On Holding AG (ONON) 2022 Q4 法說會逐字稿

Good afternoon, ladies and gentlemen. Thank you for standing by. Welcome, and thank you for joining the On Holding AG Q4 2022 Results Call.

女士們、先生們，午安。感謝您的支持。歡迎您，感謝您參加 On Holding AG 2022 年第四季業績電話會議。

(Operator Instructions)

（操作員指令）

It's my pleasure, and I would now like to turn the conference over to Jerrit Peter. Please go ahead.

我很榮幸，現在我想將會議交給傑里特彼得。請繼續。

Good afternoon, good morning, and thank you for joining On's 2022 Fourth Quarter and Full Year Earnings Conference Call and Webcast.

下午好，早上好，感謝您參加 On 的 2022 年第四季度和全年收益電話會議和網路廣播。

With me today on the call are Executive Co-Chairman and Co-Founder, David Allemann; CFO and Co-CEO, Martin Hoffmann; and Co-CEO, Marc Maurer.

今天與我一起參加電話會議的還有執行聯席主席兼共同創辦人 David Allemann；財務長兼聯合執行長 Martin Hoffmann；和聯合執行長馬克‧莫雷 (Marc Maurer)。

Before we begin, I would like to remind everyone that today's call will contain forward-looking statements regarding future events and performance within the meaning of federal securities laws. These forward-looking statements reflect our current expectations and beliefs only and are subject to certain risks and uncertainties that could cause actual results to differ materially. Please refer to our 20-F filed with the SEC earlier this morning for a detailed discussion of such risks and uncertainties.

在我們開始之前，我想提醒大家，今天的電話會議將包含聯邦證券法含義內有關未來事件和表現的前瞻性陳述。這些前瞻性陳述僅反映我們目前的預期和信念，並受某些風險和不確定性的影響，可能導致實際結果大不相同。請參閱我們今天早上向美國證券交易委員會提交的 20-F 文件，以了解有關此類風險和不確定性的詳細討論。

We will further reference certain non-IFRS financial measures such as adjusted EBITDA and adjusted EBITDA margin. These measures are not intended to be considered in isolation or as a substitute for the financial information presented in accordance with IFRS. Please refer to today's release for a reconciliation to the most comparable IFRS measures.

我們將進一步參考某些非國際財務報告準則的財務指標，例如調整後的 EBITDA 和調整後的 EBITDA 利潤率。這些指標並非旨在單獨考慮或取代根據國際財務報告準則呈現的財務資訊。請參閱今天發布的與最具可比性的 IFRS 指標的對帳表。

We will begin with David, followed by Martin leading through today's prepared remarks, after which we are looking forward to opening the call for a Q&A session.

我們將首先由大衛 (David) 開始，然後由馬丁 (Martin) 主導今天的準備好的發言，之後我們期待著開始問答環節。

With that, I'm very happy to turn over the call to David.

說完這些，我非常高興地將電話轉給大衛。

Thank you very much, and welcome, everyone, to our fourth quarter results update call. The last 3 months of our first full financial year as a public company saw an exceptionally strong finish to an exceptional year. It is fair to say that at the time of the IPO, we didn't expect that we would already have beaten the CHF 1 billion net sales mark so comprehensively in 2022. So it fills me with a huge sense of pride to stand here 18 months later on behalf of the On team to speak to our very successful fourth quarter that brought us to more than CHF 1.2 billion in net sales for 2022, delivering a year-over-year growth of 69% versus 2021.

非常感謝，歡迎大家參加我們的第四季業績更新電話會議。作為一家上市公司，我們在第一個完整財政年度的最後三個月取得了異常強勁的成績，為這一年畫上了圓滿的句號。公平地說，在首次公開募股時，我們並沒有想到 2022 年我們的淨銷售額已經如此全面突破 10 億瑞士法郎大關。 因此，18 個月後，我站在這裡代表 On 團隊介紹我們非常成功的第四季度，我感到非常自豪。

Since the IPO, we've often spoken about our philosophy that has guided us since we started driving growth, while at the same time, staying focused on efficiency and driving profitability. So it makes us even more proud of the team's achievement of finishing our first full year as a public company in a profitable way with a net income of CHF 57.7 million. We are so grateful to everyone that has shaped on with us over the past 13 years and set the foundation for this amazing achievement.

自從首次公開募股以來，我們經常談論我們的理念，自從我們開始推動成長以來，這種理念一直指導著我們，同時我們始終專注於效率和提高獲利能力。因此，我們為團隊取得的成績感到更加自豪，我們作為上市公司的第一個完整財年就實現了盈利，淨收入達 5770 萬瑞士法郎。我們非常感謝過去 13 年裡與我們一起努力並為這一驚人成就奠定基礎的每一個人。

Finishing the year with such an outstanding Q4 is the perfect testament to the great work our team continues to do and an indicator of the continued momentum and the great opportunity that lies ahead of us. With net sales of CHF 367 million and the growth rate of 92%, the quarter came in significantly ahead of even our own high expectations. Demand for the brand across all regions, categories and channels remains extremely strong, and we are so excited that we were able to go into 2023 in such a great position.

以如此出色的第四季度結束這一年，充分證明了我們團隊持續做出的出色工作，並預示著我們將繼續保持良好勢頭並面臨巨大機會。本季的淨銷售額達到 3.67 億瑞士法郎，成長率達到 92%，遠遠超出了我們自己的高預期。所有地區、類別和管道對該品牌的需求仍然十分強勁，我們非常高興能夠以如此良好的狀態進入 2023 年。

By switching our url to on.com, we've also made it even easier for consumers to find our iconic brand online.

透過將我們的網址切換為 on.com，我們也讓消費者更容易在線上找到我們的標誌性品牌。

And we truly believe we are setting ourselves up for our best year yet. I say this both in terms of that strong momentum that we have seen in the first month of the year as well as there be [against] industry [odds] if you look at the normalization of operations. The last 3 years of the pandemic roller coaster has been a huge challenge and have put our teams and operations to the test. The factory closures in Q3 of 2021 meant a very tight inventory position at the end of 2021 and early 2022 as well as elevated airfreight usage particularly in the first half of 2022.

我們堅信，我們正在為迄今為止最好的一年做好準備。我這樣說既因為我們在今年第一個月看到的強勁勢頭，也因為如果從營運正常化的角度來看，產業將面臨困難。過去三年的疫情過山車式變化是一個巨大的挑戰，對我們的團隊和營運進行了考驗。 2021 年第三季的工廠關閉意味著 2021 年底和 2022 年初的庫存狀況非常緊張，而且空運使用量會增加，尤其是在 2022 年上半年。

Along with the industry, we have seen tight production capacities at factory partners, disruptions of global trade lines, increased sea freight lead times as well as macro challenges.

隨著產業的發展，我們看到工廠合作夥伴的生產能力緊張、全球貿易路線中斷、海運交貨時間增加以及宏觀挑戰。

We were additionally challenged by our 3PL induced warehouse disruption in the third quarter of 2022. Martin will provide some additional perspectives on how these elements come to play in our financial review as well as outlook for 2023, but it is safe to say we are very confident and excited to be heading into a year of increasingly normalized operations where we can focus even more on driving our brand and continuing to build a community of athletes, fans and innovators and an exceptional team that is excited to be part of the next phase of On.

2022 年第三季度，我們還面臨著由 3PL 引發的倉庫中斷帶來的挑戰。

But before we move to the detailed financial review of the fourth quarter, I want to take a few minutes to focus on 3 areas that are fueling the ongoing momentum we see around the brand as we move into 2023. Namely the way we are winning in running, our ambitious move into tennis and our growing popularity amongst younger consumers.

但在我們進入第四季度的詳細財務回顧之前，我想花幾分鐘時間重點介紹一下在進入 2023 年時推動品牌持續發展勢頭的三個領域。

So let's start with running. It's clear to see that 2022 was a huge year for us, with the introduction of the CloudRunner, Cloudgo and Cloudmonster, we added 3 major silhouettes that have been strongly supporting our ongoing market share increase on runners' feet. We can see this very clearly in our proprietary runner count data, where in particular, the Cloudmonster and Cloudrunner are positively overindexing with regards to their visibility on the running routes versus their contribution to sales.

那麼就讓我們從跑步開始吧。顯然，2022 年對我們來說是重要的一年，隨著 CloudRunner、Cloudgo 和 Cloudmonster 的推出，我們增加了 3 個主要款式，有力地支持了我們在跑步者腳部市場的持續成長。我們可以在專有的跑步者數量數據中清楚地看到這一點，特別是 Cloudmonster 和 Cloudrunner 在跑步路線上的可見性相對於其對銷售的貢獻而言，其指數明顯高於其他品牌。

This, of course, further establishes our credibility as a brand rooted in performance, a key strategic priority for us.

當然，這進一步確立了我們作為一個植根於績效的品牌的信譽，這是我們的一個關鍵策略重點。

We are excited to play our part in fueling run culture and amplifying it with storytelling and content around the amazing sport of running.

我們很高興能夠發揮自己的作用，推動跑步文化，並透過講述和傳播有關跑步這項令人驚嘆的運動的故事來擴大其影響力。

For example, with initiatives such as our new global event series "On Track Nights", which we announced in January to begin in May with the Track Fest in Los Angeles, these events held at different track meets around the globe will have their own unique local flavor, but all champion a fresh community-focused festival feel approach to track racing.

例如，我們在今年一月份宣布的全新全球賽事系列「賽道之夜」將於五月在洛杉磯田徑節上拉開帷幕，這些賽事在全球不同田徑賽事上舉辦，雖然都有各自獨特的地方特色，但都倡導一種全新的、以社區為中心的、節日氛圍十足的田徑賽事方式。

We also make running more inclusive, thanks to our Right to Run social impact partnerships program. Right to Run brings together grassroots communities and organizations to make an impact in the realms of safety, access, awareness and inclusion in running and movement.

由於我們的「跑步權利」社會影響力合作夥伴計劃，我們也讓跑步變得更具包容性。 「跑步權利」將基層社群和組織聚集在一起，在跑步和運動的安全性、可及性、意識和包容性領域產生影響。

We continue to expand the program and now partner with 17 organizations globally, helping us to achieve our ambition of reaching 100,000 community members.

我們繼續擴大該計劃，目前與全球 17 個組織合作，幫助我們實現覆蓋 100,000 名社區成員的目標。

Another way we fuel run culture and a key component of On's mission to ignite the human spirit through movement is the On Athletics Club. An incredibly inspiring group of young track and field talent with tremendous potential and big dreams.

我們推動跑步文化的另一種方式和 On 透過運動點燃人類精神的使命的關鍵組成部分是 On 田徑俱樂部。一群令人難以置信的、鼓舞人心的年輕田徑天才，他們有著巨大的潛力和遠大的夢想。

Just last month, we announced the launch of the (inaudible) [Shenya] division of the OAC and together with their counterparts in the U.S. and Europe, we look forward to supporting the next chapter of track and field champions as they set their sights on the Paris 2024 Olympics.

就在上個月，我們宣布成立 OAC 的 (聽不清楚) [Shenya] 分部，並與美國和歐洲的同行一起，我們期待支持下一批田徑冠軍，他們將目光投向 2024 年巴黎奧運會。

While many unmet leads are working towards their first Olympic Games, we are extremely excited to have added a reigning Olympic champion to our roster Transplant Gold Medalist at the Tokyo Olympics, Kristian Blummenfelt has joined us with the ambition to defend his title in Paris next year.

雖然許多未獲殊榮的候選人都在為他們的第一屆奧運會而努力，但我們非常高興能在我們的名單中加入一位衛冕奧運冠軍，東京奧運會移植金牌得主克里斯蒂安·布魯門費爾特 (Kristian Blummenfelt) 已加入我們，立志在明年的巴黎衛冕。

Alongside Kristian, an Ironman World Champion, Gustav Iden, who joined On in full 2022, we also announced the signing of 2 more triathletes in January. Reigning female Ironman world champion Chelsea Sodaro; and fellow Superstar triathlete, Paula Findlay has also joined the On team.

除了鐵人三項世界冠軍克里斯蒂安 (Kristian) 和將於 2022 年全面加入 On 的古斯塔夫·艾登 (Gustav Iden) 之外，我們還於 1 月份宣布簽約另外 2 名鐵人三項運動員。衛冕女子鐵人三項世界冠軍切爾西索達羅 (Chelsea Sodaro)；另一位超級明星鐵人三項運動員 Paula Findlay 也加入了 On 團隊。

With all our OAC team members and On athletes across running, trail and triathlon have in common, is the belief and knowledge that our products put them in a position to win at the highest levels of performance. They know that On is at the forefront of innovation and has the success of our athletes as its #1 priority.

我們所有 OAC 團隊成員和跑步、越野和鐵人三項項目的 On 運動員都有一個共同點，那就是相信並了解我們的產品能讓他們以最高水平的表現獲勝。他們知道 On 處於創新的前沿，並將運動員的成功視為第一要務。

Just look at some of the amazing achievements of our athletes recently. This past weekend, we saw Hellen Obiri cruise to victory in the New York half marathon with a new course record.

看看我們運動員最近取得的一些令人驚嘆的成就。上週末，我們看到海倫·奧比里 (Hellen Obiri) 輕鬆奪得紐約半程馬拉鬆比賽冠軍並創下了新的紀錄。

And at last month's Millrose games, one of the most important indoor track events of the season, On had 13 athletes competing, a significant jump versus the 4 we had last year.

上個月舉行的米爾羅斯運動會是本賽季最重要的室內田徑賽事之一，參賽運動員有 13 名，與去年的 4 名運動員相比有顯著增加。

And those athletes delivered career best performances, including 7 national records and wins for Alicia Monson in the women's 3,000 meter race; and Yared Nuguse in the men's mile. This run of form continued when On athlete, Helen Bekele, won the Osaka Marathon in February. We look forward to seeing our Pinnacle products on the feet of many, many more runners in the near future. That's why we'll be making these products available to the broader markets, for example, commercially launching the new generation Cloudboom Echo 3, which has been on the feet of our most successful athletes in elite competitions in the recent months.

這些運動員都取得了職業生涯的最佳表現，其中包括艾麗西婭·蒙森 (Alicia Monson) 在女子 3,000 公尺比賽中創造 7 項全國紀錄和奪冠；以及男子一英里賽的亞雷德·努古斯 (Yared Nuguse)。這種良好的勢頭一直延續到二月份安省運動員海倫貝克勒 (Helen Bekele) 奪得大阪馬拉松冠軍時。我們期待在不久的將來看到更多跑者穿上我們的 Pinnacle 產品。這就是為什麼我們要將這些產品推向更廣泛的市場，例如，商業化推出新一代 Cloudboom Echo 3，最近幾個月，這款產品一直陪伴著我們在精英比賽中最成功的運動員。

And our next phase of innovation for the everyday runner is about to shake the market up, too. Two days from now, we will officially launch the all-new Cloudsurfer, which features our new cushioning technology called CloudTec Phase.

我們針對日常跑者推出的下一階段創新也將震撼市場。兩天後，我們將正式推出全新的 Cloudsurfer，它採用了我們的全新緩衝技術 CloudTec Phase。

This evolution of On's existing technology was generated using a computer optimized technology called Finite Element Analysis, which simulates the effects of structures and materials on the human body to minimize stresses and to provide a whole new running sensation.

On 現有技術的這一演變是使用一種名為「有限元素分析」的電腦優化技術產生的，該技術模擬結構和材料對人體的影響，以最大限度地減少壓力並提供全新的跑步感覺。

Innovation within the cloud server is here to make waves, and we've seen waves of positive feedback even ahead of the official launch. Early media reviews have been hugely positive with testers describing being blown away by the new CloudTec Phase cushioning calling it their favorite road running shoe of the year and heralding the Cloudsurfer as an impressive step change for On.

雲端伺服器內部的創新即將掀起波瀾，在正式發布之前我們就已經看到了一波正面的回饋。早期媒體的評價非常正面，測試人員表示對新的 CloudTec Phase 緩衝感到震驚，稱其為今年他們最喜歡的公路跑鞋，並稱讚 Cloudsurfer 是 On 的一次令人印象深刻的變革。

And our innovations are not just reserved for footwear. Back in February, we kicked off our spring/summer '23 season with a focus on our full head-to-toe offering by introducing our latest apparel collection. The supporting campaign was centered around the message to feel nothing, so you can feel everything, shining a spotlight on our innovative lightweight and high-tech materials.

我們的創新不僅限於鞋類。今年 2 月，我們推出了最新的服裝系列，拉開了 2023 年春季和夏季的序幕，重點是從頭到腳的全套服裝。支持活動圍繞著「無需感受，便可感受一切」這一訊息展開，重點宣傳了我們創新的輕量化和高科技材料。

But coming to my second point, it's not just the world of running where we've been making waves. Yesterday, we made our ambitions clear for tennis when we announced the signings of 2 of the sport's most exciting talents to our roster of top-ranked tennis professionals.

說到我的第二點，我們不只在跑步界掀起了波瀾。昨天，我們宣布簽約兩名體育界最令人興奮的天才球員加入我們的頂級網球專業球員名單，明確表達了我們對網球的雄心。

The women's world #1 ranked player, Poland's Iga Swiatek; and Americas newest men's sensation, Ben Shelton, for whom On is the 20-year-old's first-ever multiyear sponsor.

女子世界排名第一的球員，波蘭的伊加‧斯瓦泰克 (Iga Swiatek)；以及美國新晉男單明星本謝爾頓 (Ben Shelton)，On 是這位 20 歲小將的首個多年期贊助商。

Going forward, both players will be wearing the company's newly developed On Court collection for professional competition and custom additions of the Roger Pro. The competition tennis shoe has been Swiss engineered and designed individually for and in close collaboration with both players, Roger Federer and the Lightning innovation team at On Labs to meet the demands of the individual style of play.

展望未來，兩位球員都將穿著該公司新開發的用於專業比賽的 On Court 系列以及 Roger Pro 的訂製球鞋。這款競賽網球鞋由瑞士工程師專為兩位球員設計，並與兩位球員、羅傑費德勒和 On Labs 的 Lightning 創新團隊密切合作，以滿足個人比賽風格的需求。

And with an eye on the future, On has also signed the 16-year-old Brazilian player, Joao Fonseca, who recently made his ATP main-draw debut at the 2023 Rio Open after some hugely impressive achievements on the junior circuit.

著眼於未來，On 還簽下了 16 歲的巴西球員 Joao Fonseca，他在青少年巡迴賽中取得了一些令人印象深刻的成就，最近在 2023 年裡約公開賽上首次亮相 ATP 正賽。

With a potent mix of inspirational athletes and innovative head-to-toe products, we truly believe that tennis can play a key role in fueling the next stage of On's growth.

憑藉著鼓舞人心的運動員和創新的從頭到腳的產品的強大組合，我們堅信網球可以在推動 On 下一階段的增長中發揮關鍵作用。

Coming to my third point. As we further build the brand in the performance run space and expand across categories, we see that our new product innovations lead us to new customer groups. On's highly visible technology and innovation in shoes and apparel is increasingly embraced by younger consumers from taste-making teenagers in the U.K. to many young On fans in gyms and on the streets across the U.S.

談談我的第三點。隨著我們進一步在性能運行領域建立品牌並擴展品類，我們看到我們的新產品創新為我們帶來了新的客戶群。 On 在鞋類和服裝領域備受矚目的技術和創新越來越受到年輕消費者的青睞，從英國的時尚青少年到美國各地健身房和街頭的眾多年輕 On 粉絲。

This is one reason why we have used our most popular Shooter Cloud as our starting base and has rematched and its CloudTec to activate with lower weights and smaller feet. The result, the Cloud Play.

這就是我們使用最受歡迎的 Shooter Cloud 作為起始基礎並重新匹配其 CloudTec 以使用更輕的重量和更小的腳的原因之一。結果就是 Cloud Play。

On's first kid shoe at the Cloud Sky, our first shoe for teens and preteens. Our commitment to put performance at the forefront of every new product also starts with the smallest ones. That's why we work together with 2 leading universities in the field of children's biometrics to tune the cloud and make sure these shoes help kids' feet grow in the very best conditions.

Cloud Sky 推出的第一款兒童鞋，也是我們第一款針對青少年和青春期前推出的鞋款。我們的承諾是將效能放在每個新產品的首位，這也從最小的產品開始。這就是為什麼我們與兒童生物辨識領域的兩所頂尖大學合作，調整雲端並確保這些鞋子能夠幫助孩子的腳在最佳條件下成長。

As a small added benefit, Martin, Marc and I are now finally able to fulfill our own kids' wishes that we've been hearing about for many years by getting them into a pair of On's. And believe me, we have been hearing these wishes a lot.

作為一項小小的附加福利，馬丁、馬克和我現在終於能夠實現我們孩子多年的願望了，那就是給他們買一雙 On's 鞋。相信我，我們已經聽過這樣的願望多次。

It's our mission to promote movements among kids and teenagers from a young age to build the love for sports and the relationship with On for a lifetime.

我們的使命是從小鼓勵兒童和青少年開展運動，以培養他們對運動的熱愛以及與 On 的終身聯繫。

With that as an introduction, I'm very pleased to hand over to Martin for the Q4 financial review and our outlook for 2023.

有了這個介紹，我很高興將第四季度的財務回顧和 2023 年的展望交給馬丁。

Thank you, David, and hello, everyone, from my side. 2022 was definitely a super exciting year with so many highlights, not just as a parent of young children that can now explore the world in On products, but even more for someone who loves sport and movement, who believes in the need for sustainability, but most importantly, for a member of an amazing, diverse and inspiring team.

謝謝你，大衛，大家好，就我而言。 2022 年絕對是令人興奮的一年，有很多亮點，不僅對於現在可以透過 On 產品探索世界的幼兒的父母而言，對於熱愛運動、相信永續發展必要性的人來說更是如此，但最重要的是，對於一支令人驚嘆、多元化且鼓舞人心的團隊的一員而言。

The On team has grown from 1,150 to 1,700 during 2022, now representing 79 different nationalities. Our outstanding achievements are the result of this team and all our global partners and their energy and drive to challenge the status quo on a daily basis.

2022 年，On 團隊規模從 1,150 人增加到 1,700 人，目前來自 79 個不同的國家。我們的傑出成就歸功於這個團隊和我們所有的全球合作夥伴，歸功於他們每天挑戰現狀的活力和動力。

Having exceeded CHF 1.2 billion in net sales for the full year with a 68.7% increase compared to '21, makes us extremely proud. As David mentioned, being able to convert strong sales to bottom line profit of CHF 57.7 million further validate our ability to build a high-growth brand while increasing profitability as a result of our strategic and operational progress.

全年淨銷售額超過 12 億瑞士法郎，與 21 年相比成長 68.7%，這讓我們感到非常自豪。正如David所提到的，能夠將強勁的銷售轉化為5770萬瑞士法郎的底線利潤，進一步證明了我們有能力打造高成長品牌，同時由於我們的策略和營運進步而提高獲利能力。

Q4 has been exceptionally strong and another record quarter with CHF 366.8 million net sales. In North America, Q4 net sales includes some catch-up effect from Q3, following the warehouse disruptions we had back then. But ultimately, the strong demand that we are seeing continues to exceed our expectations across all regions and channels.

第四季表現異常強勁，再創紀錄，淨銷售額達 3.668 億瑞士法郎。在北美，第四季的淨銷售額包括第三季的一些追趕效應，此前我們遇到了倉庫中斷。但最終，我們看到的強勁需求持續超越我們在所有地區和通路的預期。

Consequently, 91.9% Q4 net sales growth year-over-year is the result of the strength of the brand that we have built in '22, combined with the good product availability following a further normalization of product supply in our warehouse operations.

因此，第四季淨銷售額年增 91.9%，這得益於我們在 22 年打造的品牌實力，以及倉庫營運中產品供應進一步正常化後良好的產品供應。

In Q4 '21, we were unable to fulfill all the demand due to supply shortages and low inventory levels as a result of the factory closures in Vietnam during the third and fourth quarter of '21. This effect was more significant in the European numbers, where we had even less inventory buffer than elsewhere going into Q4 '21.

2021 年第四季度，由於 2021 年第三季和第四季越南工廠關閉導致供應短缺和庫存水準低，我們無法滿足所有需求。這種影響在歐洲更為顯著，進入 21 年第四季度，我們的庫存緩衝甚至比其他地方還要少。

At the same time, we had lower wholesale sales in Q4 '21 as key markets across Europe and other regions such as Australia and various cities in China were impacted by repeated COVID-19-related shopping restrictions.

同時，由於歐洲、澳洲等其他地區以及中國各個城市的主要市場受到與 COVID-19 相關的購物限制措施的反覆影響，我們的 2021 年第四季批發銷售額有所下降。

Driven by these impacts in '21, wholesales has grown even stronger than D2C in Q4 2022. Wholesale sales more than doubled year-over-year, growing by 104.3% to CHF 217.3 million. These strong numbers are backed up by the underlying demand and sell-through at our wholesale partners. In Foot Locker, for example, Q4 was by far our strongest sellout quarter in history.

受21年這些影響的推動，2022年第四季的批發成長甚至比D2C更為強勁。這些強勁的數據得到了我們批發合作夥伴的潛在需求和銷售量的支持。以 Foot Locker 為例，第四季是迄今為止我們史上銷售最強勁的季度。

With the same number of stores as in Q3, units sold increased by over 50% quarter-over-quarter, supported by the continued demand amongst younger consumers for products such as the Cloudnova.

由於門市數量與第三季相同，銷售量較上季增加了 50% 以上，這得益於年輕消費者對 Cloudnova 等產品的持續需求。

For the full year 2022, we achieved 73.1% growth in wholesale. We were able to drive significant same-store growth with new and existing products by being disciplined about expanding our door network in our own markets from around 8,000 to 9,200 doors over the 12-month period.

2022年全年，我們的批發業務實現了73.1%的成長。透過在 12 個月期間內嚴格拓展我們自己市場的門市網絡，從約 8,000 家增至 9,200 家，我們得以透過新產品和現有產品顯著推動同店成長。

With the focus on our premium position, we continue to manage the channel carefully and closed over 200 doors that we considered as less additive to the positioning of the brand. The strength of our premium products rooted in innovation, design and sustainability is even more directly reflected in the demand we have seen in our D2C business, resulting in 76.4% growth in Q4 versus the prior year period.

我們專注於高端定位，繼續謹慎管理管道，關閉了 200 多家我們認為對品牌定位附加價值較低的門市。我們的優質產品的優勢植根於創新、設計和永續性，這更直接地反映在我們在 D2C 業務中看到的需求上，導致第四季度比去年同期增長了 76.4%。

While others in the market were discounting, we have achieved our strong growth with a very high share of full price sales. We continue to build strong direct connections to our customers and to invest into our D2C capabilities to drive stronger growth of our D2C channel compared to wholesale.

當市場上其他產品都在打折時，我們卻憑藉極高的全價銷售份額實現了強勁增長。我們繼續與客戶建立強大的直接聯繫，並投資於我們的 D2C 能力，以推動我們的 D2C 管道相對於批發更強勁的成長。

We also completed the rollout of our new website and the purchase of our new domain on.com, which will allow us to attract and convert even more fans online.

我們還完成了新網站的推出以及新網域 on.com 的購買，這將使我們能夠在線上吸引和轉換更多的粉絲。

We're also thrilled to drive the successful expansion of our own retail store formats. Just a few weeks ago, we opened our largest store to date on Regent Street in London, and it has outperformed our expectations ever since. It was so great to see how the London run community came together on the opening night to celebrate this milestone. The London store is a further validation for our multichannel strategy, driving a visible increase of visitors, both to our website and at our retail partners.

我們也很高興能夠成功擴張自己的零售店模式。就在幾週前，我們在倫敦攝政街開設了迄今為止最大的商店，自那時起，它的業績一直超乎我們的預期。很高興看到倫敦跑步界在開幕之夜齊聚一堂，慶祝這一里程碑。倫敦店進一步驗證了我們的多通路策略，推動了我們網站和零售合作夥伴的訪客數量明顯增加。

Already in the first weeks, apparel sales in the London store exceeded sales in any other location in U.K. which we see as an additional showcase for the head-to-toe strengths of our own channels and highlights the opportunity we have in apparel.

在開業後的頭幾週，倫敦門市的服裝銷售已經超過了英國其他任何地方的銷量，我們認為這進一步展示了我們自身管道從頭到腳的優勢，並凸顯了我們在服裝領域的機會。

Reflecting on the full year of 2022, we were able to build on the significantly elevated base of our D2C channel during the pandemic and drive 61.4% D2C growth in 2022. The number of visitors to our website in '22 increased from 102 million to 143 million year-over-year. Our e-commerce capabilities and direct customer connections will be long-term assets for On and our journey of profitable growth.

回顧 2022 年全年，我們能夠在疫情期間大幅提升 D2C 通路基礎的基礎上再接再厲，並在 2022 年推動 D2C 增長 61.4%。我們的電子商務能力和直接客戶聯繫將成為 On 和我們獲利成長之旅的長期資產。

Moving on to our regional performance. Our continued success in building a global brand is reflected in the strong growth across all regions. In Europe, after a muted start into the year, net sales have returned to strong growth in the past quarters, including the 80.6% increase to CHF 79.6 million in the fourth quarter. The great start of the London store in Q1 is, of course, a further confirmation of the brand heat in the U.K., one of the fastest-growing markets for us over the recent quarters.

接下來是我們的地區表現。我們在打造全球品牌方面的持續成功體現在各地區的強勁成長。在歐洲，淨銷售額在年初低迷之後，在過去幾季恢復強勁成長，其中第四季成長 80.6%，至 7,960 萬瑞士法郎。當然，倫敦門市在第一季的良好開局進一步證實了該品牌在英國的熱度，英國是我們最近幾季成長最快的市場之一。

Net sales have almost tripled in U.K. and net sales in Germany and Austria also grew strongly between 40% and 50%, respectively.

英國的淨銷售額幾乎成長了兩倍，德國和奧地利的淨銷售額也分別強勁成長了 40% 至 50%。

In North America, after the temporary slowdown in Q3 caused by the warehouse disruption, our business reaccelerated in the fourth quarter with a growth rate of 81.5%, accounting for CHF 242.1 million. In Q4, D2C has grown even stronger than wholesales. This confirms both our ability to drive over proportionate D2C growth as well as the selective expansion of our wholesale network. The Asia Pacific region doubled year-over-year to CHF 21.6 million, reflecting very strong momentum in Japan, Australia and China.

在北美，在第三季因倉庫中斷而導致的暫時放緩之後，我們的業務在第四季度重新加速，成長率為 81.5%，達到 2.421 億瑞士法郎。第四季度，D2C 的成長甚至比批發更為強勁。這證實了我們推動 D2C 超比例成長的能力以及選擇性擴張批發網路的能力。亞太地區的銷售額年增一倍，達到 2,160 萬瑞士法郎，反映出日本、澳洲和中國的發展勢頭非常強勁。

Finally, Rest of World grew from CHF 3 million in Q4 '21 to CHF 23.4 million in Q4 '22, largely reflecting the entrance into a number of distributor markets in Latin America during the course of 2022.

最後，世界其他地區的銷售額從 21 年第四季的 300 萬瑞士法郎成長到 22 年第四季的 2,340 萬瑞士法郎，這主要反映了 2022 年期間進入了拉丁美洲的一些經銷商市場。

If you look back at the full year 2022 from a regional perspective, it's great to see how all regions have contributed to drive net sales well above the CHF 1 billion mark. Of course, the incredible and continued momentum of our largest market, North America, has contributed the most in absolute terms. North America was over 60% of our net sales in 2022 and will continue to be our growth engine going forward.

如果您從區域角度回顧 2022 年全年，您會很高興地看到所有地區都做出了貢獻，推動淨銷售額遠超 10 億瑞士法郎。當然，從絕對值來看，我們最大的市場北美的令人難以置信且持續的成長勢頭貢獻最大。 2022 年，北美占我們淨銷售額的 60% 以上，並將繼續成為我們未來的成長引擎。

In 2022, we further amplified our relationship and trust with many key retail partners, and we are looking forward to grow our combined businesses.

2022 年，我們進一步加強了與許多主要零售合作夥伴的關係和信任，我們期待著發展我們的共同業務。

Even with this incredible growth, we still see ample opportunities for higher penetration in many areas of the U.S., and we will continue to calibrate and selectively expand our footprint with wholesale partners to ensure we are present in the most meaningful doors that support our growth and the brand positioning.

即使實現瞭如此驚人的成長，我們仍然看到在美國許多地區實現更高滲透率的充足機會，並且我們將繼續調整和有選擇地擴大與批發合作夥伴的合作，以確保我們出現在最有意義的市場上，支持我們的成長和品牌定位。

From a much smaller base, APAC grew by 87.7% for the full year and contributed 6.6% of net sales despite the ongoing lockdowns in China throughout the year. Thinking about the very strong momentum in China, Japan and Australia as well as our upcoming expansion into South Korea, we are extremely excited about the huge growth opportunity out of what is still a very much underpenetrated and nascent region for us.

儘管中國全年持續實施封鎖措施，但亞太地區雖然基數較小，但全年仍成長了 87.7%，貢獻了 6.6% 的淨銷售額。考慮到中國、日本和澳洲的強勁發展勢頭以及我們即將在韓國進行的擴張，我們對這個對我們來說仍然是一個滲透率很低的新興地區的巨大增長機會感到非常興奮。

The more than 4x year-over-year net sales increase in our Rest of World region shows how we are only just getting started in many areas of the world. This fact is equally true for our most mature region. Growth in Europe was 36.1% for the full year, but this does not take into account that many markets are in a very early stage of growth and increasingly picking up momentum. I mentioned the U.K. as an example, but this is also true for other sizable markets such as France, Spain and Italy that have only recently are in the process of being taken in-house.

我們世界其他地區的淨銷售額年增超過 4 倍，這表明我們在世界許多地區才剛起步。對於我們最成熟的地區來說，這一事實同樣適用。歐洲全年成長率為36.1%，但這並未考慮到許多市場正處於成長的早期階段且成長勢頭日益強勁。我以英國為例，但對於其他規模較大的市場如法國、西班牙和義大利而言，情況也是如此，這些市場最近才開始內部化。

If we switch over to products, the strong momentum of our key footwear franchises continued throughout the fourth quarter, resulting in 96.7% growth. We continue to gain market share in the running community, especially with the Cloudmonster, the Cloudrunner and the Cloudgo, while at the same time, the Cloudnova is winning more and more younger fans.

如果我們轉向產品，我們的主要鞋類特許經營的強勁勢頭在整個第四季度持續，實現了 96.7％ 的增長。我們在跑步社群的市佔率不斷擴大，尤其是 Cloudmonster、Cloudrunner 和 Cloudgo，同時，Cloudnova 也贏得了越來越多年輕粉絲的青睞。

In Q4, we launched the new Cloud X, another key franchise that strongly resonates with the fitness community, and that continues to win market shares and gyms around the world. The Cloud X is also our most sold product in China.

在第四季度，我們推出了新的 Cloud X，這是另一個在健身社區引起強烈共鳴的重要特許經營產品，並繼續在世界各地贏得市場份額和健身房。 Cloud X 也是我們在中國最暢銷的產品。

On apparel, we further executed on our strategy, both from a product and distribution perspective. Compared to Q4 '21, we launched fewer new products in Q4 '22, which led to a comparably lower growth rate of 15.4%.

在服裝方面，我們從產品和分銷的角度進一步執行了我們的策略。與 21 年第四季相比，我們在 22 年第四季推出的新產品較少，導致成長率相對較低，為 15.4%。

As David mentioned, we have continued to put a big focus on showcasing On as the head-to-toe brand and will be very much focused on the apparel business throughout 2023 and beyond.

正如 David 所提到的，我們一直致力於展示 On 作為從頭到腳的品牌，並將在 2023 年及以後高度關注服裝業務。

Ultimately, for the full year, shoes grew at 70.9% and apparel at 30.2%. The growth was well balanced across all 3 product categories: Performance Running, Performance outdoor and Performance all day.

最終，全年鞋類成長了70.9%，服裝成長了30.2%。三個產品類別的成長非常均衡：高性能跑步產品、高性能戶外產品和高性能全天產品。

In the fourth quarter, gross profit reached CHF 214.6 million compared to CHF 111.8 million in the same period 2021. The gross profit margin of 58.5% significantly improved compared to 57.1% in Q3 and 55.1% in Q2.

第四季毛利達2.146億瑞士法郎，而2021年同期為1.118億瑞士法郎。

Compared to Q4 '21, gross profit margin remained unchanged despite a strong headwind of 280 basis points from unfavorable currency movements.

與 21 年第四季相比，儘管匯率不利變動帶來 280 個基點的強勁阻力，但毛利率仍保持不變。

As expected, after almost 12 months of highly inflated use of airfreight, we were able to return to sea freight as the main mode of shipment in Q4. SG&A expenses, excluding share-based compensation dropped significantly from 59.2% of net sales in the fourth quarter of '21 to 45.1% in Q4 '22. A further proof point to our ability to scale in a profitable way and to actively manage our cost base.

正如預期的那樣，在經歷了近 12 個月的空運使用量大幅上漲之後，我們能夠在第四季度重新將海運作為主要運輸方式。不包括股權激勵費用的銷售、一般及行政費用佔淨銷售額的比例從 21 年第四季的 59.2% 大幅下降至 22 年第四季的 45.1%。進一步證明我們有能力以盈利的方式擴大規模並積極管理我們的成本基礎。

During the holiday season, our brand strength and word-of-mouth drove a high level of organic traffic, which allowed us to achieve significantly higher net sales with a similar absolute marketing spend compared to the same quarter in the prior year.

在節日期間，我們的品牌實力和口碑帶來了高水準的自然流量，這使得我們在絕對行銷支出與去年同期相當的情況下實現了明顯更高的淨銷售額。

Other savings as a percent of net sales were on distribution and general and administration expense, largely as a result of mix and scale gains. As announced in our last quarterly update, share-based compensation in the fourth quarter decreased materially year-over-year from CHF 176.2 million to CHF 34.4 million.

佔淨銷售額百分比的其他節省包括分銷和一般及行政開支，這主要是由於產品組合和規模效益。正如我們在上一季更新中所宣布的那樣，第四季度的股權激勵費用同比大幅下降，從 1.762 億瑞士法郎降至 3,440 萬瑞士法郎。

The 2021 expense had been elevated as a result of our IPO with considerable amounts of long-term awards that had vested in connection with the listing at elevated share price levels in Q4 '21, with 2.8% of net sales, share based compensation in 2022 is more in line with our future expectations.

由於我們進行了 IPO，2021 年的費用有所增加，並且與 21 年第四季度股價高企的上市相關的長期獎勵金額較大，佔淨銷售額的 2.8%，2022 年的股權激勵更符合我們未來的預期。

As a result of the strong net sales, adjusted EBITDA for Q4 exceeded our expectations and reached CHF 61.8 million, up from CHF 11.2 million last year. The corresponding adjusted EBITDA margin increased from 5.9% to 16.8%.

由於淨銷售額強勁，第四季度調整後的 EBITDA 超出我們的預期，達到 6,180 萬瑞士法郎，高於去年的 1,120 萬瑞士法郎。相應的調整後 EBITDA 利潤率從 5.9% 上升至 16.8%。

For the full year of 2022, our adjusted EBITDA reached CHF 165.3 million, and a corresponding adjusted EBITDA margin of 13.5%, well ahead of our previous guidance, both in absolute and relative terms.

2022 年全年，我們的調整後 EBITDA 達到 1.653 億瑞士法郎，相應的調整後 EBITDA 利潤率為 13.5%，無論從絕對值還是相對值來看，都遠高於我們先前的預期。

As you are aware, this full year margin reflects considerable extraordinary airfreight usage, particularly in the first 3 quarters of 2022.

如您所知，全年利潤率反映了大量的額外空運使用，尤其是在 2022 年前三個季度。

Moving on to our balance sheet. Capital expenditure of CHF 33.6 million in Q4 led to CHF 83 million for the full year 2022 or 6.8% of net sales, a significant increase versus 2021, mainly due to the important investments into our new offices in Zurich and Portland and ultimately, into our team and our culture.

繼續我們的資產負債表。第四季的資本支出為 3,360 萬瑞士法郎，導致 2022 年全年資本支出達到 8,300 萬瑞士法郎，佔淨銷售額的 6.8%，較 2021 年大幅增長，這主要歸功於我們對蘇黎世和波特蘭新辦事處的重要投資，以及最終對我們的團隊和文化的投資。

Despite the continued expansion of our retail network, we expect the reduction of CapEx in 2023 to our long-term range of around 3.5% to 4.5% of net sales.

儘管我們的零售網絡不斷擴張，但我們預計 2023 年資本支出將減少至淨銷售額的 3.5% 至 4.5% 左右的長期範圍。

As I mentioned in the beginning, our ability to meet the high customer demand with a strong supply of products has led to our very strong growth in Q4. We had early signs at the end of Q3 for this further acceleration of the demand as well as strong orders for 2023, and we're able to further increase the production output with our factory partners.

正如我在一開始提到的，我們能夠透過強大的產品供應來滿足客戶的高需求，從而實現第四季度的強勁成長。我們在第三季末就發現了需求進一步加速以及 2023 年訂單強勁的早期跡象，並且我們能夠與工廠合作夥伴進一步提高產量。

In anticipation of strong momentum and demand in the first half of 2023, we further strengthened our inventory position to CHF 395.6 million as of December '22, a considerable increase versus the prior year low point following the factory shutdowns.

預計 2023 年上半年將出現強勁的成長勢頭和需求，我們進一步加強了庫存狀況，截至 2022 年 12 月，庫存水準達到 3.956 億瑞士法郎，與工廠關閉後的上一年低點相比有大幅增長。

Nevertheless, there are some dynamics that led to this peak inventory position being somewhat higher than it ideally would be.

然而，有一些因素導致庫存高峰略高於理想水準。

In 2022, our production orders had factored in a higher level of security margin for tight production capacities at Factory partners and for volatile sea freight lead times. The faster-than-expected normalization of both factors has led to a higher-than-expected cumulated inflow of inventory. We have already adjusted our production plans going forward in order to reflect the shorter lead times.

2022 年，我們的生產訂單已考慮了更高的安全裕度，以應對工廠合作夥伴的生產能力緊張以及海運交貨時間不穩定的情況。這兩個因素的正常化速度快於預期，導致庫存累積流入量高於預期。我們已經調整了未來的生產計劃，以適應更短的交貨時間。

As a result, we expect to maintain the current absolute inventory levels as of Q2 despite the continued expected strong growth rates.

因此，儘管預計成長率將繼續保持強勁，但我們預計截至第二季的絕對庫存水準將保持不變。

For the end of Q1, we expect a higher inventory level, including first products for the fall, winter season.

我們預計第一季末的庫存水準會更高，包括秋季、冬季的第一批產品。

Overall, as the additional inflow is driven by current and future season products, our inventory remains very fresh and sets us up to drive a continued high share of full price sales in '23, while creating scarcity at the same time.

總體而言，由於額外流入是由當前和未來季節產品推動的，我們的庫存仍然非常新鮮，並使我們能夠在'23年繼續推動全價銷售的高份額，同時創造稀缺性。

Finally, turning to cash and liquidity. Our year-end cash balance of CHF 371 million, together with our additionally available credit line of CHF 160 million puts us in a strong position to continue to support our ongoing growth plans.

最後，談談現金和流動性。我們的年終現金餘額為 3.71 億瑞士法郎，加上我們額外的 1.6 億瑞士法郎可用信用額度，使我們能夠繼續支持我們正在進行的成長計畫。

With that, I'm excited to look ahead and present to you our outlook for 2023. Let me start by reiterating our guidance philosophy. We aim to provide prudent yet aspirational guidance. that appropriately reflects our belief and optimism in the On brand and the opportunities we see while taking into account potential risks and externalities. We'll continue to provide guidance primarily on a full year basis rather than quarterly, reflecting the way we steer our business towards long-term success. The focus continues to be on our mission to build a brand that is set up for the long term by emphasizing high-quality durable and profitable growth.

我很高興展望未來並向您介紹我們對 2023 年的展望。我們的目標是提供審慎又有抱負的指導。這恰當地反映了我們對 On 品牌的信念和樂觀，以及在考慮潛在風險和外部因素的同時所看到的機會。我們將繼續主要以全年而非季度為基礎提供指導，以反映我們引導業務實現長期成功的方式。我們將繼續專注於我們的使命，透過強調高品質、持久和獲利性成長來打造一個長期的品牌。

When I speak to our expectations for the first quarter in the [bid], this marks an exception to this rule. Given where we stand in the quarter, we believe it is appropriate to give you an update on what we expect to achieve in Q1. What's set as context, in 2023, we will continue on our strategic road map that we set out at the time of the IPO 18 months ago. We plan to launch exciting new innovative and sustainable products across all categories, while further growing our existing blockbuster franchises. We will establish even closer and more direct connections with our fans and elevate the brand experience for our most loyal customers. Our new website and retail formats are allowing more and more fans to discover On through our D2C channel and to drive a higher D2C share.

當我談到我們對[投標]第一季的期望時，這標誌著該規則的例外。考慮到本季的情況，我們認為有必要向您介紹我們預計第一季將實現的目標。背景是，2023 年，我們將繼續執行 18 個月前 IPO 時所製定的策略路線圖。我們計劃在所有類別中推出令人興奮的全新創新和永續產品，同時進一步擴大我們現有的大片系列。我們將與粉絲建立更緊密、更直接的聯繫，並提升最忠實客戶的品牌體驗。我們的新網站和零售模式讓越來越多的粉絲透過我們的 D2C 管道發現 On，並提高 D2C 份額。

In addition to the recent London launch, we are looking forward to rolling out our next own retail locations in Miami and Williamsburg, New York. Both will likely be opening their doors in the second or third quarter.

除了最近在倫敦推出的零售店外，我們還期待在邁阿密和紐約威廉斯堡開設自己的零售店。兩家店面預計將在第二季或第三季開業。

At the same time, we will further expand our international footprint, with the conversion of important markets like Italy and Korea from distributor to On markets. We will carefully expand our presence in wholesale with the goal to reach the relevant customer communities through the right retail partners.

同時，我們將進一步擴大國際影響力，將義大利、韓國等重要市場從經銷商市場轉變為On市場。我們將謹慎地擴大我們在批發領域的業務，目標是透過合適的零售合作夥伴接觸相關的客戶群。

With a focus on the Paris Olympics in 2024, we will further invest in our athletes team, both in talent and in product innovation. And we will further strengthen our core and the operational backbone to drive efficiency and scalability.

我們將重點放在2024年巴黎奧運會，進一步投資我們的運動員團隊，包括人才和產品創新。我們將進一步加強我們的核心和營運骨幹，以提高效率和可擴展性。

We are excited that the normalization of the supply situation will allow us to focus more resources on building the future.

我們很高興，供應情勢的正常化將使我們能夠集中更多資源來建立未來。

But most importantly, we are looking forward to continuing developing our high-performing team and our culture. We closed 2022 on a high, and the first month of '23 have been off to a great start and have strongly supported our optimism and excitement for the year. As you will have seen in our release this morning, we anticipate reaching at least CHF 1.7 billion for the full year 2023, corresponding to a year-over-year growth of 39%. This number includes around 300 basis points headwinds from the current currency environment and would reflect the currency-neutral growth rate of 42%.

但最重要的是，我們期待繼續發展我們的高效團隊和文化。我們在高潮中結束了 2022 年，2023 年的第一個月也取得了良好的開端，並有力地支持了我們對這一年的樂觀和興奮。正如您在我們今天早上的發布中看到的那樣，我們預計 2023 年全年收入將至少達到 17 億瑞士法郎，年增 39%。這一數字包括當前貨幣環境帶來的約 300 個基點的阻力，並反映出 42% 的貨幣中性成長率。

This full year number is around 30% higher than our aspiration back in September '21 before the IPO. A further testament to the great achievements that our team has accomplished since then. We have been off to a great start in 2023 with ongoing very strong momentum across all regions and product groups and we expect our Q1 net sales to land around CHF 380 million or 61% above last year, maybe even higher.

這一全年數字比我們 2021 年 9 月首次公開募股前的預期高出約 30%。這進一步證明了我們的團隊自那時以來所取得的巨大成就。我們在 2023 年取得了良好的開端，所有地區和產品組都保持著非常強勁的發展勢頭，我們預計第一季的淨銷售額將達到約 3.8 億瑞士法郎，比去年增長 61%，甚至可能更高。

As a result of the strong first quarter momentum and the comparably heavy supply disruptions that we had faced primarily in the first half of 2022, we anticipate a higher growth rate of high-40s in half year 1, 2023 versus low to mid-30s in the back half of the year.

由於第一季的強勁發展勢頭以及我們在 2022 年上半年主要面臨的相對嚴重的供應中斷，我們預計 2023 年上半年的成長率將達到 40% 以上，而下半年的成長率將達到 30% 左右。

Based on the current momentum and preorders for the fall/winter season, we see an opportunity to achieve even higher growth rates in the second half but we remain prudent in the light of the many risks in the current macroeconomic environment.

根據目前的動能和秋冬季的預訂情況，我們看到下半年有機會實現更高的成長率，但鑑於當前宏觀經濟環境中的許多風險，我們仍保持謹慎。

Despite the strong growth of net sales this year, we do not expect a meaningful further increase of our absolute inventory position throughout the year. Depending on phasing, we may see modestly higher or lower inventory levels in the quarters, but over the course of the full year, this will allow us to reduce our net working capital balance relative to net sales and to improve our cash flow.

儘管今年淨銷售額強勁成長，但我們預計全年絕對庫存水準不會再有顯著增加。根據階段性情況，我們可能會看到各季度的庫存水準略有上升或下降，但從全年來看，這將使我們能夠降低相對於淨銷售額的淨營運資本餘額並改善現金流。

Turning to margins.

轉向利潤。

As we have already seen in Q4, we foresee a more normalized supply chain situation in 2023 and consequently, a significant reduction of the use of airfreight, together with lower freight rates. We expect to resume our path towards our midterm gross margin target of 60% and currently anticipate a full year 2023 gross profit margin of around 58.5%.

正如我們在第四季度已經看到的那樣，我們預計 2023 年的供應鏈狀況將更加正常化，導致空運使用量大幅減少，運費下降。我們預計將恢復實現 60% 的中期毛利率目標，目前預計 2023 年全年毛利率約為 58.5%。

We are committed to continue our focus on efficiency and profitable growth and plan a further increase of our adjusted EBITDA margin to 15% for the full year 2023, representing a 54% increase of the absolute adjusted EBITDA. The continued maturity in key markets and higher efficiencies across key processes is expected to drive future scale gains in SG&A.

我們致力於持續專注於效率和獲利成長，並計劃在 2023 年全年將調整後的 EBITDA 利潤率進一步提高至 15%，這意味著絕對調整後的 EBITDA 成長 54%。預計主要市場的持續成熟和主要流程效率的提高將推動未來銷售、一般和行政開支的規模增長。

During the course of 2022, we had intentionally held back on marketing spend to make up for some of the additional airfreight expenses.

在 2022 年期間，我們有意減少行銷支出，以彌補部分額外的空運費用。

To further increase the brand awareness for On and to drive our D2C business, we plan to reinvest a part of the scale gains and to increase marketing spend in 2023 back to around 12% to 12.5% of net sales.

為了進一步提高 On 的品牌知名度並推動我們的 D2C 業務，我們計劃重新投資部分規模收益，並在 2023 年將行銷支出增加到淨銷售額的 12% 至 12.5% 左右。

We also expect temporarily higher distribution expenses as a result of the expansion of our global warehouse capacity and several automation projects that are foreseen to drive cost efficiencies in the years to come. As mentioned, for the year, we expect the reduction of net working capital in relation to net sales and also lower relative CapEx investments following the completion of our main office build-outs. We will additionally be expanding our existing credit line with the closing of a new facility during the course of Q2 or Q3. Our momentum and outlook are a result of all the achievements and progress we have made in 2022.

我們也預計，由於我們全球倉庫容量的擴張和幾個自動化項目的實施將在未來幾年提高成本效率，因此分銷費用將暫時增加。如上所述，我們預計，今年的淨營運資本相對於淨銷售額將減少，並且隨著我們主要辦公室的建設完成，相對資本支出也將降低。我們還將在第二季或第三季關閉新的信貸設施，以擴大我們現有的信貸額度。我們的動力和前景源自於我們在 2022 年所取得的所有成就和進步。

Today, On is a very different company than a year ago. We have further elevated our brand and our reach to set ourselves up for ongoing success and market share gains. We have reached new customer communities through our multichannel approach and our ability to tell the story of running and run culture. We have strengthened our operational backbone and further professionalized our processes and brought our digital platform to the next level. All of this makes the opportunity for 2023 and beyond, even larger than ever. The foundation is the belief in our mission to ignite the human spirit for movement and to dream On. Thank you so much for being a part of this journey with us.

如今，On 已與一年前截然不同。我們進一步提升了我們的品牌和影響力，為持續取得成功和擴大市場份額奠定了基礎。我們透過多通路方式以及講述跑步和跑步文化故事的能力接觸到了新的客戶群。我們加強了營運骨幹力量，進一步專業化了流程，並將我們的數位平台提升到了新的水平。所有這些都使得 2023 年及以後的機會比以往任何時候都更大。我們的基礎是堅信我們的使命，點燃人類前進的精神和繼續追夢的動力。非常感謝您與我們一起參與這趟旅程。

With that, we would like to open up the session to your questions. Operator, we are ready to begin the Q&A session.

現在，我們願意開始回答大家的提問。接線員，我們現在準備開始問答環節。

(Operator Instructions)

（操作員指令）

We have the first question from Alex Straton from Morgan Stanley.

第一個問題來自摩根士丹利的 Alex Straton。

Great. Congrats on another great quarter guys. I have 2 quick questions for you. First, just on the revenue guide for the year. Can you just talk about underlying assumptions by channel and geography? And then secondly, it piqued my interest when you guys mentioned that you kind of walked away from a number of wholesale doors. Can you just talk about the rationale and how you assess that on an ongoing basis?

偉大的。恭喜大家度過了又一個出色的季度。我有 2 個快速問題想問您。首先，僅討論今年的收入指南。您能否談談渠道和地理位置的基本假設？其次，當你們提到自己已經離開多家批發店時，我的興趣就被激發了。您能否談談其理由以及您如何持續評估這一點？

Ladies and gentlemen, just stay online. One moment, please.

女士們、先生們，請繼續上網。請稍等。

(technical difficulty)

（技術難度）

Sorry, I think we had a technical problem here. But hopefully, we're back now. So Alex, thank you for your question. I will take the first one, Martin here and then Marc will take the second one. So as you have seen, we had a very strong momentum in Q4 in all regions. And we foresee that really, the growth is also driven by all regions. Of course, North America on an absolute term, will drive the majority of the growth. And I think we are in a good position to exceed CHF 1 billion of sales in North America alone. Then Europe, you have seen that we had an 80% growth in Q4, and we see continued momentum also in the first quarter.

抱歉，我想我們這裡遇到了技術問題。但希望我們現在已經回來了。所以亞歷克斯，謝謝你的提問。我將回答第一個問題，馬丁在這裡，然後馬克將回答第二個問題。正如您所看到的，我們在第四季度在所有地區都表現出了非常強勁的發展勢頭。我們預計，成長確實也將由所有地區推動。當然，從絕對值來看，北美將推動大部分成長。我認為，光是在北美，我們的銷售額就有望超過 10 億瑞士法郎。然後是歐洲，你已經看到我們在第四季度實現了 80％ 的成長，並且我們在第一季也看到了持續的成長勢頭。

And here, really, a lot of the markets where we have a relatively low market share are driving growth like U.K., but then also France, Spain, Italy as well as a lot of fresh products that will come into the DACH region. And then really in China and Asia we're super positive in the light of the -- of basically the post pandemic area so we can fully execute on our plan to continue growth in China and expanding our retail network there and we really see that a lot of traffic is coming back into the retail stores in recent weeks so, this gives us a lot of positivity for very high growth rates in the APEC region.

實際上，許多我們佔有相對較低市場的市場都在推動成長，例如英國，還有法國、西班牙、義大利，以及許多進入 DACH 地區的新鮮產品。然後實際上在中國和亞洲，我們對後疫情時代的經濟形勢非常樂觀，因此我們可以全面執行我們的計劃，繼續在中國實現增長並擴大我們在中國零售網絡，我們確實看到最近幾週大量客流回流到零售店，這給了我們對亞太經合組織地區非常高的增長率非常積極的看法。

On the channel focus, we keep on speaking about this. I think we want to reach our consumers kind of and provide them an elevated experience through our own D2C channel. So that's also why we're expanding the retail network but also through our most important wholesale partners, and we'll continue to focus on the partners that we feel they can continue to, and they will help us to elevate the brand, which means we continue to close stores that are a bit less additive to the positioning of the brand, and those are mainly doors that are focused on comfort and brown shoes. And we've done that in the U.S. and we'll also start to do it a bit more in other regions, especially in Europe.

關於頻道焦點，我們一直在談論這一點。我認為我們希望透過我們自己的 D2C 管道接觸消費者並為他們提供更高層次的體驗。所以這也是我們擴大零售網絡的原因，同時也透過我們最重要的批發合作夥伴，我們將繼續專注於我們認為可以繼續合作的合作夥伴，他們將幫助我們提升品牌，這意味著我們會繼續關閉那些對品牌定位附加價值較小的商店，這些商店主要專注於舒適和棕色鞋子。我們已經在美國這樣做了，我們也將開始在其他地區，特別是歐洲做更多這樣的事。

The next question comes from Jim Duffy from Stifel.

下一個問題來自 Stifel 的 Jim Duffy。

Let me start by complimenting the team on the execution through the pandemic and related disruptions, excellent work.

首先，我要對團隊在疫情和相關幹擾下的執行表示讚揚，他們做得非常好。

My first line of question is about operating expense budgeting. Martin, with the step up to $1.7 billion in 2023. Can you speak to where you see leverage opportunities? If I heard you correctly, you plan to reinvest about 2 points to marketing. Where do you see G&A expense? Are there opportunities for leverage over the real estate investments you made in 2022 in the new offices? And what's the state of your investments in apparel infrastructure?

我的第一個問題是關於營運費用預算。馬丁，到 2023 年，這一數字將增至 17 億美元。如果我沒聽錯，您計劃將大約 2 點重新投資於行銷。您在哪裡看到 G&A 費用？您在 2022 年在新辦公室的房地產投資是否有機會發揮槓桿作用？您在服裝基礎設施的投資狀況如何？

Okay. Thank you, Jim. I will speak about the expenses and then David can speak a little bit more on the apparel side.

好的。謝謝你，吉姆。我將談談費用，然後大衛可以再多談一些服裝方面的問題。

So I think, first and foremost, it's important that we see a normalization on the supply chain. So really the excessive use of airfreight that we had this year that's the biggest upside potential that we have and that is reflected in our gross profit guidance.

因此我認為，首先最重要的是看到供應鏈的正常化。因此，我們今年對空運的過度使用實際上是我們最大的上行潛力，這反映在我們的毛利指引中。

At the same time, we still have high growth aspirations and we continue to invest into the business in order to build a business that can handle and further scale from that, while at the same time, fully focusing on scale gains and further efficiency.

同時，我們仍然有很高的成長目標，我們將繼續對業務進行投資，以建立一個能夠處理並進一步擴大規模的業務，同時充分專注於規模收益和進一步提高效率。

So we will reinvest some of the upside and savings from airfreight back into marketing for very different reasons. So first to really install On as a head-to-toe brand in customers' mind but also to drive a higher D2C share over the future.

因此，出於不同的原因，我們將空運的部分收益和節省下來的資金重新投資到行銷中。因此，首先要真正在顧客心中將 On 打造成一個從頭到腳的品牌，同時也要在未來推動更高的 D2C 份額。

And at the same time, we will also invest a bit more on the distribution side because we have some double costs for a temporary period of time by expanding our warehouses. But that's with the clear goal to automate our warehouse and to drive efficiency in the future and basically, over time, bring our distribution costs below the current level. And we have a lot of opportunities to create efficiencies of scale, and there are some already baked in. So we have started projects to outsource our happiness delivery. We have a lot of scale gains in markets that become more mature, like North America, but also European markets. We invest into the automation of warehouses. We invest into the automation of factory lines.

同時，我們也將在分銷方面加大投入，因為擴大倉庫會導致暫時的雙倍成本。但我們的目標很明確，就是實現倉庫自動化，提高未來的效率，並且隨著時間的推移，將我們的分銷成本降至當前水準以下。我們有很多機會實現規模效益，其中一些已經實現。我們在更成熟的市場（例如北美和歐洲市場）取得了巨大的規模成長。我們投資倉庫自動化。我們投資工廠生產線的自動化。

But those are elements. And for us, it's very important that we are committed to drive higher profitability if we exceed our sales goals and the guidance that we have given to see some of that additional upside flowing through the P&L as well. (inaudible) go ahead.

但那些都是元素。對我們來說，如果我們超額完成了銷售目標和給予的指導，那麼我們致力於提高獲利能力是非常重要的，這樣一些額外的上升空間也會流入損益表。 （聽不清楚）繼續。

I just wanted to ask a follow-up to Martin there. Could you please speak specifically to the G&A line, would you expect to lever on the G&A line? You made the big investments in real estate in 2022. And I believe you've been making a lot of investments in apparel infrastructure. Would you expect to lever those in 2023?

我只是想向馬丁詢問一個後續問題。您能否具體談談 G&A 線，您是否希望利用 G&A 線？您在 2022 年對房地產進行了大筆投資。您預計在 2023 年能夠利用這些優勢嗎？

Yes. So a lot of the build-out in our new offices, that's reflected in the CapEx expenses that we had, which was significantly higher than our long-term aspiration of 3.5% to 4.5% of net sales and of course, utilizing the new offices to a higher extent by growing our team and ourselves. That's also an area of efficiency. And then a lot of efficiency really comes from growing our team at a slower pace than growing our net sales.

是的。因此，我們新辦公室的大部分建設都反映在我們的資本支出中，這明顯高於我們長期期望的 3.5% 到 4.5% 的淨銷售額，當然，透過擴大我們的團隊和我們自己，我們可以更大程度地利用新辦公室。這也是一個效率領域。而許多效率的真正來源其實是我們的團隊成長速度低於淨銷售額的成長速度。

So looking into '22, we have grown our team by about 50%, while we had grown net sales almost more than 60%. And next year, we are looking into adding around 400 people. So also there, you see significant economies of scale happening.

展望22年，我們的團隊規模成長了約50%，而淨銷售額成長了近60%以上。明年，我們計劃增加約 400 名員工。因此，你也會看到顯著的規模經濟現象。

And Jim, when it comes to apparel. So as you know, becoming a sportswear brand is a multiyear journey for us, and we feel that all the right pieces are falling into place. It's fantastic to see that our apparel lineup that we have is really resonating with our community, specifically also in our own retail stores where the share is growing.

說到服裝，吉姆。如你所知，成為運動服裝品牌對我們來說是一段多年的旅程，我們覺得所有的正確步驟都已準備就緒。很高興看到我們的服裝系列真正引起了社區的共鳴，特別是在我們自己的零售店中，我們的服裝份額也在不斷增長。

Now when it comes to investments, we definitely invest into additional talent where we made some key hires in the apparel space. It will still take a bit of time for this to flow through the collections that you see the full scope of that. But again, we're working towards the goal of being a global sportswear brand and this means they will be spending even more time on apparel in '23 to further drive this business.

現在談到投資，我們肯定會投資額外的人才，我們在服裝領域招募了一些關鍵人才。要讓這一內容在整個收藏集中流傳開來，您還需要一些時間才能看到其全部內容。但同樣，我們正在努力成為全球運動服飾品牌，這意味著他們將在23年花更多時間在服裝上，以進一步推動這項業務。

So definitely, core investments in talents but also in upper funnel campaigns that increasingly dispels our sponsor brand.

因此，毫無疑問，核心投資不僅在於人才，還在於上層漏斗活動，這將逐漸消除我們的贊助商品牌。

The next question comes from Tom Nikic from Wedbush Securities.

下一個問題來自 Wedbush Securities 的 Tom Nikic。

I think, obviously, you've made good headway in some of the bigger sneaker retailors, especially in the U.S. with Foot Locker and Dick's Sporting Goods. Can you give us an update where you are in terms of number of doors with those retailers and I guess, at the end of 2022 and where you expect to get in 2023?

我認為，顯然你們已經在一些大型運動鞋零售商中取得了良好進展，尤其是在美國的 Foot Locker 和 Dick's Sporting Goods。您能否向我們介紹一下這些零售商的門市數量，以及截止 2022 年底您預計 2023 年的門市數量是多少？

Yes. So with Foot Locker at the end of Q4, we were at 150 doors. Just want to give you an example also on the success that we're seeing and the feedback that we're having from some of those partners. So Foot Locker in Q4, we had our highest sell-out quarter ever. So we had 59% unit increase over Q3, which was the second highest quarter, and this is really also what's then driving the expansion. So we don't really want to give an exact number on where we're going to be by the end of '23 because it will all depend on how many consumers can we reach in a sustainable way with the products that we want to make available to them. So you can expect all the partners to continue to grow, but the speed of growth will really depend on how fast we can also bring an elevated brand experience to life.

是的。截至第四季末，Foot Locker 門市數量已達 150 家。我只想給你一個例子，說明我們看到的成功以及從一些合作夥伴那裡得到的回饋。因此，Foot Locker 在第四季度創下了有史以來最高的銷售記錄。因此，我們的銷量比第三季度增加了 59%，這是銷量第二高的季度，這也是推動我們擴張的真正因素。因此，我們實際上並不想給出到 23 年底我們將達到的確切數字，因為這完全取決於我們能夠以可持續的方式向多少消費者提供我們想要提供的產品。因此，你可以期待所有合作夥伴繼續成長，但成長的速度實際上取決於我們能多快將高級的品牌體驗帶入生活。

Then at JD, we stood at 166 doors globally by the end of Q4. And the exporting goods is actually really, really only started in January '23. So we had very few Dick doors and 7 public land doors by the end of '22. We're currently in 58 doors with Dick's Sporting goods. and you can expect that number to increase to around 150 doors towards the end of 2023. And then probably just one more retailer we want to highlight here. With Fleet Feet, we are at 275 doors right now. Very, very happy about the growth that we're seeing especially because it's playing into mainly and almost only into our co-running community, which is where we want to -- which is absolutely very we want to win.

然後在京東，截至第四季末，我們在全球擁有 166 家門市。而貨物出口實際上直到 2023 年 1 月才真正開始。因此，到 22 年底，我們的迪克門很少，公共土地門只有 7 扇。我們目前在 58 家門市銷售 Dick's Sporting 商品。預計到 2023 年底，這個數字將增加到 150 家左右。有了 Fleet Feet，我們現在有 275 扇門。我們對所看到的成長感到非常高興，特別是因為它主要、並且幾乎只對我們的共同運營社區產生影響，而這正是我們想要的——也是我們非常想贏的。

The next question comes from Cristina Fernández from Telsey.

下一個問題來自 Telsey 的克里斯蒂娜·費爾南德斯 (Cristina Fernández)。

Congratulations on the amazing performance in the fourth quarter. I had 2 questions related to, I guess, product and distribution. One, when the brand momentum that you're seeing in the new customers coming into the brand, how much is it -- do they buy the core franchises, like Cloud 5 and those you've had for a while versus the new products that you just launched in the last year?

恭喜您在第四季的出色表現。我有兩個問題，我想，與產品和分銷有關。第一，當您看到新客戶加入品牌時，品牌動能有多大——他們是購買核心特許經營權，例如 Cloud 5 和您已經擁有一段時間的產品，還是購買您去年剛推出的新產品？

And then the second question is the distribution of new products like Tennis and Kids, will that follow kind of similar sort of wholesale partners that you've had in the past? Or is that mainly going to be on the D2C channel?

第二個問題是，網球和兒童等新產品的分銷是否會遵循過去類似的批發合作夥伴？或者這主要會在 D2C 頻道上進行？

Yes. So thanks for the question. So in Q4, 65% of the growth came from new products and 35% of the growth came from existing products. And when we look at new products, you have Go, you have Monster, you have Runner that are really, really resonating with the consumer. And this is also what allows us to be very positive for 2023 because we see that these core styles are resonating very, very well with our consumers.

是的。感謝您的提問。因此在第四季度，65% 的成長來自新產品，35% 的成長來自現有產品。當我們看新產品時，你有Go，有Monster，有Runner，它們確實引起了消費者的共鳴。這也是我們對 2023 年非常樂觀的原因，因為我們看到這些核心風格與我們的消費者產生了非常強烈的共鳴。

And then if you look at the Cloudnova, which is one of our most important silhouettes that's also targeting a younger consumer. We also had a lot of growth coming from that product, and we have very, very strong preorders, for example, for the fall/winter season on that product line. So if you compare it historically, we're definitely reducing the percentage dependency on the cloud, and we're really bringing the right consumer into the right product through the right channel.

如果你看一下 Cloudnova，它就是我們最重要的產品之一，也針對年輕的消費者。該產品也為我們帶來了很大的成長，例如，該產品線的秋冬季預訂量就非常強勁。因此，如果與歷史進行比較，我們確實在減少對雲端的依賴百分比，並且我們確實透過正確的管道將正確的消費者帶入正確的產品。

And then very quickly on Tennis and Kids. So I think Tennis for us has 2 parts. One is the Tennis for Tennis distribution, which is going to be quite limited in the beginning. So we're going to focus on a couple of wholesale partners that are really catering exclusively almost to that community and then on our own D2C channel.

然後很快又談到網球和孩子。所以我認為網球對我們來說有兩個部分。一個是 Tennis for Tennis 的發行，一開始會大幅受限。因此，我們將專注於幾個幾乎專門為該社區提供服務的批發合作夥伴，然後再專注於我們自己的 D2C 管道。

And then what we expect to happen is that Tennis will have quite a strong impact on how On comes to life as a performance all day brand as well that is inspired by Tennis. And so the Roger franchise has been growing very, very strongly, and we'll continue to distribute the Roger franchise through our most important wholesale partners, but also through our own D2C. And Kids is very much a D2C focus with a couple of selected partners. So Nordstrom would be one of them, but please don't expect Kid shoes to follow the same logic that some of the other products did. So we're trying to have a bit of stronger focus on D2C because we feel we can reach the consumers in a very, very meaningful way through our own channels.

我們期望網球能對 On 如何成為一個受網球啟發的全天候表演品牌產生相當大的影響。因此，Roger 特許經營權一直發展得非常強勁，我們將繼續透過我們最重要的批發合作夥伴以及我們自己的 D2C 分銷 Roger 特許經營權。 And Kids 非常注重 D2C，並且擁有幾家精選的合作夥伴。因此，Nordstrom 可能是其中之一，但請不要指望兒童鞋會遵循與其他一些產品相同的邏輯。因此，我們嘗試更加關注 D2C，因為我們認為我們可以透過自己的管道以非常非常有意義的方式接觸消費者。

Ms. Fernández, does that answer your question?

費南德斯女士，這回答了您的問題嗎？

Yes.

是的。

The next question comes from Abbie Zvejnieks from Piper Sandler.

下一個問題來自 Piper Sandler 的 Abbie Zvejnieks。

Maybe clicking back down on that reducing dependency on cloud. So does that dynamic change at all in the near term with the elevated inventory position? Maybe just can you talk about are there any categories where that inventory position is more elevated than others?

也許可以減少對雲端的依賴。那麼，隨著庫存水準的提高，這種動態在短期內會改變嗎？也許您能談談是否存在某些類別的庫存位置比其他類別更高？

So it's very important to understand that the increase of the inventory was very much intentional and driven by the growth and the momentum that we see. And so that increase has happened in the areas where we also foresee the strongest growth and where the basically our products see the strongest demand.

因此，了解庫存的增加是有意為之並且受到我們看到的增長和勢頭推動的，這一點非常重要。因此，這種成長發生在我們預計成長最強勁的地區，以及我們的產品需求最強勁的地區。

And at the same time, we mentioned that we have a cumulative effect out of the fact that we are in this phase of a normalization of our supply chain, and we had factored in longer lead times in the past. So at the moment, there's more product in transit than in an optimal state. And so over time, it's the goal to reduce this. But it's very important. Our inventory is in line with our demand plans and what we see on the preorders, but also in the current quarter. And as such, we expect that a lot of that inventory continues to drive a high share of full price sets.

同時，我們提到，由於我們正處於供應鏈正常化階段，因此產生了累積效應，過去我們已經考慮到了更長的交貨時間。因此，目前運輸中的產品數量比最佳狀態的產品數量要多。隨著時間的推移，我們的目標是減少這種情況。但這非常重要。我們的庫存符合我們的需求計劃、預訂情況以及當前季度的情況。因此，我們預計大量庫存將繼續推動全價套裝佔據較高份額。

Great. That's helpful. And maybe one more, just on converting some of the select international markets to owned versus distributor. Are there any significant changes on the P&L from a gross or operating margin perspective that we should think about? Or are those just smaller impacts?

偉大的。這很有幫助。也許還有一個，只是將一些選定的國際市場轉變為自有市場而不是分銷市場。從毛利率或營業利益率的角度來看，損益表是否有任何值得我們考慮的重大變動？或者這些只是較小的影響？

For next year -- so for 2023, the impact is relatively small. It's about building those markets. So we mentioned Korea, which is a very important market in the Asian region, both for running but also for outdoor and lifestyle. Then in Europe, Italy is a focus market for us. And then there are also other markets in the future that could be converted. But it's about generating growth for the future and building now the distribution in those markets in the right way and focusing really on the channels where we want to be. And as such, the impact is relatively small, both from a conversion effect as well as from sales increase effect.

對於明年——也就是 2023 年——的影響相對較小。這是為了建造這些市場。我們提到了韓國，它是亞洲地區一個非常重要的市場，不僅對於跑步而言，而且對於戶外和生活方式也同樣重要。在歐洲，義大利是我們的重點市場。未來還有其他市場可以轉換。但這是為了未來創造成長，並以正確的方式在這些市場建立分銷，並真正專注於我們想要的管道。因此，無論從轉換效果或從銷售成長效果來看，影響都相對較小。

The next question comes from Michael Binetti from Credit Suisse.

下一個問題來自瑞士信貸的邁克爾·比內蒂（Michael Binetti）。

I'll add my congrats on a great quarter. Obviously, there's not much to pick out in the quarter. The results were well ahead of what we thought we'd see. I am curious if you could unpack the gross margin though a bit in the fourth quarter as we try to connect it to the longer term. I think you were lapping about $7 million in airfreight from last year, to about 370 basis points of a tailwind. Maybe can you tell us how much the mix effects from regional or channel impacted you? How much FX impacted the gross margin to help us connect it to the expansion this year?

我要對本季的出色表現表示祝賀。顯然，本季沒有什麼可供選擇的。結果遠遠超出了我們的預期。我很好奇，您是否可以稍微解釋一下第四季度的毛利率，因為我們試圖將其與長期聯繫起來。我認為，與去年相比，您的空運費用增加了約 700 萬美元，而順風費用增加了約 370 個基點。您能否告訴我們區域或通路的混合效應對您影響有多大？外匯對毛利率的影響有多大，以幫助我們將其與今年的擴張聯繫起來？

And then what really is the driver of the expansion from [58 5]to the long-term 50% as you get past some of the volatility this year. I guess, and then one last one I could sneak it in. multi-years as we look out to '24 and '25, is the low to mid-30s growth rate that you point to in the second half of '23, is that the right way to look at growth going forward when you're lapping a more normal baseline in the second half?

那麼，當您度過今年的一些波動之後，真正推動經濟成長從 [58 5] 成長到長期 50% 的因素是什麼？我想，最後一個我可以偷偷問一下。

Okay. Thank you. So let me go through the different bridges. So if we compare Q4 versus Q4 last year, where our gross margins stayed stable. Basically, you have 2 effects that balance each other. Last year, we were using -- already using airfreight in the range of about 250 basis points. And at the same time, we have, for this year, a negative impact from the currency environment of 280 basis points. So they offset each other. And as such, our margins stayed where it was.

好的。謝謝。所以讓我來介紹一下不同的橋樑。因此，如果我們將第四季與去年第四季進行比較，我們的毛利率保持穩定。基本上，有兩種相互平衡的效果。去年，我們已經使用了約 250 個基點範圍內的空運。同時，今年我們也受到了 280 個基點的貨幣環境的負面影響。所以它們互相抵消。因此，我們的利潤率保持不變。

If we look ahead, (inaudible) , we had about CHF 37 million of additional airfreight this year, which we don't foresee to use for next year. So that's in the range of about 200, 300 basis points upside. And at the same time, we want to stay prudent also when it comes to guidance on our gross profit margin in order to factor in effects that we may see. So at the moment, we have a very high inflow of product into our warehouses. So there may be higher freight costs as a result of that. We still want to be in a position to react on airfreight in case we see some of the products accelerating even beyond the demand that we currently see.

如果我們展望未來，（聽不清楚），今年我們的額外空運額約為 3700 萬瑞士法郎，但我們預計明年不會用到這筆錢。因此，這大約處於 200 到 300 個基點的上行範圍內。同時，我們也希望在製定毛利率指引時保持謹慎，以便將可能看到的影響納入考量。因此目前我們倉庫的產品流入量非常大。因此可能會導致更高的運費。如果我們發現某些產品的成長速度甚至超過了目前的需求，我們仍然希望能夠對空運做出反應。

And then also with the new warehouses that we are building, there's a risk for our airfreight. If you compare '23 versus '22 at the moment, we expect this to be FX-neutral. So there's no impact from that side.

而且，我們正在建造新倉庫，這也為我們的空運帶來風險。如果您現在將 23 年與 22 年進行比較，我們預計這將是外匯中性的。所以從那方面來說沒有影響。

So I think we are clearly on path towards the long-term goal of 60%, but at the same time, we will try to be prudent and on the conservative side on the guidance.

因此，我認為我們顯然正朝著 60% 的長期目標前進，但與此同時，我們將盡量在指導上保持謹慎和保守。

The 30% growth that you -- that we have for the low to mid-30s in our half year 2 guidance. That's what we currently see and assume if we look into our preorders, there indicates that we could drive more growth, but we try to be prudent given all the macroeconomic environment that we currently see. But I think it's very important that you see we continue to build for the future. So we continue to build pillars for growth, and this will be then defining the growth rate in the future.

我們在第二年上半年的預測中，成長率為 30% 出頭到 35% 左右。這就是我們目前看到的情況，並且假設，如果我們研究我們的預訂單，就會發現我們可以推動更多的成長，但考慮到我們目前看到的所有宏觀經濟環境，我們會盡量保持謹慎。但我認為，非常重要的是，你要看到我們繼續為未來而建立。因此，我們繼續建立成長支柱，這將決定未來的成長率。

The next question comes from Jonathan Komp from Baird.

下一個問題來自貝爾德的喬納森·康普 (Jonathan Komp)。

I want to follow up on the order book and the prebook visibility that you're seeing. Could you maybe just talk more about the drivers of the growth that you're seeing? The second half of 2022, you had some very successful product launches and some big growth rates. So just I'm curious what's driving the growth as you look ahead.

我想跟進您看到的訂單和預訂可見性。您能否詳細談談您所看到的成長動力？ 2022 年下半年，您推出了一些非常成功的產品，並且實現了較大的成長率。所以我很好奇，展望未來，推動成長的因素是什麼。

And then maybe more broadly, could you talk about the pipeline and the road map you see in your performance running business, especially into Olympics here next year?

然後也許從更廣泛的角度來說，您能否談談您在績效營運業務中看到的管道和路線圖，尤其是明年的奧運？

Yes. I'm going to talk a bit about preorders and then maybe David can shed some light into our Lightning collection.

是的。我將談論一些預訂事宜，然後大衛也許可以向我們介紹我們的 Lightning 系列。

But because we're in a very upbeat mood today, so we're going to share some numbers that we usually wouldn't share. But basically, the growth on the preorders is really coming from the core On style. So we have the Cloudmonster, the Cloudrunner and the Cloudgo together they have a 80% preorder increase year-over-year, so fall into '23 versus fall into '22, which is extremely strong, and it's really coming from obviously what we expect to happen on our own D2C site and in our own retail stores, but also from the most important wholesale partners.

但因為我們今天心情非常愉快，所以我們要分享一些通常不會分享的數字。但從根本上來說，預訂量的成長確實來自於核心 On 風格。因此，我們有 Cloudmonster、Cloudrunner 和 Cloudgo，它們的預訂量同比增長了 80%，因此 23 年的預訂量與 22 年的預訂量相比增長非常強勁，這顯然來自於我們預計在我們自己的 D2C 網站和我們自己的零售店中會發生的情況，也來自於最重要的批發合作夥伴。

And then we are very much focused on reaching the right consumers to the right channels, as you know. And so the Cloudnova has a 70% preorder increase fall/winter '23 over a fall/winter '22. And so this allows us to have a relatively good perspective on which product, we will see or where we will see a lot of growth, and this also then leads back obviously to the whole inventory question that we also had. This is also then the product where we have a strong inventory position.

如您所知，我們非常注重透過正確的管道接觸正確的消費者。因此，Cloudnova 2023 年秋冬季的預購量比 2022 年秋冬季增加了 70%。因此，這使我們對哪種產品或在哪裡將看到大量成長有一個相對良好的了解，這顯然也引出了我們所面臨的整個庫存問題。這也是我們擁有大量庫存的產品。

And I just want to highlight one more product, which is launching in a few days, which is the Cloudsurfer that is really reaching that elevated core runner, that is looking at a [caution ride] and will allow us to gain share also kind of more in the marathon community. And I feel we're not seeing the full potential of that coming to life in the [period] yet because it's only launching, but all indications that we had from the prelaunches are extremely strong.

我只想強調另一個產品，該產品將在幾天后推出，那就是 Cloudsurfer，它真正達到了高級核心跑步者的水平，正在關注 [謹慎騎行]，並將使我們在馬拉松社區獲得更多的份額。而且我覺得我們還沒有看到它在[期間]實現的全部潛力，因為它才剛剛推出，但我們從預發布中得到的所有跡像都非常強勁。

So we're very confident from a running product portfolio on the growth that we're going to see for fall/winter '23.

因此，從目前運作的產品組合來看，我們對2023年秋冬季的成長非常有信心。

John, I just want to build on what Marc just said and just considering that if you think about Q4 last year, half of all the growth came from our all-new running products. And now on top of that, the Cloudsurfer that Marc just mentioned. These are early, early days of growing blockbuster franchises. And so you can just anticipate how much runway this will give us.

約翰，我只是想基於馬克剛才所說的話，想想去年第四季度，一半的成長都來自我們全新的跑步產品。現在，最重要的是 Marc 剛才提到的 Cloudsurfer。現在正值大片系列發展的早期。所以你可以預期這將為我們帶來多少跑道。

And then apart from that, we are also launching new iterations of our existing running blockbusters, which means, of course, for us, that we're also going to innovate on them. So blockbusters that come all new in '23 and '24. You're going to see the Cloudboom Echo 3 which has been at the feet now of pro athletes, meaning races. And you're also going to see a lot of run apparel that is going to come along.

除此之外，我們還將推出現有跑步大片的新版本，這對我們來說當然意味著我們也將對它們進行創新。因此，23 年和 24 年都會有全新的大片上映。您將會看到 Cloudboom Echo 3，它現在已經在職業運動員的腳下，這意味著比賽。您還將看到大量即將面世的跑步服裝。

And then you can bet that '24 for the Olympic games, we're going to be ready with a full range from very accessible running products to the absolute clinical running products to go into the banner year for performance run.

然後你可以打賭，為了迎接24年奧運會，我們將準備好全系列的產品，從非常容易獲得的跑步產品到絕對臨床性的跑步產品，以進入性能跑步的標誌性一年。

And just one follow-up. As you think about wholesale building your lifestyle performance all day businesses. Just how are you thinking currently about the right pace and the right strategy to grow the lifestyle business and in certain accounts, while not alienating the performance positioning?

僅剩一個後續行動。當您考慮批發建立您的生活方式表現全天候業務時。您現在是如何考慮正確的速度和正確的策略來發展生活方式業務和某些帳戶，同時又不疏遠績效定位的？

So when you look at how our performance one category is growing and how our performance all the category is growing, then we see a very, very balanced growth that is important to us. And I think the other thing is when you look at performance all day, what products do you see in there? And how does performance come to life in those products. So again, you have a lot of products that might sit there, but they are sometimes used for running or they're used for exercising. And I think we want to lead with performance no matter where we grow.

因此，當你觀察我們某個類別的表現如何成長，以及我們所有類別的表現如何成長時，我們就會看到一個非常非常均衡的成長，這對我們非常重要。我認為另一件事是，當您整天關注性能時，您會看到什麼產品？這些產品的性能是如何反映出來的？所以，再說一次，你有很多產品可能會放在那裡，但它們有時用於跑步或運動。我認為，無論我們發展到什麼程度，我們都希望以業績領先。

And then we want to make sure that we achieve our goal to be the #1 on runners' feet, but at the same time, be a very, very aspirational and even on our brand today. And we feel there's an opportunity ahead of us that we're not penetrating at, which is very much the fitness community and expect to see more products to come also targeting those consumers in a more elevated way.

然後，我們要確保實現我們的目標，成為跑者鞋款中的佼佼者，但同時，也要有非常非常遠大的抱負，甚至成為我們今天的品牌。我們覺得，我們面前有一個我們尚未滲透的機會，那就是健身社區，我們期望看到更多產品的推出，以更高層次的方式瞄準這些消費者。

The next question comes from Jay Sole from UBS.

下一個問題來自瑞銀的傑伊·索爾 (Jay Sole)。

Great. Thanks for all the commentary on what the company is doing to drive product innovation and its position in the performance categories. I want to ask you about Tennis. Can you just tell us about your ambitions in the category, maybe how you see the market in terms of size and growth potential both in terms of footwear and apparel?

偉大的。感謝大家對該公司推動產品創新及其在性能類別中的地位所採取的措施的評論。我想問你關於網球的問題。您能否向我們介紹貴公司在這一領域的目標，例如您如何看待鞋類和服飾市場的規模和成長潛力？

And then maybe secondly, given the early reads [under the core] in London, how confident are you basing you have a store format which can be rolled out broadly across the world?

其次，考慮到倫敦早期的閱讀情況，您對於自己擁有可以在世界各地廣泛推廣的商店模式有多大信心？

Yes. So let me start with Tennis and David just kind of elaborate a bit on Regent Street. So look, I think we've been waiting for yesterday for a long time. We're super excited to have Iga and Ben now being part of our journey that really started with Roger some time ago. And the most important thing for us is to basically being able to bring our innovation and our authenticity into the tennis world. And this is what drew Iga to us, what drew Ben to us. And together, we want to continue to elevate the product that we can bring to the Tennis consumers.

是的。所以讓我從網球開始，然後大衛稍微詳細說明一下攝政街。所以看，我想我們已經等待昨天很久了。我們非常高興 Iga 和 Ben 能夠加入我們的旅程，這段旅程實際上是從 Roger 開始的。對我們來說最重要的是能夠將我們的創新和真實性帶入網球世界。這就是吸引伊加 (Iga) 和本 (Ben) 的原因。我們希望共同努力，持續提升我們能為網球消費者提供的產品。

When you look at the tennis market, the tennis market in itself is sizable, but it's relatively small compared to the running market or the outdoor market. But we feel the opportunity is really in bringing tennis to a more all-day use from a footwear but also from an apparel perspective. So we expect tennis is just quite influence on how you dress, what kind of sneakers you wear. And we're already seeing that with the Roger franchise that is doing extremely well and it's resonating with the consumer.

當你觀察網球市場時，你會發現網球市場本身規模很大，但與跑步市場或戶外市場相比，它規模相對較小。但我們覺得，真正的機會在於從鞋類和服裝的角度，讓網球運動更全天候普及。因此我們預期網球對你的穿衣方式和所穿的運動鞋類型有很大影響。我們已經看到羅傑系列電影表現非常出色並且引起了消費者的共鳴。

So Iga and Ben will really help us and our presence in tennis will help us to drive products and authenticity that comes from tennis also in the all day space.

因此，Iga 和 Ben 確實會幫助我們，我們在網球領域的存在將幫助我們在全天候空間中推動來自網球的產品和真實性。

And then we spoke about -- we spoke about apparel, and we're very excited to have athletes now, head-to-toe, that are reaching millions of viewers when they're playing Roland Garros or Wimbledon and the first thing you see is an On (inaudible) on their chest, and we feel that's very much going to strengthen our apparel category, and it's an above the line plan that we didn't really have to that extent so far, and we're very excited for what's to come for the brand from this investment.

然後我們談到了服裝，我們非常高興現在的運動員，從頭到腳，當他們在法網或溫網參加比賽時，能夠吸引數百萬觀眾，你首先看到的就是他們胸前的“On”（聽不清）字樣，我們覺得這將非常有助於加強我們的服裝類別，這是一個高於標準的計劃，到目前為止我們還沒有真正實現到這個程度，我們對這項投資將給品牌帶來非常興奮。

Jay, just jumping to retail. For us, our own retail is not primarily about transaction, but it's about the inspiration. And if you just see how our store formats have expanded now Regent Street does 4x the revenues of our first store in New York. So we're really seeing a lot of progress. We're also seeing lines in front of Regent Street. So you're really seeing that we're running towards a model that is very sustainable for us in the sense, how we inspire customers.

傑伊，剛進入零售業。對我們來說，我們自己的零售主要不是關於交易，而是關於靈感。如果你看看我們的商店模式是如何擴張的，那麼現在攝政街的營收是我們在紐約的第一家店的 4 倍。因此我們確實看到了許多進展。我們還看到攝政街前排起了長隊。所以你確實看到我們正在朝著一個對我們來說非常永續的模式邁進，從我們如何激勵客戶的角度來看。

Now remember, we don't plan to open hundreds of stores across the world, but we're going to be very focused on the most important locations where we have that role of own retail as a media channel and that's an inspiration point as well.

請記住，我們並不打算在世界各地開設數百家商店，但我們將非常專注於最重要的地點，在這些地點，我們將自己的零售作為媒體管道發揮作用，這也是一個靈感點。

In China, we have a little bit faster pace and there we're definitely running towards a blueprint than also for accelerating even expansion of retail.

在中國，我們的步伐稍微快一些，我們肯定是在朝著藍圖邁進，甚至加速零售業的擴張。

The next question is from Sam Poser from Williams Trading.

下一個問題來自 Williams Trading 的 Sam Poser。

I just have 2. One is in 2023, how do we want to think about the wholesale growth versus the direct-to-consumer revenue growth?

我只有 2 個問題。

And then secondly, what is sort of an optimum inventory turn that you see going forward?

其次，您認為未來的最佳庫存週轉率是多少？

Yes. Sam, I'm going to quickly start with the growth and then Martin will elaborate a bit on the inventory and net working capital side.

是的。薩姆，我將快速開始討論成長問題，然後馬丁將詳細說明庫存和淨營運資本方面。

So I think we should think about it in the same way that we thought about it for '22 or '21 without COVID, I think we're really trying to reach the right consumers through the right channels. And this is again why we're also a bit cautious in giving you exact numbers, of doors. I think we're really focused on managing sell-through very closely. We're really focused on managing inventory positions with our key wholesale partners as well knowing that there's a bit of uncertainty around consumer demand in the second half of this year.

因此，我認為我們應該以沒有 COVID 的 22 年或 21 年同樣的方式來思考這個問題，我認為我們確實在嘗試透過正確的管道接觸正確的消費者。這就是為什麼我們在向您提供門的確切數字時也有些謹慎。我認為我們確實非常注重密切管理銷售量。我們非常注重與主要批發合作夥伴管理庫存，同時也知道今年下半年的消費者需求存在一些不確定性。

And what we saw in Q4, what we're also seeing right now is that we're able to reach many new consumers through our own D2C channel. We're able to reach them at great margins all at full price. And we're also able to drive quite a bit of apparel sales through that. And this is a strategy that we're going to continue. And we've communicated that we want to increase our own D2C share over time. You've heard how Regent Street is performing. So we see On retail also gaining speed. So expect that journey to continue. But as always, we're not giving an exact number on the split.

我們在第四季度看到的情況以及我們現在看到的是，我們能夠透過自己的 D2C 管道接觸到許多新消費者。我們能夠以全價向他們提供豐厚的利潤。而且我們還能透過這種方式推動相當一部分服裝銷售。我們將繼續執行這項戰略。我們已經表達過，我們希望隨著時間的推移增加我們自己的 D2C 份額。您已經聽說了攝政街的演出情況。因此我們看到零售業的發展也正在加速。所以希望這段旅程能夠繼續下去。但與往常一樣，我們不會給出具體的分成數字。

And then talking to inventory. So this is very much a function also of the future growth that we are expecting. But a good number to think about is that in the past, we have seen our working capital to be in the range of 30% of net sales at the growth rates that we had. So at year-end, we were at 37%. So slightly above that. And the 30%, this is how we would look into the future and have it as a reference point.

然後與庫存進行交談。因此，這很大程度上也是我們預期的未來成長的函數。但值得思考的一個好數字是，在過去，我們的營運資本在我們過去的成長率下佔淨銷售額的 30% 左右。因此到年底，我們的比率是 37%。略高於這個數字。而那 30% 是我們對未來的展望，並以此作為參考點。

Can I just follow up? I'm not looking for specifics on the breakout of wholesale. I just want to know, are you expecting in 2023, are you expecting wholesale to grow faster than DTC or DTC to grow faster than wholesale. That's not a specific, it's just general.

我可以跟進一下嗎？我並不是尋找有關批發突破的具體資訊。我只是想知道，您是否預計 2023 年批發業務的成長速度會比 DTC 更快，或者 DTC 的成長速度會比批發業務更快。那不是具體的，只是一般的。

Yes. The good thing is that with '22, we have the first year that actually has a clean balance again and a clean starting point because there's no COVID impact.

是的。好消息是，由於沒有受到 COVID 的影響，22 年是我們真正再次實現乾淨平衡並擁有乾淨起點的第一年。

So far, wholesale growth was basically stronger because of the weakness last year and D2C on the opposite. So there's an opportunity for us to grow our D2C share this year.

到目前為止，批發增長基本上由於去年的疲軟而更加強勁，而 D2C 則相反。因此，今年我們有機會擴大 D2C 份額。

But again, as Marc said, it all depends on the sell-out and the continued success also of our retail partners and how they position themselves in the market. So we don't -- we will not manage to share, but midterm, we clearly have the aspiration to overproportionate grow our D2C share.

但正如馬克所說，這一切都取決於我們的零售合作夥伴的銷售情況和持續成功，以及他們在市場上的定位。因此，我們不會——我們將無法分享，但從中期來看，我們顯然有志於超額增加我們的 D2C 份額。

Ladies and gentlemen, that was our last question for today.

女士們、先生們，這是我們今天的最後一個問題。

The conference is now concluded, and you may disconnect your telephone. Thank you very much for joining, and have a pleasant day. Goodbye.

會議現已結束，您可以掛斷電話。非常感謝您的加入，祝您有個愉快的一天。再見。