Under Armour Inc (UAA) 2017 Q1 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the Under Armour, Inc.

女士們，先生們，美好的一天，歡迎來到 Under Armour, Inc.

First Quarter Earnings Webcast and Conference Call.

第一季度收益網絡廣播和電話會議。

(Operator Instructions) As a reminder, this conference call is being recorded.

（操作員說明）作為提醒，此電話會議正在錄音中。

I would now like to introduce your host for today's conference, Mr. Lance Allega.

我現在想介紹一下今天會議的主持人，Lance Allega 先生。

Sir, you may begin.

先生，您可以開始了。

Thank you, operator.

謝謝你，接線員。

Good morning, everyone.

大家，早安。

Thank you for joining us on today's call to discuss Under Armour's first quarter 2017 results.

感謝您加入我們今天的電話會議，討論安德瑪 2017 年第一季度的業績。

I'd like to remind everyone that participants on the call will make forward-looking statements.

我想提醒大家，電話會議的參與者將做出前瞻性陳述。

These statements are based on current expectations and are subject to certain uncertainties that could cause actual results to differ materially.

這些陳述基於當前的預期，並受到某些可能導致實際結果存在重大差異的不確定性的影響。

These uncertainties are detailed in this morning's press release and documents filed regularly with the SEC.

這些不確定性在今天上午的新聞稿和定期提交給美國證券交易委員會的文件中有詳細說明。

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 unanticipated events.

公司不承擔更新前瞻性陳述以反映陳述作出之日之後的事件或情況或反映意外事件的發生的義務。

Additionally, we may reference certain non-GAAP financial information.

此外，我們可能會參考某些非公認會計原則的財務信息。

We provide a reconciliation of non-GAAP financial information in our earnings release and in the electronic version of portions of the script today from today's call, which will be available at uabiz.com.

我們在我們的收益發布和今天電話會議部分腳本的電子版本中提供了非公認會計原則財務信息的對賬，這些信息將在 uabiz.com 上提供。

Joining us on today's call will be Under Armour Chairman and CEO, Kevin Plank; and Dave Bergman, our CFO.

加入我們今天電話會議的將是 Under Armour 董事長兼首席執行官 Kevin Plank；和我們的首席財務官戴夫·伯格曼。

Following our prepared remarks, we'll open the call for questions.

在我們準備好的評論之後，我們將打開提問的電話。

And with that, I'd like to turn it over to Kevin.

有了這個，我想把它交給凱文。

Thanks, Lance.

謝謝，蘭斯。

Good morning, everyone, and thank you for joining us today.

大家早上好，感謝您今天加入我們。

2017 is a year we're empowering Under Armour to become a single, more agile, stronger and smarter company.

2017 年是我們授權 Under Armour 成為一家單一、更敏捷、更強大和更智能的公司的一年。

Our first quarter marks a good start to this journey.

我們的第一季度標誌著這一旅程的良好開端。

In January, we detailed some of the challenges we're facing in North America as well as what we feel our competitive advantage is to manage through this rapidly changing environment.

一月份，我們詳細介紹了我們在北美面臨的一些挑戰，以及我們認為我們的競爭優勢是在這個快速變化的環境中進行管理。

We talked about the imbalance caused by extreme growth due to more than doubling our size over the past 3 years.

我們談到了由於過去 3 年我們的規模增加了一倍以上而導致的極端增長造成的不平衡。

We spoke of the unique strength of our brand, unparalleled ability to connect with global athletes and our tremendous portfolio of growth drivers.

我們談到了我們品牌的獨特實力、與全球運動員聯繫的無與倫比的能力以及我們龐大的增長驅動力組合。

That said, our strategy is about more than this quarter or the next.

也就是說，我們的策略是關於本季度或下一個季度。

And while parts of the broader environment remain uneven, we feel very good about the evolution of our brand strength, relations with consumers around the world and our ability to gain share in key markets and categories.

雖然大環境的某些部分仍然不平衡，但我們對我們品牌實力的發展、與全球消費者的關係以及我們在關鍵市場和類別中獲得份額的能力感到非常滿意。

We've been analyzing the next 3, 5 or 10 years by product type, gender, category, channel or geography.

我們一直在按產品類型、性別、類別、渠道或地理位置分析未來 3 年、5 年或 10 年。

We are underpenetrated comparatively by any measure: Market share, mind share and potential.

從任何衡量標準來看，我們的滲透率都相對較低：市場份額、思想份額和潛力。

So now, as the third largest athletic brand in the world with more than $15 billion ahead of us to second place and another $15 billion ahead of that to first place, the fact remains that we have significant and scalable opportunities before us.

因此，現在，作為世界第三大運動品牌，我們以超過 150 億美元的價格位居第二，另外 150 億美元位居第一，但事實仍然是，我們面臨著重大且可擴展的機會。

To build on commentary from our last call, the road to the first $5 billion was much different than we expect the road to the next $5 billion to be.

根據我們上次電話會議的評論，通往第一個 50 億美元的道路與我們預期的通往下一個 50 億美元的道路大不相同。

Yet we can't talk about results or opportunity without considering the need for balance.

然而，如果不考慮平衡的必要性，我們就不能談論結果或機會。

With a shifting terrain, we're hyperfocused on balancing external marketplace growth with internal operational excellence, working both in concert to embolden the strength of our brand.

隨著形勢的變化，我們非常注重平衡外部市場增長與內部卓越運營，兩者協同工作以增強我們品牌的實力。

By balancing investments in innovation, consumer connectivity and experiences, with the appropriate operational discipline, we are on a long-term path to ensure more consistent returns to shareholders.

通過平衡對創新、消費者連接和體驗的投資，以及適當的運營紀律，我們走上了一條確保股東回報更加穩定的長期道路。

The core of our strategy, though, remains aspirational great products with a relentless pursuit of innovation and the creation of compelling experiences for our consumers.

然而，我們戰略的核心仍然是追求卓越的產品，不懈地追求創新並為我們的消費者創造引人入勝的體驗。

We have one of the most unique brand communities on the planet, a relationship we cherish and never take for granted, particularly our relationship with kids, the youth of this generation.

我們擁有地球上最獨特的品牌社區之一，我們珍視這種關係，從不認為是理所當然的，尤其是我們與孩子、這一代年輕人的關係。

We aspire to be a brand that is both trusted and desired.

我們渴望成為一個值得信賴和渴望的品牌。

This consumer-led approach continues to take shape by the transformation toward category management.

這種以消費者為主導的方法繼續通過向品類管理的轉變而形成。

That said, I'd like to take a few minutes to highlight how we're progressing against that goal.

也就是說，我想花幾分鐘時間來強調一下我們是如何朝著這個目標前進的。

18 months ago, we made the decision to reset the company around key sport categories.

18 個月前，我們決定圍繞關鍵運動類別重新設置公司。

This decision was driven by extreme growth, changing consumer behavior and the immense opportunity to address the unmet needs of our consumers.

這一決定是由極端增長、不斷變化的消費者行為以及解決消費者未滿足需求的巨大機會推動的。

For men's and women's training, running, basketball and global football, to outdoor, team sports, youth and lifestyle sportswear, this evolution is well underway.

對於男女訓練、跑步、籃球和全球足球，再到戶外、團隊運動、青年和生活方式運動裝，這種演變正在順利進行。

2016 and 2017 have a high focus on leveraging and empowering our team structurally.

2016 年和 2017 年高度關注在結構上利用和授權我們的團隊。

With our move in the category management, we're working to enhance our product creation, supply chain and speed-to-market processes and functionally, how we will bring products to market in the future via merchandising, demand creation and our overall distribution strategy.

隨著我們在品類管理方面的舉措，我們正在努力加強我們的產品創造、供應鍊和上市速度，以及我們將如何通過銷售、需求創造和我們的整體分銷戰略在未來將產品推向市場的方式.

By emphasizing a clear go-to-market capability, we'll take a better approach of driving the core basics that our business was built on, while also emphasizing elevated product across all categories with innovation and experiences that inspires consumers.

通過強調明確的上市能力，我們將採取更好的方法來推動我們業務賴以建立的核心基礎，同時強調所有類別的高端產品，以及激發消費者的創新和體驗。

The purpose of this structure is to drive authenticity within each sport category, getting us as close as possible to the consumer as efficiently and effectively as possible.

這種結構的目的是提高每個運動類別的真實性，讓我們盡可能高效和有效地貼近消費者。

So how is it working?

那麼它是如何工作的呢？

So let's touch on a few highlights.

因此，讓我們談談幾個亮點。

I'm going to go ahead and start with our smallest category, yet potentially one of our largest, long-term growth opportunities, our sportswear business.

我將繼續從我們最小的類別開始，但可能是我們最大的長期增長機會之一，我們的運動服裝業務。

In only 24 months, we've gone from an idea to a fully dedicated team of product designers headquartered in New York City who have set up the backbone of this key growth driver.

在僅僅 24 個月的時間裡，我們已經從一個想法變成了一個總部設在紐約市的完全敬業的產品設計師團隊，他們建立了這一關鍵增長動力的支柱。

Built on leadership.

建立在領導力之上。

There's 2 ways we're approaching this.

我們有兩種方法可以解決這個問題。

First, with the launch of our UAS collection last fall, and the second line this past quarter, we began to interpret and authenticate the Under Armour brand within fashion.

首先，隨著我們去年秋天發布的 UAS 系列以及上個季度的第二線，我們開始在時尚界詮釋和驗證 Under Armour 品牌。

This top of the pyramid approach, that is pinnacle, premium product, blends the intersection of our brand's core sport and performance elements with a unique personal style and creative expression.

這種金字塔頂端的方法，即頂級的優質產品，將我們品牌的核心運動和性能元素與獨特的個人風格和創意表達融合在一起。

Understanding this is a longer-term strategic position, we are hitting the benchmark we set for ourselves to make lifestyle a core competency of our brand and the halo impression that we'll have access across all the categories that we do business in today.

了解這是一個長期的戰略立場，我們正在達到我們為自己設定的基準，使生活方式成為我們品牌的核心競爭力，以及我們將在我們今天開展業務的所有類別中獲得訪問權的光環印象。

Secondly, it's emphasizing a lifestyle throughout our product line in influencing style, silhouettes and distribution we already serve.

其次，它在我們的產品線中強調一種生活方式，以影響我們已經服務的風格、輪廓和分銷。

One example is we've taken lessons from UAS' quick-to-market strategy to create the Unstoppable lifestyle collection, which is due out later this year.

一個例子是我們從 UAS 的快速上市戰略中吸取了教訓，創造了 Unstoppable 生活方式系列，該系列將於今年晚些時候推出。

This will represent our first complete better level men's and women's sports fashion expression.

這將代表我們第一次完成更好水平的男女運動時尚表達。

Turning to basketball.

轉向籃球。

It's a global category that continues to post consistent growth as the brand gains more visibility, authenticity and performance around the world.

這是一個全球類別，隨著品牌在全球範圍內獲得更多知名度、真實性和表現，它繼續保持持續增長。

Some of this hard work certainly paid off in the first quarter with 11 women's and 12 men's teams making the NCAA tournament for Under Armour, which is a record for the company.

其中一些努力在第一季度得到了回報，11 支女子球隊和 12 支男子球隊為 Under Armour 參加了 NCAA 錦標賽，這是該公司的記錄。

And most exciting, our brand's first-ever NCAA national championship in basketball as the University of South Carolina women's team took home the title and the men's team made South Carolina's and Under Armour's first Final Four.

最令人興奮的是，我們的品牌首次在 NCAA 全國籃球錦標賽中奪冠，南卡羅來納大學女隊奪得冠軍，而男隊則進入了南卡羅來納和安德瑪的第一個四強。

Yet our success in basketball hasn't been without its learning.

然而，我們在籃球方面的成功並非沒有它的學習。

In spring 2015, we debuted our first signature basketball shoe with Stephen Curry, the Curry One, who since become a 2-time NBA MVP and global icon.

2015 年春天，我們與庫裡一號斯蒂芬庫里合作推出了我們的第一款簽名籃球鞋，此後他成為了兩屆 NBA MVP 和全球偶像。

The limited launch of the Curry One was a strong success and set us up well to realize even greater growth with Curry Two, which included a much broader spectrum of distribution, color and launches.

Curry One 的有限推出取得了巨大的成功，並為我們與 Curry 2 實現更大的增長做好了準備，其中包括更廣泛的分銷、顏色和發布。

Lock-step with other franchises, like Drive, Lightning and Jet, our performance offering has continued to evolve nicely, mixing speed, support, balance and style with the NBA's running gun positionless style of play.

與 Drive、Lightning 和 Jet 等其他球隊保持同步，我們的性能產品繼續得到很好的發展，將速度、支持、平衡和風格與 NBA 的跑槍無位置打法相結合。

As we launched the Curry 3 late last year, our expectations continue to run high.

當我們去年底推出 Curry 3 時，我們的期望繼續高漲。

And while the 3 plays very well on court for Stephen Curry and our athletes, a sluggish signature market and a warm consumer reception has led to softer-than-expected results.

雖然斯蒂芬庫里和我們的運動員在球場上的三分球表現非常出色，但標誌性市場的低迷和消費者的熱烈歡迎導致結果低於預期。

This has created an inventory imbalance that we're working through, one that, yes, is baked into our full year outlook, which hasn't changed and, most importantly, yield the lessons we're applying ahead with the Curry 4 and beyond.

這造成了我們正在解決的庫存不平衡問題，是的，這一問題已納入我們的全年展望，這一點並沒有改變，最重要的是，我們在 Curry 4 及以後應用中吸取了教訓.

Not only for the 4, but moving forward, we've retooled our test-learn scale approach in this business to be sharper, sharper through a spectrum of number of color offerings, scarcity, exclusives and cadence of launches to drive more consistent engagement and results, and sharper with our basketball portfolio composition to target balanced growth across all assortments to address players at all levels.

不僅針對 4，而且向前邁進，我們已經重新調整了我們在該業務中的測試學習規模方法，通過一系列顏色產品、稀缺性、獨家性和發布節奏來更清晰、更清晰，以推動更一致的參與和結果，並且通過我們的籃球組合組合更加清晰，以實現所有類別的平衡增長，以解決各個級別的球員。

One of the highlights for UA is the strong grassroot systems we've built across AU and our high school teams, where athletes are competing and winning championships.

UA 的亮點之一是我們在 AU 和我們的高中團隊中建立的強大的草根系統，運動員們在這裡競爭並贏得冠軍。

We're incredibly proud of our basketball business and see tremendous runway ahead as we continue to take market and mind share with this key consumer.

我們為我們的籃球業務感到無比自豪，並且隨著我們繼續與這個關鍵消費者爭奪市場和思想份額，我們看到了巨大的發展空間。

Another area we remain incredibly bullish on is our overall women's business.

我們仍然非常看好的另一個領域是我們的整體女性業務。

We reached $1 billion in revenue in 2016, a huge milestone for our brand, and our confidence continues to build.

我們在 2016 年實現了 10 億美元的收入，這對我們的品牌來說是一個巨大的里程碑，我們的信心繼續增強。

And of course, it starts with great product.

當然，它始於出色的產品。

Our women's team has been working relentlessly thinking differently to elevate style and performance as we continue to earn her trust and greater closet share behind key core items.

我們的女裝團隊一直在不懈地努力以不同的方式思考以提升風格和性能，因為我們繼續贏得她的信任並在關鍵核心項目背後獲得更大的衣櫥份額。

A great example is the Misty Inspired collection that launched in the first quarter, designed purposely to elevate style, silhouettes and layering pieces that can be worn anywhere.

一個很好的例子是第一季度推出的 Misty Inspired 系列，旨在提升風格、輪廓和可在任何地方穿著的分層單品。

We're seeing strong demand for the entire collection and have gained valuable insights into how we market these collections and engage her into our brand even more deeply.

我們看到對整個系列的強勁需求，並獲得了寶貴的見解，了解我們如何營銷這些系列並讓她更深入地參與我們的品牌。

Across our whole women's business, we're proud of the foundation we've laid, but really feel we're just getting started, identifying her unique UA voice.

在我們整個女性業務中，我們為我們奠定的基礎感到自豪，但我們真的覺得我們才剛剛開始，確定她獨特的 UA 聲音。

As we continue to learn, engage and drive insights, we see an incredible amount of runway for this business, but there's work to be done.

隨著我們繼續學習、參與和推動洞察力，我們看到這項業務的發展前景令人難以置信，但仍有工作要做。

In addition to the success for moves toward category management, we made progress against operational goals as well.

除了在品類管理方面取得成功之外，我們也在運營目標方面取得了進展。

This quarter marked the completion and go-live of our work with SAP to build what we call the single view of the consumer.

本季度標誌著我們與 SAP 合作的完成和上線，以構建我們所謂的消費者單一視圖。

This system combines global point of sale, E-Commerce and transactional information with our Connected Fitness business.

該系統將全球銷售點、電子商務和交易信息與我們的 Connected Fitness 業務相結合。

As we make the transition from data collection to data analytics and reporting, we're now equipped with realtime information on over 200 million users.

隨著我們從數據收集過渡到數據分析和報告，我們現在擁有超過 2 億用戶的實時信息。

This empowers our teams to leverage our speed to create, drive and accelerate value for our consumers through new personalized products, services and experiences.

這使我們的團隊能夠利用我們的速度，通過新的個性化產品、服務和體驗為我們的消費者創造、推動和加速價值。

So what used to take weeks or even months for us to get information on new product performance, training workouts and demographics now takes seconds to speed and analytical horsepower provided by this incredible Consumer Insight Engine.

因此，過去我們需要數週甚至數月才能獲得有關新產品性能、訓練鍛煉和人口統計的信息，現在只需幾秒鐘即可加快速度，並通過這個令人難以置信的消費者洞察引擎提供分析能力。

Two first quarter examples of utilizing single view of the consumer include our athlete recovery sleepwear launch with Tom Brady and the Project Rock collection, a collaboration with Dwayne Johnson.

第一季度利用消費者單一視圖的兩個例子包括我們與 Tom Brady 合作推出的運動員恢復睡衣以及與 Dwayne Johnson 合作的 Project Rock 系列。

Two launches for us that drove incredible demand and now, we are currently working to replenish, except where we're building scarcity.

兩次為我們推出的產品推動了令人難以置信的需求，現在，我們目前正在努力補充，除了我們正在建立稀缺的地方。

Using UA's SVoC, we're able to instantaneously analyze consumer purchase behavior, including gender, ages and workout frequency, among other attributes.

使用 UA 的 SVOC，我們能夠即時分析消費者的購買行為，包括性別、年齡和鍛煉頻率等屬性。

These insights will now be integrated in the next-gen product development, helping drive discussions about product planning, assortments, future marketing and, ultimately, a better and more premium experience for our consumers.

這些見解現在將被整合到下一代產品開發中，幫助推動關於產品規劃、分類、未來營銷的討論，並最終為我們的消費者提供更好、更優質的體驗。

Next up, and only a few months out, is an upgrade of our entire enterprise resource planning system that we've been investing heavily in since 2015, specifically SAP's FMS, or Fashion Management Solution.

接下來，也就是幾個月後，是我們自 2015 年以來一直在大力投資的整個企業資源規劃系統的升級，特別是 SAP 的 FMS 或時尚管理解決方案。

FMS will allow us to manage all of our processes across one data landscape with the ability to analyze large information volumes, also ensuring greater operational efficiency, better inventory planning and greater speed-to-market.

FMS 將使我們能夠在一個數據環境中管理我們的所有流程，並能夠分析大量信息，同時確保更高的運營效率、更好的庫存規劃和更快的上市速度。

This has been no easy effort and I take great pride in calling out and thanking the hundreds of global teammates that have been working tirelessly, living, breathing, testing and retesting again and again to ensure that we're optimally aligned for this game-changing evolutionary step for Under Armour.

這並非易事，我非常自豪地呼籲並感謝數百名全球隊友，他們一直在不知疲倦地工作、生活、呼吸、測試和一次又一次的重新測試，以確保我們在這場改變遊戲規則的過程中保持最佳狀態Under Armour 的進化步驟。

Once combined, category management, Connected Fitness and our SAP capabilities will become a powerful instrument to further address the rapidly changing consumer environment.

一旦結合起來，品類管理、Connected Fitness 和我們的 SAP 功能將成為進一步應對快速變化的消費者環境的強大工具。

From insight-driven product creation to purchase, through end use, this data-fueled ecosystem creates one of the most powerful and unique consumer connections in our industry, a true 2-way consumer-led conversation that will directly integrate and strategically influence our go-to-market strategy.

從洞察力驅動的產品創建到購買，再到最終使用，這個數據驅動的生態系統創造了我們行業中最強大和獨特的消費者聯繫之一，一個真正的雙向消費者主導的對話，將直接整合併從戰略上影響我們的發展市場戰略。

This highly sophisticated engine represents a critical asset and competitive advantage as we work toward becoming a $10 billion business.

在我們努力成為價值 100 億美元的企業時，這種高度複雜的引擎代表了一項關鍵資產和競爭優勢。

So what does Q1 tell us about Under Armour?

那麼 Q1 告訴我們關於 Under Armour 的哪些信息？

It tells us that we're stable and staying healthy even if segments of our wholesale business in North America fight through uneven terrain.

它告訴我們，即使我們在北美的批發業務部分在崎嶇不平的地形中掙扎，我們也很穩定並保持健康。

It tells us that we're actively managing our growth, that our inventory levels are appropriate and that we have a strong innovation agenda.

它告訴我們，我們正在積極管理我們的增長，我們的庫存水平是適當的，我們有一個強大的創新議程。

It demonstrates meaningful progress against our move toward category management, a structure strengthened by vital systems upgrades.

它展示了我們在轉向類別管理方面取得的有意義的進展，這一結構通過重要的系統升級得到了加強。

And it confirms that we're in a good position to invest in growth opportunities, both short and long-term, while driving to become even more efficient and effective across our business.

它證實了我們處於有利地位，可以投資於短期和長期的增長機會，同時推動我們的業務變得更加高效和有效。

With the start to the year, where we did what we said we would do, we're tracking well against our targets.

今年年初，我們做了我們說過要做的事情，我們正在很好地跟踪我們的目標。

As we look to the future, we will continue to make the best long-term decisions for our brand, teammates, communities, and, of course, our shareholders.

展望未來，我們將繼續為我們的品牌、隊友、社區，當然還有我們的股東做出最佳的長期決策。

And we're going to do it while adding more than $0.5 billion in revenue in 2017, implementing new SAP systems, standing up our category management structure and keeping an energized flow of exciting product and experiences coming for our consumers.

我們將在 2017 年增加超過 5 億美元的收入、實施新的 SAP 系統、建立我們的品類管理結構並為我們的消費者提供充滿活力的令人興奮的產品和體驗。

We know we've got hard work ahead of us.

我們知道我們前面有艱苦的工作。

And while we're certainly used to that, we respect the challenge and are pursuing it full force, and that's what I will leave you with.

雖然我們當然已經習慣了，但我們尊重挑戰並全力以赴，這就是我要留給你的。

Our team is hungry and humble with our heads down, engaging, empowering, editing and executing.

我們的團隊渴望低頭、謙虛、參與、授權、編輯和執行。

And with that, I'll turn the call over to Dave to take a deeper look at our results.

有了這個，我將把電話轉給戴夫，以更深入地了解我們的結果。

Thanks, Kevin.

謝謝，凱文。

We are pleased with our first quarter results, which came in a little better than we expected due to some cadence and timing shifts.

我們對我們的第一季度業績感到滿意，由於一些節奏和時間變化，這比我們預期的要好一些。

And we remain on track with our full year outlook.

我們的全年展望仍保持在正軌上。

So let's take a look at how we did.

那麼讓我們來看看我們是怎麼做的。

Total revenue in the first quarter was up 7% to $1.1 billion.

第一季度總收入增長 7% 至 11 億美元。

By product type, apparel revenue increased 7% to $715 million, driven by strength in golf, team sports and training.

按產品類型劃分，服裝收入增長 7%，達到 7.15 億美元，這主要得益於高爾夫、團隊運動和訓練領域的實力。

By continuing to focus on improved assortments, newness and innovation, including premium apparel platforms like Threadborne and athlete recovery sleepwear, we feel well positioned to deliver a solid year.

通過繼續專注於改進的分類、新穎性和創新，包括 Threadborne 和運動員恢復睡衣等優質服裝平台，我們感到有能力實現穩健的一年。

In line with our expectations, revenue for our footwear business was up 2% to $270 million.

符合我們的預期，我們的鞋類業務收入增長 2% 至 2.7 億美元。

Recall that we're lapping 64% growth in last year's first quarter, which had significant strength in basketball sales.

回想一下，我們在去年第一季度實現了 64% 的增長，這在籃球銷售方面具有顯著優勢。

Some footwear standouts in the quarter included golf, women's training and running.

本季度一些突出的鞋類包括高爾夫、女子訓練和跑步。

Additionally, we had less liquidation in the quarter as we're working to ensure appropriate-to-channel inventory and driving our premium position in the category.

此外，我們在本季度的清算較少，因為我們正在努力確保適合渠道的庫存並推動我們在該類別中的高端地位。

Hitting $1 billion in revenue in 2016 was a great accomplishment, and we expect another year of growth that outpaces the overall company.

2016 年收入達到 10 億美元是一項了不起的成就，我們預計又一年的增長將超過整個公司。

Revenue for accessories increased 12% to $89 million in the quarter with solid results for men's training, youth and global football.

本季度配件收入增長 12% 至 8900 萬美元，在男子訓練、青年和全球足球方面取得了可觀的成績。

Looking at revenue by channel.

按渠道查看收入。

Our wholesale business was up 4% to $773 million, reflecting an uneven North American environment and a tough comp given the bankruptcies of several key partners in 2016.

我們的批發業務增長了 4%，達到 7.73 億美元，這反映了北美環境的不平衡以及 2016 年幾個主要合作夥伴破產的艱難競爭。

Direct-to-consumer revenue grew 13% to $302 million, representing 27% of global revenue in the quarter.

直接面向消費者的收入增長 13% 至 3.02 億美元，佔本季度全球收入的 27%。

This growth was balanced across all 3 concepts: Factory and Brand Houses and E-Commerce.

這種增長在所有 3 個概念中得到平衡：工廠和品牌公司以及電子商務。

Our licensing business grew 25% to $24 million in the first quarter, driven by strength in our socks business and our licensed partner in Japan.

我們的授權業務在第一季度增長了 25%，達到 2400 萬美元，這得益於我們的襪子業務和我們在日本的授權合作夥伴的實力。

In addition, our Connected Fitness business was up 2% to $19 million.

此外，我們的互聯健身業務增長了 2%，達到 1900 萬美元。

On a regional basis, in line with our expectations, our North American business was down 1% to $871 million as the promotional environment we saw in the fourth quarter of last year carried into 2017.

從地區來看，與我們的預期一致，我們在去年第四季度看到的促銷環境持續到 2017 年，因此我們的北美業務下降了 1% 至 8.71 億美元。

Accordingly, we continue to proactively manage our inventory, while still protecting brand health with meaningfully less liquidation product in this year's mix as previously noted.

因此，我們將繼續積極管理我們的庫存，同時仍通過在今年的組合中顯著減少清算產品來保護品牌健康，如前所述。

Also important to note is that growth from new wholesale distribution in the quarter was not enough to offset the bankruptcies of 2016.

另外需要注意的是，本季度新批發分銷的增長不足以抵消 2016 年的破產。

Our international business, which we define as everything outside the U.S. and Canada, continues to deliver strong top line results, posting a 52% increase in revenue to reach $227 million, or 20% of total revenue in the quarter.

我們將國際業務定義為美國和加拿大以外的所有業務，繼續取得強勁的營收業績，收入增長 52%，達到 2.27 億美元，佔本季度總收入的 20%。

Currency-neutral revenue was up 57%.

貨幣中性收入增長了 57%。

Looking down into geographies.

俯視地理。

EMEA revenues were up 55% to $103 million, driven by continued momentum in the U.K. and Germany with balanced strength across wholesale and DTC, and increases in nearly every sport category.

歐洲、中東和非洲地區的收入增長了 55%，達到 1.03 億美元，這得益於英國和德國在批發和 DTC 領域的持續發展勢頭，以及幾乎所有運動類別的增長。

Asia Pacific revenues increased 60%, driven by strength in China and Australia as well as the first full quarter of contribution from South Korea, which is now direct versus previously being through a license.

亞太地區的收入增長了 60%，這得益於中國和澳大利亞的實力以及韓國第一季度的貢獻，現在是直接的，而不是以前通過許可證。

And finally, our Latin American business was up 30% with broad-based growth across distribution channels and categories.

最後，我們的拉丁美洲業務增長了 30%，分銷渠道和類別的廣泛增長。

Turning to margins.

轉向邊緣。

First quarter gross margin was down 70 basis points to 45.2% due to continued inventory management efforts, a regional mix that skewed heavier toward international, and foreign currency impact.

由於持續的庫存管理工作、更傾向於國際化的區域組合和外匯影響，第一季度毛利率下降了 70 個基點至 45.2%。

These headwinds were partially offset by channel mix, which included a lower mix of liquidations.

這些不利因素部分被渠道組合所抵消，其中包括較低的清算組合。

SG&A expenses increased 12% to $498 million, driven by investments in our direct-to-consumer, international and footwear businesses.

在我們直接面向消費者、國際和鞋類業務的投資推動下，SG&A 費用增長 12% 至 4.98 億美元。

This increase was slightly better than planned due, in part, to some timing shifts, including headcount additions and demand creation expenses, which had moved into future quarters based on execution needs.

這一增長略好於計劃，部分原因是一些時間變化，包括員工人數增加和需求創造費用，這些費用已根據執行需求轉移到未來幾個季度。

First quarter operating income was $8 million.

第一季度營業收入為 800 萬美元。

Interest expense in the quarter was up 73% to $8 million.

本季度的利息支出增長了 73% 至 800 萬美元。

And our tax rate in the first quarter approached 200% compared to 42% last year due to discrete items taken in certain foreign markets and the implementation of new accounting rules related to the tax treatment of equity compensation.

由於在某些國外市場採取的離散項目以及與股權補償稅收處理相關的新會計規則的實施，我們第一季度的稅率從去年的 42% 接近 200%。

Combined, these were about $3.5 million with the biggest portion driven by discrete international items, which are particularly impactful to our effective tax rate in periods, such as the first quarter, with lower consolidated pretax income levels.

這些加起來約為 350 萬美元，其中最大的一部分是由離散的國際項目驅動的，這對我們在第一季度等時期的有效稅率影響特別大，合併稅前收入水平較低。

Taking all of these to the bottom line, we had a net loss of $2 million in the first quarter, or a $0.01 loss of diluted earnings per share compared to a $0.04 gain in the prior year.

考慮到所有這些，我們在第一季度淨虧損 200 萬美元，或稀釋後每股收益損失 0.01 美元，而去年同期為 0.04 美元。

Now turning to our balance sheet.

現在轉向我們的資產負債表。

Cash and cash equivalents was up 10% to $172 million.

現金和現金等價物增長 10% 至 1.72 億美元。

Inventory was up 8% to $902 million, while we focus on efforts to manage product flow with demand to ensure brand and channel health.

庫存增長 8% 至 9.02 億美元，同時我們專注於根據需求管理產品流，以確保品牌和渠道健康。

Total debt was down 8% to $861 million.

總債務下降 8% 至 8.61 億美元。

And finally, CapEx was down 28% to $65 million, demonstrating our disciplined approach to infrastructure investments.

最後，資本支出下降 28% 至 6500 萬美元，這表明我們對基礎設施投資的嚴謹態度。

With respect to our full year 2017 outlook, there are no changes from the prior targets we gave on January 31, which were included in our press release this morning.

關於我們 2017 年全年的展望，我們在 1 月 31 日給出的先前目標沒有變化，這些目標已包含在我們今天上午的新聞稿中。

Next, I want to provide some color on the balance of the year.

接下來，我想為年度餘額提供一些顏色。

As we look to transition our new SAP platform early in the third quarter, we are proactively taking measures to ensure as little disruption as possible to our business operations and delivery of customer orders.

由於我們希望在第三季度初過渡我們的新 SAP 平台，我們正在積極採取措施，以確保盡可能減少對我們的業務運營和客戶訂單交付的干擾。

With some potential movement depending on how SAP timing flows through, we expect the revenue growth rate in the second quarter to be approximately 1 point higher than the first quarter.

由於 SAP 時間流逝方式的一些潛在變動，我們預計第二季度的收入增長率將比第一季度高出約 1 個百分點。

And in the second half of the year, we expect revenue to be up at a mid-teen percentage rate, with, by far, the strongest comparison of 2017 being in the fourth quarter.

在今年下半年，我們預計收入將以 10% 左右的速度增長，到目前為止，與 2017 年的最強對比是在第四季度。

We expect first-half gross margin to be down approximately 120 basis points due to the impact of changes in foreign currency, efforts to manage inventory and higher air freight expense, which more than offset the benefits of channel mix.

我們預計上半年毛利率將下降約 120 個基點，原因是受外匯變動、庫存管理努力和空運費用增加的影響，這抵消了渠道組合帶來的好處。

In line with revenue expectations, gross margin should also see its strongest comp in the fourth quarter of this year.

與收入預期一致，毛利率也應該在今年第四季度達到最高水平。

Turning to SG&A.

轉向SG&A。

The previously mentioned timing shifts of marketing and other expenses into future quarters, combined with ongoing investments in our DTC, international and footwear businesses, are expected to result in an operating loss of approximately $15 million to $20 million in the first half of 2017.

前面提到的營銷和其他費用到未來幾個季度的時間轉移，加上我們對 DTC、國際和鞋類業務的持續投資，預計將導致 2017 年上半年的運營虧損約為 1500 萬至 2000 萬美元。

And finally, we expect a mid-teen effective tax rate in the second quarter due, again, to discrete international items.

最後，我們預計第二季度的有效稅率將再次出現在離散的國際項目中。

To close, I've been with Under Armour for 12 years, and I've seen a constantly changing map versus terrain and have the greatest confidence in the team we have in place to meet these opportunities as we continue to position ourselves for the future.

最後，我已經在 Under Armour 工作了 12 年，我看到了不斷變化的地圖與地形，並且對我們擁有的團隊充滿信心，能夠迎接這些機會，因為我們將繼續為未來定位.

We are focused on financial and operational discipline that drive efficiency across the organization.

我們專注於提高整個組織效率的財務和運營紀律。

We are working collaboratively to determine the balance between growth, share and scale, and the right return on investments necessary to deliver consistent and profitable long-term growth.

我們正在合作確定增長、份額和規模之間的平衡，以及實現持續和盈利的長期增長所必需的正確投資回報。

We have already begun to identify specific opportunities to reduce complexity and drive towards a leaner and more responsive organization.

我們已經開始尋找具體的機會來降低複雜性並推動組織更精簡、反應更靈敏。

And we look forward to sharing more details later this year.

我們期待在今年晚些時候分享更多細節。

With that, I will turn it back to the operator for your questions.

有了這個，我會把它轉回給接線員來回答你的問題。

Operator?

操作員？

(Operator Instructions) And our first question comes from the line of Bob Drbul of Guggenheim.

（操作員說明）我們的第一個問題來自古根海姆的 Bob Drbul。

I guess, the 2 questions that I have for you this morning, the first one is on the footwear, with the 2% number this quarter, what did you learn and sort of the optimism that you have going forward for a rebound in footwear?

我想，今天早上我要問你的 2 個問題，第一個是關於鞋類的，本季度的數字為 2%，你學到了什麼以及你對鞋類市場反彈的樂觀態度？

And the second question is you engaged in detail on the expectation for the revenues to reaccelerate throughout the remainder of the year, especially the back half, can you just discuss a little bit more of the confidence that you have in that forecast as well?

第二個問題是您詳細討論了對今年剩餘時間，尤其是下半年收入重新加速的預期，您能否再談談您對該預測的信心？

Bob, so number one, let me just begin with as regards to the footwear is that we don't like it, we don't accept it.

鮑勃，所以第一，讓我先談談鞋類，我們不喜歡它，我們不接受它。

We believe in footwear.

我們相信鞋類。

We believe what we've built in the infrastructure that's now in place.

我們相信我們在現有的基礎設施中建立的東西。

And our footwear for the year is actually going to outpace the overall growth of the company for '17.

我們今年的鞋類實際上將超過 17 年公司的整體增長速度。

So we realize the base that we put in place going back to '16 crossing $1 billion, and that's given us scale and has given us the ability to invest.

所以我們意識到我們建立的基礎可以追溯到 16 年超過 10 億美元，這給了我們規模，給了我們投資的能力。

So the infrastructure that we have from the global innovations (inaudible) over the last 11 years, we've been building locally, where we manufacture (inaudible) where it all comes together at the Under Armour Lighthouse as well as the new footwear building that we're putting up in Portland, where our team can have a house that they can actually call a home.

因此，我們在過去 11 年中從全球創新（聽不清）中獲得的基礎設施，我們一直在本地建設，我們在那裡製造（聽不清），所有這些都在 Under Armour 燈塔以及新的鞋類建築我們正在波特蘭建造，我們的團隊可以在那裡擁有一棟他們實際上可以稱之為家的房子。

So we understand though, as we look at what's happening in the marketplace, number one, we're a performance brand and we continue to see momentum in some of our on-field and on-court categories, things like cleated and things like running, as well as what we're seeing in basketball.

所以我們明白，當我們看到市場上正在發生的事情時，第一，我們是一個性能品牌，我們繼續看到我們的一些場上和場上類別的勢頭，比如防滑釘和跑步之類的東西，以及我們在籃球中看到的。

There's other momentum that we have in the marketplace.

我們在市場上還有其他動力。

But we see and we understand the shift in lifestyle.

但我們看到並且我們理解生活方式的轉變。

The one thing, we think is important though is that all the lifestyle that we'll introduce, whether it's apparel, whether it's footwear, will things that will build on the credibility we have because of our authentic athletic base.

但我們認為重要的一件事是，我們將介紹的所有生活方式，無論是服裝，還是鞋類，都將建立在我們真實的運動基礎上的可信度之上。

We've also seen some things in our lifestyle families like the 24/7, our Encounter product and the new product we just unveiled called Threadborne Shift a couple of weeks ago.

我們還在我們的生活方式系列中看到了一些東西，例如 24/7、我們的 Encounter 產品以及我們在幾週前剛剛推出的名為 Threadborne Shift 的新產品。

It's also important to note that the international demand for our footwear is very, very strong right now.

還需要注意的是，目前國際對我們鞋類的需求非常非常強勁。

It's a competitive landscape here in the U.S. and that's nothing we shy away from.

這是美國的競爭格局，這不是我們迴避的地方。

But we understand that we can win and we are doing that.

但我們知道我們可以贏，我們正在這樣做。

And it's -- and we're doing it at premium price points.

它是 - 我們正在以高價位做這件事。

So there's 3 things we're really focused on for footwear right now.

所以我們現在真正專注於鞋類的三件事。

And first and foremost, it always comes back to products.

首先，它總是回到產品上。

Innovation and building great, great product, and I want to tell you that our pipeline is full.

創新和打造出色、出色的產品，我想告訴你，我們的管道已滿。

And we understand the need and the key for beautifully designed product that also raises our technical game.

我們了解設計精美的產品的需求和關鍵，這也提高了我們的技術水平。

We also have some technical game that we can bring into that through beautiful delivered product, things like our new Connected shoe, which we launched V2 of this year at CES.

我們也有一些技術遊戲，我們可以通過精美的交付產品來實現這一點，比如我們今年在 CES 上推出的 V2 新款 Connected 鞋。

And there's more innovation coming in the future, where, we believe, leveraging the business that we have at Connected Fitness.

未來還會有更多創新，我們相信，利用我們在 Connected Fitness 的業務。

We think that there's a real product opportunity there.

我們認為那裡存在真正的產品機會。

And we've seen some things that really give us encouragement.

我們已經看到了一些真正給我們鼓勵的事情。

We're also doing some things in the personalization standpoint, like UA Icon, which is going to be launching later this summer, which is a customization capability for consumers to go on to ua.com and be able to build their favorite Under Armour footwear and customize it to anything that they'd like on the shoe.

我們還在個性化方面做一些事情，比如將於今年夏天晚些時候推出的 UA Icon，這是一種定制功能，消費者可以訪問 ua.com 並能夠打造他們最喜歡的 Under Armour 鞋履並將其定制為他們想要的任何鞋子。

So a couple of programs we really think are going to make the differentiators for us.

因此，我們真正認為有幾個程序會為我們帶來差異化。

But we understand that this comes from driving product first and foremost.

但我們知道，這首先來自於驅動產品。

And for us, that means building franchise.

對我們來說，這意味著建立特許經營權。

And this is sort of an ethos for the company this year, is that Under Armour is officially out of acquisition mode and we're in activation mode.

這是公司今年的一種精神，是 Under Armour 正式退出收購模式，我們處於激活模式。

We have franchises in footwear, things like Bandit and Gemini, Slingflex, Highlight, Curry and many more in the pipeline, which has proven that we can sell a product above $100, and that's the unique thing for any brand.

我們在鞋類方面擁有特許經營權，例如 Bandit 和 Gemini、Slingflex、Highlight、Curry 等等，這已經證明我們可以銷售 100 美元以上的產品，這對任何品牌來說都是獨一無二的。

So as we sit here as the third largest brand in the world, and we think about the competition we have in front as well as that behind us, we understand that, that's the key.

因此，當我們作為世界第三大品牌坐在這裡時，我們會思考我們前面和後面的競爭，我們明白，這是關鍵。

With running styles approaching nearly 20 running styles above $100, we need to make sure that they all sell through and that happens.

100 美元以上的跑步款式接近 20 種，我們需要確保它們都賣光了，而且這種情況會發生。

We also have to focus on -- thirdly, is our expanding access to consumers.

我們還必須關注 - 第三，是我們擴大對消費者的訪問。

And we're fortunate to be in that position that we have the distribution lever to be able to utilize this year, because that is what helps gives us the critical volumes to compete with the 2 companies in front of us versus worrying about the multiple companies behind us.

我們很幸運能夠在今年擁有可以利用的分銷槓桿，因為這有助於我們獲得與我們面前的兩家公司競爭的關鍵數量，而不是擔心多家公司我們後面。

And again, just to remind you, when we say expanding distribution, we are not going to any new distribution other than what's been commented on out there.

再次提醒您，當我們說擴展發行版時，除了已經評論過的內容外，我們不會進行任何新發行版。

We said a couple of years ago that we have 11,000 points of distribution.

幾年前我們說過，我們有 11,000 個分銷點。

We are targeting 13,000 points of distribution.

我們的目標是 13,000 個分銷點。

We feel good about where we are right now.

我們對我們現在所處的位置感覺良好。

And we feel that this is going to give us a distribution lever that allows us to continue to push the critical volumes that we can continue to build product at the premium end of our business as well.

我們認為這將為我們提供一個分銷槓桿，使我們能夠繼續推動我們可以繼續在我們的高端業務中構建產品的關鍵數量。

So Under Armour is focused on $100-plus footwear, and we feel like we're making great strides to get there.

因此，Under Armour 專注於 100 美元以上的鞋類，我們覺得我們在實現這一目標方面取得了長足的進步。

So we, again -- and I just want to reiterate again is that we do see the growth for the full year outpacing the overall company growth, too.

因此，我們再次 - 我只想再次重申，我們確實看到全年的增長也超過了公司的整體增長。

And Bob, this is Dave.

鮑勃，這是戴夫。

I'll jump in on the second part of your question relative to back half and Q4.

關於後半部分和第四季度的問題，我將直接回答您問題的第二部分。

Q4 and back half confidence comes really from product, distribution and also pricing strategy.

第四季度和後半部分的信心真正來自產品、分銷和定價策略。

From a product perspective, we have new offerings, such as our Unstoppable lifestyle product with new running technology.

從產品的角度來看，我們提供了新產品，例如採用新跑步技術的 Unstoppable 生活方式產品。

We also have a lot of confidence in Reactor product, just as a few examples.

我們對 Reactor 產品也很有信心，舉幾個例子。

And also, we learned a lot from last fall-winter.

而且，我們從去年秋冬學到了很多。

And so we broadened our fall-winter assortment with more layers, such as lightweight fleece to be better prepared for any type of winter.

因此，我們擴大了秋冬系列，增加了更多層次，例如輕質抓絨，為任何類型的冬季做好準備。

We've revisited our auto replenishment program.

我們重新審視了我們的自動補貨計劃。

We also have more price and distribution levers that we're pulling, as Kevin mentioned, along with a better strategy to refresh our product on the floor more quickly.

正如凱文所說，我們還有更多的價格和分銷槓桿，以及更快地更新我們的產品的更好策略。

So -- and you add it all up, we also have a smaller comp in Q4, and we're just definitely excited about what we can deliver in the back half and Q4, all together.

所以——你把它加起來，我們在第四季度也有一個更小的陣容，我們對我們在後半區和第四季度可以提供的東西感到非常興奮，所有這些。

And our next question comes from the line of Kate McShane of Citi Research.

我們的下一個問題來自 Citi Research 的 Kate McShane。

My first question is just on the North America market.

我的第一個問題是關於北美市場的。

I think there's been evidence of a high-level promotions in this market.

我認為有證據表明這個市場有高水平的促銷活動。

How are you feeling about North America over the next few quarters from a promotional standpoint?

從促銷的角度來看，您對未來幾個季度的北美感覺如何？

And do you think we can return to inflation and price increases after a prolonged period of promotion?

你認為我們可以在長時間的促銷之後恢復通貨膨脹和物價上漲嗎？

So Kate, this is Dave.

凱特，這是戴夫。

I'll start off with that one.

我將從那個開始。

North America being down 1%, simply put, we don't like it, and we don't really accept it.

北美下降了 1%，簡而言之，我們不喜歡它，我們並不真正接受它。

It was in line with our expectations, though.

不過，這符合我們的預期。

We expected the choppy promotional environment with carryover from Q4.

我們預計第四季度會出現波動的促銷環境。

We did anticipate that our new distribution wasn't going to be enough to offset the prior year bankruptcies.

我們確實預計我們的新分配不足以抵消上一年的破產。

But we are proactively managing our inventory and brand health in the marketplace and that also included less liquidation this quarter.

但我們正在積極管理我們在市場上的庫存和品牌健康狀況，這也包括本季度較少的清算。

So in general, we did expect the lower growth in Q1 for North America, but it's not something that we're going to accept.

所以總的來說，我們確實預計北美第一季度的增長會下降，但這不是我們要接受的。

So Kate, let me start underscoring that from David.

所以凱特，讓我從大衛開始強調這一點。

But more importantly, like the promotional environment that exists out there, it's pervasive.

但更重要的是，就像那裡存在的促銷環境一樣，它無處不在。

It's something that's very real and it's something that we need to be prepared for.

這是非常真實的事情，我們需要為此做好準備。

And I think I feel really good about it.

而且我認為我對此感覺非常好。

In the back half of '16, it's something that we knew we could have done a better job with and it's the lessons learned that we are applying going forward.

在 16 年下半年，我們知道我們可以做得更好，這是我們正在應用的經驗教訓。

So that being said, it's just understanding the way that we've approached 2017 because when we look at growth overall for our company, it's been a heck of 3 years of going of doubling the business over that period of time and has us looking forward about what's next.

話雖如此，這只是了解我們接近 2017 年的方式，因為當我們審視公司的整體增長時，在那段時間裡業務翻番已經是 3 年了，讓我們期待關於接下來會發生什麼。

And so we really are focused this year on operational excellence and what we can do to being a better-run company.

因此，我們今年真正專注於卓越運營以及我們可以做些什麼來成為一家經營得更好的公司。

And again, we're going to do that while still adding more than $0.5 billion in revenue.

再一次，我們要做到這一點，同時仍然增加超過 5 億美元的收入。

So we're definitely not going to stand still.

所以我們絕對不會停滯不前。

And we certainly don't like going backwards.

我們當然不喜歡倒退。

And so focusing on going forward is where we are.

因此，專注於前進就是我們所處的位置。

We have a lot of executional opportunities in the near term and also, while building, I think the bigger better engine for the future.

我們在短期內有很多執行機會，而且，在建設的同時，我認為未來會有更大更好的引擎。

And as we do that, I think there's a couple ways that we're looking to make that happen.

當我們這樣做時，我認為我們希望通過多種方式實現這一目標。

I mentioned in my script 3 real focuses we have at the company.

我在腳本中提到了我們在公司的 3 個真正重點。

First is structure.

首先是結構。

I think of having just the alignment of evolving from a small company to a mid-company to getting to a bigger-sized business.

我認為只是從小公司發展到中型公司再到更大的企業。

Category management, we believe, is going to be a big difference of keeping us close to the consumer as well giving P&L responsibility in a matrix approach that allows and drives real accountability for us.

我們相信，品類管理對於讓我們與消費者保持密切聯繫以及以矩陣方法賦予損益表責任將是一個很大的不同，這種方法允許並推動我們真正的責任感。

Secondly, but probably, it's the most important, it's absolutely the most important, is just great product.

其次，但可能，它是最重要的，絕對是最重要的，只是偉大的產品。

Reinventing our core basics, that's one thing that I wanted people to know is that, that is where my focus has been.

重塑我們的核心基礎，這是我希望人們知道的一件事，這就是我的重點所在。

As we've seen and looked at sort of where we are right now when we made the calibration of things, '17 for us is the year that we're going to change the growth outlook.

正如我們在對事物進行校準時所看到並觀察到的那樣，17 年對我們來說是我們將改變增長前景的一年。

And so we have the ability to make the best decisions for our business and making sure that there's 3 ways we want to look to do that, is reinventing our core basics, which means being productive, is that we lived on a legacy business for a long time where our product would just sell.

因此，我們有能力為我們的業務做出最佳決策，並確保我們希望通過 3 種方式來做到這一點，即重塑我們的核心基礎，這意味著提高生產力，是我們以傳統業務為生很長一段時間，我們的產品只會出售。

And we had these big key item volumes.

我們有這些大的關鍵項目數量。

But now, when you hear me emphasis the idea of go-to-market strategy, I think really being clear and deliberate about the products that we have in the marketplace, with each and every product, not just selling because it's heritage, but selling it because it's the best product out there.

但是現在，當你聽到我強調進入市場戰略的想法時，我認為對我們在市場上擁有的產品，每一種產品都非常清楚和深思熟慮，不僅僅是因為它是傳統而銷售，而是因為它的傳統而銷售因為它是最好的產品。

And I feel like we have addressed that and particularly, in the back half of this year.

我覺得我們已經解決了這個問題，特別是在今年下半年。

It also means getting behind from the planned programs we have for energy and excitement this year, things like Project Rock and our new sleepwear line.

這也意味著我們今年計劃的精力和興奮計劃的落後，比如 Project Rock 和我們的新睡衣系列。

And then also, I touched on this, but the new product that we're bringing to market.

然後，我也談到了這一點，但我們正在推向市場的新產品。

And listen, we get it.

聽著，我們明白了。

We understand what lifestyle is about and we have a new product line called Unstoppable that'll be hitting in toward the end of Q3 and into Q4 of this year, too.

我們了解生活方式的意義，我們有一個名為 Unstoppable 的新產品線，它將在第三季度末和今年第四季度推出。

So we're chasing the opportunities.

所以我們正在追逐機會。

And I think probably, more importantly, a better way to say is we're attacking those opportunities.

而且我認為可能更重要的是，更好的說法是我們正在利用這些機會。

And third and finally is that we're editing.

第三也是最後一點是我們正在編輯。

The reliance that we've had on that key item volume is something where we can't just put items into the marketplace and expect them to sell.

我們對關鍵商品數量的依賴是我們不能僅僅將商品投放市場並期望它們銷售的原因。

The consumer expects more.

消費者期待更多。

But more importantly, our shift to lifestyle isn't about a new line or one collection or one drop.

但更重要的是，我們向生活方式的轉變不是關於一個新系列、一個系列或一滴。

It's about truly evolving the entire company toward the space.

這是關於真正讓整個公司朝著這個領域發展。

And so you'll see that reflected, and this is nothing new.

所以你會看到反映，這並不是什麼新鮮事。

We've been in the lifestyle business for over 2 years, building it out, starting at the premium and evolving that throughout our product line.

我們從事生活方式業務已有 2 年多的時間了，從高端開始，在我們的整個產品線中不斷發展壯大。

As far as it goes with the promotional environment, that's the reality of where we are today.

就促銷環境而言，這就是我們今天所處的現實。

We don't feel like we control that.

我們不覺得我們可以控制它。

We feel like people are making decisions from all different angles, which are going to impact what's happening in the broader base.

我們覺得人們正在從各個不同的角度做出決定，這將影響更廣泛的基礎上正在發生的事情。

So I think one thing that I just want to sort of underscore, as you think about North America maybe, which is a broader statement on where the company (inaudible).

所以我想有一件事我只想強調一下，就像你可能想到的北美一樣，這是關於公司所在地的更廣泛的聲明（聽不清）。

Under Armour is a performance company and we don't want to shy away from that.

Under Armour 是一家性能公司，我們不想迴避這一點。

We know our foundation, but we also know that, that foundation is what gives us the credibility because there's a lot of people that have now jumped into the athletic space in some way, shape or form.

我們知道我們的基礎，但我們也知道，這個基礎給了我們可信度，因為現在有很多人以某種方式、形狀或形式跳入了運動領域。

But as companies endured, and as brands endures, Under Armour is a great brand and we expect to endure through this.

但隨著公司和品牌的持續發展，Under Armour 是一個偉大的品牌，我們希望能夠堅持下去。

And so we're going to play offense this year, but we'll be prepared for whatever the market brings us.

所以今年我們要進攻，但我們會為市場帶來的一切做好準備。

And we feel pretty good about that.

我們對此感覺很好。

Kevin, if I could just follow up with one quick question that I think kind of rolled in to what you were saying.

凱文，如果我能跟進一個簡單的問題，我認為這有點像你所說的那樣。

Could you comment at all about how you're thinking about segmentation, especially now that you're in Kohl's?

您能否評論一下您是如何考慮細分的，尤其是現在您在 Kohl's 時？

And how are you feeling about the differentiation of product between what you're selling there in the mid-tier versus your premium-end customers?

您如何看待您在中端銷售的產品與高端客戶之間的產品差異？

Yes.

是的。

So as I mentioned a minute ago, we told you a while back that we had about 11,000 points of distribution.

正如我在一分鐘前提到的，我們不久前告訴過你，我們有大約 11,000 個分發點。

We were targeting roughly 13,000, so we've now hit that.

我們的目標是大約 13,000，所以我們現在已經達到了這個目標。

As far as distribution goes, number one, it's important to me that we -- when we announced the expanded distribution, that was the same day that we announced being on Fifth Avenue and committing to building the greatest retail store in the world that will open the middle of 2019.

就分銷而言，第一，對我來說很重要的是，當我們宣布擴大分銷範圍時，就在同一天，我們宣布進駐第五大道，並致力於打造世界上最大的零售店。 2019 年中。

So our commitment to being premium brand has never wavered or changed, but to compete at the levels where we want to run, we feel that we need to be the best.

因此，我們對成為優質品牌的承諾從未動搖或改變，但要在我們想要運行的水平上競爭，我們覺得我們需要成為最好的。

And we feel like we need coverage, and coverage is about some of the volumes that we can drive.

我們覺得我們需要覆蓋，覆蓋是關於我們可以推動的一些數量。

And again, where we talk about being in 13,000 points of distributions, it's important to remind people that some of our key competition has more than 23,000 points of distribution in North America alone.

再一次，當我們談到在 13,000 個分佈點時，重要的是要提醒人們，我們的一些主要競爭對手僅在北美就有超過 23,000 個分佈點。

So apples-to-apples, we feel very good about where we are.

因此，蘋果對蘋果，我們對自己所處的位置感覺非常好。

Now that does lead to the question of segmentation strategy, which we told you then the beginning of 2016 was the first time that we really stood up merchandising for ourselves as a brand.

現在這確實導致了細分策略的問題，我們在 2016 年初告訴過你，這是我們第一次真正站出來為自己作為一個品牌進行商品營銷。

And with that comes having clear segmentation between our product lines.

隨之而來的是我們的產品線之間有明確的細分。

So I think that we're good today, but we understand that consumers are -- or what our customers want.

所以我認為我們今天很好，但我們明白消費者是——或者我們的客戶想要什麼。

And they want differentiation, and they expect it, and they demand it.

他們想要差異化，他們期待它，他們要求它。

And frankly, that we have a brand that has the capability of doing it.

坦率地說，我們有一個有能力做到這一點的品牌。

In things like some of the investments we're making between systems and between some of the structural things in category management, we feel pretty good about our ability to do that.

在諸如我們在系統之間以及類別管理中的一些結構性事物之間進行的一些投資之類的事情上，我們對自己的能力感到非常滿意。

As far as additional distribution or anything there goes, we are completely, as I said, out of acquisition mode and in activation mode.

至於額外的分發或任何事情，正如我所說，我們完全脫離了獲取模式並處於激活模式。

The goal that we have is making all of our existing partners better, and this means doing a better job in the stores where we are.

我們的目標是讓我們所有現有的合作夥伴變得更好，這意味著在我們所在的商店做得更好。

And so you're not going to hear of any additional big-box opening happening in the United States for a very long period of time.

因此，在很長一段時間內，您都不會聽到美國有任何額外的大賣場開放。

We like the team that we have on the court.

我們喜歡我們在球場上的球隊。

We like our distribution.

我們喜歡我們的分佈。

And we think that we have a great, great opportunity there.

我們認為我們在那裡有一個很好的機會。

As far as our relationship, the kickoff and launch that we've had at Kohl's has been -- it's exceeded our expeditions to date and they've been a very good partner.

就我們的關係而言，我們在 Kohl's 的啟動和發射已經超過了我們迄今為止的探險次數，他們一直是一個非常好的合作夥伴。

That being said, I want to reiterate that we have some amazing partners right now as well.

話雖如此，我想重申，我們現在也有一些了不起的合作夥伴。

And our goal that we have as a company is focusing that we don't have to -- I don't believe we have to open any new distribution.

作為一家公司，我們的目標是專注於我們不必這樣做——我認為我們不必開設任何新的發行版。

I don't think that we need new categories.

我認為我們不需要新的類別。

I don't think that the platforms that we've unrolled -- unveiled as a company doesn't mean we won't have any new ones.

我不認為我們已經推出的平台——作為一家公司公開並不意味著我們不會有任何新的平台。

But I'm really giving my team the ability to just relax and just focus on what we have right now in becoming excellent in every category, every sports marketing asset, in the pieces we have and using 2017 as the year to get better at doing that.

但我真的讓我的團隊能夠放鬆，專注於我們現在擁有的東西，在每個類別、每個體育營銷資產、我們擁有的作品中變得優秀，並利用 2017 年作為做得更好的一年那。

And our next question comes from the line of Matt McClintock of Barclays.

我們的下一個問題來自巴克萊銀行的馬特麥克林托克。

Kevin, the comment was made just a second ago about that you're proactively managing the brand health.

凱文，剛才發表的評論是關於您正在積極管理品牌健康。

And I thought it would be helpful if maybe at high level, we could just get your assessment of where the brand health stands today overall.

而且我認為如果可能在高水平上會有所幫助，我們可以讓您對當今品牌健康狀況的整體狀況進行評估。

And then as a follow-up, I was just wondering if you could elaborate a little bit more on the innovation.

然後作為後續行動，我只是想知道您是否可以詳細說明一下創新。

You've talked a lot about lifestyle and there's been a lot of discussion about that.

你已經談了很多關於生活方式的話題，並且對此進行了很多討論。

But what changes to the innovation pipeline are you making?

但是您正在對創新管道進行哪些更改？

And maybe can you provide some visibility into innovation on the horizon in '17 and maybe beyond?

也許您能提供一些關於 17 年及以後即將出現的創新的可見性嗎？

Yes.

是的。

Thanks, Matt.

謝謝，馬特。

So first of all, financially, we did exactly what we said we're going to do this quarter.

因此，首先，在財務上，我們完全按照我們所說的本季度要做的事情。

So I think anything as it relates to brand health from that standpoint is that we had a pretty good idea of where we were.

所以我認為從這個角度來看，與品牌健康相關的任何事情都是我們對自己所處的位置有一個很好的了解。

As far as our brand goes, and this is somebody with 21 years having been in this industry, I truthfully wouldn't change positions with anyone else in the world, with any other brand.

就我們的品牌而言，這是一個在這個行業工作了 21 年的人，我真的不會與世界上任何其他人、任何其他品牌改變立場。

I believe that our brand is positioned.

我相信我們的品牌是定位的。

I believe that our brand is strong.

我相信我們的品牌很強大。

I believe that our brand demonstrates that we can take punches.

我相信我們的品牌表明我們可以採取行動。

And I believe that our brand also demonstrates that we can throw them too.

而且我相信我們的品牌也表明我們也可以扔它們。

So you look at the bevy of assets that we built and the things that we have as a company today.

所以你看看我們建立的大量資產以及我們今天作為一家公司擁有的東西。

We've got international business that's growing more than 50%, which remains one of our largest opportunities as a company.

我們的國際業務增長超過 50%，這仍然是我們公司最大的機遇之一。

As far as the base of partnerships we have here in the U.S., we've got more than 40 all-school collegiate deals where we outfit them head to toe.

就我們在美國的合作夥伴基礎而言，我們有 40 多個全校大學交易，我們從頭到腳為他們提供裝備。

We're introducing ourselves to the State of California this year with the introduction of signings of Cal-Berkeley and UCLA.

今年我們向加利福尼亞州介紹了自己，引入了加州大學伯克利分校和加州大學洛杉磯分校的簽約。

We've added a new outfitting deal with Major League Baseball that goes through 2030.

我們與美國職業棒球大聯盟新增了一項到 2030 年的新裝備協議。

And declaring to build the greatest retail store in the world on Fifth Avenue that opens in 2019.

並宣佈在 2019 年開業的第五大道上建造世界上最大的零售店。

This brand is looking forward, and we expect to bring our consumers with us.

這個品牌是向前看的，我們希望把我們的消費者帶到我們身邊。

And if you're starting a brand today or looking at who we had and the support that we had, I think a lot of these things have been misstated in terms of where and how people are aligned with our company.

而且，如果您今天要創建一個品牌，或者查看我們擁有的人以及我們獲得的支持，我認為在人們與我們公司結盟的地點和方式方面，很多事情都被錯誤地陳述了。

Tom Brady, Dwayne "The Rock" Johnson, Stephen Curry, Lindsey Vonn, Misty Copeland, Jordan Spieth, Anthony Joshua, who will be fighting for the heavyweight championship of the world this weekend, as well as some that you've never heard of like a boxer from Baltimore named Gervonta.

湯姆·布雷迪、巨石強森、史蒂芬·庫裡、林賽·沃恩、米斯蒂·科普蘭、喬丹·斯皮思、安東尼·約書亞，他們將在本週末為世界重量級冠軍而戰，還有一些你從未聽說過的就像來自巴爾的摩的拳擊手 Gervonta。

There's more people buying Under Armour this year than they did last year.

今年購買 Under Armour 的人比去年多。

We're adding and putting -- standing up new systems.

我們正在添加和放置——建立新系統。

Our category management structure and energized flow of exciting new product experiences from -- for our consumers.

我們的品類管理結構和令人興奮的新產品體驗的源源不斷——為我們的消費者。

And we're also adding $0.5 billion of revenue this year.

我們今年還將增加 5 億美元的收入。

So I can't tell you exactly how other people feel, but I know how our athletes, our team, our partners and I know how I feel about the future of the company.

所以我不能確切地告訴你其他人的感受，但我知道我們的運動員、我們的團隊、我們的合作夥伴以及我對公司未來的感受。

So I think we definitely have work to do.

所以我認為我們肯定有工作要做。

But I think the strength of the brand is something that's been built over the last 21 years.

但我認為品牌的實力是在過去 21 年中建立起來的。

And I think as people continue to learn and hear our story and as you start to hear our marketing and our voice tuned up throughout the balance of this year and amplified, we feel pretty good about where that would be.

而且我認為，隨著人們繼續學習和聽到我們的故事，當你開始聽到我們的營銷和我們的聲音在今年餘下時間裡調整併放大時，我們對那會在哪裡感覺很好。

On innovation, if you want me to keep riffing, I can give you sort of where we are and how we see from a product standpoint is that anything that begins with brand health just comes back to products.

在創新方面，如果你想讓我繼續重複，我可以告訴你我們在哪裡，從產品的角度來看，任何以品牌健康開始的東西都會回到產品上。

It's where we've been focused.

這是我們一直關注的地方。

It's where we are right now.

這就是我們現在所處的位置。

So let me give you sort of innovation as we're seeing it in 3 buckets.

所以讓我給你一些創新，因為我們在 3 個桶中看到它。

The first should be apparel.

首先應該是服裝。

So a big part of our marketing push this year has been around the platform of Threadborne.

因此，我們今年營銷推廣的很大一部分都圍繞著 Threadborne 平台。

The Threadborne is -- it's not going away and it's something we're going to continue to lean on.

Threadborne 是——它不會消失，它是我們將繼續依靠的東西。

It is a ridiculously soft and beautiful performance fabric that fits into a number of different platforms for us and something that goes from apparel all the way through to footwear.

它是一種非常柔軟和美麗的高性能面料，適合我們的許多不同平台，從服裝一直到鞋類。

You're also going to hear about something called Reactor, which is an exclusive down insulation that allows your body to heat up, cool down, depending on what's happening from external temperature side.

您還將聽到一種叫做 Reactor 的東西，它是一種獨特的羽絨絕緣材料，可以讓您的身體根據外部溫度方面發生的情況而升溫、降溫。

On the footwear side, I mentioned the Connected Shoe before, which is something that's pretty -- we believe in that market and we think there's a story.

在鞋類方面，我之前提到過 Connected Shoe，這很漂亮——我們相信這個市場，我們認為這是一個故事。

We think we're the ones who can tell the story because we don't think it's been told yet.

我們認為我們是能夠講述這個故事的人，因為我們認為它還沒有被講述。

And that's on the come.

這即將到來。

And then -- we also -- I think we've got lifestyle and few things like Slingflex.

然後 - 我們也 - 我認為我們有生活方式，很少有像 Slingflex 這樣的東西。

It's on (inaudible) at $100.

它在（聽不清）100 美元。

A new product.

一種新產品。

Again, I mentioned the Threadborne Shift.

我再次提到了 Threadborne Shift。

And then it's also innovating around our core.

然後它也在圍繞我們的核心進行創新。

Again, we've got this consumer, with the youth of this country, we believe we have great positioning with things like the Highlight Cleat.

再一次，我們有這個消費者，隨著這個國家的年輕人，我們相信我們在諸如 Highlight Cleat 之類的東西上有很好的定位。

We're looking forward to the Curry 4 and building those franchises.

我們期待著 Curry 4 並建立這些特許經營權。

And the third thing, I'd say, from an innovation standpoint and this may not be innovation to others, but for us, it's something that's a key growth driver of where we're going.

第三件事，我想說，從創新的角度來看，這對其他人來說可能不是創新，但對我們來說，這是我們前進的關鍵增長動力。

It's just the addition of lifestyle.

這只是生活方式的補充。

Lifestyle and what makes us unique, when we talk about innovation, is ours won't just be product that just looks better.

當我們談論創新時，生活方式以及讓我們與眾不同的東西不僅僅是看起來更好的產品。

Everything does something.

一切都會有所作為。

It will all fit the Under Armour DNA of being better, being best-in-class.

這一切都將符合 Under Armour 的 DNA，即更好、一流。

And so you'll see that happen through -- and I mentioned Unstoppable, the Inspired collection by Misty.

所以你會看到這種情況發生——我提到了 Unstoppable，Misty 的 Inspired 系列。

We've got The Rock.

我們有岩石。

More launches, dropping super event, a few surprises in store as well.

更多的發布，超級活動的下降，還有一些驚喜。

So our differentiation, we believe, is something that's significant.

因此，我們相信，我們的差異化非常重要。

And we think that our credibility as an authentic, athletic brand is something that gives us the right to be here and play here.

我們認為，作為一個真實的運動品牌，我們的信譽賦予了我們在這裡比賽的權利。

And we'll -- frankly, there'll be few standing as all these different trends come and go.

而且我們將 - 坦率地說，隨著所有這些不同的趨勢來來去去，很少有人能站穩腳跟。

And our next question comes from the line of Michael Binetti of UBS.

我們的下一個問題來自瑞銀的 Michael Binetti。

Just a quick modeling question and maybe just a higher-level clarification for Kevin.

只是一個快速建模問題，也許只是對凱文的更高層次的澄清。

The -- can you talk to us a little bit more about the puts and takes on the gross margin as we head into the second quarter?

在我們進入第二季度時，您能否與我們多談談看跌期權和毛利率？

It looks like the first-half guide implies 2Q will be down about 180 basis points.

上半年指引似乎暗示第二季度將下跌約 180 個基點。

Obviously, worse than the first quarter, but the compares get easier.

顯然，比第一季度差，但比較變得更容易。

I would think the currency you pointed out would start to diminish.

我認為你指出的貨幣會開始貶值。

Inventories look like they're in better shape and it seems like you took some pain in the first quarter there to clean it up.

庫存看起來狀況更好，而且您似乎在第一季度在那裡付出了一些痛苦來清理它。

I know you said something about air freight being a bit more of a headwind in 2Q.

我知道你說過空運在第二季度更具阻力。

But maybe just give us a little bit more on the second quarter and what some of the headwinds are get to a more significant 2Q compare versus 1Q.

但也許只是在第二季度給我們更多的信息，以及一些不利因素使第二季度與第一季度相比更顯著。

Mike, this is Dave.

邁克，這是戴夫。

I'll take that one.

我會拿那個。

When you think about Q2 gross margin, some of the inventory management and promotional environment challenges we had in Q1, we're still expecting to persist into Q2.

當您考慮第二季度的毛利率、我們在第一季度遇到的一些庫存管理和促銷環境挑戰時，我們仍預計將持續到第二季度。

We also did mention that we're going to have a little bit higher airfreight.

我們也確實提到我們將有更高的空運。

Some of that has to do with managing around our SAP go-live.

其中一些與圍繞我們的 SAP 上線進行管理有關。

We do expect some continued headwinds from the FX impacts.

我們確實預計外匯影響會繼續帶來一些不利因素。

But also, our international business is actually growing a little bit faster than we even planned, even though we were excited about to begin with.

而且，我們的國際業務增長速度實際上比我們計劃的要快一些，儘管我們對開始感到興奮。

And as you know, that creates a little bit of a margin headwind also.

如您所知，這也造成了一點邊際阻力。

So when you add all of those up, it does make Q2's margin a little bit tougher.

因此，當您將所有這些加起來時，確實會使第二季度的利潤變得更加艱難。

But then as you trend back into the back half of the year, we do expect in our planning on a little bit more of improved product costing benefits in the back half, which we're excited to see.

但是，當你回到今年下半年時，我們確實希望在我們的計劃中能夠在下半年有更多改進的產品成本效益，我們很高興看到這一點。

You'll have less year-over-year impacts to promotions and discounts when you're comping that.

當您進行競爭時，您對促銷和折扣的同比影響將較小。

And also we're expecting a beneficial mix of product -- or actually, channel when you think about DTC going to be -- being up more and then also the fact that we've talked about liquidation being a smaller mix of our business.

而且我們還期望產品的有益組合 - 或者實際上，當你考慮 DTC 時，渠道 - 會上升更多，然後我們已經談到清算是我們業務的一個較小組合。

So we've got some bigger favorability in the back half, which should be able to, for the most part, offset the continued pressure on FX headwinds along with the footwear and international pressure that we always have with their high growth rates.

因此，我們在後半部分獲得了更大的支持，這在很大程度上應該能夠抵消外匯逆風的持續壓力，以及我們一直面臨的高增長率帶來的鞋類和國際壓力。

So we feel pretty good about the back half.

所以我們對後半部分感覺很好。

Okay.

好的。

I mean, Kevin, just sort of higher level.

我的意思是，凱文，只是級別更高。

You mention sportswear, the very first category upfront there today.

你提到了運動服，這是今天最先出現的第一類。

So maybe just tell us a little bit about -- you're in the second round there, maybe how you see the evolution of that sportswear business going over the next few years as far as maybe how you see it -- how you see distribution growing and when you think it could be a more meaningful contributor on the total company revenue line.

所以也許只是告訴我們一點 - 你在那裡的第二輪，也許你如何看待運動服裝業務在未來幾年的發展，以及你如何看待它 - 你如何看待分銷增長，並且當您認為它可能成為公司總收入線中更有意義的貢獻者時。

And then the same question for Connected Fitness.

然後是 Connected Fitness 的相同問題。

Okay, so let me begin with sportswear.

好的，讓我從運動裝開始。

So there's 4 categories or ways that we think about our overall brand positioning with the different categories we have.

因此，我們有 4 種類別或方式來考慮我們擁有的不同類別的整體品牌定位。

The first would be on field and think about them left to right.

第一個是在場上，從左到右考慮他們。

On-field would be cleated.

現場將被固定。

Sport performance would be things like you could wear with a pair of jeans, like basketball.

運動表現就像你可以穿牛仔褲一樣，比如籃球。

All the way out to the right would be sportswear, which is what we launched this past fall with UAS.

一直到右邊是運動服，這是我們去年秋天與 UAS 一起推出的。

And sitting right in the middle, which is the meat of the business, which is more than 1/3 for our 2 largest competitors of their business, is what we call sports lifestyle.

坐在中間，這是業務的核心，對於我們的兩個最大的業務競爭對手來說超過 1/3，這就是我們所說的運動生活方式。

So today, we obviously want to get to the sports lifestyle category, but we thought we'd have a better opportunity of doing that by putting this flag all the way out there, which is UAS.

所以今天，我們顯然想進入運動生活方式類別，但我們認為通過將這面旗幟一直放在那裡，我們會有更好的機會，那就是 UAS。

And so having time for that to curate and position ourselves at the high end of fashion, giving us the ability to attack the massive market of sport lifestyle from the top versus trying to simply evolve it from the field.

因此，我們有時間來策劃和定位自己在時尚的高端，讓我們有能力從頂部攻擊龐大的運動生活方式市場，而不是試圖簡單地從該領域發展。

So we believe that's important, so having that positioning is something that we're very bullish on.

所以我們認為這很重要，所以我們非常看好這種定位。

Sport lifestyle still remains, again, our largest opportunity and, frankly, by a mile.

運動生活方式仍然是我們最大的機會，坦率地說，還有一英里。

And we look at the different categories of where we can grow.

我們著眼於我們可以成長的不同類別。

And so everything we've been doing to authenticate ourselves has put us in a position for sport lifestyle.

因此，我們為驗證自己所做的一切都使我們處於運動生活方式的位置。

It's not a new category for us, but I think I keep coming back to saying what's going to make us different and unique is that some brands rely on their logo being cool or a good line.

這對我們來說不是一個新類別，但我想我一直在說讓我們與眾不同和獨特的是，一些品牌依賴於他們的標誌很酷或一條好線。

What's makes Under Armour unique is that every product does something.

Under Armour 的獨特之處在於，每件產品都可以發揮作用。

And so that DNA is something that we'll carry through in every product we do.

因此，DNA 是我們將在我們所做的每件產品中貫徹的東西。

And again, where the emphasis is not just going to be on the fiber technology, like, we get it, like, we're not just blind and saying we're just looking at product through a performance lens.

再說一次，重點不僅僅在於光纖技術，就像，我們明白了，就像，我們不只是盲目地說我們只是通過性能鏡頭來看待產品。

But we think there's a much bigger opportunity.

但我們認為還有更大的機會。

We think authenticity and equity are really what drive us there.

我們認為真實性和公平性確實是推動我們實現這一目標的動力。

And again, it's not something, which needs to be a new category for the business.

再說一次，這不是什麼，它需要成為業務的新類別。

It needs to be something that can really evolve into our overall total business.

它需要能夠真正演變成我們的整體業務。

So -- but we've got the cool people.

所以 - 但我們有很酷的人。

We have access to all the same color agencies that the rest of them do.

我們可以訪問所有與他們其他人相同的顏色代理。

We feel like we're driving there in a big way.

我們覺得我們正在大力推動那裡。

So we understand the emphasis of getting the lifestyle, but it doesn't mean abandoning what we have in performance, so wrapping our arms around the fact that we are a deep performance company and getting ourselves to the next step.

因此，我們了解獲得生活方式的重要性，但這並不意味著放棄我們在績效方面所擁有的一切，因此我們要擁抱我們是一家表現出色的公司這一事實，並讓自己更上一層樓。

Connected Fitness, Michael, your question there.

互聯健身，邁克爾，你的問題。

Just on the -- how you see the evolution from here yet.

就在——你如何看待從這裡開始的演變。

So I think it's a good opportunity for me just to sort of explain where we were when we made the acquisitions, the original vision that we have of becoming digital as a company and what we think that payoff is for us.

因此，我認為這對我來說是一個很好的機會，可以解釋一下我們在進行收購時所處的位置、我們作為一家公司成為數字化公司的最初願景以及我們認為對我們來說回報是什麼。

So the Connected -- I'm sorry, the Connected Fitness investment for us was always about having a better understanding of our consumer.

所以 Connected——對不起，Connected Fitness 對我們的投資始終是為了更好地了解我們的消費者。

And we view that through the lens though is that it would help us sell more shirts and shoes.

我們認為，通過鏡頭，它會幫助我們銷售更多的襯衫和鞋子。

To be clear, like that was the goal.

需要明確的是，這就是目標。

And we believe that original vision is still very much intact.

我們相信最初的願景仍然完好無損。

The resources community team that Connected Fitness has given us has really -- it's opened the aperture of the way that we believe consumers are going to expect an athletic brand to deliver for them in the future, like, helping them make better decisions about how to improve their lives, like, it's not just going to be a cool logo or a nice shoe.

Connected Fitness 為我們提供的資源社區團隊確實 - 它打開了我們相信消費者期望運動品牌在未來為他們提供服務的方式的大門，例如幫助他們做出更好的決定改善他們的生活，例如，這不僅僅是一個很酷的標誌或一雙漂亮的鞋子。

It'll be all those things.

都會是這些。

Of course, it will be stylistically portrayed, but it also has to be in the context of how are you helping me live a healthier life.

當然，它會在風格上被描繪出來，但它也必須以你如何幫助我過上更健康的生活為背景。

So today, just for perspectives and a reminder, our Connected Fitness community, we have the #1 app in the fitness store with just alone our MFP, across the 3 of the 4 different apps that we have, we have over 200 million strong with more than 80,000 downloads occurring every single day, downloading 1 of our 4 apps and giving us the insight that we believe gets us much closer now.

因此，今天，僅出於觀點和提醒，我們的 Connected Fitness 社區，我們擁有健身商店中排名第一的應用程序，僅使用我們的多功能一體機，在我們擁有的 4 個不同應用程序中的 3 個中，我們擁有超過 2 億每天發生超過 80,000 次下載，下載了我們 4 個應用程序中的 1 個，並為我們提供了我們認為讓我們現在更接近的洞察力。

I mentioned we're just beginning to plug in some aspects of the SVoC program, the Single View of the Consumer, through some of our SAP go-live.

我提到我們剛剛開始通過我們的一些 SAP 上線插入 SVOC 程序的某些方面，即消費者的單一視圖。

And we think the data that we'll have as a result of that is ultimately going to help us drive toward selling more shirts and shoes.

我們認為我們將因此獲得的數據最終將幫助我們推動銷售更多的襯衫和鞋子。

The information that we have with the holistic experience from fitness, to activity, to sleep and nutrition, we think gives us a purview of: number one, that helps us and it's good for consumers and that we have great trust and respect of protecting that for them.

我們認為，從健身、活動、睡眠和營養的整體體驗中獲得的信息為我們提供了以下權限：第一，這對我們有幫助，對消費者有好處，我們非常信任和尊重保護它為他們。

But it also helps us be a better brand for them and help build better products that will get them closer.

但這也有助於我們為他們打造更好的品牌，並幫助我們打造更好的產品，讓他們更親近。

And as you look at things like standing up category management, it's pretty powerful and we can see how many people went for a walk in Australia or how many people are running or what the average run trend was.

當您查看諸如站立類別管理之類的東西時，它非常強大，我們可以看到有多少人去澳大利亞散步，或者有多少人在跑步，或者平均跑步趨勢是什麼。

The last part I want to say is we also recognize that monetizing this is very important.

我想說的最後一部分是我們也認識到將其貨幣化非常重要。

We've been doing that.

我們一直在這樣做。

And again, understanding this is less than 2% of our total as a company, it doesn't mean that we like small numbers or accept them.

再說一次，理解這不到我們公司總數的 2%，這並不意味著我們喜歡小數字或接受它們。

So we recognize that we have today a pretty amazing ad platform in Connected Fitness and one that we want to drive forward.

因此，我們認識到，我們今天在 Connected Fitness 中擁有一個非常棒的廣告平台，並且我們希望推動這一平台向前發展。

And so we're attacking that right now inside the existing business while utilizing this data.

因此，我們現在在利用這些數據的同時在現有業務中進行攻擊。

The last thing I'll say about Connected Fitness because when we get people looking at us and asking what the big plan there is.

我要說的最後一件事是關於 Connected Fitness，因為當我們讓人們看著我們並詢問有什麼大計劃時。

Speaking now as the third largest brand in the world with the 2 in front of us that are long ways away and the many behind us that are not too distant, we believe that Connected Fitness differentiation for potential quantum leap in our industry.

現在，作為世界第三大品牌，我們前面的 2 個距離我們很遠，而我們後面的許多品牌並不太遙遠，我們相信 Connected Fitness 差異化對於我們行業的潛在飛躍。

And we think that's something that's only beginning to take hold and something that will play out over the next 6 months effectively, but through the next year and as we look to the future.

我們認為這只是剛剛開始發生的事情，並且會在接下來的 6 個月內有效地發揮作用，但會持續到明年以及我們展望未來。

And meanwhile, utilizing some of those resources just make us a better connected company.

同時，利用其中一些資源只會讓我們成為一家連接更好的公司。

So we are bullish about our investment in digital and what this means and how this combines into not only the direct benefits for our consumer, but also how it ties back into our dot-coms like E-Commerce and giving us intelligence about our consumer and making us make better decisions, better products for them.

因此，我們看好我們在數字領域的投資，以及這意味著什麼，以及它如何結合起來，不僅為我們的消費者帶來直接利益，而且它如何與我們的電子商務等網絡公司聯繫起來，並為我們提供關於消費者和讓我們做出更好的決定，為他們提供更好的產品。

And our next question comes from the line of Randy Konik of Jefferies.

我們的下一個問題來自 Jefferies 的 Randy Konik。

I guess, a question for Kevin.

我想，凱文的問題。

I just want to kind of get some perspective on how you think your marketing strategies will continue to evolve or need to change or not change.

我只是想了解一下您認為您的營銷策略將如何繼續發展或需要改變或不改變。

We went from the football kids on the bus to now, more athletes.

我們從公共汽車上的足球孩子到現在，更多的運動員。

And you have Rock as well.

你也有搖滾。

So how do you think about -- you have this huge community of fitness people with the MyFitnessPal, et cetera.

那麼你怎麼想——你有這個龐大的健身社區和 MyFitnessPal 等等。

How do you want to market digitally to them, showing them specific products or not?

您想如何向他們進行數字營銷，向他們展示具體產品與否？

And how do you think about the evolving message of the brand or to communicate some of the lifestyle offerings you plan to -- you'll further bring to the market?

您如何看待品牌不斷發展的信息或傳達您計劃提供的一些生活方式產品——您將進一步推向市場？

How do you kind of try to want to change the marketing tactics with the consumer?

您如何嘗試改變與消費者的營銷策略？

Yes, the kids on the bus is a good walk down memory lane.

是的，公共汽車上的孩子們是一個很好的記憶通道。

It's a great spot.

這是一個很棒的地方。

And it was a different time when people were just looking at the 30 or the 60 commercial that we ran during live broadcast.

這是一個不同的時代，人們只是在看我們在直播期間播放的 30 或 60 廣告。

Today, it's changed very much.

今天，它發生了很大的變化。

And I think that we've got some great amplifiers for us within the athletes that we have, the teams that we have, the partnerships that we signed recently.

我認為我們在我們擁有的運動員、我們擁有的團隊、我們最近簽署的合作夥伴關係中為我們提供了一些很棒的放大器。

And it's really all inclusive is that the understanding what social means for us -- and I don't think we've been a great social company to date.

真正包羅萬象的是，理解社交對我們意味著什麼——我認為迄今為止我們還不是一家偉大的社交公司。

I don't think we've done a great job with our social media.

我不認為我們在社交媒體方面做得很好。

And I think the understanding is there's a couple ways for us to leverage our social media.

我認為我們的理解是有幾種方法可以讓我們利用我們的社交媒體。

One is that we have an incredible athlete community that's creating authentic content for us every single day.

一是我們有一個令人難以置信的運動員社區，每天都在為我們創造真實的內容。

And simply as curators of our athlete community is something that I think that we can do to tell bigger, bolder brand stories that keep us out there in the marketplace.

僅僅作為我們運動員社區的策展人，我認為我們可以做一些事情來講述更大、更大膽的品牌故事，讓我們在市場上脫穎而出。

I think from a social media standpoint, you'll also see us get much better with what we do with telling product stories.

我認為從社交媒體的角度來看，您還會看到我們在講述產品故事方面做得更好。

The market is incredibly crowded now.

現在市場異常擁擠。

The things that made us unique -- Under Armour unique 3 or 4 or 5 years ago, there's -- everyone has their version of athletic something.

讓我們與眾不同的東西——Under Armour 在 3、4 或 5 年前是獨一無二的，有——每個人都有自己的運動版。

Every company has gotten into their version of jumping on athleisure or jumping and making their version of a tight.

每家公司都進入了他們的運動休閒版本或跳躍並製作他們的緊身版本。

And so moving beyond just yarn differentiation of what makes our fiber fabric better is no place for us to live.

因此，超越紗線差異化使我們的纖維織物變得更好的因素是我們無法生存的地方。

And so I keep coming back and driving home this theme of when you think about companies that last and there is a -- it's a difficult time for many retailers out there.

因此，當您考慮持續存在的公司時，我不斷地回來並帶回家這個主題，並且存在-對於那裡的許多零售商而言，這是一個艱難的時期。

As we look at Under Armour, like, we understand the shifting landscape, we look at the investments that we've been making, we look at 2017 and delivering what we said we are going to do.

當我們審視 Under Armour 時，我們了解不斷變化的格局，我們關注我們一直在進行的投資，我們關注 2017 年並實現我們所說的我們將要做的事情。

And we understand the focus that we have of making ourselves a better company by getting closer to category management and having the true insights that allow us to understand what that consumer wants and delivering for it, both especially beginning with the product that delivers (inaudible) to them and to the way that we communicate them is that Under Armour product, it's complex and what we've always done a good job is that heat gear you wear for when it's hot and cold gear for when it's cold.

我們了解我們的重點是通過更接近品類管理並擁有真正的洞察力來讓自己成為一家更好的公司，從而使我們能夠了解消費者想要什麼並為其提供什麼，尤其是從提供的產品開始（聽不清）對他們以及我們與他們交流的方式是 Under Armour 產品，它很複雜，我們一直做得很好的是，當它是熱的時候你穿的加熱裝置和當它冷的時候穿的裝置。

So we've got a lot more innovation.

所以我們有更多的創新。

There's a lot -- much broader competitive set that we have now as well, that we need to make sure we're explaining that product.

我們現在也有很多——更廣泛的競爭組合，我們需要確保我們正在解釋該產品。

When I talk about our positioning for lifestyle, I think it's one that no other brand can have, is that it can be a beautiful sweater, that V-neck and comfortable and something that you could wear to the office or out to the club.

當我談到我們對生活方式的定位時，我認為這是其他品牌無法擁有的，它可以是一件漂亮的毛衣，V領和舒適，你可以穿去辦公室或去俱樂部。

We want to make that sweater, but we also think it's important that the sweater performs and maintains the DNA that's Under Armour.

我們想做那件毛衣，但我們也認為毛衣的性能和保持 Under Armour 的 DNA 很重要。

Now we're not going to be blind to this.

現在我們不會對此視而不見。

We just need to make beautiful products.

我們只需要做出漂亮的產品。

We get it.

我們懂了。

But we also needed to understand that the reason the consumer will buy our beautiful product is because of the DNA that makes us authentically Under Armour and authentically sport.

但我們也需要了解，消費者購買我們精美產品的原因是因為我們的 DNA 使我們真正成為 Under Armour 和真正的運動。

And so you'll continue to see us partner with whether it's the sleepwear line that we did with Tom Brady, the Project Rock collection that really begins to hit his consumer dead on and he's been a great partner for us and also the reach that they have.

因此，您將繼續看到我們與 Tom Brady 合作的睡衣系列，Project Rock 系列真正開始讓他的消費者死心塌地，他一直是我們的好合作夥伴，也是他們的影響力有。

Dwayne "The Rock" Johnson has over 80 million Instagram followers.

Dwayne “The Rock” Johnson 在 Instagram 上擁有超過 8000 萬粉絲。

And so when he gets behind something, it can move the needle.

因此，當他落後於某物時，它可以移動針頭。

And so we actually have -- between -- amongst all of our athletes, we have a pretty powerful channel that you'll continue to see us activate.

所以我們實際上有 - 在我們所有的運動員之間，我們有一個非常強大的渠道，你會繼續看到我們激活。

And you'll also see -- continue to see them bring lifestyle more into what they're doing.

您還會看到 - 繼續看到他們將生活方式更多地融入他們正在做的事情中。

So that's a bit of a mixture question.

所以這是一個混合問題。

Hopefully, you got a bit of mixture answer there between we expect to tell great stories about the products that we build.

希望您在我們希望講述關於我們構建的產品的精彩故事之間得到一些混合的答案。

We expect them to be more relevant, more stylistic, more beautiful and still performing.

我們希望它們更具相關性、更具風格、更漂亮並且仍然表現出色。

And so I think we're just getting started this journey, but we feel good about our basis and really, where we're heading with it directionally.

所以我認為我們才剛剛開始這段旅程，但我們對我們的基礎感覺很好，真的，我們正朝著它的方向前進。

And can I just follow up with one more item?

我可以再跟進一項嗎？

I'm just intrigued by the amount of -- the systems implementation, and it sounds pretty exciting.

我只是對系統實施的數量很感興趣，這聽起來很令人興奮。

Can you give us maybe some perspective on any type of measuring sticks or yard sticks you're trying to kind of work towards -- like, we think the systems can help us reduce our inventory levels by some amount or the liquidation levels can continue to move lower, our design to market cycles can be reduced by some level of X. And I'm just curious what your thoughts are there.

您能否就您嘗試使用的任何類型的量尺或碼尺給我們一些看法-例如，我們認為這些系統可以幫助我們將庫存水平降低一定數量，或者清算水平可以繼續降低，我們的設計到市場週期可以減少一定程度的 X。我只是好奇你的想法是什麼。

And then you said these systems are going to also help with things like the implementation of Curry 4. Are you going to kind of you -- is the system -- these systems going to allow you to use a different type of [penetrating] strategy and so forth?

然後你說這些系統也將有助於像 Curry 4 的實施這樣的事情。你會善待你嗎——是系統——這些系統將允許你使用不同類型的 [滲透] 策略等等？

Just curious there.

只是好奇那裡。

Randy, this is Dave.

蘭迪，這是戴夫。

I'll take that.

我會接受的。

I mean, we're not going to give you specific numbers or percentages, but as Kevin mentioned, we're definitely investing in the one global instance of SAP across our business.

我的意思是，我們不會給你具體的數字或百分比，但正如凱文所說，我們肯定會在我們的業務中投資於一個全球性的 SAP 實例。

So it really does enable us to simplify and automate our process, enable a more transparent supply chain.

因此，它確實使我們能夠簡化和自動化我們的流程，實現更透明的供應鏈。

The largest part of that implementation goes live in early Q3, but there will be stages after that as well.

該實施的最大部分在第三季度初上線，但之後也會有階段。

It's definitely be creating capabilities to efficiently operate a value chain at scale.

它肯定是在創造能力以有效地大規模運營價值鏈。

When you think about some of those future benefits you were mentioning, we'll definitely see some of that relative to revenue growth and speed-to-market, definitely around inventory optimization, also service level improvements because there's a big supply chain component to that, and all that comes through on effective margin management as well.

當您考慮您提到的一些未來收益時，我們肯定會看到一些與收入增長和上市速度相關的收益，肯定是圍繞庫存優化，還有服務水平的改進，因為其中有一個很大的供應鏈組成部分，以及有效的保證金管理所帶來的一切。

So there's definitely a lot of exciting aspects that we'll see.

所以我們肯定會看到很多令人興奮的方面。

I think you're going to see more of the meaningful improvements of that coming out in 2019 and beyond, but it's definitely a big play for us.

我認為你會在 2019 年及以後看到更多有意義的改進，但這對我們來說絕對是一場大戲。

And now we'll take our last question from the line of Andrew Burns of D.A. Davidson.

現在我們將從 D.A. 的 Andrew Burns 中提出最後一個問題。戴維森。

As a follow-up, I'm trying to better understand how quickly you can pivot the assortment to where you want it to be with your key wholesale partners as well as in DTC.

作為後續行動，我試圖更好地了解您可以多快將分類轉移到您希望它與您的主要批發合作夥伴以及在 DTC 中的位置。

From a consumer's point of view, as they shop your key wholesale partners and DTC in the upcoming holiday season, how visible will this assortment shift be?

從消費者的角度來看，當他們在即將到來的假日季節購買您的主要批發合作夥伴和 DTC 時，這種分類轉變會有多明顯？

And how do you expect to communicate the lifestyle and sportswear initiatives to consumers?

您希望如何向消費者傳達生活方式和運動服的倡議？

Thank you.

謝謝你。

So I believe in 80-20 rules.

所以我相信80-20規則。

And I still believe that the basis that we have is the foundation that people need.

而且我仍然相信，我們擁有的基礎是人們需要的基礎。

People need T-shirts and people need golf polos and people need quarter zips.

人們需要 T 卹，人們需要高爾夫 Polo 衫，人們需要四分之一拉鍊。

But beyond that, there's a lifestyle component that we think that we can accelerate onto our brand.

但除此之外，還有一種生活方式，我們認為我們可以加速打造我們的品牌。

The ability for us to affect that in Q1, Q2, we look at where we were in the first half of the year and frankly, the lessons learned coming out of the end of 2016, we said we think we can be better and where we were able to affect once we had that information was really going after Q3 and Q4.

我們在第一季度和第二季度影響的能力，我們看看我們在上半年的情況，坦率地說，從 2016 年底汲取的經驗教訓，我們說我們認為我們可以做得更好，我們在哪裡一旦我們掌握了真正在第三季度和第四季度之後的信息，就能夠產生影響。

And it doesn't mean there needs to be a seismic shift, but it means some of the key items were -- the Unstoppable collection was something that we drove hard, really, from December last year to be able to deliver this year.

這並不意味著需要發生翻天覆地的變化，但它意味著一些關鍵項目是 - Unstoppable 系列是我們從去年 12 月開始努力推動的，真的，以便能夠在今年交付。

So it's great practice for us of learning just how fast we can be as a company from a supply chain standpoint and understanding why we're not that fast everywhere.

因此，對於我們來說，從供應鏈的角度了解我們作為一家公司可以多快，並理解為什麼我們在任何地方都沒有那麼快，這是一個很好的實踐。

And so fast fashion in the way that they operate, being close to consumer is something that we want to get a lot smarter about and something that we're continuing to drive.

他們的運營方式如此快速時尚，貼近消費者是我們希望變得更加聰明的事情，也是我們繼續推動的事情。

We feel good about the collections that we have now.

我們對我們現在擁有的收藏品感覺良好。

We feel good about the line that we have out on the floor.

我們對我們在地板上的線路感覺很好。

We're just saying we can be better, and better means a real sense of focus.

我們只是說我們可以做得更好，更好意味著真正的專注感。

And I guess, if -- when I started to feel and sort of look at the year and where we are, the one place that I've thrown myself into in the last several months and really looking at this year where I want to be going forward is just in the product, any product -- any issue that anyone has with any company.

我想，如果——當我開始感受和審視這一年以及我們所處的位置時，這是我在過去幾個月裡投入的一個地方，並真正關註今年我想成為的地方未來只是在產品中，任何產品——任何人對任何公司的任何問題。

You can create the greatest commercial you can do, anything that you want, but it just comes down to product.

你可以創造你能做的最偉大的商業廣告，任何你想要的，但它只是歸結為產品。

And where we look at 2017 and part of our alignment was how do we get our product in line with being the kind of growth company that the market has become accustomed to Under Armour being, we know how to do that.

我們展望 2017 年，我們的部分調整是我們如何讓我們的產品符合市場已經習慣於 Under Armour 的那種成長型公司，我們知道如何做到這一點。

We haven't missed any trends in the marketplace.

我們沒有錯過任何市場趨勢。

We could be faster.

我們可以更快。

We could be better.

我們可以做得更好。

But again, this comes back to the foundations of what we're going to do going forward.

但是，這又回到了我們未來要做的事情的基礎上。

And so I think that people walk out and they're not sure if we understand what cool looks like, and we can't do style what a consumer wears.

所以我認為人們走出去，他們不確定我們是否了解酷的樣子，我們不能為消費者穿什麼風格。

I believe in the sport authenticity that we have.

我相信我們擁有的運動真實性。

I believe the consumer likes us.

我相信消費者喜歡我們。

I believe the consumer loves us.

我相信消費者愛我們。

I believe we just have to tell them why they do.

我相信我們只需要告訴他們為什麼這樣做。

And most importantly, we need to show them product that inspires them to want to love us.

最重要的是，我們需要向他們展示能夠激發他們想要愛我們的產品。

And so it is a -- the consumer has a pretty short memory, and they also have a really long, I think, affinity though.

所以它是——消費者的記憶力很短，但我認為他們也有很長的親和力。

So I think that we've established that to a point and where they might have gotten to know Under Armour as a tight shirt compression T-shirt company, we also then evolved to a full-scale athletic brand.

所以我認為我們已經確立了這一點，他們可能已經知道 Under Armour 是一家緊身襯衫壓縮 T 卹公司，然後我們也發展成為一個全面的運動品牌。

Where they might have known us as just a North American company, I think we're doing a pretty good job evolving to being a true global brand.

他們可能只知道我們只是一家北美公司，但我認為我們在發展成為真正的全球品牌方面做得很好。

Where they might have known us as just as performance company and just that tight T-shirt, I think what you'll see is us continue to evolve moving into being a truly -- a true company that could be worn in a lot more wearing occasions than just the gym, on the field, on the court or the pitch.

他們可能知道我們只是一個表演公司和那件緊身 T 卹，我想你會看到我們繼續發展成為一個真正的——一個真正的公司，可以穿得更多不僅僅是在健身房，在球場上，在球場上或球場上。

So we're pretty far down that road and I think we feel pretty good about where we're going.

所以我們離這條路還很遠，我認為我們對我們要去的地方感覺很好。

We're not perfect.

我們並不完美。

We don't think we're there yet.

我們不認為我們還在那裡。

It all speaks into the guidance or the outlook that we provided for the year.

這一切都體現了我們為這一年提供的指導或展望。

So we're using 2017 as the year really to get better.

因此，我們將 2017 年作為真正變得更好的一年。

And I think we've got a lot of seismic internal things that we're doing, meaning just make us a better company that will position us because we haven't said the word being a $10 billion company in a while.

而且我認為我們正在做很多令人震驚的內部事情，這意味著只是讓我們成為一家更好的公司，這將為我們定位，因為我們已經有一段時間沒有說過成為一家價值 100 億美元的公司這個詞了。

And I want you to hear that.

我想讓你聽聽。

You're not hearing people talk about that.

你沒有聽到人們談論這個。

But I want you to know, Under Armour is leaning forward, Under Armour is moving forward and we're moving on and ready to run.

但我想讓你知道，Under Armour 正在向前傾，Under Armour 正在向前推進，我們正在繼續前進並準備好奔跑。

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

女士們，先生們，感謝你們參加今天的會議。

This concludes today's program.

今天的節目到此結束。

You may all disconnect.

你們都可以斷開連接。

Everyone, have a great day.

大家，有一個美好的一天。