Under Armour Inc (UA) 2025 Q2 法說會逐字稿

Good morning, and welcome to the Under Armour Q2 2025 earnings conference call. (Operator Instructions) Please note this event is being recorded.

早安，歡迎參加 Under Armour 2025 年第二季財報電話會議。 （操作員說明）請注意此事件正在被記錄。

I'd now like to turn the call to Lance Allega, Senior Vice President, Investor Relations, Treasury and Corporate Development. Please go ahead.

我現在想把電話轉給負責投資者關係、財務和企業發展的高級副總裁蘭斯·阿萊加 (Lance Allega)。請繼續。

Good morning, and welcome to Under Armour's second 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 財年第二季財報電話會議。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 management's current view of our business as of November 7, 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 benefits 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 管理層對我們截至2024 年11 月7 日的業務的當前看法。預測。前瞻性陳述並非對未來業務績效的保證，我們的實際利益可能與所提供的觀點中明示或暗示的利益有重大差異。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 to everyone for joining us on this morning's call. At the halfway point of fiscal '25, we're pleased with another quarter of profitability ahead of our outlook, thanks to gross margin improvement from actions we've taken to produce promotions and discounting in our DTC businesses and ongoing initiatives that improve product costing.

謝謝蘭斯，也謝謝大家參加今天早上的電話會議。在25 財年的中點，我們對我們的展望之前的另一個季度的盈利能力感到滿意，這要歸功於我們在DTC 業務中採取的促銷和折扣行動以及持續採取的改善產品成本的舉措，從而提高了毛利率。

Although we are early in our reset, I believe this demonstrates that our strategies to strengthen this brand are beginning to gain traction. Our team is working incredibly hard and diligently to build a better business, and I'm so proud of this collective effort. Though we still have much work to do, we are on offense and are committed to reconstituting the Under Armour brand deliberately and methodically. With a roughly $50 million second quarter adjusted operating income beat compared to the outlook we provided in August, we are splitting the difference in allocating about half of those dollars to our revised adjusted operating income outlook for fiscal '25. The other half will be invested in marketing and brand-building efforts to deepen our connection with consumers.

儘管我們還處於重置初期，但我相信這表明我們強化品牌的策略已開始獲得關注。我們的團隊正在非常努力和勤奮地工作，以建立更好的業務，我為這種集體努力感到非常自豪。儘管我們還有很多工作要做，但我們已積極進攻，致力於有計劃、有條不紊地重塑 Under Armour 品牌。與我們 8 月提供的前景相比，第二季調整後營業收入超出了約 5,000 萬美元，我們將其中約一半的資金分配給我們修訂後的 25 財年調整後營業收入前景。另一半將投資於行銷和品牌建立工作，以加深我們與消費者的聯繫。

Q2 also marked another quarter of planning our flag as a sports house, meaning one of only a handful of athletic brands globally who incredibly outfit athletes head to toe on field, court or pitch in virtually any sport were athletic endeavor. We will defend and build on this position to exploit our global opportunity. And to be clear, Under Armour is more than just a single category or activity of athletic excellence, and this breadth is what provides us with the sports house status to build from.

第二季度也標誌著我們又一個四分之一的時間計劃將我們的旗幟打造成一家體育品牌，這意味著全球為數不多的為運動員提供從頭到腳的服裝的運動品牌之一，幾乎在任何體育運動中都致力於運動。我們將捍衛並鞏固這一地位，以利用我們的全球機會。需要明確的是，Under Armour 不僅僅是一個卓越運動類別或活動，這種廣度為我們提供了運動品牌地位。

And what differentiates the UA sports house from the other brands on the podium with us, is our position as the brand for the little guy or a little girl who has not had the size or resources to truly compete. Therefore, we're not innovating so that our athletes and teams can run up the score but simply to give them that fighting chance to compete. This tri-heart persona and grid that defines UA has four key attributes: athletes, sports, innovation and passion. This is our constant news and describes our affinity for the underdog, the athlete who puts in the work from pillar to podium looking for every edge possible from their training study and especially from their gear. The ones who have no choice but to apply the rule of 10,000 hours to achieve excellence in their sport.

UA 運動品牌與我們一起登上頒獎台的其他品牌的區別在於，我們的品牌定位是為那些沒有規模或資源進行真正競爭的小男孩或小女孩設計的。因此，我們創新並不是為了讓我們的運動員和團隊能夠提高分數，而只是為了給他們競爭的機會。定義 UA 的三心角色和網格有四個關鍵屬性：運動員、運動、創新和熱情。這是我們持續不斷的新聞，描述了我們對失敗者的喜愛，這些運動員從支柱到領獎台都在努力從訓練研究中，尤其是從他們的裝備中尋找每一個可能的優勢。這些人別無選擇，只能運用 10,000 小時規則來在自己的運動中取得卓越成就。

And we also are seeking a competitive edge from the best athletic performance apparel, footwear and accessories on the planet. These are our Under Armour athletes. Because of this, we must use every resource and waking hour to help them improve. This mindset drives our product, storytelling and commercial strategies, ultimately expressed by the perfectly balanced UA logo where the top is the same as the bottom, the left is the same as the right. And an ambition or at the least, the metaphor for the gear that we make Performance apparel and footwear meant to prevent you from getting too hot or too cold, targeting equilibrium in every wearing occasion. The symbol of our athletes underdog spirit is something to prove, being clear about who we are and where we're going, front and center in all interactions, including those with retailers, athletes and teammates. A direction that is being received well as we've taken this narrative to our partners, and we will build on from here.

我們也從全球最好的運動性能服裝、鞋類和配件中尋求競爭優勢。這些是我們的 Under Armour 運動員。正因為如此，我們必須利用一切資源和醒著的時間來幫助他們進步。這種心態驅動著我們的產品、講故事和商業策略，最終透過完美平衡的 UA 標誌來表達，頂部與底部相同，左側與右側相同。這是我們的雄心壯志，或至少是我們生產的高性能服裝和鞋類裝備的隱喻，旨在防止您變得太熱或太冷，在每個穿著場合都達到平衡。我們的運動員不被看好的精神的象徵是值得證明的，在所有互動中，包括與零售商、運動員和隊友的互動中，清楚地了解我們是誰以及我們要去哪裡。當我們向我們的合作夥伴講述這一故事時，這個方向受到了好評，我們將在此基礎上繼續發展。

As a podium brand with the foundation of performance products forged at the highest levels of athletic competition, we work tirelessly to deliver head-to-toe outfitting with style, fit, form and function across the high school, club and professional levels. You must give athletes an edge perform, feel and look their best. We will honor our nearly 30-year history with that harder in place on the podium by elevating our products, amplifying our stories, delivering best-in-class service and empowering our team to drive consistent execution. As we have said previously, this chapter is not a repeat of the first time building the brand. There will certainly be parts that rhyme. We plan to utilize every tactic, relationship, strategy or ethos that serve this brand in the past to our benefit.

作為一個以最高水平運動競賽中打造的高性能產品為基礎的領獎台品牌，我們不懈努力，為高中、俱樂部和專業級別的學生提供風格、合身、形式和功能的從頭到腳的服裝。您必須為運動員提供最佳的表現、感覺和外觀。我們將透過提升我們的產品、擴大我們的故事、提供一流的服務並授權我們的團隊推動一致的執行，以更努力的方式登上頒獎台，以紀念我們近 30 年的歷史。正如我們之前所說，本章並不是第一次建立品牌的重複。肯定會有押韻的部分。我們計劃利用過去為該品牌服務的每一種策略、關係、策略或精神，為我們謀取利益。

One of those is certainly product, story, service and team. Four powerful dimensions that when working in concert can drive this brand to greater heights. This is what we have brought to life, what we are evangelizing internally and externally and what we are executing against. The elevation of our product offering continues to gain momentum. This includes a critical mass of new products designed and developed by our expert product team with an immediate focus on men's apparel business and footwear as well as a significant evolution in style and innovation offerings as we work toward fall/winter '25.

其中之一當然是產品、故事、服務和團隊。四個強大的維度協同工作可以將這個品牌推向更高的高度。這就是我們所帶來的生活，我們在內部和外部傳播的內容以及我們正在執行的目標。我們的產品供應不斷提升。其中包括由我們的專家產品團隊設計和開發的大量新產品，重點關注男裝業務和鞋類，以及我們在 25 年秋冬期間在款式和創新產品上的重大演變。

Based on previews and the initial sell-in cycle, we've received strong feedback showcasing products with brand new innovations, refreshed design direction and a holistic approach to outfitting our core revenue categories: training, running, basketball, sportswear and golf. In the meantime, we've refocused and relaunched basics like base layer compression, where we have market leadership, which gives us the ability to change our trajectory. This includes recent success in premium distribution with HeatGear, franchises like Unstoppable, particularly Fleece as well as our Vanish training collection and an increasing but targeted selection of UA sportswear. In addition to what we call Trojan horse products, recently articulated in accessories with the self-form uncrushable hat, where we showcase what Under Armour take on a category is seemingly ordinary as a ball cap that traditionally has been only the logo on the front that differentiates it from other brands.

根據預覽和最初的銷售週期，我們收到了強烈的回饋，展示了具有全新創新、更新的設計方向和整體方法的產品，以裝備我們的核心收入類別：訓練、跑步、籃球、運動服和高爾夫。同時，我們重新關注並重新啟動了基礎層壓縮等基礎技術，我們在這方面擁有市場領先地位，這使我們有能力改變我們的發展軌跡。這包括最近在 HeatGear 的優質分銷方面取得的成功、Unstoppable 等特許經營權，特別是 Fleece 以及我們的 Vanish 訓練系列以及不斷增加但有針對性的 UA 運動服選擇。除了我們所說的特洛伊木馬產品之外，最近在配件中加入了自成型不可壓碎的帽子，我們在這裡展示了Under Armour 在看似普通的球帽類別中的表現，傳統上只有正面的標誌，使其區別於其他品牌。

And apply the performance lens of stretch, recovery and moisture management, which also allow us to charge a premium of $45 to a category that typically sells for less than $25. This is the type of consistent innovation and premiumization you should now expect from UA with the purpose of making a consumer wander. They put this much performance thinking into a hat. I wonder what their shirts and shoes are like.

並應用拉伸、恢復和水分管理的性能鏡頭，這也使我們能夠對通常售價低於 25 美元的類別收取 45 美元的溢價。這就是您現在應該從 UA 身上期待的持續創新和高端化，目的是讓消費者流連忘返。他們將這麼多的性能思考融入帽子。我想知道他們的襯衫和鞋子是什麼樣的。

In footwear, we're making some of the greatest strides with our enhanced product team having an impact. There's much work to do as we're experiencing challenging results in the near term, particularly in our good level products. While it will be a couple of seasons until it hits the market, we've taken a different tack here with good level, refining and eliminating redundant SKUs, assigning our best footwear designers to work on some of our lower ASP products, but that have big volumes like the UA assert, whose volume is in the millions of payers, with updated designs that focus on the price to value perception and winning consumers to the brand with just simply better looking and performing products at great value. Just because the shoe costs less than $100 does not mean that it does not deserve to be beautiful.

在鞋類領域，我們正在取得一些最大的進步，我們增強的產品團隊正在產生影響力。由於我們在短期內遇到了具有挑戰性的結果，特別是在我們的優質產品方面，還有很多工作要做。雖然它需要幾個季度才能上市，但我們在這裡採取了不同的策略，保持良好的水平，改進和消除多餘的SKU，指派我們最好的鞋類設計師來設計一些ASP 較低的產品，但這已經像UA 斷言這樣的大銷量，其銷量達到數百萬付款者，其更新的設計專注於價格與價值感知，並通過外觀更好、性能更佳、物超所值的產品贏得消費者對品牌的青睞。僅僅因為這雙鞋的價格低於 100 美元並不意味著它不值得美麗。

And I'm excited about our strategies for improved assortment across our better and best segmentation over the next few seasons as more elevated products like our Infinite running collection have been tracking well for us. While our footwear business continues to reset, our objective is to emerge with a more substantial better and best level offering and a streamlined, improved good level offering. All in all, more precise, well-defined segmentation within our franchises to deliver for all tiers of distribution that will serve us in the ambition of premiumizing the UA brand. It's really about selling so much more of so much left.

我對我們在接下來的幾個季度中更好和最好的細分市場中改進品種的策略感到很興奮，因為像我們的 Infinite running 系列這樣的更多高端產品一直對我們來說進展順利。雖然我們的鞋類業務繼續重新調整，但我們的目標是提供更實質、更好、最好的產品以及精簡、改進的優質產品。總而言之，我們的特許經營範圍內的細分更加精確、明確，可以為所有層級的分銷提供服務，這將有助於我們實現 UA 品牌高端化的雄心。這實際上是為了賣出更多剩餘的東西。

Critical to our evolution is our team sports positioning, the sharp point and epicenter of our connection with young athletes. With school back in session, we saw a solid performance from cleated products in baseball and American football as well as in basketball with Curry brand footwear. Building on that a few weeks ago, the Curry 12 launched globally following limited releases of select colorways, including the Red, White and Blue version, Stefan Moore during his iconic performance in the Paris Olympics which helps secure gold for Team USA. The response to the Curry 12 has been solid, so we're off to a good start ahead of our next launch, which will see the first-ever signature shoe for rising NBA Star, De'Aaron Fox under the Curry brand.

對我們的發展至關重要的是我們的團隊運動定位，這是我們與年輕運動員聯繫的尖銳點和中心。隨著學校重新開學，我們看到了帶有防滑釘的產品在棒球、美式足球以及籃球比賽中與柯瑞品牌鞋類的出色表現。幾週前，庫裡12 在此基礎上在全球範圍內推出了限量版的精選配色（包括紅、白、藍版本），斯特凡·摩爾(Stefan Moore) 在巴黎奧運會上的標誌性表現幫助美國隊奪得了金牌。 Curry 12 反應熱烈，因此我們在下一次發布之前有了一個良好的開端，我們將在下一次發布中看到 NBA 新星 De'Aaron Fox 的第一款 Curry 品牌簽名鞋。

Next up is story and continuing with Stefan as an excellent example. In September, we conducted our first tour in China with him since 2019. The response to Stefan in the market was frankly, overwhelming and demonstrated the power of the Under Armour brand and we holistically integrate compelling athlete moments with elevated products and storytelling. Despite our four city tour turning into a three-city tour, because the second stop in Xian had to be canceled due to a Taylor Swift-like reaction with. For just one example, from Xian, 7,000 people waiting outside of this hotel to greet him. We unfortunately had to cancel that visit, but successfully pulled off our most impactful tour ever.

接下來是故事並繼續以斯特凡作為一個很好的例子。 9月，我們與他一起進行了自2019 年以來的首次中國巡演。故事講述融為一體。儘管我們的四城巡演變成了三城巡演，但由於類似泰勒絲的反應，西安的第二站不得不取消。舉個例子，來自西安的7000人在飯店外等候迎接他。不幸的是，我們不得不取消那次訪問，但成功地完成了我們有史以來最有影響力的旅行。

With historically high brand exposure, including over four billion media impressions, nearly 34 million livestream views and incredible social buzz and engagement overall bass ball sales impacted in China that week, along with a threefold increase in Curry sales. One thing that is certain is that the opportunity we have with Stefan to build on his celebrity for the benefit of Curry brand, UA Basketball and Under Armour as a whole. We plan to be much more aggressive with Stefan's global presence as we scale our business in the upcoming years.

品牌曝光創歷史新高，包括超過40 億次媒體曝光量、近3400 萬次直播觀看次數以及令人難以置信的社交熱度和參與度，影響了中國貝斯球的整體銷量，同時咖哩銷量也增長了三倍。有一件事是肯定的，我們有機會與斯特凡一起利用他的知名度，為庫裡品牌、UA籃球和安德瑪整體帶來利益。隨著我們在未來幾年擴大業務規模，我們計劃更加積極地利用 Stefan 的全球影響力。

Taking this learning and replicating it more frequently at multiple touch points is the goal. Holistic and synergistic moments to reach young team sport athletes more effectively as a sports house with an ability to outfit the world's most incredible athletes at the highest level of competition, including Major League Baseball World Series in Los Angeles Freddie Freeman, driving in 12 runs and four homers to become the MVP as the Dodgers won their eighth title. American Football NFL standouts, Justin Jefferson, Zay Flowers and Kyle Hamilton. Headline, the UA roster in the sport our brand was founded in. And with that, we have (inaudible) sitting squarely in the college football playoffs top 10.

我們的目標是在多個接觸點更頻繁地進行這種學習和複製。作為一家能夠為世界上最令人難以置信的運動員提供最高水平比賽裝備的體育機構，包括在洛杉磯舉辦的美國職棒大聯盟世界大賽中，弗雷迪·弗里曼(Freddie Freeman) 參加了12 場比賽，並在道奇隊贏得了第八個冠軍，打出了四支全壘打，成為 MVP。美國橄欖球聯盟 (NFL) 傑出人物賈斯汀·傑斐遜 (Justin Jefferson)、扎伊·弗勞爾斯 (Zay Flowers) 和凱爾·漢密爾頓 (Kyle Hamilton)。頭條新聞是我們品牌創立的運動項目中的 UA 名單。

Also, Elite Runner, Sharon Lokedi, with our top 10 finish at last weekend's New York City Marathon wearing the unreleased Velociti Elite 3, the most technologically advanced running shoe we've ever made truly. In our Mark on the World's Most Elite Football stage with players like Ben White at Arsenal, Pedro Porro, Tottenham; and Tony Rüdiger, Real Madrid. We have an incredibly talented global athlete roster that demonstrates our breadth and why we are sports house, engaging young athletes more effectively while telling their compelling stories. As a work in progress, activations will look and feel more aligned over the next several months, underscored by our brand identity and ethos.

此外，精英跑者 Sharon Lokedi 在上週末的紐約市馬拉鬆比賽中穿著未發布的 Velociti Elite 3 獲得前 10 名，這是我們真正製造過的技術最先進的跑鞋。在我們與阿森納、佩德羅·波羅、托特納姆熱刺等球員一起登上世界最精英足球舞台的馬克中；和東尼魯迪格，皇家馬德里。我們擁有才華橫溢的全球運動員名單，展示了我們的廣度以及我們作為體育之家的原因，更有效地吸引年輕運動員，同時講述他們引人入勝的故事。作為一項正在進行的工作，在接下來的幾個月裡，激活活動的外觀和感覺將更加一致，這由我們的品牌形象和精神所強調。

Next, shifting to service and an update on elevating our consumer experience. In these efforts, our initial strategies have primarily focused on DTC and evolving our e-commerce channel into a more premium manifestation of the Under Armour brand. The second quarter has continued to give us confidence in what is possible. One of the most visible aspects of our work has been the impact of our significant reduction in promotional activities, particularly in our e-commerce business in North America. It is still early, but this, along with our work to reduce SKUs, creates a more deliberate and premium product assortment, better curated looks in outfitting presentations for a cleaner, faster consumer experience.

接下來，轉向服務和提升消費者體驗的更新。在這些努力中，我們最初的策略主要集中在 DTC 上，並將我們的電子商務管道發展為 Under Armour 品牌的更優質表現形式。第二季繼續讓我們對未來充滿信心。我們工作中最明顯的方面之一是促銷活動大幅減少的影響，特別是在北美的電子商務業務中。現在還為時過早，但這與我們減少SKU 的工作一起，創造了更經過深思熟慮和更優質的產品分類，在服裝展示中提供更好的策劃外觀，從而提供更乾淨、更快捷的消費者體驗。

So despite expected declines in traffic and revenue, the quality of our business has improved, creating a better foundation from which to grow in the future. With lower promotions and markdowns, our full price sales rose again in the second quarter, representing now about 50% of e-commerce revenue versus about just 30% just a year ago. Further, our average order value and average unit retail metrics increased by double digits for the second quarter in a row. A promising trend that gives us confidence in our ability to move our e-commerce business to a more premium position with a higher quality of revenue and better profitability over the long term as a flagship representation of the brand.

因此，儘管流量和收入預計會下降，但我們的業務品質有所提高，為未來的成長奠定了更好的基礎。隨著促銷和降價活動的減少，我們的全價銷售額在第二季度再次增長，目前佔電子商務收入的 50% 左右，而一年前僅為 30% 左右。此外，我們的平均訂單價值和平均單位零售指標連續第二季實現兩位數成長。這一充滿希望的趨勢使我們相信我們有能力將我們的電子商務業務提升到更高端的地位，從長遠來看，作為品牌的旗艦代表，具有更高的收入品質和更好的盈利能力。

In North American DTC, currently our largest business is our Factory House outlet source where we're shifting from a full store discounting approach to a targeted strategy, which excludes certain programs that will remain full price regardless of broader promotions. The goal here is driving higher profitability, store productivity and improved brand affinity. This is one area we see significant upside margin potential over the long run as our brand and therefore, our business becomes stronger. With more than 1,400 full-price brand house locations globally, we're working to create an elevated experience for our athletes with a cleaner, better curated product assortment and presentation. The culmination of this work will show up in our new 24,000 square foot flagship store set to open on November 21 at our new global headquarters at the Baltimore Peninsula.

在北美 DTC，目前我們最大的業務是我們的 Factory House 直銷貨源，我們正在從全店折扣方式轉向有針對性的策略，其中排除了某些項目，這些項目無論促銷範圍如何，都將保持全價。這裡的目標是提高獲利能力、商店生產力和提高品牌親和力。從長遠來看，隨著我們的品牌和我們的業務變得更加強大，我們認為這一領域具有巨大的利潤上升潛力。我們在全球擁有 1,400 多個全價品牌店，致力於透過更乾淨、更好的產品分類和展示為運動員創造更高的體驗。這項工作的頂峰將在我們位於巴爾的摩半島的新全球總部於 11 月 21 日開業的佔地 24,000 平方英尺的新旗艦店中呈現。

As our most premium full price expression, this store will serve as a living laboratory to inform how we think about what perfect looks like for our entire fleet. By utilizing consistent freshness, dynamic brand inspiration and an evolved 2-way conversation with our consumers, we're excited about the opportunities to harvest learnings from this store and roll them out to the rest of our fleet over time.

作為我們最優質的全價表達，這家商店將作為一個活生生的實驗室，告訴我們如何思考整個機隊的完美外觀。透過利用始終如一的新鮮感、充滿活力的品牌靈感以及與消費者不斷發展的雙向對話，我們很高興有機會從這家商店中汲取經驗教訓，並隨著時間的推移將其推廣到我們車隊的其他商店。

Turning to our loyalty program, continues to be a significant unlock for driving repeat business and attracting new consumers. In October, we celebrated the first anniversary of our US-based UA Rewards program and are pleased with this performance. Early in the second quarter, we initiated an account upgrade that welcomed another 6 million existing ua.com members into the program, taking our total to nearly 13 million members. Fiscal year-to-date active members accounts for roughly half of US DTC revenue. Members also nearly doubled the 90-day repurchase rate compared to nonmembers, generating approximately 50% higher revenue per consumer. Across all programs in the US and APAC, we now have more than 28 million members and growing. I'm confident that loyalty will help us gain valuable insights to inform our business and enhance consumer engagement, driving even more benefits in the long term.

談到我們的忠誠度計劃，它仍然是推動回頭客業務和吸引新消費者的重要途徑。 10 月份，我們慶祝了美國 UA 獎勵計劃一周年，並對這一表現感到滿意。第二季初，我們啟動了帳戶升級，歡迎另外 600 萬現有 ua.com 會員加入該計劃，使我們的會員總數達到近 1300 萬。本財年迄今的活躍會員約占美國 DTC 收入的一半。與非會員相比，會員的 90 天回購率也幾乎翻了一番，每位消費者的收入高出約 50%。在美國和亞太地區的所有計劃中，我們現在擁有超過 2800 萬會員，而且這一數字還在不斷增長。我相信，忠誠度將幫助我們獲得寶貴的見解，為我們的業務提供資訊並提高消費者的參與度，從而帶來更多的長期利益。

Within our wholesale business, we're managing through this reset period while focusing on our relationships with strategic retailers across distribution tiers. This includes working with UA partners, delivering elevated products with compelling storytelling and driving toward a more premium representation of our brand in all doors where athletes shop for our products. Our strategic retail partners are family, and we have significantly revamped our frequency, touch points and communication. First and foremost, letting them note that they are strategic partners as one of the most foundational elements of a sales relationship, and we have not been doing this well. This means a 2-way conversation and openness to incorporating their constructive feedback as we evolve our strategies to unlock UA's full potential as we know that it will take time to build back shelf space.

在我們的批發業務中，我們正在度過這個重置期，同時專注於與跨分銷層的策略零售商的關係。這包括與 UA 合作夥伴合作，提供具有引人入勝的故事的優質產品，並推動在運動員購買我們產品的所有商店中更優質地展示我們的品牌。我們的策略性零售合作夥伴是家人，我們大大改善了我們的頻率、接觸點和溝通方式。首先，讓他們注意到，他們是策略夥伴，是銷售關係中最基本的要素之一，而我們在這方面做得併不好。這意味著在我們制定策略以釋放 UA 的全部潛力時，我們需要進行雙向對話並以開放的態度納入他們的建設性回饋，因為我們知道建立後貨架空間需要時間。

Still, we believe we will gain traction with our cadence of new product launches and improved marketing activations over the next several quarters. Finally, none of our strategies will succeed without the hard work of an energized and inspired team, with momentum is absolutely building here. Ensuring we have the right people focusing on the right parts of our business is crucial to empowering our efforts, and this is a work in process, being clear with every teammate so that they know exactly what we expected them each and every day. Teams knowing what they're supposed to do when they show up while incorporating continuous improvement, and they're knowing exactly what that definition of success is. In this respect, I feel confident about our evolution, team and the opportunity in the market we see for Under Armour's unique underdog brand positioning.

儘管如此，我們相信，在接下來的幾個季度中，我們將透過新產品的推出節奏和改進的行銷活動來獲得吸引力。最後，如果沒有一個充滿活力和靈感的團隊的辛勤工作，我們的任何策略都不會成功，這裡的勢頭絕對會增強。確保我們有合適的人員專注於我們業務的正確部分對於增強我們的努力至關重要，這是一項正在進行的工作，與每個團隊成員保持清晰的關係，以便他們準確地知道我們每天對他們的期望。團隊知道他們在出現時應該做什麼，同時進行持續改進，並且他們確切地知道成功的定義是什麼。在這方面，我對我們的發展、團隊以及我們在 Under Armour 獨特的弱勢品牌定位中看到的市場機會充滿信心。

One of my focal points of leadership in the first seven months has been empowering our product, marketing and commercial teams, ensuring the coordination and absolute teamwork of these three aspects of our sports house. It's essential to our success, and it leads in every management discussion that we have today. The entire organization is in support of this aspect of Under Armour leading for the brand.

在前七個月裡，我的領導重點之一是授權我們的產品、行銷和商業團隊，確保我們體育公司這三個方面的協調和絕對的團隊合作。這對我們的成功至關重要，並且它在我們今天進行的每一次管理討論中都起著主導作用。整個組織都支持 Under Armour 在這方面領導品牌。

Firing on off cylinders, you've seen (inaudible) leads an experienced team of experts to elevate our products, innovation and design language. And with only two months on the job, the new perspectives, Eric Liedtke brings to our work, especially through marketing but also evolving our strategy, approach to category management and go-to-market process. We are driving tangible brand right changes to improve our positioning in the market with clear alignment of who we are, what we stand for, and in preparation to launch the most significant marketing effort in our history in 2025. Our team is on the court with a playbook capable of stabilizing and driving this brand to growth over the long term, with the focus of being an incredibly loud brand and quiet company.

您已經看到（聽不清楚）帶領一支經驗豐富的專家團隊不斷提升我們的產品、創新和設計語言。上任僅兩個月，Eric Liedtke 就為我們的工作帶來了新的視角，特別是透過行銷，同時也改善了我們的策略、品類管理方法和進入市場流程。我們正在推動切實的品牌變革，以提高我們在市場中的定位，明確我們的定位、我們的立場，並準備在 2025 年推出我們歷史上最重要的行銷工作。能夠穩定並推動品牌長期成長的劇本，重點是成為一個令人難以置信的響亮品牌和安靜的公司。

Our organization is more aligned and focused than in past years, and we're ensuring that time and resources are effectively prioritized to strengthen our brand. At the center of this, though, is trust, which I believe is something that is built and drops and lost in buckets. For us, this means a cultural focus on positive relationships, well informed decision-making and consistency. I believe our energy, collaboration and unity as a team will take an even more significant step next week as we begin moving into our new headquarters. So this work to reconstitute our brand coincides with reconstituting our culture. And that's what's at the heart of it. We're not just building a company. We're building a brand. Companies can become famous because they make one thing defining for their business, while brands are famous because we've proven that we can do that over and over again.

我們的組織比過去幾年更加協調和專注，我們確保有效地優先考慮時間和資源來加強我們的品牌。然而，這一切的核心是信任，我相信信任是一種在桶中建立、丟棄和失去的東西。對我們來說，這意味著我們的文化注重積極的關係、明智的決策和一致性。我相信，下週我們開始搬入新總部時，我們作為一個團隊的活力、協作和團結將邁出更重要的一步。因此，重建我們的品牌的工作與重建我們的文化是一致的。這就是它的核心。我們不僅僅是建立一家公司。我們正在打造一個品牌。公司之所以出名，是因為他們做了一件定義其業務的事情，而品牌之所以出名，是因為我們已經證明我們可以一次又一次地做到這一點。

Our job is to relentlessly fulfill our promise to inspire and surprise athletes for performance in design solutions, they never knew they needed yet once they try them, could not imagine living without. Share this messaging and what this direction means for Under Armour, we're going to host an investor meeting on December 12 in New York City. At this meeting, we'll detail our strategies to strengthen UA's premium marketplace and undergo positioning, and our ability to deliver improved long-term value creation for shareholders.

我們的工作是堅持不懈地履行我們的承諾，激勵和驚喜運動員在設計解決方案中的表現，他們從來不知道自己需要這些解決方案，但一旦他們嘗試了它們，就無法想像沒有它們的生活。分享此消息以及此方向對 Under Armour 的意義，我們將於 12 月 12 日在紐約市舉辦投資者會議。在本次會議上，我們將詳細介紹我們加強 UA 優質市場和進行定位的策略，以及我們為股東提供更好的長期價值創造的能力。

So now in closing, our reset to drive greater affinity with athletes while delivering sustainable, consistent long-term growth is a journey that requires patients. We are progressing on critical aspects of our strategies gaining early traction and confidence in our ability to run a better, more agile and disciplined business. Agility and being responsive to the market are critical as set forth in our new 9-month speed to market capability to complement our historical 18-month go-to-market. This product pipeline looks truly differentiated and excellent, and we are positioning ourselves to more effectively deploy our marketing dollars to connect with consumers even more deeply. We have a leadership and a team that is united and aligned on the critical dimensions of our business to unleash the full potential of the Under Armour brand.

因此，最後，我們的重置是一個需要患者的旅程，以提高與運動員的親和力，同時實現可持續、一致的長期成長。我們正在策略的關鍵方面取得進展，並獲得了早期的關注和信心，相信我們有能力運作更好、更敏捷和更有紀律的業務。正如我們新的 9 個月上市速度能力中所述，敏捷性和對市場的反應能力至關重要，以補充我們歷史上 18 個月的上市能力。該產品線看起來真正與眾不同且出色，我們正在定位自己以更有效地部署我們的行銷資金，以更深入地與消費者建立聯繫。我們擁有一支在業務關鍵方面團結一致的領導層和團隊，以釋放 Under Armour 品牌的全部潛力。

Underscoring all of this, our culture, it's reenergizing and it's focused with steadfast results as we strengthen the sports health, both one day and athlete at a time with both the passion and care that under Armour deserves.

我們的文化強調了這一切，它正在重新註入活力，並以穩定的結果為重點，因為我們以 Under Armour 應有的熱情和關懷來加強運動健康，一天一次地加強運動員的健康。

And with that, I'll hand it over to Dave for more details on our results and outlook.

接下來，我將把它交給戴夫，以了解有關我們結果和前景的更多詳細資訊。

Thanks, Kevin. Digging right into our second quarter fiscal '25 results, we outperformed the profitability outlook we provided in August. However, in line with our expectations, revenue was down 11% to $1.4 billion, with a 13% decline in North America due to softer full-price wholesale demand and lower sales to the off-price channel. Our North American DTC business was also down during the quarter, driven by a continued decline in our e-commerce business resulting from proactive strategies to reduce promotional activity, and we also experienced lower retail store sales.

謝謝，凱文。深入研究 25 財年第二季業績，我們的表現優於 8 月提供的獲利前景。然而，與我們的預期一致，營收下降了 11%，至 14 億美元，其中北美地區下降了 13%，原因是全價批發需求疲軟以及折扣通路銷量下降。我們的北美 DTC 業務在本季也出現下滑，因為我們積極採取減少促銷活動的策略，導致電子商務業務持續下滑，而且我們的零售店銷售額也有所下降。

EMEA revenue was down 1% on a reported and currency-neutral basis, driven by a decline in our wholesale business, partially offset by strength in DTC. Revenue in APAC was down 11% or down 10% on a currency-neutral basis due to declines in our wholesale and DTC businesses, amid a soft macro environment that continues to impact consumer traffic. In Latin America, revenue was down 13% or down 4% on a currency-neutral basis. Growth in DTC partially offset the decline in our wholesale and distributor businesses. From a channel perspective, our wholesale revenue was down 12% in the second quarter, driven by softer demand in our full price and distributor businesses and lower sales to the off-price channel. Direct Consumer revenue declined 8% with a 21% decrease in e-commerce as we expected, given strategies to drive a more premium online presence through reduced promotions and discounts.

歐洲、中東和非洲地區的收入在報告和貨幣中性的基礎上下降了 1%，這是由於我們的批發業務下降所致，但 DTC 的強勁增長部分抵消了這一影響。在持續影響消費者流量的疲軟宏觀環境下，由於我們的批發和 DTC 業務下降，亞太地區的收入下降了 11%，或在貨幣中性的基礎上下降了 10%。在拉丁美洲，收入下降了 13%，在貨幣中立的基礎上下降了 4%。 DTC 的成長部分抵消了我們批發和分銷業務的下滑。從通路角度來看，由於全價和分銷業務需求疲軟以及折扣通路銷售下降，第二季我們的批發收入下降了 12%。正如我們預期的那樣，直接消費者收入下降了 8%，其中電子商務收入下降了 21%，這是透過減少促銷和折扣來推動更優質的線上業務的策略。

Sales from our owned and operated retail stores were flat in the quarter. Licensing was down 13% and primarily due to a decline in our North American business. By product type, apparel revenue was down 12% with declines across most categories in the quarter, while we had good performance in outdoor. Footwear was down 11% with declines in most categories. However, relative strength in golf and team sports, particularly cleated products partially offset the decline and our accessories business was up 2% in the quarter.

我們擁有和經營的零售店的銷售額本季持平。授權業務下降了 13%，主要是由於我們的北美業務下降。按產品類型劃分，服裝收入下降了 12%，本季大多數類別均出現下滑，而戶外業務表現良好。鞋類下降了 11%，大部分品類都出現下滑。然而，高爾夫和團隊運動的相對強勢，尤其是防滑釘產品部分抵消了下滑，我們的配件業務在本季度增長了 2%。

Our second quarter gross margin increased by 200 basis points to 49.8%. This increase compared to the prior year was driven by 120 basis points of supply chain benefits due mainly to lower product cost, 50 basis points from a favorable channel mix, driven principally by a reduction in off-price sales, and 40 basis points of pricing benefits due to lower discounting and promotions, mainly in our direct-to-consumer business as we work to drive a more premium position for our brand. And lastly, we also had lower markdowns in the wholesale channel. These benefits were partially offset by 10 basis points of headwinds from unfavorable foreign currency impacts and regional mix. The significant gross margin outperformance in the quarter relative to the outlook we provided in August was due to three main factors.

我們第二季的毛利率成長了 200 個基點，達到 49.8%。與前一年相比，這一成長的推動因素是：供應鏈效益提高了120 個基點，主要是由於產品成本降低；有利的通路組合提高了50 個基點，主要是由於折扣銷售的減少；以及定價提高了40 個基點由於折扣和促銷活動減少而帶來的好處，主要是在我們的直接面向消費者業務中，因為我們致力於為我們的品牌爭取更優質的地位。最後，我們在批發通路的降價幅度也較低。這些好處被不利的外匯影響和區域組合帶來的 10 個基點的不利因素部分抵消。相對於我們 8 月提供的前景，本季的毛利率表現顯著優於我們，這是由於三個主要因素。

First, we saw increased supply chain benefits from additional product cost savings compared to our plan, along with lower-than-expected freight costs. Second, wholesale markdowns and allowances were less than initially anticipated. And third, our channel mix was more favorable due to lower-than-planned sales to the off-price channel. Next, SG&A expenses were down 15% to $520 million in the second quarter. As mentioned on our last call, our second quarter benefited from a shift in the timing of marketing expenses, in this case, about $15 million, which is in our third quarter outlook. Excluding roughly to $13 million in benefits from a litigation-related insurance recovery and approximately $3 million in net transformation expenses related to our fiscal '25 restructuring plan, second quarter adjusted SG&A expenses were down 13% to $530 million. This decrease was primarily driven by lower marketing expenses as some of our brand investments are concentrated in the second half of the year.

首先，與我們的計劃相比，我們看到了由於額外的產品成本節省以及低於預期的運費而增加的供應鏈效益。其次，批發降價和補貼低於最初預期。第三，由於折扣通路的銷售低於計劃，我們的通路組合更加有利。其次，第二季的 SG&A 支出下降了 15%，至 5.2 億美元。正如我們在上次電話會議中提到的，我們第二季度受益於行銷費用時間的轉變，在本例中，行銷費用約為 1500 萬美元，這是我們第三季度的展望。不包括訴訟相關保險追償帶來的約 1,300 萬美元收益以及與 25 財年重組計畫相關的約 300 萬美元淨轉型費用，第二季調整後的 SG&A 費用下降了 13%，至 5.3 億美元。這一下降主要是由於行銷費用減少所致，因為我們的一些品牌投資集中在下半年。

As anticipated, we also recognized a $27 million SG&A benefit due to an insurance recovery for legal fees incurred in previous years. Lastly, ongoing cost management actions, including head count reductions, also influenced the decrease.

正如預期的那樣，我們還確認了 2700 萬美元的 SG&A 福利，這是由於前幾年發生的法律費用的保險賠償所致。最後，持續的成本管理行動，包括裁員，也影響了這一下降。

Moving down the P&L. We recognized $3 million in restructuring charges which, together with the $3 million in transformation expenses booked in SG&A, resulted in $6 million in restructuring charges and related expenses for the quarter. Through the first half of the year, we have recognized $40 million in charges and expenses under our fiscal 2025 restructuring plan, of which roughly $36 million were cash related and $4 million were noncash expenses. In September, we announced an expansion of our restructuring plan with additional initiatives to optimize our logistics and transportation network and overall business performance. This expansion included approximately $70 million in new opportunities, primarily related to the exit of one of our distribution facilities in Rialto, California.

損益表向下移動。我們確認了 300 萬美元的重組費用，加上在 SG&A 中記錄的 300 萬美元的轉型費用，導致本季的重組費用和相關費用為 600 萬美元。今年上半年，我們根據 2025 財年重組計畫確認了 4,000 萬美元的費用和支出，其中約 3,600 萬美元與現金相關，400 萬美元為非現金支出。九月，我們宣布擴大重組計劃，採取更多舉措來優化我們的物流和運輸網絡以及整體業務績效。此次擴張包括約 7000 萬美元的新機會，主要與我們退出加州里亞託的一個分銷設施有關。

This change will allow us to utilize capacity better and gain efficiencies in our remaining facilities as we invest in automation over the next several years. These efforts are expected to be completed by the end of fiscal 2026.

隨著我們在未來幾年投資自動化，這項變化將使我們能夠更好地利用產能並提高剩餘設施的效率。這些工作預計將於 2026 財年年底完成。

Incorporating this decision, we now expect between $140 million and $160 million in total restructuring charges and expenses, of which roughly 2/3 will be realized in fiscal '25 and the remainder in fiscal '26. Given the time required to wind down and close the Rialto distribution facility, this expansion to the plan is not expected to result in additional restructuring-related savings in fiscal '25, above and beyond the approximate $40 million annual savings previously disclosed.

考慮到這項決定，我們現在預計重組費用和支出總額將在 1.4 億至 1.6 億美元之間，其中約 2/3 將在 25 財年實現，其餘則在 26 財年實現。考慮到逐步關閉和關閉 Rialto 分銷設施所需的時間，該計劃的擴展預計不會在 25 財年帶來額外的與重組相關的節省，超出之前披露的約 4000 萬美元的年度節省。

Finally, moving to profitability. Our second quarter operating income was $173 million. Excluding the litigation related insurance recovery, transformation expenses and restructuring charges, our adjusted operating income was $166 million. Taking this to the bottom line, we realized diluted earnings per share of $0.39, while adjusted diluted earnings per share was $0.30 in the quarter. The profitability overdrive versus our second quarter outlook was mainly due to our gross margin outperformance, with additional benefits from better SG&A expense control and shifting some marketing spending into the back half of the year.

最後，轉向盈利。我們第二季的營業收入為 1.73 億美元。不包括訴訟相關的保險賠償、轉型費用和重組費用，我們調整後的營業收入為 1.66 億美元。以此為底線，我們實現稀釋每股收益 0.39 美元，而本季調整後稀釋每股收益為 0.30 美元。與我們第二季前景相比，獲利能力超預期主要是由於我們的毛利率表現出色，此外還有更好的銷售、一般行政費用控制以及將一些行銷支出轉移到下半年帶來的額外好處。

From a balance sheet perspective, our inventory was down 3% compared to last year, which aligned with our plan. We continue to expect our fiscal year-end inventory to be roughly flat compared to our fiscal '24 ending balance. Our cash position was $531 million, which is after the payment of our legal settlement during the second quarter. And we had no borrowings under our $1.1 billion revolving credit facility.

從資產負債表的角度來看，我們的庫存比去年下降了 3%，這符合我們的計劃。我們仍然預計，與 24 財年期末餘額相比，我們的財年末庫存將大致持平。我們的現金部位為 5.31 億美元，這是在第二季支付法律和解金後的結果。我們的 11 億美元循環信貸額度下沒有任何借款。

Next, let's turn to our fiscal '25 outlook. Our expectation that full year revenue will decline at a low double-digit rate has not changed. We also reiterate our outlook for a 14% to 16% revenue decline in North America, flat revenue in EMEA and a high single-digit decrease in APAC. Given our outperformance in the second quarter, we have increased our outlook for gross margin and now expect an improvement of 125 to 150 basis points for the full year which is better than our prior outlook improvement range of 75 to 100 basis points. This anticipated increase in our gross margin is driven by reduced promotional and discounting activities in our DTC business, which continue to benefit our average selling price, along with the actions to improve product costs.

接下來，讓我們轉向 25 財年展望。我們對全年收入將以較低的兩位數速度下降的預期沒有改變。我們也重申，北美地區收入將下降 14% 至 16%，歐洲、中東和非洲地區收入持平，亞太地區收入將大幅下降個位數。鑑於我們第二季的優異表現，我們提高了對毛利率的預期，現在預計全年毛利率將提高 125 至 150 個基點，這好於我們之前 75 至 100 個基點的預期改善範圍。我們毛利率的預期成長是由於 DTC 業務促銷和折扣活動的減少以及提高產品成本的行動而推動的，這將繼續有利於我們的平均售價。

This implies that second half gross margin is expected to expand at a lower rate than in the first half, which is driven by tougher comparisons with the prior year as well as the impact of some inventory cleanup actions later in the year as we prepare the market for product introductions in the fall/winter '25 season.

這意味著下半年的毛利率預計將低於上半年的增速，這是由於與上年的比較更加嚴格以及今年晚些時候我們為市場做準備而採取的一些庫存清理行動的影響所致了解25 秋冬季節的產品介紹。

Concerning SG&A, excluding the litigation settlement expense and related insurance recoveries and the midpoint of estimated transformation expenses related to our restructuring plan adjusted SG&A is expected to decline at a low to mid-single-digit rate, which is unchanged relative to our prior outlook despite larger-than-anticipated declines over the first two quarters of the year. This also incorporates our recent decision to reinvest some of our first half gross margin upside in the brand-building investments ahead of upcoming pivotal seasons and the timing shift of marketing into the second half.

就銷售及管理費用而言，不包括訴訟和解費用和相關保險追償費用，以及與我們的重組計劃調整後的銷售及管理費用相關的估計轉型費用的中點，預計將以低至中個位數的速度下降，儘管與我們之前的展望相比，這一數字沒有變化今年前兩季降幅超出預期。這也包括我們最近決定在即將到來的關鍵季節之前將上半年毛利率上升的部分資金再投資於品牌建設投資，以及將行銷時機轉移到下半年。

As a result, roughly half of our second quarter adjusted operating income outperformance will be invested in incremental marketing later this year, while the remaining half is reflected in the increase in our adjusted operating income outlook, which we have raised by $25 million versus our prior call. Therefore, we anticipate that adjusted operating income will reach $165 million to $185 million for the year. Incorporating all this into the bottom line, we expect adjusted diluted earnings per share to be $0.24 to $0.27, up about $0.05 at the midpoint from our prior outlook.

因此，我們第二季調整後營業收入優異表現的大約一半將投資於今年稍後的增量行銷，而剩下的一半則反映在我們調整後營業收入前景的成長中，與之前相比，我們已將其提高了2500 萬美元。因此，我們預計全年調整後營業收入將達到1.65億美元至1.85億美元。將所有這些納入淨利潤，我們預計調整後的稀釋每股收益為 0.24 美元至 0.27 美元，比我們之前的預期中位數上漲約 0.05 美元。

Next, I'd like to provide context for our third quarter of fiscal '25, where we expect revenue to be down approximately 10%, which assumes continued pressure in North America and ongoing proactive strategies to reduce promotional activities in our DTC businesses. This points to Q4 revenue being more pressured than Q3, which is primarily related to some timing differences in Q3, Q4 flow this year versus last year within our North America and APAC wholesale businesses, along with a more difficult prior year Q4 comp in our North America Factory House business and some developing FX headwinds driven by the recent strengthening of the US dollar.

接下來，我想介紹一下我們25 財年第三季的背景情況，我們預計收入將下降約10%，這是假設北美地區持續面臨壓力，並且我們正在採取積極主動的策略來減少DTC 業務的促銷活動。這表明第四季度的營收比第三季面臨更大的壓力，這主要與我們北美和亞太地區批發業務今年第三季、第四季流量與去年相比的一些時間差異有關，以及我們北方地區去年第四季的比較更加困難美國工廠大廈業務和近期美元走強推動的一些發展中的外匯逆風。

Third quarter gross margin is expected to be up 150 to 175 basis points due to supply chain benefits resulting from lower product costs, favorable FX and pricing benefits related to reduced discounting and promotions in our direct-to-consumer business. As mentioned earlier, a significant shift in the timing of marketing investments will cause our adjusted SG&A expenses to increase in the second half compared to last year, particularly in the third quarter when expenses should be up at a mid-single-digit percentage rate. This brings us to an expected third quarter adjusted operating income of $20 million to $30 million and $0.02 to $0.04 of adjusted diluted earnings per share.

由於產品成本降低、有利的外匯和與直接面向消費者業務的折扣和促銷活動減少相關的定價優勢帶來的供應鏈效益，第三季毛利率預計將增加 150 至 175 個基點。如前所述，行銷投資時機的重大轉變將導致我們下半年調整後的 SG&A 費用比去年增加，特別是在第三季度，費用應以中個位數百分比成長。這使我們預計第三季調整後營業收入為 2,000 萬至 3,000 萬美元，調整後攤薄每股收益為 0.02 至 0.04 美元。

In closing out today's prepared remarks, our work to reconstitute the Under Armour brand continues to gain traction after another quarter of outperformance. Our teams are executing our strategies, focusing on the dimensions of our business that will make a difference in our brand strength and premium positioning. Though we still have much work to do, we're encouraged by our early progress in this journey, and we're confident that with our strengthened leadership team, improved execution, clear alignment and prioritization and renewed energy as an organization, we will continue to build momentum toward long-term sustainable and profitable growth.

在結束今天準備好的演講時，我們重組 Under Armour 品牌的工作在另一個季度表現出色後繼續獲得關注。我們的團隊正在執行我們的策略，專注於我們的業務規模，這將對我們的品牌實力和高端定位產生影響。儘管我們還有很多工作要做，但我們對這趟旅程中的早期進展感到鼓舞，我們相信，憑藉我們加強的領導團隊、改進的執行力、明確的協調和優先順序以及作為一個組織的新活力，我們將繼續為長期可持續和獲利成長建立動力。

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

至此，我們將開放提問。操作員？

(Operator Instructions) Simeon Siegel, BMO Capital Markets.

（操作員說明）Simeon Siegel，BMO 資本市場。

Congrats on the ongoing progress. Kevin, I know it's only been a few months, anything further you'd share on what Eric's bringing -- in bringing to the team so far? And then Kevin or Dave, just congrats on the gross margin improvement, that's been great, and obviously, a nice validation of your strategy. How are you thinking about future gross margin opportunity? And then maybe putting that in context of that back half guide, you gave the 3Q after the healthier profit, it does look like the total outlook. I think the total profit looks to be very light in the back half of the year. So any further context you could give on that, if it's anything beyond timing.

祝賀不斷取得的進展。凱文，我知道這才過去幾個月，您還想分享一下艾瑞克迄今為止為團隊帶來了什麼嗎？然後凱文或戴夫，祝賀毛利率的提高，這非常棒，顯然，這是對您的策略的良好驗證。您如何看待未來的毛利率機會？然後也許將其放在後半部分指南的背景下，您給出了更健康的利潤之後的第三季度，它看起來確實像總體前景。我認為下半年的利潤總額看起來很輕。因此，如果超出時間範圍，您可以提供任何進一步的背景資訊。

Yes, I'll take the first and let Dave pile on gross margin. But yes, it's pleasant to see. And I think one of the indicators when we had so many things going in a couple of different directions, a good way to judge how we're doing with the business and the progress in the reset. But Eric has been terrific. Number one, he's an experienced global executive. It's just been a great addition to the team and really (inaudible), he's someone that coming from the industry. He not only speaks to our language. He speaks to our dialect. So the learning curve has been very small. We also deal with a good confident executive. It's great to see. And so I think that's been really seamless.

是的，我會選擇第一個，讓戴夫增加毛利率。但是，是的，很高興看到。我認為，當我們有這麼多事情朝著幾個不同的方向發展時，這是一個指標，這是判斷我們的業務做得如何以及重置進度的好方法。但埃里克非常棒。第一，他是一位經驗豐富的全球主管。這對團隊來說是一個很好的補充，而且真的（聽不清楚），他是來自這個行業的人。他不僅說我們的語言。他說的是我們的方言。所以學習曲線非常小。我們也與一位優秀、自信的主管打交道。很高興看到。所以我認為這確實是無縫的。

And coming in the mandate for Eric was really in three parts. Its title was brand strategy. And first of all, within that, was the strategy and for us to coordinate the strategic business plan for the organization and just lock us up between brand, financial and commercial objectives because while we've had these things in place, I think our refined lens on them has been important. The second thing I asked Eric to help with is really the operating model, which is again, I'll use the word refining our category management structure and enhancing our go-to-market where we can just be more coordinated. And whether that's just here in the US across channels, be it wholesale or a retailer or what we're doing in our factory house or online as well as what we're doing in other regions and coordinating. So we feel like one large brand versus a lot of small pieces. And so there'll be more to come on that.

埃里克的任命實際上分為三個部分。它的標題是品牌策略。首先，其中包括策略，我們要協調組織的策略業務計劃，並將我們鎖定在品牌、財務和商業目標之間，因為雖然我們已經將這些事情落實到位，但我認為我們的改進對他們的鏡頭很重要。我要求埃里克幫助的第二件事實際上是營運模式，我將再次使用這個詞來完善我們的品類管理結構並加強我們的市場推廣，使我們能夠更加協調。無論是在美國的跨通路，無論是批發還是零售商，還是我們在工廠或網路上所做的事情，以及我們在其他地區所做的事情和協調。因此，我們感覺自己像是一個大品牌，而不是許多小品牌。因此，還會有更多的事情發生。

And then in marketing. It's one thing about this business where really, the primary focus was Eric to help us in the marketing component. We've got a $0.5 billion plus budget for marketing, but it sure doesn't feel that way. And so that's priority #1. I mentioned in my prepared remarks, our ambition, our plan is to build a -- and to bring on a major campaign that we'll have in 2025. And that's just looking and saying, it's not that we don't have enough money. We just don't like how we've been spending it.

然後是行銷方面。關於這項業務的一件事是，實際上，主要關注點是埃里克在行銷方面幫助我們。我們有超過 5 億美元的行銷預算，但感覺顯然並非如此。所以這是第一要務。我在準備好的發言中提到，我們的雄心壯志、我們的計劃是建立一個並在 2025 年開展一場重大活動。我們只是不喜歡我們花錢的方式。

And so us really getting surgical in the way that we're looking at that is important. And all this to contextualize this underdog persona as we head towards what sort of circling fall/winter '25. And this isn't a wait and see, and this isn't there's going to be some line that we cross in fall/winter '25. There's several proofs of life that you'll see along the way from product and from brand and story, but it gives us a really good target, and we're pleased of where we are right now. So taking the room in our marketing to build a comprehensive campaign.

因此，我們確實以我們正在考慮的方式進行手術，這一點很重要。當我們走向 25 年的秋冬季節時，所有這些都是為了將這個失敗者的角色置於背景中。這不是觀望，也不是我們在 25 年秋冬會跨越的界線。一路上你會從產品、品牌和故事中看到一些生命的證據，但這給了我們一個非常好的目標，我們對現在的處境感到高興。因此，我們需要在行銷中騰出空間來進行全面的行銷活動。

Relative to gross margin, longer term, there's nothing structurally prohibiting us from driving more towards 50% over time. When you think about some of those longer-term tailwinds for next year and beyond, continued lower promotions as we continue this reset play. Higher mix of DTC percentage, including higher ASPs and better segmentation, et cetera. There will be a continued headwind, we believe, with footprint growth outpacing apparel growth longer term, but we're okay with that. And relative to the front half, back half, relative to gross margin, and there's really a couple of different things. There's gross margin, there's SG&A.

相對於毛利率，從長遠來看，沒有什麼結構性的因素可以阻止我們隨著時間的推移將毛利率提高到 50%。當你想到明年及以後的一些長期有利因素時，隨著我們繼續這種重置遊戲，促銷活動將繼續降低。更高的 DTC 百分比組合，包括更高的 ASP 和更好的細分等等。我們相信，長期而言，足跡成長將超過服裝成長，因此將會出現持續的阻力，但我們對此並不介意。相對於前半部分，後半部分，相對於毛利率，確實有一些不同的事情。有毛利率，有SG&A。

But gross margin, Q2 is generally our highest gross margin quarter to start just as our brand. And then when you think about the back half, we normally have more seasonal promotions in Q3. So that's something that's obviously coming into play here. And then also, there are some supply chain headwinds in the back half with a little bit more ocean freight pressure and some tougher prior year comps. So all of that is kind of built into our back half gross margin profit. And you can understand then why front half versus back half gross margin is a little bit different.

但毛利率，第二季度通常是我們毛利率最高的季度，就像我們的品牌一樣。然後，當您考慮下半年時，我們通常在第三季會有更多季節性促銷活動。所以這顯然在這裡發揮了作用。此外，下半年還存在一些供應鏈阻力，海運壓力稍大一些，去年比較也更加艱難。因此，所有這些都已納入我們後半部分的毛利率中。然後您就可以理解為什麼前半部與後半部的毛利率略有不同。

But maybe taking that a step further in how it translates all the way down to operating income, there's even a bigger differential within SG&A spending. Here, adjusted SG&A, we're thinking that we're going to be up year-over-year compared to a 10% decline in the first half, and you kind of asked why is that. But the second half, obviously, does not include a $27 million insurance recovery that we saw in Q2. And then the marketing is a really big piece. We're actually planning roughly $40 million more of marketing investments in the back half of this year versus the front half as we kind of ramp up around key commercial moments and also, as Kevin mentioned, reinvesting some of the profitability upside.

但也許更進一步，將其轉化為營業收入，SG&A 支出之間甚至存在更大的差異。在這裡，調整後的 SG&A，我們認為與上半年下降 10% 相比，我們將同比增長，你可能會問這是為什麼。但下半年顯然不包括我們在第二季看到的 2700 萬美元的保險賠償。然後行銷是一個非常大的部分。實際上，我們計劃在今年下半年比上半年增加大約 4000 萬美元的營銷投資，因為我們圍繞關鍵的商業時刻加大了力度，而且正如凱文提到的，對一些盈利增長進行了再投資。

So when you kind of add that gross margin timing difference and you add the SG&A differences, it kind of points to the front half of our year for this fiscal year anyway. We're earning about 90% of our operating income for the full year. So it is a little bit interesting, there's a lot of pieces there, but I just wanted to try and help make sure everybody grasp that.

因此，當你加上毛利率時間差異和銷售、一般行政費用差異時，無論如何，它都指向我們本財年的前半段。我們的全年營業收入約佔 90%。所以這有點有趣，有很多部分，但我只是想嘗試幫助確保每個人都掌握這一點。

Jay Sole, UBS.

傑伊·索爾，瑞銀集團。

Great. A lot of exciting things to talk about. But Kevin, I want to ask you about a comment you made that you're getting strong feedback on new products. Can you just elaborate that on that a little bit? Tell us a little bit more about these new products, tell us more about the feedback you're getting? And if you give us a sense of like how retailers are really responding in terms of their orders, that would be super interesting.

偉大的。有很多令人興奮的事情可以談論。但是凱文，我想問您關於新產品得到強烈回饋的評論。能詳細說明一下嗎？告訴我們更多關於這些新產品的信息，告訴我們更多關於您收到的反饋？如果您讓我們了解零售商如何真正響應訂單，那將非常有趣。

Yes. Thank you, Jay. We've got -- look, we've got work to do. And so I think right now, we're running a bit of a better business, but what's difficult in our industry with an 18-month go-to market typically is we still have time before we'll start seeing a lot of these things hit the market, be it the product, especially in the marketing, of course. And as I mentioned, there's plenty of proof of life. We've got, I think, our pipeline right now with what you've seen our product team, John Varvatos here on our entire group plus this incredible group of experts that we've had here in place at UA.

是的。謝謝你，傑伊。我們有——看，我們有工作要做。所以我認為現在我們的業務做得更好了，但在我們這個行業，通常需要 18 個月的上市時間，困難在於我們仍然有時間才能開始看到很多這樣的事情衝擊市場，無論是產品，當然尤其是行銷。正如我所提到的，有大量的證據證明生命存在。我想，我們現在已經有了我們的產品線，包括我們整個團隊的 John Varvatos 以及我們在 UA 擁有的令人難以置信的專家團隊。

I think our product pipeline is really as healthy as I've seen it. We've got a lot of things that are exciting. We've got some drops that are coming for Q1 of calendar '25. But then as I said, it's really going to be an anchor around fall/winter '25. And so we're going to give you a lot more color at our Investor Day coming up December 12 as well. So we want to make sure that people make a point to come see and visit us there. It will be somewhat qualitative in what we're doing is going through the topics of talking about the business. But we've got an update to our slip speed product that's coming in the first quarter, which should be really exciting. And then again, I think that we're doing a good job in some of the places we're winning. It's the basics. It's UA compression and base layer that's working for us right now.

我認為我們的產品線確實像我所看到的那樣健康。我們有很多令人興奮的事情。我們將在 25 年第一季推出一些新品。但正如我所說，它確實將成為 25 年秋冬的主打產品。因此，我們也將在 12 月 12 日舉行的投資者日為您提供更多精彩內容。因此，我們希望確保人們願意來這裡參觀和拜訪我們。我們正在做的事情是討論業務主題，這將在某種程度上是定性的。但我們的滑速產品將在第一季進行更新，這應該會非常令人興奮。話又說回來，我認為我們在一些贏得勝利的地方做得很好。這是基礎知識。目前我們正在使用的是 UA 壓縮和基礎層。

Unstoppable is a franchise that you've heard us talk about consistently. The Vanish Men, as I mentioned in the prepared remarks as well as outerwear is doing pretty well for us too. So what we found is I feel like we've got this organization where the pipes are laid not only to the product but making sure that we're getting the shelf space and the relationships that we have with retailers as well, making sure that we're sequencing also is doing a good job with the way that we can tell the stories of those products on e-com, but making sure we're spending -- making $1 spend like three as we say here at UA and really getting the bang for the buck when it comes to making it a compelling story. And that's why we've just going through product and making sure that product and story have this function.

《勢不可擋》是您經常聽到我們談論的一個系列。正如我在準備好的評論中提到的，Vanish Men 以及外套對我們來說也表現得很好。所以我們發現，我覺得我們有這樣一個組織，管道不僅鋪設到產品上，而且確保我們獲得貨架空間以及我們與零售商的關係，確保我們測序也做得很好，我們可以在電子商務上講述這些產品的故事，但要確保我們花錢——就像我們在UA 所說的那樣，花1 美元就像花3 美元一樣，並真正得到當它成為一個引人入勝的故事時，物有所值。這就是為什麼我們只是檢查產品並確保產品和故事具有此功能。

I mentioned product marketing and commercial working together. But something as simplistic as I've said before on the call, is what it is, what it does and how it makes you better. Going to retail at times, we've become a bit of a brand that's being sold on price. And there's just so much more to the incredible products that we make. And so without story there, you're just selling shirts and shoes in the world doesn't need another capable parallel footwear brand. The world needs hope and that's what we think Under Armour can be. And so that's really -- I'm not sure sort of where this inflects for the business. But one thing I can tell you is that we don't know exactly what it is, but it's not too distant of when this brand in flex, and that will be the real metric that we're looking to build forward on.

我提到了產品行銷和商業的協同工作。但正如我之前在電話會議上所說的那樣簡單，就是它是什麼、它做什麼以及它如何讓你變得更好。有時進入零售店，我們已經成為一個以價格出售的品牌。我們製造的令人難以置信的產品還有更多。因此，如果沒有故事，你只是在銷售襯衫和鞋子，世界上不需要另一個有能力的平行鞋類品牌。世界需要希望，而這正是我們認為 Under Armour 能夠實現的目標。所以這確實是——我不確定這會對業務產生什麼樣的影響。但我可以告訴你的一件事是，我們不知道它到底是什麼，但距離這個品牌的靈活化已經不遠了，這將是我們尋求發展的真正指標。

Bob Drbul, Guggenheim.

鮑勃·德布爾，古根漢。

Just on North America, Kevin, when you look at where North America is in the reset, how is it working? And do you expect North America to grow in FY '26? .

就北美而言，凱文，當你看看北美在重置中的位置時，情況如何？您預計北美地區在 26 財年會成長嗎？ 。

Yes. Thank you, Bob. We're not looking at '26 just yet, but let me tell you a few things that we're thinking and we do know about North America. We've got work to do in this market, but we also have a brand that has great affinity. And I don't believe the consumers' not of us. We just have to give them a reason to want to engage with us again. Probably one of the things I'm most proud of in the first seven months of being back in the CEO chair is identifying and defining for our own team as well as beginning to for our consumers of who we are and who we stand for, which is this underdog thematic that you'll begin to see come through. And that's not meant to be a little translation but more the directionally of what and who we are because it's just frankly authentic, and we think we're the only ones who could hold that position.

是的。謝謝你，鮑伯。我們還沒有考慮 26 年，但讓我告訴你一些我們正在考慮和我們確實了解北美的事情。我們在這個市場上還有很多工作要做，但我們也有一個具有強大親和力的品牌。我不相信消費者，也不相信我們。我們只需給他們一個想要再次與我們接觸的理由。在重新擔任執行長的頭七個月裡，我最引以為傲的事情之一就是為我們自己的團隊以及開始為我們的消費者確定和定義我們是誰以及我們代表誰，這就是你將開始看到的失敗者主題嗎？這不是要進行一點翻譯，而是更多地說明我們是誰、我們是誰，因為坦白說，這是真實的，我們認為我們是唯一能夠擔任這一職位的人。

But we think it's going to mean something here in the US, especially. And then we'll see that it gives the ability to set the tone for both EMEA and APAC as well. This revenue step-down that we've done, it's allowed us to test some things. We've reset our e-commerce business. And as a part of that, you saw the significant benefit it's had to gross margin. This underscores for us that there was a test. The world wants Under Armour. We're a brand that's earned the right to exist and that we're a premium brand. And so as long as we sort of clear out some of the noise that we've had around some of the lower ASP products and get ourselves to a more full-price front-foot tenure, I think you'll see the strength from us. But that's not going to happen from wishful thinking either just a fancy ad campaign. It means better products.

但我們認為這對美國來說尤其有意義。然後我們將看到它也能夠為歐洲、中東和非洲和亞太地區定下基調。我們所做的收入下降讓我們能夠測試一些東西。我們已經重置了電子商務業務。作為其中的一部分，您看到了它對毛利率的顯著好處。這對我們來說強調了有一個測試。世界需要 Under Armour。我們是一個贏得生存權的品牌，也是一個優質品牌。因此，只要我們消除一些圍繞一些較低 ASP 產品的噪音，並讓自己獲得更全價的前腳保有權，我想您就會看到我們的實力。但這不會因為一廂情願的想法而發生，也不會只是一場花俏的廣告活動。這意味著更好的產品。

And so what the team has done from taking us from competing on price, competing on science and design, but this is going to take some time. As I mentioned, there was probably several proofs of life that you'll be able to see. Some of them may be a lottery ticket, but you never know. It's why I like to say that success in mediocrity are typically next to our neighbors. So how far aware are you, but we have some product we really like that's coming in. As I mentioned, that slip speed in the first quarter is really powerful. This neolast expression that we have coming, it's going to be really exciting. And then sportswear for UA is also a huge opportunity where you'll continue to see our bent there really begin to grow. But the shift to more premium. One thing I want to be clear on is, I don't think that we -- we don't have to stop selling good level in order to premiumize this brand. We just need to focus more on some of our better and best level product.

因此，團隊所做的就是讓我們擺脫價格競爭、科學和設計競爭，但這需要一些時間。正如我所提到的，你可能會看到一些生命存在的證據。其中一些可能是彩票，但你永遠不知道。這就是為什麼我喜歡說，平庸中的成功通常都在我們的鄰居身邊。那麼你有多了解，但我們有一些我們非常喜歡的產品即將推出。我們即將推出的 neolast 表達方式將非常令人興奮。然後，UA 的運動服也是一個巨大的機會，您將繼續看到我們在那裡的熱情真正開始增長。但轉向更優質。我想澄清的一件事是，我不認為我們——我們不必停止銷售高水準的產品來提升這個品牌的品質。我們只需要更多地關注我們一些更好、最好水準的產品。

And so I think a lot of the things with -- from the product and the story side and then, of course, the relationships at the accounts, what we're doing with our own e-com and our own store base as well matters. But some of these bigger structural things, as I mentioned, what Eric is doing in adding to an incredibly talented executive team, I feel that we've assembled. Category management is going to make a difference to SKU rationalization, eliminating 25% of our SKUs over the next 12 to 18 months. It just gives us just clear focus and makes it easier for the consumer, all that with a healthy tension on cost management, of course. And so we want to elevate the brand experience. We want to do that in our factory houses where I think there's some pretty significant margin opportunity for us there. Our brand house is, of course, and then just these relationships with wholesalers.

因此，我認為很多事情 - 從產品和故事方面，當然，還有客戶關係，我們對自己的電子商務和我們自己的商店基地所做的事情也很重要。但正如我所提到的，一些更大的結構性事情，埃里克正在做的事情，以增加一個非常有才華的執行團隊，我覺得我們已經聚集在一起。品類管理將對 SKU 合理化產生影響，在未來 12 到 18 個月內消除 25% 的 SKU。它只是給了我們明確的重點，讓消費者更容易，當然，這一切都對成本管理產生了健康的影響。因此，我們希望提升品牌體驗。我們希望在我們的工廠裡做到這一點，我認為那裡對我們來說有一些相當大的利潤機會。當然，我們的品牌公司就是與批發商的關係。

I said in my prepared remarks this idea of ensuring that our strategic partners know their strategic partners, that extends beyond just our customers. It goes to our factories that goes through our vendors. It goes really across the board for this brand. So I think that North America is that, as we're stabilizing this ship, we think that there's great upside for Under Armour. But we're incredibly optimistic and we like where we are. We like our team. We like the position we have. We think we've got a pretty good shot.

我在準備好的發言中說過，確保我們的策略夥伴了解他們的策略夥伴的想法不僅限於我們的客戶。它通過我們的供應商進入我們的工廠。對於這個品牌來說，它確實是全面的。所以我認為北美是這樣的，當我們穩定這艘船時，我們認為 Under Armour 有很大的上升空間。但我們非常樂觀，我們喜歡我們現在的處境。我們喜歡我們的團隊。我們喜歡我們現在的位置。我們認為我們已經取得了不錯的成績。

Great. And if I could just jump in with one more. I think Dave mentioned additional marketing dollars in the second half. Like what will those dollars be spent on?

偉大的。如果我能再加入一個就好了。我認為戴夫提到了下半年的額外行銷資金。例如這些錢會花在什麼地方？

Thanks, Bob. Let me take that. We're thrilled with the overdrive of $50 million. It's big money, but we're going to split that and give $25 million of it to the bottom line. And then we're also going to be putting that across the different regions with EMEA, APAC and the Americas. I mean this is going to be a lot of top of funnel brand building in Europe, where I think all three regions are pretty much in different places as well. Europe is probably our strongest region right now. We've already got a campaign that's in place and inflated so we're going to be bolstering that. We're going to be a little more defensive than APAC, which is an area that we think that we're really going to dig in. And I'm going to spend more time on China and our business there as well in -- beginning in the first quarter as we turn into the new year.

謝謝，鮑伯。讓我來吧。我們對 5000 萬美元的超額投入感到非常興奮。這是一筆大錢，但我們將把它分成 2500 萬美元作為利潤。然後我們也將把它推廣到歐洲、中東和非洲、亞太地區和美洲的不同地區。我的意思是，這將是歐洲漏斗品牌建設的許多頂部，我認為這三個地區也幾乎位於不同的地方。歐洲可能是我們目前最強大的地區。我們已經開展了一項活動並進行了宣傳，因此我們將予以支持。我們將比亞太地區採取更多的防禦措施，這是我們認為我們真正要深入研究的一個領域。新的一年。

And then here in the US, we're going to put a portion of that towards some of our top of funnel. And again, with the fiscal year going through March as we roll into fiscal year '26, this underdog positioning that we have, but there's a lot of great things that happened in the first quarter 2025, specifically the 2025 NBA All-Star game, which is going to be held in San Francisco, which should be like a homecoming for Stephen, who'll be hosting that effectively. Super Bowl, March (inaudible). And so there's a lot of places where, again, we can just start getting this perspective of the brand, which is maybe a bit of a new Under Armour, but something which feels incredibly natural and just who and what we are.

然後在美國，我們將把其中的一部分投入到漏斗頂部。再說一次，隨著財政年度進入 3 月份，我們進入了 26 財年，我們的定位處於劣勢，但 2025 年第一季度發生了很多偉大的事情，特別是 2025 年 NBA 全明星賽，它將在舊金山舉行，這對史蒂芬來說應該像是一次回家，他將有效地主持這次活動。超級碗，三月（聽不清楚）。因此，在很多地方，我們再次可以開始了解這個品牌的視角，這可能有點像新的 Under Armour，但感覺非常自然，正是我們是誰和我們是什麼。

Paul Lejuez, Citi.

保羅‧勒胡埃斯，花旗銀行。

Two questions. First, as you guys further embrace the underdog persona, I think what you called it, Kevin, what does it mean for how you're going to use professional athletes as brand ambassadors going forward? Should we expect any change there? And then second, just curious if you can just give an update on where do you think inventory levels and promotional levels are in each of your major markets right now and as you look out to holiday?

兩個問題。首先，當你們進一步擁抱失敗者角色時，我想你所說的，凱文，這對於你未來如何使用職業運動員作為品牌大使意味著什麼？我們應該期待那裡有什麼改變嗎？其次，我想知道您是否可以提供最新信息，說明您認為目前每個主要市場以及您期待假期時的庫存水平和促銷水平如何？

Yes. Thanks, Paul. I think that this persona is something which this isn't lost on that pros don't applied to it. And of course, the changing landscape, what NIL means and what's happening with sports marketing and sports marketing assets. The unique aspect of UA when we talk about being a sports house, it means that we sort of run the spectrum from American football to football in Europe to basketball. And there's probably no better example of what I described as that underdog athlete is those that weren't given all of God's gifts, but somehow have to work a little harder and train a little more and apply that rule of 10,000 and probably Stephen Curry is the one who's changed the game of basketball by doing exactly that.

是的。謝謝，保羅。我認為這個角色不會因為專業人士不應用而失去。當然，還有不斷變化的格局、NIL 的含義以及體育行銷和體育行銷資產的現狀。當我們談論成為一家運動公司時，UA 的獨特之處在於我們經營的範圍從美式足球到歐洲足球再到籃球。對於我所描述的失敗運動員來說，可能沒有比這更好的例子了，他們沒有得到上帝所有的恩賜，但不知何故必須更加努力一點，多一點訓練，並應用一萬分的規則，史蒂芬·柯瑞可能就是這樣的人。

He didn't come out and he wasn't the tallest the biggest or the fastest but he just he took a focus on something that allowed them to compete there. So we think we can do this both high and low with elite levels like a Stefan, all the way down to the more personal stories that you'll see at the NIL collegiate level as well. And so I'm not sure if you asked me to line up all those that feel like they're going through a hard time right now, how to overcome something pretty difficult and try to get to where they are. That's a pretty consistent feeling is that just about everybody feels that way. And so we think we're going to tap into that and we think it's incredibly true and authentic to who and what this brand is as well. So we think there's a bit of an unlock for us there.

他沒有出來，他不是最高、最大或最快的，但他只是專注於讓他們在那裡競爭的事情。因此，我們認為我們可以在像 Stefan 這樣的精英級別上做到這一點，一直到您在 NIL 大學級別上看到的更個人化的故事。所以我不確定你是否要求我列出所有那些感覺自己現在正在經歷困難時期的人，如何克服一些相當困難的事情並努力到達他們所在的位置。這是一種非常一致的感覺，幾乎每個人都有這種感覺。因此，我們認為我們將利用這一點，並且我們認為這對這個品牌的是誰和什麼來說也是令人難以置信的真實和真實。所以我們認為我們有一些解鎖的空間。

And this is Dave. Relative to the inventory question, I think what we're seeing is the industry inventory levels are definitely a little better positioned today, though I think there's still some retailer conservatism out there that's kind of lean towards a little softer demand. And it's also still a very intense competitive environment. So we're still seeing a little bit of retailer conservatism remaining and therefore, kind of reluctance to kind of go after big increases in orders, et cetera.

這是戴夫。相對於庫存問題，我認為我們看到的是，目前行業庫存水準肯定要好一些，儘管我認為仍然有一些零售商持保守態度，傾向於需求疲軟。而且這仍然是一個非常激烈的競爭環境。因此，我們仍然看到零售商仍然存在一些保守主義，因此，他們不太願意追求訂單的大幅增加，等等。

But as far as where we see ourselves, we think the overall size of our inventory is good right now in the market and what we have in our DH. We expect that level to fall a little bit more as we close out the year. And on the composition of our inventory, the majority is current season with active demand. So the aging of our inventory is in good shape. And there are significant differences by region and product type, but they're not really much to call out as far as where we stand as far as aging or anything like that. So we continue to manage well. We think we're in a good spot. We're going to start working further on inventory turns in the future years, but we're pretty comfortable where we are right now.

但就我們自己的看法而言，我們認為目前市場上的庫存總體規模以及我們的 DH 庫存都不錯。我們預計，隨著今年的結束，這一水平還會進一步下降。從我們的庫存組成來看，大部分是當季需求活躍的庫存。所以我們的庫存老化狀況良好。不同地區和產品類型之間存在顯著差異，但就我們在老化或類似方面的立場而言，並沒有太大的差異。所以我們繼續管理得好。我們認為我們處於一個好的位置。我們將在未來幾年開始進一步致力於庫存週轉，但我們對目前的狀況感到非常滿意。

Brian Nagel, Oppenheimer.

布萊恩·內格爾，奧本海默。

So a couple of questions. First off, I guess, within the investment community, tariffs are now another hot topic. So any thoughts there from Under Armour from a sourcing perspective or how -- to what extent you -- how you would be able to manage any increase in tariffs? And then second, I guess, bigger picture. Kevin, you talked about in your comments, just the pushback to wholesale and reengaging with your wholesale partners. Kind of -- I know it's early, but where are we in those conversations? And how are some of those initial conversations going? I mean, I guess the question I'm asking is you're talking to the source of others, what is that they're really looking for? What timetable from Under Armour?

有幾個問題。首先，我想，在投資界，關稅現在是另一個熱門話題。那麼，Under Armour 從採購角度有什麼想法，或者如何——在多大程度上——如何應對關稅的增加？然後，我想，還有更大的前景。凱文，您在評論中談到了對批發的抵制以及與批發合作夥伴的重新接觸。有點——我知道現在還太早，但我們現在的對話進展到哪一步了？最初的一些對話進展如何？我的意思是，我想我要問的問題是你正在與其他人的來源交談，他們真正在尋找什麼？ Under Armour 的時間表是什麼？

Brian, this is Dave. I'll jump in on the tariffs. As we're sitting here today, obviously, we've got the election results, and we're going to keep an eye on how that kind of unfolds. It will be interesting to see how things develop with whether we still have a split congress or not. I think that's really going to impact some things if it goes one way or if it's, let's say, split. And we're going to continue to monitor it. Obviously, there could be some higher tariffs. There could be some US duty implications that could impact our cost of goods sold and gross margin and a little bit with income tax expense. But it's something that we were prepared to manage pretty well before. We'll continue to manage it as best we can going forward.

布萊恩，這是戴夫。我會加入關稅。顯然，今天我們坐在這裡，我們已經得到了選舉結果，我們將密切關注事態的發展。看看事情如何發展將會很有趣，無論我們是否仍然存在分裂的國會。我認為，如果它以一種方式發展，或者如果它是分裂的，那確實會影響一些事情。我們將繼續對其進行監控。顯然，關稅可能會更高。可能會有一些美國關稅影響，可能會影響我們的銷售成本和毛利率，還有一點所得稅費用。但我們之前就做了應對的準備。我們將繼續盡力管理它。

So right now, we're not anticipating any real sizable impacts, but it's something we're going to keep monitoring. Kevin, if you want to jump on the wholesale partners?

因此，目前我們預計不會產生任何真正的重大影響，但我們將繼續監控這種情況。凱文，你想加入批發夥伴嗎？

Yes. Thanks, Brian. I think that I've had a -- it's interesting when you talk to our accounts, is they're generally so happy and looking for partners that can break through. I mean you got to remember, a lot of the people we do business with, they've had. The majority of their open to buy, like greater than 40%, 50%, 60%. It has typically been dominated by one brand. So when they say they're rooting for you, they really mean it. But I imagine they say that lots of partners.

是的。謝謝，布萊恩。我認為，當你與我們的客戶交談時，很有趣的是，他們通常都很高興並尋找可以突破的合作夥伴。我的意思是你必須記住，很多與我們做生意的人，他們都有過。他們中的大多數持開放購買態度，例如大於40%、50%、60%。它通常由一個品牌主導。因此，當他們說支持你時，他們是真心實意的。但我想他們會說有很多合作夥伴。

So what we have to do is we have to find product that cuts through. And I've got to say, in my first seven months, I've had the benefit of being everywhere from across Europe, from Manchester to Amsterdam to London, across Latin America, across Asia as well as taking in some football games as well as going to see our key partners and customers that we have here. So there has been -- no mold has been growing underneath of our feet. We are certainly moving and making sure that we're sitting down and talking to customers. We're also with our new headquarters, we're also been inviting a lot of people here to show them to be able to we play a great home game and let people feel what's happening with this brand because it's hard to say is that as I said, the brand will inflect sooner than the business will inflect. And you can start to feel that.

所以我們要做的就是找到能夠突破的產品。我必須說，在我的前七個月裡，我受益匪淺，遍及歐洲各地，從曼徹斯特到阿姆斯特丹再到倫敦，跨越拉丁美洲，跨越亞洲，還觀看了一些足球比賽去見見我們這裡的主要合作夥伴和客戶。所以我們的腳下沒有長出黴菌。我們當然會採取行動並確保我們坐下來與客戶交談。我們也在新總部，我們也邀請了很多人來這裡，向他們展示我們能夠打一場精彩的主場比賽，讓人們感受到這個品牌正在發生什麼，因為很難說這是因為我說過，品牌的變化比業務的變化還要早。你可以開始感受到這一點。

I think that between you seen in the product teams and now with Eric coming on board to be able to unlock that product and story aspect as well as what Curry has been doing here in North America with our partners. We just want to let them know that Under Armour is open for business. Again, that we are ready to listen to their feedback and input. But let's be clear, we have a point of view. We bring a point of view as a brand that's incredibly unique. Everything performs. Everything does something, every product is meant to help you get better. And so whether that's the performance products we put on field or whether it's us entering a category like sportswear, there's a differentiator that makes it UA. And we think that, that, with the technical components of the product along with the benefits that we're able to story tell but making sure because I don't think our story has been told either, a, who this brand is or b, what the products do. We're going to do a much better job of that.

我認為，從你在產品團隊中看到的，到現在艾瑞克加入，能夠解鎖產品和故事方面，以及柯瑞與我們的合作夥伴在北美所做的事情。我們只是想讓他們知道 Under Armour 已開始營業。再次強調，我們已準備好聽取他們的回饋和意見。但讓我們明確一點，我們有自己的觀點。作為一個品牌，我們帶來了一種極為獨特的觀點。一切都執行。一切都有作用，每種產品都旨在幫助您變得更好。因此，無論是我們在球場上推出的高性能產品，還是我們進入運動服等類別，都有一個差異化因素使其成為 UA。我們認為，憑藉產品的技術組件以及我們能夠講述故事的好處，但要確保，因為我認為我們的故事也沒有被講述，a，這個品牌是誰或b ，產品的作用。我們將在這方面做得更好。

And so these retailers are rooting for us and we feel an obligation to do a good job for them. We've got a long-standing history and -- but we don't have as much shelf space as we once had, and so it's our job to earn that season by season. And we feel really good about what the future looks like. Unfortunately, it's not going to happen all at once, but we are certainly in this fight.

因此，這些零售商支持我們，我們感到有義務為他們做好工作。我們有著悠久的歷史，但我們的貨架空間已經不像以前那麼多了，所以我們的工作就是逐季贏得勝利。我們對未來的樣子感到非常滿意。不幸的是，這不會一下子發生，但我們肯定會參與這場戰鬥。

John Kernan, Cowen. Pardon me, John, your line may be muted.

約翰·克南，考恩。對不起，約翰，你的線路可能被靜音了。

There were two on there, operator, maybe try the second one. There were two in the queue under John. I'm not sure what happened.

那裡有兩個，接線員，也許可以嘗試第二個。約翰下面的隊列裡有兩個人。我不確定發生了什麼事。

(Operator Instructions)

（操作員說明）

Yes. We'll go ahead and conclude our call on that then. And John, if you're listening and can't get in, we'll give you a follow-up call on that. I appreciate it, buddy. So thank you, everyone, for joining us today on our second quarter fiscal 2025 call. Much appreciate it.

是的。然後我們將繼續討論並結束我們的電話會議。約翰，如果您正在收聽但無法加入，我們會就此問題打電話給您。我很感激，夥計。感謝大家今天參加我們的 2025 財年第二季電話會議。非常感謝。

Terrific. Thanks, everyone.

了不起。謝謝大家。

Thank you.

謝謝。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。