On Holding AG (ONON) 2021 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome, and thank you for joining the On Holding AG Q4 and Full Year 2021 Results. (Operator Instructions)

女士們先生們，感謝你們的支持。歡迎並感謝您關注 On Holding AG 第四季度和 2021 年全年業績。 （操作員說明）

I'd now like to turn the conference over to Florian Maag, Head of Investor Relations. Please go ahead.

現在我想將會議交給投資者關係主管弗洛里安·馬格 (Florian Maag)。請繼續。

Good afternoon, good morning, and thank you for joining On's 2021 Full Year Conference Call and Webcast. With me today on the call are Executive Co-Chairman and Co-Founder, David Allemann; CFO and Co-CEO, Martin Hoffmann; and Co-CEO, Marc Maurer.

下午好，早上好，感謝您參加 On 的 2021 年全年電話會議和網絡廣播。今天與我一起參加電話會議的是執行聯合主席兼聯合創始人 David Allemann；首席財務官兼聯合首席執行官馬丁·霍夫曼；和聯合首席執行官馬克·毛雷爾 (Marc Maurer)。

For the first part, David and Martin will read through their prepared statements. Afterwards, we are looking forward to opening the call for a Q&A session.

在第一部分中，大衛和馬丁將閱讀他們準備好的陳述。之後，我們期待開啟問答環節。

Before we begin, I would like to remind everyone that the remarks during today's call may contain forward-looking statements regarding future events and financial performance within the meaning of the Federal Securities laws. These forward-looking statements reflect our current expectations and beliefs only, and such statements are subject to certain risks and uncertainties that could cause actual results to differ materially. Please refer to our 20-F filed with the Securities and Exchange Commission earlier this morning for a detailed discussion of the risks that could cause actual results to differ materially from those expressed or implied in any forward-looking statements made today.

在開始之前，我想提醒大家，今天電話會議中的言論可能包含聯邦證券法含義內有關未來事件和財務業績的前瞻性陳述。這些前瞻性陳述僅反映我們當前的預期和信念，此類陳述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。請參閱我們今天上午早些時候向美國證券交易委員會提交的 20-F，詳細討論可能導致實際結果與今天做出的任何前瞻性聲明中明示或暗示的結果存在重大差異的風險。

Please further note that this call will also contain certain non-IFRS financial measures such as adjusted EBITDA and adjusted EBITDA margin. While the company believes these non-IFRS financial measures will provide useful information for investors, the presentation of this information is 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 of non-IFRS financial measures to the most comparable measures prepared in accordance with IFRS.

請進一步注意，本次電話會議還將包含某些非國際財務報告準則財務指標，例如調整後的 EBITDA 和調整後的 EBITDA 利潤率。雖然公司相信這些非國際財務報告準則財務指標將為投資者提供有用的信息，但這些信息的呈現並不旨在被孤立地考慮或作為根據國際財務報告準則呈現的財務信息的替代品。請參閱今天發布的非國際財務報告準則財務指標與根據國際財務報告準則編制的最具可比指標的調節表。

With that, I will turn the call over first to David, followed by Martin for the prepared remarks.

接下來，我將首先將電話轉給大衛，然後轉給馬丁，讓他準備好發言稿。

A warm welcome to all of you joining us today around the world from Switzerland. We are excited to share with you On's first full year results as a public company, after our successful IPO just 6 months ago. We thank you very much for following our journey and for tuning in today. You will hear about recent progress and important priorities before we dive more deeply into financials, conclude with an outlook on 2022 and then open up to your questions.

熱烈歡迎今天從瑞士世界各地加入我們的所有人。我們很高興與您分享 On 在 6 個月前成功首次公開募股後作為上市公司的第一個全年業績。我們非常感謝您關注我們的旅程並收聽今天的節目。在我們更深入地探討財務問題、對 2022 年進行展望並回答您的問題之前，您將了解最新進展和重要優先事項。

Global consumer demand continues to drive On's hyper growth. We are very pleased to announce that 2021 has been the strongest year in On's 12-year history, and beat our expectations at the beginning of last year on all accounts. We experienced strong global consumer demand across all regions, channels and product categories. The exceptional momentum listed net sales to CHF 725 million, representing a 70% year-over-year growth.

全球消費者需求繼續推動 On 的高速增長。我們非常高興地宣布，2021 年是 On 12 年曆史上最強勁的一年，在所有方面都超出了我們去年初的預期。我們在所有地區、渠道和產品類別中都經歷了強勁的全球消費者需求。這一強勁勢頭使淨銷售額達到 7.25 億瑞士法郎，同比增長 70%。

At the same time, we see a significant jump in On's gross profit margin to the top end of our industry and continued increase in adjusted EBITDA. We are grateful to have successfully navigated the uncertainties of the global pandemic and supply chain restrictions in the last 2 years. It clearly shows the strength of the On brand, of our operating model, and most importantly, of our global team.

與此同時，我們看到 On 的毛利率大幅躍升至行業頂端，調整後 EBITDA 持續增長。我們很高興在過去兩年中成功應對了全球大流行和供應鏈限制的不確定性。它清楚地展示了 On 品牌、我們的運營模式以及最重要的是我們的全球團隊的實力。

On the supply side, On's strong consumer demand is met with better-than-expected product availability. Some of the brightest members of our team work in supply planning. Their agility and the strong relationships with our suppliers made it possible to mitigate the temporary stop of production in Vietnam in a short amount of time. Of course, COVID is not over. A war in Europe is not just a human tragedy, but could have ramifications in global trade.

在供應方面，On 強勁的消費者需求得到了好於預期的產品供應。我們團隊中一些最聰明的成員從事供應計劃工作。他們的敏捷性以及與我們供應商的牢固關係使得我們能夠在短時間內緩解越南臨時停產的情況。當然，新冠疫情還沒有結束。歐洲戰爭不僅是一場人類悲劇，還可能對全球貿易產生影響。

And inflation is a challenge to consider. We remain on the lookout, vigilant to take on risks as they arise. Risk awareness has served us well in the first dozen years of an incredible journey. Still, we continue to be very optimistic. On is experiencing a running boom everywhere. Markets like the U.S., the U.K. and China are taking off like never before, and we see strong growth across all regions.

通貨膨脹是一個需要考慮的挑戰。我們仍保持警惕，在風險出現時保持警惕。在這段令人難以置信的旅程的頭十幾年裡，風險意識為我們提供了良好的幫助。儘管如此，我們仍然非常樂觀。安到處都在經歷跑步熱潮。美國、英國和中國等市場正在以前所未有的速度騰飛，我們看到所有地區都出現了強勁增長。

The On brand truly is on fire. Take the U.S., there On saw over 92% growth in run specialty and also over 85% in our own e-co. Take the U.K. There, On grew over 75% in 2021. Or take China where On jumped from rank 120 to 35 in the Tmall sports ranking and sees a fivefold increase in brand followers.

On 品牌確實很火。以美國為例，我們的專業運營增長了 92% 以上，我們自己的電子商務增長了 85% 以上。以英國為例，On 在 2021 年增長了 75% 以上。再以中國為例，On 在天貓體育排名中從第 120 位躍升至第 35 位，品牌粉絲數量增加了五倍。

The momentum of performance brand On is further fueled by athletes. As you know, On has been founded by athletes for athletes. We are all inspired by On athletes who turn their dreams into reality. They truly are on a winning streak across the globe.

運動品牌進一步推動了On運動品牌的發展勢頭。如您所知，On 是由運動員為運動員創立的。我們都受到 On 運動員將夢想變為現實的啟發。他們確實在全球範圍內取得了連勝。

The On Athletics Club, or shortened, OAC, is On's elite athlete team based and trained in Boulder, Colorado. We are honored to announce that the two-time 5,000 meter World Champion Hellen Obiri is joining the On Athletics Club. Hellen is one of the most impressive and versatile female athletes. She will move with her family to the U.S. to join the On Athletics Club in Boulder to train with our Coach Dathan Ritzenhein and the OAC team.

On 田徑俱樂部（簡稱 OAC）是 On 的精英運動員團隊，總部設在科羅拉多州博爾德並接受訓練。我們很榮幸地宣布，兩屆 5000 米世界冠軍海倫·奧比里 (Hellen Obiri) 即將加入 On 田徑俱樂部。海倫是最令人印象深刻、多才多藝的女運動員之一。她將與家人一起移居美國，加入博爾德的 On Athletics Club，與我們的教練 Dathan Ritzenhein 和 OAC 團隊一起訓練。

Many of the OAC athletes have competed in last year's Olympics, and continue to stun audiences. Like Australian Olympian Ollie Hoare, who won the fastest mile at the Millrose Games, New York City with a striking time of 3 minutes and 50 seconds.

許多 OAC 運動員都參加了去年的奧運會，並繼續讓觀眾驚嘆不已。比如澳大利亞奧運選手奧利·霍爾 (Ollie Hoare)，他在紐約米爾羅斯奧運會上以 3 分 50 秒的驚人成績贏得了最快一英里的冠軍。

We could not be happier about the success of our athletes and the On Athletics Club. This is why we have decided to establish OAC in Europe and Oceania as well this year.

我們對我們的運動員和 On Athletics Club 的成功感到非常高興。這就是為什麼我們決定今年也在歐洲和大洋洲設立 OAC。

Over in Europe, our athletes from the Swiss Alps have just come home from the most successful Winter Olympics for Switzerland ever. And the Norwegian Olympics team has won the most medals of all nations in this year's Winter Olympics. On has been developing shoes and apparel for both teams in the last years and is their official sponsor.

在歐洲，我們來自瑞士阿爾卑斯山的運動員剛剛從瑞士有史以來最成功的冬季奧運會歸來。挪威奧運代表隊是今年冬奧會上獲得獎牌數最多的國家隊。 On過去幾年一直為兩支球隊開發鞋子和服裝，並且是他們的官方贊助商。

Seeing On athletes fan across the globe fuels the momentum of On as a unique performance brand. We further amplify through broad storytelling in feature-length film and short social stories. I am sure you are targeted as well by our data engine.

On 遍布全球的運動員粉絲為 On 作為一個獨特的運動品牌注入了動力。我們通過長篇電影和社會短篇故事中廣泛的故事講述來進一步放大。我確信您也是我們數據引擎的目標。

We are making fast progress towards our long-term brand mission to ignite the human spirit through movement. On is carried by a rapidly increasing movement of millions who run, explore, travel near and far, lift their spirit and stream on. This means that On is reaching a far broader community. On's brand and products resonate with a bigger market in 3 ways.

我們正在朝著通過運動點燃人類精神的長期品牌使命快速邁進。數百萬人跑步、探索、遠近旅行、振奮精神並繼續前進，這股運動正在迅速增加。這意味著 On 正在接觸更廣泛的社區。 On 的品牌和產品通過三種方式與更大的市場產生共鳴。

First, we are launching exciting products for all type of runners. As an innovation brand, we are building on our technology for world champions and make it vitally relevant for all runners. Just 2 examples of a record launch of all 6 new shoe models. Let me just give you 2 examples out of 6 On new shoe models. In running, the ON new Cloudmonster model will launch this spring, and is celebrated by our retailers who serve the big group of everyday runners. These are runners who demand maximum cushioning.

首先，我們為所有類型的跑步者推出令人興奮的產品。作為一個創新品牌，我們正在為世界冠軍打造我們的技術，並使其與所有跑步者息息相關。這只是創紀錄地推出全部 6 種新鞋款的 2 個例子。讓我給你舉 6 個關於新鞋款的例子中的 2 個。在跑步方面，ON 新的 Cloudmonster 型號將於今年春天推出，並受到為廣大日常跑步者提供服務的零售商的慶祝。這些跑步者需要最大程度的緩衝。

For outdoor retailers, we launched all new Cloudvista. It is the perfect companion for gravel roads and tracks, versatile and mainstream. At the same time, we see our apparel range growing nearly twice as fast as our shoes. On's innovation drive is rewarded by our industry. Footwear News has named On the 2021 brand of the year back in November. And ISPO, the biggest European sportswear, has given the 2022 ISPO awards to our new Zero Jacket in apparel and to the all-new Cloudmonster in footwear.

對於戶外零售商，我們推出了全新的 Cloudvista。它是碎石路和賽道的完美伴侶，用途廣泛且主流。與此同時，我們看到我們的服裝系列增長速度幾乎是鞋子的兩倍。安的創新驅動得到了我們行業的回報。 《Footwear News》早在 11 月就將 On 評選為 2021 年度品牌。歐洲最大的運動服裝 ISPO 已將 2022 年 ISPO 獎項授予我們服裝領域的新款 Zero Jacket 和鞋類領域的全新 Cloudmonster。

My second point is that we see run culture crossing over into popular culture. A young community in Tokyo, Shanghai, London and New York has embraced On as a brand that inspires them at the intersection of performance and design. On flies off the shelves at Tastemaker retail and the select JD and Foot Locker doors where we choose to play.

我的第二點是，我們看到跑步文化正在滲透到流行文化中。東京、上海、倫敦和紐約的一個年輕社區已經接受 On 這個品牌，認為它在性能和設計的交叉點上激發了他們的靈感。在 Tastemaker 零售店以及我們選擇玩的精選 JD 和 Foot Locker 門上下架的蒼蠅。

On performance shoes in the apparel piece is pop up in the streets well beyond the running route. And we believe that On taps into a secular shift where performance is taking over fashion and replaces classical archetypes with performance [zerads].

服裝單品中的高性能鞋款出現在遠離跑步路線的街道上。我們相信，On 迎合了一種世俗轉變，即性能正在取代時尚，並用性能 [zerads] 取代經典原型。

Driven by the shift, LOEWE, one of the fastest-growing global fashion brands and the rising star in the LVMH universe, has asked us to collaborate with them on performance events. Two years in the making, the unique capsule of On shoes and apparel pieces have launched just last week, available in all LOEWE flagships, in select fashion retail, and on our website.

在這一轉變的推動下，全球發展最快的時尚品牌之一、LVMH 集團的後起之秀羅意威 (LOEWE) 要求我們與他們合作舉辦表演活動。經過兩年的製作，獨特的 On 鞋履和服裝系列於上週推出，在所有 LOEWE 旗艦店、精選時裝零售店以及我們的網站上有售。

Days after launch, the collection is almost sold out. LOEWE runs a global campaign and especially caters to an intense brand [off] in Asia, with more than 40 flagship locations. This all means that On stays firmly rooted in run culture, and at the same time is embraced by a much wider market and demographic.

推出幾天后，該系列幾乎售罄。 LOEWE 開展全球營銷活動，特別迎合亞洲地區的強勢品牌，擁有 40 多個旗艦店。這一切都意味著 On 牢牢紮根於跑步文化，同時受到更廣泛的市場和人群的歡迎。

And an important third point is that we believe that all communities have a fundamental right to movement. This inspired the launch of our Right to Run social impact program in early 2021. Through partnerships with community organizers and nonprofits around the world, we promote access and inclusion in running.

第三點很重要，我們相信所有社區都享有基本的遷徙權。這激發了我們在 2021 年初啟動“跑步權”社會影響計劃。通過與世界各地的社區組織者和非營利組織合作，我們促進跑步的機會和包容性。

Sometimes it is as basic as having a say [through] to run. Together with our partners, we are empowering communities that are at the risk to be left out of the global running community, such as people with disabilities and people of color, or those who are experiencing houselessness. We are committed to ignite the human spirit through movement in all parts of society.

有時它就像對競選有發言權一樣基本。我們與我們的合作夥伴一起，為那些可能被排除在全球跑步社區之外的社區提供支持，例如殘疾人、有色人種或無家可歸的人。我們致力於通過社會各方面的運動來點燃人類精神。

Now let me speak to our omnichannel strategy that is so vital to our success. We are not only creating products that our customers love, but also reach them where they shop. On's omnichannel strategy is firing on all cylinders. It delivers scale, insight as well as resilience for On in the following ways.

現在讓我談談我們的全渠道戰略，這對我們的成功至關重要。我們不僅創造客戶喜愛的產品，而且還在他們購物的地方為他們提供服務。安的全渠道戰略正在全速運轉。它通過以下方式為 On 提供規模、洞察力和彈性。

Our On e-com channel on our website has reached a high share of 36% of our business in 2021. This means that we increase direct connections to our community, now serve customers in 48 countries through D2C, and learn from them. For example, customers who buy apparel as the first piece show a higher lifetime value, as they already appreciate On as a sports brand, not a pure shoe brand. And predicting the relevant offering to the right customers at the right time in their journey has allowed us to retain big new customer cohorts. In fact, in the last 2 years, we have retained our newest customers with a similar stickiness as customers who have come to us when On was still a smaller brand. This means that On stays very relevant while we reach a far wider audience. It also shows that running habits that were formed in the pandemic persist.

我們網站上的On e-com 渠道在2021 年已達到我們業務36% 的高份額。這意味著我們增加了與社區的直接聯繫，現在通過D2C 為48 個國家的客戶提供服務，並向他們學習。例如，購買第一件服裝的顧客表現出更高的終生價值，因為他們已經欣賞 On 作為一個運動品牌，而不是一個純粹的鞋履品牌。在正確的客戶旅程中的正確時間預測向他們提供相關產品，使我們能夠留住大量新客戶群。事實上，在過去的兩年裡，我們保留了最新的客戶，其粘性與 On 還是較小品牌時來到我們這裡的客戶相似。這意味著，當我們接觸到更廣泛的受眾時，On 仍然非常重要。這也表明，在疫情期間形成的跑步習慣依然存在。

The benefits of this very data-driven approach obviously extends to demand planning and operational effectiveness and, of course, also gives us higher margins. At the same time, we continue to build strong relationships with our wholesale partners. We believe that retail partners with strong brands and a unique offering will continue to add value to their customers in physical locations as well as on digital channels. They inform and inspire beyond the transaction.

這種完全由數據驅動的方法的好處顯然延伸到需求規劃和運營效率，當然也給我們帶來了更高的利潤。與此同時，我們繼續與批發合作夥伴建立牢固的關係。我們相信，擁有強大品牌和獨特產品的零售合作夥伴將繼續在實體店和數字渠道上為其客戶增加價值。他們在交易之外提供信息和啟發。

We are fortunate that strong wholesale brands have partnered with us for years and continue to introduce and position our brand to their unique audience. To mention a few activation highlights with our key wholesale partners. With REI, for example, we exclusively prelaunched the Cloudultra as a top trail running shoe to their community of 20 million outdoor enthusiasts, a huge win for building On's credibility in the outdoor space. Our fast success at Nordstrom paved the way for roughly 20 additional shop-in-shops in important Nordstrom doors this year. And the focus on the best Foot Locker doors introduces On to an even younger audience.

我們很幸運，強大的批髮品牌與我們合作多年，並繼續向他們獨特的受眾介紹和定位我們的品牌。與我們的主要批發合作夥伴一起提及一些激活亮點。例如，我們通過 REI 獨家向其 2000 萬戶外運動愛好者群體預先推出了 Cloudultra 作為頂級越野跑鞋，這對於建立 On 在戶外領域的信譽而言是一個巨大的勝利。我們在 Nordstrom 的快速成功為今年在 Nordstrom 重要門店開設大約 20 家店中店鋪平了道路。對最好的 Foot Locker 門的關注將 On 介紹給了更年輕的觀眾。

At the same time, we have opened shop-in-shops in some of the most premium locations on this planet, at Beaumarchais in Paris and at Harrods in London. These initiatives allow us to grow fast on a global scale in more than 8,700 doors and hundreds of city centers. At more than 1,000 locations, On is present with a branded shop-in-shop experience. In 2021, we have observed consumers flooding back to the city centers and stores after lockdowns, eager for interaction and experience. As a result, we have seen wholesale revenues bouncing back strongly, keeping our omnichannel mix with D2C very resilient.

與此同時，我們還在巴黎的博馬舍百貨公司和倫敦的哈羅德百貨公司等全球一些最優質的地點開設了店中店。這些舉措使我們能夠在全球範圍內的 8,700 多個門店和數百個城市中心快速發展。 On 在 1,000 多個地點提供品牌店中店體驗。 2021年，我們觀察到消費者在封鎖後湧回市中心和商店，渴望互動和體驗。因此，我們看到批發收入強勁反彈，使我們的全渠道與 D2C 組合保持非常有彈性。

This has strengthened our belief that attractive physical shopping experiences continue to be an important part of consumer culture and part of the very fabric of our cities. The importance of physical experiences is as well the backdrop for our expansion of our very own retail network in global hub cities. On's flagships act as the most complete experience, community center and media channel for our brand. On New York City is experiencing waiting lines in front of the door, and many community runs start from the space. New York and our 8 On flagships in China are able to attract the highest share of first-time customers to On across all our channels.

這堅定了我們的信念：有吸引力的實體購物體驗仍然是消費文化的重要組成部分，也是我們城市結構的一部分。實體體驗的重要性也是我們在全球中心城市擴張自己的零售網絡的背景。 On 的旗艦店是我們品牌最完整的體驗、社區中心和媒體渠道。在紐約市，門前正在排隊等待，許多社區跑步都是從這個空間開始的。紐約和我們在中國的 8 On 旗艦店能夠在我們所有渠道中吸引最高比例的首次使用 On 的顧客。

Conversion in store is higher than any other sales channel, with a significant share of apparel in some stores up to 25% of sales. All of our stores have reached profitability within 9 short months of opening. We will continue to expand to the most important cities on this planet. At the heel of the Tokyo Olympics last year, On Tokyo is set to open in the next weeks, followed by London and Zurich in summer.

商店內的轉化率高於任何其他銷售渠道，一些商店中服裝的份額高達 25%。我們所有的門店在開業後的短短 9 個月內就實現了盈利。我們將繼續擴展到這個星球上最重要的城市。去年東京奧運會結束後，On Tokyo 將於未來幾週內開幕，隨後在夏季舉辦倫敦和蘇黎世。

It is important for you to know that we are not seeing a cannibalization of our wholesale and D2C channels. Both channels show sustained strong growth at the same time and are highly complementary.

重要的是您要知道我們的批發和 D2C 渠道並沒有被蠶食。兩個渠道同時呈現持續強勁增長，互補性強。

Let me come to the ultimate success factor of On: our team. We are fortunate that On has been able to attract exceptional talent. Only 1% of all people who apply at On are accepted. In 2021, On has grown to 1,100 members who dream On and build the future. 600 people have joined team On in the last 2 years and have mostly worked remotely. The On team comes from over 65 nationalities and very different backgrounds and mindsets. We see diversity as a catalyst for innovation and creativity.

讓我來談談On最終成功的因素：我們的團隊。我們很幸運，On 能夠吸引傑出的人才。 On 的所有申請者中只有 1% 被接受。 2021 年，On 會員數量已增至 1,100 名，他們怀揣著 On 夢想，建設未來。過去 2 年裡，已有 600 人加入 On 團隊，其中大部分人都是遠程工作。 On 團隊來自超過 65 個國家，有著截然不同的背景和心態。我們將多樣性視為創新和創造力的催化劑。

This month we are seeing an important moment for On, where the team is moving back together into new social office and lab spaces. Our European technology hub in Berlin was just opened in a big former post office and brings together 200 tech and customer service people. Our new North America home in Portland will see 300 people move in together in April, and 700 people will move into the new On Labs in Zurich in summer. The team will continue to have the opportunity for hybrid work, but also come together in social spaces again. Nobody is coming back to the office just for a desk. We will continue to build a unique On culture along our 5 spirits, and join many runs along the way together. This will bring collaboration, community activities and workplace innovation to the next level at On.

本月，我們看到了 On 的一個重要時刻，團隊將一起搬回新的社交辦公室和實驗室空間。我們位於柏林的歐洲技術中心剛剛在一座大型郵局前開業，匯集了 200 名技術和客戶服務人員。我們在波特蘭的新北美之家將於 4 月份入住，屆時將有 300 人入住，夏季將有 700 人入住蘇黎世的新 On Labs。該團隊將繼續有混合工作的機會，但也會再次在社交空間中聚集在一起。沒有人會僅僅為了一張辦公桌而回到辦公室。我們將繼續沿著我們的 5 種精神打造獨特的 On 文化，並一起參加許多跑步活動。這將使 On 的協作、社區活動和工作場所創新更上一層樓。

When we speak of run culture and our team, I have to mention the most important member of our community, our planet. Nature is the most important environment for sports and exploration, but also the most endangered one. So in the next earnings call, we will talk about our important green tech initiatives, Cyclone and CleanCloud. So stay tuned.

當我們談到跑步文化和我們的團隊時，我不得不提到我們社區中最重要的成員，我們的星球。大自然是運動和探索最重要的環境，但也是最瀕臨滅絕的環境。因此，在下一次財報電話會議中，我們將討論我們重要的綠色科技計劃 Cyclone 和 CleanCloud。所以請繼續關注。

And with this, I'm handing over to Martin, On's CFO and Co-CEO, to take you on a financial deep dive.

接下來，我將把工作交給 On 首席財務官兼聯合首席執行官馬丁，帶您深入了解財務情況。

Thank you, David. 2021 has been extremely exciting and decisive year for On. And we are very proud of what we have achieved, not only from a financial perspective, but across so many different dimensions. A year is like a marathon race. The circumstances of the fourth quarter made the last miles even more challenging. But thanks to our whole team, we were able to exceed our expectations for Q4 and to successfully finish the year with many new record numbers.

謝謝你，大衛。 2021 年對於 On 來說是極其激動人心且具有決定性的一年。我們對我們所取得的成就感到非常自豪，不僅是從財務角度，而且是在許多不同的方面。一年就像一場馬拉鬆比賽。第四節的情況使最後幾英里變得更加具有挑戰性。但感謝我們整個團隊，我們能夠超出我們對第四季度的預期，並以許多新紀錄的數字成功結束這一年。

And equally important, we are coming out of Q4 with more confidence and evidence for continued strong growth in 2022. Our financial results in the fourth quarter are further validation of the strong global demand for the On brand and our commitment to manage the company with a long-term growth and profitability-driven mindset.

同樣重要的是，我們在第四季度結束後，對2022 年持續強勁增長充滿了信心和證據。我們第四季度的財務業績進一步驗證了全球對On 品牌的強勁需求，以及我們以可持續的方式管理公司的承諾。長期增長和盈利驅動的心態。

Net sales for the quarter were up CHF 191.1 million, exceeding our previous guidance. This marks a strong 54% increase compared to the fourth quarter last year. Yet, as expected, the growth is slightly slower than in previous quarters due to the following 3 transitory impacts.

本季度淨銷售額增長 1.911 億瑞士法郎，超出了我們之前的指導。與去年第四季度相比，增幅高達 54%。然而，正如預期的那樣，由於以下 3 個暫時性影響，增長速度略低於前幾個季度。

First, the factory closures in Vietnam between September and November have led to supply shortages, especially in Europe, where we had less inventory buffer going into the fourth quarter. Second, until 2020, we launched our new spring/summer footwear collection in November, and consequently had higher wholesale volumes in Q4. As of 2022, the spring/summer season starts in January, which is expected to result in a permanent volume shift in our wholesale channel from Q4 to Q1. And third, while North America had lifted most COVID-19-related shopping restrictions, we have experienced repeated lockdowns in Europe, especially Germany, Austria and Switzerland, as well as in some other markets like Australia and various cities in China.

首先，越南 9 月至 11 月期間工廠關閉導致供應短缺，尤其是在歐洲，進入第四季度我們的庫存緩衝較少。其次，直到2020年，我們在11月推出了新的春夏鞋類系列，因此第四季度的批發量更高。自 2022 年起，春夏季節將從 1 月開始，預計這將導致我們批發渠道的銷量從第四季度永久轉移到第一季度。第三，雖然北美已經取消了大部分與 COVID-19 相關的購物限制，但歐洲（尤其是德國、奧地利和瑞士）以及澳大利亞和中國多個城市等其他市場卻經歷了多次封鎖。

Despite these headwinds, we achieved net sales of CHF 724.6 million for the full year of 2021, a 70.4% increase compared to 2020 and a 65% CAGR over the past 3 years. So we have experienced an acceleration in our sales growth compared to 2020. Including 2021, we have grown this more than 65% in 9 out of the 11 years since our foundation. Since the inception of On in 2010, our sales have grown with a CAGR of 84%.

儘管存在這些不利因素，我們 2021 年全年的淨銷售額仍達到 7.246 億瑞士法郎，比 2020 年增長 70.4%，過去 3 年復合年增長率為 65%。因此，與 2020 年相比，我們的銷售額增長加速。包括 2021 年在內，自成立以來的 11 年中有 9 年增長超過 65%。自 2010 年 On 成立以來，我們的銷售額以 84% 的複合年增長率增長。

While the supply constraints impact both our D2C and wholesale channel, the season change and the continued lockdowns are more visible in wholesale only. Consequently, in Q4, we have seen a very strong growth of 76.7% in D2C to CHF 84.7 million compared to 39.3% growth in wholesale to CHF 106.4 million. On a full year basis, our growth rates of 71.9% for D2C and 69.5% for wholesale are validating the strength of our multichannel distribution, and the fact that D2C continues to outgrow wholesale despite the reopening of many retail stores.

雖然供應限制影響了我們的 D2C 和批發渠道，但季節變化和持續封鎖僅在批發渠道中更為明顯。因此，在第四季度，我們看到 D2C 增長了 76.7%，達到 8,470 萬瑞士法郎，而批發增長了 39.3%，達到 1.064 億瑞士法郎。從全年來看，我們的 D2C 增長率為 71.9%，批發增長率為 69.5%，這驗證了我們多渠道分銷的實力，而且儘管許多零售店重新開業，D2C 的增長仍繼續超過批發。

Our D2C share on a full year basis grew from 37.7% to 38.1%. The continued engagement of existing customers and increasing brand awareness, as well as the sustained shift in consumer behavior since the pandemic, continue to significantly drive our D2C channel. During 2021, the number of sessions recorded in our e-commerce platform, including China, increased from 66 million to 102 million. We had a very successful holiday season, with a stronger focus on our brand story. With a message for every runner, we were able to push product sales on paid channels, but also create more reach from a storytelling perspective on organic channels.

我們全年的 D2C 份額從 37.7% 增長至 38.1%。現有客戶的持續參與和品牌知名度的提高，以及自大流行以來消費者行為的持續轉變，繼續顯著推動我們的 D2C 渠道。 2021年，我們的電子商務平台（包括中國）記錄的會話數從6600萬增加到1.02億。我們度過了一個非常成功的假期，更加註重我們的品牌故事。通過向每位跑步者傳達信息，我們不僅能夠在付費渠道上推動產品銷售，而且還能從有機渠道上講故事的角度創造更大的影響力。

China accounted for 3% of our total e-commerce sales during the full year 2021 versus 1% in 2020. Our Double 11 campaign, with a focus on run blockbusters resulted in a 429% growth in terms of sold items in 2021 versus 2020. We further expanded our On retail footprint in China by opening 2 new stores in Q4, one in Shenzhen and one in Chengdu, as we begin to build our presence in core cities outside Shanghai and Beijing. Overall, our store count in China increased to 8. The store in Chengdu's Taikoo Li Mall is our largest retail store to date in China.

2021 年全年，中國市場占我們電子商務總銷售額的3%，而2020 年為1%。我們的雙11 活動以熱播大片為重點，導致2021 年的售出商品數量比2020 年增長了429%。隨著我們開始在上海和北京以外的核心城市建立業務，我們在第四季度開設了 2 家新店（一家在深圳，一家在成都），進一步擴大了 On 在中國的零售足跡。總體而言，我們在中國的門店數量增加至8家。成都太古里購物中心的門店是我們迄今為止在中國最大的零售店。

David already mentioned some key highlights for our strong partnerships with retail partners in the wholesale channel. Overall, our growth in wholesale was driven by an increase of 900 doors from over 7,800 to over 8,700, while also achieving significantly higher net sales per door.

大衛已經提到了我們與批發渠道零售合作夥伴建立牢固合作關係的一些關鍵亮點。總體而言，我們批發業務的增長是由 900 扇門的增加推動的，從 7,800 多扇增加到 8,700 多扇，同時每扇門的淨銷售額也顯著提高。

Shifting our focus to net sales by geography. North America and Asia are growing strongly. And especially, the United States and Canada experienced a new level of consumer demand following the IPO. North America grew 100.1% and Asia Pacific by 35% in the fourth quarter of 2021. In Europe, sales have been more impacted by the supply shortages and by the renewed lockdowns in November and December. And net sales for the fourth quarter ended up slightly below Q4 2021. To be clear, we see all impacts as transitory and expect continued growth rates in Europe as of Q1.

將我們的重點轉向按地理位置劃分的淨銷售額。北美和亞洲增長強勁。特別是，美國和加拿大在首次公開募股後經歷了新的消費者需求水平。 2021 年第四季度，北美地區增長了 100.1%，亞太地區增長了 35%。在歐洲，銷售受到供應短缺以及 11 月和 12 月重新實施封鎖的影響更大。第四季度的淨銷售額最終略低於 2021 年第四季度。需要明確的是，我們認為所有影響都是暫時的，並預計歐洲從第一季度開始將持續增長。

For the full year 2021, all regions posted significant growth, with Europe growing 38.8% despite the prolonged lockdowns in Q1 and Q4; North America, 96.8%; Asia Pacific, 85.8%; and rest of world, 78.8%. Of course, this sustained growth is fueled by our constant innovation and a number of exciting products that we launched during the course of 2021 across all product categories. We are very proud to see a further acceleration of the consumer demand for our expanding apparel line, resulting in 216% growth in Q4 2021.

2021 年全年，所有地區均實現了顯著增長，其中，儘管第一季度和第四季度長期封鎖，歐洲仍實現了 38.8% 的增長；北美，96.8%；亞太地區，85.8%；和世界其他地區，78.8%。當然，這種持續增長得益於我們不斷的創新以及我們在 2021 年在所有產品類別中推出的許多令人興奮的產品。我們非常自豪地看到消費者對我們不斷擴大的服裝系列的需求進一步加速，導致 2021 年第四季度增長 216%。

Ultimately, for the full year shoes grew at 68.1%, apparel almost at twice the rate at 130.8%, and accessories at 57.2%. The share of sales from apparel increased from 3.7% to 5%.

最終，全年鞋類增長了 68.1%，服裝增長了 130.8%，幾乎是其兩倍，配飾增長了 57.2%。服裝銷售額佔比從3.7%上升至5%。

Gross profit in the fourth quarter was CHF 111.8 million compared to CHF 64.3 million in Q4 2020. Our gross profit margin increased year-over-year from 51.7% in Q4 2020 to 58.5% in Q4 2021. As expected, while we had achieved around 60% gross profit margin in Q3 and Q2, Q4 was negatively impacted by additional airfreight to compensate the supply shortages from factory closures, but partially offset by the higher D2C share.

第四季度的毛利潤為1.118 億瑞士法郎，而2020 年第四季度為6430 萬瑞士法郎。我們的毛利率同比從2020 年第四季度的51.7% 增長到2021 年第四季度的58.5%。正如預期的那樣，我們實現了約第三季度和第二季度 60% 的毛利率受到額外空運的負面影響，以彌補工廠關閉造成的供應短缺，但部分被更高的 D2C 份額所抵消。

Overall, we used less airfreight than anticipated, mainly due to the longer factory closures and very volatile airfreight rates. On a full year basis, our gross profit margin improved by more than 500 basis points from 54.3% to 59.4%. This increase mainly reflects lower customs costs related to the free trade agreement between Vietnam and Europe, as well as lower sourcing costs, but also our ability to drive cost efficiencies across the supply chain.

總體而言，我們使用的空運量低於預期，主要是由於工廠關閉時間較長且空運費率波動很大。全年毛利率由 54.3% 提升至 59.4%，提升逾 500 個基點。這一增長主要反映了與越南和歐洲之間的自由貿易協定相關的海關成本降低以及採購成本降低，而且也反映了我們提高整個供應鏈成本效率的能力。

Moving on to SG&A and leaving out share-based compensation for the moment. SG&A expenses as a percentage of net sales were 59.2% for Q4 '21 compared to 45.9% for the same period last year. This increase largely relates to the increased marketing and general administration spend. We did not manage our expenses in Q4 in isolation, but with a clear focus on our long-term growth and our full year profitability.

繼續討論 SG&A，暫時不考慮基於股份的薪酬。 21 年第 4 季度，SG&A 費用占淨銷售額的百分比為 59.2%，而去年同期為 45.9%。這一增長很大程度上與營銷和一般管理支出的增加有關。我們沒有孤立地管理第四季度的支出，而是明確關注我們的長期增長和全年盈利能力。

As mentioned, the IPO ignited a lot of energy and awareness into the brand, especially in North America and Asia. We took the decision to fuel this momentum and to make use of the post-COVID marketing opportunities in the physical and virtual world. Our strong net sales growth, lower-than-expected expenses in airfreight, and other COVID-related cost savings, allowed us to invest into brand-building campaigns while still realizing a significant increase in our adjusted EBITDA margin on a full year basis. It allowed us to create big brand presences at Q4 trade and sport events, especially global marathon majors and trade events like the running event in Austin, where On has received very positive feedback from the run specialty retail community. And it allowed us to invest into digital customer acquisition to power growth through the holiday season and into 2022.

如前所述，首次公開募股點燃了品牌的大量活力和知名度，尤其是在北美和亞洲。我們決定推動這一勢頭，並利用後新冠疫情在現實和虛擬世界中的營銷機會。我們強勁的淨銷售額增長、低於預期的空運費用以及其他與新冠疫情相關的成本節約，使我們能夠投資於品牌建設活動，同時仍然實現全年調整後 EBITDA 利潤率的大幅增長。它使我們能夠在第四季度的貿易和體育賽事中打造大品牌形象，尤其是全球馬拉松專業賽事和貿易活動，例如奧斯汀的跑步賽事，On 在那裡收到了跑步專業零售社區非常積極的反饋。它使我們能夠投資於數字客戶獲取，以推動整個假日季和 2022 年的增長。

The increase in general and administration expenses was mostly driven by initiatives to enhance our financial abilities as a public company and expenses for our new offices, as well as by higher travel expenses to allow our team members to connect globally in the aftermath of the pandemic. SG&A expenses before share-based compensation for the full year 2021 were 51.5% of net sales, compared to 45.5% for 2020.

一般和管理費用的增加主要是由於提高我們作為上市公司的財務能力的舉措和新辦事處的費用，以及為了讓我們的團隊成員在大流行後與全球聯繫而增加的差旅費用。 2021 年全年，股權激勵前的銷售、管理及行政費用占淨銷售額的 51.5%，而 2020 年為 45.5%。

For G&A, this increase is mainly driven by the higher expenses just mentioned for Q4. In addition to the Q4 impact, full year 2021 marketing expenses saw the launch of our official expression of our brand mission, to ignite the human spirit through movement, and assets and promotions created under the Dream On tagline. Sustained brand awareness and sales growth allowed us to further invest in upper-funnel acquisition activities and to lay a foundation for future growth.

對於一般管理費用而言，這一增長主要是由於剛才提到的第四季度費用增加所致。除了第四季度的影響之外，2021 年全年營銷費用還見證了我們品牌使命的官方表達，即通過在 Dream On 口號下創建的運動、資產和促銷活動點燃人類精神。持續的品牌知名度和銷售增長使我們能夠進一步投資於漏斗上部的收購活動，並為未來的增長奠定基礎。

Moving on to share-based compensation. As disclosed in the IPO and announced in our previous call, we granted CHF 7.5 million stock-based awards in Q4. The majority of the grant benefits the leaders and key employees at On, beyond the executive team. On top of that, all of the employees at On have received the founders' grant at the IPO, that turns the full team into shareholders as an appreciation for their hard work in the last 12 year. The majority of the above-mentioned stock-based awards vested at the IPO. And consequently, we recorded CHF 176.2 million share-based compensation expenses in Q4 and CHF 198.5 million for the full year.

繼續以股權為基礎的薪酬。正如 IPO 中所披露的以及我們在之前的電話會議中宣布的那樣，我們在第四季度授予了 750 萬瑞士法郎的股票獎勵。大部分贈款使 On 的領導者和關鍵員工受益，而不僅僅是執行團隊。最重要的是，On的所有員工都在IPO時獲得了創始人的資助，這使得整個團隊成為股東，以感謝他們在過去12年的辛勤工作。上述股票獎勵大部分在首次公開募股時歸屬。因此，我們第四季度的股權激勵費用為 1.762 億瑞士法郎，全年為 1.985 億瑞士法郎。

Adjusted EBITDA, which excludes share-based compensation and one-off transactions related to the IPO, was CHF 11.2 million for the 3-month period ended December 31, '21, very similar to the CHF 11.2 million in the prior year period. As expected, our adjusted EBITDA margin went from 9% in Q4 2020 to 5.9% in Q4 '21. Important for us and in line with our commitment to continued increase of our profitability, adjusted EBITDA for the full year 2021 increased by 93.8% from CHF 49.8 million to CHF 96.4 million.

截至 2021 年 12 月 31 日的三個月期間，調整後的 EBITDA（不包括股權激勵和與 IPO 相關的一次性交易）為 1,120 萬瑞士法郎，與去年同期的 1,120 萬瑞士法郎非常相似。正如預期，我們調整後的 EBITDA 利潤率從 2020 年第四季度的 9% 升至 21 年第四季度的 5.9%。對我們來說很重要，並且符合我們持續提高盈利能力的承諾，2021 年全年調整後 EBITDA 增長了 93.8%，從 4,980 萬瑞士法郎增至 9,640 萬瑞士法郎。

In percent of net sales, adjusted EBITDA (sic) [margin] increased from 11.7% to 13.3%, the highest adjusted EBITDA margin in the history of the company. We ended the year well financed with CHF 650 (sic) [653] million cash on hand, which allows us to pursue our ambitious growth plans. Proceeds from the IPO and subsequent equity transactions were CHF 690 million. Throughout 2021, we continued to invest in our IT infrastructure, especially in our new ERP, CRM and data analytics landscape, in retail stores and in office infrastructure.

按淨銷售額的百分比計算，調整後 EBITDA（原文如此）[利潤率] 從 11.7% 增至 13.3%，這是公司歷史上最高的調整後 EBITDA 利潤率。我們在年底擁有充足的資金，手頭有 650 萬瑞士法郎（原文如此）[653] 百萬現金，這使我們能夠實現雄心勃勃的增長計劃。首次公開募股及後續股權交易的收益為 6.9 億瑞士法郎。 2021 年，我們繼續投資 IT 基礎設施，特別是新的 ERP、CRM 和數據分析領域、零售店和辦公室基礎設施。

Our capital expenditures in 2021 were CHF 36.2 million, equivalent to 5% of net sales. In 2021, we achieved a positive operating cash flow of CHF 16.9 million compared to minus CHF 14.7 million in 2020. Naturally, our strong growth results in a significant increase of net working capital driven by increasing receivables from higher sales volumes with wholesale partners, and by investments in inventory to fuel our future growth. Excluding the growth in working capital of CHF 74.4 million, we achieved a positive operating cash flow of CHF 91.4 million, which further validates the strength of our profitable business model.

2021 年我們的資本支出為 3620 萬瑞士法郎，相當於淨銷售額的 5%。 2021 年，我們實現了1,690 萬瑞士法郎的正經營現金流，而2020 年為負1,470 萬瑞士法郎。自然，我們的強勁增長導致淨營運資本大幅增加，這是由於批發合作夥伴銷量增加而應收賬款的增加所推動的，以及通過庫存投資來推動我們未來的增長。剔除7440萬瑞士法郎營運資金的增長，我們實現了9140萬瑞士法郎的正運營現金流，這進一步驗證了我們盈利業務模式的實力。

Now let's look ahead into 2022. As mentioned in our last call, our guidance philosophy is to provide prudent yet aspirational guidance for the full year, not on a quarterly basis. David already shared how we will continue building the brand and drive significant growth across all channels, regions and product categories. We plan to significantly expand our offering in running, outdoor and lifestyle, which we call Performance All Day, with highly innovative and even more sustainable shoes, apparel items and accessories.

現在讓我們展望 2022 年。正如我們在上次電話會議中提到的，我們的指導理念是為全年提供審慎而有抱負的指導，而不是按季度提供指導。 David 已經分享了我們將如何繼續打造品牌並推動所有渠道、地區和產品類別的顯著增長。我們計劃大幅擴展我們在跑步、戶外和生活方式（我們稱之為“Performance All Day”）領域的產品，提供高度創新且更具可持續性的鞋子、服裝和配飾。

We have completed our selling season for spring/summer and fall/winter 2022. And we are seeing very strong preorders from existing and new wholesale partners, both for half year 1 and half year 2. This includes a very controlled expansion of our partnership with Foot Locker and JD Sports, following successful pilots during the Q3 2021. It will also include the first pilot with DICK'S Sporting Goods as of summer, with a very targeted assortment of our running products.

我們已經完成了 2022 年春夏和秋冬季的銷售季。我們看到現有和新的批發合作夥伴在第一年半和第二年半的預訂量非常強勁。這包括我們與Foot Locker 和JD Sports 繼2021 年第三季度成功試點之後，還將包括從夏季開始與DICK'S Sporting Goods 進行的首次試點，其中包括我們非常有針對性的跑步產品。

At the same time, we have built a significantly elevated customer base in D2C and continue to retain existing and to bring new customers. So we expect to reach more fans around the world and allow them to move in On products. In addition, we will bring a new level of brand experience to more flagship stores around the world. For the first time, we will open flagship stores in Europe and Asia outside of China. And we will continue increasing our presence in North America and approximately double our store count in China. As mentioned earlier, all of this gives us additional confidence for our outlook of 2022. This confidence is further elevated by the positive development of the sourcing situation in Vietnam and throughout the supply chain. Since December, our production capacity is 100% back to the levels that were committed pre-lockdowns. We are extremely grateful for the support we have received from our factory partners throughout the last months. For example, most partners continued working during the Tet holiday in early February to recover from some of the capacity loss.

與此同時，我們在 D2C 領域建立了顯著提升的客戶群，並繼續保留現有客戶並帶來新客戶。因此，我們希望能夠接觸到世界各地更多的粉絲，並讓他們使用 On 產品。此外，我們還將為全球更多旗艦店帶來全新水平的品牌體驗。我們將首次在中國以外的歐洲和亞洲開設旗艦店。我們將繼續擴大在北美的業務，並將在中國的門店數量增加大約一倍。如前所述，所有這些都讓我們對 2022 年的前景充滿信心。越南和整個供應鏈的採購形勢的積極發展進一步增強了這種信心。自 12 月以來，我們的產能已 100% 恢復到封鎖前承諾的水平。我們非常感謝過去幾個月工廠合作夥伴給予我們的支持。例如，大多數合作夥伴在二月初的春節假期期間繼續工作，以從部分產能損失中恢復過來。

Overall, we are fast tracking the capacity ramp-up plan this year, leveraging our close relationship with the factories. This includes the expansion into Indonesia, where we just started production in a new facility with the goal to produce 10% of our footwear outside of Vietnam by the end of 2022. But of course, managing the supply chain remains a core priority, as we are experiencing volatile shipping costs, ports congestion at the U.S. West Coast, and labor shortages due to Omicron infections in some of our warehouses.

總體而言，我們正在利用與工廠的密切關係，快速跟踪今年的產能提升計劃。這包括擴展到印度尼西亞，我們剛剛在印度尼西亞的新工廠開始生產，目標是到 2022 年底我們 10% 的鞋類在越南以外生產。但是，當然，管理供應鏈仍然是我們的核心優先事項，因為我們我們正在經歷運輸成本波動、美國西海岸港口擁堵以及由於我們的一些倉庫出現Omicron 感染而導致的勞動力短缺。

As explained in our last update, the transitory supply shortages will define our pace of growth in the first 2 quarters, while supply is not expected to be a significant limiting factor in the second half. By then our pace of growth will be defined much more by our strategy to build a global premium performance brand.

正如我們在上次更新中所解釋的，暫時的供應短缺將決定我們前兩個季度的增長速度，而供應預計不會成為下半年的重大限制因素。到那時，我們的增長速度將更多地取決於我們打造全球優質性能品牌的戰略。

Thanks to very strong partnerships with our factories and supply chain partners and the passionate work by our own supply chain teams in Vietnam and in Zurich, we expect, compared to our Q3 update, to be in a stronger supply position to fuel the demand in the first half of the year. For example, just 3 weeks ago we launched the new Cloud 5 globally within the planned timeframe. It actually marks our biggest product launch ever. Also, the new Cloudmonster, our max-cushioned running shoe will be available to our customers as of March 31. Based on this elevated supply position, we expect to be able to drive more net sales growth in half year 1. At the same time, the current situation in Vietnam and our strong preorders for fall/winter provide even more confidence to have the right products to return to hyper growth in the second half.

由於與我們的工廠和供應鏈合作夥伴建立了非常牢固的合作夥伴關係，以及我們在越南和蘇黎世的供應鏈團隊的熱情工作，我們預計，與第三季度的更新相比，我們將處於更強大的供應地位，以刺激市場的需求。今年上半年。例如，就在三週前，我們在計劃的時間內在全球推出了新的 Cloud 5。這實際上標誌著我們有史以來最大規模的產品發布。此外，我們的最大緩震跑鞋 Cloudmonster 將於 3 月 31 日起向我們的客戶提供。基於這種提高的供應狀況，我們預計能夠在第一年半年推動更多的淨銷售額增長。越南目前的形勢和我們秋冬季節的強勁預購讓我們更有信心擁有合適的產品在下半年恢復高速增長。

Consequently, and also considering the global economy and geopolitics, we increased our outlook for the full year 2022 and expect to achieve at least CHF 990 million in net sales. Our internal ambition is still higher than that. And we will continue to balance net sales growth versus profitability to mitigate the disruptions across the international supply chain. We will continue using airfreight to balance inventory levels against the strong demand. While we were able to achieve our strong Q4 with a lower-than-expected share of airfreight, we still expect a headwind to our gross margin of approximately 700 to 800 basis points in half year 1, 2022 compared to half year 1, 2021. This is comparable to the relative impact we announced in our previous outlook.

因此，同時考慮到全球經濟和地緣政治，我們提高了對 2022 年全年的預期，預計淨銷售額至少達到 9.9 億瑞士法郎。我們的內在野心仍然比這更高。我們將繼續平衡淨銷售額增長與盈利能力，以減輕整個國際供應鏈的干擾。我們將繼續使用空運來平衡庫存水平和強勁的需求。儘管我們能夠以低於預期的空運份額實現第四季度的強勁業績，但我們仍然預計 2022 年第一半年的毛利率將比 2021 年第一半年下降約 700 至 800 個基點。這與我們在之前的展望中宣布的相對影響相當。

Outside the transitory impact from higher airfreight expenses, we expect to maintain our high gross profit margin as a premium brand. To offset the impact from some [high] expenses along the supply chain, we have increased our retail prices in North America by USD 10 on roughly 40% of our sales volume. The higher net sales will allow additional growth-focused investments into the brand and the team while increasing our adjusted EBITDA target for the full year to CHF 130 million and also increasing our goal of an adjusted EBITDA margin to 13.1%.

除了空運費用上漲帶來的暫時影響外，我們預計將保持作為優質品牌的高毛利率。為了抵消供應鏈上一些[高]費用的影響，我們將北美約 40% 銷量的零售價格提高了 10 美元。更高的淨銷售額將允許對品牌和團隊進行更多以增長為重點的投資，同時將我們調整後的EBITDA 全年目標提高到1.3 億瑞士法郎，並將我們的調整後EBITDA 利潤率目標提高到13.1%。

If we are able to achieve higher net sales, we expect to drive additional profitability. We will continue to closely monitor the situation in Russia and Ukraine. Our business exposure in both markets is very limited. We have one distributor in Russia accounting for less than CHF 0.5 million in net sales in 2021. We decided to stop any new product supply into Russia, as we clearly denounce all acts of violence and intimidation. We do not have any business in Ukraine, nor any On employees in Ukraine or Russia. But as an international company with a diverse team, our connections to Russia, Ukraine and the neighboring countries are extensive, including many Russian and Ukrainian team members. These individuals are team colleagues and friends, collectively coming together as one community.

如果我們能夠實現更高的淨銷售額，我們預計將帶來額外的盈利能力。我們將繼續密切關注俄羅斯、烏克蘭局勢。我們在這兩個市場的業務敞口非常有限。我們在俄羅斯有一家經銷商，2021 年的淨銷售額不到 50 萬瑞士法郎。我們決定停止向俄羅斯供應任何新產品，因為我們明確譴責所有暴力和恐嚇行為。我們在烏克蘭沒有任何業務，在烏克蘭或俄羅斯也沒有任何 On 員工。但作為一家擁有多元化團隊的國際公司，我們與俄羅斯、烏克蘭及周邊國家的聯繫廣泛，其中包括許多俄羅斯和烏克蘭的團隊成員。這些人是團隊同事和朋友，作為一個社區聚集在一起。

Looking back, 2021 was an extremely exciting year for the brand, with huge milestones like the IPO, the launch of our new ERP system, our official expression of our brand mission to ignite the human spirit from movement, exciting new products like the Cloudultra, the Cloudstratus or apparel items that combine performance and design. With our big steps in sustainability, with many new athletes, our presence at the Olympics in Tokyo, our first podium at the Berlin Marathon, our growing presence in China and with so many new members in our team. All of us together are fully committed to shape our future and to make 2022 even more exciting. We are extremely grateful to have such an amazing high-performing sports team that allows us to Dream On and to further build On as a global premium sports brand that lives at the intersection of performance, design and impact.

回顧過去，2021 年對於該品牌來說是極其激動人心的一年，出現了一些重大里程碑，例如IPO、推出新的ERP 系統、正式表達我們的品牌使命“從運動中點燃人類精神”、令人興奮的新產品（例如Cloudultra）、 Cloudstratus 或結合性能和設計的服裝產品。我們在可持續發展方面取得了重大進展，擁有了許多新運動員，我們在東京奧運會上亮相，我們在柏林馬拉鬆上首次登上領獎台，我們在中國的影響力不斷擴大，我們的團隊中也有瞭如此多的新成員。我們所有人齊心協力，全力塑造我們的未來，讓 2022 年更加精彩。我們非常感謝擁有如此出色的高績效運動團隊，使我們能夠夢想並進一步打造成為一個集性能、設計和影響力於一體的全球優質運動品牌。

With that, David, Marc, Florian and I would like to open up the session to your questions. Thank you for your support and for your trust throughout 2021. Operator, we are ready to begin the Q&A session.

大衛、馬克、弗洛里安和我想在會議開始時回答大家的問題。感謝您在 2021 年的支持和信任。運營商，我們已準備好開始問答環節。

(Operator Instructions) The first question is from the line of Jay Sole from UBS.

（操作員說明） 第一個問題來自 UBS 的 Jay Sole。

Great. Great quarter. The question is about the expansion of the product offering in 2022. You mentioned that REI, you introduced some outdoor footwear there to great success. Can you just tell us a little bit more, maybe elaborate on how the expanded product offering is going to allow the company to address different parts of the market with different types of shoes to continue to expand the brand and expand the audience for the brand?

偉大的。很棒的季度。問題是關於2022年產品供應的擴展。您提到REI，您在那裡推出了一些戶外鞋，取得了巨大成功。您能否告訴我們更多一點，也許詳細說明擴大的產品供應將如何讓公司能夠通過不同類型的鞋子來滿足市場的不同部分，以繼續擴大品牌並擴大品牌的受眾？

Jay, thanks a lot for the question. This is David. So we're incredibly excited about how we're expanding the product range. And probably, first of all, it's important to know that we also kind of retain customers very much based on lasting franchises in silhouette. So of course, seeing the cloud now in its fifth iteration launch, with a huge community, is important for us, especially because now the cloud has 44% of recycled content. But then we also see a record number of all new shoe models this year. And as I mentioned, one very important direction is that we want to reach all type of runners. And the Cloudmonster, as our highly cushioned product, is super important. We've just been at the running event in Austin and just seeing kind of the intensity of interest by the specialty running community and wider channels, as REI, Fleet Feet and so on, has been tremendous. But then we're also going to launch the Cloudrunner and the Cloud Go at very interesting price points. So it's really important how we extend in running.

傑伊，非常感謝你的提問。這是大衛。因此，我們對如何擴大產品範圍感到非常興奮。也許，首先，重要的是要知道我們也很大程度上基於持久的特許經營權來留住客戶。當然，看到雲現在已經推出第五次迭代並擁有龐大的社區，這對我們來說很重要，特別是因為現在云有 44% 的回收內容。但今年我們還看到所有新鞋款的數量創下了紀錄。正如我所提到的，一個非常重要的方向是我們希望覆蓋所有類型的跑步者。 Cloudmonster 作為我們的高緩衝產品，非常重要。我們剛剛參加了奧斯汀的跑步活動，看到了專業跑步社區和更廣泛的渠道（如 REI、Fleet Feet 等）的強烈興趣。但隨後我們還將以非常有趣的價格推出 Cloudrunner 和 Cloud Go。因此，如何擴展跑步非常重要。

But then on the other side, we also feel that we are very much resonating with the consumer that is interested in running but also in run culture. And so their performance is almost kind of taking a bigger share. And that's probably been kind of shown in this LOEWE capsule where LOEWE just introduced -- asked us to really kind of come to their range with our performance gear, just kind of showing that performance and functional wear is very much crossing over into mainstream...

但另一方面，我們也覺得我們與那些對跑步感興趣但也對跑步文化感興趣的消費者產生了很大的共鳴。所以他們的表現幾乎佔據了更大的份額。這可能在 LOEWE 剛剛推出的 LOEWE 膠囊系列中得到了體現——要求我們用我們的性能裝備真正進入他們的系列，只是表明性能和功能性磨損正在很大程度上跨入主流。 。

We can't hear you at the moment. Could you please unmute your telephone?

我們現在聽不到你的聲音。您可以將電話取消靜音嗎？

Can you hear me now?

你能聽到我嗎？

I can still hear you.

我仍然能聽到你的聲音。

Okay. Very good. So hey, to sum up, I mean, we're very much kind of expanding, when it comes to running, to all types of runners. But we'll continue to cross over into what we call all day, with shoes and with also our performance apparel pieces.

好的。非常好。所以，嘿，總而言之，我的意思是，在跑步方面，我們正在向所有類型的跑步者擴展。但我們將繼續涉足我們所謂的“全天”領域，包括鞋子和功能性服裝。

Got it. And if I can ask one more.

知道了。如果我可以再問一個。

Sorry, we're experiencing a technical difficulty at the moment.

抱歉，我們目前遇到技術困難。

Operator, we don't experience...

接線員，我們沒有經歷過...

If I can ask one more question, hopefully you can hear me. You mentioned door increases last year in the wholesale doors, obviously, great success there. And then you mentioned a new pilot with DICK'S Sporting Goods, that sounds exciting, expansion with Foot Locker, JD Sports. Can you just give us a sense of how much door increases you expect in 2022? And a little bit maybe more color on some of the partnerships with some of the retailers that you mentioned: DICK'S Sporting Goods, Foot Locker, JD.

如果我可以再問一個問題，希望你能聽到我的聲音。您提到去年門的批發量增加了，顯然，那裡取得了巨大的成功。然後您提到了 DICK'S Sporting Goods 的新試點，這聽起來令人興奮，是 Foot Locker、JD Sports 的擴展。您能否告訴我們您預計 2022 年門的數量將增加多少？與您提到的一些零售商的合作關係可能會有更多色彩：DICK'S Sporting Goods、Foot Locker、JD。

Thanks for the question, Jay. I didn't -- I hope I got -- this is Marc speaking. I hope I understood the full question regarding Foot Locker and JD and DICK'S. So what we are very much trying to do with Foot Locker and JD is reach and expand into an even younger consumer base, and kind of this is driving the partnership. So with JD, we will be heavily focused on the U.K., that is driving a large part of this expansion, and on the U.S. And then with Foot Locker, the expansion in '22 is mainly U.S.-based, very strongly kind of defining the key locations, together with them in -- where we believe we have the strongest consumer fit, but then also working on a very distinct product tiering, so when you experience On across different channels, that you always find the right product for their respective consumer.

謝謝你的提問，傑伊。我沒有——我希望我能——這是馬克的發言。我希望我能理解有關 Foot Locker 以及 JD 和 DICK'S 的完整問題。因此，我們非常希望與 Foot Locker 和京東合作，接觸並拓展到更年輕的消費者群體，這也在某種程度上推動了雙方的合作。因此，對於京東，我們將重點關注英國，這在很大程度上推動了這一擴張，然後是美國。然後對於 Foot Locker，22 年的擴張主要以美國為基礎，非常強烈地定義了與他們一起在關鍵地點- 我們相信我們擁有最適合消費者的地方，但同時也致力於非常獨特的產品分層，因此當您跨不同渠道體驗時，您總能找到適合各自消費者的產品。

With DICK'S, the story is a little bit different. So our goal and our dreams to be #1 on runners' feet, and DICK'S plays a very important role in there. So we will start pilots with On-branded spaces within some key DICK'S and doors as of this summer. And will also start 2 selected pilots with Public Lands, which is DICK'S outdoor format, to reach the outdoor consumer.

對於 DICK'S，故事有點不同。因此，我們的目標和夢想是成為跑者腳上的第一名，而 DICK'S 在其中發揮著非常重要的作用。因此，從今年夏天開始，我們將在一些關鍵的 DICK'S 和門內開始試點品牌空間。還將啟動 2 個選定的試點項目，即公共土地（DICK'S 戶外模式），以吸引戶外消費者。

The next question is from the line of Jim Duffy from Stifel.

下一個問題來自 Stifel 的 Jim Duffy。

Martin, I think this is coming in your direction. But I wanted to ask a few questions on the supply chain backdrop and influence on product flow. Can you speak to the level of in-transit inventory positions? And then I'm curious, is the incremental use of airfreight expected to be fully through the P&L in the first half of the year?

馬丁，我認為這正朝著你的方向發展。但我想問一些關於供應鏈背景和對產品流程的影響的問題。您能談談在途庫存狀況嗎？然後我很好奇，空運的增量使用預計會在上半年完全計入損益嗎？

Thanks, Jim. I think most important is we have now confidence and clarity on the factory and the volume that they are producing. And so we can plan basically also the use of airfreight much more clearly than in the past. As mentioned, we expect 700 to 800 basis points headwind from the -- from use of airfreight in the first half of the year compared to the gross profit margin that we had in the first half of 2021.

謝謝，吉姆。我認為最重要的是我們現在對工廠及其生產量有信心和明確性。因此，我們基本上也可以比過去更清晰地規劃空運的使用。如前所述，與 2021 年上半年的毛利率相比，我們預計今年上半年空運的使用將帶來 700 至 800 個基點的阻力。

We will carefully balance, basically, growth and use of airfreight. But what we see is that we will be able to fulfill a higher share of the demand that we are having in the first half of the year, which is also reflected in the increased guidance.

基本上，我們將仔細平衡空運的增長和使用。但我們看到的是，我們將能夠滿足上半年更高比例的需求，這也反映在指導意見的增加上。

Okay. And then I'm curious, the level of in-transit in your current inventory positions and then how you're thinking about the progression of inventory across fiscal '22? And then perhaps related to that, I'm curious, is there a way to characterize the wholesale channel inventory levels where they sit right now versus desired levels?

好的。然後我很好奇，您當前庫存狀況的在途水平以及您如何考慮 22 財年的庫存進展？然後也許與此相關，我很好奇，是否有一種方法可以描述批發渠道庫存水平目前與期望水平的關係？

Yes. So in-transit, in the end, we are balancing if the volume comes out of the factory at the moment, what goes on ocean freight and what goes on airfreight. We see some congestion, especially at the West Coast port of L.A. We don't see similar congestions at the other ports, so the product is flowing there. But already before the lockdowns, we have adjusted basically how much cushioning we take into account when we plan our production volume for a longer shipping time. So we have increased it in our internal calculations by 2 weeks already, even before the impact. And then maybe Marc can elaborate a little bit, how we look at the inventory positions at wholesale.

是的。因此，最終在運輸過程中，我們會平衡目前工廠發出的數量、海運的量和空運的量。我們看到一些擁堵，特別是在洛杉磯西海岸港口。我們在其他港口沒有看到類似的擁堵，因此產品正在那裡流動。但在封鎖之前，我們基本上已經調整了在計劃較長運輸時間的產量時考慮的緩衝程度。因此，甚至在影響發生之前，我們就已經在內部計算中將其增加了兩週。然後也許馬克可以詳細說明一下我們如何看待批發庫存狀況。

Yes. On the wholesale side, from the beginning, On had decided to partner with premium retailers and premium wholesale partners. And many of them have an extremely strong standing in the industry. And so what has happened, many of the brands have essentially prioritized and the same partners. So we see many of our partners with relatively healthy levels. And when it comes to our inventory, we feel the availability that we can provide them is very, very strong. And that is also reflected in some of the sell-through data that we're seeing from them, where On continues to experience very, very strong growth.

是的。在批發方面，On從一開始就決定與優質零售商和優質批發合作夥伴合作。他們中的許多人在行業中擁有極其強大的地位。因此，發生的事情是，許多品牌基本上都優先考慮相同的合作夥伴。所以我們看到我們的許多合作夥伴都處於相對健康的水平。當談到我們的庫存時，我們覺得我們可以提供的可用性非常非常強。這也反映在我們從他們那裡看到的一些銷售數據中，On 繼續經歷非常非常強勁的增長。

Next question is from the line of Cristina Fernandez from Telsey Advisory Group.

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

Congratulations on the better-than-expected quarter. I wanted to ask about the marketing plans, you decided to invest more in 2021, which makes sense given the demand for the product. If you look at 2022, do you expect to be above your long-term target of 12% to 12.5%? How are you thinking about that?

祝賀本季度業績好於預期。我想問一下營銷計劃，你們決定在 2021 年加大投資，考慮到產品的需求，這是有道理的。如果展望 2022 年，您預計會高於 12% 至 12.5% 的長期目標嗎？你覺得怎麼樣？

Yes. I think important is how our long-term target for our adjusted EBITDA margin is to be in the high teens, and this is clearly what we are working towards. And you also see that we increased our EBITDA target despite the fact that we are facing the headwinds from the higher airfreight. So we purposely increased the investments in Q4 in marketing because we have seen the strong sales growth, but we also had a lower share of airfreight compared to what we were planning. And so we made use of the opportunities that were there. We will continue to use similar opportunities if they arise, to invest especially in the upper funnel of marketing, to target regions where On has a strong -- a weaker brand presence than average. We will invest into product groups like apparel. But On -- our main goal is to increase profitability over time into the high teens.

是的。我認為重要的是我們調整後的 EBITDA 利潤率的長期目標是如何達到較高的水平，這顯然是我們正在努力的方向。您還可以看到，儘管我們面臨空運價格上漲的不利因素，但我們還是提高了 EBITDA 目標。因此，我們特意增加了第四季度的營銷投資，因為我們看到了強勁的銷售增長，但與我們的計劃相比，我們的空運份額也較低。因此我們利用了那裡的機會。如果出現類似的機會，我們將繼續利用它們，特別是在營銷漏斗的上層進行投資，瞄準 On 品牌影響力較平均水平較弱的地區。我們將投資服裝等產品組。但是，我們的主要目標是隨著時間的推移將盈利能力提高到十幾歲。

And then my second question is as it relates to the flow of the year on sales now versus the last call. I think on the last call, you had talked about 40%, 45% growth in the back half, which implied about 20% to 25% in the first half. Should we assume that the better product flow you're seeing would just lift the first half of the year and the second half stays in that range? Or how are you thinking about the split through the year?

然後我的第二個問題是，它與今年現在的銷售流量與上次通話的流量有關。我想在上次電話會議上，您談到下半年增長 40%、45%，這意味著上半年增長約 20% 至 25%。我們是否應該假設您所看到的更好的產品流只會提升上半年的產量，而下半年則保持在該範圍內？或者你如何看待這一年的分裂？

Yes. So this is how we're thinking about this. We have the visibility for the first half of the year and believe we can fulfill more demand. At the same time, the return to hyper growth numbers that you just mentioned in the second half of the year, we feel that there is much more confidence behind the numbers because we are now seeing the strong preorders from our retail partners, new partners, existing partners, new products, existing products. So we have a much higher level of confidence in that number. And we also have the confidence that the product supply should be there based on the current availability of the factory production capacity.

是的。這就是我們的想法。我們有上半年的能見度，相信我們能夠滿足更多的需求。與此同時，您剛才提到的下半年恢復高速增長的數字，我們覺得這些數字背後有更多的信心，因為我們現在看到來自我們的零售合作夥伴、新合作夥伴的強勁預購，現有合作夥伴、新產品、現有產品。所以我們對這個數字有更高的信心。我們也有信心，根據目前工廠產能的情況，產品供應應該有。

Ms. Fernandez, are you finished with your questions?

費爾南德斯女士，您的問題問完了嗎？

Yes.

是的。

Next question is from the line of Jon Komp from Baird.

下一個問題來自貝爾德 (Baird) 的喬恩·康普 (Jon Komp)。

Yes. I want to follow up on some of the product innovation plans that you have. And could you share a little bit more on your plans for '22 on the apparel side, if you have any insights on the launches there and any new categories that you plan to enter in your expectations?

是的。我想跟進你們的一些產品創新計劃。如果您對 22 年服裝方面的發布以及您計劃進入的任何新類別有任何見解，您能否分享一下更多關於服裝方面的計劃？

Thanks a lot for your question, Jonathan. I mean apparel has been growing twice as fast as shoes and we continue to launch new products. Products that we're launching are always at this intersection between performance and design and then also sustainability. And that makes just our apparel pieces incredibly versatile. So we're seeing that adoption of our apparel pieces is becoming more wide. And as I mentioned, kind of, for example, in some of our own stores in China, it's already 25% of sales.

非常感謝你的提問，喬納森。我的意思是，服裝的增長速度是鞋子的兩倍，而且我們不斷推出新產品。我們推出的產品始終處於性能和設計以及可持續性之間的交叉點。這使得我們的服裝單品具有難以置信的多功能性。因此，我們看到我們的服裝產品的採用範圍正在變得越來越廣泛。正如我提到的，例如，在我們在中國的一些自己的商店中，它已經佔銷售額的 25%。

So we still -- we feel that it's really kind of apparel resonates with our consumers. So you're going to see more launches. In fact, I have just seen in the last 2 weeks important apparel launches for us. They're also kind of make sure that we double down on the move of our apparel pieces for movement, of course, which is part of our brand mission. So you're, for example, going to see a women's bra line in the future as well. So it's really kind of just giving more depth to our range, but pretty much in the areas where we already play, which is, of course, in the core running. But it's then extending also to the outdoors and extending to movement. So everything that empowers you to go out, experience nature and move.

所以我們仍然認為這確實是一種能引起消費者共鳴的服裝。所以你會看到更多的產品發布。事實上，我在過去兩周剛剛看到了我們重要的服裝發布。當然，他們還確保我們加倍努力讓我們的服裝更加動感，這是我們品牌使命的一部分。例如，您將來也會看到女士胸罩系列。所以這實際上只是為我們的範圍提供了更多的深度，但幾乎是在我們已經參與的領域，當然，在核心運行中。但它隨後也延伸到戶外並延伸到運動。因此，一切能讓您走出去、體驗自然和移動的東西。

What's very encouraging is that we see, for example, customers who come to us for apparel show a higher lifetime value. And so our ambition is very clear that On is becoming a global premium sports brand beyond a pure running shoe brand, and that's where we also kind of drive its product.

非常令人鼓舞的是，例如，我們看到向我們購買服裝的客戶表現出更高的終生價值。因此，我們的目標非常明確，On 正在成為一個超越純​​粹跑鞋品牌的全球優質運動品牌，這也是我們推動其產品的方向。

Yes, great. That's very helpful. And then maybe a broader question about the plan for 2022 revenue. Is there any more color you can share in terms of some of the channel expectations? I know wholesale, you have some shift in the timing of the spring sell-in this year, but there's also some different comparisons that you'll be cycling throughout the year. So any more directional color on wholesale versus direct-to-consumer? And any sort of shaping expectations around those?

對，很好。這非常有幫助。然後可能是關於 2022 年收入計劃的更廣泛的問題。對於一些渠道期望，您還有什麼可以分享的嗎？我知道批發，今年春季銷售的時間有一些變化，但也有一些不同的比較，您全年都會騎自行車。那麼，與直接面向消費者的批發相比，還有哪些更具方向性的顏色呢？圍繞這些因素有什麼塑造期望的方式嗎？

John, happy to take that. I think most important to us is that we really see strong growth rates across all the different channels. And if we are looking at D2C, we really see that also the share of new customers, repeat customers stays very strong. So we are really building that business based on the elevated consumer base that we were building during the pandemic. And at the same time, Marc already shared some of the expansion plans that we are having in wholesale.

約翰，很高興接受。我認為對我們來說最重要的是我們確實看到了所有不同渠道的強勁增長。如果我們關注 D2C，我們確實會發現新客戶和回頭客的份額仍然非常強勁。因此，我們實際上是在大流行期間建立的消費者基礎不斷擴大的基礎上建立這項業務的。與此同時，馬克已經分享了我們正在批發的一些擴張計劃。

And with some of those expansions, we clearly address a different consumer group where we also expect that they are continue shopping in our D2C channel. At the same time, we are expanding our own retail network. So we will open up new doors as we have announced, in Tokyo and London, but also in the U.S. and Switzerland. Doubling our count in China, which will further grow the D2C channel. For us, it's important that both channels are mutually beneficial. And we want to grow both channels and [not] with the goal of a clear D2C share.

通過其中一些擴展，我們明確針對不同的消費者群體，我們也希望他們繼續在我們的 D2C 渠道中購物。與此同時，我們正在擴大自己的零售網絡。因此，正如我們所宣布的那樣，我們將在東京和倫敦、美國和瑞士打開新的大門。我們在中國的數量增加一倍，這將進一步發展 D2C 渠道。對我們來說，兩個渠道互惠互利非常重要。我們希望同時發展渠道，而不是為了獲得明確的 D2C 份額。

Next question is from the line of Kimberly Greenberger from Morgan Stanley.

下一個問題來自摩根士丹利的 Kimberly Greenberger。

Great. I was very intrigued by your comments on the quality and rate of sell-in for spring/summer '22 and fall/winter '22. I don't know if there's any additional color that you could share on perhaps the year-over-year rate of growth, either in spring/summer or fall/winter. And then I wanted to ask about the 700 to 800 basis points in gross margin headwind here in the first half of 2022. I would imagine that some piece of this you expect will be transitory, such as maybe the elevated use of airfreight. But is there a portion of it as well that could be sticky, maybe higher distribution center expenses or at least a portion of them might be a little more permanent? And any color you could share would be helpful.

偉大的。我對您對 22 年春夏和 22 年秋冬的質量和銷售率的評論非常感興趣。我不知道您是否可以分享有關春/夏或秋/冬同比增長率的任何其他信息。然後我想問一下 2022 年上半年毛利率逆風 700 到 800 個基點的情況。我想你所期望的其中一些因素將是暫時的，例如空運使用量的增加。但其中是否也有一部分可能是粘性的，也許配送中心費用更高，或者至少其中一部分可能更持久？您可以分享的任何顏色都會有幫助。

Thank you, Kimberly. So let's start with the preorder and what we're seeing for the second half. So I mean we're not sharing the exact number of the growth, but it's higher than we expected, so which is very, very fortunate. It's across all geographies and across all product groups, which is super important to us. So we're seeing exactly the quality in the order that we want. So for example, as we already mentioned, we want to be #1 on runners' feet. So how we're growing in running is a very important measure for us. So we're seeing that happening. And at the same time, we're also always looking at what's same-store growth and what's new store growth. And we're also seeing that in stores where we already have quite a significant presence, we're still growing very, very strongly.

謝謝你，金伯利。讓我們從預訂以及我們在下半年看到的內容開始。所以我的意思是，我們沒有分享確切的增長數字，但它高於我們的預期，所以這是非常非常幸運的。它跨越所有地區和所有產品組，這對我們來說非常重要。所以我們看到的質量正是我們想要的順序。例如，正如我們已經提到的，我們希望成為跑步者的腳部第一。所以我們如何在跑步中成長對我們來說是一個非常重要的衡量標準。所以我們看到這種情況正在發生。與此同時，我們也一直在關注同店增長和新店增長。我們還看到，在我們已經擁有相當大影響力的商店中，我們的增長仍然非常非常強勁。

And then beyond footwear, it's important for us that we continue to build On as a global sports company. And with that, we are very strongly looking at the apparel share and at the accessories share. And so we see it's still on a very small basis, our accessories business, but we're expecting very, very strong growth in 2022. And on apparel, a lot of the order is driven by now being able to be in many of the right channels. So we spoke about the shop-in-shops with Nordstrom, which give us an elevated presence. And we experience where we do have shop-in-shop executions, we also have a higher apparel share, and that is reflected in the preorders. So we're really positive across the board. And Martin will quickly talk about the margin impact.

除了鞋類之外，對我們來說繼續發展成為一家全球體育公司也很重要。因此，我們非常關注服裝份額和配飾份額。因此，我們看到我們的配飾業務仍然規模很小，但我們預計 2022 年將出現非常非常強勁的增長。在服裝方面，很多訂單是由現在能夠在許多領域推動的正確的渠道。因此，我們與 Nordstrom 討論了店中店，這讓我們的形象得到了提升。我們的經驗是，在有店中店執行的地方，我們也有更高的服裝份額，這反映在預購中。所以我們對所有方面都非常積極。馬丁將很快談論利潤率影響。

Kimberly, so on the -- on our distribution costs. We are still seeing a very volatile environment. So around our last call, mentioned that we see airfreight prices around, jumping up from $20 to $40 per shoe. At the moment, we go more towards $16 again. So it's very volatile. Therefore, it's hard to project. We continuously -- we always have a certain amount of airfreight share. We were at very low airfreight volumes in most parts of 2021 due to a very good product availability that we had. So probably we will have a little bit in higher share also post half year 1.

Kimberly，關於我們的分銷成本。我們仍然看到一個非常不穩定的環境。上次電話會議期間，我們提到空運價格從每雙鞋 20 美元上漲到 40 美元。目前，我們再次接近 16 美元。所以它非常不穩定。因此，很難進行投影。我們始終擁有一定數量的空運份額。由於我們擁有非常好的產品可用性，2021 年大部分時間我們的空運量都非常低。因此，第一年半後我們的份額可能會有所提高。

Probably the most long-standing impact will be on higher labor costs in our warehouses, where we don't expect that the effect is reversing. And this is why we have increased the prices in the U.S., as mentioned, on about 40% of our volume, to offset those prices and to be able to maintain our gross profit margin and to clearly work towards the direction of the long-term target of 60% on gross profit.

最長期的影響可能是我們倉庫的勞動力成本上升，我們預計這種影響不會逆轉。這就是為什麼我們提高了在美國的價格，正如前面提到的，大約占我們銷量的 40%，以抵消這些價格，並能夠維持我們的毛利率，並明確朝著長期方向努力。毛利目標為60%。

Great color. And it sounds like you expect the price increases that you're taking to be able to fully offset some of the cost inflation, leaving you on track for that high teens, long-term adjusted EBITDA margin. Am I hearing you correctly on that?

顏色很棒。聽起來您預計您所採取的價格上漲能夠完全抵消部分成本通脹，從而使您有望實現長期調整後的高 EBITDA 利潤率。我聽得對嗎？

Yes. At the same time, we do not expect price increases in Europe in 2022, but we are clearly looking at the market and the competitive landscape there, and we have the pricing power as a premium brand to selectively increase then prices also for 2023.

是的。與此同時，我們預計 2022 年歐洲的價格不會上漲，但我們正在清楚地關注那裡的市場和競爭格局，並且作為高端品牌，我們擁有定價能力，可以有選擇地提高 2023 年的價格。

Next question is from the line of Michael Binetti from Credit Suisse.

下一個問題來自瑞士信貸銀行 (Credit Suisse) 的邁克爾·比內蒂 (Michael Binetti)。

Congrats on the nice quarter. I guess as we dig in on the gross margin a little bit, as we look back at some of the modeling from the S-1 around the IPO, obviously D2C being a higher gross margin and growing faster is a positive influence. But geography should have been a negative influence with the lower-margin U.S. business growing fastest. I think in total, channel and geography will be a slight negative to gross margin year-over-year in fourth quarter. So my gut there is that underlying profitability in these channels is turning out to be higher than what you anticipated as you scale. Or maybe you tell me if you're selling at much higher levels of full price selling, which you would have to cycle. So I just want to be aware of that. But maybe should we -- I guess, some help on how you look at -- how GM -- how the gross margins actualized versus what you thought at the IPO? Is 59%, 60% kind of a new floor to build off of at this point?

祝賀這個美好的季度。我想，當我們深入研究毛利率時，當我們回顧圍繞 IPO 的 S-1 的一些模型時，顯然 D2C 的毛利率更高且增長更快是一個積極的影響。但地理位置本應產生負面影響，因為利潤率較低的美國業務增長最快。我認為總的來說，渠道和地域對第四季度毛利率的影響將略有下降。因此，我的直覺是，隨著規模的擴大，這些渠道的潛在盈利能力將高於您的預期。或者也許你告訴我你是否以更高水平的全價銷售出售，你將不得不循環。所以我只想知道這一點。但也許我們應該——我想，對你如何看待——通用汽車——毛利率如何實現以及你在首次公開募股時的想法有何幫助？ 59%、60% 是在這一點上建立的新樓層嗎？

Good question. Thanks for that. We are still -- besides the airfreight spendings, we were still in a very favorable environment in gross profit with a strong full price sales, a very high D2C share also in the in the fourth quarter, especially compared to the second and third quarter. At the same time, we had used less airfreight in Q4 than we were anticipating. So going forward, we continue to have an higher gross profit margin in our D2C business. So if (inaudible) we will see strong impact from that, helping to offset what you were mentioning partially lower gross profit margins in the U.S. business.

好問題。感謝那。除了空運支出之外，我們仍然處於非常有利的毛利潤環境，全價銷售強勁，第四季度 D2C 份額也非常高，特別是與第二季度和第三季度相比。與此同時，我們在第四季度使用的空運量比我們預期的要少。因此，展望未來，我們的 D2C 業務將繼續擁有更高的毛利率。因此，如果（聽不清）我們將看到由此帶來的強烈影響，這有助於抵消您提到的美國業務毛利率部分下降的影響。

At the same time, China is a very strong business for us also from a gross profit perspective. So we feel long term, the 60% is clearly the target that we're working towards. At the same time, we need to factor in the use of airfreight to a certain level. Very strong is also that our product prices are fixed for 2022. So this is always committed for the full season. And so we do not expect to see any impacts from higher FOB prices there. This will then only be visible as of 2023. So I think we are still in a very similar environment than in our last calls and the ranges that we were sharing there.

與此同時，從毛利潤的角度來看，中國對我們來說也是一個非常強大的業務。因此，我們認為從長遠來看，60% 顯然是我們正在努力實現的目標。同時，我們需要在一定程度上考慮空運的使用。非常重要的是，我們的產品價格在 2022 年是固定的。因此，這始終致力於整個季節。因此，我們預計離岸價格上漲不會產生任何影響。到 2023 年，這一情況才會可見。因此，我認為我們仍然處於與上次通話以及我們在那里共享的範圍非常相似的環境中。

Okay. And then I guess if we're back here at CHF 990 million in revenue for the year, we're back to the way you saw the business before the Vietnam issues started. So that's great to see. I think you were thinking originally that on that level of revenues, EBITDA margin to be about 14.1%. You're guiding us to 13.1%. Obviously, some of that is explainable by the gross margin you talked to in the first half. Is the best way though, since we're back to those revenues, as we think about '23, I think you were originally looking at something like CHF 1.3 billion in revenues and margins moving towards the 15%, 15.5% range on EBITDA. Is that -- as we lift our eyes a little bit past '22, is that still the right direction to think about the model?

好的。然後我想，如果我們今年的收入回到 9.9 億瑞士法郎，我們就回到了越南問題開始之前你看到的業務方式。所以很高興看到這一點。我認為您最初認為在該收入水平上，EBITDA 利潤率約為 14.1%。您正在引導我們達到 13.1%。顯然，其中一些可以通過您在上半年談到的毛利率來解釋。不過，這是最好的方法，因為我們回到了這些收入，當我們考慮23 年時，我認為您最初考慮的是13 億瑞士法郎的收入和利潤率，以達到EBITDA 的15%、15.5% 範圍。 22 世紀過去了，我們的目光是否仍然是思考該模型的正確方向？

I think we don't want to talk about '23. The CHF 990 million still includes headwinds from supply shortages. So I think this is the key differentiator though to the number that you mentioned earlier. We maintain our long-term outlook to be able to achieve high teens on our adjusted EBITDA margin. And as you said, if we do not expect long-term use of such an high airfreight share which was projected for the first half of the year, which should result in higher profitability then. And over time, we have proven our ability to grow profitable, to be conscious on investment versus holding back and growing in a profitable way. So this is clearly the focus that we will continue to have in the future.

我想我們不想談論'23。 9.9 億瑞士法郎仍然包括供應短缺帶來的阻力。所以我認為這是與您之前提到的數字的關鍵區別。我們維持長期前景，即調整後的 EBITDA 利潤率能夠達到兩位數。正如您所說，如果我們預計不會長期使用上半年預計的如此高的航空貨運份額，那麼屆時的盈利能力應該會更高。隨著時間的推移，我們已經證明了我們實現盈利增長的能力，能夠意識到投資而不是抑制並以盈利的方式增長。所以這顯然是我們未來將繼續關注的重點。

Next question is from the line of Sam Poser from Williams Trading.

下一個問題來自 Williams Trading 的 Sam Poser。

I've got a few here. Number 1, in the gross margin, the 700 to 800 points decrease in the gross margin in the first half, I assume that, that would be slightly more weighted to Q1 than Q2. Is that a fair assessment?

我這裡有幾個。第一，在毛利率方面，上半年毛利率下降了 700 到 800 個點，我認為，這對 Q1 的權重會比對 Q2 的權重略高。這是一個公平的評價嗎？

That's a fair assessment. It will be probably more 60-40 across the 2 quarters.

這是一個公平的評估。兩個季度可能會更多 60-40。

And then for the full year -- let me just ask you all my questions. For the full year, can you just give us some idea of what you're thinking the gross margin is going to be? And number 2, is overall, I mean given the product -- some of the product shortages and so on, I assume that the demand for your product is outpacing supply. And given that, and given that you were probably not able to satisfy some of the sort of that core running businesses and core running consumers and sort of the more heritage business you've developed, why go after that younger, more fashion customer when you could use that production for better serving sort of that more running, more performance customer?

然後對於一整年——讓我問你們我所有的問題。對於全年，您能否告訴我們您認為的毛利率是多少？第二，總體而言，我的意思是考慮到產品——一些產品短缺等，我認為對你們產品的需求超過了供應。考慮到這一點，考慮到你可能無法滿足某些核心運營業務和核心運營消費者以及你開發的更傳統的業務，為什麼要追求更年輕、更時尚的客戶，當你能否利用該產品更好地服務於運行速度更快、性能更高的客戶？

Yes. Thank you. Thank you for your questions. So on the gross profit outlook, 2022, so we're not giving gross profit guidance for 2022. But I'm super happy to talk about the channels and how we're balancing supply and demand. So I think On is a premium brand, and we've historically experienced stronger demand than supply. And basically having a certain amount of product scarcity helps us remaining premium and also helps our margin situation. So we'll continue to execute on that strategy.

是的。謝謝。謝謝您的提問。關於 2022 年的毛利潤前景，我們不會給出 2022 年的毛利潤指導。但我非常樂意談論渠道以及我們如何平衡供需。因此，我認為 On 是一個優質品牌，而且我們歷來都經歷過需求大於供應的情況。基本上，一定程度的產品稀缺有助於我們保持溢價，也有助於我們的利潤狀況。因此，我們將繼續執行該戰略。

When we're looking at prioritization, for us it's important to reach the right consumers through the right channels. So we definitely did prioritize for the running products, the channels that reach a running consumer. So did we prioritize for more then all-day consumer, the channels that reach an all-day consumer where we keep product and supply kind of as high as possible in all products in our own D2C environment. And I think this is what you're seeing playing out. We have some flexibility on balancing different products. So when you look at our most important products, we dual or triple source almost all of them, so we can balance between factories. But we don't have 100% flexibility to just move overall capacity around. But I mean I think going forward, this is probably a little bit on how we can think about which consumers have access to which product groups.

當我們考慮優先級時，對我們來說，通過正確的渠道接觸正確的消費者非常重要。因此，我們確實優先考慮了跑步產品，以及接觸跑步消費者的渠道。因此，我們是否優先考慮全天消費者，即接觸全天消費者的渠道，在我們自己的 D2C 環境中的所有產品中，我們保持盡可能高的產品和供應量。我認為這就是你所看到的情況。我們在平衡不同產品方面有一定的靈活性。因此，當您查看我們最重要的產品時，我們幾乎所有產品都是雙重或三重來源，因此我們可以在工廠之間進行平衡。但我們沒有 100% 的靈活性來調整整體產能。但我的意思是，我認為展望未來，這可能與我們如何思考哪些消費者可以訪問哪些產品組有關。

And then just one last thing here. Apparel has a ton of performance features in it. And then, I mean, do you foresee apparel going into like, let's say, athletic specialty going forward? Or is that more going to stay in the performance world?

最後一件事。服裝具有大量的性能特徵。然後，我的意思是，您是否預見服裝未來會進入運動專業領域？或者更多的會留在表演界？

I mean so we're basically, again, we're trying to be a global sports brand. And we will bring apparel into the stores where we feel apparel has a good showing and reaches the right consumer. So if you look at the pilot, for example, with DICK'S, apparel will be part of that. Apparel will also be in, for example, our Nordstrom doors. But then run specialty is a channel that is a little bit less apparel-heavy, and therefore will also have less apparel exposure. Our own D2C channel and our own retail stores are extremely important for the apparel expansion. So we'll continue to drive that. And then I think you can also expect us to be in some channels that are originally -- originating more in the apparel space and then that have way less footwear exposure, and we'll also expand in our apparel assortment into some of these premium doors.

我的意思是，我們基本上再次努力成為一個全球運動品牌。我們會將服裝引入我們認為服裝具有良好展示效果並吸引合適消費者的商店。因此，如果你看一下 DICK'S 的試播集，服裝將成為其中的一部分。例如，服裝也將出現在我們的 Nordstrom 門店中。但經營專業是一個服裝類較少的渠道，因此服裝曝光率也較少。我們自己的D2C渠道和我們自己的零售店對於服裝擴張極其重要。所以我們將繼續推動這一進程。然後我想你也可以期待我們進入一些最初的渠道——更多地起源於服裝領域，然後鞋類的曝光率就少得多，我們還將把我們的服裝品種擴展到其中一些高端領域。

There are no further questions at this time. Ladies and gentlemen, the conference has now concluded, and you may disconnect your telephone. Thank you for joining and have a pleasant day. Goodbye.

目前沒有其他問題。女士們、先生們，會議現已結束，你們可以掛斷電話了。感謝您的加入並祝您度過愉快的一天。再見。