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。 （操作員說明）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、財務和企業發展高級副總裁蘭斯·阿萊加 (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。今天的事件正在錄製以供重播。參加今天電話會議的還有 Under Armour 總裁兼執行長 Kevin Plank；和財務長戴夫伯格曼。

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 管理層截至2024 年8 月8 日對我們業務的當前看法。 。前瞻性陳述並非對未來業務績效的保證，我們的實際結果可能與所提供的觀點中明示或暗示的結果有重大差異。所做的聲明受到今天上午的新聞稿和定期向 SEC 提交的文件中詳述的風險和其他不確定性的影響，包括我們的 10-K 表年度報告和 10-Q 表季度報告。

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.

今天的討論也可能包括非公認會計準則參考。 Under Armour 相信這些措施可以讓投資人對潛在的商業趨勢有一個有用的視角。在適用時，這些措施會與最具可比性的美國公認會計準則措施進行調整。調節表以及其他相關資訊可在今天上午的新聞稿和 about.underarmour.com 上找到。

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

這樣，我就把電話轉給凱文。

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，加入我們今天的電話會議。隨著 25 財年第一季的過去，我很高興我們的新年伊始就超出了預期，而且我們在執行「保護這座房子」戰略方面取得的早期進展也讓我深受鼓舞。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 是一家運動公司，我們用這個術語來定義我們競爭的環境。體育界是歐洲僅有的少數幾個有權自稱為時裝公司的品牌的版本。

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，我們相信只有不到五個品牌可以登上全球運動的領獎台，而我們就是其中之一，在我們 29 年的歷史中贏得了幾乎在任何運動活動中出現的信譽作為運動用品供應商出現在賽場、球場或球場上，並被我們今天開展業務的100 多個國家/地區的運動員所看到，並且作為一個真正的品牌、一個真正的運動品牌而聞名。

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.

體育產業中這個罕見的時代是 UA 的一個方面，我們認為它非常獨特，也是我們為自己看到的力量屬性之一。我們思考 Under Armour 面前的機會。我們相信，這種真實性為我們重建品牌實力和執行策略提供了優勢。

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，當然要從我們的文化開始和結束，提高其重要性和知名度，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，我們也在重新建構這一點。我們的文化在描述我們的品牌、我們擁有的運動員以及我們計劃吸引的運動員方面是獨一無二的。

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立場。正如我們在上次電話會議中所討論的，關於運動員、體育、創新和熱情，我們是誰。從最簡單的定義來看，我們對弱勢群體充滿熱情。沒有被上帝賦予所有天賦的運動員。儘管他們缺少什麼，對於那些必須在練習後熬夜練習技能或比其他人更努力學習的人來說，不夠高、不夠快、不夠強壯、不夠敏捷、不夠聰明，但這就是我們的失敗者。正因為如此，UA 的運動員必須利用一切資源和醒著的時間來讓自己變得更好。

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，我們不會為運動員進行品牌創新，以便他們能夠提高分數。我們希望我們製造的每一款產品都能為我們的運動員提供優勢，為他們提供競爭的機會。這種心態是推動我們創新議程的動力，並透過勇氣體現出來，勇氣是肩上的一顆巨大的籌碼，是 UA 的燈塔，是一種永遠無法被忽視的失敗者精神。每一天，這個 UA 團隊都將負責任地運作，盡我們所能，突破創新界限，讓運動員表現得更好。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.

我們所嚮往的文化將是實現這一目標的產物。在這項努力中，我們必須在所做的每一件事上變得更加深思熟慮，認識到實驗和意圖之間的區別，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準地做到這一點。因此，我們對經驗豐富的領導者進行了有意義的投資，以增強我們以不同於過去幾年的方式執行的能力。我們不僅要建立一家公司，我們還要建立一個品牌。原因是品牌比單純的公司更有價值。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過去四個月，我們仍然有很多工作要做，但我對迄今為止所取得的成就感到自豪，包括實施為期 9 個月的上市流程，以補充我們的 18-月曆， StealthForm Uncrushable 帽子是我們第一個交付的產品，現在可以在線購買並有庫存。我們也開始將 SKU/款式數量減少 25%，實施品類管理結構，並透過裁員來調整我們的組織規模，雖然痛苦，但現已完成。然而，我們仍在建設中。

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.

這讓我想到了我們幾天前發布的公告，任命擁有 30 年行業經驗的 Eric Liedtke 擔任 Under Armour 的品牌策略執行副總裁。他在阿迪達斯度過了 26 年的職業生涯，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。艾瑞克是我們近十年來擁有的最強大的產品團隊之一，他在品牌轉型成長和策略方面的良好記錄將在這個關鍵時刻成為我們的產品和區域領導者以及更廣泛的執行領導團隊的一筆令人難以置信的資產。身為品牌策略執行副總裁，艾瑞克將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，埃里克將負責建立我們的行銷組織，包括其前進的領導層，該組織將向他報告。

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.

在我們的最後一次電話會議上，我們概述了需要立即完成的工作，並將我們策略的要點提煉成一份演示文稿，該演示文稿現已交付給所有16,000 名UA 團隊成員，並在路上向我們全球的主要零售合作夥伴、工廠和特許經營商展示。從快速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，以了解如何更好地照顧我們的品牌。這些互動讓我們對我們的優勢和機會領域有了更全面的了解，例如更快地將產品推向市場、為我們的產品發布更有意、更投入地講述故事、充當更好的業務合作夥伴，並推動與運動員建立更深入的聯繫以點燃品牌之愛。

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.

這些交流中不變的主題，與我們許多投資者對話的精神一樣，是對 Under Armour 提供優質定位和釋放我們全部潛力的能力的樂觀態度。在好、更好、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真正的運動平台品牌的獨特特徵。這可能是作為一家體育公司最重要的商業優勢，也是為什麼我們相信我們可以推動更高端的定位，同時又不完全放棄良好的水平。這個範圍是我知道我們可以吸引一流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。當我們將創新產品、出色的設計和深思熟慮的故事敘述結合起來時，我們為運動員提供了他們以前不知道自己需要、現在無法想像沒有的高性能解決方案，讓他們感到高興。這與我們加強的產品團隊以及基於早期共享我們不斷發展的產品線架構的反饋相結合，是令人鼓舞的。我們的目標是透過整個公司的新活力、故事、清晰度和一致性，在我們生產的每一款產品中更廣泛地推廣這一點。

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.

接下來，我將重點介紹「保護這棟房子」策略的每個要素，從打造更好的產品和說故事開始。我們產品組織發展的核心是去年領導階層和架構的重新架構。在Yassine Saidi 的領導下，一支由服裝、鞋類、創新和設計專家組成的才華橫溢、經驗豐富的團隊按照運營順序，產品是最直接的修復方案，坦率地說，也是UA 需要解決的最長交付週期。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，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.

新的領導階層也帶來了新的優先事項，我們的品類組合調整進展順利。這使業務變得更加簡單，並增加了對我們核心運動類別的關注，使我們的產品團隊的角色和職責更加清晰，以識別和執行針對最高定量和定性回報進行理想優化的上市計劃。

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.

正如我們在上次電話會議中提到的，我們的25 年秋冬季節將透過新的設計語言以及性能和風格之間更好的平衡開始更加有力地展現出該團隊的努力，這是一個關鍵的季節，並將成為後續季節的一部分。但這並不代表我們只是坐等明年。我們正在努力透過精緻的產品系列來提升我們的核心男裝業務，並以更審慎的設計方向為其註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投資排序，以重新考慮我們兩個最大的長期成長機會。我們還在最大的類別中轉向從頭到腳的方法，採用關鍵的特許經營、潮流正確的風格和創新來強調始終如一的真實性。

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.

展望未來的季節，即 24 年秋冬，我們將看到我們的運動服產品增加，為我們的目標 16 至 24 歲的校隊運動運動員提供更多的穿著場合。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 的推出。最後，在籃球領域，Curry 12 以及薩克拉門托國王隊 De'Aaron Fox 的第一款簽名鞋。

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.

我們下一個最重要的工作是透過引人入勝的故事敘述和一致的行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.

一個很好的例子是我們對績效行銷的使用。去年，當我們向消費者發送電子郵件時，其中三分之二的消息是關於折扣或促銷的，三分之一的重點是全價銷售和講故事。今年，這一比例現在發生了逆轉，雖然還處於早期階段，但已顯示出積極的牽引力和認知的跡象。因此，想像一年的影響如何提高我們的品牌親和力是令人鼓舞的。

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.

除了不簡單地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的信息以及圍繞關鍵零售和體育時刻的鼓舞人心的聯繫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突出了團隊運動、服裝、鞋類和運動服風格的主要特許經營權。在即將到來的周末，Elite 24 籃球賽將在紐約舉行，而我們一月份在奧蘭多舉行的全美排球和美式橄欖球賽事則為我們提供了一個絕佳的平台，讓我們能夠與年輕的團隊運動運動員進行更深入的聯繫。

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 月進行他自 2019 年以來的首次中國巡演。我們透過社群媒體和活動產生品牌熱度，在短短幾天內就吸引了數百萬新粉絲和數千名新會員註冊。四大城市的巡演即將展開，我們期待九月的巡演，為中國市場帶來活力。

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.

在歐洲乃至整個歐洲、中東和非洲地區，足球一直是提升品牌與年輕人的親和力的關鍵點，從而激發我們對運動服的關注。在英超聯賽、歐洲冠軍聯賽決賽和歐洲錦標賽等關鍵體育時刻，我們的重點是我們標誌性的HeatGear 壓縮服裝和Clone Magnetico 靴子，其中包括年輕的UA 運動員，包括皇家馬德里隊的托尼·呂迪格( Toni Rudiger)、皇家馬德里隊的托尼·魯迪格(Toni Rudiger)、皇家馬德里隊的埃迪·恩凱蒂亞(Eddie Nketiah) 等。我們非常關注歐洲足球的這場對話。

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影響者的數量增加一倍，以利用新鮮的新內容來提高影響力和參與度。為此，我們與邁阿密宇宙女子大學籃球運動員 Haley 和 Hanna Cavinder 簽訂了多年合作夥伴關係。這是將體育真實性和影響者相關性結合在一起的隱喻。 Instagram 和 TikTok 擁有近 700 萬粉絲，很高興歡迎他們加入品牌。

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，包括擴大我們與馬裡蘭大學的合作夥伴關係，成為體育項目的獨家裝備提供商，包括 19 個校隊體育和校內體育俱樂部。目前，UA 擁有 7 支 Power 4 球隊、85 支 1 級球隊以及 350 所 2 級和 3 級學校，我們在 NCAA 的存在證明了 Under Armour 是運動員信賴的品牌，是真正的體育之家。

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.

我們也宣布與美國橄欖球聯盟建立新的合作夥伴關係，成為美國男子和女子國家隊的官方獨家製服和鞋類供應商。這也是一個絕佳的機會，可以透過將腰旗橄欖球整合到我們現有的 UA Next 平台中，為超過 100 萬名會員運動員提供一條前沿和核心的草根途徑來定義腰旗橄欖球。我們對此感到非常興奮，特別是因為這將導致腰旗橄欖球在 2028 年洛杉磯夏季奧運會上首次亮相，UA 將成為美國隊在網格鐵上比賽的官方裝備提供者。

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，UA 有來自 26 個國家、28 個項目的 70 多名運動員代表，我們在世界上最大、最著名的體育舞台上擁有出色的陣容。當然，值得一提的是美國男籃和女籃的史蒂芬·庫里和凱爾西·普拉姆。紐約市馬拉松冠軍莎朗洛克迪 (Sharon Lokedi) 首次代表肯亞參加比賽；費爾明·洛佩斯是西班牙隊的主力球員，他在短短五場比賽中攻入四粒進球並助攻兩次，帶領球隊進入了奧運足球錦標賽的決賽。

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，即運行更明智的策略以及優化業務以消除不必要的複雜性的工作，這意味著約束下的成長。我們這裡的方法很簡單，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，不遺餘力，所有系統、結構和流程都必須有明確且明確的目的、產出以及成功的定義。

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先機。在本季度，我們調整了員工隊伍規模，並正在執行各種轉型舉措，並推動圍繞設施、軟體和其他領域的考慮。作為其中一些工作的結果，我們已經開始佈局自動化任務和決策流程的項目，使用傳統和人工智慧解決方案來解鎖數據驅動的見解和營運改善。因此對於長期提高效率非常有希望。

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，複雜性的結果導致了太多產品的誕生，而這些產品如果沒有適當的細分和市場差異化，就會對品牌親和力構成挑戰。在這方面，我給我們的團隊下達了在未來 18 個月內減少 25% SKU 的任務，並且我們正在朝著這一目標取得紮實進展。然而，這並不是我們良好、更好、最佳結構的整體策略，也不能平等地適用於所有類別。我們在這項努力中採取了外科手術，從品牌建設的角度來看，在財務和戰略上扭曲了具有最高回報的機會領域，並在提升我們的品牌定位時故意過度索引更好和最好水平的產品。

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.

我們也致力於透過供應鏈現代化來變得更加智慧和高效，主要目標有兩個：在首席供應鏈長 Shawn Curran 的領導下，提高我們的端到端規劃和跨通路能力。我們的端到端規劃工作跨越多個學科，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、通路和零售門的庫存。我們還啟動了一項多年期的分銷物流現代化計劃，以實現跨渠道能力，以優化成本、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.

這將我們帶到了第三個優先事項，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 方面，第一季標誌著我們將北美電子商務業務提升到更重要和更優質的地位的旅程的開始。正如預期的那樣，我們的電子商務收入下降了，因為促銷天數比去年減少了約三分之一。然而，積極的一面是，我們的數位管道中的全價銷售比例顯著上升，同時奧特萊斯和清倉銷售的組合也有所減少。因此，儘管該策略仍處於早期階段，但我們對初始績效指標（包括更高的平均訂單價值）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.

在實體零售方面，我們專注於提供卓越的服務，並確定需要改進、追加銷售、重複業務和獲利能力的領域。為了支持這一點，我們正在測試一個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收入的提高。憑藉更清晰的視線和更精心設計的產品種類，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。所有這一切都將在今年稍後更加完美地結合在一起，因為我們將於 12 月底之前在巴爾的摩的新總部開設新旗艦店。

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 Factory House 門市中，我們正在努力更好地優化這項業務，尤其是在北美，這對於平衡未來收入和利潤機會至關重要。在本季度，我們啟動了試驗，結果好壞參半，我們上下調整了各種促銷級別以評估銷量和平均售價的影響，這是我們鞏固前進戰略時的一次出色的測試和學習。我們也致力於改變我們的分類和細分，包括減少專賣店產品、減少 SKU、提升視覺呈現和全價銷售，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進一步推動我們實現長期成長、獲利能力和更高的品牌參與度。我們在北美推出不到一年的時間，UA Rewards 發展迅速，其業績做出了積極的貢獻。該計劃擁有近 500 萬會員，並且逐月增長。同樣令人興奮的是，最近註冊的會員中有大約一半是該品牌的新用戶。這是擴大我們與獨特訪客的接觸範圍的一個絕佳跡象。此外，我們北美 DTC 營收的近 60% 來自 UA Reward 會員。我們發現，與非會員相比，每位消費者的收入大約高出 50%，並且 90 天復購率增加了三倍。長遠來看非常令人鼓舞。

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舉行會議後，我很高興地向大家報告，他們對我們的進展感到鼓舞，並對我們策略的潛力感到樂觀。如前所述，批發管道的轉變需要時間。我們必須讓更好的說故事得以形成。

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，我們正在改變關於成為 UA 合作夥伴的含義的腳本，並致力於加強我們在每個分銷層的重要客戶關係。除了利用我們目前的產品組合來改善細分之外，我們還合作開發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，儘管我們還處於重建 Under Armour 品牌實力的早期階段，但我們在打造更優質的產品方面正在取得實際進展。我們透過收緊銷售、管理費用、減少 SKU 和材料並開始提升消費者購物體驗來開展更明智的業務。

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.

在我們取得的早期進展中，艾瑞克（Eric）加入，透過行銷視角填補了我們拼圖中一個關鍵的缺失部分，我們將繼續增強和發展我們的文化，以降低複雜性並更加深思熟慮地做每件事。我堅信，透過建造這座運動之家，我們不斷提高的執行水準將更好地展示 Under Armour 品牌。還有很多事情要做，但不可否認的是，我們已經恢復了進攻。

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

這樣，我將把它交給戴夫，以了解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，該業績好於我們的預期。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量下降。我們的 DTC 業務在本季也出現了下降，這主要是由於採取主動減少促銷活動的策略導致我們的電子商務業務下降，以及我們的零售店銷售額下降。

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的基礎上持平，我們的 DTC 業務強勁，但部分被批發業務的小幅下降所抵消。亞太地區的收入下降了10%，在貨幣中性的基礎上下降了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和促銷環境激烈，導致我們的批發和DTC 業務下降。

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，收入成長了 16%，在剔除貨幣因素的基礎上成長了 12%，區域分銷商的穩健成長。

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了 8%，因為我們的全價和分銷業務需求疲軟，以及折扣通路的銷售額下降。直接面向消費者的收入下降了 12%，其中電子商務收入下降了 25%，因為我們致力於透過降低促銷和折扣來將該管道發展為更高端的定位。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，授權業務下降了 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，服裝收入下降了 8%，大多數類別的收入均下降，但部分被高爾夫的相對強勢所抵消。鞋類下降了 15%，大部分類別都出現下降，但部分被戶外和高爾夫的相對強勢所抵消。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成長了 110 個基點，達到 47.5%。這一成長是由於折扣和促銷水平較低而帶來的170 個基點的定價優勢（主要是在我們的直接面向消費者業務中，因為我們採取行動推動品牌的更高端定位）以及供應鏈的40個基點與較低的產品成本和較低的庫存儲備相關的收益，部分是由於我們第一季的超速發展所致。這些好處被不利的區域和渠道組合變化帶來的 60 個基點的阻力以及 50 個基點的不利外匯影響所部分抵消。

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.

相對於我們 5 月給出的前景，我們第一季的毛利率表現優於我們的預期是由於三個主要因素。首先，我們在 DTC 業務中的促銷活動比計劃的還要少，因為我們開始測試減少 Factory House 直銷店促銷活動的策略，包括減少折扣深度，這是我們之前的展望中沒有考慮到的。其次，由於庫存餘額較低且整體結構更加健康，庫存儲備需求低於計劃。第三，與我們先前展望中的預期相比，我們從貨運成本年增率改善中獲得了一些額外的後續效益。

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.

損益表向下移動。第一季我們的 SG&A 費用增加了 42%，達到 8.37 億美元。不包括扣除保險應收帳款和轉型費用的訴訟準備金，調整後的 SG&A 費用下降 6%，至 5.55 億美元。這主要是由於持續的成本管理行動，包括裁員和本季行銷費用的降低。

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.

本季度，我們確認了 2500 萬美元的重組費用，並在 SG&A 中記錄了 900 萬美元的轉型費用。根據現有計劃，預計費用和支出預計為 7,000 萬至 9,000 萬美元，我們現已實現其中的 3,400 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，或者說，不包括訴訟準備金、轉型費用和重組費用，我們調整後的營業收入為 800 萬美元。總而言之，我們實現了 0.70 美元的攤薄每股虧損或 0.01 美元的調整後攤薄每股收益。由於我們的收入和毛利率超速以及更好的銷售管理費用控制，這些結果超出了我們的預期。

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出色和有效的庫存管理，庫存比去年下降了 15%，超出了我們的預期。我們繼續預計我們的年終庫存將與 24 財年保持一致。

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的未償餘額，併購買了4,000 萬美元的C 類普通股（其中退還了590 萬股）後，我們在11 億美元的循環信貸額度下沒有任何借款，且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較低的兩位數百分比下降的預期沒有改變。總而言之，我們在第一季超出了北美地區的預期，因此，我們正在小幅提高對該地區的全年預期，目前下降了 14% 至 16%。然而，我們全年預測中北美地區的改善預計將被亞太地區今年剩餘時間不斷增加的市場壓力所抵消。

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，我們預計我們的國際業務將出現低個位數百分比下降。其中，考慮到亞太地區和歐洲、中東和非洲地區最近結果的差異以及年度預期的平衡，我想給出一些區域色彩。對於 25 財年，我們預計歐洲、中東和非洲地區的收入將持平，因為我們在不確定的宏觀環境中繼續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，但我們對全年經濟成長 75 個基點至 100 個基點的預期並未改變。第一季的超速未能延續到全年主要有三個原因。首先，新興的海運成本逆風。其次，匯率變動帶來的負面影響。第三，由於授權銷售下降和折扣通路的利潤受到挑戰，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.

相對於一般管理費用，不包括訴訟準備金費用以及我們重組計劃的預計費用和相關費用總額的中點，調整後的一般管理費用預計將以低至中個位數的百分比下降。這包括預計在 25 財年透過今年的重組行動節省約 4,000 萬美元。調整後的營業收入目前預計將達到 1.4 億至 1.6 億美元，比我們先前預期的增加 1,000 萬美元。調整後攤薄每股收益預計為 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 財年第二季的預期進行一些說明，首先是收入，我們預計收入將比前一年下降約 12%。這種下降是在批發持續疲軟以及採取主動策略減少 DTC 業務（尤其是北美電子商務）促銷活動的情況下實現的。

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，第二季度毛利率預計將增加 20 個基點至 30 個基點，但部分被更昂貴的海運費和不利的外匯影響所抵消。

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.

調整後的銷售及管理費用預計第二季將以高個位數的速度下降，部分原因是與前期支付的訴訟費用相關的預期保險賠償額下降了約 4 至 5 個百分點。此外，這種下降還包括與人員減少相關的費用減少以及行銷費用時間的轉變，這在我們的第三季將大大增加。

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營業收入為 1.1 億至 1.2 億美元，調整後稀釋每股收益為 0.18 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，我們預計我們的現金在 25 財年將如何演變。在用手頭現金為第二季度的法律和解付款以及25 財年預期的現金流量提供資金後，我們預計到年底將擁有約5 億美元的現金，並且我們11 億美元的循環貸款中沒有未償還借款。

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，為了結束今天準備好的發言，我要強調的是，我們對重組 Under Armour 品牌所取得的早期進展感到鼓舞，並且正在很好地追蹤我們的策略。憑藉逐季變得更加果斷的領導團隊和文化，我們將在優化「保護這棟房子」策略的過程中繼續測試和學習。我們相信我們有能力建立 Under Armour 品牌應有的高端定位，並建立更高品質的收入基礎，從而實現長期可持續增長和盈利能力的改善。

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

至此，我們將開放提問。操作員？

(Operator Instructions) Jay Sole, UBS.

（操作員說明）Jay Sole，UBS。

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，您看到業務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導中暗示的銷售成長指導的能力充滿信心，以及您認為會發生什麼？

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是讓自己為品牌做出最佳決策。我向我們的合作夥伴介紹了「體育之家」這個術語，坦白說，也向我們的團隊和這個行業的任何人介紹了它，讓我們理解在一天中的某個時刻迷失方向。我們認識到我們在哪裡。我們並不為此瘋狂。但我認為我們也在做一些改變天氣的事情。

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.

因此，我認為，我們所取得的效果是，第一，慢慢謹慎地組建最好的團隊，這就是一切。我認為真正追求我們的策略，我認為這並沒有失敗，我認為這是執行的問題。因此，請確保我們的團隊非常清楚目標是什麼以及成功的定義是什麼。因此，吸引 A+ 人才的能力（例如讓埃里克加入）可能是一個很好的證據，證明我們正在朝著正確的方向前進。

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。我認為現在正在發生的許多宏觀事情可能會影響我們在世界上的處境或位置。但我們已經低下了頭，當然沒有——還沒有很多擊掌的機會，但肯定有一種越來越強烈的感覺，就我們迄今為止所取得的成就而言，肯定有一種即將發生的事情的感覺，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.

鮑勃·德布爾，古根漢。

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.只是問我幾個問題。第一個，凱文，就整體業務而言，您似乎在產品方面有更明確的方向。您能否對您的行銷發展進行更多評論，您需要多長時間才能對此更有信心？然後當你思考品牌行銷時，什麼有效，什麼無效？您認為自己可以在哪些方面做得更好？埃里克對此有何貢獻？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。在最後一次電話會議中，我認為我們很好地闡述了產品故事和地區以及這三件事的重要性。作為演示的一部分，我們也做得很好，我們在世界各地向我們的主要合作夥伴和隊友等進行了演示。我們告訴他們，對 Under Armour 來說最重要的是確保我們引進人才。我認為，如果你看看這張表格的演變方式，坦白說，執行領導團隊表格在過去 8 到 10 個月裡已經發生了變化。這是相當重要的。

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.

產品是我曾經描述過的一個比喻，我們在 John Varvatos、Yuron White 之間引進了一些 A+ 人才，當然，你會看到誰在領導這個職能。但讓他們如此強大的事實是，他們加入了一個由合作夥伴領導組成的團隊，我們已經在 Dan Kerarus 的業務中工作了 13 年；凱爾·布萊克利，15 歲；珍妮特羅伯森 (Jeanette Robertson) 在 UA 工作了十多年。我認為我們擁有真正深度的人才。因此，我對像艾瑞克這樣的人加入我們的業務有著同樣的推動力，能夠平衡產品、故事和地區的三駕馬車，以及我們從講故事的角度可以做的事情。顯然，最大的需求，我稍後會回到行銷方面，我們最大的需求是我們需要在北美保持積極主動。我只想回到人們身邊，並能夠參考我的合作夥伴以及像卡拉特倫特（Kara Trent）這樣的人，他是我們的領導者。

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——肯定有一個新的組合，但我認為這是一個公式。所以我們只是——我們正在穩定業務。我們現在與該戰略保持一致。坦白說，經過很可能太長的時間和很長一段時間才有能力引進像埃里克這樣的專業人士，他——我的首要任務是，當讓埃里克來到這裡時，他是第一位的，只是和某人一起降落飛機誰是業界如此出色的A+人才。但我也在思考如何盡快讓它們水平化。這就是為什麼我認為行銷的作用確實是品牌的解鎖之所在。出色的產品很重要，但我確實覺得我們是一家更多地只在徽標和旁邊的價格標籤上進行銷售的公司，而不是闡明我們所提供的每個令人難以置信的產品的實際故事深度建造。

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，去年和今年將在行銷上花費 5000 億美元。我不確定是否有這種感覺。因此，我們有一個巨大的機會去攻擊 16 至 24 歲的大學運動員消費者，並以一種非常真實的方式進行。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，但我們希望專注於這個領域。我們希望透過這種聲音以及由此產生的產品來講述我們的故事。這不僅僅是這些運動員在賽場上的時間，而是真正專注於往返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可能與其他品牌不同。但我們傳達這個故事的方式會有所不同。我們將透過我們在球場、球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。早晨。希望你有個愉快的夏天。凱文，很高興看到品牌重新提升的第一步。當您思考北美重置以及您提到的 25% 費用削減時，您能否詳細說明一下在減少特定類別以探索其零售合作夥伴價格點方面如何發揮作用？只是您提到了這一點，但也許對您將如何實現這一點有更多的想法會有所幫助。正如您考慮這種減少一樣，您如何考慮收入指南中的單位與價格預期？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，西蒙。我認為我們會非常深思熟慮。正如我在準備好的發言中所說，這不會只是一舉一動。我們要深思熟慮。我們將對決定進行修剪的地方進行策略性和外科手術式的調整。

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，SKU 減少 25% 的想法對當今的組織來說就像是一個隱喻，因為世界上沒有人不覺得自己有太多的事情要做。因此能夠消除 25% 的工作是團隊的一個雄心壯志。這樣，您就可以減少從工廠參觀到實驗室浸漬批准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，這必須是一個過程。這必須是必須經過審查和通過的方式，它需要是特殊的。它不僅僅是另一件 T 卹或另一雙鞋。它必須是一款真正的高性能產品，並且能夠真正幫助您變得更好。我認為，我們還沒有做得夠好，沒有做好溝通工作。因此，正如我們在願景聲明中所說，確保為您提供您從未知道自己需要的高性能產品，一旦您嘗試過它們，就無法想像沒有它們的生活，感覺就像是——我們需要抓住的一個機會。

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.

所以我認為這也變得很簡單，Simeon，我們將專注於我們的基礎層壓縮產品。這實際上只是回到了業務的基礎。但我們也有一些事情已經解決並且對我們來說是謹慎的，例如我們的 Unstoppable 系列。當 Sharon Lokedi 本週末穿著我們的 Velociti Elite 2 Runner 參加馬拉鬆比賽時，我們已經落後了，這真是令人難以置信。 SlipSpeed 計劃是我們將要支持的項目。但我們希望確保 Under Armour 不僅僅在 T 恤上銷售品牌。它不僅僅是一個標誌，它還需要更多。因此，了解這對消費者意味著什麼是我們真正關注的重點。

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.

並且不嘗試做所有事情。我們並不是想要煮沸海洋。因此，我們希望對我們所追求的產品進行深思熟慮和具體化，並確保我們很好地闡明了性能優勢的原因。因為這對我來說就是這樣的事情，因為我必須坐下來，從遠處觀看業務，這是我正在觀察並說出我們所擁有的釋放以及闡明關於權力的令人難以置信的故事的能力。 UA Rush 或Vanish（我們今天稱之為）中的布料、水分管理、壓縮和再生能力，這些都是我們擁有的機會。因此，每一款 Under Armour 產品都是特殊且獨一無二的。我覺得我們將確保我們因此獲得榮譽。

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.

那真是太棒了。這太令人興奮了。戴夫，對指南中的單位與價格有什麼想法嗎？如果我還能再丟一個就好了。看看您本季回購的股票，考慮到股票的狀況，您如何考慮回購方法？看來你們正在重新奪回品牌控制權並承認現金和解。謝謝，夥計們。

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，我認為補充凱文所說的，從價格價值的角度來看，我們肯定會更加關注平均售價和平均售價成長。當您考慮減少 SKU 時，我們正在努力減少優質產品的數量，並保護並真正能夠投資於更好和最好水平的產品，同時我們我們正在努力開展一些更深層次的折扣和促銷活動，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，當你將整個等式結合在一起時，這應該會導致毛利率持續成長，我們認為這對品牌和整體業務來說非常重要。因此，這是發揮作用的策略的一部分，並試圖確保我們在 SKU 開發以及高利潤產品與低利潤產品之間取得平衡。以及這如何影響細分，並在我們的細分方式上繼續向前邁進越來越好，我們在過去一兩年中取得了一些良好的進展，但仍有更多空間可以實現。

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.

顯然，相對於股票回購計劃，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 4000 萬美元。我們了解到，最近隨著和解和償還可轉換債務，我們出現了一些相當大的現金流出，我們正在繼續審視未來的現金流，並確保我們擁有我們想要的戰爭資金。的任何類型的彎道，或能夠投資新想法、新人才和新經驗，類似於最近的收購，除非我們正在進行收購。因此，我不知道今年我們是否會大規模進行股票回購，但我們將繼續每季進行評估並謹慎採取行動，特別是考慮目前的股價在哪裡。

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

偉大的。非常感謝，夥計們。祝今年剩下的時間一切順利。

Thank you.

謝謝。

Thank you.

謝謝。

Geoff Lowery, Redburn.

傑夫·洛厄裡，雷德本。

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，團隊。我理解美國是你目前的主要關注點。但您能多談談該品牌在歐洲、中東和非洲和亞太地區的表現嗎？在這些地區，市場與您自己的重置活動相比有多少？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，在那裡我們有一個 Under Armour 的長期合作夥伴，還有凱文·羅斯 (Kevin Ross)，他現在正在為我們經營這項業務。這個人是一名獸醫，曾在美國工作過，顯然現在已經在歐洲工作過，但最近才在今年一月或二月接手。但我認為我們做得非常好。第一，我們有一個良好的基礎，從勢頭的角度來看，歐洲、中東和非洲可能是我們最有力的理由，尤其是在英國，實際上在法國和巴黎，我們是地下最喜歡的奧運會發生的事情，對吧。

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.

但還有工作要做。我認為我們在適應我們的業務規模方面做得很好。去年我們的銷售額突破了 10 億美元，這讓我們有了一定的規模和規模。我們正在做的是透過球場上的真實性來做到這一點。我們有一些像托尼·呂迪格這樣令人難以置信的運動員，我們有一個很棒的孩子，名叫費明·洛佩茲，正如我所說，他是西班牙國家隊的一員，他將在決賽對上法國隊。我認為，確實有一個鏡頭，我們正在球場上的男女足球比賽中採取真正有針對性的方法。

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非常密切的關係。 JD 和體育總監對於我們以及我們的成長非常重要。所以批發很重要。但我們也希望發展我們的 DTC 業務，並且我們正在對此進行相應的投資。從長遠來看，這是一個高品質故事的演變，就像我們在美國學到的那樣。我們正在應用我們在美國看到的一些經驗教訓，我們對北美目前的狀況並不著迷。因此，我認為我們做得非常好，運用了我們如何確保我們能夠透過在歐洲所做的事情來提升自己的經驗教訓。因此，我認為我們對這項業務非常有耐心，這就是為什麼你看不到更大的加速器的原因，我們將更加謹慎，並確保第一，意識到宏觀環境，但真正從長遠的角度尋找質量。

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，有自己的氣候，也是我們正在處理的問題。但我們已經意識到宏觀壓力。我五月去了那裡，九月又回來與我們的領導 Jason Archer 一起工作。這個地區只需要總部多一點關注。因此，我們正在研究如何能夠更有幫助地專注於我們的亞太區業務。

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.

從規模和規模的角度來看，只是提醒大家，在全球範圍內，Under Armour 在全球擁有超過 1,900 家門市。其中大部分位於亞太地區，其中大部分位於中國。但這就是為什麼我們很高興史蒂芬·庫裡在九月重返巡迴賽，這有望成為推動該地區發展的導火線，或者至少提醒人們在那裡。但不僅是全球品牌，還有本土品牌還有很多需要突破的地方，所以有點不同。

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.

在中國以外，我認為我們只是在觀察消費者的宏觀情況，以及那裡的一些疲軟情況，以及日本其他一些地區正在發生的情況。從經濟角度或宏觀經濟角度來看，韓國的情況有點複雜。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機會。希望這能帶給你一點色彩。

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，斯蒂菲爾。

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

謝謝。早安.嗨，戴夫。嗨，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招募。你增添了很多優秀的人才。艾瑞克（Eric），團隊的重要補充。凱文（Kevin），品牌策略執行副總裁，這顯示許多職責與您歷史關注的領域有重疊。能談談您對與 Eric 合作的願景嗎？顯然，這是招募過程中討論的一部分。那麼，隨著艾瑞克的加入，您預計會在哪裡花費更多的時間？

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。這不是——謝謝，吉姆。這與第一次建立品牌並沒有太大的不同——這可能有點自由自在的感覺。你從來沒有真正關注某種補充技能，正如你所說，如果你能得到一個專業人士，我就是一個非常好的多面手，所以我有能力插入其他地方。並介紹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，由於他專注於行銷，坦白說，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，他可以產生這種影響。

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。我認為，我們只是——我們還沒有取得成功所需的領導力。因此，埃里克將投入其中並負責建造它。我並沒有迷失這對我意味著什麼，因為還有很多其他事情要做。這就是我認為我的工作就是確保我的水準不斷提高。

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。但讓艾瑞克來到這裡是為了，除非我們將繼續成為自己的獨立組織。我認為將他們所採用的 ESG 方法引入基於植物的再生時尚是該組織的優先事項。當然，埃里克會幫助我們闡明這一點。

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只是找到一個可以成為亞辛和卡拉合作夥伴的人。營運模式中的決策權是經常出現的事情之一，埃里克在 13 或 14 年接手阿迪時專門做的事情之一就是研究產品和服務如何運作的運營模式。因此，這對我們來說將是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可做。我很幸運也很感激我們能夠吸引像艾瑞克這樣的人。所以我認為這是未來更多事情的開始。但我必須告訴你一件事，也許是在個人層面上，那就是感覺肯定有一些新的東西和一些轉變。所以我們不會宣布勝利，我們也不會搥胸頓足，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。謝謝你。然後，戴夫，我簡單介紹一下 D2C 的利潤。您能否提醒我們，您何時將紀念 D2C 中較少的促銷方法並在 D2C 利潤率上進行更標準化的比較？

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，總的來說，這將繼續為我們全年帶來好處，前半段的收益比後半段的收益要大一些。然後，當我們結束本財年時，相對於電子商務毛利率和促銷水平，我們應該更加具有可比性，因為我們一直在努力在年底達到一個非常好的健康水平本財政年度。我們正在繼續對 Factory House 方面進行測試，這可能是我們在進入 26 財年時進一步發揮作用以繼續變得更加優質的東西。

Thank you, guys.

謝謝你們，夥計們。

You're welcome, Jim.

不客氣，吉姆。

Paul Lejuez, Citi.

保羅‧勒胡埃斯，花旗銀行。

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，夥計們。我只是想問一下您的指導問題。您更新了全年，您提供了第三季。我只是想確保我聽對了。我想你說的是 1.1 億到 1.2 億美元的息稅前利潤。這意味著全年的很大一部分來自上半年，而下半年則要小得多。因此，我只想從毛利率和銷售管理費用的角度了解你們下半年的前景，我認為，如果我沒聽錯的話，根據指導意見，下半年的數據將非常疲軟。

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，就工廠業務而言，我想您在之前調整時提到了好壞參半的結果。您能否談談您在調整價格時所看到的情況以及工廠業務在商店數量方面的最終計劃是什麼以及在公司內扮演什麼角色？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。當您考慮前半部分與後半部分時，有幾件事會發揮作用。首先，當您考慮第一季和超速行駛時，以及這對全年意味著什麼時，請再次記住，在下半年，我們預計亞太地區發展中的收入壓力會更大。我們也預計海運費比我們最初計劃的要高一些。外匯壓力也有所增加。當你考慮到最近的經濟趨勢時，我們也有一點謹慎。

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.

但總的來說，從營業收入的角度來看，從歷史上看，我們上半年的收入肯定較高，下半年的收入也略低。其中一些，如果你考慮第二季度，這對我們來說是歷史上收入較高的季度，而且對我們來說通常也是毛利率較高的季度。因此，第二季提高毛利率對我們來說是一種歷史趨勢。然後，由於相對於我提到的今年之前支付的合法發票的計劃保險回收，今年較高的上半年盈利能力也得到了放大，並且還將我們計劃的一些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.

也許我要提到的最後一件事是，與去年下半年相比，下半年的預測也帶來了更多的激勵薪酬，不幸的是，我們正在下調，並扭轉了去年早些時候記錄的部分激勵薪酬。因此，當你將所有這些因素加在一起時，你會發現前半部分占我們全年營業收入的很大一部分，這就是我們在計劃中安排的內容。

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.

關於你關於 Factory House 的第二個問題，我想說我們確實測試了一些較低的促銷等級和較少的促銷等級。事實上我們並沒有真正計劃這樣做。但當我們更深入地了解電子商務時，我們對電子商務的結果感到興奮，我們開始在 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，這既是價格水平，也是折扣的深度。老實說，結果確實有點好壞參半。我們正在嘗試，我們正在學習，我們正在尋求平衡。當我們這樣做時，我們確實放棄了一點收入。因此，我們將繼續在 Factory House 方面進行測試和學習。但現在，我想說的是，結果好壞參半，我們還有更多的工作要做。

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.非常感謝您提出我的問題。戴夫，我想尋求指導，我們是否還應該假設今年批發量下降了兩位數，DTC 下降了 10%？然後，隨著電子商務下降 25%，這是考慮未來發展的正確方法嗎？您是否認為可以從電子商務促銷活動的縮減中吸取一些教訓，並將其應用到其他業務中？

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，我想說的是，就全年而言，我們仍然看到批發下降幅度為兩位數的低百分比，在 10% 到 12% 的範圍內，然後 DTC 下降約 10% 左右。這主要是因為我們決定重置品牌，特別是在北美，隨著電子商務促銷活動的減少，而且你也知道那裡的產品種類增加。

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.

相對於電子商務的具體情況，我們不一定會就此提供指導。但您肯定會看到 DTC 內過度指數化的下降幅度為 10%。所以一定會下降10%以上。當你考慮全年時，也許不是我們在第一季度看到的全部 25%，但同樣，這是有意的，其中大部分是有意的，因為我們繼續在北美推動這些促銷決策。

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，勞倫特，也許我可以- 讓我也談談這一點，因為我認為這對於所發生的事情以及我們能夠通過我們的全價電子商務網站的鏡頭做些什麼確實很有啟發性，坦率地說，還沒有一年前那麼全價。一年前，我們銷售的產品中大約 65% 是促銷品，大約 35% 是全價，而且我們透過減少促銷天數來做到這一點。我們並沒有完全顛倒過來，但我們在促銷方面取得了重大進展——全價銷售。

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，這不僅幫助了我們——你看到了我們自己的一些毛利率流動，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。所以你只能看到一艘普通的上漲的船把所有的船都抬高——漲潮在這裡把所有的船都抬高了。因此，當這種情況發生時，這是非常有啟發性的，因為我們正在考慮我們不斷談論修復品牌或我們正在對品牌做什麼或品牌現在的健康程度，所有這些都是首要考慮的事情，是我們要做的事情的首要任務。但我認為我們開始看到一些我們可以投資的方式的模型，它實際上會為我們帶來回報和回報。

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.

所以我們將應用它。再說一次，我們沒有掌握所有事實，但我們喜歡我們現在看到的一些跡象，而且我們當然喜歡推動更全價的業務。 47.5% 的毛利率是衡量我們健康狀況的一個很好的指標。

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，第一季的毛利率非常好。戴夫，我想你提到了三個因素會增加全年的不利因素。我想您已經提到了海運、外匯和許可證業務的混合。也許您可以——對於觀眾來說，您能否為我們介紹一下，當我們考慮全年毛利率指南時，與 90 天前相比，其中有多少是增量逆風？

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，我認為我試圖詳細闡述的是，推動我們全年業績成長的主要逐年驅動因素仍然很大程度上取決於 DTC 折扣減少的有利定價，以及與改進產品相關的供應鏈效益成本核算。這是全年的兩大正面因素。

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，在第一季我們看到了一些額外的好處。但正如我們所展望的那樣，對貨運成本的影響可能是最大的新發展逆風，這在一定程度上消除了第一季的超速發展。緊隨其後的是我們在前三個月看到的外匯逆風，預計會稍微提前一些。

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.

由於授權銷售和折扣管道的一些利潤受到挑戰而導致的組合變化，這是一個較小的發展阻力。前兩個關於運費和外匯的問題比較大。

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

好的。謝謝。再次恭喜節拍。祝返校順利。

Thank you.

謝謝。

Thanks.

謝謝。

Sam Poser, Williams Trading.

薩姆·波塞爾，威廉斯貿易公司。

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解答。謝謝你們回答我的問題。我想知道，只是後半部指導的後續行動，當你說第二季行銷支出改變時。我們是否會看到——這是否會更多地進入第四季度，因為這是您預計 26 財年改進的開始？

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，第一季的一些底線超速將部分行銷支出轉移到第三季和第四季度，然後與第二季類似。因此，我們在下半年的行銷工作比我們最初預期的要多一些。但這並不全都與第四季有關。我的意思是，其中一部分是為品牌進入 26 財年及以後做好準備，但也要確保我們真正支持返校季以及假日銷售——假日銷售主要是在我們的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，在你所說的內容中，有一種組合——你提到有病人和有——並且想要快速做事。我想問題是，什麼樣的遊戲計畫才能讓北美地區走上你想要的軌道？正如我們所期望的那樣，您如何平衡耐心、品牌、速度以及所有這些？

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

山姆，週二我就滿 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。我一直——作為一名企業家，你總是感覺遲到了。你覺得明天就必須完成這件事。這在某種程度上是一種優勢，但有時可能很困難，特別是當你變得更大時，你需要作為一個組織來擴展。但我認為，作為一家企業，我們正在開設這個新總部，它在巴爾的摩這裡很漂亮，這確實是我們自己的業務。我不知道這是否正是股東希望我們花錢的地方，但這件事已經建成，這對我們來說將是一座令人難以置信的大廈，今天我們認為這將成為企業的巨大資產。

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，認識到我們現有的牌確實是一種成熟。我用過這樣的類比：我有一對二，我們之前有過皇家同花順，而今天，我們兩者都沒有，但我們都能夠贏得勝利。所以我對我們現有的手牌以及資產感覺非常好。我說過 UA 有 100 件事需要解決。在這 100 件事中，我想說可能有 70%、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，我們可以讓它們變得更好。

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 件事情需要我們解決。當我想到體育行銷方面時——我不會讓戴夫聽到這一點，但我認為，對於聖母大學和 IMG，這可能足以建立一個具有最好的高信譽度的體育品牌。不是最好的高中，也是最好的大學之一，如果不是最好的大學，也是全國最好的。因此，就我們在北美的看法而言，這是非常地區性的，但它會及時到來的。

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.

我們在行銷方面的支出達 5000 億美元。感覺我們並沒有花掉它。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，具有性能、技術、設計和風格，但我們還沒有在那裡打出最好的比賽。因此，我對下一章感到非常興奮，也許可以應用多年來學到的經驗教訓。正如我所說，我們正在考慮歐洲並關注美國發生的事情，以及我們如何在那裡做出更好的決策和選擇。

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.

但我們有一手好牌。我認為我們正在組建一支 A+ 團隊。有一個夥計真是太令人興奮了，我說，就像一個夥計，就像埃里克加入我們的團隊一樣，因為我們有一些非常好的用戶獲取專家、行業專家圍繞著這張桌子，讓我們加入進來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 --

如果我能快速跟進就好了。我的意思是，我真的在談論時機，你是否正在考慮透過扭轉北美局勢來實現這一目標？是否需要 18 個月，並且要緩慢而穩定地進行？或者說，您自己定義的讓北美走上正確軌道的時間框架是怎麼樣的？我的意思是你怎麼想這個？是 6 個月還是 12 個月還是 18 個月？這就是我想要得到的——

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。我認為在上次電話會議之後，我們有點把人們固定在 25 歲，所以我們為自己制定了 18 個月的展望。但說實話，我們不——我不知道是否有——我不知道有一個你說我們已經完成的定義。這將是一個不斷的迭代和正在進行的工作。

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，我們不會坐以待斃，直到 25 年秋天。我們現在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了一段時間的 Unstoppable 平台以及我們的基礎層平台擁有令人難以置信的東西。我們可以做一些簡單的事情來確保我們獲得充分的認可，我認為人們不會將我們視為——除非你確實在 15 或 20 年前長大，我不是確定您是否將壓縮視為Under Armour 的傑出產品。因此，我們需要確保我們尊重講述我們正在建立的產品的故事。因此，我對此非常有信心和興奮 - 我無法充分強調一個只需要專注於產品、故事和區域的組織如何確保這三個方面快速融合在一起。

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，我不知道這是否會很長，但你會看到不斷的進步。我想你會看到這樣的事情，哇，那是 UA 的一個非常棒的地方。那是一個非常酷的產品。有些事情你可以落後。然後您將看到我們開始減少 SKU，扭曲正在運行的產品。這不僅意味著它將是最好的產品，而且這就是我所說的特徵，即我們不必為了開始製造更多更好、最好水平的優質產品而放棄我們現有的一些消費者。

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.

我認為，Sam，儘管我們還沒有準備好談論 26 或 27 財年的北美收入，但您可以放心的一件事是，我們將繼續推動成為一家更健康的企業在北美。我認為這確實是我們現在感到興奮的事情。我們將更多地討論未來的來電。

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。