Under Armour Inc (UA) 2023 Q4 法說會逐字稿

Good day, and thank you for standing by, and welcome to the Q4 '23 Earnings Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded.

美好的一天，感謝您的支持，歡迎來到 23 年第四季度收益電話會議。 （操作員說明）請注意，今天的會議正在錄製中。

I would now like to turn the call over to Lance Allega, SVP of Investor Relations, Corporate Development. Please go ahead.

我現在想把電話轉給公司發展投資者關係高級副總裁 Lance Allega。請繼續。

Thank you. Good morning, and welcome to Under Armour's Fourth quarter and full year fiscal 2023 earnings conference call. Today's event is being recorded for replay.

謝謝。早上好，歡迎來到 Under Armour 的第四季度和全年 2023 財年收益電話會議。正在錄製今天的活動以供重播。

Joining us on today's call will be Under Armour Executive Chair and Brand Chief, Kevin Plank; President and CEO, Stephanie Linnartz; and CFO, Dave Bergman.

與我們一起參加今天的電話會議的有 Under Armour 執行主席兼品牌總監 Kevin Plank；總裁兼首席執行官斯蒂芬妮·林納茨 (Stephanie Linnartz)；首席財務官戴夫·伯格曼 (Dave 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 May 9, 2023. The statements made are subject to risks and other uncertainties detailed in 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 underlying business trends. These measures are reconciled to the most comparable U.S. GAAP measures, a reconciliation of which, along with other pertinent information can be found in this morning's press release about underarmour.com.

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 5 月 9 日我們業務的某些預測要素。所做的陳述受到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 表格的年度報告和 10-Q 表格的季度報告。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用視角。這些措施與最具可比性的美國 GAAP 措施進行了協調，其調整以及其他相關信息可在今天上午關於 underarmour.com 的新聞稿中找到。

With that, I'll turn the call over to Kevin.

有了這個，我會把電話轉給凱文。

Thank you, Lance, and good morning to everyone joining us on today's call. In Under Armour's 18th year as a public company, I'd like to thank our shareholders for their continued support and belief in the dream we collectively share. Your trust and confidence have empowered us to become one of the world's largest athletic brands, a responsibility that permeates everything we do. However, we also know that it's been at times an inconsistent journey, one we acknowledge has not created the shareholder value that we see this brand capable of.

謝謝你，蘭斯，早上好，所有參加今天電話會議的人。在 Under Armour 作為上市公司的第 18 個年頭，我要感謝我們的股東一直以來對我們共同夢想的支持和信念。您的信任和信心使我們成為世界上最大的運動品牌之一，這種責任貫穿於我們所做的一切。然而，我們也知道，這有時是一段不一致的旅程，我們承認這一旅程並沒有創造我們認為這個品牌能夠創造的股東價值。

Over time, we've seen periods of significant growth and challenges that have tested our grid and resolve along the way. In response to these, we've built a tremendous foundation of talented people, operational and financial agility and most importantly, brand love. With new leadership in place, continued strategic evolution and a renewed mindset, I am both proud and confident in the steps we've taken that put us in a position to begin to reach the full potential we all believe is available for this brand.

隨著時間的推移，我們看到了顯著增長和挑戰的時期，這些挑戰考驗了我們的網格並一路解決。為了應對這些，我們建立了人才、運營和財務靈活性以及最重要的品牌熱愛的巨大基礎。有了新的領導層、持續的戰略演變和更新的思維方式，我對我們所採取的步驟感到自豪和自信，這些步驟使我們能夠開始發揮我們都相信該品牌可獲得的全部潛力。

Next to me is Under Armour's new President and CEO, Stephanie Linnartz. With less than 3 months in the role, she has been hard at work assessing Under Armour's capabilities, leadership talent and focusing on the strategic priorities necessary to put us on a path towards reigniting growth. Her deep brand and consumer expertise and her fresh perspective on the business have laid the groundwork for challenging some of the ways that we work and reenergize the leadership team across UA as we lay out the growth strategy in our next chapter.

坐在我旁邊的是安德瑪 (Under Armour) 的新任總裁兼首席執行官斯蒂芬妮·林納茨 (Stephanie Linnartz)。在擔任該職位不到 3 個月的時間裡，她一直在努力評估 Under Armour 的能力和領導才能，並專注於使我們走上重振增長之路所必需的戰略重點。她深厚的品牌和消費者專業知識以及她對業務的全新視角為挑戰我們的一些工作方式奠定了基礎，並在我們制定下一章的增長戰略時重新激發了整個 UA 的領導團隊。

As one of the most unique brands in sport Under Armour has a right to compete at the world's highest professional levels, a legitimate on-field, authentic, athletic presence with tremendous headroom for which to grow. This, coupled with broadening our aperture to include sports style marks a significant evolution in our journey and our ability to win the hearts and minds of consumers everywhere. Witnessing the emotional connection between Under Armour and young athletes, the insights we gain and the enthusiasm of our team as we continue to evolve our strategy is infectious.

作為體育界最獨特的品牌之一，Under Armour 有權參加世界最高專業水平的比賽，在場上合法、真實、運動的形象具有巨大的發展空間。這一點，再加上擴大我們的範圍以包括運動風格，標誌著我們的旅程發生了重大變化，並且我們有能力贏得各地消費者的芳心。見證了 Under Armour 與年輕運動員之間的情感聯繫，我們在不斷發展戰略的過程中獲得的洞察力和團隊的熱情具有感染力。

Our history is deep. Our confidence is strong and our commitment is all encompassing. None of this is possible with that innovations like the products we deliver to our global roster of teams and athletes that continue to push the boundaries of what is possible. As one of the most iconic athletes in Under Armour's history, this couldn't be truer than our partnership with Stephen Curry.

我們的歷史很深。我們的信心是堅定的，我們的承諾是無所不包的。這一切都無法通過創新實現，例如我們向全球團隊和運動員名單提供的產品不斷突破可能的界限。作為 Under Armour 歷史上最具標誌性的運動員之一，我們與 Stephen Curry 的合作關係再真實不過了。

In late March, we announced that we're deepening our partnership with Stephen by forging a long-term commitment. Together, we are dedicated to pushing performance and prioritizing the impact of sport on communities worldwide, and we see growing the Curry brand as one of our more significant catalysts. Under this new deal, Stephen also becomes a meaningful shareholder, a testament to his long-term commitment to our joint success and believe in an incredibly bright future. This brings us to another highlight of the quarter. As Stephen once said, everyone has to come back to their roots to remind themselves who they are.

3 月下旬，我們宣布通過建立長期承諾來深化與 Stephen 的合作夥伴關係。我們共同致力於提高性能並優先考慮體育對全球社區的影響，我們將 Curry 品牌的發展視為我們更重要的催化劑之一。根據這項新協議，斯蒂芬也成為一名有意義的股東，證明了他對我們共同成功的長期承諾，並相信一個令人難以置信的光明未來。這給我們帶來了本季度的另一個亮點。正如斯蒂芬曾經說過的，每個人都必須回歸本源，提醒自己自己是誰。

Well, we did just that with the relaunch of Protect This House, a tenant of Under Armour, that's ubiquitous for perseverance. Protect This House is not really a tagline. It's an ethos in the bedrock of our messaging. It's a rallying cry for UA athletes that galvanizes unity and a mindset for switching effortlessly between offense and defense. With activations in the months ahead, we'll continue to add dimensions to this iconic phrase across some of the most important sporting events and social platforms, encouraging the next generation of young athletes to Protect This House.

好吧，我們正是通過重新啟動 Protect This House（Under Armour 的租戶）做到了這一點，堅持不懈是無處不在的。保護這所房子並不是真正的標語。這是我們消息傳遞的基石中的一種精神。這是 UA 運動員的戰斗口號，激發了團結和在進攻和防守之間毫不費力地切換的心態。隨著未來幾個月的激活，我們將繼續在一些最重要的體育賽事和社交平台上為這個標誌性的短語增加維度，鼓勵下一代年輕運動員保護這個房子。

From energy comes opportunity. In the product spectrum of good, better and best, Under Armour has built a $6 billion brand with a lot of good products, a fair amount of better and an opportunity with consumers for much greater representation of best level products. A great example of why we believe we can be successful in this strategy, a better and best focus is the real-time reaction we have seen with the Under Armour's slip speed. Our versatile training sneaker engineered with our Curry Flow outsole, double lacing system and the defining feature of its convertible heel.

機會來自能量。在好、更好和最好的產品範圍內，Under Armour 已經建立了一個價值 60 億美元的品牌，擁有許多好產品、相當多的更好的產品，並為消費者提供了更好地代表最佳水平產品的機會。一個很好的例子說明了為什麼我們相信我們可以在這個策略中取得成功，一個更好和最好的焦點是我們在 Under Armour 的滑動速度上看到的實時反應。我們的多功能訓練運動鞋採用我們的 Curry Flow 外底、雙繫帶系統和可轉換鞋跟的定義特徵。

Launched in February, this $150 game-changing innovation with a design that is on point and is being authentically adopted by athletes everywhere, quickly becoming one of our most reviewed products and carrying a 94% recommendation rating. Available in full-price UA direct-to-consumer and a select number of partners, including DICK'S Sporting Goods here in the United States, with the global launch rolling out now in EMEA and APAC, along with well-orchestrated authentic storytelling. UA SlipSpeed is working.

這款售價 150 美元的改變遊戲規則的創新產品於 2 月推出，其設計恰到好處，並被世界各地的運動員真正採用，迅速成為我們評論最多的產品之一，並獲得了 94% 的推薦評級。以全價 UA 直接面向消費者和部分合作夥伴提供，包括在美國的 DICK'S Sporting Goods，全球發布現已在 EMEA 和 APAC 推出，以及精心策劃的真實故事。 UA SlipSpeed 正在運行。

This is a prime example and template of what we will do moving forward, innovative product, inspirational design and it factor that only UA can bring, and our product pipeline is full, inclusive of new innovations like SlipSpeed and specifically ensuring that we finish the play on SlipSpeed by bringing the technology to additional sneaker categories, soon, that makes this a platform and not just the singular shoe. In addition to new innovation, our pipeline also consists of some of our past greatest hits that we will be reintroducing to athletes and have great confidence that heritage of success, combined with a modern 2023 lens is a great formula for us to pursue. We will ensure this cadence of new becomes the consistent theme of product freshness from UA. The key to continuing to unlock this consistency is pulling the best product lines of the planet together.

這是一個典型的例子和模板，說明我們將繼續前進，創新產品，鼓舞人心的設計和只有 UA 才能帶來的因素，我們的產品線是完整的，包括 SlipSpeed 等新創新，特別是確保我們完成遊戲在 SlipSpeed 上，通過將該技術引入更多運動鞋類別，很快，這使它成為一個平台，而不僅僅是單一的鞋子。除了新的創新之外，我們的管道還包括我們將重新介紹給運動員的一些過去最成功的作品，並且非常有信心將成功的傳統與現代 2023 鏡頭相結合是我們追求的偉大公式。我們將確保這種新節奏成為 UA 產品新鮮度的一貫主題。繼續解鎖這種一致性的關鍵是將地球上最好的產品線整合在一起。

The good news is that we have great talent at UA, we're now empowered to ignite this plan of product attack, but have also been proactive in recently bringing on a few outside experts in both apparel and footwear to help exploit our incredible product opportunity.

好消息是，我們在 UA 擁有優秀的人才，我們現在有權啟動這一產品攻擊計劃，但最近也積極聘請了一些服裝和鞋類領域的外部專家，以幫助利用我們難以置信的產品機會.

Moving forward, we'll continue to challenge and energize ourselves in the industry to create even greater excitement in the marketplace. We also know that doing business as usual, doing what we've done in the past, just slightly better is not enough. We are committed to the principles that got us here and understand the urgency to become better focused and more aggressive in managing for growth and the trust you're placing in us to get this done. I believe the trust is built in drops and lost in buckets. This phrase has been front and center in our culture for years. It plays a part in consumers' decisions about what to buy, where teammate choose to work, and we're shareholders decide to invest.

展望未來，我們將繼續在行業中挑戰和激勵自己，以在市場上創造更大的興奮點。我們也知道，照常做事，做我們過去做過的事情，只是稍微好一點是不夠的。我們致力於將我們帶到這裡的原則，並了解在管理增長方面變得更加專注和更加積極的緊迫性，以及您對我們完成這項工作的信任。我相信信任是建立在水滴中，在水桶中丟失的。多年來，這句話一直是我們文化的前沿和中心。它在消費者決定購買什麼、隊友選擇在哪里工作以及我們是股東決定投資方面發揮著重要作用。

In Newsweek's 2023 survey that ranks most trustworthy companies in America across those 3 criteria, Under Armour ranks #1 as the most trusted company in our sector. Congratulations to the 17,000 strong UA teammates, whose character ethics and leadership earned this recognition, one drop at a time, well done. What is now time for us to marry the fundamentals to make UA a great brand and trusted company with groundbreaking innovation, style, storytelling and execution for consistent growth and increase shareholder return.

在新聞周刊 2023 年根據這 3 個標準對美國最值得信賴的公司進行排名的調查中，Under Armour 排名第一，成為我們行業中最值得信賴的公司。祝賀 17,000 名強大的 UA 隊友，他們的品格道德和領導能力贏得了這一認可，一次一點，幹得好。現在是時候結合基本面，使 UA 成為一個偉大的品牌和值得信賴的公司，具有突破性的創新、風格、講故事和執行力，以實現持續增長並增加股東回報。

And with that, I'll hand the call over to Stephanie.

有了這個，我會把電話轉給斯蒂芬妮。

Thank you, Kevin, and good morning, everyone. I'll open my remarks today by underscoring that I am honored and thankful for the conviction that Kevin and the board have placed in me to lead Under Armour. In the past that led me here, respect for iconic and innovative brands love for sport and admiration for Under Armour's hard-earned and unique reputation have remained a constant backdrop. Reflecting on my first 70 days here, it's been exciting, intense and eye opening. There are quite a few topics I plan to touch on today, and I will be as transparent as possible about my observations and thoughts thus far.

謝謝你，凱文，大家早上好。在今天的發言開始之際，我要強調，我很榮幸也很感謝凱文和董事會對我的信任，讓我領導 Under Armour。在帶領我來到這裡的過去，對標誌性和創新品牌的尊重、對運動的熱愛以及對 Under Armour 來之不易的獨特聲譽的欽佩一直是一個不變的背景。回顧我在這裡的頭 70 天，它令人興奮、緊張且大開眼界。今天我打算談幾個話題，到目前為止，我會盡可能坦誠地表達我的觀察和想法。

Having learned much in a short time, I will say that the potential for this brand is even bigger than I imagined when I walked through the door at the end of February. I am realistic about our challenges and I am confident that we have the right core components and are developing the right plans to reignite growth in the company and to create value for shareholders. That said, like any athlete, we must measure ourselves against our competition and potential. Operating in the athletic performance, sportswear and retail sector, which has a huge addressable market and consistent revenue CAGRs to tap into, we have yet to capitalize on our full potential.

在短時間內學到了很多東西，我會說這個品牌的潛力比我在 2 月底走進大門時想像的還要大。我對我們面臨的挑戰持現實態度，我相信我們擁有正確的核心組成部分，並且正在製定正確的計劃來重振公司的增長並為股東創造價值。也就是說，像任何運動員一樣，我們必鬚根據我們的競爭和潛力來衡量自己。在運動表現、運動服和零售領域開展業務，這些領域擁有巨大的潛在市場和穩定的收入複合年增長率，但我們尚未充分發揮我們的潛力。

For athletes, customers and shareholders, we must realize this potential and stop at nothing until we deliver renewed growth. Growth is without a question, our highest priority. Throughout my career, I have prioritized people and believe that the only way to succeed is to have a great team around you. This is something that I noticed right away at Under Armour. The teammates working here are talented, hard-working and passionate about our purpose of empowering those who strive for more and our mission to make athletes better.

對於運動員、客戶和股東而言，我們必須實現這一潛力，不惜一切代價，直到實現新的增長。毫無疑問，增長是我們的首要任務。在我的整個職業生涯中，我一直把人放在首位，並且相信成功的唯一途徑就是擁有一支優秀的團隊。這是我在 Under Armour 立即註意到的事情。在這里工作的隊友才華橫溢、勤奮工作，並且對我們賦予那些追求更多的人權力的目標以及讓運動員變得更好的使命充滿熱情。

This energy will be a crucial asset as we leverage our strengths, drive through areas where we need to finish the play and accelerate our ability to reshape our future trajectory. Under Armour has always had a unique strength in the commitment and engagement of Kevin Plank, bringing his passion and energy to the business in ways only a founder can do. Having worked in a founder-led culture for the past 25 years, I know firsthand the advantage that this presents.

這種能量將是一項重要資產，因為我們可以利用我們的優勢，在我們需要完成比賽的領域前進，並加快我們重塑未來軌蹟的能力。 Under Armour 在 Kevin Plank 的承諾和參與方面一直具有獨特的優勢，他以只有創始人才能做到的方式將他的熱情和活力帶到企業中。在過去的 25 年中，我一直在創始人主導的文化中工作，我親身體驗了這種優勢。

Over the past few months, I have had deep dives with teammates, key wholesale customers, athletes, and have piled through a mountain of analyst reports. As a result, there are 3 areas that I would like to address today as an initial assessment of our strengths and opportunities, brand, product and North America. In light of this, I've set 3 priorities to drive clarity and business alignment across the company and appropriately, we are calling this Protect This House 3 or PTH 3, which is about 3 big things over the next 3 years.

在過去的幾個月裡，我與隊友、主要批發客戶、運動員進行了深入探討，並閱讀了堆積如山的分析師報告。因此，今天我想談談 3 個領域，作為對我們的優勢和機會、品牌、產品和北美的初步評估。有鑑於此，我設定了 3 個優先事項來推動整個公司的清晰度和業務一致性，我們適當地稱其為 Protect This House 3 或 PTH 3，這大約是未來 3 年的 3 件大事。

With the plan taking shape, I am excited to share my initial ideas on it today and look forward to providing more details and progress reports in the coming quarters. Of course, execution will not happen overnight. It's a journey that will require improved execution in some areas, new talent and greater accountability for our leaders to drive positive and tangible business results. At its core, it's about focus, execution and accountability.

隨著計劃的形成，我很高興今天能分享我的初步想法，並期待在未來幾個季度提供更多細節和進度報告。當然，執行不會一蹴而就。在這段旅程中，我們需要改進某些領域的執行力、新的人才以及讓我們的領導者承擔更大的責任，以推動積極和切實的業務成果。它的核心是專注、執行和問責制。

With that, let's start with brand. Under Armour is one of only a few brands that can be found on the field of play globally at the highest levels of competition meaning Under Armour products are chosen by professional athletes who trust us to equip them as they push the boundaries of what is possible. With the demand to support nearly $6 billion in expected revenue in fiscal '24 our base business remains solid and sizable. Yet we are not pulling in our fair share of market growth. I believe a causal factor here is the inconsistency of how the Under Armour brand shows up across our regions, with the most significant opportunity to improve in the United States.

有了這個，讓我們從品牌開始。安德瑪 (Under Armour) 是為數不多的幾個在全球最高級別比賽中出現的品牌之一，這意味著安德瑪 (Under Armour) 產品是由專業運動員選擇的，他們相信我們會在他們突破極限時為他們配備裝備。由於需要支持 24 財年近 60 億美元的預期收入，我們的基礎業務仍然穩固且規模龐大。然而，我們並沒有在市場增長中獲得應有的份額。我認為這裡的一個因果因素是 Under Armour 品牌在我們地區的表現不一致，而在美國有最重要的改進機會。

Outside the United States, our brand has received in its most premium position in Europe. This results from nurturing strong quality wholesale relationship, disciplined channel segmentation and consistently optimized brand activations. And this, of course, shows up in our results. In fiscal '23, EMEA was our highest growth region with a 23% increase in currency-neutral revenue. Moving forward, we'll continue to build on this momentum, focusing full-funnel medium sports marketing efforts, especially with global football in the U.K. and Spain to win with 16- to 20-year old varsity athletes.

在美國以外，我們的品牌在歐洲獲得了最優質的地位。這是通過培養強大的優質批發關係、嚴格的渠道細分和持續優化的品牌激活來實現的。當然，這會出現在我們的結果中。在 23 財年，EMEA 是我們增長最快的地區，貨幣中性收入增長了 23%。展望未來，我們將繼續鞏固這一勢頭，專注於全漏斗媒體體育營銷工作，尤其是英國和西班牙的全球足球，以贏得 16 至 20 歲的大學運動員。

In APAC, particularly China, Under Armour's view is what locals generally describe as a professional athletes brand. So the connection of brand heat delivering results continues to be consistent with our objectives. Growth-wise, fiscal '23 was challenged in the first 9 months of the year due to ongoing lockdowns and market disruptions from lingering COVID impacts. As we ended the year, however, currency-neutral revenue was up 31% in the fourth quarter. So the environment seems to be normalizing more now. With fitness of the tailwind, improved storytelling and a growing loyalty program in China, we remain bullish on the region's future. In North America, specifically the U.S., there is no question that athletes love the Under Armour brand. And while our consumer insights tell us that we have tremendous brand awareness there is also a high level of latent brand equity.

在亞太地區，尤其是中國，Under Armour 的觀點是當地人通常所說的職業運動員品牌。因此，品牌熱傳遞結果的聯繫繼續與我們的目標保持一致。在增長方面，由於持續的封鎖和揮之不去的 COVID 影響造成的市場中斷，23 財年在今年前 9 個月面臨挑戰。然而，在我們年底時，第四季度貨幣中性收入增長了 31%。因此，現在環境似乎更加正常化。隨著順風順水、講故事的改善和中國忠誠度計劃的不斷發展，我們仍然看好該地區的未來。在北美，尤其是美國，運動員們無疑喜愛 Under Armour 品牌。雖然我們的消費者洞察告訴我們，我們擁有巨大的品牌知名度，但也存在高水平的潛在品牌資產。

Latent because consumers are aware and engaged, yet conversion is more dormant than it should be. I attribute this state to inconsistent execution across our product, marketing and retail efforts. From aligning products to be premium at every price point, to disciplined channel segmentation to more consistent product marketing. There is a significant opportunity to activate more simply across the dimensions that matter and drive improved brand affinity. So how is this translating into action? From both the global and U.S. perspectives, we're assessing how our products, athletes and marketing strategies are or are not breaking through to reach our target consumers. From brand activations to a roster that includes Stephen Curry, Justin Jefferson, Jordan Spieth and others, we have a massive investment in place.

潛伏是因為消費者知道並參與其中，但轉化比應有的更隱蔽。我將這種狀態歸因於我們的產品、營銷和零售工作的執行不一致。從調整產品在每個價位上的溢價，到嚴格的渠道細分，再到更一致的產品營銷。這是一個重要的機會，可以在重要的維度上更簡單地激活並推動提高品牌親和力。那麼這如何轉化為行動呢？從全球和美國的角度來看，我們正在評估我們的產品、運動員和營銷策略如何突破或沒有突破到我們的目標消費者。從品牌激活到包括 Stephen Curry、Justin Jefferson、Jordan Spieth 和其他人在內的名冊，我們進行了大量投資。

Yet it's clear to me that we are not capitalizing on our assets to our best advantage or return. Driving brand heat, of course, is not a one-size-fits-all approach. We cannot simply apply the same storytelling product and distribution strategies across the regions and expect to generate the same levels of brand heat globally, yet unifiers can be crucial to driving consistency. As Kevin mentioned, one unifier we are all proud of is the relaunch of Protect This House. Since then, the execution of our teams and positive response from consumers has been impressive and inspiring and a simple reminder of the strength of Under Armour's core brand DNA.

但我很清楚，我們沒有利用我們的資產來獲得最大優勢或回報。當然，提升品牌熱度並不是一刀切的方法。我們不能簡單地在各個地區應用相同的講故事產品和分銷策略，並期望在全球範圍內產生相同水平的品牌熱度，但統一者對於推動一致性至關重要。正如凱文提到的，我們都引以為豪的統一者是保護這個房子的重新啟動。從那時起，我們團隊的執行力和消費者的積極回應令人印象深刻和鼓舞人心，並簡單地提醒我們 Under Armour 核心品牌 DNA 的力量。

Reinventing Protect This House is a new call to action for young athletes whose motivations differ from the generations who came before them, will continue to be brought to life across many dimensions, including this summer's Women's World Cup. Targeting young women, our World Cup campaign will feature Kelley O'Hara and Alex Greenwood and the journey to compete, highlighting the grid, edge and swagger necessary to perform on the world's most elite stage, employing a digital-first content strategy that distorts beyond typical media placements we're utilizing an always-on approach to meet athletes where they live, train, compete and recover.

Reinventing Protect This House 是一項新的行動號召，旨在呼籲那些動機不同於前幾代人的年輕運動員，將繼續在許多方面為人們帶來活力，包括今年夏天的女足世界杯。針對年輕女性，我們的世界杯宣傳活動將以 Kelley O'Hara 和 Alex Greenwood 以及競爭之旅為特色，強調在世界上最精英的舞台上表演所必需的網格、邊緣和招搖，採用數字優先的內容策略，扭曲超越典型的媒體投放我們正在利用一種永遠在線的方法來滿足運動員在他們生活、訓練、比賽和恢復的地方。

Also, local activations like our all American and UA Next events will continue in North America and transition into other regions like EMEA to drive brand advocacy further. Taking a step back to accelerate my understanding of how the various components of these elements play together. I have made some leadership changes, and we are in the midst of a search for a Chief Consumer Officer. So for now, the heads of brand, sports marketing and digital all report directly to me. As I get closer to these areas of our business and continue to assess our needs, we are working on adding new world-class marketing and commercial talent to ensure our teams have the right leadership and capabilities to fuel our growth expectations.

此外，我們的全美國和 UA Next 活動等本地活動將在北美繼續，並過渡到其他地區，如 EMEA，以進一步推動品牌宣傳。退後一步，以加速我對這些元素的各個組成部分如何協同工作的理解。我對領導層進行了一些變動，我們正在尋找首席消費者官。所以現在，品牌、體育營銷和數字部門的負責人都直接向我匯報。隨著我越來越接近我們業務的這些領域並繼續評估我們的需求，我們正在努力增加新的世界級營銷和商業人才，以確保我們的團隊擁有正確的領導力和能力來推動我們的增長預期。

To wrap up this section, when taken in total, drive global brand (inaudible) with a focus on the U.S. becomes the first of 3 priorities that I laid out for the company. With love for a brand that plays considerably larger than the business, I am confident that simplification and doing more with less will be an outstanding unlock to generate excitement and increase conversion towards greater top line growth.

總結本節，總而言之，以美國為重點推動全球品牌（聽不清）成為我為公司製定的 3 個優先事項中的第一個。出於對一個比業務規模大得多的品牌的熱愛，我相信簡化和事半功倍將是一個出色的解鎖方式，可以激發興奮並增加轉化率，實現更大的收入增長。

Next up is product. From a core athletic performance perspective, we continue to deliver industry-leading innovations that once athletes have them, they can't imagine living without. That said, we haven't finished the play on becoming premium at every price point, nor created a critical mass business in the better part of the product pyramid, especially in footwear, where most of our peers enjoy considerably larger businesses. From any cut, footwear remains our single most significant growth opportunity. We have built a successful $1.5 billion footwear business, which is challenging given the barriers to entry in competition. A large part of this momentum is due to our focus on building franchises which have resulted in loyalty and repeat business. From Velocity, Phantom and Infinite and running to Curry Breakthru and [spans] and basketball to our coveted highlight and spotlight fleets in American Football. This business is established, gaining strength and ready to realize greater future potential. That said, you will hear us talking a lot more about sneaker culture, especially as we open the aperture to Sportstyle.

接下來是產品。從核心運動表現的角度來看，我們繼續提供行業領先的創新，一旦運動員擁有它們，他們將無法想像沒有它們的生活。就是說，我們還沒有完成在每個價位上都成為優質產品的努力，也沒有在產品金字塔的更好部分創造關鍵的大眾業務，尤其是在鞋類領域，我們的大多數同行都擁有相當大的業務。從任何削減來看，鞋類仍然是我們最重要的增長機會。我們已經建立了一個價值 15 億美元的成功鞋類業務，考慮到競爭的進入壁壘，這是一項具有挑戰性的業務。這種勢頭的很大一部分是由於我們專注於建立特許經營權，這導致了忠誠度和回頭客。從 Velocity、Phantom 和 Infinite，到 Curry Breakthru 和 [spans] 和籃球，再到我們夢寐以求的美式橄欖球亮點和聚光燈艦隊。該業務已經建立，實力不斷增強，並準備實現更大的未來潛力。也就是說，您會聽到我們更多地談論運動鞋文化，尤其是當我們向 Sportstyle 敞開大門時。

Additionally, Under Armour sneakers are ripe for collaborations, which will become a larger part of our future offering. To do this and do it well, we are bringing in sneaker and branding experts who will add industry-proven design horsepower to the team, especially as we expand our Sportstyle offerings. Ultimately, it's about getting the right talent in the right place to ignite our product and marketing engines in performance and style. Our performance apparel business also continues to deliver on our promise to make athletes better. With a strong portfolio of products that have made us famous like HeatGear, ColdGear and Compression we have an excellent base to leverage to -- into existing and new categories. In our current lineup, RUSH Energy, Peak Woven, Flex Woven and Vanish along with our Bras collection, they all continue to elevate our premium offering.

此外，Under Armour 運動鞋的合作時機已經成熟，這將成為我們未來產品的重要組成部分。為了做到這一點並做好它，我們正在引進運動鞋和品牌專家，他們將為團隊增加經過行業驗證的設計能力，尤其是在我們擴展 Sportstyle 產品時。歸根結底，這是關於在合適的地方找到合適的人才，以在性能和風格上點燃我們的產品和營銷引擎。我們的高性能服裝業務也繼續兌現我們讓運動員變得更好的承諾。憑藉讓我們聞名的強大產品組合，如 HeatGear、ColdGear 和 Compression，我們有一個很好的基礎來利用 - 進入現有和新類別。在我們目前的產品系列中，RUSH Energy、Peak Woven、Flex Woven 和 Vanish 以及我們的文胸系列，它們都在繼續提升我們的優質產品。

Additionally, given our strengthened partnership with Stephen, there is a significant opportunity to amplify the Curry brand in basketball in categories like Golf. And speaking of Golf, we are working on a premium collection and partnership with a top designer to be launched this time next year, strengthened by one of the world's best players Jordan Spieth. Golf is a business that I believe we have underserved as of late, and it is an area where we have a right to win, where product performance and style win the day. So expect more here too.

此外，鑑於我們與斯蒂芬的合作關係得到加強，我們有機會在高爾夫等類別的籃球領域擴大庫裡品牌。說到高爾夫，我們正在與一位頂級設計師合作開發一個高級系列，並與明年這個時候推出的合作夥伴關係，由世界上最好的球員之一喬丹斯皮思加強。高爾夫是一項我認為我們最近服務不足的業務，這是我們有權獲勝的領域，產品性能和風格贏得了勝利。所以在這裡也期待更多。

Another significant opportunity is our women's business. As a woman and an athlete, I believe we make exceptional women's products in specific collections. However, at less than 1/4 of our revenue, we are still not cutting through enough to realize the growth available in the marketplace. In apparel, we have had success, specifically with our bras and bottoms products. But we have yet to make our definitive must have it product, so that it is top of mind as we work to drive more significant growth.

另一個重要的機會是我們的女性業務。作為一名女性和一名運動員，我相信我們在特定係列中生產卓越的女性產品。然而，我們的收入不到我們收入的 1/4，仍然不足以實現市場增長。在服裝方面，我們取得了成功，尤其是我們的文胸和下裝產品。但我們還沒有確定我們的必備產品，因此在我們努力推動更顯著的增長時，它是首要考慮因素。

Footwear must also be part of the long-term equation to grow the women's business. And here, too, we have a solid base from which to grow, but we need accelerators. The consistency of great design fit and the all-important style factor across the entire offering is not where we need it to be and where I am confident we can take it. So to underscore this opportunity, we will go after women harder than this company has ever seen full stock.

鞋類也必須成為女性業務增長的長期方程式的一部分。在這方面，我們也有堅實的發展基礎，但我們需要加速器。出色的設計契合度和整個產品中最重要的風格因素的一致性不是我們需要的地方，我相信我們可以接受它。因此，為了強調這個機會，我們將比這家公司見過的所有庫存都更加努力地追求女性。

Another important area of opportunity is Sportstyle, where we have begun leveraging the credibility of our solid athletic performance foundation to compete deeper across the marketplace. Here, we are progressing by repositioning some of our current products and showing them in nonactive occasions, the live part of an athlete day. To be clear, Sportstyle through an Under Armour lens is the intersection of our style and design meet performance.

另一個重要的機會領域是 Sportstyle，我們已經開始利用我們堅實的運動表現基礎的可信度在市場上進行更深入的競爭。在這裡，我們通過重新定位我們當前的一些產品並在非活動場合展示它們來取得進展，即運動員日的現場部分。需要明確的是，通過 Under Armour 鏡片的 Sportstyle 是我們的風格和設計與性能的交集。

This means easy to wear premium executions of fabric fit and finish. With a robust product road map continuing to take shape due to the product design cycle, this business will not become a material driver until fiscal '25. Even so, we have seen early success in our essentials and Unstoppable apparel collections, fleece and warm-ups, and we are looking forward to new offerings as our SlipSpeed footwear platform adds new options this fall. Of course, footwear, women's and Sportstyle are not mutually exclusive.

這意味著易於穿著的優質面料合身和飾面。由於產品設計週期，穩健的產品路線圖不斷形成，該業務要到 25 財年才會成為物質驅動因素。即便如此，我們已經看到我們的基本款和 Unstoppable 服裝系列、羊毛和保暖服系列取得了初步成功，我們期待著新產品的推出，因為我們的 SlipSpeed 鞋類平台在今年秋天增加了新的選擇。當然，鞋類、女裝和 Sportstyle 並不相互排斥。

They are a [Venn] diagram of opportunity that takes our total addressable market to more than $300 billion globally. That said, linking back to our first priority, brand heat must always work symbiotically with product, and I don't believe we've done a great job at this consistently. Through research, we have discovered that even our athletes are not fully aware of the depth of innovations we offer. The opportunity to close this gap will require the redeployment of dollars to support better storytelling to enhance demand. Here, too, we are on it.

它們是 [維恩] 機會圖，使我們的全球潛在市場總額超過 3000 億美元。也就是說，回到我們的首要任務，品牌熱度必須始終與產品共生，我不認為我們在這方面一直做得很好。通過研究，我們發現即使是我們的運動員也不完全了解我們提供的創新的深度。彌合這一差距的機會將需要重新部署美元以支持更好的講故事以增加需求。在這裡，我們也在努力。

So all of this translates to our second priority, which is deliver elevated design and products with a focus on footwear, women's and Sportstyle. And this brings us to the third area, which is North America. Assuming we execute well with the first 2 priorities, drive global brand heat and make better products, we expect growth to return to North America in fiscal '25. Digging into this a bit more, historical context is important to understand where we were and where we are.

因此，所有這一切都轉化為我們的第二要務，即提供專注於鞋類、女裝和運動風格的高級設計和產品。這將我們帶到了第三個區域，即北美。假設我們在前兩個優先事項上執行得很好，推動全球品牌熱度並生產更好的產品，我們預計 25 財年北美將恢復增長。更深入地研究這一點，歷史背景對於理解我們過去和現在的位置很重要。

Following the sector-wide promotional environment of 2017 and '18 and the current one, which started last year, Under Armour is continuing to navigate a legacy of higher-than-desired promotional activities in our home market. I believe this can be attributed to many of the factors I have discussed today, in consistent product, marketing and segmentation discipline, along with sector-wide inventory malaise, all of which have constrained brand affinity in the U.S. That's not to say we have not made progress in the quality of our U.S. business. For example, going into the pandemic, we exited undifferentiated wholesale doors reduced our off-price exposure by more than 2/3 and reorganized our people, systems and processes.

繼 2017 年和 18 年的全行業促銷環境以及去年開始的當前促銷環境之後，安德瑪 (Under Armour) 將繼續在我們的本土市場開展高於預期的促銷活動。我相信這可以歸因於我今天討論的許多因素，一致的產品、營銷和細分紀律，以及整個行業的庫存萎靡不振，所有這些都限制了品牌在美國的親和力。這並不是說我們沒有我們在美國業務的質量方面取得了進步。例如，在大流行期間，我們退出了無差別的批發門，將我們的低價風險減少了 2/3 以上，並重組了我們的人員、系統和流程。

As a result, we have seen customer acquisition and retention metrics improve, establishing a healthier base for growth. In North America, we run a very productive and profitable outlet business with our Factory House concepts, but these represent about 90% of our physical DTC locations in the region. That leaves only 18 full-priced brand health stores in our home market, not many places where we can showcase our brand in the best presentation possible.

因此，我們看到客戶獲取和保留指標有所改善，為增長奠定了更健康的基礎。在北美，我們通過我們的 Factory House 概念經營著一個非常高效和有利可圖的奧特萊斯業務，但這些代表了我們在該地區約 90% 的 DTC 實體店。這樣一來，我們國內市場上就只剩下 18 家全價品牌保健店了，我們可以用最好的方式展示我們品牌的地方不多了。

So compared to the roughly 75-25 split that many of our competitors have working for them, this is an opportunity for premium growth. As such, we plan to focus our full price stores and productivity and consumer experience, driven by smaller, easier to navigate store formats, better storytelling to appeal to young athletes, exceptional customer service and always being in stock. By the end of this calendar year, our full price concepts will also be revamped to showcase Sportstyle products with a more robust curation. Longer term, we want to build on this progress by expanding the number of full-priced health stores as we perfect this.

因此，與我們許多競爭對手為他們工作的大約 75-25 的比例相比，這是保費增長的機會。因此，我們計劃專注於我們的全價商店和生產力和消費者體驗，由更小、更易於導航的商店格式、更好的故事講述來吸引年輕運動員、卓越的客戶服務和始終有貨。到本日曆年年底，我們的全價概念也將進行改進，以更強大的策展方式展示 Sportstyle 產品。從長遠來看，我們希望通過擴大全價健康商店的數量來進一步完善這一進展。

Nearer term, based on learnings from our Flatiron New York City pop-up as part of the SlipSpeed launch, we are working to identify additional ways to support critical moments like sporting events, competitions and festivals. From a digital perspective, we will continue to work to reduce promotional activities in our e-commerce business. However, in short order, ua.com must become a showcase for our brand. So we are investing in improving the digital experience, including better product presentation, streamlined checkout and faster mobile site speed.

近期，根據作為 SlipSpeed 發布的一部分，我們從紐約市 Flatiron 快閃店獲得的經驗，我們正在努力尋找其他方法來支持體育賽事、比賽和節日等關鍵時刻。從數字角度來看，我們將繼續努力減少電子商務業務中的促銷活動。然而，在短期內，ua.com 必須成為我們品牌的展示平台。因此，我們正在投資改善數字體驗，包括更好的產品展示、簡化的結賬流程和更快的移動網站速度。

The team understands the interconnectivity between physical and digital retail and is making the right investments to ensure that our stores and website drive more meaningful sales across our broader North American ecosystem, including our wholesale partner business. That said, we are making good progress with our U.S. loyalty program, which we plan to roll out more broadly later this year based on a successful pilot. Early reads continue to show meaningful improvements in metrics including higher conversion rates and average dollars per transaction and program members versus nonmembers in our test markets.

該團隊了解實體零售和數字零售之間的相互聯繫，並正在進行正確的投資，以確保我們的商店和網站在我們更廣泛的北美生態系統（包括我們的批發合作夥伴業務）中推動更有意義的銷售。儘管如此，我們的美國忠誠度計劃正在取得良好進展，我們計劃在今年晚些時候根據成功的試點項目更廣泛地推出該計劃。早期閱讀繼續顯示指標的顯著改進，包括更高的轉化率和每筆交易的平均美元以及我們測試市場中計劃成員與非成員的比較。

In our wholesale business, we have solid relationships with best-in-class sports specialty, department stores and pure-play e-com companies. Still here, too, the critical mass in our U.S. business is oriented towards good level products. So we have an opportunity to build out the better and best part of our segmentation. In addition, we continue to evolve our strategic partnerships towards areas where we believe we are underpenetrated, including the mall and run and golf specialty shops as examples. To wrap up, this becomes our third strategic priority, which is to drive U.S. sales. Improving our U.S. business is critical to growing our global business. As a most profitable region, growing faster here means more future dollars to invest in product, marketing and our international business as well as increasing returns to shareholders.

在我們的批發業務中，我們與一流的體育專賣店、百貨公司和純電子商務公司建立了穩固的關係。仍然在這裡，我們美國業務的臨界質量也以優質產品為導向。因此，我們有機會建立我們細分市場中最好的部分。此外，我們繼續將我們的戰略合作夥伴關係發展到我們認為我們滲透不足的領域，包括商場和跑步以及高爾夫專賣店作為例子。總而言之，這成為我們的第三個戰略重點，即推動美國銷售。改善我們的美國業務對於發展我們的全球業務至關重要。作為利潤最高的地區，這裡的增長更快意味著未來有更多資金用於產品、營銷和我們的國際業務投資，以及增加股東回報。

With that, you now have the 3 initial priorities I've mandated for Under Armour over the next 3 years, PTH 3, obsess driving global brand heat, stay relentlessly focused on elevating design and building better products and drive growth in the U.S. As I said, while these priorities are clear, they are at a starting point, and we have just begun thinking about how we can make UA better. And I look forward to providing more detail on these in coming quarters. I love and believe in Under Armour, and I couldn't be more excited to be here. I want this brand to win to really win by achieving the vision we all have for it. We are operating and executing with our eyes wide open. We know there is much work ahead of us and that we must move with urgency. Although fiscal '24 will be a year of building as we lay the groundwork aligned with our priorities, I am confident that we will achieve the growth and profitability that I know this brand is capable of over the long run. Now is the time for bold decisions and distinct actions that yield results. Our athletes, teammates, shareholders and brand deserve it.

有了這個，你現在有了我在未來 3 年為 Under Armour 規定的 3 個初始優先事項，PTH 3，痴迷於推動全球品牌熱度，堅持不懈地專注於提升設計和打造更好的產品，並推動美國的增長。說，雖然這些優先事項很明確，但它們還處於起點，我們才剛剛開始思考如何讓 UA 變得更好。我期待在未來幾個季度提供更多關於這些的細節。我熱愛並相信 Under Armour，來到這裡我感到無比興奮。我希望這個品牌能夠通過實現我們所有人對它的願景來贏得真正的勝利。我們正在睜大眼睛進行操作和執行。我們知道我們面前有很多工作要做，我們必須緊急行動。儘管 24 財年將是建設的一年，因為我們會根據我們的優先事項奠定基礎，但我相信我們將實現我所知道的該品牌長期能夠實現的增長和盈利能力。現在是做出大膽決定和採取明確行動產生結果的時候了。我們的運動員、隊友、股東和品牌應得的。

And with that, I will pass it to Dave to review our financial results and outlook.

有了這個，我會把它傳遞給戴夫來審查我們的財務業績和前景。

Thanks, Stephanie, and welcome to your first earnings call at Under Armour.

謝謝，斯蒂芬妮，歡迎來到安德瑪的第一次財報電話會議。

As a nearly 20-year veteran here, my love for this brand runs deep. Having worked closely with Stephanie in her first few months here, her desire to execute her sense of urgency and most importantly, our dedication to motivating, inspiring and energizing the team have been magnificent. With PTH 3 underway, I am confident the path we're laying to drive increased brand heat, elevate our product and drive growth in the U.S. will create a more advantageous position to unlock more consistent, sustainable growth for our shareholders over the long term. Diving right in, Fiscal '23 results were in line with our expectations, and we closed out the year with a solid fourth quarter with revenue up 8% to $1.4 billion. On a currency-neutral basis, revenue was up 10% in the quarter.

作為在這里工作了將近 20 年的老兵，我對這個品牌的熱愛根深蒂固。在 Stephanie 在這裡的頭幾個月與她密切合作，她渴望執行她的緊迫感，最重要的是，我們致力於激勵、鼓舞和激勵團隊，這一點非常出色。隨著 PTH 3 的進行，我相信我們為增加品牌熱度、提升我們的產品和推動美國的增長而鋪設的道路將創造一個更有利的地位，為我們的股東帶來更一致、可持續的長期增長。深入研究，23 財年的結果符合我們的預期，我們以穩健的第四季度結束了這一年，收入增長 8% 至 14 億美元。在匯率中性的基礎上，本季度收入增長了 10%。

From a regional and segment perspective, fourth quarter revenue in North America was up 3%, driven by growth in our full-price and off-price wholesale businesses. Our DTC business was flat during the quarter with solid e-commerce growth offset by softness in our retail stores. In our international business, EMEA revenue was up 14% and or up 20% on a currency-neutral basis, driven by strength in both our wholesale and DTC businesses. APAC revenue was up 24% in the quarter, or up 31% on a currency-neutral basis, driven primarily by significant growth in our wholesale business, benefiting from China's reopening and an easier comp against last year's meaningful COVID impacts. We also saw solid performance in our South Korean business.

從區域和細分市場的角度來看，受我們全價和折價批發業務增長的推動，北美第四季度收入增長了 3%。我們的 DTC 業務在本季度持平，電子商務的強勁增長被零售店的疲軟所抵消。在我們的國際業務中，在我們的批發和 DTC 業務強勁的推動下，EMEA 收入在貨幣中性基礎上增長了 14% 或增長了 20%。本季度亞太地區收入增長 24%，或在貨幣中性的基礎上增長 31%，這主要是由於我們批發業務的顯著增長，受益於中國的重新開放以及與去年 COVID 的重大影響相比更容易。我們在韓國的業務也表現出色。

Revenue in Latin America was down 8% or down 13% on a currency-neutral basis, primarily due to a temporary fulfillment issue that impacted our wholesale business. From a channel perspective, fourth quarter wholesale revenue increased 10%, driven by solid performance in our full-price business and growth in sales to the off-price channel. Our direct-to-consumer business was up 3%, led by 6% growth in our e-commerce business and 1% growth in our owned and operated retail stores. And licensing was down 3% due to softness in our Japanese business.

在貨幣中性的基礎上，拉丁美洲的收入下降了 8% 或 13%，這主要是由於臨時履行問題影響了我們的批發業務。從渠道的角度來看，第四季度批發收入增長了 10%，這得益於我們全價業務的穩健表現和低價渠道銷售的增長。我們的直接面向消費者的業務增長了 3%，其中電子商務業務增長了 6%，我們自有和經營的零售店增長了 1%。由於我們日本業務的疲軟，許可下降了 3%。

By product type, apparel revenue was up 1%, with strength in our golf and run businesses, partially offset by softness in training. Footwear was up 27%, driven by strength in team sports, run and golf. And our accessories business was down 1%, with strength in team sports and outdoor offset by softness in training. Relative to gross margin, our fourth quarter declined 310 basis points to 43.4%.

按產品類型劃分，服裝收入增長了 1%，我們的高爾夫和跑步業務表現強勁，但部分被訓練業務的疲軟所抵消。受團隊運動、跑步和高爾夫的推動，鞋類增長了 27%。我們的配飾業務下降了 1%，團隊運動和戶外的優勢被訓練的疲軟所抵消。相對於毛利率，我們第四季度下降 310 個基點至 43.4%。

This decline was driven by 400 basis points related to higher promotional activity within our DTC business as we manage through prior season products and unfavorable pricing related to sales to the off-price channel, 70 basis points of unfavorable product and channel mix and 40 basis points of adverse effects from changes in foreign currency. These headwinds were partially offset by 180 basis points of supply chain benefits related to inbound ocean and airfreight tailwinds, which more than offset product cost and freight to customer headwinds during the quarter, and 20 basis points of favorable regional mix, driven by higher APAC sales.

這一下降的原因是 400 個基點與我們的 DTC 業務中更高的促銷活動相關，因為我們通過過季產品和與折扣渠道銷售相關的不利定價，不利的產品和渠道組合 70 個基點和 40 個基點外幣變動的不利影響。這些逆風被與入境海運和空運順風相關的 180 個基點的供應鏈收益部分抵消，這大大抵消了本季度產品成本和運費給客戶的逆風，以及 20 個基點的有利區域組合，這是由亞太地區銷售額增加推動的.

Moving down the P&L. SG&A expenses were down 4% to $572 million, primarily due to lower marketing spending and lower incentive compensation during the quarter. Our fourth quarter operating income was $35 million, thus in line with our previous expectation. After tax, we realized a net income of $171 million or $0.38 of diluted earnings per share during the quarter, excluding an $87 million fourth quarter benefit, primarily from a tax valuation allowance release related to prior period restructuring, our adjusted net income was $84 million or $0.18 of adjusted diluted earnings per share.

向下移動損益表。 SG&A 費用下降 4% 至 5.72 億美元，這主要是由於本季度營銷支出和激勵薪酬較低。我們第四季度的營業收入為 3500 萬美元，符合我們之前的預期。稅後，我們在本季度實現了 1.71 億美元的淨收入或 0.38 美元的稀釋後每股收益，不包括主要來自與前期重組相關的稅收估值津貼釋放的 8700 萬美元第四季度收益，我們調整後的淨收入為 8400 萬美元或 0.18 美元的調整後每股攤薄收益。

From a balance sheet perspective, inventory was up 44% to $1.2 billion, which came in better than the 50% increase we had anticipated. As mentioned earlier, this negatively impacted gross margin, but was a result of a proactive choice to reduce inventory levels, which was prudent given the dynamic industry environment. That said, the composition of our inventory is generally current and healthy. and about half of the $366 million year-over-year increase is pack and hold to service designated future demand.

從資產負債表的角度來看，存貨增長 44% 至 12 億美元，好於我們預期的 50% 增幅。如前所述，這對毛利率產生了負面影響，但這是主動選擇降低庫存水平的結果，考慮到動態的行業環境，這是謹慎的做法。也就是說，我們的庫存構成通常是最新且健康的。在 3.66 億美元的同比增長中，約有一半用於包裝和存放以滿足指定的未來需求。

To wrap up, our cash and cash equivalents were $712 million at the end of the fourth quarter, and we had no borrowings under our $1.1 billion revolving credit facility.

總而言之，截至第四季度末，我們的現金和現金等價物為 7.12 億美元，我們在 11 億美元的循環信貸額度下沒有借款。

Looking forward, we're closely watching several factors we believe will continue to impact our business, including consumer spending and retail demand, especially in our largest market of North America. We are also monitoring the pace of inventory normalization globally across our peers and key wholesale partners. As Stephanie mentioned, fiscal '24 will be a year of building for Under Armour as we focus on implementing our PTH 3 priorities and leveraging our innovative expertise to drive into new categories and markets. Within this context, we are laser-focused on expense control as we shift investment dollars to the areas that underpin these efforts.

展望未來，我們正在密切關注我們認為將繼續影響我們業務的幾個因素，包括消費者支出和零售需求，尤其是在我們最大的北美市場。我們還在監控全球同行和主要批發合作夥伴的庫存正常化步伐。正如 Stephanie 提到的，24 財年將是 Under Armour 建設的一年，因為我們專注於實施我們的 PTH 3 優先事項，並利用我們的創新專業知識進軍新的類別和市場。在這種情況下，當我們將投資資金轉移到支持這些努力的領域時，我們非常專注於費用控制。

So jumping into our initial outlook for fiscal '24, we expect revenue to be flat to up slightly with North America expected to be down slightly and our international business to be up at a mid-single-digit percentage rate. For gross margin, we expect the full year rate to improve by 25 to 75 basis points from last year's rate of 44.9%, primarily driven by tailwinds related to lower freight costs. These tailwinds are expected to offset negative impacts from channel mix as we anticipate revenue from the off-price channel to increase yet still remain within our 3% to 4% of revenue operating principal. and higher promotions primarily in our DTC channel as we continue to work through inventory.

因此，進入我們對 24 財年的初步展望，我們預計收入將持平至小幅增長，而北美預計將略有下降，而我們的國際業務將以中等個位數百分比增長。對於毛利率，我們預計全年毛利率將比去年的 44.9% 提高 25 至 75 個基點，這主要是受運費成本下降的推動。這些順風預計將抵消渠道組合的負面影響，因為我們預計來自非價格渠道的收入將增加，但仍保持在我們收入運營本金的 3% 至 4% 之內。隨著我們繼續通過庫存工作，主要在我們的 DTC 渠道中進行更高的促銷活動。

Next, we expect SG&A to be flat to up slightly in fiscal '24. We will prioritize investments that support the 3 strategic priorities that Stephanie outlined while continually looking for ways to simplify and optimize our cost structure. This translates to an expectation that operating income will reach $310 million to $330 million. As a percentage of revenue, this represents an operating margin of approximately 5.5% versus 4.8% for fiscal '23. Dropping this through, we expect diluted earnings per share for fiscal '24 to be in the range of $0.47 to $0.51. And a slight decline as our effective tax rate normalizes back to a low 20s percentage rate following fiscal '23's onetime events.

接下來，我們預計 SG&A 在 24 財年將持平或略有上升。我們將優先考慮支持斯蒂芬妮概述的 3 個戰略重點的投資，同時不斷尋找簡化和優化成本結構的方法。這意味著預計營業收入將達到 3.1 億至 3.3 億美元。作為收入的百分比，這代表營業利潤率約為 5.5%，而 23 財年為 4.8%。拋開這一點，我們預計 24 財年的攤薄後每股收益將在 0.47 美元至 0.51 美元之間。隨著我們的有效稅率在 23 財年的一次性事件後正常化回到 20 年代的低百分比率，並且略有下降。

Next, I want to provide some color on the first quarter of fiscal '24. From a revenue perspective, we expect sequential improvement in our quarterly growth rates as the year unfolds. As our priorities take shape and our wholesale order books gain momentum. That said, for the first quarter of fiscal '24, we anticipate a low- to mid-single-digit revenue decline amid a challenged U.S. wholesale landscape.

接下來，我想提供一些有關 24 財年第一季度的信息。從收入的角度來看，我們預計隨著時間的推移，我們的季度增長率將有所改善。隨著我們優先事項的形成和我們的批發訂單的增長勢頭。也就是說，對於 24 財年第一季度，我們預計在美國批發市場面臨挑戰的情況下，收入將出現中低個位數下降。

Next, we expect the first quarter gross margin to decline 75 to 100 basis points as higher planned promotions continue to outpace freight tailwinds. After that, gross margin should expand for the rest of fiscal '24. Considering these factors, we expect a slight operating loss in the first quarter with a diluted loss per share of $0.03 to $0.05.

接下來，我們預計第一季度毛利率將下降 75 至 100 個基點，因為更高的計劃促銷活動繼續超過貨運順風。在那之後，毛利率應該會在 24 財年的剩餘時間裡擴大。考慮到這些因素，我們預計第一季度將出現輕微經營虧損，每股攤薄虧損為 0.03 美元至 0.05 美元。

Turning to inventory. As a reminder, our levels were especially lean through the summer of calendar 2022 due to our previous constrained strategy and supply chain disruptions from prior periods. Thus, we're still normalizing in our first quarter. Accordingly, we expect inventory to be up at a high 30s percentage rate at the end of Q1. A high single-digit rate at the end of Q2 and then decline in the second half of the year to end fiscal '24 around $1 billion.

轉向庫存。提醒一下，由於我們之前的受限戰略和前幾個時期的供應鏈中斷，我們的水平在 2022 年夏季特別低。因此，我們在第一季度仍在正常化。因此，我們預計第一季度末庫存將以 30% 的高百分比增長。第二季度末的高個位數增長率然後在今年下半年下降，到 24 財年結束時約為 10 億美元。

So as we move forward into fiscal '24, our teams are driving hard to position Under Armour to win in the long term through our PTH 3 strategic priorities, while smartly managing expenses and deploying resources to areas with the highest returns. As these initiatives take hold and we drive greater global brand heat, deliver elevated design and products and excite consumers, we look forward to returning to growth in North America in fiscal '25. And while maintaining positive momentum in our international markets. We are confident that with the necessary focus, execution and increased accountability across all levels of the organization. Under Armour is on the right path to achieving better growth and profitability.

因此，隨著我們進入 24 財年，我們的團隊正在努力使 Under Armour 通過我們的 PTH 3 戰略重點在長期內取勝，同時巧妙地管理費用並將資源部署到回報最高的領域。隨著這些舉措的實施，我們推動了更大的全球品牌熱度，提供更高的設計和產品並激發了消費者的興趣，我們期待在 25 財年恢復北美的增長。同時在我們的國際市場上保持積極勢頭。我們相信，通過必要的關注、執行和加強組織各級的問責制。 Under Armour 正走在實現更好增長和盈利能力的正確道路上。

With that, we'll turn it back to the operator for your questions. Operator?

有了這個，我們會把它轉回給接線員來回答你的問題。操作員？

(Operator Instructions) And our first question comes from Jim Duffy from Stifel.

（操作員說明）我們的第一個問題來自 Stifel 的 Jim Duffy。

Welcome, Stephanie. I want to start on brand and product in the U.S. Stephanie, you referenced inconsistencies in the U.S. market, how do you fix the inconsistencies in real wake and engagement? I'm curious is the wholesale distribution appropriate, and we appreciate you lot more product depth in the best categories. Do you need to abdicate some of the good product offering representation to elevate the brand and reawaken engagement?

歡迎，斯蒂芬妮。我想從美國的品牌和產品開始，斯蒂芬妮，你提到了美國市場的不一致，你如何解決真正的喚醒和參與中的不一致？我很好奇批發分銷是否合適，我們感謝您在最佳類別中提供更多產品深度。您是否需要放棄一些優質產品的代表性來提升品牌並重新喚醒參與度？

Well, thank you, Jim, and I'm happy to be with all of you today. As it relates to the product inconsistency challenge or the inconsistency challenge overall. First of all, you're right, it's not something that can happen overnight, but we are already starting to move on this. One of the first things that we're doing is positioning some of our existing products in a more premium way. We do have some products in that better or best part of the pyramid. And we're repositioning those products right away through better storytelling and better merchandising primarily through our own stores and on our website. So that's really step 1 and what we can do in the near term. From a broader perspective, it really does get to building out the better and best part of the product pyramid what I am most excited about in terms of driving consistency and driving growth is what we're going to do with Sportstyle. As I mentioned in my prepared remarks, that triples the size of Under Armour's total addressable market to $300 billion.

好吧，謝謝你，吉姆，我很高興今天能和大家在一起。因為它與產品不一致挑戰或整體不一致挑戰有關。首先，你是對的，這不是一蹴而就的事情，但我們已經開始著手解決這個問題。我們正在做的第一件事就是以更優質的方式定位我們現有的一些產品。我們確實在金字塔的更好或最好的部分有一些產品。我們主要通過我們自己的商店和我們的網站，通過更好的講故事和更好的商品銷售，立即重新定位這些產品。所以這真的是第一步，也是我們近期可以做的事情。從更廣泛的角度來看，它確實需要構建產品金字塔中更好和最好的部分，我最興奮的是在推動一致性和推動增長方面，我們將對 Sportstyle 做些什麼。正如我在準備好的發言中提到的那樣，Under Armour 的總潛在市場規模增加了兩倍，達到 3000 億美元。

A big part of Sportstyle is going to be footwear and women, not exclusively, but those are big areas of growth for us, and there again, it's going to be a 2-step process. It's not going to be done overnight. Phase 1, we'll start with that repositioning of our existing products. I mean we have some great stuff to be more specific around unstoppable joggers or Fleece graphic tees, the summit, knit, sweat shirts to name just a couple of things. So we're going to -- we have some great stuff we're going to merchandise and market in a different way, as I mentioned. But Phase 2 is, again, where you're going to see new products that are consistently delivered, and it's also not just about the products, it's about the marketing and where we distribute them.

Sportstyle 的很大一部分將是鞋類和女性，不僅僅是，但這些是我們增長的重要領域，而且，這將是一個兩步走的過程。這不會在一夜之間完成。第一階段，我們將從重新定位現有產品開始。我的意思是我們有一些很棒的東西可以更具體地圍繞不可阻擋的慢跑者或羊毛圖形 T 卹、峰會、針織、運動衫等等。所以我們要 - 正如我提到的，我們有一些很棒的東西，我們將以不同的方式進行商品和營銷。但是第 2 階段再次是您將看到持續交付的新產品的地方，這不僅僅是關於產品，而是關於營銷和我們分發它們的地方。

So we've got a lot of new efforts underway about how we're going to market in a different way and particularly to new consumers. And then on the distribution front, it's -- we are going to continue to, of course, work with our existing wholesale partners. But I think we're going to open up new doors of distribution too in the mall, new department stores, et cetera. And of course, our own channels will always be a focus. But to just step back and summarize the answer to your question around consistency is it's really going to be a 2-step Phase 1, Phase 2 approach.

因此，我們正在進行許多新的努力，以了解我們將如何以不同的方式進行營銷，尤其是針對新消費者。然後在分銷方面，我們當然會繼續與我們現有的批發合作夥伴合作。但我認為我們也將在商場、新百貨商店等開闢新的分銷渠道。當然，我們自己的渠道將始終是一個重點。但退一步總結一下關於一致性的問題的答案是，這實際上將是一個分兩步的第 1 階段、第 2 階段方法。

Okay. Great. And then you have big ambitions for product newness and increasing the frequency of newness. I'm curious, are there KPI targets to benchmark Q2, or do you have any specific objectives for penetration of new products as a percent of the mix?

好的。偉大的。然後你對產品創新和增加創新頻率有著雄心壯志。我很好奇，是否有第二季度基準的 KPI 目標，或者您是否有任何具體的新產品滲透率目標？

Yes. So we are great question. We are putting together KPIs and metrics around the percentage of products and that better and best bucket, their growth trajectory, we'll continue to do voice of the customer work to understand how consumers are relating to that better and best part of the pyramid and of course, talking to our customers. So we are putting together that scorecard of KPIs as we march forward. I've been here 2.5 months, so we're just getting started and pulling that together, but we're hard at work at it. So Kevin, anything to add from your lens?

是的。所以我們是很好的問題。我們正在圍繞產品的百分比以及更好和最好的桶，它們的增長軌跡匯總 KPI 和指標，我們將繼續做客戶的聲音工作，以了解消費者與金字塔中更好和最好的部分的關係，以及當然，與我們的客戶交談。因此，在我們前進的過程中，我們正在整理 KPI 記分卡。我來這裡已經 2.5 個月了，所以我們才剛剛開始並將其整合在一起，但我們正在努力工作。那麼凱文，你的鏡頭有什麼要補充的嗎？

Yes. Thank you, Stephanie. And before I answer that, Jim, let me just say what -- how great it's been having Stephanie here. In 70 days, she has gotten completely at a level of depth of the company. That's pretty remarkable, to be honest with you, and bringing a world-class executive experience, and that's not something shared by me. I think if you polled our team, it would be universal across the brand. And so welcome, Stephanie. And so what you're hearing is -- what you see is what you get, very exciting for us. I think as one of the things we're Stephanie has asked me to lean in, in my role is on the product side of the business. And as you know, Jim, innovation has always mattered at Under Armour SlipSpeed is a great example about of something fresh and new coming out most recently, but we also have great innovations like our 7-pocket pants and our new Meridian line that we have out in full force. A steady cadence of new product is probably the right way to think about it. And one thing that I use the example of SlipSpeed, we launched it on October 31 of last year on Halloween with a soft launch.

是的。謝謝你，斯蒂芬妮。在我回答這個問題之前，吉姆，讓我先說一下——有斯蒂芬妮來這裡真是太棒了。在 70 天的時間裡，她已經完全了解了公司的深度。老實說，這非常了不起，帶來了世界級的高管經驗，這不是我能分享的。我認為，如果您對我們的團隊進行民意調查，它將在整個品牌中普遍存在。非常歡迎，斯蒂芬妮。所以你所聽到的是 - 所見即所得，這對我們來說非常令人興奮。我認為作為我們斯蒂芬妮要求我參與的事情之一，我的角色是在業務的產品方面。正如你所知，Jim，創新在 Under Armour 一直很重要 SlipSpeed 是最近推出的新鮮事物的一個很好的例子，但我們也有很棒的創新，比如我們的 7 口袋褲子和我們的新 Meridian 系列全力出動。穩定的新產品節奏可能是正確的思考方式。還有一件事我用 SlipSpeed 的例子，我們在去年 10 月 31 日的萬聖節通過軟啟動啟動了它。

We then came back on Valentine's Day. I think making those holidays famous for the consumer to start expecting innovation and newness from Under Armour is one of the things you'll see. But that, of course, is echoed by a consistent cadence of product coming out that, as we say, like to blow consumers' minds. We've been around long enough to actually have legacy products as well. So in addition to new innovation coming from our teams, you're also going to see some of these reinventions of previous Under Armour greatest hits, as I mentioned in some of my comments that we've had.

然後我們在情人節回來了。我認為讓這些假期因消費者而聞名，開始期待 Under Armour 的創新和新穎是你會看到的事情之一。但是，當然，正如我們所說，產品的一貫節奏與此相呼應，牠喜歡讓消費者大吃一驚。我們已經存在了足夠長的時間，實際上也有遺留產品。因此，除了來自我們團隊的新創新之外，您還將看到對以前 Under Armour 最熱門產品的一些重新發明，正如我在我們的一些評論中提到的那樣。

From footwear, which I think what Stephanie emphasizes us moving from a footwear culture to a real sneaker culture here at Under Armour is critical and that will come through with things like performance-wise, where this brand actually won the New York City Marathon last year with Sharon Lokedi. all the way to Stephen Curry, what he's doing on court. And don't forget about Joel Embiid, who just won the MVP as well. And so our shoes absolutely play, but there's an emphasis for us of getting ourselves beyond the courts, fields and pitches and into the 2 and from situations, especially being credible enough to work in that tunnel walk type of scenario.

從鞋類，我認為斯蒂芬妮強調我們在 Under Armour 從鞋類文化轉變為真正的運動鞋文化是至關重要的，這將通過性能方面的表現來實現，這個品牌去年實際上贏得了紐約市馬拉鬆比賽與莎朗·洛克迪。一直到斯蒂芬庫裡，他在球場上所做的一切。別忘了剛剛獲得 MVP 的喬爾·恩比德。因此，我們的鞋子絕對可以發揮作用，但我們的重點是讓自己超越球場、田野和球場，進入 2 和各種情況，尤其是要足夠可靠，可以在那種隧道步行類型的場景中工作。

And then from an apparel standpoint, we think we've got the ability to leverage a great, great force of Under Armour being sort of the chalk when it comes to apparel innovation and what we're doing to blow consumers' minds there. So we feel like we've got a great opportunity. And as Stephanie mentioned, we're also working with a few outside experts as well in both apparel and footwear to make sure that we're leaving no stone unturned with the ability for us to own what we own, which is things like the T-shirt that people expect from us as well as looking at colab opportunities and with a real focus on things that matter or relevant to the UA brand.

然後從服裝的角度來看，我們認為我們有能力利用 Under Armour 的強大力量，在服裝創新和我們正在做的事情上打動消費者的心時，它有點像粉筆。所以我們覺得我們有一個很好的機會。正如斯蒂芬妮所提到的，我們還在與一些外部專家以及服裝和鞋類方面的專家合作，以確保我們不遺餘力地讓我們擁有我們擁有的東西，比如 T -人們對我們的期望以及尋找合作機會並真正關注與 UA 品牌重要或相關的事情。

And our next question comes from Simeon Siegel from BMO Capital Markets.

我們的下一個問題來自 BMO Capital Markets 的 Simeon Siegel。

Welcome, Stephanie, look forward to meeting you in person soon. So your excitement for growth from here is really coming across, it's nice to year. Recognizing that Under Armour has always been about growth. Can you just elaborate a little bit more? And apologies if some of this gets repetitive, but it'd be interesting to hear what gives you comfort and the opportunity for growth now, maybe why it's different than the past? And then how you're thinking about the balance of growth versus the focus on improving profit dollars into '24 as you talk about the turnaround there and then into '25 as well and beyond.

歡迎您，斯蒂芬妮，期待很快與您見面。所以你對從這裡成長的興奮真的很明顯，這是一個很好的一年。認識到 Under Armour 一直致力於增長。你能再詳細一點嗎？如果其中一些內容重複出現，我深表歉意，但很高興聽到現在是什麼讓您感到舒適和成長的機會，也許為什麼它與過去不同？然後你是如何考慮增長的平衡與將利潤美元提高到 24 年的重點，因為你談到那裡的轉變，然後是 25 年和以後。

Sure, of course. What gives me so much confidence about our opportunity to grow the company significantly is the strong base we have in performance. I mean, it's -- I've been really lucky in my first 2.5 months to meet with some of our athletes and coaches and athletic directors, people like Justin Jefferson and coach Freeman from Notre Dame. I knew it before I came here, but it's even more apparent to me that athletes absolutely love Under Armour. They believe in the performance of our products. So we're coming from that place of strength as we lean into things like Sportstyle, which again triples our total addressable market. So that gets me excited. I went through the key elements of our strategy, which are really all about product, marketing and distribution at the end of the day and doing that in different ways, better product, marketing in different ways, distribution, growing the doors we're in from a wholesale perspective, being a better partner to our existing wholesale accounts, improving our own retail stores, improving our website, but why -- the devil is always in the details when you're running a company.

當然，當然。讓我對我們顯著發展公司的機會充滿信心的是我們在業績方面的強大基礎。我的意思是，在頭 2.5 個月裡，我真的很幸運能見到我們的一些運動員、教練和體育主管，比如來自聖母大學的賈斯汀杰斐遜和教練弗里曼。我來這里之前就知道了，但對我來說更明顯的是，運動員絕對喜歡 Under Armour。他們相信我們產品的性能。因此，當我們傾向於 Sportstyle 之類的東西時，我們正從那個地方出發，這再次使我們的總潛在市場增加了三倍。所以這讓我很興奮。我回顧了我們戰略的關鍵要素，這些要素實際上都是關於產品、營銷和分銷的，最終以不同的方式做到這一點，更好的產品，以不同的方式營銷，分銷，擴大我們所處的大門從批發的角度來看，成為我們現有批發客戶的更好合作夥伴，改進我們自己的零售店，改進我們的網站，但為什麼——當你經營一家公司時，細節總是決定成敗。

And to me, why I know we can pull this off is 3 things. And I mentioned this in my prepared remarks, but let me explain a little bit more, it's about focused execution and accountability. When I got here, there was a long, long list of projects and efforts that the company was trying to tackle. And a lot of what you've heard today, I recognize some of it isn't new. But what we've done is we've really narrowed down the list of projects and efforts for the next 3 years, so we can be laser-focused. Focus like leads to results. The second thing is about execution. It's all about making sure that we're breaking down silos across teams, the product teams, the marketing teams, the teams out in the regions running our business day in, day out. So I'm spending a lot of time and effort on how we work together as a team to drive the business. And then third, accountability, I am holding myself, my executive team, the entire team accountable for business results. and it's all about results at the end of the day.

對我來說，為什麼我知道我們可以做到這一點是三件事。我在準備好的發言中提到了這一點，但讓我再解釋一下，這是關於集中執行和問責制的。當我來到這裡時，公司正在努力解決一長串項目和努力。你今天聽到的很多內容，我承認其中一些並不新鮮。但我們所做的是，我們確實縮小了未來 3 年的項目和工作清單，因此我們可以專注於激光。專注會導致結果。第二件事是關於執行。這一切都是為了確保我們打破團隊之間的孤島，產品團隊，營銷團隊，以及日復一日運營我們業務的地區團隊。所以我花了很多時間和精力研究我們如何作為一個團隊一起工作來推動業務。第三，問責制，我要求我自己、我的執行團隊和整個團隊對業務結果負責。這一切都與一天結束時的結果有關。

I very much recognize the time for action is now. We need to deliver, and that's what I'm holding myself and the team accountable to. So it's not always the most glamorous part, but it's is the tactical things that have you pull off a strategy at the end of the day, focus, execution and accountability, and as we do that, we are laser-focused on driving the top line, but equally focused on driving bottom line and profitable growth. So I'm spending a lot of time understanding where the profit comes from an Under Armour and diving in deep to understand that side of the business, too. So at the end of the day, it's about driving profitable growth, and that is how we'll be measuring ourselves not only in fiscal year '24, of course, but in '25 and beyond where we think our efforts will really start to take off.

我非常認同現在是採取行動的時候了。我們需要交付，這就是我要求自己和團隊負責的事情。所以它並不總是最迷人的部分，但它是讓你在一天結束時制定戰略、專注、執行和問責制的戰術事情，而當我們這樣做時，我們專注於推動頂級線，但同樣專注於推動底線和盈利增長。因此，我花了很多時間了解 Under Armour 的利潤來自何處，並深入了解業務的這一方面。所以歸根結底，這是關於推動盈利增長，這就是我們不僅在 24 財年衡量自己的方式，當然，而且在我們認為我們的努力將真正開始的 25 年及以後脫掉。

That's great. And maybe just following up on that and maybe for you or for Dave. Just thinking about the composition of the moving pieces embedded in the gross margin guide for the full year? Any way to help think through those puts and takes?

那太棒了。也許只是跟進，也許是為了你或戴夫。僅考慮全年毛利率指南中嵌入的移動部分的構成？有什麼方法可以幫助思考這些 puts 和 takes？

Yes. I mean there's a couple of things that are going on there. Absolutely, we're excited about some of the tailwinds that we're seeing on the freight cost side, whether it be the ocean carrier rates that have normalized a lot, but also just a lot less utilization of air freight now that supply chain is more caught up and we're in a better spot there as well. But on the flip side, we're also being real relative to what's out in the market. There's some fairly heavy inventory levels out there, not just in North America, but a little bit in other parts of the world as well.

是的。我的意思是那裡正在發生一些事情。當然，我們對我們在貨運成本方面看到的一些順風感到興奮，無論是海運費率已經正常化很多，但現在供應鏈的空運利用率也大大降低更多的趕上了，我們也處於一個更好的位置。但另一方面，相對於市場上的情況，我們也是真實的。那裡的庫存水平相當高，不僅在北美，而且在世界其他地區也有一些。

And we want to make sure that we're planned to be able to move through that. And so that includes a little bit more sales to off-price channel, even though we're going to keep it within that 3% to 4% range of revenue. It also means that we will utilize our outlets more for even a higher percentage of excess product, which has a little bit of an impact on gross margin as well. So there's a couple of different things that are really going on there that kind of come into play. But what I'm more excited about, and Stephanie alluded to this a little bit, is stepping into fiscal '25. We do believe that the inventory situations out there are going to be much, much more normalized as we get into the back half of our fiscal year and certainly into fiscal '25. And we're doing a lot of different initiatives right now on our overall product costing structure, which we believe are going to have some real nice benefits in fiscal '25 and beyond as well.

我們希望確保我們計劃能夠通過它。因此，這包括更多的低價渠道銷售，儘管我們打算將其保持在 3% 到 4% 的收入範圍內。這也意味著我們將更多地利用我們的網點來生產更高比例的過剩產品，這對毛利率也有一點影響。因此，確實有一些不同的事情正在發揮作用。但讓我更興奮的是，斯蒂芬妮稍微提到了這一點，那就是進入 25 財年。我們確實相信，隨著我們進入本財年的後半段，當然也進入 25 財年，庫存情況將會更加正常化。我們現在正在對我們的整體產品成本核算結構採取許多不同的舉措，我們相信這將在 25 財年及以後帶來一些真正好的好處。

And our next question comes from Jay Sole from UBS.

我們的下一個問題來自瑞銀的 Jay Sole。

A couple of questions. Is it possible to sort of to give us like a high-level vision of sort of what your financial objectives are? I mean how big do you think Under Armour can be in terms of sales? What kind of operating profit margin should it have in your vision? And then maybe, Dave, for you, just on China, can you just talk about how the China business progressed in the quarter, and what you're expecting for China growth and fiscal '24. And at the same time, on the inventory, you mentioned some pack and hold. Can you just tell us how much pack and hold you're holding when you plan to sell that inventory? And how much confidence you have that inventory is going to stay fresh until the time you sell it?

幾個問題。是否有可能給我們一個關於您的財務目標的高級願景？我的意思是，您認為 Under Armour 的銷售額有多大？在你的願景中，它應該有什麼樣的營業利潤率？然後，戴夫，對於你來說，就中國而言，你能否談談本季度中國業務的進展情況，以及你對中國增長和 24 財年的預期。同時，在清單上，你提到了一些打包和存放。當您計劃出售該庫存時，您能告訴我們您持有多少包裝和持有量嗎？您對庫存在您出售之前保持新鮮有多大信心？

Sure. Well, I'll start, and then I'll flip it to Dave. But on your question about growth, I'm not ready to put a figure out there quite yet, but I am absolutely confident that we can grow this company significantly over the years ahead. Just a couple of statistics that I think about in that context, when our footwear business is only $1.5 billion today, that's great, but it's only 25%. So that's an area of exponential growth. I mentioned the women's business, relatively small. That's another area of exponential growth. So again, we have a lot of work to do over the coming weeks and months to flesh out the details of our plan in terms of our medium- to long-term growth targets, including our profit targets, which would incorporate our growth. The way we're thinking about gross margin. But again, not prepared to call the number today but absolutely prepared to call that we have significant growth ahead of us in the years ahead. But Dave, I'll flip it over to you for the questions on China, et cetera.

當然。好吧，我會開始，然後我會把它交給戴夫。但關於你關於增長的問題，我還沒有準備好給出一個數字，但我絕對相信我們可以在未來幾年顯著發展這家公司。在這種情況下，我想到了幾個統計數據，當我們的鞋類業務今天只有 15 億美元時，這很好，但它只有 25%。所以這是一個指數增長的領域。我提到了女性業務，相對較小。這是指數增長的另一個領域。因此，在接下來的幾周和幾個月裡，我們還有很多工作要做，以充實我們的中長期增長目標計劃的細節，包括我們的利潤目標，這將納入我們的增長。我們考慮毛利率的方式。但同樣，今天不准備打電話，但絕對準備好告訴我們在未來幾年我們有顯著的增長。但是戴夫，關於中國等方面的問題，我會轉交給你。

Yes. So China, again, I don't -- we couldn't be more proud of how the team navigated through fiscal '23. I mean if you think about the impacts from COVID early on in and then the lockdowns and then fighting our way back out of that. So really strong Q4 quarter for China and for APAC as an overall region. So very proud of the team there. Q4 did get a little extra benefit there from comping bigger COVID challenges the year prior and a little bit of a rebound coming out of the lockdown. So we're not anticipating that level of growth for APAC in fiscal '24, but definitely a very healthy growth rate for us, and we believe that we're well positioned to keep driving.

是的。所以中國，我再說一次——我們為團隊如何度過 23 財年感到無比自豪。我的意思是，如果你在早期考慮 COVID 的影響，然後考慮封鎖，然後我們努力擺脫這種影響。對於中國和整個亞太地區來說，第四季度真的很強勁。為那裡的團隊感到非常自豪。第四季度確實從前一年應對更大的 COVID 挑戰以及鎖定後的一點反彈中獲得了一些額外的好處。因此，我們預計 24 財年亞太地區的增長水平不會達到這種水平，但對我們來說絕對是一個非常健康的增長率，我們相信我們有能力繼續推動。

And that's an opportunity that's going to continue to be there for long term. I mean, we are still so small. So the opportunity to continue to expand doors expand even more relative to better and best product. There's just a lot of different options that we're going to continue to pursue out there. And relative to inventory, yes, we finished with a fairly high growth rate of inventory. But our inventory turns were still at about a 3 as we ended fiscal '23, which isn't a bad spot and inventory for us right now is very healthy.

這是一個將長期存在的機會。我的意思是，我們還是那麼小。因此，相對於更好和最好的產品，繼續擴大門的機會甚至更多。我們將繼續尋求很多不同的選擇。相對於庫存，是的，我們以相當高的庫存增長率結束。但在我們結束 23 財年時，我們的庫存周轉率仍保持在 3 左右，這不是一個壞點，而且我們現在的庫存非常健康。

There's not a lot of aged inventory at all. And in the pack and hold comment, we're sitting on probably about $175 million worth of inventory that we specifically are packing away and holding that we know we have demand for in fiscal '24 as opposed to kind of blowing it out at really low prices in the back half of fiscal '23. So that's a decision that we made, and we're comfortable with it based on being able to utilize our outlet stores to a bigger capacity in fiscal '23.

根本沒有很多陳舊的庫存。在打包並保留評論中，我們坐擁價值約 1.75 億美元的庫存，我們專門打包並持有我們知道我們在 24 財年有需求的庫存，而不是在非常低的時候將其吹掉23 財年下半年的價格。所以這是我們做出的決定，我們對此感到滿意，因為我們能夠在 23 財年利用我們的直銷店來擴大產能。

And so for us, we see inventory across the market being a little bit higher kind of in this Q1 and Q2 of our fiscal year, Q3 normalizing a little bit. And then by Q4, really in a good spot, and we're expecting actually to be down probably in the 13% to 14% range year-over-year inventory by the time we get to the end of our fiscal year. So that, again, should set us up very well to be able to run in a pretty clean way for fiscal '25.

所以對我們來說，我們看到整個市場的庫存在本財年的第一季度和第二季度有點高，第三季度有點正常化。然後到第四季度，確實處於一個好位置，我們預計到本財年結束時，庫存同比可能下降 13% 至 14%。因此，這應該再次讓我們做好準備，以便能夠在 25 財年以一種非常乾淨的方式運行。

And our next question comes from Bob Drbul from Guggenheim.

我們的下一個問題來自古根海姆的 Bob Drbul。

Stephanie, welcome. Best of luck. I just had a question for you, and then I have a follow-up for Kevin, a few still there. Besides the Chief Commercial Officer, can you just talk about any hiring priorities that you're focused on hiring targets, the needs in terms of the team that you really see besides the Chief Commercial Officer?

斯蒂芬妮，歡迎。祝你好運。我剛剛有一個問題要問你，然後我要跟進凱文，還有一些問題。除了首席商務官之外，您能否談談您關注招聘目標的任何招聘優先事項，除了首席商務官之外您真正看到的團隊方面的需求？

Sure. Absolutely. And good morning, Bob. Great to be with you. So the #1 job we're looking for right now or 1 of 2 is the chief commercial office job, consumer officer, pardon me. And where we've got a great slate of candidates lined up and hope to have that filled in the coming months. Another position that we are -- have out for search is a Chief Communications Officer. As I've mentioned, marketing and communications is going to be both together or going to be a critical part of how we tell our story to our athletes, our consumers and to you or other stakeholders. So those are 2 jobs that I'm currently looking for on my leadership team. And then I'm digging in deep to figure out the rest. Again, I've only been here 2.5 months.

當然。絕對地。早上好，鮑勃。很高興和你在一起。因此，我們現在正在尋找的第 1 份工作或 2 份工作中的 1 份是首席商務辦公室工作，消費者官，請原諒。我們已經排好了很多候選人名單，希望在接下來的幾個月裡填補空缺。我們正在尋找的另一個職位是首席傳播官。正如我所提到的，營銷和傳播將結合在一起，或者成為我們向運動員、消費者以及您或其他利益相關者講述我們故事的方式的關鍵部分。所以這些是我目前正在為我的領導團隊尋找的 2 份工作。然後我深入挖掘以找出其餘部分。同樣，我來這裡才 2.5 個月。

So I'm one of the reasons I'm so excited to have all of these direct reports to me in the interim, meaning I mentioned this in my prepared remarks, the head of brand marketing, sports marketing digital data and analytics is in this area, having an all report directly to me allows me to roll up my sleeves and get into the details and figure out what additional talents and capabilities we need, in particular in that area is just one example. And then the last point I'd make on talent because it's such an absolutely critical question that you've asked is we're also supplementing with bringing in outside talent to work with us on collaborations and things of that nature. So it's early days for me in terms of getting my arms around our needs in this space, but it is a very, very big area of focus for me, for sure.

因此，我很高興在此期間收到所有這些直接向我報告的原因之一，這意味著我在準備好的發言中提到了這一點，品牌營銷、體育營銷數字數據和分析的負責人就在這裡領域，直接向我報告所有情況讓我捲起袖子深入細節，弄清楚我們需要哪些額外的人才和能力，特別是在那個領域，這只是一個例子。然後是關於人才的最後一點，因為這是一個絕對關鍵的問題，你問的是我們也在補充引進外部人才與我們合作進行合作和類似的事情。因此，就我而言，在這個領域滿足我們的需求還為時過早，但對我來說，這是一個非常、非常大的關注領域，這是肯定的。

Great. And Kevin, just an [MVP] question for you, if I could. The warriors are down 3:1, I think, and I just wonder if you feel like that can bring these guys back.

偉大的。凱文，如果可以的話，只是問你一個 [MVP] 問題。勇士隊以 3:1 落後，我想，我只是想知道你是否覺得這能把這些人帶回來。

Yes. We're actually making Stephen a new superpower T-shirt to wear underneath of this uniform right now as well as dropping some of that into a sneaker too. I mean, it's cool between -- we now have 2 [MVPs] and the Rose between Joel and Stephen, watching both of them play. It's extraordinary. And so I think we're all waiting for those heroics again, with the things you can't believe will happen, but it should be pretty exciting, so both the Waters and the [76ers] fans, we're with you.

是的。我們實際上正在為 Stephen 製作一件新的超級大國 T 卹，現在可以穿在這件製服下面，並將其中的一些也放入運動鞋中。我的意思是，這之間很酷——我們現在有 2 個 [MVP] 和 Joel 和 Stephen 之間的 Rose，看著他們倆打球。這是非同尋常的。所以我認為我們都在再次等待那些英雄事蹟，那些你不敢相信會發生的事情，但這應該是非常令人興奮的，所以沃特斯和 [76 人] 的球迷，我們都和你在一起。

And our next question comes from Brian Nagel from Oppenheimer.

我們的下一個問題來自 Oppenheimer 的 Brian Nagel。

Stephanie, welcome. The first question I have is we're learning now to you about the new operating plan, the PTH 3. And obviously, we have your guidance. You talked about maybe in the response to the last question, some of the new hires you're looking for. But as we think about this and the repositioning, if you will, of the business, is there -- do you expect much investment there? Is there a need to continue to enhance sort of say, the core? Or is it more of a process type change more process type change in Under Armour?

斯蒂芬妮，歡迎。我的第一個問題是，我們現在正在向您學習新的運營計劃 PTH 3。顯然，我們有您的指導。您在回答上一個問題時談到了您正在尋找的一些新員工。但是當我們考慮這個和重新定位時，如果你願意的話，業務是否存在 - 你期望那裡有很多投資嗎？是否需要繼續增強核心？還是在 Under Armour 中更多的是過程類型更改更多的過程類型更改？

Well, I think we need both over time, both investment and then anything is always about people, process and systems, right? And so there is a talent element to what we're going to be pulling off with PTH 3. There is a system and process piece of it, and that will require investment over time. As Dave mentioned in his prepared remarks, we're laser-focused on expense control and simplifying and optimizing our cost structure. And as we do that and particularly in the short term, what it's going to allow us to do is redeploy resources against our top priorities, which links back to my plan on focus. So keeping our costs very much in line with where they should be. But I do think a lot of the things that we're going to do over the years ahead will require investment. I mean I'll use a real-life example.

好吧，我認為隨著時間的推移我們都需要投資，然後任何事情總是與人、流程和系統有關，對嗎？因此，我們將通過 PTH 3 實現的目標具有人才元素。它有一個系統和流程部分，這將需要隨著時間的推移進行投資。正如戴夫在他準備好的發言中提到的那樣，我們非常專注於費用控制以及簡化和優化我們的成本結構。當我們這樣做時，尤其是在短期內，它將允許我們做的是根據我們的首要任務重新部署資源，這與我的重點計劃相關聯。因此，使我們的成本與應有的水平保持一致。但我確實認為，我們未來幾年要做的很多事情都需要投資。我的意思是我將使用一個真實的例子。

We have a lot of work to do on our website and our app. I have a real vision for where we're going to take our website and our app. We've made some progress, improve things like site speed and product spec pages, more kind of the way the site works from a more tactical standpoint, but I have a much bigger vision of where we can take it. And it should be the -- one of the most premium ways we can bring our brand to the world. So things like investing in our digital assets will be a focus for us. So again, there's many more examples, but that's the one that comes to mind right away. But again, it is about -- it's about talent, it's about investment in systems and it's about process.

我們在網站和應用程序上有很多工作要做。我對我們將把我們的網站和我們的應用程序帶到哪裡有一個真實的願景。我們取得了一些進展，改進了網站速度和產品規格頁面等內容，從更具戰術性的角度改進了網站的工作方式，但我對我們可以把它帶到哪裡有更大的願景。它應該是——我們將品牌推向世界的最優質方式之一。因此，像投資我們的數字資產這樣的事情將成為我們關注的焦點。再一次，還有更多的例子，但這是我馬上想到的例子。但同樣，它是關於 - 它是關於人才，它是關於系統投資，它是關於流程。

And Brian, this is Dave. I would maybe just tack on a little bit there, just relative to cost structure and investments, I think we've proven that we've done a lot of work to be able to be more nimble from how we spend and where we invest and the leverage that we showed in fiscal '23. And you can see with the outlook for fiscal '24 that we're actually not showing really much leverage for fiscal '24. And that's primarily because of a few reasons. We do need to invest in a few of these areas, that Stephanie mentioned. And absolutely, we're going to be pressuring certain areas. And with that nimbleness, we're able to do so better than we have before. But we're also going to be pouring more into the areas that Stephanie mentioned or PTH 3 initiatives. So that's really one of the aspects that goes into the outlook that we've provided.

布萊恩，這是戴夫。就成本結構和投資而言，我可能會稍微強調一下，我認為我們已經證明我們已經做了很多工作，以便能夠更加靈活地控制我們的支出方式和投資地點，以及我們在 23 財年展示的槓桿作用。你可以從 24 財年的展望中看到，我們實際上並沒有顯示出 24 財年的真正槓桿作用。這主要是因為幾個原因。斯蒂芬妮提到，我們確實需要在其中一些領域進行投資。當然，我們將對某些領域施壓。憑藉這種靈活性，我們能夠比以前做得更好。但我們也將更多地投入到 Stephanie 提到的領域或 PTH 3 計劃中。所以這確實是我們提供的前景的一個方面。

That's very helpful. And then a follow-up, just with regard to inventories, so as we're hearing, again, a big component of this that the PTH 3 plant is a new product, better product. So is there really thought then with inventory still being elevated to more aggressively clearing out the product you have now in the near term before this new product is introduced?

這很有幫助。然後是關於庫存的後續行動，所以我們再次聽到 PTH 3 工廠是一種新產品，更好的產品的一個重要組成部分。那麼，在推出這種新產品之前，是否真的考慮過在庫存仍在增加的情況下，在短期內更積極地清理現有產品？

Yes, to a degree, Brian. I mean we started that in Q4. You saw us overdrive on revenue and at the detriment of gross margin because we took some of those opportunities in Q4. And as you think about our outlook for gross margin for fiscal '24, especially the first half, it has some of that expectation built in there as well. So -- but at the end of the day, I think as a reminder, even though our inventory growth rate seems fairly high, it's off of a very lean base. And therefore, when you look at the actual composition of our inventory right now, it is very healthy. There's not very much old or inactive SKUs. So our ability to be able to move through that fairly well and stay in that 3% to 4% mix range of off-price to normal sales, we feel very comfortable with that. So again, we will work through, and we'll get into an even better place than we are now. But we're very confident in the process and the tools we have laid out to be able to do that and then really be able to run into fiscal '25 with higher growth and also with kind of a smarter inventory build.

是的，在某種程度上，布賴恩。我的意思是我們在第四季度開始了。你看到我們在收入上超速增長並且損害了毛利率，因為我們在第四季度抓住了其中的一些機會。當你考慮我們對 24 財年毛利率的展望時，尤其是上半年，它也有一些這樣的預期。所以——但歸根結底，我想作為一個提醒，儘管我們的庫存增長率似乎相當高，但它的基礎非常薄弱。因此，當您現在查看我們庫存的實際構成時，它非常健康。沒有太多舊的或不活動的 SKU。因此，我們能夠很好地度過難關並保持在 3% 到 4% 的低價銷售與正常銷售的混合範圍內，我們對此感到非常滿意。因此，我們將再次努力，我們將進入一個比現在更好的地方。但我們對我們已經制定的流程和工具非常有信心能夠做到這一點，然後真正能夠以更高的增長和更智能的庫存構建進入 25 財年。

And our next question comes from Laurent Vasilescu with BNB Barbas.

我們的下一個問題來自 BNB Barbas 的 Laurent Vasilescu。

Dave, I wanted to ask about your comments regarding first quarter revenues down low- to mid-singles, noting the challenged U.S. marketplace. Can you maybe parse out a little bit more how much North America should be down for the first quarter? And then I think you mentioned for the overall revenues, sequential improvement for each quarter as the year progresses. Should we assume -- I know it's early on, but should we assume 2Q is the inflection point or is it going to be more 2H-waived?

戴夫，我想問一下你對第一季度收入下降的看法，注意到美國市場面臨挑戰。你能不能再分析一下北美第一季度應該下降多少？然後我想你提到了總收入，隨著時間的推移每個季度的連續改進。我們是否應該假設——我知道現在還很早，但我們應該假設 2Q 是拐點還是會被更多的 2H 豁免？

Yes. I guess a couple of things there. Yes, Q1 is going to be our most pressured revenue quarter. And when we think about that, that is going to be driven primarily by North America and primarily by wholesale within North America. And a lot of that has to do with a fairly cautious order book coming in from wholesale partners based on the levels of inventory that they were carrying towards the back half of our fiscal '23 and as we go into this year. So that's a big piece that's at play. We do see that or anticipate that, that is going to start to work its way out as we get further into our Q2 and then even more so by Q3. So we do see that Q1 is going to be the most challenged quarter for North America and as the biggest region, therefore, the most challenged quarter for global Under Armour.

是的。我猜有幾件事。是的，第一季度將是我們收入壓力最大的季度。當我們考慮到這一點時，這將主要由北美驅動，並且主要由北美境內的批發驅動。這在很大程度上與來自批發合作夥伴的相當謹慎的訂單有關，該訂單基於他們在我們 23 財年的後半段以及我們進入今年時所攜帶的庫存水平。所以這是一個重要的部分。我們確實看到或預計，隨著我們進入第二季度，到第三季度甚至更多，這將開始發揮作用。因此，我們確實看到，第一季度將成為北美最具挑戰性的季度，並且作為最大的地區，因此也是全球 Under Armour 最具挑戰性的季度。

And then we do see Q2 being the turning point back to growth, and we're excited to be able to keep driving forward from there. I think also, you'll see that with some of the pressures with wholesale buildup of inventory, you're going to see our direct-to-consumer outperform a little bit versus wholesale as we go through this year as well, which is something that we're completely fine with. We control the brand very well there, great display of all the different products and breadth and a place that we can start to shine relative to more and more curation around Sportstyle as we move forward.

然後我們確實看到第二季度是恢復增長的轉折點，我們很高興能夠從那裡繼續前進。我還認為，你會看到批發庫存增加帶來的一些壓力，你會看到我們今年的直接面向消費者的表現優於批發，這也是我們完全沒問題。我們在那裡很好地控制了品牌，很好地展示了所有不同的產品和廣度，並且隨著我們前進，相對於越來越多圍繞 Sportstyle 的策劃，我們可以開始大放異彩。

That's very helpful, David. And then maybe as a follow-up, I think you called out for international to grow mid-single-digit rate for this year. APAC is about 40% of your international business. Obviously, China is reopening, can you just maybe unpack a little bit more why international is sequentially slow? And then just a quick follow-up as well. CapEx spend is meaningfully up for this year $250 million to $270 million. Is that driven by the new HQ? Or you also anticipating new store growth for this year?

這很有幫助，大衛。然後也許作為後續行動，我認為你呼籲國際今年實現中等個位數的增長。亞太地區約佔您國際業務的 40%。很明顯，中國正在重新開放，你能不能再解壓一下，為什麼國際上的速度很慢？然後也只是快速跟進。今年的資本支出顯著增加了 2.5 億至 2.7 億美元。這是由新總部推動的嗎？或者您也期待今年的新店增長？

Yes. I think when we think about APAC, again, excited about what the team was able to drive through in fiscal '23. Keep in mind, Q4 of fiscal '23 for APAC, had some over-index benefits from comping the China COVID bigger issues a year prior, but also kind of the rebound out of the lockdowns in Q4. So we wouldn't necessarily expect that level of growth to continue into fiscal '24, but definitely healthy growth, especially in China, but really in all parts, Southern APAC, South Korea, et cetera. For us, though, we do look at the overall picture there. And there are still some heavy levels of inventory there as well. There's a lot of brands that have been closing doors. There's a lot of brands that have been really pushing through a lot of excess inventory more so than we have. And so we've got to be a little bit careful with what that looks like and how that impacts Under Armour.

是的。我認為，當我們再次想到亞太地區時，對團隊在 23 財年取得的成就感到興奮。請記住，亞太地區 23 財年第 4 季度從一年前處理中國 COVID 更大的問題中獲得了一些超指數收益，但也從第 4 季度的封鎖中反彈。因此，我們不一定期望這種增長水平會持續到 24 財年，但肯定會保持健康增長，尤其是在中國，但實際上在亞太地區南部、韓國等所有地區。不過，對我們來說，我們確實會看到那裡的整體情況。而且那裡仍然有一些大量的庫存。有很多品牌已經關門大吉。有很多品牌確實比我們更努力地處理大量過剩庫存。因此，我們必須謹慎對待它的外觀以及它對 Under Armour 的影響。

So obviously, we hope that we can be able to overdrive that, but we think we're planning prudently in this outlook. But when you think about CapEx, you are right. There is a larger increase in CapEx in fiscal '24 planned. Some of that is store growth around the world on an operated store growth. Some of that is also investing in e-com as Stephanie had mentioned, whether it be in the loyalty program, whether it be in further site speed, et cetera. But then, yes, there is a portion of that, that is the build-out of our headquarters, our new headquarters here in Baltimore, which is just going to be a magnificent place to show the brand and feel the energy of Under Armour with the track and field and the new teammate headquarter building.

很明顯，我們希望我們能夠超速行駛，但我們認為我們正在謹慎規劃這一前景。但是當您考慮資本支出時，您是對的。計劃中的 24 財年資本支出增加幅度更大。其中一些是全球範圍內經營門店增長帶來的門店增長。正如斯蒂芬妮提到的，其中一些還投資於電子商務，無論是在忠誠度計劃中，還是在進一步的網站速度方面，等等。但是，是的，其中有一部分是我們總部的擴建，我們在巴爾的摩的新總部，這將是展示品牌和感受 Under Armour 活力的絕佳場所田徑場和新的隊友總部大樓。

So that is a piece of it. However, we still plan and will manage CapEx within that 3% to 5% range of revenue, even including the headquarter build-out. So I think we're doing a great job of prioritizing there. We're certainly not holding back on driving into the revenue-generating aspects even on the IT front as we're investing in end-to-end planning. We're investing in retail POS, PLM system, transportation management, so a lot of great things that will continue to enable us more so in fiscal '25 as they're actually live and really working to our benefit. So a lot of exciting things that we're jumping into there.

這就是它的一部分。然而，我們仍然計劃並將資本支出控制在收入的 3% 至 5% 範圍內，甚至包括總部擴建。所以我認為我們在優先考慮方面做得很好。我們當然不會阻止在 IT 方面推動創收方面，因為我們正在投資端到端規劃。我們正在投資零售 POS、PLM 系統、運輸管理，所以很多偉大的事情將繼續使我們在 25 財年更加如此，因為它們實際上是真實存在的，並且真正為我們的利益而工作。所以我們正在跳入那裡的很多令人興奮的事情。

And our next question comes from Matthew Boss from JPMorgan. And this is our last question. Again, this is our last question from Matthew Boss.

我們的下一個問題來自摩根大通的 Matthew Boss。這是我們的最後一個問題。同樣，這是 Matthew Boss 提出的最後一個問題。

So Stephanie, you cited fiscal '24 as a year of building the brand. And then fiscal '25 is the opportunity to return to growth in North America. So maybe 2 questions. How do you view overall health of the brand today? And then as you've sized up the opportunities, what provides confidence in sustainable North American growth from here, or what is the material change in structure that you're really putting in place?

所以斯蒂芬妮，你將 24 財年列為打造品牌的一年。然後 25 財年是北美恢復增長的機會。所以也許有 2 個問題。您如何看待當今品牌的整體健康狀況？然後，當您審視機遇時，是什麼讓您對北美的可持續增長充滿信心，或者您真正實施的結構性重大變化是什麼？

So I'll start with the first part, what is the health of the brand today. I think as we noted in our prepared remarks and Kevin in some of his answers, we are very, very strong in the performance space, very strong there. And we have a very solid base business in the good part of the product pyramid where we're not as strong and where the brand needs to get healthier is in the better and best part of the product pyramid. And we also need to consistently execute across marketing and distribution. And I use the word in consistency, the way -- some of the challenges that Under Armour has faced very purposely because there are places where we really have done some great things. Heat gear, cold gear, compression would be an example. And more recently, Kevin talked about SlipSpeed. And when we execute well across the 4 Ps, product, price, place and promotion like we did with SlipSpeed, we win.

所以我將從第一部分開始，今天品牌的健康狀況如何。我認為正如我們在準備好的評論中和凱文在他的一些回答中指出的那樣，我們在性能領域非常非常強大，非常強大。我們在產品金字塔的良好部分擁有非常穩固的基礎業務，我們不那麼強大，而品牌需要變得更健康的地方是產品金字塔中更好和最好的部分。我們還需要在營銷和分銷方面始終如一地執行。我以一致的方式使用這個詞——Under Armour 非常有目的地面臨的一些挑戰，因為在某些地方我們確實做了一些偉大的事情。熱齒輪、冷齒輪、壓縮就是一個例子。最近，凱文談到了 SlipSpeed。當我們像 SlipSpeed 那樣在 4Ps、產品、價格、地點和促銷方面表現出色時，我們就贏了。

So I'd say the health of the brand is strong from a performance perspective, but needs to get healthier and grow in the better and best part of the product pyramid. And then the second part of your question was about my confidence that we can grow in fiscal year '25. And again, I have tremendous confidence that we can grow in fiscal year end '25 because we have all the basics, all the core basics and building blocks for growth in place. We have this strong base in terms of performance. I'd much rather be a performance brand leaning into Sportstyle than the other way around, right, to be a Sportstyle or dare I say, athleisure brand trying to get into performance. It's 2.5 decades of hard work to get that credibility on the performance side.

所以我想說，從績效的角度來看，品牌的健康狀況很好，但需要變得更健康，並在產品金字塔的更好和最好的部分成長。然後你問題的第二部分是關於我對我們可以在 25 財年實現增長的信心。再一次，我非常有信心我們可以在 25 財年結束時實現增長，因為我們擁有所有基礎知識、所有核心基礎知識和增長的基石。我們在性能方面擁有強大的基礎。我寧願成為一個傾向於 Sportstyle 的性能品牌，而不是相反，對，成為一個 Sportstyle 或者我敢說，一個試圖進入性能的運動休閒品牌。在性能方面獲得這種信譽需要 2.5 年的艱苦努力。

So I have tremendous confidence. Again, I'd go back to the relatively low numbers we have in footwear and women's as 2 examples of where we can really see exponential growth. And then a lot of it is putting the additional building blocks in place as it relates to talent, Dave just articulated some of the investments we're making on the systems side. I'm very bullish on our future in 2024 fiscal year 2024 is going to be the year where we get the building blocks in place even further.

所以我有極大的信心。再一次，我要回到我們在鞋類和女裝方面相對較低的數字，作為我們真正可以看到指數增長的兩個例子。然後很多都是在與人才相關的地方放置額外的構建塊，Dave 剛剛闡明了我們在系統方面進行的一些投資。我非常看好我們 2024 財年的未來，2024 年將是我們進一步構建基石的一年。

And I am showing no further questions.

我不再提出更多問題。

Great. Thank you, everyone.

偉大的。謝謝大家。

This concludes today's conference call. Thank you for participating. You may now disconnect.

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。