Under Armour Inc (UA) 2019 Q1 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the Under Armour First Quarter 2019 Earnings Webcast and Conference Call.

女士們，先生們，美好的一天，歡迎來到安德瑪 2019 年第一季度收益網絡直播和電話會議。

(Operator Instructions) As a reminder, this conference call is being recorded.

（操作員說明）作為提醒，此電話會議正在錄音中。

I would now like to introduce your host for today's conference, Mr. Lance Allega, Senior Vice President of Investor Relations and Corporate Development.

我現在想介紹一下今天會議的主持人，投資者關係和企業發展高級副總裁 Lance Allega 先生。

Sir, you may begin.

先生，您可以開始了。

Thank you.

謝謝你。

Good morning to everyone joining us on today's call to discuss Under Armour's first quarter 2019 results.

大家早上好，今天加入我們的電話會議討論安德瑪 2019 年第一季度業績。

Participants on the call will make forward-looking statements.

電話會議的參與者將做出前瞻性陳述。

These statements are based on current expectations and are subject to certain uncertainties that could cause actual results to differ materially.

這些陳述基於當前的預期，並受到某些可能導致實際結果存在重大差異的不確定性的影響。

These uncertainties are detailed in this morning's press release and documents filed regularly with the SEC, all of which can be found on our website at about.underarmour.com.

這些不確定性在今天上午的新聞稿和定期提交給 SEC 的文件中有詳細說明，所有這些都可以在我們的網站 about.underarmour.com 上找到。

During our call, we may reference certain non-GAAP financial information, including adjusted and currency neutral terms, which are defined in this morning's release.

在我們的電話會議中，我們可能會參考某些非 GAAP 財務信息，包括調整後和貨幣中性條款，這些條款在今天上午的新聞稿中定義。

We use non-GAAP amounts as the lead in some of our discussions because we feel they more accurately represent the true operational performance and underlying results of our business.

我們在一些討論中使用非公認會計原則金額作為主導，因為我們認為它們更準確地代表了我們業務的真實運營績效和基本結果。

You may also hear us refer to amounts in accordance with U.S. GAAP.

您可能還會聽到我們根據美國公認會計原則提及金額。

Reconciliations of GAAP to non-GAAP measures can be found in the supplemental financial tables included in the press release, which identify and quantify all excluded items and provide management's view of why this information is useful to investors.

GAAP 與非 GAAP 措施的對賬可以在新聞稿中包含的補充財務表格中找到，這些表格識別和量化了所有被排除的項目，並提供了管理層對為什麼這些信息對投資者有用的看法。

Joining us on today's call will be Under Armour Chairman and CEO, Kevin Plank; President and COO, Patrik Frisk; and Chief Financial Officer, Dave Bergman.

加入我們今天電話會議的將是 Under Armour 董事長兼首席執行官 Kevin Plank； Patrik Frisk 總裁兼首席運營官；和首席財務官戴夫·伯格曼。

Following our prepared remarks, we'll open up the call for questions.

在我們準備好的評論之後，我們將打開提問的電話。

And with that, I'll turn it over to Kevin.

有了這個，我會把它交給凱文。

Thanks, Lance, and good morning, everyone.

謝謝，蘭斯，大家早上好。

With the first quarter in the books, we're off to a solid start to the year for Under Armour's business and brand.

隨著第一季度的到來，我們為 Under Armour 的業務和品牌迎來了良好的開端。

As laid out in our last call, we are focused on 4 objectives as we work to deliver 2019: first, the brand, amplifying our story and delivering innovative products and experiences that make our athletes better; second, continuing to optimize our operations and investments to prioritize our premium athletic performance brand positioning; third, building stronger relationships with our customers; and fourth, delivering on our financial plan to drive sustainable, profitable growth over the long term.

正如我們上次電話會議所述，我們在努力實現 2019 年的過程中專注於 4 個目標：首先，品牌，擴大我們的故事，提供創新的產品和體驗，讓我們的運動員變得更好；其次，繼續優化我們的運營和投資，優先考慮我們的優質運動表現品牌定位；第三，與我們的客戶建立更牢固的關係；第四，實施我們的財務計劃，以推動長期可持續的盈利增長。

With the first quarter as a backdrop, let's quickly touch on some of the progress we're making.

以第一季度為背景，讓我們快速談談我們正在取得的一些進展。

Starting with Under Armour brand performance.

從 Under Armour 品牌表現開始。

We're seeing strong momentum among athletes, products and experiences.

我們在運動員、產品和體驗中看到了強勁的勢頭。

Perhaps the biggest athlete highlight was the NCAA basketball tournament, where we had teams competing in both national championship finals with Notre Dame on the women's side and Texas Tech on the men's side.

也許最大的運動員亮點是 NCAA 籃球錦標賽，我們有球隊參加了全國冠軍決賽，女子隊是聖母大學，男子隊是德州理工大學。

When considering that only 5 years ago, we had just a handful of teams in the entire tournament, to having 29 this year, we're excited to see our product innovation win on the court, and our overall presence in basketball continue to drive brand heat and consideration.

考慮到僅僅 5 年前，我們在整個錦標賽中只有少數球隊，到今年有 29 支球隊，我們很高興看到我們的產品創新在球場上獲勝，我們在籃球領域的整體影響力繼續推動品牌熱量和考慮。

In product, our big innovation stories for the year, Rush, Recover and HOVR, are in the market delivering on our promise to make athletes better.

在產品方面，我們今年的重大創新故事 Rush、Recover 和 HOVR 在市場上兌現了我們讓運動員變得更好的承諾。

Rush and Recover use mineral-infused fabrics to enhance performance by recycling the body's natural heat to promote blood flow, thereby, improving endurance, strength and repair.

Rush and Recover 使用注入礦物質的織物通過回收身體的自然熱量來促進血液流動，從而提高耐力、力量和修復能力，從而提高性能。

Turning to UA HOVR.

轉向UA HOVR。

With more than 12 styles across run, sports style, basketball and golf now available, we're driving positive results and reception.

現在有超過 12 種跑步、運動風格、籃球和高爾夫風格可供選擇，我們正在推動積極的結果和接受度。

In fact, the HOVR Infinite running shoe was featured as a top pick by both Outside and Women's Running magazines.

事實上，HOVR Infinite 跑鞋被 Outdoors 和 Women's Running 雜誌列為首選。

And Runner's World featured this shoe on the cover of its spring 2019 shoe guide with a coveted recommended award.

Runner's World 在其 2019 年春季鞋履指南的封面上展示了這款鞋，並獲得了令人垂涎的推薦獎。

We're also continuing to build momentum in our digital business, as we move to more aggressively integrate our Connected Fitness community at the intersection of train, compete and recover to connect even more deeply with our consumers.

隨著我們在訓練、競爭和恢復的交叉點更積極地整合我們的互聯健身社區，以更深入地與我們的消費者建立聯繫，我們還將繼續在我們的數字業務中建立動力。

From an operational perspective, in order to deliver on our brand promise in this highly competitive landscape and, most importantly, to be able to do it again and again, our investments must be optimized, targeted and return driven.

從運營的角度來看，為了在這個競爭激烈的環境中兌現我們的品牌承諾，最重要的是，為了能夠一次又一次地做到這一點，我們的投資必須是優化的、有針對性的和回報驅動的。

With a clear focus on athletic performance supported by an improved go-to-market process and the alignment of our category and regional structure now firmly in place, the integration into our long-term strategic planning process is considerably strengthening our ability to be consistent.

通過改進的上市流程以及我們的類別和區域結構的一致性，我們明確關注運動表現，並將其納入我們的長期戰略規劃流程大大增強了我們保持一致的能力。

By operating more effectively across innovation, design, supply chain, marketing and sales, we're making the best decisions collectively for our brand.

通過在創新、設計、供應鏈、營銷和銷售方面更有效地運作，我們共同為我們的品牌做出最佳決策。

This cohesive effort further empowers our ability to reinvest back into our largest, long-term growth opportunities, including footwear, women's, direct-to-consumer and our international businesses.

這種凝聚力的努力進一步增強了我們重新投資於我們最大的長期增長機會的能力，包括鞋類、女裝、直接面向消費者的業務和我們的國際業務。

Two highlights supporting the strategic objective in the quarter included opening our new EMEA headquarters in Amsterdam, which, during this period of transformation and stabilization in this region, meaningfully amplifies our culture and brand energy, giving us great confidence in this team's ability to tackle its next chapter of growth.

支持本季度戰略目標的兩個亮點包括在阿姆斯特丹開設我們的新 EMEA 總部，在該地區轉型和穩定的這段時間裡，它有意義地放大了我們的文化和品牌能量，使我們對這個團隊解決其問題的能力充滿信心下一章的成長。

We also announced the opening of the first UA Brand House in India, where Michael Phelps joined Patrik and myself, along with others, to help celebrate our entrance into market that is immensely passionate for sport and represents a solid opportunity for Under Armour over the long term.

我們還宣佈在印度開設第一家 UA 品牌之家，Michael Phelps 加入了 Patrik 和我以及其他人，以幫助慶祝我們進入對運動充滿熱情的市場，並為 Under Armour 長期提供堅實的機會學期。

Next up is building stronger, brand-right relationships with key customers, relationships that protect our premium positioning and allow us to mutually manage the marketplace with sustainable, profitable growth.

接下來是與關鍵客戶建立更牢固的品牌關係，這種關係可以保護我們的高端定位，讓我們能夠以可持續的盈利增長共同管理市場。

At the core of this effort has been a reset predicated on better segmented product, managed inventories and, ultimately, improved service levels, all of which we've made excellent progress with.

這項工作的核心是基於更好的細分產品、管理庫存以及最終提高服務水平的重置，所有這些我們都取得了出色的進展。

With respect to differentiation, throughout much of 2019, we're still in a bit of a hybrid period in between our previous go-to-market, the short-term things we were able to impact, like SKU rationalizations and channel optimization, and our new go-to-market, which commercializes more meaningfully toward the end of 2019 and in the spring/summer of 2020.

關於差異化，在 2019 年的大部分時間裡，我們仍然處於我們之前的上市、我們能夠影響的短期事情之間的混合時期，比如 SKU 合理化和渠道優化，以及我們新的上市產品，將在 2019 年底和 2020 年春/夏進行更有意義的商業化。

Of course, this is difficult if there's too much inventory in the marketplace, and in this respect, our global supply chain and sales organizations continued to do an extraordinary job managing our sourcing and customer relationships, getting our product to retail and empowering our ability to manage our marketplace more effectively.

當然，如果市場上的庫存過多，這將很困難，在這方面，我們的全球供應鍊和銷售組織繼續在管理我們的採購和客戶關係、將我們的產品投入零售並增強我們的能力方面做得非常出色。更有效地管理我們的市場。

With quarter end inventories down 24%, this is a significant accomplishment that allows us and our customers to ensure that our newest products are available at the right place, at the right time, whenever and wherever consumers choose to engage Under Armour.

隨著季度末庫存下降 24%，這是一項重大成就，使我們和我們的客戶能夠確保我們的最新產品在正確的地點、正確的時間、消費者選擇參與 Under Armour 的任何時間和地點提供。

A key element of our success with our retail partners is how we service them, and I'm proud to say that we are seeing improved year-over-year service levels due to the ongoing process and structural improvements across our supply chain.

我們與零售合作夥伴取得成功的一個關鍵因素是我們如何為他們提供服務，我很自豪地說，由於我們整個供應鏈的持續流程和結構改進，我們看到服務水平逐年提高。

We're just running a better play, period.

我們只是在進行一場更好的比賽，期間。

With that, let's finish out on our fourth area of focus, which is delivering on our financial plan.

有了這個，讓我們完成我們的第四個重點領域，即實現我們的財務計劃。

In the quarter, slightly higher-than-planned revenue and gross margin, along with more disciplined cost management, delivered a better-than-expected bottom line.

本季度，略高於計劃的收入和毛利率，以及更嚴格的成本管理，帶來了好於預期的底線。

With this slight overdelivery, we favorably adjusted our full year outlook.

由於略微超額交付，我們有利地調整了全年展望。

This is not to say, however, that this will be our typical approach moving forward.

然而，這並不是說這將是我們前進的典型方法。

In fact, if we were to see additional top line or gross margin expansion above our plan, we may choose to further invest in marketing and product initiatives to support building the long-term Under Armour brand.

事實上，如果我們看到超出計劃的額外收入或毛利率擴張，我們可能會選擇進一步投資於營銷和產品計劃，以支持建立長期的 Under Armour 品牌。

To sum it up, there is, of course, still more work to do on this journey.

總而言之，當然，在這個旅程中還有更多的工作要做。

Yet it is one we are really pleased with the progress we've made to ensure that we put ourselves in the best position to win.

然而，這是我們為確保我們處於最佳獲勝位置而取得的進展感到非常滿意的一次。

There's little doubt that we're running more efficiently with clearer, greater purpose than even just a year ago.

毫無疑問，與一年前相比，我們的運行效率更高，目標更明確、更宏大。

Great brands endure, and Under Armour will emerge from 2019 as an even stronger brand and company for our consumers, customers and shareholders.

偉大的品牌經久不衰，從 2019 年開始，Under Armour 將成為對我們的消費者、客戶和股東而言更強大的品牌和公司。

We are exactly where we want to be.

我們正是我們想去的地方。

And with that, I'll turn it over to Patrik.

有了這個，我會把它交給帕特里克。

Thanks, Kevin.

謝謝，凱文。

Today's results are a good indicator that the discipline, stability and process improvement efforts are working.

今天的結果很好地表明了紀律、穩定性和流程改進工作正在發揮作用。

Our go-to-market framework continues to strengthen our business by driving greater efficiencies, quicker decision-making and repeatable executions across our product, category and regional portfolio.

我們的上市框架通過在我們的產品、類別和區域組合中提高效率、更快的決策和可重複的執行來繼續加強我們的業務。

And it's this repeatability, just like training, that is necessary and a vital foundation as we step up every day to compete in the global market.

正是這種可重複性，就像培訓一樣，是我們每天都在全球市場競爭中所必需和重要的基礎。

When competing, the margin of victory can oftentimes be determined by one shot or by losing focus for even one moment.

比賽時，勝負往往由一槍決定，甚至一瞬間失神。

Throughout our multiyear transformation, we have obsessed every detail, process and decision to ensure that we build the appropriate muscle over time to be able to compete consistently at the highest level.

在我們多年的轉型過程中，我們一直關注每一個細節、過程和決定，以確保我們隨著時間的推移建立適當的肌肉，以便能夠始終如一地在最高水平上競爭。

By remaining disciplined and committed to optimizing our greatest strengths as a brand rooted firmly in premium athletic performance, we are, indeed, exactly where we want to be.

作為一個植根於優質運動表現的品牌，通過保持紀律並致力於優化我們的最大優勢，我們確實正處於我們想要成為的地方。

Turning to our business.

轉向我們的業務。

Let's take a look at our regional performance in the quarter, beginning with North America.

讓我們來看看我們在本季度的區域表現，從北美開始。

Revenue was down 3%, a little better than planned due to a slight benefit from operational enhancements and improved service levels.

收入下降 3%，略好於計劃，原因是運營增強和服務水平提高帶來了些許收益。

As expected, our results reflect fewer sales to the off-price channel and softer demand in our direct-to-consumer business as we work to reset toward a more premium price point.

正如預期的那樣，我們的業績反映了折扣渠道的銷售減少以及我們直接面向消費者的業務的需求疲軟，因為我們正在努力重新調整到更高的價格點。

All said, we're right on track with our revenue expectation for the full year being relatively flat.

總而言之，我們的全年收入預期相對持平，我們正步入正軌。

In the near term, with our foundation stabilized in this region, I am looking forward to digging in deeper with the North American team and continuing to execute against our long-term strategic plan by working to reestablish Under Armour as the performance authority in our largest market.

短期內，隨著我們在該地區的基礎穩固，我期待與北美團隊深入挖掘，並繼續執行我們的長期戰略計劃，努力重建 Under Armour 作為我們最大的績效權威市場。

Turning to our other regions.

轉向我們的其他地區。

And as a reminder, on our last call, we spoke about applying the lessons learned in North America in '18 across our international business in 2019, including distribution optimization and strategic inventory management actions to ensure that we protect our premium brand positioning.

提醒一下，在我們上次的電話會議上，我們談到了將 18 年在北美學到的經驗應用於 2019 年的國際業務，包括分銷優化和戰略庫存管理行動，以確保我們保護我們的優質品牌定位。

Starting with Asia Pacific, revenue was up 25% with growth in wholesale driven by continued expansion with key partners and higher sales to the off-price channel as well as sustained momentum in direct-to-consumer.

從亞太地區開始，收入增長 25%，主要合作夥伴的持續擴張、折扣渠道的銷售額增加以及直接面向消費者的持續勢頭推動了批發業務的增長。

In EMEA, revenue was up 3% driven primarily by growth on our direct-to-consumer business, and revenue from Latin America was up 6% driven primarily by wholesale.

在歐洲、中東和非洲地區，收入增長 3%，主要受我們直接面向消費者業務增長的推動，拉丁美洲的收入增長 6%，主要受批發推動。

And keep in mind that this result was negatively impacted by a few points from the change on our business model in Brazil.

請記住，這一結果受到了我們在巴西業務模式變化的一些負面影響。

Also notice that toward the end of the quarter, Mexico, we converted 9 partner doors to own locations, a measured investment in this region's largest market.

另請注意，在本季度末，墨西哥，我們將 9 個合作夥伴門轉換為自己的位置，這是對該地區最大市場的一項衡量投資。

Now turning to some of our category highlights.

現在轉向我們的一些類別亮點。

HOVR Infinite is definitely creating opportunities for our run business.

HOVR Infinite 無疑為我們的經營業務創造了機會。

With accelerating visibility and considerations seen across the price points throughout our running business, our disciplined approach to our channel allocation strategy means we are delivering the right volume of premium products for our consumers and customers at the right time.

隨著我們在整個運營業務中的各個價格點的可見度和考慮因素的提高，我們對渠道分配策略的嚴格方法意味著我們在正確的時間為我們的消費者和客戶提供正確數量的優質產品。

Having gone from just 2 HOVR run styles last year to 5 today, and more to come this year, our aperture is opening to include highly technical runners, an accomplishment we're particularly proud of.

從去年的 2 種 HOVR 跑步風格發展到今天的 5 種，今年還會有更多，我們的光圈正在開放，包括高技術跑步者，這是我們特別引以為豪的成就。

With the expansion of our digitally enabled footwear offering, along with our Connected Fitness ecosystem of apps, content and experiences from training, competing, recovery and nutrition, tracking has never been easier.

隨著我們數字化鞋類產品的擴展，以及我們的 Connected Fitness 生態系統的應用程序、訓練、比賽、恢復和營養方面的內容和體驗，追踪變得前所未有的簡單。

Among our target consumer, the focused performers who use our apps, especially advanced features, like training and running plans and gait coaching, we're seeing high rates of engagement and conversion to buying Under Armour product than those who don't use our plans, all of which demonstrates that when we combine innovative product with premium experiences to make athletes better in the moment of sweat, we win.

在我們的目標消費者中，即使用我們的應用程序（尤其是高級功能，如訓練和跑步計劃以及步態指導）的重點執行者中，我們發現購買 Under Armour 產品的參與率和轉化率高於不使用我們計劃的人，所有這些都表明，當我們將創新產品與優質體驗相結合，讓運動員在流汗的瞬間變得更好，我們就贏了。

In our sports style category, by leveraging our innovation technologies and remixing them with street-inspired design language in products, like Forge 96 and HOVR SLK, we're providing unique opportunities for athletes to stay in brand and creatively express themselves as they travel to and from their active use-wearing locations.

在我們的運動風格類別中，通過利用我們的創新技術並將其與 Forge 96 和 HOVR SLK 等產品中的街頭風格設計語言重新混合，我們為運動員提供了獨特的機會，讓他們留在品牌中並在旅行時創造性地表達自己並從他們積極使用的佩戴位置。

And in our core sports category, the incredible roster of athletes and teams we support have had some amazing performances and moments in the first 4 months of the year.

在我們的核心運動類別中，我們支持的令人難以置信的運動員和團隊在今年的前 4 個月中有一些令人驚嘆的表現和時刻。

This category, as we discussed at our Investor Day, is at the heart of our brand.

正如我們在投資者日討論的那樣，這一類別是我們品牌的核心。

It's where we authenticate our position in performance, earn trust with consumers and deliver products that make our athletes better for the moments they compete.

在這裡，我們驗證了我們在性能方面的地位，贏得了消費者的信任，並提供了讓我們的運動員在比賽中變得更好的產品。

Wrapping it up with our train category, it's all about Rush, Recover and HOVR this year.

總結一下我們的火車類別，今年都是關於 Rush、Recover 和 HOVR。

All of these innovations platforms purposefully consider the athletes' holistic fitness journey by delivering products that recharge, return and recycle their energy, giving them every edge to improve their performance.

所有這些創新平台都有目的地考慮運動員的整體健身之旅，提供可充電、返回和回收能量的產品，為他們提供改善表現的一切優勢。

And with our first UA HOVR training shoe coming this fall, we're excited to continue to build on the momentum we've seen, thus far, and drive even greater consideration and opportunities to grow our footwear over the long term.

隨著我們今年秋季推出的第一款 UA HOVR 訓練鞋，我們很高興能夠繼續鞏固我們迄今為止所看到的勢頭，並推動更多的考慮和機會來長期發展我們的鞋類。

So before wrapping it up, I would be remiss to not mention that from an operational perspective, our Rush campaign, which launched a couple of weeks ago, was our first apparel innovation that was commercialized and launched globally through our fully integrated go-to-market process.

因此，在結束之前，我不得不提一下，從運營角度來看，幾週前推出的 Rush 活動是我們的第一個服裝創新，通過我們完全集成的 go-to-市場過程。

While still very early, we are encouraged by the initial reception and sell-through.

雖然還很早，但我們對最初的接待和銷售感到鼓舞。

This gives me great confidence that when we run disciplined repeatable plays, trust the process and deliver innovation that has style, performance and fit, we win.

這讓我非常有信心，當我們進行有紀律的可重複比賽、相信流程並提供具有風格、性能和合身性的創新時，我們就會贏。

So in closing, we're making significant progress against multiple initiatives that prioritize our investments to high returns that support our largest global growth opportunities and strategic plan.

因此，最後，我們在多項計劃方面取得了重大進展，這些計劃將我們的投資優先考慮到支持我們最大的全球增長機會和戰略計劃的高回報。

Dave?

戴夫？

Thanks, Patrik.

謝謝，帕特里克。

Given today's results, we are on track to deliver on our full year expectations.

鑑於今天的結果，我們有望實現全年預期。

And as we progress through the final year of our operational transformation, we continue to run more efficiently and effectively toward driving long-term profitable growth.

隨著我們在運營轉型的最後一年取得進展，我們將繼續更有效地運行，以推動長期盈利增長。

Before we dive into the first quarter, I'd like to briefly touch on the change in how we are now reporting our segments.

在我們進入第一季度之前，我想簡要談談我們現在報告細分市場的方式的變化。

As discussed on our last call, starting with the first quarter of 2019, we have realigned our segments to exclude certain corporate costs and are now reporting these costs as Corporate Other.

正如我們上次電話會議所討論的那樣，從 2019 年第一季度開始，我們已經重新調整了我們的部門以排除某些公司成本，現在將這些成本報告為公司其他成本。

This includes the portion of global corporate overhead costs, which, to date, have previously been recorded primarily within our North American operating segment.

這包括全球公司管理費用的一部分，迄今為止，這些費用以前主要記錄在我們的北美運營部門中。

A few examples include support functions, like supply chain, digital and IT as well as the portion of sports marketing related to marquee athletes leveraged globally to grow brand awareness and consideration.

一些例子包括支持功能，如供應鏈、數字和 IT，以及與全球範圍內的大型運動員相關的體育營銷部分，以提高品牌知名度和考慮度。

We feel this change provides improved visibility with respect to the performance and underlying business results of our operating segments.

我們認為這一變化提高了我們運營部門的業績和基本業務成果的可見性。

For easier comparability, we recast certain historical financial information to reflect this change, which was filed separately in our 8-K this morning.

為了便於比較，我們重鑄了某些歷史財務信息以反映這一變化，該變化在今天早上的 8-K 中單獨提交。

Now turning to the first quarter results.

現在轉向第一季度的結果。

Revenue in the first quarter was up 2% to $1.2 billion or up 3% if you exclude the impacts of foreign currency.

如果排除外幣的影響，第一季度的收入增長 2% 至 12 億美元或增長 3%。

Clicking down, let's start with revenue by channel.

點擊向下，讓我們從按渠道劃分的收入開始。

Our wholesale business was up 5% to $818 million driven by strength in our international business and slight growth in North America.

我們的批發業務增長了 5%，達到 8.18 億美元，這得益於我們的國際業務實力和北美的小幅增長。

Direct-to-consumer revenue was down 6% to $331 million due to softer demand and impacts from our shift toward more premium price points and lower levels of discounting.

由於需求疲軟以及我們轉向更高價位和更低折扣水平的影響，直接面向消費者的收入下降了 6% 至 3.31 億美元。

DTC was 27% of total global revenue in the quarter.

DTC 佔本季度全球總收入的 27%。

Licensing was down 18% to $22 million driven by softer demand across our Japanese and North American businesses.

由於我們日本和北美業務的需求疲軟，許可減少了 18% 至 2200 萬美元。

By product category, apparel revenue was up 1% to $775 million.

按產品類別劃分，服裝收入增長 1% 至 7.75 億美元。

Footwear revenue was up 8% to $293 million primarily driven by growth in our run category.

鞋類收入增長 8% 至 2.93 億美元，主要受我們跑步類別增長的推動。

And within our accessories business, revenue was down 11% to $82 million primarily driven by continued softer demand and planned lower volume in North America related to a relaunch within our bags and backpacks business.

在我們的配飾業務中，收入下降 11% 至 8200 萬美元，這主要是由於需求持續疲軟以及與我們的箱包和背包業務重新啟動相關的北美計劃銷量下降。

And finally, Connected Fitness was up 4% driven by subscription revenue.

最後，在訂閱收入的推動下，Connected Fitness 增長了 4%。

Turning to gross margin.

轉向毛利率。

We saw a 100 basis point improvement to 45.2% in the first quarter.

我們看到第一季度提高了 100 個基點至 45.2%。

To walk you through the components of the improvement, gross margin was positively impacted by approximately 90 basis points of supply chain initiatives, including more favorable product costs; 60 basis points related to prior year impacts from restructuring efforts; and 30 basis points of regional mix primarily due to the higher gross margin Asia Pacific business, outpacing the growth of our other regions.

為了引導您了解改進的組成部分，毛利率受到了大約 90 個基點的供應鏈計劃的積極影響，包括更優惠的產品成本；與上一年重組工作的影響相關的 60 個基點；和 30 個基點的區域組合，主要是由於亞太地區業務的毛利率較高，超過了我們其他地區的增長。

These improvements were partially offset by approximately 70 basis points of channel mix due to higher-margin businesses, including licensing and DTC, representing a smaller mix of the business in the quarter.

由於包括許可和 DTC 在內的利潤率較高的業務在本季度佔業務組合的比例較小，因此這些改進被約 70 個基點的渠道組合部分抵消。

This was coupled with a higher composition of off-price sales related to planned inventory management initiatives.

這與計劃的庫存管理計劃相關的低價銷售構成更高。

As a reminder, for 2019, we expect the mix of off-price sales to be down year-over-year, therefore providing a tailwind to our full year gross margin.

提醒一下，對於 2019 年，我們預計折扣銷售的組合將同比下降，因此為我們的全年毛利率提供了順風。

SG&A expense decreased 1% to $510 million, which was slightly better than expected due to the timing of certain expenses shifting out of the first quarter, along with overall cost management.

SG&A 費用下降 1% 至 5.1 億美元，略好於預期，原因是某些費用移出第一季度的時間以及整體成本管理。

First quarter operating income was $35 million.

第一季度營業收入為 3500 萬美元。

Interest and other expense was $5 million.

利息和其他費用為 500 萬美元。

And our effective tax rate for the first quarter was approximately 27%.

我們第一季度的有效稅率約為 27%。

Taking this to the bottom line, net income was $22 million or $0.05 in diluted earnings per share for the quarter.

以此為底線，本季度的淨收入為 2200 萬美元或每股攤薄收益 0.05 美元。

On our balance sheet, cash and cash equivalents were up 2% to $289 million.

在我們的資產負債表上，現金和現金等價物增長了 2%，達到 2.89 億美元。

Total debt was down 36% to $590 million.

總債務下降 36% 至 5.9 億美元。

Capital expenditures were down 23% to $27 million.

資本支出下降 23% 至 2700 萬美元。

And inventory was down 24% to $875 million, demonstrating our continued commitment to operational excellence.

庫存下降 24% 至 8.75 億美元，表明我們對卓越運營的持續承諾。

Also in the first quarter, we implemented the new FASB standard on lease accounting, ASU 842, which requires all assets and liabilities related to our operating leases of 12 months or more to now be recognized on our balance sheet.

同樣在第一季度，我們實施了新的 FASB 租賃會計標準 ASU 842，該標準要求與我們 12 個月或更長時間的經營租賃相關的所有資產和負債現在都必須在我們的資產負債表上確認。

Turning to our 2019 outlook.

轉向我們的 2019 年展望。

There is no change to our expectation that revenue should increase approximately 3% to 4%, with relatively flat results for North America and a low double-digit percentage rate increase in our international business.

我們的預期沒有改變，即收入應增長約 3% 至 4%，北美的業績相對持平，我們的國際業務增長率為兩位數。

Gross margin is now expected to increase approximately 70 to 90 basis points compared to 2018 adjusted gross margin due to ongoing supply chain initiatives, including more favorable product costs and lower airfreight, coupled with channel mix benefits from lower sales to the off-price channel and a higher overall percentage of DTC.

與 2018 年調整後的毛利率相比，由於持續的供應鏈舉措，包括更優惠的產品成本和更低的空運，加上來自低價渠道的銷售減少和渠道組合的好處，目前預計毛利率將增加約 70 至 90 個基點，以及DTC 的總體百分比更高。

Recall that in 2018, we had approximately 40 basis points of negative gross margin impacts due to our restructuring efforts.

回想一下，在 2018 年，由於我們的重組工作，我們的毛利率受到了大約 40 個基點的負面影響。

Therefore, on a GAAP basis, gross margin should be up approximately 110 to 130 basis points in 2019.

因此，按公認會計原則計算，2019 年毛利率應上升約 110 至 130 個基點。

We now expect operating income to reach $220 million to $230 million, taking up the bottom end of the range by $10 million.

我們現在預計營業收入將達到 2.2 億美元至 2.3 億美元，佔該範圍的底端 1000 萬美元。

Moving forward, we will continue to evaluate and prioritize investments in key strategic areas to support our long-term growth initiatives, balanced with driving operating margin rate improvements.

展望未來，我們將繼續評估和優先考慮關鍵戰略領域的投資，以支持我們的長期增長計劃，同時推動運營利潤率的提高。

Interest and other expense net is now planned at approximately $35 million as we paid off our outstanding term debt in the quarter.

由於我們在本季度還清了未償還的定期債務，因此現在計劃的利息和其他費用淨額約為 3500 萬美元。

And we now expect to be toward the higher end of our effective tax rate range of 19% to 22%.

我們現在預計將達到 19% 至 22% 的有效稅率範圍的高端。

Diluted EPS is now expected to be in the range of $0.33 to $0.34.

稀釋後每股收益現在預計在 0.33 美元至 0.34 美元之間。

And capital expenditures are expected to be approximately $210 million.

資本支出預計約為 2.1 億美元。

Before we turn it over to Q&A, I want to provide some color on the balance of the year.

在我們把它交給問答之前，我想為今年的餘額提供一些顏色。

Based on our factors previously discussed, we expect second quarter revenue to be up 1% to 2% led by growth in our international and direct-to-consumer businesses, tempered by a slight decline in our North America business.

根據我們之前討論的因素，我們預計第二季度收入將增長 1% 至 2%，這主要是由於我們的國際和直接面向消費者的業務增長，而我們的北美業務略有下降。

As a reminder, the second quarter of 2018 was our highest growth quarter of last year with elevated inventory management actions as we work toward healthier inventory levels in North America.

提醒一下，2018 年第二季度是我們去年增長最快的季度，隨著我們努力在北美實現更健康的庫存水平，我們採取了更高的庫存管理措施。

Second quarter gross margin should be up approximately 80 to 100 basis points versus last year's adjusted gross margin or up 130 to 150 basis points on a GAAP basis due to improved product costs and regional and channel mix benefits.

由於產品成本提高以及區域和渠道組合優勢，第二季度毛利率應比去年調整後的毛利率增加約 80 至 100 個基點，或按公認會計原則計算增加 130 至 150 個基點。

Within channel mix, the benefits are primarily being driven by lower planned sales to the off-price channel compared to the prior year, along with improving expectations for our DTC and licensing businesses.

在渠道組合中，與上一年相比，折扣渠道的計劃銷售額下降，以及對我們的 DTC 和許可業務的預期提高，這主要是推動了這些好處。

We expect second quarter SG&A to be up about 4% to 5% driven by additional planned marketing to support our innovation stories, including Rush and HOVR, along with increased facility, distribution and store expenses associated with the expansion of our international business as well as some of the timing shifts I mentioned earlier.

我們預計第二季度的 SG&A 將增長約 4% 至 5%，這主要得益於額外的計劃營銷以支持我們的創新故事，包括 Rush 和 HOVR，以及與我們的國際業務擴張相關的設施、分銷和商店費用的增加以及我之前提到的一些時間變化。

In total, when taking into context for the first half of 2019, SG&A should grow at a rate slightly higher than the rate of revenue growth.

總體而言，考慮到 2019 年上半年的情況，SG&A 的增長率應該略高於收入增長率。

Second quarter operating loss is expected to be approximately $25 million and diluted loss per share is expected to be approximately $0.06.

第二季度經營虧損預計約為 2500 萬美元，每股攤薄虧損預計約為 0.06 美元。

And finally, we're expecting inventory to decline at a mid-teen percentage rate at the end of the second quarter, which should then start to normalize during the second half of the year, landing closer to flat as we enter 2020.

最後，我們預計庫存將在第二季度末以 10% 左右的速度下降，然後在下半年開始正常化，隨著我們進入 2020 年接近持平。

That concludes our prepared remarks.

我們準備好的發言到此結束。

So with that, I'll turn it back to the operator for your questions.

所以有了這個，我會把它轉回給接線員來回答你的問題。

Operator?

操作員？

(Operator Instructions) And our first question comes from the line of Jonathan Komp with Baird.

（操作員說明）我們的第一個問題來自 Jonathan Komp 和 Baird。

I want to follow up on some of the comments really implying momentum that might be building on the premium footwear side with the run category.

我想跟進一些評論，這些評論真正暗示了跑步類別可能會在高檔鞋類方面建立起來的勢頭。

And then, Patrik, your comments on the initial response to the Rush apparel that's in the marketplace.

然後，Patrik，您對市場上 Rush 服裝的初步反應發表了評論。

And I just want to understand maybe what you're seeing in terms of how some of those factors are really showing up in the marketplace.

我只是想了解您所看到的一些因素是如何真正出現在市場上的。

And just given that you're still projecting slightly lower North America revenue in total, at what point do you think some of these new initiatives are enough to really drive an inflection in the overall business?

鑑於您仍預計北美總收入仍略低，您認為這些新舉措中的一些何時足以真正推動整體業務的轉折？

Jonathan, this is Patrik.

喬納森，這是帕特里克。

Yes.

是的。

We're really excited about what's going on and in -- especially our run category right now with our second year into the HOVR platform.

我們對正在發生的事情感到非常興奮——尤其是我們現在進入 HOVR 平台的第二年的跑步類別。

If you remember, we launched HOVR last year with 2 styles.

如果你還記得，我們去年推出了 HOVR，有兩種款式。

That was the first time we really did it in a coordinated play in this new kind of go-to-market approach that we've had for the last -- a little while in terms of doing it in a coordinated global launch.

這是我們第一次在這種新的進入市場的方法中真正做到協調一致，這是我們上次所採用的——在協調的全球發布中這樣做了一段時間。

That was very successful.

那非常成功。

We're now expanding that with 5 styles this spring and adding more this fall.

我們現在在今年春天增加了 5 種款式，並在今年秋季增加了更多款式。

And what you're seeing is our ability to really do it in a coordinated, repeatable way.

你所看到的是我們以協調、可重複的方式真正做到這一點的能力。

And we're seeing the same kind of encouraging results in terms of sell-throughs this year than we did last year now with more product in the marketplace.

我們在今年的銷售量方面看到了與去年一樣令人鼓舞的結果，現在市場上有更多的產品。

So we're really encouraged by this because it shows that when we do it right in terms of innovation, in terms of messaging, in terms of distribution segmentation and allocation, the consumer responds.

因此，我們對此感到非常鼓舞，因為它表明，當我們在創新、消息傳遞、分銷細分和分配方面做得正確時，消費者會做出回應。

And so we are now thinking about how we can scale that, of course, going forward.

所以我們現在正在考慮如何擴大規模，當然，繼續前進。

And with Rush, it's a similar story.

對於 Rush，情況類似。

It's a limited allocated approach from our end, applying the same kind of methodology and discipline that we've done in the HOVR run category, and we're very encouraged by our ability to now execute also in apparel in the same way.

從我們的角度來看，這是一種有限的分配方法，應用了我們在 HOVR 跑步類別中所做的相同類型的方法和紀律，我們現在也以同樣的方式在服裝中執行的能力讓我們感到非常鼓舞。

So this is the beginning of a play that you'll see from Under Armour.

所以這是你將從 Under Armour 中看到的一齣戲的開始。

And we just feel really encouraged by what we see early on.

我們只是對我們早期所看到的感到非常鼓舞。

Now remember, Rush has only been in the market a few weeks, so there'll be more to come on that in the next call that we have for the next quarter.

現在請記住，Rush 僅在市場上出現了幾週，因此在我們下一季度的下一個電話會議中會有更多的消息。

Okay.

好的。

Great.

偉大的。

And then maybe a follow-up on just the gross margin progression that you're seeing, especially with the inventory workdown, which has been impressive and given the comments that you could look to reinvest some upside if there were some.

然後可能是對您所看到的毛利率進展的後續行動，尤其是在庫存下降的情況下，這令人印象深刻，並且考慮到如果有一些評論，您可能會考慮再投資一些上行空間。

But when you look at gross margin starting to recover and the state of inventory today and yet you're only projecting a modest recovery in the gross margin relative to where it was several years ago, can you just talk about, as you continue to focus on a more segmented and premium product approach, if there's kind of any upside potential that you see is the -- really, into 2019 to 2020 from a gross margin perspective?

但是，當您查看毛利率開始回升和今天的庫存狀況時，您只是預計毛利率相對於幾年前的水平會適度回升，您能否談談，因為您繼續關注在更加細分和優質的產品方法中，如果您認為從毛利率的角度來看，是否有任何上行潛力是——真的，到 2019 年到 2020 年？

Jonathan, this is Dave.

喬納森，這是戴夫。

We are definitely excited about the progress we're seeing in gross margin and bringing it back up to where we want to be longer term.

我們對我們在毛利率方面看到的進步感到非常興奮，並將其恢復到我們希望長期保持的水平。

When you think about the full year, a lot of it is driven by the supply chain initiative that we've talked about before and really starting to see more of a full year impact of those initiatives that we started to see some benefits in the back half of '18.

當您考慮全年時，其中很大一部分是由我們之前討論過的供應鏈計劃驅動的，並且真正開始看到這些計劃對全年的更多影響，我們開始在後面看到一些好處18 年的一半。

When you think about the vendor and cost optimization we've been doing, reducing the SKU count, reducing the number of key vendors that we work with and really driving those costs down through those negotiations, also just with better pricing strategies as we kind of use deeper analytics around the architecture there, but then also just improved GTM process and supply chain management are also allowing for less airfreight.

當您考慮我們一直在做的供應商和成本優化時，減少 SKU 數量，減少與我們合作的關鍵供應商的數量，並通過這些談判真正降低這些成本，也只是像我們一樣採用更好的定價策略圍繞那裡的架構使用更深入的分析，但也只是改進了 GTM 流程和供應鏈管理也允許減少空運。

So a lot of good things coming out of the supply chain initiatives as the processes and the transformation really kind of take hold for more of a full year impact this year.

因此，隨著流程和轉型對今年全年的更多影響，供應鏈計劃產生了很多好處。

But then from a channel mix this year, as well, we are stepping off the off-price channel, and we want to continue to do that in the future.

但是從今年的渠道組合來看，我們也正在退出低價渠道，我們希望在未來繼續這樣做。

And we also have a higher DTC mix as we finish out the year as well.

當我們結束這一年時，我們也有更高的 DTC 組合。

So all of these things are going in our favor.

所以所有這些事情都對我們有利。

And we're excited about the continued improvement as we go forward as we talked about back at our investor call in December.

正如我們在 12 月的投資者電話會議上談到的那樣，我們對持續改進感到興奮。

And our next question comes from the line of Erinn Murphy with Piper Jaffray.

我們的下一個問題來自 Erinn Murphy 和 Piper Jaffray 的台詞。

Great.

偉大的。

And let me add my congratulations.

讓我補充一下我的祝賀。

I guess just following up on Jonathan's question on product momentum.

我想只是跟進喬納森關於產品動力的問題。

I'm curious what you're seeing from some of your key customers in terms of how they're thinking about future space allocation just given some of the momentum you've seen over the last kind of 3 to 9 months from some of your footwear initiatives in apparel.

我很好奇你從你的一些關鍵客戶那裡看到了什麼，他們是如何考慮未來空間分配的，只是考慮到你在過去 3 到 9 個月從你的一些服裝鞋類倡議。

Are they actually changing what they're looking for in fall or spring of 2020?

他們真的在改變他們在 2020 年秋季或春季尋找的東西嗎？

And then just a follow-up on the direct-to-consumer business.

然後只是對直接面向消費者的業務的跟進。

What did you see in the digital side of your business this quarter?

您在本季度的業務數字方面看到了什麼？

Erinn, this is Patrik.

艾琳，這是帕特里克。

I think what we're really excited about in -- and every region is a little bit different here.

我認為我們真正感到興奮的是——這裡的每個地區都有點不同。

But in North America, we now feel that we've stabilized this region.

但在北美，我們現在覺得我們已經穩定了這個地區。

And we -- as you see by our inventory numbers, done a lot of work over the last year, 1.5 years actually to really clean up the marketplace.

而且我們 - 正如您從我們的庫存數量所看到的那樣，在過去的一年中做了很多工作，實際上是 1.5 年才能真正清理市場。

So it's a much healthier marketplace.

所以這是一個更健康的市場。

And we clearly see that when we're providing newness into the channels, it really works really well for us.

我們清楚地看到，當我們為渠道提供新鮮感時，它確實對我們非常有效。

So we're going to continue that work with our retail partners with the strategy to really win with the winners.

因此，我們將繼續與我們的零售合作夥伴合作，制定真正贏得贏家的戰略。

And I think earning it back takes a little time, and that's really what you're seeing from the brand now.

而且我認為賺回它需要一點時間，這就是你現在從品牌中看到的。

But as I said before around what we're doing in terms of some of these more premium offerings, we're learning a lot from our ability to actually execute and drive sell-throughs when we do it in a coordinated play.

但正如我之前所說，圍繞我們在這些更優質的產品方面所做的事情，當我們以協調的方式進行時，我們從實際執行和推動銷售的能力中學到了很多東西。

So we'll continue to do that and we'll earn our place back into the retailers.

因此，我們將繼續這樣做，我們將重新贏得零售商的位置。

We feel really good about how the channels now are cleaning up in North America.

我們對現在北美頻道的清理方式感到非常滿意。

In our other markets, it's a little bit of a mix.

在我們的其他市場，它有點混合。

In Europe, it's a mix between partnerships as it relates to doors and also in terms of wholesale.

在歐洲，它是與門和批發相關的合作夥伴關係的混合體。

And we've done the same kind of work there that we did -- that we've been doing in North America right now.

我們在那裡做了與我們所做的相同的工作——我們現在在北美一直在做的工作。

I'm very encouraged by some early results there, too, with these new initiatives around HOVR and Rush and so forth in terms of being able to coordinate it.

我也對那裡的一些早期成果感到非常鼓舞，這些新舉措圍繞 HOVR 和 Rush 等，就能夠協調它而言。

And in Asia, of course, we continue to build out our direct-to-consumer business.

當然，在亞洲，我們將繼續拓展我們的直接面向消費者的業務。

We'll be doing about 300 more doors a year.

我們每年將多做大約 300 扇門。

We're building a store every 36 hours or so, so we're still on track to really drive that business.

我們每 36 小時左右就會建立一家商店，因此我們仍有望真正推動這項業務。

But it is a process, and it's going to, over time, improve.

但這是一個過程，並且會隨著時間的推移而改進。

I would say that from a global perspective, we now feel that we're much more balanced.

我想說的是，從全球的角度來看，我們現在覺得我們更加平衡了。

And we've stabilized in North America, which gives us great confidence for the future.

而且我們在北美已經穩定下來，這讓我們對未來充滿信心。

Great.

偉大的。

And then just on the digital business, I was just curious what you saw there in the quarter.

然後就數字業務而言，我只是好奇你在本季度看到了什麼。

Yes.

是的。

I think in digital, it also -- again, it's a little bit of a mix.

我認為在數字方面，它也 - 再次，它有點混合。

We're -- as we're stepping off the gas in terms of promotional activity and moving into more premium price points, we're doing that across the world.

我們正在 - 隨著我們在促銷活動方面的努力並進入更高的價格點，我們正在全球範圍內這樣做。

And so we're -- it's a measured play from our perspective.

所以我們 - 從我們的角度來看，這是一場有節制的比賽。

and we feel really good about our plan.

我們對我們的計劃感覺很好。

The plan is still the plan.

計劃仍然是計劃。

The same thing that we talked about at Investor Day in December, that's still holding true, and we're really executing on that plan right now.

我們在 12 月的投資者日上談到的同樣的事情，現在仍然適用，我們現在真的在執行這個計劃。

So we're encouraged by what we're seeing in terms of the response in terms of what we're doing from a full price perspective in that channel.

因此，從我們在該渠道的全價角度來看，我們所看到的反應讓我們感到鼓舞。

And we're going to continue to play our play.

我們將繼續發揮我們的作用。

And our next question comes from the line of Alexandra Walvis with Goldman Sachs.

我們的下一個問題來自高盛的亞歷山德拉沃爾維斯。

So my question is on the marketing spend.

所以我的問題是關於營銷支出。

You mentioned a little bit of a ramp in marketing spend into the second quarter to support some of those new product stories with Rush and Recover and HOVR and so forth.

您提到第二季度的營銷支出略有增加，以支持 Rush 和 Recover 以及 HOVR 等的一些新產品故事。

And you also mentioned some timing shifts going on there.

你還提到了那裡正在進行的一些時間變化。

I wonder if, taking a step back, you could comment on how happy you are with the level of overall marketing spend in the business.

我想知道，退後一步，您是否可以評論一下您對企業整體營銷支出水平的滿意程度。

The rate came down a little bit in 2018 versus 2017.

與 2017 年相比，2018 年的比率略有下降。

And I wonder if you could talk about the ongoing efficiencies that you have there and some of the discipline in that marketing spend, which is perhaps offsetting the ability to support some increased spend behind these new initiatives.

而且我想知道您是否可以談談您在那裡擁有的持續效率以及營銷支出中的一些紀律，這可能抵消了支持這些新舉措背後增加支出的能力。

Alex, this is Patrik again.

亞歷克斯，我又是帕特里克。

We're really encouraged by the go-to-market ultimately because that's the one process that we have where we're able to now also use a lot of our learnings from an analytics perspective.

我們最終對進入市場感到非常鼓舞，因為這是我們現在能夠從分析的角度使用我們的大量經驗的一個過程。

So as we learn more, we're also understanding much better of how to get a good return on investment, right, a good ROACE on our spend.

因此，隨著我們了解更多，我們也更好地了解如何獲得良好的投資回報，對，我們的支出有良好的 ROACE。

And as we see opportunities, like Dave said, if we have opportunities, we'll certainly be looking to see what we can do about those opportunities going forward.

正如戴夫所說，當我們看到機會時，如果我們有機會，我們肯定會期待看到我們可以為這些機會做些什麼。

But right now, we continuously see more effectiveness in our spend as we drive our business through the go-to-market and using more and deeper analytics to really drive the business.

但現在，隨著我們推動業務進入市場並使用更多和更深入的分析來真正推動業務發展，我們不斷看到我們的支出更加有效。

And when you -- this is Dave.

當你——這是戴夫。

When you think about just from a total dollar perspective, we're going to continue to kind of maintain in that 10% to 11% to 12% range of revenue, but we are ticking that up a little bit as a percentage this year versus last year.

當您僅從總美元的角度考慮時，我們將繼續保持在 10% 至 11% 至 12% 的收入範圍內，但我們今年的百分比與去年。

But I think the more important thing is the power of that spend is going to be a lot better because we did step out of multiple commitments through the restructurings in '17 and '18 that probably didn't give us the return that we were hoping for.

但我認為更重要的是，這筆支出的力量將會變得更好，因為我們確實通過 17 年和 18 年的重組退出了多項承諾，這可能沒有給我們帶來我們希望的回報為了。

So now we still have that same percentage or even a little bit higher percentage of revenue that we could invest in a smarter way, so we should be able to get more bang for the buck, which we're excited about.

因此，現在我們仍然擁有相同百分比甚至更高百分比的收入，我們可以以更明智的方式進行投資，因此我們應該能夠獲得更多收益，我們對此感到興奮。

That's a good point.

那是個很好的觀點。

We've got enough.

我們受夠了。

We've got plenty of money.

我們有很多錢。

And what we said in the past is that we're big enough that we can do just about anything.

而我們過去所說的是，我們足夠大，幾乎可以做任何事情。

We just can't do everything.

我們只是不能做所有事情。

And so I think being more thoughtful and strategic and targeted with how we're spending those dollars, but we've got plenty of money.

因此，我認為在我們如何花費這些資金方面更加周到、更具戰略性和針對性，但我們有很多錢。

We just need to make sure we're putting toward the right thing.

我們只需要確保我們正在朝著正確的方向前進。

I think you're seeing the brand do that.

我想你看到品牌這樣做了。

Yes.

是的。

I wonder if I could ask one more here on the direct-to-consumer business.

我想知道我是否可以在這裡再問一個關於直接面向消費者的業務。

You mentioned in your prepared remarks that some of the softness there was a result of softer demand.

你在準備好的評論中提到，一些疲軟是需求疲軟的結果。

And I wonder if you could elaborate on that comment specifically where that was being seen and perhaps the drivers of that.

我想知道您是否可以詳細說明該評論，具體是在哪裡看到的，也許是其驅動因素。

Yes, it needs to be taken into the context of what we're doing in terms of protecting our premium positioning as a brand and stepping off the gas in terms of being discounted online and so forth.

是的，它需要考慮到我們正在做的事情，以保護我們作為一個品牌的高端定位，並在網上打折等方面停止加油。

So as you do that, it would be normal to see some softening in demand, for sure.

因此，當你這樣做時，看到需求有所放緩是正常的，當然。

So we're expecting that to continue a little bit.

所以我們預計這種情況會繼續下去。

And again, I reiterate the fact that we're on plan.

再一次，我重申我們正在計劃中的事實。

We planned to do this just like we said in December in our last call, and we feel really good about where we're at.

我們計劃這樣做，就像我們在去年 12 月的上次電話會議中所說的那樣，我們對自己所處的位置感覺非常好。

We're right on plan right now.

我們現在正按計劃進行。

So you're going to see us continue to move to that more premium position across digital, across the world.

因此，您將看到我們在全球範圍內繼續向數字化領域的更高地位邁進。

And our next question comes from the line of Bob Drbul with Guggenheim Securities.

我們的下一個問題來自古根海姆證券公司的 Bob Drbul。

I just wondered you talked a lot about the NCAA tournament, but can you just talk about how basketball is performing for you, especially with what's happening in the NBA playoffs as well today?

我只是想知道你談了很多關於 NCAA 錦標賽的事情，但你能談談籃球對你的表現如何，尤其是今天 NBA 季后賽的情況嗎？

You want to talk about that?

你想談這個嗎？

Yes.

是的。

Well, I think just the -- a large part of the story that we wanted to paint in basketball was that if you look back at just the men's side of the drum, the NCAA tournament, in 2014, we had one team.

好吧，我認為我們想要在籃球中描繪的故事的很大一部分是，如果你回顧一下 2014 年的男子鼓手，NCAA 錦標賽，我們只有一支球隊。

We had one team in the NCAA tournament.

我們有一支球隊參加了 NCAA 錦標賽。

This year, we had 17 teams or 25% of the bracket.

今年，我們有 17 支球隊，佔總人數的 25%。

And that was all done through a strategy that we put in place.

這一切都是通過我們制定的戰略完成的。

So it -- we -- typically, we overestimate what we can do in the short term and underestimate what we can do in the long term, and that's something I think we're really proud of.

所以它 - 我們 - 通常，我們高估了我們在短期內可以做的事情，而低估了我們在長期內可以做的事情，我認為這是我們真正引以為豪的事情。

When you look at our basketball resume today and again back in '14, we had less than 1,000 high school teams.

當您查看我們今天和 14 年的籃球履歷時，我們只有不到 1,000 支高中球隊。

Today, we have more than 5,000 high school teams.

今天，我們有超過 5,000 支高中球隊。

We had just a few of the mid-majors.

我們只有幾個中等專業。

We put a strategy in place to go sign mid-major teams, which weren't costing us money, but actually, the kind of teams that we make money on.

我們制定了一個策略去簽下中型強隊，這並沒有讓我們花錢，但實際上，我們在這種球隊上賺錢。

We were just getting started with Stephen Curry.

我們剛剛開始接觸斯蒂芬庫裡。

And we've since signed Joel Embiid.

我們已經簽下了喬爾·恩比德。

So 2 All-Stars on our roster today, both in the playoffs.

所以今天我們的名單上有 2 位全明星球員，都在季后賽。

So basketball from a brand sports marketing standpoint, I think we're demonstrating that our product works.

所以從品牌體育營銷的角度來看，籃球，我認為我們正在證明我們的產品是有效的。

I mean 2 teams in the final 4, one in of the championship game on the men's side, one in the championship game on the women's side.

我的意思是 2 支球隊在決賽 4 中，一支在男子方面的冠軍賽中，一支在女子方面的冠軍賽中。

So we've demonstrated that the product that we build, we are capable and is leaning into our performance bed.

因此，我們已經證明我們構建的產品是有能力的，並且正在向我們的性能床傾斜。

So we believe that you'll continue to see that play out at the grassroots authenticity level.

因此，我們相信您將繼續在基層真實性層面看到這種情況。

Again, from 1,000 high schools in 2014 to more than 5,000 that we have today.

同樣，從 2014 年的 1,000 所高中到今天的 5,000 多所。

So that's just it in the United States.

所以這只是在美國。

And obviously, it's a global game.

顯然，這是一場全球性的遊戲。

But I think if you have to look positioning-wise, Under Armour is -- we are one of the top 2 positioned basketball brands in the world right now.

但我認為，如果你必須從定位方面來看，Under Armour 是——我們是目前世界上排名前 2 位的籃球品牌之一。

And you'll see that begin to inflect with a signature series like we have with Stephen Curry and what he means and represents to us.

你會看到這開始隨著我們與斯蒂芬庫裡的簽名系列以及他對我們的意義和代表的影響而發生變化。

But this as a long game.

但這是一場漫長的比賽。

This is not something that's going to happen overnight, but we think that we're grinding them down.

這不是一夜之間會發生的事情，但我們認為我們正在磨礪它們。

And we'll continue to build our presence in a sport like basketball.

我們將繼續在籃球這樣的運動中建立我們的影響力。

We like our resume, we like our positioning and we like the future.

我們喜歡我們的簡歷，我們喜歡我們的定位，我們喜歡未來。

Got it.

知道了。

And could I just ask a question, in the U.S. business, North America specifically, can you just talk about like the outlook in sporting goods for you guys, athletics, specialty, chain stores, just what you expect the rest of the year to get you back to flat from what we're seeing right now?

我可以問一個問題，在美國業務，特別是北美，你能不能談談你們體育用品的前景，田徑，專業，連鎖店，你期望今年剩下的時間會得到什麼你從我們現在所看到的回到平坦？

Bob, it's Patrik here.

鮑勃，這裡是帕特里克。

I think coming back to what I said a little bit earlier, first of all, we feel really good about where we're at in North America right now, moving our brand into that premium athletic positioning again.

我想回到我之前所說的，首先，我們對我們現在在北美的位置感覺非常好，我們的品牌再次進入了高端運動定位。

We've stabilized the region.

我們已經穩定了該地區。

We're working hard to really win with the winners, and we're doing that through servicing our accounts better, launching better product, making sure it's on time, it's the right product, the consumer is responding, segmenting the product correctly, allocating it correctly.

我們正在努力與贏家一起真正贏得勝利，我們正在通過更好地為我們的客戶提供服務、推出更好的產品、確保它準時、它是正確的產品、消費者響應、正確地細分產品、分配它正確。

What it -- what the -- behind all of that, though, there is a long game here because what happens is once you're out of favor, you've got to get back in favor, and that takes a little bit of time.

是什麼 - 這是什麼 - 在這一切的背後，有一場漫長的比賽，因為一旦你失寵，你必須重新獲得支持，這需要一點時間時間。

And we're kind of caught in the calendar a little bit, right?

我們有點被日曆困住了，對吧？

So we're working our way through that, earning our trust back with the retailers.

所以我們正在努力解決這個問題，重新贏得零售商的信任。

Having said that, we feel that going forward into 2019, like Dave said, we're on plan.

話雖如此，我們認為進入 2019 年，就像戴夫說的那樣，我們正在計劃中。

So in other words, we're able to continue to run the play that we've orchestrated.

所以換句話說，我們能夠繼續運行我們精心策劃的劇本。

We feel very good about that.

我們對此感覺很好。

We feel very good about the partnership that we have with our large retailers in every channel right now.

我們對目前在各個渠道與大型零售商建立的合作夥伴關係感到非常滿意。

We feel we have better segmented product, better innovative product, and we're understanding better how to talk to the consumer.

我們覺得我們有更好的細分產品，更好的創新產品，我們正在更好地理解如何與消費者交談。

And we're able to orchestrate the play through the go-to-market.

我們能夠通過進入市場來編排劇本。

And you'll continue to see that from us, this efficiency play, if you like, in terms of ability to execute.

你會繼續從我們那裡看到，如果你願意的話，在執行能力方面，這種效率的發揮。

So we feel great about '19.

所以我們對 19 年感覺很好。

And we're also really, really looking forward to continue to fight in 2020.

我們也非常非常期待在 2020 年繼續戰鬥。

And our next question comes from the line of Edward Yruma with KeyBanc.

我們的下一個問題來自 Edward Yruma 和 KeyBanc。

And congrats on that continued momentum.

並祝賀這種持續的勢頭。

It seems like one of the kind of callouts in the fast couple of quarters has really been the strength of international.

似乎在快速的幾個季度中的一種標註確實是國際的力量。

I was wondering if you could give us a little bit more of color on performance in Asia Pacific, specifically China?

我想知道您是否可以給我們更多關於亞太地區，特別是中國的表現的色彩？

And then as you think kind of broadly, I know it's still early days in India, but kind of what gets you really excited about the market?

然後，正如您廣泛思考的那樣，我知道在印度還處於早期階段，但是是什麼讓您對市場真正感到興奮？

And from a dimensioning perspective, how big could that market be over time for you?

從尺寸的角度來看，隨著時間的推移，這個市場對你來說會有多大？

Ed, this is Patrik.

埃德，這是帕特里克。

I would say that, in general, in international right now, we feel really well about the balance that we have, stabilizing North America, continuing to have strong growth across all of our initiatives in Asia and taking a really good premium positioning approach in Europe and as well as Latin America.

我想說，總的來說，目前在國際上，我們對我們所擁有的平衡感到非常滿意，穩定北美，繼續在我們在亞洲的所有舉措中保持強勁增長，並在歐洲採取非常好的高端定位方法以及拉丁美洲。

I would say that India specifically is something we're excited about.

我會說印度是我們特別興奮的地方。

But again, India is a long-term play for us.

但同樣，印度對我們來說是一個長期的遊戲。

We want to be present in that market.

我們希望進入那個市場。

It's a huge market for the future.

這是一個巨大的未來市場。

We're very encouraged by what we're doing there.

我們對在那裡所做的事情感到非常鼓舞。

We're going to be opening a number of new stores this year.

今年我們將開設一些新店。

First signs are very positive.

最初的跡像是非常積極的。

But again, India is much more of a longer-term play, but it's an important play for us.

但同樣，印度更像是一個長期的遊戲，但它對我們來說是一個重要的遊戲。

We want to make sure that we're everywhere in the world where the focused performer wants to engage with us, and India is certainly one of those places.

我們希望確保我們在世界各地都有專注的表演者想要與我們互動，而印度當然是其中之一。

And we had a great time going there and engaging with the consumer face-to-face, myself and Kevin.

我們在那裡度過了愉快的時光，與消費者面對面交流，我和凱文。

And we're looking forward to continuing to drive the business there.

我們期待著繼續推動那裡的業務。

And maybe one quick follow-up.

也許是一個快速的跟進。

Kevin, as the brand is probably newer to the APAC consumer, I guess, how have you changed the way you go to market from a brand perspective?

凱文，因為這個品牌對於亞太地區的消費者來說可能是新的，我想，你是如何從品牌的角度改變你進入市場的方式的？

And I guess what's the perception of the brand today?

我猜今天對這個品牌的看法是什麼？

I think a lot of lessons learned.

我認為吸取了很多教訓。

We want to be careful.

我們要小心。

We're proud, I think, of the work that the team has done.

我認為，我們為團隊所做的工作感到自豪。

Just some of the metrics that we've put up as a company, particularly the ability to drive inventory down and drive gross margin up, I think it demonstrates health in the brand and something that's very, very positive for us.

只是我們作為一家公司提出的一些指標，特別是降低庫存和提高毛利率的能力，我認為它表明了品牌的健康狀況，這對我們來說非常非常積極。

But we're a long way from declaring victory.

但我們離宣布勝利還有很長的路要走。

I mean it is a journey.

我的意思是這是一個旅程。

And as we sit here in our 14th year as a public company, I get the luxury of perspective of looking back and just seeing all that's been accomplished.

當我們坐在這裡作為上市公司的第 14 個年頭時，我有一種奢侈的視角來回顧過去並看到所有已經完成的事情。

I look at the lessons that we've learned in North America as a North American brand.

我看看我們作為北美品牌在北美學到的教訓。

And we're in the middle of that journey again is because in order to be a great brand, you have to be an enduring brand, and that means you have to continue to reinvent yourself, and I feel us doing that.

我們再次處於這段旅程的中間，因為為了成為一個偉大的品牌，你必須成為一個經久不衰的品牌，這意味著你必須繼續重塑自己，我覺得我們正在這樣做。

But our ability to take the lessons that we've learned here in North America and now to apply them globally, specifically in markets like Asia Pacific, we're getting healthy, making sure that while top line is critical for us as we grow, we want a strong business, it's being able to implement the things that we've painstakingly done through our transformation over the last couple 2, 3 years here that looking at things like our go-to-market process, having that in place, the ability for us to upgrade our systems across the world.

但是我們有能力吸取我們在北美學到的經驗教訓，現在將它們應用於全球，特別是在亞太地區等市場，我們正在變得健康，確保雖然隨著我們的成長，頂線對我們至關重要，我們想要一個強大的業務，它能夠實現我們在過去 2、3 年的轉型中煞費苦心地完成的事情，比如我們的上市流程，讓我們能夠在全球範圍內升級我們的系統。

And so we'll have -- a lot of the pain that we've taken in the last few years is something that's going to set us up, where getting us to $5 billion was a lot of physical muscle lift.

所以我們將有 - 我們在過去幾年中承受的很多痛苦都會讓我們建立起來，讓我們達到 50 億美元是很多身體肌肉的提升。

I feel a lot better about our ability to be able to do it by being a lot smarter and our ability to get from 5 to 10 is going to be a lot more thoughtful, a lot more experience and not requiring so much sort of physical labor.

我對我們通過變得更聰明而能夠做到這一點的能力感覺好多了，我們從 5 到 10 的能力將會更加周到，更多的經驗，並且不需要那麼多的體力勞動.

So I think we can be much a smarter brand.

所以我認為我們可以成為一個更聰明的品牌。

And you're seeing us apply that in APAC.

你看到我們在亞太地區應用了這一點。

The global operating model that we now have in place, it really empowers the regions.

我們現在擁有的全球運營模式，它確實賦予了地區權力。

And so little to be said about what's happening in Europe, and it kind of feels like it's the same story that's playing out in each region around the world.

關於歐洲正在發生的事情幾乎沒有什麼可說的，感覺就像在世界各地的每個地區都在上演同樣的故事。

And so we're obviously like many, we're incredibly excited about what Asia Pacific, China in particular, can mean for us.

因此，我們顯然和許多人一樣，對亞太地區，特別是中國對我們的意義感到非常興奮。

But we've got great leadership.

但我們有很好的領導力。

We're setting up our new headquarters -- our Asia Pacific headquarters in Hong Kong right now, and it's a lot of upside.

我們正在建立我們的新總部——我們現在在香港的亞太區總部，這有很大的好處。

But it is -- it's taking the lessons that we've learned here and getting smarter and becoming a true global brand.

但它是——它正在吸取我們在這裡學到的教訓，變得更聰明，成為一個真正的全球品牌。

But we also know, as exciting as Asia Pacific and the other regions around the world, winning here at home in the U.S. is something which is paramount to this brand.

但我們也知道，與亞太地區和世界其他地區一樣令人興奮，在美國本土獲胜對這個品牌來說至關重要。

And you'll see us get smart about that, too.

你會看到我們對此也很聰明。

And our next question comes from the line of Michael Binetti with Crédit Suisse.

我們的下一個問題來自瑞士信貸的 Michael Binetti。

So could you just speak to the past?

所以你能不能只說過去？

I think can you just remind us, is mid-single-digit increase still the target for direct-to-consumer this year?

我想你能提醒我們一下，今年直接面向消費者的目標仍然是中個位數的增長嗎？

And then off the number in first quarter, that's obviously a pretty meaningful swing in the rest of year.

然後從第一季度的數字來看，這顯然是今年餘下時間的一個非常有意義的波動。

Would you mind just kind of giving us the path, maybe some of the components you see back from the first quarter to get to that mid-single-digit increase for the year?

您是否介意為我們提供路徑，也許您從第一季度看到的一些組件可以實現今年中個位數的增長？

Yes.

是的。

Michael, this is Dave.

邁克爾，這是戴夫。

We still are on plan.

我們仍在計劃中。

And so the mid-single-digit increase for DTC full year is still the plan, and that's what we're driving through.

因此，DTC 全年的中個位數增長仍然是計劃，這就是我們正在推動的目標。

And yes, you do see a low number in Q1, but there's a lot of underlying reasons, some of those we have given before relative to some of the doors that we're working through, also some of the changes in how we're continuing to optimize conversion.

是的，你確實看到第一季度的數字很低，但有很多潛在的原因，其中一些是我們之前給出的，相對於我們正在努力的一些門，還有一些我們如何做的變化繼續優化轉化。

We also had the Easter shift that we've talked about that affected us a little bit more in North America relative to Q1, Q2 flow.

我們還談到了復活節的轉變，相對於第一季度和第二季度的流量，這對我們在北美的影響更大。

So that was a challenge on Q1 as well.

所以這對第一季度也是一個挑戰。

And Q1 was also, of '18, our largest growth DTC quarter.

18 年第一季度也是我們增長最快的 DTC 季度。

So the comp is toughest in Q1 as well.

所以第一季度的比賽也是最艱難的。

So there's a lot of different factors in play there.

所以那裡有很多不同的因素在起作用。

We're also opening a fair amount of new doors around the world, especially in the Asia Pacific region, as we go through Q2 through Q4.

隨著我們從第二季度到第四季度，我們還在世界各地打開了相當多的新大門，特別是在亞太地區。

So again, multiple things at play there, but we feel good about the mid-single-digit guidance for full year on DTC.

再說一次，那裡有很多事情在起作用，但我們對 DTC 全年的中個位數指導感覺很好。

Okay.

好的。

That's helpful.

這很有幫助。

And then on the -- just maybe some housekeeping on that gross margin.

然後是 - 可能只是對該毛利率進行一些整理。

I think you mentioned that the channel mix was a 70 basis point headwind and licensing and DTC, smaller mix within the quarter.

我認為您提到渠道組合是 70 個基點的逆風和許可和 DTC，本季度內的組合較小。

Could you -- would you mind breaking out how much is from licensing and DTC?

你能 - 你介意打破許可和 DTC 的費用嗎？

And then I think rolling forward, licensing should still be a headwind baked into your 2Q gross margin, but it sounds like DTC starts to improve pretty quickly here.

然後我認為向前滾動，許可仍應成為您第二季度毛利率的逆風，但聽起來 DTC 在這裡開始迅速改善。

So maybe that changes.

所以也許這會改變。

Then finally, how much does the pivot to lower off-price on a global basis year-over-year after being higher year-over-year in first quarter start to add to the gross margin as we get into 2Q and through the rest of the year?

最後，隨著我們進入第二季度以及接下來的第二季度，在第一季度同比增長之後，在全球範圍內降低折扣價的重點開始增加毛利率多少那一年？

Any way to quantify that?

有什麼方法可以量化嗎？

There was a lot to that question.

這個問題有很多。

But when you look at Q1, the channel mix impacts, there wasn't one of the 2 that -- with that much more overindexing there.

但是當您查看第一季度，渠道組合的影響時，沒有兩個中的一個 - 那裡有更多的過度索引。

Obviously, as we move further into Q2 and beyond, the higher off-price starts to flip the other way and becomes actually a nice tailwind for us and pretty substantial as we finish out the year as we are planning to run off-price -- or to the off-price channel as a lower mix of our business in total for the year.

顯然，隨著我們進一步進入第二季度及以後，更高的折扣價開始向另一個方向翻轉，實際上對我們來說是一個很好的順風，並且在我們計劃以折扣價結束這一年時相當可觀-或將折扣渠道作為我們全年業務的較低組合。

And then when you look at the DTC side, that will flip to start to be accretive to gross margin as well as we get out of Q1 and as we go through the rest of the year.

然後，當您查看 DTC 方面時，隨著我們走出第一季度以及今年餘下的時間，這將開始增加毛利率。

And the licensing impact is not very significant on the full year at all.

全年的許可影響根本不是很大。

And so we really haven't called that out on the full year.

所以我們真的沒有在全年中呼籲這一點。

Okay.

好的。

Kevin, if I can sneak one more in just higher, bigger picture.

凱文，如果我能在更高、更大的圖景中再偷偷摸摸的話。

At the Analyst Day, you were guiding for several hundred basis points of SG&A leverage from 2018 to 2023.

在分析師日，您為 2018 年至 2023 年的數百個 SG&A 槓桿率提供指導。

It sounds like you found some investments that you find pretty attractive today, but that's -- there's a lot of SG&A improvement over the longer range.

聽起來你發現了一些你今天覺得很有吸引力的投資，但那是 - 在更長的範圍內有很多 SG&A 改進。

Did you even change your outlook for revenues whatsoever obviously today, so there should be a lot of natural leverage in the model here?

你今天有沒有明顯改變你的收入前景，所以這裡的模型應該有很多自然的槓桿作用？

But is the target changed or the timing of the ramp back to that SG&A level that you laid out at the Analyst Day changed at all in your mind?

但是，目標是否改變了，或者您在分析師日制定的回歸 SG&A 水平的時間在您的腦海中是否發生了變化？

You didn't really mean to ask me that question, did you?

你不是真的要問我這個問題，是嗎？

Go ahead, Dave.

去吧，戴夫。

Michael, this is Dave.

邁克爾，這是戴夫。

Obviously, we've got a full year play here.

顯然，我們在這裡玩了一整年。

And we did deliver a little bit better than we expected in Q1.

我們在第一季度的表現確實比我們預期的要好一些。

Again, some of that is timing.

同樣，其中一些是時機。

So we're trying not to get overexcited about that.

所以我們盡量不要對此感到過度興奮。

And obviously, as Kevin mentioned in the script that as we work through the rest of the year, if we overdrive in some areas, we may choose to reinvest to continue to fuel the brand for the rest -- later this year or mainly into next year and longer term.

顯然，正如凱文在劇本中提到的那樣，當我們在今年剩下的時間里工作時，如果我們在某些領域超速行駛，我們可能會選擇再投資以繼續為剩下的品牌提供動力——今年晚些時候或主要到明年年和更長期。

So again, we feel good about where we are.

再說一次，我們對自己所處的位置感覺良好。

We're running the play.

我們正在演戲。

And the SG&A leverage that we expect in '20 and beyond as noted in the Investor Day back in December, that's what's we're still holding to, and we feel good about it.

正如 12 月的投資者日所指出的那樣，我們在 20 年及以後所期望的 SG&A 槓桿，這就是我們仍然堅持的，我們對此感覺良好。

And our next question comes from the line of Matt Boss with JPMorgan.

我們的下一個問題來自摩根大通的 Matt Boss。

And congrats on the nice quarter, guys.

恭喜你們度過了美好的一季，伙計們。

I guess first, on inventory management.

我想首先，關於庫存管理。

Where did you see the primary delta versus the down mid-teens forecast?

您在哪裡看到了主要的三角洲與青少年中期預測的下降？

And maybe, Kevin, what's your view on the global athletic inventory position today?

也許，凱文，你對今天的全球運動庫存狀況有什麼看法？

And then on that same note, how best to think about the spread between inventory and sales in the back half of the year?

然後在同一個問題上，如何最好地考慮下半年的庫存和銷售之間的差異？

Okay.

好的。

Matt, this is Dave.

馬特，這是戴夫。

Relative to inventory, we did finish a little bit better than we expected.

相對於庫存，我們確實比我們預期的要好一點。

That was largely driven by some timing of receipts within our international regions, but also coupled with slightly better-than-expected Q1 sales.

這主要是由於我們國際地區的一些收貨時間，但也加上略好於預期的第一季度銷售。

We're definitely proud of our progress there.

我們絕對為我們在那裡取得的進步感到自豪。

If you think about it, our inventory dollars haven't been this low since 2016.

如果您考慮一下，我們的庫存美元自 2016 年以來從未如此低。

And back then, we had $1 billion less in revenue, so definitely going in the right direction.

那時，我們的收入少了 10 億美元，所以肯定是朝著正確的方向前進。

The other good thing to note is that within that year-over-year inventory balance, the mix of excess within that versus current product has also gone down significantly.

另一件值得注意的事情是，在與去年同期相比的庫存餘額中，與當前產品相比，庫存過剩的組合也顯著下降。

So not only is the inventory down 24%, but the health of the mix of that inventory and the underlying numbers is significantly better as well.

因此，不僅庫存下降了 24%，而且庫存和基本數據的組合狀況也明顯好轉。

So the actions we're taking are really working and paying off for us.

因此，我們正在採取的行動確實對我們有效並獲得了回報。

And if you -- I kind of want to give a quick shout-out.

如果你 - 我有點想快速喊出聲。

I mean the supply chain team, our regional commercial teams supported by finance, they're all driving through the GTM revisions and the inventory management initiatives.

我的意思是供應鏈團隊，我們由財務支持的區域商業團隊，他們都在推動 GTM 修訂和庫存管理計劃。

And it's really great to see that coming together, and we're excited about what that's going to mean as we go forward.

很高興看到這一切走到了一起，我們對這意味著我們前進的意義感到興奮。

Great.

偉大的。

And then just a -- maybe just a follow-up.

然後只是一個 - 也許只是一個後續行動。

On the expense front, how best to think about SG&A dollar growth versus revenues in the back half of the year?

在費用方面，如何最好地考慮 SG&A 美元增長與下半年的收入？

And then just maybe any update on the progress of your restructuring cost efficiencies and when we would see a potential impact from that.

然後可能是關於您的重組成本效率進展的任何更新，以及我們何時會看到由此產生的潛在影響。

Yes, as I mentioned, in the first half of the year, we are spending a tiny bit ahead of revenue, as I mentioned.

是的，正如我所提到的，在今年上半年，我們的支出略高於收入，正如我所提到的。

And you can see if you kind of back into our guidance that on a full year perspective, we're looking at maybe slight SG&A leverage.

你可以看看你是否回到我們的指導，從全年的角度來看，我們可能會考慮輕微的 SG&A 槓桿。

Again, we've got a lot of investments we want to continue to make, even though we're driving savings and efficiencies in other areas.

同樣，我們有很多想要繼續進行的投資，儘管我們正在其他領域推動儲蓄和效率。

So by default, that means that the back half of the year SG&A should grow slightly below revenue to be able to pull that off, and that's what we're planning through and driving at at this point in time.

因此，默認情況下，這意味著 SG&A 的下半年增長應該略低於收入才能實現這一目標，這就是我們目前正在計劃和推動的。

When you think about longer term, the SG&A leveraging will come through a lot stronger in 2020 and beyond.

從長遠來看，SG&A 的槓桿作用將在 2020 年及以後變得更加強大。

Some of the restructuring efforts that we drove through in '17 and '18 have a delayed impact as far as some of those actual exits.

我們在 17 年和 18 年推動的一些重組工作對其中一些實際退出產生了延遲影響。

So some things we negotiated in '17 or '18, you actually are not exiting some of those agreements until some point in '19 or later in '19.

所以我們在 17 年或 18 年談判的一些事情，實際上直到 19 年或 19 年晚些時候，你才退出其中的一些協議。

And so you don't see the real benefit of that full year until 2020 and beyond.

因此，直到 2020 年及以後，您才能看到全年的真正好處。

So there's a lot of different initiatives at play there, but we're excited about the leverage we can drive in '20 and beyond.

所以那裡有很多不同的舉措在發揮作用，但我們對我們可以在 20 年及以後推動的影響力感到興奮。

And our next question comes from the line of Matt McClintock with Barclays.

我們的下一個問題來自巴克萊銀行的馬特麥克林托克。

Yes.

是的。

And congrats on the progress.

並祝賀進展。

I was wondering if -- talk about it from a high-level perspective, you've consistently outperformed the expectations that you've put out there, the plan that you've put out there today is a great example of that.

我想知道 - 從高層次的角度談論它，您是否一直超出您提出的預期，您今天提出的計劃就是一個很好的例子。

Where are you finding the most resistance today to your turnaround plan or your turnaround efforts?

您今天在哪裡發現對您的轉型計劃或您的轉型努力最大的阻力？

That'd be my first question.

那將是我的第一個問題。

Matt, this is Patrik.

馬特，這是帕特里克。

Thanks for that question.

謝謝你的問題。

I don't really see a lot of resistance.

我真的沒有看到很多阻力。

I think it's more of a continued planned rollout because the reality, of course, is that we're working inside of a calendar.

我認為這更像是一個持續的計劃推出，因為現實當然是我們正在日曆內工作。

That would shorten now.

現在會縮短。

It used to be 22 months.

以前是22個月。

It's now 17 months.

現在17個月了。

So it is a steady progressive march towards a better future.

因此，這是朝著更美好未來穩步前進的過程。

And what you're seeing now here, as we turn the corner into '19, is a lot of the work really starting to pay off.

你現在在這裡看到的，當我們把拐角變成 19 年時，很多工作真的開始得到回報。

We've stabilized our largest region.

我們已經穩定了我們最大的地區。

We've started to really go into a healthier marketplace for the Under Armour brand.

我們已經開始真正為 Under Armour 品牌進入一個更健康的市場。

Where inventories, to Dave's earlier point, are now actually much, much, much healthier and actually from a position of strength if you compare it even back to as far as 2016.

就戴夫之前的觀點而言，現在的庫存實際上要健康得多，而且實際上處於強勢地位，如果你將其與 2016 年的情況進行比較的話。

So it is a long play.

所以這是一場漫長的比賽。

We are very confident simply because we're doing it through this go-to-market process where we are now orchestrating the play further out and then driving it home and learning from every time we actually go to market with a new season or a new launch.

我們非常有信心，因為我們正在通過這個進入市場的過程來做這件事，我們現在正在進一步編排劇本，然後把它帶回家，並從每次我們實際進入市場的新賽季或新賽季中學習發射。

And then we're affecting future seasons from the learnings.

然後我們會從學習中影響未來的賽季。

So we're not meeting a lot of resistance anywhere.

所以我們在任何地方都沒有遇到很多阻力。

It's just that it takes a little bit of time to drive this through.

只是需要一點時間來推動這一點。

And we're feeling more and more confident that a lot of things that we're doing are really working.

而且我們越來越有信心，我們正在做的很多事情確實有效。

But it will be a continued work.

但這將是一項持續的工作。

Like we said at Investor Day in December, '19 is still the last phase of our Protect This House chapter.

就像我們在 12 月的投資者日所說的那樣，19 年仍然是我們保護這所房子章節的最後階段。

And we feel really good about the plan that we currently have in place for '19, and we'll continue to drive into 2020.

我們對我們目前為 19 年制定的計劃感覺非常好，我們將繼續推進到 2020 年。

And then as a follow-up just on Europe.

然後作為歐洲的後續行動。

You talked about putting the global -- on the global operational plan in place -- or infrastructure in place, et cetera.

您談到了將全球 - 全球運營計劃到位 - 或基礎設施到位等。

You're empowering the local regions.

您正在賦予當地權力。

But just -- but Europe, there's a lot of brands that had a hard time cracking Europe as a whole.

但只是——除了歐洲，有很多品牌很難打入整個歐洲市場。

And I was wondering from a local level -- from more of a local level, what needs to be different about the approach there?

我從地方層面想知道——從更多地方層面來看，那裡的方法需要有什麼不同？

And Patrik, please chime in because given your experience, but what needs to be different about the local approach to Europe to make it successful?

帕特里克，請加入，因為鑑於您的經驗，但要使歐洲成功，當地的做法需要有什麼不同？

Yes.

是的。

Europe is a little bit of a harder market to crack overall, right?

總體而言，歐洲是一個更難打入的市場，對吧？

You've got to really win it country by country.

你必須在一個國家一個國家真正贏得它。

In the U.S., of course, you can scale quickly.

當然，在美國，您可以快速擴展。

And when it goes the other way, it goes the other way quickly.

當它走另一條路時，它會迅速轉向另一條路。

In Europe, it is really a country-by-country approach.

在歐洲，這實際上是一種逐個國家的方法。

So for us, what we've done with this global operating model that we put in place is we have ensured that with the new leadership in place in Europe and the structure that we have in Europe, we're now empowering the regional team to really prioritize how to win in Europe, right?

因此，對我們來說，我們利用我們實施的這種全球運營模式所做的是，我們確保隨著歐洲新的領導層和我們在歐洲的結構，我們現在授權區域團隊真的優先考慮如何在歐洲獲勝，對吧？

And you're doing that through a geographic play country by country, but also through a category play.

你正在通過一個國家的地理遊戲來做到這一點，也可以通過一個類別遊戲來做到這一點。

And that's why we're so encouraged about some of the things that we talked about earlier around HOVR and Rush, for example, is because we're also seeing the effectiveness of this approach for our teams in Europe now that we're structured in this new, let's say, more empowered way for the region.

這就是為什麼我們對我們之前談到的關於 HOVR 和 Rush 的一些事情感到如此鼓舞的原因，例如，因為我們也看到了這種方法對我們在歐洲的團隊的有效性，因為我們的結構是這種新的，比方說，對該地區更有能力的方式。

So it is a country-by-country, channel-by-channel, category-by-category approach you need to have in Europe.

因此，您需要在歐洲採用逐個國家、逐個渠道、逐個類別的方法。

And you actually need to think about it that way because you cannot try to win in Europe all at once, right?

而且您實際上需要這樣考慮，因為您不能一次嘗試在歐洲獲勝，對嗎？

It's really a longer-term plan and a very strategic plan in terms of how you do that.

就你如何做到這一點而言，這確實是一個長期計劃和一個非常戰略性的計劃。

So it's feeding off global, driving regional.

所以它以全球為食，推動區域發展。

And we feel that we have a plan in place now with great leadership over there.

我們覺得我們現在已經制定了一個計劃，在那裡有很好的領導。

We're seeing some very exciting, early response and results based on this new approach.

基於這種新方法，我們看到了一些非常令人興奮的早期響應和結果。

And we're very, very diligent and deliberate about making that a premium approach.

我們非常非常勤奮和深思熟慮地將其作為一種優質方法。

So we're not getting on top of our skis.

所以我們沒有在我們的滑雪板上。

We're making sure that we're thinking through the strategy and playing the play in a very orchestrated fashion.

我們確保我們正在考慮戰略並以非常精心策劃的方式進行比賽。

And the go-to-market is enabling our teams to do that.

進入市場使我們的團隊能夠做到這一點。

And our last question comes from the line of Omar Saad with Evercore ISI.

我們的最後一個問題來自與 Evercore ISI 的 Omar Saad。

Just one kind of follow-up topic, guys.

伙計們，只是一種後續話題。

Nice job on the quarter.

本季度幹得不錯。

And I really love to hear the premiumization strategy and really trying to reduce the reliance on discounting, especially in the DTC and online channels.

而且我真的很喜歡聽到高端化策略，並且真的很想減少對折扣的依賴，尤其是在 DTC 和在線渠道中。

And maybe you can kind of elaborate on how -- where we could expect to see that go from a consumer standpoint.

也許你可以詳細說明如何 - 從消費者的角度來看，我們可以期待看到這一點。

Are you going to take the outlet side off the website?

你打算把出口端從網站上拿走嗎？

How do you really kind of keep that website and the e-commerce piece, that most premium product?

您如何真正保留該網站和電子商務這一最優質的產品？

And then how do we think about that premiumization strategy in the physical channels, whether it's your own stores or different wholesale channels, especially as it relates to the U.S. market, which, and everyone knows, tends to be the more competitive market and more discount-driven market versus others overseas?

然後我們如何考慮實體渠道中的高端化策略，無論是您自己的商店還是不同的批發渠道，尤其是與美國市場有關的情況下，眾所周知，美國市場往往競爭更激烈，折扣更多- 驅動市場與其他海外市場？

Yes.

是的。

Thanks, Omar.

謝謝，奧馬爾。

This is Patrik.

這是帕特里克。

Yes.

是的。

So we have a plan in place for all the channels, right, and all the categories in terms of how we think about this.

因此，就我們如何看待這一點而言，我們為所有渠道和所有類別制定了計劃。

But it starts with understanding what goes where, right?

但首先要了解什麼去哪裡，對吧？

So it begins with a category, channel, segmentation strategy and then an ability to execute against that.

因此，它從類別、渠道、細分策略開始，然後是針對這些策略執行的能力。

So the go-to-market is allowing us to do that.

因此，進入市場允許我們這樣做。

And that's why we come back to this conversation around HOVR and Rush.

這就是為什麼我們回到關於 HOVR 和 Rush 的對話。

That's pinnacle product being positioned in the marketplace, and that's also what the brand is talking about right now, which is important to us to really show up in a premium way.

這是定位於市場的巔峰產品，這也是該品牌現在正在談論的內容，這對我們真正以優質的方式出現很重要。

I mean who would have thought that we were going to be on the cover of Runner's Magazine (sic) [Runner's World] 2 years ago?

我的意思是，誰會想到我們會在 2 年前登上 Runner's Magazine (sic) [Runner's World] 的封面？

I wouldn't have thought so suddenly and certainly, but we are.

我不會這麼突然和肯定地想到，但我們是。

And we're now starting to really connect with that more premium consumer looking for the best possible product in that category, for example.

例如，我們現在開始真正與那些尋找該類別中最好的產品的高端消費者建立聯繫。

And we're taking and applying that same methodology across everything that we do.

我們正在將相同的方法應用於我們所做的一切。

You've seen the efficiency that we're getting through our SKU reductions.

您已經看到我們通過減少 SKU 獲得的效率。

You've seen the benefit that we've gained from better allocation as we launch some of these more premium programs.

當我們推出其中一些更優質的計劃時，您已經看到了我們從更好的分配中獲得的好處。

We've taken discounting down on our -- in our digital space and also having less promotional days in our outlet channel over the last 2 years.

在過去的 2 年裡，我們在我們的數字空間中降低了我們的折扣，並且在我們的直銷渠道中的促銷日也減少了。

All of those things are contributing to this march towards a better, more healthy brand.

所有這些都有助於朝著更好、更健康的品牌邁進。

And it's enabled by the fact that we have -- we're doing it with less product.

它是由我們擁有的事實實現的——我們用更少的產品來做這件事。

So fewer SKUs, more focus and more strategic and process that enables us to play the play.

因此，更少的 SKU、更多的焦點、更多的戰略和流程，使我們能夠發揮作用。

That's really how we're thinking about it.

這就是我們正在考慮的方式。

Kevin, you want to wrap?

凱文，你想換行嗎？

Yes.

是的。

I'd love to actually just finish up on that comment on what we're doing -- we're driving premium brand.

我很想真正結束對我們正在做的事情的評論——我們正在推動高端品牌。

The interesting thing about looking at the journey that our brand has been on in 23 years in, the 13 or 14 as a public company and just seeing each one of these chapters as they've unfolded and when you talk about things like the premium positioning, I think it's a perfect place of what and how we want to talk about our business.

有趣的是，看看我們的品牌在 23 年的歷程中，作為一家上市公司的 13 年或 14 年，以及當您談論諸如高端定位之類的事情時，看到這些章節中的每一章，我認為這是一個完美的地方，我們想談論我們的業務。

But understanding that what we need to do in order to become a great operationally excellent company in order to deliver on that premium position, particularly at the size and the scale that we are now, there's a lot of things that you can physically lift when you're a smaller business, but we've just outgrown that.

但是，要了解我們需要做些什麼才能成為一家出色的運營優秀公司，以實現這一優勢地位，尤其是在我們現在的規模和規模上，當你在'是一家規模較小的企業，但我們已經超越了這一點。

And so I think we're going to really look back and appreciate the years of '17, '18, '19, especially when we can look at a year like, '18 where all the restructuring and growth that we had in getting healthy that we had, while still growing the business over $200 million.

因此，我認為我們將真正回顧並欣賞 17 年、18 年、19 年的歲月，尤其是當我們可以看到像 18 年這樣的一年時，我們在變得健康方面所進行的所有重組和增長我們擁有的，同時業務仍在增長超過 2 億美元。

So the one thing we know is a great product is going to win, and that's one thing that continues to happen no matter what.

所以我們知道的一件事是一個偉大的產品將會獲勝，這是無論如何都會繼續發生的一件事。

And the proof positive of that is just the athletes continuing to win in our brand.

而這方面的積極證據就是運動員繼續在我們的品牌中獲勝。

And again, whether it's Brady winning Super Bowls, the NCAA finals or men's and women's in basketball, whether it's Steph and Joel Embiid in the finals of the NBA championship, whether it's Bryce Harper in baseball, the list just goes on and on.

再說一遍，無論是布雷迪贏得超級碗、NCAA 總決賽還是男籃和女籃，無論是 NBA 總決賽中的斯蒂芬和喬爾恩比德，無論是棒球中的布萊斯哈珀，名單還在繼續。

But one thing I want people to know is that we're also going to continue to get louder as a brand.

但我想讓人們知道的一件事是，作為一個品牌，我們也將繼續變得更響亮。

We've been pretty quiet.

我們一直很安靜。

We've been talking about product stories.

我們一直在談論產品故事。

We've been telling people about HOVR and Rush, and that's where you've seen our marketing.

我們一直在向人們介紹 HOVR 和 Rush，這就是您看到我們營銷的地方。

But as we continue to get free and flexible, we get to move things around, you'll continue to see us get louder about telling people what and why this brand is so special.

但隨著我們繼續變得自由和靈活，我們可以移動事物，你會繼續看到我們越來越大聲地告訴人們這個品牌是什麼以及為什麼如此特別。

And the fact is that everything we build, everything we make does something.

事實是，我們建造的一切，我們製造的一切都在發揮作用。

It makes our brand unique.

它使我們的品牌獨一無二。

And it gives us an advantage and an edge, especially to our consumer that allows them to give them superpower.

它為我們提供了優勢和優勢，特別是對我們的消費者來說，這讓他們能夠賦予他們超能力。

So we look forward to continuing to drive on that and really proud of the progress that this team has made.

因此，我們期待繼續推動這一目標，並為這個團隊取得的進展感到非常自豪。

I think the operational excellence that's being put in is something that will continue to come out and driving that premium brand position that we're all looking for.

我認為正在投入的卓越運營將繼續出現，並推動我們都在尋找的優質品牌地位。

So we have work to be done.

所以我們有工作要做。

We're going to continue to win for our consumers, for our customers, for our shareholders.

我們將繼續為我們的消費者、我們的客戶和我們的股東贏得勝利。

And we look forward to that challenge.

我們期待著這一挑戰。

So we're in the fight.

所以我們在戰鬥。

Thank you all very much.

非常感謝大家。

Operator?

操作員？

Ladies and gentlemen, thank you for your participation in today's conference.

女士們，先生們，感謝你們參加今天的會議。

This does conclude today's program, and you may all disconnect.

今天的節目到此結束，你們可能都斷線了。

Everyone, have a wonderful day.

大家，有一個美好的一天。