Under Armour Inc (UAA) 2016 Q1 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the Under Armour Incorporated first-quarter 2016 earnings conference call and webcast.

女士們、先生們，美好的一天，歡迎參加 Under Armour 公司 2016 年第一季財報電話會議和網路廣播。

(Operator Instructions)

（操作員說明）

As a reminder, this conference is being recorded.

提醒一下，本次會議正在錄製中。

I would now like to hand the meeting over to Tom Shaw, Director of Investor Relations.

現在我想將會議交給投資者關係總監 Tom Shaw。

Please go ahead.

請繼續。

Thanks, and good morning to everyone joining us on today's first-quarter conference call.

謝謝，大家早安，參加今天的第一季電話會議。

During the course of this call we will be making projections or other forward-looking statements regarding future events or the future financial performance of the Company.

在本次電話會議期間，我們將對未來事件或公司未來財務表現做出預測或其他前瞻性陳述。

We wish to caution that such statements are subject to risks and uncertainties that could cause actual events or results to differ materially.

我們希望提醒您，此類陳述存在風險和不確定性，可能導致實際事件或結果出現重大差異。

These risks and uncertainties are described in our press release and the Risk Factor section of our filings with the SEC.

這些風險和不確定性在我們的新聞稿和我們向 SEC 提交的文件的風險因素部分中進行了描述。

The Company assumes no obligation to update forward-looking statements to reflect events or circumstances after the date on which the statement is made, or to reflect the occurrence of an anticipated events.

本公司不承擔更新前瞻性聲明以反映聲明發布之日之後的事件或情況，或反映預期事件發生的義務。

In addition, as required by Regulation G, we need to make you aware that during the call we will reference certain non-GAAP financial information.

此外，根據 G 條例的要求，我們需要讓您知道，在通話過程中我們將引用某些非 GAAP 財務資訊。

We provide a reconciliation of non-GAAP financial information in the earnings release and in the electronic version of portions of the script from today's call, both of which are available on our website at UAbiz.com.

我們在收益發布和今天電話會議腳本部分的電子版本中提供了非 GAAP 財務資訊的核對錶，這兩種資訊均可在我們的網站 UAbiz.com 上取得。

Joining us on today's call will be Kevin Plank, Chairman and CEO, followed by Chip Molloy, our CFO, who will discuss the Company's financial performance for the first quarter and provide an update to our 2016 outlook.

董事長兼執行長凱文·普蘭克(Kevin Plank) 和財務長奇普·莫洛伊(Chip Molloy) 將參加今天的電話會議，他們將討論公司第一季的財務業績並提供2016 年展望的最新資訊。

After the prepared remarks Kevin and Chip, along with our Senior Vice President of Corporate Finance, Dave Bergman, will be available for a Q&A session that will end at approximately 9:30 AM.

在準備好發言後，Kevin 和 Chip 以及我們的企業財務高級副總裁 Dave Bergman 將參加問答環節，該環節將於上午 9:30 左右結束。

Finally, a replay of this teleconference of be available at our website at approximately 11:00 AM Eastern time today.

最後，本次電話會議的重播將於東部時間今天上午 11:00 左右在我們的網站上提供。

With that, I will turn it over to Kevin Plank.

這樣，我將把它交給凱文普朗克。

Thank you Tom, And good morning everyone.

謝謝湯姆，大家早安。

Transformation.

轉型。

In 2016 the ability to adapt to the changing needs of the consumer is a defining metric of success.

2016 年，適應消費者不斷變化的需求的能力是成功的決定性指標。

For Under Armour that willingness to transform comes from our understanding that when the map differs from the terrain, we go with the terrain.

對 Under Armour 來說，改變的意願來自於我們的理解：當地圖與地形不同時，我們會順應地形。

Those words of advice came from former Navy Seal and Under Armour director Admiral Eric T. Olson, retired.

這些建議來自前海豹突擊隊和安德瑪總監、已退休的海軍上將埃里克·T·奧爾森。

And they aptly describe how we are navigating our Company as we enter our 20th year in business.

它們恰當地描述了我們在進入業務 20 週年之際如何引領公司發展。

I want to focus this morning on our transformation, the evolution that is manifesting itself across multiple product categories, channels, and geographies.

今天早上我想專注於我們的轉型，即在多個產品類別、通路和地理中體現的演變。

But first, our scoreboard.

但首先，我們的記分板。

We have started off our 20th year in business with impressive results.

我們已邁入第 20 個年頭，取得了令人矚目的業績。

Our first-quarter revenues grew 30%, with the growth coming from every facet of our business.

我們第一季的營收成長了 30%，成長來自於我們業務的各個方面。

And to be clear, that 30% number was no accident.

需要明確的是，30% 的數字並非偶然。

When Stephan Curry decided to average 30 points this season to take the scoring title while wearing the number 30, we thought that putting up 30% growth on our end was the best way for us to demonstrate our pride and support of Stephan and the Warriors.

當史蒂芬·庫裡決定本賽季場均貢獻30 分，穿著30 號球衣奪得得分王時，我們認為，在我們這方面實現30% 的增長是展示我們對史蒂芬和勇士隊的自豪和支持的最佳方式。

This means our top-line growth exceeded 20% for the 24th consecutive quarter.

這意味著我們的營收成長連續 24 個季度超過 20%。

That's six straight years above 20%.

這是連續六年高於 20%。

And we saw continued acceleration in both our Footwear and International businesses.

我們看到我們的鞋類和國際業務持續加速發展。

These results are a great example of what happens when we execute at a high level and deliver compelling, head-to-toe product for the consumer.

這些結果很好地說明了當我們以高水準執行並為消費者提供引人注目的、從頭到腳的產品時會發生什麼。

Last year, we achieved our first $1 billion quarter.

去年，我們實現了第一個 10 億美元季度的業績。

This year we expect every quarter to top $1 billion in revenues, based on our updated outlook of $5 billion, an important milestone for our brand.

根據我們最新的 50 億美元展望，今年我們預計每季的營收將突破 10 億美元，這是我們品牌的一個重要里程碑。

So let's focus on how and where we are transforming and driving our brand.

因此，讓我們專注於我們如何以及在何處轉型和推動我們的品牌。

The first example is in China, where we have patiently built a foundation we know is needed to capture the enormous growth opportunity in that market.

第一個例子是在中國，我們耐心地建立了一個基礎，我們知道這是抓住該市場巨大成長機會所必需的。

In this past quarter we earned more revenue in China in 90 days than we did in the full year of 2014.

上個季度，我們在中國 90 天內獲得的收入比 2014 年全年還要多。

We have grown judiciously in this critical market, building a solid foundation of core product with plants and an additional 120 owned and partner brand house stores in greater China throughout 2016.

我們在這個關鍵市場中取得了明智的發展，2016 年在大中華區設有工廠和額外 120 家自有及合作品牌專賣店，為核心產品奠定了堅實的基礎。

Last summer, we brought the NBA's best player, Stephan Curry, to China.

去年夏天，我們將NBA最好的球員史蒂芬柯瑞帶到了中國。

And his impact on the consumer there has been phenomenal.

他對當地消費者的影響是驚人的。

Driven by sales of the Curry 2, Footwear accounted for nearly one-third of our overall business in China compared to the rest of the world, which was less than 20% in 2015.

在 Curry 2 銷售的推動下，鞋類業務占我們在中國整體業務的近三分之一，與世界其他地區相比，2015 年這一比例還不到 20%。

Later this year we will once again travel to China and Southeast Asia with Stephan as we continue to drive brand awareness and consumer engagement all over the world.

今年晚些時候，我們將再次與 Stephan 一起前往中國和東南亞，繼續提高全球的品牌知名度和消費者參與度。

The other example that illustrates our ability to adapt is in our e-commerce business where we now operate 26 global sites, and for the first time more than half of our US traffic this quarter came through mobile devices.

另一個說明我們適應能力的例子是我們的電子商務業務，我們現在在全球經營 26 個網站，本季我們的美國流量首次超過一半來自行動裝置。

The rapid transformation in how people access our brand has been astounding.

人們造訪我們品牌的方式發生了令人震驚的快速轉變。

It is critical important that we reach our consumer where and how they shop.

至關重要的是，我們要接觸消費者的購物地點和方式。

And our focus is on improving our e-commerce consumer experience on both our own site, as well as our retail partner sites.

我們的重點是改善我們自己的網站以及零售合作夥伴網站上的電子商務消費者體驗。

These dynamic shifts are creating valuable diversification for our business.

這些動態變化為我們的業務創造了寶貴的多元化。

Today that diversification in our portfolio, whether it's wholesale versus DTC or North America versus international is a key factor in our ability to deliver 30% revenue growth, even in a quarter where one of our largest partners, The Sports Authority, filed for bankruptcy.

如今，我們的投資組合多元化，無論是批發還是DTC，還是北美還是國際，都是我們能夠實現30% 收入增長的關鍵因素，即使在我們最大的合作夥伴之一The Sports Authority 申請破產的季度也是如此。

China and e-commerce are just too small examples of how quickly our business is transforming.

中國和電子商務只是我們業務轉型速度的小例子。

We consider ourselves extremely fortunate to be in such a dynamic industry, one where our consumer is in a constant state of change, from new ways to think about your fitness, new fashion trends, or new athlete icons coming onto the scene.

我們認為自己非常幸運能夠身處這樣一個充滿活力的行業，我們的消費者處於不斷變化的狀態，從新的健身方式、新的時尚趨勢或新的運動員偶像的出現。

It's those changing dynamics that create opportunities to bring new consumers into our brand and to deepen the relationships with those already familiar with us.

正是這些不斷變化的動態創造了機會，將新消費者帶入我們的品牌，並加深與已經熟悉我們的消費者的關係。

These two examples are also compelling statements about the speed of change in our world.

這兩個例子也令人信服地說明了我們世界的變化速度。

We are running a much different business than we were last year, And the change is perpetual.

我們正在經營的業務與去年有很大不同，而且這種變化是永久性的。

So while others may measure our growth prospects solely by more myopic metrics, we look to our ability to adapt as an equally strong indicator of our continued pace of growth.

因此，雖然其他人可能僅透過更短視的指標來衡量我們的成長前景，但我們將我們的適應能力視為我們持續成長速度的同樣有力的指標。

Our growth, we have consistently delivered above 20% plus in top-line revenue for the past six years.

我們的成長，過去六年來我們的總收入持續成長 20% 以上。

Whether it's evolving to where athletes like Stephan Curry, Misty Copeland, Bryce Harper, Cam Newton, and Jordan Spieth are some of the young faces of our brand, or having our Footwear and International businesses leading our growth.

無論是發展到像史蒂芬·庫裡、米斯蒂·科普蘭、布萊斯·哈珀、卡姆·牛頓和喬丹·斯皮思這樣的運動員成為我們品牌的年輕面孔，還是讓我們的鞋類和國際業務引領我們的成長。

We are transforming our Company, and are doing so every 90 days.

我們正在對公司進行轉型，每 90 天就會進行一次。

This is a velocity that growth companies need to maintain to be competitive in 2016.

這是成長型公司在 2016 年保持競爭力所需的速度。

For Under Armour, it is the cadence at which we have competed since we've started this race 20 years ago, and the pace where our team is most comfortable.

對 Under Armour 來說，這是我們自 20 年前開始這項比賽以來一直在比賽的節奏，也是我們團隊最舒服的節奏。

That pace of growth is most evident in our Footwear business.

這種成長速度在我們的鞋類業務中最為明顯。

With revenues for the first quarter up 64%, and the footwear MVP for Under Armour just like he is the NBA is Stephan Curry.

第一季營收成長了 64%，Under Armour 的鞋類 MVP 是史蒂芬柯瑞（Stephan Curry），就像他在 NBA 一樣。

Our strong momentum in the fourth quarter of 2015 carried through into the new year, with the Curry 2 topping the signature shoe charts consistently week after week.

我們在 2015 年第四季的強勁勢頭延續到了新的一年，庫裡 2 連續一周都位居簽名鞋排行榜榜首。

Stephan's phenomenal season has brought unprecedented attention to our overall footwear business, and especially basketball footwear.

史蒂芬非凡的賽季為我們的整個鞋類業務，尤其是籃球鞋帶來了前所未有的關注。

And is driving both door expansion with our key mall partners and credibility with the hard-core basketball kid.

並正在推動與我們的主要購物中心合作夥伴的大門擴張以及與鐵桿籃球孩子的信譽。

With the NBA playoffs underway next month, we will be releasing the Curry 2.5 through Foot Locker and our own e-commerce channel.

隨著下個月 NBA 季後賽的到來，我們將透過 Foot Locker 和我們自己的電子商務管道發布 Curry 2.5。

It is the shoe that Stephan wore when his team accomplished its historic 73rd NBA win.

史蒂芬在帶領球隊取得歷史性的第 73 場 NBA 勝利時穿著這雙鞋。

And it's the shoe he is now going to be wearing in the playoffs.

這就是他現在在季後賽中將穿著的鞋子。

The Curry 2.5 will launch globally on July 1. And then we will come back this fall with the Curry 3. We recognize that Stephan's ascent to the top of the basketball world creates a once-in-a-generation opportunity for our brand, and our team is laser focused on delivering against that potential.

Curry 2.5 將於 7 月 1 日在全球發售。然後我們將在今年秋天推出 Curry 3。我們認識到史蒂芬登上籃球世界的頂峰為我們的品牌創造了千載難逢的機會，並且我們的團隊專注於發揮這一潛力。

As strong as basketball footwear has been for Under Armour, this past quarter we saw more premium footwear introductions entering into the marketplace than all of last year combined.

儘管 Under Armour 的籃球鞋表現強勁，但上個季度我們看到進入市場的優質鞋類數量比去年全年的總和還要多。

First up was the Under Armour Gemini 2 RE, The first UA record-equipped running shoe that interfaces with our Connected Fitness platform.

首先推出的是 Under Armour Gemini 2 RE，這是第一款配備 UA 記錄的跑鞋，可與我們的 Connected Fitness 平台連接。

This shoe tracks your every step and uploads data including time, date, duration, and distance directly into your chosen Under Armour digital dashboard, one of our four apps.

這款鞋可追蹤您的每一步，並將包括時間、日期、持續時間和距離在內的數據直接上傳到您選擇的 Under Armour 數位儀表板（我們的四個應用程式之一）中。

This untethered experience allows the athlete to run, device-free, with no start or no stop button.

這種不受束縛的體驗讓運動員可以在沒有任何設備、沒有開始或停止按鈕的情況下跑步。

So whether it's the Gemini 2 RE at $150 or its traditional counterpart at $130, when you build compelling innovative product at a variety of price points, the consumer can select the product that is right for their needs, staying within our brand.

因此，無論是150 美元的Gemini 2 RE 還是130 美元的傳統同類產品，當您以各種價位打造引人注目的創新產品時，消費者可以選擇最適合自己需求的產品，同時保持在我們的品牌範圍內。

Next up was the UA Architect, our first shoe with a 3-D printed mid sole made right here in Baltimore, Maryland.

接下來是 UA Architect，這是我們在馬裡蘭州巴爾的摩製造的第一款採用 3D 列印中底的鞋子。

The shoe sold out in 19 minutes on our e-commerce site at a suggested retail of $300.

這款鞋在我們的電子商務網站上 19 分鐘內就售空，建議零售價為 300 美元。

We will continue to test and learn with this technology and customization.

我們將繼續測試和學習這項技術和客製化。

And you can expect new 3-D printed iterations later this year.

您可以期待今年稍後推出新的 3D 列印版本。

And earlier this month we launched our line of golf footwear just ahead of Masters Week with three styles.

本月早些時候，我們在大師週之前推出了高爾夫鞋系列，共有三種款式。

The Tempo Tour at $220, the Drive One at $200, and the Tempo Tour Hybrid at $160, driving premium as we introduce ourselves to this market.

Tempo Tour 售價為 220 美元，Drive One 售價為 200 美元，Tempo Tour Hybrid 售價為 160 美元，當我們向這個市場介紹自己時，價格非常昂貴。

Jordan Spieth has energized the game of golf, and continues to drive incredible brand heat for us.

喬丹·斯皮思為高爾夫運動注入了活力，並繼續為我們帶來令人難以置信的品牌熱度。

We are well positioned to become the authentic performance alternative for today's passionate golfer.

我們完全有能力成為當今充滿熱情的高爾夫球手的真正的性能替代品。

Our entry into golf-specific footwear enables us to provide a head-to-toe solution.

我們涉足高爾夫專用鞋類領域，使我們能夠提供從頭到腳的解決方案。

The Drive One is already one of the top five selling items on our website, despite the presale launching just a few weeks ago.

儘管預售僅在幾週前啟動，但 Drive One 已成為我們網站上最暢銷的五款產品之一。

With the Curry shoes consistently leading the signature basketball market this season and the introduction of multiple running footwear shoes above $100, we are beginning to see meaningful growth in our footwear ASPs.

隨著柯瑞鞋本季持續引領簽名籃球市場，以及推出多款售價超過 100 美元的跑鞋，我們開始看到鞋類平均售價出現有意義的成長。

On a global basis our footwear ASPs grew in the high single digits in the first quarter.

在全球範圍內，我們的鞋類平均售價在第一季實現了高個位數成長。

And we expect them to continue to grow throughout the year, including in our largest footwear category, running.

我們預計它們全年將繼續成長，包括我們最大的鞋類——跑步鞋。

I spoke earlier about the strength of our business in China.

我之前談到了我們在中國業務的實力。

And it was clearly a key contributor to our overall international growth of 56% in the first quarter.

這顯然是我們第一季國際整體成長 56% 的關鍵因素。

During the quarter we also saw continued growth in the UK market.

本季我們也看到英國市場持續成長。

Last week we announced our new relationship with Southampton Football Club, starting in the 2016 and 2017 season, giving us our second UA team in the English Premiership, the world's most popular global football league.

上週，我們宣布與南安普敦足球俱樂部建立新的合作關係，從 2016 和 2017 賽季開始，我們將在英超聯賽（世界上最受歡迎的全球足球聯賽）中擁有第二支 UA 球隊。

With Totten Hausberg currently in second place in the EPL, we will have a strong presence in the league next year.

托滕豪斯伯格目前在英超聯賽中排名第二，我們明年將在聯賽中佔據強勢地位。

And if things fall right, Champions League play for the Spurs next season as well.

如果一切順利，熱刺下個賽季也將參加歐冠聯賽。

We continue to expand our wholesale presence in the UK by accelerating our business with key partners like Sports Direct and JD Sports.

我們透過加速與 Sports Direct 和 JD Sports 等主要合作夥伴的業務合作，繼續擴大在英國的批發業務。

Throughout the Europe, Middle East, and African regions we are seeing solid growth through our expanded Direct-to-Consumer business.

在整個歐洲、中東和非洲地區，我們透過擴大直接面向消費者的業務實現了穩健成長。

The addition of 250 shop-in-shops with partners throughout Europe, and this past quarter the introductions of our brand in Turkey and North and South Africa through distributors.

與歐洲各地的合作夥伴一起增加了 250 家店中店，上個季度透過經銷商在土耳其、北非和南非推出了我們的品牌。

Throughout other key markets around the globe, the UA brand continues to outperform and drive brand momentum.

在全球其他主要市場中，UA 品牌繼續表現出色並推動品牌發展勢頭。

And of course with the Olympics coming up the summer, we are seeing an increase in global brand awareness as our Rule Yourself campaign kicked off this past February with a memorable spot featuring the United States Women's Gymnastics Teams, Manchester United's Memphis Depay, and in preparation for what will likely be his own Olympic goodbye, the most decorated Olympic athlete of all time, the great Michael Phelps.

當然，隨著夏季奧運會的臨近，我們看到全球品牌知名度的提高，我們的「統治自己」活動於今年二月拉開序幕，其中包括美國女子體操隊、曼聯隊的孟菲斯·德佩和準備中的令人難忘的廣告偉大的邁克爾·菲爾普斯，可能是他自己的奧運告別，有史以來獲獎最多的奧運運動員。

So while core apparel products like training are driving the growth globally, our category focus in the US is already helping drive strong results across multiple businesses, including basketball, golf, and running.

因此，雖然訓練等核心服飾產品正在推動全球成長，但我們在美國的品類重點已經幫助推動籃球、高爾夫和跑步等多項業務取得強勁業績。

As we move into the balance of the year we'll start to see a greater impact from some of our apparel product innovations, like CoolSwitch that combines three active ingredients in a print technology that keeps you cool and performing at your best.

隨著歲末的到來，我們將開始看到我們的一些服裝產品創新的更大影響，例如 CoolSwitch，它在印刷技術中結合了三種活性成分，讓您保持涼爽並發揮最佳表現。

We are also bringing to market something called microthread, a new elastomeric thread that dries 30% faster and is 70% more breathable than similar Lycra.

我們也向市場推出了一種稱為微線的東西，這是一種新型彈性線，與類似的萊卡相比，乾燥速度快 30%，透氣性高 70%。

We are focused on innovating at the yarn level, and expect to drive even bigger innovations in the years to come in all of our product categories.

我們專注於紗線層面的創新，並期望在未來幾年內推動我們所有產品類別的更大創新。

In addition to the statistic I gave earlier about more than half of our e-commerce traffic coming through mobile devices, our e-commerce business provides us great visibility directly into our consumer and brings quantitative insight to how we measure our business.

除了我之前給出的統計數據外，我們一半以上的電子商務流量來自行動設備，我們的電子商務業務還為我們提供了直接了解消費者的良好可見性，並為我們如何衡量我們的業務帶來了定量洞察。

Specifically, our women's e-commerce growth rate continues to outpace the growth on the men's side, a direct indicator of the strength of demand for our women's product when we deliver upon her expectations for performance and style.

具體來說，我們的女性電子商務成長率持續超過男性的成長速度，這直接表明當我們滿足女性對性能和風格的期望時，對女性產品的需求強度。

This year our Women's business will surpass $1 billion.

今年我們的女裝業務將超過 10 億美元。

$1 billion.

10 億美元。

That is a $1 billion Women's business, a milestone we are proud of, that puts us among very select company in a space that continues to attract a lot of interest and competition.

這是一項價值 10 億美元的女性業務，也是我們引以為傲的里程碑，它使我們躋身於一個持續吸引大量興趣和競爭的領域中的精選公司之列。

However, much like our Footwear and International businesses, we are focused on our long-term prospects in women's.

然而，就像我們的鞋類和國際業務一樣，我們專注於女裝業務的長期前景。

We believe the continued investments we're making to create beautiful women's performance product and deliver it to them where they shop are the key drivers of that long-term opportunity.

我們相信，我們為創造美麗女性功能性產品並將其交付給她們購物的地方而進行的持續投資是這一長期機會的關鍵驅動力。

In the Connected Fitness space we saw strong activity on our website for the UA Health Box launch is it came in as our second best-selling best item on e-commerce behind Curry 2 for the quarter.

在 Connected Fitness 領域，我們在我們的網站上看到 UA Health Box 的推出活動非常活躍，因為它是本季電子商務上第二暢銷的商品，僅次於 Curry 2。

This great initial consumer reaction to a $400 Connected Fitness bundle and broader retail roll-out through spring has us excited about the opportunities in Connected Fitness.

消費者對 400 美元 Connected Fitness 捆綁包以及整個春季更廣泛的零售推廣的巨大反應讓我們對 Connected Fitness 的機會感到興奮。

Beyond our opportunities in products like Health Box, we are seeing meaningful improvements in direct revenue to e-commerce coming from our Connected Fitness community.

除了我們在 Health Box 等產品方面的機會之外，我們還看到來自我們的 Connected Fitness 社群的電子商務直接收入的有意義的改善。

Monetizing our Connected Fitness space in a synergistic way that enhances consumer engagement and drives value to our community and the Under Armour brand remains a key initiative for us.

以協同方式將我們的互聯健身空間貨幣化，提高消費者參與度並為我們的社群和 Under Armour 品牌帶來價值，仍然是我們的關鍵舉措。

In this quarter alone we nearly matched the revenue from people interacting on our platforms compared to what we did for all of 2015.

僅在本季度，我們的平台上互動帶來的收入幾乎與 2015 年全年的收入相當。

With a community now of over 160 million registered users that continues to grow by well over 100,000 new users logging on every day and registering, we recognize the opportunity that we have through product as well as enriching [consumers apply] by helping them make better decisions about their health.

社群現已擁有超過1.6 億註冊用戶，並且每天登入和註冊的新用戶數量還在持續增長，數量遠遠超過10 萬，我們認識到我們透過產品以及透過幫助消費者做出更好的決策來豐富[消費者應用]所擁有的機會關於他們的健康。

While we are still in investment mode, we believe the future of Connected Fitness is very bright for our brand.

雖然我們仍處於投資模式，但我們相信 Connected Fitness 的未來對我們的品牌來說是非常光明的。

In 2016 we will continue to move our digital strategy forward as we focus on driving even better consumer engagement while also building our [math] house to drive insights to make better decisions and ultimately build better products for our consumer.

2016 年，我們將繼續推進我們的數位策略，專注於推動更好的消費者參與，同時建立我們的[數學]屋來推動洞察力，從而做出更好的決策，並最終為我們的消費者打造更好的產品。

Last week we released Creative for UA Health Box starring our newest brand ambassador, Dwayne, The Rock, Johnson.

上週，我們發布了由我們最新品牌大使 Dwayne、The Rock、Johnson 主演的 UA Health Box 創意。

It's been a great start to the relationship, as he is not only the voice for our Health Box but his initial launch of Project Rock Backpacks has already sold out.

這是雙方關係的良好開端，因為他不僅是我們 Health Box 的代言人，而且他首次推出的 Project Rock Backpacks 也已經售罄。

From The Rock to Misty Copeland, we bring together diverse athletes that truly speak to our willingness of adapting to new terrain.

從 The Rock 到 Misty Copeland，我們匯集了不同的運動員，他們真正體現了我們適應新地形的意願。

And for Under Armour, partnerships like the ones that we have with Misty, The Rock, Cam Newton, Stephan Curry, Tom Brady, Jordan Spieth, Bryce Harper, so many more, all combine to make a powerful statement about how we operate as a Company.

對於 Under Armour 來說，我們與 Misty、The Rock、Cam Newton、Stephan Curry、Tom Brady、Jordan Spieth、Bryce Harper 等的合作夥伴共同有力地詮釋了我們作為一家品牌的運作方式。公司。

In the specific cases of Stephan and Jordan, we can internalize the challenge of repeating, the challenge of breaking a record, of setting a standard, then finding the will to do it again.

在史蒂芬和喬丹的具體案例中，我們可以內化重複的挑戰、打破記錄的挑戰、設定標準的挑戰，然後找到再次這樣做的意願。

This is what drives us every day.

這就是我們每天的動力。

And when those streaks are eclipsed, we will start a new one.

當這些記錄黯然失色時，我們將開始新的記錄。

Whether it's in one of our regions, product categories, or something not even yet created.

無論是我們的某個地區、產品類別或尚未創建的產品。

We will deliver against a different set of metrics that inspire us to outperform our competition.

我們將根據一組不同的指標來激勵我們超越競爭對手。

Because today's record becomes tomorrow's benchmark.

因為今天的紀錄將成為明天的基準。

And with that, I will pass it over to Chip.

接下來，我會將其交給 Chip。

Thanks, Kevin.

謝謝，凱文。

Before I begin, I want to quickly express my gratitude to the entire Under Armour team for this opportunity to be part of such a powerful growth story.

在開始之前，我想快速向整個 Under Armour 團隊表示感謝，讓我有機會參與如此強大的成長故事。

Approaching 100 days in the role, I have been extremely impressed by the unwavering drive of this culture and the strength and depth of the team across the board.

任職時間已接近 100 天，這種文化的堅定不移的動力以及整個團隊的實力和深度給我留下了極其深刻的印象。

Now I'd like to turn our focus to the details of our first-quarter 2016 financial results, followed by our updated outlook for the remainder of the year.

現在我想將重點轉向 2016 年第一季財務業績的細節，然後是我們對今年剩餘時間的最新展望。

Our revenues for the first quarter of 2016 increased 30% to $1.05 billion.

2016 年第一季我們的營收成長了 30%，達到 10.5 億美元。

On a currency neutral basis first-quarter revenues increased 32%.

在貨幣中性的基礎上，第一季營收成長了 32%。

While we are experiencing some changing dynamics among our domestic wholesale partner base, the increased diversity of our global channels and product lines continues to drive strong results.

雖然我們的國內批發合作夥伴群體正在經歷一些變化，但我們的全球通路和產品線的多樣性不斷增加，並繼續推動強勁的業績。

During the first quarter our wholesale revenues grew 28% to $744 million.

第一季我們的批發收入成長了 28%，達到 7.44 億美元。

Our Direct-to-Consumer revenues grew 33% to $266 million, holding steady year over year at approximately 25% of revenues in what has been our lowest quarter from a mix perspective the past two years.

我們的直接面向消費者收入成長了 33%，達到 2.66 億美元，年比穩定在營收的 25% 左右，從混合角度來看，這是我們過去兩年來最低的季度。

In Direct-to-Consumer, our store count at the end of the quarter included 198 Company-owned stores globally comprised of 162 factory-house stores and 36 brand-house stores.

在直接面向消費者方面，截至本季末，我們的商店數量包括全球 198 家公司自營商店，其中包括 162 家工廠店和 36 家品牌店。

We also increased our total number of in-country websites to 26 with the opening of our site in Mexico.

隨著我們在墨西哥開設網站，我們的國內網站總數也增加到了 26 個。

During the quarter licensing revenues grew 15% to $19 million.

本季授權收入成長 15%，達到 1,900 萬美元。

And Connected Fitness revenues grew 119%, to $19 million.

Connected Fitness 營收成長 119%，達到 1,900 萬美元。

On the product category front, apparel revenues increased 20% to $667 million compared to $555 million in the prior-year's quarter led by growth in training, golf and new innovation platforms such as MicroThread and CoolSwitch.

在產品類別方面，服裝收入成長了 20%，達到 6.67 億美元，而去年同期為 5.55 億美元，這主要得益於培訓、高爾夫以及 MicroThread 和 CoolSwitch 等新創新平台的成長。

First-quarter footwear revenues increased 64% to $264 million from $161 million in the prior-year's quarter.

第一季鞋類營收從去年同期的 1.61 億美元成長 64% 至 2.64 億美元。

The Curry 2 signature basketball shoe continues to be a clear leader in the category.

Curry 2 簽名籃球鞋仍然是該類別中明顯的領導者。

We are also excited about the reaction to some our new Pinnacle running styles, including our updated Speedform Gemini 2, as well as our first smart shoe, the Speedform Gemini 2 Record Equipped.

我們也對一些新的 Pinnacle 跑步款式的反應感到興奮，包括我們更新的 Speedform Gemini 2，以及我們的第一款智慧鞋 Speedform Gemini 2 Record Equipped。

Our accessories revenues during the first quarter increased 26% to $80 million from $63 million in the prior-year's quarter, primarily driven by our new lines of headwear and bags.

我們第一季的配件收入從去年同期的 6,300 萬美元成長了 26%，達到 8,000 萬美元，這主要是由我們新的頭飾和箱包系列推動的。

On a regional basis, North American revenues in the first quarter increased 26% to $881 million compared to $701 million during the same period last year.

從地區來看，第一季北美營收成長了 26%，達到 8.81 億美元，而去年同期為 7.01 億美元。

On a currency neutral basis North American revenues increased 27%.

在貨幣中立的基礎上，北美收入成長了 27%。

One of our key stories domestically continues to be the strategic initiatives we embarked upon early last year to improve service levels for our wholesale customers.

我們在國內的主要故事之一仍然是我們去年年初為提高批發客戶的服務水準而採取的策略性舉措。

Although these initiatives carried an associated investment in inventory beginning in the second quarter last year, we have seen significant improvement in our customer fulfillment rates supporting growth in North American sales.

儘管這些措施從去年第二季開始就對庫存進行了相關投資，但我們看到客戶履行率顯著提高，並支持了北美銷售的成長。

International revenues increased 56% to $149 million in the first quarter to reach 14% of total revenues, representing a 200 basis point increase from the year-ago period, and on pace to reach our Investor Day target of 18% of revenues by 2018.

第一季國際營收成長 56%，達到 1.49 億美元，佔總營收的 14%，比去年同期成長 200 個基點，並有望實現到 2018 年投資者日佔營收 18% 的目標。

On a currency neutral basis international revenues increased 65%.

在貨幣中性的基礎上，國際收入成長了 65%。

Starting with Asia Pacific, China emerged as our largest international country, nearly tripling the year-ago revenue base.

從亞太地區開始，中國成為我們最大的國際國家，收入基數幾乎是去年同期的三倍。

Our positioning is the premium performance brand in the market is resonating with consumers, and we are particularly encouraged by the relatively higher mix of footwear and women's.

我們的定位是市場上能引起消費者共鳴的高性能品牌，尤其令我們感到鼓舞的是鞋類和女裝相對較高的組合。

In the EMEA region as Kevin mentioned, we are strengthening our partnerships with key sporting goods accounts and continuing to invest in controlled retail space to elevate our positioning and brand awareness.

正如 Kevin 所提到的，在歐洲、中東和非洲地區，我們正在加強與主要體育用品客戶的合作夥伴關係，並繼續投資受控零售空間，以提升我們的定位和品牌知名度。

We are also extending our brand reach by building some of our newer distributor relationships in areas such as the Middle East, Turkey, and North and South Africa.

我們也透過在中東、土耳其、北非和南非等地區建立一些新的經銷商關係來擴大我們的品牌影響力。

And in Latin America we remain in the early stages of our growth story as we build our distribution and product mix in our primary markets of Mexico, Chile, and Brazil.

在拉丁美洲，我們仍處於成長故事的早期階段，因為我們在墨西哥、智利和巴西等主要市場建立了分銷和產品組合。

Moving on to margins.

轉向邊緣。

First-quarter gross margins decreased 100 basis points to 45.9% compared to 46.9% in the prior-year's period.

第一季毛利率下降 100 個基點至 45.9%，去年同期為 46.9%。

As we forecasted on our last quarterly call, higher liquidations to clear through excess inventory and foreign currency exchange rates negatively impacted gross margin by approximately 100 basis points and 70 basis points respectively.

正如我們在上一季電話會議中預測的那樣，為了清理過剩庫存而進行的更多清算和外幣匯率分別對毛利率產生了約 100 個基點和 70 個基點的負面影響。

These negative impacts were partially offset by favorable product margins, but primarily by cost improvements, benefiting gross margin by approximately 60 basis points.

這些負面影響部分被有利的產品利潤所抵消，但主要是成本的改善，使毛利率提高了約 60 個基點。

Selling, general and administrative expenses grew 27% to $446 million compared to $350 million during the first quarter of last year.

銷售、一般和管理費用成長 27%，達到 4.46 億美元，去年第一季為 3.5 億美元。

Growth was predominantly driven by investments in our Direct-to-Consumer businesses, both retail and e-commerce, and overall headcount to support our growth and strategic initiatives such as Connected Fitness and sport category management.

成長主要是由對我們的直接面向消費者業務（零售和電子商務）的投資以及支持我們的成長和策略舉措（例如互聯健身和運動類別管理）的整體員工人數所推動的。

Marketing expenses grew 14% for the quarter.

本季行銷費用成長 14%。

Operating income for the first quarter increased 26% to $35 million compared with $28 million in the prior-year period.

第一季營業收入成長 26%，達到 3,500 萬美元，而上年同期為 2,800 萬美元。

Interest expense increased approximately $2 million compared to the prior-year period driven by higher debt levels from our Connected Fitness acquisitions in 2015 and other working capital needs.

由於 2015 年收購 Connected Fitness 帶來的債務水準上升以及其他營運資金需求，利息支出比去年同期增加了約 200 萬美元。

Within our other income and expense line, we recorded a gain of $3 million versus a $2 million loss in the prior-year period.

在我們的其他收入和支出項目中，我們錄得 300 萬美元的收益，而去年同期則為 200 萬美元的損失。

The gain was driven by an improvement in foreign currency exchange rates towards the end of the quarter which favorably impacted our required period-end balance sheet adjustments.

這一收益是由本季末外幣匯率的改善所推動的，這對我們所需的期末資產負債表調整產生了有利影響。

In addition the Company tax rate in the first quarter was 42% compared to 50.3% in the prior-year, primarily driven by international losses decreasing as a percentage of our overall pre-tax income.

此外，第一季公司稅率為 42%，而去年同期為 50.3%，這主要是由於國際損失占我們整體稅前收入的百分比下降所致。

Our first-quarter net income increased 63% to $19 million compared to $12 million in the prior-year period, while our diluted earnings per share increased 62% to $0.04.

我們第一季的淨利潤成長了 63%，達到 1,900 萬美元，而去年同期為 1,200 萬美元，而我們的稀釋每股收益成長了 62%，達到 0.04 美元。

As a reminder, diluted earnings per share calculations for both periods reflect the Company's Class E stock dividend effective April 7, 2016 Which has the same effect as a two-for-one stock split.

需要提醒的是，兩個期間的稀釋每股盈餘計算都反映了公司於 2016 年 4 月 7 日生效的 E 類股票股息，這與一拆二的效果相同。

On a pre-split basis EPS would have been $0.09 for the first quarter this year compared to $0.05 in the prior-year period.

以分割前計算，今年第一季每股收益為 0.09 美元，而去年同期為 0.05 美元。

On the balance sheet total cash and cash equivalents for the quarter decreased to $157 million compared with $225 million at March 31, 2015.

本季資產負債表上的現金和現金等價物總額從 2015 年 3 月 31 日的 2.25 億美元減少至 1.57 億美元。

Inventory for the quarter increased 44% to $834 million compared to $578 million at March 31, 2015.

該季度的庫存增加了 44%，達到 8.34 億美元，而 2015 年 3 月 31 日的庫存為 5.78 億美元。

As previously mentioned, the strategy to improve wholesale, customer service levels resulted in elevated inventory investments beginning in the second quarter of last year.

如前所述，提高批發和客戶服務水準的策略導致去年第二季開始庫存投資增加。

We expect the growth in inventory will be more in line with sales as we begin to anniversary the strategy during the second quarter of this year.

我們預計，隨著今年第二季我們開始慶祝該策略，庫存成長將更符合銷售情況。

Accounts receivable grew 43% to $566 million compared to $396 million at the end of the first quarter of last year.

應收帳款成長 43%，達到 5.66 億美元，去年第一季末為 3.96 億美元。

While total debt increased to $935 million as compared to $669 million at March 31, 2015.

債務總額從 2015 年 3 月 31 日的 6.69 億美元增至 9.35 億美元。

Looking at our cash flows, our investment in capital expenditures was $91 million for the first quarter compared to $68 million in the prior-year's period.

從我們的現金流來看，第一季我們的資本支出投資為 9,100 萬美元，而去年同期為 6,800 萬美元。

We continue to expect to spend between $450 million and $475 million for the full year, including investments in our global headquarters in Baltimore, our SAP platform, and global Direct-to-Consumer.

我們預計全年支出將在 4.5 億至 4.75 億美元之間，包括對巴爾的摩全球總部、SAP 平台和全球直接面向消費者的投資。

Now moving onto our guidance for the remainder of 2016.

現在轉向我們對 2016 年剩餘時間的指導。

Based on our current visibility we are slightly raising both our revenue expectations to approximately $5 billion representing growth of 26%, and our operating income expectations to a range of approximately $503 million to $507 million, representing growth of 23% to 24%.

根據我們目前的能見度，我們將營收預期小幅上調至約 50 億美元，成長 26%，營業收入預期上調至約 5.03 億美元至 5.07 億美元，成長 23% 至 24%。

Gross margins for the full year are expected to be relatively flat when compared to last year.

與去年相比，預計全年毛利率將相對持平。

And based on our outlook of $5 billion in revenues, SG&A is expected to grow approximately 27%.

根據我們對 50 億美元營收的展望，SG&A 預計將成長約 27%。

The anticipated deleveraging expenses is a result of our continued focus on making the right investments to drive our long-term global success.

預期的去槓桿化費用是我們持續專注於進行正確投資以推動我們在全球長期成功的結果。

Below the operating line we expect interest expense to increase to approximately $35 million in 2016 from the higher debt levels to support our business.

在營運線以下，我們預計 2016 年利息支出將因較高的債務水準而增加至約 3,500 萬美元，以支持我們的業務。

In addition we continue to expect a full-year tax rate of approximately 38.5%.

此外，我們繼續預計全年稅率約為 38.5%。

And fully diluted weighted average shares outstanding of approximately 446 million, adjusted for the Class C Stock Dividend.

經 C 類股票股利調整後，完全稀釋後的加權平均已發行股數約為 4.46 億股。

For the second quarter we expect revenues to grow at a rate in the high 20%s led by many of the same factors from our first quarter, including strength in footwear and international, and continued strategies to better service our customers.

我們預計第二季的營收將以 20% 以上的速度成長，這與第一季的許多相同因素有關，包括鞋類和國際業務的實力，以及更好地服務客戶的持續策略。

In addition we expect our gross margin percentage to be relatively flat, and operating income of $40 million to $42 million, representing 25% to 32% growth.

此外，我們預計毛利率將相對持平，營業收入為 4,000 萬美元至 4,200 萬美元，成長 25% 至 32%。

Before we turn it over to Q&A, I wanted to reiterate how excited I am to be working with Kevin and the entire Under Armour team.

在我們進行問答之前，我想重申我對與 Kevin 和整個 Under Armour 團隊合作感到非常興奮。

This is an incredible brand.

這是一個令人難以置信的品牌。

And I look forward to promoting and protecting our growth ahead.

我期待著促進和保護我們未來的成長。

One of the key members of this team, Dave Bergman, our SVP of Corporate Finance, will be joining us this morning to provide assistance with your questions.

團隊的主要成員之一、我們的企業財務高級副總裁 Dave Bergman 將於今天早上加入我們，為您的問題提供幫助。

Dave brings nearly 12 years of finance and accounting leadership at Under Armour to the table, and he will continue to assist me as I seek to understand all aspects of our global business.

Dave 帶來了 Under Armour 近 12 年的財務和會計領導經驗，他將繼續為我提供幫助，幫助我了解我們全球業務的各個方面。

Finally, I look forward to beginning a dialogue with many of you on this call and the upcoming months.

最後，我期待著在這次電話會議以及接下來的幾個月中與你們中的許多人開始對話。

Operator?

操作員？

(Operator instructions)

（操作員說明）

Camilo Lyon, Canaccord Genuity.

卡米洛·里昂，Canaccord Genuity。

Good morning, guys.

早上好傢伙。

Great quarter.

很棒的季度。

Thanks, Camilo.

謝謝，卡米洛。

Kevin, I wanted to get your thoughts on just the health of the North America wholesale channel.

凱文，我想了解您對北美批發通路健康狀況的看法。

There's a lot of moving parts, and some of your bigger customers have been shutting doors, some of the tertiary players are going away.

有很多移動部件，一些大客戶已經關門，一些第三級玩家正在消失。

Can you talk about the health of that channel and what that could lead to from a channel expansion opportunity, and how do you think about segmentation within that strategy?

您能否談談該管道的健康狀況以及通路擴張機會可能帶來的結果，以及您如何看待該策略中的細分？

Yes, thanks.

對了謝謝。

So it's obviously a tough quarter for some of our partners in sporting goods as we saw Sports Authority and just recently Sports Chalet with some of the filings that had come out.

因此，對於我們的一些體育用品合作夥伴來說，這顯然是一個艱難的季度，因為我們看到 Sports Authority 和最近剛發布的 Sports Chalet 的一些文件。

And I guess if there's anything as we think about our business, the good news is that we are not strictly a North American story anymore.

我想如果我們對我們的業務有什麼看法的話，好消息是我們不再是嚴格意義上的北美故事。

Is that this is a global Company, and it's becoming more and more important to us as we'll be closing on 13% of our revenues, and possibly north of that as we think about what the 2016 play will ultimately look like.

這是一家全球性公司，它對我們來說變得越來越重要，因為我們將接近 13% 的收入，當我們考慮 2016 年的遊戲最終會是什麼樣子時，可能會更高。

But again, and I'm going to put this through the lens of Under Armour, which is incredibly proud of what we've done, I mean, posting 30% growth in a quarter where two -- one of our largest customers, one of our top two or three customers a few years ago filed for bankruptcy.

但我還是要從Under Armour 的角度來看待這一點，該公司對我們所做的事情感到非常自豪，我的意思是，在一個季度內實現了30% 的增長，其中兩個——我們最大的客戶之一，一個幾年前，我們最大的兩三個客戶申請破產。

I think putting that kind of number up is something that just continues to demonstrate the strength of the brand and how strong our portfolio ultimately is.

我認為提出這樣的數字只是繼續展示品牌的實力以及我們的產品組合最終有多強大。

I want to reiterate as well is that there's definitely the things that happen in these types of situations is that it separates sort of where the best are.

我還想重申的是，在這些類型的情況下肯定會發生一些事情，它將最好的地方分開。

And I want to be clear is we do not believe that retail is dead.

我想澄清的是，我們並不相信零售業已經消亡。

We do believe that there is still an underlying very strong wholesale market out there.

我們確實相信那裡仍然存在一個非常強大的批發市場。

And we expect to continue to be iconic, to be a destination.

我們希望繼續成為標誌性的、成為目的地的。

But in order to compete in today's market with what's happening on the digital site, it needs to be experiential.

但為了在當今的市場上與數位網站上的競爭競爭，它需要具有體驗性。

And one of the things we pride ourselves on is being terrific storytellers.

我們引以為傲的事情之一就是成為出色的說故事者。

We got some amazing partners out there that you will see us continue to invest, and frankly reinvest, in the places we're already doing business today.

我們有一些出色的合作夥伴，您將看到我們繼續在我們今天已經開展業務的地方進行投資，坦率地說是再投資。

That starts with our largest customer, which is Dick's Sporting Goods.

首先是我們最大的客戶，迪克體育用品公司。

And I think one of the best in the market and in the field.

我認為是市場和該領域最好的之一。

And as I say that, I also -- I look and I say, I don't know if we've been as great as we can be there.

正如我所說，我也 - 我看著並說，我不知道我們是否已經達到了我們所能達到的水平。

And while we've posted fine results, we think that there is an enormous amount of opportunity for us to do a better job.

雖然我們已經取得了不錯的成績，但我們認為我們還有很多機會做得更好。

And so with Ed Stack and myself, I want you to know is that we have both taken a personal interest in how we can drive and build a better business today.

因此，對於艾德·史塔克和我本人來說，我想讓你們知道的是，我們都對如何推動和打造當今更好的業務抱持個人興趣。

And that will come through in some of our collaborations on premium footwear, as well as things as getting in the details like elevated golf shops.

這將透過我們在優質鞋類方面的一些合作以及諸如高級高爾夫商店等細節方面的合作來實現。

But we certainly see more opportunity there.

但我們確實在那裡看到了更多機會。

From the mall channel, partners like Champs expanding the Armory concept.

從商場通路來看，Champs 等合作夥伴擴展了軍械庫概念。

We've got five large-format Champs right now.

我們現在有五個大幅面冠軍。

It's something we have seen success, and we will be expanding that to over 150 doors and take-downs this year.

這是我們已經看到的成功，今年我們將把它擴展到 150 多個門和拆除處。

Foot Locker, we have effectively doubled our store base that we've had at Foot Locker because of the success, really driven of course by Steph Curry.

Foot Locker，由於我們的成功，我們實際上已經將 Foot Locker 的商店數量增加了一倍，這當然是由史蒂芬·庫裡推動的。

Frankly, what we're doing in footwear is extraordinary.

坦白說，我們在鞋類領域所做的事情是非凡的。

That is giving us -- one thing Dick Johnson said to me a long time ago is that the word foot is what's on the door.

這給了我們——迪克·約翰遜很久以前對我說過的一件事是，「腳」這個詞就是門上的意思。

So while we can lead with our apparel, it's important that we have that balance.

因此，雖然我們可以透過服裝來引領潮流，但保持這種平衡也很重要。

So I think you are seeing us drive towards that, really across the board as we have a better balance between both apparel and footwear.

因此，我認為您會看到我們正在全面推動這一目標，因為我們在服裝和鞋類之間取得了更好的平衡。

And as we look at the distribution from the department stores, we have added 275 women's departments this year as across some of our department store channels like Macy's, Bon Ton and Bloomingdale's.

從百貨公司的分佈來看，今年我們在梅西百貨、Bon Ton 和 Bloomingdale's 等百貨公司通路中增加了 275 個女裝部門。

So we think that the key to all of this is going to be merchandising efforts.

因此，我們認為所有這一切的關鍵是行銷工作。

As we think about distribution in North America, I just want to put in perspective sort of where we are as we think that we have been incredibly tight.

當我們考慮北美的分銷時，我只想了解我們目前的情況，因為我們認為我們一直非常緊張。

I think it is one of the assets and strengths of the Under Armour brand is how narrow we have been with our distribution.

我認為 Under Armour 品牌的資產和優勢之一就是我們的通路非常狹窄。

And we're not looking to make any drastic changes, and I want to be clear.

我們不打算做出任何重大改變，我想澄清一下。

But to sort of sets the table, Under Armour has roughly 11,000 points of retail distribution, shop-in-shops, our own stores, et cetera in North America.

但從某種程度上來說，Under Armour 在北美擁有約 11,000 個零售分銷點、店中店、我們自己的商店等。

One of our competitors has over 24,000 points of distribution.

我們的競爭對手之一擁有超過 24,000 個分銷點。

We just want to be really clear that there is a tremendous runway for us as we think about the opportunity in front of us.

我們只是想真正清楚，當我們思考擺在我們面前的機會時，我們有一個巨大的跑道。

And so it gives us the luxury and the ability to really be able to pick and choose.

因此，它給了我們真正能夠挑選的奢侈和能力。

And probably the thing that drives that force more than anything else is just merchandising.

也許最能推動這種力量的就是推銷。

Line segmentation, is that we haven't had the sophistication, and frankly needed it until the last several years.

線分割，是我們還沒有達到成熟的程度，坦白說直到最近幾年才需要它。

We were a Company that built a great shirt for athletes to wear beneath its uniforms.

我們是一家為運動員打造出色襯衫的公司，可以穿在其製服下面。

And then all of a sudden they had bottoms.

然後突然間他們就見底了。

They had cold weather.

他們的天氣很冷。

And they had women's.

他們有女式的。

And we sort of added this as the consumers demanded and asked for more.

隨著消費者的需求和要求更多，我們添加了這一點。

Now we've really gotten to a point where understanding that merchandising needs to be a core competency for us.

現在我們確實已經認識到行銷需要成為我們的核心能力。

So bringing back Kevin Eskridge who's the gentlemen that helped us build out and get China rolling for us.

所以請凱文·埃斯克里奇回來，他是幫助我們發展並讓中國為我們發展的先生們。

And really building a merchandising, a key merchandising team, we were incredibly bullish about what that's going to mean.

真正建立一個銷售團隊，一個關鍵的銷售團隊，我們對這意味著什麼非常樂觀。

So we identified it in 2014.

所以我們在2014年就確定了它。

And again, this sounds -- it may sound a little pedestrian, but we identified it in 2014.

再說一次，這聽起來可能有點平淡無奇，但我們在 2014 年就發現了它。

We began building the team in 2015.

我們於 2015 年開始組建團隊。

I think that we are building expertise in 2016.

我認為 2016 年我們正在累積專業知識。

And we think we're really going to begin to see the fruits of that coming in 2017, which is going to leave us a lot of opportunities to look at finding where the best places, where we can deliver the right product at the right time, and really meet our consumer where they want us to be.

我們認為我們真的將在 2017 年開始看到這一成果，這將給我們留下很多機會來尋找最好的地方，我們可以在正確的時間提供正確的產品，並真正滿足我們的消費者的需求。

So we recognize there's opportunities out there.

所以我們認識到那裡存在著機會。

We recognize that there's, frankly, distribution channels or specific partners that we are currently not doing business with today, that we are basically walking a consumer and not giving them an Under Armour opportunity, which is frankly giving our competition, allowing them to go unchecked.

坦白說，我們認識到，我們目前沒有與某些分銷管道或特定合作夥伴開展業務，我們基本上是在與消費者打交道，而不是給他們提供Under Armour 的機會，坦白說，這就是給我們的競爭，讓他們不受限制。

And we believe that when we win, or if we decide to do that, that we can be incredibly competitive.

我們相信，當我們獲勝時，或者如果我們決定這樣做，我們就能具有難以置信的競爭力。

And that ultimately we believe that we can win in that type of mentality.

最終我們相信，以這種心態我們能夠獲勝。

As I also say that, it's hard to understand is I think some of the data that we realize is our DTC business is incredibly strong as well.

正如我所說，很難理解的是，我認為我們意識到我們的 DTC 業務的一些數據也非常強大。

With 30%-plus of our business coming from DTC, you can't overlook e-commerce.

我們 30% 以上的業務來自 DTC，因此您不能忽視電子商務。

And it's one of the things we don't clearly report on.

這是我們沒有明確報告的事情之一。

But we can tell you that our e-commerce business is outpacing our overall growth.

但我們可以告訴您，我們的電子商務業務的成長速度超過了我們的整體成長速度。

And again, in a year where we -- or a quarter we decided to honor Stephan Curry with posting that 30% number of growth, that's obviously a very big, big statement.

再說一次，在我們決定表彰斯蒂芬·庫裡 (Stephan Curry) 實現 30% 增長的一年，或者說一個季度，這顯然是一個非常非常重要的聲明。

We can tell you is that the good news for us is that the growth right now, we recognize what a big -- what a privilege it is to make this statement.

我們可以告訴你的是，對我們來說好消息是，現在的成長，我們認識到發表這項聲明是多麼大的、多麼榮幸的事。

But our growth is effectively coming from everywhere.

但我們的成長其實來自四面八方。

And North America is something that we feel incredibly strong about.

北美是我們感覺非常強烈的地方。

We recognize some of the challenges.

我們認識到一些挑戰。

But I think as I mentioned in my written comments, is that we have one thing we have developed over the last 10 years, and especially the last 6 years of 20%-plus top-line revenue growth consistently, is that I believe that we have assembled a team that is experts in terrain.

但我認為，正如我在書面評論中提到的，我們在過去 10 年，尤其是過去 6 年持續保持 20% 以上的營收成長，我們已經發展了一件事，那就是我相信我們組建了一支地形專家團隊。

And the map will continue to change and it will continue to undulate.

而且地圖還會不斷變化，不斷起伏。

But when and as it does, hopefully we have demonstrated our expertise in being able to deliver results for our shareholders, our customers and ultimately for our end consumers.

但當它發生時，希望我們能夠展示我們的專業知識，能夠為我們的股東、我們的客戶並最終為我們的最終消費者帶來成果。

That's great.

那太棒了。

Thanks for the detail, Kevin.

謝謝你的詳細信息，凱文。

And then Chip, I just had one for you.

然後奇普，我剛剛就準備一份給你了。

If you could just disaggregate the composition of inventory between planned inventory increases and any sort of excesses that you have, given the liquidations that you had during the quarter.

考慮到本季度的清算情況，如果您可以將計劃庫存增加和任何類型的過剩之間的庫存組成進行分解。

And coupled with the expectations for flat gross margin in Q2.

再加上第二季毛利率持平的預期。

If you could just help us understand.

如果您能幫助我們理解就好了。

It seems like we're shifting more towards that planned increase, if I'm reading that correctly.

如果我沒理解錯的話，我們似乎正在更多地轉向計劃中的成長。

But just any detail there would be great.

但任何細節都會很棒。

Yes, Camilo.

是的，卡米洛。

It's great to meet you.

很高興見到你。

The majority of the growth is planned.

大部分成長是有計劃的。

But we did have slightly excess -- slightly the higher percentage of total revenues was excess coming out of Q4, and continues to be this quarter relative to last quarter same time.

但我們確實有輕微的過剩——第四季度的總收入中過剩的百分比略高，相對於上季度同期而言，本季度仍然如此。

But, we are working through that.

但是，我們正在努力解決這個問題。

As you can see we worked through it through liquidation.

正如你所看到的，我們透過清算解決了這個問題。

We're continuing to manage through that.

我們將繼續解決這個問題。

And as you can see through our guidance, the second quarter we are expecting our gross margin to be flat and then flat for the year.

正如您透過我們的指導所看到的那樣，我們預計第二季的毛利率將持平，然後全年持平。

It'll start to creep away as we go through the year.

隨著我們度過這一年，它會開始悄悄消失。

So we are working through it.

所以我們正在努力解決這個問題。

But the majority of it is planned.

但大部分都是計畫好的。

Thanks a lot, guys.

非常感謝，夥計們。

Great job, and good luck with the rest of the year.

幹得好，祝今年剩下的時間一切順利。

Thanks, Camilo.

謝謝，卡米洛。

Michael Binetti, UBS.

麥可比內蒂，瑞銀集團。

Hey, good morning guys.

嘿，早上好，夥計們。

Congrats on a great quarter.

恭喜您度過了一個出色的季度。

Thanks, Michael.

謝謝，麥可。

Just real quick a housekeeping question.

只是一個非常快的家事問題。

Just in very basic terms, the operating income increased a little less than the revenue increase for the year.

從非常基本的角度來看，營業收入的成長略低於當年的收入成長。

Chip, you commented on some of the investments you're looking at, which we know you've always got going on in the background.

Chip，您對您正在關注的一些投資發表了評論，我們知道您一直在幕後進行這些投資。

But with the revenues going up a little more did you guys pull forward some bigger projects that might have otherwise been earmarked for 2017, or just dial up the marketing?

但隨著收入的增加，你們是否會推進一些原本計劃在 2017 年進行的更大項目，或者只是加強行銷力度？

Any comments there to help us with the model.

任何對我們模型有幫助的評論。

Hey, Michael.

嘿，麥可。

Yes, this is Chip.

是的，這是奇普。

We did up our guidance for the full year on sales to 26% growth.

我們將全年銷售額成長預期上調至 26%。

That puts us well on our plan to get to our $7.5 billion goal that we set out last year for 2018.

這使我們能夠順利實現去年制定的 2018 年 75 億美元目標。

And that's a 25% CAGR.

年複合成長率為 25%。

On the operating income, we are marching towards the operating income target as well.

在營業收入方面，我們也朝著營業收入目標邁進。

But we are going to find opportunities as we meet our annual targets, if there opportunities for us to invest, whether it be in marketing or some of the other areas to keep the momentum and invest for the future, we're going to continue to do that.

但是，當我們實現年度目標時，我們將尋找機會，如果我們有投資機會，無論是在行銷方面還是在其他一些領域，以保持勢頭並為未來投資，我們將繼續去做。

So then if we could just talk about the drivers of the international margins in the quarter, that was kind of an interesting standout.

因此，如果我們能談談本季國際利潤率的驅動因素，那就是一個有趣的亮點。

I think there's a lot of noise that makes it kind of hard to forecast for us.

我認為有很多噪音讓我們很難預測。

Maybe we could get a little help.

也許我們可以得到一點幫助。

Do we see that level of year-over-year improvement in the international margins continue?

我們認為國際利潤率的年增率是否會持續？

And importantly, if we are set for a better run rate, it seems like a good place also to ask, is this something that could help us accelerate the tax rate improvement that has been a topic for a while with you guys?

重要的是，如果我們設定了更好的運行率，這似乎也是一個好地方，可以問一下，這是否可以幫助我們加速稅率的提高，這已經成為你們一段時間的話題了？

Yes over time, as we get just scale the international margins are going to slowly but surely improve.

是的，隨著時間的推移，隨著我們規模的擴大，國際利潤率將會緩慢但肯定會提高。

And as it relates to tax, as the income grows as a percentage of our total income, we will see improvements in tax rates.

就稅收而言，隨著收入占我們總收入的百分比的增長，我們將看到稅率的提高。

It's coming slowly, but I think that will start to accelerate as we get into next year and beyond.

它進展緩慢，但我認為隨著我們進入明年及以後，這將開始加速。

Okay.

好的。

Michael, this is Dave also.

邁克爾，這也是戴夫。

Just a quick reminder too that the tax rate impact on those international investments is usually a little bit larger in Q1 and Q2.

也要快速提醒一下，第一季和第二季對這些國際投資的稅率影響通常會稍大。

So you normally see our tax rate a little bit higher in Q1 and Q2 and then it subsides a little bit in the back half of the year.

因此，您通常會看到我們的稅率在第一季和第二季略高，然後在下半年略有下降。

So just keep that in mind as well

所以也請記住這一點

Okay.

好的。

On a similar topic, as you look at the gross margin guidance for the year, could you help us understand the cadence of whether the current magnitude of product cost you're seeing is sustained, or does that slow at some point through the year?

關於類似的主題，當您查看今年的毛利率指引時，您能否幫助我們了解您所看到的當前產品成本規模是否持續存在，或者是否會在一年中的某個時候放緩？

And then same question on currency, if it's stable at today's rates?

然後關於貨幣的同樣問題，以今天的匯率是否穩定？

When does the FX pressure on the gross margin perhaps start to roll off?

外匯對毛利率的壓力何時可能開始緩解？

Thanks, guys.

多謝你們。

So we guided for flat for the full year.

因此，我們指導全年持平。

We were just down 100 basis points, and we guided flat for the second quarter.

我們僅下降了 100 個基點，第二季的預期持平。

Obviously we'll start to see some improvements on the back half of the year.

顯然，我們將在今年下半年開始看到一些改進。

Our expectation will be slight in Q3 and it'll be a little bit more in Q4.

我們對第三季的預期會較小，而第四季的預期會較高。

And a lot of that, the liquidation pressures will go away.

其中很多，清算壓力將會消失。

The product margin improvements we've seen will be sustained.

我們所看到的產品利潤率的改善將持續下去。

And FX will slightly improve.

FX 將會略有改善。

Thanks a lot, guys.

非常感謝，夥計們。

Thank you, Michael.

謝謝你，麥可。

Eric Tracy, Brean Capital.

埃里克·特雷西，布里恩資本。

Thanks, guys.

多謝你們。

And I'll add my congrats.

我還要表示祝賀。

Thank you.

謝謝。

I guess as we think about the growth coming from footwear and international, could you maybe speak to organizationally, the resources be it people, infrastructure to support that kind of updates on the supply chain that you feel like if it's in place to support?

我想，當我們考慮來自鞋類和國際市場的成長時，您能否在組織方面談談，包括人員、基礎設施等資源，以支持供應鏈的更新，您認為如果有支援的話？

And then sort of secondarily on that, as it relates to the SAP implementation, how that's going?

其次，因為它與 SAP 實施相關，進展如何？

Let me start at the top, and let me just use footwear as an example.

讓我從頂部開始，僅以鞋類為例。

And then let me let Chip and Dave weigh in on what's happening with SAP.

然後讓我讓 Chip 和 Dave 談談 SAP 的進展。

But footwear for us, it's interesting because becoming a footwear brand is not something that just happens overnight.

但鞋類對我們來說很有趣，因為成為鞋類品牌並不是一朝一夕的事。

And for us, obviously it's taken a while.

對我們來說，顯然這需要一段時間。

We've been making shoes since 2003.

我們自 2003 年起就開始生產鞋子。

We have been selling them since 2006.

我們自 2006 年起就開始銷售它們。

So to sit here in what you'd call our 10th year in business, it's just -- it's a long road.

因此，現在正值我們開展業務的第十個年頭，這是一條漫長的道路。

If a long, tough slog, too.

如果這是一個漫長而艱難的過程。

But I think we are incredibly proud, A, of the progress, but more importantly, where we are as a moment time of the ability for us truly to stand up and declare ourselves a footwear brand.

但我認為我們對所取得的進步感到無比自豪，但更重要的是，我們現在有能力真正站起來並宣稱自己是鞋類品牌。

One thing that I think the 64% growth that we demonstrated in the quarter, it demonstrates the diversity that we have as a brand today across footwear.

我認為我們在本季度表現出 64% 的成長，它證明了我們作為一個品牌如今在鞋類領域所擁有的多樣性。

And again we are, to be clear, driving massive growth.

需要明確的是，我們再次推動了大規模成長。

We are taking share.

我們正在分享。

I think there's been some -- we just want to be clear.

我認為有一些——我們只是想澄清一下。

We are a premium footwear brand.

我們是優質鞋類品牌。

We are a premium footwear brand that's driving ASPs meaningfully higher as we build out our team and drive innovation across all of our categories.

我們是一個優質鞋類品牌，隨著我們組建團隊並推動所有類別的創新，我們的平均售價顯著提高。

Again just in the quarter alone, we saw ASPs up in the high single digits just in Q1.

僅在本季度，我們就看到第一季的平均售價達到了高個位數。

Next, it's one thing we know all is well, is that's when we can be impactful is when we combine premium products in game-changing athletes with powerful point of sale in distribution that really matters.

接下來，我們知道一切都很好的一件事是，當我們將改變遊戲規則的運動員的優質產品與真正重要的分銷中強大的銷售點結合起來時，我們就能發揮影響力。

So we are fortunate to have terrific distribution partners that have been incredibly patient with us, and really helping us accelerate.

因此，我們很幸運擁有出色的分銷合作夥伴，他們對我們非常有耐心，並真正幫助我們加速發展。

And whether it's the guys that are exactly doing it, or the guys like Foot Locker or Finish Line, but leading with signature products like the Curry 2. I mean, what Stephan Curry is doing right now is an incredibly impressive and something that is, I think we can only imagine just how big it is going to continue to become.

無論是那些真正在做這件事的人，還是像Foot Locker 或Finish Line 這樣的人，但以Curry 2 等標誌性產品領先。我的意思是，斯蒂芬·庫裡現在所做的事情令人印象深刻，而且，我認為我們只能想像它會繼續變得有多大。

But when you think about premium, just a few examples.

但當您考慮溢價時，只需舉幾個例子。

The Curry 2 basketball shoe that we put off at $130, the Curry 2.5 that when he actually broke the record of 73 games and broke the Bulls' record, that shoe is heading to the market at $135.

我們推遲發售的 Curry 2 籃球鞋售價為 130 美元，而當柯瑞 2.5 真正打破了 73 場比賽的紀錄並打破了公牛隊的紀錄時，這款鞋將以 135 美元的價格上市。

When you look at things like football cleats, the first category we entered in 2006.

當你看看足球鞋之類的東西時，我們在 2006 年進入了第一個類別。

It's $140 cleat.

這是 140 美元的防滑釘。

It's the highest price point in the marketplace.

這是市場上的最高價位。

And frankly we have designs on being the number one football cleat by market share within the next, let's call it, 24 months.

坦白說，我們計劃在接下來的 24 個月內成為市場份額第一的足球鞋。

For us to make that statement, again 10 years ago we had people laughing and saying, you can't compete.

對我們來說，十年前，人們再次笑著說，你無法競爭。

It will never happen.

它永遠不會發生。

So it's been a 10-year slog for us to do that.

所以我們花了 10 年的時間才做到這一點。

So as we sit here in year 6 of running and year 5 of basketball, imagine what we were going to look like in year 10 in both of those categories.

因此，當我們坐在這裡進入跑步的第六年和籃球的第五年時，想像一下我們在這兩個類別中的第十年會是什麼樣子。

It doesn't just stop there.

它不僅僅止於此。

It's coming across the brand with the Jordan Spieth, with the Tempo Tour at $220 and the Drive One at $200.

它與 Jordan Spieth 合作推出了該品牌，Tempo Tour 售價 220 美元，Drive One 售價 200 美元。

Driving premium from a consumer base that is really in love with the product.

從真正熱愛該產品的消費者群體中推動溢價。

And again, we're doing this, demonstrating with the best athletes in the world that are wearing our product.

我們再次這樣做，與穿著我們產品的世界上最好的運動員一起展示。

One area I just want to spend a minute on, if I talk about footwear, is running.

如果我談論鞋類，我只想花一分鐘討論的一個領域就是跑步。

And I want to get back to answering like how are we doing with the team and supply chains.

我想回過頭來回答我們的團隊和供應鏈做得怎麼樣。

So bear with me, if you can.

所以，如果可以的話，請耐心聽我說。

But I just want to be clear.

但我只想說清楚。

In running alone, in 2015 we had four styles above $100 in running.

光是跑步而言，2015 年我們就有四種超過 100 美元的跑步風格。

In 2016 we are going to have eight styles above $100 in running.

2016 年，我們將推出 8 款 100 美元以上的跑步款式。

In 2017 we expect to have 14 different styles above $100.

2017 年，我們預計將有 14 種不同款式的 100 美元以上產品。

Now you can ask the question, I just want to be able to set in perspective of what that means.

現在你可以問這個問題了，我只是想能夠正確地理解這意味著什麼。

Is that getting into these market categories, there's a lot of things because supply chain has a lot to do with it.

進入這些市場類別，有很多事情，因為供應鏈與之有很大關係。

It doesn't mean that we just make a pretty shoe and then we put a big price tag on it.

這並不意味著我們只是製作一雙漂亮的鞋子，然後貼上很高的價格標籤。

You have to earn the right to do that.

你必須贏得這樣做的權利。

That begins with the price-to-value relationship, that the product that you are putting on the shelf ultimately has.

首先是價格與價值的關係，也就是您放在貨架上的產品最終具有的價格與價值的關係。

When we do that, it is an incredibly long and difficult process because this comes down to how you actually get the shoes made.

當我們這樣做時，這是一個極其漫長和困難的過程，因為這取決於你實際製作鞋子的方式。

And beyond just the team, and we are incredibly excited about what we're building in Portland, a new 100,000 square-foot headquarters that we will have there based in Portland that will really give us access to talent without having to uproot families and move them across the country.

除了團隊之外，我們對在波特蘭建設的項目感到非常興奮，我們將在波特蘭設立一個佔地 100,000 平方英尺的新總部，這將真正讓我們能夠獲得人才，而無需舉家遷徙。他們遍布全國。

And so again, we're going to go where the fish are there.

再說一次，我們要去有魚的地方。

But let me use the example of something like footwear ASPs and running.

但讓我以鞋類 ASP 和跑步為例。

In 2011 we launched our real first running shoe.

2011 年，我們推出了真正的第一款跑鞋。

That is still in the market today.

今天市場上仍然存在這種產品。

This has become a heritage product for us.

這已成為我們的遺產產品。

It's called the Under Armour Assert.

這就是所謂的「Under Armour 斷言」。

When we launched it had a $70 price point.

當我們推出時，它的價格為 70 美元。

It started at a $90 price point.

它的起價為 90 美元。

It settled at a $70 price point for us.

我們的價格定為 70 美元。

When we launched the Assert, by 2013 the Assert was doing about 0.5 million units for us.

當我們推出 Assert 時，到 2013 年，Assert 已經為我們提供了大約 50 萬個單位。

In 2014 it did about 1.2 million units for us.

2014 年，它為我們生產了約 120 萬台。

In 2015 it did 1.7 million units.

2015年銷量為170萬台。

This year the Assert is going to be about close to 2.5 million units of Asserts that we'll make this year.

今年我們將製作約 250 萬個斷言單元。

And you can say, why are we making a low price point shoe?

你可能會說，我們為什麼要生產低價位的鞋子？

The problem that you have with a factory base is that factories means that there's people.

工廠基地面臨的問題是，有工廠就意味著有人。

And keeping the consistencies in the product lines for us to manufacture goods on a consistent basis, it's a really valuable thing.

保持產品線的一致性，讓我們能夠在一致的基礎上製造產品，這是一件非常有價值的事情。

And it's part of the overall strategy to make ourselves important to some of the biggest and the best footwear manufacturers in the world, like the Yu-Yens.

這是我們整體策略的一部分，旨在讓我們對世界上一些最大、最好的鞋類製造商（例如 Yu-Yens）變得重要。

So while we say that, we want you to understand, we are not just driving toward lower price points.

因此，雖然我們這麼說，但我們希望您明白，我們不僅僅是朝著更低的價格前進。

By having the competency and the consistency with our manufacturing base, it allows us to attract better talent from our manufacturers that are putting their A teams on our product that allows us to make higher price-point goods, like for instance the Speedform Gemini that we launched in 2015.

透過擁有與我們的製造基地的能力和一致性，它使我們能夠從製造商那裡吸引更好的人才，他們將他們的A 團隊投入到我們的產品中，使我們能夠生產更高價位的產品，例如我們的Speedform Gemini於 2015 年推出。

And when we launched the Gemini we did about close to 0.5 million units in 2015.

當我們推出 Gemini 時，我們在 2015 年的銷售量接近 50 萬台。

And it will be over 780,000 units this year, closing on 800,000 units.

今年銷量將超過78萬輛，最終銷量將達到80萬輛。

Those kind of increases -- and we're going to do that at $130 price point.

這種增長——我們將以 130 美元的價格實現這一目標。

To find and build that competency is something that just takes time.

找到並建立這種能力需要時間。

And the good news is that we have the equity of brand that has allowed us to endure to get through the difficult years of building out the infrastructure, the team, the manufacturing cycle, and the supply chain for us to get it there.

好消息是，我們擁有品牌資產，使我們能夠熬過建設基礎設施、團隊、製造週期和供應鏈的艱難歲月，以實現這一目標。

And we've had amazing partners that have been incredibly patient with us.

我們擁有出色的合作夥伴，他們對我們非常有耐心。

But we understand is that, that patience wears out at some point.

但我們知道，耐心有時會消失。

And as I said, the good news is that we've got these over 14 styles above $100 coming in 2017.

正如我所說，好消息是我們將在 2017 年推出超過 14 種 100 美元以上的款式。

We're incredibly proud, I think, of the product we have in the market, even right now in our new Speedform style, like the Slingshot, which is a terrific all-knit upper running shoe at $140.

我認為，我們對市場上的產品感到無比自豪，即使現在是我們新的 Speedform 款式，例如 Slingshot，這是一款非常棒的全針織鞋面跑鞋，售價 140 美元。

The Gemini 2 RE at $150.

Gemini 2 RE 售價 150 美元。

I mean, I think when you look at our training product line, we have a new product called the Amp at $120, which is going to be -- it's a new precision fit technology for the mid-foot.

我的意思是，我認為當你查看我們的訓練產品線時，我們有一款名為 Amp 的新產品，售價 120 美元，這是一種針對中足的新型精確貼合技術。

So we see ourselves taking these steps across really all aspects.

因此，我們認為自己在各方面都採取了這些步驟。

But I want to be clear, building out a footwear company, it takes time.

但我想明確的是，建立一家鞋類公司需要時間。

And we are incredibly proud of the growth we have.

我們對我們的成長感到無比自豪。

And again, they're all anchors with, we put 64% on the top line of growth in footwear and it's obviously incredibly important to us as we think about the business going forward.

再說一遍，它們都是我們的支柱，我們將 64% 的成長放在鞋類的頂線上，當我們考慮未來的業務時，這顯然對我們非常重要。

That's great.

那太棒了。

If I could switch gears to Connected Fitness.

如果我可以切換到互聯健身。

Obviously it seems like there's a wearables side, Health Box, early reads extremely wrong.

顯然，似乎有穿戴式裝置的一面，健康盒，早期的解讀是極為錯誤的。

Maybe just talk about any updates?

也許只是談論任何更新？

The $200 million rev target you laid out for that Connected Fitness business directly.

您直接為 Connected Fitness 業務設定了 2 億美元的收入目標。

And then secondarily, kind of the halo effect that if we're selling of more shirts and shoes, any sort of update on how you are seeing that monetization of the core business?

其次，如果我們銷售更多的襯衫和鞋子，會產生一種光環效應，您如何看待核心業務的貨幣化？

Thanks.

謝謝。

First of all, we've made this statement recently, and I really love it.

首先，我們最近發表了這一聲明，我真的很喜歡它。

I think it just describes what we've been trying to put together with Connected Fitness.

我認為它只是描述了我們一直在嘗試將 Connected Fitness 整合在一起的內容。

And it's this idea is that data is the new oil.

這個想法是數據是新石油。

Like those who have the data, those who have the understanding of the consumer, we believe are the ones that are going to win.

就像那些擁有數據、了解消費者的人一樣，我們相信那些人將會獲勝。

And for us laying out now having a Connected Fitness community of over 160 million with adding well over 100,000 new registrants every single day that are volunteering information to us like how much they slept, how active they are, what they did when they exercise, how hard they exercise.

對我們來說，現在擁有一個擁有超過1.6 億人口的Connected Fitness 社區，每天都會增加超過100,000 名新註冊者，他們自願向我們提供信息，例如他們的睡眠時間、他們的活躍程度、他們鍛煉時做了什麼、如何鍛鍊。他們努力鍛鍊。

And they are doing things like using our gear tracker, up to the tune of 1 million people that are asking us to tell them when they should buy a new shoe by evaluating the type of terrain they are running on and the distance they are running on.

他們正在做一些事情，例如使用我們的裝備追蹤器，有多達 100 萬人要求我們透過評估他們跑步的地形類型和跑步距離來告訴他們何時應該購買新鞋。

The information we are getting is extraordinary.

我們得到的訊息非同尋常。

But frankly, we are still -- we are in the first inning of what's happening in this world.

但坦白說，我們仍然處於這個世界正在發生的事情的第一局。

But what we do have is we have the ability to use data.

但我們所擁有的是我們有使用數據的能力。

And a key initiative for Under Armour Connected Fitness, and I want to be clear, is that we want you to understand is that we believe in the growth opportunities, as I mentioned in my prepared remarks as well, is that we did in the first quarter in revenues what we did in all -- in just 90 days what we did in all of 2015.

我想澄清的是，Under Armour Connected Fitness 的一項關鍵舉措是，我們希望您了解，我們相信成長機會，正如我在準備好的發言中提到的那樣，我們在第一年就做到了這一點。一個季度的收入相當於我們在短短 90 天內所做的全部工作，相當於我們 2015 年全年所做的工作。

So we see things like premium, we see things like subscription, we see opportunity for us there.

所以我們看到了諸如付費之類的東西，我們看到了諸如訂閱之類的東西，我們看到了我們在那裡的機會。

But to understand, like, what exactly is the product is something that's going to be a continuous work in process for us.

但要了解產品到底是什麼，對我們來說將是一個持續的過程。

And our job is to find synergistic ways that enhance consumer engagement and drives value to the community, really delivering great value to the community.

我們的工作是找到增強消費者參與度並為社區創造價值的協同方法，真正為社區帶來巨大的價值。

And so we've laid that bogey out there about $200 million in 2018.

因此，我們在 2018 年投入了約 2 億美元。

And we feel very good about that.

我們對此感覺非常好。

But we also believe that speaking of map and terrain, there will be ebb and flow as to what happens with this product, and as it evolves into building the best product for our consumer.

但我們也相信，說到地圖和地形，這個產品會發生什麼，隨著它演變成為我們的消費者打造最好的產品，將會出現潮起潮落。

So I want to let you know, and just remind ourselves, is that we are certainly still in investment mode this year focused on engagement and what we call the single view of the consumer.

因此，我想讓您知道，並提醒自己，今年我們肯定仍處於投資模式，重點關注參與度和我們所說的消費者單一觀點。

As it relates to SAP, is that we have a major initiative with us -- with them that will give us a really one and only look at a Company.

與 SAP 相關的是，我們與他們一起制定了一項重大舉措，這將使我們真正了解一家公司。

Is that the fact that we are not burdened with so much legacy and have the ability to truly define what the Company of the future should look like.

事實上，我們沒有背負太多的遺產，並且有能力真正定義未來的公司應該是什麼樣子。

Of not only just guessing, we're using things like a recommendation engine based on previous purchasing history, but truly knowing the activities that consumers are engaging in to deliver to meet the consumer where they are and deliver better products for them at the right time.

我們不僅僅是猜測，而是使用基於以前購買歷史的推薦引擎之類的東西，而是真正了解消費者正在從事的活動，以滿足消費者的需求，並在正確的時間為他們提供更好的產品。

But our investments are going to enable us to build out, again, what we are calling our math house with data.

但我們的投資將使我們能夠再次用數據建造我們所說的數學之家。

And ultimately we believe are going to help us empower us to sell more shirts and shoes.

最終，我們相信這將幫助我們銷售更多襯衫和鞋子。

We're doing that not by ourselves, but we brought together some really great partners in IBM and the Watson platform where we are gaining more competency in big data analytics.

我們不是靠自己做到這一點，而是在 IBM 和 Watson 平台上聚集了一些非常優秀的合作夥伴，在這些平台上我們在大數據分析方面獲得了更多的能力。

And again, I think we're still in the first part of this, as well as something like the Under Armour Health Box, that our first reads on it are very positive.

再說一遍，我認為我們仍處於第一部分，以及像 Under Armour Health Box 這樣的東西，我們對它的第一次閱讀是非常積極的。

But we think it's a product that will continue to evolve and we'll continue to refine and allow the consumer to take us with the data that they want.

但我們認為這是一個將繼續發展的產品，我們將繼續完善並允許消費者向我們提供他們想要的數據。

But at the end of the day, we feel incredibly -- we feel really good about what happened in the first quarter of getting that product launched and the launch at CES.

但最終，我們感到難以置信——我們對第一季推出該產品以及在 CES 上發布的情況感到非常滿意。

But we think that there is definitely this map and terrain will continue to evolve for us.

但我們認為這張地圖和地形肯定會繼續為我們演變。

That's great.

那太棒了。

Thanks for all the detail.

感謝您提供所有詳細資訊。

All the best, guys.

祝大家一切順利。

Thanks.

謝謝。

Omar Saad, Evercore ISI.

奧馬爾·薩阿德，Evercore ISI。

Hey, guys.

大家好。

Great quarter.

很棒的季度。

Thanks for taking my question.

感謝您提出我的問題。

Thanks, Omar.

謝謝，奧馬爾。

I wanted to follow up on the Connected Fitness, Kevin.

我想跟進 Connected Fitness，凱文。

Just to make sure we understand.

只是為了確保我們理解。

When you say in the first quarter you matched revenue in the first quarter versus all of 2015, is that people going to the Under Armour website through the Connected Fitness platform?

當您說第一季的收入與 2015 年全年的收入相當時，人們是否透過 Connected Fitness 平台造訪 Under Armour 網站？

Help me understand exactly what that dynamic means and how it's working.

幫助我準確地理解這種動態意味著什麼以及它是如何運作的。

We mean subscription numbers, and as we're driving, developing and building retail there as well right now.

我們指的是訂閱數量，而且我們現在也正在推動、開發和建立零售業。

So, it -- I mean again, the growth has been consistent.

所以，我再說一遍，成長是一致的。

So I think we've -- where we are right now is really thinking about user engagement and really making sure that while we have a big number, we are over 60 million active monthly users right now that we have on the platform, and something which is a big, big opportunity for us.

所以我認為我們現在正在真正考慮用戶參與度，並真正確保雖然我們擁有大量用戶，但我們現在平台上的月活躍用戶超過 6000 萬，等等這對我們來說是一個非常非常大的機會。

And as well as, you're right Omar, we are driving consumers.

而且，奧馬爾，你是對的，我們正在推動消費者。

So we are matching what happened in 2015, where we've been testing everything, bringing the right amount of math of driving consumers to e-commerce, to drive ultimately selling more shirts and shoes.

因此，我們正在與 2015 年發生的情況相匹配，當時我們一直在測試一切，引入適量的數學來推動消費者轉向電子商務，最終推動銷售更多的襯衫和鞋子。

Again, we were really clear is that the ultimate goal that we had here is that while Connected Fitness, and again if I said that there was, as we bought these apps what they didn't have before, while they had a great product for the consumer, they had no way to monetize their product.

再說一次，我們非常清楚，我們的最終目標是，當 Connected Fitness 時，如果我說，當我們購買這些應用程式時，他們有一些他們以前沒有的東西，而他們有一個很棒的產品對於消費者來說，他們沒有辦法將他們的產品貨幣化。

So by combining Under Armour, who is in the physical fitness space and sells shirts and shoes, it really allowed us that we have the vehicle of, I use the analogy of the purpose of a brand is that we bring people to the amusement park and we put them on the roller coaster and they go up in the air and they get excited.

因此，透過結合Under Armour（在健身領域銷售襯衫和鞋子），它確實讓我們擁有了載體，我用品牌的目的來比喻，就是我們帶人們去遊樂園，我們把他們放在過山車上，他們升到空中，他們很興奮。

When they come off and they go through the loop-de-loop and they want to engage somehow, they didn't have a way to do that other than to see their data they tracked.

當他們下車並經歷循環並且想要以某種方式參與時，除了查看他們追蹤的數據之外，他們沒有其他方法可以做到這一點。

With us, we had to go to drive them through the gift shop.

和我們一起，我們不得不開車送他們穿過禮品店。

With that, they -- hopefully we're going to help them buy lots and lots of Under Armour shirts and shoes.

有了這個，他們希望我們能幫助他們購買很多很多的 Under Armour 襯衫和鞋子。

Okay, that's helpful.

好的，這很有幫助。

And then I also wanted to ask, you alluded to before the points of distribution in North America, a 10,000 or 15,000 points of distribution gap between Under Armour and other brands.

然後我還想問一下，您之前提到北美的經銷點，Under Armour 與其他品牌之間有 10,000 個或 15,000 個經銷點的差距。

With DTC over 30% of the business and growing really nicely, especially the e-commerce piece, higher price points you talked about the new shoes coming this year, next year, more and more products at higher price points.

DTC 佔業務的 30% 以上，而且成長非常好，尤其是電子商務部分，更高的價格點，你談到今年、明年推出的新鞋，越來越多的產品價格更高。

How do you think about that kind of incremental distribution in North America, especially in lower tiers or mid-tier distribution?

您如何看待北美的這種增量分銷，尤其是低層或中層分銷？

Is that something that's part of the conversation potentially over time, and really requires some thought and segmentation, or maybe help me understand how you think about segmenting the brand and those points of distribution?

隨著時間的推移，這是否是潛在對話的一部分，並且確實需要一些思考和細分，或者也許可以幫助我了解您如何考慮細分品牌和這些分銷點？

Are you happy with where you are with DTC and e-commerce and your existing distributions?

您對 DTC 和電子商務以及現有發行版的現狀感到滿意嗎？

Maybe you don't need, with the opportunities internationally in footwear and women's and youth, you don't need those (multiple speakers)

也許你不需要，國際上在鞋類、女裝和青年方面有機會，你不需要這些（多位發言者）

Got it, got it.

明白了，明白了。

(inaudible) and thanks.

（聽不清楚）謝謝。

So I think that what you're going to see from us is that where we've been investing in segmentation, we've been investing in merchandising, that it's going to leave us the opportunity to make the best decision for the brand.

因此，我認為您將從我們身上看到的是，我們一直在投資於細分市場，我們一直在投資商品推銷，這將使我們有機會為品牌做出最佳決策。

Plain and simple is that we think that there are opportunities.

簡單來說就是我們認為有機會。

We think there's moments where consumers walk into retail, and frankly they don't have an option to purchase Under Armour.

我們認為，有些時候消費者走進零售店，坦白說，他們沒有選擇購買 Under Armour。

While no hard decisions have been made now, I want you to know is that our job and our goal is going to put ourselves in a position to make those decisions when the time is right and appropriate.

雖然現在還沒有做出任何艱難的決定，但我想讓你們知道，我們的工作和目標將使我們能夠在適當的時候做出這些決定。

So merchandising, as I said, is that identifying in 2014, building the team in 2015, perfecting it in 2016, and really being able to hit in all cylinders in 2017 is the way that we are thinking about what we're going to do.

因此，正如我所說，行銷是在 2014 年確定目標，在 2015 年組建團隊，在 2016 年完善團隊，並在 2017 年真正能夠全力以赴，這就是我們考慮要做的事情的方式。

I mean, driving right product, right place, right time is a message we have there.

我的意思是，在正確的地點、正確的時間駕駛正確的產品是我們傳達的訊息。

And you've heard how much and a fan I am of Kevin Eskridge who runs our merchandising group for us and how highly we think of him.

您也聽說過，我是凱文·埃斯克里奇 (Kevin Eskridge) 的粉絲，他為我們管理我們的銷售團隊，我們對他的評價也很高。

And frankly because he's had the experience of having run and built China for us, and now having him back here, again, but it's not one person.

坦白說，因為他有為我們管理和建設中國的經驗，現在他再次回到這裡，但這不是一個人。

Probably the best asset he has, which is the number one requirement at Under Armour, is he's done a great job building an expert team.

也許他擁有的最好的資產，也是 Under Armour 的首要要求，就是他在建立專家團隊方面做得非常出色。

And so we didn't have a merchandising team two years ago.

所以兩年前我們還沒有行銷團隊。

We had merchandising throughout the building, but we didn't really have a specific merchandising team.

我們在整棟大樓裡都有推銷員，但我們並沒有真正的特定推銷團隊。

So being prescriptive with product flow, key items being reinforced with new item styles, colors.

因此，對產品流程進行規定，關鍵項目透過新的項目樣式、顏色加強。

And making sure there's a differentiation.

並確保存在差異化。

Right now we've got the channels of sporting goods, the mall, department store, as well as our own distribution.

現在我們有體育用品的管道，商場，百貨公司，還有我們自己的經銷。

And then possibly broader distribution as we think about it.

然後我們考慮一下可能會出現更廣泛的分佈。

Again at Under Armour we really -- we say the only thing (inaudible) product at Under Amour is someone says, that's the way we've always done it.

再說一遍，在 Under Armour，我們確實 - 我們說 Under Amour 唯一的（聽不清楚）產品是有人說的，這就是我們一直以來的做法。

So we do believe we are a different Company every six months.

因此，我們確實相信每六個月我們就會成為一家不同的公司。

And we will continue to make the best decisions that allow us to meet consumers where they are.

我們將繼續做出最佳決策，使我們能夠滿足消費者的需求。

And we think that merchandising segmentation is going to be a critical tool for us in our toolbox as we move forward.

我們認為，隨著我們的前進，商品細分將成為我們工具箱中的關鍵工具。

Thanks.

謝謝。

That's perfect.

那很完美。

And operator, that's all the time we have today.

接線員，這就是我們今天的全部時間了。

I want to thank everyone for joining us on the call.

我要感謝大家加入我們的電話會議。

We look forward to reporting to you our second-quarter 2016 results, which tentatively have been scheduled for Tuesday July 26 at 8:30 AM Eastern time.

我們期待向您報告 2016 年第二季業績，報告暫定於東部時間 7 月 26 日星期二上午 8:30 進行。

Thanks again, and good bye.

再次感謝，再見。

Thank you.

謝謝。

Ladies and gentlemen, thank you for your participation in today's conference.

女士們、先生們，感謝你們參加今天的會議。

This does conclude the program, and you may now disconnect.

這確實結束了程序，您現在可以斷開連接。

Everyone have a good day.

每個人都有美好的一天。