On Holding AG (ONON) 2024 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by. My name is Krista, and I will be your conference operator today. At this time, I would like to welcome everyone to On Holdings AG Third Quarter 2024 Results Conference Call.

女士們先生們，謝謝你們的支持。我叫克里斯塔，今天我將擔任你們的會議操作員。此時，我謹歡迎大家參加 On Holdings AG 2024 年第三季業績電話會議。

I would now like to turn the conference over to Jerrit Peter, Head of Investor Relations. Jerrit, you may begin.

我現在想將會議交給投資者關係主管傑里特彼得 (Jerrit Peter)。傑里特，你可以開始了。

Good afternoon, good morning to our investor community. Thank you for joining On 2024 Third Quarter Earnings Conference Call and Webcast. With me today on the call are On's Executive Co-Chairman and Co-Founder, Caspar Coppetti; CFO and Co-CEO, Martin Hoffmann; and Co-CEO, Marc Maurer.

我們的投資者社區下午好，早安。感謝您參加 2024 年第三季財報電話會議及網路廣播。今天與我一起參加電話會議的有 On 執行聯合主席兼聯合創始人 Caspar Coppetti；財務長兼聯合執行長馬丁霍夫曼；和聯合執行長馬克‧毛雷爾 (Marc Maurer)。

Before we begin, I will briefly remind everyone that 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 12 for a detailed discussion of such risks and uncertainties.

在開始之前，我將簡要提醒大家，今天的電話會議將包含聯邦證券法含義內的前瞻性陳述。這些前瞻性陳述僅反映我們目前的預期和信念，並受到某些風險和不確定性的影響，可能導致實際結果出現重大差異。請參閱我們於 3 月 12 日向 SEC 提交的 20-F，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。這些措施不應被孤立地考慮或取代根據國際財務報告準則提交的財務資訊。請參閱今天發布的版本，以了解最具可比性的 IFRS 指標的調節表。

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

我們將從卡斯帕開始，然後由馬丁主持今天準備好的發言，之後我們期待著開始問答環節。至此，我很高興將電話轉給卡斯帕。

A warm welcome from my side, and thank you for joining us today. I'm very excited to speak about this record quarter for ON we have reached CHF636 million in net sales in Q3, growing by 33% on a constant currency basis. Very importantly, we also continue to deliver on our ambition to combine significant growth with ongoing profitability expansion.

我對您表示熱烈歡迎，並感謝您今天加入我們。我很高興談論 ON 這個創紀錄的季度，我們第三季度的淨銷售額達到了 6.36 億瑞士法郎，以固定匯率計算成長了 33%。非常重要的是，我們也將繼續實現將顯著成長與持續獲利能力擴張相結合的雄心。

These strong results are supported by the incredible work that our team has done over the past months. Their efforts and dedication have first and foremost, allowed us to make significant progress on the strategic building blocks that we outlined a little more than a year ago as part of our dream On vision, ultimately, to position On as the most premium global sportswear brand with a long runway of profitable and durable growth in the years to come.

這些強勁的成果得到了我們團隊在過去幾個月所做的令人難以置信的工作的支持。他們的努力和奉獻首先使我們能夠在我們一年多前概述的戰略構建模組上取得重大進展，這是我們夢想 On 願景的一部分，最終將 On 定位為最優質的全球運動服裝品牌未來幾年將有一條漫長的盈利和持久增長之路。

One of these core building blocks is centered around boosting global brand awareness amongst our core communities. Of course, this included our presence at the Olympics and the inspiring stories our athletes have shared with the world through their achievements or heartbreaking journeys. Stories that have been amplified through traditional and social media surrounding this great event, reaching fans both locally and globally.

這些核心建構模組之一是圍繞著提高我們核心社群的全球品牌知名度。當然，這包括我們參加奧運會，以及我們的運動員透過他們的成就或令人心碎的旅程與世界分享的鼓舞人心的故事。圍繞這一盛事的故事透過傳統和社交媒體被放大，影響了當地和全球的粉絲。

With these upper-funnel investments, we're also reaching new communities. Our authentic long-term partnerships like the ones with Zendaya or FKA twigs are reaching younger demographics, bringing in a new group and who are connecting to On through movement in a broader sense. We see this reflected in our quarterly proprietary brand survey. In the US, the awareness of the On brand has doubled since last year, now reaching close to 20%. In the city of Paris, the home of the Olympics, our ad brand awareness almost tripled year-over-year. All of this confirms our efforts are paying off, but also that we have a lot more room to grow.

透過這些漏斗上部的投資，我們也接觸了新的社區。我們真正的長期合作夥伴關係（例如與 Zendaya 或 FKA twigs 的合作夥伴關係）正在接觸更年輕的人群，引入新的群體，他們透過更廣泛意義上的運動與 On 建立聯繫。我們在季度專有品牌調查中看到了這一點。在美國，On 品牌的知名度自去年以來翻了一番，目前已接近 20%。在奧運舉辦地巴黎，我們的廣告品牌知名度幾乎比去年同期成長了兩倍。所有這些都證明我們的努力正在得到回報，而且我們還有更大的成長空間。

At the same time, our running community remains by far our largest, marking another big pillar in our strategic growth plan. We are thrilled to see how our presence at the Olympics and innovations like LightSpray continued to increase our visibility and engagement with runners. Recently recognized as one of TIME's 200 Best Inventions of 2024 and groundbreaking LightSpray technology continues to turn heads.

同時，我們的跑步社群仍然是我們迄今為止最大的，這標誌著我們策略成長計畫的另一個重要支柱。我們很高興看到我們在奧運會上的表現和 LightSpray 等創新如何繼續提高我們的知名度和與跑步者的互動。突破性的 LightSpray 技術最近被評為《時代》周刊 2024 年 200 項最佳發明之一，繼續引人注目。

During Marathon Week in New York, thousands of people stopped by our On Labs pop-up in SoHo to see the spring process in action. Only a few lucky members were able to secure a pair of the Hellen Oberi-approved Cloudboom Strike LightSpray, available for the first time in an ultra-limited production drop. After her win in Boston and the Bronx and Paris earlier this year, Helen topped off her one-of-a-kind season with the second place in the New York City Marathon.

在紐約馬拉松週期間，成千上萬的人來到我們位於 SoHo 的 On Labs 快閃店，觀看春季流程的運作。只有少數幸運會員能夠獲得一對經 Hellen Oberi 批准的 Cloudboom Strike LightSpray，該產品首次以超限量生產形式發售。繼今年早些時候在波士頓、布朗克斯和巴黎獲勝後，海倫在紐約市馬拉鬆比賽中獲得第二名，結束了她獨特的賽季。

We are delighted to see how our core running franchises continue to develop and grow. In particular, our strategic focus on building the Cloudmonster, Cloudsurfer, and Cloudrunner families through clear product segmentation is paying off with the all-new Cloudsurfer next and the Cloudrunner 2 proving to have immediate blockbuster potential.

我們很高興看到我們的核心經營特許經營權如何繼續發展和成長。特別是，我們透過明確的產品細分來建立 Cloudmonster、Cloudsurfer 和 Cloudrunner 系列的策略重點正在得到回報，全新的 Cloudsurfer next 和 Cloudrunner 2 被證明具有立即引起轟動的潛力。

As you remember from On's Investor Day, our growth plan includes three additional sizable building blocks: Apparel, On retail, and Asia. In recent quarters, you have heard a lot about our strategic vision for apparel and retail. Today, I would like to spend some more time on the third area with the incredible growth and momentum we are experiencing in our fastest-growing region: APAC, led by both Japan and China.

正如您在 On 投資者日所記得的那樣，我們的成長計劃包括另外三個相當大的組成部分：服裝、On 零售和亞洲。最近幾個季度，您已經聽說了很多關於我們對服裝和零售的策略願景。今天，我想花更多時間討論第三個領域，我們在成長最快的地區正在經歷令人難以置信的成長和勢頭：以日本和中國為首的亞太地區。

Both for Q3 and year-to-date, we have massively increased our APAC business and are ahead of our plan, growing over 85% on a constant currency basis in the first nine months. The consistency of execution and exceptional momentum in the region are making it an increasingly meaningful part of our business. In fact, for the third quarter in a row, APAC has contributed over 10% to our global net sales number. And still, with a very small base of close to CHF75 million in Q3, the opportunities for growth are palatable.

無論是第三季還是今年迄今為止，我們都大幅增加了亞太地區業務，並且超出了我們的計劃，前 9 個月按固定匯率計算增長了 85% 以上。該地區執行的一致性和卓越的發展勢頭使其成為我們業務中越來越有意義的一部分。事實上，亞太地區連續第三季對我們全球淨銷售額的貢獻率超過 10%。儘管如此，由於第三季的基數非常小，接近 7,500 萬瑞士法郎，成長機會仍然是可喜的。

In China, this strong expansion is driven by On retail stores and e-com. The vast majority of our new store openings this year have been in China. And we continue to accelerate the rollout given the broad-based success of our store formats, allowing us to dream bigger, so much so that we have decided to bring our proven and larger global flagship format to at least two premium locations in China next year.

在中國，這種強勁的擴張是由零售店和電子商務推動的。我們今年開設的絕大多數新店都在中國。鑑於我們的商店模式取得了廣泛的成功，我們將繼續加速推出，這讓我們有更大的夢想，以至於我們決定明年將我們經過驗證的、規模更大的全球旗艦店帶到中國至少兩個優質地點。

In China, we are further reaching a notably young mobile-first consumer, visible in the meaningful e-com share from livestream channel. During the recent Double 11 shopping festival, we have continued to see incredibly strong online results, including our all-time China single-day sales record during the first peak of the event. We achieved this despite remaining committed to a full price strategy in this very promotional environment, a testament to On's exceptional brand strength.

在中國，我們正在進一步接觸行動優先的年輕消費者，這從直播管道中有意義的電子商務份額中可見一斑。在最近的雙11購物節期間，我們繼續看到令人難以置信的強勁在線業績，包括在該活動的第一個高峰期間創造了中國歷史上的單日銷售記錄。儘管在這種促銷環境下仍然致力於全價策略，但我們還是實現了這一目標，證明了 On 卓越的品牌實力。

However, no engagement on our various e-com channels can get anywhere close to the level of engagement with the On brands that bring our partner Roger Federer can. During his visit to the Shanghai Tennis Masters in early October, we invited a group of kids from the Wild Elephant Tennis Club to meet their idol in Shanghai. The club is based in a rural mountain region and allows children from ethnic minority groups with limited resources to chase their tennis dreams. Roger coached, played, and even got challenged by the kids on the court, truly creating a moment they will never forget. The event captured unprecedented attention for the On brand in some of the largest domestic media and spread across the globe from there.

然而，我們各種電子商務管道的參與度無法達到與我們的合作夥伴 Roger Federer 合作的 On 品牌的參與度。在他十月初訪問上海網球大師賽期間，我們邀請了一群野象網球俱樂部的孩子來上海與他們的偶像見面。俱樂部位於鄉村山區，讓資源有限的少數族裔兒童追逐他們的網球夢想。羅傑在球場上執教、比賽，甚至受到孩子們的挑戰，真正創造了一個他們永遠不會忘記的時刻。這項活動引起了國內一些最大媒體對On品牌前所未有的關注，並由此傳播到全球。

Our key markets, Japan and China, will continue to lead our growth journey in the region. We are rapidly increasing our scale in South Korea. Next year will be the first complete year that our On distribution will be fully up and running in the country, and we are incredibly excited about the opportunities that this brings.

我們的主要市場日本和中國將繼續引領我們在該地區的成長之旅。我們正在迅速擴大在韓國的規模。明年將是我們的 On 發行版在該國全面啟動和運行的第一個完整的一年，我們對這帶來的機會感到非常興奮。

Finally, we are also planting seeds for the future in emerging growth markets like Indonesia and the Philippines. Looking forward, we are excited to continue to co-create and pioneer On culture in the region.

最後，我們也在印尼和菲律賓等新興成長市場為未來播下種子。展望未來，我們很高興能夠繼續在該地區共同創造和開拓 On 文化。

At the sunset of this Olympic year, we are setting our sights towards Tokyo, home of the World of Athletic Championships in 2025. You can expect this to be a big global priority for our next year, including the opening of our second Tokyo store. And you can also expect the On team to be ready once again when the fastest runners hit the track in our fastest-growing market.

值此奧運年落幕之際，我們將目光投向2025年世界田徑錦標賽的舉辦地點－東京。您可以預計這將成為我們明年的全球優先事項，包括開設我們第二家東京商店。當最快的跑者踏上我們成長最快的市場的賽道時，您也可以期待 On 團隊再次做好準備。

We hope you can feel it as well. We are incredibly excited about the momentum in the region and the huge opportunity that it presents. On's journey of significantly scaling our presence and brand awareness has just begun. Overall, one year after announcing On's strategic three-year plan through 2026, we are happy to report that we are well on track on all core strategic building blocks, which in turn will be the key drivers for On's sustained growth in the coming years.

我們希望您也能感受到。我們對該地區的發展勢頭及其所帶來的巨大機會感到非常興奮。On 顯著擴大影響力和品牌知名度的旅程才剛開始。總體而言，在宣布On 到2026 年的三年戰略計劃一年後，我們很高興地報告，我們在所有核心戰略構建模組上都進展順利，這反過來將成為On 未來幾年持續增長的關鍵驅動力。

With that, I'm happy to hand over to Martin, who will share more about the incredible energy that we have experienced in New York, and of course, provide a detailed review of the quarter. Congrats on your New York Marathon finish, Martin.

至此，我很高興將工作交給馬丁，他將更多地分享我們在紐約所經歷的令人難以置信的活力，當然，還會提供對本季的詳細回顧。馬丁，恭喜你完成紐約馬拉鬆比賽。

Thank you, Caspar, and welcome from my side as well. I wish I would have been able to accelerate my speed in the second half of the race in the same way we're able to accelerate our net sales growth in the third quarter of the year.

謝謝你，卡斯帕，我也歡迎你。我希望我能夠在比賽後半段加快速度，就像我們能夠在今年第三季加快淨銷售額成長一樣。

Over the past weeks, our team has done an amazing job improving our operational execution, which allowed us to capture the very strong brand momentum that we have built through so many incredible highlights during the summer. As a result, we have achieved all-time quarterly records across top line and profitability.

在過去的幾周里，我們的團隊在改善我們的營運執行方面做得非常出色，這使我們能夠抓住我們在夏季通過許多令人難以置信的亮點建立起來的非常強大的品牌勢頭。因此，我們在營收和獲利能力方面都創下了歷史季度記錄。

As you know, our culture and our team are at the core. We invest into a culture of innovation and excellence with the goal to provide our customers with the best products rooted in performance, design, and sustainability and with the best premium experience. We view innovation and excellence as the two foundational pillars that fundamentally guide the way we work.

如您所知，我們的文化和團隊是核心。我們投資於創新和卓越的文化，目標是為客戶提供基於性能、設計和永續性的最佳產品以及最佳的優質體驗。我們將創新和卓越視為從根本上指導我們工作方式的兩個基本支柱。

Innovation is at the heart of what we do. It uses our dreams and allows us to explore different paths and find new solutions. From braking technologies like LightSpray are a great example of what the culture of innovation can achieve. Excellence is about how we bring our vision to life today and in the future, it's the consistent attention we put into every detail and the way we approach our work to ensure we reach the goals we set out to achieve.

創新是我們工作的核心。它利用我們的夢想，讓我們探索不同的道路並找到新的解決方案。像 LightSpray 這樣的煞車技術是創新文化可以實現的目標的一個很好的例子。卓越是指我們如何將我們的願景變為現實和未來，它是我們對每個細節的持續關注以及我們處理工作的方式，以確保我們實現我們設定的目標。

The third quarter offers a great case study of how we strive for excellence in all aspects of our execution. It's no secret that we were not entirely happy with our level of operational excellence during Q2. But in a very short time frame, the dedicated work of our team has allowed us to do a much better job at fulfilling the incredible demand for On products and to deliver our by far biggest quarter in history in Q3. We are convinced that we have the right team and culture in place to succeed in the areas that will define our long-term success with a disruptive manufacturing processes, new product innovations, premium brand executions or supply chain and warehouse efficiency. It will all require the right mix between innovation and excellence, and we are excited for the growth journey ahead of us.

第三季提供了一個很好的案例研究，展示了我們如何在執行的各個方面追求卓越。眾所周知，我們對第二季的卓越營運水準並不完全滿意。但在很短的時間內，我們團隊的專注工作使我們能夠更好地滿足對 On 產品的巨大需求，並在第三季度實現迄今為止歷史上最大的季度業績。我們堅信，我們擁有合適的團隊和文化，能夠在顛覆性製造流程、新產品創新、優質品牌執行或供應鏈和倉庫效率等領域取得長期成功，從而取得成功。這一切都需要創新和卓越的正確結合，我們對未來的成長之旅感到興奮。

On this journey, we are focused on our mission to ignite the human spirit movement. Our efforts are centered around the goal to live, educate and enable movement. American in New York always offers a particularly powerful reminder of the transformative impact of movement. But it also highlights the fact that access to sports and physical activity is not a given.

在這段旅程中，我們專注於點燃人類精神運動的使命。我們的努力圍繞著生活、教育和促進運動的目標。《美國紐約》總是特別有力地提醒人們運動的變革性影響。但它也凸顯了這樣一個事實：獲得體育運動和體育活動並不是理所當然的。

To Right to Run, our social impact partnership program. I had the chance to meet with a number of partners in New York to understand how we can amplify the transformative inspiring work they are doing to break down barriers to movement. Ensemble is our partner equity design. Equity designing closely works with schools in the Bronx programs that encourage physical activity for both kids and adults. Their work focuses on reducing health disparities and closing the gap between health and wealth in underserved communities.

我們的社會影響力合作夥伴計劃 Right to Run。我有機會在紐約會見了一些合作夥伴，了解我們如何擴大他們正在進行的變革性鼓舞人心的工作，以打破運動障礙。Ensemble 是我們的合作夥伴股權設計。公平設計與布朗克斯計畫中的學校密切合作，鼓勵兒童和成人進行體育活動。他們的工作重點是減少服務不足的社區的健康差距並縮小健康與財富之間的差距。

Elsewhere, our senior leadership team recently spent the day getting to know another one of our Right to Run partners. KLABU, whose mission is to enable access to sport and movement in long-term refugee camps. The efforts and dedication of our partners were a huge inspiration for myself and our entire team. While it's a huge privilege for us to partner with them it comes with an obligation to think about how we can further elevate the impact that right run can have in the future and how we can promote the importance of movement and the access to it.

在其他地方，我們的高階領導團隊最近花了一天時間去了解我們的另一位「運行權」合作夥伴。KLABU，其使命是讓長期難民營能夠進行運動。我們合作夥伴的努力和奉獻對我自己和我們整個團隊來說都是巨大的鼓舞。雖然與他們合作對我們來說是一種巨大的榮幸，但我們也有義務思考如何進一步提升正確跑步在未來的影響力，以及如何提高運動的重要性和獲得運動的機會。

With that, let's move on to the detailed financial review of the third quarter. Q3 has been with quite some distance, the strongest quarter in our history. We reached record net sales of CHF635.8 million in Q3, growing by 32.3% on a reported basis and 33.2% on a constant currency basis. In the early years of the rent, we had the big stream to reach the magic number of 1 million pairs of shoes sold on an annual basis. We finally reached that aspiration in 2016. In Q3, we had the first single week in our history with more than 1 million pairs sold. This illustrates the strong demand for the brand and even more the operational ability to continue our strong growth into the future.

接下來，讓我們繼續詳細回顧第三季的財務狀況。第三季已經是我們史上最強勁的季度了。第三季度，我們的淨銷售額達到創紀錄的 6.358 億瑞士法郎，按報告計算成長 32.3%，以固定匯率計算成長 33.2%。在租金的最初幾年，我們的銷售量達到了每年銷售 100 萬雙鞋的神奇數字。2016年，我們終於實現了這個願望。第三季度，我們史上第一周銷售超過 100 萬雙。這說明了對品牌的強勁需求，更說明了我們未來持續強勁成長的營運能力。

Q3 is another strong validation of the power of our premium position, our multichannel distribution and our commitment to durable the growth, both in terms of net sales and adjusted EBITDA. 60.6% gross profit margin and 18.9% adjusted EBITDA margin are the highest since going public.

第三季再次有力地驗證了我們的高端地位、多通路分銷的力量以及我們對持久成長的承諾，無論是在淨銷售額還是調整後的 EBITDA 方面。 60.6%的毛利率和18.9%的調整後EBITDA利潤率為上市以來的最高水準。

38.8% of the record net sales came from our D2C channel, clearly exceeding our expectations. D2C net sales in Q3 grew by 49.8% and even 50.7% on a constant currency basis, reaching CHF246.7 million in the quarter. Our continued investments into our D2C channel, online and line, together with our operational improvements allowed us to capture a higher air of the strong consumer demand and deliver our biggest e-com quarter in history.

創紀錄的淨銷售額中有 38.8% 來自我們的 D2C 管道，明顯超出了我們的預期。第三季 D2C 淨銷售額成長 49.8%，以固定匯率計算甚至成長 50.7%，達到 2.467 億瑞士法郎。我們對 D2C 通路、線上和線下的持續投資，加上我們的營運改進，使我們能夠抓住強勁的消費者需求，並實現歷史上最大的電子商務季度。

Besides the success we already pointed out in China, EMEA, this also includes continued success of our marketplace in Zalando bringing a younger community to the On brand. Additional growth within D2C is driven by our On retail formats. We made significant progress in our retail footprint with the opening of several great and strategically important new stores in Q3.

除了我們在中國、歐洲、中東和非洲取得的成功之外，這還包括我們在 Zalando 市場的持續成功，為 On 品牌帶來了更年輕的社群。D2C 的額外成長是由我們的零售業態所推動的。隨著第三季開設了幾家具有戰略意義的大型新店，我們的零售業務取得了重大進展。

In the Americas, we celebrated the opening of our third New York City location and the first ones in Austin and Chicago. New York city Flat Iron and Chicago marked our two largest stores in the region so far.

在美洲，我們慶祝了紐約市第三家門市的開業，以及奧斯汀和芝加哥的第一家門市的開幕。紐約市 Flat Iron 和芝加哥是我們迄今為止在該地區最大的兩家商店。

In EMEA, we opened in Milan. Following the two stores in Paris, France, we continue our expansion of our On retail as an important channel for growth in Western and Southern Europe.

在歐洲、中東和非洲地區，我們在米蘭開業。繼法國巴黎的兩家商店之後，我們繼續擴大 On 零售業務，將其作為西歐和南歐成長的重要管道。

In APAC, we opened our first store in Australia in Melbourne and five new locations in China. With three of these locations have a significantly larger square footage than our historical fleet on average.

在亞太地區，我們在澳洲墨爾本開設了第一家商店，並在中國開設了五家新店。其中三個地點的面積明顯大於我們歷史機隊的平均面積。

With three new stores expected in Q4, we will have opened 20 new stores in the full year 2024. This number is in line with our ambition to open 20 to 25 new stores annually outlined at our Investor Day. We are extremely proud of our team, establishing On retail as a new channel that is elevating our brand experience across the world, delivering strong top line growth and profitability by driving a high share of apparel sales.

預計第四季將開設 3 家新店，2024 年全年我們將開設 20 家新店。這個數字符合我們在投資者日提出的每年開設 20 至 25 家新店的目標。我們為我們的團隊感到非常自豪，他們將 On 零售建立為一個新管道，提升我們在全球的品牌體驗，透過推動服裝銷售的高份額實現強勁的營收成長和獲利能力。

By the end of '24, we expect nearly 1,000 team members working in our retail stores compared to just 380 at the end of 2023. Our increase in brand awareness is not only reflected in our D2C channel growth, but also in the continued momentum at our wholesale partners. In Q3, our wholesale channel grew by 23.2% in or 24% on a constant currency basis, reaching CHF389.1 million. In line with our strategy, we have expanded our wholesale footprint in a very controlled way. The vast majority of growth is driven by the strength of our existing and new product franchises and our ability to convert more shelf space opportunities with our expanded offerings in running and in our new categories.

到 24 年底，我們預計將有近 1,000 名團隊成員在我們的零售店工作，而 2023 年底只有 380 名團隊成員。我們品牌知名度的提升不僅體現在 D2C 通路的成長上，也體現在批發合作夥伴的持續成長動能。第三季度，我們的批發通路成長了 23.2%，以固定匯率計算成長了 24%，達到 3.891 億瑞士法郎。根據我們的策略，我們以非常可控的方式擴大了批發業務。絕大多數的成長是由我們現有和新產品專營權的實力以及我們透過擴大現有產品和新類別產品轉化更多貨架空間機會的能力所推動。

In sum, we are very pleased to see our multichannel strategy in full effect. In line with our strategic ambition, our D2C channel has significantly outpaced our wholesale channel this year. The result is an over 300 basis point D2C share increase versus last year when looking at the year-to-date period or even 450 basis points increase for the third quarter specifically.

總之，我們很高興看到我們的多通路策略全面生效。根據我們的策略雄心，今年我們的 D2C 管道明顯超過了批發管道。結果是，從年初至今來看，D2C 份額比去年增加了 300 個基點，特別是第三季甚至增加了 450 個基點。

With that, let me move on to the developments by region. Net sales in the Americas grew by 34.1% in Q3 or 34.5% on a constant currency basis, reaching CHF395.5 million. Whilst this great performance is certainly a reflection of the operational improvements, it is first and foremost, a reflection of the strength of the brand in the region. As Caspar shared, our brand building moments over the summer converted to higher brand awareness and resulting transactions in the key US market, in particular. At the same time, we're also very encouraged to see additional upside coming from markets like Canada and Brazil.

接下來，讓我談談各地區的發展。第三季美洲淨銷售額成長 34.1%，以固定匯率計算成長 34.5%，達到 3.955 億瑞士法郎。雖然這一出色的業績無疑反映了營運的改進，但它首先反映了該地區品牌的實力。正如卡斯帕分享的那樣，我們在夏季的品牌建立時刻轉化為更高的品牌知名度，並最終在美國主要市場產生了交易。同時，我們也非常高興地看到加拿大和巴西等市場的額外成長。

Net sales in the EMEA region reached CHF165.8 million in Q3, growing by 15.1% year-over-year or 15.2% on a constant currency basis. In line with the rapid rights and brand awareness, brands climbed up to be our fastest-growing market in the region in Q3. This, of course, coincides with the Paris Olympics and the resulting great start of our Champs-Elysees store. So we are encouraged by the ongoing momentum in the fall.

第三季度，歐洲、中東和非洲地區的淨銷售額達到 1.658 億瑞士法郎，年增 15.1%，以固定匯率計算成長 15.2%。隨著快速的維權和品牌知名度，品牌在第三季成為我們在該地區成長最快的市場。當然，這恰逢巴黎奧運以及我們香榭麗舍店的良好開端。因此，我們對秋季持續的勢頭感到鼓舞。

APAC reached net sales of CHF74.6 million in the third quarter, corresponding to a growth rate of 79.3% or 85.7% on a constant currency basis. With that, the APAC region made up 11.7% of our total business in Q3, driven by the continued momentum in China, Japan, but also in South Korea.

第三季亞太地區淨銷售額達 7,460 萬瑞士法郎，成長率為 79.3%，以固定匯率計算成長率為 85.7%。在中國、日本和韓國持續成長動能的推動下，亞太地區佔第三季總業務的 11.7%。

Turning to performance by product. In Q3, net sales from shoes grew by 32.1%, up to CHF63.7 million. Our running vertical continues to be the key driver of volumes, with franchises like the Cloudmonster and Cloudrunner continuing to lead the way.

轉向產品的性能。第三季度，鞋類淨銷售額成長 32.1%，達到 6,370 萬瑞士法郎。我們的跑步垂直市場仍然是銷售的主要驅動力，其中 Cloudmonster 和 Cloudrunner 等特許經營產品繼續處於領先地位。

As fall begins, many of us feel to season as an opportunity for fresh starts and praising new behaviors, habits and activities. This is for us to launch our new Back to Run campaign and with that, to further double down on our running core. The campaign showcased the all new Cloudsurfer Next, which supported a 3 times increase of our Cloudsurfer franchise versus the prior year period.

隨著秋天的到來，我們中的許多人都覺得季節是一個重新開始的機會，並讚揚新的行為、習慣和活動。這是為了讓我們啟動新的「回歸跑步」活動，並以此進一步加倍我們的跑步核心。該活動展示了全新的 Cloudsurfer Next，它支持我們的 Cloudsurfer 特許經營權比去年同期增長了 3 倍。

Apparel grew by 33.4% in the quarter, reaching CHF26.8 million. While we put most of our initial focus on improving the product flow on the footwear side, the constraints on the apparel sidetracked well into Q3, resulting in a growth rate tracking slightly behind our ambition. We are confident that we will see a re-acceleration here in the fourth quarter. And based on the preorders for Spring Summer '25, expect a strong momentum in this focus area to continue into the new year.

本季服裝成長 33.4%，達到 2,680 萬瑞士法郎。雖然我們最初的重點是改善鞋類方面的產品流程，但到第三季度，服裝方面的限制已經轉移，導致成長率略低於我們的目標。我們有信心第四季將再次加速。根據 25 年春夏的預訂情況，預計這一重點領域的強勁勢頭將持續到新的一年。

Earlier this year, our team spent a full day in the Swiss mountains with Zendaya. The result was a beautiful campaign, with full head-to-toe looks from our fall winter season at the center. With millions of impressions across our different channels, we're excited to continue building long-term brand awareness and momentum for our parallel category.

今年早些時候，我們的團隊與贊達亞一起在瑞士山區度過了一整天。結果是一場漂亮的廣告活動，以我們秋冬季節的完整造型為中心。憑藉我們不同管道的數百萬次展示，我們很高興能夠繼續為我們的平行類別建立長期的品牌知名度和動力。

Moving down the P&L. Largely driven the exceptional B2C performance and resulted in high B2C share of 38.8% in the quarter. We reached a very strong gross profit margin of 60.6%. A increasing by 70 basis points year-over-year. SG&A expenses exclude share-based compensation were CHF292.8 million, occurred to 46% of net sales and reduced from 46.4% in the prior year period. The main benefit resulted from more efficient distribution expenses in this year's period. reflecting our continued focus on achieving operational efficiency gains. This included a temporary strategic shift of volumes to our L.A. warehouse during the quarter, which were able to secure at a favorable rate.

損益表向下移動。在很大程度上推動了卓越的 B2C 業績，並導致本季 B2C 份額高達 38.8%。我們的毛利率達到了 60.6%，非常強勁。年成長70個基點。SG&A 費用（不含股權激勵）為 2.928 億瑞士法郎，佔淨銷售額的 46%，較上年同期的 46.4% 下降。主要收益來自於今年期間更有效的分銷費用。反映出我們持續專注於實現營運效率提升。這包括本季將數量臨時策略轉移到我們的洛杉磯倉庫，從而能夠以有利的價格獲得保證。

The resulting adjusted EBITDA margin for Q3 is 18.9%, significantly up from 16.9% in the prior year. This very strong profitability reflects the flow-through of the top line exceeding our expectations, together with a slightly more conservative cost plan in place, considering the operational challenges we had faced in Q2.

第三季調整後 EBITDA 利潤率為 18.9%，顯著高於去年同期的 16.9%。這種非常強勁的獲利能力反映出營收超出了我們的預期，同時考慮到我們在第二季面臨的營運挑戰，也制定了稍微保守的成本計畫。

While we continue to take measures to reduce the sensitivity of our results to FX fluctuations, the significant drop in Swiss francs per US dollar between the end of Q2 and the low point at the end of Q3 led to considerable unrealized FX loss during the period of CHF37.2 million.

雖然我們繼續採取措施降低業績對外匯波動的敏感性，但從第二季末到第三季末低點，瑞郎兌美元匯率大幅下跌，導致本季未實現的外匯損失相當大。法郎。

We are pleased to have delivered a strong net income of CHF30.5 million even despite this impact, demonstrating the resilience of our business, which brings me to our balance sheet. Capital expenditures were CHF19.1 million in Q3, equivalent to 3% of net sales.

儘管存在這種影響，我們很高興仍實現了 3,050 萬瑞士法郎的強勁淨利潤，這證明了我們業務的彈性，這讓我看到了我們的資產負債表。第三季資本支出為 1,910 萬瑞士法郎，相當於淨銷售額的 3%。

Our net working capital balance at the end of Q3 stands at CHF540.1 million. This includes our lowest inventory portion in the last 12 months, a further testament to the continued operational optimizations we have been focused on. This has, of course, contributed to continued strong cash flow with a positive cash flow of over CHF125 million in Q3 alone and the year-to-date positive cash flow of over CHF250 million. We have significantly increased our cash balance to close to CHF750 million at the end of the third quarter.

第三季末我們的淨營運資本餘額為 5.401 億瑞士法郎。這包括過去 12 個月中我們的最低庫存部分，進一步證明了我們一直致力於持續營運優化。當然，這有助於持續強勁的現金流，光是第三季的正現金流就超過 1.25 億瑞士法郎，今年迄今的正現金流超過 2.5 億瑞士法郎。截至第三季末，我們的現金餘額已大幅增加至接近 7.5 億瑞士法郎。

As I mentioned in our Q2 call, we do expect a higher inventory position at year-end as we increase our on-hand levels on key styles during the first quarter. This will include the inbounds for our Spring/Summer '25 launches, including the all-new Cloud 6 that we are very excited about.

正如我在第二季電話會議中提到的，隨著我們在第一季增加關鍵款式的現有水平，我們確實預計年底的庫存狀況會更高。這將包括我們 25 年春夏發布的入站產品，其中包括我們非常興奮的全新 Cloud 6。

Now let me move on to our last outlook for the full year of 2024. We are extremely pleased with where we are today. We see our mission to ignite the human spirit from movement coming to life around the globe. We are successfully executing every dimension of our strategic plan. We grew our brand awareness and broadened our reach to new communities.

現在讓我談談我們對 2024 年全年的最後展望。我們對今天的處境感到非常滿意。我們的使命是透過在全球範圍內開展的運動來點燃人類精神。我們正在成功執行戰略計劃的各個方面。我們提高了品牌知名度，並擴大了我們對新社區的影響力。

We already had a strong start this quarter, and we are heading into the holiday season with a lot of confidence and excitement and expect to see limited operational constraints to deliver against the continued exceptional brand momentum we are seeing globally. For Q4, we expect a higher constant currency growth rate than Q3, even exceeding our expectations in the third quarter. For the full year 2024, we are increasing our constant currency net sales growth ambition from at least 30% to at least 32%.

本季度我們已經有了一個強勁的開局，我們將充滿信心和興奮地進入假期季節，並預計將看到有限的運營限制，以應對我們在全球範圍內看到的持續卓越的品牌勢頭。對於第四季度，我們預期匯率恆定成長率將高於第三季度，甚至超出我們對第三季的預期。對於 2024 年全年，我們將以固定匯率計算的淨銷售額成長目標從至少 30% 提高到至少 32%。

On a reported basis, at current spot rates, our increased outlook reflects the expectation to reach at least CHF2.29 billion in net sales for the full year '24. This embeds the sizable FX headwind that we expect in Q4 across all regions, with the Americas region due to see the biggest impact given the meaningful US dollar move versus the Swiss franc in recent months.

根據報告，按照當前即期匯率，我們上調的前景反映了 2024 年全年淨銷售額至少達到 22.9 億瑞士法郎的預期。這使得我們預計第四季度所有地區都將面臨巨大的外匯逆風，鑑於近幾個月美元兌瑞郎的大幅波動，美洲地區將受到最大的影響。

As a result of the D2C strength in Q3, we achieved a 60.1% gross profit margin for the first nine months year-to-date. Driven by the historical strength of D2C, our disciplined full price strategy, the strong momentum, and our balanced inventory position, we expect an even stronger gross profit and are confident in our ability to significantly overachieve our previous gross profit margin outlook for 2024. We now expect to reach a full year gross profit margin of around 60.5%, and an increase of 50 basis points versus our previous outlook.

由於第三季 D2C 的強勢，我們今年前 9 個月的毛利率達到了 60.1%。在 D2C 的歷史實力、我們嚴格的全價策略、強勁的勢頭以及平衡的庫存狀況的推動下，我們預計毛利將更加強勁，並對我們有能力大幅超出之前的 2024 年毛利率前景充滿信心。我們目前預計全年毛利率將達到 60.5% 左右，比先前的預期提高 50 個基點。

As communicated in the past, we execute in line with our philosophy of building long-term global growth. which extends to both top line and profitability expansion. We always seek opportunities to drive additional meaningful long-term-oriented investments for our brand and businesses when overachieving our net sales and gross profit expectations during the financial year.

正如過去所傳達的那樣，我們的執行符合我們建立長期全球成長的理念。這延伸到收入和獲利能力的擴張。在本財政年度超額實現淨銷售額和毛利預期時，我們始終尋求機會為我們的品牌和業務推動額外有意義的長期投資。

Given the proximity to year-end, we expect a higher flow-through of the strong gross profit of our adjusted EBITDA. We expect our adjusted EBITDA margin for the full year at the upper end of our previous guidance of 16% to 16.5%, potentially even slightly above.

鑑於臨近年底，我們預計調整後的 EBITDA 的強勁毛利將會更高。我們預計全年調整後的 EBITDA 利潤率將達到先前指引值 16% 至 16.5% 的上限，甚至可能略高於此水準。

While we are incredibly thrilled with our Q3 results and this increased outlook for 2024, we are even more proud to see the progress we have made against our long-term vision announced a little more than a year ago. We're excited to continue to build On for long term and look forward to finishing the year 2024 on a high note. We look forward to being back with this audience in '25. Thank you once again for your continued support and your trust.

雖然我們對第三季的業績和對 2024 年前景的展望感到非常興奮，但我們更自豪地看到我們在一年多前宣布的長期願景方面取得的進展。我們很高興能夠繼續長期發展，並期待在 2024 年取得優異成績。我們期待在 25 年再次與觀眾見面。再次感謝您一直以來的支持與信任。

(Operator Instructions) Cristina Fernandez, Telsey Advisory Group.

（操作員說明）克里斯蒂娜·費爾南德斯（Cristina Fernandez），特爾西諮詢小組。

Congratulations on the results. I wanted to ask about the increases brand awareness that you're seeing Caspar, you gave some detail from the US. Can you share where the increases are coming from? Do you have any details you can share by demographic? Is it like the younger cohort gender? Anything else there would be helpful.

祝賀結果。我想問一下 Caspar 品牌知名度的提高，您提供了一些來自美國的細節。能分享一下成長的來源嗎？您有任何按人口統計劃分的詳細資訊可以分享嗎？是不是像年輕族群的性別？還有什麼會有幫助的。

Yes, Cristina, thank you for this question. And it's been a big focus for us to increase the brand awareness and to see that now come to life and flow through into Q3 results has been very, very positive. So one thing that happened was that Zendaya, FKA Twigs, and some of the investment into the younger community clearly helped. So we very significantly increased brand awareness in the younger community.

是的，克里斯蒂娜，謝謝你提出這個問題。我們的一大重點是提高品牌知名度，並看到現在的品牌知名度已成為現實並滲透到第三季的業績中，這是非常非常積極的。因此發生的一件事是 Zendaya、FKA Twigs 以及對年輕社區的一些投資顯然有所幫助。因此，我們顯著提高了年輕社區的品牌知名度。

But it's not limited to that. We were also able to increase brand awareness across the globe. So if you look, for example, at very penetrated countries like Switzerland, we increased brand awareness by 30 percentage points in already relatively strongly penetrated country. And when we look at the US, it was from coast to coast, so to say. So what we were able to do, we were focusing on certain geographies very clearly from how we spend our marketing money. But we saw some overflow from that into other regions and into other CDs as well.

但不限於此。我們也能夠提高全球的品牌知名度。例如，如果你看看像瑞士這樣滲透率很高的國家，我們在已經相對滲透率較高的國家將品牌知名度提高了 30 個百分點。當我們看美國時，可以說是從一個海岸到另一個海岸。因此，我們能夠做的是，我們從行銷資金的支出方式中非常清楚地關注某些地區。但我們看到一些溢出到其他地區和其他CD。

And then lastly, besides Zendaya and FKA Twigs and that tapping into the younger community, performance was a very, very important focus for us. So we really used the Olympics to continue to penetrate On as an innovation brand, but also the performance community. So when you look at our run counts, we were also able to increase share across all running routes across the globe. And so we're very, very confident in how this is uplifting On as a brand overall.

最後，除了 Zendaya 和 FKA Twigs 以及進軍年輕社區之外，表演對我們來說也是一個非常非常重要的焦點。所以我們確實利用奧運會來繼續滲透 On 作為一個創新品牌，同時也是表演社群。因此，當您查看我們的跑步次數時，我們也能夠增加全球所有跑步路線的份額。因此，我們對這將如何提升 On 作為一個整體品牌充滿信心。

Aubrey Tianello, BNP Paribas.

奧布里·蒂內洛，法國巴黎銀行。

Wanted to hear more, if you could just kind of dive into some of the drivers of the 50% B2C growth in the quarter, maybe from a product perspective? And then what's giving you the confidence that constant currency revenue growth should accelerate in 4Q? What are your early reads so far as we approach holiday season?

想了解更多信息，您是否可以從產品角度深入探討本季度 B2C 增長 50% 的一些驅動因素？那麼是什麼讓您有信心第四季貨幣收入的穩定成長會加速呢？臨近假期，您的早期讀物是什麼？

Yes. Let me quickly take the D2C question, and Martin will elaborate on the second one. So I think when you look at our recent quarters, then I think we -- in most of the quarters, we were able to execute on our growth plan and our strategy, which is basically to increase the D2C share over time. I think the last quarter was almost a bit the outlier in the negative direction, due to the operational constraints that we saw. And now we're really back to seeing the brand kind of tapping into the strength and being able to convert it. So I think this is a reconfirmation for our long-term strategy of just a positive outlier as a quarter.

是的。讓我快速回答一下 D2C 問題，Martin 將詳細闡述第二個問題。所以我認為，當你看看我們最近幾季時，我認為我們——在大多數季度中，我們都能夠執行我們的成長計劃和策略，這基本上是隨著時間的推移增加 D2C 份額。我認為，由於我們看到的營運限制，上個季度幾乎是負面方向的異常值。現在我們真的又看到了該品牌正在挖掘實力並能夠將其轉化。因此，我認為這是對我們將季度作為正異常值的長期策略的再次確認。

Now when we look into this quarter specifically, elaborate on a little bit before, so brand awareness was a very big driver. So the Olympics, Zendaya really, really helped. And it helped in all regions. So if we compare D2C growth Europe versus the US, for example, we are in a very, very similar growth level. And then APAC as a positive outlier due to the strength in Japan and China.

現在，當我們具體研究本季時，之前已經詳細說明過，因此品牌知名度是一個非常大的驅動力。所以奧運會，贊達亞確實非常有幫助。它對所有地區都有幫助。因此，如果我們比較歐洲和美國的 D2C 成長，就會發現我們處於非常非常相似的成長水準。然後，由於日本和中國的實力，亞太地區成為一個積極的異常值。

Then I think we saw very successful product launches that has been the second draft that, so they were really, really resonating. And it was not limited to one. It was the full kind of portfolio of launches that we brought to life and obviously, LightSpray and sharing the innovation story and also converting that then into our performance product like the Cloudboom Strike that really, really resonated with our consumers.

然後我認為我們看到了非常成功的產品發布，這是第二稿，所以它們真的非常引起共鳴。而且不限於一種。這是我們帶來的完整的產品組合，顯然是 LightSpray 並分享創新故事，然後將其轉化為我們的高性能產品，例如真正引起消費者共鳴的 Cloudboom Strike。

And then lastly, we've invested a lot into the D2C environment over the last couple of months. So this is really allowing us to not only capture new traffic in a very efficient way, but also to further continue to penetrate our existing consumer base in an even more efficient way.

最後，過去幾個月我們在 D2C 環境上投入了大量資金。因此，這確實使我們不僅能夠以非常有效的方式捕捉新流量，而且還能夠以更有效的方式進一步繼續滲透我們現有的消費者群。

Sorry, those are also the drivers that give us the confidence into the holiday season. So we do think they are exhausted yet and they continue to drive our outlook. We leave Q3 with a lot of momentum, and we also continue seeing that momentum in the first weeks of the quarter.

抱歉，這些也是讓我們對假期充滿信心的驅動因素。因此，我們確實認為他們已經筋疲力盡，但他們繼續推動我們的前景。我們在第三季度保持著強勁的勢頭，並且在本季度的前幾週我們也繼續看到這種勢頭。

So take Asia Pacific, for example, we just had our record months there in October. So the momentum click continues. For China, October is a super important months leading into the double 11 season. And that positivity is reflected in the increase of the guidance that we have given. It will allow us to focus on our full price premium business during the holiday season, which is important for us. And at the same time, it will allow us to focus on preparing our important Spring/Summer '25 launches, which includes the new Cloud 6, our key franchise, which we'll update in early next year.

以亞太地區為例，我們在 10 月剛創下了該地區的創紀錄月份。因此，勢頭仍在繼續。對中國來說，10月是進入雙11季節的超級重要月份。這種積極性體現在我們所提供的指導的增加。這將使我們能夠在假期期間專注於全價溢價業務，這對我們來說很重要。同時，這將使我們能夠專注於準備重要的 25 年春夏新品發布，其中包括新的 Cloud 6，我們的主要特許經營產品，我們將在明年初進行更新。

The holy season clearly is go time for retail. So for the first time in history, we ended the season with 50 On retail stores, and we are ready to deliver a premium experience to all the customers across all those stores. And at the same time, having that positive momentum also allows us to invest into the future of the business. So it will allow us to invest into our team, into a product, into innovation, sustainability, technology. So many important pillars for future growth. And I think this is reflected in the positive outlook that we have.

神聖的季節顯然是零售業的旺季。因此，我們歷史上第一次以 50 家 On 零售店結束了本季，我們已準備好為所有這些商店的所有客戶提供優質體驗。同時，擁有這種積極的勢頭也使我們能夠投資於業務的未來。因此，這將使我們能夠投資於我們的團隊、產品、創新、永續性和技術。未來成長的許多重要支柱。我認為這反映在我們的正面前景中。

Alex Stratton, Morgan Stanley.

亞歷克斯‧斯特拉頓，摩根士丹利。

Congrats on another great quarter here. I just wanted to focus on the inventory and supply chain constraints. Just on the constraints, when should those be mostly behind you? And then how will your channel prioritization change in 2025? And then just on inventory, is that where you want it from a level perspective? And then how you plan next year would be helpful.

恭喜又一個偉大的季度。我只是想專注於庫存和供應鏈限制。就限製而言，什麼時候這些限制應該大部分在你身後？那麼 2025 年您的通路優先順序將如何改變？然後就庫存而言，從水平角度來看這是您想要的嗎？然後你明年的計劃將會有所幫助。

Yes, very happy to take the question. So I think looking back, we had multiple impacts that limited our ability to capture the full demand inventory was wonder, the warehouse situation was another one. We're incredibly proud of how our team has basically taken multiple measures to improve the product flow to our customers.

是的，很高興接受這個問題。因此，我認為回顧過去，我們受到了多種影響，這些影響限制了我們捕獲全部需求庫存的能力，這是令人驚訝的，倉庫情況是另一個影響。我們的團隊基本上採取了多種措施來改善向客戶提供的產品流程，對此我們感到非常自豪。

So we have shifted volumes and inventory to our West Coast warehouse. We have used airfreight in meaningful but balanced way. We very actively managed our order book also in close collaboration with our wholesale partners. And this really has resulted in a significantly improved delivery quality and also in a strong increase in the Net Promoter Score that we are seeing both in D2C and B2B.

因此，我們已將數量和庫存轉移到我們的西海岸倉庫。我們以有意義但平衡的方式使用空運。我們也與批發合作夥伴密切合作，非常積極地管理我們的訂單簿。這確實顯著提高了交付質量，並大幅提高了淨推薦值，我們在 D2C 和 B2B 中都看到了這一點。

At the same time, those measures are effective in the short term. But the goal that we have is to build a supply chain and the warehouse infrastructure and an inventory level that will allow us to grow to our aspirations outlined at the Investor Day. So what we need to achieve is to have two highly automated and reliable warehouses on the US East Coast and the West Coast. And this is what the team is focused on with the automation project in Atlanta and with the expected go-live in spring '25 and then also ramping up the volumes. So I think it's all playing together that we need to ensure that we have the right inventory in the right warehouse at the right time and we have made huge steps there.

同時，這些措施在短期內是有效的。但我們的目標是建立供應鏈、倉庫基礎設施和庫存水平，使我們能夠實現投資者日所概述的願望。所以我們需要實現的是在美國東岸和西岸擁有兩個高度自動化且可靠的倉庫。這就是該團隊在亞特蘭大的自動化項目的重點，預計將於 25 年春季投入使用，然後將增加產量。因此，我認為我們需要共同努力，確保我們在正確的時間在正確的倉庫中擁有正確的庫存，並且我們已經在這方面取得了巨大的進步。

As I said on the call, towards the end, we expect that our inventory level will rise a bit because of the inflow of the new Cloud, which is important to be ready for that major launch. I think we still have many opportunities to improve our work around inventory in the long term, but we are extremely happy with where we are at the moment.

正如我在電話會議上所說，到最後，我們預計由於新雲端的流入，我們的庫存水準將會上升，這對於為重大發布做好準備非常重要。我認為從長遠來看，我們仍然有很多機會改進庫存工作，但我們對目前的狀況非常滿意。

And then you asked around channel strategy for '25. So we're basically really continuing the journey that we've laid out in the Investor Day and has already elaborated on before. So we want to continue to grow our D2C share. You can expect On to again open 20 to 25 additional On retail doors which will allow us to meet our consumers even in a more premium way across the globe. So they will enter in all major geographies, very much continuing to pass that already.

然後您詢問了 25 年的通路策略。因此，我們基本上是在繼續我們在投資者日所闡述的、之前已經詳細闡述過的旅程。因此，我們希望繼續增加我們的 D2C 份額。您可以期待 On 再次開設 20 到 25 個額外的 On 零售店，這將使我們能夠以更優質的方式在全球範圍內滿足消費者。因此，他們將進入所有主要地區，並且已經在很大程度上繼續通過這一點。

Store growth on wholesale will probably continue to come down slightly. So if you look at Q3 '22 versus Q3 '23, we grew by 8.7%. Now we grew by 6.6% to Q3 '24. So that number will continue to go slightly down as we're basically trying to penetrate existing doors even better with our products. And then a really big focus is -- will continue to be On apparel. So we have a very, very positive outlook in our preorder for 2025 On apparel, which has had our biggest month in apparel ever this October. So we're really, really working closely with our partner to be able to capture on the promised apparel growth.

批發商店的成長可能會繼續小幅下降。因此，如果你看看 22 年第三季與 23 年第三季度，我們成長了 8.7%。現在，到 2024 年第三季度，我們的成長率為 6.6%。因此，這個數字將繼續略有下降，因為我們基本上試圖用我們的產品更好地滲透現有的大門。然後一個真正的重點是——將繼續集中在服裝上。因此，我們對 2025 年 On 服裝的預購前景非常樂觀，今年 10 月是我們有史以來服裝銷量最高的一個月。因此，我們真的非常非常地與我們的合作夥伴密切合作，以實現服裝成長的承諾。

Jay Sole, UBS.

傑伊·索爾，瑞銀集團。

We talked a lot about innovation in the prepared remarks, a lot of the new styles also mentioned the Cloud 6 that's coming up. But I remember at the Investor Day about a year ago, you talked about how I think you had at least seven franchises that were released 5% of total sales. Can you talk about how much product assortment has helped create more diversification within the projects? Can you give us any stats to tell us like how much -- how wide of a set of SKUs you have now that are really driving the business rather than just being focused on one, which maybe was 10 years ago?

我們在準備好的演講中談論了很多關於創新的內容，許多新款式也提到了即將推出的Cloud 6。但我記得大約一年前的投資者日，您談到我認為您至少有七個特許經營權，其發行量佔總銷售額的 5%。您能否談談產品種類在多大程度上幫助專案實現了更加多樣化？您能否提供任何統計數據來告訴我們，您現在擁有的一組 SKU 的數量有多少、範圍有多大，這些 SKU 真正推動了業務，而不是僅僅專注於一個（可能是 10 年前）？

Thanks to the excellent question. Happy -- very happy to report that we actually achieved the goal that we laid it out. I think it's important to not just be a one-trick pony. I'm so happy to be a seven or eight trick pony. Joking aside, these SKUs are, of course, distributed against different sports, different verticals, as we call them, right? So as we're no longer just a running brand, but we also have significant business, for example, in training, in tennis and of course, on the lifestyle side, it's important that we have strong franchises.

感謝這個很好的問題。高興——非常高興地報告，我們實際上實現了我們設定的目標。我認為重要的是不要只做一匹只會一招的小馬。我很高興能成為一匹七、八把戲的小馬。開個玩笑，這些 SKU 當然是針對不同的運動、不同的垂直領域（我們稱之為不同的領域）進行分配的，對嗎？因此，我們不再只是一個跑步品牌，而且我們擁有重要的業務，例如在訓練、網球，當然還有生活方式方面，因此擁有強大的特許經營權非常重要。

And the efforts that we've taken to within each vertical, really consolidate several models into what we call franchise. So for example, the surfer we're just coming off a really, really strong launch of Surfer Next in Q3 and we that with launching the Surfer 2 in Q1 in '25.

我們在每個垂直領域所做的努力，真正將幾種模式整合到我們所謂的特許經營中。例如，對於衝浪者，我們剛剛在第三季度推出了非常非常強勁的 Surfer Next，我們在 25 年第一季推出了 Surfer 2。

If we move over to the lifestyle side, our goal is to be the most premium brand in sports. With the Cloud 6, we're actually delivering a much better product than Cloud 5, and we're all surprising it at USD10 higher, allowing us to capture more of that willingness to pay a premium price for a premium product that we see in the market.

如果我們轉向生活方式方面，我們的目標是成為運動領域最優質的品牌。透過Cloud 6，我們實際上提供了比Cloud 5 更好的產品，而且我們都對它的價格高出10 美元感到驚訝，這使我們能夠更多地了解為我們所看到的優質產品支付溢價的意願。

But then we're also not just resting on the laurels in terms of existing franchises. We're very excited that next Spring will see the launch of Cloud Zone on March 20, where Zendaya will launch with us a lower silhouette that we believe is going to be very much on trend, but not from a retro perspective, like some of our competitors do it, but with a future futuristic take and performance inspired.

但我們也不僅僅滿足於現有特許經營權的成就。我們非常高興明年春天將在 3 月 20 日推出 Cloud Zone，Zendaya 將與我們一起推出一款較低的廓形，我們相信這將非常流行，但不是從復古的角度來看，就像一些我們的競爭對手做到了這一點，但其靈感來自於未來的未來主義風格和性能。

Jim Duffy, Stifel.

吉姆·達菲，斯蒂菲爾。

This is Peter McGoldrick, on for Jim. Just diving into the marketing strategy, you just had a huge brand moment for the Paris Olympics and have expanded your association with some culture eons. How should we be thinking about the level and mix of brand marketing versus performance margin going forward?

我是彼得·麥戈德里克，替吉姆發言。只要深入研究行銷策略，您就在巴黎奧運會上獲得了巨大的品牌時刻，並擴大了您與某些文化的聯繫。我們該如何考慮未來品牌行銷與績效利潤的程度與組合？

Yes. Thank you for the question. I don't think we would call it a brand marketing versus performance marketing, you see like already mixing up the words -- because actually, for us, it's -- I think it's one topic. The question is, how are we able to authenticate the products that we create with our consumers through the personalities that we're working with, right? And I think -- what you see and what is happening with, for example, Zendaya, when we paired her with Roger is a perfect example of that. And this is kind of how we're continuing to think about it. So basically bringing that experience to the different communities and really always using the strongest assets to reach those communities. So you can very much expect the next year to continue in a similar way.

是的。謝謝你的提問。我不認為我們會稱之為品牌行銷與績效行銷，你看，這兩個詞已經混淆了——因為實際上，對我們來說，這是——我認為這是一個主題。問題是，我們如何能夠透過我們合作的人物來驗證我們與消費者一起創造的產品，對嗎？我認為 - 你所看到的以及正在發生的事情，例如，當我們將她與羅傑配對時，贊達亞就是一個完美的例子。這就是我們繼續思考的方式。因此，基本上將這種經驗帶到不同的社區，並且始終使用最強大的資產來接觸這些社區。因此，您可以非常期望明年也會以類似的方式繼續下去。

We will stick to the brand priorities that we already had in 2024. So continuing to build On as a performance running brand is going to be very, very important for us. Then we're very excited to continue to build On in training, but also even or even -- or accelerating how we're building it in and continue to build in training and very much looking forward to also bring On to the trail much more and communicate On as an outdoor brand.

我們將堅持 2024 年已有的品牌優先事項。因此，繼續將 On 作為一個高性能跑步品牌對我們來說非常非常重要。然後，我們非常高興能夠繼續在訓練中繼續發展，甚至甚至 - 或者加速我們的建設方式並繼續在培訓中發展，並且非常期待將 On 帶到賽道上更多並傳達 On 作為戶外品牌的信息。

And then lastly, the focus as a head-to-toe brand, which is also what we combine with a lot of our athletes and our influencers. So that's really how we're executing in 2025. And so please think of it as very much a continuation of what we've done this year. And I think the Q3 shows you that this is really paying out in the right way how consumers perceive our brand.

最後，作為一個從頭到腳的品牌的重點，這也是我們與許多運動員和有影響力的人結合起來的。這就是我們 2025 年的執行方式。因此，請將此視為我們今年所做工作的延續。我認為第三季向您表明，這確實以正確的方式為消費者感知我們的品牌帶來了回報。

Jonathan Komp, Baird.

喬納森康普，貝爾德。

Caspar, I want to follow up. Your team has done an impressive job gaining publicity for LightSpray. And I'm curious how you're viewing innovation like LightSpray as an opportunity to raise the consumer awareness for innovation versus really opportunity to commercialize these types of innovations over time.

卡斯帕，我想跟進。您的團隊在 LightSpray 的宣傳方面做得非常出色。我很好奇您如何看待像 LightSpray 這樣的創新作為提高消費者創新意識的機會，而不是隨著時間的推移將這些類型的創新商業化的真正機會。

And then Martin, if I could just ask a follow-up on the Q4 implied adjusted EBITDA? You've grown adjusted EBITDA margin throughout the year, so could you just talk a little bit more about the assumptions you're baking into Q4?

然後馬丁，我是否可以詢問第四季度隱含調整後 EBITDA 的後續情況？您全年調整後的 EBITDA 利潤率都在成長，所以您能多談談您在第四季所做的假設嗎？

Thanks, Jon. Look, LightSpray is not just a marketing story, right? This has the potential to really disrupt the way footwear is manufactured, right? So let's just remind everybody what it is. So it's -- first, it's a material. It's basically a new way of making an upper, but it's also manufacturing technology because we're bonding the upper and the bottom in together in one automated step.

謝謝，喬恩。看，LightSpray 不僅僅是一個行銷故事，對嗎？這有可能真正顛覆鞋類的製造方式，對吧？所以讓我們提醒大家它是什麼。所以它——首先，它是一種材料。這基本上是一種製造鞋面的新方法，但它也是一種製造技術，因為我們透過一個自動化步驟將鞋面和底部黏合在一起。

And then thirdly, it's a sustainability and over -- not only is it very sustainable to make, but we can also nearshore it and make it a comparable cost anywhere in the world. So we could -- as we have right now, put the machine into New York City or we're going to have a small production here in Zurich. I think we've used the time now since Olympics to really drill down on how we are going to scale this. Don't expect this to hit the market in a meaningful scale next year or the year after.

第三，它具有永續性——不僅製造起來非常永續，而且我們還可以將其近岸生產，使其成本在世界任何地方都具有可比性。所以我們可以——正如我們現在所做的那樣，將機器放入紐約市，或者我們將在蘇黎世進行小規模生產。我認為我們已經利用奧運後的時間來真正深入研究如何擴大規模。不要指望它會在明年或後年以有意義的規模進入市場。

But we're really now exploring beyond just the performance product that you've seen like the shoe that Hellen won bronze in the Olympics. But how can this be more relevant for everyday runners, but also for lifestyle consumers? And then how do we combine several of these spray units into a full production line that can be run fully automated? So you can imagine the team here On Labs is quite busy figuring these things out. But we want to bring it to market at scale, and that's definitely the commitment that we have given ourselves.

但我們現在真正探索的不僅僅是您所看到的高性能產品，例如海倫在奧運會上獲得銅牌的鞋子。但這如何與日常跑步者以及生活方式消費者更相關呢？那我們要如何將幾個這樣的噴霧裝置組合成一條可以完全自動化運作的完整生產線呢？所以你可以想像 On Labs 的團隊正忙著解決這些問題。但我們希望將其大規模推向市場，這絕對是我們給自己的承諾。

And then to your second question, so last year at our Investor Day, we communicated our midterm aspirations when it comes to gross profit and adjusted EBITDA margin of being 60% plus gross profit margin and towards 18% plus adjusted EBITDA margin. And we're extremely happy and proud that our Q3 results are a validation of the aspirations that we have.

然後是你的第二個問題，去年在投資者日，我們傳達了我們對毛利和調整後 EBITDA 利潤率的中期期望，即毛利率加 60%，調整後 EBITDA 利潤率達到 18%。我們非常高興和自豪，我們第三季的結果驗證了我們的願望。

And at the same time, we said this in the past, we are fully committed to our philosophy of durable growth, which means growing top line and profitability over time while driving additional investments. So this is how we approach Q4 and then also go into the next year. For Q4, specifically on the marketing side, we have two big brand campaigns going on. We already spoke about Zendaya and the Back to Run campaign.

同時，我們過去曾說過，我們完全致力於持久成長的理念，這意味著隨著時間的推移，收入和獲利能力不斷增長，同時推動額外投資。這就是我們對待第四季以及進入明年的方式。對於第四季度，特別是在行銷方面，我們正在進行兩項大型品牌活動。我們已經討論過 Zendaya 和 Back to Run 活動。

If you look at our distribution costs, we had a very low number in percent of net sales in Q3, driven by the shift that we were able to do into our West Coast warehouse. Now Q4 is a heavy month on D2C, and therefore, we expect a higher number in percent of net sales there. And so overall, as outlined, we see ourselves at the high end of the communicated range of 16%, 16.5% or even slightly above. So we clearly will not do anything that is just short-term focused, but only investments that are meaningful in the long term. And for us, looking at the adjusted EBITDA, it's really about this journey from today towards the 18% over this of the next two years.

如果你看看我們的分銷成本，我們在第三季的淨銷售額百分比非常低，這是由於我們能夠向西海岸倉庫進行轉移。現在，第四季是 D2C 的繁忙月份，因此，我們預計該季度的淨銷售額百分比會更高。因此，總體而言，正如概述的那樣，我們認為自己處於所傳達範圍的高端，即 16%、16.5% 甚至略高一些。因此，我們顯然不會做任何只專注於短期的事情，而只會進行長期有意義的投資。對我們來說，看看調整後的 EBITDA，這實際上是從今天開始到未來兩年實現 18% 的旅程。

Anna Andreeva, Piper Sandler.

安娜·安德烈娃，派珀·桑德勒。

Great. And let us add our congrats for the quarter as well I wanted to follow up on wholesale. So was the slight moderation there entirely the function of not having enough inventory and still supply some strength? And did you guys quantify what the amount of those volumes lost was for the quarter?

偉大的。讓我們也對本季表示祝賀，我想跟進批發情況。那麼，小幅回落是否完全是因為庫存不足，但仍能提供一些力量呢？你們是否量化了本季這些銷售的損失量？

And then secondly, just with the Atlanta DC automation projects. Curious if there are any initial thoughts on how we should think about the timeline and the magnitude for FX benefits from that automation?

其次，就是亞特蘭大 DC 自動化計畫。好奇我們是否應該如何考慮自動化帶來的外匯收益的時間表和幅度？

Let me quickly elaborate on wholesale, and Martin will take the second question. So -- and wholesale, the -- this is -- there's one impact, which is basically what you still see happening is the door closures in Europe that are impacted this year versus Q3 last year. So that has an impact, a negative impact. And I think what's important for us there is that really looking at the brand demand out there, and that's also why we elaborated on a very much a solar D2C growth rate that we're seeing. And what's also important is that part of kind of the door closures also were able to capture a lot of that traffic than in our On channels.

讓我快速闡述批發問題，馬丁將回答第二個問題。因此，總的來說，這是一個影響，基本上你仍然看到發生的情況是歐洲今年與去年第三季相比受到的影響。所以這會產生影響，負面影響。我認為對我們來說重要的是真正關注那裡的品牌需求，這也是我們詳細闡述我們所看到的太陽能 D2C 成長率的原因。同樣重要的是，部分關閉方式也能夠捕捉比我們的 On 頻道更多的流量。

Then when we look at wholesale globally, we very closely track sellout. And so for us, for what -- for the brand to see how sellout is behaving and really being able to observe that all the brand awareness that we've created is not only reflecting in our On channel, but it's also reflecting our wholesale channels is very, very positive.

然後，當我們觀察全球批發時，我們非常密切地追蹤銷售情況。因此，對於我們來說，對於品牌來說，了解銷售情況如何，並真正能夠觀察到我們創建的所有品牌知名度不僅反映在我們的線上管道中，而且還反映了我們的批發管道是非常非常積極的。

The number that you then see reported is basically the sell-in number and how we're supplying the wholesale doors. And this is very much in line with our expectations. It's a sign of the long-term strategy that we have. We want to work with the right partners. We want to carefully and the doors in the range between 5% and 6% in this next. And so we're really, really positive about what we're seeing on the wholesale side.

然後您看到的報告數字基本上是銷售數量以及我們如何供應批發門。而這也非常符合我們的預期。這是我們長期策略的標誌。我們希望與合適的合作夥伴合作。接下來我們要仔細考慮 5% 到 6% 之間的門。因此，我們對批發方面的情況非常非常樂觀。

With your question to Atlanta, as I mentioned, the team is well on track to bring the automated solution life in the first half of next year. So working very, very closely on that one. And once we have confidence into the reliability of the solution, we are able to scale up volumes and bring volumes back from our West Coast warehouse into our East Coast warehouse plus the underlying business growth that we expect on top. So we will give a better outlook on our distribution expenses in our Q4 call as we have more insights there.

正如我所提到的，關於您向亞特蘭大提出的問題，該團隊預計將在明年上半年實現自動化解決方案。因此，我們在這方面的工作非常非常密切。一旦我們對解決方案的可靠性充滿信心，我們就能夠擴大產量，並將產量從我們的西海岸倉庫帶回我們的東海岸倉庫，再加上我們預期的基礎業務成長。因此，我們將在第四季度的電話會議中對我們的分銷費用做出更好的展望，因為我們在那裡有更多的見解。

But the way to think about it is that we have a higher fixed cost base with the automated solution. So costs will depend more on the volume that we drive through the warehouse. And in the next call, we will be able to give you a better indication also on timing on when we expect that positive impact short term and then also for the long term.

但思考的方式是，我們透過自動化解決方案擁有更高的固定成本基礎。因此，成本將更多地取決於我們通過倉庫的數量。在下一次電話會議中，我們將能夠向您提供更好的指示，告訴您我們預計何時會產生短期和長期的正面影響。

Michael Binetti, Evercore ISI.

邁克爾·比內蒂，Evercore ISI。

I guess on the multiyear margin outlook, as we look at the framework you gave for 2028, the plan was to drive about 100 basis points of EBITDA per year from the 15% baseline in 2023 up to that 18%. After this year, you will only have 150 basis points less of about 75 per year. Is it best to think of it like you pulled forward that expansion this year? Or can you still drive 100 basis points per year and maybe the endpoint could be higher? Maybe some thoughts if not on what's running ahead of plan as you approach the 15.5% this year?

我認為，就多年利潤率前景而言，當我們查看您為 2028 年提供的框架時，計劃是將 EBITDA 每年從 2023 年 15% 的基準提高約 100 個基點，達到 18%。今年之後，每年只會減少約 75 個基點 150 個基點。最好將其視為您今年推進了擴張嗎？或者你仍然可以每年推動 100 個基點，而且終點可能會更高嗎？當您今年接近 15.5% 時，也許有一些想法（如果不是關於什麼超出了計劃）？

And then I think you previously said on B2C that fourth quarter will be the strongest growth quarter. Obviously, you just put up a really big quarter with the 50% growth this quarter. Is fourth quarter still the focus B2C growth quarter?

我想您之前在 B2C 上說過，第四季將是成長最強勁的季度。顯然，您剛剛完成了一個非常大的季度，本季成長了 50%。第四季仍是B2C成長焦點季度嗎？

So the second question first, we said that we expect the overall net sales growth in the fourth quarter to be stronger than in the third quarter. but didn't give indication on the channel mix, but I think you have heard it from the outlook that we gave on the holiday season, that we expect strong sellout numbers across all the different channels.

那麼第二個問題首先，我們說我們預計第四季整體淨銷售額成長將強於第三季。但沒有透露通路組合，但我想你已經從我們對假期季節的展望中聽到了，我們預計所有不同管道的銷售量都會強勁。

With regards to EBITDA, as I said, I feel -- we're in a very fortunate situation here that we can really invest into the things that will drive the brand in the long term, and be it is in innovation, be it in sustainability within technology. And we will do this with a little bit the cadence that you mentioned, so having in mind that the gradual increase of our EBITDA over the course of the three years that we communicated at the Investor Day.

關於 EBITDA，正如我所說，我覺得 - 我們處於非常幸運的境地，我們可以真正投資於能夠長期推動品牌發展的事物，無論是在創新方面，還是在技術的可持續性。我們將以您提到的一點節奏來做到這一點，因此請記住，在我們在投資者日溝通的三年中，我們的 EBITDA 逐漸增加。

But the strength of the business just shows the capability of the business model and the underlying performance of a premium brand that we have built. And so as I said, we will invest into meaningful things. And if we can't react to higher top line sales in the short term, we may see an additional flow-through into EBITDA, but our philosophy has not changed over the course of the next two years.

但業務的實力只是顯示了業務模式的能力以及我們所建立的優質品牌的基本績效。正如我所說，我們將投資有意義的事情。如果我們不能在短期內對更高的營收做出反應，我們可能會看到額外的資金流入 EBITDA，但我們的理念在未來兩年內沒有改變。

Janine Stichter, BTIG.

珍妮‧史蒂克特 (Janine Stichter)，BTIG。

Congratulations. Just a follow-up on margins. Gross margins, you're tracking ahead of where we thought you would be. It seems like there's more momentum with the DTC business. It sounds like you'll have maybe some airfreight tailwinds going into next year. Just help us think about how we should be modeling medium-term gross margins. Is there anything else that would offset some of the tailwinds that we would see from channel mix, less air freight? It sounds like you have some price increases. Anything else you should be thinking of there just as we forecast out the gross margin?

恭喜。只是利潤率的後續行動。毛利率方面，您的表現超出了我們的預期。DTC 業務似乎更有動力。聽起來明年可能會有一些空運順風。只是幫助我們思考中期毛利率應該如何建模。還有什麼其他因素可以抵消我們從渠道組合中看到的一些順風車（空運減少）嗎？聽起來你們的價格有漲。正如我們預測毛利率一樣，您還應該考慮什麼？

Yes. Very, very happy to take this one. So I feel, overall, we're in a very undisrupted environment when it comes to global supply chain at the moment. So clearly, Q3 show the strength of the brand. As we always said, I think we always need to factor in some distortion in the supply chain. And so we feel that this 60% plus gross profit margin outlook is still valid. But Q3 shows what can -- what the brand can deliver if basically there's very little disruption around the world.

是的。非常非常高興接受這個。所以我覺得，總的來說，就全球供應鏈而言，我們目前處於一個非常不受干擾的環境。由此可見，Q3展現了品牌的實力。正如我們常說的，我認為我們總是需要考慮供應鏈中的一些扭曲。所以我們認為這個60%以上的毛利率前景仍然有效。但第三季展示瞭如果世界各地基本上沒有任何幹擾的話，該品牌可以提供什麼。

Caspar mentioned with a $10 higher price point for the Cloud, and adjustments on other prices for next year, we clearly put us in a strong position to protect that brand, may also in the light of current discussions around tariffs. So overall, we feel very good about the business that we have set up. We still have economies of scale on our manufacturing side that we can drive and the underlying overproportionate growth of the D2C channel, of course, is also very important to deliver sustainably the high gross profit margins that we are having.

Caspar 提到，雲端的價格提高了 10 美元，並對明年的其他價格進行了調整，這顯然使我們處於保護品牌的有利地位，這也可能考慮到當前圍繞關稅的討論。總的來說，我們對我們所建立的業務感覺非常好。我們在製造方面仍然擁有可以推動的規模經濟，而 D2C 通路潛在的超比例成長當然對於持續實現我們所擁有的高毛利率也非常重要。

Rick Patel, Raymond James.

瑞克·帕特爾，雷蒙德·詹姆斯。

I'm hoping to double click on apparel. You touched on the growth rate being somewhat constrained. Is there anything besides the DC that could have been a drag?

我希望雙擊服裝。您提到成長率受到一定程度的限制。除了 DC 之外還有什麼可能會成為拖累嗎？

And then just bigger picture, do you feel the assortment is in a good place in terms of the fit and style that you can hit the accelerator in terms of the growth? And if so, how do we think about the channel strategy going forward?

然後從更大的角度來看，您是否認為該品種在合身性和風格方面處於良好位置，可以加速增長？如果是這樣，我們如何考慮未來的通路策略？

Look, we made quite clear in the recorded notes. It was supply constrained in Q3, where we're seeing the constraints ease. Marc mentioned we're very optimistic in terms of what we have on order and the interest we see for spring '25.

你看，我們在記錄筆記中說得很清楚了。第三季供應受到限制，我們看到限制有所緩解。馬克提到，我們對 25 年春季的訂單和興趣非常樂觀。

You touched upon a very good point. Some of you may have purchased On apparel yourselves in the past. We have done a complete resizing exercise. Now across the line starting in spring '24 and then now in the second half of '24. So On apparel now fits consistently with your favorite apparel pieces, whether your European US or Asian customer. And we're already seeing very good results from that in terms of like lower return rates, and it will make it easier to repurchase your apparel piece.

你提到了一個非常好的觀點。你們中的一些人可能過去自己購買過 On 服裝。我們已經完成了完整的調整大小練習。現在從 24 年春季開始，然後到 24 年下半年。So On 服裝現在與您最喜歡的服裝一致，無論您是歐洲、美國還是亞洲客戶。我們已經看到了非常好的結果，例如較低的退貨率，並且它將使您更容易重新購買您的服裝。

In terms of channel strategy, we're very, very encouraged by the success of apparel that we see in our On retail and at premium wholesale partners. Our On retail doors can reach 25%, 30% apparel share. And that's, for us, reaffirming that On retail is a key building block for a premium apparel brand.

在通路策略方面，我們對我們在零售和優質批發合作夥伴中看到的服裝的成功感到非常非常鼓舞。我們的零售門可以達到25%、30%的服裝份額。對我們來說，這再次證實了零售是高端服飾品牌的關鍵組成部分。

Dylan Carden, William Blair.

迪倫卡登，威廉布萊爾。

Curious about the running category. You've made some efforts here to streamline SKUs in that channel to be more sort of compatible, I guess, with competitors. Just sort of how that static category fitting with the growth that you saw in the quarter? And sort of what -- if the boost was helpful for uniform there as well?

對跑步類別感到好奇。我想，你們已經做出了一些努力來簡化該頻道中的 SKU，以便與競爭對手更加相容。這個靜態類別與您在本季看到的成長是否相符？怎麼樣——如果這種提升也對那裡的製服有幫助的話？

Yes. Thank you for the question. You know how important running is for us. So this is also why kind of the runners count is a key metric for the whole company, and we're really closely measuring that we're continuing to grow.

是的。謝謝你的提問。你知道跑步對我們來說有多重要。因此，這也是為什麼跑步者數量是整個公司的關鍵指標，我們正在密切衡量我們的持續成長。

And what we see more and more when we count the product is that the portfolio is more distributed and we're really able to bring different franchises to different running styles. And so very happy how the Monster franchise has become one of our top-up franchise. So the Monster that went to the Monster 2, Hyper Monster is really capturing that elevate the consumer. Caspar mentioned that the Cloudsurfer Next has been an unbelievably successful launch also tapping in a younger community. Then the Cloudrunner is resonating extremely well. It's one of the strongest styles that we have in run specialty as well.

當我們計算產品時，我們越來越多地看到產品組合更加分散，我們確實能夠將不同的特許經營權引入不同的跑步風格。非常高興《怪獸》系列成為我們的儲值系列之一。因此，《Monster 2》中的《Hyper Monster》真正抓住了消費者的心。Caspar 提到，Cloudsurfer Next 的發布取得了令人難以置信的成功，同時也吸引了更年輕的社群。Cloudrunner 的反應非常好。這也是我們在跑步專業領域中最強大的風格之一。

And so running is really as a category overall, growing super strongly. It's the strong category that we have is Tennis actually from a growth perspective, but it's much, much smaller. And running is the second growth but on a way, way bigger scale. So we're very satisfied with what we see as On being perceived as a core running brand.

因此，跑步作為一個整體類別，成長非常強勁。從成長的角度來看，網球實際上是我們的強勢類別，但它的規模要小得多。跑步是第二個成長點，但規模更大。因此，我們對 On 被視為核心跑步品牌感到非常滿意。

Ladies and gentlemen, with that, that does conclude today's conference call. Thank you for your participation, and you may now disconnect.

女士們先生們，今天的電話會議到此結束。感謝您的參與，您現在可以斷開連接。