Under Armour Inc (UA) 2023 Q3 法說會逐字稿

Good day, and welcome to the Under Armour Q3 '23 Earnings Conference Call. (Operator Instructions) As a reminder, this call may be recorded. I would now like to turn the call over to Lance Allega, Senior Vice President, Investor Relations and Corporate Development. You may begin.

美好的一天，歡迎來到 Under Armour Q3 '23 收益電話會議。 （操作員說明）提醒一下，此通話可能會被錄音。我現在想把電話轉給投資者關係和企業發展高級副總裁 Lance Allega。你可以開始了。

Good morning, and welcome to Under Armour third quarter fiscal 2023 Earnings Conference Call. Today's event is being recorded for replay. Joining us on today's call would be Under Armour's Executive Chair and Brand Chief, Kevin Plank; and our President and CEO Colin Browne; and CFO, David Bergman. Our remarks today include forward-looking statements that reflect Under Armour's management's current view and certain forecast elements of our business as of February 8, 2023.

早上好，歡迎來到 Under Armour 2023 財年第三季度收益電話會議。正在錄製今天的活動以供重播。與我們一起參加今天的電話會議的有安德瑪 (Under Armour) 的執行主席兼品牌總監凱文·普蘭克 (Kevin Plank)；以及我們的總裁兼首席執行官 Colin Browne；首席財務官戴維·伯格曼 (David Bergman)。我們今天的評論包括前瞻性陳述，這些陳述反映了 Under Armour 管理層的當前觀點以及截至 2023 年 2 月 8 日我們業務的某些預測要素。

Statements made are subject to risks and other uncertainties detailed in the documents regularly filed with the SEC including our annual report on Form 10-K and our quarterly reports on Form 10-Q. Today's discussion also includes the use of non-GAAP references. Under Armour believes these measures provide investors with a helpful perspective on the underlying business trends. These measures are reconciled to the most comparable U.S. GAAP measures, a reconciliation of which, along with other permanent information can be found in this morning's press release and at about underarmour.com. With that, I'll turn the call over to Kevin.

所做的聲明受定期向美國證券交易委員會提交的文件中詳述的風險和其他不確定因素的影響，包括我們的 10-K 表格年度報告和 10-Q 表格季度報告。今天的討論還包括使用非 GAAP 參考資料。 Under Armour 認為，這些指標為投資者提供了了解潛在業務趨勢的有益視角。這些措施與最具可比性的美國 GAAP 措施進行了協調，可以在今天上午的新聞稿和 about underarmour.com 上找到其協調情況以及其他永久性信息。有了這個，我會把電話轉給凱文。

Thank you, Lance, and good morning, everyone. Another continued dynamic environment, we're pleased to have reported solid third quarter results and are on track to deliver on our full year operational and financial goals for fiscal '23. By continuing to learn, evolve and grow as an organization, the Under Armour brand is strong, and this is an exciting time for us.

謝謝你，蘭斯，大家早上好。另一個持續動態的環境，我們很高興公佈了穩健的第三季度業績，並有望實現我們 23 財年的全年運營和財務目標。通過作為一個組織不斷學習、發展和成長，Under Armour 品牌變得強大，這對我們來說是一個激動人心的時刻。

We're making progress on our strategic requirements. And as I've said before, we will not miss the opportunity to reposition and establish our sector leadership wherever we compete. When I consider Under Armour's journey, I've never been more energized and excited about the road in front with the organization we have in place as well as the future we are building. We are certainly not standing still, building on our transformative operational improvements and continuing to evolve our strategy from a position of strength.

我們在戰略需求方面取得了進展。正如我之前所說，無論我們在哪裡競爭，我們都不會錯過重新定位和建立行業領導地位的機會。當我考慮 Under Armour 的旅程時，我對前面的道路、我們現有的組織以及我們正在建設的未來感到從未像現在這樣充滿活力和興奮。我們當然不會停滯不前，以我們的變革性運營改進為基礎，並繼續從優勢地位發展我們的戰略。

We're working hard to amplify opportunities for our existing core business while strengthening our long-term ability to serve athletes beyond the gym, field and courts and throughout the entirety of their day. At the end of this month, our strategic evolution will gain more momentum as we welcome Stephanie Linnartz as our new President and CEO and as a member of our Board of Directors.

我們正在努力擴大我們現有核心業務的機會，同時加強我們為運動員提供體育館、田野和球場之外的全天候服務的長期能力。本月底，我們的戰略發展將獲得更多動力，因為我們歡迎 Stephanie Linnartz 成為我們的新總裁兼首席執行官和董事會成員。

Stephanie brings a wealth of experience to Under Armour after 25 years at Marriott International, the hospitality powerhouse overseeing a portfolio of 30 iconic brands Standing a 138 countries. She has a distinguished track record of executing best-in-class brand strategies and developing talent and led Marriott's multibillion-dollar digital transformation and award-winning loyalty program, expertise that will give us a critical level up in one of our most vital areas of strategic focus.

在 Marriott International 工作 25 年後，Stephanie 為 Under Armour 帶來了豐富的經驗，Marriott International 是一家酒店業巨頭，管理著遍布 138 個國家/地區的 30 個標誌性品牌。她在執行一流品牌戰略和培養人才方面擁有卓越的業績記錄，並領導了萬豪耗資數十億美元的數字化轉型和屢獲殊榮的忠誠度計劃，這些專業知識將使我們在我們最重要的領域之一達到關鍵水平戰略重點。

I'm looking forward to the perspective that Stephanie will bring to the brand, leveraging our deep bench of industry experts to work in concert and unlock our full potential. And as brand Chief and Executive Chair, I'm excited to support Stephanie across the business with an emphasis on. our product innovation pipeline and brand storytelling.

我期待 Stephanie 為品牌帶來的觀點，利用我們深厚的行業專家團隊協同工作，釋放我們的全部潛力。作為品牌首席執行官兼執行主席，我很高興能夠在整個業務中支持斯蒂芬妮，重點是。我們的產品創新渠道和品牌故事。

We look forward to the complement of our diverse skill sets and strengths to prioritize top and bottom line growth for UA with Stephanie's leadership as CEO. Further strengthening our brand, we recently announced 2 new Board members, Carolyn Everson and Patrick Whitesell. Each brings a wealth of experience with successful careers across media, technology, sports and entertainment management.

我們期待著在 Stephanie 作為首席執行官的領導下，我們多樣化的技能組合和優勢的互補，以優先考慮 UA 的收入和利潤增長。為了進一步加強我們的品牌，我們最近宣布了 2 名新的董事會成員，Carolyn Everson 和 Patrick Whitesell。每個人都在媒體、技術、體育和娛樂管理領域擁有豐富的成功職業經驗。

So fantastic new competencies to support the chapter ahead for Under Armour. And as we look to this next chapter, we continue to build on our momentum as a brand, delivering industry-leading innovation and premium consumer experiences always obsessed with empowering those who strive for more in a uniquely Under Armour way.

如此出色的新能力支持 Under Armour 的未來篇章。展望下一章，我們將繼續鞏固我們作為品牌的勢頭，提供行業領先的創新和優質的消費者體驗，始終致力於以獨特的 Under Armour 方式為那些追求更多的人提供支持。

To support this, we're making progress on the strategic refinements that we introduced on our last call, including broadening our product aperture to address the nonactive moments of an athlete's day, maintaining UA performance and delivered with culturally relevant style, activating with greater precision to reach our target audience and inspirational muse of the 16- to 20-year varsity athlete and advancing our segmentation strategy across the spectrum of good, better and best, with a heightened focus on better and best level product offerings.

為了支持這一點，我們在上次電話會議上引入的戰略改進方面取得了進展，包括擴大我們的產品範圍以解決運動員一天的非活躍時刻，保持 UA 性能並以與文化相關的風格交付，更精確地激活接觸我們的目標受眾和 16 至 20 歲的校隊運動員的鼓舞人心的繆斯女神，並在好、更好和最好的範圍內推進我們的細分戰略，並更加關注更好和最好水平的產品。

Under Armour will build amazing product that delivers on our promise of solutions you never knew you needed and once you've tried them could not imagine living without. As we finish out fiscal '23 and round the corner into fiscal '24, there's much to do. But let me be clear, when I say that Under Armour is in a good place. We're strong and tested.

安德瑪 (Under Armour) 將打造令人驚嘆的產品，兌現我們對解決方案的承諾，您從來不知道自己需要這些解決方案，一旦您嘗試過它們，就無法想像沒有它們的生活。當我們完成 23 財年並轉入 24 財年時，還有很多工作要做。但讓我明確一點，當我說 Under Armour 處在一個好地方時。我們很堅強，也經受住了考驗。

We've got the right people and processes working together, and we're strengthening our leadership. We know what great looks like, and we expect to make significant strategic and operational progress this year as we set up to reinvigorate growth. And we're in this position, thanks partly to the man sitting next to me, Colin, we owe a lot to you. Thank you for your steadfast leadership of Under Armour during this interim period.

我們有合適的人員和流程一起工作，我們正在加強我們的領導。我們知道什麼是偉大的，我們希望今年在重振增長的過程中取得重大的戰略和運營進展。我們處於這個位置，部分要歸功於坐在我旁邊的那個人，科林，我們欠你很多。感謝您在此過渡期間對 Under Armour 的堅定領導。

As Stephanie joins, I know you'll continue to be a vital partner for her and all of us as we move forward. We're fortunate. So on behalf of our Board, executive leadership team, thank you and cheers. In closing, as we continue to push our evolution and scale towards a more significant global presence and realize our potential, we must never lose sight of our identity in the heart of who we are.

隨著斯蒂芬妮的加入，我知道在我們前進的過程中，您將繼續成為她和我們所有人的重要合作夥伴。我們很幸運。因此，我代表我們的董事會、執行領導團隊，感謝你們並歡呼。最後，隨著我們繼續推動我們的發展和擴大規模以實現更重要的全球影響力並發揮我們的潛力，我們絕不能忽視我們內心深處的身份認同。

As I said, our brand is strong. and we will continue to protect this house. 2023 marks the 20th anniversary of this iconic phrase, which helped establish and underscore our unique identity. As a core component of our brand, this concept is as raw now as it was then. And in today's dynamic world arguably even more relevant to sport, to identity, to community.

正如我所說，我們的品牌很強大。我們將繼續保護這座房子。 2023 年是這個標誌性短語誕生 20 週年，它幫助確立並強調了我們的獨特身份。作為我們品牌的核心組成部分，這個概念現在和過去一樣原始。在當今充滿活力的世界中，可以說與體育、身份和社區更相關。

This year, we'll call this code back into action, inviting a new generation of athletes to protect this house. This constant has been there all along, and it's time to wake a giant, time to invoke a new future. Colin?

今年，我們將把這個準則重新付諸行動，邀請新一代運動員來保護這座房子。這個常數一直存在，是時候喚醒一個巨人，是時候調用一個新的未來了。科林？

Thank you, Kevin, and good morning, everyone. It's been a great privilege to lead Under Armour during this transition and work more closely with our amazing teammates across the globe. I look forward to partnering with Stephanie when she joins on February 27, continuing to advance our strategy as I resumed my role as Chief Operating Officer.

謝謝你，凱文，大家早上好。很榮幸能夠在此過渡期間領導 Under Armour，並與我們在全球的出色隊友更密切地合作。我期待在 2 月 27 日加入 Stephanie 後與她合作，在我重新擔任首席運營官一職時繼續推進我們的戰略。

Having had the opportunity to spend some time with her, I know she is an incredible leader who will bring a breadth of pressure to our business with a keen focus on consumer centricity and digitalization as we continue driving our strategy forward. In the meantime, as Kevin mentioned, we are not standing still. Our purpose of empowering those who strive for more is eternal.

有機會與她共度時光後，我知道她是一位了不起的領導者，在我們繼續推動戰略向前發展的過程中，她將專注於以消費者為中心和數字化，給我們的業務帶來廣泛壓力。與此同時，正如凱文所說，我們並沒有停滯不前。我們賦予那些追求更多的人權力的目的是永恆的。

Our strategic evolution in creating the space necessary to broaden our product aperture refining our target consumer to the 60- to 20-year-old varsity athlete and more effectively segmenting our product remains our immediate priorities. To touch on these, I'd start by underscoring that is one of only a handful of authentic performance brands worn by athletes at all levels of competition.

我們的戰略發展是創造必要的空間以擴大我們的產品範圍，將我們的目標消費者細化為 60 至 20 歲的校隊運動員，並更有效地細分我們的產品，這仍然是我們的當務之急。談到這些，我首先要強調的是，這是運動員在各級比賽中佩戴的少數幾個真正的性能品牌之一。

We've earned our reputation as a trusted brand for sports, the go-to apparel, footwear and equipment that athletes never knew they needed and once they have them, can't imagine living without. In this respect, we're doing a great job of fulfilling the train, compete and recover moments of an athlete's day. That leaves the nonactive or what we call live moments of their journey, which is a significant long-term growth opportunity that triples the total addressable market for Under Armour.

我們贏得了值得信賴的運動品牌聲譽，運動員們從來不知道自己需要這些首選服裝、鞋類和裝備，一旦擁有它們，就無法想像沒有它們的生活。在這方面，我們在完成運動員一天的訓練、比賽和恢復時刻方面做得很好。剩下的就是不活躍的或者我們稱之為他們旅程的實時時刻，這是一個重要的長期增長機會，可以使 Under Armour 的總潛在市場增加三倍。

So how does this translate to a broader sports style offering where the train, compete and recover stages of an athlete's journey, our performance with style product, the live stage will be style with performance products, science rationale or operating science, consumers will ultimately decide.

那麼，這如何轉化為更廣泛的運動風格產品，在運動員旅程的訓練、比賽和恢復階段，我們的表現風格產品，現場舞台將是風格產品，科學原理或操作科學，消費者將最終決定.

It's our job to give them more choices and therefore, more versatility to suit whatever part that they're outfit. SOFT launched in October, this type of versatility is embodied in sub speed, our unique training footwear engineered with a convertible heel to switch between active and recovery modes. From early reads, SlipSpeed's strong DNA, also sees it slotted into the space in between moments of style and self-expression.

我們的工作是為他們提供更多選擇，從而提供更多功能以適應他們所穿的任何衣服。 SOFT 於 10 月推出，這種多功能性體現在 sub speed 中，這是我們獨特的訓練鞋，採用可轉換鞋跟設計，可在主動模式和恢復模式之間切換。從早期的閱讀來看，SlipSpeed 的強大 DNA 也看到它在風格和自我表達時刻之間的空間。

As SlipSpeed launches globally on February 14, we're excited to bring this innovation to a much broader audience and learn even more about the possibilities of this hybrid platform. To support this, we're opening a physical manifestation of our brand positioning with a PopUp store in the Flatiron District in Manhattan, which will showcase SlipSpeed and our newest apparel offering and a new format with less product density and enhanced storytelling.

隨著 SlipSpeed 於 2 月 14 日在全球推出，我們很高興能將這項創新帶給更廣泛的受眾，並進一步了解這個混合平台的可能性。為支持這一點，我們將在曼哈頓熨斗區開設一家 PopUp 店，展示我們的品牌定位，展示 SlipSpeed 和我們最新的服裝產品，以及一種產品密度更低、故事更精彩的新形式。

Of course, none of this happens overnight. Still, you will see immediate progress and points on the board as we reimagining some of our Spring/Summer '23 floor sets with enhanced merchandising and story talent to showcase how Under Armour can be worn away from training and competition.

當然，這一切都不會在一夜之間發生。儘管如此，當我們重新設計我們的一些 23 春夏地板佈景時，您仍然會看到立竿見影的進展和要點，其中包括增強的營銷和故事人才，以展示 Under Armour 如何在訓練和比賽中脫穎而出。

In apparel, we've got the new structured wovens coming and introducing more variation of our unstoppable men's and women's bottoms to hit broader wearing occasions. We're also leveraging our leadership in performance tees and in the latest sports front. And with programs like our new women's Meridian bottoms, which have significantly improved anti-pilling component, it's the only legging you'll ever need for style performance incumbents.

在服裝方面，我們推出了新的結構化機織面料，並引入了更多款式的我們勢不可擋的男式和女式下裝，以滿足更廣泛的穿著場合。我們還在利用我們在性能 T 恤和最新運動領域的領導地位。我們的新款女式 Meridian 下裝等項目的抗起球成分得到了顯著改善，是時尚達人唯一需要的打底褲。

In footwear, the near-term pipeline includes putting a younger spin on Phantom 1, Gemini and Forge. And this fall, you'll see even more store sports side launches, including dynamic outfitting, new silhouettes and new colorways and maybe even a footwear collaboration or to. Transition to our second strategic refinement, we're also evolving our marketing and omnichannel strategies to better connect with the 16- to 20-year old varsity athletes.

在鞋類方面，近期的計劃包括為 Phantom 1、Gemini 和 Forge 注入年輕元素。今年秋天，您會看到更多商店推出運動系列，包括動感服裝、新輪廓和新配色，甚至可能是鞋類合作或 to。過渡到我們的第二次戰略改進，我們也在發展我們的營銷和全渠道戰略，以更好地與 16 至 20 歲的校隊運動員建立聯繫。

With an always-on social media activation approach, including a greater focus on unique content to amplify brand identity and drive cultural relevance.

通過始終在線的社交媒體激活方法，包括更加關注獨特的內容，以擴大品牌形象並推動文化相關性。

We're seeing early improvements in brand metrics with this demographic in the U.S. and key international markets like Mexico and China. All this feeds into our ability to drive excellence into our omnichannel presence, particularly in e-commerce, where we also started to see the early benefits of recent investments. So overall, encouraging, and we look forward to leaning in and applying even more in the coming seasons.

在美國以及墨西哥和中國等主要國際市場，我們看到這一人群的品牌指標出現了早期改善。所有這些都增強了我們在全渠道業務中推動卓越的能力，特別是在電子商務領域，我們也開始看到近期投資的早期收益。總的來說，令人鼓舞的是，我們期待在接下來的幾個賽季中更多地投入和應用。

The third is the ongoing evolution of our segmentation strategy and better balancing of the top most parts of our product pyramid Consumers tell us that varsity athletes tend to buy more frequently at fuller and higher price points than other groups throughout the year. In this work, we're doing category going category by category, addressing what premium looks like at every price point, determining opportunities to drive additional better and best level product assortments and what the marriage of innovation and style should look like as if we're designing unencumbered.

第三是我們細分策略的持續發展和我們產品金字塔最頂端部分的更好平衡消費者告訴我們，與其他群體相比，大學運動員傾向於更頻繁地以更全面和更高的價格點購買。在這項工作中，我們正在逐個類別地進行分類，解決每個價格點的溢價情況，確定推動更多更好和最佳水平產品分類的機會，以及創新和風格的結合應該是什麼樣子，就好像我們'重新設計不受阻礙。

As we continue to sharpen and hone this strategy, we'll also heighten our storytelling to drive a more pronounced premium elements [here on] athletes. And speaking of driving greater influence, our incredible roster of athletes continue to inspire a soul from Sharon Lokedi winning her debut at the New York City Marathon to Julio Rodriguez winning the MLB American League Rookie of the Year award to Justin Jefferson, breaking the Minnesota Vikings franchise, single season receiving record and Jordan Spieth, winning the match alongside Justin Thomas.

隨著我們繼續加強和磨練這一戰略，我們還將加強我們的故事講述，以推動更明顯的優質元素 [here on] 運動員。說到推動更大的影響力，我們令人難以置信的運動員名單繼續激勵著靈魂，從 Sharon Lokedi 在紐約市馬拉鬆比賽中首次亮相，到 Julio Rodriguez 贏得 MLB 美國聯盟年度最佳新人獎，再到 Justin Jefferson，打破明尼蘇達維京人隊特許經營權，單賽季接球記錄和喬丹斯皮思，與賈斯汀托馬斯一起贏得比賽。

Under Armour continues to stand out, delivering performance and helping to empower athletes at the highest level with sport. And with 2023 in its early days, there's more in store for UA as we look forward to the second half of the NBA season for Stephen Curry and Joel Embiid And in partnership with Dany Garcia and Dwayne 'The Rock' Johnson, we launched as the official uniform supplier of the XFL inaugural season on February 18.

安德瑪 (Under Armour) 繼續脫穎而出，提供出色的表現，並幫助運動員獲得最高水平的運動能力。 2023 年還處於早期階段，我們期待著 Stephen Curry 和 Joel Embiid 的 NBA 下半賽季以及與 Dany Garcia 和 Dwayne 'The Rock' Johnson 的合作，為 UA 準備了更多的東西，我們推出了2 月 18 日 XFL 首個賽季的官方制服供應商。

So UA's brand momentum remains strong. So back to our third quarter performance. We delivered a solid quarter with revenue up 3% to $1.6 billion or up 7% on a currency neutral basis. Clicking down into the results by region. North America declined by 2%, coming in at just over $1 billion for the quarter with wholesale down 6% and 1% growth in DTC, driven by strength in our e-commerce business, partially offset by recovery retail stores.

因此，UA 的品牌勢頭依然強勁。回到我們第三季度的表現。我們交付了一個穩定的季度，收入增長 3% 至 16 億美元，或在貨幣中性基礎上增長 7%。按地區點擊進入結果。北美下降了 2%，本季度銷售額略高於 10 億美元，批發下降 6%，DTC 增長 1%，這主要是由於我們電子商務業務的強勁增長，部分被復甦的零售店所抵消。

Though we continue to see solid demand in our largest region, we were more promotional during the quarter to manage inventory against this challenging retail backdrop. Despite the dynamic retail environment, we continue to focus on elevating the consumer experience across channels while driving operational excellence.

儘管我們繼續看到我們最大地區的強勁需求，但在這一充滿挑戰的零售背景下，我們在本季度加大了促銷力度以管理庫存。儘管零售環境充滿活力，但我們繼續專注於提升跨渠道的消費者體驗，同時推動卓越運營。

EMEA was a standout again for us this quarter, with revenue up 32% to $265 million or 46% on a currency-neutral basis. This growth was driven by a solid sell-through across wholesale and DTC along with earlier than planned shipments. We are encouraged by our momentum in EMEA and intend to remain nimble given the continued marketplace uncertainty and building inventories.

歐洲、中東和非洲地區本季度再次表現出色，收入增長 32% 至 2.65 億美元，按貨幣中性計算增長 46%。這一增長是由批發和 DTC 的穩健銷售以及比計劃更早的出貨量推動的。我們對我們在 EMEA 的發展勢頭感到鼓舞，並打算在市場持續不確定性和庫存增加的情況下保持靈活。

APAC revenue was down 9% to $198 million or up 1% on a currency-neutral basis despite ongoing COVID challenges impacting retail traffic and store availability, Particularly in China, we grew our wholesale business during the quarter. In addition, outside of China, we saw positive momentum in our e-commerce business. And finally, our Latin American business was up 45% to $64 million in the quarter or up 41% on a currency-neutral basis.

亞太地區收入下降 9% 至 1.98 億美元，或在貨幣中性基礎上增長 1%，儘管持續的 COVID 挑戰影響了零售流量和商店可用性，特別是在中國，我們在本季度增加了批發業務。此外，在中國以外，我們看到了電子商務業務的積極勢頭。最後，我們的拉丁美洲業務在本季度增長 45% 至 6400 萬美元，或在貨幣中性基礎上增長 41%。

Turning to operations. we continue to see improvements across our supply chain with our factory partners making progress in returning to pre-pandemic production efficiency. And ocean and delivery times continue to improve, which contributed to significant tailwinds and from less air and ocean freight during the third quarter, a trend we expect to continue into our fourth quarter.

轉向運營。我們繼續看到整個供應鏈的改進，我們的工廠合作夥伴在恢復大流行前的生產效率方面取得了進展。海運和交貨時間繼續改善，這導致第三季度的空運和海運運費減少，這一趨勢將持續到第四季度。

From an inventory perspective, levels continued to be elevated across our sector. At the end of the third quarter, our inventory was up 50% to $1.2 billion. As a reminder, though, our inventory was quite lean in fiscal '21 due to our constrained strategy and supply chain disruptions. So a large part of this increase and the increase over the next few quarters is simply normalizing to levels to us being a close to a $6 billion brand.

從庫存的角度來看，我們行業的庫存水平繼續上升。第三季度末，我們的存貨增長了 50%，達到 12 億美元。不過，提醒一下，由於我們的戰略受限和供應鏈中斷，我們在 21 財年的庫存非常少。因此，這一增長的很大一部分以及未來幾個季度的增長只是正常化到我們接近 60 億美元品牌的水平。

At the end of fiscal '23, we expect a similar growth rate of about 50%. But again, to contextualize this, this growth rate is up an $800 million base from the prior year, which was similar to 2015 when we were a $4 billion business. We do expect our year-end inventory growth rate to be the peak followed by elevated yet appropriate step-downs in the following quarters. That said, we continue to feel confident about where we are relative to our plans and managing this aspect of our business.

在 23 財年末，我們預計類似的增長率約為 50%。但是，再次說明這一點，這一增長率比上一年增加了 8 億美元，這與 2015 年我們的業務為 40 億美元時的情況相似。我們確實預計我們的年終庫存增長率將達到峰值，隨後在接下來的幾個季度中會出現升高但適當的下降。也就是說，我們繼續對我們相對於我們的計劃和管理我們業務的這方面的位置充滿信心。

To this point, we expect inventory to stay around 3 turns as we work through this challenging environment. In closing, as I transition back to the Chief Operating role, I want to say how proud I am to be part of Under Armour. It's been an honor and a privilege to lead this iconic brand. Over the last 9 months, I have worked with our amazing global teammates and now have a much broader understanding of our business, which will help me support Stephanie as she steps into her role. I'll now hand it over to Dave.

到目前為止，我們預計在我們度過這個充滿挑戰的環境時，庫存將保持在 3 周轉左右。最後，當我重新擔任首席運營官一職時，我想說我為能成為 Under Armour 的一員而感到自豪。領導這個標誌性品牌是我的榮幸。在過去的 9 個月裡，我與我們了不起的全球隊友一起工作，現在對我們的業務有了更廣泛的了解，這將幫助我在斯蒂芬妮接任她的角色時為她提供支持。我現在將它交給戴夫。

Thanks, Colin, and good morning, everyone. With 3 quarters of our fiscal 2023 behind us, we delivered a solid quarter and are on track to deliver our full year financial and operational goals. As a reminder, due to our fiscal year change, our third quarter of fiscal 2023 ending December 31 is comparable to the fourth quarter of fiscal 2021.

謝謝，科林，大家早上好。在我們 2023 財年的三個季度之後，我們交付了一個穩定的季度，並有望實現我們的全年財務和運營目標。提醒一下，由於我們的財政年度發生變化，我們截至 12 月 31 日的 2023 財年第三季度與 2021 財年第四季度相當。

As mentioned earlier, our third quarter revenue was up 3% to $1.6 billion or up 7% on a currency-neutral basis. In addition to the regional comments Colin provided, from a channel perspective, wholesale revenue was up 7% to $820 million, with increases in our full-price and off-price businesses. Direct-to-consumer revenue declined 1% to $715 million due to declines in our factory and Brand House stores, partially offset by a 7% increase in our e-commerce business.

如前所述，我們第三季度的收入增長了 3%，達到 16 億美元，在匯率中性的基礎上增長了 7%。除了 Colin 提供的區域評論外，從渠道角度來看，批發收入增長了 7%，達到 8.2 億美元，我們的全價和折價業務有所增加。直接面向消費者的收入下降 1% 至 7.15 億美元，原因是我們的工廠和 Brand House 商店的收入下降，部分被我們的電子商務業務增長 7% 所抵消。

And licensing revenue decreased 19% in the quarter to $30 million driven primarily by the timing of minimum royalty guarantees associated with our Japanese licensee. From a product perspective, in a challenging retail environment, our apparel business was down 2% with strength in golf and team sports offset by softness in training.

本季度許可收入下降 19% 至 3000 萬美元，這主要是由於與我們的日本被許可方相關的最低許可費保證的時間安排所致。從產品的角度來看，在充滿挑戰的零售環境中，我們的服裝業務下降了 2%，高爾夫和團隊運動的優勢被訓練的疲軟所抵消。

We also saw strength in men's and women's bottoms during the quarter, particularly the unstoppable franchise as well as a solid performance in outerwear. In footwear, revenue was up 25% with positive results in all categories, benefiting from better product availability during the quarter. Footwear growth was driven by strength in run with the HOVR Machina 3 resonating well, especially in APAC and EMEA, team sports, particularly basketball with the Curry 10 and American football with cleated products also performed well during the quarter.

我們還看到本季度男裝和女裝的實力強勁，尤其是勢不可擋的特許經營以及外衣的穩健表現。在鞋類方面，得益於本季度更好的產品可用性，所有類別的收入都增長了 25%，並取得了積極成果。鞋類產品的增長得益於 HOVR Machina 3 的強勁表現，特別是在亞太地區和歐洲、中東和非洲地區，團隊運動，尤其是 Curry 10 的籃球和帶防滑釘產品的美式足球在本季度也表現良好。

And our core run product continues to achieve solid results with Rogue, Assert and Pursuit demonstrating strength in the period. And finally, our accessories business was down 2% in the quarter due to softer sales of cold weather accessories, which more than offset strength in our bags business.

我們的核心運行產品繼續取得穩固的成果，Rogue、Assert 和 Pursuit 在此期間展示了實力。最後，由於寒冷天氣配飾銷售疲軟，我們的配飾業務在本季度下降了 2%，這抵消了我們包袋業務的強勁勢頭。

Gross margin was down 650 basis points during the third quarter, driven by 400 basis points of negative impacts from higher promotions and discounting, 130 basis points of unfavorable channel impacts primarily related to higher distributor sales, 60 basis points of adverse effects from changes in foreign currency, 50 basis points of unfavorable region mix related to higher EMEA and Latin American sales and finally, about 50 basis points of unfavorable product mix due to the strength of our footwear business.

第三季度毛利率下降 650 個基點，原因是更高的促銷和折扣帶來 400 個基點的負面影響，130 個基點的不利渠道影響主要與更高的分銷商銷售有關，60 個基點的不利影響來自國外的變化貨幣、50 個基點的不利區域組合與更高的 EMEA 和拉丁美洲銷售額相關，最後，由於我們鞋類業務的實力，不利的產品組合約 50 個基點。

These negative drivers were partially offset by 40 basis points of favorable supply chain impact driven by lower freight costs, which more than offset product cost headwinds during the quarter. Our larger-than-expected Q3 gross margin decline was primarily due to higher-than-planned markdowns within our wholesale business and increased promotional activities within our DTC business as we manage through inventory.

這些負面驅動因素部分被貨運成本下降帶來的 40 個基點的有利供應鏈影響所抵消，這大大抵消了本季度產品成本的不利影響。我們第三季度毛利率下降幅度大於預期，這主要是由於我們批發業務的降價幅度高於計劃，以及我們通過庫存進行管理時 DTC 業務的促銷活動有所增加。

Third quarter SG&A expenses were down 11% to $604 million. Several factors drove this decrease, including lower marketing, incentive compensation and consulting expenses. Bringing it to the bottom line, operating income was $95 million, coming in above our outlook of $75 million to $85 million. After tax, we realized a net income of $122 million or $0.27 of diluted earnings per share, excluding a $45 million earn-out benefit in connection with the sale of the MyFitnessPal platform, and a $2 million benefit from a tax valuation allowance release related to prior period restructuring, adjusted net income was $76 million.

第三季度 SG&A 費用下降 11% 至 6.04 億美元。有幾個因素導致了這一下降，包括較低的營銷、激勵薪酬和諮詢費用。總而言之，營業收入為 9500 萬美元，高於我們 7500 萬至 8500 萬美元的預期。稅後，我們實現了 1.22 億美元的淨收入或 0.27 美元的攤薄每股收益，不包括與出售 MyFitnessPal 平台相關的 4500 萬美元的盈利收益，以及與前期重組，調整後的淨收入為 7600 萬美元。

In addition to the operating income overdrive, more favorable FX hedging impacts within the other income and expense line and a better-than-anticipated tax rate helped us to realize $0.16 of adjusted diluted earnings per share, coming in above our outlook of $0.07 to $0.09 for the quarter.

除了營業收入超額增長外，其他收入和支出項目中更有利的外匯對沖影響以及好於預期的稅率幫助我們實現了 0.16 美元的調整後攤薄每股收益，高於我們 0.07 美元至 0.09 美元的預期本季度。

Moving to the balance sheet. Since Colin already took us through inventory, I'll highlight our cash and cash equivalents, which was $850 million at quarter end with no borrowings under our $1.1 billion revolving credit facility. And finally, we've repurchased an additional $75 million of Class C common stock, allowing us to retire 8.8 million previously outstanding shares.

轉到資產負債表。由於 Colin 已經帶我們完成了庫存，我將重點介紹我們的現金和現金等價物，在季度末為 8.5 億美元，我們的 11 億美元循環信貸額度下沒有借款。最後，我們回購了額外的 7500 萬美元 C 類普通股，使我們能夠收回 880 萬股先前流通在外的股票。

In total, under our 2-year $500 million program, we have repurchased $425 million of Class C stock and retired 35 million shares to date. Next, let's turn to our fiscal '23 outlook. As a reminder, the comparable period is the trailing 12-month period from April 1 of 2021 through March 31 of 2022.

總的來說，根據我們為期 2 年的 5 億美元計劃，我們已經回購了 4.25 億美元的 C 類股票，迄今已退役 3500 萬股。接下來，讓我們轉向我們的 23 財年展望。提醒一下，可比期間是從 2021 年 4 月 1 日到 2022 年 3 月 31 日的連續 12 個月期間。

To start, we continue to expect revenue to be up at a low single-digit rate on a reported basis and a mid-single-digit rate on a currency-neutral basis. So there is no change there. Next, due to the higher-than-anticipated Q3 promotional headwinds, we now expect the full year fiscal '23 gross margin decline to be at the high end of the previously provided 375 to 425 basis point range.

首先，我們繼續預計收入將在報告的基礎上以低個位數的速度增長，在貨幣中性的基礎上以中個位數的速度增長。所以那裡沒有變化。接下來，由於高於預期的第三季度促銷逆風，我們現在預計 23 財年全年毛利率下降將處於先前提供的 375 至 425 個基點範圍的高端。

This compares with our prior year's baseline rate of 49.6%. Within this decline, we expect approximately 1/3 of the total to be from the negative impacts of higher promotions and discounting, 1/3 from elevated product costs, freight expenses and changes in foreign currency and the remaining 1/3 is from mix impacts, including channel, product and region.

相比之下，我們去年的基准率為 49.6%。在這一下降中，我們預計約 1/3 的總數來自更高促銷和折扣的負面影響，1/3 來自產品成本上升、運費和外匯變化，其餘 1/3 來自混合影響，包括渠道、產品和地區。

Moving down the P&L. Full year SG&A should be down at a low single-digit rate versus our previous expectation of down slightly. In this respect, we remain committed to ensuring our investment dollars are optimized to the areas with the highest returns while proactively identifying areas to manage expenses appropriately.

向下移動損益表。全年 SG&A 應該會以較低的個位數下降，而我們之前的預期是略有下降。在這方面，我們仍然致力於確保我們的投資資金優化到回報最高的領域，同時主動確定適當管理費用的領域。

Dropping this through and in line with our previous outlook, operating income is expected to reach $270 million to $290 million. Excluding the company's litigation reserve, adjusted operating income is expected to reach $290 million to $310 million. Regarding items below operating income. Recall that we have been planning for a material benefit from a valuation allowance release that we expect to realize primarily in our fourth quarter.

根據我們之前的展望，營業收入預計將達到 2.7 億至 2.9 億美元。不包括公司的訴訟準備金，調整後的營業收入預計將達到 2.9 億美元至 3.1 億美元。關於營業收入以下的項目。回想一下，我們一直在計劃從我們預計主要在第四季度實現的估值津貼釋放中獲得物質利益。

That said, we anticipate a significantly negative adjusted tax rate or tax benefit in the fourth quarter, resulting in an adjusted full year tax rate in the mid-single digits. Putting it all together, diluted earnings per share is expected to be $0.71 to $0.75, which includes a $0.27 benefit related to the tax valuation allowance release.

也就是說，我們預計第四季度調整後的稅率或稅收優惠將出現顯著負數，從而導致調整後的全年稅率處於中等個位數。總而言之，每股攤薄收益預計為 0.71 美元至 0.75 美元，其中包括與免稅額發放相關的 0.27 美元收益。

Of this $0.27 benefit, $0.15 is related to prior restructuring. Additionally, there is an $0.08 benefit from our second year earn-out on the sale of the MyFitnessPal platform and a $0.04 negative impact from our litigation reserve. Excluding these net positive impacts of $0.19, we now expect adjusted diluted earnings per share to be between $0.52 and $0.56.

在這 0.27 美元的收益中，0.15 美元與之前的重組有關。此外，我們第二年從 MyFitnessPal 平台的銷售中獲得 0.08 美元的收益，而我們的訴訟準備金產生 0.04 美元的負面影響。排除這些 0.19 美元的淨積極影響，我們現在預計調整後的攤薄每股收益將在 0.52 美元至 0.56 美元之間。

This is higher than our previously provided range of $0.44 to $0.48 primarily due to favorable FX developments on the other income and expense line and a slightly lower tax rate. Before I close out, even though we aren't providing a fiscal '24 outlook until our Q4 call in May, we are anticipating the macroeconomic backdrop to stay uneven in calendar '23 with elevated sector-wide inventories that could result in ongoing promotions lasting longer than previously expected.

這高於我們之前提供的 0.44 美元至 0.48 美元的範圍，這主要是由於其他收入和支出項目的有利外匯發展以及略低的稅率。在我結束之前，儘管我們在 5 月份的第四季度電話會議之前不會提供 '24 財年展望，但我們預計宏觀經濟背景將在'23'日曆中保持不平衡，整個行業的庫存增加可能導致持續的促銷活動比之前預期的要長。

In this respect, we are employing proactive measures to protect and ensure the health of our brand to mitigate these potential pressures as best as possible as we lay the groundwork for next year's operating plan. So to close, I'd underscore that we are pleased with our continued momentum and remain encouraged by our evolving long-term strategy, including broadening our product aperture, refined consumer focus and efforts to create a more premium consideration through improved better and best level product.

在這方面，我們正在採取積極措施來保護和確保我們品牌的健康，以盡可能減輕這些潛在壓力，同時為明年的運營計劃奠定基礎。最後，我要強調的是，我們對我們的持續發展勢頭感到滿意，並繼續對我們不斷發展的長期戰略感到鼓舞，包括擴大我們的產品範圍、細化消費者關注點以及通過提高更好和最好的水平來創造更優質的考慮產品。

Moreover, from an operational perspective, we are confident that our refined playbook and financial discipline position us well to navigate near-term uncertainty and drive Under Armour to our next chapter of pronounced growth as we continue to protect this house. And with that, we finished our prepared remarks, so I'll turn it back to the operator for Q&A. Operator?

此外，從運營的角度來看，我們相信，我們完善的劇本和財務紀律使我們能夠很好地應對近期的不確定性，並在我們繼續保護這座房子的同時，推動 Under Armour 進入顯著增長的下一個篇章。至此，我們完成了準備好的發言，所以我會把它轉回給接線員進行問答。操作員？

(Operator Instructions) Our first question comes from Matthew Boss with JPMorgan.

（操作員說明）我們的第一個問題來自摩根大通的 Matthew Boss。

Let's go to the next one, and we'll try to fall him back in if you could get him requeued.

讓我們去下一個，如果你能讓他重新排隊，我們會試著讓他回來。

Our next question comes from Jay Sole with UBS.

我們的下一個問題來自瑞銀的 Jay Sole。

Great. My question is on the comments you just made about looking into the next fiscal year. It sounds like you're seeing a little bit of a change in the environment versus what you saw 3 months ago. Is that more of a consumer -- change in the consumer and the consumer's willingness to spend? Or is that more on the industry dynamic with still inventory, pretty heavy out there and maybe some of the supply chain costs taking a little bit longer to get better than you thought. Just a little bit more color would be helpful.

偉大的。我的問題是關於您剛剛就展望下一個財政年度發表的評論。與 3 個月前相比，您似乎看到環境發生了一點變化。這更多的是消費者——消費者和消費者消費意願的變化嗎？或者更多的是關於行業動態，庫存仍然很重，供應鏈成本可能比你想像的要長一點才能變得更好。多一點顏色會有所幫助。

Sure, Jay, this is Dave. I would say it's actually a little bit of both. We definitely have seen that the promotional environment went a little bit deeper and we believe it's going to go a little bit longer. And a lot of that has to do with some of the building inventories that are out there with all the brands. And that is something that all of the retailers are going to need to work through in the coming quarters.

當然，傑伊，這是戴夫。我會說這實際上是兩者兼而有之。我們肯定已經看到促銷環境變得更深入了一點，我們相信它會持續更長時間。這在很大程度上與所有品牌的一些建築庫存有關。這是所有零售商在未來幾個季度都需要解決的問題。

And we are seeing that, that's probably going to take a little bit longer than what we would have expected maybe 90 days back. And the consumers are out there, the traffic is reasonable, but conversion is a little bit challenged. And I think that folks are being a little bit more cautious here for a while. And so we expect that pressure to continue as we move through this calendar year for a while.

我們看到，這可能比我們 90 天前的預期要長一點。消費者在那裡，流量是合理的，但轉換有點挑戰。而且我認為人們在一段時間內變得更加謹慎了。因此，我們預計在我們度過這個日曆年的過程中，這種壓力會持續一段時間。

Got it. And maybe a question for Kevin. Just on hiring Stephanie, can you just maybe elaborate a little bit more on what it was about her that made her the right person to come in the lead Under Armour from here end? And do you have a Super Bowl prediction for us?

知道了。也許有一個問題要問凱文。就聘請斯蒂芬妮而言，你能否再詳細說明一下是什麼讓她成為從這裡開始領導 Under Armour 的合適人選？你對我們有超級碗預測嗎？

Well, this is Colin jumping in here. Kevin's not in the room at the moment. But Stephanie, obviously, as Kevin alluded to in the script, Stephanie obviously has -- is an amazing executive. We've had the opportunity to spend some time with her.

嗯，這是 Colin 跳進來的。凱文現在不在房間裡。但是斯蒂芬妮，顯然，正如凱文在劇本中提到的那樣，斯蒂芬妮顯然是一位了不起的高管。我們有機會與她共度時光。

She obviously has had an incredibly successful career and the level of kind of insight that she will bring with regards to how we're thinking about our consumer and building relationships as a brand is something that we can undoubtedly feel. we can already feel in some of the early conversations with her. So we're excited to welcome on board and looking forward to working with them.

顯然，她的職業生涯非常成功，她對我們如何看待消費者和建立品牌關係的洞察力水平是我們可以毫無疑問地感受到的。我們已經可以在與她的一些早期對話中感受到。因此，我們很高興歡迎加入並期待與他們合作。

And our next question comes from Simeon Siegel with BMO.

我們的下一個問題來自 BMO 的 Simeon Siegel。

Hoping you could talk just a little -- you bet. So I would just maybe elaborate a little bit on your expectations for stores e-com wholesale we got to throw it all at you, sorry. But like channel product and region basically, just given the improvements in the progress you're making.

希望你能談一點——你敢打賭。因此，我可能會詳細說明您對商店電子商務批發的期望，我們不得不把它全部扔給您，抱歉。但基本上就像渠道產品和地區一樣，只是考慮到您正在取得的進步。

So as we think about DTC versus wholesale as you look at maybe diverging trends with footwear and apparel and then just would love any more color, if you could, on what you're thinking for China and Asia, if that's possible? I know that was a lot, sorry.

因此，當我們考慮 DTC 與批發時，你可能會看到鞋類和服裝的不同趨勢，然後你會喜歡更多的顏色，如果可以的話，你對中國和亞洲的想法，如果可能的話？我知道那太多了，抱歉。

I Yes, I was going to say there's a lot of -- I think let me kind of see if I can kind of pick it a piece a little bit and David can kind of jump in. I mean, as you've seen in our results, we're showing up incredibly well in Europe, and that's something which we're really pleased with the progress we're seeing there.

我是的，我想說有很多——我想讓我看看我是否可以稍微挑一點，大衛可以跳進去。我的意思是，正如你在我們的結果，我們在歐洲表現得非常好，我們對在那裡看到的進展感到非常滿意。

And part of that is the fact that the way the brand has been able to manifest itself in Europe allows us to really demonstrate the better -- the good, better, best kind of way in which we think about the brand. And when we get that right, it's very clear that it resonates well. And so we're seeing that in Europe in spite of what is a difficult time in Europe at a macroeconomic level, Under Armour is resonating pretty well.

部分原因是該品牌能夠在歐洲展現自己的方式使我們能夠真正展示更好 - 我們思考品牌的好，更好，最好的方式。當我們做對時，很明顯它會產生很好的共鳴。因此，我們看到在歐洲，儘管歐洲在宏觀經濟層面處於困難時期，但 Under Armour 卻引起了很好的共鳴。

At the same time, we -- if you go up to China, obviously, we obviously as did everyone else, but challenged in the third quarter because of the number of lockdowns we had.

與此同時，我們 - 如果你去中國，顯然，我們顯然和其他人一樣，但由於我們的封鎖次數，我們在第三季度面臨挑戰。

We had 35%, 40% of our stores closed for much of Q3. We're obviously now starting to see that open up a little bit more, and we're optimistic that we may see business continue to improve as kind of consumers come back.

在第三季度的大部分時間裡，我們關閉了 35%、40% 的商店。很明顯，我們現在開始看到更多的開放，我們樂觀地認為，隨著消費者的回歸，我們可能會看到業務繼續改善。

Obviously, that's changing the dynamic of how people are shopping a little bit. People are going to stores as opposed to more of online. So we're seeing that kind of play out. And in North America, we talked about this a little bit already, but we are seeing a softer retail environment, but we continue to invest in building our own DTC, and that's really a key focus for us, thinking through how do we actually talk directly to consumers.

顯然，這正在一點點改變人們購物的方式。人們會去商店而不是更多的在線。所以我們看到了這樣的結果。在北美，我們已經談了一點這個，但我們看到零售環境更加疲軟，但我們繼續投資建立我們自己的 DTC，這對我們來說確實是一個重點，思考我們如何實際談論直接面向消費者。

Opening the store in New York is a great example of us really starting to step into that and really think through how we can build on that. And the investments we continue to make in unlocking the power of our omnichannel are all things that we feel we're well positioned to lean into over the next 12 months. And Dave, I'm not sure if you want to add anything.

在紐約開店是一個很好的例子，表明我們真正開始涉足這一領域，並認真思考我們如何在此基礎上繼續發展。我們在釋放全渠道力量方面繼續進行的投資都是我們認為在未來 12 個月內我們有能力投入的所有事情。戴夫，我不確定你是否想添加任何內容。

Yes. I mean maybe I'll just add a little bit from like an apparel footwear accessories perspective. Apparel, I think, is down 2% in Q3. But if you think about it, our first 3 quarters of fiscal '23, we had year-over-year comparisons on a very favorable '21 for a lot of folks that were in our industry in terms of demand. And I think across the industry, apparel was impacted with higher inventory. So as a product category, it's been more promotional activity there, which definitely challenges the revenue growth a little bit.

是的。我的意思是也許我會從服裝鞋類配飾的角度添加一點點。我認為服裝在第三季度下降了 2%。但是，如果您考慮一下，我們在 23 財年的前 3 個季度，就需求而言，我們對我們行業中的許多人來說非常有利的 21 年進行了同比比較。我認為在整個行業中，服裝都受到了較高庫存的影響。因此，作為一個產品類別，那裡的促銷活動更多，這肯定會對收入增長造成一些挑戰。

However, as we work through that, we expect that to normalize more and get back into the right growth place as we go into next year. Footwear has been an excellent opportunity for us. And as you can see, growing 25% in Q3, definitely a strong area for us and one that we've always talked about as being a big opportunity. Now some of that is due to better product availability.

然而，在我們努力解決這個問題的過程中，我們希望在進入明年時能夠更加正常化並回到正確的增長點。鞋業對我們來說是一個絕佳的機會。正如你所看到的，第三季度增長了 25%，這對我們來說絕對是一個強大的領域，我們一直認為這是一個巨大的機會。現在，其中一些是由於更好的產品可用性。

If you recall, with the impacts last year from production, a lot of that impacted footwear even more than apparel. So comping that is a little bit helpful this quarter. But again, super exciting area for us to keep driving on as we go into next year.

如果你還記得，考慮到去年生產的影響，其中很多對鞋類的影響甚至超過服裝。因此，在本季度進行比較會有所幫助。但同樣，在我們進入明年時，我們將繼續前進的超級令人興奮的領域。

Great. And then just one quick one, recognizing it's relatively new for you guys seeing the ASR. Any guardrails or how we should think about your approach to buybacks going forward?

偉大的。然後只是一個快速的，認識到它對你們看到 ASR 的人來說相對較新。任何護欄或我們應該如何考慮您未來的回購方法？

Yes. I mean it's something obviously that we continually look at. There's a lot of different ways that we want to be able to utilize our cash. And a lot of it is going to be navigating the current environment and staying nimble. We still have the full revolver availability, so we're very liquid as well. But we want to make sure that we can reinvest at the right level in long-term growth, whether it be within our systems, processes, DTC, a lot of what Colin had mentioned as well. So we will continue to assess that. No decisions are made at this point in time, but we're going to continue to look at it as we go forward.

是的。我的意思是，這顯然是我們不斷關注的事情。我們希望有很多不同的方式來使用我們的現金。其中很多將用於駕馭當前環境並保持敏捷。我們仍然擁有完整的左輪手槍可用性，因此我們的流動性也很強。但我們希望確保我們能夠在正確的水平上對長期增長進行再投資，無論是在我們的系統、流程、DTC 中，還是 Colin 提到的很多方面。因此，我們將繼續對此進行評估。目前還沒有做出任何決定，但我們將在前進的過程中繼續關注它。

Our next question comes from Kate Fitzsimons with Wells Fargo.

我們的下一個問題來自富國銀行的凱特菲茨西蒙斯。

I guess looking ahead to fiscal '24, I'm certainly understanding that you are unwilling to guide here. But I'm curious, just as you're looking at the gross margin opportunities and puts and takes as we look to the first half and the back half, just given the depressed levels that we're seeing certainly on the markdown front here.

我想展望 24 財年，我當然理解你不願意在這裡指導。但我很好奇，正如你正在研究毛利率機會，以及我們展望上半年和下半年時所採取的行動，考慮到我們在降價方面肯定看到的低迷水平。

Well, as David already alluded to, it's a little early, it's only February. So we're not really giving too much -- we're not calling out anything, providing any color with regards to full year '24 at this moment in time. But we are obviously continuing -- we talked already about the continued promotional environment. But at the same time, we are starting to see some of these kind of supply chain issues that were currently previously with driving up costs. They're starting to kind of destined to kind of back out again. So things like shipping and container costs and this type of stuff. So we think there is an opportunity there. But it's going to be a challenging year just because of half the amount of product that's out in the market from a promotional activity point of view. So it's going to take us some time to kind of work through that. Dave, do you want to add any more color?

好吧，正如 David 已經提到的那樣，現在有點早，現在才 2 月。因此，我們並沒有真正付出太多——我們沒有提出任何要求，也沒有提供任何關於 24 年全年的顏色。但我們顯然還在繼續——我們已經談到了持續的促銷環境。但與此同時，我們開始看到一些以前推高成本的供應鏈問題。他們開始有點注定要再次退出。所以諸如運輸和集裝箱成本之類的東西。所以我們認為那裡有機會。但這將是充滿挑戰的一年，因為從促銷活動的角度來看，市場上的產品數量減少了一半。所以我們需要一些時間來解決這個問題。戴夫，你想添加更多顏色嗎？

Yes. I mean, obviously, there's a lot of different areas that we're pushing on, and we want to keep moving the ball forward. But to Colin's point, it is early. And so at this point, we're going to kind of take advantage of the next 90 days to really dig in and continue to drive forward and be ready to speak more about it on our next call.

是的。我的意思是，很明顯，我們正在推進很多不同的領域，我們希望繼續向前推進。但對科林而言，現在還為時過早。因此，在這一點上，我們將利用接下來的 90 天來真正深入挖掘並繼續前進，並準備好在我們的下一次電話會議上更多地談論它。

Yes, Kate, I would say to you, it's not that we're not willing. Like you used the word unwilling, I just wanted to kind of correct that. We didn't do this last year as well. It was one of the reasons we changed our fiscal year primarily due to visibility because in February, we're still barely into the order book for the fall/winter season. So lot of moving parts, but we'll definitely obviously get to it in our May call, but certainly, a lot of considerations as we move forward.

是的，凱特，我想對你說，並不是我們不願意。就像你用了“不願意”這個詞一樣，我只是想糾正一下。我們去年也沒有這樣做。這是我們改變財政年度的原因之一，主要是由於可見性，因為在 2 月份，我們仍然幾乎沒有進入秋冬季節的訂單簿。有很多變化的部分，但我們肯定會在 5 月的電話會議中討論它，但當然，在我們前進的過程中會考慮很多因素。

Can I just ask -- it's a fair point. Can I just ask one follow-up on the inventory level, I certainly understand that you guys are kind of shifting towards the prioritization of growth here. But with guiding the year-end inventory by 50%, you're noting greater caution just overall in the environment, maybe the consumer.

我能問一下——這是一個公平的觀點。我能問一個關於庫存水平的後續問題嗎？我當然知道你們正在轉向增長的優先級。但是隨著年終庫存減少 50%，你會注意到整體環境更加謹慎，也許是消費者。

I guess I'm just trying to balance opportunities on growth as well as maybe a potential return to positive gross margins next year? Again, I understand kind of unwilling to talk about trajectories on gross margins next year. But I'm just trying to understand the balance there between growth and profitability as we're looking ahead, especially with some of these inventory investments.

我想我只是想平衡增長機會以及明年可能恢復正毛利率的機會？同樣，我理解有點不願意談論明年毛利率的軌跡。但我只是想了解增長和盈利能力之間的平衡，因為我們正在展望未來，尤其是其中一些庫存投資。

As we already -- we spoke a little bit about it, I think we're in somewhat of a different place than much of the industry. We were actually reasonably happy with where we now sit from an inventory perspective because as we called out in the script, we were running the constrained model last year. We also walked away from some demand because we just couldn't see we'd be able to service it.

正如我們已經 - 我們談到了一點，我認為我們與行業中的許多人處於不同的位置。從庫存的角度來看，我們實際上對我們現在所處的位置感到相當滿意，因為正如我們在腳本中所說的那樣，我們去年運行的是受限模型。我們也放棄了一些需求，因為我們看不到我們能夠為它提供服務。

So our inventory levels were incredibly slim last year. We're now getting our inventory back to what I would call kind of a steady state kind of number, which is -- okay, that 50% increase is a big number. But when you actually look at the amount of inventory we're now holding, we're holding the right level of inventory for a $6 billion business. So we're comfortable where we are from an inventory perspective. And our inventory is rightsized for the way in which we expect our business to kind of evolve next year.

因此，我們去年的庫存水平非常低。我們現在正在讓我們的庫存恢復到我稱之為穩定狀態的數字，這是 - 好吧，50% 的增長是一個很大的數字。但是，當您實際查看我們現在持有的庫存量時，我們持有的庫存水平適合價值 60 億美元的企業。因此，從庫存的角度來看，我們對自己的處境感到滿意。我們的庫存根據我們預計明年業務發展的方式進行了調整。

Kate, this is Dave. I think maybe what I would add a little bit there too is we have done a deep dive to kind of see what product we have that is more seasonless that we can pack and hold over to next year as opposed to liquidating it at very low prices now. And that's part of what's assumed in our outlook as well.

凱特，這是戴夫。我想也許我還要補充一點的是，我們已經進行了深入研究，看看我們有哪些產品更不受季節影響，我們可以打包並保留到明年，而不是以非常低的價格清算它現在。這也是我們展望中假設的一部分。

And so that is something that is in our inventory growth numbers now that we'll be able to draft off of a little bit next year at least from a cash perspective. And then I think just thinking about where we are right now as a kind of around a 3 turn to Colin's point, is a pretty healthy spot for us. And as we move through next year and deal with any of the excess, we still will be managing our third-party liquidation in a reasonable spot.

因此，這就是我們庫存增長數據中的內容，至少從現金的角度來看，我們明年將能夠減少一點。然後我認為只要想想我們現在所處的位置，大約是科林點的 3 轉，對我們來說是一個非常健康的地方。隨著我們明年的到來並處理任何多餘的部分，我們仍將在合理的位置管理我們的第三方清算。

We would expect to stay kind of in that 3% to 5% range, hopefully at the lower end of that, which is what we've been doing and continue to do to make sure that we're keeping the brand healthy out there and leveraging our outlet stores as best as we can. So we feel really good about that. And to Colin's point, the growth rate looks high. But if you look at the actual health of the inventory and you look at our actual turns, we're actually in a reasonable spot, and we're ready to drive into next year.

我們預計會保持在 3% 到 5% 的範圍內，希望處於該範圍的較低端，這是我們一直在做並將繼續做的事情，以確保我們保持品牌健康，並且盡我們所能利用我們的直銷店。所以我們對此感覺非常好。在科林看來，增長率看起來很高。但如果你看看庫存的實際健康狀況，看看我們的實際周轉率，我們實際上處於一個合理的位置，我們準備好進入明年。

Our next question comes from Bob Drbul with Guggenheim.

我們的下一個問題來自古根海姆的 Bob Drbul。

Just a question on the marketing and the focus on the 16- to 20-year old varsity athletes. You talk about just some of the early improvements in the metrics for this demographic. I was wondering if you could share a few of those with us? And then I think the other question is just where -- on this year, where are you going to end up the marketing like levels or the rate of marketing spend this year? I'm just trying to understand that as it relates to more of a longer-term perspective on how much you're going to invest?

只是一個關於營銷和對 16 至 20 歲大學運動員的關注的問題。您只談論了該人群指標的一些早期改進。我想知道你是否可以與我們分享其中的一些？然後我認為另一個問題就是 - 今年，你將在哪裡結束今年的營銷水平或營銷支出率？我只是想了解這一點，因為它與您要投資多少的更長期觀點有關？

Yes. And thanks for the question, Bob. Yes, as you mentioned, we have shifted our target audience to the 16- to 20-year-old varsity athlete. And I want to stress that, that's the target audience. That's not the target market. This is the inspirational news that we're looking to kind of work with and build relationships with, which would allow us to amplify the brand as part of our broader strategic evolution.

是的。鮑勃，謝謝你的提問。是的，正如您提到的，我們已將目標受眾轉移到 16 至 20 歲的校隊運動員。我想強調的是，這就是目標受眾。那不是目標市場。這是我們希望與之合作並建立關係的鼓舞人心的消息，這將使我們能夠擴大品牌，作為我們更廣泛的戰略發展的一部分。

Early days here, we really only made that shift in the back end of last year. So we're starting to look at the marketing metrics around that. And it looks that they have to work we're doing, and we're starting to see the results, certainly from the point of view of how we've been selling in things like our created footwear is landing incredibly well, some of our team sports work is landing incredibly well.

在這裡的早期，我們真的只是在去年年底才做出這種轉變。所以我們開始研究圍繞它的營銷指標。看起來他們必須為我們正在做的工作努力，我們開始看到結果，當然是從我們銷售的角度來看，比如我們創造的鞋類非常好地著陸，我們的一些團隊運動工作進展順利。

So a lot of the work we're now starting to do and the way we start to think about focusing our marketing to ensure that we're meeting that athlete is really starting to resonate. And we're seeing that kind of show through in some of our results as well. From the point of view of our marketing, it's still -- it's focused on middle to top funnel activations.

因此，我們現在開始做的很多工作以及我們開始考慮集中營銷以確保我們與運動員見面的方式真正開始引起共鳴。我們也在一些結果中看到了這種表現。從我們營銷的角度來看，它仍然 - 它專注於中到頂部的渠道激活。

And again, continue to be focused on increasing awareness, engagement and consideration as we would do. And this SlipSpeed is a great example of us how we're looking to lean into that when it comes to that other part of our strategic evolution with what we call our life , our sports style stuff. So overall, we feel as if we're moving -- we've got a great story to tell, and this 16- to 20-year old athlete is the individual we want to tell it to.

再一次，像我們一樣，繼續專注於提高意識、參與度和考慮度。這個 SlipSpeed 是一個很好的例子，說明我們如何在涉及到我們戰略演變的另一部分時，即我們所謂的生活，我們的運動風格的東西。所以總的來說，我們感覺好像我們在移動——我們有一個很棒的故事要講，而這位 16 到 20 歲的運動員就是我們想要講述的人。

But Dave, do you want to give some (inaudible) number?

但是戴夫，你想提供一些（聽不清的）數字嗎？

Yes. Just from a dollar perspective, we finished Q3 a little below 11% of marketing dollars to revenue. And we're still managing through that operating objective of keeping marketing kind of in that 10% to 11% of revenue, and that's how we're going to keep driving forward. And then we'll talk more about next year as we get to the May call.

是的。僅從美元的角度來看，我們在第三季度完成的營銷費用佔收入的比例略低於 11%。我們仍在通過將營銷保持在收入的 10% 到 11% 的運營目標進行管理，這就是我們將繼續前進的方式。然後我們將在 5 月的電話會議上更多地討論明年。

Our next question comes from Brian Nagel with Oppenheimer & Company.

我們的下一個問題來自 Oppenheimer & Company 的 Brian Nagel。

So the first question, I guess there's a bit of philosophical. I mean just to understand better what you're seeing out there as far as the overall backdrop. So it sound -- the comments you made today it sounds like -- sounds suggests at least to me that maybe in your view, the backdrop has gotten a bit worse from a demand perspective. So the question I have there as you think about how the consumer is behaving, how the consumer is reacting to the Under Armour brand. But at the same time, you and others are in this clearance activity to sort of say, rationalize excess inventories.

所以第一個問題，我想有一點哲學意義。我的意思是，就整體背景而言，只是為了更好地了解您所看到的內容。所以聽起來 - 你今天發表的評論聽起來 - 至少在我看來，聽起來可能在你看來，從需求的角度來看，背景變得更糟了。所以當你考慮消費者的行為方式時，我有一個問題，消費者對 Under Armour 品牌的反應如何。但與此同時，您和其他人參與清倉活動的目的是讓過剩庫存合理化。

Are those still 2 distinct events? I mean, is the consumer potentially weakening here at the same time you're strategically clearing inventory? Or is that -- that clearance activity now either leading to consumer weakness or fueling consumer weakness?

那仍然是兩個不同的事件嗎？我的意思是，在您戰略性清理庫存的同時，這裡的消費者是否可能會減弱？或者是 - 清倉活動現在要么導致消費者疲軟，要么助長消費者疲軟？

Yes. I think that from our perspective, we're not necessarily seeing it as a developing consumer weakness. I think it's more a little bit of a math situation. A lot of the brands had produced a lot more inventory for 2022, thinking it was going to be as strong as '21, not realizing how big of a bounce back banner year 2021 was for most of the brands. And so with all that heavy inventory out there, it's really a math equation of being able to move through it.

是的。我認為，從我們的角度來看，我們不一定將其視為發展中的消費者弱點。我認為這更像是一種數學情況。許多品牌為 2022 年生產了更多的庫存，認為它會像 21 年一樣強勁，卻沒有意識到 2021 年對大多數品牌來說會有多大的反彈。因此，由於存在大量庫存，這實際上是一個能夠通過它移動的數學方程式。

And so you see a lot of the brands are -- have been heavily discounting, and we've had to play in that a little bit more than we wanted to in Q3. And now we're starting to protect a little bit more in Q4 here as we drive through. But I don't necessarily see it as a demand issue. I see it more as a situation with the numbers that are out there.

所以你看到很多品牌 - 一直在大幅打折，我們不得不在第三季度玩得比我們想要的多一點。現在，我們開始在第 4 季度在這裡進行更多保護。但我不一定將其視為需求問題。我更多地將其視為存在數字的情況。

And as we go further through this calendar year, that will -- we believe that, that will start to subside but it is going to take longer than what we expected, probably 90 days back. And then the other pressure that we saw more in Q3 was relative to China as well with COVID now very resilient consumer in China. So we're starting to see that bounce back a little bit, which is great, and we hopefully will continue to see that.

隨著我們在這個日曆年中走得更遠，這將 - 我們相信，這將開始消退，但它需要比我們預期的更長的時間，可能是 90 天前。然後，我們在第三季度看到的另一個壓力與中國以及 COVID 現在在中國非常有彈性的消費者有關。所以我們開始看到這種情況有所反彈，這很好，我們希望能繼續看到這種情況。

But that's kind of what we're seeing out there, and we're going to keep driving forward. But I think the first half of our coming fiscal year will be a little bit more pressure than we expected 90 days back.

但這就是我們所看到的，我們將繼續前進。但我認為我們即將到來的財政年度的上半年將比我們 90 天前的預期壓力更大一些。

Yes. And let me just jump in there. The way I've been kind of explaining, it's -- the inventories are bloated, and it's pretty stagnant out there at this moment in time. So it's just going to take time for it to kind of work through. I think the consumer is still there. And we're confident that certainly this -- the categories we're in and our business can certainly continue to win within this environment. But we do think, in some respects, actually, this actually gives us the right time to actually lean into the strategic work that we've already got in flight.

是的。讓我跳進去。我一直在解釋的方式是——庫存膨脹，而且此時此刻它在那裡停滯不前。所以它需要時間才能完成。我認為消費者仍然存在。我們相信，我們所處的類別和我們的業務肯定會在這種環境中繼續取勝。但我們確實認為，在某些方面，實際上，這實際上給了我們合適的時間來真正投入到我們已經在進行中的戰略工作中。

We've already talked about the 16- to 20-year old varsity athletes. How do we build that product, how do we start building that relationship. So this actually gives us a great time to do that. How do we start to bring life and sports styles in the market. Again, great time for us to do that as the inventory -- as the industry works through the inventories.

我們已經討論過 16 到 20 歲的校隊運動員。我們如何構建該產品，我們如何開始建立這種關係。所以這實際上給了我們一個很好的時間來做這件事。我們如何開始將生活和運動風格帶入市場。同樣，這是我們將其作為庫存的好時機——因為該行業正在通過庫存進行工作。

And first thing, our strategic segmentation, thinking about how we're continuing to build good, better and best product and how do we actually really start to bring that better and best product to the consumer. So yes, I understand it's bloated and it's stagnant out there, but actually from the point of view of how we can now start to play in this market, we can position ourselves incredibly well. So as this starts to play out, we can power out of it.

首先，我們的戰略細分，思考我們如何繼續打造優質、更好和最好的產品，以及我們如何真正開始將更好和最好的產品帶給消費者。所以是的，我知道它臃腫而且停滯不前，但實際上從我們現在如何開始在這個市場上發揮作用的角度來看，我們可以非常好地定位自己。所以當這開始發揮作用時，我們可以擺脫它。

And the second question, a follow-up. I'm recognizing you haven't given guidance beyond the current fiscal year, but lots of moving parts right now with respect to top line or across geographies, across product categories, distribution channels, et cetera. Longer term, as we're watching this business and watching this business continue to recover, how should we think about what should be kind of a healthy top line growth rate for Under Armour?

第二個問題，跟進。我認識到你沒有給出當前財政年度之後的指導，但現在有很多關於頂線或跨地域、跨產品類別、分銷渠道等的活動部分。從長遠來看，當我們關注這項業務並觀察這項業務繼續復甦時，我們應該如何考慮 Under Armour 健康的收入增長率應該是多少？

Brian, this is Dave. Great question. And we're excited -- as excited or if not more, to talk about the future. I think when you step back, we probably would go back to what continue to be some of the biggest opportunities for us. When you think about the footwear growth and the continued potential there, and how small footwear business is in total to our mix, when you step back and look at where we are from an international perspective and being able to return to healthier growth in Asia Pacific as we get past COVID more, EMEA is a very healthy market for us, and we're driving forward there as well. So still a lot of great opportunities for us as we think about internationally.

布賴恩，這是戴夫。很好的問題。我們很興奮——同樣興奮，甚至更多，談論未來。我想當你退後一步時，我們可能會回到對我們來說仍然是一些最大的機會。當你考慮鞋類的增長和那裡的持續潛力，以及鞋類業務在我們的組合中的總體規模時，當你退後一步，從國際角度審視我們所處的位置，並能夠在亞太地區恢復更健康的增長時隨著我們越過 COVID，EMEA 對我們來說是一個非常健康的市場，我們也在推動那裡。因此，當我們考慮國際時，我們仍然有很多很好的機會。

And then from a DTC perspective, it is an area that we've been over-indexing on relative to investment there, whether it be within the platform itself, whether it be within our loyalty, CRM, et cetera.So -- and you see that coming through in the e-com growth. So there's a lot of things to be excited about.

然後從 DTC 的角度來看，這是一個我們相對於那裡的投資過度索引的領域，無論是在平臺本身，還是在我們的忠誠度、CRM 等方面。所以——你在電子商務的增長中看到這一點。所以有很多事情值得興奮。

Also, we continue to make progress relative to how we want to attack full-price brand house stores. And then on top of all of that, we have a new opportunity as far as expanding the aperture and going into that fourth quadrant for us or the Life Quadrant or sports style project which we're super excited about. And that has a little bit of a longer lead time.

此外，我們在攻擊全價品牌專賣店方面繼續取得進展。然後最重要的是，我們有一個新的機會來擴大光圈並進入我們的第四象限或我們非常興奮的生活像限或運動風格項目。這有一點更長的交貨時間。

You'll see some of that product coming into the market. But as far as bigger dollars and bigger volume, that's going to be a little bit more of a fiscal '25 and beyond. So when you think long term, to your question, there's a lot of great opportunities out there. But as far as giving color on growth rates and things like that, we're going to hold back for now until we get more further down the road.

你會看到一些產品進入市場。但就更大的美元和更大的交易量而言，這將更像是一個 25 世紀及以後的財政年度。所以當你從長遠考慮時，對於你的問題，那裡有很多很好的機會。但就增長率和類似事情的顏色而言，我們將暫時擱置，直到我們走得更遠。

Our next question comes from Jim Duffy with Stifel.

我們的下一個問題來自 Stifel 的 Jim Duffy。

So I'm interested in really more about go-to-market strategies behind efforts to expand the wearable occasion for the brand. First, can you speak about the allocation of marketing dollars that effort versus the more sporter activity or dimensions of the brand? And secondly, can you speak about how you leverage partner athletes to raise awareness for the new product dimension? And then finally -- and I'm particularly curious here, can you speak to the buy-in of wholesale channel partners? Are there examples of commitment to point-of-sale representation for that product?

因此，我對擴大品牌可穿戴場合的努力背後的上市策略更感興趣。首先，您能否談談營銷費用與更多運動活動或品牌規模的分配？其次，你能談談你如何利用合作夥伴運動員來提高對新產品維度的認識嗎？最後——我在這里特別好奇，你能談談批發渠道合作夥伴的買入嗎？是否有承諾為該產品提供銷售點代理的示例？

Jim, yes, let me kind of -- let me kind of kick that off. Obviously, just thinking through how we think about this new segment, the Life, which is, again, just to remind you, this is kind of the fourth quartile of train compete recover Life. And we -- and building a little bit off the previous question, this changes our total addressable market enormously.

吉姆，是的，讓我——讓我開始吧。顯然，想想我們如何看待這個新的部分，生活，再次提醒你，這是火車競爭恢復生活的第四個四分位數。而且我們 - 並在前面的問題上稍加思考，這極大地改變了我們的整個潛在市場。

So it's a huge opportunity for us to lean into that. We're building -- currently building this thing to our go-to-market model at this moment in time and understanding how we can optimize what we currently have in addition to how do we then think about bringing it to market differently. And all of that's work in flight at this moment in time.

因此，這對我們來說是一個巨大的機會。我們正在構建——目前正在將這個東西構建到我們的上市模型中，並了解我們如何優化我們目前擁有的東西，以及我們如何考慮以不同的方式將它推向市場。所有這些都在此時此刻進行中。

But the store that we're opening in New York is perhaps a great manifestation of how the brand wants to show up differently and intends to show up differently. And the teams are working through that, and you'll see more of that come to life over the next few quarters.

但我們在紐約開設的這家商店或許很好地體現了該品牌希望以不同方式展示並打算以不同方式展示的方式。團隊正在努力解決這個問題，在接下來的幾個季度中，你會看到更多這樣的事情發生。

With regards to how we're thinking about the utilization of athletes, obviously, we've got such an incredible roster of athletes that -- and many of them are really keen to have access to this kind of product. One of the expressions we used around here is Tunnel Walk because we do an amazing job of providing athletes with products they can wear on and off to feel when they're training. But how do we allow them to have that swagger?

關於我們如何考慮運動員的利用，顯然，我們擁有如此多的運動員名單——他們中的許多人真的很想獲得這種產品。我們在這裡使用的表達方式之一是 Tunnel Walk，因為我們在為運動員提供他們可以穿上和脫下以在訓練時感受的產品方面做得非常出色。但是我們如何讓他們有這種招搖呢？

How do we give them this tunnel walk kind of swagger that they deserve if you're operating at that level within the sports world? So again, many of the athletes are really up for this. They're really keen for this. They're really engaged and want to be part of this journey. And again, we've been talking with many of our key athletes with regards to how that comes to life.

如果你在體育界處於那種水平，我們如何給他們這種隧道步行他們應得的招搖？再說一次，許多運動員真的為此而努力。他們真的很熱衷於此。他們真的很投入，想成為這段旅程的一部分。再一次，我們一直在與我們的許多主要運動員討論如何實現這一點。

And you'll continue to see that in the way in which we're showing up from a marketing perspective as well. And again, we're just starting to build these relationships with our wholesale partners. We've had these conversations with them to build on your third question. They're excited about it as well. And the opportunity for us to -- again, the opportunity for us to increase our TAM, our total addressable market is something they can clearly see and they can see that we have an opportunity to play there. Dave, do you want to supplement that?

你會繼續看到我們從營銷角度展示的方式。同樣，我們才剛剛開始與我們的批發合作夥伴建立這些關係。我們已經與他們進行了這些對話，以建立你的第三個問題。他們也對此感到興奮。我們有機會 - 再次，我們有機會增加我們的 TAM，我們的總目標市場是他們可以清楚地看到的東西，他們可以看到我們有機會在那裡玩。戴夫，你想補充一下嗎？

No. I mean I think that not surprisingly, one of the bigger opportunities is being able to more aggressively expand into the mall channel and some of the great partners that are in the mall business. So that's going to be a big opportunity for us, but there could be other distribution opportunities as well. It is early days at this point, but definitely a lot of potential. And within the walls and outside the walls of Under Armour, we're really excited about what that can mean.

不，我的意思是我認為毫不奇怪，更大的機會之一是能夠更積極地擴展到購物中心渠道和購物中心業務中的一些優秀合作夥伴。所以這對我們來說將是一個很大的機會，但也可能有其他分銷機會。現在還為時尚早，但絕對有很大的潛力。在 Under Armour 的牆內和牆外，我們對這意味著什麼感到非常興奮。

And then just following up on that, Dave, this builds on some of your earlier comments, should we think about fiscal '24 as kind of a foundational year for this and you build on it in fiscal '25? Or will we begin to see meaningful revenue contribution from these product categories in fiscal '24?

然後就此跟進，戴夫，這是建立在你之前的一些評論的基礎上的，我們是否應該將 24 財年視為這方面的基礎年，而你在 25 財年以此為基礎？或者我們會在 24 財年開始看到這些產品類別的有意義的收入貢獻嗎？

I think that, that's a fair assumption. Fiscal '24 is going to be a little bit more foundational. If you think about our product life cycle and developing into more of the sports style and building out that aperture a little bit more so you might see a little bit of that coming in back half of fiscal '24. But from a material perspective, it's really going to be fiscal '25 and beyond where that big opportunity is.

我認為，這是一個合理的假設。 24 財年將更具基礎性。如果您考慮我們的產品生命週期，並發展成更多的運動風格，並擴大那個光圈，那麼您可能會在 24 財年的後半段看到一些這樣的東西。但從物質的角度來看，這真的將是 25 財年及以後那個巨大機會所在的地方。

Our next question comes from Laurent Vasilescu with BNP Paribas.

我們的下一個問題來自法國巴黎銀行的 Laurent Vasilescu。

I wanted to ask about EMEA. Last December, it was up 23%. This time, it was up 46%. Is the growth driven by a balance of footwear and apparel? If you can give a little bit more color on what you're seeing by regional performance within EMEA? And Dave, how do we think about 4Q performance for EMEA?

我想問一下 EMEA。去年 12 月，它上漲了 23%。這一次，它上漲了 46%。增長是由鞋類和服裝的平衡驅動的嗎？您是否可以通過歐洲、中東和非洲地區的表現來說明您所看到的情況？戴夫，我們如何看待 EMEA 的第四季度業績？

Yes. I mean a couple of things. EMEA has been a very healthy region for us, and we've made a lot of progress there, which has been great. The team is doing an incredible job there. And we saw increases in Q3 in wholesale, but also on the DTC front.

是的。我的意思是幾件事。 EMEA 對我們來說一直是一個非常健康的地區，我們在那裡取得了很多進展，這很棒。該團隊在那裡做得非常出色。我們看到第三季度批發量有所增加，DTC 方面也有所增加。

I will say that a little bit of that was some earlier-than-planned shipments that were originally planned for early Q4 that ended up coming in and making it out in late Q3. So that did help a little bit. And we remain agile in the region despite uncertainty, including inflationary pressures and rising energy costs and things that, that region is dealing with.

我要說的是，其中一部分是一些早於計劃的出貨量，這些出貨量最初計劃在第四季度初進行，但最終在第三季度末進貨並發貨。所以這確實有點幫助。儘管存在不確定性，包括通脹壓力和能源成本上升以及該地區正在處理的事情，但我們在該地區保持敏捷。

But we're in a very good spot relative to our key account relationships. We're starting to open more full-price Brand House stores, which we're excited about. So definitely a DTC emphasis there. and we continue to see it as a very high-growth region for us, and we would continue to expect that in Q4 as well.

但相對於我們的主要客戶關係，我們處於一個非常好的位置。我們開始開設更多的全價 Brand House 商店，對此我們感到很興奮。所以絕對是 DTC 的重點。我們繼續將其視為我們的一個非常高增長的地區，我們也將繼續期待第四季度。

I wouldn't expect the Q4 growth to be as high as the Q3 growth because there is some timing in there that I mentioned but we still believe it's going to be a healthy growth area for us as we continue forward.

我不希望第四季度的增長與第三季度的增長一樣高，因為我提到了一些時間，但我們仍然相信，隨著我們繼續前進，這對我們來說將是一個健康的增長領域。

Yes. And building off that, and you asked about the countries, I mean, the U.K. has been a huge focus for us and somewhere we decided a couple of years ago, we really needed to win. And that's working incredibly well. We have -- again, to Dave's point, we have great relationships with our wholesale partners there. And we are in the process of opening a number of stores in the first half of calendar '23, which will all be opened up between London and up in Liverpool and Manchester and Birmingham. So stores opening up across the U.K. as we really start to lean into it.

是的。在此基礎上，你問到這些國家，我的意思是，英國一直是我們關注的焦點，幾年前我們決定的某個地方，我們真的需要贏。這非常有效。我們——再一次，就戴夫的觀點而言，我們與那裡的批發合作夥伴有著良好的關係。我們正在 23 年上半年開設多家商店，這些商店將全部在倫敦和利物浦、曼徹斯特和伯明翰之間開設。因此，隨著我們真正開始涉足它，商店在英國各地開張。

Again, it's important to understand Europe is really where the brand manifests itself in the way that we want it to show up. And when we show up the right way, we clearly resonate with that core consumer. So the U.K. is incredibly important. We also have a major focus on Germany as well, thinking about how we're kind of continuing to grow in that market. We're a little bit further behind in Germany. But we've got other places in Europe. We're now starting to lean into more aggressively from Spain and Portugal through to France. So we're working our way through the region.

同樣，重要的是要了解歐洲確實是品牌以我們希望的方式展示自己的地方。當我們以正確的方式出現時，我們顯然會引起核心消費者的共鳴。所以英國非常重要。我們也主要關注德國，考慮我們如何在該市場繼續增長。我們在德國落後了一點。但我們在歐洲還有其他地方。我們現在開始更積極地從西班牙和葡萄牙到法國。因此，我們正在努力穿越該地區。

But we really wanted to make sure we win in a couple of those core markets before we kind of roll out too aggressively in the region, but it's working. And it's a model that we're looking to kind of replicate back here in the U.S. as we build those relationships further.

但我們真的想確保在我們在該地區過於激進地推出之前在幾個核心市場中獲勝，但它正在發揮作用。隨著我們進一步建立這些關係，我們希望在美國這裡複製這種模式。

Very helpful. And then, Dave, I'd love to ask about Kate's question around gross margin, just following up around those 3 buckets. It sounds like the third one mix is more structural in nature. Is that the right way to think about it relative to the other 2 buckets? And then you alluded to inventory turnover of 3x over the foreseeable few quarters, how do we think about inventory growth year-over-year over the coming quarters, when does it kind of match revenues?

很有幫助。然後，戴夫，我想問一下凱特關於毛利率的問題，只是跟進這 3 個桶。聽起來第三個混音本質上更具結構性。相對於其他 2 個桶，這是考慮它的正確方法嗎？然後你提到在可預見的幾個季度內庫存周轉率是 3 倍，我們如何看待未來幾個季度的庫存同比增長，它什麼時候與收入相匹配？

Yes, I would say a couple of things. Relative to gross margin. As we think about that, I mentioned 1/3 is the higher promotions and discounting, that's probably the biggest kind of individual piece for this year. The second bucket around elevated product cost, freight expenses, changes in FX, the 2 bigger pieces in there would be the product cost headwinds and then also the FX headwinds.

是的，我會說幾件事。相對於毛利率。當我們考慮這一點時，我提到 1/3 是更高的促銷和折扣，這可能是今年最大的單品。第二個桶圍繞產品成本上升、運費、外匯變化，其中兩個較大的部分將是產品成本逆風，然後是外匯逆風。

Freight was a big headwind in the front half of the year, but has now kind of flipped the other way a little bit. And then the last one, which was more to your question, it is a little bit more structural. So the mix impact, which is the other third remaining -- probably the biggest piece of that is just having a higher mix of distributor revenue, which is a little bit lower gross margin business for us, but still very profitable on the bottom line.

貨運在今年上半年是一個很大的逆風，但現在有點逆轉了。然後是最後一個問題，它更符合你的問題，它更具結構性。所以混合影響，也就是剩下的三分之一——可能其中最大的一部分就是分銷商收入的組合更高，這對我們來說是一個略低的毛利率業務，但在底線上仍然非常有利可圖。

And then there's a little bit of product mix in there with the higher percentage of footwear revenue, which is a little bit of a gross -- a little bit lower gross margin for us. And then a little bit or even a smaller amount impact with the region mix. But the biggest one in there is the channel mix with the higher distributor sales. And we'll provide fiscal '24 inventory color when we get to our fiscal '24 outlook in May.

然後那裡有一些產品組合，鞋類收入的百分比更高，這有點毛利——對我們來說毛利率有點低。然後對區域組合產生一點點甚至更小的影響。但其中最大的一個是分銷商銷售額較高的渠道組合。當我們在 5 月份獲得“24 財年展望”時，我們將提供“24 財年庫存顏色”。

Our next question comes from Matthew Boss with JPMorgan.

我們的下一個問題來自摩根大通的 Matthew Boss。

So Colin, maybe as we enter '23, you mentioned an uneven macro backdrop. But how are you seeing the progression of trends in the North America athletic channel, maybe post holiday. And then, Dave, maybe just as a follow-up, could you speak to the composition maybe below the surface within inventory? What's durable versus what's at risk for markdown? And then to your point on the continued promotions, is there any parameters for us best to think about gross margin next year?

所以科林，也許當我們進入 23 年時，你提到了一個不平衡的宏觀背景。但是你如何看待北美體育頻道的趨勢發展，也許是在假期後。然後，戴夫，也許只是作為後續行動，你能談談庫存中可能低於表面的成分嗎？什麼是耐用的，什麼是有降價風險的？然後關於持續促銷的觀點，是否有任何參數讓我們最好考慮明年的毛利率？

Well, Matthew, thanks for the question. I think the word I used earlier is bloated. I think the industry, certainly, the sports industry is pretty bloated at this moment in time just because the amount of inventory that has hit the stores over the past 6 months, the overhang and I kind of call it the hangover from COVID a little bit where we had so much product that was late that was all kind of coming in at the same time as we saw perhaps a slowdown in demand somewhat, but we saw a correction in Demand.

好吧，馬修，謝謝你的提問。我認為我之前使用的詞是臃腫的。我認為這個行業，當然，體育行業在這個時候非常臃腫，只是因為過去 6 個月進入商店的庫存量，過剩，我有點稱之為 COVID 的後遺症我們有這麼多遲到的產品，在我們看到需求可能有所放緩的同時，所有的產品都進來了，但我們看到了需求的修正。

So you've got all of those things happening at the same time. So you've just got a lot of inventory out there. And I think as we talked about already, I won't belabor the point, but I think it's going to take some while for that to kind of work its way through. I think, again, I think we're in a better position than most to kind of manage through it.

所以你讓所有這些事情同時發生。所以你那裡有很多庫存。我認為正如我們已經討論過的那樣，我不會強調這一點，但我認為這需要一些時間才能完成。我認為，我認為我們比大多數人處於更好的位置來管理它。

But when the inventory -- when the industry sneezes, we catch cold somewhat as does everyone else. So we're having to play within that environment. But I think we're in a better position because of half of the way we've managed inventories to power out just quicker and hopefully kind of protect our bottom line as we go forward. Dave?

但是當庫存 - 當行業打噴嚏時，我們和其他人一樣感冒了。所以我們必須在那個環境中玩耍。但我認為我們處於更好的位置，因為我們管理庫存的方式有一半可以更快地用完，並希望在我們前進的過程中保護我們的底線。戴夫？

Yes. I think, Matt, when you think about our inventory, we are in a fairly healthy place. We do not have a lot of aged inventory. So if you look at what's in that 50% growth, it's not like there's a whole bunch of stuff that is 2, 3, 4 seasons old.

是的。我認為，馬特，當你考慮我們的庫存時，我們處於一個相當健康的位置。我們沒有很多陳舊的庫存。因此，如果你看看這 50% 的增長中有什麼，那並不是說有一大堆東西是 2、3、4 季的。

It is all much more current. And therefore, we feel more comfortable of being able to move through that in a reasonable way. And we did, as I mentioned before, to take a lot of the seasonless product and we're going to pack and hold that and sell that next year as opposed to kind of moving that through liquidation or something at a lower margin or less brand accretive way.

這一切都更加流行。因此，我們對能夠以合理的方式通過它感到更加自在。正如我之前提到的，我們確實採取了很多季節性產品，我們將打包並保存並在明年出售，而不是通過清算或以較低利潤或更少品牌的方式轉移它增值方式。

So we're in a position to be able to do that. We're comfortable doing that. And when you think about gross margin next year, we are going to wait until the May call to give color on that because there's just a lot of puts and takes. You would think that back half of next fiscal year, you would probably have some less promotions.

所以我們有能力做到這一點。我們很樂意這樣做。當你考慮明年的毛利率時，我們將等到 5 月的電話會議才能給出顏色，因為只有很多看跌期權。你會認為下個財政年度的後半段，你可能會少一些促銷活動。

You would think that next year, we would have lower freight costs than what we've dealt with at least the front half of this year. But then on the flip side, footwear is probably still going to grow faster than apparel. And that's a little bit of a headwind, which we're comfortable with.

你會認為明年，我們的運費至少會低於今年上半年的運費。但另一方面，鞋類可能仍將比服裝增長得更快。這有點不利，我們對此感到滿意。

And relative to foreign currency, who knows right? I mean it's difficult. So there's a lot of puts and takes out there. Obviously, we're going to continue to drive forward, and we've got a lot of initiatives to do so. But we're going to wait until the May call to be able to give more color there.

相對於外幣，誰知道對不對？我的意思是這很難。所以那裡有很多看跌期權。顯然，我們將繼續向前推進，並且我們為此採取了很多舉措。但是我們要等到五月的電話會議才能在那裡提供更多顏色。

Our next question comes from Tom Nikic with Wedbush.

我們的下一個問題來自 Wedbush 的 Tom Nikic。

The last couple of years, you've done a lot of work around retraining the consumer to look for you at full price and pulling back on discounts and pulling back on the off-price channel. And I think unfortunately, because of this inventory bloat that you've talked about, I think, obviously, you've been more promotional than you want it to be.

在過去的幾年裡，你做了很多工作，重新培訓消費者以全價尋找你，取消折扣，取消折扣渠道。我認為不幸的是，由於你談到的這種庫存膨脹，我認為，很明顯，你的促銷活動比你想要的要多。

How do you avoid I guess, having the customer be trained to look for your brand at a discount? And how do you eventually rein in the discounts and the promos that are occurring right now without facing pushback from the consumer who has been able to buy your brand and your competitors at a discount.

我猜你如何避免讓客戶接受培訓以折扣價尋找你的品牌？您如何最終控制現在正在發生的折扣和促銷活動，而不會面臨能夠以折扣價購買您的品牌和競爭對手的消費者的抵制。

This is Colin jumping in here, and thank you for the question, Tom. I think there's a couple of areas that I think are relevant to this . Number one, as you've talked about already, we've walked away from quite a bit of undifferentiated retail at this moment in time, and we have no intention of going back. So from the point of view of kind of ensuring that we protect that core product that we have.

我是科林，湯姆，謝謝你的提問。我認為有幾個領域與此相關。第一，正如您已經談到的那樣，此時此刻我們已經放棄了相當多的無差異化零售，而且我們無意回頭。因此，從確保我們保護我們擁有的核心產品的角度來看。

We don't see that kind of sliding again. We've also managed to Dave's earlier point, we're also making sure we control our liquidation at an appropriate level as well. So from the point of view of not allowing us to slide further into that kind of that trap, we're working aggressively to make sure that, that doesn't happen. At the same time, we much of the work that we've been done recently is working through how do we bring more better and best product to the top of the house.

我們再也看不到那種滑動了。我們也設法實現了 Dave 之前的觀點，我們也確保我們也將清算控制在適當的水平。因此，從不允許我們進一步滑入那種陷阱的角度來看，我們正在積極努力確保這種情況不會發生。與此同時，我們最近完成的大部分工作都在研究如何將更多更好和最好的產品帶到房子的頂端。

We've got a really good kind of good level brand here in the U.S., but the opportunity for us to build into that better and best is kind of what we're working on and where Kevin is spending a lot of his time because his history and his context for the brand really helps us understand that at the same time. We're also working through building out our wholesale distribution strategy to kind of try and increase the opportunity of landing this stuff at a wholesale level and working through how that segmentation works and how we show up.

我們在美國有一個非常好的品牌，但我們有機會建立更好和最好的品牌，這是我們正在做的事情，凱文花了很多時間，因為他的歷史和他的品牌背景確實同時幫助我們理解了這一點。我們還在努力製定我們的批發分銷策略，以嘗試增加在批發層面投放這些東西的機會，並研究該細分的運作方式以及我們的表現方式。

And Moving through to [Life]clearly gives us an opportunity to think about that a little bit from the point of view of where we show up. And Dave talked about a little bit about how do we make sure we're showing up in the right places at the mall because that gives us, again, a huge opportunity to lean into that as well.

進入[生活]顯然讓我們有機會從我們出現的地方的角度來思考一下。戴夫談到了一些關於我們如何確保我們出現在購物中心正確位置的問題，因為這再次給了我們一個巨大的機會來利用它。

And finally, we've been continuing to make oversized investments in our own omnichannel and DTC kind of parts of our business and certainly thinking about how we show up at retail, the Flatiron store in Manhattan is a great example and a first step on that journey. But at the same time, continuing to invest in our loyalty programs, which, again, we rolled that out last year.

最後，我們一直在繼續對我們自己的全渠道和 DTC 類業務部分進行超額投資，當然也在考慮我們如何在零售業出現，曼哈頓的 Flatiron 商店就是一個很好的例子，也是邁出的第一步旅行。但與此同時，繼續投資於我們去年推出的忠誠度計劃。

We're looking to roll that out more broadly here in the U.S. later this year, and we're seeing great results from that. So it's a question of offense and defense. We're defending by making sure we don't slide back into that lower channel kind of network of retail. But at the same time, putting in place really strong plans and strategies to ensure that we're driving -- continuing to drive the brand up to that next level.

我們希望在今年晚些時候在美國更廣泛地推廣它，我們看到了很好的結果。所以這是一個進攻和防守的問題。我們通過確保我們不會滑回那種較低渠道的零售網絡來進行防禦。但與此同時，制定真正強有力的計劃和戰略以確保我們正在推動 - 繼續將品牌提升到一個新的水平。

And we'll take our last question from Michael Binetti with Credit Suisse.

我們將接受瑞士信貸邁克爾·比內蒂 (Michael Binetti) 的最後一個問題。

So if I could just follow that last one very quickly as you look at the distribution map in North America for '24. Are there also parts of the U.S. distribution map that you need to mix away from to get to that targeted better best mix on product as you kind of rethink distribution more broadly? And then I guess, one on SG&A. You talked a little bit about gross margin and how to think about some of the themes for next year.

因此，當您查看北美 24 年的分佈圖時，如果我能很快地跟進最後一個。當您更廣泛地重新考慮分銷時，您是否還需要從美國分銷地圖的某些部分進行混合，以實現有針對性的更好的產品最佳組合？然後我想，一個關於 SG&A。您談到了毛利率以及如何考慮明年的一些主題。

But Same way, marketing, you commented on the near term to Bob's question earlier, it sounds like 10, 11 is where you plan to live next year long term, I guess. As we think about the other buckets, I'm guessing incentive comp, everybody would hope it would come back next year.But Are there any other buckets to just be mindful of maybe some front-loaded investment as you build the teams for Life, any other buckets that we should be thinking about as we look out to next year into the May call?

但同樣，市場營銷，你之前對 Bob 的問題的近期評論，聽起來 10、11 是你計劃明年長期居住的地方，我猜。當我們考慮其他桶時，我猜是激勵補償，每個人都希望明年它會回來。但是在為 Life 建立團隊時，是否還有其他桶需要注意一些前期投資，在展望明年的 5 月電話會議時，我們應該考慮的任何其他問題？

Well, thank you, Michael. I'll take the first part of that, and then I'll pass it over to my partner in Crime, Dave, to take the SG&A part. But -- if I had my -- our plan here, Michael, is to not shrink the bottom of the market, but grow the top of the market. We want to get bigger as an overall brand. We believe -- and when we look at the way we resonate with consumers, when we look at the data, we see from a consideration point of view, we have a huge opportunity out there.

嗯，謝謝你，邁克爾。我將負責其中的第一部分，然後將其交給我在 Crime 的合作夥伴 Dave，負責 SG&A 部分。但是——如果我有的話——邁克爾，我們的計劃不是縮小市場底部，而是擴大市場頂部。我們希望作為一個整體品牌變得更大。我們相信——當我們審視與消費者產生共鳴的方式時，當我們審視數據時，我們從考慮的角度來看，我們有巨大的機會。

And part of that is not necessarily about shrinking the bottom end of the market. I think we've already done that to a large degree by walking away from much of those kind of undifferentiated doors, which didn't make sense. But it's really about how do we grow at the top end of the market.

其中一部分並不一定是關於縮小市場的底端。我認為我們已經在很大程度上做到了這一點，方法是遠離那些毫無意義的無差別門。但這實際上是關於我們如何在市場的高端發展。

So our focus is more about trying to elevate the brand and again, protect the core and elevate for more or want the better way of putting it, is kind of how we're spending our time and thinking through the product we're developing, the stories we're telling the consumer we're engaging with and the entire strategic evolution that we've got in place and we're working through will hopefully help us deliver against that. And Dave, do you want to jump into the SG&A?

所以我們的重點更多是嘗試提升品牌，保護核心並提升更多或想要更好的方式來展示它，這是我們如何花時間和思考我們正在開發的產品，我們告訴消費者的故事我們正在參與，我們已經到位並且我們正在努力的整個戰略演變將有望幫助我們實現這一目標。戴夫，你想加入 SG&A 嗎？

Yes. I mean I think from an SG&A perspective, through a lot of difficult work over the years. As We are now more nimble. And so we're able to proactively manage much better than we were years back. And so think about this year with some of the pressures that have developed in the market, we've slowed down and prioritized hiring. We prioritized marketing investments differently and better continuing to manage things like consulting and T&E and things like that. And doing that has been not as difficult as it used to be in the past. And I think some of that also goes to the enterprise mindset within the company whether it be the alignment of our leadership team and being able to make tough calls and drive through and prioritize further to be able to protect the bottom line or even if we just think about all the teammates that we have across the world and how much they're looking out for the brand, and trying to spend as if it's their own money and kind of make $1 spend like $3.

是的。我的意思是，我從 SG&A 的角度思考，通過多年來的大量艱苦工作。因為我們現在更加靈活。因此，我們能夠比幾年前更好地主動管理。因此，考慮到今年市場上出現的一些壓力，我們放慢了速度並優先考慮招聘。我們對營銷投資進行了不同的優先排序，並更好地繼續管理諮詢和 T&E 之類的事情。這樣做並不像過去那麼困難。而且我認為其中一些也涉及到公司內部的企業心態，無論是我們領導團隊的協調一致，還是能夠做出艱難的決定並推動並進一步確定優先級以保護底線，或者即使我們只是想想我們在世界各地擁有的所有隊友，以及他們對品牌的關注程度，並試圖像花自己的錢一樣花錢，讓 1 美元花 3 美元。

And that enterprise mindset goes a long way for us. And it's just been -- I don't want to say the word easier because these are tough decisions but we've been able to act more quickly and more proactively on the cost structure, and we're going to continue to do that as we drive into next year and beyond. So I think we're set up well for that, and it's time to drive forward, time to go.

這種企業心態對我們來說意義重大。它只是 - 我不想說容易這個詞，因為這些都是艱難的決定，但我們已經能夠在成本結構上更快、更主動地採取行動，我們將繼續這樣做我們開車進入明年及以後。所以我認為我們為此做好了準備，是時候向前邁進了，該走了。

Yes. And I'll just close out. I think we've done -- I think over the past few years, we've built an operating model that clearly works. We've had a solid quarter, I think that demonstrates the fact that we've got it. We have a strategic refinement that we're putting in place at this moment in time, and they're starting to build out and starting to flow through the markets and starting to flow through to work with our teammates to kind of bring it to its full manifestation around -- and I'm excited about how that's all going to come together. I think we're well feed up for future success.

是的。我會結束。我認為我們已經完成了——我認為在過去的幾年裡，我們已經建立了一個行之有效的運營模式。我們有一個穩定的季度，我認為這證明了我們已經做到了。我們現在正在實施戰略改進，他們開始建立並開始在市場中流動，並開始與我們的隊友合作，將其帶入市場周圍的完整表現 - 我很高興這一切將如何結合在一起。我認為我們已經為未來的成功做好了準備。

Can I follow up with just one more. I think you used the word stagnant twice to in regards to the inventory clearing you're seeing in the marketplace today. Obviously, we have your revenue outlook for the fourth quarter, but would you mind elaborating a little bit on where you see pockets of stagnation and POS out there, perhaps where you're surprised to see that inventories are turning slower than you expected coming out of holiday.

我可以再跟進一個嗎？我認為關於您今天在市場上看到的庫存清理，您使用了兩次停滯一詞。顯然，我們有您對第四季度的收入展望，但您介意詳細說明一下您看到停滯和 POS 的地方嗎？假期。

I think there's just a lot out there. I think I'll use bloated again because I think I've used that a couple of times as well. So that may be the key word with regards to inventory. I think it's just bloated. And I think it's different channels, obviously have different issues that they're dealing with. And different brands are obviously handling it in different ways. But you only have to go and look on websites to see how many people are running discounts out there to see how challenging it is -- so yes, again, I think it's just going to take some time for it to work through.

我認為那裡有很多。我想我會再次使用 bloated，因為我想我也用過幾次。所以這可能是關於庫存的關鍵詞。我認為它只是臃腫。而且我認為這是不同的渠道，顯然他們正在處理不同的問題。不同的品牌顯然以不同的方式處理它。但是你只需要去網站上看看有多少人在那裡打折，看看它有多具有挑戰性——所以，是的，我認為這需要一些時間才能完成。

Thank you. This concludes the question-and-answer session. Thank you for your participation. You may now disconnect. Everyone, have a great day.

謝謝。問答環節到此結束。感謝您的參與。您現在可以斷開連接。大家，祝你有美好的一天。