Under Armour Inc (UAA) 2023 Q1 法說會逐字稿

Thank you for standing by, and welcome to the Under Armour, Inc. Q1 2023 Earnings Webcast and Conference Call. (Operator Instructions)

感謝您的支持，歡迎收聽 Under Armour, Inc. 2023 年第一季度收益網絡廣播和電話會議。 （操作員說明）

I would now like to turn the conference over to Lance Allega, SVP, IR and Corporate Development. Mr. Allega, please go ahead.

我現在想將會議轉交給投資者關係和企業發展高級副總裁 Lance Allega。阿萊加先生，請繼續。

Thank you, and good morning, everyone. Thanks for joining us on Under Armour's First Quarter Fiscal 2023 Earnings Call.

謝謝大家，大家早上好。感謝您參加安德瑪 2023 財年第一季度財報電話會議。

The information provided on today's call will include forward-looking statements that reflect Under Armour's view of its current business as of August 3, 2022. Statements made are subject to risks and uncertainties that are detailed in documents regularly filed with the SEC and the safe harbor statement included in this morning's press release, both of which can be found on our website at about.underarmour.com.

在今天的電話會議上提供的信息將包括反映安德瑪截至 2022 年 8 月 3 日對其當前業務的看法的前瞻性陳述。所做的陳述受到風險和不確定性的影響，這些風險和不確定性在定期提交給美國證券交易委員會和安全港的文件中有詳細說明今天上午的新聞稿中包含的聲明，兩者都可以在我們的網站 about.underarmour.com 上找到。

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

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

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

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

Joining us on today's call will be Under Armour Executive Chairman and Brand Chief, Kevin Plank; Interim President and CEO, Colin Browne; and CFO, David Bergman. Kevin?

加入我們今天電話會議的將是 Under Armour 執行主席兼品牌總監 Kevin Plank；臨時總裁兼首席執行官科林·布朗；和首席財務官大衛伯格曼。凱文？

Thanks, Lance, and good morning, everyone. It's my great privilege to be with you on the call today, joining Colin and Dave, who will walk through our results and provide some context as how we're thinking about the year. I'm going to kick us off, though, here at the top and cover some of the broader aspects of where we are with brand right now and the opportunities and potential that we see for Under Armour. Following my comments, I'll be hopping off the call and let Colin and Dave get to their scripts and handle Q&A.

謝謝，蘭斯，大家早上好。我很榮幸今天能與您一起參加電話會議，加入 Colin 和 Dave，他們將介紹我們的結果並提供一些背景信息來說明我們對這一年的看法。不過，我將在頂部開始介紹我們目前在品牌方面的一些更廣泛的方面，以及我們看到的 Under Armour 的機會和潛力。在我發表評論後，我將掛斷電話，讓 Colin 和 Dave 處理他們的腳本並處理 Q&A。

So throughout the pandemic and general uncertainty that the last several years have brought us, we become quite adept at working through incredibly dynamic environments. And during this time, we strengthened our strategic, operational and financial foundations. But along the way, we've never wavered in putting the Under Armour brand and our relationship with athletes first.

因此，在過去幾年給我們帶來的大流行和普遍的不確定性中，我們變得非常擅長在令人難以置信的動態環境中工作。在此期間，我們加強了我們的戰略、運營和財務基礎。但在此過程中，我們從未動搖過將 Under Armour 品牌和我們與運動員的關係放在首位。

The parts of our business and strategy that made us successful we will, of course, focus on reclaiming, but we are not trying to recreate the success we've had in the past. We're a better business today with a stronger balance sheet, wiser leadership and have been tested. We have no delusions of "getting back" to any previous chapter in our past. We are both looking and moving forward. So with changes at constant backdrop, the ability to pivot and evolve is critical to ensuring future success. And we have exercised and strengthened this adept-to-change muscle that any eternal brand requires.

我們的業務和戰略中使我們成功的部分，當然，我們將專注於回收，但我們不會試圖重現我們過去取得的成功。我們今天是一家更好的企業，擁有更強大的資產負債表、更明智的領導力，並且已經過考驗。我們沒有幻想“回到”我們過去的任何前一章。我們既期待又向前。因此，在不斷變化的背景下，轉向和發展的能力對於確保未來的成功至關重要。我們已經鍛煉並加強了任何永恆品牌都需要的這種善於改變的肌肉。

In this respect, let me begin with an update on our search for UA's next CEO. The Board and I are focused on our search for a permanent CEO, proven leader capable of amplifying our existing strategy in a now large and mature public company, a professional who can technically do the job while simplifying the definition of success in that job. The fundamentals are essential, but so is our inspiration.

在這方面，讓我先介紹一下我們尋找 UA 下一任 CEO 的最新情況。董事會和我的重點是尋找一位常任首席執行官，一位能夠在現在大型且成熟的上市公司中擴大我們現有戰略的成熟領導者，一位能夠在技術上勝任這項工作同時簡化該工作成功定義的專業人士。基礎是必不可少的，但我們的靈感也是如此。

Our next chapter will be met with simplicity of understanding that our role is to inspire our athletes, teammates, customers and all stakeholders to love UA. We believe this will drive more robust top line growth and increased profitability over the long term. Take care of the brand, optimize the assets, we already have as there are so many, from partnerships to athlete relationships to being opportunistic where it makes sense. Drive love for the UA brand, and the rest will follow. That's the message for our next CEO.

我們的下一章將簡單地理解我們的角色是激勵我們的運動員、隊友、客戶和所有利益相關者愛上 UA。我們相信這將推動更強勁的收入增長和長期盈利能力的提高。照顧品牌，優化資產，我們已經擁有很多資產，從合作夥伴關係到運動員關係，再到在有意義的地方投機取巧。推動對 UA 品牌的熱愛，其餘的將隨之而來。這是給我們下一任 CEO 的信息。

And to be clear, Under Armour is not standing still nor without leadership. In fact, in his first 60 days, Colin Browne, our Interim President and CEO, has done an outstanding job stepping in to manage our business and the team of 17,000 strong here at Under Armour. The Board is running a formal process led by Karen Katz, in active search for the terrific queue of proven leaders and high potentials across various industries. The pool we have to choose from is thorough and robust, including Colin. And we'll make a terrific choice for the next CEO of Under Armour before year's end.

需要明確的是，Under Armour 並沒有停滯不前，也沒有沒有領導力。事實上，在他的前 60 天裡，我們的臨時總裁兼首席執行官科林·布朗 (Colin Browne) 出色地介入管理我們的業務和安德瑪 (Under Armour) 的 17,000 人團隊。董事會正在運行由 Karen Katz 領導的正式流程，積極尋找各行各業的成熟領導者和高潛力人才。我們必須選擇的游泳池是徹底而強大的，包括科林。我們將在年底前為 Under Armour 的下一任 CEO 做出一個了不起的選擇。

I'd now like to lay out where we are. Proprioception is a word that was used to describe compression when I first began researching the idea of UA back in 1996, and its meaning still sits with me today. In essence, it describes how compression, when worn on the body, can create a greater sense of knowing where the body is in space.

我現在想說明我們在哪裡。當我在 1996 年第一次開始研究 UA 的概念時，本體感覺是一個用來描述壓縮的詞，它的含義至今仍伴隨著我。從本質上講，它描述了壓縮在身體上佩戴時如何產生更大的了解身體在空間中的位置的感覺。

Well, today at UA, our proprioception is on. And we're fully aware of where UA stands and the opportunities that come with it. Understanding the incredible resources we now have that to even try to replicate UA would require a fortune of dollars, decades of time and a relationship with consumers to create a brand feeling that you are not just buying apparel, footwear and accessory but real science and innovation that, as our mission statement reads, will make you better.

好吧，今天在 UA，我們的本體感覺開始了。我們完全了解 UA 的立場以及隨之而來的機會。了解我們現在擁有的令人難以置信的資源，甚至嘗試複製 UA 都需要大量資金、數十年的時間以及與消費者的關係，才能創造一種品牌感覺，即您購買的不僅僅是服裝、鞋類和配飾，而是真正的科學和創新正如我們的使命宣言所言，這將使您變得更好。

We are a brand that has 1,400 global UA stores across partners and owned stores around the world, 10,000 points of retail distribution in the United States and authenticity that is undeniable. From this brand being born in a football field at the University of Maryland, we bleed authentic.

我們是一個在全球擁有 1,400 家合作夥伴和自有商店的全球 UA 商店，在美國擁有 10,000 個零售分銷點的品牌，其真實性是不可否認的。這個品牌誕生於馬里蘭大學的一個足球場，我們流血真實。

The team and league relationships we have in the U.S. alone include more than 450 outfitting contracts with colleges, more than 2,000 contracts with high schools and nearly 1,000 club and travel teams, the overwhelming majority of which pay to have UA on their uniforms. Our aided brand awareness metrics where we compete are stunning 92% in the United States, confirmed by more than 600,000 consumers that our insights team has spoken to in the last several years. Breaking that out into the biggest global markets means solid consumer awareness from Germany and the U.K. to China and Japan. And while metrics may vary, there's a consistency in who UA is and what we do for athletes.

僅在美國，我們與球隊和聯盟的關係就包括與大學簽訂的 450 多份裝備合同、與高中的 2,000 多份合同以及近 1,000 支俱樂部和旅行隊，其中絕大多數為在他們的製服上使用 UA 付費。我們參與競爭的輔助品牌知名度指標在美國達到了驚人的 92%，我們的洞察團隊在過去幾年中與之交談過的 600,000 多名消費者證實了這一點。將其打入全球最大的市場意味著從德國和英國到中國和日本的消費者意識穩固。雖然指標可能會有所不同，但 UA 是誰以及我們為運動員做什麼是一致的。

It means building space suits that can travel into the atmosphere for Virgin Galactic, soccer boots for Trent Alexander-Arnold of Liverpool in the English premiership as well as building the best football uniforms on the planet for the likes of Notre Dame, Auburn and Wisconsin as well as cleats and gloves for the greatest football player the planet has ever seen in Tom Brady, who actually turns 45 today. So happy birthday, Tom.

這意味著為維珍銀河製造可以進入大氣層的太空服，為利物浦的特倫特亞歷山大 - 阿諾德在英國英超聯賽中製造足球鞋，以及為聖母大學、奧本大學和威斯康星大學製造地球上最好的足球製服。以及為這個星球上有史以來最偉大的足球運動員湯姆·布雷迪（Tom Brady）準備的防滑釘和手套，他今天實際上已經 45 歲了。生日快樂，湯姆。

It means proving that we're a basketball brand and expect a challenge in this space with the benefit of 29 UA-outfitted teams wearing our uniforms and basketball shoes to the NCAA men's and women's tournaments this past March, including the women's national champion, South Carolina Gamecocks, as well as having the NBA scoring champion and perennial all-star Joel Embiid wearing UA deep into the playoffs. And oh, yes, having Stephen Curry, the reigning greatest basketball player in the world, wearing UA footwear in partnership with building the Curry Brand. To be clear, Under Armour basketball footwear can play.

這意味著證明我們是一個籃球品牌，並期待在這個領域面臨挑戰，今年 3 月，29 支穿著我們制服和籃球鞋的 UA 球隊參加了 NCAA 男子和女子錦標賽，其中包括女子全國冠軍南Carolina Gamecocks，以及 NBA 得分王和常年全明星喬爾·恩比德穿著 UA 進入季后賽。哦，是的，史蒂芬·庫裡，世界上最偉大的籃球運動員，穿著 UA 鞋與建立庫裡品牌合作。需要明確的是，Under Armour 籃球鞋可以打球。

It's about Major League Baseball from Bryce Harper's 2021 MVP season to Juan Soto and Julio Rodríguez facing off with dueling UA gloves and cleats in a spectacular home run derby leading into the MLB All-Star Game a few weeks ago and all the while doing it with strong brand advocates like Lindsey Vonn and Dwayne The Rock Johnson through our Project Rock collaboration, who know what the UA brand is cooking.

這是關於美國職業棒球大聯盟從布萊斯哈珀的 2021 年 MVP 賽季到胡安索托和胡里奧羅德里格斯在幾週前進入 MLB 全明星賽的一場壯觀的本壘打德比中面對決鬥的 UA 手套和防滑釘，並且一直在這樣做通過我們的 Project Rock 合作，像 Lindsey Vonn 和 Dwayne The Rock Johnson 這樣強大的品牌擁護者，他們知道 UA 品牌在做什麼。

And as the fuel for these and all UA assets, we have a big budget to work with, including more than $600 million marketing dollars. And we do not feel as if we've optimized this. And we'll continue to reposition and reallocate those dollars to drive brand growth.

作為這些和所有 UA 資產的燃料，我們有大量預算可供使用，其中包括超過 6 億美元的營銷資金。而且我們不覺得我們已經對此進行了優化。我們將繼續重新定位和重新分配這些資金以推動品牌增長。

This may seem very U.S.-centric, yet our brand presence and athlete stable cover more than 100 countries where UA does business today. But this point underscores how heavily focused we are on ensuring that we win here in North America and have every confidence that we have the tools to do so.

這似乎非常以美國為中心，但我們的品牌影響力和運動員穩定覆蓋了 UA 今天開展業務的 100 多個國家/地區。但這一點強調了我們非常重視確保我們在北美贏得勝利，並堅信我們擁有這樣做的工具。

Our cover today is full, and there is so much to choose from and to build on to. That is why we continue to use the word amplified to describe our go-forward strategy, not a departure from where we've been but simply amplifying our existing strategy. Building growth for UA where we started in 1996 was hard. Building growth for UA in 2022 is a whole different ball game, with the suite of assets, partners, relationships and history with our consumers to pull from.

我們今天的封面已經滿了，有很多可供選擇和建立的基礎。這就是為什麼我們繼續使用放大這個詞來描述我們的前進戰略，而不是背離我們的現狀，而只是放大我們現有的戰略。我們在 1996 年開始為 UA 建立增長是很困難的。在 2022 年為 UA 建立增長是一場完全不同的比賽，我們需要從一系列資產、合作夥伴、關係和歷史中汲取靈感。

I'm proud of what we've accomplished, going from a single item into a head-to-toe global authentic on-field sports brand that's unique. We are in this fight. And we'll fight for every fixture, brand location or moment of mind share with young athletes to assure them that we are thinking on their behalf, always problem solving and providing solutions they never knew needed and, once they've tried them, cannot imagine living without. It's that same problem solving that led to Under Armour's founding, answering the question with a solution of why we would accept sweat-soaked cotton T-shirts beneath our uniforms when a better and, frankly, simpler solutions should exist.

我為我們所取得的成就感到自豪，從一個單一的項目變成一個從頭到腳的全球正宗運動品牌，這是獨一無二的。我們在這場鬥爭中。我們將爭取與年輕運動員分享的每一個固定裝置、品牌位置或心智時刻，以向他們保證，我們代表他們思考，始終解決問題並提供他們從未知道需要的解決方案，一旦他們嘗試過，就無法想像一下沒有生活。正是同樣的問題解決了導致 Under Armour 成立的原因，它以一個解決方案來回答這個問題，即為什麼我們會接受在我們的製服下穿汗水浸透的棉 T 卹，而應該存在更好、坦率地說、更簡單的解決方案。

We will be the preeminent innovation company at the intersection of performance and style. We have the resources of established products and relationships with athletes that we'll tap into and give them the most innovative solutions in the world with the great that we have yet to unleash on our behalf.

我們將成為性能與風格相結合的卓越創新公司。我們擁有既定產品的資源以及與運動員的關係，我們將利用這些資源，為他們提供世界上最具創新性的解決方案，以及我們尚未代表我們釋放的偉大解決方案。

Under Armour is on its front foot and playing offense. We've spent the last several years building our strong foundation and defense. But sometimes, the best defense is to score another touchdown. We will do both.

Under Armour 處於領先地位，正在進攻。在過去的幾年裡，我們一直在建立我們強大的基礎和防禦。但有時，最好的防守是再次達陣得分。我們將兩者都做。

Our product teams are hard at work with industry experts that I wouldn't trade with any brand, building the best products and curating the best ideas we find throughout our network, providing the world with one brand destination in UA that they know is aggregating the best ideas in apparel, footwear and accessory innovation into one place, under one roof in our house.

我們的產品團隊努力與我不會與任何品牌交易的行業專家合作，打造最好的產品並策劃我們在整個網絡中發現的最佳創意，為世界提供一個他們知道的 UA 品牌目的地正在聚合將服裝、鞋類和配飾創新的最佳創意集中在一個地方，在我們家的一個屋簷下。

But this will, of course, mean our own in-line innovation first and foremost. And our product pipeline is full. And to that end, this fall, we will be launching a new footwear platform we discovered through a very simple athlete insight, one we believe can change the athletic footwear landscape. We will introduce the new technology franchise in a training shoe that we feel can become a signature item for our current $1.5 billion footwear business. We then plan to take this technology to additional footwear categories where we compete.

但這當然首先意味著我們自己的在線創新。而且我們的產品線已經滿了。為此，今年秋天，我們將推出一個新的鞋類平台，我們通過一個非常簡單的運動員洞察力發現，我們相信這個平台可以改變運動鞋的格局。我們將在訓練鞋中引入新技術特許經營權，我們認為它可以成為我們目前價值 15 億美元的鞋類業務的標誌性產品。然後，我們計劃將這項技術應用於我們競爭的其他鞋類類別。

Opening the aperture, first and foremost, means being the most credible and authentic uniform and workout provider of gear but also includes wearing occasions for our consumers when our athletes are beyond the fields, courts and gyms and ensuring that they can choose from their closet across performance and, yes, sportswear and even, from time to time, collaborations with brands that make sense. Having our core team sport athlete choose from the lot with ease and having it happen to all be UA. This best describes what we mean when we say the amplification of our strategy, meeting our consumers where they are and giving them the ability to love UA in multiple wearing occasions.

首先，打開光圈意味著成為最可靠和最真實的製服和鍛煉裝備供應商，但也包括我們的消費者在場外、球場和體育館之外的穿著場合，並確保他們可以從衣櫥中選擇性能，是的，運動裝，甚至不時與有意義的品牌合作。讓我們的核心團隊運動運動員輕鬆地從眾多項目中進行選擇，並且恰好都是 UA。這最好地描述了我們所說的擴大我們的戰略，與我們的消費者見面並賦予他們在多種穿著場合愛上UA的能力時的意思。

This is more than a vision. This is actionable, something we can go after and with the 92% of Americans who know the Under Armour brand expect from us. All of this leads to our relentless belief that the UA brand has more than earned the right to exist and that we're perfectly positioned as a challenger once again to both those larger and smaller than UA as we will focus on punching much higher above our weight.

這不僅僅是一個願景。這是可行的，我們可以追求的東西，以及了解 Under Armour 品牌的 92% 的美國人對我們的期望。所有這一切都讓我們堅信 UA 品牌不僅贏得了生存權，而且我們再次完美定位為挑戰者，無論是比 UA 大還是小，因為我們將專注於超越我們的重量。

So to close out, Under Armour is moving forward. We're well tested and disciplined. We have the inspirational fire and freedom to dream bigger. And that's exactly what we will do. The Board and I have complete trust in the depth of our management team, our solid business foundation and our ability to push ourselves towards a future of more pronounced profitable growth. We are in the fight and believe we have all the tools that we need to win.

因此，為了結束，Under Armour 正在向前發展。我們經過良好的測試和紀律。我們有鼓舞人心的火焰和自由去夢想更大。這正是我們要做的。董事會和我完全信任我們的管理團隊的深度、我們堅實的業務基礎以及我們推動自己走向更顯著盈利增長的未來的能力。我們正在戰鬥，並相信我們擁有贏得勝利所需的所有工具。

And with that, I'm going to jump off the call, turn it over to Colin and Dave. Thank you all very much.

有了這個，我要掛斷電話，把它交給科林和戴夫。非常感謝大家。

Thank you, Kevin. I'm incredibly excited by the opportunity to lead this amazing brand and honored by the trust that you and our Board of Directors have placed in me. This is my first earnings call, so I'd like to take a moment to introduce myself.

謝謝你，凱文。我非常高興有機會領導這個令人驚嘆的品牌，並為您和我們的董事會對我的信任感到榮幸。這是我的第一次財報電話會議，所以我想花點時間自我介紹一下。

I've spent my entire career in this industry. I've lived on 3 continents, worked in multiple brands and have experience in nearly all facets of the apparel, footwear and retail space.

我的整個職業生涯都在這個行業度過。我曾在 3 大洲生活過，曾在多個品牌工作，並且在服裝、鞋類和零售領域的幾乎所有方面都有經驗。

Over the past 10 years, I've focused on operations and supply chain, including the past 6 years at Under Armour, where I've led key efforts to significantly improve our strategic and operational capabilities and strengthen our powerful foundation and playbook. I believe my experience stands me in good stead to lead this brand through the interim period as we set ourselves up for the next phase of growth.

在過去的 10 年中，我一直專注於運營和供應鏈，包括在 Under Armour 的過去 6 年中，我領導了重大工作，以顯著提高我們的戰略和運營能力，並加強我們強大的基礎和劇本。我相信我的經驗使我能夠很好地領導這個品牌度過過渡時期，因為我們為下一階段的增長做好了準備。

Even though my role is interim, as Kevin has said, we are not standing still. Over the last couple of months, I've spent significant time meeting with customers and partners and teammates. And I can report that our brand remains strong and that our multiyear efforts to strengthen our core business is working. Yet cutting to the chase, there is considerably more that we can be doing to maximize larger opportunities in consideration for the Under Armour brand over the near and long term.

正如凱文所說，儘管我的角色是臨時的，但我們並沒有停滯不前。在過去的幾個月裡，我花了很多時間與客戶、合作夥伴和隊友會面。我可以報告說，我們的品牌依然強大，我們多年來加強核心業務的努力正在發揮作用。然而，切入正題，我們可以做更多的事情來最大限度地利用安德瑪品牌在近期和長期內的更大機會。

To be fair, we've seen some unusual shifts in the retail space over the past 2 years. In 2020, the world shut down for long periods, creating significant revenue headwinds. In contrast, 2021 saw incredibly high pent-up demand, which drove substantial revenue and historical margin gains across our sector. In 2022, following repercussions from last fall's lockdown, we believe an overabundance of product is about to hit the market, specifically as supply chain starts to recover from last year's disruptions.

公平地說，我們在過去 2 年中看到了零售領域的一些不尋常的變化。 2020 年，世界長期停擺，帶來了巨大的收入逆風。相比之下，2021 年被壓抑的需求令人難以置信，這推動了我們行業的可觀收入和歷史利潤率增長。 2022 年，繼去年秋天的封鎖後，我們認為過多的產品即將進入市場，特別是隨著供應鏈開始從去年的中斷中恢復。

During the same period, Under Armour ran a constraint model designed to clean the market and prime the brand for future growth. While well intended and we believe successful in helping to restore brand health, this strategy further -- was further exasperated by COVID-impacted product supply chain and order constraints, along with order cancellations, all conspiring to impact our revenue performance.

在同一時期，Under Armour 運行了一個約束模型，旨在清理市場並為品牌未來增長做好準備。雖然意圖良好並且我們相信成功地幫助恢復了品牌健康，但這一戰略進一步被 COVID 影響的產品供應鍊和訂單限制以及訂單取消所激怒，所有這些都影響了我們的收入表現。

As we pivot to our next phase, we are adjusting this model to unleash the brand's full potential. Given that this change coincides with elevated inventories coming into the back half of 2022, we will be vigilant about managing this intersection intelligently and appropriately. Dave will give more on this later.

隨著我們進入下一階段，我們正在調整這種模式以釋放品牌的全部潛力。鑑於這一變化與進入 2022 年下半年的庫存增加相吻合，我們將對智能和適當地管理這個交叉點保持警惕。戴夫稍後將對此進行更多介紹。

But as our inventories build through the remainder of fiscal '23, it's important to keep in mind the lean base we're comparing against as we lap future quarters. Even so, if you consider inventory versus revenue growth on a 3-year basis, at the end of fiscal '23, we expect our inventory will be up about 10% over that period. This compares to expected revenue growth in excess of 20% over the same 3-year period. So we're encouraged by the progress we're making.

但是，隨著我們的庫存在 23 財年的剩餘時間內不斷增加，重要的是要記住我們在未來幾個季度中比較的精益基礎。即便如此，如果您考慮 3 年的庫存與收入增長，在 23 財年末，我們預計我們的庫存將在此期間增長約 10%。相比之下，在同一 3 年期間，預期收入增長超過 20%。因此，我們對我們正在取得的進展感到鼓舞。

These industry-wide inventory challenges and more significant inflationary pressures make for a cautious consumer outlook for the balance of the year. Accordingly, we assume the market will be very promotional. And we will need to participate in many of these promotions, which is the primary factor for our margin call down. However, we are taking the time to assess where we're at and where we need to be and how we want to reposition ourselves for more significant top line growth in years to come.

這些全行業的庫存挑戰和更顯著的通脹壓力使消費者對今年剩餘時間的前景持謹慎態度。因此，我們假設市場將非常促銷。我們將需要參與其中的許多促銷活動，這是我們取消追加保證金的主要因素。但是，我們正在花時間評估我們所處的位置和需要達到的位置，以及我們希望如何重新定位自己，以便在未來幾年實現更顯著的收入增長。

To be clear, our foundation is strong. Our expense base has been reset, and our P&L is primed and ready and capable of greater productivity as we work to invigorate the top line.

需要明確的是，我們的基礎是強大的。我們的費用基礎已經重置，我們的損益表已經準備就緒，並且能夠在我們努力振興收入時提高生產力。

This is about taking our existing core business strategy and amplifying it, scaling our ability more effectively across our direct-to-consumer, international, women's and our footwear businesses. This is about strengthening our innovation engine to deliver products and experiences that inspire and serve athletes better. It's also about ensuring seamless access to products across our evolving omnichannel environment. And it's also about prioritizing resources to the areas that have the highest growth trajectories, maximizing returns on the investments we are already making and distorting these investments to high-priority areas like our digital capabilities and related DTC enablers, including investments in our order management and retail point-of-sale systems and additional e-comm and consumer journey enhancements.

這是關於採用我們現有的核心業務戰略並將其放大，更有效地擴展我們在直接面向消費者、國際、女裝和鞋類業務中的能力。這是關於加強我們的創新引擎，以提供更好地激勵和服務運動員的產品和體驗。它還涉及確保在我們不斷發展的全渠道環境中無縫訪問產品。它還涉及將資源優先用於具有最高增長軌蹟的領域，最大限度地提高我們已經進行的投資的回報，並將這些投資扭曲到高優先領域，如我們的數字能力和相關的 DTC 促成因素，包括對我們的訂單管理和零售銷售點系統以及額外的電子商務和消費者旅程增強功能。

Indeed, there is a lot going on, and there's a lot we're digging into here. While early days, our teams are empowered with fresh thinking and the freedom to push the bond -- beyond the boundaries of what is possible.

確實，發生了很多事情，我們正在這裡挖掘很多東西。在早期，我們的團隊被賦予了新思維和推動聯繫的自由——超越了可能的界限。

Next, and simultaneous to amplifying our core, we're also working to identify new ways -- identifying new ways to accelerate broader consideration for the Under Armour brand. We are confident that we are respected as an authentic performance brand capable of empowering an athlete's journey as they train, compete and recover. Building on this foundation and based on countless conversations with athletes and our customers, their ask is clear.

接下來，在擴大我們核心的同時，我們也在努力尋找新的方式——尋找新的方式來加速對 Under Armour 品牌的更廣泛的考慮。我們有信心，我們作為一個真正的性能品牌受到尊重，能夠在運動員訓練、比賽和恢復過程中賦予他們力量。在此基礎上並基於與運動員和我們客戶的無數對話，他們的要求很明確。

There is also demand for Under Armour across the less sweaty nonelevated heart rate parts of their day. Quite simply, they love wearing our brand and want more access to it, more style, more options and more usage occasions. We're actioning how Under Armour can best meet these needs carefully and responsibly to build upon the trust and credibility we've earned over the years as a performance brand. This will not require a significant transformation but incremental evolution to better serve our athletes. As you can appreciate, I'm 60 days in, so it's early days yet, but I look forward to sharing more details later.

在他們一天中出汗較少且心率不升高的部分也有對 Under Armour 的需求。很簡單，他們喜歡佩戴我們的品牌，並希望更多地接觸它、更多風格、更多選擇和更多使用場合。我們正在採取行動，如何讓 Under Armour 以謹慎和負責任的方式最好地滿足這些需求，以建立我們多年來作為高性能品牌贏得的信任和信譽。這不需要重大的轉變，而是需要逐步發展，以更好地為我們的運動員服務。如您所知，我已經 60 天了，所以現在還為時尚早，但我期待稍後分享更多細節。

Now back to the present, where I'm excited to touch upon some of the highlights of our first quarter. In apparel, one of our best sellers was our men's Iso-Chill product, a fabric engineered to disperse body heat, making it feel cool to the touch, driving solid momentum in our running business. Another highlight was in our women's business, with strength in our Meridian line and our crossback Infinity Bras.

現在回到現在，我很高興能談到我們第一季度的一些亮點。在服裝方面，我們最暢銷的產品之一是我們的男士 Iso-Chill 產品，這是一種設計用於散發身體熱量的面料，觸感涼爽，為我們的跑步業務帶來強勁動力。另一個亮點是我們的女性業務，我們的 Meridian 系列和交叉背 Infinity 文胸具有強大的實力。

Turning to footwear. On the way to his fourth ring, Stephen Curry rocked his Curry 9 throughout the season then switched to the Curry 4 FloTro during the finals, a refreshed nod to what he wore during his second NBA title back in 2017. Fans of the FloTro should be on lookout for additional releases taking place at the back end of the summer.

轉向鞋類。在獲得他的第四枚戒指的路上，斯蒂芬庫裡整個賽季都在搖晃他的 Curry 9，然後在總決賽期間換上了 Curry 4 FloTro，這是對他在 2017 年第二次獲得 NBA 總冠軍時所穿的新衣服的致敬。FloTro 的粉絲應該是留意在夏季結束時發布的其他版本。

In our team sports business, our baseball and football cleats have been performing extremely well. And we are looking forward to the back-to-school and the fall sports season.

在我們的團隊運動業務中，我們的棒球和足球鞋表現非常出色。我們期待著返校和秋季運動季。

In running, our HOVR Machina 3 shoe has been well received, with initial solid sell-through driven by sales in the Asia Pacific region. In our North America market, we continue to see strength in our UA Charged franchises across Assert, Rogue and Vantage.

在跑步方面，我們的 HOVR Machina 3 鞋款廣受好評，在亞太地區的銷售推動了最初的穩健銷售。在我們的北美市場，我們繼續看到我們在 Assert、Rogue 和 Vantage 上的 UA Charged 特許經營權的實力。

We are also excited about our Flow Velociti Elite launch, one of the fastest, high-performing running shoes ever created by Under Armour. This carbon fiber-based, marathon-specific shoe balances flexibility and cushioning for maximum speed and efficiency. And it works as worn by Jordan Tropf, who set a world record for the world's fastest time to complete 3 marathons in 3 days, besting the previous mark by over 40 minutes.

我們也對我們的 Flow Velociti Elite 發布感到興奮，這是 Under Armour 創造的最快、高性能的跑鞋之一。這款基於碳纖維的馬拉松專用鞋平衡了靈活性和緩衝性，以實現最高速度和效率。喬丹·特羅普夫 (Jordan Tropf) 穿著它發揮了作用，他創造了 3 天內完成 3 場馬拉松世界最快時間的世界紀錄，比之前的紀錄高出 40 多分鐘。

And finally, we are incredibly excited about the new training footwear platform Kevin referenced earlier. And we look forward to delivering game-changing products that connects us even more deeply with our athletes.

最後，我們對前面提到的新訓練鞋平台 Kevin 感到非常興奮。我們期待提供改變遊戲規則的產品，讓我們與運動員更深入地聯繫起來。

So to bring my remarks to a close, I will introduce a phrase that kind of defines our transitional strategy: to amplify the core and accelerate more. As we continue to formulate and execute this strategy, I underscore my confidence in the exceptional capabilities of our global team. Even amid the noise this year, we are well positioned to pivot and harness the strength of our foundation to drive more significant top line growth for Under Armour more consistently in the years ahead. It's time to pivot. It's time to amplify, and it's time to accelerate. Our athletes, customers and shareholders deserve it. Thank you.

因此，為了結束我的發言，我將介紹一個定義我們過渡戰略的短語：擴大核心並加速。隨著我們繼續制定和執行這一戰略，我強調我對我們全球團隊卓越能力的信心。即使在今年的喧囂中，我們仍處於有利地位，可以調整併利用我們的基礎力量，在未來幾年更持續地推動 Under Armour 實現更顯著的收入增長。是時候轉動了。是時候放大了，是時候加速了。我們的運動員、客戶和股東應得的。謝謝你。

And I'll now hand the call over to Dave.

我現在將把電話交給戴夫。

Thanks, Colin. With that, let's review the results for our first quarter of fiscal 2023, which ended June 30. As a reminder, we changed our fiscal year, so the comparable prior year period is the second calendar quarter of 2021.

謝謝，科林。有了這個，讓我們回顧一下截至 6 月 30 日的 2023 財年第一季度的結果。提醒一下，我們更改了財年，因此可比的上一年期間是 2021 年第二季度。

Our first quarter revenue was $1.3 billion, which was flat against last year's results and in line with our outlook. Excluding the negative impact of foreign currency due to the strength of the U.S. dollar, revenue was up 2%. As discussed on prior earnings calls, this result included an approximate 10-point headwind related to proactive order cancellations due to supply constraints associated with COVID-19 pandemic impacts.

我們第一季度的收入為 13 億美元，與去年的業績持平，符合我們的展望。剔除美元走強造成的外匯負面影響，收入增長 2%。正如在之前的財報電話會議上所討論的，這一結果包括與因 COVID-19 大流行影響相關的供應限製而主動取消訂單相關的大約 10 點逆風。

Drilling down by region. Our North American business was flat in the quarter or up 1% on a currency-neutral basis, with increased revenue in our wholesale business being offset by a decline in direct-to-consumer sales. In wholesale, increased revenue in our full-price business was tempered by decreased sales to the off-price channel. In our DTC business, positive momentum in our full-price stores and e-commerce businesses was offset by a decline in outlet stores.

按區域向下鑽取。我們的北美業務在本季度持平或在貨幣中性的基礎上增長 1%，我們批發業務的收入增加被直接面向消費者的銷售額下降所抵消。在批發方面，我們全價業務的收入增長受到低價渠道銷售減少的影響。在我們的 DTC 業務中，全價商店和電子商務業務的積極勢頭被直銷店的下降所抵消。

Revenue in the EMEA region was down 1% in the first quarter, though up 6% on a currency-neutral basis. Clicking down further within EMEA, growth in our wholesale business was offset by a decline in DTC sales, which were somewhat constrained by operational issues that impacted shipping and sell-through performance, particularly in the U.K.

第一季度歐洲、中東和非洲地區的收入下降了 1%，但在貨幣中性的基礎上增長了 6%。在歐洲、中東和非洲地區進一步向下點擊，我們批發業務的增長被 DTC 銷售的下降所抵消，這在一定程度上受到影響運輸和銷售業績的運營問題的限制，尤其是在英國。

Within our Asia Pacific region, lockdowns in China contributed to an 8% revenue decline. On a currency-neutral basis, revenue was down 4%, primarily due to lower DTC sales. Looking forward, while there are some green shoots and signs of better days ahead, the zero-tolerance China COVID policy keeps us cautious. On a positive note, we have seen an excellent post-COVID recovery in the rest of the region, with strength in South APAC, South Korea and Japan.

在我們的亞太地區，中國的封鎖導致收入下降了 8%。在貨幣中性的基礎上，收入下降了 4%，主要是由於 DTC 銷售額下降。展望未來，雖然未來有一些萌芽和好轉跡象，但對中國 COVID 的零容忍政策讓我們保持謹慎。積極的一面是，我們看到該地區其他地區在 COVID 後恢復良好，南亞太地區、韓國和日本表現強勁。

Finally, Latin America revenue was up 6% to $49 million on a solid performance in distributor-led markets.

最後，由於分銷商主導市場的穩健表現，拉丁美洲的收入增長了 6% 至 4900 萬美元。

On a global basis, by channel, wholesale revenue was up 3% to $792 million. Increases in our distributor and full-price channels were partially offset by lower sales to the off-price channel.

在全球範圍內，按渠道劃分，批發收入增長 3% 至 7.92 億美元。我們的分銷商和全價渠道的增長被低價渠道的銷售額下降部分抵消。

Direct-to-consumer revenue declined 7% to $521 million, with declines across our owned stores driven primarily by lockdowns in China, lower e-commerce sales and lower sales in our North American outlet business.

直接面向消費者的收入下降 7% 至 5.21 億美元，主要是由於中國的封鎖、電子商務銷售額的下降和我們北美奧特萊斯業務的銷售額下降，導致我們自有商店的收入下降。

Licensing revenue increased 21% in the quarter to $28 million, driven by timing and recognition of minimum guaranteed royalty payments in the APAC region and a solid performance from our Japanese business.

本季度許可收入增長 21% 至 2800 萬美元，這得益於亞太地區最低保證特許權使用費支付的時機和認可，以及我們日本業務的穩健表現。

By product type, apparel revenue was down 1%, with strength in team sports, particularly global football and baseball, offset by softness in golf and run categories.

按產品類型劃分，服裝收入下降 1%，其中團隊運動的強勢，尤其是全球足球和棒球，被高爾夫和跑步類別的疲軟所抵消。

Footwear was up 1% as the supply chain continues to catch up to delays following last year's shutdowns, where we experienced a more significant impact on footwear production. Despite these challenges and delays, we saw good performance during the quarter in our football and basketball categories, offset by declines in the run category.

由於供應鏈繼續趕上去年停產後的延誤，鞋類產品上漲了 1%，我們對鞋類生產產生了更顯著的影響。儘管存在這些挑戰和延誤，但我們在本季度的足球和籃球類別中看到了良好的表現，但被跑步類別的下降所抵消。

And finally, our accessories business was down 13% due mainly to planned lower sales of our SPORTSMASK compared to last year.

最後，我們的配件業務下降了 13%，主要是由於我們的 SPORTSMASK 的計劃銷售額與去年相比有所下降。

Our first quarter gross margin fell 280 basis points year-over-year to 46.7%. This was driven primarily by 160 basis points of COVID-related supply chain impacts driven by elevated freight costs, particularly ocean freight; 50 basis points from higher promotions and discounting versus last year; 40 basis points of various unfavorable channel, regional and product mix impacts; and 30 basis points of negative impacts from changes in foreign currency.

我們第一季度的毛利率同比下降 280 個基點至 46.7%。這主要是由於貨運成本（尤其是海運）上漲導致的與 COVID 相關的供應鏈影響 160 個基點；與去年相比，促銷和折扣增加了 50 個基點；各種不利渠道、區域和產品組合影響的40個基點； 30 個基點的外匯變動負面影響。

SG&A expenses were up 9% to $596 million in the first quarter. This increase was primarily due to planned marketing investments carried forward from our transition quarter as well as higher workforce wages due to last year's teammate compensation increases, legal expenses related to ongoing litigation matters, along with higher consulting and technology-related spending. Our marketing spend in the first quarter was 11% of revenue.

第一季度 SG&A 費用增長 9% 至 5.96 億美元。這一增長主要是由於從我們的過渡季度結轉的計劃營銷投資，以及由於去年隊友薪酬增加而導致的勞動力工資增加、與正在進行的訴訟事項相關的法律費用，以及更高的諮詢和技術相關支出。我們第一季度的營銷支出佔收入的 11%。

Next, operating income was $34 million in the quarter. Excluding approximately $10 million of legal expenses related to ongoing litigation matters, adjusted operating income was $44 million, coming in above our outlook of $25 million to $35 million, primarily driven by lower-than-planned SG&A expenses.

其次，本季度的營業收入為 3400 萬美元。不包括與正在進行的訴訟事項相關的大約 1000 萬美元的法律費用，調整後的營業收入為 4400 萬美元，高於我們預期的 2500 萬美元至 3500 萬美元，這主要是由於 SG&A 費用低於計劃。

After tax, we realized a net income of $8 million or $0.02 of diluted earnings per share in the quarter. Our adjusted net income was $15 million, yielding $0.03 of adjusted diluted earnings per share, coming in at the high end of our previous outlook for the first quarter.

稅後，我們在本季度實現了 800 萬美元的淨收入或每股攤薄收益 0.02 美元。我們調整後的淨收入為 1500 萬美元，調整後的每股攤薄收益為 0.03 美元，處於我們之前第一季度展望的高端。

Now moving to the balance sheet. At the end of the first quarter, inventory was up 8% to $954 million. Building on Colin's earlier comments, we were running leaner inventory levels over the past year due to our constraint model and proactive cancellations of orders because of COVID-related supply challenges. As supply chain deliveries recover from recent disruptions, we expect elevated inventory growth rates over the next few quarters.

現在轉到資產負債表。第一季度末，庫存增長 8% 至 9.54 億美元。基於 Colin 先前的評論，由於我們的約束模型和由於與 COVID 相關的供應挑戰而主動取消訂單，我們在過去一年中的庫存水平較低。隨著供應鏈交付從最近的中斷中恢復，我們預計未來幾個季度的庫存增長率將上升。

Given the unique environment in 2020 and 2021, we believe looking at inventory on a 3-year stack is a more accurate barometer of our current situation. In this respect, on a comparable basis versus 2019, our first quarter inventory is down 1%, while our revenue has increased 13% during the same 3-year period. And of course, the composition of our inventory, namely higher-margin products, fewer SKUs and styles along with considerably less off-price sales, demonstrates success in our efforts towards better brand health.

鑑於 2020 年和 2021 年的獨特環境，我們認為查看 3 年堆棧的庫存是我們當前狀況的更準確晴雨表。在這方面，與 2019 年相比，我們第一季度的庫存下降了 1%，而我們的收入在同一 3 年期間增長了 13%。當然，我們的庫存構成，即利潤率更高的產品、更少的 SKU 和款式以及相當少的低價銷售，表明我們在努力改善品牌健康方面取得了成功。

Rounding out the quarter, our cash and cash equivalents were $1 billion. And we had no borrowings under our $1.1 billion revolving credit facility.

在本季度結束時，我們的現金和現金等價物為 10 億美元。我們在 11 億美元的循環信貸額度下沒有借款。

And finally, recall that our first-ever share repurchase program was authorized in February. Of this 2-year $500 million program, we've repurchased $325 million in shares, including $25 million in the first quarter.

最後，回想一下我們的第一個股票回購計劃是在 2 月份獲得授權的。在這個為期 2 年的 5 億美元計劃中，我們回購了 3.25 億美元的股票，其中包括第一季度的 2500 萬美元。

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

接下來，讓我們轉向我們的 23 財年展望。鑑於我們的財政年度變化，請記住，我們使用的可比期間是從 2021 年 4 月 1 日到 2022 年 3 月 31 日的過去 12 個月期間的相應季度。因此，我們將此稱為基準期。

To set some context, we continue to see high freight costs impact first quarter profitability, though we are now seeing signs that supply chain disruptions could find some balance from this point as we move through the rest of the year. The impact of our preemptive wholesale order

在某些背景下，我們繼續看到高昂的貨運成本影響第一季度的盈利能力，儘管我們現在看到有跡象表明，隨著今年剩餘時間的到來，供應鏈中斷可能會從這一點找到一些平衡。我們搶先批發訂單的影響

(technical difficulty)

（技術難度）

due to COVID-related disruptions diminishes in the second quarter. And thus, we plan on being in a better position relative to product availability during the back half of our fiscal year. As such, we anticipate sequentially increasing revenue growth as we move through the remaining quarters of our fiscal year. But with that said, we also expect higher levels of uncertainty to remain due to inflationary pressures.

由於與 COVID 相關的中斷在第二季度減少。因此，我們計劃在本財年後半段相對於產品可用性處於更好的位置。因此，我們預計隨著我們財政年度剩餘季度的推進，收入增長將連續增長。但話雖如此，我們也預計由於通脹壓力，較高的不確定性仍將存在。

Taking this to the full year, there is no change to our expectation that revenue should be up 5% to 7%. Excluding approximately 200 basis points of anticipated foreign currency headwinds, revenue should be up 7% to 9% on a currency-neutral basis in fiscal '23. This expectation includes approximately 3 percentage points of headwinds related to our strategic decision to work with our vendors and customers to cancel orders affected by last fall's capacity issues and supply chain delays, along with the impacts of the COVID resurgence in China.

考慮到全年，我們對收入應該增長 5% 到 7% 的預期沒有變化。排除大約 200 個基點的預期外匯逆風，在 23 財年的貨幣中性基礎上，收入應增長 7% 至 9%。這一預期包括與我們與供應商和客戶合作以取消受去年秋季產能問題和供應鏈延遲影響的訂單的戰略決策以及中國新冠疫情復甦的影響相關的大約 3 個百分點的不利因素。

Given expectations for higher discounting and promotional activities versus our previous plan, the most significant change to our overall outlook is within gross margin, where we now anticipate a 375 to 425 basis point decline in fiscal '23. This compares with our prior year baseline rate of 49.6%.

鑑於與我們之前的計劃相比，對更高折扣和促銷活動的預期，我們整體前景的最顯著變化是在毛利率內，我們現在預計 23 財年將下降 375 至 425 個基點。相比之下，我們上一年的基准率為 49.6%。

With a productive global outlet presence, coupled with maintaining off-price sales within our targeted 3% to 4% of revenue range, we believe we're positioned well to navigate. However, the environment may or may not develop. Our expectations regarding inflationary pressures on freight and product costs remain the same as noted on our previous call. Other full year gross margin headwinds relative to our initial plan include additional impacts from changes in foreign currency and channel mix.

憑藉高效的全球門店，再加上將折扣銷售保持在我們目標收入範圍的 3% 至 4% 內，我們相信我們處於良好的導航狀態。但是，環境可能會發展，也可能不會發展。我們對運費和產品成本的通脹壓力的預期與我們之前的電話會議所指出的相同。與我們最初的計劃相關的其他全年毛利率不利因素包括外幣和渠道組合變化的額外影響。

With this lower gross margin, we plan to leverage SG&A and keep our expenses close to flat versus the prior year baseline year. Within this spend, we are committed to driving efficiency in corporate overhead while ensuring our investment dollars are optimized. And to Colin's earlier example, we are working to distort some spending to accelerate specific areas of priority like our digital capabilities and related DTC enablers.

由於毛利率較低，我們計劃利用 SG&A 並保持我們的費用與上一年的基準年基本持平。在這筆支出中，我們致力於提高企業管理費用的效率，同時確保我們的投資資金得到優化。對於 Colin 之前的例子，我們正在努力扭曲一些支出，以加速特定的優先領域，例如我們的數字能力和相關的 DTC 促成因素。

Dropping through the impact of lower gross margin with some offset from anticipated SG&A savings, our operating income outlook is now $300 million to $325 million. Excluding legal expenses related to ongoing litigation matters, adjusted operating income is expected to reach $310 million to $335 million.

由於毛利率下降的影響以及預期的 SG&A 節省部分抵消，我們的營業收入前景現在為 3 億至 3.25 億美元。不計與正在進行的訴訟事項相關的法律費用，調整後的營業收入預計將達到 3.1 億美元至 3.35 億美元。

This takes us to diluted earnings per share for fiscal '23, which we now expect to be $0.61 to $0.67. This includes a $0.28 benefit related to a tax valuation allowance release expected to be realized during the fiscal year. Of this $0.28 benefit, $0.16 of this amount is related to prior restructuring. Additionally, there is a $0.02 negative impact from legal expenses related to ongoing litigation matters. Excluding these net positive impacts of $0.14, adjusted diluted earnings per share is expected to be between $0.47 and $0.53.

這使我們將 23 財年的每股攤薄收益，我們現在預計為 0.61 美元至 0.67 美元。這包括與預計在本財政年度實現的稅收評估免稅額釋放相關的 0.28 美元收益。在這 0.28 美元的收益中，0.16 美元與之前的重組有關。此外，與正在進行的訴訟事項相關的法律費用會產生 0.02 美元的負面影響。排除這些 0.14 美元的淨正面影響，調整後的每股攤薄收益預計在 0.47 美元至 0.53 美元之間。

And finally, we expect capital expenditures of approximately $225 million this year, which is within our operating principle of 3% to 5% of net revenues.

最後，我們預計今年的資本支出約為 2.25 億美元，這符合我們占淨收入 3% 至 5% 的經營原則。

Next, I'd like to give some color on our current quarter. We expect our second quarter revenue to be flat to up slightly on a reported basis or up a low to mid-single-digit rate on a currency-neutral basis. This includes about 5 percentage points of headwinds from proactive reductions and cancellations to our order book due to COVID-19-related supply constraints as previously discussed.

接下來，我想為我們當前的季度提供一些顏色。我們預計我們的第二季度收入將在報告的基礎上持平或略有上升，或者在貨幣中性的基礎上上升到低至中個位數。如前所述，這包括由於與 COVID-19 相關的供應限制，主動減少和取消我們的訂單約 5 個百分點的不利因素。

Given a tough year-over-year comparison, we expect gross margin to be down approximately 550 to 600 basis points in the second quarter due to negative impacts from elevated promotional activities, increased freight expenses, shifts in channel mix and growing pressures from changes in foreign currency.

鑑於同比艱難，我們預計第二季度毛利率將下降約 550 至 600 個基點，原因是促銷活動增加、運費增加、渠道組合轉變以及市場變化帶來的壓力增加。外幣。

For SG&A, demonstrating my earlier comments to mitigate and offset gross margin pressures, we expect to hold SG&A flat to slightly down in the second quarter. Taking this to the bottom line, we expect a second quarter operating income of $105 million to $115 million, which should translate to $0.15 to $0.17 of diluted earnings per share.

對於 SG&A，證明我之前的評論是為了減輕和抵消毛利率壓力，我們預計第二季度的 SG&A 持平或略有下降。以此為底線，我們預計第二季度的營業收入為 1.05 億美元至 1.15 億美元，這應轉化為每股攤薄收益 0.15 美元至 0.17 美元。

So in closing, we remain confident in our strategy. And we believe we have the right offensive and defensive playbooks to see us through this developing environment. Our strategic, operational and financial foundations have strengthened over the past couple of years. And our team has weathered more than a few storms, gaining experience and agility as we've dealt with ever-changing market dynamics. We are confident this will work in our favor as we pivot toward driving more pronounced growth and ultimately improve profitability and shareholder returns in the long term.

因此，最後，我們對我們的戰略仍然充滿信心。我們相信我們有正確的進攻和防守手冊來幫助我們度過這個發展環境。在過去的幾年裡，我們的戰略、運營和財務基礎得到了加強。我們的團隊經受住了不止幾場風暴，在應對不斷變化的市場動態時獲得了經驗和敏捷性。我們相信，隨著我們轉向推動更顯著的增長並最終提高長期盈利能力和股東回報，這將對我們有利。

With that, we'll turn it over to the operator for questions. Operator?

有了這個，我們將把它交給操作員提問。操作員？

(Operator Instructions) Matthew Boss with JPMorgan.

（操作員說明）摩根大通的 Matthew Boss。

So Colin, what's your overall assessment of demand today for the Under Armour brand maybe relative to the active market? Where do you see opportunity to drive even greater brand heat?

那麼 Colin，您對 Under Armour 品牌今天的需求的總體評估可能是相對於活躍的市場而言的嗎？您在哪裡看到了推動更大品牌熱度的機會？

And then as we think about the composition for this year, what factors are driving the confidence to hold the revenue outlook and how best to think about drivers of the revenue growth in the back half of the year?

然後，當我們考慮今年的構成時，哪些因素在推動保持收入前景的信心，以及如何最好地考慮下半年收入增長的驅動因素？

Well, so thank you for that question, Matthew. I mean we still believe there's a lot of demand out there for Under Armour brand. As I said in my script, I've spent a lot of time talking to kind of consumers and customers. And undoubtedly, there is still a lot of demand out there -- $6 billion worth of demand out there. So we're still confident when we look at the metrics with regards to consideration and other things. We're pretty upbeat with regards to the opportunities to kind of continue to drive into that.

那麼，謝謝你的這個問題，馬修。我的意思是我們仍然相信對 Under Armour 品牌的需求很大。正如我在劇本中所說，我花了很多時間與不同類型的消費者和客戶交談。毫無疑問，仍然有很多需求——價值 60 億美元的需求。因此，當我們查看有關考慮和其他方面的指標時，我們仍然充滿信心。對於繼續推動這一領域的機會，我們非常樂觀。

We've got a lot of exciting, innovative product coming to market at the back end of the year, which we're incredibly kind of upbeat and excited about. Kevin talked a little bit about that, and I kind of referenced that in my script as well. So I think that gives us some optimism for the future as well.

我們有很多令人興奮的創新產品在年底上市，我們對此感到非常樂觀和興奮。凱文談到了一點，我在我的劇本中也提到了這一點。所以我認為這也讓我們對未來感到樂觀。

So what was the third question? Perhaps I missed the third one.

那麼第三個問題是什麼？也許我錯過了第三個。

Just drivers of the revenue growth in the back half of the year relative to the front half.

只是下半年相對於上半年的收入增長的驅動因素。

Dave, you want to jump in?

戴夫，你想跳進去嗎？

Yes. So this is Dave, Matthew. When you think about the back half of the year, a couple of things I would consider is, one, we believe we're going to be in a much better supply chain position relative to product availability. So that will be a big factor.

是的。這是戴夫，馬修。當您考慮今年下半年時，我會考慮的幾件事是，第一，我們相信相對於產品可用性，我們將處於更好的供應鏈位置。所以這將是一個很大的因素。

In addition, we will not be comping or dealing with the challenges of the inbound that we've talked about that have taken away 10 points in Q1 and we estimate 5 points in Q2. So we'll be essentially beyond that as we go into the back half as well.

此外，我們將不會壓縮或處理我們已經討論過的入站挑戰，這些挑戰在第一季度拿走了 10 分，我們估計在第二季度拿走了 5 分。因此，當我們進入後半區時，我們基本上會超越這一點。

And then when you think about maybe some over-indexed areas, you could also look at APAC, understanding some of the challenges that they've been under in the first half of the year with COVID. And with their growth getting back to normal as COVID subsides and also with retail door opening, et cetera, APAC should be a big driver in the back half as well.

然後，當您考慮一些索引過高的領域時，您還可以查看亞太地區，了解他們在今年上半年因 COVID 所面臨的一些挑戰。隨著 COVID 的消退以及零售大門的開放等，它們的增長恢復正常，亞太地區也應該成為後半部分的主要驅動力。

So those are just a few different things. But there's a fair amount that's out there. I don't know if you want to add anything, Colin.

所以這些只是一些不同的事情。但是有相當數量的。我不知道你是否想補充什麼，科林。

Yes, I would just say EMEA as well. I mean we're seeing a lot of upside in our EMEA business as well. So again, there's clearly demand, and we're pretty optimistic about how we kind of see the balance of the year playing out.

是的，我也會說 EMEA。我的意思是，我們在 EMEA 業務中也看到了很多好處。再說一次，顯然有需求，我們對我們如何看待今年的平衡表現非常樂觀。

Great. And then just a follow-up, Dave. On gross margin, could you just elaborate on the elevated promotional activity that's now embedded in your outlook? What exactly are you seeing today? What have you embedded in the second quarter in terms of actions? And just how do you feel about your overall inventory position?

偉大的。然後只是跟進，戴夫。關於毛利率，您能否詳細說明現在嵌入您前景中的提升促銷活動？你今天到底看到了什麼？在行動方面，您在第二季度嵌入了什麼？您如何看待您的整體庫存狀況？

Sure, sure. When you think about Q2, just for this current quarter that we're in, the biggest factor in Q2 is definitely the expectation of having to be a lot more promotional and discounting as we see that developing in the market. We don't feel that we're going to be an outlier in any way, but we believe that that's where the market is going to be. And we need to play in that and make sure that we're staying in the game there.

一定一定。當您考慮第二季度時，僅就我們所在的當前季度而言，第二季度的最大因素絕對是我們看到市場發展時必須進行更多促銷和折扣的預期。我們不認為我們會以任何方式成為異常值，但我們相信這就是市場的發展方向。我們需要參與其中並確保我們留在比賽中。

Probably the second biggest factor for Q2 is the increased freight costs, which we've been dealing with and we've talked about before. And then there's also a little bit of impact with channel mix. There's more distributor sales and a little less DTC mix planned in Q2 and then also the developing FX pressures.

第二季度的第二大因素可能是貨運成本增加，我們一直在處理這個問題，我們之前也討論過。渠道組合也有一點影響。第二季度計劃有更多的分銷商銷售和更少的 DTC 組合，然後還有不斷發展的外匯壓力。

When you think about full year, if you kind of walk your way down, the largest impact that we are estimating now for this year is the higher discounting and promotions. That's probably a little more than 1 point on the full year impact versus last year.

當您考慮全年時，如果您按照自己的方式走下去，我們現在估計今年最大的影響是更高的折扣和促銷活動。與去年相比，全年影響可能略高於 1 個百分點。

The second one will probably be the inflationary pressures, which are impacting the freight costs we've talked about and also product costs. And that's about 1 point of an impact versus prior year.

第二個可能是通脹壓力，這會影響我們談到的運費和產品成本。與上一年相比，這大約是 1 個百分點的影響。

And then the mix from a channel perspective mainly the higher distributor sales, which some of that's EMEA, some of that's LATAM. That's a little less than 1 point. And then after that, probably the next one would be FX pressures, which is probably right now estimated about 0.5 point year-over-year. So hopefully, that gives you a little more color.

然後從渠道的角度來看，主要是較高的分銷商銷售額，其中一些是 EMEA，一些是 LATAM。這比 1 點少一點。然後在那之後，下一個可能是外匯壓力，目前估計可能同比增長約 0.5 個百分點。所以希望這能給你更多的色彩。

And let me just jump in on the inventory situation, the question you asked there. I mean we're feeling actually pretty comfortable with our inventory level. We talked a little bit about the metrics, how they compare over the 3-year stack. And if you look at our terms and other key metrics, we're kind of getting back into the right level to try to service the market.

讓我談談庫存情況，你在那裡問的問題。我的意思是我們對我們的庫存水平感到非常滿意。我們討論了一些指標，以及它們在 3 年堆棧中的比較情況。如果你看看我們的條款和其他關鍵指標，我們就會回到正確的水平來嘗試為市場服務。

And actually, it's the right level based upon how we wanted to start to grow the brand. This -- as you heard us talk about in the script, there's a lot of optimism and a lot of kind of accelerate -- thinking about how do we kind of accelerate beyond kind of what we currently do. And the idea of ensuring that we actually have the right inventory to kind of service that side of the market is something which we definitely want to make sure we're in an ability to kind of lean into that. So yes, we're comfortable with our inventory level.

實際上，這是基於我們希望如何開始發展品牌的正確水平。這 - 正如你在劇本中聽到的那樣，有很多樂觀和很多加速 - 思考我們如何加速超越我們目前所做的事情。確保我們實際上擁有正確的庫存來為市場的那一方提供服務的想法是我們絕對希望確保我們有能力適應這一點的想法。所以是的，我們對我們的庫存水平感到滿意。

Jay Sole with UBS.

瑞銀的傑伊·索爾。

Colin, I want to ask you about given there's obviously change in leadership and now that you're interim CEO, how do you think about the mandate from the Board to drive growth -- top line growth for the company versus sort of maintain the discipline that the company has showed over the last few years compared to maybe where it was 2013, 2014, 2015 and control pricing, control brand management, control the brand equity and make sure that like the brand continues to move forward in an elevated way. How do you balance the needs of both as you look to drive the company forward?

科林，我想問一下，鑑於領導層明顯發生了變化，現在你是臨時首席執行官，你如何看待董事會推動增長的任務——公司的頂線增長與維持紀律與 2013 年、2014 年、2015 年的情況相比，該公司在過去幾年中表現出來，控制定價、控製品牌管理、控製品牌資產並確保品牌繼續以更高的方式向前發展。當您希望推動公司向前發展時，您如何平衡兩者的需求？

Well, thank you for that question, by the way. And I think it's a great question. But isn't this all about creating that right balance because isn't that what great companies do? I mean over the past 5 years, we've worked aggressively to put in place an operating model that's really started to put us in a great position to kind of move to this next chapter.

好吧，順便說一句，謝謝你提出這個問題。我認為這是一個很好的問題。但這不就是為了創造正確的平衡，因為這不是偉大的公司所做的嗎？我的意思是，在過去的 5 年裡，我們一直在積極努力建立一種運營模式，這種模式真正開始讓我們處於一個很好的位置，可以進入下一章。

But as we move into this next chapter, we're certainly not going to walk away from the operational disciplines and the processes that we've put in place. But what it's allowed us to do is give this incredible platform, this incredible kind of launching pad through which we can start to think about how do we kind of pivot to that next kind of growth.

但是當我們進入下一章時，我們肯定不會放棄我們已經實施的運營規則和流程。但它允許我們做的是提供這個令人難以置信的平台，這種令人難以置信的發射台，通過它我們可以開始思考我們如何轉向下一種增長。

And so it's not a question of giving up one to get the other. But it's really clear. When we go and talk to consumers, consumers do want more from Under Armour than just to be wearing it in their sweaty part of their day. So thinking through how do we meet that demand but do so in a way that's really true to Under Armour with performance and style. It can't be kind of anything other than Under Armour true. It needs to be with the right Under Armour logo on it.

所以這不是放棄一個來獲得另一個的問題。但這真的很清楚。當我們去與消費者交談時，消費者確實希望從 Under Armour 獲得更多，而不僅僅是在一天出汗的時候穿著它。因此，思考我們如何滿足這一需求，但以一種真正符合 Under Armour 的性能和風格的方式來滿足這一需求。除了安德瑪之外，它不可能是真的。它必須帶有正確的 Under Armour 徽標。

And so I don't think these things are mutually exclusive. In fact, we have to do them both. And I think we're incredibly well positioned to really lean into that. And it's one of the things I'm most excited about, certainly, in this interim role to kind of figure out how we do that. We're so well positioned to executing against that plan.

所以我不認為這些事情是相互排斥的。事實上，我們必須同時做這兩件事。而且我認為我們處於非常有利的位置，可以真正做到這一點。這是我最興奮的事情之一，當然，在這個臨時角色中弄清楚我們如何做到這一點。我們完全有能力執行該計劃。

Got it. And if I could just follow up with one more. You mentioned that the company has an authorization to buy back stock. The company has about $1 billion in cash, and the stock price is pretty low relative to its history. How are you thinking about buying back stock over the rest of the year, given the company should still generate pretty good cash flow even this year and probably better next year?

知道了。如果我可以再跟進一個。你提到公司有權回購股票。該公司擁有約 10 億美元的現金，其股價相對於其歷史而言相當低。鑑於該公司今年仍應產生相當不錯的現金流，明年可能會更好，您如何考慮在今年餘下的時間回購股票？

Yes, Jay, this is Dave. Obviously, we continue to look at what the different options are that are out there. We're happy with where we are from a liquidity perspective and overall balance sheet perspective.

是的，傑，這是戴夫。顯然，我們將繼續研究有哪些不同的選擇。從流動性角度和整體資產負債表的角度來看，我們對自己所處的位置感到滿意。

We do have some open remainder on the share repurchase program. So we will continue to pursue that prudently. And then we'll continue to look at other options as well. But at this point, we continue to believe that having the liquidity that we have is very helpful. It allows us to be nimble. It allows us to continue to look at new opportunities, whether they be organic or not. But at this point, we're in a good spot.

我們確實有一些股票回購計劃的未結餘額。因此，我們將繼續審慎地追求這一點。然後我們還將繼續研究其他選項。但在這一點上，我們仍然相信擁有我們所擁有的流動性是非常有幫助的。它讓我們變得靈活。它使我們能夠繼續尋找新的機會，無論它們是否有機。但在這一點上，我們處於一個很好的位置。

Simeon Siegel with BMO Capital Markets.

BMO 資本市場的 Simeon Siegel。

Within the full year, just any help on how to think about apparel, footwear and accessory revenues baked into that guide? And then I appreciate the full year gross margin color. Any way to just quantify the components of your expected 2Q pressure as well?

在全年內，關於如何將服裝、鞋類和配飾收入納入該指南的任何幫助？然後我欣賞全年毛利率的顏色。有什麼方法可以量化您預期的 2Q 壓力的組成部分嗎？

Sure, sure. Relative to full year revenue, when you think about from a product perspective, we anticipate footwear growth is definitely going to be higher than our apparel growth. And partly that is because if you think about the supply chain challenges back half of last year, a lot of that impacted footwear production more so than apparel production.

一定一定。相對於全年收入，當你從產品的角度考慮時，我們預計鞋類的增長肯定會高於我們的服裝增長。部分原因是如果你想想去年下半年的供應鏈挑戰，其中很多對鞋類生產的影響要大於服裝生產。

So you're comping that in the back half of this year. So footwear growth, which is healthy to begin with, gets a little bit of a comp benefit there as we go into the back half of the year. So full year growth definitely leaning heavier on footwear versus apparel.

因此，您將在今年下半年對此進行比較。因此，隨著我們進入下半年，鞋類增長，一開始是健康的，在那裡獲得了一點補償。因此，全年增長肯定更傾向於鞋類而不是服裝。

Accessories will still be a little bit down potentially due to comping the SPORTSMASK business. We should get past that as we get through the end of this year.

由於 SPORTSMASK 業務的競爭，配件仍可能會有所下降。當我們度過今年年底時，我們應該克服這一點。

And then when you think a little bit around -- we gave North America versus international. North America, where we're seeing a mid-single-digit growth this year, international kind of the low teen level.

然後，當您稍微考慮一下時-我們將北美與國際進行比較。北美，我們今年看到了中等個位數的增長，國際性的低青少年水平。

And then relative to gross margin for Q2, the lion's share of the impact is anticipated elevated promotional activities as we manage through the environment. So that is probably close to a 3-point impact over prior year quarter.

然後相對於第二季度的毛利率，隨著我們在環境中進行管理，預計最大的影響份額是促銷活動的增加。因此，與去年同期相比，這可能接近 3 個百分點的影響。

The increased freight expenses, that's probably a little bit more than 1 point. So between those 2, you've got 2/3 or more of the impact. The next largest would be the channel mix, which is mainly around higher percentage of distributor sales and a little less DTC sales in the mix for Q2. And then the FX pressure is probably around 0.5 point or so.

增加的運費，這可能比1點多一點。所以在這兩者之間，你有 2/3 或更多的影響。第二大將是渠道組合，主要是在第二季度的組合中，分銷商銷售額的百分比更高，而 DTC 銷售額則略低。然後外匯壓力大概在0.5點左右。

Hopefully, that helps.

希望這會有所幫助。

Great. Yes, that's great. And then just a quick follow-up. What was the change in inventory units versus the 8% growth in dollars? And then how are you thinking about the AUC delta going forward?

偉大的。是的，那太好了。然後只是快速跟進。與 8% 的美元增長相比，庫存單位的變化是什麼？那麼您如何看待未來的 AUC 增量？

Yes. I mean inventory -- when you think about sales for Q2, price versus units, they were both fairly flattish. There wasn't really a big disparate there. So it wasn't really a big story for us.

是的。我的意思是庫存——當你考慮第二季度的銷售、價格與單位時，它們都相當平淡。那裡並沒有什麼大的不同。所以這對我們來說並不是什麼大故事。

Michael Binetti with Crédit Suisse.

瑞士信貸的邁克爾·比內蒂。

I just want to clarify one thing. If I look at the direct-to-consumer business, it decelerated by about 10 points when we look versus 2019 and wholesale accelerating, it looks like, by about 11 points. Just to kind of set the baseline for how the revenues were composed in the quarter.

我只想澄清一件事。如果我看一下直接面向消費者的業務，與 2019 年相比，它減速了大約 10 個百分點，而批發加速了大約 11 個百分點。只是為了設定本季度收入構成的基線。

But you sounded like, in the prepared comments, like the inventories start to build as some of the production headwinds get out of the way as we get past 2Q. Do you -- I mean maybe I'll just ask you, how do you feel confident that you're rebuilding inventories here with DTC decelerating a little bit in this quarter that it will be able to, I guess, improve a little bit as you go through the year to match up demand before the inventories are coming in?

但是，在準備好的評論中，您聽起來像是庫存開始增加，因為隨著我們度過第二季度，一些生產逆風消失了。你 - 我的意思是也許我會問你，你如何確信你正在重建庫存，而 DTC 在本季度有所減速，我想它能夠有所改善在庫存到來之前，您會在這一年中匹配需求嗎？

And then maybe if you could click into the North America outlets a little bit. It sounded like you're happy with full price, you're happy with e-commerce in North America, the outlets. Is that traffic? How is that channel responding as you move through the first quarter and even into the second quarter as you guys have shown the consumer some of the promotions?

然後也許你可以點擊一下北美的網點。聽起來你對全價很滿意，你對北美的電子商務很滿意。是流量嗎？當你們在第一季度甚至進入第二季度時，當你們向消費者展示了一些促銷活動時，該渠道的反應如何？

Yes. Michael, this is Dave. I guess a couple of things. When you mentioned on the DTC growth versus '19, I think the big thing to remember there is the over-indexed impact of the China lockdowns that we had in the quarter and knowing that China is a pretty big DTC quarter for us as well. So that's one thing, I think, to consider. And I think you'll see that normalize a little bit more as we go forward here into Q2, Q3, Q4.

是的。邁克爾，這是戴夫。我猜有幾件事。當您提到 DTC 與 19 年相比的增長時，我認為要記住的一件大事是我們在本季度進行的中國封鎖的過度指數影響，並且知道中國對我們來說也是一個相當大的 DTC 季度。所以這是一件事，我認為，要考慮。我認為隨著我們進入第二季度、第三季度和第四季度，你會看到這種情況更加正常化。

And then when you think about the North America outlook, there's a lot of things there that are moving forward very well for us. And we have fairly balanced assumptions there as far as growth within wholesale and also growth within DTC.

然後，當您考慮北美的前景時，那裡有很多事情對我們來說進展順利。就批發業務的增長和 DTC 的增長而言，我們有相當平衡的假設。

I would say that e-commerce is definitely something that we're leaning into more with all the investments that we're making there. And we're excited about those, and some of those come online this year, which we anticipate would start helping Q3 and Q4 as well.

我想說的是，電子商務絕對是我們在其中進行的所有投資所傾向於更多的東西。我們對這些感到興奮，其中一些今年上線，我們預計這也將開始幫助第三季度和第四季度。

Colin, I'm not sure if you want to add anything else there?

Colin，我不確定你是否想在那裡添加任何其他內容？

Not a huge amount. I mean, I think, you covered most of it, Dave. I mean we are -- the composition of our growth is certainly healthier than it was a few years ago. And we're really kind of happy with the way in which our wholesale relationships are continuing to evolve.

不是很大的數額。我的意思是，我認為，你涵蓋了大部分內容，戴夫。我的意思是，我們的增長構成肯定比幾年前更健康。我們對我們的批發關係不斷發展的方式感到非常滿意。

But at the same time, we also recognize that we need to accelerate how we think about DTC and the way in which we're leaning into that. And as we talked about earlier, we're kind of starting to overinvest in that area to try and ensure that we were able to compete in the appropriate level there. So yes, overall, it's -- we're feeling okay.

但與此同時，我們也認識到我們需要加快我們對 DTC 的思考方式以及我們正在採用的方式。正如我們之前談到的，我們開始在該領域過度投資，以確保我們能夠在適當的水平上競爭。所以是的，總的來說，我們感覺還好。

I'll also just add that we also believe we've kind of got the appropriate off-price sales mix. So although we're kind of dealing with some margin challenges here, I think we've got the balance about right and feeling confident to how that's kind of coming together for the balance of the year.

我還要補充一點，我們也相信我們已經獲得了適當的折扣銷售組合。因此，儘管我們在這里處理了一些利潤挑戰，但我認為我們已經取得了正確的平衡，並且對如何在今年的平衡中融合在一起充滿信心。

If I could follow up with one on apparel, I guess, down 1%, doesn't seem all that bad in the environment we're in for you guys. I'm curious, did you see volumes pick up with the promos that you mentioned? So feel okay about the effectiveness as you show the consumer promos to keep the inventory moving?

如果我能跟進一個關於服裝的問題，我想，下降 1%，在我們所處的環境中似乎並沒有那麼糟糕。我很好奇，你有沒有看到你提到的促銷活動增加了銷量？因此，當您向消費者展示促銷以保持庫存流動時，您對有效性感到滿意嗎？

Yes. Yes, we do. Yes. I mean, obviously, we are still kind of -- we're anniversarying some of the supply chain challenges we've had. So we -- but overall, we're certainly still seeing demand for apparel. That's still working pretty well for us. And we're feeling -- again, reasonably buoyant was the expression I've been using recently. So reasonably buoyant about how they're still starting to flow through.

是的。是的，我們有。是的。我的意思是，顯然，我們仍然在紀念我們遇到的一些供應鏈挑戰。所以我們——但總的來說，我們肯定仍然看到對服裝的需求。這對我們來說仍然很有效。我們感覺——再一次，我最近一直在使用的表達方式相當活躍。對於它們如何仍然開始流動如此合理地樂觀。

Tom Nikic with Wedbush Securities.

韋德布什證券公司的湯姆·尼基奇。

A follow-up on an earlier question, I mean, during the pandemic, you did a great job kind of helping drive full-price sales and kind of reestablishing the sort of premium -- more premium positioning of the brand. And obviously, now you have to -- you're kind of talking about being more promotional in the next couple of quarters.

我的意思是，在大流行期間，您在幫助推動全價銷售和重建品牌溢價——更溢價定位方面做得很好。顯然，現在你必須 - 你有點談論在接下來的幾個季度中進行更多促銷。

How do you kind of avoid sort of having the consumer trained to look for discounts and promos? How do -- when we kind of get past this period of disruption and elevated inventories and clearance or whatever, how do we ensure that the customer goes back to looking for the brand full price instead of simply looking for discounts and promos even beyond this near-term period?

您如何避免讓消費者接受培訓以尋找折扣和促銷？怎麼做——當我們度過這段中斷和庫存增加和清倉或其他什麼的時期時，我們如何確保客戶重新尋找品牌全價，而不是簡單地尋找折扣和促銷，甚至超出這個範圍- 期限？

Yes, Tom. That's a great question and a great point. And as we sit here and look at this year and how it's developing, it is going to be an interesting market. We know there's a lot of inventory coming in with all the brands. We know that demand is going to be a little challenged relative to inflation and the amount of wallet available.

是的，湯姆。這是一個很好的問題，也是一個很好的觀點。當我們坐在這裡看看今年以及它如何發展時，這將是一個有趣的市場。我們知道所有品牌都有大量庫存。我們知道，相對於通貨膨脹和可用錢包的數量，需求將受到一點挑戰。

So we've got to be able to play into that. And so although we're not excited about being more promotional, we're going to do it a very strategic way. A lot of it is going to be focused on our outlet business, where consumers are kind of always expecting those deals. I don't think you're going to see us going deeper than our competitors.

所以我們必須能夠參與其中。因此，儘管我們對進行更多促銷並不感到興奮，但我們將以一種非常戰略性的方式來做這件事。其中很多將集中在我們的奧特萊斯業務上，消費者總是期待這些交易。我認為您不會看到我們比競爭對手更深入。

And the other thing I would also say is we've made a lot of good strides to your point over the last year or so, especially last year. And as we look at the number of promotional days and the depth of our promotions that we had -- now have planned for this year to navigate the environment, we're still actually in a better place than we were, I would say, than we were in 2019, which is probably the last normal year, I would say.

我還要說的另一件事是，在過去一年左右的時間裡，我們在您的觀點上取得了很大的進步，尤其是去年。當我們查看促銷天數和促銷活動的深度時——現在已經計劃今年在環境中導航，我們實際上仍然比以前更好，我想說，比我想說，我們是在 2019 年，這可能是最後一個正常年份。

So we are being prudent, but we're also being careful. We want to make sure we're protecting the brand. And also, we're going to start investing more as we go forward too into full-price brand house stores, whether that be further in APAC. We're starting to do more in EMEA that we're really excited about.

所以我們很謹慎，但我們也很小心。我們要確保我們正在保護品牌。而且，我們將開始更多地投資，因為我們也在進軍全價品牌專賣店，無論是在亞太地區進一步發展。我們開始在 EMEA 做更多我們非常興奮的事情。

And we've got some lined up here stepping into for the U.S. as well. So I think there's also a little bit of highlow that we're going to keep an eye on as well and keep driving forward and set ourselves up well for next year.

我們也有一些人在這裡排隊進入美國。所以我認為我們也會關註一些低谷，繼續前進，為明年做好準備。

And I'll just jump in there. I think one of the other things that we kind of call out is we will continue to heavy up. We're going to be at kind of a 10% to 11% range. It's kind of what we called out before. And our expectation is to continue to lean into that to make sure -- and that will be -- a lot of that will be middle to top end marketing to really make sure that we're building the brand long term. So the brand still resonates with consumers at the right level.

我會跳進去。我認為我們要呼籲的另一件事是我們將繼續加大力度。我們將處於 10% 到 11% 的範圍內。這就像我們之前所說的那樣。我們的期望是繼續依靠這一點來確保——這將是——其中很多將是中高端營銷，以真正確保我們長期建立品牌。因此，該品牌仍然在適當的水平上與消費者產生共鳴。

And at the same time, we've talked a lot about how we're looking to kind of continue to distort some of our growth in footwear, and that's going to be important to that being some of the premium channels as well. So we need to play that highlow game to Dave's point of view but, at the same time, make sure we're plowing the right amount of money in marketing to make sure that we're still resonating with the consumer at the right level within the market.

與此同時，我們已經談了很多關於我們希望如何繼續扭曲我們在鞋類領域的一些增長，這對於一些優質渠道也很重要。所以我們需要在 Dave 的觀點下玩那個高低的遊戲，但同時，確保我們在營銷中投入了適量的資金，以確保我們仍然在適當的水平上與消費者產生共鳴市場。

Jonathan Komp with Baird.

喬納森·康普和貝爾德。

Maybe just to follow up a bit and maybe a broader context on how you're viewing the margin performance relative to the health of the brand. The guidance for the year is back more similar to 2017 or 2018 levels on gross margin, yet the direct-to-consumer portion is higher. The distribution is cleaner. So just how should we read that in the overall context of the health of the brand and your confidence in where the brand stands today relative to the discounting and gross margin you're planning?

也許只是為了跟進一點，也許是更廣泛的背景，了解您如何看待與品牌健康狀況相關的利潤率表現。今年的指導在毛利率方面更接近 2017 年或 2018 年的水平，但直接面向消費者的部分更高。分佈更乾淨。那麼，在品牌健康狀況的整體背景下，以及您對品牌今天相對於您計劃的折扣和毛利率的地位的信心，我們應該如何解讀這一點？

Yes, Jonathan, I guess -- this is Dave. A couple of things I would consider there is -- as I just mentioned, yes, we are intending to be more promotional this year to manage through the environment. But again, I think we're going to do that in a brand-right way, and we're going to be very strategic about how we do that.

是的，喬納森，我猜——這是戴夫。我會考慮一些事情——正如我剛才提到的，是的，我們打算今年進行更多的促銷活動來管理環境。但同樣，我認為我們將以品牌正確的方式做到這一點，我們將對如何做到這一點非常具有戰略意義。

We're very comfortable with what we can do through our outlet stores. And we also are still planning the third-party off-price channel kind of in that 3% to 4% of our overall revenue mix, which we think is a reasonable level.

我們對通過我們的直銷店可以做的事情感到非常滿意。我們還在計劃第三方折扣渠道，占我們整體收入組合的 3% 到 4%，我們認為這是一個合理的水平。

So I think we're going to do pretty well as far as protecting the brand as we navigate through this year. And then when you look at some of the other pieces of gross margin, the inflationary pressures that we're seeing on freight, we do expect to start to subside as we go further into the year and into next year. So when you're thinking long term or when you're thinking comparing to 2019, that headwind should definitely start to dissipate.

因此，我認為在今年的航行中，我們會在保護品牌方面做得很好。然後，當您查看其他一些毛利率時，我們在貨運上看到的通脹壓力，我們確實預計隨著我們進入今年和明年，它會開始消退。因此，當您考慮長期或考慮與 2019 年進行比較時，這種逆風肯定會開始消散。

And then also, as we're making all these investments in omni and in the consumer touch points in digital, you will -- we should expect to see our DTC growth accelerate even more as we move into next year and beyond, which will also help gross margin.

然後，隨著我們在數字化領域和消費者接觸點上進行所有這些投資，您將——我們應該期待看到我們的 DTC 增長在明年及以後進一步加速，這也將幫助毛利率。

And then lastly, I would say that we're at a pretty high point here with the U.S. dollar and what that does to our gross margin right now. I'm not going to sit here and try and forecast what FX is going to do, but most would probably say that we're at a higher point right now and what would that mean for potentially a little favorability on that side going into next year as well. So I think it's just thinking about all those different puts and takes and what would be a pressure point this year versus what will start to dissipate or maybe become a tailwind as we think about next year and beyond.

最後，我想說的是，我們在美元方面處於相當高的水平，這對我們的毛利率有什麼影響。我不會坐在這裡嘗試預測 FX 將要做什麼，但大多數人可能會說我們現在處於更高的點，這對於接下來的那一方可能會有一點好感意味著什麼年也是如此。所以我認為這只是在考慮所有這些不同的看跌期權，以及今年的壓力點與我們考慮明年及以後的開始消散或可能成為順風的壓力點。

Yes, that's really helpful. And maybe just one follow-up on the DTC and the acceleration. Can you just maybe be a little more specific on how much of that acceleration you're planning to capture in the guidance this year? And in the context of lower overall SG&A spend for the balance of the year, how do you make sure you've got enough reinvestment to be able to support that acceleration?

是的，這真的很有幫助。也許只是對 DTC 和加速的跟進。您能否更具體地說明您計劃在今年的指導中獲得多少加速？在今年餘下的總體 SG&A 支出較低的情況下，您如何確保有足夠的再投資來支持這種加速增長？

Yes. As far as breaking down this year, again, we do obviously anticipate growth in DTC. But again, remember that Q1 and Q2 -- especially Q1 was very challenged relative to the China impacts. And that's going to drag on us for the year as far as the full year impact, and we still expect some of that challenge this quarter as well and then getting into a much better spot on DTC growth as we go into the back half of the year. So it's a little bit back half-weighted, but there's clear reasons for that in addition to product availability as well.

是的。就今年的細分而言，我們顯然確實預計 DTC 會增長。但同樣，請記住第一季度和第二季度——尤其是第一季度，相對於中國的影響而言，這是非常具有挑戰性的。就全年影響而言，這將拖累我們這一年，我們仍然預計本季度也會面臨一些挑戰，然後隨著我們進入後半部分，在 DTC 增長方面取得更好的成績年。所以它有點向後半加權，但除了產品可用性之外，還有明顯的原因。

And then I'm sorry. Jonathan, what was your second question on SG&A?

然後我很抱歉。喬納森，你關於 SG&A 的第二個問題是什麼？

Yes. I mean, I think -- yes, go ahead, Jonathan, please.

是的。我的意思是，我想——是的，請繼續，喬納森。

Sorry to interrupt. Yes, just in the context of the lower implied SG&A spend for the balance of the year, how do you make sure you're keeping enough to reinvest in the right places in the context of the acceleration?

抱歉打擾了。是的，就在今年餘下時間隱含的 SG&A 支出較低的背景下，您如何確保在加速的背景下，您有足夠的資金在正確的地方進行再投資？

Yes, it's a great comment -- question. And it's something that we've spent the last probably 3 years really digging in, whether through the restructuring, through the operating model work to really understand all the levers within our SG&A cost structure and which ones that we can change or drive differently while still protecting the brand, while still protecting a lot of that top funnel marketing spend and really reallocating some of those dollars to go heavier into the digital investments that Colin was talking about. So we've got a really good process in place.

是的，這是一個很好的評論——問題。這是我們在過去可能 3 年裡真正深入研究的東西，無論是通過重組，還是通過運營模式工作，以真正了解我們 SG&A 成本結構中的所有槓桿，以及我們可以改變或以不同方式推動哪些槓桿，同時仍然保護品牌，同時仍然保護大量的頂級渠道營銷支出，並真正重新分配其中的一些資金，以更重地投入科林所說的數字投資。所以我們有一個非常好的流程。

And the other thing that I will mention is the enterprise mindset of our leadership across the company. And I'm speaking to all the leaders within our company, not just those at the top of the table here. But everybody has been working together and really making sure that we're spending smart, we're prioritizing the right way and we're making good decisions for the long term. And I -- hats off to all the employees here for helping us do that and continuing that forward.

我要提到的另一件事是我們在整個公司的領導層的企業心態。我正在與我們公司的所有領導者交談，而不僅僅是這裡的高層。但是每個人都一直在共同努力，並真正確保我們花錢明智，我們正在優先考慮正確的方式，並且我們正在做出長期的正確決策。我 - 向這裡的所有員工致敬，感謝他們幫助我們做到這一點並繼續前進。

Yes, I'd echo those comments from Dave. But I would say it should give some assurance that from the operating model, we've stood up. From the disciplines we put in place, we're now really starting to see the benefit of some of those as we really look to try to drive the leverage of the operating model. We stood up the processes, the systems.

是的，我會回應戴夫的這些評論。但我想說，它應該可以保證，從運營模式來看，我們已經站起來了。從我們制定的規則來看，我們現在真正開始看到其中一些規則的好處，因為我們真的希望嘗試推動運營模式的槓桿作用。我們建立了流程和系統。

And now thinking through, as I expressed earlier in the call, how do we use that foundation through which to pivot to growth but, at the same time, ensuring we're actually holding our SG&A at an appropriate level and pivoting and kind of talking our investments as appropriate to where we can drive the greatest value for the brand. And it's very clear that DTC and e-commerce is where that should be.

現在正在思考，正如我在電話中早些時候所說的那樣，我們如何利用這個基礎來轉向增長，但同時，確保我們實際上將我們的 SG&A 保持在適當的水平，並進行轉向和談話我們的投資適合我們可以為品牌帶來最大價值的地方。很明顯，DTC 和電子商務應該是這樣。

Brian Nagel with Oppenheimer.

布賴恩·內格爾與奧本海默。

So first off, I guess maybe just more of a qualitative look at all the inventory comments that you've made. So as you think about either from an Under Armour perspective or maybe what you're seeing in the category broadly, the inventory now that's set to flow better, is that -- is it more of just what should be coming? Or is there a product there that's been backed up and now potentially could be out of season, off trend, which would lead to potentially more promotional activity?

所以首先，我想可能只是對你所做的所有庫存評論進行更多的定性觀察。因此，當您從 Under Armour 的角度或您在該類別中廣泛看到的情況考慮時，現在的庫存將更好地流動，是不是 - 更多的是應該發生的事情？或者那裡有一個產品已經被備份，現在可能會過季、過時，這可能會導致更多的促銷活動？

That's a great question, Brian. And I think although as we talked, we actually took some proactive cancellations earlier in the year to make sure that, that was not an issue, to make sure that the timing -- that we were in a clean position with regards to the inventory that was coming in. The right inventory was coming in at the right time. And that's where we're now moving into.

這是一個很好的問題，布賴恩。而且我認為，儘管在我們交談時，我們實際上在今年早些時候採取了一些主動取消，以確保這不是問題，以確保時間 - 我們在庫存方面處於一個乾淨的位置進來了。正確的庫存在正確的時間進入。這就是我們現在要進入的地方。

We're seeing the right inventory arriving at the right place at the right time in order to service consumers. So we feel our inventory is going to be pretty clean and going to be at the right place at the right time to meet consumers and provide those with performance solutions they never knew they needed and can't (inaudible), as we say, across the brand.

我們看到正確的庫存在正確的時間到達正確的地點，以便為消費者提供服務。因此，我們認為我們的庫存將非常乾淨，並將在正確的時間在正確的地點與消費者會面，並為他們提供他們從未知道自己需要且無法（聽不清）的性能解決方案，正如我們所說，品牌。

Yes. That's very helpful. And then, I guess my, follow-up question, you talked about in the prepared comments, I guess, this maybe growing emphasis, if you will, on lifestyle or what you refer to as parts of the day where people don't want to sweat as much. How should we think about the timing of that, the timing? When would we begin to see that product and any type of emphasis around that product?

是的。這很有幫助。然後，我想我的後續問題，你在準備好的評論中談到，我想，如果你願意的話，這可能會越來越強調生活方式或你所說的人們不想要的一天出汗一樣多。我們應該如何考慮那個時機，時機？我們什麼時候開始看到該產品以及圍繞該產品的任何類型的強調？

Well, I mean, we're working through that now, Brian. I mean it's going to take a while to obviously build it into our go-to-market model. But at the same time, one of the disciplines we've put in place over the past couple of years is kind of what I call our big wheel, small wheel kind of model. From the point of view, there are certain things that are just going to take time to do because that's the cadence that we need to have in place to run the business and produce the kind of innovative kind of solutions we come up with. But at the same time, there's clearly tactical opportunities for us to kind of double down and deliver things within season.

好吧，我的意思是，我們現在正在解決這個問題，布賴恩。我的意思是，顯然需要一段時間才能將其構建到我們的上市模型中。但與此同時，我們在過去幾年中建立的學科之一就是我所說的大輪子、小輪子模型。從角度來看，有些事情需要時間來做，因為這是我們需要有節奏的節奏來運行業務並產生我們想出的那種創新的解決方案。但與此同時，我們顯然有戰術機會在賽季內加倍努力並交付東西。

So we're running those 2 things at the same time. It will take a while for it to kind of impact the entire business -- well, the relevant parts of the business. But certainly, we're looking to make some tactical shifts as and when we potentially can. So we're leaning into that now.

所以我們同時運行這兩件事。它需要一段時間才能影響整個業務——嗯，業務的相關部分。但可以肯定的是，我們希望在可能的情況下做出一些戰術上的轉變。所以我們現在正在考慮這一點。

We have time for one final question, Paul Lejuez with Citigroup.

我們有時間回答最後一個問題，花旗集團的 Paul Lejuez。

I'm curious if you could talk a little bit more about the SG&A and the way that you were able to flex for the rest of the year in response to the current environment.

我很好奇您是否可以多談談 SG&A 以及您在今年餘下的時間裡能夠靈活應對當前環境的方式。

And then related to that, I think you mentioned you have a $600 million marketing dollar budget that was not optimized. I'm curious where you feel like you're not getting a good return on the marketing dollars that you're spending. How big is that bucket of dollars that you feel like is not producing an adequate return? And how quick can you pivot away from what you're spending on today versus, I think, you mentioned a little bit more focus towards DTC. Just curious how fast you could move there.

然後與此相關，我想你提到你有 6 億美元的營銷預算沒有優化。我很好奇你在哪裡覺得你所花費的營銷資金沒有得到很好的回報。您認為沒有產生足夠回報的那一桶美元有多大？與我認為你提到的對 DTC 的更多關注相比，你能多快地擺脫你今天的支出。只是好奇你能以多快的速度移動到那裡。

Yes. Paul, I'll start overall in SG&A, and then I'll hand it over to Colin maybe to dive in on the marketing a little bit. But in general, as we're seeing things develop, we motivate it pretty quickly to dig in and see how we could reprioritize and move forward in a way to protect the brand, keep making the right investments while kind of taking the SG&A down.

是的。 Paul，我將從 SG&A 開始，然後我會把它交給 Colin，也許會稍微涉足市場營銷。但總的來說，隨著我們看到事情的發展，我們很快就會激勵它深入挖掘，看看我們如何重新確定優先級並以保護品牌的方式向前發展，繼續進行正確的投資，同時降低 SG&A。

So there's definitely some things that we've done there relative to some of the consulting spend that we believe that we can do more in-house or that we believe that we can defer a little bit out to later periods, although still protecting kind of the digital and consumer journey touch points work. So some of it is really just doing some pretty deep, detailed diving and prioritization of areas like that.

因此，相對於一些諮詢支出，我們確實已經做了一些事情，我們相信我們可以在內部做更多的事情，或者我們相信我們可以推遲一點到後期，儘管仍然可以保護某種數字和消費者旅程接觸點有效。所以其中一些實際上只是在做一些非常深入、詳細的潛水和對此類領域的優先級排序。

But then also, there are some areas where we can slow down a little bit relative to hiring in some of the expansion areas. There's also some areas where CapEx, we can slow down a little bit if it's nonrevenue-generating CapEx. When it goes live, you've got depreciation. So there's ways that we can slow that down and prioritize that more.

但是，相對於某些擴展領域的招聘，我們可以在某些領域放慢速度。還有一些領域的資本支出，如果它是不產生收入的資本支出，我們可以放慢一點。當它上線時，你就有了折舊。所以有一些方法可以讓我們放慢速度並優先考慮它。

But it's really just going through and working with all of our teams and prioritizing each of the areas and understanding what we want to protect and what we can give in a little bit more on and, again, using an enterprise mindset, which has really been strongly developed over the last few years.

但這實際上只是與我們所有的團隊一起經歷和合作，優先考慮每個領域，了解我們想要保護的內容以及我們可以提供更多的東西，並且再次使用企業思維方式，這確實是近幾年發展強勁。

And with regards to the question on marketing, I mean, Kevin, in his prepared remarks, kind of explained just the incredible assets we have across the brand. And the opportunity for us to really optimize those is really what we kind of make sure we need to do, making sure we're leveraging those and engaging that appropriately and making sure that we are -- making sure we're driving the right ROMI with regards to how we are investing in marketing.

關於營銷問題，我的意思是，凱文在他準備好的講話中，有點解釋了我們在整個品牌中擁有的令人難以置信的資產。我們真正優化這些的機會是我們真正需要做的，確保我們正在利用這些並適當地參與其中，並確保我們 - 確保我們正在駕駛正確的 ROMI關於我們如何投資營銷。

So a real kind of deep dive to make sure that we're activating those assets that we've got in place and really making sure that we can continue to kind of optimize that. So there's some deep -- there's a deep dive that we're doing at the moment as part of, obviously, this transitional plan to make sure we're really doubling down and driving upon that because we've got some of the greatest assets in the world. And how do we make sure that we're just optimizing those for the benefit of the brand?

因此，進行真正的深入研究，以確保我們正在激活我們已經到位的那些資產，並真正確保我們可以繼續對其進行優化。所以有一些深度 - 作為這個過渡計劃的一部分，我們目前正在做一個深度潛水，以確保我們真的加倍努力並推動它，因為我們擁有一些最偉大的資產在世界上。我們如何確保我們只是為了品牌的利益而優化這些？

And when should we expect that work to be done? And when will the consumer see something different from you guys in terms of how you're spending your marketing dollars?

我們應該什麼時候完成這項工作？消費者何時會在營銷費用支出方面看到與你們不同的東西？

I think that will come through over a period of time. We're obviously in a transitional period at the moment, with the CEO kind of leadership leaning in here. But the teams are working on it. It's actually work in progress at the moment.

我認為這將在一段時間內實現。顯然，我們目前正處於過渡時期，CEO 式的領導力正向這裡傾斜。但是團隊正在努力。目前實際上正在進行中。

I think we'll start to see some iterations around that fairly soon because marketing is one of these things we can pivot a little bit. And I'm certainly incredibly proud of the back-to-school campaign that the team has recently put out, which I think kind of started to lean a little bit differently to how we think about that. But clearly, there's opportunities for us to do more. And I know the marketing teams are kind of actively leaning into that. And I think you'll see that evolve certainly over the next few months.

我認為我們很快就會開始看到一些迭代，因為營銷是我們可以稍微調整的這些事情之一。我當然為團隊最近推出的返校活動感到無比自豪，我認為這與我們的想法有點不同。但顯然，我們還有機會做更多事情。而且我知道營銷團隊正在積極地傾向於這一點。我認為你會在接下來的幾個月中看到這種變化。

All right. Thanks, everyone. Appreciate you joining us on today's call.

好的。感謝大家。感謝您加入我們今天的電話會議。

Thank you.

謝謝你。

Bye-bye.

再見。

This concludes the Under Armour, Inc. Q1 2023 Earnings Webcast and Conference Call. We thank you for your participation. You may now disconnect.

Under Armour, Inc. 2023 年第一季度收益網絡廣播和電話會議到此結束。我們感謝您的參與。您現在可以斷開連接。