似於您剛剛在 EBITDA 指南中完成的數學，當我們查看調整後的 EPS 指南 - 或 GAAP EPS 指南時，您能否引導我們完成類似的內容如果您添加回剛剛調用的相同存儲桶，調整後的數字會是多少？

Sure.

當然。

So our guide is $0.82 to $0.94 versus $0.82 in 2019.

因此，我們的指導價為 0.82 美元至 0.94 美元，而 2019 年為 0.82 美元。

Now in 2020, we're estimating $0.09 of onetimes, and $0.28 would have been the number for 2019.

現在在 2020 年，我們估計一次性 0.09 美元，而 0.28 美元將是 2019 年的數字。

So if you exclude those, you get to $0.91 to $1.03 for 2020 versus $1.10 for 2019.

因此，如果排除這些，2020 年的價格為 0.91 美元至 1.03 美元，而 2019 年為 1.10 美元。

Then you add $0.11 on the coronavirus, $0.09 for FX impact and $0.03 for tariffs and exclude all that, then you're looking at a guide for 2020 of $1.14 to $1.26 versus $1.10 in 2019.

然後你加上 0.11 美元的冠狀病毒，0.09 美元的外匯影響和 0.03 美元的關稅並排除所有這些，然後你看到的 2020 年指導價為 1.14 美元至 1.26 美元，而 2019 年為 1.10 美元。

So that would be plus 4% to 15%.

所以這將是 4% 到 15%。

Got it.

知道了。

That's really helpful.

這真的很有幫助。

And then when we look at the golf ball business in 2020, understanding that we have a later Chrome Soft launch coming, but I guess a little surprised at the lack of a flow-through.

然後當我們審視 2020 年的高爾夫球業務時，了解到我們將推出稍後的 Chrome Soft，但我想對缺乏流通感到有點驚訝。

You had a really strong 4Q.

你有一個非常強大的 4Q。

You have a higher priced Chrome Soft launch coming.

您即將推出價格更高的 Chrome Soft。

Chicopee inefficiencies should improve with the roll-off of some of those investments.

隨著其中一些投資的減少，Chicopee 的低效率應該會有所改善。

Can you just talk about how you're thinking about golf ball incremental margin?

你能談談你是如何考慮高爾夫球增量邊距的嗎？

And maybe what are some of the offsetting factors that are maybe keeping that from flowing through to the bottom line?

也許有哪些抵消因素可能會阻止它流入底線？

Yes, Daniel.

是的，丹尼爾。

I think it's just -- we don't break out the profitability by segment in our forecast, so whether -- we are expecting our overall golf equipment segment, which we do provide segment reporting on, to be up this year, both profitability and revenues.

我認為這只是 - 我們沒有在我們的預測中按細分市場劃分盈利能力，所以無論 - 我們是否預計我們提供細分市場報告的整體高爾夫設備細分市場今年都會上升，盈利能力和收入。

The ball business is still in a period of transition.

球類業務仍處於轉型期。

As mentioned, as we go through that transition, the margins are still being compressed a little bit due to higher manufacturing costs and start-up -- normal start-up issues, quite frankly, as we work through yield, et cetera.

如前所述，當我們經歷這種轉變時，由於更高的製造成本和啟動 - 正常的啟動問題，坦率地說，當我們通過產量等工作時，利潤仍然被壓縮了一點。

The margins in the ball business are likely to improve this year versus last year, but our spend against the segment will also be higher.

與去年相比，今年球業務的利潤率可能會有所提高，但我們對該細分市場的支出也會更高。

So those can kind of offset each other a little bit.

所以這些可以相互抵消一點。

What I'm most excited about on the ball side is we've got a large, very positive momentum segment, and I'm increasingly confident in our long-term position here.

在球方面，我最興奮的是我們有一個很大的、非常積極的勢頭部分，我對我們在這裡的長期地位越來越有信心。

And I think that's the bigger issue relative to the short-term aspects of our investments, et cetera.

我認為這是相對於我們投資的短期方面等更大的問題。

The long-term aspect of this strategy is very exciting to us.

這一戰略的長期方面對我們來說非常令人興奮。

Daniel, this is Patrick.

丹尼爾，這是帕特里克。

Really, what is depressing margins a little bit in 2020 is that FX impact that Brian had mentioned, that's a pretty substantial one and then the tariffs going up that incremental $3 million.

確實，在 2020 年稍微壓低利潤率的是布賴恩提到的外匯影響，這是一個相當大的影響，然後關稅會增加 300 萬美元。

So those both -- the vast -- actually, vast majority of the FX and the tariffs are all hitting margins.

因此，實際上，絕大多數外彙和關稅都在觸及利潤。

So that is offsetting the positive mix on the golf equipment side, including golf balls and the positive mix of Travis and Jack having higher margins.

因此，這抵消了高爾夫設備方面的積極組合，包括高爾夫球以及 Travis 和 Jack 的積極組合，利潤率更高。

So those will be the 2 that you have to think about when you balance the whole up 120 bps or 130 bps versus GAAP.

因此，當您將整體上調 120 bps 或 130 bps 與 GAAP 進行平衡時，這些將是您必須考慮的 2 個。

Your next question comes from Casey Alexander from Compass Point.

您的下一個問題來自 Compass Point 的 Casey Alexander。

Yes.

是的。

I'm curious if, as horrible as the coronavirus is that -- I mean how much worse would it had been for you if this had happened at the end of October as you were building inventory for the new year?

我很好奇，像冠狀病毒一樣可怕——我的意思是，如果這發生在 10 月底你正在為新的一年建立庫存時，對你來說會更糟嗎？

And to a certain extent, I believe that the company has been transitioning some of their supply away from China because of the tariffs.

而且在一定程度上，我相信由於關稅，該公司一直在將部分供應從中國轉移出去。

How much is that offsetting some of the impact here?

這在多大程度上抵消了這裡的一些影響？

Casey, it's Chip.

凱西，是奇普。

You're exactly right.

你完全正確。

It would have been worse for Callaway Golf and perhaps for China, quite frankly, if it happened earlier.

坦率地說，如果早點發生的話，卡拉威高爾夫和中國可能會更糟。

And because we have -- we positioned most of our launch products well in advance of those launches, so it was already here as our inventory shows at the end of last year and arrived through January.

而且因為我們已經 - 我們在這些發布之前很好地定位了我們的大部分發布產品，所以它已經在這裡，因為我們的庫存顯示在去年年底並在 1 月份到達。

So we're in a relatively good position from that perspective.

所以從這個角度來看，我們處於相對有利的位置。

And we're just working out how the factories get up and running after the markets start to open up, which it sounds like they're starting to go through that process.

我們只是在研究市場開始開放後工廠如何啟動和運行，聽起來他們開始經歷這個過程。

And what was the second question?

第二個問題是什麼？

It was transitioning some of your supply chain to other markets because of the tariffs already.

由於關稅，它正在將您的一些供應鏈轉移到其他市場。

It certainly helped, Casey.

這當然有幫助，凱西。

It doesn't help quite as much as people think it might because there's still subcontractors trying to get that -- in China.

它並沒有人們想像的那麼有幫助，因為仍然有分包商試圖獲得它——在中國。

For instance, we might have irons being assembled in Vietnam but a component of that -- and that would be sufficient from a tariff perspective, but the badges might be out of a China vendor.

例如，我們可能在越南組裝了熨斗，但其中的一部分 - 從關稅的角度來看這已經足夠了，但徽章可能來自中國供應商。

And then the second thing is even the management of some of the facilities in Vietnam, they're often coming from China, and the management from China cannot visit Vietnam right now.

其次是越南一些設施的管理，他們經常來自中國，中國的管理人員現在不能訪問越南。

But it certainly has had a positive impact.

但它肯定產生了積極的影響。

We've done a nice job in transitioning our supply chain and diversifying it outside of China.

我們在中國以外的供應鏈轉型和多元化方面做得很好。

We're continuing on that progress.

我們正在繼續這一進展。

We're working through second-tier vendors this next year.

明年我們將與二級供應商合作。

That will further insulate us from these types of things.

這將進一步使我們與這些類型的事物隔離開來。

But when you look at it, we're more diversified from a tariff perspective than we are from a China total country perspective as there's a lot of interdependence across that region for us and everybody else.

但是當你看它時，從關稅的角度來看，我們比從中國整體國家的角度來看更加多樣化，因為我們和其他人在該地區有很多相互依賴。

Okay.

好的。

That's helpful.

這很有幫助。

And one last question.

最後一個問題。

Because I believe you mentioned that you changed some of your outlooks a week ago.

因為我相信你提到你在一周前改變了一些看法。

To what extent do we need to be concerned that later on in the year that there could be some inventory that's not sold through as a result of changes in demand in end markets in Asia?

我們需要在多大程度上擔心在今年晚些時候，由於亞洲終端市場需求的變化，可能會有一些庫存沒有售完？

Casey, I think that without question, the consumer demand in China is down significantly, and every company that's reported on their operations there has reflected that.

凱西，我認為毫無疑問，中國的消費者需求顯著下降，每家報告其在中國運營的公司都反映了這一點。

We have -- about 5% of our revenues operate in China itself.

我們有——大約 5% 的收入在中國運營。

And so demand there is significantly muted, and we're unsure how quickly that will come back up.

因此那裡的需求明顯減弱，我們不確定這種需求會以多快的速度恢復。

We have tried to capture that to the best of our abilities, but we know and everybody knows that there's a lot of speculation on that at this point.

我們試圖盡我們所能捕捉到這一點，但我們知道，每個人都知道，在這一點上有很多猜測。

Without a doubt, since we purchased inventory ahead of that time, there will be some excess inventory associated with that in those markets from us and every other person that's doing business over there.

毫無疑問，由於我們在此之前購買了庫存，因此在這些市場中，我們和在那邊做生意的所有其他人都會有一些與此相關的過剩庫存。

We've tried to factor that into our estimates and plans associated with this, but you're exactly right.

我們已嘗試將其納入與此相關的估計和計劃中，但您是完全正確的。

And without a doubt, that is one of the consequences of this.

毫無疑問，這就是這樣做的後果之一。

We will be in as good as shape as anybody to mitigate it.

我們將與任何人一樣保持良好狀態以減輕它。

And with 5% of our revenues, it's proportional of an issue to us.

對於我們收入的 5%，這與我們的問題成正比。

So it's in the forecast to the best of our ability at this point.

因此，在這一點上，我們盡最大努力預測。

Your next question comes from John Kernan from Cowen.

您的下一個問題來自 Cowen 的 John Kernan。

This is Krista Zuber on for John.

這是約翰的克里斯塔祖伯。

Just kind of circling back to the respect of the multiple distribution center upgrades and consolidations globally.

只是回到對全球多個配送中心升級和整合的尊重。

I think you said in your earlier comments that you expected most of that to be completed for 2020.

我想你在之前的評論中說過，你預計大部分工作將在 2020 年完成。

Is there anything that's going to bleed into forward years?

有什麼東西會流血到未來幾年嗎？

And kind of how should we think about then your CapEx run rate beyond 2020?

那麼我們應該如何考慮您在 2020 年之後的資本支出運行率？

And then I just have one follow-up.

然後我只有一個跟進。

Right.

正確的。

I mean there's always a possibility for something to carry over, but at this point, we're not really expecting anything to carry over into 2021.

我的意思是總有一些東西可以延續，但在這一點上，我們並不真的期望任何東西會延續到 2021 年。

As far as CapEx run rate, once it more normalizes -- we're going through the process now.

就資本支出運行率而言，一旦它更加正常化——我們現在正在經歷這個過程。

Part of it depends on how fast Travis is going to grow their stores and some other growth initiatives.

部分原因取決於 Travis 的商店增長速度和其他一些增長計劃。

But as a placeholder, we're using $45 million at this point.

但作為佔位符，我們目前使用了 4500 萬美元。

Terrific.

了不起。

And then final question.

然後是最後一個問題。

In terms of the fiscal '20 guidance, assuming the global market conditions up -- flat to up slightly, your own business growing faster, can you just sort of parse out the drivers, the percentage or what's coming from pricing, what's unit growth, your kind of -- your expectations around that?

就 20 財年的指導而言，假設全球市場狀況從平到小幅上升，您自己的業務增長更快，您能否分析出驅動因素、百分比或來自定價的因素、單位增長是多少，你的那種——你對此的期望？

So you're talking about for the full year 2020?

所以你說的是2020年全年？

Yes.

是的。

[The opportunity broken out specifically]?

【具體爆發的機會】？

(inaudible) broken out.

（聽不清）爆發了。

We don't generally break that out.

我們通常不會打破這一點。

We don't specifically -- we have taken -- it's probably a mix of both.

我們沒有特別 - 我們已經採取 - 它可能是兩者的混合。

We have obviously taken some price, but we do expect to grow especially in a category like irons where the MAVRIK iron launch is a bigger -- is a bigger overall launch than the launches we had last year.

我們顯然已經付出了一些代價，但我們確實預計會增長，尤其是在諸如 MAVRIK 鐵桿推出規模更大的鐵桿類別中——與我們去年的推出相比，整體推出規模更大。

Your next question comes from Alex Maroccia from Berenberg.

您的下一個問題來自 Berenberg 的 Alex Maroccia。

Outside of the aforementioned investments in operations, what are you guys planning for capital priorities this year?

除了上述運營投資之外，你們今年的資本優先事項是什麼？

And then does that EPS range bake in any significant debt paydowns?

然後每股收益範圍是否包含任何重大的債務償還？

It does not -- it just -- it does bake in some debt paydown, but as far as the capital priorities go, it's pretty much the same as before where we are mostly investing back into our core business to support our growth and make sure we continue to perform well there.

它不會 - 它只是 - 它確實會償還一些債務，但就資本優先事項而言，它與以前幾乎相同，我們主要投資於我們的核心業務以支持我們的增長並確保我們繼續在那裡表現良好。

Then the other priorities have also generally remained the same, except the debt repayment has taken a little bit more of a priority.

然後其他優先事項也基本保持不變，只是償還債務的優先級更高。

So that's probably second.

所以這可能是第二個。

And then third would be the return of capital to shareholders through stock buybacks or dividends.

第三個是通過股票回購或股息向股東返還資本。

And then probably fourth at this point would be other acquisitions or just investing in growth initiatives.

在這一點上，第四個可能是其他收購或只是投資於增長計劃。

Okay.

好的。

Got it.

知道了。

And then just looking at the Jack Wolfskin business right now, it ended '19 at the lower end of the sales guidance.

然後看看現在的 Jack Wolfskin 業務，它在 19 年以銷售指導的低端結束。

Can you discuss the current wholesale versus DTC environment there and what your expectations are in 2020 for that bit?

您能否討論那里當前的批發與 DTC 環境以及您對 2020 年的期望是什麼？

Sure.

當然。

This is Chip.

這是芯片。

So that, you're going to have to look at market by market.

因此，您將不得不逐個市場看待市場。

So for Jack Wolfskin, the biggest part of that business is in Central Europe.

因此，對於 Jack Wolfskin 而言，該業務的最大部分在中歐。

That is a low growth market right now.

這是一個低增長的市場。

And we've had good progress in delivering some improvements in that business on the direct-to-consumer business, et cetera.

我們在直接面向消費者的業務等方面取得了良好的進展。

So we'll probably outperform on our direct-to-consumer business in that market.

因此，我們在該市場的直接面向消費者的業務可能會表現出色。

We'll cross -- the wholesale market is improving.

我們會跨越——批發市場正在改善。

We had good sell-through across the Jack Wolfskin line in the fall/winter season.

在秋冬季節，我們的 Jack Wolfskin 產品線銷售良好。

So we like how that will align us, but the wholesale business in Central Europe is challenged still.

所以我們喜歡這將使我們保持一致，但中歐的批發業務仍然面臨挑戰。

So there are going to be competing factors on that basis.

因此，在此基礎上將存在競爭因素。

China is kind of up in the air for Jack Wolfskin now due to the coronavirus.

由于冠狀病毒，中國現在對 Jack Wolfskin 來說有點懸而未決。

And then we have some nice growth initiatives where we're really anniversary-ing or starting from 0 or a very low base in North America and Japan, where there are going to be small numbers but big percentage increases.

然後我們有一些很好的增長計劃，我們真的是周年紀念日，或者從零開始，或者北美和日本的基數很低，那裡的數字很小，但百分比增長很大。

And so you've got multiple factors going on there within the Jack Wolfskin business, which are kind of offsetting to give us modest growth expectations for the year.

因此，您在 Jack Wolfskin 業務中存在多種因素，這些因素在某種程度上抵消了我們對今年的適度增長預期。

But we remain very encouraged about the long-term outlook.

但我們仍然對長期前景感到非常鼓舞。

And that was our last question.

這是我們的最後一個問題。

At this time, I will now turn the call back over to Chip Brewer, CEO, for final comments.

現在，我將把電話轉回給 CEO Chip Brewer 以徵求最終意見。

Well, thank you, everybody, for tuning in.

嗯，謝謝大家收聽。

We appreciate your time and participation.

我們感謝您的時間和參與。

We'll look forward to updating you further as we go through the year and look forward to talking to you on the Q2 call.

我們期待在這一年中進一步更新您，並期待在第二季度電話會議上與您交談。

Ladies and gentlemen, this concludes today's conference call.

女士們，先生們，今天的電話會議到此結束。

Thank you for participating.

感謝您的參與。

You may now disconnect.

您現在可以斷開連接。