Under Armour Inc (UA) 2025 Q1 法說會逐字稿

Good morning. And welcome to the Under Armour first-quarter 2025 earnings conference call. (Operator Instructions) Please note this event is being recorded.

早安.歡迎參加 Under Armour 2025 年第一季財報電話會議。（操作員指示）請注意，此事件正在被記錄。

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

現在，我想將會議交給投資者關係、財務和企業發展部高級副總裁 Lance Allega。請繼續。

Good morning. And welcome to Under Armour's first quarter fiscal 2025 earnings conference call. Today's event is being recorded for replay. Joining us on today's call are Under Armour President and CEO, Kevin Plank; and CFO, Dave Bergman.

早安.歡迎參加 Under Armour 2025 財年第一季財報電話會議。今天的活動正在錄製以供重播。參加今天電話會議的有 Under Armour 總裁兼執行長 Kevin Plank 和財務長 Dave Bergman。

Our remarks today will include certain forward-looking statements that reflect Under Armour's management's current view of our business as of August 8, 2024. These statements may include projections for our business in the present and future quarters and fiscal years. Forward-looking statements are not guarantees of future business performance, and our actual results may differ materially from those expressed or implied in the views provided. Statements made are subject to risks and other uncertainties detailed in this morning's press release and documents filed regularly with the SEC, including our annual report on Form 10-K and our quarterly reports on Form 10-Q.

我們今天的言論將包括某些前瞻性陳述，這些陳述反映了 Under Armour 管理階層對我們截至 2024 年 8 月 8 日業務的當前看法。這些聲明可能包括對我們目前和未來季度和財政年度業務的預測。前瞻性陳述並不能保證未來的業務表現，我們的實際結果可能與所提供的觀點中表達或暗示的結果有重大差異。所作的聲明受到今天上午的新聞稿和定期向美國證券交易委員會提交的文件（包括我們的 10-K 表年度報告和 10-Q 表季度報告）中詳述的風險和其他不確定因素的影響。

Today's discussion may also include non-GAAP references. Under Armour believes these measures give investors a helpful perspective on underlying business trends. When applicable, these measures are reconciled to the most comparable US GAAP measures. Reconciliations, along with other pertinent information, can be found in this morning's press release and at about.underarmour.com.

今天的討論可能還會包括非 GAAP 參考。Under Armour 認為這些措施可以幫助投資人了解潛在的商業趨勢。在適用的情況下，這些指標會與最具可比性的美國 GAAP 指標相協調。您可以在今天上午的新聞稿和 about.underarmour.com 上找到對帳資訊以及其他相關資訊。

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

說完這些，我會把電話轉給凱文。

Thank you, Lance. And good morning, everyone, for joining us on today's call. With the first quarter of fiscal '25 behind us, I'm pleased that we started the year ahead of expectations, and I'm encouraged by the early progress we're making in executing our Protect This House strategy. At the center of this strategy, we've recently declared to our team and partners that Under Armour is a sports house, a term that we're using to define the landscape in which we compete. The sports industry's version of the only handful of brands from Europe who've earned the right to refer to themselves as fashion houses.

謝謝你，蘭斯。大家早安，歡迎參加今天的電話會議。25 財年第一季已經過去，我很高興我們今年的開局超出了預期，我們在執行「保護這座房子」戰略方面取得的早期進展也令我感到鼓舞。作為這項策略的核心，我們最近向我們的團隊和合作夥伴宣布，Under Armour 是一家運動品牌，我們用這個術語來定義我們的競爭環境。這是體育產業的版本，也是歐洲僅有的幾個有資格自稱為時尚品牌的品牌。

Across the sports brand landscape, we believe there are less than five brands that could be represented on this podium for sports globally, and that we are one of them, earned over our 29-year history the credibility to show up in virtually any athletic endeavor on the field, pitch or court as an outfitter, and be seen by athletes in the more than 100 countries where we do business today and are generally famous as an authentic brand, an authentic sports house brand.

在整個運動品牌領域，我們相信能夠登上全球體育領獎台的品牌不到五個，而我們就是其中之一，在 29 年的發展歷程中，我們贏得了信譽，作為裝備供應商出現在幾乎所有體育賽事的賽場、球場或球場上，並被今天我們開展業務的 100 多個國家的運動員看到，我們被普遍認為是一個真正的自有體育品牌，一個真正的自有體育品牌。

This rare era amongst the landscape of the sports industry is an aspect of UA that we feel is incredibly unique and just one of the attributes of strength we see for ourselves. We contemplate the opportunity that Under Armour has in front of us. We believe this authenticity gives us an advantage as we reconstitute our brand strength and execute our strategy.

在體育產業中，這個罕見的時代是 UA 的一個方面，我們認為這是非常獨特的，也是我們自己看到的優勢之一。我們認真思考 Under Armour 面臨的機會。我們相信，這種真實性在我們重建品牌實力和執行策略時會為我們帶來優勢。

To make that happen, this, of course, begins and ends with our culture, elevating its importance and visibility, raising the bar of our culture across the enterprise. And like our brand positioning work, we're also reconstituting this. Our culture is unique in how it describes our brand, the athletes we have, and the ones we plan to attract.

為了實現這一目標，當然，這始於並終於我們的文化，提升其重要性和知名度，並提高整個企業的文化標準。就像我們的品牌定位工作一樣，我們也在重塑這一點。我們的文化是獨一無二的，它描述了我們的品牌、我們擁有的運動員以及我們計劃吸引的運動員。

In this spirit, we've redefined who and what we stand for within our strategic plan. As discussed on our last call, the who we are being about athletes, sports, innovation, and passion. And we have a passion for, in its simplest definition, the underdog. The athlete who is not given all of God's gifts of talent. And despite what they're missing, is not tall or fast enough or strong or swift or clever enough for all those who have to stay late after practice to work on a skill or study harder than the rest, this is our underdog. And because of this, UA's athletes must use every resource and waking hour to make themselves better.

本著這種精神，我們在戰略計劃中重新定義了我們的立場和主張。正如我們上次通話中所討論的，我們關注的是運動員、運動、創新和熱情。用最簡單的定義來說，我們對弱者充滿熱情。上帝沒有賦予運動員全部天賦。儘管他們缺少某些特質，不夠高、不夠快、不夠強壯、不夠敏捷或不夠聰明，不適合那些必須在訓練後熬夜練習技能或比其他人更努力學習的人，但他們仍然是我們的弱者。正因為如此，UA 的運動員必須利用一切資源和清醒的時間來提升自己。

Said differently, we don't innovate as a brand for our athletes so that they can run up the score. We expect every product we build to provide an edge for our athletes just to give them a fighting chance to compete. This mentality is what drives our innovation agenda and manifests through grit, an oversized chip on the shoulder that is UA's beacon, an underdog spirit that can never be counted out. Each day, this UA team will operate with responsibility to do everything in our power to push the boundaries of innovation that makes athletes perform better. And above all else, we recognize the privilege and joy it is to work in sports.

換句話說，我們進行品牌創新並不是為了我們的運動員，以便他們可以提高分數。我們希望我們生產的每一款產品都能為我們的運動員提供優勢，讓他們有機會參加比賽。這種心態推動著我們的創新議程，並透過勇氣、作為 UA 燈塔的超大勇氣、永遠不可忽視的弱者精神表現出來。每一天，UA 團隊都會滿懷責任地工作，並盡力突破創新界限，讓運動員取得更好的成績。最重要的是，我們認識到從事體育工作是一種榮幸和快樂。

Our aspired culture will be the output of bringing this to life. In this effort, we must become more deliberate in everything we do, recognizing the difference between experimentation and intentionality, and have the right talent and agile decision-making abilities to ensure we can do this consistently at a high level. As such, we've invested meaningfully in experienced leaders to supercharge our ability to execute differently than in years past. We're not just building a company, we're building a brand. And the reason is that a brand is so much more valuable than just a company. We're building the UA brand with purpose. One iteration, one success, one day at a time.

我們所追求的文化將會成為實現這一目標的成果。在這個努力中，我們必須對所做的每件事更加慎重，認識到實驗和意向性之間的區別，並擁有合適的人才和敏捷的決策能力，以確保我們能夠始終如一地高水平地做到這一點。因此，我們對經驗豐富的領導者進行了有意義的投資，以增強我們與過去幾年不同的執行能力。我們不僅僅是在建立一家公司，我們還在建立一個品牌。原因在於品牌的價值遠高於公司本身的價值。我們有目的地打造 UA 品牌。一次迭代，一次成功，一天一天。

Looking back at the last four months since assuming the CEO Chair, we still have much work to do, but I'm proud of what's been accomplished to date, including implementing a nine-month go-to-market process to complement our 18-month calendar with the StealthForm Uncrushable Hat being our first delivered product and now available and in stock online. We also began the work to reduce our SKU/style count by 25%, implementing a category management structure and right sizing our organization with a headcount reduction that, while painful, is now complete. However, we're still building too.

回顧擔任執行長以來的四個月，我們仍有許多工作要做，但我對迄今為止所取得的成就感到自豪，包括實施為期九個月的上市流程，以補充我們 18 個月的日程表，其中 StealthForm Uncrushable Hat 是我們交付的第一款產品，現已在線上發售並有現貨。我們也開始著手將 SKU/款式數量減少 25%，實施品類管理結構，並透過裁員調整組織規模，雖然過程痛苦，但現在已經完成。然而，我們也仍在建設中。

This brings me to the announcement we made a couple days ago, the appointment of 30-year industry veteran, Eric Liedtke, as Under Armour's EVP of Brand Strategy. Following a 26-year career at Adidas, culminating in his roles as Brand President and Executive Board Member, we're thrilled to welcome him. Complimenting one of the strongest product teams we've had in nearly a decade, Eric's proven track record of transformational brand growth and strategy will be an incredible asset to our product and regional leaders and our broader executive leadership team at this crucial time. As EVP of Brand Strategy, Eric will oversee our brand marketing, corporate strategy, consumer insights, sports marketing, creative, and loyalty functions. In addition, Eric will be tasked with building out our marketing organization, including its go-forward leadership, that will report to him.

這讓我想起了我們幾天前宣布的消息，任命擁有 30 年行業經驗的 Eric Liedtke 為 Under Armour 的品牌策略執行副總裁。他在阿迪達斯工作了 26 年，最終擔任品牌總裁和執行董事會成員，我們非常高興地歡迎他。埃里克是我們近十年來最強大的產品團隊之一，他在轉型品牌成長和策略方面的出色表現將在這一關鍵時刻成為我們產品和區域領導以及更廣泛的執行領導團隊的寶貴財富。身為品牌策略執行副總裁，Eric 將負責監督我們的品牌行銷、企業策略、消費者洞察、運動行銷、創意和忠誠度職能。此外，埃里克還將負責組建我們的行銷組織，包括向他報告的未來領導層。

On our last call, we outlined what needed to be done immediately and distilled the key points of our strategy into a presentation that's now been delivered to all 16,000 UA teammates and taken on the road to our key retail partners, factories, and franchisees globally across North America, EMEA, and APAC. From quick hallway talks to two- to three-hour meetings and presentations, we had transparent two-way conversations to gain perspective about how to take better care of our brand. These interactions have provided well-rounded insights into our strengths and areas of opportunity, such as being faster and bringing products to market, more intentional and committed storytelling for our launches, serving as a better business partner, and driving deeper connections with athletes to ignite brand love.

在上次電話會議上，我們概述了需要立即採取的措施，並將戰略要點提煉成一份演示文稿，目前該演示文稿已分發給所有 16,000 名 UA 團隊成員，並分發給了我們遍布北美、歐洲、中東和非洲地區以及亞太地區的全球主要零售合作夥伴、工廠和特許經營商。從簡短的走廊談話到兩到三個小時的會議和演示，我們進行了透明的雙向對話，以獲得有關如何更好地照顧我們品牌的觀點。這些互動讓我們對自己的優勢和機會領域有了全面的了解，例如更快地將產品推向市場、更有目的性和更投入地講述我們的產品發布故事、成為更好的商業夥伴，以及與運動員建立更深層次的聯繫以激發對品牌的熱愛。

Constant theme across these exchanges, parallel to the spirit of many of our investor conversations, is the optimism in Under Armour's ability to deliver a premium positioning and unleash our full potential. In the product construct of good, better, and best, we believe that UA can do business in all three, including, as it relates to price, a unique characteristic of being an authentic sports podium brand. This is probably the most significant business advantage of being a sports house and why we believe we can drive a more premium positioning while not abandoning good level altogether. This range is one of the reasons I know we can attract A-plus talent to join us in this next chapter.

在這些交流中，與我們許多投資者對話的精神一致的主題是，對 Under Armour 能夠提供高端定位並釋放全部潛力的能力持樂觀態度。在好、更好和最好的產品結構中，我們相信 UA 可以在這三個方面開展業務，包括與價格相關的、作為正宗運動領獎台品牌的獨特特徵。這可能是作為一家體育用品公司最重要的商業優勢，也是我們相信我們可以在不完全放棄良好水平的情況下實現更高端定位的原因。我知道，這個範圍是我們能夠吸引優秀人才加入我們下一章的原因之一。

And this potential is evident. When we combine innovative products, outstanding design, and thoughtful storytelling, we delight athletes with performance solutions they never knew they needed and now cannot imagine living without. This, in conjunction with our strengthened product team and feedback based on early sharing of our evolving product line architecture, is encouraging. We aim to scale this more broadly across every product we make with renewed energy, story, clarity, and alignment across the company.

這種潛力是顯而易見的。當我們將創新的產品、出色的設計和周到的故事敘述結合在一起時，我們為運動員提供了他們從未意識到自己需要、現在無法想像沒有它們的生活的性能解決方案。這與我們加強的產品團隊以及基於我們不斷發展的產品線架構的早期分享的回饋相結合，令人鼓舞。我們的目標是透過整個公司新的活力、故事、清晰度和協調，將這一目標更廣泛地擴展到我們生產的每個產品。

With that, I'll highlight each element of our Protect This House strategy, starting with building better products and storytelling. Central to the evolution of our product organization has been the rearchitecture of leadership and structure over the past year. With Yassine Saidi leading a talented and experienced team of apparel, footwear, innovation, and design experts, by order of operations, product was the most immediate fix and, frankly, longest lead time UA needed to address. I'm very confident in the work this team is executing, including a more centralized vision across product merchandise and marketing that will enable us to correct our path and consistencies, always editing and innovating to drive our brand forward.

為此，我將重點放在「保護這棟房子」策略的每個要素，首先是打造更好的產品和講述更好的故事。過去一年來，我們產品組織變革的核心是領導與結構的重新架構。在 Yassine Saidi 的帶領下，一支才華橫溢、經驗豐富的服裝、鞋類、創新和設計專家團隊按照運營順序，產品是最需要解決的問題，坦率地說，也是 UA 需要解決的最長的交付週期。我對這個團隊正在執行的工作非常有信心，包括在產品商品和行銷方面更加集中的願景，這將使我們能夠糾正我們的道路和一致性，並始終進行編輯和創新以推動我們的品牌向前發展。

With new leadership also came new priorities, and we're progressing well with our category portfolio realignment. This brings greater simplicity to the business and adds focus to our core sports categories, yielding much clearer roles and responsibilities for our product teams to identify and execute go-to-market plans that are ideally optimized for the highest quantitative and qualitative returns.

新領導層也帶來了新的優先事項，我們的產品類別組合調整進展順利。這使得業務更加簡單，並更加關注我們的核心體育類別，為我們的產品團隊提供更清晰的角色和職責，以確定和執行理想情況下為獲得最高數量和質量回報而優化的上市計劃。

As mentioned on our last call, our fall/winter '25 season is when this team's efforts will begin to show up more robustly with new design language and improved balance between performance and style, a pivotal season that will build into subsequent ones. Yet that doesn't mean we're just sitting back, waiting for next year. We're working to elevate our core men's apparel business with a refined assortment, infusing it with industry-leading performance technologies in a more deliberate design direction.

正如我們上次電話會議中提到的那樣，我們的 25 年秋冬季是這個團隊的努力將開始更加有力地體現出來的季節，採用新的設計語言並改善性能和風格之間的平衡，這是一個關鍵的季節，將延續到後續季節。但這並不代表我們只是坐等明年。我們正致力於透過精緻的品種來提升我們的核心男裝業務，並在更慎重的設計方向上融入業界領先的性能技術。

At the same time, we're sequencing investments in our footwear and women's businesses to reinvigorate consideration among two of our largest long-term growth opportunities. We're also shifting towards a head-to-toe approach across our largest categories by employing key franchises, trend-right styles and innovations to underscore an always-on authenticity.

同時，我們正在對鞋類和女裝業務進行有序投資，以重新激發人們對我們兩個最大的長期成長機會的關注。我們也透過採用關鍵特許經營權、流行風格和創新來強調始終如一的真實性，從而對我們最大的類別採取從頭到腳的理念。

Looking at the season ahead, fall/winter '24, we're going to see an uptick in our sportswear offering with more to and from wearing occasions for the 16- to 24-year-old varsity team sport athlete who we target. This includes the launch of high-performance streetwear and Unstoppable, versatile style and athletic performance of Meridian, elevated warm-ups and sport-inspired looks in our Icon Fleece collection, Infinite and Phantom Running launches. And finally, in basketball, the Curry 12, along with the first signature shoe for De'Aaron Fox of the Sacramento Kings.

展望即將到來的24年秋冬季，我們將看到運動服的供應量上升，我們的目標客戶是16至24歲的校隊運動員，他們將有更多穿著運動服的場合。其中包括推出高性能街頭服飾和 Unstoppable、Meridian 的多功能風格和運動性能、Icon Fleece 系列中的高級熱身和運動風格外觀、Infinite 和 Phantom Running 系列。最後，在籃球方面，我們推出了 Curry 12，以及薩克拉門托國王隊的 De'Aaron Fox 的首款簽名鞋。

Our next most significant effort is driving improved demand creation ecosystem through compelling storytelling and aligned merchandising. We've begun to optimize our marketing organization, including efforts to clean up our messaging, particularly in North America.

我們接下來最重要的努力是透過引人入勝的故事敘述和協調的商品推銷來推動改善需求創造生態系統。我們已經開始優化我們的行銷組織，包括努力清理我們的訊息，特別是在北美。

A great example is our use of performance marketing. Last year, when we sent an e-mail to consumers, two-thirds of these messages were about discounts or promotions, and one-third were focused on full price selling and storytelling. This year, that ratio is now inverted, which, although early, is showing signs of positive traction and perception. So it's encouraging to imagine how a year's impact might improve our brand affinity.

一個很好的例子就是我們對績效行銷的運用。去年，當我們向消費者發送電子郵件時，其中三分之二的信息是關於折扣或促銷的，三分之一的信息則側重於全價銷售和講故事。今年，這一比例已經發生逆轉，儘管為時過早，但已顯示出積極的牽引力和認知跡象。因此，想像一下一年的影響可能會如何提高我們的品牌親和力，這是令人鼓舞的。

In addition to not simply leading on the retail floor or online with price, we will ensure that we are telling a story about the product advantages with messaging focused on premium franchises and inspirational connections around key retail and sports moments.

除了不僅在零售店或網上以價格領先之外，我們還將確保通過專注於優質特許經營權和圍繞關鍵零售和體育時刻的鼓舞人心的聯繫的信息來講述產品優勢的故事。

In North America, upcoming back-to-school activations highlight key franchises across team sports, apparel, footwear and sportswear styles. The Elite 24 basketball showcase this coming weekend in New York City, and our All-America Volleyball and American Football events in Orlando in January give us an excellent platform to connect even more deeply with young team sport athletes.

在北美，即將到來的返校活動重點突出了團隊運動、服裝、鞋類和運動服款式的關鍵特許經營權。本週末在紐約市舉行的 Elite 24 籃球賽以及 1 月在奧蘭多舉行的全美排球和美式足球賽事為我們提供了一個絕佳的平台，讓我們可以與年輕的團隊運動員進行更深入的交流。

In Asia Pacific, Stephen Curry will be taking his first tour across China since 2019 this September. And we're generating brand heat through social media and activations, leading to millions of new followers and thousands of new member enrollments in just the first few days. With four major cities on tap, we look forward to September's tour and the energy will bring to the Chinese market.

在亞太地區，史蒂芬·庫裡將於今年9月開啟2019年以來的首次中國之旅。我們透過社群媒體和活動來提高品牌熱度，光是頭幾天就吸引了數百萬新粉絲和數千名新會員。四大城市已準備就緒，我們期待九月的巡演以及它將為中國市場帶來的活力。

In Europe, across EMEA, football has been a sharp point in driving brand affinity with youth in unlocking our sportswear consideration. Activations during critical sports moments, including the English Premier League, Champions League Final, and the Euro Championships, focused on our iconic HeatGear Compression apparel and the Clone Magnetico Boot featuring a young stable of UA athletes including Toni Rudiger of Real Madrid, Eddie Nketiah of Arsenal. We are very much in this conversation in European football.

在歐洲，在整個歐洲、中東和非洲地區，足球一直是推動品牌與年輕人產生親和力、激發我們對運動服關注的關鍵點。在英超聯賽、歐洲冠軍聯賽決賽和歐洲盃等關鍵體育時刻的激活活動重點關注我們標誌性的 HeatGear Compression 服裝和 Clone Magnetico Boot，其中包括皇家馬德里的 Toni Rudiger、阿森納的 Eddie Nketiah 等一批年輕的 UA 運動員。我們在歐洲足球界非常熱衷於討論這個問題。

We're also increasing our investment in paid social media influencers. Over the next few years, we intend to double the number of influencers in our creator program to lean into fresh new content to drive reach and engagement. In line with this, we signed Universe Miami women's college basketball players, Haley and Hanna Cavinder to a multi-year partnership. This serves as a metaphor for tying together sport authenticity and influencer relevance. With nearly 7 million followers across Instagram and TikTok, it's great to welcome them to the brand.

我們也增加了對付費社群媒體影響者的投資。在接下來的幾年裡，我們打算將創作者計畫中的影響者數量增加一倍，以依靠新鮮的內容來推動影響力和參與度。為此，我們與邁阿密大學女子籃球隊球員 Haley 和 Hanna Cavinder 簽訂了多年合作協議。這是將體育真實性與影響力相關性結合在一起的隱喻。Instagram 和 TikTok 上擁有近 700 萬粉絲，我們很高興歡迎他們加入我們的品牌。

Another first quarter highlight was demonstrating staying on our front foot with collegiate assets, including extending our partnership with the University of Maryland to be the exclusive outfitter of athletics program, including 19 varsity sports and universities club in intramural sports. With now seven Power 4 teams for UA, 85 Division 1 squads, and 350 Division 2 and Division 3 schools, our NCAA presence is a testament to Under Armour being a brand that athletes trust, a true sports house.

第一季的另一個亮點是展示了我們在大學資產方面的領先地位，包括擴大與馬裡蘭大學的合作夥伴關係，使其成為體育項目的獨家裝備供應商，其中包括 19 個校隊運動和大學校內體育俱樂部。目前，UA 擁有 7 支 Power 4 球隊、85 支 Division 1 球隊以及 350 所 Division 2 和 Division 3 學校，我們在 NCAA 的存在證明了 Under Armour 是一個深受運動員 Under Armour 的品牌，一個真正的運動品牌。

We also announced our new partnership with USA Football as the official and exclusive uniform apparel and footwear provider, including the US Men's and Women's National teams. This is also an excellent opportunity to have a front and center grassroots pathway to defining flag football across more than 1 million member athletes by integrating it into our existing UA Next platform. We're very excited about this, especially as it leads to Flag Football's debut at the 2028 Summer Olympics in Los Angeles, where UA will be the official outfitter for Team USA competing on the grid iron.

我們也宣布與美國足球協會建立新的合作夥伴關係，成為其官方獨家製服服裝和鞋類供應商，其中包括美國男子和女子國家隊。這也是一個絕佳的機會，透過將其整合到我們現有的 UA Next 平台中，我們可以為超過 100 萬名會員運動員提供一條定義腰旗橄欖球的核心草根途徑。我們對此感到非常興奮，尤其是因為它將引領腰旗橄欖球在 2028 年洛杉磯夏季奧運會上首次亮相，屆時 UA 將成為美國隊在橄欖球場上比賽的官方裝備供應商。

And speaking of the Olympics, with more than 70 athletes from 26 countries across 28 sports representing UA, we've had a fantastic roster on the world's largest, most famous athletic stage. A few callouts of course are Stephen Curry and Kelsey Plum on the US Men's and Women's Basketball teams; New York City Marathon winner, Sharon Lokedi, representing Kenya at her first games; and Fermin Lopez, a key Spanish player, who's led his team to the final of the Olympic football tournament by scoring four goals and two assists in just five games.

說到奧運會，來自 26 個國家、28 個運動項目的 70 多名運動員代表 UA 參賽，我們在世界上最大、最著名的體育舞台上展現了出色的實力。當然，值得一提的有美國男籃和女籃的斯蒂芬·庫里和凱爾西·普拉姆、首次代表肯尼亞參賽的紐約市馬拉松冠軍莎朗·洛凱迪以及西班牙隊關鍵球員費爾明·洛佩茲，他在五場比賽中攻入四個球並有兩次助攻，帶領球隊闖入奧運會足球錦標賽決賽。

Next up is our second strategic priority, running smarter plays and our work to optimize our business to clean up unnecessary complexity, meaning growth by constraint. Our approach here is simple, test all existing rules to determine how to take advantage of all business dimensions more efficiently. Accordingly, no area is left unturned, and all systems, structures, and processes must have a clear and well-defined purpose and output and definition of success.

接下來是我們的第二個策略重點，即採取更聰明的策略並優化我們的業務以消除不必要的複雜性，即在約束下實現成長。我們的方法很簡單，測試所有現有規則以確定如何更有效地利用所有業務維度。因此，沒有一個領域會被遺漏，所有系統、結構和流程都必須有明確的目的、輸出和成功的定義。

Though a difficult decision, our restructuring program has given us a head start in streamlining the organization. During the quarter, we rightsized our workforce and are executing various transformational initiatives and advancing considerations around facilities, software, and other areas. As a result of some of this work, we've begun laying out projects to automate tasks and decision-making processes, using both traditional and AI solutions to unlock data-driven insights and operational improvements. So very promising for long-term efficiency gains.

儘管這是一個艱難的決定，但我們的重組計劃使我們在精簡組織方面取得了領先。在本季度，我們調整了員工隊伍，並正在執行各種轉型計劃，以推進圍繞設施、軟體和其他領域的考慮。作為部分工作的成果，我們已經開始規劃專案以自動化任務和決策流程，使用傳統和人工智慧解決方案來解鎖數據驅動的洞察力和營運改善。因此，長期效率提升前景十分光明。

An output of complexity led to the creation of, frankly, too many products that, without proper segmentation and marketplace differentiation, have challenged brand affinity. In this respect, I've tasked our team with achieving a 25% SKU reduction over the next 18 months, and we're making solid progress towards this objective. This is not, however, a blanket strategy across our good, better, best construct, nor does it apply to all categories equally. We're being surgical in this effort, distorting toward areas of opportunity with the highest returns, both financially and strategically, from a brand building perspective, and purposely over-indexing towards better and best level products as we elevate our brand positioning.

坦白說，複雜性的產出導致創造了太多產品，這些產品沒有適當的細分和市場差異化，對品牌親和力提出了挑戰。在這方面，我已要求我們的團隊在未來 18 個月內將 SKU 減少 25%，我們正在朝著這一目標穩步前進。然而，這並不是一個涵蓋「好」、「更好」、「最好」構造的統一策略，也不是平等地適用於所有類別。我們正在進行這項努力，從品牌建立的角度轉向財務和策略回報最高的機會領域，並在提升品牌定位的同時，有意識地過度關注更好、最佳水平的產品。

We're also working to become smarter and more efficient by modernizing our supply chain, with two primary objectives: improving our end-to-end planning and cross-channel capabilities, led by Chief Supply Chain Officer, Shawn Curran. Our end-to-end planning work spans multiple disciplines, aiming to enhance our ability to plan better and protect our consumers' needs, to optimize our assortments and manage inventory across regions, channels, and retail doors. We've also started a multiyear distribution logistics modernization initiative to enable cross-channel capabilities to optimize cost, maximize speed, ensure inventory availability, and increased service levels across our DTC and wholesale businesses.

我們也致力於透過現代化我們的供應鏈變得更加智慧和高效，主要有兩個目標：在首席供應鏈長 Shawn Curran 的領導下，改善我們的端到端規劃和跨通路能力。我們的端到端規劃工作涵蓋多個學科，旨在提高我們更好地規劃和保護消費者需求的能力，優化我們的產品組合併管理跨地區、跨通路和跨零售門市的庫存。我們還啟動了一項多年分銷物流現代化計劃，以實現跨渠道能力，從而優化成本、最大限度地提高速度、確保庫存可用性並提高我們的 DTC 和批發業務的服務水平。

That takes us to our third priority, elevating consumer experiences, where we're focused on driving excellence across our direct-to-consumer and wholesale businesses. In DTC, the first quarter marked the beginning of our journey to elevate our North American e-commerce business toward a more significant and premium consideration. As expected, our e-commerce revenue was down, driven by roughly a third fewer promotional days than last year. However, positively, the percentage of full-price sales in our digital channel rose significantly, along with a reduced mix of outlet and clearance sales. So although still in the early days of this strategy, we're optimistic about initial performance metrics which include higher average order values.

這將引出我們的第三個優先事項，即提升消費者體驗，我們專注於推動直接面向消費者和批發業務的卓越發展。在 DTC 領域，第一季標誌著我們開始將北美電子商務業務提升到更重要、更高端的水平。正如預期的那樣，我們的電子商務收入下降，因為促銷天數比去年減少了約三分之一。然而，正面的一面是，我們數位通路的全價銷售比例大幅上升，同時奧特萊斯和清倉銷售的比例減少。因此，儘管該策略仍處於早期階段，但我們對包括更高的平均訂單價值在內的初始績效指標持樂觀態度。

Regarding physical retail, we're focused on delivering service excellence and identifying areas to improve, upselling, repeat business, and profitability. To support this, we're testing a new full-price brand house concept and are pleased with the initial results, seeing an improvement in productivity and revenue per visitor. With cleaner sight lines and more curated product assortment, including nearly 50% fewer SKUs and an evolved in-store presentation, athletes can more easily see and feel the power of the Under Armour brand. All of this will come together even more beautifully later this year as we open our new flagship store at our new headquarters here in Baltimore before the end of December.

對於實體零售，我們專注於提供卓越的服務並確定需要改進的領域、追加銷售、重複業務和獲利能力。為了支持這一點，我們正在測試一種新的全價品牌屋概念，並對初步結果感到滿意，看到生產力和每位訪客的收入都有所提高。透過更清晰的視線和更精心策劃的產品分類，包括減少近 50% 的 SKU 和改進的店內展示，運動員可以更輕鬆地看到和感受到 Under Armour 品牌的力量。今年晚些時候，我們將在 12 月底之前在巴爾的摩的新總部開設新的旗艦店，所有這一切將更加完美地融合在一起。

In our Factory House outlets, we're digging in to optimize this business better, especially in North America, which is critical to balancing future revenue and margin opportunities. During the quarter, we initiated trials with mixed results as we dialed various promotional levels up and down to assess volume and ASP impacts, an excellent test and learn as we solidify our go-forward strategies. We're also working to change our assortment and segmentation, including less made-for-outlet products, SKU reductions, elevated visual presentations, and full price selling, all geared at harnessing this platform more effectively to generate capital for other parts of our business.

在我們的工廠直銷店，我們正在深入研究如何更好地優化這項業務，特別是在北美，這對於平衡未來的收入和利潤機會至關重要。在本季度，我們啟動了多項試驗，結果好壞參半，因為我們調高和調低了各種促銷水平來評估銷量和平均售價的影響，這是我們鞏固前進戰略的極好的測試和學習。我們也致力於改變我們的產品組合和細分，包括減少專賣店產品、減少庫存量單位 (SKU)、加強視覺展示和全價銷售，所有這些都是為了更有效地利用這個平台為我們業務的其他部分創造資本。

Our loyalty program is also giving us an added boost in realizing improved long-term growth, profitability and higher brand engagement. With less than a year under our belts in North America, UA Rewards has grown quickly, and its performance has been a positive contributor. The program has nearly 5 million members and is growing month by month. It's exciting, too, that about half of recent enrollments are new to the brand. This is an excellent sign of expanding our reach with unique visitors. Further, nearly 60% of our North American DTC revenue comes from UA Reward members. And we're showing roughly 50% higher revenue per consumer, along with a threefold increase in the 90-day repurchase rate compared to non-members. So very encouraging for the long term.

我們的忠誠度計劃也為我們實現長期成長、獲利能力和更高的品牌參與度提供了額外的推動力。UA Rewards 進入北美市場不到一年，但發展迅速，業績表現積極。該計劃擁有近 500 萬會員，會員數量還在逐月增長。令人興奮的是，最近註冊的學員中約有一半都是該品牌的新學員。這是我們擴大獨立訪客覆蓋範圍的絕佳訊號。此外，我們北美 DTC 營收的近 60% 來自 UA Reward 會員。與非會員相比，我們的每位消費者收入提高了約 50%，90 天回購率提高了三倍。從長遠來看，這非常令人鼓舞。

Now, shifting to wholesale. Following meetings with key global retail partners, I'm happy to report that they are encouraged by our progress and optimistic about the potential of our strategy. As mentioned, it will take time for the wholesale channel to inflect. We must allow for improved storytelling to take shape.

現在，轉向批發。在與全球主要零售合作夥伴會面後，我很高興地報告，他們對我們的進展感到鼓舞，並對我們的策略潛力感到樂觀。如上所述，批發通路的轉變需要時間。我們必須讓更好的故事敘述方式成形。

In the interim, we're changing the script on what it means to be a UA partner and are committed to strengthening our crucial account relationships in each distribution tier. In addition to working out improved segmentation with our current mix of products, we're partnering on better integrated planning and joint marketing opportunities.

在此期間，我們正在改變 UA 合作夥伴的定義，並致力於加強我們與各個分銷層級的關鍵客戶關係。除了利用我們現有的產品組合來改善細分之外，我們還在合作實現更好的綜合規劃和聯合行銷機會。

In closing, though early in our journey to reconstitute Under Armour's brand strength, we're making tangible progress in building a more premium product offering. We're running smarter plays by tightening up our SG&A, reducing SKUs and materials, and beginning to elevate consumer shopping experiences.

最後，儘管我們重建 Under Armour 品牌實力的旅程才剛開始，但我們在打造更優質的產品方面取得了切實的進展。我們正採取更明智的舉措，縮緊銷售、一般及行政開支、減少庫存單位和材料，並開始提升消費者購物體驗。

Amid the early progress we're making and Eric coming on board to fill a critical missing piece of our puzzle through the marketing lens, we'll continue to empower and evolve our culture to reduce complexity and be more deliberate in everything we do. I have every confidence that our improving level of execution will result in a better presentation of the Under Armour brand through building this sports house. There is much to do, but we're undeniably back on offense.

在我們取得早期進展的同時，艾瑞克也將加入我們，透過行銷視角填補我們難題中缺少的關鍵部分，我們將繼續增強和發展我們的文化，以減少複雜性，並使我們所做的每一件事更加慎重。我完全有信心，透過打造這個運動之家，我們不斷提高的執行水平將使 Under Armour 品牌得到更好的展示。還有很多事情要做，但不可否認的是，我們已經重新開始進攻。

With that, I'll hand it over to Dave for more details on the results and outlook. Dave?

說完這些，我將把話題交給戴夫，讓他提供有關結果和前景的更多詳細資訊。戴夫？

Thanks, Kevin. Starting right in with the results of our first quarter of fiscal 2025, which came in better than our outlook. Revenue was down 10% to $1.2 billion, with a 14% decline in North America due to softer full-price wholesale demand and lower sales to the off-price channel. Our DTC business was also down during the quarter, driven mainly by a decline in our e-commerce business, resulting from proactive strategies to reduce promotional activity, and a decline in our retail store sales.

謝謝，凱文。從我們 2025 財年第一季的業績開始，業績就好於我們的預期。營收下降 10% 至 12 億美元，其中北美地區下降 14%，原因是全價批發需求疲軟以及折扣通路銷售額下降。本季我們的 DTC 業務也出現下滑，主因是我們的電子商務業務下滑（由於採取主動策略減少促銷活動）以及零售店銷售額下滑。

Revenue in EMEA was flat on a reported and currency-neutral basis, with strength in our DTC business, partially offset by a slight decline in wholesale. APAC revenue was down 10%, or down 7% on a currency-neutral basis, driven by declines in our wholesale and DTC businesses amid a softening macro that impacted consumer traffic, and a highly competitive and promotional environment in the region.

歐洲、中東和非洲地區的收入在報告和貨幣中性基礎上持平，我們的 DTC 業務表現強勁，但批發業務的輕微下滑部分抵消了這一增長。亞太地區收入下降了 10%，以貨幣中性計算下降了 7%，這是由於宏觀經濟疲軟影響了消費者流量，以及該地區競爭激烈、促銷環境緊張，導致批發和 DTC 業務下滑。

In Latin America, revenue was up 16%, or up 12% on a currency-neutral basis, with solid growth among regional distributors.

在拉丁美洲，收入增長了 16%，按貨幣中性計算則增長了 12%，區域分銷商實現了穩健增長。

From a channel perspective, first quarter wholesale revenue was down 8%, driven by softer demand in our full price and distributor businesses, along with lower sales to the off-price channel. Direct-to-consumer revenue declined 12%, with a 25% decline in e-commerce as we work to evolve this channel to a more premium positioning via lower promotions and discounts. And sales from our owned and operated retail stores were down 3%. Licensing was down 14% due to declines in our North American and Japanese businesses.

從通路角度來看，第一季批發收入下降 8%，原因是全價和經銷商業務需求疲軟，以及折扣通路銷售額下降。直接面向消費者的收入下降了 12%，電子商務收入下降了 25%，因為我們正努力透過減少促銷和折扣將這一管道發展到更高端的定位。我們自有和經營的零售店的銷售額下降了 3%。由於北美和日本業務的下滑，許可業務下降了 14%。

By product type, apparel revenue was down 8%, with declines across most categories, partially offset by relative strength in golf. Footwear was down 15%, with declines across most categories, partially offset by relative strength in outdoor and golf. And our accessories business was down 5%.

按產品類型劃分，服裝收入下降 8%，大多數類別均出現下滑，但高爾夫的相對強勢部分抵消了這一下滑。鞋類銷售額下降了 15%，大多數類別均出現下滑，但戶外用品和高爾夫用品的相對強勢部分抵消了這一下滑。我們的配件業務下降了5%。

Our first quarter gross margin was up 110 basis points to 47.5%. This increase was driven by 170 basis points of pricing benefits due to lower levels of discounting and promotions, mainly in our direct-to-consumer business because of our actions to drive a more premium positioning of our brand, and 40 basis points of supply chain benefits related to lower product costs and lower inventory reserves, partially driven by our first quarter overdrive. These benefits were partially offset by 60 basis points of headwinds from unfavorable regional and channel mix shifts and 50 basis points of unfavorable foreign currency impacts.

我們第一季的毛利率上升了110個基點，達到47.5%。這一增長主要歸因於 170 個基點的定價效益，這主要歸因於我們為推動品牌更高端定位而採取的行動，即直接面向消費者的業務中的折扣和促銷活動減少，以及 40 個基點的供應鏈效益，這些效益與產品成本降低和庫存儲備減少有關，部分原因是我們第一季的超速行駛。這些好處被不利的區域和渠道組合轉變帶來的 60 個基點的阻力以及不利的外匯影響的 50 個基點的部分抵消。

Our first quarter gross margin outperformance relative to the outlook we gave in May was due to three main factors. First, we were even less promotional than planned in our DTC business, as we started to test strategies for also reducing promotional activity in our Factory House outlet stores, including less depth in discounts, which was not contemplated in our prior outlook. Second, inventory reserve needs were lower than planned given a lower inventory balance and healthier overall composition. Third, we had some additional trailing benefits from year-over-year freight cost improvements compared to what was anticipated in our prior outlook.

我們第一季的毛利率優於我們五月給的預期，主要有三個因素。首先，我們在 DTC 業務中的促銷力度比計劃的還要小，因為我們開始測試減少 Factory House 直銷店促銷活動的策略，包括減少折扣力度，這在我們之前的展望中是沒有考慮到的。其次，由於庫存餘額較低且整體結構較健康，庫存儲備需求低於計劃。第三，與我們先前的預測相比，貨運成本較去年同期改善為我們帶來了一些額外的收益。

Moving down the P&L. Our SG&A expenses increased 42% to $837 million in the first quarter. Excluding a litigation reserve net of an insurance receivable and transformation expenses, adjusted SG&A expenses were down 6% to $555 million. This was mainly due to ongoing cost management actions including headcount reductions and lower marketing expenses for the quarter.

降低損益。第一季度，我們的銷售、一般及行政費用增加了 42%，達到 8.37 億美元。不包括扣除保險應收款和轉型費用的訴訟準備金，調整後的銷售、一般和行政費用下降 6% 至 5.55 億美元。這主要歸功於本季持續的成本管理措施，包括裁員和降低行銷費用。

During the quarter, we recognized $25 million of restructuring charges and incurred $9 million of transformational expenses booked in SG&A. We have now realized $34 million of the estimated $70 million to $90 million in anticipated charges and expenses under our existing plan.

在本季度，我們確認了 2500 萬美元的重組費用，並發生了 900 萬美元的轉型費用，計入銷售、一般及行政費用。根據我們現有的計劃，我們現在已經實現了預計費用和開支中的 3400 萬美元，而預計費用和開支總額為 7000 萬至 9000 萬美元。

Bringing this together, we had an operating loss of $300 million or, excluding the litigation reserve, transformation expenses and restructuring charges, our adjusted operating income was $8 million. On the bottom line, we realized a diluted loss per share of $0.70 or an adjusted diluted earnings per share of $0.01. These results were ahead of our outlook due to our revenue and gross margin overdrive and better SG&A expense control.

綜合起來，我們的營業虧損為 3 億美元，或者，不包括訴訟準備金、轉型費用和重組費用，我們的調整後營業收入為 800 萬美元。最終，我們實現了每股攤薄虧損0.70美元，調整後每股攤薄收益0.01美元。由於我們收入和毛利率的大幅提升，以及銷售、一般及行政費用（SG&A）控制的改善，這些業績超出了我們的預期。

From a balance sheet perspective, inventory was down 15% compared to last year, which was ahead of our expectations, due to our revenue outperformance and effective inventory management. We continue to expect that our year-end inventory will be in line with fiscal '24.

從資產負債表的角度來看，由於我們的收入表現優異且庫存管理有效，庫存較去年同期下降了 15%，這超出了我們的預期。我們仍然預計我們的年終庫存將與 24 財年持平。

At the end of the quarter, after paying down the remaining $81 million outstanding balance of our convertible senior notes, and purchasing $40 million of Class C common stock which retired 5.9 million shares, we had no borrowings under our $1.1 billion revolving credit facility, and a strong cash position of $885 million.

截至本季末，在償還了剩餘的 8,100 萬美元可轉換優先票據未償還餘額，併購買了 4,000 萬美元的 C 類普通股（贖回了 590 萬股）後，我們在 11 億美元的循環信貸額度下沒有借款，並且擁有 8.85 億美元的強勁現金狀況。

Shifting next to our fiscal '25 outlook. Our expectation that full year revenue will decline at a low double-digit percentage rate has not changed. In summary, we exceeded our expectations in North America during the first quarter, and thus, we are modestly improving our full year expectation for the region to now be down 14% to 16%. However, the North American improvement in our full year forecast is expected to be offset by increasing market pressures in APAC for the balance of the year.

接下來轉向我們的 25 財年展望。我們對全年收入將以低兩位數百分比下降的預期沒有改變。總而言之，我們在第一季超越了對北美市場的預期，因此，我們小幅上調了該地區全年的預期，目前預計該地區的全年銷售額將下降 14% 至 16%。然而，我們預計全年預測中北美市場的改善將被今年剩餘時間內亞太地區市場壓力的增加所抵銷。

Next, we expect a low single-digit percentage decline in our international business. Within that, I'd like to give some regional color given the divergence in recent results between APAC and EMEA, and thus, balance of year expectations. For fiscal '25, we expect revenue in EMEA to be flat as we continue to protect the brand strength we've built in the region amid an uncertain macro environment. In APAC, we anticipate revenue will be down at a high single-digit percentage rate, reflecting lower consumer demand and traffic trends.

接下來，我們預期國際業務將出現個位數的低百分比下降。在此之中，考慮到亞太地區和歐洲、中東和非洲地區近期業績的差異，我想給出一些區域性差異，從而平衡年度預期。對於 25 財年，我們預計 EMEA 地區的收入將保持平穩，因為我們將繼續在不確定的宏觀環境下保護我們在該地區建立的品牌實力。在亞太地區，我們預期收入將以高個位數百分比下降，反映出消費者需求和客流量趨勢的下降。

Moving to gross margin. Although we saw a significant better-than-anticipated results in our first quarter, our expectation for a 75 basis points to 100 basis points improvement for the full year has not changed. There are three main reasons for this Q1 overdrive not passing through to the full year. First, emerging ocean freight cost headwinds. Second, developing negative impacts from changes in foreign currency. And third, a more unfavorable channel mix due to lower licensing sales and challenged margins in the off-price channel.

轉向毛利率。儘管我們第一季的業績明顯好於預期，但我們對全年業績改善 75 個基點至 100 個基點的預期並沒有改變。第一季的強勁成長未能延續至全年，主要有三個原因。首先，海運成本面臨新的阻力。二是匯率變動產生負面影響。第三，由於授權銷售額下降和折扣通路利潤率受到挑戰，導致通路組合更加不利。

Relative to SG&A, excluding the litigation reserve expense and the midpoint of total estimated charges and related expenses of our restructuring plan, adjusted SG&A is expected to decline at a low to mid-single-digit percentage rate. This includes anticipated savings of approximately $40 million in fiscal '25 from restructuring actions this year. Adjusted operating income is now anticipated to reach $140 million to $160 million, up $10 million from our prior outlook. And adjusted diluted earnings per share is expected to be $0.19 to $0.22.

相對於銷售、一般及行政費用 (SG&A)，不包括訴訟準備金費用以及重組計劃中預計的總費用和相關費用的中點，調整後的銷售、一般及行政費用預計將以低至中等個位數百分比下降。其中包括今年透過重組措施預計在 25 財年節省約 4,000 萬美元。調整後的營業收入目前預計達到 1.4 億美元至 1.6 億美元，比我們先前的預測高出 1,000 萬美元。調整後每股攤薄收益預計為 0.19 美元至 0.22 美元。

Next, I'd like to give some color on our expectations for our second quarter fiscal '25, starting with revenue, which we expect to be down approximately 12% compared to the prior year. This decline assumes continued wholesale softness and proactive strategies to reduce promotional activities in our DTC business, particularly in North American e-commerce.

接下來，我想對我們對 25 財年第二季的預期做一些說明，首先是收入，我們預計收入將比上年下降約 12%。這種下降是由於批發業務持續疲軟以及我們採取主動策略減少 DTC 業務（尤其是北美電子商務）的促銷活動。

Second quarter gross margin is anticipated to be up 20 basis points to 30 basis points due to benefits from lower product costing and less DTC discounting, partially offset by more expensive ocean freight and unfavorable foreign currency impacts.

由於產品成本降低和 DTC 折扣減少，預計第二季毛利率將上升 20 個基點至 30 個基點，但被更高的海運費和不利的外匯影響部分抵消。

Adjusted SG&A is expected to decline at a high single-digit rate in the second quarter, partially driven by approximately 4 percentage points to 5 percentage points from an anticipated insurance recovery related to litigation expenses paid in prior periods. Additionally, this decline includes lower expenses related to headcount reductions and a shift in the timing of marketing expenses, which will be considerably higher in our third quarter.

預計第二季調整後的銷售、一般及行政費用將以高個位數速度下降，部分原因是預期與前期支付的訴訟費用相關的保險賠償將下降約 4 個百分點至 5 個百分點。此外，這一下降還包括與裁員相關的費用減少以及行銷費用時間的轉變，這些費用在第三季將大幅增加。

This takes us to an expected second quarter adjusted operating income of $110 million to $120 million, and an $0.18 to $0.20 of adjusted diluted earnings per share.

這使我們預計第二季調整後的營業收入將達到 1.1 億美元至 1.2 億美元，調整後的每股攤薄收益將達到 0.18 美元至 0.20 美元。

Finally, some color on how we expect our cash to evolve in fiscal '25. After funding our legal settlement payment in the second quarter with cash on hand and our expected cash flow generation in fiscal '25, we expect to end the year with approximately $500 million in cash and no borrowings outstanding on our $1.1 billion revolver.

最後，我們來詳細說明我們預計 25 財年的現金將如何變化。在第二季以庫存現金支付法律和解金以及預計在 25 財年產生現金流之後，我們預計到年底我們將擁有約 5 億美元的現金，並且 11 億美元的循環信貸中沒有未償還的借款。

Now, to close out today's prepared remarks, I'd underscore that we are encouraged by the early progress we're making to reconstitute the Under Armour brand and are tracking well against our strategies. With a leadership team and culture that gets more decisive quarter-by-quarter, we will continue to test and learn as we optimize our Protect This House strategy. And we are confident in our ability to establish the premium positioning we know the Under Armour brand deserves, and set a higher-quality revenue base that leads to improved, sustainable growth, and profitability over the long term.

現在，在結束今天的準備好的發言時，我想強調的是，我們對重建 Under Armour 品牌所取得的早期進展感到鼓舞，並且我們的策略進展順利。憑藉逐季變得更加果斷的領導團隊和文化，我們將繼續測試和學習，優化我們的「保護這棟房子」策略。我們有信心，我們有能力建立 Under Armour 品牌應得的高端定位，並建立更高品質的收入基礎，從而實現長期改善、可持續的成長和獲利能力。

With that, we'll open it up for questions. Operator?

接下來，我們將開始回答問題。操作員？

(Operator Instructions) Jay Sole, UBS.

（操作員指示）Jay Sole，瑞銀。

Great. Thank you so much. Kevin, it's clear you see some good progress happening in the business. Can you just tell us about what gives you confidence in the company's ability to deliver on the sales growth guidance that's implied in the guidance for the second half of the year and what you see happening there?

偉大的。太感謝了。凱文，很明顯你看到業務上取得了一些良好的進展。您能否告訴我們，是什麼讓您對公司實現下半年指引中所暗示的銷售成長目標的能力充滿信心，以及您認為未來會發生什麼？

Yeah. Thanks, Jay. I believe that we're -- I think we've got a really healthy view of the business right now. I think that what we did on the last call is we put ourselves in a position to make the best decisions for the brand. I've introduced this term sports house that we took to our partners and, frankly, to our team and anyone around this business, of just understanding of sort of getting lost up in the moment of the day. We recognize where we are. We're not crazy about it. But we're also doing something to change, I think, the weather.

是的。謝謝，傑伊。我相信我們—我認為我們現在對業務有一個非常健康的看法。我認為我們在上次通話中所做的就是讓自己能夠為品牌做出最佳決策。我已經向我們的合作夥伴，坦白說，我們的團隊以及這個行業中的任何人介紹了「運動之家」這個術語，只是為了理解在一天中的某個時刻迷失的感覺。我們知道自己身在何處。我們對此並不瘋狂。但我認為，我們也在做一些事情來改變天氣。

And so the effect that we're having, I think, is, number one, just slowly prudently putting the best team together, which is everything. I think really getting after our strategy, which is something that I don't think it's been off, I think it's been a matter of execution. And so making sure that our team is super clear on what the objectives are and what the definition of success is. And so the addition of -- the ability to attract A+ talent like bringing Eric on board is probably a great proof positive that we're heading in the right direction with that.

所以我認為，我們所取得的效果首先就是慢慢地、謹慎地組成最好的團隊，這才是最重要的。我認為真正實現我們的策略，我認為這並沒有偏離，而是一個執行的問題。因此，要確保我們的團隊非常清楚我們的目標是什麼以及成功的定義是什麼。因此，增加吸引 A+ 人才的能力（例如讓 Eric 加入）可能是我們正朝著正確方向前進的有力證明。

So I feel good. And I think there's a lot of macro things that are going on right now that may affect what or where we are in the world. But we've got our head down and there's certainly no -- there's not a lot of high fives yet, but there's definitely a growing sense of, in terms of what we've accomplished to date, there's definitely a sense of what's coming, and we're very proud of that.

所以我感覺很好。我認為目前正在發生的許多宏觀事件可能會影響我們在世界上的地位和地位。但我們已經埋頭苦幹，當然還沒有——還沒有太多的慶祝，但就我們迄今為止所取得的成就而言，我們肯定越來越有感覺，肯定有一種對即將到來的事情的感覺，我們對此感到非常自豪。

Got it. Okay. Thank you so much.

知道了。好的。太感謝了。

Thank you, Jay.

謝謝你，傑伊。

Bob Drbul, Guggenheim.

古根漢美術館的鮑伯‧德布爾。

Good morning. Just a couple of questions for me. The first one, Kevin, on the business overall, you seem to have a sharper direction in product. Can you comment a little more on the evolution of your marketing, how long until you feel more confident about that? And then when you think about the brand marketing, what's working, what's not working? Where do you think you can do a better job? And what does Eric bring to the table on that? Thanks.

早安.我只想問幾個問題。第一個問題，凱文，就整個業務而言，你似乎對產品有更清晰的方向。您能否再多評論一下你們的行銷變革，多久才會對此更有信心？然後，當您考慮品牌行銷時，什麼是有效的，什麼是無效的？您認為哪些方面可以做得更好？那麼 Eric 對此有何看法呢？謝謝。

Thank you. On the last call, I think we did a good job laying out the importance of product story and region and those three things working. We've also done a good job as part of the presentation that we took really around the world to our key partners and teammates, et cetera. And we told them that what's critical for Under Armour to do is to make sure that we're bringing in a talent. And I think if you look at the way that this table has evolved, the executive leadership team table has evolved over the last, frankly, 8 to 10 months. It's pretty significant.

謝謝。在最後一次通話中，我認為我們很好地闡述了產品故事和地區的重要性以及這三件事的作用。我們在向世界各地的主要合作夥伴、隊友等進行演示方面也做得很好。我們告訴他們，對 Under Armour 來說，至關重要的是確保我們引進人才。我認為，如果你看一下這個表格的演變方式，你會發現高階主管領導團隊表格在過去的 8 到 10 個月裡已經改變了。這非常重要。

And product was a metaphor that I used to describe, is where we brought in some A+ talent between John Varvatos, Yuron White, and of course, you're seeing who's heading that function up. But what makes them so powerful is the fact that they're joining a team of leaders of partners that we already have here in the business of Dan Kerarus, 13 years; Kyle Blakely, 15 years; Jeanette Robertson, who's another dozen years at UA. We just have this a real depth, I think, of talent. And so I feel the same way of the impetus of someone like an Eric joining our business of being able to balance out that troika of product, story and region, of what we can do from a storytelling standpoint. And obviously, the biggest need, and I'll come back to marketing in a second, the biggest need that we have is we need to be aggressive in North America. And I just want to go back to people and being able to reference a partner that I have and someone like Kara Trent, who's leading there for us.

產品是我用來描述的一個比喻，我們引進了 John Varvatos、Yuron White 等一些 A+ 人才，當然，你也看到了誰在領導這項職能。但是，他們之所以如此強大，是因為他們加入了我們公司現有的合作夥伴領導團隊，其中包括在 UA 工作了 13 年的 Dan Kerarus、在 UA 工作了 15 年的 Kyle Blakely 和在 UA 工作了 12 年的 Jeanette Robertson。我認為，我們確實擁有深厚的才華。因此，我對像艾瑞克這樣的人加入我們公司的動力有著同樣的感受，他能夠平衡產品、故事和地區這三駕馬車，從講故事的角度看我們可以做些什麼。顯然，我們最大的需求，我馬上就會回到行銷問題上，我們最大的需求就是我們需要在北美積極進取。我只是想回到人們中間，能夠提到我的合作夥伴和像卡拉特倫特這樣的人，他們在那裡領導著我們。

And so you're -- there's definitely a new mix, but it's something which I think is a formula. So we're just -- we're stabilizing the business. We're being consistent with the strategy right now. And frankly, after a very probably too long of a time and extended period of time of the ability to bring in a professional like Eric, who -- my priority is, when getting Eric here, was number one, just landing the plane with someone who is such a terrific A+ talent from the industry. But I was also thinking about how we could get them horizontal as quickly as possible. And so that's why the role of marketing is something that will really, I think, is the unlock for the brand. The terrific products are important, but I do feel like we're a company that's been left more to just selling on the logo and a price tag next to it versus articulating the actual depth of story that we have available about each incredible product that we build.

所以你——這肯定是一種新的混合，但我認為這是一種公式。所以我們只是——我們正在穩定業務。我們目前正在堅持這項策略。坦白說，經過很長一段時間，我才有能力引進像 Eric 這樣的專業人士——我的首要任務是，當 Eric 來到這裡時，我首先要做的就是讓這位業內如此出色的 A+ 人才加入我的團隊。但我也在思考如何才能盡快讓它們水平放置。所以我認為，這就是為什麼行銷的角色是真正釋放品牌的潛力。優質的產品固然重要，但我確實覺得，我們公司更多的只是依靠標誌和旁邊的價格標籤來銷售，而不是清晰地表達我們製造的每一款令人難以置信的產品背後的故事。

So we're a company that spent $500,000 million -- will be spending $500,000 million in marketing, just last year and this year. And I'm not sure that that's felt. And so there's a tremendous opportunity for us to go attack our 16- to 24-year-old varsity athlete consumer and do it in a very authentic way. We spent a lot of time just focused on the gym.

因此，我們是一家花了 5000 億美元的公司——光是去年和今年，我們在行銷上的花費就將達到 5,000 億美元。我不確定是否有這種感覺。因此，我們有巨大的機會去吸引 16 至 24 歲的校隊運動員消費者，並以一種非常真實的方式去做。我們花了很多時間專注於健身房。

And while that's important, we want to be focused on the field. We want to articulate our story through that voice and the products that will come from it. It's not just the time where these athletes are on the field either, but it's really focusing on the to and from and what sportswear can mean for us. Because I believe the opportunity for UA is different in sportswear than maybe it is for other brands. But the way that we're going to convey that story is going to be a little bit different. We're going to do it through the authenticity that we have on the field, court, and pitch.

雖然這很重要，但我們希望專注於該領域。我們希望透過這種聲音以及由此產生的產品來表達我們的故事。這不僅僅是這些運動員在賽場上的時間，而是真正關注的是運動服的來去以及運動服對我們意味著什麼。因為我相信 UA 在運動服飾領域的機會與其他品牌不同。但我們講述這個故事的方式會有些不同。我們將透過在球場、賽場和球場上的真實性來做到這一點。

Thank you.

謝謝。

Simeon Siegel, BMO Capital Markets.

西蒙‧西格爾 (Simeon Siegel)，BMO 資本市場。

Thanks. Hey, everyone. Morning. Hope you're having a nice summer. So Kevin, nice to see the first step in the brand reelevation. Just when you think through the North America resets and that 25% fee reduction you mentioned, could you elaborate a little bit more on how that plays in terms of reducing specific categories to explore its retail partners price points? Just you alluded to it, but maybe any more thoughts on how you're going to approach that would be helpful. And just as you think about that reduction, how are you thinking about units versus price expectations within the revenue guide? Thank you.

謝謝。嘿，大家好。早晨。希望你有個愉快的夏天。所以凱文，很高興看到品牌重塑的第一步。當您考慮北美重置和您提到的 25% 費用降低時，您能否詳細說明這在減少特定類別以探索其零售合作夥伴價格點方面的作用？您只是間接提到了這一點，但如果您能再多想想如何處理這個問題，也許會有所幫助。當您考慮減少量時，您如何考慮收入指南中的單位數與價格預期？謝謝。

Yeah. Thanks, Simeon. I think we're going to be really thoughtful. As I said in my prepared remarks, this isn't going to be just one fell swoop. We're going to be thoughtful. We're going to be strategic and surgical with where we decide to make trims.

是的。謝謝，西緬。我認為我們會非常認真考慮。正如我在準備好的演講中所說，這不會是一蹴可幾的。我們會深思熟慮。我們將採取策略性和精準性來決定進行哪些調整。

But frankly, the idea of the 25% SKU reduction, it's as much of a metaphor for the organization today as there's not a person in the world who doesn't feel like they've got too much on their plate. So the ability to remove 25% of the work is an ambition for the team. And with that, you're reducing everything from factory visits to lab dip approvals and all the other work in basis that comes with it.

但坦白說，將 SKU 減少 25% 的想法，對於當今的組織來說，就像一個隱喻，因為世界上沒有一個人不覺得自己有太多的事情要做。因此，減少 25% 的工作量是該團隊的目標。這樣一來，您就可以減少從工廠參觀到實驗室浸漬審批以及隨之而來的所有其他工作。

But as we've said, to be an Under Armour product, that's got to be a process. And that has to be something which has to be vetted and gone through in a way which is -- it needs to be special. It can't just be another T-shirt or another shoe. It needs to be a true piece of performance product that actually makes -- helps make you better. And what we haven't done is we haven't done a good enough job, I believe, communicating that. And so ensuring that, as we say in our vision statement, provide you with performance products you never knew you needed, and once you try them, can't imagine living without, feels like the -- an opportunity that we need to get behind.

但正如我們所說，要成為 Under Armour 產品，這必須有一個過程。這必須經過審查並通過，而且必須是特殊的。它不能只是另一件 T 卹或另一雙鞋。它必須是一款真正具有性能的產品，並且能夠真正幫助您變得更好。我認為，我們在傳達這一點方面做得還不夠好。因此，正如我們在願景聲明中所說的那樣，確保為您提供您從未想過需要的高性能產品，並且一旦您嘗試過它們，就無法想像沒有它們的生活，這感覺就像是——我們需要支持的一個機會。

So I think it really becomes simple too, Simeon, is that we're going to focus on our base layer compression product. It's really just going back to the foundations of the business. But we also have some things that have been working out and being prudent for us like our Unstoppable collection. It's getting behind when we've got Sharon Lokedi that will be competing this weekend in the marathon wearing our Velociti Elite 2 Runner is something which is incredible. The SlipSpeed program is something that we're going to get back behind. But we want to make sure that Under Armour isn't just selling a brand on a T-shirt. It's not just a logo, it needs to be more. And so contextualizing what that means for consumers is something which we're really definitely focused on.

因此，我認為事情變得非常簡單，西蒙，我們將專注於我們的基礎層壓縮產品。這其實只是回歸業務的基礎。但我們也有一些事情一直在努力並且對我們來說是謹慎的，例如我們的 Unstoppable 系列。當我們有 Sharon Lokedi 穿著我們的 Velociti Elite 2 Runner 參加本週末的馬拉鬆比賽時，我們落後了，這真是太不可思議了。我們將重新啟用 SlipSpeed 計畫。但我們希望確保 Under Armour 不只是在 T 恤上銷售品牌。它不僅僅是一個標誌，它還需要更多。因此，我們真正關注的是將其對消費者意味著什麼。

And not trying to do everything. We're not trying to boil the ocean. So we want to be incredibly deliberate and specific with the products that we're going after and making sure that we're doing a great job of articulating the story as to why the performance benefits. Because that's the thing for me that as I've had to sit and sort of maybe watch the business from distance, it's something where I'm looking and saying the unleash that we have and the ability to articulate the incredible stories of the powers of the fabrics, the moisture management, the compression, the regenerative capabilities that are in things like UA Rush or Vanish, as we call it today, these are the opportunities that we have. So every Under Armour product is something which is special and unique. And I feel like we're going to make sure that we get credit for that.

並且不要試圖做所有的事情。我們並不是想煮沸海洋。因此，我們希望對所要推出的產品進行極其慎重和具體的說明，並確保我們能夠很好地闡明性能優勢的原因。因為對我來說，當我不得不坐下來，從遠處觀察這項業務時，我所看到的和所說的，是我們擁有的釋放，以及表達面料的力量、水分管理、壓縮、再生能力等令人難以置信的故事的能力，就像我們今天所說的 UA Rush 或 Vanish 一樣，這些都是我們擁有的機會。因此，每款 Under Armour 產品都是特別且獨特的。我覺得我們會確保我們能因此獲得讚譽。

That's really great. That's exciting. Dave, any thoughts on the units versus price in the guide? And then just if I can also just throw one more. Looking at what you repurchased this quarter, how are you thinking about the approach to buybacks just given where the stock is? It seems like you're retaking brand control and recognizing the cash settlement. Thanks, guys.

這真是太棒了。這太令人興奮了。戴夫，對於指南中的單位與價格有什麼看法？然後如果我還能再投一次的話。看看您本季回購的股票，考慮到股票的現狀，您如何考慮回購的方式？看起來您正在重新奪回品牌控制權並承認現金結算。謝謝大家。

Sure. Yeah. I mean I think adding on to what Kevin said, from a price value perspective, we are definitely focusing more on ASP and ASP growth. When you think about the SKU reduction, we are trying to target a little bit more reduction in kind of the good level product and protect and really be able to invest in kind of the better and best level product, all at the same time that we're working our way out of some of the deeper discounting and promotions, especially within North America e-comm.

當然。是的。我的意思是，我認為，除了凱文所說的之外，從價格價值的角度來看，我們肯定會更加關注 ASP 和 ASP 成長。當您考慮 SKU 減少時，我們試圖將優質產品的降價幅度再加大一些，並保護並真正能夠投資於更好、最佳水平的產品，同時我們正在努力擺脫一些更深層次的折扣和促銷，特別是在北美電子商務領域。

So when you kind of bring that whole equation together, that should lead to driving continued gross margin expansion, which we think is super important for the brand and for the overall business. So that is part of that strategy that comes into play, and trying to make sure that we're balancing relative to the SKU development and the higher-margin product versus lower margin product. And also how that plays into segmentation and continuing to kind of step forward better and better in how we segment, which we've taken some good strides in the last year or two, but there's still some more room to go there as well.

因此，當你將整個等式放在一起時，這應該會推動毛利率的持續擴張，我們認為這對品牌和整體業務都非常重要。所以這是該策略發揮作用的一部分，並試圖確保我們在 SKU 開發和高利潤產品與低利潤產品之間取得平衡。還有它在細分中發揮的作用，以及我們在細分方面如何不斷取得更好的進步，在過去的一兩年裡我們已經取得了一些良好的進展，但仍有一些進步的空間。

Relative to the share buyback program, obviously, we are pleased to have the new $500 million program set up. We executed on $40 million of that in Q1. And understanding that we've had some pretty big cash outflows recently with the settlement and paying down the convertible debt, we are continuing to kind of look at our future cash flow and making sure that we've got the war chest that we want to continue to protect for any kind of curves in the road as we had to deal with recently, or being able to invest in new ideas and new talent and new experiences similar to the recent UNLESS acquisition that we're working through. So I don't know that we're going to pursue the share buyback in a huge way this year, but we are going to continue to evaluate it each quarter and make moves as prudent, especially with thinking where the stock price is right now.

相對於股票回購計劃，顯然我們很高興能設立新的 5 億美元計劃。我們在第一季執行了其中的 4000 萬美元。並且了解到我們最近在結算和償還可轉換債務方面出現了相當大的現金流出，我們將繼續關注未來的現金流，並確保我們擁有足夠的資金來應對我們最近必須應對的任何困難，或者能夠投資於新想法、新人才和新經驗，類似於我們正在進行的最近的 UNLESS 收購。因此，我不知道我們今年是否會大規模地進行股票回購，但我們會繼續每季進行評估，並採取謹慎的行動，尤其是考慮到目前的股價。

Great. Thanks a lot, guys. Best of luck for the rest of the year.

偉大的。非常感謝大家。祝您今年餘下的時間一切順利。

Thank you.

謝謝。

Thank you.

謝謝。

Geoff Lowery, Redburn.

傑夫‧洛厄裡 (Geoff Lowery)，雷德伯恩。

Yeah. Afternoon, team. I appreciate that the US is your main focus at the moment. But could you talk a little bit more about the performance of the brand in the EMEA and APAC? And how much is market versus your own reset activity in those regions? Thank you.

是的。下午好，團隊。我很欣賞您目前主要關注的是美國。但是您能否再多談談該品牌在歐洲、中東和非洲地區以及亞太地區的表現？在這些地區，市場與您自己的重置活動相比有多少差異？謝謝。

Yeah. Thank you very much. We'll start with Europe, where we've got a sort of an Under Armour long term, and Kevin Ross, who's now running that business for us. And so it's someone who's a vet who's worked here in the States and obviously been over in Europe now, but just took over as recently as January or February of this year. But I think we're doing a really good job. Number one, we came from a good base, and EMEA is probably our strongest reason from a momentum standpoint, particularly in the UK, and timely enough actually in France and Paris we're sort of an underground favorite with what's happening at the Olympics right now.

是的。非常感謝。我們將從歐洲開始，在那裡我們與 Under Armour 建立了長期合作關係，而 Kevin Ross 現在正在為我們經營這項業務。所以，這名醫生是獸醫，曾在美國工作過，現在顯然已經去過歐洲，但今年一月或二月才接手這項工作。但我認為我們做得非常好。首先，我們的基礎很好，從勢頭來看，歐洲、中東和非洲地區可能是我們最強勁的原因，特別是在英國，而且實際上在法國和巴黎，隨著奧運會的舉辦，我們已經成為地下熱門。

But there's work to be done. I think we're doing a good job playing to the size of the business that we are. We crossed $1 billion in the past year and that's something which gives us some size and scale. And what we're doing is we're doing it through the lens of authenticity on the pitch. We've got some incredible athletes like Toni Rudiger, we've got a great kid named Fermin Lopez, as I spoke about is on the Spanish national team, who will be competing against France in the final there. And there's really a lens, I think, that we're doing a really targeted approach in both men's and women's football on the pitch.

但還有很多工作要做。我認為，就我們的業務規模而言，我們做得很好。去年我們的營收超過了 10 億美元，讓我們擁有了一定的規模。我們所做的是透過球場上的真實性來做到這一點。我們擁有一些令人難以置信的運動員，例如托尼·呂迪格，我們還有一個名叫費爾明·洛佩茲的優秀孩子，正如我所說，他是西班牙國家隊隊員，他將在決賽中與法國隊競爭。我認為，我們在男子和女子足球比賽中確實採取了有針對性的方法。

And we're also staying really close to our partnerships. JD and Sports Director are incredibly important to us and as we see our growth. And so the wholesale is important. But we also expect to grow our DTC business, and we're investing in this accordingly. And longer term, it's an evolution of a quality story, not unlike we've learned here in the US. We're applying some of the lessons of what we saw happen in the US where we're not crazy about where we are right now in North America. And so we are doing a pretty good job, I think, applying the lessons of how we make sure we can advance ourselves with what we do in Europe. And so I think we're being really patient with the business, which is why you're not seeing maybe a bigger accelerator there, is that we're going to be a little more cautious and make sure, number one, aware of the macro environment, but really looking for quality from a long-term standpoint.

我們也與合作夥伴保持著密切的聯繫。JD 和體育總監對我們來說非常重要，我們看到了我們的成長。因此批發很重要。但我們也期望發展我們的 DTC 業務，並且我們正在對此進行相應的投資。從長遠來看，這是一個品質故事的演變，與我們在美國所學到的並無不同。我們正在吸取美國發生的一些教訓，我們對北美目前的狀況並不滿意。所以我認為，我們做得相當不錯，我們吸取了教訓，確保我們能夠透過在歐洲的所作所為來取得進步。所以我認為我們對這項業務非常有耐心，這就是為什麼你沒有看到更大的加速器，因為我們會更加謹慎，並確保首先了解宏觀環境，但真正從長遠的角度尋求品質。

In APAC, it's a little bit more complicated. Obviously, it's a massive region with its own climate frankly and something that we're dealing with. But the macro pressure is there something that we're aware of. I was over there in May and will be back in September working with our leader Jason Archer there as well. This region just requires a little more attention from the home office. So we're looking at how we can be more helpful to lean into our APAC business.

在亞太地區，情況稍微複雜一些。顯然，這是一個廣闊的地區，坦白說，有其獨特的氣候，這也是我們正在應對的問題。但宏觀壓力是存在的，這一點我們是知道的。我五月去過那裡，九月還會回去和我們的領導人 Jason Archer 一起工作。這個區域只需要總部多加關注。因此，我們正在研究如何才能更好地幫助發展我們的亞太地區業務。

From a size and scale standpoint, just to remind everyone, on a global basis, Under Armour has more than 1,900 stores around the world. The majority of these are in APAC, the majority of those are in China. But that's why we're excited to get Stephen Curry back on tour in September, which will be hopefully a bit of a fuse for getting the region going, or at least reminding people that were there. But there's a lot to cut through from not only the global brands, but the local brands, so it's a little bit different.

從規模和範圍來看，需要提醒大家的是，在全球範圍內，Under Armour 在全球擁有超過 1,900 家門市。其中大多數位於亞太地區，大多數位於中國。但這就是為什麼我們很高興史蒂芬庫裡在九月份重返巡迴賽，希望這能成為讓該地區活躍起來的導火線，或者至少讓人們想起曾經在那裡的人們。但不僅全球品牌，本地品牌也有很多需要突破的地方，所以情況有點不同。

And beyond China, that I think the macro is something which we're just watching the consumer and some of the softening there, some of the other regions of what's happening in Japan. South Korea is a bit complicated from an economic standpoint or a macroeconomic standpoint there. But we think our opportunity is large. And APAC is going to be a massive unlock for us, too. So hopefully, that gives you a little bit of color.

除了中國之外，我認為宏觀方面我們正在觀察消費者和那裡的一些疲軟情況，以及日本其他一些地區的情況。從經濟角度或宏觀經濟角度來看，韓國有點複雜。但我們認為我們的機會很大。亞太地區對我們來說也將是一個巨大的突破。希望這能帶給你一些啟發。

That's great. Thank you so much.

那太棒了。太感謝了。

Thank you.

謝謝。

Jim Duffy, Stifel.

吉姆·達菲（Jim Duffy），Stifel。

Thank you. Good morning. Hi, Dave. Hi, Kevin.

謝謝。早安.你好，戴夫。你好，凱文。

Good morning, Jim.

早安，吉姆。

I want to talk about the -- some of the management hires. You added a lot of great talent. Eric, a great addition to the team. Kevin, the title of EVP of Brand Strategy, that suggests a lot of responsibility overlap with your historical areas of focus. Can you maybe speak to your vision for the partnership with Eric? Clearly, this was part of the discussion during the recruitment process. And then with Eric on board, where do you expect to be spending more of your time?

我想談談一些管理人員的聘用。您增添了許多出色的才華。艾瑞克 (Eric)，對團隊來說是一位很棒的補充。凱文，品牌策略執行副總裁的頭銜表明許多職責與您過去關注的領域重疊。您能否談談您對與 Eric 合作的願景？顯然，這是招募過程中討論的一部分。那麼，埃里克加入後，您預計會在哪裡花更多的時間？

Yeah. Thank you. It's not -- thanks, Jim. It doesn't feel too different than -- it's maybe a little bit of free bird but building the brand the first time. You never really focused on sort of complementing skill sets, as much as you said, if you can get a pro, I'm a pretty good generalist, so I got the ability to plug other places. And bringing a professional like Eric on who he's got -- he's a multidisciplinary expert as well. But with having his focus over marketing and, frankly, our strategy work, as I said, is a way to get Eric horizontally in the organization, that he can have that impact.

是的。謝謝。不是——謝謝，吉姆。感覺和——也許有點像自由鳥，但這是第一次打造品牌。正如你所說，你從來沒有真正關注過某種補充技能，如果你能找到一個專業人士，我就是一個非常好的多面手，所以我有能力填補其他地方的空缺。並聘請了像艾瑞克這樣的專業人士——他也是一位多學科專家。但正如我所說，讓他專注於行銷和我們的策略工作，是讓艾瑞克在組織中橫向發展的一種方式，這樣他就能產生影響力。

And what I think our biggest need is right now is really in that product, region, and story balance. And we just -- we haven't had that, I think, that strength of leadership that's required for us to be successful. So Eric is going to be leaning in there and responsible for building that out. And I'm not lost on what is that going to mean for me because there's plenty of other things to do. And that's where I think it is my job is to make sure that I'm leveling up.

我認為我們現在最大的需求實際上是產品、地區和故事的平衡。而我們——我認為，我們還沒有具備成功所需的領導力量。因此，埃里克將會傾力投入並負責實現這一目標。我並不清楚這對我意味著什麼，因為還有很多其他事情要做。我認為我的工作就是確保自己不斷進步。

Let me just give a little color on the acquisition. But getting Eric here is that, UNLESS will continue to be its own independent organization for us. And I think bringing in sort of the ESG approach that they have with plant-based regenerative fashion is something that is something which is a priority in the organization. And Eric, of course, will help us articulate that.

讓我簡單介紹一下這項收購。但讓 Eric 來到這裡意味著，UNLESS 對我們來說將繼續是一個獨立的組織。我認為，將 ESG 方法與植物再生時尚相結合是該組織的首要任務。當然，埃里克會幫助我們表達這一點。

But I think what we want to do is make sure that the largest need that we had was just getting someone who can be the partner to Yassine and Kara. Decision rights in the operating model is one of the things that always comes up and one of the things that Eric specifically did at Adi back in '13 or '14 when he took over there, was just working on the operating model of how product and region and marketing all work together. So that will be a real balance and a real plus for us.

但我認為我們想要做的是確保我們最大的需求是找到一個可以成為亞辛和卡拉的搭檔的人。營運模式中的決策權是經常出現的問題之一，而艾瑞克在 2013 年或 2014 年接手阿迪時專門做的事情之一就是研究產品、區域和行銷如何協同工作的營運模式。所以這對我們來說將是一個真正的平衡和真正的優勢。

So I'm not worried about having things to do. I'm just lucky and appreciative that we were able to attract someone like Eric. So I think it's the beginning of many more to come. But I've got to tell you just one thing maybe on a personal level, which is it feels like there's definitely -- there's something a bit of new and a bit of a shift. And so we're not declaring victory, we're not beating our chest for sure, but we've got a lot of work to do, but we like the direction that we're heading in right now.

所以我並不擔心有事要做。我很幸運也很感激我們能夠吸引像 Eric 這樣的人。所以我認為這只是未來更多事情的開始。但從個人角度來說，我必須告訴你一件事，那就是感覺肯定有一些新的東西和一些轉變。因此，我們不會宣布勝利，我們當然也不會搥胸頓足，但我們還有很多工作要做，但我們喜歡我們現在前進的方向。

Great. Thanks for that. And then, Dave, just a quick one on the D2C margins. Can you remind us when you'll anniversary the less promotional approach in D2C and get to more normalized comparisons on the D2C margins?

偉大的。謝謝。然後，戴夫，我們來快速談談 D2C 利潤。您能否提醒我們何時會減少 D2C 中的促銷方式並對 D2C 利潤率進行更規範的比較？

Yeah. It's a great question. I mean generally speaking, it will continue to be a benefit for us through the year, a little bit bigger in the front half versus the back half. And then as we step out of this fiscal year, we should be more on a comparable basis relative to the e-comm gross margin and promotion levels as we've been kind of chipping away to get to a really nice healthy level by the end of this fiscal year. And we're continuing to kind of test on the Factory House side, which could be something that we play into more to continue to become more premium as we step into fiscal '26.

是的。這是一個很好的問題。我的意思是，總體來說，這將在全年持續為我們帶來好處，上半年的好處會比下半年更大。當我們走出這個財政年度時，我們應該在電子商務毛利率和促銷水平方面更具可比性，因為我們一直在努力在本財政年度結束時達到一個真正健康的水平。我們正在繼續對工廠房進行測試，隨著我們進入 26 財年，這可能會成為我們繼續提升品質的一大舉措。

Thank you, guys.

謝謝你們。

You're welcome, Jim.

別客氣，吉姆。

Paul Lejuez, Citi.

花旗銀行的 Paul Lejuez。

Hey. Thanks, guys. I just wanted to ask a question on your guidance. You updated the full year, you gave third quarter. I just wanted to make sure I heard correctly. I think you said $110 million to $120 million in EBIT. And that would imply a pretty large percentage of the full year coming from the first half, much smaller from the second half. So I just want to understand what your outlook is in the second half both from a gross margin and SG&A perspective that would lead to some pretty weak numbers, I think, in the second half based on the guidance, if I heard it correctly.

嘿。謝謝大家。我只是想就您的指導提出一個問題。您更新了全年數據，並給出了第三季數據。我只是想確保我聽得正確。我認為您說的是息稅前利潤 1.1 億美元到 1.2 億美元。這意味著全年相當大一部分收入來自上半年，而下半年的收入則少得多。因此，我只是想從毛利率和銷售、一般及行政費用的角度了解您對下半年的展望，如果我沒聽錯的話，根據指引，這將導致下半年的數字相當疲軟。

And then just separately, on the factory business, I think you mentioned mixed results when you adjusted prior to. If you could just talk about what you saw as you move prices around and what the ultimate plan is for the factory business in terms of number of stores and what role that serves within the company? Thanks.

然後單獨就工廠業務而言，我認為您提到了之前調整時的混合結果。您能否談談您在調整價格時看到了什麼？就門市數量而言，工廠業務的最終計劃是什麼？工廠業務在公司內部扮演什麼角色？謝謝。

Sure, Paul. When you think about kind of front half versus back half, a couple of things come into play there. First of all, when you think about Q1 and that overdrive, and then what does that mean for the full year, again, keep in mind that in the back half, we are expecting a little bit more developing APAC revenue pressure. We're also expecting a little bit higher ocean freight costs than we originally planned. There's also been some increasing FX pressure. And there's a little bit of caution that we have as well just when you think about kind of the recent economic trends.

當然，保羅。當你考慮前半部與後半部時，有幾件事會發生作用。首先，當您考慮第一季和超速行駛時，這對全年意味著什麼，再次記住，在下半年，我們預計亞太地區收入壓力會更大一些。我們預計海運成本也會比原計劃略高一些。外匯壓力也不斷增加。當你考慮到最近的經濟趨勢時，我們也會有點謹慎。

But in general, from an operating income perspective, historically, we've definitely run higher amounts in the first half of the year and a little bit lower in the back half of the year. Some of that, if you think about Q2, that's historically a high revenue dollar quarter for us, and it's also generally a higher gross margin percentage quarter for us. So driving bigger gross margin dollars in Q2 is kind of a historical trend for us. And then that higher front half profitability is also kind of amplified this year by the planned insurance recovery relative to legal invoices paid prior to this year that I mentioned, and also shifting some of our planned marketing spend out to Q3 and Q4.

但整體而言，從歷史上看，我們上半年的營業收入肯定較高，而下半年的營業收入則略低。如果你考慮第二季度，你會發現這對我們來說是一個歷史上收入較高的季度，而且通常也是我們毛利率百分比較高的季度。因此，第二季毛利率的提高對我們來說是一種歷史趨勢。然後，今年上半年更高的盈利能力也因計劃中的保險追償（相對於我提到的今年之前支付的法律發票）而得到了放大，並且我們將部分計劃的營銷支出轉移到第三季度和第四季度。

And maybe the last thing I'd mention there is back half forecast also carries more incentive compensation compared to the prior year back half where we were adjusting down, unfortunately, and reversing some of that incentive compensation, that was recorded in earlier quarters last year. So when you add all those factors together, it points to the front half being a substantial portion of our full year operating income, which is how we have things laid out in the plan.

也許我最後要提到的是，與去年下半年相比，下半年的預測還會帶來更多的激勵薪酬，不幸的是，我們下調了下半年的預測，並撤銷了去年前幾季記錄的部分激勵薪酬。因此，當你把所有這些因素加在一起時，你會發現上半年占我們全年營業收入的很大一部分，這就是我們在計畫中安排的。

And on your second question relative to Factory House, I would say that we did step into testing some lower promotion levels and less promotion levels. And we actually hadn't really planned on doing that. But as we stepped into that more deeply in e-comm, and we were excited about the results there on e-comm, we just -- start testing that a little bit on Factory House.

關於您關於 Factory House 的第二個問題，我想說我們確實開始測試一些較低的促銷等級和較少的促銷等級。但實際上我們並沒有真正計劃這麼做。但隨著我們在電子商務領域的深入，我們對電子商務的成果感到非常興奮，我們只是開始在 Factory House 上進行一些測試。

And I would say that it was both the price level, the depth of the discount. And the results were really kind of mixed, to be honest. It's, we're experimenting, we're learning, we're seeking balance. We did give up a little bit of revenue when we were doing that. And so we're continuing to kind of test and learn on the Factory House side. But right now, I would say that the results from that are mixed, and we've got some more work to do.

我想說的是，這既是價格水平，也是折扣幅度。說實話，結果確實好壞參半。我們正在嘗試，我們正在學習，我們正在尋求平衡。當我們這樣做的時候，我們確實放棄了一點收入。因此，我們將繼續在工廠方面進行測試和學習。但目前，我想說，結果是好壞參半，我們還有很多工作要做。

Thank you. Good luck.

謝謝。祝你好運。

Thanks, Paul.

謝謝，保羅。

Laurent Vasilescu, BNP Paribas.

洛朗·瓦西萊斯庫，法國巴黎銀行。

Good morning. Thanks very much for taking my question. Dave, I wanted to ask for the guidance, should we still assume wholesale is down low double digits and DTC down 10% for the year? And then with e-commerce down 25%, is that the right way to think about it going forward? And is there -- are there any lessons learned that you think you can apply to the rest of the business from the pullback in promotions in e-commerce?

早安.非常感謝您回答我的問題。戴夫，我想請教一下，我們是否仍應假設批發量下降兩位數，而 DTC 全年下降 10%？那麼，電子商務下降了 25%，這是對未來發展的正確思考方式嗎？您認為從電子商務促銷活動減少中可以學到哪些教訓，可以應用在其他業務中嗎？

Sure. Yeah, I would say that on full year, we still are looking at wholesale down kind of a low double-digit percentage kind of in that 10% to 12% range, and then DTC being down approximately 10% or so. And that is mainly driven by our decisions to kind of reset the brand, especially in North America, with the e-comm pullback on promotions and also you know an elevated product assortment there.

當然。是的，我想說，就全年而言，我們仍然看到批發量下降了大約兩位數的百分比，在 10% 到 12% 的範圍內，而 DTC 下降了大約 10% 左右。這主要是因為我們決定重塑品牌，尤其是在北美，電子商務促銷活動減少，而且那裡的產品種類也增加了。

Relative to e-comm specific, we're not necessarily giving guidance on that. But you would definitely see that being the over-indexed decrease within the DTC being down 10%. So definitely down more than 10%. Maybe not the full 25% that we saw in Q1 when you think about full year, but again, that is intentional, most of that is intentional as we continue to drive through those promotional decisions within North America.

相對於電子商務具體而言，我們不一定會提供這方面的指導。但你一定會看到，DTC 內的過度指數下降了 10%。所以下降幅度一定超過10%。如果考慮到全年來看，也許不會達到第一季的 25% 的水平，但這也是有意為之，因為我們將繼續在北美推行這些促銷決策。

Hey, Laurent, maybe I can just -- let me pile on that, too, because I think it's really instructive of what happened and what we're able to do through the lens of our full-price e-commerce website that, frankly, hadn't been quite as full price a year ago. We were at about 65% of what we were selling a year ago was promotional and about 35% full price, and with what we did by reducing -- significantly reducing promotion days. We didn't quite invert it, but we made significant progress in terms of getting to promote -- full price sales.

嘿，洛朗，也許我可以——讓我也補充一下，因為我認為這確實很有啟發性，讓我們了解發生了什麼，以及通過我們的全價電子商務網站的角度來看我們能夠做些什麼，坦率地說，一年前這個網站的價格還沒有那麼全。我們一年前銷售的商品中約有 65% 是促銷商品，約有 35% 是原價商品，而我們採取的措施是大幅減少促銷天數。我們並沒有完全扭轉這種局面，但在推廣全價銷售方面取得了重大進展。

And so what that did as well is not only did it help us with -- you saw some of the gross margin flow-through for ourselves, but it also helps the algorithms on our partner websites, on the Amazon algorithm that goes around. And so you just watch a general rising boat raise all -- rising tide raise all boats here. So as that's occurring, it's something that's pretty instructive as we're thinking about we keep talking about repairing the brand or what we're doing with the brand or how the healthy the brand is right now, all those things are top of mind and top on the list of what we're going to do. But I think we're starting to see some of the models of the ways that we can invest, and it will actually pay off and return for us.

因此，它不僅幫助了我們——您看到了我們自己的一些毛利率流轉，而且還幫助了我們合作夥伴網站上的演算法，以及亞馬遜的演算法。因此，您只能看到水漲船高，所有船隻都高高飄揚。因此，當這種情況發生時，這是非常有啟發性的，因為我們正在思考我們一直在談論修復品牌，或者我們正在對品牌做些什麼，或者品牌現在有多健康，所有這些事情都是我們最關心的，也是我們要做的事情中最重要的。但我認為我們開始看到一些投資方式的模型，而且它實際上會為我們帶來回報。

And so we'll be applying that. Again, we don't have all the facts, but we like some of the indications that we're seeing right now, and we sure like driving a more full-priced business. And that 47.5% gross margin is something which has been a pretty good indicator for the health of how we're doing.

因此我們將會應用它。再說一次，我們並不掌握全部事實，但我們喜歡現在看到的一些跡象，而且我們確實希望推動更全價的業務。47.5% 的毛利率很好地表明了我們的經營狀況。

Thank you, Kevin. Yeah. In fact, yeah, the gross margin, nice gross margin beat on the first quarter. Dave, I think you mentioned there were three factors that are incremental to the headwinds for the full year. I think you've mentioned ocean freight, FX, and mix from license business. Maybe could you -- for the audience, could you kind of bridge it for us, how much of those were in terms of incremental headwinds versus 90 days ago as we think about the full year guide on the gross margin?

謝謝你，凱文。是的。事實上，是的，毛利率，第一季的毛利率表現不錯。戴夫，我想你提到有三個因素會對全年的不利因素產生影響。我想您提到了海運、外匯和許可業務的混合。也許您可以 - 對於觀眾來說，您能否為我們解釋一下，當我們考慮全年毛利率指南時，與 90 天前相比，這些增量阻力有多少？

Yeah. I mean I think what I was trying to elaborate on is the main year-over-year drivers that are behind our full year improvement still are heavily weighted to the favorable pricing with less DTC discounting and also the supply chain benefits related to the improved product costing. Those are the two real big positives on the full year.

是的。我的意思是，我認為我試圖詳細說明的是，我們全年業績改善背後的主要同比驅動力仍然主要歸功於優惠的定價和較少的 DTC 折扣，以及與產品成本改進相關的供應鏈效益。這是全年的兩個真正重大利好。

And obviously, we saw a little bit of extra benefit there as we went through Q1. But as we look forward, the impact on freight costs is probably the largest kind of newer developing headwind that's kind of taking away some of that Q1 overdrive. And then a close second to that would be the foreign currency headwinds that have been developing that we saw during the first three months and that are projected a little bit forward.

顯然，我們在第一季看到了一些額外的好處。但展望未來，對運費成本的影響可能是最大的新興逆風，它將在一定程度上抵消第一季的強勁成長。緊隨其後的是前三個月出現的外匯逆風，而這種逆風預計還會持續一段時間。

The change in mix due to licensing sales and some of the challenged margins on the off-price channel, that's a little bit of a smaller developing headwind. The first two around freight costs and FX are a little bit bigger.

由於許可銷售和折扣通路利潤率的一些挑戰而導致的產品組合變化，這對發展來說是一個較小的阻力。前兩個關於運費和外匯的費用稍微大一些。

Okay. Thank you. Congrats again on the beat. And good luck with back-to-school.

好的。謝謝。再次恭喜你取得好成績。祝您開學順利。

Thank you.

謝謝。

Thanks.

謝謝。

Sam Poser, Williams Trading.

威廉斯貿易公司的 Sam Poser。

Well, many of my questions have been answered. Thank you guys for taking my question. I was wondering, just a follow-up on the back half guidance, when you -- you said that there's a shift out of marketing spend out of Q2. Are we going to see -- is that going to go more into Q4 because, as sort of the beginning of the setup for where you're anticipating improvements into fiscal '26?

嗯，我的許多問題都得到了答案。謝謝你們回答我的問題。我想知道，只是對下半年指導的後續情況，當您說第二季的行銷支出有所減少時。我們是否會看到——這是否會在第四季度進一步發展，因為作為您預計 26 財年會有所改善的開始？

Well, actually, some of Q1's bottom line overdrive was shifting some of that marketing spend to Q3 and Q4, and then similar with Q2 as well. So we are back-loading a little bit more in the back half on marketing than we originally anticipated in our outlook. But it's not all relative to Q4. I mean some of it is laying into the brand for going into fiscal '26 and beyond, but also making sure that we're really supporting the back-to-school and also the holiday sales that are -- the holiday sales mainly that are in Q3 for us or calendar Q4.

嗯，實際上，第一季的部分底線成長是將部分行銷支出轉移到第三季和第四季度，第二季也類似。因此，我們在下半年的行銷投入比我們最初預期的要多一些。但這並非全都與第四季有關。我的意思是，其中一些是為進入 26 財年及以後的品牌所做的投入，但也要確保我們真正支持返校銷售和假日銷售——假日銷售主要在我們第三季度或日曆第四季度。

Thank you. And then secondly, the -- Kevin, in what you were saying, there sort of is a combination of -- you mentioned having patients and having -- and wanting to do things quickly. And I guess the question is, what is the sort of game plan look for turning around to getting North America sort of on the track you want to? And how are you balancing patience, brand, the speed, all of that as you -- as we look forward?

謝謝。其次，凱文，你剛才說的，有點是兩者的結合——你提到有耐心，而且——想要快速完成事情。我想問題是，您需要製定什麼樣的計劃才能讓北美走上您想要的軌道？當我們展望未來時，您如何平衡耐心、品牌、速度等所有這些因素？

I turned 52 on Tuesday, Sam. I've actually been growing and maturing, I guess.

山姆，星期二我就 52 歲了。我想，我實際上一直在成長和成熟。

Happy birthday.

生日快樂。

Thank you for the happy birthday. I've been -- as an entrepreneur, you always feel late. You feel like it's got to be done tomorrow. And that's something which has been somewhat of a strength and at times it can be difficult, especially as you get larger, you need to scale as an organization. But I think really coming into our own as a business, we are opening this new headquarters, which is beautiful here in Baltimore. And I don't know if that's exactly where shareholders would have liked to us to spend money, but this thing is built, and it's going to be an incredible edifice for us that today we think is going to be a massive asset for the business.

謝謝你的生日快樂。身為一名企業家，我總是會覺得自己遲到。你覺得這件事明天就必須完成。這在某種程度上是一種優勢，但有時也會很困難，特別是當你的組織規模變大時，你需要擴大規模。但我認為，作為一家企業，我們真正開始了自己的事業，我們將在巴爾的摩開設這個美麗的新總部。我不知道這是否正是股東們希望我們花錢的地方，但這個東西已經建成了，對我們來說這將是一座令人難以置信的大廈，我們認為它將成為我們業務的巨大資產。

So I think really it's a maturity of just recognizing the hand that we have. And I've used this analogy of I've had a pair of twos, and we've had a royal flush before, and today, we have neither, but we've been able to win with both. So I feel pretty good about the hand that we have and just looking at the assets. And I've sort of said we've got 100 things to fix at UA. And of those 100 things, I'd say probably 70%, 75% of them are self-inflicted. The good news about that is that we can identify them, we can tweak them, we can make them better.

所以我認為這實際上是一種成熟，即認識到我們擁有的力量。我曾用過這樣的比喻：我曾經有一對 2，我們之前也曾有同花大順，而今天，我們都沒有，但我們能夠憑藉這兩張牌贏得勝利。因此，就我們的資產而言，我對我們現有的狀況感到非常滿意。我說過，我們在 UA 有 100 個問題需要解決。而在這 100 件事中，我想大概有 70% 到 75% 都是自己造成的。好消息是，我們可以識別它們，我們可以調整它們，我們可以使它們變得更好。

And the other great thing is that while we'd have 100 things to fix, we also have 1,000 things going for us. When I think about just the sports marketing aspect of -- I'm not going to let Dave hear this, but I think with Notre Dame and IMG, that's probably enough just to build a sports brand with the credibility of one of the best high schools and -- if not the best high school, one of the best colleges, if not the best college, in the country. And so that's very sort of regional in terms of how we think about it in North America, but it's going to come in time.

另一件很棒的事情是，雖然我們有 100 件事情需要解決，但我們也有 1,000 件事情要做。當我考慮體育行銷方面時——我不會讓戴夫聽到這個，但我認為有了聖母大學和 IMG，這可能足以打造一個具有全國最好的高中之一和——如果不是最好的高中，那麼也是最好的大學之一（如果不是最好的大學）的信譽的體育品牌。因此，從我們在北美的看法來看，這非常具有區域性，但它會及時到來。

We have got $500,000 million of spend in marketing. It doesn't feel like we're spending it. I want that impact to be there. We've got an incredible, I think, just platform that we have with performance and technical and design and style, and we just haven't played our best game there yet. So I'm really excited about this next chapter of maybe applying the lessons that have been learned over the years. As I talked about, we're thinking about Europe and looking at what's happened in the US and how we can sort of maybe make better decisions and choices there.

我們在行銷上花了 5000 億美元。感覺上我們並沒有花掉它。我希望這種影響能夠存在。我認為，我們擁有一個令人難以置信的平台，它具有出色的性能、技術、設計和風格，但我們還沒有發揮出最佳水平。因此，我對下一章感到非常興奮，也許可以運用多年來學到的經驗教訓。正如我所說的，我們正在考慮歐洲，看看美國發生了什麼，以及我們如何在那裡做出更好的決定和選擇。

But we've got a great hand to play. I think we're putting an A+ team together. It's super exciting of having a dude, and I say that, like a dude, like Eric coming on board to join our team, because we've got some really good UA experts, industry experts that are surrounding this table and just put us in a position to -- we can't guarantee anything, but I like our chances. And I'll play this hand every day.

但我們已經擁有一手好牌了。我認為我們正在組建一支 A+ 團隊。能有 Eric 這樣的人加入我們的團隊真是太令人興奮了，因為我們有一些非常優秀的 UA 專家、行業專家圍繞著我們，讓我們能夠 - 我們不能保證任何事情，但我喜歡我們的機會。我每天都會玩這手牌。

If I can just follow up real quick. I mean, I'm really talking about timing, and like are you thinking of building this out by getting the North America turned around? Is it going to take 18 months and you're going to do it sort of slow and steady? Or is this -- sort of what kind of time frame do you have in your own definition of getting North America on the right track? I mean how are you thinking about that? Is it a six -- it is a 12-month thing or 18-month thing? That's what I'm trying to get my --

如果我可以快速跟進的話。我的意思是，我確實在談論時機，您是否考慮透過扭轉北美來實現這一目標？這是否需要 18 個月的時間並且您要緩慢而穩定地完成它？或者這是—您自己對於讓北美走上正確道路的定義是怎樣的時間框架？我的意思是您對此有何看法？這是六個月的事——是 12 個月的事情還是 18 個月的事？這就是我想要的--

Yeah. I think after the last call, we sort of pinned people to fall '25, and so we sort of gave ourselves this 18-month outlook. But to be honest, we're not -- I don't know if there's -- I don't know there's a definition where you say we're done. This is just going to be a constant iteration and work in progress.

是的。我認為在上次通話之後，我們基本上將人們鎖定在 25 年秋季，因此我們為自己制定了 18 個月的展望。但說實話，我們還沒有——我不知道是否有——我不知道是否有一個定義說我們已經完成了。這只是一個不斷迭代和進行中的工作。

And so I think you'll start seeing -- and again, we're not sitting on our hands until fall '25. We've got some great product in the marketplace right now. There's incredible things we have with our Meridian platform, our Unstoppable platform that our team has been on for a while, and so -- our base layer platform. There's just some easy things that we can do to make sure that we're getting full credit, is that I don't think that people see us as a -- unless you did grow up 15 or 20 years ago, I'm not sure if you see compression as being an Under Armour outstanding product. And so we need to make sure that we're giving the respect to tell the story of the products that we're building. So I'm really confident and excited about how that -- I can't emphasize enough of where an organization that just needs to be focused on product, story, and region, make sure that those three aspects are coming together quickly.

所以我想你會開始看到——再說一次，我們不會袖手旁觀，直到2025年秋天。目前我們在市場上有一些很棒的產品。我們的 Meridian 平台、我們的團隊已經使用過一段時間的 Unstoppable 平台以及我們的基礎層平台都擁有令人難以置信的成果。我們可以做一些簡單的事情來確保我們獲得全部榮譽，我認為人們不會將我們視為——除非你在 15 或 20 年前長大，否則我不確定你是否認為壓縮是 Under Armour 的傑出產品。因此，我們需要確保我們尊重我們正在製造的產品的故事。因此，我對此非常有信心和興奮——我再怎麼強調也不為過，一個只需要關注產品、故事和地區的組織，要確保這三個方面能夠迅速結合在一起。

So yeah, I don't know if it's long, but you're going to see constant progress. I think you'll see things like, wow, that was a really great spot from UA. That was a really cool product. There are some things that you can get behind. And then you'll watch us begin to do the SKU reduction, distort for the products that are working. And it doesn't just mean it will be best-level products, but that's that characteristic I said is that we don't have to abandon some of the current consumers we have in order to start making more better and best level premium products.

所以是的，我不知道這是否很長，但你會看到不斷的進步。我想你會看到這樣的想法：哇，這真是來自 UA 的一個很棒的廣告。那真是一個很酷的產品。有些事情你可以落後。然後你會看到我們開始減少 SKU，對正在運行的產品進行扭曲。這並不僅僅意味著它將是最佳等級的產品，而是我所說的特點是，我們不必為了開始生產更多更好、最佳等級的高端產品而放棄一些現有的消費者。

And I think, Sam, even though we're not ready to talk about fiscal '26 or '27, revenues for North America, one thing you can be assured of is that we're going to keep driving forward on being a healthier business in North America. And I think that's really what we're excited about right now. And we'll talk more about the future incoming calls.

山姆，我認為，儘管我們還沒準備好談論 26 財年或 27 財年的北美收入，但有一件事你可以放心，那就是我們將繼續努力在北美發展更健康的業務。我認為這正是我們現在感到興奮的事情。我們將進一步討論未來的來電。

All right. Thank you very much.

好的。非常感謝。

Thank you, Sam.

謝謝你，山姆。

This concludes our question-and-answer session as well as the conference. Thank you for attending today's presentation. You may now disconnect.

我們的問答環節和會議到此結束。感謝您參加今天的演講。您現在可以斷開連線。