Under Armour Inc (UA) 2020 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to the Under Armour, Inc. first quarter earnings webcast and conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

女士們，先生們，感謝您的支持，歡迎收聽 Under Armour, Inc. 第一季度收益網絡直播和電話會議。 （操作員說明）請注意，今天的會議正在錄製中。

I would now like to hand the conference over to your speaker today, Mr. Lance Allega, Senior Vice President of Investor Relations and Corporate Development. Thank you. Please go ahead, sir.

我現在想把會議交給你今天的演講者，投資者關係和企業發展高級副總裁 Lance Allega 先生。謝謝你。請繼續，先生。

Thank you, and good morning to everyone joining us for Under Armour's First Quarter 2020 Earnings Call. The information being made available on today's call includes forward-looking statements that reflect Under Armour's view of its current business as of May 11, 2020, as well as considerations for future events that may impact our business moving forward. These statements are subject to risks and uncertainties that are detailed documents regularly filed with the SEC and the safe harbor statement included in this morning's press release, both of which can be found on our website at about.underarmour.com.

謝謝大家，大家早上好，參加安德瑪 2020 年第一季度財報電話會議。在今天的電話會議上提供的信息包括反映安德瑪截至 2020 年 5 月 11 日對其當前業務的看法的前瞻性陳述，以及對可能影響我們業務發展的未來事件的考慮。這些聲明受到風險和不確定性的影響，這些風險和不確定性是定期向美國證券交易委員會提交的詳細文件以及今天上午新聞稿中包含的安全港聲明，兩者都可以在我們的網站 about.underarmour.com 上找到。

It's important to note that at this time, the global COVID pandemic has had and continues to have a significant material impact in Under Armour's business. Given an extremely high level of uncertainty about the duration and extent of the virus' near- and long-term impact to the global retail environment, content discussed on today's call could change materially at any time. Accordingly, future results of operations could differ materially from historical practices and results or current descriptions, estimates and suggestions.

值得注意的是，目前，全球 COVID 大流行已經並將繼續對 Under Armour 的業務產生重大影響。鑑於病毒對全球零售環境的近期和長期影響的持續時間和程度存在極高的不確定性，今天電話會議上討論的內容可能隨時發生重大變化。因此，未來的運營結果可能與歷史實踐和結果或當前的描述、估計和建議存在重大差異。

On today's call, we may reference non-GAAP financial information, including adjusted and currency-neutral terms, which are defined under SEC rules in this morning's press release. You may also hear us refer to amounts in accordance with U.S. GAAP. 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 as well as providing management's view about why we believe this information is useful to investors.

在今天的電話會議中，我們可能會參考非 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根據 SEC 規則定義。您可能還會聽到我們根據美國公認會計原則提及金額。 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，並提供了管理層對我們為什麼認為這些信息對投資者有用的看法。

Joining us on today's call will be Under Armour President and CEO, Patrik Frisk; and CFO, Dave Bergman. Keep in mind that we are individually each in different locations this morning, so please bear with us as we work through this call and apologies in advance for any glitches should they arise. Following our prepared remarks, we'll open the call for questions.

加入我們今天電話會議的將是 Under Armour 總裁兼首席執行官 Patrik Frisk；和首席財務官戴夫·伯格曼。請記住，今天早上我們每個人都在不同的地方，所以請耐心等待我們完成這個電話，並為出現的任何故障提前道歉。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 Patrik.

有了這個，我會把它交給帕特里克。

Thanks, Lance. Good morning, everyone, and thank you for joining us during these unparalleled times. Before we discuss Under Armour's first quarter results and the significant factors continuing to impact our business and start by underscoring how incredibly proud I am of our company and our teammates.

謝謝，蘭斯。大家早上好，感謝您在這些空前的時期加入我們。在我們討論 Under Armour 的第一季度業績和繼續影響我們業務的重要因素之前，首先要強調我為我們的公司和我們的隊友感到無比自豪。

Along with our retail customers and factory and vendor partners around the world, the extraordinary leadership, humanity and collaboration that continues to transpire during this global health and economic crisis is incredibly humbling and inspiring.

與我們在世界各地的零售客戶以及工廠和供應商合作夥伴一起，在這場全球健康和經濟危機期間繼續展現的非凡領導力、人性和協作令人難以置信的謙卑和鼓舞人心。

Specific to Under Armour, I'd like to highlight a few COVID-19 response efforts that exemplify our priorities and values. Amid this accelerating event, we mobilized the focus on the most immediate needs of our local communities, including health care professionals and first responders. Within days of the pandemic designation, we had repurposed the innovation lab at our headquarters to begin producing masks and gowns.

具體到 Under Armour，我想強調一些體現我們優先事項和價值觀的 COVID-19 響應工作。在這一加速事件中，我們調動了對當地社區最緊迫需求的關注，包括醫療保健專業人員和急救人員。在大流行指定的幾天內，我們重新調整了總部的創新實驗室的用途，開始生產口罩和防護服。

To date, we're on track to produce and provide nearly 5 million face masks and 200,000 gowns to Johns Hopkins and nearly 40 other health care organizations, including hospitals and senior care facilities on the frontlines of this fight.

迄今為止，我們正在按計劃為約翰霍普金斯大學和近 40 個其他醫療機構（包括處於這場戰鬥前線的醫院和高級護理機構）生產和提供近 500 萬個口罩和 200,000 件防護服。

We've also donated Under Armour performance product to numerous health care professionals in certain hard-hit regions around the world that are fatigued from long, challenging hours, fighting this horrible virus. In the U.S., we've deployed our talented teammates to provide logistics expertise and distribution center space to organizations that needed to scale quickly, storing and staging PPE and medical supplies to meet demand for their respective fulfillment efforts.

我們還向全球某些受災嚴重地區的眾多醫療保健專業人員捐贈了 Under Armour 高性能產品，他們在與這種可怕的病毒作鬥爭的漫長而充滿挑戰的時間中疲憊不堪。在美國，我們部署了才華橫溢的團隊成員，為需要快速擴展、存儲和分期 PPE 和醫療用品以滿足各自履行工作需求的組織提供物流專業知識和配送中心空間。

We've also partnered with Feeding America and local food banks here in Baltimore, including a new delivery model that ensures food and other critical items are delivered safely and timely to our neighbors struggling with needs in this time of crisis.

我們還與 Feeding America 和巴爾的摩當地食品銀行合作，其中包括一種新的交付模式，可確保在危機時刻將食品和其他重要物品安全及時地交付給我們的鄰居。

These are just a few of the things we've been involved with during this period. All of this, of course, is a group effort across our universe of teammates, partners and communities. We are all in this together, and Under Armour will continue to respond.

這些只是我們在此期間參與的一些事情。當然，所有這一切都是我們的隊友、合作夥伴和社區的集體努力。我們都在一起，Under Armour 將繼續做出回應。

Turning to our business. Clearly, this will be a considerably different earnings call than those of the past. And while we will review our first quarter results, today's conversation will focus more specifically on this point in time, updating you on the actions we're taking to navigate the uncertainties that we're all confronting.

轉向我們的業務。顯然，這將是一個與過去截然不同的財報電話會議。雖然我們將回顧我們的第一季度業績，但今天的對話將更具體地關注這一時間點，向您介紹我們為應對我們都面臨的不確定性而採取的行動。

These uncertainties are what every company is currently facing with respect to duration of closures, how deep an economic crisis might persist, how much agility may be needed for possible permanent changes in consumer behavior, shopping preferences and disposable income considerations, and ultimately, triangulating what the future state operating environment might look like.

這些不確定性是每家公司目前在關閉持續時間、經濟危機可能持續多長時間、消費者行為、購物偏好和可支配收入考慮可能發生的永久性變化需要多大的敏捷性，以及最終確定什麼未來的狀態運行環境可能是什麼樣子。

Given that these variables, among many others, remain highly uncertain and inconclusive, we cannot reasonably estimate the operational impact of the pandemic on our business at this time, so we're not able to provide a financial outlook on today's call. We can, however, share insights into the things that we are able to control. In this respect, we'd like to provide some color on the strategic, operational and financial actions we're taking to adjust and manage our business during this period.

鑑於這些變量以及其他許多變量仍然具有高度不確定性和不確定性，我們目前無法合理估計大流行對我們業務的運營影響，因此我們無法就今天的電話會議提供財務前景。然而，我們可以分享對我們能夠控制的事物的見解。在這方面，我們想為我們在此期間為調整和管理我們的業務而採取的戰略、運營和財務行動提供一些色彩。

First and foremost is our strategy. We are centering in athletic performance and bringing authenticity to the brand by delivering innovative products, solutions and experiences that athletes didn't know they needed, and once they have them, can't imagine living without.

首先是我們的戰略。我們專注於運動表現，並通過提供運動員不知道自己需要的創新產品、解決方案和體驗來為品牌帶來真實感，一旦他們擁有它們，就無法想像沒有這些產品、解決方案和體驗。

There's no change to this purpose. And now even more clearly, as the world continues to persevere through these challenging times, health, fitness and wellness are even more center stage. In fact, the balance between physical and emotional well-being and the visceral connection to our capacity to fight, thrive and restore amid extraordinary circumstances draws directly on strength from these very elements.

這個目的沒有改變。現在更清楚的是，隨著世界在這些充滿挑戰的時代繼續堅持下去，健康、健身和保健更加成為中心舞台。事實上，身體和情緒健康之間的平衡，以及與我們在特殊情況下戰鬥、茁壯成長和恢復能力的內在聯繫，直接從這些元素中汲取力量。

So while many things are on lockdown, inspiration, wellness and fitness are most certainly not quarantined. So as the athletic performance world move towards social distancing, athletes made a turn towards working out at home and the outdoors, and in the process, have activated more digitally than ever before. By broadening The Only Way is Through brand platform that launched earlier this year into Through this Together manifesto, our digital, social and marketing teams worked quickly to activate our robust roster of athletes and key influencers.

因此，儘管許多事情都處於封鎖狀態，但靈感、健康和健身肯定不會被隔離。因此，隨著運動表現界向社交距離邁進，運動員轉向在家和戶外鍛煉，在此過程中，他們比以往任何時候都更加數字化。通過將今年早些時候推出的 The Only Way is Through 品牌平台擴大到通過這個 Together 宣言，我們的數字、社交和營銷團隊迅速開展工作，以激活我們強大的運動員和主要影響者名冊。

From virtual social events, curated-at-home workouts and incredibly successful healthy at home fitness challenge and free content, along with well-orchestrated community givebacks, we've seen exceptional increases in usage within our digital app business. In fact, since mid-March, the record for the number of MapMyRun workouts logged for a single day has been broken 6x and new users are up 275%. The momentum has also continued to grow in our Connected Footwear business as well, with year-over-year workouts up over 200% since mid-March.

從虛擬社交活動、精心策劃的家庭鍛煉到令人難以置信的成功的家庭健康健身挑戰和免費內容，以及精心策劃的社區回饋活動，我們已經看到我們的數字應用業務的使用量顯著增加。事實上，自 3 月中旬以來，單日記錄的 MapMyRun 鍛煉次數已打破 6 倍，新用戶增加了 275%。我們的互聯鞋類業務的勢頭也繼續增長，自 3 月中旬以來，鍛煉量同比增長超過 200%。

With respect to emerging shift in consumer behavior, this is a unique time to sharpen our digital knowledge by converting real-time data and analytics to drive brand interest and consideration within our largest categories of Training and Running. From dedicated and casual runners, whose habits have picked up significantly due to gym closures, to devoted fitness and team sport athletes who are creating opportunities to stay active while their normal routines have been halted, our engagement strategies are driving momentum into our digital channels. All positive factors that we believe are helping directly contribute to the improvements in e-commerce sales that we've seen since the end of March. And although this is still a fairly small part of our business, this validates some of the pre-COVID work coming together with recent strategic adjustments to drive brand consideration.

關於消費者行為的新變化，這是一個獨特的時機，可以通過轉換實時數據和分析來提高我們的數字知識，以在我們最大的訓練和跑步類別中推動品牌興趣和考慮。從由於健身房關閉而習慣性顯著改善的敬業和休閒跑步者，到在正常活動停止的情況下創造機會保持活躍的專注健身和團隊運動運動員，我們的參與策略正在推動我們的數字渠道的發展勢頭。我們認為所有積極因素都直接有助於我們自 3 月底以來看到的電子商務銷售的改善。儘管這仍然是我們業務的一小部分，但這驗證了 COVID 之前的一些工作以及最近為推動品牌考慮而進行的戰略調整。

From an operational perspective, and more specifically, business continuity, as the virus began to rapidly spread during the first quarter outside of China, which we had already closed down, we implemented teammate protocols following government recommendations to increase social distancing, avoiding large gatherings and requiring our office-based teammates around the world to work remotely.

從運營的角度，更具體地說，從業務連續性的角度來看，隨著病毒在我們已經關閉的第一季度中國以外的地區開始迅速傳播，我們按照政府的建議實施了隊友協議，以增加社交距離、避免大型集會和要求我們在世界各地的辦公室隊友遠程工作。

Within our global supply chain, COVID-19 continues to cause large impacts and disruptions, not only are there meaningful shifts in demand, but we're also seeing significant swings in supply due to factory closures. Over the past couple of years, we have made significant changes to our supply chain and how we plan, develop, source and distribute product. These changes will certainly help us as we manage through these disruptions.

在我們的全球供應鏈中，COVID-19 繼續造成巨大的影響和中斷，不僅需求發生了有意義的變化，而且由於工廠關閉，我們還看到了供應的顯著波動。在過去的幾年裡，我們對我們的供應鏈以及我們計劃、開發、採購和分銷產品的方式進行了重大改變。在我們應對這些干擾時，這些變化肯定會幫助我們。

Additionally, as we discussed previously, we work to establish integrated strategic relationships with considerably fewer partners. This has helped to accelerate our transition to digital sampling and virtual modeling, which is increasing product accuracy, helping to reduce lead times and, in turn, allows us to quickly evolve how we're selling product into our accounts and customers. Also because it's digital, we haven't missed a beat working remotely during this time.

此外，正如我們之前所討論的，我們致力於與少得多的合作夥伴建立綜合戰略關係。這有助於加速我們向數字採樣和虛擬建模的過渡，從而提高產品準確性，幫助縮短交貨時間，進而使我們能夠快速發展向客戶和客戶銷售產品的方式。也因為它是數字化的，在此期間我們沒有錯過任何遠程工作的節拍。

Last year, we also stood up a new demand planning function that has allowed us to execute and leverage our go-to-market process much more efficiently within our operating model. This move has provided us with greater insight into demand and our ability to create product supply solutions, 2 elements we're leveraging tremendously during this time.

去年，我們還建立了一個新的需求計劃功能，使我們能夠在我們的運營模式中更有效地執行和利用我們的上市流程。這一舉措使我們對需求和我們創建產品供應解決方案的能力有了更深入的了解，這是我們在此期間大量利用的兩個要素。

As an example of this work, as the virus gained momentum in China, we recognized the potential impact on global markets and product supply and immediately pivoted our teams to redesign our product supply plans. As a result, we quickly adjusted future plan buys to reduce potential impacts on our business.

作為這項工作的一個例子，隨著病毒在中國蔓延，我們認識到對全球市場和產品供應的潛在影響，並立即調整我們的團隊重新設計我們的產品供應計劃。因此，我們迅速調整了未來的購買計劃，以減少對我們業務的潛在影響。

Next, since the vast majority of owned stores and wholesale locations remain closed globally, we've shifted our distribution network's prioritization to e-commerce. This, along with our multiyear investments in our ERP system, has provided us with the necessary flexibility to service increased digital demand. Altogether, the previous actions we've taken and the investments that we've made over the past few years are helping us to be more efficient during the state of suspended animation.

接下來，由於全球絕大多數自有商店和批發地點仍然關閉，我們已將分銷網絡的優先事項轉移到電子商務上。這一點，加上我們對 ERP 系統的多年投資，為我們提供了必要的靈活性來滿足日益增長的數字需求。總而言之，我們之前採取的行動和過去幾年所做的投資正在幫助我們在假死狀態下提高效率。

Speaking of which, I'd like to take a minute to give some year-to-date color on the status of store closures around the world to provide better transparency into our current business. Starting in Asia Pacific, which, as a reminder, was 12% of global revenue in 2019, both owned and partner doors began closing in China in late January and remained largely closed through early March when the slow progressive reopening process began. By the end of March, more than 80% of these locations had reopened. And as of today, substantially all owned and wholesale locations in China have reopened.

說到這一點，我想花一點時間就全球商店關閉的狀態提供一些年初至今的顏色，以便為我們當前的業務提供更好的透明度。從亞太地區開始，提醒一下，2019 年佔全球收入的 12%，自有和合作夥伴的大門於 1 月下旬開始在中國關閉，並在緩慢的漸進式重新開放過程開始時基本上保持關閉狀態。到 3 月底，這些地點中有 80% 以上已重新開放。截至今天，中國幾乎所有自有和批發地點都已重新開放。

That said, traffic in these locations, while continuing to see progressive recovery in recent weeks, continues to be down year-over-year. Outside of China and South Korea, which combined makes up about 2/3 of revenue in APAC, the rest of the region has been effectively closed since mid-March.

也就是說，這些地點的客流量雖然在最近幾周繼續逐步恢復，但同比繼續下降。除中國和韓國（合計約佔亞太地區收入的 2/3）外，該地區其他地區自 3 月中旬以來實際上已關閉。

In the rest of our regions, North America, EMEA and Latin America, the closing time line was similar with substantially all of our own stores and wholesale partner locations shutting down in mid-March, which as of today is still the case.

在我們的其他地區，北美、歐洲、中東和非洲和拉丁美洲，關閉時間線相似，我們自己的所有商店和批發合作夥伴地點都在 3 月中旬關閉，直到今天仍然如此。

In our global e-commerce business, our sites are active and revenue has continued to show consistent strength since the start of the second quarter, including e-commerce sales that have trended back to year-over-year growth in North America and EMEA with outpaced strength in our women's business. So although only a low double-digit percentage of global revenue, we're encouraged by the emerging strength of our e-commerce business.

在我們的全球電子商務業務中，我們的網站很活躍，自第二季度開始以來收入持續保持強勁勢頭，其中包括北美和歐洲、中東和非洲地區的電子商務銷售額已恢復到同比增長超過了我們女性業務的實力。因此，儘管僅佔全球收入的兩位數百分比，但我們對電子商務業務的新興實力感到鼓舞。

Wrapping all of this together means that since mid-March, about 80% of our global business has been at a standstill. As we look to close out the second quarter, we're continuing to assess the environment on a local basis and have begun opening a very small number of owned doors, so still very early.

綜上所述，自 3 月中旬以來，我們全球約 80% 的業務一直處於停滯狀態。當我們希望結束第二季度時，我們將繼續在當地評估環境，並且已經開始開設極少數自有門，所以還很早。

Particularly in this time, our brand DNA, which is based in grit and tenacity, is precisely the North Star that will give us power to go through this storm. And within this determination, we will continue to drive through the necessary changes and now in an even more accelerated manner to make the no-regret decisions necessary to serve our consumers, customers and shareholders better over the long term.

尤其是在這個時代，我們堅韌不拔的品牌DNA，正是我們度過這場風暴的北極星。在這一決心下，我們將繼續推動必要的變革，現在以更快的方式做出必要的無悔決策，以長期更好地為我們的消費者、客戶和股東服務。

So before handing it over to Dave to walk through some of the financials, I'd like to close by acknowledging COVID-19 has changed our lives in unprecedented ways, a pandemic that has emphasized how the health and safety of our families, friends and communities cannot be taken for granted.

因此，在將其交給戴夫介紹一些財務數據之前，我想最後承認 COVID-19 以前所未有的方式改變了我們的生活，這種流行病強調了我們家人、朋友和社區不能被視為理所當然。

Over the past few months, I've been inspired by countless examples of the resilience, witnessing the courage, love and humility of the human spirit, led by our committed teammates, an incredibly talented management team and a fiercely unique brand, we are in control, well prepared and positioned to stand strong through this. Yet, we will do more than endure. I believe through all of this, we will ultimately emerge stronger. Dave?

在過去的幾個月裡，我被無數堅韌的例子所鼓舞，見證了人類精神的勇氣、愛和謙遜，在我們忠誠的隊友、才華橫溢的管理團隊和極其獨特的品牌的帶領下，我們在控制，做好充分準備，並有能力在此期間站穩腳跟。然而，我們要做的不僅僅是忍受。我相信通過這一切，我們最終會變得更強大。戴夫？

Thank you, Patrik. In the first quarter through early March, we were tracking well against our plan, demonstrating that our strategies were delivering appropriately against our expectations. For the last 2 weeks of the quarter, as the pandemic accelerated dramatically outside of China and social distancing and shelter-in-place mandates took place globally, we experienced an unprecedented decline in consumer demand, especially in North America.

謝謝你，帕特里克。在截至 3 月初的第一季度，我們的計劃進展順利，這表明我們的戰略正在與我們的預期相匹配。在本季度的最後兩週，隨著大流行在中國以外地區急劇加速，以及全球範圍內的社會疏離和就地避難令的實施，我們的消費者需求出現了前所未有的下降，尤其是在北美。

For the quarter, our revenue was down 23% to $930 million. It's important to note in our February 11 earnings call, we stated that we expected that our revenue would be down 13% to 15%, with about 5 points of the decline attributable to the China-only COVID-19 impacts, about 5 points due to significantly lower sales to the off-price channel and about 3 points due to service-level improvements that allowed us to deliver more product in the fourth quarter of last year.

本季度，我們的收入下降了 23% 至 9.3 億美元。值得注意的是，在 2 月 11 日的財報電話會議中，我們表示我們預計我們的收入將下降 13% 至 15%，其中約 5 個百分點的下降歸因於僅限中國的 COVID-19 影響，約 5 個百分點到期由於服務水平的改進使我們能夠在去年第四季度交付更多產品，因此大幅降低了折扣渠道的銷售額和大約 3 個百分點。

However, as we closed out the first quarter, we ended up with even lower than originally anticipated off-price sales and significant unforeseen impacts of COVID-19 on our businesses outside of China, which together contributed to about 12 additional points of the first quarter decline. All in for the quarter, we saw about 15 points of negative impact from COVID-19.

然而，當我們結束第一季度時，我們最終的折扣銷售甚至低於最初預期的折扣銷售，以及 COVID-19 對我們在中國以外的業務的重大不可預見的影響，這共同促成了第一季度的約 12 個額外點衰退。在本季度，我們看到 COVID-19 帶來了大約 15 個負面影響。

Now taking a look at first quarter revenue by channel. We had a 28% decline in sales to our wholesale customers, driven predominantly by our North American business; a 14% decline in direct-to-consumer revenue, also driven primarily by our North American business; and an 8% decline in licensing.

現在按渠道查看第一季度的收入。我們對批發客戶的銷售額下降了 28%，主要受北美業務的推動；直接面向消費者的收入下降 14%，這也主要受我們北美業務的推動；許可減少 8%。

By product type, apparel revenue was down 23%, footwear was down 28% and accessories was down 17%. From a regional and segment perspective, first quarter revenue in North America was down 28%, with nearly half of that decline due to door closures associated with COVID-19 in the last few weeks of March, coupled with nearly 1/4 of the drop being attributable to lower year-over-year sales to the off-price channel.

按產品類型劃分，服裝收入下降 23%，鞋類下降 28%，配飾下降 17%。從區域和細分市場的角度來看，北美第一季度的收入下降了 28%，其中近一半的下降是由於 3 月最後幾週與 COVID-19 相關的門關閉，加上近 1/4 的下降歸因於低價渠道的同比銷售額下降。

In EMEA, revenue was up 3%, driven by a timing shift in our wholesale business, offset by about 10 points of negative impact from COVID-19 in addition to reduced sales to the off-price channel. Revenue in Asia Pacific was down 34% due to our owned and partner doors being substantially closed for the majority of the quarter, resulting in about 50 points of negative impact from COVID-19.

在歐洲、中東和非洲地區，由於我們批發業務的時間變化，收入增長了 3%，這被 COVID-19 帶來的約 10 個負面影響以及折扣渠道的銷售減少所抵消。亞太地區的收入下降了 34%，原因是我們自有和合作夥伴的大門在本季度的大部分時間里基本關閉，導致 COVID-19 帶來約 50 個百分點的負面影響。

In Latin America, revenue was up 8%, driven by growth in wholesale and offset by about 7 points of negative impact from COVID-19. And finally, our Connected Fitness business was up 9%, driven by continued subscription momentum.

在拉丁美洲，在批發增長的推動下，收入增長了 8%，但被 COVID-19 帶來的約 7 個百分點的負面影響所抵消。最後，在持續訂閱勢頭的推動下，我們的互聯健身業務增長了 9%。

Turning to gross margin. We saw 110 basis point improvement to 46.3% in the first quarter, with benefits including approximately 330 basis points of channel mix, including lower year-over-year sales to the off-price channel and increased DTC mix, and 20 basis points of product mix due to lower footwear sales, which carry a lower gross margin rate. This was partially offset by about 200 basis points of COVID-19-related pricing and discounting impact and 30 basis points related to changes in foreign currency.

轉向毛利率。我們看到第一季度提高了 110 個基點至 46.3%，其收益包括約 330 個基點的渠道組合，包括對折扣渠道的同比銷售額下降和 DTC 組合增加，以及 20 個基點的產品由於鞋類銷售較低，毛利率較低。這被與 COVID-19 相關的定價和折扣影響約 200 個基點以及與外幣變化有關的 30 個基點部分抵消。

SG&A expense was up 8% to $553 million, driven by higher legal expenses in addition to increased marketing investments to support The Only Way is Through brand platform that launched in January.

SG&A 費用增長 8% 至 5.53 億美元，原因是法律費用增加以及增加營銷投資以支持 1 月份推出的 The Only Way is Through 品牌平台。

Next, I'd like to provide details on the restructuring and impairment charges line item within our income statement, which captures both charges associated with our 2020 restructuring plan as well as the recognition of non-restructuring-related impairments of long-lived assets and goodwill.

接下來，我想在損益表中提供有關重組和減值費用項目的詳細信息，該項目既包含與我們 2020 年重組計劃相關的費用，也包含對長期資產的非重組相關減值的確認和善意。

First, I'll start with our 2020 restructuring plan. As detailed on April 3, we're expecting to incur total estimated pretax restructuring and related charges in the range of $475 million to $525 million, primarily this year, consisting of approximately $175 million of cash related restructuring charges and $350 million of noncash charges.

首先，我將從我們的 2020 年重組計劃開始。正如 4 月 3 日所詳述的，我們預計稅前重組和相關費用總額預計在 4.75 億美元至 5.25 億美元之間，主要是今年，其中包括約 1.75 億美元的現金相關重組費用和 3.5 億美元的非現金費用。

In the first quarter, we realized $301 million of restructuring and related impairment charges within our 2020 plan, including $298 million in noncash and $3 million in cash-related charges, with nearly all of these Q1 charges relating to our New York City flagship store.

在第一季度，我們在 2020 年計劃中實現了 3.01 億美元的重組和相關減值費用，包括 2.98 億美元的非現金費用和 300 萬美元的現金相關費用，其中幾乎所有第一季度費用都與我們的紐約市旗艦店有關。

The second component is nonrestructuring-related impairments for long-lived assets and goodwill. Through the negative effects of COVID-19 in our business, we performed an interim analysis for long-lived assets and goodwill as of March 31, 2020. Using undiscounted cash flow analyses for our global retail fleet of owned stores, we determined that some of these long-lived assets had net carrying values that exceeded their estimated undiscounted future cash flows. Accordingly, we recognized $84 million of impairment charges in the quarter.

第二個組成部分是長期資產和商譽的非重組相關減值。由於 COVID-19 對我們業務的負面影響，我們對截至 2020 年 3 月 31 日的長期資產和商譽進行了中期分析。對我們的全球自有商店零售車隊使用未貼現現金流分析，我們確定其中一些這些長期資產的賬面淨值超過了其估計的未貼現未來現金流量。因此，我們在本季度確認了 8400 萬美元的減值費用。

Additionally, we also performed interim goodwill impairment analyses for each of our reporting segments. Following this review, we determined that the estimated fair values of our Latin American reporting segment and a portion of our North American reporting segment related to our Canadian business no longer exceeded their carrying values. This resulted in a $51 million impairment of goodwill. All of this translates to a reported first quarter operating loss of $558 million.

此外，我們還對每個報告分部進行了中期商譽減值分析。在本次審查之後，我們確定我們的拉丁美洲報告分部和與我們的加拿大業務相關的部分北美報告分部的估計公允價值不再超過其賬面價值。這導致商譽減值5100萬美元。所有這些都轉化為報告的第一季度運營虧損 5.58 億美元。

From a tax perspective, we recorded $21 million in tax expense, primarily driven by valuation allowances recorded on certain U.S. and China deferred tax assets, partially offset by 5-year net operating loss carried by benefits provided under the recent CARES Act. After tax, we, therefore recognized a net loss of $590 million or $1.30 of diluted loss per share.

從稅收的角度來看，我們記錄了 2100 萬美元的稅收支出，主要是由於某些美國和中國遞延稅項資產記錄的估值減免，部分被最近 CARES 法案提供的福利帶來的 5 年淨經營虧損所抵消。因此，我們在稅後確認了 5.9 億美元的淨虧損或每股攤薄虧損 1.30 美元。

Excluding restructuring and impairment charges, our first quarter adjusted operating loss was $122 million and adjusted net loss was $152 million or $0.34 of adjusted diluted loss per share.

不計重組和減值費用，我們第一季度調整後的經營虧損為 1.22 億美元，調整後的淨虧損為 1.52 億美元或調整後的每股攤薄虧損 0.34 美元。

With respect to our 2020 outlook, a high level of uncertainty related to an inability to determine the duration and scope of the COVID-19 pandemic and its economic ramifications means that we cannot reasonably estimate impacts on our full year at this time. We do, however, expect these conditions to have a significant adverse impact on full year financial and operating results.

關於我們的 2020 年展望，與無法確定 COVID-19 大流行的持續時間和範圍及其經濟影響相關的高度不確定性意味著我們目前無法合理估計對全年的影響。然而，我們確實預計這些情況會對全年財務和經營業績產生重大不利影響。

Now moving on to some high-level color on our second quarter. With approximately 80% of our global business having been closed since April 1, we currently anticipate that revenue could be down as much as 50% to 60% in our second quarter. Although we do anticipate that our business will gradually reopen in the coming weeks and months, we believe there will be a number of challenges ahead for us in the greater global retail space, including a slow and progressive return to normalization, a highly promotional environment and significant uncertainty in brick-and-mortar traffic and conversion as consumers return to stores.

現在轉到我們第二季度的一些高級顏色。自 4 月 1 日以來，我們約有 80% 的全球業務已關閉，我們目前預計第二季度的收入可能下降 50% 至 60%。儘管我們確實預計我們的業務將在未來幾周和幾個月內逐步重新開放，但我們相信，在更大的全球零售空間中，我們將面臨許多挑戰，包括緩慢而漸進地恢復正常化、高度促銷的環境和隨著消費者返回商店，實體店客流量和轉化率存在很大的不確定性。

Earlier in the call, we detailed the strategic and operational elements of what we're focused on to manage our business during this crisis. To round that out, I'd like to discuss the financial part of these efforts.

在電話會議的早些時候，我們詳細介紹了在這場危機期間我們重點管理業務的戰略和運營要素。為了完善這一點，我想討論這些努力的財務部分。

As we further manage our cost base, we are targeting a reduction of our originally planned 2020 operating expenses by approximately $325 million, which includes the operating expense benefits from the $40 million to $60 million of expected pretax restructuring planned savings.

隨著我們進一步管理成本基礎，我們的目標是將原計劃的 2020 年運營費用減少約 3.25 億美元，其中包括預期稅前重組計劃節省的 4000 萬美元至 6000 萬美元的運營費用收益。

Outside of the expected savings from restructuring efforts, I'd like to touch on the other larger expense reductions. Relative to marketing, with limited visibility into the larger impact on the virus on consumer demand and behavior, we are reducing certain marketing efforts during this interim period and focusing funds predominantly on digital activations.

除了重組工作的預期節省之外，我想談談其他更大的開支削減。相對於營銷，由於對病毒對消費者需求和行為的更大影響的可見性有限，我們在此過渡期間減少了某些營銷工作，並將資金主要集中在數字激活上。

In mid-April, we temporarily laid off teammates in our U.S. retail stores and distribution centers. We are reducing incentive compensation for the year. We are also tightening our hiring, contract services, travel and other discretionary and variable costs, and we are reducing planned capital expenditures, which contributes to reduced depreciation.

4 月中旬，我們暫時解雇了美國零售店和配送中心的隊友。我們正在減少今年的獎勵性薪酬。我們還收緊了招聘、合同服務、差旅和其他可自由支配和可變成本，我們正在減少計劃的資本支出，這有助於減少折舊。

As a reminder, this targeted $325 million in operating expense benefit does not represent a year-over-year variation. But again, is rather a change to our original 2020 annual operating plan.

提醒一下，這個目標為 3.25 億美元的運營費用收益並不代表同比變化。但同樣，這是對我們最初的 2020 年度運營計劃的改變。

Next, I will touch on our actions to prioritize liquidity, cash preservation and inventory management to enhance our ability to navigate potential short and midterm challenges and cash flow needs. Within cash and cash equivalents, we ended the first quarter with $959 million, of which approximately $600 million was related to borrowings under our revolving credit facility. In early April, we borrowed an additional $100 million, and now have $700 million outstanding under this facility.

接下來，我將談到我們優先考慮流動性、現金保存和庫存管理的行動，以提高我們應對潛在的短期和中期挑戰以及現金流需求的能力。在現金和現金等價物方面，我們在第一季度末的收入為 9.59 億美元，其中約 6 億美元與我們的循環信貸額度下的借款有關。 4 月初，我們又藉了 1 億美元，現在在該貸款下有 7 億美元未償還。

Additionally, we have negotiated an amendment to our credit facility that is on track to close tomorrow. Given the ongoing disruption throughout our industry, we expect this amendment will provide us with improved access to liquidity going forward. Quarter end inventory was up 7% to $940 million. Moving forward, in anticipation of significant changes in future demand, we are proactively reducing planned inventory receipts to continue to manage this asset as efficiently as possible given expected compounding global factors.

此外，我們已經協商對我們的信貸額度進行了修改，該修改有望於明天結束。鑑於我們整個行業的持續中斷，我們預計這項修正案將為我們提供更好的未來流動性。季度末庫存增加 7% 至 9.4 億美元。展望未來，預計未來需求將發生重大變化，鑑於預期的全球複合因素，我們正在積極減少計劃的庫存收入，以繼續盡可能有效地管理該資產。

We have also been prudently balancing the negotiation of extended payment terms with our customers and our vendors to mitigate risks. We're also working with retail lease partners to defer or abate applicable rent during store closure periods.

我們也一直在與客戶和供應商就延期付款條款的談判保持謹慎平衡，以降低風險。我們還與零售租賃合作夥伴合作，在商店關閉期間推遲或減少適用的租金。

With the deferral of certain investments, our planned capital expenditures are now expected to be approximately $100 million compared to our previous expectation of approximately $160 million in 2020. When more favorable business conditions materialize, we would expect to resume many of these investments with adjustments based on new considerations as warranted.

隨著某些投資的推遲，我們的計劃資本支出現在預計約為 1 億美元，而我們之前預計 2020 年約為 1.6 億美元。當更有利的商業條件成為現實時，我們預計將根據調整恢復其中的許多投資必要時考慮新的考慮因素。

With all of these measures, we believe that we will be in a solid position to manage our business throughout this pandemic.

通過所有這些措施，我們相信在整個大流行期間，我們將有能力管理我們的業務。

With that, I'll turn it back to the operator for your questions, and I do want to reiterate that we are unfortunately not in a position to provide additional quantitative detail on our outlook for 2020. Operator?

有了這個，我將把它轉回給運營商來回答你的問題，我想重申一下，很遺憾，我們無法提供關於 2020 年展望的更多量化細節。運營商？

(Operator Instructions) Your first question comes from Matt McClintock with Raymond James.

（操作員說明）您的第一個問題來自 Matt McClintock 和 Raymond James。

I guess, high level, Patrik, could you maybe give us your thoughts about launching new product into this type of environment? Clearly, there's an inventory overhang that needs to be worked through, not only yourself but through your competitors in retail in general. But how should we think about fresh new product and your advertising plans going forward given this environment?

我想，高層，Patrik，您能否告訴我們您對在這種環境中推出新產品的想法？顯然，需要解決庫存過剩問題，不僅是你自己，而且是通過你的零售業競爭對手。但是，在這種環境下，我們應該如何考慮新產品和您的廣告計劃？

Matt, we will continue to release new product. One of the things that we didn't talk specifically about in the script here was how well, for example, our women's business is doing right now, and that's attributable to new product.

馬特，我們將繼續發布新產品。我們在這裡的劇本中沒有特別提到的一件事是，例如，我們的女性業務現在做得如何，這歸功於新產品。

I think the balance of thinking through the inventories you've come out of, especially Q2 with, and how you're thinking about the introductions that you're currently planning to do in the back half of this year, and I would say, even leading into early 2021, is going to be exactly just that, a balance. You're going to need to work through, through rebalancing the remainder of the year, the current inventory levels as well as of course, wanting to give freshness onto the floor.

我認為平衡考慮你從庫存中出來，特別是第二季度，以及你如何考慮你目前計劃在今年下半年進行的介紹，我想說，即使到 2021 年初，也將完全是這樣，一種平衡。您將需要通過重新平衡今年剩餘時間，當前的庫存水平以及當然希望給地板帶來新鮮感來解決問題。

We're intending to continue to give freshness in every category where we compete. I think the amount of freshness that you might be looking at as it relates to spring 2021 is something we're still working through. But in terms of the back half of this year, we'll still have freshness on the floor. Especially as you think about categories like footwear and running as well as in our Training category, there'll be a lot of freshness there.

我們打算繼續在我們競爭的每個類別中提供新鮮感。我認為您可能會看到與 2021 年春季相關的新鮮度，這是我們仍在努力解決的問題。但就今年下半年而言，我們仍然會在場上保持新鮮感。尤其是當您想到鞋類和跑步等類別以及我們的訓練類別時，那裡會有很多新鮮感。

I think having said that, we are actually, in terms of inventories, coming out of Q1 with only 7% of inventory. I think that is at the lower end of what the market has seen so far. And of course, we'll have inventories building in Q2 as 80% of our stores around the world are still closed. But ultimately, because we came in with a well-managed inventory position, we think that we're going to be able to rebalance the rest of the year and continue to provide freshness into the marketplace, too. We need to incentivize the customer to come in and buy new stuff for sure.

我認為話雖如此，但就庫存而言，我們實際上從第一季度開始只有 7% 的庫存。我認為這是迄今為止市場所見的低端。當然，我們將在第二季度建立庫存，因為我們在全球 80% 的商店仍然關閉。但最終，由於我們的庫存狀況管理良好，我們認為我們將能夠重新平衡今年餘下的時間，並繼續為市場提供新鮮感。我們需要激勵客戶進來並確定購買新東西。

And just as a quick follow-up, just the off-price channel. You spent several years cleaning up that channel, reducing sales into that channel. Does this environment just push back another year in terms of your plans, your broader plans, to trying to get your channel mix correct? And how should we think about the off-price channel, in general, as we go into the back half of this year?

並且作為快速跟進，只是降價渠道。你花了幾年時間清理那個渠道，減少了進入那個渠道的銷售額。這種環境是否只是將您的計劃、更廣泛的計劃推遲一年，以嘗試使您的渠道組合正確？總的來說，當我們進入今年下半年時，我們應該如何看待折扣渠道？

Matt, this is Dave. We definitely are continuing down the road of trying to work kind of back off of that channel. I think the impacts of COVID-19 are going to make that a little bit harder to take it as far as we want to take it, obviously, in 2020, but we will continue to step off of that. We're not expecting to grow that channel due to COVID-19, but it will take us a little bit longer this year than we originally wanted to potentially to step off as fast as we wanted, but we're still on the right track.

馬特，這是戴夫。我們肯定會繼續嘗試從該渠道撤退。我認為，顯然，在 2020 年，COVID-19 的影由於 COVID-19，我們預計該渠道不會增長，但今年我們需要的時間比我們最初希望的可能要快一點，但我們仍然走在正確的軌道上.

Your next question is from the line of Edward Yruma with KeyBanc Capital Markets.

您的下一個問題來自 KeyBanc Capital Markets 的 Edward Yruma。

And I hope that you and your teams are staying healthy at this time. I guess just a broader question. Historically, you don't really participate a lot in markdown support. But I guess, given the environment, what are your initial conversations with your retail partners like? Do you think that you're going to have to help them clear existing inventory that they have in the channel? And would you consider taking back inventory?

我希望你和你的團隊此時保持健康。我想只是一個更廣泛的問題。從歷史上看，您並沒有真正參與降價支持。但我想，鑑於環境，您與零售合作夥伴的初步對話是什麼樣的？您是否認為您將不得不幫助他們清理渠道中現有的庫存？你會考慮收回庫存嗎？

Hi, Edward, this is Patrik. Yes, it's an interesting time. And we are dealing with reopening our home stores, of course, and we're trying to do our very best to be good partners to our big wholesale accounts out there that are also trying to reopen their doors. And I think, in general, you're seeing a balance between the inventory that's already in the channel and then future demand.

嗨，愛德華，我是帕特里克。是的，這是一個有趣的時期。當然，我們正在處理重新開放我們的家庭商店，我們正在盡最大努力成為我們大型批發客戶的良好合作夥伴，這些客戶也試圖重新開門營業。而且我認為，總的來說，您會看到渠道中已經存在的庫存與未來需求之間的平衡。

One of the things that I called out in my script is the work that we've been doing, Under Armour specifically, on building up a very strong demand planning function -- functionality over the last 18 months. We think that we've benefited from that as we think about the back half of this year and also going into 2021, working with our accounts and with our own internal direct-to-consumer teams, to ensure we're trying to balance how much we take back versus how much more we order and how people are going to be able to reopen again.

我在腳本中提到的一件事是我們一直在做的工作，特別是 Under Armour，在過去 18 個月中建立了一個非常強大的需求計劃功能 - 功能。我們認為我們已經從中受益，因為我們考慮到今年下半年以及進入 2021 年，與我們的客戶和我們自己的內部直接面向消費者的團隊合作，以確保我們正在努力平衡如何我們收回多少與我們訂購多少以及人們將如何能夠再次重新開放。

But again, we're about 2 months into what could be, of course, a longer, slower trajectory here in opening. And also in terms of the consumer coming back, we're a little bit advantaged, we feel, because we're a global brand, so we've had the opportunity of seeing what's happened in China. And the good news is, I guess, that consumer is coming back. I think the bad news is that it's taken a little longer than we would wish.

但同樣，我們已經進入了大約 2 個月的時間，當然，這可能是一個更長、更慢的開放軌跡。而且在消費者回歸方面，我們感覺有點優勢，因為我們是一個全球品牌，所以我們有機會看到中國發生了什麼。我猜，好消息是，消費者又回來了。我認為壞消息是它花費的時間比我們希望的要長一些。

And I think this whole balance between future demand and current inventory levels, and how that plays out, is something that we're working on day in and day out. But we're trying to be good partners here because, ultimately, we need everybody to win and -- that we do business with. And we're -- we feel that we're in a situation right now where we have control of the situation in terms of understanding all of those components. The next 3 quarters are going to be about rebalancing all of that before we turn into 2021. So there's a lot of work ahead of us, but we feel that we have a pretty good handle on things at this point.

我認為未來需求和當前庫存水平之間的整體平衡，以及這種平衡如何發揮作用，是我們日復一日地努力的事情。但我們正在努力成為這裡的好合作夥伴，因為最終我們需要每個人都贏，而且——我們需要與之做生意。而且我們 - 我們覺得我們現在處於一種情況，我們可以通過了解所有這些組成部分來控制情況。在我們進入 2021 年之前，接下來的 3 個季度將重新平衡所有這些。因此，我們還有很多工作要做，但我們覺得目前我們已經很好地處理了這些事情。

Your next question is from the line of Alexandra Walvis with Goldman Sachs.

您的下一個問題來自高盛集團的 Alexandra Walvis。

So my first question is around e-commerce. I wonder if you could talk us through a little bit more detail the cadence of your e-commerce growth through the first quarter and into the second quarter. Did you see an immediate acceleration in e-commerce as those stores closed in North America? Or was there a little bit of a lag there?

所以我的第一個問題是關於電子商務。我想知道您是否可以更詳細地告訴我們您的電子商務增長在第一季度和第二季度的節奏。隨著北美商店的關閉，您是否看到電子商務立即加速？或者那裡有一點滯後？

Yes. I think that as we saw the stores closing down in North America and EMEA, in mid-March, there was probably a little bit of a delayed reaction before consumers really realized what they needed and how they were going to have to get it from e-comm. And so the real ramp-up for us on e-comm, especially in North America and EMEA, was coming in as we started to kick into April, and we've seen it all the way through April and into May. So we're really excited about that.

是的。我認為，當我們看到北美和歐洲、中東和非洲地區的商店在 3 月中旬關閉時，在消費者真正意識到他們需要什麼以及他們將如何從 e -通訊。因此，當我們開始進入四月時，我們在電子商務方面的真正增長，特別是在北美和歐洲、中東和非洲地區，正在到來，我們從四月到五月一直看到它。所以我們對此感到非常興奮。

We're not quantifying that right now, but definitely very favorable trends there. And especially on the women's side, too, from a product perspective, which we're excited to see as well.

我們現在沒有量化這一點，但肯定是非常有利的趨勢。尤其是在女性方面，從產品的角度來看，我們也很高興看到這一點。

Fantastic. And then 2 follow-up questions on the same theme. One, any comment on e-commerce trends within China and how that's performing? And then two, any comment on how e-commerce is performing at your key wholesale partners?

極好的。然後是同一主題的 2 個後續問題。一，對中國電子商務趨勢及其表現有何評論？然後第二點，您對主要批發合作夥伴的電子商務表現有何評論？

Yes. I mean, e-commerce in China continues to do pretty well for us. I would say the more dramatic increases in April have been in EMEA and North America, which we're really excited to see, but APAC is doing well also. And from a wholesale perspective, that has been a nice benefit as well that a lot of our larger wholesale partners that have pretty good e-comm sites have been driving good business as well. So we've been doing more kind of our drop-ship revenue, supplying them to be able to fuel their e-comm sites. So that's been doing pretty well also, mainly in April and into May here.

是的。我的意思是，中國的電子商務繼續為我們做得很好。我想說的是 4 月份更顯著的增長出現在 EMEA 和北美，我們真的很高興看到這一點，但亞太地區的表現也不錯。從批發的角度來看，這也是一個很好的好處，因為我們許多擁有相當不錯的電子商務網站的大型批發合作夥伴也一直在推動良好的業務。因此，我們一直在增加我們的直銷收入，為他們提供能夠為他們的電子商務網站提供動力的資源。所以這也做得很好，主要是在四月和五月。

Your next question is from the line of Paul Lejuez with Citigroup.

您的下一個問題來自花旗集團的 Paul Lejuez。

Okay. Paul Lejuez, Citi. Curious what you're hearing from your larger retail partners, just in terms of how they're planning the back half of '20, even into '21? Also curious if could remind us, frame for us perhaps who your largest retail partners are? What percent of sales they make up? And I guess, along similar lines, what percent of your retail partners are smaller in size, maybe what might be described as mom-and-pops versus the larger, more well-capitalized retailers?

好的。花旗銀行的 Paul Lejuez。好奇您從較大的零售合作夥伴那裡聽到了什麼，就他們如何計劃 20 年的後半期，甚至到 21 年而言？也很好奇是否可以提醒我們，也許你最大的零售合作夥伴是誰？他們佔銷售額的百分比是多少？我猜想，按照類似的思路，你的零售合作夥伴中有多少是規模較小的，也許可以描述為夫妻店與更大、資本更雄厚的零售商？

Yes. Maybe I'll start off here, Dave, and just talk a little bit about how we're thinking about the back half and early next year in terms of the business that we're doing with our retailers. I think, as I said before, 2020 is going to be a year of rebalancing. And not just for us. I think our larger retail partners as well as our smaller retail partners, and this is both -- goes for North America as well as Europe, are in the same situation that we're in. They're trying to figure out how fast they can open and how fast the consumer is going to come back.

是的。也許我會從這裡開始，戴夫，就我們與零售商開展的業務而言，我們如何考慮下半年和明年初的情況。我認為，正如我之前所說，2020 年將是再平衡的一年。而且不只是為我們。我認為我們較大的零售合作夥伴以及我們較小的零售合作夥伴，無論是北美還是歐洲，都處於與我們相同的情況。他們試圖弄清楚他們的速度有多快可以打開以及消費者回來的速度。

And again, we've had the advantage, and we've certainly shared this with our partners what we have seen happen in China in terms of the return of the consumer and how they are thinking about shopping at this point in time. And for the very few stores that have been opened in the U.S., with some of our retail partners, you certainly see a similar pattern in the U.S.

再一次，我們擁有優勢，我們當然已經與我們的合作夥伴分享了我們在中國看到的消費者回歸以及他們目前對購物的看法。對於在美國開設的極少數商店，與我們的一些零售合作夥伴一起，您肯定會在美國看到類似的模式。

I think over the next 2, 3 weeks, as you get into the back half of May, that will give us a better indication of the appetite and the speed of recovery, let's say, in terms of traffic and conversion in the U.S. But I do think that, again, there's so much uncertainty in terms of the timing and trajectory of return that I would say that -- and we think about it in terms of rebalancing, as you think about the back half of the year, because you have inventory in different places and you have the unknown of the speed of ability to reopen and the speed of recovery in terms of the consumer coming back shopping and the type of behavior that will show during that shopping coming back in terms of conversion and other things. So lot of variables there in terms of how we're looking at modeling our back half of the year.

我認為在接下來的 2 到 3 週內，隨著您進入 5 月下半月，這將讓我們更好地了解人們的胃口和恢復速度，比如說，就美國的流量和轉化率而言。但我確實認為，在回報的時間和軌跡方面存在如此多的不確定性，我會這麼說 - 我們從再平衡的角度考慮它，就像你考慮下半年一樣，因為你有庫存在不同的地方，並且您不知道重新開放的能力速度和消費者回來購物的恢復速度，以及在購物期間在轉換和其他方面將表現出的行為類型。就我們如何看待下半年的建模而言，有很多變數。

And Dave, I don't know if you want to give any more color there on any of the financials?

戴夫，我不知道你是否想在任何財務數據上多加點顏色？

Yes. I mean, Paul, we don't normally disclose the names of our wholesale partners. But I will say that we are monitoring all of our medium to larger ones in a pretty expensive basis around the world. We have good, long-standing relationships with most of them. And in general, a lot of them are hanging in there fairly well, and we're continuing to kind of work through when they're opening their doors and what that means to our business in the future.

是的。我的意思是，保羅，我們通常不會透露我們批發合作夥伴的名字。但我要說的是，我們正在以相當昂貴的價格在全球範圍內監控我們所有的中型到大型企業。我們與他們中的大多數人都有良好的長期關係。總的來說，他們中的很多人都很好地呆在那裡，當他們開門時，我們會繼續努力，這對我們未來的業務意味著什麼。

Right now, we don't see any significant medium- or larger-sized customers that are having any larger-than-average challenges based on what everybody is dealing with, COVID-19. But we're continuing to monitor that, and we'll work with them going forward.

目前，我們沒有看到任何重要的中型或大型客戶面臨任何大於平均水平的挑戰，基於每個人都在處理的 COVID-19。但我們將繼續監控這一點，我們將與他們合作。

Yes. And I would say, the next 24 to 36 months will be, I think, what you could perhaps call a forcing mechanism for many retailers, especially in the U.S., where there's still a lot of stores and there's still a lot of square footage. So there's certainly going to be winners and losers in this environment going forward. And I think that's not just in our sector, I think that's, in general, in retail. And there will also be, of course, as everybody is predicting right now, a distortion to digital.

是的。我想說，接下來的 24 到 36 個月，我認為，對於許多零售商來說，你也許可以稱之為強制機制，尤其是在美國，那裡仍然有很多商店，而且仍然有很多平方英尺。因此，在這種環境中，未來肯定會有贏家和輸家。而且我認為這不僅僅是在我們的行業，我認為一般來說，在零售業也是如此。當然，正如每個人現在都預測的那樣，數字化也會出現失真。

And just a follow-up, Dave, on the smaller shop side, just what percent perhaps, if you could share it, is coming from a single shop or maybe a couple of shop sort of chains out there? If you could share that.

只是一個跟進，戴夫，在較小的商店方面，如果你可以分享它，可能有百分之多少來自一家商店或幾家連鎖店？如果你能分享一下。

We don't normally give exact percentages on that, but I would say that it's a smaller portion of our business. The lion's share of our dollars are going to be with the medium partners and the larger partners.

我們通常不會給出確切的百分比，但我會說這是我們業務的一小部分。我們的大部分資金將用於中型合作夥伴和大型合作夥伴。

One thing that I was going to mention, too, that I think plays in a little bit to our distribution is, we are seeing that those stores that are opening, the more stores that are in open air, freestanding locations, are seeming to do fairly -- a little bit better as far as returning traffic than some of those that are maybe in malls. And we don't have a lot of mall business. So there's a little bit of an advantage there that we're seeing so far as well as stores start to open.

我還要提到的一件事是，我認為對我們的分銷有點影響，我們看到那些正在開業的商店，更多的露天商店，獨立地點，似乎正在做相當 - 就返回流量而言，比商場中的一些流量要好一些。而且我們沒有很多商場業務。因此，到目前為止，隨著商店開始營業，我們看到了一些優勢。

Your next question is from the line of Bob Drbul with Guggenheim.

您的下一個問題來自古根海姆的 Bob Drbul。

Just a couple of questions. On the SG&A opportunities, in terms of demand creation or endorsement contracts, that sort of thing, are there clauses that you can sort of pull back on payments required for some of your athletes? And I guess, I was just also wondering on the inventory side, can you talk a little more just like how far out you've made adjustments to the receipts, exactly what you've been successful sort of canceling or delaying? Just maybe a little bit more color on sort of how you are adapting to sort of the factory situation.

只是幾個問題。關於 SG&A 機會，就需求創造或代言合同之類的事情而言，是否有條款可以撤回某些運動員所需的付款？而且我想，我只是想知道庫存方面，你能多談談你對收據進行了多長時間的調整，你成功取消或延遲了什麼？關於您如何適應工廠情況的方式可能會多一點顏色。

Yes. This is -- Bob, this is Dave. A couple of things. Relative to sports marketing contracts and endorsements, we've got pretty good relationships with a lot of those athletes, obviously, and we have been moving kind of our non-inventory vendors and relationships out a little bit further in payment terms. And then sports marketing contracts are part of that. So we've been negotiating and working with them, and we've been able to get some extended payment terms there, which are helpful, just in general with our overall capital preservation efforts.

是的。這是——鮑勃，這是戴夫。有幾件事。相對於體育營銷合同和代言，我們與很多運動員建立了很好的關係，很明顯，我們一直在將我們的非庫存供應商和關係在支付方面進一步轉移。然後體育營銷合同就是其中的一部分。因此，我們一直在與他們進行談判和合作，我們已經能夠在那裡獲得一些延長的付款條件，這對我們整體的資本保全工作很有幫助。

Relative to inventory, we were able to jump in pretty quickly and start to reassess demand and be able to adjust our buys and our strategy there with production for the back half of the year. So a lot of the fall/winter '20 product. So we've been able to get ahead of that pretty well. It wasn't as easy to adjust some of the spring/summer '20 because a lot of that was already in production or inbound. And to Patrik's point, we expect a higher inventory level as we round out Q2 with the store closures and knowing a lot of that spring/summer '20 product was still inbound. But we've been able to effect and adjust a lot of our fall/winter '20 back half inbound, which is really helpful relative to the capital preservation efforts.

相對於庫存，我們能夠迅速介入並開始重新評估需求，並能夠調整我們的採購和戰略，並在下半年進行生產。所以很多 20 年秋冬產品。所以我們已經能夠很好地領先了。調整 20 年春夏的某些部分並不容易，因為其中很多已經在生產或入站。就帕特里克而言，我們預計庫存水平會更高，因為我們在第二季度結束時關閉了商店，並且知道很多 20 年春夏產品仍在入庫。但是我們已經能夠影響和調整我們的 20 年秋冬後半部分的入站，這相對於資本保全工作非常有幫助。

I think it's important to note here, too, that as you think about what's happening to the front end of the business, it's also really important to recognize what's going on in the back end, so to speak, in terms of our vendor partners. We've done a lot of work as we've kept you guys informed about, over the last 3 years, to really work with what we feel would be considered better partners, stronger partners. It's incredibly important to us also, of course, that these partners survive. And there's a lot of hardships in the vendor base right now as there is all this fluctuation and kind of distress, and people counseling kind of midway through and stuff like that.

我認為在這裡也需要注意的是，當您考慮業務前端發生的事情時，識別後端發生的事情也非常重要，可以這麼說，就我們的供應商合作夥伴而言。在過去的 3 年裡，我們已經做了很多工作，因為我們一直在向你們通報情況，以便真正與我們認為會被認為是更好的合作夥伴、更強大的合作夥伴合作。當然，這些合作夥伴的生存對我們來說也非常重要。現在供應商群有很多困難，因為所有這些波動和痛苦，以及人們在中途提供諮詢之類的東西。

So we're being very thoughtful about how this also plays into 2021. So not only rebalancing the back half of 2020 in terms of fall demand, but also thinking ahead to 2021 demand and making sure that we're trying to help our vendors as much as we can also to level-load and do other things. Because ultimately, we want to make sure that we come out of this with a strong vendor base, able to accelerate as we go into '21 and beyond. So there's a lot of work happening there, where Dave is working on it from a financial perspective, kind of the front end, and we're also working hard in the back end making sure that we're keeping our vendor base alive.

因此，我們非常考慮這對 2021 年的影響。因此，不僅要根據秋季需求重新平衡 2020 年下半年的需求，還要考慮到 2021 年的需求，並確保我們正在努力幫助我們的供應商作為我們也可以盡可能地進行水平加載和做其他事情。因為最終，我們希望確保我們擁有強大的供應商基礎，能夠在我們進入 21 年及以後加速。所以那裡發生了很多工作，Dave 從財務角度進行工作，有點像前端，我們也在後端努力工作，以確保我們保持我們的供應商基礎。

Your next question is from the line of Michael Binetti with Crédit Suisse.

您的下一個問題來自瑞士信貸的 Michael Binetti。

Just a quick modeling question or 2 here. Can I ask, you said -- I think you said off-price -- lower off-price sales is a 330 basis point lift to gross margin and COVID was about a 200 basis point drag, around those zones. I think you were previously guiding for the total gross margins for the quarter to be up 120 to 140. Was there some other larger headwind you were initially thinking about before we knew about corona that didn't happen in the quarter? Or anything on the trend there?

這裡只是一個快速建模問題或 2 個。我可以問一下，你說 - 我想你說的是折扣 - 較低的折扣銷售對毛利率有 330 個基點的提升，而 COVID 在這些區域附近拖累了大約 200 個基點。我認為您之前曾指導本季度的總毛利率上升 120 至 140。在我們知道本季度沒有發生的電暈之前，您最初是否考慮過其他更大的不利因素？或者那裡有什麼趨勢？

Michael, this is Dave. The off-price came in a little bit less even than we originally expected. But then that was offset by the COVID-19-related pricing and discounting. So there was a little bit of an offset going on there. But the COVID impact on pricing and discounting is generally what brought it down more relative to our original expectation.

邁克爾，這是戴夫。折扣價比我們最初預期的要低一些。但這被與 COVID-19 相關的定價和折扣所抵消。所以那裡發生了一點偏移。但是，相對於我們最初的預期，COVID 對定價和折扣的影響通常是導致它下降的原因。

Okay. And then I think that -- Dave, I think you said -- I want to ask about your comment that off-price in North America will be above plan, above your initial plan, obviously, before because we have a pandemic now, but not a revenue growth rate this year, won't be bigger in revenue dollars than 2019 still. Is that a fair -- that's what you said, right, as a guardrail? And then I know you talked a little bit about inventory. Maybe you could just speak through where we'll see that inventory clearing? Will it be in the wholesale channel or will it skew more to your factory doors in your website?

好的。然後我想——戴夫，我想你說過——我想問一下你的評論，即北美的折扣價將高於計劃，高於你最初的計劃，顯然，因為我們現在有大流行，但是今年不是收入增長率，收入美元也不會比 2019 年更大。那是公平的嗎？這就是你所說的，對吧，作為護欄？然後我知道你談到了一些關於庫存的事情。也許您可以直接說一下我們將在哪裡看到庫存清理？它會在批發渠道中，還是會更多地偏向您網站上的工廠大門？

Yes. And Michael, let me clear up a few things. Relative to the off-price channel, we are going to see that being significantly down year-over-year. But what I was trying to get at is as a mix of business because we know our overall business will be down year-over-year, the mix of business, we're not going to make as much progress as far as reducing the off-price channel with the mix of business this year. But we are definitely going to see a continued decrease relative to what we're expecting there. We're not expecting that the North America decrease in off-price is going to be all that different from the overall North America decrease. So again, just the mix isn't going to change as much as we originally probably intended, but we're going to continue down that journey.

是的。還有邁克爾，讓我澄清一些事情。相對於折扣渠道，我們將看到同比大幅下降。但我試圖理解的是業務組合，因為我們知道我們的整體業務將同比下降，業務組合，我們不會在減少關閉方面取得太大進展- 價格渠道與今年的混合業務。但相對於我們的預期，我們肯定會看到持續下降。我們預計北美折扣價的下降與北美整體的下降沒有太大的不同。再說一次，只是組合不會像我們最初預期的那樣改變，但我們將繼續這一旅程。

Relative to inventory levels, again, we're not giving detailed quantitative guidance. But based on the work we've been able to do in managing our buys better to what we think the new demand is for the back half of the year, we don't think that we'll be creating as much excess in the back half of the year relative to fall/winter '20, et cetera. But obviously, for spring/summer '20 and the impact of the closures late March and through April, et cetera, we will have probably the highest level of our inventory growth will be Q2, that Q3 would get a little bit better and Q4 will be better than that. But at this point, that's probably about as much color as we're going to be able to provide on that.

同樣，相對於庫存水平，我們沒有給出詳細的量化指導。但是，根據我們在管理採購方面所做的工作，我們認為下半年的新需求不會超出我們的預期相對於 20 年秋/冬等的半年。但顯然，對於 20 年春夏以及 3 月下旬和 4 月等關閉的影響，我們庫存增長的最高水平可能是第二季度，第三季度會好一些，第四季度會好一些比那更好。但在這一點上，這可能是我們能夠提供的盡可能多的顏色。

Your next question is from Matthew Boss with JPMorgan.

您的下一個問題來自摩根大通的 Matthew Boss。

Patrik, maybe higher level, how do you see the demand for athletic product and the overall health and wellness changing post-crisis? And any initiatives or actions that you're taking to position the brand out of this on the back end?

Patrik，也許更高層次，您如何看待危機後對運動產品的需求以及整體健康狀況的變化？您正在採取哪些舉措或行動將品牌定位在後端？

Thanks for the question, Matthew. I think it's an interesting time. What we did well, I think, and we currently see that in some of our digital engagement and also sales numbers, is if we were able to switch from what had been originally a 360-degree campaign into a more of a manifesto approach. And what we saw was actually an amazing response from our athletes and our influencers joining us in that. We've had over 60% of our roster help us drive engagement online through our various digital apps as well as our e-commerce, which has been phenomenal.

謝謝你的問題，馬修。我認為這是一個有趣的時期。我認為，我們做得好的地方，我們目前在我們的一些數字參與和銷售數據中看到，如果我們能夠從最初的 360 度活動轉變為更像宣言的方式。我們看到的實際上是我們的運動員和我們的影響者加入我們的驚人反應。我們有超過 60% 的花名冊幫助我們通過各種數字應用程序以及我們的電子商務推動在線參與，這是驚人的。

I think in terms of demand, our strategy hasn't shifted. And I said that in my script, in terms of being focused on athletic performance, I think what you're going to see, and this is our take on it, that coming out of this pandemic, we believe that health and fitness is going to continue, especially the staying fit aspect is going to be incredibly important going forward, maybe more so than going into the crisis. So I think we're positioned really well to be able to capitalize on that.

我認為就需求而言，我們的策略沒有改變。我說在我的劇本中，就專注於運動表現而言，我認為你會看到什麼，這是我們對此的看法，從這場大流行中走出來，我們相信健康和健身正在發展繼續，尤其是保持健康的方面將變得非常重要，也許比陷入危機更重要。所以我認為我們的定位非常好，能夠利用這一點。

I think what we're excited about right now is the fact that we're making good progress with women digitally, which has been an area that we've talked to you guys a lot about being an initiative. So I believe that, for us, we're going to be better positioned from a strategic perspective. I think the investments we've made to the store to digital is certainly going to help us.

我認為我們現在感到興奮的是，我們在數字化女性方面取得了良好進展，這一直是我們與你們討論過很多關於成為一項倡議的領域。所以我相信，對我們來說，從戰略角度來看，我們將處於更好的位置。我認為我們對商店進行的數字化投資肯定會對我們有所幫助。

Ultimately, we're also grounded in team sports. And I think that is the one area where there's a little bit of an unknown right now in terms of when does all that start up again. We've seen certainly some activations happening lately here, with UFC starting up last weekend and now the Bundesliga in Germany is starting to kick off again very shortly. And there's also a lot of talk, of course, in our various leagues around when and how it's going to happen in North America. But ultimately, I don't think anybody really knows yet exactly how that's going to happen. And there's a big question around back-to-school, right, in terms of that.

最終，我們也以團隊運動為基礎。而且我認為這是一個目前還存在一些未知數的領域，即一切何時重新開始。我們肯定看到最近這裡發生了一些活動，UFC 上週末開始了，現在德國的德甲聯賽很快又開始了。當然，在我們的各個聯盟中，也有很多關於何時以及如何在北美髮生的討論。但最終，我認為沒有人真正知道這將如何發生。就這一點而言，關於返校有一個大問題。

But I do believe that what's going to happen is that once we come out of this, there's going to be pent-up demand. I mean, this society loves sports, that's not going to go away with the pandemic. I do think where we're really well positioned is the fact that we're grounded in team sports but we also manifest ourselves through making people better through our mission. And subsequently, the penetration that we have in training and in fitness is going to position us well coming out of this.

但我確實相信將會發生的事情是，一旦我們走出困境，就會有被壓抑的需求。我的意思是，這個社會熱愛運動，這不會隨著大流行而消失。我確實認為我們真正的優勢在於我們以團隊運動為基礎，但我們也通過我們的使命讓人們變得更好來體現自己。隨後，我們在訓練和健身方面的滲透力將使我們能夠很好地擺脫困境。

And with our new platform for e-commerce and our new site going live in about 1.5 months, we're certainly going to be able to tell better stories. And that's one of the things that we have learned during this crisis is how to tell better stories and then, clearly, the consumers is resonating because of -- we see that through the new consumers that we've been able to get onto our various platforms.

隨著我們新的電子商務平台和我們的新網站在大約 1.5 個月內上線，我們肯定能夠講述更好的故事。這就是我們在這場危機中學到的一件事就是如何講述更好的故事，然後，很明顯，消費者會產生共鳴，因為——我們通過新消費者看到，我們已經能夠接觸到我們的各種平台。

So there's a bit of unknown there in terms of the team sports aspect and the start-up phase of that. But the individual desire to become more fit and to become better, positions Under Armour, we believe really well for what comes next.

因此，就團隊運動方面和啟動階段而言，那裡有一些未知數。但是個人渴望變得更健康和變得更好，安德瑪的立場，我們相信接下來會發生什麼。

Great. And then, Dave, maybe on gross margin. As we think about the first quarter components of mix, discounting and foreign exchange, how best to think about the magnitude of discounting headwinds, if we were to think about the second quarter versus the back half of the year. Or even maybe just higher level, how would you best instruct us to think about the headwinds versus tailwinds on the gross margin line as the year progresses to the best that you can?

偉大的。然後，戴夫，也許是毛利率。當我們考慮第一季度的組合、貼現和外匯組成部分時，如果我們要考慮第二季度與今年下半年的對比，如何最好地考慮貼現逆風的幅度。或者甚至可能只是更高的水平，您將如何最好地指導我們思考毛利率線上的逆風與順風，因為這一年進展到您可以做到的最好水平？

Yes. I mean, I would definitely say that we believe the second quarter will be the most challenging quarter for us, and that would be on the revenue front and on a gross margin front as well. We're not providing detailed outlook to 2020. But we do expect significant Q2 through Q4 impacts from a very discounted marketplace across the globe. So although we anticipate continued benefits from a higher DTC mix, continued benefits from product costing improvements from all of the past and current supply chain initiatives.

是的。我的意思是，我肯定會說，我們相信第二季度對我們來說將是最具挑戰性的季度，這將是在收入方面和毛利率方面。我們沒有提供對 2020 年的詳細展望。但我們確實預計全球範圍內一個非常折扣的市場會對第二季度到第四季度產生重大影響。因此，儘管我們預計更高的 DTC 組合將繼續受益，但從過去和當前的所有供應鏈計劃中的產品成本改進中繼續受益。

However, we anticipate those benefits are going to be significantly outweighed by having to navigate a very promotional environment through the rest of the year, along with what we would expect in some rising inbound logistics costs. So unfortunately, you're going to -- we would expect to see some pretty significant gross margin basis point decreases Q2 through Q4 because of the outweighed impact of the promotional environment.

然而，我們預計這些好處將大大超過必須在今年剩餘時間裡度過一個非常促銷的環境，以及我們對一些不斷上升的入境物流成本的預期。因此，不幸的是，由於促銷環境的巨大影響，我們預計第二季度至第四季度的毛利率基點將出現相當大的下降。

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

您的下一個問題來自瑞銀的 Jay Sole。

Great. I just want to follow up on the comment on the $325 million operating expense benefit. It doesn't represent a year-over-year variation, but it's a change to the original 2020 annual operating plan. I think if I remember the guidance was for SG&A to be flat as a percent of revenue, and the revenue guidance was down low single digit. So should we think about the $325 million as sort of an addition to the already down plan that you had? Or how should we just think about the year-over-year change for SG&A this year?

偉大的。我只想跟進有關 3.25 億美元運營費用收益的評論。它並不代表逐年變化，但它是對原始 2020 年度運營計劃的改變。我想如果我記得指導是 SG&A 佔收入的百分比持平，收入指導下降了個位數。那麼，我們是否應該將 3.25 億美元視為您已經制定的計劃的補充？或者我們應該如何考慮今年 SG&A 的同比變化？

Yes. Jay, this is Dave. I appreciate trying to understand the year-over-year change. But again, we're not providing quantitative outlook for 2020 at this time. So what we're trying to identify here is that we are digging deep, we are trying to make sure that we can pull out the right amount to be able to preserve the right cash flow for this year. But it is a balance. We want to be careful here around not just how we drive through this pandemic, but how we come out of this. And so could we go deeper than that? Do we have flexibility to go deeper? Yes, we could. But we want to be careful as far as protecting brand investments in other areas that we come out in the right way.

是的。傑，這是戴夫。我很欣賞嘗試了解年復一年的變化。但同樣，我們目前沒有提供 2020 年的量化展望。因此，我們在這裡要確定的是，我們正在深入挖掘，我們正在努力確保我們能夠提取正確的金額，以保持今年的正確現金流。但這是一種平衡。我們不僅要小心我們如何度過這場大流行，還要小心我們如何走出這場大流行。那麼我們可以更深入嗎？我們是否有更深入的靈活性？是的，我們可以。但我們要小心，以保護我們以正確方式出現的其他領域的品牌投資。

From a magnitude perspective of the $325 million, the marketing and the restructuring savings are probably the larger portions. And then some of the other pieces with incentive comp and U.S. retail and DH temporary layoffs, those are pretty reasonable sized benefits as well. But when you add it all up, it's all meaningful as we continue to drive through.

從 3.25 億美元的規模來看，營銷和重組節省的資金可能佔較大部分。然後是其他一些帶有激勵補償以及美國零售和DH臨時裁員的部分，這些也是相當合理的規模收益。但是，當您將其全部加起來時，隨著我們繼續前進，這一切都是有意義的。

From a timing perspective, the restructuring and the marketing-related initiatives, those are mainly back-half weighted. So when you think about that $325 million coming out of our original planned expenses, probably about 2/3 of that $325 million will come out more towards the back half of the year.

從時間的角度來看，重組和營銷相關舉措主要是後半權重。因此，當您考慮從我們最初的計劃支出中產生的 3.25 億美元時，這 3.25 億美元中的大約 2/3 可能會在今年下半年出現更多。

Got it. And then maybe, Patrik, you hired Lisa Collier to be the new Chief Product Officer. Can you just talk about what the reasons were that you -- what she brought to the table that you're excited about? And sort of how you feel about the product team, in general, as we head into the back half of the year?

知道了。然後也許，Patrik，你聘請 Lisa Collier 擔任新的首席產品官。你能談談你的原因是什麼 - 她帶來了讓你興奮的東西嗎？總體而言，當我們進入下半年時，您對產品團隊的感覺如何？

Yes. Jay. Yes, we're excited about Lisa. Lisa has, of course, been onboarding digitally, which is an interesting exercise in itself. But the reason we felt that Lisa is going to be able to contribute further to the team are a couple of different things. I think, first of all, she has a wealth of experience in merchandising. She started her career in merchandising, and we think that she can add depth and dimension there.

是的。傑。是的，我們對麗莎感到興奮。當然，麗莎一直以數字方式入職，這本身就是一項有趣的練習。但我們認為 Lisa 能夠為團隊做出進一步貢獻的原因有幾個不同的原因。我認為，首先，她有豐富的推銷經驗。她的職業生涯始於商品銷售，我們認為她可以在那裡增加深度和維度。

I also believe that she's had a great opportunity to lead cross-functionally not just at Levi's, but also later as a CEO of a smaller company. So she truly understands end-to-end. And in our world of go-to-market today, that's incredibly important to ensure that we're driving through and understanding the process from end-to-end.

我也相信她有很好的機會跨職能領導，不僅在李維斯，而且後來作為一家小公司的首席執行官。所以她真正了解端到端。在我們今天進入市場的世界中，這對於確保我們推動並理解端到端的過程非常重要。

I also believe that, in terms of the work that we've done over the past year with our new Head of Design, Lisa will be able to complement the design aspect with this merchandising capability to drive the teams and elevate both of those things for us. So I think she's a proven leader. She's also got great global experience. She understands the globe. I think she's well-versed in transformation, something that we're continuing to go through. So she has -- she's a multidimensional leader and I think she's also a proven leader. So we're sad, of course, to see our previous CPO leave us, but I think that we will add a new dimension with Lisa, and we're very excited about that.

我還相信，就我們在過去一年與新任設計主管所做的工作而言，Lisa 將能夠通過這種銷售能力來補充設計方面，以推動團隊並提升這兩方面的能力。我們。所以我認為她是一位久經考驗的領導者。她還擁有豐富的全球經驗。她了解地球。我認為她精通轉型，這是我們正在繼續經歷的事情。所以她有——她是一位多維領導者，我認為她也是一位久經考驗的領導者。因此，我們當然很難過看到我們以前的 CPO 離開了我們，但我認為我們將與 Lisa 一起增加一個新的維度，我們對此感到非常興奮。

Your next question comes from the line of Paul Trussell with Deutsche Bank.

您的下一個問題來自德意志銀行的 Paul Trussell。

You mentioned -- you outlined earlier how you are reducing CapEx understandably so in this environment. Maybe just talk a little bit, bigger picture, about how you're thinking about balancing strategic investments versus cash preservation? And also, is there anything else that we need to be mindful of as it relates to your balance sheet covenants and other kind of liquidity actions?

您提到 - 您之前概述瞭如何在這種環境下可以理解地減少資本支出。也許只是談論一點，更大的圖景，關於您如何考慮平衡戰略投資與現金保存？此外，與您的資產負債表契約和其他類型的流動性行動有關的其他事項，我們還需要注意嗎？

Sure. This is Paul -- I'm sorry, Paul, this is Dave. As we look to the CapEx as one of the components for the capital preservation, we felt that the reduction from the $160 million down to $100 million for this year was prudent and was well balanced to be able to protect the key investment areas. So we've expected slower DTC expansion around the world, obviously, with COVID-19. So some of the store build and openings are pushing out. We reduced wholesale fixtures and shop-in-shop CapEx, especially in North America. We also reduced some of our global headquarter office investments. All of those things are helping with lower depreciation as well.

當然。這是保羅——對不起，保羅，這是戴夫。由於我們將資本支出視為資本保全的組成部分之一，我們認為今年從 1.6 億美元減少到 1 億美元是審慎的，並且能夠很好地平衡以保護關鍵投資領域。因此，很明顯，隨著 COVID-19，我們預計 DTC 在全球的擴張會放緩。因此，一些商店的建設和開業正在推出。我們減少了批發設備和店中店資本支出，尤其是在北美。我們還減少了一些全球總部辦公室投資。所有這些都有助於降低折舊。

But we're definitely protecting the digital side relative to the new e-comm platform that we're launching, protecting the work we're doing with CRM, loyalty and also continued international support. So within that revised $100 million, almost 75% of it is aimed solely in digital and international. So I think we're protecting the right areas relative to continued growth in strategic areas for us.

但我們肯定會保護相對於我們推出的新電子商務平台的數字方面，保護我們在 CRM 方面所做的工作、忠誠度以及持續的國際支持。因此，在修訂後的 1 億美元中，其中近 75% 僅針對數字和國際。因此，我認為我們正在保護與我們戰略領域持續增長相關的正確領域。

Relative to the overall liquidity management, we've really worked well together and with our partners, really from late March all the way through today. And negotiating better payment terms with our non-inventory vendors, also negotiating better payment terms with our inventory vendors, working with our landlords as well, the CapEx reductions we've talked about. So a lot of great progress there.

相對於整體流動性管理，從 3 月下旬一直到今天，我們與合作夥伴的合作非常好。並與我們的非庫存供應商談判更好的付款條件，還與我們的庫存供應商談判更好的付款條件，與我們的房東合作，我們已經談到了資本支出的減少。所以那裡取得了很大的進步。

And as we thought about, relative to our credit facility, we closed 3/31 well within our covenants. But looking forward, we knew there could be pressure in the future with all the unknowns that are out there. So we've been working with our bank group and negotiating amendment to our facility. We're literally on the goal line as of today to close. The amendment will favorably modify the financial covenants all the way through the end of next year. And you'll see the details of that when it comes out in the 8-K, which will probably come out in a few days.

正如我們所想的那樣，相對於我們的信貸額度，我們在我們的契約範圍內很好地完成了 3/31。但展望未來，我們知道未來可能會面臨所有未知數的壓力。因此，我們一直在與我們的銀行集團合作，並就修改我們的設施進行談判。從今天開始，我們確實在球門線上關閉。該修正案將有利於在明年年底之前一直修改財務契約。當它在 8-K 中問世時，你會看到它的細節，它可能會在幾天后問世。

But we believe the revised covenants will give us a lot more sufficient liquidity to manage our business through the pandemic. And when I say that we're at goal line, I mean, we've literally got 11 out of 11 of our syndicate bank consents in as of this morning. So we're in a good spot to be able to close probably tomorrow.

但我們相信，修訂後的契約將為我們提供更多足夠的流動性，以在大流行期間管理我們的業務。當我說我們在目標線上時，我的意思是，截至今天早上，我們已經獲得了 11 個銀團銀行同意中的 11 個。因此，我們處於一個可以在明天關閉的好地方。

That's very helpful color. I appreciate that. Then as it relates to the business going forward, obviously, you're not giving guidance and visibility is quite low, in general. But just curious if there is any detail or things that we should keep in mind as it relates to the various regions, in terms of what maybe is -- or expectations in EMEA, APAC, Latin Am as well as anything you could discuss from a segment standpoint in terms of product type as well as we should think about first half and second half views.

這是非常有用的顏色。我很感激。然後，由於它與未來的業務有關，顯然，您沒有提供指導，而且總體而言知名度很低。但只是好奇是否有任何細節或事情需要我們牢記，因為它與各個地區有關，可能是 - 或歐洲、中東和非洲、亞太地區、拉丁美洲的期望以及您可以從從產品類型的角度來看，我們應該考慮上半年和下半年的觀點。

Well, again, we're not giving -- yes, I was just going to say, again, unfortunately, we're not going to be providing quantitative outlook for the rest of the year. But as we've said, APAC is up and running fairly well, especially China and Korea. The countries outside of China and Korea are a little bit behind as far as reopening of stores. But then EMEA, North America and Latin America are somewhat on similar trajectories right now as far as plans to start reopening. Some have actually opened a few stores. We're continuing to kind of feel that out. But Patrik, I don't know if you wanted to give any more color on that?

好吧，再一次，我們沒有給出 - 是的，我只是想說，不幸的是，我們不會提供今年剩餘時間的量化前景。但正如我們所說，亞太地區的運行狀況良好，尤其是中國和韓國。中國和韓國以外的國家在重新開店方面稍有落後。但就開始重新開放的計劃而言，歐洲、中東和非洲、北美和拉丁美洲目前處於類似的軌道上。有些人實際上開了幾家商店。我們正在繼續感覺到這一點。但是Patrik，我不知道你是否想對此多說一些？

Yes. I would say probably out of the EMEA, LatAm and North America picture, I would say EMEA is probably a little bit -- just a tiny bit further ahead. We've started open -- we started opening stores in EMEA last week. And what's really interesting for us is that we've seen a similar trajectory in our e-commerce business in North America and EMEA, both in terms of the performance of our wholesale accounts and the drop shipments that we've been able to do with them as well as our own e-commerce acceleration, both -- and it's not just that at the e-commerce parts, it's also on our digital platforms. MapMyRun was one of the top 3 apps in the U.K. for several weeks running here at the end of April, which we found was incredibly encouraging for us.

是的。我會說可能在 EMEA、LatAm 和北美的情況下，我會說 EMEA 可能有點——只是稍微領先一點。我們已經開始營業了——上週我們開始在歐洲、中東和非洲地區開設商店。對我們來說真正有趣的是，我們在北美和歐洲、中東和非洲的電子商務業務中看到了類似的軌跡，無論是在我們的批發賬戶表現還是我們能夠處理的直接發貨方面它們以及我們自己的電子商務加速 - 不僅在電子商務部分，它也在我們的數字平台上。 MapMyRun 是英國排名前三的應用程序之一，在 4 月底在這裡運行了幾週，我們發現這對我們來說非常鼓舞人心。

So I think that what you're going to see is a very similar picture in Europe that you're seeing in the U.S. right now, where it's kind of a country-by-country play in terms of reopening. And here in the U.S., of course, it's going to very much be a country-by-country player. I think Latin America, for us, is the region that's actually furthest behind, and they were also the last region to kind of get into this thing. They're lagging a little bit.

因此，我認為您將在歐洲看到的情況與您現在在美國看到的情況非常相似，就重新開放而言，這是一種逐個國家的遊戲。當然，在美國這裡，它將成為一個逐個國家的參與者。我認為拉丁美洲對我們來說實際上是最落後的地區，他們也是最後一個涉足這個領域的地區。他們有點落後。

In terms of segments, I think I said it a little bit before, the whole personal training fitness that's going on right now in terms of working out at home, we've certainly been able to drive that with higher engagement, better content, and new fresh products. So we've been doing very well there online in our own e-commerce and also in the drop-ship that we have with our wholesale customers. So time will tell. I think we're in the very early stages of reopening both EMEA and North America. And if China is any indication, it's going to be a gradual build back in terms of consumer confidence.

就細分而言，我想我之前說過一點，現在在家鍛煉方面正在進行的整個個人訓練健身，我們當然能夠通過更高的參與度、更好的內容和新的新鮮產品。因此，我們在我們自己的電子商務以及與批發客戶的直銷業務中一直做得很好。所以時間會證明一切。我認為我們正處於重新開放歐洲、中東和非洲和北美的早期階段。如果中國有任何跡象，那就是消費者信心的逐步恢復。

And your final question comes from the line of Erinn Murphy with Piper Sandler.

你的最後一個問題來自 Erinn Murphy 和 Piper Sandler。

Great. I guess, Patrik, just for you, a follow-up on that last question as you think about reopening. As your retail partners are reopening, have you started resuming shipping to any of them? And then I guess the second question is just in APAC, there's still a number of countries that are under lockdown, I'm curious if you're seeing any current challenges in your supply chain?

偉大的。我想，Patrik，只是為了你，在你考慮重新開放時對最後一個問題進行跟進。隨著您的零售合作夥伴重新開業，您是否開始恢復向其中任何一個合作夥伴發貨？然後我想第二個問題只是在亞太地區，仍有許多國家處於封鎖狀態，我很好奇您是否看到您的供應鏈中當前存在任何挑戰？

Erinn, first one, in terms of shipping, yes, we have started to open up shipping again. There are -- our customers are starting to request product again, which we find really encouraging. And actually, we have shipped a little bit due to the fact that we've been drop-shipping. So there's been some additional opportunity even though we haven't shipped it straight to the customer.

Erinn，第一個，在航運方面，是的，我們又開始開放航運了。有——我們的客戶再次開始要求產品，我們覺得這真的很令人鼓舞。實際上，由於我們一直在代發貨，我們已經發貨了一些。因此，即使我們沒有直接將其運送給客戶，也有一些額外的機會。

I think in terms of the disruptions in our supply chain in Asia due to closures, it's been an on-and-off thing. We've had countries closing down, opening up. And it's been a little bit challenging also because, in some cases, you have certain countries actually having management coming from China. So you've had this interesting dynamic where the country might be open, but it's hard to get everything to function properly because you don't have necessarily the management in place as an example.

我認為，就我們在亞洲的供應鏈因關閉而中斷而言，這是斷斷續續的事情。我們有國家關閉，開放。這也有點挑戰性，因為在某些情況下，某些國家的管理層實際上來自中國。所以你有這個國家可能開放的有趣動態，但很難讓一切正常運作，因為你不一定有適當的管理作為例子。

So right now, we feel really good. And I think part of that is because of the work that we've done over the last 3 years to really focus on stronger partners. Those partners have been able to manage through this crisis, we feel better. And as a consequence, we haven't seen any real impact in terms of major delays as we think about the rest of the year, even though we've been shifting product around and it's been a little bit of a moving target. And a lot of that has to do with the great work our supply chain is doing in terms of partnering with our vendor base.

所以現在，我們感覺很好。我認為部分原因在於我們在過去 3 年中所做的工作，以真正專注於更強大的合作夥伴。那些合作夥伴已經能夠度過這場危機，我們感覺好多了。因此，考慮到今年餘下的時間，我們還沒有看到重大延誤方面的任何實際影響，儘管我們一直在轉移產品並且它有點移動目標。這在很大程度上與我們的供應鏈在與我們的供應商基礎合作方面所做的出色工作有關。

But it's going to continue to be, I think, a challenging situation because a lot of those countries are still in that zone of having some of the functionality and the infrastructure lockdown. And hopefully, it doesn't get any worse and it gets better from here. And if that's the case, then we're going to be absolutely okay. But of course, this pandemic is an unknown for all of us, right? So everybody is trying to work through it. But I feel that we're in control right now, and we feel good about the back half of the year in terms of what we're seeing in terms of our ability to meet demand.

但我認為，這將繼續是一個具有挑戰性的情況，因為其中許多國家仍處於具有某些功能和基礎設施鎖定的區域。希望它不會變得更糟，並且會從這裡變得更好。如果是這樣的話，那麼我們絕對會沒事的。但是，當然，這種流行病對我們所有人來說都是未知的，對嗎？所以每個人都在努力解決它。但我覺得我們現在處於控制之中，就我們在滿足需求方面所看到的能力而言，我們對下半年的感覺很好。

Operator?

操作員？

Lance?

槊？

Yes. That will conclude our prepared remarks for our Q1 '20 earnings call today. I'll turn it back over to operator, and we will close out. Thank you.

是的。這將結束我們今天為我們的 20 年第一季度財報電話會議準備的評論。我會把它交還給接線員，然後我們就關門了。謝謝你。

Ladies and gentlemen, this does conclude today's conference call. Thank you for participating. You may now disconnect.

女士們先生們，今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。

Thank you.

謝謝你。