Under Armour Inc (UA) 2022 Q1 法說會逐字稿

Good morning, everyone. Thank you for standing by, and welcome to the transition quarter ended March 31 conference call. (Operator Instructions) And please be advised that today's conference is being recorded. (Operator Instructions) I would now like to hand the conference over to your speaker today, Mr. Lance Allega, Senior Vice President, Investor Relations and Corporate Development.

大家，早安。感謝您的支持，歡迎來到截至 3 月 31 日的過渡季度電話會議。 （操作員說明）請注意，今天的會議正在錄製中。 （操作員說明）我現在想將會議交給您今天的演講者，投資者關係和企業發展高級副總裁 Lance Allega 先生。

Good morning, and thank you to everyone for joining us for Under Armour's transition quarter ended March 31, 2022, earnings conference call. The information provided on today's call will include forward-looking statements that reflect Under Armour's view of its current business as of May 6, 2022. Statements made are subject to risks and uncertainties detailed in documents regularly filed with the SEC and the safe harbor statement included in this morning's press release, both of which can be found on our website at about.underarmour.com.

早上好，感謝大家參加安德瑪截至 2022 年 3 月 31 日的過渡季度財報電話會議。今天的電話會議中提供的信息將包括反映安德瑪截至 2022 年 5 月 6 日對其當前業務的看法的前瞻性陳述。所做的陳述受到定期提交給 SEC 的文件和安全港聲明中詳述的風險和不確定性的影響在今天上午的新聞稿中，兩者都可以在我們的網站 about.underarmour.com 上找到。

It's important to note that the ongoing uncertainty related to COVID-19 and its potential impact on the global retail environment could continue to impact our business results.

值得注意的是，與 COVID-19 相關的持續不確定性及其對全球零售環境的潛在影響可能會繼續影響我們的業務成果。

We may reference non-GAAP financial information on today's call, including adjusted and currency neutral terms, which are defined under SEC rules in this morning's press release. You may also hear us refer to amounts under U.S. GAAP. Reconciliations of GAAP to non-GAAP measures can also be found in our press release, which identify and quantify all excluded items and provides our view about why we believe this information is helpful to investors.

我們可能會在今天的電話會議上參考非 GAAP 財務信息，包括調整後和貨幣中性條款，這些條款在今天上午的新聞稿中根據 SEC 規則定義。您可能還會聽到我們提到美國公認會計原則下的金額。 GAAP 與非 GAAP 措施的對賬也可以在我們的新聞稿中找到，該新聞稿識別和量化所有被排除的項目，並就我們為什麼認為這些信息對投資者有幫助提供了我們的看法。

Joining us on today's call will be Under Armour President and CEO, Patrik Frisk; and CFO, David Bergman. Go ahead, Patrik.

加入我們今天電話會議的將是 Under Armour 總裁兼首席執行官 Patrik Frisk；和首席財務官大衛伯格曼。來吧，帕特里克。

Thanks, Lance, and good morning to everyone. On today's call, we'll review results from our transition quarter that ended March 31, 2022, and provide our initial outlook for fiscal '23.

謝謝，蘭斯，大家早上好。在今天的電話會議上，我們將審查截至 2022 年 3 月 31 日的過渡季度的結果，並提供我們對 23 財年的初步展望。

Having successfully executed a multiyear transformation after delivering the best year in Under Armour's history in 2021, results for our transition period came in lighter than we had expected due to ongoing supply challenges and emergent COVID-19 impact on our Asia Pacific business. These trends, which we believe to be temporary, are also expected to impact how fiscal '23 is shaping up. Dave will discuss these elements later in our call.

在 2021 年實現 Under Armour 歷史上最好的一年後，我們成功執行了多年轉型，但由於持續的供應挑戰和 COVID-19 對我們亞太地區業務的緊急影響，我們的過渡期結果比我們預期的要輕。我們認為這些趨勢是暫時的，預計也將影響 23 財年的形成方式。 Dave 稍後將在我們的電話會議中討論這些元素。

Yet despite these near-term headwinds, I'd underscore the confidence we have in our long-term growth potential. Over the past few years following the completion of a multiyear transformation, including work to recenter our strategy, operations and financial discipline, we've strengthened our brand, delivered higher quality revenue and are managing our business for improved profitability, including improved margins, cash flow and return on capital.

然而，儘管存在這些近期不利因素，我還是要強調我們對長期增長潛力的信心。在完成多年轉型後的過去幾年中，包括重新調整我們的戰略、運營和財務紀律的工作，我們加強了我們的品牌，提供了更高質量的收入，並正在管理我們的業務以提高盈利能力，包括提高利潤率、現金流動性和資本回報率。

The engine that makes this model work most efficiently is profitable top line growth. This is my #1 priority as CEO. We believe our direct-to-consumer, footwear, women's and international businesses will drive this growth over the long term.

使該模型最有效地工作的引擎是盈利的頂線增長。這是我作為 CEO 的第一要務。我們相信，我們的直接面向消費者、鞋類、女裝和國際業務將長期推動這一增長。

Across these drivers, our growth strategy is anchored in 5 platforms engineered to accelerate our ability to scale and grow the Under Armour brand. First is consumer-centricity, which lies at the core of our reason for being. To activate our purpose of empowering those who strive for more, we are committed to having a deep understanding of our athletes, their functional and emotional needs and their behaviors and preferences as they complete their journey from discovery to purchase to advocacy. By incorporating insights, data and analytics, we work to ensure we evolve as consumers evolve, creating repeatable connection points.

在這些驅動因素中，我們的增長戰略以 5 個平台為基礎，這些平台旨在加速我們擴展和發展 Under Armour 品牌的能力。首先是以消費者為中心，這是我們存在的核心。為了激活我們賦予那些追求更多的人的目標，我們致力於深入了解我們的運動員、他們的功能和情感需求以及他們在完成從發現到購買再到宣傳的旅程時的行為和偏好。通過整合洞察力、數據和分析，我們努力確保我們隨著消費者的發展而發展，創造可重複的連接點。

Our second platform, product engine, is the creation of industry-leading innovations. These inventions wrapped in art enable athletes to train, compete and recover at the highest level possible. Leveraging consumer insight ensures our product is optimized for performance, style and cultural relevance. Through our train, compete and recover architecture, our constant focus is on delivering tangible performance advantages to drive loyalty, always ensuring we deliver products that athletes didn't know they needed and now can't imagine living without.

我們的第二個平台，產品引擎，是創造行業領先的創新。這些包裹在藝術中的發明使運動員能夠以最高水平進行訓練、比賽和恢復。利用消費者洞察力確保我們的產品針對性能、風格和文化相關性進行優化。通過我們的訓練、比賽和恢復架構，我們始終專注於提供切實的性能優勢以提高忠誠度，始終確保我們提供運動員不知道他們需要並且現在無法想像沒有的產品。

Third is our go-to-market platform, which is how we manage the marketplace, balancing product creation, storytelling and experiences with strong commercial relationships among our wholesale partners. We made considerable progress here by optimizing our work process calendar, delivering increasingly better segmentation and ultimately, ensuring that wherever and whenever we show up, consumers are engaging with us, the brand-right premium way.

第三是我們的上市平台，這是我們管理市場、平衡產品創造、講故事和體驗與批發合作夥伴之間牢固商業關係的方式。我們通過優化我們的工作流程日曆、提供越來越好的細分並最終確保無論何時何地我們出現，消費者都能以品牌正確的優質方式與我們互動，從而在這方面取得了長足的進步。

Fourth is end-to-end planning, which is another Under Armour innovating product platform. As we work to solve complexity among our product creation and life cycle management, sustainability, logistics and forecasting, we're collaborating on ways to bring supply chain discipline, company functions, suppliers and customers in sync to create the most optimal ecosystem possible. Having completed work on many of the individual components of this effort, we are now focused on connecting them to get even sharper and more efficient as we grow.

四是端到端規劃，這是安德瑪的又一個創新產品平台。在我們努力解決產品創建和生命週期管理、可持續性、物流和預測之間的複雜性時，我們正在合作研究使供應鏈紀律、公司職能、供應商和客戶同步的方法，以創建盡可能優化的生態系統。在完成了這項工作的許多單獨組成部分的工作後，我們現在專注於將它們連接起來，以便隨著我們的成長變得更加清晰和高效。

Finally is omnichannel excellence, which targets delivering a seamless premium experience across all brand touch points. By establishing a voice-of-the-consumer capability, we're utilizing a channel-agnostic approach to map an athlete's purchase journey, identifying and reducing friction points along the way.

最後是全渠道卓越，其目標是在所有品牌接觸點提供無縫的優質體驗。通過建立消費者心聲能力，我們正在利用與渠道無關的方法來繪製運動員的購買旅程，識別並減少沿途的摩擦點。

Furthermore, harnessing the power of our eCommerce platform to improve performance and speed, along with endless aisle, buy online and pick up in store and flex payment capabilities are driving a more enjoyable digital experience. Adding even more horsepower to this effort and taking lessons learned from a successful program implemented in China over the past year, we plan to launch a loyalty test pilot in North America by the end of 2022. This program will engage consumers more deeply with all facets of our human performance system via content, events, rewards and community-based interactions, all to make the focused performer better.

此外，利用我們電子商務平台的力量來提高性能和速度，以及無盡的通道、在線購買和店內提貨以及靈活的支付功能，正在推動更愉快的數字體驗。為這項工作增添更多動力，並從過去一年在中國實施的成功計劃中汲取經驗教訓，我們計劃於 2022 年底在北美啟動忠誠度測試試點。該計劃將更深入地吸引消費者的方方面面我們通過內容、事件、獎勵和基於社區的互動來完善我們的人類績效系統，所有這些都是為了讓專注的表演者變得更好。

Additionally, we continue to evolve our brand house and factory house store concepts, strengthening our ability to deliver an efficient and well-balanced multichannel experience. When combined, these platforms activate a powerful ecosystem of how we show up to empower and deliver performance for Under Armour athletes.

此外，我們繼續發展我們的品牌店和工廠店店概念，加強我們提供高效和均衡的多渠道體驗的能力。結合起來，這些平台將激活一個強大的生態系統，讓我們了解我們如何為 Under Armour 運動員賦能和提供表現。

At the short point of connectivity and inspiration, we lead with Team Sports and our incredible roster of sports assets. And so far in 2022, we've seen incredible examples of Under Armour making this happen.

在連接性和靈感的短點上，我們以團隊運動和我們令人難以置信的體育資產名冊領先。到 2022 年為止，我們已經看到了 Under Armour 實現這一目標的令人難以置信的例子。

Starting in basketball, we were thrilled to see 29 Under Armour NCAA teams qualify for this year's men's and women's March Madness tournament. And they left it all on the court, playing with the hunger, grit and swagger that our athletes are known for.

從籃球開始，我們很高興看到 29 支 Under Armour NCAA 球隊有資格參加今年的男子和女子三月瘋狂錦標賽。他們把這一切都留在了球場上，帶著我們運動員聞名的飢餓、勇氣和狂妄自大。

By starting and ending the season in first place and playing in our women-specific Flow Breakthru 2 shoes, the South Carolina women's basketball team brought their second national championship home to Colombia. Built and designed for women, the Breakthru 2 is optimized anatomically for the best fit, support and grip on the court. Looking to this fall, we're excited to add #3 to this highly coveted franchise.

南卡羅來納州女子籃球隊以第一名的成績開始和結束本賽季並穿著我們的女子專用 Flow Breakthru 2 球鞋，將他們的第二個全國冠軍帶回了哥倫比亞。 Breakthru 2 專為女性打造和設計，經過解剖學優化，可在球場上提供最佳貼合、支撐和抓地力。展望今年秋天，我們很高興將#3 添加到這個令人垂涎的特許經營權中。

In the NBA, Stephen Curry hit a record 16 3-pointers on his way to 50 points to win MVP in his eighth consecutive All-Star game appearance in February, wearing his signature Curry 9 basketball shoe. Steph's impact off the court is equally impressive, and Under Armour is proud to stand with him, having donated to the Cleveland Metro School District to support their basketball programming.

在 NBA，斯蒂芬·庫裡在 2 月份連續第八次入選全明星賽的過程中，命中 16 個三分球，以 50 分贏得 MVP，他穿著他標誌性的 Curry 9 籃球鞋。斯蒂芬在場外的影響同樣令人印象深刻，Under Armour 很自豪能與他站在一起，向克利夫蘭地鐵學區捐款以支持他們的籃球項目。

In the other conference, Joel Embiid is having his best year ever, becoming the first international player in history to win the NBA scoring title and is in the running for overall MVP for the current season.

在另一場比賽中，喬爾·恩比德迎來了他有史以來最好的一年，成為歷史上第一位贏得 NBA 得分王的國際球員，並且正在爭奪本賽季的總 MVP。

We are also honored that our partner, Dow and Under Armour won gold at the 2022 Edison Awards in the performance-based design category. The rubberless unit sold technology used in our UA Flow lightweight basketball and running shoes was designed to bring energy return, shock absorption and traction to enhance field cushion and speed without sacrificing durability. We are proud of the work we've done together with Dow to bring this innovative technology to market that serves our purpose of making athletes better while improving manufacturing efficiency and reducing material usage.

我們也很榮幸我們的合作夥伴陶氏和安德瑪在 2022 年愛迪生獎中獲得了基於性能的設計類別的金獎。我們的 UA Flow 輕型籃球鞋和跑鞋中使用的無橡膠單元銷售技術旨在帶來能量回饋、減震和牽引力，以增強場地緩沖和速度，同時不犧牲耐用性。我們為與陶氏共同完成的工作感到自豪，將這項創新技術推向市場，實現我們在提高製造效率和減少材料使用的同時讓運動員變得更好的目的。

From a global football perspective, we recently announced our partnership with Aston Villa centerback and captain Tyrone Mings. In addition to our training product and his boot of choice, the UA Clone Magnetico, Mings cited our values as the significant factors in signing with us, which is well aligned with his plan for community givebacks and empowering access to sport. This is an outstanding example of how Under Armour being purpose-led is attracting the talent we believe exemplifies the balance necessary to build an eternal brand.

從全球足球的角度來看，我們最近宣布與阿斯頓維拉中衛和隊長泰隆·明斯建立合作夥伴關係。除了我們的訓練產品和他選擇的 UA Clone Magnetico 靴子之外，Mings 還認為我們的價值觀是與我們簽約的重要因素，這與他的社區回饋計劃和賦予運動機會的計劃非常吻合。這是一個突出的例子，說明以目標為導向的 Under Armour 如何吸引人才，我們認為這些人才體現了建立永恆品牌所必需的平衡。

Next up, Major League Baseball is well underway, and we're excited to watch our athletes build on their momentum from last season. From Bryce Harper's 2021 national MVP and his Signature UA Harper 6 cleat that delivers speed, traction and power to Freddie Freeman building off last year's World Series performance, there is another fantastic season of baseball ahead of us.

接下來，美國職業棒球大聯盟正在順利進行，我們很高興看到我們的運動員在上賽季的基礎上再接再厲。從 Bryce Harper 的 2021 年全國 MVP 和他的 Signature UA Harper 6 防滑釘為 Freddie Freeman 在去年世界大賽的表現基礎上提供速度、牽引力和力量，我們面前還有另一個精彩的棒球賽季。

And we'd be remiss not to call out Jordan Spieth for taking home his 13th PGA Tour victory with his RBC Heritage Triumph in Hilton Head, pulling out a win following a sudden death playoff. Building on the excitement of this win, we're also incredibly proud to share that our 10-year partnership with Jordan has been extended by another 4 years through 2029.

如果喬丹·斯皮思在希爾頓黑德舉行的 RBC Heritage Triumph 贏得了他的第 13 場 PGA 巡迴賽勝利，那麼我們將不失為一種疏忽，因為他在突然死亡的季后賽中取得了勝利。在這場胜利的激動人心的基礎上，我們也非常自豪地宣布，我們與喬丹的 10 年合作夥伴關係已經延長了 4 年，直到 2029 年。

These are just a few examples of how we drive brand affinity utilizing the best athletes on the planet, a halo that manifests itself through our run, train and recover products. And in the second half of 2022, we have several exciting innovations coming.

這些只是我們如何利用地球上最優秀的運動員來提升品牌親和力的幾個例子，這是通過我們的跑步、訓練和恢復產品來體現的光環。在 2022 年下半年，我們將迎來幾項激動人心的創新。

In our run business, we are driving loyalty through our innovation franchises, a strategy that hits 2 of our long-term growth drivers, footwear and women's. Translating success from our basketball business, we are excited to launch our first-ever women-specific running footwear with the UA Flow Synchronicity expected this fall. With the midsole optimized for ground, field and geometry engineered around her anatomical differences, we see this as a game changer in how Under Armour makes her better.

在我們經營的業務中，我們正在通過我們的創新特許經營來提高忠誠度，這一戰略觸及了我們的兩個長期增長動力，鞋類和女裝。將我們籃球業務的成功轉化為成功，我們很高興能夠在今年秋天推出我們的首款女性專用跑鞋，並配備 UA Flow Synchronicity。中底針對地面、場地和幾何形狀進行了優化，圍繞她的解剖學差異進行了設計，我們認為這改變了 Under Armour 如何讓她變得更好的遊戲規則。

Also launching this fall are reimagined versions of 2 of our most popular HOVR franchises, the UA HOVR Phantom 3 delivers improved stepping comfort with newly developed knit advancements and for the very first time, a 100% full HOVR platform for even more advanced cushion. The UA HOVR Infinite 4, a long-distance running shoe, features less rubber under foot for a more flexible sensation balanced by a firmer carrier for a more efficient foot plant as the miles fly by.

今年秋天還推出了我們最受歡迎的兩個 HOVR 特許經營權的重新設計版本，UA HOVR Phantom 3 通過新開發的針織改進提供了改進的踩踏舒適度，並且首次採用了 100% 完整的 HOVR 平台，提供更先進的緩衝。 UA HOVR Infinite 4 是一款長跑鞋，腳下橡膠較少，可提供更靈活的感覺，而更堅固的載體則可在數英里飛逝時實現更有效的足部植筋。

We are equally excited about upcoming apparel launches as well. A few highlights in our train business include expanding our high-performance UA Rush technology this fall. Rush is designed with mineral line fabrics to return infrared energy to your body, helping you work harder and recover. Combined with our seamless and smartphone technologies, we're redefining fit, form and function across performance tops, bottoms and bras.

我們同樣對即將推出的服裝感到興奮。我們火車業務的一些亮點包括今年秋天擴展我們的高性能 UA Rush 技術。 Rush 採用礦物線面料設計，可將紅外線能量返回您的身體，幫助您更加努力地工作和恢復。結合我們的無縫和智能手機技術，我們正在重新定義性能上衣、下裝和文胸的合身性、形式和功能。

And finally, when athletes recover consistently, they're able to push themselves to become better, enabling higher performance levels than ever thought possible. In this respect, it's time we reinvented a classic, and we're doing just that.

最後，當運動員持續恢復時，他們能夠推動自己變得更好，實現比想像中更高的表現水平。在這方面，我們是時候重塑經典了，我們正在這樣做。

This fall, we are launching our next evolution of fleece across all collections. This new incredibly warm and lightweight material will be featured in one of Under Armour's most popular franchises, Armour fleece with an improved athletic fit, premium finishing details, has the right amount of stretch. Additionally, this fall's fleece use over 80% sustainable recycled fibers on our way to targeting 100% recycled materials in 2023.

今年秋天，我們將在所有系列中推出我們的下一個羊毛進化版。這種令人難以置信的溫暖和輕質的新材料將出現在 Under Armour 最受歡迎的特許經營權之一中，Armor 羊毛具有改進的運動貼合性、優質的整理細節，具有適當的彈性。此外，今年秋季的羊毛使用超過 80% 的可持續再生纖維，我們將在 2023 年實現 100% 再生材料的目標。

Another highlight and in line with our core value of acting sustainably are our investments in amplifying our sustainability efforts, including building a new global headquarter here in Baltimore. This new brand center will help fuel our next chapter of growth and our goal of using 80% renewable energy by 2025 and a 30% reduction in greenhouse gas emissions by 2030.

另一個符合我們可持續行動核心價值的亮點是我們在擴大可持續發展努力方面的投資，包括在巴爾的摩建立一個新的全球總部。這個新的品牌中心將有助於推動我們下一個增長篇章以及我們到 2025 年使用 80% 可再生能源和到 2030 年減少 30% 溫室氣體排放的目標。

Within sustainability, we are focused on 3 main areas. First, from a materials perspective, we are working to redefine yarns to include fabrics that have improved stretch, dry faster, perform better and most importantly, are 100% recyclable.

在可持續發展方面，我們專注於 3 個主要領域。首先，從材料的角度來看，我們正在努力重新定義紗線，以包括具有更高彈力、更快乾燥、性能更好且最重要的是 100% 可回收的織物。

Second, from a chemistry standpoint, we are leveraging solutions and high-efficiency dyeing processes that yield improved colors while reducing water usage and improving wastewater quality. And finally, from a process viewpoint, as we continue to utilize even more recycled material in our own manufacturing methods, we are working hard to establish a circularity model to ensure we're leaving our home field cleaner and less depleted than before. More will come on this when we release our 2022 Sustainability Report, which is expected this fall.

其次，從化學的角度來看，我們正在利用解決方案和高效染色工藝來改善顏色，同時減少用水量並改善廢水質量。最後，從工藝的角度來看，隨著我們在自己的製造方法中繼續使用更多的回收材料，我們正在努力建立一個循環模型，以確保我們的家鄉比以前更乾淨，消耗更少。當我們發布預計於今年秋季發布的 2022 年可持續發展報告時，將會有更多關於這方面的信息。

Turning to our longer-term view. I'd like to emphasize my confidence in the balance we've struck among our strategic operational and financial principles to fuel sustainable profitable growth. And while we work -- done to grow the brand over the past few years has come to fruition, growth for the company, at least in fiscal '23, will be tempered compared to how we see the trajectory developing in the years that follow.

轉向我們的長期觀點。我想強調我對我們在戰略運營和財務原則之間達成的平衡以推動可持續盈利增長的信心。雖然我們在過去幾年為品牌發展所做的努力已經取得成果，但與我們看到接下來幾年的發展軌跡相比，公司的增長，至少在 23 財年，將有所緩和。

I'll close by underscoring that Under Armour is a growth company with an incredible opportunity ahead of us. Our fundamentals are strong. Our underlying brand strength is improving, and our confidence remains unchanged.

最後，我將強調 Under Armour 是一家成長型公司，我們面臨著難以置信的機遇。我們的基本面很強。我們的品牌基礎實力正在提高，我們的信心保持不變。

That said, it's essential to look past near-term pressures and focus on the long-standing influxes. The price of freight, supply chain challenges and COVID-19 are not as powerful as the global passion for sport. I'm confident that we are well positioned to deliver on our promise of growth as we work through 2023 and beyond.

也就是說，必須超越近期壓力並關注長期湧入。貨運價格、供應鏈挑戰和 COVID-19 不如全球對體育的熱情那麼強大。我相信，在我們工作到 2023 年及以後，我們有能力兌現我們的增長承諾。

And now I'll turn it over to Dave.

現在我將把它交給戴夫。

Thanks, Patrik. With that, let's review our results for the transition quarter that ended March 31, 2022. Our revenue increased 3% to $1.3 billion in the quarter compared to the prior year.

謝謝，帕特里克。有了這個，讓我們回顧一下截至 2022 年 3 月 31 日的過渡季度的業績。與去年同期相比，本季度我們的收入增長了 3%，達到 13 億美元。

As a reminder, we mentioned on our last call that we expected transition quarter revenue to be up at a mid-single-digit rate. That expectation included an estimated 10 percentage points of revenue headwinds related to reductions in our spring/summer 2022 wholesale order book from supply constraints associated with ongoing COVID-19 pandemic impacts. Since providing that outlook, our APAC revenue has been affected by inbound shipping delays driven by COVID-19 disruptions.

提醒一下，我們在上次電話會議中提到，我們預計過渡季度收入將以中個位數的速度增長。這一預期包括與持續的 COVID-19 大流行影響相關的供應限制導致我們的 2022 年春夏批發訂單減少有關的收入逆風估計 10 個百分點。自提供該前景以來，我們的亞太地區收入一直受到 COVID-19 中斷導致的入境運輸延誤的影響。

In addition, we encountered restricted store hours and store closures in China due to COVID-19, which caused significant reductions in retail traffic. Together, these developing challenges weighed on our transition quarter revenue by about 1.5 percentage points. So revenue would have been in the middle of our expected range excluding the impact of these events.

此外，由於 COVID-19，我們在中國遇到了限制營業時間和關閉商店的情況，這導致零售流量顯著減少。這些發展中的挑戰共同影響了我們過渡季度的收入約 1.5 個百分點。因此，不包括這些事件的影響，收入將處於我們預期範圍的中間。

Clicking into revenue by channel. Wholesale was up 4% to $829 million driven primarily by increases in our distributor and off-price businesses. Keep in mind, our off-price business was still within 3% to 4% of our total revenue where we expect it to remain for fiscal '23.

按渠道點擊收入。批發銷售額增長 4% 至 8.29 億美元，主要是由於我們的分銷商和低價業務的增長。請記住，我們的折扣業務仍占我們總收入的 3% 至 4%，我們預計它將在 23 財年保持不變。

Our direct-to-consumer business was up 1% with 2% growth in eCommerce sales and flat results in our owned and operated stores. Of this, eCommerce represented 45% of total DTC sales in the transition quarter.

我們的直接面向消費者的業務增長了 1%，電子商務銷售額增長了 2%，而我們擁有和經營的商店的業績持平。其中，電子商務佔過渡季度 DTC 總銷售額的 45%。

Our licensing revenue was up 23% driven by a timing shift in APAC and solid growth in North America. From a regional perspective, North America revenue was up 4% to $841 million, including growth in our wholesale and DTC businesses. EMEA saw strong results with revenue up 18% driven by growth in our wholesale and DTC channels. Revenue in Asia Pacific was down 14% due to COVID-related inbound shipping delays and challenging market conditions amplified by retail store closures and restrictions in China. And in Latin America, revenue was down 6%, impacted by shifts in our business towards a distributor model, which we completed in the third quarter of fiscal 2021.

由於亞太地區的時間變化和北美的穩健增長，我們的許可收入增長了 23%。從區域角度來看，北美收入增長 4% 至 8.41 億美元，其中包括我們的批發和 DTC 業務的增長。在我們的批發和 DTC 渠道增長的推動下，EMEA 取得了強勁的業績，收入增長了 18%。由於與 COVID 相關的入境運輸延誤以及中國零售店關閉和限制措施加劇的挑戰性市場條件，亞太地區的收入下降了 14%。在拉丁美洲，收入下降了 6%，這受到我們業務向分銷商模式轉變的影響，我們在 2021 財年第三季度完成了這一轉變。

By product type, apparel revenue was up 8% primarily due to strength in our train and Team Sports categories. Footwear was down 4% primarily due to COVID-19-related supply constraints. Despite this, we saw growth in our train and outdoor categories. And finally, our accessories business was down 18% due to expected lower sales of our sports masks compared to last year, which we anticipate normalizing by the second quarter of fiscal 2023.

按產品類型劃分，服裝收入增長 8%，主要是由於我們的火車和團隊運動類別的實力。鞋類下降 4%，主要是由於與 COVID-19 相關的供應限制。儘管如此，我們還是看到了火車和戶外類別的增長。最後，我們的配件業務下降了 18%，原因是預計我們的運動口罩的銷售額將低於去年，我們預計到 2023 財年第二季度會正常化。

Our transition quarter gross margin fell 350 basis points year-over-year to 46.5%. This was driven by 330 basis points of COVID-related supply chain impacts driven by elevated freight costs, particularly for ocean freight, which came in considerably higher than we had expected, along with increased airfreight utilization. 80 basis points of unfavorable channel mix related to higher sales to the off-price and distributor channels, which carry a lower gross margin, 30 basis points of unfavorable regional mix and 20 basis points of negative impact from changes in foreign currency. These headwinds were partially offset by 120 basis points of pricing improvements due to better pricing of sales to the off-price channel and lower promotional activity within our DTC business.

我們的過渡季度毛利率同比下降 350 個基點至 46.5%。這是由於運費上漲導致的 330 個基點與 COVID 相關的供應鏈影響，尤其是海運成本，遠高於我們的預期，同時空運利用率增加。 80 個基點的不利渠道組合與折扣價和分銷商渠道的銷售增加有關，這些渠道的毛利率較低，30 個基點的不利區域組合和 20 個基點的外匯變化負面影響。這些不利因素部分被 120 個基點的定價改進所抵消，原因是對折扣渠道的銷售定價更好以及我們 DTC 業務中的促銷活動減少。

SG&A expenses were up 16% to $594 million primarily due to increased marketing investments, higher salaried and nonsalaried workforce wages due to last year's compensation increases for our teammates and higher consulting services.

SG&A 費用增長 16% 至 5.94 億美元，這主要是由於營銷投資增加、由於去年對我們的隊友的薪酬增加以及更高的諮詢服務導致的有薪和無薪勞動力工資增加。

Related to our 2020 restructuring plan, we recorded $57 million in the transition quarter, bringing our planned total to $571 million of pretax restructuring and related charges. And with this, I am pleased to announce that we do not anticipate any further charges under this plan. And thus, our 2020 restructuring plan is now considered closed.

與我們的 2020 年重組計劃相關，我們在過渡季度錄得 5700 萬美元，使我們計劃的稅前重組和相關費用總額達到 5.71 億美元。有了這個，我很高興地宣布，我們預計不會根據該計劃收取任何進一步的費用。因此，我們的 2020 年重組計劃現在被認為已結束。

Next, operating loss was $46 million in the quarter. Excluding restructuring and other charges, adjusted operating income was $11 million, which was below our outlook due to lower-than-planned APAC revenue and higher freight costs.

其次，本季度的經營虧損為 4600 萬美元。不計重組和其他費用，調整後的營業收入為 1100 萬美元，低於我們的預期，原因是亞太地區收入低於計劃且運費較高。

After tax, we realized a net loss of $60 million or $0.13 of diluted loss per share in the quarter. Excluding restructuring charges of $57 million, our adjusted net loss was $3 million or $0.01 of adjusted diluted loss per share.

稅後，我們在本季度實現了 6000 萬美元的淨虧損或每股攤薄虧損 0.13 美元。不計 5700 萬美元的重組費用，我們調整後的淨虧損為 300 萬美元或調整後的每股攤薄虧損 0.01 美元。

Moving to the balance sheet. At the end of the transition quarter, inventory was down 3% to $824 million driven primarily by inbound shipping delays due to COVID-related supply chain pressures. Our cash and cash equivalents were $1 billion, and we had no borrowings under our $1.1 billion revolving credit facility. And we're putting that cash to work.

轉移到資產負債表。在過渡季度末，庫存下降 3% 至 8.24 億美元，主要是由於與 COVID 相關的供應鏈壓力導致的入境運輸延誤。我們的現金和現金等價物為 10 億美元，我們在 11 億美元的循環信貸額度下沒有借款。我們正在把這些現金投入工作。

In February, we announced our share repurchase program a 2-year, $500 million authorization that helps create value for shareholders. Having already executed $300 million of this program, we're well underway.

2 月，我們宣布了一項為期 2 年、價值 5 億美元的股票回購計劃，以幫助為股東創造價值。我們已經執行了 3 億美元的這個計劃，我們正在順利進行。

Next, let's dive into our fiscal '23 outlook. Given our fiscal year change, please keep in mind that the comparable periods we are using are the corresponding quarters from the trailing 12-month period from April 1, 2021, through March 31, 2022. Accordingly, we'll refer to this as our baseline period.

接下來，讓我們深入了解我們的 23 財年展望。鑑於我們的財政年度變化，請記住，我們使用的可比期間是從 2021 年 4 月 1 日到 2022 年 3 月 31 日的過去 12 個月期間的相應季度。因此，我們將其稱為我們的基線期。

With that, let's dive in. As supply challenges and COVID-19-related impacts in China conspire to impact fiscal '23, we expect these headwinds to impact Under Armour in the near term with more positive momentum developing as the year progresses and what we believe to be temporary issues normalize.

有了這個，讓我們開始吧。隨著中國的供應挑戰和與 COVID-19 相關的影響共同影響 '23 財年，我們預計這些不利因素將在短期內影響 Under Armour，隨著時間的推移以及我們的相信是暫時的問題正常化。

As a reminder, the achievement of our outlook is dependent on current macroeconomic factors, including supply challenges, COVID-19 impacts, inflationary pressures and geopolitical risks not getting worse from what we are seeing today. With that, we expect revenue to be up 5% to 7% in fiscal '23 compared to the baseline period of $5.7 billion, reflecting mid-single-digit growth in North America and low teens growth in our international business.

提醒一下，我們展望的實現取決於當前的宏觀經濟因素，包括供應挑戰、COVID-19 影響、通脹壓力和地緣政治風險，這些因素不會比我們今天看到的情況更糟。與此相比，我們預計 23 財年的收入將增長 5% 至 7%，而基線期為 57 億美元，這反映了北美的中個位數增長和我們國際業務的低青少年增長。

This expectation includes approximately 3 percentage points of headwinds related to our strategic decision to work with our vendors and customers to cancel orders affected by capacity issues, supply chain delays and emergent COVID-19 impacts in China. To click down a bit more, we expect the first half of fiscal '23 to be the most heavily impacted by order cancellations and supply chain delays. We also expect the emergent COVID-19 impacts in China to lessen as the year progresses. As a result, we expect total company sales growth to gradually improve as the year develops with our highest year-over-year revenue increase expected to be in our fourth quarter.

這一預期包括與我們與供應商和客戶合作以取消受中國產能問題、供應鏈延遲和緊急 COVID-19 影響影響的訂單的戰略決策相關的大約 3 個百分點的不利因素。再往下一點，我們預計 23 財年上半年將受到訂單取消和供應鏈延遲的最嚴重影響。我們還預計，隨著時間的推移，中國新出現的 COVID-19 影響將減弱。因此，我們預計隨著年度的發展，公司總銷售額增長將逐漸改善，我們最高的同比收入增長預計將出現在第四季度。

For gross margin, we expect the full year rate to be down 150 to 200 basis points from the baseline period rate of 49.6% due to expected inflationary pressures on freight and product costs, unfavorable channel mix and changes in foreign currency. We anticipate our most significant declines in gross margin to be in the second quarter as elevated freight costs, particularly for ocean shipments, peak against our year-over-year comparisons. And then as these costs find balance, we expect a smaller decline in the third quarter with year-over-year gross margin improvement anticipated in the fourth quarter as we finish out the year.

毛利率方面，由於運費和產品成本的預期通脹壓力、不利的渠道組合和外幣變化，我們預計全年毛利率將比基準期間的 49.6% 下降 150 至 200 個基點。我們預計，隨著貨運成本（尤其是海運成本）的上漲，與我們的同比比較相比，我們的毛利率最顯著下降將出現在第二季度。然後隨著這些成本找到平衡，我們預計第三季度的下降幅度較小，預計第四季度的毛利率將同比增長。

From an SG&A perspective, we expect total spending growth to be slightly below our 5% to 7% revenue growth rate in fiscal '23 as compared to the baseline period. Considering these factors, we expect fiscal '23 operating income to reach $375 million to $400 million compared to the baseline period of $424 million in adjusted operating income.

從 SG&A 的角度來看，與基準期相比，我們預計 23 財年的總支出增長率將略低於我們 5% 至 7% 的收入增長率。考慮到這些因素，我們預計 23 財年的營業收入將達到 3.75 億美元至 4 億美元，而基線期調整後的營業收入為 4.24 億美元。

As a percent of revenue, this represents an operating margin of approximately 6% to 6.5%, which compares to a baseline period adjusted rate of 7.4%. We expect diluted earnings per share for the fiscal '23 to be in the range of $0.79 to $0.84 versus the comparable baseline of $0.47. This includes a $0.28 benefit from a favorable tax allowance release related to anticipated profitability in key tax jurisdictions we expect to realize in the fourth quarter.

作為收入的百分比，這表示營業利潤率約為 6% 至 6.5%，而基線期調整率為 7.4%。我們預計 23 財年的稀釋後每股收益將在 0.79 美元至 0.84 美元之間，而可比基準為 0.47 美元。這包括從與我們預計在第四季度實現的主要稅收管轄區的預期盈利能力相關的有利稅收減免釋放中獲得的 0.28 美元收益。

Of this $0.28 benefit, $0.16 of this amount is related to prior restructuring charges. And therefore, our adjusted diluted earnings per share is expected to be between $0.63 and $0.68. This compares to adjusted diluted earnings per share for the baseline period of $0.68.

在這 0.28 美元的收益中，0.16 美元與之前的重組費用有關。因此，我們調整後的稀釋後每股收益預計在 0.63 美元至 0.68 美元之間。相比之下，基準期間調整後的稀釋每股收益為 0.68 美元。

Next, I'd like to provide some color for the first quarter of fiscal '23, where we expect revenue to be flat to down slightly versus the prior year quarter. This includes about 10 percentage points of headwinds from proactive reductions and cancellations to our order book due to COVID-19-related supply constraints previously discussed. Due to higher freight costs, we expect our first quarter gross margin to be down approximately 250 basis points compared to the prior year.

接下來，我想為 23 財年第一季度提供一些顏色，我們預計收入將與去年同期持平或略有下降。這包括由於之前討論的與 COVID-19 相關的供應限制，主動減少和取消訂單給我們的訂單帶來了大約 10 個百分點的不利因素。由於運費較高，我們預計第一季度毛利率將比去年下降約 250 個基點。

Taking this to the bottom line, we expect a first quarter operating income of $25 million to $35 million. This should translate to $0.02 to $0.03 of diluted earnings per share.

以此為底線，我們預計第一季度的營業收入為 2500 萬美元至 3500 萬美元。這應轉化為每股攤薄收益 0.02 至 0.03 美元。

In closing, we are on offense even amid this continued, highly uncertain environment. And though the year ahead faces temporary headwinds, we are confident that the work we have done to transform our business, along with the strength of the Under Armour brand, sets us up to grow more meaningfully, delivering sustainable, profitable growth over the long term.

最後，即使在這種持續的、高度不確定的環境中，我們也處於進攻狀態。儘管未來一年面臨暫時的逆風，但我們相信，我們為轉變業務所做的工作以及 Under Armour 品牌的實力，將使我們能夠實現更有意義的增長，實現長期可持續的盈利增長.

Now we'll turn it back to the operator for questions. Operator?

現在我們將其轉回給接線員提問。操作員？

(Operator Instructions) First question comes from the line of Jay Sole of UBS.

（操作員說明）第一個問題來自 UBS 的 Jay Sole。

Great. I guess I just want to ask about the revenue guidance for the fiscal year, talking about mid-single-digit growth rate in North America. Just talk about where that growth is going to come from whether by channel or by product category?

偉大的。我想我只是想問一下本財年的收入指導，談論北美的中個位數增長率。只是談談增長將來自渠道還是產品類別？

Yes, Jay. This is Dave. We haven't really broken it down too much yet in detail within the release. But in general, we did say that for the full year, we expect North America to be mid-single digit and for international growth to be low teens.

是的，傑。這是戴夫。我們還沒有在版本中對其進行太多詳細的分解。但總的來說，我們確實說過，全年，我們預計北美將達到中個位數，而國際增長將處於低位。

If you break that down a little bit further, we definitely believe footwear will be growing much higher than our apparel growth. And we think about some of the supply challenges we've been talking about, more affected footwear last year as well. So definitely expecting footwear to grow a fair amount faster than apparel in fiscal '23, but we're not actually breaking down by channel at this point.

如果您進一步細分，我們絕對相信鞋類的增長將遠高於我們的服裝增長。我們考慮了我們一直在談論的一些供應挑戰，去年也受到更大影響的鞋類。因此，在 23 財年，我們絕對預計鞋類的增長速度將比服裝快得多，但目前我們實際上並沒有按渠道細分。

All right. I could follow up then maybe Patrik, you talked about your confidence in the long-term outlook. Could you sort of maybe connect what fiscal '23 is going to look like versus your longer-term view of what kind of sales growth you expect from Under Armour and what kind of margins you expect?

好的。我可以跟進，也許帕特里克，你談到了你對長期前景的信心。您能否將 23 財年的情況與您對 Under Armour 的預期銷售增長和預期利潤率的長期看法聯繫起來？

Sure. I think first of all, thanks for the question, Jay. And I just wanted to make sure that I set the record straight a little bit here.

當然。我想首先，謝謝你的問題，傑伊。我只是想確保我在這裡把記錄弄直了一點。

We came into our last call being very adamant that we saw some of these developments that currently are still with us here on the supply chain and logistics side, what we weren't seeing as visibly at that point in time was what happened towards the end of last quarter, which was the development in China and also the even further acceleration in freight costs, all of these things being what we believe are temporary.

我們在最後一次電話會議上非常堅定地認為，我們看到了一些目前在供應鍊和物流方面仍然存在的這些發展，我們當時沒有看到的是最後發生的事情上個季度，這是中國的發展，也是貨運成本的進一步加速，所有這些都是我們認為是暫時的。

And of course, there's a somewhat of a frustration, I would say, in the team because we do feel that we have demand for the brand in the marketplace across the world. And the actions that we've taken, both in the quarter that we just came out of where we had also pulled back on our order stock simply to make sure that we could get things here in time again, staying disciplined, making sure that we're not getting on top of our skis in terms of building too much inventory in an uncertain environment.

當然，我想說，團隊中有些挫敗感，因為我們確實覺得我們在全球市場上都有對該品牌的需求。我們採取的行動，無論是在我們剛剛走出的那個季度，我們還撤回了我們的訂單庫存，只是為了確保我們能夠及時再次把東西送到這裡，保持紀律，確保我們在不確定的環境中建立過多的庫存方面，我們並沒有超越我們的滑雪板。

The same thing plays into 2023, right? We -- like Dave just said, we have a 10-point headwind just in the first quarter in orders that we've canceled, and that demand that was actually there. So there's certainly a bit of frustration.

2023 年也是如此，對吧？我們 - 就像戴夫剛剛說的那樣，我們在第一季度取消的訂單有 10 個百分點的逆風，而這種需求實際上是存在的。所以肯定有一些挫敗感。

But at the same time, it's temporary. The underlying demand for the brand is there. The brand is getting stronger. The work we've done around transformation is working. Our operating model is foundationally -- the fundamentals are really good right now for us.

但與此同時，它是暫時的。對品牌的潛在需求就在那裡。品牌越來越強大。我們圍繞轉型所做的工作正在奏效。我們的運營模式是根本性的——現在對我們來說基本面真的很好。

So we have to get through this temporary time that we're in right now, get out on the other side. And like Dave said and I also said in my script, we feel good about growth going forward. And also, we feel good about an ability to continue to grow our margins back again.

所以我們必須度過我們現在所處的這個臨時時間，從另一邊出去。就像戴夫說的，我也在我的劇本中說，我們對未來的增長感覺很好。而且，我們對能夠繼續再次增加利潤的能力感到滿意。

So this is a temporary state for this brand, and there is certainly a bit of frustration in the teams because we had to make these decisions that if we hadn't made them, we would have been sitting most likely with inventory coming in late. And we want to continue to stay disciplined.

所以對於這個品牌來說，這是一個暫時的狀態，團隊中肯定會有一些挫敗感，因為我們必須做出這些決定，如果我們沒有做出這些決定，我們很可能會因為庫存遲到而坐下來。我們希望繼續保持紀律。

We've done so much great work over the last few years and making sure that we have the right level of inventories. We came again into this quarter, I would say, even lean, right, with a negative 3 inventory. Would I like to have that a little bit higher? Probably, right, at this point.

在過去的幾年裡，我們做了很多出色的工作，並確保我們擁有合適的庫存水平。我們再次進入本季度，我會說，甚至精益，對，負 3 庫存。我想要高一點嗎？可能，對，在這一點上。

But the reality is also when I look at it longer term, we will start to build back inventory in the back half of the year, to Dave's earlier point. And we'll start to get healthier from a revenue growth perspective as well in the back half of the year as we accelerate out of this temporary situation. So I just wanted to give a little bit more color for everyone on the call in terms of how we see the situation right now.

但現實也是，當我從長遠來看，我們將在今年下半年開始增加庫存，達到戴夫早些時候的觀點。從收入增長的角度來看，隨著我們加速擺脫這種暫時的局面，我們將在今年下半年開始變得更健康。因此，我只是想就我們現在如何看待這種情況，為通話中的每個人提供更多的色彩。

And Jay, maybe to take that a little bit further, this is Dave. We talked about the 3 percentage points of headwinds in fiscal '23. So if you kind of adjusted for that, you would point to an 8% to 10% kind of underlying range for fiscal '23.

傑伊，也許更進一步，這是戴夫。我們談到了 23 財年 3 個百分點的逆風。因此，如果您對此進行調整，您會指出 23 財年的潛在範圍為 8% 至 10%。

But based on where we are with our relationships and where we are with our long-term planning, we see fiscal '24 with the ability to grow more than that. So we're excited about that. We're excited about continuing to improve gross margin after fiscal '23 and then also even deeper leverage on the SG&A with all the cost structure work and finally bringing our restructuring plan to closure. So definitely excited about launching into fiscal '24.

但是根據我們的關係以及我們的長期規劃，我們認為 24 財年的增長能力不止於此。所以我們對此感到興奮。我們很高興在 23 財年之後繼續提高毛利率，然後通過所有成本結構工作進一步提高 SG&A 的槓桿作用，並最終結束我們的重組計劃。因此，對進入 24 財年感到非常興奮。

Next question comes from the line of Matthew Boss of JPMorgan.

下一個問題來自摩根大通的 Matthew Boss。

So Patrik, to your comments there, so a number of moving parts that are outside of your control. But is your overall assessment that you're getting at that underlying demand for the Under Armour brand today relative to 3 months ago is unchanged.

所以Patrik，對於你的評論，許多活動部分不在你的控制範圍內。但是，與 3 個月前相比，您對 Under Armour 品牌的潛在需求的總體評估是否保持不變。

And then, Dave, just on the 5 to 7 revenue outlook for this year and your visibility, I guess, what are you seeing in terms of the order book, visibility and the supply situation as you see it today? Just trying to get a sense of your confidence in the 5 to 7 today given the moving parts?

然後，戴夫，就今年 5 到 7 的收入前景和你的知名度，我猜，你在訂單、知名度和供應情況方面看到了什麼，就像你今天看到的那樣？考慮到移動部件，只是想了解您對今天 5 到 7 點的信心嗎？

Sure, Matthew. I'll take the first part of that. Yes, the demand is there the same way it was on our last call. And again, I reiterate, remember we have to cancel product in the transition quarter. We talked about that already actually last fall in our earnings call last fall, the last one for the year. And again, in February, we talked about it. And we also then mentioned the visibility we had into the first part of 2023 that Dave now quantified for you today, but the demand, the underlying demand is there.

當然，馬修。我將採取第一部分。是的，需求與我們上次通話時一樣。我再次重申，請記住我們必須在過渡季度取消產品。我們實際上已經在去年秋天的財報電話會議中談到了這一點，這是今年的最後一個電話會議。再一次，在二月份，我們談到了它。然後我們還提到了戴夫今天為您量化的 2023 年上半年的可見性，但是需求，潛在的需求就在那裡。

And Matthew, I guess, further to your question more towards my angle, I would say that from a revenue perspective, we've got on the wholesale side, very good visibility for the first 3 quarters based on orders that we have. And we're comfortable with that.

馬修，我想，對於你的問題，我想更進一步，我想說的是，從收入的角度來看，我們已經在批發方面，根據我們擁有的訂單，前三個季度的知名度非常高。我們對此感到滿意。

Q4 is something that we'll be kind of working through here in the coming weeks. So I would say that we have very good visibility so far on the wholesale side.

第四季度是我們將在未來幾週內完成的工作。所以我想說，到目前為止，我們在批發方面的知名度非常高。

DTC side, I think we're planning very appropriately based on traffic and what we're seeing and our ability to drive conversion. And then when you think about the supply chain side, we've talked a lot about this on the last few calls about how the constraints with the factories created situations with the delays and the cancellations that we've had to proactively work through.

DTC 方面，我認為我們正在根據流量、我們所看到的以及我們推動轉化的能力進行非常適當的計劃。然後，當您考慮供應鏈方面時，我們在最近幾次電話會議上談了很多關於工廠的限制如何造成延誤和取消的情況，我們必須主動解決。

But our supply chain team is not sleeping. They are pushing hard for us every day. And we believe that the availability is really going to open up for us in the back half of this year, especially as we kind of go through and finish out Q3 and start running into Q4 more uninhibited by some of these issues. So I think we'll see a more complete quarter for us in Q4 and then really driving without these headwinds per se in fiscal '24.

但我們的供應鏈團隊並沒有睡覺。他們每天都在為我們努力。而且我們相信可用性真的會在今年下半年為我們開放，特別是當我們經歷並完成第三季度並開始進入第四季度時，這些問題更加不受這些問題的限制。因此，我認為我們將在第四季度看到一個更完整的季度，然後在 24 財年真正在沒有這些逆風的情況下駕駛。

Great. And then, Dave, on the gross margin outlook for the down 150 to 200, so if we think outside of freight, could you just help walk through the assumptions you're embedding on underlying merchandise margins, specifically promotions and pricing?

偉大的。然後，戴夫，關於毛利率下降 150 到 200 的前景，所以如果我們不考慮運費，你能不能幫忙看看你對潛在商品利潤率的假設，特別是促銷和定價？

And I guess my point is, what's the overall health of full-price selling in the athletic channel? Again, a number of moving parts, but is the athletic inventory situation today any different than, again, what it was 3 or 6 months ago as we think about pricing and promotion and the rational environment that I think we talked about on [the last] call?

我想我的觀點是，體育頻道全價銷售的整體健康狀況如何？再次，許多活動部件，但今天的運動庫存情況與 3 或 6 個月前的情況有什麼不同，因為我們考慮定價和促銷以及我認為我們在 [最後] 稱呼？

Yes, I can start, Dave, by just giving a little bit of color around what I see in the market, and then you can dig into some of the more detailed nuances there. I would say that I think it's mixed at this point in terms of how I think about what's going on with inventory in the marketplace.

是的，戴夫，我可以先對我在市場上看到的內容進行一些說明，然後您可以深入挖掘其中的一些更詳細的細微差別。我會說，我認為在我對市場庫存情況的看法方面，目前情況喜憂參半。

One of the reasons why we have been so, let's say, considerate in terms of how we had approached the inventory in the transition quarter and also in the beginning of '23 is that we did not want to be getting product in late that we would have to drive through a promotional liquidation. To Dave's earlier point, I mean, we're still looking to keep our liquidation number in that 3% to 4% range in 2023. And we see no reason why we couldn't do that.

比方說，我們在過渡季度以及 23 年初如何處理庫存方面如此體貼的原因之一是，我們不想在後期獲得我們想要的產品必須通過促銷清算。對於戴夫之前的觀點，我的意思是，我們仍然希望在 2023 年將清算數量保持在 3% 到 4% 的範圍內。我們認為沒有理由不能做到這一點。

And a lot of that is because we have been so diligent around this. How that plays out for other players in our space, I think, will depend on where you are in the world in terms of geography, but also in terms of how much product you have order potentially that might come in late, et cetera.

其中很大一部分是因為我們在這方面非常勤奮。我認為，這對我們這個領域的其他參與者如何發揮作用，將取決於你在世界上的地理位置，還取決於你有多少可能會遲到的產品，等等。

So I think we'll see a mixed view here as we develop into the year a little bit more because simply, there's going to be pockets of inventory here and there that is going to have to be liquidated. That's not necessarily the case for Under Armour though. Dave, do you want to add some more color?

因此，我認為隨著今年的發展，我們會看到一個喜憂參半的觀點，因為簡單地說，這里和那裡都會有一些庫存必須被清算。不過，對於安德瑪來說，情況並非如此。戴夫，你想再添點顏色嗎？

Yes. I mean, I guess, a little bit more detail kind of on the year-over-year gross margin walk. As far as the headwinds, the largest we see is the freight cost, mainly around ocean freight. And we don't anticipate that to settle very much this fiscal year.

是的。我的意思是，我想，關於同比毛利率走的更詳細一點。就逆風而言，我們看到的最大的是運費，主要是海運。而且我們預計本財年不會解決很多問題。

And then the other piece of it is product costing. It's -- when you think about the materials and the labor and the impacts of inflation, so we're feeling some of that as well.

然後是產品成本核算。這是 - 當您考慮材料和勞動力以及通貨膨脹的影響時，我們也感受到了一些。

Now we are working to counter that with some price increases, but that work and the actual actualization of that isn't going to be until a little bit in Q3 and then more so in Q4 and then more of a full benefit of that in fiscal '24.

現在我們正在努力通過一些價格上漲來應對這種情況，但是這項工作和實際實現要到第三季度才會有一點點，然後在第四季度更是如此，然後在財政年度中更多地受益'24.

Relative to region mix, not really much change or impact there on gross margin. As far as channel mix, there's a little bit of a headwind there with a little bit higher mix of distributor sales, which are a little bit lower gross margin.

相對於區域組合，毛利率並沒有太大的變化或影響。就渠道組合而言，那裡有一點逆風，分銷商銷售組合略高，毛利率略低。

And then we do have a tiny bit of headwind relative to footwear growing faster than apparel and accessories. And obviously, footwear for us, we've talked about, is a little bit lower gross margin than our apparel. But as far as a kind of promotional discounting aspect, we are not intending and nor are we planning on a big difference from 2021 at this point. We want to continue to hold premium and drive the brand.

相對於鞋類的增長速度快於服裝和配飾，我們確實有一點逆風。顯然，我們已經談到，對我們來說，鞋類的毛利率比我們的服裝要低一點。但就一種促銷折扣方面而言，我們不打算也不打算在這一點上與 2021 年有很大的不同。我們希望繼續保持溢價並推動品牌發展。

Next question comes from the line of Paul Lejuez of Citi.

下一個問題來自花旗的 Paul Lejuez。

Curious if you can talk about are there any regions where you're seeing orders getting canceled for demand reasons rather than you guys working with your partners from a supply chain perspective? Or is it all with you guys working with those guys, with your partners to make sure inventories stay clean? So I just want to make sure I'm clear on whether or not you are seeing demand-driven cancellations at all.

想知道是否有任何地區的訂單因需求原因而被取消，而不是你們從供應鏈的角度與合作夥伴合作？還是你們與這些人一起工作，與您的合作夥伴一起確保庫存保持清潔？所以我只是想確保我清楚你是否看到了需求驅動的取消。

And then just going back to the pricing question, how are you approaching pricing and trying to pass through higher prices on a regional basis? Where do you think you have more pricing power versus the regions where maybe you don't?

然後回到定價問題，你如何接近定價並試圖在區域基礎上通過更高的價格？與您可能沒有的地區相比，您認為您在哪些地區擁有更大的定價權？

Yes, I'll kick it off here. David, maybe you want to add a little bit on the pricing at the end. I'll give some color on that, too.

是的，我會從這裡開始。大衛，也許你想在最後增加一點定價。我也會給它一些顏色。

No, we're not seeing cancellations because of demand not being there. That's number one.

不，我們沒有看到因為沒有需求而取消。那是第一名。

Two, in terms of pricing, we're being careful in terms of how we think about pricing. It's not an across-the-board approach. We're being very, very thoughtful about how we do it in terms of our families and product categories and the regionality of it all.

第二，在定價方面，我們對定價的看法非常謹慎。這不是一個全面的方法。對於我們如何在家庭和產品類別以及這一切的區域性方面如何做到這一點，我們非常、非常深思熟慮。

But we see opportunity. We absolutely do. And we have looked through, let's say, every single product that we make, and we're making the appropriate adjustments where we feel confident that we can drive them to and sustain them, right?

但我們看到了機會。我們絕對這樣做。比方說，我們已經檢查了我們製造的每一個產品，並且我們正在做出適當的調整，我們有信心可以推動它們並維持它們，對嗎？

So there's opportunity here, we think, to sustain price increases here on the back of also building a more premium brand again. And that's really important as part of this journey that we're on.

因此，我們認為，這裡有機會在再次建立更優質的品牌的背景下維持價格上漲。作為我們正在進行的旅程的一部分，這非常重要。

So we are making great progress there. But to Dave's point, again, it's going to be successfully coming into play here throughout this year and then being fully implemented in '24. Dave, I don't know if you have any more color you'd like to add there.

所以我們在這方面取得了很大進展。但在戴夫看來，它會在今年全年成功發揮作用，然後在 24 年全面實施。戴夫，我不知道你是否還有想要添加的顏色。

No. I mean, I think that pretty much sums it up. I mean, we've been able to do some pricing action for fall/winter '22 product and then a fair amount more that we're executing for spring/summer '23 product. And then there's a little bit of trail out of things we still believe we have opportunity in in fall/winter '23.

不，我的意思是，我認為這幾乎可以概括。我的意思是，我們已經能夠為 22 年秋冬產品採取一些定價行動，然後我們為 23 年春/夏產品執行的定價更多。然後我們仍然相信我們在 23 年秋冬有機會的事情有一點線索。

So again, it will be a build of the benefit on that pricing, but it's been very strategic, not generally across-the-board increases, but in areas where we really feel from a price value and innovation perspective, we have some opportunities. And we're excited to be able to drive that through and feel the benefit of that as we go further into the year.

再說一遍，這將是該定價的好處，但它非常具有戰略意義，通常不會全面增加，但在我們從價格價值和創新角度真正感受到的領域，我們有一些機會。我們很高興能夠推動這一進程，並在我們進入這一年的過程中感受到它的好處。

And Dave, what sort of range should we be thinking about in terms of what you've already taken and what you plan to take in terms of price increases?

戴夫，就您已經採取的措施以及您計劃在價格上漲方面採取的措施而言，我們應該考慮什麼樣的範圍？

Well, we're not getting into that much detail publicly, but I would say that the majority of the benefit we will see towards the very end of Q4 and then a full year run rate benefit in fiscal '24. As far as the actual percentage increases, they vary depending on the product. It's very specific and targeted. It's not a broad X percent change.

好吧，我們並沒有公開詳細說明，但我想說的是，我們將在第四季度末看到大部分收益，然後在 24 財年實現全年運行率收益。至於實際百分比增加，它們會因產品而異。這是非常具體和有針對性的。這不是一個廣泛的 X% 變化。

Next question comes from the line of Sam Poser of Williams Harding.

下一個問題來自 Williams Harding 的 Sam Poser。

Let me ask you this -- about -- I'm going to go back on to the pricing. Is the pricing like -- how much new product do you have as a percentage? And on the new products, are you including that as price increases? You brought up the new fleece that you're bringing in for fall. Is that something that is now 15% higher than it would have been a year ago because of all of this? I mean -- or do you have to cycle through to bring enough new product and to get the payoff for the price increases that you're planning into '24?

讓我問你這個 - 關於 - 我將回到定價問題。定價是否像 - 您擁有多少新產品的百分比？在新產品上，您是否將其包括在價格上漲中？你帶來了秋天帶來的新羊毛。是不是因為這一切，現在比一年前高出 15%？我的意思是——或者你是否必須循環以帶來足夠的新產品並獲得你計劃到 24 年的價格上漲的回報？

It's Patrik. Maybe I'll start, David, you can take it on the back. So I just wanted to add some color there because you were specific about some product.

是帕特里克。也許我會開始，大衛，你可以把它放在後面。所以我只是想在那裡添加一些顏色，因為你對某些產品有特別的了解。

I think it's a combination, Sam, because, of course, a great opportunity to raise price is when you're actually introducing something new. And to your point, we have great newness coming in, in certain categories. And when we do that, that's absolutely an opportunity for us that we're going to take. And so that's correct. So Dave, do you have something else you want?

山姆，我認為這是一個組合，因為當然，提高價格的好機會是當你真正引入新東西時。就您而言，在某些類別中，我們有很大的新意。當我們這樣做時，這絕對是我們要抓住的機會。所以這是正確的。那麼戴夫，你還有什麼想要的嗎？

Yes. No, it's definitely both, to your point, Sam. And I think that there is definitely going to be a lot of opportunity relative to carryover styles as we start to ship them back in for the coming seasons.

是的。不，在你看來，這絕對是兩者兼而有之，Sam。而且我認為隨著我們開始將它們運回未來的季節，相對於結轉款式肯定會有很多機會。

What we have not been doing much of is going out onto the floor and reticketing what's out there. That has not been something that we've been pursuing a lot. It's more as we've been shipping in the next season or to Patrik's point, as we're launching new product, but it is a combination of both.

我們沒有做太多的事情是走到地板上並重新售票。這並不是我們一直在追求的東西。這更多是因為我們在下一季或帕特里克的觀點中發貨，因為我們正在推出新產品，但它是兩者的結合。

So it just takes time to cycle through. And then secondly, Patrik, you mentioned your confidence of how -- of the direction that you're going. We have a pause because of some external factors. But looking back, is there anything -- any indicator you may have missed earlier that you sort of hit yourself in the head and said if we had just responded to this 3 months earlier, we sort of saw it but didn't take them seriously as we should have. Anything that you could -- would have, could have kind of situation?

所以只需要時間來循環。其次，Patrik，你提到了你對如何——對你前進的方向的信心。由於一些外部因素，我們暫停了。但回首過去，有沒有什麼——你之前可能錯過的任何指標，你有點撞到自己的頭，說如果我們在 3 個月前剛剛對此做出回應，我們有點看到了，但沒有認真對待正如我們應該擁有的那樣。任何你能——會，可能有某種情況的東西？

Well, I think -- yes, I think it's a great question, Sam. And believe me you, I spent many nights trying to pound that one through.

嗯，我認為——是的，我認為這是一個很好的問題，Sam。相信我，我花了很多個晚上試圖通過它。

But here's the reality. Could we have potentially, right, if you think about where we were in fall, and I'll just take everybody here back a little bit in time. If you think about where we were last fall when we were starting to experiencing the shutdowns in the factory base and some of the impact that had, it was all like a rubber band effect, right? It took some time to -- and then they kind of accelerated.

但這是現實。如果您考慮一下我們在秋天的位置，我們是否有潛力，我會及時帶大家回到這裡。如果你想想去年秋天我們在哪裡開始經歷工廠基地的停工以及由此產生的一些影響，這就像橡皮筋效應，對吧？花了一些時間 - 然後他們加速了。

And then actually, you didn't have a lot of effect in the back half of last year. Rather you had an effect coming into this year and our sub-quarter. And when we saw that developing, first of all, we didn't know how long we were going to be constrained.

然後實際上，您在去年下半年沒有太大影響。相反，您對今年和我們的子季度產生了影響。當我們看到這種發展時，首先，我們不知道我們會被限制多久。

So we took the kind of the high road of saying, you know what, we're going to make sure that we can make the things that we can deliver as much on time as possible because we actually don't know. We don't have visibility right now to how much of a delay it's going to be.

所以我們採取了一種高尚的方式，說，你知道嗎，我們將確保我們能夠盡可能按時交付產品，因為我們實際上並不知道。我們現在不知道會有多少延遲。

We could have at that point said no, let's make all of it and gamble and then maybe sell some of it in future seasons. I come back then to the discipline that we have been driving for the last 3 years. Ever since 2018, if you remember, we've continued to wash through old inventory, get our inventory levels in check, improve our balance sheet to make sure that we're able to build a less promotional, more full price, more premium brand again.

那時我們本可以說不，讓我們全力以赴並賭博，然後可能在未來的幾個賽季中賣掉一些。然後我回到過去 3 年我們一直在推動的學科。如果您還記得的話，自 2018 年以來，我們一直在清理舊庫存，檢查庫存水平，改善資產負債表，以確保我們能夠建立一個更少促銷、更全價、更優質的品牌再次。

And I think we've been very successful with that. And that's what I mean in terms of the demand that we now see and also the premiumization that we're coming back to in the brand. So we could have done some of that, but we chose not to.

我認為我們在這方面非常成功。這就是我們現在看到的需求以及我們在品牌中回歸的高端化的意思。所以我們本可以做一些，但我們選擇不這樣做。

And we took the same approach here early in '23, where we also had the demand to Dave's earlier points, 3 points for the whole year and 10 points just in the first quarter of demand that was there. There are orders that we canceled because we knew that we were not going to be able to make it in time. And when I say in time, like way in time, right?

我們在 23 年初在這裡採取了同樣的方法，我們也有對 Dave 早期積分的需求，全年有 3 個積分，僅在第一季度就有 10 個積分。我們取消了一些訂單，因為我們知道我們無法及時完成。當我說及時，就像時間一樣，對吧？

So this isn't like 15 days, 30 days. It's more -- it's much more than that. So it would have been a high risk for us. And in an environment where you have so much uncertainty, where COVID is still playing into things, where actually supply chain continues to play into things, we just did not want to jeopardize future seasons for short-term maybes at this point. And those were the decisions we made that were based on external circumstances. So that's the kind of color I can give you on that, Sam.

所以這不是15天，30天。更多——遠不止於此。所以這對我們來說風險很大。在一個充滿不確定性的環境中，COVID仍在發揮作用，實際上供應鏈繼續發揮作用，我們只是不想在這一點上危及未來的短期可能季節。這些是我們根據外部環境做出的決定。這就是我可以給你的那種顏色，山姆。

And I have one last thing. The average selling prices on your direct-to-consumer in the quarter year-over-year, could you give us some color there, Dave?

我還有最後一件事。你直接面向消費者的平均售價在本季度同比，你能給我們一些顏色嗎，戴夫？

Dave?

戴夫？

We haven't normally given that level of detail at this point.

在這一點上，我們通常不會給出那個級別的細節。

But this isn't normal times, and it sort of talked to the health of the business. So I think maybe you can make an exception for today if you have it on hand?

但這不是正常時期，它有點關係到企業的健康狀況。所以我想如果你手頭有它，也許你今天可以破例？

We can circle back with you.

我們可以和你一起轉圈。

Next question comes from the line of Simeon Siegel of BMO Capital Markets.

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

Can you -- how are inventory units versus the reported dollar change on the balance sheet? And then maybe to follow up on that last one a little bit. Within the 5 to 7 revenue growth, can you tell us how you're thinking about AUR versus units?

你能 - 庫存單位與資產負債表上報告的美元變化相比如何？然後也許會跟進最後一個。在 5 到 7 的收入增長中，您能否告訴我們您如何看待 AUR 與單位？

And then just with today's guidance bringing annual gross margin closer to the pre-pandemic levels, just how are you thinking about the right long-term gross margin level?

然後，僅根據今天的指導使年度毛利率更接近大流行前的水平，您如何考慮正確的長期毛利率水平？

So a couple of things. Relative to inventory, obviously, we have seen the cost of our inventory go up a little bit. So relative to that, it is more of a units down than the actual inventory value or cost. And that's something that we would expect too. As we continue through the year, we know that our costing on inventory will continue to go up a little bit as we've discussed in our gross margin outlook.

所以有幾件事。相對於庫存，顯然，我們已經看到我們的庫存成本上升了一點。因此，相對於此，它比實際庫存價值或成本下降更多。這也是我們所期望的。隨著我們全年的繼續，我們知道我們的庫存成本將繼續上升一點，正如我們在毛利率前景中討論的那樣。

And then relative to kind of a price mix perspective, we do see pricing continuing to be something that has been a little bit stronger for us. And therefore, the unit growth has been a little less than the pricing difference. And that's something that we want to continue driving.

然後相對於價格組合的角度來看，我們確實看到定價對我們來說仍然有點強。因此，單位增長略低於定價差異。這就是我們想要繼續推動的事情。

And then long-term gross margins?

然後是長期毛利率？

Long-term gross margin, again, this year is more of a temporary situation, we believe, which is a lot of it is dealing with the freight situation, not just the ocean freight costs, but also airfreight utilization. And we believe that as we get into fiscal '24, we'll see much more positive improvement relative to that front.

長期毛利率再次，我們認為，今年更多的是暫時的情況，其中很多是在處理貨運情況，不僅僅是海運成本，還有空運利用率。我們相信，隨著我們進入 24 財年，我們將看到相對於這方面的更多積極改進。

And then as we go forward long term, we do believe that there is a lot of opportunity there to be able to get to that 50%-plus gross margin when you think about the APAC growth and that being a higher gross margin region for us, when you see the over-index growth that we're continuing to drive in the longer term relative to direct-to-consumer as a mix of business and the gross margin benefits there as well.

然後隨著我們的長期發展，我們確實相信，當您考慮到亞太地區的增長以及對我們來說這是一個更高的毛利率區域時，那裡有很多機會能夠達到 50% 以上的毛利率，當您看到我們在長期內繼續推動相對於直接面向消費者的超指數增長作為業務組合和那裡的毛利率收益時。

We will continue to see a little bit of long-term gross margin headwind because of the footwear mix and intending to grow footwear faster than apparel. But we believe that the other opportunities would more than offset that.

由於鞋類組合以及鞋類增長速度快於服裝增長，我們將繼續看到一些長期毛利率逆風。但我們相信，其他機會將遠遠抵消這一點。

Great. And then just one quick one, if I can. Just given where the shares are, you guys are obviously new to the repurchase game with the new authorization. So just any way to help us think about how you want to approach repurchases?

偉大的。然後，如果可以的話，只需一個快速的。就股票在哪裡，你們顯然是新授權的回購遊戲的新手。那麼有什麼方法可以幫助我們思考您希望如何進行回購？

Yes. I mean, right now, we executed the initial $300 million ASR of the $500 million commitment. And obviously, we'll be looking over the next year to 2 years on the right times to fulfill the remainder of that -- the remaining $200 million.

是的。我的意思是，現在，我們執行了 5 億美元承諾中最初的 3 億美元 ASR。顯然，我們將在未來一年到兩年內尋找合適的時間來完成剩下的部分——剩下的 2 億美元。

Outside of that, we continue to look at our long-term planning and our long-term capital and the uses of that capital. We're not right now at a point where we're going to give an indication of if we're going to roll right into another program or not. But it's definitely something that we continue to look at.

除此之外，我們繼續關注我們的長期規劃和我們的長期資本以及這些資本的用途。我們現在還沒有指示我們是否要直接進入另一個程序。但這絕對是我們繼續關注的事情。

Next question comes from the line of Michael Binetti of Credit Suisse.

下一個問題來自瑞士信貸的 Michael Binetti。

I guess on SG&A, we're just looking at the math you guys laid out for the year versus the quarter. It looks like SG&A spend goes from like 9%, 10% in the first quarter, down to like 1% to 4% rest of year. It's obviously below where it's been running in the last few quarters. Is that a good run rate as you think out longer term?

我想在 SG&A 上，我們只是在看你們為今年與本季度製定的數學。看起來 SG&A 支出從第一季度的 9%、10% 下降到今年剩餘時間的 1% 到 4%。它顯然低於過去幾個季度的運行水平。從長遠來看，這是一個不錯的運行率嗎？

And maybe a little bit of color on what flows in the spending lines after the June quarter to help us think alongside you there? And then it was nice to see, I guess, we're looking at things on a 3-year basis to go back before COVID. It was nice to see the acceleration in D2C in the quarter in total versus the December quarter.

也許在 6 月季度之後的支出線中流動一些顏色，以幫助我們在那裡與您一起思考？然後很高興看到，我想，我們正在以 3 年為基礎審視事情，以回到 COVID 之前。很高興看到該季度的 D2C 總體與 12 月季度相比有所加速。

I'm curious about wholesale, though, thoughts on wholesale inventories in the channel today, what you're seeing from competitors. I know you said you don't have as much inventory as you wanted, Patrik, but do your retailers in the U.S. have enough in general? Or are they still hungry? Or are you starting to see inventories build?

不過，我對批發很好奇，對今天渠道中批發庫存的想法，以及您從競爭對手那裡看到的情況。我知道你說過你沒有你想要的那麼多庫存，Patrik，但是你在美國的零售商總體上是否有足夠的庫存？還是他們還餓？還是您開始看到庫存增加？

Yes. I think I'll start there, Dave, and then you can dig into. I'll start at the end and maybe then hand it off to you.

是的。我想我會從那裡開始，戴夫，然後你可以深入研究。我會從最後開始，也許然後把它交給你。

I think what's interesting right now is the fact that I think everybody's inventory is coming in, in a somewhat disjointed fashion. What I mean by that is I think that you could say in general that it's been hard in our industry to get the right stuff, the right place at the right time. You might have stuff that you can get into the channel, but it's not necessarily always coordinated.

我認為現在有趣的是，我認為每個人的庫存都在以一種有點脫節的方式進入。我的意思是，我認為您可以籠統地說，在我們的行業中很難在正確的時間獲得正確的東西、正確的地點。你可能有可以進入頻道的東西，但不一定總是協調的。

And I think we'll continue to see some of that play out here early in '23. So I don't think that the inventory levels are extraordinarily high or anything like that at this point in time. It's the quality and the, let's say, the consistency and the composition of it that might be a little bit out of sync, out of order, so to speak, here and there.

而且我認為我們將在 23 年初繼續看到其中的一些上演。因此，我認為此時庫存水平不會異常高或類似。它的質量和，比方說，它的一致性和組成可能有點不同步，亂序，可以這麼說，在這里和那裡。

And that's why it's so hard to give a -- an exact indicator of the health of every channel is because it is a little bit helter-skelter in terms of how things have come in, better in some places and worse in others. And also the same would be -- could be said for categories, right?

這就是為什麼很難給出每個渠道健康狀況的準確指標，因為就事情的進展而言，它有點倉促，在某些地方更好，在其他地方更糟。同樣——可以說是類別，對吧？

You're delivering some things better than other things. So that's really what's going on right now. I think it's playing out across categories and across geographies and also across channels. So Dave, you want to dig in?

你提供的一些東西比其他東西更好。所以這就是現在正在發生的事情。我認為它正在跨類別、跨地域和跨渠道發揮作用。那麼戴夫，你想深入研究嗎？

Yes. Michael, relative to SG&A, you're correct in that the transition quarter was a pretty high SG&A quarter, and that was planned that way. We actually closed the quarter pretty much right on where we had planned it to be.

是的。邁克爾，相對於 SG&A，你說得對，因為過渡季度是一個相當高的 SG&A 季度，而且是這樣計劃的。我們實際上在我們計劃的地方結束了這個季度。

And that was mainly a higher marketing investment that we had strategically decided to make in the transition quarter, but then also the increased salaried and nonsalaried workforce wages that we had talked about previously and last year about the investments there.

這主要是我們戰略性地決定在過渡季度進行的一項更高的營銷投資，還有我們之前和去年談到的關於那裡的投資的帶薪和無薪勞動力工資的增加。

And when you think about Q1 of '23, we're kind of continuing that forward for 1 quarter. And so you do see a higher anticipated spend in the first quarter of the year. And part of that is to continue those investments in brand marketing and give us a little bit of a tailwind from a brand perspective as we push into the back half of the year when we have more inventory availability and more ability to kind of run there.

當您考慮 23 年第一季度時，我們會在 1 個季度內繼續前進。因此，您確實看到今年第一季度的預期支出更高。其中一部分是繼續在品牌營銷方面的投資，並從品牌的角度給我們帶來一點順風，因為我們將進入下半年，因為我們有更多的庫存可用性和更多的運營能力。

So we do anticipate leveraging SG&A and keeping it under that revenue growth rate that we mentioned of 5% to 7%. I would say that the leveraging is not as significant as I would normally like, and that is because of the revenue headwinds that we're talking about that we believe are temporary.

因此，我們確實預計會利用 SG&A 並將其保持在我們提到的 5% 到 7% 的收入增長率之下。我想說的是，槓桿作用並不像我通常希望的那麼重要，這是因為我們正在談論的收入逆風是暫時的。

So as we step into fiscal '24, we would anticipate leveraging SG&A more so than what we're planning to do here in fiscal '23. But hopefully, that gives you some extra color.

因此，當我們進入 24 財年時，我們預計會比我們計劃在 23 財年更多地利用 SG&A。但希望這能給你一些額外的色彩。

And then would you say -- I mean, it looks like back of the year, you've got revenues growing like 7% to 9% and SG&A only 1% to 4%. That's a considerable amount of leverage. I mean, as you look to '24, is that -- I mean, is that an appropriate framework, do you think?

然後你會說 - 我的意思是，看起來像今年，你的收入增長了 7% 到 9%，而 SG&A 僅增長了 1% 到 4%。這是相當大的槓桿作用。我的意思是，當你看 24 年時，那是 - 我的意思是，這是一個合適的框架，你認為嗎？

That might be a little bit aggressive assumption as we think about '24, but definitely leveraging better than what you would see full year '23.

當我們考慮 24 年時，這可能是一個有點激進的假設，但絕對比你看到的 23 年全年更好地利用槓桿作用。

Next question comes from the line of John Kernan of Cowen.

下一個問題來自 Cowen 的 John Kernan。

Dave, maybe you can talk to how you're planning the balance sheet as we go through the remainder of the year? It looks like the stub quarter did see a fair amount of working capital volatility. I think the cash flow from operations earned about a little over $300 million. How do we plan working capital, particularly inventory and the balance sheet as we go through the remainder of the year?

戴夫，也許你可以談談在我們度過今年剩餘時間的時候你是如何計劃資產負債表的？看起來存根季度確實出現了相當大的營運資金波動。我認為運營產生的現金流量約為 3 億多美元。在今年餘下的時間裡，我們如何規劃營運資金，尤其是庫存和資產負債表？

Sure, John. A couple of things to think about there. As we go into the back half of the year and the supply chain challenges free up more and we're able to meet more demand, we will be bringing in more inventory. So you will see the inventory growth go up a little bit in the back half of the year as we buy into that and get ready for that demand that we can actually service better in the back half of the year and then also going into a bigger growth in fiscal '24. So you will see that develop from an inventory perspective.

當然，約翰。有幾件事要考慮。隨著我們進入今年下半年，供應鏈挑戰更加自由，我們能夠滿足更多需求，我們將引入更多庫存。因此，您會看到庫存增長在今年下半年略有上升，因為我們買入並為這種需求做好準備，我們實際上可以在下半年提供更好的服務，然後也進入更大的'24 財政年度的增長。所以你會從庫存的角度看到它的發展。

Relative to the rest of working capital, we're continuing to run it very tight. We're in a very healthy AR position. We're in some of the best AR aging positions around the world that we've been in now probably for the last 6 to 9 months versus years back. So cash conversion cycle is still very tight.

相對於其他營運資金，我們將繼續非常緊張地運行它。我們處於非常健康的 AR 位置。我們處於世界上一些最好的 AR 老化位置，我們現在可能在過去 6 到 9 個月而不是幾年前處於這種位置。所以現金轉換週期還是很緊的。

The other aspect would probably be from a CapEx perspective. We are going to be investing a little bit more in CapEx this year than we have in the last few years, which hopefully should make sense. We tailored back during COVID and some of those challenges and also during the restructuring period, whereas we've talked publicly about being in that kind of 3% to 5% range CapEx to revenue. We were running more like 2% or less for a few years, whereas this year, we'll probably run closer to the midpoint of that 3% to 5% range.

另一方面可能是從資本支出的角度來看。今年我們在資本支出上的投資將比過去幾年多一點，希望這應該是有意義的。我們在 COVID 和其中一些挑戰以及重組期間進行了調整，而我們已經公開談論過資本支出與收入的比例在 3% 到 5% 之間。幾年來，我們的運行速度接近 2% 或更低，而今年，我們可能會接近 3% 到 5% 範圍的中點。

And that is investing in retail store build-outs. That's investing in fixtures and shop-in-shops within wholesale partners around the world. That is investing in omni and digital. But it also has to do with starting to build out our new long-term headquarters here in Baltimore as well, which we're super excited about for our teammates.

這就是投資零售店的擴建。那就是在世界各地的批發合作夥伴中投資於固定裝置和店中店。那就是投資於全方位和數字化。但這也與開始在巴爾的摩建立我們新的長期總部有關，我們為我們的隊友感到非常興奮。

That's really helpful. Just one final question for me. Just how do we think about China within Asia Pac? Asia Pac had been a region that -- a big growth region really during the pandemic and during your fiscal '21. How do we think about Asia and China in fiscal '23 and '24?

這真的很有幫助。對我來說最後一個問題。我們如何看待亞太地區的中國？亞太地區在大流行期間和您的 21 財年期間確實是一個增長很大的地區。我們如何看待 23 財年和 24 財年的亞洲和中國？

I think the -- if you think about APAC as a region, the area outside of China, and now I'm talking specifically about Southeast APAC, Australia, Singapore, Thailand, et cetera. And also, I would say our market in South Korea is doing well.

我認為 - 如果您將亞太地區視為一個地區，即中國以外的地區，現在我專門談論東南亞太地區、澳大利亞、新加坡、泰國等。而且，我想說我們在韓國的市場表現不錯。

China is what China is right now, and we're attracted like everybody else in that market. And we'll continue to monitor and manage according to how things develop. Dave, I don't know if you want to give some color on the magnitude of what we see there right now?

中國就是現在的中國，我們和那個市場上的其他人一樣被吸引。我們將繼續根據事態發展進行監控和管理。戴夫，我不知道你是否想對我們現在看到的規模給出一些顏色？

Yes. I mean, again, APAC as a region is a very strong area for us to continue to grow. China specifically, as we've talked about, is experiencing some headwinds. We don't see that as an Under Armour brand thing. It is more of a market challenge and then obviously, right now with the lockdowns and store restrictions that we're dealing with.

是的。我的意思是，亞太地區作為一個地區是我們繼續發展的一個非常強大的領域。具體來說，正如我們所談到的，中國正經歷一些逆風。我們不認為這是安德瑪品牌的事情。這更像是一個市場挑戰，然後顯然，現在我們正在處理的鎖定和商店限制。

So I think the team is doing an excellent job, and we're ready to continue growing the brand there. But there are temporary challenges that we are absolutely experiencing there. And it's a combination.

所以我認為團隊做得很好，我們準備在那裡繼續發展品牌。但是我們在那裡絕對會遇到一些暫時的挑戰。這是一個組合。

It's the restrictions and the lockdowns. It's also the impact that, that has on transportation and therefore, our ability to be able to get product to the right place at the right time within China and then just a little bit of overall softness continuing in the market for many of the international brands that aren't based in China.

這是限制和封鎖。這也是對運輸的影響，因此，我們能夠在中國的正確時間將產品送到正確的地方，然後對許多國際品牌的市場繼續保持一點點整體疲軟不在中國的。

So a lot of play there, but we're continuing to move through. And we see that situation improving a little bit as we get into Q2 and then even more so as we get into Q3 and Q4.

所以那裡有很多比賽，但我們正在繼續前進。隨著我們進入第二季度，我們看到這種情況有所改善，然後隨著我們進入第三季度和第四季度，情況甚至會有所改善。

Next question comes from the line of Katie Fitzsimons of Wells Fargo.

下一個問題來自富國銀行的 Katie Fitzsimons。

Yes. Most of mine have been taken, but I was wondering if you could kind of expand maybe on some of the conversations with your wholesale partners, particularly here in North America within the FY '23? How do you -- can you just -- in terms of the current health of the relationship, Patrik, you've [already] spoken to kind of progress there.

是的。我的大部分內容都已被佔用，但我想知道您是否可以擴展與您的批發合作夥伴的一些對話，尤其是在 23 財年的北美這裡？就目前關係的健康狀況而言，你如何——你能不能——帕特里克，你[已經]談到了那裡的進展。

But when we're thinking about fall holiday, have your partners booked earlier, just given some supply chain constraints that they're seeing? Just how should we think about how some of those conversations are evolving with you to spring? And then, Dave, real quick, just a modeling question. Just any thoughts on the tax rate here in '23?

但是當我們考慮秋季假期時，您的合作夥伴是否提前預訂，只是考慮到他們看到的一些供應鏈限制？我們應該如何思考其中一些對話是如何與你一起發展到春天的？然後，戴夫，很快，只是一個建模問題。對 23 年的稅率有什麼想法嗎？

Yes. Sure. Thank you, Katie. From a wholesale perspective, with our wholesale partners in the U.S., first of all, we're now through the [active] on all the undifferentiated retail. So we're incredibly focused in the North American marketplace.

是的。當然。謝謝你，凱蒂。從批發的角度來看，首先，與我們在美國的批發合作夥伴一起，我們現在正在通過 [active] 進行所有無差別零售。所以我們非常專注於北美市場。

Our relationships are great, I would say. I would categorize it as the best I've felt about that since I got here, and we continue to make great progress with -- across the board, I would say. So excited about that. Some disappointment, of course, in terms of our ability to fulfill demand in the stub quarter to some extent, but also early in '23.

我想說，我們的關係很好。我將其歸類為自從我來到這里以來我所感受到的最好的，並且我們繼續取得很大進展 - 我會說，全面。對此非常興奮。當然，就我們在一定程度上滿足存根季度需求的能力而言，有些失望，但在 23 年初也是如此。

But to Dave's earlier point, we'll see inventory start to build back towards the back half of the year and into our fourth quarter. And I'm excited about the work that the teams are doing. Dave?

但就戴夫早先的觀點而言，我們將看到庫存開始回升到今年下半年和第四季度。我對團隊正在做的工作感到興奮。戴夫？

Yes. And relative to the tax rate, it's interesting. There's obviously a lot going on within our taxes right now. But a couple of things to consider.

是的。相對於稅率，這很有趣。現在我們的稅收顯然有很多事情要做。但是有幾件事需要考慮。

When you think about the benefit that we expect in Q4, that is a valuation allowance that we're expecting to reverse based on rebuilding profitability and kind of hitting that 36-month trailing profitability factor. So that is definitely a benefit. But we're looking at a tax rate that's probably going to end up being in the high single to low double-digit range when all things are considered.

當您考慮我們在第四季度預期的收益時，這是我們預計基於重建盈利能力和達到 36 個月追踪盈利能力因素的估值津貼。所以這絕對是一個好處。但是，考慮到所有因素，我們正在研究的稅率可能最終會處於高個位數到低兩位數的範圍內。

Still there? Katie, are you there?

還在那裡？凱蒂，你在嗎？

Sorry. And if I could just one follow-up just on that inventory question. You guys are speaking from a greater alignment of supply and demand. How should we think about that prioritization maybe as we think about 3Q and into 4Q between wholesale and DTC, maybe just given some of the wholesale orders in the first half of the year, you guys haven't been able to meet that demand, I guess I should say or you don't meet the demand to (inaudible) that also you would have liked?

對不起。如果我可以就該庫存問題進行一次跟進。你們是從供需更加協調的角度說的。我們應該如何考慮優先級也許就像我們考慮批發和DTC之間的第三季度和第四季度一樣，也許只是考慮到上半年的一些批發訂單，你們無法滿足這個需求，我猜我應該說，或者你不滿足（聽不清）你也會喜歡的要求？

Dave, do you want to take it or?

戴夫，你想接受還是？

Yes. To be honest, Katie, I was having a little bit of a hard time hearing you. I think you were talking about, is it inventory availability to service back half demand? Is that what you're getting at?

是的。老實說，凱蒂，我聽你說話有點難。我想你在談論，是否有庫存可用性來滿足一半的需求？這就是你的意思嗎？

And where it's going? Is it how are we prioritizing it is what I heard. Yes. Yes. So I think -- Dave, go ahead.

它要去哪裡？我聽到的是我們如何優先處理它。是的。是的。所以我想——戴夫，繼續。

Yes, I was going to say, again, we do see a lot more availability opening up in Q3 and Q4, especially Q4. We are prioritizing our kind of our key wholesale partners the most and then also in conjunction with that, our brand house and eComm channel.

是的，我要再說一次，我們確實看到第三季度和第四季度開放了更多的可用性，尤其是第四季度。我們最優先考慮我們的主要批發合作夥伴，然後還與我們的品牌和電子商務渠道相結合。

But I think as we get to Q4, pretty much all of our retailers should be able to feel kind of the full open availability of getting product to them. So it shouldn't have to be as much prioritization as we get into Q4.

但我認為，隨著我們進入第四季度，我們幾乎所有的零售商都應該能夠感受到向他們提供產品的完全開放的可用性。所以它不應該像我們進入第四季度那樣優先。

Next question comes from the line of Bob Drbul of Guggenheim.

下一個問題來自古根海姆的 Bob Drbul。

Just a couple of quick questions for me. On the marketing, can you address a little bit sort of how you're planning the marketing spend and/or endorsements in fiscal '23 and into '24? And I'm just wondering if you can maybe just give us an update on your kids business, sort of where the trends are there and what you're seeing with that segment.

對我來說只是幾個簡單的問題。在營銷方面，您能否談談您如何計劃 23 財年和 24 財年的營銷支出和/或背書？我只是想知道您是否可以向我們提供有關您孩子業務的最新信息，趨勢在哪里以及您在該細分市場中看到的情況。

Sure. I think our general spend of marketing in a normalized environment would be somewhere between 10% to 11%. We've been spending a little bit higher, like Dave said, in the transition quarter. And we're going to spend a little higher here in the coming quarter but should normalize towards the back half of the year.

當然。我認為我們在標準化環境中的一般營銷支出將在 10% 到 11% 之間。正如戴夫所說，在過渡季度，我們的支出一直在增加。我們將在下一季度在這里花費更多，但應該在今年下半年正常化。

And we kind of aim to stay in that kind of spend in terms of marketing going forward between 10% and 11%. And of course, if it comes to endorsement, we've been announcing some pretty exciting things here lately. I talked about in my script around expanding Jordan, for example, Tyrone Mings, the centerback for Aston Villa and others here in just lately.

我們的目標是將營銷支出保持在 10% 到 11% 之間。當然，如果涉及到代言，我們最近在這裡宣布了一些非常令人興奮的事情。我在劇本中談到了擴展喬丹，例如泰隆·明斯，阿斯頓維拉的中衛和最近在這裡的其他人。

So we'll continue to adjust our portfolio in the way that it makes sense for us as a brand as we go forward. The main thing for us when it comes to the relationships that we have is really our ability to activate them. And as we move into the future and we continue to get better and better in terms of understanding, first of all, what assets matter to us.

因此，我們將繼續調整我們的產品組合，使其在我們前進的過程中成為一個品牌。當涉及到我們所擁有的關係時，對我們來說最重要的是我們激活它們的能力。隨著我們走向未來，我們在理解方面繼續變得越來越好，首先，什麼資產對我們很重要。

And we do that through a return on marketing investment modeling that we do and the mixed media approach that we have, where we now have these tools in place where we can understand what makes sense for the brand. And also what makes sense for either the partner in this case. And for us, we now feel very good about the mix that we have and the rebalancing that we've done also through the restructuring over the last 3, 4 years.

我們通過我們所做的營銷投資模型的回報和我們擁有的混合媒體方法來做到這一點，我們現在擁有這些工具，我們可以了解什麼對品牌有意義。在這種情況下，對於任何一方來說，這也是有意義的。對我們來說，我們現在對我們擁有的組合以及通過過去 3、4 年的重組所做的再平衡感到非常滿意。

And that's really exciting for us because we're now able to activate more of our partnerships than we've ever have been able to do before, which is really exciting.

這對我們來說真的很令人興奮，因為我們現在能夠激活比以前更多的合作夥伴關係，這真的很令人興奮。

And the kids business.

還有孩子的生意。

And the kids -- sorry, I thought Dave was going -- okay. Yes, the youth business is healthy. Our youth business is healthy. And we saw an increase in both our Team Sports business and our youth business as we came into back-to-school in 2021. And that's started to normalize more, and that trend for us in terms of the strength of our youth business has continued. And we are very excited about how we think about that going forward as we see a normalized back-to-school season this year too, especially here in the U.S. in the back half of the year.

還有孩子們——對不起，我以為戴夫要去——好吧。是的，青年事業是健康的。我們的青年事業是健康的。隨著我們在 2021 年重返校園，我們的團隊運動業務和青年業務都出現了增長。而且這種情況開始更加正常化，而且就我們青年業務的實力而言，這種趨勢對我們來說仍在繼續.我們對我們如何看待這一點感到非常興奮，因為我們今年也看到了一個正常的返校季，尤其是在今年下半年的美國。

That'll close us out for today. I appreciate you participating and attending the call today, and I look forward to catching up with you. Thank you.

這將關閉我們今天。感謝您今天參與和參加電話會議，我期待與您聯繫。謝謝你。

Thank you.

謝謝你。

Thank you, everybody. Thank you.

謝謝大家。謝謝你。

Thank you so much to our presenters and to everyone that participated. This concludes today's conference call. You may now disconnect. Have a great day.

非常感謝我們的主持人和所有參與的人。今天的電話會議到此結束。您現在可以斷開連接。祝你有美好的一天。