On Holding AG (ONON) 2023 Q3 法說會逐字稿

Hello, and welcome to the On Holding AG Q3 2023 Results Call. (Operator Instructions)

您好，歡迎您參加 On Holding AG 2023 年第三季業績電話會議。 （操作員指示）

I'll now turn the conference over to Jerrit Peter, Head of Investor Relations. Please go ahead.

現在，我將會議交給投資者關係主管傑里特彼得 (Jerrit Peter)。請開始。

Good afternoon, good morning, and thank you for joining On's 2023 third quarter earnings conference call and webcast. With me today on the call are Executive Co-Chairman and Co-Founder, Caspar Coppetti; CFO and Co-CEO, Martin Hoffmann; and Co-CEO, Marc Maurer.

下午好，早上好，感謝您參加 On 2023 年第三季財報電話會議和網路直播。今天與我一起參加電話會議的有執行聯席董事長兼聯合創始人 Caspar Coppetti、財務長兼聯席執行長 Martin Hoffmann 以及聯合執行長 Marc Maurer。

Before we begin, I would like to remind everyone today's call will contain forward-looking statements within the meaning of the 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 on March 21st for a detailed discussion of such risks and uncertainties. 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. We will begin with Caspar, followed by Martin, leading through today's prepared remarks, after which we're looking forward to opening the call for a Q&A session.

在開始之前，我想提醒大家，今天的電話會議將包含聯邦證券法所定義的前瞻性陳述。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，這些風險和不確定性可能導致實際結果與預期有重大差異。有關此類風險和不確定性的詳細討論，請參閱我們於3月21日向美國證券交易委員會提交的20-F文件。我們也將參考某些非國際財務報告準則（IFRS）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，也並非旨在取代根據國際財務報告準則（IFRS）呈現的財務資訊。請參閱今天的新聞稿，以了解與最具可比性的國際財務報告準則（IFRS）指標的對帳情況。我們將首先由Caspar發言，然後由Martin主持今天的準備好的發言，之後我們期待進入問答環節。

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

有了這些，我很高興將電話轉給卡斯帕。

It is our great pleasure to be here today with you to discuss the results of our thriving business. On continues to have a very strong momentum. In Q3, the outstanding demand for our brand resulted in another record top line quarter with over CHF 480 million net sales. This represents 47% growth year-over-year or even 58% on a constant currency basis. Many of you joined us 6 weeks ago for our Investor Day in Zurich, and we tremendously enjoyed sharing more about On's unique culture, innovation pipeline and brand vision with you. We aim to be the most premium global sportswear brand, rooted in innovation, design and sustainability.

今天，我們非常榮幸能與各位共同探討我們蓬勃發展的業務成果。 On 持續保持強勁發展勢頭。第三季度，市場對我們品牌的強勁需求，使公司營收再創歷史新高，淨銷售額超過 4.8 億瑞士法郎。這比去年同期成長了 47%，以固定匯率計算則成長了 58%。六週前，許多嘉賓參加了我們在蘇黎世舉辦的投資者日活動，我們非常高興能與各位分享 On 獨特的文化、創新管道和品牌願景。我們致力於成為植根於創新、設計和永續發展的全球頂級運動服飾品牌。

Allow me to share how we have made progress towards this goal in the third quarter. The On brand is in very high demand and has further gained in popularity and desirability. We're seeing great success by connecting our celebrity athletes to product innovation. When Ben Shelton stormed to the semifinals at the U.S. Open, for instance, we amplified his skyrocketing popularity through the On brand campaign, Dream On. As announced, we are making strategic shifts in our marketing spending to further build global awareness for On. The headline Dream On Hellen Obiri could also be seen on billboards across New York City in the recent weeks, and Dream On, she did with her dominating win at the marathon, making Hellen the first woman to win Boston and New York in the same season in 34 years.

請容許我分享一下我們在第三季實現這一目標的進展。 On品牌需求旺盛，人氣與吸引力也進一步提升。我們透過將明星運動員與產品創新相結合，取得了巨大的成功。例如，當本·謝爾頓在美國公開賽上闖入半決賽時，我們透過On品牌宣傳活動「夢想成真」(Dream On)，進一步提升了他飆升的人氣。正如我們所宣布的那樣，我們正在對行銷支出進行策略性調整，以進一步提升On的全球知名度。最近幾週，標題為「夢想成真」(Dream On)的海倫·奧比里(Hellen Obiri)也出現在紐約市各處的廣告牌上，而海倫在馬拉鬆比賽中以壓倒性優勢獲勝，也使她成為34年來首位在同一賽季贏得波士頓馬拉松和紐約馬拉鬆的女性。

I cannot emphasize enough how important successes like this one are for our brand and for our ambition to become the #1 running brand. Performance is at the very core of the On brand, and our superior products allow us to command premium prices. More importantly, performance is also a passion across the team. Last month, our Co-Founder, Olivier spent a good week in Boulder to support our local teams during Hellen's final preparations for New York and the testing of new racing technologies for the upcoming Olympics with the On Athletics Club. And let us share another anecdote with you that illustrates our culture. 10 OAC athletes traveled to New York from Boulder to support Hellen in her race, among them, world-class athlete, Yared Nuguse, who in September won the 1500 meters in the Diamond League Meeting in Zurich. You may not be used to hearing these kind of stories in an earnings call, but we feel that how we achieve our results is just as important as the results themselves.

我再怎麼強調這樣的成功對我們的品牌以及我們成為全球第一跑步品牌的雄心壯誌都不過分。性能是On品牌的核心，我們卓越的產品使我們能夠獲得高昂的價格。更重要的是，性能也是整個團隊的熱情所在。上個月，我們的聯合創始人奧利維爾在博爾德度過了愉快的一周，為海倫在紐約的最後備戰以及與On田徑俱樂部一起測試即將舉行的奧運會新賽車技術期間，為我們當地的團隊提供支持。讓我們與您分享另一個體現我們文化的軼事。 10名OAC運動員從博爾德來到紐約，為海倫的比賽加油助威，其中包括世界級運動員亞雷德·努古斯，他在9月份的蘇黎世鑽石聯賽中贏得了1500米冠軍。您可能不習慣在財報電話會議上聽到這樣的故事，但我們認為，我們如何取得成果與成果本身同樣重要。

As shared during the Investor Day, On has a very strong product innovation pipeline. In recent months, we were able to deliver a number of highly successful product launches. Let me name a few. The Cloudeclipse is catering to runners who are looking for a maximum cushioning experience. It is built on our newest patented cushioning platform, CloudTec Phase, which consumers have already adopted so quickly on the Cloudsurfer.

正如投資者日上分享的那樣，On 擁有非常強大的產品創新管道。近幾個月來，我們成功推出了一系列非常成功的產品。讓我來列舉幾個例子。 Cloudeclipse 專為追求極致緩震體驗的跑者打造。它是基於我們最新的專利緩震平台 CloudTec Phase 打造，消費者已經在 Cloudsurfer 上迅速採用了這個平台。

And CloudTec Phase isn't just for running shoes. On's computer-optimized outsole technology has been adapted for ultimate all-day comfort as well. I am of course talking about the all-new Cloudtilt, which we pre-launched in a hugely successful collaboration with Loewe. Retailing at $490, the model sold out almost entirely within a few days and generated significant traction across our social platforms. We are excited to see how far the Cloudtilt will go when it becomes more widely available to consumers in February next year. Our design collaboration with JW Anderson and Loewe is a testament to the premium positioning of the On brand, and in particular to On's apparel range, which will again be featured in the collaboration with Loewe in the coming months.

CloudTec Phase 不僅適用於跑鞋。 On 的電腦優化外底技術也經過了改進，帶來極致的全天舒適體驗。我當然指的是全新的 Cloudtilt，我們與 Loewe 合作預售，並且取得了巨大成功。這款鞋零售價為 490 美元，幾天內幾乎售罄，並在我們的社交平台上引起了強烈反響。我們非常期待 Cloudtilt 明年 2 月將面向更多消費者發售後的表現。我們與 JW Anderson 和 Loewe 的設計合作，充分體現了 On 品牌的高端定位，尤其是 On 的服裝系列，未來幾個月，我們將再次與 Loewe 合作推出該系列。

Speaking of apparel, we've seen exciting launches in the past weeks and have been very present around the globe with our campaign, RunTogether. Another key innovation milestone in apparel is the Pace Collection, which launches today. It is made from captured carbon emissions, and we are proud to bring On's CleanCloud technology to apparel for the first time. The strong presence on the tennis court has also increased demand for On's apparel range, and we look forward to introducing specific tennis performance and lifestyle apparel in spring. Congratulations to Iga Swiatek for taking the WTA Finals title and returning to world #1. Q3 also marks a milestone in the continuing shift of how we reach our customers. With 55% growth, On's D2C business has significantly outpaced the wholesale business, which grew 43%.

說到服裝，過去幾週我們見證了一系列令人興奮的產品發布，並積極推廣「RunTogether」運動，足跡遍布全球。今天發布的Pace系列是服裝領域的另一個重要創新里程碑。該系列採用碳排放捕獲技術製成，我們很榮幸能首次將On的CleanCloud技術應用於服裝領域。 On在網球場上的出色表現也增加了市場對服裝系列的需求，我們期待在春季推出專門的網球運動和生活方式服裝。恭喜伊加·斯瓦泰克奪得WTA總決賽冠軍，重返世界第一。第三季也標誌著我們持續轉變客戶體驗方式的里程碑。 On的D2C業務成長了55%，遠超批發業務的43%。

We are very encouraged by the strong performance across both E-com and own retail, which saw store openings in Miami and London Spitalfields in recent weeks. In line with our 3-year plan, we expect D2C to continue to grow faster than wholesale, which will remain an important channel for our business. I'm happy to say that as a brand, we have found the wholesale partners that we want to work with, and going forward, we will focus on deepening these partnerships and jointly delivering an intimate consumer experience across categories through these channels. As we enter the holiday season and prepare for more product launches to surprise our fans in 2024, we are grateful to share that the On brand has never been stronger than today, and that we never had more reasons to be optimistic about the future trajectory of our business. This is a pivotal moment in our story as we are successfully transforming from a challenger in the running category to a running leader, from a running brand to a multisport brand, from a wholesale-led to a true omnichannel brand, and from a footwear brand to a sportswear brand.

我們對電商和自營零售業務的強勁表現感到非常鼓舞，最近幾週，我們在邁阿密和倫敦斯皮塔佛德購物中心開設了新店。根據我們的三年計劃，我們預計D2C的成長速度將繼續快於批發，而批發仍將是我們業務的重要管道。我很高興地說，作為一個品牌，我們已經找到了我們想要合作的批發合作夥伴，未來我們將專注於深化這些合作夥伴關係，並透過這些管道共同打造跨品類的貼心消費者體驗。隨著假期季節的到來，我們準備在2024年推出更多產品，為粉絲們帶來驚喜，我們很高興地告訴大家，On品牌從未像今天這樣強大，我們也從未像現在這樣有理由對業務的未來發展感到樂觀。這是我們發展歷程中的關鍵時刻，因為我們正在成功地從跑步領域的挑戰者轉型為跑步領域的領導者，從跑步品牌轉型為多功能運動品牌，從批發主導轉型為真正的全通路品牌，以及從鞋類品牌轉型為運動服飾品牌。

With this, I will now hand over to Martin for the detailed discussion of our business and the financials, but not without correcting my earlier mistake of not naming him among the athletic feats of our top athletes. Congratulations on your finish in the New York Marathon, Martin.

現在，我將把時間交給馬丁，讓他詳細討論我們的業務和財務狀況。不過，我得糾正一下之前的錯誤，沒有把他列入我們頂尖運動員的成就之列。馬丁，恭喜你在紐約馬拉鬆比賽中取得佳績。

Thank you, Caspar, and hello to everyone on the call. I still have goosebumps when thinking back to the energy from the amazing crowd along the course in New York City. I was extremely proud and inspired to see so many athletes of On's Right to Run partners on the course, too. This is what igniting the human spirits for movement is all about. Which is also why we attempt to incorporate a movement session in all interactions with our teams, our partners, and yes, also at our first Investor Day.

謝謝你，卡斯帕，也向電話裡的各位問好。回想起紐約賽道上令人興奮的觀眾，我仍然不禁起雞皮疙瘩。看到這麼多「On's Right to Run」合作夥伴的運動員參賽，我感到非常自豪和鼓舞。這正是點燃人類運動精神的意義。這也是為什麼我們嘗試在與團隊、合作夥伴以及首個投資者日的所有互動中都加入運動環節。

It was so exciting to welcome many of you to Zurich a few weeks ago. After having completed our IPO process, mostly in a virtual setting, it was great to allow you to experience On firsthand. Similarly, it was very important to us to introduce you to our product team. We are so grateful for the passionate and talented individuals that are building our dreams with us. We hope you learned a lot about who we are, about the incredible pipeline of products and innovations that are yet to come, and most importantly, that you felt the unique culture at On. For those of you who were not able to join us on the day, the materials as well as a replay of the presentation are available on our Investor Relations website.

幾週前，我們非常高興地歡迎各位來到蘇黎世。在完成了大部分以線上形式進行的IPO流程後，能夠讓各位親身體驗On，我們感到非常高興。同樣，向各位介紹我們的產品團隊也至關重要。我們非常感謝這些充滿熱情、才華橫溢的同仁，他們與我們一起建立夢想。我們希望各位能夠深入了解我們，了解我們即將推出的一系列精彩產品和創新，最重要的是，感受到On獨特的企業文化。當天未能到場的各位，相關資料以及示範影片的回放均可在我們的投資者關係網站上取得。

In addition, before diving into our Q3 results, let me quickly summarize the key elements of our strategy that we outlined at the Investor Day. We aim to be the most premium global sportswear brand. Our first pillar includes 3 strong existing building blocks that we will elevate further. We'll continue to put a lot of emphasis on running and aim to significantly increase our market share on runners' bodies. We intend to benefit from the huge potential around the globe by increasing brand awareness among our core communities. And innovation will continue to be at our core as we focus relentlessly on driving On's performance credibility and sustainability impact. Our second pillar is focused on investment areas that we will grow aggressively to expand our reach and depth over the coming years. This starts with our ongoing commitment to elevate the power of our premium multichannel distribution to reach our fans globally. We will significantly increase our own retail presence and evolve the channel to contribute meaningfully for our overall business.

此外，在深入探討第三季業績之前，請容許我快速總結我們在投資人日概述的策略關鍵要素。我們的目標是成為全球最優質的運動服飾品牌。我們的第一個支柱包含三個現有的堅實基石，我們將進一步提升這些基石。我們將繼續大力發展跑步業務，並力爭大幅提升我們在跑步人群中的市場份額。我們計劃透過提升品牌在核心社群中的知名度，從全球巨大的潛力中獲益。創新將繼續是我們的核心，我們將不懈地提升On的業績可信度和永續性影響力。我們的第二個支柱專注於投資領域，我們將在未來幾年大力發展這些領域，以擴大我們的覆蓋範圍和深度。首先，我們將持續致力於提升我們優質多通路分銷的影響力，以觸達全球粉絲。我們將大幅提升自身的零售業務，並不斷改善管道，為我們的整體業務做出有意義的貢獻。

Finally, we'll continue to expand our footprint in China at a rapid pace, accelerating market share gains in one of On's highest growth markets. The circular consists of new areas to establish our brand with meaningful communities aligned with our vision to be the most premium global sportswear brand. We aim to tap into the training community and light up the tennis court to significantly increase our addressable market. And we will further focus on establishing On as a true sportswear brand known for our full head-to-toe looks across all of our existing and new verticals. With these initiatives, we intend to continue our path of combining high growth with attractive and increasing profitability. This means that by 2026, we aim to double our net sales to at least CHF 3.55 billion, drive our gross profit margin above 60%, and increase our adjusted EBITDA margin to more than 18%. None of this will be easy, but we are extremely excited for what is to come. As a first step on this journey, and as Caspar mentioned, we are very pleased to say that we started off strong with another outstanding quarter.

最後，我們將持續快速拓展在中國的業務，加速在On成長最快的市場之一——中國——的市佔率成長。此次通函涵蓋了新的領域，旨在透過有意義的社群建立我們的品牌，這與我們成為全球最高端運動服飾品牌的願景一致。我們的目標是深入訓練社群，點亮網球場，從而顯著擴大我們的潛在市場。此外，我們將進一步致力於將On打造為真正的運動服飾品牌，以涵蓋我們所有現有和新的垂直領域，從頭到腳的全方位設計而聞名。透過這些舉措，我們計劃繼續將高成長與具有吸引力且不斷增長的盈利能力相結合。這意味著，到2026年，我們的目標是將淨銷售額翻一番，達到至少35.5億瑞士法郎，將毛利率提高到60%以上，並將調整後的EBITDA利潤率提高到18%以上。這一切都並非易事，但我們對未來充滿期待。作為這一征程的第一步，正如Caspar所說，我們非常高興地宣布，我們又一個季度取得了優異的開局。

With this, let me reflect on our Q3 results and our full year outlook and how we view both in the light of our long-term strategy. With net sales reaching CHF 480.5 million, Q3 has been our seventh consecutive record quarter. With 59.9%, we achieved the highest gross profit margin since our IPO. CHF 81.3 million adjusted EBITDA marks another record in the history of the company, exceeding any other quarterly adjusted EBITDA by almost 30%. CHF 58.7 million net profit in the quarter is more than in the whole year of 2022. And we generated a significant positive cash flow. It's fair to say that Q3 has been our most successful quarter in history across all measures. The demand for the On brand remains very strong. Our net sales grew by 46.5% versus the prior year period. Due to the ongoing strength of our reporting currency, Swiss francs, the equivalent growth rate at constant currency rates would have been close to 58% or in absolute terms, our reported Q3 top line number would have been over CHF 518 million at last year's rates.

在此，讓我回顧一下我們第三季的業績和全年展望，以及我們如何根據長期策略來看待這兩項業績。第三季淨銷售額達到 4.805 億瑞士法郎，這是我們連續第七個季度創下紀錄。我們的毛利率達到 59.9%，是自 IPO 以來的最高水準。 8,130 萬瑞士法郎的調整後 EBITDA 創下了公司歷史上的另一個紀錄，比任何其他季度調整後 EBITDA 高出近 30%。本季 5,870 萬瑞士法郎的淨利潤超過了 2022 年全年的淨利潤。我們實現了可觀的正現金流。可以說，第三季是我們歷史上所有指標中最成功的一個季度。市場對 On 品牌的需求依然非常強勁。我們的淨銷售額年增 46.5%。由於我們的報告貨幣瑞士法郎持續走強，以固定匯率計算的等效成長率將接近 58%，或以絕對值計算，我們報告的第三季營收按去年的匯率計算將超過 5.18 億瑞士法郎。

For the second consecutive quarter, D2C outpaced wholesale with a growth of 54.6%, resulting in a D2C share of 34.3% compared to 32.5% in Q3 last year. D2C net sales for the quarter reached CHF 164.7 million. As shared in some details during our Investor Day, we are very excited to see how brand moments such as Ben's success at the U.S. Open, the wins of our OAC athletes or on a smaller scale, Roger's recent visit to some of our stores in China are visibly leading to higher brand awareness and ultimately to increase traffic both on and offline. As mentioned before, own retail will play a larger role in our D2C strategy going forward. The continued success of our stores is further increasing our confidence in this strategic direction.

D2C 連續第二季超過批發，增幅達 54.6%，導致 D2C 份額從去年第三季的 32.5% 升至 34.3%。本季 D2C 淨銷售額達 1.647 億瑞士法郎。正如我們在投資者日分享的一些細節一樣，我們非常高興地看到，本在美國公開賽上的成功、我們 OAC 運動員的勝利，或者在較小規模上，羅傑最近訪問了我們在中國的幾家門店，這些品牌時刻明顯提高了品牌知名度，並最終增加了線上和線下的客流量。如前所述，自有零售將在我們未來的 D2C 策略中發揮更大的作用。我們門市的持續成功進一步增強了我們對這個策略方向的信心。

With 26 retail stores operating by the end of Q3, our net sales contribution from own retail more than tripled year-over-year. As Caspar mentioned, over the recent weeks, we successfully opened 2 additional retail stores, one in Miami and the other in London Spitalfields. We're absolutely thrilled to see the vibrant communities that are gathering around our retail locations. In London, we had about 100 dedicated runners joining us for the first Saturday run out of the store, even in the face of the typical rainy London weather. The high apparel share of 23% in Miami and 19% in London is another validation of the importance of our own retail channel in establishing On as a head-to-toe sportswear brand.

截至第三季末，我們共有26家零售店投入經營，自有零售的淨銷售額貢獻年增超過兩倍。正如卡斯帕所提到的，最近幾週，我們成功開設了兩家新的零售店，一家在邁阿密，另一家在倫敦斯皮塔佛德。我們非常高興看到充滿活力的社區在我們的零售店周圍聚集。在倫敦，即使在倫敦典型的陰雨天氣下，大約有100名熱心的跑步者參加了我們週六在店內進行的首次跑步活動。邁阿密23%的服裝份額和倫敦19%的高份額再次證明了我們自有零售通路在將On打造為從頭到腳的運動服飾品牌方面的重要性。

We continue to win many new fans and to tap into new communities through our wholesale channel. Wholesale grew by 42.6% in Q3, reaching CHF 315.7 million. Due to the disruption in our warehouse in the U.S. in Q3 last year and the resulting shift of volume to Q4, this growth rate is slightly elevated. In addition, we did see some early holiday shipments sent out to our partners in the later part of Q3 this year, pulling forward some volumes from Q4. Independently from these one-off effects, we have seen very strong sell-out numbers at our wholesale partners. We are very pleased with the level and the composition of our in-channel inventory. Given these one-offs, looking at wholesale growth for the combined second half of the year will be a more meaningful measure to establish a baseline for wholesale growth going forward.

我們繼續透過批發管道贏得眾多新粉絲，並拓展新的社群。第三季批發額成長42.6%，達3.157億瑞士法郎。由於去年第三季度我們美國倉庫的營運中斷，導致銷售轉移到第四季度，因此這一增長率略有提升。此外，我們確實在今年第三季後期向合作夥伴發送了一些節日季早期發貨，從而提前了第四季度的銷售。撇開這些一次性影響不談，我們的批發合作夥伴的銷售情況非常強勁。我們對通路內庫存的水準和組成非常滿意。考慮到這些一次性影響，觀察今年下半年的批發成長情況將是更有意義的衡量標準，有助於為未來的批發成長奠定基礎。

With that, let me move on to the developments by region. We have achieved strong growth rates globally. Net sales in the Americas grew by 60.5% in Q3, reaching CHF 294.9 million. We are pleased to see that the strong sell-in for the fall/winter '23 season coincides with continued sell-out strengths at our partners across the board. Of course, our U.S. business was the most impacted by the operational challenges in the prior year period, again, slightly helping the reported growth rate in Q3 this year. Net sales in the EMEA region reached CHF 144 million in Q3, growing by 19.9% year-over-year. Similar to the previous quarters, we have seen a significantly stronger growth in our D2C channel compared to wholesale.

接下來，讓我來談談各地區的發展。我們在全球範圍內實現了強勁的成長。美洲地區的淨銷售額在第三季成長了60.5%，達到2.949億瑞士法郎。我們很高興看到，2023年秋冬季的強勁銷售動能與我們各合作夥伴持續的銷售強勁勢頭相吻合。當然，我們美國業務受去年同期營運挑戰的影響最大，但這也略微提振了今年第三季的成長率。歐洲、中東和非洲地區的淨銷售額在第三季達到1.44億瑞士法郎，年增19.9%。與前幾季類似，我們的D2C通路成長明顯強於批發通路。

The U.K. remains one of the key growth engines in the region. The growth is very much performance first, which is very important for us. The validation comes from our recent shoe count along key running routes, where we have seen a strong increase of our market share on runners' feet. APAC reached net sales of CHF 41.6 million in the third quarter, corresponding to a growth rate of 71.5%. On a relative basis, APAC was the most impacted by the FX shifts versus the prior year. On a constant currency basis, growth in the region would have been over 95%. Overall, growth was broadly distributed across all sub-regions and channels with call-outs for the very strong momentum in Japan as well as the continued strength of our own retail stores in China, in particular, during the Golden Week holiday period.

英國仍然是該地區的主要成長引擎之一。成長首先取決於業績，這對我們來說至關重要。我們近期在主要跑步路線上的跑鞋銷售情況證實了這一點，我們在這些地區的跑步鞋市場份額強勁增長。亞太地區第三季淨銷售額達4,160萬瑞士法郎，成長率達71.5%。相對而言，亞太地區受匯率變動的影響與去年同期相比最大。以固定匯率計算，該地區的成長率將超過95%。總體而言，所有子區域和通路均實現了廣泛增長，其中日本市場增長勢頭強勁，而我們在中國自有零售店的持續強勁表現尤為突出，尤其是在黃金周假期期間。

Turning to the performance by product. Net sales from shoes grew by 47% to CHF 456.9 million. We continue to be encouraged by the strong performance of newer core running blockbusters like the Cloudsurfer and Cloudmonster, and the new generation of Cloud X clearly showcasing the adoption of On in gyms across the globe. The positive brand momentum around the U.S. Open was also demonstrated in an outstanding performance of the Roger family, visible in an elevated growth rate of the franchise in our D2C channels versus the prior year. Apparel grew by 31.8% in the quarter, reaching CHF 20.1 million. As many of you saw a few weeks ago in Zurich, we are very excited about the upcoming collections and innovations that will allow us to further emphasize the differentiation and premiumness of our products. We are also looking forward to the next generation of our retail store concepts and the role they will play in showcasing our full head-to-toe offerings. The first store to follow this new concept will be our Paris store due to open later this week.

回顧產品業績。鞋類淨銷售額成長47%，達4.569億瑞士法郎。 Cloudsurfer和Cloudmonster等新款核心跑鞋的強勁表現，以及新一代Cloud X的上市，都讓我們備受鼓舞，這充分展現了On系列產品在全球健身房的普及。羅傑家族的出色表現也印證了美網期間積極的品牌勢頭，這體現在我們D2C管道的特許經營權增長率高於去年同期。服裝本季成長31.8%，達2010萬瑞士法郎。正如大家幾週前在蘇黎世看到的，我們對即將推出的系列和創新產品感到非常興奮，這將使我們能夠進一步強調產品的差異化和高端性。我們也期待下一代零售店理念，以及它們將在展示我們從頭到腳的全系列產品方面發揮的作用。首家採用這項新理念的門市將是將於本週稍後開業的巴黎門市。

Finally, while we slightly scaled back on marketing in Q4 last year, we are running a bigger brand campaign in Q4 this year, centered around our new apparel collection. This includes many highly visible brand moments in key cities around the globe. One of the highlights is our activation at Tottenham Court Road Underground Station in London with daily traffic of over 200,000 people. For the first time since our IPO, we reached a gross profit margin close to our midterm target of 60% plus. Gross profit reached CHF 287.7 million in the quarter, reflecting a gross profit margin of 59.9% and an increase of 280 basis points year-over-year. This margin increase was driven by a continued high share of full price sales as a result of the premium position of the brand, the increased D2C share and lower freight rates.

最後，雖然我們去年第四季略微縮減了行銷力度，但今年第四季我們將圍繞全新服飾系列進行更大規模的品牌宣傳活動。這包括在全球主要城市舉辦多場高曝光的品牌活動。其中一大亮點是我們在倫敦托特納姆法院路地鐵站的宣傳活動，該站日客流量超過20萬人次。自IPO以來，我們的毛利率首次接近60%以上的中期目標。本季毛利達2.877億瑞士法郎，毛利率為59.9%，較去年同期成長280個基點。利潤率的成長得益於品牌的高端地位、D2C市佔率的提升以及運費的降低，全價銷售份額持續走高。

In addition, we had recorded the last piece of extraordinary airfreight usage in Q3 last year. SG&A expenses, excluding share-based compensation in Q3 (inaudible) by 46.4% of net sales, up from 44.1% in the same period last year. In particular, distribution expenses remain elevated due to the investment into warehouse automation, which are expected to deliver meaningful scale gains in the future. As a result of the strong net sales, our premium gross profit margin and consciously managed expenses, adjusted EBITDA reached CHF 81.3 million in the quarter, by far the highest in the history of the company and up from CHF 56.3 million in the previous year. Our adjusted EBITDA margin reached 16.9%, slightly down from the 17.2% in the same period last year.

此外，我們在去年第三季記錄了最後一筆非常規空運使用。第三季銷售、一般及行政費用（不含股權激勵）佔淨銷售額的 46.4%，高於去年同期的 44.1%。特別是，由於倉庫自動化的投資，分銷費用仍然很高，預計未來將帶來可觀的規模收益。由於強勁的淨銷售額、我們的保費毛利率和有意識的管理費用，本季調整後的 EBITDA 達到 8,130 萬瑞士法郎，是公司歷史上的最高水平，高於去年的 5,630 萬瑞士法郎。我們的調整後 EBITDA 利潤率達到 16.9%，略低於去年同期的 17.2%。

Moving to the balance sheet. Capital expenditures were CHF 8.2 million in Q3 '23 or 1.7% of net sales, significantly reduced from the 6.7% of net sales in the same quarter in 2022. In the prior year, the elevated expenses had largely resulted from nonrecurring investments into office build-outs in Zurich and in Portland. Managing our inventory remains a key focus area. In Q3, inventory improved to CHF 424.5 million, a further reduction in comparison to the end of Q1 and Q2, while growing our net sales at the same time.

再來看資產負債表。 2023年第三季的資本支出為820萬瑞士法郎，佔淨銷售額的1.7%，較2022年同期的6.7%大幅下降。去年，支出的增加主要源自於對蘇黎世和波特蘭辦公大樓建設的非經常性投資。庫存管理仍然是我們的重點領域。第三季度，庫存改善至4.245億瑞士法郎，與第一季和第二季末相比進一步下降，同時淨銷售額有所成長。

In line with our previous communication, we expect to maintain the current inventory level by year-end. The reduction in inventories also largely drove the overall reduction in net working capital in Q3, contributing to a significant positive cash flow of over CHF 90 million in the quarter. As a result, net cash increased from CHF 337.1 million at the end of Q2 to CHF 432 million at the end of Q3. As I've mentioned, this positive cash flow marks another historical record for On.

與我們先前的溝通一致，我們預計到年底將維持目前的庫存水準。庫存的減少也在很大程度上推動了第三季淨營運資本的整體下降，並促成了本季超過9,000萬瑞士法郎的顯著正現金流。因此，淨現金從第二季末的3.371億瑞士法郎增加到第三季末的4.32億瑞士法郎。正如我之前提到的，這一正現金流標誌著On的另一個歷史記錄。

With that, I would like to move on to our last outlook for the full year of 2023. We are experiencing another incredible year with 3 record quarters and year-to-date growth rate of over 57%, which was driven by winning millions of new fans while connecting even closer with our existing customers. This is most directly reflected in the strong growth of our D2C channel by 57.4%. The growth was further amplified by the very successful expansion of our wholesale network and the important product or rollout with some of the largest global key accounts over the past 12 months to 18 months.

至此，我想談談我們對2023年全年的最後一個展望。我們正經歷著另一個令人難以置信的一年，三個季度創下紀錄，年初至今的成長率超過57%，這得益於我們贏得了數百萬新粉絲，同時與現有客戶建立了更緊密的聯繫。這最直接體現在我們D2C通路57.4%的強勁成長。在過去12個月到18個月裡，我們批發網路的成功擴張以及與一些全球最大客戶推出的重要產品進一步放大了這一成長。

As Caspar mentioned, in many markets, we have found the wholesale partners that we want to work with. While we will continue to expand our presence in existing stores and carefully expand into new locations, new doors will drive less incremental growth compared to previous quarters. In our strategic plan, we outlined our belief in the power of our multichannel distribution and the huge potential of combining all channels in harmony. And ultimately, in our belief to at least double our net sales in the next 3 years, while at the same time, driving a stronger growth in our D2C channels compared to our wholesale channels. We look forward to the final 1.5 months of the year and are heading into the holiday season with confidence in the strength of the On brand and in the strength of our products. This kicked off strongly during the Double 11 holiday period in China.

正如Caspar所提到的，我們已經在許多市場找到了我們想要合作的批發合作夥伴。雖然我們將繼續擴大現有門市的覆蓋範圍，並謹慎地拓展新門市，但與前幾季相比，新門市帶來的增量成長將有所放緩。在我們的策略規劃中，我們闡述了對多通路分銷力量的信心，以及將所有通路和諧整合的巨大潛力。最終，我們堅信在未來三年內我們的淨銷售額至少翻一番，同時推動D2C通路比批發通路更強勁的成長。我們期待今年最後1個半月的到來，並滿懷信心地迎接假日季，對On品牌和我們產品的實力充滿信心。這一切在中國雙十一假期期間拉開了強勁的序幕。

Despite again, following our no discount policy, we saw an overall year-over-year volume growth of over 70% during the holiday period, clearly indicating the continued brand momentum for On in China. Based on the start of the fourth quarter, our strong Q3 results and our visibility until the end of the year, we are again increasing our net sales ambition for the full year from CHF 1.76 billion to CHF 1.79 billion, implying a full year growth rate of over 46%. Zooming in on the fourth quarter, our net sales outlook implies a Q4 growth rate versus the prior year of 21% on a reported currency basis. In line with our strategy outlined above, we expect to see a more controlled growth of our wholesale sales while converting the high demand for the brand in continued strong D2C sales growth.

儘管我們再次實行不打折政策，但在假期期間，我們的整體銷量同比增長超過 70%，這清楚地表明了 On 品牌在中國的持續發展勢頭。基於第四季初的表現、強勁的第三季業績以及對年底的預期，我們再次將全年淨銷售額目標從 17.6 億瑞士法郎提高到 17.9 億瑞士法郎，這意味著全年成長率超過 46%。放眼第四季度，我們的淨銷售額預期表明，按報告貨幣計算，第四季度的成長率將與去年同期相比達到 21%。根據我們上述策略，我們預期批發銷售額的成長將更加可控，同時將品牌的高需求轉化為持續強勁的 D2C 銷售成長。

As we've outlined in our previous quarterly calls, our Q4 growth rate will be further influenced by 3 transitional factors. First, in 2022, we had seen a delay of some order deliveries from Q3 into Q4 due to the disruption of our largest U.S. warehouse as a result of a system update at our 3PL partner. Second, in EMEA, focused on the DACH region, we will be strategically closing around 200 doors at the beginning of the year, which will have an initial impact on our reorders in the fourth quarter. As mentioned on our last call, these stores are mainly comfort stores with a low share of performance business and accounted for around 10% of our EMEA wholesale net sales.

正如我們在先前的季度電話會議中所述，我們第四季度的成長率將進一步受到三個過渡性因素的影響。首先，2022年，由於我們最大的美國倉庫因第三方物流合作夥伴的系統更新而中斷，部分訂單交付從第三季延遲到第四季。其次，在歐洲、中東和非洲地區（EMEA），我們將在年初策略性地關閉約200家門市，並專注於德國、奧地利和瑞士地區（DACH），這將對我們第四季的補貨產生初步影響。正如我們上次電話會議中所提到的，這些門市主要是便利商店，績效業務佔比較低，約占我們EMEA地區批發淨銷售額的10%。

Last, primarily due to the strength of the U.S. dollar, but also other impactful currencies compared to the Swiss franc in 2022, we expect another quarter with a strong negative currency impact on our global growth rate. The 21% anticipated growth rate on a reported basis in Q4 is equivalent to around 30% on a constant currency basis. As a result of our long-term strategy, combined with these temporary effects and timing, we expect our reported wholesale growth in Q4 '23 in the area of high single digits. On the other hand, we expect continued strong Q4 growth rates in D2C, closer to what we have seen over the past couple of quarters in that channel.

最後，主要由於美元走強，以及其他一些與瑞士法郎相比更具影響力的貨幣，我們預計2022年我們的全球成長率將再次受到貨幣的強烈負面影響。第四季有21%的預期成長率（以固定匯率計算）相當於30%左右。鑑於我們的長期策略，加上這些暫時性影響和時機，我們預計2023年第四季的批發業務成長率將達到高個位數。另一方面，我們預計第四季度D2C通路的成長率將持續保持強勁，接近過去幾季的水平。

Moving to margins. Our year-to-date gross profit margin of 59.3% reflects the premium position of On. Based on the strong performance in Q3 and the planned strength of our D2C business in Q4, we expect to significantly overachieve our previous full year outlook of 58.5% and increase our full year expectation to at least 59%. If the environment continues to be favorable, we may even see the full year number drive beyond this threshold. The higher net sales and the stronger gross profit margin will allow us to drive additional investments into building brand awareness in Q4, while maintaining our full year guidance of 15% adjusted EBITDA margin.

談到利潤率。我們年初至今的毛利率為59.3%，體現了On的優質地位。基於第三季的強勁表現以及第四季D2C業務的強勁成長勢頭，我們預計全年毛利率將大幅超出先前58.5%的預期，並將全年預期至少上調至59%。如果市場環境持續向好，我們甚至可能看到全年毛利率突破這個門檻。更高的淨銷售額和更強勁的毛利率將使我們能夠在第四季度加大投資力度，提升品牌知名度，同時維持15%的全年調整後EBITDA利潤率預期。

We continue to think long-term, and we expect these investments to have a positive effect on future sales and ultimately, on our ability to reach our long-term goals, doubling our net sales by 2026, while increasing our gross profit margin above 60% and our adjusted EBITDA margin to more than 18%. Since we publicly announced our strategic plan at the Investor Day, we have spent a lot of time internally to share and discuss our vision at On. Just last week, we hosted our Global Summit, where we introduced our fall/winter '24 product collection as well as the 2026 strategic road map to our full internal team. And we are already experiencing the energy and the enthusiasm across all parts of the organization to build the future. And while we remain intensely focused on bringing this exceptional year across the finish line, we are already looking forward to the many highlights that we expect to achieve on the next steps of our journey.

我們始終著眼長遠，並預期這些投資將對未來銷售額產生正面影響，並最終助力我們實現長期目標：到2026年，淨銷售額翻一番，毛利率提升至60%以上，調整後息稅折舊攤銷前利潤率提升至18%以上。自從投資者日公開宣布策略計畫以來，我們內部投入了大量時間，在On.io分享和討論我們的願景。就在上週，我們舉辦了全球高峰會，向全體內部團隊介紹了2024秋冬產品系列以及2026年策略路線圖。我們已經感受到公司各部門對未來發展的活力與熱情。我們將繼續全心全意地致力於完成這非凡的一年，同時也對未來旅程中即將取得的諸多亮點充滿期待。

And with that, Caspar, Marc and I would like to open up the session to your questions. Operator, we are ready to begin the Q&A session.

好了，卡斯帕、馬克和我，現在開始回答大家的問題。接線員，我們準備好開始問答環節了。

(Operator Instructions) Your first question comes from the line of Jim Duffy of Stifel.

（操作員指示）您的第一個問題來自 Stifel 的 Jim Duffy。

I have a few questions, I want to start on the fourth quarter guide. The first relates to the state of channel inventories. Previously, you've spoken to the North American market having 3 months to 4 months of inventory in the channel. Does that figure still hold or would the earlier sell-in kind of the pull forward of some of the shipments are you now above those levels?

我有幾個問題，首先想談談第四季的業績指引。第一個問題與通路庫存狀況有關。之前您提到北美市場通路庫存大約為3到4個月。這個數字現在還適用嗎？還是說之前的銷售量會提前，導致部分出貨量提前？現在庫存量已經超過這個水準了？

Jim, this is Marc speaking. Thank you for your question. So that still holds. So we are very strategically managing that, especially with all our key accounts. We have very good visibility. And in the end, this is also what you see reflected in our gross margin. So we were able to drive a lot of full price sell-through. And so we're very happy with the inventory position, a lot of fresh inventory that is available at our retailers.

吉姆，我是馬克。謝謝您的提問。所以，這種情況仍然有效。我們正在非常策略性地管理這一點，尤其是對我們所有的關鍵客戶。我們擁有非常好的可視性。最終，這也反映在我們的毛利率上。因此，我們能夠推動大量全價銷售。我們對庫存狀況非常滿意，我們的零售商有大量新鮮庫存。

Great. And then the fourth quarter, a very important e-commerce quarter. Can you speak to what you're seeing in e-commerce trends, including customer acquisition, mix, new versus retained customers? I know you had some efforts in social commerce, what you're seeing in terms of the contributions from social commerce, that would be helpful.

太好了。第四季是電子商務領域非常重要的一個季度。您能否談談您所看到的電子商務趨勢，包括客戶獲取、客戶組合、新客戶和留存客戶？我知道您在社交商務方面做了一些努力，您看到社交商務的貢獻，這將會很有幫助。

Yes. Jim, this is Martin. So let me maybe share a bit more insights into the holiday season. So we had a good start into October. We clearly see that we are winning market share in the current environment. Last year was an exceptionally strong holiday season, so significantly above also what we had seen in previous years. We see less enthusiasm this year, and this is also what we hear and see from our retail partners. But at the same time, we continue to grow strongly, and we maintain a full price position. We shared the success in China during the Double 11 season with 70% growth in an environment where the market was flat. And what we see at the moment is fully embedded in our guidance of CHF 1.79 billion, and we believe that this number reflects the current situation quite accurately.

是的，吉姆，我是馬丁。那麼，讓我來分享一些關於假期季節的見解。我們十月開局不錯。我們清楚地看到，在當前環境下，我們的市場份額正在不斷擴大。去年的假日季表現異常強勁，遠高於往年。今年，我們的熱情有所下降，這也是我們從零售合作夥伴那裡聽到和看到的。但同時，我們繼續保持強勁成長，並保持全價銷售。在雙十一期間，我們在中國的市場表現平平，並實現了70%的成長，並取得了成功。我們目前看到的業績完全體現在我們17.9億瑞士法郎的預期中，我們相信這個數字相當準確地反映了當前的情況。

Great. Martin, can you maybe give some comments on customer acquisition? Historically, you've spoken some about mix of new versus retained customers in your D2C business.

太好了。馬丁，您能談談客戶獲取嗎？您之前談到 D2C 業務中新客戶和老客戶的組合。

Yes. So the channel continues to win new customers and to increase market share. So we focus on both acquiring new customers by increasing also brand awareness, but then also working with the customers that we have. We have significantly increased the number of members. So where we have more data and more insights into our fans as well. The holiday season is usually a season where you see the benefits and the fruits from the work throughout the year coming to life. It's usually not the moment where you acquire a lot of new customers. But as said, we are very happy with how our [e-com mentioned] is performing and how it's supporting our strategy to outperform our wholesale growth with our D2C growth.

是的。因此，該通路持續贏得新客戶，並擴大市場佔有率。因此，我們不僅專注於透過提升品牌知名度來獲取新客戶，同時也致力於與現有客戶合作。我們的會員數量顯著增加，因此我們也擁有了更多數據，對粉絲有了更深入的了解。節慶季節通常是全年工作成果顯現的季節。這通常不是獲得大量新客戶的最佳時機。但正如我之前所說，我們對我們（提到的電商平台）的業績非常滿意，它支持了我們以D2C成長超越批發成長的策略。

Your next question comes from the line of Jonathan Komp of Baird.

您的下一個問題來自貝爾德的喬納森康普 (Jonathan Komp)。

Yes. I want to just follow up. When you look at the fourth quarter revenue guidance, I know you called out some of the transitory factors. Could you maybe just discuss, as you look forward beyond the fourth quarter, if any of those factors will continue outside of the wholesale pullback in Europe? And as you think about next year relative to your long-term mid-20% growth target, do you have any insight today that would support confidence above or below that? And could you, Caspar, maybe talk about the pace of some of the upcoming introductions that you're most excited about?

是的。我想跟進一下。我知道您在回顧第四季度營收預期時提到了一些暫時性因素。展望第四季之後，除了歐洲批發業務的下滑之外，您能否談談這些暫時性因素是否還會持續？考慮到明年的長期成長目標為20%左右，您今天有什麼見解可以支撐您對這個目標的信心？卡斯帕，您能否談談您最期待的一些即將推出的產品的上市速度？

Yes. So maybe let me start with the last one. So we are super excited for '24. I think we have a firework of new products coming, a lot of innovation. We have big brand moments planned like the Olympics. So we have outlined our growth aspiration for the next 3 years and doubling our net sales. And as we have done in the past, we will provide an updated guidance on '24 in our earnings calls then in March during the full year results.

是的。我先從最後一個開始。我們對2024年充滿期待。我認為我們將推出一系列新產品，並帶來大量創新。我們計劃舉辦奧運等重大品牌活動。我們已經概述了未來三年的成長目標，即實現淨銷售額翻倍。正如我們過去所做的那樣，我們將在財報電話會議上提供2024年的最新業績指引，並在3月份的全年業績發布會上提供。

Looking at wholesale and D2C and some of the temporary effects that we now see in Q4, the store closures from EMEA, this is something that will be visible. And we spoke about this that we -- that those 200 doors account for around 10% of the EMEA wholesale sales. And so this volume will be going out of the market in -- over the next 12 months. And then we outlined in our Investor Day, our belief in the power of our multichannel distribution and that we see all channels growing that we want to accelerate our expansion in retail, all with the goal to be the most premium performance sportswear brand. And so we expect that all channels are growing, but by controlling the wholesale growth and simply having less incremental new doors, we expect that the increasing brand awareness that we clearly see is converting stronger into the D2C channel. And as a result, we expect a stronger growth in D2C than wholesale, and we expect this to be already quite visible in our Q4 numbers and ultimately being a source for delivering a premium financial profile in the mid and long-term.

縱觀批發和D2C，以及我們在第四季度看到的一些暫時性影響，例如歐洲、中東和非洲地區門市的關閉，這些影響將會顯現。我們先前提到，這200家門市約佔歐洲、中東和非洲地區批發銷售額的10%。因此，在未來12個月內，這些銷售額將逐漸消失。我們在投資者日活動中也提到，我們相信多通路分銷的力量，並且看到所有通路都在成長，我們希望加速零售業務的擴張，最終目標是成為最高端的運動服品牌。我們預計所有通路都會成長，但透過控制批發成長並減少新增門市數量，我們預期我們清晰看到的品牌知名度的提升將更強勁地轉化為D2C通路。因此，我們預計D2C的成長將強於批發，我們預計這在我們第四季度的業績中已經非常明顯，並最終成為我們在中長期實現優質財務狀況的來源。

And Jon, Caspar here for your product-related question. There's many things to be excited about, as you know, you've been here for the Investor Day. If you just look at the recent launches in this quarter, the CloudTec Phase platform. So the new Eclipse that we just launched, our Max Cushioning product has done extremely well in early sell-through and it's becoming one of the favorite running shoes for many. So kind of having a second option there next to the Monster for those that are looking for a very cushion ride is important.

喬恩，我是卡斯帕，我想問您關於產品的問題。您來參加投資者日活動了，有很多事情值得興奮。如果您看一下本季最新發布的CloudTec Phase平台，我們剛推出的新款Eclipse，我們的Max Cushioning產品在早期銷售中表現非常出色，並且正在成為許多人最喜歡的跑鞋之一。所以，對於那些追求極致緩震體驗的人來說，除了Monster之外，還有第二個選擇，這一點非常重要。

And on that same CloudTec Phase platform, the Tilt, which we've pre-launched now with the Loewe collaboration, that has exceeded all our expectations. And we are very, very excited about the pending launch in Q1 in '24 when the Tilt becomes very widely available to consumers, hopefully, adding another strong silhouette next to Cloudnova, Roger and Cloud. But the -- this wouldn't be complete if we wouldn't talk about apparel in there. So we've had a really strong launch around winter running. The bra category gets a lot of traction for us. And then as we move into spring next year, as you know, we've announced that we will enter the training category and apparel will be the driver there. So a lot of exciting things coming in Q1 and, of course, also training shoe with the Cloud Pulse.

在同樣的 CloudTec Phase 平台上，我們與 Loewe 合作推出了 Tilt，它的表現超出了我們的預期。我們非常期待即將於 2024 年第一季發布的 Tilt，屆時它將廣泛普及到消費者手中，希望它能成為繼 Cloudnova、Roger 和 Cloud 之後又一款強勁的產品。但是，如果我們不談服裝，這個系列就不完整。我們在冬季跑步運動方面推出了一款非常強勁的產品。胸罩類別對我們來說很有吸引力。隨著明年春季的到來，正如你們所知，我們已經宣布將進軍訓練類別，而服裝將成為該類別的驅動力。所以，第一季將會有很多令人興奮的消息，當然，還有 Cloud Pulse 訓練鞋。

That's very helpful. Thank you, both. Martin, just one follow-up if I could. Just given your positive commentary about gross margin, could you maybe just highlight the factors that are weighing on adjusted EBITDA margin in the fourth quarter? And of those factors, should we be expecting any pressures continuing into 2024?

這非常有幫助。謝謝兩位。馬丁，如果可以的話，我只想問一個問題。鑑於您對毛利率的正面評價，您能否簡單介紹一下影響第四季調整後EBITDA利潤率的因素？在這些因素中，我們是否應該預期這些壓力會持續到2024年？

Yes. So we established at the Investor Day, our aspiration to have a gross profit margin of 60% plus. We are very proud to have achieved that number, at least very close in Q3 with 59.9%. We continue to see and expect a favorable environment on the freight side. As Marc mentioned, we have a healthy inventory level, not only at our retailers, but we have further improved our inventory levels at our warehouses. So we expect a continued high share of full price sales. We don't see a lot of currency impact at the moment on gross profit margins, also not a lot of other one-off effects. So yes, I said it in the comments, we are positive about our gross profit margin and also going into next year and the increasing D2C share will further support that.

是的。我們在投資者日上就明確了毛利率達到60%以上的目標。我們非常自豪地實現了這個目標，至少在第三季達到了59.9%，非常接近這個目標。我們繼續看到並預期貨運方面的環境將保持良好。正如Marc所提到的，我們的庫存水準保持健康，不僅在零售商處，而且我們倉庫的庫存水準也得到了進一步提升。因此，我們預期全價銷售的佔比將繼續保持在高水準。目前，我們認為匯率對毛利率的影響不大，其他一次性影響也不大。所以，是的，我在評論中說過，我們對毛利率持樂觀態度，並且對明年的前景也持樂觀態度，而D2C份額的增加將進一步支撐這一增長。

And then on the EBITDA, so in Q4, we are -- as I mentioned in the past calls, our focus is on achieving the 15% adjusted EBITDA for the full year. Now the strong Q3, but also the strong margin that we expect in Q4 allows us to double down on some of the brand awareness campaigns that we had planned for Q4, and they are running. We mentioned some of those on the call. Again, this is all for future sales growth. It's not immediately converting into Q4. But as a result, we expect to see some higher marketing expenses. Again, this is a clear perspective of achieving the 15% adjusted EBITDA.

關於息稅折舊攤銷前利潤 (EBITDA)，正如我之前在電話會議中提到的，第四季度我們的重點是實現全年15%的調整後息稅折舊攤銷前利潤 (EBITDA)。強勁的第三季業績以及我們預計第四季度的強勁利潤率，使我們能夠加倍投入一些我們計劃在第四季度開展的品牌宣傳活動，這些活動目前正在進行中。我們在電話會議上提到了其中一些活動。再次強調，這都是為了未來的銷售成長。它不會立即轉化為第四季度的業績。但因此，我們預期行銷費用會增加。再次強調，這顯然是為了實現15%的調整後息稅折舊攤提前利潤。

Your next question comes from the line of Jay Sole of UBS.

您的下一個問題來自瑞銀的傑伊·索爾 (Jay Sole)。

Great. Martin, 2 questions. When you touched on your prepared remarks, the sell-out in the wholesale channel has been quite strong. Would it be possible to share some numbers around that? And then secondly, I think on inventory, you said that you expect inventory levels to be the same in Q4 as Q3. Now do you mean that in terms of a growth rate will be the same in Q4 versus Q3 or do you mean in terms of dollars?

好的。馬丁，有兩個問題。您剛才提到了批發通路的銷售情況非常強勁。能分享一些相關的數據嗎？其次，關於庫存，您之前說過預計第四季的庫存水準將與第三季持平。您的意思是，第四季和第三季的成長率會相同，還是說，以美元計算？

So let me start, it's Marc with wholesale, just some anecdotal evidence. We know the sell-through numbers and obviously, unfortunately, we cannot share all the numbers here. Some anecdotes, we are the #3 brand at Fleet Feet, which is very, very important to us as you know. So we continue to gain share from other brands there. Also in a market like Germany, we are the #3 brand at the RunningXpert, which is basically kind of the Fleet Feet or a summary of some of the doors that are very much kind of focused on running and run specialty. So we see that, that strategy is really paying out. We have very, very strong sell-through in DSG. So really exceeding our expectations. We had weeks and months where we were the #1 brand in running in DSG by far. So I think we're seeing very strong numbers. And this is also how we will continue to kind of manage the expansion going forward, making sure that we're in a strong position in the doors where we're in and then expand from a position of strength.

首先，我是負責批發業務的Marc，我來分享一些軼事數據。我們知道銷售數據，但很遺憾，我們無法在此分享所有數據。我有一些軼事，例如我們是Fleet Feet的第三大品牌，這對我們來說非常重要，正如你所知。因此，我們繼續從其他品牌中搶佔市場份額。在德國這樣的市場，我們是RunningXpert的第三大品牌，RunningXpert基本上就是Fleet Feet，或者說是一些專注於跑步和專業跑步的品牌的集合。因此，我們看到，這項策略確實取得了成效。我們的DSG系列銷售非常強勁，遠遠超出了我們的預期。我們曾連續數週甚至數月，在DSG系列跑步鞋中遙遙領先，位居第一。所以我認為我們看到了非常強勁的數據。這也是我們未來將繼續管理擴張的方式，確保我們在現有領域保持強勢地位，並以此為基礎繼續擴張。

And then to your inventory question, so that comment referred to the absolute number. So we are very happy with the inventory level that we have and very proud about the work that the team is doing and the focus that we're putting on this. And where we are standing now is what we communicated in the past. So we are executing our plan that for the last 6 months, we have produced less than what we have sold. And so we expect to maintain plus/minus that current inventory level towards the end, while our sales continue to grow and then also in the outlook. And we're maintaining freshness in our inventory, which will support our high share of full price sales in the future as I just mentioned on the gross profit comment.

然後回到您關於庫存的問題，剛才提到的是絕對數量。我們對目前的庫存水準非常滿意，也對團隊的工作以及我們在這方面的投入感到非常自豪。我們目前的狀況和之前溝通的一致。我們正在執行計劃，過去6個月我們的產量低於銷售量。因此，我們預計到年底庫存水準將維持在目前的上下浮動，同時我們的銷售額將繼續成長，前景也將繼續看好。我們正在保持庫存的新鮮度，這將支持我們未來保持較高的全價銷售份額，正如我剛才在毛利評論中提到的那樣。

Your next question comes from the line of Alex Straton of Morgan Stanley.

您的下一個問題來自摩根士丹利的亞歷克斯·斯特拉頓 (Alex Straton)。

Perfect. Congrats on another great quarter, guys. A quick one from me. A number of wholesale peers have expressed more cautious front half order book outlooks on their latest calls compared to 3 months ago or so. So I'm just wondering how has the first half shaped up for you all relative to your expectations and relative to that high single-digit level that you're expecting in the fourth quarter?

太好了！恭喜各位，又一個出色的季度。我先簡單說一下。許多批發同行在最近的電話會議上表達了比三個月前更謹慎的上半年訂單展望。所以，我想知道，相對於你們的預期，以及你們對第四季高個位數成長的預期，你們上半年的業績表現如何？

Thank you, Alex, for the question. So we are very positive around 2024. So from when we spoke last time about it, also from when we shared our 3-year plan in the Investor Day, nothing has changed. We see absolutely no cancellations. So we have the right mix in the order book, so we can really double down on performance. We see new silhouettes, for example, Caspar spoke about the Cloudtilt, resonating really well and being adopted. And especially, I want to highlight that apparel has seen a very, very strong preorder. So we're very confident in how spring/summer '24 is shaping up.

謝謝Alex的提問。我們對2024年非常樂觀。從我們上次討論這個問題，以及在投資者日分享三年計劃以來，一切都沒有改變。我們完全沒有看到訂單取消。因此，我們的訂單組合合理，可以真正加倍提升業績。我們看到新的款式，例如Caspar提到的Cloudtilt，反應非常好，而且被廣泛採用。尤其要強調的是，服裝的預購非常強勁。因此，我們對2024年春夏系列的前景充滿信心。

Alex, if I may add here. We're the most premium brand for most of our partners, and that means we're also the most profitable brand for them. So obviously, they're strategically invested in the On brand. And if anything, we expect that in a more difficult environment, the On brand will gain versus our competitors.

亞歷克斯，請容許我補充一下。對大多數合作夥伴來說，我們是最高端的品牌，這意味著我們也是他們最賺錢的品牌。顯然，他們對 On 品牌進行了策略性投資。我們預計，在更艱難的環境下，On 品牌將比我們的競爭對手更具優勢。

Your next question comes from the line of Aubrey Tianello of BNP Paribas.

您的下一個問題來自法國巴黎銀行的 Aubrey Tianello。

I wanted to follow up on gross margin. I think to get to your guidance of at least 59% for the year implies 4Q gross margin flat year-over-year given that it should be a bigger DTC quarter relative to 3Q. Just wondering what some of the offsets are that would prevent 4Q gross margin from being higher than 3Q gross margin?

我想問一下毛利率的問題。我認為，要達到今年至少59%的預期，意味著第四季的毛利率將與去年持平，因為第四季的DTC業務應該比第三季更高。我想知道有哪些抵銷因素可以防止第四季的毛利率高於第三季？

Yes. As I mentioned, if the situation continues to be favorable as in the -- as we had it in the moment and in the last weeks and months, then we clearly see an upside potential to that. At the same time, like in the past, we want to be prudent on our guidance. But at the moment, we clearly see that the brand is strong and that's reflected in the strong margin.

是的。正如我所提到的，如果情況繼續像現在以及過去幾週和幾個月那樣有利，那麼我們顯然看到了上漲的潛力。同時，與過去一樣，我們希望謹慎地制定業績指引。但目前，我們清楚地看到該品牌表現強勁，這反映在強勁的利潤率上。

Got it. And just as a quick follow-up, since the last earnings call, as you called out in your prepared remarks On athletes have had a lot of high profile wins. Could you talk about the impact some of these victories have on brand awareness and brand momentum and what effects you're starting to see that you can maybe share with us?

明白了。接下來我想問一下，自從上次財報電話會議以來，正如您在準備好的發言中提到的，運動員們取得了許多引人注目的勝利。您能否談談這些勝利對品牌知名度和品牌勢頭的影響，以及您開始看到哪些效果，可以和我們分享嗎？

Thanks a lot for your question. Look, athlete wins are very important. If you look at Hellen winning New York now after Boston, that mainly adds to credibility in the running space. This is not necessarily a prime TV moment where our brand awareness would go through the roof. That's more the case with tennis. And what we've seen definitely in the numbers when Ben Shelton reached the U.S. Open semis and played against Djokovic, he was the talk of the town and a lot of people were introduced for the first time on mainstream TV in social media to the On brand. And this moment is probably comparable to a moment when we announced the Roger partnership, where all of a sudden the mainstream name was associated with On and just drove brand awareness. So the athletes and especially linking athletes to brand campaign, to product will be a key cornerstone of our strategy going forward.

非常感謝您的提問。運動員的勝利非常重要。如果你看看海倫在波士頓之後贏得紐約馬拉松，這主要提升了我們在跑步領域的信譽。這不一定是電視廣告的黃金時機，我們的品牌知名度會因此飆升。網球廣告更是如此。當本·謝爾頓打入美網半決賽並與喬科維奇交手時，我們清楚地看到了這一點。他成為了城中熱議的話題，許多人透過主流媒體和社群媒體首次認識了On品牌。這一時刻可能與我們宣布與羅傑合作時的情況類似，當時這個主流品牌突然與On聯繫在一起，從而提升了品牌知名度。因此，運動員，尤其是將運動員與品牌宣傳、產品連結起來，將是我們未來策略的關鍵基石。

Your next question comes from the line of Abbie Zvejnieks of Piper Sandler.

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

Congrats on the marathon, Martin. I was watching, I was just a spectator, but it was just really encouraging to see the number of On's on runners' feet just compared to last year really accelerated. Just can you give any color on segmentation within wholesale as you continue to roll out new products, which varies from something more technical like Cloudeclipse to more lifestyle like Cloudtilt and how you plan to really segment the product?

恭喜你跑贏了馬拉松，馬丁。我當時只是個旁觀者，但看到跑步者腳上戴 On 的數量與去年相比大幅增加，真的非常令人鼓舞。隨著你們不斷推出新產品，從像 Cloudeclipse 這樣技術性更強的產品到像 Cloudtilt 這樣更注重生活方式的產品，能否介紹一下批發業務的細分情況？你們計劃如何真正細分產品？

Yes. We're going to give you an example first on consumer segmentation at New York Marathon. So if I run the marathon, I would run in the Cloudboom and Martin, what was the shoe you were running in?

是的。我們先給你舉個紐約馬拉鬆的消費者細分的例子。如果我跑馬拉松，我會穿Cloudboom和Martin，你穿的是什麼鞋？

The Cloudstratus.

雲層雲。

So you see the segmentation is clearly working on runners' feet in the marathon. No, I think we -- it's been very important for us that over the last 2 years, we were able to, especially in the running space, build franchises that are resonating extremely well and tier them very, very clearly. And I think we've spoken about that a lot of times. So we are starting with which consumer in which store did they actually go into and then kind of which products are resonating with those consumers. And if we take a Cloudboom that has been tiered very, very strongly around run specialty, for example, if we take a Cloudstratus, that's a product that is only available in run specialty and on our D2C engine. And then you have bigger franchises like the Cloudmonster or the Cloudrunner that tier down to more accounts.

所以你看，細分市場顯然對馬拉松跑者產生了正面的影響。不，我認為——在過去的兩年裡，我們能夠，尤其是在跑步領域，打造出引起強烈共鳴的系列產品，並清晰地劃分等級，這對我們來說非常重要。我想我們已經討論過很多次了。所以我們首先會了解消費者在哪家商店實際購買了哪些產品，然後再確定哪些產品能引起這些消費者的共鳴。例如，Cloudboom 的階級劃分非常嚴格，主要針對跑步專業領域；Cloudstratus 的等級劃分則僅限於跑步專業領域和我們的 D2C 引擎。此外，還有像 Cloudmonster 或 Cloudrunner 這樣的更大規模的系列產品，它們的等級劃分會根據不同的客戶群而有所不同。

And we will continue that strategy. So expect us to bring kind of to continue to build On Running and the running space around these franchises. And then within the franchises have a certain tiering depending on the level of the product. And I think what we can already share is that we will, for example, introduce a new product next spring that is called the Monster Hyper. So this is an athlete version of the Cloudmonster. So the Cloudmonster Hyper would then be available mainly in D2C and in run specialty and the Cloudmonster is available in broader channels like DSG, and this is how we'll continue to execute on the strategy.

我們將繼續這項戰略。期待我們繼續圍繞這些系列產品打造On Running系列和跑步系列。然後，根據產品等級，這些系列產品會有一定的層級劃分。我想我們已經可以分享的是，例如，我們將在明年春季推出一款名為Monster Hyper的新產品。這是Cloudmonster的運動版。 Cloudmonster Hyper將主要在D2C和跑步專賣店銷售，而Cloudmonster則會在DSG等更廣泛的通路銷售。這就是我們將繼續執行這項策略的方式。

Great. That makes a lot of sense. And then just one more on the commentary on second half wholesale growth is like the rate that we should think of going forward. I think that is kind of a reported basis close to 25%. So are you saying on like a reported basis or a constant currency basis, that's how we should think of wholesale growth going forward?

太好了。這很有道理。然後，關於下半年批發業務成長的評論，我們再補充一點，我們應該考慮未來的成長速度。我認為，以報告基礎計算，這個成長速度接近25%。那麼您是說，以報告基礎還是以固定匯率計算，我們應該這樣看待未來批發業務的成長？

So more on a constant currency basis, but then considering the impacts that we mentioned earlier from the store closures in Europe.

因此，更多的是基於固定匯率計算，但同時考慮到我們之前提到的歐洲商店關閉的影響。

Your next question comes from the line of Cristina Fernandez of Telsey Advisory Group.

您的下一個問題來自 Telsey Advisory Group 的 Cristina Fernandez。

Congratulations on a good quarter. Following up on that question on wholesale, can you update us on what the wholesale count was at the end of 3Q? Any changes to where it will be at the end of the year? And how should we think about wholesale door growth for next year in light of the Europe closures relative to the mid-teens rate [I estimate] we've seen in the first half of this year?

恭喜您本季業績喜人。關於批發業務的問題，您能否更新一下第三季末的批發業務數量？年底的批發業務數量會有什麼變化嗎？考慮到歐洲門市關閉情況（我估計）與今年上半年相比處於中等水平，我們應該如何看待明年的批發業務成長？

Thank you for the question. So by the end of this year, we'll be roughly -- in roughly around 10,000 doors globally. In fall/winter '23, we've basically added roughly 200 doors in the U.S. and 50 doors in Asia Pacific. And how you can think about this going forward or especially into 2024, that will most likely at around 8% to 10% of doors towards the -- towards kind of end of 2024. Now what's important is that the structure of the doors really differs depending on which markets we're focusing on, right? So we have pretty clear visibility in how we want to grow basically key accounts like DSG and Foot Locker and JD. At the same time, we are entering markets like Korea, where you will see doors being added, but at this lower size per door.

謝謝你的提問。今年底，我們在全球的門市數量大約會達到1萬家。 2023年秋冬季，我們在美國新增了約200家門市，在亞太地區新增了50家門市。那麼，展望未來，尤其是2024年，到2024年底，我們全球門市數量很可能達到8%到10%左右。現在重要的是，門市結構會根據我們關注的市場而有所不同，對吧？因此，我們對如何發展DSG、Foot Locker和京東等關鍵客戶有著清晰的願景。同時，我們正在進入韓國等市場，你會看到門市數量增加，但每家店的面積會減少。

And then also on the product innovation pipeline, you've given a lot of details around some of the launches for next year. Should we think about the pace of launches being pretty evenly spread through the year or are they more weighted to the first half versus the second half?

關於產品創新管道，您已經詳細介紹了明年的一些產品發布計劃。我們應該考慮全年產品發布的節奏是否應該比較均衡，還是應該更專注於上半年而不是下半年？

Thanks for your question. Yes, we're trying to spread them out across the year. And of course, we want to have a good balance. We have a very, very strong innovation pipeline. But of course, we also don't want to bring too much to the market too quickly. We want to make sure that people understand the franchises they get to know a product and they can rebuy it, and it doesn't change too much. So we're trying to strike that this balance, so expect a pretty balanced innovation, a number of innovation launches next year.

感謝您的提問。是的，我們正努力將它們分散到全年。當然，我們希望保持良好的平衡。我們擁有非常強大的創新管道。但當然，我們也不想太快地將太多產品推向市場。我們希望確保人們了解特許經營權，熟悉產品，並願意再次購買，而且產品不會發生太大變化。所以我們正在努力實現這種平衡，因此預計明年的創新將相當均衡，將會有一系列創新產品推出。

Your next question comes from the line of Tom Nikic of Wedbush.

您的下一個問題來自韋德布希的湯姆·尼基奇 (Tom Nikic)。

To follow up on Cristina's question, Hoka talked about going into some new wholesale doors in North America in early 2024. Presumably, they're talking about more Dick's, Foot Locker, JD locations. Can you give us an update as to how many doors you're in for those retailers? And how we should think about the pace of entering more doors with Dick's, Foot Locker and JD?

為了跟進克里斯蒂娜的問題，Hoka 談到了在 2024 年初進駐北美一些新的批發門市。他們可能指的是更多的 Dick's、Foot Locker 和京東門市。您能否更新一下這些零售商的門市數量？以及我們應該如何考慮與 Dick's、Foot Locker 和京東合作進駐更多門市的節奏？

Yes. Very happy to do so. Now you need to be fast in writing it down. So in Q3, we had 200 Foot Locker doors in the U.S. and 110 in EMEA. DSG, we were, by the end of Q3 in 170 doors, JD, 193 in the U.S. and 120, EMEA, REI, 181, Fleet Feet, 256, and Nordstrom, 94, that's basically all the doors that those accounts have. And so expect us basically to now over the next quarters at around 25 doors per quarter with some of those accounts, especially Foot Locker, that's a meaningful number. I think if you look at JD, it's similar. So that's roughly what you will see. And that will bring you kind of by the end of fall/winter to 350 doors globally for Foot, 170 doors still for DSG and then 338 doors for JD globally. So you'll see there a bit of stronger growth as well.

是的，非常樂意。現在你需要快速記錄下來。第三季度，我們在美國有200家Foot Locker門市，在歐洲、中東和非洲地區有110家。到第三季末，DSG在美國有170家門市，京東在美國有193家，在歐洲、中東和非洲地區有120家，REI有181家，Fleet Feet有256家，Nordstrom有94家，這些基本上就是這些顧客的所有門市數量。因此，預計在接下來的幾個季度裡，我們基本上可以保持每季25家門市的開張速度，尤其是Foot Locker，這是一個很有意義的數字。我想如果你看看京東，情況也差不多。所以，你大概會看到這樣的情況。到秋冬季末，Foot Locker的全球門市數量將達到350家，DSG仍為170家，京東的全球門市數量將達到338家。因此你也會看到更強勁的成長。

Great. That's very helpful. And if I could just follow up there. And as you've entered these retailers initially, how have you seen the -- I guess, the consumer acceptance, the ramp-up, et cetera? Has it been similar to when you've seen -- when you've opened the new door in the specialty running channel?

太好了。這很有幫助。請問您能否跟進一下。當您最初進入這些零售商時，您如何看待消費者的接受度、銷售成長等等？這與您在專業跑步管道開闢新管道時看到的情況類似嗎？

Yes. I think it's -- we have to distinguish the channel a bit. So DSG is really a general sporting goods channel. So where we had a lot of experience in the past as well if you take an account like SportChek in Germany, and we entered with shop-in-shops. We were entering with a big focus on apparel as well. And the openings have all been super, super strong. Foot Locker and JD have -- was really speaking to a different consumer as well. So it was a slightly new channel for us. We were very prudent in how we entered.

是的。我認為我們必須稍微區分一下渠道。 DSG 其實是個綜合運動用品管道。我們過去也累積了豐富的經驗，例如德國的 SportChek 這樣的帳戶，我們當時是透過店中店模式進入的。我們當時也專注於服裝領域。而且這些新開的店鋪都非常火熱。 Foot Locker 和京東也確實針對的是不同的消費者。所以這對我們來說是一個比較新的管道。我們在進入這個管道時非常謹慎。

And what we do with both of them is definitely creating a big focus around introducing the brand to their consumers through marketing but also really focusing on the right silhouettes. And when we take a product like the Cloudnova, that is doing extremely well in both channels, and they've been absolutely crucial to building that product. And when you look at JD in Europe, for example, it's our strongest partner on the apparel side. So they're really, really helpful in building some of our key franchises, and we're very happy in how the introductions have worked out.

我們與這兩家公司合作的重點無疑是透過行銷將品牌推廣給消費者，同時也專注於打造合適的產品線。以Cloudnova這樣的產品為例，它在兩個管道都表現得非常出色，而他們對這款產品的打造至關重要。例如，在歐洲，京東是我們服裝領域最強大的合作夥伴。因此，他們在我們打造一些關鍵特許經營品牌方面提供了非常大的幫助，我們對推廣效果非常滿意。

Your next question comes from the line of Michael Binetti of Evercore ISI.

您的下一個問題來自 Evercore ISI 的 Michael Binetti。

Let me add my congrats on the marathon, awesome win for you guys. I just want to follow up on one of the modeling questions earlier. How should we -- the gross margin being potentially conservative in the fourth quarter. You've had a couple of quarters now over 59%, getting pretty close to 60%, and you have a bigger impact from D2C in the fourth quarter. Can you just tell us where in the underlying business, you assumed conservatism in the fourth quarter gross margin? Is there a channel or a region in the quarter that you guys were looking at that could disrupt that historical mix shift benefit you get from D2C being 500 basis point or 600 basis point higher mix in fourth quarter this year versus last year? Also in fourth quarter, I think direct-to-consumer implies like a low-40s growth rate, a little bit below the third quarter.

我要祝賀你們在這場馬拉鬆比賽中取得了巨大的勝利。我只想繼續之前提到的一個建模問題。第四季的毛利率可能比較保守，我們該怎麼做呢？你們的毛利率已經有幾季超過59%，甚至接近60%，而且第四季D2C業務的影響更大。能否請您告訴我們，在哪些基礎業務中，您認為第四季的毛利率比較保守？你們關注的這個季度，是否有某個管道或地區可能會破壞D2C業務帶來的歷史性產品組合轉變效益？ D2C業務今年第四季的銷售組合比去年同期高出500個或600個基點。此外，我認為第四季的D2C業務成長率將在40%左右，略低於第三季。

Just any reason you think for that deceleration? Is that something you're seeing currently or is it just conservatism as well? And then I think the bigger picture question is one of your biggest competitors is re-approaching the wholesale channel over the next year, Nike, it pulled back a bit over the last 2 years. And I think some of the indications that part of that push will happen in channels where you guys are obviously very competitive. As you speak to retailers in those channels, do you have any idea out there thinking approaching changes to the planogram or to the shelf space matrix as one of their bigger brands is presumably going to be taking up some more space than they have in the past few years?

您認為這種減速的原因是什麼？這是您目前看到的現象，還是只是出於保守？我認為更大的問題是，你們最大的競爭對手之一耐吉將在未來一年重新進軍批發管道，耐吉在過去兩年裡有所回落。我認為一些跡象表明，這種擴張將部分發生在你們競爭力明顯的管道。當您與這些管道的零售商交談時，您是否認為他們正在考慮調整商品規劃圖或貨架空間矩陣，因為他們的大品牌之一可能會比過去幾年佔用更多的空間？

Yes. So I think you assume you mean Hellen with the congratulations to the marathon.

是的。所以我認為你指的是祝賀海倫跑完馬拉鬆的人。

Yes.

是的。

For the gross profit, I mean, FX remains an uncertainty and clearly an area depending especially on how some of the non-U.S. dollar currencies developing. So that's an area where we remain a certain level of conservatism. And also the final D2C share will depend on -- in wholesale, there are always timing topics as well. So as said, we left a bit of room in there. At the same time, we are full throttle when it comes to full price sales and doing the right things in the long-term to build a premium brand reflected in the strong margin.

就毛利而言，外匯仍然是一個不確定因素，而且顯然特別取決於一些非美元貨幣的走勢。因此，我們在這方面仍保持一定程度的保守。此外，最終的D2C份額將取決於批發業務——在批發業務中，時機問題總是存在。所以，正如我所說，我們在這方面留了一些餘地。同時，我們全力以赴地進行全價銷售，並長期採取正確的行動，以打造一個體現在強勁利潤率上的高端品牌。

I'm happy to take your question on maybe these are the brands that you have in mind rejoining run specialty. Look, we've been in this space for a short 14 years. But over this time period, these players have come and gone in the run specialty channel. For -- I can speak about On and why this is important to us. This channel builds credibility, but it's also a very stable channel in terms of like there are not any big shift happening rapidly. For On, our partnership, and I have actually just spent the last couple of weeks on the road visiting most of these important run specialty partners also to introduce them through the updated On strategy that we shared at Investor Day. And really, it's a little bit of a love affair, and we feel that they feel the love that On has given them over the last decade, they're definitely very loyal. So we're not factoring that into our plan.

我很樂意回答您的問題，也許您考慮的這些品牌會重新加入跑步專業領域。您好，我們在這個領域只有短短的14年。但在這段時間裡，跑步專業管道的參與者來來去去。我可以談談On，以及它對我們的重要性。這個管道不僅能建立信譽，而且非常穩定，不會出現任何快速的重大轉變。就我們的合作夥伴On而言，過去幾週我一直在拜訪這些重要的跑步專業合作夥伴，並向他們介紹了我們在投資者日分享的最新On策略。這真的有點像一段愛情故事，我們覺得他們感受到了On在過去十年中給予他們的愛，他們絕對非常忠誠。所以我們沒有把這部分考慮進我們的計劃中。

Your next question comes from the line of Sam Poser of Williams Trading.

您的下一個問題來自 Williams Trading 的 Sam Poser。

I have a few. One, can you tell -- can you give us some color on the wholesale versus DTC business in EMEA and especially in the U.K., which you called out? And then I have a few more.

我有幾個問題。首先，您能否談談您提到的歐洲、中東和非洲地區（尤其是英國）的批發業務與DTC業務的差異？然後我還有一些其他問題。

Sam, so we called it out on the call for the last 2 quarters, we have seen stronger growth in our D2C channel in the whole of EMEA compared to our wholesale channel. So it's also reflected in the door counts. So but what we would see on a global level is already reflected to a certain extent in the numbers in Europe. So less incremental door growth, while at the same time, having a lot of measures in place to increase brand awareness in the markets and that's converting into our D2C channel. We will see how our -- the store closures are capturing an increased and even more increased demand in D2C. So that's something to observe how the customer is reacting there.

Sam，我們在過去兩季的電話會議上提到，我們在整個歐洲、中東和非洲地區的D2C通路成長都比批發通路強勁。這也反映在門市數量上。但全球範圍內的情況在某種程度上已經反映在歐洲的數據上。門市增量成長較少，但同時，我們採取了許多措施來提高品牌在市場上的知名度，而這些措施正在轉化為我們的D2C管道。我們將觀察門市關閉如何應對D2C日益增長的需求。因此，我們需要觀察客戶的反應。

And then we clearly have markets where all our channels are growing strongly like the U.K. with our very strong flagship store in London, but then also strong partnerships like JD and also our e-com environment. But there it's important, it's really performance first growth. We shared it. We are counting on runners -- share on runners' feet every half year. And U.K. is clearly leading there in terms of growth that we are seeing along the running routes.

我們顯然也有一些市場，例如英國，所有通路都在強勁成長。我們在倫敦的旗艦店非常強大，而且我們與京東等合作夥伴以及電商環境也非常強大。但最重要的是，業績成長才是最重要的。我們分享了業績。我們依靠跑者－每半年分享一次跑者的跑步數據。就我們在跑步路線上看到的成長而言，英國顯然處於領先地位。

And then can you talk about, one, what your -- what you view as your optimum inventory -- annual inventory turn? And then secondly, given that you're doing significantly better, it looks like on the gross margin growth story, does that give you -- does that -- would you plan to reinvest that upside into SG&A? And then I know you haven't guided next year. But I mean, are we looking -- I mean, you're going to grow SG&A this year, close to 50%. How should we think about that going into '24?

然後您能否談談，第一，您認為最佳庫存——年度庫存週轉率是多少？第二，鑑於您的業績明顯好轉，毛利率似乎有所成長，您是否計劃將這部分成長再投資於銷售、一般及行政費用 (SG&A)？我知道您還沒有公佈明年的業績預期。但我的意思是，我們是否預期——我的意思是，您今年的銷售、一般及行政費用 (SG&A) 成長率將接近 50%。那麼，我們該如何看待 2024 年的銷售、一般及行政費用成長？

So let me start with SG&A. We -- our aspiration for the -- for On in 3 years is to achieve an adjusted EBITDA margin of 18% plus and to have a gross profit margin of 36% -- 60% plus. So that impacts that we will see and expect to see economies of scale, scale gains in our SG&A. We spoke about our automation projects that we are doing on distribution side, which is expected to lower our distribution expenses, but then also scale gains across the organization. So we -- our view is that next year will be clearly the first year on the road towards that 18% plus. And so we expect to basically see the higher gross profit margin to some extent flowing through into the adjusted EBITDA.

那麼，我先從銷售、一般及行政管理（SG&A）開始。我們的目標是，On 在三年內實現調整後 EBITDA 利潤率達到 18% 以上，毛利率達到 36% 到 60% 以上。這將帶來影響，我們預期會看到規模經濟效應，即銷售、一般及行政管理（SG&A）成本的規模化效益。我們之前談到了我們在分銷方面正在進行的自動化項目，預計這將降低我們的分銷費用，同時也將在整個組織範圍內實現規模化收益。因此，我們認為，明年顯然將是邁向 18% 以上目標的第一年。因此，我們預計更高的毛利率將在一定程度上轉化為調整後 EBITDA 的收益。

Your next question comes from the line of John Kernan of TD Cowen.

您的下一個問題來自 TD Cowen 的 John Kernan。

Excellent. So just a bit of a follow-up, but it looks like SG&A rates will still be up year-over-year in Q4 as you invest in growth. You talked about some of the investments in distribution. How do we think about the gross margin and SG&A rates beyond Q4 as DTC starts to take the leading growth?

非常好。接下來我想問一下，由於你們加大了對成長的投資，第四季的銷售、一般及行政費用（SG&A）似乎仍將年增。您提到了分銷方面的一些投資。隨著DTC開始引領成長，我們如何看待第四季之後的毛利率和銷售、一般及行政費用？

So again, it's embedded in our 60% plus. The assumed D2C share is embedded in there. We mentioned that on the Investor Day. We also have other effects and mix effects into -- in our margin in the future. So it's a geographical mix. We have countries that run at a lower margin and other countries that run at a higher margin. Currently, our apparel margin is still below our footwear margin. So there are some effects that also go against the higher D2C share. And as a result, we established a target of 60% plus and with that, driving an over-proportionate bottom line growth.

所以，這已經包含在我們60%以上的利潤率了。假設的D2C份額也包含在內。我們在投資者日提到了這一點。未來，我們的利潤率還會受到其他因素和混合效應的影響。所以，這是一個地域分佈問題。有些國家的利潤率較低，有些國家的利潤率較高。目前，我們的服裝利潤率仍低於鞋類利潤率。因此，一些因素也會對更高的D2C份額產生不利影響。因此，我們設定了60%以上的目標，並以此推動超額獲利成長。

Understood. Maybe just one follow-up on China. I think you'll have 30 retail stores there by year-end. Maybe talk to what you're seeing on the ground in China with brand awareness and how you're scaling with that consumer?

明白了。也許我只想跟進一下中國市場。我認為到年底你們會在中國開設30家零售店。能否談談你在中國本土市場對品牌知名度的觀察，以及你們如何擴大在中國消費者中的影響力？

Yes. So I think we shared and Martin shared in the script how Double 11 went. We're seeing really, really good traffic in the stores. We are seeing very strong sell-through in the stores. I think this is really also reflected in our Q3 numbers. We're also super positive around APAC in general but also especially China and Japan for Q4. Unfortunately, especially when you look at Japan, there's quite some currency effects that are going against it. But if you really look at the number of products and how that growth is coming together, it's extremely positive. And the focus now is -- in China is going to be to continue to scale obviously Tmall and everything that we're doing on e-com to work with our social channels.

是的。我想我們和Martin在文稿中都分享了雙11的進展。我們看到門市的客流量非常非常好，銷售量也非常強勁。我認為這也反映在我們第三季的數據中。我們對亞太地區的整體情況也非常樂觀，尤其是對中國和日本的第四季。遺憾的是，尤其是在日本，匯率因素對它不利。但如果你仔細看看產品數量以及成長情況，你會發現它非常正面。現在的重點是－在中國，我們將繼續擴大天貓的規模，以及我們在電商平台上與社群管道合作的一切業務。

WeChat Mini program, for example, is working super well. But then to continue to expand the store, on a number of stores, but mainly also on footprint. So we want to invest in bigger stores in China. Currently, the traffic is almost too high for the size of the store, so we can't really capture all of that. So as of 2024, we'll definitely start focusing around finding bigger locations in some key traffic areas. In general, I think there's quite a difficult environment in China right now for many brands. We don't see it, and we can -- we're gaining market share at full price, which is very, very positive.

例如，微信小程式的效果非常好。但接下來我們會繼續擴大門市規模，增加門市數量，但主要還是要擴大店面面積。所以我們想在中國投資更大的門市。目前，客流量幾乎與門市規模不符，所以我們無法完全覆蓋所有客流量。所以從2024年開始，我們肯定會開始專注於在一些關鍵客流量區域尋找更大的門市。總的來說，我認為目前中國市場對許多品牌來說都相當艱難。但我們沒有看到這種情況，而且我們能夠——我們正在以全價獲得市場份額，這非常非常積極。

Your next question comes from the line of Anna Andreeva of Needham & Company.

您的下一個問題來自 Needham & Company 的 Anna Andreeva。

Great. Congrats on nice momentum in the business. We have a couple. I just wanted to follow up on wholesale. So you mentioned looking at the third quarter and fourth quarter together is a good proxy to think about growth going forward just given all the timing shifts. And apologies if I missed this, but what was the constant currency growth in wholesale in 3Q? Just sounds like there should be improvement from high single digits into next year even with the door closures. And then secondly, really great to hear about the Loewe collab working so well at a healthy price point. Can you talk about how you think about additional collabs that are right for the brand going forward? And how do you think about price elasticity there? I know you've taken prices up on footwear in the last year here in the U.S. and in Europe, just curious if you're seeing any pushback to those.

太好了。祝賀業務發展勢頭良好。我們有幾個問題。我只是想跟進一下批發業務。您提到，考慮到時間上的變化，將第三季和第四季放在一起看，是衡量未來成長的一個很好的指標。抱歉，如果我沒注意到，請問第三季批發業務的固定匯率成長率是多少？聽起來即使關店，到明年也應該會從高個位數成長。其次，很高興聽到與Loewe的合作系列在合理的價格區間內表現如此出色。您能否談談您如何看待未來其他適合品牌發展的合作系列？您如何看待價格彈性？我知道您去年在美國和歐洲都提高了鞋類的價格，我很好奇您是否看到了一些阻力。

So on your first question on the FX impact in -- basically, the FX impact was quite equally spread across wholesale and D2C. So you have about 11% growth impact in wholesale and 12% growth impact in D2C from the FX in Q3. So very similar to the overall number.

關於你第一個關於外匯影響的問題——基本上，外匯對批發和D2C業務的影響相當均衡。因此，第三季度，外匯對批發業務的成長影響約為11%，對D2C業務的成長影響約為12%。這與整體數據非常相似。

Yes. And then on the collabs, look, we believe less is more. So we're aiming for very high-quality collabs, where there is really a connect between the 2 brands and the 2 designers like in this case, JW Anderson and Thilo Brunner on our end actually do spend time together working on the collection. This is not just about combining our social media following. And by being very selective, I feel we can support our premium positioning. And the ones that we do make, like the Loewe one will be more meaningful. And Loewe has become quite successful, not just from a brand perspective, but also from a revenue perspective.

是的。至於聯名系列，我們相信少即是多。所以我們的目標是打造高品質的聯名系列，讓兩個品牌和兩位設計師之間建立真正的聯繫，就像這次一樣，JW Anderson 和 Thilo Brunner 確實會花時間一起創作這個系列。這不僅僅是為了整合我們的社群媒體粉絲。而且，透過精挑細選，我覺得我們可以支撐我們的高端定位。我們合作的系列，例如與 Loewe 的聯名系列，將會更有意義。 Loewe 已經取得了相當大的成功，不僅從品牌角度，從收入角度也是如此。

Your next question comes from the line of Ashley Owens of KeyBanc Capital Markets.

您的下一個問題來自 KeyBanc Capital Markets 的 Ashley Owens。

Great. Just focusing on doors, it looks like the new stores in Miami and London are showcasing that high apparel share you guys are working towards. Is there a certain layout or tactics that you're seeing help increase apparel share in these stores? And then I have a follow-up.

太好了。就門市而言，邁阿密和倫敦的新店似乎體現了你們正在努力實現的高服裝份額。您認為有哪些特定的佈置或策略有助於提高這些門市的服裝份額？然後我還有一個後續問題。

Yes. So I mean you're referring to the 24% and 19% apparel share that we're seeing. And we're -- I think we spoke about, again, at the Investors Day, how we want to continue to grow apparel and [own] stores are a key element in there. We are very excited about the upcoming Paris launch. So we'll have a story in Paris Saint-Germain opening up on the 17th of November. And this is we feel really the first store where you kind of see our take at how we want to bring apparel to life in the future in the store. So apparel will get way more space. We focused a lot on merchandising the right product. We're focusing a lot on creating categories for different -- for the different communities that shop at the store where we're focusing a lot on branding and storytelling. So you shop apparel way more in a self-service environment versus footwear. So you want to be kind of -- you want to find elements of education as you're shopping in that environment. And some of these things are already happening in Miami and London, and that's reflected in the apparel share.

是的。我的意思是，您指的是我們看到的24%和19%的服裝份額。我想我們在投資者日再次談到了，我們希望繼續發展服裝業務，而自有門市是其中的關鍵要素。我們對即將在巴黎推出的全新門市感到非常興奮。我們將於11月17日在巴黎聖日耳曼球場開設新店。我們認為，這是第一家能夠讓您看到我們未來如何在門市中將服裝帶入生活概念的門市。因此，服裝將獲得更多的空間。我們非常注重銷售合適的產品。我們非常注重為不同的顧客群創造不同的品類，我們非常注重品牌建立和品牌故事的敘述。因此，與鞋類相比，您在自助式購物環境中購買服裝的可能性更大。因此，您希望在這種購物環境中找到一些教育元素。其中一些事情已經在邁阿密和倫敦發生，這反映在服裝份額上。

And your last question comes from the line of Janine Stichter of BTIG.

您的最後一個問題來自 BTIG 的 Janine Stichter。

Yes. I just wanted to follow up on the apparel question. It sounds like it's working really well in DTC, especially in own retail. So as you now look to build apparel at wholesale, we just want to know more about how you're looking to work with your partners to translate that presentation? And maybe any numbers you can put around the number of shop-in-shops you're doing, just how you're going to market with apparel at wholesale?

是的。我只是想跟進一下關於服裝的問題。聽起來它在DTC（直接面向消費者）領域運作良好，尤其是在自營零售方面。所以，既然您現在打算在批發領域打造服裝業務，我們想了解更多關於您計劃如何與合作夥伴合作，以實現這一目標的資訊？您能透露一下您目前在做的店中店數量嗎？您打算如何透過批發業務來行銷服裝？

Yes. So I think it's the exact same playbook, right? So it's very important for building shop-in-shops, you pointed it out, that takes a bit of time. So we don't have -- we can't have like all the wholesale partners and shop-in-shops executed in all of them within a couple of weeks. So we're focusing very much on really bringing the full collection to life than with all the things we've just mentioned. And one key element I want to highlight is that we're also building a visual merchandising team out, so that whenever you visit those stores that you experience On and our apparel collection in a premium way. And again, when we spoke about how we're looking at spring/summer '24 preorder, this preorder comes with the confidence that not only the product has evolved a lot, but also our capability to execute the apparel collection at wholesale.

是的。所以我覺得這跟之前的策略完全一樣，對吧？正如您所說，建立店中店非常重要，這需要一些時間。我們不可能在幾週內就完成所有批發合作夥伴和店中店的建設。所以我們更專注於真正將整個系列帶入生活，而不是像我們剛才提到的那樣。我想強調的一個關鍵點是，我們也正在組建視覺行銷團隊，這樣無論何時您光臨這些門市，都能以優質的方式體驗 On 和我們的服裝系列。再次強調，當我們談到如何看待 2024 春夏系列的預購時，我們堅信，不僅產品已經發生了巨大的變化，而且我們有能力以批發的方式執行服裝系列。

And we believe that kind of in the long-term, apparel will have clearly above 10% share in our own D2C. So this speaks to retail, all retail stores. We're already showing now with some of the -- with London, Miami and so on that are clearly tracking above that, but also e-com should be able to execute versus that. And if you take wholesale as a channel overall, it will probably stay below 10%, but also because we have many, many wholesale channels where apparel will not be a focus. And if you take run specialty, it's still very much focused around footwear. So I'm giving you a bit of long answer here, but we're excited about what we're seeing on apparel, and we're very, very positive that in the long run, apparel is going to be an amazing contributor to the growth of On.

我們相信，從長遠來看，服裝在我們自己的D2C管道中將佔據超過10%的份額。這適用於零售，所有零售店。我們現在已經看到一些市場——例如倫敦、邁阿密等地——的服裝銷售額明顯高於這一水平，但電商通路也應該能夠達到這一水平。如果以批發管道為例，服裝銷售額佔比可能會維持在10%以下，這也是因為我們有許多批發管道並不以服裝為主。如果以專業鞋類為例，我們仍然主要關注鞋類。所以我在這裡要給你一個比較長的問題，但我們對服裝業務的前景感到興奮，並且我們非常非常有信心，從長遠來看，服裝將成為On增長的重要貢獻者。

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

謝謝。今天的電話會議到此結束。您可以掛斷電話了。