Skechers USA Inc (SKX) 2021 Q4 法說會逐字稿

Thank you for standing by. This is the conference operator. Welcome to the Skechers Fourth Quarter 2021 Earnings Conference Call. (Operator Instructions) And the conference is being recorded. (Operator Instructions) I would now like to turn this conference over to Skechers. Please go ahead. You may begin your presentation.

謝謝你的支持。這是會議接線員。歡迎參加 Skechers 2021 年第四季度收益電話會議。 （操作員說明）會議正在錄製中。 （操作員說明）我現在想把這個會議交給 Skechers。請繼續。你可以開始你的演講了。

Thank you, everyone, for joining us on Skechers conference call today.

謝謝大家今天加入我們的 Skechers 電話會議。

I will now read the safe harbor statement. Certain statements contained herein, including, without limitation, statements addressing the beliefs, plans, objectives, estimates or expectations of the company or future results or events may constitute forward-looking statements that involve risks and uncertainties.

我現在將閱讀安全港聲明。此處包含的某些陳述，包括但不限於涉及公司的信念、計劃、目標、估計或預期或未來結果或事件的陳述，可能構成涉及風險和不確定性的前瞻性陳述。

Specifically, the COVID-19 pandemic has and is currently having a significant impact on the company's business, financial conditions, cash flow and results of operations. Such forward-looking statements with respect to the COVID-19 pandemic include, without limitation, the company's plans in response to this pandemic. At this time, there is significant uncertainty about the duration and extent of impact of the COVID-19 pandemic. The dynamic nature of these circumstances means that what is said on this call could change at any time. And as a result, actual results could differ materially from those contemplated by such forward-looking statements.

具體而言，COVID-19 大流行已經並且目前正在對公司的業務、財務狀況、現金流和經營業績產生重大影響。此類關於 COVID-19 大流行的前瞻性陳述包括但不限於公司應對這一大流行的計劃。目前，COVID-19 大流行的持續時間和影響程度存在很大的不確定性。這些情況的動態性質意味著本次電話會議上所說的內容可能隨時發生變化。因此，實際結果可能與此類前瞻性陳述所設想的結果大不相同。

Additional forward-looking statements involve known and unknown risks, including, but not limited to, global, national and economic business and market conditions, including supply chain delays and disruptions in general and specifically as they apply to the retail industry and the company. There can be no assurance that the actual future results, performance or achievements expressed or implied by any of our forward-looking statements will occur.

其他前瞻性陳述涉及已知和未知風險，包括但不限於全球、國家和經濟業務和市場狀況，包括一般的供應鏈延遲和中斷，特別是適用於零售業和公司的情況。無法保證我們的任何前瞻性陳述所表達或暗示的實際未來結果、業績或成就將會發生。

Users of forward-looking statements are encouraged to review the company's filings with the U.S. Securities and Exchange Commission, including the most recent annual report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and all other reports filed with the SEC as required by federal securities laws for a description of all other significant facts that may affect the company's business, financial conditions, cash flow and results of operations.

鼓勵前瞻性陳述的用戶查看公司向美國證券交易委員會提交的文件，包括最近的 10-K 表格年度報告、10-Q 表格季度報告、8-K 表格當前報告和所有根據聯邦證券法的要求向 SEC 提交的其他報告，以描述可能影響公司業務、財務狀況、現金流和經營業績的所有其他重要事實。

With that, I would like to turn the call over to Skechers' Chief Operating Officer, David Weinberg; and Chief Financial Officer, John Vandemore. David?

有了這個，我想把這個電話轉給 Skechers 的首席運營官 David Weinberg；和首席財務官約翰范德莫爾。大衛？

Thank you for joining us today for our fourth quarter and year-end 2021 conference call. I hope you, your colleagues and loved ones are doing well. As we mark our 30th year in business, we remain focused on the wellbeing of our teams worldwide and are extremely proud and grateful that the entire organization continues to operate with flexibility, resiliency, efficiency and above all safely.

感謝您今天加入我們的 2021 年第四季度和年終電話會議。我希望你、你的同事和親人一切都好。在我們慶祝成立 30 週年之際，我們仍然專注於全球團隊的福祉，並對整個組織繼續以靈活性、彈性、效率和最重要的是安全運營感到非常自豪和感激。

Skechers achieved a new fourth quarter sales record of $1.65 billion, the second highest quarterly sales in the company's history, and gross margins of 48.6%. This is a remarkable achievement, given the challenges we faced as the global pandemic continued to impact our business. For the full year, Skechers achieved record sales of $6.29 billion with strong gross margins of 49.3%. These exceptional results brings us closer to our goal of $10 billion in 5 or $10 billion by 2026.

斯凱奇第四季度銷售額創下新紀錄，達到 16.5 億美元，是公司歷史上第二高的季度銷售額，毛利率為 48.6%。鑑於全球大流行繼續影響我們的業務，我們面臨著挑戰，這是一項了不起的成就。全年，Skechers 的銷售額達到創紀錄的 62.9 億美元，毛利率高達 49.3%。這些非凡的成果使我們更接近我們的目標，即到 2026 年 5 年 100 億美元或 100 億美元。

While the disruptions and costs remained a challenge in the global supply chain for the fourth quarter, our logistics team worked diligently to navigate around them. We saw improvements in December with more goods moving through our distribution centers than in the previous months. The improvement continued through January as port congestions eased and more containers reached our distribution center.

儘管第四季度全球供應鏈的中斷和成本仍然是一個挑戰，但我們的物流團隊努力工作以解決這些問題。與前幾個月相比，我們在 12 月看到了改善，更多貨物通過我們的配送中心。隨著港口擁堵的緩解和更多集裝箱到達我們的配送中心，這種改善一直持續到 1 月份。

However, we believe these challenges will remain through the first half of 2022. But we are optimistic they will ebb in the latter half of the year. We continually monitor the developments within the supply chain to deliver our products as efficiently as possible.

然而，我們認為這些挑戰將持續到 2022 年上半年。但我們樂觀地認為它們將在下半年消退。我們不斷監控供應鏈中的發展，以盡可能高效地交付我們的產品。

The fourth quarter sales gain of 24% was the result of a 10% increase in our domestic sales and a 34% increase in our international sales. International represented 65% of our total sales for the fourth quarter. All our reportable segments achieved growth for the quarter and full year, with International Wholesale registering the highest gains for both periods. We attribute this exceptional global growth to the ongoing broad-based demand for the Skechers brand and products. Consumers continue to embrace the outdoors for exercise, dining and many other activities and sought out Skechers for our comfort, innovation, style and quality, all at a reasonable price.

第四季度銷售額增長 24% 的原因是我們的國內銷售額增長了 10%，而我們的國際銷售額增長了 34%。國際業務占我們第四季度總銷售額的 65%。我們所有可報告的分部在本季度和全年都實現了增長，其中國際批發在兩個時期內均錄得最高收益。我們將這種非凡的全球增長歸因於對斯凱奇品牌和產品的持續廣泛需求。消費者繼續擁抱戶外運動、用餐和許多其他活動，並以合理的價格尋找斯凱奇的舒適、創新、風格和質量。

Our International Wholesale business grew 30% year-over-year in the fourth quarter, with increases coming from all our channels, reflecting the global strength of our brand. Our distributor business was the largest growth driver with a 124% increase, led by the Middle East and followed by Russia, Scandinavia, Indonesia and Turkey.

我們的國際批發業務在第四季度同比增長 30%，增長來自我們所有的渠道，反映了我們品牌的全球實力。我們的分銷業務是最大的增長動力，增長了 124%，其中以中東為首，其次是俄羅斯、斯堪的納維亞半島、印度尼西亞和土耳其。

Subsidiary sales increased 47% with double-digit growth coming from nearly every country. Several even achieved triple-digit growth. The strongest gains came from the United Kingdom and India, 2 of our largest markets. We believe this impressive sales growth is due to both strong demand for our product and our ability to deliver goods as some of the port pressure eased.

子公司銷售額增長了 47%，幾乎每個國家都實現了兩位數的增長。有幾個甚至實現了三位數的增長。最強勁的收益來自我們最大的兩個市場英國和印度。我們認為，這一令人印象深刻的銷售增長是由於對我們產品的強勁需求以及我們在港口壓力有所緩解時交付貨物的能力。

Our joint venture business increased 10% for the quarter on strong sales in China and Mexico as well as the addition of the Philippines, which transitioned from a distributor model to being directly managed by Skechers. China's high single-digit growth in the quarter is particularly notable, given temporary store closures in select provinces due to COVID-19 and the supply chain restrictions, which resulted in a delay of some 11.11 inventory. E-commerce still achieved double-digit growth for the quarter.

由於中國和墨西哥的強勁銷售以及菲律賓的加入，我們的合資業務在本季度增長了 10%，菲律賓從分銷商模式轉變為由 Skechers 直接管理。由於 COVID-19 和供應鏈限制導致部分省份的商店暫時關閉，導致 11.11 庫存延遲，中國本季度的高個位數增長尤為顯著。本季度電子商務仍實現了兩位數的增長。

The improvements in our joint venture business were partially offset by declines in several markets in Asia due to COVID-19, inventory challenges and a decline in tourism. An additional net 128 third-party Skechers stores opened in the fourth quarter across 30 countries, including our first in Bhutan, a notable number of franchise locations in China and India, as well as through our distributors in Australia, New Zealand, Turkey, among others.

由於 COVID-19、庫存挑戰和旅遊業下滑，亞洲多個市場的下滑部分抵消了我們合資企業業務的改善。第四季度在 30 個國家/地區新增了 128 家第三方 Skechers 門店，包括我們在不丹的第一家門店、在中國和印度的大量特許經營店，以及通過我們在澳大利亞、新西蘭、土耳其等地的經銷商其他。

In total, at quarter-end, there were 2,946 third-party Skechers stores around the world.

截至本季度末，全球共有 2,946 家第三方斯凱奇門店。

Skechers' Direct-to-Consumer business achieved quarterly sales gains of 30%, driven by a 52% increase in international and a 17% increase domestically. Worldwide comparable same-store sales increased 21%, including 15% domestically and 36% internationally. Further, our Direct-to-Consumer average selling price per unit increased 25%. This was reflective of our less promotional stance, higher-priced products and the continued strong demand for the innovative features in our comfort technology footwear.

Skechers 的直接面向消費者業務實現了 30% 的季度銷售額增長，這得益於國際市場增長 52% 和國內增長 17%。全球可比同店銷售額增長 21%，其中國內增長 15%，國際增長 36%。此外，我們直接面向消費者的每單位平均售價增加了 25%。這反映了我們較少的促銷立場、更高價格的產品以及對我們舒適技術鞋類創新功能的持續強勁需求。

The increase of 17% in our domestic Direct-to-Consumer business was the result of a 24% gain in our brick-and-mortar stores, partially offset by a decrease of 12% in domestic e-commerce, which was challenged by low inventory availability during periods in the quarter. As compared to the same period in 2019, our domestic e-commerce business increased 115%. The increase in our international Direct-to-Consumer business was primarily driven by strong retail sales across Europe and Latin America. This was despite the temporary closure of several stores in Austria and the Netherlands due to local health restrictions.

我們的國內直接面向消費者的業務增長 17% 是由於我們的實體店增長了 24%，部分被國內電子商務下降 12% 所抵消，後者受到低水平的挑戰本季度期間的庫存可用性。與2019年同期相比，我們的國內電子商務業務增長了115%。我們國際直接面向消費者業務的增長主要受到歐洲和拉丁美洲強勁的零售銷售的推動。儘管由於當地的健康限制，奧地利和荷蘭的幾家商店暫時關閉。

We continue to invest in our Direct-to-Consumer capabilities in the quarter by upgrading our POS systems in North America and the U.K. And we are currently in the process of completing updates in Japan, with Europe to follow. The rollout of new e-commerce sites continued in the fourth quarter with the launch of new platforms in the United Kingdom, India, Germany and Austria. More markets are planned for 2022, including several in Europe slated for this quarter. These investments further our progress as an omnichannel retailer, capable of addressing consumer demand whenever, wherever and however the shopper wants.

通過升級我們在北美和英國的 POS 系統，我們在本季度繼續投資於直接面向消費者的能力。我們目前正在日本完成更新，歐洲將緊隨其後。隨著新平台在英國、印度、德國和奧地利的推出，第四季度繼續推出新的電子商務網站。計劃在 2022 年推出更多市場，其中包括本季度計劃在歐洲推出的幾個市場。這些投資進一步推動了我們作為全渠道零售商的進步，能夠隨時隨地以購物者想要的方式滿足消費者的需求。

In the fourth quarter, we opened 16 company-owned Skechers stores, including 8 in India, 2 in Colombia and 1 each in France, Italy, Peru and Chile. We closed 3 locations in the quarter. This brings the global company-owned and third-party Skechers store count to 4,306 at year-end. To date, in the first quarter, we've opened 6 stores in the United States and 1 in Italy, and we plan to open an additional 120 to 150 company-owned locations by year-end.

第四季度，我們開設了 16 家公司直營店，其中印度 8 家，哥倫比亞 2 家，法國、意大利、秘魯和智利各 1 家。我們在本季度關閉了 3 個地點。這使全球公司擁有的和第三方的斯凱奇門店數量在年底達到了 4,306 家。迄今為止，第一季度，我們在美國開設了 6 家門店，在意大利開設了 1 家門店，我們計劃在年底前再開設 120 至 150 家公司自有門店。

We closed 11 stores in the United States at the end of January, and by the end of the year, expect to close another 5 to 10 locations, the majority of which are mall-based concept stores.

我們在 1 月底關閉了美國的 11 家門店，到今年年底，預計將再關閉 5 到 10 家門店，其中大部分是基於購物中心的概念店。

Sales in our Domestic Wholesale business improved 5% in the fourth quarter. The growth came primarily from our women's and kids categories, though our men's running and walking categories also performed well. We believe our Domestic Wholesale growth is particularly positive, given the supply chain challenges that continue to impact consumers in the United States.

我們的國內批發業務的銷售額在第四季度增長了 5%。增長主要來自我們的女性和兒童類別，儘管我們的男性跑步和步行類別也表現良好。鑑於供應鏈挑戰繼續影響美國消費者，我們認為我們的國內批發業務增長特別積極。

We are able to improve our deliveries in December from earlier in the quarter and are continuing to maintain a current flow of goods through our North American distribution center with the pace of shipments to our wholesale partners picking up, allowing us to better meet the demand for Skechers in our largest market. One of our main priorities is to meet consumers' needs with comfortable footwear at a reasonable price, and we're doing just that. We have seen consumers react positively to our product globally with the consistent and universal demand for Skechers comfort technology.

與本季度早些時候相比，我們能夠改善 12 月的交貨量，並繼續通過我們的北美配送中心維持當前的貨物流動，向我們的批發合作夥伴發貨的速度加快，使我們能夠更好地滿足對Skechers 在我們最大的市場。我們的主要優先事項之一是以合理的價格滿足消費者的需求，而我們正在這樣做。我們已經看到全球消費者對我們的產品反應積極，對斯凱奇舒適技術的一致和普遍需求。

The expansion of our offering with more comfort fits, fresh collaborations and styles that incorporate recycled materials allow Skechers to appeal to an ever-widening consumer base and for shoppers to meet more of their footwear needs with the brand they trust.

通過更舒適的合身性、全新的合作和採用回收材料的款式擴展我們的產品，Skechers 能夠吸引不斷擴大的消費者群，並讓購物者通過他們信任的品牌滿足他們更多的鞋類需求。

As always, we drove awareness to our various product offerings through multichannel marketing efforts that united the Skechers message across all touch points, online and in-store as well as through television, radio, magazines, outdoor and social media. While 2021 was a record year, we expect the momentum to continue into 2022. We are strategically investing in both our distribution and corporate infrastructure.

與往常一樣，我們通過多渠道營銷努力提高了人們對我們各種產品的認識，這些努力將斯凱奇的信息整合到所有接觸點、在線和店內以及電視、廣播、雜誌、戶外和社交媒體上。雖然 2021 年是創紀錄的一年，但我們預計這一勢頭將持續到 2022 年。我們正在戰略性地投資於我們的分銷和企業基礎設施。

In India, we purchased our corporate headquarters in January and finalized the location for a new DC to be opened in 2023. We relocated our Japan distribution center, more than doubling our space. And we also recently relocated to a slightly larger distribution space in Panama with the intent to build an additional center, allowing us to grow from 270,000 square feet to approximately 800,000 square feet in 2023.

在印度，我們於 1 月購買了公司總部，並最終確定了將於 2023 年開業的新配送中心的選址。我們搬遷了日本配送中心，使我們的空間增加了一倍多。我們最近還搬遷到巴拿馬一個稍大的配送空間，打算建造一個額外的中心，使我們能夠在 2023 年從 270,000 平方英尺增長到大約 800,000 平方英尺。

The expansion continues on our LEED certified Gold North American distribution center, which will bring our facility in Southern California to 2.6 million square feet later this year.

我們的 LEED 認證北美黃金配送中心繼續擴建，這將使我們在南加州的工廠在今年晚些時候達到 260 萬平方英尺。

And now I'd like to turn the call over to John for more details on our financial results.

現在，我想將電話轉給約翰，以了解有關我們財務業績的更多詳細信息。

Thank you, David, and good afternoon, everyone. 2021 proved to be yet another challenging year with more COVID-related operating restrictions, closures and supply chain disruptions, many of which continued in the fourth quarter.

謝謝大衛，大家下午好。事實證明，2021 年又是充滿挑戰的一年，出現了更多與 COVID 相關的運營限制、關閉和供應鏈中斷，其中許多情況在第四季度仍在繼續。

Despite these challenges, Skechers delivered another exceptional quarter and year. Strong product and brand momentum yielded higher average selling prices in our Direct-to-Consumer business as well as among many of our wholesale partners. This translated into record sales and a recovery in our operating margins above what we expected at the beginning of the year.

儘管存在這些挑戰，Skechers 還是實現了另一個出色的季度和年度。強勁的產品和品牌勢頭為我們的直接面向消費者業務以及我們的許多批發合作夥伴帶來了更高的平均售價。這轉化為創紀錄的銷售額和我們的營業利潤率復甦，高於我們年初的預期。

We also continued to make investments throughout the year in our core strategies, growing our business internationally and increasing the depth of our relationships with consumers in our Direct-to-Consumer business.

我們還在全年繼續投資於我們的核心戰略，在國際上發展我們的業務，並在我們的直接面向消費者的業務中增加我們與消費者的關係的深度。

Before getting into specifics about this quarter's performance, let me spend a moment to provide an update on the supply chain disruptions we spoke about last quarter. First, we note that many of those disruptions, manufacturing delays, extended transit times, port congestion and elevated freight rates persisted throughout the quarter, and we worked diligently to mitigate the impact of these obstacles.

在詳細介紹本季度的表現之前，讓我花點時間提供我們上個季度談到的供應鏈中斷的最新情況。首先，我們注意到許多中斷、製造延誤、運輸時間延長、港口擁堵和運費上漲在整個季度都持續存在，我們努力減輕這些障礙的影響。

Alongside our factories, distribution partners and wholesale accounts, we worked to get product on to shelves as quickly as possible. The effect of these challenges was most evident in our inventory balances, which include an incremental $325.1 million in in-transit inventory, a year-over-year increase of over 130%. This inventory supports orders to our wholesale accounts and our own Direct-to-Consumer business, which could not be sold in the quarter.

除了我們的工廠、分銷合作夥伴和批發客戶，我們還努力讓產品盡快上架。這些挑戰的影響在我們的庫存餘額中最為明顯，其中包括在途庫存增加了 3.251 億美元，同比增長超過 130%。該庫存支持我們的批發賬戶和我們自己的直接面向消費者業務的訂單，這些業務在本季度無法出售。

As David mentioned, we recently started to see an improvement in the delivery rate of containers and are optimistic this will continue. We are monitoring events daily, but expect some level of these challenges to persist well into 2022. Nonetheless, we remain confident in the strength of our brand and trajectory of our business and have fully embraced the goal of achieving $10 billion in sales by 2026. This confidence in the long-term health of the business encouraged our Board to authorize a new 3-year share repurchase program of up to $500 million, which we expect to fund through free cash flow.

正如大衛所提到的，我們最近開始看到集裝箱的交付率有所提高，並且樂觀地認為這將繼續下去。我們每天都在監測事件，但預計這些挑戰在一定程度上會持續到 2022 年。儘管如此，我們對我們的品牌實力和業務發展軌跡仍然充滿信心，並完全接受了到 2026 年實現 100 億美元銷售額的目標。這種對業務長期健康的信心鼓勵我們的董事會批准一項新的高達 5 億美元的為期 3 年的股票回購計劃，我們預計將通過自由現金流為該計劃提供資金。

Now let me turn to details of our fourth quarter financial results, where we will provide comparisons to both the prior year and where appropriate to 2019. Sales in the quarter achieved a new fourth quarter record totaling $1.65 billion, an increase of $323.2 million or 24% from the prior year and a 24% increase over the fourth quarter of 2019.

現在讓我談談我們第四季度財務業績的細節，我們將在其中提供與上一年和適當情況下 2019 年的比較。該季度的銷售額達到了新的第四季度記錄，總計 16.5 億美元，增加了 3.232 億美元或 24 %，比 2019 年第四季度增長 24%。

Direct-to-Consumer sales increased 30% year-over-year, supported by growth in domestic and international markets of 17% and 52%, respectively. Both markets delivered meaningful improvements in gross margins and strong year-over-year average selling price growth. As compared with the fourth quarter of 2019, Direct-to-Consumer sales increased 22%, the result of an 8% increase domestically and a 45% increase internationally. International Wholesale sales increased 30% year-over-year and grew 33% compared to the fourth quarter of 2019.

在國內和國際市場分別增長 17% 和 52% 的支持下，直接面向消費者的銷售額同比增長 30%。兩個市場的毛利率都顯著提高，平均售價同比增長強勁。與 2019 年第四季度相比，直接面向消費者的銷售額增長了 22%，其中國內增長 8%，國際增長 45%。國際批發銷售額同比增長 30%，與 2019 年第四季度相比增長 33%。

Our distributor business grew 124% year-over-year, but remains slightly below pre-pandemic levels. This channel continues to make good strides toward recovery, particularly in critical markets like the Middle East and Russia. Subsidiary sales increased 47% year-over-year, and as compared to the fourth quarter of 2019, grew 66%. The improvement was primarily the result of a strong recovery in many markets heavily impacted by the pandemic last year, including the United Kingdom, Spain and India.

我們的分銷商業務同比增長 124%，但仍略低於大流行前的水平。這一渠道繼續朝著復甦邁進，尤其是在中東和俄羅斯等關鍵市場。子公司銷售額同比增長 47%，與 2019 年第四季度相比增長 66%。這一改善主要是由於去年受疫情嚴重影響的許多市場強勁復甦的結果，包括英國、西班牙和印度。

Our joint ventures grew 10% year-over-year, led by a 9% growth in China. As compared to the fourth quarter of 2019, this reflects a 32% increase. The growth in China was driven by strong e-commerce demands, somewhat tempered by slower traffic patterns in retail stores as well as temporary pandemic-related store closures. Continuing weakness in several adjacent markets also weighed on joint venture growth in Asia.

我們的合資企業同比增長 10%，其中中國增長 9%。與 2019 年第四季度相比，這反映了 32% 的增長。中國的增長是由強勁的電子商務需求推動的，但在一定程度上受到零售店客流量放緩以及與大流行相關的商店暫時關閉的影響。幾個相鄰市場的持續疲軟也拖累了亞洲合資企業的增長。

Domestic Wholesale sales grew 5% year-over-year, and we continue to see very positive underlying trends among our Domestic Wholesale partners, including strong sell-through rates and higher average selling prices.

國內批發銷售額同比增長 5%，我們繼續看到國內批發合作夥伴的非常積極的潛在趨勢，包括強勁的銷售率和更高的平均售價。

Gross margin for the quarter was 48.6%, a decrease of 30 basis points year-over-year due to higher freight expense and the mix impact of higher sales in our distributor business, which is an inherently lower gross margin business with very attractive operating margins. These were partially offset by higher average selling prices.

本季度毛利率為 48.6%，同比下降 30 個基點，原因是運費增加以及經銷商業務銷售額增加的綜合影響，這是一個固有毛利率較低的業務，但營業利潤率非常有吸引力.這些被較高的平均售價部分抵消。

Total operating expenses increased by $119.4 million or 20% to $715.1 million in the quarter versus the prior year, but improved 160 basis points as a percentage of sales from 45% to 43.4%. Selling expenses in the quarter increased year-over-year by $24.2 million or 25% to $122.1 million, reflecting additional demand creation spending globally.

本季度總運營費用較上年同期增加 1.194 億美元或 20%，達到 7.151 億美元，但佔銷售額的百分比從 45% 提高到 43.4%，提高了 160 個基點。本季度的銷售費用同比增長 2420 萬美元或 25% 至 1.221 億美元，反映了全球額外的需求創造支出。

General and administrative expenses in the quarter increased year-over-year by $95.2 million or 19% to $593 million. However, as a percentage of sales, this represented an improvement of 160 basis points. The dollar increase was due to a combination of factors, including higher retail store labor, incentive compensation, settlements of multiple legal matters and distribution-related costs.

本季度的一般和管理費用同比增長 9520 萬美元或 19%，達到 5.93 億美元。然而，作為銷售額的百分比，這意味著提高了 160 個基點。美元增長是由於多種因素的綜合作用，包括零售店勞動力增加、激勵性薪酬、多項法律問題的解決以及與分銷相關的成本。

Earnings from operations were $93.1 million versus prior year earnings of $57.7 million, an increase of $35.4 million or 61%. Operating margin improved 120 basis points to 5.6% as compared with 4.4% in the prior year. Net earnings were $402.4 million or $2.56 per diluted share on 157.3 million diluted shares outstanding. We recorded an income tax benefit of $346.8 million in the quarter, resulting from an intra-entity transfer of certain intellectual property, which will be amortized in the future.

運營收益為 9310 萬美元，而上一年的收益為 5770 萬美元，增加了 3540 萬美元或 61%。營業利潤率從去年的 4.4% 提高 120 個基點至 5.6%。淨收益為 4.024 億美元或稀釋後每股 2.56 美元，已發行 1.573 億股稀釋後的股票。我們在本季度記錄了 3.468 億美元的所得稅收益，這是由於某些知識產權的實體內部轉讓而產生的，這些知識產權將在未來攤銷。

Excluding the effects of this nonrecurring tax benefit and the settlement of multiple legal matters, adjusted diluted earnings per share were $0.43. This compares to prior year net earnings of $53.3 million or $0.34 per diluted share on 155.4 million diluted shares outstanding.

排除這種非經常性稅收優惠的影響和多項法律事務的解決，調整後的每股攤薄收益為 0.43 美元。相比之下，上一年的淨收益為 5330 萬美元或每股攤薄收益 0.34 美元，流通股為 1.554 億股。

Our effective tax rate for the fourth quarter was a negative 399%, which reflects the benefit of the intellectual property transfer. The company's effective income tax rate was a negative 43.2% for the full year, which includes a 60.9% impact from the intellectual property transfer in the fourth quarter. Excluding this benefit, our effective tax rate would have been 17.7% for the full year.

我們第四季度的有效稅率為負 399%，這反映了知識產權轉讓的好處。公司全年有效所得稅率為負43.2%，其中包括第四季度知識產權轉讓的60.9%影響。不包括這項福利，我們全年的有效稅率為 17.7%。

And now turning to our balance sheet. Our cash and liquidity position remained extremely healthy. We ended the quarter with $1.04 billion in cash, cash equivalents and investments. This reflects a decrease of $539.6 million or 34% from December 31, 2020.

現在轉向我們的資產負債表。我們的現金和流動性狀況仍然非常健康。我們在本季度結束時擁有 10.4 億美元的現金、現金等價物和投資。這反映出與 2020 年 12 月 31 日相比減少了 5.396 億美元或 34%。

As a reminder, we fully repaid our revolving credit facility in the second quarter of 2021, of which $452.5 million was outstanding last year. Also, in December, we expanded our senior unsecured credit facility to $750 million, which retains a $250 million accordion feature that provides for total liquidity of up to $1 billion.

提醒一下，我們在 2021 年第二季度全額償還了我們的循環信貸額度，其中 4.525 億美元是去年未償還的。此外，在 12 月，我們將高級無擔保信貸額度擴大至 7.5 億美元，保留了 2.5 億美元的手風琴特性，可提供高達 10 億美元的總流動性。

Trade accounts receivable at quarter-end were $732.8 million, an increase of $113 million from December 31, 2020, predominantly the result of higher wholesale sales. Total inventory was $1.47 billion, an increase of 45% or $454.2 million from December 31, 2020. However, as previously noted, this balance reflects an increase of $325.1 million in in-transit inventory, attributable mainly to supply chain disruptions. Total debt, including both current and long-term portions, was $341.6 million at December 31, 2021, compared to $735 million at December 31, 2020.

季度末應收貿易賬款為 7.328 億美元，比 2020 年 12 月 31 日增加 1.13 億美元，主要是批發銷售額增加的結果。總庫存為 14.7 億美元，比 2020 年 12 月 31 日增加 45% 或 4.542 億美元。但是，如前所述，這一餘額反映了在途庫存增加了 3.251 億美元，這主要歸因於供應鏈中斷。截至 2021 年 12 月 31 日，總債務（包括當前部分和長期部分）為 3.416 億美元，而 2020 年 12 月 31 日為 7.35 億美元。

Capital expenditures for the fourth quarter were $74 million, of which $28.7 million related to the expansion of our joint venture-owned domestic distribution center, $16 related to investments in our new corporate offices, $14.2 million related to investments in our Direct-to-Consumer technologies and retail stores and $5.9 million related to our distribution centers in China, the United Kingdom and Japan.

第四季度的資本支出為 7400 萬美元，其中 2870 萬美元與我們合資擁有的國內配送中心的擴建有關，16 美元與我們新公司辦公室的投資有關，1420 萬美元與我們直接面向消費者的投資有關技術和零售店以及與我們在中國、英國和日本的配送中心相關的 590 萬美元。

Our capital investments remain focused on supporting our strategic priorities, growing our Direct-to-Consumer business as well as expanding the presence of our brand internationally. For 2022, we expect total capital expenditures to be between $250 million and $300 million, reflecting continuing investments, both in the U.S. and internationally in our distribution infrastructure, omnichannel retail capabilities and corporate offices. Now I will turn to guidance.

我們的資本投資仍然專注於支持我們的戰略重點、發展我們的直接面向消費者的業務以及擴大我們的品牌在國際上的影響力。到 2022 年，我們預計總資本支出將在 2.5 億美元至 3 億美元之間，反映出我們在美國和國際上對我們的分銷基礎設施、全渠道零售能力和公司辦公室的持續投資。現在我將轉向指導。

For fiscal 2022, our projections are predicated upon the expectation that the pandemic and its aftereffects such as supply chain disruptions will continue, but will begin to ease in severity over the course of the year. We expect sales to be in the range of $7 billion to $7.2 billion and net earnings per diluted share to be in the range of $2.70 to $2.90.

對於 2022 財年，我們的預測是基於對大流行及其後遺症（如供應鏈中斷）將繼續存在的預期，但其嚴重程度將在一年內開始緩解。我們預計銷售額將在 70 億美元至 72 億美元之間，每股攤薄淨收益將在 2.70 美元至 2.90 美元之間。

For the first quarter, we expect sales to be in the range of $1.675 billion to $1.725 billion and net earnings per diluted share in the range of $0.70 to $0.75. We anticipate that gross margins will be down slightly compared to last year as freight costs will offset improved pricing. Our effective tax rate for the year is expected to be between 19% and 20%.

對於第一季度，我們預計銷售額將在 16.75 億美元至 17.25 億美元之間，每股攤薄收益將在 0.70 美元至 0.75 美元之間。我們預計毛利率將與去年相比略有下降，因為運費將抵消定價的改善。我們今年的有效稅率預計在 19% 至 20% 之間。

And now, I'll turn the call over to David for closing remarks.

現在，我將把電話轉給 David 來做閉幕詞。

Thank you, John. Achieving record sales for the fourth quarter of $1.65 billion and for the year at $6.29 billion is a tremendous accomplishment, especially given the supply chain constraints and ongoing COVID-related challenges. The comfort, innovation, style and quality of Skechers resonating with consumers around the world and drove an increase in sales of 24% for the fourth quarter and 37% for the full year, with gross margins of 48.6% and 49.3%, respectively.

謝謝你，約翰。第四季度實現創紀錄的 16.5 億美元銷售額和全年 62.9 億美元的銷售額是一項巨大的成就，特別是考慮到供應鏈限制和持續的 COVID 相關挑戰。斯凱奇的舒適性、創新性、風格和質量引起了全球消費者的共鳴，推動第四季度和全年銷售額分別增長 24% 和 37%，毛利率分別為 48.6% 和 49.3%。

Towards the close of 2021, we saw improvements in the moving of goods through our North American distribution center and are hopeful that the current COVID variant has reached its peak here as well as in many countries and the world can begin to normalize again.

到 2021 年底，我們看到通過我們北美配送中心的貨物運輸有所改善，並希望當前的 COVID 變種在這里以及許多國家和世界能夠再次開始正常化。

Our logistics teams are working tirelessly to address the supply chain challenges, monitoring the situation globally, with the goal of delivering Skechers comfort footwear to our customers and consumers as quickly as possible. We do expect the supply chain disruptions to continue through at least the first half of this year.

我們的物流團隊正在不知疲倦地應對供應鏈挑戰，監控全球形勢，目標是盡快為我們的客戶和消費者提供 Skechers 舒適鞋履。我們確實預計供應鏈中斷至少會持續到今年上半年。

2022 marks our 30th anniversary in business, and we're looking forward to the continued growth and implementing the many strategic plans underway. We'll be introducing more innovative and comfort technology product, developing multi-platform marketing campaigns with our growing roster of ambassadors, including recently announced television personality, Amanda Kloots, and rolling out more Skechers e-commerce sites around the world, including Spain, Portugal and Italy shortly.

2022 年是我們開展業務 30 週年，我們期待持續增長並實施正在進行的許多戰略計劃。我們將推出更多創新和舒適的技術產品，與我們不斷壯大的大使名冊（包括最近宣布的電視名人 Amanda Kloots）一起開展多平台營銷活動，並在包括西班牙在內的世界各地推出更多 Skechers 電子商務網站，葡萄牙和意大利不久。

We are finalizing plans to enter the metaverse, creating an entirely new opportunity for the Skechers brand and are further driving home the message that Skechers is the comfort technology company. Innovation, comfort and creativity will be at the forefront of our product and marketing efforts, supported by efficiency and determination in our operations to deliver product.

我們正在敲定進入虛擬世界的計劃，為 Skechers 品牌創造一個全新的機會，並進一步將 Skechers 是一家舒適技術公司的信息傳遞給人們。創新、舒適和創造力將成為我們產品和營銷工作的最前沿，並得到我們運營產品的效率和決心的支持。

Our focus is on ensuring the health and safety of the Skechers team as we look to the future. And together, as determined and driven organization, we will make 2022 another record year and continue on the road to $10 billion in sales.

在展望未來時，我們的重點是確保 Skechers 團隊的健康和安全。作為堅定而有動力的組織，我們將共同創造 2022 年又一個創紀錄的年份，並繼續朝著 100 億美元的銷售額邁進。

Now I'd like to turn the call over to the operator for questions.

現在我想把電話轉給接線員提問。

(Operator Instructions) Our first question comes from the line of Laurent Vasilescu with BNP Paribas Exane.

（操作員說明）我們的第一個問題來自法國巴黎銀行 Exane 的 Laurent Vasilescu。

Congrats on a strong finish to the year as well as the announced repo. I'd love to ask about last quarter. David, John, you talked about this kind of algo for 2026, mid- to high-teens International Wholesale, mid-teens for DTC and then mid-singles for Domestic Wholesale. How do we think about that algo for 2022?

祝賀今年的強勁收官以及宣布的回購。我很想問問上個季度的情況。大衛，約翰，你們談到了 2026 年的這種算法，中高青少年國際批發，中青少年 DTC，然後是國內批發的中單。我們如何看待 2022 年的算法？

Thanks, Laurent. I would generally say we look at 2022 with consistency relative to those guideposts, understanding though that COVID and supply chain issues will continue to have an impact and may shift growth between the segments that we report over the course of the year. That being said, I think the overall formula for continuing to drive $10 billion in sales by 2026 remains fully intact.

謝謝，勞倫特。我通常會說，我們對 2022 年的看法與這些指導方針保持一致，儘管我們理解 COVID 和供應鏈問題將繼續產生影響，並可能在我們報告的這一年中改變各細分市場之間的增長。話雖如此，我認為到 2026 年繼續推動 100 億美元銷售額的總體公式仍然完好無損。

That's great to hear. And then I think the real call-out here this quarter, if I may say, is China just up 9% on a 2-year stack, didn't show any slowdown versus 3Q. How do we think about China growth for 2022? I know it's a hard question to ask, but I think it's important. And then I have a quick follow-up on gross margins, if I may.

聽到這個消息我很高興。然後我認為本季度真正的呼籲，如果我可以說，是中國在 2 年的堆棧中僅增長 9%，與第三季度相比沒有出現任何放緩。我們如何看待 2022 年的中國經濟增長？我知道這是一個很難問的問題，但我認為這很重要。如果可以的話，我會快速跟進毛利率。

Well, we're incredibly pleased with how China performed, all things considered. The e-commerce channel continued to do extremely well, but there were impacts from COVID in the country, as David noted in our prepared comments. So it's a similar environment to what we're seeing elsewhere across the globe. COVID has an impact. It can cause closures and operating restrictions. And that's echoing through the business.

好吧，考慮到所有因素，我們對中國的表現感到非常滿意。正如大衛在我們準備好的評論中指出的那樣，電子商務渠道繼續表現出色，但該國受到了 COVID 的影響。因此，這與我們在全球其他地方看到的環境相似。 COVID有影響。它可能導致關閉和操作限制。這在整個業務中得到了回應。

That all being said, I think the growth that we showed this quarter shows that the brand continues to perform well. It's well received by consumers. And our team there continues to do a good job of executing. I don't want to get into a country-specific forecast going forward. But I will say, we continue to be very optimistic about the long-term prospects for the brand in China.

話雖如此，我認為我們本季度展示的增長表明該品牌繼續表現良好。深受消費者歡迎。我們在那裡的團隊繼續做好執行工作。我不想進入針對特定國家/地區的未來預測。但我要說，我們仍然非常看好該品牌在中國的長期前景。

We will continue to invest behind that, looking forward next year, to beginning investments in our second distribution center. So we remain fully behind China. We're very optimistic about what it will yield. We do expect some COVID impacts over the course of '22, like every other market across the globe. But overall, we remain incredibly optimistic about what we see there for the brand.

我們將繼續投資，期待明年開始投資我們的第二個配送中心。所以我們仍然全力支持中國。我們對它將產生的結果非常樂觀。與全球其他所有市場一樣，我們確實預計在 22 年期間會出現一些 COVID 影響。但總的來說，我們對該品牌的看法仍然非常樂觀。

That's great to hear. And then the last question, it's on gross margins. Overall gross margins down 30 bps. The Domestic Wholesale gross margin is down 520. I'd love to -- John, if you could parse out how much was freight for the quarter in terms of bps? And then how do we think, maybe just a little bit finer points, on how do we think about the first quarter gross margin? Just like the bridge, if it's down, like, say, 100 bps, is it like how much of that would be freight for the first quarter?

聽到這個消息我很高興。最後一個問題是毛利率。整體毛利率下降 30 個基點。國內批發毛利率下降了 520。我很想 -- 約翰，如果您能分析一下本季度的運費（以 bps 計）是多少？然後，我們如何看待第一季度的毛利率，也許只是更精細一點？就像這座橋一樣，如果它倒塌了，比如說，100 個基點，第一季度的運費是多少？

Yes. I mean I would say in order of significant freight and other transportation-related costs were certainly the single largest contributor to the pressure overall in margin and domestically. There was a little bit of mix in there in the domestic category, but I would point to freight and continuing COVID-related costs as the most significant driver.

是的。我的意思是，按照重要的運費和其他運輸相關成本的順序，我肯定是對利潤率和國內整體壓力的最大貢獻者。在國內類別中有一些混合，但我會指出運費和持續的與 COVID 相關的成本是最重要的驅動因素。

When we talk about next year, when we kind of look at it year-over-year, I think you're going to continue to see some pressures early on the gross margin line, kind of setting mix aside. And then our hope is that, that begins to improve a little bit over the back half of the year.

當我們談論明年時，當我們逐年查看時，我認為您將繼續在毛利率線上看到一些壓力，將混合放在一邊。然後我們的希望是，在今年下半年開始有所改善。

One other thing I'll just note, there was a mix impact this quarter, as we noted, with our distributor business coming back as strongly as it did. That is an inherently lower gross margin, but very attractive operating margin business. So there was some mix impact in the overall calculus of gross margin as well.

我要指出的另一件事是，正如我們所指出的，本季度的影響是混合的，我們的分銷商業務恢復得和以前一樣強勁。這是一個本質上較低的毛利率，但非常有吸引力的營業利潤率業務。因此，對毛利率的整體計算也有一些混合影響。

Our next question comes from the line of Kimberly Greenberger with Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Kimberly Greenberger。

Just a couple of quick ones. This is Alex on -- Alex Straton for Kimberly Greenberger. Could you guys just quickly talk about where you're taking price? I think you said that you saw 25% AUR growth, if I heard you correctly.

只是幾個快速的。這是亞歷克斯 - 金伯利格林伯格的亞歷克斯斯特拉頓。你們能不能快速談談你的價格？我想你說你看到了 25% 的 AUR 增長，如果我沒聽錯的話。

Yes. That was in Direct-to-Consumer. And that's partially because of our higher defined product. In other words, all our features that have come in have hit everybody, and we have high demand for the higher price. So that's the 25% increase for the -- that's a mix issue.

是的。那是直接面向消費者。這部分是因為我們更高定義的產品。換句話說，我們所有的功能都已經打到了每個人，我們對更高的價格有很高的需求。所以這是 25% 的增長——這是一個混合問題。

As far as price is concerned, that's something we evaluate as we go forward, every time we put a new line together as to what we anticipate and what we see in raw materials. So for the most part, the next couple of quarters we've spoken for, we've put it in -- we've taken our best guess as to raw materials and what's going to be done. So we feel pretty confident that we're on the right track to maintain or possibly even increase some of the domestic margins at wholesale.

就價格而言，這是我們在前進時評估的東西，每次我們將新產品線放在一起，以了解我們的預期和我們在原材料中看到的東西。因此，在大多數情況下，在接下來的幾個季度中，我們已經談到了——我們已經對原材料和將要做什麼做出了最好的猜測。因此，我們非常有信心，我們正走在正確的軌道上，以維持甚至可能增加一些國內批發利潤。

Great. And then one quick -- that's super helpful. One quick follow-up. I think there was a $15 million add-back to OpEx. You may have covered this briefly on the call, but could you just remind us what that was exactly?

偉大的。然後快速 - 這非常有幫助。快速跟進。我認為 OpEx 增加了 1500 萬美元。您可能在電話會議上簡要介紹了這一點，但您能提醒我們這到底是什麼嗎？

Yes, that was some costs associated with the settlement of multiple legal matters that had been outstanding that were resolved in the quarter.

是的，這是與解決本季度解決的多個未決法律問題相關的一些費用。

Our next question comes from the line of Jay Sole with UBS.

我們的下一個問題來自瑞銀的 Jay Sole。

Great. David, I think I heard you mention the Domestic Wholesale business in -- '21 was a really strong growth in Domestic Wholesale, a lot of share gain opportunities. As you look forward in that business and your order book, how does -- how do you think that business shapes up this year, given the -- and comparisons are pretty tough in Q2 and Q3?

偉大的。大衛，我想我聽說你提到了國內批發業務——'21 年國內批發業務增長非常強勁，有很多份額獲得機會。當您展望該業務和您的訂單時，您認為今年的業務如何形成，考慮到第二季度和第三季度的比較非常艱難？

We're starting the year very, very strongly. As to my comments when we had our prepared remarks about our supply chain cleaning up and getting a lot of product in, it started in December, but it held up very, very well in January, which led us to wholesale shipments that were higher than we originally anticipated when we went into the year.

我們非常非常有力地開始了這一年。至於我的評論，當我們準備好關於我們的供應鏈清理和大量產品進入的評論時，它從 12 月開始，但在 1 月保持得非常非常好，這導致我們的批發出貨量高於當我們進入這一年時，我們最初預計。

So that all bodes well for going forward. So it continues now into early February. We are picking up a lot of product from the ports, and we are turning it. And we still have high demand, and our backlogs are holding up extremely well, given the size and growth we've seen over the last year.

因此，這一切都是前進的好兆頭。所以它現在一直持續到二月初。我們正在從港口提貨很多產品，我們正在轉向它。而且我們仍然有很高的需求，鑑於我們在去年看到的規模和增長，我們的積壓訂單保持得非常好。

Got it. Okay. And then maybe just a question on SG&A. Company has been really controlling SG&A. It seems like on a 2-year basis, the growth rate in SG&A has slowed down a little bit. Do you feel like the current growth rate, to your basis that we're on, sort of continues into next year? Or maybe just an easier question is, how do you think about SG&A dollar growth in 2022? And what are the major puts and takes?

知道了。好的。然後也許只是一個關於 SG&A 的問題。公司一直在控制 SG&A。似乎在 2 年的基礎上，SG&A 的增長率有所放緩。你覺得目前的增長率，在你的基礎上，我們會持續到明年嗎？或者也許只是一個更簡單的問題，您如何看待 2022 年的 SG&A 美元增長？主要的看跌期權是什麼？

Yes. Jay, we don't generally think about it from a dollar growth perspective because there's so much volume-driven activity in G&A. And what we've continuously said and I think you've seen us adhere to is, aside from unusual items, we will aim to keep G&A capped at, at least the top line growth rate or something similar there, too, and obviously, strive to keep it below that.

是的。傑伊，我們通常不會從美元增長的角度來考慮它，因為在 G&A 中有太多由數量驅動的活動。我們一直在說，我想你已經看到我們堅持的是，除了不尋常的項目外，我們的目標是將 G&A 保持在上限，至少是頂線增長率或類似的水平，很明顯，努力使其低於此值。

That being said, we did ingest some new capabilities this year that we're going to be eager to deploy next year. We started up full operations for our distribution center in China, a new distribution center in the U.K. We're going to light up a fantastic addition to our U.S. distribution footprint next year.

話雖如此，我們今年確實吸收了一些我們將渴望在明年部署的新功能。我們在中國的配送中心啟動了全面運營，這是在英國的一個新配送中心。明年，我們將在美國的配送足跡中增添一抹亮麗的光彩。

So there are some other elements in there that can sometimes mask, I think, that discipline that we're beginning to show here. And I think you can expect we'll continue to do that. But it will ebb and flow on the quarters as some of those events unfold and then when you have unusual items like the one we just mentioned to Alex, that we kind of hold aside as an exceptional item.

因此，我認為，其中還有一些其他元素有時會掩蓋我們在這裡開始展示的紀律。我認為你可以期待我們會繼續這樣做。但隨著其中一些事件的展開，它會在季度中起起落落，然後當你有像我們剛剛向亞歷克斯提到的那樣不尋常的物品時，我們會將其作為特殊物品擱置一旁。

Our next question comes from the line of Omar Saad with Evercore ISI.

我們的下一個問題來自與 Evercore ISI 的 Omar Saad。

Another great quarter. A couple of follow-ups. Can you help us understand in China and globally as well, I know you've got the in-transit number. But what's the kind of level of missed sales that we're talking about here in terms of not being able to get inventory where you needed to? And is there any risk associated with those inventories? Are they coming in quickly enough after the fact to get where they need to go to be sold at full price? And then I have a follow-up.

另一個很棒的季度。幾個後續。您能幫助我們了解在中國和全球範圍內的情況嗎，我知道您有在途號碼。但是，就無法在您需要的地方獲得庫存而言，我們在這裡談論的錯過銷售水平是多少？這些庫存是否存在任何風險？他們在到達他們需要去的地方以全價出售之後是否足夠快地進入？然後我有一個跟進。

Yes. I mean it's tough to determine how much of that in-transit would have been transacted. We give the in-transit number. Again, that $325 million is an increment on prior years as an indicator of how much potential was trapped on the water.

是的。我的意思是很難確定在運輸過程中有多少會被交易。我們給出在途號碼。同樣，這 3.25 億美元是前幾年的增量，表明有多少潛力被困在水面上。

It's probably not fair to assume all of that would have been sold, but it's also not 0 either because we're still seeing, as David noted, incredibly strong demand evident in the backlog and when we have the product, our ability to ship it to customers and their ability, quite frankly, to sell through a very attractive ASP.

假設所有這些都已售出可能是不公平的，但它也不是 0，因為正如大衛指出的那樣，我們仍然看到積壓中的需求非常強勁，當我們擁有產品時，我們有能力運送它坦率地說，客戶和他們通過非常有吸引力的 ASP 進行銷售的能力。

So overall, I would say it was an impact, probably more pronounced domestically and in Europe than in China. In China, the MIT numbers weren't as drastic as the impacts we're seeing elsewhere across the globe because they just haven't had as many issues with the supply chain as other markets.

所以總的來說，我會說這是一種影響，可能在國內和歐洲比在中國更明顯。在中國，麻省理工學院的數據並沒有我們在全球其他地方看到的影響那麼劇烈，因為它們的供應鏈問題沒有其他市場那麼多。

Yes. Just to add some light, as I said just before, we had a very strong January for Domestic Wholesale. So to John's point, a significant portion of that was in transit through the quarter would have been taken in December certainly. And the growth in January is significantly larger than the growth we saw in December. So if you start to even them out, it becomes quite significant.

是的。只是為了增加一些亮點，正如我之前所說，我們在 1 月份的國內批發市場表現非常強勁。因此，就約翰而言，其中很大一部分是在本季度的運輸過程中，肯定會在 12 月採取。 1 月份的增長明顯大於我們在 12 月份看到的增長。因此，如果您開始將它們弄平，那將變得非常重要。

The same basically holds true in Europe as well. We've come up with a very strong month. They took a little longer. [They're] picked up the back half of January and the first part of February are significantly larger than anticipated because of the goods, and those could have shipped in the quarter as well. So when you take a quarter that's as good as this, and you can put in any significant amount, it obviously shows the strength of the brand and the demand for it that exists today.

在歐洲基本上也是如此。我們提出了一個非常強勁的月份。他們花了一點時間。 [他們] 1 月下半月提貨，2 月上旬由於貨物原因明顯大於預期，而且這些貨物也可能在本季度發貨。因此，當您選擇與此一樣好的季度，並且您可以投入任何大量資金時，它顯然顯示了品牌的實力以及當今存在的對該品牌的需求。

Yes, absolutely. And then if I could make a quick follow-up. You mentioned stores, the interplay between the stores and e-comm stores coming back very strong with e-comm at least in North America turning negative. Is that dynamic you're seeing globally? And are you able to kind of track your customers across the channel and use the loyalty program to track the customers across the channel to make sure you're capturing them in either channel? Or is it a different customer who is coming back to the stores versus the ones in e-comm that have been in e-comm?

是的，一點沒錯。然後，如果我可以快速跟進。你提到了商店，商店和電子商務商店之間的相互作用非常強烈，至少在北美的電子商務變得負面。您在全球範圍內看到這種動態嗎？您是否能夠通過渠道跟踪您的客戶並使用忠誠度計劃來跟踪整個渠道的客戶，以確保您在任一渠道中都捕獲了他們？還是返回商店的顧客與電子商務中的顧客不同？

Well, we can definitely track loyalty members across the channel. That's the result of a lot of the investment we've made over the last couple of years in driving towards an omnichannel solution. I don't quite honestly know how much crossover there was in the quarter, but that's absolutely a capability we have. The way I would think about the domestic pressure on e-commerce this past quarter was -- is largely attributable to inventory availability. As inventory constricted, that was certainly a factor.

好吧，我們絕對可以跨渠道跟踪忠誠度會員。這是我們在過去幾年中為推動全渠道解決方案所做的大量投資的結果。老實說，我不太清楚本季度有多少交叉，但這絕對是我們擁有的能力。我認為過去一個季度國內電子商務面臨的壓力的方式是——很大程度上歸因於庫存可用性。由於庫存緊縮，這當然是一個因素。

We saw a little evidence of that internationally as well outside of China. That being said, I mean, it's important to keep in mind, on a 2-year stack basis, the results in e-commerce have been fantastic over 100%. So we're continue -- we're going to continue to invest in that business. We feel really good about what it achieved. Inventory availability was a challenge, but we expect that business to continue to grow going forward.

我們在國際以及中國以外的地方看到了一些證據。話雖如此，我的意思是，重要的是要記住，在 2 年的堆棧基礎上，電子商務的結果已經超過 100%。所以我們繼續——我們將繼續投資於該業務。我們對它所取得的成就感覺非常好。庫存可用性是一個挑戰，但我們預計該業務將繼續增長。

Our next question comes from the line of John Kernan with Cowen.

我們的下一個問題來自 John Kernan 和 Cowen 的觀點。

This is Krista Zuber on for John. Just 2 questions here. First, on the $10 billion in 2026 sales target. Could you kind of frame how you're thinking about the operating margin within that? I think in the past, you've talked about a double-digit operating margin, 10% to 12%. Just like to get your thoughts on how you see that playing out within the next 5 years? And then I have one follow-up.

這是約翰的克里斯塔祖伯。這裡只有2個問題。首先，關於 2026 年 100 億美元的銷售目標。您能否描述一下您是如何考慮其中的營業利潤率的？我認為在過去，您談到了兩位數的營業利潤率，即 10% 到 12%。只是想了解一下您如何看待未來 5 年內的發展？然後我有一個後續行動。

Yes. I mean I think the best way to think about it is we're focused on continuing to grow the business to its maximum potential. We certainly see $10 billion as a waypoint on that. It's not intended to be the end of the road for us. It's just a midterm target, I would say. We've been pretty consistent in saying that we think kind of the natural margin in the business is in that low to mid-teen number.

是的。我的意思是我認為考慮它的最佳方式是我們專注於繼續將業務發展到最大潛力。我們當然認為 100 億美元是其中的一個路標。對我們來說，這並不是道路的盡頭。我想說，這只是一個中期目標。我們一直非常一致地說，我們認為業務中的自然利潤率處於低到中青少年的數字。

Now whether or not that occurs precisely when we hit $10 billion or not is to be determined, but no limit on our ability to get there other than we want to continue to invest to grow the brand. And I would stress, $10 billion is not the stopping point for this brand. It's just a waypoint.

現在，這是否恰好發生在我們達到 100 億美元的時候還有待確定，但除了我們希望繼續投資以發展品牌之外，我們實現目標的能力沒有限制。我要強調的是，100 億美元並不是這個品牌的終點。這只是一個路標。

Terrific. And then just as it relates to your retail gross margin, you're going to be lapping some terrific outsized gains in 2021. Just wondering if you could frame your expectation on that line item into 2022.

了不起。然後，正如它與您的零售毛利率有關，您將在 2021 年獲得一些驚人的超額收益。只是想知道您是否可以將您對該項目的預期設定為 2022 年。

Yes. I think vis-à-vis retail, we have about a quarter to give here because we really didn't see retail pop back into strong activity into the middle of first quarter. So there will be some natural accretion in the first couple of quarters. From there, I do expect that some of the pressures we're seeing on logistics, and other supply chain-related effects are going to create some downward pressure.

是的。我認為與零售業相比，我們在這裡有大約四分之一的時間可以提供，因為我們真的沒有看到零售業在第一季度中期恢復強勁活動。所以在前幾個季度會有一些自然增長。從那裡開始，我確實預計我們在物流上看到的一些壓力以及其他與供應鏈相關的影響將產生一些下行壓力。

We don't think it will be significant. And it is considered in that overall mix of guide we gave on gross margin, which is that we expect gross margin for the company in total to be flat to slightly down next year. That's all I'd probably say at a segment level on gross margin guidance.

我們認為這不會很重要。在我們對毛利率給出的總體指導組合中考慮了這一點，即我們預計公司明年的總毛利率將持平或略有下降。這就是我可能會在毛利率指導的細分層面上說的全部內容。

Our next question comes from the line of Tom Nikic with Wedbush Securities.

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

So I want to talk about the guidance. It seems like you've got a pretty strong Q1 guide. I think it's implied something like 17% to 21% growth. And then kind of implies a more modest growth rate for the remainder of the year, something more like a low double-digit, low-teens type of growth rate. Is there anything in particular that's driving that disparity in the revenue growth rate for Q1 versus the rest of the year?

所以我想談談指導。看起來你有一個非常強大的 Q1 指南。我認為這暗示了 17% 到 21% 的增長。然後有點暗示今年剩餘時間的增長率會更加溫和，更像是低兩位數，低青少年類型的增長率。有什麼特別的原因導致第一季度與今年剩餘時間的收入增長率出現這種差異？

Yes, Tom, 2 things. One is keep in mind, last year's Q2 was outstanding by any stretch of the imagination. And so we'll be lapping that this year. And that just means that the growth rate looks a little bit less significant than you see in other quarters, but the dollar value of what we aim to achieve is still pretty notable. But Q2 last year, remember, was that significant combination of COVID restrictions lapping, stimulus going out and a lot of other factors that drove a significant amount of outsized demand in the quarter, particularly in our retail business.

是的，湯姆，兩件事。一個是記住，去年的第二季度在任何想像中都非常出色。所以我們今年將使用它。這只是意味著增長率看起來比你在其他季度看到的要小一些，但我們目標實現的美元價值仍然非常顯著。但請記住，去年第二季度是 COVID 限制措施、刺激措施的出台和許多其他因素的重要組合，推動了該季度大量的超額需求，尤其是在我們的零售業務中。

The other thing I'd say is, certainly in this operating environment, the further you get from any point, the more opaque the situation gets, given supply chain challenges, COVID restrictions. So we're also being, I think, reasonably conservative about how we view the out quarters, given those issues have persisted now for a couple of years.

我要說的另一件事是，當然在這種運營環境中，鑑於供應鏈挑戰和 COVID 限制，您離任何一點越遠，情況就越不透明。因此，我認為，鑑於這些問題現在已經持續了幾年，我們對如何看待外部季度的看法也相當保守。

Obviously, if there are fewer issues, that would bode better for us from an operational perspective. If bigger issues reemerge, like what we've seen most recently in the Omicron variant, then we would expect more challenges. And so we're trying to triangulate against those 2 potentialities and, as a result, put together what we think is a decent expectation about the back half of the year. But certainly, we will learn more as time goes on.

顯然，如果問題更少，從運營角度來看，這對我們來說是個好兆頭。如果更大的問題再次出現，就像我們最近在 Omicron 變體中看到的那樣，那麼我們會期待更多的挑戰。因此，我們正試圖對這兩個潛力進行三角測量，因此，我們認為對下半年的預期是一個不錯的預期。但可以肯定的是，隨著時間的推移，我們會學到更多。

Understood. And on the EPS guide, is there any buyback incorporated in the guidance? And how should we think about the pace of buyback, given the new authorization?

明白了。在 EPS 指南中，指南中是否包含任何回購？鑑於新的授權，我們應該如何考慮回購的步伐？

Yes. There is no repurchase baked into our guidance at this point in time. We just received the authorization. We'll put it into effect. And we'll attempt to be aggressive where we feel like the situation warrants and then probably put a more programmatic plan in place and give you updates as we go along.

是的。目前我們的指導中沒有回購。我們剛剛收到授權。我們將使其生效。我們將嘗試在我們認為情況需要的地方採取積極的態度，然後可能會制定一個更加程序化的計劃，並在我們進行時為您提供更新。

Our next question comes from the line of Brian McNamara with Berenberg Capital Markets.

我們的下一個問題來自Berenberg Capital Markets 的Brian McNamara。

Congrats on the strong results. So another one on guidance, unfortunately. At your guidance midpoint for the full year, it looks like your top line is implied at 13%, your EPS implies just 9%. So I'm curious what's driving that delta? Is there some conservatism embedded in there? And how should we think about operating margin progression this year?

恭喜取得了不錯的成績。不幸的是，另一個關於指導的。在您全年的指導中點，您的收入似乎隱含在 13%，您的每股收益僅隱含 9%。所以我很好奇是什麼驅動了這個三角洲？那裡有一些保守主義嗎？我們應該如何看待今年的營業利潤率增長？

Yes. I would say there's certainly some concern that we've given voice to already around supply chain costs. I mean that's the biggest near-term pressure we see. So we have absolutely attempted to consider the array of costs we're seeing come forward in that. That's everything from intermodal rates, port fees, congestion costs, freight rates, which are staying pertinently high from our perspective.

是的。我想說的是，我們已經就供應鏈成本發表了意見，這肯定存在一些擔憂。我的意思是這是我們看到的最大的近期壓力。因此，我們絕對嘗試考慮我們看到的一系列成本。這就是多式聯運費率、港口費、擁堵成本、運費等所有方面，從我們的角度來看，這些都保持在相當高的水平。

And then also keeping in mind, we'll be in a position where we have to renegotiate freight rates during the year. That's the single biggest factor. We are seeing pressures on labor like other folks. We believe we're doing a very good job of managing that. And then we will evaluate, over the course of the year, whether or not that cost profile means we need to look at price again, as David previously mentioned, or the situation changes and some of those pressures begin to abate, delivering more down to the bottom line.

然後還要記住，我們將不得不在年內重新談判運費。這是最大的一個因素。我們和其他人一樣看到了勞動力方面的壓力。我們相信我們在管理這方面做得非常好。然後我們將在一年中評估成本狀況是否意味著我們需要重新審視價格，正如大衛之前提到的，或者情況發生變化，其中一些壓力開始減弱，交付更多底線。

And just one more on India. Could you provide some color on how India finished the year relative to 2019 and what your expectations are for that market this year? It seemed like the back half of the year really accelerated after Q2 was pretty much a lost quarter with the pandemic last year.

還有一個關於印度的。您能否提供一些關於印度相對於 2019 年如何結束這一年以及您對今年該市場的期望的一些顏色？在去年的大流行導致第二季度幾乎是一個虧損的季度之後，今年下半年似乎真的加速了。

It really did accelerate in the back half, and they were relatively flat to 2019, saw some growth. We do anticipate they will continue to grow and maybe even pick up the pace depending on their own issues as far as supply chain and COVID.

後半段確實加速了，到 2019 年相對持平，出現了一些增長。我們確實預計他們將繼續增長，甚至可能根據他們自己的供應鍊和 COVID 問題加快步伐。

So Brian, just to clarify, what David said is flat to '19, he meant on the full year. In the fourth quarter, they did pick up speed. But if you think about that comment, that means they were able to make up what they lost in Q2 in the back half of the year. And that's a stunning accomplishment.

所以布萊恩，澄清一下，大衛所說的與 19 年持平，他的意思是全年。在第四節，他們確實加快了速度。但是，如果您考慮一下該評論，那意味著他們能夠彌補他們在下半年第二季度的損失。這是一項了不起的成就。

David also made mention of 2 sizable investments we're making in that market because we believe that market has tremendous promise. We purchased some corporate space for our team there, and we're in the process of identifying and then building out our own distribution center there because we see that market as having fantastic long-term opportunity for the brand.

David 還提到了我們在該市場進行的 2 項大規模投資，因為我們相信該市場具有巨大的潛力。我們在那里為我們的團隊購買了一些企業空間，我們正在確定並在那裡建立我們自己的配送中心，因為我們認為該市場為該品牌提供了極好的長期機會。

(Operator Instructions) Our next question comes from the line of Jim Duffy with Stifel.

（操作員說明）我們的下一個問題來自 Jim Duffy 和 Stifel 的台詞。

This is Peter McGoldrick on for Jim. First, I just wanted to ask about the inventory growth. So $325 million in transit, up significantly from the prior year. How should we think of the increase in inventory as it progresses throughout the year? Should we see a moderation? Or is there a moment in time where you expect to be caught up or realigned with your forward sales growth?

這是吉姆的彼得麥戈德里克。首先，我只是想問一下庫存增長。因此，運輸費用為 3.25 億美元，比上一年顯著增加。隨著全年的進展，我們應該如何看待庫存的增加？我們應該看到適度嗎？或者是否有某個時刻您期望趕上或重新調整您的遠期銷售增長？

Well, that's a good question. I think if we knew the answer to that, we would be geniuses.

嗯，這是個好問題。我想如果我們知道這個問題的答案，我們就會成為天才。

Yes. We hope we're going to be aligned or will be aligned. That's always our target. I think what you see in that growth is not necessarily looking in hindsight, you've got to look forward to the demand for the brand. So I think the demand can pick up to a point that hasn't seen before or there could be supply chain issues where there's a big influx of goods in the quarter and then things tend to slow down. So there's a couple of scenarios out there.

是的。我們希望我們將保持一致或將保持一致。這始終是我們的目標。我認為你在這種增長中看到的不一定是事後諸葛亮，你必須期待對品牌的需求。因此，我認為需求可能會回升到前所未有的水平，或者可能存在供應鏈問題，即本季度商品大量湧入，然後情況趨於放緩。所以有幾個場景。

We think our inventory does very well. We feel no risk with it as it's coming in now that they are (inaudible) around the world and demand for more than we can make in the near term.

我們認為我們的庫存做得很好。我們覺得它沒有任何風險，因為它現在正在世界各地（聽不清）並且需求超過我們在短期內所能做的。

Okay. And then finally, with 2021 in the rearview mirror, I wanted to ask about promotion, the benefit to gross margin. How did that benefit for the year? What's embedded in the outlook. It sounds like pricing is a partial offset to the transportation cost. And is there any indication of a reversion towards historical norms and promotional cadence?

好的。最後，在後視鏡中的 2021 年，我想問一下促銷，對毛利率的好處。這一年的收益如何？展望中嵌入了什麼。聽起來定價是對運輸成本的部分抵消。是否有任何跡象表明回歸歷史規範和促銷節奏？

We haven't seen any kind of reversion to the mean, if you will, on promotions, although I'd say our hope is obviously that, that mean diminishes. Right now, we're seeing the same environment. We do have some expectation that, that will return to some more normalized level of promotion in the back half of the year in the direct-to-consumer channel. But right now, what we're seeing is strong resilience of the ASP increases we had put in place last year and a very continuingly strong environment relative to promotions.

如果你願意的話，在促銷活動中，我們還沒有看到任何形式的平均回歸，儘管我想說我們的希望顯然是，平均減少。現在，我們看到的是相同的環境。我們確實有一些期望，這將在今年下半年在直接面向消費者的渠道中恢復到一些更正常的促銷水平。但現在，我們看到的是去年我們實施的 ASP 增長的強大彈性以及與促銷相關的非常持續強勁的環境。

It's obviously something we'll watch carefully. That's a competitive marketplace dynamic we keep abreast of regularly. But at the moment, we don't see those fading. And we do have a little bit of expectation, in the back half of the year, some of that will return, but not nearly what you saw in kind of '18 and '19, which is pretty deep.

這顯然是我們會仔細觀察的。這是我們定期了解的競爭激烈的市場動態。但目前，我們並沒有看到那些消退。我們確實有一點期望，在今年下半年，其中一些會回歸，但不會像你在 18 和 19 年看到的那樣，這是相當深刻的。

Our last question comes from the line of Susan Anderson with B. Riley.

我們的最後一個問題來自 Susan Anderson 和 B. Riley 的對話。

I was wondering, did you guys mention what your expectations are between the international markets for growth for this year and the U.S.? And then also, did you guys say what units were in the quarter versus ASPs?

我想知道，你們有沒有提到你們對今年國際市場和美國增長的期望是什麼？然後，你們有沒有說本季度的單位與平均售價相比有哪些？

I don't know that we touched on either of those. I'd probably say there's no strong departure we see from kind of our normalized growth algorithm for Q1 or even the full year of '22, although again, I would just caution the impacts of COVID tend not to be uniform across the globe. So we certainly have seen changes.

我不知道我們觸及了其中任何一個。我可能會說，我們看到的第一季度甚至 22 年全年的標準化增長算法並沒有太大的偏離，儘管我再次警告說，COVID 的影響在全球範圍內往往並不統一。所以我們當然已經看到了變化。

I'd point out, Domestic Wholesale will probably be a little bit stronger in Q1 than kind of what we normally anticipate. But absent that, I think the growth trajectories for the rest of the businesses will be pretty consistent with our longer-term guide as to how the business gets to that $10 billion mark.

我要指出的是，第一季度的國內批發可能會比我們通常預期的要強一些。但如果沒有這一點，我認為其他業務的增長軌跡將與我們關於業務如何達到 100 億美元大關的長期指南非常一致。

Ladies and gentlemen, we have reached the end of today's question-and-answer session. This concludes today's conference. You may disconnect your lines at this time. Thank you for your participation. Enjoy the rest of your day.

女士們，先生們，今天的問答環節到此結束。今天的會議到此結束。此時您可以斷開線路。感謝您的參與。享受你一天的剩餘時間。