Under Armour Inc (UA) 2026 Q3 法說會逐字稿

Good day, and welcome to the Under Armour third quarter 2026 earnings conference call. (Operator Instructions) Please note, this event is being recorded.

大家好，歡迎參加 Under Armour 2026 年第三季財報電話會議。（操作說明）請注意，本次活動正在錄影。

I would now like to turn the conference over to Lance Allega, Senior Vice President of Finance and Capital Markets. Please go ahead.

現在我將把會議交給財務和資本市場高級副總裁蘭斯·阿萊加 (Lance Allega)。請繼續。

Good morning, and welcome to Under Armour's fiscal 2026 third quarter earnings call. Today's call is being recorded, and a replay will be available on our investor website shortly after it ends.

早安，歡迎參加安德瑪2026財年第三季財報電話會議。今天的電話會議正在錄音，結束後不久即可在我們的投資者網站上收聽回放。

Joining us this morning are Kevin Plank, Under Armour's President and CEO; and Dave Bergman, our CFO.

今天早上和我們一起參加節目的有安德瑪總裁兼執行長凱文·普朗克，以及我們的財務長戴夫·伯格曼。

Before we begin, please note that certain statements made on today's call are forward-looking as defined under federal securities laws. These statements reflect management's current expectations as of February 6, 2026, and are subject to risks and uncertainties that could cause actual results to differ materially. For a detailed discussion of these factors, please refer to the earnings press release, our filings with the SEC, including our most recently filed Form 10-K and Form 10-Q and other public disclosures.

在開始之前，請注意，今天電話會議上所作的某些陳述屬於聯邦證券法所定義的前瞻性陳述。這些聲明反映了管理層截至 2026 年 2 月 6 日的當前預期，但存在風險和不確定性，可能導致實際結果與預期有重大差異。有關這些因素的詳細討論，請參閱盈利新聞稿、我們向美國證券交易委員會提交的文件（包括我們最近提交的 10-K 表格和 10-Q 表格）以及其他公開披露資訊。

In today's call, we may reference non-GAAP financial measures. We believe these metrics offer additional insights into the underlying trends of our business when considered along our GAAP results. Reconciliations of these measures to their most comparable GAAP metrics are included in today's press release and can be found on our investor website at about.underarmour.com.

在今天的電話會議中，我們可能會提到非GAAP財務指標。我們相信，結合我們的 GAAP 結果來看，這些指標能夠更深入地揭示我們業務的潛在趨勢。今天的新聞稿中包含了這些指標與其最可比較的 GAAP 指標的調整表，也可以在我們的投資者網站 about.underarmour.com 上找到。

With that, thank you for being here and for your interest in Under Armour. And I'll now turn the call over to Kevin.

最後，感謝各位的光臨以及對安德瑪的關注。現在我將把電話交給凱文。

Thanks, Lance, and good morning to everyone taking the time to join us today. Under Armour is a global performance brand with opportunity and relevance that is both present today and capable to significantly scale as we find our operating rhythm. Entering the next phase of our turnaround, the focus is on execution. We're not declaring all the work finished yet, but are making real progress with a disciplined strategy, structure, and team now in place. That progress is becoming more consistent.

謝謝蘭斯，也祝今天抽出時間參加我們節目的各位早安。Under Armour 是一個全球性的運動品牌，它既擁有當下的發展機會和市場地位，也具備隨著我們找到營運節奏而大幅擴展的潛力。進入轉型下一階段，重點在於執行。我們還沒有宣布所有工作都已完成，但憑藉嚴謹的策略、結構和團隊，我們正在取得實質進展。這項進展正變得越來越穩定。

For too long, the organization carried unnecessary complexity, too many handoffs, too many approvals, too much focus on one's individual job versus a broader brand objective we're trying to solve for: having athletes fall in love and know why they need Under Armour. Since coming back to the CEO chair nearly two years ago, we have narrowed our focus, moved decisions earlier and reduced friction across the system.

長期以來，該組織存在不必要的複雜性，交接環節過多，審批流程過多，過於關注個人工作，而忽略了我們正在努力解決的更廣泛的品牌目標：讓運動員愛上 Under Armour，並了解他們為什麼需要 Under Armour。自從我近兩年前重返CEO崗位以來，我們縮小了工作範圍，提前做出了決策，並減少了整個系統內的摩擦。

That work has simplified the operating system. Inventory is down year over year. Assortments are tighter. Planning is more precise. And we have additional opportunity to continue to improve.

這項工作簡化了作業系統。庫存年減。品種更加單一。計劃更加精準。我們還有進一步提升的空間。

The structure of the company has been addressed and is enhancing our speed to market. SKU productivity, athlete insight and, especially, accountability for all of the above.

公司結構已調整，這將加快我們產品上市的速度。SKU 生產力、運動員洞察，尤其是對以上所有方面的責任追究。

In the third quarter, although we had a few nonrecurring impacts in our GAAP results that are frustrating, our adjusted results came in ahead of expectations across most line items. We modestly raised our full year adjusted operating income outlook. This is a good proof point that our underlying business is becoming steadier, and we're seeing fewer surprises and greater predictability, which is where we believe we should be at this stage of our turnaround.

第三季度，儘管我們的 GAAP 業績受到一些非經常性因素的影響，令人沮喪，但我們的調整後業績在大多數項目上都超出了預期。我們小幅上調了全年調整後營業收入預期。這很好地證明了我們的基本業務正在變得更加穩定，我們看到的意外情況越來越少，可預測性越來越高，我們認為這正是我們轉型現階段應該達到的狀態。

Looking at our journey, fiscal '25 was about assessing our greatest needs, to address our operating infrastructure and stand up the expertise necessary for a reset. With a few additions from outside, but primarily from within the organization, for Under Armour, by Under Armour. Years of consulting and rented input took us on a path that was not the unique brand position engine that allowed UA to cut through in the first place.

回顧我們的歷程，2025 財年主要專注於評估我們最大的需求，解決我們的營運基礎設施問題，並建立重置所需的專業知識。除了從外部引進一些人才外，主要人才來自公司內部，Under Armour 由 Under Armour 打造。多年的諮詢和外聘人員讓我們走上了一條與最初讓 UA 脫穎而出的獨特品牌定位引擎截然不同的道路。

Fiscal '26 was about implementing that structure, including the foundation of a category managed operating model, our renewed go-to-market, and a clearly articulated strategic business plan. We're now building on that infrastructure by changing nothing, running that same play again in fiscal '27 and beyond, becoming sharper as the kinks work through, which we are still feeling some of but moving forward.

2026 財年的目標是落實這個架構，包括建立品類管理營運模式、重新制定市場策略以及製定清晰明確的策略性業務計畫。我們現在正在此基礎上繼續發展，什麼都不改變，在 2027 財年及以後繼續執行同樣的策略，隨著各種問題的解決，我們將變得更加精明，儘管我們仍然感受到一些問題，但我們仍在向前邁進。

What is new has been layering in the how, how we are running the business, the operating principles that will manifest the thematic of selling so much more of so much less at a much higher full retail price. I spent the month of January presenting these holistic principles called Unleashing Intentionality in dozens of individual and group settings to teammates and partners, taking this message directly to key stakeholders, ensuring our entire offense and defense know exactly who we are, what we are building and how we plan to execute to achieve our mid and long-term ambitious goals.

新的變化在於，我們不斷完善經營方式和營運原則，以反映「以更高的零售價銷售更多更少的產品」這個主題。整個一月份，我都在數十個個人和小組場合向隊友和合作夥伴介紹這些名為“釋放意圖”的整體原則，並將這一信息直接傳達給關鍵利益相關者，確保我們整個進攻和防守團隊都清楚地知道我們是誰，我們正在構建什麼，以及我們計劃如何執行才能實現我們的中長期宏偉目標。

To support this next phase, we recently made targeted leadership changes to accelerate speed. Kara Trent is now Chief Merchandising Officer with end-to-end responsibility for product mix, pricing, and margin performance. Adam Peake has been named President of the Americas. Eric Liedtke is now Chief Marketing Officer and EVP Strategy. And Yassine Sadi has transitioned to an external senior adviser role to ensure design continuity. These changes reflect exactly we're on transformation, moving with tighter alignment and a more decisive operating cadence.

為了支持下一階段的發展，我們近期進行了有針對性的領導層調整，以加快步伐。Kara Trent 現任首席商品官，全面負責產品組合、定價和利潤率。亞當·皮克被任命為美洲區總裁。Eric Liedtke 現任行銷長暨策略執行副總裁。亞辛·薩迪已轉任外部高級顧問，以確保設計工作的連續性。這些變化恰恰反映了我們正在進行轉型，以更緊密的協調和更果斷的行動節奏前進。

This work is not done on a spreadsheet, but by bringing our teams together, removing slow process barriers, and facilitating conversations to create a much more intentional line of products across apparel, footwear, and accessories, products that we can be famous for while highlighting the areas we already are, like UA Heat and ColdGear. The recent org changes now have all product teams in one conversation, including physically in one room sharing information to remove redundancy and increase speed.

這項工作不是透過電子表格完成的，而是透過讓我們的團隊聚在一起，消除緩慢的流程障礙，並促進對話，從而打造一條更有目的性的服裝、鞋類和配件產品線，讓我們能夠以此聞名，同時突出我們已經擅長的領域，例如 UA Heat 和 ColdGear。最近的組織架構調整使得所有產品團隊能夠進行統一的溝通，包括在同一間房間中進行實際的資訊共享，從而消除冗餘並提高速度。

In addition to the 25% of SKUs we began eliminating in fiscal '25, that is now complete, we have additional opportunity to be even more efficient, not only with SKUs and styles, but the raw materials that support the products we make. More to come on this in the future calls, but the new structure is actively digging into this work, and the early reads are incredibly positive.

除了我們在 2025 財年開始淘汰的 25% SKU（現在已經完成）之外，我們還有更多機會提高效率，不僅在 SKU 和款式方面，而且在支持我們產品的原材料方面。未來幾次會議將對此進行更多討論，但新的組織架構正在積極深入研究這項工作，初步結果非常積極。

Looking ahead, key indicators are moving in the right direction. Brand health in the US continues to improve. Awareness, consideration, and engagement are trending higher, particularly among younger athletes. Digital engagement remains strong. And when product storytelling and distribution align, we see a positive consumer response.

展望未來，關鍵指標正朝著正確的方向發展。美國品牌健康狀況持續改善。人們的意識、關注和參與度都在不斷提高，尤其是在年輕運動員中。數位用戶參與度依然強勁。當產品故事和通路相契合時，我們就能看到正面的消費者回饋。

So let's talk about products, because product is everything. And at Under Armour, we say that product is our currency. It always has been and the engine that will ultimately drive this turnaround. This is also the hardest part of the transformation. There was no switch to flip. We are rebuilding capability, discipline, and credibility inside the organization and in the market. That work takes time. And importantly, we're now seeing real evidence that it is working.

所以，讓我們來談談產品吧，因為產品就是一切。在安德瑪，我們認為產品就是我們的貨幣。它一直都是，而且最終也將是推動這項轉變的引擎。這也是轉型過程中最困難的部分。沒有可以撥動的開關。我們正在重建組織內部和市場上的能力、紀律和信譽。這項工作需要時間。更重要的是，我們現在看到了它正在發揮作用的實際證據。

Across apparel and accessories, the proof points are starting to stack up. Base layer remains a steady engine for the business with Heat and ColdGear standing out. New styles or refreshed design language and modern colorways are driving higher ASPs and strong double-digit growth in these products. That matters because it's an early signal that intentional product thought leadership can help us rebuild pricing power.

從服裝和配件來看，越來越多的證據表明，這種趨勢正在發生。保暖內衣仍然是業務的穩定成長動力，其中Heat和ColdGear系列表現尤為突出。新款式或煥然一新的設計語言和現代配色方案推動了這些產品的平均售價上漲和兩位數的強勁增長。這很重要，因為它是一個早期信號，表明有意識的產品思想領導力可以幫助我們重建定價權。

We're seeing similar momentum elsewhere. Icon Fleece is performing well, and our women's Meridian franchise continues to gain traction as new silhouettes and colors attract a broader, more engaged consumer base. These products reflect a stronger point of view and improved execution across categories.

我們在其他地方也看到了類似的趨勢。Icon Fleece 系列表現良好，我們的女士 Meridian 系列也持續獲得市場認可，新的款式和顏色吸引了更廣泛、更活躍的消費者群體。這些產品體現了更鮮明的觀點和更完善的執行力。

Spring-Summer '26 is another meaningful step forward. You'll see more elevated products entering the market with a more consistent, cohesive design language. We're introducing improved women's Vanish Elite collection, alongside continued evolutions across Icon, sportswear, and footwear. In accessories, our Stealth Form hat and No Weigh backpack continue to push the price ceiling, supported by premium performance attributes in a clean, focused product story.

2026年春夏系列是另一個意義重大的進步。你會看到更多高端產品以更一致、更協調的設計語言進入市場。我們推出了改良後的女士 Vanish Elite 系列，同時 Icon、運動服和鞋類產品也在不斷改進。在配件方面，我們的 Stealth Form 帽子和 No Weigh 背包繼續推高價格上限，並以簡潔、專注的產品故事為支撐，提供優質的性能屬性。

When design intent is strong and segmentation is disciplined, consumers respond. Sell-through for newer franchises is improving year over year. Full price realization is trending higher even from a lower base. Wholesale partners are engaging more positively with upcoming assortments and buying.

當設計意圖明確且市場區隔有條不紊時，消費者就會做出正面回應。新加盟店的銷售情況逐年改善。即使基數較低，最終成交價也呈現上漲趨勢。批發合作夥伴對即將推出的產品系列和採購持更積極的態度。

So shifting to footwear, which has been on a long challenging recovery path. I want to be very direct about it. Year-to-date sales are down about 14%, reflecting structural issues we are actively unwinding. For multiple seasons, we tried to grow by expanding the assortment, more styles, more price points, more incremental updates, without consistent demand or the scale to support it. That diluted volume pressured margins and increased inventory risk.

因此，我們轉而投身鞋類產業，該產業一直處於漫長而艱難的復甦之路。我想直截了當地說。今年迄今的銷售額下降了約 14%，反映出我們正在積極解決的結構性問題。在過去的幾個季度裡，我們試圖透過擴大產品種類、增加款式、增加價格點、進行更多漸進式更新來發展壯大，但卻沒有持續的需求或規模來支撐這種成長。銷量下降導致利潤率承壓，庫存風險增加。

We are addressing each of these. We're exiting low productivity styles, reducing redundant SKUs and eliminating launches that lack a defined role, a strong margin profile or a scalable growth opportunity, with the primary criteria being every product must have a reason to be built by Under Armour. It must have a story.

我們正在逐一解決這些問題。我們正在淘汰低效模式，減少冗餘 SKU，並取消那些缺乏明確定位、強勁利潤率或可擴展成長機會的產品發布，主要標準是每個產品都必須有理由由 Under Armour 製造。它一定有故事。

In parallel, we're tightening our price tier architecture and concentrating investment behind fewer, higher-impact franchises that can win consistently. This disciplined approach sharpens our focus areas across training, running, and sportswear, while building momentum in team sports where we are increasingly confident in both our product and our growth trajectory, all of which should drive improved returns over time.

同時，我們正在收緊價格層級結構，並將投資集中到少數但影響力更大的特許經營權上，這些特許經營權能夠持續獲勝。這種嚴謹的方法使我們更加專注於訓練、跑步和運動服裝等領域，同時在團隊運動領域建立起發展勢頭，我們對我們的產品和成長軌跡越來越有信心，所有這些都應該隨著時間的推移帶來更好的回報。

We're already seeing proof points. In run, the Velociti Elite 3 delivered strong sell-through at launch and run specialty. And sharper segmentation across the franchise is driving healthier performance at more excess price points with Velociti Distance and Pro 2. The Assert 11, which launched in November, we talked about on the last call, continues to perform really well and is delivering a meaningfully higher ASP versus the Assert 10 as we predicted. And as we outlined last quarter, we positioned this Velociti run inspired redesign and the Charged+ midsole as an outstanding $75 accessible price point offering.

我們已經看到了一些證據。在跑步領域，Velociti Elite 3 在上市和跑步專案領域都取得了強勁的銷售表現。更清晰的市場細分正在推動 Velociti Distance 和 Pro 2 在更多高價位產品上取得更健康的表現。我們在上次電話會議上談到的 Assert 11 於 11 月發布，它繼續表現出色，正如我們預測的那樣，其平均售價比 Assert 10 明顯更高。正如我們在上個季度概述的那樣，我們將這款受 Velociti 跑步鞋啟發的重新設計和 Charged+ 中底定位為一款價格親民的 75 美元產品。

Throw in Los Angeles Dodgers' back-to-back World Series champion, Freddie Freeman, as a product ambassador, we're starting to drive increased demand in a millions of annual units program. This reflects our strategy in action, simplifying the line, strengthening franchises and reinforcing Under Armour's running credibility.

再加上洛杉磯道奇隊連續兩屆世界大賽冠軍弗雷迪·弗里曼擔任產品大使，我們正在推動一項年銷量達數百萬台的計劃，從而增加市場需求。這體現了我們的策略實踐，即簡化產品線、加強品牌建設，並鞏固安德瑪在跑步領域的信譽。

In sportswear, just this week, we launched the HB-LO, a $100 basketball-inspired silhouette built for all-day comfort, carrying a premium leather upper with a cushioned court-to-street ride and a bold expression of the UA logo. The price to value of this shoe is off the charts and believe that it can be a gateway product for Under Armour to take share in court shoes and sportswear.

在運動服裝方面，就在本週，我們推出了 HB-LO，這是一款售價 100 美元的籃球風格鞋款，旨在提供全天的舒適感，採用優質皮革鞋面，具有緩衝性能，適合從球場到街頭穿著，並醒目地展現了 UA 標誌。這款鞋的性價比簡直爆表，我相信它能成為安德瑪進軍網球鞋和運動服飾市場的敲門磚。

Coming off our fall launch, the $120 Sola model continues to build momentum. Additionally, we introduced the ARC 96 at $125, a modernized run inspired silhouette that blends premium materials with elevated cushioning and distinctive design language. With social response and sell-through as key indicators, we're very encouraged by the evolution of these sportswear styles, all excellent examples of what's to come.

自秋季上市以來，售價 120 美元的 Sola 型號持續保持強勁勢頭。此外，我們還推出了售價 125 美元的 ARC 96，這是一款現代化的跑步鞋，鞋型設計靈感來自跑步鞋，融合了優質材料、高級緩震和獨特的設計語言。以社群媒體反應和銷售情況為關鍵指標，我們對這些運動服飾風格的演變感到非常鼓舞，它們都是未來發展趨勢的絕佳範例。

While the reset of our footwear business is still underway, the actions we're taking combined with strong early signals for our innovation and design-led product give us growing confidence that we can stabilize the footwear category next year and rebuild momentum with consumers and wholesale partners.

雖然我們的鞋類業務重組仍在進行中，但我們採取的行動，加上我們以創新和設計為主導的產品所展現出的強勁早期信號，讓我們越來越有信心，明年我們可以穩定鞋類品類，並重新贏得消費者和批發合作夥伴的青睞。

Overall, our products are becoming stronger assets, not just something we sell, but a primary driver of demand and value creation. We're building a more intentional product segmentation across innovation levels, price points, and usage models. Every product is gaining a defined consumer role and will have a distinct identity. Over time, this approach will deepen consumer understanding of the brand and support more consistent pricing discipline as a way to improve demand and margin contribution.

總的來說，我們的產品正在成為更強大的資產，不僅是我們銷售的產品，更是需求和價值創造的主要驅動力。我們正在根據創新水平、價格點和使用模式，建立更有針對性的產品細分。每一種產品都在獲得明確的消費者角色，並將擁有獨特的品牌形象。隨著時間的推移，這種方法將加深消費者對品牌的了解，並有助於形成更一致的定價策略，從而提高需求和利潤貢獻。

Our storytelling is also getting sharper. We're moving up with greater purpose, connecting the right products to real sports moments, meeting athletes where they are, and driving higher engagement per dollar. Social is leading that effort, particularly on TikTok.

我們的敘事能力也越來越強了。我們正朝著更遠大的目標前進，將合適的產品與真實的體育賽事聯繫起來，在運動員所在的地方與他們互動，並提高每美元的參與度。社群媒體正在引領這一趨勢，尤其是在TikTok上。

Our influencer strategy continues to expand reach and reinforce credibility. While activations like We Are Football and Run Club events with recording artist, Gunna are evolving into community-led platforms that generate authentic energy and momentum for the brand.

我們的網紅行銷策略持續擴大影響力並增強信譽度。像是「我們是足球」和「跑步俱樂部」這樣的活動，與錄音藝術家 Gunna 合作，正在演變成社群主導的平台，為品牌創造真正的活力和動力。

Team Sports remain a core driver of momentum and brand authority. In American football, we continue to deepen our presence through authentic on-field storytelling and partnerships, including the launch of the first Overtime National High School Championship at our UA Stadium here in Baltimore and expanded collegiate relationships with Georgia Tech, the first Under Armour school to wear Under Armour in 1996. And the University of Wisconsin, a long-standing partner.

團隊運動仍然是推動品牌發展動能和提升品牌權威性的核心動力。在美式足球領域，我們透過真實的場上故事和合作關係不斷深化我們的影響力，包括在巴爾的摩的 UA 體育場舉辦首屆 Overtime 全國高中錦標賽，以及擴大與喬治亞理工學院的大學合作關係。佐治亞理工學院是 1996 年第一所穿上 Under Armour 服裝的 Under Armour 學校。還有威斯康辛大學，它是我們長期的合作夥伴。

This week, we launched our Spring '26 activation spotlighting women's flag football, the next era of the game. Debuting just this past Wednesday on National Girls and Women in Sports Day, Click-Clack: Next Era reimagines our iconic original 2006 ad in a fresh Gen Z forward way.

本週，我們推出了 2026 年春季推廣活動，重點介紹女子腰旗橄欖球，這是這項運動的下一個時代。《Click-Clack：新時代》於上週三全國女子體育日首播，以全新的 Z 世代視角重新詮釋了我們標誌性的 2006 年原版廣告。

With the sport exploding and the '28 Summer Olympics on the not-so-distant horizon, UA athletes, Ashlea Klam, Diana Flores, Laneah Bryan, and Isabella Geraci help set the pace for the sport. The message is clear, flag football is here to stay.

隨著這項運動的蓬勃發展和 2028 年夏季奧運會的臨近，亞利桑那大學的運動員 Ashlea Klam、Diana Flores、Laneah Bryan 和 Isabella Geraci 正在引領這項運動的發展。訊息很明確，腰旗橄欖球將會繼續流行下去。

At the highest level of the sport, our on-field credibility in the NFL continues to build, spanning established athletes like Philadelphia Eagles' DeVonta Smith and rising stars such as Seattle Seahawks' rookie, Nick Emmanwori. In his first year in the league, Nick will take the Super Bowl stage Sunday, a powerful and energizing milestone that underscores the momentum of our athlete roster, and the growing relevance of our brand at the very top of the game.

在最高級別的體育賽事中，我們在 NFL 賽場上的信譽不斷提升，涵蓋了像費城老鷹隊的德沃塔·史密斯這樣的知名運動員，以及像西雅圖海鷹隊新秀尼克·埃曼沃里這樣的冉冉升起的新星。尼克進入聯盟的第一年，就將在周日登上超級盃的舞台，這是一個意義非凡、令人振奮的里程碑，凸顯了我們運動員陣容的強勁勢頭，以及我們品牌在頂級賽事中日益增長的影響力。

We're also investing in the next generation of athletes. Our UA Next All-America Game Week showcase top high school talent across football and volleyball, broadcast on ESPN and where we sold out the product capsule. We signed our first Click-Clack NIL class and continue to build our presence in track and field as we prepare to host the inaugural UA Track and Field Nationals this spring at IMG Academy in Florida.

我們也正在投資培養下一代運動員。我們的 UA Next 全美最佳陣容週活動展示了橄欖球和排球領域頂尖的高中人才，該活動在 ESPN 播出，我們的產品系列也全部售罄。我們簽下了第一批 Click-Clack NIL 球員，並繼續擴大我們在田徑領域的影響力，同時準備在今年春天在佛羅裡達州的 IMG 學院舉辦首屆 UA 田徑全國錦標賽。

This month, UA is on the world stage. In Italy, Lindsey Vonn our longest-serving athlete, will compete for Team USA, and Cale Makar will take the ice for Team Canada at the Winter Olympics. Then next month, that momentum carries at the World Baseball Classic, where many of our iconic UA Major League Baseball players will compete at the highest level on yet another global stage.

本月，UA 登上了世界舞台。在義大利，我們隊中效力時間最長的運動員林賽沃恩將代表美國隊參賽，而凱爾馬卡爾將代表加拿大隊參加冬季奧運。下個月，這股勢頭將延續到世界棒球經典賽，屆時我們許多標誌性的 UA 美國職棒大聯盟球員將在另一個全球舞台上進行最高水平的比賽。

In EMEA, momentum continues to build across global football. Activations, including the UA Mansory collab delivered strong engagement and sell through. In our full funnel, Be The Problem football and Unapologetic women's campaigns are outperforming benchmarks and strengthening our brand's cultural relevance. We don't see these as isolated moments.

在歐洲、中東和非洲地區，全球足球的發展動能持續增強。包括與 UA Mansory 的合作在內的各項推廣活動都取得了良好的參與度和銷售表現。在我們的整個行銷漏斗中，「Be The Problem」足球運動和「Unapologetic」女性運動的表現都超過了基準，並增強了我們品牌的文化相關性。我們並不認為這些是孤立事件。

We see them as repeatable proof points that our brand is regaining momentum at scale. This authenticity enables UA to meet approximately $5 billion in annual consumer demand while rebuilding trust and deepening durable connections with athletes around the world. This is a foundation for sustained relevance, demand stability, and long-term value creation.

我們認為這些是可重複驗證的例證，證明我們的品牌正在大規模地重獲發展勢頭。這種真實性使 UA 能夠滿足每年約 50 億美元的消費者需求，同時重建信任並加深與世界各地運動員的持久聯繫。這是維持持續相關性、需求穩定和長期價值創造的基礎。

Switching next to the regions. North America is beginning to turn the corner. We believe the December quarter marks the bottom of the reset. Traffic, yes, remains soft, but underlying indicators are improving. We continue efforts to strengthen our premium online position even in a promotional environment. E-commerce conversion is up and factory house performance is improving. Digital engagement tools such as SMS and TikTok shop are delivering strong growth.

接下來切換到其他區域。北美正在迎來轉機。我們認為12月季度標誌著重置的底部。交通流量依然疲軟，但基本指標正在改善。即使在促銷環境下，我們也會繼續努力鞏固我們優質的線上市場地位。電子商務轉換率上升，工廠生產效能也在提高。簡訊和TikTok商店等數位互動工具正在實現強勁增長。

And in wholesale, our focus remains on rebuilding the right partner relationships, and we're making real progress. A Q3 product campaign led by ColdGear compression with Dick's Sporting Goods, delivered solid results. And as partners gain confidence in our product and storytelling, collaboration is growing. And we are encouraged by how our fall order book is shaping up.

在批發業務方面，我們的重點仍然是重建正確的合作夥伴關係，並且我們正在取得真正的進展。ColdGear壓縮產品與Dick's Sporting Goods合作的第三季產品推廣活動取得了顯著成效。隨著合作夥伴對我們的產品和故事講述能力越來越有信心，合作也不斷成長。我們秋季訂單的進展令人鼓舞。

In EMEA, the business remains solid and continues to be the clearest expression of our premium strategy in action. Performance is being driven by disciplined execution across the region with a more intentional approach to promotions that protects brand equity and pricing integrity. At the same time, solid wholesale performance is reinforcing the quality of our partnerships and the strength of demand in key markets. Together, these factors are delivering consistent reliable results and underscoring the resilience of the business in the region.

在歐洲、中東和非洲地區，業務仍然穩健，並持續成為我們高端策略實踐的最清晰體現。整個地區的業績成長得益於嚴謹的執行，以及更有針對性的促銷方式，從而保護了品牌資產和定價的完整性。同時，穩健的批發業績鞏固了我們合作關係的質量，並增強了重點市場的需求。這些因素共同帶來了持續可靠的結果，並凸顯了該地區業務的韌性。

In APAC, where I spent seven days in January visiting five key cities with our teams and partners, we continue to make progress on our reset, and the region remains a critical long-term growth opportunity. There we're taking decisive actions to manage inventory, sharpen assortments, and elevate the retail experience. Together, these efforts are positioning APAC for stabilization over the next 12 months and more sustainable growth beyond.

今年一月，我花了七天時間與我們的團隊和合作夥伴一起走訪了亞太地區的五個重點城市。我們繼續推進重組工作，該地區仍然是一個重要的長期成長機會。我們正在採取果斷措施來管理庫存、優化產品種類並提升零售體驗。這些努力將共同為亞太地區未來 12 個月的穩定發展以及更永續的成長奠定基礎。

So to close, there are no shortcuts in a turnaround like this. Progress is earned through discipline and consistent execution. The business is simpler. Revenue volatility is stabilizing. The margin trajectory is improving. Inventory is cleaner. And Under Armour remains a brand athletes actively choose with authenticity and a competitive edge that would be difficult, if not impossible, to replicate. Under Armour is unique. It just is.

最後總結一下，像這樣的轉型沒有捷徑可走。進步是透過自律和持之以恆的執行力獲得的。業務流程更簡單。收入波動趨於穩定。利潤率走勢正在改善。庫存更乾淨了。Under Armour 仍然是運動員們積極選擇的品牌，其真實性和競爭優勢即使不是完全不可能，也很難被複製。Under Armour 獨樹一格。事實就是如此。

Now if there's one thing to take away from today's call, we believe that the most disruptive phase of our reset is now behind us. We're past the period of structural change and operating noise and the organization is now focused squarely on execution and stabilization.

如果說今天的電話會議給我們留下了什麼重要的印象，那就是我們認為，我們重組過程中最具破壞性的階段已經過去了。我們已經度過了結構調整和營運波動期，現在公司正全力以赴地執行和穩定工作。

When we look at the fundamentals, they are where we expected them to be at this point in the reset. Our operating model is in a much better place. Our business plan is well defined and increasingly repeatable. And our go-to-market approach is more focused and disciplined. Each is making progress and each is reinforcing the other.

從基本面來看，它們與我們預期在重置階段的情況一致。我們的營運模式已經好轉很多。我們的商業計劃定義明確，並且越來越具有可複製性。我們的市場推廣策略更加專注和嚴謹。兩者都在取得進展，並且彼此促進。

The strategies we're executing are strengthening our foundation and positioning Under Armour to deliver more consistent performance and long-term value creation going forward.

我們正在執行的策略正在鞏固我們的基礎，並使 Under Armour 能夠在未來提供更穩定的性能和長期的價值創造。

With that, I'll turn it over to Dave to review the quarter and our outlook. Thank you.

接下來，我將把發言權交給戴夫，讓他回顧本季的情況並展望未來。謝謝。

Thanks, Kevin. Turning to our third quarter performance. We met or exceeded our outlook across all major line items. This performance reflects the discipline, focus, and growing consistency in execution as the turnaround continues to progress. While there was some nonrecurring noise in the reported numbers for the period, the underlying performance of the business remains solid and consistent. With that context, I'll start at the top of the P&L, walk through the details.

謝謝你，凱文。接下來來看看我們第三季的業績。我們在所有主要項目上都達到或超過了預期目標。這一表現體現了隨著扭虧為盈進程的不斷推進，球隊在執行力方面展現出的紀律性、專注力和日益增強的穩定性。儘管該期間公佈的數據中出現了一些非經常性波動，但該公司的基本業績仍然穩健穩定。有了這些背景訊息，我將從損益表的頂部開始，逐步講解細節。

Revenue declined 5% to $1.3 billion, slightly better than the outlook shared in November. The outperformance relative to our plan was partially due to approximately 1 percentage point of growth from a timing shift of some wholesale deliveries from Q4 into Q3.

營收下降 5% 至 13 億美元，略優於 11 月公佈的預期。相對於我們的計劃，業績超出預期部分原因是由於一些批發交付從第四季度提前到第三季度，帶來了大約 1 個百分點的成長。

Digging into the results by region, north America revenue climbed 10%, primarily due to a decrease in wholesale with a slightly smaller decline in our direct-to-consumer business. In EMEA, revenue increased 6% on a reported basis and 2% on a currency-neutral basis, with growth in both wholesale and direct-to-consumer during the quarter.

按地區深入分析結果，北美收入成長了 10%，這主要是由於批發業務的下降，而直接面向消費者的業務下降幅度略小。在歐洲、中東和非洲地區，按報告基準計算的收入增長了 6%，以固定匯率計算的收入增長了 2%，本季度批發和直接面向消費者的業務均實現了增長。

APAC revenue decreased 5% on both the reported and currency-neutral basis, marking a sequential improvement from the year-over-year declines we saw in the first half of the fiscal year. The Q3 decline was driven primarily by our full price wholesale business while DTC revenue was down only slightly, partially offset by positive licensing growth. And in Latin America, revenue increased 20% or 13% on a currency-neutral basis, driven by balanced growth throughout the business.

亞太地區收入按報告和固定匯率計算均下降了 5%，與上半年同比下降的趨勢相比，環比有所改善。第三季業績下滑主要受全價批發業務的影響，而直接面向消費者 (DTC) 的收入僅略有下降，部分被授權業務的積極成長所抵消。在拉丁美洲，由於業務整體均衡成長，營收成長了 20%（以固定匯率計算成長 13%）。

From a channel perspective, wholesale revenue decreased 6% due to lower full price and third-party off-price sales, partially offset by growth in our distributor business. Direct-to-consumer revenue decreased 4%, primarily due to a 7% decline in eCommerce revenue. Sales in our owned and operated stores were down 2% in the quarter. And licensing revenue increased 14%, driven by the strength of our international licensees and modest growth in North America.

從通路角度來看，由於全價銷售和第三方折扣銷售下降，批發收入下降了 6%，但經銷商業務的成長部分抵消了這一影響。直接面向消費者的收入下降了 4%，主要是由於電子商務收入下降了 7%。本季我們自營門市的銷售額下降了 2%。授權收入成長了 14%，這主要得益於國際被授權商的強勁表現以及北美市場的溫和成長。

Finally, by product type, apparel revenue decreased 3% due largely to softness in train, golf and run, while sportswear was flat for the quarter. Footwear revenue decreased 12%, reflecting declines across most categories, partially offset by growth in outdoor. And accessories revenue decreased 3%, driven largely by declines in golf, outdoor and team sports, with a partial offset from growth in sportswear.

最後，按產品類型劃分，服裝收入下降了 3%，這主要是由於火車、高爾夫和跑步服裝市場疲軟，而運動服裝在本季度則持平。鞋類收入下降了 12%，反映出大多數類別的下滑，但戶外用品的成長部分抵消了這一下滑。配件收入下降了 3%，主要原因是高爾夫、戶外運動和團隊運動的下滑，運動服裝的成長部分抵消了這一下滑。

Third quarter gross margin declined 310 basis points year over year to 44.4%, in line with our outlook. This decline was primarily driven by 180 basis points of supply chain headwinds, including 200 basis points of pressure from higher US tariffs, 140 basis points from pricing amid a more promotional environment in North America, and a combined 40 basis points from unfavorable channel and regional mix. These headwinds were partially offset by 30 basis points of foreign currency impacts and 20 basis points from a more favorable product mix.

第三季毛利率年減 310 個基點至 44.4%，與我們的預期一致。這一下滑主要受供應鏈不利因素影響，下滑幅度達 180 個基點，其中包括美國提高關稅帶來的 200 個基點壓力，北美促銷環境加劇導致的價格壓力帶來的 140 個基點壓力，以及通路和區域組合不利因素帶來的合計 40 個基點壓力。這些不利因素部分被外匯匯率影響所帶來的 30 個基點和較有利的產品組合所帶來的 20 個基點所抵銷。

Turning to SG&A. Third quarter expenses increased 4% to $665 million, driven primarily by a $99 million litigation reserve expense related to a previously disclosed insurance carrier dispute. Within SG&A, we also recorded approximately $3 million in transformation costs related to our fiscal 2025 restructuring plan. Excluding these items, adjusted SG&A was down 7% to $563 million, mainly due to lower marketing spend driven by timing with a greater share of our fiscal 2025 marketing investment recognized in the second half, along with continued benefits from restructuring actions and disciplined management of discretionary costs.

接下來是銷售、一般及行政費用。第三季支出成長 4% 至 6.65 億美元，主要原因是與先前披露的保險公司糾紛相關的 9,900 萬美元訴訟準備金支出。在銷售、一般及行政費用中，我們也記錄了與 2025 財年重組計畫相關的約 300 萬美元轉型成本。剔除這些項目後，調整後的銷售、一般及行政費用下降 7% 至 5.63 億美元，主要原因是營銷支出減少，這是由於 2025 財年營銷投資的更大比例在下半年確認，以及重組措施和對可自由支配成本的嚴格管理帶來的持續效益。

In the third quarter, we recorded $75 million in restructuring charges and $3 million in transformation-related SG&A expenses, totaling $78 million under our fiscal 2025 restructuring plan. Since the plan's inception, we have incurred $224 million in charges and transformation expenses, of which $89 million are cash related and $135 million are noncash.

第三季度，我們提列了 7,500 萬美元的重組費用和 300 萬美元的轉型相關銷售、一般及行政費用，根據我們的 2025 財年重組計劃，總計提列 7,800 萬美元。自該計劃啟動以來，我們已產生 2.24 億美元的費用和轉型支出，其中 8,900 萬美元與現金相關，1.35 億美元與非現金相關。

We continue to expect total charges and expenses under the plan to be up to $255 million, with any remaining amounts expected to be incurred by the end of fiscal 2026. Thus far, the actions we've taken under the plan to streamline our business have resulted in approximately $35 million in savings in fiscal '25 and are on track to deliver an additional $55 million in fiscal '26.

我們仍然預計該計劃下的總費用和支出將高達 2.55 億美元，任何剩餘款項預計將在 2026 財年末產生。到目前為止，我們根據精簡業務計畫採取的行動已在 2025 財年節省了約 3,500 萬美元，並預計在 2026 財年再節省 5,500 萬美元。

Moving down the P&L. We reported a third quarter operating loss of $150 million. Excluding the litigation reserve expense, transformation expenses, and restructuring charges, our adjusted operating income was $26 million, again exceeding our outlook.

向下移動損益表。我們公佈第三季營業虧損1.5億美元。在扣除訴訟準備金支出、轉型支出和重組費用後，我們調整後的營業收入為 2,600 萬美元，再次超越了我們的預期。

The bottom line, our reported diluted loss per share was $1.01. This result includes the impact of the insurance appeal decision, transformation expenses, restructuring charges and a $247 million noncash valuation allowance against certain US federal deferred tax assets.

最終，我們報告的稀釋後每股虧損為 1.01 美元。這一結果包括保險上訴裁決的影響、轉型費用、重組費用以及針對某些美國聯邦遞延所得稅資產計提的 2.47 億美元非現金估值準備。

Regarding this valuation allowance, accounting rules required us to reduce the value of our US federal deferred tax assets and record a noncash tax expense due to cumulative GAAP US losses over the past three years. These losses have been driven largely by restructuring and impairment charges, litigation reserve expenses and other nonoperating items.

關於這項估值準備，會計準則要求我們減少美國聯邦遞延所得稅資產的價值，並記錄一項非現金稅項支出，原因是過去三年累計的美國GAAP虧損。這些損失主要是由於重組和減損費用、訴訟準備金支出和其他非經營性項目造成的。

Importantly, this valuation allowance has no impact on current cash flow, does not signal a deterioration in the underlying business, and should reverse over the next few years as US profitability improves. Excluding the items discussed earlier and the US federal deferred tax asset valuation allowance, our adjusted diluted earnings per share for the quarter was $0.09.

重要的是，這項估值準備金對當前的現金流沒有影響，並不表明公司基本面惡化，而且隨著美國盈利能力的改善，未來幾年內應該會逆轉。剔除前面討論的項目和美國聯邦遞延所得稅資產估值準備金，我們本季的調整後稀釋每股收益為 0.09 美元。

Separately, part of our Q3 adjusted EPS overdrive relative to our outlook, was due to a favorable tax development from the IRS's approval of a tax method change that mitigated the use of our US losses to offset foreign earnings under the US GILTI provisions. As a result, our full year fiscal '26 non-GAAP estimated effective tax rate is lower than originally anticipated and more reasonable. So with that, we recorded a cumulative three-quarter catch-up tax benefit in the third quarter. This tax update accounted for approximately $0.06 of our EPS in the quarter.

此外，我們第三季調整後每股盈餘超出預期的部分原因是，美國國稅局批准了一項稅收方法變更，從而減輕了我們根據美國全球無形資產低稅收入 (GILTI) 條款使用美國虧損來抵消海外收益的情況，這是一項有利的稅收進展。因此，我們 2026 財年全年非 GAAP 估計有效稅率低於最初的預期，也更合理。因此，我們在第三季獲得了累計三個季度的追繳性稅收優惠。這項稅務調整導致我們本季每股收益減少了約 0.06 美元。

Now turning to the balance sheet. Third quarter inventory was down 2% year over year to just over $1 billion. We ended the quarter with $465 million in cash and cash equivalents and $600 million in restricted investments. As a reminder, that $600 million is fully set aside and dedicated to covering all remaining principal and interest on our senior notes due in June this year. These restricted investments are not available for general use and should not be viewed as part of our operating liquidity or discretionary debt profile.

現在來看資產負債表。第三季庫存年減2%，略高於10億美元。本季末，我們持有現金及現金等價物 4.65 億美元，受限投資 6 億美元。再次提醒，我們已撥出 6 億美元，專門用於償還今年 6 月到期的優先票據的所有剩餘本金和利息。這些受限投資不可用於一般用途，也不應被視為我們營運流動性或可自由支配債務狀況的一部分。

Furthermore, we continued to prioritize balance sheet strength during the quarter, including repaying approximately $200 million of revolver borrowings and ending the period with no amounts outstanding under our $1.1 billion revolving credit facility. As a result, we entered the final quarter of this fiscal year with a strong liquidity position and meaningful financial flexibility with more than sufficient resources to meet all expected obligations.

此外，本季我們繼續優先考慮資產負債表的穩健性，包括償還約 2 億美元的循環貸款，並在期末實現了 11 億美元循環信貸額度下無未償餘額。因此，當我們進入本財年最後一個季度時，我們擁有強勁的流動性和充足的財務靈活性，以及​​足夠的資源來履行所有預期義務。

Now moving to our fiscal '26 outlook. With one quarter left in the fiscal year, we've updated our expectations, largely toward the high end of our previous ranges. Breaking that down further, we now expect full year revenue to decline approximately 4%, compared with our prior expectation of a 4% to 5% decline. This reflects our expectation that North America revenue will decline approximately 8% and APAC revenue will decline approximately 6%, partially offset by growth of approximately 9% in EMEA. This implies a meaningful improvement in fourth quarter revenue trends as we continue executing our strategies and move toward the stabilization we expect in fiscal '27.

現在來看看我們2026財年的展望。距離本財年結束還有一個季度，我們更新了預期，整體上更接近先前預期範圍的高端。進一步細分來看，我們現在預計全年營收將下降約 4%，而我們先前預期的下降幅度為 4% 至 5%。這反映了我們對北美收入將下降約 8%，亞太地區收入將下降約 6% 的預期，而歐洲、中東和非洲地區約 9% 的成長將部分抵消這些損失。這意味著隨著我們繼續執行策略並朝著我們預期在 2027 財年實現的穩定目標邁進，第四季度營收趨勢將出現顯著改善。

Turning to gross margin. We now expect the full year rate to decline by approximately 190 basis points, compared with our prior outlook of 190 to 210 basis point decline. Drilling down further, US tariffs will drive most of the decline, along with unfavorable channel and regional mix and pricing headwinds. These pressures are partially offset by foreign currency tailwinds and a more favorable product mix.

接下來我們來看毛利率。我們現在預計全年利率將下降約 190 個基點，而我們先前的預期是下降 190 至 210 個基點。進一步分析，美國關稅將是造成下滑的主要原因，此外還有不利的渠道和區域組合以及價格逆風。這些壓力部分被外匯匯率利多和更有利的產品組合所抵銷。

We remain highly focused on controlling costs, and expect adjusted SG&A expenses to decline at a mid-single-digit rate, unchanged from our prior outlook, with even greater confidence in our ability to leverage given the slight improvement in the revenue outlook. This implies a considerable decline in fourth quarter SG&A expenses, driven primarily by year-over-year marketing timing and lower compensation-related costs.

我們仍然高度重視控製成本，預計調整後的銷售、一般及行政費用將以中等個位數的速度下降，與我們先前的預期一致，鑑於收入前景略有改善，我們對利用槓桿的能力更有信心。這意味著第四季銷售、一般及行政費用將大幅下降，主要原因是年比行銷時間安排和薪資相關成本降低。

This translates to an expected adjusted operating income of approximately $110 million, at the high end of the $95 million to $110 million outlook we provided in mid-November. The bottom line, we now expect adjusted diluted earnings per share of $0.10 to $0.11, driven in part by the favorable tax planning developments I noted earlier. These updates are expected to yield a full year fiscal '26 effective tax rate roughly in line with the fiscal '25 rate.

這意味著預計調整後的營業收入約為 1.1 億美元，處於我們在 11 月中旬給出的 9,500 萬美元至 1.1 億美元預期範圍的高端。綜上所述，我們現在預計調整後的稀釋每股收益為 0.10 至 0.11 美元，部分原因是由於我之前提到的有利的稅務規劃進展。預計這些更新將使 2026 財年全年有效稅率與 2025 財年稅率大致持平。

In closing, we are operating with focus, discipline, and growing confidence as we complete a pivotal year in Under Armour's transformation. Our third quarter performance reflects meaningful progress in simplifying the business and driving more disciplined execution, supported by a leaner or agile operating model. Foundation continues to give us flexibility to manage near-term challenges while positioning the company for improved financial performance over time.

最後，我們以專注、自律和日益增長的信心開展工作，完成了安德瑪轉型過程中至關重要的一年。第三季業績反映出我們在簡化業務和推動更嚴謹的執行方面取得了實質進展，這得益於更精簡或敏捷的營運模式。Foundation 持續賦予我們應對近期挑戰的靈活性，同時為公司長期改善財務表現奠定基礎。

While work remains, we believe the most disruptive phase of this reset is behind us and, with a clear strategy, disciplined capital deployment and continued focus on cost optimization and margin expansion, we are confident these actions will better position us to drive sustainable, profitable growth, and shareholder value over the long term.

儘管仍有許多工作要做，但我們相信，這次調整中最具破壞性的階段已經過去。憑藉清晰的策略、嚴謹的資本部署以及對成本優化和利潤率提升的持續關注，我們相信這些舉措將使我們更好地實現可持續的盈利增長，並在長期內為股東創造價值。

Finally, before we close out today's prepared remarks, this being my last call in this role, I want to pause and say thank you, with a special thanks to Kevin, our entire Board, and to all my teammates around the world. After 21 years at Under Armour, including 9 as CFO, I've had the privilege of working alongside extraordinary teammates to bring passion, resilience, and an unwavering commitment to this brand every day. Together, we have navigated periods of growth, transformation, and real challenges. And we have done so with locked arms in the humble and hungry mentality that makes this place so special.

最後，在結束今天的演講之前——這是我擔任此職務的最後一次演講——我想停下來表示感謝，特別感謝凱文、我們全體董事會成員以及我在世界各地的所有隊友。在 Under Armour 工作了 21 年，其中 9 年擔任財務官，我有幸與傑出的團隊成員並肩工作，每天都為這個品牌帶來熱情、韌性和堅定不移的承諾。我們共同經歷了發展、轉型和真正的挑戰時期。我們肩並肩，懷著謙遜而渴望的心態，共同努力，才成就了這個地方的特別之處。

As we work through the coming CFO transition, with Reza joining the brand, I do so with complete confidence in our teams and in the strength of the foundation we have now established together. We are reaching that crucial turning point. And thus, I believe Under Armour's best days are still ahead.

隨著 Reza 加入公司，我們正在順利完成財務長的過渡工作，我對我們的團隊以及我們共同建立的基礎充滿信心。我們正接近這個關鍵的轉捩點。因此，我相信安德瑪最好的日子還在後頭。

With that, we'll open the call to questions. Operator?

接下來，我們將開始接受提問。操作員？

(Operator Instructions) Simeon Siegel, Guggenheim.

（操作說明）西蒙·西格爾，古根漢美術館。

Dave, just want to say it's been great working with you. Best of luck on your next chapter. Kevin, your December quarter comment is interesting and encouraging. Can you speak to what makes you confident about that the quarter was the lowest revenue decline for North America? And just that the region and Under Armour overall will see stabilization in FY27?

戴夫，我只想說和你一起工作非常愉快。祝你在人生的下一個階段一切順利。凱文，你對十二月季度的評論很有意思，也令人鼓舞。您能否解釋一下是什麼讓您確信本季是北美地區營收降幅最小的季度？也就是說，該地區和安德瑪整體業務將在 2027 財年趨於穩定？

And then along those lines, just as you think about the path forward, I think you mentioned stabilization in footwear in '27. Can you elaborate a little bit on that part?

然後，沿著這個思路，就像你在思考前進的道路一樣，我想你提到了 2027 年鞋類市場的穩定。能再詳細解釋一下那部分嗎？

Yes. Thank you, Simeon. And let me just start with leadership. First of all, I'm becoming more and more proud, I think, of the ecosystem that we've built here at UA to be able to have internal talents like Kara Trend be able to move from a merchandising into Americas to a similar one in Europe, to heading up Europe and then having the ability to bring her back here a little more than two years ago. And I think stabilization was something that was her number one goal.

是的。謝謝你，西蒙。讓我先從領導力談起。首先，我認為，我們 UA 建立的生態系統讓我越來越感到自豪，我們能夠讓像 Kara Trend 這樣的內部人才從美洲的商品銷售崗位轉到歐洲的類似崗位，再到領導歐洲業務，然後在兩年多前把她帶回美國。我認為穩定局勢是她最重要的目標。

And we did a -- Kara delivered and along with an amazing team of people that just made that happen. And then I also just want to make note the credit of a 14 or 15-year Under Armour vet in Adam Peake, who we brought back to the brand about 11 months ago and have the ability to create that kind of clarity in role and succession. I think it starts with the confidence we have in giving the stability to our partners. Within that, structurally, I believe that we now have the right model in place. I think that we're attacking the right issues.

我們做到了——Kara 完成了任務，還有一支了不起的團隊共同促成了這件事。此外，我還想特別提及在 Under Armour 工作了 14 或 15 年的老將 Adam Peake，我們大約在 11 個月前將他重新帶回了品牌，他有能力在角色和繼任方面創造這種清晰的局面。我認為這一切都始於我們對為合作夥伴提供穩定性的信心。從結構上看，我認為我們現在已經建立了正確的模式。我認為我們正著手解決正確的問題。

And that, of course, begins with product. We clearly have done a really solid job in laying out our design ethos in a language that consumers can look to, expect and begin to make more and more repeatable. As I said, we started with our concept of winning with the winners, and that's getting behind Heat and ColdGear. And then meanwhile, we're introducing new styles and silhouettes that, again, we're just becoming more consistent with.

當然，這一切都始於產品。我們顯然在用消費者可以理解、可以期待並能越來越容易重複使用的語言闡述我們的設計理念方面做得非常出色。正如我所說，我們一開始就秉持著與贏家一起贏的理念，那就是支持 Heat 和 ColdGear。同時，我們也在推出新的款式和廓形，我們正努力使這些款式和輪廓更加統一。

From a storytelling standpoint, I think it's -- you're just starting to feel the brand more. And that goes to the launch we did with the women's flag football campaign on Wednesday, and please take a chance to look at our Investor Relations page and see the recent spot that we just put out, which is pretty impressive.

從講故事的角度來看，我認為這是——你開始更多地感受到這個品牌。這與我們週三推出的女子腰旗橄欖球運動有關，請大家花點時間看看我們的投資者關係頁面，看看我們最近發布的宣傳片，非常精彩。

Probably the most telling thing though is going to be, no matter what I say, Kara walked into a pretty tough situation, and we were just looking at declines, especially from a wholesale level, which is always a great indicator of how a year is going to turn out. And I can say definitively for the first time in quite some time, we're no longer looking at significant declines. And obviously, I'm hedging my statements there, but we're at a place that we like the way the order book is shaping up right now.

不過，最能說明問題的可能是，無論我說什麼，卡拉接手的都是一個相當艱難的局面，我們當時看到的只是下滑，尤其是批發層面的下滑，而批發層面的下滑總是能很好地預示一年的走向。我可以非常肯定地說，這是很長一段時間以來第一次，我們不再面臨大幅下滑的局面。顯然，我在這裡的說法有所保留，但我們對目前的訂單情況感到滿意。

And that also just goes back to just pure relationships with partners because, hopefully, you can hear it in our voice, and if you're watching, you could see it in our eyes, but there's just a different level of confidence, swagger or whatever you want to call it, which I think leads to the most important indicator, which is just culturally.

這也歸根結底還是與伴侶的純粹關係，因為，希望你能從我們的聲音中聽出來，如果你在看，你也能從我們的眼神中看到，那就是一種不同程度的自信、氣場，或者你想怎麼稱呼它都行，我認為這引出了最重要的指標，那就是文化因素。

This business is feeling it. That's exuding out. It's exuding through the desire of the number of phone calls we get of people that want to be here. And it's just a trend. It's hard to put into words. And after 20 years public and celebrating 30 years this year as a business, I've just seen a lot. So we feel very good about what the North America position looks like.

這家公司感受到了這種衝擊。那是滲出來的。從我們接到的想要來這裡的電話數量就能看出這一點。這只是一種趨勢。很難用言語形容。公司成立 20 週年，今年又慶祝成立 30 週年，我見證了許多事情。因此，我們對北美市場的現狀感到非常滿意。

Moving on to footwear. As I said, we're not trying to hide anything here. Footwear is a $1 billion-plus business for us that we believe has the opportunity to be much larger. And as we compare ourselves to others in our space, we're seeing other partners or other brands do a lot more with a lot fewer items.

接下來是鞋類。正如我所說，我們在這裡沒有什麼需要隱藏的。鞋類業務對我們來說是一個價值超過 10 億美元的業務，我們相信它還有更大的發展空間。當我們與同領域的其他公司進行比較時，我們發現其他合作夥伴或其他品牌以更少的產品實現了更多的目標。

That's pretty narrative to the way that I'm driving across the organization right now, is how can we just skinny up -- I think it did a pretty good job covering it in my prepared remarks, of let's just stop trying to chase volume through additional units. Let's get behind, let's get clarity with the way it works from the product to the story to the distribution.

這與我目前在整個組織中推行的理念非常吻合，那就是我們如何才能精簡——我認為我在準備好的講話中已經很好地闡述了這一點，那就是讓我們停止試圖通過增加單位數量來追求銷量。讓我們深入了解一下，從產品到故事再到分發，並弄清楚它的運作方式。

And I think that our new operating model, what we spent majority of calendar year 2025 doing, implementing and then running now for a year, I think we're going to start seeing those benefits. So I can talk about the authenticity on field, and I think we made -- did a good job making the statement that Under Armour's authentic athletic credibility is something which is nearly impossible to recreate. And so we're going to lean there. We're going to leverage.

我認為，我們新的營運模式，也就是我們在 2025 年曆年的大部分時間裡所做的、實施的，以及現在運行了一年的模式，我們將開始看到這些好處。所以我可以談談球場上的真實性，我認為我們很好地表明了安德瑪真實的運動信譽是幾乎不可能複製的。所以我們會傾向於那邊。我們將利用槓桿作用。

And you're going to see really clear ideas like when we talk about things like running, we have a really clear point of view of who we are and run. We build running shoes for athletes that are running to train for their sport.

你會看到一些非常清晰的想法，例如當我們談論跑步時，我們對我們是誰以及我們跑步的方式都有非常清晰的看法。我們為運動員打造跑鞋，幫助他們進行運動訓練。

In addition to that, we also have the ability to make Formula One race cars like the Velociti 3 $250 with Sharon Lokedi. But a part of it is some of the work that our team has been digging into where we just took the Velociti family that had shoes in its franchise ranging from $110 to $250, we just went from six shoes in that franchise to four. Being more targeted, being more deliberate with the storytelling that we're going to do and put behind it, which makes it easier for, A, our teams to be able to build, B, our sales team, be able to sell, C, the wholesale partners be able to write orders for, and most importantly, the consumer to be able to make an easy purchase decision with a really clear point of view from the brand.

除此之外，我們還有能力製造像 Velociti 3 這樣的 F1 賽車，售價 250 美元，由 Sharon Lokedi 駕駛。但其中一部分是我們團隊一直在深入研究的一些工作，我們剛剛收購了 Velociti 家族，該家族的鞋款價格從 110 美元到 250 美元不等，我們剛剛將該系列的六款鞋減少到四款。我們將更有針對性地、更精心地講述故事，並為其提供支持，這將使 A、我們的團隊更容易進行產品開發，B、我們的銷售團隊更容易進行銷售，C、批發合作夥伴更容易下單，最重要的是，消費者能夠從品牌的清晰視角輕鬆做出購買決定。

So in some instances, and maybe just the last point here, when I think about -- I mentioned sportswear and talked about three price points from $100, $120 to $125 with the sole of HB-LO and the footwear that we now have in place there. we're just -- we're getting very intentional. That word is no accident on this call. You'll hear it over and over. Basically it's tattooed into anyone who walks through this building.

所以在某些情況下，也許只是最後一點，當我想到——我提到了運動服，並談到了100美元、120美元和125美元三個價位，以及H​​B-LO鞋底和我們現在提供的鞋款。我們只是──我們變得非常有意識。在這次通話中，這個詞絕非偶然。你會一遍又一遍地聽到這句話。基本上，任何走進這棟大樓的人都會被刻上這句話。

So we're doing a good job doing that. So thank you for that question, Simeon.

所以我們在這方面做得很好。謝謝你的提問，西蒙。

Jay Sole, UBS.

Jay Sole，瑞銀集團。

Kevin, you mentioned that North America is beginning to turn the corner and the wholesale partners are engaging. You're seeing the fall order book shaping up nicely. I'm wondering if all that progress, that operational progress in North America is also transferable to Europe and the APAC regions. Are you seeing progress in those regions as well? Do you expect sequential improvement as we go through calendar '26? That's the question.

凱文，你提到北美市場開始出現轉機，批發合作夥伴也開始積極參與。您可以看到秋季訂單簿的進展相當不錯。我想知道北美取得的這些進展，這些營運上的進展，是否也能轉移到歐洲和亞太地區。您在這些地區也看到了進展嗎？你預計隨著2026年曆的更新換代，情況會逐年改善嗎？這就是問題所在。

Yes. Jay, EMEA has been a strong suit for the company for quite some time and delivering no less this year with about 9% growth there. So we really like the team. Again, it's a -- the consistency that we have, A, on the team on the ground, the leadership of, again, being able to move another Under Armour legacy athlete like Kevin Ross into the leadership position following Kara has been a real asset.

是的。Jay，EMEA 一直是該公司的強項，今年也不例外，該地區實現了約 9% 的成長。我們真的很喜歡這支隊伍。再說一遍，我們團隊的穩定性，A，團隊的領導力，再次強調，能夠讓另一位安德瑪的傳奇運動員凱文·羅斯接替卡拉擔任領導職位，這真是一筆寶貴的財富。

Our relationships there have really never been stronger, and calling out specifically JD Sports and Sports Direct, the buy-in, the partnership is something that they're really getting behind the brand. Because we've been delivering and we've been consistent. And in places like France, where we're probably the number one underground brand in the country, we're seeing that begin to translate out.

我們與那裡的關係從未如此牢固，尤其要提到 JD Sports 和 Sports Direct，他們對品牌的認可和支持體現了他們對合作關係的真正重視。因為我們一直都在交付成果，而且始終如一。在法國等地，我們可能是全國排名第一的地下品牌，我們看到這種趨勢開始顯現。

At the same time, EMEA is becoming more and more promotional, particularly in the UK, which is our largest market. So it's something we have our eye on. And what we're seeing, frankly, from the other brands is there's a lot of people that are out there buying business.

同時，歐洲、中東和非洲地區的促銷活動越來越多，尤其是在我們最大的市場——英國。所以這是我們一直在關注的事情。坦白說，我們從其他品牌看到的是，有很多企業都在積極收購客戶。

So we know that, that does not work. And so we're really holding the line. I think we're being opportunistic where can or, more importantly, maybe we have to in some instances. But we like what EMEA is doing. We believe it will continue to grow for us.

所以我們知道，這樣做行不通。所以我們正在堅守陣地。我認為我們正在盡可能地抓住機會，或者更重要的是，在某些情況下，我們可能不得不這樣做。但我們很欣賞歐洲、中東和非洲地區正在做的事情。我們相信它會繼續為我們帶來成長。

We're not sure at what level right now as we think and look out into the new year. But it's certainly an area of strength for us. And again, I guess I get to sit here like a bit of an old hat now, 30 years doing this, where I just look at things of progress. But that feeling from the team. I'm going to be over in Europe next week and get to see Lindsey Vonn hopefully ski and win and compete and win some gold. And I'll be visiting our office in Amsterdam too and delivering the Unleashing Intentionality directly to our team too.

展望新的一年，我們現在還不確定會處於什麼水準。但這無疑是我們的優勢領域。我想，我現在就像個老古董一樣坐在這裡，從事這項工作已經 30 年了，我只能看著事情進步。但那是來自團隊的感受。我下週要去歐洲，希望能看到琳西沃恩滑雪、比賽，並贏得金牌。我也會拜訪我們在阿姆斯特丹的辦公室，並直接向我們的團隊傳授《釋放意圖》這本書。

So we like what's happening in Europe. Again, we're not declaring victory anywhere, but what you see is you feel a brand that it's I think we're right where we're supposed to be at this moment in our turnaround.

所以我們對歐洲正在發生的事情感到滿意。再次聲明，我們並未宣布勝利，但你所看到的，你感受到的是一個品牌，我認為我們目前正處於轉型期應有的位置。

Bob Drbul, BTIG.

Bob Drbul，BTIG。

I guess just, Kevin, when you think about the go forward, especially in footwear, how are you thinking about segmentation in a pretty competitive market? Has increased penetration and success of better and best to -- is that the key to stabilization here? Or will it be good level driven?

凱文，我想問你，當你考慮未來發展方向時，尤其是在鞋類領域，你如何看待在競爭激烈的市場中進行細分？提高「更好」和「最好」的滲透率和成功率是否是穩定局勢的關鍵？或者它會是靠水平驅動的嗎？

Yes. We've used a vernacular good, better, best of really just thinking about the line. That's been critical as we've been working through this reset. As I said in the past, we've made a lot of good. We've made some better, and nowhere near enough best.

是的。我們使用了簡單易懂的「好」、「更好」、「最好」等詞語，實際上只是在思考這條線。在我們進行這次調整的過程中，這一點至關重要。正如我之前所說，我們已經做了很多好事。我們已經做了一些改進，但離做到最好還差得很遠。

Now if you ask me for our druthers, we sit with a $5 billion-ish in revenue, we'd love to maintain good, of course, be opportunistic where we can. But we really like to concentrate our growth at the better and best level.

如果問我我們的選擇，我們目前擁有大約 50 億美元的收入，我們當然希望保持良好的發展勢頭，同時也會在力所能及的範圍內抓住機會。但我們更希望將發展重心放在更好、最好的層次。

And frankly, those clear lines of segmentation have not been there. And as we said, going through this premiumization as we're really focusing. And so even with things I gave the example about our Velociti fresh eyes earlier, clear segmentation is there. And what I'll get into maybe a little bit later is as we're thinking about the way that we're approaching this is becoming more consistent for the consumer. I think one thing that I'm driving very much so is our global continuity.

坦白說，這些清晰的劃分界線並不存在。正如我們所說，我們正在全力推動高端化進程。所以即使是我之前舉的關於我們 Velociti Fresh Eyes 的例子，也存在著清晰的細分。稍後我可能會談到的是，我們正在思考如何讓處理這個問題的方式對消費者來說更加一致。我認為我正在大力推動的一件事是我們的全球連續性。

And what's ironic is that in a brand that was founded effectively on two products, if not two fabrics, HeatGear and ColdGear, that if you ask today what are our two most important franchises that we have, it's HeatGear and ColdGear. And then we make a lot of other stuff.

諷刺的是，一個品牌實際上是由兩種產品（如果不是兩種面料的話）——HeatGear 和 ColdGear——創立的，而如果你今天問我們最重要的兩個特許經營權是什麼，那就是 HeatGear 和 ColdGear。然後我們還生產很多其他東西。

So number one, we want to go where the money is. We want to leverage those places where we're already currently winning, and so establishing clear good, better, best in that compression category, that base layer category, make sure that we continue to win there. And then we're looking where we can create extensions.

所以第一，我們要去有錢的地方。我們希望利用我們目前已經取得勝利的領域，因此在壓縮類別、基礎層類別中明確區分好、更好、最好，確保我們繼續在這些領域取得成功。然後，我們會考慮在哪裡可以建立擴充功能。

What we don't want to be is we're not interested in being a fashion company. We'll be fashionable, but we're looking for more continuity where, today, we're carrying a global commonality of a number that's somewhere in the 20s, meaning that each year or if you went to each region between APAC, EMEA, and the States, you find about 20% commonality in stores.

我們不想成為時尚公司，我們對成為時尚公司不感興趣。我們會追求時尚，但我們更注重延續性。如今，我們在全球範圍內保持著大約 20% 的共同性，這意味著每年或如果你去亞太地區、歐洲、中東和非洲地區以及美國等各個地區，你會發現商店里大約有 20% 的產品是相同的。

We're looking to drive that much higher with a much more consistent brand voice and making sure that we're lining up with the distribution that we have because I think it's a unique position of our industry, is that sports brands, especially, we've got the ability to sell at good. And as long as we have the quality and we have the product that can compete, we can do better and best very well.

我們希望透過更一致的品牌聲音，將品牌影響力提升到更高的水平，並確保與現有的分銷管道保持一致，因為我認為這是我們行業的獨特優勢，尤其是體育品牌，我們有能力以優惠的價格銷售產品。只要我們有足夠的品質和競爭力，我們就能做得更好、更好。

So you'll see a much better and broader offering, but not unlike the example I laid out in our footwear with some of our sportswear styles, including the ARC 96, the HB-LO, and the Sola, we're looking to get into that business, and we're not coming in at $160.

所以你會看到更好、更廣泛的產品，但就像我之前提到的我們的一些運動鞋款（包括 ARC 96、HB-LO 和 Sola）一樣，我們也想進入這個行業，但我們的定價不會是 160 美元。

We're being very thoughtful about the way we're approaching it because our footwear ASP, which as you've heard, is my number one driver, I'm thinking about how we can grow the business and how we have the organization thinking about it, it's been a number that hasn't been carrying three digits. And so we're looking to start building a much stronger platform with $100-plus in footwear, which may be a good carryover from the last question too.

我們正在非常認真地考慮如何解決這個問題，因為正如你所聽到的，鞋類平均售價是我最關注的指標，我正在思考如何發展這項業務，以及如何讓整個組織都思考這個問題，但這個數字一直沒有達到三位數。因此，我們正著手打造一個更強大的平台，銷售價值 100 美元以上的鞋類產品，這或許也是對上一個問題的一個很好的延續。

Sam Poser, Williams Trading.

Sam Poser，威廉斯貿易公司。

I have a handful. But one, Kevin, you talked a lot about the product. You talked a bit about the storytelling. Can you discuss sort of what you're doing to create, and I just watched the ad very quickly, but what you're doing to create more of an emotional connection both with your performance product and then with your product like the HB and Sola and some of that better -- those better kinds of introductions both in footwear and apparel?

我有一些。但是，凱文，你談了很多關於產品的事情。你剛才談到了講故事這件事。您能否談談您正在採取哪些措施來創造……我只是快速地看了一眼廣告，但您正在採取哪些措施來增強您產品（包括性能產品和像 HB、Sola 等產品）的情感聯繫，從而更好地介紹您的鞋類和服裝？

Yes. Sam, one thing is certain is that the world does not need another capable apparel and footwear manufacturer. The world needs a hope and they need a dream. And that means that it's our job to make them feel something when they participate with our brand. And whether it's that little girl, a little boy that maybe strapping on their first Under Armour compression shirt and like they just put on a superpower, or sliding a shoe on their foot, we've got opportunity. And I don't think that we've maximized that opportunity.

是的。山姆，有一件事是肯定的，那就是世界不需要另一家有能力的服裝和鞋類製造商。世界需要希望，他們需要夢想。這意味著，當他們與我們的品牌互動時，我們的職責就是讓他們產生某種感受。無論是小女孩，還是小男孩，他們可能第一次穿上 Under Armour 緊身衣，就像獲得了超能力一樣；又或者，他們正在穿鞋，我們都有機會。我認為我們還沒有充分利用這個機會。

I was talking about in the sportswear categories, you can see the price to value and things like that new HB-LO shoe at $100, it is extraordinary. And so that is incredibly intentional from the brand and saying we need to get them to look. And if you check the site and say there's nobody better at you than doing that, and find out what people are saying about it, it's what do you think of this UA shoe, and then there's sort of eye-popping and saying, wow, that's $100. So I think people have been critical of us, and we've been critical of ourselves, of improving the price-to-value relationship of the products that we put out there.

我指的是運動服飾產品，你可以看到性價比，像是那款售價 100 美元的全新 HB-LO 鞋，真是物超所值。所以這是該品牌的有意之舉，意在表明我們需要吸引他們的注意力。如果你查看網站，發現沒有人比你更擅長做這件事，並且了解人們對它的評價，比如“你覺得這雙 UA 鞋怎麼樣？”，然後你可能會驚訝地說：“哇，這鞋要 100 美元。”所以我認為人們一直批評我們，我們也一直批評自己，批評我們未能提高我們推出的產品的性價比。

So A, the product has to be there. Then we have to give them a reason to wear the product. Our authenticity with athletes and teams and leagues all over the planet are something that give us a global presence. But as you know, it's about winning here in the States, and so finding that credibility. So we're taking a very deliberate city attach strategy, making sure we get things like sportswear in there.

所以，A，產品必須存在。然後我們必須給他們一個穿戴該產品的理由。我們與全球各地的運動員、球隊和聯賽保持著真誠的合作關係，這使我們擁有了全球影響力。但如你所知，在美國，關鍵在於贏得比賽，也就是建立信譽。所以我們採取了非常謹慎的城市推廣策略，確保把運動服裝之類的商品也擺上貨架。

Not to be lost on that and the reason that we'll buy our sportswear is because we are authentic, because we are on field and we have a great positioning. I think when you look at the levers that will drive that, it's athlete credibility, it's clever and inspirational imaging. And it's confidence, Sam. It's just confidence from us. I think that's the one thing that you see of us being the first ones to really drive and get behind women's flag football and show it in such an aspirational way.

不要忘記這一點，我們購買運動服的原因是因為我們真實可靠，因為我們身處賽場，我們擁有良好的市場地位。我認為，要找到推動這一切的因素，那就是運動員的信譽，以及巧妙而鼓舞人心的形象塑造。薩姆，這是自信的表現。這只是我們自身的自信。我認為，我們作為第一個真正推動和支持女子腰旗橄欖球運動並以如此鼓舞人心的方式展現這項運動的群體，最能體現這一點。

We think, A, we can invite new young women and inspire them and give them the conference to participate in the game that we think will help their overall self, which is the thing that helps us show up here and go to work every day and be so passionate about what it is that we do.

我們認為，A，我們可以邀請年輕女性加入，激勵她們，讓她們參加我們認為有助於她們全面發展的會議，而這正是我們每天來到這裡工作，並對我們所做的事情充滿熱情的原因。

So brands need to make you feel something. I certainly feel that that commercial, with some of the feedback we've had in just a few days, from young women that are just sending thank yous and watching the handles of some of the incredible young stars that we have featured in the commercial, like Ashlea, they're just these letters that are saying, thank you so much for doing this. You've inspired me. I'm going to go take a chance and I want to be an athlete now.

所以品牌需要讓你有某種感覺。我當然覺得這則廣告，結合我們短短幾天內收到的一些回饋，來自年輕女性的感謝信，以及她們關注我們在廣告中出現的一些傑出年輕明星（比如阿什莉）的社交媒體帳號，這些信件都在說，非常感謝你們做這件事。你激勵了我。我打算去冒險一試，我現在想成為一名運動員。

So you'll see more and more of that where product attributes are important, having our naming architecture, et cetera, in place matter, but making consumers feel something is where we're focused for the brand.

所以你會看到，產品屬性固然重要，命名架構等等也很重要，但我們品牌的重點是讓消費者感受到一些東西。

I just want to follow up. In your flagship store in Baltimore, you have all those high school -- local high school teams share their helmets up. When I was there, you had the two high schools that, I forgot what it was called, but the two high schools that are like the rivalry, I think it was. And I'm wondering if you're thinking of applying that both in other full-line stores, but as well as the outlet stores?

我只是想跟進一下。在您位於巴爾的摩的旗艦店裡，您會看到當地高中球隊展示他們的頭盔。我當時在那裡的時候，有兩所高中，我忘了叫什麼名字了，但這兩所高中之間有很強的競爭關係，我想應該是這樣。我想知道您是否考慮將這種做法應用到其他全線門市以及奧特萊斯門市？

And then second -- and then the other question is if somebody can break down sort of APAC by country. And three, the management realignment, especially with Yassine taking an external role, if you could talk a little bit about that, that would be great.

其次——另一個問題是，是否有人能夠按國家細分亞太地區的情況。第三，管理層重組，特別是亞辛擔任外部職務的情況，如果您能談談這方面，那就太好了。

Sam, in North America alone with 16,000 football playing high schools in the country, and that just means they have a large enough budget if you sort of want to simplify it, Under Armour has about 3,000 of those high schools right now. So our presence is significant. The opportunity that we have to grow in team sports, which has been a real bright spot for the brand consistently for us, double-digit growth that we continue to see, outfitting teams, sidelines, coaches, et cetera. So that's our anchor.

山姆，光在北美就有 16,000 所高中開展橄欖球運動，這意味著他們的預算非常充足。簡單來說，安德瑪目前與其中約 3,000 所高中建立了合作關係。因此，我們的存在意義重大。我們在團隊運動領域擁有巨大的發展機遇，這始終是品牌的一大亮點，我們持續保持兩位數的成長，為球隊、場邊工作人員、教練等提供裝備。這就是我們的核心論點。

The other thing is -- the other stuff is, frankly, the easy things that we're supposed to be able to sell as a result of being authentic on field. I don't think we've done a good enough job of setting the consumer up for that, giving them products that will get them to and from the field, to and from the court, but we have all the credibility in the world when it happens actually on field or on court. And so opening that up, which is things like buying into the sportswear business by offering such great value with some of those new sport shoe offerings we have is something that hopefully will help translate a little more in driving more top and bottom line for us.

另一件事是——坦白說，另一件事是那些我們因為在球場上表現真實而理應能夠推銷的簡單的東西。我認為我們在為消費者做好準備方面做得還不夠好，沒有提供他們能夠讓他們往返賽場或球場的產品，但當比賽真正發生時，我們卻擁有絕對的信譽。因此，透過進軍運動服飾產業，並提供一些極具價值的新款運動鞋產品，我們希望能夠更好地推動公司營收和利潤的成長。

And I think, Sam, on APAC, we don't normally break down by country, but obviously, it's a super critical region for us. We've got some new leadership there that's really focused on brand and rebuilding the brand, which is great. We've also got a new country leader in China who's very seasoned, and she's digging in really, really quickly, which is awesome.

薩姆，我認為，在亞太地區，我們通常不會按國家細分，但顯然，這對我們來說是一個極其重要的地區。我們現在有了一批新的領導層，他們非常注重品牌建立和品牌重建，這很好。我們在中國也迎來了一位經驗豐富的新國家領導人，她上任速度非常快，這真是太棒了。

So we've talked about that APAC is a little bit behind as far as North America on the turnaround efforts, but that we feel like we can turn it around more quickly. It is a challenging environment there. A little bit of softening consumer sentiment. It's pretty promotional environment. But I think we've got the right leadership there now, the right intention and the right focus. And we keep rebuilding kind of the brand voice and driving full price sales, and that's where the focus is there.

我們已經討論過，亞太地區在扭轉局面方面比北美地區稍微落後一些，但我們感覺我們可以更快地扭轉局面。那裡的環境充滿挑戰。消費者信心略有回落。這是一個相當有宣傳​​氛圍的環境。但我認為我們現在有了合適的領導階層、正確的意圖和正確的方向。我們不斷重塑品牌形象，推動全價銷售，這就是我們工作的重點。

I think we could probably say the worst declines for APAC are behind us at this point and we really start to drive forward again. So we're excited.

我認為我們現在可以說亞太地區最糟糕的下滑時期已經過去，我們真的開始再次向前邁進了。我們很興奮。

Sam, what was your last question?

山姆，你最後一個問題是什麼？

About Yassine and his changed role?

關於亞辛以及他角色的轉變？

Yes. So Yassine has been an incredible partner for us and just really helping drive a consistent brand aesthetic across the organization. So that red thread is now beginning to pull across. It's -- when structure follows strategy and the people follow the structure, as Yassine and I started talking about his role where he could be most helpful to the brand, it was a really easy decision for both of us.

是的。所以 Yassine 一直是我們非常棒的合作夥伴，他真的幫助我們在整個組織中推動了一致的品牌美學。所以，那根紅線現在開始被拉過來了。當結構跟隨策略，而人跟隨結構時，就像亞辛和我開始討論他能在哪個角色上為品牌做出最大貢獻一樣，這對我們倆來說都是一個很容易的決定。

And so Yassine is going back to this agency world and Under Armour's first client. And this is all in a very positive way as he begins a new chapter with getting remarried, et cetera. So we're excited for Yassine and what he's going to be doing going forward.

所以，亞辛又回到了廣告公司，回到了安德瑪的第一個客戶身邊。而這一切都朝著非常正面的方向發展，因為他開啟了人生新篇章，包括再婚等等。所以我們對亞辛的未來發展感到興奮。

As it relates to Under Armour, this aesthetic is something that we're driving. The Unleashing Intentionality presentation that I talked about that we've been rolling out, it's about getting consistent. It's about establishing clear good, better, best. And in categories where we have multiple styles, and you could take something as our woven pants or our Unstoppable pants are classically called, we've just been editing. We've just been going through and just cleaning the brand up.

就 Under Armour 而言，這種美學理念是我們正在努力推動的。我之前提到的「釋放意圖」演講，我們一直在推廣，它的主題是保持一致性。關鍵在於明確區分好、更好、最好。在一些有多種款式的類別中，例如我們的梭織褲或經典的「勢不可擋」褲，我們一直在進行篩選。我們一直在整理和完善品牌形象。

We're going from 10 different pants and multiple styles with, frankly, 10 different fabrics and 10 different draw strings or waist bands or closures or buttons and logo applications, and reducing it down to 3: good, better, and best. And that simplification that we're going to do on the raw material side of really thinking about how we can be a better supply chain company is a lot of what's driving the thinking that we're doing right now.

我們從 10 種不同的褲子和多種款式，坦白說，還有 10 種不同的面料、10 種不同的抽繩、腰帶、扣件、紐帶和標誌設計，減少到 3 種：好、更好、最好。而我們將在原料方面進行的簡化，以及我們真正思考如何成為更好的供應鏈公司，正是我們目前思考的驅動力。

And when we just made the shift February 2 to the new structure and having Kara sit in as our maestro as the Chief Merchandising Officer, getting those five different category managers that are running 10 different categories vertically, we all sat in the same room and we've had -- we've got the planners in there. And we have 15, 20 people that are just really driving cross-functional communication and what that means. And as a part of that, we need the red thread of design.

2 月 2 日，我們剛完成了向新架構的過渡，卡拉擔任首席商品官，統籌管理著 10 個不同的品類，我們把負責垂直管理 10 個不同品類的 5 位品類經理都聚集到同一個房間裡，我們把策劃人員也都聚到了一起。我們有 15 到 20 個人真正致力於推動跨職能溝通及其意義。而作為其中的一部分，我們需要設計的紅線。

And so now that we have a Chief Merchandising Officer that's setting the tempo, they're setting the music for us, they're writing the sheet music, then you have the category managers that are driving and really implementing what is the consumer insights that we can do.

現在我們有了首席商品官來定調，為我們譜寫樂章，然後品類經理們正在推動和真正落實我們能夠做到的消費者洞察。

Marketing is driving ensuring that every product we build has a story and ensuring that that design comes across in a horizontal way to drive the red thread of what actually makes it Under Armour, what makes it consistent, and what makes this Under Armour good level, Under Armour better level, Under Armour best level. But you should find a much more consistent, deliver it and get ready for it. Intentional Under Armour going forward.

行銷的目標是確保我們打造的每一款產品都有一個故事，並確保這種設計能夠以橫向的方式傳遞出來，從而推動真正構成 Under Armour 的核心理念，使其保持一致性，並使其達到 Under Armour 的優秀水平、更好的水平、最佳水平。但你應該找到一種更穩定的方式，把它做好，並為此做好準備。未來將有意與 Under Armour 合作。

So we're excited about working with Yassine, Kara and all the other leaders that we have in place now.

所以我們很高興能與 Yassine、Kara 以及我們現在擁有的所有其他領導者一起工作。

Peter McGoldrick, Stifel.

Peter McGoldrick，Stifel。

Dave, all the best in the future. I want to dig on the complexity reduction and opportunities for greater progress in the future. It seems like much -- or some of the heavy lifting from SKU rationalization and organization have been made already. I was curious if you can help us think about the improvements that we should expect in the coming quarters and how that would manifest in the cost structure of the business, whether it be raw materials or other items.

戴夫，祝你未來一切順利。我想深入探討如何降低複雜性，以及未來更大進展的機會。SKU 合理化和組織方面的一些繁重工作似乎已經完成。我想請您幫助我們思考一下，在接下來的幾個季度裡，我們應該期待哪些改進，以及這些改進將如何體現在企業的成本結構中，無論是原材料還是其他項目。

Yes. Peter, let me give this in two parts. I'll take the first and Dave will take the back end of it. I've used this analogy of coming back in the CEO chair in April of 2024, walking and seeing our innovation head, Kyle Blakely, and having a conversation, we were talking about we might need more resources because of the number of fabrics that we're having to go to market with every season. And the number came out as we were making more than 300 fabrics.

是的。彼得，我分兩部分來講解。我先來，戴夫負責後面的部分。我曾用這個比喻來說明，假設我在 2024 年 4 月重新回到 CEO 的位置​​上，然後遇到我們的創新主管 Kyle Blakely，我們進行了一次談話，談到我們可能需要更多資源，因為我們每個季度都必須將大量的面料推向市場。當時我們正在製作 300 多種布料，這個數字就是由此得出的。

And we just came down and said, why are we making so many? Can we run the 80-20 on that? And the 80-20 is that there's actually 30 fabrics that are driving 80% of our volume, yet we're spending all that time driving nearly another 300 fabrics in development.

於是我們下來問，為什麼我們要生產這麼多？我們能用80-20跑完那段路嗎？而 80/20 的意思是，實際上有 30 種布料貢獻了我們 80% 的產量，但我們卻把所有的時間都花在了開發另外近 300 種布料上。

So we're just looking at it holistically, like how do we get rid of all this stuff, become more simple, become more narrowed and more deliberate? Applying a good, better, best structure, which is what Kara's job is doing, setting the margin targets of where it sits for apparel, where it sits for footwear, setting the profitability targets, SKU targets, et cetera, being really clear at the top, and then making sure that there's products that will fall out of that line.

所以我們現在是從整體上看待這個問題，例如我們如何擺脫所有這些雜亂的東西，變得更簡單、更專注、更深思熟慮？卡拉的工作就是運用「好、更好、最好」的結構，設定服裝的利潤目標、鞋類的利潤目標、獲利目標、SKU目標等等，在最高層要非常清晰，然後確保有些產品會脫離這條路線。

So we've actually spent the last two weeks since getting into this new cadence with, as I said in the last question, with our GMs and just going through line by line, product by product, finding out where we can maybe have 15 or 16 or 17 training shirts, and with a business like training shirts, where Under Armour has 5 products that sit in the NPD top 10, 9 products that sit in the NPD top 25, as I've mentioned, our focus here is how do we drive ASP. Because while we may be listed in the top 10 and top 25, we're certainly not driving anywhere near the highest ASP.

所以，自從我們進入這種新的節奏以來，過去兩週我們一直在和我們的總經理們一起，逐條逐個產品地進行分析，看看我們是否可以增加 15、16 或 17 款訓練衫。正如我在上一個問題中提到的，像訓練衫這樣的業務，Under Armour 有 5 款產品進入了 NPD 前 10 名，9 款產品進入了 NPD 前 25 名，正如我之前提到的，我們這裡的重點是如何提高平均售價。因為雖然我們可能名列前 10 名和前 25 名，但我們的平均售價肯定遠低於最高水平。

So we see there's opportunity, A, to be able to drive more volume, B, more consistent with our messaging to the consumer, and then as well be able to get more consistent by having less fabrics, having less basically inventory. So we have fewer things with clearer stories for the consumer that hopefully will manifest to a much clearer brand with a much brighter bottom line.

因此，我們看到了機會，A，可以提高銷量，B，使我們向消費者傳遞的訊息更加一致，並且還可以透過減少布料種類、減少庫存來提高產品的一致性。因此，我們雖然產品種類減少了，但為消費者提供了更清晰的故事，希望這能創造一個更清晰的品牌形象，並帶來更光明的表現。

Yes, Peter, and I think as far as when you think about the go forward, there's some different pieces. What Kevin is getting at absolutely should be able to drive a little bit better margin as far as pricing on raw materials and actual production-based volumes and less SKUs. That's clear and that's what we're going to be driving for. And that will probably benefit more, when you think about like back half of fiscal '27, more into fiscal '28 and beyond.

是的，彼得，我認為，當你考慮未來發展方向時，會涉及一些不同的面向。Kevin 的觀點絕對能夠提高原材料定價和實際生產量以及減少 SKU 的利潤率。這一點很明確，這也是我們努力的方向。而且，考慮到 2027 財年下半年、2028 財年及以後的情況，這可能會帶來更大的好處。

But I think also, keep in mind, right now, fiscal '27 would have a full year of tariff costs, assuming tariff rates don't change, versus a partial year in fiscal '26. So the actions that Kevin's speaking to will help offset that, in addition to some of the pricing changes that we're driving through that you'll start to see in the market more in back half of fiscal '27 as well.

但我認為，也要記住，假設關稅稅率不變​​，那麼 2027 財年將有一整年的關稅成本，而 2026 財年則只有部分年份的關稅成本。因此，凱文提到的這些措施將有助於抵消這種情況，此外，我們正在推行的一些定價調整也將在 2027 財年下半年在市場上得到體現。

So there's kind of a balance there, is the best way I would put it.

所以，這裡存在著某種平衡，這是我能想到的最好的說法。

Brooke Roach, Goldman Sachs.

Brooke Roach，高盛集團。

Can you elaborate on the channel and product category puts and takes you expect in the North America business as you drive stabilization into fiscal year '27? Are there any businesses that you expect to drive faster or slower stabilization? And are you seeing the same level of wholesale order book improvement across accounts and product lines that might over-index to premium versus the value segments of your business?

在您推動北美業務在 2027 財年趨於穩定的過程中，您能否詳細說明您對北美業務通路和產品類別的投入和投入？您認為哪些產業的穩定速度會更快或更慢？您是否看到各個客戶和產品線的批發訂單量都有改善，而高階產品線可能比低階產品線更為突出？

Brooke, definitely appreciate the question. But getting into details on fiscal '27 is not something we're really at this point going to do. We're going to do that more when we get to the early May call. But I would say that we've talked a lot about all of the deliberate actions that we've been taking over the last year or so, and Kara is definitely driving a lot of that in her new role. And then obviously, now she's transitioning in the product, which is going to be awesome with the Chief Merchandising Officer, and we've got Adam Peak stepping, seasoned veteran, and he's going to take the reins to keep driving forward with those relationships in North America.

布魯克，非常感謝你的提問。但目前我們並不打算詳細討論 2027 財年的情況。我們將在五月初的電話會議上更多地討論這個問題。但我想說的是，我們已經多次談到了過去一年左右我們採取的所有深思熟慮的行動，而卡拉在她新的職位上無疑推動了其中的許多行動。很顯然，現在她正在產品領域進行轉型，有了首席商品長的加入，產品將會非常棒。此外，經驗豐富的資深人士亞當·皮克也將接任，他將掌舵，繼續推動在北美的各項合作關係。

So the wholesale discussions have been positive. I think a lot of the newer product is really resonating. So we should see that come through as we think about the full price wholesale business next year and beyond. But it does still take some time. We've talked about that. The orders that you're placing now are definitely further out in the future as far as when it comes through on the revenue side.

所以批發方面的討論進展順利。我認為許多新產品都引起了強烈的反響。因此，當我們考慮明年及以後的全價批發業務時，我們應該會看到這一點得到體現。但這仍然需要一些時間。我們討論過這個問題。您現在下的訂單，從收入角度來看，肯定還需要一段時間才能實現。

So it is a journey. We've talked a lot about being excited about reaching that stabilization period as we drive into fiscal '27. And that's exactly what we're going to do. I think there's opportunities in each of the channels as we go forward, but we're going to be deliberate. We're going to continue to be smart about how we deploy promotions and discounting and continue to try and step off that journey more and more and reach the sweet spot there as we continue to double down on our big partnerships with our -- on the wholesale side.

所以這是一段旅程。我們已經多次談到，隨著我們邁入 2027 財年，能夠達到穩定期，我們感到非常興奮。而這正是我們要做的事。我認為隨著我們不斷前進，每個渠道都蘊藏著機遇，但我們會謹慎行事。我們將繼續巧妙地運用促銷和折扣，並繼續努力逐步擺脫這種局面，找到最佳平衡點，同時繼續加倍投入與批發商的大型合作。

So a lot of different moving pieces, and we are excited about the momentum on the product, on the brand, on the relationships. And we're excited to talk more about that when we get to the early May call.

所以有很多不同的因素在起作用，我們對產品、品牌和人際關係的發展勢頭感到興奮。我們很期待在五月初的電話會議上詳細討論這個問題。

And Brooke, maybe I'll just give you the sort of high-end version from that answer as well, which is I said earlier about winning with the winners. Today Under Armour is famous for base layer, we're famous for HeatGear and ColdGear. Getting a really clear segmentation within both of those categories is a massive opportunity for us, ensuring that we can be present in distribution at the appropriate price and making sure there's a real reason for a consumer to spend more for it too.

布魯克，或許我也可以給你一個更進階的版本，就像我之前說的，要跟贏家一起贏。如今，Under Armour 以保暖內衣聞名，而我們則以 HeatGear 和 ColdGear 而聞名。在這兩個類別中實現真正清晰的細分對我們來說是一個巨大的機會，這可以確保我們能夠以合適的價格進入分銷管道，並確保消費者有充分的理由為此支付更多費用。

So that's been a lot of the work that Kara and the team are really attacking right now and then extrapolating that out to multiple categories and as it relates to appropriate distribution. So we're definitely in this fight. But we got a really good strong base to build from, and you'll see better and better from us with that.

所以，這就是 Kara 和她的團隊目前正在努力攻克的許多工作，然後將其推廣到多個類別，並考慮如何進行適當的分配。所以我們肯定會參與這場戰鬥。但我們擁有一個非常堅實的基礎，你們將會看到我們在這方面做得越來越好。

This concludes our question-and-answer session. I'd like to turn the conference back over to Kevin Plank for any closing remarks.

我們的問答環節到此結束。我謹將會議交還給凱文‧普朗克，請他作總結發言。

Thank you, operator and the listeners out there. I'd like to close with one final thought. We're thrilled to welcome Reza to UA, who's going to be filling some very big UA shoes as CFO for the next chapter with this brand. But I just want to start and say, Dave, thank you.

感謝接線員和所有收聽節目的聽眾。最後，我想補充一點想法。我們非常高興地歡迎 Reza 加入 UA，他將作為首席財務官，在 UA 的下一個篇章中承擔起非常重要的職責。但我只想先說一聲，戴夫，謝謝你。

21 years at Under Armour means you joined just before the IPO in November 2005. We've been through a lot. Your alma mater James Madison made it to the college football playoffs, which is just another proof point that you can do anything. And you have here, not even close to my Terps.

在 Under Armour 工作 21 年意味著你是在 2005 年 11 月公司上市前不久加入的。我們經歷了很多。你的母校詹姆斯麥迪遜大學打進了大學橄欖球季後賽，這再次證明你無所不能。你這兒的，跟我的馬裡蘭大學（Terps）差遠了。

Joining from a great run at PwC, you're an accountant who became our controller, to our CFO for the last nine years, but always the best teammate, partner, CFO. And even more importantly, an amazing husband, father, and friend. You and I have been through a lot of stuff, thick and thin. We've had amazing times together and we've also been tested. Yet here we are still standing.

你之前在普華永道取得了輝煌的成就，從會計師一路晉升為我們的財務總監，並在過去九年中擔任首席財務官，但你始終是我們最好的隊友、合作夥伴和首席財務官。更重要的是，他是一位了不起的丈夫、父親和朋友。你我一起經歷了很多事，風風雨雨。我們一起度過了美好的時光，也一起經歷了考驗。然而，我們依然屹立於此。

Moving forward, you'll remain a major shareholder. Know you'll always be a part of this team, we'll honor and do a great job for you and all of our stakeholders. I give you my highest compliment. You're a true professional. Thank you. And on behalf of the brand, a heartfelt overwhelming, thank you, Dave Bergman.

未來，您仍將是主要股東。請相信你永遠是這個團隊的一份子，我們會尊重你，並為你和所有利害關係人做好工作。我給你最高的評價。你真是個專業人士。謝謝。我謹代表品牌，向戴夫·伯格曼致上最誠摯的謝意。

We appreciate everyone joining us on today's call and ask you to have a great day. Thank you, operator.

感謝各位參加今天的電話會議，祝大家今天過得愉快。謝謝接線生。

Thank you, Kevin. Thank you, UA.

謝謝你，凱文。謝謝你，UA。

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

會議已經結束。感謝各位參加今天的報告會。您現在可以斷開連線了。