Solo Brands Inc (SBDS) 2023 Q1 法說會逐字稿

Hello, everyone, and welcome to Solar Brands First Quarter Fiscal 2023 Financial Results. My name is Bruno, and I'll be the operator of today. (Operator Instructions) I will now hand over to your host, Bruce Williams. Please go ahead.

大家好，歡迎閱讀 Solar Brands 2023 財年第一季度財務業績。我叫布魯諾，我是今天的接線員。 （操作員指示）我現在將會議交給主持人布魯斯·威廉姆斯 (Bruce Williams)。請繼續。

Good morning, everyone, and thank you for joining the call to discuss Solo Brands' first quarter results, which we released this morning and can be found on the Investor Relations section of our website at investors.solobrands.com. Today's call will be hosted by Chief Executive Officer, John Merris; and Chief Financial Officer, Somer Webb.

大家早上好，感謝您參加討論 Solo Brands 第一季度業績的電話會議，我們今天早上發布了該業績，您可以在我們網站 Investors.solobrands.com 的投資者關係部分找到該業績。今天的電話會議將由首席執行官 John Merris 主持；兼首席財務官薩默·韋伯。

Before we get started, I want to remind everyone that management's remarks on this call may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are based on current management expectations. These may include, without limitation, predictions, expectations, targets or estimates, including regarding our anticipated financial performance, business plans and objectives, future events and developments, and actual results could differ materially from those mentioned. These forward-looking statements also involve substantial risks and uncertainties, some of which may be outside of our control and that could cause actual results to differ materially from those expressed or implied by such statements.

在我們開始之前，我想提醒大家，管理層在本次電話會議上的言論可能包含 1995 年《私人證券訴訟改革法案》含義內的前瞻性陳述，這些陳述基於當前管理層的預期。這些可能包括但不限於預測、預期、目標或估計，包括我們預期的財務業績、業務計劃和目標、未來事件和發展，實際結果可能與上述結果存在重大差異。這些前瞻性陳述還涉及重大風險和不確定性，其中一些可能超出我們的控制範圍，並可能導致實際結果與此類陳述明示或暗示的結果存在重大差異。

These risks and uncertainties, among others, are discussed in our filings with the SEC. We encourage you to review these filings for a discussion of these risks, including our soon-to-be filed quarterly report on Form 10-Q, and will be available on the Investors portion of our website at investors.solobrands.com. You should not place undue reliance on these forward-looking statements. These statements are made only as of today, and we undertake no obligation to update or revise them for any new information, except as required by law.

我們向 SEC 提交的文件中討論了這些風險和不確定性等。我們鼓勵您查看這些文件，以討論這些風險，包括我們即將提交的 10-Q 表格季度報告，該報告將在我們網站的投資者部分提供，網址為 Investors.solobrands.com。您不應過度依賴這些前瞻性陳述。這些聲明僅在今天發布，我們不承擔針對任何新信息更新或修改這些聲明的義務，除非法律要求。

This call will also contain certain non-GAAP financial measures, including net income as adjusted, diluted earnings per share as adjusted, gross margin as adjusted, adjusted EBITDA and adjusted EBITDA margin, which we believe are useful supplemental measures that assist in evaluating our ability to generate earnings, provide consistency and comparability with our past performance and facilitate period-to-period comparisons of our core operating results and the results of peer companies. Reconciliation of these non-GAAP measures to the most comparable GAAP measures and definitions of these indicators are included in our earnings release, which will be available to our Investors portion of our website at investors.solobrands.com.

此次電話會議還將包含某些非公認會計準則財務指標，包括調整後的淨利潤、調整後的稀釋每股收益、調整後的毛利率、調整後的 EBITDA 和調整後的 EBITDA 利潤率，我們認為這些是有助於評估我們能力的有用補充指標產生收益，提供與我們過去業績的一致性和可比性，並促進我們的核心經營業績與同行公司業績的定期比較。這些非 GAAP 衡量標準與最具可比性 GAAP 衡量標準的對賬以及這些指標的定義均包含在我們的收益發布中，該發布將向我們網站的投資者部分提供：investors.solobrands.com。

Now I'd like to turn the call over to John.

現在我想把電話轉給約翰。

Thank you, Bruce, and thank you for joining the call to discuss our first quarter results. I will begin by reviewing our Q1 performance, then provide an update on our key operational strategies. Somer will review our first quarter financial results and provide an update to our outlook.

謝謝你，布魯斯，也感謝你參加電話會議討論我們第一季度的業績。我將首先回顧我們第一季度的業績，然後提供我們關鍵運營策略的最新信息。薩默將審查我們第一季度的財務業績並提供我們的最新展望。

We are extremely pleased with our performance this quarter. Despite a volatile macro environment, we managed our business prudently and generated solid gross profit and healthy EBITDA margins. These results are a reflection of our disciplined focus on profitable growth and positive free cash flow generation. We are still in the early stages of our story as our household penetration remains low, and we believe we have significant white space ahead.

我們對本季度的表現非常滿意。儘管宏觀環境不穩定，我們仍審慎管理業務，實現了穩健的毛利潤和健康的 EBITDA 利潤率。這些結果反映了我們對盈利增長和積極的自由現金流產生的嚴格關注。由於我們的家庭滲透率仍然很低，我們仍處於故事的早期階段，我們相信未來還有很大的空白。

As such, even in a tougher economic environment, we believe that a renewed focus on customer experience and continued investment into product innovation, wholesale penetration and international expansion are good strategic uses of capital that position us for long-term growth.

因此，即使在更加嚴峻的經濟環境下，我們相信，重新關注客戶體驗以及對產品創新、批發滲透和國際擴張的持續投資是良好的資本戰略運用，使我們能夠實現長期增長。

During the first quarter, our sales grew 7.3% to $88.2 million, driven by strength in the wholesale channel. As we stated during our fourth quarter call, we expected to experience strong momentum during the quarter, and we were encouraged to see larger replenishment orders than we expected, reflecting earlier sell-through at retail. Even so, our first high season of the year is just kicking off, and we will know more about full sell-through as we get through the rest of Q2.

第一季度，在批發渠道實力的推動下，我們的銷售額增長了 7.3%，達到 8820 萬美元。正如我們在第四季度電話會議中所說，我們預計本季度將經歷強勁的勢頭，並且我們很高興看到比我們預期更大的補貨訂單，這反映了零售業較早的銷售情況。即便如此，我們今年的第一個旺季才剛剛開始，當我們度過第二季度的剩餘時間時，我們將對全面銷售有更多了解。

Moving on to the direct-to-consumer. Our D2C sales were $54.8 million, in line with our expectations for the first quarter. The strength in our wholesale channel allowed us to be less promotional than the same period in the prior year without negatively impacting overall new customer acquisition. Our new products and innovation continue to be a draw for both new and existing customers, which is reflected in our consistently high referral and repeat purchase rates.

轉向直接面向消費者。我們的 D2C 銷售額為 5,480 萬美元，符合我們對第一季度的預期。我們批發渠道的優勢使我們能夠比去年同期減少促銷力度，但不會對整體新客戶獲取產生負面影響。我們的新產品和創新繼續吸引新老客戶，這反映在我們一貫的高推薦率和重複購買率上。

In addition to new products, our team also continues to delight customers with a differentiated experience and outstanding customer service that reinforces the great experience that customers have with our products and strengthen the referral and repeat purchase behaviors previously mentioned. Said differently, our unique ability to connect with and retain customers allows our business to better navigate through periods when consumers are making trade-offs.

除了新產品之外，我們的團隊還繼續以差異化的體驗和出色的客戶服務來取悅客戶，從而增強客戶對我們產品的良好體驗，並加強前面提到的推薦和重複購買行為。換句話說，我們與客戶聯繫並留住客戶的獨特能力使我們的業務能夠更好地度過消費者做出權衡的時期。

We delivered significant newness in 2022, and our new products have quickly become fan favorites. However, I want to highlight that our legacy products continue to provide a solid foundation for our company. They are the engine that creates a dynamic for strong repeat purchases and high referral rates. We will build on this momentum in 2023 as we execute on the playbook we laid out last quarter, elevate and innovate our products, broaden and deepen our wholesale partnerships and grow our business internationally.

我們在 2022 年推出了重大新品，我們的新產品很快成為粉絲的最愛。然而，我想強調的是，我們的傳統產品繼續為我們公司提供堅實的基礎。它們是創造強勁重複購買和高推薦率動力的引擎。我們將在 2023 年鞏固這一勢頭，執行上季度製定的策略，提升和創新我們的產品，擴大和深化我們的批發合作夥伴關係，並發展我們的國際業務。

Starting with innovation. We are proud of the newness delivered over the past few months, and we look to build on this success going forward. We have a history of continuous product innovation focused on delivering high-quality products for our customers. Our deep connection with our customers provides a feedback loop that allows for a shortened product development time line. As such, we continue to find new ways to innovate and expand our product line, and we are excited that we will continue delivering a healthy lineup of new products in the remainder of this year. Continuous product development not only helps attract new customers, but it is also easily marketable to our existing customer database, which drives repeat purchases, increases lifetime value and lowers our overall customer acquisition costs.

從創新開始。我們對過去幾個月所帶來的新鮮感感到自豪，並期待在這一成功的基礎上繼續前進。我們擁有持續產品創新的歷史，專注於為客戶提供高質量的產品。我們與客戶的深厚聯繫提供了反饋循環，可以縮短產品開發時間。因此，我們繼續尋找新的方法來創新和擴展我們的產品線，我們很高興我們將在今年剩餘時間內繼續提供健康的新產品陣容。持續的產品開發不僅有助於吸引新客戶，而且還可以輕鬆地銷往我們現有的客戶數據庫，從而推動重複購買，提高終身價值並降低我們的總體客戶獲取成本。

Turning to wholesale. The conversations and feedback from our wholesale partners continue to be very positive. Our focus is on growing our market share with our existing partners by expanding into new doors and increasing shelf space with existing doors. While the wholesale channel is very exciting, we are in the early innings of its growth story. To that end, we are disciplined in managing our sell-in rate by keeping a close eye on our sell-throughs. As I discussed earlier, our D2C heritage allows for us to have strong engagement with our customers. We are finding that there are great ways to build direct connections with our customers in the wholesale channel as well. The strongest brands are those that are able to maintain and build upon their connection with their customers by providing a fluid experience and presentation with both the direct and wholesale channels.

轉向批發。我們批發合作夥伴的對話和反饋仍然非常積極。我們的重點是通過拓展新門並增加現有門的貨架空間來擴大與現有合作夥伴的市場份額。雖然批發渠道非常令人興奮，但我們正處於其增長故事的早期階段。為此，我們通過密切關注我們的銷售情況來嚴格管理我們的銷售率。正如我之前所討論的，我們的 D2C 傳統使我們能夠與客戶建立強有力的互動。我們發現，在批發渠道中也有很多與客戶建立直接聯繫的好方法。最強大的品牌是那些能夠通過直接和批發渠道提供流暢的體驗和展示來維持和建立與客戶的聯繫的品牌。

As such, we are excited about what our strategic partners are doing to build brand awareness in store, where we can establish a direct relationship with that customer. We believe that working with our retailers to develop greater brand affinity will lead to stronger sell-throughs and increased shelf space and our existing customers, all while driving healthy merchandise margins.

因此，我們對戰略合作夥伴在店內建立品牌知名度所做的努力感到興奮，這樣我們就可以與客戶建立直接關係。我們相信，與零售商合作培養更大的品牌親和力將帶來更強勁的銷量、增加貨架空間和現有客戶，同時推動健康的商品利潤。

And finally, we are also pleased with the performance of our international business and believe we are in the beginning stages in our global expansion. We have invested in local leadership in Europe and are enthusiastic about capitalizing on the significant growth opportunity in the EU. Additionally, we are exploring new markets, including Asia, and will be strategic as we determine the right timing to open these markets. We continue to believe that our international business can grow to be the size of our domestic business.

最後，我們對國際業務的表現也感到滿意，並相信我們正處於全球擴張的起步階段。我們對歐洲當地的領導力進行了投資，並熱衷於利用歐盟的重大增長機會。此外，我們正在探索包括亞洲在內的新市場，並將在確定開放這些市場的正確時機時採取戰略性措施。我們仍然相信，我們的國際業務可以發展到與國內業務相當的規模。

We are operating in an uncertain macro environment where consumers are being selective in their purchases. However, our direct connection to customers, combined with strong execution by our team in the 3 areas mentioned before, product innovation, channel expansion and international growth, create a wide competitive moat around our business and most importantly, create a foundation for years to come. Brands that are innovating and creating great products that lead to meaningful experiences will win, and that is our focus. Solo Brands is centered on a common mission to build a company that is great at facilitating moments that put smiles on faces across the globe.

我們在不確定的宏觀環境中運營，消費者在購買時有選擇性。然而，我們與客戶的直接聯繫，加上我們團隊在前面提到的三個領域（產品創新、渠道擴張和國際增長）的強大執行力，為我們的業務創造了廣泛的競爭護城河，最重要的是，為未來奠定了基礎。不斷創新、創造優質產品、帶來有意義的體驗的品牌將會獲勝，這就是我們的重點。 Solo Brands 的共同使命是打造一家擅長為全球各地的人們帶來歡笑時刻的公司。

I'm grateful for our amazing team, which continues to execute at the highest levels for each other and for our customers. We will maintain our disciplined approach to financial management, which we believe enables us to generate healthy growth, positive free cash flow and strong returns on capital over the long term for our shareholders.

我感謝我們出色的團隊，他們繼續以最高水平為彼此和我們的客戶執行任務。我們將保持嚴格的財務管理方法，我們相信這使我們能夠為股東帶來健康的增長、正的自由現金流和長期的強勁資本回報。

I will now turn the call over to Somer to discuss the financials. Somer?

我現在將把電話轉給薩默，討論財務問題。薩默？

Thanks, John, and good morning, everyone. Today, I will walk you through our first quarter results and then provide our outlook for the remainder of 2023.

謝謝約翰，大家早上好。今天，我將向您介紹我們第一季度的業績，然後提供我們對 2023 年剩餘時間的展望。

We are pleased with our strong start to the year as we continue to execute on our growth strategy and deliver profitable results for our shareholders. Our first quarter results came in ahead of our expectations, driven by strong demand in our wholesale channel, continued success with new innovation and high referral rates. The strength in our wholesale channel reflects the increasing demand for our products and the deepening relationships with our retail partners.

我們對今年的強勁開局感到高興，因為我們將繼續執行我們的增長戰略並為股東帶來盈利成果。在批發渠道的強勁需求、新創新的持續成功和高推薦率的推動下，我們第一季度的業績超出了我們的預期。我們批發渠道的實力反映了對我們產品的需求不斷增長以及與零售合作夥伴的關係不斷加深。

During the quarter, we experienced stronger-than-expected reorder volume from our retail partners as replenishment orders occurred earlier than forecasted. Our wholesale momentum allowed for us to reduce promotions in our direct-to-consumer channel, where we saw inconsistent traffic trends. Furthermore, we are pleased by the flow-through of our revenue growth to EBITDA and our free cash flow generation during the quarter.

在本季度，我們的零售合作夥伴的再訂購量強於預期，因為補貨訂單發生得早於預期。我們的批發勢頭使我們能夠減少直接面向消費者渠道的促銷活動，因為我們在該渠道中看到了不一致的流量趨勢。此外，我們對本季度收入增長對 EBITDA 的影響以及自由現金流的產生感到高興。

Net sales increased 7.3% to $88.2 million compared to $82.2 million in the prior year period. Sales were driven by strong demand in the wholesale channel as we continue to increase our market penetration through increased shelf space and higher door count with existing customers.

淨銷售額較去年同期的 8220 萬美元增長 7.3%，達到 8820 萬美元。批發渠道的強勁需求推動了銷售，因為我們通過增加貨架空間和增加現有客戶的門數來繼續提高市場滲透率。

Wholesale net sales increased 52.3% to $33.5 million for the first quarter compared to $22 million in the prior year. Our direct-to-consumer net sales decreased 9.1% to $54.8 million for the first quarter compared to $60.2 million in the same period in the prior year as consumer traffic was lighter, but in line with our expectation.

第一季度批發淨銷售額增長 52.3%，達到 3350 萬美元，而上年同期為 2200 萬美元。由於消費者流量減少，我們第一季度直接面向消費者的淨銷售額下降了 9.1%，至 5480 萬美元，而去年同期為 6020 萬美元，但符合我們的預期。

Moving to gross margin. Our adjusted gross margin rate increased to 61.7% compared to 59.4% in the first quarter of 2022. The improvement was driven by lower promotions, primarily in our direct-to-consumer channel.

轉向毛利率。我們調整後的毛利率上升至 61.7%，而 2022 年第一季度為 59.4%。這一改善是由於促銷活動減少（主要是直接面向消費者的渠道）所致。

Selling, general and administrative expenses for the first quarter decreased to $44.6 million or 50.6% of net sales as compared to $45.6 million or 55.5% of net sales in the same period last year. The variance was driven by $5.4 million decline in variable costs, partially offset by $4.3 million of higher fixed costs. The decline in variable costs was due to lower marketing expense driven by benefits from our data investment. The fixed cost increase was primarily due to higher employee-related expenses, including increased head count from investments that were made in Q2 of 2022.

第一季度的銷售、一般和管理費用下降至 4460 萬美元，占淨銷售額的 50.6%，而去年同期為 4560 萬美元，占淨銷售額的 55.5%。差異是由於可變成本下降了 540 萬美元，部分被固定成本增加了 430 萬美元所抵消。可變成本的下降是由於我們的數據投資帶來的收益推動了營銷費用的下降。固定成本增加主要是由於員工相關費用增加，包括 2022 年第二季度投資導致的員工人數增加。

Our first quarter net income was $0.9 million, and net income per diluted share was $0.01. First quarter adjusted net income was $10.3 million and our adjusted EPS was $0.16 per diluted share. We continue to invest in our long-term strategic initiatives in data, product innovation and international expansion while delivering adjusted EBITDA of $15.4 million and our adjusted EBITDA margin of 17.4%.

我們第一季度的淨利潤為 90 萬美元，攤薄後每股淨利潤為 0.01 美元。第一季度調整後淨利潤為 1030 萬美元，調整後每股攤薄每股收益為 0.16 美元。我們繼續投資於數據、產品創新和國際擴張方面的長期戰略計劃，同時實現 1,540 萬美元的調整後 EBITDA 和 17.4% 的調整後 EBITDA 利潤率。

Now turning to the balance sheet. At the end of the period, we had $25.7 million in cash and cash equivalents. As of March 31, we had $15 million of outstanding borrowings under the revolving credit facility and $95 million under the term loan agreement. The borrowing capacity on the revolving credit facility was $350 million as of March 31, leaving $335 million of availability. We have a strong liquidity position, and we believe we are able to take advantage of strategic opportunities with a net leverage that remains less than 1.5x. Inventory at the end of the first quarter was $125 million, roughly in line with the year ago.

現在轉向資產負債表。期末，我們擁有 2570 萬美元的現金和現金等價物。截至 3 月 31 日，我們在循環信貸安排下有 1500 萬美元的未償還借款，在定期貸款協議下有 9500 萬美元的未償還借款。截至 3 月 31 日，循環信貸額度的借款能力為 3.5 億美元，剩餘可用金額為 3.35 億美元。我們擁有強大的流動性頭寸，我們相信我們能夠利用仍低於 1.5 倍的淨槓桿率的戰略機遇。第一季度末的庫存為 1.25 億美元，與去年同期大致持平。

Turning to our outlook. We are reaffirming our full year guidance of $520 million to $540 million. In light of the current environment, we are currently forecasting revenue at the midpoint of our range and EBITDA margin in the range of 16.5% to 17.5%.

轉向我們的展望。我們重申 5.2 億至 5.4 億美元的全年指導。鑑於當前環境，我們目前預測收入處於我們範圍的中點，EBITDA 利潤率在 16.5% 至 17.5% 之間。

Let me provide additional color to our forecast for the rest of the year. As we lean in the wholesale, revenue shifts between quarters may occur based on buying and ordering differences between the channel. Q1 showed stronger than we forecasted because we experienced some pull forward from our wholesale channel from Q2 to Q1. We also recognize that the consumer remains selective in their discretionary purchases. Taking these items into account, while historically, our quarterly revenue breakdowns have been 15%, 25%, 20% and 40%, we now expect it to look more like roughly 17%, 23%, 20% and 40% as our innovation pipeline is second half weighted.

讓我為我們今年剩餘時間的預測提供更多信息。由於我們傾向於批發，季度之間的收入變化可能會根據渠道之間的購買和訂購差異而發生。第一季度的表現強於我們的預期，因為我們的批發渠道從第二季度到第一季度經歷了一些拉動。我們還認識到，消費者在隨意購買時仍然有選擇性。考慮到這些項目，雖然從歷史上看，我們的季度收入細分為 15%、25%、20% 和 40%，但我們現在預計，作為我們的創新，它看起來更像是大約 17%、23%、20% 和 40%管道是後半加權的。

In summary, I believe we are off to a strong start to 2023. Our growth story is just beginning, and I continue to be excited about our long-term strategic initiatives and outlook. We will continue to focus on executing and delivering increased value to our shareholders with an emphasis on healthy growth, increased profitability and strong free cash flow.

總而言之，我相信 2023 年我們將迎來一個良好的開端。我們的增長故事才剛剛開始，我仍然對我們的長期戰略舉措和前景感到興奮。我們將繼續專注於執行和為股東提供更高的價值，重點是健康增長、提高盈利能力和強勁的自由現金流。

I will now turn the call over to the operator to begin Q&A.

我現在將把電話轉給接線員開始問答。

Thank you. (Operator Instructions) Our first question comes from Robby Ohmes from Bank of America.

謝謝。 （操作員說明）我們的第一個問題來自美國銀行的 Robby Ohmes。

John, so my question is kind of multipart. But I was hoping you could talk a little bit more about the wholesale business. So one question would be, can you give us some color on how the opening up of Costco is contributing to wholesale strength and how we should see that playing out through the year? You mentioned that D2C was less promotional. Can you give us some color on how your partners in wholesale are being with the Solo Stove product? Are they being promotional or not promotional? And then maybe the third part of the question is, can you guys talk about Chubbies and how Chubbies performance was from a wholesale standpoint versus D2C?

約翰，所以我的問題是多方面的。但我希望你能多談談批發業務。因此，有一個問題是，您能否向我們介紹一下 Costco 的開業如何增強批發實力，以及我們應該如何看待這一趨勢在這一年中的發揮？您提到D2C 的促銷力度較小。您能給我們介紹一下您的批發合作夥伴對 Solo Stove 產品的看法嗎？他們是促銷還是非促銷？也許問題的第三部分是，你們能談談 Chubbies 以及從批發角度與 D2C 相比 Chubbies 的表現如何嗎？

Thanks, Rob. I appreciate the questions. So let me just kind of try to do this in order of those questions. And it kind of sounds like there's maybe 3 layer together, but they're all very similar. So just looking at wholesale holistically, again, as we mentioned, sell-in and sell-through, 2, obviously, very different things I know you guys pay a lot of attention to, and we are as well. We were encouraged to see faster replenishment. Obviously, we don't have full line of sight, but we have pretty good line of sight based on the behaviors of what those replenishment orders look like. And I'd just say that the early feedback via that behavior, that replenishment behavior, is positive for wholesale. So we're encouraged by that.

謝謝，羅布。我很欣賞這些問題。所以讓我嘗試按照這些問題的順序來回答這個問題。聽起來好像有 3 層在一起，但它們都非常相似。因此，再次從整體上看批發，正如我們提到的，銷售和銷售，2，顯然，這是非常不同的事情，我知道你們非常關注，我們也是如此。我們很高興看到更快的補貨。顯然，我們沒有完整的視線，但根據這些補貨訂單的行為，我們有相當好的視線。我只想說，通過這種行為、補貨行為獲得的早期反饋對批發來說是積極的。所以我們對此感到鼓舞。

Moving to specific retailers. If you talk about Costco specifically for Solo Stove, we continue to have great conversations with them. I'd say we're going to continue to be careful with and strategic with the SKUs specifically that we look at there. And we're thinking about our wholesale business in a full picture as we think about Costco specifically. So we're looking at Costco-specific bundles, Costco-specific exclusives on certain SKUs, things like that, that don't disrupt the rest of our wholesale business for stove.

轉向特定零售商。如果您專門談論 Costco 的 Solo Stove，我們將繼續與他們進行愉快的對話。我想說，我們將繼續對我們關注的 SKU 保持謹慎和戰略態度。我們正在全面考慮我們的批發業務，就像我們具體考慮 Costco 一樣。因此，我們正在考慮 Costco 特定的捆綁包、Costco 特定 SKU 的獨家商品等，這些不會干擾我們其他爐灶批發業務。

On the promotional front, I'd say that our retailers are in line with the way the promotional activity that they would have been had in the past. So if you think about 2022, probably very similar from a promotional standpoint. I think what's changed for us on the retail front is that we're more calculated and more planned in advance with our retailers than we've been in the past.

在促銷方面，我想說我們的零售商與過去的促銷活動方式一致。因此，如果您考慮一下 2022 年，從促銷的角度來看，情況可能非常相似。我認為我們在零售方面的變化是，與過去相比，我們與零售商進行了更多的計算和提前計劃。

So if you think historically, Solo Stove would often be running things on its site that might conflict with what's happening in store. I think what you're seeing more of is us leaning into partnerships with our retailers and giving them better line of sight to what we're running around certain promotional periods, so that we can be consistent in what we're running. So I think that, that's been very favorably received by our retail partners. It's something that they're excited to see us continue to do in the future.

因此，如果您從歷史角度思考，Solo Stove 網站上運行的內容通常可能與商店中發生的內容髮生衝突。我認為您更多地看到的是我們傾向於與零售商建立合作夥伴關係，讓他們更好地了解我們在某些​​促銷期間的運行情況，以便我們能夠在運行中保持一致。所以我認為，這受到了我們的零售合作夥伴的熱烈歡迎。他們很高興看到我們未來繼續這樣做。

With regards to Chubbies and DICK's, I'd say this has been a very bright spot for the company. If you've walked through a DICK'S Sporting Goods store in the last couple of months, you've probably seen the men's feature swim wall, which is essentially a big, beautiful Chubbies display. That has been very successful. The feedback from DICK'S has been positive. And we're excited and encouraged to see the lean-in happening there. Again, part of the replenishment activity that we're talking about that came earlier and bigger than expected is through that particular partnership and what's happening with Chubbies in part. So excited kind of across the board for all of that. But we're encouraged, overall, I'd say, and excited for what's to come on the retail front.

關於 Chubbies 和 DICK's，我想說這對公司來說是一個非常亮點的地方。如果您在過去幾個月裡走過 DICK'S 體育用品商店，您可能會看到男士特色游泳牆，這本質上是一個又大又漂亮的 Chubbies 展示。這非常成功。 DICK'S 的反饋是積極的。看到那裡發生的精益行動，我們感到興奮和鼓舞。同樣，我們正在談論的補貨活動的一部分比預期來得更早、規模更大，這部分是通過特定的合作夥伴關係以及 Chubbies 發生的事情實現的。對於這一切，我感到非常興奮。但我想說，總體而言，我們對零售方面即將發生的事情感到鼓舞和興奮。

Our next question comes from Randy Konik from Jefferies.

我們的下一個問題來自傑富瑞 (Jefferies) 的蘭迪·科尼克 (Randy Konik)。

I guess, John, maybe you can give us some perspective on where the consumer is now in terms of are they changing behavior on what they're buying within the Solo Stove product portfolio? Can you give us a little kind of color there if things are changing? Obviously, there's probably good response to new products like Pizza Oven, et cetera. I just want to understand what changes you're seeing around the consumer as it relates specifically -- more specifically to Solo Stove in the product portfolio.

我想，約翰，也許你可以給我們一些關於消費者現在在 Solo Stove 產品組合中購買的行為是否發生變化的看法？如果事情發生變化，你能給我們一點顏色嗎？顯然，披薩烤箱等新產品可能會引起良好的反響。我只是想了解您在消費者周圍看到的具體變化 - 更具體地說，與產品組合中的 Solo Stove 相關。

Yes. Thanks, Randy. Good to hear your voice. It's been -- the consumer -- the state of the consumer overall, you heard us talk about it a little bit, but trade-off seems to be a little bit of the theme. We view that more in people that are looking for experiences and how they're spending with us seems to be indicative of people wanting to invest in experiences. And so they may be trading up for something more expensive, like a vacation and coming to Solo Stove or one of our other brands to make purchases.

是的。謝謝，蘭迪。很高興聽到你的聲音。這是——消費者——消費者的總體狀態，你聽到我們談論過它，但權衡似乎是主題的一部分。我們認為，更多尋求體驗的人們以及他們如何與我們一起消費似乎表明人們想要投資於體驗。因此，他們可能會選擇購買更昂貴的東西，例如度假並來到 Solo Stove 或我們的其他品牌之一進行購買。

But if you look within Solo Stove specifically, we talked about it in the last couple of calls, we were really excited to launch Mesa last year in September. That's that tabletop fire pit product that has a price point under $100. And one of the things that we're really excited about is what that does to our overall addressable market. So we feel that we've attracted now people that have smaller spaces that may not have been able to participate with the larger products.

但如果你具體看看 Solo Stove 內部，我們在最近幾次通話中談到了這一點，我們非常高興去年 9 月推出 Mesa。這就是價格低於 100 美元的桌面火坑產品。我們真正感到興奮的事情之一是這對我們整個目標市場的影響。所以我們覺得我們現在吸引了那些空間較小的人，他們可能無法參與較大的產品。

And then as we've expanded, and you kind of mentioned this with Pi and other products, as we've expanded categories within the Solo Stove brand, we've also seen an ability to attract customers that are coming in necessarily initially through the fire pit ecosystem or category. And that's also been encouraging for us. So we are attracting customers at a nice rate because of Mesa. So we're getting people to come in at a lower price point and then watching those customers, again, begin to participate in the Solo Stove ecosystem and either upgrade or [cross-buy] to other categories.

然後，隨著我們的擴張，您提到了 Pi 和其他產品，隨著我們擴大了 Solo Stove 品牌的類別，我們也看到了吸引最初必然通過火坑生態系統或類別。這對我們來說也是令人鼓舞的。因此，由於梅薩，我們以很高的速度吸引了客戶。因此，我們讓人們以較低的價格進入，然後再次觀察這些客戶開始參與 Solo Stove 生態系統，併升級或[交叉購買]到其他類別。

So overall, encouraged by that, but the number of customers coming in looks very consistent and growing. The average order value within Solo Stove specifically you're seeing come down, but that's mostly driven by, again, a new cohort of customers coming in and having a lower price point product in the Mesa to enter in and start becoming kind of brand fans or brand favorites.

總的來說，受到了鼓舞，但是進來的客戶數量看起來非常穩定並且在增長。特別是您看到的 Solo Stove 內的平均訂單價值有所下降，但這主要是由一批新客戶的到來推動的，他們在 Mesa 擁有較低價位的產品，進入並開始成為品牌粉絲或品牌最愛。

Super helpful. And then when you think about the expansion of wholesale, have you seen any, I don't know, meaningful benefit yet from maybe analyzing, shifting to certain ZIP codes where you have a wholesale presence impacting and positively impacting the business? Have you started to see the kind of -- the positivity around wholesale driving up brand awareness then thereby driving more, I guess, purchase behavior on the solostove.com or chubbies.com website? Just anything there that you're seeing yet?

超級有幫助。然後，當您考慮批發業務的擴張時，我不知道您是否通過分析、轉向某些郵政編碼（您的批發業務對業務產生積極影響）而看到了任何有意義的好處？您是否已經開始看到批發的積極性提高了品牌知名度，從而推動了更多的購買行為，我猜，在solostove.com 或chubbies.com 網站上？你看到了什麼嗎？

Yes. Good question. On the geography front, I would say too early to tell for us, not something that we've spent a lot of time on. But I'll say anecdotally, what we are seeing and hearing from -- since we've leaned in and started seeing more momentum in wholesale, it's just a lot more -- if you just go to social listening and what we're seeing commentary wise by customers online, customers are actively talking about seeing our products in our retail partner stores at a much higher rate than they were previously.

是的。好問題。在地理方面，我想說現在告訴我們還為時過早，我們已經花了很多時間在這方面。但我要說的是，我們所看到和聽到的——自從我們開始在批發領域看到更多的勢頭，如果你只是去社交聆聽和我們所看到的，那就更多了。根據在線客戶的評論，客戶積極談論在我們的零售合作夥伴商店中看到我們產品的比例比以前高得多。

So we're encouraged. I think the signal is right. But as we continue to build more data and analyze that, I think in the future, we'll have more insights into what, for instance, a DICK's or a Costco store in a specific region does for our overall online and overall kind of omnichannel approach to acquiring new customers.

所以我們受到鼓舞。我認為信號是正確的。但隨著我們繼續建立更多的數據並進行分析，我認為將來我們將更深入地了解特定地區的 DICK's 或 Costco 商店對我們整體在線和整體全渠道的作用獲取新客戶的方法。

Understood. I guess, lastly, just a question for Somer. I think it's like the second quarter in a row where, obviously, you got the initial guide last quarter, we got a reiteration of the guide this quarter. It feels like you've got some good visibility around or decent visibility around where the pipeline is going to fall and -- but more importantly, the margins. So maybe just unpack that a little bit more on kind of how you think about any volatility or variability from that plan around margin or top line because it does feel like there's a little bit more kind of visibility there as we kind of think through the rest of the year, and we start to build a base on these numbers.

明白了。我想，最後，我想問薩默一個問題。我認為這就像連續第二個季度一樣，顯然，上個季度你得到了最初的指南，本季度我們得到了該指南的重申。感覺就像你對管道即將下降的地方有一些良好的可見性或不錯的可見性，但更重要的是，還有利潤。因此，也許只是更多地了解一下您如何看待該計劃圍繞利潤或頂線的任何波動性或可變性，因為當我們思考其餘部分時，確實感覺那裡有更多的可見性年度最佳，我們開始以這些數字為基礎。

Yes, absolutely. And I'll start with gross margin, and I want to make my way down to EBITDA margin. So from a gross margin standpoint, one of the things that I emphasized, as we lean into retail partners and kind of go on -- heavier on an omnichannel approach, the blend of wholesale to D2C is going to have some impact on gross margins. We still believe that we're going to be 60% plus. The one thing I do want to remind and I mentioned last call is the good news about wholesale or D2C is although a little bit of a shift on gross margin, they're consistent on EBITDA margin.

是的，一點沒錯。我將從毛利率開始，然後逐步降低到 EBITDA 利潤率。因此，從毛利率的角度來看，我強調的一件事是，隨著我們向零售合作夥伴傾斜並繼續加大全渠道方法的力度，批發與 D2C 的混合將對毛利率產生一些影響。我們仍然相信我們會達到 60% 以上。我確實想提醒的一件事是，我在上次電話會議中提到過，關於批發或 D2C 的好消息是，儘管毛利率略有變化，但它們的 EBITDA 利潤率是一致的。

So I feel good. I still feel good about the 60% plus guidance for the year. Obviously, it will fluctuate in quarters as we lean in either to wholesale or direct-to-consumer. Typically, Q1 and Q3 are going to be our higher wholesale quarters in Q2 and Q4, just the seasonality of our business are going to be higher direct-to-consumer. But overall, again, emphasizing that we should be 60% plus on gross margins.

所以我感覺很好。我對今年 60% 以上的指導仍然感覺良好。顯然，隨著我們傾向於批發或直接面向消費者，它會按季度波動。通常情況下，第一季度和第三季度將是我們第二季度和第四季度更高的批發季度，只是我們直接面向消費者的業務的季節性將更高。但總的來說，再次強調我們的毛利率應該在 60% 以上。

So making our way down to EBITDA margins. Obviously, we had a really strong Q1. I mentioned probably several calls ago that because marketing is a variable expense, and we have a lot of flexibility to shift that up or shift that down, what we saw in Q1, as the strength continued to grow on our retail partners and our wholesale channel, we actually pulled back on marketing spend. So if you think about the 17.4% EBITDA margins that we were able to generate, about 400 basis points of that came from the fact that we were able to pull back on marketing spend. So the flexibility really showed in the first quarter.

因此，我們的 EBITDA 利潤率正在下降。顯然，我們的第一季度非常強勁。我之前可能在幾次電話中提到過，因為營銷是一項可變費用，我們有很大的靈活性來向上或向下移動它，正如我們在第一季度看到的那樣，隨著我們的零售合作夥伴和批發渠道的實力持續增長，我們實際上削減了營銷支出。因此，如果你考慮一下我們能夠產生的 17.4% 的 EBITDA 利潤率，其中大約 400 個基點來自於我們能夠削減營銷支出。因此，靈活性在第一季度真正顯現出來。

As we make it through the rest of the year, it's still a lever that we plan to use. And so there may be quarters that we actually lean into marketing spend even more when we want to promote new products, et cetera. And so right now, I'm still feeling confident in the 16.5% to 17.5% range. But we are seeing really strong signs both on the gross margin side and on the EBITDA margin standpoint.

當我們度過今年剩下的時間時，它仍然是我們計劃使用的一個槓桿。因此，當我們想要推廣新產品等時，我們實際上可能會在某些季度投入更多的營銷支出。所以現在，我仍然對 16.5% 到 17.5% 的範圍充滿信心。但我們在毛利率和 EBITDA 利潤率方面都看到了非常強烈的跡象。

Our next question comes from Chasen Bender from Citi.

我們的下一個問題來自花旗銀行的 Chasen Bender。

Great. I just want to switch gears to the direct consumer side of the business. I know you said direct-to-consumer sales came in line with your expectations, but you also mentioned that traffic is still a little bit challenged. So curious if the expectation is still that channel sales are still flat for this year. And implied in that, do we have to see a reacceleration in website traffic to get you there? Or are current trends kind of enough to get you to that run rate?

偉大的。我只想將業務轉向直接消費者方面。我知道您說過直接面向消費者的銷售符合您的預期，但您也提到流量仍然面臨一些挑戰。很好奇今年渠道銷售是否仍持平。這意味著，我們是否必須看到網站流量重新加速才能實現這一目標？或者當前的趨勢是否足以讓您達到這個運行速度？

Yes. Thanks, Jason. Good question. So kind of another 3-parter, I'll try to kind of do this in order. So remember that traffic is heavily influenced by advertising spend. So we have the ability inside of our engine, as we spend, to drive traffic to our sites. This is something that we've been very good at, really, since the beginning. And so as Somer was just talking about, when we take that variable expense down, whether strategically or because of what we're seeing from a marketing efficiency standpoint, that's going to have impact on traffic.

是的。謝謝，傑森。好問題。這是另一個三人部分，我會嘗試按順序進行。因此請記住，流量很大程度上受廣告支出的影響。因此，隨著我們的支出，我們的引擎內部有能力為我們的網站帶來流量。這確實是我們從一開始就非常擅長的事情。正如薩默剛才所說，當我們降低可變費用時，無論是從戰略上還是從營銷效率的角度來看，這都會對流量產生影響。

So we did see inconsistent or a drop in traffic on our D2C channel. But when we say in line with expectations, it's not because we were expecting some massive decline in consumer traffic because of the macro, but more because of our own internal behaviors in the way that we were spending in advertising, which ultimately led to the decline in overall traffic on the site in Q1.

因此，我們確實看到 D2C 渠道上的流量不一致或下降。但當我們說符合預期時，並不是因為我們預期宏觀因素導致消費者流量會大幅下降，更多的是因為我們自己的內部行為，即我們在廣告上的支出方式，最終導致了下降第一季度網站總流量。

In terms of what we're seeing now and maybe just good color to add to that. As we look into Q2 and give just a peek into the early part or the part of Q2, as this is a higher D2C quarter, you've heard us talk about this. Q1 and Q3 are generally higher wholesale quarters, Q2 and Q4 are higher direct-to-consumer quarters. From an absolute revenue standpoint, these are the types of time frames where you'll see us leaning into that variable expense that Somer was just talking about, spending more on marketing and driving more traffic. And we've seen that traffic trend reverse in the beginning parts of Q2. And so seeing stronger traffic on our D2C channel the first part at least of this quarter.

就我們現在所看到的而言，也許只是添加了不錯的色彩。當我們研究第二季度並簡要了解第二季度的早期部分或部分時，因為這是一個較高的 D2C 季度，您已經聽到我們談論過這一點。第一季度和第三季度通常是批發量較高的季度，第二季度和第四季度是直接面向消費者的季度。從絕對收入的角度來看，在這些時間範圍內，您會看到我們傾向於薩默剛才談到的可變費用，在營銷上投入更多資金並增加流量。我們已經看到流量趨勢在第二季度初期發生了逆轉。因此，至少在本季度的第一部分，我們的 D2C 渠道上的流量會有所增加。

In terms of our overall outlook for the channel for the year. I think we're expecting for D2C just based on the strength of our wholesale and the way we're strategically thinking about balancing our advertising spend, we're actually expecting a slight decline in D2C for the year. But still, again, that rolls into the guidance we're providing at that midpoint of the range of $530 million. So if you think about Somer on our last call talking about the channel split looking like a 75%, 25%, and you kind of run the math on that, you'll get to a number that has us slightly down on D2C as wholesale continues to strengthen.

就我們今年對該頻道的總體展望而言。我認為我們對 D2C 的預期只是基於我們批發的實力以及我們戰略性地考慮平衡廣告支出的方式，我們實際上預計今年的 D2C 會略有下降。但是，這仍然包含在我們提供的 5.3 億美元範圍中點的指導中。因此，如果你想想 Somer 在我們上次通話中談到的渠道分割看起來像是 75%、25%，然後你對此進行數學計算，你會得到一個數字，這個數字讓我們在 D2C 批發方面略有下降繼續加強。

We think this is a really healthy thing for our business. It's allowing us to be more strategic and calculated in our advertising spend, which is ultimately helping strengthen our EBITDA position and our line of sight into our profitability. So we like where we're at. It's in line again with our expectations. The variable nature of our ability to drive traffic is really important overall. And so that lever continues to be a big strength for us as we think about advertising spend. I don't know, Somer, you may want to layer on here a little bit as well. So I'll open it up for you to talk through anything that you have.

我們認為這對我們的業務來說是一件非常健康的事情。它使我們能夠在廣告支出方面更具戰略性和計算性，這最終有助於加強我們的 EBITDA 地位和我們對盈利能力的關注。所以我們喜歡我們現在所處的位置。這再次符合我們的預期。總體而言，我們推動流量的能力的可變性非常重要。因此，當我們考慮廣告支出時，這種槓桿仍然是我們的一大優勢。我不知道，薩默，你可能也想在這裡多說一點。所以我會打開它讓你談論你所擁有的任何事情。

Yes. The only thing that I'd add is as we lean into the omnichannel approach, we're really viewing the business as a whole. And so as we drive traffic from wholesale and as we drive traffic from the direct-to-consumer, although direct-to-consumer, we're forecasting to be slightly down, we are very intentional about how we are growing the business with a focus on profitability, with a focus on driving the right traffic and putting our spend where we think it's most effective in 2023.

是的。我唯一要補充的是，當我們傾向於全渠道方法時，我們確實將業務視為一個整體。因此，當我們推動批發流量和直接面向消費者的流量時，儘管我們預測直接面向消費者的流量會略有下降，但我們非常有意如何通過專注於盈利能力，重點是吸引合適的流量並將我們的支出放在我們認為 2023 年最有效的地方。

Got it. Super helpful color. And then just in the press release, you guys called out lower distribution costs. I was hoping you could just unpack that a little bit more. And is the benefit you're getting on outbound distribution because you're relying more on the spot market versus on the ocean freight side that we talked about last quarter, where those costs were going to be a headwind for you in the first half and then moderating in bookings to become a tailwind in the second half, which ostensibly is because you're still in the contract? Is your expectation that outbound will continue to be a tailwind for you for the year?

知道了。超級有用的顏色。然後就在新聞稿中，你們呼籲降低分銷成本。我希望你能把它再拆開一點。這是您從出境分銷中獲得的好處，因為您更多地依賴現貨市場，而不是我們上季度討論的海運方面，這些成本在上半年將成為您的不利因素，然後減少預訂量，成為下半年的順風車，這表面上是因為你仍在合同中？您預計今年出境旅遊將繼續成為您的推動力嗎？

Yes. So there's probably 3 components to this. So actually, inbound ocean freight is in our COGS. It's not in our distribution costs. So that one, everything you just described is accurate, but that's actually in a different part of our P&L. But we are seeing the back half of the year some tailwinds on the ocean freight side.

是的。所以這可能有 3 個組成部分。所以實際上，入境海運運費包含在我們的銷貨成本中。它不屬於我們的分銷成本。因此，您剛才描述的所有內容都是準確的，但這實際上位於我們損益表的不同部分。但我們看到今年下半年海運方面出現了一些順風車。

A couple of things just to remind everybody on is because of our inventory position, the majority of the front half of this year, outside of new products, are already on the books, on earlier freight costs. So we had higher rates as we inbounded all of that inventory last year and the first part of this year. We actually are just kicking off a new carrier contract for ocean freight, and those rates are much more favorable than they've been in the past. The spot market is obviously something we continue to use as well. So you can expect tailwinds in the back half of the year with regards to ocean freight. But again, that's not something that would show up in distribution cost as much as it will in COGS, and that's already kind of baked into our overall gross margin expectations on the year.

有幾件事要提醒大家的是，由於我們的庫存狀況，今年上半年的大部分產品，除了新產品之外，都已經在賬面上，按早期的運費計算。因此，當我們去年和今年上半年入庫所有庫存時，我們的利率更高。實際上，我們剛剛啟動了一份新的海運承運合同，這些費率比過去優惠得多。現貨市場顯然也是我們繼續使用的市場。因此，預計今年下半年海運將迎來順風車。但同樣，這在分銷成本中的體現並不像在銷貨成本中體現的那麼多，而且這已經融入了我們今年的總體毛利率預期中。

On the distribution, the outbound distribution, it's really a combination of continuing to drive relationships with our small parcel carriers. So FedEx, UPS, DHL, we use all of them. But as we're increasing in volume and continue to negotiate those long-term contracts, we're seeing good rates come through. And then just overall, just managing the business more prudently, getting better at it, we built an internal -- essentially, an internal 3PL that we call FBS, fulfilled by Solo, and it's just a few years ago that we kicked that off. And we're finding more and more efficiencies in that.

在配送方面，出境配送，這實際上是繼續推動與我們的小型包裹承運商的關係的結合。因此，FedEx、UPS、DHL，我們都使用它們。但隨著我們產量的增加並繼續談判這些長期合同，我們看到了良好的利率。總的來說，為了更謹慎地管理業務，做得更好，我們建立了一個內部的——本質上是一個內部 3PL，我們稱之為 FBS，由 Solo 負責，就在幾年前，我們才開始這樣做。我們發現這方面的效率越來越高。

We're automating things. We're able to use less people, more automation and machining and equipment to do some of the fulfillment. So we're seeing some cost savings across those things. But really, it's just a holistic approach that we're using across our business to control cost and to be as efficient as we can and just continue to lean into opportunities to drive profitability.

我們正在使事情自動化。我們能夠使用更少的人員、更多的自動化、機械加工和設備來完成一些任務。因此，我們看到這些方面節省了一些成本。但實際上，這只是我們在整個業務中使用的一種整體方法，以控製成本並儘可能提高效率，並繼續抓住機會來提高盈利能力。

(Operator Instructions) Our next question comes from Peter Keith from Piper Sandler.

（操作員說明）我們的下一個問題來自 Piper Sandler 的 Peter Keith。

This is Matt Egger on for Peter. First from me, I'm curious, you've already kind of talked -- mentioned it on today's call. But you mentioned that you're planning more around your wholesale partners with your promotions. Just curious how you plan to navigate these promotions on your DTC sites now. It seems like it might give a little bit of pressure to your DTC site. So just curious how you're thinking about that and any cannibalization you might be expecting.

這是彼得的馬特·艾格。首先，我很好奇，你已經在今天的電話會議上提到過這一點。但您提到您正在計劃更多圍繞批發合作夥伴進行促銷活動。只是好奇您現在打算如何在 DTC 網站上瀏覽這些促銷活動。看起來這可能會給您的 DTC 站點帶來一點壓力。所以只是好奇你是如何看待這個問題以及你可能期待的任何蠶食。

Yes. I think we've talked about this on prior calls, a good question and kicks off some important dialogue. One of the things that we're really excited about with our wholesale partners is the attraction of new eyeballs. We -- I think one of the epiphanies or insights that we uncovered last year is that our retail partners are bringing new customers to us that we weren't reaching online. So not to say that there's 0 cannibalization as we put more price parity on our website with our retail partners, but we do believe that we're seeing new sets of customers and retail partners that we're super excited about. And ultimately, there's some level of competition that's created.

是的。我想我們在之前的通話中已經討論過這個問題，這是一個很好的問題，並引發了一些重要的對話。我們對批發合作夥伴真正感到興奮的事情之一是吸引新的眼球。我認為我們去年發現的頓悟或見解之一是，我們的零售合作夥伴正在為我們帶來我們在網上無法接觸到的新客戶。因此，並不是說我們在網站上與零售合作夥伴提供了更多的價格平價，因此存在 0 蠶食，但我們確實相信我們正在看到新的客戶和零售合作夥伴，我們對此感到非常興奮。最終，會產生一定程度的競爭。

But again, Somer talked about this just a few minutes ago. We look at the business holistically. At the end of the day, whether it's coming through direct-to-consumer channel online or whether it's coming through one of our retail wholesale partners, we believe that it's a healthy balance. And remember, we're still forecasting 75% of our business coming through direct-to-consumer channels. So overall, we still think that's a very healthy place to be.

但幾分鐘前，薩默再次談到了這一點。我們從整體上看待業務。歸根結底，無論是通過直接面向消費者的在線渠道還是通過我們的零售批發合作夥伴之一，我們相信這是一種健康的平衡。請記住，我們仍然預測 75% 的業務來自直接面向消費者的渠道。總的來說，我們仍然認為這是一個非常健康的地方。

And in addition to that, what we're doing with wholesale partners in terms of our intentionality to drive customers that are buying in store for the first time back to our site for accessory purchases and other purchases that still allow us to create that direct connection to the customer and capture that first-party data. So we like the strategy. We feel very good about that balance between wholesale and retail -- or sorry, between retail and direct-to-consumer and the way we're driving that right now.

除此之外，我們正在與批發合作夥伴一起做我們的意圖，以吸引首次在商店購買的客戶回到我們的網站購買配件和其他購買，這仍然使我們能夠建立直接聯繫給客戶並捕獲第一方數據。所以我們喜歡這個策略。我們對批發和零售之間的平衡感到非常滿意，或者抱歉，零售和直接面向消費者之間的平衡以及我們目前推動這一平衡的方式。

Okay. Good. That's good to hear. And then second for me. You mentioned some international launches that you're looking at. I think you just called out Asia. I mean would this be a 2024 story? Or can you give us any more color on the timing around these new international launches?

好的。好的。聽起來還不錯。然後是我的第二個。您提到了您正在考慮的一些國際發布。我想你剛剛喊出了亞洲。我的意思是，這會是 2024 年的故事嗎？或者您能給我們更多關於這些新的國際發佈時間的信息嗎？

And then also, would there be any difference in margin given like, you would think, lower ocean freight or no ocean freight? So how would that impact the margins? I appreciate it.

另外，您可能會認為，降低海運費或無海運費等保證金會有什麼差異嗎？那麼這將如何影響利潤率呢？我很感激。

Yes, good question. And goodness, I'll maybe answer the first -- the last question first, and the first question last. So yes, obviously, if we were to launch Asia with our locations of manufacturing partners or most of our manufacturing partners, there will certainly be a decrease in overall transportation costs. Obviously, those costs have come down. So not as impactful as it would have been a couple of years ago when people were paying $15,000 a container or whatever it is. But overall, that would be an improvement.

是的，好問題。天哪，我也許會先回答第一個問題——最後一個問題，最後一個問題。所以，是的，顯然，如果我們將我們的製造合作夥伴或大多數製造合作夥伴的所在地推向亞洲，那麼總體運輸成本肯定會下降。顯然，這些成本已經下降。因此，它的影響力不如幾年前，當時人們支付 15,000 美元一個集裝箱或其他什麼東西。但總的來說，這將是一個進步。

In terms of the timing of when you might expect. If we just look at our historical international launches, Canada maybe less of a pertinent one, but Europe, in particular, and Australia, and we think about the timing of ramp, even if we were to launch tomorrow, which we're not, this would be something that would be impactful more into '24 and '25. So not something that we're counting on or expecting anything meaningful from in 2023, but certainly laying the groundwork for the future, and we're excited about the opportunity.

就您可能期望的時間而言。如果我們只看我們歷史上的國際發布，加拿大可能不太相關，但特別是歐洲和澳大利亞，我們會考慮增加的時間，即使我們明天就發布，但我們沒有，這將是對 24 和 25 年影響更大的事情。因此，我們並不指望或期待 2023 年會發生任何有意義的事情，但肯定會為未來奠定基礎，我們對這個機會感到興奮。

We currently have no further questions. So I would like to hand the call back to the management team for closing remarks. Thank you.

目前我們沒有進一步的問題。因此，我想將電話轉交管理團隊進行總結髮言。謝謝。

Great. Thank you all for being on the call with us today and for the questions. We always enjoy the opportunity to talk about the business. We're obviously excited to perform in this environment and to continue to stand out from the crowd. So appreciate it. We look forward to being with you guys in a few months, and we'll be available for follow-ups with some of you. So feel free to reach out through ICR and our IR team.

偉大的。感謝大家今天接受我們的電話並提出問題。我們總是很享受談論業務的機會。我們顯然很高興能夠在這樣的環境中表演並繼續脫穎而出。所以很欣賞它。我們期待在幾個月後與你們見面，並且我們將可以對你們中的一些人進行後續跟進。因此，請隨時通過 ICR 和我們的 IR 團隊與我們聯繫。

Ladies and gentlemen, this concludes today's call. Thank you for joining. You may now disconnect your lines. Thank you.

女士們、先生們，今天的電話會議到此結束。感謝您的加入。您現在可以斷開線路。謝謝。